JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
JNL Multi-Manager Alternative Fund
COMMON STOCKS 39.7%
Financials 7.5%
	Act II Global Acquisition Corp. - Class A (a)	75		743
	Alberton Acquisition Corp (a) (b)	150		1,534
	Ally Financial Inc.	66		2,198
	American International Group, Inc. (c)	90		4,988
	Ameriprise Financial, Inc.	2		338
	Aon PLC - Class A	8		1,533
	Athene Holding Ltd - Class A (a) (c)	13		534
	Bank of America Corporation (c)	95		2,782
	Big Rock Partners Acquisition Corp. (a)	61		637
	Brighthouse Financial, Inc. (a)	6		259
	CF Finance Acquisition Corp. - Class A (a)	147		1,487
	Chaserg Technology Acquisition Corp. - Class A (a)	24		243
	China Construction Bank Corporation - Class H	656		500
	Churchill Capital Corp II - Class A (a)	17		174
	CIT Group Inc. (c)	62		2,828
	Citigroup Inc. (c)	57		3,936
	Citizens Financial Group Inc.	5		170
	Collier Creek Holdings (a)	45		464
	DBS Group Holdings Ltd.	155		2,805
	Discover Financial Services (c)	5		373
	Fifth Third Bancorp (c)	20		545
	Fintech Acquisition Corp. III - Class A (a)	71		709
	First Hawaiian, Inc.	5		139
	First Horizon National Corp.	16		261
	Genworth Financial, Inc. - Class A (a)	16		70
	GigCapital, Inc. (a)	162		1,652
	GigCapital2 Inc (a)	36		367
	Gordon Pointe Acquisition Corp. - Class A (a)	8		88
	Graf Industrial Corp. (a)	211		2,112
	Greenland Acquisition Corporation (a)	72		746
	Groupe Bruxelles Lambert SA	25		2,417
	Hennessy Capital Acquisition Corp. IV - Class A (a)	149		1,491
	Independence Holdings, LLC	18		664
	Jefferies Financial Group Inc.	151		2,777
	Kaixin Auto Holdings (a)	13		24
	KB Financial Group Inc.	17		593
	Legg Mason Inc. (c)	11		424
	Leo Holdings Corp. (a)	72		742
	Liberty Holdings Ltd.	76		567
	Lincoln National Corp.	3		169
	LPL Financial Holdings Inc.	22		1,821
	Megalith Financial Acquisition Corp. - Class A (a)	77		782
	MetLife, Inc.	5		245
	Monocle Acquisition Corporation (a)	15		148
	National Energy Services Reunited Corporation (a)	93		619
	Navient Corporation	51		657
	Nelnet, Inc. - Class A (c)	2		108
	New York Community Bancorp Inc.	24		305
	Oaktree Capital Group LLC - Class A	148		7,931
	OTP Bank Plc	44		1,827
	Ping An Insurance (Group) Co of China Ltd - Class H	95		1,095
	Pivotal Acquisition Corporation - Class A (a)	37		377
	Pivotal Investment Corporation II (a)	125		1,276
	Popular Inc.	13		687
	Public Joint-stock Company Sberbank Of Russia - ADR	131		1,862
	Pure Acquisition Corp. - Class A (a)	65		664
	SEI Investments Co. (c)	55		3,237
	Signature Bank	7		806
	SunTrust Banks Inc. (c)	109		7,524
	Synchrony Financial	4		143
	The Royal Bank of Scotland Group Public Limited Company	461		1,174
	Thunder Bridge Acquisition II, Ltd (a)	51		514
	Tiberius Acquisition Corporation (a)	135		1,381
	TKK Symphony Acquisition Corp (a)	8		79
	Trinity Merger Corp. - Class A (a)	113		1,177
	Tuscan Holdings Corp. (a)	84		840
	Twelve Seas Investment Company (a)	10		106
	United Overseas Bank Ltd.	113		2,094
	Unum Group	1		27
	Vectoiq Acquisition Corp. (a)	50		510
	Waddell & Reed Financial Inc. - Class A (b)	11		182
	Washington Federal Inc.	7		255
	Wells Fargo & Co.	44		2,237
			87,773
Consumer Discretionary 6.8%
	Aaron's, Inc. (c)	9		591
	Alibaba Group Holding Limited - ADS (a)	128		21,301
	Altus San Nicolas Corp (a) (b) (d)	22		2
	Amazon.com, Inc. (a) (c)	8		13,644
	AutoNation, Inc. (a)	2		112
	AutoZone, Inc. (a) (c)	—		336
	Bed Bath & Beyond Inc.	15		164
	Best Buy Co., Inc.	2		103
	Booking Holdings Inc. (a)	—		49
	BorgWarner Inc.	2		62
	Brinker International Inc.	8		337
	Caesars Entertainment Corp. (a) (c)	417		4,863
	Ctrip Computer Technology (Shanghai) Co., Ltd - ADR (a)	12		361
	Dana Holding Corp.	3		49
	Deckers Outdoor Corp. (a)	1		199
	Dillard's Inc. - Class A	2		119
	DP Eurasia N.V. (a) (e) (f)	236		249
	eBay Inc. (c)	15		569
	Expedia Group, Inc.	1		161
	Extended Stay America, Inc. - Class B	3		38
	Ford Motor Co. (c)	43		398
	Galaxy Entertainment Group Ltd.	164		1,022
	General Motors Company	4		169
	Helen of Troy Ltd (a)	1		95
	Innolux Corp. (e)	760		680
	JD.com, Inc. - Class A - ADR (a)	53		1,494
	Kontoor Brands, Inc.	3		88
	Las Vegas Sands Corp.	65		3,731
	Laureate Education Inc. - Class A (a)	3		48
	Limited Brands Inc.	3		53
	Magna International Inc.	4		192
	Mavi Giyim Sanayi Ve Ticaret A.S. (a)	68		555
	Melco Resorts & Entertainment Ltd. - ADR	58		1,117
	Mohawk Industries Inc. (a)	6		799
	Naspers Ltd. - Class N	23		3,479
	Newell Brands Inc.	4		73
	Norwegian Cruise Line Holdings Ltd. (a)	2		78
	NVR, Inc. (a)	—		186
	Prosus N.V. (a)	13		966
	Pulte Homes Inc.	8		300
	Skechers U.S.A. Inc. - Class A (a)	2		56
	Starbucks Corp. (c)	7		654
	Target Corporation	1		139
	Tempur Sealy International, Inc. (a)	1		85
	Toll Brothers Inc.	2		99
	Tupy SA	68		293
	Under Armour Inc. - Class A (a) (c)	342		6,817
	Whirlpool Corp.	2		317
	Wyndham Destinations, Inc.	4		202
	Wynn Macau, Limited	1,833		3,588
	Wynn Resorts Ltd.	4		447
	Yum China Holdings, Inc. (c)	183		8,323
			79,852
Health Care 5.2%
	Adcock Ingram Holdings Limited	289		1,085
	Alcon AG (a) (c)	15		887
	Alder BioPharmaceuticals, Inc. (a)	54		1,025
	Alexion Pharmaceuticals, Inc. (a) (c)	4		411
	Allergan Public Limited Company (c)	47		7,888
	Amedisys, Inc. (a) (c)	1		118
	AmerisourceBergen Corporation (c)	4		346
	Biogen Inc. (a) (c)	3		652
	Cardinal Health, Inc.	6		278
	Celgene Corp. (a) (c)	82		8,117
	Cerner Corp. (c)	112		7,621
	Cooper Cos. Inc.	—		59

1

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	DaVita Inc. (a)	1		51
	Dentsply Sirona Inc. (c)	9		464
	Exelixis, Inc. (a)	6		111
	Gilead Sciences Inc.	5		311
	HCA Healthcare, Inc.	1		145
	Hill-Rom Holdings Inc.	1		53
	Horizon Therapeutics Public Limited Company (a) (c)	14		384
	Incyte Corporation (a) (c)	7		557
	Integer Holdings Corporation (a)	1		68
	Ionis Pharmaceuticals Inc. (a)	1		60
	Jazz Pharmaceuticals Public Limited Company (a)	—		51
	McKesson Corporation (c)	4		588
	Medidata Solutions, Inc. (a)	8		706
	Mettler-Toledo International Inc. (a)	—		155
	Mylan Holdings Ltd. (a)	61		1,208
	Novartis AG - ADR	76		6,640
	Novo Nordisk A/S - ADR	146		7,546
	Olympus Corp.	57		779
	Qualicorp S.A.	97		724
	Regeneron Pharmaceuticals, Inc. (a) (c)	25		6,724
	Spark Therapeutics, Inc. (a)	6		588
	Steris Limited	—		43
	Tenet Healthcare Corporation (a)	6		144
	Universal Health Services Inc. - Class B	1		89
	Veeva Systems Inc. - Class A (a) (c)	3		458
	Vertex Pharmaceuticals Incorporated (a)	1		169
	WellCare Health Plans, Inc. (a)	14		3,628
			60,931
Information Technology 5.2%
	Adyen B.V. (a) (f)	4		2,876
	Akamai Technologies, Inc. (a)	1		91
	Analog Devices, Inc. (c)	29		3,198
	Applied Materials, Inc.	3		165
	Booz Allen Hamilton Holding Corporation - Class A	5		369
	Broadcom Inc.	11		3,013
	CACI International Inc. - Class A (a)	1		185
	Cadence Design Systems Inc. (a) (c)	4		284
	Ciena Corp. (a)	4		177
	Cirrus Logic Inc. (a)	5		252
	Cisco Systems, Inc.	6		311
	Cypress Semiconductor Corp. (c)	256		5,971
	Euronet Worldwide Inc. (a)	—		51
	Fair Isaac Corp. (a)	—		61
	FleetCor Technologies Inc. (a)	1		158
	Fortinet, Inc. (a) (c)	3		207
	Genpact Limited	3		101
	Hana Microelectronics Public Company Limited (b)	488		452
	Hewlett Packard Enterprise Company	46		705
	Hexaware Technologies Limited	116		622
	HP Inc.	11		218
	Keysight Technologies, Inc. (a)	1		49
	Lam Research Corp.	1		277
	Leidos Holdings Inc.	1		52
	Manhattan Associates Inc. (a)	1		48
	Mellanox Technologies Ltd (a)	22		2,432
	Micron Technology Inc. (a)	40		1,730
	Microsoft Corp.	16		2,258
	NAVER Corp.	5		682
	NetEase, Inc. - ADR	5		1,362
	NEXON Co.,Ltd. (a)	59		714
	Nuance Communications, Inc. (a)	4		62
	NXP Semiconductors N.V.	1		153
	Oracle Corporation (c)	247		13,562
	Paypal Holdings, Inc. (a)	2		218
	Perspecta Inc.	3		81
	Qualcomm Incorporated	2		130
	Spigen Korea Co., Ltd.	6		272
	Symantec Corp.	11		265
	Synopsys Inc. (a)	2		275
	Taiwan Semiconductor Manufacturing Co. Ltd. - ADR	35		1,617
	TE Connectivity Ltd. (c)	26		2,461
	Tech Data Corp. (a)	6		678
	Tech Mahindra Limited	113		1,145
	Tencent Holdings Limited - ADR	36		1,513
	Teradyne Inc. (c)	7		434
	Verint Systems Inc. (a)	2		77
	Versum Materials, Inc.	145		7,666
	Xerox Holdings, Inc.	22		670
	Xilinx Inc. (c)	1		58
	Zebra Technologies Corp. - Class A (a) (c)	2		341
			60,749
Communication Services 4.6%
	Akazoo Internet and Digital Appliances Enterprises (a)	17		105
	Alphabet Inc. - Class A (a) (c)	7		9,364
	Alphabet Inc. - Class C (a)	6		7,912
	Altice USA, Inc. - Class A (a)	11		330
	AMC Networks, Inc. - Class A (a) (c)	4		216
	AT&T Inc.	1		45
	Baidu, Inc. - Class A - ADR (a)	17		1,701
	Charter Communications, Inc. - Class A (a)	6		2,612
	China Mobile Limited - ADR	17		717
	Comcast Corporation - Class A	71		3,194
	Discovery, Inc. - Class C (a)	15		380
	Facebook, Inc. - Class A (a)	76		13,571
	Innocean Worldwide Inc.	5		286
	Interpublic Group of Cos. Inc.	2		47
	Lyft, Inc. (a)	1		45
	Momo Inc. - ADR	15		458
	Omnicom Group Inc.	2		149
	PLAY Communications S.A. (f)	161		1,107
	Sprint Corporation (a)	182		1,121
	TEGNA Inc. (c)	28		439
	TripAdvisor Inc. (a) (c)	2		58
	Twitter, Inc. (a)	1		49
	Viacom Inc. - Class B	92		2,206
	Yandex N.V. - Class A (a)	16		560
	Yelp Inc. - Class A (a)	3		108
	Zayo Group Holdings, Inc. (a) (c)	201		6,826
	Zee Entertainment Enterprises Ltd.	90		337
	Zynga Inc. - Class A (a)	22		128
			54,071
Consumer Staples 3.8%
	American Beverage Co Ambev	231		1,067
	American Beverage Co Ambev - ADR	773		3,570
	Astral Foods Ltd.	84		817
	Atacadao	131		668
	AVI Limited	44		241
	Beyond Meat, Inc. (a)	—		45
	Budweiser Brewing Company APAC Limited (a) (f)	397		1,428
	Coca-Cola Co. (c)	111		6,065
	Danone - ADR	390		6,843
	Distell Group Holdings Limited	70		628
	General Mills Inc. (c)	9		480
	GS Retail Co., Ltd.	16		559
	Hershey Co.	—		46
	Industrias Bachoco SAB S.A De C.V	112		495
	Jiangsu Siyang Yanghe Vintage Co., Ltd. - Class A	179		2,599
	Kweichow Moutai Co. Ltd. - Class A	7		1,175
	Molson Coors Brewing Company - Class B	1		75
	Mondelez International Inc. - Class A	1		77
	Monster Beverage 1990 Corporation (a) (c)	112		6,514
	Oceana Group Limited	136		623
	Philip Morris International Inc. (c)	28		2,142
	Pilgrim's Pride Corporation (a)	4		115
	Post Holdings Inc. (a)	—		42
	Procter & Gamble Co. (c)	44		5,469
	Spectrum Brands Legacy, Inc.	4		199
	The Spar Group	42		535
	Treehouse Foods, Inc. (a)	4		227
	Ulker Biskuvi Sanayi Anonim Sirketi	85		296
	Wuliangye Yibin Co., Ltd. - Class A	69		1,258
			44,298
Industrials 2.9%
	Advanced Disposal Services, Inc. (a)	12		383
	AECOM (a)	1		53
	AGCO Corporation	3		227

2

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Air Lease Corporation - Class A (c)		37		1,549
	Allison Systems, Inc. (c)		12		560
	Aramex PJSC		598		652
	Arconic Inc. (c)		166		4,317
	Avis Budget Group, Inc. (a)		5		141
	Barloworld Ltd.		108		827
	Carlisle Cos. Inc.		1		204
	Chicony Power Technology Co., Ltd.		149		269
	Clean Harbors Inc. (a)		3		208
	Copa Holdings, S.A. - Class A		1		79
	CRRC Corporation Limited - Class H		1,067		746
	CSX Corp.		1		42
	Cummins Inc. (c)		3		537
	Delta Air Lines Inc.		2		144
	Dover Corp. (c)		4		378
	Eaton Corporation Public Limited Company		1		75
	Expeditors International of Washington Inc. (c)		85		6,344
	Genesee & Wyoming Inc. - Class A (a)		37		4,068
	GrafTech International Ltd.		7		88
	HD Supply Holdings, Inc (a) (c)		5		200
	Herman Miller Inc.		3		157
	Jardine Strategic Holdings Ltd.		19		564
	Johnson Controls International Public Limited Company		4		180
	Kansas City Southern		1		186
	Korn Ferry		3		131
	Macquarie Infrastructure Corporation		1		47
	ManpowerGroup Inc. (c)		6		497
	MasTec Inc. (a)		5		325
	Milacron Holdings Corp. (a)		173		2,877
	Nielsen Holdings plc		7		151
	Norfolk Southern Corp.		1		117
	Oshkosh Corp. (c)		6		440
	PACCAR Inc.		1		49
	Pitney Bowes Inc.		18		84
	Resideo Technologies, Inc. (a)		4		53
	Rexnord Corporation (a)		9		252
	Roper Industries Inc.		—		107
	United Technologies Corp. (c)		21		2,829
	WABCO Holdings Inc. (a)		22		2,972
	WESCO International, Inc. (a)		1		53
	Woodward Governor Co.		—		43
				34,205
Energy 1.6%
	Anton Oilfield Services (Group) Ltd. (e)		6,518		650
	Berry Petroleum Company, LLC		4		34
	Buckeye Partners, L.P.		49		2,016
	Cabot Oil & Gas Corp.		4		70
	Cenovus Energy Inc.		16		147
	Columbia Pipeline Group Inc. (a) (b) (g) (h)		42		1,062
	ConocoPhillips		5		313
	CVR Energy, Inc.		5		203
	Delek US Holdings, Inc.		3		94
	Devon Energy Corporation (c)		23		561
	Geopark Limited (a)		41		759
	Helmerich & Payne Inc.		2		100
	HollyFrontier Corp.		4		236
	Kinder Morgan, Inc.		96		1,983
	Kosmos Energy Ltd. (c)		106		660
	Marathon Oil Corp. (c)		35		433
	Meggitt PLC		193		1,496
	Occidental Petroleum Corporation (i)		1		24
	Patterson-UTI Energy Inc.		25		211
	Peabody Energy Corp. (c)		15		216
	Petroleo Brasileiro S/A Petrobras. - ADR		49		702
	Public Joint Stock Company Gazprom Neft		151		990
	Reliance Industries Ltd.		36		680
	Schlumberger Ltd. (c)		100		3,421
	Tallgrass Energy, LP - Class A		17		341
	Whiting Petroleum Corp. (a)		7		55
	World Fuel Services Corp. (c)		9		355
	Yantai Jereh Oilfield Services Group Co.,Ltd.		286		1,080
				18,892
Materials 0.9%
	Alcoa Corporation (a)		5		104
	Axalta Coating Systems Ltd. (a)		2		69
	Ball Corporation		3		197
	Cabot Corp.		6		251
	CF Industries Holdings Inc. (c)		9		428
	Domtar Corp. (b) (c)		2		82
	Glencore PLC		442		1,327
	HeidelbergCement AG		27		1,973
	Huntsman Corp.		11		261
	Kenmare Resources Public Limited Company		45		130
	Kirkland Lake Gold Ltd.		1		40
	LafargeHolcim Ltd.		52		2,533
	Livent Corporation (a)		6		39
	Methanex Corporation (c)		4		131
	Norbord Inc.		2		36
	Owens-Illinois Inc.		83		855
	PPG Industries Inc.		1		119
	Reliance Steel & Aluminum Co.		1		90
	Scotts Miracle-Gro Co. - Class A		1		51
	Teck Resources Ltd. - Class B		10		170
	Univar Inc. (a)		61		1,261
	Valencia Bidco LLC (a) (b) (d) (j)		188		274
				10,421
Real Estate 0.8%
	Banco Nacional De Mexico, S.A., Integrante Del Grupo Financiero Banamex		619		862
	Boston Properties Inc.		1		117
	Brookfield Property REIT Inc. - Class A		32		646
	Camden Property Trust		2		211
	Cibanco, S.A., Institucion de Banca Multiple (f)		569		715
	CoreCivic, Inc.		6		111
	EastGroup Properties Inc.		5		688
	Emaar Malls PJSC		1,015		519
	Equity Lifestyle Properties, Inc. (c)		4		548
	Equity Residential		3		267
	Essex Property Trust Inc.		2		706
	Extra Space Storage Inc.		—		47
	First Industrial Realty Trust, Inc.		4		158
	K. Wah International Holdings Ltd.		1,885		997
	KiMcO Realty Corporation		3		61
	Lamar Advertising Co. - Class A		2		139
	Mid-America Apartment Communities, Inc.		1		182
	OUTFRONT Media Inc. (c)		18		500
	Prologis Property Mexico, S.A. de C.V.		322		470
	Public Storage		1		245
	Retail Properties of America, Inc. - Class A		25		303
	Robinsons Land Corp.		1,119		528
	SBA Communications Corporation		1		350
	SITE Centers Corp.		8		122
				9,492
Utilities 0.4%
	First Gen Corporation		1,363		647
	Gujarat State Petronet Limited		296		906
	Indraprastha Gas Limited		84		415
	Mahanagar Gas Limited		79		1,022
	NTPC Limited		323		537
	PG&E Corporation (a)		33		331
				3,858
	Total Common Stocks (cost $446,205)			464,542
CORPORATE BONDS AND NOTES 20.3%
Financials 5.7%
	Ally Financial Inc.
		8.00%, 11/01/31	20		28
	Amigo Luxembourg S.A.
		7.63%, 01/15/24, GBP (j)	331		396
	Avation Capital
		6.50%, 05/15/21 (f)	860		888
	BAC Capital Trust XIV
		4.00%, (3M USD LIBOR + 0.40%), (callable at 100 beginning 10/28/19) (k) (l)	1,540		1,351
	Banca Monte dei Paschi di Siena SpA
		5.38%, 01/18/28, EUR (j) (k)	280		220

3

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1	Value ($)
Banco Bilbao Vizcaya Argentaria, S.A.
	8.88%, (callable at 100 beginning 04/14/21), EUR (j) (l)	200	241
Banco BTG Pactual S.A.
	7.75%, 02/15/29 (j)	200	209
Banco do Brasil S.A
	6.25%, (callable at 100 beginning 04/15/24) (j) (l)	200	198
Banco Macro S.A.
	6.75%, 11/04/26 (j) (k)	200	138
Banco Mercantil Del Norte, S.A. Institucion De Banca Multiple, Grupo Financiero Banorte
	7.63%, (callable at 100 beginning 01/06/28) (j) (l)	200	204
	7.63%, (callable at 100 beginning 01/10/28) (f) (l)	200	204
Banco Santander, S.A.
	6.25%, (callable at 100 beginning 09/11/21), EUR (j) (l)	500	575
	4.38%, 04/12/28	200	219
Bank of America Corporation
	5.88%, (callable at 100 beginning 03/15/28) (l)	400	433
	6.10%, (callable at 100 beginning 03/17/25) (l)	50	55
	6.25%, (callable at 100 beginning 09/05/24) (l)	150	163
Barclays Bank PLC
	7.63%, 11/21/22	200	221
Barclays PLC
	8.00%, (callable at 100 beginning 06/15/24) (l)	1,280	1,364
	8.00%, (callable at 100 beginning 12/15/20), EUR (l)	500	583
	4.97%, 05/16/29 (k) (m)	210	231
BBVA Bancomer, S.A.
	5.13%, 01/18/33 (j)	200	191
BBVA USA
	3.88%, 04/10/25	280	291
BNP Paribas
	6.13%, (callable at 100 beginning 06/17/22), EUR (j) (l)	260	314
	7.38%, (callable at 100 beginning 08/19/25) (f) (l)	200	224
	4.71%, 01/10/25 (f)	200	216
	5.20%, 01/10/30 (f)	200	234
BPCE
	2.75%, 11/30/27, EUR (j) (k)	500	586
Bracken Midco1 PLC
	8.88%, 10/15/23, GBP (f) (n)	600	694
C&W Senior Financing Designated Activity Company
	6.88%, 09/15/27 (j)	200	207
Capitol Investment Merger Sub 2 LLC
	10.00%, 08/01/24 (f)	552	574
Citigroup Inc.
	5.95%, (callable at 100 beginning 05/15/25) (l)	2,030	2,145
	4.60%, 03/09/26	210	229
	4.45%, 09/29/27	200	218
	8.13%, 07/15/39	101	165
Cooperatieve Rabobank U.A.
	6.63%, (callable at 100 beginning 06/29/21), EUR (j) (l)	400	475
Cowen Holdings, Inc.
	3.00%, 12/15/22 (c) (m)	695	764
Credit Agricole SA
	6.50%, (callable at 100 beginning 06/23/21), EUR (j) (l)	250	294
	8.13%, (callable at 100 beginning 12/23/25) (f) (l)	200	235
Credit Suisse Group AG
	7.25%, (callable at 100 beginning 09/12/25) (j) (l)	860	922
	7.50%, (callable at 100 beginning 07/17/23) (f) (l)	210	225
Credito Real, S.A.B. De C.V. SOFOM E.N.R.
	9.13%, (callable at 100 beginning 11/29/22) (j) (l) (o)	200	205
CSN Islands XII Corp
	7.00%, (callable at 100 beginning 12/23/19) (j) (l)	200	175
Danske Bank A/S
	5.88%, (callable at 100 beginning 04/06/22), EUR (j) (l)	460	531
	5.00%, 01/12/22 (f)	200	210
Docuformas, S.A.P.I. de C.V.
	10.25%, 07/24/24 (f)	200	197
Drax Finco PLC
	6.63%, 11/01/25 (f)	873	911
EA Partners II B.V.
	0.00%, 06/01/21 (a) (b) (j) (p)	1,032	475
Element Fleet Management Corp.
	4.25%, 06/30/20 - 06/30/24, CAD (m)	1,610	1,312
Encore Capital Group, Inc.
	3.25%, 03/15/22 (c) (m)	1,898	1,920
	3.25%, 10/01/25 (c) (f) (m)	961	1,002
EZCORP, Inc.
	2.38%, 05/01/25 (c) (m)	1,284	1,026
Fidelity & Guaranty Life Holdings, Inc.
	5.50%, 05/01/25 (f)	865	931
Financiera Independencia SAB de CV SOFOM ENR
	8.00%, 07/19/24 (j)	200	184
Freedom Mortgage Corporation
	8.25%, 04/15/25 (f)	756	697
General Electric Capital Corporation
	6.15%, 08/07/37	230	282
	5.88%, 01/14/38	200	240
	6.88%, 01/10/39	150	199
Gilex Holding SARL
	8.50%, 05/02/23 (j)	200	215
Glencore Funding LLC
	4.13%, 03/12/24 (f)	290	304
	3.88%, 10/27/27 (f)	120	123
Global Aircraft Leasing Co Ltd
	7.25%, 09/15/24 (f) (n)	1,341	1,358
Grupo Financiero Santander Mexico, S.A. de C.V.
	8.50% (l)	200	210
Haya Finance 2017 SA.
	5.25%, 11/15/22, EUR (j)	620	595
Hope Bancorp, Inc.
	2.00%, 05/15/38 (c) (m)	1,744	1,606
HSBC Holdings PLC
	6.50%, (callable at 100 beginning 03/23/28) (l) (m)	200	209
	4.58%, 06/19/29 (m)	600	665
IIP Operating Partnership, LP
	3.75%, 02/21/24 (c) (f) (m)	1,524	2,284
ING Groep N.V.
	6.75%, (callable at 100 beginning 04/16/24) (j) (l)	870	914
	2.50%, 02/15/29, EUR (j) (k)	300	353
Inmarsat Finance PLC
	6.50%, 10/01/24 (f)	1,301	1,366
Intesa Sanpaolo S.p.A.
	7.00%, (callable at 100 beginning 01/19/21), EUR (j) (l)	500	572
	7.75%, (callable at 100 beginning 01/11/27), EUR (j) (l)	600	771
JPMorgan Chase & Co.
	4.20%, 07/23/29	60	67
KBC Groep
	1.88%, 03/11/27, EUR (j) (k)	300	339
LATAM Finance Limited
	7.00%, 03/01/26 (j)	200	213
Level 3 Financing, Inc.
	4.63%, 09/15/27 (f)	1,098	1,111
Morgan Stanley
	4.43%, 01/23/30	120	135
NatWest Markets N.V.
	5.75%, (callable at 100 beginning 09/22/20), EUR (j) (l)	600	675
NatWest Markets PLC
	5.13%, 05/28/24	380	405
Palo Alto Networks, Inc.
	0.75%, 07/01/23 (c) (m)	283	299

4

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Petrobras Global Finance B.V.
		7.38%, 01/17/27	280		338
		6.00%, 01/27/28	50		56
		6.85%, 06/05/15	640		732
	PRA Group, Inc.
		3.00%, 08/01/20 (c) (m)	1,382		1,369
	Redwood Trust, Inc.
		4.75%, 08/15/23 (c) (m)	1,603		1,610
	RWT Holdings, Inc.
		5.63%, 11/15/19 (c) (m)	1,388		1,393
	Santander UK Group Holdings PLC
		5.63%, 09/15/45 (f)	200		230
	Societe Generale
		6.75%, (callable at 100 beginning 04/06/28) (f) (l)	709		723
		2.50%, 09/16/26, EUR (j) (k)	500		568
	Springleaf Finance Corporation
		6.88%, 03/15/25	439		484
		7.13%, 03/15/26	215		238
		6.63%, 01/15/28	150		162
	Teachers Insurance & Annuity Association of America
		4.90%, 09/15/44 (f)	150		185
	Telecom Argentina SA
		8.00%, 07/18/26 (f)	200		174
	Tenet Healthcare Corporation
		4.88%, 01/01/26 (f)	1,515		1,557
	The Goldman Sachs Group, Inc.
		4.00%, (3M USD LIBOR + 0.77%), (callable at 100 beginning 11/12/19) (k) (l)	31		26
		4.22%, 05/01/29	40		44
		6.75%, 10/01/37	190		256
		5.15%, 05/22/45	490		582
		4.75%, 10/21/45	10		12
	The PRA Group, Inc.
		3.50%, 06/01/23 (c) (m)	1,392		1,404
	The Royal Bank of Scotland Group Public Limited Company
		4.52%, 06/25/24 (k) (m)	400		420
	Turning Point Brands, Inc.
		2.50%, 07/15/24 (c) (f) (m)	1,473		1,186
	UBS Group Funding (Switzerland) AG
		5.75%, (callable at 100 beginning 02/19/22), EUR (j) (l)	200		239
		7.00%, (callable at 100 beginning 02/19/25) (j) (l)	200		219
		7.00%, (callable at 100 beginning 01/31/24) (f) (l)	200		213
	UniCredit S.p.A.
		6.63%, (callable at 100 beginning 06/03/23), EUR (j) (l)	1,670		1,895
		6.57%, 01/14/22 (f)	350		376
		7.30%, 04/02/34 (f) (m)	1,088		1,227
	Unifin Financiera, S.A.B. de C.V. SOFOM, E.N.R.
		8.88%, (callable at 100 beginning 01/29/25) (j) (l)	200		178
	UPCB Finance VII Limited
		3.63%, 06/15/29, EUR (j)	553		641
	Virgin Media Secured Finance PLC
		5.50%, 08/15/26 (f)	200		210
	Vishay Intertechnology, Inc.
		2.25%, 06/15/25 (c) (f) (m)	1,414		1,329
	VTR GlobalCom S.p.A.
		6.88%, 01/15/24 (j)	200		206
	Wachovia Capital Trust III
		5.57%, (3M USD LIBOR + 0.93%), (callable at 100 beginning 11/12/19) (k) (l)	2,105		2,110
	Wand Merger Corporation
		8.13%, 07/15/23 (f)	552		575
		9.13%, 07/15/26 (f)	568		605
	Wells Fargo & Company
		5.88%, (callable at 100 beginning 06/15/25) (l)	101		111
		3.55%, 09/29/25	60		63
		4.30%, 07/22/27	150		164
		4.65%, 11/04/44	120		138
		4.40%, 06/14/46	180		202
		4.75%, 12/07/46	50		59
				66,919
Health Care 3.2%
	Alder BioPharmaceuticals, Inc.
		2.50%, 02/01/25 (c) (m)	962		1,065
	Allscripts Healthcare Solutions, Inc.
		1.25%, 07/01/20 (c) (m)	2,876		2,859
	Aphria Inc.
		5.25%, 06/01/24 (c) (f) (m)	1,257		934
	Aurora Cannabis Inc.
		5.50%, 02/28/24 (c) (f) (m)	2,034		1,758
	Bausch Health Companies Inc.
		7.00%, 03/15/24 (f)	120		126
		6.13%, 04/15/25 (f)	613		636
		5.50%, 11/01/25 (f)	50		52
		9.00%, 12/15/25 (f)	640		718
		9.25%, 04/01/26 (f)	470		534
		8.50%, 01/31/27 (f)	1,142		1,283
		7.25%, 05/30/29 (f)	330		361
	Becton, Dickinson and Company
		3.70%, 06/06/27	177		188
	Bristol-Myers Squibb Company
		4.25%, 10/26/49 (f)	130		151
	Canopy Growth Corporation
		4.25%, 07/15/23, CAD (c) (f) (m)	1,950		1,416
	Catholic Health Initiatives
		4.35%, 11/01/42	130		139
	Centene Corporation
		4.75%, 01/15/25	130		134
	CommonSpirit Health
		3.82%, 10/01/49	60		60
	Community Health Systems, Inc.
		8.00%, 03/15/26 (f)	829		828
	CONMED Corporation
		2.63%, 02/01/24 (c) (f) (m)	435		541
	CVS Health Corporation
		4.30%, 03/25/28	30		33
		4.78%, 03/25/38	90		99
		5.05%, 03/25/48	540		615
	DexCom, Inc.
		0.75%, 12/01/23 (c) (f) (m)	439		513
	Encompass Health Corporation
		4.50%, 02/01/28	267		270
		4.75%, 02/01/30	267		270
	Evolent Health, Inc.
		1.50%, 10/15/25 (c) (f) (m)	875		564
	Hackensack Meridian Health, Inc.
		4.21%, 07/01/48	90		106
	HCA Inc.
		7.69%, 06/15/25	50		60
		5.25%, 06/15/26	60		67
		4.50%, 02/15/27	50		54
		5.63%, 09/01/28	10		11
		5.50%, 06/15/47	10		11
	Heska Corporation
		3.75%, 09/15/26 (c) (f) (m)	394		432
	Innoviva, Inc.
		2.13%, 01/15/23 (c) (m)	784		739
	Insmed Incorporated
		1.75%, 01/15/25 (c) (m)	582		492
	Intercept Pharmaceuticals, Inc.
		2.00%, 05/15/26 (c) (m)	1,402		1,274
	Ionis Pharmaceuticals, Inc.
		1.00%, 11/15/21 (c) (m)	1,087		1,242
	Ironwood Pharmaceuticals, Inc.
		2.25%, 06/15/22 (c) (m)	1,132		1,135
		1.50%, 06/15/26 (c) (f) (m)	656		605
	Karyopharm Therapeutics Inc.
		3.00%, 10/15/25 (c) (f) (m)	991		889
	Kinetic Concepts, Inc.
		12.50%, 11/01/21 (f)	2,715		2,898
	Lannett Company, Inc.
		4.50%, 10/01/26 (c) (f) (m)	87		88

5

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Legacy Lifepoint Health, Inc.
		9.75%, 12/01/26 (f)	434		465
	Ligand Pharmaceuticals Incorporated
		0.75%, 05/15/23 (c) (m)	1,639		1,362
	Neurocrine Biosciences, Inc.
		2.25%, 05/15/24 (c) (m)	1,230		1,687
	Pacira Biosciences, Inc.
		2.38%, 04/01/22 (c) (m)	1,748		1,720
	PDL BioPharma, Inc.
		2.75%, 12/01/24 (c) (m)	1,050		977
	Tabula Rasa Healthcare, Inc.
		1.75%, 02/15/26 (c) (f) (m)	1,001		1,093
	Teva Pharmaceutical Finance Netherlands III B.V.
		2.20%, 07/21/21	70		64
	Tilray, Inc.
		5.00%, 10/01/23 (c) (f) (m)	2,136		1,399
	Willis-Knighton Medical Center
		4.81%, 09/01/48	60		76
	Wright Medical Group N.V.
		2.25%, 11/15/21 (c) (m)	1,087		1,271
	Wright Medical Group, Inc.
		1.63%, 06/15/23 (c) (m)	870		832
				37,196
Communication Services 2.5%
	Altice Finco S.A.
		4.75%, 01/15/28, EUR (j)	419		441
	Altice Luxembourg Fr SA
		2.50%, 01/15/25, EUR (f)	949		1,050
		8.13%, 02/01/27 (f)	870		961
	AMC Entertainment Holdings, Inc.
		5.88%, 11/15/26	470		428
	CCO Holdings, LLC
		5.75%, 02/15/26 (f)	10		11
		5.13%, 05/01/27 (f)	50		52
		5.38%, 05/01/25 - 06/01/29 (f)	1,430		1,521
	Charter Communications Operating, LLC
		4.20%, 03/15/28	220		231
		5.05%, 03/30/29	110		123
		5.38%, 04/01/38	90		101
		6.83%, 10/23/55	230		290
	Clear Channel Outdoor Holdings, Inc.
		5.13%, 08/15/27 (f)	928		969
	Comcast Corporation
		4.15%, 10/15/28	60		67
		4.70%, 10/15/48	410		503
	Connect Midco II Limited
		6.75%, 10/01/26 (f)	571		581
	CSC Holdings, LLC
		6.50%, 02/01/29 (f)	200		222
		5.75%, 01/15/30 (f)	1,976		2,065
	Diamond Sports Group, LLC
		6.63%, 08/15/27 (f)	800		830
	DISH DBS Corporation
		5.88%, 11/15/24	40		40
		7.75%, 07/01/26	10		10
	Fox Corporation
		4.71%, 01/25/29 (f)	140		160
		5.48%, 01/25/39 (f)	70		86
		5.58%, 01/25/49 (f)	20		25
	Frontier Communications Corporation
		8.00%, 04/01/27 (f)	454		480
	Intelsat Jackson Holdings S.A.
		8.50%, 10/15/24 (f)	875		883
	Liberty Latin America Ltd.
		2.00%, 07/15/24 (c) (f) (m)	927		936
	Liberty Media Corporation
		3.75%, 02/15/30 (c) (m)	460		326
		2.25%, 12/01/48 (c) (f) (m)	1,973		2,254
	Millicom International Cellular SA
		6.25%, 03/25/29 (j)	200		219
	Myriad International Holdings B.V.
		4.85%, 07/06/27 (f)	350		387
	NII Holdings, Inc.
		4.25%, 08/15/23 (f) (m)	1,660		1,728
	Pinewood Finco PLC
		3.25%, 09/30/25, GBP (f)	300		380
	Sirius XM Radio Inc.
		4.63%, 07/15/24 (f)	522		542
	Spectrum Management Holding Company, LLC
		7.30%, 07/01/38	20		26
	Sprint Capital Corporation
		8.75%, 03/15/32	60		74
	Sprint Communications, Inc.
		11.50%, 11/15/21	60		70
	Sprint Corporation
		7.88%, 09/15/23	60		66
	Summer BidCo BV
		9.75%, 11/15/25, EUR (f) (n)	604		692
	TEGNA Inc.
		5.00%, 09/15/29 (f)	944		956
	Telesat Canada
		8.88%, 11/15/24 (f)	518		556
		6.50%, 10/15/27 (f)	220		224
	T-Mobile USA, Inc.
		6.50%, 01/15/24	2,586		2,687
	Twitter, Inc.
		0.25%, 06/15/24 (c) (m)	435		462
	UPC Holding B.V.
		3.88%, 06/15/29, EUR (j)	945		1,082
	Verizon Communications Inc.
		4.50%, 08/10/33	20		23
		4.13%, 08/15/46	160		178
	Zayo Group, LLC
		5.75%, 01/15/27 (f)	359		368
	Zillow Group, Inc.
		2.00%, 12/01/21 (c) (m)	875		870
		0.75%, 09/01/24 (c) (f) (m)	1,274		1,218
	Zynga Inc.
		0.25%, 06/01/24 (c) (f) (m)	691		687
				29,141
Information Technology 2.3%
	Akamai Technologies, Inc.
		0.38%, 09/01/27 (c) (f) (m)	566		577
	Altair Engineering Inc.
		0.25%, 06/01/24 (c) (m)	569		573
	Banff Merger Sub Inc.
		8.38%, 09/01/26, EUR (f)	340		351
	Benefitfocus.Com, Inc.
		1.25%, 12/15/23 (c) (f) (m)	656		573
	Blackboard Inc.
		9.75%, 10/15/21 (f)	425		421
	Coupa Software Incorporated
		0.13%, 06/15/25 (c) (f) (m)	1,006		1,102
	CSG Systems International, Inc.
		4.25%, 03/15/36 (c) (m)	1,422		1,618
	Enphase Energy, Inc.
		1.00%, 06/01/24 (c) (f) (m)	612		801
	II-VI Incorporated
		0.25%, 09/01/22 (c) (m)	1,235		1,284
	INPHI Corporation
		0.75%, 09/01/21 (c) (m)	919		1,145
	KBR, Inc.
		2.50%, 11/01/23 (c) (f) (m)	1,313		1,530
	Knowles Corporation
		3.25%, 11/01/21 (c) (m)	1,584		2,005
	Microchip Technology Incorporated
		1.63%, 02/15/27 (c) (m)	1,415		1,825
	Microsoft Corporation
		3.30%, 02/06/27	230		248
		3.70%, 08/08/46	90		103
	Nuance Communications, Inc.
		1.00%, 12/15/35 (c) (m)	1,896		1,796
	Nutanix, Inc.
		0.00%, 01/15/23 (c) (m) (q)	1,131		1,063
	Okta, Inc.
		0.13%, 09/01/25 (c) (f) (m)	438		400
	Osi Systems, Inc.
		1.25%, 09/01/22 (c) (m)	941		1,060

6

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	PAR Technology Corporation
		4.50%, 04/15/24 (c) (f) (m)	524		578
	Perficient, Inc.
		2.38%, 09/15/23 (c) (m)	1,310		1,557
	Pluralsight, Inc.
		0.38%, 03/01/24 (c) (f) (m)	991		854
	PROS Holdings, Inc.
		1.00%, 05/15/24 (c) (f) (m)	679		769
	Rapid7, Inc.
		1.25%, 08/01/23 (c) (f) (m)	1,240		1,594
	SailPoint Technologies Holdings, Inc.
		0.13%, 09/15/24 (c) (f) (m)	435		415
	Silicon Laboratories Inc.
		1.38%, 03/01/22 (c) (m)	775		1,011
	TTM Technologies, Inc.
		1.75%, 12/15/20 (c) (m)	707		947
	Verint Systems Inc.
		1.50%, 06/01/21 (c) (m)	44		44
				26,244
Consumer Discretionary 1.5%
	Altice Luxembourg SA
		8.00%, 05/15/27, EUR (f)	554		663
		10.50%, 05/15/27 (f)	830		936
	Amazon.com, Inc.
		4.95%, 12/05/44	40		53
		4.05%, 08/22/47	510		612
		4.25%, 08/22/57	630		784
	American Axle & Manufacturing, Inc.
		6.63%, 10/15/22	65		66
	Brookfield Residential Properties Inc.
		6.25%, 09/15/27 (f)	879		880
	Carvana Co.
		8.88%, 10/01/23 (f)	404		416
	CRC Escrow Issuer, LLC
		5.25%, 10/15/25 (f)	575		588
	Debenhams PLC
		0.00%, 07/15/21, GBP (a) (b) (j) (p)	580		280
	Eagle Intermediate Global Holding B.V.
		7.50%, 05/01/25 (f)	511		460
	ETSY, Inc.
		0.13%, 10/01/26 (c) (f) (m)	435		426
	Gems Menasa (Cayman) Limited
		7.13%, 07/31/26 (f)	512		528
	Golden Entertainment, Inc.
		7.63%, 04/15/26 (f)	654		682
	Grupo Posadas, S.A.B. de C.V.
		7.88%, 06/30/22 (j)	200		199
	Hanesbrands Inc.
		4.63%, 05/15/24 (f)	80		84
	Las Vegas Sands Corp.
		3.20%, 08/08/24	210		214
	LHMC Finco 2 S.a r.l.
		8.00%, 10/02/25, EUR (f) (n)	840		931
	Liberty Media Corporation
		4.00%, 11/15/29 (c) (m)	1,842		1,318
	Marriott Vacations Worldwide Corporation
		1.50%, 09/15/22 (c) (m)	1,647		1,649
	MGM Resorts International
		5.75%, 06/15/25	400		440
	Restaurant Brands International Limited Partnership
		4.25%, 05/15/24 (f)	50		51
	RH
		0.00%, 09/15/24 (c) (f) (m) (q)	591		594
	Sands China Ltd.
		5.13%, 08/08/25 (o)	200		220
	Scientific Games International, Inc.
		10.00%, 12/01/22	845		878
		5.50%, 02/15/26, EUR (j)	807		872
		8.25%, 03/15/26 (f)	420		447
	Taylor Morrison Communities, Inc.
		5.88%, 06/15/27 (f)	417		457
	Tesla Inc.
		5.30%, 08/15/25 (f)	390		350
	Voyager Aviation Holdings, LLC
		8.50%, 08/15/21 (f)	1,050		1,077
	Wesleyan University
		4.78%, 07/01/16	60		71
	William Lyon Homes
		5.88%, 01/31/25	70		71
	Yum! Brands, Inc.
		4.75%, 01/15/30 (f)	400		413
				17,710
Energy 1.4%
	AI Candelaria (Spain) SL.
		7.50%, 12/15/28 (f)	250		285
	Apache Corporation
		4.38%, 10/15/28	30		31
		5.10%, 09/01/40	210		209
		4.75%, 04/15/43	300		287
		4.25%, 01/15/44	170		152
	Ascent Resources - Utica, LLC
		7.00%, 11/01/26 (f)	377		315
	Blue Racer Midstream, LLC
		6.13%, 11/15/22 (f)	110		111
	Canacol Energy Ltd.
		7.25%, 05/03/25 (j)	200		212
	Cheniere Energy Partners, L.P.
		4.50%, 10/01/29 (f)	689		706
	Chesapeake Energy Corporation
		8.00%, 06/15/27	130		88
	Cimarex Energy Co.
		3.90%, 05/15/27	10		10
	Citgo Petroleum Corporation
		6.25%, 08/15/22 (f)	871		881
	Compania General de Combustibles S.A.
		9.50%, 11/07/21 (j)	200		151
	Concho Resources Inc.
		4.85%, 08/15/48	110		125
	Continental Resources, Inc.
		4.38%, 01/15/28	10		10
		4.90%, 06/01/44	140		142
	DCP Midstream, LLC
		6.75%, 09/15/37 (f)	110		116
	Denbury Resources Inc.
		7.75%, 02/15/24 (f)	470		364
	Devon Energy Corporation
		5.85%, 12/15/25	190		226
		5.00%, 06/15/45	20		23
	Ecopetrol S.A.
		4.13%, 01/16/25	370		390
		5.38%, 06/26/26	50		56
		5.88%, 09/18/23 - 05/28/45	470		537
	Enterprise Products Operating LLC
		4.15%, 10/16/28	20		22
		5.38%, 02/15/78	70		68
	Exxon Mobil Corporation
		4.11%, 03/01/46	130		154
	Genesis Energy, L.P.
		6.75%, 08/01/22	110		112
	Geopark Limited
		6.50%, 09/21/24 (j)	200		206
	Global Partners LP
		7.00%, 08/01/27 (f)	256		264
	Gran Tierra Energy Inc.
		7.75%, 05/23/27 (f)	200		190
	Green Plains Inc.
		4.00%, 07/01/24 (c) (f) (m)	525		489
	Gulfport Energy Corporation
		6.38%, 05/15/25 - 01/15/26	309		219
	Halliburton Company
		3.80%, 11/15/25	30		32
		4.85%, 11/15/35	150		167
	Kinder Morgan Energy Partners, L.P.
		3.50%, 09/01/23	60		62
		4.25%, 09/01/24	60		64
	Kinder Morgan, Inc.
		5.30%, 12/01/34	40		46

7

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	MEG Energy Corp.
		7.00%, 03/31/24 (f)	20		19
		6.50%, 01/15/25 (f)	10		10
	MPLX LP
		4.88%, 12/01/24 - 06/01/25	220		241
		4.80%, 02/15/29	60		66
		5.20%, 03/01/47	80		89
		4.70%, 04/15/48	110		115
		5.50%, 02/15/49	120		139
	Noble Energy, Inc.
		3.85%, 01/15/28	150		155
	Oasis Petroleum Inc.
		6.88%, 03/15/22 - 01/15/23	67		62
	Occidental Petroleum Corporation
		6.95%, 07/01/24	120		141
		2.90%, 08/15/24	80		81
		5.55%, 03/15/26	20		23
		3.20%, 08/15/26	80		81
		6.20%, 03/15/40	90		109
		4.50%, 07/15/44	100		102
		4.63%, 06/15/45	60		62
		6.60%, 03/15/46	140		183
		4.40%, 04/15/46	20		20
		4.10%, 02/15/47	20		20
		4.20%, 03/15/48	20		20
	Parkland Fuel Corporation
		5.88%, 07/15/27 (f)	882		926
	PDV America, Inc.
		9.25%, 08/01/24 (f)	217		230
	Petrobras Global Finance B.V.
		6.90%, 03/19/49	200		230
	Petroleos Mexicanos
		6.49%, 01/23/27 (f)	776		808
		6.38%, 01/23/45	320		298
	Range Resources Corporation
		5.88%, 07/01/22	50		48
		5.00%, 03/15/23	20		17
		4.88%, 05/15/25	100		82
	Rockies Express Pipeline LLC
		5.63%, 04/15/20 (f)	100		102
		6.88%, 04/15/40 (f)	110		120
	Schlumberger Holdings Corporation
		4.00%, 12/21/25 (f)	180		192
	Ship Finance International Limited
		5.75%, 10/15/21 (c) (m)	1,612		1,682
	SRC Energy Inc.
		6.25%, 12/01/25	501		497
	Targa Resource Corporation
		4.25%, 11/15/23	270		272
		5.38%, 02/01/27	10		10
	Tecila Sociedad Anonima
		8.50%, 07/28/25 (j)	100		78
	Teekay Shipping (Canada) Ltd.
		5.00%, 01/15/23 (c) (m)	175		140
	Teine Energy Ltd.
		6.88%, 09/30/22 (f)	60		60
	The Williams Companies, Inc.
		7.50%, 01/15/31	40		52
		8.75%, 03/15/32	140		201
	Transcontinental Gas Pipe Line Company, LLC
		7.85%, 02/01/26	170		215
	Transocean Poseidon Limited
		6.88%, 02/01/27 (f)	533		559
	Western Midstream Operating, LP
		3.95%, 06/01/25	90		87
		4.65%, 07/01/26	10		10
		5.45%, 04/01/44	200		177
	Whiting Petroleum Corporation
		5.75%, 03/15/21	250		238
		6.25%, 04/01/23	30		23
	WPX Energy, Inc.
		8.25%, 08/01/23	170		193
				16,807
Materials 1.1%
	Advanced Drainage Systems, Inc.
		5.00%, 09/30/27 (f)	619		628
	Anglo American Capital PLC
		3.63%, 09/11/24 (f)	200		206
	ArcelorMittal
		6.13%, 06/01/25	60		67
		4.55%, 03/11/26	50		52
	Baffinland Iron Mines Corporation
		8.75%, 07/15/26 (f)	428		440
	BHP Billiton Finance (USA) Limited
		6.75%, 10/19/75 (f) (k)	200		234
	C10 Capital (SPV) Limited
		6.81%, (callable at 100 beginning 12/31/19) (j) (l)	200		197
	CEMEX S.A.B. de C.V.
		3.72%, 03/15/20 (c) (m)	3,843		3,839
	First Majestic Silver Corp.
		1.88%, 03/01/23 (c) (m)	1,316		1,552
	First Quantum Minerals Ltd
		6.50%, 03/01/24 (f)	670		644
		7.50%, 04/01/25 (f)	200		197
	Freeport-McMoRan Inc.
		4.55%, 11/14/24	10		10
		5.45%, 03/15/43	200		180
	Klabin Austria GmbH
		7.00%, 04/03/49 (j)	200		212
	KME AG
		6.75%, 02/01/23, EUR (j)	290		261
	Mineral Resources Limited
		8.13%, 05/01/27 (f)	423		435
	Neon Holdings Inc.
		10.13%, 04/01/26 (f)	342		344
	Resolute Forest Products Inc.
		5.88%, 05/15/23	1,319		1,319
	Rmi Titanium Company, LLC
		1.63%, 10/15/19 (c) (m)	993		994
	SunCoke Energy, Inc.
		7.50%, 06/15/25 (f)	900		803
	Vedanta Resources Finance II PLC
		9.25%, 04/23/26 (f)	200		199
	Yamana Gold Inc.
		4.63%, 12/15/27	100		106
				12,919
Industrials 1.1%
	Aeropuertos Dominicanos Siglo XXI
		6.75%, 03/30/29 (j)	200		210
	Air Transport Services Group, Inc.
		1.13%, 10/15/24 (c) (m)	1,410		1,329
	Atlas Air Worldwide Holdings, Inc.
		1.88%, 06/01/24 (c) (m)	1,533		1,278
	Bombardier Inc.
		7.50%, 03/15/25 (f)	323		323
	F-Brasile S.P.A.
		7.38%, 08/15/26 (f)	823		856
	General Electric Company
		5.00%, (callable at 100 beginning 01/21/21) (l)	206		195
	Herc Holdings Inc.
		5.50%, 07/15/27 (f)	1,140		1,185
	JSL Europe SA
		7.75%, 07/26/24 (j)	200		213
	Kaman Corporation
		3.25%, 05/01/24 (c) (m)	531		608
	Officine Maccaferri - S.P.A.
		5.75%, 06/01/21, EUR (j)	493		279
	Omers Private Equity U.S.A. Inc.
		7.88%, 07/31/23 (f)	889		793
	Onorato Armatori S.R.L.
		7.75%, 02/15/23, EUR (j)	126		41
	Park Aerospace Holdings Limited
		5.25%, 08/15/22 (f)	50		53
		4.50%, 03/15/23 (f)	20		21
		5.50%, 02/15/24 (f)	50		54

8

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Patrick Industries Inc.
		1.00%, 02/01/23 (c) (m)	1,246		1,134
	Prime Security Services Borrower, LLC
		5.75%, 04/15/26 (f)	40		42
	Team, Inc.
		5.00%, 08/01/23 (c) (m)	1,415		1,566
	The Boeing Company
		2.70%, 02/01/27	70		72
		3.25%, 02/01/35	170		177
	TransDigm Inc.
		6.25%, 03/15/26 (f)	618		664
	Trivium Packaging Finance B.V.
		5.50%, 08/15/26 (f)	278		293
		8.50%, 08/15/27 (f)	203		220
	United Rentals (North America), Inc.
		5.88%, 09/15/26	70		75
		6.50%, 12/15/26	40		44
		5.25%, 01/15/30	686		720
	XPO Cnw, Inc.
		6.70%, 05/01/34	170		167
				12,612
Consumer Staples 0.9%
	Albertsons Companies, Inc.
		5.75%, 03/15/25	800		825
	Altria Group, Inc.
		4.40%, 02/14/26	40		43
		4.80%, 02/14/29	150		164
		5.80%, 02/14/39	100		116
		6.20%, 02/14/59	330		386
	Anheuser-Busch Companies, LLC
		3.65%, 02/01/26	270		289
	Anheuser-Busch InBev Worldwide Inc.
		5.55%, 01/23/49	550		720
		5.80%, 01/23/59	40		54
	Avon International Capital P.L.C.
		6.50%, 08/15/22 (f)	1,214		1,262
	B&G Foods, Inc.
		5.25%, 09/15/27	451		461
	BAT Capital Corp.
		3.56%, 08/15/27	110		111
		4.54%, 08/15/47	190		182
	Cott Holdings Inc.
		5.50%, 04/01/25 (f)	40		42
	Herbalife Nutrition Ltd.
		2.63%, 03/15/24 (c) (m)	1,494		1,393
	JBS Investments II GmbH
		5.75%, 01/15/28 (f)	238		248
	JBS USA Food Company
		5.50%, 01/15/30 (f)	756		801
	Kraft Heinz Foods Company
		4.13%, 07/01/27, GBP (j)	150		201
	Lamb Weston Holdings, Inc.
		4.88%, 11/01/26 (f)	40		42
	Minerva Luxembourg S.A.
		5.88%, 01/19/28 (j)	200		200
	NBM US Holdings Inc
		7.00%, 05/14/26 (f)	200		210
	Performance Food Group Company
		5.50%, 10/15/27 (f)	479		504
	Post Holdings, Inc.
		5.50%, 12/15/29 (f)	660		689
	Safeway Inc.
		5.88%, 02/15/28 (f)	1,333		1,413
				10,356
Real Estate 0.3%
	Brookfield Property REIT Inc.
		5.75%, 05/15/26 (f)	1,331		1,392
	Realogy Group LLC
		9.38%, 04/01/27 (f)	477		443
	Redfin Corporation
		1.75%, 07/15/23 (c) (m)	1,262		1,153
	Starwood Waypoint Homes
		3.50%, 01/15/22 (c) (m)	727		966
				3,954
Utilities 0.3%
	AES Gener S.A.
		7.13%, 03/26/79 (j)	200		210
	Cometa Energia SA de CV
		6.38%, 04/24/35 (j)	195		208
	Enel Finance International SA
		6.00%, 10/07/39 (f)	150		188
	FirstEnergy Corp.
		3.90%, 07/15/27	320		341
		7.38%, 11/15/31	460		650
	NRG Energy, Inc.
		2.75%, 06/01/48 (c) (m)	700		787
	Star Energy Geothermal (Wayang Windu) Limited
		6.75%, 04/24/33 (j)	192		200
	Stoneway Capital Corporation
		10.00%, 03/01/27 (j)	177		103
	Talen Energy Supply, LLC
		6.63%, 01/15/28 (f)	890		875
				3,562
	Total Corporate Bonds And Notes (cost $232,865)			237,420
GOVERNMENT AND AGENCY OBLIGATIONS 10.2%
Sovereign 3.8%
	Abu Dhabi, Government of
		2.50%, 10/11/22 (f)	790		798
		4.13%, 10/11/47 (f)	360		421
		3.13%, 09/30/49 (f)	800		783
	Commonwealth of Australia
		3.00%, 03/21/47, AUD (j)	610		537
	Ghana, Government of
		8.13%, 03/26/32 (f)	410		411
	Gobierno de la Provincia de Buenos Aires
		7.88%, 06/15/27 (f)	310		110
	Gobierno de la Republica del Ecuador
		7.95%, 06/20/24 (j)	220		224
		8.88%, 10/23/27 (f)	360		359
	Gobierno Federal de los Estados Unidos Mexicanos
		7.75%, 11/23/34 - 11/13/42, MXN	115,080		6,102
		8.00%, 11/07/47, MXN	26,470		1,443
	International Bank for Reconstruction and Development
		8.40%, 10/12/21, IDR	2,900,000		210
	Kuwait, Government of
		3.50%, 03/20/27 (f)	200		215
	Ministry of Finance of the Russian Federation
		7.40%, 12/07/22, RUB	4,140		65
		7.75%, 09/16/26, RUB	20,050		325
		7.95%, 10/07/26, RUB	20,060		329
		8.15%, 02/03/27, RUB	152,933		2,538
		7.05%, 01/19/28, RUB	203,210		3,175
		6.90%, 05/23/29, RUB	125,480		1,933
		7.65%, 04/10/30, RUB	26,080		422
		7.70%, 03/23/33 - 03/16/39, RUB	89,980		1,459
		7.25%, 05/10/34, RUB	80,240		1,248
	Presidencia Da Republica Federativa Do Brasil
		4.25%, 01/07/25	210		221
		10.00%, 01/01/21 - 01/01/27, BRL	10,298		2,733
		5.00%, 01/27/45	1,850		1,922
	Presidencia De La Nacion
		67.42%, (Argentina Central Bank 7 Day Repurchase Rate), 06/21/20, ARS (k)	16,250		127
		18.20%, 10/03/21, ARS	5,070		31
		5.63%, 01/26/22	360		155
		16.00%, 10/17/23, ARS	8,260		53
		7.50%, 04/22/26	220		96
		15.50%, 10/17/26, ARS	3,190		20
		6.88%, 01/26/27	70		29
		5.88%, 01/11/28	440		179
		8.28%, 12/31/33	308		150
		7.63%, 04/22/46	150		65
		7.13%, 06/28/17	470		203
	Presidencia de la Republica de Colombia
		5.63%, 02/26/44	620		775

9

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Presidencia de la Republica Dominicana
		6.40%, 06/05/49 (f)	200		213
	South Africa, Parliament of
		10.50%, 12/21/26, ZAR	10,610		782
		4.30%, 10/12/28	670		648
		7.00%, 02/28/31, ZAR	17,135		958
		6.25%, 03/31/36, ZAR	38,396		1,838
		6.50%, 02/28/41, ZAR	1,860		86
	The Arab Republic of Egypt
		15.16%, 10/10/22, EGP	7,570		471
		5.58%, 02/21/23 (f)	280		286
	The Central People's Government of the People's Republic of China
		3.38%, 11/21/24, CNH	500		71
		3.31%, 11/30/25, CNY	2,000		286
		3.48%, 06/29/27, CNH	4,000		579
		4.29%, 05/22/29, CNH	1,000		155
	The Republic of Indonesia, The Government of
		8.38%, 09/15/26 - 03/15/34, IDR	26,104,000		1,942
		7.00%, 05/15/22 - 05/15/27, IDR	26,359,000		1,838
		9.00%, 03/15/29, IDR	10,524,000		818
		8.25%, 05/15/29, IDR	31,137,000		2,337
		4.35%, 01/11/48	330		363
	Turkiye Cumhuriyeti Basbakanlik
		6.13%, 10/24/28	930		908
				44,445
Collateralized Mortgage Obligations 2.9%
	Federal Home Loan Mortgage Corporation
		Interest Only, Series S7-286, 4.07%, (6.10% - (1M USD LIBOR * 1)), 10/15/42 (k)	7,012		1,190
		Series 2017-B1-DNA2, REMIC, 7.17%, (1M USD LIBOR + 5.15%), 10/25/29 (k)	680		785
		Series SW-4170, REMIC, 2.02%, (4.05% - (1M USD LIBOR * 1)), 01/15/33 (k)	2,417		2,384
		Series MS-4096, REMIC, 1.30%, (2.57% - (1M USD LIBOR * 0.57)), 08/15/42 (k)	1,229		1,106
		Series SJ-4141, REMIC, 1.46%, (4.80% - (1M USD LIBOR * 1.5)), 12/15/42 (k)	1,298		1,178
		Series ST-4666, REMIC, 3.10%, (7.00% - (1M USD LIBOR * 1.75)), 12/15/42 (k)	1,680		1,683
	Federal National Mortgage Association, Inc.
		Series 2015-2M2-C03, 7.02%, (1M USD LIBOR + 5.00%), 07/25/25 (k)	103		109
		Series 2017-1B1-C01, 7.77%, (1M USD LIBOR + 5.75%), 01/25/27 (k)	270		317
		Series 2016-1M2-C04, 6.27%, (1M USD LIBOR + 4.25%), 01/25/29 (k)	260		274
		Series 2015-HZ-23, 3.00%, 04/25/45	286		305
		Series 2017-1M2-C07, REMIC, 4.42%, (1M USD LIBOR + 2.40%), 05/28/30 (k)	380		385
		Series 2018-1B1-C06, REMIC, 5.77%, (1M USD LIBOR + 3.75%), 03/25/31 (k)	340		359
		Series 2012-GS-125, REMIC, 1.35%, (2.63% - (1M USD LIBOR * 0.57)), 11/25/42 (k)	3,584		3,182
		Series 2012-US-137, REMIC, 2.72%, (5.40% - (1M USD LIBOR * 1.2)), 12/25/42 (k)	4,332		4,163
		Series 2013-CS-15, REMIC, 2.78%, (5.46% - (1M USD LIBOR * 1.2)), 03/25/43 (k)	447		427
		Series 2013-NS-26, REMIC, 2.72%, (5.40% - (1M USD LIBOR * 1.2)), 04/25/43 (k)	1,428		1,349
		Series 2013-CS-59, REMIC, 1.77%, (4.00% - (1M USD LIBOR * 1)), 06/25/43 (k)	3,153		2,747
		Interest Only, Series 2018-SA-54, REMIC, 4.23%, (6.25% - (1M USD LIBOR * 1)), 08/25/48 (k)	6,486		1,146
	Government National Mortgage Association
		Interest Only, Series 2018-SA-111, 2.51%, (4.55% - (1M USD LIBOR * 1)), 08/20/48 (k)	11,721		1,033
		Interest Only, Series 2013-SA-195, REMIC, 1.38%, 01/20/42 (k)	11,928		467
		Series 2016-UZ-163, REMIC, 3.00%, 11/20/46	2,977		2,937
		Interest Only, Series 2018-HS-97, REMIC, 4.16%, (6.20% - (1M USD LIBOR * 1)), 07/20/48 (k)	874		127
		Interest Only, Series 2018-SD-91, REMIC, 4.16%, (6.20% - (1M USD LIBOR * 1)), 07/20/48 (k)	6,538		896
		Interest Only, Series 2018-SH-105, REMIC, 4.21%, (6.25% - (1M USD LIBOR * 1)), 08/20/48 (k)	5,847		722
		Interest Only, Series 2018-SK-124, REMIC, 4.16%, (6.20% - (1M USD LIBOR * 1)), 09/20/48 (k)	6,421		940
		Interest Only, Series 2018-SW-164, REMIC, 4.06%, (6.10% - (1M USD LIBOR * 1)), 12/20/48 (k)	8,647		1,235
		Interest Only, Series 2018-SA-166, REMIC, 4.11%, (6.15% - (1M USD LIBOR * 1)), 12/20/48 (k)	11,802		1,487
		Interest Only, Series 2019-SH-92, REMIC, 4.06%, 07/20/49	7,958		982
				33,915
U.S. Treasury Note 1.1%
	Treasury, United States Department of
		1.00%, 11/15/19	5,000		4,994
		1.75%, 06/30/24	1,780		1,795
		1.63%, 09/30/26 - 08/15/29	2,020		2,018
		2.38%, 05/15/29	3,830		4,068
				12,875
U.S. Treasury Bond 0.8%
	Treasury, United States Department of
		4.38%, 05/15/40	2,140		3,012
		4.25%, 11/15/40	670		930
		3.13%, 02/15/43	1,690		2,017
		3.00%, 08/15/48 - 02/15/49	2,300		2,738
				8,697
Mortgage-Backed Securities 0.6%
	Federal Home Loan Mortgage Corporation
		REMIC, 1.47%, (2.63% - (1M USD LIBOR * 0.57)), 10/15/42 (k)	879		795
		REMIC, 5.27%, (1M USD LIBOR + 3.25%), 07/26/49 (f) (k)	1,400		1,432
	Federal National Mortgage Association, Inc.
		3.26%, 01/01/28	1,500		1,623
		3.40%, 03/01/30	1,500		1,655
		3.24%, 01/01/33	1,226		1,333
		TBA, 3.50%, 10/15/48 (r)	100		103
				6,941
U.S. Treasury Inflation Indexed Securities 0.6%
	Treasury, United States Department of
		0.75%, 02/15/45 (s)	621		653
		1.00%, 02/15/46 - 02/15/49 (s)	5,369		6,066
				6,719
Municipal 0.3%
	Autoridad de Acueductos y Alcantarillados de Puerto Rico
		5.00%, 07/01/21 - 07/01/33	326		340
		5.13%, 07/01/37	138		144
		5.75%, 07/01/37	152		161
		5.25%, 07/01/29 - 07/01/42	882		923
		6.00%, 07/01/47	125		133
	Detroit, City of
		4.00%, 04/01/44	60		52
	Illinois, State of
		5.10%, 06/01/33	250		271
	Public Buildings Authority
		0.00%, 07/01/42 (a) (b) (p)	490		369
	Puerto Rico Sales Tax Financing Corporation (COFINA)
		0.00%, 07/01/24 - 07/01/51 (q)	660		210
		4.50%, 07/01/34	23		25
		4.33%, 07/01/40	119		121
		4.55%, 07/01/40	12		12
		4.54%, 07/01/53	4		4
		4.75%, 07/01/53	86		89
		4.78%, 07/01/58	48		50
		5.00%, 07/01/58	217		229
	Puerto Rico, Commonwealth of
		0.00%, 07/01/35 (a) (b) (p)	985		592
				3,725

10

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
Treasury Inflation Indexed Securities 0.1%
	Cabinet Office, Government of Japan
		0.10%, 03/10/24 - 03/10/25, JPY (s)	82,010		780
	Presidencia Da Republica Federativa Do Brasil
		6.00%, 08/15/50, BRL (t)	454		513
	Presidencia De La Nacion
		4.00%, 03/06/20, ARS (t)	19,550		243
				1,536
	Total Government And Agency Obligations (cost $112,538)			118,853
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 9.2%
	ACE Securities Corp. Home Equity Loan Trust
		Series 2006-A2C-CW1, REMIC, 2.16%, (1M USD LIBOR + 0.14%), 07/25/36 (k)	3,003		2,669
	Ajax Mortgage Loan Trust
		Series 2018-A-C, 4.36%, 09/25/65 (f) (k)	2,678		2,712
	Apidos CLO XXII
		Series 2015-D-22A, 8.28%, (3M USD LIBOR + 6.00%), 10/20/27 (f) (k)	500		483
	Apidos CLO XXIV
		Series 2016-DR-24A, 8.08%, (3M USD LIBOR + 5.80%), 10/21/30 (b) (j) (k)	500		466
	AREIT Trust
		Series 2019-D-CRE3, 4.68%, 07/14/22 (f)	350		351
	BAMLL Commercial Mortgage Securities Trust
		Series 2019-D-AHT, 4.53%, (1M USD LIBOR + 2.50%), 03/15/21 (f) (k)	569		571
	Banc of America Alternative Loan Trust
		Series 2007-4A1-1, REMIC, 5.26%, 04/25/37 (k)	1,957		1,954
		Series 2007-1A1-2, REMIC, 5.50%, 06/25/37	968		908
	Banc of America Funding Trust
		Series 2015-9A2-R2, REMIC, 2.77%, 07/28/27 (f) (k)	1,055		958
	Bancorp Commercial Mortgage Trust
		Series 2018-D-CRE4, 4.13%, 09/17/21 (f)	1,250		1,249
		Series 2019-D-CRE5, 4.38%, 02/15/22 (f)	484		485
	Barings CLO Ltd
		Series 2018-E-3A, 8.03%, (3M USD LIBOR + 5.75%), 07/20/29 (f) (k)	500		447
	BBCMS Trust
		Series 2018-E-CBM, 5.18%, (1M USD LIBOR + 3.55%), 07/15/20 (f) (k)	470		472
	BHP Trust
		Series 2019-E-BXHP, 4.60%, 08/15/21 (b) (j)	188		188
	BX Commercial Mortgage Trust
		Series 2019-G-IMC, REMIC, 5.63%, (1M USD LIBOR + 3.60%), 04/15/21 (b) (j) (k)	573		578
	BX Trust
		Series 2019-F-MMP, REMIC, 4.82%, 08/15/21 (b) (j)	252		253
	Canyon Capital CLO Ltd
		Series 2014-DR-1A, 7.77%, (3M USD LIBOR + 5.50%), 01/30/31 (f) (k)	700		615
	Carlyle Global Market Strategies CLO Ltd
		Series 2014-D-2RA, 7.51%, (3M USD LIBOR + 5.35%), 05/15/31 (f) (k)	1,000		866
	Carrington Mortgage Loan Trust
		Series 2007-A3-RFC1, REMIC, 2.16%, (1M USD LIBOR + 0.14%), 09/25/36 (k)	3,000		2,738
	Castlelake Aircraft Securitization Trust
		Series 2018-C-1, 6.63%, 06/15/25 (f) (u)	1,162		1,167
	CF Trust
		Series 2019-F-MF1, 4.98%, 08/15/21 (f)	505		505
	Chenango Park CLO, Ltd
		Series 2018-D-1A, 8.10%, (3M USD LIBOR + 5.80%), 04/15/30 (b) (j) (k)	1,000		914
	Chevy Chase Funding LLC Mortgage-Backed Certificates
		Series 2004-B1-2A, REMIC, 2.73%, 05/25/35 (f) (k)	294		242
	CHL Mortgage Pass-Through Trust
		Series 2007-A1-13, REMIC, 6.00%, 08/25/37	1,555		1,252
	CIM Trust
		Series 2017-B2-3RR, 10.97%, 01/25/57 (f) (k)	180		184
		Series 2016-B2-1RR, REMIC, 8.82%, 07/25/55 (f) (k)	300		298
		Series 2016-B2-2RR, REMIC, 7.76%, 02/29/56 (f) (k)	800		799
		Series 2016-B2-3RR, REMIC, 8.14%, 02/29/56 (f) (k)	800		795
	Citigroup Commercial Mortgage Trust
		Series 2018-F-TBR, 5.68%, (1M USD LIBOR + 3.65%), 12/16/19 (b) (j) (k)	524		525
		Series 2015-D-GC27, REMIC, 4.57%, 01/10/25 (f) (k)	291		276
	Citigtoup Mortgage Loan Trust
		Series 2007-A3A-AHL3, REMIC, 2.08%, (1M USD LIBOR + 0.06%), 05/25/37 (k)	3,637		2,907
	Civic Mortgage, LLC.
		Series 2018-A2-2, 5.32%, 04/25/20 (f)	1,427		1,424
	Clas Limited
		Series 2019-E-1A, 0.00%, 04/15/39 (b) (g) (j) (k)	1,000		1,002
	COMM Mortgage Trust
		Series 2018-D-HCLV, 4.20%, (1M USD LIBOR + 2.18%), 09/15/20 (f) (k)	1,000		998
		Series 2015-D-CR26, REMIC, 3.63%, 09/12/25 (k)	1,000		945
	Conseco Finance Corp.
		Series 1996-M1-4, REMIC, 7.75%, 06/15/27	294		293
	Countrywide Asset-Backed Certificates
		Series 2007-1A-BC1, REMIC, 2.16%, (1M USD LIBOR + 0.14%), 05/25/37 (k)	1,817		1,699
	CSAIL Commercial Mortgage Trust
		Series 2016-D-C6, REMIC, 4.91%, 05/15/26 (f) (k)	1,000		999
	CSMC Trust
		Series 2018-A1-RPL7, REMIC, 4.00%, 09/25/21 (f)	1,855		1,876
		Series 2017-F-CHOP, REMIC, 6.38%, (1M USD LIBOR + 4.35%), 07/15/32 (f) (k)	880		887
	CWABS Asset-Backed Certificates Trust
		Series 2006-1A-12, REMIC, 2.15%, (1M USD LIBOR + 0.13%), 12/25/36 (k) (u)	367		341
	CWABS, Inc.
		Series 2003-3A-2, REMIC, 2.55%, (1M USD LIBOR + 0.50%), 08/26/33 (k)	140		137
	CWMBS, Inc.
		Series 2005-2A1-9, REMIC, 2.46%, (1M USD LIBOR + 0.44%), 05/25/35 (k)	21		16
	Dividend Solar Loans LLC
		Series 2019-A-1, 3.67%, 07/20/31 (f)	273		275
	Dryden 40 Senior Loan Fund
		Series 2015-ER-40A, 7.91%, (3M USD LIBOR + 5.75%), 08/15/31 (f) (k)	500		459
	FMC GMSR Issuer Trust
		Series 2019-B-GT1, 5.66%, 05/25/26 (f) (k) (u)	3,000		3,099
	Ford Credit Floorplan Master Owner Trust A
		Series 2018-A-4, 4.06%, 11/15/28	260		288
	Gilbert Park CLO Ltd
		Series 2017-1A-E, 8.70%, (3M USD LIBOR + 6.40%), 10/15/30 (f) (k)	500		483
	GPMT Ltd
		Series 2018-D-FL1, REMIC, 4.99%, (1M USD LIBOR + 2.95%), 04/19/21 (f) (k)	246		248
	GreenPoint Mortgage Funding Trust
		Series 2005-2A1-AR5, REMIC, 2.58%, (1M USD LIBOR + 0.28%), 11/25/45 (k)	510		334
	GS Mortgage Securities Corp Trust
		Series 2014-D-GC26, REMIC, 4.67%, 11/10/47 (f) (k)	571		506
		Series 2018-C-SRP5, REMIC, 5.78%, (1M USD LIBOR + 3.75%), 06/15/21 (f) (k)	718		716
		Series 2018-D-GS9, REMIC, 3.00%, 03/10/28 (b) (j)	1,000		889
	GSAA Home Equity Trust
		Series 2007-A2A-9, REMIC, 6.50%, 10/25/37	2,236		1,669
	Hawaii Hotel Trust
		Series 2019-F-MAUI, REMIC, 4.78%, (1M USD LIBOR + 2.75%), 05/17/21 (f) (k)	493		495
	Hertz Vehicle Financing II LP
		Series 2017-C-1A, 5.27%, 10/25/20 (f)	250		254

11

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Highbridge Loan Management Ltd
		Series 2013-DR-2A, 8.88%, (3M USD LIBOR + 6.60%), 10/20/29 (f) (k)	500		485
	Horizon Aircraft Finance I Ltd
		Series 2018-C-1, 6.66%, 12/15/25 (f)	895		906
	Hospitality Mortgage Trust
		Series 2019-G-HIT, 5.93%, (1M USD LIBOR + 3.90%), 11/15/21 (b) (j) (k)	488		490
	IndyMac ABS, Inc.
		Series 2005-M2-C, REMIC, 2.52%, (1M USD LIBOR + 0.50%), 10/25/35 (k) (u)	320		313
	J.P. Morgan Chase Commercial Mortgage Securities Corp.
		Series 2019-F-MFP, 5.13%, (1M USD LIBOR + 3.00%), 07/15/21 (f) (k)	582		584
		Series 2019-C-UES, 4.34%, 05/07/24 (f)	83		88
		Series 2019-D-UES, 4.60%, 05/07/24 (f) (k)	85		89
		Series 2019-E-UES, 4.60%, 05/07/24 (f) (k)	99		103
		Series 2019-F-UES, 4.60%, 05/07/24 (f) (k)	104		104
		Series 2019-G-UES, 4.60%, 05/07/24 (f) (k)	114		110
		Series 2011-E-C3, REMIC, 5.85%, 03/17/21 (f) (k)	334		317
	J.P. Morgan Chase Commercial Mortgage Securities Trust
		Series 2011-D-C5, REMIC, 5.55%, 09/17/21 (f) (k)	1,650		1,677
	J.P. Morgan Mortgage Trust
		Series 2007-3A4-A1, REMIC, 4.51%, 07/25/35 (k)	1,753		1,757
	JPMBB Commercial Mortgage Securities Trust
		Series 2014-E-C23, REMIC, 3.36%, 10/18/24 (b) (j)	650		550
	Keycorp Student Loan Trust
		Series 2005-2C-A, 3.40%, 12/27/38	355		343
	LCM XVII LP
		Series ER-17A, 8.30%, (3M USD LIBOR + 6.00%), 10/15/31 (f) (k)	500		435
	LCM XX LP
		Series ER-20A, 7.73%, (3M USD LIBOR + 5.45%), 10/20/27 (f) (k)	500		471
	Legacy Mortgage Asset Trust
		Series 2018-A1-GS3, REMIC, 4.00%, 07/25/20 (f) (u)	2,764		2,788
		Series 2018-A-SL1, REMIC, 4.00%, 08/25/20 (f) (k)	1,913		1,929
		Series 2018-M-SL1, REMIC, 4.50%, 08/25/20 (f) (k)	845		847
	Lehman ABS Corporation
		Series 2003-M3-HE1, REMIC, 7.28%, (1M USD LIBOR + 5.25%), 01/15/33 (k)	2,404		2,375
	Lehman Mortgage Trust
		Series 2006-1A6-5, REMIC, 2.52%, (1M USD LIBOR + 0.50%), 09/25/36 (k)	1,221		755
	LHOME Mortgage Trust
		Series 2019-M-RTL2, 6.05%, 03/25/22 (f) (u)	3,000		2,999
	Loancore Issuer Ltd.
		Series 2019-D-CRE3, 4.53%, (1M USD LIBOR + 2.50%), 04/15/24 (f) (k)	493		495
	Loandepot GMSR Trust
		Series 2018-A-GT1, 4.83%, (1M USD LIBOR + 2.80%), 10/16/23 (f) (k)	2,000		2,003
	Mello Warehouse Securitization Trust
		Series 2019-G-1, REMIC, 7.52%, (1M USD LIBOR + 5.50%), 05/14/21 (f) (k)	1,500		1,503
	MFA Trust
		Series 2017-A1-NPL1, 3.35%, 11/25/20 (f) (u)	1,411		1,411
	Mill City Solar Loan Ltd
		Series 2019-A-1A, 4.34%, 11/20/28 (f)	272		285
	Morgan Stanley
		Series 2006-A1-13AX, REMIC, 2.20%, (1M USD LIBOR + 0.18%), 10/25/36 (k)	5,616		2,767
	Myers Park CLO Ltd
		Series 2018-E-1A, 7.78%, (3M USD LIBOR + 5.25%), 10/21/30 (f) (k)	1,000		915
	Natixis Commercial Mortgage Securities Trust
		Series 2019-D-FAME, 4.54%, 08/15/24 (f)	520		508
		Series 2019-E-FAME, 4.54%, 08/15/24 (f)	370		334
	Neuberger Berman CLO XXIII Ltd
		Series 2016-ER-23A, 8.05%, (3M USD LIBOR + 6.00%), 10/18/27 (f) (k)	500		472
	Nomura Asset Acceptance Corporation, Alternative Loan Trust
		Series 2006-A5-WF1, REMIC, 6.26%, 06/25/36 (u)	3,784		1,826
	NovaStar Mortgage Funding Trust
		Series 2006-A2C-3, REMIC, 2.18%, (1M USD LIBOR + 0.16%), 10/25/36 (k)	4,415		2,498
	Octagon Investment Partners 16 Ltd
		Series 2013-SUB-1A, REMIC, 0.00%, 07/17/30 (b) (j) (k)	1,500		432
	Pioneer Aircraft Finance Ltd
		Series 2019-C-1, 6.90%, 06/15/26 (f)	976		995
	Positive Results Property Management LLC
		Series 2018-A1-2A, 4.00%, 08/25/21 (f) (u)	1,942		1,947
	RBSSP Resecuritization Trust
		Series 2010-6A2-4, REMIC, 5.83%, 02/26/36 (f) (u)	416		419
	Residential Asset Mortgage Products, Inc.
		Series 2006-M1-RZ3, REMIC, 2.37%, (1M USD LIBOR + 0.35%), 08/25/36 (k)	350		343
	RFMSI Trust
		Series 2006-1A2-S10, REMIC, 6.00%, 10/25/36	1,654		1,551
	SLIDE
		Series 2018-F-FUN, 5.03%, (1M USD LIBOR + 3.00%), 06/15/21 (f) (k)	1,216		1,227
	SoFi Professional Loan Program LLC
		Series 2016-R-F, 0.00%, 02/27/40 (f) (g) (k)	100		1,332
		Series 2019-R1-B, 0.00%, 08/17/48 (f) (g) (k)	43		1,573
	Structured Adjustable Rate Mortgage Loan Trust
		Series 2004-2A2-19, REMIC, 4.34%, 01/25/35 (k)	1,951		1,943
	THL Credit Wind River CLO Ltd
		Series 2018-E-2A, 8.05%, (3M USD LIBOR + 5.75%), 07/15/30 (b) (j) (k)	500		456
		Series 2014-ER2-3A, 8.50%, (3M USD LIBOR + 6.22%), 10/22/31 (f) (k)	500		445
	Velocity Commercial Capital Loan Trust
		Series 2018-M4-2, 5.32%, 03/25/26 (f)	597		611
		Series 2018-M5-2, 6.36%, 06/25/26 (f)	231		239
		Series 2018-M6-2, 7.05%, 08/25/27 (f)	982		1,002
		Series 2019-M4-1, REMIC, 4.61%, 03/25/27 (f)	790		807
		Series 2019-M5-1, REMIC, 5.70%, 08/25/27 (f)	331		338
		Series 2019-M6-1, REMIC, 6.79%, 08/25/28 (f)	951		951
	VOLT LXIX LLC
		Series 2018-A1B-NPL5, 4.70%, 08/25/21 (f) (u)	4,000		4,023
	VOLT LXV LLC
		Series 2018-A1-NPL1, 3.75%, 04/26/21 (f) (u)	487		488
	Voya CLO Ltd
		Series 2019-E-2A, 8.85%, (3M USD LIBOR + 6.60%), 07/20/24 (f) (k)	500		487
	Wachovia Bank Commercial Mortgage Trust
		Series 2007-AJ-C33, REMIC, 5.84%, 02/15/51 (k)	342		289
	Wells Fargo Commercial Mortgage Trust
		Series 2016-D-C33, 3.12%, 03/17/26 (f)	470		434
	Willis Engine Structured Trust IV
		Series 2018-A-A, 4.75%, 09/15/26 (f) (u)	954		993
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $108,323)			108,016
SENIOR LOAN INTERESTS 3.1%
Consumer Discretionary 0.7%
	Alterra Mountain Company
		Term Loan B1, 5.04%, (3M LIBOR + 3.00%), 06/28/24 (k)	224		224
	Altice France S.A.
		USD Term Loan B12, 5.72%, (3M LIBOR + 3.69%), 01/31/26 (k)	88		88
	American Tire Distributors Holdings, Inc.
		Term Loan, 9.62%, (1M LIBOR + 7.50%), 10/01/21 (k)	449		393

12

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Aramark Services, Inc.
		Term Loan, 3.79%, (3M LIBOR + 1.75%), 03/01/25 (k)	28		28
	Caesars Resort Collection, LLC
		2017 1st Lien Term Loan B, 4.79%, (3M LIBOR + 2.75%), 12/23/24 (k)	980		973
	Cengage Learning, Inc.
		2016 Term Loan B, 6.29%, (3M LIBOR + 4.25%), 06/07/23 (k)	1,594		1,505
	Charter Communications Operating, LLC
		2017 Term Loan B, 4.05%, (3M LIBOR + 2.00%), 04/30/25 (k)	1,000		1,006
	CityCenter Holdings, LLC
		2017 Term Loan B, 4.36%, (1M LIBOR + 2.25%), 04/14/24 (k)	90		90
	Equinox Holdings, Inc.
		2017 1st Lien Term Loan, 5.04%, (1M LIBOR + 3.00%), 03/08/24 (k)	179		179
	Garda World Security Corp.
		2017 Term Loan B, 5.63%, (3M LIBOR + 3.50%), 05/12/24 (k)	40		40
	Garda World Security Corporation
		Term Loan, 7.75%, (3M LIBOR + 2.50%), 05/12/24 (k)	—		—
	Golden Nugget, Inc.
		2017 Incremental Term Loan B, 4.81%, (3M LIBOR + 2.75%), 09/07/23 (k)	11		11
		2017 Incremental Term Loan B, 4.86%, (3M LIBOR + 2.75%), 10/04/23 (k)	14		14
	Gray Television, Inc.
		Term Loan, 4.58%, (3M LIBOR + 2.50%), 02/28/24 (b) (k)	178		178
	Hayward Industries, Inc.
		1st Lien Term Loan, 5.54%, (3M LIBOR + 3.50%), 08/04/24 (k)	195		188
	Hilton Worldwide Finance, LLC
		2019 Term Loan B2, 3.77%, (3M LIBOR + 1.75%), 10/25/23 (k)	71		71
	IRB Holding Corp.
		1st Lien Term Loan, 5.55%, (3M LIBOR + 3.25%), 01/18/25 (k)	179		178
	Life Time Fitness Inc
		2017 Term Loan B, 4.87%, (3M LIBOR + 2.75%), 06/22/22 (k)	1,054		1,053
	McGraw-Hill Global Education Holdings, LLC
		2016 Term Loan B, 6.11%, (3M LIBOR + 4.00%), 05/04/22 (k)	1,340		1,257
	Michaels Stores, Inc.
		2018 Term Loan B, 4.55%, (3M LIBOR + 2.50%), 01/01/23 (k)	9		9
		2018 Term Loan B, 4.61%, (3M LIBOR + 2.50%), 01/01/23 (k)	25		24
	Scientific Games International, Inc.
		2018 Term Loan B5, 4.79%, (3M LIBOR + 2.75%), 08/14/24 (k)	61		61
		2018 Term Loan B5, 4.90%, (3M LIBOR + 2.75%), 08/14/24 (k)	252		250
	Univision Communications Inc.
		Term Loan C5, 4.79%, (3M LIBOR + 2.75%), 03/15/24 (k)	173		168
				7,988
Communication Services 0.5%
	AP NMT Acquisition BV
		USD 1st Lien Term Loan, 8.07%, (3M LIBOR + 5.75%), 08/13/21 (k)	875		863
	CenturyLink, Inc.
		2017 Term Loan B, 4.79%, (3M LIBOR + 2.75%), 01/15/25 (k)	949		942
	CSC Holdings, LLC
		2018 Incremental Term Loan, 4.28%, (3M LIBOR + 2.25%), 01/31/26 (k)	881		879
	Gray Television, Inc.
		2018 Term Loan C, 0.00%, (3M LIBOR + 2.50%), 10/30/25 (b) (k) (v)	—		—
		2018 Term Loan C, 4.83%, (3M LIBOR + 2.50%), 10/30/25 (b) (k)	116		116
	Greeneden U.S. Holdings II, LLC
		2018 USD Term Loan B, 5.29%, (3M LIBOR + 3.25%), 12/01/23 (k)	194		193
	GTT Communications, Inc.
		2018 USD Term Loan B, 4.79%, (3M LIBOR + 2.75%), 04/27/25 (k)	99		79
	Intelsat Jackson Holdings S.A.
		2017 Term Loan B3, 5.80%, (3M LIBOR + 3.75%), 11/27/23 (k)	184		184
	Nexstar Broadcasting, Inc.
		2019 Term Loan B4, 4.81%, (3M LIBOR + 2.75%), 07/15/26 (k)	60		60
	Securus Technologies Holdings, Inc.
		2017 1st Lien Term Loan, 6.54%, (3M LIBOR + 4.50%), 06/20/24 (k)	170		148
	Sprint Communications, Inc.
		1st Lien Term Loan B, 4.56%, (3M LIBOR + 2.50%), 02/01/24 (k)	199		197
	Triton Bidco
		Term Loan, 0.00%, (3M LIBOR + 4.50%), 09/23/26 (k) (v)	1,560		1,535
	Virgin Media Bristol LLC
		USD Term Loan K, 4.53%, (3M LIBOR + 2.50%), 02/10/26 (k)	45		45
	Zayo Group, LLC
		2017 Term Loan B1, 4.11%, (3M LIBOR + 2.00%), 01/19/21 (k)	1,102		1,103
				6,344
Information Technology 0.5%
	Almonde, Inc.
		1st Lien Term Loan, 5.70%, (3M LIBOR + 3.50%), 04/26/24 (k)	120		117
		USD 1st Lien Term Loan, 5.70%, (3M LIBOR + 3.50%), 04/26/24 (k)	19		18
	Avaya, Inc.
		2018 Term Loan B, 6.28%, (3M LIBOR + 4.25%), 12/14/24 (k)	514		487
		2018 Term Loan B, 6.43%, (3M LIBOR + 4.25%), 12/14/24 (k)	306		290
	Blackhawk Network Holdings, Inc
		2018 1st Lien Term Loan, 5.04%, (3M LIBOR + 3.00%), 05/31/25 (k)	60		59
	Colorado Buyer Inc
		Term Loan B, 5.04%, (1M LIBOR + 3.00%), 03/15/24 (k)	162		145
	Dell International LLC
		Term Loan, 0.00%, (3M LIBOR + 2.00%), 09/07/23 (b) (k) (v)	157		158
		2019 Term Loan B, 4.05%, (3M LIBOR + 2.00%), 09/07/23 (k)	924		928
		2019 Term Loan B, 0.00%, (3M LIBOR + 2.00%), 09/11/25 (k) (v)	18		18
	Financial & Risk US Holdings, Inc.
		2018 USD Term Loan, 5.79%, (3M LIBOR + 3.75%), 09/12/25 (k)	2,653		2,667
	Hyland Software, Inc.
		2018 1st Lien Term Loan, 5.29%, (3M LIBOR + 3.25%), 07/01/24 (k)	179		178
	Informatica LLC
		2018 USD Term Loan, 5.29%, (3M LIBOR + 3.25%), 08/06/22 (k)	177		177
	Sophia, L.P.
		2017 Term Loan B, 5.35%, (1M LIBOR + 3.25%), 09/30/22 (k)	152		152
	Vertafore, Inc.
		2018 1st Lien Term Loan, 5.29%, (3M LIBOR + 3.25%), 06/04/25 (k)	169		164
	Web.com Group, Inc.
		2018 Term Loan B, 5.78%, (3M LIBOR + 3.75%), 09/17/25 (k)	77		76
	Western Digital Corporation
		2018 Term Loan B4, 0.00%, (3M LIBOR + 1.75%), 04/29/23 (b) (k) (v)	164		163
		2018 Term Loan B4, 3.86%, (3M LIBOR + 1.75%), 04/29/23 (k)	108		108
				5,905

13

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
Financials 0.4%
	Acrisure, LLC
		2017 Term Loan B, 6.35%, (3M LIBOR + 4.25%), 11/22/23 (k)	178		177
	Allied Universal Holdco LLC
		2019 Term Loan B, 6.51%, (3M LIBOR + 4.25%), 06/18/26 (k)	68		68
	AssuredPartners, Inc.
		2017 1st Lien Add-On Term Loan, 5.54%, (3M LIBOR + 3.50%), 10/22/24 (k)	193		192
	Asurion LLC
		2018 Term Loan B7, 5.04%, (3M LIBOR + 3.00%), 11/15/24 (k)	50		50
	Canyon Valor Companies, Inc.
		USD 2017 Term Loan B1, 4.85%, (3M LIBOR + 2.75%), 06/30/23 (k)	193		193
	Capri Finance LLC
		USD 2017 1st Lien Term Loan, 5.26%, (3M LIBOR + 3.00%), 10/04/24 (k)	180		178
	Edelman Financial Center, LLC
		2018 1st Lien Term Loan, 5.31%, (3M LIBOR + 3.25%), 06/26/25 (k)	40		40
	Gulf Finance, LLC
		Term Loan B, 7.36%, (3M LIBOR + 5.25%), 08/25/23 (k)	404		305
	ION Trading Technologies S.a.r.l.
		USD Incremental Term Loan B, 6.06%, (1M LIBOR + 4.00%), 11/21/24 (k)	28		27
	Jane Street Group, LLC
		2018 Term Loan B, 5.05%, (3M LIBOR + 3.00%), 08/25/22 (k)	30		30
	Level 3 Financing Inc.
		2017 Term Loan B, 4.29%, (3M LIBOR + 2.25%), 02/16/24 (k)	1,046		1,047
	McDermott Technology Americas Inc
		2018 1st Lien Term Loan, 0.00%, (3M LIBOR + 5.00%), 04/03/25 (k) (v)	468		294
		2018 1st Lien Term Loan, 7.10%, (3M LIBOR + 5.00%), 04/04/25 (k)	165		103
	RPI Finance Trust
		Term Loan B6, 4.04%, (3M LIBOR + 2.00%), 03/13/23 (k)	29		30
	TKC Holdings, Inc.
		2017 1st Lien Term Loan, 5.80%, (3M LIBOR + 3.75%), 02/08/23 (k)	275		269
	VFH Parent LLC
		2019 Term Loan B, 0.00%, (3M LIBOR + 3.50%), 01/22/26 (k) (v)	10		10
	Zephyrus Capital Aviation Partners 2018-1 LLC
		Term Loan, 4.61%, 10/15/38	1,350		1,374
				4,387
Health Care 0.4%
	Air Methods Corporation
		2017 Term Loan B, 5.60%, (3M LIBOR + 3.50%), 04/12/24 (k)	364		294
	Athenahealth, Inc.
		2019 Term Loan B, 6.68%, (3M LIBOR + 4.50%), 01/25/26 (k)	80		79
	Change Healthcare Holdings LLC
		2017 Term Loan B, 4.54%, (3M LIBOR + 2.50%), 02/02/24 - 02/03/24 (k)	82		81
	CHG Healthcare Services, Inc
		2017 1st Lien Term Loan B, 5.04%, (3M LIBOR + 3.00%), 06/07/23 (k)	153		153
	Envision Healthcare Corporation
		2018 1st Lien Term Loan, 5.79%, (3M LIBOR + 3.75%), 09/27/25 (k)	27		22
	Gentiva Health Services, Inc.
		2018 1st Lien Term Loan, 5.81%, (3M LIBOR + 3.75%), 06/20/25 (k)	194		195
	HC Group Holdings II, Inc.
		Term Loan B, 6.54%, (3M LIBOR + 4.50%), 05/22/26 (k)	75		75
	Jaguar Holding Company II
		Term Loan, 4.54%, (3M LIBOR + 2.50%), 08/18/22 (k)	147		147
	MPH Acquisition Holdings LLC
		2016 Term Loan B, 4.85%, (3M LIBOR + 2.75%), 06/07/23 (k)	315		300
	Phoenix Guarantor Inc
		Term Loan B, 6.57%, (3M LIBOR + 4.50%), 02/12/26 (k)	30		30
	Radiology Partners Holdings, LLC
		2018 1st Lien Term Loan B, 7.06%, (3M LIBOR + 4.75%), 06/28/25 (k)	42		41
		2018 1st Lien Term Loan B, 7.39%, (3M LIBOR + 4.75%), 06/28/25 (k)	28		27
	RegionalCare Hospital Partners Holdings, Inc.
		2018 Term Loan B, 6.55%, (3M LIBOR + 4.50%), 11/09/25 (k)	1,067		1,068
	SAM Bidco SAS
		USD Repriced Term Loan B, 5.29%, (1M LIBOR + 3.25%), 09/22/24 (k)	430		426
		Term Loan, 8.50%, (3M EURIBOR + 7.75%), 09/22/25, EUR (k)	480		522
	Unilabs Holding AB
		EUR 2017 Term Loan B2, 2.75%, (3M EURIBOR + 3.00%), 03/21/24, EUR (k)	510		556
	Valeant Pharmaceuticals International, Inc.
		2018 Term Loan B, 5.04%, (3M LIBOR + 3.00%), 05/19/25 (k)	28		28
	Verscend Holding Corp.
		2018 Term Loan B, 6.54%, (3M LIBOR + 4.50%), 08/08/25 (k)	45		45
	Zelis Healthcare Corp
		Term Loan, 0.00%, (3M LIBOR + 4.75%), 09/26/26 (k) (v)	55		55
				4,144
Energy 0.3%
	California Resources Corporation
		2017 1st Lien Term Loan, 6.79%, (3M LIBOR + 4.75%), 11/08/22 (k)	858		760
	Fieldwood Energy LLC
		Exit 2nd Lien TL, 9.51%, (1M LIBOR + 7.25%), 04/11/23 (k)	2,270		1,680
	Howden Joinery Group PLC
		Term Loan, 0.00%, (3M LIBOR + 5.25%), 09/23/26 (d) (k) (v)	1,205		1,172
	Lower Cadence Holdings LLC
		Term Loan B, 6.05%, (3M LIBOR + 4.00%), 05/10/26 (k)	120		117
				3,729
Materials 0.1%
	Advanced Drainage Systems, Inc.
		Term Loan, 0.00%, (3M LIBOR + 2.25%), 09/17/26 (k) (v)	800		803
	Berry Global, Inc.
		Term Loan Q, 4.30%, (3M LIBOR + 2.25%), 10/01/22 (k)	87		87
		Term Loan R, 4.30%, (3M LIBOR + 2.25%), 01/19/24 (k)	44		44
	Forterra Finance, LLC
		2017 Term Loan B, 5.04%, (1M LIBOR + 3.00%), 10/25/23 (k)	354		334
	Reynolds Group Holdings Inc.
		Term Loan, 4.79%, (3M LIBOR + 2.75%), 02/05/23 (k)	116		116
	Vertellus Holdings, LLC
		2nd Lien Term Loan, 14.11%, (3M LIBOR + 12.00%), 10/31/21 (b) (d) (k)	235		235
				1,619
Consumer Staples 0.1%
	Albertsons, LLC
		2019 Term Loan B8, 4.86%, (3M LIBOR + 2.75%), 08/07/26 (k)	46		47
	BJ's Wholesale Club, Inc.
		2017 1st Lien Term Loan, 4.79%, (3M LIBOR + 2.75%), 01/26/24 (k)	194		194
	Post Holdings Inc.
		2017 Series A Incremental Term Loan, 4.04%, (3M LIBOR + 2.00%), 05/24/24 (k)	900		901
				1,142

14

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
Industrials 0.1%
	Avolon TLB Borrower 1 (US) LLC
		Term Loan B3, 3.79%, (3M LIBOR + 1.75%), 01/15/25 (k)	82		82
	Filtration Group Corporation
		2018 1st Lien Term Loan, 5.04%, (3M LIBOR + 3.00%), 03/27/25 (k)	146		147
	Minotaur Acquisition, Inc.
		Term Loan B, 7.04%, (3M LIBOR + 5.00%), 02/27/26 (k)	294		285
	Panther BF Aggregator 2 LP
		USD Term Loan B, 5.54%, (3M LIBOR + 3.50%), 03/13/26 (k)	93		92
	Prime Security Services Borrower, LLC
		Term Loan, 4.86%, (3M LIBOR + 2.75%), 05/02/22 (k)	146		146
	Tempo Acquisition LLC
		Term Loan, 5.04%, (3M LIBOR + 3.00%), 04/20/24 (k)	153		153
				905
Real Estate 0.0%
	MGM Growth Properties Operating Partnership LP
		2016 Term Loan B, 4.04%, (3M LIBOR + 2.00%), 04/20/23 (k)	108		108
	Total Senior Loan Interests (cost $37,237)			36,271
PREFERRED STOCKS 0.7%
Information Technology 0.5%
	Samsung Electronics Co. Ltd.		180		5,936
Real Estate 0.1%
	Colony Capital, Inc., 8.75%, (callable at 25 beginning 11/12/19) (l)		51		1,280
	Pebblebrook Hotel Trust - Series E, 6.38%, (callable at 25 beginning 11/14/19) (l)		8		200
				1,480
Consumer Discretionary 0.1%
	Porsche Automobil Holding SE (m)		14		925
Consumer Staples 0.0%
	Companhia Brasileira de Distribuicao		20		381
Financials 0.0%
	Ditech Holding Corporation, 0.00%, 02/09/23 (a) (b) (l) (m) (q)		—		—
	Total Preferred Stocks (cost $8,735)			8,722
INVESTMENT COMPANIES 0.7%
	Altaba Inc (e)		418		8,133
	Total Investment Companies (cost $22,497)			8,133
WARRANTS 0.0%
	Act II Global Acquisition Corp. (a)		38		35
	Akazoo Internet and Digital Appliances Enterprises (a)		83		64
	CF Finance Acquisition Corp. (a)		110		66
	Chaserg Technology Acquisition Corp. (a)		12		8
	Collier Creek Holdings (a)		15		17
	Ditech Holding Corporation (a) (b)		2		—
	Ditech Holding Corporation (a) (b)		3		—
	Fintech Acquisition Corp. III (a)		35		43
	Graf Industrial Corp. (a)		211		82
	Hennessy Capital Acquisition Corp. IV (a)		112		86
	Kaixin Auto Holdings (a)		65		—
	Monocle Acquisition Corporation (a)		15		6
	Pivotal Acquisition Corporation (a)		47		60
	Pure Acquisition Corp. (a)		27		27
	Repay Holdings Corporation (a)		20		17
	Tiberius Acquisition Corporation (a)		135		79
	Torm PLC (a) (g)		4		—
	Urbi Desarrollos Urbanos SAB de CV (a) (g)		14		—
	Total Warrants (cost $556)			590
OTHER EQUITY INTERESTS 0.0%
	Terravia Holdings Inc. (a) (b) (d) (w)		1,514		30
	T-Mobile USA Inc. Escrow (a) (b) (d) (w)		2,586		—
	Total Other Equity Interests (cost $0)			30
RIGHTS 0.0%
	Dyax Corp. (a) (b) (d)		127		2
	Total Rights (cost $0)			2
SHORT TERM INVESTMENTS 23.2%
Investment Companies 23.1%
	JNL Government Money Market Fund - Institutional Class, 1.86% (x) (y)		270,485		270,485
Treasury Securities 0.1%
	Presidencia De La Nacion
		57.81%, 10/29/20, ARS (z)	21,645		162
	The Arab Republic of Egypt
		16.28%, 12/03/19, EGP (z)	5,150		308
		15.56%, 03/10/20, EGP (z)	5,150		295
		14.86%, 05/26/20, EGP (z)	2,075		115
				880
Securities Lending Collateral 0.0%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (x) (y)		149		149
	Total Short Term Investments (cost $271,858)			271,514
Total Investments 107.1% (cost $1,240,814)					1,254,093
Total Securities Sold Short(13.1)% (proceeds $145,780)					(153,395)
Total Purchased Options 0.1% (cost $809)					742
Other Derivative Instruments 0.2%					1,902
Other Assets and Liabilities, Net 5.7%					67,270
Total Net Assets 100.0%					1,170,612

(a)Non-income producing security.

(b)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

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

(d)Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Schedules of Investments.

(e)All or a portion of the security was on loan as of September 30, 2019.

(f)The Adviser has deemed this security, which is exempt from registration under the Securities Act of 1933, as amended, to be liquid based on procedures approved by the Board of Trustees. As of September 30, 2019, the value and the percentage of net assets of these liquid securities was $182,890 and 15.6% of the Fund.

(g)Security fair valued in good faith as a Level 2 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Schedules of Investments.

(h)Shares subject to merger appraisal rights.

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

(j)Security is restricted to resale to institutional investors. See Restricted Securities in the Schedules of Investments.

(k)Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of September 30, 2019. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations (“CMO”) and mortgage-backed securities (“MBS”) are determined by tranches of underlying mortgage-backed security pools’ cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security’s offering documents.

(l)Perpetual security. Next contractual call date presented, if applicable.

(m)Convertible security.

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

(o)The interest rate for this security is inversely affected by upgrades or downgrades

15

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

to the credit rating of the issuer.

(p)As of September 30, 2019, issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date.

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

(r)All or a portion of the security was purchased on a delayed delivery basis. As of September 30, 2019, the total payable for investments purchased on a delayed delivery basis was $102.

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

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

(u)Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of September 30, 2019.

(v)This senior loan will settle after September 30, 2019. If a reference rate and spread is presented, it will go into effect upon settlement.

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

(x)Investment in affiliate.

(y)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

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

		Shares/Par1		Value ($)
SECURITIES SOLD SHORT (13.1%)
COMMON STOCKS (12.0%)
Consumer Discretionary (4.2%)
	Alibaba Group Holding Limited - ADS	(1)		(169)
	AutoZone, Inc.	(2)		(2,056)
	Best Buy Co., Inc.	(114)		(7,857)
	Burlington Stores Inc.	(64)		(12,712)
	Eldorado Resorts, Inc.	(37)		(1,491)
	ETSY, Inc.	(3)		(176)
	Home Depot Inc.	(26)		(5,950)
	Marriott Vacations Worldwide Corporation	(4)		(458)
	Oriental Land Co. Ltd.	(28)		(4,245)
	RH	(36)		(6,114)
	Six Flags Operations Inc.	(101)		(5,109)
	Vail Resorts, Inc.	(12)		(2,686)
			(49,023)
Information Technology (3.1%)
	Akamai Technologies, Inc.	(1)		(133)
	Altair Engineering Inc. - Class A	(8)		(263)
	Apple Inc.	(25)		(5,659)
	Benefitfocus.Com, Inc.	(6)		(141)
	Coupa Software Incorporated	(4)		(567)
	CSG Systems International, Inc.	(10)		(501)
	Enphase Energy, Inc.	(24)		(539)
	II-VI Inc.	(15)		(538)
	Infinera Corporation	(11)		(62)
	INPHI Corporation	(12)		(713)
	KBR, Inc.	(37)		(911)
	Knowles Corporation	(62)		(1,264)
	Microchip Technology Incorporated	(16)		(1,532)
	Micron Technology Inc.	(131)		(5,596)
	NetApp, Inc.	(96)		(5,057)
	Nuance Communications, Inc.	(22)		(356)
	Nutanix, Inc. - Class A	(12)		(315)
	Okta, Inc. - Class A	(1)		(112)
	OSI Systems Inc.	(6)		(633)
	Palo Alto Networks, Inc.	(1)		(113)
	PAR Technology Corp.	(13)		(315)
	Perficient, Inc.	(27)		(1,037)
	Pluralsight, Inc. - Class A	(7)		(115)
	PROS Holdings, Inc.	(7)		(436)
	Rapid7, Inc.	(23)		(1,048)
	SailPoint Technologies Holdings, Inc.	(10)		(187)
	Seagate Technology Public Limited Company	(115)		(6,211)
	Silicon Laboratories Inc.	(6)		(673)
	TTM Technologies, Inc.	(59)		(714)
	Verint Systems Inc.	—		(10)
	Vishay Intertechnology Inc.	(18)		(300)
			(36,051)
Health Care (1.6%)
	AbbVie Inc.	(41)		(3,074)
	Alder BioPharmaceuticals, Inc.	(32)		(608)
	Allscripts Healthcare Solutions, Inc.	(20)		(217)
	Aphria Inc.	(56)		(290)
	Aurora Cannabis Inc.	(118)		(519)
	Bristol-Myers Squibb Co.	(82)		(4,145)
	Canopy Growth Corporation	(14)		(310)
	Centene Corporation	(43)		(1,847)
	Conmed Corp.	(3)		(335)
	DexCom Inc.	(2)		(264)
	Evolent Health, Inc. - Class A	(17)		(119)
	Herbalife Nutrition Ltd.	(11)		(433)
	Heska Corporation	(3)		(235)
	Innoviva, Inc.	(16)		(173)
	Insmed Inc.	(8)		(147)
	Intercept Pharmaceuticals, Inc.	(10)		(643)
	Ionis Pharmaceuticals Inc.	(10)		(593)
	Ironwood Pharmaceuticals, Inc. - Class A	(70)		(599)
	Karyopharm Therapeutics Inc.	(50)		(483)
	Lannett Co. Inc.	(4)		(49)
	Ligand Pharmaceuticals Incorporated	(2)		(214)
	Neurocrine Biosciences, Inc.	(12)		(1,072)
	Pacira Biosciences, Inc.	(9)		(356)
	PDL BioPharma, Inc.	(151)		(325)
	Tabula Rasa HealthCare Inc.	(11)		(588)
	Wright Medical Group N.V.	(43)		(879)
			(18,517)
Financials (1.3%)
	BB&T Corporation	(142)		(7,556)
	Brookfield Asset Management Inc. - Class A	(85)		(4,531)
	Cowen Inc. - Class A	(30)		(465)
	Element Fleet Management Corp.	(49)		(395)
	Encore Capital Group Inc.	(38)		(1,259)
	EzCorp Inc. - Class A	(43)		(277)
	Hope Bancorp, Inc.	(13)		(185)
	The PRA Group, Inc.	(19)		(651)
			(15,319)
Industrials (0.9%)
	Air Transport Services Group, Inc.	(24)		(505)
	American Airlines Group Inc.	(91)		(2,457)
	Atlas Air Worldwide Holdings, Inc.	(9)		(230)
	Delta Air Lines Inc.	(85)		(4,908)
	Hillenbrand Inc.	(27)		(836)
	Kaman Corp.	(4)		(219)
	Patrick Industries Inc.	(6)		(243)
	Team Inc.	(45)		(820)
	WW Grainger Inc.	(1)		(194)
			(10,412)
Communication Services (0.4%)
	CBS Corporation - Class B	(10)		(400)
	Discovery, Inc. - Class A	(11)		(296)
	Liberty Latin America Ltd. - Class C	(27)		(464)
	Live Nation Inc.	(19)		(1,229)
	Tencent Holdings Limited	(8)		(354)
	T-Mobile US Inc.	(7)		(524)
	Twitter, Inc.	(4)		(185)
	Zillow Group, Inc. - Class C	(23)		(684)
	Zynga Inc. - Class A	(50)		(290)
			(4,426)
Real Estate (0.3%)
	Brookfield Property Partners L.P.	(25)		(504)
	Innovative Industrial Properties, Inc.	(18)		(1,626)
	Invitation Homes Inc.	(26)		(781)
	Pennsylvania REIT	(5)		(31)
	Redfin Corporation	(21)		(349)
	Redwood Trust Inc.	(27)		(448)
			(3,739)
Energy (0.1%)
	Green Plains Renewable Energy Inc.	(24)		(250)
	Ship Finance International Limited	(48)		(668)

16

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
		Teekay Shipping (Canada) Ltd.	(7)		(28)
				(946)
Materials (0.1%)
		First Majestic Silver Corp.	(100)		(906)
Consumer Staples (0.0%)
		Turning Point Brands, Inc.	(15)		(357)
Utilities (0.0%)
		NRG Energy Inc.	(9)		(339)
	Total Common Stocks (proceeds $132,391)			(140,035)
INVESTMENT COMPANIES (1.0%)
		ETF Managers Trust	(6)		(132)
		Financial Select Sector SPDR Fund	(70)		(1,969)
		iShares 7-10 Year Treasury Bond Fund ETF	(9)		(1,040)
		iShares Russell 1000 Growth ETF	(12)		(1,861)
		SPDR S&P 500 ETF	(7)		(2,090)
		SPDR S&P Regional Banking ETF	(79)		(4,157)
		Utilities Select Sector SPDR Fund	(10)		(634)
	Total Investment Companies (proceeds $11,975)			(11,883)
CORPORATE BONDS AND NOTES (0.1%)
Communication Services (0.1%)
	Gray Television, Inc.
		5.13%, 10/15/24 (a)	(178)		(185)
		5.88%, 07/15/26 (a)	(116)		(121)
				(306)
Information Technology (0.0%)
	Western Digital Corporation
		4.75%, 02/15/26	(272)		(281)
Financials (0.0%)
	Diamond Finance International Limited
		7.13%, 06/15/24 (a)	(157)		(166)
	Total Corporate Bonds And Notes (proceeds $736)			(753)
PREFERRED STOCKS (0.0%)
Consumer Discretionary (0.0%)
		Volkswagen AG (b)	(4)		(641)
	Total Preferred Stocks (proceeds $591)			(641)
RIGHTS (0.0%)
		Celgene Corporation (c) (d)	(41)		(83)
	Total Rights (proceeds $87)			(83)
	Total Securities Sold Short (13.1%) (proceeds $145,780)				(153,395)

(a)The Adviser has deemed this security which is exempt from registration under the Securities Act of 1933, as amended, to be liquid based on procedures approved by the Board of Trustees. As of September 30, 2019, the value and the percentage of net assets of these liquid securities was $472 and 0.0%, respectively.

(b)Convertible security.

(c)Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Schedules of Investments.

(d)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

Summary of Investments by Country^	Total Long Term Investments
United States of America	70.5	%
China	4.2
Mexico	1.8
United Kingdom	1.7
Switzerland	1.7
Russian Federation	1.5
Brazil	1.5
South Africa	1.4
Canada	1.3
France	1.3
Netherlands	1.1
Cayman Islands	1.1
Ireland	0.9
South Korea	0.9
Denmark	0.8
Indonesia	0.8
Italy	0.6
Hong Kong	0.6
India	0.6
Singapore	0.5
United Arab Emirates	0.4
Luxembourg	0.4
Macau	0.4
Belgium	0.4
Puerto Rico	0.3
Germany	0.3
Colombia	0.3
Iran	0.3
Chile	0.2
Japan	0.2
Argentina	0.2
Spain	0.2
Taiwan	0.2
Hungary	0.2
Turkey	0.2
Norway	0.2
Australia	0.1
Philippines	0.1
Poland	0.1
Ghana	0.1
Egypt	0.1
Zambia	0.1

17

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

Summary of Investments by Country^	Total Long Term Investments
Ecuador	0.1
Sweden	0.1
Austria	—
Thailand	—
Dominican Republic	—
Bermuda	—
Kuwait	—
Panama	—
	100.0	%
^A country table is presented as a percentage of the Fund’s total long term investments because its strategy includes investment in non-U.S. securities as deemed significant by the Fund’s Adviser.

Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Aeropuertos Dominicanos Siglo XXI, 6.75%, 03/30/29	06/10/19	210	210	—
	AES Gener S.A., 7.13%, 03/26/79	06/05/19	209	210	—
	Altice Finco S.A., 4.75%, 01/15/28	10/05/17	490	441	—
	Amigo Luxembourg S.A., 7.63%, 01/15/24	04/11/19	437	396	—
	Apidos CLO XXIV, Series 2016-DR-24A, 8.08%, 10/21/30	08/23/18	500	466	—
	Banca Monte dei Paschi di Siena SpA, 5.38%, 01/18/28	07/15/19	225	220	—
	Banco Bilbao Vizcaya Argentaria, S.A., 8.88%, callable at 100 beginning 04/14/21	03/22/17	223	241	—
	Banco BTG Pactual S.A., 7.75%, 02/15/29	06/04/19	205	209	—
	Banco do Brasil S.A, 6.25%, callable at 100 beginning 04/15/24	05/31/19	181	198	—
	Banco Macro S.A., 6.75%, 11/04/26	06/03/19	160	138	—
	Banco Mercantil Del Norte, S.A. Institucion De Banca Multiple, Grupo Financiero Banorte, 7.63%, callable at 100 beginning 01/06/28	05/30/19	207	204	—
	Banco Santander, S.A., 6.25%, callable at 100 beginning 09/11/21	03/13/18	665	575	0.1
	BBVA Bancomer, S.A., 5.13%, 01/18/33	06/05/19	186	191	—
	BHP Trust, Series 2019-E-BXHP, 4.60%, 08/15/21	08/16/19	187	188	—
	BNP Paribas, 6.13%, callable at 100 beginning 06/17/22	03/22/17	289	314	—
	BPCE, 2.75%, 11/30/27	03/29/17	547	586	0.1
	BX Commercial Mortgage Trust, Series 2019-G-IMC REMIC, 5.63%, 04/15/21	05/02/19	573	578	0.1
	BX Trust, Series 2019-F-MMP REMIC, 4.82%, 08/15/21	08/15/19	252	253	—
	C&W Senior Financing Designated Activity Company, 6.88%, 09/15/27	05/30/19	200	207	—
	C10 Capital (SPV) Limited, 6.81%, callable at 100 beginning 12/31/19	06/27/19	199	197	—
	Canacol Energy Ltd., 7.25%, 05/03/25	06/05/19	203	212	—
	Chenango Park CLO, Ltd, Series 2018-D-1A, 8.10%, 04/15/30	08/14/18	1,006	914	0.1
	Citigroup Commercial Mortgage Trust, Series 2018-F-TBR, 5.68%, 12/16/19	04/10/19	525	525	0.1
	Clas Limited, Series 2019-E-1A, 0.00%, 04/15/39	06/07/19	1,000	1,002	0.1
	Cometa Energia SA de CV, 6.38%, 04/24/35	06/05/19	197	208	—
	Commonwealth of Australia, 3.00%, 03/21/47	06/08/17	431	537	0.1
	Compania General de Combustibles S.A., 9.50%, 11/07/21	06/10/19	192	151	—
	Cooperatieve Rabobank U.A., 6.63%, callable at 100 beginning 06/29/21	03/06/18	541	475	0.1
	Credit Agricole SA, 6.50%, callable at 100 beginning 06/23/21	05/23/17	289	294	—
	Credit Suisse Group AG, 7.25%, callable at 100 beginning 09/12/25	04/01/19	868	922	0.1
	Credito Real, S.A.B. De C.V. SOFOM E.N.R., 9.13%, callable at 100 beginning 11/29/22	06/07/19	199	205	—
	CSN Islands XII Corp, 7.00%, callable at 100 beginning 12/23/19	05/30/19	178	175	—
	Danske Bank A/S, 5.88%, callable at 100 beginning 04/06/22	03/22/17	516	531	0.1
	Debenhams PLC, 0.00%, 07/15/21	08/22/18	446	280	—
	EA Partners II B.V., 0.00%, 06/01/21	05/17/18	707	475	0.1
	Financiera Independencia SAB de CV SOFOM ENR, 8.00%, 07/19/24	06/13/19	181	184	—
	Geopark Limited, 6.50%, 09/21/24	06/05/19	200	206	—
	Gilex Holding SARL, 8.50%, 05/02/23	06/24/19	212	215	—
	Gobierno de la Republica del Ecuador, 7.95%, 06/20/24	03/04/19	216	224	—
	Grupo Posadas, S.A.B. de C.V., 7.88%, 06/30/22	06/11/19	196	199	—
	GS Mortgage Securities Corp Trust, Series 2018-D-GS9 REMIC, 3.00%, 03/10/28	09/18/18	804	889	0.1
	Haya Finance 2017 SA., 5.25%, 11/15/22	03/26/19	637	595	0.1
	Hospitality Mortgage Trust, Series 2019-G-HIT, 5.93%, 11/15/21	05/16/19	488	490	0.1
	ING Groep N.V., 6.75%, callable at 100 beginning 04/16/24	04/11/19	876	914	0.1
	ING Groep N.V., 2.50%, 02/15/29	03/28/17	327	353	—
	Intesa Sanpaolo S.p.A., 7.00%, callable at 100 beginning 01/19/21	05/17/17	566	572	0.1
	Intesa Sanpaolo S.p.A., 7.75%, callable at 100 beginning 01/11/27	01/24/18	921	771	0.1
	JPMBB Commercial Mortgage Securities Trust, Series 2014-E-C23 REMIC, 3.36%, 10/18/24	08/15/18	498	550	0.1
	JSL Europe SA, 7.75%, 07/26/24	05/30/19	198	213	—
	KBC Groep, 1.88%, 03/11/27	03/23/17	326	339	—
	Klabin Austria GmbH, 7.00%, 04/03/49	06/10/19	203	212	—
	KME AG, 6.75%, 02/01/23	09/13/18	334	261	—
	Kraft Heinz Foods Company, 4.13%, 07/01/27	02/11/16	223	201	—

18

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

Restricted Securities (continued)
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	LATAM Finance Limited, 7.00%, 03/01/26	06/14/19	204	213	—
	Millicom International Cellular SA, 6.25%, 03/25/29	06/10/19	210	219	—
	Minerva Luxembourg S.A., 5.88%, 01/19/28	05/31/19	187	200	—
	NatWest Markets N.V., 5.75%, callable at 100 beginning 09/22/20	03/22/17	653	675	0.1
	Octagon Investment Partners 16 Ltd, Series 2013-SUB-1A REMIC, 0.00%, 07/17/30	05/23/19	520	432	—
	Officine Maccaferri - S.P.A., 5.75%, 06/01/21	05/16/19	342	279	—
	Onorato Armatori S.R.L., 7.75%, 02/15/23	03/19/19	66	41	—
	Scientific Games International, Inc., 5.50%, 02/15/26	09/20/18	867	872	0.1
	Societe Generale, 2.50%, 09/16/26	03/22/17	541	568	0.1
	Star Energy Geothermal (Wayang Windu) Limited, 6.75%, 04/24/33	05/30/19	189	200	—
	Stoneway Capital Corporation, 10.00%, 03/01/27	06/03/19	156	103	—
	Tecila Sociedad Anonima, 8.50%, 07/28/25	06/05/19	94	78	—
	THL Credit Wind River CLO Ltd, Series 2018-E-2A, 8.05%, 07/15/30	08/17/18	500	456	—
	UBS Group Funding (Switzerland) AG, 5.75%, callable at 100 beginning 02/19/22	03/28/17	225	239	—
	UBS Group Funding (Switzerland) AG, 7.00%, callable at 100 beginning 02/19/25	04/28/15	206	219	—
	UniCredit S.p.A., 6.63%, callable at 100 beginning 06/03/23	03/26/19	856	885	0.2
	Unifin Financiera, S.A.B. de C.V. SOFOM, E.N.R., 8.88%, callable at 100 beginning 01/29/25	06/04/19	181	178	—
	UPC Holding B.V., 3.88%, 06/15/29	04/10/19	1,093	1,082	0.1
	UPCB Finance VII Limited, 3.63%, 06/15/29	06/07/19	657	641	0.1
	Valencia Bidco LLC	12/20/16	337	274	—
	VTR GlobalCom S.p.A., 6.88%, 01/15/24	06/05/19	205	206	—
			30,167	29,386	2.5

Unfunded Commitments

		Unfunded Commitment ($)	Appreciation/ (Depreciation) ($)
JNL Multi-Manager Alternative Fund
	Allied Universal Holdco LLC – 2019 Delayed Draw Term Loan	7	—
		7	—

JNL Multi-Manager Alternative Fund — Futures Contracts
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
90 Day Eurodollar	524	December 2019		127,933	—			499
90 Day Eurodollar	9	March 2020		2,198	—			14
90 Day Eurodollar	88	June 2020		21,532	(2)			126
90 Day Eurodollar	56	March 2021		13,666	(2)			139
AUD/USD Spot Rate	12	December 2019		818	(1)			(5)
Australia 10 Year Bond	2	December 2019	AUD	292	(1)			2
Canada 10 Year Bond	13	December 2019	CAD	1,884	(4)			(23)
GBP/USD Spot Rate	24	December 2019		1,859	1			(9)
Italy Government BTP Bond	41	December 2019	EUR	5,969	8			11
Italy Short Term Government BTP Bond	19	December 2019	EUR	2,141	1			—
MXN/USD Spot Rate	37	December 2019		937	(2)			(11)
RUB/USD Spot Rate	187	December 2019		7,012	(26)			122
United States 2 Year Note	228	January 2020		49,291	(7)			(157)
United States 5 Year Note	1,171	January 2020		139,970	(53)			(448)
United States Long Bond	843	December 2019		138,550	(26)			(1,721)
United States Ultra Bond	58	December 2019		11,253	4			(122)
					(110)			(1,583)
Short Contracts
30 Day Fed Funds Rate	(142)	November 2019		(58,185)	12			52
90 Day Eurodollar	(255)	June 2021		(62,606)	10			(268)
CAD/USD Spot Rate	(3)	December 2019		(227)	—			—
EUR/USD Spot Rate	(13)	December 2019		(1,800)	6			19
Euro Bund	(337)	December 2019	EUR	(59,335)	(12)			681
Euro Buxl 30 Year Bond	(60)	December 2019	EUR	(13,212)	36			180
Euro OAT	(49)	December 2019	EUR	(8,356)	(1)			13
Japan 10 Year Bond	(9)	December 2019	JPY	(1,395,083)	13			(1)
Long Gilt	(111)	December 2019	GBP	(14,929)	(22)			35
United States 10 Year Note	(535)	December 2019		(69,760)	41			43
United States 10 Year Ultra Bond	(2)	December 2019		(287)	—			2
					83			756

19

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

JNL Multi-Manager Alternative Fund — Centrally Cleared Interest Rate Swap Agreements
Floating Rate Index2	Paying / Receiving Floating Rate	Fixed Rate2 (%)		Expiration	Notional1		Variation Margin Receivable (Payable) ($)		Unrealized Appreciation (Depreciation) ($)
28-Day MEXIBOR (M)	Paying	7.44	(M)	05/28/20	MXN	85,700		(2)		7
28-Day MEXIBOR (M)	Paying	7.43	(M)	07/17/29	MXN	80,820		(7)		198
28-Day MEXIBOR (M)	Paying	7.44	(M)	07/20/29	MXN	16,250		(1)		40
3M LIBOR (Q)	Receiving	2.30	(S)	04/26/23		8,141		1		(70)
3M LIBOR (Q)	Receiving	2.25	(S)	12/31/25		8,928		2		(425)
3M LIBOR (Q)	Receiving	2.50	(S)	01/31/26		39,040		2		(1,829)
3M LIBOR (Q)	Receiving	1.85	(S)	04/30/26		11,439		—		(260)
3M LIBOR (Q)	Receiving	2.10	(S)	04/30/26		31,875		—		(1,181)
3M LIBOR (Q)	Receiving	1.74	(S)	05/23/26		9,085		—		(142)
3M LIBOR (Q)	Receiving	1.74	(S)	05/27/26		5,500		—		(77)
3M LIBOR (Q)	Receiving	1.30	(S)	06/30/26		32,053		4		407
3M LIBOR (Q)	Receiving	2.95	(S)	11/15/43		9,695		(13)		(2,373)
3M LIBOR (Q)	Receiving	2.88	(S)	05/15/44		2,078		(3)		(508)
3M LIBOR (Q)	Receiving	3.00	(S)	05/15/44		3,256		(5)		(867)
3M LIBOR (Q)	Receiving	2.75	(S)	08/15/44		1,683		(3)		(353)
3M LIBOR (Q)	Receiving	1.81	(S)	11/15/44		2,300		(4)		(48)
3M LIBOR (Q)	Receiving	1.85	(S)	11/15/44		3,726		(6)		(114)
3M LIBOR (Q)	Receiving	3.33	(S)	12/15/44		3,137		(33)		(991)
3M LIBOR (Q)	Paying	1.67	(S)	06/14/20		1,310		—		(2)
3M LIBOR (Q)	Paying	2.25	(S)	04/26/22		7,975		—		65
3M LIBOR (Q)	Paying	1.85	(S)	06/15/22		9,030		(1)		70
3M LIBOR (Q)	Paying	3.00	(S)	02/15/36		4,454		3		863
6M British Bankers' Association Yen LIBOR (S)	Receiving	0.13	(S)	06/20/24	JPY	645,100		7		(80)
6M British Bankers' Association Yen LIBOR (S)	Receiving	0.79	(S)	04/19/47	JPY	158,000		41		(180)
6M EURIBOR (S)	Receiving	1.50	(A)	08/23/47	EUR	443		3		(177)
Federal Funds Effective Rate (A)	Receiving	1.25	(A)	06/30/26		8,904		2		7
Federal Funds Effective Rate (A)	Paying	1.30	(A)	09/15/21		8,397		(1)		—
								(14)		(8,020)

JNL Multi-Manager Alternative Fund — Centrally Cleared Credit Default Swap Agreements
Reference Entity2	Fixed Receive/ Pay Rate8 (%)	Expiration	Notional1,7		Value6 ($)		Variation Margin Receivable (Payable) ($)		Unrealized Appreciation (Depreciation) ($)
Credit default swap agreements - purchase protection3
CDX.NA.HY.33 (Q)	5.00	12/20/24		1,415		(94)		(2)		(2)
Credit default swap agreements - sell protection4
CDX.NA.IG.33 (Q)	1.00	12/20/24		(18,088)		356		14		(4)

JNL Multi-Manager Alternative Fund — Exchange Traded Futures Options
Reference Entity	Purchased (Written) Contracts1		Exercise Price		Expiration	Variation Margin Receivable (Payable) ($)		Unrealized Appreciation (Depreciation) ($)
Interest Options
Euro Bund Future, Nov. 2019		(8)	EUR	174.00	10/25/19		—		4
Euro Bund Future, Nov. 2019		(3)	EUR	175.00	10/25/19		—		1
Euro Bund Future, Nov. 2019		(30)	EUR	172.00	10/25/19		1		10
Euro Bund Future, Nov. 2019		(11)	EUR	172.50	10/25/19		—		4
Euro Bund Future, Nov. 2019		(26)	EUR	173.50	10/25/19		1		3
Euro Bund Future, Nov. 2019		(2)	EUR	173.00	10/25/19		—		—
Euro Bund Future, Nov. 2019		(11)	EUR	177.00	10/25/19		—		7
Euro Bund Future, Nov. 2019		(11)	EUR	178.00	10/25/19		—		7
Euro Bund Future, Nov. 2019		113	EUR	181.00	10/25/19		—		(2)
Euro Bund Future, Nov. 2019		251	EUR	180.50	10/25/19		—		(3)
Euro Bund Future, Nov. 2019		10	EUR	174.00	10/25/19		—		4
Euro Bund Future, Nov. 2019		(22)	EUR	176.00	10/25/19		—		13
Italy Government BTP Bond Future, Nov. 2019		45	EUR	134.00	10/25/19		—		(1)
							2		47

JNL Multi-Manager Alternative Fund — Exchange Traded Purchased Options
Reference Entity	Put/Call		Exercise Price ($)/ Swaption Rate (%)		Expiration	Notional/ Contracts1		Value ($)
Exchange Traded Futures Options
90 Day Eurodollar Future, Dec. 2019		Put		97.13	12/16/19		50		—

20

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

JNL Multi-Manager Alternative Fund — Exchange Traded Purchased Options (continued)
Reference Entity	Put/Call		Exercise Price ($)/ Swaption Rate (%)		Expiration	Notional/ Contracts1		Value ($)
AUD/USD Spot Rate Future, Dec. 2019		Call		0.69	10/04/19		10		—
AUD/USD Spot Rate Future, Dec. 2019		Call		0.69	10/04/19		3		—
AUD/USD Spot Rate Future, Dec. 2019		Call		0.69	11/08/19		3		1
AUD/USD Spot Rate Future, Dec. 2019		Call		0.68	11/08/19		8		4
AUD/USD Spot Rate Future, Dec. 2019		Call		0.68	12/06/19		3		2
AUD/USD Spot Rate Future, Dec. 2019		Put		0.68	11/08/19		7		4
CAD/USD Spot Rate Future, Dec. 2019		Call		0.76	10/04/19		12		—
CAD/USD Spot Rate Future, Dec. 2019		Call		0.76	10/04/19		3		1
CAD/USD Spot Rate Future, Dec. 2019		Call		0.77	10/04/19		5		—
CAD/USD Spot Rate Future, Dec. 2019		Call		0.76	11/08/19		3		1
CAD/USD Spot Rate Future, Dec. 2019		Call		0.75	11/08/19		3		3
EUR/USD Spot Rate Future, Dec. 2019		Call		1.13	10/04/19		2		—
EUR/USD Spot Rate Future, Dec. 2019		Call		1.12	10/04/19		4		—
EUR/USD Spot Rate Future, Dec. 2019		Call		1.10	10/04/19		6		2
EUR/USD Spot Rate Future, Dec. 2019		Call		1.10	11/08/19		3		3
EUR/USD Spot Rate Future, Dec. 2019		Call		1.12	11/08/19		3		1
EUR/USD Spot Rate Future, Dec. 2019		Call		1.11	11/08/19		3		2
EUR/USD Spot Rate Future, Dec. 2019		Call		1.11	11/08/19		5		2
EUR/USD Spot Rate Future, Dec. 2019		Call		1.11	12/06/19		5		3
EUR/USD Spot Rate Future, Dec. 2019		Put		1.11	11/08/19		4		7
JPY/USD Spot Rate Future, Dec. 2019		Put		0.94	10/04/19		3		4
United States 10 Year Note 1st Week Future, Dec. 2019		Call		130.25	10/04/19		16		7
United States 10 Year Note Future, Dec. 2019		Call		137.00	10/25/19		175		—
United States 10 Year Note Future, Dec. 2019		Call		136.00	10/25/19		430		7
United States 10 Year Note Future, Dec. 2019		Call		140.00	10/25/19		107		—
United States 10 Year Note Future, Dec. 2019		Call		140.50	10/25/19		107		—
United States 10 Year Note Future, Dec. 2019		Call		129.00	10/25/19		37		56
United States 10 Year Note Future, Dec. 2019		Call		129.50	10/25/19		20		24
United States 10 Year Note Future, Dec. 2019		Call		130.00	10/25/19		40		34
United States 10 Year Note Future, Dec. 2019		Call		130.25	10/25/19		9		7
United States 10 Year Note Future, Dec. 2019		Put		129.00	10/25/19		3		1
United States 10 Year Note Future, Dec. 2019		Put		130.25	10/25/19		5		4
United States 10 Year Note Future, Dec. 2019		Put		118.50	11/22/19		98		—
United States 10 Year Note Future, Dec. 2019		Put		118.00	11/22/19		147		—
United States 2 Year Note Future, Dec. 2019		Put		105.38	10/25/19		117		—
United States 2 Year Note Future, Dec. 2019		Put		105.25	10/25/19		117		—
United States 5 Year Note 1st Week Future, Dec. 2019		Call		119.25	10/04/19		16		3
United States 5 Year Note Future, Dec. 2019		Call		119.00	10/25/19		14		7
United States 5 Year Note Future, Dec. 2019		Call		119.25	10/25/19		5		2
United States 5 Year Note Future, Dec. 2019		Put		115.75	10/25/19		256		2
United States 5 Year Note Future, Dec. 2019		Put		119.00	10/25/19		67		23
United States 5 Year Note Future, Dec. 2019		Put		115.50	10/25/19		282		2
United States 5 Year Note Future, Dec. 2019		Put		112.25	10/25/19		14		—
United States 5 Year Note Future, Dec. 2019		Put		114.50	10/25/19		327		—
United States 5 Year Note Future, Dec. 2019		Put		115.00	11/22/19		226		4
United States Long Bond Future, Dec. 2019		Call		162.00	10/25/19		9		16
United States Long Bond Future, Dec. 2019		Call		163.00	10/25/19		5		7
United States Long Bond Future, Dec. 2019		Call		162.50	10/25/19		13		21
United States Long Bond Future, Dec. 2019		Call		158.00	10/25/19		1		5
United States Long Bond Future, Dec. 2019		Call		161.00	10/25/19		2		5
United States Long Bond Future, Dec. 2019		Put		160.00	10/25/19		10		8
United States Long Bond Future, Dec. 2019		Put		164.00	10/25/19		10		26
United States Long Bond Future, Dec. 2019		Put		141.50	10/25/19		413		—
United States Long Bond Future, Dec. 2019		Put		141.00	10/25/19		412		—
									311
Options on Securities
Alder BioPharmaceuticals, Inc.		Put		17.50	01/17/20		543		8
Benefitfocus.Com, Inc.		Call		40.00	11/15/19		1		—
Boingo Wireless, Inc.		Call		21.00	11/15/19		48		—
CBS Corporation		Put		37.50	10/18/19		267		7
CBS Corporation		Put		35.00	12/20/19		5		—
CBS Corporation		Put		32.50	12/20/19		177		5
Centene Corporation		Put		40.00	12/20/19		46		7
Evolent Health, Inc.		Call		12.50	12/20/19		72		—
Infinera Corporation		Call		4.00	10/18/19		138		38
Nutanix, Inc.		Call		37.50	10/18/19		47		—
Nutanix, Inc.		Call		30.00	10/18/19		98		2
Team, Inc.		Call		20.00	12/20/19		106		8
The Greenbrier Companies, Inc.		Call		35.00	11/15/19		48		3
VanEck Vectors Semiconductor ETF		Put		115.00	11/15/19		34		10
VanEck Vectors Semiconductor ETF		Put		107.00	11/15/19		57		7

21

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

JNL Multi-Manager Alternative Fund — Exchange Traded Purchased Options (continued)
Reference Entity	Put/Call		Exercise Price ($)/ Swaption Rate (%)		Expiration	Notional/ Contracts1		Value ($)
Vishay Intertechnology, Inc.		Call		20.00	12/20/19		213		5
									100

JNL Multi-Manager Alternative Fund — OTC Purchased Options
Reference Entity	Counterparty	Put/Call	Exercise Price ($)/ Swaption Rate (%)		Expiration	Notional/ Contracts1		Value ($)
Credit Default Swaptions10
CDX.NA.IG.32, 06/20/24	BNP	Put		1.15	10/17/19		5,000,000		—
CDX.NA.IG.33, 12/20/24	BNP	Put		1.00	10/17/19		21,000,000		2
									2
Foreign Currency Options
USD/EUR Spot Rate	CGM	Call	EUR	1.13	10/21/19		1,370,000		46
USD/EUR Spot Rate	JPM	Call	EUR	1.15	10/21/19		1,200,000		55
USD/KRW Spot Rate	BCL	Call	KRW	1,194.30	01/30/20		2,800,000		47
USD/AUD Spot Rate	CGM	Put	AUD	0.70	12/05/19		1,410,000		3
USD/BRL Spot Rate	BCL	Put	BRL	3.95	11/26/19		1,390,000		5
USD/BRL Spot Rate	BCL	Put	BRL	4.11	12/17/19		1,380,000		23
USD/BRL Spot Rate	CGM	Put	BRL	4.11	01/10/20		1,400,000		27
USD/INR Spot Rate	CGM	Put	INR	62.50	05/13/20		7,000,000		1
USD/INR Spot Rate	GSC	Put	INR	68.70	10/14/19		1,430,000		—
USD/MXN Spot Rate	GSC	Put	MXN	19.53	12/18/19		4,200,000		33
USD/MXN Spot Rate	GSC	Put	MXN	19.35	12/17/19		1,380,000		7
USD/RUB Spot Rate	CGM	Put	RUB	65.28	11/20/19		1,390,000		19
USD/RUB Spot Rate	CGM	Put	RUB	65.50	11/01/19		1,380,000		20
USD/RUB Spot Rate	GSC	Put	RUB	63.93	12/20/19		4,290,000		29
USD/RUB Spot Rate	GSC	Put	RUB	64.00	12/18/19		1,380,000		10
USD/SEK Spot Rate	GSC	Put	SEK	9.47	12/12/19		1,400,000		4
									329

JNL Multi-Manager Alternative Fund — Exchange Traded Written Options
Reference Entity	Put/Call		Exercise Price ($)/ Swaption Rate (%)		Expiration	Notional/ Contracts1		Value ($)
Exchange Traded Future Options
90 Day Eurodollar Future, Dec. 2019		Put		97.88	12/16/19		50		(4)
AUD/USD Spot Rate Future, Dec. 2019		Call		0.70	11/08/19		5		—
EUR/USD Spot Rate Future, Dec. 2019		Call		1.11	10/04/19		22		—
EUR/USD Spot Rate Future, Dec. 2019		Put		1.12	10/04/19		11		(26)
EUR/USD Spot Rate Future, Dec. 2019		Put		1.12	11/08/19		5		(13)
EUR/USD Spot Rate Future, Dec. 2019		Put		1.11	11/08/19		10		(22)
United States 10 Year Note Future, Dec. 2019		Call		132.50	10/25/19		36		(3)
United States 10 Year Note Future, Dec. 2019		Call		131.00	10/25/19		58		(28)
United States 10 Year Note Future, Dec. 2019		Call		133.00	10/25/19		51		(4)
United States 10 Year Note Future, Dec. 2019		Call		132.00	10/25/19		61		(12)
United States 10 Year Note Future, Dec. 2019		Call		130.50	10/25/19		8		(5)
United States 10 Year Note Future, Dec. 2019		Call		131.25	10/25/19		8		(3)
United States 10 Year Note Future, Dec. 2019		Call		130.75	10/25/19		16		(8)
United States 10 Year Note Future, Dec. 2019		Call		131.50	10/25/19		39		(11)
United States 10 Year Note Future, Dec. 2019		Call		132.00	11/22/19		31		(14)
United States 10 Year Note Future, Dec. 2019		Call		131.00	11/22/19		37		(26)
United States 10 Year Note Future, Dec. 2019		Call		131.50	11/22/19		12		(7)
United States 10 Year Note Future, Dec. 2019		Put		130.50	10/25/19		36		(28)
United States 10 Year Note Future, Dec. 2019		Put		131.00	10/25/19		24		(26)
United States 10 Year Note Future, Dec. 2019		Put		129.50	10/25/19		75		(25)
United States 10 Year Note Future, Dec. 2019		Put		130.00	11/22/19		91		(75)
United States 10 Year Note Future, Dec. 2019		Put		129.00	11/22/19		44		(20)
United States 10 Year Note Future, Dec. 2019		Put		129.50	11/22/19		11		(7)
United States 5 Year Note Future, Dec. 2019		Call		119.50	10/25/19		81		(22)
United States 5 Year Note Future, Dec. 2019		Call		119.50	11/22/19		75		(33)
United States 5 Year Note Future, Dec. 2019		Put		119.50	10/25/19		27		(17)
United States Long Bond Future, Dec. 2019		Call		166.00	10/25/19		31		(14)
United States Long Bond Future, Dec. 2019		Call		165.00	10/25/19		43		(30)
United States Long Bond Future, Dec. 2019		Call		167.00	10/25/19		21		(8)
United States Long Bond Future, Dec. 2019		Call		170.00	10/25/19		23		(2)
United States Long Bond Future, Dec. 2019		Call		168.00	10/25/19		24		(5)
United States Long Bond Future, Dec. 2019		Call		164.00	10/25/19		14		(14)
United States Long Bond Future, Dec. 2019		Call		160.00	10/25/19		10		(30)
United States Long Bond Future, Dec. 2019		Call		162.00	11/22/19		47		(116)
United States Long Bond Future, Dec. 2019		Call		163.00	11/22/19		43		(86)

22

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

JNL Multi-Manager Alternative Fund — Exchange Traded Written Options (continued)
Reference Entity	Put/Call		Exercise Price ($)/ Swaption Rate (%)		Expiration	Notional/ Contracts1		Value ($)
United States Long Bond Future, Dec. 2019		Call		164.00	11/22/19		35		(56)
United States Long Bond Future, Dec. 2019		Call		165.00	11/22/19		15		(18)
United States Long Bond Future, Dec. 2019		Put		162.00	10/25/19		6		(8)
United States Long Bond Future, Dec. 2019		Put		163.00	10/25/19		9		(18)
United States Long Bond Future, Dec. 2019		Put		159.00	10/25/19		19		(9)
United States Long Bond Future, Dec. 2019		Put		161.00	10/25/19		7		(7)
									(860)
Options on Securities
CBS Corporation		Call		42.50	10/18/19		267		(8)
CBS Corporation		Call		37.50	12/20/19		183		(75)
Centene Corporation		Call		45.00	12/20/19		46		(10)
Occidental Petroleum Corporation		Call		45.00	10/18/19		5		—
T-Mobile USA, Inc.		Call		70.00	11/15/19		116		(105)
VanEck Vectors Semiconductor ETF		Put		105.00	11/15/19		34		(3)
VanEck Vectors Semiconductor ETF		Put		100.00	11/15/19		28		(2)
									(203)

JNL Multi-Manager Alternative Fund — OTC Written Options
Reference Entity	Counterparty	Put/Call	Exercise Price ($)/ Swaption Rate(%)		Expiration		Notional/ Contracts1		Value ($)
Foreign Currency Options
USD/BRL Spot Rate	CGM	Call	BRL	4.18		11/19/19		1,390,000		(24)
USD/BRL Spot Rate	BCL	Put	BRL	3.99		12/17/19		2,760,000		(19)
USD/BRL Spot Rate	CGM	Put	BRL	4.00		01/10/20		2,800,000		(26)
USD/BRL Spot Rate	JPM	Put	BRL	3.75		10/08/19		2,120,000		—
USD/EUR Spot Rate	JPM	Put	EUR	1.22		10/21/19		1,200,000		—
USD/MXN Spot Rate	GSC	Put	MXN	19.00		12/17/19		2,760,000		(6)
USD/RUB Spot Rate	CGM	Call	RUB	70.46		11/20/19		1,390,000		(2)
USD/RUB Spot Rate	CGM	Put	RUB	64.25		11/01/19		2,760,000		(14)
USD/RUB Spot Rate	GSC	Put	RUB	63.00		12/18/19		2,760,000		(10)
USD/RUB Spot Rate	JPM	Put	RUB	62.87		11/20/19		1,390,000		(3)
USD/SEK Spot Rate	GSC	Call	SEK	9.87		12/12/19		1,400,000		(15)
										(119)
Interest Rate Swaptions10
3M LIBOR, 12/11/29	BOA	Call		1.35		12/10/19		1,230,000		(7)
3M LIBOR, 12/11/29	BOA	Put		1.85		12/10/19		1,230,000		(4)
										(11)

Forward Foreign Currency Contracts

Purchased/ Sold	Counter-party	Expiration	Notional1		Value ($)		Unrealized Appreciation (Depreciation) ($)
ARS/USD	CIT	10/15/19	ARS	27,201		450		(124)
ARS/USD	JPM	10/17/19	ARS	11,063		182		(49)
ARS/USD	CIT	10/18/19	ARS	12,609		206		(53)
ARS/USD	CIT	10/24/19	ARS	8,100		129		(39)
ARS/USD	JPM	10/25/19	ARS	26,280		418		(61)
ARS/USD	CIT	11/08/19	ARS	9,430		143		(38)
ARS/USD	JPM	01/27/20	ARS	19,234		243		(103)
AUD/USD	CIT	10/17/19	AUD	1,170		790		(22)
AUD/USD	JPM	10/17/19	AUD	441		298		—
BRL/USD	JPM	10/10/19	BRL	3,035		730		(60)
BRL/USD	BNP	10/17/19	BRL	4,246		1,021		(35)
BRL/USD	CIT	10/17/19	BRL	32,444		7,800		(729)
BRL/USD	CIT	10/17/19	BRL	5,630		1,353		3
BRL/USD	BCL	12/19/19	BRL	725		174		(3)
BRL/USD	CIT	01/14/20	BRL	450		108		—
CLP/USD	BNP	10/17/19	CLP	585,327		803		(44)
CNH/USD	JPM	10/17/19	CNH	7,653		1,071		(4)
COP/USD	CIT	10/17/19	COP	5,532,283		1,589		(117)
EUR/USD	BCL	10/17/19	EUR	3,999		4,364		(68)
EUR/USD	CIT	10/17/19	EUR	2,315		2,527		(65)
EUR/USD	GSC	10/17/19	EUR	1,329		1,450		(12)
EUR/USD	CIT	10/23/19	EUR	620		677		(24)
EUR/USD	JPM	12/19/19	EUR	12		13		—
EUR/USD	JPM	01/15/20	EUR	331		364		(1)
GBP/USD	CIT	10/17/19	GBP	1,100		1,353		(21)
GBP/USD	JPM	10/23/19	GBP	206		253		2
HKD/USD	BBH	10/03/19	HKD	9,130		1,165		—
IDR/USD	BCL	10/17/19	IDR	59,777,759		4,204		(4)
IDR/USD	GSC	10/17/19	IDR	2,754,019		194		(2)
INR/USD	BCL	10/17/19	INR	434,899		6,126		(61)
INR/USD	CIT	10/17/19	INR	44,533		627		(15)
INR/USD	JPM	10/17/19	INR	60,440		851		7
INR/USD	BCL	01/17/20	INR	377,015		5,257		(6)
JPY/USD	CIT	10/17/19	JPY	9,500		88		—
JPY/USD	GSC	10/17/19	JPY	32,173		298		(4)
KRW/USD	BCL	10/17/19	KRW	5,117,047		4,280		10
KRW/USD	BCL	02/03/20	KRW	1,508,162		1,266		3
MXN/USD	BCL	10/17/19	MXN	45,973		2,323		(46)
MXN/USD	BCL	10/17/19	MXN	7,964		402		—
MXN/USD	GSC	10/17/19	MXN	3,400		172		—
MXN/USD	GSC	12/19/19	MXN	2,086		104		(2)
PEN/USD	GSC	10/17/19	PEN	2,942		872		(17)
PLN/USD	BCL	10/17/19	PLN	1		—		—
RUB/USD	CIT	11/05/19	RUB	11,893		183		3
RUB/USD	BCL	11/21/19	RUB	42,229		647		21
RUB/USD	JPM	11/21/19	RUB	23,276		356		(5)

23

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

Purchased/ Sold	Counter-party	Expiration	Notional1		Value ($)		Unrealized Appreciation (Depreciation) ($)
RUB/USD	GSC	12/19/19	RUB	7,942		121		(1)
SEK/USD	JPM	10/17/19	SEK	12,408		1,262		(77)
SEK/USD	CIT	01/17/20	SEK	12,408		1,270		(5)
TWD/USD	JPM	10/17/19	TWD	60,854		1,963		—
USD/AUD	CIT	10/17/19	AUD	(12)		(8)		—
USD/AUD	JPM	12/05/19	AUD	(2,001)		(1,354)		4
USD/BRL	JPM	10/10/19	BRL	(307)		(74)		6
USD/BRL	BNP	10/17/19	BRL	(3,970)		(954)		39
USD/BRL	GSC	10/17/19	BRL	(5,170)		(1,243)		46
USD/BRL	CIT	11/21/19	BRL	(1,654)		(397)		10
USD/CAD	BCL	10/17/19	CAD	(374)		(283)		3
USD/CAD	SSB	12/19/19	CAD	(2,253)		(1,703)		1
USD/CLP	CIT	10/17/19	CLP	(585,327)		(803)		9
USD/CNH	BCL	10/17/19	CNH	(7,653)		(1,071)		39
USD/CNH	JPM	01/17/20	CNH	(7,653)		(1,069)		4
USD/EUR	BCL	10/17/19	EUR	(1,340)		(1,462)		39
USD/EUR	BNP	10/17/19	EUR	(1,330)		(1,452)		41
USD/EUR	CIT	10/17/19	EUR	(4,955)		(5,407)		139
USD/EUR	GSC	10/17/19	EUR	(510)		(557)		12
USD/EUR	JPM	10/17/19	EUR	(10,528)		(11,490)		453
USD/EUR	JPM	11/12/19	EUR	(1,068)		(1,168)		10
USD/EUR	DUB	11/26/19	EUR	(10,342)		(11,319)		173
USD/EUR	JPM	12/19/19	EUR	(521)		(570)		22
USD/EUR	JPM	01/15/20	EUR	(2,653)		(2,916)		53
USD/GBP	JPM	10/15/19	GBP	(348)		(428)		(4)
USD/GBP	JPM	10/15/19	GBP	(1,876)		(2,307)		58
USD/GBP	BCL	10/17/19	GBP	(950)		(1,169)		25
USD/GBP	CIT	10/17/19	GBP	(260)		(320)		(4)
USD/GBP	CIT	10/17/19	GBP	(150)		(185)		4
USD/GBP	JPM	10/23/19	GBP	(206)		(253)		5
USD/GBP	JPM	11/06/19	GBP	(5)		(6)		—
USD/GBP	BBH	11/26/19	GBP	(305)		(376)		6
USD/GBP	CIT	11/26/19	GBP	(2,807)		(3,459)		54
USD/GBP	JPM	12/19/19	GBP	(3,246)		(4,003)		42
USD/GBP	JPM	01/10/20	GBP	(40)		(50)		1
USD/GBP	JPM	02/06/20	GBP	(515)		(636)		1
USD/HKD	JPM	01/16/20	HKD	(3,559)		(454)		—
USD/IDR	BCL	10/17/19	IDR	(62,531,778)		(4,398)		(43)
USD/IDR	BCL	01/17/20	IDR	(59,777,759)		(4,162)		(11)
USD/INR	GSC	10/16/19	INR	(36,780)		(518)		12
USD/INR	BCL	10/17/19	INR	(377,015)		(5,311)		14
USD/INR	BNP	10/17/19	INR	(86,066)		(1,212)		21
USD/INR	JPM	10/17/19	INR	(24,880)		(350)		(6)
USD/INR	JPM	10/17/19	INR	(51,911)		(731)		—
USD/JPY	BCL	10/17/19	JPY	(13,000)		(120)		3
USD/JPY	CIT	10/17/19	JPY	(113,296)		(1,049)		6
USD/JPY	JPM	12/04/19	JPY	(55,309)		(514)		2
USD/KRW	GSC	10/17/19	KRW	(849,175)		(710)		4
USD/KRW	JPM	10/17/19	KRW	(4,267,872)		(3,570)		134
USD/KRW	BCL	01/17/20	KRW	(5,117,047)		(4,293)		(11)
USD/MXN	CIT	10/17/19	MXN	(42,214)		(2,133)		38
USD/MXN	GSC	10/17/19	MXN	(15,123)		(764)		9
USD/MXN	GSC	12/20/19	MXN	(32,563)		(1,629)		9
USD/MXN	BCL	01/17/20	MXN	(7,964)		(397)		—
USD/PEN	CIT	10/17/19	PEN	(2,942)		(872)		6
USD/PLN	BCL	10/17/19	PLN	(1)		—		—
USD/PLN	BCL	01/17/20	PLN	(1)		—		—
USD/RUB	CIT	10/17/19	RUB	(470,743)		(7,243)		46
USD/RUB	BCL	11/21/19	RUB	(23,276)		(356)		5
USD/RUB	CIT	11/21/19	RUB	(42,229)		(647)		(21)
USD/RUB	GSC	12/23/19	RUB	(106,742)		(1,627)		14
USD/SEK	CIT	10/17/19	SEK	(12,408)		(1,262)		5
USD/TWD	JPM	10/17/19	TWD	(60,854)		(1,963)		11
USD/TWD	JPM	01/17/20	TWD	(60,854)		(1,974)		4
USD/ZAR	BBH	10/03/19	ZAR	(34,007)		(2,245)		—
USD/ZAR	BCL	10/17/19	ZAR	(38,311)		(2,524)		166
USD/ZAR	CIT	01/17/20	ZAR	(37,611)		(2,449)		(1)
ZAR/USD	SSB	10/01/19	ZAR	1,390		92		(1)
ZAR/USD	BBH	10/03/19	ZAR	8,153		538		—
ZAR/USD	CIT	10/17/19	ZAR	37,611		2,478		2
ZAR/USD	GSC	10/17/19	ZAR	700		46		(1)
						(48,275)		(161)

JNL Multi-Manager Alternative Fund — OTC Interest Rate Swap Agreements
Floating Rate Index2	Paying/ Receiving Floating Rate	Counterparty	Fixed Rate2 (%)		Expiration	Notional1		Premiums Paid (Received) ($)		Unrealized Appreciation (Depreciation) ($)
BRAZIBOR (A)	Paying	BOA	9.23	(A)	01/04/21	BRL	20,730		—		367
BRAZIBOR (A)	Paying	BOA	9.23	(A)	01/04/21	BRL	54,700		—		969
BRAZIBOR (A)	Paying	CGM	7.02	(A)	01/04/27	BRL	3,000		—		9
BRAZIBOR (A)	Paying	CGM	7.02	(A)	01/04/27	BRL	3,600		2		9
BRAZIBOR (A)	Paying	CGM	7.02	(A)	01/04/27	BRL	3,839		2		9
BRAZIBOR (A)	Paying	JPM	7.04	(A)	01/04/27	BRL	2,500		—		8
									4		1,371

JNL Multi-Manager Alternative Fund — OTC Contracts for Difference
Reference Entity2	Counter-party	Financing Fee2	Expiration	Contracts1 Long (Short)	Notional1		Unrealized Appreciation (Depreciation) ($)
AAC Technologies Holdings Inc. (E)	GSC	1M HIBOR -0.50% (M)	TBD	(120,500)	HKD	(4,856)		(24)
Agricultural Bank of China Limited (E)	GSC	1M HIBOR +0.50% (M)	TBD	1,537,000	HKD	4,811		(12)
Airports of Thailand Public Company Limited (E)	MSC	Federal Funds Effective Rate -1.55% (M)	TBD	(334,700)		(805)		(13)
Alibaba Group Holding Limited (E)	GSC	Federal Funds Effective Rate +0.40% (M)	TBD	6,783		1,214		(81)
Anheuser-Busch InBev (E)	GSC	1W Euribor +0.40% (M)	TBD	25,193	EUR	2,173		31
AU Optronics Corp (E)	GSC	Federal Funds Effective Rate -3.25% (M)	TBD	(2,668,000)		(711)		35
Autohome Inc. (E)	GSC	Federal Funds Effective Rate -0.25% (M)	TBD	(12,599)		(1,177)		130
Axis Bank Limited (E)	GSC	Federal Funds Effective Rate -2.25% (M)	TBD	(7,018)		(317)		(25)
Baidu, Inc. (E)	GSC	Federal Funds Effective Rate +0.40% (M)	TBD	2,262		247		(14)
Bolsa Mexicana de Valores, S.A.B. de C.V. (E)	GSC	Federal Funds Effective Rate +0.65% (M)	TBD	411,200		793		(18)

24

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

JNL Multi-Manager Alternative Fund — OTC Contracts for Difference (continued)
Reference Entity2	Counter-party	Financing Fee2	Expiration	Contracts1 Long (Short)	Notional1		Unrealized Appreciation (Depreciation) ($)
Bumrungrad Hospital Public Company Limited (E)	MSC	Federal Funds Effective Rate -1.55% (M)	TBD	(155,100)		(680)		30
BYD Company Limited (E)	GSC	1M HIBOR -6.00% (M)	TBD	(137,000)	HKD	(5,727)		45
Café De Coral Holdings Limited (E)	GSC	1M HIBOR -0.50% (M)	TBD	(172,000)	HKD	(3,896)		18
Cathay Pacific Airways Limited (E)	GSC	1M HIBOR -2.50% (M)	TBD	(223,000)	HKD	(2,279)		7
Celltrion Healthcare Co. Ltd. (E)	MBL	Federal Funds Effective Rate -10.30% (M)	TBD	(19,624)		(859)		29
Celltrion Inc. (E)	GSC	Federal Funds Effective Rate -3.25% (M)	TBD	(7,614)		(1,094)		50
Central European Media Enterprises Ltd (E)	GSC	Federal Funds Effective Rate +0.40% (M)	TBD	149,938		664		9
Champion Real Estate Investment Trust (E)	GSC	1M HIBOR +0.50% (M)	TBD	812,000	HKD	4,166		7
Cheng Shin Rubber Ind. Co., Ltd. (E)	GSC	Federal Funds Effective Rate -1.25% (M)	TBD	(839,000)		(1,202)		(37)
China Airlines, Ltd. (E)	GSC	Federal Funds Effective Rate -2.25% (M)	TBD	(4,363,000)		(1,282)		5
China International Capital Corporation (Hong Kong) Limited (E)	GSC	1M HIBOR -1.25% (M)	TBD	(184,800)	HKD	(2,835)		3
China Life Insurance Company Limited (E)	GSC	1M HIBOR -0.50% (M)	TBD	(312,000)	HKD	(5,959)		38
China Pacific Insurance (Group) Co., Ltd. (E)	GSC	1M HIBOR -0.50% (M)	TBD	(195,200)	HKD	(6,100)		61
China Resources Beer (Holdings) Company Limited (E)	GSC	1M HIBOR -0.50% (M)	TBD	(130,000)	HKD	(5,493)		8
China Shenhua Energy Company Limited (E)	GSC	1M HIBOR +0.50% (M)	TBD	199,000	HKD	3,238		(14)
China Taiping Insurance Holdings Co. Ltd. (E)	GSC	1M HIBOR -0.50% (M)	TBD	(143,400)	HKD	(2,604)		12
China Zhongwang Holdings Limited (E)	GSC	1M HIBOR -3.00% (M)	TBD	(1,943,600)	HKD	(6,375)		22
Commercial International Bank (Egypt) S.A.E. (E)	GSC	Federal Funds Effective Rate +0.80% (M)	TBD	134,777		667		(26)
COSCO SHIPPING Holdings Co., Ltd. (E)	GSC	1M HIBOR -3.00% (M)	TBD	(750,500)	HKD	(2,259)		21
Dis-Chem Pharmacies LTD (E)	GSC	South African Johannesburg Interbank Agreed Rate -1.75% (M)	TBD	(302,739)	ZAR	(7,017)		14
Eclat Textile Corporation Ltd. (E)	GSC	Federal Funds Effective Rate -2.50% (M)	TBD	(66,000)		(846)		(39)
EDENRED (E)	GSC	1W Euribor -0.40% (M)	TBD	(20,931)	EUR	(904)		(20)
E-MART Inc. (E)	GSC	Federal Funds Effective Rate -0.50% (M)	TBD	(7,100)		(679)		9
Erste Group Bank AG (E)	GSC	1W Euribor +0.40% (M)	TBD	20,978	EUR	649		(14)
First Financial Holding Co., Ltd. (E)	GSC	Federal Funds Effective Rate -0.50% (M)	TBD	(959,580)		(687)		13
Fortescue Metals Group Ltd (E)	GSC	Reserve Bank of Australia Overnight Rate -0.50% (M)	TBD	(206,244)	AUD	(1,854)		(19)
Fortune Real Estate Investment Trust (E)	GSC	1M HIBOR +0.50% (M)	TBD	750,000	HKD	6,855		(17)
FULLSHARE HOLDINGS LIMITED (E)	GSC	1M HIBOR -14.25% (M)	TBD	(3,212,500)	HKD	(652)		(22)
Galaxy Entertainment Group Limited (E)	GSC	1M HIBOR +0.50% (M)	TBD	160,000	HKD	8,288		(54)
Gazit Globe Ltd (E)	GSC	3M Tel Aviv Interbank Offered Rate +0.70% (M)	TBD	145,865	ILS	5,032		22
Genting Singapore Limited (E)	GSC	Singapore Swap Offer Rate -0.75% (M)	TBD	(1,899,000)	SGD	(1,709)		7
Georgia Capital PLC (E)	GSC	Sterling Overnight Index Average +0.40% (M)	TBD	66,430	GBP	684		(8)
Gerdau S.A. (E)	GSC	Federal Funds Effective Rate +0.40% (M)	TBD	(246,549)		(811)		35
Golden Agri-Resources Ltd. (E)	GSC	Singapore Swap Offer Rate -0.50% (M)	TBD	(6,382,700)	SGD	(1,691)		185
GOME Retail Holdings Limited (E)	GSC	1M HIBOR -4.25% (M)	TBD	(9,267,000)	HKD	(6,672)		11
Grupo Televisa S.A.B. (E)	GSC	Federal Funds Effective Rate -0.25% (M)	TBD	(45,193)		(466)		25
Haier Electronics Group Co., Ltd. (E)	GSC	1M HIBOR +0.50% (M)	TBD	158,000	HKD	3,173		—
Hana Financial Group Inc. (E)	GSC	Federal Funds Effective Rate +0.65% (M)	TBD	49,104		1,476		(31)
Hang Lung Properties Limited (E)	GSC	1M HIBOR +0.50% (M)	TBD	456,000	HKD	8,117		6
Heineken N.V. (E)	GSC	1W Euribor +0.40% (M)	TBD	6,564	EUR	641		11
Helixmith Co., Ltd (E)	MSC	Federal Funds Effective Rate -13.09% (M)	TBD	(6,480)		(585)		225
HIWIN Technologies Corp. (E)	MBL	Federal Funds Effective Rate -7.00% (M)	TBD	(122,570)		(1,095)		25
HK Electric Investments Limited (E)	GSC	1M HIBOR -0.50% (M)	TBD	(1,151,000)	HKD	(8,817)		28
Huaneng Power International, Inc. (E)	MBL	1M HIBOR -0.48% (M)	TBD	(510,000)	HKD	(2,213)		37
IMAX China Holdings Inc. (E)	GSC	1M HIBOR -5.25% (M)	TBD	(176,700)	HKD	(3,181)		(12)
Jerónimo Martins, SGPS, S.A. (E)	GSC	1W Euribor +0.40% (M)	TBD	39,874	EUR	629		(13)
JSE Ltd (E)	GSC	South African Johannesburg Interbank Agreed Rate -0.75% (M)	TBD	(38,424)	ZAR	(5,104)		5
KGHM Polska Miedz S.A. (E)	GSC	Federal Funds Effective Rate -0.40% (M)	TBD	(30,510)		(630)		22
Kimberly - Clark De Mexico S.A.B. De C.V. (E)	GSC	Federal Funds Effective Rate -0.50% (M)	TBD	(483,800)		(990)		18
Largan Precision Co.,Ltd. (E)	GSC	Federal Funds Effective Rate -0.50% (M)	TBD	(4,000)		(514)		(60)
Lee & Man Paper Manufacturing Ltd. (E)	GSC	1M HIBOR -0.50% (M)	TBD	(892,000)	HKD	(4,032)		32
LG Display Co., Ltd. (E)	GSC	Federal Funds Effective Rate -0.75% (M)	TBD	(40,423)		(471)		(7)
Lifestyle International Holdings Limited (E)	MSC	1M HIBOR -0.55% (M)	TBD	(304,000)	HKD	(2,523)		(12)
MAHLE Metal Leve S.A. (E)	GSC	Federal Funds Effective Rate +0.75% (M)	TBD	151,300		900		(31)
MGM China Holdings Limited (E)	GSC	1M HIBOR -0.75% (M)	TBD	(789,600)	HKD	(9,902)		32
Mirae Asset Daewoo Co., Ltd. (E)	GSC	Federal Funds Effective Rate -0.50% (M)	TBD	(61,980)		(402)		14
Myriad International Holdings N.V. (E)	GSC	Federal Funds Effective Rate -0.50% (M)	TBD	8,342	EUR	573		(12)
Nampak Ltd. (E)	GSC	South African Johannesburg Interbank Agreed Rate -0.75% (M)	TBD	(264,448)	ZAR	(2,724)		15

25

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

JNL Multi-Manager Alternative Fund — OTC Contracts for Difference (continued)
Reference Entity2	Counter-party	Financing Fee2	Expiration	Contracts1 Long (Short)	Notional1		Unrealized Appreciation (Depreciation) ($)
Naspers (E)	GSC	Federal Funds Effective Rate +0.40% (M)	TBD	28,007		942		(101)
New China Life Insurance Company Ltd. (E)	GSC	1M HIBOR -0.50% (M)	TBD	(159,900)	HKD	(5,277)		41
Nine Dragons Paper (Holdings) Limited (E)	GSC	1M HIBOR -0.50% (M)	TBD	(833,000)	HKD	(5,814)		41
Paradise Co., Ltd. (E)	MSC	Federal Funds Effective Rate -4.50% (M)	TBD	(87,915)		(1,314)		(46)
Pepkor Holdings Ltd (E)	MSC	South African Johannesburg Interbank Agreed Rate -1.50% (M)	TBD	(457,378)	ZAR	(8,686)		38
Philip Morris International Inc. (E)	GSC	Federal Funds Effective Rate +0.40% (M)	TBD	25,761		1,900		69
PT Unilever Indonesia, Tbk. (E)	MBL	Federal Funds Effective Rate -3.50% (M)	TBD	(401,800)		(1,338)		21
Public Joint Stock Society "Sberbank of Russia" (E)	GSC	Federal Funds Effective Rate +0.85% (M)	TBD	60,377		896		(41)
Raia Drogasil S.A. (E)	GSC	Federal Funds Effective Rate -3.50% (M)	TBD	(37,300)		(856)		(10)
Rand Merchant Investment Holdings Limited (E)	GSC	South African Johannesburg Interbank Agreed Rate -0.75% (M)	TBD	(160,406)	ZAR	(5,011)		14
Samsung Biologics Co., Ltd (E)	GSC	Federal Funds Effective Rate -1.25% (M)	TBD	(5,251)		(1,389)		40
Samsung Electronics Co Ltd (E)	GSC	Federal Funds Effective Rate +0.65% (M)	TBD	76,768		3,024		121
SATS Ltd. (E)	GSC	Singapore Swap Offer Rate -0.50% (M)	TBD	(373,900)	SGD	(1,791)		(14)
SembCorp Marine Ltd (E)	MSC	Singapore Swap Offer Rate -8.00% (M)	TBD	(303,200)	SGD	(397)		27
Semiconductor Manufacturing International Corporation (E)	GSC	1M HIBOR -1.50% (M)	TBD	(1,052,000)	HKD	(10,836)		67
Shanghai Haohai Biological Technology Co., Ltd. (E)	GSC	1M HIBOR +0.50% (M)	TBD	90,600	HKD	3,325		13
SillaJen Inc (E)	GSC	Federal Funds Effective Rate -15.00% (M)	TBD	(70,393)		(695)		212
Singapore Press Holdings Ltd. (E)	GSC	Singapore Swap Offer Rate -1.25% (M)	TBD	(536,000)	SGD	(1,110)		(4)
Sinopec Engineering (Group) Co., Ltd. (E)	GSC	1M HIBOR +0.50% (M)	TBD	1,044,500	HKD	5,442		(23)
SJM Holdings Limited (E)	GSC	1M HIBOR -0.50% (M)	TBD	(1,303,000)	HKD	(10,163)		44
SK Hynix Inc. (E)	GSC	Federal Funds Effective Rate +0.65% (M)	TBD	8,590		573		17
S-Oil Corporation (E)	GSC	Federal Funds Effective Rate -0.50% (M)	TBD	(15,652)		(1,328)		28
Suzuki Motor Corporation (E)	GSC	Tokyo Overnight Average Rate +0.50% (M)	TBD	44,600	JPY	192,404		128
Taiwan Semiconductor Manufacturing Co Ltd (E)	GSC	Federal Funds Effective Rate +0.65% (M)	TBD	35,204		1,610		29
Taiwan Semiconductor Manufacturing Co Ltd (E)	GSC	Federal Funds Effective Rate +0.65% (M)	TBD	235,558		2,014		65
Tamar Petroleum Ltd. (E)	GSC	3M Tel Aviv Interbank Offered Rate +0.70% (M)	TBD	77,966	ILS	760		(19)
Tencent Holdings Limited (E)	GSC	1M HIBOR +0.50% (M)	TBD	85,700	HKD	29,447		(150)
Tencent Holdings Limited (E)	GSC	1M HIBOR +0.50% (M)	TBD	33,377		1,473		(85)
Thai Oil Public Company Limited (E)	MSC	Federal Funds Effective Rate -1.55% (M)	TBD	(226,300)		(533)		10
The Hong Kong And China Gas Company Limited (E)	GSC	1M HIBOR -0.50% (M)	TBD	(551,402)	HKD	(8,602)		14
Tiger Brands Limited (E)	GSC	South African Johannesburg Interbank Agreed Rate -0.75% (M)	TBD	(18,117)	ZAR	(3,907)		10
Total SA (E)	GSC	1W Euribor +0.40% (M)	TBD	27,798	EUR	1,353		(5)
Tripod Technology Corporation (E)	GSC	Federal Funds Effective Rate +0.65% (M)	TBD	201,000		765		(43)
Truworths International Limited (E)	GSC	South African Johannesburg Interbank Agreed Rate -0.75% (M)	TBD	(123,857)	ZAR	(6,988)		28
Tsingtao Brewery Co.,Ltd. (E)	GSC	1M HIBOR -0.50% (M)	TBD	(114,000)	HKD	(5,546)		20
Tullow Oil PLC (E)	GSC	Sterling Overnight Index Average +0.40% (M)	TBD	135,613	GBP	316		(29)
Unilever N.V. (E)	GSC	1W Euribor +0.40% (M)	TBD	23,799	EUR	1,294		20
WH Group Limited (E)	GSC	1M HIBOR +0.50% (M)	TBD	3,349,000	HKD	24,414		(103)
Wiwynn Corporation (E)	GSC	Federal Funds Effective Rate +0.65% (M)	TBD	49,000		709		(12)
Xiaomi Corporation (E)	CGM	1M HIBOR -0.40% ? -4.50% (M)	TBD	(1,080,400)	HKD	(9,799)		37
Yamana Gold Inc. (E)	GSC	Federal Funds Effective Rate +0.40% (M)	TBD	98,577		340		(26)
Yara International ASA (E)	GSC	1M Norway Interbank Offered Rate -0.40% (M)	TBD	(9,095)	NOK	(3,552)		(1)
Zhaojin Mining Industry Co., Ltd. (E)	GSC	1M HIBOR -1.00% (M)	TBD	(299,000)	HKD	(2,766)		7
								1,166

JNL Multi-Manager Alternative Fund — OTC Total Return Swap Agreements
Reference Entity2	Rate Paid/Received by Fund2	Counter-party	Expiration	Notional1		Premiums Paid (Received) ($)	Unrealized Appreciation (Depreciation) ($)
Total return swap agreements - receiving return
EQUITY
Avon Products, Inc. (E)	1M LIBOR +0.75% (Q)	BOA	09/17/20		916	—		14
BCA Marketplace PLC (E)	3M LIBOR +0.30% (Q)	BOA	07/27/20		752	—		(18)
Kinder Morgan Canada Limited (E)	1M LIBOR +0.75% (Q)	BOA	09/10/20		1,094	—		5
London Stock Exchange Group PLC (E)	3M LIBOR +0.30% (Q)	BOA	09/23/20		179	—		(1)
Avon Products, Inc. (E)	1M LIBOR +0.50% (Q)	GSC	09/17/20		13	—		(1)

26

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

JNL Multi-Manager Alternative Fund — OTC Total Return Swap Agreements (continued)
Reference Entity2	Rate Paid/Received by Fund2	Counter-party	Expiration	Notional1		Premiums Paid (Received) ($)	Unrealized Appreciation (Depreciation) ($)
Altran Technologies (E)	3M LIBOR +0.40% (Q)	JPM	09/28/20		583	—		(13)
Cobham PLC (E)	3M LIBOR +0.30% (Q)	JPM	10/01/20		3,912	—		(122)
EI Group PLC (E)	1M LIBOR +0.45% (Q)	JPM	09/28/20		625	—		—
Inmarsat PLC (E)	1M LIBOR +0.55% (Q)	JPM	04/03/20		1,045	—		21
Innogy SE (E)	3M LIBOR +0.40% (Q)	JPM	07/22/20		1,337	—		26
OSRAM Licht AG (E)	3M LIBOR +0.40% (Q)	JPM	09/28/20		2,331	—		157
TPV Technology Limited (E)	3M LIBOR +0.40% (Q)	JPM	09/14/20		435	—		2
ZOZO, Inc. (E)	3M LIBOR +0.40% (Q)	JPM	09/28/20		676	—		3
Aveo Retirement Homes (No 2) Pty Ltd (E)	3M LIBOR +0.40% (Q)	UBS	09/21/20		1,333	—		4
BCA Marketplace PLC (E)	3M LIBOR +0.30% (Q)	UBS	07/27/20		2,013	—		(97)
Inmarsat PLC (E)	3M LIBOR +0.30% (Q)	UBS	04/03/20		1,026	—		44
Merlin Entertainments PLC (E)	3M LIBOR +0.30% (Q)	UBS	08/19/20		6	—		—
						—		24
Total return swap agreements - paying return
EQUITY
Brookfield Property Partners L.P. (E)	1M LIBOR -2.50% (Q)	BOA	03/03/20		(142)	—		3
Natura Cosméticos S.A. (E)	1M LIBOR -10.00% (Q)	BOA	09/21/20		(1,024)	—		(21)
Pembina Pipeline Corporation (E)	1M LIBOR -0.35% (Q)	BOA	09/10/20		(1,118)	—		1
Natura Cosméticos S.A. (E)	1M LIBOR -10.00% (Q)	BOA	09/21/20		(2)	—		1
						—		(16)

JNL Multi-Manager Alternative Fund — OTC Total Return Basket Swap Agreements
Paying Return of Reference Entity2	Counterparty	Rate Received by Fund2	Expiration	Notional1		Net Value of Reference Entities ($)		Unrealized Appreciation (Depreciation) ($)
Short Equity Securities (E)	MSC	Federal Funds Effective Rate (M)	04/27/21		46,890		(46,100)		734

	Shares		Value ($)
Reference Entity - Short Equity Securities
Communication Services
Grubhub Holdings Inc.		(2)		(112)
The Madison Square Garden Company		—		(100)
World Wrestling Entertainment, Inc.		(3)		(206)
				(418)
Consumer Discretionary
Advance Auto Parts, Inc.		(1)		(124)
Amazon.com Inc. (a)		—		(200)
Autoliv, Inc.		(1)		(110)
Big Lots, Inc.		(7)		(162)
Brunswick Corporation		(8)		(407)
Burlington Stores, Inc.		(1)		(120)
Canada Goose Holdings Inc.		(1)		(57)
Capri Holdings Limited		(6)		(182)
Carnival Corporation		(2)		(105)
Carvana Co.		(3)		(191)
D.R. Horton, Inc.		(1)		(69)
Domino's Pizza, Inc.		—		(73)
Dorman Products Inc.		(2)		(127)
Five Below, Inc.		—		(50)
Genuine Parts Co.		(1)		(50)
Leggett & Platt, Incorporated		(5)		(205)
Lennar Corporation		(1)		(56)
Liberty Broadband Corporation		(3)		(304)
Liberty Broadband Corporation		(1)		(73)
Lowe's Companies Inc.		(1)		(77)
Marriott International, Inc.		(1)		(99)
Marriott Vacations Worldwide Corporation		(3)		(311)
Mohawk Industries, Inc. (a)		(2)		(186)
Netflix, Inc.		(1)		(145)
Nike Inc.		(1)		(85)
Nordstrom, Inc.		(3)		(88)
Ollie's Bargain Outlet Holdings, Inc.		(2)		(135)
O'Reilly Automotive, Inc.		—		(48)
Papa John's International Inc.		(2)		(105)
Red Rock Resorts, Inc.		(5)		(104)
Royal Caribbean Cruises Ltd.		(2)		(162)
Sirius XM Holdings Inc.		(65)		(408)
Tesla Motors Inc.		—		(72)
Texas Roadhouse, Inc.		(1)		(68)
	Shares		Value ($)
Consumer Discretionary (continued)
The Cheesecake Factory Incorporated		(1)		(46)
The Gap, Inc.		(6)		(108)
Thor Industries, Inc.		(5)		(295)
Tiffany & Co.		(4)		(398)
TJX Cos. Inc.		(2)		(89)
TWDC Enterprise 18 Corp.		(3)		(417)
Visteon Corporation		(1)		(91)
Wayfair Inc.		(2)		(258)
Wolverine World Wide, Inc.		(6)		(161)
				(6,621)
Consumer Staples
Archer-Daniels-Midland Company		(17)		(710)
Constellation Brands, Inc.		(1)		(145)
Herbalife Nutrition Ltd.		(3)		(106)
Hormel Foods Corporation		(3)		(136)
Lancaster Colony Corporation		—		(42)
National Beverage Corp.		(5)		(231)
PriceSmart, Inc.		(2)		(156)
The Clorox Company		(1)		(175)
The Kroger Co.		(2)		(62)
				(1,763)
Energy
Centennial Resource Development, LLC		(12)		(54)
Cheniere Energy, Inc.		(4)		(271)
Concho Resources Inc.		(6)		(401)
EOG Resources, Inc.		(1)		(37)
Exxon Mobil Corp.		(4)		(311)
Jagged Peak Energy Inc.		(20)		(144)
Matador Resources Company		(15)		(250)
McDermott International, Inc.		(8)		(15)
Murphy Oil Corporation		(3)		(55)
Noble Energy, Inc.		(4)		(99)
ONEOK, Inc.		(5)		(376)
Pembina Pipeline Corporation		(5)		(189)
Targa Resources Corp.		(13)		(518)
				(2,720)
Financials
American International Group, Inc.		(2)		(89)
Aon PLC		—		(48)

27

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

	Shares		Value ($)
Financials (continued)
Arthur J. Gallagher & Co.		(1)		(116)
BOK Financial Corporation		(2)		(150)
Brookfield Asset Management Inc.		(8)		(414)
Cboe Global Markets, Inc.		(3)		(368)
Charles Schwab Corporation, The		(10)		(427)
Chubb Limited		(1)		(178)
CME Group Inc.		(3)		(697)
CNO Financial Group, Inc.		(6)		(98)
Columbia Banking System, Inc.		(4)		(148)
Cullen/Frost Bankers, Inc.		(5)		(407)
First Financial Bancorp.		(16)		(396)
First Financial Bancshares, Inc.		(5)		(150)
First Interstate BancSystem, Inc.		(3)		(121)
First Republic Bank		(2)		(203)
Green Dot Corporation		(9)		(220)
Home BancShares, Inc.		(5)		(101)
Independent Bank Corp.		(1)		(82)
Interactive Brokers Group, Inc.		(5)		(274)
Intercontinental Exchange, Inc.		(1)		(83)
M&T Bank Corporation		(1)		(190)
Markel Corporation		(1)		(691)
MarketAxess Holdings Inc.		—		(111)
Marsh & McLennan Cos. Inc.		(3)		(290)
Northern Trust Corporation		(1)		(56)
Old National Bancorp		(15)		(260)
People's United Financial, Inc.		(4)		(55)
Phoenix Life Insurance Company		(1)		(85)
State Street Corporation		(6)		(367)
TD Ameritrade Holding Corporation		(5)		(215)
TFS Financial Corporation		(11)		(189)
The Bank of New York Mellon Corporation		(9)		(393)
United Bankshares, Inc.		(4)		(163)
VICI Properties Inc.		(26)		(584)
Webster Financial Corporation		(7)		(314)
Wells Fargo & Company		(6)		(303)
WisdomTree Investments, Inc.		(25)		(131)
				(9,167)
Health Care
ABIOMED, Inc.		—		(32)
Acceleron Pharma Inc.		(1)		(47)
Agios Pharmaceuticals, Inc.		(7)		(227)
Akorn, Inc.		(9)		(34)
Alnylam Pharmaceuticals, Inc.		(2)		(177)
Amicus Therapeutics, Inc.		(29)		(229)
Aurora Cannabis Inc.		(18)		(80)
Avanos Medical, Inc.		(5)		(195)
Becton, Dickinson and Company		—		(63)
Bluebird Bio, Inc.		(3)		(275)
Blueprint Medicines Corporation		(1)		(88)
Cantel Medical Corp.		(5)		(389)
Catalent, Inc.		(5)		(219)
Clovis Oncology, Inc.		(9)		(33)
Globus Medical, Inc.		(4)		(179)
Healthcare Trust of America, Inc.		(10)		(297)
Humana Inc.		(1)		(159)
ICU Medical, Inc.		(2)		(311)
Illumina, Inc.		(1)		(274)
Immunomedics, Inc.		(16)		(206)
Inogen, Inc.		(3)		(163)
Insulet Corporation		(1)		(231)
Intuitive Surgical, Inc.		(1)		(432)
LivaNova PLC		(3)		(251)
Merit Medical Systems, Inc.		(3)		(79)
Nektar Therapeutics		(6)		(107)
Neogen Corporation		(2)		(123)
Nevro Corp.		(2)		(198)
Portola Pharmaceuticals, Inc.		(5)		(145)
Qiagen N.V.		(2)		(79)
Quidel Corporation		(1)		(49)
Sage Therapeutics Inc.		(1)		(161)
Sarepta Therapeutics, Inc.		(3)		(249)
				(5,781)
	Shares		Value ($)
Industrials
3M Co.		(1)		(115)
A. O. Smith Corporation		(2)		(86)
Air Lease Corporation		(1)		(50)
American Airlines Group Inc.		(13)		(361)
BWXT Government Group, Inc.		(9)		(515)
Equifax Inc.		—		(42)
Fastenal Company		(4)		(118)
FedEx Corporation		(3)		(393)
Floor & Decor Holdings, Inc.		(2)		(87)
Fortive Corporation		(3)		(233)
General Dynamics Corporation		(2)		(301)
Granite Construction Incorporated		(8)		(251)
Healthcare Services Group, Inc.		(11)		(262)
J. B. Hunt Transport Services, Inc.		(2)		(232)
Knight-Swift Transportation Holdings Inc.		(1)		(44)
Middleby Corp.		(1)		(70)
Northrop Grumman Corporation		—		(30)
Proto Labs, Inc.		(1)		(51)
Ritchie Bros. Auctioneers Incorporated		(5)		(215)
Rollins, Inc.		(9)		(290)
SiteOne Landscape Supply, Inc.		(3)		(222)
Stericycle, Inc.		(3)		(137)
The Boeing Company		(1)		(342)
Trinity Industries, Inc.		(21)		(407)
Watsco, Inc.		(3)		(524)
Welbilt, Inc.		(24)		(400)
				(5,778)
Information Technology
2U, Inc.		(10)		(168)
3D Systems Corporation		(19)		(158)
Alphabet Inc.		—		(24)
Amphenol Corporation		(2)		(222)
Black Knight, Inc.		(2)		(110)
BlackBerry Limited		(7)		(36)
Box, Inc.		(3)		(43)
Citrix Systems, Inc.		(2)		(174)
Cognex Corporation		(6)		(290)
Corning Incorporated		(11)		(317)
DXC Technology Company		(4)		(115)
Envestnet, Inc.		(1)		(51)
F5 Networks, Inc.		—		(63)
FireEye, Inc.		(6)		(79)
First Solar, Inc.		(6)		(348)
Gartner, Inc.		(3)		(458)
Guidewire Software, Inc.		(2)		(190)
IPG Photonics Corporation		(4)		(475)
Jack Henry & Associates, Inc.		(2)		(336)
Littelfuse, Inc.		(3)		(612)
Marvell Technology Group Ltd		(5)		(115)
Monolithic Power Systems, Inc.		(3)		(467)
New Relic, Inc.		(2)		(123)
Novantas Inc.		(1)		(82)
Nutanix, Inc.		(11)		(286)
Palo Alto Networks, Inc.		(1)		(204)
Pegasystems Inc.		(4)		(265)
Plantronics, Inc.		(2)		(71)
Pure Storage, Inc.		(18)		(305)
Salesforce.Com, Inc.		—		(67)
Splunk Inc.		(1)		(71)
Switch Inc		(7)		(112)
Tyler Technologies Inc.		—		(52)
ViaSat, Inc.		(3)		(218)
Zillow Group, Inc.		(8)		(236)
				(6,943)
Materials
Agnico Eagle Mines Limited		(3)		(177)
Albemarle Corporation		(2)		(118)
AptarGroup, Inc.		(1)		(71)
Commercial Metals Company		(6)		(97)
Franco-Nevada Corporation		—		(27)
Graphic Packaging Holding Company		(7)		(106)
Linde Public Limited Company		(1)		(252)
Louisiana-Pacific Corporation		(3)		(64)

28

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

	Shares			Value ($)
Materials (continued)
Martin Marietta Materials, Inc.		—			(27)
MOS Holdings Inc.		(6)			(113)
Nutrien Ltd.		(8)			(414)
United States Steel Corporation		(7)			(76)
					(1,542)
Real Estate
CoreSite Realty Corporation		(3)			(317)
Corporate Office Properties Trust		(1)			(24)
Digital Realty Trust, Inc.		(4)			(532)
Healthcare Realty Trust Incorporated		(5)			(157)
Highwoods Properties, Inc.		(7)			(292)
Host Hotels & Resorts, Inc.		(10)			(168)
Hudson Pacific Properties, Inc.		(6)			(204)
Iron Mountain Inc.		(3)			(87)
Kilroy Realty Corporation		—			(31)
Mack-Cali Realty Corporation		(10)			(208)
Park Hotels & Resorts Inc.		(6)			(142)
Sabra Health Care REIT, Inc.		(20)			(464)
Senior Housing Properties Trust		(30)			(281)
	Shares		Value ($)
Real Estate (continued)
STAG Industrial, Inc.		(6)			(180)
Tanger Factory Outlet Centers, Inc.		(15)			(231)
The Howard Hughes Corporation		(3)			(402)
The Macerich Company		(15)			(461)
Urban Edge Properties		(5)			(103)
					(4,284)
Technology
Dolby Laboratories Inc. - Class A		(2)			(97)
NVIDIA Corporation		(2)			(374)
					(471)
Telecommunication Services
Vonage Holdings Corp.		(18)			(208)
Utilities
Algonquin Power & Utilities Corp.		(9)			(125)
Aqua America, Inc.		(1)			(58)
Dominion Energy, Inc.		(1)			(105)
NextEra Energy, Inc.		(1)			(116)
					(404)
Total Reference Entity – Short Equity Securities					(46,100)

(a)Non-income producing security.

29

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
JNL Multi-Manager International Small Cap Fund
COMMON STOCKS 96.7%
Japan 17.6%
	Adastria Co. Ltd.	84		1,898
	Akatsuki Inc. (a)	4		249
	Asahi Intecc Co., Ltd.	90		2,385
	Canon Marketing Japan Inc.	28		587
	Daiho Corp.	15		397
	DIP Corporation	39		948
	Edion Corp. (a)	49		478
	GMO Payment Gateway, Inc.	25		1,673
	GungHo Online Entertainment, Inc.	51		1,153
	Harmonic Drive Systems Inc. (a)	43		1,885
	Haseko Corp.	201		2,348
	Heiwa Real Estate Co., Ltd.	19		418
	Hosiden Corporation.	17		177
	Japan Elevator Service Holdings Co.,Ltd.	78		2,049
	Japan Material Co.,Ltd.	160		1,988
	JVCKenwood Corporation	355		1,053
	Kanamoto Co. Ltd.	17		429
	Kandenko Co., Ltd.	68		610
	Kumagai Gumi Co., Ltd.	30		854
	Lasertec Corporation	47		2,976
	Meitec Corp.	12		581
	Mercari, Inc. (b)	63		1,576
	mixi, Inc.	63		1,339
	MonotaRO Co., Ltd.	71		1,884
	NET One Systems Co. Ltd.	32		864
	Nichiigakkan Co., Ltd.	41		679
	Nihon M & A Center Inc.	101		2,865
	Nihon Unisys,Ltd.	13		422
	Nishimatsu Construction Co. Ltd.	21		396
	Oki Electric Industry Company Limited	43		582
	Penta-Ocean Construction Co., Ltd.	144		800
	Pksha Technology Inc. (b)	29		1,277
	Raksul, Inc. (a) (b)	38		1,246
	Rakus Co.,Ltd.	171		2,677
	ShinMaywa Industries, Ltd.	38		449
	Ship Healthcare Holdings, Inc.	28		1,206
	Showa Corp.	73		1,060
	Sumitomo Forestry Co. Ltd.	37		500
	Toho Holdings Co. Ltd.	23		530
	Towa Pharmaceutical Co. Ltd.	46		1,059
	Ushio Inc.	39		557
	Valor Holdings Co. Ltd.	21		353
	Yuasa Trading Co. Ltd.	13		372
			47,829
United Kingdom 9.4%
	ABCAM PLC	102		1,444
	Accesso Technology Group PLC (a) (b)	75		800
	Cineworld Group PLC	55		155
	Craneware PLC (a)	81		2,541
	Dechra Pharmaceuticals PLC	53		1,796
	Dixons Carphone PLC	343		502
	Evraz PLC	288		1,662
	FirstGroup PLC (b)	295		498
	Galliford Try PLC	53		438
	GB Group PLC	258		1,720
	Greggs PLC	18		473
	Hammerson Plc	456		1,590
	Hikma Pharmaceuticals Public Limited Company	52		1,396
	Inchcape PLC	138		1,075
	Keller Group PLC	75		519
	Man Group PLC	417		896
	Northgate PLC	299		1,210
	Serco Group PLC (b)	214		392
	Softcat PLC	40		487
	Spirax-Sarco Engineering PLC	24		2,306
	Stagecoach Group PLC	228		374
	Tate & Lyle Public Limited Company	48		429
	The Go-Ahead Group PLC	16		386
	Wizz Air Holdings PLC (b) (c)	59		2,619
			25,708
Sweden 8.3%
	Avanza Bank Holding AB	284		2,312
	Axfood AB	54		1,157
	Bilia AB	105		837
	Biotage AB	139		1,441
	CellaVision AB	40		1,564
	Cloetta AB - Class B	132		380
	Dios Fastigheter Ab	42		366
	EQT AB (b) (c)	248		2,204
	G&L Beijer Ref AB	102		2,308
	Hemfosa Fastigheter AB	124		1,255
	Hoist Finance AB (publ) (b) (c)	32		183
	Indutrade Aktiebolag	76		2,124
	Karnov Group AB (PUBL) (b)	235		1,141
	Medicover AB (b)	142		1,171
	Nobina AB (publ) (c)	59		371
	Nyfosa AB (b)	124		844
	Peab AB	129		1,145
	SAS AB (b)	292		373
	SSAB AB	251		625
	SWECO Civil AB	11		326
	Wihlborgs Fastigheter AB	29		475
			22,602
Australia 7.8%
	Afterpay Touch Group Limited (b)	156		3,785
	Australian Pharmaceutical Industries Ltd.	1,801		1,648
	Beach Energy Ltd.	407		700
	Charter Hall Limited	291		2,293
	Charter Hall WALE Limited	180		695
	Downer EDI Ltd.	75		396
	Genworth Mortgage Insurance Australia Limited	190		435
	Inghams Group Limited (a)	193		411
	JB Hi-Fi Limited	90		2,067
	Metcash Limited	515		1,038
	Nanosonics Limited (b)	519		2,225
	Resolute Mining Limited (b)	1,504		1,431
	Sandfire Resources NL	303		1,348
	Zip Co Limited (b)	868		2,743
			21,215
Canada 6.9%
	AGF Holdings Inc. - Class B	371		1,735
	Alaris Royalty Corp.	50		746
	Artis Real Estate Investment Trust	39		367
	CAE Inc.	129		3,286
	Cargojet Inc.	27		1,918
	Descartes Systems Group Inc. (b)	58		2,349
	Dream Global Real Estate Investment Trust	94		1,174
	FirstService Corporation	34		3,517
	Kinaxis Inc. (b)	26		1,709
	Parex Resources Inc. (b)	50		765
	TransAlta Corporation	70		717
	Transcontinental Inc. - Class A	34		401
			18,684
Taiwan 5.2%
	Accton Technology Corporation	327		1,729
	Airtac International Group	123		1,464
	Coretronic Corp.	395		476
	HannStar Display Corporation	2,573		532
	International Games System Co., Ltd.	82		1,028
	King Yuan Electronics Co. Ltd.	1,881		2,120
	Radiant Opto-Electronics Corp.	670		2,564
	Simplo Technology Co. Ltd.	192		1,610
	Sino-American Silicon Products Inc.	178		473
	Sunny Friend Environmental Technology Co., Ltd.	202		1,767
	TPK Holding Co., Ltd. (b)	265		479
			14,242
Germany 4.6%
	Ceconomy AG (b)	99		536
	Corestate Capital Holding S.A.	13		464
	Delivery Hero SE (b) (c)	47		2,081
	Deutsche Pfandbriefbank AG (c)	103		1,264
	Edge Equipment Ltd	10		128
	Evotec SE (b)	101		2,262

30

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	Isra Vision AG	41		1,731
	Nemetschek SE	29		1,471
	RIB Software SE	65		1,503
	Wuestenrot & Wuerttembergische AG	56		1,094
			12,534
Netherlands 4.0%
	ASR Nederland N.V.	75		2,784
	BAM Group	282		704
	IMCD B.V.	31		2,320
	Koninklijke VolkerWessels	40		702
	Signify N.V. (c)	32		883
	Takeaway.com N.V. (a) (b) (c)	35		2,818
	Wereldhave N.V. (a)	27		599
			10,810
South Korea 3.7%
	Dae Duck Electronics Research & Gaebal Institute	123		1,120
	DGB Financial Group	167		1,042
	Duzon Bizon Co. Ltd.	38		2,087
	Hyosung Corporation	22		1,570
	LG International Corp.	29		415
	Medy-Tox	3		1,021
	Partron Co., Ltd.	112		1,200
	Settle Bank Inc/Korea (b)	52		1,732
			10,187
Brazil 3.2%
	AES Tiete Energia SA	41		120
	Azul S.A. - ADR (b)	47		1,682
	Grupo SBF S/A (b)	318		1,739
	Notre Dame Intermedica Participacoes S.A.	168		2,210
	Qualicorp S.A.	258		1,923
	Transmissora Alianca de Energia Eletrica S.A.	154		1,065
			8,739
Italy 3.1%
	Amplifon S.p.A	106		2,603
	Azimut Holding S.p.A.	27		507
	Banca IFIS S.p.A.	12		194
	Banca Mediolanum SpA	85		641
	Interpump Group SpA	76		2,404
	Unipol Gruppo Finanziario S.P.A.	380		2,023
			8,372
Switzerland 3.0%
	ALSO Holding AG	—		55
	PSP Swiss Property AG	13		1,597
	Sunrise Communications AG - Class N (a) (c)	6		457
	Tecan Group AG	9		2,079
	VAT Group AG (c)	21		2,703
	Vifor Pharma AG (c)	22		1,286
			8,177
China 3.0%
	China Aoyuan Group Limited	941		1,069
	China Overseas Grand Oceans Group Limited	1,786		813
	China SCE Group Holdings Limited	1,057		489
	China South City Holdings Limited	—		—
	Hangzhou Tigermed Consulting Co., Ltd	222		1,931
	Huaxin Cement Co. Ltd.	1,324		2,602
	Lao Feng Xiang Co. Ltd.	126		426
	Powerlong Real Estate Holdings Limited	291		206
	West China Cement Ltd.	3,516		576
			8,112
India 2.2%
	Granules India Limited	447		661
	Ipca Laboratories Ltd.	33		418
	Karnataka Bank Ltd.	309		330
	NIIT Technologies Limited (d)	5		106
	Power Finance Corporation Limited (b)	517		726
	Syngene International Ltd. (c)	415		1,825
	WNS (Holdings) Limited - ADR (b)	31		1,831
			5,897
Israel 1.6%
	CyberArk Software Ltd. (b)	24		2,356
	Wix.Com Ltd. (b)	17		2,016
			4,372
Mexico 1.6%
	Banco Nacional De Mexico, S.A., Integrante Del Grupo Financiero Banamex	649		904
	Cibanco, S.A., Institucion de Banca Multiple (c)	1,086		1,364
	Qualitas Controladora SAB de CV - Class I	56		199
	Regional, S.A.B. De C.V.	386		1,770
			4,237
Hong Kong 1.6%
	Ausnutria Dairy Corporation Ltd	863		1,131
	K. Wah International Holdings Ltd.	718		380
	Vitasoy International Holdings Ltd.	394		1,600
	Yuexiu Property Co. Ltd.	5,172		1,124
			4,235
Ireland 1.5%
	C & C Group Public Limited Company	502		2,271
	Keywords Studios PLC	124		1,747
			4,018
Denmark 1.1%
	Royal Unibrew A/S	8		653
	Scandinavian Tobacco Group A/S (c)	30		347
	SimCorp A/S	21		1,837
	Topdanmark A/S	2		119
			2,956
United States of America 0.9%
	Elastic NV (b)	29		2,348
United Arab Emirates 0.8%
	Network International Holdings Limited (b) (c)	343		2,262
Jersey 0.8%
	Centamin PLC	208		321
	SANNE Group PLC	289		1,933
			2,254
Norway 0.8%
	Austevoll Seafood ASA	15		143
	SalMar ASA	19		814
	SpareBank 1 SMN	116		1,253
			2,210
Singapore 0.7%
	BW LPG PTE. LTD. (c)	37		214
	Yanlord Land Group Limited	2,062		1,748
			1,962
Russian Federation 0.7%
	HeadHunter Group PLC - ADR	100		1,923
Thailand 0.6%
	AP (Thailand) Public Company Limited (d)	1,539		340
	Major Cineplex Group Plc (d)	716		561
	Origin Property Public Company Limited (d)	328		84
	Supalai Public Company Limited	915		539
			1,524
Turkey 0.5%
	Dogan Sirketler Grubu Holding AS	2,554		693
	Tekfen Holding Anonim Sirketi	197		670
			1,363
South Africa 0.3%
	African Rainbow Minerals Ltd.	62		579
	Astral Foods Ltd.	34		331
			910
Belgium 0.3%
	Agfa-Gevaert NV (b)	80		329
	D'ieteren	9		494
			823
Greece 0.3%
	Motor Oil Hellas Corinth Refineries SA	34		791
Indonesia 0.3%
	PT Indo Tambangraya Megah Tbk	481		421
	PT Media Nusantara Citra Tbk	3,411		298
			719
France 0.2%
	Air France - KLM (b)	10		110

31

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	Coface SA (b)	50		573
			683
Malaysia 0.1%
	George Kent (Malaysia) Bhd	1,126		275
	Total Common Stocks (cost $253,053)		262,973
PREFERRED STOCKS 0.6%
Brazil 0.6%
	Banco do Estado do Rio Grande do Sul S/A.	54		293
	Companhia Paranaense de Energia - Copel - Series B	108		1,299
	Total Preferred Stocks (cost $1,598)		1,592
WARRANTS 0.4%
China 0.4%
	Citigroup Global Markets Holdings Inc. (b) (d) (e) (f)	85		1,184
	Total Warrants (cost $1,340)		1,184
INVESTMENT COMPANIES 0.2%
United States of America 0.2%
	Vanguard FTSE All-World ex-US Small-Cap Index Fund	5		476
	Total Investment Companies (cost $468)		476
SHORT TERM INVESTMENTS 3.1%
Investment Companies 3.1%
	JNL Government Money Market Fund - Institutional Class, 1.86% (g) (h)	8,338		8,338
	Total Short Term Investments (cost $8,338)		8,338
Total Investments 101.0% (cost $264,797)				274,563
Other Assets and Liabilities, Net (1.0)%				(2,595)
Total Net Assets 100.0%				271,968

(a)All or a portion of the security was on loan as of September 30, 2019.

(b)Non-income producing security.

(c)The Adviser has deemed this security, which is exempt from registration under the Securities Act of 1933, as amended, to be liquid based on procedures approved by the Board of Trustees. As of September 30, 2019, the value and the percentage of net assets of these liquid securities was $22,881 and 8.4% of the Fund.

(d)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

(e)Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Schedules of Investments.

(f)Security is restricted to resale to institutional investors. See Restricted Securities in the Schedules of Investments.

(g)Investment in affiliate.

