FINANCIAL SUPPORT

Other Transactions with Affiliates. Funds with partnership status for federal income tax purposes may not be eligible for beneficial withholding rates, available to RICs, in certain foreign jurisdictions. JNAM has agreed to reimburse these Funds for an amount equal to the additional tax withheld. These amounts are included in Foreign taxes withheld on the Statements of Operations. The Funds could also experience delays in receipt of tax reclaim payments due to their partnership status, as compared to the timing experienced by funds with RIC status for federal income tax purposes. JNAM has agreed to contribute to these Funds an amount equal to the outstanding tax reclaims, within the timeframe the Funds would have received payment under RIC status. The Funds will then reimburse JNAM once the reclaim payments are received from the foreign tax authorities. Amounts paid to the Funds by JNAM due to delayed tax reclaim receipts are included in Payable to affiliates on the Statements of Assets and Liabilities. 

For the year ended December 31, 2022, transactions between the Funds and JNAM, related to foreign tax reclaims, due to the Funds' partnership status for federal income tax purposes, are as follows (in thousands):  

Fund	Gross Payments From JNAM ($)	Reclaimed Amounts Refunded to JNAM ($)	Reclaimed Amounts Payable to JNAM ($)	Net Withholdings Tax Reimbursed from JNAM ($)
JNL Emerging Markets Index Fund	10	—	—	10
JNL Multi-Manager Alternative Fund	126	1	11	114
JNL Multi-Manager Mid Cap Fund	53	—	3	50
JNL/AB Sustainable Global Thematic Fund	1	—	1	—
JNL/BlackRock Global Allocation Fund	1,093	334	759	—
JNL/BlackRock Global Natural Resources Fund	537	527	10	—
JNL/BlackRock Large Cap Select Growth Fund	279	208	71	—
JNL/ClearBridge Large Cap Growth Fund	11	—	—	11
JNL/First Sentier Global Infrastructure Fund	290	271	19	—
JNL/Franklin Templeton Income Fund	158	—	104	54
JNL/GQG Emerging Markets Equity Fund	277	67	62	148
JNL/Invesco Diversified Dividend Fund	343	97	246	—
JNL/Invesco Global Growth Fund	1,024	—	839	185
JNL/JPMorgan Global Allocation Fund	414	43	264	107
JNL/Mellon World Index Fund	107	45	8	54
JNL/MFS Mid Cap Value Fund	27	—	27	—
JNL/T. Rowe Price Balanced Fund	173	42	91	40
JNL/T. Rowe Price Established Growth Fund	63	—	—	63
JNL/T. Rowe Price Mid-Cap Growth Fund	24	—	—	24
JNL/T. Rowe Price Value Fund	353	138	152	63
JNL/WMC Balanced Fund	664	543	1	120
JNL/WMC Global Real Estate Fund	192	18	147	27

INTERNAL CONTROL RPT

Report of Independent Registered Public Accounting Firm

To the Shareholders of the Funds and Board of Trustees

JNL Series Trust:

In planning and performing our audits of the financial statements and financial highlights of the Funds listed in the Appendix (the Funds), each a series within JNL Series Trust, as of and for the year or period ended December 31, 2022, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Funds’ internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and financial highlights and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting.  Accordingly, we express no such opinion.

Management of the Funds is responsible for establishing and maintaining effective internal control over financial reporting.  In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls.  A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements and financial highlights for external purposes in accordance with U.S. generally accepted accounting principles (GAAP). A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements and financial highlights in accordance with GAAP, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and Board of Trustees of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements and financial highlights.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Funds’ annual or interim financial statements and financial highlights will not be prevented or detected on a timely basis.

Our consideration of the Funds’ internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States).  However, we noted no deficiencies in the Funds’ internal control over financial reporting and its operation, including controls over safeguarding securities, which we consider to be a material weakness as defined above as of December 31, 2022.

This report is intended solely for the information and use of management and the Board of Trustees of the Funds and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

/s/ KPMG LLP

Chicago, Illinois

February 23, 2023

Appendix

List of Funds

JNL/American Funds Balanced Fund

JNL/American Funds Bond Fund of America Fund

JNL/American Funds Capital Income Builder Fund

JNL/American Funds Capital World Bond Fund

JNL/American Funds Global Growth Fund

JNL/American Funds Global Small Capitalization Fund

JNL/American Funds Growth Fund

JNL/American Funds Growth-Income Fund

JNL/American Funds International Fund

JNL/American Funds New World Fund

JNL/American Funds Washington Mutual Investors Fund

JNL/Mellon Bond Index Fund

JNL/Mellon Emerging Markets Index Fund

JNL/Mellon International Index Fund

JNL/Mellon S&P 400 MidCap Index Fund

JNL/Mellon Small Cap Index Fund

JNL Aggressive Growth Allocation Fund

JNL Conservative Allocation Fund

JNL Growth Allocation Fund

JNL Moderate Allocation Fund

JNL Moderate Growth Allocation Fund

JNL/American Funds Growth Allocation Fund

JNL/American Funds Moderate Growth Allocation Fund

JNL/Goldman Sachs Managed Aggressive Growth Fund

JNL/Goldman Sachs Managed Conservative Fund

JNL/Goldman Sachs Managed Growth Fund

JNL/Goldman Sachs Managed Moderate Fund

JNL/Goldman Sachs Managed Moderate Growth Fund

JNL iShares Tactical Growth Fund

JNL iShares Tactical Moderate Fund

JNL iShares Tactical Moderate Growth Fund

JNL/Vanguard Growth ETF Allocation Fund

JNL/Vanguard Moderate ETF Allocation Fund

JNL/Vanguard Moderate Growth ETF Allocation Fund

JNL Bond Index Fund

JNL Emerging Markets Index Fund

JNL International Index Fund

JNL Mid Cap Index Fund

JNL Small Cap Index Fund

JNL Multi‑Manager Alternative Fund

JNL Multi‑Manager Emerging Markets Equity Fund

JNL Multi‑Manager International Small Cap Fund

JNL Multi‑Manager Mid Cap Fund

JNL Multi‑Manager Small Cap Growth Fund

JNL Multi‑Manager Small Cap Value Fund

JNL Multi‑Manager U.S. Select Equity Fund (commencement of operations November 15, 2022)