(h)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Citigroup Global Markets Holdings Inc.	08/29/18	1,340	1,184	0.4

Forward Foreign Currency Contracts

Purchased/ Sold	Counter-party	Expiration	Notional1		Value ($)		Unrealized Appreciation (Depreciation) ($)
HKD/USD	BNY	10/03/19	HKD	1,619		207		—
USD/ZAR	BNY	10/03/19	ZAR	(2,074)		(137)		—
						70		—

32

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
JNL Multi-Manager Mid Cap Fund
COMMON STOCKS 97.8%
Information Technology 17.4%
	Akamai Technologies, Inc. (a)	56		5,075
	Amdocs Limited	50		3,305
	ANSYS, Inc. (a)	16		3,542
	Aspen Technology, Inc. (a)	46		5,662
	Autodesk, Inc. (a)	28		4,136
	Blackbaud, Inc.	87		7,832
	Box, Inc. - Class A (a)	164		2,716
	CDW Corp.	68		8,380
	Coherent Inc. (a)	35		5,346
	DXC Technology Company	167		4,912
	Fidelity National Information Services, Inc.	30		3,929
	Flex Ltd. (a)	560		5,856
	Guidewire Software, Inc. (a)	79		8,378
	Hewlett Packard Enterprise Company	313		4,745
	IPG Photonics Corporation (a)	24		3,254
	Keysight Technologies, Inc. (a)	47		4,571
	KLA-Tencor Corp.	33		5,230
	Lam Research Corp.	26		6,009
	Leidos Holdings Inc.	79		6,810
	MAXIMUS Inc.	90		6,940
	Motorola Solutions Inc.	30		5,042
	NCR Corporation (a)	50		1,578
	New Relic, Inc. (a)	70		4,275
	Nuance Communications, Inc. (a)	444		7,242
	Nutanix, Inc. - Class A (a)	240		6,300
	Okta, Inc. - Class A (a)	42		4,185
	Palo Alto Networks, Inc. (a)	61		12,352
	Pure Storage, Inc. - Class A (a)	462		7,826
	ServiceNow, Inc. (a)	22		5,458
	Skyworks Solutions, Inc.	38		3,037
	Splunk Inc. (a)	131		15,499
	Synopsys Inc. (a)	49		6,763
	Western Digital Corp.	81		4,831
	Workday, Inc. - Class A (a)	59		10,028
	Xilinx Inc.	65		6,233
			207,277
Industrials 16.0%
	AGCO Corporation	84		6,363
	Air Lease Corporation - Class A	112		4,684
	Alaska Air Group, Inc.	190		12,302
	AMETEK, Inc.	191		17,538
	Fortive Corporation	182		12,512
	Hubbell Inc.	29		3,813
	IDEX Corporation	55		9,095
	Ingersoll-Rand Public Limited Company	85		10,533
	L3Harris Technologies, Inc.	44		9,180
	Landstar System Inc.	67		7,548
	ManpowerGroup Inc.	62		5,221
	Masonite International Corp. (a)	63		3,654
	Nordson Corp.	86		12,578
	Old Dominion Freight Line Inc.	25		4,249
	Owens Corning Inc.	96		6,087
	Parker Hannifin Corp.	39		7,033
	Quanta Services, Inc.	155		5,864
	Republic Services Inc.	50		4,304
	Rockwell Automation Inc.	97		16,068
	Stericycle Inc. (a)	94		4,813
	Teledyne Technologies Inc. (a)	20		6,440
	Textron Inc.	155		7,581
	Verisk Analytics, Inc.	39		6,167
	Waste Connections, Inc.	55		5,060
	Xylem Inc.	28		2,193
			190,880
Financials 14.8%
	AFLAC Incorporated	84		4,382
	Alleghany Corporation (a)	13		10,571
	American Financial Group, Inc.	67		7,202
	Arch Capital Group Ltd. (a)	182		7,640
	Arthur J Gallagher & Co.	163		14,607
	Commerce Bancshares Inc.	76		4,640
	Cullen/Frost Bankers Inc.	64		5,711
	E*TRADE Financial Corp.	148		6,452
	Everest Re Group, Ltd.	69		18,206
	Fidelity National Financial, Inc.	119		5,305
	First Republic Bank	63		6,092
	Markel Corp. (a)	2		2,952
	Morningstar Inc.	18		2,631
	Northern Trust Corp.	106		9,892
	Old Republic International Corp.	119		2,806
	Progressive Corp.	82		6,334
	Prosperity Bancshares Inc.	187		13,209
	SunTrust Banks Inc.	78		5,360
	SVB Financial Group (a)	22		4,597
	The Allstate Corporation	73		7,885
	The Hartford Financial Services Group, Inc.	105		6,364
	The Travelers Companies, Inc.	50		7,472
	W. R. Berkley Corporation	76		5,469
	Western Alliance Bancorp	129		5,944
	Zions Bancorp	111		4,936
			176,659
Health Care 13.4%
	Alexion Pharmaceuticals, Inc. (a)	37		3,624
	AmerisourceBergen Corporation	131		10,793
	BioMarin Pharmaceutical Inc. (a)	68		4,583
	Bio-Rad Laboratories, Inc. - Class A (a)	17		5,657
	Bio-Techne Corporation	48		9,392
	Cantel Medical Corp.	87		6,542
	Catalent Inc. (a)	148		7,078
	Cooper Cos. Inc.	28		8,167
	Dentsply Sirona Inc.	191		10,209
	Edwards Lifesciences Corporation (a)	52		11,435
	Envista Holdings Corporation (a)	23		636
	Icon Public Limited Company (a)	31		4,568
	Integra LifeSciences Holdings Corp. (a)	189		11,364
	Laboratory Corporation of America Holdings (a)	44		7,476
	Masimo Corp. (a)	34		5,133
	Medidata Solutions, Inc. (a)	62		5,719
	Premier Healthcare Solutions, Inc. - Class A (a)	91		2,632
	Quest Diagnostics Incorporated	103		11,011
	Syneos Health, Inc. - Class A (a)	74		3,938
	Varian Medical Systems, Inc. (a)	36		4,287
	Veeva Systems Inc. - Class A (a)	50		7,634
	Waters Corp. (a)	56		12,501
	West Pharmaceutical Services Inc.	35		5,035
			159,414
Consumer Discretionary 9.8%
	Advance Auto Parts, Inc.	65		10,834
	Aptiv PLC	67		5,857
	AutoNation, Inc. (a)	96		4,884
	BorgWarner Inc.	171		6,257
	Carter's Inc.	90		8,232
	Carvana Co. - Class A (a) (b)	69		4,554
	Darden Restaurants Inc.	54		6,402
	Expedia Group, Inc.	44		5,914
	Foot Locker Inc.	92		3,971
	Hasbro Inc.	104		12,379
	Ross Stores Inc.	68		7,470
	Sally Beauty Holdings, Inc. (a)	263		3,924
	Service Corp. International	129		6,167
	Tiffany & Co.	64		5,910
	Tractor Supply Co.	85		7,733
	Ulta Salon, Cosmetics & Fragrance, Inc. (a)	31		7,645
	Vail Resorts, Inc.	25		5,689
	Yum! Brands Inc.	31		3,550
			117,372
Consumer Staples 9.7%
	Archer-Daniels-Midland Company	247		10,127
	Brown-Forman Corp. - Class B	108		6,780
	Campbell Soup Co.	129		6,076
	Casey's General Stores Inc.	48		7,736
	Clorox Co.	29		4,336
	Flowers Foods Inc.	201		4,642
	Hormel Foods Corp.	258		11,277
	JM Smucker Co.	89		9,792

33

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	Kimberly-Clark Corp.	49		7,007
	Lamb Weston Holdings Inc.	130		9,454
	McCormick & Co. Inc.	30		4,611
	Molson Coors Brewing Company - Class B	113		6,526
	Sysco Corp.	84		6,657
	The Kroger Co.	311		8,012
	Treehouse Foods, Inc. (a)	105		5,822
	US Foods Holding Corp. (a)	157		6,453
			115,308
Real Estate 4.8%
	Alexandria Real Estate Equities, Inc.	53		8,164
	Healthcare Trust of America, Inc. - Class A	242		7,096
	Highwoods Properties Inc.	139		6,229
	Jones Lang LaSalle Incorporated	30		4,172
	Lamar Advertising Co. - Class A	92		7,560
	Liberty Property Trust	80		4,106
	National Retail Properties Inc.	79		4,432
	Public Storage	23		5,543
	Starwood Property Trust, Inc.	310		7,508
	Vornado Realty Trust	45		2,865
			57,675
Materials 4.4%
	AptarGroup, Inc.	98		11,614
	ARD Holdings S.A. - Class A	146		2,289
	Avery Dennison Corporation	53		6,028
	Eastman Chemical Co.	121		8,970
	International Flavors & Fragrances Inc. (b)	53		6,503
	Packaging Corp. of America	35		3,663
	Reliance Steel & Aluminum Co.	84		8,383
	Westlake Chemical Corp.	71		4,629
			52,079
Utilities 2.9%
	Alliant Energy Corporation	111		5,962
	Ameren Corporation	86		6,884
	DTE Energy Company	69		9,159
	Eversource Energy	90		7,692
	Xcel Energy Inc.	86		5,592
			35,289
Communication Services 2.6%
	CBS Corporation - Class B	119		4,785
	Cinemark Holdings, Inc.	176		6,787
	Interpublic Group of Cos. Inc.	198		4,260
	John Wiley & Sons Inc. - Class A	116		5,119
	Live Nation Inc. (a)	90		5,971
	World Wrestling Entertainment, Inc. - Class A (b)	66		4,696
			31,618
Energy 2.0%
	Apergy Corporation (a)	63		1,704
	Cimarex Energy Co.	122		5,849
	Core Laboratories N.V. (b)	45		2,098
	Devon Energy Corporation	227		5,450
	Parsley Energy Inc. - Class A	256		4,298
	Pioneer Natural Resources Co.	37		4,653
			24,052
	Total Common Stocks (cost $1,019,190)		1,167,623
SHORT TERM INVESTMENTS 3.3%
Investment Companies 2.4%
	JNL Government Money Market Fund - Institutional Class, 1.86% (c) (d)	28,220		28,220
Securities Lending Collateral 0.9%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (c) (d)	10,701		10,701
	Total Short Term Investments (cost $38,921)		38,921
Total Investments 101.1% (cost $1,058,111)				1,206,544
Other Assets and Liabilities, Net (1.1)%				(13,332)
Total Net Assets 100.0%				1,193,212

(a)Non-income producing security.

(b)All or a portion of the security was on loan as of September 30, 2019.

(c)Investment in affiliate.

(d)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

34

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
JNL Multi-Manager Small Cap Growth Fund
COMMON STOCKS 97.3%
Information Technology 28.2%
	2U, Inc. (a)	146		2,377
	A10 Networks, Inc. (a)	42		288
	Acacia Communications, Inc. (a)	112		7,302
	ACI Worldwide, Inc. (a)	586		18,335
	ADTRAN, Inc.	55		620
	Airgain, Inc. (a)	42		499
	Alarm.Com Holdings, Inc. (a)	20		915
	ANSYS, Inc. (a)	62		13,736
	AppFolio, Inc. - Class A (a)	5		466
	Appian Corporation - Class A (a) (b)	5		242
	Arco Platform Limited - Class A (a)	113		5,731
	Aspen Technology, Inc. (a)	182		22,370
	Avalara, Inc. (a)	177		11,881
	Avid Technology, Inc. (a)	42		263
	Badger Meter, Inc.	24		1,277
	Black Knight, Inc. (a)	212		12,950
	Blackline, Inc. (a)	386		18,455
	Brooks Automation Inc.	418		15,487
	Cabot Microelectronics Corporation	55		7,800
	Carbonite Inc. (a)	389		6,033
	Cardtronics PLC - Class A (a)	46		1,378
	CEVA Inc. (a)	90		2,701
	Cirrus Logic Inc. (a)	19		1,003
	Cloudflare, Inc. (a) (b)	33		612
	Cornerstone OnDemand, Inc. (a)	319		17,498
	Coupa Software Incorporated (a)	168		21,833
	Digital Turbine USA, Inc. (a) (b)	43		278
	Diodes Inc. (a)	31		1,243
	DocuSign, Inc. (a)	445		27,596
	Enphase Energy, Inc. (a)	293		6,500
	Envestnet, Inc. (a)	80		4,547
	Euronet Worldwide Inc. (a)	169		24,683
	Everbridge, Inc. (a)	70		4,326
	EVERTEC, Inc.	102		3,173
	EVO Payments, Inc. - Class A (a)	235		6,610
	Fabrinet (a)	86		4,488
	Fair Isaac Corp. (a)	31		9,324
	Globant S.A. (a)	76		6,967
	Health Catalyst, Inc. (a) (b)	106		3,340
	HubSpot Inc. (a)	23		3,552
	Impinj, Inc. (a) (b)	19		576
	INPHI Corporation (a)	58		3,532
	Insight Enterprises, Inc. (a)	11		604
	Intelligent Systems Corporation (a) (b)	12		517
	InterXion Holding N.V. (a)	265		21,564
	Itron Inc. (a)	42		3,129
	J2 Cloud Services, LLC	5		463
	Limelight Networks, Inc. (a)	850		2,576
	Littelfuse Inc.	62		10,984
	LivePerson, Inc. (a)	687		24,544
	Liveramp, Inc. (a)	96		4,092
	Lumentum Holdings Inc. (a)	12		627
	MaxLinear, Inc. - Class A (a)	89		1,986
	Mimecast Uk Limited (a)	108		3,853
	MKS Instruments, Inc.	62		5,698
	Model N, Inc. (a)	11		305
	Monolithic Power Systems Inc.	67		10,410
	Monotype Imaging Holdings Inc.	31		617
	NAPCO Security Technologies Inc. (a) (b)	15		374
	NVE Corp.	49		3,236
	OSI Systems Inc. (a)	110		11,213
	Paycom Software, Inc. (a)	219		46,011
	Paylocity Holding Corporation (a)	234		22,870
	Pluralsight, Inc. - Class A (a) (b)	265		4,451
	Power Integrations Inc.	55		4,966
	Progress Software Corp.	18		667
	Proofpoint, Inc. (a)	40		5,157
	PROS Holdings, Inc. (a)	78		4,676
	Q2 Holdings, Inc. (a)	71		5,589
	Qualys, Inc. (a)	34		2,566
	Rapid7, Inc. (a)	71		3,196
	RingCentral, Inc. - Class A (a)	203		25,545
	Rogers Corp. (a)	38		5,252
	Rudolph Technologies Inc. (a)	156		4,100
	Sanmina Corp. (a)	27		856
	Science Applications International Corp.	7		595
	ShotSpotter, Inc. (a) (b)	147		3,390
	Silicon Laboratories Inc. (a)	111		12,373
	SPS Commerce, Inc. (a)	340		16,032
	Tech Data Corp. (a)	12		1,231
	Tenable Holdings, Inc. (a)	32		709
	TTEC Holdings, Inc.	7		349
	Upland Software, Inc. (a)	86		2,983
	Varonis Systems, Inc. (a)	95		5,691
	Verint Systems Inc. (a)	37		1,585
	Viavi Solutions Inc. (a)	326		4,556
	Virtusa Corporation (a)	286		10,288
	Vishay Precision Group, Inc. (a)	18		585
	Wex, Inc. (a)	26		5,171
	Wix.Com Ltd. (a)	78		9,141
	WNS (Holdings) Limited - ADR (a)	91		5,362
	Workiva Inc. - Class A (a)	6		245
	Xperii Corp.	39		806
	Zendesk, Inc. (a)	9		644
	Zscaler, Inc. (a)	16		748
			627,965
Health Care 20.4%
	ACADIA Pharmaceuticals Inc. (a)	46		1,641
	Acceleron Pharma Inc. (a)	86		3,399
	Agenus Inc. (a)	168		434
	Aimmune Therapeutics, Inc. (a) (b)	132		2,764
	Allakos Inc. (a) (b)	34		2,680
	Amedisys, Inc. (a)	4		540
	Amicus Therapeutics, Inc. (a)	398		3,193
	AMN Healthcare Services, Inc. (a)	10		570
	AngioDynamics, Inc. (a)	267		4,911
	ANI Pharmaceuticals, Inc. (a)	38		2,756
	Apellis Pharmaceuticals, Inc. (a)	155		3,723
	Arena Pharmaceuticals, Inc. (a)	89		4,040
	argenx SE - ADR (a) (b)	72		8,171
	Arrowhead Pharmaceuticals Inc (a) (b)	55		1,553
	Arvinas, Inc. (a)	29		636
	Ascendis Pharma A/S - ADR (a)	42		4,002
	Audentes Therapeutics, Inc. (a)	104		2,913
	Autolus Therapeutics PLC - ADS (a) (b)	194		2,414
	BioLife Solutions, Inc. (a) (b)	121		2,013
	BioSpecifics Technologies Corp. (a)	14		760
	Bluebird Bio, Inc. (a)	64		5,907
	Blueprint Medicines Corporation (a)	68		4,982
	Bridgebio Pharma, Inc. (a) (b)	90		1,935
	Cardiovascular Systems Inc. (a)	168		8,010
	Caredx, Inc. (a)	11		252
	Catalyst Pharmaceuticals, Inc. (a)	86		455
	Celyad SA - ADR (a)	70		702
	Cidara Therapeutics Inc. (a) (b)	273		544
	Coherus Biosciences, Inc. (a) (b)	48		982
	Conmed Corp.	99		9,556
	Cooper Cos. Inc.	32		9,382
	Corcept Therapeutics Inc. (a)	71		1,001
	Corvel Corp. (a)	3		195
	CRISPR Therapeutics AG (a) (b)	21		861
	Cryoport, Inc. (a) (b)	256		4,185
	Cytokinetics, Incorporated (a)	56		634
	Cytomx Therapeutics, Inc. (a)	298		2,196
	Denali Therapeutics Inc. (a) (b)	74		1,139
	Dermira, Inc. (a)	79		505
	DexCom Inc. (a)	50		7,534
	Eagle Pharmaceuticals Inc. (a)	28		1,562
	Editas Medicine, Inc. (a) (b)	33		757
	Enanta Pharmaceuticals, Inc. (a)	64		3,848
	Epizyme, Inc. (a)	203		2,095
	Equillium, Inc. (a)	153		580
	Esperion Therapeutics, Inc. (a)	101		3,688
	Exact Sciences Corporation (a)	175		15,859
	Fate Therapeutics, Inc. (a)	310		4,808

35

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	FibroGen, Inc. (a)	61		2,266
	Fluidigm Corporation (a)	344		1,594
	Genfit - Class A - ADR (a) (b)	100		1,745
	Genomic Health, Inc. (a)	76		5,152
	Glaukos Corp. (a)	54		3,363
	Gossamer Bio, Inc. (a)	121		2,032
	GW Pharmaceuticals plc - ADS (a)	108		12,447
	Haemonetics Corp. (a)	16		2,009
	Halozyme Therapeutics, Inc. (a)	31		473
	Hanger, Inc. (a)	166		3,389
	Harvard Bioscience Inc. (a)	583		1,792
	HealthEquity, Inc. (a)	308		17,591
	Horizon Therapeutics Public Limited Company (a)	274		7,453
	Immunomedics Inc. (a) (b)	194		2,567
	Innoviva, Inc. (a)	202		2,132
	Insmed Inc. (a)	304		5,370
	Inspire Medical Systems Inc. (a)	56		3,388
	Insulet Corporation (a) (b)	24		3,943
	Integer Holdings Corporation (a)	38		2,866
	Intellia Therapeutics, Inc. (a) (b)	36		482
	Intercept Pharmaceuticals, Inc. (a) (b)	53		3,491
	Invacare Corp.	235		1,766
	Invitae Corporation (a)	156		3,005
	Iovance Biotherapeutics Inc. (a) (b)	217		3,945
	Iradimed Corp. (a) (b)	19		404
	iRhythm Technologies Inc. (a) (b)	55		4,076
	Ironwood Pharmaceuticals, Inc. - Class A (a) (b)	238		2,045
	Iterum Therapeutics Public Limited Company (a)	146		863
	Jounce Therapeutics Inc. (a)	57		190
	Kindred Healthcare Inc. (a)	373		2,558
	Kura Operations, Inc. (a)	175		2,654
	Lantheus Holdings Inc. (a)	40		990
	LHC Group, Inc. (a)	127		14,434
	Ligand Pharmaceuticals Incorporated (a) (b)	106		10,548
	MacroGenics Inc. (a)	99		1,267
	Magellan Health Services Inc. (a)	38		2,339
	MannKind Corporation (a) (b)	205		257
	Masimo Corp. (a)	101		15,101
	Medicines Co. (a) (b)	206		10,309
	Medpace Holdings, Inc. (a)	41		3,475
	Melinta Subsidiary Corp. (a) (b)	150		570
	Mesa Laboratories, Inc. (b)	29		6,972
	Mirati Therapeutics, Inc. (a)	38		2,910
	Molina Healthcare, Inc. (a)	7		821
	Myovant Sciences Ltd. (a) (b)	265		1,379
	National Research Corp. - Class A	225		13,012
	Neogenomics, Inc. (a)	484		9,249
	Neurocrine Biosciences, Inc. (a)	126		11,367
	Novocure Limited (a)	49		3,668
	Omeros Corporation (a) (b)	66		1,080
	Omnicell, Inc. (a)	13		915
	Oxford Immunotec Global PLC (a)	391		6,506
	Paratek Pharmaceuticals Inc. (a) (b)	108		469
	Penumbra, Inc. (a) (b)	12		1,568
	Portola Pharmaceuticals, Inc. (a) (b)	101		2,702
	Quidel Corporation (a)	44		2,689
	Radius Health Inc. (a)	108		2,770
	Recro Pharma, Inc. (a)	44		488
	Regenxbio Inc. (a)	5		191
	Repligen Corporation (a)	99		7,577
	Sangamo Therapeutics Inc. (a)	61		553
	SIGA Technologies, Inc. (a) (b)	39		199
	Silk Road Medical, Inc. (a) (b)	81		2,644
	Simulations Plus Inc.	16		553
	Spark Therapeutics, Inc. (a)	9		832
	Spero Therapeutics, Inc. (a)	88		935
	Staar Surgical Co. (a) (b)	49		1,264
	Supernus Pharmaceuticals Inc. (a)	50		1,372
	Tactile Systems Technology, Inc. (a)	9		386
	Tandem Diabetes Care Inc. (a)	41		2,399
	Teladoc Health, Inc. (a) (b)	144		9,780
	The Ensign Group, Inc.	177		8,395
	Theravance Biopharma, Inc. (a) (b)	50		970
	U. S. Physical Therapy, Inc.	113		14,728
	Veeva Systems Inc. - Class A (a)	59		9,076
	Veracyte, Inc. (a)	43		1,027
	Vericel Corporation (a) (b)	13		200
	Voyager Therapeutics, Inc. (a)	22		384
	West Pharmaceutical Services Inc.	53		7,552
	Zogenix, Inc. (a)	22		900
			454,090
Industrials 20.0%
	AAON, Inc.	404		18,569
	Advanced Energy Industries, Inc. (a)	90		5,189
	Aerojet Rocketdyne Holdings, Inc. (a)	37		1,886
	Aircastle Limited	58		1,307
	Albany International Corp. - Class A	171		15,449
	Allegiant Travel Company	4		561
	Armstrong World Industries, Inc.	89		8,566
	Atkore International Group Inc. (a)	44		1,339
	Avis Budget Group, Inc. (a)	16		458
	Axone Intelligence Inc. (a)	380		21,571
	Azul S.A. - ADR (a)	338		12,105
	Barrett Business Services, Inc.	9		841
	Brady Corp. - Class A	22		1,167
	Builders FirstSource, Inc. (a)	86		1,777
	Ceco Environmental Corp. (a)	32		220
	Chart Industries, Inc. (a)	100		6,211
	Clean Harbors Inc. (a)	84		6,462
	Columbus Mckinnon Corp.	264		9,610
	Continental Building Products Inc. (a)	8		232
	Copart Inc. (a)	320		25,746
	CoStar Group, Inc. (a)	40		23,643
	Douglas Dynamics, Inc.	207		9,220
	Dycom Industries, Inc. (a)	116		5,912
	EMCOR Group, Inc.	58		5,038
	ESCO Technologies Inc.	85		6,747
	Exponent, Inc.	45		3,137
	Forward Air Corp.	110		6,980
	FTI Consulting Inc. (a)	84		8,857
	Generac Holdings Inc. (a)	146		11,424
	Great Lakes Dredge & Dock Corp. (a)	93		968
	HEICO Corp. - Class A	252		24,472
	Herc Holdings Inc. (a)	8		357
	Herman Miller Inc.	29		1,320
	Hexcel Corp.	92		7,532
	Hillenbrand Inc.	80		2,457
	IDEX Corporation	42		6,817
	Insperity, Inc.	14		1,381
	John Bean Technologies Corp.	72		7,114
	Kennametal Inc.	48		1,479
	Kforce Inc.	35		1,308
	Kornit Digital Ltd. (a) (b)	316		9,739
	Lawson Products Inc. (a)	170		6,589
	MasTec Inc. (a)	79		5,140
	McGrath RentCorp	33		2,287
	Mercury Systems Inc. (a)	161		13,069
	Meritor, Inc. (a)	155		2,862
	Mesa Air Group, Inc. (a)	57		385
	Mobile Mini, Inc.	15		557
	MSA Safety Inc.	3		366
	NV5 Global, Inc. (a) (b)	93		6,323
	Old Dominion Freight Line Inc.	136		23,047
	Omega Flex Inc. (b)	196		20,024
	RBC Bearings Incorporated (a)	69		11,517
	Rush Enterprises Inc. - Class A	163		6,297
	Safe Bulkers, Inc. (a)	79		138
	Saia, Inc. (a)	7		687
	Simpson Manufacturing Co. Inc.	66		4,540
	SiteOne Landscape Supply, Inc. (a) (b)	213		15,762
	Teledyne Technologies Inc. (a)	21		6,887
	Tetra Tech, Inc.	37		3,208
	Titan Machinery Inc. (a)	415		5,954
	Trex Company, Inc. (a)	131		11,921
	TriNet Group Inc. (a)	55		3,439
	Triton Container International Limited - Class A	38		1,288
	Universal Forest Products Inc.	29		1,169
	Watts Water Technologies Inc. - Class A	68		6,332
			444,956

36

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
Consumer Discretionary 10.2%
	1-800-Flowers.Com, Inc. - Class A (a)	46		679
	American Eagle Outfitters, Inc.	88		1,426
	Asbury Automotive Group, Inc. (a)	45		4,635
	Bloomin' Brands, Inc.	129		2,435
	Bright Horizons Family Solutions Inc. (a)	60		9,226
	Brinker International Inc. (b)	51		2,171
	Burlington Stores Inc. (a)	44		8,892
	Chegg, Inc. (a)	232		6,937
	Churchill Downs Inc.	14		1,672
	Collectors Universe, Inc.	13		362
	Cracker Barrel Old Country Store, Inc. (b)	3		544
	Crocs Inc. (a)	37		1,031
	Deckers Outdoor Corp. (a)	12		1,769
	Dine Brands Global Inc.	118		8,925
	Eldorado Resorts, Inc. (a) (b)	106		4,239
	ETSY, Inc. (a)	343		19,363
	Everi Holdings Inc. (a)	245		2,073
	Fox Factory Holding Corp. (a)	431		26,829
	Frontdoor, Inc. (a)	184		8,915
	Funko Inc. - Class A (a) (b)	25		516
	Gentherm Incorporated (a)	143		5,896
	Gopro Inc. - Class A (a) (b)	76		392
	Grand Canyon Education, Inc. (a)	26		2,590
	Group 1 Automotive Inc.	7		668
	Helen of Troy Ltd (a)	15		2,417
	Lindblad Expeditions Holdings Inc. (a)	27		453
	Liquidity Services, Inc. (a)	106		781
	Marine Products Corp.	23		327
	MarineMax Inc. (a)	372		5,764
	Modine Manufacturing Co. (a)	452		5,144
	Monro Inc.	81		6,403
	Ollie's Bargain Outlet Holdings Inc. (a)	311		18,214
	OneSpaWorld Holdings Limited (a) (b)	700		10,865
	PetMed Express Inc. (b)	33		589
	Planet Fitness, Inc. - Class A (a)	151		8,759
	Regis Corp. (a)	103		2,091
	RH (a) (b)	8		1,452
	Rumbleon Inc. - Class B (a)	675		1,950
	Seaworld Entertainment, Inc. (a)	52		1,378
	Shake Shack Inc. - Class A (a)	7		735
	Sleep Number Corporation (a)	21		871
	Sportsman's Warehouse Holdings, Inc. (a) (b)	53		273
	Steven Madden Ltd.	166		5,967
	Stoneridge, Inc. (a)	11		341
	Strategic Education, Inc.	152		20,650
	Vail Resorts, Inc.	38		8,635
			226,244
Financials 6.2%
	Amalgamated Bank - Class A	11		182
	eHealth, Inc. (a)	179		11,921
	Ellington Financial Inc.	53		964
	Enova International, Inc. (a)	61		1,267
	Essent Group Ltd.	211		10,045
	Exantas Capital Corp.	44		502
	FactSet Research Systems Inc.	46		11,257
	Federated Investors Inc. - Class B	15		486
	First Financial Bancshares, Inc.	26		880
	FirstCash, Inc.	197		18,030
	Foxconn Interconnect Technology Limited	54		431
	Fulton Financial Corp.	13		211
	Great Ajax Corp.	20		315
	Great Southern Bancorp Inc.	10		547
	Interactive Brokers Group, Inc.	376		20,186
	Kemper Corp.	28		2,164
	Kinsale Capital Group, Inc.	21		2,159
	LendingTree, Inc. (a)	33		10,278
	LPL Financial Holdings Inc.	38		3,097
	MarketAxess Holdings Inc.	42		13,645
	Morningstar Inc.	116		16,989
	NMI Holdings Inc. - Class A (a)	29		768
	Oportun Financial Corporation (a) (b)	243		3,934
	Preferred Bank	30		1,576
	Republic Bancorp Inc. - Class A	7		305
	RLI Corp.	13		1,188
	Victory Capital Holdings, Inc. - Class A	191		2,941
	Waddell & Reed Financial Inc. - Class A (b)	110		1,896
			138,164
Communication Services 5.4%
	Auto Trader Group PLC	3,695		23,154
	Autohome Inc. - Class A - ADR (a) (b)	385		32,008
	Bandwidth Inc. - Class A (a)	77		4,977
	Boingo Wireless, Inc. (a)	514		5,711
	Cargurus Inc. - Class A (a) (b)	30		942
	Central European Media Enterprises Ltd - Class A (a)	68		306
	Cogent Communications Group, Inc.	14		794
	Egain Corporation (a)	78		627
	Glu Mobile Inc. (a)	37		182
	GoDaddy Inc. - Class A (a)	117		7,735
	Liberty TripAdvisor Holdings Inc. - Class A (a)	41		386
	Live Nation Inc. (a)	93		6,154
	Nexstar Media Group, Inc. - Class A (b)	13		1,328
	QuinStreet, Inc. (a) (b)	250		3,142
	Rightmove PLC	3,372		22,792
	Sinclair Broadcast Group Inc. - Class A	8		356
	Take-Two Interactive Software Inc. (a)	57		7,177
	TechTarget, Inc. (a)	30		683
	Vonage Holdings Corp. (a)	126		1,423
	Yelp Inc. - Class A (a)	23		784
			120,661
Consumer Staples 3.4%
	B&G Foods, Inc. (b)	60		1,137
	BJ's Wholesale Club Holdings, Inc. (a) (b)	283		7,334
	Boston Beer Co. Inc. - Class A (a)	2		594
	Chefs' Warehouse Inc. (a)	419		16,894
	Coca-Cola Consolidated Inc.	4		1,202
	Freshpet Inc. (a)	107		5,334
	Hostess Brands, Inc. - Class A (a)	758		10,603
	Ingles Markets Inc. - Class A	19		727
	J&J Snack Foods Corp.	9		1,748
	Medifast, Inc. (b)	13		1,373
	Nomad Foods Limited (a)	447		9,167
	Performance Food Group Company (a)	82		3,792
	Post Holdings Inc. (a)	63		6,663
	PriceSmart Inc. (b)	94		6,686
	Sanderson Farms Inc.	2		377
	USANA Health Sciences, Inc. (a)	5		332
	WD-40 Co.	4		651
			74,614
Materials 1.5%
	Ashland Global Holdings Inc.	116		8,942
	Balchem Corporation	4		373
	Chase Corporation	6		651
	HB Fuller Co. (b)	25		1,147
	Ingevity Corporation (a)	54		4,561
	Innospec Inc.	25		2,218
	Kraton Corporation (a)	27		879
	Luxfer Holdings PLC	397		6,187
	Materion Corp.	92		5,649
	Myers Industries Inc.	11		194
	Ramaco Resources, Inc. (a) (b)	2		8
	Ryerson Holding Corp. (a)	87		746
	Stepan Co.	10		970
	Tredegar Corp.	12		226
	Valhi Inc.	78		148
	Warrior Met Coal, Inc.	30		589
			33,488
Real Estate 0.8%
	Alexander's, Inc.	1		502
	American Assets Trust, Inc.	57		2,660
	Arbor Realty Trust, Inc. (b)	96		1,264
	Braemar Hotel & Resorts Inc.	43		406
	Brookfield Property REIT Inc. - Class A	14		279
	Cushman & Wakefield Plc (a)	80		1,482
	EastGroup Properties Inc.	30		3,801
	First Industrial Realty Trust, Inc.	23		923

37

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	Innovative Industrial Properties, Inc. (b)	34		3,187
	PS Business Parks, Inc.	11		1,955
	Tanger Factory Outlet Centers Inc. (b)	45		697
			17,156
Energy 0.6%
	Arch Coal, Inc. - Class A (b)	9		657
	Cactus Inc. - Class A (a)	4		108
	Diamondback Energy, Inc.	41		3,713
	DMC Global Inc. (b)	80		3,518
	Matador Resources Co. (a)	84		1,395
	Newpark Resources Inc. (a)	539		4,110
	Propetro Holding Corp. (a)	23		211
	Solaris Oilfield Infrastructure, Inc. - Class A (b)	21		286
			13,998
Utilities 0.6%
	American States Water Company	19		1,727
	AquaVenture Holdings Limited (a)	337		6,546
	Black Hills Corporation	9		701
	California Water Service Group	19		1,007
	Chesapeake Utilities Corp.	12		1,103
	Middlesex Water Co.	12		806
	York Water Co.	7		319
			12,209
	Total Common Stocks (cost $1,915,627)		2,163,545
SHORT TERM INVESTMENTS 6.9%
Securities Lending Collateral 4.1%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (c) (d)	92,321		92,321
Investment Companies 2.8%
	JNL Government Money Market Fund - Institutional Class, 1.86% (c) (d)	61,517		61,517
	Total Short Term Investments (cost $153,838)		153,838
Total Investments 104.2% (cost $2,069,465)				2,317,383
Other Assets and Liabilities, Net (4.2)%				(93,899)
Total Net Assets 100.0%				2,223,484

(a)Non-income producing security.

(b)All or a portion of the security was on loan as of September 30, 2019.

(c)Investment in affiliate.

(d)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

38

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
JNL Multi-Manager Small Cap Value Fund
COMMON STOCKS 96.3%
Industrials 25.2%
	ABM Industries Incorporated	22		782
	Actuant Corporation - Class A	267		5,854
	Air Lease Corporation - Class A	264		11,061
	American Woodmark Corporation (a)	144		12,776
	Arcbest Corporation	35		1,060
	AZZ Inc.	41		1,778
	Beacon Roofing Supply, Inc. (a)	242		8,114
	Brady Corp. - Class A	15		785
	BWXT Government Group, Inc.	126		7,226
	Ceco Environmental Corp. (a)	22		151
	Colfax Corp. (a) (b)	437		12,702
	Crane Co.	132		10,627
	Donaldson Co. Inc.	136		7,083
	Ducommun Inc. (a)	9		371
	Dycom Industries, Inc. (a)	181		9,240
	EMCOR Group, Inc.	174		14,909
	EnerSys	146		9,647
	EnPro Industries, Inc.	4		254
	ESCO Technologies Inc.	6		492
	FTI Consulting Inc. (a)	34		3,647
	Gates Industrial Corporation PLC (a)	700		7,052
	Gorman-Rupp Co.	49		1,711
	Great Lakes Dredge & Dock Corp. (a)	51		536
	Hawaiian Holdings Inc.	174		4,568
	Healthcare Services Group Inc. (b)	288		7,000
	Heartland Express Inc.	7		145
	Hertz Global Holdings, Inc. (a)	303		4,187
	Hexcel Corp.	100		8,229
	Hillenbrand Inc.	8		252
	HUB Group Inc. - Class A (a)	13		614
	Kadant Inc.	69		6,046
	Kennametal Inc.	74		2,299
	MasTec Inc. (a)	86		5,603
	Meritor, Inc. (a)	49		900
	Mesa Air Group, Inc. (a)	51		346
	Miller Industries Inc.	7		218
	Navigant Consulting, Inc.	64		1,794
	Now, Inc. (a) (b)	628		7,202
	PGT Innovations, Inc. (a)	844		14,574
	Powell Industries Inc.	10		389
	Quanex Building Products Corp.	353		6,382
	Rexnord Corporation (a)	56		1,525
	Rush Enterprises Inc. - Class A	165		6,350
	Safe Bulkers, Inc. (a)	282		493
	SkyWest Inc.	22		1,278
	SP Plus Corporation (a)	399		14,760
	SPX Corp. (a)	124		4,979
	Steelcase Inc. - Class A	685		12,613
	Sterling Construction Co. Inc. (a)	39		511
	Team Inc. (a)	113		2,039
	Thermon Group Holdings, Inc. (a)	204		4,688
	TriMas Corp. (a)	51		1,564
	Triton Container International Limited - Class A	80		2,702
	Triumph Group Inc.	25		570
	UniFirst Corp.	67		13,015
	Watts Water Technologies Inc. - Class A	4		413
	WESCO International, Inc. (a)	140		6,688
	Woodward Governor Co.	55		5,985
			278,779
Financials 19.4%
	1st Source Corp.	21		943
	Amalgamated Bank - Class A	12		197
	American Equity Investment Life Holding Company	163		3,959
	Anworth Mortgage Asset Corporation	238		786
	Argo Group International Holdings, Ltd.	6		452
	BancorpSouth Bank	78		2,300
	Bank of N.T. Butterfield & Son Limited (The)	7		215
	Bank OZK	149		4,071
	BankUnited, Inc.	148		4,982
	Banner Corporation	22		1,216
	Boston Private Financial Holdings Inc.	100		1,168
	Bridgewater Bancshares, Inc. (a)	12		142
	Brightsphere Investment Group Inc.	165		1,634
	Camden National Corp.	9		410
	Carolina Financial Corp.	18		625
	Cathay General Bancorp	239		8,324
	CBTX, Inc.	32		894
	Century Bancorp Inc. - Class A	3		229
	Chemung Financial Corporation	3		120
	City Holdings Co.	13		966
	Civista Bancshares Inc.	6		141
	CNB Financial Corp.	2		68
	CNO Financial Group, Inc.	89		1,403
	Commerce Bancshares Inc.	151		9,154
	Community Bank System Inc.	43		2,639
	Community Trust Bancorp Inc.	11		470
	ConnectOne Bancorp, Inc.	25		551
	Customers Bancorp, Inc. (a)	42		862
	Eagle Bancorp Inc.	14		605
	Ellington Financial Inc.	57		1,038
	Enstar Group Limited (a)	54		10,351
	Essent Group Ltd.	136		6,478
	Exantas Capital Corp.	28		314
	Farmers National Banc Corp.	10		143
	Federal Agricultural Mortgage Corp. - Class C	6		507
	First American Financial Corporation	80		4,674
	First Bancorp Inc.	28		1,002
	First Bancshares Inc.	14		456
	First Community Bancshares, Inc.	10		321
	First Defiance Financial Corp.	17		483
	First Horizon National Corp.	169		2,730
	FirstCash, Inc.	54		4,941
	FNB Corp.	132		1,524
	Foxconn Interconnect Technology Limited	223		1,779
	Fulton Financial Corp.	111		1,799
	German American Bancorp Inc.	12		375
	Glacier Bancorp, Inc.	231		9,358
	Great Ajax Corp.	8		118
	Great Southern Bancorp Inc.	7		384
	Hallmark Financial Services, Inc. (a)	13		250
	Hanmi Financial Corp.	33		613
	Hanover Insurance Group Inc.	22		3,045
	Home Bancorp, Inc.	8		314
	HomeStreet, Inc. (a)	139		3,805
	IberiaBank Corp.	20		1,524
	Independent Bank Corp.	21		1,576
	International Bancshares Corp.	18		699
	LPL Financial Holdings Inc.	41		3,396
	Macatawa Bank Corp.	30		316
	Mercantile Bank Corp.	7		234
	Metropolitan Bank Holding Corp. (a)	4		171
	MFA Financial, Inc.	97		717
	MidWestOne Financial Group Inc.	7		206
	National Western Life Group Inc. - Class A	16		4,400
	NBT Bancorp Inc.	18		676
	Nicolet Bankshares, Inc. (a)	6		371
	NMI Holdings Inc. - Class A (a)	53		1,383
	Northeast Bank	4		97
	OFG Bancorp	54		1,185
	Orrstown Financial Services, Inc.	5		108
	People's Utah Bancorp	7		186
	Preferred Bank	13		679
	Pzena Investment Management, Inc. - Class A	15		130
	Radian Group Inc.	103		2,351
	RenaissanceRe Holdings Ltd	18		3,540
	Republic Bancorp Inc. - Class A	7		306
	Safety Insurance Group, Inc.	10		1,045
	Sandy Spring Bancorp Inc.	149		5,023
	Selective Insurance Group Inc.	20		1,481
	Sierra BanCorp	12		310
	Southern First Bancshares Inc. (a)	3		119
	Southern Missouri Bancorp Inc.	3		98
	Stifel Financial Corp.	25		1,429
	Stock Yards Bancorp Inc.	10		356
	TCF Financial Corporation	360		13,700

39

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	The Bancorp, Inc. (a)	32		321
	The PRA Group, Inc. (a)	262		8,843
	Tristate Capital Holdings, Inc. (a)	40		844
	Trustmark Corp.	39		1,346
	UMB Financial Corp.	72		4,669
	Umpqua Holdings Corp.	615		10,118
	United Community Banks, Inc.	36		1,034
	United Community Financial Corp.	23		249
	Univest Financial Corporation	18		463
	Valley National Bancorp	338		3,671
	Virtu Financial Inc. - Class A (b)	192		3,145
	Virtus Partners, Inc.	86		9,564
	Waddell & Reed Financial Inc. - Class A (b) (c)	85		1,456
	Washington Federal Inc.	219		8,094
	Webster Financial Corp.	77		3,608
	Westamerica Bancorp	25		1,581
	Wintrust Financial Corporation	9		576
	WSFS Financial Corp.	39		1,714
			215,436
Consumer Discretionary 12.6%
	American Eagle Outfitters, Inc.	751		12,183
	America's Car Mart, Inc. (a)	136		12,471
	Big Lots, Inc.	126		3,090
	Brinker International Inc. (b)	85		3,637
	Buckle Inc. (b)	20		418
	Citi Trends, Inc.	23		413
	Core-Mark Holding Co. Inc.	17		558
	Dine Brands Global Inc.	10		790
	Dorman Products Inc. (a) (b)	75		6,005
	Extended Stay America, Inc. - Class B	349		5,114
	Fossil Group, Inc. (a) (b)	36		449
	Genesco Inc. (a)	20		784
	Gildan Activewear Inc.	300		10,657
	Group 1 Automotive Inc.	36		3,293
	HanesBrands Inc.	312		4,780
	Helen of Troy Ltd (a)	96		15,104
	Jack in the Box Inc.	18		1,672
	KAR Auction Services, Inc. (b)	296		7,267
	KB Home	23		777
	LCI Industries	45		4,160
	Liquidity Services, Inc. (a)	92		680
	Malibu Boats, Inc. - Class A (a)	181		5,547
	MDC Holdings Inc.	21		916
	Meritage Homes Corporation (a)	19		1,360
	Murphy USA Inc. (a)	17		1,449
	Office Depot Inc.	1,229		2,156
	Papa John's International Inc. (b)	5		268
	Rocky Brands Inc.	24		800
	Shoe Carnival Inc. (b)	60		1,951
	Skechers U.S.A. Inc. - Class A (a)	149		5,568
	Stoneridge, Inc. (a)	27		833
	Tupperware Brands Corp.	20		312
	Williams-Sonoma Inc. (b)	102		6,902
	Winnebago Industries Inc.	462		17,718
			140,082
Information Technology 11.5%
	ADTRAN, Inc.	44		498
	Cabot Microelectronics Corporation	112		15,816
	CACI International Inc. - Class A (a)	6		1,370
	Cardtronics PLC - Class A (a)	13		395
	Cass Information Systems, Inc.	233		12,607
	Cirrus Logic Inc. (a)	22		1,196
	Cohu Inc.	446		6,029
	Diebold Nixdorf Inc. (a)	28		312
	Diodes Inc. (a)	25		991
	Ebix Inc. (b)	79		3,317
	Entegris, Inc.	80		3,779
	ePlus Inc. (a)	153		11,665
	EVERTEC, Inc.	29		895
	Fabrinet (a)	19		1,017
	FLIR Systems Inc.	78		4,128
	II-VI Inc. (a) (b)	100		3,527
	Infinera Corporation (a) (b)	172		936
	Insight Enterprises, Inc. (a)	19		1,075
	KBR, Inc.	83		2,031
	Kulicke & Soffa Industries Inc.	157		3,681
	Liveramp, Inc. (a)	10		414
	Manhattan Associates Inc. (a)	97		7,809
	Mantech International Corp. - Class A	9		648
	MKS Instruments, Inc.	34		3,153
	NCR Corporation (a)	62		1,945
	NeoPhotonics Corporation (a)	113		689
	NETGEAR, Inc. (a)	48		1,531
	NVE Corp.	6		401
	PC Connection, Inc.	12		458
	Perspecta Inc.	58		1,513
	Plexus Corp. (a)	214		13,371
	Sanmina Corp. (a)	36		1,157
	SPS Commerce, Inc. (a)	31		1,450
	Tech Data Corp. (a)	75		7,842
	Verint Systems Inc. (a)	18		749
	Verra Mobility Corporation - Class A (a)	506		7,261
	Xperii Corp.	58		1,207
			126,863
Health Care 6.6%
	Acadia Healthcare Company, Inc. (a)	115		3,584
	Addus HomeCare Corporation (a)	96		7,587
	Akorn, Inc. (a)	81		310
	Anika Therapeutics, Inc. (a)	8		464
	Coherus Biosciences, Inc. (a) (b)	56		1,141
	CRISPR Therapeutics AG (a) (b)	43		1,766
	Cytokinetics, Incorporated (a)	21		236
	Emergent BioSolutions Inc. (a)	58		3,032
	Hill-Rom Holdings Inc.	80		8,376
	HMS Holdings Corp. (a)	10		328
	ImmunoGen, Inc. (a)	108		261
	Innoviva, Inc. (a)	82		860
	Integer Holdings Corporation (a)	17		1,318
	Lannett Co. Inc. (a) (b)	52		582
	Magellan Health Services Inc. (a)	10		623
	Mednax, Inc. (a)	335		7,580
	National Healthcare Corp.	9		713
	Natus Medical Inc. (a)	278		8,852
	Patterson Cos. Inc.	39		701
	PDL BioPharma, Inc. (a) (b)	304		658
	Spectrum Pharmaceuticals, Inc. (a)	134		1,109
	Syneos Health, Inc. - Class A (a)	281		14,908
	Utah Medical Products Inc.	4		394
	Varex Imaging Corporation (a)	266		7,580
	Xencor, Inc. (a)	9		313
			73,276
Real Estate 6.5%
	Agree Realty Corporation	33		2,425
	Apollo Commercial Real Estate Finance, Inc.	49		939
	Arbor Realty Trust, Inc. (b)	85		1,118
	Ares Commercial Real Estate Corporation	45		690
	Braemar Hotel & Resorts Inc. (b)	78		729
	Brandywine Realty Trust	157		2,379
	City Office REIT, Inc.	56		799
	CubeSmart	136		4,760
	First Industrial Realty Trust, Inc.	35		1,400
	Getty Realty Corp.	44		1,412
	Global Healthcare REIT, Inc.	70		796
	Healthcare Realty Trust Inc.	36		1,193
	Highwoods Properties Inc.	23		1,016
	Independence Realty Trust, Inc.	179		2,566
	Industrial Logistics Properties Trust	58		1,223
	Investors Real Estate Trust	12		869
	Jones Lang LaSalle Incorporated	102		14,184
	Kite Realty Naperville, LLC	79		1,275
	Lexington Realty Trust	320		3,284
	Mack-Cali Realty Corp.	211		4,574
	National Health Investors, Inc.	17		1,398
	Pebblebrook Hotel Trust	25		688
	PennyMac Mortgage Investment Trust	91		2,031
	Piedmont Office Realty Trust Inc. - Class A	85		1,780
	PS Business Parks, Inc.	38		6,804
	QTS Realty Trust, Inc. - Class A	42		2,141

40

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	Retail Opportunity Investments Corp.	5		94
	Rexford Industrial Realty, Inc.	15		665
	RLJ III-EM Columbus Lessee, LLC	34		572
	Summit Hotel Properties Inc.	123		1,432
	Sunstone Hotel Investors Inc.	45		615
	Terreno Realty Corporation	53		2,712
	Urstadt Biddle Properties Inc. - Class A	5		120
	Western Asset Mortgage Capital Corporation	57		546
	Xenia Hotels & Resorts Inc.	135		2,855
			72,084
Materials 5.9%
	AK Steel Holding Corporation (a) (b)	822		1,866
	Carpenter Technology Corp.	11		570
	Chase Corporation	28		3,085
	Cleveland-Cliffs Inc. (b)	69		495
	Commercial Metals Co.	53		914
	FutureFuel Corp.	20		245
	HB Fuller Co. (b)	195		9,070
	Hecla Mining Co. (b)	1,146		2,017
	Ingevity Corporation (a)	21		1,766
	Kraton Corporation (a)	16		523
	Neenah Inc.	44		2,839
	P.H. Glatfelter Co.	49		759
	Park Aerospace Technologies Corp.	18		322
	Reliance Steel & Aluminum Co.	119		11,860
	Schnitzer Steel Industries Inc. - Class A	43		890
	Schweitzer-Mauduit International Inc.	383		14,363
	Stepan Co.	15		1,417
	Summit Materials, Inc. - Class A (a)	262		5,810
	Tredegar Corp.	20		384
	Tronox Holdings PLC	474		3,932
	Valhi Inc. (b)	127		241
	Warrior Met Coal, Inc.	79		1,535
	Worthington Industries Inc.	22		805
			65,708
Utilities 3.0%
	ALLETE, Inc.	25		2,157
	Avista Corporation	15		746
	Black Hills Corporation	70		5,352
	California Water Service Group	19		988
	MGE Energy, Inc.	6		519
	New Jersey Resources Corp.	47		2,132
	Northwest Natural Holding Company	6		429
	One Gas, Inc.	39		3,757
	Otter Tail Corp.	4		214
	PNM Resources, Inc.	53		2,773
	Portland General Electric Co.	127		7,156
	Southwest Gas Corp.	29		2,618
	Spire, Inc.	39		3,372
	Unitil Corp.	7		424
	York Water Co.	5		203
			32,840
Energy 2.0%
	Apergy Corporation (a)	14		381
	Arch Coal, Inc. - Class A (b)	13		962
	Archrock, Inc.	156		1,551
	Berry Petroleum Company, LLC	13		125
	Bonanza Creek Energy, Inc. (a)	52		1,165
	Carrizo Oil & Gas Inc. (a)	64		548
	CVR Energy, Inc.	62		2,735
	Delek US Holdings, Inc.	41		1,471
	Denbury Resources Inc. (a) (b)	88		105
	Gulfport Energy Corp. (a) (b)	118		319
	Helix Energy Solutions Group, Inc. (a)	33		268
	Liberty Oilfield Services Inc. - Class A (b)	48		521
	Matador Resources Co. (a)	230		3,799
	Matrix Service Co. (a)	48		823
	Northern Oil and Gas Inc. (a) (b)	58		113
	PDC Energy, Inc. (a)	112		3,116
	Propetro Holding Corp. (a)	55		503
	Ring Energy Inc. (a)	360		590
	SEACOR Holdings Inc. (a)	20		919
	SemGroup Corporation - Class A	24		387
	SilverBow Resources, Inc. (a)	7		66
	Southwestern Energy Co. (a) (b)	247		477
	SRC Energy Inc. (a)	207		967
	Unit Corp. (a)	169		572
			22,483
Communication Services 1.9%
	Emerald Expositions Events, Inc.	673		6,545
	Glu Mobile Inc. (a)	288		1,436
	Gray Television Inc. (a) (b)	48		780
	Hemisphere Media Group, Inc. - Class A (a)	443		5,413
	Marcus Corp.	43		1,588
	MSG Networks Inc. - Class A (a) (b)	37		605
	Spok Holdings, Inc.	16		186
	TEGNA Inc.	142		2,210
	Telephone & Data Systems Inc.	59		1,514
	The Meet Group, Inc. (a)	95		311
	Vonage Holdings Corp. (a)	20		229
			20,817
Consumer Staples 1.7%
	B&G Foods, Inc. (b)	56		1,066
	BJ's Wholesale Club Holdings, Inc. (a)	50		1,288
	Central Garden & Pet Co. - Class A (a)	136		3,759
	Darling Ingredients Inc. (a)	178		3,398
	Del Monte Fresh Produce Company	29		978
	E.L.F. Beauty, Inc. (a)	52		914
	Energizer Holdings, Inc. (b)	53		2,312
	John B. Sanfilippo & Son Inc.	6		576
	Natural Grocers By Vitamin Cottage, Inc. (a)	33		334
	Sanderson Farms Inc.	4		658
	Seneca Foods Corp. - Class A (a)	7		231
	The Simply Good Foods Company (a)	77		2,246
	Universal Corp.	14		758
	Village Super Market Inc. - Class A (b)	11		286
			18,804
	Total Common Stocks (cost $1,038,581)		1,067,172
SHORT TERM INVESTMENTS 6.8%
Investment Companies 3.5%
	JNL Government Money Market Fund - Institutional Class, 1.86% (d) (e)	38,218		38,218
Securities Lending Collateral 3.3%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (d) (e)	36,747		36,747
	Total Short Term Investments (cost $74,965)		74,965
Total Investments 103.1% (cost $1,113,546)				1,142,137
Other Assets and Liabilities, Net (3.1)%				(34,667)
Total Net Assets 100.0%				1,107,470

(a)Non-income producing security.

(b)All or a portion of the security was on loan as of September 30, 2019.

(c)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

(d)Investment in affiliate.

(e)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

41

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
JNL S&P 500 Index Fund
COMMON STOCKS 97.6%
Information Technology 21.4%
	Accenture Public Limited Company - Class A	2		309
	Adobe Inc. (a)	1		339
	Ads Alliance Data Systems Inc.	—		13
	Advanced Micro Devices, Inc. (a)	3		80
	Akamai Technologies, Inc. (a)	—		38
	Amphenol Corporation - Class A	1		73
	Analog Devices, Inc.	1		104
	ANSYS, Inc. (a)	—		47
	Apple Inc.	11		2,399
	Applied Materials, Inc.	2		115
	Arista Networks, Inc. (a)	—		33
	Autodesk, Inc. (a)	1		82
	Automatic Data Processing, Inc.	1		177
	Broadcom Inc.	1		278
	Broadridge Financial Solutions, Inc.	—		35
	Cadence Design Systems Inc. (a)	1		47
	CDW Corp.	—		45
	Cisco Systems, Inc.	11		529
	Citrix Systems Inc.	—		31
	Cognizant Technology Solutions Corp. - Class A	1		84
	Corning Inc.	2		57
	DXC Technology Company	1		19
	F5 Networks Inc. (a)	—		20
	Fidelity National Information Services, Inc.	2		206
	Fiserv Inc. (a)	1		149
	FleetCor Technologies Inc. (a)	—		63
	FLIR Systems Inc.	—		17
	Fortinet, Inc. (a)	—		26
	Gartner Inc. (a)	—		33
	Global Payments Inc.	1		121
	Hewlett Packard Enterprise Company	3		49
	HP Inc.	4		70
	IHS Markit Ltd. (a)	1		68
	Intel Corp.	11		576
	International Business Machines Corp.	2		325
	Intuit Inc.	1		175
	IPG Photonics Corporation (a) (b)	—		12
	Jack Henry & Associates Inc.	—		27
	Juniper Networks, Inc.	1		21
	Keysight Technologies, Inc. (a)	1		45
	KLA-Tencor Corp.	—		65
	Lam Research Corp.	—		85
	Leidos Holdings Inc.	—		30
	MasterCard Incorporated - Class A	2		612
	Maxim Integrated Products, Inc.	1		39
	Microchip Technology Incorporated (b)	1		54
	Micron Technology Inc. (a)	3		120
	Microsoft Corp.	19		2,677
	Motorola Solutions Inc.	—		72
	NetApp, Inc.	1		31
	NVIDIA Corporation	2		268
	Oracle Corporation	6		306
	Paychex Inc.	1		67
	Paypal Holdings, Inc. (a)	3		308
	Qorvo, Inc. (a)	—		22
	Qualcomm Incorporated	3		234
	Salesforce.Com, Inc. (a)	2		329
	Seagate Technology Public Limited Company	1		33
	Skyworks Solutions, Inc.	—		35
	Symantec Corp.	1		33
	Synopsys Inc. (a)	—		52
	TE Connectivity Ltd.	1		78
	Texas Instruments Incorporated	2		305
	Visa Inc. - Class A	4		749
	Western Digital Corp.	1		43
	Western Union Co.	1		24
	Xerox Holdings, Inc.	—		14
	Xilinx Inc.	1		60
			13,682
Health Care 13.3%
	Abbott Laboratories	5		373
	AbbVie Inc.	4		283
	ABIOMED, Inc. (a)	—		19
	Agilent Technologies, Inc.	1		59
	Alexion Pharmaceuticals, Inc. (a)	1		56
	Align Technology, Inc. (a)	—		32
	Allergan Public Limited Company	1		140
	AmerisourceBergen Corporation	—		32
	Amgen Inc.	2		293
	Anthem, Inc.	1		155
	Baxter International Inc.	1		113
	Becton, Dickinson and Company	1		173
	Biogen Inc. (a)	1		109
	Boston Scientific Corp. (a)	4		143
	Bristol-Myers Squibb Co.	4		210
	Cardinal Health, Inc.	1		34
	Celgene Corp. (a)	2		178
	Centene Corporation (a)	1		46
	Cerner Corp.	1		55
	Cigna Corp.	1		145
	Cooper Cos. Inc.	—		37
	CVS Health Corporation	3		207
	Danaher Corporation	2		233
	DaVita Inc. (a)	—		14
	Dentsply Sirona Inc.	1		30
	Edwards Lifesciences Corporation (a)	1		116
	Eli Lilly & Co.	2		240
	Gilead Sciences Inc.	3		203
	HCA Healthcare, Inc.	1		81
	Henry Schein Inc. (a)	—		24
	Hologic Inc. (a)	1		35
	Humana Inc.	—		88
	IDEXX Laboratories, Inc. (a)	—		60
	Illumina, Inc. (a)	—		113
	Incyte Corporation (a)	—		32
	Intuitive Surgical, Inc. (a)	—		158
	IQVIA Inc. (a)	1		69
	Johnson & Johnson	7		861
	Laboratory Corporation of America Holdings (a)	—		40
	McKesson Corporation	1		64
	Medtronic Public Limited Company	3		368
	Merck & Co., Inc.	7		544
	Mettler-Toledo International Inc. (a)	—		43
	Mylan Holdings Ltd. (a)	1		25
	Nektar Therapeutics (a) (b)	1		9
	PerkinElmer Inc.	—		23
	Perrigo Company Public Limited Company	—		19
	Pfizer Inc.	14		501
	Quest Diagnostics Incorporated	—		35
	Regeneron Pharmaceuticals, Inc. (a)	—		56
	ResMed Inc.	—		49
	Stryker Corp.	1		175
	Teleflex Inc.	—		40
	Thermo Fisher Scientific Inc.	1		294
	UnitedHealth Group Incorporated	2		520
	Universal Health Services Inc. - Class B	—		31
	Varian Medical Systems, Inc. (a)	—		26
	Vertex Pharmaceuticals Incorporated (a)	1		110
	Waters Corp. (a)	—		38
	WellCare Health Plans, Inc. (a)	—		32
	Zimmer Biomet Holdings, Inc.	1		72
	Zoetis Inc. - Class A	1		150
			8,513
Financials 12.6%
	Affiliated Managers Group, Inc. (b)	—		10
	AFLAC Incorporated	2		98
	American Express Company	2		203
	American International Group, Inc.	2		123
	Ameriprise Financial, Inc.	—		47
	Aon PLC - Class A	1		116
	Arthur J Gallagher & Co.	1		42
	Assurant, Inc.	—		19
	Bank of America Corporation	21		617

42

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	BB&T Corporation	2		104
	Berkshire Hathaway Inc. - Class B (a)	5		1,029
	BlackRock, Inc.	—		132
	Capital One Financial Corporation	1		108
	Cboe Global Markets, Inc.	—		32
	Charles Schwab Corp.	3		123
	Chubb Limited	1		186
	Cincinnati Financial Corp.	—		45
	Citigroup Inc.	6		394
	Citizens Financial Group Inc.	1		39
	CME Group Inc.	1		191
	Comerica Inc.	—		25
	Discover Financial Services	1		64
	E*TRADE Financial Corp.	1		27
	Everest Re Group, Ltd.	—		27
	Fifth Third Bancorp	2		51
	First Republic Bank	—		42
	Franklin Resources Inc. (b)	1		21
	Globe Life Inc.	—		23
	Huntington Bancshares Inc.	3		37
	Intercontinental Exchange, Inc.	1		131
	Invesco Ltd.	1		17
	JPMorgan Chase & Co.	8		949
	KeyCorp	3		46
	Lincoln National Corp.	1		29
	Loews Corp.	1		33
	M&T Bank Corporation	—		53
	MarketAxess Holdings Inc.	—		30
	Marsh & McLennan Cos. Inc.	1		128
	MetLife, Inc.	2		93
	Moody's Corp.	—		84
	Morgan Stanley	3		136
	MSCI Inc.	—		47
	NASDAQ Inc.	—		29
	Northern Trust Corp.	1		50
	People's United Financial Inc.	1		15
	PNC Financial Services Group Inc.	1		158
	Principal Financial Group, Inc.	1		38
	Progressive Corp.	2		114
	Prudential Financial Inc.	1		90
	Raymond James Financial Inc.	—		25
	Regions Financial Corporation	3		39
	S&P Global Inc.	1		153
	State Street Corp.	1		55
	SunTrust Banks Inc.	1		77
	SVB Financial Group (a)	—		27
	Synchrony Financial	2		53
	T. Rowe Price Group, Inc.	1		68
	The Allstate Corporation	1		89
	The Bank of New York Mellon Corporation (c)	2		98
	The Goldman Sachs Group, Inc.	1		170
	The Hartford Financial Services Group, Inc.	1		54
	The Travelers Companies, Inc.	1		98
	U.S. Bancorp	4		201
	Unum Group	1		15
	Wells Fargo & Co.	10		510
	Willis Towers Watson Public Limited Company	—		63
	Zions Bancorp	—		19
			8,059
Communication Services 10.2%
	Activision Blizzard, Inc.	2		103
	Alphabet Inc. - Class A (a)	1		922
	Alphabet Inc. - Class C (a)	1		929
	AT&T Inc.	18		698
	CBS Corporation - Class B	1		33
	CenturyLink Inc.	2		30
	Charter Communications, Inc. - Class A (a)	—		169
	Comcast Corporation - Class A	11		516
	Discovery, Inc. - Class A (a) (b)	—		11
	Discovery, Inc. - Class C (a)	1		22
	Dish Network Corporation - Class A (a)	1		21
	Electronic Arts Inc. (a)	1		73
	Facebook, Inc. - Class A (a)	6		1,080
	Fox Corporation - Class A	1		27
	Fox Corporation - Class B	—		12
	Interpublic Group of Cos. Inc.	1		21
	Netflix, Inc. (a)	1		296
	News Corporation - Class A	1		13
	News Corporation - Class B	—		5
	Omnicom Group Inc. (b)	1		42
	Take-Two Interactive Software Inc. (a)	—		35
	T-Mobile US Inc. (a)	1		63
	TripAdvisor Inc. (a)	—		9
	Twitter, Inc. (a)	2		81
	VeriSign, Inc. (a)	—		49
	Verizon Communications Inc.	10		630
	Viacom Inc. - Class B	1		21
	Walt Disney Co.	5		592
			6,503
Consumer Discretionary 9.9%
	Advance Auto Parts, Inc.	—		29
	Amazon.com, Inc. (a)	1		1,819
	Aptiv PLC (d)	1		55
	AutoZone, Inc. (a)	—		67
	Best Buy Co., Inc.	1		39
	Booking Holdings Inc. (a)	—		210
	BorgWarner Inc.	1		19
	Capri Holdings Limited (a)	—		12
	Carmax Inc. (a)	—		37
	Carnival Plc (b)	1		45
	Chipotle Mexican Grill Inc. (a)	—		53
	D.R. Horton, Inc.	1		43
	Darden Restaurants Inc.	—		37
	Dollar General Corp.	1		103
	Dollar Tree Inc. (a)	1		69
	eBay Inc.	2		78
	Expedia Group, Inc.	—		46
	Ford Motor Co.	10		91
	Gap Inc.	1		9
	Garmin Ltd.	—		30
	General Motors Company	3		119
	Genuine Parts Co.	—		36
	H & R Block, Inc.	1		11
	HanesBrands Inc.	1		14
	Harley-Davidson Inc.	—		13
	Hasbro Inc.	—		36
	Hilton Worldwide Holdings Inc.	1		68
	Home Depot Inc.	3		641
	Kohl's Corp.	—		21
	Leggett & Platt Inc.	—		13
	Lennar Corp. - Class A	1		39
	Limited Brands Inc.	1		12
	LKQ Corp. (a)	1		24
	Lowe's Cos. Inc.	2		214
	Macy's, Inc.	1		11
	Marriott International Inc. - Class A	1		85
	McDonald's Corporation	2		412
	MGM Resorts International	1		35
	Mohawk Industries Inc. (a)	—		19
	Newell Brands Inc.	1		17
	Nike Inc. - Class B	3		297
	Nordstrom Inc. (b)	—		8
	Norwegian Cruise Line Holdings Ltd. (a)	1		28
	NVR, Inc. (a)	—		30
	O'Reilly Automotive, Inc. (a)	—		76
	Pulte Homes Inc.	1		23
	PVH Corp.	—		17
	Ralph Lauren Corp. - Class A	—		12
	Ross Stores Inc.	1		101
	Royal Caribbean Cruises Ltd.	—		47
	Starbucks Corp.	3		267
	Tapestry Inc.	1		18
	Target Corporation	1		138
	Tiffany & Co. (b)	—		24
	TJX Cos. Inc.	3		170
	Tractor Supply Co.	—		27
	Ulta Salon, Cosmetics & Fragrance, Inc. (a)	—		36
	Under Armour Inc. - Class A (a)	1		10

43

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	Under Armour Inc. - Class C (a)	—		8
	VF Corp.	1		74
	Whirlpool Corp.	—		26
	Wynn Resorts Ltd.	—		25
	Yum! Brands Inc.	1		86
			6,279
Industrials 9.0%
	3M Company	1		239
	Alaska Air Group, Inc.	—		20
	Allegion Public Limited Company	—		25
	American Airlines Group Inc.	1		27
	AMETEK, Inc.	1		53
	AO Smith Corp.	—		16
	Arconic Inc.	1		26
	C.H. Robinson Worldwide, Inc.	—		29
	Caterpillar Inc.	1		180
	Cintas Corp.	—		56
	Copart Inc. (a)	1		41
	CSX Corp.	2		140
	Cummins Inc.	—		65
	Deere & Co.	1		134
	Delta Air Lines Inc.	2		84
	Dover Corp.	—		37
	Eaton Corporation Public Limited Company	1		88
	Emerson Electric Co.	2		104
	Equifax Inc.	—		43
	Expeditors International of Washington Inc.	—		32
	Fastenal Co.	2		48
	FedEx Corporation	1		89
	Flowserve Corporation	—		15
	Fortive Corporation	1		50
	Fortune Brands Home & Security, Inc.	—		18
	General Dynamics Corp.	1		108
	General Electric Company	22		197
	Honeywell International Inc.	2		307
	Huntington Ingalls Industries Inc.	—		21
	IDEX Corporation	—		30
	Illinois Tool Works Inc.	1		117
	Ingersoll-Rand Public Limited Company	1		76
	Jacobs Engineering Group Inc.	—		30
	JB Hunt Transport Services Inc.	—		24
	Johnson Controls International Public Limited Company	2		88
	Kansas City Southern	—		34
	L3Harris Technologies, Inc.	1		118
	Lockheed Martin Corporation	1		245
	Masco Corp.	1		31
	Nielsen Holdings plc	1		19
	Norfolk Southern Corp.	1		120
	Northrop Grumman Systems Corp.	—		149
	PACCAR Inc.	1		62
	Parker Hannifin Corp.	—		59
	Pentair Public Limited Company	—		16
	Quanta Services, Inc.	—		13
	Raytheon Co.	1		138
	Republic Services Inc.	1		46
	Robert Half International Inc.	—		17
	Rockwell Automation Inc.	—		49
	Rollins Inc.	—		12
	Roper Industries Inc.	—		94
	Snap-On Inc.	—		22
	Southwest Airlines Co.	1		65
	Stanley Black & Decker Inc.	—		54
	Textron Inc.	1		27
	The Boeing Company	1		513
	TransDigm Group Inc.	—		66
	Union Pacific Corp.	2		288
	United Airlines Holdings, Inc. (a)	1		48
	United Parcel Service Inc. - Class B	2		211
	United Rentals Inc. (a)	—		24
	United Technologies Corp.	2		280
	Verisk Analytics, Inc.	—		66
	Wabtec Corp.	—		32
	Waste Management, Inc.	1		114
	WW Grainger Inc.	—		32
	Xylem Inc.	—		35
			5,756
Consumer Staples 7.4%
	Altria Group, Inc.	5		193
	Archer-Daniels-Midland Company	1		57
	Brown-Forman Corp. - Class B	—		28
	Campbell Soup Co.	—		20
	Church & Dwight Co. Inc.	1		46
	Clorox Co. (b)	—		49
	Coca-Cola Co.	10		529
	Colgate-Palmolive Co.	2		159
	ConAgra Brands Inc.	1		37
	Constellation Brands, Inc. - Class A	—		88
	Costco Wholesale Corporation	1		320
	Coty Inc. - Class A	1		8
	Estee Lauder Cos. Inc. - Class A	1		111
	General Mills Inc.	2		84
	Hershey Co.	—		59
	Hormel Foods Corp. (b)	1		31
	JM Smucker Co.	—		32
	Kellogg Co.	1		40
	Kimberly-Clark Corp.	1		124
	Kraft Heinz Foods Company	2		44
	Lamb Weston Holdings Inc.	—		26
	McCormick & Co. Inc.	—		49
	Molson Coors Brewing Company - Class B	—		26
	Mondelez International Inc. - Class A	4		202
	Monster Beverage 1990 Corporation (a)	1		55
	PepsiCo Inc.	4		484
	Philip Morris International Inc.	4		298
	Procter & Gamble Co.	6		785
	Sysco Corp.	1		103
	The Kroger Co.	2		52
	Tyson Foods Inc. - Class A	1		64
	Walgreens Boots Alliance Inc.	2		106
	Walmart Inc.	4		426
			4,735
Energy 4.4%
	Apache Corporation (b)	1		23
	Baker Hughes, a GE Company, LLC - Class A	2		37
	Cabot Oil & Gas Corp.	1		19
	Chevron Corp.	5		568
	Cimarex Energy Co.	—		12
	Concho Resources Inc.	1		35
	ConocoPhillips	3		160
	Devon Energy Corporation	1		25
	Diamondback Energy, Inc.	—		36
	EOG Resources, Inc.	2		109
	Exxon Mobil Corporation	11		754
	Halliburton Co.	2		42
	Helmerich & Payne Inc.	—		12
	Hess Corporation	1		40
	HollyFrontier Corp.	—		22
	Kinder Morgan, Inc.	5		102
	Marathon Oil Corp.	2		24
	Marathon Petroleum Corporation	2		101
	National Oilwell Varco Inc.	1		21
	Noble Energy Inc.	1		26
	Occidental Petroleum Corporation	2		101
	ONEOK Inc.	1		77
	Phillips 66	1		116
	Pioneer Natural Resources Co.	—		52
	Schlumberger Ltd.	4		120
	TechnipFMC PLC	1		25
	Valero Energy Corporation	1		88
	Williams Cos. Inc.	3		74
			2,821
Utilities 3.5%
	Alliant Energy Corporation	1		32
	Ameren Corporation	1		50
	American Electric Power Company, Inc.	1		117
	American Water Works Company, Inc.	1		57
	Atmos Energy Corporation	—		34
	CenterPoint Energy, Inc.	1		37

44

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	CMS Energy Corp.		1		45
	Consolidated Edison Inc.		1		80
	Dominion Energy, Inc.		2		168
	DTE Energy Company		1		62
	Duke Energy Corporation		2		177
	Edison International		1		69
	Entergy Corporation		1		59
	Evergy, Inc.		1		39
	Eversource Energy		1		70
	Exelon Corporation		3		119
	FirstEnergy Corp.		1		66
	NextEra Energy, Inc.		1		288
	NiSource Inc.		1		27
	NRG Energy Inc.		1		24
	Pinnacle West Capital Corp.		—		26
	PPL Corporation		2		58
	Public Service Enterprise Group Inc.		1		80
	Sempra Energy		1		103
	The AES Corporation		2		26
	The Southern Company		3		163
	WEC Energy Group Inc.		1		76
	Xcel Energy Inc.		1		86
				2,238
Real Estate 3.2%
	Alexandria Real Estate Equities, Inc.		—		43
	American Tower Corporation		1		247
	Apartment Investment and Management Company - Class A		—		19
	AvalonBay Communities, Inc.		—		76
	Boston Properties Inc.		—		46
	CBRE Group, Inc. - Class A (a)		1		44
	Crown Castle International Corp.		1		146
	Digital Realty Trust Inc.		1		69
	Duke Realty Corp.		1		31
	Equinix, Inc.		—		124
	Equity Residential		1		76
	Essex Property Trust Inc.		—		53
	Extra Space Storage Inc.		—		37
	Federal Realty Investment Trust		—		25
	HCP, Inc.		1		45
	Host Hotels & Resorts, Inc.		2		32
	Iron Mountain Incorporated		1		24
	KiMcO Realty Corporation		1		22
	Macerich Co. (b)		—		8
	Mid-America Apartment Communities, Inc.		—		37
	ProLogis Inc.		2		136
	Public Storage		—		93
	Realty Income Corp.		1		62
	Regency Centers Corp.		—		28
	SBA Communications Corporation		—		68
	Simon Property Group Inc.		1		121
	SL Green Realty Corp.		—		17
	UDR Inc.		1		36
	Ventas, Inc.		1		69
	Vornado Realty Trust		—		27
	Welltower Inc.		1		93
	Weyerhaeuser Co.		2		52
				2,006
Materials 2.7%
	Air Products and Chemicals, Inc.		1		124
	Albemarle Corporation (b)		—		19
	Amcor Plc		4		40
	Avery Dennison Corporation		—		24
	Ball Corporation		1		61
	Celanese Corp. - Class A		—		38
	CF Industries Holdings Inc.		1		27
	Corteva, Inc.		2		53
	Dow Holdings Inc.		2		88
	DuPont de Nemours, Inc		2		134
	Eastman Chemical Co.		—		25
	Ecolab Inc.		1		124
	FMC Corp.		—		28
	Freeport-McMoRan Inc. - Class B		4		35
	International Flavors & Fragrances Inc. (b)		—		34
	International Paper Co.		1		40
	Linde Public Limited Company		1		264
	LyondellBasell Industries N.V. - Class A		1		57
	Martin Marietta Materials Inc.		—		44
	MOS Holdings Inc.		1		18
	Newmont Goldcorp Corporation (d)		2		79
	Nucor Corp.		1		38
	Packaging Corp. of America		—		25
	PPG Industries Inc.		1		71
	Sealed Air Corporation		—		15
	Sherwin-Williams Co.		—		114
	Vulcan Materials Co.		—		50
	Westrock Company, Inc.		1		24
				1,693
	Total Common Stocks (cost $58,642)			62,285
INVESTMENT COMPANIES 0.4%
	iShares Core S&P 500 ETF		1		267
	Total Investment Companies (cost $268)			267
SHORT TERM INVESTMENTS 2.1%
Investment Companies 1.7%
	JNL Government Money Market Fund - Institutional Class, 1.86% (c) (e)		1,079		1,079
Securities Lending Collateral 0.3%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (c) (e)		169		169
U.S. Treasury Bill 0.1%
	Treasury, United States Department of
		1.94%, 12/12/19 (f) (g)	75		75
	Total Short Term Investments (cost $1,323)			1,323
Total Investments 100.1% (cost $60,233)					63,875
Other Derivative Instruments 0.0%					6
Other Assets and Liabilities, Net (0.1)%					(46)
Total Net Assets 100.0%					63,835

(a)Non-income producing security.

(b)All or a portion of the security was on loan as of September 30, 2019.

(c)Investment in affiliate.

(d)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

(e)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

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

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

Long Term Investments in Affiliates

Affiliated Investment		Value Beginning of Period($)	Purchases($)	Sales Proceeds($)	Dividend Income($)	Realized Gain (Loss)($)	Change in Unrealized Appreciation (Depreciation) ($)	Value End of Period($)	Percentage of Net Assets(%)
	The Bank of New York Mellon Corporation	56	52	6	1	(1)	(3)	98	0.2%

45

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

JNL S&P 500 Index Fund — Futures Contracts
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
S&P 500 Index	8	December 2019		1,201	6			(10)

46

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
JNL/AQR Large Cap Defensive Style Fund
COMMON STOCKS 96.2%
Financials 18.3%
	AFLAC Incorporated	1		30
	Alleghany Corporation (a)	—		14
	American Express Company	3		322
	American Financial Group, Inc.	—		35
	Aon PLC - Class A	1		257
	Assured Guaranty Ltd.	—		13
	AXIS Capital Holdings Limited	2		118
	Bank of Hawaii Corporation	1		65
	Bank OZK	1		15
	BlackRock, Inc.	1		334
	Chubb Limited	3		481
	CME Group Inc.	2		430
	Credit Acceptance Corp. (a)	1		274
	Cullen/Frost Bankers Inc. (b)	1		50
	Discover Financial Services	1		105
	East West Bancorp, Inc.	6		281
	Erie Indemnity Company - Class A	1		169
	Everest Re Group, Ltd.	1		235
	Fidelity National Financial, Inc.	2		86
	Intercontinental Exchange, Inc.	5		428
	JPMorgan Chase & Co.	5		563
	M&T Bank Corporation	—		34
	Markel Corp. (a)	—		35
	Marsh & McLennan Cos. Inc.	1		78
	Northern Trust Corp.	—		15
	PacWest Bancorp	1		40
	PNC Financial Services Group Inc.	1		130
	Progressive Corp.	3		257
	RenaissanceRe Holdings Ltd	2		321
	S&P Global Inc. (b)	—		85
	SVB Financial Group (a)	1		242
	T. Rowe Price Group, Inc.	3		382
	TFS Financial Corporation	4		74
	The Allstate Corporation	2		258
	The Travelers Companies, Inc.	4		568
	U.S. Bancorp	8		455
	W. R. Berkley Corporation	1		84
	Wells Fargo & Co.	5		269
			7,632
Information Technology 14.1%
	Accenture Public Limited Company - Class A	3		595
	Adobe Inc. (a)	1		203
	Akamai Technologies, Inc. (a)	3		238
	Amdocs Limited	2		111
	ANSYS, Inc. (a)	—		76
	Apple Inc.	1		327
	Automatic Data Processing, Inc.	2		240
	Broadcom Inc.	1		188
	Cisco Systems, Inc.	8		392
	Cognex Corp.	—		19
	Cognizant Technology Solutions Corp. - Class A	1		82
	Dropbox, Inc. - Class A (a)	5		96
	F5 Networks Inc. (a)	—		31
	Fortinet, Inc. (a)	—		33
	Intel Corp.	3		152
	International Business Machines Corp.	1		93
	Intuit Inc.	1		390
	MasterCard Incorporated - Class A	2		605
	Microsoft Corp.	4		604
	Nutanix, Inc. - Class A (a)	2		64
	Oracle Corporation	1		33
	Paychex Inc.	—		19
	Paypal Holdings, Inc. (a)	1		115
	Spotify Technology S.A. (a)	2		170
	Texas Instruments Incorporated	3		385
	Visa Inc. - Class A	3		590
	Xilinx Inc.	—		15
			5,866
Consumer Staples 12.3%
	Altria Group, Inc.	—		15
	Casey's General Stores Inc.	1		101
	Clorox Co.	—		25
	Coca-Cola Co.	11		603
	Colgate-Palmolive Co.	6		405
	Costco Wholesale Corporation	1		404
	Estee Lauder Cos. Inc. - Class A	1		204
	Flowers Foods Inc.	3		63
	General Mills Inc.	2		126
	Hershey Co.	—		15
	Hormel Foods Corp. (b)	7		298
	Ingredion Inc.	1		56
	Kraft Heinz Foods Company	1		17
	Lamb Weston Holdings Inc.	1		43
	McCormick & Co. Inc.	1		178
	Mondelez International Inc. - Class A	4		225
	Monster Beverage 1990 Corporation (a)	3		179
	PepsiCo Inc.	4		610
	Philip Morris International Inc.	1		66
	Procter & Gamble Co.	5		605
	Sysco Corp.	4		346
	Walgreens Boots Alliance Inc.	1		70
	Walmart Inc.	4		462
			5,116
Utilities 11.7%
	Ameren Corporation	6		482
	American Electric Power Company, Inc.	2		230
	American Water Works Company, Inc.	2		269
	Atmos Energy Corporation	2		231
	Consolidated Edison Inc.	2		228
	Dominion Energy, Inc.	3		231
	DTE Energy Company	1		159
	Duke Energy Corporation	3		293
	Eversource Energy	1		56
	Exelon Corporation	1		36
	Hawaiian Electric Industries Inc.	1		47
	IDACORP Inc.	2		224
	NextEra Energy, Inc.	3		612
	Pinnacle West Capital Corp.	3		267
	PPL Corporation	10		316
	Public Service Enterprise Group Inc.	6		356
	Sempra Energy	2		262
	The Southern Company	4		221
	UGI Corp.	—		18
	WEC Energy Group Inc.	3		236
	Xcel Energy Inc.	2		129
			4,903
Health Care 10.0%
	Abbott Laboratories	—		37
	AbbVie Inc.	2		165
	Align Technology, Inc. (a)	—		80
	Amgen Inc.	—		67
	Becton, Dickinson and Company	1		309
	Biogen Inc. (a)	2		375
	Chemed Corporation	—		18
	Danaher Corporation	1		133
	Edwards Lifesciences Corporation (a)	—		75
	Eli Lilly & Co.	3		300
	Gilead Sciences Inc.	5		310
	Henry Schein Inc. (a)	4		228
	Illumina, Inc. (a)	—		62
	Intuitive Surgical, Inc. (a)	—		207
	Jazz Pharmaceuticals Public Limited Company (a)	1		82
	Johnson & Johnson	5		592
	Medtronic Public Limited Company	1		109
	Merck & Co., Inc.	3		277
	Mettler-Toledo International Inc. (a)	—		97
	Mylan Holdings Ltd. (a)	3		49
	Pfizer Inc.	5		181
	Thermo Fisher Scientific Inc.	—		70
	UnitedHealth Group Incorporated	1		297
	West Pharmaceutical Services Inc.	—		19
	Zoetis Inc. - Class A	—		29
			4,168

47

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
Consumer Discretionary 9.3%
	Amazon.com, Inc. (a)	—		514
	Best Buy Co., Inc.	—		17
	Booking Holdings Inc. (a)	—		318
	Capri Holdings Limited (a)	1		19
	Darden Restaurants Inc.	2		262
	Home Depot Inc.	2		571
	Lululemon Athletica Inc. (a)	—		61
	McDonald's Corporation	2		446
	Nike Inc. - Class B	5		474
	Ross Stores Inc.	2		205
	Starbucks Corp.	5		396
	TJX Cos. Inc.	4		212
	Ulta Salon, Cosmetics & Fragrance, Inc. (a)	—		60
	VF Corp.	1		60
	Wyndham Destinations, Inc.	4		175
	Yum! Brands Inc.	1		78
			3,868
Real Estate 5.7%
	American Tower Corporation	—		50
	AvalonBay Communities, Inc.	3		542
	Boston Properties Inc.	—		29
	Camden Property Trust	3		376
	Equity Residential	1		80
	Essex Property Trust Inc.	1		258
	Federal Realty Investment Trust	1		116
	Public Storage	2		492
	Simon Property Group Inc.	3		444
			2,387
Industrials 5.6%
	3M Company	3		431
	CoStar Group, Inc. (a)	—		54
	Emerson Electric Co.	2		111
	Honeywell International Inc.	2		272
	Illinois Tool Works Inc.	4		555
	Republic Services Inc.	2		194
	Robert Half International Inc.	1		36
	Rockwell Automation Inc.	—		46
	Rollins Inc.	1		16
	Southwest Airlines Co.	1		70
	Verisk Analytics, Inc.	1		156
	Waste Management, Inc.	4		402
			2,343
Communication Services 4.9%
	Alphabet Inc. - Class A (a)	1		593
	AT&T Inc.	4		165
	Facebook, Inc. - Class A (a)	2		428
	T-Mobile US Inc. (a)	2		186
	VeriSign, Inc. (a)	1		157
	Verizon Communications Inc.	4		240
	Walt Disney Co.	2		265
			2,034
Materials 2.7%
	Air Products and Chemicals, Inc.	—		84
	DuPont de Nemours, Inc	1		85
	Ecolab Inc.	3		571
	Linde Public Limited Company	—		31
	Newmont Goldcorp Corporation (c)	1		50
	PPG Industries Inc.	2		175
	Sherwin-Williams Co.	—		136
			1,132
Energy 1.6%
	Centennial Resource Development, LLC - Class A (a)	3		14
	Chevron Corp.	1		113
	EOG Resources, Inc.	1		83
	Exxon Mobil Corporation	4		289
	ONEOK Inc.	2		129
	Valero Energy Corporation	1		47
			675
	Total Common Stocks (cost $39,641)		40,124
SHORT TERM INVESTMENTS 3.8%
Investment Companies 3.5%
	JNL Government Money Market Fund - Institutional Class, 1.86% (d) (e)	1,461		1,461
Securities Lending Collateral 0.3%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (d) (e)	124		124
	Total Short Term Investments (cost $1,585)		1,585
Total Investments 100.0% (cost $41,226)				41,709
Other Derivative Instruments 0.0%				5
Other Assets and Liabilities, Net 0.0%				11
Total Net Assets 100.0%				41,725

(a)Non-income producing security.

(b)All or a portion of the security was on loan as of September 30, 2019.

(c)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

(d)Investment in affiliate.

(e)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

JNL/AQR Large Cap Defensive Style Fund — Futures Contracts
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
S&P 500 Index	7	December 2019		1,049	5			(7)

48

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
JNL/AQR Large Cap Relaxed Constraint Equity Fund
COMMON STOCKS 127.0%
Information Technology 31.3%
	2U, Inc. (a) (b)	12		193
	Accenture Public Limited Company - Class A	10		1,928
	Adobe Inc. (a) (c)	9		2,614
	Ads Alliance Data Systems Inc.	3		389
	Akamai Technologies, Inc. (a) (c)	27		2,467
	Amdocs Limited	11		712
	Apple Inc. (c)	55		12,291
	Applied Materials, Inc. (c)	94		4,687
	Aspen Technology, Inc. (a)	8		986
	Autodesk, Inc. (a)	5		702
	Avnet, Inc.	9		393
	Belden Inc.	16		835
	Broadcom Inc.	1		376
	Broadridge Financial Solutions, Inc.	4		478
	CACI International Inc. - Class A (a)	2		572
	Cadence Design Systems Inc. (a)	14		936
	CDW Corp.	9		1,103
	Ciena Corp. (a)	12		452
	Cirrus Logic Inc. (a)	23		1,213
	Cisco Systems, Inc. (c)	100		4,926
	Cognizant Technology Solutions Corp. - Class A	32		1,922
	CommVault Systems Inc. (a)	18		801
	Dropbox, Inc. - Class A (a)	33		664
	DXC Technology Company	59		1,740
	EPAM Systems, Inc. (a)	4		692
	F5 Networks Inc. (a)	2		257
	Fidelity National Information Services, Inc.	3		349
	Fortinet, Inc. (a)	10		800
	HP Inc.	110		2,073
	Intel Corp.	74		3,814
	International Business Machines Corp. (c)	36		5,215
	Intuit Inc.	12		3,197
	Juniper Networks, Inc.	26		656
	Lam Research Corp.	11		2,563
	MasterCard Incorporated - Class A	3		707
	MAXIMUS Inc.	4		310
	Micron Technology Inc. (a)	76		3,243
	Microsoft Corp. (c)	96		13,380
	New Relic, Inc. (a)	4		228
	Oracle Corporation	62		3,396
	Paypal Holdings, Inc. (a)	8		836
	Pluralsight, Inc. - Class A (a) (b)	12		195
	Qorvo, Inc. (a)	2		147
	Qualcomm Incorporated	42		3,239
	Sabre Corporation	12		269
	Semtech Corp. (a)	1		66
	Skyworks Solutions, Inc.	20		1,562
	Symantec Corp.	8		183
	Tech Data Corp. (a)	12		1,280
	Texas Instruments Incorporated	11		1,429
	Vishay Intertechnology Inc.	97		1,643
	Xerox Holdings, Inc.	2		69
	Xilinx Inc.	13		1,286
			96,464
Health Care 19.2%
	Abbott Laboratories	2		165
	AbbVie Inc. (c)	7		538
	Agilent Technologies, Inc. (c)	30		2,319
	Alexion Pharmaceuticals, Inc. (a) (c)	10		1,017
	Align Technology, Inc. (a)	5		855
	Alkermes Public Limited Company (a)	36		712
	Allergan Public Limited Company	4		686
	Amgen Inc. (c)	2		436
	Anthem, Inc.	—		95
	Baxter International Inc. (c)	45		3,937
	Biogen Inc. (a) (c)	22		5,070
	Boston Scientific Corp. (a)	4		182
	Bristol-Myers Squibb Co.	30		1,536
	Cardinal Health, Inc.	30		1,412
	Celgene Corp. (a)	9		864
	Cerner Corp.	14		944
	Charles River Laboratories International Inc. (a)	8		1,126
	Danaher Corporation	18		2,644
	Dentsply Sirona Inc.	12		649
	Eli Lilly & Co.	5		524
	Exelixis, Inc. (a)	106		1,881
	Gilead Sciences Inc.	49		3,123
	Humana Inc.	3		696
	Incyte Corporation (a)	11		820
	Inogen, Inc. (a)	27		1,306
	Jazz Pharmaceuticals Public Limited Company (a)	—		56
	Johnson & Johnson (c)	50		6,417
	Masimo Corp. (a)	1		81
	McKesson Corporation	15		2,070
	Medtronic Public Limited Company	33		3,600
	Merck & Co., Inc. (c)	36		3,056
	Mylan Holdings Ltd. (a)	80		1,574
	NuVasive Inc. (a)	5		291
	Pfizer Inc. (c)	93		3,360
	PRA Health Sciences, Inc. (a)	—		30
	Regeneron Pharmaceuticals, Inc. (a)	1		223
	Thermo Fisher Scientific Inc.	12		3,614
	UnitedHealth Group Incorporated	7		1,484
			59,393
Communication Services 15.9%
	Activision Blizzard, Inc.	14		732
	Alphabet Inc. - Class A (a) (c)	6		6,866
	Alphabet Inc. - Class C (a) (c)	4		4,700
	AMC Networks, Inc. - Class A (a) (c)	30		1,451
	AT&T Inc.	14		516
	Cars.com Inc. (a)	89		797
	CBS Corporation - Class B	53		2,134
	Comcast Corporation - Class A (c)	106		4,757
	Electronic Arts Inc. (a)	27		2,639
	Facebook, Inc. - Class A (a) (c)	45		8,024
	IAC/InterActiveCorp (a)	3		713
	Sinclair Broadcast Group Inc. - Class A	45		1,920
	TEGNA Inc.	95		1,476
	TripAdvisor Inc. (a)	29		1,103
	Twitter, Inc. (a)	75		3,106
	VeriSign, Inc. (a)	5		1,019
	Verizon Communications Inc.	45		2,716
	Viacom Inc. - Class B	4		102
	Walt Disney Co. (c)	32		4,209
	Yelp Inc. - Class A (a)	2		64
			49,044
Consumer Discretionary 15.5%
	Amazon.com, Inc. (a) (c)	5		8,820
	American Eagle Outfitters, Inc.	4		69
	AutoZone, Inc. (a)	1		643
	Best Buy Co., Inc.	31		2,113
	Dana Holding Corp.	62		893
	Deckers Outdoor Corp. (a)	13		1,978
	Delphi Technologies PLC	89		1,196
	Dollar General Corp.	—		74
	eBay Inc.	70		2,713
	Ford Motor Co.	54		493
	Garmin Ltd.	20		1,658
	Goodyear Tire & Rubber Co.	123		1,770
	Home Depot Inc.	13		3,036
	Kohl's Corp.	19		944
	Las Vegas Sands Corp.	34		1,940
	Lear Corp.	3		373
	Limited Brands Inc.	40		775
	Lowe's Cos. Inc.	4		470
	Macy's, Inc. (b)	36		553
	Nike Inc. - Class B	18		1,663
	Norwegian Cruise Line Holdings Ltd. (a)	48		2,510
	Pulte Homes Inc.	29		1,050
	PVH Corp.	1		88
	Qurate Retail, Inc. - Class A (a)	17		180
	Ralph Lauren Corp. - Class A	7		671
	Sally Beauty Holdings, Inc. (a) (b)	47		696
	Signet Jewelers Limited (b)	7		119

49

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	Skechers U.S.A. Inc. - Class A (a)	42		1,573
	Starbucks Corp.	22		1,974
	Target Corporation	11		1,222
	The Michaels Companies, Inc. (a) (b)	171		1,677
	TJX Cos. Inc.	16		889
	Toll Brothers Inc.	10		394
	Tractor Supply Co.	7		622
	Tupperware Brands Corp.	68		1,084
	Urban Outfitters Inc. (a)	15		420
	WW International, Inc. (a)	10		382
			47,725
Industrials 14.2%
	AGCO Corporation	2		163
	Allison Systems, Inc.	5		260
	Avis Budget Group, Inc. (a)	3		76
	Caterpillar Inc.	16		2,000
	Clean Harbors Inc. (a)	11		823
	CSX Corp.	1		65
	Cummins Inc.	25		4,060
	Curtiss-Wright Corp.	3		417
	Delta Air Lines Inc.	23		1,312
	Deluxe Corp.	8		375
	Eaton Corporation Public Limited Company	5		421
	Gates Industrial Corporation PLC (a) (b)	39		394
	GrafTech International Ltd. (b)	91		1,164
	HD Supply Holdings, Inc (a)	20		792
	Herman Miller Inc.	14		634
	HNI Corp.	69		2,440
	Honeywell International Inc.	24		3,987
	Huntington Ingalls Industries Inc.	8		1,657
	Ingersoll-Rand Public Limited Company	6		757
	Insperity, Inc.	10		941
	ITT Industries Holdings, Inc.	16		975
	Kennametal Inc.	12		354
	Lincoln Electric Holdings Inc.	1		70
	Lockheed Martin Corporation	6		2,410
	ManpowerGroup Inc.	12		1,006
	Masco Corp.	15		609
	Norfolk Southern Corp.	4		667
	Nvent Electric Public Limited Company	22		477
	Oshkosh Corp.	20		1,509
	Raytheon Co.	3		689
	Resideo Technologies, Inc. (a)	4		65
	Robert Half International Inc.	36		1,991
	Schneider National, Inc. - Class B	6		124
	Spirit Aerosystems Holdings Inc. - Class A	25		2,067
	Textron Inc.	2		110
	The Boeing Company	8		3,217
	Timken Co.	8		358
	United Airlines Holdings, Inc. (a)	19		1,682
	Waste Management, Inc.	4		491
	Werner Enterprises Inc.	4		143
	WESCO International, Inc. (a)	46		2,217
			43,969
Financials 13.2%
	AFLAC Incorporated (c)	35		1,850
	American National Insurance Company	1		66
	Ameriprise Financial, Inc.	8		1,165
	Assured Guaranty Ltd.	43		1,909
	Athene Holding Ltd - Class A (a)	4		174
	Bank of America Corporation	74		2,153
	Berkshire Hathaway Inc. - Class B (a)	16		3,332
	CIT Group Inc.	1		60
	Citigroup Inc.	30		2,071
	Citizens Financial Group Inc.	11		388
	Comerica Inc.	3		221
	Fidelity National Financial, Inc.	49		2,160
	Fifth Third Bancorp	37		1,016
	First American Financial Corporation	9		529
	JPMorgan Chase & Co.	14		1,606
	Mercury General Corp.	1		58
	MetLife, Inc.	31		1,484
	MGIC Investment Corp.	234		2,949
	Moody's Corp.	2		485
	Morgan Stanley	22		923
	PNC Financial Services Group Inc.	3		456
	Popular Inc.	14		775
	Prudential Financial Inc.	6		582
	Reinsurance Group of America Inc.	10		1,523
	S&P Global Inc.	3		707
	SunTrust Banks Inc.	7		449
	Synchrony Financial	96		3,281
	The Allstate Corporation (c)	43		4,666
	The Hartford Financial Services Group, Inc.	3		210
	The Travelers Companies, Inc.	5		769
	Wells Fargo & Co.	53		2,678
			40,695
Consumer Staples 7.8%
	Altria Group, Inc.	5		193
	Archer-Daniels-Midland Company	57		2,338
	Bunge Limited	21		1,213
	Colgate-Palmolive Co.	12		855
	Ingredion Inc.	2		174
	Kimberly-Clark Corp.	13		1,877
	Monster Beverage 1990 Corporation (a)	35		2,018
	Nu Skin Enterprises, Inc. - Class A	6		257
	PepsiCo Inc.	6		875
	Philip Morris International Inc.	16		1,219
	Pilgrim's Pride Corporation (a)	5		151
	Procter & Gamble Co. (c)	37		4,652
	Tyson Foods Inc. - Class A (c)	55		4,731
	Walmart Inc.	30		3,556
			24,109
Energy 5.0%
	Antero Resources Corporation (a) (b)	79		238
	Centennial Resource Development, LLC - Class A (a)	147		663
	Chevron Corp.	8		948
	ConocoPhillips	32		1,831
	Devon Energy Corporation	24		580
	Exxon Mobil Corporation	27		1,913
	HollyFrontier Corp.	30		1,613
	Marathon Oil Corp.	26		317
	Occidental Petroleum Corporation	2		90
	Phillips 66 (c)	24		2,429
	Pioneer Natural Resources Co.	3		320
	Southwestern Energy Co. (a) (b)	144		278
	Valero Energy Corporation	22		1,869
	World Fuel Services Corp.	57		2,267
			15,356
Utilities 2.9%
	American Electric Power Company, Inc.	5		459
	Consolidated Edison Inc.	8		716
	Exelon Corporation (c)	106		5,120
	IDACORP Inc.	4		399
	NorthWestern Corp.	17		1,301
	Pinnacle West Capital Corp.	5		485
	Public Service Enterprise Group Inc.	9		546
			9,026
Materials 1.4%
	Berry Global Group, Inc. (a)	7		291
	Cabot Corp.	2		73
	Eastman Chemical Co.	6		435
	Huntsman Corp.	6		137
	International Paper Co.	15		623
	LyondellBasell Industries N.V. - Class A	5		474
	PolyOne Corporation	4		129
	Reliance Steel & Aluminum Co.	2		157
	Steel Dynamics Inc.	52		1,556
	Westrock Company, Inc.	13		461
			4,336
Real Estate 0.6%
	AvalonBay Communities, Inc.	1		138
	Columbia Property Trust Inc.	15		324
	Senior Housing Properties Trust	27		254

50

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	Vornado Realty Trust	20		1,244
			1,960
	Total Common Stocks (cost $357,570)		392,077
SHORT TERM INVESTMENTS 2.5%
Investment Companies 1.5%
	JNL Government Money Market Fund - Institutional Class, 1.86% (d) (e)	4,547		4,547
Securities Lending Collateral 1.0%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (d) (e)	3,092		3,092
	Total Short Term Investments (cost $7,639)		7,639
Total Investments 129.5% (cost $365,209)				399,716
Total Securities Sold Short(28.5)% (proceeds $90,976)				(88,046)
Other Derivative Instruments 0.0%				11
Other Assets and Liabilities, Net (1.0)%				(3,029)
Total Net Assets 100.0%				308,652

(a)Non-income producing security.

(b)All or a portion of the security was on loan as of September 30, 2019.

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

(d)Investment in affiliate.

(e)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

		Shares/Par1		Value ($)
SECURITIES SOLD SHORT (28.5%)
COMMON STOCKS (28.5%)
Health Care (7.0%)
	Acadia Healthcare Company, Inc.	(84)		(2,602)
	Agios Pharmaceuticals, Inc.	(13)		(427)
	Alnylam Pharmaceuticals, Inc.	(9)		(735)
	Bluebird Bio, Inc.	(26)		(2,427)
	Catalent Inc.	(23)		(1,088)
	Covetrus, Inc.	(10)		(119)
	DexCom Inc.	(3)		(447)
	Exact Sciences Corporation	(28)		(2,554)
	Insulet Corporation	(16)		(2,580)
	Ionis Pharmaceuticals Inc.	(16)		(946)
	Ligand Pharmaceuticals Incorporated	(14)		(1,424)
	Nektar Therapeutics	(101)		(1,847)
	Neurocrine Biosciences, Inc.	(3)		(300)
	Penumbra, Inc.	(4)		(547)
	Perrigo Company Public Limited Company	(3)		(148)
	Prestige Consumer Healthcare Inc.	(7)		(257)
	Sage Therapeutics Inc.	(20)		(2,862)
	Seattle Genetics Inc.	(2)		(172)
			(21,482)
Energy (5.1%)
	Apache Corporation	(31)		(792)
	Baker Hughes, a GE Company, LLC - Class A	(95)		(2,214)
	Callon Petroleum Company	(7)		(29)
	Cheniere Energy, Inc.	(16)		(987)
	Chesapeake Energy Corp.	(85)		(120)
	CNX Resources Corporation	(62)		(450)
	Concho Resources Inc.	(9)		(606)
	Equitrans Midstream Corp.	(59)		(865)
	Hess Corporation	(23)		(1,410)
	Matador Resources Co.	(83)		(1,365)
	National Oilwell Varco Inc.	(20)		(433)
	Noble Energy Inc.	(72)		(1,623)
	Targa Resources Corp.	(59)		(2,360)
	Transocean Ltd.	(442)		(1,974)
	Valaris PLC - Class A (a)	(79)		(379)
			(15,607)
Information Technology (3.8%)
	Advanced Micro Devices, Inc.	(8)		(228)
	Cognex Corp.	(23)		(1,111)
	Coherent Inc.	(1)		(200)
	Coupa Software Incorporated	(8)		(1,063)
	Dell Technology, Inc. - Class C	(6)		(286)
	IPG Photonics Corporation	(7)		(890)
	Littelfuse Inc.	(3)		(534)
	Lumentum Holdings Inc.	(19)		(1,040)
	Marvell Technology Group Ltd	(54)		(1,344)
	Microchip Technology Incorporated	(7)		(643)
	MongoDB, Inc. - Class A	(4)		(439)
	Okta, Inc. - Class A	(14)		(1,383)
	Square, Inc. - Class A	(5)		(313)
	Switch Inc - Class A	(31)		(490)
	Universal Display Corporation	(3)		(489)
	ViaSat, Inc.	(10)		(761)
	Western Digital Corp.	(8)		(476)
			(11,690)
Consumer Discretionary (3.6%)
	Adient Public Limited Company	(58)		(1,337)
	Aptiv PLC (a)	(9)		(780)
	Carvana Co. - Class A	(7)		(471)
	GrubHub Inc.	(6)		(309)
	Mattel Inc.	(23)		(264)
	MercadoLibre S.R.L	(1)		(578)
	Papa John's International Inc.	(16)		(832)
	Penn National Gaming Inc.	(63)		(1,168)
	Scientific Games Corporation - Class A	(52)		(1,050)
	Tesla Inc.	(7)		(1,774)
	Tiffany & Co.	(10)		(944)
	Under Armour Inc. - Class A	(23)		(454)
	Visteon Corporation	(14)		(1,136)
	Wayfair Inc. - Class A	(1)		(84)
			(11,181)
Industrials (2.9%)
	Axone Intelligence Inc.	(9)		(533)
	BWXT Government Group, Inc.	(12)		(707)
	Granite Construction Inc.	(23)		(736)
	Knight-Swift Transportation Holdings Inc. - Class A	(36)		(1,309)
	Stericycle Inc.	(24)		(1,231)
	TransDigm Group Inc.	(1)		(712)
	Trex Company, Inc.	(2)		(144)
	Wabtec Corp.	(48)		(3,474)
	Welbilt Inc.	(9)		(150)
			(8,996)
Materials (2.6%)
	Albemarle Corporation	(30)		(2,090)
	Allegheny Technologies Incorporated	(32)		(653)
	Chemours Co.	(5)		(72)
	Compass Minerals International, Inc.	(5)		(265)
	Element Solutions, Inc.	(67)		(677)
	Freeport-McMoRan Inc. - Class B	(110)		(1,053)
	International Flavors & Fragrances Inc.	(14)		(1,690)
	Royal Gold Inc.	(7)		(816)
	United States Steel Corp.	(15)		(171)
	Univar Inc.	(34)		(696)
			(8,183)
Financials (1.2%)
	Home Bancshares Inc.	(2)		(30)
	LendingTree, Inc.	—		(47)
	Pinnacle Financial Partners, Inc.	(25)		(1,422)
	SVB Financial Group	(1)		(194)
	United Bankshares Inc.	(22)		(833)
	Virtu Financial Inc. - Class A	(80)		(1,312)
			(3,838)
Consumer Staples (1.0%)
	ConAgra Brands Inc.	(63)		(1,919)
	Coty Inc. - Class A	(8)		(80)

51

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
		Energizer Holdings, Inc.	(9)		(391)
		Hain Celestial Group Inc.	(31)		(674)
				(3,064)
Communication Services (0.9%)
		Charter Communications, Inc. - Class A	(1)		(416)
		Meredith Corporation	(9)		(324)
		New York Times Co. - Class A	(12)		(346)
		Twilio Inc. - Class A	(4)		(401)
		World Wrestling Entertainment, Inc. - Class A	(9)		(648)
		Zillow Group, Inc. - Class C	(21)		(620)
				(2,755)
Real Estate (0.4%)
		Colony Capital, Inc. - Class A	(208)		(1,250)
	Total Common Stocks (proceeds $90,976)			(88,046)
	Total Securities Sold Short (28.5%) (proceeds $90,976)				(88,046)

(a)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

JNL/AQR Large Cap Relaxed Constraint Equity Fund — Futures Contracts
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
S&P 500 Index	15	December 2019		2,244	11			(11)

52

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
JNL/AQR Managed Futures Strategy Fund
SHORT TERM INVESTMENTS 79.0%
U.S. Treasury Bill 49.9%
	Treasury, United States Department of
		2.42%, 10/03/19 (a)	13,400		13,397
		2.42%, 10/10/19 (a)	12,750		12,743
		2.42%, 10/17/19 (a)	9,030		9,023
		1.77%, 10/24/19 (a)	4,122		4,117
		2.16%, 12/19/19 (a)	242		241
		2.10%, 01/09/20 (a)	1,450		1,443
		2.06%, 01/30/20 (a)	5,722		5,688
		1.98%, 02/06/20 (a)	11,330		11,258
		1.92%, 02/13/20 (a)	2,496		2,479
		1.87%, 02/20/20 (a)	1,445		1,435
		1.89%, 03/26/20 (a)	4,987		4,943
				66,767
Investment Companies 29.1%
	JNL Government Money Market Fund - Institutional Class, 1.86% (b) (c)		20,626		20,626
	JPMorgan U.S. Treasury Plus Money Market Fund - IM Class, 2.02% (c)		18,228		18,228
				38,854
	Total Short Term Investments (cost $105,602)			105,621
Total Investments 79.0% (cost $105,602)					105,621
Other Derivative Instruments (0.7)%					(870)
Other Assets and Liabilities, Net 21.7%					28,957
Total Net Assets 100.0%					133,708

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

(b)Investment in affiliate.

(c)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

JNL/AQR Managed Futures Strategy Fund — Futures Contracts
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
3 Month Euribor	11	March 2020	EUR	2,767	—			(3)
3 Month Euribor	29	June 2020	EUR	7,292	—			(4)
3 Month Euribor	29	September 2020	EUR	7,289	—			—
3 Month Euribor	34	December 2020	EUR	8,545	(1)			3
3 Month Euribor	34	March 2021	EUR	8,544	—			4
3 Month Euribor	36	June 2021	EUR	9,057	(1)			(9)
3 Month Euribor	21	September 2021	EUR	5,280	—			(1)
3 Month Euroswiss	1	June 2020	CHF	253	—			—
3 Month Euroswiss	2	September 2020	CHF	504	—			—
90 Day Eurodollar	48	March 2020		11,804	(1)			(5)
90 Day Eurodollar	68	June 2020		16,743	(2)			(7)
90 Day Eurodollar	63	September 2020		15,520	(2)			(3)
90 Day Eurodollar	78	December 2020		19,204	(3)			8
90 Day Eurodollar	87	March 2021		21,436	(3)			11
90 Day Eurodollar	124	June 2021		30,557	(4)			17
90 Day Eurodollar	146	September 2021		35,998	(5)			2
90 Day Sterling	21	March 2020	GBP	2,609	—			(1)
90 Day Sterling	32	June 2020	GBP	3,977	1			—
90 Day Sterling	33	September 2020	GBP	4,101	1			2
90 Day Sterling	37	December 2020	GBP	4,597	—			3
90 Day Sterling	42	March 2021	GBP	5,221	1			3
90 Day Sterling	46	June 2021	GBP	5,716	1			8
90 Day Sterling	47	September 2021	GBP	5,841	1			7
AEX Index	9	October 2019	EUR	1,037	4			8
Australia 10 Year Bond	47	December 2019	AUD	6,862	(27)			43
Australia 3 Year Bond	664	December 2019	AUD	76,551	(51)			182
CAC 40 Index	167	October 2019	EUR	9,371	68			118
CAD/USD Spot Rate	283	December 2019		21,553	14			(150)
Canada 10 Year Bond	4	December 2019	CAD	575	(1)			(3)
Cocoa	9	December 2019		223	(4)			(3)
Cocoa	26	December 2019	GBP	486	(7)			15
DAX Index	3	December 2019	EUR	931	4			—
Dow Jones Industrial Average Index	36	December 2019		4,885	18			(43)
Euro BOBL	181	December 2019	EUR	24,728	10			(195)
Euro Bund	28	December 2019	EUR	4,932	1			(59)
Euro Buxl 30 Year Bond	1	December 2019	EUR	211	(1)			8
Euro OAT	14	December 2019	EUR	2,411	—			(29)
Euro Schatz	225	December 2019	EUR	25,344	1			(77)
Euro STOXX 50 Price Index	280	December 2019	EUR	9,830	76			135
FTSA China 50 Index	58	October 2019		799	(7)			(10)
FTSE 100 Index	44	December 2019	GBP	3,222	(2)			32
FTSE/MIB Index	11	December 2019	EUR	1,196	9			19
GBP/USD Spot Rate	63	December 2019		4,896	3			(40)
Gold, 100 Oz.	102	December 2019		14,725	(340)			299
IBEX 35 Index	10	October 2019	EUR	904	8			22
Italy Government BTP Bond	6	December 2019	EUR	874	1			1
Japan 10 Year Bond	8	December 2019	JPY	1,239,170	(10)			9
JPY/USD Spot Rate	181	December 2019		21,260	(51)			(223)
KOSPI 200 Index	18	December 2019	KRW	1,240,350	9			(5)
Long Gilt	40	December 2019	GBP	5,340	8			36

53

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

JNL/AQR Managed Futures Strategy Fund — Futures Contracts (continued)
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
MSCI EAFE Index	1	December 2019		96	—			(1)
MSCI Singapore Free Index	4	October 2019	SGD	144	—			—
MSCI Taiwan Index	60	October 2019		2,419	17			23
MXN/USD Spot Rate	30	December 2019		756	(1)			(5)
NASDAQ 100 Stock Index	42	December 2019		6,651	61			(124)
Natural Gas	34	November 2019		858	(28)			(66)
Nickel	3	December 2019		291	16			16
Nikkei 225 Index	6	December 2019	JPY	131,276	(3)			(7)
OMX 30 Index	46	October 2019	SEK	7,605	1			(3)
Palladium	5	December 2019		776	(3)			48
Platinum	25	January 2020		1,190	(59)			(79)
S&P 500 Index	33	December 2019		4,952	24			(37)
S&P/ASX 200 Index	151	December 2019	AUD	25,204	(33)			15
S&P/TSX 60 Index	97	December 2019	CAD	19,357	(12)			(25)
Silver	31	December 2019		2,769	(104)			(134)
Topix Index	1	December 2019	JPY	16,133	(1)			(2)
United States 10 Year Note	141	December 2019		18,357	(11)			17
United States 2 Year Note	118	January 2020		25,466	(4)			(37)
United States 5 Year Note	274	January 2020		32,643	(12)			3
United States Long Bond	41	December 2019		6,621	(2)			34
United States Ultra Bond	38	December 2019		7,236	2			57
					(436)			(182)
Short Contracts
3 Month Euroswiss	(2)	March 2020	CHF	(504)	—			—
Aluminum	(31)	December 2019		(1,366)	26			27
Brent Crude	(23)	October 2019		(1,476)	42			113
Canadian Bankers' Acceptance	(7)	March 2020	CAD	(1,717)	—			—
Canadian Bankers' Acceptance	(8)	June 2020	CAD	(1,963)	—			1
Coffee "C"	(49)	December 2019		(1,796)	(5)			(62)
Copper	(2)	December 2019		(285)	(16)			(1)
Copper	(11)	December 2019		(714)	5			4
Corn	(86)	December 2019		(1,586)	(71)			(82)
Cotton No. 2	(20)	December 2019		(616)	1			7
Crude Oil, WTI	(51)	November 2019		(2,839)	91			81
EUR/USD Spot Rate	(346)	December 2019		(48,067)	162			654
FTSE/JSE Africa Top 40 Index	(21)	December 2019	ZAR	(10,823)	7			31
Gasoline, RBOB	(2)	November 2019		(133)	3			1
Hang Seng China Enterprises Index	(24)	October 2019	HKD	(12,236)	(4)			(2)
Hang Seng Index	(21)	October 2019	HKD	(27,332)	(7)			(2)
KC HRW Wheat	(19)	December 2019		(394)	(7)			—
Lean Hogs	(7)	December 2019		(182)	(8)			(21)
Live Cattle	(30)	January 2020		(1,241)	4			(83)
Low Sulfur Gasoil	(26)	November 2019		(1,493)	31			(32)
MSCI Emerging Markets Index	(1)	December 2019		(50)	1			—
New York Harbor ULSD	(4)	November 2019		(316)	7			(3)
NZD/USD Spot Rate	(279)	December 2019		(17,646)	81			142
Russell 2000 Index	(17)	December 2019		(1,326)	(1)			30
Soybean	(75)	November 2019		(3,297)	(86)			(101)
Soybean Meal	(33)	December 2019		(995)	(20)			2
Soybean Oil	(8)	December 2019		(139)	(1)			—
Sugar No. 11	(162)	May 2020		(2,170)	(6)			(125)
Wheat	(61)	December 2019		(1,451)	(26)			(61)
Zinc	(8)	December 2019		(452)	(35)			(26)
					168			492

Forward Foreign Currency Contracts

Purchased/ Sold	Counter-party	Expiration	Notional1		Value ($)		Unrealized Appreciation (Depreciation) ($)
AUD/USD	CIT	12/18/19	AUD	23,843		16,133		(146)
BRL/USD	CIT	12/18/19	BRL	2,272		544		(13)
BRL/USD	CIT	12/18/19	BRL	185		44		—
CAD/USD	CIT	12/18/19	CAD	4,992		3,772		(20)
CAD/USD	CIT	12/18/19	CAD	16,575		12,525		36
CHF/USD	CIT	12/18/19	CHF	19,076		19,240		(294)
CLP/USD	CIT	12/18/19	CLP	64,536		89		(2)
CLP/USD	CIT	12/18/19	CLP	154,944		213		—
COP/USD	CIT	12/18/19	COP	168,494		48		(1)
COP/USD	CIT	12/18/19	COP	189,212		54		—
EUR/USD	CIT	12/18/19	EUR	9,481		10,396		(121)
GBP/USD	CIT	12/18/19	GBP	11,281		13,917		(100)

54

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

Purchased/ Sold	Counter-party	Expiration	Notional1		Value ($)		Unrealized Appreciation (Depreciation) ($)
GBP/USD	CIT	12/18/19	GBP	1,316		1,623		3
HUF/USD	CIT	12/18/19	HUF	5,903		19		(1)
IDR/USD	CIT	12/18/19	IDR	60,088,807		4,198		(17)
IDR/USD	CIT	12/18/19	IDR	26,641,172		1,861		21
ILS/USD	CIT	12/18/19	ILS	8,407		2,431		27
INR/USD	CIT	12/18/19	INR	162,961		2,279		29
JPY/USD	CIT	12/18/19	JPY	342,154		3,183		(50)
KRW/USD	CIT	12/18/19	KRW	2,094,938		1,755		(13)
KRW/USD	CIT	12/18/19	KRW	482,495		405		—
MXN/USD	CIT	12/18/19	MXN	90,289		4,518		(62)
MXN/USD	CIT	12/18/19	MXN	251		12		—
NOK/USD	CIT	12/18/19	NOK	3,070		338		—
NZD/USD	CIT	12/18/19	NZD	2,128		1,336		(25)
PHP/USD	CIT	12/18/19	PHP	79,015		1,519		10
PLN/USD	CIT	12/18/19	PLN	18,410		4,592		(80)
PLN/USD	CIT	12/18/19	PLN	46		11		—
SEK/USD	CIT	12/18/19	SEK	25,137		2,568		(41)
SGD/USD	CIT	12/18/19	SGD	2,213		1,603		(7)
SGD/USD	CIT	12/18/19	SGD	406		294		1
TWD/USD	CIT	12/18/19	TWD	41,407		1,341		(9)
TWD/USD	CIT	12/18/19	TWD	81,197		2,630		17
USD/AUD	CIT	12/18/19	AUD	(6,708)		(4,538)		(28)
USD/AUD	CIT	12/18/19	AUD	(7,230)		(4,891)		20
USD/BRL	CIT	12/18/19	BRL	(5,792)		(1,388)		(9)
USD/BRL	CIT	12/18/19	BRL	(16,313)		(3,907)		44
USD/CAD	CIT	12/18/19	CAD	(10,371)		(7,838)		(24)
USD/CAD	CIT	12/18/19	CAD	(2,912)		(2,201)		2
USD/CHF	CIT	12/18/19	CHF	(6,496)		(6,551)		36
USD/CLP	CIT	12/18/19	CLP	(2,307,753)		(3,170)		48
USD/COP	CIT	12/18/19	COP	(4,374,204)		(1,250)		24
USD/EUR	CIT	12/18/19	EUR	(30,211)		(33,129)		445
USD/GBP	CIT	12/18/19	GBP	(6,627)		(8,179)		(58)
USD/GBP	CIT	12/18/19	GBP	(5,203)		(6,421)		24
USD/HUF	CIT	12/18/19	HUF	(245,433)		(803)		(2)
USD/HUF	CIT	12/18/19	HUF	(2,667,451)		(8,725)		162
USD/IDR	CIT	12/18/19	IDR	(7,121,009)		(497)		(3)
USD/IDR	CIT	12/18/19	IDR	(9,215,113)		(644)		—
USD/ILS	CIT	12/18/19	ILS	(36)		(10)		—
USD/INR	CIT	12/18/19	INR	(86,140)		(1,206)		(22)
USD/INR	CIT	12/18/19	INR	(2,430)		(34)		—
USD/JPY	CIT	12/18/19	JPY	(267,589)		(2,489)		3
USD/KRW	CIT	12/18/19	KRW	(23,261,953)		(19,488)		(207)
USD/KRW	CIT	12/18/19	KRW	(4,875,783)		(4,083)		8
USD/MXN	CIT	12/18/19	MXN	(40,196)		(2,012)		8
USD/NOK	CIT	12/18/19	NOK	(3,645)		(401)		(1)
USD/NOK	CIT	12/18/19	NOK	(107,626)		(11,849)		124
USD/NZD	CIT	12/18/19	NZD	(16,195)		(10,159)		95
USD/PHP	CIT	12/18/19	PHP	(36,500)		(701)		(6)
USD/PHP	CIT	12/18/19	PHP	(6,825)		(131)		—
USD/PLN	CIT	12/18/19	PLN	(3,346)		(835)		(2)
USD/PLN	CIT	12/18/19	PLN	(20,633)		(5,150)		47
USD/SEK	CIT	12/18/19	SEK	(99,392)		(10,150)		153
USD/SGD	CIT	12/18/19	SGD	(5,204)		(3,768)		(19)
USD/SGD	CIT	12/18/19	SGD	(1,493)		(1,082)		—
USD/TWD	CIT	12/18/19	TWD	(115,640)		(3,738)		(31)
USD/TWD	CIT	12/18/19	TWD	(17,186)		(556)		1
USD/ZAR	CIT	12/18/19	ZAR	(35,404)		(2,314)		(14)
USD/ZAR	CIT	12/18/19	ZAR	(51,244)		(3,348)		27
ZAR/USD	CIT	12/18/19	ZAR	110,788		7,242		(188)
ZAR/USD	CIT	12/18/19	ZAR	37,451		2,448		31
						(52,455)		(170)

JNL/AQR Managed Futures Strategy Fund — OTC Total Return Swap Agreements
Reference Entity9	Counter-party	Expiration	Notional1		Premiums Paid (Received) ($)	Unrealized Appreciation (Depreciation) ($)
Total return swap agreements - receiving return
FUTURES
KOSPI 200 Index Future, Dec. 2019	MLP	12/12/19	KRW	345,872	—		(3)
Swiss Market Index Future, Dec. 2019	MLP	12/20/19	CHF	1,397	—		10
KOSPI 200 Index Future, Dec. 2019	MSC	12/12/19	KRW	1,926,616	—		(6)
Sau Paulo Stock Exchange Index Future, Oct. 2019	MSC	10/16/19	BRL	4,682	—		12
					—		13
Total return swap agreements - paying return
FUTURES
Coffee "C" Future, Dec. 2019	CGM	12/31/19		(302)	—		(2)
Corn Future, Dec. 2019	CGM	12/17/19		(3,092)	—		(206)
Cotton No. 2 Future, Dec. 2019	CGM	12/20/19		(459)	—		33
Soybean Future, Nov. 2019	CGM	11/18/19		(2,249)	—		(61)
Soybean Meal Future, Dec. 2019	CGM	12/17/19		(1,301)	—		97
Soybean Oil Future, Dec. 2019	CGM	12/24/19		(86)	—		(1)
Wheat Future, Dec. 2019	CGM	12/17/19		(884)	—		(34)
Hang Seng Index Future, Oct. 2019	MLP	10/30/19	HKD	(23,480)	—		6
Live Cattle Future, Dec. 2019	MLP	01/16/20		(1,904)	—		(126)
Soybean Meal Future, Dec. 2019	MLP	12/17/19		(3,118)	—		(12)
					—		(306)

55

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1	Value ($)
JNL/BlackRock Advantage International Fund
COMMON STOCKS 97.0%
Japan 24.4%
	Advantest Corporation	—	18
	AEON Financial Service Co. Ltd.	2	26
	Aoyama Trading Co., Ltd.	1	17
	Asahi Breweries Ltd.	—	15
	Asahi Glass Co. Ltd.	1	37
	Asahi Kasei Corp.	3	31
	Asics Corp.	—	5
	Astellas Pharma Inc.	6	82
	Benesse Holdings Inc.	1	26
	Calbee,Inc.	1	41
	Canon Inc.	2	48
	Central Japan Railway Co.	—	82
	Chubu Electric Power Co. Inc.	1	13
	Citizen Watch Co., Ltd. (a)	5	25
	COMSYS Holdings Corporation	1	14
	Daicel Corp.	2	13
	Dai-ichi Life Holdings, Inc.	5	77
	Daiichi Sankyo Company, Ltd	1	44
	Daikin Industries Ltd.	—	26
	Daito Trust Construction Co. Ltd.	—	51
	Daiwa House Industry Co. Ltd.	1	26
	Denso Corp.	1	26
	Dentsu Inc.	1	18
	DIC Corp.	1	25
	East Japan Railway Co.	2	144
	Eisai Co. Ltd.	1	41
	Electric Power Development Co., Ltd.	1	23
	FANCL Corporation	1	24
	Fanuc Ltd.	—	19
	Fast Retailing Co. Ltd.	—	119
	Fuji Media Holdings, Inc.	2	21
	FUJIFILM Holdings Corp.	1	35
	Furukawa Electric Co., Ltd.	1	12
	H.I.S.Co.,Ltd.	1	22
	H2O Retailing Corporation	1	13
	Hino Motors Ltd.	2	15
	Hisamitsu Pharmaceutical Co. Inc.	—	18
	Hitachi Ltd.	—	15
	Honda Motor Co. Ltd.	3	88
	HORIBA, Ltd.	—	23
	Hoya Corp.	—	16
	Hulic Co. Ltd.	2	16
	Isetan Mitsukoshi Holdings Ltd.	5	36
	Isuzu Motors Ltd.	3	37
	ITOCHU Corp.	1	19
	Japan Airlines Co., Ltd	2	45
	Japan Post Bank Co., Ltd.	3	27
	Japan Post Holdings Co., Ltd.	4	41
	Japan Post Insurance Co., Ltd.	2	23
	Japan Tobacco Inc.	4	83
	JFE Holdings Inc.	3	30
	JXTG Holdings, Inc.	18	83
	Kajima Corp.	4	46
	Kakaku.com Inc.	1	20
	Kansai Electric Power Co. Inc.	2	26
	Kao Corp.	2	119
	KDDI Corp.	5	133
	Keyence Corp.	—	62
	Kinden Corp.	1	12
	Kirin Holdings Co. Ltd.	3	72
	Komatsu Ltd.	1	16
	Komeri Co.,Ltd.	1	10
	Kose Corp.	—	17
	Kyowa Kirin Co., Ltd.	1	20
	Lintec Corporation	1	10
	Lion Corp.	1	12
	Maeda Corporation	2	13
	Mazda Motor Corp.	2	21
	Mitsubishi Electric Corp.	1	11
	Mitsubishi Estate Co. Ltd.	2	35
	Mitsubishi Gas Chemical Co. Inc.	1	19
	Mitsubishi Heavy Industries Ltd.	2	59
	Mitsubishi Motors Corp.	5	22
	Mitsubishi Tanabe Pharma Corp.	1	14
	Mitsubishi UFJ Financial Group Inc.	45	230
	Mitsui & Co. Ltd.	1	23
	Mitsui Fudosan Co. Ltd.	1	35
	Mizuho Financial Group Inc.	43	66
	MS&AD Insurance Group Holdings, Inc.	—	13
	NEC Corp.	1	42
	Nidec Corp.	—	54
	Nintendo Co. Ltd.	—	37
	Nippon Electric Glass Co. Ltd.	1	27
	Nippon Express Co. Ltd.	—	10
	Nippon Paper Industries Co., Ltd.	1	8
	Nippon Shokubai Co., Ltd.	—	17
	Nippon Telegraph & Telephone Corp.	2	76
	Nissan Motor Co. Ltd.	12	74
	Nitto Denko Corp.	1	49
	Nomura Research Institute Ltd.	1	12
	NTT Data Corp.	2	19
	NTT DoCoMo Inc.	5	125
	Obayashi Corp.	2	18
	Obic Co. Ltd.	—	23
	OJI Holdings Corp.	2	11
	Oriental Land Co. Ltd.	—	31
	ORIX Corp.	7	111
	Osaka Gas Co. Ltd.	1	19
	Otsuka Holdings Co., Ltd.	2	68
	Panasonic Corp.	1	11
	Penta-Ocean Construction Co., Ltd.	3	18
	Pola Orbis Holdings Inc.	3	59
	Recruit Holdings Co., Ltd.	4	107
	Resona Holdings Inc.	5	21
	Ricoh Co. Ltd. (a)	1	9
	Ryohin Keikaku Co. Ltd.	2	37
	Sanwa Holdings Corporation	2	20
	Secom Co. Ltd.	1	64
	Seino Holdings Corp.	1	13
	Sekisui Chemical Co. Ltd.	1	16
	Seria Co., Ltd.	1	15
	Seven & I Holdings Co., Ltd.	2	88
	Seven Bank, Ltd.	4	10
	Shikoku Electric Power Company, Incorporated	1	12
	Shimachu Co., Ltd.	1	17
	Shimizu Corp.	2	18
	Shin-Etsu Chemical Co. Ltd.	—	43
	Shionogi & Co. Ltd.	1	50
	Shiseido Co. Ltd.	1	48
	SoftBank Corporation	3	42
	SoftBank Group Corp.	3	99
	Sony Corp.	1	83
	Subaru Corp. NPV	1	28
	Sumitomo Corp.	2	30
	Sumitomo Forestry Co. Ltd.	1	12
	Sumitomo Mitsui Financial Group Inc.	4	151
	Sumitomo Realty & Development Co. Ltd.	1	34
	Sumitomo Rubber Industries Inc.	2	29
	Sundrug Co. Ltd.	1	44
	Suntory Beverage & Food Limited	1	21
	Suzuki Motor Corp.	—	17
	T&D Holdings Inc.	5	49
	Taiheiyo Cement Corp.	—	11
	Taisei Corp.	2	70
	Takashimaya Co. Ltd.	3	30
	Takeda Pharmaceutical Co. Ltd.	3	103
	TIS Inc.	1	29
	Toda Corp.	2	10
	Tohoku Electric Power Co. Inc.	1	14
	Tokio Marine Holdings Inc.	1	64
	Tokyo Electron Ltd.	1	96
	TOPCON Corporation	1	16
	Toppan Printing Co. Ltd.	1	14
	Toshiba Corp.	1	21
	Toyobo Co., Ltd.	1	13
	Toyota Boshoku Corporation	1	10

56

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	Toyota Motor Corp.	3		208
	Toyota Tsusho Corp.	1		19
	Trend Micro Inc.	1		53
	TS Tech Co.,Ltd.	—		12
	TV Asahi Holdings Corp.	1		9
	Ube Industries Ltd.	5		105
	Unicharm Corp.	1		16
	Yahoo! Japan Corp.	11		32
	Yamaguchi Financial Group,Inc.	3		23
	Yamaha Motor Co. Ltd.	4		73
	Yamato Holdings Co. Ltd.	1		15
	Zenkoku Hosho Co., Ltd.	—		16
			6,238
United Kingdom 14.1%
	Anglo American PLC	3		75
	Ashmore Group PLC	5		31
	AstraZeneca PLC	2		150
	Auto Trader Group PLC (b)	13		79
	Aviva PLC	8		38
	boohoo Group PLC (c)	17		55
	BP P.L.C.	21		133
	British American Tobacco P.L.C.	6		235
	Bunzl Public Limited Company	1		28
	Compass Group PLC	6		155
	Croda International Public Limited Company	—		19
	Diageo PLC	9		358
	Direct Line Insurance Group plc	2		9
	Electrocomponents Public Limited Company	3		26
	Experian PLC	2		52
	Fiat Chrysler Automobiles N.V.	1		13
	GlaxoSmithKline PLC	18		395
	Greggs PLC	2		43
	Halma Public Limited Company	7		176
	HomeServe PLC	4		54
	HSBC Holdings PLC	59		455
	Inchcape PLC	8		61
	Pearson PLC	1		12
	Relx PLC	1		23
	Rentokil Initial PLC	15		86
	Rightmove PLC	8		52
	Rio Tinto PLC	1		37
	Rotork P.L.C.	8		30
	Severn Trent PLC	2		57
	Smiths Group PLC	1		10
	Spectris PLC	—		10
	Spirax-Sarco Engineering PLC	—		28
	SSP Group PLC	6		43
	Unilever N.V.	3		181
	Unilever PLC	4		217
	United Utilities Group PLC	5		46
	Vodafone Group Public Limited Company	36		71
	WH Smith PLC	—		10
	WM Morrison Supermarkets P L C	12		29
	WPP 2012 Limited	1		12
			3,594
France 11.4%
	AXA SA	1		30
	Bouygues SA	3		125
	Bureau Veritas	1		18
	Capgemini SA	—		38
	Christian Dior	—		31
	Cie Generale d'Optique Essilor International SA	—		11
	Credit Agricole SA	3		40
	Danone	—		20
	Dassault Aviation SA	—		30
	Dassault Systemes SA	1		152
	EDENRED	2		90
	Eiffage	—		44
	Engie	7		107
	Gaztransport Et Technigaz	—		19
	Hermes International SCA	—		126
	Kering SA	—		58
	Korian S.A.	—		4
	Lagardere SCA	1		18
	L'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude	—		57
	L'Oreal SA	1		327
	LVMH Moet Hennessy Louis Vuitton SE	1		340
	Natixis	3		13
	Nexity	—		16
	NYSE B.V. (b)	—		14
	Orange SA	3		46
	Pernod-Ricard SA	1		154
	Publicis Groupe SA	1		59
	Rexel	1		13
	Rubis	—		25
	Safran	1		114
	Sanofi SA	1		109
	Sartorius Stedim Biotech	—		50
	Schneider Electric SE (c)	1		98
	SCOR	1		49
	Sopra Steria Group	—		15
	Spie SA	1		12
	Teleperformance	—		27
	Television Francaise 1	1		12
	Total SA	2		116
	Veolia Environnement	3		72
	VINCI	1		103
	Vivendi SA	3		81
	Wendel SA	—		34
			2,917
Switzerland 9.7%
	Banque Cantonale Vaudoise	—		11
	Dufry AG	—		29
	Flughafen Zurich AG	—		17
	Geberit AG	—		16
	Givaudan SA	—		59
	LafargeHolcim Ltd.	2		122
	Landis+Gyr Group AG	—		40
	Logitech International S.A.	1		44
	Nestle SA	6		610
	Novartis AG	5		429
	Partners Group Holding AG	—		41
	PSP Swiss Property AG	—		4
	Roche Holding AG	2		564
	Sika AG	1		75
	Straumann Holding AG	—		115
	Sunrise Communications AG - Class N (b)	1		103
	Swiss Re AG	—		39
	Temenos Group AG	—		63
	UBS Group AG	7		80
	Vifor Pharma AG (b)	—		18
			2,479
Australia 8.1%
	AGL Energy Limited	1		19
	Altium Limited	1		15
	Alumina Ltd.	11		17
	Ansell Limited	3		47
	Aristocrat Leisure Ltd.	6		119
	ASX Ltd.	—		10
	Australia & New Zealand Banking Group Ltd.	6		124
	Bank of Queensland Ltd.	2		15
	BHP Group PLC	1		12
	BHP Group PLC	9		231
	Carsales.com Limited	2		16
	Charter Hall Limited	3		21
	CIMIC Group Limited	1		22
	Cochlear Ltd.	1		76
	Commonwealth Bank of Australia	3		149
	CSL Ltd.	1		126
	Domino's Pizza Enterprises Limited (a)	—		14
	Fortescue Metals Group Ltd.	5		31
	Goodman Funding Pty Ltd	2		22
	GPT Group	3		14
	IDP Education Limited	5		51
	Macquarie Group Limited	2		142
	Magellan Financial Group Ltd	1		41
	National Australia Bank Ltd.	3		63

57

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	Platinum Investment Management Limited	4		11
	Qantas Airways Ltd.	7		31
	QBE Insurance Group Ltd.	8		65
	REA Group Ltd.	1		55
	Rio Tinto Ltd.	2		102
	Scentre Group Limited	17		46
	Sonic Health Care Ltd.	—		8
	Spark Infrastructure Management Limited (b)	31		46
	Tabcorp Holdings Ltd.	4		12
	Telstra Corp. Ltd.	8		18
	Treasury Wine Estates Limited	4		48
	Vicinity Centres RE Ltd	9		16
	Westpac Banking Corp.	5		104
	Woodside Petroleum Ltd.	2		37
	Woolworths Group Ltd.	2		63
			2,059
Germany 7.5%
	Adidas AG	—		113
	Allianz SE	1		344
	Bayer AG	1		90
	Bayerische Motoren Werke AG	1		38
	CompuGroup Medical SE	1		30
	CTS Eventim AG & Co. KGaA	—		10
	Daimler AG	1		73
	Deutsche Post AG	3		98
	Deutsche Telekom AG	2		37
	Dialog Semiconductor PLC (c)	—		11
	Durr Aktiengesellschaft	1		13
	DWS Group GmbH & Co. KGaA (b)	—		8
	Evonik Industries AG	3		77
	freenet AG	1		11
	Fresenius Medical Care AG & Co. KGaA	—		17
	Fresenius SE & Co. KGaA	1		50
	HeidelbergCement AG	1		42
	HELLA GmbH & Co. KGaA	—		17
	Hochtief AG	—		41
	LEG Immobilien AG	—		16
	MTU Aero Engines AG	—		60
	Nemetschek SE	1		51
	Puma SE	—		28
	Rational AG	—		14
	SAP SE	2		244
	Siemens AG	1		134
	Siemens Healthineers AG (b)	1		21
	Software Aktiengesellschaft	1		25
	Stroer SE & Co. KGaA	—		10
	Symrise AG	—		41
	Telefonica Deutschland Holding AG	32		90
	Volkswagen AG	—		32
	Wirecard AG	—		25
			1,911
Netherlands 5.2%
	Adyen B.V. (b) (c)	—		20
	Aegon NV	16		68
	Airbus SE	1		92
	ASM International N.V.	—		32
	ASML Holding	1		126
	ASR Nederland N.V.	2		73
	BE Semiconductor Industries N.V.	—		5
	ING Groep N.V.	8		80
	Koninklijke DSM N.V.	1		64
	Koninklijke Philips N.V.	1		61
	NN Group N.V.	3		113
	Randstad NV	2		92
	Royal Dutch Shell PLC - Class A	10		284
	Royal Dutch Shell PLC - Class B	6		171
	Signify N.V. (b)	1		14
	Wolters Kluwer NV	—		29
			1,324
Spain 3.4%
	Acciona,S.A.	—		18
	Acerinox SA	1		11
	ACS, Actividades de Construccion y Servicios, S.A.	1		28
	AENA, S.M.E., S.A. (b)	—		81
	Amadeus IT Group SA	1		48
	Applus Services, S.A.	—		4
	Banco Bilbao Vizcaya Argentaria SA	32		166
	Banco Santander SA	11		45
	CaixaBank, S.A.	9		25
	Grifols, S.A. - Class A	1		16
	Iberdrola, S.A.	4		39
	Industria de Diseno Textil, S.A.	3		83
	Melia Hotels International, S.A.	2		13
	Merlin Properties, Socimi, S.A.	1		21
	Repsol SA	4		60
	Telefonica SA	26		201
			859
Hong Kong 3.1%
	AIA Group Limited	22		204
	Chow Tai Fook Jewellery Group Limited	16		13
	CK Asset Holdings Limited	8		54
	CK Hutchison Holdings Limited	20		177
	CLP Holdings Ltd.	1		10
	Hang Seng Bank Ltd.	1		22
	Hongkong Land Holdings Ltd.	24		134
	Jardine Matheson Holdings Ltd.	1		43
	Sun Hung Kai Properties Ltd.	2		29
	Swire Pacific Ltd. - Class A	4		33
	Techtronic Industries Company Limited	8		56
	Wharf Real Estate Investment Company Limited	2		11
			786
Sweden 2.8%
	Aktiebolaget Industrivarden - Class C	5		116
	Aktiebolaget Volvo - Class B	15		212
	Assa Abloy AB - Class B	6		140
	Elekta AB (publ) - Class B	3		45
	Evolution Gaming Group AB (publ) (b)	1		10
	Fabege AB	2		36
	Hennes & Mauritz AB - Class B	1		13
	Investment aktiebolaget Latour	1		11
	Investor AB - Class B	1		38
	Kinnevik AB - Class B	1		36
	Skandinaviska Enskilda Banken AB - Class A	3		26
	Swedbank AB - Class A	2		23
	Swedish Match AB	—		10
	Telefonaktiebolaget LM Ericsson - Class B	2		12
			728
Denmark 1.9%
	A P Moller - Maersk A/S - Class B	—		26
	Chr. Hansen Holding A/S	—		29
	DSV A/S	1		57
	FLSmidth & Co. A/S	—		12
	Genmab A/S (c)	—		23
	GN Store Nord A/S	1		43
	H Lundbeck A/S	1		27
	ISS A/S	1		30
	Novo Nordisk A/S - Class B	2		89
	Novozymes A/S - Class B	1		27
	Rockwool International A/S	—		9
	Royal Unibrew A/S	—		19
	SimCorp A/S	—		42
	Topdanmark A/S	—		14
	Tryg A/S	1		35
			482
Finland 1.3%
	Fortum Oyj	1		32
	Kesko Oyj	—		5
	Kone Corporation - Class B	4		218
	Sampo Oyj - Class A	—		6
	UPM-Kymmene Oyj	1		32
	Valmet Oy	1		24
	Wartsila Oyj	3		28
			345
Belgium 0.9%
	Anheuser-Busch InBev	1		108
	Groupe Bruxelles Lambert SA	—		41

58

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	UCB SA	1		91
			240
Italy 0.9%
	A2A SpA	6		10
	Assicurazioni Generali SpA	—		5
	Buzzi Unicem S.p.A - Senza Vincoli Di Rappresentazione Grafica	1		24
	Ferrari N.V.	1		141
	Italgas S.p.A.	4		24
	Snam Rete Gas SpA	5		23
			227
Singapore 0.9%
	CapitaMall Trust	10		18
	DBS Group Holdings Ltd.	1		20
	Oversea-Chinese Banking Corporation Limited	6		46
	Singapore Technologies Engineering Ltd.	16		46
	Singapore Telecommunications Limited	17		38
	United Overseas Bank Ltd.	3		52
			220
Israel 0.4%
	Bank Hapoalim BM	8		63
	Bank Leumi Le-Israel BM	3		19
	The First International Bank of Israel Limited	—		11
			93
Portugal 0.4%
	Galp Energia, SGPS, S.A.	6		90
Norway 0.3%
	DNB Bank ASA	2		30
	Leroy Seafood Group ASA	2		12
	Subsea 7 S.A.	3		31
	TOMRA Systems ASA	—		10
			83
Austria 0.2%
	Erste Group Bank AG	1		18
	Wienerberger AG	2		37
			55
Macau 0.1%
	Sands China Ltd.	6		29
United States of America 0.0%
	Jardine Strategic Holdings Ltd.	—		12
Luxembourg 0.0%
	Grand City Properties S.A.	—		11
Malta 0.0%
	Kindred Group PLC - SDR	1		8
	Total Common Stocks (cost $25,192)		24,790
PREFERRED STOCKS 0.6%
Germany 0.6%
	Porsche Automobil Holding SE (d)	—		18
	Sartorius AG	—		73
	Volkswagen AG (d)	—		61
	Total Preferred Stocks (cost $160)		152
SHORT TERM INVESTMENTS 1.4%
Investment Companies 1.3%
	JNL Government Money Market Fund - Institutional Class, 1.86% (e) (f)	319		319
Securities Lending Collateral 0.1%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (e) (f)	22		22
	Total Short Term Investments (cost $341)		341
Total Investments 99.0% (cost $25,693)				25,283
Other Derivative Instruments 0.0%				3
Other Assets and Liabilities, Net 1.0%				264
Total Net Assets 100.0%				25,550

(a)All or a portion of the security was on loan as of September 30, 2019.

(b)The Adviser has deemed this security, which is exempt from registration under the Securities Act of 1933, as amended, to be liquid based on procedures approved by the Board of Trustees. As of September 30, 2019, the value and the percentage of net assets of these liquid securities was $414 and 1.6% of the Fund.

(c)Non-income producing security.

(d)Convertible security.

(e)Investment in affiliate.

(f)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

JNL/BlackRock Advantage International Fund — Futures Contracts
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
Euro STOXX 50 Price Index	6	December 2019	EUR	211	2			3
FTSE 100 Index	1	December 2019	GBP	73	—			1
Nikkei 225 Index	2	December 2019	JPY	21,536	1			3
					3			7

59

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
JNL/BlackRock Global Allocation Fund
COMMON STOCKS 56.2%
Information Technology 9.0%
	Accenture Public Limited Company - Class A	18		3,421
	Adobe Inc. (a)	21		5,831
	Adyen B.V. (a) (b)	3		2,197
	ALPS Alpine Co. Ltd.	15		286
	Apple Inc.	253		56,607
	Applied Materials, Inc.	110		5,488
	ASML Holding	—		23
	Autodesk, Inc. (a)	80		11,836
	Bicycle Club Joint Venture, L.P.	114		493
	Cisco Systems, Inc.	108		5,329
	Citrix Systems Inc.	65		6,297
	Corning Inc.	71		2,027
	Dassault Systemes SA	—		18
	Dell Technology, Inc. - Class C (a)	1		74
	Dropbox, Inc. - Class A (a)	455		9,176
	DXC Technology Company	8		245
	FleetCor Technologies Inc. (a)	73		20,806
	FUJIFILM Holdings Corp.	4		176
	Global Payments Inc.	10		1,587
	GlobalWafers Co., Ltd.	12		122
	Glodon Company Limited	105		523
	Hangzhou Hikvision Digital Technology Co.,Ltd. - Class A	120		542
	Hewlett Packard Enterprise Company	11		163
	Hitachi Ltd.	12		439
	Hon Hai Precision Industry Co. Ltd.	590		1,396
	HP Inc.	8		156
	Hundsun Technologies Inc. - Class A	50		516
	Inspur Electronic Information Industry Co., Ltd.	148		532
	Intel Corp.	17		855
	International Business Machines Corp.	2		340
	Intuit Inc.	24		6,340
	Japan Aviation Electronics Industry Ltd.	57		819
	Keyence Corp.	2		1,247
	Kingdee International Software Group Co. Ltd. (c)	590		623
	Kingsoft Corp Ltd (a) (c)	242		515
	KLA-Tencor Corp.	3		532
	Kyocera Corp.	—		12
	Lenovo Group Ltd.	936		624
	Lookout, Inc. (a) (d) (e) (f)	21		12
	Marvell Technology Group Ltd	95		2,362
	MasterCard Incorporated - Class A	21		5,642
	MediaTek Inc.	19		227
	Micron Technology Inc. (a)	5		233
	Microsoft Corp.	461		64,154
	Motorola Solutions Inc.	18		3,024
	Murata Manufacturing Co. Ltd.	356		17,194
	NCSoft Corp.	3		1,304
	NTT Data Corp.	2		23
	NXP Semiconductors N.V.	3		351
	Oracle Corporation	178		9,778
	Paypal Holdings, Inc. (a)	37		3,846
	Qualcomm Incorporated (g)	56		4,269
	Relx PLC	9		224
	Salesforce.Com, Inc. (a)	41		6,094
	Samsung SDI Co. Ltd.	—		15
	SAP SE	1		84
	ServiceNow, Inc. (a)	1		137
	Taiwan Semiconductor Manufacturing Co. Ltd.	2,830		24,914
	Telefonaktiebolaget LM Ericsson - Class B	32		258
	Texas Instruments Incorporated	73		9,467
	Thomson Reuters Corporation	6		415
	Visa Inc. - Class A	35		5,967
	VMware Inc. - Class A	3		502
	Western Digital Corp.	4		235
	Wipro Ltd.	9		31
	Wirecard AG	—		69
	Xilinx Inc.	54		5,181
			314,225
Health Care 8.0%
	Abbott Laboratories	22		1,832
	AbbVie Inc.	142		10,719
	Agilent Technologies, Inc. (g)	175		13,386
	Aier Eye Hospital Group Co., Ltd	111		549
	Alexion Pharmaceuticals, Inc. (a)	—		23
	Alfresa Holdings Corp.	37		821
	Amgen Inc.	3		653
	Anthem, Inc.	105		25,161
	Aspen Pharmacare Holdings	14		78
	Astellas Pharma Inc.	780		11,159
	AstraZeneca PLC	61		5,458
	Asymchem Laboratories (Tianjin) Co., Ltd.	34		567
	Autobio Diagnostics Co., Ltd.	44		546
	Baxter International Inc.	17		1,473
	Bayer AG	85		5,969
	Becton, Dickinson and Company	71		17,851
	Biogen Inc. (a)	1		158
	Bristol-Myers Squibb Co.	10		496
	Cardinal Health, Inc.	5		231
	Centene Corporation (a)	5		218
	Cerner Corp.	—		6
	China Resources Pharmaceutical Group Limited (b)	51		48
	Cie Generale d'Optique Essilor International SA	28		3,978
	CVS Health Corporation	87		5,495
	DaVita Inc. (a)	81		4,622
	Edwards Lifesciences Corporation (a)	2		493
	Fresenius SE & Co. KGaA	161		7,524
	Gilead Sciences Inc.	178		11,295
	GlaxoSmithKline PLC	3		72
	Hangzhou Tigermed Consulting Co., Ltd	62		538
	HCA Healthcare, Inc.	95		11,389
	Hoya Corp.	138		11,295
	Incyte Corporation (a)	—		34
	Intuitive Surgical, Inc. (a)	1		280
	Jiangsu Hengrui Medicine Co., Ltd. - Class A	50		562
	Johnson & Johnson	178		23,021
	Kyowa Kirin Co., Ltd.	2		47
	McKesson Corporation	4		595
	Medipal Holdings Corp.	42		944
	Medtronic Public Limited Company	9		1,023
	Merck & Co., Inc.	189		15,916
	NMC Health PLC (c)	171		5,720
	Notre Dame Intermedica Participacoes S.A.	534		7,009
	Novartis AG	—		4
	Novo Nordisk A/S - Class B (c)	66		3,380
	Olympus Corp.	351		4,755
	Ono Pharmaceutical Co. Ltd.	4		73
	Otsuka Holdings Co., Ltd.	8		301
	Pfizer Inc.	546		19,618
	Regeneron Pharmaceuticals, Inc. (a)	—		70
	Roche Holding AG	18		5,335
	Sanofi SA	58		5,395
	Shenzhen Mindray Bio-Medical Electronics Co., Ltd.	21		533
	Shionogi & Co. Ltd.	1		72
	Stryker Corp.	9		1,859
	Suzuken Co. Ltd.	17		927
	Thermo Fisher Scientific Inc.	4		1,192
	UnitedHealth Group Incorporated	116		25,208
	Wuxi Biologics Cayman Inc (a) (b)	52		528
	Zoetis Inc. - Class A	3		384
			278,888
Communication Services 7.2%
	Advanced Info Service PLC. (e)	231		1,665
	Alphabet Inc. - Class A (a)	—		580
	Alphabet Inc. - Class C (a)	48		58,315
	America Movil SAB de CV - Class L (c)	429		319
	Baidu, Inc. - Class A - ADR (a)	—		6
	Cellnex Telecom, S.A. (b)	479		19,782
	Charter Communications, Inc. - Class A (a)	54		22,351
	China Mobile Ltd.	40		332
	China Unicom Hong Kong Ltd.	24		26
	Chunghwa Telecom Co. Ltd.	2,020		7,226

60

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	Comcast Corporation - Class A (g) (h)	733		33,042
	Facebook, Inc. - Class A (a) (g)	98		17,469
	Far EasTone Telecommunications Co. Ltd.	1,228		2,869
	HKT Trust	764		1,213
	i-Cable Communications Ltd. (a)	135		1
	Intouch Holdings Public Company Limited (c) (e)	720		1,543
	KDDI Corp.	57		1,495
	LG Uplus Corp.	16		186
	Liberty Broadband Corp. - Class C (a)	82		8,532
	Liberty SiriusXM Group - Class A (a)	77		3,213
	Liberty SiriusXM Group - Class C (a)	130		5,434
	Nippon Telegraph & Telephone Corp.	30		1,453
	Nippon Television Holdings Inc.	52		665
	Omnicom Group Inc.	12		961
	Orange SA	6		96
	Publicis Groupe SA	9		421
	Rogers Communications Inc. - Class B	2		121
	Singapore Telecommunications Limited	465		1,044
	SK Telecom Co. Ltd.	5		979
	Taiwan Mobile Co. Ltd.	938		3,385
	Telefonica SA	36		272
	Telia Co. AB	1		6
	Tencent Holdings Limited	481		20,260
	Turkcell Iletisim Hizmetleri Anonim Sirketi	8		19
	TV Asahi Holdings Corp.	52		824
	Uber Technologies, Inc. (a) (c) (e)	101		3,092
	VeriSign, Inc. (a)	3		510
	Verizon Communications Inc.	153		9,228
	Vivendi SA	7		197
	Vodafone Group Public Limited Company	10,701		21,321
	Walt Disney Co.	3		452
	Yahoo! Japan Corp.	85		240
			251,145
Industrials 7.1%
	A P Moller - Maersk A/S - Class A	—		381
	A P Moller - Maersk A/S - Class B	—		196
	Air China Ltd. - Class H	26		23
	Asahi Glass Co. Ltd.	5		159
	Assa Abloy AB - Class B	6		141
	Atlas Copco Aktiebolag - Class B	5		137
	Azul S.A. - ADR (a)	367		13,150
	Beijing Capital International Airport Co. Ltd. - Class H	190		162
	Beijing Enterprises Holdings Ltd.	33		152
	C.H. Robinson Worldwide, Inc.	22		1,830
	Canadian National Railway Co.	2		220
	Canadian Pacific Railway Ltd.	1		174
	Caterpillar Inc.	—		31
	Cie de Saint-Gobain	46		1,800
	ComfortDelgro Corp. Ltd.	657		1,142
	Country Garden Services Holdings Company Limited	21		62
	CSX Corp.	10		687
	Cummins Inc.	1		186
	Daikin Industries Ltd.	47		6,204
	Daqin Railway Co., Ltd. - Class A	13		13
	Dassault Aviation SA	4		5,156
	Delta Air Lines Inc.	6		318
	Dover Corp.	72		7,163
	East Japan Railway Co.	142		13,568
	Eaton Corporation Public Limited Company	1		97
	Eiffage	12		1,227
	Emerson Electric Co. (g)	340		22,722
	Ferguson PLC	120		8,721
	Fortune Brands Home & Security, Inc.	16		901
	Fosun International Limited (c)	315		391
	General Electric Company	27		245
	GS Yuasa Corp.	30		516
	Han's Laser Technology Industry Group Co., Ltd. - Class A	121		600
	Honeywell International Inc.	3		526
	Japan Airlines Co., Ltd	487		14,469
	Jardine Matheson Holdings Ltd.	35		1,866
	Kamigumi Co. Ltd.	31		700
	Kinden Corp.	123		1,832
	Knorr - Bremse Aktiengesellschaft	110		10,339
	Koninklijke Philips N.V.	502		23,306
	Kyudenko Corp.	18		592
	L3Harris Technologies, Inc.	2		439
	Lockheed Martin Corporation	1		510
	Mabuchi Motor Co. Ltd.	28		1,061
	Maeda Road Construction Co. Ltd.	33		726
	Malaysia Airports Holdings Bhd	275		567
	Masco Corp.	44		1,840
	Mitsubishi Heavy Industries Ltd.	10		385
	Nippo Corp.	31		571
	Norfolk Southern Corp.	1		254
	Northrop Grumman Systems Corp.	1		251
	Okumura Corp.	38		1,028
	Raytheon Co.	155		30,339
	Rockwell Automation Inc.	1		216
	Rolls-Royce Holdings plc (a)	33		323
	Safran	100		15,732
	Sandvik AB	6		95
	SANY Heavy Industry Co., Ltd. - Class A	42		85
	Seino Holdings Corp.	46		578
	Shanghai International Airport Co.Ltd.	43		480
	Siemens AG	271		29,029
	Sinopec Engineering (Group) Co., Ltd. - Class H	155		97
	Stanley Black & Decker Inc.	1		124
	The Boeing Company	1		202
	Toda Corp.	163		940
	Union Pacific Corp.	3		458
	United Airlines Holdings, Inc. (a)	3		265
	United Technologies Corp.	146		19,975
	Weichai Power Co., Ltd. - Class H	48		70
	Yamato Holdings Co. Ltd.	10		151
	Zhejiang Expressway Co. Ltd. - Class H	84		73
	Zoomlion Heavy Industry Science&Technology Co., Ltd. - Class A	5		4
			248,973
Financials 6.5%
	ABN AMRO Bank N.V. - CVA (b)	631		11,129
	Aegon NV	14		59
	Agricultural Bank of China Limited - Class H (c)	170		67
	Allianz SE	—		114
	Ally Financial Inc.	7		220
	Ameriprise Financial, Inc.	5		763
	B3 S.A. - Brasil, Bolsa, Balcao	1		8
	Banco do Brasil SA	15		170
	Banco Santander (Brasil) S.A.	8		89
	Bank Central Asia, PT TBK	704		1,509
	Bank of America Corporation	678		19,790
	Berkshire Hathaway Inc. - Class B (a)	18		3,711
	CaixaBank, S.A.	30		79
	Capital One Financial Corporation	3		260
	Cathay Financial Holding Co. Ltd.	874		1,152
	Charles Schwab Corp.	192		8,025
	China Taiping Insurance Holdings Co. Ltd.	6		13
	Chubb Limited	68		11,027
	Citigroup Inc.	133		9,217
	Deutsche Boerse AG	—		15
	Discover Financial Services	5		377
	Discover Ltd. (c)	1		8
	Fairfax Financial Holdings Ltd.	1		225
	Fifth Third Bancorp	14		372
	Fubon Financial Holding Co. Ltd.	1,059		1,521
	GF Securities Co., Ltd. - Class H (a)	5		5
	Guotai Junan Securities Co., Ltd. - Class H (b)	22		35
	Haitong Securities Co., Ltd. - Class H	68		72
	Hana Financial Group Inc.	8		235
	Housing Development Finance Corp.	311		8,701
	HSBC Holdings PLC	1,378		10,573
	Industrial Bank of Korea	7		76
	ING Groep N.V.	1,175		12,311
	Japan Post Holdings Co., Ltd.	5		49
	JPMorgan Chase & Co. (g)	347		40,864
	KB Financial Group Inc.	4		158
	Marsh & McLennan Cos. Inc.	221		22,136
	MetLife, Inc.	6		284

61

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	Mitsubishi UFJ Financial Group Inc.	18		89
	Morgan Stanley	424		18,085
	Muenchener Rueckversicherungs AG	—		44
	Old Mutual Public Limited Company (c)	118		151
	Progressive Corp.	4		319
	Prudential Financial Inc.	4		329
	Regions Financial Corporation	390		6,171
	Reinsurance Group of America Inc.	3		435
	Shinhan Financial Group Co. Ltd.	10		349
	Sompo Holdings, Inc.	5		214
	SunTrust Banks Inc.	213		14,637
	Synchrony Financial	2		85
	The Allstate Corporation	—		5
	The Goldman Sachs Group, Inc.	1		299
	The Hartford Financial Services Group, Inc.	34		2,084
	The Travelers Companies, Inc.	12		1,795
	U.S. Bancorp	45		2,485
	UniCredit S.p.A.	1,025		12,091
	United Overseas Bank Ltd.	82		1,515
	Venustech Group Inc.	126		565
	Wells Fargo & Co.	28		1,416
	Willis Towers Watson Public Limited Company	—		16
	Wuhan Raycus Fiber Laser Technologies Co., Ltd	41		570
	WuXi AppTec Co., Ltd.	45		548
			229,716
Consumer Discretionary 5.9%
	Adidas AG	1		391
	Alibaba Group Holding Limited - ADS (a) (g)	110		18,433
	Amazon.com, Inc. (a) (h)	20		35,520
	ANTA Sports Products Limited	64		530
	AutoZone, Inc. (a)	—		123
	Booking Holdings Inc. (a)	—		257
	Brilliance China Automotive Holdings Ltd.	644		693
	Canon Marketing Japan Inc.	33		704
	Carnival Plc (c)	1		54
	Compagnie Financiere Richemont SA	12		887
	Denso Corp.	137		6,032
	Dollar General Corp.	—		9
	Dollar Tree Inc. (a)	113		12,939
	eBay Inc.	11		428
	Expedia Group, Inc.	5		629
	Fiat Chrysler Automobiles N.V.	21		268
	Ford Motor Co.	21		192
	General Motors Company	5		178
	Genting Singapore Limited	183		116
	Great Wall Motor Company Limited	300		323
	Gree Electric Appliances, Inc. of Zhuhai - Class A	45		364
	Guangzhou Automobile Group Co., Ltd. - Class A	218		375
	Haier Smart Home Co., Ltd. - Class A	160		343
	Hangzhou Robam Appliances Co., Ltd. - Class A	98		362
	Hero Motocorp Ltd.	33		1,265
	Home Depot Inc.	49		11,380
	Huazhu Group Limited - ADS (c)	16		540
	Hyundai Mobis	—		38
	Jawbone Inc. (a) (d) (e) (f)	98		—
	JD.com, Inc. - Class A - ADR (a)	14		400
	Kering SA	—		239
	Kia Motors Corp.	1		33
	Koito Manufacturing Co. Ltd.	55		2,681
	Lear Corp.	1		160
	LG Electronics Inc.	8		433
	Li Ning Company Limited	181		521
	Lowe's Cos. Inc. (g)	114		12,535
	Macy's, Inc.	95		1,474
	Magna International Inc.	3		160
	McDonald's Corporation	43		9,141
	Mitsubishi Motors Corp. (c)	11		48
	Multichoice Group (a)	—		1
	Nike Inc. - Class B	3		294
	Peloton Interactive, Inc. (a) (c)	26		654
	Rai Way S.P.A. (b)	679		3,950
	Renault SA	2		109
	Ross Stores Inc.	4		436
	Royal Caribbean Cruises Ltd.	2		203
	Sodexo SA	112		12,555
	Sony Corp.	3		160
	Stanley Electric Co. Ltd.	21		562
	Starbucks Corp.	5		484
	Subaru Corp. NPV	405		11,474
	Suzuki Motor Corp. (c)	306		13,000
	TAL Education Group - ADS (a)	15		519
	Target Corporation	77		8,218
	The Berkeley Group Holdings PLC	28		1,427
	TJX Cos. Inc.	208		11,596
	Toyota Industries Corp.	145		8,356
	Vipshop (China) Co., Ltd. - ADR (a)	1		13
	Woongjin Coway Co., Ltd.	12		839
	Wyndham Destinations, Inc.	6		254
	Yum China Holdings, Inc.	30		1,360
	Yum! Brands Inc.	4		436
	ZOZO, Inc. (c)	335		7,758
			205,856
Consumer Staples 3.9%
	AEON Co. Ltd.	3		59
	Ajinomoto Co. Inc.	699		13,217
	Altria Group, Inc.	174		7,112
	American Beverage Co Ambev	9		43
	Carlsberg A/S - Class B	2		332
	China Mengniu Dairy Company Limited	125		469
	China Resources Enterprise Ltd.	8		42
	Coca-Cola European Partners PLC (e)	2		112
	Colgate-Palmolive Co.	257		18,887
	Compania Cervecerias Unidas S.A. - ADR	36		789
	Costco Wholesale Corporation	2		440
	Dali Food Group Co., Ltd. (b)	123		75
	Danone	331		29,155
	Diageo PLC	7		280
	Foshan Haitian Flavoring & Food Co., Ltd - Class A	35		537
	Hengan International Group Co. Ltd.	84		550
	Inner Mongolia Yili Industrial Group Co., Ltd - Class A	131		524
	JBS S/A	14		112
	Jeronimo Martins, SGPS, S.A.	68		1,147
	Kraft Heinz Foods Company	2		61
	KT&G Corp.	92		8,144
	Laobaixing Pharmacy Chain Joint Stock Company	51		537
	Meiji Holdings Co., Ltd.	—		29
	Mondelez International Inc. - Class A	27		1,491
	Monster Beverage 1990 Corporation (a)	4		203
	Nestle SA	214		23,188
	PepsiCo Inc.	19		2,565
	Philip Morris International Inc.	109		8,287
	Procter & Gamble Co.	10		1,227
	Seven & I Holdings Co., Ltd.	16		630
	Shanghai Jahwa United Co., Ltd.	109		523
	Sun Art Retail Group Limited	83		84
	Sysco Corp.	3		268
	Thai Beverage Public Company Limited	608		389
	The Kroger Co. (g)	17		433
	Tingyi Cayman Islands Holding Corp.	46		65
	Tsingtao Brewery Co.,Ltd. - Class A	12		83
	Tsingtao Brewery Co.,Ltd. - Class H	36		218
	Uni-President Enterprises Corp.	624		1,504
	Walmart Inc.	84		9,992
	Want Want China Holdings Limited (c)	1,661		1,330
	Woolworths Group Ltd.	—		4
	Yifeng Pharmacy Chain Co., Ltd.	50		547
			135,684
Energy 3.1%
	Chevron Corp.	5		569
	China Petroleum & Chemical Corporation - Class H	428		255
	China Shenhua Energy Company Limited - Class H	87		174
	CNOOC Limited	192		293
	Coal India Ltd Govt Of India Undertaking	234		662
	ConocoPhillips	4		226
	Devon Energy Corporation	11		273
	Enbridge Inc.	408		14,320
	Exxon Mobil Corporation	16		1,146

62

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Fieldwood Energy Inc. (a) (e) (i)		4		101
	Fieldwood Energy Inc. (a) (e) (i)		15		374
	Formosa Petrochemical Corp.		231		731
	Hindustan Petroleum Corp. Ltd.		16		69
	Imperial Oil Ltd.		3		69
	Kunlun Energy Co. Ltd.		80		69
	Marathon Petroleum Corporation		83		5,034
	Oil & Natural Gas Corp. Ltd.		404		752
	ONEOK Inc.		322		23,696
	Petrobras Distribuidora SA		42		278
	Phillips 66		3		302
	Reliance Industries Ltd.		830		15,637
	Repsol SA		12		195
	Royal Dutch Shell PLC - Class A		327		9,598
	Royal Dutch Shell PLC - Class A		7		203
	Royal Dutch Shell PLC - Class A - ADR		119		7,003
	Royal Dutch Shell PLC - Class B		3		102
	Schlumberger Ltd.		23		769
	Shanxi Lu'an Environmental Energy Development Co.,Ltd. - Class A		8		9
	S-Oil Corp.		8		670
	TC Energy Corporation (c)		209		10,832
	Thai Oil Public Company Limited (e)		355		812
	Total SA - ADR		4		184
	Turkiye Petrol Rafinerileri Anonim Sirketi Tupras		1		30
	Valero Energy Corporation		3		265
	Williams Cos. Inc.		557		13,403
	Yanzhou Coal Mining Co. Ltd. - Class H		88		90
	YPF SA - Class D - ADR		7		66
				109,261
Materials 2.2%
	Air Products and Chemicals, Inc.		108		23,986
	Anhui Conch Cement Company Limited - Class A		17		97
	Anhui Conch Cement Company Limited - Class H		37		220
	Barrick Gold Corp.		87		1,506
	China Hongqiao Group Limited		55		35
	China Resources Cement Holdings Limited		278		279
	Dowa Holdings Co. Ltd.		17		572
	DuPont de Nemours, Inc		74		5,288
	Eregli Demir Ve Celik Fabrikalari Turk Anonim Sirketi		134		163
	Formosa Chemicals & Fibre Corp.		291		814
	Formosa Plastics Corp.		304		926
	Glencore PLC		22		66
	HeidelbergCement AG		—		32
	Huntsman Corp.		9		203
	Koninklijke DSM N.V.		—		20
	Kumba Iron Ore Ltd		1		22
	Kuraray Co. Ltd.		27		331
	LafargeHolcim Ltd.		8		374
	LG Chem Ltd.		4		1,128
	Nan Ya Plastics Corp.		386		867
	Newcrest Mining Ltd.		207		4,827
	Newmont Goldcorp Corporation (e)		265		10,059
	Nutrien Ltd. (c)		1		66
	Packaging Corp. of America		2		224
	POSCO		6		1,226
	PTT Global Chemical Public Company Limited (e)		638		1,123
	Quintis Limited (a) (d) (e)		3,771		3,105
	Rio Tinto Ltd.		1		81
	Rio Tinto PLC		—		22
	Sesa Sterlite Ltd.		94		205
	Shin-Etsu Chemical Co. Ltd.		108		11,626
	Siam Cement PCL (e)		89		1,188
	Sinopec Shanghai Petrochemical Co., Ltd. - Class H		570		166
	South32 Limited		50		88
	Southern Peru Copper Corporation (Sucursal Del Peru)		1		22
	Toagosei Co. Ltd.		115		1,305
	Tokyo Steel Manufacturing Co. Ltd.		155		1,191
	Wheaton Precious Metals Corp.		171		4,486
	Yamato Kogyo Co. Ltd. (c)		24		593
	Zijin Mining Group Co. Ltd. - Class H		394		136
				78,668
Utilities 1.9%
	AGL Energy Limited		33		422
	CenterPoint Energy, Inc. (c)		7		204
	CEZ A/S		50		1,095
	China General Nuclear Power Corporation (b)		253		64
	China Longyuan Power Group Corporation Limited - Class H		86		48
	China Resources Power Holdings Co. Ltd.		74		90
	CK Infrastructure Holdings Limited		176		1,180
	CLP Holdings Ltd.		121		1,271
	Electricite de France		3		34
	Enel SpA		1,643		12,279
	Engie		5		82
	ENGIE Brasil Energia S.A.		6		63
	Exelon Corporation		41		1,970
	Fortum Oyj		1		14
	NextEra Energy, Inc.		97		22,552
	Power Assets Holdings Ltd.		73		487
	Sempra Energy		61		9,038
	Snam Rete Gas SpA		193		974
	The AES Corporation		17		272
	Tokyo Gas Co. Ltd.		445		11,225
	Vistra Energy Corp.		70		1,881
	Xcel Energy Inc.		3		218
				65,463
Real Estate 1.4%
	Agile Group Holdings Limited		86		105
	American Tower Corporation		9		1,968
	CapitaLand Ltd.		5,263		13,444
	Daiwa House Industry Co. Ltd.		2		69
	Equinix, Inc.		14		7,998
	Hang Lung Properties Ltd.		670		1,525
	Hongkong Land Holdings Ltd.		72		406
	Hysan Development Co. Ltd.		129		521
	Link Real Estate Investment Trust		102		1,130
	Mitsubishi Estate Co. Ltd.		98		1,899
	Sino Land Co.		220		331
	Sun Hung Kai Properties Ltd.		1,084		15,640
	Swire Pacific Ltd. - Class A		95		889
	Vonovia SE		29		1,484
	Weyerhaeuser Co.		78		2,157
	Wharf Real Estate Investment Company Limited		139		760
				50,326
	Total Common Stocks (cost $1,757,876)			1,968,205
GOVERNMENT AND AGENCY OBLIGATIONS 27.6%
U.S. Treasury Note 17.4%
	Treasury, United States Department of
		1.50%, 08/31/21 - 09/15/22	260,443		259,902
		3.00%, 10/31/25 (h)	35,982		38,872
		1.88%, 06/30/26 - 07/31/26	113,509		115,390
		2.38%, 05/15/29 (h)	116,886		124,155
		1.63%, 08/15/29	71,670		71,356
				609,675
U.S. Treasury Inflation Indexed Securities 4.2%
	Treasury, United States Department of
		0.63%, 04/15/23 (j)	15,747		15,885
		0.50%, 04/15/24 (j)	128,867		130,558
				146,443
Sovereign 3.8%
	Canada, Government of
		0.75%, 03/01/21, CAD	8,092		6,032
	Commonwealth of Australia
		3.00%, 03/21/47, AUD (f)	10,131		8,927
	Estado Espanol
		0.60%, 10/31/29, EUR (b)	22,922		26,107
		2.70%, 10/31/48, EUR (f)	8,264		12,718
	Gobierno Federal de los Estados Unidos Mexicanos
		8.00%, 09/05/24, MXN	80,600		4,308
		10.00%, 12/05/24, MXN	75,800		4,392
	Presidencia De La Nacion
		3.38%, 01/15/23, EUR (f)	1,961		812
		6.88%, 01/26/27 (c)	5,793		2,426

63

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
		5.88%, 01/11/28	5,685		2,310
		5.25%, 01/15/28, EUR (b)	417		174
		2.37%, 12/31/33, EUR (f) (k)	2,150		1,113
	Segretariato Generale Della Presidenza Della Repubblica
		3.00%, 08/01/29, EUR (f)	23,780		31,233
		3.85%, 09/01/49, EUR (f)	10,914		17,157
	South Africa, Parliament of
		8.00%, 01/31/30, ZAR	129,220		7,963
	The Republic of Indonesia, The Government of
		8.25%, 05/15/29, IDR	112,322,000		8,429
				134,101
U.S. Treasury Bond 2.2%
	Treasury, United States Department of
		2.25%, 08/15/49	74,202		76,393
	Total Government And Agency Obligations (cost $964,875)			966,612
CORPORATE BONDS AND NOTES 7.0%
Financials 3.1%
	American Express Company
		4.90%, (callable at 100 beginning 03/15/20) (c) (l)	1,651		1,655
		3.70%, 08/03/23	5,256		5,533
	Aon Corporation
		4.50%, 12/15/28	594		670
	Bank of America Corporation
		3.30%, 01/11/23	2,455		2,536
		4.13%, 01/22/24	5,441		5,856
		4.00%, 01/22/25	1,313		1,394
	Capital One Financial Corporation
		3.20%, 01/30/23	1,767		1,812
		3.30%, 10/30/24	2,276		2,355
	Citigroup Inc.
		5.88%, (callable at 100 beginning 03/27/20) (c) (l)	5,520		5,573
		5.95%, (callable at 100 beginning 08/15/20) (l)	2,237		2,277
		3.35%, 04/24/25	4,226		4,380
	HSBC Holdings PLC
		6.38%, (callable at 100 beginning 09/17/24) (l) (m)	4,695		4,965
		3.26%, 03/13/23 (n)	2,534		2,576
		3.80%, 03/11/25 (m)	1,460		1,520
	ING Groep N.V.
		6.00%, (callable at 100 beginning 04/16/20) (l) (m)	1,240		1,251
		4.10%, 10/02/23 (m)	3,500		3,719
	JPMorgan Chase & Co.
		5.00%, (callable at 100 beginning 08/01/24) (l)	2,890		2,967
		4.02%, 12/05/24	3,275		3,492
	Lloyds Bank PLC
		13.00%, (callable at 100 beginning 01/22/29), GBP (f) (l)	2,564		5,561
	Marsh & Mclennan Companies, Inc.
		3.88%, 03/15/24	1,407		1,500
		4.38%, 03/15/29	593		671
	Mitsubishi UFJ Financial Group Inc
		3.78%, 03/02/25	1,045		1,112
	Morgan Stanley
		5.91%, (callable at 100 beginning 01/15/20) (l)	1,840		1,853
		3.88%, 04/29/24	3,337		3,549
		2.72%, 07/22/25	2,120		2,145
	Prudential Financial, Inc.
		5.88%, 09/15/42 (n)	1,402		1,508
		5.63%, 06/15/43 (n)	931		1,001
	Sumitomo Mitsui Financial Group, Inc.
		3.94%, 10/16/23	6,835		7,242
	SunTrust Banks, Inc.
		4.00%, 05/01/25	1,014		1,097
	The Goldman Sachs Group, Inc.
		5.38%, (callable at 100 beginning 05/10/20) (l)	2,608		2,634
		2.91%, 06/05/23	2,456		2,489
		3.63%, 02/20/24	2,863		3,001
	UBS Group Funding (Jersey) Limited
		4.13%, 09/24/25 (b)	1,605		1,732
	USB Capital IX
		3.50%, (3M USD LIBOR + 1.02%), (callable at 100 beginning 11/12/19) (l) (n)	695		597
	Wells Fargo & Company
		3.07%, 01/24/23	491		500
		3.75%, 01/24/24	1,573		1,660
		3.20%, 06/17/27	8,331		8,595
	Wells Fargo Bank, National Association
		3.55%, 08/14/23	4,446		4,670
				107,648
Information Technology 1.0%
	Apple Inc.
		3.35%, 02/09/27	4,289		4,587
		3.20%, 05/11/27	4,121		4,372
	Broadcom Inc.
		3.13%, 04/15/21 (b)	4,154		4,194
	Fiserv, Inc.
		2.75%, 07/01/24	8,665		8,822
	International Business Machines Corporation
		3.00%, 05/15/24 (c)	5,316		5,504
	NXP B.V.
		4.63%, 06/01/23 (b)	1,686		1,792
	Paypal Holdings, Inc.
		2.40%, 10/01/24	600		603
		2.65%, 10/01/26	880		886
	Qualcomm Incorporated
		2.60%, 01/30/23	1,237		1,257
		2.90%, 05/20/24	3,199		3,286
				35,303
Health Care 0.9%
	AbbVie Inc.
		3.60%, 05/14/25	1,035		1,076
	Allergan Funding SCS
		3.45%, 03/15/22	2,331		2,389
	Becton, Dickinson and Company
		3.13%, 11/08/21	2,381		2,421
		2.89%, 06/06/22	3,379		3,431
		3.36%, 06/06/24	1,120		1,168
	Bio City Development Company B.V.
		0.00%, 07/06/18 (a) (d) (e) (f) (m) (o)	600		72
	Cigna Holding Company
		3.40%, 09/17/21 (e)	3,330		3,406
		3.75%, 07/15/23 (e)	2,836		2,966
	CVS Health Corporation
		3.70%, 03/09/23	7,546		7,852
	Forest Laboratories, LLC
		5.00%, 12/15/21 (b)	1,235		1,297
	Gilead Sciences, Inc.
		3.25%, 09/01/22	2,457		2,543
		3.70%, 04/01/24	2,718		2,880
	UnitedHealth Group Incorporated
		3.70%, 12/15/25	584		628
				32,129
Energy 0.6%
	BP Capital Markets America Inc.
		3.79%, 02/06/24	2,037		2,166
	El Paso Pipeline Partners, L.P.
		4.30%, 05/01/24	620		663
	Energy Transfer LP
		5.88%, 01/15/24	965		1,073
		4.05%, 03/15/25	788		824
	Enterprise Products Operating LLC
		3.35%, 03/15/23	3,369		3,484
		3.90%, 02/15/24	824		876
		3.75%, 02/15/25	781		831
	Kinder Morgan Energy Partners, L.P.
		4.15%, 02/01/24	643		682
	MPLX LP
		4.13%, 03/01/27	1,695		1,787
	Occidental Petroleum Corporation
		2.70%, 08/15/22	750		756
	Oneok Partners, L.P.
		4.90%, 03/15/25	2,919		3,208

64

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	ONEOK, Inc.
		2.75%, 09/01/24	1,935		1,943
	The Williams Companies, Inc.
		3.70%, 01/15/23	2,023		2,090
		4.55%, 06/24/24	1,189		1,279
				21,662
Communication Services 0.5%
	Baidu, Inc.
		4.38%, 05/14/24	1,885		2,012
	Comcast Corporation
		3.70%, 04/15/24	4,863		5,181
	Hughes Satellite Systems Corporation
		7.63%, 06/15/21	444		480
	Iheartcommunications, Inc.
		6.38%, 05/01/26 (c)	2,093		2,267
		8.38%, 05/01/27	740		799
	Intelsat Jackson Holdings S.A.
		8.00%, 02/15/24 (b)	741		770
	NBCUniversal Enterprise, Inc.
		5.25%, (callable at 100 beginning 03/19/21) (b) (l)	1,885		1,922
	Verizon Communications Inc.
		3.50%, 11/01/24	2,732		2,887
				16,318
Consumer Discretionary 0.2%
	McDonald's Corporation
		3.35%, 04/01/23	1,522		1,588
	Starbucks Corporation
		3.10%, 03/01/23	2,462		2,542
	The Home Depot, Inc.
		2.95%, 06/15/29	1,874		1,966
	Walgreen Co.
		3.10%, 09/15/22	2,507		2,565
				8,661
Materials 0.2%
	Quintis Ltd
		8.00%, 10/01/26 (c) (d) (e) (f) (k)	410		410
		0.00%, 10/01/28 (c) (d) (e) (f) (k)	7,316		7,316
				7,726
Industrials 0.2%
	TransDigm Inc.
		6.25%, 03/15/26 (b)	6,316		6,785
Utilities 0.1%
	NextEra Energy Capital Holdings, Inc.
		2.90%, 04/01/22	2,275		2,316
	Vistra Operations Company LLC
		5.63%, 02/15/27 (b)	2,187		2,304
				4,620
Consumer Staples 0.1%
	China Milk Products Group Limited
		0.00%, 01/05/12 (a) (e) (m) (o)	100		1
	Danone
		2.59%, 11/02/23 (b)	2,520		2,553
	REI Agro Limited
		0.00%, 11/13/14 (a) (e) (f) (m) (o)	813		—
				2,554
Real Estate 0.1%
	AvalonBay Communities, Inc.
		3.50%, 11/15/24	503		534
	CapitaLand Limited
		1.95%, 10/17/23, SGD (b) (m)	2,750		1,984
				2,518
	Total Corporate Bonds And Notes (cost $239,286)			245,924
PREFERRED STOCKS 0.8%
Consumer Staples 0.3%
	Henkel AG & Co. KGaA (m)		105		10,407
Communication Services 0.3%
	Uber Technologies, Inc. (a) (e) (f) (i)		303		8,774
Information Technology 0.1%
	Lookout, Inc. - Series F (a) (d) (e) (f)		284		2,038
	Palantir Technologies Inc. - Series I (a) (d) (e) (f)		512		3,121
				5,159
Financials 0.1%
	Banco Bradesco S/A. (m)		1		6
	Itau Unibanco Holding S.A. (m)		229		1,935
	Wells Fargo & Co. - Series L, 7.50% (l) (m)		1		1,727
				3,668
Health Care 0.0%
	Grand Round, Inc. - Series C (a) (d) (e) (f)		639		1,719
	Total Preferred Stocks (cost $26,542)			29,727
TRUST PREFERREDS 0.2%
Financials 0.2%
	Citigroup Capital XIII		114		3,137
	GMAC Capital Trust I		126		3,293
	Total Trust Preferreds (cost $6,415)			6,430
INVESTMENT COMPANIES 0.2%
	SPDR Gold Trust ETF (a) (g)		38		5,263
	Total Investment Companies (cost $5,265)			5,263
SENIOR LOAN INTERESTS 0.1%
Consumer Discretionary 0.1%
	Hilton Worldwide Finance, LLC
		2019 Term Loan B2, 3.77%, (3M LIBOR + 1.75%), 10/25/23 (n)	3,273		3,292
Energy 0.0%
	Fieldwood Energy LLC
		Exit 2nd Lien TL, 9.51%, (1M LIBOR + 7.25%), 04/11/23 (n)	656		485
	Filtration Group Corporation
		Term Loan, 7.51%, (3M LIBOR + 5.25%), 04/11/22 (n)	486		420
				905
	Total Senior Loan Interests (cost $4,400)			4,197
SHORT TERM INVESTMENTS 8.8%
U.S. Treasury Bill 4.9%
	Treasury, United States Department of
		2.04%, 10/01/19 (p)	17,000		17,000
		1.94%, 10/15/19 (p)	22,000		21,984
		2.16%, 11/07/19 (p)	65,000		64,872
		2.00%, 11/12/19 (p)	13,000		12,969
		1.94%, 12/05/19 (p)	12,275		12,235
		1.94%, 12/12/19 (p)	3,000		2,989
		2.16%, 12/19/19 (p)	12,415		12,368
		2.37%, 01/02/20 (p)	12,415		12,356
		1.87%, 02/27/20 (p)	15,000		14,889
				171,662
Treasury Securities 2.9%
	Cabinet Office, Government of Japan
		-0.12%, 10/21/19, JPY (p)	3,430,950		31,734
		-0.10%, 10/28/19, JPY (p)	2,494,350		23,072
		-0.10%, 11/05/19, JPY (p)	2,494,350		23,072
		-0.15%, 11/18/19, JPY (p)	2,769,250		25,616
				103,494
Securities Lending Collateral 1.0%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (q) (r)		33,802		33,802
	Total Short Term Investments (cost $310,467)			308,958
Total Investments 100.9% (cost $3,315,126)					3,535,316
Total Purchased Options 0.4% (cost $21,760)					13,297
Other Derivative Instruments (0.5)%					(17,138)
Other Assets and Liabilities, Net (0.8)%					(29,345)
Total Net Assets 100.0%					3,502,130

(a)Non-income producing security.

(b)The Adviser has deemed this security, which is exempt from registration under the Securities Act of 1933, as amended, to be liquid based on procedures approved by the Board of Trustees. As of September 30, 2019, the value and the percentage of net assets of these liquid securities was $89,422 and 2.6% of the Fund.

(c)All or a portion of the security was on loan as of September 30, 2019.

(d)Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities

65

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Schedules of Investments.

(e)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

(f)Security is restricted to resale to institutional investors. See Restricted Securities in the Schedules of Investments.

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

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

(i)Security fair valued in good faith as a Level 2 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Schedules of Investments.

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

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

(l)Perpetual security. Next contractual call date presented, if applicable.

(m)Convertible security.

(n)Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of September 30, 2019. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations (“CMO”) and mortgage-backed securities (“MBS”) are determined by tranches of underlying mortgage-backed security pools’ cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security’s offering documents.

(o)As of September 30, 2019, issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date.

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

(q)Investment in affiliate.

(r)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

Summary of Investments by Country^	Total Long Term Investments
United States of America	69.0	%
Japan	6.2
France	2.5
Italy	2.4
Netherlands	2.3
Germany	2.0
China	2.0
United Kingdom	2.0
Spain	1.8
Taiwan	1.5
Canada	1.2
Switzerland	1.0
Hong Kong	0.9
India	0.9
Australia	0.8
Brazil	0.7
Singapore	0.6
South Korea	0.5
Indonesia	0.3
Mexico	0.3
South Africa	0.3
Argentina	0.2
Thailand	0.2
United Arab Emirates	0.2
Ireland	0.1
Denmark	0.1
Portugal	—
Czech Republic	—
Chile	—
Luxembourg	—
Sweden	—
Malaysia	—
Turkey	—
Finland	—
	100.0	%
^A country table is presented as a percentage of the Fund’s total long term investments because its strategy includes investment in non-U.S. securities as deemed significant by the Fund’s Adviser.

Long Term Investments in Affiliates

Affiliated Investment		Value Beginning of Period($)	Purchases($)	Sales Proceeds($)	Dividend Income($)	Realized Gain (Loss)($)	Change in Unrealized Appreciation (Depreciation) ($)	Value End of Period($)	Percentage of Net Assets(%)
	iShares Gold Trust Fund	26,566	51,833	78,226	—	(2,589)	2,416	—	—

66

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Bio City Development Company B.V., 0.00%, 07/06/18	08/26/11	708	72	—
	Commonwealth of Australia, 3.00%, 03/21/47	05/24/17	7,018	8,927	0.3
	Estado Espanol, 2.70%, 10/31/48	07/09/19	12,178	12,718	0.4
	Grand Round, Inc. - Series C	03/31/15	1,774	1,719	—
	Jawbone Inc.	01/25/17	—	—	—
	Lloyds Bank PLC, 13.00%, callable at 100 beginning 01/22/29	08/26/11	5,252	5,561	0.2
	Lookout, Inc.	03/04/15	237	12	—
	Lookout, Inc. - Series F	09/19/14	3,242	2,038	0.1
	Palantir Technologies Inc. - Series I	03/27/14	3,142	3,121	0.1
	Presidencia De La Nacion, 3.38%, 01/15/23	11/02/17	2,278	812	—
	Presidencia De La Nacion, 2.37%, 12/31/33	01/22/18	2,993	1,113	—
	Quintis Ltd, 8.00%, 10/01/26	11/03/17	427	410	—
	Quintis Ltd, 0.00%, 10/01/28	11/03/17	7,605	7,316	0.2
	REI Agro Limited, 0.00%, 11/13/14	08/26/11	606	—	—
	REI Agro Limited, 0.00%, 11/13/14	08/26/11	184	—	—
	Segretariato Generale Della Presidenza Della Repubblica, 3.00%, 08/01/29	07/10/19	29,956	31,233	0.9
	Segretariato Generale Della Presidenza Della Repubblica, 3.85%, 09/01/49	07/10/19	15,815	17,157	0.5
	Uber Technologies, Inc.	03/20/14	4,702	8,774	0.2
			98,117	100,983	2.9

JNL/BlackRock Global Allocation Fund — Futures Contracts
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
Italy Government BTP Bond	56	December 2019	EUR	8,042	10			138
MSCI Emerging Markets Index	155	December 2019		7,957	38			(192)
NASDAQ 100 Stock Index	34	December 2019		5,359	47			(75)
United States 2 Year Note	913	January 2020		196,505	(148)			246
United States 5 Year Note	1,004	January 2020		119,666	(49)			(41)
					(102)			76
Short Contracts
Euro Bund	(62)	December 2019	EUR	(10,805)	(3)			2
Euro STOXX 50 Price Index	(9)	December 2019	EUR	(316)	(2)			(4)
FTSE 100 Index	(4)	December 2019	GBP	(293)	—			(3)
Nikkei 225 Index	(581)	December 2019	JPY	(6,159,784)	(429)			(1,773)
S&P 500 Index	(176)	December 2019		(26,079)	(128)			(132)
United States 10 Year Note	(591)	December 2019		(76,645)	46			(370)
					(516)			(2,280)

JNL/BlackRock Global Allocation Fund — Centrally Cleared Interest Rate Swap Agreements
Floating Rate Index2	Paying / Receiving Floating Rate	Fixed Rate2 (%)		Expiration	Notional1		Variation Margin Receivable (Payable) ($)		Unrealized Appreciation (Depreciation) ($)
3M Canada Bankers Acceptance (Q)	Paying	1.91	(S)	07/09/21	CAD	8,840		(2)		3
3M Canada Bankers Acceptance (Q)	Paying	1.91	(S)	07/09/21	CAD	52,600		(15)		20
3M Canada Bankers Acceptance (Q)	Paying	1.91	(S)	07/09/21	CAD	59,597		(17)		23
3M LIBOR (Q)	Receiving	1.55	(S)	09/27/24		33,040		2		(68)
3M LIBOR (Q)	Paying	1.28	(S)	11/29/24		7,130		(1)		(71)
3M LIBOR (Q)	Paying	1.28	(S)	11/29/24		17,909		(2)		(179)
								(35)		(272)

JNL/BlackRock Global Allocation Fund — Centrally Cleared Credit Default Swap Agreements
Reference Entity2	Fixed Receive/ Pay Rate8 (%)	Expiration	Notional1,7		Value6 ($)		Variation Margin Receivable (Payable) ($)		Unrealized Appreciation (Depreciation) ($)
Credit default swap agreements - sell protection4
CDX.NA.HY.32 (Q)	5.00	06/20/24		(6,203)		438		12		(7)

67

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

JNL/BlackRock Global Allocation Fund — Exchange Traded Purchased Options
Reference Entity	Put/Call		Exercise Price ($)/ Swaption Rate (%)		Expiration	Notional/ Contracts1		Value ($)
Options on Securities
iShares Russell 2000 ETF		Call		162.00	12/31/19		364		50
SPDR S&P 500 ETF		Call		303.00	10/18/19		467		47
SPDR S&P 500 ETF		Call		300.00	10/28/19		5,139		1,652
SPDR S&P 500 ETF		Call		305.00	11/15/19		415		100
SPDR S&P 500 ETF		Call		305.00	12/20/19		312		150
SPDR S&P 500 ETF		Call		307.00	01/17/20		729		362
									2,361

JNL/BlackRock Global Allocation Fund — OTC Purchased Options
Reference Entity	Counterparty	Put/Call	Exercise Price ($)/ Swaption Rate (%)		Expiration	Notional/ Contracts1		Value ($)
Foreign Currency Options
GBP/USD Spot Rate	UBS	Call		1.34	10/08/19	GBP	59,181,000		1
USD/JPY Spot Rate	DUB	Call	JPY	109.50	12/24/19		24,824,000		104
EUR/USD Spot Rate	BOA	Put		1.12	07/23/20	EUR	5,085,000		126
EUR/USD Spot Rate	MSC	Put		1.08	03/17/20	EUR	47,992,000		429
GBP/USD Spot Rate	MSC	Put		1.25	10/08/19	GBP	1,760,100		37
USD/JPY Spot Rate	BNP	Put	JPY	106.00	12/17/19		76,760,000		573
USD/JPY Spot Rate	UBS	Put	JPY	102.00	03/13/20		42,149,000		256
									1,526
Index Options
DAX Index	CSI	Call	EUR	14,000.00	03/20/20		488		11
DAX Index	GSC	Call	EUR	13,300.00	12/20/19		460		14
DAX Index	GSC	Call	EUR	13,700.00	12/20/19		1,592		7
DAX Index	GSC	Call	EUR	13,600.00	03/20/20		382		28
DAX Index	MSC	Call	EUR	13,700.00	12/20/19		1,591		7
Euro STOXX 50 Price Index	CSI	Call	EUR	3,600.00	03/20/20		998		123
Euro STOXX 50 Price Index	CSI	Call	EUR	3,900.00	03/20/20		2,207		38
Euro STOXX 50 Price Index	CSI	Call	EUR	3,600.00	10/18/19		2,510		64
Euro STOXX 50 Price Index	CSI	Call	EUR	3,600.00	11/15/19		12,987		687
Euro STOXX 50 Price Index	GSC	Call	EUR	3,750.00	12/20/19		1,861		35
Euro STOXX 50 Price Index	GSC	Call	EUR	3,850.00	12/20/19		20,203		92
Euro STOXX 50 Price Index	GSC	Call	EUR	3,800.00	03/20/20		1,347		51
Euro STOXX 600 Banks Price Index	BCL	Call	EUR	110.00	03/19/21		46,599		93
Euro STOXX 600 Banks Price Index	UBS	Call	EUR	110.00	06/18/21		59,234		110
NASDAQ 100 Stock Index	BOA	Call		7,900.00	10/18/19		911		50
S&P 500 Index	SGB	Call		3,050.00	10/18/19		7,446		37
									1,447
Interest Rate Swaptions10
3M LIBOR, 08/17/30	BOA	Call		1.08	08/13/20		20,744,080		192
3M LIBOR, 10/11/24	GSC	Call		1.45	10/09/19		182,126,640		235
3M LIBOR, 08/17/30	BOA	Put		2.08	08/13/20		20,744,080		148
3M LIBOR, 11/08/24	CIT	Put		1.56	11/06/19		50,602,160		169
3M LIBOR, 12/02/24	MSC	Put		1.53	11/27/19		50,078,247		242
									986
Options on Securities
Agilent Technologies, Inc.	NSI	Call		71.00	01/17/20		50,635		402
Alibaba Group Holding Limited	BOA	Call		162.50	01/17/20		22,196		326
Alibaba Group Holding Limited	CIT	Call		167.00	11/22/19		25,786		231
Alphabet Inc.	JPM	Call		1,315.00	01/17/20		7,010		186
BP P.L.C.	NSI	Call		45.00	01/17/20		315,430		22
CVS Health Corporation	JPM	Call		78.50	01/17/20		47,369		8
Emerson Electric Co.	BOA	Call		65.00	12/20/19		118,617		487
Facebook, Inc.	UBS	Call		195.00	12/20/19		59,743		237
FedEx Corporation	CIT	Call		170.00	10/18/19		23,759		1
FedEx Corporation	CSI	Call		162.00	01/17/20		51,726		174
Halliburton Company	CIT	Call		50.00	01/17/20		129,663		—
Johnson & Johnson	BOA	Call		155.00	01/17/20		48,028		6
JPMorgan Chase & Co.	CGM	Call		114.50	01/17/20		47,400		323
Lowe`s Companies, Inc.	NSI	Call		98.00	01/17/20		41,418		591
Lowe`s Companies, Inc.	NSI	Call		112.00	11/15/19		60,425		144
Qualcomm Incorporated	CIT	Call		71.00	01/17/20		65,093		534
Qualcomm Incorporated	MSC	Call		70.00	10/18/19		62,082		434
Schlumberger Omnes, Inc.	UBS	Call		70.00	01/17/20		108,421		—

68

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

JNL/BlackRock Global Allocation Fund — OTC Purchased Options (continued)
Reference Entity	Counterparty	Put/Call	Exercise Price ($)/ Swaption Rate (%)		Expiration	Notional/ Contracts1		Value ($)
SPDR Gold Trust ETF	JPM	Call		143.00	10/18/19		61,952		38
SPDR Gold Trust ETF	MSC	Call		147.50	01/17/20		61,953		127
SPDR Gold Trust ETF	MSC	Call		147.50	12/31/19		30,983		52
SPDR Gold Trust ETF	SGB	Call		138.00	11/15/19		122,427		404
SPDR Gold Trust ETF	SGB	Call		147.50	01/17/20		123,825		254
SPDR Gold Trust ETF	SGB	Call		136.00	10/18/19		91,403		338
SPDR Gold Trust ETF	SGB	Call		145.00	11/15/19		92,904		103
SPDR Gold Trust ETF	SGB	Call		146.00	12/20/19		210,588		374
SPDR Gold Trust ETF	SGB	Call		147.50	11/15/19		92,902		69
SPDR S&P 500 ETF	GSC	Call		325.00	11/15/19		3,112,861		155
Sumitomo Mitsui Financial Group, Inc.	MSC	Call	JPY	4,894.87	12/11/20		110,932		18
Sumitomo Mitsui Financial Group, Inc.	MSC	Call	JPY	4,816.24	09/11/20		111,041		16
Sumitomo Mitsui Financial Group, Inc.	MSC	Call	JPY	4,756.33	03/13/20		137,345		3
Taiwan Semiconductor Manufacturing Co Ltd	CSI	Call		46.00	01/17/20		180,655		542
The Kroger Co.	NSI	Call		26.00	10/18/19		183,790		90
									6,689
Spread Options
USD ICE 2 Year Swap Rate Index	GSC	Call		0.50	08/27/20		294,058,000		245
USD ICE 2 Year Swap Rate Index	GSC	Call		0.50	02/27/20		290,815,000		43
									288

JNL/BlackRock Global Allocation Fund — Exchange Traded Written Options
Reference Entity	Put/Call		Exercise Price ($)/ Swaption Rate (%)		Expiration	Notional/ Contracts1		Value ($)
Options on Securities
Agilent Technologies, Inc.		Put		70.00	11/15/19		332		(19)
Amazon.com, Inc.		Put		1,630.00	12/20/19		21		(96)
Apple Inc.		Put		200.00	12/20/19		104		(37)
Bank of America Corporation		Put		27.00	12/20/19		663		(42)
Citigroup Inc.		Put		62.50	12/20/19		311		(41)
Emerson Electric Co.		Put		60.00	12/20/19		270		(26)
FleetCor Technologies, Inc.		Put		270.00	11/15/19		62		(46)
Invesco QQQ Trust, Series 1		Put		178.00	10/18/19		623		(37)
iShares Russell 2000 ETF		Put		140.00	12/31/19		364		(88)
JPMorgan Chase & Co.		Put		105.00	12/20/19		249		(33)
Merck & Co., Inc.		Put		75.00	11/15/19		373		(18)
Microsoft Corporation		Put		130.00	11/15/19		65		(13)
Microsoft Corporation		Put		125.00	12/20/19		166		(35)
SPDR S&P 500 ETF		Put		280.00	12/20/19		312		(130)
Wells Fargo & Company		Put		45.00	11/15/19		710		(22)
									(683)

JNL/BlackRock Global Allocation Fund — OTC Written Options
Reference Entity	Counterparty	Put/Call	Exercise Price ($)/ Swaption Rate(%)		Expiration		Notional/ Contracts1		Value ($)
Foreign Currency Options
EUR/USD Spot Rate	MSC	Call		1.15		03/17/20	EUR	47,992,000		(180)
GBP/USD Spot Rate	MSC	Call		1.34		10/08/19	GBP	1,760,100		—
GBP/USD Spot Rate	UBS	Put		1.25		10/08/19	GBP	59,181,000		(1,237)
USD/BRL Spot Rate	DUB	Call	BRL	3.82		10/10/19		7,350,000		(589)
USD/JPY Spot Rate	BNP	Put	JPY	102.00		12/17/19		76,760,000		(159)
USD/JPY Spot Rate	UBS	Put	JPY	99.00		03/13/20		42,149,000		(135)
USD/MXN Spot Rate	MSC	Call	MXN	21.50		03/05/20		14,541,000		(152)
USD/ZAR Spot Rate	MSC	Call	ZAR	15.50		12/12/19		12,389,000		(272)
USD/ZAR Spot Rate	MSC	Put	ZAR	14.00		12/12/19		12,389,000		(27)
										(2,751)
Index Options
Euro STOXX 50 Price Index	CSI	Put	EUR	3,325.00		11/15/19		8,658		(184)
Euro STOXX 600 Banks Price Index	UBS	Call	EUR	135.00		06/18/21		59,234		(24)
Euro STOXX 600 Banks Price Index	BCL	Put	EUR	110.23		03/19/21		41,110		(1,357)
Euro STOXX 600 Banks Price Index	UBS	Put	EUR	106.38		06/18/21		41,826		(1,372)
S&P 500 Index	SGB	Put		2,875.00		10/18/19		3,713		(48)
Topix Index	BNP	Put	JPY	155.80		03/13/20		3,556,337		(501)
Topix Index	BOA	Put	JPY	156.59		12/13/19		2,633,004		(358)
Topix Index	MSC	Put	JPY	156.59		12/13/19		4,976,232		(677)

69

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

JNL/BlackRock Global Allocation Fund — OTC Written Options (continued)
Reference Entity	Counterparty	Put/Call	Exercise Price ($)/ Swaption Rate(%)		Expiration		Notional/ Contracts1		Value ($)
Topix Index	MSC	Put	JPY	157.82		04/10/20		3,164,627		(579)
										(5,100)
Interest Rate Swaptions10
3M LIBOR, 08/17/22	BOA	Call		0.88		08/13/20		101,930,999		(171)
3M LIBOR, 10/11/24	GSC	Call		1.20		10/09/19		182,126,640		(5)
3M LIBOR, 12/31/24	GSC	Call		1.55		12/27/19		22,122,983		(200)
3M LIBOR, 08/17/22	BOA	Put		1.88		08/13/20		101,930,999		(165)
3M LIBOR, 11/08/24	CIT	Put		1.76		11/06/19		50,602,160		(39)
3M LIBOR, 11/08/24	CIT	Put		1.76		11/06/19		50,602,160		(39)
										(619)
Options on Securities
Agilent Technologies, Inc.	NSI	Call		81.00		01/17/20		50,635		(121)
Agilent Technologies, Inc.	NSI	Put		61.00		01/17/20		44,082		(26)
Alibaba Group Holding Limited	BOA	Call		202.50		01/17/20		22,196		(41)
Alibaba Group Holding Limited	CIT	Call		195.00		11/22/19		25,786		(30)
Alibaba Group Holding Limited	BOA	Put		135.00		01/17/20		14,799		(30)
Alibaba Group Holding Limited	CIT	Put		140.00		11/22/19		16,761		(19)
Bank of America Corporation	CIT	Put		28.50		10/11/19		54,811		(13)
BP P.L.C.	NSI	Put		36.00		01/17/20		315,430		(321)
Citigroup Inc.	JPM	Put		67.00		10/11/19		31,143		(15)
Comcast Corporation	CGM	Call		37.50		01/17/20		117,715		(924)
CVS Health Corporation	JPM	Put		56.00		01/17/20		47,369		(54)
Emerson Electric Co.	BOA	Call		75.00		12/20/19		118,617		(60)
Emerson Electric Co.	BOA	Put		55.00		12/20/19		59,308		(24)
Facebook, Inc.	UBS	Call		225.00		12/20/19		59,743		(24)
FedEx Corporation	CSI	Call		190.00		01/17/20		51,726		(22)
FedEx Corporation	CSI	Put		130.00		01/17/20		29,225		(113)
Johnson & Johnson	BOA	Put		109.00		01/17/20		48,028		(42)
JPMorgan Chase & Co.	CGM	Call		125.50		01/17/20		47,400		(83)
Lowe`s Companies, Inc.	NSI	Call		125.00		11/15/19		60,425		(5)
Lowe`s Companies, Inc.	NSI	Call		115.00		01/17/20		41,418		(166)
Qualcomm Incorporated	CIT	Call		86.00		01/17/20		65,093		(100)
Qualcomm Incorporated	MSC	Call		85.00		10/18/19		62,082		(4)
Qualcomm Incorporated	CIT	Put		57.00		01/17/20		32,546		(19)
SPDR Gold Trust ETF	JPM	Call		153.00		10/18/19		61,952		(3)
SPDR Gold Trust ETF	SGB	Call		155.00		11/15/19		92,610		(23)
SPDR Gold Trust ETF	MSC	Put		136.00		12/31/19		12,393		(25)
SPDR Gold Trust ETF	MSC	Put		134.00		01/17/20		30,970		(49)
SPDR Gold Trust ETF	SGB	Put		134.00		12/20/19		100,651		(126)
SPDR Gold Trust ETF	SGB	Put		133.00		01/17/20		61,913		(81)
SPDR S&P 500 ETF	GSC	Call		330.00		11/15/19		3,112,861		(62)
Sumitomo Mitsui Financial Group, Inc.	MSC	Call	JPY	5,679.90		03/13/20		137,345		—
Sumitomo Mitsui Financial Group, Inc.	MSC	Put	JPY	3,832.77		03/13/20		137,345		(278)
Sumitomo Mitsui Financial Group, Inc.	MSC	Put	JPY	3,820.96		09/11/20		74,027		(234)
Sumitomo Mitsui Financial Group, Inc.	MSC	Put	JPY	3,786.60		12/11/20		73,955		(272)
Taiwan Semiconductor Manufacturing Co Ltd	CSI	Call		51.00		01/17/20		180,655		(176)
Taiwan Semiconductor Manufacturing Co Ltd	CSI	Put		39.00		01/17/20		90,327		(54)
The Kroger Co.	NSI	Call		28.50		10/18/19		183,790		(4)
The Kroger Co.	NSI	Put		21.00		01/17/20		59,194		(18)
										(3,661)

Forward Foreign Currency Contracts

Purchased/ Sold	Counter-party	Expiration	Notional1		Value ($)		Unrealized Appreciation (Depreciation) ($)
CHF/USD	BNP	11/08/19	CHF	1,033		1,038		(27)
CHF/USD	UBS	11/08/19	CHF	7,500		7,540		(202)
CHF/USD	BNP	12/06/19	CHF	8,500		8,565		(204)
EUR/USD	BOA	11/01/19	EUR	17,300		18,904		(460)
EUR/USD	CIT	11/01/19	EUR	7,740		8,457		(186)
EUR/USD	DUB	11/01/19	EUR	21,770		23,787		(825)
EUR/USD	MSC	11/01/19	EUR	7,791		8,513		(252)
EUR/USD	UBS	11/01/19	EUR	7,762		8,481		(245)
EUR/USD	UBS	11/22/19	EUR	6,274		6,865		(122)
EUR/USD	MSC	12/03/19	EUR	17,305		18,949		(256)
EUR/USD	MSC	12/05/19	EUR	12,523		13,716		(240)
EUR/USD	UBS	12/06/19	EUR	7,921		8,676		(48)
EUR/USD	GSC	12/10/19	EUR	22,166		24,289		(199)
EUR/USD	MSC	12/13/19	EUR	11,191		12,266		(76)
EUR/USD	MSC	12/18/19	EUR	21,593		23,679		(290)
GBP/USD	MSC	10/08/19	GBP	14,183		17,443		(268)

70

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

Purchased/ Sold	Counter-party	Expiration	Notional1		Value ($)		Unrealized Appreciation (Depreciation) ($)
GBP/USD	JPM	11/22/19	GBP	12,734		15,689		256
GBP/USD	JPM	12/05/19	GBP	6,607		8,145		95
JPY/USD	GSC	10/03/19	JPY	1,938,050		17,926		(83)
JPY/USD	GSC	10/24/19	JPY	3,657,070		33,878		(180)
JPY/USD	MSC	11/15/19	JPY	1,869,705		17,345		(302)
JPY/USD	JPM	11/22/19	JPY	2,822,636		26,195		(635)
JPY/USD	MSC	12/05/19	JPY	928,860		8,628		(162)
JPY/USD	MSC	12/10/19	JPY	1,665,660		15,481		(282)
NOK/USD	JPM	12/06/19	NOK	53,981		5,939		(239)
NZD/USD	UBS	12/05/19	NZD	5,557		3,485		(36)
NZD/USD	GSC	12/06/19	NZD	11,077		6,947		(119)
NZD/USD	UBS	12/16/19	NZD	5,504		3,453		(86)
USD/AUD	JPM	10/31/19	AUD	(7,628)		(5,154)		202
USD/BRL	CSI	12/06/19	BRL	(40,381)		(9,679)		(23)
USD/CLP	DUB	12/06/19	CLP	(4,429,553)		(6,083)		82
USD/CLP	MSC	12/06/19	CLP	(1,819,908)		(2,499)		34
USD/EUR	GSC	11/01/19	EUR	(21,679)		(23,688)		647
USD/EUR	UBS	11/01/19	EUR	(40,684)		(44,454)		1,019
USD/GBP	BNP	10/08/19	GBP	(14,678)		(18,052)		(35)
USD/GBP	BOA	10/08/19	GBP	(14,413)		(17,726)		348
USD/INR	JPM	11/22/19	INR	(625,312)		(8,775)		(126)
USD/JPY	JPM	10/03/19	JPY	(51,342)		(475)		4
USD/JPY	DUB	10/24/19	JPY	(1,508,905)		(13,978)		113
USD/JPY	BNP	12/18/19	JPY	(1,642,460)		(15,279)		(4)
USD/JPY	GSC	12/18/19	JPY	(254,939)		(2,372)		(2)
USD/SGD	BOA	12/05/19	SGD	(12,174)		(8,815)		(60)
USD/ZAR	BNP	12/03/19	ZAR	(53,325)		(3,492)		(41)
ZAR/USD	BCL	10/31/19	ZAR	75,522		4,966		(404)
ZAR/USD	MSC	12/19/19	ZAR	138,162		9,029		(223)
						207,753		(4,142)

JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference
Reference Entity2	Counter-party	Financing Fee2	Expiration	Contracts1 Long (Short)	Notional1		Unrealized Appreciation (Depreciation) ($)
AAC Technologies Holdings Inc. (E)	JPM	1M LIBOR -0.30% (M)	TBD	(14,500)		(64)		(15)
Advanced Micro Devices, Inc. (E)	JPM	Federal Funds Effective Rate -0.18% (M)	TBD	(8,693)		(261)		9
Akbank Turk Anonim Sirketi (E)	JPM	Federal Funds Effective Rate -0.75% (M)	TBD	(6,080)		(7)		(1)
Amorepacific Corporation (E)	JPM	1M LIBOR -0.35% (M)	TBD	(1,603)		(86)		(2)
Amorepacific Corporation (E)	JPM	1M LIBOR -0.35% (M)	TBD	(120)		(14)		—
Aptiv PLC (E)	CGM	Federal Funds Effective Rate -0.18% (M)	TBD	(1,827)		(161)		—
Autohome Inc. (E)	JPM	Federal Funds Effective Rate -0.18% (M)	TBD	(4,016)		(376)		42
Baker Hughes, a GE Company, LLC (E)	JPM	Federal Funds Effective Rate -0.18% (M)	TBD	(525)		(12)		—
BASF SE (E)	JPM	Federal Funds Effective Rate -0.28% (M)	TBD	(3,163)		(218)		(3)
BIM Birlesik Magazalar A.S. (E)	JPM	Federal Funds Effective Rate -0.75% (M)	TBD	(8,525)		(72)		(2)
BYD Electronic (International) Company Limited (E)	CGM	Federal Funds Effective Rate -0.75% (M)	TBD	(21,500)		(32)		—
Cenovus Energy Inc. (E)	JPM	Federal Funds Effective Rate -0.25% (M)	TBD	(16,053)		(150)		(1)
Centrais Eletricas Brasileiras S/A - Eletrobras (E)	JPM	1M LIBOR -0.50% (M)	TBD	(6,649)		(69)		4
Centrais Eletricas Brasileiras S/A - Eletrobras (E)	JPM	1M LIBOR -0.01% (M)	TBD	(4,257)		(45)		2
China Gas Holdings Limited (E)	JPM	1M LIBOR -0.30% (M)	TBD	(21,800)		(84)		(2)
China Molybdenum Co.,Ltd (E)	CGM	Federal Funds Effective Rate -0.87% (M)	TBD	(279,000)		(89)		(3)
China Southern Airlines Co., Ltd. (E)	JPM	1M LIBOR -0.30% (M)	TBD	(472,000)		(289)		3
China State Construction International Holdings Limited (E)	JPM	1M LIBOR -0.30% (M)	TBD	(420,000)		(376)		(28)
China Vanke Co., Ltd. (E)	CGM	Federal Funds Effective Rate -0.30% (M)	TBD	(2,300)		(8)		—
Conagra Brands, Inc. (E)	JPM	Federal Funds Effective Rate -0.18% (M)	TBD	(11,545)		(328)		(29)
Concho Resources Inc. (E)	JPM	Federal Funds Effective Rate -0.18% (M)	TBD	(1,131)		(83)		6
Constellation Brands, Inc. (E)	JPM	Federal Funds Effective Rate -0.18% (M)	TBD	(1,045)		(216)		(2)
Continental Aktiengesellschaft (E)	CGM	Federal Funds Effective Rate -0.25% (M)	TBD	(1,951)		(253)		3
Diamondback Energy, Inc. (E)	JPM	Federal Funds Effective Rate -0.18% (M)	TBD	(294)		(29)		3
Dongfeng Motor Group Co., Ltd (E)	JPM	1M LIBOR -0.30% (M)	TBD	(6,000)		(6)		—
Electronic Arts Inc. (E)	JPM	Federal Funds Effective Rate -0.18% (M)	TBD	(69)		(7)		—
FamilyMart UNY Holdings Co., Ltd. (E)	JPM	1M LIBOR -0.25% (M)	TBD	(5,200)		(127)		(1)
FedEx Corporation (E)	CGM	Federal Funds Effective Rate +0.00% (M)	TBD	(917)		(135)		1
Ferrovial, S.A. (E)	CGM	Federal Funds Effective Rate -0.25% (M)	TBD	(1,865)		(54)		—
Fox Corporation (E)	JPM	Federal Funds Effective Rate -0.18% (M)	TBD	(1,550)		(53)		4
Freeport-McMoRan Inc. (E)	CGM	Federal Funds Effective Rate -0.18% (M)	TBD	(26,228)		(271)		20
Galaxy Entertainment Group Limited (E)	CGM	Federal Funds Effective Rate -0.30% (M)	TBD	(43,000)		(275)		5
Geely Automobile Holdings Limited (E)	JPM	1M LIBOR -0.30% (M)	TBD	(129,000)		(217)		(1)
Hess Corporation (E)	JPM	Federal Funds Effective Rate -0.18% (M)	TBD	(397)		(25)		1
Hormel Foods Corporation (E)	CGM	Federal Funds Effective Rate -0.18% (M)	TBD	(9,176)		(391)		(10)
Hotai Motor Co., Ltd. (E)	CGM	Federal Funds Effective Rate -1.25% (M)	TBD	(10,000)		(151)		(1)
Hyundai Steel Company (E)	JPM	1M LIBOR -1.13% (M)	TBD	(1,624)		(52)		—
Illumina, Inc. (E)	JPM	Federal Funds Effective Rate -0.18% (M)	TBD	(476)		(129)		(16)
Infineon Technologies AG (E)	CGM	Federal Funds Effective Rate -0.26% (M)	TBD	(3,820)		(72)		3
iQIYI, Inc. (E)	JPM	Federal Funds Effective Rate -0.71% (M)	TBD	(22,426)		(388)		26
Kühne + Nagel International AG (E)	CGM	Federal Funds Effective Rate -0.25% (M)	TBD	(658)		(97)		—

71

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

JNL/BlackRock Global Allocation Fund — OTC Contracts for Difference (continued)
Reference Entity2	Counter-party	Financing Fee2	Expiration	Contracts1 Long (Short)	Notional1		Unrealized Appreciation (Depreciation) ($)
LG Display Co., Ltd. (E)	JPM	1M LIBOR -0.35% (M)	TBD	(20,500)		(245)		2
LG Display Co., Ltd. (E)	CGM	Federal Funds Effective Rate -1.37% (M)	TBD	(4,644)		(55)		—
Linde Public Limited Company (E)	CGM	Federal Funds Effective Rate -0.18% (M)	TBD	(951)		(184)		(1)
Line Corporation (E)	JPM	1M LIBOR -1.00% (M)	TBD	(5,800)		(215)		8
Line Corporation (E)	CGM	Federal Funds Effective Rate -2.50% (M)	TBD	(3,700)		(139)		7
Longfor Group Holdings Limited (E)	CGM	Federal Funds Effective Rate +0.00% (M)	TBD	(1,000)		(4)		—
Lotte Shopping Co., Ltd. (E)	JPM	1M LIBOR -0.35% (M)	TBD	(297)		(34)		2
Makita Corporation (E)	JPM	1M LIBOR -0.25% (M)	TBD	(1,000)		(29)		(2)
mBank Spólka Akcyjna (E)	JPM	Federal Funds Effective Rate -0.50% (M)	TBD	(51)		(4)		—
Meituan Dianping (E)	CGM	Federal Funds Effective Rate -0.37% (M)	TBD	(4,600)		(45)		(2)
MercadoLibre S.R.L (E)	JPM	Federal Funds Effective Rate -0.18% (M)	TBD	(114)		(64)		1
Neste Oyj (E)	JPM	Federal Funds Effective Rate -0.28% (M)	TBD	(1,709)		(54)		(3)
Nine Dragons Paper (Holdings) Limited (E)	JPM	1M LIBOR -0.30% (M)	TBD	(10,000)		(9)		—
Nippon Paint Holdings Co., Ltd. (E)	JPM	1M LIBOR -0.25% (M)	TBD	(1,600)		(65)		(19)
Nucor Corporation (E)	CGM	Federal Funds Effective Rate -0.18% (M)	TBD	(3,644)		(189)		3
O'Reilly Automotive, Inc. (E)	JPM	Federal Funds Effective Rate -0.18% (M)	TBD	(421)		(170)		2
PGE Polska Grupa Energetyczna S.A. (E)	JPM	Federal Funds Effective Rate -0.61% (M)	TBD	(17,574)		(36)		1
Pinduoduo Inc. (E)	CGM	Federal Funds Effective Rate -0.18% (M)	TBD	(4,078)		(136)		5
Polskie Górnictwo Naftowe I Gazownictwo Spólka Akcyjna (E)	CGM	Federal Funds Effective Rate -0.75% (M)	TBD	(48,829)		(60)		1
Renesas Electronics Corporation (E)	JPM	1M LIBOR -0.25% (M)	TBD	(21,600)		(138)		(2)
Saputo Inc. (E)	JPM	Federal Funds Effective Rate -0.25% (M)	TBD	(2,513)		(77)		(1)
Shanghai Fosun Pharmaceutical (Group) Co., Ltd. (E)	CGM	Federal Funds Effective Rate -0.30% (M)	TBD	(20,000)		(58)		4
Sharp Corporation (E)	CGM	Federal Funds Effective Rate -0.87% (M)	TBD	(7,900)		(92)		5
Shenzhou International Group Holdings Limited (E)	JPM	1M LIBOR -0.30% (M)	TBD	(9,800)		(139)		9
Shopify Inc. (E)	CGM	Federal Funds Effective Rate -0.18% (M)	TBD	(496)		(155)		1
Shoprite Holdings (E)	JPM	Federal Funds Effective Rate -0.50% (M)	TBD	(16,224)		(137)		6
SINA Corporation (E)	JPM	Federal Funds Effective Rate -0.18% (M)	TBD	(1,850)		(84)		12
Sino Biopharmaceutical Limted (E)	CGM	Federal Funds Effective Rate -0.30% (M)	TBD	(258,000)		(339)		11
SK Hynix Inc. (E)	JPM	1M LIBOR -0.35% (M)	TBD	(1,318)		(93)		3
SMC Corporation (E)	JPM	1M LIBOR -0.25% (M)	TBD	(400)		(148)		(23)
SoftBank Group Corp (E)	JPM	1M LIBOR -0.25% (M)	TBD	(700)		(31)		3
Sony Financial Holdings Inc. (E)	JPM	1M LIBOR -0.25% (M)	TBD	(600)		(13)		—
Southwest Airlines Co. (E)	JPM	Federal Funds Effective Rate -0.18% (M)	TBD	(3,812)		(204)		(2)
Sprint Corporation (E)	JPM	Federal Funds Effective Rate -0.18% (M)	TBD	(3,326)		(23)		2
Sunny Optical Technology (Group) Company Limited (E)	JPM	1M LIBOR -0.30% (M)	TBD	(11,300)		(159)		(7)
Suzano S.A. (E)	JPM	1M LIBOR -0.39% (M)	TBD	(50,158)		(388)		(20)
Volkswagen Aktiengesellschaft (E)	CGM	Federal Funds Effective Rate -0.50% (M)	TBD	(1,755)		(307)		6
Xiaomi Corporation (E)	CGM	Federal Funds Effective Rate -1.50% (M)	TBD	(347,800)		(413)		23
ZTE Corporation (E)	CGM	Federal Funds Effective Rate -0.30% (M)	TBD	(23,200)		(63)		1
Zto Express Co., Ltd. (E)	CGM	Federal Funds Effective Rate -0.18% (M)	TBD	(11,064)		(233)		(3)
								48

JNL/BlackRock Global Allocation Fund — OTC Total Return Swap Agreements
Reference Entity9	Counter-party	Expiration	Notional1		Premiums Paid (Received) ($)	Unrealized Appreciation (Depreciation) ($)
Total return swap agreements - receiving return
FUTURES
S&P 500 Annual Dividend Index Future, Dec. 2021	BNP	12/17/21		1,032	—		225
S&P 500 Annual Dividend Index Future, Dec. 2020	GSC	12/18/20		815	—		186
					—		411

72

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
JNL/BlackRock Global Natural Resources Fund
COMMON STOCKS 97.2%
United States of America 27.3%
	Albemarle Corporation (a)	104		7,260
	CF Industries Holdings Inc.	257		12,663
	Concho Resources Inc.	35		2,362
	ConocoPhillips	179		10,174
	Deere & Co.	67		11,283
	EOG Resources, Inc.	89		6,628
	Exxon Mobil Corporation	253		17,845
	FMC Corp.	249		21,823
	Graphic Packaging Holding Co.	936		13,803
	Marathon Petroleum Corporation	151		9,195
	Packaging Corp. of America	134		14,244
	Tractor Supply Co.	135		12,185
	Trimble Inc. (b)	277		10,733
	Tyson Foods Inc. - Class A	169		14,558
	Williams Cos. Inc.	193		4,652
			169,408
Canada 17.4%
	Barrick Gold Corporation	932		16,154
	First Quantum Minerals Ltd.	1,452		12,198
	Franco-Nevada Corporation	107		9,790
	Great Panther Mining Limited (a) (b)	1,258		893
	Lundin Mining Corp.	1,781		8,375
	Neo Lithium Corp. (a) (b) (c)	5,207		2,161
	Nutrien Ltd. (a)	246		12,247
	Stelco Holdings Inc. (a)	948		6,625
	Suncor Energy Inc.	483		15,225
	Sundial Growers Inc. (a) (b)	669		3,209
	Teck Resources Ltd. - Class B	491		7,964
	Wheaton Precious Metals Corp. (a)	494		12,957
			107,798
United Kingdom 11.3%
	Anglo American PLC	852		19,558
	BP P.L.C.	5,284		33,466
	Fresnillo PLC (a)	836		7,032
	Rio Tinto PLC	189		9,794
			69,850
Australia 7.8%
	BHP Group PLC	1,394		29,684
	Newcrest Mining Ltd.	514		12,008
	OZ Minerals Ltd.	1,073		6,958
			48,650
Netherlands 7.1%
	Koninklijke DSM N.V.	93		11,209
	Royal Dutch Shell PLC - Class B	1,123		33,108
			44,317
Brazil 6.2%
	JBS S/A	1,686		13,279
	Petroleo Brasileiro S/A Petrobras. - ADR	462		6,688
	Vale S.A. - ADR (b)	1,579		18,161
			38,128
France 5.5%
	Total SA (a)	655		34,133
Ireland 3.2%
	Glambia Plc	408		5,072
	Kerry Group Plc - Class A	129		15,076
			20,148
Switzerland 2.5%
	Nestle SA	142		15,396
Russian Federation 2.4%
	Gazprom OAO Via Gaz Capital SA - ADR	998		6,892
	Public Joint Stock Company Polyus - GDR (d)	136		7,873
			14,765
Belgium 1.6%
	Umicore (a)	264		9,957
Italy 1.6%
	ENI SpA	640		9,795
China 1.4%
	CNOOC Limited	5,652		8,631
Norway 1.1%
	Equinor ASA	361		6,853
Ghana 0.8%
	Kosmos Energy Ltd.	791		4,938
	Total Common Stocks (cost $638,548)		602,767
SHORT TERM INVESTMENTS 10.1%
Securities Lending Collateral 8.5%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (e) (f)	52,412		52,412
Investment Companies 1.6%
	JNL Government Money Market Fund - Institutional Class, 1.86% (e) (f)	9,918		9,918
	Total Short Term Investments (cost $62,330)		62,330
Total Investments 107.3% (cost $700,878)				665,097
Other Assets and Liabilities, Net (7.3)%				(45,209)
Total Net Assets 100.0%				619,888

(a)All or a portion of the security was on loan as of September 30, 2019.

(b)Non-income producing security.

(c)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

(d)Security is restricted to resale to institutional investors. See Restricted Securities in the Schedules of Investments.

(e)Investment in affiliate.

(f)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Public Joint Stock Company Polyus	09/19/17	5,455	7,873	1.3

73

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
JNL/BlackRock Large Cap Select Growth Fund
COMMON STOCKS 98.5%
Information Technology 32.4%
	Adobe Inc. (a)	315		86,949
	ASML Holding - ADR	312		77,487
	Autodesk, Inc. (a)	392		57,891
	Coupa Software Incorporated (a)	136		17,593
	Intuit Inc.	336		89,287
	Keysight Technologies, Inc. (a)	388		37,689
	MasterCard Incorporated - Class A	610		165,802
	Microsoft Corp.	1,620		225,298
	Paypal Holdings, Inc. (a)	337		34,943
	PTC Inc. (a)	247		16,848
	Salesforce.Com, Inc. (a)	686		101,845
	ServiceNow, Inc. (a)	313		79,550
	Visa Inc. - Class A	1,068		183,646
			1,174,828
Consumer Discretionary 15.9%
	Alibaba Group Holding Limited - ADS (a)	421		70,430
	Amazon.com, Inc. (a)	170		294,817
	Booking Holdings Inc. (a)	11		21,791
	Burlington Stores Inc. (a)	230		45,878
	Domino's Pizza, Inc. (b)	105		25,703
	Ferrari N.V.	100		15,345
	MercadoLibre S.R.L (a)	109		60,253
	Nike Inc. - Class B	436		40,996
			575,213
Health Care 13.7%
	Align Technology, Inc. (a)	269		48,655
	Becton, Dickinson and Company	189		47,700
	Boston Scientific Corp. (a)	1,661		67,573
	Humana Inc.	62		15,790
	Illumina, Inc. (a)	125		38,145
	Intuitive Surgical, Inc. (a) (b)	132		71,210
	IQVIA Inc. (a)	368		55,052
	UnitedHealth Group Incorporated	284		61,747
	Vertex Pharmaceuticals Incorporated (a)	236		39,954
	Zoetis Inc. - Class A	422		52,537
			498,363
Communication Services 12.5%
	Alphabet Inc. - Class A (a)	84		102,661
	Facebook, Inc. - Class A (a)	571		101,744
	GoDaddy Inc. - Class A (a)	415		27,386
	IAC/InterActiveCorp (a)	392		85,503
	Netflix, Inc. (a)	322		86,146
	Tencent Holdings Limited	1,195		50,321
			453,761
Industrials 10.2%
	CoStar Group, Inc. (a)	157		93,138
	Honeywell International Inc.	121		20,432
	Roper Industries Inc.	131		46,842
	The Boeing Company	245		93,272
	TransUnion	603		48,922
	Union Pacific Corp.	257		41,555
	Xylem Inc.	326		25,980
			370,141
Materials 5.0%
	Ball Corporation	708		51,516
	Corteva, Inc.	922		25,825
	Sherwin-Williams Co.	116		64,034
	Vulcan Materials Co.	274		41,373
			182,748
Financials 4.6%
	CME Group Inc.	326		68,806
	S&P Global Inc.	347		84,913
	Shopify Inc. - Class A (a)	46		14,299
			168,018
Consumer Staples 2.3%
	Constellation Brands, Inc. - Class A	403		83,473
Real Estate 1.9%
	SBA Communications Corporation	288		69,484
	Total Common Stocks (cost $2,626,506)		3,576,029
PREFERRED STOCKS 0.2%
Information Technology 0.2%
	Palantir Technologies Inc. - Series I (a) (c) (d) (e)	1,246		7,589
	Total Preferred Stocks (cost $7,639)		7,589
SHORT TERM INVESTMENTS 1.4%
Investment Companies 1.3%
	JNL Government Money Market Fund - Institutional Class, 1.86% (f) (g)	47,235		47,235
Securities Lending Collateral 0.1%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (f) (g)	2,801		2,801
	Total Short Term Investments (cost $50,036)		50,036
Total Investments 100.1% (cost $2,684,181)				3,633,654
Other Assets and Liabilities, Net (0.1)%				(5,114)
Total Net Assets 100.0%				3,628,540

(a)Non-income producing security.

(b)All or a portion of the security was on loan as of September 30, 2019.

(c)Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Schedules of Investments.

(d)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

(e)Security is restricted to resale to institutional investors. See Restricted Securities in the Schedules of Investments.

(f)Investment in affiliate.

(g)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Palantir Technologies Inc. - Series I	02/07/14	7,639	7,589	0.2

74

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
JNL/Boston Partners Global Long Short Equity Fund
COMMON STOCKS 95.5%
Financials 15.1%
	AIB Group Public Limited Company	801		2,384
	American Express Company (a)	42		4,936
	Aviva PLC	484		2,374
	AXIS Capital Holdings Limited	49		3,293
	Berkshire Hathaway Inc. - Class B (a) (b)	54		11,200
	Chubb Limited (a) (c)	20		3,201
	Citigroup Inc. (a)	56		3,850
	Everest Re Group, Ltd. (a) (c)	17		4,498
	ING Groep N.V.	527		5,524
	OTP Bank Plc	81		3,357
	Sampo Oyj - Class A	83		3,303
	The Allstate Corporation (a) (c)	24		2,644
	The Goldman Sachs Group, Inc.	20		4,158
	Wells Fargo & Co. (a) (c)	115		5,781
			60,503
Information Technology 14.5%
	Avast PLC (d)	628		2,992
	Capgemini SA	29		3,444
	CDK Global, Inc.	43		2,078
	Cisco Systems, Inc. (a)	111		5,461
	Hitachi Ltd.	145		5,434
	Microsoft Corp. (a) (c)	96		13,304
	NetApp, Inc. (c)	26		1,356
	NetEase, Inc. - ADR	16		4,185
	NXP Semiconductors N.V.	28		3,010
	Oracle Corporation (c)	119		6,568
	Science Applications International Corp.	24		2,091
	STMicroelectronics NV	146		2,829
	SYNNEX Corporation (a)	24		2,741
	TE Connectivity Ltd.	29		2,698
			58,191
Industrials 12.2%
	A P Moller - Maersk A/S - Class B	2		2,273
	Azul S.A. - ADR (b)	57		2,050
	C.H. Robinson Worldwide, Inc.	37		3,123
	Dassault Aviation SA	2		2,866
	Dover Corp.	32		3,229
	Eaton Corporation Public Limited Company (a)	39		3,221
	Eiffage	30		3,074
	FLSmidth & Co. A/S	45		1,977
	GrafTech International Ltd.	94		1,208
	Kamigumi Co. Ltd.	84		1,912
	Kansas City Southern (c)	25		3,383
	Leonardo S.p.A.	215		2,528
	Masco Corp. (a) (c)	88		3,670
	Owens Corning Inc. (a)	62		3,932
	Sandvik AB	189		2,936
	United Parcel Service Inc. - Class B (a) (c)	34		4,126
	United Technologies Corp. (a) (c)	24		3,322
			48,830
Health Care 11.1%
	Biogen Inc. (a) (b) (c)	14		3,326
	Cigna Corp. (a) (c)	33		5,040
	CVS Health Corporation (a)	56		3,552
	GlaxoSmithKline PLC	118		2,530
	Johnson & Johnson (c)	27		3,529
	Laboratory Corporation of America Holdings (a) (b) (c)	21		3,534
	McKesson Corporation (a)	28		3,772
	Medtronic Public Limited Company (c)	78		8,485
	Novo Nordisk A/S - Class B	81		4,173
	Pfizer Inc. (a)	99		3,565
	Shionogi & Co. Ltd.	55		3,056
			44,562
Communication Services 10.1%
	Activision Blizzard, Inc.	60		3,150
	Alphabet Inc. - Class C (a) (b)	7		9,035
	Comcast Corporation - Class A (a) (c)	147		6,629
	Fox Corporation - Class A	106		3,354
	KT Corp - ADR	235		2,659
	Naspers Ltd. - Class N	11		1,737
	Nippon Telegraph & Telephone Corp.	123		5,867
	Verizon Communications Inc. (a) (c)	134		8,081
			40,512
Materials 9.4%
	Barrick Gold Corp.	372		6,427
	Cemex SAB de CV - ADR	536		2,100
	Corteva, Inc. (a)	136		3,799
	CRH public limited company	108		3,700
	DuPont de Nemours, Inc	51		3,602
	Graphic Packaging Holding Co. (a) (c)	226		3,337
	HeidelbergCement AG	74		5,395
	MOS Holdings Inc. (a)	161		3,303
	Newmont Goldcorp Corporation (e)	52		1,974
	Nutrien Ltd. (a)	37		1,827
	Yamana Gold Inc.	734		2,335
			37,799
Consumer Discretionary 8.3%
	Bandai Namco Holdings Inc. (f)	60		3,732
	Compagnie Generale des Etablissements Michelin	14		1,582
	Haseko Corp.	244		2,850
	Kering SA	4		1,980
	Lear Corp. (a)	12		1,418
	Lennar Corp. - Class A	59		3,286
	Melco Resorts & Entertainment Ltd. - ADR	134		2,597
	Persimmon Public Limited Company	114		3,039
	Peugeot SA	61		1,529
	Pulte Homes Inc. (c)	104		3,796
	Sony Corp.	129		7,647
			33,456
Consumer Staples 6.3%
	Danone	91		8,001
	Imperial Brands PLC	157		3,526
	Molson Coors Brewing Company - Class B (a)	30		1,721
	Nomad Foods Limited (a) (b)	113		2,324
	Seven & I Holdings Co., Ltd.	100		3,855
	Tesco PLC	969		2,868
	Tyson Foods Inc. - Class A	37		3,161
			25,456
Energy 5.9%
	Canadian Natural Resources Ltd.	104		2,773
	Diamondback Energy, Inc.	33		2,970
	Marathon Petroleum Corporation	65		3,968
	Parsley Energy Inc. - Class A (a)	187		3,140
	Propetro Holding Corp. (b)	88		798
	Total SA	116		6,075
	Tullow Oil PLC	1,516		3,980
			23,704
Utilities 1.5%
	Vistra Energy Corp. (a)	230		6,141
Real Estate 1.1%
	Mitsubishi Estate Co. Ltd.	220		4,258
	Total Common Stocks (cost $369,724)		383,412
PREFERRED STOCKS 0.8%
Energy 0.8%
	Petroleo Brasileiro SA (g)	472		3,126
	Total Preferred Stocks (cost $3,179)		3,126
SHORT TERM INVESTMENTS 5.6%
Investment Companies 5.6%
	JNL Government Money Market Fund - Institutional Class, 1.86% (h) (i)	22,331		22,331
	Total Short Term Investments (cost $22,331)		22,331
Total Investments 101.9% (cost $395,234)				408,869
Total Securities Sold Short(48.8)% (proceeds $187,594)				(195,704)
Other Derivative Instruments (1.9)%				(7,536)
Other Assets and Liabilities, Net 48.8%				195,770
Total Net Assets 100.0%				401,399

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

(b)Non-income producing security.

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

75

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

(d)The Adviser has deemed this security, which is exempt from registration under the Securities Act of 1933, as amended, to be liquid based on procedures approved by the Board of Trustees. As of September 30, 2019, the value and the percentage of net assets of these liquid securities was $2,992 and 0.7% of the Fund.

(e)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

(f)All or a portion of the security was on loan as of September 30, 2019.

(g)Convertible security.

(h)Investment in affiliate.

(i)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

		Shares/Par1		Value ($)
SECURITIES SOLD SHORT (48.8%)
COMMON STOCKS (48.8%)
Consumer Discretionary (9.0%)
	Adidas AG	(7)		(2,160)
	ANTA Sports Products Limited	(162)		(1,342)
	Autoliv, Inc.	(19)		(1,501)
	Brunswick Corp.	(50)		(2,596)
	BYD Company Limited - Class H	(299)		(1,496)
	Carvana Co. - Class A	(26)		(1,694)
	Choice Hotels International Inc.	(17)		(1,540)
	Dorman Products Inc.	(17)		(1,341)
	Freni Brembo - S.P.A. O Anche Piu Brevemente Brembo S.P.A.	(207)		(2,021)
	GrubHub Inc.	(19)		(1,074)
	Hermes International SCA	(1)		(903)
	Leggett & Platt Inc.	(33)		(1,334)
	McDonald's Holdings Co. Japan Ltd.	(24)		(1,143)
	Monro Inc.	(9)		(719)
	Pinduoduo Inc. - ADR	(33)		(1,077)
	Shake Shack Inc. - Class A	(14)		(1,385)
	Sharp Corp.	(156)		(1,748)
	Tesla Inc.	(11)		(2,655)
	Texas Roadhouse Inc.	(23)		(1,223)
	Tiffany & Co.	(21)		(1,929)
	Vail Resorts, Inc.	(6)		(1,310)
	Wayfair Inc. - Class A	(12)		(1,382)
	Xinyi Glass Holdings Limited	(1,016)		(1,118)
	Yamaha Corp.	(32)		(1,444)
			(36,135)
Industrials (7.8%)
	AAON, Inc.	(36)		(1,669)
	AO Smith Corp.	(42)		(2,018)
	Axone Intelligence Inc.	(27)		(1,553)
	CIMIC Group Limited	(51)		(1,079)
	Cubic Corp.	(20)		(1,375)
	Healthcare Services Group Inc.	(32)		(786)
	Japan Airport Terminal Co. Ltd.	(53)		(2,309)
	John Bean Technologies Corp.	(15)		(1,514)
	Middleby Corp.	(9)		(1,110)
	MISUMI Group Inc.	(84)		(1,985)
	MTU Aero Engines AG	(5)		(1,357)
	Nidec Corp.	(9)		(1,288)
	Renishaw P L C	(47)		(2,117)
	Ryanair Holdings Public Limited Company	(170)		(1,971)
	SiteOne Landscape Supply, Inc.	(12)		(906)
	Stericycle Inc.	(15)		(764)
	TransDigm Group Inc.	(2)		(809)
	Trex Company, Inc.	(12)		(1,126)
	Trinity Industries Inc.	(86)		(1,690)
	Triumph Group Inc.	(42)		(969)
	VAT Group AG (a)	(17)		(2,127)
	Weir Group PLC(The)	(44)		(770)
			(31,292)
Financials (6.8%)
	Community Bank System Inc.	(42)		(2,618)
	Credit Suisse Group AG	(110)		(1,347)
	Cullen/Frost Bankers Inc.	(17)		(1,465)
	Hamilton Lane Inc. - Class A	(22)		(1,273)
	Hiscox Ltd.	(116)		(2,369)
	K.K.R. Co., Inc.	(70)		(1,869)
	M&T Bank Corporation	(9)		(1,496)
	MarketAxess Holdings Inc.	(2)		(732)
	RLI Corp.	(35)		(3,246)
	Shopify Inc. - Class A	(4)		(1,386)
	Sony Financial Holdings Inc.	(55)		(1,196)
	Standard Chartered PLC	(236)		(1,982)
	Trustmark Corp.	(51)		(1,739)
	Tryg A/S	(47)		(1,357)
	Westamerica Bancorp	(36)		(2,235)
	WisdomTree Investments, Inc.	(205)		(1,069)
			(27,379)
Information Technology (6.2%)
	8x8 Inc.	(44)		(910)
	Altair Engineering Inc. - Class A	(30)		(1,031)
	Appian Corporation - Class A	(41)		(1,954)
	Blackbaud, Inc.	(12)		(1,078)
	Canon Inc.	(69)		(1,850)
	Cognex Corp.	(41)		(2,027)
	Cree, Inc.	(24)		(1,160)
	Guidewire Software, Inc.	(20)		(2,064)
	Liveramp, Inc.	(26)		(1,108)
	Manhattan Associates Inc.	(17)		(1,349)
	Medallia, Inc.	(26)		(722)
	Mercari, Inc.	(71)		(1,771)
	MongoDB, Inc. - Class A	(9)		(1,030)
	National Instruments Corp.	(31)		(1,304)
	Power Integrations Inc.	(13)		(1,167)
	PTC Inc.	(9)		(625)
	Universal Display Corporation	(7)		(1,215)
	Wisetech Global Limited	(49)		(1,141)
	Yaskawa Electric Corp.	(37)		(1,366)
			(24,872)
Materials (5.7%)
	Alumina Ltd.	(615)		(985)
	Ball Corporation	(36)		(2,651)
	Compass Minerals International, Inc.	(43)		(2,447)
	Croda International Public Limited Company	(42)		(2,506)
	Fortescue Metals Group Ltd.	(342)		(2,035)
	GCP Applied Technologies Inc.	(42)		(799)
	Gerdau SA - ADR	(353)		(1,111)
	Greif Inc. - Class A	(40)		(1,523)
	International Flavors & Fragrances Inc.	(7)		(892)
	Martin Marietta Materials Inc.	(6)		(1,591)
	Mitsubishi Chemical Holdings Corporation	(180)		(1,292)
	Mitsui Chemicals Inc.	(61)		(1,372)
	Quaker Chemical Corp.	(9)		(1,367)
	RPM International Inc.	(15)		(1,007)
	Umicore	(31)		(1,175)
			(22,753)
Health Care (3.3%)
	ABIOMED, Inc.	(6)		(1,127)
	Align Technology, Inc.	(7)		(1,260)
	Allogene Therapeutics, Inc.	(35)		(946)
	Eurofins Scientific SE	(3)		(1,602)
	Exact Sciences Corporation	(14)		(1,255)
	GW Pharmaceuticals plc - ADS	(9)		(1,052)
	Nevro Corp.	(11)		(921)
	NMC Health PLC	(40)		(1,333)
	Qiagen N.V.	(35)		(1,164)
	Select Medical Holdings Corporation	(73)		(1,208)
	Tabula Rasa HealthCare Inc.	(26)		(1,425)
			(13,293)
Energy (3.1%)
	Apache Corporation	(30)		(757)
	Matador Resources Co.	(173)		(2,861)
	Occidental Petroleum Corporation	(37)		(1,631)
	Range Resources Corporation	(88)		(337)
	TC Energy Corporation	(49)		(2,535)
	U.S. Silica Holdings, Inc.	(104)		(993)
	Williams Cos. Inc.	(52)		(1,245)
	Woodside Petroleum Ltd.	(88)		(1,927)
			(12,286)

76

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
Communication Services (2.8%)
		ASOS Plc	(44)		(1,346)
		Cogent Communications Group, Inc.	(27)		(1,494)
		Line Corporation	(33)		(1,189)
		Netflix, Inc.	(5)		(1,295)
		Pinterest, Inc. - Class A	(37)		(966)
		Proximus	(40)		(1,194)
		Snap Inc. - Class A	(60)		(943)
		World Wrestling Entertainment, Inc. - Class A	(19)		(1,382)
		Zillow Group, Inc. - Class A	(49)		(1,442)
				(11,251)
Consumer Staples (2.2%)
		AEON Co. Ltd.	(116)		(2,143)
		Casey's General Stores Inc.	(7)		(1,131)
		Hormel Foods Corp.	(54)		(2,376)
		National Beverage Corp.	(12)		(529)
		Pigeon Corp.	(36)		(1,509)
		Remy Cointreau SA	(8)		(1,110)
				(8,798)
Utilities (1.2%)
		HK Electric Investments Limited	(1,464)		(1,396)
		Hong Kong & China Gas Co. Ltd.	(761)		(1,485)
		Severn Trent PLC	(69)		(1,836)
				(4,717)
Real Estate (0.7%)
		Iron Mountain Incorporated	(52)		(1,694)
		Public Storage	(5)		(1,234)
				(2,928)
	Total Common Stocks (proceeds $187,594)			(195,704)
	Total Securities Sold Short (48.8%) (proceeds $187,594)				(195,704)

(a)The Adviser has deemed this security which is exempt from registration under the Securities Act of 1933, as amended, to be liquid based on procedures approved by the Board of Trustees. As of September 30, 2019, the value and the percentage of net assets of these liquid securities was $2,127 and 0.5%, respectively.

JNL/Boston Partners Global Long Short Equity Fund — Exchange Traded Written Options
Reference Entity	Put/Call		Exercise Price ($)/ Swaption Rate (%)		Expiration	Notional/ Contracts1		Value ($)
Options on Securities
Biogen Inc.		Call		240.00	01/17/20		136		(184)
Chubb Limited		Call		140.00	01/17/20		193		(445)
Cigna Holding Company		Call		160.00	01/17/20		153		(109)
Comcast Corporation		Call		40.00	01/17/20		1,450		(826)
Everest Re Group, Ltd.		Call		250.00	01/17/20		113		(257)
Graphic Packaging Holding Company		Call		12.50	12/20/19		1,916		(479)
Johnson & Johnson		Call		130.00	01/17/20		259		(127)
Kansas City Southern		Call		130.00	03/20/20		250		(275)
Laboratory Corporation of America Holdings		Call		160.00	02/21/20		199		(301)
Masco Corporation		Call		38.00	01/17/20		699		(342)
Medtronic Public Limited Company		Call		100.00	01/17/20		427		(458)
Microsoft Corporation		Call		130.00	01/17/20		500		(650)
NetApp, Inc.		Call		50.00	01/17/20		218		(117)
Oracle Corporation		Call		52.50	01/17/20		1,133		(487)
PulteGroup, Inc.		Call		30.00	01/17/20		744		(523)
The Allstate Corporation		Call		97.50	01/17/20		231		(291)
United Parcel Service, Inc.		Call		110.00	04/17/20		328		(461)
United Technologies Corporation		Call		120.00	01/17/20		240		(448)
Verizon Communications Inc.		Call		57.50	01/17/20		1,275		(487)
Wells Fargo & Company		Call		47.50	06/19/20		1,064		(577)
									(7,844)

Forward Foreign Currency Contracts

Purchased/ Sold	Counter-party	Expiration	Notional1		Value ($)		Unrealized Appreciation (Depreciation) ($)
ZAR/USD	BBH	10/02/19	ZAR	363		24		—

77

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

JNL/Boston Partners Global Long Short Equity Fund — OTC Contracts for Difference
Reference Entity2	Counter-party	Financing Fee2	Expiration	Contracts1 Long (Short)	Notional1		Unrealized Appreciation (Depreciation) ($)
Afterpay Touch Group Limited (E)	MSC	Reserve Bank of Australia Overnight Rate -4.75% (M)	TBD	(21,578)	AUD	(681)		(62)
Ashmore Group PLC (E)	GSC	Sterling Overnight Index Average -0.40% (M)	TBD	(216,630)	GBP	(1,052)		(55)
AU Optronics Corp (E)	MBL	Federal Funds Effective Rate -3.00% (M)	TBD	(2,975,000)		(793)		39
Axis Bank Limited (E)	MSC	Federal Funds Effective Rate -2.50% (M)	TBD	(13,216)		(597)		(46)
Celltrion Inc. (E)	GSC	Federal Funds Effective Rate -1.25% (M)	TBD	(7,983)		(1,147)		52
Eclat Textile Corporation Ltd. (E)	MBL	Federal Funds Effective Rate -4.93% (M)	TBD	(114,000)		(1,462)		(68)
First Financial Bancshares, Inc. (E)	GSC	Federal Funds Effective Rate -0.25% (M)	TBD	(62,767)		(2,084)		(15)
HIWIN Technologies Corp. (E)	MBL	Federal Funds Effective Rate -7.84% (M)	TBD	(216,830)		(1,938)		43
LG Chem, Ltd. (E)	GSC	Federal Funds Effective Rate -0.50% (M)	TBD	(5,604)		(1,541)		139
Pearson Plc (E)	GSC	Sterling Overnight Index Average -0.40% (M)	TBD	(134,591)	GBP	(1,171)		219
Pennon Group Plc (E)	GSC	Sterling Overnight Index Average -0.40% (M)	TBD	(230,849)	GBP	(1,775)		(164)
Prosperity Bancshares, Inc. (E)	GSC	Federal Funds Effective Rate -0.25% (M)	TBD	(18,977)		(1,344)		(3)
PT Unilever Indonesia, Tbk. (E)	MBL	Federal Funds Effective Rate -3.50% (M)	TBD	(410,200)		(1,366)		22
Samsung Biologics Co., Ltd (E)	GSC	Federal Funds Effective Rate -1.25% (M)	TBD	(4,497)		(1,190)		34
SillaJen Inc (E)	GSC	Federal Funds Effective Rate -15.00% (M)	TBD	(15,297)		(151)		46
S-Oil Corporation (E)	GSC	Federal Funds Effective Rate -0.50% (M)	TBD	(15,930)		(1,351)		28
Stadler Rail AG (E)	MSC	1M Swiss Franc LIBOR -0.88% (M)	TBD	(27,864)	CHF	(1,223)		(27)
Usinas Siderurgicas de Minas Gerais S/A - Usiminas. (E)	GSC	Federal Funds Effective Rate -1.50% (M)	TBD	(672,100)		(1,364)		96
Whitbread PLC (E)	GSC	Sterling Overnight Index Average -0.40% (M)	TBD	(19,160)	GBP	(847)		30
								308

78

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
JNL/Causeway International Value Select Fund
COMMON STOCKS 93.4%
United Kingdom 25.8%
	AstraZeneca PLC	355		31,707
	Aviva PLC	4,616		22,631
	Barclays Plc	23,012		42,466
	BP P.L.C.	5,596		35,440
	British American Tobacco P.L.C.	1,096		40,448
	Carnival Plc	100		4,135
	Johnson Matthey PLC	406		15,245
	Linde Public Limited Company	215		41,803
	Lloyds Banking Group PLC	29,398		19,555
	Micro Focus International PLC	872		12,140
	Relx PLC	311		7,386
	Rolls-Royce Holdings plc (a)	3,905		37,944
	SSE PLC	1,555		23,805
	Vodafone Group Public Limited Company	14,552		28,994
			363,699
Japan 14.4%
	East Japan Railway Co.	345		32,991
	Fanuc Ltd.	197		37,250
	KDDI Corp.	1,390		36,288
	Sompo Holdings, Inc. (b)	547		22,909
	Sumitomo Mitsui Financial Group Inc. (b)	555		19,046
	Takeda Pharmaceutical Co. Ltd.	1,588		54,400
			202,884
Germany 11.2%
	BASF SE	811		56,687
	Bayer AG	243		17,150
	Deutsche Post AG	849		28,368
	SAP SE	260		30,589
	Siemens AG	234		25,052
			157,846
Switzerland 6.8%
	ABB Ltd.	2,323		45,681
	Novartis AG	326		28,242
	Roche Holding AG	77		22,513
			96,436
France 6.6%
	BNP Paribas SA	708		34,489
	Carrefour SA	849		14,852
	Danone	88		7,732
	Total SA	689		35,942
			93,015
Netherlands 6.0%
	Akzo Nobel N.V.	285		25,417
	ING Groep N.V.	1,977		20,712
	Royal Dutch Shell PLC - Class B	1,304		38,426
			84,555
China 5.7%
	Baidu, Inc. - Class A - ADR (a)	249		25,620
	China Merchants Holdings International Co. Ltd.	4,807		7,247
	China Mobile Ltd.	5,308		44,033
	Sinopharm Group Co. Ltd. - Class H	1,137		3,566
			80,466
South Korea 5.5%
	Samsung Electronics Co. Ltd.	951		39,039
	SK innovation Co., Ltd.	45		6,310
	SK Telecom Co. Ltd.	161		32,581
			77,930
Canada 4.9%
	Canadian Imperial Bank of Commerce	139		11,474
	EnCana Corp. (b)	5,067		23,215
	Gildan Activewear Inc.	544		19,295
	Manulife Financial Corp.	857		15,718
			69,702
Italy 3.9%
	UniCredit S.p.A.	4,688		55,298
Ireland 1.5%
	Ryanair Holdings Plc - ADR (a)	310		20,578
Spain 1.1%
	CaixaBank, S.A.	6,209		16,305
	Total Common Stocks (cost $1,482,419)		1,318,714
PREFERRED STOCKS 4.5%
Germany 4.5%
	Volkswagen AG (c)	371		63,102
	Total Preferred Stocks (cost $57,982)		63,102
SHORT TERM INVESTMENTS 2.4%
Investment Companies 1.6%
	JNL Government Money Market Fund - Institutional Class, 1.86% (d) (e)	23,542		23,542
Securities Lending Collateral 0.8%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (d) (e)	11,096		11,096
	Total Short Term Investments (cost $34,638)		34,638
Total Investments 100.3% (cost $1,575,039)				1,416,454
Other Assets and Liabilities, Net (0.3)%				(4,571)
Total Net Assets 100.0%				1,411,883

(a)Non-income producing security.

(b)All or a portion of the security was on loan as of September 30, 2019.

(c)Convertible security.

(d)Investment in affiliate.

(e)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

79

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
JNL/ClearBridge Large Cap Growth Fund
COMMON STOCKS 96.1%
Information Technology 31.6%
	Adobe Inc. (a)	97		26,728
	Akamai Technologies, Inc. (a)	192		17,560
	Apple Inc.	103		22,975
	Fidelity National Information Services, Inc.	91		12,088
	IHS Markit Ltd. (a)	255		17,082
	Microsoft Corp.	349		48,517
	Nutanix, Inc. - Class A (a)	276		7,237
	NVIDIA Corporation	65		11,338
	Oracle Corporation	375		20,663
	Palo Alto Networks, Inc. (a)	71		14,481
	Qualcomm Incorporated	272		20,751
	Splunk Inc. (a)	121		14,309
	Texas Instruments Incorporated	140		18,041
	Visa Inc. - Class A	248		42,605
	VMware Inc. - Class A	71		10,650
			305,025
Communication Services 14.9%
	Alphabet Inc. - Class A (a)	10		11,757
	Alphabet Inc. - Class C (a)	25		29,846
	Comcast Corporation - Class A	454		20,488
	Facebook, Inc. - Class A (a)	265		47,122
	Uber Technologies, Inc. (a) (b) (c)	332		10,120
	Walt Disney Co.	188		24,459
			143,792
Consumer Discretionary 14.4%
	Advance Auto Parts, Inc.	103		17,062
	Alibaba Group Holding Limited - ADS (a)	95		15,926
	Amazon.com, Inc. (a)	33		57,953
	Booking Holdings Inc. (a)	5		10,404
	Chipotle Mexican Grill Inc. (a)	10		8,434
	GrubHub Inc. (a) (b)	135		7,599
	Home Depot Inc.	90		20,992
			138,370
Health Care 12.0%
	Alexion Pharmaceuticals, Inc. (a)	134		13,108
	BioMarin Pharmaceutical Inc. (a)	128		8,625
	Johnson & Johnson	129		16,714
	Thermo Fisher Scientific Inc.	85		24,617
	UnitedHealth Group Incorporated	123		26,791
	Zoetis Inc. - Class A	210		26,172
			116,027
Industrials 7.2%
	C.H. Robinson Worldwide, Inc.	95		8,027
	Honeywell International Inc.	122		20,652
	United Parcel Service Inc. - Class B	181		21,650
	WW Grainger Inc.	63		18,642
			68,971
Financials 5.0%
	American Express Company	138		16,268
	BlackRock, Inc.	32		14,416
	Charles Schwab Corp.	421		17,630
			48,314
Consumer Staples 4.9%
	Anheuser-Busch InBev - ADR (b)	210		19,998
	Costco Wholesale Corporation	60		17,227
	McCormick & Co. Inc.	63		9,788
			47,013
Materials 3.3%
	Ecolab Inc.	89		17,580
	Linde Public Limited Company	74		14,275
			31,855
Real Estate 1.9%
	Equinix, Inc.	31		18,120
Energy 0.9%
	Pioneer Natural Resources Co.	69		8,718
	Total Common Stocks (cost $793,751)		926,205
SHORT TERM INVESTMENTS 6.7%
Investment Companies 3.8%
	JNL Government Money Market Fund - Institutional Class, 1.86% (d) (e)	36,249		36,249
Securities Lending Collateral 2.9%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (d) (e)	28,320		28,320
	Total Short Term Investments (cost $64,569)		64,569
Total Investments 102.8% (cost $858,320)				990,774
Other Assets and Liabilities, Net (2.8)%				(27,010)
Total Net Assets 100.0%				963,764

(a)Non-income producing security.

(b)All or a portion of the security was on loan as of September 30, 2019.

(c)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

(d)Investment in affiliate.

(e)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

80

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
JNL/Crescent High Income Fund
CORPORATE BONDS AND NOTES 77.1%
Communication Services 14.5%
	Altice France
		7.38%, 05/01/26 (a)	1,900		2,039
	AMC Networks, Inc.
		5.00%, 04/01/24	2,500		2,575
	Block Communications, Inc.
		6.88%, 02/15/25 (a)	1,475		1,534
	Cablevision Systems Corporation
		5.88%, 09/15/22	6,000		6,478
	CCO Holdings, LLC
		5.88%, 04/01/24 (a)	1,750		1,825
		5.38%, 05/01/25 (a)	8,525		8,845
	CenturyLink, Inc.
		5.80%, 03/15/22	1,750		1,843
		6.75%, 12/01/23 (b)	4,000		4,393
		7.50%, 04/01/24 (b)	1,925		2,151
	Clear Channel Worldwide Holdings, Inc.
		9.25%, 02/15/24 (a)	1,063		1,169
	Connect Midco II Limited
		6.75%, 10/01/26 (a)	325		331
	CSC Holdings, LLC
		5.13%, 12/15/21 (a)	1,500		1,500
		5.50%, 05/15/26 (a)	2,500		2,632
	DISH DBS Corporation
		6.75%, 06/01/21	1,250		1,316
		5.88%, 07/15/22 - 11/15/24	4,250		4,400
		5.00%, 03/15/23	1,750		1,769
	Frontier Communications Corporation
		8.50%, 04/01/26 (a)	2,675		2,677
	Gannett Co., Inc.
		5.50%, 09/15/24 (a)	2,250		2,316
	Hughes Satellite Systems Corporation
		7.63%, 06/15/21	2,500		2,702
	Iheartcommunications, Inc.
		8.38%, 05/01/27 (b)	600		648
	Intelsat Jackson Holdings S.A.
		9.50%, 09/30/22 (a)	2,500		2,907
	Match Group, Inc.
		6.38%, 06/01/24	2,000		2,103
	Netflix, Inc.
		5.75%, 03/01/24	2,500		2,732
	Salem Media Group, Inc.
		6.75%, 06/01/24 (c) (d)	1,475		1,282
	SBA Communications Corporation
		4.88%, 09/01/24	2,000		2,075
	Sirius XM Radio Inc.
		5.38%, 04/15/25 (a)	5,750		5,972
	Sprint Communications, Inc.
		6.00%, 11/15/22	900		954
	Sprint Corporation
		7.25%, 09/15/21	8,750		9,343
		7.88%, 09/15/23	4,000		4,391
		7.13%, 06/15/24	750		808
	Telecom Italia S.p.A.
		5.30%, 05/30/24 (a)	2,000		2,155
	T-Mobile USA, Inc.
		6.00%, 03/01/23 - 04/15/24	3,800		3,912
		5.13%, 04/15/25	750		777
	Townsquare Media, Inc.
		6.50%, 04/01/23 (c) (d)	1,150		1,148
	Univision Communications Inc.
		5.13%, 05/15/23 (a)	1,500		1,497
	VTR GlobalCom S.p.A.
		6.88%, 01/15/24 (a)	2,547		2,621
	Zayo Group, LLC
		6.38%, 05/15/25	2,250		2,320
				100,140
Financials 13.3%
	Acrisure, LLC
		8.13%, 02/15/24 (a)	1,600		1,724
	Ally Financial Inc.
		4.13%, 02/13/22	1,000		1,026
		5.75%, 11/20/25	3,250		3,641
	Altice Financing S.A.
		6.63%, 02/15/23 (a)	2,675		2,749
		7.50%, 05/15/26 (a)	500		532
	Banco Espirito Santo, S.A. - Em Liquidacao
		0.00%, 05/08/17 - 01/21/19, EUR (c) (d) (e) (f)	3,800		704
	Cemex Finance LLC
		6.00%, 04/01/24 (c) (d)	750		771
	CIT Group Inc.
		4.75%, 02/16/24	5,250		5,552
	Commscope Finance LLC
		6.00%, 03/01/26 (a)	1,575		1,630
	Credit Acceptance Corporation
		6.13%, 02/15/21	3,000		3,009
		7.38%, 03/15/23	2,044		2,123
	Diamond Finance International Limited
		7.13%, 06/15/24 (a)	5,000		5,279
	Genworth Holdings, Inc.
		4.90%, 08/15/23	2,000		1,900
	Goeasy Ltd.
		7.88%, 11/01/22 (a)	1,500		1,563
	HLF Financing SaRL, LLC
		7.25%, 08/15/26 (a) (b)	2,500		2,542
	HUB International Limited
		7.00%, 05/01/26 (a)	1,000		1,029
	Icahn Enterprises L.P.
		6.25%, 02/01/22	2,775		2,847
		6.38%, 12/15/25	3,900		4,105
	Intesa Sanpaolo S.p.A.
		5.02%, 06/26/24 (a)	2,000		2,058
	Jack Ohio Finance LLC
		10.25%, 11/15/22 (a)	1,250		1,325
	Jefferies Finance LLC
		6.25%, 06/03/26 (a)	1,225		1,260
	Ladder Capital Finance Holdings LLLP
		5.25%, 10/01/25 (a)	1,250		1,279
	Level 3 Financing, Inc.
		5.38%, 01/15/24	4,785		4,882
		5.25%, 03/15/26	1,000		1,040
	Nexstar Escrow Corporation
		5.63%, 08/01/24 (a) (b)	2,500		2,604
	Nielsen Finance LLC
		5.00%, 04/15/22 (a)	5,000		5,026
	Oxford Finance LLC
		6.38%, 12/15/22 (a)	1,500		1,561
	Rassman, Joel H.
		4.88%, 11/15/25	1,850		1,973
	SLM Corporation
		7.25%, 01/25/22	500		540
		6.13%, 03/25/24	8,175		8,486
	Solera, LLC
		10.50%, 03/01/24 (a)	2,850		3,015
	Springleaf Finance Corporation
		5.63%, 03/15/23 (b)	2,250		2,413
		6.13%, 03/15/24	500		539
		7.13%, 03/15/26	4,375		4,853
	Starwood Property Trust, Inc.
		5.00%, 12/15/21	2,500		2,601
	The Royal Bank of Scotland Group Public Limited Company
		6.00%, 12/19/23	1,800		1,977
	Wand Merger Corporation
		8.13%, 07/15/23 (a)	1,750		1,822
				91,980
Consumer Discretionary 9.8%
	Allied Universal Holdco LLC
		6.63%, 07/15/26 (a)	1,025		1,081
		9.75%, 07/15/27 (a)	1,250		1,304
	Altice Luxembourg SA
		10.50%, 05/15/27 (a)	1,725		1,946
	Altice S.A.
		7.63%, 02/15/25 (a)	450		469

81

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	AMC Entertainment Inc.
		5.75%, 06/15/25 (b)	1,500		1,431
	Churchill Downs Incorporated
		5.50%, 04/01/27 (a)	1,675		1,756
	Cinemark USA, Inc.
		4.88%, 06/01/23	1,500		1,528
	CRC Escrow Issuer, LLC
		5.25%, 10/15/25 (a)	1,500		1,534
	CSC Holdings, LLC
		5.38%, 02/01/28 (a)	525		554
	Eldorado Resorts, Inc.
		6.00%, 04/01/25	2,000		2,113
	Fiat Chrysler Automobiles N.V.
		5.25%, 04/15/23	2,500		2,672
	Hanesbrands Inc.
		4.63%, 05/15/24 (a)	3,000		3,160
	International Game Technology PLC
		6.25%, 02/15/22 (a)	1,750		1,849
		6.50%, 02/15/25 (a)	1,250		1,387
	KGA Escrow, LLC
		7.50%, 08/15/23 (a)	2,300		2,412
	L Brands, Inc.
		5.63%, 10/15/23	2,500		2,642
	Lamar Media Corp.
		5.00%, 05/01/23	2,750		2,803
	Lennar Corporation
		4.75%, 05/30/25	2,250		2,402
	MGM Resorts International
		5.75%, 06/15/25 (b)	6,500		7,154
	New Golden Nugget Inc.
		8.75%, 10/01/25 (a)	1,000		1,043
	Panther BF Aggregator 2 LP
		6.25%, 05/15/26 (a)	900		947
		8.50%, 05/15/27 (a) (b)	450		456
	QVC, Inc.
		4.85%, 04/01/24	2,250		2,374
	Restaurant Brands International Limited Partnership
		5.00%, 10/15/25 (a)	3,250		3,366
	Scientific Games International, Inc.
		10.00%, 12/01/22	1,045		1,086
	Silversea Cruise Finance Ltd.
		7.25%, 02/01/25 (a)	1,000		1,067
	Sinclair Television Group, Inc.
		5.63%, 08/01/24 (a)	3,000		3,089
	Tempur Sealy International, Inc.
		5.63%, 10/15/23	3,000		3,087
	Videotron ltee
		5.00%, 07/15/22	3,500		3,703
	Viking Cruises Limited
		6.25%, 05/15/25 (c) (d)	1,000		1,043
	Williams Scotsman International, Inc.
		7.88%, 12/15/22 (a)	2,525		2,644
	Wyndham Destinations, Inc.
		5.40%, 04/01/24 (g)	2,400		2,532
	Wynn Las Vegas, LLC
		4.25%, 05/30/23 (a)	1,225		1,260
				67,894
Health Care 9.7%
	Acadia Healthcare Company, Inc.
		6.50%, 03/01/24	2,000		2,089
	Avantor, Inc.
		6.00%, 10/01/24 (a)	2,000		2,143
		9.00%, 10/01/25 (a)	2,000		2,249
	Bausch Health Companies Inc.
		7.00%, 03/15/24 (a)	5,000		5,257
		6.13%, 04/15/25 (a)	5,025		5,208
	Centene Corporation
		4.75%, 01/15/25	4,500		4,625
	Community Health Systems, Inc.
		8.00%, 11/15/19	1,000		997
		5.13%, 08/01/21 (b)	500		501
		6.25%, 03/31/23	3,300		3,281
		8.63%, 01/15/24 (a)	1,750		1,813
	DaVita Inc.
		5.13%, 07/15/24	2,250		2,290
	Elanco Animal Health
		4.27%, 08/28/23 (h)	2,275		2,388
	Endo Designated Activity Company
		5.88%, 10/15/24 (a)	2,275		2,012
	HCA Inc.
		5.88%, 05/01/23	8,500		9,353
		5.38%, 02/01/25	1,825		1,994
	Mednax, Inc.
		5.25%, 12/01/23 (a)	1,500		1,525
	MPH Acquisition Holdings LLC
		7.13%, 06/01/24 (a) (b)	500		462
	Polaris Intermediate School
		8.50%, 12/01/22 (a) (i)	1,000		850
	Prestige Brands, Inc.
		5.38%, 12/15/21 (a)	2,500		2,516
	RegionalCare Hospital Partners Holdings, Inc.
		8.25%, 05/01/23 (a)	1,625		1,731
	Tenet Healthcare Corporation
		8.13%, 04/01/22	1,500		1,623
		6.75%, 06/15/23 (b)	1,500		1,576
		5.13%, 05/01/25	500		508
		6.25%, 02/01/27 (a)	8,025		8,360
	WellCare Health Plans, Inc.
		5.25%, 04/01/25	1,500		1,567
				66,918
Energy 7.7%
	Aker BP ASA
		4.75%, 06/15/24 (a)	950		992
	Antero Resources Corporation
		5.13%, 12/01/22	3,300		2,896
	Ascent Resources - Utica, LLC
		10.00%, 04/01/22 (a)	2,500		2,498
	Blue Racer Midstream, LLC
		6.13%, 11/15/22 (a)	750		754
	Cheniere Corpus Christi Holdings, LLC
		7.00%, 06/30/24	1,500		1,723
	Cheniere Energy Partners, L.P.
		5.63%, 10/01/26	1,500		1,593
	Chesapeake Energy Corporation
		7.00%, 10/01/24	1,500		1,092
	Crestwood Midstream Partners LP
		5.63%, 05/01/27 (a)	1,000		1,023
	DCP Midstream Operating, LP
		5.38%, 07/15/25	3,250		3,497
	Diamondback Energy, Inc.
		5.38%, 05/31/25	300		313
	Energy Transfer LP
		5.25%, 04/15/29	2,250		2,535
	Enlink Midstream, LLC
		4.15%, 06/01/25	1,000		929
	Exterran Corporation
		6.00%, 10/01/22	2,000		2,026
	Hess Infrastructure Partners LP
		5.63%, 02/15/26 (a)	2,125		2,220
	Hilcorp Energy I, L.P.
		5.00%, 12/01/24 (a)	1,825		1,713
	MEG Energy Corp.
		7.00%, 03/31/24 (a)	1,075		1,038
	Murphy Oil Corporation
		6.88%, 08/15/24	1,500		1,578
	Nabors Industries, Inc.
		5.50%, 01/15/23 (b)	1,000		822
	NGL Energy Partners LP
		7.50%, 11/01/23	750		764
	Oasis Petroleum Inc.
		6.88%, 01/15/23 (b)	2,000		1,832
	Oceaneering International, Inc.
		4.65%, 11/15/24	1,000		943
	QEP Resources, Inc.
		5.25%, 05/01/23	2,000		1,854
	Range Resources Corporation
		5.88%, 07/01/22	1,250		1,205

82

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
		5.00%, 08/15/22	500		469
	Rose Rock Midstream, L.P.
		5.63%, 07/15/22 - 11/15/23	2,500		2,551
	Summit Midstream Holdings, LLC
		5.50%, 08/15/22	500		459
	Sunoco LP
		4.88%, 01/15/23	1,500		1,541
		5.50%, 02/15/26	1,500		1,567
	Tallgrass Energy Partners, LP
		5.50%, 09/15/24 (a)	750		747
	Targa Resource Corporation
		5.25%, 05/01/23	1,250		1,263
		5.13%, 02/01/25	1,750		1,803
	Transocean Inc
		9.00%, 07/15/23 (a)	2,250		2,334
	Transocean Pontus Limited
		6.13%, 08/01/25 (a)	445		452
	W&T Offshore, Inc.
		9.75%, 11/01/23 (a)	1,000		975
	Whiting Petroleum Corporation
		6.25%, 04/01/23	2,250		1,739
	WPX Energy, Inc.
		5.25%, 09/15/24 (b)	1,250		1,280
				53,020
Materials 7.0%
	Alcoa Nederland Holding B.V.
		6.75%, 09/30/24 (a)	1,750		1,843
	Ashland LLC
		4.75%, 08/15/22 (g)	1,250		1,312
	Ball Corporation
		5.00%, 03/15/22	1,250		1,319
	Berry Global Escrow Corporation
		5.63%, 07/15/27 (a)	1,125		1,165
	Berry Global, Inc.
		5.50%, 05/15/22	1,850		1,877
	Cascades Inc.
		5.75%, 07/15/23 (a)	2,500		2,545
	CEMEX S.A.B. de C.V.
		7.75%, 04/16/26 (a)	1,500		1,631
	CF Industries, Inc.
		3.45%, 06/01/23	1,250		1,276
	FMG Resources (August 2006) Pty Ltd
		5.13%, 05/15/24 (a)	1,250		1,300
	Freeport-McMoRan Inc.
		4.55%, 11/14/24	7,550		7,746
	LABL Escrow Issuer LLC
		6.75%, 07/15/26 (a)	1,125		1,169
	Mauser Packaging Solutions Holding Company
		5.50%, 04/15/24 (a)	5,500		5,676
		7.25%, 04/15/25 (a)	1,250		1,193
	Norbord Inc.
		5.75%, 07/15/27 (a)	1,400		1,437
	NOVA Chemicals Corporation
		4.88%, 06/01/24 (a)	1,000		1,027
	Owens-Brockway Glass Container Inc.
		5.38%, 01/15/25 (a)	2,550		2,638
	PQ Corporation
		6.75%, 11/15/22 (a)	1,000		1,035
	Reynolds Group Holdings Inc.
		5.13%, 07/15/23 (a)	6,850		7,031
	Sealed Air Corporation
		5.13%, 12/01/24 (a)	2,000		2,140
	Standard Industries Inc.
		5.38%, 11/15/24 (a)	2,750		2,833
				48,193
Industrials 6.8%
	Arconic Inc.
		5.13%, 10/01/24	3,050		3,248
	ARD Securities Finance SARL
		8.50%, 01/31/23 (a) (i)	3,041		3,150
	BBA U.S. Holdings, Inc.
		5.38%, 05/01/26 (a)	775		815
	Bombardier Inc.
		6.00%, 10/15/22 (a)	2,925		2,916
		7.50%, 03/15/25 (a)	2,500		2,499
	Builders FirstSource, Inc.
		6.75%, 06/01/27 (a)	2,000		2,155
	Fortress Transportation and Infrastructrue Investors LLC
		6.75%, 03/15/22 (a)	1,750		1,827
		6.50%, 10/01/25 (a)	1,000		1,028
	H&E Equipment Services, Inc.
		5.63%, 09/01/25	1,000		1,031
	Hertz Vehicle Financing II LP
		5.50%, 10/15/24 (a)	2,950		2,972
	Mobile Mini, Inc.
		5.88%, 07/01/24 (c)	2,425		2,510
	Pitney Bowes Inc.
		4.63%, 03/15/24 (b)	1,500		1,421
	Prime Security Services Borrower, LLC
		9.25%, 05/15/23 (a)	1,476		1,551
		5.25%, 04/15/24 (a)	1,000		1,027
		5.75%, 04/15/26 (a)	1,500		1,561
	Stericycle, Inc.
		5.38%, 07/15/24 (a) (b)	1,375		1,413
	The ADT Security Corporation
		4.13%, 06/15/23	3,250		3,299
	The Nielsen Company (Luxembourg) S.A R.L.
		5.00%, 02/01/25 (a)	500		495
	TransDigm Inc.
		6.00%, 07/15/22	3,000		3,048
		6.25%, 03/15/26 (a)	1,000		1,074
	Trivium Packaging Finance B.V.
		5.50%, 08/15/26 (a)	600		632
	United Airlines Holdings Inc.
		4.88%, 01/15/25	4,500		4,733
	XPO Logistics, Inc.
		6.13%, 09/01/23 (a)	1,075		1,110
		6.75%, 08/15/24 (a)	1,425		1,543
				47,058
Information Technology 4.0%
	Cardtronics plc
		5.50%, 05/01/25 (a)	3,000		3,060
	CommScope Holding Company, Inc.
		6.00%, 06/15/25 (a)	750		677
	Dell Inc.
		6.50%, 04/15/38	1,000		1,046
	EIG Investors Corp.
		10.88%, 02/01/24	1,975		2,053
	Ingram Micro Inc.
		5.00%, 08/10/22	1,450		1,484
		5.45%, 12/15/24 (g)	1,800		1,864
	J2 Cloud Services, LLC
		6.00%, 07/15/25 (a)	2,050		2,166
	NCR Corporation
		5.00%, 07/15/22	2,750		2,780
	Open Text Corp
		5.63%, 01/15/23 (a)	1,500		1,536
		5.88%, 06/01/26 (a)	1,250		1,334
	Plantronics, Inc.
		5.50%, 05/31/23 (a)	1,000		1,010
	Sabre GLBL Inc.
		5.25%, 11/15/23 (a)	1,750		1,798
	Seagate HDD Cayman
		4.75%, 06/01/23	840		877
	Symantec Corporation
		5.00%, 04/15/25 (a)	1,850		1,877
	Xerox Corporation
		4.50%, 05/15/21	2,500		2,556
		4.13%, 03/15/23 (h)	1,750		1,780
				27,898
Consumer Staples 1.7%
	Albertsons Companies, Inc.
		6.63%, 06/15/24	2,000		2,100
	Clearwater Seafoods Incorporated
		6.88%, 05/01/25 (c) (d)	1,225		1,255
	Cott Holdings Inc.
		5.50%, 04/01/25 (a)	1,500		1,557

83

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Energizer Holdings, Inc.
		5.50%, 06/15/25 (a)	1,250		1,294
		7.75%, 01/15/27 (a)	1,000		1,113
	Kronos Acquisition Holdings Inc
		9.00%, 08/15/23 (a)	1,825		1,624
	Post Holdings, Inc.
		5.75%, 03/01/27 (a)	2,500		2,652
				11,595
Real Estate 1.3%
	Greystar Real Estate Partners, LLC
		5.75%, 12/01/25 (a)	1,000		1,039
	iStar Inc.
		5.25%, 09/15/22	3,050		3,118
	Kennedy-Wilson, Inc.
		5.88%, 04/01/24	1,250		1,282
	MGM Growth Properties Operating Partnership LP
		5.63%, 05/01/24	1,750		1,925
	Newmark Group, Inc.
		6.13%, 11/15/23 (h)	1,625		1,768
				9,132
Utilities 1.3%
	AmeriGas Partners, L.P.
		5.63%, 05/20/24	1,000		1,072
	Calpine Corporation
		5.88%, 01/15/24 (a)	2,750		2,806
		5.50%, 02/01/24	1,500		1,520
	Clearway Energy Operating LLC
		5.38%, 08/15/24	750		770
	The AES Corporation
		4.50%, 03/15/23	2,600		2,661
				8,829
	Total Corporate Bonds And Notes (cost $525,962)			532,657
SENIOR LOAN INTERESTS 20.1%
Consumer Discretionary 4.2%
	1011778 B.C. Unlimited Liability Company
		Term Loan B3, 4.29%, (3M LIBOR + 2.25%), 02/15/24 (j)	567		569
	Academy, Ltd.
		2015 Term Loan B, 6.10%, (3M LIBOR + 4.00%), 07/05/22 - 07/16/22 (j)	147		103
	AMCP Clean Acquisition Co. LLC
		2018 Delayed Draw Term Loan, 0.00%, 07/10/25 (j) (k)	41		40
	AMCP Clean Acquisition Company, LLC
		2018 Term Loan, 0.00%, (3M LIBOR + 4.25%), 07/10/25 (j) (k)	170		167
		2018 Delayed Draw Term Loan, 6.34%, (3M LIBOR + 4.25%), 07/10/25 (c) (j)	151		149
		2018 Term Loan, 6.34%, (3M LIBOR + 4.25%), 07/10/25 (c) (j)	626		617
	American Bath Group, LLC
		2018 Term Loan B, 6.29%, (3M LIBOR + 4.25%), 09/30/23 (j)	1,407		1,393
	Anastasia Parent, LLC
		2018 Term Loan B, 5.79%, (3M LIBOR + 3.75%), 08/03/25 (j)	289		232
	APi Group Inc.
		Term Loan, 0.00%, (3M LIBOR + 2.50%), 09/25/26 (j) (k)	169		169
	Bass Pro Group, LLC
		Term Loan B, 7.04%, (3M LIBOR + 5.00%), 11/15/23 (j)	688		662
	Belfor Holdings Inc.
		Term Loan B, 6.04%, (3M LIBOR + 4.00%), 02/15/26 (j)	331		332
	Boing US Holdco Inc.
		2017 1st Lien Term Loan, 5.29%, (3M LIBOR + 3.25%), 09/20/24 (j)	241		236
	Boyd Gaming Corporation
		Term Loan B3, 4.17%, (3M LIBOR + 2.25%), 09/15/23 (j)	654		656
	Caesars Resort Collection, LLC
		2017 1st Lien Term Loan B, 4.79%, (3M LIBOR + 2.75%), 12/23/24 (j)	351		348
	California Pizza Kitchen, Inc.
		Term Loan, 8.53%, (3M LIBOR + 6.00%), 12/31/22 (j)	1,054		933
		2016 2nd Lien Term Loan, 12.04%, (3M LIBOR + 10.00%), 08/23/23 (c) (j) (l)	230		200
	Camelot UK Holdco Limited
		Term Loan, 5.29%, (1M LIBOR + 3.25%), 10/03/23 (j)	150		151
	Cerence Inc.
		Term Loan, 0.00%, (3M LIBOR + 6.00%), 09/25/26 (j) (k) (m)	630		592
	Charter Communications Operating, LLC
		2017 Term Loan B, 4.05%, (3M LIBOR + 2.00%), 04/30/25 (j)	787		791
	Comet Acquisition, Inc.
		2nd Lien Term Loan, 9.62%, (3M LIBOR + 7.50%), 10/23/26 (c) (j)	530		525
	CSC Holdings, LLC
		2018 Term Loan B, 4.53%, (3M LIBOR + 2.50%), 01/12/26 (j)	397		397
	Dhanani Group Inc.
		2018 Term Loan B, 5.79%, (3M LIBOR + 3.75%), 06/22/25 (j)	235		214
	Digital Room Holdings, Inc.
		Term Loan, 7.05%, (3M LIBOR + 5.00%), 05/14/26 (j)	523		498
	Dynacast International LLC
		Term Loan B2, 5.36%, (3M LIBOR + 3.25%), 01/28/22 (j)	601		576
	Golden Nugget, Inc.
		2017 Incremental Term Loan B, 4.81%, (3M LIBOR + 2.75%), 09/07/23 (j)	92		92
		2017 Incremental Term Loan B, 4.86%, (3M LIBOR + 2.75%), 10/04/23 (j)	115		115
	Hoya Midco, LLC
		2017 1st Lien Term Loan, 5.54%, (3M LIBOR + 3.50%), 06/21/24 - 06/27/24 (j)	237		233
	IRB Holding Corp.
		1st Lien Term Loan, 5.55%, (3M LIBOR + 3.25%), 01/18/25 (j)	552		549
	Kettle Cuisine, LLC
		2018 Term Loan, 5.81%, (3M LIBOR + 3.75%), 08/22/25 (j) (l)	1,265		1,249
	Lakeland Tours, LLC
		2017 1st Lien Term Loan B, 5.90%, (3M LIBOR + 3.75%), 12/06/24 (j)	123		123
	LifeMiles Ltd.
		Term Loan B, 7.54%, (3M LIBOR + 5.50%), 08/17/22 (j)	1,464		1,398
	Merrill Communications LLC
		Term Loan, 0.00%, (3M LIBOR + 5.00%), 09/26/26 (j) (k) (m)	239		237
	Midas Intermediate Holdco II, LLC
		Incremental Term Loan B, 4.85%, (3M LIBOR + 2.75%), 08/18/21 (j)	255		246
	Mister Car Wash Holdings, Inc.
		2019 Term Loan B, 5.66%, (3M LIBOR + 3.50%), 05/08/26 (j)	236		235
	Mohegan Tribal Gaming Authority
		2016 Term Loan B, 6.04%, (3M LIBOR + 4.00%), 10/30/23 (j)	218		201
	Next Level Apparel Inc
		2018 Term Loan, 7.95%, (3M LIBOR + 6.00%), 06/26/24 (c) (j) (m)	937		927
	NVA Holdings, Inc.
		Term Loan B3, 4.79%, (3M LIBOR + 2.75%), 01/31/25 (j)	199		199
		Term Loan B4, 5.54%, (3M LIBOR + 3.50%), 02/15/25 (j)	31		31
	PCI Gaming Authority
		Term Loan, 5.04%, (3M LIBOR + 3.00%), 05/15/26 (j)	474		476
	PetSmart, Inc.
		Consenting Term Loan, 6.04%, (3M LIBOR + 4.00%), 03/11/22 (j)	117		114
	Playpower, Inc.
		2019 Term Loan, 7.60%, (3M LIBOR + 5.50%), 04/26/26 (c) (j)	1,696		1,694

84

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Prime Security Services Borrower, LLC
		2019 Term Loan B1, 0.00%, (3M LIBOR + 3.25%), 12/31/22 (j) (k)	249		246
	Pure Fishing, Inc.
		Term Loan, 6.60%, (3M LIBOR + 4.50%), 12/14/25 (j)	320		282
	Quidditch Acquisition, Inc.
		2018 Term Loan B, 0.00%, (3M LIBOR + 7.00%), 03/15/25 (c) (j) (k) (m)	400		404
		2018 Term Loan B, 9.04%, (3M LIBOR + 7.00%), 03/15/25 (c) (j) (m)	645		652
	Rent-A-Center, Inc.
		2019 Term Loan, 6.63%, (3M LIBOR + 4.50%), 07/19/26 (c) (j)	707		706
	Rentpath, Inc.
		Term Loan, 6.80%, (3M LIBOR + 4.75%), 12/17/21 (c) (j)	1,448		743
	Scientific Games International, Inc.
		2018 Term Loan B5, 4.79%, (3M LIBOR + 2.75%), 08/14/24 (j)	70		69
		2018 Term Loan B5, 4.90%, (3M LIBOR + 2.75%), 08/14/24 (j)	290		288
	SHO Holding I Corporation
		Term Loan, 7.26%, (3M LIBOR + 5.00%), 10/27/22 (c) (j)	1,182		1,111
	Six Flags Theme Parks, Inc.
		2019 Term Loan B, 0.00%, (3M LIBOR + 2.00%), 04/09/26 (j) (k)	213		213
		2019 Term Loan B, 4.05%, (3M LIBOR + 2.00%), 04/09/26 (j)	322		322
	Spin Holdco Inc.
		2017 Term Loan B, 5.57%, (3M LIBOR + 3.25%), 11/14/22 (j)	241		237
	Staples, Inc.
		7 Year Term Loan, 7.12%, (3M LIBOR + 5.00%), 04/05/26 (j)	432		425
	Station Casinos LLC
		2016 Term Loan B, 4.55%, (3M LIBOR + 2.50%), 05/24/23 (j)	705		707
	Strategic Partners Acquisition Corp.
		Term Loan, 5.80%, (3M LIBOR + 3.75%), 06/09/23 (c) (j) (l)	712		711
	TGP Holdings III, LLC
		2018 1st Lien Term Loan, 6.29%, (3M LIBOR + 4.25%), 09/21/24 (j)	790		745
		2nd Lien Term Loan, 10.54%, (3M LIBOR + 8.50%), 09/16/25 (c) (j)	210		195
	TMK Hawk Parent Corp.
		2017 1st Lien Term Loan, 5.55%, (3M LIBOR + 3.50%), 09/11/24 (j)	420		349
		2017 1st Lien Term Loan, 5.70%, (3M LIBOR + 3.50%), 09/13/24 (j)	62		51
	TruGreen Limited Partnership
		2019 Term Loan, 5.79%, (3M LIBOR + 3.75%), 03/19/26 (j)	478		479
	Univision Communications Inc.
		Term Loan C5, 4.79%, (3M LIBOR + 2.75%), 03/15/24 (j)	121		117
	Varsity Brands, Inc.
		2017 Term Loan B, 5.61%, (3M LIBOR + 3.50%), 12/07/24 (j)	301		291
	Wand NewCo 3, Inc.
		2019 1st Lien Term Loan, 5.54%, (3M LIBOR + 3.50%), 01/23/26 (j)	61		61
	Wrench Group LLC
		2019 Delayed Draw Term Loan, 0.00%, 04/10/26 (c) (j) (k) (m)	68		—
		2019 Term Loan B, 6.36%, (3M LIBOR + 4.25%), 04/30/26 (c) (j) (m)	404		403
	Wyndham Hotels & Resorts, Inc.
		Term Loan B, 3.79%, (3M LIBOR + 1.75%), 03/29/25 (j)	716		719
				29,195
Financials 3.8%
	Acrisure, LLC
		2017 Term Loan B, 6.35%, (3M LIBOR + 4.25%), 11/22/23 (j)	486		483
	Alera Group Holdings, Inc.
		2018 Term Loan B, 6.54%, (3M LIBOR + 4.50%), 07/26/25 (j)	135		135
	Allied Universal Holdco LLC
		2019 Term Loan B, 6.51%, (3M LIBOR + 4.25%), 06/18/26 (j)	218		218
	Altice France S.A.
		2018 Term Loan B13, 6.03%, (3M LIBOR + 4.00%), 07/13/26 (j)	317		316
	AqGen Ascensus, Inc.
		Term Loan, 6.20%, (3M LIBOR + 4.00%), 12/05/22 (j)	313		313
	ASP MCS Acquisition Corp.
		Term Loan B, 6.79%, (3M LIBOR + 4.75%), 05/09/24 (j)	543		236
	AssuredPartners, Inc.
		2017 1st Lien Add-On Term Loan, 5.54%, (3M LIBOR + 3.50%), 10/22/24 (j)	478		475
	Asurion LLC
		2018 Term Loan B6, 5.04%, (3M LIBOR + 3.00%), 11/03/23 (j)	20		20
		2018 Term Loan B7, 5.04%, (3M LIBOR + 3.00%), 11/15/24 (j)	519		521
		2017 2nd Lien Term Loan, 8.54%, (3M LIBOR + 6.50%), 08/04/25 (j)	528		536
	Belron Finance US LLC
		USD Term Loan B, 4.46%, (3M LIBOR + 2.25%), 11/15/24 (j)	592		593
	Blackstone CQP Holdco LP
		Term Loan B, 5.66%, (3M LIBOR + 3.50%), 05/29/24 (j)	587		589
	Capri Finance LLC
		USD 2017 1st Lien Term Loan, 5.26%, (3M LIBOR + 3.00%), 10/04/24 (j)	225		222
	Citadel Securities LP
		Term Loan B, 5.54%, (3M LIBOR + 3.50%), 02/20/26 (j)	546		548
	Claros Mortgage Trust, Inc.
		Term Loan B, 5.29%, (3M LIBOR + 3.25%), 08/01/26 (j)	391		391
	CRCI Longhorn Holdings, Inc.
		2018 1st Lien Term Loan, 5.56%, (3M LIBOR + 3.50%), 08/02/25 (c) (j)	196		190
	Crown Finance US, Inc.
		Term Loan, 4.29%, (3M LIBOR + 2.25%), 02/05/25 (j)	683		678
	DTZ U.S. Borrower LLC
		2018 Add On Term Loan B, 5.29%, (3M LIBOR + 3.25%), 08/15/25 (j)	936		936
	Edelman Financial Center, LLC
		2018 1st Lien Term Loan, 5.31%, (3M LIBOR + 3.25%), 06/26/25 (j)	331		332
	EIG Management Company, LLC
		2018 Term Loan B, 5.79%, (3M LIBOR + 3.75%), 01/30/25 (j)	681		679
	Franklin Square Holdings, L.P.
		2018 Term Loan B, 4.56%, (3M LIBOR + 2.50%), 07/26/25 (j)	122		122
	Genworth Holdings, Inc.
		Term Loan, 6.67%, (3M LIBOR + 4.50%), 02/22/23 (j)	427		428
	GGC Aperio Holdings, L.P.
		Term Loan, 7.10%, (3M LIBOR + 5.00%), 12/31/35 (c) (j) (m)	1,298		1,314
	GK Holdings, Inc.
		1st Lien Term Loan, 8.10%, (3M LIBOR + 6.00%), 01/29/21 (c) (j) (l)	1,454		1,231
	IG Investment Holdings, LLC
		2018 1st Lien Term Loan, 6.11%, (3M LIBOR + 4.00%), 05/14/25 (j)	121		121
	Ineos US Finance LLC
		2017 USD Term Loan B, 4.04%, (3M LIBOR + 2.00%), 03/31/24 (j)	459		454
	iStar, Inc.
		2016 Term Loan B, 4.81%, (3M LIBOR + 2.75%), 06/30/20 (j)	218		218

85

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Jane Street Group, LLC
		2018 Term Loan B, 5.05%, (3M LIBOR + 3.00%), 08/25/22 (j)	647		644
	Jefferies Finance LLC
		2019 Term Loan, 5.87%, (3M LIBOR + 3.75%), 05/22/26 (j)	332		332
	Kestra Advisor Services Holdings A, Inc.
		2019 Term Loan, 6.29%, (3M LIBOR + 4.25%), 04/10/27 (j)	1,382		1,347
	Kingpin Intermediate Holdings LLC
		2018 Term Loan B, 5.54%, (3M LIBOR + 3.50%), 07/03/24 (j)	646		645
	Level 3 Financing Inc.
		2017 Term Loan B, 4.29%, (3M LIBOR + 2.25%), 02/16/24 (j)	710		711
	LPL Holdings, Inc.
		2017 1st Lien Term Loan B, 4.30%, (3M LIBOR + 2.25%), 09/23/24 (j)	426		428
	McDermott Technology Americas Inc
		2018 1st Lien Term Loan, 7.10%, (3M LIBOR + 5.00%), 04/04/25 (j)	179		113
	Nielsen Finance LLC
		USD Term Loan B4, 4.04%, (3M LIBOR + 2.00%), 10/04/23 (j)	481		481
	Nuvei Technologies Corp.
		USD Term Loan, 9.00%, (3M LIBOR + 4.00%), 07/22/20 (j)	830		818
		USD Term Loan, 0.00%, (3M PRIME + 4.00%), 09/22/25 (j) (k)	350		345
	Resolute Investment Managers, Inc.
		2017 1st Lien Term Loan B, 5.35%, (3M LIBOR + 3.25%), 05/02/22 (c) (j)	497		498
		2017 2nd Lien Term Loan, 9.76%, (3M LIBOR + 7.50%), 04/30/23 (c) (j)	540		540
	RSC Acquisition Inc.
		2018 1st Lien Term Loan, 6.42%, (3M LIBOR + 4.25%), 11/30/22 (c) (j) (l)	25		25
		2018 1st Lien Term Loan, 6.51%, (3M LIBOR + 4.25%), 11/30/22 (c) (j) (l)	40		39
		2018 1st Lien Term Loan, 6.55%, (3M LIBOR + 4.25%), 11/30/22 (c) (j) (l)	25		25
	RSC Acquisition, Inc.
		2018 1st Lien Term Loan, 6.29%, (3M LIBOR + 4.25%), 11/30/22 (j) (l)	3		3
		2018 1st Lien Term Loan, 6.40%, (3M LIBOR + 4.25%), 11/30/22 (c) (j) (l)	1,016		1,006
		2018 1st Lien Term Loan, 6.55%, (3M LIBOR + 4.25%), 11/30/22 (c) (j) (l)	13		12
	Sedgwick Claims Management Services, Inc.
		2018 Term Loan B, 5.29%, (3M LIBOR + 3.25%), 11/06/25 (j)	709		697
	StepStone Group LP
		Term Loan B, 6.04%, (3M LIBOR + 4.00%), 03/14/25 (c) (j) (m)	1,428		1,428
	Talen Energy Supply, LLC
		2019 Term Loan B, 5.79%, (3M LIBOR + 3.75%), 06/24/26 (j)	217		216
	U.S. Renal Care, Inc.
		2019 Term Loan B, 7.06%, (3M LIBOR + 5.00%), 06/12/26 (j)	472		445
	UFC Holdings, LLC
		2019 Term Loan, 5.30%, (3M LIBOR + 3.25%), 04/25/26 (j)	452		453
	VFH Parent LLC
		2019 Term Loan B, 0.00%, (3M LIBOR + 3.50%), 01/22/26 (j) (k)	29		29
		2019 Term Loan B, 6.04%, (3M LIBOR + 3.50%), 03/02/26 (j)	424		425
	Victory Capital Holdings, Inc.
		2019 Term Loan B, 5.57%, (3M LIBOR + 3.25%), 07/01/26 (j)	448		450
	WestJet Airlines Ltd.
		Term Loan, 0.00%, (3M LIBOR + 3.00%), 07/31/26 (j) (k)	162		163
	Whatabrands LLC
		Term Loan B, 5.52%, (3M LIBOR + 3.25%), 07/19/26 (j)	100		100
	World Triathlon Corporation
		2019 Term Loan B, 0.00%, (3M LIBOR + 4.25%), 08/12/26 (j) (k)	300		302
		2019 Term Loan B, 6.29%, (3M LIBOR + 4.25%), 08/12/26 (j)	1,011		1,016
				26,035
Industrials 2.6%
	1199169 B.C. Unlimited Liability Company
		2019 Term Loan B2, 6.10%, (3M LIBOR + 4.00%), 01/25/26 (j)	35		35
	American Airlines, Inc.
		2018 Term Loan B, 0.00%, (3M LIBOR + 1.75%), 06/11/25 (j) (k)	538		532
		2018 Term Loan B, 3.86%, (3M LIBOR + 1.75%), 06/11/25 (j)	369		365
	API Technologies Corp.
		2019 Term Loan B, 6.29%, (3M LIBOR + 4.25%), 05/15/26 (j)	1,047		1,012
	APX Group Inc.
		2018 Term Loan B, 9.00%, (3M LIBOR + 4.00%), 03/31/24 (j)	—		—
	APX Group, Inc.
		2018 Term Loan B, 7.04%, (3M LIBOR + 5.00%), 03/31/24 (j)	224		220
	Avis Budget Car Rental, LLC
		2018 Term Loan B, 0.00%, (3M LIBOR + 2.00%), 02/09/25 (j) (k)	370		370
	Avolon TLB Borrower 1 (US) LLC
		Term Loan B3, 3.79%, (3M LIBOR + 1.75%), 01/15/25 (j)	553		555
	Brand Energy & Infrastructure Services, Inc.
		Term Loan, 6.35%, (3M LIBOR + 4.25%), 06/16/24 (j)	1		1
		Term Loan, 6.52%, (3M LIBOR + 4.25%), 06/16/24 (j)	111		109
		2017 Term Loan, 6.51%, (3M LIBOR + 4.25%), 06/17/24 (j)	55		54
		Term Loan, 6.51%, (3M LIBOR + 4.25%), 06/17/24 (j)	71		69
	Brookfield WEC Holdings Inc.
		2018 1st Lien Term Loan, 5.54%, (3M LIBOR + 3.50%), 07/26/25 (j)	956		958
	CareerBuilder, LLC
		Term Loan, 8.85%, (3M LIBOR + 6.75%), 08/27/23 (j) (l)	638		634
	Comet Acquisition, Inc.
		Term Loan, 5.62%, (3M LIBOR + 3.50%), 10/23/25 (j)	226		223
	Compass Power Generation LLC
		2018 Term Loan B, 5.54%, (3M LIBOR + 3.50%), 12/20/24 (j)	213		213
	DG Investment Intermediate Holdings 2, Inc.
		2018 1st Lien Term Loan, 5.04%, (3M LIBOR + 3.00%), 01/31/25 (j)	246		241
	Dynasty Acquisition Co., Inc.
		2019 Term Loan B1, 6.10%, (3M LIBOR + 4.00%), 01/25/26 (j)	65		65
	EAB Global, Inc.
		1st Lien Term Loan, 6.38%, (3M LIBOR + 3.75%), 08/15/22 (j)	226		223
	Edward Don & Company, LLC
		2018 Term Loan, 6.29%, (3M LIBOR + 4.25%), 06/25/25 (j)	1,381		1,374
	Emerald Expositions Holding, Inc.
		2017 Term Loan B, 4.79%, (3M LIBOR + 2.75%), 05/22/24 (j)	476		465
	Forming Machining Industries Holdings, LLC
		Term Loan, 6.10%, (3M LIBOR + 4.25%), 09/24/25 (c) (j) (m)	808		764
	NCI Building Systems, Inc.
		Term Loan, 5.79%, (3M LIBOR + 3.75%), 04/12/25 (j)	495		484
	Nordam Group Inc, The
		Term Loan B, 0.00%, (3M LIBOR + 5.50%), 03/27/26 (c) (j) (k) (m)	508		508
		Term Loan B, 7.56%, (3M LIBOR + 5.50%), 03/27/26 (c) (j) (m)	31		31

86

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
		Term Loan B, 7.88%, (3M LIBOR + 5.50%), 03/27/26 (c) (j) (m)	363		363
	OEConnection LLC
		Term Loan, 0.00%, (3M LIBOR + 4.00%), 08/04/26 - 09/24/26 (j) (k)	1,250		1,246
	Panther BF Aggregator 2 LP
		USD Term Loan B, 5.54%, (3M LIBOR + 3.50%), 03/13/26 (j)	470		465
	Prime Security Services Borrower, LLC
		Term Loan, 0.00%, (3M LIBOR + 2.75%), 05/02/22 (j) (k)	101		101
		Term Loan, 4.86%, (3M LIBOR + 2.75%), 05/02/22 (j)	377		377
	R.R. Donnelley & Sons Company
		2018 Term Loan B, 7.04%, (3M LIBOR + 5.00%), 01/15/24 (j)	218		219
	Sabre Industries, Inc.
		2019 Term Loan B, 6.31%, (3M LIBOR + 4.25%), 04/09/26 (j)	211		212
	SRS Distribution Inc.
		2018 1st Lien Term Loan, 5.29%, (3M LIBOR + 3.25%), 05/19/25 (j)	258		252
	TransDigm, Inc.
		2018 Term Loan F, 0.00%, (1M LIBOR + 2.50%), 06/09/23 (j) (k)	382		381
		2018 Term Loan F, 4.54%, (1M LIBOR + 2.50%), 06/09/23 (j)	430		428
		2018 Term Loan E, 0.00%, (3M LIBOR + 2.50%), 05/14/25 (j) (k)	313		311
	United Rentals, Inc.
		Term Loan B, 3.79%, (3M LIBOR + 1.75%), 10/03/25 (j)	149		150
	USIC Holdings, Inc.
		2017 Term Loan B, 5.29%, (3M LIBOR + 3.00%), 12/09/23 (j)	464		460
	Valet Waste Holdings, Inc.
		2018 1st Lien Term Loan, 6.04%, (3M LIBOR + 4.00%), 09/20/25 (c) (j)	1,254		1,242
	Vigor Industrial LLC
		Term Loan, 0.00%, (3M LIBOR + 5.00%), 09/18/26 (j) (k) (m)	1,097		1,094
	Wand NewCo 3, Inc.
		2019 1st Lien Term Loan, 5.54%, (3M LIBOR + 3.50%), 01/22/26 (j)	39		40
	XPO Logistics, Inc.
		2018 Term Loan B, 4.04%, (3M LIBOR + 2.00%), 02/23/25 (j)	791		794
				17,640
Information Technology 2.5%
	Almonde, Inc.
		1st Lien Term Loan, 5.70%, (3M LIBOR + 3.50%), 04/26/24 (j)	191		186
		USD 1st Lien Term Loan, 5.70%, (3M LIBOR + 3.50%), 04/26/24 (j)	29		29
	Ascend Learning, LLC
		2017 Term Loan B, 5.04%, (3M LIBOR + 3.00%), 06/29/24 (j)	250		249
	Avast Software B.V.
		2018 USD Term Loan B, 4.35%, (3M LIBOR + 2.25%), 09/30/23 (j)	402		404
	Avaya, Inc.
		2018 Term Loan B, 6.28%, (3M LIBOR + 4.25%), 12/14/24 (j)	267		253
		2018 Term Loan B, 6.43%, (3M LIBOR + 4.25%), 12/14/24 (j)	159		151
	Blackhawk Network Holdings, Inc
		2018 1st Lien Term Loan, 5.04%, (3M LIBOR + 3.00%), 05/31/25 (j)	496		494
	Camelot UK Holdco Limited
		2017 Repriced Term Loan, 5.29%, (1M LIBOR + 3.25%), 10/03/23 (j)	90		91
	CommScope, Inc.
		2019 Term Loan B, 5.29%, (3M LIBOR + 3.25%), 02/07/26 (j)	278		276
	Compuware Corporation
		2018 Term Loan B, 6.04%, (3M LIBOR + 4.00%), 08/25/25 (j)	393		394
	Dell International LLC
		2019 Term Loan B, 4.05%, (3M LIBOR + 2.00%), 09/07/23 (j)	701		704
	DigiCert, Inc.
		Term Loan, 0.00%, (3M LIBOR + 4.00%), 07/31/26 (j) (k)	474		472
	DiscoverOrg, LLC
		2019 1st Lien Term Loan, 6.54%, (3M LIBOR + 4.50%), 01/29/26 (j)	165		164
	Dynatrace LLC
		2018 1st Lien Term Loan, 4.79%, (3M LIBOR + 2.75%), 08/08/25 (j)	289		290
	Emerald TopCo Inc
		Term Loan, 5.54%, (3M LIBOR + 3.50%), 07/16/26 (j)	483		481
	Financial & Risk US Holdings, Inc.
		2018 USD Term Loan, 5.79%, (3M LIBOR + 3.75%), 09/12/25 (j)	424		426
	Flexential Intermediate Corporation
		2017 1st Lien Term Loan, 5.60%, (3M LIBOR + 3.50%), 07/24/24 (j)	444		383
	Go Daddy Operating Company, LLC
		Term Loan, 4.04%, (3M LIBOR + 2.00%), 02/15/24 (j)	449		450
	IG Investment Holdings, LLC
		2018 1st Lien Term Loan, 6.33%, (3M LIBOR + 4.00%), 05/14/25 (j)	84		83
	IRI Holdings, Inc.
		2018 1st Lien Term Loan, 6.62%, (3M LIBOR + 4.50%), 11/06/25 (j)	468		449
	MA FinanceCo., LLC
		USD Term Loan B3, 4.54%, (3M LIBOR + 2.50%), 04/19/24 (j)	55		54
	Mediaocean LLC
		1st Lien Term Loan, 6.30%, (3M LIBOR + 4.25%), 08/04/22 (j)	186		187
	MH Sub I, LLC
		2017 1st Lien Term Loan, 5.79%, (3M LIBOR + 3.75%), 08/09/24 (j)	703		698
	Microchip Technology Incorporated
		2018 Term Loan B, 4.05%, (3M LIBOR + 2.00%), 05/16/25 (j)	475		476
	NeuStar, Inc.
		2018 Term Loan B4, 5.54%, (3M LIBOR + 3.50%), 08/08/24 (j)	233		225
	Omnitracs, Inc.
		2018 Term Loan B, 4.86%, (3M LIBOR + 2.75%), 03/13/25 (j)	510		503
	ON Semiconductor Corporation
		2019 Term Loan B, 0.00%, (3M LIBOR + 2.00%), 09/13/26 (j) (k)	155		156
	Plantronics Inc
		2018 Term Loan B, 4.54%, (3M LIBOR + 2.50%), 06/01/25 (j)	371		370
	Red Ventures, LLC
		2018 Term Loan B, 5.04%, (3M LIBOR + 3.00%), 11/08/24 (j)	708		710
	Revspring, Inc.
		1st Lien Term Loan, 0.00%, (3M LIBOR + 4.00%), 10/05/25 (j) (k)	100		99
		1st Lien Term Loan, 6.05%, (3M LIBOR + 4.00%), 10/05/25 (j)	1,098		1,089
	S2P Acquisition Borrower, Inc.
		Term Loan, 6.04%, (3M LIBOR + 4.00%), 08/01/26 (j)	979		977
	Sabre GLBL Inc.
		2018 Term Loan B, 4.04%, (3M LIBOR + 2.00%), 02/22/24 (j)	706		708
	Seattle Spinco, Inc.
		USD Term Loan B3, 4.54%, (3M LIBOR + 2.50%), 04/19/24 (j)	370		365
	Sophia, L.P.
		2017 Term Loan B, 5.35%, (1M LIBOR + 3.25%), 09/30/22 (j)	468		468
	SS&C Technologies Holdings Europe S.A.R.L.
		2018 Term Loan B4, 4.29%, (3M LIBOR + 2.25%), 02/27/25 (j)	122		123

87

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	SS&C Technologies Inc.
		2018 Term Loan B3, 4.29%, (3M LIBOR + 2.25%), 02/27/25 (j)	185		186
		2018 Term Loan B5, 4.29%, (3M LIBOR + 2.25%), 04/16/25 (j)	198		199
	Verifone Systems, Inc.
		2018 1st Lien Term Loan, 6.14%, (3M LIBOR + 4.00%), 08/09/25 (j)	462		441
	Web.com Group, Inc.
		2018 Term Loan B, 5.78%, (3M LIBOR + 3.75%), 09/17/25 (j)	696		684
	Weld North Education, LLC
		Term Loan B, 6.35%, (3M LIBOR + 4.25%), 02/08/25 (c) (j)	1,200		1,191
	Western Digital Corporation
		2018 Term Loan B4, 3.86%, (3M LIBOR + 1.75%), 04/29/23 (j)	460		458
	WEX Inc.
		Term Loan B3, 4.29%, (3M LIBOR + 2.25%), 05/17/26 (j)	475		477
				17,273
Health Care 2.4%
	ADMI Corp.
		2018 Term Loan B, 4.79%, (3M LIBOR + 2.75%), 04/06/24 (j)	504		499
	Affordable Care Holding Corp.
		2015 1st Lien Term Loan, 6.84%, (3M LIBOR + 4.75%), 10/24/22 (c) (j) (l)	226		218
	Agiliti Health, Inc
		Term Loan, 5.12%, (3M LIBOR + 3.00%), 10/18/25 (j) (m)	237		236
	Albany Molecular Research, Inc.
		2017 1st Lien Term Loan, 5.29%, (3M LIBOR + 3.25%), 08/08/24 (j)	449		441
	Amneal Pharmaceuticals LLC
		2018 Term Loan B, 5.56%, (3M LIBOR + 3.50%), 03/26/25 (j)	854		726
	Athenahealth, Inc.
		2019 Term Loan B, 6.68%, (3M LIBOR + 4.50%), 01/25/26 (j)	443		441
	ATI Holdings Acquisition, Inc.
		2016 Term Loan, 5.55%, (3M LIBOR + 3.50%), 05/10/23 (j)	23		23
		Term Loan, 5.55%, (3M LIBOR + 3.50%), 05/10/23 - 05/15/23 (j)	433		428
	Avalign Technologies, Inc.
		2018 Term Loan B, 6.60%, (3M LIBOR + 4.50%), 12/19/25 (c) (j) (m)	1,122		1,111
	BioClinica, Inc.
		1st Lien Term Loan, 6.44%, (3M LIBOR + 4.25%), 10/06/23 (j)	262		252
	CHG Healthcare Services, Inc
		2017 1st Lien Term Loan B, 5.04%, (3M LIBOR + 3.00%), 06/07/23 (j)	721		720
	DaVita, Inc.
		2019 Term Loan B, 4.29%, (3M LIBOR + 2.25%), 07/30/26 (j)	409		411
	Endo Luxembourg Finance Company I S.a r.l.
		2017 Term Loan B, 6.30%, (3M LIBOR + 4.25%), 04/12/24 (j)	395		359
	Envision Healthcare Corporation
		2018 1st Lien Term Loan, 5.79%, (3M LIBOR + 3.75%), 09/27/25 (j)	456		370
	Femur Buyer, Inc.
		1st Lien Term Loan, 6.63%, (3M LIBOR + 4.50%), 03/05/26 (j) (l)	179		179
	Gentiva Health Services, Inc.
		2018 1st Lien Term Loan, 5.81%, (3M LIBOR + 3.75%), 06/20/25 (j)	704		707
	Grifols Worldwide Operations USA, Inc.
		Term Loan, 4.20%, (3M LIBOR + 2.25%), 01/24/25 (j)	479		481
	HLF Financing S.a r.l.
		2018 Term Loan B, 5.29%, (3M LIBOR + 3.25%), 08/11/25 (j)	478		479
	IQVIA Inc.
		2017 USD Term Loan B2, 4.10%, (1M LIBOR + 2.00%), 01/17/25 (j)	124		124
		2018 USD Term Loan B3, 0.00%, (3M LIBOR + 1.75%), 06/07/25 (j) (k)	384		384
		2018 USD Term Loan B3, 3.85%, (3M LIBOR + 1.75%), 06/07/25 (j)	169		169
	Mallinckrodt International Finance S.A.
		USD Term Loan B, 4.86%, (3M LIBOR + 2.75%), 09/24/24 (j)	262		196
		2018 Term Loan B, 5.18%, (3M LIBOR + 3.00%), 02/24/25 (j)	57		43
	MDVIP, Inc.
		2017 Term Loan, 6.29%, (3M LIBOR + 4.25%), 01/12/24 (c) (j) (l)	1,215		1,203
	MED ParentCo LP
		1st Lien Term Loan, 0.00%, (3M LIBOR + 4.25%), 08/01/26 (j) (k)	189		187
	National Mentor Holdings, Inc.
		2019 Term Loan B, 6.30%, (3M LIBOR + 4.25%), 03/09/26 (j)	319		320
		2019 Term Loan C, 6.30%, (3M LIBOR + 4.25%), 03/09/26 (j)	20		20
	NMSC Holdings, Inc.
		1st Lien Term Loan, 7.26%, (3M LIBOR + 5.00%), 04/11/23 (c) (j)	285		282
	Parexel International Corporation
		Term Loan B, 4.79%, (3M LIBOR + 2.75%), 08/06/24 (j)	360		341
	Professional Physical Therapy
		Term Loan, 8.10%, (3M LIBOR + 6.00%), 12/16/22 (c) (j) (m)	1,536		1,302
		Term Loan, 8.10%, (3M LIBOR + 3.50%), 12/16/22 (c) (j) (m)	129		109
	RegionalCare Hospital Partners Holdings, Inc.
		2018 Term Loan B, 6.55%, (3M LIBOR + 4.50%), 11/09/25 (j)	538		538
	Sound Inpatient Physicians
		2018 1st Lien Term Loan, 4.79%, (3M LIBOR + 2.75%), 06/19/25 (j)	196		195
	Syneos Health, Inc.
		2018 Term Loan B, 4.04%, (3M LIBOR + 2.00%), 08/25/24 (j)	254		256
	Tecomet Inc.
		Term Loan, 5.28%, (3M LIBOR + 3.25%), 04/18/24 (j)	415		412
	Universal Health Services, Inc.
		Term Loan B, 3.79%, (3M LIBOR + 1.75%), 10/24/25 (j)	99		99
	Valeant Pharmaceuticals International, Inc.
		2018 Term Loan B, 5.04%, (3M LIBOR + 3.00%), 05/19/25 (j)	442		444
	Verscend Holding Corp.
		2018 Term Loan B, 6.54%, (3M LIBOR + 4.50%), 08/08/25 (j)	634		635
	Viant Medical Holdings, Inc.
		2018 1st Lien Term Loan, 5.86%, (3M LIBOR + 3.75%), 06/26/25 (j)	261		244
	Zest Acquisition Corp.
		2018 1st Lien Term Loan, 5.68%, (3M LIBOR + 3.50%), 03/08/25 (j)	999		940
				16,524
Communication Services 1.8%
	Ancestry.com Operations Inc.
		2019 Extended Term Loan B, 6.30%, (3M LIBOR + 4.25%), 08/15/26 (j)	875		854
	CenturyLink, Inc.
		2017 Term Loan B, 4.79%, (3M LIBOR + 2.75%), 01/15/25 (j)	687		682
	Coral-US Co-Borrower, LLC
		Term Loan B4, 5.29%, (3M LIBOR + 3.25%), 02/02/26 (j)	478		479
	CSC Holdings, LLC
		Term Loan, 0.00%, (3M LIBOR + 2.50%), 04/27/27 (j) (k)	393		393
		2019 Term Loan B4, 5.03%, (3M LIBOR + 3.00%), 05/07/27 (j)	164		164

88

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Diamond Sports Group, LLC
		Term Loan, 5.30%, (3M LIBOR + 3.25%), 08/24/26 (j)	734		738
	E.W. Scripps Company (The)
		Incremental Term Loan B1, 4.79%, (3M LIBOR + 2.75%), 04/04/26 (j)	237		237
	GoodRx, Inc.
		1st Lien Term Loan, 0.00%, (3M LIBOR + 2.75%), 09/28/25 (j) (k)	69		69
		1st Lien Term Loan, 4.81%, (3M LIBOR + 2.75%), 10/10/25 (j)	148		148
	Gray Television, Inc.
		2018 Term Loan C, 4.83%, (3M LIBOR + 2.50%), 10/30/25 (c) (j)	473		474
	Iheartcommunications, Inc.
		Exit Term Loan, 6.10%, (3M LIBOR + 4.00%), 05/04/26 (j)	223		224
	Intelsat Jackson Holdings S.A.
		2017 Term Loan B3, 5.80%, (3M LIBOR + 3.75%), 11/27/23 (j)	421		422
	ION Media Networks, Inc.
		2019 Term Loan B, 0.00%, (3M LIBOR + 3.00%), 12/17/24 (j) (k)	198		197
		2019 Term Loan B, 5.06%, (3M LIBOR + 3.00%), 12/17/24 (j)	477		476
	Meredith Corporation
		2018 Term Loan B, 4.79%, (3M LIBOR + 2.75%), 01/31/25 (j)	666		666
	Mission Broadcasting, Inc.
		2018 Term Loan B3, 4.35%, (3M LIBOR + 2.25%), 01/17/24 (j)	46		46
	NASCAR Holdings Inc
		Term Loan, 0.00%, (3M LIBOR + 2.75%), 07/19/26 (j) (k)	644		648
	Nexstar Broadcasting, Inc.
		2018 Term Loan B3, 4.29%, (3M LIBOR + 2.25%), 01/18/24 (j)	229		230
		2019 Term Loan B4, 0.00%, (3M LIBOR + 2.75%), 06/13/26 (j) (k)	204		205
		2019 Term Loan B4, 4.81%, (3M LIBOR + 2.75%), 07/15/26 (j)	221		222
	SBA Senior Finance II LLC
		2018 Term Loan B, 4.05%, (3M LIBOR + 2.00%), 03/26/25 (j)	859		859
	Sinclair Television Group Inc.
		Term Loan B2B, 4.54%, (3M LIBOR + 2.50%), 07/18/26 (j)	192		193
	Speedcast International Limited
		Term Loan B, 4.85%, (3M LIBOR + 2.75%), 05/03/25 (c) (j) (m)	504		423
	Sprint Communications, Inc.
		1st Lien Term Loan B, 4.56%, (3M LIBOR + 2.50%), 02/01/24 (j)	92		92
		2018 Term Loan B, 5.06%, (3M LIBOR + 3.00%), 02/05/24 (j)	443		441
	Syniverse Holdings, Inc.
		2018 1st Lien Term Loan, 7.03%, (3M LIBOR + 5.00%), 02/09/23 (j)	398		374
	Titan AcquisitionCo New Zealand Limited
		Term Loan, 6.35%, (3M LIBOR + 4.25%), 03/29/26 (j)	575		576
	Triple Point Technology, Inc.
		1st Lien Term Loan, 6.29%, (3M LIBOR + 4.25%), 07/10/20 (j)	195		193
	Vestcom Parent Holdings, Inc.
		2016 1st Lien Term Loan, 6.04%, (3M LIBOR + 4.00%), 12/15/23 (c) (j) (m)	239		224
		2016 1st Lien Term Loan, 8.00%, (3M PRIME + 3.00%), 12/16/23 (c) (j) (m)	—		—
	Virgin Media Bristol LLC
		USD Term Loan K, 4.53%, (3M LIBOR + 2.50%), 02/10/26 (j)	428		428
	Vungle Inc.
		Term Loan, 0.00%, (3M LIBOR + 5.50%), 09/23/26 (j) (k)	902		890
	WeddingWire, Inc.
		1st Lien Term Loan, 6.55%, (3M LIBOR + 4.50%), 10/30/25 (j)	310		309
				12,576
Materials 1.3%
	Anchor Packaging Inc.
		Term Loan B, 6.04%, (3M LIBOR + 4.00%), 06/21/26 (j)	142		141
	Avantor, Inc.
		2017 1st Lien Term Loan, 5.04%, (3M LIBOR + 3.00%), 09/22/24 (j)	157		158
	Berlin Packaging LLC
		2018 1st Lien Term Loan, 5.05%, (3M LIBOR + 3.00%), 11/01/25 (j)	47		46
		2018 1st Lien Term Loan, 5.11%, (3M LIBOR + 3.00%), 11/01/25 (j)	257		251
	Berry Global, Inc.
		USD Term Loan U, 4.55%, (3M LIBOR + 2.50%), 07/01/26 (j)	702		706
	BWAY Holding Company
		2017 Term Loan B, 5.59%, (3M LIBOR + 3.25%), 04/03/24 (j)	339		331
	Clearwater Paper Corporation
		Term Loan B, 5.31%, (3M LIBOR + 3.25%), 07/19/26 (c) (j) (m)	190		190
	Consolidated Container Company LLC
		2017 1st Lien Term Loan, 4.79%, (1M LIBOR + 2.75%), 05/10/24 - 05/22/24 (j)	471		468
		2017 1st Lien Term Loan, 0.00%, (1M LIBOR + 2.75%), 05/22/24 (j) (k)	3		3
	Emerald Performance Materials, LLC
		New 1st Lien Term Loan, 5.54%, (1M LIBOR + 3.50%), 07/23/21 (j)	225		224
	Flex Acquisition Company, Inc.
		1st Lien Term Loan, 5.32%, (3M LIBOR + 3.00%), 12/15/23 (j)	561		539
		2018 Incremental Term Loan, 5.57%, (3M LIBOR + 3.25%), 06/20/25 (j)	43		41
	GrafTech Finance, Inc.
		2018 Term Loan B, 5.54%, (3M LIBOR + 3.50%), 02/01/25 (j)	465		452
	GYP Holdings III Corp.
		2018 Term Loan B, 4.79%, (3M LIBOR + 2.75%), 05/15/25 (j)	224		223
	H.B. Fuller Company
		2017 Term Loan B, 4.04%, (3M LIBOR + 2.00%), 10/11/24 (j)	511		509
	Messer Industries GmbH
		2018 USD Term Loan, 4.60%, (3M LIBOR + 2.50%), 10/10/25 (j)	664		662
	Plaze, Inc.
		2019 Term Loan B, 5.63%, (3M LIBOR + 3.50%), 08/01/26 (j)	453		451
	Polar US Borrower, LLC
		2018 1st Lien Term Loan, 6.85%, (3M LIBOR + 4.75%), 08/21/25 (j)	4		4
		2018 1st Lien Term Loan, 7.06%, (3M LIBOR + 4.75%), 08/21/25 (j)	181		176
	PQ Corporation
		2018 Term Loan B, 4.76%, (3M LIBOR + 2.50%), 02/08/25 (j)	435		436
	Quikrete Holdings Inc.
		2016 1st Lien Term Loan, 0.00%, (3M LIBOR + 2.75%), 11/03/23 (j) (k)	110		110
	Quikrete Holdings, Inc.
		2016 1st Lien Term Loan, 4.79%, (3M LIBOR + 2.75%), 11/03/23 (j)	340		339
	Solenis Holdings LLC
		2018 1st Lien Term Loan, 6.12%, (3M LIBOR + 4.00%), 06/26/25 (j)	237		230
		2018 1st Lien Term Loan, 6.04%, (3M LIBOR + 4.00%), 12/18/25 (j)	1		1
	Starfruit Finco B.V
		2018 USD Term Loan B, 5.29%, (3M LIBOR + 3.25%), 09/20/25 (j)	791		774
	Univar Inc.
		2017 USD Term Loan B, 4.29%, (3M LIBOR + 2.25%), 07/01/24 (j)	476		477

89

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Wheel Pros, LLC
		1st Lien Term Loan, 6.79%, (3M LIBOR + 4.75%), 04/04/25 (c) (j)	1,323		1,294
				9,236
Energy 0.7%
	California Resources Corporation
		Term Loan, 12.42%, (3M LIBOR + 10.38%), 08/05/23 (j)	84		73
	Eastern Power, LLC
		Term Loan B, 5.79%, (3M LIBOR + 3.75%), 10/02/23 (j)	449		450
	Gavilan Resources, LLC
		2nd Lien Term Loan, 8.04%, (3M LIBOR + 6.00%), 02/24/24 (c) (j)	5		2
	KAMC Holdings, Inc.
		2019 Term Loan, 6.18%, (3M LIBOR + 4.00%), 07/24/26 (j) (m)	937		935
	Lucid Energy Group II Borrower, LLC
		2018 1st Lien Term Loan, 5.04%, (3M LIBOR + 3.00%), 01/31/25 (j)	485		456
	Medallion Midland Acquisition, LLC
		1st Lien Term Loan, 5.29%, (3M LIBOR + 3.25%), 10/31/24 (j)	449		436
	MHVC Acquisition Corp.
		Term Loan, 7.30%, (3M LIBOR + 5.25%), 04/23/24 (c) (j)	1,209		1,197
	Murray Energy Corporation
		2018 Term Loan B2, 9.35%, (3M LIBOR + 7.25%), 10/17/22 (j)	150		56
	NorthRiver Midstream Finance LP
		2018 Term Loan B, 5.57%, (3M LIBOR + 3.25%), 10/01/25 (j)	473		469
	PowerTeam Services, LLC
		2018 1st Lien Term Loan, 5.35%, (3M LIBOR + 3.25%), 02/28/25 (j)	138		117
	Prairie ECI Acquiror LP
		Term Loan B, 6.85%, (3M LIBOR + 4.75%), 03/07/26 (j)	263		256
				4,447
Real Estate 0.5%
	Apollo Commercial Real Estate Finance, Inc
		Term Loan B, 4.78%, (3M LIBOR + 2.75%), 05/07/26 (j)	268		267
	Capital Automotive L.P.
		2017 2nd Lien Term Loan, 8.04%, (3M LIBOR + 6.00%), 03/21/25 (j)	412		413
	Forest City Enterprises, L.P.
		Term Loan B, 6.04%, (3M LIBOR + 4.00%), 10/24/25 (j)	298		300
	Iron Mountain, Inc.
		2018 Term Loan B, 3.79%, (3M LIBOR + 1.75%), 03/02/26 (j)	81		80
	MGM Growth Properties Operating Partnership LP
		2016 Term Loan B, 4.04%, (3M LIBOR + 2.00%), 04/20/23 (j)	708		709
	NMSC Holdings, Inc.
		USD Term Loan B4, 0.00%, (3M LIBOR + 2.00%), 10/04/23 (j) (k)	416		416
	Realogy Group LLC
		2018 Term Loan B, 4.30%, (3M LIBOR + 2.25%), 01/25/25 (j)	618		587
	VICI Properties 1 LLC
		Replacement Term Loan B, 4.05%, (3M LIBOR + 2.00%), 12/13/24 (j)	710		711
				3,483
Consumer Staples 0.2%
	8th Avenue Food & Provisions, Inc.
		2018 1st Lien Term Loan, 5.79%, (3M LIBOR + 3.75%), 09/19/25 (j)	99		99
	Albertsons, LLC
		2019 Term Loan B7, 4.79%, (3M LIBOR + 2.75%), 11/17/25 (j)	463		465
	BJ's Wholesale Club, Inc.
		2017 1st Lien Term Loan, 4.79%, (3M LIBOR + 2.75%), 01/26/24 (j)	411		412
	Nestle Skin Health SA
		Term Loan, 0.00%, (3M LIBOR + 4.25%), 07/12/26 (j) (k)	383		385
	PFS Holding Corporation
		2nd Lien Term Loan, 9.30%, (3M LIBOR + 7.25%), 01/31/22 (j) (m)	751		75
	United Natural Foods, Inc.
		Term Loan B, 6.29%, (3M LIBOR + 4.25%), 10/22/25 (j)	226		188
				1,624
Utilities 0.1%
	Calpine Corporation
		Term Loan B5, 4.61%, (3M LIBOR + 2.50%), 05/23/22 (j)	594		595
		Term Loan B9, 4.86%, (3M LIBOR + 2.75%), 03/22/26 (j)	50		50
	Vistra Operations Company LLC
		1st Lien Term Loan B3, 4.02%, (3M LIBOR + 2.00%), 12/11/25 (j)	110		111
		1st Lien Term Loan B3, 4.04%, (3M LIBOR + 2.00%), 12/11/25 (j)	164		164
				920
	Total Senior Loan Interests (cost $142,932)			138,953
COMMON STOCKS 0.0%
Energy 0.0%
	Ascent Resources - Marcellus, LLC (c) (e) (m)		5		13
	Jones Energy, Inc. - Class A (c) (e) (m)		2		22
	Total Common Stocks (cost $1,972)			35
WARRANTS 0.0%
	Ascent Resources - Marcellus, LLC - 2nd Lien A (c) (e) (m)		34		3
	Ascent Resources - Marcellus, LLC - 2nd Lien B (c) (e) (m)		27		1
	Jones Energy, Inc. (b) (c) (e) (l)		9		—
	Total Warrants (cost $10)			4
OTHER EQUITY INTERESTS 0.0%
	T-Mobile USA Inc. Escrow (c) (e) (m) (n)		102		—
	T-Mobile USA Inc. Escrow (c) (e) (m) (n)		3,600		—
	T-Mobile USA, Inc. (c) (e) (m) (n)		175		—
	T-Mobile USA, Inc. (c) (e) (m) (n)		2		—
	Total Other Equity Interests (cost $0)			—
SHORT TERM INVESTMENTS 5.6%
Securities Lending Collateral 3.1%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (o) (p)		21,028		21,028
Investment Companies 2.5%
	JNL Government Money Market Fund - Institutional Class, 1.86% (o) (p)		17,272		17,272
	Total Short Term Investments (cost $38,300)			38,300
Total Investments 102.8% (cost $709,176)					709,949
Other Assets and Liabilities, Net (2.8)%					(19,086)
Total Net Assets 100.0%					690,863

(a)The Adviser has deemed this security, which is exempt from registration under the Securities Act of 1933, as amended, to be liquid based on procedures approved by the Board of Trustees. As of September 30, 2019, the value and the percentage of net assets of these liquid securities was $245,188 and 35.5% of the Fund.

(b)All or a portion of the security was on loan as of September 30, 2019.

(c)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

(d)Security is restricted to resale to institutional investors. See Restricted Securities in the Schedules of Investments.

(e)Non-income producing security.

(f)As of September 30, 2019, issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date.

(g)Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of September 30, 2019.

(h)The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer.

(i)Pay-in-kind security. Stated coupon is the pay-in-kind rate. The interest earned by

90

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

the security may be paid in cash or additional par.

(j)Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of September 30, 2019. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations (“CMO”) and mortgage-backed securities (“MBS”) are determined by tranches of underlying mortgage-backed security pools’ cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security’s offering documents.

(k)This senior loan will settle after September 30, 2019. If a reference rate and spread is presented, it will go into effect upon settlement.

(l)Security fair valued in good faith as a Level 2 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Schedules of Investments.

(m)Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Schedules of Investments.

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

(o)Investment in affiliate.

(p)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Banco Espirito Santo, S.A. - Em Liquidacao, 0.00%, 05/08/17	07/11/14	528	74	—
	Banco Espirito Santo, S.A. - Em Liquidacao, 0.00%, 01/15/18	07/10/14	1,505	222	—
	Banco Espirito Santo, S.A. - Em Liquidacao, 0.00%, 01/21/19	08/11/14	2,416	408	0.1
	Cemex Finance LLC, 6.00%, 04/01/24	03/19/18	769	771	0.1
	Clearwater Seafoods Incorporated, 6.88%, 05/01/25	04/21/17	1,247	1,255	0.2
	Salem Media Group, Inc., 6.75%, 06/01/24	05/11/17	1,435	1,282	0.2
	Townsquare Media, Inc., 6.50%, 04/01/23	05/09/17	1,133	1,148	0.2
	Viking Cruises Limited, 6.25%, 05/15/25	09/13/16	953	1,043	0.1
			9,986	6,203	0.9

Unfunded Commitments

		Unfunded Commitment ($)	Appreciation/ (Depreciation) ($)
JNL/Crescent High Income Fund
	Allied Universal Holdco LLC – 2019 Delayed Draw Term Loan	21	—
	Anchor Packaging Inc. – Delayed Draw Term Loan	31	—
	MED ParentCo LP – 1st Lien Delayed Draw Term Loan	52	—
	Mister Car Wash Holdings, Inc. – 2019 Delayed Draw Term Loan	83	—
	Wrench Group LLC – 2019 Delayed Draw Term Loan‡	135	1
		322	1

^‡ Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the JNL Series Trust's Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Schedules of Investments.

91

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1	Value ($)
JNL/DFA International Core Equity Fund
COMMON STOCKS 98.4%
Japan 24.7%
	Adastria Co. Ltd.	1	23
	Adeka Corporation	2	19
	Advantest Corporation	1	40
	AEON Co. Ltd.	2	33
	Aeon Delight Co.,Ltd.	1	25
	AEON Financial Service Co. Ltd. (a)	1	21
	AEON Mall Co. Ltd.	1	22
	Aichi Steel Corporation	1	14
	Aida Engineering,Ltd.	2	19
	AIFUL Corporation (b)	5	12
	Ain Holdings Inc	—	23
	Air Water Inc.	2	31
	Aisin Seiki Co. Ltd.	2	50
	Ajinomoto Co. Inc.	1	23
	Alfresa Holdings Corp.	1	20
	All Nippon Airways Co. Ltd.	1	24
	ALPS Alpine Co. Ltd.	2	39
	Amada Co. Ltd.	2	22
	AMANO Corporation	1	24
	Anritsu Corporation	1	26
	Aozora Bank, Ltd. (a)	1	28
	Arata Corporation	1	26
	ArcLand Sakamoto Co., Ltd.	2	20
	Arisawa Manufacturing Co., Ltd.	2	15
	Asahi Holdings, Inc.	1	23
	Asahi Kasei Corp.	4	41
	Astellas Pharma Inc.	4	60
	Avex Inc.	1	14
	Bando Chemical Industries, Ltd.	1	9
	Bank of Kyoto Ltd.	1	24
	Bank of The Ryukyus, Limited	1	12
	BayCurrent Consulting , Inc.	1	27
	Belc CO., LTD.	—	15
	Bellsystem24 Holdings, Inc.	2	25
	Bengo4.com, Inc. (b)	1	19
	Bic Camera Inc.	2	23
	BML Inc.	1	16
	BrainPad Inc. (b)	—	23
	Brother Industries Ltd.	2	33
	Bunka Shutter Co. Ltd.	2	15
	Calbee,Inc.	1	25
	Canon Marketing Japan Inc.	1	11
	Central Japan Railway Co.	—	41
	China Bank Ltd. (a)	4	22
	Chiyoda Co., Ltd.	1	16
	ChubuShiryo Co., Ltd.	1	11
	Chudenko Corporation	1	22
	Citizen Watch Co., Ltd.	5	23
	CKD Corporation	2	20
	CMK Corporation	4	20
	Coca-Cola Bottlers Japan Holdings Inc.	1	14
	Colowide Co., Ltd.	1	22
	COMSYS Holdings Corporation	1	23
	Concordia Financial Group, Ltd.	6	23
	Create SD Holdings.Co., Ltd	1	21
	Credit Saison Co. Ltd.	2	26
	CyberAgent Inc. (a)	1	23
	Dai Nippon Printing Co. Ltd.	1	28
	Daibiru Corp.	2	22
	Daicel Corp.	3	26
	Daido Metal Co., Ltd.	3	18
	Daido Steel Co., Ltd.	1	24
	Daifuke Co. Ltd.	—	21
	Daiho Corp.	1	24
	Daiichi Jitsugyo Co., Ltd.	1	20
	Dai-ichi Life Holdings, Inc.	2	33
	Daiichikosho Co., Ltd.	1	23
	Daikin Industries Ltd.	—	40
	DaikyoNishikawa Corporation	1	10
	Dainippon Sumitomo Pharma Co. Ltd. (a)	1	20
	Daishi Hokuetsu Financial Group, Inc.	1	13
	Daito Pharmaceutical Co.,Ltd.	1	20
	Daito Trust Construction Co. Ltd.	—	51
	Daiwa House Industry Co. Ltd.	3	104
	Daiwa Securities Group Inc.	7	32
	Daiwabo Holdings Co., Ltd.	1	21
	Dena Co., Ltd.	1	21
	Denka Company Limited	1	19
	Denso Corp.	1	40
	Dentsu Inc.	1	21
	Dexerials Corporation	2	13
	DIC Corp.	—	11
	Doshisha Co., Ltd.	1	11
	DOUTOR·NICHIRES Holdings Co., Ltd.	1	24
	Dowa Holdings Co. Ltd.	1	24
	Earth Corporation	1	26
	East Japan Railway Co.	—	38
	EBARA Corporation	1	19
	Eisai Co. Ltd.	—	20
	Elecom Co.,Ltd.	1	27
	Electric Power Development Co., Ltd.	1	23
	En-Japan Inc.	1	23
	EPS Holdings Inc	1	17
	Exedy Corp.	1	22
	Ezaki Glico Co.,Ltd.	1	21
	F.C.C. Co. Ltd.	1	21
	Familymart Co., Ltd.	1	22
	Fast Retailing Co. Ltd.	—	60
	Ferrotec Holdings Corporation	3	23
	Financial Products Group Co.,Ltd.	2	15
	FP Corporation	—	25
	Fuji Media Holdings, Inc.	2	21
	Fuji Oil Holdings Inc.	1	23
	FUJIFILM Holdings Corp.	1	22
	Fujimori Kogyo Co., Ltd.	1	15
	Fujitsu Ltd.	—	32
	Fukuoka Financial Group, Inc.	2	30
	Furukawa Co., Ltd.	2	22
	Furukawa Electric Co., Ltd.	1	24
	Futaba Corporation	2	21
	Geo Holdings Corp.	1	17
	GMO Financial Holdings, Inc.	3	14
	GMO Internet, Inc.	1	23
	Goldwin Inc.	—	34
	GS Yuasa Corp.	1	16
	Gunze Limited	1	21
	H.I.S.Co.,Ltd.	1	22
	H2O Retailing Corporation (a)	2	22
	Hakuhodo DY Holdings Incorporated	1	19
	Hamakyorex Co.,Ltd.	1	16
	Hamamatsu Photonics KK	1	22
	Hankyu Hanshin Holdings Inc.	1	27
	Harmonic Drive Systems Inc.	1	26
	Haseko Corp.	4	44
	Heiwa Corporation	1	23
	Hiday Hidaka Corp.	1	17
	HI-LEX Corporation	1	11
	Hino Motors Ltd.	3	25
	Hitachi Capital Corporation	1	20
	Hitachi Construction Machinery Co. Ltd. (a)	1	27
	Hitachi Ltd.	2	64
	Hitachi Maxell, Ltd.	1	19
	Hitachi Metals Ltd.	2	21
	Hitachi Transport System, Ltd.	1	21
	Hitachi Zosen Corporation	5	17
	Hokuto Corporation	1	20
	Hoshizaki Corporation	—	24
	House Foods Group Inc.	1	23
	Hoya Corp.	1	66
	IBJ Leasing Company, Limited	1	24
	IHI Corp.	2	33
	Iida Group Holdings Co., Ltd. (a)	1	23
	Infocom Corporation	1	23
	Inpex Corporation	3	30
	Internet Initiative Japan Inc	1	27
	Isetan Mitsukoshi Holdings Ltd.	3	25

92

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

	Shares/Par1	Value ($)
Ishihara Sangyo Kaisha, Ltd.	2	17
Isuzu Motors Ltd.	4	49
ITO EN, LTD.	1	24
ITOCHU Corp. (a)	2	37
J Trust Co., Ltd.	4	17
J.Front Retailing Co., Ltd.	2	26
JACCS Co., Ltd.	1	19
JAFCO Co., Ltd.	1	23
Japan Airlines Co., Ltd	1	21
Japan Aviation Electronics Industry Ltd.	2	23
Japan Elevator Service Holdings Co.,Ltd.	1	24
Japan Exchange Group Inc.	2	24
Japan Lifeline Co., Ltd.	1	23
Japan Material Co.,Ltd.	2	20
Japan Post Holdings Co., Ltd.	3	30
Japan Pulp and Paper Co., Ltd.	—	14
Japan Securities Finance Co., LTD	3	13
JCU Corporation	1	24
JEOL Ltd.	1	24
JFE Holdings Inc.	2	24
JGC Corp.	2	28
Jins Holdings Inc.	—	24
JS Group Corp. (a)	2	28
JSR Corp.	2	35
JTEKT Corp. (a)	2	25
JustSystems Corporation	1	27
JVCKenwood Corporation	8	24
JXTG Holdings, Inc.	17	80
Kagome Co., Ltd.	1	25
Kajima Corp.	3	33
Kakaku.com Inc.	1	30
Kamakura Shinsho, Ltd.	2	22
Kameda Seika Co., Ltd.	1	22
Kanamoto Co. Ltd.	1	22
Kandenko Co., Ltd.	3	24
Kansai Paint Co. Ltd.	1	26
Kawada Technologies,Inc.	—	13
Kawasaki Heavy Industries Ltd. (a)	2	33
Kawasaki Kisen Kaisha, Ltd. (b)	2	22
KDDI Corp.	5	133
Keihan Holdings Co. Ltd.	1	22
Keihin Corporation	2	24
Keikyu Corp.	1	23
Keisei Electric Railway Co. Ltd.	1	25
Kewpie Corporation	1	23
Keyence Corp.	—	62
Kinden Corp.	1	12
Kintetsu Corp.	1	26
KITZ Corporation	3	21
KLab Inc. (a) (b)	3	32
Kmto Energy K.K.	1	21
Kobe Steel Ltd.	3	19
Koito Manufacturing Co. Ltd.	1	30
Komatsu Ltd.	5	122
KOMEDA Holdings Co.,Ltd.	1	22
Komeri Co.,Ltd.	1	22
Komori Corporation	2	21
Konami Corp.	1	24
Konica Minolta Holdings Inc.	5	34
Konishi Co., Ltd.	1	19
Kotobuki Spirits Co., Ltd.	1	33
Kourakuen Holdings Corporation	1	20
Krosaki Harima Corporation	—	21
K's Holdings Corporation	2	16
Kumagai Gumi Co., Ltd.	1	20
Kuraray Co. Ltd.	3	35
Kurita Water Industries Ltd.	1	27
KYB Corporation (b)	1	24
Kyocera Corp.	—	25
Kyokuto Kaihatsu Kogyo Co.,Ltd.	1	12
Kyorin Holdings, Inc.	1	22
Kyoritsu Maintenance Co., Ltd.	1	22
Kyowa Exeo Corp.	1	22
Kyushu Financial Group, Inc.	6	23
LAC Co., Ltd (a)	1	16
Lawson Inc.	1	26
Leopalace21 Corporation (a) (b)	8	20
Lintec Corporation	1	22
M&A Capital Partners Co.,Ltd. (b)	—	24
M3, Inc.	1	29
Mabuchi Motor Co. Ltd.	1	22
Macnica Fuji Electronics Holdings, Inc.	2	22
Makino Milling Machine Co., Ltd.	1	26
Marudai Food Co., Ltd.	1	17
Marui Group Co. Ltd.	1	23
Marusan Securities Co., Ltd.	3	15
Maruwa Unyu Kikan Co.,Ltd. (a)	1	25
MAX Co.,Ltd.	1	24
Mazda Motor Corp.	3	29
McDonald's Holdings Co. Japan Ltd.	1	24
Mebuki Financial Group, Inc. (a)	9	22
Meidensha Corporation	1	12
Meiji Holdings Co., Ltd.	—	22
Minebea Mitsumi Inc.	2	32
Miroku Jyoho Service Co., Ltd.	1	14
MISUMI Group Inc.	1	21
Mitsubishi Chemical Holdings Corporation	5	37
Mitsubishi Corp.	3	69
Mitsubishi Electric Corp.	3	43
Mitsubishi Gas Chemical Co. Inc. (a)	2	23
Mitsubishi Heavy Industries Ltd.	1	20
Mitsubishi Logistics Corporation.	1	20
Mitsubishi Materials Corp.	1	35
Mitsubishi Motors Corp.	7	31
Mitsubishi Tanabe Pharma Corp.	2	22
Mitsubishi UFJ Financial Group Inc.	25	128
Mitsubishi UFJ Lease & Finance Co. Ltd.	5	27
Mitsuboshi Belting Ltd.	1	12
Mitsui & Co. Ltd.	3	56
Mitsui Chemicals Inc.	2	34
Mitsui E&S Holdings Co., Ltd. (b)	3	24
Mitsui Fudosan Co. Ltd.	1	30
Mitsui High Tec Incorporation	2	24
Mitsui OSK Lines Ltd.	1	23
mixi, Inc.	1	23
Mizuho Financial Group Inc.	40	61
MIZUNO Corporation	1	13
Morinaga Milk Industry Co., Ltd.	1	19
Morita Holdings Corp.	1	11
MS&AD Insurance Group Holdings, Inc.	1	26
Murata Manufacturing Co. Ltd.	1	63
Musashi Seimitsu Industry Co., Ltd.	2	23
Nagase & Co., Ltd.	2	21
Nagoya Railroad Co. Ltd.	1	24
Nankai Electric Railway Co., Ltd.	1	23
NEC Corp.	1	25
NEC Electronics Corp. (b)	5	32
Neturen Co., Ltd.	1	10
NEXON Co.,Ltd. (b)	2	18
NGK Spark Plug Co. Ltd.	1	25
Nichicon Corporation	3	27
NICHIDEN Corporation	1	15
Nichiha Corporation	1	22
Nichirei Corporation	1	23
Nidec Corp.	—	41
Nifco Inc.	1	22
Nihon Kohden Corporation	1	24
Nihon M & A Center Inc. (a)	1	26
Nihon Parkerizing Co. Ltd.	1	15
Nintendo Co. Ltd.	—	37
Nippo Corp.	1	11
Nippon Express Co. Ltd.	1	31
Nippon Flour Mills Co., Ltd.	1	22
Nippon Gas Co., Ltd.	1	23
Nippon Meat Packers Inc.	1	20
Nippon Parking Development Co., Ltd.	11	17
Nippon Seiki Co., Ltd.	1	11
Nippon Sheet Glass Company,Limited	3	20
Nippon Shinyaku Co., Ltd.	—	25
Nippon Shokubai Co., Ltd.	—	17

93

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

	Shares/Par1	Value ($)
Nippon Signal Co.,Ltd.	2	22
Nippon Soda Co., Ltd.	1	22
Nippon Steel Corporation	3	37
Nippon Suisan Kaisha, Ltd.	4	21
Nippon Telegraph & Telephone Corp.	1	43
Nippon Thompson Co., Ltd.	5	20
Nipro Corp.	2	23
NISHIMATSUYA CHAIN Co., Ltd.	2	14
Nishi-Nippon Financial Holdings, Inc.	3	22
Nishio Rent All Co.,Ltd.	1	21
Nissan Chemical Industries Ltd.	1	21
Nissan Motor Co. Ltd.	13	79
Nissha Co., Ltd.	1	10
Nissin Electric Co., Ltd.	2	26
Nitori Co. Ltd.	—	29
Nitto Boseki Co., Ltd.	1	22
Nitto Denko Corp.	1	53
NOF Corporation	1	20
Nojima Corporation	1	20
Nomura Holdings Inc.	7	29
Noritsu Koki Co., Ltd.	1	17
North Pacific Bank, Ltd.	5	12
NS Solutions Corporation (a)	1	23
NSD Co., Ltd.	1	23
NSK Ltd.	4	32
NTN Corporation	8	22
NTT Data Corp.	2	25
NTT DoCoMo Inc.	4	95
Obayashi Corp.	5	52
Obic Co. Ltd.	—	23
OCO, K.K.	—	13
Odakyu Electric Railway Co. Ltd.	1	22
Ohsho Food Service Corp.	—	26
Oiles Corporation	2	22
OJI Holdings Corp.	9	43
Okamoto Industries, Inc.	—	15
Okamura Corporation	2	21
Okasan Securities Group Inc.	6	22
Oki Electric Industry Company Limited	2	25
Olympus Corp.	3	34
Omron Corp. (a)	1	28
Orient Corporation	17	24
Oriental Land Co. Ltd.	—	31
ORIX Corp.	7	108
Osaka Soda Co., Ltd.	1	23
OSJB Holdings Corporation	8	18
Pacific Metals Co., Ltd.	1	23
Panasonic Corp.	10	85
Paramount Bed Holdings Co., Ltd.	1	22
Park24 Co. Ltd.	1	23
Piolax, Inc.	1	14
Press Kogyo Co., Ltd.	5	21
Prestige International Inc.	3	22
Qol Holdings Co., Ltd.	1	13
RAIZNEXT Corporation	2	19
Rakus Co.,Ltd.	2	28
Rakuten Inc.	3	26
Recruit Holdings Co., Ltd.	3	80
Rengo Co., Ltd.	3	21
Resona Holdings Inc.	9	41
Retail Partners Co., Ltd.	2	12
Ricoh Co. Ltd.	3	28
Riken, K.K.	—	10
Riso Kyoiku Co., Ltd.	5	22
Rohto Pharmaceutical Co. Ltd.	1	22
Royal Holdings Co., Ltd.	1	20
Ryoyo Electro Corporation	1	15
Saibu Gas Co.,Ltd.	1	13
Sakai Moving Service Co., Ltd.	—	23
Sakata INX Corporation	1	11
SALA Corporation	2	11
Samty Co., Ltd.	2	26
San-Ai Oil Co.,Ltd.	1	14
Sanken Electric Co.,Ltd.	1	22
Sanki Engineering Co., Ltd.	2	19
Sankyo Co. Ltd.	1	21
Sankyo Tateyama, Inc.	1	14
Sankyu Inc.	1	26
Santen Pharmaceutical Co. Ltd.	1	25
Sanwa Holdings Corporation	2	24
Sapporo Holdings Limited	1	18
Sato Holdings Corporation	1	24
Sawai Pharmaceutical Co.,Ltd.	—	21
SBI Holdings Inc.	1	19
SCREEN Holdings Co., Ltd.	1	36
Seiko Epson Corp.	2	31
Seiko Holdings Corporation	1	22
Seino Holdings Corp.	2	21
SEIREN Co., Ltd.	1	13
Sekisui Chemical Co. Ltd.	2	26
SENKO Group Holdings Co., Ltd.	3	20
Seven & I Holdings Co., Ltd.	3	135
Sharp Corp.	2	24
Shibuya Corporation	—	8
Shikoku Chemicals Corporation	1	12
Shima Seiki Mfg., Ltd.	1	18
Shimachu Co., Ltd.	1	25
Shimamura Co. Ltd.	—	16
Shimizu Corp.	3	25
Shin-Etsu Chemical Co. Ltd.	1	108
Shin-Etsu Polymer Co.,Ltd.	2	11
Shinsei Bank Ltd.	2	22
Shionogi & Co. Ltd.	—	22
Showa Corp.	2	25
Showa Denko KK	1	37
Showa Sangyo Co., Ltd.	1	23
Sintokogio, Ltd.	2	17
SKY Perfect JSAT Holdings Inc.	4	15
SKYLARK Holdings Co., Ltd.	1	13
SMC Corp.	—	43
Sohgo Security Services Co. Ltd.	1	26
Sojitz Corp. (a)	7	21
Sompo Holdings, Inc. (a)	1	46
Sony Corp.	4	225
Sotetsu Holdings,Inc.	1	21
S-Pool, Inc.	3	22
Square Enix Holdings Co. Ltd.	1	34
Stanley Electric Co. Ltd.	1	27
Star Micronics Co. Ltd.	1	19
Starzen Company Limited	—	16
Subaru Corp. NPV	3	82
Sugi Holdings Co., Ltd.	1	27
SUMCO Corporation	2	26
Sumitomo Chemical Co. Ltd.	8	38
Sumitomo Corp.	2	38
Sumitomo Densetsu Co.,Ltd.	1	27
Sumitomo Electric Industries Ltd.	4	54
Sumitomo Forestry Co. Ltd. (a)	2	21
Sumitomo Heavy Industries Ltd.	1	36
Sumitomo Metal Mining Co. Ltd.	1	34
Sumitomo Mitsui Financial Group Inc. (a)	3	89
Sumitomo Mitsui Trust Holdings Inc.	1	25
Sumitomo Osaka Cement Co., Ltd.	—	13
Sumitomo Realty & Development Co. Ltd.	1	23
Sumitomo Rubber Industries Inc.	1	14
Sun Frontier Fudousan Co.,Ltd.	2	28
Sushiro Global Holdings Ltd.	—	27
Suzuken Co. Ltd.	—	22
Suzuki Motor Corp.	1	47
Sysmex Corp.	—	27
Systena Corporation (a)	1	19
T&D Holdings Inc.	3	33
T.Hasegawa Co., Ltd.	1	22
Tadano Ltd.	2	21
Taihei Dengyo Kaisha, Ltd.	1	16
Taiheiyo Cement Corp.	1	35
Taisei Corp.	2	62
Taisho Pharmaceutical Holdings Company Ltd. (a)	—	22
Taiyo Yuden Co. Ltd.	1	34
Takamatsu Construction Group Co.,Ltd.	1	14

94

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	Takasago International Corporation	1		19
	Takeda Pharmaceutical Co. Ltd.	2		69
	Takeuchi Mfg. Co., Ltd.	1		19
	Tamura Corp	4		23
	Tayca Corporation	1		9
	TDK Corp.	1		90
	TechMatrix Corporation	1		26
	Teijin Ltd.	2		39
	Tekken Corporation	1		21
	Terumo Corp.	1		45
	The Akita Bank, Ltd.	1		11
	The Aomori Bank, Ltd.	1		12
	The Bank of Iwate, Ltd.	1		22
	The Bank of Nagoya, Ltd.	1		18
	The Bank of Okinawa, Ltd.	—		13
	The Chugoku Bank, Limited	3		24
	The Ehime Bank, Ltd.	2		15
	The Gunma Bank, Ltd.	6		20
	The Hachijuni Bank, Ltd.	5		22
	The Hiroshima Bank Ltd.	2		11
	The Hokkoku Bank, Ltd.	—		10
	The Hyakugo Bank, Ltd.	4		13
	The Hyakujushi Bank, Ltd.	1		12
	The Japan Wool Textile Co.,Ltd.	2		15
	The Kiyo Bank, Ltd.	1		19
	The Musashino Bank, Ltd	—		7
	The Nanto Bank, Ltd.	1		14
	The Nisshin OilliO Group, Ltd.	1		25
	The Ogaki Kyoritsu Bank, Ltd.	1		18
	The Oita Bank, Ltd.	1		22
	The San-in Godo Bank, Ltd.	3		21
	TheKeiyo Bank, Ltd.	2		14
	THK Co. Ltd.	1		37
	Tobu Railway Co. Ltd.	1		26
	TOC Co., Ltd.	3		22
	Toda Corp.	4		23
	Toei Animation Co., Ltd.	—		14
	Toei Company, Ltd.	—		14
	Toho Co. Ltd.	1		22
	Toho Gas Co. Ltd.	1		23
	Toho Holdings Co. Ltd. (a)	1		23
	Tohoku Electric Power Co. Inc.	2		21
	Tokai Carbon Co., Ltd.	2		20
	TOKAI Holdings Corporation	3		25
	Tokairika Co., Ltd.	1		24
	Token Corporation	—		25
	Tokio Marine Holdings Inc.	1		59
	Tokuyama Corporation	1		21
	Tokyo Broadcasting System Holdings,Inc.	1		21
	Tokyo Dome Corporation	1		14
	Tokyo Electric Power Co. Holdings Inc. (b)	4		19
	Tokyo Electron Ltd. (a)	—		58
	Tokyo Seimitsu Co., Ltd.	1		27
	Tokyo Tatemono Co. Ltd.	2		25
	Tokyu Fudosan Holdings Corporation	4		24
	TOMONY Holdings, Inc.	4		12
	TOMY Company, Ltd.	2		21
	TOPCON Corporation	2		24
	Toppan Printing Co. Ltd.	1		25
	Topy Industries Ltd.	1		18
	Toshiba Machine Co. Ltd.	1		21
	Toshiba Plant Systems & Services Corporation	1		20
	Toshiba TEC Corporation	1		24
	Tosoh Corp.	2		32
	TOTO Ltd.	1		23
	Toyo Construction Co., Ltd.	6		25
	Toyo Seikan Group Holdings Ltd.	1		17
	Toyo Tanso Co.,Ltd.	1		22
	Toyo Tire Corporation	1		9
	Toyoda Gosei Co. Ltd.	1		24
	Toyota Motor Corp.	10		678
	Trend Micro Inc.	1		29
	Tsubaki Nakashima Co., Ltd.	1		21
	Tsubakimoto Chain Co.	1		23
	Tsukui Corporation	4		17
	TV Asahi Holdings Corp.	1		19
	UACJ Corporation	1		22
	Ube Industries Ltd.	1		26
	Unipres Corp.	1		22
	United Super Markets Holdings Inc.	1		11
	Universal Entertainment Corporation	—		13
	UNIZO Holdings Company,Limited	1		58
	USS Co. Ltd.	1		21
	Valor Holdings Co. Ltd.	1		19
	Valqua Ltd	1		22
	Vector, Inc. (b)	2		19
	Vital Ksk Holdings,Inc.	1		13
	V-Technology Co., Ltd.	1		25
	Wacom Co., Ltd.	6		20
	Wakita & Co., Ltd.	1		11
	West Japan Railway Co.	—		25
	Yakult Honsha Co. Ltd.	—		22
	Yakuodo Co. Ltd.	1		13
	Yamada Denki Co. Ltd.	2		11
	Yamaha Corp.	1		23
	Yamaha Motor Co. Ltd.	2		45
	Yamato Holdings Co. Ltd.	1		21
	Yamato Kogyo Co. Ltd.	1		20
	Yamazen Corporation	1		11
	YAOKO Co., Ltd.	1		22
	Yaskawa Electric Corp.	1		41
	Yokohama Reito Co., Ltd.	2		16
	Yokohama Rubber Co. Ltd.	1		16
	Yuasa Trading Co. Ltd.	1		23
	Yumeshin Holdings Co., Ltd.	2		20
	Zenkoku Hosho Co., Ltd.	1		23
	Zenrin Co., Ltd.	1		20
			15,217
United Kingdom 12.5%
	3i Group plc	5		69
	Admiral Group PLC	1		23
	Advanced Medical Solutions Group PLC	3		8
	Aggreko PLC	3		34
	Alliance Pharma PLC	14		12
	Anglo American PLC	5		109
	Antofagasta PLC	2		21
	Arrow Global Group PLC	4		10
	Ashtead Group Public Limited Company	3		74
	ASOS Plc (b)	1		22
	Associated British Foods PLC	1		20
	AstraZeneca PLC - ADR	5		222
	Auto Trader Group PLC (c)	8		48
	Aviva PLC	15		75
	Avon Rubber p.l.c.	—		4
	B&M European Value Retail S.A.	11		49
	Babcock International Group PLC	2		14
	BAE Systems PLC	15		106
	Balfour Beatty PLC	3		9
	Barclays PLC - ADR	5		36
	Barratt Developments P L C	10		81
	BBA Aviation PLC	8		32
	Beazley Ireland Holdings PLC	2		13
	Bellway P L C	2		69
	Bodycote PLC	1		12
	Bovis Homes BVC Ltd.	1		15
	BP P.L.C. - ADR	15		563
	Brewin Dolphin Holdings PLC	3		13
	Britvic PLC	3		42
	BT Group Plc	33		72
	Bunzl Public Limited Company	1		21
	Cairn Energy PLC (b)	12		29
	Capital & Counties Properties PLC	6		18
	Carnival PLC - ADR	—		20
	Central Asia Metals PLC	8		20
	Chemring Group PLC	6		14
	Chesnara PLC	3		11
	Cineworld Group PLC	10		28
	Clarkson PLC	—		12
	Close Brothers Group PLC	2		32

95

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

	Shares/Par1	Value ($)
Coats Group PLC	10	9
Cobham PLC (b)	9	17
Coca-Cola European Partners PLC	—	19
Compass Group PLC	4	93
Convatec Group PLC (c)	10	22
Costain Group PLC	3	5
Cranswick PLC	—	17
Crest Nicholson Holdings plc	2	11
Croda International Public Limited Company	—	27
CYBG PLC	14	20
Dart Group PLC	2	18
DCC Public Limited Company	—	21
Devro PLC	8	19
Diageo PLC - ADR	1	139
Diploma PLC	1	15
Direct Line Insurance Group plc	15	55
Dixons Carphone PLC	8	11
Domino's Pizza Group PLC	6	20
DS Smith PLC	14	62
Dunelm Group PLC	1	13
EI Group PLC (b)	8	26
Electrocomponents Public Limited Company	7	52
Elementis PLC	6	11
EnQuest PLC (b)	59	14
Entertainment One Ltd	3	22
Equiniti Group PLC (c)	1	3
Euromoney Institutional Investor PLC	1	13
Ferrexpo PLC	7	13
Fevertree Drinks PLC	1	22
Fiat Chrysler Automobiles N.V.	3	45
FirstGroup PLC (b)	10	16
Forterra PLC (c)	3	11
G4S PLC	16	37
Galliford Try PLC	1	7
Games Workshop Group PLC	—	24
Gamesys Group PLC (b)	2	18
Gamma Communications PLC	1	20
GlaxoSmithKline PLC - ADR	5	235
Grainger PLC	4	12
Greencore Group Public Limited Company	4	12
Greene King PLC	5	50
Greggs PLC	1	35
GVC Holdings PLC	2	17
Halma Public Limited Company	1	33
Hargreaves Lansdown PLC	1	34
Hastings Group Holdings PLC (c)	5	13
Hays PLC	17	31
Hikma Pharmaceuticals Public Limited Company	1	30
Hill & Smith Holdings PLC	1	11
Hilton Food Group PLC	1	10
Hochschild Mining PLC	6	14
Howden Joinery Group PLC	6	43
HSBC Holdings PLC - ADR	5	196
Hyve Group PLC	9	9
IG Group Holdings PLC	4	33
IMI Plc	3	34
Imperial Brands PLC	2	48
Inchcape PLC	5	36
Informa Switzerland Limited	5	47
InterContinental Hotels Group PLC - ADR	1	32
Intermediate Capital Group PLC	1	23
Intertek Group Plc	1	51
Investec PLC	4	21
IQE PLC (b)	22	17
J D Wetherspoon PLC	1	16
J Sainsbury PLC	12	32
James Fisher And Sons Public Limited Company	1	13
James Halstead PLC	—	3
John Laing Group PLC (c)	7	30
John Wood Group P.L.C.	1	5
Johnson Matthey PLC	1	20
Johnson Service Group PLC	7	15
Jupiter Fund Management PLC	3	15
Keller Group PLC	2	13
Kingfisher Plc	21	53
Lancashire Holdings Limited	1	13
Legal & General Group PLC	29	88
Lloyds Banking Group PLC	212	141
London Stock Exchange Group PLC	1	134
Man Group PLC	5	12
Marks & Spencer Group Plc	5	11
Marshalls PLC	2	20
Marston's PLC	15	23
Mediclinic International PLC	4	16
Meggitt PLC	5	40
Melrose Holdings Limited	24	59
Micro Focus International PLC - ADR	1	15
Mitchells & Butlers Plc (b)	3	13
MITIE Group PLC	6	12
Monarch Realisations 1 PLC (c)	7	12
Mondi plc	2	40
Moneysupermarket.com Group PLC	3	15
Morgan Advanced Materials PLC	3	11
Morgan Sindall Group PLC	1	11
National Express Group PLC	3	18
National Grid PLC - ADR	1	57
Northgate PLC	1	6
OneSavings Bank PLC	2	9
Oxford BioMedica (UK) Limited (b)	1	9
Oxford Instruments PLC	1	22
PageGroup Plc	2	10
Paragon Banking Group PLC	2	12
PayPoint PLC	—	3
Pearson PLC - ADR	4	35
Pennon Group PLC	3	36
Persimmon Public Limited Company	2	55
Pets at Home Group PLC	8	19
Phoenix Group Holdings PLC	4	35
Photo - Me International P L C	9	10
Playtech PLC	5	25
Premier Oil PLC (b)	23	22
Quilter PLC (c)	20	33
R P S Group PLC	6	10
Reach PLC	11	12
Reckitt Benckiser Group PLC	1	52
Redrow PLC	2	12
Relx PLC - ADR (a)	4	90
Renew Holdings PLC.	1	3
Renishaw P L C	—	10
Rentokil Initial PLC	9	49
Rightmove PLC	7	50
Rio Tinto Plc - ADR	3	169
Robert Walters PLC	1	5
Rolls-Royce Holdings plc (b)	5	51
Rotork P.L.C.	10	37
Royal Mail PLC	8	22
RSA Insurance Group PLC	4	25
Savills Plc	1	10
Severn Trent PLC	1	38
Smith & Nephew PLC	2	42
Softcat PLC	1	12
Spectris PLC	1	27
Spirax-Sarco Engineering PLC	—	33
Spire Healthcare Group PLC (c)	7	9
Sports Direct International PLC (b)	3	10
SSE PLC	3	52
SSP Group PLC	4	31
St. James's Place PLC	3	31
St. Modwen Properties PLC	2	10
Standard Chartered PLC	6	50
Standard Life Aberdeen PLC	12	42
Stolt-Nielsen M.S. Ltd.	2	21
Tate & Lyle Public Limited Company	4	33
Taylor Wimpey PLC	36	71
Telford Homes PLC	3	11
Tesco PLC	19	55
The Berkeley Group Holdings PLC	1	67
The Royal Bank of Scotland Group Public Limited Company - ADS	5	26
The Sage Group PLC.	5	44

96

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	TP ICAP PLC	4		18
	Travis Perkins PLC	3		41
	Tullow Oil PLC	20		51
	Tyman PLC	4		12
	Ultra Electronics Holdings PLC	1		14
	Unilever NV - ADR	3		203
	Unilever PLC - ADR	3		152
	United Utilities Group PLC	4		41
	Vectura Group PLC (b)	19		20
	Vesuvius PLC	2		10
	Victrex PLC	1		28
	Vodafone Group Public Limited Company	36		71
	Watkin Jones PLC	6		17
	WH Smith PLC	1		35
	Whitbread PLC	1		28
	William Hill PLC	6		13
	WM Morrison Supermarkets P L C	9		22
	WPP 2012 Limited	7		93
			7,684
Canada 9.0%
	Aecon Group Inc.	2		21
	Agnico Eagle Mines Limited	—		23
	Air Canada (b)	1		23
	Alacer Gold Corp. (b)	4		17
	Alamos Gold Inc - Class A	6		36
	Alimentation Couche-Tard Inc.	2		61
	AltaGas Ltd.	2		34
	Altius Minerals Corporation	1		10
	ARC Resources Ltd.	4		20
	Aritzia, Inc. (b)	1		11
	ATCO Ltd. - Class I	—		15
	B2Gold Corp. (b)	16		51
	Bank of Montreal	3		189
	Barrick Gold Corp.	1		14
	BlackBerry Limited (b)	4		19
	Bombardier Inc. - Class B (b)	13		18
	Boralex Inc. - Class A	1		24
	Brookfield Asset Management Inc. - Class A	1		44
	CAE Inc.	1		23
	Cameco Corp.	2		23
	Canaccord Genuity Group Inc.	2		8
	Canadian National Railway Company	2		156
	Canadian Natural Resources Ltd.	8		216
	Canadian Tire Corporation, Limited - Class A	—		34
	Canadian Utilities Limited - Class A	—		12
	Canadian Western Bank	1		30
	Canopy Growth Corporation (b)	1		13
	CanWel Building Materials Group Ltd. (a)	3		12
	Cardinal Energy Ltd	8		16
	Cascades Inc.	2		20
	CCL Industries Inc. - Class B	1		28
	Celestica Inc. (b)	3		22
	Cenovus Energy Inc.	5		51
	Centerra Gold Inc. (b)	3		30
	CGI Inc. (b)	1		71
	CI Financial Corp.	2		23
	Cineplex Inc.	1		22
	Cogeco Inc.	—		22
	Computer Modelling Group Ltd.	2		9
	Constellation Software Inc.	—		100
	Crescent Point Energy Corp.	9		38
	Cronos Group Inc. (a) (b)	1		9
	Detour Gold Corporation (b)	3		41
	Dollarama Inc.	1		32
	Dreams Unlimited Corporation - Class A	3		21
	Dundee Precious Metals Inc. (b)	6		20
	ECN Capital Corp.	3		11
	Eldorado Gold Corporation (b)	3		20
	Element Fleet Management Corp.	3		22
	Emera Inc.	1		35
	Empire Company Limited - Class A	2		49
	EnCana Corp.	10		46
	Enerflex Ltd.	2		15
	Enerplus Corporation	4		28
	Enghouse Systems Limited	1		22
	Equitable Group Inc.	—		31
	Ero Copper Corp. (b)	1		19
	Extendicare Inc.	3		22
	Fairfax Financial Holdings Ltd.	—		44
	Finning International Inc.	2		44
	First Capital Realty Inc.	1		22
	First National Financial Corporation	1		21
	First Quantum Minerals Ltd.	7		59
	Fortis Inc.	1		59
	Freehold Royalties Ltd.	3		19
	George Weston Ltd.	—		34
	Gibson Energy Holding ULC	1		21
	Gildan Activewear Inc.	1		25
	Great-West Lifeco Inc.	1		14
	Home Capital Group Inc. (b)	1		21
	Husky Energy Inc. (b)	2		17
	Hydro One Limited (c)	1		22
	iA Financial Corporation Inc.	1		59
	Imperial Oil Limited	1		24
	Inter Pipeline Ltd.	4		75
	Interfor Corporation (b)	1		12
	Jamieson Wellness Inc.	1		25
	Keyera Corp.	2		53
	Kinaxis Inc. (b)	—		13
	Kinross Gold Corporation (b)	15		70
	Knight Therapeutics Inc. (b)	4		21
	Linamar Corporation	1		23
	Loblaw Cos. Ltd.	1		63
	Lundin Mining Corp.	7		32
	Magna International Inc.	4		210
	Manulife Financial Corp.	6		119
	Maple Leaf Foods Inc.	1		22
	Martinrea International Inc.	2		19
	MEG Energy Corp. (b)	4		18
	Metro Inc.	—		13
	Mullen Group Ltd.	3		18
	New Gold Inc (b)	16		16
	NFI Group Inc. (a)	1		11
	Norbord Inc.	1		22
	Northland Power Inc.	2		40
	ONEX Corporation	1		50
	Open Text Corp	1		55
	Pan American Silver Corp.	2		25
	Paramount Resources Ltd - Class A (b)	4		18
	Parex Resources Inc. (b)	2		35
	Parkland Fuel Corporation	1		38
	Plastiques IPL Inc. (b)	1		8
	Prairiesky Royalty Ltd. (a)	2		29
	Premier Gold Mines Limited (b)	12		18
	Pretium Resources Inc. (b)	2		25
	Quebecor Inc. - Class B	2		34
	Quincaillerie Richelieu Ltee	1		25
	Rogers Communications Inc. - Class B	1		43
	Rogers Sugar Inc.	4		15
	Roxgold Inc. (b)	16		13
	Royal Bank of Canada	4		333
	Royal Nickel Corporation (a) (b)	40		11
	Russel Metals Inc.	1		14
	Sabina Gold & Silver Corp. (b)	13		17
	Sandstorm Gold Ltd. (b)	4		22
	Saputo Inc.	1		34
	Secure Energy Services Inc.	2		11
	SEMAFO Inc. (b)	6		18
	Shaw Communications Inc. - Class B	3		53
	Sienna Senior Living Inc.	2		22
	SSR Mining Inc. (b)	2		23
	Stelco Holdings Inc.	2		13
	Stella-Jones Inc.	1		20
	Sun Life Financial Inc.	1		53
	Suncor Energy Inc.	8		256
	Superior Plus Corp.	3		24
	Teck Resources Ltd. - Class B	6		94
	Teranga Gold Corporation (b)	6		22
	TF1 International	1		40

97

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	The Stars Group Inc. (b)	2		30
	The Toronto-Dominion Bank	3		182
	Timbercreek Financial Corp.	3		20
	TMX Group Limited	—		26
	TORC Oil & Gas Ltd.	7		20
	Torex Gold Resources Inc. (b)	2		26
	Toromont Industries Ltd.	1		29
	Tourmaline Oil Corp	3		32
	TransAlta Corporation	2		21
	TransAlta Corporation	4		29
	Transcontinental Inc. - Class A (a)	2		20
	Turquoise Hill Resources Ltd. (b)	8		4
	Vermilion Energy Inc. (a)	2		40
	Wajax Corporation	1		11
	Westshore Terminals Investment Corporation	1		14
	Wheaton Precious Metals Corp.	1		24
	Whitecap Resources Inc. (a)	7		23
			5,514
France 8.0%
	Albioma	1		14
	Alstom	1		38
	Alten	—		25
	Amundi (c)	—		22
	Arkema	1		87
	AtoS SE	1		41
	AXA SA	2		56
	Beneteau SA	1		8
	Biomerieux SA	—		21
	BNP Paribas SA	1		45
	Bollore SA	5		20
	Bonduelle	—		9
	Bouygues SA	2		74
	Bureau Veritas	2		56
	Capgemini SA	—		40
	Carrefour SA	3		49
	CGG (b)	11		25
	Cie de Saint-Gobain	3		113
	Cie Generale d'Optique Essilor International SA	—		57
	CNP Assurances SA	1		19
	Coface SA (b)	1		14
	Compagnie Generale des Etablissements Michelin	1		158
	Compagnie Plastic Omnium	1		24
	Danone	2		155
	Dassault Systemes SA	—		20
	EDENRED	1		35
	Eiffage	1		106
	Electricite de France	2		25
	Elis SA	2		41
	Engie	6		98
	Eurofins Scientific SE	—		53
	Europcar Mobility Group (c)	3		14
	Eutelsat Communications	1		23
	Faurecia	1		31
	Fnac Darty (b)	—		17
	Gaztransport Et Technigaz	—		20
	Getlink S.E.	2		31
	Hermes International SCA	—		49
	Iliad SA	—		19
	Imerys	1		22
	Ingenico Group	—		44
	IPSEN	—		20
	IPSOS	1		22
	Jacquet Metal Service	1		19
	JC Decaux SA	1		20
	Kaufman & Broad SA	1		20
	Kering SA	—		86
	Korian S.A.	1		31
	Lagardere SCA	1		12
	L'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude	1		173
	Latecoere (b) (d)	5		22
	Lectra	1		17
	Legrand SA	1		88
	L'Oreal SA	—		46
	LVMH Moet Hennessy Louis Vuitton SE	1		247
	Maisons Du Monde (c)	1		15
	Metropole Television	1		11
	Nexans	—		12
	Nexity	1		30
	NYSE B.V. (c)	1		44
	Orange SA	5		78
	Orpea	—		59
	Peugeot SA	6		148
	Publicis Groupe SA	2		81
	Quadient SAS	1		11
	Remy Cointreau SA	—		21
	Renault SA	1		64
	Rexel	2		21
	Rothschild & Co	—		11
	Rubis	1		42
	Safran	—		48
	Sanofi SA	—		27
	Schneider Electric SE (b)	1		89
	SCOR	2		66
	SEB SA	—		36
	Societe Generale SA	3		77
	Sodexo SA	—		47
	SOITEC (b)	—		20
	Sopra Steria Group	—		20
	Spie SA	1		28
	SUEZ	2		31
	Synergie	—		9
	Tarkett	1		8
	Teleperformance	—		59
	Television Francaise 1	1		13
	Thales SA	—		57
	Total SA	11		591
	Trigano	—		8
	Ubisoft Entertainment (b)	1		50
	Valeo	3		102
	Vallourec (b)	8		20
	Veolia Environnement	2		41
	Vicat	—		10
	VINCI	1		157
	Worldline (b)	—		19
			4,922
Switzerland 7.7%
	ABB Ltd.	3		65
	Adecco Group AG	2		99
	Alcon AG (b)	—		29
	Allreal Holding AG	—		22
	ALSO Holding AG	—		11
	Arbonia Solutions AG	1		12
	ARYZTA AG (b)	11		9
	Ascom Holding AG	2		17
	Baloise Holding AG	—		82
	Banque Cantonale Vaudoise	—		12
	Barry Callebaut AG	—		47
	BELIMO Holding AG	—		11
	Berner Kantonalbank AG	—		6
	Bobst Group SA	—		11
	Bossard Holding AG	—		11
	Bucher Industries AG	—		17
	Burkhalter Holding AG	—		20
	Compagnie Financiere Richemont SA	1		38
	Credit Suisse Group AG	3		41
	Datwyler Holding AG	—		17
	dormakaba Holding AG	—		26
	Dufry AG	—		22
	EMS-Chemie Holding AG	—		22
	Flughafen Zurich AG	—		54
	Forbo Holding AG	—		24
	GAM Holding AG (b)	3		11
	Ge Capital Swiss Funding GmbH In Liquidation	—		34
	Geberit AG	—		78
	Georg Fischer AG	—		51
	Givaudan SA	—		87
	Glencore PLC	63		189
	Helvetia Holding AG	—		63

98

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	INFICON Holding AG	—		22
	Interroll Holding AG	—		17
	IWG PLC	8		42
	Julius Bar Gruppe AG	1		55
	Jungfraubahn Holding AG	—		19
	Kühne + Nagel International AG	—		35
	LafargeHolcim Ltd.	1		49
	Lindt & Spruengli AG	—		83
	Logitech International S.A.	1		40
	Lonza Group AG	—		116
	Luzerner Kantonalbank AG	—		11
	Mobimo Holding AG	—		23
	Nestle SA	8		883
	Novartis AG	4		333
	OC Oerlikon Corporation AG, Pfaffikon	3		30
	Partners Group Holding AG	—		64
	PSP Swiss Property AG	—		44
	Resurs Holding AB (c)	4		22
	Rieter Holding AG	—		21
	Roche Holding AG	2		441
	Schindler Holding AG	—		24
	SFS Group AG	—		20
	SGS SA	—		60
	Sika AG	1		82
	Sonova Holding AG	—		24
	SSM Scharer Schweiter Mettler AG	—		22
	St.Galler Kantonalbank AG	—		12
	STMicroelectronics NV	4		74
	Straumann Holding AG	—		35
	Sulzer AG	—		20
	Sunrise Communications AG - Class N (c)	—		17
	Swatch Group AG	—		10
	Swatch Group AG	—		23
	Swiss Life Holding AG	—		55
	Swiss Prime Site AG	1		79
	Swiss Re AG	1		65
	Swisscom AG	—		132
	Temenos Group AG	1		85
	u-blox Holding AG	—		21
	UBS Group AG	5		57
	Valora Holding AG	—		22
	VAT Group AG (c)	—		48
	Vifor Pharma Management AG	—		47
	Vontobel Holding AG	—		12
	VZ Holding AG	—		10
	Zurich Insurance Group AG	—		70
			4,714
Australia 7.3%
	A.P. Eagers Limited (a)	2		15
	Adelaide Brighton Ltd.	8		16
	AGL Energy Limited	2		24
	ALS Limited	6		30
	Alumina Ltd.	15		25
	AMP Ltd.	31		38
	Ansell Limited	1		22
	APA Group	2		14
	Appen Limited	1		19
	ARB Corporation Limited	2		22
	Aristocrat Leisure Ltd.	1		25
	ASX Ltd.	—		21
	Atlas Arteria Limited	4		21
	Aurizon Holdings Limited	16		62
	Ausdrill Limited	20		31
	Australia & New Zealand Banking Group Ltd.	6		108
	Bank of Queensland Ltd.	4		24
	Bapcor Limited	6		28
	Beach Energy Ltd.	21		36
	Bega Cheese Limited	2		8
	Bendigo and Adelaide Bank Ltd.	4		35
	BHP Group PLC	6		133
	BHP Group PLC	8		206
	Bingo Industries Limited (a)	13		20
	BlueScope Steel Ltd.	7		54
	Boral Ltd.	11		35
	Bravura Solutions Operations Pty Limited	6		17
	Breville Group Limited	2		17
	Caltex Australia Ltd.	3		50
	Carsales.com Limited	3		30
	Challenger Financial Services Group Ltd.	2		10
	CIMIC Group Limited	1		15
	Cleanaway Waste Management Limited	13		18
	Coca-Cola Amatil Ltd.	4		27
	Cochlear Ltd.	—		35
	Coles Group Limited	5		51
	Collins Foods Limited	3		21
	Commonwealth Bank of Australia	3		168
	Computershare Ltd.	2		23
	CSL Ltd.	1		150
	Domino's Pizza Enterprises Limited	1		26
	Downer EDI Ltd.	7		35
	Elders Limited	6		26
	Emeco Holdings Limited (a) (b)	14		19
	Equity Trustees Limited	1		12
	Estia Health Limited	12		20
	Event Hospitality and Entertainment Ltd	1		11
	Evolution Mining Limited	14		43
	Flight Centre Ltd.	1		25
	Fortescue Metals Group Ltd.	6		37
	G.U.D. Holdings Limited	3		18
	G8 Education Limited	2		4
	Genworth Mortgage Insurance Australia Limited (a)	7		17
	GrainCorp Limited - Class A	2		10
	Hansen Technologies Limited	8		19
	HT&E Limited (a)	8		10
	Iluka Resources Limited	3		17
	IMDEX Ltd	17		16
	Incitec Pivot Ltd.	11		25
	Independence Group NL	6		25
	Inghams Group Limited	8		16
	Insurance Australia Group Ltd.	6		33
	InvoCare Limited	2		18
	IOOF Holdings Ltd (a)	6		26
	IRESS Limited	2		18
	JB Hi-Fi Limited (a)	1		30
	LendLease Corp. Ltd.	3		39
	Link Administration Holdings Limited	8		29
	Macquarie Group Limited	1		78
	Magellan Financial Group Ltd	1		22
	McMillan Shakespeare Limited	1		13
	Mesoblast Limited (a) (b)	23		34
	Metcash Limited	11		22
	Mineral Resources Limited	2		21
	Myer Holdings Limited (a) (b)	28		12
	National Australia Bank Ltd.	9		174
	Network Limited	6		12
	Newcrest Mining Ltd.	1		23
	NIB Holdings Ltd	4		20
	Nine Entertainment Co. Holdings Limited	23		31
	Northern Star Resources Ltd.	5		36
	NRW Holdings Limited	13		20
	Nufarm Limited	7		28
	Oceana Gold Pty Ltd	7		19
	Oil Search Ltd.	6		28
	Oramelius Resources Limited	40		30
	Orica Ltd.	4		54
	Origin Energy Ltd.	8		43
	Orora Limited	17		33
	OZ Minerals Ltd.	5		30
	Peet Limited	13		10
	Pendal Group Limited	4		22
	Perpetual Limited	1		19
	Perseus Mining Limited (b)	52		24
	Platinum Investment Management Limited	7		19
	Premier Investments Limited	2		26
	Pro Medicus Limited	1		23
	Qantas Airways Ltd.	6		25
	QBE Insurance Group Ltd.	6		51
	Qube Holdings Limited	10		21
	Ramsay Health Care Ltd.	1		27

99

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	REA Group Ltd.	—		24
	Regis Resources Ltd.	6		21
	Resolute Mining Limited (b)	26		25
	Rio Tinto Ltd.	1		65
	Santos Ltd.	18		94
	Saracen Mineral Holdings Ltd. (b)	3		7
	SEEK Limited	2		25
	Senex Energy Limited (b)	82		19
	Service Stream Limited	11		20
	Seven Group Holdings Limited	2		22
	Seven West Media Limited (b)	32		8
	Silver Lake Resources Limited (b)	27		17
	Sims Metal Management Limited	3		21
	Smartgroup Corporation Ltd	3		25
	South32 Limited	27		47
	Steadfast Group Ltd	10		23
	Suncorp Group Limited	6		53
	Super Retail Group Limited	2		14
	Superloop Limited (b)	4		3
	Superloop Limited (a) (b)	16		11
	Sydney Airport Corporation Limited	4		21
	Tabcorp Holdings Ltd.	8		25
	Tassal Group Limited	7		21
	Telstra Corp. Ltd.	12		30
	The Star Entertainment Group Limited	12		35
	Virtus Health Limited	3		10
	Webjet Limited	2		17
	Wesfarmers Ltd.	3		91
	Western Areas Ltd.	13		28
	Westpac Banking Corp.	5		108
	Whitehaven Coal Limited	9		19
	Wisetech Global Limited	1		26
	Woodside Petroleum Ltd.	3		64
	Woolworths Group Ltd.	2		59
	WorleyParsons Ltd.	3		22
			4,498
Germany 6.8%
	Aareal Bank AG	1		23
	Adidas AG	—		128
	ADVA AG Optical Networking (b)	3		20
	Allianz SE	—		115
	Amadeus FiRe AG	—		15
	ATOSS Software AG	—		3
	Aurubis AG	—		21
	BASF SE	3		241
	Bayerische Motoren Werke AG	1		88
	Bechtle Aktiengesellschaft	—		37
	BILFINGER SE	1		23
	Borussia Dortmund GmbH & Co. Kommanditgesellschaft auf Aktien	2		23
	Brenntag AG	2		91
	Carl Zeiss Meditec AG	—		25
	Ceconomy AG	2		31
	CEWE Stiftung & Co. KGaA	—		19
	CompuGroup Medical SE	—		19
	Continental AG	1		69
	Corestate Capital Holding S.A.	1		26
	Covestro AG (c)	2		115
	CTS Eventim AG & Co. KGaA	1		41
	Daimler AG	5		260
	Delivery Hero SE (b) (c)	1		30
	Deutsche Bank AG	6		47
	Deutsche Boerse AG	1		106
	Deutsche EuroShop AG	1		22
	Deutsche Pfandbriefbank AG (c)	2		26
	Deutsche Post AG	3		107
	Deutsche Telekom AG	11		182
	DEUTZ Aktiengesellschaft	3		18
	Dialog Semiconductor PLC (b)	1		27
	Dr. Honle AG	—		1
	Dresdner Bank AG	6		36
	Durr Aktiengesellschaft	1		17
	E.ON SE	13		122
	Evonik Industries AG	2		39
	Evotec SE (b)	1		28
	Fielmann AG	—		25
	Fraport AG Frankfurt Airport Services Worldwide	—		39
	freenet AG	2		40
	Fresenius Medical Care AG & Co. KGaA	2		122
	Fresenius SE & Co. KGaA	2		96
	GEA Group AG	1		40
	Gerresheimer AG	—		20
	Hamburger Hafen und Logistik Aktiengesellschaft	1		21
	HeidelbergCement AG	—		30
	HELLA GmbH & Co. KGaA	1		22
	Henkel AG & Co. KGaA	—		22
	Hochtief AG	—		31
	HORNBACH Holding AG & Co. KGaA	—		5
	Hugo Boss AG	1		50
	Infineon Technologies AG	3		55
	K+S Aktiengesellschaft	2		33
	Kion Group AG	1		46
	Koenig & Bauer AG	1		20
	LANXESS Aktiengesellschaft	1		80
	LEG Immobilien AG	—		43
	Merck KGaA	—		24
	MLP SE	2		12
	MTU Aero Engines AG	—		65
	Muenchener Rueckversicherungs AG	—		34
	Nemetschek SE	1		40
	New Work SE	—		11
	Nordex SE (b)	2		17
	NORMA Group SE	—		15
	ProSiebenSat.1 Media SE	3		48
	Puma SE	1		65
	Rational AG	—		19
	Rheinmetall Aktiengesellschaft	1		82
	Rocket Internet SE (b) (c)	1		22
	RTL Group SA (e)	—		21
	SAF-HOLLAND GmbH	2		14
	Salzgitter AG	1		13
	SAP SE	1		71
	Siemens AG	1		78
	Siltronic AG	—		25
	Sixt SE	—		10
	Stroer SE & Co. KGaA	—		17
	Sudzucker AG	1		17
	Symrise AG	—		44
	TAG Immobilien AG	1		27
	TAKKT AG	2		21
	Talanx Aktiengesellschaft	1		22
	Telefonica Deutschland Holding AG	4		12
	Uniper SE	1		32
	United Internet AG	—		15
	Volkswagen AG	—		36
	Vonovia SE	2		80
	Wirecard AG	—		66
			4,156
Netherlands 3.8%
	Aalberts Industries N.V.	2		60
	ABN AMRO Bank N.V. - CVA (c)	1		25
	Aegon NV	12		50
	Airbus SE	1		169
	Altice N.V. (b)	7		35
	Arcadis NV	2		31
	ASM International N.V.	—		44
	ASML Holding - ADR	1		161
	ASR Nederland N.V.	2		81
	BAM Group	3		7
	Basic-Fit N.V. (b) (c)	—		10
	BE Semiconductor Industries N.V.	1		30
	CNH Industrial N.V.	6		62
	Corbion	—		11
	Heineken NV	1		124
	IMCD B.V.	—		30
	ING Groep N.V.	4		41
	Intertrust N.V. (c)	1		21
	Koninklijke Ahold Delhaize N.V.	8		212
	Koninklijke Boskalis Westminster N.V. (a)	1		17

100

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	Koninklijke DSM N.V.	—		59
	Koninklijke KPN N.V.	21		64
	Koninklijke Philips N.V. - NYRS	1		38
	Koninklijke Philips N.V.	1		45
	Koninklijke Vopak N.V.	1		44
	NN Group N.V.	1		32
	OCI N.V. (b)	1		18
	Randstad NV	1		72
	Royal Dutch Shell PLC - Class B - ADR	7		429
	SBM Offshore N.V.	3		45
	Signify N.V. (c)	2		44
	Sligro Food Group N.V. (a)	—		9
	Takeaway.com N.V. (b) (c)	—		31
	TKH Group N.V. - ADR	—		21
	TomTom N.V.	2		23
	Van Lanschot N.V.	1		21
	Wolters Kluwer NV	1		104
			2,320
Italy 2.7%
	A2A SpA	20		36
	Amplifon S.p.A	2		43
	ANIMA Holding S.p.A. (c)	5		21
	Assicurazioni Generali SpA	2		40
	Atlantia SpA	1		25
	Azimut Holding S.p.A.	2		28
	Banca Generali S.p.A.	1		23
	Banco BPM Societa' Per Azioni (a) (b)	13		27
	Bper Banca Spa	6		24
	Buzzi Unicem S.p.A - Senza Vincoli Di Rappresentazione Grafica	1		25
	Cerved Group SpA	1		12
	Danieli & C. Officine Meccaniche S.p.A.	1		10
	DiaSorin S.p.A.	—		25
	doBank S.p.A. (c)	1		10
	Enel SpA	22		166
	ENI SpA	15		224
	Erg S.P.A.	1		18
	Ferrari N.V.	—		45
	Fincantieri S.P.A.	19		21
	Finecobank Banca Fineco SPA	5		48
	Freni Brembo - S.P.A. O Anche Piu Brevemente Brembo S.P.A. (a)	2		20
	Gima Tt S.p.A. (c)	2		19
	Guala Closures S.p.A. (b) (f)	2		13
	Interpump Group SpA	1		34
	Intesa Sanpaolo SpA	14		33
	Italgas S.p.A.	5		29
	Italmobiliare S.p.A.	—		10
	Juventus F.C. - S.p.A. O Juventus Football Club S.P.A. (b)	13		19
	Leonardo S.p.A.	5		54
	Mediobanca SpA	4		46
	Moncler S.p.A.	2		56
	OVS SpA (a) (b) (c)	12		23
	Piaggio & C. S.p.A.	7		19
	Pirelli & C. S.p.A. (c)	5		30
	Prada S.p.A.	5		16
	Rai Way S.P.A. (c)	2		12
	Reply S.p.A.	—		19
	Salini Impregilo S.p.A. (b)	11		24
	Salvatore Ferragamo. S.p.A.	1		17
	Saras S.p.A.	13		23
	Societa' Cattolica Di Assicurazione - Societa' Cooperativa	1		12
	Telecom Italia SpA (b)	44		25
	Terna – Rete Elettrica Nazionale S.p.A.	3		22
	Tinexta S.P.A.	1		18
	UniCredit S.p.A.	6		77
	Unione Di Banche Italiane S.p.A	16		44
	Unipol Gruppo Finanziario S.P.A.	7		37
	Zignago Vetro S.p.A	1		9
			1,631
Hong Kong 2.6%
	AIA Group Limited	15		140
	ASM Pacific Technology Ltd.	3		41
	Bank of East Asia Ltd.	11		28
	BOC Hong Kong Holdings Ltd.	16		54
	Cafe de Coral Holdings Ltd.	8		21
	Camsing International Holding Limited (e) (g)	12		2
	Cathay Pacific Airways Limited	12		15
	Chow Sang Sang Holdings International Limited	8		9
	Chow Tai Fook Jewellery Group Limited	22		18
	CK Asset Holdings Limited	5		34
	CK Hutchison Holdings Limited	6		53
	CK Infrastructure Holdings Limited	3		24
	CLP Holdings Ltd.	4		47
	Dairy Farm International Holdings Ltd.	2		11
	Far East Consortium International Limited	23		10
	FIH Mobile Limited (b)	151		19
	Galaxy Entertainment Group Ltd.	4		25
	Giordano International Limited	30		9
	Hang Lung Group Ltd.	10		25
	Hang Lung Properties Ltd.	8		18
	Hang Seng Bank Ltd.	3		71
	Henderson Land Development Co. Ltd.	6		28
	HK Electric Investments Limited	5		5
	HKT Trust	36		57
	Hong Kong & China Gas Co. Ltd.	10		20
	Hong Kong Exchanges & Clearing Ltd.	2		72
	Hongkong Land Holdings Ltd.	4		22
	Kerry Logistics Network Limited	9		14
	Kerry Properties Ltd.	4		14
	Kowloon Development Company Limited	11		13
	Li & Fung Limited	152		17
	Lifestyle International Holdings Limited	7		8
	Luk Fook Holdings International Ltd.	4		10
	Melco International Development Limited	11		26
	MGM China Holdings Limited	13		21
	MTR Corp.	3		20
	New World Development Ltd.	60		78
	NWS Holdings Ltd.	10		16
	Pacific Basin Shipping Limited	99		20
	Pacific Textiles Holdings Limited	21		14
	PCCW Ltd.	57		32
	Power Assets Holdings Ltd.	4		27
	Shangri-La Asia Ltd.	10		10
	Shun Tak Holdings Limited	28		11
	Sino Land Co.	14		21
	SJM Holdings Limited	22		21
	Sun Hung Kai Properties Ltd.	2		36
	Swire Pacific Ltd. - Class A	3		23
	Swire Properties Limited	5		17
	Tai Cheung Holdings Limited	11		9
	Techtronic Industries Company Limited	5		35
	Television Broadcasts Limited	6		10
	Vitasoy International Holdings Ltd.	6		24
	VTech Holdings Ltd.	1		12
	WH Group Limited (c)	84		75
	Wharf Holdings Ltd.	11		24
	Wharf Real Estate Investment Company Limited	3		16
	Wheelock & Co. Ltd.	4		23
	Xinyi Glass Holdings Limited	24		26
	Yue Yuen Industrial Holdings Ltd.	8		22
			1,623
Sweden 2.5%
	AB SKF - Class B	3		51
	Addnode Group Aktiebolag (publ)	—		2
	Addtech AB	1		21
	Aktiebolaget Electrolux - Class B	2		54
	Aktiebolaget Volvo - Class B	9		122
	Alfa Laval AB	1		29
	Alimak Group AB (publ) (c)	1		10
	Atlas Copco Aktiebolag - Class A	1		46
	Atlas Copco Aktiebolag - Class B	1		23
	Axfood AB	1		23
	Billerudkorsnas Aktiebolag (Publ)	2		17
	Boliden AB	3		68
	Bonava AB (Publ)	1		12
	Bure Equity AB	1		15

101

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	Byggmax Group AB (b)	4		13
	Clas Ohlson Aktiebolag	2		21
	Cloetta AB - Class B	5		16
	Dometic Group AB (publ) (c)	2		18
	Duni AB	2		20
	Dustin Group AB (c)	2		19
	Elekta AB (publ) - Class B	2		21
	Eltel AB (a) (b) (c)	5		11
	Essity Aktiebolag (publ) - Class B	2		50
	G&L Beijer Ref AB	1		13
	Getinge AB - Class B	2		21
	Granges AB	2		20
	Hemfosa Fastigheter AB	2		23
	Hennes & Mauritz AB - Class B	3		49
	Hexagon Aktiebolag - Class B	—		23
	Hexpol AB	3		22
	HMS Networks AB	1		14
	Hoist Finance AB (publ) (b) (c)	2		10
	Holmen Aktiebolag	—		11
	Indutrade Aktiebolag	1		18
	Intrum AB	1		22
	JM AB (a)	1		25
	Lifco Ab (Publ)	—		20
	Lindab International AB	2		20
	Loomis AB	1		34
	NIBE Industrier AB	1		19
	Nobina AB (publ) (c)	4		23
	Nyfosa AB (b)	3		21
	OEM International Aktiebolag	—		10
	Pandox Aktiebolag	1		17
	Peab AB	3		24
	Ratos AB	7		17
	Saab AB - Class B	1		20
	Sandvik AB	3		49
	Securitas AB - Class B	1		22
	Skandinaviska Enskilda Banken AB - Class A	5		49
	Skanska AB - Class B	3		57
	SSAB AB	7		18
	Svenska Cellulosa Aktiebolaget SCA - Class B	2		21
	Svenska Handelsbanken AB - Class A	3		27
	Swedbank AB - Class A	1		21
	Swedish Match AB	1		21
	Swedish Orphan Biovitrum AB (Publ) (b)	1		17
	Telia Co. AB	5		22
	Thule Group AB (c)	1		16
	Trelleborg AB	2		21
	VBG Group AB (publ)	1		10
			1,549
Denmark 1.6%
	Aktieselskabet Schouw & Co.	—		10
	ALK-Abello A/S (b)	—		14
	Bavarian Nordic A/S (a) (b)	1		25
	Carlsberg A/S - Class B	—		25
	Chr. Hansen Holding A/S	—		30
	Coloplast A/S - Class B	—		23
	Dampskibsselskabet NORDEN A/S	2		21
	Danske Bank A/S	2		22
	DFDS A/S	—		17
	DSV A/S	—		31
	FLSmidth & Co. A/S	1		27
	GN Store Nord A/S	1		51
	ISS A/S	2		37
	Jyske Bank A/S (b)	1		33
	Novo Nordisk A/S - Class B	4		226
	Novozymes A/S - Class B	1		44
	Orsted A/S (c)	—		27
	Pandora A/S	1		38
	PER AARSLEFF Holding A/S	1		20
	Ringkjobing Landbobank. Aktieselskab	—		26
	Rockwool International A/S	—		17
	Royal Unibrew A/S	1		45
	Scandinavian Tobacco Group A/S (c)	1		12
	SimCorp A/S	—		33
	Spar Nord Bank A/S	1		11
	Topdanmark A/S	—		18
	Torm PLC (b)	2		15
	Tryg A/S	1		19
	Vestas Wind Systems A/S	—		27
	Zealand Pharma A/S (b)	1		27
			971
Spain 1.5%
	ACS, Actividades de Construccion y Servicios, S.A.	1		48
	AENA, S.M.E., S.A. (c)	—		28
	Almirall, S.A.	1		22
	Amadeus IT Group SA	1		73
	Atresmedia Corporacion de Medios de Comunicacion, S.A. (a)	4		17
	Banco Bilbao Vizcaya Argentaria SA	12		61
	Banco de Sabadell, S.A.	35		34
	Banco Santander SA	25		102
	Bankinter SA	3		18
	CaixaBank, S.A.	9		23
	Cellnex Telecom, S.A. (c)	1		29
	Ebro Foods, S.A.	1		10
	Euskaltel, S.A. (c)	2		15
	Faes Farma, SA	3		17
	Ferrovial, S.A.	1		25
	Fomento De Construcciones Y Contratas, S.A.	1		10
	Global Dominion Access, S.A. (b) (c)	2		9
	Grifols, S.A. - Class A	1		42
	Industria de Diseno Textil, S.A.	2		56
	MAPFRE, S.A.	8		22
	Mediaset Espana Comunicacion, S.A.	3		19
	Melia Hotels International, S.A.	3		21
	Naturgy Energy Group SA	1		23
	Red Electrica Corporacion, S.A.	1		22
	Repsol SA	2		32
	Siemens Gamesa Renewable Energy, S.A.	1		17
	Tecnicas Reunidas, S.A. (b)	1		20
	Telefonica SA	15		117
			932
Belgium 1.4%
	Ackermans	—		37
	ageas SA/NV	2		83
	Agfa-Gevaert NV (b)	3		10
	Anheuser-Busch InBev	2		229
	Barco NV	—		16
	Compagnie D'entreprises CFE	—		16
	Elia System Operator	—		24
	Euronav	2		18
	Fagron	1		10
	Galapagos (b)	—		26
	Gimv	—		11
	KBC Groep NV	1		58
	Kinepolis Group	—		12
	Lotus Bakeries	—		14
	Melexis (a)	—		15
	NV Bekaert SA	1		14
	Ontex Group	1		12
	Proximus	2		61
	Recticel	2		21
	Solvay SA	1		79
	Telenet Group Holding	—		19
	Tessenderlo Group (b)	—		11
	UCB SA	1		44
			840
Finland 1.4%
	Adapteo Oyj (b)	1		9
	Cargotec Oyj	—		13
	Citycon Oyj (a)	1		12
	Cramo OYJ	1		8
	Elisa Oyj	1		60
	Huhtamaki Oyj - Class I	1		47
	Kemira Oyj	1		16
	Kesko Oyj	—		31
	Kone Corporation - Class B	1		44
	Konecranes Abp	—		14
	Lassila & Tikanoja Oyj	1		12

102

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	Metso Oyj	1		39
	Neste Oyj	2		55
	Nokian Renkaat Oyj	2		43
	Nordea Bank Abp (b)	4		31
	Orion Oyj - Class B	1		30
	Outokumpu Oyj	6		17
	Ponsse Oyj	—		13
	Sampo Oyj - Class A	2		77
	Sanoma Oyj	1		16
	Stora Enso Oyj - Class R	3		37
	Tikkurila Oyj	1		10
	UPM-Kymmene Oyj	4		113
	Vaisala Oyj	1		18
	Valmet Oy	2		36
	Wartsila Oyj (a)	1		16
	YIT Oyj (a)	4		23
			840
Singapore 0.9%
	Black Ridge Acquisition Corp.	16		11
	Bukit Sembawang Estates Limited	2		9
	BW LPG PTE. LTD. (c)	4		25
	CapitaLand Ltd.	4		10
	City Developments Ltd.	2		18
	ComfortDelgro Corp. Ltd.	11		19
	DBS Group Holdings Ltd.	4		80
	Genting Singapore Limited	15		10
	Hong Leong Finance Limited F.K.A	5		10
	IGG Singapore Pte Ltd.	10		6
	Keppel Corporation Limited	5		24
	Oversea-Chinese Banking Corporation Limited	5		40
	Sembcorp Industries Ltd	6		9
	SembCorp Marine Ltd. (b)	10		8
	Singapore Airlines Ltd.	5		32
	Singapore Airport Terminal Services Ltd.	6		20
	Singapore Exchange Ltd.	4		23
	Singapore Press Holdings Ltd.	16		24
	Singapore Telecommunications Limited	13		28
	StarHub Ltd	19		18
	United Overseas Bank Ltd.	2		45
	UOL Group Ltd.	2		11
	Venture Corp. Ltd.	3		30
	Wilmar International Limited	7		19
	Wing Tai Holdings Limited	9		14
	XP Power PLC	—		11
	Yangzijiang Shipbuilding (Holdings) Ltd.	12		8
			562
Ireland 0.8%
	AIB Group Public Limited Company	8		24
	Bank of Ireland Group Public Limited Company	15		59
	Cairn Homes Public Limited Company (b)	2		3
	CRH public limited company - ADR	4		125
	Flutter Entertainment Public Limited Company	1		56
	Grafton Group Public Limited Company	2		14
	James Hardie Industries Public Limited Company - CDI	2		32
	Kerry Group Plc - Class A	1		73
	Kingspan Group Plc	1		62
	Smurfit Kappa Funding Designated Activity Company	2		52
			500
Norway 0.8%
	Aker BP ASA	1		20
	Atea ASA	1		10
	Borregaard ASA	1		12
	DNB Bank ASA	2		42
	Equinor ASA	5		103
	Frontline Ltd. (b)	2		19
	Grieg Seafood ASA	2		20
	Mowi ASA	1		28
	Nel ASA (b)	33		30
	Norsk Hydro ASA	6		20
	Norwegian Finans Holding ASA (b)	2		14
	Odfjell Drilling Ltd. (b)	7		21
	Sbanken ASA (c)	3		18
	Sparebank 1 Sr-Bank Asa	1		11
	Storebrand ASA	2		12
	Subsea 7 S.A.	2		19
	Telenor ASA	2		32
	TGS NOPEC Geophysical Company ASA	1		25
	TOMRA Systems ASA	1		17
			473
Israel 0.7%
	Alrov Properties & Lodgings Ltd.	—		5
	Bank Hapoalim BM	3		21
	Bank Leumi Le-Israel BM	4		31
	Clal Insurance Co Ltd. (b)	1		11
	Delek Group Ltd.	—		13
	Formula Systems (1985) Ltd.	—		25
	Harel Insurance Investments & Financial Services L	1		12
	Hilan Ltd	1		28
	Israel Discount Bank Ltd. - Class A	5		21
	Matrix I.T. Ltd	2		26
	Melisron Ltd.	—		15
	Menora Mivtachim Insurance Ltd.	1		18
	Mizrahi Tefahot Bank Ltd.	1		24
	Nice Ltd. (b)	—		28
	Nova Measuring Instruments Ltd. (b)	1		28
	Rami Levi Chain Stores Hashikma Marketing 2006 Ltd	—		24
	Shikun & Binui Ltd.	4		16
	Strauss Group Ltd	1		18
	The First International Bank of Israel Limited	1		24
	Tower Semiconductor Ltd. (b)	1		28
			416
Austria 0.5%
	ams AG (b)	1		52
	Erste Group Bank AG	1		44
	EVN AG	1		12
	Lenzing Aktiengesellschaft	—		9
	OMV AG	1		47
	Osterreichische Post Aktiengesellschaft	1		23
	Raiffeisen Bank International AG	—		11
	RHI Magnesita N.V.	—		18
	S IMMO AG	1		18
	Telekom Austria Aktiengesellschaft	2		12
	UNIQA Insurance Group AG	2		17
	VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe	1		22
	Voestalpine AG	1		17
			302
United States of America 0.4%
	Bausch Health Companies Inc. (b)	2		39
	BCE Inc.	1		25
	Iamgold Corp. (b)	5		18
	Methanex Corporation	—		17
	Qiagen N.V. (b)	1		20
	Ritchie Bros. Auctioneers Inc.	1		26
	Samsonite International S.A.	18		39
	Waste Connections, Inc. (e)	—		37
			221
New Zealand 0.3%
	a2 Milk Co. Ltd. (b)	2		20
	Air New Zealand Limited	6		10
	Chorus Limited	3		10
	Contact Energy Limited	3		13
	EBOS Group Limited	1		14
	Mainfreight Limited	—		10
	Mercury NZ Limited	7		23
	Meridian Energy Limited	7		23
	Metlifecare Limited	4		11
	Ryman Healthcare Ltd.	2		13
	SKYCITY Entertainment Group Limited	4		10
	Spark New Zealand Ltd.	6		15
	Summerset Group Holdings Limited	4		16
	Z Energy Ltd.	1		5
			193

103

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
Portugal 0.3%
	Energias de Portugal SA	8		31
	Galp Energia, SGPS, S.A.	3		41
	Jeronimo Martins, SGPS, S.A.	2		32
	NOS, SGPS, SA.	4		21
	Ren - Redes Energeticas Nacionais, SGPS, S.A.	8		22
	SEMAPA - Sociedade de Investimento e Gestao, SGPS, S.A.	1		10
	SONAE - S.G.P.S., S.A.	20		18
			175
Luxembourg 0.1%
	Aperam	1		19
	ArcelorMittal	1		18
	L'Occitane International SA	5		11
	Millicom International Cellular SA - SDR	—		19
	Tenaris SA	2		19
			86
Jersey 0.1%
	Centamin PLC	18		27
	Highland Gold Mining Ltd.	9		23
			50
United Arab Emirates 0.0%
	NMC Health PLC	1		24
Faroe Islands 0.0%
	P/F Bakkafrost Sales	—		23
China 0.0%
	Leyou Technologies Holdings Limited (a) (b)	35		11
	VSTECS Holdings Limited	22		11
			22
Colombia 0.0%
	Frontera Energy Corporation	2		20
Macau 0.0%
	Sands China Ltd.	4		18
Monaco 0.0%
	Endeavour Mining Corporation (b)	1		13
Liechtenstein 0.0%
	VP Bank AG	—		12
Isle of Man 0.0%
	Strix Group PLC	5		11
	Total Common Stocks (cost $61,429)		60,532
PREFERRED STOCKS 0.5%
Germany 0.5%
	Bayerische Motoren Werke AG	—		9
	Dragerwerk AG & Co. KGaA (h)	—		9
	Fuchs Petrolub SE	1		32
	Porsche Automobil Holding SE (h)	1		37
	Sartorius AG	—		30
	Sixt SE	—		10
	STO SE & Co. KGaA	—		10
	Volkswagen AG (h)	1		205
	Total Preferred Stocks (cost $352)		342
RIGHTS 0.0%
Australia 0.0%
	Superloop Limited (b)	3		—
	Total Rights (cost $0)		—
SHORT TERM INVESTMENTS 2.5%
Securities Lending Collateral 2.0%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (i) (j)	1,247		1,247
Investment Companies 0.5%
	JNL Government Money Market Fund - Institutional Class, 1.86% (i) (j)	300		300
	Total Short Term Investments (cost $1,547)		1,547
Total Investments 101.4% (cost $63,328)				62,421
Other Assets and Liabilities, Net (1.4)%				(891)
Total Net Assets 100.0%				61,530

(a)All or a portion of the security was on loan as of September 30, 2019.

(b)Non-income producing security.

(c)The Adviser has deemed this security, which is exempt from registration under the Securities Act of 1933, as amended, to be liquid based on procedures approved by the Board of Trustees. As of September 30, 2019, the value and the percentage of net assets of these liquid securities was $1,169 and 1.9% of the Fund.

(d)Security fair valued in good faith as a Level 2 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Schedules of Investments.

(e)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

(f)Security is restricted to resale to institutional investors. See Restricted Securities in the Schedules of Investments.

(g)Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Schedules of Investments.

(h)Convertible security.

(i)Investment in affiliate.