JNL S&P 500 Index Fund

JNL/AB Sustainable Global Thematic Fund (commencement of operations April 25, 2022)

JNL/AQR Large Cap Defensive Style Fund

JNL/Baillie Gifford International Growth Fund

JNL/Baillie Gifford U.S. Equity Growth Fund

JNL/Blackrock Global Allocation Fund

JNL/BlackRock Global Natural Resources Fund

JNL/BlackRock Large Cap Select Growth Fund

JNL/Causeway International Value Select Fund

JNL/ClearBridge Large Cap Growth Fund

JNL/DFA International Core Equity Fund

JNL/DFA U.S. Core Equity Fund

JNL/DFA U.S. Small Cap Fund

JNL/DoubleLine Core Fixed Income Fund

JNL/DoubleLine Emerging Markets Fixed Income Fund

JNL/DoubleLine Shiller Enhanced CAPE Fund

JNL/DoubleLine Total Return Fund

JNL/Fidelity Institutional Asset Management Total Bond Fund

JNL/First Sentier Global Infrastructure Fund

JNL/Franklin Templeton Income Fund

JNL/Goldman Sachs 4 Fund

JNL/GQG Emerging Markets Equity Fund

JNL/Harris Oakmark Global Equity Fund

JNL/Heitman U.S. Focused Real Estate Fund

JNL/Invesco Diversified Dividend Fund

JNL/Invesco Global Growth Fund

JNL/Invesco Small Cap Growth Fund

JNL/JPMorgan Global Allocation Fund

JNL/JPMorgan Hedged Equity Fund

JNL/JPMorgan MidCap Growth Fund

JNL/JPMorgan U.S. Government & Quality Bond Fund

JNL/JPMorgan U.S. Value Fund

JNL/Lazard International Strategic Equity Fund

JNL/Loomis Sayles Global Growth Fund

JNL/Lord Abbett Short Duration Income Fund

JNL/Mellon Communication Services Sector Fund

JNL/Mellon Consumer Discretionary Sector Fund

JNL/Mellon Consumer Staples Sector Fund

JNL/Mellon Dow^SM Index Fund

JNL/Mellon Energy Sector Fund

JNL/Mellon Financial Sector Fund

JNL/Mellon Healthcare Sector Fund

JNL/Mellon Industrials Sector Fund

JNL/Mellon Information Technology Sector Fund

JNL/Mellon Materials Sector Fund

JNL/Mellon Nasdaq^® 100 Index Fund

JNL/Mellon Real Estate Sector Fund

JNL/Mellon S&P 500 Index Fund

JNL/Mellon U.S. Stock Market Index Fund

JNL/Mellon Utilities Sector Fund

JNL/Mellon World Index Fund

JNL/MFS Mid Cap Value Fund

JNL/Morningstar PitchBook Listed Private Equity Index Fund

JNL/Morningstar U.S. Sustainability Index Fund (formerly, JNL/Mellon MSCI KLD 400 Social Index Fund)

JNL/Morningstar Wide Moat Index Fund

JNL/Neuberger Berman Commodity Strategy Fund

JNL/Neuberger Berman Gold Plus Strategy Fund (commencement of operations April 25, 2022)

JNL/Neuberger Berman Strategic Income Fund

JNL/Newton Equity Income Fund (formerly, JNL/Mellon Equity Income Fund)

JNL/PIMCO Income Fund

JNL/PIMCO Investment Grade Credit Bond Fund

JNL/PIMCO Real Return Fund

JNL/PPM America Floating Rate Income Fund

JNL/PPM America High Yield Bond Fund

JNL/PPM America Total Return Fund

JNL/RAFI^® Fundamental U.S. Small Cap Fund

JNL/RAFI^® Multi‑Factor U.S. Equity Fund

JNL/T. Rowe Price Balanced Fund

JNL/T. Rowe Price Capital Appreciation Fund

JNL/T. Rowe Price Established Growth Fund

JNL/T. Rowe Price Mid‑Cap Growth Fund

JNL/T. Rowe Price Short‑Term Bond Fund

JNL/T. Rowe Price U.S. High Yield Fund

JNL/T. Rowe Price Value Fund

JNL/WCM China Quality Growth Fund (commencement of operations April 25, 2022)

JNL/WCM Focused International Equity Fund

JNL/Westchester Capital Event Driven Fund

JNL/Western Asset Global Multi-Sector Bond Fund (formerly, JNL/Franklin Templeton Global Multisector Bond Fund)

JNL/William Blair International Leaders Fund (formerly, JNL/Invesco International Growth Fund)

JNL/WMC Balanced Fund

JNL/WMC Equity Income Fund

JNL/WMC Global Real Estate Fund

JNL/WMC Government Money Market Fund

JNL/WMC Value Fund