(j)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Guala Closures S.p.A.	06/25/19	13	13	—

104

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1	Value ($)
JNL/DFA U.S. Core Equity Fund
COMMON STOCKS 99.8%
Information Technology 20.7%
	3D Systems Corporation (a) (b)	15	119
	Acacia Communications, Inc. (a)	3	205
	Accenture Public Limited Company - Class A	23	4,334
	ACI Worldwide, Inc. (a)	11	336
	Adobe Inc. (a)	13	3,505
	Ads Alliance Data Systems Inc.	3	423
	ADTRAN, Inc.	6	63
	Advanced Micro Devices, Inc. (a)	38	1,105
	Agilysys, Inc. (a)	1	21
	Akamai Technologies, Inc. (a)	10	906
	Alarm.Com Holdings, Inc. (a)	2	107
	Alpha and Omega Semiconductor Limited (a)	3	41
	Ambarella Inc. (a)	5	288
	Amdocs Limited	9	588
	American Software, Inc. - Class A	2	27
	Amkor Technology, Inc. (a)	29	268
	Amphenol Corporation - Class A	11	1,095
	Amtech Systems, Inc. (a)	1	5
	Analog Devices, Inc.	9	979
	Anixter International Inc. (a)	3	222
	ANSYS, Inc. (a)	2	539
	Apple Inc.	206	46,213
	Applied Materials, Inc.	37	1,866
	Applied Optoelectronics, Inc. (a) (b)	1	11
	Arista Networks, Inc. (a)	2	468
	Arlo Technologies, Inc. (a)	6	21
	Arrow Electronics, Inc. (a)	8	579
	ASGN Incorporated (a)	6	378
	Aspen Technology, Inc. (a)	6	759
	Atlassian Corporation PLC - Class A (a)	1	115
	Autodesk, Inc. (a)	5	801
	Automatic Data Processing, Inc.	16	2,527
	Avaya Holdings Corp. (a)	8	83
	Avid Technology, Inc. (a)	3	20
	Avnet, Inc.	8	367
	AVX Corporation	12	180
	Axcelis Technologies, Inc. (a)	3	51
	AXT, Inc. (a)	1	3
	Badger Meter, Inc.	3	141
	Bel Fuse Inc. - Class B	1	20
	Belden Inc.	5	261
	Benchmark Electronics, Inc.	7	192
	Black Knight, Inc. (a)	7	401
	Blackbaud, Inc.	3	263
	Booz Allen Hamilton Holding Corporation - Class A	12	873
	Bottomline Technologies Inc. (a)	2	74
	Broadcom Inc.	11	3,171
	Broadridge Financial Solutions, Inc.	7	822
	Brooks Automation Inc.	7	258
	Cabot Microelectronics Corporation	2	255
	CACI International Inc. - Class A (a)	2	530
	Cadence Design Systems Inc. (a)	12	813
	CalAmp Corp. (a)	3	30
	Calix, Inc. (a)	6	37
	Carbonite Inc. (a)	2	36
	Cardtronics PLC - Class A (a)	7	209
	Cass Information Systems, Inc.	1	67
	CDK Global, Inc.	10	477
	CDW Corp.	8	998
	CEVA Inc. (a)	1	24
	Ciena Corp. (a)	13	507
	Cirrus Logic Inc. (a)	8	434
	Cisco Systems, Inc.	135	6,668
	Cision Ltd. (a)	6	45
	Citrix Systems Inc.	6	621
	Clearfield, Inc. (a)	1	7
	Cognex Corp.	9	464
	Cognizant Technology Solutions Corp. - Class A	17	1,018
	Coherent Inc. (a)	2	265
	Cohu Inc.	5	63
	CommScope Holding Company, Inc. (a)	11	130
	Communications Systems Inc.	1	6
	CommVault Systems Inc. (a)	2	102
	Computer Task Group Inc. (a)	3	13
	Comtech Telecommunications Corp.	1	39
	Conduent Inc. (a)	15	90
	CoreLogic, Inc. (a)	6	288
	Corning Inc.	42	1,200
	Coupa Software Incorporated (a)	2	220
	Cree, Inc. (a)	9	452
	CSG Systems International, Inc.	4	216
	CTS Corp.	3	109
	Cyberoptics Corp. (a)	1	8
	Cypress Semiconductor Corp.	28	665
	Daktronics Inc.	5	36
	Dell Technology, Inc. - Class C (a)	4	210
	Diebold Nixdorf Inc. (a)	8	86
	Digi International Inc. (a)	4	50
	Diodes Inc. (a)	6	258
	DocuSign, Inc. (a)	2	128
	Dolby Laboratories, Inc.	4	287
	DSP Group, Inc. (a)	1	14
	DXC Technology Company	20	591
	Ebix Inc. (b)	4	175
	EchoStar Corp. - Class A (a)	4	165
	Emcore Corp. (a)	3	10
	Endurance International Group Holdings, Inc. (a)	8	28
	Entegris, Inc.	12	564
	Envestnet, Inc. (a)	2	99
	EPAM Systems, Inc. (a)	2	446
	ePlus Inc. (a)	2	128
	Euronet Worldwide Inc. (a)	5	660
	EVERTEC, Inc.	6	199
	ExlService Holdings Inc. (a)	5	325
	F5 Networks Inc. (a)	4	558
	Fabrinet (a)	2	122
	Fair Isaac Corp. (a)	3	759
	FARO Technologies Inc. (a)	2	85
	Fidelity National Information Services, Inc.	19	2,525
	First Solar Inc. (a)	7	378
	Fiserv Inc. (a)	16	1,648
	Fitbit, Inc. - Class A (a) (b)	31	118
	FleetCor Technologies Inc. (a)	5	1,379
	Flex Ltd. (a)	53	555
	FLIR Systems Inc.	10	516
	FormFactor Inc. (a)	8	146
	Fortinet, Inc. (a)	6	442
	Frequency Electronics Inc. (a)	1	12
	Gartner Inc. (a)	3	360
	Genpact Limited	18	699
	Global Payments Inc.	14	2,207
	Globalscape, Inc.	1	6
	Globant S.A. (a)	3	232
	GSI Technology, Inc. (a)	1	7
	Guidewire Software, Inc. (a)	4	369
	Hackett Group Inc.	3	53
	Harmonic Inc. (a)	10	68
	Hewlett Packard Enterprise Company	75	1,138
	HP Inc.	48	909
	HubSpot Inc. (a)	1	105
	Ichor Holdings, Ltd. (a)	2	59
	II-VI Inc. (a)	10	347
	Infinera Corporation (a) (b)	26	142
	INPHI Corporation (a)	2	149
	Insight Enterprises, Inc. (a)	4	212
	Intel Corp.	217	11,170
	InterDigital Communications, Inc.	4	196
	International Business Machines Corp.	39	5,709
	Intevac Inc. (a)	1	5
	Intuit Inc.	7	1,982
	IPG Photonics Corporation (a)	3	363
	Itron Inc. (a)	4	297
	J2 Cloud Services, LLC	4	391
	Jabil Inc.	21	733
	Jack Henry & Associates Inc.	3	467
	Juniper Networks, Inc.	19	469

105

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

	Shares/Par1	Value ($)
KBR, Inc.	15	362
Kemet Corp.	9	157
Key Tronic Corp. (a)	—	3
Keysight Technologies, Inc. (a)	6	597
Kimball Electronics Group, LLC (a)	3	38
KLA-Tencor Corp.	9	1,426
Knowles Corporation (a)	15	313
Kopin Corp. (a) (b)	3	2
Kulicke & Soffa Industries Inc.	9	203
KVH Industries Inc. (a)	2	16
Lam Research Corp.	5	1,182
Lattice Semiconductor Corp. (a)	7	135
Leidos Holdings Inc.	10	894
Limelight Networks, Inc. (a)	7	22
Littelfuse Inc.	2	391
Liveramp, Inc. (a)	7	299
LogMeIn, Inc.	3	217
Lumentum Holdings Inc. (a)	3	164
MACOM Technology Solutions Holdings, Inc. (a)	8	171
MagnaChip Semiconductor, Ltd. (a) (b)	4	41
Manhattan Associates Inc. (a)	5	426
Mantech International Corp. - Class A	3	189
Marvell Technology Group Ltd	24	605
MasterCard Incorporated - Class A	34	9,184
Maxim Integrated Products, Inc.	14	783
MAXIMUS Inc.	6	473
MaxLinear, Inc. - Class A (a)	10	214
Methode Electronics Inc.	5	177
Microchip Technology Incorporated	11	1,005
Micron Technology Inc. (a)	64	2,746
Microsoft Corp.	236	32,784
MicroStrategy Inc. - Class A (a)	1	129
MKS Instruments, Inc.	5	475
MongoDB, Inc. - Class A (a) (b)	1	135
Monolithic Power Systems Inc.	2	336
Monotype Imaging Holdings Inc.	4	71
Motorola Solutions Inc.	7	1,132
MTS Systems Corp.	2	132
Nanometrics Inc. (a)	5	160
National Instruments Corp.	8	322
NCR Corporation (a)	10	316
NeoPhotonics Corporation (a)	3	19
NetApp, Inc.	14	761
NETGEAR, Inc. (a)	6	194
NetScout Systems, Inc. (a)	8	188
New Relic, Inc. (a)	1	58
NIC Inc.	5	103
Novantas Inc. (a)	3	262
Nuance Communications, Inc. (a)	20	319
NVE Corp.	—	31
NVIDIA Corporation	17	2,986
Okta, Inc. - Class A (a)	2	178
On Semiconductor Corporation (a)	41	778
Onespan, Inc. (a)	3	49
Oracle Corporation	92	5,089
OSI Systems Inc. (a)	2	198
Palo Alto Networks, Inc. (a)	2	321
Paychex Inc.	10	814
Paycom Software, Inc. (a)	4	925
Paylocity Holding Corporation (a)	2	158
Paypal Holdings, Inc. (a)	21	2,212
PC Connection, Inc.	3	120
PDF Solutions Inc. (a)	2	31
Pegasystems Inc.	1	41
Perceptron, Inc. (a)	1	5
Perficient, Inc. (a)	3	129
Perspecta Inc.	12	326
PFSweb Inc. (a)	2	6
Photronics Inc. (a)	7	76
Plantronics Inc.	2	86
Plexus Corp. (a)	3	213
Power Integrations Inc.	3	315
Presidio Inc.	9	150
PRGX Global, Inc. (a)	1	5
Progress Software Corp.	4	156
Proofpoint, Inc. (a)	1	181
PTC Inc. (a)	3	191
Pure Storage, Inc. - Class A (a)	6	109
QAD Inc. - Class A	1	29
Qorvo, Inc. (a)	8	612
Qualcomm Incorporated	33	2,516
Qualys, Inc. (a)	2	174
Rambus Inc. (a)	13	174
RealNetworks, Inc. (a)	2	3
RealPage, Inc. (a)	5	324
Ribbon Communications Inc. (a)	7	41
Richardson Electronics Ltd.	1	3
RingCentral, Inc. - Class A (a)	1	144
Rogers Corp. (a)	2	243
Rudolph Technologies Inc. (a)	3	87
Sabre Corporation	23	504
Salesforce.Com, Inc. (a)	10	1,428
Sanmina Corp. (a)	8	271
Sapiens International Corporation N.V.	1	16
ScanSource Inc. (a)	4	117
Science Applications International Corp.	6	531
SeaChange International Inc. (a)	2	6
Seagate Technology Public Limited Company	15	810
Semtech Corp. (a)	6	276
ServiceNow, Inc. (a)	2	571
Servicesource International, Inc. (a)	1	—
Silicon Laboratories Inc. (a)	1	142
Skyworks Solutions, Inc.	14	1,135
SMART Global Holdings, Inc. (a)	4	102
SolarEdge Technologies Ltd. (a)	5	457
Splunk Inc. (a)	2	283
SPS Commerce, Inc. (a)	2	100
SS&C Technologies Holdings, Inc.	12	627
Stratasys, Inc. (a)	5	111
Super Micro Computer, Inc. (a)	4	84
Sykes Enterprises Inc. (a)	7	201
Symantec Corp.	12	285
Synaptics Incorporated (a)	3	127
Synchronoss Technologies, Inc. (a)	4	24
SYNNEX Corporation	6	721
Synopsys Inc. (a)	3	439
Systemax Inc.	3	70
TE Connectivity Ltd.	15	1,367
Tech Data Corp. (a)	4	385
TeleNav Inc. (a)	3	16
Teradata Corporation (a)	10	325
Teradyne Inc.	13	735
Tessco Technologies Inc.	1	9
Texas Instruments Incorporated	35	4,468
The Rubicon Project, Inc. (a)	3	27
TiVo Corporation	13	96
Transact Technologies Inc.	—	1
Trimble Inc. (a)	11	413
TTEC Holdings, Inc.	5	257
TTM Technologies, Inc. (a)	17	203
Tyler Technologies Inc. (a)	1	310
Ultra Clean Holdings, Inc. (a)	3	44
Unisys Corp. (a)	4	29
Universal Display Corporation	3	492
Veeco Instruments Inc. (a)	5	61
Verint Systems Inc. (a)	5	215
Versum Materials, Inc.	9	501
ViaSat, Inc. (a)	5	369
Viavi Solutions Inc. (a)	17	234
Virtusa Corporation (a)	4	129
Visa Inc. - Class A	53	9,131
Vishay Intertechnology Inc.	13	225
Vishay Precision Group, Inc. (a)	1	23
VMware Inc. - Class A	2	225
Western Digital Corp.	17	1,014
Western Union Co.	24	566
Wex, Inc. (a)	2	451
Workday, Inc. - Class A (a)	1	253
Xerox Holdings, Inc.	20	605
Xilinx Inc.	9	848

106

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	Xperii Corp.	9		184
	Zebra Technologies Corp. - Class A (a)	2		483
	Zendesk, Inc. (a)	1		67
	Zix Corporation (a)	3		24
			250,529
Financials 14.9%
	1st Source Corp.	5		210
	Affiliated Managers Group, Inc.	5		435
	AFLAC Incorporated	25		1,308
	Alleghany Corporation (a)	1		494
	Allegiance Bancshares, Inc. (a)	2		54
	Ally Financial Inc.	35		1,177
	A-Mark Precious Metals, Inc. (a)	—		5
	Ambac Financial Group, Inc. (a)	4		80
	American Equity Investment Life Holding Company	7		164
	American Express Company	25		3,007
	American Financial Group, Inc.	5		544
	American International Group, Inc.	21		1,162
	American National Bankshares Inc.	1		22
	American National Insurance Company	2		194
	Ameriprise Financial, Inc.	12		1,775
	Ameris Bancorp	9		376
	Amerisafe, Inc.	2		138
	Aon PLC - Class A	8		1,524
	Arch Capital Group Ltd. (a)	14		571
	Ares Management Corporation - Class A	7		191
	Argo Group International Holdings, Ltd.	3		223
	Arrow Financial Corporation	2		63
	Arthur J Gallagher & Co.	11		974
	Artisan Partners Asset Management Inc. - Class A	5		149
	Associated Banc-Corp	14		283
	Assurant, Inc.	5		568
	Assured Guaranty Ltd.	9		379
	Athene Holding Ltd - Class A (a)	12		526
	Atlantic Capital Bancshares, Inc. (a)	1		20
	Atlantic Union Bankshares Corporation	8		296
	AXIS Capital Holdings Limited	6		367
	Axos Financial, Inc. (a)	7		198
	Banc of California, Inc.	11		156
	BancFirst Corporation	3		191
	BancorpSouth Bank	8		246
	Bank of America Corporation	192		5,615
	Bank of Hawaii Corporation	4		318
	Bank of Marin Bancorp	2		71
	Bank of N.T. Butterfield & Son Limited (The)	7		212
	Bank OZK	13		345
	BankFinancial Corporation	2		25
	BankUnited, Inc.	9		289
	Banner Corporation	4		237
	Bar Harbor Bankshares	1		33
	BB&T Corporation	19		1,032
	Berkshire Hathaway Inc. - Class B (a)	55		11,391
	Berkshire Hills Bancorp, Inc.	6		189
	BGC Partners, Inc. - Class A	34		189
	BlackRock, Inc.	3		1,491
	Blucora, Inc. (a)	4		93
	BOK Financial Corporation	4		349
	Boston Private Financial Holdings Inc.	10		111
	Bridge Bancorp Inc.	2		55
	Brighthouse Financial, Inc. (a)	10		397
	Brightsphere Investment Group Inc.	9		89
	Brookline Bancorp, Inc.	11		162
	Brown & Brown Inc.	21		774
	Bryn Mawr Bank Corp.	2		88
	C&F Financial Corporation	—		2
	Cadence Bancorporation - Class A	15		264
	Camden National Corp.	2		82
	Cannae Holdings, Inc. (a)	11		290
	Capital City Bank Group Inc.	1		27
	Capital One Financial Corporation	17		1,512
	Capitol Federal Financial	16		217
	Carolina Financial Corp.	3		90
	Cathay General Bancorp	7		233
	Cboe Global Markets, Inc.	5		556
	CBTX, Inc.	1		35
	Centerstate Bank Corporation	9		210
	Central Pacific Financial Corp.	4		105
	Central Valley Community Bancorp	—		5
	Charles Schwab Corp.	32		1,328
	Chubb Limited	11		1,747
	Cincinnati Financial Corp.	6		722
	CIT Group Inc.	7		295
	Citigroup Inc.	53		3,695
	Citizens & Northern Corp.	1		20
	Citizens Financial Group Inc.	19		678
	Citizens Inc. - Class A (a)	4		25
	City Holdings Co.	2		149
	CME Group Inc.	6		1,353
	CNA Financial Corp.	2		74
	CNB Financial Corp.	1		38
	CNO Financial Group, Inc.	11		182
	Codorus Valley Bancorp Inc.	—		7
	Cohen & Steers, Inc.	5		278
	Columbia Banking System Inc.	6		238
	Comerica Inc.	9		622
	Commerce Bancshares Inc.	9		520
	Community Bank System Inc.	4		225
	Community Trust Bancorp Inc.	2		88
	ConnectOne Bancorp, Inc.	8		171
	Consumer Portfolio Services Inc. (a)	2		8
	Cowen Inc. - Class A (a)	2		34
	Crawford & Co. - Class B	1		14
	Credit Acceptance Corp. (a)	2		821
	Cullen/Frost Bankers Inc.	5		428
	Customers Bancorp, Inc. (a)	3		68
	CVB Financial Corp.	11		235
	Diamond Hill Investment Group, Inc.	—		66
	Dime Community Bancshares Inc.	4		84
	Discover Financial Services	27		2,202
	Donegal Group Inc. - Class A	2		23
	Donnelley Financial Solutions, Inc. (a)	5		66
	E*TRADE Financial Corp.	17		736
	Eagle Bancorp Inc.	5		209
	East West Bancorp, Inc.	11		502
	Eaton Vance Corp.	9		408
	eHealth, Inc. (a)	2		102
	Employer Holdings Inc.	4		159
	Encore Capital Group Inc. (a) (b)	4		136
	Enova International, Inc. (a)	5		113
	Enstar Group Limited (a)	1		241
	Enterprise Financial Services Corp.	4		165
	Equity Bancshares, Inc. - Class A (a)	1		29
	Erie Indemnity Company - Class A	3		571
	ESSA Bancorp, Inc.	1		16
	Essent Group Ltd.	10		491
	Evercore Inc. - Class A	5		392
	Everest Re Group, Ltd.	2		400
	EzCorp Inc. - Class A (a)	7		47
	FactSet Research Systems Inc.	2		487
	Farmers National Banc Corp.	1		12
	FB Financial Corporation	6		219
	FBL Financial Group, Inc. - Class A	3		155
	Federal Agricultural Mortgage Corp. - Class C	1		73
	Federated Investors Inc. - Class B	11		350
	Fednat Holding Company	2		23
	Fidelity National Financial, Inc.	19		862
	Fifth Third Bancorp	42		1,148
	Financial Institutions Inc.	2		58
	First American Financial Corporation	10		585
	First Bancorp Inc.	4		127
	First Bancorp Inc.	22		219
	First Busey Corp.	7		170
	First Business Financial Services Inc.	1		23
	First Citizens BancShares, Inc. - Class A	1		644
	First Commonwealth Financial Corp.	12		158
	First Community Bancshares, Inc.	2		57
	First Defiance Financial Corp.	1		43
	First Financial Bancorp	10		250
	First Financial Bancshares, Inc.	11		377

107

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

	Shares/Par1	Value ($)
First Financial Corp.	1	42
First Financial Northwest, Inc.	1	15
First Foundation Inc.	4	63
First Hawaiian, Inc.	9	227
First Horizon National Corp.	27	443
First Interstate BancSystem, Inc. - Class A	3	139
First Merchants Corp.	6	242
First Mid-Illinois Bancshares Inc.	2	57
First Midwest Bancorp Inc.	12	243
First of Long Island Corp.	2	53
First Republic Bank	5	514
FirstCash, Inc.	4	321
Flagstar Bancorp Inc.	8	304
Flushing Financial Corp.	3	71
FNB Corp.	30	349
Franklin Financial Network, Inc.	2	48
Franklin Resources Inc.	26	758
Fulton Financial Corp.	15	246
GAIN Capital Holdings, Inc. (b)	5	28
GAMCO Investors Inc. - Class A	1	24
Genworth Financial, Inc. - Class A (a)	49	214
German American Bancorp Inc.	4	120
Glacier Bancorp, Inc.	6	235
Global Indemnity Ltd - Class A	1	25
Globe Life Inc.	4	412
Great Southern Bancorp Inc.	2	104
Great Western Bancorp Inc.	8	261
Green Dot Corporation - Class A (a)	6	140
Greenhill & Co. Inc.	3	33
Greenlight Capital Re, Ltd. - Class A (a)	3	34
Hallmark Financial Services, Inc. (a)	2	41
Hamilton Lane Inc. - Class A	1	84
Hancock Whitney Co.	6	217
Hanmi Financial Corp.	3	65
Hanover Insurance Group Inc.	4	486
HCI Group, Inc.	2	64
Heartland Financial USA, Inc.	4	196
Hennessy Advisors Inc.	—	4
Heritage Commerce Corp.	5	54
Heritage Financial Corporation	6	157
Heritage Insurance Holdings, Inc.	3	40
Hilltop Holdings Inc.	10	248
Home Bancshares Inc.	11	215
HomeStreet, Inc. (a)	3	78
HomeTrust Bancshares Inc.	1	37
Hope Bancorp, Inc.	18	258
Horace Mann Educators Corp.	5	230
Horizon Bancorp Inc.	5	79
Houlihan Lokey Inc. - Class A	4	187
Huntington Bancshares Inc.	64	918
IberiaBank Corp.	4	314
Impac Mortgage Holdings, Inc. (a) (b)	2	14
Independence Holding Co.	1	31
Independence Holdings, LLC	12	457
Independent Bank Corp.	3	53
Independent Bank Corp.	3	241
Independent Bank Group, Inc.	6	304
Interactive Brokers Group, Inc. (c)	7	382
Intercontinental Exchange, Inc.	12	1,140
Internap Corporation (a) (b)	1	3
International Bancshares Corp.	8	312
INTL FCStone Inc. (a)	2	76
Invesco Ltd.	25	424
Investors Bancorp, Inc.	25	283
James River Group, Inc.	5	248
Janus Henderson Group PLC	14	325
Jefferies Financial Group Inc.	19	357
JPMorgan Chase & Co.	127	14,966
Kearny Financial Corp	11	144
Kemper Corp.	6	503
KeyCorp	42	752
Ladenburg Thalmann Financial Services Inc.	10	24
Lakeland Bancorp Inc.	11	164
Lakeland Financial Corp.	4	161
Lazard Ltd - Class A	13	457
LegacyTexas Financial Group, Inc.	6	283
Legg Mason Inc.	6	223
LendingClub Corporation (a)	15	191
LendingTree, Inc. (a) (b)	—	146
Lincoln National Corp.	8	454
Live Oak Bancshares, Inc.	6	107
Loews Corp.	11	560
LPL Financial Holdings Inc.	8	621
M&T Bank Corporation	7	1,131
Macatawa Bank Corp.	1	6
Maiden Holdings, Ltd.	9	7
Manning & Napier, Inc. - Class A	1	2
Markel Corp. (a)	1	594
MarketAxess Holdings Inc.	2	720
Marlin Business Services Inc.	2	50
Marsh & McLennan Cos. Inc.	14	1,446
MBIA Inc. (a)	14	129
Mercantile Bank Corp.	2	67
Merchants Bancorp, Inc.	1	8
Mercury General Corp.	5	267
Meridian Bancorp, Inc.	10	183
Meta Financial Group, Inc.	5	172
MetLife, Inc.	19	909
MGIC Investment Corp.	10	126
Midland States Bancorp Inc.	2	40
MidWestOne Financial Group Inc.	1	23
Moelis & Company LLC - Class A	5	158
Moody's Corp.	6	1,209
Morgan Stanley	44	1,861
Morningstar Inc.	5	668
Mr. Cooper Group Inc. (a)	3	33
MSCI Inc.	5	1,012
NASDAQ Inc.	10	1,010
National Bank Holdings Corp. - Class A	6	194
National Bankshares Inc.	—	3
National General Holdings Corp.	11	248
National Western Life Group Inc. - Class A	1	181
Navient Corporation	30	387
NBT Bancorp Inc.	6	233
Nelnet, Inc. - Class A	3	205
New York Community Bancorp Inc.	26	320
Nicholas Financial, Inc. (a)	1	5
Nicolet Bankshares, Inc. (a)	—	18
NMI Holdings Inc. - Class A (a)	7	187
Northern Trust Corp.	12	1,073
Northfield Bancorp Inc.	5	85
Northrim BanCorp Inc.	—	16
Northwest Bancshares Inc.	16	256
OceanFirst Financial Corp.	9	224
Ocwen Financial Corp. (a)	4	7
OFG Bancorp	6	136
Old Line Bancshares, Inc.	1	23
Old National Bancorp	17	297
Old Republic International Corp.	23	539
Old Second Bancorp Inc.	1	9
On Deck Capital Inc. (a)	6	20
Oppenheimer Holdings Inc. - Class A	1	33
Option Care Health, Inc. (a)	5	17
Opus Bank	5	111
Oritani Financial Corp.	5	90
Pacific Premier Bancorp, Inc.	10	325
PacWest Bancorp	7	271
Park National Corp.	2	218
Peapack Gladstone Financial Corp.	2	64
Penns Woods Bancorp Inc.	—	10
PennyMac Financial Services, Inc. (a)	8	244
Peoples Bancorp Inc.	2	67
Peoples Financial Services Corp.	—	10
People's United Financial Inc.	29	450
People's Utah Bancorp	1	19
Pinnacle Financial Partners, Inc.	5	270
Piper Jaffray Cos.	2	136
PJT Partners Inc. - Class A	2	96
PNC Financial Services Group Inc.	12	1,613
Popular Inc.	9	477

108

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	Preferred Bank	2		84
	Primerica, Inc.	5		625
	Principal Financial Group, Inc.	18		1,030
	ProAssurance Corporation	6		244
	Progressive Corp.	18		1,417
	Prosperity Bancshares Inc.	6		402
	Protective Insurance Company - Class B	1		17
	Provident Financial Holdings Inc.	—		9
	Provident Financial Services, Inc.	9		220
	Prudential Bancorp Inc of Pennsylvania	—		5
	Prudential Financial Inc.	9		818
	Pzena Investment Management, Inc. - Class A	2		16
	QCR Holdings, Inc.	1		37
	Radian Group Inc.	8		193
	Raymond James Financial Inc.	9		717
	Regional Management Corp. (a)	2		51
	Regions Financial Corporation	52		823
	Reinsurance Group of America Inc.	3		491
	RenaissanceRe Holdings Ltd	3		649
	Renasant Corporation	8		290
	Republic Bancorp Inc. - Class A	2		79
	Republic First Bancorp Inc. (a)	2		10
	RLI Corp.	4		347
	S&P Global Inc.	10		2,330
	S&T Bancorp Inc.	5		199
	Safety Insurance Group, Inc.	2		166
	Sandy Spring Bancorp Inc.	5		157
	Santander Consumer USA Holdings Inc.	28		709
	Seacoast Banking Corp. of Florida (a)	4		95
	SEI Investments Co.	10		571
	Selective Insurance Group Inc.	4		337
	ServisFirst Bancshares, Inc.	6		184
	Sierra BanCorp	1		39
	Signature Bank	3		414
	Simmons First National Corp. - Class A	9		219
	SLM Corporation	49		433
	South State Corp.	2		184
	Southside Bancshares, Inc.	4		133
	State Auto Financial Corp.	7		234
	State Street Corp.	11		663
	Sterling Bancorp	19		373
	Stewart Information Services Corp.	3		98
	Stifel Financial Corp.	7		378
	Stock Yards Bancorp Inc.	2		71
	SunTrust Banks Inc.	13		919
	SVB Financial Group (a)	3		655
	Synchrony Financial	47		1,592
	Synovus Financial Corp.	17		622
	T. Rowe Price Group, Inc.	16		1,843
	TCF Financial Corporation	15		589
	TD Ameritrade Holding Corporation	9		435
	Telaria Inc. (a)	1		9
	Territorial Bancorp Inc.	1		31
	Texas Capital Bancshares, Inc. (a)	5		269
	TFS Financial Corporation	11		191
	The Allstate Corporation	11		1,169
	The Bancorp, Inc. (a)	8		78
	The Bank of New York Mellon Corporation	22		1,014
	The First Bancorp, Inc.	1		31
	The Goldman Sachs Group, Inc.	10		2,060
	The Hartford Financial Services Group, Inc.	22		1,326
	The PRA Group, Inc. (a)	8		259
	The Travelers Companies, Inc.	14		2,051
	Third Point Reinsurance Ltd. (a)	17		168
	Tiptree Inc. - Class A	3		22
	Tompkins Financial Corp.	2		127
	TowneBank	11		297
	Trico Bancshares	4		129
	Tristate Capital Holdings, Inc. (a)	4		78
	Triumph Bancorp, Inc. (a)	5		145
	TrustCo Bank Corp.	11		92
	Trustmark Corp.	8		272
	U.S. Bancorp	48		2,670
	Ubiquiti Inc. (b)	2		261
	UMB Financial Corp.	4		271
	Umpqua Holdings Corp.	18		294
	United Bankshares Inc.	9		343
	United Community Banks, Inc.	10		270
	United Community Financial Corp.	5		57
	United Financial Bancorp Inc.	5		70
	United Fire Group Inc.	3		141
	United Insurance Holdings Corp.	8		107
	Universal Insurance Holdings, Inc.	6		180
	Univest Financial Corporation	3		77
	Unum Group	10		284
	Valley National Bancorp	24		257
	Veritex Holdings Inc.	4		88
	Virtu Financial Inc. - Class A (b)	9		139
	Virtus Partners, Inc.	1		89
	Voya Financial Inc.	10		557
	W. R. Berkley Corporation	14		978
	Waddell & Reed Financial Inc. - Class A (b) (c)	14		244
	Walker & Dunlop, Inc.	5		303
	Washington Federal Inc.	7		258
	Washington Trust Bancorp Inc.	2		99
	Waterstone Financial, Inc.	3		56
	Webster Financial Corp.	7		350
	Wells Fargo & Co.	156		7,866
	WesBanco Inc.	5		191
	West Bancorporation, Inc.	2		39
	Westamerica Bancorp	3		175
	Western Alliance Bancorp	10		480
	Westwood Holdings Group Inc.	1		22
	White Mountains Insurance Group Ltd	—		342
	Willis Towers Watson Public Limited Company	5		877
	Wintrust Financial Corporation	5		339
	WisdomTree Investments, Inc.	17		90
	World Acceptance Corp. (a)	2		232
	WSFS Financial Corp.	8		370
	Zions Bancorp	10		440
			180,615
Industrials 13.2%
	3M Company	25		4,072
	AAON, Inc.	4		203
	AAR Corp.	4		180
	ABM Industries Incorporated	7		254
	Acacia Research Corporation (a)	2		5
	ACCO Brands Corporation	11		113
	Actuant Corporation - Class A	7		152
	Acuity Brands, Inc.	4		565
	Advanced Disposal Services, Inc. (a)	7		231
	Advanced Drainage Systems, Inc.	7		215
	Advanced Energy Industries, Inc. (a)	3		195
	AECOM (a)	11		432
	Aegion Corporation (a)	3		71
	Aerojet Rocketdyne Holdings, Inc. (a)	8		414
	AeroVironment, Inc. (a)	2		126
	AGCO Corporation	10		740
	Air Lease Corporation - Class A	12		510
	Air Transport Services Group, Inc. (a)	9		185
	Alamo Group Inc.	1		144
	Alaska Air Group, Inc.	12		757
	Albany International Corp. - Class A	2		157
	Allegiant Travel Company	2		348
	Allegion Public Limited Company	5		527
	Allied Motion Technologies Inc.	1		44
	Allison Systems, Inc.	11		534
	Altra Industrial Motion Corp.	6		157
	AMERCO	2		620
	Ameresco, Inc. - Class A (a)	1		18
	American Airlines Group Inc.	18		479
	American Woodmark Corporation (a)	2		195
	AMETEK, Inc.	11		992
	AO Smith Corp.	10		475
	Apogee Enterprises, Inc.	4		137
	Applied Industrial Technologies, Inc.	4		251
	ARC Document Solutions, Inc. (a)	4		6
	Arcbest Corporation	4		125
	Arconic Inc.	28		729

109

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

	Shares/Par1	Value ($)
Arcosa, Inc.	4	131
Argan, Inc.	2	65
Armstrong Flooring, Inc. (a)	3	18
Armstrong World Industries, Inc.	6	549
Astec Industries, Inc.	3	100
Astronics Corporation (a)	2	65
Astronics Corporation - Class B (a)	1	44
Atkore International Group Inc. (a)	5	160
Atlas Air Worldwide Holdings, Inc. (a)	5	120
Avis Budget Group, Inc. (a)	7	209
Axone Intelligence Inc. (a)	1	68
AZZ Inc.	3	113
Barnes Group Inc.	6	287
Barrett Business Services, Inc.	1	103
Beacon Roofing Supply, Inc. (a)	7	242
Brady Corp. - Class A	5	277
Briggs & Stratton Corp.	7	42
Brink's Co.	3	213
Builders FirstSource, Inc. (a)	15	318
BWXT Government Group, Inc.	5	280
C.H. Robinson Worldwide, Inc.	8	674
CAI International Inc. (a)	1	20
Carlisle Cos. Inc.	5	673
Casella Waste Systems Inc. - Class A (a)	5	211
Caterpillar Inc.	23	2,949
CBIZ Inc. (a)	7	155
Ceco Environmental Corp. (a)	3	22
Chart Industries, Inc. (a)	3	212
Cimpress N.V. (a) (d)	2	235
Cintas Corp.	5	1,264
CIRCOR International, Inc. (a)	2	60
Civeo Corporation (a)	8	10
Clean Harbors Inc. (a)	7	509
Colfax Corp. (a)	10	290
Columbus Mckinnon Corp.	2	87
Comfort Systems USA Inc.	5	227
Commercial Vehicle Group Inc. (a)	5	33
Continental Building Products Inc. (a)	5	130
Copa Holdings, S.A. - Class A	3	321
Copart Inc. (a)	14	1,147
Cornerstone Building Brands, Inc. (a)	7	43
Costamare Inc.	8	49
CoStar Group, Inc. (a)	1	585
Covanta Holding Corporation	11	198
Covenant Transportation Group, Inc. - Class A (a)	2	37
CRA International, Inc.	1	45
Crane Co.	6	448
CSW Industrials Inc.	2	140
CSX Corp.	31	2,144
Cubic Corp.	3	189
Cummins Inc.	14	2,245
Curtiss-Wright Corp.	4	570
Deere & Co.	11	1,918
Delta Air Lines Inc.	32	1,823
Deluxe Corp.	5	230
Donaldson Co. Inc.	12	617
Douglas Dynamics, Inc.	3	126
Dover Corp.	10	1,026
Ducommun Inc. (a)	1	55
DXP Enterprises Inc. (a)	2	62
Dycom Industries, Inc. (a)	5	235
Eagle Bulk Shipping Inc. (a) (b)	2	10
Eaton Corporation Public Limited Company	12	976
Echo Global Logistics, Inc. (a)	3	74
EMCOR Group, Inc.	6	554
Emerson Electric Co.	23	1,519
Encore Wire Corp.	3	165
EnerSys	4	292
Ennis Inc.	3	65
EnPro Industries, Inc.	3	202
Equifax Inc.	5	696
ESCO Technologies Inc.	2	195
ExOne Co. (a) (b)	1	12
Expeditors International of Washington Inc.	7	548
Exponent, Inc.	5	352
Fastenal Co.	27	883
Federal Signal Corp.	8	272
FedEx Corporation	12	1,693
Flowserve Corporation	9	416
Fluor Corp.	8	148
Forrester Research Inc.	2	54
Fortive Corporation	11	770
Fortune Brands Home & Security, Inc.	12	644
Forward Air Corp.	3	197
Franklin Covey Co. (a)	1	38
Franklin Electric Co. Inc.	4	204
FreightCar America Inc. (a)	1	5
FTI Consulting Inc. (a)	4	430
Gardner Denver Investments, Inc. (a)	15	426
GATX Corp.	3	220
Genco Shipping & Trading Limited (a)	1	7
Gencor Industries Inc. (a)	1	6
Generac Holdings Inc. (a)	7	562
General Dynamics Corp.	9	1,668
General Electric Company	130	1,161
Genesee & Wyoming Inc. - Class A (a)	5	530
Gibraltar Industries Inc. (a)	4	194
GMS Inc. (a)	6	166
Golden Ocean Group Limited (b)	1	3
Goldfield Corp. (a)	3	6
Gorman-Rupp Co.	2	85
GP Strategies Corporation (a)	2	25
Graco Inc.	13	604
GrafTech International Ltd. (b)	11	145
Graham Corp.	—	8
Granite Construction Inc.	5	168
Great Lakes Dredge & Dock Corp. (a)	7	77
Greenbrier Cos. Inc.	5	156
Griffon Corp.	5	100
H&E Equipment Services Inc.	5	142
Harsco Corp. (a)	8	147
Hawaiian Holdings Inc.	7	195
HD Supply Holdings, Inc (a)	19	743
Healthcare Services Group Inc. (b)	5	122
Heartland Express Inc.	9	202
HEICO Corp.	3	404
HEICO Corp. - Class A	4	418
Heidrick & Struggles International Inc.	2	59
Helios Technologies, Inc.	5	184
Herc Holdings Inc. (a)	4	204
Heritage-Crystal Clean, LLC (a)	1	27
Herman Miller Inc.	7	324
Hertz Global Holdings, Inc. (a)	12	170
Hexcel Corp.	9	763
Hill International Inc. (a)	4	12
Hillenbrand Inc.	7	202
HNI Corp.	5	181
Honeywell International Inc.	23	3,812
Houston Wire & Cable Company (a)	1	4
HUB Group Inc. - Class A (a)	3	143
Hubbell Inc.	5	674
Hudson Global, Inc. (a) (c)	—	1
Hudson Technologies Inc. (a) (b)	3	2
Huntington Ingalls Industries Inc.	4	791
Hurco Cos. Inc.	—	10
Huron Consulting Group Inc. (a)	2	138
Hyster-Yale Materials Handling Inc. - Class A	1	61
ICF International, Inc.	2	174
IDEX Corporation	4	629
IES Holdings, Inc. (a)	2	43
Illinois Tool Works Inc.	13	1,966
Ingersoll-Rand Public Limited Company	10	1,292
InnerWorkings, Inc. (a)	5	22
Insperity, Inc.	3	276
Insteel Industries, Inc.	2	43
Interface Inc.	8	120
ITT Industries Holdings, Inc.	10	621
Jacobs Engineering Group Inc.	7	625
JB Hunt Transport Services Inc.	6	697
JELD-WEN Holding, Inc. (a)	13	247

110

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

	Shares/Par1	Value ($)
JetBlue Airways Corp. (a)	28	461
John Bean Technologies Corp.	2	233
Johnson Controls International Public Limited Company	22	968
Kadant Inc.	1	127
Kaman Corp.	3	168
Kansas City Southern	7	914
Kelly Services Inc. - Class A	4	86
Kennametal Inc.	8	248
Kforce Inc.	4	142
Kimball International Inc. - Class B	4	83
Kirby Corp. (a)	5	377
Knight-Swift Transportation Holdings Inc. - Class A	10	381
Knoll Inc.	8	200
Korn Ferry	5	201
Kratos Defense & Security Solutions, Inc. (a)	12	231
L3Harris Technologies, Inc.	7	1,413
Landstar System Inc.	4	460
Lawson Products Inc. (a)	—	17
LB Foster Co. (a)	1	22
Lennox International Inc.	2	414
Lincoln Electric Holdings Inc.	5	421
Lindsay Corp.	1	138
Lockheed Martin Corporation	9	3,501
LSC Communications, Inc.	3	4
LSI Industries Inc.	1	6
Lydall Inc. (a)	2	45
Macquarie Infrastructure Corporation	5	196
Manitowoc Co. Inc. (a)	4	45
ManpowerGroup Inc.	5	463
Marten Transport Ltd.	8	161
Masco Corp.	11	464
Masonite International Corp. (a)	4	220
MasTec Inc. (a)	9	570
Matson Intermodal - Paragon, Inc.	5	184
Matthews International Corp. - Class A	5	174
McGrath RentCorp	3	198
Mercury Systems Inc. (a)	3	246
Meritor, Inc. (a)	9	158
Middleby Corp. (a)	4	452
Milacron Holdings Corp. (a)	10	175
Miller Industries Inc.	1	42
Mistras Group, Inc. (a)	3	42
Mobile Mini, Inc.	4	163
Moog Inc. - Class A	3	247
MRC Global Inc. (a)	10	116
MSA Safety Inc.	2	216
MSC Industrial Direct Co. - Class A	5	396
Mueller Industries Inc.	8	229
Mueller Water Products Inc. - Class A	16	185
MYR Group Inc. (a)	2	73
National Presto Industries Inc.	1	55
Navigant Consulting, Inc.	5	129
Navistar International Corporation (a)	9	249
Nielsen Holdings plc	26	556
NL Industries Inc. (a)	1	3
NN Inc.	3	21
Nordson Corp.	5	742
Norfolk Southern Corp.	11	2,008
Northrop Grumman Systems Corp.	6	2,308
Northwest Pipe Co. (a)	1	28
Now, Inc. (a)	13	151
NV5 Global, Inc. (a)	1	94
Nvent Electric Public Limited Company	7	152
Old Dominion Freight Line Inc.	6	1,025
Orion Group Holdings, Inc. (a)	2	7
Oshkosh Corp.	8	575
Owens Corning Inc.	9	592
PACCAR Inc.	30	2,103
PAM Transportation Services Inc. (a)	—	18
Parker Hannifin Corp.	9	1,644
Park-Ohio Holdings Corp.	1	38
Patrick Industries Inc. (a)	3	138
Pentair Public Limited Company	10	377
Performant Financial Corporation (a) (c)	4	4
PGT Innovations, Inc. (a)	11	183
Pitney Bowes Inc.	16	71
Powell Industries Inc.	1	42
Preformed Line Products Co.	—	10
Primoris Services Corporation	6	111
Proto Labs Inc. (a)	2	239
Quad/Graphics Inc. - Class A	4	47
Quanex Building Products Corp.	4	65
Quanta Services, Inc.	12	454
Radiant Logistics, Inc. (a)	3	17
Raven Industries Inc.	2	81
Raytheon Co.	8	1,612
RBC Bearings Incorporated (a)	1	238
Regal-Beloit Corp.	4	321
Republic Services Inc.	22	1,932
Resideo Technologies, Inc. (a)	4	62
Resources Connection, Inc.	4	75
REV Group Inc.	7	74
Rexnord Corporation (a)	12	321
Robert Half International Inc.	10	558
Rockwell Automation Inc.	6	925
Rollins Inc.	14	460
Roper Industries Inc.	2	831
Rush Enterprises Inc. - Class A	5	194
Ryder System, Inc.	8	403
Saia, Inc. (a)	3	294
Schneider National, Inc. - Class B	3	74
Scorpio Bulkers Inc.	10	61
Sensata Technologies Holding PLC (a)	15	774
SIFCO Industries Inc. (a) (c)	—	—
Simpson Manufacturing Co. Inc.	5	330
SiteOne Landscape Supply, Inc. (a)	2	184
SkyWest Inc.	6	327
Snap-On Inc.	4	648
Southwest Airlines Co.	27	1,484
SP Plus Corporation (a)	2	77
Spartan Motors Inc.	4	56
Spirit Aerosystems Holdings Inc. - Class A	7	587
Spirit Airlines Inc. (a)	9	331
SPX Corp. (a)	5	206
SPX Flow, Inc. (a)	7	269
Standex International Corp.	2	170
Stanley Black & Decker Inc.	8	1,125
Steel Connect Inc. (a)	6	10
Steelcase Inc. - Class A	13	235
Stericycle Inc. (a)	6	316
Sterling Construction Co. Inc. (a)	3	36
Stock Building Supply Holdings, LLC (a)	13	337
SunRun Inc. (a)	15	250
Team Inc. (a) (b)	3	53
Teledyne Technologies Inc. (a)	2	683
Tennant Co.	2	166
Terex Corp.	7	170
Tetra Tech, Inc.	4	354
Textainer Group Holdings Limited (a)	10	96
Textron Inc.	18	873
The Boeing Company	15	5,640
Thermon Group Holdings, Inc. (a)	3	62
Timken Co.	9	397
Titan International, Inc.	6	16
Titan Machinery Inc. (a)	1	18
Toro Co.	10	698
TPI Composites, Inc. (a)	4	81
TransDigm Group Inc.	2	1,041
TransUnion	8	618
Trex Company, Inc. (a)	3	307
TriMas Corp. (a)	6	169
TriNet Group Inc. (a)	5	328
Trinity Industries Inc.	11	225
Triton Container International Limited - Class A	10	347
Triumph Group Inc.	5	125
TrueBlue, Inc. (a)	8	177
Tutor Perini Corp. (a)	11	155
Twin Disc Inc. (a)	1	13
Ultralife Corp. (a)	—	2

111

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	UniFirst Corp.	1		192
	Union Pacific Corp.	24		3,945
	United Airlines Holdings, Inc. (a)	26		2,262
	United Parcel Service Inc. - Class B	26		3,104
	United Rentals Inc. (a)	8		936
	United Technologies Corp.	27		3,622
	Universal Forest Products Inc.	9		363
	Universal Logistics Holdings, Inc.	2		53
	US Ecology, Inc.	3		179
	USA Truck Inc. (a)	1		9
	Valmont Industries Inc.	2		231
	Vectrus, Inc. (a)	1		52
	Verisk Analytics, Inc.	9		1,362
	Veritiv Corp. (a)	2		30
	Viad Corp	2		144
	Vicor Corp. (a)	1		41
	VSE Corp.	1		41
	Wabash National Corp.	7		107
	WABCO Holdings Inc. (a)	5		671
	Wabtec Corp.	5		392
	Waste Management, Inc.	19		2,138
	Watsco Inc.	2		379
	Watts Water Technologies Inc. - Class A	3		249
	Welbilt Inc. (a)	9		153
	Werner Enterprises Inc.	8		292
	Wesco Aircraft Holdings Inc. (a)	14		155
	WESCO International, Inc. (a)	5		236
	Willdan Group, Inc. (a)	1		34
	Williams Industrial Services Group, L.L.C. (a)	—		1
	Willscot Corp. (a)	12		193
	Woodward Governor Co.	6		603
	WW Grainger Inc.	4		1,041
	XPO Logistics Inc. (a)	12		889
	Xylem Inc.	9		748
	YRC Worldwide Inc. (a) (b)	4		11
			160,269
Consumer Discretionary 12.5%
	1-800-Flowers.Com, Inc. - Class A (a)	4		52
	Aaron's, Inc.	7		427
	Abercrombie & Fitch Co. - Class A	9		144
	Acushnet Holdings Corp.	8		206
	Adient Public Limited Company	6		129
	Adtalem Global Education Inc. (a)	6		219
	Advance Auto Parts, Inc.	5		765
	Amazon.com, Inc. (a)	15		26,773
	American Axle & Manufacturing Holdings, Inc. (a)	17		137
	American Eagle Outfitters, Inc.	23		370
	American Outdoor Brands Corporation (a)	6		37
	American Public Education, Inc. (a)	2		42
	America's Car Mart, Inc. (a)	1		89
	Aptiv PLC (c)	13		1,151
	Aramark	23		994
	Asbury Automotive Group, Inc. (a)	3		316
	Ascena Retail Group, Inc. (a)	28		7
	At Home Group, Inc. (a)	7		64
	Autoliv, Inc. (b)	9		706
	AutoNation, Inc. (a)	13		637
	AutoZone, Inc. (a)	1		976
	Barnes & Noble Education, Inc. (a)	6		20
	Bassett Furniture Industries, Incorporated	1		8
	BBQ Holdings, Inc. (a)	1		3
	BBX Capital Corporation - Class A	3		14
	Beazer Homes USA, Inc. (a)	7		101
	Bed Bath & Beyond Inc. (b)	17		186
	Best Buy Co., Inc.	19		1,328
	Big 5 Sporting Goods Corporation (b)	2		5
	Big Lots, Inc.	6		158
	Biglari Holdings Inc. - Class A (a)	—		6
	Biglari Holdings Inc. - Class B (a)	—		12
	BJ's Restaurants, Inc.	5		178
	Bloomin' Brands, Inc.	9		172
	Booking Holdings Inc. (a)	2		3,093
	Boot Barn Holdings, Inc. (a)	4		124
	BorgWarner Inc.	17		636
	Bright Horizons Family Solutions Inc. (a)	5		799
	Brinker International Inc.	5		213
	Brunswick Corp.	8		441
	Buckle Inc. (b)	1		28
	Build-A-Bear Workshop Inc. (a)	2		7
	Burlington Stores Inc. (a)	4		759
	Caesars Entertainment Corp. (a)	42		490
	Caleres Inc.	5		113
	Callaway Golf Co.	12		235
	Capri Holdings Limited (a)	11		356
	Career Education Corp. (a)	9		145
	Carmax Inc. (a)	13		1,167
	Carnival Plc	14		622
	Carriage Services Inc.	2		43
	Carrols Restaurant Group, Inc. (a)	5		42
	Carter's Inc.	5		416
	Cato Corp. - Class A	2		40
	Cavco Industries Inc. (a)	1		231
	Century Communities Inc. (a)	4		126
	Cheesecake Factory Inc.	6		232
	Chegg, Inc. (a)	4		132
	Chico's FAS Inc.	23		92
	Childrens Place Retail Stores Inc. (b)	2		169
	Chipotle Mexican Grill Inc. (a)	1		673
	Choice Hotels International Inc.	3		311
	Chuy's Holdings Inc. (a)	2		45
	Citi Trends, Inc.	2		34
	Collectors Universe, Inc.	—		9
	Columbia Sportswear Co.	6		590
	Conn's Inc. (a)	4		108
	Container Store Group Inc. (a)	3		13
	Cooper Tire & Rubber Co.	6		159
	Cooper-Standard Holdings Inc. (a)	3		124
	Core-Mark Holding Co. Inc.	6		186
	Cracker Barrel Old Country Store, Inc. (b)	2		356
	Crocs Inc. (a)	5		141
	CSS Industries Inc.	—		2
	Culp Inc.	2		25
	D.R. Horton, Inc.	22		1,178
	Dana Holding Corp.	21		306
	Darden Restaurants Inc.	5		644
	Dave & Buster's Entertainment Inc.	4		162
	Deckers Outdoor Corp. (a)	3		393
	Del Taco Restaurants Inc. (a)	3		30
	Delphi Technologies PLC	6		81
	Denny's Corporation (a)	8		176
	Designer Brands Inc. - Class A (b)	8		143
	Destination Maternity Corporation (a)	1		—
	Destination XL Group, Inc. (a)	3		5
	Dick's Sporting Goods Inc.	6		257
	Dillard's Inc. - Class A (b)	2		135
	Dine Brands Global Inc.	2		161
	Dollar General Corp.	9		1,445
	Dollar Tree Inc. (a)	14		1,584
	Domino's Pizza, Inc.	2		423
	Dorman Products Inc. (a)	3		264
	Dunkin' Brands Group Inc.	6		505
	eBay Inc.	31		1,191
	El Pollo Loco Holdings Inc. (a)	2		19
	Eldorado Resorts, Inc. (a)	4		145
	Escalade Inc.	1		10
	Ethan Allen Interiors Inc.	3		65
	ETSY, Inc. (a)	5		308
	Expedia Group, Inc.	7		947
	Express, Inc. (a)	8		27
	Fiesta Restaurant Group, Inc. (a)	3		30
	Five Below, Inc. (a)	3		420
	Flexsteel Industries Inc.	1		11
	Floor & Decor Holdings Inc. (a)	8		424
	Foot Locker Inc.	12		533
	Ford Motor Co.	218		1,999
	Fossil Group, Inc. (a)	5		65
	Fox Factory Holding Corp. (a)	4		237
	Francesca's Holdings Corporation (a) (b)	1		7
	Franchise Group, Inc. (a)	1		11

112

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

	Shares/Par1	Value ($)
Frontdoor, Inc. (a)	5	225
GameStop Corp. - Class A (b)	17	94
Gap Inc.	41	709
Garmin Ltd.	10	857
Garrett Motion Inc. (a)	3	26
General Motors Company	79	2,960
Genesco Inc. (a)	4	167
Gentex Corp.	32	887
Gentherm Incorporated (a)	4	165
Genuine Parts Co.	9	907
G-III Apparel Group, Ltd. (a)	8	194
Goodyear Tire & Rubber Co.	27	390
Gopro Inc. - Class A (a) (b)	8	41
Graham Holdings Co.	—	270
Grand Canyon Education, Inc. (a)	4	408
Green Brick Partners Inc. (a)	1	7
Group 1 Automotive Inc.	2	204
Groupon Inc. - Class A (a)	49	131
GrubHub Inc. (a) (b)	5	264
Guess Inc. (b)	10	187
H & R Block, Inc.	20	477
Hamilton Beach Brands Holding Company	1	16
HanesBrands Inc.	42	650
Harley-Davidson Inc.	17	602
Hasbro Inc.	6	657
Haverty Furniture Cos. Inc.	2	32
Helen of Troy Ltd (a)	2	379
Hibbett Sports Inc. (a)	2	43
Hilton Grand Vacations Inc. (a)	10	307
Hilton Worldwide Holdings Inc.	10	970
Home Depot Inc.	31	7,270
Hooker Furniture Corp.	1	29
Horizon Global Corporation (a)	2	7
Houghton Mifflin Harcourt Company (a)	14	76
Hyatt Hotels Corp. - Class A	4	280
IAA Spinco Inc. (a)	12	495
Installed Building Products, Inc. (a)	3	156
International Game Technology PLC (b)	17	240
iRobot Corp. (a) (b)	3	179
J. Alexander's Holdings, Inc. (a)	—	2
J.C. Penney Co. Inc. (a) (b)	39	35
Jack in the Box Inc.	2	197
Johnson Outdoors Inc. - Class A	1	56
K12 Inc. (a)	5	121
KAR Auction Services, Inc.	12	291
KB Home	7	244
Kirkland's Inc. (a) (b)	2	2
Kohl's Corp.	18	917
Kontoor Brands, Inc.	2	54
Lakeland Industries Inc. (a)	—	2
Lands' End, Inc. (a)	2	17
Las Vegas Sands Corp.	17	981
La-Z-Boy Inc.	5	169
LCI Industries	3	302
Leaf Group Ltd. (a)	1	4
Lear Corp.	7	768
Leggett & Platt Inc.	12	492
Lennar Corp. - Class A	12	666
Lennar Corp. - Class B	1	47
LGI Homes, Inc. (a)	3	231
Libbey Inc. (a)	2	8
Lifetime Brands, Inc.	1	10
Limited Brands Inc.	17	335
Lindblad Expeditions Holdings Inc. (a)	3	48
Liquidity Services, Inc. (a)	4	30
Lithia Motors Inc. - Class A	3	385
LKQ Corp. (a)	18	556
Lowe's Cos. Inc.	29	3,207
Luby's Inc. (a)	1	2
Lululemon Athletica Inc. (a)	6	1,064
Lumber Liquidators, Inc. (a) (b)	1	10
M/I Homes, Inc. (a)	2	83
Macy's, Inc.	42	646
Malibu Boats, Inc. - Class A (a)	2	50
Marine Products Corp.	2	24
MarineMax Inc. (a)	3	44
Marriott International Inc. - Class A	10	1,185
Marriott Vacations Worldwide Corporation	5	504
Mattel Inc. (a) (b)	15	171
McDonald's Corporation	22	4,770
MDC Holdings Inc.	10	443
Meritage Homes Corporation (a)	4	315
MGM Resorts International	22	614
Modine Manufacturing Co. (a)	4	51
Mohawk Industries Inc. (a)	4	544
Monarch Casino & Resort Inc. (a)	1	29
Monro Inc.	3	222
Motorcar Parts of America Inc. (a)	2	33
Movado Group Inc.	1	27
Murphy USA Inc. (a)	4	313
Nathan's Famous Inc.	1	43
National Vision Holdings, Inc. (a)	3	69
Nautilus, Inc. (a)	3	5
New Home Co. Inc. (a)	1	4
Newell Brands Inc.	22	404
Nike Inc. - Class B	46	4,290
Nordstrom Inc. (b)	15	517
Norwegian Cruise Line Holdings Ltd. (a)	19	971
NVR, Inc. (a)	—	595
Office Depot Inc.	82	144
Ollie's Bargain Outlet Holdings Inc. (a)	6	335
O'Reilly Automotive, Inc. (a)	3	1,167
Oxford Industries Inc.	2	142
Papa John's International Inc. (b)	4	186
Party City Holdco Inc. (a) (b)	18	100
Penn National Gaming Inc. (a)	5	97
Penske Automotive Group, Inc.	10	482
PetMed Express Inc. (b)	2	41
Pico Holdings Inc. (a)	3	34
Pier 1 Imports, Inc. (a) (b)	—	4
Planet Fitness, Inc. - Class A (a)	7	396
Playa Hotels & Resorts N.V. (a)	4	32
Polaris Industries Inc.	6	571
Pool Corporation	3	599
Potbelly Corporation (a)	2	9
Pulte Homes Inc.	28	1,025
PVH Corp.	5	422
Quotient Technology Inc. (a)	7	57
Qurate Retail, Inc. - Class A (a)	37	378
Ralph Lauren Corp. - Class A	3	315
RCI Hospitality Holdings, Inc.	1	17
Red Lion Hotels Corp. (a)	2	14
Red Robin Gourmet Burgers, Inc. (a)	1	49
Red Rock Resorts, Inc. - Class A	9	183
Regis Corp. (a)	4	81
Rent-A-Center, Inc.	6	144
RH (a)	1	245
Rocky Brands Inc.	1	20
Roku Inc. - Class A (a) (b)	2	193
Ross Stores Inc.	13	1,473
Royal Caribbean Cruises Ltd.	8	878
RTW Retailwinds, Inc. (a)	5	7
Ruth's Hospitality Group Inc.	5	97
Sally Beauty Holdings, Inc. (a)	12	186
Scientific Games Corporation - Class A (a)	8	165
Sears Hometown and Outlet Stores Inc. (a) (b)	—	2
Seaworld Entertainment, Inc. (a)	6	153
Service Corp. International	16	776
ServiceMaster Holding Corporation (a)	9	519
Shake Shack Inc. - Class A (a)	3	246
Shiloh Industries Inc. (a)	1	3
Shoe Carnival Inc. (b)	2	56
Shutterstock Inc. (a)	2	88
Signet Jewelers Limited	9	146
Six Flags Operations Inc.	6	292
Skechers U.S.A. Inc. - Class A (a)	11	429
Skyline Corp. (a)	7	198
Sleep Number Corporation (a)	3	135
Sonic Automotive, Inc. - Class A	4	137
Sotheby's (a)	5	296

113

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	Sportsman's Warehouse Holdings, Inc. (a)	3		16
	Stamps.com Inc. (a)	2		150
	Standard Motor Products Inc.	2		116
	Starbucks Corp.	38		3,317
	Steven Madden Ltd.	6		227
	Stoneridge, Inc. (a)	3		96
	Strategic Education, Inc.	1		187
	Strattec Security Corp.	—		5
	Superior Industries International Inc.	2		5
	Superior Uniform Group Inc.	1		16
	Tapestry Inc.	18		463
	Target Corporation	24		2,593
	Taylor Morrison Home II Corporation - Class A (a)	14		352
	Tempur Sealy International, Inc. (a)	6		434
	Tenneco Inc.	8		97
	Tesla Inc. (a)	1		341
	Texas Roadhouse Inc.	6		324
	The Habit Restaurants, LLC - Class A (a)	1		11
	The Michaels Companies, Inc. (a)	17		167
	The Wendy's Company	18		366
	Thor Industries Inc.	3		157
	Tiffany & Co.	9		815
	Tile Shop Holdings, Inc.	6		19
	Tilly's Inc. - Class A	1		10
	TJX Cos. Inc.	44		2,432
	Toll Brothers Inc.	8		328
	TopBuild Corp. (a)	4		397
	Tractor Supply Co.	7		653
	TRI Pointe Homes, Inc. (a)	16		239
	Tuesday Morning Corp. (a)	4		7
	Tupperware Brands Corp.	4		61
	Ulta Salon, Cosmetics & Fragrance, Inc. (a)	4		887
	Under Armour Inc. - Class A (a)	11		223
	Under Armour Inc. - Class C (a)	9		160
	Unifi Inc. (a)	2		47
	Universal Electronics Inc. (a)	1		42
	Universal Technical Institute Inc. (a)	2		9
	Urban Outfitters Inc. (a)	14		392
	Vail Resorts, Inc.	2		438
	Veoneer, Inc. (a) (b)	6		95
	Vera Bradley, Inc. (a)	3		32
	VF Corp.	10		862
	Vista Outdoor Inc. (a)	6		38
	Visteon Corporation (a)	3		232
	Vitamin Shoppe, Inc. (a)	2		14
	VOXX International Corporation - Class A (a)	2		9
	Wayfair Inc. - Class A (a) (b)	3		292
	Weyco Group Inc.	1		21
	Whirlpool Corp.	5		847
	William Lyon Homes - Class A (a)	2		44
	Williams-Sonoma Inc.	7		499
	Wingstop Inc.	3		236
	Winmark Corp.	—		44
	Winnebago Industries Inc.	4		137
	Wolverine World Wide Inc.	9		249
	WW International, Inc. (a)	6		219
	Wyndham Destinations, Inc.	7		301
	Wyndham Hotels & Resorts, Inc.	7		353
	Wynn Resorts Ltd.	5		561
	Yum! Brands Inc.	10		1,143
	ZAGG Inc (a)	4		23
	Zovio Inc. (a)	4		9
	Zumiez Inc. (a)	3		105
			151,205
Health Care 11.3%
	Abbott Laboratories	26		2,204
	AbbVie Inc.	40		3,059
	ABIOMED, Inc. (a)	2		297
	Acadia Healthcare Company, Inc. (a)	11		341
	Accuray Incorporated (a)	6		16
	Achillion Pharmaceuticals, Inc. (a)	8		30
	Acorda Therapeutics, Inc. (a)	6		17
	Addus HomeCare Corporation (a)	1		88
	Adverum Biotechnologies, Inc. (a)	10		54
	Agilent Technologies, Inc.	12		923
	Agios Pharmaceuticals, Inc. (a) (b)	1		35
	Akorn, Inc. (a)	8		30
	Alexion Pharmaceuticals, Inc. (a)	5		537
	Align Technology, Inc. (a)	3		501
	Alkermes Public Limited Company (a)	3		56
	Allergan Public Limited Company	6		1,090
	Allscripts Healthcare Solutions, Inc. (a)	29		320
	Alnylam Pharmaceuticals, Inc. (a)	3		254
	Amedisys, Inc. (a)	2		289
	AmerisourceBergen Corporation	11		882
	Amgen Inc.	23		4,368
	AMN Healthcare Services, Inc. (a)	5		271
	Amphastar Pharmaceuticals, Inc. (a)	4		84
	Anaptysbio, Inc. (a)	2		70
	AngioDynamics, Inc. (a)	4		82
	ANI Pharmaceuticals, Inc. (a)	1		57
	Anika Therapeutics, Inc. (a)	1		82
	Anthem, Inc.	8		1,878
	Ardelyx, Inc. (a)	1		4
	Arena Pharmaceuticals, Inc. (a)	4		188
	Assertio Therapeutics, Inc. (a)	3		4
	Atara Biotherapeutics, Inc. (a)	4		58
	Atrion Corporation	—		127
	Audentes Therapeutics, Inc. (a)	7		197
	Avanos Medical, Inc. (a)	5		170
	Baxter International Inc.	11		942
	Becton, Dickinson and Company	5		1,340
	Biogen Inc. (a)	8		1,795
	BioMarin Pharmaceutical Inc. (a)	4		286
	Bio-Rad Laboratories, Inc. - Class A (a)	2		696
	BioSpecifics Technologies Corp. (a)	1		39
	Bio-Techne Corporation	3		539
	BioTelemetry, Inc. (a)	2		82
	Bluebird Bio, Inc. (a) (b)	2		139
	Boston Scientific Corp. (a)	29		1,177
	Bristol-Myers Squibb Co.	53		2,692
	Brookdale Senior Living Inc. (a)	30		226
	Bruker Corp.	14		595
	Cambrex Corp. (a)	4		254
	Cantel Medical Corp.	4		300
	Capital Senior Living Corp. (a)	3		14
	Cardinal Health, Inc.	21		1,006
	Catalent Inc. (a)	17		831
	Celgene Corp. (a)	33		3,322
	Centene Corporation (a)	15		646
	Cerner Corp.	15		1,023
	Charles River Laboratories International Inc. (a)	6		742
	Chemed Corporation	2		731
	Chimerix, Inc. (a)	5		12
	Cigna Corp.	18		2,726
	Community Health Systems Inc. (a) (b)	12		42
	Computer Programs & Systems Inc.	1		17
	Concert Pharmaceuticals Inc. (a)	—		2
	Conmed Corp.	4		366
	Cooper Cos. Inc.	2		560
	Corcept Therapeutics Inc. (a)	9		125
	Corvel Corp. (a)	2		152
	Covetrus, Inc. (a)	3		33
	Cross Country Healthcare Inc. (a)	2		24
	CryoLife Inc. (a)	3		76
	Cumberland Pharmaceuticals Inc. (a) (c)	1		5
	CVS Health Corporation	40		2,526
	Danaher Corporation	11		1,544
	DaVita Inc. (a)	12		692
	Deciphera Pharmaceuticals, Inc. (a)	6		209
	Dentsply Sirona Inc.	13		719
	DexCom Inc. (a)	1		209
	Diplomat Pharmacy, Inc. (a)	8		41
	Eagle Pharmaceuticals Inc. (a)	1		75
	Edwards Lifesciences Corporation (a)	6		1,261
	Elanco Animal Health (a)	18		475
	Eli Lilly & Co.	25		2,762
	Emergent BioSolutions Inc. (a)	4		213
	Enanta Pharmaceuticals, Inc. (a)	2		96

114

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

	Shares/Par1	Value ($)
Encompass Health Corporation	13	808
Endo International Public Limited Company (a)	23	75
Enzo Biochem Inc. (a)	4	13
Evolent Health, Inc. - Class A (a)	14	99
Exact Sciences Corporation (a)	2	197
Exelixis, Inc. (a)	26	451
Five Prime Therapeutics, Inc. (a)	4	15
Five Star Senior Living Inc. (a) (c)	1	—
G1 Therapeutics, Inc. (a)	4	80
Genomic Health, Inc. (a)	2	108
Gilead Sciences Inc.	48	3,037
Global Blood Therapeutics, Inc. (a)	4	181
Globus Medical Inc. - Class A (a)	6	288
Haemonetics Corp. (a)	3	440
Hanger, Inc. (a)	3	57
Harvard Bioscience Inc. (a)	2	5
HCA Healthcare, Inc.	9	1,058
HealthEquity, Inc. (a)	3	162
Healthstream, Inc. (a)	2	55
Henry Schein Inc. (a)	7	438
Herbalife Nutrition Ltd. (a)	11	413
Heska Corporation (a) (b)	—	11
Hill-Rom Holdings Inc.	5	541
HMS Holdings Corp. (a)	8	260
Hologic Inc. (a)	18	930
Horizon Therapeutics Public Limited Company (a)	15	413
Humana Inc.	5	1,205
ICU Medical, Inc. (a)	1	176
IDEXX Laboratories, Inc. (a)	4	1,211
Illumina, Inc. (a)	3	907
Incyte Corporation (a)	4	281
Innoviva, Inc. (a)	12	126
Inogen, Inc. (a)	1	58
Insulet Corporation (a)	1	149
Integer Holdings Corporation (a)	3	264
Integra LifeSciences Holdings Corp. (a)	5	309
Intellia Therapeutics, Inc. (a) (b)	3	39
Intra-Cellular Therapies, Inc. (a)	4	30
Intuitive Surgical, Inc. (a)	2	1,229
Invacare Corp.	4	29
Ionis Pharmaceuticals Inc. (a)	5	310
Iovance Biotherapeutics Inc. (a)	11	198
IQVIA Inc. (a)	6	881
Jazz Pharmaceuticals Public Limited Company (a)	3	383
Johnson & Johnson	91	11,769
Karyopharm Therapeutics Inc. (a) (b)	4	34
Kura Operations, Inc. (a)	3	39
Laboratory Corporation of America Holdings (a)	7	1,197
Lannett Co. Inc. (a) (b)	3	35
Lantheus Holdings Inc. (a)	5	124
LeMaitre Vascular Inc.	2	55
LHC Group, Inc. (a)	3	309
Ligand Pharmaceuticals Incorporated (a)	1	87
Lipocine Operating Inc. (a) (b)	1	3
LivaNova PLC (a)	4	261
Luminex Corporation	6	120
MacroGenics Inc. (a)	3	40
Madrigal Pharmaceuticals Inc. (a) (b)	—	42
Magellan Health Services Inc. (a)	4	251
Mallinckrodt Public Limited Company (a) (b)	11	25
Masimo Corp. (a)	4	551
McKesson Corporation	14	1,910
Medidata Solutions, Inc. (a)	2	218
Mednax, Inc. (a)	7	154
Medpace Holdings, Inc. (a)	3	291
Medtronic Public Limited Company	23	2,472
Merck & Co., Inc.	77	6,455
Meridian Bioscience Inc.	4	41
Merit Medical Systems Inc. (a)	4	108
Mesa Laboratories, Inc.	—	30
Mettler-Toledo International Inc. (a)	1	1,044
Mirati Therapeutics, Inc. (a)	1	79
Molina Healthcare, Inc. (a)	6	610
Momenta Pharmaceuticals, Inc. (a)	8	98
Mylan Holdings Ltd. (a)	19	372
Myriad Genetics, Inc. (a)	6	162
National Healthcare Corp.	2	185
National Research Corp. - Class A	1	40
Natus Medical Inc. (a)	3	94
Neogen Corp. (a)	3	228
Neogenomics, Inc. (a)	3	60
Neurocrine Biosciences, Inc. (a)	3	241
NewLink Genetics Corp. (a) (b)	2	3
Nextgen Healthcare Inc. (a)	10	156
NuVasive Inc. (a)	5	298
Nuvectra Corporation (a)	1	1
Omnicell, Inc. (a)	3	228
OPKO Health, Inc. (a) (b)	15	30
Orasure Technologies, Inc. (a)	4	31
Orthofix Medical Inc. (a)	3	170
Otonomy, Inc. (a)	2	5
Owens & Minor Inc.	7	40
Patterson Cos. Inc.	10	176
PDL BioPharma, Inc. (a)	6	13
Penumbra, Inc. (a) (b)	1	116
PerkinElmer Inc.	3	261
Perrigo Company Public Limited Company	9	493
PetIQ, Inc. - Class A (a) (b)	2	43
Pfizer Inc.	187	6,721
Phibro Animal Health Corporation - Class A	2	34
PRA Health Sciences, Inc. (a)	5	505
Premier Healthcare Solutions, Inc. - Class A (a)	5	138
Prestige Consumer Healthcare Inc. (a)	8	264
Prothena Corporation Public Limited Company (a)	4	33
Providence Services Corp. (a)	2	93
Psychemedics Corp.	1	5
QHCCS, LLC (a) (b)	3	4
Quest Diagnostics Incorporated	10	1,083
Quidel Corporation (a)	3	204
RadNet Inc. (a)	4	54
Regeneron Pharmaceuticals, Inc. (a)	2	610
Regenxbio Inc. (a)	4	157
Repligen Corporation (a)	2	134
ResMed Inc.	5	693
Retrophin Inc. (a)	4	48
Rhythm Pharmaceuticals, Inc. (a)	1	11
RTI Surgical, Inc. (a)	4	10
Sage Therapeutics Inc. (a)	1	184
Sangamo Therapeutics Inc. (a)	16	148
Sarepta Therapeutics, Inc. (a)	1	102
SeaSpine Holdings Corporation (a)	1	7
Seattle Genetics Inc. (a)	2	213
Select Medical Holdings Corporation (a)	17	280
Simulations Plus Inc.	1	20
Spark Therapeutics, Inc. (a)	3	243
Spectrum Pharmaceuticals, Inc. (a)	3	23
Steris Limited	3	490
Stryker Corp.	7	1,572
Supernus Pharmaceuticals Inc. (a)	5	126
SurModics Inc. (a)	1	65
Symbion, Inc. (a) (b)	5	34
Syneos Health, Inc. - Class A (a)	8	446
Taro Pharmaceutical Industries Ltd	3	224
Teleflex Inc.	2	563
Tenet Healthcare Corporation (a)	12	261
The Ensign Group, Inc.	5	256
Thermo Fisher Scientific Inc.	10	2,870
Tivity Health, Inc. (a) (b)	9	145
Triple-S Management Corp. - Class B (a)	2	29
U. S. Physical Therapy, Inc.	1	146
Ultragenyx Pharmaceutical Inc. (a)	1	56
United Therapeutics Corporation (a)	7	528
UnitedHealth Group Incorporated	27	5,845
Universal Health Services Inc. - Class B	9	1,306
Utah Medical Products Inc.	—	19
Vanda Pharmaceuticals Inc. (a)	5	64
Varex Imaging Corporation (a)	6	171
Varian Medical Systems, Inc. (a)	5	539
Veeva Systems Inc. - Class A (a)	4	563
Vertex Pharmaceuticals Incorporated (a)	3	559

115

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	Waters Corp. (a)	3		662
	WellCare Health Plans, Inc. (a)	3		696
	West Pharmaceutical Services Inc.	3		413
	Wright Medical Group N.V. (a)	3		71
	Xencor, Inc. (a)	5		180
	Zimmer Biomet Holdings, Inc.	7		1,002
	Zoetis Inc. - Class A	20		2,455
	Zogenix, Inc. (a)	4		165
			137,402
Communication Services 8.5%
	A T N International Limited	3		150
	A. H. Belo Corporation - Class A	3		10
	Activision Blizzard, Inc.	16		853
	Alaska Communications Systems Group, Inc. (a)	3		5
	Alphabet Inc. - Class A (a)	6		7,312
	Alphabet Inc. - Class C (a)	6		7,730
	Altice USA, Inc. - Class A (a)	29		828
	AMC Entertainment Holdings, Inc. - Class A (b)	6		68
	AMC Networks, Inc. - Class A (a)	5		252
	Anterix Inc. (a)	2		54
	AT&T Inc.	438		16,587
	Boingo Wireless, Inc. (a)	4		42
	Cable One, Inc.	1		844
	Cargurus Inc. - Class A (a)	3		95
	Cars.com Inc. (a)	9		82
	CBS Corporation - Class A	—		9
	CBS Corporation - Class B	22		901
	CenturyLink Inc.	71		892
	Charter Communications, Inc. - Class A (a)	6		2,497
	Cincinnati Bell Inc. (a)	4		23
	Cinemark Holdings, Inc.	14		545
	Clear Channel Outdoor Holdings, Inc. (a)	5		13
	Cogent Communications Group, Inc.	5		256
	Comcast Corporation - Class A	171		7,721
	comScore, Inc. (a)	7		13
	Consolidated Communications Holdings Inc.	13		63
	DHI Group, Inc. (a)	—		1
	Discovery, Inc. - Class A (a) (b)	12		328
	Discovery, Inc. - Class C (a)	24		603
	Dish Network Corporation - Class A (a)	16		551
	Electronic Arts Inc. (a)	9		859
	Emerald Expositions Events, Inc.	11		106
	Entercom Communications Corp. - Class A	15		51
	Entravision Communications Corporation - Class A	6		18
	EW Scripps Co. - Class A	8		103
	Facebook, Inc. - Class A (a)	72		12,882
	Fox Corporation - Class A	18		569
	Fox Corporation - Class B	11		350
	Frontier Communications Corporation (a) (b)	2		2
	Gannett Co., Inc.	20		212
	GCI Liberty, Inc. - Class A (a)	9		579
	Glu Mobile Inc. (a)	—		—
	GoDaddy Inc. - Class A (a)	6		370
	Gray Television Inc. (a)	11		187
	GTT Communications Inc. (a) (b)	8		71
	IAC/InterActiveCorp (a)	3		628
	IDT Corp. - Class B (a)	3		29
	IMAX Corporation (a)	9		192
	Intelsat Investments S.A. (a)	10		228
	Interpublic Group of Cos. Inc.	23		498
	Iridium Communications Inc. (a)	11		227
	John Wiley & Sons Inc. - Class A	6		243
	John Wiley & Sons Inc. - Class B (c)	—		4
	Liberty Braves Group - Class A (a)	—		10
	Liberty Braves Group - Class C (a)	3		79
	Liberty Broadband Corp. - Class A (a)	1		127
	Liberty Broadband Corp. - Class C (a)	5		572
	Liberty Latin America Ltd. - Class C (a)	10		170
	Liberty Media Corp. - Class A (a)	1		36
	Liberty Media Corp. - Class C (a)	14		571
	Liberty SiriusXM Group - Class A (a)	4		150
	Liberty SiriusXM Group - Class C (a)	8		339
	Liberty TripAdvisor Holdings Inc. - Class A (a)	7		68
	Lions Gate Entertainment Corp. - Class A	5		42
	Lions Gate Entertainment Corp. - Class B	8		74
	Live Nation Inc. (a)	11		706
	Marchex, Inc. - Class B (a)	3		8
	Marcus Corp.	3		126
	Match Group, Inc.	5		352
	Meredith Corporation	4		140
	MSG Networks Inc. - Class A (a)	6		93
	National CineMedia Inc.	5		45
	Netflix, Inc. (a)	7		1,853
	New Media Investment Group Inc. (b)	6		55
	New York Times Co. - Class A	8		232
	News Corporation - Class A	34		468
	News Corporation - Class B	10		143
	Nexstar Media Group, Inc. - Class A	6		607
	Omnicom Group Inc.	12		917
	ORBCOMM Inc. (a)	6		27
	QuinStreet, Inc. (a)	2		29
	Reading International Inc. - Class A (a)	2		22
	Rosetta Stone Inc. (a)	2		28
	Scholastic Corp.	3		132
	Shenandoah Telecommunications Company	7		237
	Sinclair Broadcast Group Inc. - Class A	11		462
	Sirius XM Holdings Inc. (b)	52		328
	Snap Inc. - Class A (a) (b)	15		244
	Spok Holdings, Inc.	2		25
	Sprint Corporation (a)	53		325
	Take-Two Interactive Software Inc. (a)	3		385
	TechTarget, Inc. (a)	2		48
	TEGNA Inc.	27		424
	Telephone & Data Systems Inc.	9		242
	The Madison Square Garden Company - Class A (a)	1		323
	The Meet Group, Inc. (a)	6		21
	The Trade Desk, Inc. - Class A (a)	1		188
	T-Mobile US Inc. (a)	20		1,560
	Townsquare Media Inc. - Class A	2		11
	Travelzoo (a)	1		11
	Tribune Publishing Company, LLC	5		43
	TripAdvisor Inc. (a)	7		263
	Truecar, Inc. (a)	12		42
	Twilio Inc. - Class A (a)	2		219
	Twitter, Inc. (a)	20		820
	US Cellular Corp. (a)	2		89
	VeriSign, Inc. (a)	4		748
	Verizon Communications Inc.	204		12,295
	Viacom Inc. - Class A (b)	1		35
	Viacom Inc. - Class B	38		909
	Vonage Holdings Corp. (a)	18		198
	Walt Disney Co.	40		5,247
	World Wrestling Entertainment, Inc. - Class A (b)	3		190
	Yelp Inc. - Class A (a)	6		214
	Zayo Group Holdings, Inc. (a)	21		712
	Zedge, Inc. - Class B (a)	1		1
	Zillow Group, Inc. - Class A (a)	4		109
	Zillow Group, Inc. - Class C (a) (b)	9		278
	Zynga Inc. - Class A (a)	68		394
			103,597
Consumer Staples 6.5%
	Alico, Inc.	1		28
	Altria Group, Inc.	76		3,122
	Archer-Daniels-Midland Company	22		885
	Avon Products, Inc. (a)	42		185
	B&G Foods, Inc. (b)	7		138
	BJ's Wholesale Club Holdings, Inc. (a)	6		142
	Boston Beer Co. Inc. - Class A (a)	1		364
	Brown-Forman Corp. - Class A	3		188
	Brown-Forman Corp. - Class B	17		1,072
	Bunge Limited	12		685
	Calavo Growers Inc. (b)	2		158
	Cal-Maine Foods Inc.	5		181
	Campbell Soup Co.	18		853
	Casey's General Stores Inc.	4		632
	Central Garden & Pet Co. (a) (b)	1		33
	Central Garden & Pet Co. - Class A (a)	5		145
	Chefs' Warehouse Inc. (a)	3		102

116

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	Church & Dwight Co. Inc.	12		907
	Clorox Co.	6		977
	Coca-Cola Co.	124		6,725
	Coca-Cola Consolidated Inc.	1		204
	Colgate-Palmolive Co.	23		1,718
	ConAgra Brands Inc.	24		722
	Constellation Brands, Inc. - Class A	4		875
	Costco Wholesale Corporation	15		4,443
	Coty Inc. - Class A	28		297
	Craft Brewers Alliance Inc. (a)	2		12
	Darling Ingredients Inc. (a)	14		277
	Dean Foods Co. (b)	13		15
	Del Monte Fresh Produce Company	5		186
	E.L.F. Beauty, Inc. (a)	4		68
	Edgewell Personal Care Colombia S A S (a)	6		203
	Estee Lauder Cos. Inc. - Class A	7		1,492
	Farmer Bros. Co. (a)	2		20
	Flowers Foods Inc.	20		453
	General Mills Inc.	21		1,175
	Hain Celestial Group Inc. (a)	9		191
	Hershey Co.	6		902
	Hormel Foods Corp.	18		805
	Hostess Brands, Inc. - Class A (a)	14		193
	Ingles Markets Inc. - Class A	2		71
	Ingredion Inc.	6		488
	Inter Parfums Inc.	3		185
	J&J Snack Foods Corp.	2		324
	JM Smucker Co.	7		719
	John B. Sanfilippo & Son Inc.	1		84
	Kellogg Co.	15		948
	Keurig Dr Pepper Inc.	11		295
	Kimberly-Clark Corp.	11		1,605
	Kraft Heinz Foods Company	21		577
	Lamb Weston Holdings Inc.	6		443
	Lancaster Colony Corp.	2		344
	Landec Corp. (a)	3		29
	Limoneira Co.	1		20
	Mannatech Inc. (c)	—		5
	McCormick & Co. Inc.	6		912
	Medifast, Inc.	1		124
	MGPI Processing, Inc. (b)	2		93
	Molson Coors Brewing Company - Class B	11		638
	Mondelez International Inc. - Class A	25		1,363
	Monster Beverage 1990 Corporation (a)	11		613
	National Beverage Corp. (b)	2		97
	Natural Grocers By Vitamin Cottage, Inc. (a)	2		21
	Natural Health Trends Corp.	—		1
	Nature's Sunshine Products Inc. (a)	1		6
	Nu Skin Enterprises, Inc. - Class A	6		264
	Oil-Dri Corp. of America	—		14
	PepsiCo Inc.	52		7,130
	Performance Food Group Company (a)	10		468
	Philip Morris International Inc.	43		3,288
	Pilgrim's Pride Corporation (a)	18		562
	Post Holdings Inc. (a)	8		888
	PriceSmart Inc.	2		163
	Primo Water Operations, Inc. (a)	2		29
	Procter & Gamble Co.	73		9,062
	Pyxus International, Inc. (a) (b)	1		12
	Revlon Inc. - Class A (a) (b)	3		78
	Rite Aid Corporation (a) (b)	5		32
	Sanderson Farms Inc.	3		400
	Seneca Foods Corp. - Class A (a)	1		21
	SpartanNash Co.	6		65
	Spectrum Brands Legacy, Inc.	6		310
	Sprouts Farmers Market, Inc. (a)	9		179
	Sysco Corp.	19		1,512
	The Andersons, Inc.	3		73
	The Kroger Co.	86		2,207
	The Simply Good Foods Company (a)	7		198
	Tootsie Roll Industries Inc. (b)	3		115
	Treehouse Foods, Inc. (a)	6		326
	Tyson Foods Inc. - Class A	18		1,570
	United Natural Foods Inc. (a)	6		67
	Universal Corp.	4		203
	US Foods Holding Corp. (a)	16		641
	USANA Health Sciences, Inc. (a)	3		219
	Vector Group Ltd.	15		174
	Village Super Market Inc. - Class A	1		26
	Walgreens Boots Alliance Inc.	27		1,503
	Walmart Inc.	42		4,981
	WD-40 Co.	1		195
	Weis Markets Inc.	5		184
			78,937
Energy 4.8%
	Abraxas Petroleum Corporation (a)	13		6
	Adams Resources & Energy, Inc.	—		8
	Antero Resources Corporation (a)	25		74
	Apache Corporation	31		788
	Apergy Corporation (a)	6		154
	Arch Coal, Inc. - Class A (b)	3		208
	Archrock, Inc.	19		186
	Baker Hughes, a GE Company, LLC - Class A	13		302
	Blue Ridge Mountain Resources, Inc. (a) (b)	1		5
	Bonanza Creek Energy, Inc. (a)	1		21
	C&J Energy Services, Inc. (a)	11		117
	Cabot Oil & Gas Corp.	26		450
	Cactus Inc. - Class A (a)	4		111
	California Resources Corporation (a) (b)	5		53
	Callon Petroleum Company (a) (b)	33		142
	CARBO Ceramics Inc. (a) (b)	2		5
	Carrizo Oil & Gas Inc. (a)	15		128
	Centennial Resource Development, LLC - Class A (a)	20		90
	Cheniere Energy, Inc. (a)	11		669
	Chesapeake Energy Corp. (a) (b)	104		147
	Chevron Corp.	71		8,429
	Cimarex Energy Co.	9		413
	Clean Energy Fuels Corp. (a)	22		46
	CNX Resources Corporation (a)	22		162
	Concho Resources Inc.	12		839
	ConocoPhillips	51		2,928
	CONSOL Mining Corporation (a)	5		73
	Contango Oil & Gas Company (a)	2		7
	Continental Resources Inc. (a)	13		409
	Core Laboratories N.V. (b)	4		187
	CVR Energy, Inc.	9		382
	Dawson Geophysical Co. (a)	3		5
	Delek US Holdings, Inc.	10		354
	Denbury Resources Inc. (a) (b)	68		81
	Devon Energy Corporation	25		602
	DHT Holdings, Inc.	22		138
	Diamond Offshore Drilling, Inc. (a) (b)	16		88
	Diamondback Energy, Inc.	9		847
	DMC Global Inc.	2		97
	Dorian LPG Ltd. (a)	5		56
	Dril-Quip Inc. (a)	4		205
	Enlink Midstream, LLC (b)	30		252
	EOG Resources, Inc.	22		1,670
	EQT Corporation	12		129
	Equitrans Midstream Corp.	7		100
	ERA Group Inc. (a)	2		17
	Evolution Petroleum Corporation	3		16
	Exterran Trinidad LLC (a)	5		67
	Extraction Oil & Gas, Inc. (a) (b)	11		31
	Exxon Mobil Corporation	164		11,560
	Forum Energy Technologies, Inc. (a)	11		17
	Frank's International N.V. (a)	22		104
	GasLog Ltd.	12		157
	Geospace Technologies Corporation (a)	1		11
	Green Plains Renewable Energy Inc.	4		42
	Gulf Island Fabrication Inc. (a)	1		5
	Gulfport Energy Corp. (a)	28		76
	Hallador Energy Company	—		1
	Halliburton Co.	19		365
	Helix Energy Solutions Group, Inc. (a)	31		246
	Helmerich & Payne Inc.	8		328
	Hess Corporation	12		707
	HighPoint Resources Corporation (a)	15		24
	HollyFrontier Corp.	15		820

117

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	International Seaways, Inc. (a)	2		38
	ION Geophysical Corp. (a)	1		7
	Jagged Peak Energy Inc. (a) (b)	5		33
	Keane Group, Inc. (a)	15		93
	Kinder Morgan, Inc.	64		1,327
	KLX Energy Services Holdings, Inc. (a)	2		18
	Kosmos Energy Ltd.	42		259
	Laredo Petroleum Holdings Inc. (a)	26		63
	Mammoth Energy Services, Inc.	2		6
	Marathon Oil Corp.	56		683
	Marathon Petroleum Corporation	27		1,614
	Matador Resources Co. (a)	13		216
	Matrix Service Co. (a)	3		56
	McDermott International Inc. (a) (b)	13		27
	Mitcham Industries Inc. (a)	1		2
	Murphy Oil Corp.	17		367
	Nabors Industries Ltd	43		80
	NACCO Industries Inc. - Class A	1		32
	National Oilwell Varco Inc.	15		315
	Natural Gas Services Group, Inc. (a)	2		21
	Newpark Resources Inc. (a)	10		79
	Noble Corporation PLC (a)	27		34
	Noble Energy Inc.	25		572
	Northern Oil and Gas Inc. (a)	48		94
	Oasis Petroleum Inc. (a)	32		111
	Occidental Petroleum Corporation	36		1,618
	Oceaneering International Inc. (a)	12		157
	Oil States International Inc. (a)	6		78
	ONEOK Inc.	15		1,080
	Pacific Ethanol, Inc. (a)	2		1
	Panhandle Oil and Gas Inc. - Class A	2		21
	Par Pacific Holdings, Inc. (a)	7		161
	Parsley Energy Inc. - Class A	15		260
	Patterson-UTI Energy Inc.	17		145
	PBF Energy Inc. - Class A	12		326
	PDC Energy, Inc. (a)	5		126
	Peabody Energy Corp.	12		176
	Penn Virginia Corporation (a)	—		8
	Phillips 66	13		1,359
	Pioneer Natural Resources Co.	9		1,154
	Propetro Holding Corp. (a)	11		100
	QEP Resources, Inc.	33		122
	Range Resources Corporation (b)	16		62
	Reg Biofuels, LLC (a)	5		72
	REX Stores Corp. (a)	—		13
	RigNet Inc. (a)	2		12
	Ring Energy Inc. (a)	4		6
	RPC Inc. (b)	13		70
	Schlumberger Ltd.	37		1,267
	Scorpio Tankers Inc.	6		183
	SEACOR Holdings Inc. (a)	4		186
	SEACOR Marine Holdings Inc. (a)	2		24
	Select Energy Services, Inc. - Class A (a)	12		102
	SemGroup Corporation - Class A	9		143
	Ship Finance International Limited	16		219
	SM Energy Company	13		129
	Southwestern Energy Co. (a)	52		101
	SRC Energy Inc. (a)	34		157
	Superior Energy Services Inc. (a) (e)	14		2
	Talos Energy Inc. (a)	7		150
	Targa Resources Corp.	15		607
	TechnipFMC PLC	23		557
	Teekay Shipping (Canada) Ltd. (b)	7		29
	Teekay Tankers Ltd. - Class A (a)	4		5
	TETRA Technologies, Inc. (a)	8		16
	Tidewater Inc. (a)	3		45
	Transocean Ltd. (a)	35		158
	U.S. Silica Holdings, Inc. (b)	12		117
	Unit Corp. (a)	11		38
	Valaris PLC - Class A (b) (c)	22		107
	Valero Energy Corporation	21		1,788
	Whiting Petroleum Corp. (a) (b)	11		87
	Williams Cos. Inc.	26		624
	World Fuel Services Corp.	11		437
	WPX Energy, Inc. (a)	41		435
			57,744
Materials 4.0%
	AdvanSix Inc. (a)	6		154
	Air Products and Chemicals, Inc.	5		1,017
	AK Steel Holding Corporation (a) (b)	31		70
	Albemarle Corporation (b)	7		508
	Alcoa Corporation (a)	16		314
	Allegheny Technologies Incorporated (a)	11		219
	Amcor Plc	44		427
	American Vanguard Corporation	4		56
	Ampco-Pittsburgh Corporation (a)	1		3
	AptarGroup, Inc.	6		676
	Ashland Global Holdings Inc.	4		337
	Avery Dennison Corporation	5		619
	Axalta Coating Systems Ltd. (a)	24		717
	Balchem Corporation	2		238
	Ball Corporation	19		1,383
	Berry Global Group, Inc. (a)	15		594
	Boise Cascade Company	5		148
	Cabot Corp.	7		308
	Carpenter Technology Corp.	5		263
	Celanese Corp. - Class A	8		1,023
	Century Aluminum Co. (a)	8		56
	CF Industries Holdings Inc.	17		837
	Chase Corporation	1		140
	Chemours Co.	15		225
	Clearwater Paper Corporation (a)	2		42
	Cleveland-Cliffs Inc. (b)	17		125
	Coeur d'Alene Mines Corp. (a)	24		117
	Commercial Metals Co.	16		282
	Compass Minerals International, Inc.	3		188
	Core Molding Technologies Inc. (a)	1		5
	Corteva, Inc.	16		437
	Crown Holdings Inc. (a)	11		748
	Domtar Corp. (c)	6		222
	Dow Holdings Inc.	21		1,009
	DuPont de Nemours, Inc	18		1,311
	Eagle Materials Inc.	3		300
	Eastman Chemical Co.	13		992
	Ecolab Inc.	9		1,700
	Element Solutions, Inc. (a)	30		308
	Ferro Corp. (a)	14		167
	Ferroglobe PLC	13		15
	Ferroglobe Rep and Warranty Insurance Trust (a) (c) (e)	10		—
	Flotek Industries Inc. (a)	2		3
	FMC Corp.	7		622
	Freeport-McMoRan Inc. - Class B	90		860
	FutureFuel Corp.	4		43
	GCP Applied Technologies Inc. (a)	7		129
	Gold Resource Corporation	4		13
	Graphic Packaging Holding Co.	36		535
	Greif Inc. - Class A	5		204
	Greif Inc. - Class B	1		48
	Hawkins Inc.	1		41
	Haynes International Inc.	2		55
	HB Fuller Co.	4		194
	Hecla Mining Co.	59		105
	Huntsman Corp.	27		630
	Ingevity Corporation (a)	3		214
	Innophos Holdings Inc	2		62
	Innospec Inc.	3		237
	International Flavors & Fragrances Inc. (b)	4		501
	International Paper Co.	35		1,456
	Intrepid Potash, Inc. (a)	21		68
	Kaiser Aluminum Corp.	1		109
	Koppers Holdings Inc. (a)	2		68
	Kraton Corporation (a)	4		142
	Kronos Worldwide, Inc.	13		156
	Linde Public Limited Company	11		2,207
	Livent Corporation (a)	7		44
	Louisiana-Pacific Corp.	15		357
	LSB Industries Inc. (a)	3		14
	LyondellBasell Industries N.V. - Class A	14		1,272

118

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	Martin Marietta Materials Inc.	3		957
	Materion Corp.	2		125
	Mercer International Inc.	11		138
	Minerals Technologies Inc.	4		209
	MOS Holdings Inc.	16		330
	Myers Industries Inc.	3		61
	Neenah Inc.	2		113
	NewMarket Corp.	1		490
	Newmont Goldcorp Corporation (c)	21		800
	Nucor Corp.	22		1,099
	Olin Corp.	17		311
	Olympic Steel, Inc.	1		15
	Omnova Solutions Inc. (a)	4		41
	Owens-Illinois Inc.	22		224
	P.H. Glatfelter Co.	4		69
	Packaging Corp. of America	8		835
	Park Aerospace Technologies Corp.	2		38
	PolyOne Corporation	7		222
	PPG Industries Inc.	13		1,592
	PQ Group Holdings Inc. (a)	4		65
	Quaker Chemical Corp.	1		185
	Rayonier Advanced Materials Inc.	11		50
	Reliance Steel & Aluminum Co.	6		611
	Resolute Forest Products Inc. (c)	8		40
	Royal Gold Inc.	4		511
	RPM International Inc.	9		614
	Ryerson Holding Corp. (a)	3		22
	Schnitzer Steel Industries Inc. - Class A	3		55
	Schweitzer-Mauduit International Inc.	6		217
	Scotts Miracle-Gro Co. - Class A	6		647
	Sealed Air Corporation	14		588
	Sensient Technologies Corporation	4		275
	Sherwin-Williams Co.	2		1,365
	Silgan Holdings Inc.	16		468
	Sonoco Products Co.	11		668
	Southern Peru Copper Corporation (Sucursal Del Peru)	3		119
	Steel Dynamics Inc.	24		714
	Stepan Co.	3		268
	Summit Materials, Inc. - Class A (a)	15		334
	SunCoke Energy, Inc. (a)	8		45
	TimkenSteel Corp. (a)	5		28
	Trecora Resources (a)	2		17
	Tredegar Corp.	3		55
	Trinseo S.A.	6		265
	Tronox Holdings PLC	10		83
	U.S. Concrete, Inc. (a)	2		121
	UFP Technologies Inc. (a)	—		12
	United States Lime & Minerals Inc.	1		38
	United States Steel Corp. (b)	17		198
	Univar Inc. (a)	14		286
	Universal Stainless & Alloy Products Inc. (a)	1		11
	Valvoline, Inc.	18		390
	Verso Corporation - Class A (a)	4		45
	Vulcan Materials Co.	7		1,030
	W. R. Grace & Co.	5		307
	Warrior Met Coal, Inc.	7		143
	Westlake Chemical Corp.	5		299
	Westrock Company, Inc.	8		298
	Worthington Industries Inc.	6		207
			48,052
Utilities 3.1%
	ALLETE, Inc.	4		368
	Alliant Energy Corporation	9		484
	Ameren Corporation	10		773
	American Electric Power Company, Inc.	13		1,247
	American States Water Company	4		343
	American Water Works Company, Inc.	7		835
	Aqua America, Inc.	10		447
	Artesian Resources Corporation - Class A	1		35
	Atlantica Yield PLC	14		329
	Atmos Energy Corporation	4		511
	AVANGRID, Inc.	5		248
	Avista Corporation	7		323
	Black Hills Corporation	6		452
	California Water Service Group	5		259
	CenterPoint Energy, Inc.	17		526
	Chesapeake Utilities Corp.	2		150
	Clearway Energy, Inc. - Class A	4		63
	Clearway Energy, Inc. - Class C	6		114
	CMS Energy Corp.	11		673
	Connecticut Water Services Inc.	1		88
	Consolidated Edison Inc.	9		825
	Consolidated Water Co. Ltd.	2		30
	Dominion Energy, Inc.	21		1,737
	DTE Energy Company	7		950
	Duke Energy Corporation	19		1,789
	Edison International	9		667
	El Paso Electric Co.	4		259
	Entergy Corporation	7		836
	Evergy, Inc.	10		660
	Eversource Energy	12		1,029
	Exelon Corporation	25		1,230
	FirstEnergy Corp.	17		827
	Genie Energy Ltd. - Class B	2		15
	Hawaiian Electric Industries Inc.	10		443
	IDACORP Inc.	4		441
	MDU Resources Group Inc.	19		532
	MGE Energy, Inc.	3		265
	Middlesex Water Co.	2		100
	National Fuel Gas Co.	8		391
	New Jersey Resources Corp.	8		377
	NextEra Energy, Inc.	13		3,094
	NiSource Inc.	14		418
	Northwest Natural Holding Company	4		267
	NorthWestern Corp.	5		341
	NRG Energy Inc.	12		461
	OGE Energy Corp.	9		409
	One Gas, Inc.	5		486
	Ormat Technologies Inc.	5		391
	Otter Tail Corp.	4		196
	Pattern Energy Group Inc. - Class A (c)	9		254
	PG&E Corporation (a)	10		98
	Pinnacle West Capital Corp.	5		493
	PNM Resources, Inc.	7		380
	Portland General Electric Co.	7		399
	PPL Corporation	18		569
	Public Service Enterprise Group Inc.	14		845
	Sempra Energy	5		806
	SJW Corp.	4		246
	South Jersey Industries Inc.	8		258
	Southwest Gas Corp.	5		413
	Spark Energy Inc. - Class A	1		15
	Spire, Inc.	4		378
	Terraform Power, Inc. - Class A	4		73
	The AES Corporation	31		506
	The Southern Company	28		1,736
	UGI Corp.	8		400
	Unitil Corp.	1		89
	Vistra Energy Corp.	21		569
	WEC Energy Group Inc.	9		866
	Xcel Energy Inc.	14		904
	York Water Co.	1		64
			38,095
Real Estate 0.3%
	Alexander & Baldwin, LLC	1		30
	Altisource Portfolio Solutions S.A. (a) (b)	1		28
	CBRE Group, Inc. - Class A (a)	24		1,252
	Consolidated-Tomoka Land Co.	—		28
	Dwight A. Walker Real Estate, Inc. - Class A	5		146
	Florida Rock Properties, Inc. (a)	1		25
	Forestar Group Inc. (a)	—		7
	Jones Lang LaSalle Incorporated	4		575
	Kennedy-Wilson Holdings Inc.	13		290
	Marcus & Millichap Inc. (a)	4		149
	Newmark Group, Inc. - Class A	16		145
	Rafael Holdings, Inc. - Class B (a)	1		29
	Realogy Holdings Corp. (b)	16		106
	RMR Group, Inc. - Class A	2		86

119

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	St. Joe Co. (a) (b)	9		149
	Stratus Properties Inc. (a)	—		13
	Tejon Ranch Co. (a)	3		53
	The Howard Hughes Corporation (a)	3		416
			3,527
	Total Common Stocks (cost $884,515)		1,209,972
RIGHTS 0.0%
	Dyax Corp. (a) (c) (e)	2		—
	Elanco Animal Health (a) (c) (e)	2		—
	LyondellBasell Industries N.V. (a) (c) (e)	3		1
	NewStar Financial, Inc. (a) (c) (e)	4		3
	Total Rights (cost $1)		4
SHORT TERM INVESTMENTS 1.0%
Securities Lending Collateral 0.7%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (f) (g)	9,076		9,076
Investment Companies 0.3%
	JNL Government Money Market Fund - Institutional Class, 1.86% (f) (g)	3,440		3,440
	Total Short Term Investments (cost $12,516)		12,516
Total Investments 100.8% (cost $897,032)				1,222,492
Other Assets and Liabilities, Net (0.8)%				(9,401)
Total Net Assets 100.0%				1,213,091

(a)Non-income producing security.

(b)All or a portion of the security was on loan as of September 30, 2019.

(c)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

(d)Security is restricted to resale to institutional investors. See Restricted Securities in the Schedules of Investments.

(e)Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Schedules of Investments.

(f)Investment in affiliate.

(g)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Cimpress N.V.	07/18/12	159	235	—

120

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
JNL/DoubleLine Core Fixed Income Fund
GOVERNMENT AND AGENCY OBLIGATIONS 44.9%
U.S. Treasury Note 16.5%
	Treasury, United States Department of
		1.38%, 02/15/20 - 04/30/20	5,610		5,596
		1.88%, 12/15/20 - 08/31/24	21,470		21,715
		2.88%, 10/15/21	50,300		51,526
		1.75%, 11/30/21	58,680		58,808
		1.75%, 04/30/22 - 06/30/22	4,420		4,439
		2.63%, 02/28/23 - 01/31/26	48,600		50,438
		2.50%, 01/15/22 - 05/15/24	57,000		58,588
		2.38%, 08/15/24 - 05/15/27	31,600		33,249
		2.13%, 09/30/24	36,200		37,156
		2.75%, 08/15/21 - 02/28/25	74,950		77,909
		2.00%, 01/15/21 - 08/15/25	15,160		15,383
		3.00%, 09/30/25	25,500		27,524
		1.63%, 06/30/20 - 02/15/26	33,670		33,730
		2.00%, 11/15/26	3,190		3,272
		2.25%, 01/31/24 - 11/15/27	127,580		132,859
				612,192
Mortgage-Backed Securities 9.7%
	Federal Home Loan Mortgage Corporation
		4.78%, (1Y US Treasury Yield Curve Rate Treasury Note Constant Maturity + 2.36%), 07/01/27 (a)	—		—
		2.50%, 09/01/34	4,672		4,736
		3.00%, 08/01/46 - 06/01/47	163,473		167,352
		3.00%, 07/01/47 (b)	6,549		6,701
		3.50%, 10/01/47	43,526		45,023
		4.00%, 10/01/48	19,631		20,482
	Federal National Mortgage Association, Inc.
		2.32%, 10/01/31	12,650		12,656
		2.42%, 12/25/31	10,700		10,764
		2.14%, 10/01/19	32,100		32,209
		5.50%, 02/01/21 - 09/01/25	105		110
		4.50%, 11/01/19 - 07/01/42	7,399		7,843
		4.00%, 01/01/20 - 01/01/46	11,363		11,857
		2.50%, 08/01/34	2,943		2,981
		4.37%, (12M USD LIBOR + 1.45%), 01/01/35 (a)	289		300
		4.71%, (1Y US Treasury Yield Curve Rate Treasury Note Constant Maturity + 2.24%), 01/01/36 (a)	3,790		3,996
		3.88%, (12M US Federal Reserve Cumulative Average CMT + 1.40%), 09/01/40 (a)	1		1
		3.68%, (12M US Federal Reserve Cumulative Average CMT + 1.20%), 06/01/43 (a)	113		114
		5.00%, 05/01/37 - 04/01/44	1,395		1,536
		3.00%, 04/01/47 (b)	14,175		14,503
	Government National Mortgage Association
		3.88%, (1Y US Treasury Yield Curve Rate Treasury Note Constant Maturity + 1.50%), 05/20/26 - 05/20/30 (a)	18		19
		4.00%, (1Y US Treasury Yield Curve Rate Treasury Note Constant Maturity + 1.50%), 02/20/27 - 02/20/32 (a)	31		32
		5.00%, 02/15/38 - 07/15/41	9,270		10,290
		3.00%, 11/15/44 - 07/15/45	4,470		4,606
				358,111
Sovereign 6.6%
	Assembleia da Republica
		2.20%, 10/17/22, EUR (c)	3,900		4,597
		2.88%, 10/15/25, EUR (c)	6,160		7,930
		1.95%, 06/15/29, EUR (c)	900		1,150
	Bundesrepublik Deutschland
		0.00%, 08/15/26, EUR (c) (d)	2,200		2,524
	Cabinet Office, Government of Japan
		0.10%, 09/20/26 - 03/20/28, JPY	1,105,000		10,567
		2.20%, 09/20/27, JPY	425,000		4,739
		2.10%, 12/20/27, JPY	349,000		3,884
		1.90%, 12/20/28 - 03/20/31, JPY	655,000		7,377
		1.60%, 03/20/33 - 12/20/33, JPY	974,000		11,056
		1.50%, 06/20/34, JPY	350,000		3,944
		1.30%, 06/20/35, JPY	385,000		4,253
		1.20%, 09/20/35, JPY	335,000		3,657
		0.50%, 03/20/38, JPY	410,000		4,027
	Canada, Government of
		2.25%, 02/01/21, CAD	2,200		1,673
		0.50%, 03/01/22, CAD	6,200		4,562
		1.50%, 06/01/23, CAD	4,420		3,341
	Comision De Promocion Del Peru Para La Exportacion Y El Turismo
		6.95%, 08/12/31, PEN (e)	7,640		2,761
		5.40%, 08/12/34, PEN (e)	700		221
	Commonwealth of Australia
		1.75%, 11/21/20, AUD (c)	7,250		4,945
		5.50%, 04/21/23, AUD	3,220		2,535
		3.25%, 04/21/25, AUD (c)	4,750		3,629
	Estado Espanol
		0.40%, 04/30/22, EUR	2,800		3,120
		0.35%, 07/30/23, EUR	4,690		5,254
		1.60%, 04/30/25, EUR (c)	3,250		3,907
	Estado Español
		1.30%, 10/31/26, EUR (e)	960		1,149
	Export-Import Bank of Thailand
		3.04%, (3M USD LIBOR + 0.90%), 11/20/23 (a) (c)	500		502
		3.00%, (3M USD LIBOR + 0.85%), 05/23/24 (a) (c)	700		700
	Federale Overheidsdienst Kanselarij van de Eerste Minister
		0.80%, 06/22/25, EUR (c)	1,900		2,230
		1.00%, 06/22/26, EUR (c)	5,210		6,250
		0.90%, 06/22/29, EUR (c)	170		206
	Gobierno de la Republica de Chile
		3.13%, 03/27/25	2,000		2,093
	Gobierno Federal de los Estados Unidos Mexicanos
		8.00%, 06/11/20, MXN	68,900		3,521
		6.50%, 06/09/22, MXN	209,200		10,545
		4.00%, 10/02/23	3,000		3,162
		4.15%, 03/28/27	2,635		2,788
		3.75%, 01/11/28	4,050		4,163
	Government of the Republic of Panama
		4.00%, 09/22/24	7,000		7,472
	Ireland, Government of
		5.40%, 03/13/25, EUR	2,900		4,163
		1.00%, 05/15/26, EUR (c)	3,400		4,024
		0.90%, 05/15/28, EUR (c)	2,100		2,492
	Koztarsasagi Elnoki Hivatal
		0.50%, 04/21/21, HUF	1,030,000		3,378
		1.75%, 10/26/22, HUF	872,400		2,946
		2.50%, 10/24/24, HUF	1,182,200		4,122
	Malaysia Sovereign Sukuk Berhad
		3.04%, 04/22/25 (c)	4,500		4,663
	Ministry of Defence State of Israel
		4.25%, 03/31/23, ILS	6,990		2,288
		1.75%, 08/31/25, ILS	6,450		1,982
	New Zealand Government
		5.50%, 04/15/23, NZD	8,510		6,197
		2.75%, 04/15/25, NZD	6,900		4,747
	Perusahaan Penerbit Surat Berharga Syariah Negara Indonesia
		3.40%, 03/29/22 (c)	350		357
		3.75%, 03/01/23 (c)	1,698		1,760
	Presidencia de la Republica de Colombia
		4.50%, 03/15/29	200		222
		5.20%, 05/15/49	300		362
	Presidencia de la Republica Dominicana
		6.40%, 06/05/49 (e)	250		266
	Republique Francaise Presidence
		0.25%, 11/25/26, EUR (c)	2,645		3,033
		1.00%, 05/25/27, EUR (c)	2,995		3,628
	South Africa, Parliament of
		7.75%, 02/28/23, ZAR	77,875		5,190
		8.00%, 01/31/30, ZAR	150,850		9,296
	The Philippines, Government of
		4.20%, 01/21/24	7,500		8,128

121

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	The Republic of Indonesia, The Government of
		4.88%, 05/05/21 (c)	1,000		1,036
	Urad Vlady CR
		0.45%, 10/25/23, CZK	205,700		8,415
		2.40%, 09/17/25, CZK	49,000		2,198
	Urzad Rady Ministrow
		1.50%, 04/25/20, PLN	22,675		5,664
		2.25%, 04/25/22, PLN	12,000		3,041
		3.25%, 07/25/25, PLN	7,500		2,014
				246,046
Collateralized Mortgage Obligations 6.6%
	Federal Home Loan Mortgage Corporation
		Series 300-336, 3.00%, 08/15/44	36,319		37,672
		Interest Only, Series FH-S358A, 3.00%, 10/15/47	7,701		7,838
		Series JZ-1507, REMIC, 7.00%, 05/15/23	21		23
		Series LZ-2764, REMIC, 4.50%, 03/15/34	2,830		2,978
		Series T-A1-75, REMIC, 2.31%, (1M USD LIBOR + 0.04%), 12/25/36 (a)	21		22
		Series ZL-3979, REMIC, 3.50%, 01/15/42	4,957		5,129
		Series QD-4076, REMIC, 2.50%, 11/15/41	5,173		5,141
		Series AG-4729, REMIC, 3.00%, 01/15/44	25,110		25,335
		Series GS-PA-4381, REMIC, 3.00%, 07/15/46	25,722		25,940
	Federal National Mortgage Association, Inc.
		Series 2006-3A2-5, REMIC, 4.41%, 05/25/35 (a)	18		19
		Series 2012-KB-150, REMIC, 1.75%, 01/25/43	23,124		22,724
		Principal Only, Series 2015-PO-67, REMIC, 0.00%, 09/25/43 (d)	13,276		11,595
		Series 2014-A-23, REMIC, 3.00%, 05/25/44	21,117		21,287
		Series 2016-CZ-72, REMIC, 3.00%, 10/25/46	16,614		16,426
		Principal Only, Series 2018-PO-21, REMIC, 2.32%, 04/25/48 (d)	32,369		28,225
		Series 2018-A-33, REMIC, 3.00%, 05/25/48	22,975		23,219
	Government National Mortgage Association
		Series 2019-CB-71, REMIC, 2.50%, 03/20/49	11,897		12,028
				245,601
U.S. Treasury Bond 3.8%
	Treasury, United States Department of
		3.13%, 02/15/43	23,050		27,512
		3.63%, 08/15/43	18,400		23,750
		3.75%, 11/15/43	18,100		23,827
		3.00%, 05/15/47	14,000		16,605
		2.75%, 11/15/42 - 11/15/47	43,540		49,300
				140,994
U.S. Treasury Inflation Indexed Securities 1.6%
	Treasury, United States Department of
		0.88%, 01/15/29 (f)	17,731		18,853
		1.00%, 02/15/46 (f)	34,705		38,712
				57,565
Municipal 0.1%
	California, State of
		7.55%, 04/01/39	1,570		2,598
	Missouri Highways and Transportation Commission
		5.06%, 05/01/24	1,150		1,296
				3,894
	Total Government And Agency Obligations (cost $1,608,960)			1,664,403
CORPORATE BONDS AND NOTES 28.1%
Financials 9.6%
	Acrisure, LLC
		8.13%, 02/15/24 (e)	540		582
	AerCap Ireland Capital Designated Activity Company
		3.50%, 01/15/25	4,595		4,686
	Alliant Holdings I, Inc.
		8.25%, 08/01/23 (e)	1,070		1,094
	American Express Company
		2.50%, 08/01/22	4,380		4,424
	Ardagh Packaging Finance Public Limited Company
		6.00%, 02/15/25 (e)	550		575
		5.25%, 08/15/27 (e)	280		284
	ASP AMC Merger Sub, Inc.
		8.00%, 05/15/25 (e)	485		337
	AssuredPartners, Inc.
		7.00%, 08/15/25 (e)	940		945
	Athene Global Funding
		3.00%, 07/01/22 (e)	4,555		4,631
	Avation Capital
		6.50%, 05/15/21 (e)	560		578
	AXA Equitable Holdings, Inc.
		3.90%, 04/20/23	4,305		4,493
	Banco Bilbao Vizcaya Argentaria Colombia S.A
		4.88%, 04/21/25 (c)	600		645
	Banco De Credito E Inversiones S.A.
		4.00%, 02/11/23 (c)	2,000		2,097
	Banco de Reservas de la Republica Dominicana
		7.00%, 02/01/23 (c)	1,157		1,209
	Banco do Brasil S.A
		6.25%, (callable at 100 beginning 04/15/24) (c) (g)	6,600		6,526
	Banco Espirito Santo, S.A. - Em Liquidacao
		0.00%, 05/08/17 - 01/21/19, EUR (c) (h) (i) (j)	6,400		1,186
	Banco General, S.A.
		4.13%, 08/07/27 (c)	600		629
	Banco GNB Sudameris S.A.
		6.50%, 04/03/27 (c)	300		311
	Banco Internacional Del Peru S.A.A. – Interbank
		3.38%, 01/18/23 (c)	700		708
	Banco Macro S.A.
		6.75%, 11/04/26 (a) (c)	3,100		2,139
		6.75%, 11/04/26 (e)	800		553
	Banco Mercantil Del Norte, S.A. Institucion De Ban
		7.50%, (callable at 100 beginning 06/27/29) (c) (g)	600		607
	Banco Mercantil Del Norte, S.A. Institucion De Banca Multiple, Grupo Financiero Banorte
		6.88%, (callable at 100 beginning 07/06/22) (c) (g)	2,236		2,243
		7.50%, (callable at 100 beginning 06/27/29) (e) (g)	300		304
		7.63%, (callable at 100 beginning 01/06/28) (c) (g)	4,000		4,070
		5.75%, 10/04/31 (a) (c) (k)	900		902
	Banco Nacional De Comercio Exterior, S.N.C.
		3.80%, 08/11/26 (a) (c)	500		506
	Banco Santander (Mexico) S.A.
		5.95%, 10/01/28 (e)	1,850		1,976
	Banco Santander, S.A.
		3.24%, (3M USD LIBOR + 1.09%), 02/23/23 (a)	4,600		4,606
	Banco Santander-Chile
		3.88%, 09/20/22 (c)	650		676
	Bancolombia SA
		5.13%, 09/11/22	850		894
		4.88%, 10/18/27	2,600		2,670
	Banistmo S.A.
		3.65%, 09/19/22 (e)	4,000		4,032
	Bank of America Corporation
		3.97%, 02/07/30	4,230		4,624
	Bank of Montreal
		3.80%, 12/15/32	3,710		3,841
	Bank of New Zealand
		3.50%, 02/20/24 (e)	4,595		4,810
	Barclays PLC
		3.55%, (3M USD LIBOR + 1.38%), 05/16/24 (a)	4,950		4,900
	BBVA Bancomer, S.A.
		5.35%, 11/12/29 (c)	200		199
		5.13%, 01/18/33 (c)	7,700		7,340
	BDO Unibank, Inc.
		2.95%, 03/06/23 (c)	5,000		5,061
	BNP Paribas
		3.38%, 01/09/25 (e)	4,445		4,597
	BTG Pactual Holding S.A.
		7.75%, 02/15/29 (e)	5,700		5,955
	C&W Senior Financing Designated Activity Company
		7.50%, 10/15/26 (c)	800		850
		7.50%, 10/15/26 (e)	1,500		1,594

122

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1	Value ($)
	6.88%, 09/15/27 (c)	5,100	5,272
Camelot Finance SA
	7.88%, 10/15/24 (e)	725	754
Capital One Financial Corporation
	2.99%, (3M USD LIBOR + 0.72%), 01/30/23 (a)	1,115	1,110
China National Petroleum Corporation
	3.95%, 04/19/22 (c)	500	517
Cimpor Financial Operations B.V.
	5.75%, 07/17/24 (c)	1,600	1,200
Citigroup Inc.
	3.57%, (3M USD LIBOR + 1.43%), 09/01/23 (a)	2,200	2,252
	3.22%, (3M USD LIBOR + 1.10%), 05/17/24 (a)	4,465	4,499
CNO Financial Group, Inc.
	5.25%, 05/30/29	300	329
CNOOC Finance (2002) Limited
	3.88%, 05/02/22 (c)	3,000	3,099
CNOOC Limited
	3.75%, 05/02/23 (k)	4,630	4,826
Colfax Corporation
	6.00%, 02/15/24 (e)	375	397
	6.38%, 02/15/26 (e)	665	716
Commonwealth Bank of Australia
	4.32%, 01/10/48 (e)	4,230	4,642
Commscope Finance LLC
	5.50%, 03/01/24 (e)	350	360
	6.00%, 03/01/26 (e)	195	202
Continental Senior Trustees (Cayman) Ltd.
	5.50%, 11/18/20 (c)	4,500	4,657
Credit Acceptance Corporation
	6.63%, 03/15/26 (e)	685	736
Credit Agricole SA
	3.75%, 04/24/23 (e)	4,415	4,611
Credit Suisse Group AG
	3.37%, (3M USD LIBOR + 1.24%), 06/12/24 (a) (e)	4,470	4,497
Credito Real, S.A.B. De C.V. SOFOM E.N.R.
	9.13%, (callable at 100 beginning 11/29/22) (c) (g) (l)	2,000	2,050
	9.50%, 02/07/26 (e)	2,700	3,110
CSN Islands XII Corp
	7.00%, (callable at 100 beginning 12/23/19) (c) (g)	1,700	1,485
DBS Group Holdings Ltd
	3.60%, (callable at 100 beginning 09/07/21) (c) (g)	3,950	3,955
	4.52%, 12/11/28 (c)	500	532
Discover Financial Services
	4.10%, 02/09/27	5,780	6,149
Docuformas, S.A.P.I. de C.V.
	10.25%, 07/24/24 (e)	1,500	1,476
Eagle Holding Company II, LLC
	7.75%, 05/15/22 (e) (m)	395	399
Ena Norte SA
	4.95%, 04/25/23 (c)	1,532	1,577
Energuate Trust
	5.88%, 05/03/27 (c) (k)	1,300	1,295
Fondo Mivivienda S.A.
	3.50%, 01/31/23 (c)	4,000	4,107
General Electric Capital Corporation
	5.88%, 01/14/38	4,110	4,933
General Motors Financial Company, Inc.
	3.23%, (3M USD LIBOR + 0.93%), 04/13/20 (a)	6,000	6,014
Gilex Holding SARL
	8.50%, 05/02/23 (c)	1,450	1,556
	8.50%, 05/02/23 (e)	600	644
Global Aircraft Leasing Co Ltd
	7.25%, 09/15/24 (e) (m)	640	648
Global Bank Corporation
	4.50%, 10/20/21 (c)	900	926
	5.25%, 04/16/29 (e)	4,550	4,819
Gogo Intermediate Holdings LLC
	9.88%, 05/01/24 (e)	565	606
Grupo Aval Acciones y Valores S.A.
	4.75%, 09/26/22 (c)	200	207
GW Honos Security Corporation
	8.75%, 05/15/25 (e)	645	663
HSBC Holdings PLC
	3.51%, (3M USD LIBOR + 1.38%), 09/12/26 (a) (n)	6,455	6,507
Icahn Enterprises L.P.
	6.25%, 02/01/22	325	333
	6.38%, 12/15/25	175	184
	6.25%, 05/15/26 (e)	870	914
IHS Luxembourg S.A R.L.
	5.75%, 04/15/25 (e)	695	712
Itau Unibanco Holding S.A.
	6.13%, (callable at 100 beginning 12/12/22) (c) (g)	500	505
	6.50%, (callable at 100 beginning 03/19/23) (c) (g) (k)	4,000	4,147
John Deere Capital Corporation
	3.45%, 01/10/24	2,095	2,206
Level 3 Financing, Inc.
	5.38%, 01/15/24	960	980
	4.63%, 09/15/27 (e)	450	455
Liberty Mutual Group Inc.
	6.50%, 05/01/42 (e)	5,070	7,096
Lions Gate Capital Holdings LLC
	6.38%, 02/01/24 (e)	565	598
Lloyds Banking Group PLC
	3.57%, 11/07/28	4,525	4,622
Macquarie Group Limited
	3.19%, 11/28/23 (e)	2,200	2,243
	4.15%, 03/27/24 (e)	2,260	2,382
Malayan Banking Berhad
	3.91%, 10/29/26 (a) (c)	4,000	4,070
Minejesa Capital B.V.
	4.63%, 08/10/30 (c)	2,720	2,802
	5.63%, 08/10/37 (c)	1,900	2,053
Mitsubishi UFJ Financial Group Inc
	2.88%, (3M USD LIBOR + 0.74%), 03/02/23 (a)	4,785	4,786
Morgan Stanley
	3.59%, 07/22/28 (a)	4,400	4,643
Multibank, Inc.
	4.38%, 11/09/22 (c)	700	720
Navient Corporation
	6.50%, 06/15/22	880	939
NFP Corp.
	6.88%, 07/15/25 (e)	925	919
Oversea-Chinese Banking Corporation Limited
	4.00%, 10/15/24 (a) (c)	2,000	2,001
Petrobras Global Finance B.V.
	5.75%, 02/01/29	4,950	5,458
Prudential Financial, Inc.
	3.91%, 12/07/47	2,165	2,322
Radiant Access Limited
	4.60%, (callable at 100 beginning 05/18/20) (c) (g)	800	783
Resideo Funding Inc.
	6.13%, 11/01/26 (e)	675	714
SPARC Limited
	0.00%, 12/05/22 (c) (d)	7,858	7,516
Springleaf Finance Corporation
	6.88%, 03/15/25	495	546
	7.13%, 03/15/26	35	39
	6.63%, 01/15/28	120	130
Sumitomo Mitsui Financial Group, Inc.
	3.04%, (3M USD LIBOR + 0.74%), 01/17/23 (a)	7,325	7,328
Sunoco LP
	6.00%, 04/15/27	310	329
SURA Asset Management SA
	4.88%, 04/17/24 (c)	1,100	1,182
Sydney Airport Finance Company Pty Limited
	3.38%, 04/30/25 (e)	2,650	2,727
	3.63%, 04/28/26 (e)	1,973	2,059
Synchrony Financial
	3.95%, 12/01/27	4,925	5,051
Syngenta Finance N.V.
	4.38%, 03/28/42	200	180

123

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
		5.68%, 04/24/48 (c) (l)	4,911		5,074
		5.68%, 04/24/48 (e)	200		208
	Temasek Financial (I) Limited
		2.38%, 01/23/23 (c)	5,000		5,077
	Tenet Healthcare Corporation
		4.88%, 01/01/26 (e)	510		524
		5.13%, 11/01/27 (e)	215		222
	Tervita Corporation
		7.63%, 12/01/21 (e)	960		976
	The Bank of Nova Scotia
		3.40%, 02/11/24 (n)	3,160		3,304
	The Charles Schwab Corporation
		3.55%, 02/01/24	4,350		4,605
	The Goldman Sachs Group, Inc.
		3.04%, (3M USD LIBOR + 0.78%), 10/31/22 (a)	2,540		2,548
		3.33%, (3M USD LIBOR + 1.17%), 05/15/26 (a)	3,490		3,510
	The Kroger Co.
		3.40%, 04/15/22	1,000		1,027
	The Royal Bank of Scotland Group Public Limited Company
		3.50%, 05/15/23 (a) (n)	2,395		2,427
	Trident TPI Holdings, Inc.
		6.63%, 11/01/25 (e)	380		334
	Unifin Financiera, S.A.B. de C.V. SOFOM, E.N.R.
		8.88%, (callable at 100 beginning 01/29/25) (c) (g)	4,600		4,100
		7.38%, 02/12/26 (c)	1,300		1,274
	United Overseas Bank Limited
		3.88%, (callable at 100 beginning 10/19/23) (g)	3,400		3,417
		2.88%, 03/08/27 (a)	3,170		3,168
	USA Compression Finance Corp.
		6.88%, 09/01/27 (e)	1,010		1,043
	Volkswagen Group of America, Inc.
		4.25%, 11/13/23 (e)	5,750		6,123
	VTR GlobalCom S.p.A.
		6.88%, 01/15/24 (c)	3,558		3,662
	Wand Merger Corporation
		8.13%, 07/15/23 (e)	605		630
	Wells Fargo & Company
		3.20%, 06/17/27	2,020		2,084
	Westpac Banking Corporation
		2.88%, (3M USD LIBOR + 0.72%), 05/15/23 (a) (k)	4,801		4,826
	Willis North America Inc.
		4.50%, 09/15/28	4,465		4,940
				356,000
Utilities 4.0%
	AEP Transmission Company, LLC
		3.10%, 12/01/26	2,000		2,089
	AES Gener S.A.
		5.00%, 07/14/25 (c)	200		209
		7.13%, 03/26/79 (c)	1,000		1,050
		7.13%, 03/26/79 (e)	2,900		3,046
	Ameren Corporation
		3.65%, 02/15/26	5,000		5,261
	Boston Gas Company
		3.15%, 08/01/27 (e)	5,000		5,196
	Calpine Corporation
		5.75%, 01/15/25 (k)	355		364
		5.25%, 06/01/26 (e)	350		363
	Celeo Redes Operacion Chile S.A.
		5.20%, 06/22/47 (c)	588		652
		5.20%, 06/22/47 (e)	3,919		4,354
	Cometa Energia SA de CV
		6.38%, 04/24/35 (c)	7,020		7,483
	Duke Energy Corporation
		3.15%, 08/15/27	5,000		5,187
		3.95%, 08/15/47	3,390		3,650
	Duke Energy Progress, LLC
		4.15%, 12/01/44	3,175		3,623
	Duquesne Light Holdings, Inc.
		3.62%, 08/01/27 (e)	5,000		5,118
	ELM Park CLO Designated Activity Company
		7.95%, 05/11/26 (c)	4,014		4,290
	Emirates Sembcorp Water & Power Company PJSC
		4.45%, 08/01/35 (e)	1,000		1,095
	Empresa De Transmision Electrica, S.A.
		5.13%, 05/02/49 (e)	1,900		2,194
	Empresa Electrica Angamos S.A
		4.88%, 05/25/29 (c)	956		999
	Empresa Electrica Guacolda S.A.
		4.56%, 04/30/25 (c)	2,785		2,513
	Empresas Publicas de Medellin E.S.P.
		4.25%, 07/18/29 (e)	300		316
	Eversource Energy
		2.90%, 10/01/24	4,000		4,094
	Exelon Corporation
		3.40%, 04/15/26	5,712		5,973
	Fermaca Enterprises S. de R.L. de C.V.
		6.38%, 03/30/38 (c)	4,446		4,718
	Fortis Inc.
		2.10%, 10/04/21	4,475		4,457
	Georgia Power Company
		2.20%, 09/15/24	4,840		4,783
	GNL Quintero S.A
		4.63%, 07/31/29 (c)	2,700		2,893
	Inkia Energy Limited
		5.88%, 11/09/27 (c)	2,800		2,901
		5.88%, 11/09/27 (e)	200		207
	ITC Holdings Corp.
		3.25%, 06/30/26	3,000		3,117
	LLPL Capital Pte. Ltd.
		6.88%, 02/04/39 (e)	2,965		3,445
	Mexico Generadora De Energia, S. De R.L. De C.V.
		5.50%, 12/06/32 (c)	2,185		2,355
	Monongahela Power Company
		5.40%, 12/15/43 (e)	1,770		2,372
	NextEra Energy Capital Holdings, Inc.
		3.55%, 05/01/27	7,170		7,594
	NRG Energy, Inc.
		5.25%, 06/15/29 (e)	545		586
	NSTAR Electric Company
		3.20%, 05/15/27	5,000		5,261
	Oncor Electric Delivery Company LLC
		3.10%, 09/15/49 (e)	4,770		4,758
	Orazul Energy Egenor S. Enc. Por A.
		5.63%, 04/28/27 (c)	1,500		1,553
	Pampa Energia S.A.
		7.50%, 01/24/27 (c)	4,350		3,328
	PSEG Power LLC
		3.85%, 06/01/23	3,385		3,556
	Southern California Edison Company
		4.00%, 04/01/47	2,170		2,334
	Southwestern Electric Power Company
		2.75%, 10/01/26	3,000		3,011
	Star Energy Geothermal (Wayang Windu) Limited
		6.75%, 04/24/33 (c)	3,497		3,654
		6.75%, 04/24/33 (e)	192		200
	Stoneway Capital Corporation
		10.00%, 03/01/27 (c)	3,188		1,849
	Superior Plus LP
		7.00%, 07/15/26 (e)	955		1,007
	Talen Energy Supply, LLC
		6.63%, 01/15/28 (e)	320		315
	The Brooklyn Union Gas Company
		4.49%, 03/04/49 (e)	3,705		4,480
	The Cleveland Electric Illuminating Company
		3.50%, 04/01/28 (e)	1,500		1,563
	Transelec S.A.
		4.63%, 07/26/23 (c) (k)	1,300		1,383
		3.88%, 01/12/29 (e)	2,500		2,570
	Vistra Operations Company LLC
		5.63%, 02/15/27 (e)	680		716
				150,085
Energy 2.6%
	AI Candelaria (Spain) SL.
		7.50%, 12/15/28 (c)	1,850		2,108
		7.50%, 12/15/28 (e)	1,100		1,253

124

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Aker BP ASA
		4.75%, 06/15/24 (e)	340		355
	Antero Midstream Partners LP
		5.75%, 03/01/27 (e)	425		355
	APT Pipelines Limited
		4.25%, 07/15/27 (e)	5,000		5,360
	Bharat Petroleum Corporation Limited
		4.63%, 10/25/22 (c)	500		527
	Calfrac Well Services Ltd.
		8.50%, 06/15/26 (c) (j)	120		54
	Canacol Energy Ltd.
		7.25%, 05/03/25 (c)	4,100		4,336
	Cenovus Energy Inc.
		5.40%, 06/15/47 (k)	2,090		2,342
	Cheniere Energy Partners, L.P.
		5.25%, 10/01/25	1,005		1,045
		5.63%, 10/01/26	420		446
		4.50%, 10/01/29 (e)	240		246
	CNX Midstream Partners LP
		6.50%, 03/15/26 (e)	1,020		941
	CSI Compressco LP
		7.50%, 04/01/25 (e)	855		842
	Delek & Avner (Tamar Bond) Ltd
		5.08%, 12/30/23 (e)	400		409
		5.41%, 12/30/25 (e)	500		514
	Enable Midstream Partners, LP
		4.40%, 03/15/27	2,365		2,369
	Energy Transfer LP
		4.75%, 01/15/26	480		520
	Everest Acquisition, LLC
		7.75%, 05/15/26 (e)	345		259
	Exterran Energy Solutions, L.P.
		8.13%, 05/01/25	410		409
	Extraction Oil & Gas, Inc.
		5.63%, 02/01/26 (e)	250		153
	Foresight Energy LLC
		11.50%, 04/01/23 (c) (j)	760		171
	FTS International, Inc.
		6.25%, 05/01/22	300		248
	Geopark Limited
		6.50%, 09/21/24 (c)	4,700		4,829
	Gran Tierra Energy Inc.
		7.75%, 05/23/27 (e)	900		853
	Gran Tierra Energy International Holdings Ltd.
		6.25%, 02/15/25 (c)	3,400		3,073
	Gulfport Energy Corporation
		6.38%, 05/15/25	585		415
	Hess Infrastructure Partners LP
		5.63%, 02/15/26 (e)	1,500		1,567
	Hilcorp Energy I, L.P.
		6.25%, 11/01/28 (e)	410		385
	Indian Oil Corpn. Limited
		5.63%, 08/02/21 (c)	1,000		1,052
		5.75%, 08/01/23 (c)	2,590		2,842
	Indigo Natural Resources LLC
		6.88%, 02/15/26 (e)	260		235
	Kinder Morgan Energy Partners, L.P.
		6.95%, 01/15/38	3,590		4,669
	Marathon Petroleum Corporation
		5.13%, 12/15/26	4,245		4,768
	MEG Energy Corp.
		7.00%, 03/31/24 (e)	305		294
	Moss Creek Resources Holdings, Inc.
		7.50%, 01/15/26 (e)	355		261
	Murphy Oil USA, Inc.
		4.75%, 09/15/29	725		743
	Nabors Industries, Inc.
		5.75%, 02/01/25	395		294
	NGL Energy Partners LP
		7.50%, 04/15/26 (e)	340		342
	NuStar Logistics, L.P.
		6.00%, 06/01/26	750		811
	Oasis Petroleum Inc.
		6.88%, 03/15/22	480		452
		6.25%, 05/01/26 (e) (k)	310		251
	Oleoducto Central S.A.
		4.00%, 05/07/21 (c)	200		204
	ONEOK, Inc.
		3.40%, 09/01/29	1,145		1,137
	ONGC Videsh Limited
		4.63%, 07/15/24 (c)	2,800		2,999
	ONGC Videsh Vankorneft Pte. Ltd.
		2.88%, 01/27/22 (c)	2,000		2,001
	Par Petroleum, LLC
		7.75%, 12/15/25 (e)	655		651
	Parkland Fuel Corporation
		5.88%, 07/15/27 (e)	330		346
	Parsley Energy, LLC
		5.63%, 10/15/27 (e)	700		724
	Peabody Energy Corporation
		6.00%, 03/31/22 (e)	745		748
	Petrobras Global Finance B.V.
		6.90%, 03/19/49	2,000		2,300
	PT Pertamina (Persero)
		4.30%, 05/20/23 (c)	2,800		2,940
	PTTEP Treasury Center Company Limited
		4.60%, (callable at 100 beginning 07/17/22) (c) (g)	800		818
	QEP Resources, Inc.
		5.25%, 05/01/23	340		315
		5.63%, 03/01/26 (k)	365		314
	Regency Energy Partners LP
		4.50%, 11/01/23	3,700		3,919
	Reliance Holding USA, Inc.
		5.40%, 02/14/22 (c)	3,500		3,720
	Sabine Pass Liquefaction, LLC
		5.00%, 03/15/27	4,170		4,594
	Sinopec Group Overseas Development (2016) Limited
		2.75%, 05/03/21 (c)	2,000		2,008
	Sunoco LP
		5.50%, 02/15/26	590		616
	Tapstone Energy, LLC
		9.75%, 06/01/22 (c) (j)	305		73
	Targa Resource Corporation
		5.88%, 04/15/26	720		761
		6.50%, 07/15/27 (e)	260		284
	Tecila Sociedad Anonima
		8.50%, 07/28/25 (c)	3,300		2,582
		6.95%, 07/21/27 (c)	1,400		1,057
	Terraform Power Operating, LLC
		4.25%, 01/31/23 (e)	665		681
	TransCanada PipeLines Limited
		4.25%, 05/15/28	4,000		4,420
	Transocean Guardian Limited
		5.88%, 01/15/24 (e)	298		302
	Transocean Inc
		7.25%, 11/01/25 (e)	355		311
	Transocean Poseidon Limited
		6.88%, 02/01/27 (e)	635		666
	Transocean Proteus Limited
		6.25%, 12/01/24 (e)	503		514
	Vine Oil & Gas LP
		8.75%, 04/15/23 (c) (j)	380		176
	Weatherford International Ltd.
		0.00%, 02/15/24 (h) (i) (j)	340		120
	Whiting Petroleum Corporation
		6.63%, 01/15/26 (k)	715		483
	WPX Energy, Inc.
		5.25%, 10/15/27	425		428
				96,610
Communication Services 2.0%
	Altice France
		7.38%, 05/01/26 (e)	665		714
	AT&T Inc.
		5.25%, 03/01/37	6,185		7,281
	Axiata SPV2 Berhad
		3.47%, 11/19/20 (c)	1,000		1,009
	Bharti Airtel International (Netherlands) BV
		5.13%, 03/11/23 (c) (k)	5,700		5,985

125

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	CCO Holdings, LLC
		5.75%, 02/15/26 (e)	1,505		1,589
		5.00%, 02/01/28 (e)	940		973
	Cengage Learning, Inc.
		9.50%, 06/15/24 (e) (k)	450		414
	Charter Communications Operating, LLC
		4.91%, 07/23/25	4,265		4,683
	Cincinnati Bell Inc.
		7.00%, 07/15/24 (e)	565		524
	Clear Channel Outdoor Holdings, Inc.
		5.13%, 08/15/27 (e)	435		454
	Clear Channel Worldwide Holdings, Inc.
		9.25%, 02/15/24 (e)	170		187
	Colombia Telecomunicaciones, S.A. ESP
		8.50%, (callable at 100 beginning 03/30/20) (c) (g)	600		615
	Comcast Corporation
		3.95%, 10/15/25	4,145		4,511
	Comcel Trust
		6.88%, 02/06/24 (c)	1,400		1,446
	Connect Midco II Limited
		6.75%, 10/01/26 (e)	915		931
	CSC Holdings, LLC
		5.25%, 06/01/24	690		742
		5.75%, 01/15/30 (e)	795		831
	Diamond Sports Group, LLC
		5.38%, 08/15/26 (e)	290		301
	DISH DBS Corporation
		5.88%, 11/15/24	325		322
	Embarq Corporation
		8.00%, 06/01/36	685		678
	Empresa Nacional de Telecomunicaciones S.A.
		4.88%, 10/30/24 (c)	1,600		1,686
		4.75%, 08/01/26 (c)	1,500		1,581
	Frontier Communications Corporation
		8.50%, 04/15/20 (j)	190		101
		7.13%, 01/15/23 (j)	265		118
		8.50%, 04/01/26 (e)	215		215
		8.00%, 04/01/27 (e)	275		291
	Gray Escrow, Inc.
		7.00%, 05/15/27 (e)	475		522
	Greeneden U.S. Holdings II, LLC
		10.00%, 11/30/24 (e)	1,075		1,164
	Grubhub Holdings Inc.
		5.50%, 07/01/27 (e)	245		250
	GTT Communications Inc.
		7.88%, 12/31/24 (e)	370		208
	Iheartcommunications, Inc.
		6.38%, 05/01/26	140		152
		8.38%, 05/01/27 (k)	70		76
		5.25%, 08/15/27 (e)	285		298
	Intelsat Jackson Holdings S.A.
		5.50%, 08/01/23	335		313
		8.50%, 10/15/24 (e)	455		459
	Iridium Communications Inc.
		10.25%, 04/15/23 (e)	820		887
	Live Nation Entertainment, Inc.
		5.63%, 03/15/26 (e)	945		1,007
	Match Group, Inc.
		5.00%, 12/15/27 (e)	765		797
	Millicom International Cellular SA
		6.00%, 03/15/25 (c)	500		517
		6.63%, 10/15/26 (e)	700		764
		6.63%, 10/15/26 (c)	1,000		1,092
		5.13%, 01/15/28 (c)	1,815		1,883
		6.25%, 03/25/29 (e)	2,000		2,187
	Netflix, Inc.
		5.88%, 02/15/25	275		302
		5.38%, 11/15/29 (e)	230		240
	Radiate HoldCo, LLC
		6.63%, 02/15/25 (e)	625		630
	Scripps Escrow, Inc.
		5.88%, 07/15/27 (e)	440		447
	Sirius XM Radio Inc.
		5.38%, 07/15/26 (e)	690		725
		5.50%, 07/01/29 (e)	325		347
	Sprint Capital Corporation
		6.88%, 11/15/28	1,255		1,368
	Sprint Corporation
		7.13%, 06/15/24	1,205		1,298
	Sprint Spectrum Co LLC
		4.74%, 03/20/25 (e)	2,135		2,270
	Telefonica Celular del Paraguay S.A.
		5.88%, 04/15/27 (e)	750		802
	Telesat Canada
		8.88%, 11/15/24 (e)	765		821
		6.50%, 10/15/27 (e)	210		214
	The Interpublic Group of Companies, Inc.
		5.40%, 10/01/48	4,320		5,171
	T-Mobile USA, Inc.
		4.50%, 02/01/26	1,425		1,468
	Uber Technologies, Inc.
		8.00%, 11/01/26 (e)	460		466
		7.50%, 09/15/27 (e)	205		203
	Univision Communications Inc.
		5.13%, 05/15/23 (e)	160		160
	Verizon Communications Inc.
		4.02%, 12/03/29	4,592		5,112
		4.27%, 01/15/36	2,155		2,427
	VTR GlobalCom S.p.A.
		6.88%, 01/15/24 (e)	449		462
				75,691
Industrials 1.9%
	Adani Ports and Special Economic Zone Limited
		3.95%, 01/19/22 (c)	2,100		2,145
	AECOM
		5.13%, 03/15/27	715		750
	Aeropuerto Internacional de Tocumen, S.A.
		5.63%, 05/18/36 (c)	200		235
	Air Lease Corporation
		3.75%, 02/01/22	2,865		2,945
		2.75%, 01/15/23	1,930		1,945
	Allison Transmission, Inc.
		5.00%, 10/01/24 (e)	735		751
	Amsted Industries Incorporated
		5.63%, 07/01/27 (e)	335		353
	Avolon Holdings Funding Limited
		5.25%, 05/15/24 (e)	650		697
		3.95%, 07/01/24 (e)	3,295		3,386
	Beacon Roofing Supply, Inc.
		4.88%, 11/01/25 (e) (k)	1,105		1,084
		4.50%, 11/15/26 (e)	240		242
	BOC Aviation Limited
		3.24%, (3M USD LIBOR + 1.13%), 09/26/23 (a) (e)	4,475		4,485
	Bombardier Inc.
		6.00%, 10/15/22 (e)	315		314
		7.88%, 04/15/27 (e)	205		204
	Builders FirstSource, Inc.
		5.63%, 09/01/24 (e)	797		831
		6.75%, 06/01/27 (e)	200		216
	Clean Harbors, Inc.
		4.88%, 07/15/27 (e)	635		665
		5.13%, 07/15/29 (e)	135		143
	CSX Corporation
		3.80%, 11/01/46	4,815		5,043
	Delta Air Lines, Inc.
		3.80%, 04/19/23	4,755		4,930
	Empresa de Transporte de Pasajeros Metro S.A.
		4.75%, 02/04/24 (e)	1,062		1,154
		5.00%, 01/25/47 (e)	1,845		2,151
	FedEx Corporation
		4.75%, 11/15/45	2,144		2,305
	Fideicomiso Patrimonio Autonomo Panamericana
		8.25%, 01/15/35 (c)	700		791
	GFL Environmental Inc.
		8.50%, 05/01/27 (e)	275		305
	JSL Europe SA
		7.75%, 07/26/24 (c)	3,800		4,050

126

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Kratos Defense & Security Solutions, Inc.
		6.50%, 11/30/25 (e)	465		497
	LATAM Airlines Group S.A.
		7.00%, 03/01/26 (e)	1,000		1,064
		4.20%, 11/15/27	1,433		1,458
	LATAM Finance Limited
		6.88%, 04/11/24 (c)	1,100		1,156
	Lima Metro Line 2 Finance Ltd
		5.88%, 07/05/34 (c)	3,500		3,828
	Lockheed Martin Corporation
		4.70%, 05/15/46	4,000		5,072
	Masonite International Corporation
		5.75%, 09/15/26 (e)	765		809
	Owens Corning
		4.40%, 01/30/48	2,545		2,335
	Penske Truck Leasing Co., L.P.
		3.40%, 11/15/26 (e)	75		76
		4.20%, 04/01/27 (e)	2,160		2,297
	Prime Security Services Borrower, LLC
		9.25%, 05/15/23 (e)	395		415
	Stevens Holding Co., Inc.
		6.13%, 10/01/26 (e)	555		591
	Tempo Acquisition, LLC
		6.75%, 06/01/25 (e)	1,030		1,061
	The Dun & Bradstreet Corporation
		6.88%, 08/15/26 (e)	415		453
		10.25%, 02/15/27 (e)	130		144
	TransDigm Inc.
		6.25%, 03/15/26 (e)	605		650
		6.38%, 06/15/26	430		452
	Triumph Group, Inc.
		6.25%, 09/15/24 (e)	155		161
		7.75%, 08/15/25 (k)	560		566
	Trivium Packaging Finance B.V.
		5.50%, 08/15/26 (e)	400		421
	United Rentals (North America), Inc.
		6.50%, 12/15/26	795		867
		5.25%, 01/15/30	45		47
	Waste Management, Inc.
		4.00%, 07/15/39	4,365		4,955
	Waste Pro USA, Inc.
		5.50%, 02/15/26 (e)	565		583
				72,078
Materials 1.6%
	Advanced Drainage Systems, Inc.
		5.00%, 09/30/27 (e)	120		122
	AK Steel Corporation
		7.63%, 10/01/21	135		134
		6.38%, 10/15/25 (k)	175		149
	Alcoa Nederland Holding B.V.
		6.13%, 05/15/28 (e) (k)	810		863
	Andina Acquisition Corporation
		8.20%, 01/31/22 (c)	400		428
	Anglo American Capital PLC
		4.50%, 03/15/28 (e)	4,220		4,482
	Berry Global Escrow Corporation
		5.63%, 07/15/27 (e)	350		362
	Celulosa Arauco y Constitucion S.A.
		5.50%, 04/30/49 (e)	600		666
	Crown Americas LLC
		4.50%, 01/15/23	650		683
		4.75%, 02/01/26	760		797
	CSN Resources S.A.
		7.63%, 02/13/23 (c) (k)	1,600		1,666
		7.63%, 04/17/26 (e)	2,100		2,175
	DuPont de Nemours, Inc
		5.42%, 11/15/48	3,660		4,648
	Flex Acquisition Company, Inc.
		6.88%, 01/15/25 (e)	580		531
	Freeport-McMoRan Inc.
		5.40%, 11/14/34	3,230		3,098
		5.45%, 03/15/43	4,050		3,644
	Fresnillo PLC
		5.50%, 11/13/23 (c)	2,000		2,178
	Hexion Inc.
		7.88%, 07/15/27 (e)	285		282
	Inversiones CMPC S.A.
		4.50%, 04/25/22 (c)	1,000		1,039
		4.75%, 09/15/24 (c)	1,500		1,600
	Mexichem S.A.B. de C.V.
		4.88%, 09/19/22 (c)	700		735
	MOS Holdings Inc.
		4.05%, 11/15/27	4,520		4,694
	Nouryon Finance B.V.
		8.00%, 10/01/26 (e) (k)	175		175
	Nutrien Ltd.
		4.20%, 04/01/29	3,970		4,373
	Packaging Corporation of America
		3.40%, 12/15/27	2,220		2,301
	Schweitzer-Mauduit International, Inc.
		6.88%, 10/01/26 (e)	485		513
	Sociedad Quimica Y Minera De Chile S.A.
		4.38%, 01/28/25 (c)	400		422
	SunCoke Energy, Inc.
		7.50%, 06/15/25 (e)	730		651
	UPL Corporation Limited
		3.25%, 10/13/21 (c)	1,000		1,005
		4.50%, 03/08/28 (c)	2,150		2,228
	Vedanta Resources Finance II PLC
		9.25%, 04/23/26 (e)	1,300		1,294
	Vedanta Resources Limited
		7.13%, 05/31/23 (c)	500		493
		6.13%, 08/09/24 (c)	5,300		4,876
	Westrock Company, Inc.
		3.75%, 03/15/25	4,360		4,588
				57,895
Consumer Discretionary 1.6%
	Allied Universal Holdco LLC
		6.63%, 07/15/26 (e)	380		401
		9.75%, 07/15/27 (e)	275		287
	Altice S.A.
		7.75%, 05/15/22 (e)	200		204
	American Axle & Manufacturing, Inc.
		6.25%, 03/15/26	320		306
	Aramark Services, Inc.
		5.00%, 04/01/25 (e)	925		956
	Argos Holdings Inc.
		7.13%, 03/15/23 (e)	385		361
	Boyne USA, Inc.
		7.25%, 05/01/25 (e)	1,095		1,196
	Carvana Co.
		8.88%, 10/01/23 (e)	340		350
	Cedar Fair, L.P.
		5.25%, 07/15/29 (e)	550		590
	Century Communities, Inc.
		6.75%, 06/01/27 (e)	345		370
	Constellation Merger Sub Inc.
		8.50%, 09/15/25 (e)	430		366
	CRC Escrow Issuer, LLC
		5.25%, 10/15/25 (e)	655		670
	Dollar Tree, Inc.
		4.00%, 05/15/25	4,545		4,817
	El Puerto De Liverpool, S.A.B. De C.V.
		3.95%, 10/02/24 (c)	3,000		3,067
		3.88%, 10/06/26 (c)	200		203
	Eldorado Resorts, Inc.
		6.00%, 04/01/25	540		570
	Expedia Group, Inc.
		3.80%, 02/15/28	2,295		2,401
	Ford Motor Company
		7.45%, 07/16/31	1,025		1,176
	Frontdoor, Inc.
		6.75%, 08/15/26 (e)	675		739
	General Motors Financial Company, Inc.
		3.28%, 01/05/23	900		886
	Gohl Capital Limited
		4.25%, 01/24/27 (c)	4,800		5,010

127

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Golden Entertainment, Inc.
		7.63%, 04/15/26 (e)	315		328
	Gray Television, Inc.
		5.13%, 10/15/24 (e)	275		285
	Hasbro, Inc.
		3.50%, 09/15/27	4,190		4,282
	Hilton Domestic Operating Company Inc.
		4.25%, 09/01/24	705		718
	IAA Spinco Inc.
		5.50%, 06/15/27 (e)	415		441
	Installed Building Products, Inc.
		5.75%, 02/01/28 (e)	425		438
	IRB Holding Corp.
		6.75%, 02/15/26 (e)	735		740
	Jeld-Wen, Inc.
		4.63%, 12/15/25 (e)	885		888
	KAR Auction Services, Inc.
		5.13%, 06/01/25 (e)	770		799
	LTF Merger Sub, Inc.
		8.50%, 06/15/23 (e)	700		718
	Marriott Ownership Resorts, Inc.
		6.50%, 09/15/26	600		648
	McDonald's Corporation
		4.45%, 03/01/47	1,885		2,167
	MGM Resorts International
		5.75%, 06/15/25	345		380
	New Golden Nugget Inc.
		6.75%, 10/15/24 (e)	1,030		1,044
		8.75%, 10/01/25 (e)	150		156
	NVA Holdings, Inc.
		6.88%, 04/01/26 (e)	280		298
	Panther BF Aggregator 2 LP
		6.25%, 05/15/26 (e)	430		453
		8.50%, 05/15/27 (e) (k)	230		233
	Penn National Gaming, Inc.
		5.63%, 01/15/27 (e) (k)	655		673
	PetSmart, Inc.
		5.88%, 06/01/25 (e)	142		142
	Restaurant Brands International Limited Partnership
		5.00%, 10/15/25 (e)	1,120		1,160
	Royal Caribbean Cruises Ltd.
		3.70%, 03/15/28	2,455		2,517
	S.A.C.I. Falabella
		3.75%, 04/30/23 (c)	3,700		3,803
	Scientific Games International, Inc.
		5.00%, 10/15/25 (e)	570		589
		8.25%, 03/15/26 (e)	330		351
	Six Flags Operations Inc.
		4.88%, 07/31/24 (e)	660		684
	Staples, Inc.
		7.50%, 04/15/26 (e)	440		453
		10.75%, 04/15/27 (e) (k)	150		155
	Stars Group Holdings B.V.
		7.00%, 07/15/26 (e)	675		716
	Tempur Sealy International, Inc.
		5.50%, 06/15/26	970		1,013
	The Home Depot, Inc.
		3.90%, 06/15/47	2,125		2,434
	The ServiceMaster Company, LLC
		5.13%, 11/15/24 (e)	620		646
	The William Carter Company
		5.63%, 03/15/27 (e)	490		525
	Twin River Worldwide Holdings, Inc.
		6.75%, 06/01/27 (e)	400		421
	Viking Cruises Limited
		5.88%, 09/15/27 (e)	1,070		1,132
	Yum! Brands, Inc.
		4.75%, 01/15/30 (e)	370		382
				57,738
Consumer Staples 1.5%
	Adecoagro S.A.
		6.00%, 09/21/27 (c)	150		144
	Altria Group, Inc.
		4.80%, 02/14/29	4,240		4,634
	Anheuser-Busch Companies, LLC
		4.90%, 02/01/46	1,765		2,103
	Anheuser-Busch InBev Worldwide Inc.
		4.60%, 04/15/48	2,340		2,692
	B&G Foods, Inc.
		5.25%, 04/01/25 - 09/15/27	925		946
	BAT Capital Corp.
		3.46%, 09/06/29	7,555		7,399
	CK Hutchison International (17) (II) Limited
		2.75%, 03/29/23 (e)	1,500		1,512
	Constellation Brands, Inc.
		3.15%, 08/01/29	1,115		1,142
	Controladora Mabe, S.A. de C.V.
		5.60%, 10/23/28 (c)	2,000		2,153
	Cott Holdings Inc.
		5.50%, 04/01/25 (e)	695		721
	Embotelladora Andina S.A
		5.00%, 10/01/23 (c)	1,400		1,502
	Energizer Holdings, Inc.
		7.75%, 01/15/27 (e)	390		434
	ESAL GmbH Elektroschaltanlagen
		6.25%, 02/05/23 (c)	497		507
	Grupo Bimbo S.A.B. de C.V.
		5.95%, (callable at 100 beginning 04/17/23) (c) (g) (k)	1,900		1,999
	Imperial Brands Finance PLC
		3.50%, 07/26/26 (e) (l)	2,365		2,364
	JBS Investments II GmbH
		7.00%, 01/15/26 (e)	2,900		3,133
		5.75%, 01/15/28 (e)	500		521
	JBS USA Finance, Inc.
		6.75%, 02/15/28 (e)	520		576
	JBS USA Food Company
		5.88%, 07/15/24 (e)	125		129
		5.75%, 06/15/25 (e)	85		88
		6.50%, 04/15/29 (e)	505		560
		5.50%, 01/15/30 (e)	85		90
	Kronos Acquisition Holdings Inc
		9.00%, 08/15/23 (e)	415		369
	Marfrig Holdings (Europe) B.V.
		7.00%, 03/15/24 (c)	380		397
		6.88%, 01/19/25 (c)	5,700		5,950
	Matterhorn Merger Sub LLC
		8.50%, 06/01/26 (e)	300		225
	Minerva Luxembourg S.A.
		6.50%, 09/20/26 (c)	2,900		3,011
		5.88%, 01/19/28 (c)	2,600		2,600
	Performance Food Group Company
		5.50%, 10/15/27 (e)	430		452
	Pilgrim's Pride Corporation
		5.88%, 09/30/27 (e)	880		947
	Post Holdings, Inc.
		5.50%, 03/01/25 - 12/15/29 (e)	815		853
	Safeway Inc.
		5.88%, 02/15/28 (e)	765		811
	Smithfield Foods, Inc.
		4.25%, 02/01/27 (e)	4,380		4,535
	Spectrum Brands, Inc.
		5.00%, 10/01/29 (e)	60		61
				55,560
Health Care 1.5%
	AbbVie Inc.
		4.70%, 05/14/45	4,675		5,004
	Air Medical Merger Sub Corp.
		6.38%, 05/15/23 (e) (k)	440		384
	Anthem, Inc.
		2.38%, 01/15/25	2,420		2,409
	AstraZeneca PLC
		2.38%, 06/12/22	5,045		5,076
	Avantor, Inc.
		9.00%, 10/01/25 (e)	965		1,085
	Bausch Health Companies Inc.
		7.00%, 03/15/24 - 01/15/28 (e)	1,070		1,142
		5.75%, 08/15/27 (e)	160		173
		7.25%, 05/30/29 (e)	700		766

128

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Baxalta Incorporated
		4.00%, 06/23/25	691		743
	Becton, Dickinson and Company
		2.89%, 06/06/22	6,775		6,879
	Catalent Pharma Solutions, Inc.
		5.00%, 07/15/27 (e)	570		591
	Celgene Corporation
		4.35%, 11/15/47	4,555		5,322
	Centene Corporation
		4.75%, 01/15/25	1,175		1,208
	Centene Escrow I Corporation
		5.38%, 06/01/26 (e)	185		194
	Cigna Holding Company
		3.19%, 07/15/23	2,240		2,243
		4.90%, 12/15/48	2,155		2,469
	CVS Health Corporation
		5.05%, 03/25/48	2,120		2,413
	Encompass Health Corporation
		4.50%, 02/01/28	180		182
		4.75%, 02/01/30	60		61
	Enterprise Merger Sub Inc.
		8.75%, 10/15/26 (c) (j)	120		73
	HCA Inc.
		5.25%, 04/15/25	275		306
		5.38%, 09/01/26	1,535		1,685
		5.88%, 02/01/29	85		96
		4.13%, 06/15/29	2,215		2,327
	Hill-Rom Holdings, Inc.
		4.38%, 09/15/27 (e)	180		184
	Horizon Pharma USA, Inc.
		5.50%, 08/01/27 (e)	630		658
	IQVIA Inc.
		5.00%, 05/15/27 (e)	610		640
	MPH Acquisition Holdings LLC
		7.13%, 06/01/24 (e) (k)	525		485
	Muzinich U.S. High Yield Corporate Bond Fund
		9.75%, 08/15/26 (e)	739		788
	Polaris Intermediate School
		8.50%, 12/01/22 (e) (m)	575		489
	Select Medical Corporation
		6.25%, 08/15/26 (e)	545		572
	Takeda Pharmaceutical Co Ltd
		4.40%, 11/26/23 (e)	3,665		3,954
	Tenet Healthcare Corporation
		7.00%, 08/01/25 (k)	550		560
		6.25%, 02/01/27 (e)	605		630
	Vizient, Inc.
		6.25%, 05/15/27 (e)	290		313
	WellCare Health Plans, Inc.
		5.25%, 04/01/25	815		851
		5.38%, 08/15/26 (e)	580		620
	West Street Merger Sub, Inc.
		6.38%, 09/01/25 (e)	150		139
				53,714
Real Estate 1.3%
	Alexandria Real Estate Equities, Inc.
		4.00%, 01/15/24	3,345		3,570
	American Tower Corporation
		3.38%, 10/15/26	5,000		5,200
		3.60%, 01/15/28	4,495		4,729
	Boston Properties Limited Partnership
		3.40%, 06/21/29	4,440		4,640
	Crown Castle International Corp.
		3.65%, 09/01/27	9,595		10,165
	ERP Operating Limited Partnership
		2.50%, 02/15/30	2,385		2,351
	ESH Hospitality, Inc.
		5.25%, 05/01/25 (e)	1,240		1,284
		4.63%, 10/01/27 (e)	235		236
	Iron Mountain Incorporated
		4.88%, 09/15/29 (e)	380		386
	iStar Inc.
		4.75%, 10/01/24	300		305
	MGM Growth Properties Operating Partnership LP
		5.75%, 02/01/27 (e)	540		607
	MPT Operating Partnership, L.P.
		5.00%, 10/15/27	1,375		1,439
		4.63%, 08/01/29	375		387
	Public Storage
		3.39%, 05/01/29	4,355		4,670
	Simon Property Group, L.P.
		2.45%, 09/13/29	2,425		2,375
	Welltower Inc.
		3.95%, 09/01/23	4,425		4,685
	WeWork Companies Inc.
		7.88%, 05/01/25 (e) (k)	210		178
				47,207
Information Technology 0.5%
	Arrow Electronics, Inc.
		3.88%, 01/12/28	2,420		2,480
	Ascend Learning, LLC
		6.88%, 08/01/25 (e)	965		1,005
	Banff Merger Sub Inc.
		9.75%, 09/01/26 (e)	280		267
	CDK Global, Inc.
		5.88%, 06/15/26	280		299
		5.25%, 05/15/29 (e)	250		259
	Corning Incorporated
		4.38%, 11/15/57	4,565		4,738
	Ensemble S Merger Sub, Inc.
		9.00%, 09/30/23 (e)	557		572
	Informatica LLC
		7.13%, 07/15/23 (e)	915		932
	Marvell Technology Group Ltd
		4.20%, 06/22/23	4,435		4,643
	NXP B.V.
		3.88%, 06/18/26 (e)	2,185		2,293
	Radiate HoldCo, LLC
		6.88%, 02/15/23 (e) (k)	75		77
	Refinitiv US Holdings Inc.
		6.25%, 05/15/26 (e)	480		515
		8.25%, 11/15/26 (e)	495		546
	Riverbed Technology, Inc.
		8.88%, 03/01/23 (c) (j)	350		190
	SS&C Technologies, Inc.
		5.50%, 09/30/27 (e)	590		616
				19,432
	Total Corporate Bonds And Notes (cost $1,009,532)			1,042,010
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 22.1%
	ABFC Trust
		Series 2006-A2B-HE1, REMIC, 2.13%, (1M USD LIBOR + 0.11%), 01/25/37 (a)	3,965		2,745
	Accredited Mortgage Loan Trust
		Series 2004-A2-1, 2.62%, (1M USD LIBOR + 0.60%), 04/25/34 (a)	440		396
	ACE Securities Corp. Home Equity Loan Trust
		Series 2006-A2D-HE1, REMIC, 2.62%, (1M USD LIBOR + 0.60%), 02/25/36 (a)	11,017		10,873
	Aimco CDO
		Series 2019-D-10A, 5.85%, (3M USD LIBOR + 3.55%), 07/22/32 (a) (e)	2,000		1,962
	Aimco CLO
		Series 2018-D-AA, 4.85%, (3M USD LIBOR + 2.55%), 04/17/31 (a) (e)	1,000		930
	Alternative Loan Trust
		Series 2005-A3-32T1, REMIC, 3.02%, (1M USD LIBOR + 1.00%), 08/25/35 (a)	7,058		4,759
		Series 2005-1A2-27, REMIC, 3.85%, (12M US Federal Reserve Cumulative Average CMT + 1.40%), 08/25/35 (a)	419		417
		Series 2005-1A1-59, REMIC, 2.37%, (1M USD LIBOR + 0.33%), 11/20/35 (a)	6,122		5,803
		Series 2005-2A1-J12, REMIC, 2.56%, (1M USD LIBOR + 0.54%), 11/25/35 (a)	3,151		2,183
		Series 2006-A1B-OA12, REMIC, 2.23%, (1M USD LIBOR + 0.19%), 09/20/46 (a)	3,009		2,704
		Series 2006-1A1A-OA17, REMIC, 2.24%, (1M USD LIBOR + 0.20%), 12/20/46 (a)	6,272		5,272

129

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1	Value ($)
American Home Mortgage Investment Trust
	Series 2004-4A-4, REMIC, 4.03%, (6M USD LIBOR + 2.00%), 02/25/45 (a)	64	64
Anchorage Capital CLO 13 Ltd
	Series 2019-B-13A, 4.68%, 04/15/32 (e)	2,000	2,000
Apidos CLO XII
	Series 2013-DR-12A, 4.90%, (3M USD LIBOR + 2.60%), 04/15/31 (a) (e)	1,000	936
Apidos CLO XXI
	Series 2015-CR-21A, 4.75%, (3M USD LIBOR + 2.45%), 07/19/27 (a) (e)	500	485
Apollo Aviation Securitization Equity Trust
	Series 2018-A-1A, 3.84%, 09/16/23 (e)	2,317	2,330
Ares XXIX CLO Ltd
	Series 2014-A1R-1A, 3.49%, (3M USD LIBOR + 1.19%), 04/17/26 (a) (e)	3,324	3,324
Argent Securities Inc.
	Series 2005-A2C-W2, REMIC, 2.74%, (1M USD LIBOR + 0.72%), 10/25/35 (a)	956	953
Atrium XIII LLC
	Series D-13A, 4.96%, (3M USD LIBOR + 2.70%), 11/21/30 (a) (e)	1,000	948
Atrium XIV LLC
	Series D-14A, 5.27%, (3M USD LIBOR + 2.95%), 08/23/30 (a) (e)	1,000	953
Atrium XV LLC
	Series D-15A, REMIC, 5.26%, (3M USD LIBOR + 3.00%), 01/23/31 (a) (e)	2,500	2,414
Avery Point VII CLO Ltd
	Series 2015-DR-7A, 5.90%, (3M USD LIBOR + 3.60%), 01/18/28 (a) (e)	1,000	999
Babson CLO Ltd
	Series 2018-D-3A, 5.18%, (3M USD LIBOR + 2.90%), 07/20/29 (a) (e)	500	467
	Series 2016-DR-1A, 5.31%, (3M USD LIBOR + 3.05%), 07/23/30 (a) (e)	1,000	943
	Series 2019-C-2A, 6.15%, (3M USD LIBOR + 3.95%), 04/15/31 (a) (e)	500	498
Banc of America Funding Corp
	Series 2005-4A1-A, REMIC, 4.54%, 02/20/35 (a)	544	539
Banc of America Mortgage Securities, Inc.
	Series 2004-5A1-2, REMIC, 6.50%, 10/25/31	8	8
Bancorp Commercial Mortgage Trust
	Series 2019-D-CRE6, REMIC, 4.57%, 08/15/22 (e)	6,727	6,735
Bank
	Interest Only, Series 2019-XA-BN19, REMIC, 1.10%, 08/17/61 (a)	49,638	3,860
Bank of America Corporation
	Series 2005-A1-D, REMIC, 4.81%, 05/25/35 (a)	6,319	6,489
Barclays Commercial Mortgage Trust
	Series 2019-B-C3, REMIC, 4.10%, 05/17/29	3,554	3,898
Barings CLO Ltd
	Series 2018-C-1A, 4.90%, (3M USD LIBOR + 2.60%), 04/15/31 (a) (e)	1,000	928
	Series 2019-D-1A, 6.15%, 04/15/31 (e)	1,000	990
BBCMS Mortgage Trust
	Series 2018-F-TALL, REMIC, 5.26%, (1M USD LIBOR + 3.24%), 03/16/20 (a) (e) (o)	4,330	4,346
	Series 2017-C-DELC, REMIC, 3.23%, (1M USD LIBOR + 1.20%), 08/15/36 (a) (e)	6	6
	Series 2017-D-DELC, REMIC, 3.73%, (1M USD LIBOR + 1.70%), 08/15/36 (a) (e)	34	34
	Series 2017-E-DELC, REMIC, 4.53%, (1M USD LIBOR + 2.50%), 08/15/36 (a) (e)	84	84
BB-UBS Trust
	Interest Only, Series 2012-XB-SHOW, REMIC, 0.28%, 11/07/36 (a) (c) (j)	6,436	60
	Interest Only, Series 2012-XA-SHOW, REMIC, 0.73%, 11/07/36 (a) (e)	11,689	349
BCAP LLC Trust
	Series 2010-5A3-RR11, REMIC, 4.12%, 01/12/22 (a) (e)	7,390	6,622
	Series 2011-5A1-RR5, REMIC, 5.25%, 05/26/22 (e)	707	723
	Series 2011-8A1-RR4, REMIC, 5.25%, 02/26/36 (e)	802	614
	Series 2011-12A1-RR5, REMIC, 4.88%, 03/26/37 (a) (e)	194	199
	Series 2011-9A1-RR5, REMIC, 5.25%, 05/25/37 (e)	4,205	3,200
	Series 2012-6A6-RR1, REMIC, 2.36%, 12/27/46 (a) (e)	11,034	10,112
Bear Stearns ALT-A Trust
	Series 2005-23A1-4, REMIC, 4.50%, 05/25/35 (a)	181	180
	Series 2005-26A1-7, REMIC, 4.11%, 09/25/35 (a)	9,533	6,346
	Series 2005-22A1-7, REMIC, 4.20%, 09/25/35 (a)	118	96
Bear Stearns ARM Trust
	Series 2000-A1-2, REMIC, 2.78%, 11/25/30 (a)	1	1
	Series 2002-1A2-11, REMIC, 4.43%, 02/25/33 (a)	2	2
	Series 2002-1A1-11, REMIC, 4.70%, 02/25/33 (a)	1	1
	Series 2003-6A1-1, REMIC, 5.03%, 04/25/33 (a)	8	8
	Series 2003-4A1-8, REMIC, 4.67%, 01/25/34 (a)	81	78
	Series 2004-12A5-1, REMIC, 4.69%, 04/25/34 (a)	191	190
	Series 2004-2A1-8, REMIC, 3.98%, 11/25/34 (a)	244	240
Bear Stearns Asset Backed Securities I Trust
	Series 2007-1A2-HE3, REMIC, 2.22%, (1M USD LIBOR + 0.20%), 04/25/34 (a)	451	714
	Series 2005-M2-AQ1, REMIC, 2.67%, (1M USD LIBOR + 0.98%), 03/25/35 (a)	5,675	5,662
	Series 2007-1A3-HE3, REMIC, 2.27%, (1M USD LIBOR + 0.25%), 01/25/37 (a)	4,525	4,807
Bear Stearns Asset Backed Securities Trust
	Series 2006-A2-4, REMIC, 2.28%, (1M USD LIBOR + 0.26%), 10/25/36 (a)	1,784	1,780
Bear Stearns Structured Products Inc. Trust
	Series 2007-1A1-R6, REMIC, 4.08%, 01/26/36 (a)	391	347
	Series 2007-2A1-R6, REMIC, 3.61%, 12/26/46 (a)	253	219
Bear Stearns Structured Products Trust
	Series 2007-A2-EMX1, REMIC, 3.32%, (1M USD LIBOR + 1.30%), 03/25/37 (a) (e)	2,947	2,929
BX Commercial Mortgage Trust
	Series 2018-E-BIOA, REMIC, 4.07%, (1M USD LIBOR + 1.95%), 03/16/20 (a) (e)	6,960	6,982
	Series 2019-D-IMC, REMIC, 3.93%, (1M USD LIBOR + 1.90%), 04/15/21 (a) (e)	3,983	4,003
Caesars Palace Las Vegas Trust
	Series 2017-D-VICI, 4.50%, 10/17/22 (a) (e)	4,727	4,952
	Series 2017-E-VICI, 4.50%, 10/17/22 (a) (e)	6,567	6,802
	Series 2017-C-VICI, REMIC, 4.14%, 10/17/22 (e)	2,681	2,803
CAL Funding III Limited
	Series 2018-A-1A, REMIC, 3.96%, 02/25/28 (e)	4,208	4,350
Canyon Capital CLO Ltd
	Series 2014-DR-2A, 5.95%, (3M USD LIBOR + 3.65%), 04/15/29 (a) (e)	1,000	992
	Series 2012-D-1RA, 5.30%, (3M USD LIBOR + 3.00%), 07/15/30 (a) (e)	1,500	1,439
	Series 2014-CR-1A, 5.02%, (3M USD LIBOR + 2.75%), 01/30/31 (a) (e)	1,134	1,077
	Series 2016-DR-1A, 5.10%, (3M USD LIBOR + 2.80%), 07/15/31 (a) (e)	1,000	934
	Series 2019-D-2A, 6.09%, 10/15/32 (e)	1,000	1,000
Canyon CLO Ltd
	Series 2018-D-1A, 5.20%, (3M USD LIBOR + 2.90%), 07/15/31 (a) (e)	1,000	937
Castlelake Aircraft Securitization Trust
	Series 2018-A-1, 4.13%, 06/15/25 (e)	2,578	2,638
CF Mortgage Trust
	Series 2019-65C-CF1, REMIC, 4.12%, 04/17/24 (e)	2,737	2,753
CF Trust
	Series 2019-E-MF1, 4.23%, 08/15/21 (e)	4,037	4,037

130

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1	Value ($)
CGGS Commercial Mortgage Trust
	Series 2018-D-WSS, REMIC, 4.42%, (1M USD LIBOR + 2.30%), 02/18/20 (a) (e)	4,159	4,151
Chase Mortgage Finance Trust
	Series 2005-1A1-A1, REMIC, 4.21%, 12/25/35 (a)	550	527
ChaseFlex Trust Series
	Series 2007-1A1-3, REMIC, 5.00%, 07/25/37	554	452
Citicorp Mortgage Securities Trust
	Series 2007-1A3-2, REMIC, 6.00%, 02/25/37	998	965
Citigroup Commercial Mortgage Trust
	Series 2015-C-GC27, REMIC, 4.57%, 01/10/25 (a)	3,239	3,346
	Series 2015-D-GC27, REMIC, 4.57%, 01/10/25 (a) (e)	1,696	1,608
	Series 2016-D-GC36, REMIC, 2.85%, 01/10/26 (e)	3,104	2,676
	Series 2016-B-GC36, REMIC, 4.91%, 01/12/26	2,892	3,196
	Series 2017-D-P7, REMIC, 3.25%, 04/14/27 (e)	2,919	2,654
Citigtoup Mortgage Loan Trust
	Series 2005-A2A-11, REMIC, 4.38%, (1Y US Treasury Yield Curve Rate Treasury Note Constant Maturity + 2.40%), 10/25/35 (a)	21	21
	Series 2005-1A3A-8, REMIC, 4.27%, 11/25/35 (a)	3,164	3,310
	Series 2007-A3A-AHL3, REMIC, 2.08%, (1M USD LIBOR + 0.06%), 05/25/37 (a)	350	280
	Series 2007-1A1-FS1, REMIC, 5.75%, 10/25/37 (e) (o)	3,424	3,355
CLI Funding LLC
	Series 2018-A-1A, 4.03%, 04/18/28 (e)	3,406	3,465
CLI Funding VI LLC
	Series 2019-A-1A, 3.71%, 05/18/29 (e)	2,891	2,913
COMM Mortgage Trust
	Series 2018-C-HCLV, 3.73%, (1M USD LIBOR + 1.70%), 09/15/20 (a) (e)	4,056	4,049
	Series 2017-E-PANW, 4.13%, 10/11/24 (a) (e)	5,717	5,709
	Series 2017-D-PANW, 4.34%, 10/11/24 (a) (e)	3,425	3,581
	Series 2015-C-DC1, REMIC, 4.49%, 01/10/25 (a)	200	207
	Series 2015-C-CR23, REMIC, 4.39%, 04/11/25 (a)	2,923	3,043
	Interest Only, Series 2015-XA-CR22, REMIC, 1.08%, 03/12/48 (a) (j)	133,009	4,412
Cook Park CLO Ltd
	Series 2018-D-1A, 4.90%, (3M USD LIBOR + 2.60%), 04/17/30 (a) (e)	2,000	1,871
Countrywide Alternative Loan Trust
	Series 2006-A1-OA21, REMIC, 2.23%, (1M USD LIBOR + 0.19%), 03/20/47 (a)	4,389	3,896
	Series 2007-A1A-OA7, REMIC, 2.20%, (1M USD LIBOR + 0.18%), 05/25/47 (a)	290	277
Countrywide Asset-Backed Certificates
	Series 2006-2A3-24, REMIC, 2.17%, (1M USD LIBOR + 0.15%), 04/25/34 (a)	1,362	1,309
	Series 2004-M1-3, REMIC, 2.77%, (1M USD LIBOR + 0.75%), 06/25/34 (a)	47	46
Credit Acceptance Auto Loan Trust
	Series 2017-A-3A, 2.65%, 01/15/21 (e)	10,000	10,025
Credit Suisse Commerical Mortgage Trust
	Series 2010-4A4-18R, REMIC, 3.50%, 04/27/38 (a) (e)	1,470	1,462
Credit Suisse Securities (USA) LLC
	Series 2002-A-P1A, REMIC, 3.04%, 03/25/32 (a) (e)	26	24
CSAIL Commercial Mortgage Trust
	Series 2017-C-CX10, 4.25%, 11/17/27 (a)	3,875	4,148
	Series 2016-D-C6, REMIC, 4.91%, 05/15/26 (a) (e)	4,254	4,251
	Series 2019-AS-C16, REMIC, 3.61%, 06/15/29 (p)	2,673	2,831
	Series 2019-B-C16, REMIC, 3.88%, 06/15/29 (p)	2,673	2,835
CSMC
	Series 2017-E-CALI, REMIC, 3.90%, 11/12/24 (a) (e)	5,200	5,160
	Series 2017-F-CALI, REMIC, 3.90%, 11/12/24 (a) (e)	5,200	5,054
CSMC Mortgage-Backed Trust
	Series 2006-1A4-6, REMIC, 6.00%, 07/25/36	1,737	1,387
CWABS, Inc.
	Series 2005-M3-BC5, REMIC, 2.77%, (1M USD LIBOR + 0.75%), 12/25/35 (a)	5,000	4,965
	Series 2005-3A2A-HYB9, REMIC, 3.71%, (12M USD LIBOR + 1.75%), 02/20/36 (a)	38	36
	Series 2005-MV1-17, REMIC, 2.48%, (1M USD LIBOR + 0.46%), 04/25/36 (a)	5,400	5,332
	Series 2005-2AV-17, REMIC, 2.26%, (1M USD LIBOR + 0.24%), 05/25/36 (a)	5,147	5,059
	Series 2007-1A-13, REMIC, 2.86%, (1M USD LIBOR + 0.84%), 06/25/36 (a)	2,022	1,880
CWMBS, Inc.
	Series 2004-A14-19, REMIC, 5.50%, 10/25/34	2,168	2,200
	Series 2004-A2-HYB6, REMIC, 4.11%, 11/21/34 (a)	458	464
	Series 2004-A3-22, REMIC, 4.24%, 11/25/34 (a)	229	232
	Series 2004-1A1-HYB9, REMIC, 4.24%, 02/20/35 (a)	155	154
	Series 2005-A1-29, REMIC, 5.75%, 12/25/35	1,627	1,378
Dryden 36 Senior Loan Fund
	Series 2014-DR2-36A, 6.00%, (3M USD LIBOR + 3.70%), 04/16/29 (a) (e)	2,500	2,464
Dryden 40 Senior Loan Fund
	Series 2015-DR-40A, 5.26%, (3M USD LIBOR + 3.10%), 08/15/31 (a) (e)	1,000	971
Dryden 43 Senior Loan Fund LLC
	Series 2016-DRR-43A, 5.83%, (3M USD LIBOR + 3.55%), 07/20/29 (a) (e)	1,000	1,000
Dryden 57 CLO Ltd
	Series 2018-D-57A, 4.71%, (3M USD LIBOR + 2.55%), 05/15/31 (a) (e)	1,000	935
Dryden 60 Senior Loan Fund
	Series 2018-D-60A, 5.30%, (3M USD LIBOR + 3.00%), 07/15/31 (a) (e)	2,000	1,920
Fillmore Park CLO Ltd
	Series 2018-D-1A, 5.20%, 07/15/30 (e)	1,500	1,434
First Franklin Mortgage Loan Trust
	Series 2005-A4-FF9, REMIC, 2.74%, (1M USD LIBOR + 0.72%), 10/25/35 (a)	2,231	2,226
First Franklin Mortgage Loan Trust Asset-Backed Certificates
	Series 2005-M2-FFH2, REMIC, 2.83%, (1M USD LIBOR + 0.81%), 04/25/35 (a) (e)	407	406
First Horizon Mortgage Pass-Through Trust
	Series 2005-2A1-AR4, REMIC, 4.07%, 10/25/35 (a)	781	736
	Series 2005-4A1-AR6, REMIC, 4.55%, 02/25/36 (a)	400	377
FMC GMSR Issuer Trust
	Series 2019-A-GT2, 4.23%, 09/25/24 (e)	4,000	4,035
GE-WMC Mortgage Securities, L.L.C.
	Series 2005-A2C-2, REMIC, 2.52%, (1M USD LIBOR + 0.50%), 12/26/35 (a)	2,223	2,200
Gilbert Park CLO Ltd
	Series 2017-1A-E, 5.25%, (3M USD LIBOR + 2.95%), 10/15/30 (a) (e)	1,000	968
	Series 2017-1A-E, 8.70%, (3M USD LIBOR + 6.40%), 10/15/30 (a) (e)	2,000	1,931
Global SC Finance IV Ltd
	Series 2018-A-1A, 4.29%, 05/17/28 (e)	3,423	3,592
Goldentree Loan Management US CLO 3, Ltd.
	Series 2018-D-3A, 5.13%, (3M USD LIBOR + 2.85%), 04/22/30 (a) (e)	1,000	950
Goldentree Loan Opportunities XI Ltd.
	Series 2015-DR2-11A, 4.70%, (3M USD LIBOR + 2.40%), 01/21/31 (a) (e)	1,000	929
Great Wolf Trust
	Series 2017-D-WOLF, 4.13%, (1M USD LIBOR + 2.10%), 09/15/34 (a) (e)	1,166	1,166
	Series 2017-E-WOLF, 5.13%, (1M USD LIBOR + 3.10%), 09/15/34 (a) (e)	1,808	1,809
	Series 2017-F-WOLF, 6.10%, (1M USD LIBOR + 4.07%), 09/15/34 (a) (c) (j)	962	963

131

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1	Value ($)
Greenwood Park CLO Ltd
	Series 2018-D-1A, 4.80%, (3M USD LIBOR + 2.50%), 04/15/31 (a) (e)	1,000	930
Grippen Park CLO, Ltd.
	Series 2017-D-1A, REMIC, 5.58%, (3M USD LIBOR + 3.30%), 01/20/30 (a) (e)	500	491
GS Mortgage Securities Corp Trust
	Series 2016-WMB-GS3, 3.60%, 09/14/26 (e)	9,000	9,184
	Series 2017-C-GS8, 4.48%, 11/12/27	6,463	6,985
	Series 2018-F-FBLU, REMIC, 5.28%, 11/16/20 (e)	4,010	4,025
GS Mortgage Securities Corp.
	Series 2005-2A1-AR6, REMIC, 4.48%, 09/25/35 (a)	245	247
	Series 2005-6A1-AR7, REMIC, 4.29%, 11/25/35 (a)	86	86
GS Mortgage Securities Trust
	Series 2019-E-SMP, 4.74%, 08/21/21 (a)	4,330	4,336
	Series 2019-F-SMP, 5.24%, 08/21/21 (a)	4,330	4,342
	Series 2015-D-GC32, REMIC, 3.35%, 07/11/25	1,969	1,867
	Series 2015-D-GC34, REMIC, 2.98%, 10/10/25	3,675	3,339
	Interest Only, Series 2018-XA-GS9, REMIC, 0.60%, 03/10/51 (a)	112,336	3,651
GSAMP
	Series 2007-A1-HS1, REMIC, 2.87%, (1M USD LIBOR + 0.85%), 02/25/37 (a)	670	670
GSAMP Trust
	Series 2006-A1-HE4, REMIC, 2.16%, (1M USD LIBOR + 0.14%), 06/25/36 (a)	1,174	1,150
Harborview Mortgage Loan Trust
	Series 2005-2A1A-2, REMIC, 2.50%, (1M USD LIBOR + 0.44%), 05/19/35 (a)	62	60
	Series 2005-3A1-4, REMIC, 4.39%, 07/19/35 (a)	249	228
Harbour Aircraft Investments Ltd
	Series 2017-A-1, 4.00%, 11/15/24	11,677	11,816
Helios Issuer LLC Series
	Series 2017-A-1A, 4.94%, 09/20/23 (e)	2,645	2,771
Highbridge Loan Management Ltd
	Series 8A-DR-2016, 5.18%, (3M USD LIBOR + 2.90%), 07/22/30 (a) (e)	2,500	2,362
Hospitality Mortgage Trust
	Series 2019-F-HIT, 5.18%, (1M USD LIBOR + 3.15%), 11/15/21 (a) (e)	3,951	3,970
HSI Asset Securitization Corporation
	Series 2006-M1-OPT1, REMIC, 2.38%, (1M USD LIBOR + 0.36%), 12/25/35 (a)	3,000	2,946
IndyMac Bancorp, Inc.
	Series 2001-A2-H2, REMIC, 3.67%, 01/25/32 (a)	—	—
IndyMac MBS, Inc.
	Series 2005-A3-AR11, REMIC, 3.89%, 08/25/35 (a)	1,456	1,322
	Series 2005-1A1-AR31, REMIC, 3.93%, 01/25/36 (a)	299	259
J.P. Morgan Chase Commercial Mortgage Securities Corp.
	Series 2019-F-MFP, 5.13%, (1M USD LIBOR + 3.00%), 07/15/21 (a) (e)	6,698	6,723
J.P. Morgan Chase Commercial Mortgage Securities Trust
	Series 2014-D-C20, REMIC, 4.75%, 06/17/24 (e)	4,270	3,975
J.P. Morgan Mortgage Acquisition Trust
	Series 2006-A5-CW1, REMIC, 2.26%, (1M USD LIBOR + 0.24%), 05/25/36 (a)	3,391	3,306
	Series 2007-MV6-CH1, REMIC, 2.57%, (1M USD LIBOR + 0.55%), 11/25/36 (a)	2,414	2,332
J.P. Morgan Mortgage Trust
	Series 2005-1A2-S3, REMIC, 5.75%, 01/25/36	78	62
	Series 2006-3A1-S1, REMIC, 5.50%, 04/25/36	570	594
JOL Air Ltd
	Series 2019-A-1, 3.97%, 04/15/26 (e)	2,881	2,905
JP Morgan Chase Commercial Mortgage Securities Trust
	Series 2018-FFX-WPT, REMIC, 5.54%, 07/07/23 (e)	3,152	3,272
JPMDB Commercial Mortgage Securities Trust
	Interest Only, Series 2017-XA-C7, 1.05%, 10/17/50 (a)	96,233	5,295
JPMorgan Chase Bank, N.A.
	Series 2007-MV1-CH2, REMIC, 2.30%, (1M USD LIBOR + 0.28%), 01/25/37 (a)	4,800	4,686
LCCM Mortgage Trust
	Series 2014-MRC-PKMD, REMIC, 2.95%, 11/18/19 (a) (c) (j)	5,248	5,242
LCM 28 LP
	Series D-28A, 5.23%, (3M USD LIBOR + 3.15%), 10/21/30 (a) (e)	1,000	948
LCM XIV LP
	Series DR-14A, 5.03%, (3M USD LIBOR + 2.75%), 07/21/31 (a) (e)	2,000	1,873
LCM XV LP
	Series DR-15A, 5.98%, (3M USD LIBOR + 3.70%), 07/22/30 (a) (e)	2,750	2,682
LCM XX LP
	Series DR-20A, 5.08%, (3M USD LIBOR + 2.80%), 10/20/27 (a) (e)	1,000	961
Legacy Mortgage Asset Trust
	Series 2018-A1-GS1, REMIC, 4.00%, 04/25/20 (e) (o)	45,163	45,475
Lehman XS Trust
	Series 2005-1A3-4, REMIC, 2.82%, (1M USD LIBOR + 0.80%), 10/25/35 (a)	1,034	1,022
	Series 2007-3A3-2N, REMIC, 2.19%, (1M USD LIBOR + 0.17%), 02/25/37 (a)	6,838	5,871
Loancore Issuer Ltd.
	Series 2019-C-CRE3, 3.98%, 04/15/24 (a) (e)	1,063	1,067
Long Point Park CLO Ltd
	Series 2017-C-1A, 4.70%, (3M USD LIBOR + 2.40%), 01/17/30 (a) (e)	1,000	929
Madison Park Funding XIV Ltd
	Series 2014-DRR-14A, 5.23%, (3M USD LIBOR + 2.95%), 10/22/30 (a) (e)	2,000	1,912
Magnetite XIV Ltd
	Series 2015-D-14RA, 5.15%, (3M USD LIBOR + 2.85%), 10/20/31 (a) (e)	1,500	1,427
Magnetite XVIII Ltd
	Series 2016-DR-18A, 4.86%, (3M USD LIBOR + 2.70%), 11/15/28 (a) (e)	1,000	964
MASTR Asset Backed Securities Trust
	Series 2003-M3-OPT1, 6.14%, (1M USD LIBOR + 4.13%), 12/25/32 (a)	1,302	1,354
	Series 2005-M5-WMC1, REMIC, 3.02%, (1M USD LIBOR + 1.01%), 03/25/35 (a)	5,005	4,934
	Series 2006-A3-AM3, REMIC, 2.19%, (1M USD LIBOR + 0.17%), 10/25/36 (a)	2,715	2,630
	Series 2007-A2-WMC1, REMIC, 2.07%, (1M USD LIBOR + 0.05%), 01/25/37 (a)	316	115
	Series 2007-A1-HE2, REMIC, 3.17%, (1M USD LIBOR + 1.15%), 08/25/37 (a) (e)	6,226	5,564
Mellon Residential Funding Corporation
	Series 1999-A2-TBC3, REMIC, 2.89%, (1M USD LIBOR + 0.49%), 10/20/29 (a)	33	33
Merrill Lynch Mortgage Capital Inc.
	Series 2005-2A3-A6, REMIC, 2.78%, (1M USD LIBOR + 0.38%), 08/25/35 (a)	1,381	1,381
	Series 2005-5A-3, REMIC, 2.27%, (1M USD LIBOR + 0.50%), 11/25/35 (a)	54	52
Merrill Lynch Mortgage Investors Trust
	Series 2003-1A-A3, REMIC, 4.24%, 05/25/33 (a)	192	185
Morgan Stanley Bank of America Merrill Lynch Trust
	Series 2015-ASB-C22, REMIC, 3.04%, 11/18/24	9,000	9,202
	Series 2016-ASB-C31, REMIC, 2.95%, 12/17/25	3,500	3,608
Morgan Stanley Capital I Trust
	Series 2019-AS-H6, REMIC, 3.70%, 05/17/29	4,009	4,275
Morgan Stanley Dean Witter Capital I Inc.
	Series 2002-M1-HE1, REMIC, 2.92%, (1M USD LIBOR + 0.90%), 07/25/32 (a)	271	271

132

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1	Value ($)
MortgageIT Trust
	Series 2005-A1-5, REMIC, 2.54%, (1M USD LIBOR + 0.52%), 12/25/35 (a)	2,468	2,441
Mosaic Solar Loan Trust
	Series 2017-A-2A, 3.82%, 01/22/30 (e)	7,501	7,713
	Series 2018-A-1A, REMIC, 4.01%, 08/20/30 (e)	1,812	1,880
MSCG Trust
	Series 2018-F-SELF, 5.08%, (1M USD LIBOR + 3.05%), 10/15/20 (a) (e)	5,349	5,386
Myers Park CLO Ltd
	Series 2018-D-1A, 5.33%, (3M USD LIBOR + 3.00%), 10/21/30 (a) (e)	1,000	958
Navient Private Education Loan Trust
	Series 2017-B-A, 3.91%, 09/15/25 (e)	8,000	8,397
Navient Student Loan Trust
	Series 2017-A1-3X, 2.32%, (1M USD LIBOR + 0.30%), 03/25/20 (a) (e)	1,059	1,059
Neuberger Berman CLO XVI-S Ltd
	Series 2017-D-16SA, 4.80%, (3M USD LIBOR + 2.50%), 01/18/28 (a) (e)	2,000	1,925
Neuberger Berman Loan Advisers LLC
	Series 2018-D-27A, 4.90%, (3M USD LIBOR + 2.60%), 01/15/30 (a) (e)	1,000	931
New Century Home Equity Loan Trust
	Series 2005-M2-4, REMIC, 2.78%, (1M USD LIBOR + 0.77%), 09/25/35 (a)	935	934
Nomura Asset Acceptance Corporation, Alternative Loan Trust
	Series 2005-3A1-AR4, REMIC, 4.67%, 08/25/35 (a)	474	473
NP SPE II LLC
	Series 2017-A1-1A, 3.37%, 10/20/27 (e)	4,004	4,115
Oak Hill Credit Partners
	Series 2014-D-10RA, 5.43%, (3M USD LIBOR + 3.15%), 12/12/30 (a) (e)	2,000	1,925
Octagon Investment Partners 15 Ltd
	Series 2013-DR-1A, 6.00%, (3M USD LIBOR + 3.70%), 07/19/30 (a) (e)	2,500	2,448
Octagon Investment Partners 16 Ltd
	Series 2013-DR-1A, 5.30%, (3M USD LIBOR + 3.00%), 07/17/30 (a) (e)	500	472
Octagon Investment Partners 21 Ltd
	Series 2014-CRR-1A, 6.13%, (3M USD LIBOR + 3.95%), 02/17/32 (a) (e)	500	493
Octagon Investment Partners 29 Ltd
	Series 2016-D-1A, 6.53%, (3M USD LIBOR + 4.25%), 01/24/28 (a) (e)	1,000	1,000
Octagon Investment Partners 30 Ltd
	Series 2017-C-1A, 5.78%, (3M USD LIBOR + 3.50%), 03/17/30 (a) (e)	2,500	2,493
Octagon Investment Partners 31 Ltd
	Series 2017-D-1A, 5.98%, 07/22/30 (e)	1,282	1,277
Octagon Investment Partners 33 Ltd
	Series 2017-C-1A, 5.03%, (3M USD LIBOR + 2.75%), 01/21/31 (a) (e)	1,000	950
	Series 2017-D-1A, 8.58%, (3M USD LIBOR + 6.30%), 01/21/31 (a) (e)	1,000	952
Octagon Investment Partners 34 Ltd
	Series 2017-DD-1A, 4.78%, (3M USD LIBOR + 2.50%), 01/22/30 (a) (e)	1,000	928
Octagon Investment Partners 37 Ltd
	Series 2018-C-2A, 5.13%, (3M USD LIBOR + 2.85%), 07/25/30 (a) (e)	1,000	936
OHA Credit Funding 1 LTD
	Series 2018-D-1A, 5.33%, (3M USD LIBOR + 3.05%), 10/21/30 (a) (e)	1,000	959
OneMain Financial Issuance Trust
	Series 2017-A1-1A, 2.37%, 04/14/21 (e)	5,000	4,990
Option One Mortgage Loan Trust
	Series 2005-M3-3, REMIC, 2.78%, (1M USD LIBOR + 0.77%), 08/25/35 (a)	3,700	3,587
	Series 2007-2A2-6, REMIC, 2.15%, (1M USD LIBOR + 0.13%), 07/25/37 (a)	905	664
Park Place Securities, Inc.
	Series 2005-M2-WCW1, REMIC, 2.72%, (1M USD LIBOR + 0.71%), 05/25/35 (a)	1,457	1,447
	Series 2005-M1-WCW3, REMIC, 2.74%, (1M USD LIBOR + 0.72%), 08/25/35 (a)	798	797
Positive Results Property Management LLC
	Series 2018-A1-1A, 3.75%, 04/25/23 (e)	20,967	21,024
Pretium Mortgage Credit Partners LLC
	Series 2019-A1-NPL3, REMIC, 3.10%, 09/27/22 (e) (o)	5,000	5,000
Prime Mortgage Trust
	Series 2004-1A2-CL1, REMIC, 2.42%, (1M USD LIBOR + 0.40%), 02/25/34 (a)	10	10
Primose Funding LLC
	Series 2019-A2-1A, 4.48%, 07/30/26 (e)	5,000	4,995
Progress Residential Trust
	Series 2019-E-SFR4, 3.44%, 10/21/24 (b) (e)	7,000	7,024
RBSSP Resecuritization Trust
	Series 2011-2A1-3, REMIC, 2.40%, (1M USD LIBOR + 0.25%), 02/26/37 (a) (e)	866	852
Renew Financial
	Series 2017-A-2A, 3.22%, 09/22/53 (e)	7,037	7,389
Residential Accredit Loans, Inc.
	Series 2006-A21-QA1, REMIC, 4.91%, 01/25/36 (a)	6,364	5,728
Residential Asset Mortgage Products, Inc.
	Series 2005-M5-EFC1, REMIC, 2.99%, (1M USD LIBOR + 0.98%), 05/25/35 (a)	12,706	12,503
Residential Asset Securities Corporation
	Series 2005-M1-KS1, REMIC, 2.69%, (1M USD LIBOR + 0.68%), 02/25/35 (a)	1,905	1,880
	Series 2006-AI3-KS9, REMIC, 2.18%, (1M USD LIBOR + 0.16%), 09/25/36 (a)	2,588	2,532
	Series 2006-1A3-EMX9, REMIC, 2.19%, (1M USD LIBOR + 0.17%), 09/25/36 (a)	2,177	1,987
	Series 2006-A4-KS7, REMIC, 2.26%, (1M USD LIBOR + 0.24%), 09/25/36 (a)	1,620	1,599
	Series 2007-A3-KS1, REMIC, 2.17%, (1M USD LIBOR + 0.15%), 11/25/36 (a)	5,870	5,670
RR 4 Ltd
	Series 2018-C-4A, 5.25%, (3M USD LIBOR + 2.75%), 04/15/30 (a) (e)	1,000	950
Securitized Asset Backed Receivables LLC
	Series 2005-M2-FR2, REMIC, 2.99%, (1M USD LIBOR + 0.98%), 03/25/35 (a)	170	169
	Series 2007-A2A-HE1, REMIC, 2.08%, (1M USD LIBOR + 0.06%), 12/25/36 (a)	248	83
Servpro Master Issuer LLC
	Series 2019-A2-1A, 3.88%, 10/27/26 (b) (e)	4,000	4,000
SG Commercial Mortgage Securities, LLC
	Interest Only, Series 2016-XA-C5, REMIC, 2.15%, 10/13/48 (a)	32,188	2,974
SLM Student Loan Trust
	Series 2008-A-9, 3.78%, (3M USD LIBOR + 1.50%), 04/25/23 (a)	1,508	1,517
SMB Private Education Loan Trust
	Series 2018-A2B-B, 2.75%, (1M USD LIBOR + 0.72%), 03/15/28 (a) (e)	3,500	3,480
Soundview Home Loan Trust
	Series 2006-A1-WF2, REMIC, 2.15%, (1M USD LIBOR + 0.13%), 12/25/36 (a)	36	36
Sprite Limited
	Series 2017-A-1, 4.25%, 12/15/24 (e)	2,803	2,851
Start Ltd/Bermuda
	Series 2018-A-1, 4.09%, 05/15/25 (e)	1,524	1,557
Starwood Property Mortgage Trust
	Series 2019-D-FL1, 4.62%, (1M USD LIBOR + 2.75%), 02/15/25 (a) (e)	4,007	4,022
Steele Creek CLO Ltd
	Series 2015-DR-1A, 4.90%, (3M USD LIBOR + 2.60%), 01/15/30 (a) (e)	2,000	1,874
Stichting Babson Euro CLO
	Series 2015-DR-IA, 4.88%, (3M USD LIBOR + 2.60%), 01/21/31 (a) (e)	1,280	1,192
Structured Asset Investment Loan Trust
	Series 2006-A4-1, REMIC, 2.33%, (1M USD LIBOR + 0.62%), 01/25/36 (a)	2,030	1,948
Structured Asset Mortgage Investments II Inc.
	Series 2005-A3-AR5, REMIC, 2.56%, (1M USD LIBOR + 0.50%), 07/19/35 (a)	207	199

133

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Structured Asset Mortgage Investments II Trust
		Series 2007-2A1-AR2, REMIC, 2.28%, (1M USD LIBOR + 0.26%), 03/25/37 (a)	527		342
	Structured Asset Mortgage Investments LLC
		Series 2002-A1-AR3, REMIC, 2.72%, (1M USD LIBOR + 0.66%), 09/19/32 (a)	12		12
	Symphony CLO XVI Ltd
		Series 2015-DR-16A, 5.35%, (3M USD LIBOR + 3.05%), 10/15/31 (a) (e)	1,000		961
	Symphony CLO XVII Ltd
		Series 2016-DR-17A, 4.95%, 04/17/28 (e)	1,000		985
	Taconic Park CLO Ltd
		Series 2016-C-1A, 6.33%, (3M USD LIBOR + 4.05%), 01/20/29 (a) (e)	2,000		2,000
	Tal Advantage V LLC
		Series 2013-A-1A, 2.83%, 02/20/23 (e)	3,417		3,412
		Series 2014-A-1A, 3.51%, 02/20/24 (e)	2,297		2,335
	Thayer Park CLO Ltd
		Series 2017-C-1A, 5.98%, (3M USD LIBOR + 3.70%), 04/20/29 (a) (e)	1,000		1,000
	THL Credit Wind River CLO Ltd
		Series 2015-ER-2A, 7.85%, 10/15/27 (e)	2,000		1,875
		Series 2016-DR-1A, 5.15%, (3M USD LIBOR + 2.85%), 07/17/28 (a) (e)	1,000		972
		Series 2018-1, 5.20%, (3M USD LIBOR + 2.90%), 07/15/30 (a) (e)	1,500		1,419
		Series 2018-D-2A, 5.30%, (3M USD LIBOR + 3.00%), 07/15/30 (a) (e)	2,000		1,899
		Series 2018-1, 7.80%, (3M USD LIBOR + 5.50%), 07/15/30 (a) (e)	500		442
		Series 2014-DR-2A, 5.20%, (3M USD LIBOR + 2.90%), 01/15/31 (a) (e)	1,000		942
		Series 2014-ER-2A, 8.05%, (3M USD LIBOR + 5.75%), 01/15/31 (a) (e)	1,000		855
		Series 2014-DRR-1A, 5.30%, (3M USD LIBOR + 3.00%), 07/18/31 (a) (e)	1,000		926
	Thunderbolt Aircraft Lease Limited
		Series 2017-A-A, 4.21%, 04/15/24 (e) (o)	4,514		4,610
	Toorak Mortgage Corp Ltd
		Series 2018-A1-1, REMIC, 4.34%, 04/25/21 (e) (o)	3,250		3,283
	Triton Container Finance VI LLC
		Series 2018-A-2A, 4.19%, 06/20/28 (e)	1,750		1,808
		Series 2018-A-1A, 3.95%, 03/20/43 (e)	4,250		4,268
	U.S. Department of Veterans Affairs
		Series 1994-1ZB-3A, REMIC, 6.50%, 09/15/24	100		108
	U.S. Small Business Administration
		Series 2001-1-20A, 6.29%, 01/01/21	1		1
		Series 2003-1-20I, 5.13%, 09/01/23	3		3
		Series 2004-1-20F, 5.52%, 06/01/24	69		72
	UBS Commercial Mortgage Trust
		Series 2017-C-C4, 4.60%, 10/15/27 (a)	3,298		3,581
		Series 2018-C-C8, 4.86%, 02/17/28 (a)	3,776		4,158
		Series 2017-C-C5, REMIC, 4.46%, 11/17/27 (a)	5,169		5,579
		Series 2017-C-C6, REMIC, 4.60%, 12/17/27 (a)	3,866		4,211
		Series 2019-B-C16, REMIC, 4.32%, 03/16/29	3,658		4,050
	Vantage Data Centers Issuer, LLC
		Series 2018-A2-1A, 4.07%, 02/15/23 (e)	6,889		7,161
	VB-S1 Issuer, LLC
		Series 2016-D-1A, 4.46%, 06/15/21 (e)	2,000		2,027
		Series 2018-C-1A, 3.41%, 02/15/23 (e)	2,000		2,025
	Vericrest Opportunity Loan Transferee
		Series 2019-A1A-NPL5, REMIC, 3.35%, 08/25/22 (e) (o)	2,968		2,975
	Voya CLO Ltd
		Series 2014-CR2-1A, 5.10%, (3M USD LIBOR + 2.80%), 04/18/31 (a) (e)	1,000		925
		Series 2018-D-2A, 5.05%, (3M USD LIBOR + 2.75%), 07/15/31 (a) (e)	1,000		937
	WaMu Asset-Backed Certificates
		Series 2004-A5-5, REMIC, 2.58%, (1M USD LIBOR + 0.56%), 09/25/34 (a)	198		198
	Washington Mutual Mortgage Pass-Through Certificates Trust
		Series 2005-1A3A-AR18, REMIC, 4.26%, 01/25/36 (a)	369		371
		Series 2006-3A3-AR8, REMIC, 3.77%, 08/25/36 (a)	1,850		1,724
		Series 2007-3A3-HY1, REMIC, 3.94%, 02/25/37 (a)	1,807		1,719
		Series 2007-4A1-HY1, REMIC, 4.05%, 02/25/37 (a)	156		144
		Series 2007-2A3-HY7, REMIC, 3.60%, 07/25/37 (a)	262		258
		Series 2002-1A-AR17, REMIC, 3.65%, (12M US Federal Reserve Cumulative Average CMT + 1.20%), 11/25/42 (a)	31		30
		Series 2005-A1A1-AR13, REMIC, 2.60%, (1M USD LIBOR + 0.58%), 10/25/45 (a)	53		53
		Series 2006-1A-AR9, REMIC, 3.28%, (12M US Federal Reserve Cumulative Average CMT + 0.83%), 11/25/46 (a)	2,218		2,039
	Washington Mutual Mortgage Securities Corp.
		Series 2002-2A2-AR1, REMIC, 4.39%, 02/25/31 (a)	—		—
		Series 2002-1A-AR9, REMIC, 3.85%, (12M US Federal Reserve Cumulative Average CMT + 1.40%), 08/25/42 (a)	50		50
	WAVE LLC
		Series 2019-A-1, 3.60%, 09/15/27 (b) (e)	3,000		3,000
	Wells Fargo Commercial Mortgage Trust
		Series 2017-B-C41, 4.19%, 11/17/27 (a)	5,073		5,536
		Series 2017-C-C41, 4.66%, 11/17/27 (a)	6,601		7,129
		Series 2019-AS-C51, 3.58%, 06/15/29	670		714
		Series 2019-B-C51, 3.84%, 06/15/29	670		718
		Series 2016-C-C33, REMIC, 3.90%, 03/17/26	1,550		1,596
		Series 2018-D-BXI, REMIC, 3.58%, (1M USD LIBOR + 1.56%), 12/16/19 (a) (e)	3,771		3,772
		Series 2019-B-C49, REMIC, 4.55%, 02/16/29	785		880
		Series 2019-B-C50, REMIC, 4.19%, 04/17/29	3,188		3,514
		Series 2019-C-C50, REMIC, 4.35%, 04/17/29	3,188		3,437
		Interest Only, Series 2018-XA-C43, REMIC, 0.86%, 03/17/51 (a)	74,590		3,631
	Wells Fargo Mortgage Backed Securities Trust
		Series 2004-A1-CC, REMIC, 4.98%, 01/25/35 (a)	83		83
		Series 2006-2A1-AR2, REMIC, 4.99%, 03/25/36 (a)	309		307
		Series 2006-2A5-AR2, REMIC, 4.99%, 03/25/36 (a)	837		799
	WFRBS Commercial Mortgage Trust
		Series 2014-D-C23, REMIC, 4.15%, 10/17/57 (e)	4,269		4,108
	WhiteHorse VIII Ltd
		Series 2014-AR-1A, 3.15%, 05/01/26 (e)	4,388		4,388
	Wind River CLO Ltd
		Series 2018-D-3A, 5.23%, (3M USD LIBOR + 2.95%), 01/21/31 (a) (e)	1,000		942
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $796,551)			820,699
SENIOR LOAN INTERESTS 2.4%
Health Care 0.4%
	Acadia Healthcare Company, Inc.
		2018 Term Loan B4, 4.54%, (3M LIBOR + 2.50%), 02/16/23 (a)	313		313
	Agiliti Health, Inc
		Term Loan, 5.12%, (3M LIBOR + 3.00%), 10/18/25 (a) (q)	308		308
	Air Methods Corporation
		2017 Term Loan B, 5.60%, (3M LIBOR + 3.50%), 04/12/24 (a)	709		573
	Aldevron, LLC
		Term Loan, 0.00%, (3M LIBOR + 4.25%), 09/20/26 (a) (r)	580		581
	Athenahealth, Inc.
		2019 Term Loan B, 6.68%, (3M LIBOR + 4.50%), 01/25/26 (a)	441		439
	Auris Luxembourg III S.a.r.l.
		2019 USD Term Loan B2, 5.79%, (3M LIBOR + 3.75%), 07/23/25 (a)	525		521
	Bausch Health Companies Inc.
		Term Loan B, 4.79%, (3M LIBOR + 2.75%), 11/26/25 (a)	473		473

134

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Catalent Pharma Solutions Inc.
		Term Loan B2, 4.29%, (3M LIBOR + 2.25%), 05/10/26 (a)	572		573
	Change Healthcare Holdings LLC
		2017 Term Loan B, 4.54%, (3M LIBOR + 2.50%), 02/02/24 - 02/03/24 (a)	521		519
	CHG Healthcare Services, Inc
		2017 1st Lien Term Loan B, 5.04%, (3M LIBOR + 3.00%), 06/07/23 (a)	530		529
	Concentra Inc.
		2018 1st Lien Term Loan, 4.54%, (3M LIBOR + 2.50%), 06/01/22 (a)	778		782
	DaVita, Inc.
		2019 Term Loan B, 4.29%, (3M LIBOR + 2.25%), 07/30/26 (a)	205		206
	DentalCorp Perfect Smile ULC
		1st Lien Term Loan, 5.80%, (3M LIBOR + 3.75%), 05/09/25 (a)	356		350
	Envision Healthcare Corporation
		2018 1st Lien Term Loan, 5.79%, (3M LIBOR + 3.75%), 09/27/25 (a)	284		231
	Gentiva Health Services, Inc.
		2018 1st Lien Term Loan, 5.81%, (3M LIBOR + 3.75%), 06/20/25 (a)	704		708
	Global Medical Response, Inc.
		2018 Term Loan B1, 5.31%, (3M LIBOR + 3.25%), 04/28/22 (a)	365		341
	HC Group Holdings II, Inc.
		Term Loan B, 6.54%, (3M LIBOR + 4.50%), 05/22/26 (a)	535		533
	IQVIA Inc.
		2017 USD Term Loan B2, 4.10%, (1M LIBOR + 2.00%), 01/17/25 (a)	546		548
	Jaguar Holding Company II
		Term Loan, 0.00%, (3M LIBOR + 2.50%), 08/18/22 (a) (r)	210		210
		Term Loan, 4.54%, (3M LIBOR + 2.50%), 08/18/22 (a)	530		530
	Kindred Healthcare LLC
		2018 1st Lien Term Loan, 7.06%, (3M LIBOR + 5.00%), 06/21/25 (a)	222		222
	MED ParentCo LP
		1st Lien Term Loan, 6.29%, (3M LIBOR + 4.25%), 08/01/26 (a)	168		166
	MPH Acquisition Holdings LLC
		2016 Term Loan B, 4.85%, (3M LIBOR + 2.75%), 06/07/23 (a)	551		524
	Parexel International Corporation
		Term Loan B, 4.79%, (3M LIBOR + 2.75%), 08/06/24 (a)	217		206
		Term Loan B, 0.00%, (3M LIBOR + 2.75%), 09/27/24 (a) (r)	25		24
	Radiology Partners Holdings, LLC
		2018 1st Lien Term Loan B, 0.00%, (3M LIBOR + 4.75%), 06/28/25 (a) (r)	—		—
		2018 1st Lien Term Loan B, 7.06%, (3M LIBOR + 4.75%), 06/28/25 (a)	199		195
		2018 1st Lien Term Loan B, 7.34%, (3M LIBOR + 4.75%), 06/28/25 (a)	12		11
		2018 1st Lien Term Loan B, 7.39%, (3M LIBOR + 4.75%), 06/28/25 (a)	207		204
	Select Medical Corporation
		2017 Term Loan B, 4.54%, (3M LIBOR + 2.50%), 02/13/24 (a)	1		1
		2017 Term Loan B, 4.58%, (3M LIBOR + 2.50%), 03/06/25 (a)	884		885
	Sound Inpatient Physicians
		2018 1st Lien Term Loan, 4.79%, (3M LIBOR + 2.75%), 06/19/25 (a)	617		615
	U.S. Anesthesia Partners, Inc.
		Term Loan, 5.04%, (3M LIBOR + 3.00%), 06/16/24 (a)	189		184
	Valeant Pharmaceuticals International, Inc.
		2018 Term Loan B, 5.04%, (3M LIBOR + 3.00%), 05/19/25 (a)	181		182
	Verscend Holding Corp.
		2018 Term Loan B, 6.54%, (3M LIBOR + 4.50%), 08/08/25 (a)	570		571
	Vizient, Inc.
		2019 Term Loan B5, 4.54%, (3M LIBOR + 2.50%), 04/17/26 (a)	114		115
	Wink Holdco, Inc
		1st Lien Term Loan B, 5.04%, (3M LIBOR + 3.00%), 11/02/24 (a)	295		289
	Zelis Healthcare Corp
		Term Loan, 0.00%, (3M LIBOR + 4.75%), 09/26/26 (a) (r)	620		615
				14,277
Information Technology 0.4%
	Access CIG, LLC
		2018 1st Lien Term Loan, 6.07%, (3M LIBOR + 3.75%), 02/14/25 (a)	354		349
	Almonde, Inc.
		1st Lien Term Loan, 5.70%, (3M LIBOR + 3.50%), 04/26/24 (a)	139		135
		USD 1st Lien Term Loan, 5.70%, (3M LIBOR + 3.50%), 04/26/24 (a)	21		21
	Applied Systems, Inc.
		2017 1st Lien Term Loan, 5.10%, (3M LIBOR + 3.00%), 09/06/24 (a)	529		528
	Ascend Learning, LLC
		2017 Term Loan B, 5.04%, (3M LIBOR + 3.00%), 06/29/24 (a)	450		448
		2017 Term Loan B, 0.00%, (3M LIBOR + 3.00%), 07/29/24 (a) (r)	150		149
	Avaya, Inc.
		2018 Term Loan B, 6.28%, (3M LIBOR + 4.25%), 12/14/24 (a)	201		190
		2018 Term Loan B, 6.43%, (3M LIBOR + 4.25%), 12/14/24 (a)	120		113
	Banff Merger Sub Inc
		2018 USD Term Loan B, 6.29%, (3M LIBOR + 4.25%), 06/30/25 (a)	230		221
	Blackhawk Network Holdings, Inc
		2018 1st Lien Term Loan, 5.04%, (3M LIBOR + 3.00%), 05/31/25 (a)	531		528
	Bright Bidco B.V.
		2018 Term Loan B, 5.54%, (3M LIBOR + 3.50%), 06/28/24 (a)	104		49
		2018 Term Loan B, 5.60%, (3M LIBOR + 3.50%), 06/28/24 (a)	215		101
	Colorado Buyer Inc
		Term Loan B, 5.04%, (1M LIBOR + 3.00%), 03/15/24 (a)	378		340
	CommScope, Inc.
		2019 Term Loan B, 5.29%, (3M LIBOR + 3.25%), 02/07/26 (a)	220		219
	Cvent, Inc.
		1st Lien Term Loan, 5.79%, (3M LIBOR + 3.75%), 11/30/24 (a)	473		466
	Dell International LLC
		2019 Term Loan B, 4.05%, (3M LIBOR + 2.00%), 09/07/23 - 09/11/25 (a)	870		873
	DigiCert, Inc.
		Term Loan, 0.00%, (3M LIBOR + 4.00%), 07/31/26 (a) (r)	340		339
	Dun & Bradstreet Corporation (The)
		Term Loan, 7.05%, (6M LIBOR + 5.00%), 02/06/26 (a)	353		355
	Dynatrace LLC
		2018 1st Lien Term Loan, 4.79%, (3M LIBOR + 2.75%), 08/08/25 (a)	192		193
	Emerald TopCo Inc
		Term Loan, 5.54%, (3M LIBOR + 3.50%), 07/16/26 (a)	210		209
	Financial & Risk US Holdings, Inc.
		2018 USD Term Loan, 5.79%, (3M LIBOR + 3.75%), 09/12/25 (a)	452		454
	Flexential Intermediate Corporation
		2017 1st Lien Term Loan, 5.60%, (3M LIBOR + 3.50%), 07/24/24 (a)	192		165
	Flexera Software LLC
		2018 1st Lien Term Loan, 5.55%, (3M LIBOR + 3.50%), 01/24/25 (a)	528		528

135

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Go Daddy Operating Company, LLC
		Term Loan, 4.04%, (3M LIBOR + 2.00%), 02/15/24 (a)	540		541
	Hyland Software, Inc.
		2018 1st Lien Term Loan, 5.29%, (3M LIBOR + 3.25%), 07/01/24 (a)	528		527
		2017 2nd Lien Term Loan, 9.04%, (3M LIBOR + 7.00%), 05/24/25 (a)	143		143
	Informatica LLC
		2018 USD Term Loan, 0.00%, (3M LIBOR + 3.25%), 08/06/22 (a) (r)	90		90
		2018 USD Term Loan, 5.29%, (3M LIBOR + 3.25%), 08/06/22 (a)	439		441
	IRI Holdings, Inc.
		2018 1st Lien Term Loan, 6.62%, (3M LIBOR + 4.50%), 11/06/25 (a)	220		211
	KBR, Inc.
		Term Loan B, 5.79%, (3M LIBOR + 3.75%), 03/29/25 (a)	351		351
	Kronos Incorporated
		2017 Term Loan B, 5.25%, (3M LIBOR + 3.00%), 11/01/23 (a)	529		530
	Mitchell International, Inc.
		2017 1st Lien Term Loan, 5.29%, (3M LIBOR + 3.25%), 11/21/24 (a)	232		222
	MLN US HoldCo LLC
		2018 1st Lien Term Loan, 6.61%, (3M LIBOR + 4.50%), 07/13/25 (a)	229		212
	NCR Corporation
		2019 Term Loan, 4.55%, (3M LIBOR + 2.50%), 04/12/25 (a)	70		70
	ON Semiconductor Corporation
		2019 Term Loan B, 0.00%, (3M LIBOR + 2.00%), 09/13/26 (a) (r)	155		156
	Plantronics Inc
		2018 Term Loan B, 4.54%, (3M LIBOR + 2.50%), 06/01/25 (a)	216		215
	PowerSchool
		2018 Term Loan B, 5.46%, (3M LIBOR + 3.25%), 06/15/25 (a)	445		437
	Project Alpha Intermediate Holding, Inc.
		2017 Term Loan B, 5.81%, (3M LIBOR + 3.50%), 04/26/24 (a)	454		447
	Radiate Holdco, LLC
		1st Lien Term Loan, 5.04%, (3M LIBOR + 3.00%), 12/09/23 (a)	360		359
	Renaissance Holding Corp.
		Term Loan, 5.29%, (3M LIBOR + 3.25%), 05/21/25 (a)	452		443
	Sophia, L.P.
		2017 Term Loan B, 5.35%, (1M LIBOR + 3.25%), 09/30/22 (a)	529		529
	SS&C Technologies Inc.
		2018 Term Loan B5, 4.29%, (3M LIBOR + 2.25%), 04/16/25 (a)	609		611
	Ultimate Software Group Inc(The)
		Term Loan B, 5.79%, (3M LIBOR + 3.75%), 04/08/26 (a)	255		256
	Vertafore, Inc.
		2018 1st Lien Term Loan, 5.29%, (3M LIBOR + 3.25%), 06/04/25 (a)	456		442
				14,206
Consumer Discretionary 0.4%
	1011778 B.C. Unlimited Liability Company
		Term Loan B3, 4.29%, (3M LIBOR + 2.25%), 02/15/24 (a)	855		857
	A-L Parent LLC
		2016 1st Lien Term Loan, 5.30%, (3M LIBOR + 3.25%), 12/01/23 (a)	74		75
	Alterra Mountain Company
		Term Loan B1, 5.04%, (3M LIBOR + 3.00%), 06/28/24 (a)	618		618
	American Tire Distributors Holdings, Inc.
		Term Loan, 9.62%, (1M LIBOR + 7.50%), 10/01/21 (a)	382		334
	Aramark Services, Inc.
		Term Loan, 3.79%, (3M LIBOR + 1.75%), 03/01/25 (a)	565		565
	Bass Pro Group, LLC
		Term Loan B, 7.04%, (3M LIBOR + 5.00%), 11/15/23 (a)	153		148
	Caesars Entertainment Operating Company
		Term Loan, 4.04%, (3M LIBOR + 2.00%), 04/03/24 (a)	342		342
	Cengage Learning, Inc.
		2016 Term Loan B, 6.29%, (3M LIBOR + 4.25%), 06/07/23 (a)	549		519
	ClubCorp Holdings, Inc.
		2017 Term Loan B, 4.85%, (3M LIBOR + 2.75%), 08/16/24 (a)	285		253
	CSC Holdings, LLC
		2017 1st Lien Term Loan, 4.28%, (3M LIBOR + 2.25%), 07/15/25 (a)	250		250
	Delta 2 (LUX) S.a.r.l.
		Term Loan, 4.54%, (3M LIBOR + 2.50%), 02/01/24 (a)	389		384
	Equinox Holdings, Inc.
		2017 1st Lien Term Loan, 0.00%, (1M LIBOR + 3.00%), 03/08/24 (a) (r)	25		25
		2017 1st Lien Term Loan, 5.04%, (1M LIBOR + 3.00%), 03/08/24 (a)	526		526
	Explorer Holdings Inc
		2016 Term Loan B, 0.00%, (3M LIBOR + 3.75%), 05/02/23 (a) (r)	10		10
	Explorer Holdings, Inc.
		2016 Term Loan B, 3.75%, (3M LIBOR + 3.75%), 05/02/23 (a)	220		219
	FrontDoor Inc
		2018 Term Loan B, 4.56%, (3M LIBOR + 2.50%), 08/16/25 (a)	295		296
	Garda World Security Corp.
		2017 Term Loan B, 5.63%, (3M LIBOR + 3.50%), 05/12/24 (a)	1,438		1,438
	Garda World Security Corporation
		Term Loan, 7.75%, (3M LIBOR + 2.50%), 05/12/24 (a)	4		4
	Getty Images, Inc.
		2019 USD Term Loan B, 6.56%, (3M LIBOR + 4.50%), 02/13/26 (a)	288		287
	GOBP Holdings, Inc.
		2019 Term Loan B, 5.76%, (3M LIBOR + 3.50%), 10/22/25 (a)	539		542
	Hayward Industries, Inc.
		1st Lien Term Loan, 5.54%, (3M LIBOR + 3.50%), 08/04/24 (a)	141		136
	IAA, Inc.
		Term Loan B, 4.31%, (3M LIBOR + 2.25%), 05/22/26 (a)	133		133
	IRB Holding Corp
		1st Lien Term Loan, 0.00%, (3M LIBOR + 3.25%), 01/21/25 (a) (r)	70		70
	IRB Holding Corp.
		1st Lien Term Loan, 5.55%, (3M LIBOR + 3.25%), 01/18/25 (a)	530		527
	Jo-Ann Stores, Inc.
		Term Loan, 7.26%, (3M LIBOR + 5.00%), 09/29/23 (a) (j)	476		325
		2016 Term Loan, 7.05%, (3M LIBOR + 5.00%), 10/20/23 (a) (j)	18		12
	KAR Auction Services, Inc.
		2019 Term Loan B6, 4.31%, (3M LIBOR + 2.25%), 09/13/26 (a)	169		169
	Life Time Fitness Inc
		2017 Term Loan B, 4.87%, (3M LIBOR + 2.75%), 06/22/22 (a)	527		527
	Lions Gate Capital Holdings LLC
		2018 Term Loan B, 4.29%, (3M LIBOR + 2.25%), 03/20/25 (a)	235		234
	Mavis Tire Express Services Corp.
		2018 1st Lien Term Loan, 5.29%, (3M LIBOR + 3.25%), 03/15/25 (a)	318		311
		2018 Delayed Draw Term Loan, 5.29%, (3M LIBOR + 3.25%), 03/15/25 (a)	—		9

136

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Mister Car Wash Holdings, Inc.
		2019 Term Loan B, 5.66%, (3M LIBOR + 3.50%), 05/08/26 (a)	451		450
	PCI Gaming Authority
		Term Loan, 5.04%, (3M LIBOR + 3.00%), 05/15/26 (a)	170		170
	Penn National Gaming, Inc.
		2018 1st Lien Term Loan B, 4.29%, (3M LIBOR + 2.25%), 08/15/25 (a)	134		135
	PetSmart, Inc.
		Consenting Term Loan, 6.04%, (3M LIBOR + 4.00%), 03/11/22 (a)	513		500
	Playa Resorts Holding B.V.
		2017 Term Loan B, 4.79%, (3M LIBOR + 2.75%), 04/07/24 (a)	230		223
	Prime Security Services Borrower, LLC
		2019 Term Loan B1, 0.00%, (3M LIBOR + 3.25%), 12/31/22 (a) (r)	350		346
	Rentpath, Inc.
		Term Loan, 6.80%, (3M LIBOR + 4.75%), 12/17/21 (a) (j)	564		290
	Scientific Games International, Inc.
		2018 Term Loan B5, 4.79%, (3M LIBOR + 2.75%), 08/14/24 (a)	103		102
		2018 Term Loan B5, 4.90%, (3M LIBOR + 2.75%), 08/14/24 (a)	427		423
	Six Flags Theme Parks, Inc.
		2019 Term Loan B, 4.05%, (3M LIBOR + 2.00%), 04/09/26 (a)	464		464
	Staples, Inc.
		7 Year Term Loan, 7.12%, (3M LIBOR + 5.00%), 04/05/26 (a)	275		271
	Stars Group Holdings B.V. (The)
		2018 USD Incremental Term Loan, 5.60%, (3M LIBOR + 3.50%), 06/29/25 (a)	298		299
	Wand NewCo 3, Inc.
		2019 1st Lien Term Loan, 5.54%, (3M LIBOR + 3.50%), 01/23/26 (a)	264		265
				14,083
Financials 0.3%
	Acrisure, LLC
		2017 Term Loan B, 6.35%, (3M LIBOR + 4.25%), 11/22/23 (a)	559		556
	Alera Group Holdings, Inc.
		2018 Term Loan B, 6.54%, (3M LIBOR + 4.50%), 07/26/25 (a)	283		284
	AlixPartners, LLP
		2017 Term Loan B, 4.79%, (3M LIBOR + 2.75%), 03/28/24 (a)	388		388
	Allied Universal Holdco LLC
		2019 Term Loan B, 6.51%, (3M LIBOR + 4.25%), 06/18/26 (a)	396		396
	Altice France S.A.
		2018 Term Loan B13, 6.03%, (3M LIBOR + 4.00%), 07/13/26 (a)	279		278
	AssuredPartners, Inc.
		2017 1st Lien Add-On Term Loan, 0.00%, (3M LIBOR + 3.50%), 10/22/24 (a) (r)	65		65
		2017 1st Lien Add-On Term Loan, 5.54%, (3M LIBOR + 3.50%), 10/22/24 (a)	533		530
	Asurion LLC
		2018 Term Loan B6, 5.04%, (3M LIBOR + 3.00%), 11/03/23 (a)	528		530
		2017 2nd Lien Term Loan, 8.54%, (3M LIBOR + 6.50%), 08/04/25 (a)	130		132
	Blackstone CQP Holdco LP
		Term Loan B, 5.66%, (3M LIBOR + 3.50%), 05/29/24 (a)	579		581
	Canyon Valor Companies, Inc.
		USD 2017 Term Loan B1, 4.85%, (3M LIBOR + 2.75%), 06/30/23 (a)	532		531
	Capri Finance LLC
		USD 2017 1st Lien Term Loan, 5.26%, (3M LIBOR + 3.00%), 10/04/24 (a)	539		531
	Deerfield Dakota Holding, LLC
		2018 Term Loan B, 5.29%, (1M LIBOR + 3.25%), 12/04/24 (a)	226		222
	Edelman Financial Center, LLC
		2018 1st Lien Term Loan, 5.31%, (3M LIBOR + 3.25%), 06/26/25 (a)	428		428
	Gulf Finance, LLC
		Term Loan B, 7.36%, (3M LIBOR + 5.25%), 08/25/23 (a)	436		329
	ION Trading Technologies S.a.r.l.
		USD Incremental Term Loan B, 6.06%, (1M LIBOR + 4.00%), 11/21/24 (a)	182		172
	Level 3 Financing Inc.
		2017 Term Loan B, 4.29%, (3M LIBOR + 2.25%), 02/16/24 (a)	225		225
	McDermott Technology Americas Inc
		2018 1st Lien Term Loan, 7.10%, (3M LIBOR + 5.00%), 04/04/25 (a)	268		169
	RPI Finance Trust
		Term Loan B6, 4.04%, (3M LIBOR + 2.00%), 03/13/23 (a)	351		353
	Sedgwick Claims Management Services, Inc.
		2018 Term Loan B, 5.29%, (3M LIBOR + 3.25%), 11/06/25 (a)	535		526
	Solera, LLC
		USD Term Loan B, 4.79%, (3M LIBOR + 2.75%), 03/03/23 (a)	529		526
	Tamko Building Products, Inc
		Term Loan B, 5.37%, (3M LIBOR + 3.25%), 05/15/26 (a)	33		32
	TKC Holdings, Inc.
		2017 1st Lien Term Loan, 5.80%, (3M LIBOR + 3.75%), 02/08/23 (a)	540		530
	Travelport Finance (Luxembourg) S.a.r.l.
		2019 Term Loan, 7.10%, (3M LIBOR + 5.00%), 03/18/26 (a)	186		168
	UFC Holdings, LLC
		2019 Term Loan, 5.30%, (3M LIBOR + 3.25%), 04/25/26 (a)	726		728
	UGI Energy Services, LLC
		Term Loan B, 5.79%, (3M LIBOR + 3.75%), 08/01/26 (a)	264		266
	US Foods, Inc.
		Term Loan, 0.00%, (3M LIBOR + 2.00%), 08/14/26 (a) (r)	330		331
	Victory Capital Holdings, Inc.
		2019 Term Loan B, 5.57%, (3M LIBOR + 3.25%), 07/01/26 (a)	198		199
	WestJet Airlines Ltd.
		Term Loan, 0.00%, (3M LIBOR + 3.00%), 07/31/26 (a) (r)	400		403
	Whatabrands LLC
		Term Loan B, 5.52%, (3M LIBOR + 3.25%), 07/19/26 (a)	195		196
				10,605
Industrials 0.3%
	1199169 B.C. Unlimited Liability Company
		2019 Term Loan B2, 6.10%, (3M LIBOR + 4.00%), 01/25/26 (a)	77		77
	Achilles Acquisition LLC
		2018 Term Loan, 6.06%, (3M LIBOR + 4.00%), 10/13/25 (a)	294		293
	American Airlines, Inc.
		2017 Incremental Term Loan, 4.03%, (3M LIBOR + 2.00%), 12/14/23 (a)	225		225
	Brookfield WEC Holdings Inc.
		2018 1st Lien Term Loan, 5.54%, (3M LIBOR + 3.50%), 07/26/25 (a)	405		406
	Comet Acquisition, Inc.
		Term Loan, 5.62%, (3M LIBOR + 3.50%), 10/23/25 (a)	129		127
	Compass Power Generation LLC
		2018 Term Loan B, 5.54%, (3M LIBOR + 3.50%), 12/20/24 (a)	439		439
	CPM Holdings, Inc.
		2018 1st Lien Term Loan, 5.79%, (3M LIBOR + 3.75%), 10/25/25 (a)	129		127
	Dynasty Acquisition Co., Inc.
		2019 Term Loan B1, 6.10%, (3M LIBOR + 4.00%), 01/25/26 (a)	143		144

137

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	EAB Global, Inc.
		1st Lien Term Loan, 6.38%, (3M LIBOR + 3.75%), 08/15/22 (a)	532		524
	EXC Holdings III Corp.
		USD 2017 1st Lien Term Loan, 5.60%, (1M LIBOR + 3.50%), 11/16/24 (a)	529		529
	Filtration Group Corporation
		2018 1st Lien Term Loan, 5.04%, (3M LIBOR + 3.00%), 03/27/25 (a)	547		549
	Gates Global LLC
		2017 USD Repriced Term Loan B, 4.79%, (3M LIBOR + 2.75%), 04/01/24 (a)	221		218
	Harbor Freight Tools USA, Inc.
		2018 Term Loan B, 4.54%, (3M LIBOR + 2.50%), 08/16/23 (a)	226		219
	Milacron LLC
		Amended Term Loan B, 4.54%, (3M LIBOR + 2.50%), 09/23/23 (a)	419		419
	Minotaur Acquisition, Inc.
		Term Loan B, 7.04%, (3M LIBOR + 5.00%), 02/27/26 (a)	706		683
	NCI Building Systems, Inc.
		Term Loan, 5.79%, (3M LIBOR + 3.75%), 04/12/25 (a)	226		221
	Panther BF Aggregator 2 LP
		USD Term Loan B, 5.54%, (3M LIBOR + 3.50%), 03/13/26 (a)	120		119
	Pike Corporation
		2019 Term Loan B, 5.30%, (3M LIBOR + 3.25%), 07/24/26 (a)	225		225
	PODS, LLC
		2018 1st Lien Term Loan, 5.05%, (3M LIBOR + 2.75%), 11/21/24 (a)	535		534
	SMG US Midco 2, Inc.
		2017 1st Lien Term Loan, 5.04%, (3M LIBOR + 3.00%), 01/11/25 (a)	363		360
	Southern Graphics, Inc.
		2018 Term Loan B, 5.29%, (1M LIBOR + 3.25%), 12/31/22 (a)	99		72
		2018 Term Loan B, 5.40%, (1M LIBOR + 3.25%), 12/31/22 (a)	112		81
	Syncreon Global Finance (US) Inc.
		Term Loan B, 0.00%, 10/28/20 (h) (i) (j)	509		235
	Tamko Building Products, Inc
		Term Loan B, 5.29%, (3M LIBOR + 3.25%), 05/15/26 (a)	163		162
	Tempo Acquisition LLC
		Term Loan, 5.04%, (3M LIBOR + 3.00%), 04/20/24 (a)	618		620
	Titan Acquisition Limited
		2018 Term Loan B, 5.04%, (3M LIBOR + 3.00%), 03/16/25 (a)	184		176
	TransDigm, Inc.
		2018 Term Loan F, 4.54%, (1M LIBOR + 2.50%), 06/09/23 (a)	717		714
	USIC Holdings, Inc.
		2017 Term Loan B, 5.29%, (3M LIBOR + 3.00%), 12/09/23 (a)	367		364
	Wand NewCo 3, Inc.
		2019 1st Lien Term Loan, 5.54%, (3M LIBOR + 3.50%), 01/22/26 (a)	171		171
	WP CPP Holdings, LLC
		2018 Term Loan, 5.79%, (3M LIBOR + 3.75%), 04/30/25 (a)	1		1
		Term Loan, 6.01%, (3M LIBOR + 3.75%), 04/30/25 (a)	528		529
				9,563
Communication Services 0.2%
	Alliant Holdings Intermediate, LLC
		Term Loan B, 5.29%, (3M LIBOR + 3.25%), 05/10/25 (a)	349		346
	Cincinnati Bell, Inc.
		Term Loan, 5.29%, (3M LIBOR + 3.25%), 10/02/24 (a)	223		222
	Clear Channel Outdoor Holdings, Inc.
		Term Loan B, 5.54%, (3M LIBOR + 3.50%), 08/08/26 (a)	260		261
	CSC Holdings, LLC
		2018 Incremental Term Loan, 4.28%, (3M LIBOR + 2.25%), 01/31/26 (a)	174		174
		2019 Term Loan B4, 5.03%, (3M LIBOR + 3.00%), 05/07/27 (a)	459		459
	Diamond Sports Group, LLC
		Term Loan, 5.30%, (3M LIBOR + 3.25%), 08/24/26 (a)	100		100
	Digicel International Finance Limited
		2017 Term Loan B, 5.34%, (3M LIBOR + 3.25%), 05/27/24 (a)	198		171
	E.W. Scripps Company (The)
		Incremental Term Loan B1, 4.79%, (3M LIBOR + 2.75%), 04/04/26 (a)	428		428
	Entercom Media Corp.
		2017 Term Loan B, 4.80%, (3M LIBOR + 2.75%), 11/18/24 (a)	384		385
	GoodRx, Inc.
		1st Lien Term Loan, 0.00%, (3M LIBOR + 2.75%), 09/28/25 (a) (r)	205		205
		1st Lien Term Loan, 4.81%, (3M LIBOR + 2.75%), 10/10/25 (a)	440		440
	Gray Television, Inc.
		2018 Term Loan C, 4.83%, (3M LIBOR + 2.50%), 10/30/25 (a) (j)	826		828
	Greeneden U.S. Holdings II, LLC
		2018 USD Term Loan B, 0.00%, (3M LIBOR + 3.25%), 12/01/23 (a) (r)	30		30
		2018 USD Term Loan B, 5.29%, (3M LIBOR + 3.25%), 12/01/23 (a)	533		530
	GTT Communications, Inc.
		2018 USD Term Loan B, 4.79%, (3M LIBOR + 2.75%), 04/27/25 (a)	501		402
	Iheartcommunications, Inc.
		Exit Term Loan, 6.10%, (3M LIBOR + 4.00%), 05/04/26 (a)	233		234
	Intelsat Jackson Holdings S.A.
		2017 Term Loan B3, 5.80%, (3M LIBOR + 3.75%), 11/27/23 (a)	220		221
	NASCAR Holdings Inc
		Term Loan, 0.00%, (3M LIBOR + 2.75%), 07/19/26 (a) (r)	225		226
	Nexstar Broadcasting, Inc.
		2019 Term Loan B4, 4.81%, (3M LIBOR + 2.75%), 07/15/26 (a)	560		562
	Securus Technologies Holdings, Inc.
		2017 1st Lien Term Loan, 6.54%, (3M LIBOR + 4.50%), 06/20/24 (a)	722		632
	Sinclair Television Group Inc.
		Term Loan B2B, 4.54%, (3M LIBOR + 2.50%), 07/18/26 (a)	175		176
	Speedcast International Limited
		Term Loan B, 4.85%, (3M LIBOR + 2.75%), 05/03/25 (a) (j) (q)	436		366
	Sprint Communications, Inc.
		1st Lien Term Loan B, 4.56%, (3M LIBOR + 2.50%), 02/01/24 (a)	536		532
	Telesat Canada
		Term Loan B4, 4.83%, (3M LIBOR + 2.50%), 11/17/23 (a)	223		223
	Triton Bidco
		Term Loan, 0.00%, (3M LIBOR + 4.50%), 09/23/26 (a) (r)	230		226
	Uber Technologies
		2018 Incremental Term Loan, 0.00%, (3M LIBOR + 3.50%), 07/13/23 (a) (r)	30		30
		2018 Term Loan, 6.03%, (3M LIBOR + 4.00%), 04/04/25 (a)	527		524
	Virgin Media Bristol LLC
		USD Term Loan K, 4.53%, (3M LIBOR + 2.50%), 02/10/26 (a)	145		145
				9,078
Materials 0.1%
	Advanced Drainage Systems, Inc.
		Term Loan, 0.00%, (3M LIBOR + 2.25%), 09/18/26 (a) (r)	160		161

138

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Aleris International, Inc.
		Term Loan, 6.79%, (3M LIBOR + 4.75%), 04/15/23 (a)	526		526
	Avantor, Inc.
		2017 1st Lien Term Loan, 5.04%, (3M LIBOR + 3.00%), 09/22/24 (a)	555		559
	Berry Global, Inc.
		Term Loan Q, 4.30%, (3M LIBOR + 2.25%), 10/01/22 (a)	75		76
		USD Term Loan U, 4.55%, (3M LIBOR + 2.50%), 07/01/26 (a)	678		681
	Charter NEX US, Inc.
		Incremental Term Loan, 5.55%, (3M LIBOR + 3.50%), 05/16/24 (a)	115		115
	Flex Acquisition Co. Inc.
		2018 Incremental Term Loan, 0.00%, (3M LIBOR + 3.25%), 06/20/25 (a) (r)	240		231
	Forterra Finance, LLC
		2017 Term Loan B, 5.04%, (1M LIBOR + 3.00%), 10/25/23 (a)	285		269
	GrafTech Finance, Inc.
		2018 Term Loan B, 5.54%, (3M LIBOR + 3.50%), 02/01/25 (a)	450		436
	Hexion Inc
		USD Exit Term Loan, 5.82%, (3M LIBOR + 3.50%), 06/27/26 (a)	215		214
	Klockner-Pentaplast of America, Inc.
		USD 2017 Term Loan B2, 6.29%, (3M LIBOR + 4.25%), 06/30/22 (a)	246		217
	Messer Industries GmbH
		2018 USD Term Loan, 4.60%, (3M LIBOR + 2.50%), 10/10/25 (a)	222		221
	Pregis TopCo Corporation
		1st Lien Term Loan, 0.00%, (3M LIBOR + 4.00%), 07/25/26 (a) (r)	180		179
		1st Lien Term Loan, 6.25%, (3M LIBOR + 4.00%), 07/25/26 (a)	50		50
	Pro Mach Group, Inc.
		2018 Term Loan B, 4.81%, (3M LIBOR + 2.75%), 03/07/25 (a)	273		266
	Reynolds Group Holdings Inc.
		Term Loan, 4.79%, (3M LIBOR + 2.75%), 02/05/23 (a)	354		354
	Solenis Holdings LLC
		2018 1st Lien Term Loan, 6.12%, (3M LIBOR + 4.00%), 06/26/25 (a)	224		218
		2018 1st Lien Term Loan, 6.04%, (3M LIBOR + 4.00%), 12/18/25 (a)	1		1
	Starfruit Finco B.V
		2018 USD Term Loan B, 5.29%, (3M LIBOR + 3.25%), 09/20/25 (a)	225		220
	Vantage Specialty Chemicals, Inc.
		2017 1st Lien Term Loan, 5.54%, (3M LIBOR + 3.50%), 10/20/24 (a)	258		237
		2017 1st Lien Term Loan, 5.76%, (3M LIBOR + 3.50%), 10/20/24 (a)	11		10
				5,241
Energy 0.1%
	Brazos Delaware II, LLC
		Term Loan B, 6.05%, (3M LIBOR + 4.00%), 05/16/25 (a)	466		430
	Covia Holdings Corporation
		Term Loan, 6.31%, (3M LIBOR + 4.00%), 05/17/25 (a)	215		175
	EG America LLC
		2018 USD Term Loan, 6.10%, (3M LIBOR + 4.00%), 06/30/25 (a)	42		41
		Term Loan, 6.10%, (3M LIBOR + 4.00%), 06/30/25 (a)	314		310
	ExGen Renewables IV, LLC
		Term Loan B, 5.13%, (1M LIBOR + 3.00%), 11/15/24 (a)	121		118
	Foresight Energy, LLC
		2017 1st Lien Term Loan, 7.87%, (1M LIBOR + 5.75%), 03/16/22 (a)	657		348
	Frontera Generation Holdings LLC
		2018 Term Loan B, 6.29%, (3M LIBOR + 4.25%), 04/25/25 (a)	223		210
	Gavilan Resources, LLC
		2nd Lien Term Loan, 8.04%, (3M LIBOR + 6.00%), 02/24/24 (a) (j)	185		80
	Howden Joinery Group PLC
		Term Loan, 0.00%, (3M LIBOR + 5.25%), 09/23/26 (a) (q) (r)	135		131
	Lower Cadence Holdings LLC
		Term Loan B, 6.05%, (3M LIBOR + 4.00%), 05/10/26 (a)	442		430
	Lucid Energy Group II Borrower, LLC
		2018 1st Lien Term Loan, 5.04%, (3M LIBOR + 3.00%), 01/31/25 (a)	458		431
	PowerTeam Services, LLC
		2018 1st Lien Term Loan, 5.35%, (3M LIBOR + 3.25%), 02/28/25 (a)	274		231
	Prairie ECI Acquiror LP
		Term Loan B, 6.85%, (3M LIBOR + 4.75%), 03/07/26 (a)	289		281
				3,216
Consumer Staples 0.1%
	8th Avenue Food & Provisions, Inc.
		2018 1st Lien Term Loan, 5.79%, (3M LIBOR + 3.75%), 09/19/25 (a)	79		80
	BJ's Wholesale Club, Inc.
		2017 1st Lien Term Loan, 4.79%, (3M LIBOR + 2.75%), 01/26/24 (a)	527		528
	CHG PPC Parent LLC
		2018 Term Loan B, 4.79%, (3M LIBOR + 2.75%), 03/16/25 (a)	443		443
	CSM Bakery Solutions LLC
		1st Lien Term Loan, 6.29%, (1M LIBOR + 4.00%), 07/22/20 (a)	461		429
	JBS USA Lux S.A.
		2019 Term Loan B, 4.55%, (3M LIBOR + 2.50%), 04/27/26 (a)	716		719
	KIK Custom Products, Inc.
		2015 Term Loan B, 6.26%, (3M LIBOR + 4.00%), 08/26/22 (a)	468		442
	Nestle Skin Health SA
		Term Loan, 0.00%, (3M LIBOR + 4.25%), 07/12/26 (a) (r)	130		131
				2,772
Utilities 0.1%
	Calpine Corporation
		Term Loan B9, 4.86%, (3M LIBOR + 2.75%), 03/22/26 (a)	574		575
		2019 Term Loan B10, 4.54%, (3M LIBOR + 2.50%), 08/02/26 (a)	55		55
	Edgewater Generation, L.L.C.
		Term Loan, 5.79%, (3M LIBOR + 3.75%), 11/29/25 (a)	441		435
	NEP/NCP Holdco, Inc.
		2018 1st Lien Term Loan, 5.29%, (3M LIBOR + 3.25%), 10/05/25 (a)	437		428
	Vistra Operations Company LLC
		1st Lien Term Loan B3, 4.02%, (3M LIBOR + 2.00%), 12/11/25 (a)	356		357
		1st Lien Term Loan B3, 4.04%, (3M LIBOR + 2.00%), 12/11/25 (a)	526		529
				2,379
Real Estate 0.0%
	ESH Hospitality, Inc.
		2019 Term Loan B, 4.11%, (3M LIBOR + 2.00%), 08/30/23 (a)	202		203
		2019 Term Loan B, 0.00%, (3M LIBOR + 2.00%), 09/18/26 (a) (r)	55		55
	Forest City Enterprises, L.P.
		Term Loan B, 6.04%, (3M LIBOR + 4.00%), 10/24/25 (a)	526		529
	MGM Growth Properties Operating Partnership LP
		2016 Term Loan B, 4.04%, (3M LIBOR + 2.00%), 04/20/23 (a)	516		517

139

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	VICI Properties 1 LLC
		Replacement Term Loan B, 4.05%, (3M LIBOR + 2.00%), 12/13/24 (a)	525		526
				1,830
	Total Senior Loan Interests (cost $89,777)			87,250
OTHER EQUITY INTERESTS 0.0%
	General Motors Co. Escrow (h) (j) (q) (s)		128		—
	T-Mobile USA, Inc. (h) (j) (q) (s)		375		—
	Total Other Equity Interests (cost $0)			—
SHORT TERM INVESTMENTS 5.2%
Investment Companies 3.4%
	JNL Government Money Market Fund - Institutional Class, 1.86% (t) (u)		125,762		125,762
U.S. Treasury Bill 1.3%
	Treasury, United States Department of
		2.16%, 11/07/19 (v)	2,020		2,016
		1.78%, 09/10/20 (v)	49,800		48,982
				50,998
Securities Lending Collateral 0.5%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (t) (u)		17,972		17,972
	Total Short Term Investments (cost $194,713)			194,732
Total Investments 102.7% (cost $3,699,533)					3,809,094
Other Assets and Liabilities, Net (2.7)%					(98,458)
Total Net Assets 100.0%					3,710,636

(a)Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of September 30, 2019. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations (“CMO”) and mortgage-backed securities (“MBS”) are determined by tranches of underlying mortgage-backed security pools’ cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security’s offering documents.

(b)All or a portion of the security was purchased on a delayed delivery basis. As of September 30, 2019, the total payable for investments purchased on a delayed delivery basis was $35,090.

(c)Security is restricted to resale to institutional investors. See Restricted Securities in the Schedules of Investments.

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

(e)The Adviser has deemed this security, which is exempt from registration under the Securities Act of 1933, as amended, to be liquid based on procedures approved by the Board of Trustees. As of September 30, 2019, the value and the percentage of net assets of these liquid securities was $765,116 and 20.6% of the Fund.

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

(g)Perpetual security. Next contractual call date presented, if applicable.

(h)Non-income producing security.

(i)As of September 30, 2019, issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date.

(j)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

(k)All or a portion of the security was on loan as of September 30, 2019.

(l)The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer.

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

(n)Convertible security.

(o)Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of September 30, 2019.

(p)Security fair valued in good faith as a Level 2 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Schedules of Investments.

(q)Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Schedules of Investments.

(r)This senior loan will settle after September 30, 2019. If a reference rate and spread is presented, it will go into effect upon settlement.

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

(t)Investment in affiliate.

(u)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

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

Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Adani Ports and Special Economic Zone Limited, 3.95%, 01/19/22	09/28/17	2,133	2,145	0.1
	Adecoagro S.A., 6.00%, 09/21/27	04/05/19	142	144	—
	Aeropuerto Internacional de Tocumen, S.A., 5.63%, 05/18/36	02/05/19	206	235	—
	AES Gener S.A., 5.00%, 07/14/25	02/05/19	200	209	—
	AES Gener S.A., 7.13%, 03/26/79	05/07/19	1,049	1,050	—
	AI Candelaria (Spain) SL., 7.50%, 12/15/28	01/11/19	1,810	2,108	0.1
	Andina Acquisition Corporation, 8.20%, 01/31/22	02/06/19	416	428	—
	Assembleia da Republica, 2.20%, 10/17/22	11/08/17	4,739	4,597	0.1
	Assembleia da Republica, 2.88%, 10/15/25	09/28/17	7,756	7,930	0.2
	Assembleia da Republica, 1.95%, 06/15/29	07/09/19	1,162	1,150	—
	Axiata SPV2 Berhad, 3.47%, 11/19/20	09/26/17	1,010	1,009	—
	Banco Bilbao Vizcaya Argentaria Colombia S.A, 4.88%, 04/21/25	07/13/18	599	645	—
	Banco De Credito E Inversiones S.A., 4.00%, 02/11/23	09/26/17	2,080	2,097	0.1
	Banco de Reservas de la Republica Dominicana, 7.00%, 02/01/23	07/26/18	1,174	1,209	—
	Banco do Brasil S.A, 6.25%, callable at 100 beginning 04/15/24	05/24/18	5,497	6,526	0.2
	Banco Espirito Santo, S.A. - Em Liquidacao, 0.00%, 05/08/17	07/10/15	5,090	852	—
	Banco Espirito Santo, S.A. - Em Liquidacao, 0.00%, 01/21/19	12/09/15	1,852	334	—
	Banco General, S.A., 4.13%, 08/07/27	01/10/19	572	629	—
	Banco GNB Sudameris S.A., 6.50%, 04/03/27	09/06/18	303	311	—
	Banco Internacional Del Peru S.A.A. – Interbank, 3.38%, 01/18/23	09/25/19	710	708	—
	Banco Macro S.A., 6.75%, 11/04/26	06/05/18	2,822	2,139	0.1
	Banco Mercantil Del Norte, S.A. Institucion De Ban, 7.50%, callable at 100 beginning 06/27/29	09/25/19	602	607	—

140

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
Restricted Securities (continued)
	Banco Mercantil Del Norte, S.A. Institucion De Banca Multiple, Grupo Financiero Banorte, 6.88%, callable at 100 beginning 07/06/22	06/27/18	2,224	2,243	0.1
	Banco Mercantil Del Norte, S.A. Institucion De Banca Multiple, Grupo Financiero Banorte, 7.63%, callable at 100 beginning 01/06/28	07/05/18	3,960	4,070	0.1
	Banco Mercantil Del Norte, S.A. Institucion De Banca Multiple, Grupo Financiero Banorte, 5.75%, 10/04/31	06/27/18	849	902	—
	Banco Nacional De Comercio Exterior, S.N.C., 3.80%, 08/11/26	07/10/19	506	506	—
	Banco Santander-Chile, 3.88%, 09/20/22	09/27/17	671	676	—
	BB-UBS Trust, Series 2012-XB-SHOW REMIC - Interest Only, 0.28%, 11/07/36	11/10/17	60	60	—
	BBVA Bancomer, S.A., 5.35%, 11/12/29	06/27/18	188	199	—
	BBVA Bancomer, S.A., 5.13%, 01/18/33	06/21/18	7,006	7,340	0.2
	BDO Unibank, Inc., 2.95%, 03/06/23	10/17/17	4,989	5,061	0.1
	Bharat Petroleum Corporation Limited, 4.63%, 10/25/22	10/04/17	522	527	—
	Bharti Airtel International (Netherlands) BV, 5.13%, 03/11/23	09/26/17	5,918	5,985	0.2
	Bundesrepublik Deutschland, 0.00%, 08/15/26	09/29/17	2,541	2,524	0.1
	C&W Senior Financing Designated Activity Company, 7.50%, 10/15/26	01/08/19	788	850	—
	C&W Senior Financing Designated Activity Company, 6.88%, 09/15/27	06/19/18	4,917	5,272	0.2
	Calfrac Well Services Ltd., 8.50%, 06/15/26	05/15/18	120	54	—
	Canacol Energy Ltd., 7.25%, 05/03/25	06/14/18	4,000	4,336	0.1
	Celeo Redes Operacion Chile S.A., 5.20%, 06/22/47	10/10/17	602	652	—
	China National Petroleum Corporation, 3.95%, 04/19/22	09/26/17	516	517	—
	Cimpor Financial Operations B.V., 5.75%, 07/17/24	01/18/19	1,443	1,200	—
	CNOOC Finance (2002) Limited, 3.88%, 05/02/22	10/05/17	3,080	3,099	0.1
	Colombia Telecomunicaciones, S.A. ESP, 8.50%, callable at 100 beginning 03/30/20	07/03/18	608	615	—
	Comcel Trust, 6.88%, 02/06/24	06/06/18	1,431	1,446	—
	Cometa Energia SA de CV, 6.38%, 04/24/35	07/20/18	6,797	7,483	0.2
	Commonwealth of Australia, 1.75%, 11/21/20	11/06/17	5,424	4,945	0.1
	Commonwealth of Australia, 3.25%, 04/21/25	09/27/17	3,842	3,629	0.1
	Continental Senior Trustees (Cayman) Ltd., 5.50%, 11/18/20	09/28/17	4,662	4,657	0.1
	Controladora Mabe, S.A. de C.V., 5.60%, 10/23/28	01/09/19	1,908	2,153	0.1
	Credito Real, S.A.B. De C.V. SOFOM E.N.R., 9.13%, callable at 100 beginning 11/29/22	07/23/18	1,960	2,050	0.1
	CSN Islands XII Corp, 7.00%, callable at 100 beginning 12/23/19	01/07/19	1,385	1,485	—
	CSN Resources S.A., 7.63%, 02/13/23	01/22/19	1,561	1,666	0.1
	DBS Group Holdings Ltd, 3.60%, callable at 100 beginning 09/07/21	09/26/17	3,909	3,955	0.1
	DBS Group Holdings Ltd, 4.52%, 12/11/28	09/25/19	532	532	—
	El Puerto De Liverpool, S.A.B. De C.V., 3.95%, 10/02/24	09/27/19	3,079	3,067	0.1
	El Puerto De Liverpool, S.A.B. De C.V., 3.88%, 10/06/26	02/25/19	191	203	—
	ELM Park CLO Designated Activity Company, 7.95%, 05/11/26	07/12/18	4,130	4,290	0.1
	Embotelladora Andina S.A, 5.00%, 10/01/23	10/04/17	1,504	1,502	—
	Empresa Electrica Angamos S.A, 4.88%, 05/25/29	05/24/18	934	999	—
	Empresa Electrica Guacolda S.A., 4.56%, 04/30/25	07/16/18	2,605	2,513	0.1
	Empresa Nacional de Telecomunicaciones S.A., 4.88%, 10/30/24	09/26/19	1,686	1,686	0.1
	Empresa Nacional de Telecomunicaciones S.A., 4.75%, 08/01/26	12/20/18	1,454	1,581	0.1
	Ena Norte SA, 4.95%, 04/25/23	10/24/17	1,580	1,577	0.1
	Energuate Trust, 5.88%, 05/03/27	07/10/18	1,241	1,295	—
	Enterprise Merger Sub Inc., 8.75%, 10/15/26	09/28/18	96	73	—
	ESAL GmbH Elektroschaltanlagen, 6.25%, 02/05/23	06/21/18	494	507	—
	Estado Espanol, 1.60%, 04/30/25	09/28/17	4,002	3,907	0.1
	Export-Import Bank of Thailand, 3.04%, 11/20/23	07/18/19	503	502	—
	Export-Import Bank of Thailand, 3.00%, 05/23/24	09/16/19	702	700	—
	Federale Overheidsdienst Kanselarij van de Eerste Minister, 0.80%, 06/22/25	09/28/17	2,288	2,230	0.1
	Federale Overheidsdienst Kanselarij van de Eerste Minister, 1.00%, 06/22/26	09/29/17	6,301	6,250	0.2
	Federale Overheidsdienst Kanselarij van de Eerste Minister, 0.90%, 06/22/29	07/09/19	207	206	—
	Fermaca Enterprises S. de R.L. de C.V., 6.38%, 03/30/38	09/27/17	4,852	4,718	0.1
	Fideicomiso Patrimonio Autonomo Panamericana, 8.25%, 01/15/35	01/24/19	748	791	—
	Fondo Mivivienda S.A., 3.50%, 01/31/23	09/26/17	4,068	4,107	0.1
	Foresight Energy LLC, 11.50%, 04/01/23	11/01/17	690	171	—
	Fresnillo PLC, 5.50%, 11/13/23	08/24/18	2,053	2,178	0.1
	Geopark Limited, 6.50%, 09/21/24	05/25/18	4,620	4,829	0.1
	Gilex Holding SARL, 8.50%, 05/02/23	01/16/19	1,468	1,556	0.1
	Global Bank Corporation, 4.50%, 10/20/21	09/25/19	926	926	—
	GNL Quintero S.A, 4.63%, 07/31/29	11/08/17	2,796	2,893	0.1
	Gohl Capital Limited, 4.25%, 01/24/27	01/30/19	4,684	5,010	0.1
	Gran Tierra Energy International Holdings Ltd., 6.25%, 02/15/25	05/24/18	3,275	3,073	0.1
	Great Wolf Trust, Series 2017-F-WOLF, 6.10%, 09/15/34	09/26/17	962	963	—
	Grupo Aval Acciones y Valores S.A., 4.75%, 09/26/22	09/26/18	198	207	—
	Grupo Bimbo S.A.B. de C.V., 5.95%, callable at 100 beginning 04/17/23	01/09/19	1,846	1,999	0.1
	Indian Oil Corpn. Limited, 5.63%, 08/02/21	09/26/17	1,051	1,052	—
	Indian Oil Corpn. Limited, 5.75%, 08/01/23	11/03/17	2,822	2,842	0.1
	Inkia Energy Limited, 5.88%, 11/09/27	06/22/18	2,698	2,901	0.1
	Inversiones CMPC S.A., 4.50%, 04/25/22	09/26/17	1,028	1,039	—
	Inversiones CMPC S.A., 4.75%, 09/15/24	09/25/19	1,607	1,600	0.1

141

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

Restricted Securities (continued)
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Ireland, Government of, 1.00%, 05/15/26	09/27/17	4,055	4,024	0.1
	Ireland, Government of, 0.90%, 05/15/28	07/02/18	2,475	2,492	0.1
	Itau Unibanco Holding S.A., 6.13%, callable at 100 beginning 12/12/22	06/21/18	467	505	—
	Itau Unibanco Holding S.A., 6.50%, callable at 100 beginning 03/19/23	06/07/18	3,829	4,147	0.1
	JSL Europe SA, 7.75%, 07/26/24	01/17/19	3,779	4,050	0.1
	LATAM Finance Limited, 6.88%, 04/11/24	06/06/18	1,079	1,156	—
	LCCM Mortgage Trust, Series 2014-MRC-PKMD REMIC, 2.95%, 11/18/19	09/26/17	5,249	5,242	0.1
	Lima Metro Line 2 Finance Ltd, 5.88%, 07/05/34	10/24/17	3,839	3,828	0.1
	Malayan Banking Berhad, 3.91%, 10/29/26	10/03/17	4,069	4,070	0.1
	Malaysia Sovereign Sukuk Berhad, 3.04%, 04/22/25	10/02/17	4,525	4,663	0.1
	Marfrig Holdings (Europe) B.V., 7.00%, 03/15/24	07/10/18	375	397	—
	Marfrig Holdings (Europe) B.V., 6.88%, 01/19/25	06/06/18	5,406	5,950	0.2
	Mexichem S.A.B. de C.V., 4.88%, 09/19/22	09/25/19	736	735	—
	Mexico Generadora De Energia, S. De R.L. De C.V., 5.50%, 12/06/32	07/12/18	2,130	2,355	0.1
	Millicom International Cellular SA, 6.00%, 03/15/25	08/23/18	506	517	—
	Millicom International Cellular SA, 6.63%, 10/15/26	01/23/19	1,022	1,092	—
	Millicom International Cellular SA, 5.13%, 01/15/28	07/06/18	1,717	1,883	0.1
	Minejesa Capital B.V., 4.63%, 08/10/30	02/28/19	2,602	2,802	0.1
	Minejesa Capital B.V., 5.63%, 08/10/37	03/01/19	1,841	2,053	0.1
	Minerva Luxembourg S.A., 6.50%, 09/20/26	06/14/18	2,697	3,011	0.1
	Minerva Luxembourg S.A., 5.88%, 01/19/28	06/06/18	2,339	2,600	0.1
	Multibank, Inc., 4.38%, 11/09/22	09/25/19	721	720	—
	Oleoducto Central S.A., 4.00%, 05/07/21	06/27/19	203	204	—
	ONGC Videsh Limited, 4.63%, 07/15/24	07/25/18	2,815	2,999	0.1
	ONGC Videsh Vankorneft Pte. Ltd., 2.88%, 01/27/22	10/16/17	2,001	2,001	0.1
	Orazul Energy Egenor S. Enc. Por A., 5.63%, 04/28/27	01/23/19	1,380	1,553	0.1
	Oversea-Chinese Banking Corporation Limited, 4.00%, 10/15/24	09/26/17	2,001	2,001	0.1
	Pampa Energia S.A., 7.50%, 01/24/27	05/29/18	4,121	3,328	0.1
	Perusahaan Penerbit Surat Berharga Syariah Negara Indonesia, 3.40%, 03/29/22	07/24/19	357	357	—
	Perusahaan Penerbit Surat Berharga Syariah Negara Indonesia, 3.75%, 03/01/23	06/17/19	1,748	1,760	0.1
	PT Pertamina (Persero), 4.30%, 05/20/23	09/25/19	2,955	2,940	0.1
	PTTEP Treasury Center Company Limited, 4.60%, callable at 100 beginning 07/17/22	03/07/19	791	818	—
	Radiant Access Limited, 4.60%, callable at 100 beginning 05/18/20	06/26/19	779	783	—
	Reliance Holding USA, Inc., 5.40%, 02/14/22	09/26/17	3,697	3,720	0.1
	Republique Francaise Presidence, 0.25%, 11/25/26	03/16/18	3,074	3,033	0.1
	Republique Francaise Presidence, 1.00%, 05/25/27	10/03/17	3,622	3,628	0.1
	Riverbed Technology, Inc., 8.88%, 03/01/23	10/06/17	338	190	—
	S.A.C.I. Falabella, 3.75%, 04/30/23	11/27/17	3,804	3,803	0.1
	Sinopec Group Overseas Development (2016) Limited, 2.75%, 05/03/21	09/26/17	2,007	2,008	0.1
	Sociedad Quimica Y Minera De Chile S.A., 4.38%, 01/28/25	02/15/19	397	422	—
	SPARC Limited, 0.00%, 12/05/22	09/25/17	7,436	7,516	0.2
	Star Energy Geothermal (Wayang Windu) Limited, 6.75%, 04/24/33	01/31/19	3,476	3,654	0.1
	Stoneway Capital Corporation, 10.00%, 03/01/27	02/12/19	3,182	1,849	0.1
	SURA Asset Management SA, 4.88%, 04/17/24	09/13/18	1,100	1,182	—
	Syngenta Finance N.V., 5.68%, 04/24/48	02/06/19	4,514	5,074	0.1
	Tapstone Energy, LLC, 9.75%, 06/01/22	12/13/17	277	73	—
	Tecila Sociedad Anonima, 8.50%, 07/28/25	05/29/18	3,374	2,582	0.1
	Tecila Sociedad Anonima, 6.95%, 07/21/27	06/07/18	1,325	1,057	—
	Temasek Financial (I) Limited, 2.38%, 01/23/23	10/05/17	5,002	5,077	0.1
	The Republic of Indonesia, The Government of, 4.88%, 05/05/21	09/26/17	1,026	1,036	—
	Transelec S.A., 4.63%, 07/26/23	09/28/17	1,378	1,383	—
	Unifin Financiera, S.A.B. de C.V. SOFOM, E.N.R., 8.88%, callable at 100 beginning 01/29/25	06/22/18	4,230	4,100	0.1
	Unifin Financiera, S.A.B. de C.V. SOFOM, E.N.R., 7.38%, 02/12/26	01/10/19	1,115	1,274	—
	UPL Corporation Limited, 3.25%, 10/13/21	11/06/17	1,002	1,005	—
	UPL Corporation Limited, 4.50%, 03/08/28	03/11/19	2,075	2,228	0.1
	Vedanta Resources Limited, 7.13%, 05/31/23	07/24/18	490	493	—
	Vedanta Resources Limited, 6.13%, 08/09/24	06/14/18	4,830	4,876	0.1
	Vine Oil & Gas LP, 8.75%, 04/15/23	10/13/17	377	176	—
	VTR GlobalCom S.p.A., 6.88%, 01/15/24	07/10/18	3,624	3,662	0.1
			337,613	335,831	9.1

142

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

Unfunded Commitments

		Unfunded Commitment ($)	Appreciation/ (Depreciation) ($)
JNL/DoubleLine Core Fixed Income Fund
	Allied Universal Holdco LLC – 2019 Delayed Draw Term Loan	39	1
	Mavis Tire Express Services Corp. – 2018 Delayed Draw Term Loan	31	(1)
	MED ParentCo LP – 1st Lien Delayed Draw Term Loan	42	—
	Mister Car Wash Holdings, Inc. – 2019 Delayed Draw Term Loan	23	—
	NCR Corporation – 2019 Delayed Draw Term Loan	80	1
		215	1

143

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
JNL/DoubleLine Emerging Markets Fixed Income Fund
CORPORATE BONDS AND NOTES 85.6%
Mexico 12.3%
	Banco Mercantil Del Norte, S.A. Institucion De Ban
		7.50%, (callable at 100 beginning 06/27/29) (a) (b)	1,500		1,518
	Banco Mercantil Del Norte, S.A. Institucion De Banca Multiple, Grupo Financiero Banorte
		6.88%, (callable at 100 beginning 07/06/22) (a) (b)	1,800		1,806
		7.50%, (callable at 100 beginning 06/27/29) (a) (c)	300		304
		7.63%, (callable at 100 beginning 01/06/28) (a) (b)	6,800		6,919
		5.75%, 10/04/31 (b) (d)	2,200		2,205
	Banco Nacional De Comercio Exterior, S.N.C.
		3.80%, 08/11/26 (b) (d)	800		809
	Banco Santander (Mexico) S.A.
		5.95%, 10/01/28 (c)	3,700		3,953
	BBVA Bancomer, S.A.
		5.35%, 11/12/29 (b)	700		696
		5.13%, 01/18/33 (b)	10,700		10,200
		5.88%, 09/13/34 (c)	600		597
	Cometa Energia SA de CV
		6.38%, 04/24/35 (b)	10,501		11,193
	Credito Real, S.A.B. De C.V. SOFOM E.N.R.
		9.13%, (callable at 100 beginning 11/29/22) (a) (b) (e)	3,950		4,049
		9.50%, 02/07/26 (c)	3,200		3,686
	Docuformas, S.A.P.I. de C.V.
		10.25%, 07/24/24 (c)	2,400		2,362
	El Puerto De Liverpool, S.A.B. De C.V.
		3.95%, 10/02/24 (b)	5,000		5,112
	Fresnillo PLC
		5.50%, 11/13/23 (b)	3,300		3,594
	Grupo Bimbo S.A.B. de C.V.
		5.95%, (callable at 100 beginning 04/17/23) (a) (b)	2,500		2,630
	Grupo Idesa, S.A. de C.V.
		7.88%, 12/18/20 (b)	1,400		1,024
	Mexichem S.A.B. de C.V.
		4.88%, 09/19/22 (b)	1,000		1,050
	Mexico Generadora De Energia, S. De R.L. De C.V.
		5.50%, 12/06/32 (b)	3,614		3,895
	Unifin Financiera, S.A.B. de C.V. SOFOM, E.N.R.
		8.88%, (callable at 100 beginning 01/29/25) (a) (b)	8,350		7,442
		7.38%, 02/12/26 (b)	600		588
				75,632
Brazil 11.1%
	Banco do Brasil S.A
		6.25%, (callable at 100 beginning 04/15/24) (a) (b)	9,900		9,789
	BTG Pactual Holding S.A.
		7.75%, 02/15/29 (c)	7,700		8,044
	Cimpor Financial Operations B.V.
		5.75%, 07/17/24 (b)	2,300		1,725
	Cosan Overseas Limited
		8.25%, (callable at 100 beginning 02/05/20) (a) (b)	2,500		2,581
	CSN Islands XII Corp
		7.00%, (callable at 100 beginning 12/23/19) (a) (b)	1,850		1,616
	CSN Resources S.A.
		7.63%, 02/13/23 (b)	2,800		2,915
		7.63%, 04/17/26 (c)	3,400		3,522
	ESAL GmbH Elektroschaltanlagen
		6.25%, 02/05/23 (b)	764		779
	Itau Unibanco Holding S.A.
		6.13%, (callable at 100 beginning 12/12/22) (a) (b)	1,900		1,921
		6.50%, (callable at 100 beginning 03/19/23) (a) (b)	3,300		3,421
	JSL Europe SA
		7.75%, 07/26/24 (b)	5,650		6,022
	Marb Bondco PLC
		7.00%, 03/15/24 (c)	800		835
	Marfrig Holdings (Europe) B.V.
		7.00%, 03/15/24 (b)	3,600		3,758
		6.88%, 01/19/25 (b)	3,700		3,862
	Minerva Luxembourg S.A.
		6.50%, 09/20/26 (b)	5,800		6,022
		5.88%, 01/19/28 (b)	3,700		3,700
	NBM US Holdings Inc
		7.00%, 05/14/26 (c)	700		733
	Petrobras Global Finance B.V.
		5.75%, 02/01/29	5,500		6,065
		6.90%, 03/19/49	750		863
				68,173
Chile 8.6%
	AES Gener S.A.
		5.00%, 07/14/25 (b)	200		209
		7.13%, 03/26/79 (b)	1,400		1,470
		7.13%, 03/26/79 (c)	4,300		4,516
	Celulosa Arauco y Constitucion S.A.
		5.50%, 04/30/49 (c)	3,000		3,330
	Embotelladora Andina S.A
		5.00%, 10/01/23 (b)	4,500		4,828
	Empresa Electrica Angamos S.A
		4.88%, 05/25/29 (b)	870		908
	Empresa Electrica Guacolda S.A.
		4.56%, 04/30/25 (b)	4,000		3,610
	Empresa Nacional de Telecomunicaciones S.A.
		4.88%, 10/30/24 (b)	2,000		2,108
		4.75%, 08/01/26 (b)	3,000		3,161
	Inversiones CMPC S.A.
		4.75%, 09/15/24 (b)	4,000		4,267
	LATAM Airlines Group S.A.
		6.00%, 12/15/20 (b)	559		564
		7.00%, 03/01/26 (c)	2,900		3,086
	LATAM Finance Limited
		6.88%, 04/11/24 (b)	2,300		2,418
	S.A.C.I. Falabella
		3.75%, 04/30/23 (b)	8,600		8,839
	Sociedad Quimica Y Minera De Chile S.A.
		4.38%, 01/28/25 (b)	369		390
	Transelec S.A.
		4.63%, 07/26/23 (b) (f)	2,095		2,229
	VTR GlobalCom S.p.A.
		6.88%, 01/15/24 (b)	5,690		5,856
		6.88%, 01/15/24 (c)	898		924
				52,713
Colombia 8.2%
	Banco Bilbao Vizcaya Argentaria Colombia S.A
		4.88%, 04/21/25 (b)	1,000		1,074
	Banco GNB Sudameris S.A.
		6.50%, 04/03/27 (b)	800		829
	Bancolombia SA
		5.13%, 09/11/22	500		526
		4.88%, 10/18/27	5,350		5,494
	Canacol Energy Ltd.
		7.25%, 05/03/25 (b)	7,600		8,037
		7.25%, 05/03/25 (c)	800		846
	Colombia Telecomunicaciones, S.A. ESP
		8.50%, (callable at 100 beginning 03/30/20) (a) (b)	1,300		1,333
	Ecopetrol S.A.
		5.88%, 09/18/23	1,000		1,114
	Empresas Publicas de Medellin E.S.P.
		4.25%, 07/18/29 (c)	800		841
	Fideicomiso Patrimonio Autonomo Panamericana
		8.25%, 01/15/35 (b)	1,000		1,130
	Geopark Limited
		6.50%, 09/21/24 (b)	7,000		7,192
	Gilex Holding SARL
		8.50%, 05/02/23 (b)	800		858
		8.50%, 05/02/23 (c)	2,200		2,360
	Gran Tierra Energy International Holdings Ltd.
		6.25%, 02/15/25 (b)	6,400		5,784

144

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
		6.25%, 02/15/25 (c)	300		273
	Grupo Aval Acciones y Valores S.A.
		4.75%, 09/26/22 (b)	200		207
	Millicom International Cellular SA
		6.00%, 03/15/25 (b)	1,995		2,065
		6.63%, 10/15/26 (c)	600		655
		6.63%, 10/15/26 (b)	200		218
		5.13%, 01/15/28 (b)	3,200		3,320
		6.25%, 03/25/29 (c)	3,000		3,280
	Oleoducto Central S.A.
		4.00%, 05/07/21 (b)	200		204
	SURA Asset Management SA
		4.88%, 04/17/24 (b)	2,300		2,473
				50,113
India 7.8%
	Adani Ports and Special Economic Zone Limited
		3.95%, 01/19/22 (b) (f)	3,000		3,065
	Bharti Airtel Limited
		4.38%, 06/10/25 (b)	8,000		8,260
	Indian Oil Corpn. Limited
		5.63%, 08/02/21 (b)	500		526
		5.75%, 08/01/23 (b)	8,300		9,109
	ONGC Videsh Vankorneft Pte. Ltd.
		3.75%, 07/27/26 (b)	10,000		10,363
	UPL Corporation Limited
		3.25%, 10/13/21 (b)	6,000		6,031
	Vedanta Resources Finance II PLC
		9.25%, 04/23/26 (c) (f)	2,200		2,190
	Vedanta Resources Limited
		7.13%, 05/31/23 (b)	2,000		1,974
		6.13%, 08/09/24 (b)	6,500		5,980
				47,498
Panama 4.6%
	Banco General, S.A.
		4.13%, 08/07/27 (b)	800		839
	Banistmo S.A.
		3.65%, 09/19/22 (b)	5,000		5,042
		3.65%, 09/19/22 (c)	1,600		1,613
	Empresa De Transmision Electrica, S.A.
		5.13%, 05/02/49 (c)	2,700		3,118
	Ena Norte SA
		4.95%, 04/25/23 (b)	6,010		6,185
	Global Bank Corporation
		4.50%, 10/20/21 (c) (f)	200		206
		4.50%, 10/20/21 (b)	7,600		7,818
		5.25%, 04/16/29 (c)	1,900		2,012
	Multibank, Inc.
		4.38%, 11/09/22 (b)	1,100		1,131
				27,964
Singapore 4.3%
	BPRL International Singapore PTE. Ltd.
		4.38%, 01/18/27 (b)	7,000		7,515
	DBS Group Holdings Ltd
		3.60%, (callable at 100 beginning 09/07/21) (a) (b)	10,400		10,413
	Oversea-Chinese Banking Corporation Limited
		4.25%, 06/19/24 (b)	310		329
	United Overseas Bank Limited
		3.88%, (callable at 100 beginning 10/19/23) (a)	7,600		7,638
		3.50%, 09/16/26 (b) (d)	500		506
				26,401
United States of America 4.2%
	Andina Acquisition Corporation
		8.20%, 01/31/22 (b)	600		643
	Freeport-McMoRan Inc.
		5.40%, 11/14/34	6,800		6,522
		5.45%, 03/15/43	4,000		3,599
	JBS Investments II GmbH
		7.00%, 01/15/26 (c)	1,900		2,052
	Radiant Access Limited
		4.60%, (callable at 100 beginning 05/18/20) (a) (b)	3,950		3,866
	Reliance Holding USA, Inc.
		5.40%, 02/14/22 (b)	8,500		9,035
				25,717
Indonesia 4.0%
	LLPL Capital Pte. Ltd.
		6.88%, 02/04/39 (c)	4,348		5,053
	Minejesa Capital B.V.
		4.63%, 08/10/30 (b)	3,850		3,965
		5.63%, 08/10/37 (b)	2,900		3,133
	PT Pertamina (Persero)
		4.30%, 05/20/23 (b)	6,000		6,300
	Star Energy Geothermal (Wayang Windu) Limited
		6.75%, 04/24/33 (b)	5,317		5,556
		6.75%, 04/24/33 (c)	192		200
				24,207
Argentina 2.9%
	Adecoagro S.A.
		6.00%, 09/21/27 (b)	250		239
	Banco Macro S.A.
		6.75%, 11/04/26 (b) (d)	4,800		3,312
		6.75%, 11/04/26 (c)	1,000		692
	Pampa Energia S.A.
		7.50%, 01/24/27 (b)	7,400		5,661
	Stoneway Capital Corporation
		10.00%, 03/01/27 (b)	4,782		2,774
	Tecila Sociedad Anonima
		8.50%, 07/28/25 (b)	5,396		4,222
		6.95%, 07/21/27 (b)	1,250		944
				17,844
Malaysia 2.3%
	Gohl Capital Limited
		4.25%, 01/24/27 (b)	10,500		10,960
	Malayan Banking Berhad
		3.91%, 10/29/26 (b) (d)	3,000		3,052
				14,012
Peru 2.3%
	Banco Internacional Del Peru S.A.A. – Interbank
		3.38%, 01/18/23 (b)	1,228		1,243
	Inkia Energy Limited
		5.88%, 11/09/27 (b)	6,000		6,217
	Nexa Resources S.A.
		5.38%, 05/04/27 (b)	1,000		1,061
	Orazul Energy Egenor S. Enc. Por A.
		5.63%, 04/28/27 (b)	2,100		2,174
	Transportadora de Gas del Peru S.A.
		4.25%, 04/30/28 (b)	3,000		3,189
				13,884
Ireland 2.0%
	C&W Senior Financing Designated Activity Company
		7.50%, 10/15/26 (c)	3,000		3,188
		6.88%, 09/15/27 (b)	8,500		8,787
				11,975
Cayman Islands 1.5%
	Sparc EM SPC
		0.00%, 12/05/22 (c) (g)	4,698		4,494
	SPARC Limited
		0.00%, 12/05/22 (b) (g)	5,125		4,902
				9,396
China 1.5%
	CNOOC Limited
		3.50%, 05/05/25	3,200		3,344
	Sinopec Group Overseas Development (2017) Limited
		3.63%, 04/12/27 (c)	5,500		5,805
				9,149
Netherlands 1.4%
	Bharti Airtel International (Netherlands) BV
		5.13%, 03/11/23 (b) (f)	4,800		5,040
	Petrobras Global Finance B.V.
		7.25%, 03/17/44	1,600		1,916

145

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Premier Health Group Inc.
		7.95%, 05/11/26 (c)	1,500		1,598
				8,554
Dominican Republic 1.3%
	Banco de Reservas de la Republica Dominicana
		7.00%, 02/01/23 (b)	2,244		2,345
	ELM Park CLO Designated Activity Company
		7.95%, 05/11/26 (b)	5,400		5,771
				8,116
Switzerland 1.3%
	Syngenta Finance N.V.
		5.68%, 04/24/48 (b) (e)	7,462		7,710
		5.68%, 04/24/48 (c)	388		403
				8,113
Guatemala 0.9%
	Comcel Trust
		6.88%, 02/06/24 (b)	2,700		2,788
	Energuate Trust
		5.88%, 05/03/27 (b)	1,000		996
	Industrial Senior Trust
		5.50%, 11/01/22 (b)	800		838
	Intertrust SPV (Cayman) Limited
		5.88%, 05/03/27 (c)	800		801
				5,423
Hong Kong 0.8%
	CK Hutchison International (17) Limited
		3.50%, 04/05/27 (b)	1,600		1,674
		3.50%, 04/05/27 (c)	3,000		3,145
				4,819
Spain 0.6%
	AI Candelaria (Spain) SL.
		7.50%, 12/15/28 (b)	2,688		3,063
		7.50%, 12/15/28 (c)	550		627
				3,690
Austria 0.5%
	JBS Investments II GmbH
		5.75%, 01/15/28 (c)	3,100		3,227
Philippines 0.3%
	BDO Unibank, Inc.
		2.95%, 03/06/23 (b)	2,000		2,024
Israel 0.3%
	Delek & Avner (Tamar Bond) Ltd
		5.08%, 12/30/23 (c)	600		613
		5.41%, 12/30/25 (c)	1,095		1,126
				1,739
Paraguay 0.2%
	Telefonica Celular del Paraguay S.A.
		5.88%, 04/15/27 (c)	1,200		1,284
Thailand 0.2%
	PTTEP Treasury Center Company Limited
		4.60%, (callable at 100 beginning 07/17/22) (a) (b)	1,200		1,227
Costa Rica 0.1%
	Banco Nacional de Costa Rica
		5.88%, 04/25/21 (b)	736		749
Jamaica 0.1%
	Digicel Group Limited
		2.00%, 04/01/24 (b) (h) (i)	5,021		518
	Total Corporate Bonds And Notes (cost $509,876)			524,161
GOVERNMENT AND AGENCY OBLIGATIONS 3.8%
Indonesia 2.2%
	Perusahaan Penerbit Surat Berharga Syariah Negara Indonesia
		3.40%, 03/29/22 (b)	450		459
		3.75%, 03/01/23 (b)	1,000		1,036
		4.15%, 03/29/27 (b)	1,000		1,070
		4.15%, 03/29/27 (c)	9,900		10,593
				13,158
Mexico 0.5%
	Gobierno Federal de los Estados Unidos Mexicanos
		4.15%, 03/28/27	2,000		2,116
		3.75%, 01/11/28	900		925
				3,041
Thailand 0.3%
	Export-Import Bank of Thailand
		3.04%, (3M USD LIBOR + 0.90%), 11/20/23 (b) (d)	973		976
		3.00%, (3M USD LIBOR + 0.85%), 05/23/24 (b) (d)	1,100		1,100
				2,076
Costa Rica 0.3%
	Gobierno de la Republica de Costa Rica
		10.00%, 08/01/20 (b)	1,930		2,031
Colombia 0.2%
	Presidencia de la Republica de Colombia
		4.50%, 03/15/29	700		777
		5.20%, 05/15/49	400		483
				1,260
Panama 0.2%
	Government of the Republic of Panama
		4.00%, 09/22/24	1,000		1,068
Dominican Republic 0.1%
	Presidencia de la Republica Dominicana
		6.40%, 06/05/49 (c)	750		799
	Total Government And Agency Obligations (cost $22,466)			23,433
SHORT TERM INVESTMENTS 12.0%
Investment Companies 11.7%
	JNL Government Money Market Fund - Institutional Class, 1.86% (j) (k)		71,751		71,751
Securities Lending Collateral 0.3%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (j) (k)		1,892		1,892
	Total Short Term Investments (cost $73,643)			73,643
Total Investments 101.4% (cost $605,985)					621,237
Other Assets and Liabilities, Net (1.4)%					(8,608)
Total Net Assets 100.0%					612,629

(a)Perpetual security. Next contractual call date presented, if applicable.

(b)Security is restricted to resale to institutional investors. See Restricted Securities in the Schedules of Investments.

(c)The Adviser has deemed this security, which is exempt from registration under the Securities Act of 1933, as amended, to be liquid based on procedures approved by the Board of Trustees. As of September 30, 2019, the value and the percentage of net assets of these liquid securities was $98,986 and 16.2% of the Fund.

(d)Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of September 30, 2019. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations (“CMO”) and mortgage-backed securities (“MBS”) are determined by tranches of underlying mortgage-backed security pools’ cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security’s offering documents.

(e)The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer.

(f)All or a portion of the security was on loan as of September 30, 2019.

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

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

(i)The Adviser has deemed this security to be illiquid based on procedures approved

146

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

by the Board of Trustees.

(j)Investment in affiliate.

(k)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Adani Ports and Special Economic Zone Limited, 3.95%, 01/19/22	09/28/17	3,047	3,065	0.5
	Adecoagro S.A., 6.00%, 09/21/27	04/05/19	237	239	—
	AES Gener S.A., 5.00%, 07/14/25	02/05/19	200	209	—
	AES Gener S.A., 7.13%, 03/26/79	05/07/19	1,462	1,470	0.2
	AI Candelaria (Spain) SL., 7.50%, 12/15/28	01/17/19	2,637	3,063	0.5
	Andina Acquisition Corporation, 8.20%, 01/31/22	02/06/19	624	643	0.1
	Banco Bilbao Vizcaya Argentaria Colombia S.A, 4.88%, 04/21/25	07/13/18	998	1,074	0.2
	Banco de Reservas de la Republica Dominicana, 7.00%, 02/01/23	05/04/16	2,256	2,345	0.4
	Banco do Brasil S.A, 6.25%, callable at 100 beginning 04/15/24	05/24/18	8,036	9,789	1.6
	Banco General, S.A., 4.13%, 08/07/27	02/11/19	768	839	0.1
	Banco GNB Sudameris S.A., 6.50%, 04/03/27	09/06/18	807	829	0.1
	Banco Internacional Del Peru S.A.A. – Interbank, 3.38%, 01/18/23	09/25/19	1,245	1,243	0.2
	Banco Macro S.A., 6.75%, 11/04/26	06/05/18	4,420	3,312	0.5
	Banco Mercantil Del Norte, S.A. Institucion De Ban, 7.50%, callable at 100 beginning 06/27/29	09/25/19	1,505	1,518	0.3
	Banco Mercantil Del Norte, S.A. Institucion De Banca Multiple, Grupo Financiero Banorte, 6.88%, callable at 100 beginning 07/06/22	06/27/18	1,803	1,806	0.3
	Banco Mercantil Del Norte, S.A. Institucion De Banca Multiple, Grupo Financiero Banorte, 7.63%, callable at 100 beginning 01/06/28	07/05/18	6,741	6,919	1.1
	Banco Mercantil Del Norte, S.A. Institucion De Banca Multiple, Grupo Financiero Banorte, 5.75%, 10/04/31	06/27/18	2,071	2,205	0.4
	Banco Nacional De Comercio Exterior, S.N.C., 3.80%, 08/11/26	07/10/19	810	809	0.1
	Banco Nacional de Costa Rica, 5.88%, 04/25/21	07/31/17	749	749	0.1
	Banistmo S.A., 3.65%, 09/19/22	09/25/19	5,045	5,042	0.8
	BBVA Bancomer, S.A., 5.35%, 11/12/29	06/27/18	669	696	0.1
	BBVA Bancomer, S.A., 5.13%, 01/18/33	06/21/18	9,766	10,200	1.7
	BDO Unibank, Inc., 2.95%, 03/06/23	10/17/17	1,996	2,024	0.3
	Bharti Airtel International (Netherlands) BV, 5.13%, 03/11/23	09/28/17	5,014	5,040	0.8
	Bharti Airtel Limited, 4.38%, 06/10/25	05/01/17	8,033	8,260	1.4
	BPRL International Singapore PTE. Ltd., 4.38%, 01/18/27	03/02/17	7,149	7,515	1.2
	C&W Senior Financing Designated Activity Company, 6.88%, 09/15/27	06/19/18	8,224	8,787	1.4
	Canacol Energy Ltd., 7.25%, 05/03/25	06/20/18	7,421	8,037	1.3
	Cimpor Financial Operations B.V., 5.75%, 07/17/24	02/01/19	2,078	1,725	0.3
	CK Hutchison International (17) Limited, 3.50%, 04/05/27	07/31/17	1,632	1,674	0.3
	Colombia Telecomunicaciones, S.A. ESP, 8.50%, callable at 100 beginning 03/30/20	05/25/18	1,318	1,333	0.2
	Comcel Trust, 6.88%, 02/06/24	05/25/18	2,761	2,788	0.5
	Cometa Energia SA de CV, 6.38%, 04/24/35	07/20/18	10,250	11,193	1.8
	Cosan Overseas Limited, 8.25%, callable at 100 beginning 02/05/20	04/25/16	2,307	2,581	0.4
	Credito Real, S.A.B. De C.V. SOFOM E.N.R., 9.13%, callable at 100 beginning 11/29/22	07/23/18	3,871	4,049	0.7
	CSN Islands XII Corp, 7.00%, callable at 100 beginning 12/23/19	02/01/19	1,514	1,616	0.3
	CSN Resources S.A., 7.63%, 02/13/23	01/22/19	2,731	2,915	0.5
	DBS Group Holdings Ltd, 3.60%, callable at 100 beginning 09/07/21	05/01/17	10,248	10,413	1.7
	Digicel Group Limited, 2.00%, 04/01/24	01/15/19	2,587	518	0.1
	El Puerto De Liverpool, S.A.B. De C.V., 3.95%, 10/02/24	09/25/19	5,131	5,112	0.8
	ELM Park CLO Designated Activity Company, 7.95%, 05/11/26	09/11/18	5,543	5,771	0.9
	Embotelladora Andina S.A, 5.00%, 10/01/23	10/04/17	4,832	4,828	0.8
	Empresa Electrica Angamos S.A, 4.88%, 05/25/29	05/24/18	838	908	0.2
	Empresa Electrica Guacolda S.A., 4.56%, 04/30/25	07/16/18	3,761	3,610	0.6
	Empresa Nacional de Telecomunicaciones S.A., 4.88%, 10/30/24	09/26/19	2,107	2,108	0.3
	Empresa Nacional de Telecomunicaciones S.A., 4.75%, 08/01/26	12/20/18	2,888	3,161	0.5
	Ena Norte SA, 4.95%, 04/25/23	09/07/16	6,199	6,185	1.0
	Energuate Trust, 5.88%, 05/03/27	07/10/18	955	996	0.2
	ESAL GmbH Elektroschaltanlagen, 6.25%, 02/05/23	06/21/18	727	779	0.1
	Export-Import Bank of Thailand, 3.04%, 11/20/23	07/18/19	978	976	0.2
	Export-Import Bank of Thailand, 3.00%, 05/23/24	07/18/19	1,103	1,100	0.2
	Fideicomiso Patrimonio Autonomo Panamericana, 8.25%, 01/15/35	01/24/19	1,068	1,130	0.2
	Fresnillo PLC, 5.50%, 11/13/23	04/17/18	3,408	3,594	0.6
	Geopark Limited, 6.50%, 09/21/24	05/25/18	6,864	7,192	1.2
	Gilex Holding SARL, 8.50%, 05/02/23	01/16/19	813	858	0.1
	Global Bank Corporation, 4.50%, 10/20/21	04/25/17	7,622	7,818	1.3
	Gobierno de la Republica de Costa Rica, 10.00%, 08/01/20	08/16/16	2,025	2,031	0.3
	Gohl Capital Limited, 4.25%, 01/24/27	04/25/17	10,673	10,960	1.8
	Gran Tierra Energy International Holdings Ltd., 6.25%, 02/15/25	05/24/18	6,179	5,784	0.9
	Grupo Aval Acciones y Valores S.A., 4.75%, 09/26/22	09/26/18	198	207	—
	Grupo Bimbo S.A.B. de C.V., 5.95%, callable at 100 beginning 04/17/23	01/09/19	2,436	2,630	0.4
	Grupo Idesa, S.A. de C.V., 7.88%, 12/18/20	04/26/16	1,394	1,024	0.2
	Indian Oil Corpn. Limited, 5.63%, 08/02/21	08/08/17	526	526	0.1
	Indian Oil Corpn. Limited, 5.75%, 08/01/23	06/20/17	9,060	9,109	1.5
	Industrial Senior Trust, 5.50%, 11/01/22	05/03/16	794	838	0.1

147

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

Restricted Securities (continued)
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Inkia Energy Limited, 5.88%, 11/09/27	06/22/18	5,783	6,217	1.0
	Inversiones CMPC S.A., 4.75%, 09/15/24	09/25/19	4,285	4,267	0.7
	Itau Unibanco Holding S.A., 6.13%, callable at 100 beginning 12/12/22	06/21/18	1,775	1,921	0.3
	Itau Unibanco Holding S.A., 6.50%, callable at 100 beginning 03/19/23	06/07/18	3,143	3,421	0.6
	JSL Europe SA, 7.75%, 07/26/24	01/24/19	5,625	6,022	1.0
	LATAM Airlines Group S.A., 6.00%, 12/15/20	04/25/16	559	564	0.1
	LATAM Finance Limited, 6.88%, 04/11/24	06/06/18	2,256	2,418	0.4
	Malayan Banking Berhad, 3.91%, 10/29/26	08/15/17	3,046	3,052	0.5
	Marfrig Holdings (Europe) B.V., 7.00%, 03/15/24	05/01/17	3,626	3,758	0.6
	Marfrig Holdings (Europe) B.V., 6.88%, 01/19/25	06/06/18	3,566	3,862	0.6
	Mexichem S.A.B. de C.V., 4.88%, 09/19/22	09/25/19	1,052	1,050	0.2
	Mexico Generadora De Energia, S. De R.L. De C.V., 5.50%, 12/06/32	07/12/18	3,544	3,895	0.6
	Millicom International Cellular SA, 6.00%, 03/15/25	08/23/18	2,017	2,065	0.3
	Millicom International Cellular SA, 6.63%, 10/15/26	01/25/19	204	218	—
	Millicom International Cellular SA, 5.13%, 01/15/28	07/06/18	3,030	3,320	0.5
	Minejesa Capital B.V., 4.63%, 08/10/30	02/28/19	3,679	3,965	0.6
	Minejesa Capital B.V., 5.63%, 08/10/37	03/01/19	2,813	3,133	0.5
	Minerva Luxembourg S.A., 6.50%, 09/20/26	06/14/18	5,399	6,022	1.0
	Minerva Luxembourg S.A., 5.88%, 01/19/28	06/05/18	3,306	3,700	0.6
	Multibank, Inc., 4.38%, 11/09/22	09/25/19	1,132	1,131	0.2
	Nexa Resources S.A., 5.38%, 05/04/27	09/05/18	962	1,061	0.2
	Oleoducto Central S.A., 4.00%, 05/07/21	06/27/19	203	204	—
	ONGC Videsh Vankorneft Pte. Ltd., 3.75%, 07/27/26	11/28/16	9,848	10,363	1.7
	Orazul Energy Egenor S. Enc. Por A., 5.63%, 04/28/27	01/23/19	1,935	2,174	0.4
	Oversea-Chinese Banking Corporation Limited, 4.25%, 06/19/24	09/30/19	330	329	0.1
	Pampa Energia S.A., 7.50%, 01/24/27	05/29/18	7,006	5,661	0.9
	Perusahaan Penerbit Surat Berharga Syariah Negara Indonesia, 3.40%, 03/29/22	07/24/19	458	459	0.1
	Perusahaan Penerbit Surat Berharga Syariah Negara Indonesia, 3.75%, 03/01/23	06/27/19	1,029	1,036	0.2
	Perusahaan Penerbit Surat Berharga Syariah Negara Indonesia, 4.15%, 03/29/27	05/16/17	1,011	1,070	0.2
	PT Pertamina (Persero), 4.30%, 05/20/23	09/25/19	6,331	6,300	1.0
	PTTEP Treasury Center Company Limited, 4.60%, callable at 100 beginning 07/17/22	03/08/19	1,194	1,227	0.2
	Radiant Access Limited, 4.60%, callable at 100 beginning 05/18/20	06/18/19	3,834	3,866	0.6
	Reliance Holding USA, Inc., 5.40%, 02/14/22	08/14/17	8,983	9,035	1.5
	S.A.C.I. Falabella, 3.75%, 04/30/23	11/03/17	8,804	8,839	1.4
	Sociedad Quimica Y Minera De Chile S.A., 4.38%, 01/28/25	02/19/19	366	390	0.1
	SPARC Limited, 0.00%, 12/05/22	09/29/17	4,854	4,902	0.8
	Star Energy Geothermal (Wayang Windu) Limited, 6.75%, 04/24/33	01/31/19	5,288	5,556	0.9
	Stoneway Capital Corporation, 10.00%, 03/01/27	02/15/19	4,775	2,774	0.5
	SURA Asset Management SA, 4.88%, 04/17/24	09/13/18	2,299	2,473	0.4
	Syngenta Finance N.V., 5.68%, 04/24/48	02/06/19	6,871	7,710	1.3
	Tecila Sociedad Anonima, 8.50%, 07/28/25	05/30/18	5,528	4,222	0.7
	Tecila Sociedad Anonima, 6.95%, 07/21/27	06/07/18	1,183	944	0.2
	Transelec S.A., 4.63%, 07/26/23	09/08/17	2,220	2,229	0.4
	Transportadora de Gas del Peru S.A., 4.25%, 04/30/28	04/25/17	3,069	3,189	0.5
	Unifin Financiera, S.A.B. de C.V. SOFOM, E.N.R., 8.88%, callable at 100 beginning 01/29/25	06/22/18	7,694	7,442	1.2
	Unifin Financiera, S.A.B. de C.V. SOFOM, E.N.R., 7.38%, 02/12/26	07/18/18	558	588	0.1
	United Overseas Bank Limited, 3.50%, 09/16/26	09/11/17	506	506	0.1
	UPL Corporation Limited, 3.25%, 10/13/21	11/06/17	5,972	6,031	1.0
	Vedanta Resources Limited, 7.13%, 05/31/23	07/10/18	1,949	1,974	0.3
	Vedanta Resources Limited, 6.13%, 08/09/24	06/06/18	5,935	5,980	1.0
	VTR GlobalCom S.p.A., 6.88%, 01/15/24	05/24/18	5,793	5,856	1.0
			399,780	406,158	66.3

148

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1	Value ($)
JNL/DoubleLine Shiller Enhanced CAPE Fund
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 45.4%
	5 Bryant Park Mortgage Trust
		Series 2018-F-5BP, 4.48%, (1M USD LIBOR + 2.45%), 06/15/20 (a) (b)	2,913	2,902
	Ajax Mortgage Loan Trust
		Series 2019-A-C, 3.95%, 05/25/22 (a) (b)	4,528	4,537
	Allegro CLO VII Ltd
		Series 2018-A-1A, 3.40%, (3M USD LIBOR + 1.10%), 06/13/31 (a) (b)	3,000	2,982
	Alternative Loan Trust
		Series 2006-A16-19CB, REMIC, 6.00%, 08/25/36	1,286	1,162
		Series 2006-2A6-29T1, REMIC, 6.50%, 10/25/36	1,139	968
	Americold LLC
		Series 2010-C-ARTA, REMIC, 6.81%, 01/14/21 (b)	410	433
	Anchorage Capital CLO 6 Ltd
		Series 2015-AR-6A, 3.57%, 07/15/30 (b)	3,000	2,997
	Anchorage Capital CLO 9 Ltd
		Series 2016-AR-9A, 3.67%, (3M USD LIBOR + 1.37%), 07/15/32 (a) (b)	7,500	7,516
	Anchorage Capital CLO Ltd
		Series 2014-A-5RA, 3.29%, (3M USD LIBOR + 0.99%), 01/15/30 (a) (b)	1,000	1,000
	Apollo Aviation Securitization Equity Trust
		Series 2018-A-1A, 3.84%, 09/16/23 (b)	2,317	2,330
	ArrowMark Colorado Holdings
		Series 2018-A1-9A, 3.42%, (3M USD LIBOR + 1.12%), 07/15/31 (a) (b)	6,000	5,936
	Arroyo Mortgage Trust
		Series 2019-A3-3, REMIC, 3.42%, 12/25/25 (b)	4,299	4,278
	Assurant CLO III LTD
		Series 2018-A-2A, 3.51%, (3M USD LIBOR + 1.23%), 10/20/31 (a) (b)	4,000	3,994
	Atlas Senior Loan Fund III Ltd
		Series 2013-AR-1A, 2.95%, (3M USD LIBOR + 0.83%), 11/17/27 (a) (b)	4,000	3,996
	Atlas Senior Loan Fund X Ltd
		Series 2018-A-10A, 3.39%, (3M USD LIBOR + 1.09%), 01/15/31 (a) (b)	1,000	993
	Atrium Hotel Portfolio Trust
		Series 2017-E-ATRM, 5.08%, (1M USD LIBOR + 3.05%), 12/16/19 (a) (b)	1,692	1,698
		Series 2018-D-ATRM, 4.33%, (1M USD LIBOR + 2.30%), 06/15/21 (a) (b)	1,232	1,237
		Series 2018-E-ATRM, REMIC, 5.43%, (1M USD LIBOR + 3.40%), 06/15/21 (a) (b)	2,913	2,929
	Avant Loans Funding Trust
		Series 2018-A-B, 3.42%, 05/15/20 (b)	801	803
		Series 2019-A-B, 2.72%, 05/15/21 (b)	4,000	4,003
	Avery Point VI CLO Ltd
		Series 2015-AR-6A, 3.34%, (3M USD LIBOR + 1.05%), 08/05/27 (a) (b)	2,000	2,001
	Banc of America Alternative Loan Trust
		Series 2005-2CB1-10, REMIC, 6.00%, 11/25/35	842	839
		Series 2006-3CB1-1, REMIC, 6.50%, 02/25/36	750	775
	Banc of America Funding Trust
		Series 2006-A1-D, REMIC, 3.99%, 05/20/36 (a)	3,453	3,422
	Bank
		Interest Only, Series 2017-XA-BNK4, REMIC, 1.59%, 05/17/50 (a)	15,955	1,254
	Bayview Opportunity Master Fund IVb Trust
		Series 2019-A1-SBR2, 3.43%, 06/28/34 (b) (c) (d)	3,108	3,110
	BBCMS Mortgage Trust
		Series 2018-F-TALL, REMIC, 5.26%, (1M USD LIBOR + 3.24%), 03/16/20 (a) (b) (d)	4,000	4,015
		Series 2017-C-DELC, REMIC, 3.23%, (1M USD LIBOR + 1.20%), 08/15/36 (a) (b)	331	330
		Series 2017-D-DELC, REMIC, 3.73%, (1M USD LIBOR + 1.70%), 08/15/36 (a) (b)	377	377
		Series 2017-E-DELC, REMIC, 4.53%, (1M USD LIBOR + 2.50%), 08/15/36 (a) (b)	759	762
		Series 2017-F-DELC, REMIC, 5.53%, (1M USD LIBOR + 3.50%), 08/15/36 (a) (b)	2,138	2,154
		Interest Only, Series 2017-XA-C1, REMIC, 1.67%, 02/17/50 (a)	22,517	1,934
	BBCMS Trust
		Series 2015-D-STP, REMIC, 4.43%, 09/10/20 (a) (b)	425	427
		Series 2018-D-CBM, REMIC, 4.42%, (1M USD LIBOR + 2.39%), 07/15/20 (a) (b)	2,753	2,765
	BB-UBS Trust
		Series 2012-TE-TFT, REMIC, 3.68%, 06/05/20 (a) (b)	3,283	3,195
	Bear Stearns ALT-A Trust Mortgage Pass-Through Certificates
		Series 2006-31A1-4, REMIC, 4.69%, 07/25/36 (a)	4,604	4,518
	Bellemeade Re Ltd
		Series 2019-M1A-2A, 3.02%, (1M USD LIBOR + 1.00%), 04/25/29 (a) (b)	5,000	5,012
	Benefit Street Partners CLO III Ltd
		Series 2013-A1R-IIIA, 3.53%, (3M USD LIBOR + 1.25%), 07/20/29 (a) (b)	2,000	2,000
	BHMS
		Series 2018-C-ATLS, REMIC, 3.93%, (1M USD LIBOR + 1.90%), 07/15/20 (a) (b)	3,131	3,137
	Birch Grove CLO Ltd
		Series A-19A, 3.97%, (3M USD LIBOR + 1.49%), 06/16/31 (a) (b)	2,500	2,500
	Braemar Hotels & Resorts Trust
		Series 2018-E-PRME, REMIC, 4.43%, 06/15/20 (a) (b)	2,496	2,511
		Series 2018-F-PRME, REMIC, 4.93%, (1M USD LIBOR + 2.90%), 06/15/20 (a) (b)	1,722	1,728
	BRAVO Residential Funding Trust
		Series 2019-A2-NQM1, REMIC, 2.89%, 07/25/59 (b)	1,839	1,830
	BX Commercial Mortgage Trust
		Series 2018-D-BIOA, REMIC, 3.44%, (1M USD LIBOR + 1.32%), 03/16/20 (a) (b)	810	812
		Series 2018-E-BIOA, REMIC, 4.07%, (1M USD LIBOR + 1.95%), 03/16/20 (a) (b)	2,025	2,031
		Series 2019-D-IMC, REMIC, 3.93%, (1M USD LIBOR + 1.90%), 04/15/21 (a) (b)	1,000	1,005
		Series 2019-F-IMC, REMIC, 4.93%, 04/15/21 (b)	2,513	2,530
	Bx Trust
		Series 2018-F-MCSF, REMIC, 4.67%, (1M USD LIBOR + 2.65%), 04/15/20 (a) (e) (f)	2,887	2,901
		Series 2018-E-GW, REMIC, 4.00%, (1M USD LIBOR + 1.97%), 05/15/20 (a) (b)	968	972
		Series 2018-F-GW, REMIC, 4.45%, (1M USD LIBOR + 2.42%), 05/15/20 (a) (b)	839	843
		Series 2018-G-GW, REMIC, 4.95%, (1M USD LIBOR + 2.92%), 05/15/20 (a) (e) (f)	581	585
	BX Trust
		Series 2019-E-MMP, REMIC, 3.93%, 08/16/21 (b)	3,784	3,801
	Capmark Mortgage Securities Inc.
		Series 2004-D-C3, REMIC, 5.04%, 12/10/41 (a)	1,057	1,056
		Series 2004-E-C3, REMIC, 5.14%, 12/10/41 (a) (b)	800	803
	Carbon Capital VI Commercial Mortgage Trust
		Series 2019-B-FL2, REMIC, 4.88%, (1M USD LIBOR + 2.85%), 11/18/21 (a) (b)	3,310	3,333
	Carbone Clo Ltd
		Series 2017-A1-1A, 3.42%, (3M USD LIBOR + 1.14%), 01/21/31 (a) (b)	3,000	2,986
	CARLYLE US CLO Ltd
		Series 2017-A1A-1A, 3.58%, (3M USD LIBOR + 1.30%), 04/21/31 (a) (b)	1,000	1,000
		Series 2017-A2-1A, 3.93%, (3M USD LIBOR + 1.65%), 04/21/31 (a) (b)	2,000	1,981
	CarVal CLO III Ltd
		Series 2019-A-2A, 3.62%, (1M USD LIBOR + 1.35%), 07/20/32 (a) (b) (c)	8,000	7,999
	Castlelake Aircraft Structured Trust
		Series 2019-A-1A, 3.97%, 04/15/26 (b)	3,369	3,421

149

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1	Value ($)
Cathedral Lake CLO Ltd
	Series 2015-AR-3A, 3.62%, (3M USD LIBOR + 1.32%), 07/16/29 (a) (b)	2,000	2,000
Cathedral Lake II, Ltd.
	Series 2015-A1R-2A, 3.61%, (3M USD LIBOR + 1.31%), 07/16/29 (a) (b)	2,000	2,000
CBAM Ltd
	Series 2019-A1A-10A, 3.99%, (3M USD LIBOR + 1.42%), 04/20/32 (a) (b)	3,000	3,005
CD Mortgage Trust
	Interest Only, Series 2017-XA-CD4, REMIC, 1.47%, 05/12/50 (a)	18,228	1,336
CFCRE Mortgage Trust
	Interest Only, Series 2017-XA-C8, 1.81%, 06/17/50 (a)	16,039	1,424
	Series 2016-C-C4, REMIC, 5.04%, 04/10/26 (a)	2,332	2,542
	Interest Only, Series 2016-XA-C3, REMIC, 1.19%, 01/10/48 (a)	4,967	272
	Interest Only, Series 2016-XA-C4, REMIC, 1.88%, 05/10/58 (a)	16,774	1,448
CFIP CLO Ltd
	Series 2014-AR-1A, 3.62%, (3M USD LIBOR + 1.32%), 07/13/29 (a) (b)	7,500	7,500
CGGS Commercial Mortgage Trust
	Series 2018-D-WSS, REMIC, 4.42%, (1M USD LIBOR + 2.30%), 02/18/20 (a) (b)	2,837	2,832
CHT Mortgage Trust
	Series 2017-E-CSMO, REMIC, 5.03%, (1M USD LIBOR + 3.00%), 11/15/19 (a) (b)	761	762
	Series 2017-F-CSMO, REMIC, 5.77%, (1M USD LIBOR + 3.74%), 11/15/19 (a) (e) (f)	406	406
CIM Trust
	Series 2016-A1-3, REMIC, 4.73%, (1M USD LIBOR + 2.50%), 02/25/56 (a) (b)	2,803	2,869
Citigroup Commercial Mortgage Trust
	Series 2018-E-TBR, 4.83%, (1M USD LIBOR + 2.80%), 12/16/19 (a) (b)	4,739	4,742
	Series 2018-F-TBR, 5.68%, (1M USD LIBOR + 3.65%), 12/16/19 (a) (e) (f)	4,510	4,523
	Series 2015-C-GC27, REMIC, 4.57%, 01/10/25 (a)	828	855
	Series 2015-C-GC35, REMIC, 4.65%, 11/10/25	311	328
	Interest Only, Series 2014-XA-GC19, REMIC, 1.32%, 03/12/47 (a)	27,233	1,155
	Interest Only, Series 2014-XA-GC21, REMIC, 1.35%, 05/10/47 (a)	26,265	1,206
	Interest Only, Series 2015-XA-GC35, REMIC, 1.01%, 11/10/48 (a)	3,949	139
	Interest Only, Series 2016-XA-GC36, REMIC, 1.44%, 02/12/49 (a)	4,179	268
	Interest Only, Series 2016-XA-GC37, REMIC, 1.93%, 04/12/49 (a)	4,291	383
	Interest Only, Series 2016-XA-P3, REMIC, 1.85%, 04/16/49 (a)	7,573	587
	Interest Only, Series 2016-XA-P5, REMIC, 1.67%, 10/13/49 (a)	11,185	839
	Interest Only, Series 2017-XA-P7, REMIC, 1.28%, 04/15/50 (a)	13,641	893
Citigroup Mortgage Loan Trust Inc
	Series 2018-A1-C, 4.13%, 03/25/59 (b)	9,535	9,620
Citigtoup Mortgage Loan Trust
	Series 2018-A1-A, REMIC, 4.00%, 01/25/68 (b) (d)	14,343	14,515
Citimortgage Alternative Loan Trust
	Series 2006-1A13-A3, REMIC, 6.00%, 07/25/36	1,273	1,264
CLI Funding VI LLC
	Series 2019-A-1A, 3.71%, 05/18/29 (b)	1,445	1,456
CLNS Trust
	Series 2017-D-IKPR, 4.10%, (1M USD LIBOR + 2.05%), 06/11/32 (a) (b)	973	972
	Series 2017-E-IKPR, 5.55%, (1M USD LIBOR + 3.50%), 06/11/32 (a) (b)	973	974
	Series 2017-F-IKPR, 6.55%, (1M USD LIBOR + 4.50%), 06/11/32 (a) (e) (f)	973	976
COLT Mortgage Loan Trust
	Series 2018-A1-1, REMIC, 2.93%, 02/25/48 (a) (b)	2,861	2,876
COMM Mortgage Trust
	Series 2018-D-HCLV, 4.20%, (1M USD LIBOR + 2.18%), 09/15/20 (a) (b)	197	197
	Series 2015-C-LC23, REMIC, 4.80%, 10/10/25 (a)	306	329
	Series 2016-C-CR28, REMIC, 4.80%, 12/12/25 (a)	405	439
	Interest Only, Series 2013-XA-CR12, REMIC, 1.32%, 10/15/46 (a)	34,150	1,336
	Interest Only, Series 2014-XA-UBS3, REMIC, 1.25%, 06/12/47 (a)	31,741	1,372
	Interest Only, Series 2015-XA-CR26, REMIC, 1.10%, 10/10/48 (a)	4,987	232
	Interest Only, Series 2015-XA-LC21, REMIC, 0.91%, 07/10/48 (a)	22,517	667
	Interest Only, Series 2015-XA-CR25, REMIC, 1.04%, 08/12/48 (a)	22,761	926
	Interest Only, Series 2015-XA-CR27, REMIC, 1.26%, 10/13/48 (a)	12,205	551
Commonbond Student Loan Trust
	Series 2016-A1-A, 3.32%, 05/25/40 (b)	1,645	1,697
CPS Auto Receivables Trust
	Series 2019-A-B, 2.89%, 09/15/20 (b)	2,199	2,205
Credit Acceptance Auto Loan Trust
	Series 2017-A-2A, 2.55%, 08/15/20 (b)	3,569	3,573
Credit Suisse Commercial Mortgage Trust
	Series 2007-B-C2, REMIC, 5.81%, 01/15/49 (a) (b)	3,500	3,498
Credit Suisse First Boston Mortgage Acceptance Corp.
	Series 2005-2A1-11, REMIC, 6.00%, 12/25/35	991	930
Credit Suisse Mortgage Capital Certificates
	Series 2019-E-ICE4, 4.18%, (1M USD LIBOR + 2.15%), 05/15/21 (a) (b)	3,595	3,604
Credit Suisse Mortgage Trust
	Series 2017-E-LSTK, REMIC, 3.44%, 04/07/21 (a) (e) (f)	1,799	1,787
	Series 2017-E-CHOP, REMIC, 5.33%, (1M USD LIBOR + 3.30%), 07/15/32 (a) (e) (f)	2,125	2,136
Crown Point CLO 6 Ltd
	Series 2018-A1-6A, 3.45%, (3M USD LIBOR + 1.17%), 10/20/28 (a) (b)	5,000	5,000
CSAIL Commercial Mortgage Trust
	Series 2015-C-C4, REMIC, 4.73%, 11/18/25 (a)	309	331
CSMC Trust
	Series 2018-A1-RPL8, 4.12%, 09/25/21 (b)	8,769	8,836
	Series 2018-A1-RPL7, REMIC, 4.00%, 09/25/21 (b)	9,551	9,659
CVP CLO Ltd
	Series 2017-A-1A, 3.62%, (3M USD LIBOR + 1.34%), 07/22/30 (a) (b)	7,500	7,498
	Series 2017-A-2A, 3.47%, (3M USD LIBOR + 1.19%), 01/21/31 (a) (b)	10,000	9,956
DBJPM Mortgage Trust
	Series 2016-C-C1, REMIC, 3.50%, 03/12/26 (a)	801	803
	Interest Only, Series 2016-XA-C1, REMIC, 1.62%, 05/12/49 (a)	13,382	962
DBUBS Mortgage Trust
	Series 2017-E-BRBK, REMIC, 3.65%, 10/11/24 (a) (b)	3,430	3,459
Deephave Residential Mortgage Trust
	Series 2017-A2-3A, REMIC, 2.71%, 11/25/21 (a) (b)	2,149	2,157
	Series 2017-A3-3A, REMIC, 2.81%, 11/25/21 (a) (b)	2,149	2,149
	Series 2017-A1-1A, REMIC, 2.72%, 10/27/25 (a) (b)	371	369
Deutsche Alt-A Securities Mortgage Loan Trust
	Series 2007-2A1-2, REMIC, 2.32%, (1M USD LIBOR + 0.30%), 09/25/47 (a)	1,558	1,425
DT Auto Owner Trust
	Series 2019-A-2A, 2.85%, 12/15/20 (b)	1,142	1,146
Earnest Student Loan Program LLC
	Series 2017-A2-A, 2.65%, 02/25/26 (b)	1,249	1,256
Elmwood CLO II Ltd
	Series 2019-B-2A, 4.65%, (3M USD LIBOR + 2.10%), 04/20/31 (a) (b)	2,500	2,500

150

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1	Value ($)
	Series 2019-A-2A, 4.00%, (3M USD LIBOR + 1.45%), 04/21/31 (a) (b)	5,000	5,004
Flagship Credit Auto Trust
	Series 2016-C-4, 2.71%, 08/15/20 (b)	2,000	2,005
	Series 2016-B-3, 2.43%, 06/15/21 (b)	36	36
Foundation Finance Trust
	Series 2019-A-1A, 3.86%, 12/15/24 (b)	3,347	3,390
Freed ABS Trust
	Series 2019-A-1, 3.42%, 06/18/26 (b)	1,767	1,776
Galaxy XXII CLO Ltd
	Series 2016-A2R-22A, 3.17%, (3M USD LIBOR + 0.85%), 07/17/28 (a) (b)	5,000	4,971
GCAT LLC
	Series 2019-A1-2, 3.47%, 06/27/22 (b) (c) (d)	573	573
Gilbert Park CLO Ltd
	Series 2017-A-1A, 3.49%, (3M USD LIBOR + 1.19%), 10/15/30 (a) (b)	3,000	2,999
Global SC Finance IV Ltd
	Series 2018-A-1A, 4.29%, 05/17/28 (b)	2,567	2,694
GLS Auto Receivables Trust
	Series 2018-A-3A, 3.35%, 08/15/22 (b)	1,150	1,155
	Series 2019-A-2A, 3.06%, 04/17/23 (b)	2,477	2,490
GPMT Ltd
	Series 2019-D-FL2, 4.98%, 11/15/23 (b)	2,162	2,176
Great Wolf Trust
	Series 2017-D-WOLF, 4.13%, (1M USD LIBOR + 2.10%), 09/15/34 (a) (b)	698	698
	Series 2017-E-WOLF, 5.13%, (1M USD LIBOR + 3.10%), 09/15/34 (a) (b)	1,082	1,082
	Series 2017-F-WOLF, 6.10%, (1M USD LIBOR + 4.07%), 09/15/34 (a) (e) (f)	576	576
Greystone Commercial Real Estate Notes
	Series 2019-D-FL2, 4.66%, 02/15/25 (b)	3,777	3,789
Greywolf CLO VII, Ltd.
	Series 2018-A1-7A, 3.46%, (3M USD LIBOR + 1.18%), 10/20/31 (a) (b)	3,000	2,985
GS Mortgage Securities Corp Trust
	Series 2019-E-SOHO, 3.90%, (1M USD LIBOR + 1.88%), 06/15/21 (a) (b)	3,605	3,597
	Series 2014-D-GC26, REMIC, 4.67%, 11/10/47 (a) (b)	2,038	1,804
	Series 2018-G-RIVR, REMIC, 4.63%, (1M USD LIBOR + 2.60%), 07/15/20 (a) (b)	2,000	1,974
	Series 2018-E-LUAU, REMIC, 4.58%, (1M USD LIBOR + 2.55%), 11/16/20 (a) (b)	3,342	3,348
	Series 2018-F-FBLU, REMIC, 5.28%, 11/16/20 (b)	3,360	3,373
GS Mortgage Securities Trust
	Series 2019-E-SMP, 4.74%, 08/21/21 (a)	4,000	4,005
	Interest Only, Series 2017-XA-GS6, 1.19%, 05/12/50 (a)	23,031	1,556
	Interest Only, Series 2017-XA-GS8, 1.12%, 11/11/50 (a)	32,554	2,029
	Interest Only, Series 2015-XA-GC34, REMIC, 1.48%, 10/10/25 (a)	3,381	207
	Interest Only, Series 2014-XA-GC24, REMIC, 0.87%, 09/10/47 (a)	9,459	284
	Interest Only, Series 2015-XA-GS1, REMIC, 0.94%, 11/10/48 (a)	5,564	230
	Series 2019-A1-SL1, REMIC, 2.63%, 01/25/59 (b)	5,274	5,249
GSCG Trust
	Series 2019-G-600C, REMIC, 4.12%, 09/06/24 (b)	3,460	3,334
Halcyon Loan Advisors Funding Ltd
	Series 2015-A1R-3A, 3.20%, (3M USD LIBOR + 0.90%), 10/18/27 (a) (b)	6,500	6,500
Hardee's Funding LLC
	Series 2018-AI-1A, 4.25%, 06/20/22 (b)	4,455	4,539
Highbridge Loan Management Ltd
	Series 3A-2014-CR, 5.90%, (3M USD LIBOR + 3.60%), 07/18/29 (a) (b)	1,900	1,876
Home Equity Loan Trust
	Series 2007-2AV2-FRE1, REMIC, 2.18%, (1M USD LIBOR + 0.16%), 04/25/37 (a)	125	125
Horizon Aircraft Finance I Ltd
	Series 2018-A-1, 4.46%, 12/15/25 (b)	2,796	2,904
Hospitality Mortgage Trust
	Series 2019-F-HIT, 5.18%, (1M USD LIBOR + 3.15%), 11/15/21 (a) (b)	3,529	3,547
IMT Trust
	Series 2017-EFL-APTS, 4.18%, (1M USD LIBOR + 2.15%), 06/15/34 (a) (b)	721	721
	Series 2017-FFL-APTS, 4.88%, (1M USD LIBOR + 2.85%), 06/15/34 (a) (e) (f)	721	721
IndyMac MBS, Inc.
	Series 2005-1A2-A15, REMIC, 5.75%, 02/25/36	813	805
	Series 2006-A10-A2, REMIC, 6.00%, 05/25/36	1,350	912
J.P. Morgan Chase Commercial Mortgage Securities Corp.
	Series 2019-E-MFP, 4.13%, (1M USD LIBOR + 2.16%), 07/15/21 (a) (b)	2,438	2,444
	Series 2018-E-AON, 4.77%, 07/10/23 (a) (b)	3,103	3,258
	Series 2019-C-UES, 4.34%, 05/07/24 (b)	1,177	1,253
	Series 2019-D-UES, 4.60%, 05/07/24 (a) (b)	1,205	1,268
	Series 2019-E-UES, 4.60%, 05/07/24 (a) (b)	1,406	1,458
	Series 2019-F-UES, 4.60%, 05/07/24 (a) (b)	1,476	1,481
	Series 2019-G-UES, 4.60%, 05/07/24 (a) (b)	1,612	1,556
	Series 2018-EFX-WPT, REMIC, 5.54%, 07/07/23 (b)	3,141	3,351
	Series 2004-D-CBX, REMIC, 5.10%, 01/12/37 (a)	417	418
J.P. Morgan Chase Commercial Mortgage Securities Trust
	Series 2018-C-LAQ, 3.63%, (1M USD LIBOR + 1.60%), 06/15/20 (a) (b)	4,596	4,608
	Series 2018-D-LAQ, 4.13%, (1M USD LIBOR + 2.10%), 06/15/20 (a) (b)	1,824	1,835
	Series 2018-E-LAQ, 5.03%, (1M USD LIBOR + 3.00%), 06/15/20 (a) (b)	584	588
	Series 2011-D-C5, REMIC, 5.55%, 09/17/21 (a) (b)	2,400	2,440
	Series 2006-AMS-LDP9, REMIC, 5.34%, 05/15/47	219	210
J.P. Morgan Mortgage Trust
	Series 2018-A2-7FRB, 2.90%, (1M USD LIBOR + 0.75%), 11/25/33 (a) (b)	3,166	3,159
Jamestown CLO Ltd
	Series 2018-A1-6RA, 3.43%, (3M USD LIBOR + 1.15%), 04/25/30 (a) (b)	1,000	996
Jimmy Johns Funding LLC
	Series 2017-A2II-1A, 4.85%, 07/30/27 (b)	5,880	6,164
JP Morgan Chase & Co.
	Series 2016-E-WIKI, REMIC, 4.14%, 10/07/21 (a) (b)	2,356	2,384
JPMBB Commercial Mortgage Securities Trust
	Series 2015-C-C32, REMIC, 4.82%, 10/15/25 (a)	366	391
	Series 2015-C-C33, REMIC, 4.77%, 11/15/25 (a)	359	384
	Interest Only, Series 2015-XA-C32, REMIC, 1.52%, 11/18/48 (a)	13,666	538
JPMCC Commercial Mortgage Securities Trust
	Interest Only, Series 2015-XA-JP1, REMIC, 1.25%, 01/15/49 (a)	4,816	193
JPMCC Commercial Mortgage Securities Trust
	Interest Only, Series 2016-XA-JP4, REMIC, 0.88%, 12/17/49 (a)	18,592	635
JPMDB Commercial Mortgage Securities Trust
	Interest Only, Series 2016-XA-C2, REMIC, 1.83%, 06/17/49 (a)	34,234	2,389
Kabbage Asset Securitization LLC
	Series 2019-A-1, 3.83%, 03/15/22 (b)	4,000	4,062
Kestrel Aircraft Funding Limited
	Series 2018-A-1A, 4.25%, 10/15/25 (b)	1,883	1,933
Kingsland VIII Ltd
	Series 2018-A-8A, 3.40%, (3M USD LIBOR + 1.12%), 04/21/31 (a) (b)	4,000	3,979
LCCM Mortgage Trust
	Series 2017-C-LC26, REMIC, 4.71%, 06/11/27 (b)	2,900	3,083
LCM XVII LP
	Series A2RR-17A, 3.45%, (3M USD LIBOR + 1.15%), 10/15/31 (a) (b)	5,000	4,960

151

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1	Value ($)
Legacy Mortgage Asset Trust
	Series 2018-A1-GS2, 4.00%, 06/25/20 (b) (d)	13,621	13,738
	Series 2019-A1-GS3, 3.75%, 04/25/21 (b) (d)	4,739	4,814
	Series 2019-A1-GS4, 3.44%, 05/25/21 (b) (d)	3,869	3,890
	Series 2018-A1-GS1, REMIC, 4.00%, 04/25/20 (b) (d)	4,516	4,547
	Series 2017-A1-GS1, REMIC, 3.50%, 04/27/20 (b) (d)	3,846	3,849
	Series 2019-A1-GS1, REMIC, 4.00%, 02/25/21 (b) (d)	4,767	4,822
	Series 2019-A1-GS6, REMIC, 3.00%, 08/25/21 (b) (d)	9,537	9,546
Lendingpoint Asset Securitization Trust
	Series 2019-A-1, 3.15%, 01/15/21 (b)	4,710	4,716
LSTAR Commercial Mortgage Trust
	Interest Only, Series 2016-XA-4, 2.03%, 03/12/49 (a) (b)	15,823	964
Marathon CLO V Ltd
	Series 2013-A1R-5A, 3.02%, 11/21/27 (b)	5,000	4,972
Marble Point CLO XI Ltd
	Series 2017-A-2A, 3.48%, (3M USD LIBOR + 1.18%), 12/18/30 (a) (b)	2,000	1,990
Marble Point CLO XV Ltd
	Series 2019-A1-1A, 3.86%, (3M USD LIBOR + 1.42%), 07/23/32 (a) (b)	3,000	3,000
Marlette Funding Trust
	Series 2019-A-2A, 3.13%, 11/15/21 (b)	1,636	1,648
Merrill Lynch Mortgage Trust
	Series 2006-AJ-C1, REMIC, 5.78%, 05/12/39 (a)	19	19
MidOcean Partners
	Series 2017-A1-7A, 3.62%, (3M USD LIBOR + 1.32%), 07/16/29 (a) (b)	7,000	7,000
Milos CLO Ltd
	Series 2017-A-1A, 3.53%, (3M USD LIBOR + 1.25%), 10/20/30 (a) (b)	7,500	7,500
Morgan Stanley Bank of America Merrill Lynch Trust
	Series 2015-C-C25, REMIC, 4.68%, 09/15/25 (a)	420	454
	Series 2015-D-C27, REMIC, 3.24%, 11/15/25 (b)	297	274
	Series 2015-C-C27, REMIC, 4.68%, 11/15/25 (a)	207	215
	Series 2016-C-C29, REMIC, 4.91%, 04/17/26 (a)	2,371	2,565
	Interest Only, Series 2014-XA-C15, REMIC, 1.14%, 04/17/47 (a)	13,706	477
	Interest Only, Series 2016-XA-C28, REMIC, 1.40%, 01/15/49 (a)	4,512	264
	Series 2018-D-SUN, REMIC, 3.68%, (1M USD LIBOR + 1.65%), 07/15/20 (a) (b)	899	899
	Series 2018-F-SUN, REMIC, 4.58%, (1M USD LIBOR + 2.55%), 07/15/20 (a) (b)	1,342	1,346
	Series 2018-G-SUN, REMIC, 5.08%, (1M USD LIBOR + 3.05%), 07/15/20 (a) (b)	899	902
	Series 2014-C-C17, REMIC, 4.66%, 07/17/24 (a)	1,240	1,283
	Series 2015-D-C20, REMIC, 3.07%, 01/17/25 (b)	180	168
Morgan Stanley Capital I Trust
	Series 2017-E-CLS, 3.98%, (1M USD LIBOR + 1.95%), 11/15/19 (a) (b)	2,575	2,576
	Series 2017-F-CLS, 4.63%, (1M USD LIBOR + 2.60%), 11/15/19 (a) (b)	2,556	2,566
	Interest Only, Series 2017-XA-H1, 1.60%, 06/17/50 (a)	26,295	2,001
	Interest Only, Series 2015-XA-UBS8, REMIC, 1.05%, 12/15/48 (a)	4,740	214
	Series 2014-CPT, REMIC, 3.56%, 07/15/21 (a) (b)	3,091	3,108
	Series 2014-CPT, REMIC, 3.56%, 07/15/21 (a) (e) (f)	527	528
Mosaic Solar Loan Trust
	Series 2018-A-2GS, 4.20%, 10/21/30 (b)	3,888	4,027
Motel 6 Trust
	Series 2017-A-MTL6, 2.95%, (1M USD LIBOR + 0.92%), 08/15/34 (a) (b)	1,035	1,035
	Series 2017-D-MTL6, REMIC, 4.18%, (1M USD LIBOR + 2.15%), 08/15/34 (a) (b)	1,988	1,991
	Series 2017-F-MTL6, REMIC, 6.28%, (1M USD LIBOR + 4.25%), 08/15/34 (a) (b)	2,613	2,628
MP CLO IV Ltd
	Series 2013-ARR-2A, 3.56%, (3M USD LIBOR + 1.28%), 07/25/29 (a) (b)	7,500	7,483
MP CLO VIII Ltd
	Series 2015-AR-2A, 3.17%, (3M USD LIBOR + 0.91%), 10/28/27 (a) (b)	3,000	3,000
MSCG Trust
	Interest Only, Series 2018-XCP-SELF, 1.16%, 04/15/20 (a) (e) (f)	77,520	470
	Series 2018-F-SELF, 5.08%, (1M USD LIBOR + 3.05%), 10/15/20 (a) (b)	3,335	3,358
Nassau Ltd
	Series 2018-A-IA, 3.45%, (3M USD LIBOR + 1.15%), 07/15/31 (a) (b)	5,000	4,942
Natixis Commercial Mortgage Securities Trust
	Series 2018-C-FL1, 4.23%, (1M USD LIBOR + 2.20%), 06/15/22 (a) (b)	3,129	3,101
Navient Private Education Refi Loan Trust
	Series 2018-B-A, 3.68%, 11/17/25 (b)	3,000	3,160
Newark BSL CLO 1 Ltd
	Series 2016-A1-1A, 3.78%, (3M USD LIBOR + 1.52%), 12/21/29 (a) (b)	3,000	3,011
	Series 2016-A2-1A, 4.46%, (3M USD LIBOR + 2.20%), 12/21/29 (a) (b)	3,000	3,004
NLY Commercial Mortgage Trust
	Series 2019-B-FL2, 3.93%, 01/15/23 (b)	3,226	3,236
Oaktown Re III Ltd
	Series 2019-M1A-1A, 3.42%, 07/25/24 (a) (b)	3,000	3,000
Ocean Trails CLO V
	Series 2014-ARR-5A, 3.58%, (3M USD LIBOR + 1.28%), 10/13/31 (a) (b)	5,000	4,969
OFSI BSL IX, Ltd.
	Series 2018-A-1A, 3.45%, (3M USD LIBOR + 1.15%), 07/15/31 (a) (b)	5,000	4,968
One Market Plaza Trust
	Series 2017-E-1MKT, REMIC, 4.14%, 02/10/24 (b)	3,437	3,541
OneMain Financial Issuance Trust
	Series 2017-A1-1A, 2.37%, 04/14/21 (b)	5,000	4,990
Park Avenue Institutional Advisers CLO Ltd
	Series 2016-A1R-1A, 3.35%, (3M USD LIBOR + 1.20%), 08/25/31 (a) (b)	4,500	4,469
PFP Ltd
	Series 2017-C-4, 4.28%, (1M USD LIBOR + 2.25%), 06/14/20 (a) (b)	1,561	1,566
	Series 2019-B-5, REMIC, 3.68%, (1M USD LIBOR + 1.65%), 03/14/22 (a) (b)	3,447	3,451
Positive Results Property Management LLC
	Series 2019-A1-1A, 4.50%, 01/25/22 (b) (d)	13,088	13,285
Pretium Mortgage Credit Partners LLC
	Series 2019-A1-NPL3, REMIC, 3.10%, 09/27/22 (b) (d)	3,300	3,300
Radnor Ltd
	Series 2019-M1A-2, 3.22%, (1M USD LIBOR + 1.20%), 06/25/21 (a) (b)	2,438	2,436
Rait Trust
	Series 2017-B-FL7, 3.63%, (1M USD LIBOR + 1.60%), 06/15/37 (a) (b)	2,096	2,095
Residential Accredit Loans, Inc.
	Series 2006-2A3-QS12, REMIC, 6.00%, 09/25/36	1,361	1,235
RFMSI Trust
	Series 2006-A5-S4, REMIC, 6.00%, 04/25/36	895	867
Rockford Tower CLO Ltd
	Series 2017-A-2A, 3.57%, (3M USD LIBOR + 1.27%), 10/15/29 (a) (b)	4,000	4,000
SBA Towers, LLC
	Series 2017-C-1, 3.17%, 04/15/22 (b)	5,000	5,065
Sierra Receivables Funding Co LLC
	Series 2016-A-3A, 2.43%, 05/20/24 (b)	1,524	1,523
SoFi Consumer Loan Program LLC
	Series 2016-A-3, 3.05%, 05/25/21 (b)	319	319
	Series 2016-A-1, 3.26%, 07/25/21 (b)	957	966

152

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1	Value ($)
	Series 2017-A2-6, 2.82%, 02/25/22 (b)	4,602	4,613
	Series 2017-A-3, 2.77%, 03/25/22 (b)	416	417
	Series 2017-A2-5, 2.78%, 04/25/22 (b)	1,121	1,124
	Series 2017-A-1, 3.28%, 01/26/26 (b)	314	316
	Series 2017-A-2, 3.28%, 02/25/26 (b)	226	228
SoFi Consumer Loan Program Trust
	Series 2018-A1-1, 2.55%, 04/25/20 (b)	175	175
	Series 2018-A1-2, 2.93%, 06/25/20 (b)	147	147
	Series 2019-A-1, 3.24%, 04/25/22 (b)	2,374	2,392
	Series 2019-A-2, 3.01%, 06/25/22 (b)	2,777	2,796
SoFi Professional Loan Program LLC
	Series 2017-A2B-A, 2.40%, 03/26/40 (b)	1,923	1,929
Sound Point CLO LTD
	Series 2013-A-3RA, 3.45%, (3M USD LIBOR + 1.15%), 04/18/31 (a) (b)	1,500	1,491
	Series 2018-A1A-21, 3.45%, (3M USD LIBOR + 1.17%), 10/27/31 (a) (b)	3,000	2,981
Springleaf Funding Trust
	Series 2016-A-AA, 2.90%, 03/15/20 (b)	1,775	1,775
Spruce ABS Trust
	Series 2016-A-E1, 4.32%, 01/18/22 (b)	761	768
Start Ltd/Bermuda
	Series 2018-A-1, 4.09%, 05/15/25 (b)	762	778
Starwood Property Mortgage Trust
	Series 2019-D-FL1, 4.62%, (1M USD LIBOR + 2.75%), 02/15/25 (a) (b)	2,494	2,503
Steele Creek CLO Ltd
	Series 2015-AR-1A, 3.41%, (3M USD LIBOR + 1.26%), 05/21/29 (a) (b)	4,000	3,996
	Series 2014-A-1RA, 3.35%, 04/21/31 (b)	2,550	2,531
	Series 2016-1A, 3.24%, (3M USD LIBOR + 1.12%), 06/15/31 (a) (b)	2,500	2,477
	Series 2018-A-2A, 3.32%, (3M USD LIBOR + 1.20%), 08/18/31 (a) (b)	2,000	1,998
	Series 2019-B-1A, 4.80%, (3M USD LIBOR + 2.20%), 04/15/32 (a) (b)	4,000	3,999
Structured Adjustable Rate Mortgage Loan Trust
	Series 2005-4A1-22, REMIC, 4.49%, 12/25/35 (a)	2,014	1,971
Structured Asset Securities Corporation
	Series 2005-1A1-5, REMIC, 5.75%, 04/25/35	2,865	2,475
Symphony CLO XV Ltd
	Series 2014-AR2-15A, REMIC, 3.56%, (3M USD LIBOR + 1.26%), 01/20/32 (a) (b)	2,000	2,000
TAL Advantage LLC
	Series 2017-A-1A, 4.50%, 04/20/27 (b)	6,051	6,238
Tharaldson Hotel Portfolio Trust
	Series 2018-E-THL, 5.22%, (1M USD LIBOR + 3.18%), 11/11/19 (a) (b)	2,244	2,250
THL Credit Wind River CLO Ltd
	Series 2014-AR-2A, 3.44%, (3M USD LIBOR + 1.14%), 01/15/31 (a) (b)	4,250	4,225
	Series 2019-B-3A, 4.60%, (3M USD LIBOR + 2.10%), 04/15/31 (a) (b)	2,000	2,000
Towd Point Mortgage Trust
	Series 2019-A1-SJ1, 3.75%, 01/25/22 (b)	1,458	1,466
TPG Real Estate Finance Issuer LTD
	Series 2018-D-FL2, 4.72%, (1M USD LIBOR + 2.70%), 11/18/37 (a) (b)	2,438	2,456
UBS Commercial Mortgage Trust
	Series 2018-C-C8, 4.86%, 02/17/28 (a)	1,858	2,046
	Interest Only, Series 2018-XA-C8, 1.04%, 02/17/51 (a)	26,942	1,606
	Interest Only, Series 2017-XB-C1, REMIC, 1.05%, 06/17/50 (a)	25,883	1,635
Upgrade Receivables Trust
	Series 2018-A-1A, 3.76%, 07/15/20 (b)	1,147	1,150
	Series 2019-A-1A, 3.48%, 03/15/25 (b)	1,716	1,722
Upstart Securitization Trust
	Series 2019-A-2, 2.90%, 09/20/21 (b)	2,401	2,407
	Series 2019-B-1, 4.19%, 04/20/26 (b)	1,000	1,010
Vantage Data Centers Issuer, LLC
	Series 2018-A2-2A, 4.20%, 11/15/23 (b)	2,975	3,085
	Series 2019-A2-1A, 3.19%, 07/15/24 (b)	1,998	2,020
Velocity Commercial Capital Loan Trust
	Series 2016-AFX-1, REMIC, 3.53%, 09/25/21 (a) (b)	110	110
	Series 2018-A-2, REMIC, 4.05%, 09/25/24 (b)	2,434	2,481
	Series 2019-A-2, REMIC, 3.13%, 06/25/25 (b)	9,427	9,393
Venture VII CDO Ltd
	Series 2006-A2-7A, 2.52%, (3M USD LIBOR + 0.24%), 01/20/22 (a) (b)	104	104
Venture XXIX CLO Ltd
	Series 2017-A-29A, 3.44%, (3M USD LIBOR + 1.28%), 09/09/30 (a) (b)	4,000	3,998
VERDE CLO
	Series 2019-A-1A, 3.91%, (3M USD LIBOR + 1.35%), 04/15/32 (a) (b)	3,755	3,757
Vericrest Opportunity Loan Transferee
	Series 2019-A1A-NPL5, REMIC, 3.35%, 08/25/22 (b) (d)	7,916	7,933
Vericrest Opportunity Loan Trust
	Series 2019-NL3-A1, 3.97%, 03/25/22 (b) (d)	7,787	7,829
Verus Securitization Trust
	Series 2018-A2-2, REMIC, 3.78%, 06/01/58 (b)	1,048	1,073
	Series 2018-A3-2, REMIC, 3.83%, 06/01/58 (b)	1,222	1,251
Vibrant CLO Ltd
	Series 2018-A1-10A, 3.48%, (3M USD LIBOR + 1.20%), 10/20/31 (a) (b)	3,000	2,985
VOLT LXII LLC
	Series 2017-A1-NPL9, 3.13%, 09/25/20 (b) (d)	2,066	2,064
VOLT LXIX LLC
	Series 2018-A1A-NPL5, 4.21%, 08/25/21 (b) (d)	3,157	3,165
VOLT LXXI LLC
	Series 2018-A1A-NPL7, 3.97%, 09/27/21 (b) (d)	3,069	3,075
VOLT LXXII LLC
	Series 2018-A1A-NPL8, 4.21%, 10/25/21 (b) (d)	3,054	3,073
VOLT LXXX LLC
	Series 2019-A1A-NPL6, REMIC, 3.23%, 09/25/22 (b) (d)	4,800	4,841
Washington Mutural Asset-Backed Certificates
	Series 2006-M1-HE1, REMIC, 2.53%, (1M USD LIBOR + 0.34%), 02/25/36 (a)	14,984	14,274
WAVE LLC
	Series 2019-A-1, 3.60%, 09/15/27 (b) (g)	5,000	5,000
Wellfleet CLO Ltd
	Series 2018-A1-2A, 3.48%, (3M USD LIBOR + 1.20%), 10/20/31 (a) (b)	4,500	4,468
Wells Fargo & Company
	Series 2015-A4-P2, REMIC, 3.81%, 12/15/25	363	394
	Interest Only, Series 2015-XA-P2, REMIC, 1.13%, 12/15/48 (a)	4,991	215
Wells Fargo Alternative Loan Trust
	Series 2007-3A1-PA3, REMIC, 6.25%, 07/25/37	898	853
Wells Fargo Commercial Mortgage Trust
	Interest Only, Series 2017-XA-C38, 1.21%, 07/15/50 (a)	26,122	1,648
	Series 2014-D-LC16, REMIC, 3.94%, 06/15/24 (b)	325	250
	Interest Only, Series 2015-XA-C31, REMIC, 1.18%, 07/15/25 (a)	4,258	217
	Series 2015-C-C31, REMIC, 4.76%, 11/15/25 (a)	400	427
	Series 2015-D-NXS4, REMIC, 3.75%, 11/18/25 (a)	375	374
	Series 2015-C-NXS4, REMIC, 4.75%, 11/18/25 (a)	310	336
	Series 2016-C-C32, REMIC, 4.88%, 01/16/26 (a)	311	330
	Series 2015-C-LC22, REMIC, 4.69%, 09/15/58 (a)	302	319
	Interest Only, Series 2016-XA-C33, REMIC, 1.92%, 03/17/59 (a)	2,764	219
	Series 2018-E-BXI, REMIC, 4.18%, (1M USD LIBOR + 2.16%), 12/16/19 (a) (b)	2,722	2,722
	Series 2018-C-C47, REMIC, 5.10%, 10/17/28 (a)	344	391
Wells Fargo Mortgage Backed Securities Trust
	Series 2007-A1-7, REMIC, 6.00%, 06/25/37	628	633
	Series 2007-A1-AR4, REMIC, 4.85%, 08/25/37 (a)	581	580

153

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Westlake Automobile Receivables Trust
		Series 2019-A2A-2A, 2.57%, 02/15/23 (b)	1,000		1,003
	WFRBS Commercial Mortgage Trust
		Interest Only, Series 2013-XA-C18, REMIC, 0.89%, 12/17/46 (a)	51,794		1,243
		Interest Only, Series 2014-XA-C19, REMIC, 1.20%, 03/15/47 (a)	43,145		1,467
		Interest Only, Series 2014-XA-C21, REMIC, 1.20%, 08/15/47 (a)	2,698		103
	WhiteHorse X Ltd
		Series 2015-A1R-10A, 3.23%, (3M USD LIBOR + 0.93%), 04/17/27 (a) (b)	4,312		4,307
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $840,017)			846,205
GOVERNMENT AND AGENCY OBLIGATIONS 19.7%
U.S. Treasury Note 10.5%
	Treasury, United States Department of
		2.25%, 03/31/20	40,100		40,169
		1.63%, 04/30/23	57,100		57,189
		2.25%, 12/31/23	85,300		87,686
		1.75%, 06/30/24 (h)	10,000		10,086
				195,130
Collateralized Mortgage Obligations 5.5%
	Federal Home Loan Mortgage Corporation
		Series F1-264, 2.58%, (1M USD LIBOR + 0.55%), 07/15/42 (a)	2,355		2,358
		Series HA-4582, REMIC, 3.00%, 09/15/45	3,022		3,141
		Series QA-4060, REMIC, 1.50%, 09/15/26	2,510		2,457
		Series AN-4030, REMIC, 1.75%, 04/15/27	4,620		4,531
		Series CD-4484, REMIC, 1.75%, 07/15/30	3,784		3,719
		Series BA-4642, REMIC, 3.00%, 02/15/41	5,980		6,104
		Series A-4734, REMIC, 3.00%, 07/15/42	5,725		5,865
		Series FA-4125, REMIC, 2.38%, (1M USD LIBOR + 0.35%), 11/15/42 (a)	4,214		4,187
		Series LA-4738, REMIC, 3.00%, 11/15/43	5,659		5,807
		Series EA-4824, REMIC, 4.50%, 02/15/45	2,785		2,844
		Series CF-4750, REMIC, 2.38%, (1M USD LIBOR + 0.35%), 01/15/48 (a)	7,630		7,572
	Federal National Mortgage Association, Inc.
		Series 2012-FK-56, 2.47%, (1M USD LIBOR + 0.45%), 06/25/42 (a)	5,277		5,259
		Series 2018-HF-70, 2.37%, (1M USD LIBOR + 0.35%), 10/25/58 (a)	8,627		8,588
		Series 2016-PA-72, REMIC, 3.00%, 07/25/46	4,501		4,652
		Series 2018-FA-55, REMIC, 2.32%, (1M USD LIBOR + 0.30%), 08/25/48 (a)	7,872		7,827
		Series 2018-FA-64, REMIC, 2.37%, (1M USD LIBOR + 0.35%), 09/25/48 (a)	7,535		7,489
		Series 2018-FA-77, REMIC, 2.32%, (1M USD LIBOR + 0.30%), 10/25/48 (a)	6,505		6,469
		Series 2017-FA-96, REMIC, 2.42%, (1M USD LIBOR + 0.40%), 12/25/57 (a)	9,005		8,993
	Government National Mortgage Association
		Series 2019-FK-42, REMIC, 2.49%, (1M USD LIBOR + 0.45%), 04/20/49 (a)	4,430		4,425
				102,287
Mortgage-Backed Securities 2.7%
	Federal Home Loan Mortgage Corporation
		3.50%, 09/01/32	7,174		7,442
		2.50%, 09/01/34	7,339		7,404
		3.00%, 10/01/34 (g)	18,100		18,520
	Federal National Mortgage Association, Inc.
		3.00%, 11/01/33	3,388		3,493
		3.10%, (12M USD LIBOR + 1.63%), 11/01/42 (a)	2,269		2,332
	FHLMC
		3.00%, 08/01/34	10,626		10,908
				50,099
Sovereign 1.0%
	Banco del Estado de Chile
		2.67%, 01/08/21 (b)	300		301
		3.88%, 02/08/22 (f)	600		621
	Banco Latinoamericano de Comercio Exterior, S.A.
		3.25%, 05/07/20 (f)	1,000		1,003
	Export-Import Bank of India
		3.13%, 07/20/21 (f)	1,000		1,009
	Export-Import Bank of Thailand
		3.04%, (3M USD LIBOR + 0.90%), 11/20/23 (a) (f)	400		401
		3.00%, (3M USD LIBOR + 0.85%), 05/23/24 (a) (f)	400		400
	Gobierno de la Republica de Chile
		3.88%, 08/05/20	1,800		1,827
	Gobierno de la Republica de Costa Rica
		10.00%, 08/01/20 (f)	400		421
	Nacional Financiera, S.N.C., Institucion de Banca de Desarrollo
		3.38%, 11/05/20 (f)	900		903
	Perusahaan Penerbit Surat Berharga Syariah Negara Indonesia
		3.40%, 03/29/22 (f)	700		714
	Presidencia Da Republica Federativa Do Brasil
		4.88%, 01/22/21	1,200		1,239
	Presidencia de la Republica de Colombia
		4.38%, 07/12/21	3,300		3,416
	Presidencia de la Republica Dominicana
		7.50%, 05/06/21 (f)	2,933		3,051
	The Republic of Indonesia, The Government of
		4.88%, 05/05/21 (f)	1,000		1,036
		3.70%, 01/08/22 (f)	1,200		1,232
		3.70%, 01/08/22 (b)	200		205
	Wakala Global Sukuk Berhad
		4.65%, 07/06/21 (f)	250		260
				18,039
Commercial Mortgage-Backed Securities 0.0%
	Federal Home Loan Mortgage Corporation
		Interest Only, Series X1-K722, REMIC, 1.44%, 03/25/23 (a)	12,324		444
	Total Government And Agency Obligations (cost $363,114)			365,999
CORPORATE BONDS AND NOTES 13.9%
Financials 6.6%
	AerCap Ireland Limited
		4.63%, 10/30/20	1,404		1,442
	American Express Company
		2.78%, (3M USD LIBOR + 0.65%), 02/27/23 (a)	1,560		1,562
	B3 S.A. - Brasil, Bolsa, Balcao
		5.50%, 07/16/20 (f)	600		611
	Banco Bradesco S/A.
		5.90%, 01/16/21 (f)	2,500		2,585
	Banco BTG Pactual S.A.
		4.00%, 01/16/20 (f)	600		600
	Banco de Reservas de la Republica Dominicana
		7.00%, 02/01/23 (f)	550		575
	Banco del Estado de Chile
		2.67%, 01/08/21 (f)	800		802
	Banco do Brasil S.A
		8.50%, 10/20/20 (f) (i)	900		945
	Banco Internacional Del Peru S.A.A. – Interbank
		5.75%, 10/07/20 (f)	1,000		1,033
	Banco Mercantil Del Norte, S.A. Institucion De Banca Multiple, Grupo Financiero Banorte
		6.88%, (callable at 100 beginning 07/06/22) (f) (i)	2,500		2,508
	Banco Nacional De Comercio Exterior, S.N.C.
		3.80%, 08/11/26 (a) (f)	1,800		1,821
	Banco Santander (Mexico) S.A.
		5.95%, 10/01/28 (b)	300		320
	Banco Santander-Chile
		2.50%, 12/15/20 (f)	400		401
	Bancolombia SA
		6.13%, 07/26/20	700		719
		5.95%, 06/03/21	1,750		1,844
	Bangkok Bank Public Company Limited
		4.80%, 10/18/20 (f)	1,300		1,334
		3.88%, 09/27/22 (f)	600		623
	Banistmo S.A.
		3.65%, 09/19/22 (b)	500		504

154

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1	Value ($)
Bank of America Corporation
	2.92%, (3M USD LIBOR + 0.79%), 03/05/24 (a)	2,750	2,752
Barclays Bank PLC
	2.65%, 01/11/21	2,915	2,923
BB&T Corporation
	2.20%, 03/16/23	1,425	1,422
BBVA Banco Continental
	5.00%, 08/26/22 (f)	1,700	1,808
BBVA Bancomer SA
	7.25%, 04/22/20 (f)	1,965	2,010
BBVA Bancomer, S.A.
	6.50%, 03/10/21 (f)	550	576
	6.75%, 09/30/22 (f)	500	545
	5.35%, 11/12/29 (f)	200	199
Braskem Finance Ltd
	7.00%, 05/07/20 (f)	400	409
BTG Pactual Holding S.A.
	7.75%, 02/15/29 (b)	800	836
C&W Senior Financing Designated Activity Company
	7.50%, 10/15/26 (f)	1,300	1,381
Capital One Financial Corporation
	2.40%, 10/30/20	1,430	1,434
Caterpillar Financial Services Corporation
	1.90%, 09/06/22	800	796
China National Petroleum Corporation
	4.50%, 04/28/21 (f)	500	515
	3.95%, 04/19/22 (f)	2,500	2,585
Citigroup Inc.
	2.75%, 04/25/22	1,445	1,466
	3.16%, (3M USD LIBOR + 1.02%), 06/01/24 (a)	1,555	1,568
CNOOC Finance (2002) Limited
	3.88%, 05/02/22 (f)	1,600	1,653
CNOOC Finance 2015 Australia Pty Ltd.
	2.63%, 05/05/20	1,700	1,702
Commonwealth Bank of Australia
	2.25%, 03/10/20 (b)	1,685	1,686
	2.05%, 09/18/20 (b)	795	795
	2.75%, 03/10/22 (b)	133	135
Credit Suisse Group AG
	3.37%, (3M USD LIBOR + 1.24%), 06/12/24 (a) (b)	1,270	1,278
Credito Real, S.A.B. De C.V. SOFOM E.N.R.
	7.25%, 07/20/23 (f)	300	317
Daimler Finance North America LLC
	2.30%, 02/12/21 (b)	1,205	1,204
DBS Group Holdings Ltd
	3.60%, (callable at 100 beginning 09/07/21) (f) (i)	2,400	2,403
	2.59%, (3M USD LIBOR + 0.49%), 06/08/20 (a) (f)	200	200
	2.85%, 04/16/22 (f)	300	305
	2.90%, (3M USD LIBOR + 0.62%), 07/25/22 (a) (f)	200	201
Ena Norte SA
	4.95%, 04/25/23 (f)	1,355	1,394
Ford Motor Credit Company LLC
	3.39%, (3M USD LIBOR + 1.24%), 02/15/23 (a)	1,330	1,287
General Motors Financial Company, Inc.
	2.65%, 04/13/20	140	140
	3.20%, 07/06/21	1,175	1,189
Global Bank Corporation
	4.50%, 10/20/21 (f)	700	720
	4.50%, 10/20/21 (b)	500	514
Goldman Sachs Bank USA
	3.20%, 06/05/20	990	998
Grupo Aval Acciones y Valores S.A.
	4.75%, 09/26/22 (f)	500	516
Gruposura Finance S.A.
	5.70%, 05/18/21 (f)	800	837
HSBC Holdings PLC
	3.12%, (3M USD LIBOR + 1.00%), 05/18/24 (a)	1,305	1,310
Industrial Senior Trust
	5.50%, 11/01/22 (f)	700	734
Itau Unibanco Holding S.A.
	5.75%, 01/22/21 (f)	1,100	1,135
	6.20%, 04/15/20 - 12/21/21 (f)	800	831
JPMorgan Chase & Co.
	3.21%, 04/01/23	1,875	1,918
LATAM Airlines Group S.A.
	6.00%, 12/15/20 (f)	466	470
Malayan Banking Berhad
	3.91%, 10/29/26 (a) (f)	3,100	3,154
Marsh & Mclennan Companies, Inc.
	3.30%, (3M USD LIBOR + 1.20%), 12/29/21 (a)	1,215	1,216
Mitsubishi UFJ Financial Group Inc
	3.13%, (3M USD LIBOR + 0.86%), 07/26/23 (a)	2,945	2,956
Mizuho Financial Group Inc
	2.92%, (3M USD LIBOR + 0.79%), 03/05/23 (a)	2,715	2,718
Morgan Stanley
	3.21%, (3M USD LIBOR + 0.93%), 07/22/22 (a)	2,750	2,767
Multibank, Inc.
	4.38%, 11/09/22 (f)	400	411
Oversea-Chinese Banking Corporation Limited
	4.00%, 10/15/24 (a) (f)	500	500
Peru Enhanced Pass-Through Finance Limited
	0.00%, 06/02/25 (f) (j)	825	759
Petrobras Global Finance B.V.
	5.30%, 01/27/25	250	273
Petrobras International Finance Co.
	5.38%, 01/27/21	200	207
PNC Bank, National Association
	2.45%, 11/05/20	750	753
PNC FUNDING CORP
	3.30%, 03/08/22	575	593
Prudential Financial, Inc.
	4.50%, 11/15/20	730	750
	3.50%, 05/15/24	1,890	2,006
Santander UK PLC
	2.50%, 01/05/21	2,785	2,788
Scotiabank Peru S.A.A.
	4.50%, 12/13/27 (f)	500	518
Sinochem Overseas Capital Co Ltd
	4.50%, 11/12/20 (f)	2,300	2,349
Sparc EM SPC
	0.00%, 12/05/22 (b) (j)	854	817
SPARC Limited
	0.00%, 12/05/22 (f) (j)	1,965	1,879
Sumitomo Mitsui Financial Group, Inc.
	2.06%, 07/14/21	2,895	2,886
Synchrony Financial
	3.75%, 08/15/21	1,415	1,443
Syngenta Finance N.V.
	3.70%, 04/24/20 (f) (k)	200	201
Temasek Financial (I) Limited
	2.38%, 01/23/23 (f)	1,500	1,523
The Goldman Sachs Group, Inc.
	2.30%, 12/13/19	1,420	1,420
	2.35%, 11/15/21	460	461
The Royal Bank of Scotland Group Public Limited Company
	3.66%, (3M USD LIBOR + 1.55%), 06/25/24 (a)	1,355	1,356
The Toronto-Dominion Bank
	3.25%, 06/11/21	2,755	2,812
UBS AG
	2.45%, 12/01/20 (b)	1,450	1,456
Unifin Financiera, S.A.B. de C.V. SOFOM, E.N.R.
	7.25%, 09/27/23 (f)	1,100	1,137
United Overseas Bank Limited
	3.50%, 09/16/26 (a) (f)	2,200	2,226
	2.88%, 03/08/27 (a)	800	800
Volkswagen Group of America, Inc.
	4.00%, 11/12/21 (b)	1,565	1,617
VTR GlobalCom S.p.A.
	6.88%, 01/15/24 (f)	1,900	1,955
Wells Fargo & Company
	2.15%, 01/30/20	700	700
Wells Fargo Bank, National Association
	2.60%, 01/15/21	2,165	2,179

155

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Westpac Banking Corporation
		2.65%, 01/25/21	1,820		1,835
				122,747
Energy 1.8%
	Bharat Petroleum Corporation Limited
		4.38%, 01/24/22 (f)	500		518
		4.63%, 10/25/22 (f)	2,000		2,108
	Continental Resources, Inc.
		4.50%, 04/15/23	1,305		1,356
	Delek & Avner (Tamar Bond) Ltd
		4.44%, 12/30/20 (b)	940		953
	Energy Transfer LP
		4.25%, 03/15/23	1,365		1,427
	EQT Corporation
		2.50%, 10/01/20	1,295		1,291
	Indian Oil Corpn. Limited
		5.63%, 08/02/21 (f)	900		946
		5.75%, 08/01/23 (f)	800		878
	Kinder Morgan Energy Partners, L.P.
		6.85%, 02/15/20	380		387
		3.95%, 09/01/22	270		281
	Kinder Morgan, Inc.
		3.05%, 12/01/19	2,090		2,092
	Marathon Petroleum Corporation
		4.75%, 12/15/23	1,195		1,298
	Occidental Petroleum Corporation
		2.70%, 08/15/22	765		771
	Oleoducto Central S.A.
		4.00%, 05/07/21 (f)	2,282		2,331
	ONGC Videsh Vankorneft Pte. Ltd.
		2.88%, 01/27/22 (f)	900		900
	Petroliam Nasional Berhad (PETRONAS)
		2.71%, 03/18/20 (f)	3,550		3,554
	PT Pertamina (Persero)
		5.25%, 05/23/21 (f)	1,900		1,981
		4.88%, 05/03/22 (f)	1,300		1,371
	PTTEP Canada International Finance Limited
		5.69%, 04/05/21 (f) (k)	200		209
	PTTEP Treasury Center Company Limited
		4.60%, (callable at 100 beginning 07/17/22) (f) (i)	1,500		1,533
	Reliance Holding USA, Inc.
		4.50%, 10/19/20 (f)	1,250		1,275
		5.40%, 02/14/22 (f)	1,850		1,966
	Schlumberger Holdings Corporation
		3.75%, 05/01/24 (b)	1,375		1,447
	Sinopec Group Overseas Development (2015) Limited
		2.50%, 04/28/20 (f)	1,300		1,301
	Sinopec Group Overseas Development (2016) Limited
		2.00%, 09/29/21 (f)	600		594
	Sinopec Group Overseas Development (2017) Limited
		3.00%, 04/12/22 (f)	600		607
		3.00%, 04/12/22 (b)	700		708
	Sinopec Group Overseas Development 2017 Limited
		2.25%, 09/13/20 (f)	300		300
				34,383
Health Care 1.4%
	AbbVie Inc.
		3.38%, 11/14/21	1,295		1,327
	Amgen Inc.
		2.20%, 05/11/20	2,705		2,707
		2.65%, 05/11/22	85		86
	Anthem, Inc.
		2.50%, 11/21/20	2,765		2,778
	AstraZeneca PLC
		2.38%, 11/16/20 - 06/12/22	2,865		2,875
	Cardinal Health, Inc.
		2.62%, 06/15/22	2,800		2,812
	Celgene Corporation
		2.88%, 08/15/20	1,220		1,228
	Cigna Holding Company
		3.40%, 09/17/21 (e)	1,410		1,442
	CVS Health Corporation
		3.70%, 03/09/23	2,665		2,773
	GlaxoSmithKline Capital PLC
		3.13%, 05/14/21	520		530
		2.88%, 06/01/22	2,290		2,339
	Takeda Pharmaceutical Co Ltd
		4.00%, 11/26/21 (b)	1,440		1,491
	Thermo Fisher Scientific Inc.
		3.60%, 08/15/21	2,770		2,840
				25,228
Consumer Staples 0.9%
	BAT Capital Corp.
		2.76%, 08/15/22	1,450		1,464
	CK Hutchison International (17) (II) Limited
		2.25%, 09/29/20 (f)	242		242
	CK Hutchison International (17) Limited
		2.88%, 04/05/22 (f)	400		403
	Coca-Cola Femsa SAB de CV
		4.63%, 02/15/20	900		907
	ESAL GmbH Elektroschaltanlagen
		6.25%, 02/05/23 (f)	268		273
	General Mills, Inc.
		3.15%, 12/15/21	1,360		1,387
	Grupo Bimbo S.A.B. de C.V.
		5.95%, (callable at 100 beginning 04/17/23) (f) (i)	1,500		1,578
		4.88%, 06/30/20 (f)	1,350		1,372
	Hutchison Whampoa International (11) Limited
		4.63%, 01/13/22 (f)	1,700		1,779
	JBS Investments II GmbH
		7.00%, 01/15/26 (b)	200		216
	Marfrig Holdings (Europe) B.V.
		7.00%, 03/15/24 (f)	2,392		2,497
	Mondelez International, Inc.
		3.00%, 05/07/20	2,635		2,649
		3.63%, 05/07/23	200		209
	Reynolds American Inc.
		3.25%, 06/12/20	1,040		1,048
		4.00%, 06/12/22	260		271
				16,295
Communication Services 0.8%
	AT&T Inc.
		2.80%, 02/17/21	2,760		2,783
	Axiata SPV2 Berhad
		3.47%, 11/19/20 (f)	3,493		3,524
	Colombia Telecomunicaciones, S.A. ESP
		8.50%, (callable at 100 beginning 03/30/20) (f) (i)	850		871
		5.38%, 09/27/22 (f)	500		504
	Comcast Corporation
		3.45%, 10/01/21	1,260		1,299
	Comcel Trust
		6.88%, 02/06/24 (f)	200		207
	Digicel Group Limited
		8.25%, 09/30/22 (b)	400		83
		2.00%, 04/01/24 (e) (f) (l)	201		21
	Globo Comunicacao e Participacoes S.A.
		4.88%, 04/11/22 (f)	2,000		2,075
	Millicom International Cellular SA
		6.00%, 03/15/25 (f)	1,300		1,346
	Telefonica Chile S.A.
		3.88%, 10/12/22 (f)	1,400		1,444
	Verizon Communications Inc.
		3.26%, (3M USD LIBOR + 1.10%), 05/15/25 (a)	1,545		1,569
				15,726
Industrials 0.8%
	Avolon Holdings Funding Limited
		3.63%, 05/01/22 (b)	1,285		1,303
	Cintas Corporation No. 2
		2.90%, 04/01/22	1,480		1,509
	Delta Air Lines, Inc.
		3.40%, 04/19/21	1,370		1,390

156

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	General Electric Company
		2.70%, 10/09/22	1,440		1,443
	LATAM Finance Limited
		6.88%, 04/11/24 (f)	1,050		1,104
	Northrop Grumman Corporation
		2.08%, 10/15/20	2,915		2,914
	Penske Truck Leasing Co., L.P.
		2.70%, 11/01/24 (b)	1,430		1,433
	Republic Services, Inc.
		2.50%, 08/15/24	650		658
	Union Pacific Corporation
		3.20%, 06/08/21	1,350		1,374
	Waste Management, Inc.
		2.95%, 06/15/24	1,310		1,356
				14,484
Materials 0.6%
	Andina Acquisition Corporation
		8.20%, 01/31/22 (f)	900		964
	Braskem Finance Ltd
		5.75%, 04/15/21 (f)	800		828
	Celulosa Arauco y Constitucion S.A.
		4.75%, 01/11/22	1,700		1,767
	CEMEX S.A.B. de C.V.
		6.13%, 05/05/25 (f)	300		312
		7.75%, 04/16/26 (f)	400		434
	Corporacion Nacional del Cobre de Chile
		3.88%, 11/03/21 (f)	200		206
	DuPont de Nemours, Inc
		3.77%, 11/15/20	925		941
		4.21%, 11/15/23	150		161
	Freeport-McMoRan Inc.
		4.55%, 11/14/24	1,300		1,334
	Inversiones CMPC S.A.
		4.50%, 04/25/22 (f)	1,000		1,039
	Southern Peru Copper Corporation (Sucursal Del Peru)
		5.38%, 04/16/20	1,900		1,929
	UPL Corporation Limited
		3.25%, 10/13/21 (f)	1,400		1,407
	Vedanta Resources Limited
		7.13%, 05/31/23 (f)	500		493
				11,815
Utilities 0.5%
	AES Gener S.A.
		7.13%, 03/26/79 (f)	800		840
		7.13%, 03/26/79 (b)	500		525
	Consolidated Edison, Inc.
		2.00%, 03/15/20 - 05/15/21	1,415		1,414
	DTE Energy Company
		2.53%, 10/01/24 (d)	695		697
	ELM Park CLO Designated Activity Company
		7.95%, 05/11/26 (f)	400		428
	Engie Energia Chile Sa
		5.63%, 01/15/21 (f)	650		675
	NextEra Energy Capital Holdings, Inc.
		3.34%, 09/01/20	1,230		1,243
		2.90%, 04/01/22	205		209
	Petrobras Argentina S.A.
		7.38%, 07/21/23 (f)	450		368
	PSEG Power LLC
		3.85%, 06/01/23	1,250		1,313
	PT Indonesia Power
		5.50%, 11/22/21 (f)	500		531
	The Israel Electric Corporation Ltd.
		6.88%, 06/21/23 (f)	300		342
				8,585
Information Technology 0.2%
	Analog Devices, Inc.
		2.95%, 01/12/21	1,430		1,443
	Microchip Technology Incorporated
		3.92%, 06/01/21	1,355		1,382
	Paypal Holdings, Inc.
		2.20%, 09/26/22	1,155		1,159
				3,984
Real Estate 0.2%
	Simon Property Group, L.P.
		2.00%, 09/13/24	1,365		1,351
	Welltower Inc.
		3.63%, 03/15/24	1,390		1,459
				2,810
Consumer Discretionary 0.1%
	Alibaba Group Holding Limited
		3.13%, 11/28/21	800		812
	eBay Inc.
		2.75%, 01/30/23	1,385		1,402
				2,214
	Total Corporate Bonds And Notes (cost $255,730)			258,271
SENIOR LOAN INTERESTS 4.1%
Health Care 0.7%
	Acadia Healthcare Company, Inc.
		2018 Term Loan B4, 4.54%, (3M LIBOR + 2.50%), 02/16/23 (a)	238		238
	Agiliti Health, Inc
		Term Loan, 5.12%, (3M LIBOR + 3.00%), 10/18/25 (a) (m)	229		228
	Air Methods Corporation
		2017 Term Loan B, 5.60%, (3M LIBOR + 3.50%), 04/12/24 (a)	616		498
	Aldevron, LLC
		Term Loan, 0.00%, (3M LIBOR + 4.25%), 09/20/26 (a) (n)	495		496
	Athenahealth, Inc.
		2019 Term Loan B, 6.68%, (3M LIBOR + 4.50%), 01/25/26 (a)	374		372
	Auris Luxembourg III S.a.r.l.
		2019 USD Term Loan B2, 5.79%, (3M LIBOR + 3.75%), 07/23/25 (a)	456		452
	Bausch Health Companies Inc.
		Term Loan B, 4.79%, (3M LIBOR + 2.75%), 11/26/25 (a)	367		368
	Catalent Pharma Solutions Inc.
		Term Loan B2, 4.29%, (3M LIBOR + 2.25%), 05/10/26 (a)	567		568
	Change Healthcare Holdings LLC
		2017 Term Loan B, 4.54%, (3M LIBOR + 2.50%), 02/02/24 - 02/03/24 (a)	440		439
	CHG Healthcare Services, Inc
		2017 1st Lien Term Loan B, 5.04%, (3M LIBOR + 3.00%), 06/07/23 (a)	457		457
	Concentra Inc.
		2018 1st Lien Term Loan, 4.54%, (3M LIBOR + 2.50%), 06/01/22 (a)	661		665
	DaVita, Inc.
		2019 Term Loan B, 4.29%, (3M LIBOR + 2.25%), 07/30/26 (a)	180		181
	DentalCorp Perfect Smile ULC
		1st Lien Term Loan, 5.80%, (3M LIBOR + 3.75%), 05/09/25 (a)	301		296
	Envision Healthcare Corporation
		2018 1st Lien Term Loan, 5.79%, (3M LIBOR + 3.75%), 09/27/25 (a)	239		195
	Gentiva Health Services, Inc.
		2018 1st Lien Term Loan, 5.81%, (3M LIBOR + 3.75%), 06/20/25 (a)	596		599
	Global Medical Response, Inc.
		2018 Term Loan B1, 5.31%, (3M LIBOR + 3.25%), 04/28/22 (a)	316		295
	HC Group Holdings II, Inc.
		Term Loan B, 6.54%, (3M LIBOR + 4.50%), 05/22/26 (a)	525		523
	IQVIA Inc.
		2017 USD Term Loan B2, 4.10%, (1M LIBOR + 2.00%), 01/17/25 (a)	506		508
	Jaguar Holding Company II
		Term Loan, 0.00%, (3M LIBOR + 2.50%), 08/18/22 (a) (n)	170		170
		Term Loan, 4.54%, (3M LIBOR + 2.50%), 08/18/22 (a)	457		457

157

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Kindred Healthcare LLC
		2018 1st Lien Term Loan, 7.06%, (3M LIBOR + 5.00%), 06/21/25 (a)	192		192
	MED ParentCo LP
		1st Lien Term Loan, 6.29%, (3M LIBOR + 4.25%), 08/01/26 (a)	144		143
	MPH Acquisition Holdings LLC
		2016 Term Loan B, 4.85%, (3M LIBOR + 2.75%), 06/07/23 (a)	466		443
	Parexel International Corporation
		Term Loan B, 4.79%, (3M LIBOR + 2.75%), 08/06/24 (a)	184		174
		Term Loan B, 0.00%, (3M LIBOR + 2.75%), 09/27/24 (a) (n)	25		24
	Radiology Partners Holdings, LLC
		2018 1st Lien Term Loan B, 7.06%, (3M LIBOR + 4.75%), 06/28/25 (a)	218		215
		2018 1st Lien Term Loan B, 7.39%, (3M LIBOR + 4.75%), 06/28/25 (a)	143		141
	RegionalCare Hospital Partners Holdings, Inc.
		2018 Term Loan B, 6.55%, (3M LIBOR + 4.50%), 11/09/25 (a)	299		299
	Select Medical Corporation
		2017 Term Loan B, 4.54%, (3M LIBOR + 2.50%), 02/13/24 (a)	1		1
		2017 Term Loan B, 4.58%, (3M LIBOR + 2.50%), 03/06/25 (a)	748		749
	Sound Inpatient Physicians
		2018 1st Lien Term Loan, 4.79%, (3M LIBOR + 2.75%), 06/19/25 (a)	522		520
	U.S. Anesthesia Partners, Inc.
		Term Loan, 5.04%, (3M LIBOR + 3.00%), 06/16/24 (a)	189		184
	Valeant Pharmaceuticals International, Inc.
		2018 Term Loan B, 5.04%, (3M LIBOR + 3.00%), 05/19/25 (a)	121		121
	Verscend Holding Corp.
		2018 Term Loan B, 6.54%, (3M LIBOR + 4.50%), 08/08/25 (a)	493		495
	Vizient, Inc.
		2019 Term Loan B5, 4.54%, (3M LIBOR + 2.50%), 04/17/26 (a)	109		110
	Wink Holdco, Inc
		1st Lien Term Loan B, 5.04%, (3M LIBOR + 3.00%), 11/02/24 (a)	457		449
	Zelis Healthcare Corp
		Term Loan, 0.00%, (3M LIBOR + 4.75%), 09/26/26 (a) (n)	525		520
				12,785
Consumer Discretionary 0.7%
	1011778 B.C. Unlimited Liability Company
		Term Loan B3, 4.29%, (3M LIBOR + 2.25%), 02/15/24 (a)	723		725
	A-L Parent LLC
		2016 1st Lien Term Loan, 5.30%, (3M LIBOR + 3.25%), 12/01/23 (a)	379		380
	Alterra Mountain Company
		Term Loan B1, 5.04%, (3M LIBOR + 3.00%), 06/28/24 (a)	523		523
	American Tire Distributors Holdings, Inc.
		Term Loan, 9.62%, (1M LIBOR + 7.50%), 10/01/21 (a)	335		294
	Aramark Services, Inc.
		Term Loan, 3.79%, (3M LIBOR + 1.75%), 03/01/25 (a)	520		520
	Bass Pro Group, LLC
		Term Loan B, 7.04%, (3M LIBOR + 5.00%), 11/15/23 (a)	119		114
	Caesars Entertainment Operating Company
		Term Loan, 4.04%, (3M LIBOR + 2.00%), 04/03/24 (a)	318		317
	Cengage Learning, Inc.
		2016 Term Loan B, 6.29%, (3M LIBOR + 4.25%), 06/07/23 (a)	399		376
	ClubCorp Holdings, Inc.
		2017 Term Loan B, 4.85%, (3M LIBOR + 2.75%), 08/16/24 (a)	241		214
	CSC Holdings, LLC
		2017 1st Lien Term Loan, 4.28%, (3M LIBOR + 2.25%), 07/15/25 (a)	270		270
	Equinox Holdings, Inc.
		2017 1st Lien Term Loan, 0.00%, (1M LIBOR + 3.00%), 03/08/24 (a) (n)	25		25
		2017 1st Lien Term Loan, 5.04%, (1M LIBOR + 3.00%), 03/08/24 (a)	456		456
	Explorer Holdings Inc
		2016 Term Loan B, 0.00%, (3M LIBOR + 3.75%), 05/02/23 (a) (n)	5		5
	Explorer Holdings, Inc.
		2016 Term Loan B, 3.75%, (3M LIBOR + 3.75%), 05/02/23 (a)	191		191
	FrontDoor Inc
		2018 Term Loan B, 4.56%, (3M LIBOR + 2.50%), 08/16/25 (a)	215		215
	Garda World Security Corp.
		2017 Term Loan B, 5.63%, (3M LIBOR + 3.50%), 05/12/24 (a)	1,132		1,132
	Garda World Security Corporation
		Term Loan, 7.75%, (3M LIBOR + 2.50%), 05/12/24 (a)	3		3
	Getty Images, Inc.
		2019 USD Term Loan B, 6.56%, (3M LIBOR + 4.50%), 02/13/26 (a)	283		282
	GOBP Holdings, Inc.
		2019 Term Loan B, 5.76%, (3M LIBOR + 3.50%), 10/22/25 (a)	524		526
	Hayward Industries, Inc.
		1st Lien Term Loan, 5.54%, (3M LIBOR + 3.50%), 08/04/24 (a)	123		118
	Hilton Worldwide Finance, LLC
		2019 Term Loan B2, 3.77%, (3M LIBOR + 1.75%), 10/25/23 (a)	760		765
	IAA, Inc.
		Term Loan B, 4.31%, (3M LIBOR + 2.25%), 05/22/26 (a)	128		129
	IRB Holding Corp
		1st Lien Term Loan, 0.00%, (3M LIBOR + 3.25%), 01/21/25 (a) (n)	60		60
	IRB Holding Corp.
		1st Lien Term Loan, 5.55%, (3M LIBOR + 3.25%), 01/18/25 (a)	460		457
	KAR Auction Services, Inc.
		2019 Term Loan B6, 4.31%, (3M LIBOR + 2.25%), 09/13/26 (a)	150		150
	Life Time Fitness Inc
		2017 Term Loan B, 4.87%, (3M LIBOR + 2.75%), 06/22/22 (a)	457		457
	Lions Gate Capital Holdings LLC
		2018 Term Loan B, 4.29%, (3M LIBOR + 2.25%), 03/20/25 (a)	229		228
	Mavis Tire Express Services Corp.
		2018 1st Lien Term Loan, 5.29%, (3M LIBOR + 3.25%), 03/15/25 (a)	275		268
		2018 Delayed Draw Term Loan, 5.29%, (3M LIBOR + 3.25%), 03/15/25 (a)	8		8
	Mister Car Wash Holdings, Inc.
		2019 Term Loan B, 5.66%, (3M LIBOR + 3.50%), 05/08/26 (a)	214		213
	PCI Gaming Authority
		Term Loan, 5.04%, (3M LIBOR + 3.00%), 05/15/26 (a)	165		165
	Penn National Gaming, Inc.
		2018 1st Lien Term Loan B, 4.29%, (3M LIBOR + 2.25%), 08/15/25 (a)	124		125
	PetSmart, Inc.
		Consenting Term Loan, 6.04%, (3M LIBOR + 4.00%), 03/11/22 (a)	501		488
	Playa Resorts Holding B.V.
		2017 Term Loan B, 4.79%, (3M LIBOR + 2.75%), 04/07/24 (a)	200		194
	Prime Security Services Borrower, LLC
		2019 Term Loan B1, 0.00%, (3M LIBOR + 3.25%), 12/31/22 (a) (n)	300		297

158

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Rentpath, Inc.
		Term Loan, 6.80%, (3M LIBOR + 4.75%), 12/17/21 (a) (e)	539		277
	Scientific Games International, Inc.
		2018 Term Loan B5, 4.79%, (3M LIBOR + 2.75%), 08/14/24 (a)	89		89
		2018 Term Loan B5, 4.90%, (3M LIBOR + 2.75%), 08/14/24 (a)	370		366
	Six Flags Theme Parks, Inc.
		2019 Term Loan B, 4.05%, (3M LIBOR + 2.00%), 04/09/26 (a)	439		439
	Staples, Inc.
		7 Year Term Loan, 7.12%, (3M LIBOR + 5.00%), 04/05/26 (a)	233		229
	Travel Leaders Group, LLC
		2018 Term Loan B, 6.05%, (3M LIBOR + 4.00%), 01/25/24 (a)	342		342
	Wand NewCo 3, Inc.
		2019 1st Lien Term Loan, 5.54%, (3M LIBOR + 3.50%), 01/23/26 (a)	11		11
				12,443
Information Technology 0.6%
	Almonde, Inc.
		1st Lien Term Loan, 5.70%, (3M LIBOR + 3.50%), 04/26/24 (a)	336		327
		USD 1st Lien Term Loan, 5.70%, (3M LIBOR + 3.50%), 04/26/24 (a)	52		50
	Applied Systems, Inc.
		2017 1st Lien Term Loan, 5.10%, (3M LIBOR + 3.00%), 09/06/24 (a)	458		457
	Ascend Learning, LLC
		2017 Term Loan B, 5.04%, (3M LIBOR + 3.00%), 06/29/24 (a)	221		220
		2017 Term Loan B, 0.00%, (3M LIBOR + 3.00%), 07/29/24 (a) (n)	295		294
	Avaya, Inc.
		2018 Term Loan B, 6.28%, (3M LIBOR + 4.25%), 12/14/24 (a)	178		169
		2018 Term Loan B, 6.43%, (3M LIBOR + 4.25%), 12/14/24 (a)	106		101
	Banff Merger Sub Inc
		2018 USD Term Loan B, 6.29%, (3M LIBOR + 4.25%), 06/30/25 (a)	195		187
	Blackhawk Network Holdings, Inc
		2018 1st Lien Term Loan, 5.04%, (3M LIBOR + 3.00%), 05/31/25 (a)	449		447
	Bright Bidco B.V.
		2018 Term Loan B, 5.54%, (3M LIBOR + 3.50%), 06/28/24 (a)	90		42
		2018 Term Loan B, 5.60%, (3M LIBOR + 3.50%), 06/28/24 (a)	186		87
	Colorado Buyer Inc
		Term Loan B, 5.04%, (1M LIBOR + 3.00%), 03/15/24 (a)	320		288
	CommScope, Inc.
		2019 Term Loan B, 5.29%, (3M LIBOR + 3.25%), 02/07/26 (a)	191		191
	Cvent, Inc.
		1st Lien Term Loan, 5.79%, (3M LIBOR + 3.75%), 11/30/24 (a)	400		394
	Dell International LLC
		2019 Term Loan B, 4.05%, (3M LIBOR + 2.00%), 09/07/23 - 09/11/25 (a)	739		742
	DigiCert, Inc.
		Term Loan, 0.00%, (3M LIBOR + 4.00%), 07/31/26 (a) (n)	295		294
	Dun & Bradstreet Corporation (The)
		Term Loan, 7.05%, (6M LIBOR + 5.00%), 02/06/26 (a)	299		301
	Dynatrace LLC
		2018 1st Lien Term Loan, 4.79%, (3M LIBOR + 2.75%), 08/08/25 (a)	147		147
	Emerald TopCo Inc
		Term Loan, 5.54%, (3M LIBOR + 3.50%), 07/16/26 (a)	180		179
	Financial & Risk US Holdings, Inc.
		2018 USD Term Loan, 5.79%, (3M LIBOR + 3.75%), 09/12/25 (a)	383		385
	Flexential Intermediate Corporation
		2017 1st Lien Term Loan, 5.60%, (3M LIBOR + 3.50%), 07/24/24 (a)	162		140
	Flexera Software LLC
		2018 1st Lien Term Loan, 5.55%, (3M LIBOR + 3.50%), 01/24/25 (a)	456		456
	Go Daddy Operating Company, LLC
		Term Loan, 4.04%, (3M LIBOR + 2.00%), 02/15/24 (a)	507		507
	Hyland Software, Inc.
		2018 1st Lien Term Loan, 5.29%, (3M LIBOR + 3.25%), 07/01/24 (a)	85		85
		2017 2nd Lien Term Loan, 9.04%, (3M LIBOR + 7.00%), 05/24/25 (a)	139		140
	Informatica LLC
		2018 USD Term Loan, 0.00%, (3M LIBOR + 3.25%), 08/06/22 (a) (n)	335		336
	IRI Holdings, Inc.
		2018 1st Lien Term Loan, 6.62%, (3M LIBOR + 4.50%), 11/06/25 (a)	190		183
	KBR, Inc.
		Term Loan B, 5.79%, (3M LIBOR + 3.75%), 03/29/25 (a)	302		303
	Kronos Incorporated
		2017 Term Loan B, 5.25%, (3M LIBOR + 3.00%), 11/01/23 (a)	459		459
	Mitchell International, Inc.
		2017 1st Lien Term Loan, 5.29%, (3M LIBOR + 3.25%), 11/21/24 (a)	201		193
	MLN US HoldCo LLC
		2018 1st Lien Term Loan, 6.61%, (3M LIBOR + 4.50%), 07/13/25 (a)	194		179
	NCR Corporation
		2019 Term Loan, 4.64%, (3M LIBOR + 2.50%), 04/12/25 (a)	61		61
	ON Semiconductor Corporation
		2019 Term Loan B, 0.00%, (3M LIBOR + 2.00%), 09/13/26 (a) (n)	130		131
	Plantronics Inc
		2018 Term Loan B, 4.54%, (3M LIBOR + 2.50%), 06/01/25 (a)	187		186
	PowerSchool
		2018 Term Loan B, 5.46%, (3M LIBOR + 3.25%), 06/15/25 (a)	378		371
	Project Alpha Intermediate Holding, Inc.
		2017 Term Loan B, 5.81%, (3M LIBOR + 3.50%), 04/26/24 (a)	384		378
	Radiate Holdco, LLC
		1st Lien Term Loan, 5.04%, (3M LIBOR + 3.00%), 12/09/23 (a)	305		303
	Renaissance Holding Corp.
		Term Loan, 5.29%, (3M LIBOR + 3.25%), 05/21/25 (a)	383		375
	Sophia, L.P.
		2017 Term Loan B, 5.35%, (1M LIBOR + 3.25%), 09/30/22 (a)	449		449
	SS&C Technologies Inc.
		2018 Term Loan B5, 4.29%, (3M LIBOR + 2.25%), 04/16/25 (a)	470		472
	Ultimate Software Group Inc(The)
		Term Loan B, 5.79%, (3M LIBOR + 3.75%), 04/08/26 (a)	235		236
	Vertafore, Inc.
		2018 1st Lien Term Loan, 5.29%, (3M LIBOR + 3.25%), 06/04/25 (a)	393		382
	Web.com Group, Inc.
		2018 Term Loan B, 5.78%, (3M LIBOR + 3.75%), 09/17/25 (a)	193		190
				11,817
Financials 0.5%
	Acrisure, LLC
		2017 Term Loan B, 6.35%, (3M LIBOR + 4.25%), 11/22/23 (a)	460		457
	Alera Group Holdings, Inc.
		2018 Term Loan B, 6.54%, (3M LIBOR + 4.50%), 07/26/25 (a)	204		205

159

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	AlixPartners, LLP
		2017 Term Loan B, 4.79%, (3M LIBOR + 2.75%), 03/28/24 (a)	260		260
	Allied Universal Holdco LLC
		2019 Term Loan B, 6.51%, (3M LIBOR + 4.25%), 06/18/26 (a)	341		341
	Altice France S.A.
		2018 Term Loan B13, 6.03%, (3M LIBOR + 4.00%), 07/13/26 (a)	238		237
	AssuredPartners, Inc.
		2017 1st Lien Add-On Term Loan, 0.00%, (3M LIBOR + 3.50%), 10/22/24 (a) (n)	125		124
		2017 1st Lien Add-On Term Loan, 5.54%, (3M LIBOR + 3.50%), 10/22/24 (a)	386		384
	Asurion LLC
		2018 Term Loan B6, 5.04%, (3M LIBOR + 3.00%), 11/03/23 (a)	455		457
		2017 2nd Lien Term Loan, 8.54%, (3M LIBOR + 6.50%), 08/04/25 (a)	110		112
	Blackstone CQP Holdco LP
		Term Loan B, 5.66%, (3M LIBOR + 3.50%), 05/29/24 (a)	559		561
	Canyon Valor Companies, Inc.
		USD 2017 Term Loan B1, 4.85%, (3M LIBOR + 2.75%), 06/30/23 (a)	462		461
	Capri Finance LLC
		USD 2017 1st Lien Term Loan, 5.26%, (3M LIBOR + 3.00%), 10/04/24 (a)	393		387
	Deerfield Dakota Holding, LLC
		2018 Term Loan B, 5.29%, (1M LIBOR + 3.25%), 12/04/24 (a)	196		193
	Edelman Financial Center, LLC
		2018 1st Lien Term Loan, 5.31%, (3M LIBOR + 3.25%), 06/26/25 (a)	447		447
	Gulf Finance, LLC
		Term Loan B, 7.36%, (3M LIBOR + 5.25%), 08/25/23 (a)	379		286
	ION Trading Technologies S.a.r.l.
		USD Incremental Term Loan B, 6.06%, (1M LIBOR + 4.00%), 11/21/24 (a)	154		146
	Level 3 Financing Inc.
		2017 Term Loan B, 4.29%, (3M LIBOR + 2.25%), 02/16/24 (a)	205		205
	McDermott Technology Americas Inc
		2018 1st Lien Term Loan, 7.10%, (3M LIBOR + 5.00%), 04/04/25 (a)	227		143
	RPI Finance Trust
		Term Loan B6, 4.04%, (3M LIBOR + 2.00%), 03/13/23 (a)	322		323
	Sedgwick Claims Management Services, Inc.
		2018 Term Loan B, 5.29%, (3M LIBOR + 3.25%), 11/06/25 (a)	454		446
	SolarWinds Holdings, Inc.
		2018 Term Loan B, 4.86%, (3M LIBOR + 2.75%), 02/06/24 (a)	520		520
	Solera, LLC
		USD Term Loan B, 4.79%, (3M LIBOR + 2.75%), 03/03/23 (a)	458		456
	Tamko Building Products, Inc
		Term Loan B, 5.37%, (3M LIBOR + 3.25%), 05/15/26 (a)	31		31
	TKC Holdings, Inc.
		2017 1st Lien Term Loan, 5.80%, (3M LIBOR + 3.75%), 02/08/23 (a)	466		457
	Travelport Finance (Luxembourg) S.a.r.l.
		2019 Term Loan, 7.10%, (3M LIBOR + 5.00%), 03/18/26 (a)	160		145
	UFC Holdings, LLC
		2019 Term Loan, 5.30%, (3M LIBOR + 3.25%), 04/25/26 (a)	612		613
	UGI Energy Services, LLC
		Term Loan B, 5.79%, (3M LIBOR + 3.75%), 08/01/26 (a)	229		231
	US Foods, Inc.
		Term Loan, 0.00%, (3M LIBOR + 2.00%), 08/14/26 (a) (n)	290		291
	Victory Capital Holdings, Inc.
		2019 Term Loan B, 5.57%, (3M LIBOR + 3.25%), 07/01/26 (a)	193		194
	WestJet Airlines Ltd.
		Term Loan, 0.00%, (3M LIBOR + 3.00%), 07/31/26 (a) (n)	345		347
	Whatabrands LLC
		Term Loan B, 5.52%, (3M LIBOR + 3.25%), 07/19/26 (a)	170		171
				9,631
Communication Services 0.4%
	Alliant Holdings Intermediate, LLC
		Term Loan B, 5.29%, (3M LIBOR + 3.25%), 05/10/25 (a)	339		336
	CenturyLink, Inc.
		2017 Term Loan B, 4.79%, (3M LIBOR + 2.75%), 01/15/25 (a)	192		191
	Cincinnati Bell, Inc.
		Term Loan, 5.29%, (3M LIBOR + 3.25%), 10/02/24 (a)	195		194
	Clear Channel Outdoor Holdings, Inc.
		Term Loan B, 5.54%, (3M LIBOR + 3.50%), 08/08/26 (a)	225		225
	CSC Holdings, LLC
		2018 Incremental Term Loan, 4.28%, (3M LIBOR + 2.25%), 01/31/26 (a)	129		129
		2019 Term Loan B4, 5.03%, (3M LIBOR + 3.00%), 05/07/27 (a)	354		354
	Diamond Sports Group, LLC
		Term Loan, 5.30%, (3M LIBOR + 3.25%), 08/24/26 (a)	85		85
	Digicel International Finance Limited
		2017 Term Loan B, 5.34%, (3M LIBOR + 3.25%), 05/27/24 (a)	59		51
	E.W. Scripps Company (The)
		Incremental Term Loan B1, 4.79%, (3M LIBOR + 2.75%), 04/04/26 (a)	428		428
	Entercom Media Corp.
		2017 Term Loan B, 4.80%, (3M LIBOR + 2.75%), 11/18/24 (a)	645		645
	GoodRx, Inc.
		1st Lien Term Loan, 0.00%, (3M LIBOR + 2.75%), 09/28/25 (a) (n)	165		165
		1st Lien Term Loan, 4.81%, (3M LIBOR + 2.75%), 10/10/25 (a)	382		381
	Gray Television, Inc.
		2018 Term Loan C, 4.83%, (3M LIBOR + 2.50%), 10/30/25 (a) (e)	760		762
	Greeneden U.S. Holdings II, LLC
		2018 USD Term Loan B, 0.00%, (3M LIBOR + 3.25%), 12/01/23 (a) (n)	90		89
		2018 USD Term Loan B, 5.29%, (3M LIBOR + 3.25%), 12/01/23 (a)	386		383
	GTT Communications, Inc.
		2018 USD Term Loan B, 4.79%, (3M LIBOR + 2.75%), 04/27/25 (a)	435		349
	Iheartcommunications, Inc.
		Exit Term Loan, 6.10%, (3M LIBOR + 4.00%), 05/04/26 (a)	221		222
	Intelsat Jackson Holdings S.A.
		2017 Term Loan B3, 5.80%, (3M LIBOR + 3.75%), 11/27/23 (a)	191		192
	NASCAR Holdings Inc
		Term Loan, 0.00%, (3M LIBOR + 2.75%), 07/19/26 (a) (n)	195		196
	Nexstar Broadcasting, Inc.
		2019 Term Loan B4, 4.81%, (3M LIBOR + 2.75%), 07/15/26 (a)	560		562
	Securus Technologies Holdings, Inc.
		2017 1st Lien Term Loan, 6.54%, (3M LIBOR + 4.50%), 06/20/24 (a)	490		429
	Sinclair Television Group Inc.
		Term Loan B2B, 4.54%, (3M LIBOR + 2.50%), 07/18/26 (a)	150		150
	Speedcast International Limited
		Term Loan B, 4.85%, (3M LIBOR + 2.75%), 05/03/25 (a) (e) (m)	322		270

160

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Sprint Communications, Inc.
		1st Lien Term Loan B, 4.56%, (3M LIBOR + 2.50%), 02/01/24 (a)	463		459
	Telesat Canada
		Term Loan B4, 4.83%, (3M LIBOR + 2.50%), 11/17/23 (a)	188		188
	Triton Bidco
		Term Loan, 0.00%, (3M LIBOR + 4.50%), 09/23/26 (a) (n)	195		192
	Uber Technologies
		2018 Incremental Term Loan, 0.00%, (3M LIBOR + 3.50%), 07/13/23 (a) (n)	35		35
		2018 Term Loan, 6.03%, (3M LIBOR + 4.00%), 04/04/25 (a)	447		444
	Virgin Media Bristol LLC
		USD Term Loan K, 4.53%, (3M LIBOR + 2.50%), 02/10/26 (a)	145		145
				8,251
Industrials 0.4%
	1199169 B.C. Unlimited Liability Company
		2019 Term Loan B2, 6.10%, (3M LIBOR + 4.00%), 01/25/26 (a)	58		58
	Achilles Acquisition LLC
		2018 Term Loan, 6.06%, (3M LIBOR + 4.00%), 10/13/25 (a)	219		219
	American Airlines, Inc.
		2017 Incremental Term Loan, 4.03%, (3M LIBOR + 2.00%), 12/14/23 (a)	170		170
	Brookfield WEC Holdings Inc.
		2018 1st Lien Term Loan, 5.54%, (3M LIBOR + 3.50%), 07/26/25 (a)	707		709
	Comet Acquisition, Inc.
		Term Loan, 5.62%, (3M LIBOR + 3.50%), 10/23/25 (a)	104		103
	Compass Power Generation LLC
		2018 Term Loan B, 5.54%, (3M LIBOR + 3.50%), 12/20/24 (a)	372		372
	CPM Holdings, Inc.
		2018 1st Lien Term Loan, 5.79%, (3M LIBOR + 3.75%), 10/25/25 (a)	104		103
	Dynasty Acquisition Co., Inc.
		2019 Term Loan B1, 6.10%, (3M LIBOR + 4.00%), 01/25/26 (a)	107		108
	EXC Holdings III Corp.
		USD 2017 1st Lien Term Loan, 5.60%, (1M LIBOR + 3.50%), 11/16/24 (a)	449		448
	Filtration Group Corporation
		2018 1st Lien Term Loan, 5.04%, (3M LIBOR + 3.00%), 03/27/25 (a)	466		467
	Gates Global LLC
		2017 USD Repriced Term Loan B, 4.79%, (3M LIBOR + 2.75%), 04/01/24 (a)	192		189
	Milacron LLC
		Amended Term Loan B, 4.54%, (3M LIBOR + 2.50%), 09/23/23 (a)	355		355
	Minotaur Acquisition, Inc.
		Term Loan B, 7.04%, (3M LIBOR + 5.00%), 02/27/26 (a)	660		638
	NCI Building Systems, Inc.
		Term Loan, 5.79%, (3M LIBOR + 3.75%), 04/12/25 (a)	196		192
	Panther BF Aggregator 2 LP
		USD Term Loan B, 5.54%, (3M LIBOR + 3.50%), 03/13/26 (a)	102		100
	Pike Corporation
		2019 Term Loan B, 5.30%, (3M LIBOR + 3.25%), 07/24/26 (a)	195		196
	PODS, LLC
		2018 1st Lien Term Loan, 5.05%, (3M LIBOR + 2.75%), 11/21/24 (a)	453		452
	SMG US Midco 2, Inc.
		2017 1st Lien Term Loan, 5.04%, (3M LIBOR + 3.00%), 01/11/25 (a)	341		339
	Southern Graphics, Inc.
		2018 Term Loan B, 5.29%, (1M LIBOR + 3.25%), 12/31/22 (a)	85		62
		2018 Term Loan B, 5.40%, (1M LIBOR + 3.25%), 12/31/22 (a)	96		70
	Syncreon Global Finance (US) Inc.
		Term Loan B, 0.00%, 10/28/20 (e) (o) (p)	472		218
	Tamko Building Products, Inc
		Term Loan B, 5.29%, (3M LIBOR + 3.25%), 05/15/26 (a)	154		154
	Tempo Acquisition LLC
		Term Loan, 5.04%, (3M LIBOR + 3.00%), 04/20/24 (a)	524		525
	Titan Acquisition Limited
		2018 Term Loan B, 5.04%, (3M LIBOR + 3.00%), 03/16/25 (a)	159		152
	TransDigm, Inc.
		2018 Term Loan F, 4.54%, (1M LIBOR + 2.50%), 06/09/23 (a)	607		605
	USIC Holdings, Inc.
		2017 Term Loan B, 5.29%, (3M LIBOR + 3.00%), 12/09/23 (a)	357		354
	Wand NewCo 3, Inc.
		2019 1st Lien Term Loan, 5.54%, (3M LIBOR + 3.50%), 01/22/26 (a)	319		320
	WP CPP Holdings, LLC
		2018 Term Loan, 5.79%, (3M LIBOR + 3.75%), 04/30/25 (a)	1		1
		Term Loan, 6.01%, (3M LIBOR + 3.75%), 04/30/25 (a)	447		447
				8,126
Materials 0.2%
	Advanced Drainage Systems, Inc.
		Term Loan, 0.00%, (3M LIBOR + 2.25%), 09/18/26 (a) (n)	140		141
	Aleris International, Inc.
		Term Loan, 6.79%, (3M LIBOR + 4.75%), 04/15/23 (a)	456		456
	Avantor, Inc.
		2017 1st Lien Term Loan, 5.04%, (3M LIBOR + 3.00%), 09/22/24 (a)	375		378
	Berry Global, Inc.
		Term Loan Q, 4.30%, (3M LIBOR + 2.25%), 10/01/22 (a)	57		57
		USD Term Loan U, 4.55%, (3M LIBOR + 2.50%), 07/01/26 (a)	673		676
	Charter NEX US, Inc.
		Incremental Term Loan, 5.55%, (3M LIBOR + 3.50%), 05/16/24 (a)	110		110
	Flex Acquisition Co. Inc.
		2018 Incremental Term Loan, 0.00%, (3M LIBOR + 3.25%), 06/20/25 (a) (n)	205		197
	Forterra Finance, LLC
		2017 Term Loan B, 5.04%, (1M LIBOR + 3.00%), 10/25/23 (a)	246		233
	GrafTech Finance, Inc.
		2018 Term Loan B, 5.54%, (3M LIBOR + 3.50%), 02/01/25 (a)	380		369
	Hexion Inc
		USD Exit Term Loan, 5.82%, (3M LIBOR + 3.50%), 06/27/26 (a)	185		184
	Klockner-Pentaplast of America, Inc.
		USD 2017 Term Loan B2, 6.29%, (3M LIBOR + 4.25%), 06/30/22 (a)	213		188
	Messer Industries GmbH
		2018 USD Term Loan, 4.60%, (3M LIBOR + 2.50%), 10/10/25 (a)	193		192
	Pregis TopCo Corporation
		1st Lien Term Loan, 0.00%, (3M LIBOR + 4.00%), 07/25/26 (a) (n)	150		149
		1st Lien Term Loan, 6.25%, (3M LIBOR + 4.00%), 07/25/26 (a)	45		45
	Pro Mach Group, Inc.
		2018 Term Loan B, 4.81%, (3M LIBOR + 2.75%), 03/07/25 (a)	236		229
	Reynolds Group Holdings Inc.
		Term Loan, 4.79%, (3M LIBOR + 2.75%), 02/05/23 (a)	305		305

161

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Solenis Holdings LLC
		2018 1st Lien Term Loan, 6.12%, (3M LIBOR + 4.00%), 06/26/25 (a)	195		189
		2018 1st Lien Term Loan, 6.04%, (3M LIBOR + 4.00%), 12/18/25 (a)	—		—
	Starfruit Finco B.V
		2018 USD Term Loan B, 5.29%, (3M LIBOR + 3.25%), 09/20/25 (a)	195		190
	Vantage Specialty Chemicals, Inc.
		2017 1st Lien Term Loan, 5.54%, (3M LIBOR + 3.50%), 10/20/24 (a)	199		184
		2017 1st Lien Term Loan, 5.76%, (3M LIBOR + 3.50%), 10/20/24 (a)	8		8
				4,480
Consumer Staples 0.2%
	8th Avenue Food & Provisions, Inc.
		2018 1st Lien Term Loan, 5.79%, (3M LIBOR + 3.75%), 09/19/25 (a)	60		60
	Albertsons, LLC
		Term Loan, 4.86%, (3M LIBOR + 3.00%), 10/24/25 (a)	105		106
		2019 Term Loan B7, 4.79%, (3M LIBOR + 2.75%), 11/17/25 (a)	56		57
		2019 Term Loan B8, 4.86%, (3M LIBOR + 2.75%), 08/07/26 (a)	210		212
	BJ's Wholesale Club, Inc.
		2017 1st Lien Term Loan, 4.79%, (3M LIBOR + 2.75%), 01/26/24 (a)	456		457
	CHG PPC Parent LLC
		2018 Term Loan B, 4.79%, (3M LIBOR + 2.75%), 03/16/25 (a)	375		375
	CSM Bakery Solutions LLC
		1st Lien Term Loan, 6.29%, (1M LIBOR + 4.00%), 07/22/20 (a)	400		372
	JBS USA Lux S.A.
		2019 Term Loan B, 4.55%, (3M LIBOR + 2.50%), 04/27/26 (a)	711		714
	KIK Custom Products, Inc.
		2015 Term Loan B, 6.26%, (3M LIBOR + 4.00%), 08/26/22 (a)	404		382
	Nestle Skin Health SA
		Term Loan, 0.00%, (3M LIBOR + 4.25%), 07/12/26 (a) (n)	110		110
				2,845
Energy 0.2%
	Brazos Delaware II, LLC
		Term Loan B, 6.05%, (3M LIBOR + 4.00%), 05/16/25 (a)	395		364
	Covia Holdings Corporation
		Term Loan, 6.31%, (3M LIBOR + 4.00%), 05/17/25 (a)	183		149
	EG America LLC
		2018 USD Term Loan, 6.10%, (3M LIBOR + 4.00%), 06/30/25 (a)	36		36
		Term Loan, 6.10%, (3M LIBOR + 4.00%), 06/30/25 (a)	271		267
	ExGen Renewables IV, LLC
		Term Loan B, 5.13%, (1M LIBOR + 3.00%), 11/15/24 (a)	161		158
	Foresight Energy, LLC
		2017 1st Lien Term Loan, 7.87%, (1M LIBOR + 5.75%), 03/16/22 (a)	577		306
	Frontera Generation Holdings LLC
		2018 Term Loan B, 6.29%, (3M LIBOR + 4.25%), 04/25/25 (a)	193		182
	Gavilan Resources, LLC
		2nd Lien Term Loan, 8.04%, (3M LIBOR + 6.00%), 02/24/24 (a) (e)	125		54
	Howden Joinery Group PLC
		Term Loan, 0.00%, (3M LIBOR + 5.25%), 09/23/26 (a) (m) (n)	115		112
	Lower Cadence Holdings LLC
		Term Loan B, 6.05%, (3M LIBOR + 4.00%), 05/10/26 (a)	381		370
	Lucid Energy Group II Borrower, LLC
		2018 1st Lien Term Loan, 5.04%, (3M LIBOR + 3.00%), 01/31/25 (a)	395		372
	PowerTeam Services, LLC
		2018 1st Lien Term Loan, 5.35%, (3M LIBOR + 3.25%), 02/28/25 (a)	239		202
	Prairie ECI Acquiror LP
		Term Loan B, 6.85%, (3M LIBOR + 4.75%), 03/07/26 (a)	259		252
				2,824
Utilities 0.1%
	Calpine Corporation
		Term Loan B9, 4.86%, (3M LIBOR + 2.75%), 03/22/26 (a)	533		535
		2019 Term Loan B10, 4.54%, (3M LIBOR + 2.50%), 08/02/26 (a)	40		40
	Edgewater Generation, L.L.C.
		Term Loan, 5.79%, (3M LIBOR + 3.75%), 11/29/25 (a)	373		369
	NEP/NCP Holdco, Inc.
		2018 1st Lien Term Loan, 5.29%, (3M LIBOR + 3.25%), 10/05/25 (a)	337		331
	Vistra Operations Company LLC
		1st Lien Term Loan B3, 4.02%, (3M LIBOR + 2.00%), 12/11/25 (a)	302		303
		1st Lien Term Loan B3, 4.04%, (3M LIBOR + 2.00%), 12/11/25 (a)	446		448
				2,026
Real Estate 0.1%
	ESH Hospitality, Inc.
		2019 Term Loan B, 4.11%, (3M LIBOR + 2.00%), 08/30/23 (a)	441		443
		2019 Term Loan B, 0.00%, (3M LIBOR + 2.00%), 09/18/26 (a) (n)	25		25
	Forest City Enterprises, L.P.
		Term Loan B, 6.04%, (3M LIBOR + 4.00%), 10/24/25 (a)	412		414
	MGM Growth Properties Operating Partnership LP
		2016 Term Loan B, 4.04%, (3M LIBOR + 2.00%), 04/20/23 (a)	477		477
	VICI Properties 1 LLC
		Replacement Term Loan B, 4.05%, (3M LIBOR + 2.00%), 12/13/24 (a)	495		496
				1,855
	Total Senior Loan Interests (cost $79,016)			77,083
SHORT TERM INVESTMENTS 16.9%
Investment Companies 9.5%
	JNL Government Money Market Fund - Institutional Class, 1.86% (q) (r)		176,239		176,239
U.S. Treasury Bill 7.4%
	Treasury, United States Department of
		2.42%, 10/10/19 (s)	16,900		16,891
		2.16%, 11/07/19 (s)	33,900		33,833
		1.94%, 12/05/19 (s)	20,400		20,334
		2.06%, 01/30/20 (s)	44,300		44,034
		1.98%, 02/06/20 (s)	23,800		23,649
				138,741
	Total Short Term Investments (cost $314,931)			314,980
Total Investments 100.0% (cost $1,852,808)					1,862,538
Other Derivative Instruments 1.2%					23,246
Other Assets and Liabilities, Net (1.2)%					(22,448)
Total Net Assets 100.0%					1,863,336

(a)Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of September 30, 2019. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations (“CMO”) and mortgage-backed securities (“MBS”) are determined by tranches of underlying mortgage-backed security pools’ cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the

162

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

security’s offering documents.

(b)The Adviser has deemed this security, which is exempt from registration under the Securities Act of 1933, as amended, to be liquid based on procedures approved by the Board of Trustees. As of September 30, 2019, the value and the percentage of net assets of these liquid securities was $750,592 and 40.3% of the Fund.

(c)Security fair valued in good faith as a Level 2 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Schedules of Investments.

(d)Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of September 30, 2019.

(e)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

(f)Security is restricted to resale to institutional investors. See Restricted Securities in the Schedules of Investments.

(g)All or a portion of the security was purchased on a delayed delivery basis. As of September 30, 2019, the total payable for investments purchased on a delayed delivery basis was $23,493.

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

(i)Perpetual security. Next contractual call date presented, if applicable.

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

(k)The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer.

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

(m)Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Schedules of Investments.

(n)This senior loan will settle after September 30, 2019. If a reference rate and spread is presented, it will go into effect upon settlement.

(o)Non-income producing security.

(p)As of September 30, 2019, issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date.

(q)Investment in affiliate.

(r)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

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

Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	AES Gener S.A., 7.13%, 03/26/79	05/07/19	835	840	0.1
	Andina Acquisition Corporation, 8.20%, 01/31/22	01/08/19	930	964	0.1
	Axiata SPV2 Berhad, 3.47%, 11/19/20	07/14/17	3,526	3,524	0.2
	B3 S.A. - Brasil, Bolsa, Balcao, 5.50%, 07/16/20	07/10/19	612	611	—
	Banco Bradesco S/A., 5.90%, 01/16/21	06/25/19	2,590	2,585	0.1
	Banco BTG Pactual S.A., 4.00%, 01/16/20	07/15/19	602	600	—
	Banco de Reservas de la Republica Dominicana, 7.00%, 02/01/23	01/14/19	563	575	—
	Banco del Estado de Chile, 2.67%, 01/08/21	09/11/19	803	802	0.1
	Banco del Estado de Chile, 3.88%, 02/08/22	07/12/17	615	621	—
	Banco do Brasil S.A, 8.50%, 10/20/20	07/29/19	946	945	0.1
	Banco Internacional Del Peru S.A.A. – Interbank, 5.75%, 10/07/20	08/24/17	1,033	1,033	0.1
	Banco Latinoamericano de Comercio Exterior, S.A., 3.25%, 05/07/20	06/13/16	1,003	1,003	0.1
	Banco Mercantil Del Norte, S.A. Institucion De Banca Multiple, Grupo Financiero Banorte, 6.88%, callable at 100 beginning 07/06/22	08/21/18	2,474	2,508	0.1
	Banco Nacional De Comercio Exterior, S.N.C., 3.80%, 08/11/26	08/28/18	1,750	1,821	0.1
	Banco Santander-Chile, 2.50%, 12/15/20	09/11/19	401	401	—
	Bangkok Bank Public Company Limited, 4.80%, 10/18/20	07/26/19	1,331	1,334	0.1
	Bangkok Bank Public Company Limited, 3.88%, 09/27/22	09/23/19	623	623	—
	BBVA Banco Continental, 5.00%, 08/26/22	04/17/18	1,754	1,808	0.1
	BBVA Bancomer SA, 7.25%, 04/22/20	07/12/19	2,010	2,010	0.1
	BBVA Bancomer, S.A., 6.50%, 03/10/21	06/18/19	573	576	—
	BBVA Bancomer, S.A., 6.75%, 09/30/22	07/17/18	526	545	—
	BBVA Bancomer, S.A., 5.35%, 11/12/29	04/04/19	193	199	—
	Bharat Petroleum Corporation Limited, 4.38%, 01/24/22	09/23/19	518	518	—
	Bharat Petroleum Corporation Limited, 4.63%, 10/25/22	04/20/16	2,073	2,108	0.1
	Braskem Finance Ltd, 7.00%, 05/07/20	07/10/19	410	409	—
	Braskem Finance Ltd, 5.75%, 04/15/21	06/26/19	833	828	0.1
	Bx Trust, Series 2018-F-MCSF REMIC, 4.67%, 04/15/20	04/06/18	2,880	2,901	0.2
	Bx Trust, Series 2018-G-GW REMIC, 4.95%, 05/15/20	05/01/18	581	585	—
	C&W Senior Financing Designated Activity Company, 7.50%, 10/15/26	04/02/19	1,339	1,381	0.1
	CEMEX S.A.B. de C.V., 6.13%, 05/05/25	02/20/19	305	312	—
	CEMEX S.A.B. de C.V., 7.75%, 04/16/26	02/11/19	426	434	—
	China National Petroleum Corporation, 4.50%, 04/28/21	05/16/17	514	515	—
	China National Petroleum Corporation, 3.95%, 04/19/22	03/31/17	2,564	2,585	0.1
	CHT Mortgage Trust, Series 2017-F-CSMO REMIC, 5.77%, 11/15/19	12/01/17	406	406	—
	Citigroup Commercial Mortgage Trust, Series 2018-F-TBR, 5.68%, 12/16/19	01/19/18	4,510	4,523	0.3
	CK Hutchison International (17) (II) Limited, 2.25%, 09/29/20	07/11/19	241	242	—
	CK Hutchison International (17) Limited, 2.88%, 04/05/22	01/08/18	399	403	—
	CLNS Trust, Series 2017-F-IKPR, 6.55%, 06/11/32	05/18/17	973	976	0.1
	CNOOC Finance (2002) Limited, 3.88%, 05/02/22	05/24/17	1,642	1,653	0.1
	Colombia Telecomunicaciones, S.A. ESP, 8.50%, callable at 100 beginning 03/30/20	07/02/19	872	871	0.1
	Colombia Telecomunicaciones, S.A. ESP, 5.38%, 09/27/22	07/24/19	504	504	—
	Comcel Trust, 6.88%, 02/06/24	02/22/19	205	207	—
	Corporacion Nacional del Cobre de Chile, 3.88%, 11/03/21	07/02/19	205	206	—
	Credit Suisse Mortgage Trust, Series 2017-E-LSTK REMIC, 3.44%, 04/07/21	05/04/17	1,787	1,787	0.1
	Credit Suisse Mortgage Trust, Series 2017-E-CHOP REMIC, 5.33%, 07/15/32	06/20/17	2,125	2,136	0.1
	Credito Real, S.A.B. De C.V. SOFOM E.N.R., 7.25%, 07/20/23	09/04/18	305	317	—

163

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

Restricted Securities (continued)
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	DBS Group Holdings Ltd, 3.60%, callable at 100 beginning 09/07/21	10/26/16	2,370	2,403	0.1
	DBS Group Holdings Ltd, 2.59%, 06/08/20	06/28/19	200	200	—
	DBS Group Holdings Ltd, 2.85%, 04/16/22	09/23/19	305	305	—
	DBS Group Holdings Ltd, 2.90%, 07/25/22	08/22/19	201	201	—
	Digicel Group Limited, 2.00%, 04/01/24	01/15/19	103	21	—
	ELM Park CLO Designated Activity Company, 7.95%, 05/11/26	05/09/19	427	428	—
	Ena Norte SA, 4.95%, 04/25/23	10/02/15	1,365	1,394	0.1
	Engie Energia Chile Sa, 5.63%, 01/15/21	08/08/17	675	675	—
	ESAL GmbH Elektroschaltanlagen, 6.25%, 02/05/23	11/07/18	264	273	—
	Export-Import Bank of India, 3.13%, 07/20/21	07/12/16	1,008	1,009	0.1
	Export-Import Bank of Thailand, 3.04%, 11/20/23	08/26/19	402	401	—
	Export-Import Bank of Thailand, 3.00%, 05/23/24	08/22/19	401	400	—
	Global Bank Corporation, 4.50%, 10/20/21	12/08/16	702	720	—
	Globo Comunicacao e Participacoes S.A., 4.88%, 04/11/22	08/03/18	2,017	2,075	0.1
	Gobierno de la Republica de Costa Rica, 10.00%, 08/01/20	09/30/16	420	421	—
	Great Wolf Trust, Series 2017-F-WOLF, 6.10%, 09/15/34	09/26/17	576	576	—
	Grupo Aval Acciones y Valores S.A., 4.75%, 09/26/22	11/06/18	495	516	—
	Grupo Bimbo S.A.B. de C.V., 5.95%, callable at 100 beginning 04/17/23	03/13/19	1,545	1,578	0.1
	Grupo Bimbo S.A.B. de C.V., 4.88%, 06/30/20	07/12/19	1,373	1,372	0.1
	Gruposura Finance S.A., 5.70%, 05/18/21	06/17/19	835	837	0.1
	Hutchison Whampoa International (11) Limited, 4.63%, 01/13/22	07/12/19	1,776	1,779	0.1
	IMT Trust, Series 2017-FFL-APTS, 4.88%, 06/15/34	06/29/17	721	721	—
	Indian Oil Corpn. Limited, 5.63%, 08/02/21	06/23/17	943	946	0.1
	Indian Oil Corpn. Limited, 5.75%, 08/01/23	10/02/18	834	878	0.1
	Industrial Senior Trust, 5.50%, 11/01/22	05/04/16	691	734	—
	Inversiones CMPC S.A., 4.50%, 04/25/22	02/24/17	1,021	1,039	0.1
	Itau Unibanco Holding S.A., 6.20%, 04/15/20	07/31/19	406	407	—
	Itau Unibanco Holding S.A., 5.75%, 01/22/21	07/12/19	1,136	1,135	0.1
	Itau Unibanco Holding S.A., 6.20%, 12/21/21	05/24/18	409	424	—
	LATAM Airlines Group S.A., 6.00%, 12/15/20	10/06/15	465	470	—
	LATAM Finance Limited, 6.88%, 04/11/24	03/18/19	1,073	1,104	0.1
	Malayan Banking Berhad, 3.91%, 10/29/26	10/23/17	3,147	3,154	0.2
	Marfrig Holdings (Europe) B.V., 7.00%, 03/15/24	01/22/19	2,436	2,497	0.1
	Millicom International Cellular SA, 6.00%, 03/15/25	01/24/19	1,327	1,346	0.1
	Morgan Stanley Capital I Trust, Series 2014-CPT REMIC, 3.56%, 07/15/21	05/30/17	523	528	—
	MSCG Trust, Series 2018-XCP-SELF - Interest Only, 1.16%, 04/15/20	10/11/18	463	470	—
	Multibank, Inc., 4.38%, 11/09/22	04/18/19	404	411	—
	Nacional Financiera, S.N.C., Institucion de Banca de Desarrollo, 3.38%, 11/05/20	06/27/19	906	903	0.1
	Oleoducto Central S.A., 4.00%, 05/07/21	05/25/18	2,288	2,331	0.1
	ONGC Videsh Vankorneft Pte. Ltd., 2.88%, 01/27/22	01/17/17	896	900	0.1
	Oversea-Chinese Banking Corporation Limited, 4.00%, 10/15/24	07/12/17	500	500	—
	Peru Enhanced Pass-Through Finance Limited, 0.00%, 06/02/25	04/20/16	707	759	0.1
	Perusahaan Penerbit Surat Berharga Syariah Negara Indonesia, 3.40%, 03/29/22	06/19/19	710	714	—
	Petrobras Argentina S.A., 7.38%, 07/21/23	08/03/18	428	368	—
	Petroliam Nasional Berhad (PETRONAS), 2.71%, 03/18/20	07/03/19	3,553	3,554	0.2
	Presidencia de la Republica Dominicana, 7.50%, 05/06/21	05/12/17	3,074	3,051	0.2
	PT Indonesia Power, 5.50%, 11/22/21	06/26/19	529	531	—
	PT Pertamina (Persero), 5.25%, 05/23/21	07/02/19	1,983	1,981	0.1
	PT Pertamina (Persero), 4.88%, 05/03/22	06/14/19	1,362	1,371	0.1
	PTTEP Canada International Finance Limited, 5.69%, 04/05/21	09/17/19	209	209	—
	PTTEP Treasury Center Company Limited, 4.60%, callable at 100 beginning 07/17/22	04/08/19	1,498	1,533	0.1
	Reliance Holding USA, Inc., 4.50%, 10/19/20	05/03/16	1,273	1,275	0.1
	Reliance Holding USA, Inc., 5.40%, 02/14/22	02/13/17	1,944	1,966	0.1
	Scotiabank Peru S.A.A., 4.50%, 12/13/27	09/16/19	519	518	—
	Sinochem Overseas Capital Co Ltd, 4.50%, 11/12/20	07/26/19	2,349	2,349	0.1
	Sinopec Group Overseas Development (2015) Limited, 2.50%, 04/28/20	07/02/19	1,300	1,301	0.1
	Sinopec Group Overseas Development (2016) Limited, 2.00%, 09/29/21	05/12/17	593	594	—
	Sinopec Group Overseas Development (2017) Limited, 3.00%, 04/12/22	07/12/17	604	607	—
	Sinopec Group Overseas Development 2017 Limited, 2.25%, 09/13/20	08/12/19	300	300	—
	SPARC Limited, 0.00%, 12/05/22	10/03/17	1,861	1,879	0.1
	Syngenta Finance N.V., 3.70%, 04/24/20	07/18/19	201	201	—
	Telefonica Chile S.A., 3.88%, 10/12/22	01/05/17	1,423	1,444	0.1
	Temasek Financial (I) Limited, 2.38%, 01/23/23	12/07/17	1,493	1,523	0.1
	The Israel Electric Corporation Ltd., 6.88%, 06/21/23	08/21/18	326	342	—
	The Republic of Indonesia, The Government of, 4.88%, 05/05/21	08/08/17	1,034	1,036	0.1
	The Republic of Indonesia, The Government of, 3.70%, 01/08/22	01/31/17	1,213	1,232	0.1
	Unifin Financiera, S.A.B. de C.V. SOFOM, E.N.R., 7.25%, 09/27/23	08/15/18	1,095	1,137	0.1
	United Overseas Bank Limited, 3.50%, 09/16/26	04/27/16	2,216	2,226	0.1
	UPL Corporation Limited, 3.25%, 10/13/21	11/28/17	1,379	1,407	0.1
	Vedanta Resources Limited, 7.13%, 05/31/23	01/16/19	485	493	—
	VTR GlobalCom S.p.A., 6.88%, 01/15/24	10/02/18	1,921	1,955	0.1
	Wakala Global Sukuk Berhad, 4.65%, 07/06/21	09/18/19	260	260	—

164

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

Restricted Securities (continued)
	Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
		128,201	129,333	6.9

165

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

Unfunded Commitments

		Unfunded Commitment ($)	Appreciation/ (Depreciation) ($)
JNL/DoubleLine Shiller Enhanced CAPE Fund
	Allied Universal Holdco LLC – 2019 Delayed Draw Term Loan	33	—
	Mavis Tire Express Services Corp. – 2018 Delayed Draw Term Loan	27	—
	MED ParentCo LP – 1st Lien Delayed Draw Term Loan	36	—
	Mister Car Wash Holdings, Inc. – 2019 Delayed Draw Term Loan	11	—
	NCR Corporation – 2019 Delayed Draw Term Loan	69	—
		176	—

JNL/DoubleLine Shiller Enhanced CAPE Fund — OTC Total Return Swap Agreements
Reference Entity2	Rate Paid/Received by Fund2	Counter-party	Expiration	Notional1		Premiums Paid (Received) ($)	Unrealized Appreciation (Depreciation) ($)
Total return swap agreements - receiving return
INDEX
Schiller Barclays CAPE US Sector II Index (E) ‡	Fixed Rate of 0.40% (E)	BCL	10/16/19		4,100	—		—
Schiller Barclays CAPE US Sector II Index (E) ‡	Fixed Rate of 0.40% (E)	BCL	10/25/19		3,200	—		(42)
Schiller Barclays CAPE US Sector II Index (E) ‡	Fixed Rate of 0.40% (E)	BCL	10/25/19		2,700	—		(43)
Schiller Barclays CAPE US Sector II Index (E) ‡	Fixed Rate of 0.40% (E)	BCL	03/27/20		100,000	—		(562)
Schiller Barclays CAPE US Sector II Index (E) ‡	Fixed Rate of 0.40% (E)	BCL	10/25/19		7,500	—		(100)
Schiller Barclays CAPE US Sector II Index (E) ‡	Fixed Rate of 0.40% (E)	BCL	10/25/19		2,300	—		(29)
Schiller Barclays CAPE US Sector II Index (E) ‡	Fixed Rate of 0.40% (E)	BCL	10/16/19		6,400	—		11
Schiller Barclays CAPE US Sector II Index (E) ‡	Fixed Rate of 0.40% (E)	BCL	04/17/20		100,000	—		(1,544)
Schiller Barclays CAPE US Sector II Index (E) ‡	Fixed Rate of 0.40% (E)	BCL	10/25/19		400	—		(7)
Schiller Barclays CAPE US Sector II Index (E) ‡	Fixed Rate of 0.40% (E)	BCL	10/16/19		3,800	—		30
Schiller Barclays CAPE US Sector II Index (E) ‡	Fixed Rate of 0.40% (E)	BCL	10/18/19		100,000	—		3,866
Schiller Barclays CAPE US Sector II Index (E) ‡	Fixed Rate of 0.40% (E)	BCL	10/25/19		800	—		(8)
Schiller Barclays CAPE US Sector II Index (E) ‡	Fixed Rate of 0.40% (E)	BCL	10/16/19		4,700	—		(73)
Schiller Barclays CAPE US Sector II Index (E) ‡	Fixed Rate of 0.40% (E)	BCL	02/21/20		100,000	—		(338)
Schiller Barclays CAPE US Sector II Index (E) ‡	Fixed Rate of 0.40% (E)	BCL	10/16/19		1,900	—		(18)
Schiller Barclays CAPE US Sector II Index (E) ‡	Fixed Rate of 0.40% (E)	BCL	10/16/19		2,100	—		(26)
Schiller Barclays CAPE US Sector II Index (E) ‡	Fixed Rate of 0.40% (E)	BCL	10/16/19		2,500	—		(11)
Schiller Barclays CAPE US Sector II Index (E) ‡	Fixed Rate of 0.40% (E)	BCL	03/13/20		100,000	—		1,047
Schiller Barclays CAPE US Sector II Index (E) ‡	Fixed Rate of 0.39% (E)	BNP	03/12/20		100,000	—		601
Schiller Barclays CAPE US Sector II Index (E) ‡	Fixed Rate of 0.39% (E)	BNP	01/16/20		100,000	—		4,710
Schiller Barclays CAPE US Sector II Index (E) ‡	Fixed Rate of 0.39% (E)	BNP	02/13/20		100,000	—		(1,351)
Schiller Barclays CAPE US Sector II Index (E) ‡	Fixed Rate of 0.39% (E)	BNP	12/12/19		100,000	—		2,875
Schiller Barclays CAPE US Sector II Index (E) ‡	Fixed Rate of 0.39% (E)	BNP	04/16/20		100,000	—		(1,336)
Schiller Barclays CAPE US Sector II Index (E) ‡	Fixed Rate of 0.39% (E)	BNP	11/21/19		100,000	—		786
Schiller Barclays CAPE US Sector II Index (E) ‡	Fixed Rate of 0.39% (E)	BNP	10/17/19		100,000	—		3,206
Schiller Barclays CAPE US Sector II Index (E) ‡	Fixed Rate of 0.40% (E)	CIB	02/12/20		100,000	—		(1,919)
Schiller Barclays CAPE US Sector II Index (E) ‡	Fixed Rate of 0.40% (E)	CIB	04/24/20		100,000	—		179
Schiller Barclays CAPE US Sector II Index (E) ‡	Fixed Rate of 0.40% (E)	CIB	12/11/19		100,000	—		2,765
Schiller Barclays CAPE US Sector II Index (E) ‡	Fixed Rate of 0.40% (E)	CIB	03/18/20		100,000	—		2,906
Schiller Barclays CAPE US Sector II Index (E) ‡	Fixed Rate of 0.40% (E)	CIB	01/15/20		100,000	—		5,609
Schiller Barclays CAPE US Sector II Index (E) ‡	Fixed Rate of 0.40% (E)	CIB	02/19/20		100,000	—		2,062
						—		23,246

‡Shiller Barclays CAPE US Sector Index aims to provide notional long exposure to the top four United States equity sectors that are relatively undervalued, as defined by a modified version of the classic CAPE Ratio (the "Relative CAPE Indicator") and that possess relatively strong price momentum over the period of six months. Each U.S. sector is represented by an ETF that invests primarily in equity securities of companies in the relevant sector. The components of the index are publicly available at

https://indices.barclays/IM/21/en/efsdocument.app?documentId=589&filename=2019-09+BXIICS2E.pdf.

166

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
JNL/Fidelity Institutional Asset Management Total Bond Fund
GOVERNMENT AND AGENCY OBLIGATIONS 53.6%
Mortgage-Backed Securities 27.4%
	Federal Home Loan Mortgage Corporation
		2.50%, 08/01/34 - 09/01/34	4,852		4,896
		4.00%, 06/01/38 - 05/01/39 (a)	1,470		1,562
		3.00%, 06/01/49	1,131		1,148
		3.50%, 04/01/46 - 06/01/49	11,140		11,554
	Federal National Mortgage Association, Inc.
		2.50%, 07/01/23 - 10/01/23	7,694		7,763
		3.00%, 02/01/33 - 12/01/46	30,031		30,757
		3.50%, 05/01/36 - 12/01/36 (a)	7,606		7,995
		4.00%, 03/01/38 - 09/01/39 (a)	3,847		4,105
		4.00%, 03/01/47 - 07/01/48	10,360		10,850
		4.00%, 05/01/47 (b)	9,676		10,225
		TBA, 3.00%, 10/15/47 (a)	31,450		31,924
		3.50%, 07/01/46 - 09/01/49	48,390		49,997
	FHLMC
		3.00%, 12/01/32	2,301		2,360
	Government National Mortgage Association
		4.00%, 02/20/41	15		16
		4.00%, 11/20/44 (b)	1,596		1,693
		4.00%, 01/20/45 - 08/20/45	5,383		5,701
		3.50%, 02/20/42 - 02/20/47	21,703		22,728
		3.50%, 09/20/46	1,275		1,329
		3.00%, 01/20/47	3,920		4,035
		4.00%, 04/20/47 (a)	11,660		12,224
		TBA, 3.00%, 10/15/47 - 11/15/47 (a)	34,450		35,345
		TBA, 3.50%, 10/15/47 - 11/15/47 (a)	800		829
		5.00%, 04/20/48 (a)	1,714		1,833
		4.50%, 04/20/47 - 06/20/48	13,979		14,739
				275,608
U.S. Treasury Note 13.5%
	Treasury, United States Department of
		2.25%, 10/31/24	12,923		13,347
		2.63%, 12/31/25	20,180		21,391
		1.63%, 09/30/26	61,270		61,280
		2.88%, 08/15/28	4,520		4,971
		2.38%, 05/15/29	32,488		34,508
				135,497
U.S. Treasury Bond 6.6%
	Treasury, United States Department of
		0.00%, 11/15/35 - 08/15/41 (c)	51,970		34,554
		3.63%, 02/15/44	12,520		16,198
		3.13%, 08/15/44	6,470		7,759
		3.00%, 11/15/44	1,900		2,234
		2.88%, 08/15/45	3,500		4,036
		2.88%, 11/15/46	1,778		2,059
				66,840
U.S. Treasury Inflation Indexed Securities 3.0%
	Treasury, United States Department of
		0.75%, 07/15/28 (d)	5,274		5,547
		0.88%, 01/15/29 (d)	15,242		16,206
		1.00%, 02/15/49 (d)	7,137		8,082
				29,835
Sovereign 2.1%
	Abu Dhabi, Government of
		3.13%, 09/30/49 (e)	95		93
	Angola, Government of
		9.50%, 11/12/25 (e)	65		73
	Banque Centrale De Tunisie
		5.75%, 01/30/25 (e)	125		112
	Belarus, Council of Ministers of The Republic of
		6.88%, 02/28/23 (e)	190		203
		7.63%, 06/29/27 (e)	20		22
	Bermuda, Government of
		3.72%, 01/25/27 (e)	195		207
	Brazil Government International Bond
		5.63%, 02/21/47	75		84
	Cabinet of Ministers of Ukraine
		7.75%, 09/01/20 - 09/01/27 (e)	2,400		2,491
		7.38%, 09/25/32 (e)	75		76
	Cameroon, Government of
		9.50%, 11/19/25 (e)	265		290
	El Salvador Government International Bond
		5.88%, 01/30/25 (f)	175		180
	Ghana, Government of
		8.13%, 01/18/26 (e)	70		74
		7.88%, 03/26/27 (e)	125		128
	Gobierno de la Ciudad de Buenos Aires
		8.95%, 02/19/21 (e)	97		82
		7.50%, 06/01/27 (e) (g)	200		145
	Gobierno de la Provincia de Buenos Aires
		10.88%, 01/26/21 (f) (h)	500		225
	Gobierno de la Provincia de Cordoba
		7.13%, 06/10/21 (e)	565		333
		7.45%, 09/01/24 (e)	150		86
	Gobierno de la Provincia de Mendoza
		8.38%, 05/19/24 (e)	10		5
	Gobierno de la Republica de Costa Rica
		4.25%, 01/26/23 (e)	75		73
	Gobierno de la Republica de Guatemala
		4.90%, 06/01/30 (e)	45		48
	Gobierno de La Republica del Paraguay
		5.40%, 03/30/50 (e)	40		45
	Gobierno Federal de los Estados Unidos Mexicanos
		6.05%, 01/11/40	430		542
		5.75%, 10/12/10	200		230
	Government of Commonwealth of the Bahamas
		6.00%, 11/21/28 (e)	50		53
	Government of the Independent State of Papua New Guinea
		8.38%, 10/04/28 (e)	70		74
	Government of the Sultanate of Oman
		4.13%, 01/17/23 (e)	100		100
		5.38%, 03/08/27 (e)	200		196
	Iraq, Government of
		5.80%, 01/15/28 (f)	650		633
	Jamaica, Government of
		6.75%, 04/28/28	15		18
		7.88%, 07/28/45	35		46
	Jordan, The Government Of, The Hashemite Kingdom o
		6.13%, 01/29/26 (e)	15		16
	Kantselyariya Premer-Ministra Respubliki Kazakhsta
		6.50%, 07/21/45 (e)	15		22
	Kenya, Government of
		6.88%, 06/24/24 (e)	50		53
	Kingdom of Bahrain
		5.50%, 03/31/20 (e)	40		40
	Ministerul Finantelor Publice
		5.13%, 06/15/48 (e)	105		122
	Ministry of Diwan Amiri Affairs
		4.50%, 04/23/28 (e)	45		51
		4.00%, 03/14/29 (e)	125		138
		4.82%, 03/14/49 (e)	410		507
	Ministry of Finance of the Russian Federation
		5.10%, 03/28/35 (e)	600		680
		5.25%, 06/23/47 (e)	600		714
	Minstry of Finance, Lebenon Republic of
		6.38%, 03/09/20 (f)	505		480
		5.80%, 04/14/20 (f)	115		109
	Morocco Government International Bond
		5.50%, 12/11/42 (e)	15		18
	Nigeria, Federal Government of
		6.38%, 07/12/23 (e)	150		157
		7.63%, 11/21/25 (e)	200		219
		6.50%, 11/28/27 (e)	200		202
	Pakistan, Government of
		8.25%, 04/15/24 (e)	40		43
	People's Government of Inner Mongolia Autonomous Region
		8.75%, 03/09/24 (e)	25		28

167

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Petroleos de Venezuela, S.A.
		0.00%, 10/28/22 - 04/12/27 (f) (h) (i) (j) (k)	10,380		795
	Presidence de la Republique de Cote d'Ivoire
		5.75%, 12/31/32 (e) (g)	220		216
	Presidencia Da Republica Federativa Do Brasil
		8.25%, 01/20/34	285		390
		5.63%, 01/07/41	60		67
	Presidencia De La Nacion
		6.88%, 04/22/21 (h)	930		455
		5.63%, 01/26/22	940		404
		7.50%, 04/22/26	1,425		623
	Presidencia de la Republica de El Salvador
		7.38%, 12/01/19 (e)	245		245
		6.38%, 01/18/27 (e)	145		150
		7.63%, 09/21/34 (e)	40		42
		7.65%, 06/15/35 (f)	25		27
		7.12%, 01/20/50 (e)	150		153
	Presidencia de la Republica Dominicana
		5.95%, 01/25/27 (e)	150		162
		6.40%, 06/05/49 (e)	350		373
	Saudi Arabia Government International Bond
		4.50%, 10/26/46 (e)	65		72
	Saudi Arabia, Government of
		4.63%, 10/04/47 (e)	65		74
		5.25%, 01/16/50 (e)	255		318
	The Arab Republic of Egypt
		5.75%, 04/29/20 (e)	10		10
		6.13%, 01/31/22 (e)	260		268
		5.58%, 02/21/23 (e)	20		20
		6.20%, 03/01/24 (e)	150		157
		7.50%, 01/31/27 (e)	645		692
		7.60%, 03/01/29 (e)	260		275
		8.70%, 03/01/49 (e)	200		215
	The Democratic Socialist Republic of Sri Lanka
		5.75%, 04/18/23 (e)	75		74
		6.85%, 03/14/24 (e)	75		76
	The Government of the Republic of Azerbaijan
		4.75%, 03/18/24 (e)	50		53
	The Republic of Indonesia, The Government of
		8.50%, 10/12/35 (e)	150		235
		7.75%, 01/17/38 (e)	150		225
		5.25%, 01/17/42 (e)	55		66
		6.75%, 01/15/44 (e)	50		72
		5.13%, 01/15/45 (e)	40		48
		5.95%, 01/08/46 (e)	200		265
		4.35%, 01/11/48	90		99
	The Republic of Rwanda, Government of
		6.63%, 05/02/23 (e)	50		54
	Turkey Government International Bond
		5.75%, 05/11/47	120		105
	Turkiye Cumhuriyeti Basbakanlik
		5.63%, 03/30/21	310		317
		5.13%, 03/25/22	755		760
		6.25%, 09/26/22	625		641
		3.25%, 03/23/23	55		51
		7.25%, 12/23/23	140		148
		6.35%, 08/10/24	200		203
	Türkiye Cumhuriyeti Basbakanlik
		7.38%, 02/05/25	100		106
	Turkiye Ihracat Kredi Bankasi A.S.
		5.38%, 02/08/21 (e)	100		100
	Viet Nam, Socialist Republic of
		4.80%, 11/19/24 (f)	350		383
				20,850
Municipal 0.9%
	California, State of
		7.95%, 03/01/36	1,290		1,321
		7.63%, 03/01/40	2,390		3,922
	Illinois, State of
		5.10%, 06/01/33	2,535		2,746
		6.63%, 02/01/35	310		365
		7.35%, 07/01/35	610		744
				9,098
Collateralized Mortgage Obligations 0.1%
	Government National Mortgage Association
		Series 2017-BA-139, REMIC, 3.00%, 09/20/47	798		804
	Total Government And Agency Obligations (cost $528,041)			538,532
CORPORATE BONDS AND NOTES 38.0%
Financials 15.8%
	1MDB Global Investments Limited
		4.40%, 03/09/23 (f)	1,000		955
	AerCap Ireland Capital Designated Activity Company
		3.30%, 01/23/23	1,600		1,631
		4.88%, 01/16/24	800		863
		2.88%, 08/14/24	888		887
	AerCap Ireland Limited
		4.63%, 07/01/22	2,175		2,295
	AIB Group Public Limited Company
		4.75%, 10/12/23 (e)	2,425		2,565
	Akbank Turk Anonim Sirketi
		7.20%, 03/16/27 (e) (l)	100		93
	Alfa Bond Issuance Public Limited Company
		8.00%, 02/03/22 (f) (m)	200		205
	Ally Financial Inc.
		4.13%, 02/13/22	400		410
		5.13%, 09/30/24	400		437
		4.63%, 03/30/25	500		539
	Altice Financing S.A.
		6.63%, 02/15/23 (e)	600		617
		7.50%, 05/15/26 (e)	85		90
	American International Group, Inc.
		3.90%, 04/01/26	2,000		2,132
		4.20%, 04/01/28	775		845
	AmWINS Group, Inc.
		7.75%, 07/01/26 (e)	200		214
	Ardagh Packaging Finance Public Limited Company
		6.00%, 02/15/25 (e)	90		94
	Azul Investments LLP
		5.88%, 10/26/24 (e)	120		120
	Banco do Brasil S.A
		6.25%, (callable at 100 beginning 04/15/24) (e) (m)	150		148
		9.00%, 06/18/24 (e) (m)	70		79
	Banco Macro S.A.
		6.75%, 11/04/26 (e)	300		207
	Banco Mercantil Del Norte, S.A. Institucion De Banca Multiple, Grupo Financiero Banorte
		7.63%, (callable at 100 beginning 01/10/28) (e) (m)	50		51
	Banco Votorantim S.A.
		4.00%, 09/24/22 (e)	200		203
	Bank of America Corporation
		5.20%, (callable at 100 beginning 06/01/23) (m)	500		517
		3.86%, 07/23/24	2,450		2,578
		4.20%, 08/26/24	100		107
		3.25%, 10/21/27	1,875		1,947
		4.18%, 11/25/27	3,725		4,015
		3.82%, 01/20/28 (l)	1,575		1,691
		4.27%, 07/23/29	1,475		1,638
	Barclays PLC
		7.88%, (callable at 100 beginning 03/15/22) (f) (m)	300		317
		4.61%, 02/15/23 (n)	2,400		2,490
		5.09%, 06/20/30	2,500		2,614
	Bayer US Finance II LLC
		3.88%, 12/15/23 (e)	1,900		1,983
	Biz Finance PLC
		9.63%, 04/27/22 (e)	150		157
	BNP Paribas
		3.50%, 03/01/23 (e)	3,650		3,764
		3.38%, 01/09/25 (e)	975		1,008
	BPCE
		4.00%, 09/12/23 (e)	1,950		2,058
		4.63%, 09/12/28 (e)	975		1,095

168

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1	Value ($)
Brandywine Operating Partnership, L.P.
	4.10%, 10/01/24	1,116	1,175
Brixmor Operating Partnership LP
	3.85%, 02/01/25	3,000	3,137
C&W Senior Financing Designated Activity Company
	7.50%, 10/15/26 (e)	300	319
Capital One, National Association
	2.15%, 09/06/22	572	571
Citigroup Inc.
	3.05%, 05/01/20	2,825	2,839
	3.40%, 05/01/26	4,925	5,154
	4.30%, 11/20/26	200	216
	4.13%, 07/25/28	475	510
Comcel Trust
	6.88%, 02/06/24 (e)	200	207
Commonwealth Bank of Australia
	3.61%, 09/12/34 (e)	384	385
Credit Suisse Group AG
	6.50%, 08/08/23 (e)	400	446
	4.21%, 06/12/24 (e)	1,000	1,053
	2.59%, 09/11/25 (e)	1,350	1,335
	4.28%, 01/09/28 (e)	2,059	2,215
	3.87%, 01/12/29 (e)	303	319
Credit Suisse Group Funding (Guernsey) Ltd
	4.55%, 04/17/26	699	768
Credito Real, S.A.B. De C.V. SOFOM E.N.R.
	9.50%, 02/07/26 (e)	75	86
CSN Resources S.A.
	6.50%, 07/21/20 (e)	20	20
CTR Partnership, L.P.
	5.25%, 06/01/25	200	208
Deutsche Bank Aktiengesellschaft
	2.70%, 07/13/20	1,800	1,796
	4.50%, 04/01/25	4,000	3,841
Development Bank of Mongolia LLC
	7.25%, 10/23/23 (e)	35	36
Diamond Finance International Limited
	5.45%, 06/15/23 (e)	1,125	1,224
	6.02%, 06/15/26 (e)	250	281
	8.35%, 07/15/46 (e)	450	593
Discover Bank
	8.70%, 11/18/19 (f)	551	556
	4.68%, 08/09/28	2,000	2,088
Discover Financial Services
	3.85%, 11/21/22	1,499	1,564
	4.50%, 01/30/26	2,000	2,171
Ecobank Transnational Incorporated
	9.50%, 04/18/24 (e)	65	73
Fidelity Bank PLC
	10.50%, 10/16/22 (e)	60	67
Ford Motor Credit Company LLC
	5.88%, 08/02/21	4,000	4,190
General Motors Financial Company, Inc.
	4.38%, 09/25/21	6,000	6,199
HUB International Limited
	7.00%, 05/01/26 (e)	200	206
Icahn Enterprises L.P.
	6.38%, 12/15/25	600	632
	6.25%, 05/15/26 (e)	80	84
Intesa Sanpaolo S.p.A.
	5.71%, 01/15/26 (e)	2,000	2,124
Itau Unibanco Holding S.A.
	5.13%, 05/13/23 (e)	90	95
JPMorgan Chase & Co.
	5.30%, (callable at 100 beginning 05/01/20) (m)	2,575	2,601
	3.96%, 01/29/27	2,050	2,216
	3.51%, 01/23/29	1,850	1,953
JSC Bank of Georgia
	6.00%, 07/26/23 (e)	200	205
Jsc Bta Bank
	5.50%, 12/21/22 (e)	73	74
JSC TBC Bank
	5.75%, 06/19/24 (e)	25	25
Level 3 Financing, Inc.
	5.13%, 05/01/23	400	404
	5.38%, 01/15/24	300	306
Marsh & Mclennan Companies, Inc.
	4.38%, 03/15/29	1,200	1,357
Morgan Stanley
	3.68%, (3M USD LIBOR + 1.40%), 10/24/23 (l)	1,625	1,654
	3.74%, 04/24/24	1,475	1,539
	3.88%, 04/29/24	1,150	1,223
	3.70%, 10/23/24	3,000	3,178
	4.00%, 07/23/25	150	162
	5.00%, 11/24/25	3,000	3,357
	3.63%, 01/20/27	150	159
	4.43%, 01/23/30	2,100	2,361
NatWest Markets PLC
	7.50%, (callable at 100 beginning 08/10/20) (m) (n)	120	123
	5.13%, 05/28/24	1,500	1,600
Navient Corporation
	6.63%, 07/26/21	400	422
Nostrum Oil & Gas Finance B.V.
	8.00%, 07/25/22 (e)	525	270
Nuveen, LLC
	4.00%, 11/01/28 (e)	425	475
Ooredoo International Finance Limited
	3.25%, 02/21/23 (e)	265	271
	3.75%, 06/22/26 (e)	25	26
Petrobras Global Finance B.V.
	8.75%, 05/23/26	295	377
	6.00%, 01/27/28	75	83
	5.09%, 01/15/30 (e)	206	215
Petrobras International Finance Co
	6.88%, 01/20/40	150	173
Pine Street Trust I
	4.57%, 02/15/29 (e)	1,000	1,069
Pine Street Trust II
	5.57%, 02/15/49 (e)	1,000	1,118
Quicken Loans Inc.
	5.25%, 01/15/28 (e)	300	309
Regions Bank
	6.45%, 06/26/37	1,000	1,312
SABIC Capital II BV
	4.00%, 10/10/23 (e)	200	211
SLM Corporation
	7.25%, 01/25/22	500	540
Solera, LLC
	10.50%, 03/01/24 (e)	550	582
Springleaf Finance Corporation
	7.13%, 03/15/26	300	333
Sumitomo Mitsui Financial Group, Inc.
	4.44%, 04/02/24 (e)	1,275	1,358
Synchrony Financial
	2.85%, 07/25/22	230	232
	4.38%, 03/19/24	1,000	1,061
	5.15%, 03/19/29	2,500	2,773
TC Ziraat Bankasi A/S
	5.13%, 05/03/22 (e)	105	102
TCS Finance Designated Activity Company
	9.25%, (callable at 100 beginning 09/15/22) (f) (m)	200	210
Teachers Insurance & Annuity Association of America
	4.90%, 09/15/44 (e)	640	788
Telecom Argentina SA
	8.00%, 07/18/26 (e)	30	26
Telenet Finance Luxembourg Notes S.À R.L.
	5.50%, 03/01/28 (e)	200	210
The Goldman Sachs Group, Inc.
	4.22%, 05/01/29	7,500	8,178
The Royal Bank of Scotland Group Public Limited Company
	3.50%, 05/15/23 (l) (n)	2,035	2,062
	3.88%, 09/12/23	1,479	1,526
	4.52%, 06/25/24 (l) (n)	1,975	2,073
	4.27%, 03/22/25 (n)	1,225	1,282

169

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Trade & Development Bank of Mongolia LLC
		9.38%, 05/19/20 (e)	125		128
	Turkiye Is Bankasi Anonim Sirketi
		5.00%, 04/30/20 (e)	125		125
		5.50%, 04/21/22 (e)	75		74
	Turkiye Vakiflar Bankasi T.A.O.
		5.75%, 01/30/23 (e)	300		287
		6.88%, 02/03/25 (e) (o)	100		96
	TV Azteca S.A.B. de C.V.
		8.25%, 08/09/24 (f)	500		474
	UBS Group Funding (Jersey) Limited
		3.00%, 04/15/21 (e)	2,300		2,327
	UniCredit S.p.A.
		6.57%, 01/14/22 (e)	2,000		2,148
	Unum Group
		4.00%, 06/15/29	1,500		1,559
		5.75%, 08/15/42	1,500		1,706
	USA Compression Finance Corp.
		6.88%, 04/01/26	200		209
	Usiminas International S.À R.L.
		5.88%, 07/18/26 (e)	200		202
	USIS Merger Sub, Inc.
		6.88%, 05/01/25 (e)	200		203
	Ventas Realty, Limited Partnership
		3.00%, 01/15/30	648		644
	Virgin Media Secured Finance PLC
		5.50%, 08/15/26 (e)	200		210
	Wells Fargo & Company
		5.90%, (callable at 100 beginning 06/15/24) (m)	300		321
	Westpac Banking Corporation
		4.11%, 07/24/34	558		582
	Ziggo Bond Finance B.V.
		5.88%, 01/15/25 (e)	600		619
				158,520
Energy 6.5%
	ADES International Holding PLC
		8.63%, 04/24/24 (f)	200		199
	Archrock Partners, L.P.
		6.88%, 04/01/27 (e)	200		212
	California Resources Corporation
		8.00%, 12/15/22 (e)	700		350
	Canadian Natural Resources Limited
		3.90%, 02/01/25	1,500		1,579
	Cenovus Energy Inc.
		4.25%, 04/15/27	925		962
	Cheniere Corpus Christi Holdings, LLC
		7.00%, 06/30/24	600		689
		5.88%, 03/31/25	600		668
	Chesapeake Energy Corporation
		8.00%, 01/15/25 (o)	300		217
		8.00%, 06/15/27	95		64
	Citgo Petroleum Corporation
		6.25%, 08/15/22 (e)	500		506
	Comstock Escrow Corporation
		9.75%, 08/15/26	300		251
	Continental Resources, Inc.
		4.50%, 04/15/23	4,375		4,546
		4.38%, 01/15/28 (o)	200		207
	Crestwood Midstream Partners LP
		5.75%, 04/01/25	300		310
	CVR Refining, LLC
		6.50%, 11/01/22	300		303
	DCP Midstream Operating, LP
		5.38%, 07/15/25	400		430
	Denbury Resources Inc.
		9.25%, 03/31/22 (e)	20		18
		7.75%, 02/15/24 (e)	485		375
	Devon Energy Corporation
		5.85%, 12/15/25	452		537
		4.75%, 05/15/42	800		884
	DTEK Finance PLC
		10.75%, 12/31/24 (g) (p)	475		484
	Energy Transfer LP
		4.65%, 06/01/21	725		747
		4.20%, 09/15/23	1,775		1,867
		5.50%, 06/01/27	1,400		1,583
		5.25%, 04/15/29	1,125		1,268
		5.30%, 04/15/47	700		755
		6.00%, 06/15/48	490		576
	EQM Midstream Partners, LP
		4.75%, 07/15/23	3,250		3,262
	Everest Acquisition, LLC
		8.00%, 11/29/24 (e)	300		115
	Frontera Energy Corporation
		9.70%, 06/25/23 (e)	200		212
	Global Partners LP
		7.00%, 06/15/23	300		308
		7.00%, 08/01/27 (e)	200		206
	Halliburton Company
		3.80%, 11/15/25	225		238
	Hess Corporation
		7.13%, 03/15/33	151		188
		5.60%, 02/15/41	104		115
		5.80%, 04/01/47	543		620
	Hess Infrastructure Partners LP
		5.63%, 02/15/26 (e)	300		313
	Hilcorp Energy I, L.P.
		5.00%, 12/01/24 (e)	300		282
	Jonah Energy LLC
		7.25%, 10/15/25 (e)	200		70
	Kinder Morgan Energy Partners, L.P.
		3.50%, 09/01/23	2,125		2,199
	Kosmos Energy Ltd.
		7.13%, 04/04/26 (e)	200		206
	Magnolia Oil & Gas Operating LLC
		6.00%, 08/01/26 (e)	200		201
	Marathon Oil Corporation
		4.40%, 07/15/27	650		693
	Marathon Petroleum Corporation
		3.80%, 04/01/28	625		650
	Medco Strait Services Pte. Ltd.
		8.50%, 08/17/22 (e)	75		80
	MEG Energy Corp.
		6.38%, 01/30/23 (e)	50		49
		7.00%, 03/31/24 (e)	300		290
	MPLX LP
		3.00%, (3M USD LIBOR + 0.90%), 09/09/21 (l)	233		234
		3.20%, (3M USD LIBOR + 1.10%), 09/09/22 (l)	350		351
		4.80%, 02/15/29	500		552
		4.50%, 04/15/38	675		700
		4.70%, 04/15/48	325		340
	Nabors Industries, Inc.
		5.75%, 02/01/25	200		149
	Noble Corporation
		7.88%, 02/01/26 (e)	200		144
	Occidental Petroleum Corporation
		2.60%, 08/13/21	228		229
		2.70%, 08/15/22	202		204
		2.90%, 08/15/24	666		671
		3.20%, 08/15/26	90		91
		3.50%, 08/15/29	283		287
		6.45%, 09/15/36	1,135		1,398
		4.30%, 08/15/39	41		42
		6.60%, 03/15/46	1,375		1,797
		4.40%, 08/15/49	41		42
	Parsley Energy, LLC
		5.38%, 01/15/25 (e)	300		305
	PBF Logistics LP
		6.88%, 05/15/23	300		309
	PDV America, Inc.
		9.25%, 08/01/24 (e)	150		159
	Pemex Project Funding Master Trust
		8.63%, 02/01/22 (g)	50		56
		6.63%, 06/15/35	400		392
	Petrobras Global Finance B.V.
		6.90%, 03/19/49	230		265
	Petroleos Mexicanos
		3.50%, 07/23/20 (o)	45		45
		5.50%, 01/21/21	15		15

170

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
		4.88%, 01/24/22 - 01/18/24	250		258
		5.79%, (3M USD LIBOR + 3.65%), 03/11/22 (l)	70		73
		3.50%, 01/30/23	430		430
		6.49%, 01/23/27 (e)	395		411
		6.84%, 01/23/30 (e)	775		802
		6.50%, 06/02/41	650		621
		6.38%, 01/23/45	60		56
		6.75%, 09/21/47	8,920		8,543
	Phillips 66
		3.90%, 03/15/28	1,425		1,536
	Plains All American Pipeline, L.P.
		3.65%, 06/01/22	1,275		1,307
		3.85%, 10/15/23	800		828
		4.50%, 12/15/26	1,450		1,538
	Range Resources Corporation
		5.00%, 03/15/23	60		52
		4.88%, 05/15/25 (o)	125		103
	Rose Rock Midstream, L.P.
		5.63%, 07/15/22	900		913
	Sanchez Energy Corporation
		0.00%, 02/15/23 (f) (h) (i) (j)	300		221
	Saudi Arabian Oil Company
		3.50%, 04/16/29 (e)	290		303
		4.25%, 04/16/39 (e)	335		362
		4.38%, 04/16/49 (e)	110		120
	Sinopec Group Overseas Development (2012) Limited
		4.88%, 05/17/42 (e)	20		25
	Sinopec Group Overseas Development (2018) Limited
		3.68%, 08/08/49 (e)	95		103
	Southern Gas Corridor CJSC Co.
		6.88%, 03/24/26 (e)	80		93
	Summit Midstream Holdings, LLC
		5.50%, 08/15/22	300		275
	Sunoco Logistics Partners Operations L.P.
		4.25%, 04/01/24	500		527
		5.40%, 10/01/47	200		218
	Sunoco LP
		5.50%, 02/15/26	200		209
	Targa Resource Corporation
		5.25%, 05/01/23	600		606
	The Oil And Gas Holding Company B.S.C.
		7.50%, 10/25/27 (e)	100		111
	Transportadora de Gas del Sur S.A.
		6.75%, 05/02/25 (e)	150		132
	Tullow Oil PLC
		6.25%, 04/15/22 (e)	125		126
	Valaris PLC
		7.75%, 02/01/26	200		107
	Weatherford International, LLC
		0.00%, 03/01/25 (h) (i) (j)	300		106
	Western Midstream Operating, LP
		3.95%, 06/01/25	1,150		1,113
	Williams Partners L.P.
		3.60%, 03/15/22	1,245		1,279
		3.90%, 01/15/25	1,275		1,334
	YPF Sociedad Anonima
		8.75%, 04/04/24 (e)	200		165
		8.50%, 03/23/21 - 06/27/29 (e)	400		331
				64,998
Communication Services 3.9%
	Altice Financing S.A.
		7.63%, 02/15/25 (e)	200		208
	Altice France
		7.38%, 05/01/26 (e)	85		91
	Altice Luxembourg Fr SA
		8.13%, 02/01/27 (e)	500		552
	AT&T Inc.
		3.40%, 05/15/25	4,150		4,334
		4.35%, 03/01/29	450		497
		4.30%, 02/15/30	415		457
		4.90%, 08/15/37	400		454
		5.45%, 03/01/47	500		604
	Axtel, S.A.B. de C.V.
		6.38%, 11/14/24 (e)	75		77
	C&W Senior Financing DAC
		6.88%, 09/15/27 (e)	50		52
	Cablevision Systems Corporation
		5.88%, 09/15/22	500		540
	CCO Holdings, LLC
		4.00%, 03/01/23 (e)	600		609
		5.75%, 01/15/24	600		613
		5.75%, 02/15/26 (e)	600		634
	Charter Communications Operating, LLC
		4.46%, 07/23/22	1,950		2,053
		4.50%, 02/01/24	3,100		3,325
		4.91%, 07/23/25	1,700		1,867
		5.38%, 05/01/47	1,000		1,088
	Comcast Corporation
		4.15%, 10/15/28	1,400		1,570
		4.25%, 10/15/30	1,075		1,221
	CSC Holdings, LLC
		5.25%, 06/01/24	1,000		1,075
	Digicel Group Limited
		6.75%, 03/01/23 (e)	50		24
	DISH DBS Corporation
		5.88%, 07/15/22	165		172
	Fox Corporation
		4.03%, 01/25/24 (e)	650		692
		4.71%, 01/25/29 (e)	550		627
	Frontier Communications Corporation
		8.00%, 04/01/27 (e)	300		317
	Globo Comunicacao e Participacoes S.A.
		4.84%, 06/08/25 (e)	100		104
	GTH Finance B.V.
		7.25%, 04/26/23 (e)	180		201
	Intelsat Jackson Holdings S.A.
		8.50%, 10/15/24 (e)	200		202
	Millicom International Cellular SA
		6.00%, 03/15/25 (e)	525		545
	MTN (Mauritius) Investments Limited
		6.50%, 10/13/26 (e)	50		55
	MTS International Funding Designated Activity Company
		5.00%, 05/30/23 (e)	200		211
	Radiate HoldCo, LLC
		6.63%, 02/15/25 (e)	90		91
	Sirius XM Radio Inc.
		3.88%, 08/01/22 (e)	500		509
		4.63%, 05/15/23 (e)	500		509
	Spectrum Management Holding Company, LLC
		5.88%, 11/15/40	425		476
		5.50%, 09/01/41	4,071		4,409
	Sprint Communications, Inc.
		6.00%, 11/15/22	500		530
	Sprint Corporation
		7.88%, 09/15/23	500		549
	TBG Global Pte. Ltd.
		5.25%, 02/10/22 (f)	200		203
	Telecom Italia S.p.A.
		5.30%, 05/30/24 (e)	400		431
	T-Mobile USA, Inc.
		4.50%, 02/01/26	200		206
	Turk Telekomunikasyon Anonim Sirketi
		6.88%, 02/28/25 (e)	50		53
	Verizon Communications Inc.
		5.25%, 03/16/37	550		684
		5.01%, 04/15/49	1,413		1,774
	Vodafone Group Public Limited Company
		3.75%, 01/16/24	2,950		3,104
	VTR GlobalCom S.p.A.
		6.88%, 01/15/24 (e)	275		283
	Zayo Group, LLC
		6.38%, 05/15/25	300		309
				39,191
Health Care 2.3%
	Avantor, Inc.
		6.00%, 10/01/24 (e)	200		214

171

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Bausch Health Companies Inc.
		5.88%, 05/15/23 (e)	400		406
		9.25%, 04/01/26 (e)	400		454
	Charles River Laboratories International, Inc.
		5.50%, 04/01/26 (e)	200		212
	Cigna Holding Company
		3.75%, 07/15/23 (h)	4,125		4,314
		4.90%, 12/15/48	1,000		1,146
	Community Health Systems, Inc.
		6.25%, 03/31/23	500		497
		8.63%, 01/15/24 (e)	500		518
		8.00%, 03/15/26 (e)	125		125
	CVS Health Corporation
		3.50%, 07/20/22	2,775		2,862
		2.63%, 08/15/24	114		114
		3.88%, 07/20/25	2,475		2,623
		3.00%, 08/15/26	92		93
		3.25%, 08/15/29	212		213
		4.78%, 03/25/38	1,100		1,215
		5.05%, 03/25/48	1,000		1,138
	Elanco Animal Health
		3.91%, 08/27/21 (q)	1,475		1,508
		4.27%, 08/28/23 (q)	550		577
	HCA Inc.
		5.38%, 02/01/25	600		656
		5.88%, 02/15/26	700		784
	Hologic, Inc.
		4.38%, 10/15/25 (e)	200		205
	IQVIA Inc.
		5.00%, 05/15/27 (e)	300		315
	MPH Acquisition Holdings LLC
		7.13%, 06/01/24 (e) (o)	175		162
	Teleflex Incorporated
		4.88%, 06/01/26	300		314
	Tenet Healthcare Corporation
		8.13%, 04/01/22	500		541
		6.75%, 06/15/23	500		525
	Teva Pharmaceutical Finance IV B.V.
		3.65%, 11/10/21	75		70
	Thermo Fisher Scientific Inc.
		3.00%, 04/15/23	625		643
	WellCare Health Plans, Inc.
		5.25%, 04/01/25	400		418
				22,862
Consumer Staples 2.3%
	Altria Group, Inc.
		3.80%, 02/14/24	1,825		1,908
		4.40%, 02/14/26	25		27
		3.88%, 09/16/46	4,000		3,673
	Anheuser-Busch Companies, LLC
		4.70%, 02/01/36	975		1,126
		4.90%, 02/01/46	1,025		1,221
	Anheuser-Busch InBev Worldwide Inc.
		4.00%, 04/13/28	4,000		4,415
		4.75%, 01/23/29	1,750		2,035
		4.60%, 04/15/48	650		748
		5.80%, 01/23/59	1,000		1,356
	BAT Capital Corp.
		3.22%, 08/15/24	1,580		1,597
	C&S Group Enterprises LLC
		5.38%, 07/15/22 (e)	300		304
	Cosan Overseas Limited
		8.25%, (callable at 100 beginning 02/05/20) (f) (m)	390		403
	JBS Investments II GmbH
		7.00%, 01/15/26 (e)	100		108
		5.75%, 01/15/28 (e)	200		208
	JBS USA Finance, Inc.
		6.75%, 02/15/28 (e)	500		554
	JBS USA Food Company
		5.88%, 07/15/24 (e)	600		618
		6.50%, 04/15/29 (e)	100		111
		5.50%, 01/15/30 (e)	205		217
	Lamb Weston Holdings, Inc.
		4.88%, 11/01/26 (e)	200		210
	Post Holdings, Inc.
		5.50%, 03/01/25 (e)	300		314
	Reynolds American Inc.
		4.45%, 06/12/25	325		347
		5.85%, 08/15/45	1,000		1,107
	Vector Group Ltd.
		6.13%, 02/01/25 (e)	235		226
				22,833
Real Estate 2.2%
	American Homes 4 Rent, L.P.
		4.90%, 02/15/29	1,100		1,250
	Brixmor Operating Partnership LP
		4.13%, 05/15/29	631		676
	CoreCivic, Inc.
		4.13%, 04/01/20	60		60
		4.63%, 05/01/23	300		291
	Crown Castle International Corp.
		5.25%, 01/15/23	1,575		1,717
	ESH Hospitality, Inc.
		5.25%, 05/01/25 (e)	200		207
	Healthcare Trust of America Holdings, LP
		3.50%, 08/01/26	201		207
		3.10%, 02/15/30	193		192
	Hudson Pacific Properties, L.P.
		4.65%, 04/01/29	2,500		2,757
	Kilroy Realty, L.P.
		4.75%, 12/15/28	925		1,049
	MGM Growth Properties Operating Partnership LP
		5.63%, 05/01/24	600		660
	MPT Operating Partnership, L.P.
		6.38%, 03/01/24	300		314
	National Retail Properties, Inc.
		3.60%, 12/15/26	1,250		1,314
	Omega Healthcare Investors, Inc.
		4.95%, 04/01/24	900		964
		4.50%, 04/01/27	5,000		5,316
		3.63%, 10/01/29	852		847
	Starwood Property Trust, Inc.
		4.75%, 03/15/25	200		206
	The Howard Hughes Corporation
		5.38%, 03/15/25 (e)	300		313
	Vereit Operating Partnership, L.P.
		4.13%, 06/01/21	1,125		1,154
		4.63%, 11/01/25	1,475		1,610
		3.95%, 08/15/27	650		686
				21,790
Utilities 1.6%
	Berkshire Hathaway Energy Company
		3.25%, 04/15/28	475		501
	Clearway Energy Operating LLC
		5.00%, 09/15/26	200		206
	Cleco Corporate Holdings LLC
		3.38%, 09/15/29 (e)	499		499
	Duke Energy Corporation
		3.15%, 08/15/27 (o)	2,150		2,230
	Dynegy Inc.
		5.88%, 06/01/23	600		613
	ESKOM Holdings
		5.75%, 01/26/21 (e)	615		621
		7.13%, 02/11/25 (e)	160		165
	MidAmerican Energy Company
		3.65%, 04/15/29	800		882
	NextEra Energy Operating Partners, LP
		4.25%, 07/15/24 (e)	300		310
	NiSource Inc.
		3.65%, 06/15/23	1,150		1,200
		2.95%, 09/01/29	1,265		1,274
	NRG Energy, Inc.
		7.25%, 05/15/26	300		329
	Petrobras Argentina S.A.
		7.38%, 07/21/23 (e)	75		61
	Sempra Energy
		2.80%, (3M USD LIBOR + 0.50%), 01/15/21 (l)	2,050		2,047

172

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Southern California Edison Company
		3.70%, 08/01/25	1,425		1,513
		4.20%, 03/01/29	975		1,086
	Terraform Power Operating, LLC
		6.63%, 06/15/25 (e) (g)	300		316
	The AES Corporation
		5.50%, 04/15/25	300		312
	The Southern Company
		3.25%, 07/01/26	1,850		1,908
				16,073
Industrials 1.6%
	AECOM
		5.88%, 10/15/24	500		543
	Aeropuertos Argentina 2000 S.A.
		6.88%, 02/01/27 (e)	281		259
	Air Lease Corporation
		2.25%, 01/15/23	192		191
		3.75%, 06/01/26	3,475		3,616
	Avolon Holdings Funding Limited
		3.63%, 05/01/22 (e)	400		406
		3.95%, 07/01/24 (e)	850		873
	BBA U.S. Holdings, Inc.
		5.38%, 05/01/26 (e)	300		316
	Bombardier Inc.
		6.13%, 01/15/23 (e)	400		408
		7.50%, 12/01/24 (e)	400		402
	Brand Energy & Infrastructure Services, Inc.
		8.50%, 07/15/25 (e)	300		284
	BWXT Government Group, Inc.
		5.38%, 07/15/26 (e)	300		316
	DP World Ltd.
		5.63%, 09/25/48 (e)	40		46
	Elementia, S.A.B. De C.V.
		5.50%, 01/15/25 (e) (o)	100		97
	FLY Leasing Limited
		6.38%, 10/15/21 (o)	225		229
	Georgian Railway JSC
		7.75%, 07/11/22 (e)	50		55
	IHS Netherlands Holdco B.V.
		7.13%, 03/18/25 (e)	200		203
	Indika Energy Capital II Pte. Ltd.
		6.88%, 04/10/22 (e)	200		208
	LBC Tank Terminals Holding Netherlands B.V.
		6.88%, 05/15/23 (e)	300		306
	Park Aerospace Holdings Limited
		4.50%, 03/15/23 (e)	400		415
		5.50%, 02/15/24 (e)	4,000		4,330
	Rumo Luxembourg SARL
		7.38%, 02/09/24 (e)	200		216
	Sensata Technologies UK Financing Co. PLC
		6.25%, 02/15/26 (e)	200		213
	Shortline PLC
		9.88%, 09/15/21 (e)	80		82
	Tempo Acquisition, LLC
		6.75%, 06/01/25 (e)	300		309
	The ADT Security Corporation
		4.88%, 07/15/32 (e)	200		176
	The Nielsen Company (Luxembourg) S.A R.L.
		5.00%, 02/01/25 (e) (o)	400		396
	TransDigm Inc.
		6.50%, 07/15/24	890		919
	Trivium Packaging Finance B.V.
		5.50%, 08/15/26 (e)	151		159
		8.50%, 08/15/27 (e)	35		38
	Turkiye Sise ve Cam Fabrikalari A.S.
		6.95%, 03/14/26 (e)	50		52
				16,063
Consumer Discretionary 0.8%
	Aramark Services, Inc.
		5.13%, 01/15/24	300		310
	Corporacion GEO S.A.B. de C.V.
		0.00%, 04/13/21 (h) (i) (j) (r)	99		—
	CRC Escrow Issuer, LLC
		5.25%, 10/15/25 (e)	600		614
	Dish Network Corporation
		2.38%, 03/15/24 (n)	200		176
	Dollar Tree, Inc.
		4.00%, 05/15/25	1,050		1,113
		4.20%, 05/15/28	1,125		1,208
	Eldorado Resorts, Inc.
		6.00%, 04/01/25	200		211
	Evrotorg, OOO
		8.75%, 10/30/22 (e)	135		145
	Gems Menasa (Cayman) Limited
		7.13%, 07/31/26 (e)	200		206
	Golden Entertainment, Inc.
		7.63%, 04/15/26 (e)	300		313
	Hilton Domestic Operating Company Inc.
		4.25%, 09/01/24	400		408
	HTA Group Limited
		9.13%, 03/08/22 (e)	135		141
	KFC Holding Co.
		5.00%, 06/01/24 (e)	200		207
	Laureate Education, Inc.
		8.25%, 05/01/25 (e)	300		326
	Mattel, Inc.
		6.75%, 12/31/25 (e)	200		209
	Metalsa, S.A. de C.V.
		4.90%, 04/24/23 (e)	195		198
	New Golden Nugget Inc.
		6.75%, 10/15/24 (e)	300		304
	Penn National Gaming, Inc.
		5.63%, 01/15/27 (e) (o)	100		103
	Restaurant Brands International Limited Partnership
		4.25%, 05/15/24 (e)	300		309
	Scientific Games International, Inc.
		5.00%, 10/15/25 (e)	300		310
	Service Corporation International
		5.13%, 06/01/29	200		214
	Stars Group Holdings B.V.
		7.00%, 07/15/26 (e)	400		424
	The William Carter Company
		5.63%, 03/15/27 (e)	200		214
	Wyndham Hotels & Resorts, Inc.
		5.38%, 04/15/26 (e)	200		210
	Wynn Las Vegas, LLC
		5.50%, 03/01/25 (e)	300		315
	Wynn Macau, Limited
		4.88%, 10/01/24 (e)	300		299
				8,487
Materials 0.7%
	Advanced Drainage Systems, Inc.
		5.00%, 09/30/27 (e)	135		137
	Ardagh Packaging Finance Public Limited Company
		4.63%, 05/15/23 (e)	600		614
	Berry Global Escrow Corporation
		4.88%, 07/15/26 (e)	200		207
	Braskem S.A
		5.38%, 05/02/22 (e)	100		105
	Cementos Progreso, S.A.
		7.13%, 11/06/23 (e)	100		103
	CEMEX S.A.B. de C.V.
		7.75%, 04/16/26 (e)	50		54
	CF Industries, Inc.
		5.38%, 03/15/44	200		202
	Cimpor Financial Operations B.V.
		5.75%, 07/17/24 (e)	225		169
	Crown Americas LLC
		4.50%, 01/15/23	300		315
	CSN Resources S.A.
		7.63%, 02/13/23 (e)	325		339
	First Quantum Minerals Ltd
		7.25%, 04/01/23 (e)	325		322
	Flex Acquisition Company, Inc.
		7.88%, 07/15/26 (e)	300		275
	Gold Fields Orogen Holding (BVI) Limited
		5.13%, 05/15/24 (e)	100		106

173

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Metinvest B.V.
		7.75%, 04/23/23 (e)	320		338
	Nufarm Australia Limited
		5.75%, 04/30/26 (e)	300		296
	OCI N.V.
		6.63%, 04/15/23 (e)	300		314
	OCP S.A.
		5.63%, 04/25/24 (e)	75		82
		6.88%, 04/25/44 (e)	20		25
	Olin Corporation
		5.13%, 09/15/27	200		206
	Owens-Brockway Glass Container Inc.
		5.38%, 01/15/25 (e) (o)	300		310
	Petkim Petrokimya Holding Anonim Sirketi
		5.88%, 01/26/23 (e)	210		206
	Platform Specialty Products Corporation
		5.88%, 12/01/25 (e)	300		314
	Polyus Gold International Limited
		5.25%, 02/07/23 (e)	200		212
	PT Bukit Makmur Mandiri Utama
		7.75%, 02/13/22 (e)	225		230
	Reynolds Group Holdings Inc.
		5.13%, 07/15/23 (e)	300		308
	Stillwater Mining Company
		6.13%, 06/27/22 (e)	300		302
	The Chemours Company
		6.63%, 05/15/23 (o)	200		198
		7.00%, 05/15/25	95		90
	TPC Corporation
		10.50%, 08/01/24 (e)	70		73
	Trinseo Materials Operating S.C.A.
		5.38%, 09/01/25 (e)	200		194
	Valvoline, Inc.
		4.38%, 08/15/25	200		204
	Vedanta Resources Finance II PLC
		9.25%, 04/23/26 (e) (o)	85		85
	Vedanta Resources Limited
		8.25%, 06/07/21 (e)	75		78
		6.38%, 07/30/22 (e)	350		344
				7,357
Information Technology 0.3%
	Ascend Learning, LLC
		6.88%, 08/01/25 (e)	200		208
	Banff Merger Sub Inc.
		9.75%, 09/01/26 (e)	130		124
	CDK Global, Inc.
		4.88%, 06/01/27	300		313
	Nuance Communications, Inc.
		5.63%, 12/15/26	300		318
	Open Text Corp
		5.88%, 06/01/26 (e)	300		320
	Qorvo, Inc.
		5.50%, 07/15/26	300		317
	Radiate HoldCo, LLC
		6.88%, 02/15/23 (e) (o)	500		515
	SS&C Technologies, Inc.
		5.50%, 09/30/27 (e)	200		209
	Symantec Corporation
		3.95%, 06/15/22	400		408
	TTM Technologies, Inc.
		5.63%, 10/01/25 (e) (o)	300		301
				3,033
	Total Corporate Bonds And Notes (cost $368,339)			381,207
SENIOR LOAN INTERESTS 4.9%
Consumer Discretionary 1.2%
	1011778 B.C. Unlimited Liability Company
		Term Loan B3, 4.29%, (3M LIBOR + 2.25%), 02/15/24 (l)	480		482
	Altice France S.A.
		USD Term Loan B12, 5.72%, (3M LIBOR + 3.69%), 01/31/26 (l)	997		989
	Altra Industrial Motion Corp.
		2018 Term Loan B, 4.11%, (3M LIBOR + 2.00%), 09/26/25 (l)	239		239
	Anastasia Parent, LLC
		2018 Term Loan B, 5.79%, (3M LIBOR + 3.75%), 08/03/25 (l)	249		200
	APi Group Inc.
		Term Loan, 0.00%, (3M LIBOR + 2.50%), 09/25/26 (l) (s)	125		125
	Argus Media Ltd
		Term Loan, 0.00%, (3M LIBOR + 3.25%), 09/18/26 (l) (s)	40		40
	Bass Pro Group, LLC
		Term Loan B, 7.04%, (3M LIBOR + 5.00%), 11/15/23 (l)	995		957
	Caesars Resort Collection, LLC
		2017 1st Lien Term Loan B, 4.79%, (3M LIBOR + 2.75%), 12/23/24 (l)	666		661
	CEC Entertainment, Inc.
		2019 Term Loan B, 8.61%, (3M LIBOR + 6.50%), 08/26/24 (l)	125		122
	Charter Communications Operating, LLC
		2017 Term Loan B, 4.05%, (3M LIBOR + 2.00%), 04/30/25 (l)	746		750
	CityCenter Holdings, LLC
		2017 Term Loan B, 4.36%, (1M LIBOR + 2.25%), 04/14/24 (l)	249		249
	CSC Holdings, LLC
		2017 1st Lien Term Loan, 4.28%, (3M LIBOR + 2.25%), 07/15/25 (l)	997		996
	Delta 2 (LUX) S.a.r.l.
		Term Loan, 4.54%, (3M LIBOR + 2.50%), 02/01/24 (l)	500		493
	Equinox Holdings, Inc.
		2017 1st Lien Term Loan, 5.04%, (1M LIBOR + 3.00%), 03/08/24 (l)	497		497
	Global Education Management Systems Establishment
		Term Loan, 7.11%, (3M LIBOR + 5.00%), 07/30/26 (l)	125		124
	Golden Nugget, Inc.
		2017 Incremental Term Loan B, 4.81%, (3M LIBOR + 2.75%), 09/07/23 (l)	222		221
		2017 Incremental Term Loan B, 0.00%, (3M LIBOR + 2.75%), 10/04/23 (l) (s)	1		1
		2017 Incremental Term Loan B, 4.86%, (3M LIBOR + 2.75%), 10/04/23 (l)	276		276
	Hamilton Holdco, LLC
		2018 Term Loan B, 0.00%, (3M LIBOR + 2.00%), 06/01/25 (l) (s)	70		70
	KAR Auction Services, Inc.
		2019 Term Loan B6, 4.31%, (3M LIBOR + 2.25%), 09/13/26 (l)	80		80
	KUEHG Corp.
		2018 Incremental Term Loan, 6.08%, (3M LIBOR + 3.75%), 02/21/25 (l)	497		496
	Life Time Fitness Inc
		2017 Term Loan B, 4.87%, (3M LIBOR + 2.75%), 06/22/22 (l)	497		497
	MA FinanceCo., LLC
		2017 Term Loan B2, 4.36%, (3M LIBOR + 2.25%), 11/19/21 (l)	750		748
	Scientific Games International, Inc.
		2018 Term Loan B5, 4.79%, (3M LIBOR + 2.75%), 08/14/24 (l)	97		96
		2018 Term Loan B5, 4.90%, (3M LIBOR + 2.75%), 08/14/24 (l)	401		397
	Seminole Tribe of Florida
		2018 Term Loan B, 3.86%, (3M LIBOR + 1.75%), 07/26/24 (l)	75		75
	Sotheby's, Inc.
		Term Loan, 0.00%, (3M LIBOR + 5.50%), 01/23/27 (l) (s)	125		124
	Spin Holdco Inc.
		2017 Term Loan B, 5.57%, (3M LIBOR + 3.25%), 11/14/22 (l)	497		489
	Staples, Inc.
		7 Year Term Loan, 7.12%, (3M LIBOR + 5.00%), 04/05/26 (l)	249		246

174

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Stars Group Holdings B.V. (The)
		2018 USD Incremental Term Loan, 5.60%, (3M LIBOR + 3.50%), 06/29/25 (l)	498		499
	Station Casinos LLC
		2016 Term Loan B, 4.55%, (3M LIBOR + 2.50%), 05/24/23 (l)	497		499
	Weight Watchers International Inc.
		2017 Term Loan B, 6.86%, (3M LIBOR + 4.75%), 11/16/24 (l)	134		134
		2017 Term Loan B, 7.07%, (3M LIBOR + 4.75%), 11/16/24 (l)	352		352
	WideOpenWest Finance LLC
		2017 Term Loan B, 5.40%, (3M LIBOR + 3.25%), 08/19/23 (l)	249		240
				12,464
Information Technology 0.8%
	Almonde, Inc.
		1st Lien Term Loan, 5.70%, (3M LIBOR + 3.50%), 04/26/24 (l)	648		630
		USD 1st Lien Term Loan, 5.70%, (3M LIBOR + 3.50%), 04/26/24 (l)	100		97
		2nd Lien Term Loan, 9.45%, (3M LIBOR + 7.25%), 04/27/25 (l)	250		238
	Ancestry.com Operations Inc.
		Non-Extended Term Loan B, 5.87%, (1M LIBOR + 3.75%), 10/19/23 (l)	499		492
	Ascend Learning, LLC
		2017 Term Loan B, 5.04%, (3M LIBOR + 3.00%), 06/29/24 (l)	15		15
		2017 Term Loan B, 0.00%, (3M LIBOR + 3.00%), 07/29/24 (l) (s)	110		109
	Banff Merger Sub Inc
		2018 USD Term Loan B, 6.29%, (3M LIBOR + 4.25%), 06/30/25 (l)	249		239
	Cabot Microelectronics Corporation
		Term Loan B, 4.38%, (3M LIBOR + 2.25%), 11/01/25 (l)	497		498
	CommScope, Inc.
		2019 Term Loan B, 5.29%, (3M LIBOR + 3.25%), 02/07/26 (l)	500		498
	Dell International LLC
		2019 Term Loan B, 4.05%, (3M LIBOR + 2.00%), 09/11/25 (l)	125		126
	DigiCert, Inc.
		2017 Term Loan B1, 6.11%, (3M LIBOR + 4.00%), 09/19/24 (l)	388		387
		Term Loan, 0.00%, (3M LIBOR + 4.00%), 07/31/26 (l) (s)	125		125
	Emerald TopCo Inc
		Term Loan, 5.54%, (3M LIBOR + 3.50%), 07/16/26 (l)	125		125
	Financial & Risk US Holdings, Inc.
		2018 USD Term Loan, 5.79%, (3M LIBOR + 3.75%), 09/12/25 (l)	497		500
	Go Daddy Operating Company, LLC
		Term Loan, 4.04%, (3M LIBOR + 2.00%), 02/15/24 (l)	496		498
	II-VI Incorporated
		Term Loan, 0.00%, (3M LIBOR + 3.50%), 06/28/26 (l) (s)	20		20
	Kronos Incorporated
		2017 Term Loan B, 5.25%, (3M LIBOR + 3.00%), 11/01/23 (l)	1,000		1,002
	McAfee, LLC
		2018 USD Term Loan B, 5.87%, (3M LIBOR + 3.75%), 09/30/24 (l)	499		500
	NAVEX TopCo, Inc.
		2018 1st Lien Term Loan, 5.38%, (3M LIBOR + 3.25%), 09/04/25 (l)	25		25
	ON Semiconductor Corporation
		2019 Term Loan B, 0.00%, (3M LIBOR + 2.00%), 09/13/26 (l) (s)	125		126
	Red Ventures, LLC
		2018 Term Loan B, 5.04%, (3M LIBOR + 3.00%), 11/08/24 (l)	125		125
	S2P Acquisition Borrower, Inc.
		Term Loan, 6.04%, (3M LIBOR + 4.00%), 08/01/26 (l)	125		125
	Sophia, L.P.
		2017 Term Loan B, 5.35%, (1M LIBOR + 3.25%), 09/30/22 (l)	125		125
	SS&C Technologies Holdings Europe S.A.R.L.
		2018 Term Loan B4, 4.29%, (3M LIBOR + 2.25%), 02/27/25 (l)	290		290
	SS&C Technologies Inc.
		2018 Term Loan B3, 4.29%, (3M LIBOR + 2.25%), 02/27/25 (l)	439		440
	TTM Technologies, Inc.
		2017 Term Loan, 4.60%, (3M LIBOR + 2.50%), 09/28/24 (l)	250		250
	Vertafore, Inc.
		2018 1st Lien Term Loan, 5.29%, (3M LIBOR + 3.25%), 06/04/25 (l)	249		241
	Web.com Group, Inc.
		2018 Term Loan B, 5.78%, (3M LIBOR + 3.75%), 09/17/25 (l)	250		246
				8,092
Financials 0.6%
	Agro Merchants NAI Holdings, LLC
		2017 1st Lien Term Loan B, 6.08%, (3M LIBOR + 3.75%), 07/18/25 (l)	249		249
	AmWINS Group, Inc.
		2017 Term Loan B, 4.81%, (3M LIBOR + 2.75%), 01/19/24 (l)	24		24
		2017 Term Loan B, 4.86%, (3M LIBOR + 2.75%), 01/19/24 (l)	101		101
	AssuredPartners, Inc.
		2017 1st Lien Add-On Term Loan, 5.54%, (3M LIBOR + 3.50%), 10/22/24 (l)	125		124
	Asurion LLC
		2017 Term Loan B4, 5.11%, (3M LIBOR + 3.00%), 08/04/22 (l)	1,359		1,364
		2017 2nd Lien Term Loan, 8.54%, (3M LIBOR + 6.50%), 08/04/25 (l)	375		381
	BCP Renaissance Parent LLC
		2017 Term Loan B, 5.76%, (3M LIBOR + 3.50%), 09/20/24 (l)	249		238
	Crown Finance US, Inc.
		Term Loan, 4.29%, (3M LIBOR + 2.25%), 02/05/25 (l)	494		490
	DTZ U.S. Borrower LLC
		2018 Add On Term Loan B, 5.29%, (3M LIBOR + 3.25%), 08/15/25 (l)	124		124
	Hub International Limited
		2018 Term Loan B, 5.27%, (3M LIBOR + 3.00%), 04/25/25 (l)	497		491
	ION Trading Technologies S.a.r.l.
		USD Incremental Term Loan B, 6.06%, (1M LIBOR + 4.00%), 11/21/24 (l)	125		119
	Level 3 Financing Inc.
		2017 Term Loan B, 4.29%, (3M LIBOR + 2.25%), 02/16/24 (l)	500		501
	Lightstone Holdco LLC
		2018 Term Loan B, 5.86%, (3M LIBOR + 3.75%), 01/30/24 (l)	237		227
		2018 Term Loan C, 5.86%, (3M LIBOR + 3.75%), 01/30/24 (l)	13		13
	Travelport Finance (Luxembourg) S.a.r.l.
		2019 Term Loan, 7.10%, (3M LIBOR + 5.00%), 03/18/26 (l)	170		153
	U.S. Renal Care, Inc.
		2019 Term Loan B, 7.06%, (3M LIBOR + 5.00%), 06/12/26 (l)	500		471
	UFC Holdings, LLC
		2019 Term Loan, 5.30%, (3M LIBOR + 3.25%), 04/25/26 (l)	40		40
	UGI Energy Services, LLC
		Term Loan B, 5.79%, (3M LIBOR + 3.75%), 08/01/26 (l)	125		125
	US Foods, Inc.
		Term Loan, 0.00%, (3M LIBOR + 2.00%), 08/14/26 (l) (s)	125		125
	Veritas Bermuda Ltd.
		USD Repriced Term Loan B, 6.61%, (3M LIBOR + 4.50%), 01/27/23 (l)	37		35

175

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
		USD Repriced Term Loan B, 6.83%, (3M LIBOR + 4.50%), 01/27/23 (l)	7		7
	WestJet Airlines Ltd.
		Term Loan, 0.00%, (3M LIBOR + 3.00%), 07/31/26 (l) (s)	120		121
	Whatabrands LLC
		Term Loan B, 5.52%, (3M LIBOR + 3.25%), 07/19/26 (l)	105		105
				5,628
Communication Services 0.5%
	Coral-US Co-Borrower, LLC
		Term Loan B4, 5.29%, (3M LIBOR + 3.25%), 02/02/26 (l)	500		502
	Cumulus Media New Holdings Inc.
		Term Loan, 0.00%, (3M LIBOR + 3.75%), 03/31/26 (l) (s)	125		125
	Diamond Sports Group, LLC
		Term Loan, 5.30%, (3M LIBOR + 3.25%), 08/24/26 (l)	330		332
	Frontier Communications Corp.
		2017 Term Loan B1, 5.87%, (3M LIBOR + 3.75%), 05/31/24 (l)	995		992
	Iheartcommunications, Inc.
		Exit Term Loan, 6.10%, (3M LIBOR + 4.00%), 05/04/26 (l)	197		198
	Intelsat Jackson Holdings S.A.
		2017 Term Loan B3, 5.80%, (3M LIBOR + 3.75%), 11/27/23 (l)	1,000		1,002
	NASCAR Holdings Inc
		Term Loan, 0.00%, (3M LIBOR + 2.75%), 07/19/26 (l) (s)	125		126
	Radiate Holdco, LLC
		2019 Incremental Term Loan B, 5.61%, (3M LIBOR + 3.50%), 02/01/24 (l)	249		249
	Sinclair Television Group Inc.
		Term Loan B2B, 4.54%, (3M LIBOR + 2.50%), 07/18/26 (l)	90		90
	Springer Nature Deutschland GmbH
		USD Term Loan B13, 5.61%, (3M LIBOR + 3.50%), 08/24/22 (l)	497		497
	Triton Bidco
		Term Loan, 0.00%, (3M LIBOR + 4.50%), 09/23/26 (l) (s)	125		123
	Uber Technologies
		2018 Incremental Term Loan, 5.55%, (3M LIBOR + 3.50%), 07/13/23 (l)	497		493
				4,729
Industrials 0.4%
	1199169 B.C. Unlimited Liability Company
		2019 Term Loan B2, 0.00%, (3M LIBOR + 4.00%), 01/24/26 (l) (s)	175		176
	Avolon TLB Borrower 1 (US) LLC
		Term Loan B3, 3.79%, (3M LIBOR + 1.75%), 01/15/25 (l)	500		502
	Brand Energy & Infrastructure Services, Inc.
		Term Loan, 6.35%, (3M LIBOR + 4.25%), 06/16/24 (l)	1		1
		Term Loan, 6.52%, (3M LIBOR + 4.25%), 06/16/24 (l)	117		114
		2017 Term Loan, 6.51%, (3M LIBOR + 4.25%), 06/17/24 (l)	58		56
		Term Loan, 6.51%, (3M LIBOR + 4.25%), 06/17/24 (l)	74		72
	Brookfield WEC Holdings Inc.
		2018 1st Lien Term Loan, 5.54%, (3M LIBOR + 3.50%), 07/26/25 (l)	35		35
	Dynasty Acquisition Co., Inc.
		2019 Term Loan B1, 0.00%, (3M LIBOR + 4.00%), 01/22/26 (l) (s)	325		326
	Filtration Group Corporation
		2018 1st Lien Term Loan, 5.04%, (3M LIBOR + 3.00%), 03/27/25 (l)	239		240
	GIP III Stetson I, L.P
		2018 Term Loan B, 6.29%, (3M LIBOR + 4.25%), 12/06/24 (l)	488		475
	Lineage Logistics Holdings, LLC
		2018 Term Loan, 5.11%, (3M LIBOR + 3.00%), 02/27/25 (l)	249		249
	Pike Corporation
		2019 Term Loan B, 5.30%, (3M LIBOR + 3.25%), 07/24/26 (l)	93		93
	Trans Union, LLC
		Term Loan B3, 4.11%, (3M LIBOR + 2.00%), 04/09/23 (l)	445		446
	TransDigm, Inc.
		2018 Term Loan F, 4.54%, (1M LIBOR + 2.50%), 06/09/23 (l)	995		992
	Tunnel Hill Partners, LP
		Term Loan B, 5.61%, (3M LIBOR + 3.50%), 02/08/26 (h) (l)	124		124
	USI, Inc.
		Term Loan, 5.33%, (3M LIBOR + 3.00%), 05/16/24 (l)	497		489
	WP CPP Holdings, LLC
		2018 Term Loan, 5.79%, (3M LIBOR + 3.75%), 04/30/25 (l)	—		—
		Term Loan, 6.01%, (3M LIBOR + 3.75%), 04/30/25 (l)	125		125
				4,515
Materials 0.4%
	Advanced Drainage Systems, Inc.
		Term Loan, 0.00%, (3M LIBOR + 2.25%), 09/17/26 (l) (s)	125		125
	Berlin Packaging LLC
		2018 1st Lien Term Loan, 5.05%, (3M LIBOR + 3.00%), 11/01/25 (l)	77		76
		2018 1st Lien Term Loan, 5.11%, (3M LIBOR + 3.00%), 11/01/25 (l)	420		412
	Berry Global, Inc.
		USD Term Loan U, 4.55%, (3M LIBOR + 2.50%), 07/01/26 (l)	997		1,002
	Clearwater Paper Corporation
		Term Loan B, 5.31%, (3M LIBOR + 3.25%), 07/19/26 (h) (l) (r)	50		50
	Consolidated Container Company LLC
		2019 Incremental Term Loan, 5.61%, (3M LIBOR + 3.50%), 05/22/26 (l)	125		125
	Consolidated Energy Finance, S.A.
		Term Loan B, 4.55%, (3M LIBOR + 2.50%), 05/07/25 (h) (l) (r)	497		481
	Flex Acquisition Company, Inc.
		1st Lien Term Loan, 5.32%, (3M LIBOR + 3.00%), 12/15/23 (l)	492		473
	Hexion Inc
		USD Exit Term Loan, 5.82%, (3M LIBOR + 3.50%), 06/27/26 (l)	50		50
	Messer Industries GmbH
		2018 USD Term Loan, 4.60%, (3M LIBOR + 2.50%), 10/10/25 (l)	497		496
	Pregis TopCo Corporation
		1st Lien Term Loan, 6.25%, (3M LIBOR + 4.00%), 07/25/26 (l)	75		75
	Reynolds Group Holdings Inc.
		Term Loan, 4.79%, (3M LIBOR + 2.75%), 02/05/23 (l)	497		497
	Starfruit Finco B.V
		2018 USD Term Loan B, 5.29%, (3M LIBOR + 3.25%), 09/20/25 (l)	499		487
				4,349
Health Care 0.4%
	Aldevron, LLC
		Term Loan, 0.00%, (3M LIBOR + 4.25%), 09/20/26 (l) (s)	145		145
	American Renal Holdings Inc.
		2017 Term Loan B, 7.61%, (3M LIBOR + 5.00%), 06/22/24 (l)	497		483
	Athenahealth, Inc.
		2019 Term Loan B, 6.68%, (3M LIBOR + 4.50%), 01/25/26 (l)	249		248
	Bausch Health Companies Inc.
		Term Loan B, 4.79%, (3M LIBOR + 2.75%), 11/26/25 (l)	921		922

176

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Catalent Pharma Solutions Inc.
		Term Loan B2, 4.29%, (3M LIBOR + 2.25%), 05/10/26 (l)	249		249
	DaVita, Inc.
		2019 Term Loan B, 4.29%, (3M LIBOR + 2.25%), 07/30/26 (l)	125		126
	Ensemble RCM, LLC
		Term Loan, 6.00%, (3M LIBOR + 3.75%), 07/24/26 (l)	75		75
	MED ParentCo LP
		1st Lien Delayed Draw Term Loan, 0.00%, 08/01/26 (l) (s)	11		11
		1st Lien Term Loan, 6.29%, (3M LIBOR + 4.25%), 08/01/26 (l)	44		44
		Term Loan, 0.00%, (3M LIBOR + 8.25%), 07/31/27 (h) (l) (s)	35		35
	RegionalCare Hospital Partners Holdings, Inc.
		2018 Term Loan B, 6.55%, (3M LIBOR + 4.50%), 11/09/25 (l)	497		498
	Surgery Center Holdings, Inc.
		2017 Term Loan B, 5.37%, (3M LIBOR + 3.25%), 06/18/24 (l)	125		122
	U.S. Anesthesia Partners, Inc.
		Term Loan, 5.04%, (3M LIBOR + 3.00%), 06/16/24 (l)	497		483
	Verscend Holding Corp.
		2018 Term Loan B, 6.54%, (3M LIBOR + 4.50%), 08/08/25 (l)	497		499
	Zelis Healthcare Corp
		Term Loan, 0.00%, (3M LIBOR + 4.75%), 09/26/26 (l) (s)	125		124
				4,064
Energy 0.3%
	BCP Raptor, LLC
		Term Loan B, 6.36%, (1M LIBOR + 4.25%), 06/07/24 (l)	497		456
	California Resources Corporation
		Term Loan, 12.42%, (3M LIBOR + 10.38%), 08/05/23 (l)	500		434
	CITGO Holding Inc.
		2019 Term Loan B, 9.10%, (3M LIBOR + 7.00%), 07/23/23 (l)	60		61
	Citgo Petroleum Corporation
		New Term Loan B, 6.82%, (3M LIBOR + 4.50%), 07/23/21 (l)	497		498
	Gavilan Resources, LLC
		2nd Lien Term Loan, 0.00%, (3M LIBOR + 6.00%), 02/24/24 (l) (s)	70		30
		2nd Lien Term Loan, 8.04%, (3M LIBOR + 6.00%), 02/24/24 (h) (l)	310		134
	Limetree Bay Terminals, LLC
		2017 Term Loan B, 6.11%, (3M LIBOR + 4.00%), 02/10/24 (l)	125		119
	Lower Cadence Holdings LLC
		Term Loan B, 6.05%, (3M LIBOR + 4.00%), 05/10/26 (l)	125		121
	Murray Energy Corporation
		2018 Term Loan B2, 9.35%, (3M LIBOR + 7.25%), 10/17/22 (l)	497		187
	Sanchez Energy Corp
		DIP New Money Term Loan, 0.00%, 05/11/20 (l) (s)	94		90
		DIP New Money Term Loan, 10.06%, (3M LIBOR + 8.00%), 05/11/20 (l)	38		36
	TEX Operations Co. LLC
		Exit Term Loan B, 4.11%, (3M LIBOR + 2.00%), 08/04/23 (l)	500		501
				2,667
Consumer Staples 0.2%
	Albertsons, LLC
		2019 Term Loan B8, 4.86%, (3M LIBOR + 2.75%), 08/07/26 (l)	298		299
	BI-LO Holding LLC
		Exit Term Loan B, 10.13%, (3M LIBOR + 8.00%), 05/31/24 (l)	81		77
		Exit Term Loan B, 10.19%, (3M LIBOR + 8.00%), 05/31/24 (l)	85		81
		Exit Term Loan B, 10.34%, (3M LIBOR + 8.00%), 05/31/24 (l)	84		80
	BJ's Wholesale Club, Inc.
		2017 1st Lien Term Loan, 4.79%, (3M LIBOR + 2.75%), 01/26/24 (l)	499		500
	Chobani LLC
		2017 Term Loan B, 5.61%, (3M LIBOR + 3.50%), 10/09/23 (l)	249		247
	Edgewell Personal Care Company
		Term Loan, 0.00%, (3M LIBOR + 3.00%), 11/08/26 (l) (s)	125		125
	JBS USA Lux S.A.
		2019 Term Loan B, 4.55%, (3M LIBOR + 2.50%), 04/27/26 (l)	497		500
	Post Holdings Inc.
		2017 Series A Incremental Term Loan, 4.04%, (3M LIBOR + 2.00%), 05/24/24 (l)	500		501
				2,410
Real Estate 0.1%
	VICI Properties 1 LLC
		Replacement Term Loan B, 4.05%, (3M LIBOR + 2.00%), 12/13/24 (l)	500		501
	Total Senior Loan Interests (cost $49,690)			49,419
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 2.0%
	Ares XLI Clo Ltd
		Series 2016-AR-41A, REMIC, 3.50%, (3M USD LIBOR + 1.20%), 01/16/29 (e) (l)	1,032		1,032
	BBCMS Mortgage Trust
		Series 2018-A5-C2, REMIC, 4.31%, 12/15/28	500		572
	Benchmark Mortgage Trust
		Interest Only, Series 2019-XA-B12, REMIC, 1.21%, 08/16/52 (l)	7,298		565
	Cedar Funding Ltd
		Series 2019-A-10A, 3.48%, 10/20/32 (e)	666		666
	CHC Commercial Mortgage Trust
		Series 2019-A-CHC, 3.15%, (1M USD LIBOR + 1.12%), 06/15/21 (e) (k) (l)	1,450		1,452
		Series 2019-B-CHC, 3.53%, (1M USD LIBOR + 1.50%), 06/15/21 (e) (k) (l)	238		238
		Series 2019-C-CHC, 3.78%, (1M USD LIBOR + 1.75%), 06/15/21 (e) (k) (l)	269		269
	Dryden Senior Loan Fund
		Series 2019-A1-76A, 0.00%, (3M USD LIBOR + 1.33%), 10/20/32 (e) (l)	294		294
	Madison Park Funding XXXIII Ltd
		Series 2019-A-33A, 0.00%, 10/15/32 (e) (l)	426		426
	Morgan Stanley Capital 1 Trust
		Series 2011-AJ-C3, REMIC, 5.29%, 08/17/21 (e) (l)	300		314
	Navient Student Loan Trust
		Series 2016-A-7A, 3.17%, (1M USD LIBOR + 1.15%), 12/25/28 (e) (l)	3,643		3,678
		Series 2016-A-5A, 3.27%, (1M USD LIBOR + 1.25%), 12/25/28 (e) (l)	8,174		8,257
	Project Silver
		Series 2019-A-1, 3.97%, 07/15/26 (e)	792		803
	RETL
		Series 2019-C-RVP, REMIC, 4.13%, (1M USD LIBOR + 2.10%), 03/15/21 (e) (l)	200		201
	SBA Towers, LLC
		Series 2019-1C-1, 2.84%, 01/15/25 (e)	896		894
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $19,511)			19,661
OTHER EQUITY INTERESTS 0.0%
	T-Mobile USA, Inc. (h) (i) (r) (t)		1,000		—
	Total Other Equity Interests (cost $0)			—
SHORT TERM INVESTMENTS 10.0%
Investment Companies 4.8%
	JNL Government Money Market Fund - Institutional Class, 1.86% (u) (v)		48,173		48,173
U.S. Treasury Bill 4.7%
	Treasury, United States Department of
		1.94%, 12/12/19 (w)	47,890		47,720

177

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
Securities Lending Collateral 0.5%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (u) (v)	4,950		4,950
	Total Short Term Investments (cost $100,825)		100,843
Total Investments 108.5% (cost $1,066,406)				1,089,662
Total Forward Sales Commitments(3.3)% (proceeds $32,608)				(32,657)
Total Purchased Options 0.3% (cost $2,505)				2,595
Other Derivative Instruments (0.1)%				(561)
Other Assets and Liabilities, Net (5.4)%				(54,550)
Total Net Assets 100.0%				1,004,489

(a)All or a portion of the security was purchased on a delayed delivery basis. As of September 30, 2019, the total payable for investments purchased on a delayed delivery basis was $95,842.

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

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

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

(e)The Adviser has deemed this security, which is exempt from registration under the Securities Act of 1933, as amended, to be liquid based on procedures approved by the Board of Trustees. As of September 30, 2019, the value and the percentage of net assets of these liquid securities was $116,178 and 11.6% of the Fund.

(f)Security is restricted to resale to institutional investors. See Restricted Securities in the Schedules of Investments.

(g)Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of September 30, 2019.

(h)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

(i)Non-income producing security.

(j)As of September 30, 2019, issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date.

(k)Security fair valued in good faith as a Level 2 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Schedules of Investments.

(l)Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of September 30, 2019. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations (“CMO”) and mortgage-backed securities (“MBS”) are determined by tranches of underlying mortgage-backed security pools’ cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security’s offering documents.

(m)Perpetual security. Next contractual call date presented, if applicable.

(n)Convertible security.

(o)All or a portion of the security was on loan as of September 30, 2019.

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

(q)The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer.

(r)Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Schedules of Investments.

(s)This senior loan will settle after September 30, 2019. If a reference rate and spread is presented, it will go into effect upon settlement.

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

(u)Investment in affiliate.

(v)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

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

			Shares/Par1		Value ($)
FORWARD SALES COMMITMENTS (3.3%)
GOVERNMENT AND AGENCY OBLIGATIONS (3.3%)
Mortgage-Backed Securities (3.3%)
	Federal National Mortgage Association, Inc.
		TBA, 3.00%, 10/15/30 (a)	(20,000)		(20,447)
		TBA, 3.50%, 10/15/45 (a)	(11,900)		(12,210)
	Total Government And Agency Obligations (proceeds $32,608)			(32,657)
	Total Forward Sales Commitments (3.3%) (proceeds $32,608)				(32,657)

(a)All or a portion of the security was sold on a delayed delivery basis. As of September 30, 2019, the total proceeds for investments sold on a delayed delivery basis was $32,608.

Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	1MDB Global Investments Limited, 4.40%, 03/09/23	07/08/19	969	955	0.1
	ADES International Holding PLC, 8.63%, 04/24/24	07/11/19	201	199	—
	Alfa Bond Issuance Public Limited Company, 8.00%, 02/03/22	07/01/19	205	205	—
	Barclays PLC, 7.88%, callable at 100 beginning 03/15/22	06/25/19	312	317	—
	Cosan Overseas Limited, 8.25%, callable at 100 beginning 02/05/20	06/27/19	390	403	0.1
	Discover Bank, 8.70%, 11/18/19	03/25/11	553	556	0.1
	El Salvador Government International Bond, 5.88%, 01/30/25	07/02/19	178	180	—
	Gobierno de la Provincia de Buenos Aires, 10.88%, 01/26/21	06/27/19	482	225	—
	Iraq, Government of, 5.80%, 01/15/28	06/24/19	641	633	0.1
	Minstry of Finance, Lebenon Republic of, 6.38%, 03/09/20	06/24/19	498	480	0.1
	Minstry of Finance, Lebenon Republic of, 5.80%, 04/14/20	07/01/19	112	109	—
	Petroleos de Venezuela, S.A., 0.00%, 10/28/22	05/15/17	3,158	683	0.1
	Petroleos de Venezuela, S.A., 0.00%, 04/12/27	10/23/17	402	112	—
	Presidencia de la Republica de El Salvador, 7.65%, 06/15/35	07/30/19	27	27	—
	Sanchez Energy Corporation, 0.00%, 02/15/23	06/25/19	237	221	—
	TBG Global Pte. Ltd., 5.25%, 02/10/22	07/03/19	205	203	—
	TCS Finance Designated Activity Company, 9.25%, callable at 100 beginning 09/15/22	06/25/19	209	210	—
	TV Azteca S.A.B. de C.V., 8.25%, 08/09/24	07/01/19	499	474	0.1
	Viet Nam, Socialist Republic of, 4.80%, 11/19/24	07/15/19	376	383	—
			9,654	6,575	0.7

178

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

JNL/Fidelity Institutional Asset Management Total Bond Fund — Futures Contracts
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
United States 2 Year Note	37	January 2020		7,963	(1)			11
Short Contracts
United States 10 Year Ultra Bond	(9)	December 2019		(1,276)	—			(6)
United States 5 Year Note	(60)	January 2020		(7,118)	3			(30)
United States Long Bond	(15)	December 2019		(2,453)	1			18
United States Ultra Bond	(3)	December 2019		(568)	—			(8)
					4			(26)

JNL/Fidelity Institutional Asset Management Total Bond Fund — Centrally Cleared Interest Rate Swap Agreements
Floating Rate Index2	Paying / Receiving Floating Rate	Fixed Rate2 (%)		Expiration	Notional1		Variation Margin Receivable (Payable) ($)		Unrealized Appreciation (Depreciation) ($)
3M LIBOR (Q)	Receiving	1.50	(S)	12/18/24		5,870		1		65
3M LIBOR (Q)	Paying	1.50	(S)	12/18/29		3,148		—		(44)
								1		21

JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Purchased Options
Reference Entity	Counterparty	Put/Call	Exercise Price ($)/ Swaption Rate (%)		Expiration	Notional/ Contracts1		Value ($)
Interest Rate Swaptions10
3M LIBOR, 07/12/29	BOA	Call		2.22	07/10/24		9,000,000		384
3M LIBOR, 09/23/30	BOA	Call		1.66	09/21/20		5,200,000		182
3M LIBOR, 08/24/29	BOA	Call		1.27	08/29/24		16,000,000		309
3M LIBOR, 07/22/29	GSC	Call		2.20	07/18/24		16,000,000		675
3M LIBOR, 07/12/29	BOA	Put		2.22	07/10/24		9,000,000		144
3M LIBOR, 09/23/30	BOA	Put		1.66	09/21/20		5,200,000		148
3M LIBOR, 08/24/29	BOA	Put		1.48	08/29/24		16,000,000		492
3M LIBOR, 07/22/29	GSC	Put		2.20	07/18/24		16,000,000		261
									2,595

JNL/Fidelity Institutional Asset Management Total Bond Fund — OTC Written Options
Reference Entity	Counterparty	Put/Call	Exercise Price ($)/ Swaption Rate(%)		Expiration		Notional/ Contracts1		Value ($)
Interest Rate Swaptions10
3M LIBOR, 08/09/29	BOA	Call		1.65		08/07/24		10,500,000		(278)
3M LIBOR, 08/09/29	BOA	Put		1.65		08/07/24		10,500,000		(287)
										(565)

179

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
JNL/First State Global Infrastructure Fund
COMMON STOCKS 99.8%
United States of America 55.0%
	Alliant Energy Corporation	441		23,803
	American Electric Power Company, Inc.	377		35,333
	American Tower Corporation	102		22,513
	AVANGRID, Inc.	158		8,245
	Avista Corporation	208		10,073
	CenterPoint Energy, Inc.	1,089		32,872
	Cheniere Energy, Inc. (a)	169		10,680
	Crown Castle International Corp.	249		34,655
	Dominion Energy, Inc.	695		56,345
	Enterprise Products Partners LP	526		15,038
	Evergy, Inc.	435		28,972
	Eversource Energy (b)	295		25,184
	Magellan Midstream Partners LP	152		10,057
	NextEra Energy, Inc.	250		58,136
	NiSource Inc.	695		20,787
	Norfolk Southern Corp.	131		23,580
	Portland General Electric Co.	161		9,075
	SBA Communications Corporation	116		27,967
	UGI Corp.	530		26,636
	Union Pacific Corp.	206		33,334
	Williams Cos. Inc.	1,814		43,642
			556,927
Canada 7.7%
	Emera Inc.	422		18,521
	Enbridge Inc.	522		18,303
	Hydro One Limited (c)	571		10,558
	TC Energy Corporation (b)	590		30,566
			77,948
Japan 7.6%
	Central Japan Railway Co.	68		13,896
	East Japan Railway Co.	367		35,134
	Osaka Gas Co. Ltd. (b)	615		11,795
	Tokyo Gas Co. Ltd. (b)	584		14,736
	West Japan Railway Co.	22		1,838
			77,399
United Kingdom 5.7%
	BBA Aviation PLC	1,335		5,130
	National Grid PLC	2,411		26,160
	Severn Trent PLC	430		11,455
	SSE PLC	992		15,186
			57,931
Australia 5.0%
	Transurban Group	5,154		51,090
France 4.7%
	Eiffage	98		10,186
	Rubis	301		17,494
	VINCI	189		20,316
			47,996
China 4.0%
	China Merchants Holdings International Co. Ltd.	4,410		6,648
	COSCO Shipping Ports Ltd. (d)	8,198		6,550
	ENN Energy Holdings Ltd.	1,191		12,386
	Jiangsu Expressway Co. Ltd. - Class H (d)	8,034		10,217
	Shenzhen Expressway Company Limited	3,794		4,949
			40,750
Spain 3.0%
	AENA, S.M.E., S.A. (c)	108		19,792
	Ferrovial, S.A.	354		10,220
			30,012
Italy 2.4%
	Atlantia SpA	1,007		24,368
Mexico 2.4%
	Grupo Aeroportuario del Sureste SAB de CV - Class B	637		9,741
	Infraestructura Energetica Nova, S.A.B. de C.V. - Class I (a)	1,393		5,538
	Promotora y Operadora de Infraestructura SAB de CV (b) (d)	972		8,715
			23,994
Brazil 1.3%
	CCR SA	3,060		12,702
Hong Kong 1.0%
	CLP Holdings Ltd.	985		10,343
	Total Common Stocks (cost $918,700)		1,011,460
SHORT TERM INVESTMENTS 6.2%
Securities Lending Collateral 5.4%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (e) (f)	54,709		54,709
Investment Companies 0.8%
	JNL Government Money Market Fund - Institutional Class, 1.86% (e) (f)	7,997		7,997
	Total Short Term Investments (cost $62,706)		62,706
Total Investments 106.0% (cost $981,406)				1,074,166
Other Assets and Liabilities, Net (6.0)%				(60,558)
Total Net Assets 100.0%				1,013,608

(a)Non-income producing security.

(b)All or a portion of the security was on loan as of September 30, 2019.

(c)The Adviser has deemed this security, which is exempt from registration under the Securities Act of 1933, as amended, to be liquid based on procedures approved by the Board of Trustees. As of September 30, 2019, the value and the percentage of net assets of these liquid securities was $30,350 and 3.0% of the Fund.

(d)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

(e)Investment in affiliate.

(f)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

180

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
JNL/FPA + DoubleLine Flexible Allocation Fund
COMMON STOCKS 62.4%
Financials 17.6%
	Ally Financial Inc.		668		22,137
	American International Group, Inc. (a)		1,296		72,187
	Aon PLC - Class A		114		22,077
	Bank of America Corporation (a)		1,387		40,467
	Citigroup Inc.		672		46,401
	Groupe Bruxelles Lambert SA		362		34,796
	The Royal Bank of Scotland Group Public Limited Company		6,641		16,907
	Wells Fargo & Company		638		32,201
				287,173
Communication Services 15.4%
	Alphabet Inc. - Class A (b)		32		39,599
	Alphabet Inc. - Class C (b)		33		39,785
	Baidu, Inc. - Class A - ADR (b)		238		24,490
	Charter Communications, Inc. - Class A (b)		91		37,605
	Comcast Corporation - Class A		945		42,620
	Facebook, Inc. - Class A (b)		216		38,526
	Naspers Ltd. - Class N		189		28,656
				251,281
Information Technology 10.8%
	Analog Devices, Inc. (a)		412		46,046
	Broadcom Inc. (a)		157		43,383
	Microsoft Corp. (a)		223		31,048
	NAVER Corp.		75		9,819
	NEXON Co.,Ltd. (b)		843		10,263
	TE Connectivity Ltd.		383		35,679
				176,238
Industrials 6.7%
	Arconic Inc. (a)		2,391		62,158
	Jardine Strategic Holdings Ltd.		272		8,117
	United Technologies Corp. (a)		285		38,895
				109,170
Materials 5.2%
	Glencore PLC		6,362		19,112
	HeidelbergCement AG		392		28,395
	LafargeHolcim Ltd.		742		36,471
				83,978
Consumer Discretionary 2.9%
	JD.com, Inc. - Class A - ADR (b)		762		21,508
	Media Group Holdings LLC (b) (c) (d) (e) (f)		3,345		574
	Mohawk Industries Inc. (b)		93		11,510
	Prosus N.V. (b)		189		13,909
				47,501
Energy 1.8%
	Kinder Morgan, Inc.		1,459		30,072
Health Care 1.7%
	Mylan Holdings Ltd. (a) (b)		833		16,478
	Olympus Corp.		827		11,217
				27,695
Utilities 0.3%
	PG&E Corporation (b) (g)		477		4,769
	Total Common Stocks (cost $974,125)			1,017,877
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 11.7%
	Accesslex Institute
		Series 2004-A3-2, 2.47%, (3M USD LIBOR + 0.19%), 10/25/24 (h)	2,042		2,011
	Ajax Mortgage Loan Trust
		Series 2019-A-C, 3.95%, 05/25/22 (h) (i)	5,010		5,020
	Allegro CLO VII Ltd
		Series 2018-A-1A, 3.40%, (3M USD LIBOR + 1.10%), 06/13/31 (h) (i)	1,000		994
	Assurant CLO III LTD
		Series 2018-A-2A, 3.51%, (3M USD LIBOR + 1.23%), 10/20/31 (h) (i)	1,000		998
	Atrium Hotel Portfolio Trust
		Series 2017-E-ATRM, 5.08%, (1M USD LIBOR + 3.05%), 12/16/19 (h) (i)	949		953
	Bancorp Commercial Mortgage Trust
		Series 2019-A-CRE5, 3.03%, 01/15/22 (i)	699		699
		Series 2019-D-CRE6, REMIC, 4.57%, 08/15/22 (i)	1,000		1,001
	Bank
		Interest Only, Series 2017-XA, REMIC, 1.00%, 07/16/60 (h)	15,284		770
	BBCMS Mortgage Trust
		Series 2018-A-TALL, REMIC, 2.75%, (1M USD LIBOR + 0.72%), 03/16/20 (h) (i)	711		709
		Series 2017-C-DELC, REMIC, 3.23%, (1M USD LIBOR + 1.20%), 08/15/36 (h) (i)	194		193
		Series 2017-D-DELC, REMIC, 3.73%, (1M USD LIBOR + 1.70%), 08/15/36 (h) (i)	221		221
		Series 2017-E-DELC, REMIC, 4.53%, (1M USD LIBOR + 2.50%), 08/15/36 (h) (i)	445		447
		Series 2017-F-DELC, REMIC, 5.53%, (1M USD LIBOR + 3.50%), 08/15/36 (h) (i)	444		447
		Interest Only, Series 2017-XA-C1, REMIC, 1.67%, 02/17/50 (h)	9,901		851
	BBCMS Trust
		Series 2018-A-BXH, REMIC, 3.03%, (1M USD LIBOR + 1.00%), 10/15/20 (h) (i)	207		207
	BDS LTD
		Series 2019-A-FL4, 3.13%, (1M USD LIBOR + 1.10%), 07/15/22 (h) (i)	1,069		1,069
	Bear Stearns ALT-A Trust Mortgage Pass-Through Certificates
		Series 2006-31A1-4, REMIC, 4.69%, 07/25/36 (h)	5,793		5,684
	Benefit Street Partners CLO III Ltd
		Series 2013-A1R-IIIA, 3.53%, (3M USD LIBOR + 1.25%), 07/20/29 (h) (i)	1,000		1,000
	BSPRT Issuer Ltd
		Series 2019-A-FL5, 3.48%, (1M USD LIBOR + 1.20%), 05/15/29 (h) (i)	774		774
	BX Commercial Mortgage Trust
		Series 2018-A-IND, 2.78%, (1M USD LIBOR + 0.75%), 10/15/20 (h) (i)	723		723
	Bx Trust
		Series 2018-A-GW, 2.83%, (1M USD LIBOR + 0.80%), 05/15/20 (h) (i)	100		100
		Series 2018-D-GW, 3.80%, (1M USD LIBOR + 1.77%), 05/15/20 (h) (i)	100		100
		Series 2017-D-SLCT, 4.08%, (1M USD LIBOR + 2.05%), 07/17/34 (h) (i)	306		306
		Series 2017-E-SLCT, 5.18%, (1M USD LIBOR + 3.15%), 07/17/34 (h) (i)	518		520
		Series 2018-F-MCSF, REMIC, 4.67%, (1M USD LIBOR + 2.65%), 04/15/20 (e) (f) (h)	910		915
		Series 2018-A-EXCL, REMIC, 3.12%, (1M USD LIBOR + 1.09%), 09/15/20 (h) (i)	225		225
		Series 2017-B-APPL, REMIC, 3.18%, (1M USD LIBOR + 1.15%), 07/15/34 (h) (i) (j)	542		542
	BX Trust
		Series 2017-D-APPL, REMIC, 4.08%, (1M USD LIBOR + 2.05%), 07/15/34 (h) (i) (j)	497		498
	Caesars Palace Las Vegas Trust
		Series 2017-E-VICI, 4.50%, 10/17/22 (h) (i)	530		549
	Cambridge Trust Company
		Series 2019-A-LIFE, REMIC, 3.10%, (1M USD LIBOR + 1.07%), 12/15/25 (h) (i)	734		735
	Capmark Mortgage Securities Inc.
		Series 2004-E-C3, REMIC, 5.14%, 12/10/41 (h) (i)	1,087		1,091
	Carbone Clo Ltd
		Series 2017-A1-1A, 3.42%, (3M USD LIBOR + 1.14%), 01/21/31 (h) (i)	1,000		995
	CarVal CLO III Ltd
		Series 2019-A-2A, 3.62%, (1M USD LIBOR + 1.35%), 07/20/32 (h) (i) (k)	1,500		1,500
	Cathedral Lake CLO Ltd
		Series 2015-AR-3A, 3.62%, (3M USD LIBOR + 1.32%), 07/16/29 (h) (i)	1,000		1,000
	Cathedral Lake II, Ltd.
		Series 2015-A1R-2A, 3.61%, (3M USD LIBOR + 1.31%), 07/16/29 (h) (i)	1,000		1,000

181

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1	Value ($)
CBAM Ltd
	Series 2019-A1A-10A, 3.99%, (3M USD LIBOR + 1.42%), 04/20/32 (h) (i)	1,000	1,002
CD Mortgage Trust
	Interest Only, Series 2017-XA-CD4, REMIC, 1.47%, 05/12/50 (h)	5,234	384
CFCRE Mortgage Trust
	Interest Only, Series 2017-XB-C8, 1.12%, 06/17/50 (e) (h)	4,001	256
	Interest Only, Series 2017-XA-C8, 1.81%, 06/17/50 (h)	10,748	954
CFIP CLO Ltd
	Series 2013-AR-1A, 3.62%, (3M USD LIBOR + 1.34%), 04/20/29 (h) (i)	1,000	1,000
	Series 2014-AR-1A, 3.62%, (3M USD LIBOR + 1.32%), 07/13/29 (h) (i)	1,000	1,000
CG-CCRE Commercial Mortgage Trust
	Series 2014-A-FL2, REMIC, 3.88%, (1M USD LIBOR + 1.85%), 11/15/31 (h) (i)	138	138
CHT Mortgage Trust
	Series 2017-A-CSMO, REMIC, 2.96%, (1M USD LIBOR + 0.93%), 11/15/19 (h) (i) (j)	774	774
	Series 2017-F-CSMO, REMIC, 5.77%, (1M USD LIBOR + 3.74%), 11/15/19 (e) (f) (h)	331	331
Citigroup Commercial Mortgage Trust
	Interest Only, Series 2016-XA-GC36, REMIC, 1.44%, 02/12/49 (h)	3,137	201
Citigroup Mortgage Loan Trust Inc
	Series 2018-A1-C, 4.13%, 03/25/59 (i)	2,860	2,886
Citigtoup Mortgage Loan Trust
	Series 2007-1A1A-AR8, REMIC, 4.15%, 08/25/37 (h)	1,646	1,600
CLNS Trust
	Series 2017-D-IKPR, 4.10%, (1M USD LIBOR + 2.05%), 06/11/32 (h) (i)	654	654
	Series 2017-E-IKPR, 5.55%, (1M USD LIBOR + 3.50%), 06/11/32 (h) (i)	654	654
COMM Mortgage Trust
	Series 2014-C-FL5, REMIC, 3.58%, (1M USD LIBOR + 2.15%), 10/15/31 (h) (i)	925	921
	Interest Only, Series 2013-XA-CR9, REMIC, 0.16%, 07/12/45 (h)	62,949	199
	Interest Only, Series 2013-XA-LC6, REMIC, 1.49%, 01/12/46 (h)	12,773	466
Consumer Loan Underlying Bond (Club) Credit Trust
	Series 2018-A-P1, 3.39%, 07/15/25 (i)	511	513
Credit Suisse Mortgage Capital Certificates
	Series 2019-A-ICE4, 3.01%, (1M USD LIBOR + 0.98%), 05/15/21 (h) (i)	772	772
Credit Suisse Mortgage Trust
	Series 2017-C-LSTK, REMIC, 3.23%, 04/07/21 (i)	310	310
	Series 2017-D-LSTK, REMIC, 3.44%, 04/07/21 (h) (i)	369	368
	Series 2017-E-LSTK, REMIC, 3.44%, 04/07/21 (e) (f) (h)	340	338
	Series 2017-D-CHOP, REMIC, 3.93%, (1M USD LIBOR + 1.90%), 07/15/32 (e) (f) (h)	986	988
	Interest Only, Series 2017-XB-LSTK, REMIC, 0.32%, 04/07/33 (e) (f) (h)	1,967	3
	Interest Only, Series 2017-XA-LSTK, REMIC, 0.68%, 04/07/33 (h) (i)	5,407	19
Crown Point CLO III Ltd
	Series 2015-A1AR-3A, 3.21%, (3M USD LIBOR + 0.91%), 12/31/27 (h) (i)	1,000	1,000
CSAIL Commercial Mortgage Trust
	Interest Only, Series 2017-XA-CX9, REMIC, 1.02%, 09/16/50 (h)	18,717	724
CSMC Trust
	Series 2018-A1-RPL7, REMIC, 4.00%, 09/25/21 (i)	5,842	5,908
CVP CLO Ltd
	Series 2017-A-1A, 3.62%, (3M USD LIBOR + 1.34%), 07/22/30 (h) (i)	1,000	1,000
	Series 2017-A-2A, 3.47%, (3M USD LIBOR + 1.19%), 01/21/31 (h) (i)	1,000	996
Earnest Student Loan Program LLC
	Series 2016-A2-B, 3.02%, 05/25/34 (i)	2,128	2,139
Elmwood CLO II Ltd
	Series 2019-B-2A, 4.65%, (3M USD LIBOR + 2.10%), 04/20/31 (h) (i)	1,000	1,000
	Series 2019-A-2A, 4.00%, (3M USD LIBOR + 1.45%), 04/21/31 (h) (i)	2,000	2,001
Exantas Capital Corp
	Series 2019-A-RSO7, 3.02%, (1M USD LIBOR + 1.00%), 04/15/22 (h) (i)	710	710
Freed ABS Trust
	Series 2019-A-1, 3.42%, 06/18/26 (i)	1,237	1,243
FREMF Mortgage Trust
	Series 2016-B-KF22, REMIC, 7.14%, (1M USD LIBOR + 5.05%), 07/25/23 (h) (i)	361	381
GCAT LLC
	Series 2019-A1-2, 3.47%, 06/27/22 (i) (j) (k)	2,769	2,771
GPMT Ltd
	Series 2018-A-FL1, 2.94%, (1M USD LIBOR + 0.90%), 11/19/35 (h) (i)	530	530
	Series 2018-D-FL1, REMIC, 4.99%, (1M USD LIBOR + 2.95%), 04/19/21 (h) (i)	1,417	1,426
Great Wolf Trust
	Series 2017-D-WOLF, 4.13%, (1M USD LIBOR + 2.10%), 09/15/34 (h) (i)	302	302
	Series 2017-E-WOLF, 5.13%, (1M USD LIBOR + 3.10%), 09/15/34 (h) (i)	468	468
	Series 2017-F-WOLF, 6.10%, (1M USD LIBOR + 4.07%), 09/15/34 (e) (f) (h)	249	249
Greywolf CLO VII, Ltd.
	Series 2018-A1-7A, 3.46%, (3M USD LIBOR + 1.18%), 10/20/31 (h) (i)	1,000	995
GS Mortgage Securities Corp Trust
	Series 2017-E-500K, 3.53%, (1M USD LIBOR + 1.50%), 07/15/32 (h) (i)	462	463
	Series 2017-F-500K, 3.83%, (1M USD LIBOR + 1.80%), 07/15/32 (h) (i)	317	318
	Series 2018-E-FBLU, REMIC, 4.78%, 11/16/20 (i)	445	446
	Series 2018-A-TWR, REMIC, 2.93%, (1M USD LIBOR + 0.90%), 07/15/21 (h) (i)	800	798
	Series 2018-D-TWR, REMIC, 3.63%, (1M USD LIBOR + 1.60%), 07/15/21 (h) (i)	800	799
GS Mortgage Securities Trust
	Interest Only, Series 2016-XA-GS3, 1.38%, 10/13/49 (h)	9,253	606
	Interest Only, Series 2017-XA-GS8, 1.12%, 11/11/50 (h)	12,551	782
	Interest Only, Series 2013-XA-GC10, REMIC, 1.65%, 02/12/46 (h)	12,001	508
	Interest Only, Series 2016-XA-GS2, REMIC, 1.80%, 05/12/49 (h)	13,880	1,072
	Interest Only, Series 2019-XA-GC39, REMIC, 1.30%, 05/10/52 (h)	9,235	770
J.P. Morgan Chase Commercial Mortgage Securities Corp.
	Series 2019-A-MFP, 3.03%, (1M USD LIBOR + 0.96%), 07/15/21 (h) (i)	765	764
	Series 2018-EFL-WPT, REMIC, 4.67%, (1M USD LIBOR + 2.60%), 07/07/23 (h) (i)	788	790
J.P. Morgan Chase Commercial Mortgage Securities Trust
	Series 2006-AMS-LDP9, REMIC, 5.34%, 05/15/47	250	239
Jamestown CLO Ltd
	Series 2014-A1AR-4A, 2.99%, (3M USD LIBOR + 0.69%), 07/15/26 (h) (i)	1,457	1,459
JPMDB Commercial Mortgage Securities Trust
	Interest Only, Series 2016-XA-C2, REMIC, 1.83%, 06/17/49 (h)	18,314	1,278
Kingsland VIII Ltd
	Series 2018-A-8A, 3.40%, (3M USD LIBOR + 1.12%), 04/21/31 (h) (i)	1,000	995
LCCM Mortgage Trust
	Series 2014-MRC-PKMD, REMIC, 2.95%, 11/18/19 (e) (f) (h)	1,018	1,017

182

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1	Value ($)
LCM XIX LP
	Series 2019-AR-R, 3.54%, (3M USD LIBOR + 1.24%), 07/15/27 (h) (i)	1,500	1,500
Legacy Mortgage Asset Trust
	Series 2018-A1-GS2, 4.00%, 06/25/20 (i) (j)	9,081	9,159
	Series 2019-A1-GS6, REMIC, 3.00%, 08/25/21 (i) (j)	5,960	5,966
Loancore Issuer Ltd.
	Series 2019-A-CRE3, 3.08%, (1M USD LIBOR + 1.05%), 11/15/23 (h) (i)	772	772
	Series 2019-AS-CRE2, 3.53%, (1M USD LIBOR + 1.50%), 02/15/24 (h) (i)	736	737
	Series 2018-AS-CRE1, REMIC, 3.53%, (1M USD LIBOR + 1.50%), 12/15/22 (h) (i)	775	776
Marble Point CLO XI Ltd
	Series 2017-A-2A, 3.48%, (3M USD LIBOR + 1.18%), 12/18/30 (h) (i)	1,000	995
MidOcean Partners
	Series 2017-A1-7A, 3.62%, (3M USD LIBOR + 1.32%), 07/16/29 (h) (i)	4,000	4,000
Milos CLO Ltd
	Series 2017-A-1A, 3.53%, (3M USD LIBOR + 1.25%), 10/20/30 (h) (i)	4,000	4,000
Morgan Stanley & Co. LLC
	Interest Only, Series 2014-LNCX-C19, REMIC, 0.60%, 12/17/46 (f)	24,396	690
Morgan Stanley Capital I Inc
	Series 2019-B-PLND, 3.33%, (1M USD LIBOR + 1.30%), 05/15/21 (h) (i)	1,295	1,298
Morgan Stanley Capital I Trust
	Series 2014-CPT, REMIC, 3.56%, 07/15/21 (e) (f) (h)	565	566
Motel 6 Trust
	Series 2017-A-MTL6, 2.95%, (1M USD LIBOR + 0.92%), 08/15/34 (h) (i)	482	482
	Series 2017-D-MTL6, REMIC, 4.18%, (1M USD LIBOR + 2.15%), 08/15/34 (h) (i)	448	449
Natixis Commercial Mortgage Securities Trust
	Series 2018-C-850T, REMIC, 3.18%, (1M USD LIBOR + 1.15%), 07/15/21 (h) (i) (j)	740	739
	Series 2018-D-850T, REMIC, 3.48%, (1M USD LIBOR + 1.45%), 07/15/21 (h) (i) (j)	740	739
Navient Funding, LLC
	Series 2006-A5-A, 2.41%, (3M USD LIBOR + 0.29%), 06/15/39 (h)	367	359
Newark BSL CLO 1 Ltd
	Series 2016-A2-1A, 4.46%, (3M USD LIBOR + 2.20%), 12/21/29 (h) (i)	1,500	1,502
Ocean Trails CLO V
	Series 2014-ARR-5A, 3.58%, (3M USD LIBOR + 1.28%), 10/13/31 (h) (i)	1,000	994
Octagon Investment Partners 27 Ltd
	Series 2016-D-R-27R, 5.25%, (3M USD LIBOR + 2.95%), 07/15/30 (h) (i)	1,000	943
OFSI BSL IX, Ltd.
	Series 2018-A-1A, 3.45%, (3M USD LIBOR + 1.15%), 07/15/31 (h) (i)	1,500	1,490
Park Avenue Institutional Advisers CLO Ltd
	Series 2016-A1R-1A, 3.35%, (3M USD LIBOR + 1.20%), 08/25/31 (h) (i)	1,500	1,490
PFP Ltd
	Series 2019-A-5, REMIC, 3.00%, (1M USD LIBOR + 0.97%), 03/14/22 (h) (i)	742	742
Positive Results Property Management LLC
	Series 2017-2, 3.47%, 09/25/20 (i) (j)	4,258	4,266
Rait Trust
	Series 2017-AS-FL7, 3.33%, (1M USD LIBOR + 1.30%), 06/15/37 (h) (i)	214	214
RCO Trust
	Series 2017-A-INV1, REMIC, 3.20%, 11/25/52 (h) (i)	4,650	4,728
	Series 2017-M1-INV1, REMIC, 3.90%, 11/25/52 (h) (i)	2,630	2,761
Ready Capital Mortgage Trust
	Series 2019-A-5, 3.78%, 10/25/26 (i)	508	521
Rockford Tower CLO Ltd
	Series 2017-A-2A, 3.57%, (3M USD LIBOR + 1.27%), 10/15/29 (h) (i)	2,000	2,000
Rosslyn Portfolio Trust
	Series 2017-A-ROSS, 2.98%, (1M USD LIBOR + 0.95%), 06/15/20 (h) (i)	516	516
SCF Equipment Leasing LLC
	Series 2017-A-1A, 3.77%, 01/20/23 (i)	787	797
SG Commercial Mortgage Securities, LLC
	Interest Only, Series 2016-XA-C5, REMIC, 2.15%, 10/13/48 (h)	7,506	693
Shelter Growth CRE Issuer Ltd
	Series 2019-B-FL2, 4.33%, (1M USD LIBOR + 1.80%), 05/15/24 (h) (i)	772	773
SoFi Consumer Loan Program LLC
	Series 2016-A-3, 3.05%, 05/25/21 (i)	319	319
	Series 2017-A2-6, 2.82%, 02/25/22 (i)	2,301	2,306
	Series 2017-A-3, 2.77%, 03/25/22 (i)	554	556
	Series 2017-A2-5, 2.78%, 04/25/22 (i)	897	899
	Series 2017-A-1, 3.28%, 01/26/26 (i)	628	632
SoFi Consumer Loan Program Trust
	Series 2018-A1-1, 2.55%, 04/25/20 (i)	105	105
	Series 2018-A1-2, 2.93%, 06/25/20 (i)	294	295
Starwood Property Mortgage Trust
	Series 2019-AS-FL1, 3.67%, (1M USD LIBOR + 1.65%), 02/15/24 (h) (i)	533	534
Steele Creek CLO Ltd
	Series 2015-AR-1A, 3.41%, (3M USD LIBOR + 1.26%), 05/21/29 (h) (i)	2,387	2,385
	Series 2016-1A, 3.24%, (3M USD LIBOR + 1.12%), 06/15/31 (h) (i)	1,000	991
	Series 2018-A-2A, 3.32%, (3M USD LIBOR + 1.20%), 08/18/31 (h) (i)	500	499
	Series 2019-B-1A, 4.80%, (3M USD LIBOR + 2.20%), 04/15/32 (h) (i)	1,000	1,000
Textainer Marine Containers V Ltd
	Series 2017-A-1A, 3.72%, 01/20/26 (i)	1,952	1,991
Textainer Marine Containers VII Ltd
	Series 2019-A-1A, 3.96%, 10/20/26 (i)	967	984
The Goldman Sachs Group, Inc.
	Series 2017-B-ROSS, 3.28%, (1M USD LIBOR + 1.25%), 06/15/20 (h) (i)	493	493
THL Credit Wind River CLO Ltd
	Series 2014-AR-2A, 3.44%, (3M USD LIBOR + 1.14%), 01/15/31 (h) (i)	2,000	1,988
	Series 2019-B-3A, 4.60%, (3M USD LIBOR + 2.10%), 04/15/31 (h) (i)	500	500
Ubs Commercial Mortgage Securitization Corp.
	Interest Only, Series 2012-XA-C1, REMIC, 2.24%, 05/12/45 (h) (i)	7,238	308
Upstart Securitization Trust
	Series 2019-A-2, 2.90%, 09/20/21 (i)	2,401	2,407
Velocity Commercial Capital Loan Trust
	Series 2019-A-2, REMIC, 3.13%, 06/25/25 (i)	3,175	3,164
Venture XX CLO Ltd
	Series 2015-AR-20A, 3.12%, (3M USD LIBOR + 0.82%), 04/15/27 (h) (i)	1,948	1,943
Venture XXIX CLO Ltd
	Series 2017-A-29A, 3.44%, (3M USD LIBOR + 1.28%), 09/09/30 (h) (i)	2,000	1,999
VERDE CLO
	Series 2019-A-1A, 3.91%, (3M USD LIBOR + 1.35%), 04/15/32 (h) (i)	1,000	1,000
Vericrest Opportunity Loan Trust
	Series 2019-NL3-A1, 3.97%, 03/25/22 (i) (j)	3,149	3,166
Vibrant CLO Ltd
	Series 2018-A1-10A, 3.48%, (3M USD LIBOR + 1.20%), 10/20/31 (h) (i)	1,000	995
VMC Finance LLC
	Series 2018-A-FL2, 2.94%, (1M USD LIBOR + 0.95%), 05/15/21 (h) (i)	878	877
VOLT LXX LLC
	Series 2018-A1A-NPL6, 4.11%, 09/27/21 (i)	3,126	3,137
Washington Mutual Mortgage Securities Corp.
	Series 2005-2CB3-8, REMIC, 2.43%, (1M USD LIBOR + 0.41%), 10/25/35 (h)	602	548
Wellfleet CLO Ltd
	Series 2018-A1-2A, 3.48%, (3M USD LIBOR + 1.20%), 10/20/31 (h) (i)	1,500	1,489

183

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Wells Fargo Commercial Mortgage Trust
		Interest Only, Series 2018-XA-C46, REMIC, 1.11%, 08/17/51 (h)	14,450		857
		Interest Only, Series 2015-XA-LC22, REMIC, 0.99%, 09/17/58 (h)	16,945		663
	Westlake Automobile Receivables Trust
		Series 2016-C-3A, 2.46%, 01/18/22 (i)	594		594
		Series 2017-C-2A, 2.59%, 12/15/22 (i)	5,000		5,004
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $189,356)			190,810
GOVERNMENT AND AGENCY OBLIGATIONS 11.6%
Collateralized Mortgage Obligations 6.2%
	Federal Home Loan Mortgage Corporation
		Series F5-356, 2.53%, (1M USD LIBOR + 0.50%), 09/15/47 (h)	8,463		8,496
		Series AN-4030, REMIC, 1.75%, 04/15/27	9,624		9,439
		Series ME-4181, REMIC, 2.50%, 05/15/32	9,154		9,187
		Series AC-3985, REMIC, 2.25%, 12/15/40	657		655
		Series FA-4125, REMIC, 2.38%, (1M USD LIBOR + 0.35%), 11/15/42 (h)	10,746		10,678
	Federal National Mortgage Association, Inc.
		Series 2012-FK-56, 2.47%, (1M USD LIBOR + 0.45%), 06/25/42 (h)	3,518		3,506
		Series 2016-LA-32, REMIC, 3.00%, 10/25/44	11,357		11,782
		Series 2015-MA-94, REMIC, 3.00%, 01/25/46	1,806		1,854
		Series 2012-KC-56, REMIC, 2.25%, 03/25/39	1,929		1,924
		Series 2012-AP-101, REMIC, 2.00%, 08/25/40	7,494		7,407
		Series 2017-TA-12, REMIC, 3.00%, 04/25/42	3,834		3,925
		Series 2018-FD-31, REMIC, 2.32%, (1M USD LIBOR + 0.30%), 05/25/48 (h)	4,498		4,454
		Series 2018-FA-55, REMIC, 2.32%, (1M USD LIBOR + 0.30%), 08/25/48 (h)	3,936		3,914
		Series 2018-FA-77, REMIC, 2.32%, (1M USD LIBOR + 0.30%), 10/25/48 (h)	8,132		8,086
		Series 2017-FA-96, REMIC, 2.42%, (1M USD LIBOR + 0.40%), 12/25/57 (h)	6,003		5,995
	Government National Mortgage Association
		Series 2004-FH-70, REMIC, 2.44%, (1M USD LIBOR + 0.40%), 07/20/34 (h)	4,604		4,607
		Series 2010-FL-167, REMIC, 2.39%, (1M USD LIBOR + 0.35%), 12/20/40 (h)	1,463		1,462
		Series 2019-FK-42, REMIC, 2.49%, (1M USD LIBOR + 0.45%), 04/20/49 (h)	3,968		3,964
				101,335
Mortgage-Backed Securities 3.8%
	Federal Home Loan Mortgage Corporation
		2.50%, 09/01/34	9,918		10,006
		3.50%, 03/01/46	6,058		6,298
	Federal National Mortgage Association, Inc.
		3.42%, 01/01/24	455		473
		3.00%, 01/01/37 - 10/25/42	22,466		23,045
		2.00%, 01/25/40	5,360		5,334
		3.50%, 02/01/46 - 04/01/46	16,310		16,699
				61,855
U.S. Treasury Note 1.3%
	Treasury, United States Department of
		2.25%, 03/31/20	8,250		8,264
		1.63%, 04/30/23	6,690		6,700
		2.25%, 12/31/23	6,500		6,682
				21,646
Sovereign 0.3%
	Gobierno de la Republica de Chile
		3.88%, 08/05/20	700		710
	Gobierno de la Republica de Costa Rica
		10.00%, 08/01/20 (f)	310		326
	Nacional Financiera, S.N.C., Institucion de Banca de Desarrollo
		3.38%, 11/05/20 (f)	300		301
	Perusahaan Penerbit Surat Berharga Syariah Negara Indonesia
		3.40%, 03/29/22 (f)	500		510
	Presidencia Da Republica Federativa Do Brasil
		4.88%, 01/22/21	250		258
	Presidencia de la Republica de Colombia
		4.38%, 07/12/21	1,150		1,190
	Presidencia de la Republica Dominicana
		7.50%, 05/06/21 (f)	733		763
	The Republic of Indonesia, The Government of
		3.75%, 04/25/22 (f)	600		618
	Wakala Global Sukuk Berhad
		4.65%, 07/06/21 (f)	250		260
				4,936
Commercial Mortgage-Backed Securities 0.0%
	Federal Home Loan Mortgage Corporation
		Interest Only, Series X1-K722, REMIC, 1.44%, 03/25/23 (h)	9,918		358
	Total Government And Agency Obligations (cost $189,988)			190,130
CORPORATE BONDS AND NOTES 8.3%
Financials 3.3%
	Acrisure, LLC
		8.13%, 02/15/24 (i)	100		108
	AerCap Ireland Limited
		4.63%, 10/30/20	535		549
	Alliant Holdings I, Inc.
		8.25%, 08/01/23 (i)	195		199
	American Express Company
		2.78%, (3M USD LIBOR + 0.65%), 02/27/23 (h)	685		686
	Ardagh Packaging Finance Public Limited Company
		6.00%, 02/15/25 (i)	200		209
	ASP AMC Merger Sub, Inc.
		8.00%, 05/15/25 (i)	79		55
	AssuredPartners, Inc.
		7.00%, 08/15/25 (i)	170		171
	B3 S.A. - Brasil, Bolsa, Balcao
		5.50%, 07/16/20 (f)	300		306
	Banco Bradesco S/A.
		5.90%, 01/16/21 (f) (g)	950		982
	Banco BTG Pactual S.A.
		4.00%, 01/16/20 (f)	200		200
	Banco de Reservas de la Republica Dominicana
		7.00%, 02/01/23 (f)	150		157
	Banco del Estado de Chile
		2.67%, 01/08/21 (f)	700		702
	Banco do Brasil S.A
		8.50%, 10/20/20 (f) (l)	250		262
	Banco Internacional Del Peru S.A.A. – Interbank
		5.75%, 10/07/20 (f)	320		331
	Banco Mercantil Del Norte, S.A. Institucion De Banca Multiple, Grupo Financiero Banorte
		6.88%, (callable at 100 beginning 07/06/22) (f) (l)	800		803
	Banco Nacional De Comercio Exterior, S.N.C.
		3.80%, 08/11/26 (f) (h)	800		809
	Banco Santander (Mexico) S.A.
		5.95%, 10/01/28 (i)	200		214
	Banco Santander-Chile
		2.50%, 12/15/20 (f)	150		151
	Bancolombia SA
		6.13%, 07/26/20	350		359
		5.95%, 06/03/21	350		369
	Bangkok Bank Public Company Limited
		4.80%, 10/18/20 (f)	440		452
		3.88%, 09/27/22 (f)	200		208
	Bank of America Corporation
		2.92%, (3M USD LIBOR + 0.79%), 03/05/24 (h)	1,310		1,311
	Barclays Bank PLC
		2.65%, 01/11/21	1,165		1,168
	BB&T Corporation
		2.20%, 03/16/23	625		624
	BBVA Bancomer SA
		7.25%, 04/22/20 (f)	850		869
	BBVA Bancomer, S.A.
		6.50%, 03/10/21 (f)	150		157
	Braskem Finance Ltd
		7.00%, 05/07/20 (f)	400		409
	BTG Pactual Holding S.A.
		7.75%, 02/15/29 (i)	200		209

184

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1	Value ($)
C&W Senior Financing Designated Activity Company
	7.50%, 10/15/26 (f)	400	425
Camelot Finance SA
	7.88%, 10/15/24 (i)	165	172
Capital One Financial Corporation
	2.40%, 10/30/20	620	622
Caterpillar Financial Services Corporation
	1.90%, 09/06/22	315	313
China National Petroleum Corporation
	4.50%, 04/28/21 (f)	200	206
	3.95%, 04/19/22 (f)	1,000	1,034
Citigroup Inc.
	2.75%, 04/25/22	675	685
	3.16%, (3M USD LIBOR + 1.02%), 06/01/24 (h)	680	686
CNO Financial Group, Inc.
	5.25%, 05/30/29	50	55
CNOOC Finance (2012) Limited
	3.88%, 05/02/22 (f)	400	413
CNOOC Finance 2015 Australia Pty Ltd.
	2.63%, 05/05/20	700	701
Colfax Corporation
	6.00%, 02/15/24 (i)	35	37
	6.38%, 02/15/26 (i)	130	140
Commonwealth Bank of Australia
	2.25%, 03/10/20 (i)	530	530
	2.05%, 09/18/20 (g) (i)	480	480
	2.75%, 03/10/22 (i)	125	127
Commscope Finance LLC
	5.50%, 03/01/24 (i)	80	82
	6.00%, 03/01/26 (i)	30	31
Continental Senior Trustees (Cayman) Ltd.
	5.50%, 11/18/20 (f)	500	517
Credit Acceptance Corporation
	6.63%, 03/15/26 (i)	155	167
Credit Suisse Group AG
	3.37%, (3M USD LIBOR + 1.24%), 06/12/24 (h) (i)	590	594
Daimler Finance North America LLC
	2.30%, 02/12/21 (i)	490	490
DBS Group Holdings Ltd
	3.60%, (callable at 100 beginning 09/07/21) (f) (l)	1,300	1,302
Eagle Holding Company II, LLC
	7.75%, 05/15/22 (i) (m)	80	81
Ena Norte SA
	4.95%, 04/25/23 (f)	552	568
Ford Motor Credit Company LLC
	3.39%, (3M USD LIBOR + 1.24%), 02/15/23 (h)	565	547
General Motors Financial Company, Inc.
	2.65%, 04/13/20	150	150
	3.20%, 07/06/21	480	486
Global Aircraft Leasing Co Ltd
	7.25%, 09/15/24 (i) (m)	135	137
Global Bank Corporation
	4.50%, 10/20/21 (f)	300	309
	4.50%, 10/20/21 (i)	200	206
Gogo Intermediate Holdings LLC
	9.88%, 05/01/24 (i)	110	118
Goldman Sachs Bank USA
	3.20%, 06/05/20	530	534
Gruposura Finance S.A.
	5.70%, 05/18/21 (f)	400	418
GW Honos Security Corporation
	8.75%, 05/15/25 (i)	125	129
HSBC Holdings PLC
	3.12%, (3M USD LIBOR + 1.00%), 05/18/24 (h)	595	597
Icahn Enterprises L.P.
	6.25%, 02/01/22	110	113
	6.38%, 12/15/25	35	37
	6.25%, 05/15/26 (i)	180	189
IHS Luxembourg S.A R.L.
	5.75%, 04/15/25 (i)	130	133
Industrial Senior Trust
	5.50%, 11/01/22 (f)	100	105
Itau Unibanco Holding S.A.
	5.75%, 01/22/21 (f)	700	722
JPMorgan Chase & Co.
	3.21%, 04/01/23	825	844
LATAM Airlines Group S.A.
	6.00%, 12/15/20 (f)	365	368
Level 3 Financing, Inc.
	5.38%, 01/15/24	175	179
	4.63%, 09/15/27 (i)	95	96
Lions Gate Capital Holdings LLC
	6.38%, 02/01/24 (i)	110	116
Malayan Banking Berhad
	3.91%, 10/29/26 (f) (h)	800	814
Marsh & Mclennan Companies, Inc.
	3.30%, (3M USD LIBOR + 1.20%), 12/29/21 (h)	495	496
Mitsubishi UFJ Financial Group Inc
	3.13%, (3M USD LIBOR + 0.86%), 07/26/23 (h)	1,305	1,310
Mizuho Financial Group Inc
	2.92%, (3M USD LIBOR + 0.79%), 03/05/23 (g) (h)	1,135	1,136
Morgan Stanley
	3.21%, (3M USD LIBOR + 0.93%), 07/22/22 (h)	1,305	1,313
Navient Corporation
	6.50%, 06/15/22	165	176
NFP Corp.
	6.88%, 07/15/25 (i)	185	184
Peru Enhanced Pass-Through Finance Limited
	0.00%, 06/02/25 (f) (n)	1,649	1,517
Petrobras International Finance Co.
	5.38%, 01/27/21	200	207
PNC FUNDING CORP
	3.30%, 03/08/22	608	627
Prudential Financial, Inc.
	3.50%, 05/15/24	1,240	1,316
Resideo Funding Inc.
	6.13%, 11/01/26 (i)	125	132
Santander UK PLC
	2.50%, 01/05/21	1,165	1,166
Scotiabank Peru S.A.A.
	4.50%, 12/13/27 (f)	180	186
Sinochem Overseas Capital Co Ltd
	4.50%, 11/12/20 (f)	750	766
Sparc EM SPC
	0.00%, 12/05/22 (i) (n)	683	654
SPARC Limited
	0.00%, 12/05/22 (f) (n)	598	572
Springleaf Finance Corporation
	7.13%, 03/15/26	108	120
	6.63%, 01/15/28	25	27
Sumitomo Mitsui Financial Group, Inc.
	2.06%, 07/14/21	1,330	1,326
Sunoco LP
	6.00%, 04/15/27	75	79
Synchrony Financial
	3.75%, 08/15/21	550	561
	2.85%, 07/25/22	80	81
Syngenta Finance N.V.
	3.70%, 04/24/20 (f) (o)	200	201
Tenet Healthcare Corporation
	4.88%, 01/01/26 (i)	100	103
	5.13%, 11/01/27 (i)	45	46
Tervita Corporation
	7.63%, 12/01/21 (i)	190	193
The Goldman Sachs Group, Inc.
	2.30%, 12/13/19	325	325
	2.35%, 11/15/21	385	385
The Royal Bank of Scotland Group Public Limited Company
	3.66%, (3M USD LIBOR + 1.55%), 06/25/24 (h)	580	581
The Toronto-Dominion Bank
	3.25%, 06/11/21	1,290	1,317
Trident TPI Holdings, Inc.
	6.63%, 11/01/25 (i)	80	70
UBS AG
	2.45%, 12/01/20 (i)	540	542

185

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Unifin Financiera, S.A.B. de C.V. SOFOM, E.N.R.
		7.25%, 09/27/23 (f)	400		413
	United Overseas Bank Limited
		2.74%, (3M USD LIBOR + 0.48%), 04/23/21 (f) (h)	200		200
		3.50%, 09/16/26 (f) (h)	500		506
		2.88%, 03/08/27 (h)	200		200
		3.75%, 04/15/29 (f)	350		363
	USA Compression Finance Corp.
		6.88%, 09/01/27 (i)	210		217
	Volkswagen Group of America, Inc.
		4.00%, 11/12/21 (i)	745		770
	VTR GlobalCom S.p.A.
		6.88%, 01/15/24 (f)	659		678
	Wand Merger Corporation
		8.13%, 07/15/23 (i)	115		120
	Wells Fargo Bank, National Association
		2.60%, 01/15/21	1,115		1,122
	Westpac Banking Corporation
		2.65%, 01/25/21	815		821
				53,959
Energy 1.2%
	Aker BP ASA
		4.75%, 06/15/24 (i)	150		157
	Antero Midstream Partners LP
		5.75%, 03/01/27 (i)	90		75
	Bharat Petroleum Corporation Limited
		4.38%, 01/24/22 (f)	800		828
		4.63%, 10/25/22 (f)	200		211
	Calfrac Well Services Ltd.
		8.50%, 06/15/26 (e) (f)	25		11
	Cheniere Energy Partners, L.P.
		5.25%, 10/01/25	165		172
		5.63%, 10/01/26	150		159
		4.50%, 10/01/29 (i)	50		51
	CNX Midstream Partners LP
		6.50%, 03/15/26 (i)	207		191
	Continental Resources, Inc.
		4.50%, 04/15/23	560		582
	CSI Compressco LP
		7.50%, 04/01/25 (i)	155		153
	Delek & Avner (Tamar Bond) Ltd
		4.44%, 12/30/20 (i)	1,120		1,136
		5.08%, 12/30/23 (i)	400		409
	Energy Transfer LP
		4.25%, 03/15/23	600		627
	EQT Corporation
		2.50%, 10/01/20	545		543
	Everest Acquisition, LLC
		7.75%, 05/15/26 (i)	65		49
	Exterran Energy Solutions, L.P.
		8.13%, 05/01/25	70		70
	Extraction Oil & Gas, Inc.
		5.63%, 02/01/26 (i)	40		24
	Foresight Energy LLC
		11.50%, 04/01/23 (e) (f)	145		33
	FTS International, Inc.
		6.25%, 05/01/22	60		50
	Gulfport Energy Corporation
		6.38%, 05/15/25	105		74
	Hess Infrastructure Partners LP
		5.63%, 02/15/26 (i)	353		369
	Hilcorp Energy I, L.P.
		6.25%, 11/01/28 (i)	90		84
	Indian Oil Corpn. Limited
		5.63%, 08/02/21 (f)	1,000		1,052
	Indigo Natural Resources LLC
		6.88%, 02/15/26 (i)	55		50
	Kinder Morgan Energy Partners, L.P.
		3.95%, 09/01/22	380		396
	Kinder Morgan, Inc.
		3.05%, 12/01/19	892		893
	Marathon Petroleum Corporation
		4.75%, 12/15/23	590		641
	MEG Energy Corp.
		7.00%, 03/31/24 (i)	60		58
	Moss Creek Resources Holdings, Inc.
		7.50%, 01/15/26 (i)	60		44
	Murphy Oil USA, Inc.
		4.75%, 09/15/29	160		164
	Nabors Industries, Inc.
		5.75%, 02/01/25	75		56
	NGL Energy Partners LP
		7.50%, 04/15/26 (i)	75		75
	NuStar Logistics, L.P.
		6.00%, 06/01/26	165		178
	Oasis Petroleum Inc.
		6.88%, 03/15/22	145		137
		6.25%, 05/01/26 (g) (i)	60		49
	Occidental Petroleum Corporation
		2.70%, 08/15/22	325		328
	Oleoducto Central S.A.
		4.00%, 05/07/21 (f)	1,000		1,021
	ONGC Videsh Vankorneft Pte. Ltd.
		2.88%, 01/27/22 (f)	400		400
	Par Petroleum, LLC
		7.75%, 12/15/25 (i)	120		119
	Parkland Fuel Corporation
		5.88%, 07/15/27 (i)	70		73
	Parsley Energy, LLC
		5.63%, 10/15/27 (i)	145		150
	Peabody Energy Corporation
		6.00%, 03/31/22 (i)	160		161
	Petroliam Nasional Berhad (PETRONAS)
		2.71%, 03/18/20 (f)	1,220		1,222
	PT Pertamina (Persero)
		5.25%, 05/23/21 (f)	600		625
		4.88%, 05/03/22 (f)	500		527
	PTTEP Canada International Finance Limited
		5.69%, 04/05/21 (f) (o)	400		419
	PTTEP Treasury Center Company Limited
		4.60%, (callable at 100 beginning 07/17/22) (f) (l)	200		204
	QEP Resources, Inc.
		5.25%, 05/01/23	145		134
	Reliance Holding USA, Inc.
		4.50%, 10/19/20 (f)	500		510
		5.40%, 02/14/22 (f)	650		691
	Schlumberger Holdings Corporation
		3.75%, 05/01/24 (i)	540		568
	Sinopec Group Overseas Development (2015) Limited
		2.50%, 04/28/20 (f)	900		901
	Sinopec Group Overseas Development 2017 Limited
		2.25%, 09/13/20 (f)	200		200
	Sunoco LP
		5.50%, 02/15/26	95		99
	Tapstone Energy, LLC
		9.75%, 06/01/22 (e) (f)	55		13
	Targa Resource Corporation
		5.88%, 04/15/26	130		137
		6.50%, 07/15/27 (i)	40		44
	Terraform Power Operating, LLC
		4.25%, 01/31/23 (i)	165		169
	Transocean Guardian Limited
		5.88%, 01/15/24 (i)	58		59
	Transocean Inc
		7.25%, 11/01/25 (i)	65		57
	Transocean Poseidon Limited
		6.88%, 02/01/27 (i)	120		126
	Transocean Proteus Limited
		6.25%, 12/01/24 (i)	82		84
	Vine Oil & Gas LP
		8.75%, 04/15/23 (e) (f)	65		30
	Weatherford International Ltd.
		0.00%, 02/15/24 (b) (e) (p)	60		21
	Whiting Petroleum Corporation
		6.63%, 01/15/26 (g)	145		98

186

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	WPX Energy, Inc.
		5.25%, 10/15/27	90		91
				19,132
Health Care 0.8%
	AbbVie Inc.
		3.38%, 11/14/21	555		568
	Air Medical Merger Sub Corp.
		6.38%, 05/15/23 (g) (i)	90		79
	Amgen Inc.
		2.20%, 05/11/20	1,125		1,126
		2.65%, 05/11/22	130		132
	Anthem, Inc.
		2.50%, 11/21/20	1,197		1,202
	AstraZeneca PLC
		2.38%, 11/16/20	1,090		1,094
	Avantor, Inc.
		9.00%, 10/01/25 (i)	175		197
	Bausch Health Companies Inc.
		7.00%, 03/15/24 - 01/15/28 (i)	215		230
		5.75%, 08/15/27 (i)	25		27
		7.25%, 05/30/29 (i)	145		159
	Cardinal Health, Inc.
		2.62%, 06/15/22	1,240		1,245
	Catalent Pharma Solutions, Inc.
		5.00%, 07/15/27 (i)	110		114
	Celgene Corporation
		2.88%, 08/15/20	545		549
	Centene Corporation
		4.75%, 01/15/25	133		137
	Centene Escrow I Corporation
		5.38%, 06/01/26 (i)	140		147
	Cigna Holding Company
		3.40%, 09/17/21 (e)	610		624
	CVS Health Corporation
		3.70%, 03/09/23	1,200		1,249
	Encompass Health Corporation
		4.50%, 02/01/28	45		45
		4.75%, 02/01/30	15		15
	Enterprise Merger Sub Inc.
		8.75%, 10/15/26 (e) (f)	25		15
	GlaxoSmithKline Capital PLC
		3.13%, 05/14/21	220		224
		2.88%, 06/01/22	1,015		1,037
	HCA Inc.
		5.38%, 09/01/26	325		357
		5.88%, 02/01/29	15		17
	Hill-Rom Holdings, Inc.
		4.38%, 09/15/27 (i)	40		41
	Horizon Pharma USA, Inc.
		5.50%, 08/01/27 (i)	200		209
	IQVIA Inc.
		5.00%, 05/15/27 (i)	200		210
	MPH Acquisition Holdings LLC
		7.13%, 06/01/24 (g) (i)	145		134
	Muzinich U.S. High Yield Corporate Bond Fund
		9.75%, 08/15/26 (i)	137		146
	Polaris Intermediate School
		8.50%, 12/01/22 (i) (m)	50		43
	Select Medical Corporation
		6.25%, 08/15/26 (i)	110		115
	Takeda Pharmaceutical Co Ltd
		4.00%, 11/26/21 (i)	610		632
	Tenet Healthcare Corporation
		7.00%, 08/01/25 (g)	100		102
		6.25%, 02/01/27 (i)	110		115
	Thermo Fisher Scientific Inc.
		3.60%, 08/15/21	1,220		1,251
	Vizient, Inc.
		6.25%, 05/15/27 (i)	130		140
	WellCare Health Plans, Inc.
		5.25%, 04/01/25	125		131
		5.38%, 08/15/26 (i)	120		128
	West Street Merger Sub, Inc.
		6.38%, 09/01/25 (i)	30		28
				14,014
Communication Services 0.7%
	Altice France
		7.38%, 05/01/26 (i)	200		215
	AT&T Inc.
		2.80%, 02/17/21	1,300		1,311
	Axiata SPV2 Berhad
		3.47%, 11/19/20 (f)	1,250		1,261
	CCO Holdings, LLC
		5.75%, 02/15/26 (i)	390		412
		5.00%, 02/01/28 (i)	145		150
	Cengage Learning, Inc.
		9.50%, 06/15/24 (g) (i)	95		87
	Cincinnati Bell Inc.
		7.00%, 07/15/24 (i)	120		111
	Clear Channel Outdoor Holdings, Inc.
		5.13%, 08/15/27 (i)	90		94
	Clear Channel Worldwide Holdings, Inc.
		9.25%, 02/15/24 (i)	81		89
	Colombia Telecomunicaciones, S.A. ESP
		8.50%, (callable at 100 beginning 03/30/20) (f) (l)	500		512
	Comcast Corporation
		3.45%, 10/01/21	575		593
	Comcel Trust
		6.88%, 02/06/24 (f)	200		207
	Connect Midco II Limited
		6.75%, 10/01/26 (i)	195		198
	CSC Holdings, LLC
		5.25%, 06/01/24	320		344
		5.75%, 01/15/30 (i)	200		209
	Diamond Sports Group, LLC
		5.38%, 08/15/26 (i)	105		109
	Digicel Group Limited
		8.25%, 09/30/22 (i)	600		125
	DISH DBS Corporation
		5.88%, 11/15/24	85		84
	Embarq Corporation
		8.00%, 06/01/36	135		134
	Frontier Communications Corporation
		8.50%, 04/15/20 (e)	30		16
		7.13%, 01/15/23 (e)	55		24
		8.50%, 04/01/26 (i)	45		45
		8.00%, 04/01/27 (i)	80		85
	Globo Comunicacao e Participacoes S.A.
		4.88%, 04/11/22 (f)	800		830
	Gray Escrow, Inc.
		7.00%, 05/15/27 (i)	80		88
	Greeneden U.S. Holdings II, LLC
		10.00%, 11/30/24 (i)	230		249
	Grubhub Holdings Inc.
		5.50%, 07/01/27 (i)	50		51
	GTT Communications Inc.
		7.88%, 12/31/24 (i)	80		45
	Iheartcommunications, Inc.
		6.38%, 05/01/26	30		32
		8.38%, 05/01/27 (g)	15		16
		5.25%, 08/15/27 (i)	60		63
	Intelsat Jackson Holdings S.A.
		5.50%, 08/01/23	55		51
		8.50%, 10/15/24 (i)	105		106
	Iridium Communications Inc.
		10.25%, 04/15/23 (i)	155		168
	Live Nation Entertainment, Inc.
		5.63%, 03/15/26 (i)	175		187
	Match Group, Inc.
		5.00%, 12/15/27 (i)	150		156
	Millicom International Cellular SA
		6.00%, 03/15/25 (f)	200		207
	Netflix, Inc.
		5.88%, 02/15/25	90		99
		5.38%, 11/15/29 (i)	45		47

187

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Scripps Escrow, Inc.
		5.88%, 07/15/27 (i)	75		76
	Sirius XM Radio Inc.
		5.38%, 07/15/26 (i)	125		131
		5.50%, 07/01/29 (i)	65		69
	Sprint Capital Corporation
		6.88%, 11/15/28	230		251
	Sprint Corporation
		7.13%, 06/15/24	235		253
	Telesat Canada
		8.88%, 11/15/24 (i)	160		172
		6.50%, 10/15/27 (i)	45		46
	T-Mobile USA, Inc.
		4.50%, 02/01/26	275		283
	Uber Technologies, Inc.
		8.00%, 11/01/26 (i)	95		96
		7.50%, 09/15/27 (i)	45		45
	Univision Communications Inc.
		5.13%, 05/15/23 (i)	50		50
	Verizon Communications Inc.
		3.26%, (3M USD LIBOR + 1.10%), 05/15/25 (h)	595		604
				10,886
Industrials 0.6%
	AECOM
		5.13%, 03/15/27	370		388
	Allison Transmission, Inc.
		5.00%, 10/01/24 (i)	180		184
	Amsted Industries Incorporated
		5.63%, 07/01/27 (i)	70		74
	Avolon Holdings Funding Limited
		3.63%, 05/01/22 (i)	550		558
		5.25%, 05/15/24 (i)	135		145
	Beacon Roofing Supply, Inc.
		4.88%, 11/01/25 (g) (i)	200		196
		4.50%, 11/15/26 (i)	50		50
	Bombardier Inc.
		6.00%, 10/15/22 (i)	75		75
		7.88%, 04/15/27 (i)	75		75
	Builders FirstSource, Inc.
		5.63%, 09/01/24 (i)	161		168
		6.75%, 06/01/27 (i)	45		48
	Cintas Corporation No. 2
		2.90%, 04/01/22	545		556
	Clean Harbors, Inc.
		4.88%, 07/15/27 (i)	90		94
		5.13%, 07/15/29 (i)	30		32
	Delta Air Lines, Inc.
		3.40%, 04/19/21	645		655
	General Electric Company
		2.70%, 10/09/22	640		641
	GFL Environmental Inc.
		8.50%, 05/01/27 (i)	60		67
	Kratos Defense & Security Solutions, Inc.
		6.50%, 11/30/25 (i)	85		91
	LATAM Finance Limited
		6.88%, 04/11/24 (f) (g)	300		315
	Masonite International Corporation
		5.75%, 09/15/26 (i)	145		153
	Northrop Grumman Corporation
		2.08%, 10/15/20	1,130		1,130
	Penske Truck Leasing Co., L.P.
		2.70%, 11/01/24 (i)	625		626
	Prime Security Services Borrower, LLC
		9.25%, 05/15/23 (i)	73		77
	Republic Services, Inc.
		2.50%, 08/15/24	265		268
	Stevens Holding Co., Inc.
		6.13%, 10/01/26 (i)	115		123
	Tempo Acquisition, LLC
		6.75%, 06/01/25 (i)	220		227
	The Dun & Bradstreet Corporation
		6.88%, 08/15/26 (i)	100		109
		10.25%, 02/15/27 (i)	25		28
	TransDigm Inc.
		6.25%, 03/15/26 (i)	135		145
		6.38%, 06/15/26	80		84
	Triumph Group, Inc.
		6.25%, 09/15/24 (i)	35		36
		7.75%, 08/15/25 (g)	121		122
	Union Pacific Corporation
		3.20%, 06/08/21	635		646
	United Rentals (North America), Inc.
		6.50%, 12/15/26 (g)	150		164
		5.25%, 01/15/30	40		42
	Waste Management, Inc.
		2.95%, 06/15/24	565		585
	Waste Pro USA, Inc.
		5.50%, 02/15/26 (i)	155		160
				9,137
Consumer Staples 0.5%
	B&G Foods, Inc.
		5.25%, 04/01/25 - 09/15/27	200		205
	BAT Capital Corp.
		2.76%, 08/15/22	765		772
	CK Hutchison International (17) (II) Limited
		2.25%, 09/29/20 (f)	200		200
	Coca-Cola Femsa SAB de CV
		4.63%, 02/15/20 (g)	300		302
	Cott Holdings Inc.
		5.50%, 04/01/25 (i)	200		208
	Energizer Holdings, Inc.
		7.75%, 01/15/27 (i)	105		117
	Fomento Economico Mexicano, S.A. B. De C.V.
		2.88%, 05/10/23	150		152
	General Mills, Inc.
		3.15%, 12/15/21	625		637
	Grupo Bimbo S.A.B. de C.V.
		5.95%, (callable at 100 beginning 04/17/23) (f) (l)	500		526
		4.88%, 06/30/20 (f) (g)	500		508
	Hutchison Whampoa International (11) Limited
		4.63%, 01/13/22 (f)	500		523
	JBS Investments II GmbH
		7.00%, 01/15/26 (i)	200		216
	JBS USA Finance, Inc.
		6.75%, 02/15/28 (i)	99		110
	JBS USA Food Company
		5.88%, 07/15/24 (i)	25		26
		5.75%, 06/15/25 (i)	15		16
		6.50%, 04/15/29 (i)	95		105
		5.50%, 01/15/30 (i)	55		58
	Kronos Acquisition Holdings Inc
		9.00%, 08/15/23 (i)	95		85
	Marfrig Holdings (Europe) B.V.
		7.00%, 03/15/24 (f) (g)	500		522
	Matterhorn Merger Sub LLC
		8.50%, 06/01/26 (i)	60		45
	Mondelez International, Inc.
		3.00%, 05/07/20	995		1,000
		3.63%, 05/07/23	255		267
	Performance Food Group Company
		5.50%, 10/15/27 (i)	95		100
	Pilgrim's Pride Corporation
		5.88%, 09/30/27 (i)	190		204
	Post Holdings, Inc.
		5.50%, 03/01/25 - 12/15/29 (i)	165		173
	Reynolds American Inc.
		3.25%, 06/12/20	98		99
		4.00%, 06/12/22	320		333
	Safeway Inc.
		5.88%, 02/15/28 (i)	165		175
	Spectrum Brands, Inc.
		5.00%, 10/01/29 (i)	15		15
				7,699
Consumer Discretionary 0.4%
	Alibaba Group Holding Limited
		3.13%, 11/28/21	291		295

188

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Allied Universal Holdco LLC
		6.63%, 07/15/26 (i)	80		84
		9.75%, 07/15/27 (i)	55		57
	American Axle & Manufacturing, Inc.
		6.25%, 03/15/26	65		62
	Aramark Services, Inc.
		5.00%, 04/01/25 (i)	168		174
	Argos Holdings Inc.
		7.13%, 03/15/23 (i)	80		75
	Boyne USA, Inc.
		7.25%, 05/01/25 (i)	200		218
	Carvana Co.
		8.88%, 10/01/23 (i)	70		72
	Cedar Fair, L.P.
		5.25%, 07/15/29 (i)	80		86
	Century Communities, Inc.
		6.75%, 06/01/27 (i)	75		81
	Constellation Merger Sub Inc.
		8.50%, 09/15/25 (i)	80		68
	CRC Escrow Issuer, LLC
		5.25%, 10/15/25 (i)	120		123
	eBay Inc.
		2.75%, 01/30/23	625		632
	Eldorado Resorts, Inc.
		6.00%, 04/01/25	100		106
	Frontdoor, Inc.
		6.75%, 08/15/26 (i)	125		137
	Golden Entertainment, Inc.
		7.63%, 04/15/26 (i)	65		68
	Gray Television, Inc.
		5.13%, 10/15/24 (i)	55		57
	Hilton Domestic Operating Company Inc.
		4.25%, 09/01/24	280		285
	IAA Spinco Inc.
		5.50%, 06/15/27 (i)	145		154
	Installed Building Products, Inc.
		5.75%, 02/01/28 (i)	90		93
	IRB Holding Corp.
		6.75%, 02/15/26 (i)	135		136
	Jeld-Wen, Inc.
		4.63%, 12/15/25 (i)	185		186
	KAR Auction Services, Inc.
		5.13%, 06/01/25 (i)	145		150
	LTF Merger Sub, Inc.
		8.50%, 06/15/23 (i)	200		205
	Marriott Ownership Resorts, Inc.
		6.50%, 09/15/26	115		124
	MGM Resorts International
		5.75%, 06/15/25	140		154
	New Golden Nugget Inc.
		6.75%, 10/15/24 (i)	225		228
		8.75%, 10/01/25 (i)	30		31
	NVA Holdings, Inc.
		6.88%, 04/01/26 (i)	85		90
	Panther BF Aggregator 2 LP
		6.25%, 05/15/26 (i)	85		89
		8.50%, 05/15/27 (g) (i)	40		41
	Penn National Gaming, Inc.
		5.63%, 01/15/27 (g) (i)	155		159
	PetSmart, Inc.
		5.88%, 06/01/25 (i)	34		34
	Restaurant Brands International Limited Partnership
		5.00%, 10/15/25 (i)	226		234
	Scientific Games International, Inc.
		5.00%, 10/15/25 (i)	105		108
		8.25%, 03/15/26 (i)	70		74
	Six Flags Operations Inc.
		4.88%, 07/31/24 (i)	185		192
	Staples, Inc.
		7.50%, 04/15/26 (i)	95		98
		10.75%, 04/15/27 (g) (i)	30		31
	Stars Group Holdings B.V.
		7.00%, 07/15/26 (i)	130		138
	Tempur Sealy International, Inc.
		5.50%, 06/15/26	177		185
	The ServiceMaster Company, LLC
		5.13%, 11/15/24 (i)	160		167
	The William Carter Company
		5.63%, 03/15/27 (i)	100		107
	Twin River Worldwide Holdings, Inc.
		6.75%, 06/01/27 (i)	80		84
	Viking Cruises Limited
		5.88%, 09/15/27 (i)	195		206
	Yum! Brands, Inc.
		4.75%, 01/15/30 (i)	80		83
				6,261
Utilities 0.3%
	AES Gener S.A.
		7.13%, 03/26/79 (i)	200		210
	Calpine Corporation
		5.75%, 01/15/25 (g)	75		77
		5.25%, 06/01/26 (i)	75		78
	Consolidated Edison, Inc.
		2.00%, 03/15/20	560		560
	DTE Energy Company
		2.53%, 10/01/24 (j)	275		276
	ELM Park CLO Designated Activity Company
		7.95%, 05/11/26 (f)	400		427
	Engie Energia Chile Sa
		5.63%, 01/15/21 (f)	450		467
	NextEra Energy Capital Holdings, Inc.
		3.34%, 09/01/20	565		571
		2.90%, 04/01/22	115		117
	NRG Energy, Inc.
		5.25%, 06/15/29 (i)	110		118
	Petrobras Argentina S.A.
		7.38%, 07/21/23 (f)	100		82
	PSEG Power LLC
		3.85%, 06/01/23	585		614
	PT Indonesia Power
		5.50%, 11/22/21 (f)	400		424
	Superior Plus LP
		7.00%, 07/15/26 (i)	180		190
	Talen Energy Supply, LLC
		6.63%, 01/15/28 (i)	65		64
	The Israel Electric Corporation Ltd.
		6.88%, 06/21/23 (f)	200		228
	Vistra Operations Company LLC
		5.63%, 02/15/27 (i)	145		153
				4,656
Materials 0.2%
	Advanced Drainage Systems, Inc.
		5.00%, 09/30/27 (i)	25		25
	AK Steel Corporation
		7.63%, 10/01/21	30		30
		6.38%, 10/15/25 (g)	35		30
	Alcoa Nederland Holding B.V.
		6.13%, 05/15/28 (i)	200		213
	Andina Acquisition Corporation
		8.20%, 01/31/22 (f)	300		321
	Ashland LLC
		4.75%, 08/15/22 (j)	295		310
	Berry Global Escrow Corporation
		5.63%, 07/15/27 (i)	130		135
	Corporacion Nacional del Cobre de Chile
		3.00%, 07/17/22 (f)	200		203
	Crown Americas LLC
		4.75%, 02/01/26	234		245
	DuPont de Nemours, Inc
		3.77%, 11/15/20	440		448
	Flex Acquisition Company, Inc.
		6.88%, 01/15/25 (i)	120		110
	Freeport-McMoRan Inc.
		4.55%, 11/14/24 (g)	400		410
	Hexion Inc.
		7.88%, 07/15/27 (g) (i)	55		54
	Inversiones CMPC S.A.
		4.50%, 04/25/22 (f)	350		364

189

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Schweitzer-Mauduit International, Inc.
		6.88%, 10/01/26 (i)	95		100
	Southern Peru Copper Corporation (Sucursal Del Peru)
		5.38%, 04/16/20	600		609
	SunCoke Energy, Inc.
		7.50%, 06/15/25 (i)	150		134
	UPL Corporation Limited
		3.25%, 10/13/21 (f)	400		402
				4,143
Information Technology 0.2%
	Analog Devices, Inc.
		2.95%, 01/12/21	645		651
	Ascend Learning, LLC
		6.88%, 08/01/25 (i)	195		203
	Banff Merger Sub Inc.
		9.75%, 09/01/26 (i)	45		43
	CDK Global, Inc.
		5.88%, 06/15/26	50		53
		5.25%, 05/15/29 (i)	50		52
	Ensemble S Merger Sub, Inc.
		9.00%, 09/30/23 (i)	204		209
	Informatica LLC
		7.13%, 07/15/23 (i)	185		188
	Microchip Technology Incorporated
		3.92%, 06/01/21	635		648
	Paypal Holdings, Inc.
		2.20%, 09/26/22	495		497
	Radiate HoldCo, LLC
		6.88%, 02/15/23 (g) (i)	135		139
	Refinitiv US Holdings Inc.
		6.25%, 05/15/26 (i)	115		123
		8.25%, 11/15/26 (i)	90		99
	Riverbed Technology, Inc.
		8.88%, 03/01/23 (e) (f)	65		35
	SS&C Technologies, Inc.
		5.50%, 09/30/27 (i)	150		157
				3,097
Real Estate 0.1%
	ESH Hospitality, Inc.
		5.25%, 05/01/25 (i)	225		233
		4.63%, 10/01/27 (i)	50		50
	Iron Mountain Incorporated
		4.88%, 09/15/29 (i)	85		86
	iStar Inc.
		4.75%, 10/01/24	65		66
	MGM Growth Properties Operating Partnership LP
		5.75%, 02/01/27 (i)	110		124
	MPT Operating Partnership, L.P.
		5.25%, 08/01/26	215		225
		4.63%, 08/01/29	80		82
	Simon Property Group, L.P.
		2.00%, 09/13/24	605		599
	Welltower Inc.
		3.63%, 03/15/24	615		646
	WeWork Companies Inc.
		7.88%, 05/01/25 (g) (i)	40		34
				2,145
	Total Corporate Bonds And Notes (cost $133,857)			135,129
SENIOR LOAN INTERESTS 0.9%
Health Care 0.2%
	Acadia Healthcare Company, Inc.
		2018 Term Loan B4, 4.54%, (3M LIBOR + 2.50%), 02/16/23 (h)	55		55
	Agiliti Health, Inc
		Term Loan, 5.12%, (3M LIBOR + 3.00%), 10/18/25 (c) (h)	70		69
	Air Methods Corporation
		2017 Term Loan B, 5.60%, (3M LIBOR + 3.50%), 04/12/24 (h)	75		60
	Aldevron, LLC
		Term Loan, 0.00%, (3M LIBOR + 4.25%), 09/20/26 (h) (q)	90		90
	Athenahealth, Inc.
		2019 Term Loan B, 6.68%, (3M LIBOR + 4.50%), 01/25/26 (h)	71		70
	Auris Luxembourg III S.a.r.l.
		2019 USD Term Loan B2, 5.79%, (3M LIBOR + 3.75%), 07/23/25 (h)	89		88
	Bausch Health Companies Inc.
		Term Loan B, 4.79%, (3M LIBOR + 2.75%), 11/26/25 (h)	96		96
	Catalent Pharma Solutions Inc.
		Term Loan B2, 4.29%, (3M LIBOR + 2.25%), 05/10/26 (h)	99		100
	Change Healthcare Holdings LLC
		2017 Term Loan B, 4.54%, (3M LIBOR + 2.50%), 02/02/24 - 02/03/24 (h)	88		87
	CHG Healthcare Services, Inc
		2017 1st Lien Term Loan B, 5.04%, (3M LIBOR + 3.00%), 06/07/23 (h)	90		89
	Concentra Inc.
		2018 1st Lien Term Loan, 4.54%, (3M LIBOR + 2.50%), 06/01/22 (h)	135		136
	DaVita, Inc.
		2019 Term Loan B, 4.29%, (3M LIBOR + 2.25%), 07/30/26 (h)	35		35
	DentalCorp Perfect Smile ULC
		1st Lien Term Loan, 5.80%, (3M LIBOR + 3.75%), 05/09/25 (h)	57		56
	Envision Healthcare Corporation
		2018 1st Lien Term Loan, 5.79%, (3M LIBOR + 3.75%), 09/27/25 (h)	50		41
	Gentiva Health Services, Inc.
		2018 1st Lien Term Loan, 5.81%, (3M LIBOR + 3.75%), 06/20/25 (h)	113		113
	HC Group Holdings II, Inc.
		Term Loan B, 6.54%, (3M LIBOR + 4.50%), 05/22/26 (h)	90		90
	IQVIA Inc.
		2017 USD Term Loan B2, 4.10%, (1M LIBOR + 2.00%), 01/17/25 (h)	148		149
	Jaguar Holding Company II
		Term Loan, 0.00%, (3M LIBOR + 2.50%), 08/18/22 (h) (q)	125		125
	Kindred Healthcare LLC
		2018 1st Lien Term Loan, 7.06%, (3M LIBOR + 5.00%), 06/21/25 (h)	38		38
	MED ParentCo LP
		1st Lien Term Loan, 6.29%, (3M LIBOR + 4.25%), 08/01/26 (h)	28		28
	MPH Acquisition Holdings LLC
		2016 Term Loan B, 0.00%, (3M LIBOR + 2.75%), 06/07/23 (h) (q)	10		10
		2016 Term Loan B, 4.85%, (3M LIBOR + 2.75%), 06/07/23 (h)	87		83
	Parexel International Corporation
		Term Loan B, 0.00%, (3M LIBOR + 2.75%), 09/27/24 (h) (q)	40		38
	Radiology Partners Holdings, LLC
		2018 1st Lien Term Loan B, 7.06%, (3M LIBOR + 4.75%), 06/28/25 (h)	28		28
		2018 1st Lien Term Loan B, 7.39%, (3M LIBOR + 4.75%), 06/28/25 (h)	19		18
	Select Medical Corporation
		2017 Term Loan B, 4.54%, (3M LIBOR + 2.50%), 02/13/24 (h)	—		—
		2017 Term Loan B, 4.58%, (3M LIBOR + 2.50%), 03/06/25 (h)	107		108
	Sound Inpatient Physicians
		2018 1st Lien Term Loan, 4.79%, (3M LIBOR + 2.75%), 06/19/25 (h)	99		98
	U.S. Anesthesia Partners, Inc.
		Term Loan, 5.04%, (3M LIBOR + 3.00%), 06/16/24 (h)	35		34
	Valeant Pharmaceuticals International, Inc.
		2018 Term Loan B, 5.04%, (3M LIBOR + 3.00%), 05/19/25 (h)	52		52
	Verscend Holding Corp.
		2018 Term Loan B, 6.54%, (3M LIBOR + 4.50%), 08/08/25 (h)	96		96

190

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Vizient, Inc.
		2019 Term Loan B5, 4.54%, (3M LIBOR + 2.50%), 04/17/26 (h)	20		20
	Wink Holdco, Inc
		1st Lien Term Loan B, 5.04%, (3M LIBOR + 3.00%), 11/02/24 (h)	87		85
	Zelis Healthcare Corp
		Term Loan, 0.00%, (3M LIBOR + 4.75%), 09/26/26 (h) (q)	95		94
				2,379
Consumer Discretionary 0.2%
	1011778 B.C. Unlimited Liability Company
		Term Loan B3, 4.29%, (3M LIBOR + 2.25%), 02/15/24 (h)	137		137
	A-L Parent LLC
		2016 1st Lien Term Loan, 5.30%, (3M LIBOR + 3.25%), 12/01/23 (h)	69		70
	Alterra Mountain Company
		Term Loan B1, 5.04%, (3M LIBOR + 3.00%), 06/28/24 (h)	99		99
	American Tire Distributors Holdings, Inc.
		Term Loan, 9.62%, (1M LIBOR + 7.50%), 10/01/21 (h)	62		54
	Aramark Services, Inc.
		Term Loan, 3.79%, (3M LIBOR + 1.75%), 03/01/25 (h)	90		90
	Bass Pro Group, LLC
		Term Loan B, 7.04%, (3M LIBOR + 5.00%), 11/15/23 (h)	35		33
	Caesars Entertainment Operating Company
		Term Loan, 4.04%, (3M LIBOR + 2.00%), 04/03/24 (h)	116		116
	Cengage Learning, Inc.
		2016 Term Loan B, 6.29%, (3M LIBOR + 4.25%), 06/07/23 (h)	93		88
	ClubCorp Holdings, Inc.
		2017 Term Loan B, 4.85%, (3M LIBOR + 2.75%), 08/16/24 (h)	46		41
	CSC Holdings, LLC
		2017 1st Lien Term Loan, 4.28%, (3M LIBOR + 2.25%), 07/15/25 (h)	18		18
	Delta 2 (LUX) S.a.r.l.
		Term Loan, 4.54%, (3M LIBOR + 2.50%), 02/01/24 (h)	28		27
	Equinox Holdings, Inc.
		2017 1st Lien Term Loan, 0.00%, (1M LIBOR + 3.00%), 03/08/24 (h) (q)	95		95
	Explorer Holdings Inc
		2016 Term Loan B, 0.00%, (3M LIBOR + 3.75%), 05/02/23 (h) (q)	40		40
	FrontDoor Inc
		2018 Term Loan B, 4.56%, (3M LIBOR + 2.50%), 08/16/25 (h)	67		68
	Garda World Security Corporation
		2017 Term Loan B, 5.63%, (3M LIBOR + 3.50%), 05/12/24 (h)	99		99
		Term Loan, 7.75%, (3M LIBOR + 2.50%), 05/12/24 (h)	—		—
	Getty Images, Inc.
		2019 USD Term Loan B, 6.56%, (3M LIBOR + 4.50%), 02/13/26 (h)	50		49
	GOBP Holdings, Inc.
		2019 Term Loan B, 5.76%, (3M LIBOR + 3.50%), 10/22/25 (h)	74		74
	Hayward Industries, Inc.
		1st Lien Term Loan, 5.54%, (3M LIBOR + 3.50%), 08/04/24 (h)	24		23
	Hilton Worldwide Finance, LLC
		2019 Term Loan B2, 3.77%, (3M LIBOR + 1.75%), 10/25/23 (h)	149		150
	IAA, Inc.
		Term Loan B, 4.31%, (3M LIBOR + 2.25%), 05/22/26 (h)	20		20
	IRB Holding Corp
		1st Lien Term Loan, 0.00%, (3M LIBOR + 3.25%), 01/21/25 (h) (q)	10		10
	IRB Holding Corp.
		1st Lien Term Loan, 5.55%, (3M LIBOR + 3.25%), 01/18/25 (h)	89		89
	KAR Auction Services, Inc.
		2019 Term Loan B6, 4.31%, (3M LIBOR + 2.25%), 09/13/26 (h)	84		85
	Lions Gate Capital Holdings LLC
		2018 Term Loan B, 4.29%, (3M LIBOR + 2.25%), 03/20/25 (h)	106		106
	Mister Car Wash Holdings, Inc.
		2019 Term Loan B, 5.66%, (3M LIBOR + 3.50%), 05/08/26 (h)	76		76
	PCI Gaming Authority
		Term Loan, 5.04%, (3M LIBOR + 3.00%), 05/15/26 (h)	30		30
	Penn National Gaming, Inc.
		2018 1st Lien Term Loan B, 4.29%, (3M LIBOR + 2.25%), 08/15/25 (h)	25		25
	PetSmart, Inc.
		Consenting Term Loan, 6.04%, (3M LIBOR + 4.00%), 03/11/22 (h)	92		89
	Playa Resorts Holding B.V.
		2017 Term Loan B, 4.79%, (3M LIBOR + 2.75%), 04/07/24 (h)	39		38
	Prime Security Services Borrower, LLC
		2019 Term Loan B1, 0.00%, (3M LIBOR + 3.25%), 12/31/22 (h) (q)	55		54
	Rentpath, Inc.
		Term Loan, 6.80%, (3M LIBOR + 4.75%), 12/17/21 (e) (h)	261		134
	Scientific Games International, Inc.
		2018 Term Loan B5, 4.79%, (3M LIBOR + 2.75%), 08/14/24 (h)	17		17
		2018 Term Loan B5, 4.90%, (3M LIBOR + 2.75%), 08/14/24 (h)	72		71
	Six Flags Theme Parks, Inc.
		2019 Term Loan B, 4.05%, (3M LIBOR + 2.00%), 04/09/26 (h)	80		80
	Staples, Inc.
		7 Year Term Loan, 7.12%, (3M LIBOR + 5.00%), 04/05/26 (h)	44		43
	Wand NewCo 3, Inc.
		2019 1st Lien Term Loan, 5.54%, (3M LIBOR + 3.50%), 01/23/26 (h)	3		3
				2,341
Information Technology 0.1%
	Access CIG, LLC
		2018 1st Lien Term Loan, 6.07%, (3M LIBOR + 3.75%), 02/14/25 (h)	60		59
	Almonde, Inc.
		1st Lien Term Loan, 5.70%, (3M LIBOR + 3.50%), 04/26/24 (h)	66		64
		USD 1st Lien Term Loan, 5.70%, (3M LIBOR + 3.50%), 04/26/24 (h)	10		10
	Applied Systems, Inc.
		2017 1st Lien Term Loan, 5.10%, (3M LIBOR + 3.00%), 09/06/24 (h)	89		89
	Ascend Learning, LLC
		2017 Term Loan B, 5.04%, (3M LIBOR + 3.00%), 06/29/24 (h)	103		103
	Banff Merger Sub Inc
		2018 USD Term Loan B, 6.29%, (3M LIBOR + 4.25%), 06/30/25 (h)	37		35
	Blackhawk Network Holdings, Inc
		2018 1st Lien Term Loan, 5.04%, (3M LIBOR + 3.00%), 05/31/25 (h)	85		85
	Bright Bidco B.V.
		2018 Term Loan B, 5.54%, (3M LIBOR + 3.50%), 06/28/24 (h)	18		9
		2018 Term Loan B, 5.60%, (3M LIBOR + 3.50%), 06/28/24 (h)	36		17
	Colorado Buyer Inc
		Term Loan B, 5.04%, (1M LIBOR + 3.00%), 03/15/24 (h)	64		57
	CommScope, Inc.
		2019 Term Loan B, 5.29%, (3M LIBOR + 3.25%), 02/07/26 (h)	37		37

191

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Cvent, Inc.
		1st Lien Term Loan, 5.79%, (3M LIBOR + 3.75%), 11/30/24 (h)	72		71
	Dell International LLC
		2019 Term Loan B, 4.05%, (3M LIBOR + 2.00%), 09/07/23 (h)	135		136
	DigiCert, Inc.
		Term Loan, 0.00%, (3M LIBOR + 4.00%), 07/31/26 (h) (q)	55		55
	Dun & Bradstreet Corporation (The)
		Term Loan, 7.05%, (6M LIBOR + 5.00%), 02/06/26 (h)	57		57
	Dynatrace LLC
		2018 1st Lien Term Loan, 4.79%, (3M LIBOR + 2.75%), 08/08/25 (h)	43		44
	Emerald TopCo Inc
		Term Loan, 5.54%, (3M LIBOR + 3.50%), 07/16/26 (h)	35		35
	Financial & Risk US Holdings, Inc.
		2018 USD Term Loan, 5.79%, (3M LIBOR + 3.75%), 09/12/25 (h)	72		73
	Flexential Intermediate Corporation
		2017 1st Lien Term Loan, 5.60%, (3M LIBOR + 3.50%), 07/24/24 (h)	31		26
	Flexera Software LLC
		2018 1st Lien Term Loan, 5.55%, (3M LIBOR + 3.50%), 01/24/25 (h)	89		89
	Go Daddy Operating Company, LLC
		Term Loan, 4.04%, (3M LIBOR + 2.00%), 02/15/24 (h)	90		90
	Hyland Software, Inc.
		2018 1st Lien Term Loan, 5.29%, (3M LIBOR + 3.25%), 07/01/24 (h)	20		20
		2017 2nd Lien Term Loan, 9.04%, (3M LIBOR + 7.00%), 05/24/25 (h)	25		25
	Informatica LLC
		2018 USD Term Loan, 0.00%, (3M LIBOR + 3.25%), 08/06/22 (h) (q)	70		70
	IRI Holdings, Inc.
		2018 1st Lien Term Loan, 6.62%, (3M LIBOR + 4.50%), 11/06/25 (h)	37		36
	KBR, Inc.
		Term Loan B, 5.79%, (3M LIBOR + 3.75%), 03/29/25 (h)	59		59
	Kronos Incorporated
		2017 Term Loan B, 5.25%, (3M LIBOR + 3.00%), 11/01/23 (h)	89		89
	MLN US HoldCo LLC
		2018 1st Lien Term Loan, 6.61%, (3M LIBOR + 4.50%), 07/13/25 (h)	37		34
	NCR Corporation
		2019 Term Loan, 4.64%, (3M LIBOR + 2.50%), 04/12/25 (h)	12		12
	ON Semiconductor Corporation
		2019 Term Loan B, 0.00%, (3M LIBOR + 2.00%), 09/13/26 (h) (q)	25		25
	Plantronics Inc
		2018 Term Loan B, 4.54%, (3M LIBOR + 2.50%), 06/01/25 (h)	36		36
	PowerSchool
		2018 Term Loan B, 5.46%, (3M LIBOR + 3.25%), 06/15/25 (h)	72		70
	Project Alpha Intermediate Holding, Inc.
		2017 Term Loan B, 5.81%, (3M LIBOR + 3.50%), 04/26/24 (h)	73		72
	Radiate Holdco, LLC
		1st Lien Term Loan, 5.04%, (3M LIBOR + 3.00%), 12/09/23 (h)	58		57
	Renaissance Holding Corp.
		Term Loan, 5.29%, (3M LIBOR + 3.25%), 05/21/25 (h)	76		75
	Sophia, L.P.
		2017 Term Loan B, 5.35%, (1M LIBOR + 3.25%), 09/30/22 (h)	85		85
	Ultimate Software Group Inc(The)
		Term Loan B, 5.79%, (3M LIBOR + 3.75%), 04/08/26 (h)	40		40
	Vertafore, Inc.
		2018 1st Lien Term Loan, 5.29%, (3M LIBOR + 3.25%), 06/04/25 (h)	77		75
				2,121
Industrials 0.1%
	1199169 B.C. Unlimited Liability Company
		2019 Term Loan B2, 6.10%, (3M LIBOR + 4.00%), 01/25/26 (h)	16		16
	Achilles Acquisition LLC
		2018 Term Loan, 6.06%, (3M LIBOR + 4.00%), 10/13/25 (h)	65		65
	American Airlines, Inc.
		Repriced Term Loan B, 4.12%, (3M LIBOR + 2.00%), 04/28/23 (h)	40		40
		2017 Incremental Term Loan, 4.03%, (3M LIBOR + 2.00%), 12/14/23 (h)	45		45
	Brookfield WEC Holdings Inc.
		2018 1st Lien Term Loan, 5.54%, (3M LIBOR + 3.50%), 07/26/25 (h)	104		104
	Comet Acquisition, Inc.
		Term Loan, 5.62%, (3M LIBOR + 3.50%), 10/23/25 (h)	30		29
	Compass Power Generation LLC
		2018 Term Loan B, 5.54%, (3M LIBOR + 3.50%), 12/20/24 (h)	70		70
	CPM Holdings, Inc.
		2018 1st Lien Term Loan, 5.79%, (3M LIBOR + 3.75%), 10/25/25 (h)	30		29
	Dynasty Acquisition Co., Inc.
		2019 Term Loan B1, 6.10%, (3M LIBOR + 4.00%), 01/25/26 (h)	29		29
	EAB Global, Inc.
		1st Lien Term Loan, 6.38%, (3M LIBOR + 3.75%), 08/15/22 (h)	90		89
	EXC Holdings III Corp.
		USD 2017 1st Lien Term Loan, 5.60%, (1M LIBOR + 3.50%), 11/16/24 (h)	85		85
	Filtration Group Corporation
		2018 1st Lien Term Loan, 5.04%, (3M LIBOR + 3.00%), 03/27/25 (h)	93		93
	Gates Global LLC
		2017 USD Repriced Term Loan B, 4.79%, (3M LIBOR + 2.75%), 04/01/24 (h)	37		37
	Milacron LLC
		Amended Term Loan B, 4.54%, (3M LIBOR + 2.50%), 09/23/23 (h)	67		67
	Minotaur Acquisition, Inc.
		Term Loan B, 7.04%, (3M LIBOR + 5.00%), 02/27/26 (h)	117		114
	NCI Building Systems, Inc.
		Term Loan, 5.79%, (3M LIBOR + 3.75%), 04/12/25 (h)	38		37
	Panther BF Aggregator 2 LP
		USD Term Loan B, 5.54%, (3M LIBOR + 3.50%), 03/13/26 (h)	19		19
	Pike Corporation
		2019 Term Loan B, 5.30%, (3M LIBOR + 3.25%), 07/24/26 (h)	39		39
	PODS, LLC
		2018 1st Lien Term Loan, 5.05%, (3M LIBOR + 2.75%), 11/21/24 (h)	86		85
	SMG US Midco 2, Inc.
		2017 1st Lien Term Loan, 5.04%, (3M LIBOR + 3.00%), 01/11/25 (h)	58		58
	Southern Graphics, Inc.
		2018 Term Loan B, 5.29%, (1M LIBOR + 3.25%), 12/31/22 (h)	17		12
		2018 Term Loan B, 5.40%, (1M LIBOR + 3.25%), 12/31/22 (h)	19		14
	Syncreon Global Finance (US) Inc.
		Term Loan B, 0.00%, 10/28/20 (b) (e) (p)	218		101
	Tamko Building Products, Inc
		Term Loan B, 5.29%, (3M LIBOR + 3.25%), 05/15/26 (h)	25		25
	Tempo Acquisition LLC
		Term Loan, 5.04%, (3M LIBOR + 3.00%), 04/20/24 (h)	99		100

192

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Titan Acquisition Limited
		2018 Term Loan B, 5.04%, (3M LIBOR + 3.00%), 03/16/25 (h)	31		30
	TransDigm, Inc.
		2018 Term Loan F, 4.54%, (1M LIBOR + 2.50%), 06/09/23 (h)	115		115
	USIC Holdings, Inc.
		2017 Term Loan B, 5.29%, (3M LIBOR + 3.00%), 12/09/23 (h)	64		64
	Wand NewCo 3, Inc.
		2019 1st Lien Term Loan, 5.54%, (3M LIBOR + 3.50%), 01/22/26 (h)	82		82
	WP CPP Holdings, LLC
		2018 Term Loan, 5.79%, (3M LIBOR + 3.75%), 04/30/25 (h)	—		—
		Term Loan, 6.01%, (3M LIBOR + 3.75%), 04/30/25 (h)	85		85
				1,778
Financials 0.1%
	Acrisure, LLC
		2017 Term Loan B, 6.35%, (3M LIBOR + 4.25%), 11/22/23 (h)	94		94
	Alera Group Holdings, Inc.
		2018 Term Loan B, 6.54%, (3M LIBOR + 4.50%), 07/26/25 (h)	72		72
	Allied Universal Holdco LLC
		2019 Term Loan B, 6.51%, (3M LIBOR + 4.25%), 06/18/26 (h)	64		64
	Altice France S.A.
		2018 Term Loan B13, 6.03%, (3M LIBOR + 4.00%), 07/13/26 (h)	43		43
	AssuredPartners, Inc.
		2017 1st Lien Add-On Term Loan, 0.00%, (3M LIBOR + 3.50%), 10/22/24 (h) (q)	15		15
		2017 1st Lien Add-On Term Loan, 5.54%, (3M LIBOR + 3.50%), 10/22/24 (h)	85		85
	Asurion LLC
		2018 Term Loan B7, 5.04%, (3M LIBOR + 3.00%), 11/15/24 (h)	89		89
		2017 2nd Lien Term Loan, 8.54%, (3M LIBOR + 6.50%), 08/04/25 (h)	21		21
	Blackstone CQP Holdco LP
		Term Loan B, 5.66%, (3M LIBOR + 3.50%), 05/29/24 (h)	95		95
	Canyon Valor Companies, Inc.
		USD 2017 Term Loan B1, 4.85%, (3M LIBOR + 2.75%), 06/30/23 (h)	90		89
	Capri Finance LLC
		USD 2017 1st Lien Term Loan, 5.26%, (3M LIBOR + 3.00%), 10/04/24 (h)	91		90
	Deerfield Dakota Holding, LLC
		2018 Term Loan B, 5.29%, (1M LIBOR + 3.25%), 12/04/24 (h)	38		37
	Edelman Financial Center, LLC
		2018 1st Lien Term Loan, 5.31%, (3M LIBOR + 3.25%), 06/26/25 (h)	75		75
	Gulf Finance, LLC
		Term Loan B, 7.36%, (3M LIBOR + 5.25%), 08/25/23 (h)	73		56
	ION Trading Technologies S.a.r.l.
		USD Incremental Term Loan B, 6.06%, (1M LIBOR + 4.00%), 11/21/24 (h)	29		28
	Level 3 Financing Inc.
		2017 Term Loan B, 4.29%, (3M LIBOR + 2.25%), 02/16/24 (h)	35		35
	McDermott Technology Americas Inc
		2018 1st Lien Term Loan, 7.10%, (3M LIBOR + 5.00%), 04/04/25 (h)	43		27
	RPI Finance Trust
		Term Loan B6, 4.04%, (3M LIBOR + 2.00%), 03/13/23 (h)	58		59
	Sedgwick Claims Management Services, Inc.
		2018 Term Loan B, 5.29%, (3M LIBOR + 3.25%), 11/06/25 (h)	86		84
	Solera, LLC
		USD Term Loan B, 4.79%, (3M LIBOR + 2.75%), 03/03/23 (h)	89		89
	Tamko Building Products, Inc
		Term Loan B, 5.37%, (3M LIBOR + 3.25%), 05/15/26 (h)	5		5
	TKC Holdings, Inc.
		2017 1st Lien Term Loan, 5.80%, (3M LIBOR + 3.75%), 02/08/23 (h)	90		88
	Travelport Finance (Luxembourg) S.a.r.l.
		2019 Term Loan, 7.10%, (3M LIBOR + 5.00%), 03/18/26 (h)	31		28
	UFC Holdings, LLC
		2019 Term Loan, 5.30%, (3M LIBOR + 3.25%), 04/25/26 (h)	114		114
	UGI Energy Services, LLC
		Term Loan B, 5.79%, (3M LIBOR + 3.75%), 08/01/26 (h)	45		45
	US Foods, Inc.
		Term Loan, 0.00%, (3M LIBOR + 2.00%), 08/14/26 (h) (q)	55		55
	Victory Capital Holdings, Inc.
		2019 Term Loan B, 5.57%, (3M LIBOR + 3.25%), 07/01/26 (h)	33		33
	WestJet Airlines Ltd.
		Term Loan, 0.00%, (3M LIBOR + 3.00%), 07/31/26 (h) (q)	65		65
	Whatabrands LLC
		Term Loan B, 5.52%, (3M LIBOR + 3.25%), 07/19/26 (h)	35		35
				1,715
Communication Services 0.1%
	Alliant Holdings Intermediate, LLC
		Term Loan B, 5.29%, (3M LIBOR + 3.25%), 05/10/25 (h)	60		59
	Cincinnati Bell, Inc.
		Term Loan, 5.29%, (3M LIBOR + 3.25%), 10/02/24 (h)	38		37
	Clear Channel Outdoor Holdings, Inc.
		Term Loan B, 5.54%, (3M LIBOR + 3.50%), 08/08/26 (h)	45		45
	CSC Holdings, LLC
		2018 Incremental Term Loan, 4.28%, (3M LIBOR + 2.25%), 01/31/26 (h)	40		40
		2019 Term Loan B4, 5.03%, (3M LIBOR + 3.00%), 05/07/27 (h)	85		85
	Diamond Sports Group, LLC
		Term Loan, 5.30%, (3M LIBOR + 3.25%), 08/24/26 (h)	15		15
	Digicel International Finance Limited
		2017 Term Loan B, 5.34%, (3M LIBOR + 3.25%), 05/27/24 (h)	34		29
	E.W. Scripps Company (The)
		Incremental Term Loan B1, 4.79%, (3M LIBOR + 2.75%), 04/04/26 (h)	75		75
	GoodRx, Inc.
		1st Lien Term Loan, 0.00%, (3M LIBOR + 2.75%), 09/28/25 (h) (q)	35		35
		1st Lien Term Loan, 4.81%, (3M LIBOR + 2.75%), 10/10/25 (h)	74		74
	Gray Television, Inc.
		2018 Term Loan C, 4.83%, (3M LIBOR + 2.50%), 10/30/25 (e) (h)	149		149
	Greeneden U.S. Holdings II, LLC
		2018 USD Term Loan B, 0.00%, (3M LIBOR + 3.25%), 12/01/23 (h) (q)	10		10
		2018 USD Term Loan B, 5.29%, (3M LIBOR + 3.25%), 12/01/23 (h)	90		90
	GTT Communications, Inc.
		2018 USD Term Loan B, 4.79%, (3M LIBOR + 2.75%), 04/27/25 (h)	84		68
	Iheartcommunications, Inc.
		Exit Term Loan, 6.10%, (3M LIBOR + 4.00%), 05/04/26 (h)	39		40
	NASCAR Holdings Inc
		Term Loan, 0.00%, (3M LIBOR + 2.75%), 07/19/26 (h) (q)	40		40
	Nexstar Broadcasting, Inc.
		2019 Term Loan B4, 4.81%, (3M LIBOR + 2.75%), 07/15/26 (h)	100		100

193

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Securus Technologies Holdings, Inc.
		2017 1st Lien Term Loan, 6.54%, (3M LIBOR + 4.50%), 06/20/24 (h)	55		48
	Sinclair Television Group Inc.
		Term Loan B2B, 4.54%, (3M LIBOR + 2.50%), 07/18/26 (h)	30		30
	Speedcast International Limited
		Term Loan B, 4.85%, (3M LIBOR + 2.75%), 05/03/25 (c) (e) (h)	99		83
	Sprint Communications, Inc.
		1st Lien Term Loan B, 4.56%, (3M LIBOR + 2.50%), 02/01/24 (h)	91		90
	Telesat Canada
		Term Loan B4, 4.83%, (3M LIBOR + 2.50%), 11/17/23 (h)	36		36
	Triton Bidco
		Term Loan, 0.00%, (3M LIBOR + 4.50%), 09/23/26 (h) (q)	35		34
	Uber Technologies
		2018 Incremental Term Loan, 0.00%, (3M LIBOR + 3.50%), 07/13/23 (h) (q)	15		15
		2018 Term Loan, 6.03%, (3M LIBOR + 4.00%), 04/04/25 (h)	85		84
	Virgin Media Bristol LLC
		USD Term Loan K, 4.53%, (3M LIBOR + 2.50%), 02/10/26 (h)	25		25
				1,436
Materials 0.1%
	Advanced Drainage Systems, Inc.
		Term Loan, 0.00%, (3M LIBOR + 2.25%), 09/18/26 (h) (q)	25		25
	Aleris International, Inc.
		Term Loan, 6.79%, (3M LIBOR + 4.75%), 04/15/23 (h)	89		89
	Avantor, Inc.
		2017 1st Lien Term Loan, 5.04%, (3M LIBOR + 3.00%), 09/22/24 (h)	114		114
	Berry Global, Inc.
		Term Loan Q, 4.30%, (3M LIBOR + 2.25%), 10/01/22 (h)	15		15
		USD Term Loan U, 4.55%, (3M LIBOR + 2.50%), 07/01/26 (h)	110		110
	Charter NEX US, Inc.
		Incremental Term Loan, 5.55%, (3M LIBOR + 3.50%), 05/16/24 (h)	20		20
	Flex Acquisition Co. Inc.
		2018 Incremental Term Loan, 0.00%, (3M LIBOR + 3.25%), 06/20/25 (h) (q)	40		38
	Forterra Finance, LLC
		2017 Term Loan B, 5.04%, (1M LIBOR + 3.00%), 10/25/23 (h)	48		45
	GrafTech Finance, Inc.
		2018 Term Loan B, 5.54%, (3M LIBOR + 3.50%), 02/01/25 (h)	72		70
	Hexion Inc
		USD Exit Term Loan, 5.82%, (3M LIBOR + 3.50%), 06/27/26 (h)	35		35
	Klockner-Pentaplast of America, Inc.
		USD 2017 Term Loan B2, 6.29%, (3M LIBOR + 4.25%), 06/30/22 (h)	42		37
	Messer Industries GmbH
		2018 USD Term Loan, 4.60%, (3M LIBOR + 2.50%), 10/10/25 (h)	37		37
	Pregis TopCo Corporation
		1st Lien Term Loan, 0.00%, (3M LIBOR + 4.00%), 07/25/26 (h) (q)	30		30
		1st Lien Term Loan, 6.25%, (3M LIBOR + 4.00%), 07/25/26 (h)	10		10
	Pro Mach Group, Inc.
		2018 Term Loan B, 4.81%, (3M LIBOR + 2.75%), 03/07/25 (h)	46		45
	Solenis Holdings LLC
		2018 1st Lien Term Loan, 6.12%, (3M LIBOR + 4.00%), 06/26/25 (h)	38		37
		2018 1st Lien Term Loan, 6.04%, (3M LIBOR + 4.00%), 12/18/25 (h)	—		—
	Starfruit Finco B.V
		2018 USD Term Loan B, 5.29%, (3M LIBOR + 3.25%), 09/20/25 (h)	38		37
	Vantage Specialty Chemicals, Inc.
		2017 1st Lien Term Loan, 5.54%, (3M LIBOR + 3.50%), 10/20/24 (h)	44		40
		2017 1st Lien Term Loan, 5.76%, (3M LIBOR + 3.50%), 10/20/24 (h)	2		2
				836
Energy 0.0%
	Brazos Delaware II, LLC
		Term Loan B, 6.05%, (3M LIBOR + 4.00%), 05/16/25 (h)	79		73
	Covia Holdings Corporation
		Term Loan, 6.31%, (3M LIBOR + 4.00%), 05/17/25 (h)	35		28
	EG Group Limited
		2018 USD Term Loan B, 6.33%, (3M LIBOR + 4.00%), 02/01/25 (h)	60		59
	ExGen Renewables IV, LLC
		Term Loan B, 5.13%, (1M LIBOR + 3.00%), 11/15/24 (h)	53		52
	Foresight Energy, LLC
		2017 1st Lien Term Loan, 7.87%, (1M LIBOR + 5.75%), 03/16/22 (h)	85		45
	Gavilan Resources, LLC
		2nd Lien Term Loan, 8.04%, (3M LIBOR + 6.00%), 02/24/24 (e) (h)	45		19
	Howden Joinery Group PLC
		Term Loan, 0.00%, (3M LIBOR + 5.25%), 09/23/26 (c) (h) (q)	20		19
	Lower Cadence Holdings LLC
		Term Loan B, 6.05%, (3M LIBOR + 4.00%), 05/10/26 (h)	75		73
	Lucid Energy Group II Borrower, LLC
		2018 1st Lien Term Loan, 5.04%, (3M LIBOR + 3.00%), 01/31/25 (h)	77		73
	PowerTeam Services, LLC
		2018 1st Lien Term Loan, 5.35%, (3M LIBOR + 3.25%), 02/28/25 (h)	47		40
	Prairie ECI Acquiror LP
		Term Loan B, 6.85%, (3M LIBOR + 4.75%), 03/07/26 (h)	45		44
				525
Consumer Staples 0.0%
	8th Avenue Food & Provisions, Inc.
		2018 1st Lien Term Loan, 5.79%, (3M LIBOR + 3.75%), 09/19/25 (h)	20		20
	Albertsons, LLC
		2019 Term Loan B8, 4.86%, (3M LIBOR + 2.75%), 08/07/26 (h)	65		66
	BJ's Wholesale Club, Inc.
		2017 1st Lien Term Loan, 4.79%, (3M LIBOR + 2.75%), 01/26/24 (h)	89		89
	CHG PPC Parent LLC
		2018 Term Loan B, 4.79%, (3M LIBOR + 2.75%), 03/16/25 (h)	49		49
	CSM Bakery Solutions LLC
		1st Lien Term Loan, 6.29%, (1M LIBOR + 4.00%), 07/22/20 (h)	78		72
	JBS USA Lux S.A.
		2019 Term Loan B, 4.55%, (3M LIBOR + 2.50%), 04/27/26 (h)	124		125
	KIK Custom Products, Inc.
		2015 Term Loan B, 6.26%, (3M LIBOR + 4.00%), 08/26/22 (h)	79		74
	Nestle Skin Health SA
		Term Loan, 0.00%, (3M LIBOR + 4.25%), 07/12/26 (h) (q)	20		20
				515
Utilities 0.0%
	Calpine Corporation
		Term Loan B9, 4.86%, (3M LIBOR + 2.75%), 03/22/26 (h)	100		100
		2019 Term Loan B10, 4.54%, (3M LIBOR + 2.50%), 08/02/26 (h)	10		10

194

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Edgewater Generation, L.L.C.
		Term Loan, 5.79%, (3M LIBOR + 3.75%), 11/29/25 (h)	75		74
	NEP/NCP Holdco, Inc.
		2018 1st Lien Term Loan, 5.29%, (3M LIBOR + 3.25%), 10/05/25 (h)	94		92
	Vistra Operations Company LLC
		1st Lien Term Loan B3, 4.02%, (3M LIBOR + 2.00%), 12/11/25 (h)	57		57
		1st Lien Term Loan B3, 4.04%, (3M LIBOR + 2.00%), 12/11/25 (h)	85		85
				418
Real Estate 0.0%
	ESH Hospitality, Inc.
		2019 Term Loan B, 4.11%, (3M LIBOR + 2.00%), 08/30/23 (h)	81		82
		2019 Term Loan B, 0.00%, (3M LIBOR + 2.00%), 09/18/26 (h) (q)	5		5
	Forest City Enterprises, L.P.
		Term Loan B, 6.04%, (3M LIBOR + 4.00%), 10/24/25 (h)	124		125
	MGM Growth Properties Operating Partnership LP
		2016 Term Loan B, 4.04%, (3M LIBOR + 2.00%), 04/20/23 (h)	84		85
	VICI Properties 1 LLC
		Replacement Term Loan B, 4.05%, (3M LIBOR + 2.00%), 12/13/24 (h)	90		90
				387
	Total Senior Loan Interests (cost $14,929)			14,451
PREFERRED STOCKS 0.8%
Consumer Discretionary 0.8%
	Porsche Automobil Holding SE (r)		205		13,322
	Total Preferred Stocks (cost $12,203)			13,322
INVESTMENT COMPANIES 0.8%
	Altaba Inc (g)		633		12,325
	Total Investment Companies (cost $31,142)			12,325
SHORT TERM INVESTMENTS 7.4%
Investment Companies 4.7%
	JNL Government Money Market Fund - Institutional Class, 1.86% (s) (t)		76,676		76,676
U.S. Treasury Bill 2.2%
	Treasury, United States Department of
		2.42%, 10/10/19 (u)	10,030		10,025
		2.16%, 11/07/19 (u)	10,040		10,020
		1.94%, 12/05/19 (u)	9,500		9,469
		1.92%, 02/13/20 (u)	6,500		6,457
				35,971
Securities Lending Collateral 0.5%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (s) (t)		8,512		8,512
	Total Short Term Investments (cost $121,153)			121,159
Total Investments 103.9% (cost $1,666,753)					1,695,203
Total Securities Sold Short(8.6)% (proceeds $142,440)					(140,984)
Other Assets and Liabilities, Net 4.7%					77,787
Total Net Assets 100.0%					1,632,006

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

(b)Non-income producing security.

(c)Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Schedules of Investments.

(d)Investment is owned by an entity that is treated as a corporation for U.S. tax purposes, which is owned by the Fund.

(e)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

(f)Security is restricted to resale to institutional investors. See Restricted Securities in the Schedules of Investments.

(g)All or a portion of the security was on loan as of September 30, 2019.

(h)Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of September 30, 2019. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations (“CMO”) and mortgage-backed securities (“MBS”) are determined by tranches of underlying mortgage-backed security pools’ cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security’s offering documents.

(i)The Adviser has deemed this security, which is exempt from registration under the Securities Act of 1933, as amended, to be liquid based on procedures approved by the Board of Trustees. As of September 30, 2019, the value and the percentage of net assets of these liquid securities was $195,677 and 12.0% of the Fund.

(j)Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of September 30, 2019.

(k)Security fair valued in good faith as a Level 2 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Schedules of Investments.

(l)Perpetual security. Next contractual call date presented, if applicable.

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

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

(o)The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer.

(p)As of September 30, 2019, issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date.

(q)This senior loan will settle after September 30, 2019. If a reference rate and spread is presented, it will go into effect upon settlement.

(r)Convertible security.

(s)Investment in affiliate.

(t)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

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

			Shares/Par1		Value ($)
SECURITIES SOLD SHORT (8.6%)
INVESTMENT COMPANIES (7.7%)
		Financial Select Sector SPDR Fund	(696)		(19,485)
		iShares Russell 1000 Growth ETF	(168)		(26,805)
		SPDR S&P 500 ETF	(101)		(30,091)
		SPDR S&P Regional Banking ETF	(779)		(41,121)
		Utilities Select Sector SPDR Fund	(141)		(9,130)
	Total Investment Companies (proceeds $128,212)			(126,632)
PREFERRED STOCKS (0.6%)
Consumer Discretionary (0.6%)
		Volkswagen AG (a)	(54)		(9,243)
	Total Preferred Stocks (proceeds $8,471)			(9,243)
COMMON STOCKS (0.3%)
Communication Services (0.3%)
		Tencent Holdings Limited	(121)		(5,109)
	Total Common Stocks (proceeds $5,757)			(5,109)
	Total Securities Sold Short (8.6%) (proceeds $142,440)				(140,984)

(a)Convertible security.

195

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

Summary of Investments by Country^	Total Long Term Investments
United States of America	71.7	%
Switzerland	5.9
Cayman Islands	3.2
China	3.1
United Kingdom	2.9
Germany	2.7
Belgium	2.2
South Africa	1.8
Japan	1.7
Netherlands	0.9
South Korea	0.6
Mexico	0.3
Brazil	0.3
Chile	0.3
Colombia	0.3
Canada	0.2
Malaysia	0.2
Peru	0.2
India	0.2
Indonesia	0.2
Australia	0.2
Singapore	0.2
Bermuda	0.1
Ireland	0.1
Israel	0.1
Dominican Republic	0.1
Thailand	0.1
Panama	0.1
Hong Kong	0.1
Luxembourg	—
Costa Rica	—
Guatemala	—
France	—
Virgin Islands (British)	—
Norway	—
Jamaica	—
Argentina	—
	100.0	%
^A country table is presented as a percentage of the Fund’s total long term investments because its strategy includes investment in non-U.S. securities as deemed significant by the Fund’s Adviser.

Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Andina Acquisition Corporation, 8.20%, 01/31/22	02/06/19	312	321	—
	Axiata SPV2 Berhad, 3.47%, 11/19/20	07/08/19	1,262	1,261	0.1
	B3 S.A. - Brasil, Bolsa, Balcao, 5.50%, 07/16/20	07/10/19	306	306	—
	Banco Bradesco S/A., 5.90%, 01/16/21	07/08/19	985	982	0.1
	Banco BTG Pactual S.A., 4.00%, 01/16/20	08/20/19	201	200	—
	Banco de Reservas de la Republica Dominicana, 7.00%, 02/01/23	01/14/19	151	157	—
	Banco del Estado de Chile, 2.67%, 01/08/21	09/11/19	702	702	0.1
	Banco do Brasil S.A, 8.50%, 10/20/20	07/29/19	263	262	—
	Banco Internacional Del Peru S.A.A. – Interbank, 5.75%, 10/07/20	07/11/19	330	331	—
	Banco Mercantil Del Norte, S.A. Institucion De Banca Multiple, Grupo Financiero Banorte, 6.88%, callable at 100 beginning 07/06/22	08/21/18	805	803	0.1
	Banco Nacional De Comercio Exterior, S.N.C., 3.80%, 08/11/26	12/17/18	794	809	0.1
	Banco Santander-Chile, 2.50%, 12/15/20	09/11/19	150	151	—
	Bangkok Bank Public Company Limited, 4.80%, 10/18/20	07/29/19	451	452	—
	Bangkok Bank Public Company Limited, 3.88%, 09/27/22	09/23/19	208	208	—
	BBVA Bancomer SA, 7.25%, 04/22/20	07/12/19	869	869	0.1
	BBVA Bancomer, S.A., 6.50%, 03/10/21	06/19/19	156	157	—
	Bharat Petroleum Corporation Limited, 4.38%, 01/24/22	09/23/19	829	828	0.1
	Bharat Petroleum Corporation Limited, 4.63%, 10/25/22	07/12/17	208	211	—
	Braskem Finance Ltd, 7.00%, 05/07/20	07/10/19	410	409	—
	Bx Trust, Series 2018-F-MCSF REMIC, 4.67%, 04/15/20	04/06/18	908	915	0.1
	C&W Senior Financing Designated Activity Company, 7.50%, 10/15/26	04/02/19	411	425	—
	Calfrac Well Services Ltd., 8.50%, 06/15/26	05/15/18	25	11	—
	China National Petroleum Corporation, 4.50%, 04/28/21	07/09/19	206	206	—

196

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

Restricted Securities (continued)
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	China National Petroleum Corporation, 3.95%, 04/19/22	07/12/17	1,031	1,034	0.1
	CHT Mortgage Trust, Series 2017-F-CSMO REMIC, 5.77%, 11/15/19	12/01/17	331	331	—
	CK Hutchison International (17) (II) Limited, 2.25%, 09/29/20	07/11/19	200	200	—
	CNOOC Finance (2012) Limited, 3.88%, 05/02/22	06/28/19	412	413	—
	Colombia Telecomunicaciones, S.A. ESP, 8.50%, callable at 100 beginning 03/30/20	07/02/19	513	512	—
	Comcel Trust, 6.88%, 02/06/24	02/25/19	205	207	—
	Continental Senior Trustees (Cayman) Ltd., 5.50%, 11/18/20	07/26/19	516	517	—
	Corporacion Nacional del Cobre de Chile, 3.00%, 07/17/22	09/25/19	204	203	—
	Credit Suisse Mortgage Trust, Series 2017-E-LSTK REMIC, 3.44%, 04/07/21	05/04/17	338	338	—
	Credit Suisse Mortgage Trust, Series 2017-D-CHOP REMIC, 3.93%, 07/15/32	06/20/17	986	988	0.1
	Credit Suisse Mortgage Trust, Series 2017-XB-LSTK REMIC - Interest Only, 0.32%, 04/07/33	05/08/17	3	3	—
	DBS Group Holdings Ltd, 3.60%, callable at 100 beginning 09/07/21	10/27/16	1,290	1,302	0.1
	ELM Park CLO Designated Activity Company, 7.95%, 05/11/26	05/09/19	427	427	—
	Ena Norte SA, 4.95%, 04/25/23	11/02/18	554	568	—
	Engie Energia Chile Sa, 5.63%, 01/15/21	07/30/19	467	467	—
	Enterprise Merger Sub Inc., 8.75%, 10/15/26	09/28/18	19	15	—
	Foresight Energy LLC, 11.50%, 04/01/23	05/14/18	129	33	—
	Global Bank Corporation, 4.50%, 10/20/21	04/25/17	300	309	—
	Globo Comunicacao e Participacoes S.A., 4.88%, 04/11/22	08/07/18	805	830	0.1
	Gobierno de la Republica de Costa Rica, 10.00%, 08/01/20	10/11/16	326	326	—
	Great Wolf Trust, Series 2017-F-WOLF, 6.10%, 09/15/34	09/26/17	249	249	—
	Grupo Bimbo S.A.B. de C.V., 5.95%, callable at 100 beginning 04/17/23	02/21/19	509	526	—
	Grupo Bimbo S.A.B. de C.V., 4.88%, 06/30/20	07/12/19	508	508	—
	Gruposura Finance S.A., 5.70%, 05/18/21	06/17/19	418	418	—
	Hutchison Whampoa International (11) Limited, 4.63%, 01/13/22	07/12/19	522	523	—
	Indian Oil Corpn. Limited, 5.63%, 08/02/21	09/12/16	1,050	1,052	0.1
	Industrial Senior Trust, 5.50%, 11/01/22	01/08/19	99	105	—
	Inversiones CMPC S.A., 4.50%, 04/25/22	07/12/17	363	364	—
	Itau Unibanco Holding S.A., 5.75%, 01/22/21	07/11/19	723	722	0.1
	LATAM Airlines Group S.A., 6.00%, 12/15/20	05/04/16	365	368	—
	LATAM Finance Limited, 6.88%, 04/11/24	03/22/19	307	315	—
	LCCM Mortgage Trust, Series 2014-MRC-PKMD REMIC, 2.95%, 11/18/19	09/26/17	1,018	1,017	0.1
	Malayan Banking Berhad, 3.91%, 10/29/26	10/23/17	812	814	0.1
	Marfrig Holdings (Europe) B.V., 7.00%, 03/15/24	04/29/19	512	522	—
	Media Group Holdings LLC	04/23/13	50,938	574	0.1
	Millicom International Cellular SA, 6.00%, 03/15/25	04/22/19	206	207	—
	Morgan Stanley & Co. LLC, Series 2014-LNCX-C19 REMIC - Interest Only, 0.60%, 12/17/46	06/29/17	737	690	0.1
	Morgan Stanley Capital I Trust, Series 2014-CPT REMIC, 3.56%, 07/15/21	09/20/19	565	566	—
	Nacional Financiera, S.N.C., Institucion de Banca de Desarrollo, 3.38%, 11/05/20	07/09/19	302	301	—
	Oleoducto Central S.A., 4.00%, 05/07/21	05/25/18	1,004	1,021	0.1
	ONGC Videsh Vankorneft Pte. Ltd., 2.88%, 01/27/22	08/08/17	400	400	—
	Peru Enhanced Pass-Through Finance Limited, 0.00%, 06/02/25	04/29/16	1,412	1,517	0.1
	Perusahaan Penerbit Surat Berharga Syariah Negara Indonesia, 3.40%, 03/29/22	06/19/19	507	510	—
	Petrobras Argentina S.A., 7.38%, 07/21/23	08/08/18	94	82	—
	Petroliam Nasional Berhad (PETRONAS), 2.71%, 03/18/20	07/12/19	1,221	1,222	0.1
	Presidencia de la Republica Dominicana, 7.50%, 05/06/21	02/27/17	765	763	0.1
	PT Indonesia Power, 5.50%, 11/22/21	06/26/19	423	424	—
	PT Pertamina (Persero), 5.25%, 05/23/21	07/01/19	626	625	0.1
	PT Pertamina (Persero), 4.88%, 05/03/22	06/14/19	524	527	—
	PTTEP Canada International Finance Limited, 5.69%, 04/05/21	09/17/19	419	419	—
	PTTEP Treasury Center Company Limited, 4.60%, callable at 100 beginning 07/17/22	04/29/19	200	204	—
	Reliance Holding USA, Inc., 4.50%, 10/19/20	07/03/19	509	510	—
	Reliance Holding USA, Inc., 5.40%, 02/14/22	02/13/17	681	691	0.1
	Riverbed Technology, Inc., 8.88%, 03/01/23	05/30/18	62	35	—
	Scotiabank Peru S.A.A., 4.50%, 12/13/27	09/16/19	187	186	—
	Sinochem Overseas Capital Co Ltd, 4.50%, 11/12/20	07/29/19	766	766	0.1
	Sinopec Group Overseas Development (2015) Limited, 2.50%, 04/28/20	07/02/19	900	901	0.1
	Sinopec Group Overseas Development 2017 Limited, 2.25%, 09/13/20	08/12/19	200	200	—
	SPARC Limited, 0.00%, 12/05/22	10/05/17	566	572	—
	Syngenta Finance N.V., 3.70%, 04/24/20	07/18/19	201	201	—
	Tapstone Energy, LLC, 9.75%, 06/01/22	05/18/18	50	13	—
	The Israel Electric Corporation Ltd., 6.88%, 06/21/23	08/21/18	217	228	—
	The Republic of Indonesia, The Government of, 3.75%, 04/25/22	06/14/19	612	618	0.1
	Unifin Financiera, S.A.B. de C.V. SOFOM, E.N.R., 7.25%, 09/27/23	08/22/18	399	413	—
	United Overseas Bank Limited, 2.74%, 04/23/21	09/06/19	201	200	—
	United Overseas Bank Limited, 3.50%, 09/16/26	04/27/16	499	506	—
	United Overseas Bank Limited, 3.75%, 04/15/29	09/25/19	363	363	—
	UPL Corporation Limited, 3.25%, 10/13/21	11/28/17	400	402	—
	Vine Oil & Gas LP, 8.75%, 04/15/23	07/18/18	61	30	—
	VTR GlobalCom S.p.A., 6.88%, 01/15/24	10/04/18	672	678	0.1
	Wakala Global Sukuk Berhad, 4.65%, 07/06/21	09/18/19	260	260	—

197

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

Restricted Securities (continued)
	Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
		95,602	45,327	2.8

Unfunded Commitments

		Unfunded Commitment ($)	Appreciation/ (Depreciation) ($)
JNL/FPA + DoubleLine Flexible Allocation Fund
	Allied Universal Holdco LLC – 2019 Delayed Draw Term Loan	6	—
	MED ParentCo LP – 1st Lien Delayed Draw Term Loan	7	—
	Mister Car Wash Holdings, Inc. – 2019 Delayed Draw Term Loan	4	—
	NCR Corporation – 2019 Delayed Draw Term Loan	13	—
		30	—

198

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
JNL/Franklin Templeton Global Fund
COMMON STOCKS 92.4%
United States of America 25.9%
	AmerisourceBergen Corporation	47		3,868
	Amgen Inc.	2		301
	Apache Corporation	303		7,752
	Capital One Financial Corporation	49		4,421
	Cardinal Health, Inc.	74		3,498
	Citigroup Inc.	118		8,163
	Comcast Corporation - Class A	101		4,538
	CommScope Holding Company, Inc. (a)	157		1,850
	Coty Inc. - Class A	289		3,039
	Exxon Mobil Corporation	85		5,995
	Gilead Sciences Inc.	160		10,140
	Kellogg Co.	166		10,716
	Mattel Inc. (a) (b)	322		3,665
	Navistar International Corporation (a)	130		3,642
	Oracle Corporation	134		7,367
	The Kroger Co.	322		8,301
	United Parcel Service Inc. - Class B	44		5,290
	Verizon Communications Inc.	34		2,046
	Walgreens Boots Alliance Inc.	184		10,158
	Wells Fargo & Co.	109		5,508
			110,258
United Kingdom 9.1%
	Barclays Plc	1,728		3,189
	BP P.L.C.	1,343		8,509
	HSBC Holdings Plc (b)	750		5,790
	Kingfisher Plc	2,449		6,217
	Standard Chartered PLC	913		7,672
	Vodafone Group Public Limited Company	3,668		7,307
			38,684
Japan 8.9%
	Kirin Holdings Co. Ltd.	176		3,724
	Mitsui Fudosan Co. Ltd.	195		4,852
	Panasonic Corp.	765		6,236
	Seven & I Holdings Co., Ltd.	116		4,462
	Sumitomo Mitsui Financial Group Inc.	150		5,134
	Suntory Beverage & Food Limited	86		3,670
	Taiheiyo Cement Corp.	71		1,921
	Takeda Pharmaceutical Co. Ltd.	236		8,089
			38,088
France 7.5%
	BNP Paribas SA	188		9,160
	Cie de Saint-Gobain	70		2,757
	Credit Agricole SA	391		4,744
	Sanofi SA	95		8,816
	Veolia Environnement	249		6,307
			31,784
Germany 5.6%
	Bayer AG	111		7,860
	E.ON SE	553		5,374
	Merck KGaA	39		4,388
	Siemens AG	56		6,059
			23,681
Netherlands 4.8%
	Aegon NV	844		3,509
	ING Groep N.V.	840		8,796
	Royal Dutch Shell PLC - Class B	284		8,365
			20,670
China 4.3%
	Baidu, Inc. - Class A - ADR (a)	33		3,415
	China Life Insurance Company Limited - Class H	2,664		6,174
	China Mobile Ltd.	524		4,347
	China Telecom Corp. Ltd. - Class H - ADR	100		4,545
			18,481
South Korea 3.6%
	KB Financial Group Inc. - ADR	152		5,425
	Samsung Electronics Co Ltd - GDR (c)	10		10,013
			15,438
Switzerland 3.1%
	Alcon AG (a)	3		184
	Novartis AG	16		1,368
	Roche Holding AG	25		7,369
	UBS Group AG	385		4,374
			13,295
Hong Kong 3.0%
	CK Asset Holdings Limited	32		215
	CK Hutchison Holdings Limited	948		8,383
	Kunlun Energy Co. Ltd.	4,611		3,974
	Value Partners Group Limited (b)	704		356
			12,928
India 2.7%
	Bharti Airtel Ltd.	1,193		6,183
	Hero Motocorp Ltd.	141		5,403
			11,586
Ireland 2.6%
	Allergan Public Limited Company	59		9,974
	Bank of Ireland Group Public Limited Company	292		1,160
			11,134
Luxembourg 2.2%
	SES S.A. - FDR	512		9,324
Singapore 2.0%
	Singapore Telecommunications Limited	3,760		8,433
Canada 1.9%
	Husky Energy Inc. (a)	254		1,788
	Wheaton Precious Metals Corp.	244		6,392
			8,180
Italy 1.3%
	ENI SpA	362		5,530
Thailand 1.2%
	Bangkok Bank PCL - NVDR	269		1,529
	Bangkok Bank PCL	642		3,701
			5,230
Denmark 1.0%
	A P Moller - Maersk A/S - Class B (b)	3		3,714
	The Drilling Company of 1972 A/S (a)	7		369
			4,083
Spain 0.9%
	Telefonica SA	484		3,695
Israel 0.6%
	Teva Pharmaceutical Industries Ltd. - ADR (a) (b)	386		2,653
Indonesia 0.2%
	Matahari Department Store Tbk PT	4,171		1,009
	Total Common Stocks (cost $416,974)		394,164
SHORT TERM INVESTMENTS 7.7%
Investment Companies 7.2%
	JNL Government Money Market Fund - Institutional Class, 1.86% (d) (e)	30,527		30,527
Securities Lending Collateral 0.5%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (d) (e)	2,358		2,358
	Total Short Term Investments (cost $32,885)		32,885
Total Investments 100.1% (cost $449,859)				427,049
Other Assets and Liabilities, Net (0.1)%				(465)
Total Net Assets 100.0%				426,584

(a)Non-income producing security.

(b)All or a portion of the security was on loan as of September 30, 2019.

(c)The Adviser has deemed this security, which is exempt from registration under the Securities Act of 1933, as amended, to be liquid based on procedures approved by the Board of Trustees. As of September 30, 2019, the value and the percentage of net assets of these liquid securities was $10,013 and 2.3% of the Fund.

(d)Investment in affiliate.

(e)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

199

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
JNL/Franklin Templeton Global Multisector Bond Fund
GOVERNMENT AND AGENCY OBLIGATIONS 49.9%
India 10.1%
	India, Government of
		8.20%, 02/15/22, INR	479,000		7,085
		8.35%, 05/14/22, INR	120,200		1,787
		8.15%, 06/11/22, INR	1,623,000		24,044
		8.08%, 08/02/22, INR	1,329,000		19,728
		8.13%, 09/21/22, INR	48,000		714
		6.84%, 12/19/22, INR	228,000		3,282
		7.16%, 05/20/23, INR	75,600		1,096
		8.83%, 11/25/23, INR	2,176,400		33,379
		7.68%, 12/15/23, INR	1,872,000		27,630
		9.15%, 11/14/24, INR	812,000		12,716
		6.79%, 05/15/27, INR	708,100		9,997
				141,458
Indonesia 8.3%
	The Republic of Indonesia, The Government of
		8.38%, 03/15/24 - 09/15/26, IDR	971,824,000		73,037
		7.00%, 05/15/27, IDR	619,889,000		43,159
				116,196
Brazil 7.8%
	Presidencia Da Republica Federativa Do Brasil
		10.00%, 01/01/21 - 01/01/27, BRL	406,692		109,442
Mexico 7.7%
	Gobierno Federal de los Estados Unidos Mexicanos
		5.00%, 12/11/19, MXN	643,410		32,409
		8.00%, 06/11/20 - 12/07/23, MXN	182,030		9,377
		2.50%, 12/10/20, MXN (a)	4,813		242
		6.50%, 06/10/21 - 06/09/22, MXN	676,900		34,141
		7.25%, 12/09/21, MXN	599,010		30,712
		10.00%, 12/05/24, MXN	13,340		773
				107,654
United States of America 5.1%
	Treasury, United States Department of
		1.25%, 01/31/20 (b)	24,100		24,047
		1.50%, 08/31/21 - 09/30/21	48,568		48,436
				72,483
South Korea 4.5%
	The Bank of Korea
		1.85%, 10/02/19, KRW	24,260,000		20,282
		1.87%, 11/09/19, KRW	9,120,000		7,629
		2.06%, 12/02/19, KRW	15,930,000		13,332
		2.16%, 02/02/20, KRW	1,530,000		1,282
		2.14%, 06/02/20, KRW	2,962,000		2,489
		2.05%, 10/05/20, KRW	6,280,000		5,288
		1.18%, 08/02/21, KRW	3,111,000		2,596
	The Republic of Korea, Government of
		1.75%, 06/10/20, KRW	1,530,000		1,283
		1.38%, 09/10/21, KRW	4,666,000		3,904
		2.00%, 12/10/21, KRW	5,701,000		4,835
				62,920
Ghana 2.8%
	Ghana, Government of
		17.24%, 11/11/19, GHS	340		63
		21.50%, 03/09/20, GHS	370		70
		21.00%, 03/23/20, GHS	1,385		260
		18.50%, 06/01/20, GHS	210		39
		17.18%, 06/06/20, GHS	830		153
		18.25%, 09/21/20 - 07/25/22, GHS	4,640		847
		24.00%, 11/23/20, GHS	13,760		2,687
		16.50%, 02/17/20 - 02/06/23, GHS	8,620		1,562
		16.25%, 05/17/21, GHS	14,870		2,659
		24.50%, 06/21/21, GHS	8,540		1,704
		24.75%, 03/01/21 - 07/19/21, GHS	33,940		6,779
		19.50%, 10/18/21, GHS	36,816		6,849
		18.75%, 01/24/22, GHS	11,430		2,092
		17.60%, 11/28/22, GHS	370		66
		19.00%, 11/02/26, GHS	33,440		5,997
		19.75%, 03/25/24 - 03/15/32, GHS	42,160		7,629
				39,456
Colombia 2.0%
	Presidencia de la Republica de Colombia
		11.00%, 07/24/20, COP	4,536,000		1,372
		7.75%, 04/14/21, COP	13,557,000		4,055
		7.00%, 05/04/22, COP	6,905,000		2,089
		4.38%, 03/21/23, COP	592,000		166
		10.00%, 07/24/24, COP	23,517,000		8,154
		7.50%, 08/26/26, COP	38,018,800		12,151
		9.85%, 06/28/27, COP	942,000		343
				28,330
Argentina 0.9%
	Presidencia De La Nacion
		4.50%, 02/13/20 (c)	5,024		1,783
		4.00%, 03/06/20, ARS (d)	3,394		42
		67.42%, (Argentina Central Bank 7 Day Repurchase Rate), 06/21/20, ARS (e)	9,000		70
		18.20%, 10/03/21, ARS	484,003		2,934
		16.00%, 10/17/23, ARS	450,969		2,877
		15.50%, 10/17/26, ARS	885,973		5,653
				13,359
Kenya 0.7%
	Kenya, Government of
		6.88%, 06/24/24 (f)	9,424		9,930
	Total Government And Agency Obligations (cost $829,749)			701,228
CORPORATE BONDS AND NOTES 0.0%
South Africa 0.0%
	K2016470219 South Africa Ltd
		3.00%, 12/31/22 (c) (g) (h)	9,899		74
		8.00%, 12/31/22, EUR (c) (g) (h)	3,322		18
	K2016470260 South Africa Ltd
		25.00%, 12/31/22 (c) (g) (h)	2,725		68
	Total Corporate Bonds And Notes (cost $9,226)			160
COMMON STOCKS 0.0%
South Africa 0.0%
	Edcon Holdings Ltd. - Class A (c) (h) (i) (j)		124,902		82
	Edcon Holdings Ltd. - Class B (c) (h) (i) (j)		14,399		9
	Total Common Stocks (cost $106)			91
WARRANTS 0.0%
South Africa 0.0%
	Edcon Holdings Ltd. (c) (i) (j)		6		—
	Edcon Holdings Ltd. (c) (i) (j)		9,235		—
	Edcon Holdings Ltd. (c) (i) (j)		114,036		—
	Total Warrants (cost $0)			—
SHORT TERM INVESTMENTS 44.6%
Investment Companies 16.4%
	JNL Government Money Market Fund - Institutional Class, 1.86% (k) (l)		229,799		229,799
Treasury Securities 14.2%
	Cabinet Office, Government of Japan
		-0.15%, 10/07/19, JPY (m)	2,526,000		23,362
		-0.15%, 10/15/19, JPY (m)	2,994,800		27,699
		-0.18%, 12/10/19, JPY (m)	2,118,000		19,594
	Gobierno Federal de los Estados Unidos Mexicanos
		7.88%, 01/02/20, MXN (m)	17,042		8,472
		7.59%, 02/27/20, MXN (m)	40,320		19,825
		7.64%, 04/02/20, MXN (m)	16,333		7,978
	Presidencia Da Republica Federativa Do Brasil
		5.55%, 01/01/20, BRL (m)	24,990		5,939
		5.36%, 04/01/20, BRL (m)	91,620		21,524
		7.49%, 07/01/20, BRL (m)	184,647		42,885
		5.23%, 04/01/21, BRL (m)	43,320		9,683
		5.25%, 07/01/21, BRL (m)	16,660		3,671
	Presidencia De La Nacion
		2889.28%, 03/30/20, ARS (m)	404,681		5,810
		68.92%, 04/28/20, ARS (m)	199,623		2,547
		45.48%, 05/28/20, ARS (m)	520		5
		51.61%, 07/29/20, ARS (m)	51,589		494
		57.81%, 10/29/20, ARS (m)	23,091		173
				199,661

200

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
U.S. Treasury Bill 13.0%
	Treasury, United States Department of
		2.42%, 10/10/19 (m)	77,000		76,959
		1.98%, 10/29/19 (b) (m)	16,430		16,404
		2.05%, 10/31/19 (b) (m)	24,100		24,062
		2.33%, 11/29/19 (m)	23,914		23,843
		1.94%, 12/05/19 (m)	17,820		17,763
		2.06%, 01/30/20 (m)	24,042		23,898
				182,929
Securities Lending Collateral 1.0%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (k) (l)		13,920		13,920
	Total Short Term Investments (cost $654,821)			626,309
Total Investments 94.5% (cost $1,493,902)					1,327,788
Other Derivative Instruments 1.6%					21,871
Other Assets and Liabilities, Net 3.9%					55,905
Total Net Assets 100.0%					1,405,564

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

(b)All or a portion of the security was on loan as of September 30, 2019.

(c)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

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

(e)Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of September 30, 2019. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations (“CMO”) and mortgage-backed securities (“MBS”) are determined by tranches of underlying mortgage-backed security pools’ cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security’s offering documents.

(f)The Adviser has deemed this security, which is exempt from registration under the Securities Act of 1933, as amended, to be liquid based on procedures approved by the Board of Trustees. As of September 30, 2019, the value and the percentage of net assets of these liquid securities was $9,930 and 0.7% of the Fund.

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

(h)Security is restricted to resale to institutional investors. See Restricted Securities in the Schedules of Investments.

(i)Non-income producing security.

(j)Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Schedules of Investments.

(k)Investment in affiliate.

(l)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

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

201

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Edcon Holdings Ltd. - Class A	02/28/17	95	82	—
	Edcon Holdings Ltd. - Class B	02/27/17	11	9	—
	K2016470219 South Africa Ltd, 3.00%, 12/31/22	02/28/17	3,924	74	—
	K2016470219 South Africa Ltd, 8.00%, 12/31/22	02/27/17	2,240	18	—
	K2016470260 South Africa Ltd, 25.00%, 12/31/22	02/27/17	3,062	68	—
			9,332	251	—

JNL/Franklin Templeton Global Multisector Bond Fund — Centrally Cleared Interest Rate Swap Agreements
Floating Rate Index2	Paying / Receiving Floating Rate	Fixed Rate2 (%)		Expiration	Notional1		Variation Margin Receivable (Payable) ($)		Unrealized Appreciation (Depreciation) ($)
3M LIBOR (Q)	Receiving	3.49	(S)	03/31/44		3,320		(4)		(1,211)
3M LIBOR (Q)	Receiving	2.38	(S)	11/18/46		80,600		53		(11,982)
3M LIBOR (Q)	Receiving	2.59	(S)	07/27/47		45,400		11		(9,052)
3M LIBOR (Q)	Receiving	2.98	(S)	02/20/48		12,422		—		(3,647)
3M LIBOR (Q)	Receiving	3.00	(S)	02/22/48		12,422		—		(3,712)
3M LIBOR (Q)	Receiving	3.02	(S)	02/23/48		12,422		—		(3,761)
								60		(33,365)

JNL/Franklin Templeton Global Multisector Bond Fund — OTC Purchased Options
Reference Entity	Counterparty	Put/Call	Exercise Price ($)/ Swaption Rate (%)		Expiration	Notional/ Contracts1		Value ($)
Foreign Currency Options
AUD/USD Spot Rate	MSC	Put		0.67	11/14/19	AUD	23,000		—

JNL/Franklin Templeton Global Multisector Bond Fund — OTC Written Options
Reference Entity	Counterparty	Put/Call	Exercise Price ($)/ Swaption Rate(%)		Expiration		Notional/ Contracts1		Value ($)
Foreign Currency Options
AUD/USD Spot Rate	MSC	Call		0.72		11/14/19	AUD	23,000		—

Forward Foreign Currency Contracts

Purchased/ Sold	Counter-party	Expiration	Notional1		Value ($)		Unrealized Appreciation (Depreciation) ($)
AUD/USD	CIT	10/08/19	AUD	486		328		(2)
AUD/USD	JPM	10/11/19	AUD	11,535		7,788		(28)
AUD/USD	CIT	10/15/19	AUD	10,281		6,943		(38)
AUD/USD	JPM	10/15/19	AUD	26,205		17,696		(64)
AUD/USD	JPM	10/23/19	AUD	33,243		22,456		(79)
AUD/USD	CIT	11/13/19	AUD	10,245		6,925		(36)
AUD/USD	JPM	11/13/19	AUD	11,535		7,797		(26)
AUD/USD	CIT	11/15/19	AUD	10,245		6,926		(36)
AUD/USD	JPM	11/15/19	AUD	29,340		19,833		(67)
AUD/USD	JPM	11/20/19	AUD	881		596		(2)
AUD/USD	CIT	11/21/19	AUD	7,784		5,263		(27)
AUD/USD	JPM	11/21/19	AUD	749		506		(2)
AUD/USD	JPM	11/22/19	AUD	33,243		22,476		(110)
AUD/USD	CIT	12/03/19	AUD	486		328		(2)
AUD/USD	JPM	01/15/20	AUD	26,205		17,744		(129)
EUR/USD	JPM	10/11/19	EUR	29,755		32,455		(702)
EUR/USD	CIT	10/15/19	EUR	3,701		4,038		(14)
EUR/USD	JPM	10/23/19	EUR	17,230		18,813		(404)
EUR/USD	CIT	10/29/19	EUR	12,058		13,172		(45)
EUR/USD	JPM	10/29/19	EUR	786		859		(18)
EUR/USD	CIT	11/04/19	EUR	36,640		40,043		(135)
EUR/USD	JPM	11/13/19	EUR	7,867		8,602		(184)
EUR/USD	JPM	11/15/19	EUR	2,025		2,215		(48)
EUR/USD	DUB	12/16/19	EUR	61,927		67,897		(719)
INR/USD	HSB	10/03/19	INR	478,431		6,750		(2)
INR/USD	JPM	10/15/19	INR	682,000		9,609		(1)
JPY/AUD	JPM	11/21/19	AUD	(33,680)		(22,771)		(304)
JPY/AUD	HSB	12/12/19	AUD	(31,430)		(21,263)		660
JPY/AUD	JPM	12/12/19	AUD	(14,250)		(9,640)		289
JPY/AUD	JPM	01/14/20	AUD	(20,580)		(13,935)		139
JPY/AUD	JPM	02/21/20	AUD	(33,680)		(22,825)		(302)
JPY/AUD	CIT	02/25/20	AUD	(19,790)		(13,413)		(188)
JPY/AUD	CIT	03/06/20	AUD	(38,215)		(25,907)		(309)
JPY/AUD	JPM	03/12/20	AUD	(18,590)		(12,604)		376
JPY/AUD	HSB	03/13/20	AUD	(7,980)		(5,411)		141
JPY/AUD	JPM	05/21/20	AUD	(33,680)		(22,869)		(299)
JPY/AUD	HSB	06/12/20	AUD	(8,150)		(5,536)		149
JPY/AUD	JPM	06/12/20	AUD	(22,220)		(15,094)		412
JPY/AUD	JPM	08/21/20	AUD	(33,680)		(22,909)		(295)
JPY/AUD	CIT	08/24/20	AUD	(19,737)		(13,426)		(188)
JPY/EUR	CIT	10/31/19	EUR	(10,480)		(11,450)		(9)
JPY/EUR	HSB	11/22/19	EUR	(12,732)		(13,931)		10
JPY/EUR	CIT	12/30/19	EUR	(10,480)		(11,505)		(3)
JPY/EUR	HSB	02/25/20	EUR	(12,732)		(14,032)		11
JPY/EUR	HSB	03/25/20	EUR	(12,732)		(14,060)		35
JPY/EUR	CIT	03/31/20	EUR	(10,480)		(11,577)		(9)
JPY/EUR	HSB	05/22/20	EUR	(12,732)		(14,112)		14
JPY/EUR	CIT	06/30/20	EUR	(10,480)		(11,645)		(16)
JPY/EUR	HSB	08/24/20	EUR	(12,732)		(14,197)		19
JPY/EUR	CIT	09/30/20	EUR	(10,480)		(11,713)		(17)
JPY/USD	HSB	10/21/19	JPY	2,164,824		20,050		(131)
JPY/USD	JPM	10/21/19	JPY	1,363,904		12,632		(73)
JPY/USD	CIT	11/26/19	JPY	1,624,805		15,082		(282)
JPY/USD	JPM	11/27/19	JPY	1,155,215		10,724		(190)

202

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

Purchased/ Sold	Counter-party	Expiration	Notional1		Value ($)		Unrealized Appreciation (Depreciation) ($)
JPY/USD	JPM	12/05/19	JPY	627,678		5,831		(52)
JPY/USD	HSB	12/06/19	JPY	1,927,859		17,910		(165)
JPY/USD	JPM	12/06/19	JPY	652,967		6,066		(55)
JPY/USD	HSB	12/19/19	JPY	2,249,253		20,926		(66)
JPY/USD	JPM	12/20/19	JPY	1,104,869		10,280		(37)
JPY/USD	CIT	02/26/20	JPY	1,714,165		16,024		(297)
JPY/USD	CIT	02/27/20	JPY	1,168,840		10,927		(191)
JPY/USD	JPM	02/27/20	JPY	1,155,237		10,800		(188)
JPY/USD	CIT	02/28/20	JPY	2,244,646		20,985		(516)
JPY/USD	HSB	03/06/20	JPY	755,532		7,066		(55)
JPY/USD	JPM	03/06/20	JPY	717,566		6,711		(60)
JPY/USD	HSB	03/23/20	JPY	3,260,774		30,529		(159)
JPY/USD	JPM	03/23/20	JPY	2,207,362		20,666		(91)
JPY/USD	JPM	03/24/20	JPY	572,904		5,364		(75)
JPY/USD	HSB	06/08/20	JPY	755,532		7,107		(56)
JPY/USD	JPM	06/08/20	JPY	717,566		6,750		(61)
JPY/USD	JPM	06/22/20	JPY	1,104,869		10,402		(46)
JPY/USD	BNP	06/24/20	JPY	2,792,115		26,289		(379)
JPY/USD	CIT	08/31/20	JPY	1,406,387		13,294		(314)
KRW/USD	CIT	11/21/19	KRW	1,012,500		848		2
KRW/USD	DUB	11/29/19	KRW	3,200,000		2,679		6
NOK/USD	DUB	10/03/19	NOK	29,451		3,237		(14)
NOK/USD	DUB	11/14/19	NOK	58,348		6,418		(136)
NOK/USD	DUB	11/18/19	NOK	24,075		2,648		(49)
NOK/USD	DUB	11/19/19	NOK	97,370		10,711		(110)
NOK/USD	DUB	11/26/19	NOK	72,181		7,941		(114)
NOK/USD	DUB	12/19/19	NOK	97,370		10,716		(108)
NOK/USD	DUB	12/23/19	NOK	58,953		6,489		(100)
NOK/USD	DUB	02/26/20	NOK	72,181		7,947		(113)
NOK/USD	DUB	03/23/20	NOK	58,953		6,491		(103)
NOK/USD	DUB	03/24/20	NOK	44,345		4,883		(49)
SEK/EUR	DUB	10/15/19	EUR	(10,381)		(11,326)		(73)
SEK/EUR	DUB	11/13/19	EUR	(10,378)		(11,348)		(73)
SEK/EUR	DUB	12/13/19	EUR	(10,374)		(11,371)		(72)
SEK/EUR	DUB	02/13/20	EUR	(10,367)		(11,417)		(72)
SEK/EUR	DUB	03/13/20	EUR	(10,363)		(11,435)		(72)
SEK/EUR	DUB	06/15/20	EUR	(10,350)		(11,490)		(73)
SEK/USD	DUB	10/03/19	SEK	40,048		4,069		(52)
SEK/USD	DUB	10/29/19	SEK	65,932		6,711		(140)
SEK/USD	DUB	11/19/19	SEK	7,962		811		(19)
SEK/USD	DUB	11/26/19	SEK	160,027		16,315		(345)
SEK/USD	DUB	11/29/19	SEK	98,359		10,029		(193)
USD/AUD	CIT	10/08/19	AUD	(486)		(328)		19
USD/AUD	JPM	10/11/19	AUD	(11,535)		(7,788)		490
USD/AUD	CIT	10/15/19	AUD	(10,281)		(6,943)		425
USD/AUD	JPM	10/15/19	AUD	(26,205)		(17,696)		1,087
USD/AUD	JPM	10/23/19	AUD	(33,243)		(22,456)		1,548
USD/AUD	CIT	11/13/19	AUD	(10,245)		(6,925)		244
USD/AUD	JPM	11/13/19	AUD	(11,535)		(7,797)		286
USD/AUD	CIT	11/15/19	AUD	(10,245)		(6,926)		251
USD/AUD	JPM	11/15/19	AUD	(29,340)		(19,833)		721
USD/AUD	JPM	11/20/19	AUD	(881)		(596)		15
USD/AUD	CIT	11/21/19	AUD	(7,784)		(5,263)		120
USD/AUD	JPM	11/21/19	AUD	(749)		(506)		11
USD/AUD	JPM	11/22/19	AUD	(33,243)		(22,476)		611
USD/AUD	CIT	12/03/19	AUD	(486)		(328)		10
USD/AUD	JPM	01/15/20	AUD	(26,205)		(17,744)		615
USD/EUR	BOA	10/08/19	EUR	(2,529)		(2,758)		122
USD/EUR	DUB	10/08/19	EUR	(33)		(36)		2
USD/EUR	UBS	10/09/19	EUR	(1,041)		(1,136)		50
USD/EUR	HSB	10/11/19	EUR	(786)		(857)		43
USD/EUR	JPM	10/11/19	EUR	(29,755)		(32,455)		1,623
USD/EUR	BOA	10/15/19	EUR	(4,279)		(4,669)		227
USD/EUR	CIT	10/15/19	EUR	(3,701)		(4,038)		194
USD/EUR	DUB	10/15/19	EUR	(822)		(898)		43
USD/EUR	BOA	10/16/19	EUR	(134)		(146)		8
USD/EUR	GSC	10/23/19	EUR	(16)		(17)		1
USD/EUR	JPM	10/23/19	EUR	(17,230)		(18,813)		963
USD/EUR	UBS	10/23/19	EUR	(13,784)		(15,050)		785
USD/EUR	DUB	10/24/19	EUR	(10,433)		(11,392)		518
USD/EUR	HSB	10/25/19	EUR	(874)		(955)		40
USD/EUR	BOA	10/29/19	EUR	(11,414)		(12,468)		447
USD/EUR	CIT	10/29/19	EUR	(12,058)		(13,172)		479
USD/EUR	GSC	10/29/19	EUR	(13,004)		(14,206)		510
USD/EUR	JPM	10/29/19	EUR	(786)		(859)		31
USD/EUR	SCB	10/29/19	EUR	(389)		(425)		15
USD/EUR	DUB	10/30/19	EUR	(4,393)		(4,799)		174
USD/EUR	BOA	10/31/19	EUR	(11,414)		(12,470)		436
USD/EUR	HSB	10/31/19	EUR	(123)		(134)		5
USD/EUR	CIT	11/04/19	EUR	(46,307)		(50,608)		2,125
USD/EUR	JPM	11/13/19	EUR	(7,867)		(8,602)		269
USD/EUR	JPM	11/15/19	EUR	(3,431)		(3,752)		170
USD/EUR	BOA	11/20/19	EUR	(6,778)		(7,416)		277
USD/EUR	GSC	11/20/19	EUR	(48)		(52)		2
USD/EUR	JPM	11/20/19	EUR	(54,614)		(59,749)		2,267
USD/EUR	GSC	11/21/19	EUR	(16)		(17)		1
USD/EUR	JPM	11/21/19	EUR	(17,880)		(19,562)		694
USD/EUR	UBS	11/21/19	EUR	(13,784)		(15,081)		541
USD/EUR	JPM	11/22/19	EUR	(17,880)		(19,563)		374
USD/EUR	BCL	11/29/19	EUR	(6,519)		(7,136)		235
USD/EUR	DUB	11/29/19	EUR	(4,394)		(4,810)		159
USD/EUR	GSC	11/29/19	EUR	(22,219)		(24,323)		813
USD/EUR	BOA	12/04/19	EUR	(1,277)		(1,398)		48
USD/EUR	JPM	12/04/19	EUR	(6,100)		(6,680)		225
USD/EUR	JPM	12/05/19	EUR	(3,371)		(3,693)		136
USD/EUR	UBS	12/05/19	EUR	(1,041)		(1,141)		41
USD/EUR	BOA	12/09/19	EUR	(2,531)		(2,773)		123
USD/EUR	DUB	12/09/19	EUR	(33)		(36)		2
USD/EUR	DUB	12/16/19	EUR	(67,515)		(74,023)		3,316
USD/EUR	BOA	12/18/19	EUR	(3,389)		(3,717)		147
USD/EUR	DUB	12/18/19	EUR	(26,998)		(29,606)		1,161
USD/EUR	DUB	01/23/20	EUR	(8,367)		(9,200)		328
USD/EUR	BCL	02/28/20	EUR	(13,039)		(14,373)		279
USD/EUR	GSC	03/23/20	EUR	(16)		(18)		—
USD/EUR	BCL	03/31/20	EUR	(6,519)		(7,202)		21
USD/EUR	SCB	03/31/20	EUR	(397)		(438)		2
USD/EUR	JPM	06/15/20	EUR	(3,371)		(3,743)		175
USD/INR	HSB	10/03/19	INR	(478,431)		(6,750)		106
USD/INR	JPM	10/15/19	INR	(939,769)		(13,241)		(229)
USD/INR	JPM	11/04/19	INR	(454,841)		(6,394)		(102)
USD/INR	BNP	11/06/19	INR	(565,220)		(7,944)		(130)
USD/INR	HSB	11/06/19	INR	(687,354)		(9,661)		(210)
USD/INR	HSB	11/07/19	INR	(566,726)		(7,965)		(152)
USD/INR	HSB	11/13/19	INR	(977,150)		(13,724)		(142)
USD/INR	HSB	11/18/19	INR	(879,772)		(12,350)		(163)
USD/INR	CIT	11/19/19	INR	(1,145,518)		(16,079)		(107)
USD/INR	JPM	11/20/19	INR	(476,590)		(6,689)		(71)
USD/INR	HSB	12/05/19	INR	(476,333)		(6,675)		(173)
USD/INR	HSB	12/16/19	INR	(338,825)		(4,742)		(72)
USD/INR	JPM	12/16/19	INR	(1,263,131)		(17,679)		(182)
USD/INR	BNP	01/13/20	INR	(815,739)		(11,380)		(198)
USD/INR	CIT	01/16/20	INR	(580,783)		(8,099)		(168)
USD/INR	HSB	02/03/20	INR	(88,931)		(1,237)		(2)
USD/INR	JPM	03/16/20	INR	(346,360)		(4,794)		(51)
USD/JPY	HSB	10/21/19	JPY	(2,164,824)		(20,050)		385
USD/JPY	JPM	10/21/19	JPY	(1,363,904)		(12,632)		214
USD/JPY	CIT	11/26/19	JPY	(1,624,805)		(15,082)		64
USD/JPY	JPM	12/05/19	JPY	(627,678)		(5,831)		97
USD/JPY	HSB	12/06/19	JPY	(1,927,859)		(17,910)		362
USD/JPY	JPM	12/06/19	JPY	(652,967)		(6,066)		101
USD/JPY	HSB	12/19/19	JPY	(2,249,253)		(20,926)		410
USD/JPY	JPM	12/20/19	JPY	(1,104,869)		(10,280)		164
USD/JPY	CIT	02/26/20	JPY	(1,714,165)		(16,024)		65
USD/JPY	CIT	02/27/20	JPY	(1,168,841)		(10,927)		45
USD/JPY	CIT	02/28/20	JPY	(2,244,646)		(20,985)		359
USD/JPY	JPM	03/06/20	JPY	(717,566)		(6,711)		109
USD/JPY	HSB	03/23/20	JPY	(3,260,774)		(30,529)		601
USD/JPY	JPM	03/23/20	JPY	(2,207,362)		(20,667)		335
USD/JPY	JPM	03/24/20	JPY	(572,904)		(5,364)		87
USD/JPY	JPM	06/08/20	JPY	(717,566)		(6,750)		107
USD/JPY	JPM	06/22/20	JPY	(1,104,869)		(10,402)		164
USD/JPY	CIT	08/31/20	JPY	(1,406,387)		(13,294)		53

203

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

Purchased/ Sold	Counter-party	Expiration	Notional1		Value ($)		Unrealized Appreciation (Depreciation) ($)
USD/KRW	CIT	11/21/19	KRW	(1,012,500)		(848)		(11)
USD/KRW	DUB	11/29/19	KRW	(45,176,000)		(37,828)		392
USD/KRW	GSC	12/09/19	KRW	(23,982,000)		(20,089)		161
USD/KRW	CIT	01/29/20	KRW	(1,140,055)		(957)		15
USD/KRW	CIT	02/26/20	KRW	(965,570)		(811)		(7)
USD/KRW	CIT	02/28/20	KRW	(1,140,055)		(958)		(9)
USD/KRW	CIT	03/20/20	KRW	(5,848,500)		(4,917)		51
USD/SEK	DUB	10/03/19	SEK	(40,048)		(4,069)		71
USD/SEK	DUB	10/29/19	SEK	(65,932)		(6,711)		116
USD/SEK	DUB	11/19/19	SEK	(7,962)		(811)		14
USD/SEK	DUB	11/26/19	SEK	(160,027)		(16,315)		283
USD/SEK	DUB	11/29/19	SEK	(98,359)		(10,029)		174
						(839,042)		21,811

204

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1	Value ($)
JNL/Franklin Templeton Growth Allocation Fund
COMMON STOCKS 66.0%
United States of America 41.5%
	10X Genomics, Inc. (a)	1	35
	3M Company	28	4,613
	Abbott Laboratories	48	3,977
	AbbVie Inc.	35	2,632
	ABIOMED, Inc. (a)	2	377
	Adobe Inc. (a)	2	444
	AFLAC Incorporated	25	1,324
	Agilent Technologies, Inc.	14	1,057
	Air Products and Chemicals, Inc.	30	6,622
	Alaska Air Group, Inc.	38	2,457
	Albemarle Corporation	58	4,063
	Alliant Energy Corporation	6	332
	Allison Systems, Inc.	2	81
	Alphabet Inc. - Class A (a)	4	5,273
	Altria Group, Inc.	26	1,074
	Amazon.com, Inc. (a)	4	7,320
	AMC Networks, Inc. - Class A (a)	1	51
	Amdocs Limited	4	287
	Ameren Corporation	4	283
	American Express Company	6	753
	American National Insurance Company	—	28
	American Tower Corporation	11	2,338
	American Water Works Company, Inc.	7	924
	AMETEK, Inc.	7	683
	Amgen Inc.	18	3,514
	Amphenol Corporation - Class A	10	926
	Analog Devices, Inc.	50	5,542
	Apergy Corporation (a)	18	487
	Apple Inc.	40	9,023
	Applied Materials, Inc.	28	1,378
	Aptiv PLC (b)	42	3,672
	Aspen Technology, Inc. (a)	1	127
	Assured Guaranty Ltd.	1	66
	AT&T Inc.	102	3,864
	Atmos Energy Corporation	3	351
	Autodesk, Inc. (a)	8	1,254
	Automatic Data Processing, Inc.	15	2,490
	AutoZone, Inc. (a)	—	496
	Axalta Coating Systems Ltd. (a)	36	1,088
	Bank of America Corporation	70	2,042
	Baxter International Inc.	4	372
	Becton, Dickinson and Company	21	5,218
	Berkshire Hathaway Inc. - Class A (a)	—	624
	Best Buy Co., Inc.	8	551
	Biogen Inc. (a)	5	1,089
	BlackRock, Inc.	2	1,064
	Booz Allen Hamilton Holding Corporation - Class A	1	81
	BorgWarner Inc.	18	642
	Bristol-Myers Squibb Co.	63	3,210
	Broadcom Inc.	7	1,932
	Broadridge Financial Solutions, Inc.	4	483
	Brown-Forman Corp. - Class A	2	95
	Brown-Forman Corp. - Class B	17	1,083
	Bunge Limited	24	1,370
	BWXT Government Group, Inc.	18	1,036
	C.H. Robinson Worldwide, Inc.	5	387
	Cable One, Inc.	1	1,065
	Cabot Oil & Gas Corp.	40	698
	Cadence Design Systems Inc. (a)	3	166
	Capri Holdings Limited (a)	5	163
	Carlisle Cos. Inc.	7	1,062
	Carter's Inc.	1	125
	Casey's General Stores Inc.	1	147
	Catalent Inc. (a)	36	1,720
	Caterpillar Inc.	6	738
	CBS Corporation - Class B	3	120
	Celanese Corp. - Class A	14	1,749
	Celgene Corp. (a)	6	578
	Cerner Corp.	7	506
	Charles Schwab Corp.	32	1,332
	Chemed Corporation	—	95
	Chevron Corp.	33	3,866
	Choice Hotels International Inc.	1	91
	Church & Dwight Co. Inc.	8	575
	Cimarex Energy Co.	1	66
	Cinemark Holdings, Inc.	1	57
	Cintas Corp.	13	3,377
	Cisco Systems, Inc.	55	2,714
	Citrix Systems Inc.	1	99
	Clorox Co.	5	711
	Coca-Cola Co.	64	3,464
	Cognex Corp.	4	206
	Cognizant Technology Solutions Corp. - Class A	11	633
	Colgate-Palmolive Co.	46	3,366
	Comcast Corporation - Class A	51	2,289
	Concho Resources Inc.	6	433
	ConocoPhillips	9	540
	Consolidated Edison Inc.	9	841
	Constellation Brands, Inc. - Class A	6	1,210
	Copart Inc. (a)	6	468
	Costco Wholesale Corporation	5	1,545
	Crown Castle International Corp.	2	320
	Cummins Inc.	4	724
	CVS Health Corporation	41	2,580
	Danaher Corporation	11	1,610
	Darden Restaurants Inc.	4	499
	Deere & Co.	5	895
	Delta Air Lines Inc.	17	986
	Dentsply Sirona Inc.	12	661
	Dick's Sporting Goods Inc.	3	102
	Dollar General Corp.	6	998
	Dominion Energy, Inc.	26	2,085
	Domino's Pizza, Inc.	1	335
	Donaldson Co. Inc.	20	1,021
	Dover Corp.	22	2,180
	DTE Energy Company	6	744
	Duke Energy Corporation	17	1,582
	Eastman Chemical Co.	3	185
	Ecolab Inc.	20	3,894
	Edwards Lifesciences Corporation (a)	4	935
	Elanco Animal Health (a)	16	424
	Eli Lilly & Co.	13	1,477
	Emerson Electric Co.	30	1,994
	EOG Resources, Inc.	15	1,098
	EPR Properties	2	167
	Equifax Inc.	6	806
	Equinix, Inc.	2	1,218
	Erie Indemnity Company - Class A	8	1,501
	Estee Lauder Cos. Inc. - Class A	7	1,408
	Evercore Inc. - Class A	1	55
	Everest Re Group, Ltd.	1	182
	Evergy, Inc.	4	235
	Eversource Energy	8	644
	Exelixis, Inc. (a)	7	119
	Exelon Corporation	27	1,290
	Expedia Group, Inc.	4	501
	Expeditors International of Washington Inc.	5	382
	Exxon Mobil Corporation	84	5,935
	F5 Networks Inc. (a)	2	288
	Facebook, Inc. - Class A (a)	15	2,692
	FactSet Research Systems Inc.	1	250
	Fastenal Co.	19	630
	Five Below, Inc. (a)	—	57
	Flowers Foods Inc.	5	124
	Foot Locker Inc.	4	192
	Fortive Corporation	6	383
	Frontdoor, Inc. (a)	1	33
	Gaming and Leisure Properties, Inc.	5	201
	Gap Inc.	25	435
	General Dynamics Corp.	33	6,056
	General Mills Inc.	18	1,019
	General Motors Company	11	423
	Gentex Corp.	8	226
	Genuine Parts Co.	4	443
	Gilead Sciences Inc.	27	1,734
	Graco Inc.	5	221

205

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

	Shares/Par1	Value ($)
GrafTech International Ltd.	—	6
Graham Holdings Co.	1	563
Grand Canyon Education, Inc. (a)	1	78
H & R Block, Inc.	8	178
Haemonetics Corp. (a)	10	1,322
HanesBrands Inc.	3	45
Hasbro Inc.	4	420
Hawaiian Electric Industries Inc.	3	141
HCA Healthcare, Inc.	5	577
Hershey Co.	5	814
HollyFrontier Corp.	1	67
Home Depot Inc.	16	3,766
Honeywell International Inc.	37	6,269
Hormel Foods Corp.	9	399
Host Hotels & Resorts, Inc.	80	1,383
HP Inc.	53	1,004
Huntington Ingalls Industries Inc.	4	910
Huntsman Corp.	3	69
IAC/InterActiveCorp (a)	3	684
Illinois Tool Works Inc.	13	2,072
Illumina, Inc. (a)	6	1,680
Ingredion Inc.	2	149
Intel Corp.	50	2,570
Intercontinental Exchange, Inc.	15	1,350
International Business Machines Corp.	24	3,496
International Flavors & Fragrances Inc.	4	523
Interpublic Group of Cos. Inc.	7	155
InterXion Holding N.V. (a)	55	4,480
Intuit Inc.	16	4,192
Intuitive Surgical, Inc. (a)	5	2,545
Invesco Ltd.	6	95
Jack Henry & Associates Inc.	2	350
JB Hunt Transport Services Inc.	8	875
JM Smucker Co.	2	226
John Wiley & Sons Inc. - Class A	5	228
Johnson & Johnson	71	9,217
Johnson Controls International Public Limited Company	56	2,462
JPMorgan Chase & Co.	35	4,119
Kansas City Southern	8	1,057
Kellogg Co.	3	220
Keysight Technologies, Inc. (a)	7	664
Kimberly-Clark Corp.	6	811
KiMcO Realty Corporation	10	210
KLA-Tencor Corp.	4	710
Kohl's Corp.	6	289
Laboratory Corporation of America Holdings (a)	5	878
Lam Research Corp.	4	1,006
Lamb Weston Holdings Inc.	9	691
Landstar System Inc.	1	116
Las Vegas Sands Corp.	8	468
Lear Corp.	2	215
Leggett & Platt Inc.	4	159
Lennox International Inc.	—	55
Limited Brands Inc.	8	157
Lockheed Martin Corporation	9	3,516
Lowe's Cos. Inc.	2	231
Lyft, Inc. (a)	3	133
Macy's, Inc.	10	149
Manhattan Associates Inc. (a)	1	46
MarketAxess Holdings Inc.	1	337
Martin Marietta Materials Inc.	4	1,162
MasterCard Incorporated - Class A	20	5,360
Match Group, Inc.	1	82
Matthews International Corp. - Class A	18	626
Maxim Integrated Products, Inc.	8	463
McCormick & Co. Inc.	15	2,329
McDonald's Corporation	19	4,164
Merck & Co., Inc.	44	3,734
Mercury General Corp.	1	45
MetLife, Inc.	10	472
Mettler-Toledo International Inc. (a)	5	3,630
Micron Technology Inc. (a)	27	1,154
Microsoft Corp.	145	20,224
Mondelez International Inc. - Class A	16	867
Monolithic Power Systems Inc.	5	741
Monster Beverage 1990 Corporation (a)	37	2,173
Moody's Corp.	1	304
Morningstar Inc.	—	67
Motorola Solutions Inc.	4	758
MSC Industrial Direct Co. - Class A	1	83
MSCI Inc.	2	497
National Retail Properties Inc.	5	296
Navient Corporation	3	41
NetApp, Inc.	7	348
Neurocrine Biosciences, Inc. (a)	5	481
NewMarket Corp.	—	108
NextEra Energy, Inc.	12	2,712
Nike Inc. - Class B	69	6,442
Nordstrom Inc.	4	127
Norfolk Southern Corp.	4	629
Northrop Grumman Systems Corp.	12	4,328
Nu Skin Enterprises, Inc. - Class A	1	63
Nucor Corp.	15	766
NVIDIA Corporation	5	929
NVR, Inc. (a)	—	297
Occidental Petroleum Corporation	60	2,690
OGE Energy Corp.	5	243
Omega Healthcare Investors Inc.	7	277
Omnicom Group Inc.	6	500
O'Reilly Automotive, Inc. (a)	3	1,001
PACCAR Inc.	3	208
Packaging Corp. of America	2	206
Paychex Inc.	11	926
Penske Automotive Group, Inc.	1	27
People's United Financial Inc.	10	157
PepsiCo Inc.	46	6,354
Pfizer Inc.	145	5,227
Philip Morris International Inc.	17	1,265
Phillips 66	9	877
Pinnacle West Capital Corp.	3	332
Pool Corporation	1	207
PPL Corporation	11	345
Procter & Gamble Co.	52	6,460
Progressive Corp.	14	1,093
PTC Inc. (a)	10	698
PTC Therapeutics, Inc. (a)	4	139
Public Service Enterprise Group Inc.	17	1,027
Public Storage	5	1,316
Pulte Homes Inc.	2	83
Quest Diagnostics Incorporated	9	1,013
Ralph Lauren Corp. - Class A	1	87
Raytheon Co.	21	4,196
Realty Income Corp.	10	735
Republic Services Inc.	2	172
ResMed Inc.	4	555
Robert Half International Inc.	4	241
Rockwell Automation Inc.	4	621
Rollins Inc.	5	167
Roper Industries Inc.	24	8,630
Ross Stores Inc.	43	4,714
Salesforce.Com, Inc. (a)	6	864
Santander Consumer USA Holdings Inc.	3	79
Schlumberger Ltd.	59	1,999
Schneider National, Inc. - Class B	1	20
SEI Investments Co.	3	162
ServiceNow, Inc. (a)	11	2,666
Simon Property Group Inc.	7	1,101
Six Flags Operations Inc.	1	70
Skyworks Solutions, Inc.	6	488
Snap-On Inc.	1	125
Sonoco Products Co.	3	173
Southwest Airlines Co.	15	814
Spirit Realty Capital, Inc.	3	148
Sprouts Farmers Market, Inc. (a)	2	44
Stanley Black & Decker Inc.	8	1,139
State Street Corp.	6	367
Steel Dynamics Inc.	3	99
STORE Capital Corp.	5	205
Stryker Corp.	33	7,060

206

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	Sysco Corp.	15		1,187
	T. Rowe Price Group, Inc.	9		1,070
	Tapestry Inc.	10		253
	Target Corporation	28		3,040
	Teleflex Inc.	5		1,776
	Texas Instruments Incorporated	77		9,980
	The Boeing Company	18		6,768
	The Kroger Co.	12		321
	The Southern Company	40		2,496
	Thor Industries Inc.	1		84
	Tiffany & Co.	18		1,677
	TJX Cos. Inc.	26		1,425
	Toro Co.	4		268
	Tractor Supply Co.	4		351
	Trimble Inc. (a)	28		1,095
	Twilio Inc. - Class A (a)	4		468
	Tyler Technologies Inc. (a)	2		479
	Tyson Foods Inc. - Class A	8		728
	Uber Technologies, Inc. (a) (b)	8		233
	Ubiquiti Inc.	—		40
	UGI Corp.	2		115
	Ulta Salon, Cosmetics & Fragrance, Inc. (a)	2		458
	Union Pacific Corp.	29		4,701
	United Parcel Service Inc. - Class B	20		2,426
	United Technologies Corp.	36		4,928
	Universal Health Services Inc. - Class B	1		153
	Urban Outfitters Inc. (a)	2		64
	Valero Energy Corporation	12		992
	Valvoline, Inc.	2		35
	Varian Medical Systems, Inc. (a)	6		692
	Ventas, Inc.	5		367
	VEREIT, Inc.	31		302
	VeriSign, Inc. (a)	3		581
	Verisk Analytics, Inc.	16		2,495
	Verizon Communications Inc.	74		4,444
	Versum Materials, Inc.	3		141
	VF Corp.	10		884
	Viacom Inc. - Class B	7		170
	ViaSat, Inc. (a)	7		551
	Visa Inc. - Class A	26		4,419
	W.P. Carey Inc.	4		317
	WABCO Holdings Inc. (a)	1		92
	Walgreens Boots Alliance Inc.	24		1,336
	Walmart Inc.	32		3,794
	Walt Disney Co.	28		3,642
	Waters Corp. (a)	7		1,453
	Watsco Inc.	1		135
	WEC Energy Group Inc.	7		673
	Wells Fargo & Co.	20		1,009
	West Pharmaceutical Services Inc.	21		3,021
	Williams Cos. Inc.	53		1,263
	Williams-Sonoma Inc.	3		194
	Workday, Inc. - Class A (a)	4		621
	WW Grainger Inc.	5		1,481
	Wyndham Destinations, Inc.	2		73
	Xilinx Inc.	8		766
	Yum! Brands Inc.	12		1,333
			488,950
United Kingdom 5.4%
	Ascential Group Limited	880		4,100
	AstraZeneca PLC - ADR	21		946
	AstraZeneca PLC	12		1,071
	Atlassian Corporation PLC - Class A (a)	1		173
	BAE Systems PLC	109		763
	Barclays Plc	1,039		1,917
	boohoo Group PLC (a)	1,270		4,137
	BP P.L.C.	325		2,059
	Carnival Plc	23		1,021
	Experian PLC	135		4,311
	Ferguson PLC	56		4,085
	GW Pharmaceuticals plc - ADS (a)	2		256
	Hikma Pharmaceuticals Public Limited Company	175		4,737
	IHS Markit Ltd. (a)	37		2,495
	John Wood Group P.L.C.	667		3,108
	Johnson Matthey PLC	33		1,246
	Just Eat PLC (a)	280		2,296
	Kingfisher Plc	348		884
	Linde Public Limited Company	33		6,481
	LivaNova PLC (a)	63		4,649
	Mondi PLC	6		115
	Nvent Electric Public Limited Company	36		787
	Rio Tinto Plc - ADR	24		1,250
	Sophos Group PLC (c)	570		2,811
	Standard Chartered PLC	273		2,289
	The Sage Group PLC.	490		4,166
	Vodafone Group Public Limited Company	927		1,848
			64,001
Germany 2.3%
	BASF SE	15		1,049
	Bayer AG	25		1,742
	Deutsche Boerse AG	31		4,845
	E.ON SE	95		923
	Infineon Technologies AG	240		4,331
	Merck KGaA	11		1,256
	MTU Aero Engines AG	15		3,992
	SAP SE	35		4,118
	Symrise AG	40		3,892
	Telefonica Deutschland Holding AG	223		622
			26,770
Japan 1.9%
	Astellas Pharma Inc.	51		730
	CyberAgent Inc.	120		4,628
	Kirin Holdings Co. Ltd.	39		831
	Matsumotokiyoshi Holdings Co., Ltd.	16		596
	Mitsui Fudosan Co. Ltd.	44		1,103
	Panasonic Corp.	138		1,125
	Santen Pharmaceutical Co. Ltd.	210		3,676
	Seven & I Holdings Co., Ltd.	22		826
	Sumitomo Metal Mining Co. Ltd.	33		1,041
	Sumitomo Mitsui Financial Group Inc.	38		1,290
	Sundrug Co. Ltd.	24		764
	Suntory Beverage & Food Limited	17		707
	Takeda Pharmaceutical Co. Ltd.	48		1,638
	ZOZO, Inc.	120		2,783
			21,738
China 1.8%
	Agricultural Bank of China Limited - Class A	63		31
	Alibaba Group Holding Limited - ADS (a)	5		853
	Anhui Conch Cement Company Limited - Class A	10		56
	Anhui Conch Cement Company Limited - Class H	108		643
	Anxin Trust Co., Ltd. - Class A (a)	7		5
	Baidu, Inc. - Class A - ADR (a)	9		904
	Bank of Beijing Co., Ltd. - Class A	27		20
	Bank of China Limited - Class A	25		12
	Bank of China Limited - Class H	1,898		747
	Bank of Communications Co., Ltd. - Class A	77		59
	Bank of Communications Co., Ltd. - Class H	844		551
	Baoshan Iron & Steel Co., Ltd.	24		19
	China CITIC Bank Corporation Limited - Class A	13		10
	China CITIC Bank Corporation Limited - Class H	1,099		586
	China Conch Venture Holdings Limited	132		487
	China Construction Bank Corporation - Class H	1,063		810
	China Everbright Bank Company Limited - Class A	54		30
	China Minsheng Banking Corp. , Ltd. - Class A	46		39
	China Minsheng Banking Corp. , Ltd. - Class H	642		437
	China Mobile Ltd.	222		1,841
	China Oriental Group Co. Ltd.	104		36
	China Petroleum & Chemical Corporation - Class A	28		20
	China Petroleum & Chemical Corporation - Class H	1,160		690
	China Resources Cement Holdings Limited	134		135
	China Shenhua Energy Company Limited - Class A	9		23
	China Shenhua Energy Company Limited - Class H	359		722
	China South Publishing And Media Group Co., Ltd. - Class A	2		4
	China Telecom Corp. Ltd. - Class H	2,326		1,061
	China Yangtze Power Co., Ltd. - Class A	27		69
	China Zhongwang Holdings Limited	73		30

207

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	Chinese Universe Publishing and Media Co., Ltd - Class A	2		3
	Chongqing Rural Commercial Bank Co., Ltd. - Class H	109		58
	CNOOC Limited	497		759
	Country Garden Services Holdings Company Limited	49		142
	Dali Food Group Co., Ltd. (c)	198		122
	Daqin Railway Co., Ltd. - Class A	32		34
	Dongfeng Motor Group Co., Ltd - Class H	368		350
	Fangda Carbon New Material Co., Ltd. - Class A (a)	6		10
	Foshan Haitian Flavoring & Food Co., Ltd - Class A	5		73
	Fuyao Glass Industry Group Co., Ltd. - Class A	3		8
	Guangdong Investment Ltd.	124		243
	Guangzhou Automobile Group Co., Ltd. - Class A	3		5
	Guangzhou Automobile Group Co., Ltd. - Class H	370		354
	Hainan Sihuan Pharmaceutical Co., Ltd.	380		58
	Hangzhou Bank Co., Ltd. - Class A	7		8
	Hangzhou Robam Appliances Co., Ltd. - Class A	1		4
	Hedy Holding Co., Ltd. - Class A	32		23
	Henan Shuanghui Investment & Development Co.,Ltd. - Class A	7		24
	HLA Corp. , Ltd - Class A	6		7
	HUAYU Automotive Systems Co., Ltd. - Class A	6		20
	Industrial and Commercial Bank of China Limited - Class H	1,208		810
	Industrial Bank Co., Ltd. - Class A	38		92
	Jiangsu Expressway Co. Ltd. - Class H (b)	138		176
	Kweichow Moutai Co., Ltd. - Class A	2		306
	Lee & Man Paper Manufacturing Ltd.	170		92
	Luzhou Lao Jiao Vintage Co., Ltd. - Class A	2		21
	Maanshan Iron & Steel Co. Ltd.	154		58
	Maanshan Iron & Steel Company Limited - Class A	13		5
	Nexteer Automotive Group Limited	38		32
	RiseSun Real Estate Development Co., Ltd. - Class A	6		6
	SAIC Motor Corporation Limited - Class A	10		33
	Shaanxi Coal and Chemical Industry Group Co.,Ltd. - Class A	15		19
	Shanghai International Airport Co.Ltd.	2		19
	Shenzhen Mindray Bio-Medical Electronics Co., Ltd.	1		16
	Shenzhen Salubris Pharmaceuticals Co., Ltd. - Class A	2		4
	Shenzhou International Group Holdings Limited	66		866
	Sinopec Engineering (Group) Co., Ltd. - Class H	945		595
	Sinopec Shanghai Petrochemical Co., Ltd. - Class A	12		7
	Sinopec Shanghai Petrochemical Co., Ltd. - Class H	510		149
	Sinopharm Group Co. Ltd. - Class H	177		555
	TAL Education Group - ADS (a)	124		4,246
	Weichai Power Co., Ltd. - Class A	8		13
	Weifu High-Technology Group Co., Ltd. - Class A	2		4
	Wuhu Shunrong Sanqi Interactive Entertainment Network Technology Co., Ltd. - Class A	4		9
	Yuzhou Properties Company Limited	71		28
	YY, Inc. - Class A - ADS (a)	4		247
	Zhejiang Semir Garment Co., Ltd. - Class A	2		4
			21,647
Netherlands 1.6%
	Adyen B.V. (a) (c)	5		3,386
	ASML Holding - ADR	7		1,715
	Flow Traders N.V. (c)	29		763
	ING Groep N.V.	215		2,249
	Koninklijke DSM N.V.	35		4,212
	LyondellBasell Industries N.V. - Class A	12		1,031
	NXP Semiconductors N.V.	13		1,364
	Royal Dutch Shell PLC - Class A - ADR	30		1,766
	Royal Dutch Shell PLC - Class B	58		1,702
	SBM Offshore N.V.	48		792
			18,980
Ireland 1.6%
	Accenture Public Limited Company - Class A	35		6,730
	Allegion Public Limited Company	7		771
	Bank of Ireland Group Public Limited Company	164		651
	Ingersoll-Rand Public Limited Company	12		1,430
	Keywords Studios PLC	202		2,853
	Medtronic Public Limited Company	43		4,627
	Pentair Public Limited Company	33		1,232
			18,294
South Korea 1.4%
	BGFretail Co., Ltd.	—		63
	BNK Financial Group Inc.	30		179
	Daelim Industrial Co. Ltd.	1		120
	DB Insurance Co. Ltd.	2		93
	Hana Financial Group Inc.	59		1,754
	Hanwha Life Insurance Co., Ltd.	30		60
	Honam Petrochemical Corp.	7		1,316
	Hyundai Marine & Fire Insurance Co.,Ltd.	7		149
	Industrial Bank of Korea	32		349
	Kangwon Land Inc.	13		309
	KB Financial Group Inc.	79		2,842
	Kia Motors Corp.	11		431
	Korea Zinc Co. Ltd.	—		139
	KT&G Corp.	10		902
	Kumho Petro chemical Co. Ltd.	1		53
	NCSoft Corp.	1		551
	Orange Life Insurance Co., Ltd. (c)	2		34
	Pearl Abyss Corp. (a)	—		48
	S1 Corp.	2		146
	Samsung Card Co., Ltd.	1		40
	Samsung Electronics Co. Ltd.	80		3,291
	Shinhan Financial Group Co. Ltd.	41		1,439
	SK Hynix Inc.	14		959
	SK Telecom Co. Ltd.	3		513
	Woongjin Coway Co., Ltd.	7		474
			16,254
Canada 1.2%
	Alamos Gold Inc - Class A	144		836
	CAE Inc.	125		3,176
	Canadian National Railway Company	11		954
	Canadian Pacific Railway Limited	5		1,180
	Domtar Corp. (b)	—		16
	Husky Energy Inc. (a)	115		811
	Lululemon Athletica Inc. (a)	3		637
	Shopify Inc. - Class A (a)	13		4,052
	Wheaton Precious Metals Corp.	78		2,051
			13,713
Denmark 0.8%
	A P Moller - Maersk A/S - Class B	1		765
	DSV A/S	48		4,566
	GN Store Nord A/S	100		4,059
	The Drilling Company of 1972 A/S (a)	2		93
			9,483
Australia 0.8%
	Cochlear Ltd.	32		4,500
	CSL Ltd.	28		4,427
			8,927
Belgium 0.7%
	KBC Groep NV	53		3,445
	Umicore	120		4,530
			7,975
France 0.7%
	BNP Paribas SA	51		2,479
	Cie de Saint-Gobain	21		820
	Compagnie Generale des Etablissements Michelin	9		1,018
	Sanofi SA	12		1,124
	Total SA	22		1,163
	Veolia Environnement	40		1,010
			7,614
Hong Kong 0.5%
	Agricultural Bank of China Limited - Class H	1,926		755
	ANTA Sports Products Limited	111		920
	China Cinda Asset Management Co., Ltd. - Class H	689		136
	China Everbright Bank Company Limited - Class H	325		139
	China Medical System Holdings Limited	123		146

208

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	CK Asset Holdings Limited	179		1,216
	CK Hutchison Holdings Limited	215		1,900
	Kingboard Chemical Holdings Ltd.	26		69
	Kingboard Laminates Holdings Limited	111		100
	Longfor Group Holdings Limited	185		694
	Nine Dragons Paper (Holdings) Limited	172		145
			6,220
Russian Federation 0.5%
	Joint-Stock Company Alrosa (Public Joint-Stock Company)	441		507
	Mobile Telesystems PJSC - ADR	71		573
	Polymetal International PLC	16		227
	Public Joint Stock Company Fosagro - GDR (d)	5		65
	Public Joint Stock Company Inter Rao Ues	5,839		405
	Public Joint Stock Company Mining And Metallurgical Company Norilsk Nickel	4		1,044
	Public Joint Stock Company Polyus	3		324
	Public Joint Stock Company TATNEFT Named After VD Shashin	88		935
	Public Joint-Stock Company Moscow Exchange MICEX-RTS	59		87
	Public Joint-Stock Company 'Severstal'	37		533
	Public Joint-Stock Company Society Magnitogorsky Iron and Steel Works	260		157
	Public Joint-Stock Company Society Novolipetsky Iron and Steel Works	172		377
	X5 Retail Group N.V. - GDR (d)	5		183
			5,417
Italy 0.4%
	ENI SpA	106		1,629
	Finecobank Banca Fineco SPA	340		3,604
			5,233
Switzerland 0.4%
	Garmin Ltd.	4		348
	Roche Holding AG	5		1,363
	TE Connectivity Ltd.	20		1,838
	UBS Group AG	81		920
			4,469
Thailand 0.4%
	Advanced Info Service PLC.	141		1,014
	Bumrungrad Hospital Public Company Limited	42		177
	Electricity Generating PCL	12		146
	Intouch Holdings Public Company Limited	132		282
	Kasikornbank PCL	89		458
	Land and Houses Public Company Limited	317		100
	PTT Global Chemical Public Company Limited	239		421
	PTT Public Company Limited	575		870
	RATCH Group Public Company Limited	34		80
	The Siam Cement Public Company Limited	56		747
			4,295
Argentina 0.3%
	MercadoLibre S.R.L (a)	7		3,748
	Transportadora de Gas del Sur S.A. - Class B - ADR	4		35
			3,783
Brazil 0.3%
	Banco Santander (Brasil) S.A.	31		342
	Cielo S.A.	201		386
	Companhia de Saneamento Basico do Estado de Sao Paulo-SABESP	35		417
	Cosan S.A.	7		95
	ENGIE Brasil Energia S.A.	34		358
	Hypera S.A.	17		134
	Irb Brasil Resseguros S/A	42		382
	Lojas Renner S/A.	42		506
	M. Dias Branco S.A. Industria e Comercio de Alimentos	10		84
	Petrobras Distribuidora SA	20		132
	Porto Seguro S.A.	11		161
	Tim Participacoes SA	37		107
			3,104
South Africa 0.2%
	Capitec Bank Holdings Ltd.	2		202
	Clicks Group Ltd.	23		330
	Exxaro Resources Ltd.	30		263
	Kumba Iron Ore Ltd	9		217
	Mr Price Group	36		372
	RMB Holdings Ltd.	73		362
	Telkom SA Ltd.	31		142
	Tiger Brands Limited	17		243
	Truworths International Ltd.	57		200
	Vodacom Group Limited	72		565
			2,896
Indonesia 0.2%
	Charoen Pokphand Indonesia Tbk PT	316		119
	Gudang Garam Tbk PT	22		81
	Hanjaya Mandala Sampoerna Tbk PT	1,346		218
	PT Adaro Energy Tbk	1,366		125
	PT Indofood Sukses Makmur Tbk	103		87
	PT Tambang Batubara Bukit Asam Tbk	285		46
	PT. Surya Citra Media TBK.	791		65
	Telekomunikasi Indonesia (Persero), PT TBK - Class B	3,500		1,064
	Unilever Indonesia Tbk PT	212		695
	United Tractors Tbk PT	186		270
			2,770
Mexico 0.2%
	Grupo Aeroportuario del Pacifico S.A.B. de C.V. - Class B	39		370
	Kimberly-Clark de Mexico SAB de CV - Class A	165		332
	Megacable Holdings, S.A.B. de C.V.	24		95
	Prologis Property Mexico, S.A. de C.V.	158		231
	Promotora y Operadora de Infraestructura SAB de CV (b)	10		90
	Wal - Mart de Mexico, S.A.B. de C.V.	306		906
			2,024
Malaysia 0.2%
	Airasia Berhad	165		69
	British American Tobacco Malaysia Bhd	23		104
	DiGi.Com Bhd	406		461
	Hartalega Holdings Berhad	142		178
	Nestle Bhd	9		306
	Petronas Chemicals Group Berhad	300		541
	Petronas Gas Bhd	27		105
	Westports Holdings Berhad	103		102
			1,866
Turkey 0.2%
	BIM Birlesik Magazalar A.S.	51		447
	Eregli Demir Ve Celik Fabrikalari Turk Anonim Sirketi	195		236
	Ford Otomotiv Sanayi Anonim Sirketi	10		105
	TAV Havalimanlari Holding Anonim Sirketi	23		98
	Turkcell Iletisim Hizmetleri Anonim Sirketi	98		225
	Turkiye Is Bankasi Anonim Sirketi - Class C (a)	167		186
	Turkiye Petrol Rafinerileri Anonim Sirketi Tupras	17		438
	Turkiye Sise ve Cam Fabrikalari A.S.	32		26
			1,761
Luxembourg 0.1%
	SES S.A. - FDR	64		1,172
	Tenaris SA	51		547
			1,719
Taiwan 0.1%
	Taiwan Semiconductor Manufacturing Co. Ltd.	172		1,514
Norway 0.1%
	Equinor ASA	75		1,421
Singapore 0.1%
	Singapore Telecommunications Limited	394		884
Portugal 0.1%
	Galp Energia, SGPS, S.A.	53		805
Egypt 0.0%
	Commercial International Bank Egypt SAE	64		303
	Eastern Tobacco Co.	119		124
	El Sewedy Electric Company	95		78
			505

209

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
Israel 0.0%
	Teva Pharmaceutical Industries Ltd. - ADR (a)		72		497
Hungary 0.0%
	MOL Magyar Olaj- es Gazipari Nyilvanosan Mukodo Reszvenytarsasag		43		406
Philippines 0.0%
	DMCI Holdings Inc.		491		79
	Globe Telecom Inc.		4		124
	Manila Electric Company		25		180
				383
Poland 0.0%
	Powszechny Zaklad Ubezpieczen Spolka Akcyjna		25		235
Bermuda 0.0%
	Lazard Ltd - Class A		4		128
	RenaissanceRe Holdings Ltd		—		66
				194
Colombia 0.0%
	Ecopetrol S.A.		214		182
Czech Republic 0.0%
	MONETA Money Bank, a.s. (c)		58		177
Greece 0.0%
	JUMBO SA		5		97
	Motor Oil Hellas Corinth Refineries SA		3		72
				169
	Total Common Stocks (cost $772,004)			777,275
CORPORATE BONDS AND NOTES 12.5%
United States of America 9.9%
	24 Hour Holdings III LLC
		8.00%, 06/01/22 (c)	1,000		831
	AbbVie Inc.
		3.20%, 05/14/26	1,000		1,018
	AFLAC Incorporated
		4.75%, 01/15/49	600		731
	Allergan Funding SCS
		4.55%, 03/15/35	1,000		1,064
		4.85%, 06/15/44	500		538
	AMC Entertainment Inc.
		5.75%, 06/15/25	1,000		954
	American Tower Corporation
		3.38%, 10/15/26	1,000		1,040
	Anthem, Inc.
		5.10%, 01/15/44	500		586
	AutoZone, Inc.
		3.75%, 04/18/29	475		510
	Baker Hughes, a GE Company, LLC
		4.08%, 12/15/47	775		776
	Bank of America Corporation
		4.18%, 11/25/27	3,300		3,557
	Bausch Health Companies Inc.
		6.13%, 04/15/25 (c)	4,000		4,146
	BB&T Corporation
		3.88%, 03/19/29	1,800		1,950
	Biogen Inc.
		5.20%, 09/15/45	600		708
	Bunge Limited Finance Corp.
		4.35%, 03/15/24	600		632
	Calpine Corporation
		5.50%, 02/01/24	1,500		1,520
	Calumet Specialty Products Partners, L.P.
		7.75%, 04/15/23	1,500		1,391
	Capital One Financial Corporation
		3.75%, 07/28/26 - 03/09/27	1,950		2,038
	Celgene Corporation
		4.63%, 05/15/44	550		654
	Charter Communications Operating, LLC
		4.50%, 02/01/24	600		644
	Chesapeake Energy Corporation
		8.00%, 06/15/27	6,000		4,044
	Cigna Corporation
		3.05%, 10/15/27	1,050		1,066
	Citigroup Inc.
		3.35%, 04/24/25	2,100		2,177
	Comcast Corporation
		4.05%, 11/01/52	1,200		1,341
	CommScope Holding Company, Inc.
		6.00%, 06/15/25 (c)	1,000		903
	Community Health Systems, Inc.
		8.00%, 03/15/26 (c)	7,000		6,993
	CSX Corporation
		4.75%, 11/15/48	750		902
	CVS Health Corporation
		4.30%, 03/25/28	900		977
		5.30%, 12/05/43	900		1,041
	DaVita Inc.
		5.00%, 05/01/25	1,500		1,496
	DISH DBS Corporation
		5.88%, 07/15/22	2,500		2,602
	Dollar Tree, Inc.
		4.00%, 05/15/25	400		424
	Dominion Energy, Inc.
		4.25%, 06/01/28	1,500		1,662
	Energy Transfer LP
		5.30%, 04/15/47	650		701
	Enterprise Products Operating LLC
		6.13%, 10/15/39	600		777
	Express Scripts Holding Company
		4.80%, 07/15/46	900		1,011
	FedEx Corporation
		5.10%, 01/15/44	500		563
	Ford Motor Company
		4.35%, 12/08/26	1,400		1,404
	Georgia Power Company
		4.30%, 03/15/42	1,200		1,320
	Gilead Sciences, Inc.
		4.80%, 04/01/44	600		717
	Glencore Funding LLC
		4.00%, 03/27/27 (c)	900		925
	Highpoint Operating Corporation
		8.75%, 06/15/25	1,000		898
	International Paper Company
		3.80%, 01/15/26	1,000		1,059
		4.40%, 08/15/47	1,000		1,044
	Iron Mountain Incorporated
		4.88%, 09/15/27 (c)	1,000		1,023
	JPMorgan Chase & Co.
		5.15%, (callable at 100 beginning 05/01/23) (e)	1,900		1,955
		3.54%, 05/01/28	1,200		1,266
	Kinder Morgan, Inc.
		5.55%, 06/01/45	750		885
	Kraft Foods Group, Inc.
		6.50%, 02/09/40	600		714
	Kraft Heinz Foods Company
		3.00%, 06/01/26	1,000		989
	LYB International Finance II B.V.
		3.50%, 03/02/27	1,000		1,031
	Mallinckrodt International Finance S.A.
		5.75%, 08/01/22 (c)	2,000		749
	Marriott International, Inc.
		3.60%, 04/15/24	1,000		1,049
	Marsh & McLennan Cos Inc.
		3.50%, 03/10/25	1,500		1,585
	Mauser Packaging Solutions Holding Company
		7.25%, 04/15/25 (c)	1,500		1,432
	MetLife, Inc.
		6.40%, 12/15/36	600		710
	Metropolitan Life Global Funding I
		3.60%, 01/11/24 (c)	1,500		1,585
	Microchip Technology Incorporated
		4.33%, 06/01/23	1,000		1,050
	Microsoft Corporation
		2.65%, 11/03/22	2,400		2,457
	Morgan Stanley
		5.55%, (callable at 100 beginning 07/15/20) (e)	1,000		1,014
		3.59%, 07/22/28 (f)	2,000		2,110

210

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	MPLX LP
		5.50%, 02/15/49	400		463
	Mylan Inc
		4.55%, 04/15/28	1,000		1,065
	Nabors Industries, Inc.
		5.50%, 01/15/23	1,250		1,028
	New Golden Nugget Inc.
		6.75%, 10/15/24 (c)	1,000		1,014
	Occidental Petroleum Corporation
		2.60%, 08/13/21	675		679
	Post Holdings, Inc.
		5.63%, 01/15/28 (c)	1,000		1,060
	PSEG Power LLC
		3.85%, 06/01/23	1,200		1,260
	Regions Financial Corporation
		3.80%, 08/14/23	1,695		1,788
	Reynolds American Inc.
		5.85%, 08/15/45	550		609
	Schlumberger Holdings Corporation
		3.75%, 05/01/24 (c)	1,600		1,684
	Shea Homes Limited Partnership, A California Limited Partnership
		6.13%, 04/01/25 (c)	1,000		1,026
	Sprint Corporation
		7.63%, 03/01/26	1,500		1,658
	Tech Data Corporation
		4.95%, 02/15/27 (g)	600		643
	Tenet Healthcare Corporation
		7.00%, 08/01/25	5,700		5,802
	The Allstate Corporation
		4.20%, 12/15/46	600		697
	The Goldman Sachs Group, Inc.
		3.50%, 01/23/25 - 11/16/26	2,700		2,814
	The Kroger Co.
		5.40%, 01/15/49	500		591
	Tyson Foods, Inc.
		5.10%, 09/28/48	550		666
	United Rentals (North America), Inc.
		4.88%, 01/15/28	1,500		1,560
	United Technologies Corporation
		4.50%, 06/01/42	750		898
	Univision Communications Inc.
		5.13%, 02/15/25 (c)	1,500		1,459
	Valero Energy Corporation
		4.00%, 04/01/29	850		903
	Verizon Communications Inc.
		2.63%, 08/15/26	1,000		1,013
	Wells Fargo Bank, National Association
		2.08%, 09/09/22	1,300		1,295
	Wynn Las Vegas, LLC
		5.50%, 03/01/25 (c)	1,000		1,050
	Xilinx, Inc.
		2.95%, 06/01/24	1,000		1,026
				116,690
United Kingdom 0.8%
	Ashtead Capital, Inc.
		5.25%, 08/01/26 (c)	800		850
		4.38%, 08/15/27 (c)	1,000		1,024
	AstraZeneca PLC
		4.00%, 09/18/42	900		994
	Barclays PLC
		3.93%, 05/07/25	950		981
		4.38%, 01/12/26	500		529
	BAT Capital Corp.
		3.56%, 08/15/27	1,000		1,005
	HSBC Holdings PLC
		4.30%, 03/08/26	1,800		1,947
	Imperial Brands Finance PLC
		4.25%, 07/21/25 (c)	400		419
	Standard Chartered PLC
		3.79%, 05/21/25 (c)	1,600		1,657
				9,406
Switzerland 0.3%
	Credit Suisse Group Funding (Guernsey) Ltd
		3.80%, 09/15/22	2,100		2,183
	UBS Group Funding (Jersey) Limited
		4.13%, 09/24/25 (c)	850		917
				3,100
France 0.2%
	BPCE
		5.15%, 07/21/24 (c)	1,200		1,311
	Electricite de France
		4.50%, 09/21/28 (c)	1,500		1,675
				2,986
China 0.2%
	Alibaba Group Holding Limited
		4.20%, 12/06/47	950		1,074
	Tencent Holdings Limited
		3.60%, 01/19/28 (c)	1,100		1,147
				2,221
Canada 0.2%
	Canadian Natural Resources Limited
		3.90%, 02/01/25	1,050		1,105
		3.85%, 06/01/27	900		949
				2,054
Belgium 0.1%
	Anheuser-Busch InBev Worldwide Inc.
		5.80%, 01/23/59	1,200		1,627
Mexico 0.1%
	Coca-Cola FEMSA, S.A.B. de C.V.
		3.88%, 11/26/23	1,300		1,378
Italy 0.1%
	Enel Finance International N.V.
		4.25%, 09/14/23 (c)	1,200		1,274
Australia 0.1%
	Woodside Finance Limited
		3.65%, 03/05/25 (c)	1,200		1,240
Hong Kong 0.1%
	CK Hutchison International (19) Limited
		3.25%, 04/11/24 (c)	1,100		1,130
Germany 0.1%
	Bayer US Finance II LLC
		4.25%, 12/15/25 (c)	1,000		1,067
Spain 0.1%
	Telefonica Emisiones, S.A.U.
		5.52%, 03/01/49	725		880
India 0.1%
	Reliance Industries Limited
		2.06%, 01/15/26	812		795
Ireland 0.1%
	Avolon Holdings Funding Limited
		5.25%, 05/15/24 (c)	630		676
	Total Corporate Bonds And Notes (cost $146,740)			146,524
GOVERNMENT AND AGENCY OBLIGATIONS 8.1%
United States of America 8.0%
	Farm Credit Banks Consolidated Systemwide Bonds and Discount Notes
		3.17%, 03/07/28 (h)	426		467
		3.82%, 11/06/36 (h)	1,250		1,506
	Federal Agricultural Mortgage Corp
		2.90%, 01/03/22 (h)	1,000		1,026
	Federal Home Loan Banks Office of Finance
		2.88%, 06/13/25 (h)	1,200		1,275
		3.25%, 06/09/28 (h)	1,200		1,326
	Federal Home Loan Mortgage Corporation
		3.00%, 05/01/49	6,160		6,255
	Federal National Mortgage Association, Inc.
		3.00%, 04/01/49 - 05/01/49	3,814		3,871
		4.00%, 08/01/48 - 06/01/49	5,101		5,307
		3.50%, 07/01/49	2,453		2,518
	Government National Mortgage Association
		3.00%, 06/20/49	7,515		7,714

211

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
		3.50%, 06/20/49 - 09/20/49	23,324		24,171
		4.00%, 07/20/49 - 09/20/49	7,911		8,263
		4.50%, 07/20/49	3,084		3,247
	Israel, Government of
		5.50%, 09/18/23	1,000		1,145
	Overseas Private Investment Corporation
		2.12%, 03/20/24 (h)	400		401
	Tennessee Valley Authority
		5.88%, 04/01/36 (h)	600		870
	Treasury, United States Department of
		1.63%, 12/31/19	5,900		5,895
		1.38%, 03/31/20	3,900		3,891
		0.13%, 07/15/24 (i)	1,772		1,772
		2.38%, 08/15/24 - 05/15/29	2,410		2,519
		2.00%, 01/15/26 (i)	698		776
		2.25%, 08/15/27	410		429
		1.75%, 01/15/28 (i)	1,029		1,158
		3.63%, 04/15/28 (i)	1,364		1,752
		2.50%, 06/30/20 - 02/15/46	6,290		6,376
				93,930
Jordan 0.1%
	Jordan, The Government Of, The Hashemite Kingdom of
		2.58%, 06/30/22	925		949
	Total Government And Agency Obligations (cost $94,409)			94,879
INVESTMENT COMPANIES 6.3%
United States of America 6.3%
	iShares MSCI India Index Fund		284		9,518
	iShares MSCI Russia ETF		118		4,579
	iShares MSCI Saudi Arabia ETF		58		1,768
	iShares MSCI Taiwan ETF		319		11,588
	Templeton Global Bond Fund - Class R6 (j)		4,378		46,841
	Total Investment Companies (cost $76,591)			74,294
EQUITY LINKED STRUCTURED NOTES 1.1%
United States of America 1.1%
	Bank of America Corporation
		(Wells Fargo & Company) (f)	30		1,513
	JPMorgan Chase Bank, National Association
		(Texas Instruments Incorporated) (k)	14		1,687
		(Apple Inc.) (c)	20		4,217
		(Target Corporation) (c)	10		1,067
	Royal Bank of Canada
		(Intel Corporation) (c) (l)	50		2,452
	UBS AG
		(CVS Health Corporation) (c)	18		1,117
		(MetLife, Inc.)	30		1,433
	Total Equity Linked Structured Notes (cost $13,070)			13,486
PREFERRED STOCKS 1.1%
United States of America 0.8%
	Becton, Dickinson and Company - Series A, 6.13%, 05/01/20 (l)		30		1,857
	Broadcom Inc., 8.00%, 09/30/22 (a) (l)		2		1,538
	Citigroup Inc., 6.88%, (callable at 25 beginning 11/15/23) (e)		70		1,967
	Fortive Corporation - Series A, 5.00%, 07/01/21 (l)		2		1,804
	Sempra Energy, 6.75%, 07/15/21 (l)		17		2,000
				9,166
Brazil 0.3%
	Braskem SA - Series A		8		63
	Itau Unibanco Holding S.A. (l)		125		1,051
	Itausa - Investimentos Itau SA		355		1,133
	Telefonica Brasil S.A.		57		756
				3,003
South Korea 0.0%
	LG Chem Ltd.		1		104
	Samsung Electronics Co. Ltd.		4		132
				236
	Total Preferred Stocks (cost $12,669)			12,405
SHORT TERM INVESTMENTS 4.4%
Investment Companies 4.3%
	JNL Government Money Market Fund - Institutional Class, 1.86% (j) (m)		50,581		50,581
U.S. Treasury Bill 0.1%
	Treasury, United States Department of
		2.01%, 10/08/19 (n)	1,600		1,599
	Total Short Term Investments (cost $52,180)			52,180
Total Investments 99.5% (cost $1,167,663)					1,171,043
Other Derivative Instruments 0.0%					38
Other Assets and Liabilities, Net 0.5%					6,146
Total Net Assets 100.0%					1,177,227

(a)Non-income producing security.

(b)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

(c)The Adviser has deemed this security, which is exempt from registration under the Securities Act of 1933, as amended, to be liquid based on procedures approved by the Board of Trustees. As of September 30, 2019, the value and the percentage of net assets of these liquid securities was $56,413 and 4.8% of the Fund.

(d)Security is restricted to resale to institutional investors. See Restricted Securities in the Schedules of Investments.

(e)Perpetual security. Next contractual call date presented, if applicable.

(f)Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of September 30, 2019. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations (“CMO”) and mortgage-backed securities (“MBS”) are determined by tranches of underlying mortgage-backed security pools’ cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security’s offering documents.

(g)The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer.

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

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

(j)Investment in affiliate.

(k)Security fair valued in good faith as a Level 2 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Schedules of Investments.

(l)Convertible security.

(m)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

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

212

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

Long Term Investments in Affiliates

Affiliated Investment		Value Beginning of Period($)	Purchases($)	Sales Proceeds($)	Dividend Income($)	Realized Gain (Loss)($)	Change in Unrealized Appreciation (Depreciation) ($)	Value End of Period($)	Percentage of Net Assets(%)
	JNL/Franklin Templeton Mutual Shares Fund	391,005	955	443,983	—	4,156	47,867	—	—
	JNL/Franklin Templeton Income Fund	397,130	858	441,077	—	13,901	29,188	—	—
	Templeton Global Bond Fund	—	49,058	—	658	—	(2,217)	46,841	4.0%
	Franklin LibertyQ Emerging Markets ETF	—	8,209	8,103	—	(106)	—	—	—
	Franklin LibertyQ U.S. Equity ETF	—	3,704	3,808	25	104	—	—	—
	JNL/Franklin Templeton Global Fund	388,415	143	413,313	—	(56,816)	81,571	—	—
		1,176,550	62,927	1,310,284	683	(38,761)	156,409	46,841	4.0%

Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Public Joint Stock Company Fosagro	06/26/19	67	65	—
	X5 Retail Group N.V.	06/26/19	181	183	—
			248	248	—

JNL/Franklin Templeton Growth Allocation Fund — Futures Contracts
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
MSCI Emerging Markets Index	58	December 2019		3,005	14			(100)
S&P 500 Index	143	December 2019		21,340	24			(43)
United States 10 Year Note	42	December 2019		5,473	—			—
					38			(143)

Forward Foreign Currency Contracts

Purchased/ Sold	Counter-party	Expiration	Notional1		Value ($)		Unrealized Appreciation (Depreciation) ($)
HKD/USD	CIT	10/02/19	HKD	484		62		—

213

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
JNL/Franklin Templeton Income Fund
CORPORATE BONDS AND NOTES 37.4%
Health Care 12.0%
	Allergan Funding SCS
		3.80%, 03/15/25	7,500		7,846
	Bausch Health Companies Inc.
		6.50%, 03/15/22 (a)	2,200		2,274
		5.88%, 05/15/23 (a)	13,000		13,183
		7.00%, 03/15/24 (a)	3,400		3,574
		6.13%, 04/15/25 (a) (b)	4,700		4,871
		5.50%, 11/01/25 (a)	3,500		3,663
		9.00%, 12/15/25 (a)	2,500		2,806
	Bristol-Myers Squibb Company
		3.40%, 07/26/29 (a)	3,500		3,741
		4.25%, 10/26/49 (a)	3,500		4,075
	Cigna Holding Company
		3.75%, 07/15/23 (c)	10,000		10,458
	Community Health Systems, Inc.
		6.25%, 03/31/23	33,000		32,805
		8.00%, 03/15/26 (a)	35,000		34,964
	CVS Health Corporation
		4.10%, 03/25/25	2,100		2,241
		4.30%, 03/25/28	3,500		3,799
		5.05%, 03/25/48	1,600		1,821
	DaVita Inc.
		5.13%, 07/15/24	6,500		6,616
		5.00%, 05/01/25	2,000		1,994
	Endo Finance Co.
		6.00%, 07/15/23 (a)	6,000		3,691
	HCA Inc.
		7.50%, 02/15/22	4,100		4,547
		5.88%, 05/01/23	7,500		8,252
	Mallinckrodt International Finance S.A.
		5.75%, 08/01/22 (a)	15,000		5,617
		5.63%, 10/15/23 (a) (b)	4,100		1,353
	Mylan N.V.
		3.95%, 06/15/26	2,700		2,792
	Par Pharmaceutical, Inc.
		7.50%, 04/01/27 (a)	6,000		5,489
	Tenet Healthcare Corporation
		8.13%, 04/01/22	10,000		10,819
		6.75%, 06/15/23	20,000		21,018
		5.13%, 05/01/25 (b)	1,200		1,218
		6.25%, 02/01/27 (a) (b)	15,000		15,627
				221,154
Financials 7.0%
	Bank of America Corporation
		5.20%, (callable at 100 beginning 06/01/23) (d)	2,100		2,172
		6.10%, (callable at 100 beginning 03/17/25) (b) (d)	4,000		4,371
		6.25%, (callable at 100 beginning 09/05/24) (d)	2,500		2,720
		3.42%, 12/20/28	7,500		7,822
	Bayer Capital Corporation B.V.
		5.63%, 01/22/20, EUR (a) (e)	15,000		13,244
	Capital One Financial Corporation
		4.20%, 10/29/25	7,500		7,989
	Cemex Finance LLC
		6.00%, 04/01/24 (c) (f)	3,000		3,083
	Citigroup Inc.
		5.90%, (callable at 100 beginning 02/15/23) (d)	3,900		4,057
		5.95%, (callable at 100 beginning 01/30/23) (d)	13,000		13,349
		4.13%, 07/25/28	7,500		8,059
	Diamond Finance International Limited
		5.45%, 06/15/23 (a)	2,500		2,721
	HSBC Holdings PLC
		4.29%, 09/12/26 (e)	8,000		8,577
	JPMorgan Chase & Co.
		5.15%, (callable at 100 beginning 05/01/23) (b) (d)	2,000		2,058
		5.42%, (callable at 100 beginning 01/01/20) (d)	12,000		12,042
		5.74%, (callable at 100 beginning 01/30/20) (d)	4,157		4,167
	Morgan Stanley
		5.55%, (callable at 100 beginning 07/15/20) (d)	2,500		2,535
	Prudential Financial, Inc.
		5.70%, 09/15/48 (b)	9,717		10,762
	Syngenta Finance N.V.
		4.44%, 04/24/23 (a)	7,000		7,312
	The Goldman Sachs Group, Inc.
		3.27%, 09/29/25	6,500		6,709
	Wells Fargo & Company
		5.90%, (callable at 100 beginning 06/15/24) (d)	3,900		4,176
				127,925
Communication Services 6.0%
	AMC Entertainment Holdings, Inc.
		5.88%, 11/15/26	2,500		2,274
	AT&T Inc.
		4.13%, 02/17/26	5,000		5,402
	CCO Holdings, LLC
		5.13%, 02/15/23	5,000		5,075
		5.50%, 05/01/26 (a)	1,800		1,887
		5.13%, 05/01/27 (a)	3,300		3,443
	DISH DBS Corporation
		5.88%, 07/15/22	9,500		9,889
		5.00%, 03/15/23 (b)	11,000		11,122
	Netflix, Inc.
		4.38%, 11/15/26	5,000		5,070
		4.88%, 04/15/28	9,000		9,148
	Sprint Communications, Inc.
		7.00%, 08/15/20	5,000		5,162
		11.50%, 11/15/21	7,500		8,696
		6.00%, 11/15/22	4,200		4,450
	Sprint Corporation
		7.13%, 06/15/24	5,500		5,925
		7.63%, 03/01/26	9,200		10,172
	Sprint Spectrum Co LLC
		5.15%, 03/20/28 (a)	6,500		7,053
	Univision Communications Inc.
		5.13%, 05/15/23 (a)	15,000		14,973
				109,741
Energy 5.4%
	Ascent Resources - Utica, LLC
		10.00%, 04/01/22 (a)	1,600		1,599
	Calumet Specialty Products Partners, L.P.
		6.50%, 04/15/21 (b)	12,000		12,008
		7.63%, 01/15/22 (b)	3,000		2,865
		11.00%, 04/15/25 (a)	11,000		11,000
	Chesapeake Energy Corporation
		4.88%, 04/15/22 (b)	5,500		4,438
		7.00%, 10/01/24	7,000		5,096
		8.00%, 01/15/25 (b)	18,000		12,997
		8.00%, 03/15/26 (a)	15,701		10,733
		5.50%, 09/15/26 (e)	2,500		1,498
		7.50%, 10/01/26 (b)	7,000		4,800
	CNX Resources Corporation
		7.25%, 03/14/27 (a)	3,000		2,517
	El Paso LLC
		7.75%, 01/15/32	1,000		1,378
	Highpoint Operating Corporation
		7.00%, 10/15/22	8,000		7,215
		8.75%, 06/15/25	7,500		6,737
	Kinder Morgan, Inc.
		5.63%, 11/15/23 (a)	3,000		3,331
	Weatherford International Ltd.
		0.00%, 07/01/21 (c) (e) (g) (h)	23,000		8,050
		0.00%, 06/15/23 (c) (g) (h)	9,900		3,515
				99,777
Consumer Discretionary 2.4%
	24 Hour Holdings III LLC
		8.00%, 06/01/22 (a)	6,100		5,069
	Ford Motor Company
		4.35%, 12/08/26	7,500		7,523
	General Motors Company
		5.15%, 04/01/38	7,000		7,056
	New Golden Nugget Inc.
		6.75%, 10/15/24 (a)	1,000		1,014

214

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Shea Homes Limited Partnership, A California Limited Partnership
		5.88%, 04/01/23 (a)	6,000		6,145
		6.13%, 04/01/25 (a)	6,000		6,156
	Wynn Las Vegas, LLC
		5.50%, 03/01/25 (a)	9,500		9,974
		5.25%, 05/15/27 (a)	2,000		2,055
				44,992
Consumer Staples 1.3%
	BAT Capital Corp.
		3.22%, 08/15/24	2,500		2,527
		3.56%, 08/15/27	10,000		10,054
	Kraft Heinz Foods Company
		4.63%, 01/30/29 (b)	5,000		5,406
	Post Holdings, Inc.
		5.00%, 08/15/26 (a) (b)	4,500		4,669
		5.63%, 01/15/28 (a)	1,500		1,590
				24,246
Utilities 0.8%
	Calpine Corporation
		5.38%, 01/15/23	15,000		15,188
Materials 0.8%
	FMG Resources (August 2006) Pty Ltd
		5.13%, 05/15/24 (a)	4,400		4,577
	Mauser Packaging Solutions Holding Company
		7.25%, 04/15/25 (a)	11,000		10,500
				15,077
Industrials 0.8%
	United Rentals (North America), Inc.
		4.88%, 01/15/28	6,000		6,238
	United Technologies Corporation
		3.95%, 08/16/25	7,000		7,661
				13,899
Real Estate 0.6%
	Equinix, Inc.
		5.38%, 05/15/27	3,500		3,776
	Iron Mountain Incorporated
		5.75%, 08/15/24	7,500		7,580
				11,356
Information Technology 0.3%
	Commscope, Inc.
		5.50%, 06/15/24 (a)	5,000		4,708
	Total Corporate Bonds And Notes (cost $708,172)			688,063
COMMON STOCKS 36.8%
Utilities 6.4%
	Dominion Energy, Inc.		350		28,364
	Duke Energy Corporation		201		19,306
	Sempra Energy		124		18,230
	The Southern Company		650		40,151
	Xcel Energy Inc.		170		11,031
				117,082
Financials 5.5%
	Bank of America Corporation		700		20,419
	Barclays Plc		5,500		10,149
	JPMorgan Chase & Co.		250		29,423
	MetLife, Inc.		194		9,140
	Morgan Stanley		110		4,694
	Wells Fargo & Co.		555		27,994
				101,819
Health Care 5.2%
	AstraZeneca PLC		170		15,165
	Bristol-Myers Squibb Co.		340		17,241
	CVS Health Corporation		200		12,614
	Johnson & Johnson		100		12,938
	Merck & Co., Inc.		280		23,570
	Pfizer Inc.		400		14,372
				95,900
Energy 5.0%
	Baker Hughes, a GE Company, LLC - Class A		260		6,044
	Chevron Corp. (i)		120		14,232
	Exxon Mobil Corporation		200		14,122
	Halliburton Co.		350		6,591
	Occidental Petroleum Corporation		210		9,339
	Royal Dutch Shell PLC - Class A - ADR		325		19,126
	Schlumberger Ltd.		95		3,246
	TC Energy Corporation (b)		150		7,769
	Williams Cos. Inc.		500		12,030
				92,499
Consumer Staples 3.0%
	Anheuser-Busch InBev - ADR (b)		130		12,370
	Coca-Cola Co.		105		5,738
	PepsiCo Inc.		117		16,027
	Philip Morris International Inc.		100		7,593
	Procter & Gamble Co.		115		14,304
				56,032
Materials 2.9%
	BASF SE		225		15,734
	Dow Holdings Inc.		203		9,672
	DuPont de Nemours, Inc (i)		116		8,249
	Rio Tinto Plc - ADR		380		19,805
				53,460
Information Technology 2.8%
	Applied Materials, Inc.		120		5,988
	Intel Corp.		170		8,745
	International Business Machines Corp.		40		5,817
	Lam Research Corp.		40		9,244
	Microchip Technology Incorporated (b)		65		6,039
	Texas Instruments Incorporated		119		15,380
				51,213
Communication Services 2.1%
	Alphabet Inc. - Class A (g)		7		8,548
	BCE Inc.		180		8,706
	Verizon Communications Inc.		355		21,428
				38,682
Industrials 1.7%
	3M Company		75		12,330
	Cummins Inc. (i)		80		13,014
	The Boeing Company		13		5,022
				30,366
Consumer Discretionary 1.6%
	Daimler AG		185		9,188
	Ford Motor Co.		800		7,328
	General Motors Company		350		13,118
	Target Corporation		—		2
				29,636
Real Estate 0.6%
	Host Hotels & Resorts, Inc.		600		10,374
	Total Common Stocks (cost $629,204)			677,063
EQUITY LINKED STRUCTURED NOTES 9.0%
	Bank of America Corporation
		(Wells Fargo & Company) (j)	280		14,123
	Credit Suisse AG
		(Analog Devices, Inc.) (a)	120		12,944
	JPMorgan Chase & Co.
		(Amazon.com, Inc.) (a)	5		8,547
	JPMorgan Chase Bank, National Association
		(Apple Inc.) (a)	160		33,733
		(Target Corporation) (a)	35		3,734
	Royal Bank of Canada
		(Intel Corporation) (a) (e)	425		20,842
		(Comcast Corporation) (a)	530		20,778
	UBS AG
		(Newmont Goldcorp Corporation) (a)	215		7,906
		(CVS Health Corporation) (a)	150		9,305
		(Texas Instruments Incorporated) (a)	150		19,012
		(MetLife, Inc.)	290		13,851
	Total Equity Linked Structured Notes (cost $158,204)			164,775
GOVERNMENT AND AGENCY OBLIGATIONS 7.2%
U.S. Treasury Note 6.7%
	Treasury, United States Department of
		1.88%, 12/31/19	20,000		19,997
		2.50%, 05/31/20 - 06/30/20	40,000		40,169

215

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
		2.75%, 04/30/23 - 05/31/23	40,000		41,644
		2.88%, 05/31/25	20,000		21,381
				123,191
Mortgage-Backed Securities 0.5%
	Federal National Mortgage Association, Inc.
		4.00%, 06/01/49	2,046		2,125
	Government National Mortgage Association
		3.50%, 09/20/49	4,340		4,503
		4.00%, 09/20/49	2,250		2,352
				8,980
	Total Government And Agency Obligations (cost $128,966)			132,171
SENIOR LOAN INTERESTS 1.9%
Consumer Discretionary 1.2%
	24 Hour Fitness Worldwide, Inc.
		2018 Term Loan B, 5.61%, (3M LIBOR + 3.50%), 05/30/25 (j)	5,940		5,729
	Belk, Inc.
		Term Loan, 6.80%, (3M LIBOR + 4.75%), 11/18/22 (j)	9,599		6,959
	Stars Group Holdings B.V. (The)
		2018 USD Incremental Term Loan, 5.60%, (3M LIBOR + 3.50%), 06/29/25 (j)	8,896		8,929
				21,617
Health Care 0.4%
	Amneal Pharmaceuticals LLC
		2018 Term Loan B, 5.56%, (3M LIBOR + 3.50%), 03/26/25 (j)	8,371		7,116
Industrials 0.2%
	West Corporation
		Term Loan, 6.11%, (3M LIBOR + 4.00%), 10/03/24 (j)	4,505		4,017
Communication Services 0.1%
	Securus Technologies Holdings, Inc.
		Term Loan, 10.58%, (3M LIBOR + 8.25%), 06/30/25 (j)	2,200		1,927
	Total Senior Loan Interests (cost $38,769)			34,677
PREFERRED STOCKS 1.1%
Information Technology 0.7%
	Broadcom Inc., 8.00%, 09/30/22 (e) (g)		13		12,817
Financials 0.4%
	Federal National Mortgage Association, Inc., 5.38%, (callable at 105,000 beginning 11/05/19) (c) (d) (e) (g) (h)		—		2,210
	JPMorgan Chase & Co., 6.00%, (callable at 25 beginning 03/01/24) (d)		200		5,628
				7,838
	Total Preferred Stocks (cost $21,600)			20,655
OTHER EQUITY INTERESTS 0.0%
	General Motors Co. Escrow (c) (g) (k) (l)		100		1
	Total Other Equity Interests (cost $0)			1
SHORT TERM INVESTMENTS 11.6%
Investment Companies 8.9%
	JNL Government Money Market Fund - Institutional Class, 1.86% (m) (n)		164,249		164,249
Securities Lending Collateral 2.7%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (m) (n)		49,028		49,028
	Total Short Term Investments (cost $213,277)			213,277
Total Investments 105.0% (cost $1,898,192)					1,930,682
Other Derivative Instruments (0.0)%					(163)
Other Assets and Liabilities, Net (5.0)%					(92,480)
Total Net Assets 100.0%					1,838,039

(a)The Adviser has deemed this security, which is exempt from registration under the Securities Act of 1933, as amended, to be liquid based on procedures approved by the Board of Trustees. As of September 30, 2019, the value and the percentage of net assets of these liquid securities was $377,999 and 20.6% of the Fund.

(b)All or a portion of the security was on loan as of September 30, 2019.

(c)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

(d)Perpetual security. Next contractual call date presented, if applicable.

(e)Convertible security.

(f)Security is restricted to resale to institutional investors. See Restricted Securities in the Schedules of Investments.

(g)Non-income producing security.

(h)As of September 30, 2019, issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date. The aggregate value of these securities represented 0.7% of the Fund’s net assets.

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

(j)Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of September 30, 2019. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations (“CMO”) and mortgage-backed securities (“MBS”) are determined by tranches of underlying mortgage-backed security pools’ cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security’s offering documents.

(k)Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Schedules of Investments.

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

(m)Investment in affiliate.

(n)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Cemex Finance LLC, 6.00%, 04/01/24	03/25/14	3,000	3,083	0.2

JNL/Franklin Templeton Income Fund — Exchange Traded Written Options
Reference Entity	Put/Call		Exercise Price ($)/ Swaption Rate (%)		Expiration	Notional/ Contracts1		Value ($)
Options on Securities
Chevron Corporation		Call		130.00	12/20/19		400		(25)
Cummins Inc.		Call		175.00	12/20/19		400		(122)
E. I. du Pont de Nemours and Company		Call		75.00	10/18/19		500		(16)
									(163)

216

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
JNL/Franklin Templeton International Small Cap Fund
COMMON STOCKS 95.6%
United Kingdom 14.2%
	Bellway P L C	24		998
	Biffa PLC (a)	4,880		14,176
	Bovis Homes BVC Ltd.	64		878
	Card Factory PLC	516		1,062
	Clarkson PLC	449		13,539
	Coats Group PLC	1,201		1,095
	Devro PLC	1,418		3,302
	Greggs PLC	147		3,774
	Headlam Group PLC	2,026		11,247
	John Wood Group P.L.C. (b)	2,479		11,552
	Man Group PLC	1,617		3,472
	Oxford Instruments PLC	110		1,727
	PageGroup Plc	1,128		6,093
	SIG plc	1,186		1,833
	Sthree Plc	1,048		3,912
			78,660
Japan 11.1%
	Anicom Holdings, Inc. (b)	92		3,509
	Asahi Corporation	75		827
	Asics Corp.	234		4,028
	BML Inc.	265		7,157
	Bunka Shutter Co. Ltd.	166		1,429
	Daibiru Corp.	209		2,156
	Descente Ltd.	—		4
	Dowa Holdings Co. Ltd.	75		2,572
	En-Japan Inc.	56		2,145
	Fuji Oil Holdings Inc. (b)	127		3,709
	Gulliver International Co. Ltd. (b)	430		1,899
	Hoshino Resorts REIT, Inc.	—		1,175
	Idec Corp.	124		2,263
	Kobayashi Pharmaceutical Co. Ltd.	25		1,882
	Meitec Corp.	76		3,748
	Morita Holdings Corp.	108		1,699
	N Field Co Ltd	112		649
	Nichiha Corporation	101		2,770
	Nihon Parkerizing Co. Ltd.	139		1,515
	Nissei ASB Machine Co., Ltd. (b)	54		1,697
	Qol Holdings Co., Ltd.	110		1,462
	Square Enix Holdings Co. Ltd.	47		2,291
	Tadano Ltd. (b)	206		1,979
	Taiyo Holdings Co., Ltd.	7		240
	TechnoPro Holdings, Inc.	47		2,832
	Tsumura & Co. (b)	139		3,737
	Zojirushi Corp. (b)	151		1,998
			61,372
Bermuda 8.2%
	Arch Capital Group Ltd. (c)	356		14,924
	AXIS Capital Holdings Limited	31		2,076
	Liberty Latin America Ltd. - Class A (c)	620		10,577
	Liberty Latin America Ltd. - Class C (c)	379		6,484
	RenaissanceRe Holdings Ltd	58		11,317
			45,378
Canada 7.7%
	Badger Daylighting Ltd. (b)	17		522
	Canaccord Genuity Group Inc.	520		2,047
	Canada Goose Holdings Inc. (c)	28		1,235
	Canadian Western Bank	138		3,458
	Computer Modelling Group Ltd.	207		956
	Fairfax Financial Holdings Ltd.	31		13,797
	Fairfax India Holdings Corporation (a) (c)	1,287		15,443
	Gran Tierra Energy Inc. (c)	524		648
	Mullen Group Ltd. (b)	186		1,224
	Russel Metals Inc.	57		908
	ShawCor Ltd.	80		920
	The North West Company Inc. (b)	86		1,833
			42,991
Sweden 5.7%
	Cloetta AB - Class B	4,173		11,979
	Dometic Group AB (publ) (a)	307		2,405
	Dustin Group AB (a) (b)	870		6,955
	Granges AB (b)	294		3,002
	Hexpol AB	419		3,218
	Tethys Oil AB	110		878
	Thule Group AB (a)	183		3,473
			31,910
Spain 5.6%
	Construcciones Y Auxiliar De Ferrocarriles, S.A	57		2,601
	Lar Espana Real Estate Socimi, S.A. (d)	1,098		9,252
	Prosegur Cash, S.A. (a)	4,355		6,258
	Zardoya Otis SA (b)	1,902		12,915
			31,026
France 5.3%
	Elior Group (a) (b)	1,098		14,587
	Elis SA	702		12,426
	Maisons Du Monde (a)	58		910
	Nexans	41		1,510
			29,433
Hong Kong 5.3%
	Goodbaby International Holdings Limited (c)	6,287		949
	Greatview Aseptic Packaging Company Limited	2,137		1,051
	Hang Lung Group Ltd.	5,770		14,437
	Johnson Electric Holdings Limited	514		925
	PAX Global Technology Limited	2,630		1,187
	Techtronic Industries Company Limited	585		4,076
	Value Partners Group Limited	3,189		1,611
	VTech Holdings Ltd. (b)	261		2,278
	Xtep International Holdings Limited	5,057		2,739
			29,253
Denmark 4.4%
	ISS A/S (b)	320		7,922
	Matas A/S	119		881
	Nilfisk Holding A/S (b) (c)	86		1,991
	Scandinavian Tobacco Group A/S (a) (b)	1,153		13,512
			24,306
Germany 4.0%
	Brenntag AG	150		7,255
	Gerresheimer AG	49		3,494
	JENOPTIK Aktiengesellschaft	85		2,107
	Rational AG	6		4,048
	Stabilus S.A.	51		2,488
	zooplus AG (c)	23		2,710
			22,102
China 2.9%
	Beijing Hollysys Co.,Ltd.	134		2,043
	Beijing Wuba Information Technology Co., Ltd. - Class A - ADR (c)	251		12,397
	China ZhengTong Auto Services Holdings Limited	2,133		618
	Shanghai Haohai Biological Technology Co., Ltd. - Class H (a)	208		1,009
			16,067
Taiwan 2.7%
	Chicony Electronics Co. Ltd.	1,062		3,133
	Giant Manufacturing Co. Ltd.	442		3,015
	King Yuan Electronics Co. Ltd.	3,123		3,520
	Merida Industry Co. Ltd.	397		2,262
	Tripod Technology Corp.	786		2,833
			14,763
Ireland 2.4%
	Total Produce Public Limited Company (b)	8,771		13,422
Netherlands 2.1%
	Aalberts Industries N.V.	30		1,187
	Accell Group N.V.	61		1,476
	Arcadis NV	152		2,835
	Flow Traders N.V. (a)	56		1,477
	Intertrust N.V. (a)	162		3,176
	PostNL NV (b)	656		1,458
			11,609
Italy 1.7%
	Interpump Group SpA	122		3,860
	Technogym S.p.A. (a)	407		4,529

217

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	Tod's SpA (b)	20		976
			9,365
Singapore 1.6%
	Haw Par Corp. Ltd.	511		4,955
	Straits Trading Co. Ltd.	2,687		4,023
			8,978
Switzerland 1.5%
	Bucher Industries AG	11		3,545
	Landis+Gyr Group AG	18		1,608
	Logitech International S.A. (b)	48		1,955
	Tecan Group AG	5		1,176
			8,284
Belgium 1.1%
	Barco NV	21		4,080
	Ontex Group (b)	123		2,220
			6,300
Brazil 1.1%
	Camil Alimentos S.A.	1,593		2,584
	Grendene S.A.	748		1,560
	M. Dias Branco S.A. Industria e Comercio de Alimentos	238		2,007
			6,151
Finland 1.0%
	Huhtamaki Oyj - Class I	110		4,376
	Outotec Oyj (c)	167		981
	Uponor Oyj	40		429
			5,786
United Arab Emirates 1.0%
	Borr Drilling Limited (b) (c)	1,059		5,503
Australia 1.0%
	Hansen Technologies Limited	2,150		5,475
South Korea 0.9%
	BNK Financial Group Inc.	274		1,646
	DGB Financial Group	392		2,446
	Orion Incorporation	9		771
			4,863
Greece 0.8%
	Silverado C & D, A California Limited Partnership (c)	1,398		4,725
United States of America 0.8%
	OneSpaWorld Holdings Limited (b) (c)	290		4,501
Luxembourg 0.5%
	Grand City Properties S.A.	122		2,743
India 0.5%
	DCB Bank Limited	499		1,377
	Welspun India Limited	1,588		1,180
			2,557
Indonesia 0.3%
	PT XL Axiata Tbk. (c)	7,007		1,709
Poland 0.2%
	CCC S.A.	35		1,200
	Total Common Stocks (cost $573,150)		530,432
PREFERRED STOCKS 0.4%
Brazil 0.4%
	Alpargatas S.A. (c)	381		2,374
	Total Preferred Stocks (cost $847)		2,374
WARRANTS 0.1%
United States of America 0.1%
	OneSpaWorld Holdings Limited (c)	60		291
	Total Warrants (cost $0)		291
SHORT TERM INVESTMENTS 6.8%
Investment Companies 3.7%
	JNL Government Money Market Fund - Institutional Class, 1.86% (e) (f)	20,484		20,484
Securities Lending Collateral 3.1%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (e) (f)	16,990		16,990
	Total Short Term Investments (cost $37,474)		37,474
Total Investments 102.9% (cost $611,471)				570,571
Other Assets and Liabilities, Net (2.9)%				(15,906)
Total Net Assets 100.0%				554,665

(a)The Adviser has deemed this security, which is exempt from registration under the Securities Act of 1933, as amended, to be liquid based on procedures approved by the Board of Trustees. As of September 30, 2019, the value and the percentage of net assets of these liquid securities was $87,910 and 15.8% of the Fund.

(b)All or a portion of the security was on loan as of September 30, 2019.

(c)Non-income producing security.

(d)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

(e)Investment in affiliate.

(f)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

Forward Foreign Currency Contracts

Purchased/ Sold	Counter-party	Expiration	Notional1		Value ($)		Unrealized Appreciation (Depreciation) ($)
USD/HKD	UBS	10/03/19	HKD	(89)		(11)		—

218

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
JNL/Franklin Templeton Mutual Shares Fund
COMMON STOCKS 87.6%
Financials 21.5%
	Alleghany Corporation (a)		18		14,180
	American International Group, Inc.		275		15,294
	Barclays Plc		31		57
	Cadence Bancorporation - Class A		91		1,590
	Capital One Financial Corporation		95		8,602
	Chubb Limited		32		5,105
	CIT Group Inc.		114		5,189
	Citigroup Inc.		171		11,790
	Citizens Financial Group Inc.		245		8,670
	Everest Re Group, Ltd.		11		2,945
	Independent Bank Group, Inc.		10		530
	JPMorgan Chase & Co.		138		16,246
	MetLife, Inc.		102		4,807
	Synovus Financial Corp.		84		3,022
	The Hartford Financial Services Group, Inc.		179		10,862
	Voya Financial Inc.		166		9,030
	Wayne Services Legacy Inc. (a) (b) (c)		1		—
	Wells Fargo & Co.		248		12,510
				130,429
Health Care 12.9%
	Celgene Corp. (a)		39		3,883
	CVS Health Corporation		142		8,977
	Eli Lilly & Co.		78		8,709
	GlaxoSmithKline PLC		601		12,848
	Medtronic Public Limited Company		175		19,038
	Merck & Co., Inc.		94		7,950
	Novartis AG - ADR		153		13,284
	Perrigo Company Public Limited Company		64		3,571
				78,260
Energy 9.9%
	Baker Hughes, a GE Company, LLC - Class A		227		5,256
	BP P.L.C.		1,165		7,376
	Kinder Morgan, Inc.		561		11,554
	Marathon Oil Corp.		528		6,483
	Occidental Petroleum Corporation		98		4,376
	Plains GP Holdings, L.P. - Class A (a)		186		3,946
	Royal Dutch Shell PLC - Class A		113		3,316
	Royal Dutch Shell PLC - Class A		156		4,566
	Schlumberger Ltd.		177		6,062
	Williams Cos. Inc.		300		7,213
				60,148
Information Technology 9.2%
	Cisco Systems, Inc.		109		5,399
	Cognizant Technology Solutions Corp. - Class A		158		9,547
	Corning Inc.		219		6,249
	Hewlett Packard Enterprise Company		364		5,518
	Samsung Electronics Co. Ltd.		262		10,750
	Symantec Corp.		457		10,791
	Western Digital Corp.		132		7,857
				56,111
Communication Services 9.2%
	Charter Communications, Inc. - Class A (a)		32		12,999
	Comcast Corporation - Class A		248		11,171
	Cumulus Media Inc. - Class B (a)		10		150
	Discovery, Inc. - Class C (a)		228		5,622
	Dish Network Corporation - Class A (a)		140		4,782
	iHeartMedia, Inc. (a) (c) (d)		1		10
	iHeartMedia, Inc. - Class A (a) (e)		47		699
	Koninklijke KPN N.V.		1,437		4,480
	Walt Disney Co.		123		16,071
				55,984
Consumer Staples 8.3%
	Altria Group, Inc.		113		4,611
	Archer-Daniels-Midland Company		132		5,412
	British American Tobacco P.L.C. - ADR		60		2,215
	British American Tobacco P.L.C.		219		8,079
	Energizer Holdings, Inc. (e)		85		3,691
	Imperial Brands PLC		74		1,663
	Kraft Heinz Foods Company		331		9,261
	The Kroger Co.		349		8,988
	Walgreens Boots Alliance Inc.		118		6,526
				50,446
Industrials 7.5%
	BAE Systems PLC		858		6,003
	CNH Industrial N.V.		456		4,641
	Fluor Corp.		78		1,498
	General Electric Company		654		5,844
	Huntington Ingalls Industries Inc.		32		6,851
	Johnson Controls International Public Limited Company		233		10,210
	Sensata Technologies Holding PLC (a)		208		10,434
				45,481
Consumer Discretionary 5.7%
	General Motors Company		205		7,688
	Lennar Corp. - Class A		116		6,470
	Newell Brands Inc.		472		8,840
	PVH Corp.		69		6,074
	Toll Brothers Inc.		93		3,799
	TRU Kids Parent LLC (a) (b) (c)		1		2,043
				34,914
Materials 1.6%
	International Paper Co.		181		7,584
	Westrock Company, Inc.		54		1,973
				9,557
Real Estate 1.2%
	Alexander's, Inc.		4		1,538
	Vornado Realty Trust		94		5,986
				7,524
Utilities 0.6%
	Vistra Energy Corp.		142		3,790
	Total Common Stocks (cost $483,427)			532,644
CORPORATE BONDS AND NOTES 1.9%
Information Technology 1.2%
	Banff Merger Sub Inc.
		9.75%, 09/01/26 (f)	3,156		3,015
	Veritas USA Inc.
		7.50%, 02/01/23 (f)	495		489
		10.50%, 02/01/24 (f)	4,063		3,843
				7,347
Communication Services 0.6%
	Frontier Communications Corporation
		10.50%, 09/15/22	3,835		1,765
		11.00%, 09/15/25	4,296		1,944
				3,709
Energy 0.1%
	McDermott Technology (Americas), Inc.
		10.63%, 05/01/24 (f)	1,714		397
Financials 0.0%
	Walter Energy Inc.
		0.00% (b) (c)	1,503		—
	Total Corporate Bonds And Notes (cost $16,208)			11,453
SENIOR LOAN INTERESTS 0.8%
Financials 0.8%
	Veritas Bermuda Ltd.
		USD Repriced Term Loan B, 6.61%, (3M LIBOR + 4.50%), 01/27/23 (g)	4,267		4,023
		USD Repriced Term Loan B, 6.83%, (3M LIBOR + 4.50%), 01/27/23 (g)	834		786
	Total Senior Loan Interests (cost $4,796)			4,809
WARRANTS 0.0%
	Avaya Holdings Corp. (a) (c)		23		24
	Total Warrants (cost $55)			24
OTHER EQUITY INTERESTS 0.0%
	Avaya Inc. (a) (b) (c) (h)		546		—
	Avaya Inc. (a) (b) (c) (h)		3,139		—
	Avaya Inc. Escrow (a) (b) (c) (h)		4,317		—
	Avaya Inc. Escrow (a) (b) (c) (h) (i)		9,561		—
	Avaya Inc. Escrow (a) (b) (c) (h) (i)		1,008		—
	iHeartMedia, Inc. (a) (b) (c) (h)		7,449		—

219

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Texas Competitive Electric Holdings Co. LLC (a) (f) (h)		11,682		13
	Tribune Co. Escrow Litigation Interests (a) (b) (c) (h)		49		—
	Total Other Equity Interests (cost $0)			13
SHORT TERM INVESTMENTS 9.9%
Investment Companies 9.0%
	JNL Government Money Market Fund - Institutional Class, 1.86% (j) (k)		54,490		54,490
U.S. Treasury Bill 0.5%
	Treasury, United States Department of
		2.42%, 10/10/19 (l)	1,500		1,499
		1.94%, 12/05/19 (l)	1,500		1,495
				2,994
Securities Lending Collateral 0.4%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (j) (k)		2,393		2,393
	Total Short Term Investments (cost $59,877)			59,877
Total Investments 100.2% (cost $564,363)					608,820
Other Derivative Instruments 0.0%					199
Other Assets and Liabilities, Net (0.2)%					(1,187)
Total Net Assets 100.0%					607,832

(a)Non-income producing security.

(b)Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Schedules of Investments.

(c)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

(d)Security fair valued in good faith as a Level 2 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Schedules of Investments.

(e)All or a portion of the security was on loan as of September 30, 2019.

(f)The Adviser has deemed this security, which is exempt from registration under the Securities Act of 1933, as amended, to be liquid based on procedures approved by the Board of Trustees. As of September 30, 2019, the value and the percentage of net assets of these liquid securities was $7,757 and 1.3% of the Fund.

(g)Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of September 30, 2019. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations (“CMO”) and mortgage-backed securities (“MBS”) are determined by tranches of underlying mortgage-backed security pools’ cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security’s offering documents.

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

(i)Security is restricted to resale to institutional investors. See Restricted Securities in the Schedules of Investments.

(j)Investment in affiliate.

(k)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

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

Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Avaya Inc. Escrow	12/27/16	—	—	—
	Avaya Inc. Escrow	12/28/16	—	—	—
			—	—	—

Forward Foreign Currency Contracts

Purchased/ Sold	Counter-party	Expiration	Notional1		Value ($)		Unrealized Appreciation (Depreciation) ($)
GBP/USD	BOA	10/24/19	GBP	229		281		(5)
GBP/USD	BOA	10/24/19	GBP	5		6		—
GBP/USD	HSB	10/24/19	GBP	152		187		(2)
GBP/USD	HSB	10/24/19	GBP	35		44		—
USD/EUR	HSB	10/16/19	EUR	(9,069)		(9,896)		125
USD/GBP	HSB	10/24/19	GBP	(10,985)		(13,519)		46
USD/KRW	HSB	10/18/19	KRW	(12,483,877)		(10,442)		35
						(33,339)		199

220

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
JNL/Goldman Sachs Emerging Markets Debt Fund
GOVERNMENT AND AGENCY OBLIGATIONS 58.6%
Thailand 10.8%
	Thailand, Kingdom of
		1.88%, 06/17/22, THB	44,260		1,467
		3.63%, 06/16/23, THB	12,530		443
		2.40%, 12/17/23, THB	255,710		8,707
		3.85%, 12/12/25, THB	26,500		990
		3.58%, 12/17/27, THB	27,180		1,033
		1.25%, 03/12/28, THB (a) (b)	85,058		2,715
		2.88%, 12/17/28, THB	65,380		2,391
		3.65%, 12/17/21 - 06/20/31, THB	103,950		3,698
		3.78%, 06/25/32, THB	138,950		5,720
		3.40%, 06/17/36, THB	19,170		800
		3.30%, 06/17/38, THB	38,630		1,621
				29,585
South Africa 7.0%
	South Africa, Parliament of
		10.50%, 12/21/26, ZAR	32,030		2,361
		8.00%, 01/31/30, ZAR	3,580		221
		7.00%, 02/28/31, ZAR	17,420		974
		8.25%, 03/31/32, ZAR	16,947		1,030
		8.88%, 02/28/35, ZAR	79,620		4,949
		8.50%, 01/31/37, ZAR	103,945		6,153
		9.00%, 01/31/40, ZAR	56,045		3,416
		6.50%, 02/28/41, ZAR	20		1
		8.75%, 01/31/44, ZAR	1,353		80
				19,185
Brazil 6.1%
	Presidencia Da Republica Federativa Do Brasil
		10.00%, 01/01/21 - 01/01/29, BRL	58,074		15,526
		6.00%, 08/15/40, BRL (c)	1,039		1,112
				16,638
Colombia 4.9%
	Presidencia de la Republica de Colombia
		3.50%, 03/10/21 - 05/07/25, COP (a)	7,217,770		2,139
		7.75%, 04/14/21, COP	1,138,000		340
		7.00%, 05/04/22 - 06/30/32, COP	18,356,900		5,608
		4.38%, 03/21/23, COP	1,858,000		520
		10.00%, 07/24/24, COP	3,427,600		1,188
		6.25%, 11/26/25, COP	3,535,200		1,061
		7.50%, 08/26/26, COP	2,898,600		926
		3.30%, 03/17/27, COP (a)	530,718		165
		6.00%, 04/28/28, COP	5,229,800		1,523
				13,470
Chile 4.4%
	Banco Central de Chile
		3.00%, 03/01/22, CLP (a)	476,825		715
	Gobierno de la Republica de Chile
		5.50%, 08/05/20, CLP	751,000		1,053
		4.00%, 03/01/23, CLP	1,435,000		2,090
		4.50%, 02/28/21 - 03/01/26, CLP	3,950,000		5,857
		5.00%, 03/01/35, CLP	1,320,000		2,272
				11,987
Russian Federation 4.0%
	Ministry of Finance of the Russian Federation
		7.95%, 10/07/26, RUB	148,260		2,432
		6.90%, 05/23/29, RUB	50,190		773
		8.50%, 09/17/31, RUB	210,680		3,633
		7.25%, 05/10/34, RUB	259,810		4,042
				10,880
Poland 3.8%
	Urzad Rady Ministrow
		4.00%, 10/25/23, PLN	7,290		1,978
		2.75%, 04/25/28 - 10/25/29, PLN	32,270		8,562
				10,540
Mexico 3.5%
	Gobierno Federal de los Estados Unidos Mexicanos
		7.50%, 06/03/27, MXN	53,342		2,809
		8.50%, 05/31/29 - 11/18/38, MXN	40,897		2,328
		7.75%, 05/29/31, MXN	21,202		1,138
		7.75%, 11/23/34, MXN	6,142		329
		10.00%, 11/20/36, MXN	33,562		2,164
		8.00%, 11/07/47, MXN	16,431		896
				9,664
Peru 3.3%
	Comision De Promocion Del Peru Para La Exportacion Y El Turismo
		8.20%, 08/12/26, PEN (b)	1,395		525
		6.35%, 08/12/28, PEN (d)	2,662		923
		5.94%, 02/12/29, PEN	4,400		1,467
		6.95%, 08/12/31, PEN (b)	938		339
		6.15%, 08/12/32, PEN	7,720		2,609
		5.40%, 08/12/34, PEN	2,100		665
		6.90%, 08/12/37, PEN (b)	2,245		815
		6.85%, 02/12/42, PEN (b)	4,205		1,539
		6.71%, 02/12/55, PEN (b)	718		266
				9,148
Turkey 2.5%
	Turkiye Cumhuriyeti Basbakanlik
		11.00%, 03/02/22 - 02/24/27, TRY	12,960		2,118
		10.70%, 08/17/22, TRY	6,740		1,121
		12.20%, 01/18/23, TRY	9,920		1,706
		16.20%, 06/14/23, TRY	2,370		453
		8.80%, 09/27/23, TRY	6,260		944
		4.88%, 10/09/26	220		204
		6.00%, 01/14/41	230		206
				6,752
Hungary 2.3%
	Koztarsasagi Elnoki Hivatal
		3.00%, 06/26/24, HUF	896,050		3,194
		5.50%, 06/24/25, HUF	610,020		2,461
		2.75%, 12/22/26, HUF	145,220		514
		3.00%, 10/27/27, HUF	31,860		115
				6,284
Czech Republic 1.8%
	Urad Vlady CR
		1.00%, 06/26/26, CZK	18,150		751
		0.25%, 02/10/27, CZK	40,410		1,581
		2.50%, 08/25/28, CZK	19,820		920
		0.95%, 05/15/30, CZK	26,460		1,068
		4.20%, 12/04/36, CZK	12,140		723
				5,043
Dominican Republic 1.5%
	Banco Central de la Republica Dominicana
		10.50%, 04/07/23, DOP (b)	2,700		55
		11.00%, 09/15/23, DOP (d)	2,190		44
		12.00%, 03/05/32, DOP (b)	58,600		1,279
	Presidencia de la Republica Dominicana
		8.90%, 02/15/23, DOP (d)	10,850		209
		11.50%, 05/10/24, DOP (b)	22,700		479
		9.75%, 06/05/26, DOP (d)	64,900		1,274
		18.50%, 02/04/28, DOP (d) (e)	4,900		140
		11.38%, 07/06/29, DOP (b)	3,000		63
		6.50%, 02/15/48 (b)	220		236
		6.40%, 06/05/49 (d)	420		447
				4,226
Indonesia 1.2%
	The Republic of Indonesia, The Government of
		8.25%, 07/15/21, IDR	32,700,000		2,378
		7.00%, 05/15/27, IDR	7,241,000		504
		6.13%, 05/15/28, IDR	3,000		—
		9.00%, 03/15/29, IDR	6,572,000		511
				3,393
Argentina 0.3%
	Gobierno de la Provincia de Santa Fe
		7.00%, 03/23/23 (b)	180		117
	Presidencia De La Nacion
		4.50%, 02/13/20 (f)	240		85
		54.21%, (Argentina Deposit Rates Badlar + 3.25%), 03/01/20, ARS (f) (g)	2,475		23
		2.50%, 07/22/21, ARS (c)	375		6

221

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
		3.38%, 01/15/23, EUR (b)	530		220
		5.00%, 01/15/27, EUR (b)	420		176
		5.25%, 01/15/28, EUR (d)	440		184
		3.75%, 12/31/38 (h)	40		16
				827
Venezuela 0.3%
	Petroleos de Venezuela, S.A.
		0.00%, 10/28/22 (b) (f) (i) (j) (k)	10,060		765
Puerto Rico 0.2%
	Puerto Rico Sales Tax Financing Corporation (COFINA)
		4.50%, 07/01/34	38		41
		4.55%, 07/01/40	19		20
		4.75%, 07/01/53	141		146
		5.00%, 07/01/58	358		377
				584
Ukraine 0.2%
	Cabinet of Ministers of Ukraine
		7.75%, 09/01/22 - 09/01/23 (b)	510		540
Uruguay 0.2%
	Banco de la Republica Oriental del Uruguay
		4.38%, 12/15/28, UYU (a)	10,942		312
	El Gobierno De La Republica Oriental Del Uruguay
		8.50%, 03/15/28, UYU (d)	9,550		218
				530
Nigeria 0.1%
	Africa Finance Corporation
		3.88%, 04/13/24 (d)	300		309
Burundi 0.1%
	Eastern & Southern African Trade and Development Bank
		5.38%, 03/14/22 (b)	200		206
Philippines 0.1%
	The Philippines, Government of
		3.90%, 11/26/22, PHP	10,000		193
	Total Government And Agency Obligations (cost $170,316)			160,749
CORPORATE BONDS AND NOTES 26.6%
Peru 4.3%
	Aby Transmision Sur S.A.
		6.88%, 04/30/43 (d)	945		1,168
	Banco de Credito del Peru
		4.85%, 10/30/20, PEN (d)	740		222
		4.65%, 09/17/24, PEN (d)	15,500		4,599
		2.70%, 01/11/25 (d)	620		620
	Banco Internacional Del Peru S.A.A. – Interbank
		3.38%, 01/18/23 (d) (e)	570		577
	Consorcio Transmantaro S.A.
		4.70%, 04/16/34 (d)	490		534
	Corporacion Lindley S.A.
		6.75%, 11/23/21 (b)	1,756		1,857
	Hunt Oil USA, Inc.
		6.38%, 06/01/28 (d)	590		662
	Inretail Pharma S.A
		5.38%, 05/02/23 (d)	710		746
	Peru Enhanced Pass-Through Finance Limited
		0.00%, 06/02/25 (b) (l)	831		764
				11,749
Turkey 2.4%
	Akbank Turk Anonim Sirketi
		6.80%, 04/27/28 (b)	480		434
	Anadolu Efes Biracilik Ve Malt Sanayii Anonim Sirketi
		3.38%, 11/01/22 (b)	1,340		1,320
	Coca Cola Icecek A.S.
		4.22%, 09/19/24 (b)	800		792
		4.22%, 09/19/24 (d)	400		398
	Global Liman Isletmeleri Anonim Sirketi
		8.13%, 11/14/21 (b)	200		195
		8.13%, 11/14/21 (d)	500		488
	Turkiye Garanti Bankasi A.S.
		6.13%, 05/24/27 (b) (g)	307		275
	Turkiye Vakiflar Bankasi T.A.O.
		8.13%, 03/28/24 (d)	310		316
	Yapi ve Kredi Bankasi A.S.
		13.88% (b) (m)	470		506
		13.88%, (callable at 100 beginning 01/15/24) (d) (m) (n)	360		389
		5.13%, 10/22/19 (b)	200		200
		6.10%, 03/16/23 (b)	410		402
		8.25%, 10/15/24 (d)	940		974
				6,689
Mexico 2.0%
	Banco Mercantil Del Norte, S.A. Institucion De Banca Multiple, Grupo Financiero Banorte
		6.75%, (callable at 100 beginning 09/27/24) (d) (m)	370		370
		7.50%, (callable at 100 beginning 06/27/29) (d) (m)	230		233
	BBVA Bancomer, S.A.
		5.13%, 01/18/33 (b)	220		210
		5.13%, 01/18/33 (d)	500		477
	Fideicomiso F/80460
		4.25%, 10/31/26 (b)	200		201
		3.88%, 04/30/28 (d)	330		323
		5.50%, 07/31/47 (b)	200		198
		5.50%, 07/31/47 (d)	320		317
	Fresnillo PLC
		5.50%, 11/13/23 (b)	402		438
	GRUMA, S.A.B. de C.V.
		4.88%, 12/01/24 (d)	910		985
	Grupo Cementos de Chihuahua, S.A.B. de C.V.
		5.25%, 06/23/24 (d)	300		311
	JB y Compania, S.A. de C.V.
		3.75%, 05/13/25 (b)	190		194
		3.75%, 05/13/25 (d)	600		616
	Kimberly - Clark De Mexico S.A.B. De C.V.
		3.25%, 03/12/25 (d)	100		99
	Minera Mexico, S.A. de C.V.
		4.50%, 01/26/50 (d)	440		433
	Petroleos Mexicanos
		6.49%, 01/23/27 (d)	70		73
		7.69%, 01/23/50 (d) (e)	130		136
				5,614
China 1.7%
	21Vianet Group, Inc.
		7.00%, 08/17/20 (b)	350		350
	China Evergrande Group
		8.25%, 03/23/22 (b)	220		197
		4.25%, 02/14/23, HKD (b) (n)	2,000		223
	China National Bluestar (Group) Co,Ltd.
		3.50%, 09/30/21 (b)	400		404
	CNAC (HK) Finbridge Company Limited
		4.13%, 03/14/21 (b)	1,040		1,057
		3.38%, 06/19/24 (b)	200		202
	Guangzhou R&F Properties Co., Ltd.
		8.13%, 02/27/23 - 07/11/24 (b)	400		381
	Huarong Finance 2017 Co., Ltd.
		4.50%, (callable at 100 beginning 01/24/22) (b) (m)	400		404
	Huarong Finance Co., Ltd.
		3.75%, 05/29/24 (b)	400		409
	Huarong Finance II Co., Ltd.
		5.50%, 01/16/25 (b)	200		219
		5.00%, 11/19/25 (b)	200		216
	JD.com Inc.
		3.88%, 04/29/26	260		271
	Kaisa Group Holdings Ltd.
		8.50%, 06/30/22 (b)	200		181
		9.38%, 06/30/24 (b)	320		272
				4,786
India 1.4%
	Adani Ports and Special Economic Zone Limited
		3.38%, 07/24/24 (d)	350		352
		4.00%, 07/30/27 (b)	200		204

222

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Adani Transmission Limited
		4.00%, 08/03/26 (b)	600		612
	Glenmark Pharmaceuticals Limited
		2.00%, 06/28/22 (b) (f) (n)	250		268
	GMR Hyderabad International Airport Limited
		5.38%, 04/10/24 (b)	200		206
	Greenko Investment Company
		4.88%, 08/16/23 (b)	600		593
		4.88%, 08/16/23 (d)	200		198
	Neerg Energy Ltd
		6.00%, 02/13/22 (b)	200		198
		6.00%, 02/13/22 (d)	400		395
	Reliance Industries Limited
		3.67%, 11/30/27 (d)	660		691
	UPL Corporation Limited
		4.50%, 03/08/28 (b)	210		218
				3,935
South Africa 1.2%
	Growthpoint Properties Ltd
		5.87%, 05/02/23 (d)	560		599
	MTN (Mauritius) Investments Limited
		5.37%, 02/13/22 (b)	660		680
		4.76%, 11/11/24 (b)	400		405
		6.50%, 10/13/26 (d)	370		405
	Sasol Financing USA LLC
		5.88%, 03/27/24	1,160		1,250
				3,339
Russian Federation 1.2%
	CBOM Finance Public Limited Company
		7.50%, 10/05/27 (b) (g)	950		816
	Gaz Capital S.A.
		5.15%, 02/11/26 (b) (f)	1,010		1,097
	LUKOIL International Finance B.V.
		4.56%, 04/24/23 (b)	510		537
	Phosagro Bond Funding Designated Activity Company
		3.95%, 11/03/21 (d)	810		827
				3,277
Argentina 1.1%
	Arcor S.A.I.C.
		6.00%, 07/06/23 (b)	70		61
		6.00%, 07/06/23 (d)	810		706
	Cablevision S.A.
		6.50%, 06/15/21 (b)	340		308
		6.50%, 06/15/21 (d)	300		274
	Compania General de Combustibles S.A.
		9.50%, 11/07/21 (b)	341		258
	IRSA Propiedades Comerciales S.A.
		8.75%, 03/23/23 (b)	342		256
	Tecila Sociedad Anonima
		6.95%, 07/21/27 (b)	260		196
		7.00%, 12/15/47 (b)	100		68
	Tecpetrol
		4.88%, 12/12/22 (b)	442		415
	Telecom Argentina SA
		8.00%, 07/18/26 (d)	480		417
				2,959
Colombia 1.1%
	Banco de Bogota S.A.
		6.25%, 05/12/26 (b)	230		260
		6.25%, 05/12/26 (d)	850		960
	Colombia Telecomunicaciones, S.A. ESP
		8.50%, (callable at 100 beginning 03/30/20) (b) (m)	140		144
	Empresas Publicas de Medellin E.S.P.
		4.25%, 07/18/29 (d)	550		579
	Transportadora de Gas Internacional S.A. E.S.P.
		5.55%, 11/01/28 (d)	810		936
				2,879
Netherlands 1.0%
	IHS Netherlands Holdco B.V.
		7.13%, 03/18/25 (d)	200		203
		8.00%, 09/27/27 (d) (e)	200		204
	Mong Duong Finance Holdings B.V.
		5.13%, 05/07/29 (d)	480		488
	MV24 Capital B.V.
		6.75%, 06/01/34 (d)	420		433
	NE Property B.V.
		3.75%, 02/26/21, EUR (b)	200		229
	Petrobras Global Finance B.V.
		5.09%, 01/15/30 (d)	810		845
	Teva Pharmaceutical Finance Netherlands III B.V.
		2.20%, 07/21/21	260		238
				2,640
United Kingdom 0.8%
	European Bank for Reconstruction and Development
		16.95%, 04/03/20, UAH (b)	43,500		1,792
	Standard Chartered Bank
		7.50%, 08/17/32, IDR (b)	1,946,000		135
	Tullow Oil PLC
		6.25%, 04/15/22 (d)	350		354
				2,281
Guatemala 0.8%
	Comcel Trust
		6.88%, 02/06/24 (b)	310		320
		6.88%, 02/06/24 (d)	330		341
	Intertrust SPV (Cayman) Limited
		5.88%, 05/03/27 (d)	760		760
	The Central America Bottling Corporation
		5.75%, 01/31/27 (d)	680		722
				2,143
Brazil 0.7%
	Banco do Brasil S.A
		6.25%, (callable at 100 beginning 04/15/24) (b) (m)	1,190		1,177
	Embraer Netherlands Finance B.V.
		5.05%, 06/15/25	131		144
		5.40%, 02/01/27	20		23
	Petrobras Global Finance B.V.
		6.00%, 01/27/28	160		178
		6.90%, 03/19/49	90		104
	Samarco Mineracao S/A
		0.00%, 11/01/22 (b) (f) (i) (j)	300		214
	Vale Overseas Ltd
		6.25%, 08/10/26	145		168
				2,008
Indonesia 0.6%
	Eterna Capital Pte. Ltd.
		8.00%, 12/11/22 (b) (o)	62		45
	Innovate Capital Pte. Ltd.
		6.00%, 12/11/24 (b) (f) (n) (o)	516		219
	LLPL Capital Pte. Ltd.
		6.88%, 02/04/39 (d)	435		505
	Minejesa Capital B.V.
		4.63%, 08/10/30 (b)	320		330
	PT Pertamina (Persero)
		4.88%, 05/03/22 (b)	560		591
				1,690
Chile 0.6%
	Inversiones CMPC S.A.
		4.38%, 05/15/23 (b) (e)	200		209
		4.38%, 04/04/27 (b)	200		211
	Sociedad Quimica Y Minera De Chile S.A.
		5.50%, 04/21/20 (d)	230		233
		3.63%, 04/03/23 (b)	500		509
		4.25%, 05/07/29 (d)	460		491
				1,653
United Arab Emirates 0.6%
	Abu Dhabi Crude Oil Pipeline - L.L.C
		4.60%, 11/02/47 (d)	600		700
	Abu Dhabi National Energy Company - J S C
		4.00%, 10/03/49 (d)	200		202
	DP World UAE Region FZE
		1.75%, 06/19/24 (n)	400		397

223

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Gems Menasa (Cayman) Limited
		7.13%, 07/31/26 (d)	260		268
				1,567
Luxembourg 0.5%
	Altice Financing S.A.
		6.63%, 02/15/23 (b)	320		328
		7.50%, 05/15/26 (b)	600		636
		7.50%, 05/15/26 (d)	420		447
				1,411
Singapore 0.4%
	DBS Group Holdings Ltd
		2.85%, 04/16/22 (d)	440		447
	LLPL Capital Pte. Ltd.
		6.88%, 02/04/39 (b)	198		229
	Theta Capital Pte. Ltd.
		7.00%, 04/11/22 (b)	400		404
				1,080
Ukraine 0.4%
	Metinvest B.V.
		7.75%, 04/23/23 (d)	235		248
	MHP SE SA
		7.75%, 05/10/24 (b)	520		558
		7.75%, 05/10/24 (d)	200		214
				1,020
Ghana 0.4%
	Kosmos Energy Ltd.
		7.13%, 04/04/26 (d)	680		701
	Tullow Oil PLC
		7.00%, 03/01/25 (b)	270		275
				976
Jamaica 0.3%
	Digicel Group Limited
		6.00%, 04/15/21 (b)	850		599
		8.25%, 09/30/22 - 12/30/22 (d)	221		74
		6.75%, 03/01/23 (d)	450		214
				887
Dominican Republic 0.3%
	Aeropuertos Dominicanos Siglo XXI
		6.75%, 03/30/29 (d)	840		881
Australia 0.3%
	Santos Finance Ltd
		5.25%, 03/13/29 (b) (e)	710		768
Norway 0.3%
	Dno Asa
		8.75%, 05/31/23 (d)	300		306
		8.38%, 05/29/24 (d)	430		430
				736
Malaysia 0.3%
	Gohl Capital Limited
		4.25%, 01/24/27 (b)	690		720
Paraguay 0.3%
	Telefonica Celular del Paraguay S.A.
		5.88%, 04/15/27 (d)	650		695
Cayman Islands 0.2%
	China Overseas Finance Cayman Limited
		0.00%, 01/05/23 (b) (l) (n)	600		663
Switzerland 0.2%
	Syngenta Finance N.V.
		5.18%, 04/24/28 (d)	320		339
		5.68%, 04/24/48 (d)	250		260
				599
Romania 0.2%
	Digi Communications N.V.
		5.00%, 10/15/23, EUR (d)	160		178
	NE Property B.V.
		1.75%, 11/23/24, EUR (b)	300		333
				511
Mongolia 0.2%
	Mongolian Mining Corporation
		0.00%, (callable at 100 beginning 04/01/20) (b) (f) (m) (o)	366		205
		9.25%, 04/15/24 (d)	250		237
				442
Hungary 0.2%
	OTP Bank Nyrt.
		2.88%, 07/15/29, EUR (b)	380		423
Bermuda 0.1%
	Li & Fung Limited
		4.38%, 10/04/24 (b)	380		380
Zambia 0.1%
	First Quantum Minerals Ltd
		6.88%, 03/01/26 (b)	390		372
Hong Kong 0.1%
	Far East Horizon Limited
		4.35%, (callable at 100 beginning 06/14/22) (b) (m)	380		365
Japan 0.1%
	SoftBank Group Corp
		6.00%, (callable at 100 beginning 07/19/23) (b) (m)	350		324
Ireland 0.1%
	Oilflow SPV 1 Designated Activity Company
		12.00%, 01/13/22 (b)	310		322
Thailand 0.1%
	PTTEP Treasury Center Company Limited
		4.60%, (callable at 100 beginning 07/17/22) (b) (m)	200		204
United States of America 0.0%
	Vale Overseas Ltd
		4.38%, 01/11/22	30		31
	Total Corporate Bonds And Notes (cost $71,191)			73,019
CREDIT LINKED STRUCTURED NOTES 8.3%
Indonesia 5.8%
	Deutsche Bank Aktiengesellschaft
		(The Republic of Indonesia, The Government of, 7.50%, 08/15/32, Moody's Rating N/A), IDR (b)	21,400,000		1,488
	JPMorgan Chase Bank, National Association
		(The Republic of Indonesia, The Government of, 8.38%, 09/15/26, Moody's Rating N/A), IDR	13,137,000		992
		(The Republic of Indonesia, The Government of, 9.00%, 03/15/29, Moody's Rating Baa2), IDR	55,759,000		4,335
		(The Republic of Indonesia, The Government of, 8.75%, 05/15/31, Moody’s Rating N/A), IDR	61,400,000		4,716
	Standard Chartered Bank
		(The Republic of Indonesia, The Government of, 9.00%, 03/15/29, Moody's Rating Baa2), IDR (d)	10,711,000		834
		(The Republic of Indonesia, The Government of, 8.75%, 05/15/31, Moody's Rating N/A), IDR	24,920,000		1,914
		(The Republic of Indonesia, The Government of, 8.75%, 05/15/31, Moody's Rating N/A), IDR (d)	19,611,000		1,507
				15,786
Egypt 1.8%
	Citigroup Global Markets Holdings Inc.
		(The Arab Republic of Egypt, 0.00%, 03/03/20, Moody’s Rating N/A), EGP (d) (l)	30,350		1,748
	HSBC Bank PLC
		(The Arab Republic of Egypt, 0.00%, 11/19/19, Moody’s Rating N/A), EGP (d) (l)	15,200		914
	JPMorgan Chase Bank, National Association
		(The Arab Republic of Egypt, 0.00%, 10/22/19, Moody’s Rating N/A), EGP (d) (l)	15,175		922

224

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
		(The Arab Republic of Egypt, 0.00%, 12/03/19, Moody’s Rating N/A), EGP (l)	21,500		1,276
				4,860
Ukraine 0.5%
	Citigroup Global Markets Holdings Inc.
		(Cabinet of Ministers of Ukraine, 14.64%, 06/15/20, Moody's Rating N/A), UAH	24,500		1,010
		(Cabinet of Ministers of Ukraine, 14.30%, 07/08/20, Moody's Rating N/A), UAH (d) (l)	10,870		446
				1,456
Colombia 0.2%
	Citigroup Inc.
		(Presidencia de la República de Colombia, 10.00%, 07/24/24, Moody's Rating N/A), COP (d)	1,642,000		567
	Total Credit Linked Structured Notes (cost $23,518)			22,669
COMMON STOCKS 0.0%
Mongolia 0.0%
	Mongolian Mining Corporation (i)		125		15
United States of America 0.0%
	New Cotai LLC (f) (i) (p)		—		—
	Total Common Stocks (cost $41)			15
SHORT TERM INVESTMENTS 0.6%
Securities Lending Collateral 0.6%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (q) (r)		1,781		1,781
	Total Short Term Investments (cost $1,781)			1,781
Total Investments 94.1% (cost $266,847)					258,233
Other Derivative Instruments (0.0)%					(54)
Other Assets and Liabilities, Net 5.9%					16,194
Total Net Assets 100.0%					274,373

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

(b)Security is restricted to resale to institutional investors. See Restricted Securities in the Schedules of Investments.

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

(d)The Adviser has deemed this security, which is exempt from registration under the Securities Act of 1933, as amended, to be liquid based on procedures approved by the Board of Trustees. As of September 30, 2019, the value and the percentage of net assets of these liquid securities was $46,511 and 17.0% of the Fund.

(e)All or a portion of the security was on loan as of September 30, 2019.

(f)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

(g)Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of September 30, 2019. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations (“CMO”) and mortgage-backed securities (“MBS”) are determined by tranches of underlying mortgage-backed security pools’ cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security’s offering documents.

(h)Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of September 30, 2019.

(i)Non-income producing security.

(j)As of September 30, 2019, issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date.

(k)Security fair valued in good faith as a Level 2 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Schedules of Investments.

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

(m)Perpetual security. Next contractual call date presented, if applicable.

(n)Convertible security.

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

(p)Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Schedules of Investments.

(q)Investment in affiliate.

(r)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

225

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	21Vianet Group, Inc., 7.00%, 08/17/20	08/15/18	347	350	0.1
	Adani Ports and Special Economic Zone Limited, 4.00%, 07/30/27	07/22/19	202	204	0.1
	Adani Transmission Limited, 4.00%, 08/03/26	01/14/19	561	612	0.2
	Akbank Turk Anonim Sirketi, 6.80%, 04/27/28	10/19/18	377	434	0.2
	Altice Financing S.A., 6.63%, 02/15/23	01/23/18	324	328	0.1
	Altice Financing S.A., 7.50%, 05/15/26	10/06/17	626	636	0.2
	Anadolu Efes Biracilik Ve Malt Sanayii Anonim Sirketi, 3.38%, 11/01/22	04/28/14	1,256	1,320	0.5
	Arcor S.A.I.C., 6.00%, 07/06/23	01/09/19	67	61	—
	Banco Central de la Republica Dominicana, 10.50%, 04/07/23	03/14/18	57	55	—
	Banco Central de la Republica Dominicana, 12.00%, 03/05/32	10/19/17	1,362	1,279	0.5
	Banco de Bogota S.A., 6.25%, 05/12/26	03/20/19	245	260	0.1
	Banco do Brasil S.A, 6.25%, callable at 100 beginning 04/15/24	11/24/14	910	1,177	0.4
	BBVA Bancomer, S.A., 5.13%, 01/18/33	02/21/19	200	210	0.1
	Cabinet of Ministers of Ukraine, 7.75%, 09/01/22	08/15/19	391	400	0.1
	Cabinet of Ministers of Ukraine, 7.75%, 09/01/23	08/15/19	134	140	—
	Cablevision S.A., 6.50%, 06/15/21	02/15/17	347	308	0.1
	CBOM Finance Public Limited Company, 7.50%, 10/05/27	09/14/17	901	816	0.3
	China Evergrande Group, 8.25%, 03/23/22	07/14/17	224	197	0.1
	China Evergrande Group, 4.25%, 02/14/23	07/23/18	232	223	0.1
	China National Bluestar (Group) Co,Ltd., 3.50%, 09/30/21	05/10/19	401	404	0.1
	China Overseas Finance Cayman Limited, 0.00%, 01/05/23	06/18/19	654	663	0.2
	CNAC (HK) Finbridge Company Limited, 4.13%, 03/14/21	01/18/19	1,041	1,057	0.4
	CNAC (HK) Finbridge Company Limited, 3.38%, 06/19/24	06/13/19	200	202	0.1
	Coca Cola Icecek A.S., 4.22%, 09/19/24	03/16/18	770	792	0.3
	Colombia Telecomunicaciones, S.A. ESP, 8.50%, callable at 100 beginning 03/30/20	09/13/17	142	144	—
	Comcel Trust, 6.88%, 02/06/24	08/12/16	315	320	0.1
	Comision De Promocion Del Peru Para La Exportacion Y El Turismo, 8.20%, 08/12/26	07/31/19	527	525	0.2
	Comision De Promocion Del Peru Para La Exportacion Y El Turismo, 6.95%, 08/12/31	03/20/15	309	339	0.1
	Comision De Promocion Del Peru Para La Exportacion Y El Turismo, 6.90%, 08/12/37	06/23/16	716	815	0.3
	Comision De Promocion Del Peru Para La Exportacion Y El Turismo, 6.85%, 02/12/42	09/11/13	1,325	1,539	0.6
	Comision De Promocion Del Peru Para La Exportacion Y El Turismo, 6.71%, 02/12/55	10/11/16	214	266	0.1
	Compania General de Combustibles S.A., 9.50%, 11/07/21	03/29/19	319	258	0.1
	Corporacion Lindley S.A., 6.75%, 11/23/21	05/13/14	1,819	1,857	0.7
	Deutsche Bank Aktiengesellschaft - The Republic of Indonesia, The Government of, 7.50%, 08/15/32, Moody's Rating N/A	04/26/18	1,428	1,488	0.5
	Digicel Group Limited, 6.00%, 04/15/21	02/15/17	765	599	0.2
	Eastern & Southern African Trade and Development Bank, 5.38%, 03/14/22	05/03/17	202	206	0.1
	Eterna Capital Pte. Ltd., 8.00%, 12/11/22	02/25/19	54	45	—
	European Bank for Reconstruction and Development, 16.95%, 04/03/20	04/10/19	1,623	1,792	0.6
	Far East Horizon Limited, 4.35%, callable at 100 beginning 06/14/22	09/24/19	367	365	0.1
	Fideicomiso F/80460, 4.25%, 10/31/26	12/12/18	185	201	0.1
	Fideicomiso F/80460, 5.50%, 07/31/47	12/12/18	184	198	0.1
	First Quantum Minerals Ltd, 6.88%, 03/01/26	02/21/19	360	372	0.1
	Fresnillo PLC, 5.50%, 11/13/23	06/14/18	411	438	0.2
	Gaz Capital S.A., 5.15%, 02/11/26	02/06/19	1,010	1,097	0.4
	Glenmark Pharmaceuticals Limited, 2.00%, 06/28/22	10/20/16	257	268	0.1
	Global Liman Isletmeleri Anonim Sirketi, 8.13%, 11/14/21	02/25/15	191	195	0.1
	GMR Hyderabad International Airport Limited, 5.38%, 04/10/24	07/02/19	205	206	0.1
	Gobierno de la Provincia de Santa Fe, 7.00%, 03/23/23	05/11/17	186	117	—
	Gohl Capital Limited, 4.25%, 01/24/27	02/15/18	682	720	0.3
	Greenko Investment Company, 4.88%, 08/16/23	02/03/17	590	593	0.2
	Guangzhou R&F Properties Co., Ltd., 8.13%, 02/27/23	08/22/19	198	193	0.1
	Guangzhou R&F Properties Co., Ltd., 8.13%, 07/11/24	07/04/19	200	188	0.1
	Huarong Finance 2017 Co., Ltd., 4.50%, callable at 100 beginning 01/24/22	06/07/18	393	404	0.1
	Huarong Finance Co., Ltd., 3.75%, 05/29/24	05/23/19	402	409	0.1
	Huarong Finance II Co., Ltd., 5.50%, 01/16/25	02/05/18	208	219	0.1
	Huarong Finance II Co., Ltd., 5.00%, 11/19/25	02/22/18	203	216	0.1
	Innovate Capital Pte. Ltd., 6.00%, 12/11/24	01/02/18	404	219	0.1
	Inversiones CMPC S.A., 4.38%, 05/15/23	12/15/17	206	209	0.1
	Inversiones CMPC S.A., 4.38%, 04/04/27	04/15/19	203	211	0.1
	IRSA Propiedades Comerciales S.A., 8.75%, 03/23/23	08/16/18	334	256	0.1
	JB y Compania, S.A. de C.V., 3.75%, 05/13/25	05/02/18	185	194	0.1
	Kaisa Group Holdings Ltd., 8.50%, 06/30/22	03/28/18	191	181	0.1
	Kaisa Group Holdings Ltd., 9.38%, 06/30/24	11/08/17	312	272	0.1
	Li & Fung Limited, 4.38%, 10/04/24	09/26/19	378	380	0.1
	LLPL Capital Pte. Ltd., 6.88%, 02/04/39	06/14/19	220	229	0.1
	LUKOIL International Finance B.V., 4.56%, 04/24/23	06/24/15	482	537	0.2
	MHP SE SA, 7.75%, 05/10/24	03/05/19	523	558	0.2
	Minejesa Capital B.V., 4.63%, 08/10/30	08/15/18	299	330	0.1
	Mongolian Mining Corporation, 0.00%, callable at 100 beginning 04/01/20	05/18/17	177	205	0.1
	MTN (Mauritius) Investments Limited, 5.37%, 02/13/22	10/05/17	669	680	0.2

226

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

Restricted Securities (continued)
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	MTN (Mauritius) Investments Limited, 4.76%, 11/11/24	12/10/18	374	405	0.1
	NE Property B.V., 3.75%, 02/26/21	12/07/18	224	229	0.1
	NE Property B.V., 1.75%, 11/23/24	01/09/19	304	333	0.1
	Neerg Energy Ltd, 6.00%, 02/13/22	05/24/19	195	198	0.1
	Oilflow SPV 1 Designated Activity Company, 12.00%, 01/13/22	02/22/18	322	322	0.1
	OTP Bank Nyrt., 2.88%, 07/15/29	09/11/19	429	423	0.2
	Peru Enhanced Pass-Through Finance Limited, 0.00%, 06/02/25	03/19/13	692	764	0.3
	Petroleos de Venezuela, S.A., 0.00%, 10/28/22	05/15/17	3,543	765	0.3
	Presidencia De La Nacion, 3.38%, 01/15/23	11/02/17	616	220	0.1
	Presidencia De La Nacion, 5.00%, 01/15/27	01/27/17	419	176	0.1
	Presidencia de la Republica Dominicana, 11.50%, 05/10/24	06/29/15	528	479	0.2
	Presidencia de la Republica Dominicana, 11.38%, 07/06/29	01/11/16	67	63	—
	Presidencia de la Republica Dominicana, 6.50%, 02/15/48	07/11/19	231	236	0.1
	PT Pertamina (Persero), 4.88%, 05/03/22	04/23/19	579	591	0.2
	PTTEP Treasury Center Company Limited, 4.60%, callable at 100 beginning 07/17/22	09/06/19	204	204	0.1
	Samarco Mineracao S/A, 0.00%, 11/01/22	03/21/17	211	214	0.1
	Santos Finance Ltd, 5.25%, 03/13/29	04/23/19	717	768	0.3
	Sociedad Quimica Y Minera De Chile S.A., 3.63%, 04/03/23	10/18/13	470	509	0.2
	SoftBank Group Corp, 6.00%, callable at 100 beginning 07/19/23	09/19/17	353	324	0.1
	Standard Chartered Bank, 7.50%, 08/17/32	09/20/18	120	135	—
	Tecila Sociedad Anonima, 6.95%, 07/21/27	03/14/19	232	196	0.1
	Tecila Sociedad Anonima, 7.00%, 12/15/47	02/11/19	80	68	—
	Tecpetrol, 4.88%, 12/12/22	05/08/18	420	415	0.1
	Thailand, Kingdom of, 1.25%, 03/12/28	07/04/19	2,685	2,715	1.0
	Theta Capital Pte. Ltd., 7.00%, 04/11/22	06/04/19	398	404	0.1
	Tullow Oil PLC, 7.00%, 03/01/25	07/18/18	263	275	0.1
	Turkiye Garanti Bankasi A.S., 6.13%, 05/24/27	10/22/18	254	275	0.1
	UPL Corporation Limited, 4.50%, 03/08/28	06/01/18	203	218	0.1
	Yapi ve Kredi Bankasi A.S., 13.88%	08/07/19	472	506	0.2
	Yapi ve Kredi Bankasi A.S., 5.13%, 10/22/19	09/14/18	199	200	0.1
	Yapi ve Kredi Bankasi A.S., 6.10%, 03/16/23	09/18/18	373	402	0.1
			48,579	46,213	16.8

JNL/Goldman Sachs Emerging Markets Debt Fund — Futures Contracts
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
30 Day Fed Funds Rate	56	November 2019		22,925	(5)			1
90 Day Eurodollar	1	December 2020		245	—			1
United States 10 Year Ultra Bond	23	December 2019		3,307	(1)			(32)
United States 2 Year Note	31	January 2020		6,679	(1)			1
United States 5 Year Note	110	January 2020		13,127	(7)			(21)
United States Long Bond	13	December 2019		2,150	—			(39)
					(14)			(89)
Short Contracts
Euro BOBL	(2)	December 2019	EUR	(273)	—			2
Euro Schatz	(4)	December 2019	EUR	(451)	—			2
United States 10 Year Note	(42)	December 2019		(5,463)	1			(10)
United States Ultra Bond	(15)	December 2019		(2,916)	(3)			38
					(2)			32

JNL/Goldman Sachs Emerging Markets Debt Fund — Centrally Cleared Interest Rate Swap Agreements
Floating Rate Index2	Paying / Receiving Floating Rate	Fixed Rate2 (%)		Expiration	Notional1		Variation Margin Receivable (Payable) ($)		Unrealized Appreciation (Depreciation) ($)
28-Day MEXIBOR (M)	Receiving	8.36	(M)	03/18/20	MXN	737,275		8		(133)
28-Day MEXIBOR (M)	Receiving	5.66	(M)	01/24/25	MXN	27,480		3		55
28-Day MEXIBOR (M)	Receiving	7.50	(M)	03/03/27	MXN	1,490		—		(5)
28-Day MEXIBOR (M)	Receiving	7.75	(M)	09/05/29	MXN	8,250		1		(21)
28-Day MEXIBOR (M)	Receiving	6.70	(M)	12/05/29	MXN	25,360		2		7
28-Day MEXIBOR (M)	Paying	6.75	(M)	12/15/21	MXN	271,000		(12)		41
28-Day MEXIBOR (M)	Paying	7.50	(M)	09/14/22	MXN	5		—		—
28-Day MEXIBOR (M)	Paying	6.63	(M)	12/14/22	MXN	47,060		(4)		16
28-Day MEXIBOR (M)	Paying	6.63	(M)	12/11/24	MXN	98,310		(10)		43
28-Day MEXIBOR (M)	Paying	6.84	(M)	12/09/26	MXN	67,270		(8)		56

227

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

JNL/Goldman Sachs Emerging Markets Debt Fund — Centrally Cleared Interest Rate Swap Agreements (continued)
Floating Rate Index2	Paying / Receiving Floating Rate	Fixed Rate2 (%)		Expiration	Notional1		Variation Margin Receivable (Payable) ($)		Unrealized Appreciation (Depreciation) ($)
28-Day MEXIBOR (M)	Paying	8.25	(M)	06/06/29	MXN	3,505		—		20
3M HIBOR (Q)	Receiving	1.75	(Q)	12/18/29	HKD	12,530		(1)		(2)
3M JIBAR (Q)	Receiving	6.50	(Q)	12/18/20	ZAR	264,690		3		18
3M JIBAR (Q)	Paying	6.75	(Q)	12/18/21	ZAR	84,830		—		13
3M JIBAR (Q)	Paying	8.00	(Q)	12/18/29	ZAR	7,090		—		(6)
3M LIBOR (Q)	Receiving	1.75	(S)	12/18/21		25,860		(5)		(56)
3M LIBOR (Q)	Receiving	1.50	(S)	12/18/29		2,470		(1)		(28)
6M BUBOR (S)	Paying	0.80	(A)	12/18/21	HUF	4,542,760		(2)		63
6M BUBOR (S)	Paying	2.50	(A)	12/18/29	HUF	402,435		—		48
6M EURIBOR (S)	Paying	0.75	(A)	12/18/29	EUR	3,410		(4)		12
6M PRIBOR (S)	Receiving	2.00	(A)	03/18/22	CZK	119,700		2		2
6M PRIBOR (S)	Receiving	1.75	(A)	12/18/29	CZK	116,020		(3)		(71)
6M PRIBOR (S)	Paying	2.20	(A)	09/18/21	CZK	41,310		(1)		(15)
6M PRIBOR (S)	Paying	1.10	(A)	12/18/24	CZK	24,780		(3)		(29)
6M SOR (S)	Paying	1.75	(S)	12/18/29	SGD	2,080		2		9
6M WIBOR (S)	Receiving	1.75	(A)	03/18/22	PLN	65,350		6		(14)
6M WIBOR (S)	Receiving	1.86	(A)	12/18/24	PLN	66,010		11		(97)
6M WIBOR (S)	Receiving	2.50	(A)	12/18/29	PLN	14,225		(1)		(130)
7-Day China Fixing Repo Rate (Q)	Paying	3.00	(Q)	12/18/24	CNY	33,520		1		(3)
BRAZIBOR (M)	Receiving	9.80	(M)	01/02/25	BRL	3,825		(2)		(144)
BRAZIBOR (M)	Paying	7.25	(M)	01/02/20	BRL	65,147		(1)		168
BRAZIBOR (M)	Paying	5.56	(M)	01/04/21	BRL	9,190		—		14
BRAZIBOR (M)	Paying	6.66	(M)	01/02/23	BRL	68,065		6		191
BRAZIBOR (M)	Paying	6.85	(M)	01/02/23	BRL	8,775		1		54
BRAZIBOR (M)	Paying	7.90	(M)	01/02/23	BRL	15,775		1		239
Chilean Interbank Rate (S)	Paying	3.60	(S)	03/20/21	CLP	2,549,720		4		92
Chilean Interbank Rate (S)	Paying	1.65	(S)	12/18/21	CLP	9,187,175		(1)		(4)
Chilean Interbank Rate (S)	Paying	2.50	(S)	12/18/29	CLP	454,850		1		(5)
Colombian Interbank Rate (Q)	Receiving	4.20	(Q)	12/18/21	COP	19,020,850		6		4
Colombian Interbank Rate (Q)	Paying	4.75	(Q)	06/20/20	COP	95		—		—
Colombian Interbank Rate (Q)	Paying	5.00	(Q)	03/20/21	COP	33,284,965		9		127
Colombian Interbank Rate (Q)	Paying	5.30	(Q)	12/18/29	COP	9,268,275		—		11
Korean Won 3M Certificate of Deposit (Q)	Receiving	1.25	(Q)	12/18/29	KRW	2,531,890		2		—
Korean Won 3M Certificate of Deposit (Q)	Paying	1.25	(Q)	12/18/21	KRW	95,142,780		(4)		66
MIBOR (S)	Receiving	5.25	(S)	12/18/24	INR	46,520		—		(9)
MIBOR (S)	Paying	4.75	(S)	12/18/21	INR	676,080		(9)		(8)
								(3)		589

JNL/Goldman Sachs Emerging Markets Debt Fund — Centrally Cleared Credit Default Swap Agreements
Reference Entity2	Fixed Receive/ Pay Rate8 (%)	Expiration	Notional1,7		Value6 ($)		Variation Margin Receivable (Payable) ($)		Unrealized Appreciation (Depreciation) ($)
Credit default swap agreements - purchase protection3
Türkiye Cumhuriyeti Basbakanlik (Q)	1.00	06/20/24		620		63		—		(40)
Credit default swap agreements - sell protection4
Gobierno Federal de los Estados Unidos Mexicanos (Q)	1.00	06/20/24		(1,000)		(2)		—		11
Ministry of Diwan Amiri Affairs (Q)	1.00	06/20/24		(170)		4		—		—
Ministry of Diwan Amiri Affairs (Q)	1.00	12/20/24		(80)		2		—		—
Ministry of Finance of the Russian Federation (Q)	1.00	12/20/24		(520)		4		(1)		8
Presidencia de la República de Colombia (Q)	1.00	06/20/24		(1,610)		12		(1)		2
The Central People's Government of the People's Republic of China (Q)	1.00	06/20/22		(900)		19		—		(1)
The Republic of Indonesia, The Government of (Q)	1.00	06/20/24		(1,760)		15		(2)		3
						54		(4)		23

Forward Foreign Currency Contracts

Purchased/ Sold	Counter-party	Expiration	Notional1		Value ($)		Unrealized Appreciation (Depreciation) ($)
BRL/USD	MSC	10/02/19	BRL	55,715		13,409		(81)
BRL/USD	MSC	10/02/19	BRL	4,418		1,064		3
BRL/USD	MSC	11/04/19	BRL	48,308		11,598		58
CLP/USD	MSC	10/01/19	CLP	7,993,165		10,961		(197)
COP/USD	MSC	10/10/19	COP	9,294,354		2,670		(91)
COP/USD	MSC	11/08/19	COP	17,759,456		5,093		(117)
COP/USD	MSC	11/08/19	COP	8,029,131		2,303		2
CZK/USD	MSC	12/18/19	CZK	121,479		5,141		(57)

228

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

Purchased/ Sold	Counter-party	Expiration	Notional1		Value ($)		Unrealized Appreciation (Depreciation) ($)
EUR/CZK	MSC	12/18/19	CZK	(11,891)		(503)		(1)
EUR/CZK	MSC	12/18/19	CZK	(22,052)		(933)		—
EUR/HUF	MSC	12/18/19	HUF	(523,827)		(1,713)		8
EUR/ILS	MSC	12/18/19	ILS	(5,215)		(1,506)		(35)
EUR/PLN	MSC	12/18/19	PLN	(2,852)		(712)		5
HUF/EUR	MSC	12/18/19	EUR	(653)		(716)		(1)
HUF/USD	MSC	12/18/19	HUF	420,974		1,377		(30)
HUF/PLN	MSC	12/18/19	PLN	(2,864)		(715)		(3)
IDR/USD	MSC	10/09/19	IDR	6,119,571		431		(7)
IDR/USD	MSC	10/09/19	IDR	77,645,914		5,466		53
ILS/USD	MSC	12/18/19	ILS	445		128		1
INR/USD	MSC	10/09/19	INR	49,199		694		(1)
INR/USD	MSC	10/09/19	INR	315,237		4,444		22
KRW/USD	MSC	11/25/19	KRW	2,985,700		2,500		(3)
KRW/USD	MSC	11/25/19	KRW	860,200		720		—
MXN/USD	MSC	12/18/19	MXN	41,720		2,088		(22)
MXN/USD	MSC	12/18/19	MXN	294,705		14,749		11
MYR/USD	MSC	11/12/19	MYR	50,588		12,075		(43)
PEN/USD	MSC	11/06/19	PEN	3,704		1,097		(7)
PHP/USD	MSC	10/18/19	PHP	38,479		742		6
PLN/EUR	MSC	12/18/19	EUR	(10,583)		(11,605)		(80)
PLN/USD	MSC	12/18/19	PLN	37,867		9,454		(181)
RON/EUR	MSC	12/18/19	EUR	(654)		(717)		—
RON/USD	MSC	12/18/19	RON	16,324		3,746		(56)
RUB/USD	MSC	10/15/19	RUB	923,386		14,212		(149)
RUB/USD	MSC	10/15/19	RUB	46,536		716		1
THB/USD	MSC	12/18/19	THB	3,027		99		—
TRY/EUR	MSC	12/18/19	EUR	(656)		(719)		20
TRY/USD	MSC	12/18/19	TRY	33,463		5,777		103
TWD/USD	MSC	10/03/19	TWD	44,477		1,434		9
TWD/USD	MSC	10/30/19	TWD	22,163		716		(1)
USD/BRL	MSC	10/02/19	BRL	(51,278)		(12,342)		(69)
USD/BRL	MSC	10/02/19	BRL	(8,855)		(2,131)		30
USD/CLP	MSC	10/01/19	CLP	(7,993,166)		(10,962)		272
USD/CLP	MSC	10/25/19	CLP	(4,898,423)		(6,721)		58
USD/CNH	MSC	12/18/19	CNH	(17,571)		(2,457)		10
USD/COP	MSC	10/10/19	COP	(9,294,354)		(2,669)		25
USD/COP	MSC	11/08/19	COP	(26,390,548)		(7,569)		64
USD/EUR	MSC	11/27/19	EUR	(881)		(964)		8
USD/EUR	MSC	12/18/19	EUR	(4,368)		(4,789)		69
USD/HKD	MSC	11/13/19	HKD	(1,889)		(241)		—
USD/HUF	MSC	12/18/19	HUF	(197,348)		(645)		12
USD/IDR	MSC	10/09/19	IDR	(26,345,360)		(1,854)		(23)
USD/IDR	MSC	10/09/19	IDR	(47,380,666)		(3,335)		6
USD/ILS	MSC	12/18/19	ILS	(16,526)		(4,774)		(63)
USD/INR	MSC	10/09/19	INR	(315,780)		(4,454)		(65)
USD/INR	MSC	10/09/19	INR	(48,656)		(686)		2
USD/INR	MSC	11/25/19	INR	(51,155)		(718)		(2)
USD/INR	MSC	12/03/19	INR	(49,199)		(690)		—
USD/KRW	MSC	11/25/19	KRW	(855,998)		(717)		—
USD/MXN	MSC	12/18/19	MXN	(14,360)		(719)		(6)
USD/MXN	MSC	12/18/19	MXN	(192,009)		(9,609)		85
USD/PEN	MSC	11/06/19	PEN	(1,454)		(431)		(3)
USD/PEN	MSC	11/06/19	PEN	(12,482)		(3,699)		47
USD/PLN	MSC	12/18/19	PLN	(2,858)		(714)		13
USD/RUB	MSC	10/15/19	RUB	(138,334)		(2,129)		29
USD/SGD	MSC	12/18/19	SGD	(5,119)		(3,707)		(3)
USD/SGD	MSC	12/18/19	SGD	(1,986)		(1,438)		7
USD/THB	MSC	12/18/19	THB	(329,223)		(10,781)		(27)
USD/THB	MSC	12/18/19	THB	(17,141)		(561)		—
USD/TRY	MSC	12/18/19	TRY	(7,882)		(1,360)		(8)
USD/TWD	MSC	10/03/19	TWD	(44,477)		(1,433)		1
USD/TWD	MSC	10/30/19	TWD	(139,789)		(4,514)		22
USD/ZAR	MSC	12/18/19	ZAR	(68,716)		(4,492)		76
ZAR/EUR	MSC	12/18/19	EUR	(656)		(719)		(22)
ZAR/USD	MSC	12/18/19	ZAR	41,580		2,718		(60)
ZAR/USD	MSC	12/18/19	ZAR	21,965		1,435		6
						4,194		(370)

JNL/Goldman Sachs Emerging Markets Debt Fund — OTC Interest Rate Swap Agreements
Floating Rate Index2	Paying/ Receiving Floating Rate	Counterparty	Fixed Rate2 (%)		Expiration	Notional1		Premiums Paid (Received) ($)		Unrealized Appreciation (Depreciation) ($)
3M KLIBOR (Q)	Paying	BOA	3.25	(Q)	12/18/24	MYR	62,870		77		(20)
3M TELBOR (Q)	Paying	BCL	1.34	(A)	12/18/29	ILS	5,480		—		62
3M TELBOR (Q)	Paying	DUB	1.41	(A)	12/18/29	ILS	6,090		—		79
Bloomberg Thailand 6M Reference Rate (S)	Paying	BOA	1.50	(S)	09/18/21	THB	127,080		—		15
Bloomberg Thailand 6M Reference Rate (S)	Paying	CGM	1.90	(S)	02/04/21	THB	71,910		—		20
Bloomberg Thailand 6M Reference Rate (S)	Paying	CGM	1.82	(S)	02/15/21	THB	31,420		—		8
Bloomberg Thailand 6M Reference Rate (S)	Paying	CGM	1.25	(S)	06/18/21	THB	76,170		1		(2)
Bloomberg Thailand 6M Reference Rate (S)	Paying	CGM	1.75	(S)	06/19/21	THB	151,980		2		35
Bloomberg Thailand 6M Reference Rate (S)	Paying	CGM	1.75	(S)	06/20/21	THB	55,570		—		13
Bloomberg Thailand 6M Reference Rate (S)	Paying	CGM	1.50	(S)	09/18/21	THB	144,860		(4)		22
Bloomberg Thailand 6M Reference Rate (S)	Paying	CSI	1.83	(S)	02/16/21	THB	41,040		—		11
Bloomberg Thailand 6M Reference Rate (S)	Paying	DUB	1.75	(S)	06/19/21	THB	134,600		—		32
Bloomberg Thailand 6M Reference Rate (S)	Paying	JPM	1.75	(S)	03/20/21	THB	145,870		3		28
Bloomberg Thailand 6M Reference Rate (S)	Paying	JPM	1.75	(S)	06/19/21	THB	390,600		8		86
Bloomberg Thailand 6M Reference Rate (S)	Paying	JPM	1.75	(S)	06/20/21	THB	202,350		(1)		50
Bloomberg Thailand 6M Reference Rate (S)	Paying	MSC	1.75	(S)	03/20/21	THB	258,100		—		54
Bloomberg Thailand 6M Reference Rate (S)	Paying	MSC	1.75	(S)	06/19/21	THB	133,860		1		31
Bloomberg Thailand 6M Reference Rate (S)	Paying	MSC	1.75	(S)	06/20/21	THB	80,650		—		20
Colombian Interbank Rate (Q)	Receiving	CSI	6.06	(Q)	05/02/24	COP	980,390		—		(19)
									87		525

JNL/Goldman Sachs Emerging Markets Debt Fund — OTC Credit Default Swap Agreements

Reference Entity2

Counter-party

Implied Credit Spread5 (%)

Fixed Receive/ Pay Rate8 (%)

Expiration

Notional1,7 ($)

Value6 ($)

Premiums Paid (Received) ($)

Unrealized Appreciation (Depreciation) ($)

Credit default swap agreements - purchase protection3

The Central People's Government of the People's Republic of China (Q)

JPM

N/A

1.00

12/20/19

3,520

(9)

(32)

23

229

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

JNL/Goldman Sachs Emerging Markets Debt Fund — OTC Credit Default Swap Agreements (continued)
Reference Entity2	Counter-party	Implied Credit Spread5 (%)	Fixed Receive/ Pay Rate8 (%)	Expiration	Notional1,7 ($)		Value6 ($)		Premiums Paid (Received) ($)		Unrealized Appreciation (Depreciation) ($)
The Central People's Government of the People's Republic of China (Q)	BOA	N/A	1.00	12/20/20		550		(6)		3		(9)
The Central People's Government of the People's Republic of China (Q)	BOA	N/A	1.00	12/20/20		2,170		(25)		24		(49)
The Central People's Government of the People's Republic of China (Q)	BOA	N/A	1.00	12/20/20		970		(11)		14		(25)
The Central People's Government of the People's Republic of China (Q)	CGM	N/A	1.00	12/20/20		630		(7)		3		(10)
The Central People's Government of the People's Republic of China (Q)	CGM	N/A	1.00	12/20/20		740		(8)		9		(17)
The Central People's Government of the People's Republic of China (Q)	CGM	N/A	1.00	12/20/20		540		(6)		4		(10)
The Central People's Government of the People's Republic of China (Q)	CGM	N/A	1.00	12/20/20		990		(11)		12		(23)
The Central People's Government of the People's Republic of China (Q)	CGM	N/A	1.00	12/20/20		950		(11)		10		(21)
The Central People's Government of the People's Republic of China (Q)	CGM	N/A	1.00	12/20/20		3,080		(35)		40		(75)
The Central People's Government of the People's Republic of China (Q)	CGM	N/A	1.00	12/20/20		90		(1)		1		(2)
The Central People's Government of the People's Republic of China (Q)	CGM	N/A	1.00	12/20/20		1,770		(21)		15		(36)
The Central People's Government of the People's Republic of China (Q)	JPM	N/A	1.00	12/20/20		760		(9)		4		(13)
The Central People's Government of the People's Republic of China (Q)	JPM	N/A	1.00	12/20/20		2,720		(31)		34		(65)
The Central People's Government of the People's Republic of China (Q)	JPM	N/A	1.00	12/20/20		1,130		(13)		15		(28)
The Central People's Government of the People's Republic of China (Q)	JPM	N/A	1.00	12/20/20		990		(11)		12		(23)
The Central People's Government of the People's Republic of China (Q)	BCL	N/A	1.00	06/20/21		330		(5)		3		(8)
The Central People's Government of the People's Republic of China (Q)	CIT	N/A	1.00	06/20/21		520		(8)		—		(8)
The Central People's Government of the People's Republic of China (Q)	CIT	N/A	1.00	06/20/21		220		(3)		2		(5)
The Central People's Government of the People's Republic of China (Q)	CIT	N/A	1.00	06/20/21		1,710		(26)		18		(44)
The Central People's Government of the People's Republic of China (Q)	DUB	N/A	1.00	06/20/21		300		(4)		—		(4)
The Central People's Government of the People's Republic of China (Q)	DUB	N/A	1.00	06/20/21		1,520		(22)		16		(38)
The Central People's Government of the People's Republic of China (Q)	JPM	N/A	1.00	06/20/21		510		(8)		—		(8)
The Central People's Government of the People's Republic of China (Q)	CIT	N/A	1.00	06/20/22		820		(18)		(13)		(5)
The Central People's Government of the People's Republic of China (Q)	JPM	N/A	1.00	06/20/22		780		(17)		(13)		(4)
The Central People's Government of the People's Republic of China (Q)	JPM	N/A	1.00	06/20/22		120		(2)		(1)		(1)
						28,430		(328)		180		(508)
Credit default swap agreements - sell protection4
Ministry of Diwan Amiri Affairs (Q)	BCL	0.35	1.00	06/20/23		(2,300)		55		20		35

230

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

JNL/Goldman Sachs Emerging Markets Debt Fund — OTC Non-Deliverable Bond Forward Contracts
Reference Entity2	Counterparty	Expiration	Notional1		Premiums Paid (Received) ($)	Unrealized Appreciation (Depreciation) ($)
Presidencia de la República de Colombia (A)	JPM	10/11/19	COP	572,800	—	—

231

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
JNL/GQG Emerging Markets Equity Fund
COMMON STOCKS 87.3%
India 25.2%
	Bajaj Finance Limited	113		6,458
	HDFC Bank Limited	93		1,617
	HDFC Bank Limited - ADR	400		22,802
	Housing Development Finance Corp.	997		27,858
	Infosys Ltd. - ADR	1,077		12,241
	Infosys Ltd.	1,111		12,662
	Kotak Mahindra Bank Ltd.	483		11,212
	Reliance Industries Ltd. - GDR (a)	107		3,973
	Reliance Industries Ltd.	743		13,993
	Tata Consultancy Services Limited	447		13,246
	United Breweries Limited	300		5,716
			131,778
Hong Kong 11.8%
	AIA Group Limited	2,245		21,231
	Budweiser Brewing Company APAC Limited (a) (b)	645		2,320
	China Resources Enterprise Ltd.	1,296		6,886
	China Resources Gas Group Ltd.	694		3,427
	CK Infrastructure Holdings Limited	777		5,224
	Link Real Estate Investment Trust	1,517		16,804
	MTR Corp.	1,075		6,030
			61,922
China 10.9%
	Alibaba Group Holding Limited - ADS (b)	18		2,991
	China Tower Corporation Limited (a)	67,072		15,296
	Guangdong Investment Ltd.	6,251		12,252
	Meituan Dianping (b)	28		286
	Ping An Insurance (Group) Co of China Ltd - Class H	877		10,113
	Tencent Holdings Limited	380		16,004
			56,942
Indonesia 7.1%
	Bank Central Asia, PT TBK	11,579		24,813
	Bank Rakyat Indonesia Persero Tbk PT	41,931		12,183
			36,996
Thailand 6.5%
	Bangkok Dusit Medical Services Public Company Limited. (c)	9,734		7,710
	CP ALL Public Company Limited (c)	4,182		11,118
	Electricity Generating PCL	796		9,347
	Thai Beverage Public Company Limited	8,908		5,704
			33,879
Russian Federation 6.2%
	MMC Norilsk Nickel - ADR	22		574
	Public Joint Stock Company Oil Company Lukoil	94		7,831
	Public Joint Stock Company Polyus - GDR (d)	81		4,686
	Public Joint Stock Company Polyus - GDR (a)	46		2,651
	Sberbank of Russia	2,729		9,592
	Yandex N.V. - Class A (b)	197		6,904
			32,238
United Kingdom 6.0%
	Coca-Cola HBC AG	299		9,738
	Unilever N.V.	361		21,729
			31,467
Singapore 3.9%
	Ascendas REIT	3,463		7,820
	Singapore Exchange Ltd.	1,235		7,574
	Singapore Technologies Engineering Ltd.	1,896		5,270
			20,664
Netherlands 2.3%
	ASML Holding	3		798
	Heineken NV	107		11,541
			12,339
United States of America 2.3%
	Coca-Cola Co.	186		10,141
	EPAM Systems, Inc. (b)	12		2,105
			12,246
Mexico 2.1%
	Fomento Economico Mexicano SAB de CV - ADR	57		5,200
	Wal - Mart de Mexico, S.A.B. de C.V.	1,961		5,806
			11,006
South Korea 1.2%
	Macquarie Korea	629		6,178
Malaysia 0.8%
	IHH Healthcare Berhad	3,153		4,280
Taiwan 0.5%
	Chailease Holding Company Limited	675		2,724
Brazil 0.5%
	Rumo SA (b)	415		2,455
	Total Common Stocks (cost $414,401)		457,114
PARTICIPATORY NOTES 9.1%
China 9.1%
	Macquarie Bank Limited (Wuliangye Yibin Co., Ltd.)	831		15,122
	Macquarie Bank Limited (Shanghai International Airport Co.Ltd.)	715		8,011
	Macquarie Bank Limited (Kweichow Moutai Co., Ltd.)	114		18,349
	Macquarie Bank Limited (Jiangsu Hengrui Medicine Co., Ltd.)	540		6,101
	Total Participatory Notes (cost $32,326)		47,583
SHORT TERM INVESTMENTS 1.5%
Investment Companies 1.5%
	JNL Government Money Market Fund - Institutional Class, 1.86% (e) (f)	7,765		7,765
	Total Short Term Investments (cost $7,765)		7,765
Total Investments 97.9% (cost $454,492)				512,462
Other Assets and Liabilities, Net 2.1%				10,791
Total Net Assets 100.0%				523,253

(a)The Adviser has deemed this security, which is exempt from registration under the Securities Act of 1933, as amended, to be liquid based on procedures approved by the Board of Trustees. As of September 30, 2019, the value and the percentage of net assets of these liquid securities was $24,240 and 4.6% of the Fund.

(b)Non-income producing security.

(c)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

(d)Security is restricted to resale to institutional investors. See Restricted Securities in the Schedules of Investments.

(e)Investment in affiliate.

(f)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Public Joint Stock Company Polyus	01/08/19	3,269	4,686	0.9

232

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

Forward Foreign Currency Contracts

Purchased/ Sold	Counter-party	Expiration	Notional1		Value ($)		Unrealized Appreciation (Depreciation) ($)
HKD/USD	SSB	10/03/19	HKD	20,536		2,620		—

233

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
JNL/Harris Oakmark Global Equity Fund
COMMON STOCKS 97.7%
United States of America 38.3%
	Alphabet Inc. - Class A (a)	29		35,298
	American International Group, Inc.	437		24,334
	Bank of America Corporation	609		17,779
	Booking Holdings Inc. (a)	13		25,863
	Caterpillar Inc.	66		8,306
	Charter Communications, Inc. - Class A (a)	66		27,378
	Citigroup Inc.	320		22,116
	Comcast Corporation - Class A	283		12,749
	Constellation Brands, Inc. - Class A	89		18,358
	General Electric Company	851		7,608
	General Motors Company	647		24,260
	Halliburton Co.	738		13,910
	HCA Healthcare, Inc.	99		11,952
	Hilton Worldwide Holdings Inc.	300		27,887
	Moody's Corp.	85		17,411
	Regeneron Pharmaceuticals, Inc. (a)	58		16,063
			311,272
Switzerland 17.9%
	Compagnie Financiere Richemont SA	180		13,244
	Credit Suisse Group AG	2,975		36,464
	Glencore PLC	13,708		41,183
	Julius Bar Gruppe AG	664		29,363
	Kühne + Nagel International AG	64		9,486
	LafargeHolcim Ltd.	321		15,807
			145,547
Germany 11.7%
	Allianz SE	102		23,714
	Bayer AG	423		29,836
	Daimler AG	815		40,456
	Henkel AG & Co. KGaA	12		1,090
			95,096
United Kingdom 6.3%
	Liberty Global PLC - Class A (a) (b)	633		15,672
	Liberty Global PLC - Class C (a)	183		4,362
	Reckitt Benckiser Group PLC	125		9,705
	WPP 2012 Limited	1,720		21,505
			51,244
France 5.4%
	BNP Paribas SA	851		41,424
	Danone	28		2,471
			43,895
Netherlands 5.4%
	CNH Industrial N.V.	3,483		35,483
	Prosus N.V. (a)	111		8,174
			43,657
South Korea 3.9%
	NAVER Corp.	115		15,085
	Samsung Electronics Co. Ltd.	414		16,998
			32,083
Japan 2.3%
	Toyota Motor Corp. (b)	274		18,378
South Africa 2.0%
	Naspers Ltd. - Class N	110		16,660
Mexico 1.5%
	Grupo Televisa S.A.B. - ADR	1,292		12,633
Taiwan 1.5%
	Taiwan Semiconductor Manufacturing Co. Ltd.	1,399		12,316
China 1.5%
	Baidu, Inc. - Class A - ADR (a)	120		12,287
	Total Common Stocks (cost $854,766)		795,068
PREFERRED STOCKS 0.7%
Germany 0.7%
	Henkel AG & Co. KGaA (c)	54		5,334
	Total Preferred Stocks (cost $5,362)		5,334
SHORT TERM INVESTMENTS 4.5%
Securities Lending Collateral 3.2%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (d) (e)	26,192		26,192
Investment Companies 1.3%
	JNL Government Money Market Fund - Institutional Class, 1.86% (d) (e)	10,488		10,488
	Total Short Term Investments (cost $36,680)		36,680
Total Investments 102.9% (cost $896,808)				837,082
Other Derivative Instruments 0.0%				184
Other Assets and Liabilities, Net (2.9)%				(23,894)
Total Net Assets 100.0%				813,372

(a)Non-income producing security.

(b)All or a portion of the security was on loan as of September 30, 2019.

(c)Convertible security.

(d)Investment in affiliate.

(e)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

Forward Foreign Currency Contracts

Purchased/ Sold	Counter-party	Expiration	Notional1		Value ($)		Unrealized Appreciation (Depreciation) ($)
USD/CHF	SSB	12/18/19	CHF	(13,810)		(13,934)		183
ZAR/USD	CIT	10/02/19	ZAR	11,417		754		1
ZAR/USD	GSC	10/03/19	ZAR	5,530		365		—
						(12,815)		184

234

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
JNL/Heitman U.S. Focused Real Estate Fund
COMMON STOCKS 99.7%
Real Estate 99.7%
	Boston Properties Inc.	57		7,354
	Camden Property Trust	74		8,192
	Cousins Properties Incorporated	213		8,012
	Cyrusone LLC	115		9,100
	DiamondRock Hospitality Co.	479		4,905
	Digital Realty Trust Inc. (a)	34		4,424
	Duke Realty Corp.	225		7,630
	Equinix, Inc.	10		6,070
	Equity Residential	145		12,475
	HCP, Inc.	217		7,730
	Hudson Pacific Properties Inc.	217		7,275
	Invitation Homes Inc.	318		9,408
	New Senior Investment Group Inc.	266		1,777
	Pebblebrook Hotel Trust	186		5,168
	Physicians Realty Trust	315		5,594
	ProLogis Inc.	178		15,192
	Public Storage	61		14,871
	QTS Realty Trust, Inc. - Class A	106		5,443
	Regency Centers Corp.	102		7,094
	Sabra Health Care REIT, Inc.	221		5,086
	Simon Property Group Inc.	73		11,442
	SITE Centers Corp.	487		7,359
	UDR Inc.	178		8,656
	Ventas, Inc.	134		9,774
	Total Common Stocks (cost $176,333)		190,031
SHORT TERM INVESTMENTS 0.2%
Securities Lending Collateral 0.2%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (b) (c)	421		421
Investment Companies 0.0%
	JNL Government Money Market Fund - Institutional Class, 1.86% (b) (c)	1		1
	Total Short Term Investments (cost $422)		422
Total Investments 99.9% (cost $176,755)				190,453
Other Assets and Liabilities, Net 0.1%				163
Total Net Assets 100.0%				190,616

(a)All or a portion of the security was on loan as of September 30, 2019.

(b)Investment in affiliate.

(c)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

235

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
JNL/Invesco China-India Fund
COMMON STOCKS 99.3%
India 45.3%
	Ajanta Pharma Limited	67		960
	Asian Paints Limited	130		3,238
	Axis Bank Limited	710		6,874
	Bajaj Finance Limited	363		20,770
	Balkrishna Industries Ltd.	180		1,975
	Bata India Ltd	215		5,229
	Bharat Forge Ltd	175		1,104
	Bharat Petroleum Corp. Ltd.	880		5,842
	Britannia Industries Ltd	50		2,081
	Cholamandalam Investment and Finance Company Limited	3,306		14,375
	Container Corporation	465		3,972
	Divi's Laboratories Ltd.	240		5,646
	Eicher Motors Ltd.	11		2,763
	HDFC Bank Limited	1,230		21,296
	Hindustan Unilever Ltd.	235		6,579
	Housing Development Finance Corp.	485		13,549
	ICICI Bank Limited	2,440		14,922
	ICICI Prudential Life Insurance Company Limited (a)	920		6,028
	IndusInd Bank Ltd.	514		10,061
	Infosys Ltd.	1,060		12,077
	Kansai Nerolac Paints Limited	375		2,781
	KEC International Limited	615		2,378
	Kotak Mahindra Bank Ltd.	350		8,129
	Larsen and Toubro Limited	255		5,312
	Marico Limited	840		4,678
	Maruti Suzuki India Ltd.	95		9,011
	PI Industries Limited	168		3,108
	Pidilite Industries Limited	220		4,486
	PNB Housing Finance Limited	248		2,049
	Ramco Cements Ltd.	445		4,726
	SRF Limited	114		4,432
	State Bank of India (b)	100		383
	Supreme Industries Ltd.	271		4,722
	Tata Consultancy Services Limited	450		13,349
	Titan Industries Ltd.	500		8,998
			237,883
China 41.4%
	Alibaba Group Holding Limited - ADS (b)	344		57,538
	Asia Cement (China) Holdings Corp.	516		623
	Baoshan Iron & Steel Co., Ltd.	8,774		7,258
	ChangYou.com Limited - Class A - ADS (c)	196		1,862
	China Mobile Ltd.	2,497		20,713
	Ctrip Computer Technology (Shanghai) Co., Ltd - ADR (b)	116		3,390
	Dali Food Group Co., Ltd. (a)	1,640		1,009
	Jiangsu Hengrui Medicine Co., Ltd. - Class A	168		1,900
	Pou Sheng International (Holdings) Limited	27,914		8,293
	Qingdao Port International Co., Ltd. (a)	3,367		2,064
	Shandong Weigao Group Medical Polymer Co. Ltd. - Class H	12,040		12,466
	Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co. Ltd. - Class H	1,455		1,005
	Shanghai International Airport Co.Ltd.	1,179		13,155
	Shanghai Jinjiang International Hotels Development Co. Ltd. - Class B	1,549		2,953
	Sun Art Retail Group Limited	12,111		12,344
	Tencent Holdings Limited	796		33,531
	Toly Bread Co., Ltd.	820		5,583
	Universal Scientific Industrial (Shanghai) Co., Ltd. - Class A	2,131		4,610
	Weibo Corp. - ADR (b) (c)	280		12,526
	Xiabuxiabu Catering Management (China) Holdings Co., Ltd. (a)	2,798		3,725
	YY, Inc. - Class A - ADS (b)	97		5,447
	Zhejiang Semir Garment Co., Ltd. - Class A	3,323		5,747
			217,742
Hong Kong 12.4%
	Ajisen (China) Holdings Limited	7,982		2,253
	Cafe de Coral Holdings Ltd.	1,356		3,630
	CIMC Enric Holdings Limited	6,406		3,699
	CK Hutchison Holdings Limited	1,149		10,151
	FIH Mobile Limited (b) (c)	2,735		337
	Goodbaby International Holdings Limited (b) (c)	4,898		739
	MicroPort Scientific Corporation	2,676		2,437
	Minth Group Limited	2,972		10,135
	Sa Sa International Holdings Ltd. (c)	9,158		2,036
	Sino Biopharmaceutical Limted	8,654		11,026
	Stella International Holdings Limited	3,095		4,839
	Towngas China Co. Ltd.	5,584		4,200
	Uni-President China Holdings Ltd	9,110		9,874
			65,356
Taiwan 0.2%
	Hu Lane Associate Inc.	382		907
	Total Common Stocks (cost $456,556)		521,888
SHORT TERM INVESTMENTS 1.0%
Securities Lending Collateral 0.5%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (d) (e)	2,635		2,635
Investment Companies 0.5%
	JNL Government Money Market Fund - Institutional Class, 1.86% (d) (e)	2,544		2,544
	Total Short Term Investments (cost $5,179)		5,179
Total Investments 100.3% (cost $461,735)				527,067
Other Assets and Liabilities, Net (0.3)%				(1,359)
Total Net Assets 100.0%				525,708

(a)The Adviser has deemed this security, which is exempt from registration under the Securities Act of 1933, as amended, to be liquid based on procedures approved by the Board of Trustees. As of September 30, 2019, the value and the percentage of net assets of these liquid securities was $12,826 and 2.4% of the Fund.

(b)Non-income producing security.

(c)All or a portion of the security was on loan as of September 30, 2019.

(d)Investment in affiliate.

(e)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

Forward Foreign Currency Contracts

Purchased/ Sold	Counter-party	Expiration	Notional1		Value ($)		Unrealized Appreciation (Depreciation) ($)
HKD/USD	BGI	10/02/19	HKD	1,601		204		—
USD/HKD	GSC	10/03/19	HKD	(1,677)		(214)		—
						(10)		—

236

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
JNL/Invesco Diversified Dividend Fund
COMMON STOCKS 90.9%
Consumer Staples 21.2%
	Anheuser-Busch InBev	95		9,098
	Campbell Soup Co.	354		16,591
	Coca-Cola Co.	244		13,284
	Danone	54		4,763
	General Mills Inc.	352		19,420
	Heineken NV	94		10,201
	Kimberly-Clark Corp.	109		15,443
	Kraft Heinz Foods Company	126		3,518
	L'Oreal SA	33		9,284
	Mondelez International Inc. - Class A	228		12,638
	Nestle SA	87		9,376
	Procter & Gamble Co.	146		18,215
	Sysco Corp.	89		7,075
			148,906
Utilities 16.4%
	American Electric Power Company, Inc.	92		8,618
	Consolidated Edison Inc.	122		11,478
	Dominion Energy, Inc.	198		16,055
	Duke Energy Corporation	93		8,955
	Entergy Corporation	159		18,613
	Exelon Corporation	322		15,577
	PPL Corporation	456		14,351
	Sempra Energy	89		13,106
	SSE PLC	537		8,218
			114,971
Financials 14.9%
	American Express Company	72		8,481
	Comerica Inc.	95		6,293
	Cullen/Frost Bankers Inc.	56		4,916
	Federated Investors Inc. - Class B	108		3,494
	Fifth Third Bancorp	228		6,254
	KeyCorp	130		2,315
	M&T Bank Corporation	91		14,380
	PNC Financial Services Group Inc.	57		7,985
	The Hartford Financial Services Group, Inc.	367		22,263
	The Travelers Companies, Inc.	103		15,328
	Zions Bancorp	287		12,766
			104,475
Industrials 9.2%
	ABB Ltd.	390		7,668
	Cummins Inc.	53		8,662
	Emerson Electric Co.	54		3,578
	Flowserve Corporation	277		12,945
	General Dynamics Corp.	44		8,116
	Pentair Public Limited Company	115		4,329
	Raytheon Co.	20		3,842
	Siemens AG	69		7,336
	United Parcel Service Inc. - Class B	64		7,715
			64,191
Health Care 7.7%
	Bayer AG	135		9,512
	Bristol-Myers Squibb Co.	172		8,708
	Eli Lilly & Co.	89		9,967
	Johnson & Johnson	79		10,196
	Merck & Co., Inc.	156		13,156
	Stryker Corp.	10		2,248
			53,787
Energy 5.6%
	Baker Hughes, a GE Company, LLC - Class A	241		5,582
	ConocoPhillips	162		9,206
	Royal Dutch Shell PLC - Class B	78		2,311
	Suncor Energy Inc.	284		8,941
	Total SA	251		13,066
			39,106
Consumer Discretionary 4.4%
	Columbia Sportswear Co.	28		2,681
	Darden Restaurants Inc.	24		2,830
	Harley-Davidson Inc.	269		9,682
	Target Corporation	78		8,347
	TJX Cos. Inc.	133		7,433
			30,973
Materials 4.1%
	Avery Dennison Corporation	30		3,414
	BASF SE	63		4,430
	DuPont de Nemours, Inc	49		3,517
	International Paper Co.	213		8,919
	Nutrien Ltd. (a)	67		3,336
	Sonoco Products Co.	92		5,347
			28,963
Communication Services 4.1%
	AT&T Inc.	471		17,838
	BT Group Plc	2,169		4,761
	Deutsche Telekom AG	367		6,163
			28,762
Real Estate 1.8%
	Weyerhaeuser Co.	450		12,476
Information Technology 1.5%
	Automatic Data Processing, Inc.	50		8,054
	International Business Machines Corp.	19		2,798
			10,852
	Total Common Stocks (cost $593,772)		637,462
SHORT TERM INVESTMENTS 9.2%
Investment Companies 9.2%
	JNL Government Money Market Fund - Institutional Class, 1.86% (b) (c)	64,369		64,369
	Total Short Term Investments (cost $64,369)		64,369
Total Investments 100.1% (cost $658,141)				701,831
Other Derivative Instruments 0.1%				418
Other Assets and Liabilities, Net (0.2)%				(1,309)
Total Net Assets 100.0%				700,940

(a)All or a portion of the security was on loan as of September 30, 2019.

(b)Investment in affiliate.

(c)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

Forward Foreign Currency Contracts

Purchased/ Sold	Counter-party	Expiration	Notional1		Value ($)		Unrealized Appreciation (Depreciation) ($)
USD/EUR	BOA	10/28/19	EUR	(12,988)		(14,187)		206
USD/EUR	CIT	10/28/19	EUR	(286)		(312)		5
USD/EUR	JPM	10/28/19	EUR	(12,988)		(14,187)		207
						(28,686)		418

237

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
JNL/Invesco Global Real Estate Fund
COMMON STOCKS 98.5%
United States of America 50.3%
	Agree Realty Corporation	174		12,731
	Alexandria Real Estate Equities, Inc.	75		11,524
	American Assets Trust, Inc.	101		4,730
	American Homes 4 Rent - Class A	514		13,312
	Americold Realty Trust	194		7,202
	AvalonBay Communities, Inc.	184		39,708
	Boston Properties Inc.	316		40,926
	Camden Property Trust	58		6,445
	Caretrust REIT, Inc.	173		4,061
	Crown Castle International Corp.	25		3,503
	Cyrusone LLC	164		12,960
	Digital Realty Trust Inc.	111		14,396
	EastGroup Properties Inc.	39		4,869
	Empire State Realty Trust Inc. - Class A	473		6,752
	EPR Properties	76		5,804
	Equity Lifestyle Properties, Inc.	101		13,529
	Equity Residential	165		14,257
	Essential Properties Realty Trust, Inc.	291		6,663
	Essex Property Trust Inc.	75		24,543
	Extra Space Storage Inc.	41		4,838
	Federal Realty Investment Trust	75		10,251
	Four Corners Property Trust, Inc.	105		2,974
	Gaming and Leisure Properties, Inc.	103		3,937
	HCP, Inc.	671		23,891
	Healthcare Realty Trust Inc.	317		10,622
	Hudson Pacific Properties Inc.	544		18,204
	InterXion Holding N.V. (a)	43		3,509
	Invitation Homes Inc.	613		18,147
	Liberty Property Trust	168		8,611
	Macerich Co. (b)	359		11,326
	Mid-America Apartment Communities, Inc.	111		14,421
	National Retail Properties Inc.	74		4,152
	Omega Healthcare Investors Inc.	159		6,664
	Park Hotels & Resorts Inc.	364		9,078
	Pebblebrook Hotel Trust	498		13,858
	ProLogis Inc.	462		39,368
	Public Storage	67		16,325
	QTS Realty Trust, Inc. - Class A	139		7,129
	Realty Income Corp.	100		7,696
	Regency Centers Corp.	210		14,611
	Retail Opportunity Investments Corp.	582		10,612
	Rexford Industrial Realty, Inc.	165		7,271
	RLJ III-EM Columbus Lessee, LLC	588		9,984
	Simon Property Group Inc.	167		26,028
	STAG Industrial, Inc.	345		10,173
	Sun Communities Inc.	122		18,137
	Sunstone Hotel Investors Inc.	275		3,782
	Terreno Realty Corporation	153		7,799
	Ventas, Inc.	567		41,403
	VICI Properties Inc.	475		10,750
	Vornado Realty Trust	194		12,366
	Welltower Inc.	124		11,260
			667,092
Japan 10.9%
	Activia Properties Inc.	1		6,616
	Advance Residence Investment Corp.	1		4,679
	Continental Resources, Inc.	2		6,788
	Daiwa Office Investment Corporation	2		12,678
	Invincible Investment Corporation	3		2,137
	Japan Hotel REIT Investment Corporation	7		5,549
	Japan Real Estate Investment Corp.	1		3,772
	Japan Rental Housing Investments Inc.	5		4,410
	Japan Retail Fund Investment Corp.	2		4,895
	Kenedix Office Investment Corporation	1		3,985
	LaSalle Logiport REIT	2		2,803
	Mitsubishi Estate Co. Ltd.	564		10,928
	Mitsui Fudosan Co. Ltd.	868		21,617
	Mitsui Fudosan Logistics Park Investment Corporation	1		4,741
	Mori Hills REIT Investment Corporation	4		6,140
	Nippon Accommodations Fund Inc.	—		436
	Nomura Real Estate Holdings, Inc.	168		3,652
	Nomura Real Estate Master Fund. Inc.	3		5,453
	Orix J-REIT Inc.	4		9,096
	Prologis	2		5,640
	Sumitomo Realty & Development Co. Ltd.	213		8,125
	Tokyu Fudosan Holdings Corporation	1,279		8,198
	TOKYU REIT, Inc.	1		2,339
			144,677
Hong Kong 8.9%
	China Evergrande Group (b)	1,583		3,380
	China Jinmao Holdings Group Limited	6,020		3,454
	China Overseas Land & Investment Ltd.	3,316		10,442
	China Resources Land Ltd.	2,378		9,984
	CK Asset Holdings Limited	1,511		10,236
	Hang Lung Properties Ltd.	1,762		4,009
	K. Wah International Holdings Ltd.	783		414
	Kerry Properties Ltd.	241		743
	Link Real Estate Investment Trust	1,863		20,634
	Longfor Group Holdings Limited	1,275		4,781
	New World Development Ltd.	8,892		11,552
	Shimao Property Holdings Limited	1,997		5,840
	Sino Land Co.	5,490		8,269
	Sun Hung Kai Properties Ltd.	778		11,220
	Swire Properties Limited	1,195		3,759
	Wharf Real Estate Investment Company Limited	1,094		5,980
	Yuexiu Property Co. Ltd.	9,182		1,995
	Yuexiu Real Estate Investment Trust	1,142		732
			117,424
Germany 4.1%
	ATF Netherlands B.V.	1,187		9,710
	Deutsche Wohnen Service Merseburg GmbH	283		10,344
	LEG Immobilien AG	75		8,609
	Vonovia SE	494		25,093
			53,756
United Kingdom 3.9%
	Assura PLC	6,625		5,809
	Big Yellow Group PLC	309		3,943
	Derwent London PLC	139		5,761
	Grainger PLC	1,200		3,627
	Land Securities Group PLC	827		8,711
	SEGRO Public Limited Company	1,101		10,978
	The Unite Group PLC	207		2,784
	Tritax Big Box Reit PLC	3,655		6,721
	Workspace Group PLC	337		3,991
			52,325
Australia 3.2%
	DEXUS Funds Management Limited	879		7,091
	Goodman Funding Pty Ltd	685		6,571
	GPT Group	1,232		5,126
	Mirvac Group	4,062		8,381
	Scentre Group Limited	5,528		14,665
			41,834
Canada 2.6%
	Allied Properties REIT	239		9,653
	Canadian Apartment Properties REIT	107		4,383
	H&R Real Estate Investment Trust	186		3,250
	Killam Apartment Real Estate Investment Trust	477		7,217
	SmartCentres Real Estate Investment Trust	409		10,026
	Summit Industrial Income REIT	50		492
			35,021
Singapore 2.4%
	Ascendas REIT	2,283		5,155
	CapitaLand Commercial Trust Management Limited	2,644		3,961
	CapitaLand Ltd.	2,509		6,410
	CapitaLand Retail China Trust Management Limited	2,167		2,397
	CapitaMall Trust	2,263		4,305
	City Developments Ltd.	514		3,651
	Mapletree Commercial Trust Management Ltd. (c)	1,804		2,990
	Mapletree Logistics Trust Management Ltd.	1,493		1,749
	Mapletree North Asia Commercial Trust Management Ltd.	1,269		1,212

238

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	Yanlord Land Group Limited	554		469
			32,299
China 2.2%
	Agile Group Holdings Limited	954		1,162
	China Aoyuan Group Limited	1,322		1,502
	China SCE Group Holdings Limited	2,722		1,260
	CIFI Holdings (Group) Co. Ltd.	4,466		2,616
	Country Garden Holdings Company Limited	5,692		7,228
	Dragon Delight Holdings Company Limited	720		1,029
	Guangzhou R&F Properties Co., Ltd. - Class H	561		851
	Guangzhou Times Holdings Group Co., Ltd.	935		1,460
	Jiayuan International Group Limited	854		358
	KWG Group Holdings Limited	1,350		1,185
	Ronshine China Holdings Limited	870		1,018
	Shenzhen Investment Ltd.	3,518		1,296
	SOHO China Limited	1,616		463
	Sunac China Holdings Limited	1,864		7,516
			28,944
Sweden 1.8%
	Fabege AB	491		8,082
	Hufvudstaden AB - Class A	432		7,829
	Wihlborgs Fastigheter AB	494		8,024
			23,935
Netherlands 1.0%
	Unibail-Rodamco SE	95		13,782
Spain 1.0%
	Inmobiliaria Colonial, Socimi, S.A.	511		6,157
	Merlin Properties, Socimi, S.A.	524		7,318
			13,475
Philippines 0.9%
	Altus San Nicolas Corp (a) (d) (e)	34		3
	Ayala Land Inc.	5,204		4,961
	Megaworld Corp.	7,694		649
	Robinsons Land Corp.	1,774		838
	SM Prime Holdings Inc.	6,817		4,892
			11,343
Luxembourg 0.8%
	Grand City Properties S.A.	458		10,304
Switzerland 0.8%
	Swiss Prime Site AG	104		10,168
South Africa 0.7%
	Growthpoint Properties Ltd	2,671		4,078
	Hyprop Investments	303		1,236
	Redefine Properties Opco (Proprietary) Limited	4,607		2,382
	Sa Corporate Real Estate	6,317		1,325
			9,021
Brazil 0.6%
	BR Malls Participacoes S.A	782		2,728
	Br Properties SA (a)	408		1,155
	Cyrela Brazil Realty SA	260		1,502
	Multiplan Empreendimentos Imobiliarios S/A	309		2,145
			7,530
Mexico 0.5%
	Cibanco, S.A., Institucion de Banca Multiple	858		1,321
	Cibanco, S.A., Institucion de Banca Multiple (f)	1,539		1,934
	Prologis Property Mexico, S.A. de C.V.	2,411		3,523
			6,778
France 0.5%
	Icade SA	69		6,175
Thailand 0.4%
	AP (Thailand) PCL - NVDR	1,930		426
	Central Pattana Public Company Limited (e)	939		2,090
	Central Pattana Public Company Limited - NVDR	1,242		2,760
	Origin Property Public Company Limited (e)	612		157
	Supalai PCL - NVDR	788		464
			5,897
Ireland 0.3%
	Green Reit Public Limited Company	1,882		3,910
India 0.2%
	DLF Limited	823		1,809
	Embassy Office Parks REIT	80		457
	Oberoi Realty Limited	121		870
			3,136
Indonesia 0.2%
	Bumi Serpong Damai, PT Tbk (a)	7,144		700
	PT Pakuwon Jati Tbk	17,105		803
	Summarecon Agung Tbk PT	9,598		782
			2,285
Malaysia 0.1%
	IOI Properties Group Berhad	3,004		818
	Sime Darby Property Berhad	3,868		777
			1,595
Chile 0.1%
	Parque Arauco SA	428		1,222
United Arab Emirates 0.1%
	Emaar Malls PJSC	1,545		790
Turkey 0.0%
	Emlak Konut GYO A.S	2,161		533
Malta 0.0%
	BGP Holdings PLC (a) (d) (e)	5,552		4
	Total Common Stocks (cost $1,210,297)		1,305,255
SHORT TERM INVESTMENTS 1.4%
Investment Companies 1.2%
	JNL Government Money Market Fund - Institutional Class, 1.86% (g) (h)	15,622		15,622
Securities Lending Collateral 0.2%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (g) (h)	3,486		3,486
	Total Short Term Investments (cost $19,108)		19,108
Total Investments 99.9% (cost $1,229,405)				1,324,363
Other Assets and Liabilities, Net 0.1%				1,133
Total Net Assets 100.0%				1,325,496

(a)Non-income producing security.

(b)All or a portion of the security was on loan as of September 30, 2019.

(c)Security is restricted to resale to institutional investors. See Restricted Securities in the Schedules of Investments.

(d)Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Schedules of Investments.

(e)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

(f)The Adviser has deemed this security, which is exempt from registration under the Securities Act of 1933, as amended, to be liquid based on procedures approved by the Board of Trustees. As of September 30, 2019, the value and the percentage of net assets of these liquid securities was $1,934 and 0.1% of the Fund.

(g)Investment in affiliate.

(h)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Mapletree Commercial Trust Management Ltd.	08/27/19	2,921	2,990	0.2

239

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

Forward Foreign Currency Contracts

Purchased/ Sold	Counter-party	Expiration	Notional1		Value ($)		Unrealized Appreciation (Depreciation) ($)
HKD/USD	BCL	10/02/19	HKD	1,751		223		—
HKD/USD	GSC	10/03/19	HKD	15		2		—
						225		—

240

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
JNL/Invesco International Growth Fund
COMMON STOCKS 96.9%
Canada 10.1%
	Canadian National Railway Co.	221		19,878
	CGI Inc. (a)	567		44,850
	Nutrien Ltd. (b)	331		16,488
	Prairiesky Royalty Ltd. (b)	1,026		14,305
	Suncor Energy Inc.	429		13,516
			109,037
United Kingdom 10.1%
	British American Tobacco P.L.C.	463		17,093
	Compass Group PLC	727		18,703
	Informa Switzerland Limited	1,914		20,037
	Reckitt Benckiser Group PLC	187		14,605
	Relx PLC	1,000		23,730
	TechnipFMC PLC	601		14,467
			108,635
Japan 9.9%
	Asahi Breweries Ltd.	449		22,302
	Fanuc Ltd.	86		16,284
	Hoya Corp.	272		22,294
	Kao Corp.	164		12,184
	Keyence Corp.	26		16,205
	Komatsu Ltd.	379		8,752
	SMC Corp.	20		8,791
			106,812
France 9.4%
	Bureau Veritas	816		19,666
	Cie Generale d'Optique Essilor International SA	81		11,658
	Pernod-Ricard SA	67		11,973
	Schneider Electric SE (a)	216		18,959
	VINCI	208		22,386
	Vivendi SA	630		17,269
			101,911
Germany 8.4%
	Allianz SE	118		27,592
	Beiersdorf AG	56		6,577
	Deutsche Boerse AG	189		29,520
	SAP SE	224		26,399
			90,088
United States of America 7.1%
	Booking Holdings Inc. (a)	6		10,975
	Broadcom Inc.	70		19,270
	Philip Morris International Inc.	335		25,461
	Yum China Holdings, Inc.	455		20,670
			76,376
Switzerland 5.8%
	Alcon AG (a)	178		10,351
	Compagnie Financiere Richemont SA	161		11,785
	Julius Bar Gruppe AG	196		8,680
	Kühne + Nagel International AG	83		12,175
	Novartis AG	223		19,330
			62,321
China 4.9%
	Alibaba Group Holding Limited - ADS (a)	102		17,124
	Kweichow Moutai Co. Ltd. - Class A	67		10,721
	New Oriental Education & Technology Group - ADR (a)	116		12,850
	Wuliangye Yibin Co., Ltd. - Class A	693		12,584
			53,279
Netherlands 4.9%
	ING Groep N.V.	1,287		13,483
	Royal Dutch Shell PLC - Class B	323		9,534
	Wolters Kluwer NV	411		30,017
			53,034
Brazil 4.2%
	American Beverage Co Ambev - ADR	4,196		19,386
	B3 S.A. - Brasil, Bolsa, Balcao	1,252		13,205
	Banco Bradesco S/A. - ADR	1,564		12,731
			45,322
South Korea 2.9%
	NAVER Corp.	78		10,231
	Samsung Electronics Co. Ltd.	508		20,848
			31,079
Sweden 2.7%
	Investor AB - Class B	585		28,598
Taiwan 2.6%
	Taiwan Semiconductor Manufacturing Co. Ltd.	3,208		28,246
Italy 2.2%
	Finecobank Banca Fineco SPA	1,416		15,008
	Mediobanca SpA	825		9,013
			24,021
Australia 2.1%
	Amcor Ltd.	1,608		15,493
	CSL Ltd.	49		7,673
			23,166
Mexico 1.8%
	Fomento Economico Mexicano SAB de CV - ADR	216		19,817
Denmark 1.6%
	Carlsberg A/S - Class B	117		17,259
Hong Kong 1.6%
	Galaxy Entertainment Group Ltd.	2,735		17,051
Singapore 1.4%
	United Overseas Bank Ltd.	842		15,627
Spain 1.4%
	Amadeus IT Group SA	215		15,392
Turkey 1.0%
	Akbank Turk Anonim Sirketi (a)	7,225		10,414
Ireland 0.8%
	Icon Public Limited Company (a)	56		8,234
	Total Common Stocks (cost $927,846)		1,045,719
SHORT TERM INVESTMENTS 4.4%
Investment Companies 2.2%
	JNL Government Money Market Fund - Institutional Class, 1.86% (c) (d)	24,095		24,095
Securities Lending Collateral 2.2%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (c) (d)	23,635		23,635
	Total Short Term Investments (cost $47,730)		47,730
Total Investments 101.3% (cost $975,576)				1,093,449
Other Assets and Liabilities, Net (1.3)%				(14,373)
Total Net Assets 100.0%				1,079,076

(a)Non-income producing security.

(b)All or a portion of the security was on loan as of September 30, 2019.

(c)Investment in affiliate.

(d)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

241

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
JNL/Invesco Small Cap Growth Fund
COMMON STOCKS 98.5%
Health Care 25.9%
	Aerie Pharmaceuticals, Inc. (a) (b)	277		5,330
	Agios Pharmaceuticals, Inc. (a) (b)	308		9,964
	Amicus Therapeutics, Inc. (a)	1,364		10,941
	Avanos Medical, Inc. (a)	333		12,490
	Bio-Techne Corporation	132		25,734
	BioTelemetry, Inc. (a)	271		11,055
	Catalent Inc. (a)	415		19,770
	Chemed Corporation	66		27,483
	DexCom Inc. (a)	116		17,372
	Encompass Health Corporation	283		17,917
	Glaukos Corp. (a) (b)	189		11,834
	GW Pharmaceuticals plc - ADS (a) (b)	108		12,395
	Haemonetics Corp. (a)	109		13,689
	Halozyme Therapeutics, Inc. (a)	1,236		19,168
	HealthEquity, Inc. (a)	385		22,019
	Hill-Rom Holdings Inc.	182		19,127
	HMS Holdings Corp. (a)	452		15,564
	Horizon Therapeutics Public Limited Company (a)	544		14,800
	ICU Medical, Inc. (a)	9		1,409
	Integer Holdings Corporation (a)	172		13,003
	Integra LifeSciences Holdings Corp. (a)	276		16,574
	Masimo Corp. (a)	117		17,383
	Natera, Inc. (a)	580		19,037
	Neurocrine Biosciences, Inc. (a)	229		20,604
	Nevro Corp. (a)	142		12,179
	Penumbra, Inc. (a) (b)	104		13,922
	Repligen Corporation (a)	307		23,554
	Sage Therapeutics Inc. (a)	120		16,794
	Sarepta Therapeutics, Inc. (a)	155		11,670
	Syneos Health, Inc. - Class A (a)	331		17,611
	Vocera Communications, Inc. (a) (b)	426		10,508
			480,900
Information Technology 25.3%
	Anaplan, Inc. (a)	314		14,750
	Aspen Technology, Inc. (a)	185		22,749
	Black Knight, Inc. (a)	168		10,262
	Blackline, Inc. (a)	362		17,308
	Booz Allen Hamilton Holding Corporation - Class A	222		15,745
	Fabrinet (a)	244		12,782
	Fair Isaac Corp. (a)	49		14,928
	Guidewire Software, Inc. (a)	190		20,067
	HubSpot Inc. (a)	93		14,047
	II-VI Inc. (a)	327		11,519
	KBR, Inc.	765		18,783
	Lattice Semiconductor Corp. (a)	834		15,245
	Littelfuse Inc.	95		16,761
	MKS Instruments, Inc.	144		13,281
	Monolithic Power Systems Inc.	117		18,207
	OSI Systems Inc. (a)	132		13,369
	Pegasystems Inc.	300		20,392
	Power Integrations Inc.	169		15,278
	Proofpoint, Inc. (a)	113		14,577
	Q2 Holdings, Inc. (a)	402		31,714
	Qualys, Inc. (a)	185		13,970
	RealPage, Inc. (a)	394		24,758
	SailPoint Technologies Holdings, Inc. (a)	573		10,715
	Semtech Corp. (a)	395		19,214
	Silicon Laboratories Inc. (a)	210		23,361
	Trimble Inc. (a)	424		16,473
	Zebra Technologies Corp. - Class A (a)	81		16,755
	Zendesk, Inc. (a)	177		12,901
			469,911
Industrials 14.9%
	Aerojet Rocketdyne Holdings, Inc. (a)	283		14,316
	Armstrong World Industries, Inc.	18		1,737
	Brink's Co.	244		20,231
	BWXT Government Group, Inc.	294		16,816
	Clean Harbors Inc. (a)	206		15,891
	CoStar Group, Inc. (a)	31		18,165
	Crane Co.	179		14,419
	Cubic Corp.	138		9,698
	Generac Holdings Inc. (a)	154		12,083
	Hillenbrand Inc.	319		9,847
	ITT Industries Holdings, Inc.	327		19,995
	John Bean Technologies Corp.	158		15,671
	Kennametal Inc.	321		9,870
	Knight-Swift Transportation Holdings Inc. - Class A	384		13,951
	MSA Safety Inc.	144		15,750
	Old Dominion Freight Line Inc.	83		14,037
	Timken Co.	281		12,244
	TransDigm Group Inc.	53		27,373
	WABCO Holdings Inc. (a)	102		13,594
			275,688
Consumer Discretionary 14.2%
	Adtalem Global Education Inc. (a)	309		11,770
	Brunswick Corp.	308		16,060
	Dunkin' Brands Group Inc.	248		19,658
	Five Below, Inc. (a)	139		17,575
	Fox Factory Holding Corp. (a)	213		13,258
	G-III Apparel Group, Ltd. (a)	323		8,328
	IAA Spinco Inc. (a)	315		13,126
	Jack in the Box Inc.	118		10,767
	KAR Auction Services, Inc.	552		13,563
	Ollie's Bargain Outlet Holdings Inc. (a)	185		10,875
	Penn National Gaming Inc. (a)	734		13,676
	Pool Corporation	111		22,453
	Steven Madden Ltd.	460		16,457
	Strategic Education, Inc.	83		11,315
	Texas Roadhouse Inc.	300		15,774
	The Wendy's Company	862		17,227
	Urban Outfitters Inc. (a)	323		9,069
	Visteon Corporation (a)	119		9,844
	Wingstop Inc.	156		13,641
			264,436
Financials 7.7%
	Cboe Global Markets, Inc.	131		15,099
	Cullen/Frost Bankers Inc.	168		14,901
	eHealth, Inc. (a)	152		10,125
	Evercore Inc. - Class A	42		3,372
	Hanover Insurance Group Inc.	138		18,733
	LPL Financial Holdings Inc.	248		20,277
	MarketAxess Holdings Inc.	61		19,997
	Morningstar Inc.	99		14,469
	RLI Corp.	166		15,434
	Sterling Bancorp	531		10,654
			143,061
Materials 3.4%
	Berry Global Group, Inc. (a)	345		13,563
	Ingevity Corporation (a)	193		16,333
	Martin Marietta Materials Inc.	96		26,190
	Univar Inc. (a)	356		7,384
			63,470
Communication Services 3.1%
	Cogent Communications Group, Inc.	311		17,144
	IMAX Corporation (a)	331		7,268
	Iridium Communications Inc. (a)	617		13,132
	Take-Two Interactive Software Inc. (a)	165		20,646
			58,190
Consumer Staples 1.8%
	Boston Beer Co. Inc. - Class A (a)	52		18,907
	Lancaster Colony Corp.	103		14,263
			33,170
Real Estate 1.4%
	CoreSite Realty Corporation	211		25,748
Energy 0.8%
	Parsley Energy Inc. - Class A	856		14,387
	Total Common Stocks (cost $1,470,690)		1,828,961
SHORT TERM INVESTMENTS 1.5%
Investment Companies 1.3%
	JNL Government Money Market Fund - Institutional Class, 1.86% (c) (d)	24,167		24,167

242

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
Securities Lending Collateral 0.2%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (c) (d)	3,745		3,745
	Total Short Term Investments (cost $27,912)		27,912
Total Investments 100.0% (cost $1,498,602)				1,856,873
Other Assets and Liabilities, Net 0.0%				112
Total Net Assets 100.0%				1,856,985

(a)Non-income producing security.

(b)All or a portion of the security was on loan as of September 30, 2019.

(c)Investment in affiliate.

(d)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

243

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
JNL/JPMorgan Global Allocation Fund
COMMON STOCKS 28.9%
Financials 5.7%
	AIA Group Limited	4		40
	Alleghany Corporation (a)	—		27
	Allianz SE	—		88
	American Express Company (b)	2		181
	American International Group, Inc.	1		71
	Bank of America Corporation	7		190
	Berkshire Hathaway Inc. - Class B (a)	1		136
	BlackRock, Inc.	—		27
	BNP Paribas SA	1		34
	Capital One Financial Corporation	1		122
	Charles Schwab Corp.	2		76
	Chubb Limited	—		49
	Citigroup Inc.	3		192
	Citizens Financial Group Inc.	2		59
	Credicorp Ltd.	—		56
	DBS Group Holdings Ltd.	1		24
	East West Bancorp, Inc.	1		29
	Erste Group Bank AG	1		39
	Fairfax Financial Holdings Limited	—		25
	Fifth Third Bancorp	1		28
	Finecobank Banca Fineco SPA	4		42
	First Republic Bank	1		57
	HDFC Bank Limited - ADR	1		28
	Hong Kong Exchanges & Clearing Ltd.	1		29
	Intercontinental Exchange, Inc.	1		45
	Invesco Ltd.	1		20
	Japan Exchange Group Inc.	1		8
	KeyCorp	3		56
	Loews Corp.	2		104
	M&T Bank Corporation	1		79
	Marsh & McLennan Cos. Inc.	1		47
	Morgan Stanley	4		163
	Muenchener Rueckversicherungs AG	—		28
	NASDAQ Inc.	—		29
	Northern Trust Corp.	—		35
	PNC Financial Services Group Inc.	1		112
	Progressive Corp.	1		40
	Prudential Financial Inc.	—		17
	S&P Global Inc.	—		51
	SunTrust Banks Inc.	1		74
	Svenska Handelsbanken AB - Class A	4		37
	Swiss Re AG	1		72
	T. Rowe Price Group, Inc.	1		76
	TD Ameritrade Holding Corporation	—		20
	The Blackstone Group Inc.	—		14
	The Hartford Financial Services Group, Inc.	1		48
	The Travelers Companies, Inc.	1		75
	Tokio Marine Holdings Inc.	1		48
	U.S. Bancorp	1		60
	Wells Fargo & Co.	3		130
	Willis Towers Watson Public Limited Company	—		82
			3,219
Information Technology 5.6%
	Advanced Micro Devices, Inc. (a)	1		39
	Amphenol Corporation - Class A	—		28
	Analog Devices, Inc.	1		94
	Apple Inc.	2		304
	Arista Networks, Inc. (a)	—		22
	Arrow Electronics, Inc. (a)	1		43
	ASML Holding	—		62
	Automatic Data Processing, Inc.	—		79
	Booz Allen Hamilton Holding Corporation - Class A	—		29
	Cisco Systems, Inc.	1		46
	CommScope Holding Company, Inc. (a)	2		21
	Corning Inc.	1		13
	Fair Isaac Corp. (a)	—		14
	Fidelity National Information Services, Inc.	1		93
	Fiserv Inc. (a) (b)	2		208
	Global Payments Inc.	1		88
	Hewlett Packard Enterprise Company	1		13
	IHS Markit Ltd. (a)	1		30
	Infineon Technologies AG	3		53
	Intuit Inc.	—		53
	Keyence Corp.	—		62
	Keysight Technologies, Inc. (a)	—		36
	KLA-Tencor Corp.	—		32
	MasterCard Incorporated - Class A	1		223
	Microchip Technology Incorporated	—		15
	Microsoft Corp. (b)	5		683
	NVIDIA Corporation	—		73
	Paypal Holdings, Inc. (a)	1		68
	Qualcomm Incorporated	1		53
	Salesforce.Com, Inc. (a)	1		114
	ServiceNow, Inc. (a)	—		43
	Slack Technologies, Inc. - Class A (a)	—		7
	Splunk Inc. (a)	—		16
	Spotify Technology S.A. (a)	—		26
	Synopsys Inc. (a)	—		30
	Taiwan Semiconductor Manufacturing Co. Ltd. - ADR	2		72
	Texas Instruments Incorporated	1		60
	Visa Inc. - Class A	1		99
	Xilinx Inc.	—		21
	Zebra Technologies Corp. - Class A (a)	—		34
	Zscaler, Inc. (a)	—		13
			3,112
Health Care 3.2%
	AbbVie Inc.	1		37
	Acadia Healthcare Company, Inc. (a)	1		16
	Alexion Pharmaceuticals, Inc. (a)	—		31
	Allergan Public Limited Company	—		52
	AmerisourceBergen Corporation	—		29
	Anthem, Inc.	—		27
	Boston Scientific Corp. (a)	1		57
	Bristol-Myers Squibb Co.	—		18
	Catalent Inc. (a)	—		19
	Celgene Corp. (a)	1		44
	Cigna Corp.	—		58
	DexCom Inc. (a)	—		28
	Elanco Animal Health (a)	1		18
	Eli Lilly & Co.	—		49
	Exact Sciences Corporation (a)	—		26
	Exelixis, Inc. (a)	1		18
	HCA Healthcare, Inc.	—		20
	Illumina, Inc. (a)	—		30
	Intercept Pharmaceuticals, Inc. (a)	—		7
	Intuitive Surgical, Inc. (a)	—		36
	Jazz Pharmaceuticals Public Limited Company (a)	—		29
	Johnson & Johnson	1		70
	Medtronic Public Limited Company	—		43
	Merck & Co., Inc.	2		174
	Novo Nordisk A/S - Class B	1		72
	Pfizer Inc.	6		186
	Regeneron Pharmaceuticals, Inc. (a)	—		20
	Sage Therapeutics Inc. (a)	—		11
	Teladoc Health, Inc. (a)	1		42
	Thermo Fisher Scientific Inc.	—		82
	UnitedHealth Group Incorporated (b)	2		253
	Veeva Systems Inc. - Class A (a)	—		25
	Vertex Pharmaceuticals Incorporated (a)	—		56
	Zimmer Biomet Holdings, Inc.	1		121
			1,804
Industrials 3.0%
	Airbus SE	1		80
	Alstom	1		41
	AMETEK, Inc.	—		29
	Canadian Pacific Railway Limited	—		14
	Carlisle Cos. Inc.	—		30
	Copart Inc. (a)	1		41
	Delta Air Lines Inc.	2		93
	Dover Corp.	1		44
	Fortune Brands Home & Security, Inc.	1		30
	Generac Holdings Inc. (a)	—		29
	Honeywell International Inc.	1		202

244

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	Illinois Tool Works Inc.	—		52
	Lennox International Inc.	—		17
	Middleby Corp. (a)	—		19
	Nordson Corp.	—		20
	Norfolk Southern Corp.	—		72
	Old Dominion Freight Line Inc.	—		30
	Parker Hannifin Corp.	—		21
	Safran	—		52
	Schneider Electric SE (a)	1		79
	Southwest Airlines Co.	—		20
	Stanley Black & Decker Inc.	—		91
	Thales SA	—		46
	The Boeing Company	—		37
	Tokyu Corp.	3		47
	Union Pacific Corp.	—		94
	United Parcel Service Inc. - Class B	1		127
	United Technologies Corp.	—		55
	VINCI	1		66
	Waste Connections, Inc. (c)	1		79
			1,657
Consumer Discretionary 2.9%
	Amazon.com, Inc. (a)	—		401
	AutoZone, Inc. (a)	—		77
	Best Buy Co., Inc.	—		29
	Brinker International Inc.	1		27
	Columbia Sportswear Co.	—		24
	Expedia Group, Inc.	1		59
	Garmin Ltd.	—		19
	Genuine Parts Co.	—		14
	Hilton Worldwide Holdings Inc.	1		51
	Home Depot Inc.	1		199
	Industria de Diseno Textil, S.A.	1		26
	Kohl's Corp.	1		38
	Lowe's Cos. Inc.	—		42
	Lululemon Athletica Inc. (a)	—		30
	LVMH Moet Hennessy Louis Vuitton SE	—		68
	Murphy USA Inc. (a)	—		24
	National Vision Holdings, Inc. (a)	1		13
	Nordstrom Inc.	1		33
	O'Reilly Automotive, Inc. (a)	—		108
	Ross Stores Inc.	1		73
	Ryohin Keikaku Co. Ltd.	1		26
	Tesla Inc. (a)	—		10
	Tiffany & Co.	—		34
	TJX Cos. Inc.	1		65
	Toyota Motor Corp.	1		94
	Tractor Supply Co.	—		34
	Wayfair Inc. - Class A (a)	—		15
	Whirlpool Corp.	—		17
			1,650
Communication Services 2.8%
	Alphabet Inc. - Class A (a)	—		199
	Alphabet Inc. - Class C (a)	—		346
	Altice USA, Inc. - Class A (a) (b)	3		97
	CBS Corporation - Class B	1		27
	Charter Communications, Inc. - Class A (a)	—		143
	Comcast Corporation - Class A (b)	5		231
	Discovery, Inc. - Class A (a)	1		27
	Dish Network Corporation - Class A (a)	1		41
	Electronic Arts Inc. (a)	—		29
	Entercom Communications Corp. - Class A	4		14
	Facebook, Inc. - Class A (a)	—		27
	Lyft, Inc. (a)	—		12
	Netflix, Inc. (a)	—		86
	New York Times Co. - Class A	1		15
	Nexstar Media Group, Inc. - Class A	—		38
	Orange SA	1		18
	Take-Two Interactive Software Inc. (a)	1		57
	Telenor ASA	1		25
	The Trade Desk, Inc. - Class A (a)	—		21
	T-Mobile US Inc. (a)	—		19
	Verizon Communications Inc. (b)	2		89
			1,561
Energy 1.4%
	BP P.L.C.	15		96
	Chevron Corp.	2		180
	ConocoPhillips	1		71
	Diamondback Energy, Inc.	1		74
	EOG Resources, Inc.	—		20
	EQT Corporation	2		15
	Equitrans Midstream Corp.	1		18
	Exxon Mobil Corporation	—		27
	Kinder Morgan, Inc.	3		61
	Marathon Petroleum Corporation	1		52
	Parsley Energy Inc. - Class A	1		18
	PBF Energy Inc. - Class A	1		21
	Phillips 66	—		41
	Pioneer Natural Resources Co.	—		53
	Williams Cos. Inc.	2		45
			792
Utilities 1.3%
	American Electric Power Company, Inc.	1		81
	Duke Energy Corporation	—		34
	Edison International	1		62
	Enel SpA	5		36
	Entergy Corporation	1		67
	Eversource Energy	—		37
	Iberdrola, S.A.	3		26
	NextEra Energy, Inc. (b)	1		260
	NiSource Inc.	1		21
	Xcel Energy Inc.	2		112
			736
Real Estate 1.1%
	American Homes 4 Rent - Class A	1		32
	Brixmor Property Group Inc.	2		47
	CBRE Group, Inc. - Class A (a)	2		95
	EastGroup Properties Inc.	—		22
	Federal Realty Investment Trust	—		34
	KiMcO Realty Corporation	2		41
	Mid-America Apartment Communities, Inc.	1		62
	Mitsui Fudosan Co. Ltd.	1		35
	OUTFRONT Media Inc.	1		39
	ProLogis Inc.	—		35
	Public Storage	—		59
	Rayonier Inc.	1		32
	Ventas, Inc.	1		48
	Weyerhaeuser Co.	1		20
			601
Consumer Staples 1.0%
	Clorox Co.	—		16
	Coca-Cola Co.	3		133
	Coty Inc. - Class A	2		17
	Diageo PLC	1		56
	Energizer Holdings, Inc.	1		35
	Keurig Dr Pepper Inc.	1		24
	Molson Coors Brewing Company - Class B	—		19
	Nestle SA	1		73
	Philip Morris International Inc.	1		47
	Post Holdings Inc. (a)	1		46
	Procter & Gamble Co.	1		77
	Walgreens Boots Alliance Inc.	1		44
			587
Materials 0.9%
	AdvanSix Inc. (a)	1		12
	Akzo Nobel N.V.	1		45
	Avery Dennison Corporation	—		36
	Ball Corporation	2		107
	DuPont de Nemours, Inc	—		28
	Graphic Packaging Holding Co.	2		34
	Martin Marietta Materials Inc.	—		81
	Packaging Corp. of America	—		42
	Rio Tinto PLC	1		25
	Shin-Etsu Chemical Co. Ltd.	—		11
	Vulcan Materials Co.	—		41

245

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Westrock Company, Inc.		1		36
				498
	Total Common Stocks (cost $16,154)			16,217
INVESTMENT COMPANIES 28.8%
	JPMorgan Emerging Markets Equity Fund - Class R6 (d)		122		3,630
	JPMorgan Emerging Markets Strategic Debt Fund - Class R6 (d)		130		1,073
	JPMorgan High Yield Fund - Class R6 (d)		771		5,560
	JPMorgan International Unconstrained Equity Fund - Class R6 (d)		176		3,656
	JPMorgan Managed Income Fund - Class L (d)		222		2,235
	Total Investment Companies (cost $16,294)			16,154
GOVERNMENT AND AGENCY OBLIGATIONS 11.3%
Sovereign 9.4%
	Bundesrepublik Deutschland
		0.00%, 04/05/24, EUR (e)	14		16
		4.00%, 01/04/37, EUR (e)	20		39
		3.25%, 07/04/42, EUR (e)	19		38
		2.50%, 08/15/46, EUR (e)	33		62
		1.25%, 08/15/48, EUR (e)	6		9
	Cabinet Office, Government of Japan
		0.10%, 06/20/21, JPY	17,500		163
		0.80%, 06/20/22 - 12/20/47, JPY	17,650		170
		0.10%, 06/20/28, JPY	23,550		225
		2.10%, 03/20/30, JPY	6,750		77
		1.50%, 03/20/34, JPY	7,300		82
		1.20%, 03/20/35, JPY	6,200		68
		1.30%, 06/20/35, JPY	6,400		71
		0.70%, 03/20/37, JPY	7,250		74
		0.60%, 12/20/23 - 12/20/37, JPY	36,700		357
		2.00%, 03/20/42, JPY	5,450		70
		1.90%, 09/20/42, JPY	5,350		68
		1.40%, 09/20/34 - 03/20/55, JPY	16,000		186
		2.20%, 09/20/26 - 03/20/50, JPY	11,000		126
		0.90%, 03/20/57, JPY	7,750		83
	Canada, Government of
		1.50%, 06/01/26, CAD	8		6
		2.00%, 06/01/28, CAD	11		9
		2.25%, 06/01/29, CAD	129		105
		5.00%, 06/01/37, CAD	6		7
		3.50%, 12/01/45, CAD	8		9
		2.75%, 12/01/48 - 12/01/64, CAD	13		13
	Commonwealth of Australia
		2.00%, 12/21/21, AUD	26		18
		2.75%, 04/21/24, AUD	26		19
		4.75%, 04/21/27, AUD (e)	31		27
		2.25%, 05/21/28, AUD (e)	70		52
		3.75%, 04/21/37, AUD (e)	17		16
		3.00%, 03/21/47, AUD (e)	7		6
	Danmarks Nationalbank
		3.00%, 11/15/21, DKK	30		5
		1.50%, 11/15/23, DKK	28		4
		1.75%, 11/15/25, DKK	18		3
		0.50%, 11/15/27, DKK	26		4
		4.50%, 11/15/39, DKK	61		18
	Estado Espanol
		4.30%, 10/31/19, EUR (f)	2		2
		0.40%, 04/30/22, EUR	43		48
		3.80%, 04/30/24, EUR (e)	5		6
		2.75%, 10/31/24, EUR (f)	135		170
		1.60%, 04/30/25, EUR (e)	47		56
		1.95%, 04/30/26, EUR (e)	24		30
		1.40%, 07/30/28, EUR (e)	61		74
		1.45%, 04/30/29, EUR (f)	19		23
		0.60%, 10/31/29, EUR (f)	38		43
		2.35%, 07/30/33, EUR (f)	17		23
		4.20%, 01/31/37, EUR (e)	13		23
		4.70%, 07/30/41, EUR (f)	18		35
		5.15%, 10/31/44, EUR (e)	4		8
		2.90%, 10/31/46, EUR (e)	8		13
		2.70%, 10/31/48, EUR (e)	5		8
		3.45%, 07/30/66, EUR (f)	3		6
	Federale Overheidsdienst Kanselarij van de Eerste Minister
		4.00%, 03/28/22, EUR (f)	1		1
		2.60%, 06/22/24, EUR (e)	13		16
		1.00%, 06/22/26, EUR (e)	14		17
		0.80%, 06/22/28, EUR (e)	13		16
		3.00%, 06/22/34, EUR (e)	15		24
		1.90%, 06/22/38, EUR (e)	18		26
		3.75%, 06/22/45, EUR (e)	5		10
		1.60%, 06/22/47, EUR (e)	5		7
		2.25%, 06/22/57, EUR (f)	3		5
		2.15%, 06/22/66, EUR (e)	2		3
	HM Treasury
		4.00%, 03/07/22, GBP (e)	60		80
		2.75%, 09/07/24, GBP (e)	49		68
		1.50%, 07/22/26, GBP	22		29
		1.63%, 10/22/28, GBP (e)	31		42
		6.00%, 12/07/28, GBP (e)	3		6
		0.88%, 10/22/29, GBP	26		33
		4.75%, 12/07/30 - 12/07/38, GBP	27		52
		4.25%, 03/07/36 - 12/07/55, GBP (e)	30		62
		1.75%, 09/07/37, GBP (e)	38		54
		3.25%, 01/22/44, GBP (e)	12		22
		3.50%, 01/22/45 - 07/22/68, GBP (e)	24		54
		4.25%, 12/07/46, GBP	11		24
		1.50%, 07/22/47, GBP (e)	19		26
		3.75%, 07/22/52, GBP (e)	9		20
		1.75%, 07/22/57, GBP	15		23
		2.50%, 07/22/65, GBP (e)	11		21
	OSMTH Of the Kingdom Of Sweden
		3.50%, 06/01/22 - 03/30/39, SEK (e)	50		6
		2.50%, 05/12/25, SEK (e)	35		4
		0.75%, 05/12/28, SEK (f)	65		7
		2.25%, 06/01/32, SEK (e)	15		2
	Republique Francaise Presidence
		0.00%, 05/25/22, EUR (e) (g)	122		136
		2.25%, 05/25/24, EUR (e)	50		62
		0.50%, 05/25/26 - 05/25/29, EUR (e)	118		137
		0.75%, 05/25/28 - 11/25/28, EUR (e)	138		165
		1.25%, 05/25/34, EUR (e)	28		36
		4.75%, 04/25/35, EUR (e)	24		45
		3.25%, 05/25/45, EUR (e)	19		35
		2.00%, 05/25/48, EUR (f)	9		14
		4.00%, 04/25/55, EUR (f)	5		11
		4.00%, 04/25/60, EUR	4		10
		1.75%, 06/25/39 - 05/25/66, EUR (e)	45		65
	Segretariato Generale Della Presidenza Della Repub
		4.50%, 02/01/20, EUR (f)	115		127
	Segretariato Generale Della Presidenza Della Repubblica
		1.05%, 12/01/19, EUR	54		59
		0.45%, 06/01/21, EUR (e)	78		86
		1.35%, 04/15/22, EUR	59		67
		1.00%, 07/15/22, EUR (e)	8		9
		1.85%, 05/15/24, EUR	99		116
		2.00%, 12/01/25, EUR	23		28
		1.60%, 06/01/26, EUR	57		67
		2.80%, 12/01/28, EUR	80		103
		3.00%, 08/01/29, EUR (e)	47		62
		2.45%, 09/01/33, EUR (f)	18		23
		2.25%, 09/01/36, EUR (e)	44		54
		4.00%, 02/01/37, EUR (e)	20		30
		3.45%, 03/01/48, EUR (e)	36		53
		2.80%, 03/01/67, EUR (f)	3		4
	Staat der Nederlanden
		4.00%, 01/15/37, EUR (e)	9		17
				5,254
U.S. Treasury Note 0.9%
	Treasury, United States Department of
		2.00%, 01/31/20 (b)	502		502
Collateralized Mortgage Obligations 0.7%
	Federal National Mortgage Association, Inc.
		Series 2017-2M2-C07, REMIC, 4.52%, (1M USD LIBOR + 2.50%), 05/28/30 (h)	400		406

246

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
Commercial Mortgage-Backed Securities 0.3%
	Federal Home Loan Mortgage Corporation
		Interest Only, Series X1-K094, REMIC, 1.02%, 06/25/29 (h)	1,275		94
		Interest Only, Series X3-K094, REMIC, 2.20%, 07/25/47 (h)	588		99
				193
	Total Government And Agency Obligations (cost $6,337)			6,355
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 11.3%
	Bank
		Series 2019-D-BN19, REMIC, 3.00%, 07/17/29 (f)	500		466
	COMM Mortgage Trust
		Series 2015-C-LC23, REMIC, 4.80%, 10/10/25 (h)	500		538
		Series 2014-D-UBS5, REMIC, 3.50%, 09/12/24 (f)	200		174
	Consumer Loan Underlying Bond (Club) Credit Trust
		Series 2018-C-NP1, REMIC, 4.74%, 07/15/20 (f)	813		819
	CWMBS, Inc.
		Series 2005-A36-24, REMIC, 5.50%, 11/25/35	579		524
	Exeter Automobile Receivables Trust
		Series 2019-D-3A, 3.11%, 08/15/23 (f)	495		500
	Fannie Mae Connecticut Avenue Securities
		Series 2019-2M2-R04, 4.12%, (1M USD LIBOR + 2.10%), 06/25/25 (f) (h)	500		501
	FWDSecuritization Trust
		Series 2019-M1-INV1, 3.48%, 06/25/49 (f) (h)	500		499
	GS Mortgage Securities Corp Trust
		Series 2019-E-GC40, 3.00%, 07/12/29 (f) (i)	500		434
	New Residential Mortgage Loan Trust
		Series 2019-B1-NQM4, 3.74%, 10/25/24 (f)	400		394
	PRPM LLC
		Series 2019-A1-3A, 3.35%, 07/25/22 (f) (j)	491		491
	Starwood Mortgage Residential Trust
		Series 2019-M1-1, REMIC, 3.76%, 06/25/49 (f)	486		493
	Verus Securitization Trust
		Series 2019-M1-INV2, REMIC, 3.50%, 07/25/59 (f)	500		498
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $6,282)			6,331
PREFERRED STOCKS 0.1%
Consumer Discretionary 0.1%
	Volkswagen AG (k)		—		42
	Total Preferred Stocks (cost $42)			42
CORPORATE BONDS AND NOTES 0.1%
Financials 0.1%
	Inter-American Development Bank
		1.70%, 10/10/24, CAD	50		38
	Total Corporate Bonds And Notes (cost $38)			38
SHORT TERM INVESTMENTS 19.0%
Treasury Securities 13.7%
	Canada, Government of
		1.65%, 04/02/20, CAD (l)	3,330		2,492
		1.66%, 04/30/20, CAD (l)	3,338		2,494
		1.65%, 05/28/20, CAD (l)	3,342		2,494
	Segretariato Generale Della Presidenza Della Repubblica
		-0.34%, 01/14/20, EUR (e) (l)	190		207
				7,687
Investment Companies 5.3%
	JNL Government Money Market Fund - Institutional Class, 1.86% (d) (m)		2,988		2,988
	Total Short Term Investments (cost $10,745)			10,675
Total Investments 99.5% (cost $55,892)					55,812
Total Securities Sold Short(1.1)% (proceeds $604)					(611)
Total Purchased Options 0.1% (cost $73)					38
Other Derivative Instruments 0.2%					127
Other Assets and Liabilities, Net 1.3%					738
Total Net Assets 100.0%					56,104

(a)Non-income producing security.

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

(c)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

(d)Investment in affiliate.

(e)Security is restricted to resale to institutional investors. See Restricted Securities in the Schedules of Investments.

(f)The Adviser has deemed this security, which is exempt from registration under the Securities Act of 1933, as amended, to be liquid based on procedures approved by the Board of Trustees. As of September 30, 2019, the value and the percentage of net assets of these liquid securities was $5,763 and 10.3% of the Fund.

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

(h)Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of September 30, 2019. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations (“CMO”) and mortgage-backed securities (“MBS”) are determined by tranches of underlying mortgage-backed security pools’ cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security’s offering documents.

(i)Security fair valued in good faith as a Level 2 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Schedules of Investments.

(j)Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of September 30, 2019.

(k)Convertible security.

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

(m)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

		Shares/Par1		Value ($)
SECURITIES SOLD SHORT (1.1%)
COMMON STOCKS (1.0%)
Industrials (0.5%)
	3M Company	—		(51)
	Acuity Brands, Inc.	—		(7)
	Caterpillar Inc.	—		(37)
	CSX Corp.	—		(28)
	Cummins Inc.	—		(66)
	Illinois Tool Works Inc.	—		(14)
	Lennox International Inc.	—		(28)
	PACCAR Inc.	—		(24)
	Parker-Hannifin Corporation	—		(14)
			(269)
Consumer Staples (0.3%)
	Hershey Co.	—		(14)
	Molson Coors Brewing Company	(1)		(57)
	The Clorox Company	(1)		(96)
			(167)
Consumer Discretionary (0.1%)
	Harley-Davidson Inc.	(1)		(22)
	Mohawk Industries Inc.	—		(43)
			(65)
Health Care (0.1%)
	Align Technology, Inc.	—		(27)
	Cardinal Health, Inc.	—		(14)

247

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
		Henry Schein Inc.	—		(14)
				(55)
Financials (0.0%)
		S&P Global Inc.	—		(13)
	Total Common Stocks (proceeds $562)			(569)
INVESTMENT COMPANIES (0.1%)
		iShares Nasdaq Biotechnology Index Fund	—		(42)
	Total Investment Companies (proceeds $42)			(42)
	Total Securities Sold Short (1.1%) (proceeds $604)				(611)

Long Term Investments in Affiliates

Affiliated Investment		Value Beginning of Period($)	Purchases($)	Sales Proceeds($)	Dividend Income($)	Realized Gain (Loss)($)	Change in Unrealized Appreciation (Depreciation) ($)	Value End of Period($)	Percentage of Net Assets(%)
	JPMorgan International Unconstrained Equity Fund	—	3,701	—	—	—	(45)	3,656	6.5%
	JPMorgan High Yield Fund	—	9,072	3,429	133	(32)	(51)	5,560	9.9%
	JPMorgan Emerging Markets Equity Fund	—	3,677	—	—	—	(47)	3,630	6.5%
	JPMorgan Emerging Markets Strategic Debt Fund	—	1,070	—	14	—	3	1,073	1.9%
	JPMorgan Managed Income Fund	—	7,092	4,855	12	(2)	—	2,235	4.0%
		—	24,612	8,284	159	(34)	(140)	16,154	28.8%

Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Bundesrepublik Deutschland, 0.00%, 04/05/24	08/09/19	16	16	—
	Bundesrepublik Deutschland, 4.00%, 01/04/37	07/31/19	38	39	0.1
	Bundesrepublik Deutschland, 3.25%, 07/04/42	06/26/19	37	38	0.1
	Bundesrepublik Deutschland, 2.50%, 08/15/46	06/26/19	62	62	0.1
	Bundesrepublik Deutschland, 1.25%, 08/15/48	06/26/19	9	9	—
	Commonwealth of Australia, 4.75%, 04/21/27	06/26/19	27	27	0.1
	Commonwealth of Australia, 2.25%, 05/21/28	06/26/19	52	52	0.1
	Commonwealth of Australia, 3.75%, 04/21/37	06/26/19	16	16	—
	Commonwealth of Australia, 3.00%, 03/21/47	06/26/19	6	6	—
	Estado Espanol, 3.80%, 04/30/24	08/30/19	7	6	—
	Estado Espanol, 1.60%, 04/30/25	08/09/19	58	56	0.1
	Estado Espanol, 1.95%, 04/30/26	06/26/19	31	30	0.1
	Estado Espanol, 1.40%, 07/30/28	06/26/19	76	74	0.1
	Estado Espanol, 4.20%, 01/31/37	06/26/19	23	23	—
	Estado Espanol, 5.15%, 10/31/44	06/26/19	8	8	—
	Estado Espanol, 2.90%, 10/31/46	06/26/19	12	13	—
	Estado Espanol, 2.70%, 10/31/48	06/26/19	8	8	—
	Federale Overheidsdienst Kanselarij van de Eerste Minister, 2.60%, 06/22/24	06/26/19	17	16	—
	Federale Overheidsdienst Kanselarij van de Eerste Minister, 1.00%, 06/22/26	06/26/19	17	17	—
	Federale Overheidsdienst Kanselarij van de Eerste Minister, 0.80%, 06/22/28	07/31/19	16	16	—
	Federale Overheidsdienst Kanselarij van de Eerste Minister, 3.00%, 06/22/34	06/26/19	23	24	0.1
	Federale Overheidsdienst Kanselarij van de Eerste Minister, 1.90%, 06/22/38	06/26/19	25	26	0.1
	Federale Overheidsdienst Kanselarij van de Eerste Minister, 3.75%, 06/22/45	06/26/19	9	10	—
	Federale Overheidsdienst Kanselarij van de Eerste Minister, 1.60%, 06/22/47	06/26/19	7	7	—
	Federale Overheidsdienst Kanselarij van de Eerste Minister, 2.15%, 06/22/66	06/26/19	3	3	—
	HM Treasury, 4.00%, 03/07/22	06/26/19	80	80	0.2
	HM Treasury, 2.75%, 09/07/24	06/26/19	68	68	0.1
	HM Treasury, 1.63%, 10/22/28	08/09/19	41	42	0.1
	HM Treasury, 6.00%, 12/07/28	06/26/19	6	6	—
	HM Treasury, 4.25%, 03/07/36	07/31/19	38	40	0.1
	HM Treasury, 1.75%, 09/07/37	06/26/19	51	54	0.1
	HM Treasury, 3.25%, 01/22/44	06/26/19	21	22	—
	HM Treasury, 3.50%, 01/22/45	06/26/19	20	21	—
	HM Treasury, 1.50%, 07/22/47	07/05/19	24	26	0.1
	HM Treasury, 3.75%, 07/22/52	06/26/19	18	20	—
	HM Treasury, 4.25%, 12/07/55	06/26/19	21	22	—
	HM Treasury, 2.50%, 07/22/65	06/26/19	19	21	—
	HM Treasury, 3.50%, 07/22/68	08/09/19	30	33	0.1
	OSMTH Of the Kingdom Of Sweden, 3.50%, 06/01/22	06/26/19	4	4	—
	OSMTH Of the Kingdom Of Sweden, 2.50%, 05/12/25	06/26/19	4	4	—
	OSMTH Of the Kingdom Of Sweden, 2.25%, 06/01/32	06/26/19	2	2	—
	OSMTH Of the Kingdom Of Sweden, 3.50%, 03/30/39	06/26/19	3	2	—
	Republique Francaise Presidence, 0.00%, 05/25/22	08/09/19	139	136	0.2

248

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

Restricted Securities (continued)
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Republique Francaise Presidence, 2.25%, 05/25/24	06/26/19	64	62	0.1
	Republique Francaise Presidence, 0.50%, 05/25/26	07/31/19	117	114	0.2
	Republique Francaise Presidence, 0.75%, 05/25/28	06/26/19	21	20	—
	Republique Francaise Presidence, 0.75%, 11/25/28	06/26/19	147	145	0.3
	Republique Francaise Presidence, 0.50%, 05/25/29	07/19/19	24	23	—
	Republique Francaise Presidence, 1.25%, 05/25/34	06/26/19	36	36	0.1
	Republique Francaise Presidence, 4.75%, 04/25/35	06/26/19	46	45	0.1
	Republique Francaise Presidence, 1.75%, 06/25/39	07/31/19	45	45	0.1
	Republique Francaise Presidence, 3.25%, 05/25/45	06/26/19	34	35	0.1
	Republique Francaise Presidence, 1.75%, 05/25/66	06/26/19	19	20	—
	Segretariato Generale Della Presidenza Della Repubblica, -0.34%, 01/14/20	08/13/19	210	207	0.4
	Segretariato Generale Della Presidenza Della Repubblica, 0.45%, 06/01/21	08/09/19	87	86	0.2
	Segretariato Generale Della Presidenza Della Repubblica, 1.00%, 07/15/22	07/31/19	9	9	—
	Segretariato Generale Della Presidenza Della Repubblica, 3.00%, 08/01/29	08/29/19	62	62	0.1
	Segretariato Generale Della Presidenza Della Repubblica, 2.25%, 09/01/36	06/26/19	49	54	0.1
	Segretariato Generale Della Presidenza Della Repubblica, 4.00%, 02/01/37	06/26/19	27	30	0.1
	Segretariato Generale Della Presidenza Della Repubblica, 3.45%, 03/01/48	06/26/19	46	53	0.1
	Staat der Nederlanden, 4.00%, 01/15/37	06/26/19	17	17	—
			2,252	2,268	4.0

JNL/JPMorgan Global Allocation Fund — Futures Contracts
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
3 Month Euribor	2	March 2021	EUR	503	—			—
3 Month Euribor	2	June 2021	EUR	503	—			—
90 Day Sterling	2	June 2020	GBP	249	—			—
EUR/USD Spot Rate	16	December 2019		2,221	(8)			(28)
Euro Schatz	1	December 2019	EUR	113	—			—
FTSE 100 Index	3	December 2019	GBP	218	—			4
JPY/USD Spot Rate	23	December 2019		2,679	(6)			(6)
MSCI EAFE Index	34	December 2019		3,235	11			(8)
S&P 500 Index	57	December 2019		8,549	42			(61)
Topix Index	1	December 2019	JPY	15,390	(1)			4
United States 5 Year Note	19	January 2020		2,280	(1)			(16)
					37			(111)
Short Contracts
3 Month Euribor	(2)	March 2020	EUR	(503)	—			—
3 Month Euribor	(2)	June 2020	EUR	(503)	—			—
Euro STOXX 50 Price Index	(9)	December 2019	EUR	(315)	(2)			(5)
MSCI Emerging Markets Index	(56)	December 2019		(2,861)	(14)			56
Russell 2000 Index	(23)	December 2019		(1,825)	(1)			72
United States 10 Year Note	(2)	December 2019		(262)	—			1
					(17)			124

JNL/JPMorgan Global Allocation Fund — Exchange Traded Purchased Options
Reference Entity	Put/Call		Exercise Price ($)/ Swaption Rate (%)		Expiration	Notional/ Contracts1		Value ($)
Options on Securities
iShares MSCI Emerging Markets ETF		Call		42.50	12/20/19		519		38

Forward Foreign Currency Contracts

Purchased/ Sold	Counter-party	Expiration	Notional1		Value ($)		Unrealized Appreciation (Depreciation) ($)
AUD/USD	ANZ	10/03/19	AUD	195		132		—
AUD/USD	MLP	10/03/19	AUD	45		31		(1)
CAD/USD	MLP	10/03/19	CAD	94		71		—
CAD/USD	TDB	10/03/19	CAD	207		156		—
DKK/USD	MLP	10/03/19	DKK	35		5		—
DKK/USD	TDB	10/03/19	DKK	233		34		—
EUR/USD	BCL	10/03/19	EUR	44		48		—
EUR/USD	BNP	10/03/19	EUR	2,432		2,651		(7)
EUR/USD	MLP	10/03/19	EUR	773		842		(11)
EUR/USD	MLP	10/03/19	EUR	40		43		—

249

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

Purchased/ Sold	Counter-party	Expiration	Notional1		Value ($)		Unrealized Appreciation (Depreciation) ($)
GBP/USD	BCL	10/03/19	GBP	24		29		—
GBP/USD	BNP	10/03/19	GBP	601		739		(2)
GBP/USD	BNP	10/03/19	GBP	48		60		—
GBP/USD	MLP	10/03/19	GBP	9		12		—
JPY/GBP	BNP	10/03/19	GBP	(11)		(14)		—
JPY/USD	ANZ	10/03/19	JPY	191,687		1,773		(3)
JPY/USD	BNP	10/03/19	JPY	2,893		27		—
JPY/USD	TDB	10/03/19	JPY	46,062		426		(1)
SEK/USD	BCL	10/03/19	SEK	33		3		—
SEK/USD	MLP	10/03/19	SEK	195		20		—
USD/AUD	ANZ	10/03/19	AUD	(10)		(7)		—
USD/AUD	MLP	10/03/19	AUD	(230)		(155)		—
USD/AUD	ANZ	11/05/19	AUD	(195)		(132)		—
USD/CAD	MLP	10/03/19	CAD	(301)		(227)		(1)
USD/CAD	BNP	10/17/19	CAD	(134)		(101)		—
USD/CAD	MLP	10/17/19	CAD	(1,776)		(1,341)		7
USD/CAD	TDB	10/17/19	CAD	(7,986)		(6,030)		11
USD/CAD	BNP	11/05/19	CAD	(15)		(11)		—
USD/CAD	MLP	11/05/19	CAD	(42)		(32)		—
USD/CAD	TDB	11/05/19	CAD	(207)		(156)		—
USD/DKK	BNP	10/03/19	DKK	(268)		(39)		1
USD/DKK	TDB	11/05/19	DKK	(233)		(34)		—
USD/EUR	BCL	10/03/19	EUR	(171)		(187)		3
USD/EUR	BNP	10/03/19	EUR	(3,063)		(3,339)		62
USD/EUR	MLP	10/03/19	EUR	(54)		(59)		1
USD/EUR	BNP	11/05/19	EUR	(2,370)		(2,590)		6
USD/EUR	MLP	11/05/19	EUR	(99)		(107)		—
USD/GBP	BCL	10/03/19	GBP	(9)		(12)		—
USD/GBP	MLP	10/03/19	GBP	(638)		(784)		(6)
USD/GBP	MLP	10/03/19	GBP	(25)		(31)		—
USD/GBP	BNP	11/05/19	GBP	(491)		(603)		1
USD/GBP	MLP	11/05/19	GBP	(7)		(8)		—
USD/JPY	BCL	10/03/19	JPY	(234,389)		(2,168)		43
USD/JPY	GSC	10/03/19	JPY	(4,747)		(44)		1
USD/JPY	MLP	10/03/19	JPY	(2,986)		(28)		—
USD/JPY	ANZ	11/05/19	JPY	(194,284)		(1,801)		3
USD/SEK	BNP	10/03/19	SEK	(150)		(15)		—
USD/SEK	MLP	10/03/19	SEK	(78)		(8)		—
USD/SEK	MLP	11/05/19	SEK	(195)		(20)		—
						(12,981)		107

250

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
JNL/JPMorgan Hedged Equity Fund
COMMON STOCKS 98.4%
Information Technology 21.7%
	Accenture Public Limited Company - Class A	13		2,489
	Advanced Micro Devices, Inc. (a)	28		805
	Analog Devices, Inc. (b)	19		2,175
	Apple Inc. (b)	51		11,313
	Automatic Data Processing, Inc. (b)	18		2,932
	Cisco Systems, Inc. (b)	13		637
	Cognizant Technology Solutions Corp. - Class A	17		995
	Fiserv Inc. (a)	6		588
	HP Inc. (b)	36		677
	Intel Corp.	8		407
	Intuit Inc.	2		660
	KLA-Tencor Corp.	3		557
	MasterCard Incorporated - Class A (b)	18		4,996
	Microsoft Corp. (b)	101		14,058
	Motorola Solutions Inc.	1		184
	NVIDIA Corporation (b)	9		1,654
	NXP Semiconductors N.V.	14		1,565
	Paypal Holdings, Inc. (a) (b)	23		2,389
	Salesforce.Com, Inc. (a) (b)	15		2,210
	Skyworks Solutions, Inc.	1		78
	Teradyne Inc.	23		1,344
	Texas Instruments Incorporated (b)	21		2,774
	Visa Inc. - Class A (b)	15		2,586
			58,073
Health Care 13.5%
	AbbVie Inc.	29		2,214
	Alexion Pharmaceuticals, Inc. (a)	8		763
	Allergan Public Limited Company	3		532
	Amgen Inc.	1		222
	Anthem, Inc.	5		1,160
	Becton, Dickinson and Company	1		307
	Biogen Inc. (a)	4		946
	Boston Scientific Corp. (a) (b)	55		2,231
	Bristol-Myers Squibb Co.	26		1,299
	Celgene Corp. (a)	11		1,049
	Cigna Corp. (b)	16		2,397
	Eli Lilly & Co. (b)	17		1,949
	Illumina, Inc. (a)	2		486
	Intuitive Surgical, Inc. (a)	1		462
	Johnson & Johnson (b)	21		2,677
	McKesson Corporation	2		279
	Medtronic Public Limited Company (b)	29		3,113
	Merck & Co., Inc. (b)	40		3,327
	Pfizer Inc. (b)	34		1,211
	Regeneron Pharmaceuticals, Inc. (a) (b)	2		585
	Thermo Fisher Scientific Inc. (b)	10		2,834
	UnitedHealth Group Incorporated (b)	14		3,104
	Vertex Pharmaceuticals Incorporated (a)	6		959
	Zimmer Biomet Holdings, Inc. (b)	15		2,041
			36,147
Financials 12.9%
	American Express Company	3		378
	American International Group, Inc. (b)	19		1,052
	Ameriprise Financial, Inc.	4		527
	Arthur J Gallagher & Co.	4		400
	Bank of America Corporation (b)	122		3,549
	Berkshire Hathaway Inc. - Class B (a) (b)	21		4,315
	BlackRock, Inc.	1		549
	Capital One Financial Corporation (b)	19		1,691
	Charles Schwab Corp. (b)	24		1,024
	Citigroup Inc. (b)	52		3,619
	Citizens Financial Group Inc.	9		304
	Everest Re Group, Ltd.	1		379
	Fifth Third Bancorp	16		446
	Franklin Resources Inc.	19		549
	Intercontinental Exchange, Inc. (b)	26		2,435
	Invesco Ltd.	27		457
	KeyCorp (b)	76		1,353
	Lincoln National Corp.	3		167
	MetLife, Inc. (b)	34		1,625
	Morgan Stanley (b)	57		2,420
	Progressive Corp.	3		198
	Regions Financial Corporation	25		396
	S&P Global Inc.	1		148
	SunTrust Banks Inc. (b)	11		764
	Synchrony Financial	15		517
	TD Ameritrade Holding Corporation	10		489
	The Allstate Corporation	7		742
	The Hartford Financial Services Group, Inc. (b)	26		1,557
	Wells Fargo & Co. (b)	48		2,417
			34,467
Consumer Discretionary 11.8%
	Advance Auto Parts, Inc.	6		951
	Amazon.com, Inc. (a) (b)	5		8,990
	AutoZone, Inc. (a)	2		1,900
	Best Buy Co., Inc.	18		1,251
	Booking Holdings Inc. (a)	—		226
	BorgWarner Inc.	3		106
	Expedia Group, Inc. (b)	11		1,491
	General Motors Company	22		811
	H & R Block, Inc.	4		102
	Hasbro Inc.	3		398
	Hilton Worldwide Holdings Inc.	10		911
	Home Depot Inc. (b)	14		3,221
	Lennar Corp. - Class A	13		732
	Lowe's Cos. Inc.	20		2,195
	Magna International Inc.	10		530
	McDonald's Corporation	4		815
	Nike Inc. - Class B	13		1,259
	O'Reilly Automotive, Inc. (a)	2		889
	Ralph Lauren Corp. - Class A	3		272
	Ross Stores Inc. (b)	8		856
	Royal Caribbean Cruises Ltd.	2		245
	TJX Cos. Inc.	31		1,730
	Yum! Brands Inc.	16		1,848
			31,729
Communication Services 10.6%
	Alphabet Inc. - Class A (a) (b)	4		4,850
	Alphabet Inc. - Class C (a) (b)	4		4,438
	Altice USA, Inc. - Class A (a)	17		486
	AT&T Inc.	4		167
	Charter Communications, Inc. - Class A (a) (b)	6		2,306
	Comcast Corporation - Class A (b)	98		4,402
	Discovery, Inc. - Class A (a) (b)	24		635
	Discovery, Inc. - Class C (a)	26		628
	Electronic Arts Inc. (a)	11		1,097
	Facebook, Inc. - Class A (a) (b)	15		2,717
	Lyft, Inc. (a)	5		213
	Netflix, Inc. (a) (b)	7		1,801
	T-Mobile US Inc. (a)	4		350
	Verizon Communications Inc. (b)	52		3,162
	Viacom Inc. - Class B	2		43
	Walt Disney Co. (b)	8		1,094
			28,389
Industrials 9.4%
	Caterpillar Inc.	6		717
	Cintas Corp.	1		180
	Cummins Inc.	8		1,266
	Deere & Co.	5		816
	Delta Air Lines Inc. (b)	10		602
	Eaton Corporation Public Limited Company (b)	31		2,578
	General Dynamics Corp. (b)	12		2,140
	HD Supply Holdings, Inc (a)	10		373
	Honeywell International Inc. (b)	17		2,816
	Ingersoll-Rand Public Limited Company (b)	8		1,048
	Kansas City Southern	1		138
	Masco Corp. (b)	21		862
	Norfolk Southern Corp. (b)	13		2,369
	Northrop Grumman Systems Corp.	3		1,099
	PACCAR Inc. (b)	8		549
	Parker Hannifin Corp.	4		728
	Snap-On Inc.	3		400
	Southwest Airlines Co.	5		268
	Stanley Black & Decker Inc.	7		1,069

251

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	The Boeing Company (b)	3		1,046
	Union Pacific Corp. (b)	10		1,642
	United Airlines Holdings, Inc. (a)	3		228
	United Technologies Corp. (b)	15		2,065
	Waste Management, Inc.	2		255
			25,254
Consumer Staples 5.6%
	Altria Group, Inc. (b)	20		816
	Coca-Cola Co. (b)	73		3,996
	ConAgra Brands Inc.	5		163
	Constellation Brands, Inc. - Class A	3		716
	General Mills Inc.	15		852
	Kimberly-Clark Corp.	1		143
	Mondelez International Inc. - Class A (b)	33		1,799
	PepsiCo Inc. (b)	8		1,039
	Philip Morris International Inc. (b)	33		2,544
	Procter & Gamble Co. (b)	24		3,041
			15,109
Energy 4.4%
	Chevron Corp. (b)	35		4,153
	Concho Resources Inc.	2		165
	Diamondback Energy, Inc.	11		971
	EOG Resources, Inc. (b)	24		1,813
	Exxon Mobil Corporation	11		748
	Marathon Petroleum Corporation (b)	27		1,622
	ONEOK Inc.	16		1,144
	Pioneer Natural Resources Co. (b)	10		1,262
			11,878
Utilities 3.5%
	American Electric Power Company, Inc.	15		1,441
	Edison International	20		1,516
	Entergy Corporation	8		966
	Exelon Corporation (b)	5		263
	NextEra Energy, Inc. (b)	11		2,589
	Sempra Energy	5		758
	Xcel Energy Inc. (b)	29		1,867
			9,400
Materials 2.6%
	Avery Dennison Corporation	1		95
	Celanese Corp. - Class A	7		904
	Corteva, Inc.	19		525
	Crown Holdings Inc. (a)	10		649
	Dow Holdings Inc.	14		691
	DuPont de Nemours, Inc	12		826
	Eastman Chemical Co. (b)	16		1,156
	Freeport-McMoRan Inc. - Class B (b)	14		134
	Linde Public Limited Company	4		807
	LyondellBasell Industries N.V. - Class A	3		281
	Newmont Goldcorp Corporation (c)	5		193
	Packaging Corp. of America	3		351
	Westrock Company, Inc.	11		387
			6,999
Real Estate 2.4%
	AvalonBay Communities, Inc.	6		1,276
	Boston Properties Inc.	2		288
	Digital Realty Trust Inc.	2		214
	Equinix, Inc.	2		1,057
	Equity Residential	5		391
	Federal Realty Investment Trust	4		548
	Host Hotels & Resorts, Inc. (b)	18		316
	Mid-America Apartment Communities, Inc.	1		154
	ProLogis Inc. (b)	15		1,302
	Public Storage	1		280
	Ventas, Inc.	6		440
	VICI Properties Inc.	10		220
			6,486
	Total Common Stocks (cost $250,849)		263,931
SHORT TERM INVESTMENTS 1.1%
Investment Companies 1.1%
	JNL Government Money Market Fund - Institutional Class, 1.86% (d) (e)	3,098		3,098
	Total Short Term Investments (cost $3,098)		3,098
Total Investments 99.5% (cost $253,947)				267,029
Total Purchased Options 1.7% (cost $4,491)				4,445
Other Derivative Instruments (1.6)%				(4,294)
Other Assets and Liabilities, Net 0.4%				1,066
Total Net Assets 100.0%				268,246

(a)Non-income producing security.

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

(c)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

(d)Investment in affiliate.

(e)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

JNL/JPMorgan Hedged Equity Fund — Futures Contracts
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
S&P 500 Index	22	December 2019		3,300	16			(24)

JNL/JPMorgan Hedged Equity Fund — Exchange Traded Purchased Options
Reference Entity	Put/Call		Exercise Price ($)/ Swaption Rate (%)		Expiration	Notional/ Contracts1		Value ($)
Index Options
S&P 500 Index		Put		2,815.00	12/31/19		898		4,445

JNL/JPMorgan Hedged Equity Fund — Exchange Traded Written Options
Reference Entity	Put/Call		Exercise Price ($)/ Swaption Rate (%)		Expiration	Notional/ Contracts1		Value ($)
Index Options
S&P 500 Index		Call		3,070.00	12/31/19		898		(3,714)
S&P 500 Index		Put		2,340.00	10/01/19		894		—
S&P 500 Index		Put		2,375.00	12/31/19		898		(596)
									(4,310)

252

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
JNL/JPMorgan MidCap Growth Fund
COMMON STOCKS 97.1%
Information Technology 34.6%
	Advanced Micro Devices, Inc. (a)	1,463		42,401
	Amphenol Corporation - Class A	344		33,235
	Arista Networks, Inc. (a)	96		22,817
	Autodesk, Inc. (a)	73		10,738
	Black Knight, Inc. (a)	189		11,540
	Booz Allen Hamilton Holding Corporation - Class A	513		36,440
	Corning Inc.	429		12,229
	CrowdStrike Holdings, Inc. - Class A (a) (b)	112		6,542
	Fair Isaac Corp. (a)	47		14,357
	Fidelity National Information Services, Inc.	77		10,250
	Fiserv Inc. (a)	565		58,518
	FLIR Systems Inc.	274		14,420
	Global Payments Inc.	375		59,693
	IHS Markit Ltd. (a)	440		29,441
	Intuit Inc.	81		21,461
	Keysight Technologies, Inc. (a)	340		33,075
	KLA-Tencor Corp.	152		24,189
	Lam Research Corp.	144		33,211
	Marvell Technology Group Ltd	951		23,756
	Microchip Technology Incorporated	165		15,339
	Okta, Inc. - Class A (a)	164		16,147
	Palo Alto Networks, Inc. (a)	82		16,673
	Paycom Software, Inc. (a)	83		17,451
	Proofpoint, Inc. (a)	172		22,158
	ServiceNow, Inc. (a)	84		21,374
	Slack Technologies, Inc. - Class A (a) (b)	206		4,898
	Splunk Inc. (a)	173		20,437
	Spotify Technology S.A. (a)	189		21,557
	Square, Inc. - Class A (a)	200		12,409
	Synopsys Inc. (a)	288		39,534
	Xilinx Inc.	290		27,821
	Zebra Technologies Corp. - Class A (a)	137		28,314
	Zendesk, Inc. (a)	146		10,670
	Zscaler, Inc. (a)	171		8,096
			781,191
Industrials 16.3%
	AMETEK, Inc.	317		29,144
	Copart Inc. (a)	435		34,936
	CoStar Group, Inc. (a)	39		22,957
	Fortune Brands Home & Security, Inc.	389		21,273
	FTI Consulting Inc. (a)	126		13,344
	Generac Holdings Inc. (a)	238		18,676
	HEICO Corp. - Class A	268		26,048
	Ingersoll-Rand Public Limited Company	298		36,717
	Lennox International Inc.	59		14,287
	Nordson Corp.	120		17,542
	Old Dominion Freight Line Inc.	128		21,824
	Parker Hannifin Corp.	67		12,101
	Stanley Black & Decker Inc.	162		23,423
	Verisk Analytics, Inc.	180		28,481
	Waste Connections, Inc. (c)	531		48,852
			369,605
Consumer Discretionary 15.5%
	American Eagle Outfitters, Inc.	417		6,770
	Aptiv PLC (c)	155		13,515
	Bright Horizons Family Solutions Inc. (a)	145		22,128
	Burlington Stores Inc. (a)	70		13,907
	Chipotle Mexican Grill Inc. (a)	13		10,674
	Dollar General Corp.	144		22,903
	Garmin Ltd.	134		11,374
	Hilton Worldwide Holdings Inc.	320		29,780
	Lululemon Athletica Inc. (a)	165		31,844
	National Vision Holdings, Inc. (a)	512		12,333
	NVR, Inc. (a)	6		21,561
	O'Reilly Automotive, Inc. (a)	150		59,976
	Red Rock Resorts, Inc. - Class A	585		11,870
	Ross Stores Inc.	358		39,326
	Tractor Supply Co.	310		28,073
	Wayfair Inc. - Class A (a) (b)	119		13,286
			349,320
Health Care 14.1%
	Acadia Healthcare Company, Inc. (a)	332		10,326
	Agios Pharmaceuticals, Inc. (a)	138		4,458
	Alnylam Pharmaceuticals, Inc. (a)	108		8,661
	BioMarin Pharmaceutical Inc. (a)	85		5,709
	Catalent Inc. (a)	239		11,391
	Centene Corporation (a)	304		13,163
	DexCom Inc. (a)	164		24,446
	Elanco Animal Health (a)	565		15,021
	Exact Sciences Corporation (a)	247		22,294
	Exelixis, Inc. (a)	682		12,059
	Illumina, Inc. (a)	39		11,895
	Insulet Corporation (a)	180		29,753
	Intercept Pharmaceuticals, Inc. (a) (b)	92		6,098
	Jazz Pharmaceuticals Public Limited Company (a)	179		22,899
	ResMed Inc.	194		26,225
	Sage Therapeutics Inc. (a)	90		12,612
	Smiledirectclub, Inc. (a)	67		929
	Teladoc Health, Inc. (a) (b)	396		26,790
	Veeva Systems Inc. - Class A (a)	175		26,690
	WellCare Health Plans, Inc. (a)	107		27,757
			319,176
Financials 6.7%
	East West Bancorp, Inc.	374		16,569
	First Republic Bank	207		19,988
	MSCI Inc.	87		18,988
	NASDAQ Inc.	197		19,532
	Progressive Corp.	263		20,286
	S&P Global Inc.	102		24,988
	Shopify Inc. - Class A (a)	53		16,424
	TD Ameritrade Holding Corporation	312		14,561
			151,336
Materials 4.8%
	Avery Dennison Corporation	253		28,711
	Ball Corporation	534		38,851
	Vulcan Materials Co.	265		40,124
			107,686
Communication Services 3.5%
	Lyft, Inc. (a)	185		7,576
	New York Times Co. - Class A	446		12,696
	Take-Two Interactive Software Inc. (a)	318		39,908
	The Trade Desk, Inc. - Class A (a)	99		18,567
			78,747
Real Estate 1.2%
	CBRE Group, Inc. - Class A (a)	529		28,026
Energy 0.4%
	Concho Resources Inc.	144		9,764
	Total Common Stocks (cost $1,849,632)		2,194,851
SHORT TERM INVESTMENTS 4.0%
Investment Companies 3.1%
	JNL Government Money Market Fund - Institutional Class, 1.86% (d) (e)	69,131		69,131
Securities Lending Collateral 0.9%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (d) (e)	21,642		21,642
	Total Short Term Investments (cost $90,773)		90,773
Total Investments 101.1% (cost $1,940,405)				2,285,624
Other Assets and Liabilities, Net (1.1)%				(25,292)
Total Net Assets 100.0%				2,260,332

(a)Non-income producing security.

(b)All or a portion of the security was on loan as of September 30, 2019.

(c)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

(d)Investment in affiliate.

(e)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

253

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
JNL/JPMorgan U.S. Government & Quality Bond Fund
GOVERNMENT AND AGENCY OBLIGATIONS 83.9%
Collateralized Mortgage Obligations 31.1%
	Federal Home Loan Mortgage Corporation
		Series 30-264, 3.00%, 07/15/42	16,402		16,966
		Series BH-2870, REMIC, 4.50%, 10/15/19	2		2
		Series QD-2931, REMIC, 4.50%, 02/15/20	1		1
		Series BK-3037, REMIC, 4.50%, 09/15/20	81		82
		Series PV-3860, REMIC, 5.00%, 05/15/22	3,216		3,324
		Series VC-4050, REMIC, 4.00%, 07/15/23	4,331		4,474
		Series ZA-2639, REMIC, 5.00%, 07/15/23	1,799		1,864
		Series D-3542, REMIC, 4.50%, 06/15/24	3,386		3,525
		Series BY-3104, REMIC, 5.50%, 01/15/26	1,882		2,017
		Series AK-3812, REMIC, 3.50%, 02/15/26	14,853		15,143
		Series VN-4445, REMIC, 4.00%, 05/15/26	1,328		1,407
		Series KW-3874, REMIC, 4.50%, 06/15/26	3,000		3,221
		Series B-3917, REMIC, 4.50%, 08/15/26	1,500		1,648
		Series GT-3270, REMIC, 5.50%, 01/15/27	3,174		3,405
		Series VE-4050, REMIC, 4.00%, 01/15/29	4,532		4,906
		Series VB-4095, REMIC, 3.50%, 03/15/29	4,249		4,441
		Series DG-3737, REMIC, 5.00%, 10/15/30	1,298		1,360
		Series PA-3981, REMIC, 3.00%, 04/15/31	5,211		5,336
		Series AM-2525, REMIC, 4.50%, 04/15/32	149		161
		Series JE-4186, REMIC, 2.00%, 03/15/33	3,982		3,912
		Series NY-4206, REMIC, 3.00%, 05/15/33	3,474		3,681
		Series MJ-2638, REMIC, 5.00%, 07/15/33	953		1,033
		Series L-2836, REMIC, 4.50%, 04/15/34	125		127
		Series QD-2882, REMIC, 4.50%, 07/15/34	270		276
		Series MU-2915, REMIC, 5.00%, 01/15/35	1,345		1,455
		Series AZ-3036, REMIC, 5.00%, 02/15/35	2,077		2,503
		Series OC-3047, REMIC, 5.50%, 07/15/35	429		434
		Series CB-3688, REMIC, 4.00%, 06/15/36	1,362		1,470
		Series PB-3283, REMIC, 5.50%, 07/15/36	1,108		1,255
		Series B-3413, REMIC, 5.50%, 04/15/37	225		248
		Series PE-3341, REMIC, 6.00%, 07/15/37	757		875
		Series PL-3832, REMIC, 5.00%, 08/15/39	482		489
		Series HZ-4365, REMIC, 3.00%, 01/15/40	5,837		6,056
		Series QH-3699, REMIC, 5.50%, 07/15/40	2,175		2,340
		Series PB-4047, REMIC, 3.50%, 01/15/41	12,000		12,638
		Series YN-4094, REMIC, 3.00%, 08/15/42	2,500		2,624
		Series AW-4437, REMIC, 2.50%, 02/15/45	5,143		5,121
		Series PY-4493, REMIC, 3.00%, 07/15/45	3,715		3,913
	Federal National Mortgage Association, Inc.
		Series 2007-AH-115, REMIC, 5.00%, 12/25/22	553		558
		Series 2008-KB-59, REMIC, 4.50%, 07/25/23	6		6
		Series 2004-CG-76, REMIC, 4.50%, 10/25/24	854		880
		Series 2012-VA-47, REMIC, 4.00%, 03/25/25	6,934		7,235
		Series 2011-PB-145, REMIC, 3.50%, 01/25/32	10,000		10,826
		Series 2012-LY-134, REMIC, 3.00%, 12/25/32	2,769		2,914
		Series 2003-PE-63, REMIC, 3.50%, 07/25/33	138		139
		Series 2013-PY-106, REMIC, 3.00%, 10/25/33	8,000		8,172
		Series 2004-AZ-35, REMIC, 4.50%, 05/25/34	5,000		5,286
		Series 2015-BY-41, REMIC, 3.00%, 09/25/34	2,140		2,259
		Series 2005-GA-70, REMIC, 5.50%, 12/25/34	56		56
		Series 2015-BW-15, REMIC, 3.50%, 04/25/35	3,735		4,109
		Series 2015-GB-28, REMIC, 3.50%, 05/25/35	4,156		4,578
		Series 2015-B-33, REMIC, 3.00%, 06/25/35	9,980		10,206
		Series 2015-B-50, REMIC, 3.00%, 07/25/35	10,734		11,173
		Series 2015-EY-47, REMIC, 3.00%, 07/25/35	5,051		5,378
		Series 2005-PL-64, REMIC, 5.50%, 07/25/35	292		316
		Series 2015-BW-68, REMIC, 3.00%, 08/25/35	14,922		15,546
		Series 2005-BG-97, REMIC, 5.50%, 11/25/35	2,025		2,287
		Principal Only, Series 2006-HO-23, REMIC, 0.00%, 04/25/36 (a)	715		650
		Series 2016-LY-30, REMIC, 3.50%, 05/25/36	5,618		6,252
		Series 2007-BA-12, REMIC, 6.00%, 02/25/37	364		381
		Series 2012-QE-47, REMIC, 4.00%, 05/25/38	2,735		2,755
		Series 2010-MB-47, REMIC, 5.00%, 09/25/39	2,635		2,852
		Series 2010-CB-11, REMIC, 4.50%, 02/25/40	195		201
		Series 2010-SL-4, REMIC, 7.05%, (11.59% - (1M USD LIBOR * 2.25)), 02/25/40 (b)	25		37
		Series 2010-PM-123, REMIC, 4.00%, 07/25/40	2,698		2,818
		Series 2010-MB-134, REMIC, 4.50%, 12/25/40	1,398		1,671
		Series 2002-A3-T4, REMIC, 7.50%, 12/25/41	2,478		2,951
		Series 2012-EP-60, REMIC, 3.00%, 04/25/42	2,814		2,841
		Series 2003-2A4-W3, REMIC, 5.75%, 06/25/42	768		875
		Series 2012-HY-102, REMIC, 2.00%, 09/25/42	4,000		3,808
		Series 2012-AB-121, REMIC, 3.00%, 11/25/42	12,464		12,900
		Series 2003-2A7-W12, REMIC, 4.68%, 06/25/43	1,764		1,910
		Series 2016-LA-25, REMIC, 3.00%, 07/25/45	5,366		5,581
		Series 2015-N-97, REMIC, 3.00%, 11/25/45	13,757		14,441
		Series 2009-A-W1, REMIC, 6.00%, 12/25/49	424		484
		Series 2017-DL-83, REMIC, 3.00%, 10/25/37	5,061		5,312
	Government National Mortgage Association
		Series 2009-HB-82, REMIC, 4.00%, 09/16/24	1,070		1,094
		Series 2003-Z-27, REMIC, 5.50%, 03/20/33	805		906
		Series 2003-ZA-75, REMIC, 5.50%, 09/20/33	762		843
		Series 2003-Z-114, REMIC, 6.00%, 12/16/33	1,037		1,184
		Series 2007-MB-2, REMIC, 5.50%, 01/20/37	1,443		1,630
		Series 2009-PA-81, REMIC, 5.50%, 02/16/38	35		36
		Interest Only, Series 2008-SA-40, REMIC, 4.37%, (6.40% - (1M USD LIBOR * 1)), 05/16/38 (b)	1,604		304
		Series 2010-CL-166, REMIC, 4.00%, 11/20/38	15,000		15,190
		Series 2010-GP-166, REMIC, 3.00%, 04/20/39	2,175		2,190
		Series 2009-TX-42, REMIC, 4.50%, 06/20/39	3,119		3,433
		Series 2011-Z-29, REMIC, 5.00%, 05/20/40	15,346		17,946
		Interest Only, Series 2011-SH-97, REMIC, 4.09%, (6.13% - (1M USD LIBOR * 1)), 07/20/41 (b)	2,807		504
		Series 2015-PL-157, REMIC, 3.00%, 10/20/45	12,872		13,482
		Series 2013-FA-H16, REMIC, 2.77%, (1M USD LIBOR + 0.54%), 07/20/63 (b)	11,902		11,942
				355,061
Mortgage-Backed Securities 14.6%
	Federal Home Loan Mortgage Corporation
		6.00%, 11/01/28	55		60
		7.00%, 04/01/29 - 08/01/32	47		53
		5.00%, 08/01/33 - 12/01/34	667		731
		4.85%, (1Y US Treasury Yield Curve Rate Treasury Note Constant Maturity + 2.25%), 12/01/35 (b)	398		419
		5.35%, (12M USD LIBOR + 2.35%), 01/01/37 (b)	24		26
		5.50%, 07/01/38	1,740		1,956
		4.50%, 10/01/40	730		790
		3.00%, 01/01/47	4,275		4,423
	Federal National Mortgage Association, Inc.
		3.18%, 09/01/25	5,079		5,314
		4.00%, 02/01/25 - 03/01/48	29,076		31,030
		3.03%, 12/01/25	20,350		21,441
		2.94%, 01/01/26	23,068		24,138
		3.10%, 01/01/26	7,500		7,988
		6.50%, 03/01/26 - 03/01/36	133		154
		3.33%, 03/01/27	2,467		2,648
		2.97%, 06/01/27	5,708		6,036
		8.00%, 11/01/29 - 03/01/31	30		35
		7.00%, 05/01/26 - 01/01/30	12		13
		7.50%, 02/01/31	3		4
		5.50%, 02/01/35 - 10/01/36	2,176		2,430
		6.00%, 02/01/31 - 12/01/36	3,657		4,187
		5.00%, 09/01/35 - 11/01/40	11,260		12,491
		3.50%, 09/01/45 - 07/01/49	29,022		30,241
		3.00%, 03/01/43 - 03/01/46	3,775		3,892
		REMIC, 2.90%, 06/25/27	5,259		5,466
	Government National Mortgage Association
		6.00%, 04/15/29 - 01/15/36	699		793
				166,759
U.S. Treasury Note 10.2%
	Treasury, United States Department of
		1.75%, 11/15/20	20,000		19,984
		2.63%, 08/15/20 - 02/15/29	85,000		86,949
		2.00%, 11/30/22	10,000		10,128
				117,061
U.S. Treasury Bond 9.6%
	Treasury, United States Department of
		0.00%, 08/15/21 (a)	25,000		24,221
		5.38%, 02/15/31	23,000		31,711

254

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
		3.75%, 11/15/43	7,000		9,215
		3.00%, 05/15/45 - 02/15/48	37,500		44,288
				109,435
U.S. Government Agency Obligations 6.0%
	Federal Farm Credit Banks Funding Corporation
		3.33%, 04/28/37 (c)	7,500		8,463
	Federal Home Loan Banks Office of Finance
		5.25%, 12/11/20 (c)	4,500		4,687
		5.75%, 06/12/26 (c)	5,000		6,234
	Federal National Mortgage Association, Inc.
		Principal Only, 0.00%, 03/23/28 (a) (c)	4,000		3,370
	Resolution Funding Corporation
		Principal Only, 0.00%, 10/15/19 - 01/15/30 (a) (c)	51,010		46,461
				69,215
Commercial Mortgage-Backed Securities 6.0%
	Federal Home Loan Mortgage Corporation
		Series A2-K049, REMIC, 3.01%, 07/25/25	8,067		8,488
		Series A2-K052, REMIC, 3.15%, 11/25/25	8,050		8,547
		Series K067-A2, REMIC, 3.19%, 07/25/27	6,557		7,059
		Series A2-K068, REMIC, 3.24%, 08/25/27	5,000		5,358
		Series A2-K069, REMIC, 3.19%, 09/25/27 (b)	4,000		4,304
		Series A1-K087, REMIC, 3.59%, 10/25/27	3,811		4,097
	Federal National Mortgage Association, Inc.
		Series 2015-A2-M13, REMIC, 2.80%, 06/25/25 (b)	5,151		5,328
		Series 2016-A2-M1, REMIC, 2.94%, 01/25/26 (b)	13,761		14,374
		Series 2017-A2-M13, REMIC, 3.04%, 09/25/27 (b)	2,753		2,900
		Series 2019-A2-M1, REMIC, 3.67%, 09/25/28 (b)	4,000		4,425
		Series 2019-A2-M7, REMIC, 3.14%, 05/25/29	3,125		3,364
				68,244
U.S. Treasury Inflation Indexed Securities 3.8%
	Treasury, United States Department of
		1.38%, 02/15/44 (d)	36,604		43,896
Municipal 1.6%
	Tennessee Valley Authority
		Interest Only, 0.00%, 01/15/21 - 07/15/37 (a)	20,487		17,853
Sovereign 1.0%
	Israel, Government of
		Interest Only, 0.00%, 11/01/21 (a)	10,000		9,588
	Saskatchewan, Government Of
		9.38%, 12/15/20	1,500		1,626
				11,214
	Total Government And Agency Obligations (cost $917,969)			958,738
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 6.2%
	Alternative Loan Trust
		Series 2006-2A1A-OA9, REMIC, 2.25%, (1M USD LIBOR + 0.21%), 07/20/46 (b)	307		239
		Series 2006-1A1A-OA17, REMIC, 2.24%, (1M USD LIBOR + 0.20%), 12/20/46 (b)	527		443
	American Homes For Rent
		Series 2014-A-SFR2, REMIC, 3.79%, 10/17/24 (e)	4,584		4,834
	BBCMS Trust
		Series 2015-A1-VFM, REMIC, 2.47%, 03/10/26 (e)	2,674		2,700
	BB-UBS Trust
		Series 2012-A-TFT, REMIC, 2.89%, 06/05/20 (e)	5,546		5,542
	COMM Mortgage Trust
		Interest Only, Series 2012-XA-CR2, REMIC, 1.80%, 08/15/45 (b)	13,938		515
	Credit Suisse Securities (USA) LLC
		Series 2004-4A1-5, REMIC, 6.00%, 09/25/34	300		314
	CSAIL Commercial Mortgage Trust
		Series 2015-A4-C3, REMIC, 3.72%, 08/15/48	8,775		9,408
	CWABS, Inc.
		Series 2004-A-I, 2.32%, (1M USD LIBOR + 0.29%), 02/15/34 (b)	65		64
	Eleven Madison Trust Mortgage Trust
		Series 2015-A-11MD, REMIC, 3.67%, 09/11/25 (b) (e)	2,989		3,191
	GM Financial Consumer Automobile Receivables Trust
		Series 2019-A3-1, 2.97%, 07/16/22	4,460		4,520
	GS Mortgage Securities Corp Trust
		Series 2017-A4-GS7, REMIC, 3.43%, 07/12/27	10,500		11,211
	Home Equity Mortgage Loan Asset-Backed Trust
		Series 2006-A-A, REMIC, 2.28%, (1M USD LIBOR + 0.26%), 06/25/36 (b) (f)	676		64
	MASTR Adjustable Rate Mortgages Trust
		Series 2004-3A2-1, REMIC, 3.48%, 02/25/34 (b)	266		254
	Morgan Stanley Mortgage Capital Holdings LLC
		Series 2004-4A2-8AR, REMIC, 4.38%, 10/25/34 (b)	139		139
	Nomura Credit & Capital, Inc.
		Series 2004-A1-R1, REMIC, 6.50%, 03/25/34 (e)	1,833		1,779
	Progress Residential Trust
		Series 2015-A-SFR3, REMIC, 3.07%, 11/13/20 (e)	6,485		6,463
	Provident Funding Mortgage Loan Trust
		Series 2005-1A1A-2, REMIC, 4.55%, 10/25/35 (b)	44		44
	SACO I Trust
		Series 2006-A-6, REMIC, 2.28%, (1M USD LIBOR + 0.26%), 06/25/36 (b) (f)	63		61
	Structured Asset Mortgage Investments II Trust
		Series 2006-A1A-AR7, REMIC, 2.23%, (1M USD LIBOR + 0.21%), 08/25/36 (b)	598		539
	Tricon American Homes Trust
		Series 2016-A-SFR1, REMIC, 2.59%, 11/18/21 (e)	5,846		5,825
	U.S. Department of Veterans Affairs
		Series 2001-Z-2, REMIC, 6.75%, 02/15/31	778		910
	UBS-BAMLL Trust
		Series 2012-A-WRM, REMIC, 3.66%, 06/10/22 (e)	4,560		4,693
	WFRBS Commercial Mortgage Trust
		Series 2011-A4-C3, REMIC, 4.38%, 05/17/21 (e)	4,750		4,870
	Worldwide Plaza Trust
		Series 2017-A-WWP, REMIC, 3.53%, 11/12/27 (e)	2,139		2,305
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $70,145)			70,927
CORPORATE BONDS AND NOTES 4.0%
Financials 1.0%
	Berkshire Hathaway Inc.
		3.40%, 01/31/22 (g)	1,619		1,678
	Citigroup Inc.
		4.50%, 01/14/22	3,028		3,182
	Credit Suisse (USA), Inc.
		3.00%, 10/29/21	894		909
	New York Life Global Funding
		2.00%, 04/13/21 (e)	1,639		1,638
	The Goldman Sachs Group, Inc.
		5.75%, 01/24/22	840		905
		2.91%, 06/05/23	1,350		1,368
	U.S. Bancorp
		3.00%, 03/15/22	1,715		1,757
				11,437
Communication Services 0.7%
	AT&T Inc.
		3.60%, 07/15/25	4,000		4,210
	TWDC Enterprise 18 Corp.
		2.00%, 09/01/29	3,900		3,797
				8,007
Energy 0.6%
	Buckeye Partners, L.P.
		4.88%, 02/01/21	1,907		1,938
	Enterprise Products Operating LLC
		3.70%, 02/15/26	1,013		1,077

255

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Magellan Midstream Partners, L.P.
		3.20%, 03/15/25	1,072		1,096
	Occidental Petroleum Corporation
		3.13%, 02/15/22	666		676
	Phillips 66
		4.30%, 04/01/22	912		961
	Plains All American Pipeline, L.P.
		2.60%, 12/15/19	1,713		1,714
				7,462
Industrials 0.5%
	ABB Finance (USA) Inc.
		2.88%, 05/08/22	571		583
	Lockheed Martin Corporation
		3.35%, 09/15/21	984		1,009
	Penske Truck Leasing Co., L.P.
		3.38%, 02/01/22 (e)	2,898		2,958
	Union Pacific Corporation
		1.80%, 02/01/20	869		868
				5,418
Real Estate 0.4%
	Boston Properties Limited Partnership
		2.75%, 10/01/26	2,580		2,604
	HCP, Inc.
		3.40%, 02/01/25	1,515		1,572
				4,176
Consumer Staples 0.4%
	Kimberly-Clark Corporation
		2.40%, 03/01/22 (g)	700		709
	PepsiCo, Inc.
		3.00%, 08/25/21	782		799
	Walgreens Boots Alliance, Inc.
		3.80%, 11/18/24	2,469		2,602
				4,110
Utilities 0.3%
	Arizona Public Service Company
		2.20%, 01/15/20	665		666
	Duke Energy Florida, LLC
		3.10%, 08/15/21	1,203		1,222
	Exelon Generation Company, LLC
		2.95%, 01/15/20	1,140		1,142
	Virginia Electric and Power Company
		2.95%, 01/15/22	870		885
				3,915
Health Care 0.1%
	Allergan Funding SCS
		3.45%, 03/15/22	991		1,016
	Total Corporate Bonds And Notes (cost $44,397)			45,541
SHORT TERM INVESTMENTS 5.7%
Investment Companies 5.5%
	JNL Government Money Market Fund - Institutional Class, 1.86% (h) (i)		62,800		62,800
Securities Lending Collateral 0.2%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (h) (i)		2,260		2,260
	Total Short Term Investments (cost $65,060)			65,060
Total Investments 99.8% (cost $1,097,571)					1,140,266
Other Assets and Liabilities, Net 0.2%					1,824
Total Net Assets 100.0%					1,142,090

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

(b)Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of September 30, 2019. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations (“CMO”) and mortgage-backed securities (“MBS”) are determined by tranches of underlying mortgage-backed security pools’ cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security’s offering documents.

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

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

(e)The Adviser has deemed this security, which is exempt from registration under the Securities Act of 1933, as amended, to be liquid based on procedures approved by the Board of Trustees. As of September 30, 2019, the value and the percentage of net assets of these liquid securities was $46,798 and 4.1% of the Fund.

(f)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

(g)All or a portion of the security was on loan as of September 30, 2019.

(h)Investment in affiliate.

(i)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

256

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
JNL/Lazard Emerging Markets Fund
COMMON STOCKS 96.1%
China 18.3%
	AAC Technologies Holdings Inc. (a)	1,107		5,892
	Anhui Conch Cement Company Limited - Class H	1,867		11,113
	Baidu, Inc. - Class A - ADR (b)	67		6,866
	China Construction Bank Corporation - Class H	48,679		37,101
	China Mobile Limited - ADR	281		11,653
	China Shenhua Energy Company Limited - Class H	2,632		5,296
	CNOOC Limited	4,620		7,055
	ENN Energy Holdings Ltd.	719		7,473
	Hengan International Group Co. Ltd.	1,006		6,628
	NetEase, Inc. - ADR	84		22,247
	Weichai Power Co., Ltd. - Class H	8,482		12,288
			133,612
South Korea 15.0%
	Hanwha Life Insurance Co., Ltd.	576		1,147
	Hyundai Mobis	52		11,042
	KB Financial Group Inc.	312		11,140
	KT&G Corp.	81		7,115
	Samsung Electronics Co. Ltd.	825		33,850
	Shinhan Financial Group Co. Ltd.	396		13,825
	SK Hynix Inc.	337		23,215
	Woongjin Coway Co., Ltd.	114		8,085
			109,419
India 10.9%
	Axis Bank Limited	894		8,655
	Bajaj Auto Limited	155		6,428
	Bharat Petroleum Corp. Ltd.	1,018		6,760
	Bharti Infratel Limited	718		2,609
	Coal India Ltd Govt Of India Undertaking	1,655		4,675
	HCL Technologies Ltd.	596		9,101
	Hero Motocorp Ltd.	233		8,893
	Infosys Ltd. - ADR	722		8,214
	Oil & Natural Gas Corp. Ltd.	3,150		5,868
	Tata Consultancy Services Limited	453		13,429
	UPL Limited	604		5,154
			79,786
Russian Federation 9.2%
	Gazprom OAO Via Gaz Capital SA - ADR	1,215		8,393
	Joint-Stock Company Alrosa (Public Joint-Stock Company)	8,600		9,880
	Mobile Telesystems PJSC - ADR	1,208		9,787
	Public Joint Stock Company Oil Company Lukoil - ADR	136		11,261
	Public Joint-Stock Company Magnit - GDR (c)	501		6,541
	Public Joint-stock Company Sberbank Of Russia - ADR	1,502		21,296
			67,158
Brazil 8.9%
	American Beverage Co Ambev - ADR	1,146		5,293
	Banco do Brasil SA	1,993		21,876
	BB Seguridade Participacoes S/A	1,504		12,735
	CCR SA	3,092		12,837
	Cielo S.A.	2,997		5,770
	Irb Brasil Resseguros S/A	704		6,348
			64,859
South Africa 6.2%
	Bidvest Group Ltd. (a)	464		5,853
	Life Healthcare Group Holdings	3,602		5,396
	Motus Holdings (UK) Limited	439		1,997
	Nedbank Group Ltd.	368		5,518
	PPC Ltd (b)	2,357		624
	Sanlam Ltd	1,221		6,014
	Shoprite Holdings Ltd.	759		6,158
	Standard Bank Group Limited	547		6,312
	Vodacom Group Limited	928		7,332
			45,204
Taiwan 5.2%
	Catcher Technology Co. Ltd.	1,025		7,777
	Hon Hai Precision Industry Co. Ltd.	3,516		8,317
	Taiwan Semiconductor Manufacturing Co. Ltd.	2,461		21,667
			37,761
Indonesia 5.1%
	Bank Mandiri Persero Tbk PT	27,423		13,492
	PT Astra International Tbk	18,323		8,541
	Semen Gresik Persero Tbk PT	2,266		1,842
	Telekomunikasi Indonesia Persero Tbk PT - ADR	430		12,943
			36,818
Mexico 4.4%
	America Movil, S.A.B. De C.V. - Class L - ADR	1,038		15,422
	Grupo Mexico SAB de CV - Class B	1,995		4,664
	Kimberly-Clark de Mexico SAB de CV - Class A	3,437		6,903
	Ternium SA - ADR	282		5,404
			32,393
Turkey 3.1%
	Koc Holding A.S.	2,736		9,160
	Turkiye Petrol Rafinerileri Anonim Sirketi Tupras	532		13,530
			22,690
Hong Kong 2.3%
	ASM Pacific Technology Ltd.	776		9,534
	China Merchants Bank Co., Ltd. - Class H	1,560		7,441
			16,975
Hungary 2.0%
	OTP Bank Plc	347		14,460
Thailand 1.6%
	Kasikornbank PCL	1,206		6,176
	Siam Cement PCL (d)	415		5,537
			11,713
Egypt 1.2%
	Commercial International Bank Egypt SAE - GDR (c)	1,929		8,898
Philippines 0.7%
	PLDT Inc. - ADR	245		5,394
United Kingdom 0.7%
	Mondi plc	264		5,042
Pakistan 0.7%
	Habib Bank Limited	1,877		1,419
	Oil & Gas Development Co. Ltd.	193		152
	Pakistan Petroleum Limited	3,842		3,343
			4,914
Malaysia 0.4%
	British American Tobacco Malaysia Bhd	669		3,026
Portugal 0.2%
	Galp Energia, SGPS, S.A.	107		1,614
	Total Common Stocks (cost $701,850)		701,736
SHORT TERM INVESTMENTS 4.0%
Investment Companies 4.0%
	JNL Government Money Market Fund - Institutional Class, 1.86% (e) (f)	29,453		29,453
	Total Short Term Investments (cost $29,453)		29,453
Total Investments 100.1% (cost $731,303)				731,189
Other Assets and Liabilities, Net (0.1)%				(931)
Total Net Assets 100.0%				730,258

(a)All or a portion of the security was on loan as of September 30, 2019.

(b)Non-income producing security.

(c)Security is restricted to resale to institutional investors. See Restricted Securities in the Schedules of Investments.

(d)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

(e)Investment in affiliate.

(f)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

257

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Commercial International Bank Egypt SAE	05/02/13	5,773	8,898	1.2
	Public Joint-Stock Company Magnit	07/25/16	10,506	6,541	0.9
			16,279	15,439	2.1

Forward Foreign Currency Contracts

Purchased/ Sold	Counter-party	Expiration	Notional1		Value ($)		Unrealized Appreciation (Depreciation) ($)
USD/ZAR	SSB	10/03/19	ZAR	(322)		(21)		—

258

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
JNL/Loomis Sayles Global Growth Fund
COMMON STOCKS 98.6%
United States of America 54.5%
	Alphabet Inc. - Class A (a)	10		12,699
	Amazon.com, Inc. (a)	10		17,442
	American Express Company	26		3,110
	Coca-Cola Co.	114		6,209
	Colgate-Palmolive Co.	73		5,330
	Deere & Co.	67		11,254
	Expeditors International of Washington Inc.	60		4,485
	Facebook, Inc. - Class A (a)	79		13,993
	Microsoft Corp.	67		9,315
	Oracle Corporation	251		13,790
	Procter & Gamble Co.	67		8,388
	Qualcomm Incorporated	104		7,948
	Schlumberger Ltd.	127		4,323
	SEI Investments Co.	76		4,487
	Under Armour Inc. - Class A (a)	344		6,851
	Visa Inc. - Class A	83		14,281
	Yum China Holdings, Inc.	261		11,858
	Yum! Brands Inc.	57		6,476
			162,239
China 9.7%
	Alibaba Group Holding Limited - ADS (a)	88		14,777
	Baidu, Inc. - Class A - ADR (a)	54		5,506
	Tencent Holdings Limited	209		8,782
			29,065
Switzerland 8.8%
	Alcon AG (a)	13		778
	Nestle SA	64		6,975
	Novartis AG	66		5,741
	Roche Holding AG	43		12,625
			26,119
United Kingdom 7.2%
	Diageo PLC	61		2,496
	Experian PLC	268		8,569
	Reckitt Benckiser Group PLC	45		3,523
	Unilever N.V.	114		6,860
			21,448
Argentina 5.0%
	MercadoLibre S.R.L (a)	27		14,792
France 4.5%
	Danone	98		8,643
	Sodexo SA	42		4,677
			13,320
Denmark 3.3%
	Novo Nordisk A/S - Class B	190		9,778
Brazil 2.2%
	American Beverage Co Ambev - ADR	1,399		6,464
Netherlands 2.0%
	Adyen B.V. (a) (b)	8		5,309
	Core Laboratories N.V.	14		637
			5,946
Hong Kong 0.7%
	Budweiser Brewing Company APAC Limited (a) (b)	573		2,061
Italy 0.7%
	Prada S.p.A. (c)	683		1,998
	Total Common Stocks (cost $274,027)		293,230
SHORT TERM INVESTMENTS 1.3%
Investment Companies 1.3%
	JNL Government Money Market Fund - Institutional Class, 1.86% (d) (e)	3,994		3,994
	Total Short Term Investments (cost $3,994)		3,994
Total Investments 99.9% (cost $278,021)				297,224
Other Assets and Liabilities, Net 0.1%				228
Total Net Assets 100.0%				297,452

(a)Non-income producing security.

(b)The Adviser has deemed this security, which is exempt from registration under the Securities Act of 1933, as amended, to be liquid based on procedures approved by the Board of Trustees. As of September 30, 2019, the value and the percentage of net assets of these liquid securities was $7,370 and 2.5% of the Fund.

(c)All or a portion of the security was on loan as of September 30, 2019.

(d)Investment in affiliate.

(e)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

259

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
JNL/Mellon Bond Index Fund
GOVERNMENT AND AGENCY OBLIGATIONS 72.0%
U.S. Treasury Note 30.9%
	Treasury, United States Department of
		3.63%, 02/15/21	3,500		3,588
		1.13%, 02/28/21 - 08/31/21	7,200		7,131
		2.50%, 01/31/21 - 05/15/24	21,354		21,940
		2.38%, 12/31/20 - 05/15/29	19,470		20,174
		3.13%, 05/15/21 - 11/15/28	4,900		5,218
		2.63%, 11/15/20 - 02/15/29	23,273		23,917
		2.88%, 10/31/20 - 08/15/28	35,245		37,519
		1.75%, 11/30/21	3,500		3,508
		2.00%, 12/31/21 - 11/15/26	5,620		5,712
		2.13%, 05/31/21 - 05/31/26	34,100		34,813
		1.50%, 08/31/21 - 08/15/26	20,950		20,876
		1.63%, 10/15/20 - 08/15/29	18,530		18,525
		1.75%, 10/31/20 - 07/31/24	28,315		28,425
		1.88%, 12/15/20 - 07/31/26	29,779		30,029
		1.25%, 07/31/23	1,650		1,630
		1.38%, 09/30/20 - 08/31/26	15,505		15,378
		1.63%, 10/31/23	1,080		1,083
		2.13%, 11/30/23	1,900		1,942
		2.00%, 08/31/21 - 08/15/25	22,825		23,153
		3.00%, 10/31/25	1,900		2,053
		2.25%, 03/31/21 - 11/15/27	32,301		33,296
		2.75%, 11/30/20 - 02/15/28	28,940		30,334
				370,244
Mortgage-Backed Securities 26.8%
	Federal Home Loan Mortgage Corporation
		4.00%, 12/01/20 - 11/01/48	11,337		11,988
		2.00%, 01/01/29 - 03/01/32	491		490
		2.50%, 08/01/27 - 02/01/47	4,790		4,848
		5.50%, 11/01/28 - 02/01/40	801		900
		6.50%, 07/01/28 - 03/01/39	162		187
		6.00%, 02/01/29 - 05/01/40	539		616
		4.50%, 12/01/19 - 02/01/49	6,277		6,705
		3.00%, 02/01/24 - 10/01/48	20,655		21,203
		3.50%, 10/01/20 - 05/01/49	19,022		19,790
		5.00%, 02/01/21 - 03/01/49	2,389		2,610
	Federal National Mortgage Association, Inc.
		5.00%, 10/01/21 - 06/01/49	3,055		3,343
		4.50%, 07/01/20 - 06/01/49	10,292		10,981
		6.00%, 05/01/24 - 09/01/39	947		1,082
		2.50%, 12/01/21 - 02/01/47	6,363		6,435
		3.00%, 11/01/26 - 04/01/49	30,108		30,900
		2.00%, 11/01/31	96		96
		2.50%, 07/01/31 - 01/01/32	583		590
		2.00%, 09/01/28 - 02/01/32	678		678
		7.00%, 02/01/31 - 02/01/38	36		41
		TBA, 2.50%, 10/15/32 - 11/15/47 (a)	750		751
		TBA, 3.50%, 10/15/32 - 10/15/48 (a)	16,200		16,627
		6.50%, 07/01/32 - 12/01/38	293		339
		5.50%, 01/01/21 - 02/01/42	1,667		1,859
		3.00%, 02/01/31 - 12/01/46	1,102		1,129
		7.50%, 11/01/37	3		3
		5.00%, 06/01/40 - 11/01/43	192		210
		4.00%, 03/01/20 - 04/01/49	25,460		26,806
		3.50%, 03/01/26 - 04/01/46	957		995
		3.50%, 09/01/25 - 07/01/49	29,469		30,636
		4.00%, 06/01/44 - 07/01/46	743		788
		TBA, 4.50%, 10/15/46 (a)	2,250		2,369
		TBA, 4.00%, 10/15/31 - 10/15/47 (a)	11,800		12,246
		TBA, 3.00%, 10/15/32 - 11/15/47 (a)	5,850		5,939
	Government National Mortgage Association
		8.50%, 06/15/30 - 12/15/30	1		1
		2.50%, 09/20/27 - 02/20/47	820		833
		5.00%, 03/15/33 - 02/20/49	3,628		3,931
		6.00%, 05/15/32 - 12/20/40	273		310
		6.50%, 07/15/38	20		24
		5.50%, 12/15/31 - 02/20/44	1,408		1,565
		3.00%, 01/20/27 - 03/20/48	12,660		13,050
		4.00%, 12/15/24 - 01/20/49	16,041		16,895
		TBA, 5.00%, 10/15/44 (a)	475		501
		3.00%, 07/20/46 - 11/20/46	2,070		2,133
		3.50%, 12/20/45 - 09/20/46	1,534		1,600
		4.00%, 09/20/46	260		275
		2.50%, 08/20/27 - 11/20/46	196		198
		3.50%, 05/15/26 - 06/20/49	20,614		21,541
		TBA, 3.50%, 10/15/47 (a)	12,175		12,613
		TBA, 4.50%, 10/15/47 (a)	1,600		1,672
		TBA, 3.00%, 10/15/47 - 11/15/47 (a)	6,275		6,439
		TBA, 4.00%, 10/15/47 - 11/15/47 (a)	3,750		3,899
		4.50%, 04/20/26 - 03/20/49	8,433		8,968
				320,628
U.S. Treasury Bond 8.2%
	Treasury, United States Department of
		8.13%, 08/15/21 (b)	1,865		2,084
		7.63%, 02/15/25	750		982
		6.50%, 11/15/26	2,000		2,655
		6.13%, 11/15/27	1,340		1,796
		5.25%, 11/15/28	990		1,290
		5.38%, 02/15/31	1,030		1,420
		4.50%, 02/15/36 - 08/15/39	3,409		4,798
		4.63%, 02/15/40	1,510		2,187
		4.38%, 05/15/40 - 05/15/41	2,228		3,140
		3.88%, 08/15/40	2,395		3,168
		4.25%, 11/15/40	1,654		2,297
		4.75%, 02/15/41	1,485		2,197
		3.13%, 02/15/42 - 05/15/48	5,310		6,404
		2.75%, 08/15/42 - 11/15/47	5,763		6,512
		2.88%, 05/15/43 - 05/15/49	5,375		6,220
		3.63%, 08/15/43 - 02/15/44	5,455		7,050
		3.75%, 11/15/43	2,390		3,146
		3.38%, 05/15/44 - 11/15/48	3,130		3,964
		2.50%, 02/15/45 - 05/15/46	6,840		7,370
		2.25%, 08/15/46	2,885		2,961
		2.88%, 11/15/46	2,055		2,380
		3.00%, 05/15/42 - 02/15/49	18,350		21,710
		2.25%, 08/15/49 (b)	2,675		2,754
				98,485
Sovereign 2.9%
	Asian Development Bank
		2.25%, 01/20/21	250		251
		1.75%, 06/08/21 - 09/13/22	435		436
		1.88%, 08/10/22	300		302
		2.75%, 03/17/23 - 01/19/28	590		628
		2.13%, 03/19/25	200		205
		2.38%, 08/10/27	300		314
		6.38%, 10/01/28	210		284
	Banque europeenne d'investissement (BEI)
		4.00%, 02/16/21	500		515
		2.38%, 06/15/22	500		510
		2.00%, 12/15/22	500		506
		2.50%, 04/15/21 - 03/15/23	1,300		1,322
		2.25%, 03/15/22 - 06/24/24	390		398
		1.88%, 02/10/25	600		608
	Comision De Promocion Del Peru Para La Exportacion Y El Turismo
		4.13%, 08/25/27	500		560
		6.55%, 03/14/37	250		366
	El Gobierno De La Republica Oriental Del Uruguay
		4.38%, 10/27/27	190		209
		4.13%, 11/20/45	200		214
		5.10%, 06/18/50	100		119
		4.98%, 04/20/55	100		117
	Export Development Canada
		2.00%, 11/30/20	300		301
		2.75%, 03/15/23	300		311
	Gobierno Federal de los Estados Unidos Mexicanos
		3.60%, 01/30/25 (b)	230		239
		8.30%, 08/15/31	300		440
		4.75%, 03/08/44	556		602
		5.55%, 01/21/45	500		605
		4.60%, 01/23/46	250		266
	Gouvernement de la Province de Quebec
		7.50%, 07/15/23	100		120

260

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
		7.13%, 02/09/24	250		303
		2.88%, 10/16/24	300		316
	Government of the Republic of Panama
		6.70%, 01/26/36	400		568
		4.50%, 04/16/50	200		237
	Groupe De La Banque Africaine De Developpement
		2.38%, 09/23/21	300		304
	Hydro-Quebec
		9.40%, 02/01/21	250		274
	Inter-American Development Bank
		2.63%, 04/19/21	750		760
		2.50%, 01/18/23	500		514
		2.13%, 01/15/25 (c)	500		512
		4.38%, 01/24/44	100		139
	International Bank for Reconstruction and Development
		2.25%, 06/24/21	750		757
		1.38%, 05/24/21 - 09/20/21	240		239
		2.13%, 12/13/21	300		303
		1.63%, 02/10/22 (b)	350		350
		1.88%, 10/07/22	500		504
		7.63%, 01/19/23	300		357
		2.50%, 07/29/25	340		356
		2.50%, 11/22/27 (b)	1,000		1,056
	International Finance Corporation
		2.25%, 01/25/21	250		251
		1.13%, 07/20/21	500		495
	Israel, Government of
		4.00%, 06/30/22	500		527
		5.50%, 04/26/24	142		165
	Japan Bank For International Cooperation
		1.88%, 04/20/21	200		200
		3.25%, 07/20/23	200		210
		3.38%, 07/31/23 (c)	400		422
		2.13%, 02/10/25	250		252
		2.25%, 11/04/26	400		406
	Japan Finance Corporation for Municipal Enterprises
		4.00%, 01/13/21	300		307
	KfW
		1.63%, 03/15/21	220		219
		1.50%, 06/15/21	665		662
		2.63%, 01/25/22	700		715
		2.13%, 03/07/22 - 06/15/22	530		536
		2.38%, 12/29/22	300		307
		2.50%, 11/20/24	800		834
		2.00%, 05/02/25	680		693
		0.00%, 06/29/37 (d)	150		103
	Koztarsasagi Elnoki Hivatal
		5.38%, 03/25/24	250		282
		7.63%, 03/29/41	250		416
	Landwirtschaftliche Rentenbank
		2.50%, 11/15/27 (b)	400		422
	Manitoba, Province of
		3.05%, 05/14/24	350		370
	Nordiska Investeringsbanken, Pohjoismaiden Investointipankki Nib, Nordic Investment Bank
		2.25%, 02/01/21	250		251
	Ontario, Government of
		3.40%, 10/17/23	135		144
		3.20%, 05/16/24	300		319
	Presidencia de la Republica de Colombia
		8.13%, 05/21/24 (b)	400		495
		7.38%, 09/18/37	400		569
		5.63%, 02/26/44	200		250
	Segretariato Generale Della Presidenza Della Repubblica
		6.88%, 09/27/23	450		520
		5.38%, 06/15/33	200		235
	Tennessee Valley Authority
		5.25%, 09/15/39 (b) (e)	200		284
		5.38%, 04/01/56 (e)	300		480
	The Korea Development Bank
		3.38%, 09/16/25	500		533
	The Philippines, Government of
		4.20%, 01/21/24	250		271
		9.50%, 02/02/30	400		653
		6.38%, 01/15/32	500		692
	The Province of Alberta, Government of
		3.30%, 03/15/28	200		221
	The Province of British Columbia, Government of
		6.50%, 01/15/26	70		88
	The Republic of Indonesia, The Government of
		5.35%, 02/11/49	200		256
	The Republic of Korea, Government of
		5.63%, 11/03/25	250		299
	Urzad Rady Ministrow
		5.00%, 03/23/22	500		536
		3.00%, 03/17/23	500		516
				35,003
U.S. Government Agency Obligations 1.1%
	Federal Home Loan Banks Office of Finance
		2.63%, 10/01/20 (e)	500		504
		1.38%, 02/18/21 (e)	1,800		1,791
		1.13%, 07/14/21 (e)	1,800		1,782
		2.50%, 02/13/24 (e)	500		519
		2.88%, 09/13/24 (e)	300		317
		5.50%, 07/15/36 (e)	700		1,025
	Federal Home Loan Mortgage Corporation
		1.13%, 08/12/21 (e)	750		744
		2.38%, 01/13/22 (e)	800		813
		2.75%, 06/19/23 (e)	500		521
		6.75%, 09/15/29 (b) (e)	60		87
		6.75%, 03/15/31 (e)	120		179
		6.25%, 07/15/32 (e)	205		303
	Federal National Mortgage Association, Inc.
		1.70%, 01/27/20 (e)	1,500		1,500
		1.25%, 08/17/21 (e)	500		496
		2.25%, 04/12/22 (e)	500		508
		2.38%, 01/19/23 (e)	500		513
		2.63%, 09/06/24 (e)	500		525
		7.25%, 05/15/30 (e)	540		813
		6.63%, 11/15/30 (e)	631		922
				13,862
Commercial Mortgage-Backed Securities 0.9%
	Fannie Mae Multifamily REMIC Trust
		Series 2019-A2-M12, REMIC, 2.89%, 06/25/29	500		528
	Federal Home Loan Mortgage Corporation
		Series A2-K017, REMIC, 2.87%, 12/25/21	347		351
		Series A1-K032, REMIC, 3.02%, 02/25/23	135		137
		Series A2-K032, REMIC, 3.31%, 05/25/23 (f)	550		574
		Series A2-K033, REMIC, 3.06%, 07/25/23 (f)	500		518
		Series A2-K039, REMIC, 3.30%, 07/25/24	1,000		1,056
		Series A2-K046, REMIC, 3.21%, 03/25/25	1,000		1,059
		Series A2-K047, REMIC, 3.33%, 05/25/25	500		534
		Series A2-K062, REMIC, 3.41%, 12/25/26	500		544
		Series A2-K082, REMIC, 3.92%, 09/25/28	1,000		1,135
	Federal National Mortgage Association, Inc.
		Series 2013-APT-M14, REMIC, 2.71%, 04/25/23 (f)	303		308
		Series 2016-A2-M1, REMIC, 2.94%, 01/25/26 (f)	1,367		1,428
		Series 2017-A2-M2, REMIC, 2.89%, 02/25/27 (f)	1,000		1,042
		Series 2018-A2-M1, REMIC, 3.08%, 12/25/27 (f)	500		525
		Series 2018-A2-M14, REMIC, 3.70%, 08/25/28 (f)	500		553
				10,292
Municipal 0.8%
	Alliance Dr. Olga Mohan High School
		5.76%, 07/01/29	200		246
	California, State of
		3.50%, 04/01/28	80		87
		7.55%, 04/01/39	300		496
		7.30%, 10/01/39	150		235
	Chicago Transit Authority
		6.90%, 12/01/40	200		280

261

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Connecticut, State of
		5.85%, 03/15/32	125		164
	Cook, County of
		6.23%, 11/15/34	100		134
	Dallas Convention Center Hotel Development Corporation
		7.09%, 01/01/42	200		286
	Dallas County Hospital District
		5.62%, 08/15/44	300		410
	Dallas Independent School District
		insured by Texas Permanent School Fund, 6.45%, 02/15/35	300		317
	Illinois, State of
		5.10%, 06/01/33	300		325
		7.35%, 07/01/35	400		488
	Los Angeles Department of Water and Power
		5.72%, 07/01/39	245		344
	Massachusetts, Commonwealth of
		4.91%, 05/01/29	300		361
	Metropolitan Transportation Commission
		6.26%, 04/01/49	200		312
	Municipal Electric Authority of Georgia
		7.06%, 04/01/57	199		280
	New Jersey Economic Development Authority
		insured by National Public Finance Guarantee Corp., 7.43%, 02/15/29	200		255
	New Jersey Turnpike Authority
		7.10%, 01/01/41	250		392
	New York City Municipal Water Finance Authority
		6.01%, 06/15/42	235		353
	New York City Transitional Finance Authority
		5.77%, 08/01/36	260		331
	San Diego County Water Authority
		6.14%, 05/01/49	260		383
	State Public School Building Authority
		5.00%, 09/15/27	300		352
	Texas, State of
		5.52%, 04/01/39	200		276
	The Ohio State University
		4.91%, 06/01/40	200		259
		3.80%, 12/01/46	500		569
	The Port Authority of New York and New Jersey
		6.04%, 12/01/29	200		265
		4.46%, 10/01/62	300		381
	Wisconsin, State of
		insured by Assured Guaranty Municipal Corp., 5.70%, 05/01/26	460		523
				9,104
U.S. Treasury Securities 0.4%
	Treasury, United States Department of
		2.00%, 05/31/21 - 02/15/22	5,005		5,041
	Total Government And Agency Obligations (cost $834,889)			862,659
CORPORATE BONDS AND NOTES 25.5%
Financials 7.8%
	AerCap Ireland Capital Designated Activity Company
		3.30%, 01/23/23	300		306
		3.88%, 01/23/28	300		309
	AerCap Ireland Limited
		3.95%, 02/01/22	750		775
	AFLAC Incorporated
		3.63%, 06/15/23	200		210
	Aktiebolaget Svensk Exportkredit
		2.38%, 03/09/22	300		305
	American Express Company
		2.65%, 12/02/22	500		508
		3.00%, 10/30/24	400		413
	American Express Credit Corporation
		3.30%, 05/03/27	300		320
	American Honda Finance Corporation
		3.45%, 07/14/23	200		210
	American International Group, Inc.
		4.88%, 06/01/22	200		213
		3.90%, 04/01/26	350		373
		4.20%, 04/01/28	130		142
		4.25%, 03/15/29	300		328
		4.80%, 07/10/45	290		337
		4.75%, 04/01/48	60		70
		4.38%, 01/15/55	300		320
	American Water Capital Corp.
		3.75%, 09/01/47	100		107
	Aon Corporation
		3.75%, 05/02/29	300		320
	Arch Capital Group (U.S.) Inc.
		5.14%, 11/01/43	150		187
	Ares Capital Corporation
		4.25%, 03/01/25	300		309
	Assurant, Inc.
		6.75%, 02/15/34	7		9
	AXA
		8.60%, 12/15/30	100		145
	AXA Equitable Holdings, Inc.
		4.35%, 04/20/28	85		91
		5.00%, 04/20/48	100		108
	Banco Santander, S.A.
		3.13%, 02/23/23	400		407
		3.80%, 02/23/28	400		419
	Bank of America Corporation
		2.63%, 04/19/21	380		383
		5.00%, 05/13/21	400		418
		2.74%, 01/23/22	100		101
		2.82%, 07/21/23 (f)	800		811
		3.00%, 12/20/23	1,300		1,328
		4.00%, 04/01/24 - 01/22/25	450		479
		3.86%, 07/23/24	140		147
		4.20%, 08/26/24	750		806
		3.46%, 03/15/25	400		417
		4.25%, 10/22/26	750		811
		3.59%, 07/21/28	750		792
		3.97%, 03/05/29	150		163
		4.27%, 07/23/29	170		189
		3.19%, 07/23/30 (b)	300		309
		4.24%, 04/24/38	120		137
		4.44%, 01/20/48 (f)	120		143
		3.95%, 01/23/49	75		84
		4.33%, 03/15/50	300		354
	Bank of Montreal
		1.90%, 08/27/21 (b)	300		299
		2.90%, 03/26/22 (g)	400		407
		3.80%, 12/15/32	300		311
	Bank One Corporation
		8.00%, 04/29/27	200		266
	Barclays PLC
		3.25%, 01/12/21	285		288
		3.65%, 03/16/25	400		409
		5.25%, 08/17/45	250		284
	BB&T Corporation
		2.50%, 08/01/24	325		328
	Berkshire Hathaway Finance Corporation
		4.25%, 01/15/21	300		309
		4.30%, 05/15/43	200		236
		4.20%, 08/15/48	135		158
	Berkshire Hathaway Inc.
		3.13%, 03/15/26 (b)	220		232
	BlackRock, Inc.
		3.38%, 06/01/22	200		208
	BNP Paribas
		5.00%, 01/15/21	400		414
		4.25%, 10/15/24	250		265
	BPCE
		4.00%, 04/15/24	200		215
	Branch Banking and Trust Company
		3.63%, 09/16/25	500		533
	Brighthouse Financial, Inc.
		3.70%, 06/22/27	300		297
	Brookfield Asset Management Inc.
		4.00%, 01/15/25	250		264
	Brookfield Financial, Inc.
		3.90%, 01/25/28	150		157

262

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1	Value ($)
Capital One Financial Corporation
	3.50%, 06/15/23	550	573
	4.20%, 10/29/25	500	533
Chubb INA Holdings Inc.
	2.70%, 03/13/23	500	510
	4.35%, 11/03/45	150	184
Cincinnati Financial Corporation
	6.13%, 11/01/34	100	136
Citigroup Inc.
	2.13%, 10/20/20	500	500
	2.90%, 12/08/21	250	254
	4.50%, 01/14/22	750	788
	2.75%, 04/25/22	500	507
	4.05%, 07/30/22	400	419
	5.50%, 09/13/25	300	340
	3.20%, 10/21/26	780	805
	3.89%, 01/10/28 (f)	160	171
	3.67%, 07/24/28 (f)	450	476
	4.13%, 07/25/28	250	269
	4.08%, 04/23/29	115	125
	6.63%, 06/15/32	300	394
	5.88%, 01/30/42	489	667
	4.28%, 04/24/48	60	71
	4.65%, 07/23/48	140	171
CME Group Inc.
	3.00%, 03/15/25	200	209
CNA Financial Corporation
	5.75%, 08/15/21	200	212
CNOOC Limited
	3.00%, 05/09/23	400	406
	4.25%, 05/09/43	300	350
Cooperatieve Rabobank U.A.
	4.50%, 01/11/21	500	516
	4.38%, 08/04/25	500	539
	5.25%, 08/04/45	250	315
Corporacion Andina de Fomento
	4.38%, 06/15/22	750	789
Credit Suisse (USA), Inc.
	3.00%, 10/29/21	500	508
	3.63%, 09/09/24	250	264
Credit Suisse Group Funding (Guernsey) Ltd
	4.88%, 05/15/45	250	306
Deutsche Bank Aktiengesellschaft
	4.25%, 10/14/21	220	224
	3.95%, 02/27/23	500	507
Diamond Finance International Limited
	4.42%, 06/15/21 (c)	530	546
	6.02%, 06/15/26 (c)	425	478
	8.10%, 07/15/36 (c)	145	185
	8.35%, 07/15/46 (c)	120	158
Discover Bank
	4.25%, 03/13/26	200	216
Fifth Third Bancorp
	8.25%, 03/01/38	300	463
Fifth Third Bank
	2.25%, 06/14/21	500	502
Ford Motor Credit Company LLC
	3.81%, 10/12/21	300	304
GE Capital International Funding Company Unlimited Company
	2.34%, 11/15/20	500	499
	3.37%, 11/15/25	500	510
	4.42%, 11/15/35	350	368
General Electric Capital Corporation
	4.38%, 09/16/20	550	559
	3.45%, 05/15/24	350	360
	6.88%, 01/10/39	300	398
General Motors Financial Company, Inc.
	3.20%, 07/06/21	500	506
	4.38%, 09/25/21	380	393
	3.55%, 07/08/22	300	306
	4.15%, 06/19/23	500	520
	4.00%, 01/15/25	200	205
HSBC Holdings PLC
	3.40%, 03/08/21	400	406
	5.10%, 04/05/21	250	261
	2.95%, 05/25/21	295	298
	3.26%, 03/13/23 (f)	400	407
	4.25%, 03/14/24	150	158
	3.80%, 03/11/25 (g)	400	416
	3.97%, 05/22/30	300	320
	7.63%, 05/17/32	650	921
	6.10%, 01/14/42	300	428
ING Groep N.V.
	3.55%, 04/09/24	300	313
Intercontinental Exchange, Inc.
	4.00%, 10/15/23	300	320
	4.25%, 09/21/48	75	89
International Finance Corporation
	2.00%, 10/24/22	500	504
Jefferies Financial Group Inc.
	5.50%, 10/18/23	400	433
Jefferies Group LLC
	6.88%, 04/15/21	500	531
	4.15%, 01/23/30	150	150
John Deere Capital Corporation
	2.88%, 03/12/21	200	202
	2.95%, 04/01/22	300	307
	3.45%, 06/07/23 - 03/07/29	215	230
JPMorgan Chase & Co.
	2.55%, 03/01/21	500	503
	2.40%, 06/07/21	500	503
	2.30%, 08/15/21 - 10/15/25	735	735
	3.20%, 01/25/23	500	516
	2.78%, 04/25/23	600	607
	3.38%, 05/01/23	750	775
	3.63%, 05/13/24	250	265
	3.80%, 07/23/24	130	137
	3.13%, 01/23/25	305	316
	3.54%, 05/01/28	300	317
	3.51%, 01/23/29	200	211
	4.01%, 04/23/29	150	164
	4.20%, 07/23/29	640	710
	2.74%, 10/15/30	220	219
	5.60%, 07/15/41	500	675
	3.96%, 11/15/48	200	224
	3.90%, 01/23/49	105	117
Lazard Group LLC
	4.38%, 03/11/29	300	326
Lincoln National Corporation
	4.00%, 09/01/23	500	530
Lloyds Bank PLC
	6.38%, 01/21/21	200	211
Lloyds Banking Group PLC
	4.65%, 03/24/26	500	527
LYB International Finance B.V.
	5.25%, 07/15/43	300	342
M&T Bank Corporation
	2.63%, 01/25/21	250	252
Markel Corporation
	4.15%, 09/17/50	300	305
Marsh & Mclennan Companies, Inc.
	4.90%, 03/15/49	65	81
Merrill Lynch & Co., Inc.
	6.11%, 01/29/37	250	328
MetLife, Inc.
	3.60%, 04/10/24	250	265
	5.70%, 06/15/35	100	135
	6.40%, 12/15/36	100	118
	5.88%, 02/06/41	300	408
Mitsubishi UFJ Financial Group Inc
	3.54%, 07/26/21	300	307
	2.19%, 09/13/21	500	499
	3.76%, 07/26/23	300	315
	4.29%, 07/26/38	300	346
Mizuho Financial Group Inc
	3.55%, 03/05/23	300	312
	4.02%, 03/05/28 (b)	500	551
Morgan Stanley
	5.75%, 01/25/21	400	419

263

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
		3.13%, 01/23/23	150		154
		3.75%, 02/25/23	300		314
		3.70%, 10/23/24	100		106
		4.00%, 07/23/25	750		809
		6.25%, 08/09/26	200		242
		4.35%, 09/08/26	650		704
		3.63%, 01/20/27	600		634
		6.38%, 07/24/42	300		437
		4.38%, 01/22/47	200		234
	National Australia Bank Limited
		2.50%, 07/12/26	500		504
	National Rural Utilities Cooperative Finance Corporation
		2.95%, 02/07/24	400		414
	NatWest Markets PLC
		6.13%, 12/15/22	200		216
	Northern Trust Corporation
		3.95%, 10/30/25	250		272
	ORIX Corporation
		3.70%, 07/18/27	200		214
	PNC Bank, National Association
		4.20%, 11/01/25	300		329
	Prudential Financial, Inc.
		3.50%, 05/15/24	500		531
		5.20%, 03/15/44 (f)	250		261
		4.60%, 05/15/44	150		170
		3.91%, 12/07/47	313		336
		3.70%, 03/13/51	300		311
	Royal Bank of Canada
		3.20%, 04/30/21	500		509
	S&P Global Inc.
		4.40%, 02/15/26	90		101
		6.55%, 11/15/37	250		358
	Santander Holdings USA, Inc.
		4.50%, 07/17/25	500		537
	Shell International Finance B.V.
		4.13%, 05/11/35	200		231
		4.38%, 05/11/45	260		314
	Shire Acquisitions Investments Ireland Designated Activity Company
		2.40%, 09/23/21	250		251
		3.20%, 09/23/26	500		516
	Southern Company Gas Capital Corporation
		4.40%, 05/30/47	200		224
	State Street Corporation
		3.10%, 05/15/23	500		517
	Sumitomo Mitsui Banking Corporation
		3.40%, 07/11/24	500		524
	Sumitomo Mitsui Financial Group, Inc.
		2.06%, 07/14/21	250		249
		3.10%, 01/17/23	100		102
		3.45%, 01/11/27	150		158
		3.54%, 01/17/28	200		213
		3.04%, 07/16/29	300		306
	Swedbank AB
		3.35%, 05/24/21	500		510
	Synchrony Financial
		4.25%, 08/15/24	250		264
	TD Ameritrade Holding Corporation
		2.95%, 04/01/22	200		205
	The Allstate Corporation
		3.15%, 06/15/23	400		415
	The Bank of Nova Scotia
		2.35%, 10/21/20	750		752
	The Goldman Sachs Group, Inc.
		5.25%, 07/27/21	500		527
		3.63%, 01/22/23	400		416
		3.75%, 05/22/25	1,000		1,058
		4.25%, 10/21/25	500		535
		3.85%, 01/26/27	110		117
		3.81%, 04/23/29	150		159
		6.75%, 10/01/37	350		472
		4.41%, 04/23/39	90		102
		6.25%, 02/01/41	250		346
		4.75%, 10/21/45	230		276
	The Hartford Financial Services Group, Inc.
		6.10%, 10/01/41	75		102
	The PNC Financial Services Group, Inc.
		3.15%, 05/19/27	400		419
		3.45%, 04/23/29	200		214
	The Progressive Corporation
		4.35%, 04/25/44	200		238
		4.13%, 04/15/47	50		58
	The Royal Bank of Scotland Group Public Limited Company
		3.50%, 05/15/23 (b) (f) (g)	200		203
		3.88%, 09/12/23	300		310
		4.27%, 03/22/25 (g)	400		419
	The Toronto-Dominion Bank
		2.50%, 12/14/20	350		352
		2.55%, 01/25/21	200		201
	The Travelers Companies, Inc.
		6.38%, 03/15/33	200		280
		4.00%, 05/30/47	100		115
	Toyota Motor Credit Corporation
		4.25%, 01/11/21	400		412
	U.S. Bancorp
		4.13%, 05/24/21	400		413
		2.95%, 07/15/22	400		409
		3.15%, 04/27/27	500		529
	U.S. Bank National Association
		2.05%, 10/23/20	400		400
		2.80%, 01/27/25	500		516
	Unum Group
		4.50%, 12/15/49	300		288
	Ventas Realty, Limited Partnership
		3.00%, 01/15/30	200		199
	Wells Fargo & Company
		2.55%, 12/07/20	500		502
		4.60%, 04/01/21	500		518
		3.50%, 03/08/22	500		516
		3.07%, 01/24/23	220		224
		3.00%, 02/19/25 - 04/22/26	640		657
		4.10%, 06/03/26	200		215
		3.00%, 10/23/26	500		513
		3.58%, 05/22/28 (f)	250		265
		4.15%, 01/24/29 (b)	130		144
		5.38%, 02/07/35	250		319
		5.61%, 01/15/44	350		453
		4.90%, 11/17/45	250		299
		4.75%, 12/07/46	200		237
	Wells Fargo Bank, National Association
		2.60%, 01/15/21	250		252
	Westpac Banking Corporation
		2.00%, 08/19/21	350		349
		2.75%, 01/11/23 (b)	200		204
		2.85%, 05/13/26	90		93
		2.70%, 08/19/26	250		256
		3.40%, 01/25/28 (b)	200		216
		4.11%, 07/24/34	500		521
		4.42%, 07/24/39 (b)	50		55
	Willis North America Inc.
		3.88%, 09/15/49	300		294
	ZLS Prestigia Ltd
		4.75%, 08/01/28	200		223
				93,630
Health Care 2.9%
	Abbott Laboratories
		2.90%, 11/30/21	300		305
		2.95%, 03/15/25	250		259
		6.00%, 04/01/39	100		139
		4.75%, 04/15/43	200		247
	AbbVie Inc.
		2.90%, 11/06/22	400		408
		3.60%, 05/14/25	140		145
		3.20%, 05/14/26	200		204
		4.25%, 11/14/28	100		109
		4.50%, 05/14/35	180		194
		4.30%, 05/14/36	115		121
		4.70%, 05/14/45	260		278

264

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1	Value ($)
	4.45%, 05/14/46	140	145
	4.88%, 11/14/48	100	111
Actavis LLC
	3.25%, 10/01/22	500	511
	4.63%, 10/01/42	500	522
Aetna Inc.
	3.50%, 11/15/24	200	208
	6.63%, 06/15/36	150	195
	4.13%, 11/15/42	200	202
Amgen Inc.
	2.65%, 05/11/22	200	202
	2.60%, 08/19/26	180	181
	4.66%, 06/15/51	808	943
Anthem, Inc.
	3.30%, 01/15/23	300	310
	3.50%, 08/15/24	500	524
	4.65%, 01/15/43	200	222
	4.38%, 12/01/47	80	86
AstraZeneca PLC
	2.38%, 11/16/20	145	145
	3.38%, 11/16/25	115	121
	6.45%, 09/15/37	250	353
	4.38%, 11/16/45 - 08/17/48	130	153
Baxalta Incorporated
	4.00%, 06/23/25	250	269
	5.25%, 06/23/45	60	78
Becton, Dickinson and Company
	3.25%, 11/12/20	350	354
	3.73%, 12/15/24	193	204
Biogen Inc.
	4.05%, 09/15/25	140	151
Boston Scientific Corporation
	3.85%, 05/15/25	200	215
Bristol-Myers Squibb Company
	2.00%, 08/01/22	300	300
	2.90%, 07/26/24 (c)	270	279
	3.40%, 07/26/29 (c)	240	257
	4.13%, 06/15/39 (c)	100	114
	3.25%, 08/01/42	300	299
	4.25%, 10/26/49 (c)	190	221
Cardinal Health, Inc.
	2.62%, 06/15/22	200	201
	3.75%, 09/15/25	100	104
	3.41%, 06/15/27	200	198
Celgene Corporation
	3.95%, 10/15/20	300	305
	3.25%, 02/20/23	60	62
	3.88%, 08/15/25	220	237
	3.90%, 02/20/28	200	219
	4.63%, 05/15/44	250	297
	4.35%, 11/15/47	70	82
	4.55%, 02/20/48	90	109
Cigna Holding Company
	3.40%, 09/17/21 (h)	70	72
	4.00%, 02/15/22	500	518
	3.75%, 07/15/23 (h)	170	178
	4.13%, 11/15/25	120	129
	4.38%, 10/15/28	210	230
	4.80%, 08/15/38 (h)	120	135
	3.88%, 10/15/47	60	59
	4.90%, 12/15/48	160	183
CVS Health Corporation
	3.50%, 07/20/22	500	516
	3.70%, 03/09/23	400	416
	4.10%, 03/25/25	400	427
	2.88%, 06/01/26	200	200
	4.30%, 03/25/28	620	673
	3.25%, 08/15/29	100	101
	5.13%, 07/20/45	200	227
	5.05%, 03/25/48	470	535
Eli Lilly and Company
	5.55%, 03/15/37	100	132
Express Scripts Holding Company
	3.50%, 06/15/24	300	313
Gilead Sciences, Inc.
	4.40%, 12/01/21	200	209
	1.95%, 03/01/22	200	199
	3.65%, 03/01/26	750	804
	2.95%, 03/01/27	550	567
	4.15%, 03/01/47	150	167
GlaxoSmithKline Capital Inc.
	2.80%, 03/18/23	500	513
	3.38%, 05/15/23	135	141
	3.88%, 05/15/28	120	133
HCA Inc.
	5.00%, 03/15/24	350	382
	4.13%, 06/15/29	100	105
	5.13%, 06/15/39	50	55
	5.50%, 06/15/47	300	339
	5.25%, 06/15/49	100	110
Humana Inc.
	4.95%, 10/01/44	200	231
Johnson & Johnson
	1.65%, 03/01/21	350	349
	2.45%, 03/01/26	350	356
	3.63%, 03/03/37	100	112
	5.95%, 08/15/37	250	354
	4.50%, 12/05/43	100	125
	3.50%, 01/15/48	50	55
Laboratory Corporation of America Holdings
	3.20%, 02/01/22	500	510
McKesson Corporation
	2.85%, 03/15/23	500	506
	4.88%, 03/15/44	60	66
Medtronic, Inc.
	3.50%, 03/15/25	210	225
	4.38%, 03/15/35	200	240
	4.63%, 03/15/45	284	365
Memorial Sloan-Kettering Cancer Center
	4.13%, 07/01/52	150	180
	4.20%, 07/01/55	250	307
Merck & Co., Inc.
	2.35%, 02/10/22	250	253
	2.40%, 09/15/22	400	407
	3.90%, 03/07/39	50	58
	3.60%, 09/15/42	200	221
	3.70%, 02/10/45	250	281
	4.00%, 03/07/49	80	95
Mylan Inc
	4.20%, 11/29/23	400	420
Mylan N.V.
	5.25%, 06/15/46	85	90
Northwell Health, Inc.
	3.98%, 11/01/46	500	539
Novartis Capital Corporation
	4.40%, 05/06/44	200	247
Pfizer Inc.
	1.95%, 06/03/21	185	185
	2.75%, 06/03/26	475	492
	6.60%, 12/01/28 (i)	50	66
	4.40%, 05/15/44	650	781
	4.20%, 09/15/48	50	59
	4.00%, 03/15/49	65	75
Providence St. Joseph Health
	3.74%, 10/01/47	350	385
Quest Diagnostics Incorporated
	4.70%, 04/01/21	200	207
	3.50%, 03/30/25	300	313
Stryker Corporation
	3.50%, 03/15/26	250	266
	4.10%, 04/01/43	200	224
The New York and Presbyterian Hospital
	4.06%, 08/01/56	300	345
Thermo Fisher Scientific Inc.
	2.95%, 09/19/26	250	257
	5.30%, 02/01/44	200	255
Trinity Health Group, Ltd.
	4.13%, 12/01/45	250	289

265

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	UnitedHealth Group Incorporated
		4.70%, 02/15/21	400		412
		2.88%, 03/15/22	500		509
		3.75%, 07/15/25 - 10/15/47	200		215
		3.88%, 12/15/28	200		220
		5.80%, 03/15/36	150		200
		4.75%, 07/15/45	110		134
		4.20%, 01/15/47	150		170
		4.25%, 06/15/48	80		92
		4.45%, 12/15/48	60		71
	Wyeth LLC
		5.95%, 04/01/37	250		342
	Zimmer Biomet Holdings, Inc.
		3.15%, 04/01/22	200		204
		3.55%, 04/01/25	200		210
	Zoetis Inc.
		3.45%, 11/13/20	500		506
				34,942
Energy 2.5%
	Apache Corporation
		4.75%, 04/15/43	200		191
	Baker Hughes, a GE Company, LLC
		3.20%, 08/15/21	75		76
		2.77%, 12/15/22	500		508
		3.34%, 12/15/27	400		410
	Boardwalk Pipelines, LP
		3.38%, 02/01/23	200		204
	BP Capital Markets P.L.C.
		3.06%, 03/17/22	200		205
		3.81%, 02/10/24	500		532
		3.28%, 09/19/27	90		95
	Burlington Resources Finance Co
		7.20%, 08/15/31	100		141
	Canadian Natural Resources Limited
		5.85%, 02/01/35	150		182
		6.25%, 03/15/38	150		191
	Cenovus Energy Inc.
		5.40%, 06/15/47 (b)	250		280
	Cheniere Corpus Christi Holdings, LLC
		5.88%, 03/31/25	180		200
	Chevron Corporation
		2.10%, 05/16/21	145		146
		3.19%, 06/24/23	500		522
		2.95%, 05/16/26	110		115
	CNOOC Petroleum North America ULC
		5.88%, 03/10/35	50		66
	Columbia Pipeline Group, Inc.
		5.80%, 06/01/45	100		125
	Concho Resources Inc.
		4.30%, 08/15/28	250		270
		4.88%, 10/01/47	45		51
	Conoco Funding Company
		7.25%, 10/15/31	75		106
	ConocoPhillips
		6.95%, 04/15/29	200		272
	Continental Resources, Inc.
		4.50%, 04/15/23	300		312
	Devon Energy Corporation
		5.85%, 12/15/25	57		68
	Ecopetrol S.A.
		4.13%, 01/16/25	250		264
	Enable Midstream Partners, LP
		3.90%, 05/15/24	200		204
		4.95%, 05/15/28	300		312
	Enbridge Energy Partners, L.P.
		7.50%, 04/15/38	200		285
	Energy Transfer LP
		4.75%, 01/15/26	350		379
		4.95%, 06/15/28	650		715
		7.50%, 07/01/38	200		258
		6.50%, 02/01/42	150		180
		6.00%, 06/15/48	50		59
	Energy Transfer Operating, L.P.
		6.25%, 04/15/49	90		109
	Enterprise Products Operating LLC
		3.70%, 02/15/26	350		372
		6.88%, 03/01/33	25		34
		6.45%, 09/01/40	100		134
		4.45%, 02/15/43	150		164
		4.95%, 10/15/54	300		351
	EOG Resources, Inc.
		2.63%, 03/15/23	200		203
		3.15%, 04/01/25	200		209
	Equinor ASA
		3.15%, 01/23/22	200		205
		3.70%, 03/01/24 (b)	200		214
		3.95%, 05/15/43	300		340
	Exxon Mobil Corporation
		3.04%, 03/01/26	315		330
		2.28%, 08/16/26	150		151
		3.00%, 08/16/39	300		301
		4.11%, 03/01/46	205		243
		3.10%, 08/16/49	200		201
	Halliburton Company
		3.80%, 11/15/25	150		159
		7.45%, 09/15/39	250		352
		5.00%, 11/15/45	120		134
	Hess Corporation
		7.30%, 08/15/31	23		28
		5.60%, 02/15/41	400		444
	HollyFrontier Corporation
		5.88%, 04/01/26	240		268
	Husky Energy Inc.
		4.40%, 04/15/29	200		211
	Kinder Morgan Energy Partners, L.P.
		3.50%, 09/01/23	300		310
		5.00%, 03/01/43	300		326
		5.40%, 09/01/44	250		286
	Kinder Morgan, Inc.
		5.30%, 12/01/34	350		402
	Magellan Midstream Holdings GP, LLC
		4.25%, 02/01/21	300		308
	Marathon Petroleum Corporation
		3.80%, 04/01/28	200		208
		6.50%, 03/01/41	300		375
	MPLX LP
		4.88%, 06/01/25	250		275
		4.50%, 04/15/38	105		109
		5.20%, 03/01/47	60		66
		5.50%, 02/15/49	80		93
		4.90%, 04/15/58	110		113
	National Oilwell Varco, Inc.
		2.60%, 12/01/22	80		80
	Newfield Exploration Company
		5.75%, 01/30/22	200		214
	Noble Energy, Inc.
		3.90%, 11/15/24	35		37
	Occidental Petroleum Corporation
		6.95%, 07/01/24	230		270
		3.40%, 04/15/26	500		511
		3.20%, 08/15/26	560		564
		6.45%, 09/15/36	250		308
		4.50%, 07/15/44	200		204
		4.63%, 06/15/45	100		103
		4.10%, 02/15/47	150		146
		4.40%, 08/15/49	500		517
	Oneok Partners, L.P.
		3.38%, 10/01/22	250		256
		6.65%, 10/01/36	150		187
	ONEOK, Inc.
		7.50%, 09/01/23	200		234
		4.00%, 07/13/27	200		209
		4.55%, 07/15/28	50		54
	Pemex Project Funding Master Trust
		6.63%, 06/15/35	150		147
	Petroleos Mexicanos
		5.50%, 01/21/21 - 06/27/44	1,200		1,148
		6.88%, 08/04/26	300		323
		6.50%, 03/13/27	330		343

266

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
		5.35%, 02/12/28	195		187
		6.84%, 01/23/30 (c)	400		414
		6.75%, 09/21/47	270		259
		7.69%, 01/23/50 (c)	200		209
	Phillips 66
		4.30%, 04/01/22	500		527
		4.65%, 11/15/34	250		289
	Phillips 66 Partners LP
		4.90%, 10/01/46	150		169
	Pioneer Natural Resources Company
		3.95%, 07/15/22	200		208
	Plains All American Pipeline, L.P.
		4.30%, 01/31/43	200		182
	Sabine Pass Liquefaction, LLC
		5.75%, 05/15/24	300		334
		5.00%, 03/15/27	100		110
		4.20%, 03/15/28	300		318
	Shell International Finance B.V.
		1.88%, 05/10/21	275		275
		3.25%, 05/11/25	230		244
		6.38%, 12/15/38	200		292
		4.00%, 05/10/46	155		179
	Suncor Energy Inc.
		4.00%, 11/15/47 (b)	340		364
	Sunoco Logistics Partners Operations L.P.
		3.45%, 01/15/23	300		306
		5.40%, 10/01/47	90		98
	Total Capital Canada Ltd.
		2.75%, 07/15/23	300		308
	Total Capital International
		3.46%, 07/12/49	50		53
	TransCanada PipeLines Limited
		3.80%, 10/01/20	400		407
		4.88%, 01/15/26 (b)	350		392
		6.20%, 10/15/37 (b)	100		129
		5.00%, 10/16/43	150		173
		4.88%, 05/15/48	60		70
	Valero Energy Corporation
		3.65%, 03/15/25	250		263
	Valero Energy Partners LP
		4.38%, 12/15/26	200		216
	Williams Partners L.P.
		4.00%, 09/15/25	350		370
		3.75%, 06/15/27	300		310
		6.30%, 04/15/40	200		245
				29,707
Information Technology 2.2%
	Analog Devices, Inc.
		2.95%, 01/12/21	300		303
	Apple Inc.
		2.85%, 05/06/21	300		305
		2.50%, 02/09/22	200		203
		2.30%, 05/11/22	160		162
		1.70%, 09/11/22 (b)	300		299
		2.40%, 05/03/23	650		661
		3.45%, 05/06/24	400		426
		1.80%, 09/11/24	135		134
		2.45%, 08/04/26	320		325
		3.35%, 02/09/27	400		428
		3.20%, 05/11/27	150		159
		3.00%, 11/13/27	620		651
		2.20%, 09/11/29	300		294
		4.65%, 02/23/46	300		378
		4.25%, 02/09/47	60		72
		3.75%, 09/12/47 - 11/13/47	160		179
		2.95%, 09/11/49	300		293
	Applied Materials, Inc.
		3.90%, 10/01/25	350		381
	Autodesk, Inc.
		4.38%, 06/15/25	500		542
	Broadcom Corporation
		2.65%, 01/15/23	300		300
		3.13%, 01/15/25	300		298
		3.88%, 01/15/27	330		331
		3.50%, 01/15/28	300		293
	Broadcom Inc.
		4.75%, 04/15/29 (c)	200		211
	CA, Inc.
		3.60%, 08/15/22	500		510
	Cisco Systems, Inc.
		2.90%, 03/04/21	500		507
		1.85%, 09/20/21	400		400
		3.00%, 06/15/22	100		103
		3.50%, 06/15/25	100		108
		2.50%, 09/20/26	400		412
	Corning Incorporated
		5.75%, 08/15/40	95		118
		4.38%, 11/15/57	40		42
	DXC Technology Company
		4.75%, 04/15/27	30		31
	Fidelity National Information Services, Inc.
		3.50%, 04/15/23	106		110
		5.00%, 10/15/25	20		23
	Fiserv, Inc.
		2.75%, 07/01/24	190		193
		3.50%, 07/01/29	190		200
		4.40%, 07/01/49	100		112
	Harris Corporation
		4.95%, 02/15/21 (c)	500		515
	Hewlett Packard Enterprise Company
		3.60%, 10/15/20	270		274
		4.90%, 10/15/25	180		200
		6.35%, 10/15/45	90		105
	HP Inc.
		4.30%, 06/01/21	200		207
		4.05%, 09/15/22	300		316
	Intel Corporation
		2.70%, 12/15/22	200		205
		2.88%, 05/11/24	100		104
		3.70%, 07/29/25	500		542
		3.15%, 05/11/27 (b)	150		160
		4.25%, 12/15/42	200		237
		4.10%, 05/11/47	150		176
		3.73%, 12/08/47	120		134
	International Business Machines Corporation
		2.25%, 02/19/21	245		246
		3.00%, 05/15/24	300		311
		7.00%, 10/30/25	200		251
		3.45%, 02/19/26	135		143
		3.50%, 05/15/29	210		226
		5.88%, 11/29/32	100		133
		4.15%, 05/15/39	100		114
		4.00%, 06/20/42	200		221
		4.25%, 05/15/49	150		173
	Jabil Inc.
		4.70%, 09/15/22	300		316
	Juniper Networks, Inc.
		4.35%, 06/15/25	200		213
	Keysight Technologies, Inc.
		4.55%, 10/30/24	300		324
	Microsoft Corporation
		2.40%, 02/06/22	240		243
		2.38%, 02/12/22	400		405
		3.13%, 11/03/25	680		722
		3.30%, 02/06/27	450		485
		4.20%, 11/03/35	210		252
		5.30%, 02/08/41	200		277
		4.45%, 11/03/45	177		224
		4.75%, 11/03/55	60		81
		3.95%, 08/08/56	635		751
		4.50%, 02/06/57	240		313
	NXP B.V.
		5.55%, 12/01/28 (c)	100		116
	Oracle Corporation
		2.50%, 05/15/22	500		506
		2.63%, 02/15/23	200		204
		3.63%, 07/15/23	400		423
		2.65%, 07/15/26	500		511
		3.25%, 11/15/27	210		223

267

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
		3.90%, 05/15/35	350		390
		3.80%, 11/15/37	200		219
		4.50%, 07/08/44	200		238
		4.13%, 05/15/45	200		226
		4.38%, 05/15/55	160		189
	Paypal Holdings, Inc.
		2.20%, 09/26/22	250		251
		2.85%, 10/01/29	100		101
	Qualcomm Incorporated
		3.45%, 05/20/25	150		159
		3.25%, 05/20/27	300		314
		4.65%, 05/20/35	60		71
		4.80%, 05/20/45	90		107
	Seagate HDD Cayman
		5.75%, 12/01/34	250		254
	Texas Instruments Incorporated
		4.15%, 05/15/48	75		92
	Total System Services, Inc.
		3.80%, 04/01/21	500		511
	Visa Inc.
		2.20%, 12/14/20	315		316
		3.15%, 12/14/25	305		325
		4.15%, 12/14/35	115		138
		4.30%, 12/14/45	205		254
		3.65%, 09/15/47	45		51
				26,285
Communication Services 2.0%
	Alphabet Inc.
		2.00%, 08/15/26	300		300
	America Movil, S.A.B. De C.V.
		6.38%, 03/01/35	100		136
		4.38%, 07/16/42	200		227
	AT&T Inc.
		2.80%, 02/17/21	535		539
		3.40%, 06/15/22 (i)	500		515
		3.00%, 06/30/22	150		153
		3.40%, 05/15/25	200		209
		2.95%, 07/15/26	500		506
		4.25%, 03/01/27	170		185
		4.35%, 03/01/29 - 06/15/45	655		697
		4.50%, 05/15/35 - 03/09/48	1,606		1,744
		6.35%, 03/15/40	300		386
		4.85%, 07/15/45	90		101
		4.75%, 05/15/46	200		222
		5.65%, 02/15/47	160		198
		5.70%, 03/01/57	170		213
	British Telecommunications Public Limited Company
		9.13%, 12/15/30 (i)	250		381
	CBS Corporation
		4.00%, 01/15/26	500		532
		4.85%, 07/01/42	150		166
	Charter Communications Operating, LLC
		4.91%, 07/23/25	640		703
		6.48%, 10/23/45	210		256
		5.75%, 04/01/48	100		114
	Comcast Corporation
		2.75%, 03/01/23	50		51
		3.70%, 04/15/24	285		304
		3.38%, 08/15/25	290		307
		4.15%, 10/15/28	350		392
		4.20%, 08/15/34	500		572
		6.50%, 11/15/35	100		140
		6.95%, 08/15/37	250		369
		3.90%, 03/01/38	70		77
		4.75%, 03/01/44	300		365
		4.00%, 08/15/47 - 03/01/48	110		121
		4.70%, 10/15/48	365		447
	Deutsche Telekom International Finance B.V.
		8.75%, 06/15/30 (i)	300		443
	Discovery Communications, LLC
		3.95%, 03/20/28	105		109
		5.00%, 09/20/37	150		161
		6.35%, 06/01/40	100		121
		5.20%, 09/20/47	75		82
	Fox Corporation
		5.48%, 01/25/39 (c)	65		80
		5.58%, 01/25/49 (c)	80		101
	Grupo Televisa S.A.B.
		6.63%, 03/18/25	100		117
	NBCUniversal Media, LLC
		4.38%, 04/01/21	500		518
		6.40%, 04/30/40	250		353
	Orange SA
		5.38%, 01/13/42	100		128
		5.50%, 02/06/44	300		398
	Rogers Communications Inc.
		3.63%, 12/15/25	300		319
	Spectrum Management Holding Company, LLC
		7.30%, 07/01/38	300		383
		6.75%, 06/15/39	300		367
	Telefonica Europe B.V.
		8.25%, 09/15/30	500		726
	The Interpublic Group of Companies, Inc.
		4.20%, 04/15/24	250		268
	TWDC Enterprise 18 Corp.
		4.50%, 02/15/21 (c)	400		414
		2.75%, 08/16/21 - 09/01/49	525		521
		3.00%, 09/15/22 (c)	350		361
		1.75%, 08/30/24	150		148
		2.00%, 09/01/29	225		219
		7.00%, 03/01/32	50		74
		6.20%, 12/15/34 (c)	50		71
	Verizon Communications Inc.
		3.13%, 03/16/22	135		139
		5.15%, 09/15/23	250		279
		3.38%, 02/15/25	223		235
		4.13%, 03/16/27	300		331
		4.33%, 09/21/28	400		453
		4.02%, 12/03/29	982		1,093
		4.50%, 08/10/33	180		210
		5.25%, 03/16/37	195		242
		4.86%, 08/21/46	850		1,042
		5.01%, 04/15/49 - 08/21/54	560		704
	Viacom Inc.
		3.88%, 04/01/24	156		164
		7.88%, 07/30/30	125		174
		4.38%, 03/15/43	300		310
	Vodafone Group Public Limited Company
		4.38%, 05/30/28	220		243
		7.88%, 02/15/30	200		275
		5.00%, 05/30/38	60		68
		5.25%, 05/30/48	175		203
		4.25%, 09/17/50	75		77
		5.13%, 06/19/59	110		125
				24,477
Industrials 1.8%
	3M Company
		2.00%, 06/26/22 - 02/14/25	595		593
		2.38%, 08/26/29	690		685
	Air Lease Corporation
		2.50%, 03/01/21	300		301
		3.25%, 03/01/25	300		305
	Allegion US Holding Company Inc.
		3.55%, 10/01/27	300		306
	Burlington Northern Santa FE, LLC
		3.05%, 09/01/22	500		514
		6.15%, 05/01/37	100		140
		5.75%, 05/01/40	400		538
	Canadian National Railway Company
		3.65%, 02/03/48	300		333
	Canadian Pacific Railway Limited
		6.13%, 09/15/15	90		133
	Caterpillar Inc.
		3.90%, 05/27/21	300		309
		3.40%, 05/15/24	500		527
		4.30%, 05/15/44	300		360
	CSX Corporation
		3.70%, 11/01/23	200		211

268

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
		3.80%, 03/01/28	300		327
		5.50%, 04/15/41	205		258
		4.30%, 03/01/48	50		56
		3.95%, 05/01/50	300		321
	Deere & Company
		2.60%, 06/08/22	400		406
		3.90%, 06/09/42	200		230
	Dover Corporation
		5.38%, 03/01/41	150		187
	Eaton Corporation
		4.15%, 11/02/42	100		111
	Emerson Electric Co.
		2.63%, 12/01/21 - 02/15/23	710		720
	FedEx Corporation
		3.20%, 02/01/25	350		361
		3.25%, 04/01/26	300		309
		3.88%, 08/01/42	200		193
		4.55%, 04/01/46	300		314
	General Electric Company
		2.70%, 10/09/22	250		251
	Harris Corporation
		3.83%, 04/27/25	250		267
		5.05%, 04/27/45	250		314
	Honeywell International Inc.
		3.81%, 11/21/47	300		346
	Ingersoll-Rand Luxembourg Finance S.A.
		3.50%, 03/21/26	200		208
		3.80%, 03/21/29	200		213
		4.50%, 03/21/49	200		228
	Kennametal Inc.
		4.63%, 06/15/28	100		106
	LATAM Airlines Group S.A.
		4.20%, 11/15/27	279		284
	Lockheed Martin Corporation
		2.50%, 11/23/20	225		226
		3.55%, 01/15/26	200		214
		4.50%, 05/15/36	105		125
		4.07%, 12/15/42	243		280
		4.09%, 09/15/52	107		126
	Massachusetts Institute of Technology
		4.68%, 07/01/14	250		350
	Norfolk Southern Corporation
		2.90%, 02/15/23	79		81
		3.85%, 01/15/24	200		213
		4.84%, 10/01/41	224		270
	Northrop Grumman Corporation
		3.25%, 01/15/28	150		157
		4.75%, 06/01/43	155		190
		3.85%, 04/15/45	250		274
	Parker-Hannifin Corporation
		4.00%, 06/14/49	40		44
	Precision Castparts Corp.
		2.50%, 01/15/23	300		305
	Raytheon Company
		3.13%, 10/15/20	500		506
	Republic Services, Inc.
		3.55%, 06/01/22	490		507
	Rockwell Collins, Inc.
		2.80%, 03/15/22	200		203
		4.80%, 12/15/43	25		30
	Snap-on Incorporated
		3.25%, 03/01/27	500		527
	Stanley Black & Decker, Inc.
		3.40%, 12/01/21	150		153
	The Boeing Company
		2.70%, 02/01/27	125		128
		2.95%, 02/01/30	125		129
		5.88%, 02/15/40	25		34
		3.90%, 05/01/49	40		44
		3.75%, 02/01/50	125		135
		3.95%, 08/01/59	125		137
	Union Pacific Corporation
		3.95%, 09/10/28	100		110
		4.82%, 02/01/44	332		399
		4.30%, 03/01/49	50		58
		4.80%, 09/10/58	105		128
	United Parcel Service, Inc.
		6.20%, 01/15/38	350		491
		3.75%, 11/15/47	70		75
	United Technologies Corporation
		2.30%, 05/04/22	200		201
		3.65%, 08/16/23	210		222
		3.13%, 05/04/27	400		420
		6.70%, 08/01/28	50		65
		4.13%, 11/16/28	595		674
		4.50%, 06/01/42	300		359
		4.05%, 05/04/47	200		230
		4.63%, 11/16/48	90		113
	W. W. Grainger, Inc.
		4.60%, 06/15/45	200		235
	Waste Management, Inc.
		2.90%, 09/15/22	200		204
		4.15%, 07/15/49	50		58
	Xylem Inc.
		4.88%, 10/01/21	10		11
	ZLS Prestigia Ltd
		3.63%, 05/01/24	223		231
				20,937
Utilities 1.7%
	AEP Texas Inc.
		2.40%, 10/01/22	300		302
	Alabama Power Company
		6.00%, 03/01/39	250		352
		4.30%, 01/02/46	250		293
		3.70%, 12/01/47	200		215
	Ameren Illinois Company
		3.25%, 03/01/25	250		263
		3.70%, 12/01/47	300		326
	Arizona Public Service Company
		4.50%, 04/01/42	100		117
	Atmos Energy Corporation
		4.13%, 10/15/44	300		343
	Baltimore Gas and Electric Company
		3.50%, 08/15/46	160		167
	Berkshire Hathaway Energy Company
		2.38%, 01/15/21	100		100
		2.80%, 01/15/23	200		204
		3.25%, 04/15/28	200		211
		3.80%, 07/15/48	100		108
	CenterPoint Energy Resources Corp.
		4.50%, 01/15/21	43		44
	CenterPoint Energy, Inc.
		2.95%, 03/01/30	200		200
	Consolidated Edison Company of New York, Inc.
		5.50%, 12/01/39	300		392
		5.70%, 06/15/40	100		135
		3.88%, 06/15/47	300		327
	Dominion Energy Gas Holdings, LLC
		3.55%, 11/01/23	200		209
	Dominion Energy South Carolina, Inc.
		5.10%, 06/01/65	200		267
	Dominion Energy, Inc.
		2.85%, 08/15/26	350		353
		7.00%, 06/15/38	200		281
	DTE Electric Company
		3.38%, 03/01/25	200		211
	Duke Energy Corporation
		1.80%, 09/01/21	350		348
		5.30%, 02/15/40	300		391
		3.70%, 12/01/47	200		216
	Duke Energy Florida, LLC
		3.40%, 10/01/46	60		62
	Duke Energy Indiana, LLC
		6.12%, 10/15/35	250		340
	Duke Energy Progress, LLC
		4.20%, 08/15/45	250		288
	Entergy Arkansas, LLC.
		3.75%, 02/15/21	400		406

269

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Eversource Energy
		2.50%, 03/15/21	200		201
		3.80%, 12/01/23	100		106
		2.90%, 10/01/24	300		307
		3.30%, 01/15/28	200		208
	Exelon Corporation
		3.95%, 06/15/25	150		161
		4.95%, 06/15/35	250		293
	Exelon Generation Company, LLC
		4.25%, 06/15/22	375		392
	FirstEnergy Corp.
		4.85%, 07/15/47 (j)	250		298
	Florida Power & Light Company
		3.70%, 12/01/47	40		44
		4.13%, 06/01/48	300		356
	Great Plains Energy Incorporated
		4.85%, 06/01/21	250		259
	Iberdrola International B.V.
		6.75%, 07/15/36	150		208
	Kentucky Utilities Company
		5.13%, 11/01/40	300		381
	LG&E and KU Energy LLC
		3.75%, 11/15/20	300		304
	MidAmerican Energy Company
		3.50%, 10/15/24	200		213
		6.75%, 12/30/31	50		70
	National Fuel Gas Company
		3.95%, 09/15/27 (j)	301		308
	NiSource Finance Corp.
		3.49%, 05/15/27	200		210
		5.95%, 06/15/41	250		321
		4.38%, 05/15/47	200		224
	Northern States Power Company
		2.15%, 08/15/22	200		201
		4.13%, 05/15/44	500		582
	NorthWestern Corporation
		4.18%, 11/15/44	150		169
	NSTAR Electric Company
		3.20%, 05/15/27	200		210
	Oncor Electric Delivery Company LLC
		5.75%, 03/15/29	150		190
		5.25%, 09/30/40	200		261
		3.80%, 09/30/47	200		224
	PacifiCorp
		2.95%, 06/01/23	300		308
		6.25%, 10/15/37	200		281
	PECO Energy Company
		4.15%, 10/01/44	250		290
	PPL Electric Utilities Corporation
		3.95%, 06/01/47	200		226
		3.00%, 10/01/49	250		242
	Progress Energy, Inc.
		7.75%, 03/01/31	300		427
	PSEG Power LLC
		8.63%, 04/15/31	75		106
	Public Service Electric and Gas Company
		3.00%, 05/15/27	200		209
		5.50%, 03/01/40	200		267
	Puget Sound Energy, Inc.
		5.76%, 10/01/39	200		268
		3.25%, 09/15/49	170		170
	San Diego Gas & Electric Company
		2.50%, 05/15/26	250		250
	Sempra Energy
		4.00%, 02/01/48	50		53
	Southern California Edison Company
		6.00%, 01/15/34	75		94
		5.63%, 02/01/36	195		238
		5.95%, 02/01/38	100		128
		4.05%, 03/15/42	200		213
	The Cleveland Electric Illuminating Company
		5.95%, 12/15/36	250		319
	The Southern Company
		4.25%, 07/01/36	250		271
		4.40%, 07/01/46	400		447
	Union Electric Company
		3.65%, 04/15/45	350		374
	Virginia Electric and Power Company
		6.00%, 05/15/37	200		269
		4.45%, 02/15/44	100		118
		4.00%, 11/15/46	300		335
	Washington Gas Light Company
		3.80%, 09/15/46	200		207
	WEC Energy Group Inc.
		3.55%, 06/15/25	60		64
				20,346
Consumer Staples 1.7%
	Altria Group, Inc.
		2.85%, 08/09/22	500		506
		4.80%, 02/14/29	180		197
		5.80%, 02/14/39	110		127
		4.50%, 05/02/43	200		200
		6.20%, 02/14/59	145		170
	Anheuser-Busch Companies, LLC
		3.65%, 02/01/26	975		1,044
		4.70%, 02/01/36	482		556
		4.90%, 02/01/46	300		357
	Anheuser-Busch InBev Worldwide Inc.
		2.50%, 07/15/22	300		304
		4.75%, 01/23/29	280		326
		4.44%, 10/06/48	662		747
		5.80%, 01/23/59	295		400
	Archer-Daniels-Midland Company
		2.50%, 08/11/26	300		303
		4.02%, 04/16/43	250		290
	BAT Capital Corp.
		2.76%, 08/15/22	310		313
		3.22%, 09/06/26	250		248
		4.39%, 08/15/37	150		146
		4.54%, 08/15/47	150		143
	Campbell Soup Company
		4.25%, 04/15/21	300		309
		4.15%, 03/15/28	300		323
	Church & Dwight Co., Inc.
		3.15%, 08/01/27	200		206
		3.95%, 08/01/47	200		215
	Coca-Cola FEMSA, S.A.B. de C.V.
		3.88%, 11/26/23	200		212
	Conagra Brands, Inc.
		5.30%, 11/01/38	55		64
		5.40%, 11/01/48	55		65
	Constellation Brands, Inc.
		2.25%, 11/06/20	200		200
	Costco Wholesale Corporation
		3.00%, 05/18/27	80		85
	General Mills, Inc.
		3.65%, 02/15/24	303		319
		4.20%, 04/17/28 (b)	105		117
	Grand Metropolitan Investment Corporation
		8.00%, 09/15/22	100		116
	H. J. Heinz Finance Company
		6.75%, 03/15/32	500		612
	Kellogg Company
		4.00%, 12/15/20	21		21
	Keurig Dr Pepper Inc.
		4.06%, 05/25/23	205		217
		4.60%, 05/25/28	300		337
	Kraft Foods Group, Inc.
		5.00%, 06/04/42	200		206
	Kraft Heinz Foods Company
		3.75%, 04/01/30 (c)	250		252
		4.63%, 10/01/39 (c)	250		251
		5.20%, 07/15/45	80		84
		4.88%, 10/01/49 (c)	250		252
	Mead Johnson Nutrition Company
		4.60%, 06/01/44	200		244
	Molson Coors Brewing Company
		3.00%, 07/15/26	500		505

270

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	PepsiCo, Inc.
		3.10%, 07/17/22	500		516
		3.00%, 10/15/27	500		529
		4.45%, 04/14/46	180		224
		3.45%, 10/06/46	90		97
	Philip Morris International Inc.
		2.90%, 11/15/21	300		305
		2.50%, 11/02/22	200		202
		4.38%, 11/15/41	300		330
	Reynolds American Inc.
		4.85%, 09/15/23	150		161
		5.70%, 08/15/35	100		112
		5.85%, 08/15/45	210		233
	Sysco Corporation
		2.60%, 06/12/22	500		505
	The Clorox Company
		3.80%, 11/15/21	250		258
	The Coca-Cola Company
		3.15%, 11/15/20	300		304
		1.75%, 09/06/24	250		247
		2.13%, 09/06/29	250		245
	The J. M. Smucker Company
		3.50%, 03/15/25	300		315
		3.38%, 12/15/27 (b)	250		263
	The Kroger Co.
		7.50%, 04/01/31	150		203
	The Procter & Gamble Company
		2.30%, 02/06/22	500		507
	Tyson Foods, Inc.
		5.15%, 08/15/44	200		239
	Unilever Capital Corporation
		2.75%, 03/22/21	200		202
	Walgreens Boots Alliance, Inc.
		3.80%, 11/18/24	200		211
		4.50%, 11/18/34	200		212
	Walmart Inc.
		3.40%, 06/26/23	500		526
		2.85%, 07/08/24	125		130
		2.65%, 12/15/24	300		309
		3.70%, 06/26/28	185		205
		3.25%, 07/08/29	485		524
		3.63%, 12/15/47	300		337
		2.95%, 09/24/49	230		231
				20,271
Consumer Discretionary 1.3%
	Alibaba Group Holding Limited
		3.13%, 11/28/21	210		213
		4.50%, 11/28/34	300		343
	Amazon.com, Inc.
		2.50%, 11/29/22	200		204
		3.15%, 08/22/27	740		786
		3.88%, 08/22/37	170		195
		4.25%, 08/22/57	320		398
	AutoZone, Inc.
		3.25%, 04/15/25	350		362
		3.75%, 06/01/27	200		213
	BorgWarner Inc.
		4.38%, 03/15/45	200		206
	California Institute of Technology
		4.32%, 08/01/45	40		51
	Carnival Corporation
		3.95%, 10/15/20	200		204
	Discovery Communications, LLC
		3.50%, 06/15/22	250		256
	Dollar General Corporation
		3.25%, 04/15/23	250		258
	Dollar Tree, Inc.
		4.20%, 05/15/28	90		97
	Ford Motor Company
		4.35%, 12/08/26 (b)	200		201
		7.45%, 07/16/31	300		344
		5.29%, 12/08/46	200		185
	General Motors Company
		5.00%, 04/01/35	200		201
		5.15%, 04/01/38	70		71
		5.40%, 04/01/48	190		191
	GLP Financing, LLC
		4.38%, 04/15/21	300		308
		5.38%, 04/15/26	150		165
		5.75%, 06/01/28	300		341
	Grupo Televisa S.A.B.
		5.00%, 05/13/45	300		319
	Hasbro, Inc.
		6.35%, 03/15/40	300		354
	Kohl's Corporation
		4.25%, 07/17/25 (b)	500		529
	Leggett & Platt, Incorporated
		4.40%, 03/15/29	200		215
	Lowe`s Companies, Inc.
		3.65%, 04/05/29	75		80
		4.38%, 09/15/45	150		165
		4.55%, 04/05/49	375		433
	Marriott International, Inc.
		3.13%, 10/15/21 - 06/15/26	800		813
	McDonald's Corporation
		2.75%, 12/09/20	230		232
		3.70%, 01/30/26	175		188
		6.30%, 03/01/38	200		273
		4.88%, 12/09/45	165		200
		3.63%, 09/01/49	200		203
	NIKE, Inc.
		2.25%, 05/01/23	200		203
	Royal Caribbean Cruises Ltd.
		7.50%, 10/15/27	20		25
	Sands China Ltd.
		4.60%, 08/08/23 (j)	400		423
		5.13%, 08/08/25 (j)	400		440
	Starbucks Corporation
		2.70%, 06/15/22	225		229
		4.00%, 11/15/28	200		223
		4.50%, 11/15/48	200		232
		4.45%, 08/15/49	50		58
	Target Corporation
		3.63%, 04/15/46	300		329
		3.90%, 11/15/47	300		344
	The Board of Trustees of The Leland Stanford Junior University
		3.65%, 05/01/48	20		23
	The Home Depot, Inc.
		2.00%, 04/01/21	310		311
		3.00%, 04/01/26	500		525
		5.88%, 12/16/36	600		830
		3.50%, 09/15/56	200		213
	The TJX Companies, Inc.
		2.75%, 06/15/21	200		203
	Toyota Motor Corporation
		3.42%, 07/20/23	200		211
		3.67%, 07/20/28	200		222
	University of Notre Dame du Lac
		3.44%, 02/15/45	250		276
	University of Southern California
		3.03%, 10/01/39	450		464
		5.25%, 10/01/11	20		30
				15,611
Materials 0.8%
	Albemarle Corporation
		5.45%, 12/01/44	150		170
	ArcelorMittal
		6.25%, 02/25/22 (i)	200		216
	DuPont de Nemours, Inc
		4.73%, 11/15/28	200		229
		5.32%, 11/15/38	90		110
		5.42%, 11/15/48	115		146
	Eastman Chemical Company
		3.80%, 03/15/25	189		198
		4.65%, 10/15/44	200		217
	Ecolab Inc.
		5.50%, 12/08/41	150		201

271

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	FMC Corporation
		3.20%, 10/01/26	300		303
		3.45%, 10/01/29	300		304
		4.50%, 10/01/49	300		312
	International Paper Company
		3.80%, 01/15/26	350		371
		3.00%, 02/15/27 (b)	250		255
		4.40%, 08/15/47 (b)	150		157
	Martin Marietta Materials, Inc.
		3.50%, 12/15/27	300		309
	MOS Holdings Inc.
		4.88%, 11/15/41	20		20
	Newmont Goldcorp Corporation
		3.63%, 06/09/21	300		305
		5.88%, 04/01/35	200		256
	Nucor Corporation
		6.40%, 12/01/37	200		276
	Nutrien Ltd.
		3.63%, 03/15/24	500		523
		3.38%, 03/15/25	350		362
	Packaging Corporation of America
		4.50%, 11/01/23	200		215
	PPG Industries, Inc.
		2.80%, 08/15/29	200		200
	Praxair, Inc.
		2.20%, 08/15/22	300		302
		2.65%, 02/05/25	400		410
	Rio Tinto Alcan Inc.
		5.75%, 06/01/35	250		324
	Rio Tinto Finance (USA) Limited
		3.75%, 06/15/25	250		268
	Southern Peru Copper Corporation (Sucursal Del Peru)
		7.50%, 07/27/35	150		201
		5.88%, 04/23/45	300		365
	The Dow Chemical Company
		5.25%, 11/15/41	200		229
		4.63%, 10/01/44	250		267
	The Sherwin-Williams Company
		3.45%, 06/01/27	1,000		1,046
		4.50%, 06/01/47	70		79
	Vale Overseas Ltd
		6.88%, 11/21/36	400		506
				9,652
Real Estate 0.8%
	Alexandria Real Estate Equities, Inc.
		3.45%, 04/30/25	200		209
		4.50%, 07/30/29	250		284
		4.85%, 04/15/49	300		372
	American Tower Corporation
		3.50%, 01/31/23	500		518
		3.80%, 08/15/29	90		96
	AvalonBay Communities, Inc.
		3.63%, 10/01/20	200		203
	Boston Properties Limited Partnership
		3.80%, 02/01/24	250		264
		3.20%, 01/15/25	200		207
		2.90%, 03/15/30	200		199
	Brandywine Operating Partnership, L.P.
		3.95%, 02/15/23 - 11/15/27	400		417
	Crown Castle International Corp.
		3.20%, 09/01/24	330		340
		3.70%, 06/15/26	140		148
		3.65%, 09/01/27	80		85
	Duke Realty Limited Partnership
		3.88%, 10/15/22	200		209
	EPR Properties
		4.50%, 04/01/25	200		211
	ERP Operating Limited Partnership
		2.50%, 02/15/30	200		197
	Essex Portfolio, L.P.
		3.88%, 05/01/24	200		211
	Federal Realty Investment Trust
		4.50%, 12/01/44	100		118
	FMS Wertmanagement AoR
		2.75%, 03/06/23	500		518
	HCP, Inc.
		6.75%, 02/01/41	200		281
	KiMcO Realty Corporation
		3.20%, 05/01/21	350		355
	Liberty Property Limited Partnership
		3.75%, 04/01/25	200		210
	Mid-America Apartments, L.P.
		4.30%, 10/15/23	200		214
	Office Properties Income Trust
		4.00%, 07/15/22	200		204
	Omega Healthcare Investors, Inc.
		4.95%, 04/01/24	250		268
	Plum Creek Timberlands, L.P.
		4.70%, 03/15/21	200		206
	ProLogis, L.P.
		3.75%, 11/01/25	500		545
	Realty Income Corporation
		4.13%, 10/15/26	250		275
	Simon Property Group, L.P.
		3.38%, 03/15/22	400		412
		3.30%, 01/15/26	500		523
		4.25%, 11/30/46	200		231
		3.25%, 09/13/49	65		63
	Store Capital Corporation
		4.50%, 03/15/28	200		216
	Ventas Realty, Limited Partnership
		3.50%, 02/01/25	250		261
	Weingarten Realty Investors
		3.38%, 10/15/22	100		102
	Welltower Inc.
		4.95%, 09/01/48	150		181
	Weyerhaeuser Company
		7.38%, 03/15/32	200		280
				9,633
	Total Corporate Bonds And Notes (cost $285,798)			305,491
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 1.9%
	Benchmark Mortgage Trust
		Series 2019-A4-B10, REMIC, 3.72%, 03/16/29	1,000		1,103
	BMW Vehicle Owner Trust
		Series 2018-A4-A, 2.51%, 10/25/21	1,500		1,516
	Capital One Multi-Asset Execution Trust
		Series 2019-A1-A1, 2.84%, 02/15/22	1,000		1,023
	CarMax Auto Owner Trust
		Series 2017-A4-2, 2.25%, 05/17/21	1,000		1,000
	CFCRE Mortgage Trust
		Series 2017-A4-C8, REMIC, 3.57%, 05/17/27	1,250		1,343
	Chase Issuance Trust
		Series 2015-A4-A4, 1.84%, 04/15/20	500		500
	Citibank Credit Card Issuance Trust
		Series 2014-A1-A1, 2.88%, 01/21/21	300		304
	Citigroup Commercial Mortgage Trust
		Series 2014-A4-GC23, REMIC, 3.62%, 07/12/24	500		533
		Series 2015-A3-GC33, REMIC, 3.52%, 08/10/25	700		747
	COMM Mortgage Trust
		Series 2013-A4-CR11, REMIC, 4.26%, 09/12/23	650		698
		Series 2014-A3-UBS3, REMIC, 3.55%, 04/12/24	478		506
		Series 2014-A4-UBS3, REMIC, 3.82%, 05/10/24	500		531
		Series 2014-AM-UBS4, REMIC, 3.97%, 07/12/24	400		423
		Series 2015-A4-DC1, REMIC, 3.08%, 12/12/24	500		518
		Series 2015-A4-LC19, REMIC, 3.18%, 01/10/25	1,000		1,045
	Delta Air Lines, Inc.
		Series 2007-A-1, 6.82%, 08/10/22	206		227
	Discover Card Execution Note Trust
		Series 2018-A5-A5, 3.32%, 09/15/21	625		642
		Series 2017-A2-A2, 2.39%, 01/18/22	1,000		1,013

272

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	J.P. Morgan Chase Commercial Mortgage Securities Trust
		Series 2013-A5-C10, REMIC, 3.14%, 02/17/23	997		1,027
	JPMBB Commercial Mortgage Securities Trust
		Series 2013-A5-C15, REMIC, 4.13%, 09/15/23	500		536
	Morgan Stanley Bank of America Merrill Lynch Trust
		Series 2012-A4-C6, REMIC, 2.86%, 09/16/22	211		214
		Series 2014-A5-C17, REMIC, 3.74%, 07/17/24	500		532
	Morgan Stanley Capital I Trust
		Series 2017-A4-H1, REMIC, 3.26%, 03/17/27	500		528
	SG Commercial Mortgage Securities, LLC
		Series 2016-A4-C5, REMIC, 3.06%, 06/12/26	1,000		1,041
	UBS-Barclays Commercial Mortgage Trust
		Series 2012-A4-C3, REMIC, 3.09%, 09/12/22	350		357
		Series 2012-A5-C4, REMIC, 2.85%, 12/12/22	500		509
	United Airlines Pass-Through Trust
		Series 2014-A-2, 3.75%, 09/03/26	155		163
	United Airlines, Inc.
		Series 2013-A-1, 4.30%, 08/15/25	188		203
	US Airways, Inc.
		Series 2013-A-1, 3.95%, 11/15/25	172		180
	Wells Fargo Commercial Mortgage Trust
		Series 2017-A2-RC1, REMIC, 3.12%, 02/17/22	500		509
		Series 2018-A5-C44, REMIC, 4.21%, 04/17/28	1,000		1,129
	WFRBS Commercial Mortgage Trust
		Series 2012-A3-C9, REMIC, 2.87%, 10/17/22	314		321
		Series 2014-A5-C21, REMIC, 3.68%, 07/17/24	500		531
	World Omni Automobile Lease Securitization Trust
		Series 2019-A3-A, REMIC, 2.94%, 09/15/21	700		710
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $21,582)			22,162
SHORT TERM INVESTMENTS 6.5%
Investment Companies 5.5%
	JNL Government Money Market Fund - Institutional Class, 1.86% (k) (l)		66,032		66,032
Securities Lending Collateral 1.0%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (k) (l)		11,423		11,423
	Total Short Term Investments (cost $77,455)			77,455
Total Investments 105.9% (cost $1,219,724)					1,267,767
Total Forward Sales Commitments(0.1)% (proceeds $1,499)					(1,486)
Other Assets and Liabilities, Net (5.8)%					(68,946)
Total Net Assets 100.0%					1,197,335

(a)All or a portion of the security was purchased on a delayed delivery basis. As of September 30, 2019, the total payable for investments purchased on a delayed delivery basis was $63,056.

(b)All or a portion of the security was on loan as of September 30, 2019.

(c)The Adviser has deemed this security, which is exempt from registration under the Securities Act of 1933, as amended, to be liquid based on procedures approved by the Board of Trustees. As of September 30, 2019, the value and the percentage of net assets of these liquid securities was $6,419 and 0.5% of the Fund.

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

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

(f)Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of September 30, 2019. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations (“CMO”) and mortgage-backed securities (“MBS”) are determined by tranches of underlying mortgage-backed security pools’ cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security’s offering documents.

(g)Convertible security.

(h)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

(i)Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of September 30, 2019.

(j)The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer.

(k)Investment in affiliate.

(l)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

			Shares/Par1		Value ($)
FORWARD SALES COMMITMENTS (0.1%)
GOVERNMENT AND AGENCY OBLIGATIONS (0.1%)
Mortgage-Backed Securities (0.1%)
	Federal National Mortgage Association, Inc.
		TBA, 4.50%, 10/15/32 (a)	(100)		(103)
		TBA, 5.50%, 10/15/44 (a)	(100)		(108)
		TBA, 5.00%, 10/15/47 (a)	(50)		(54)
	Government National Mortgage Association
		TBA, 5.00%, 10/15/46 (a)	(300)		(320)
		TBA, 5.50%, 10/15/47 (a)	(850)		(901)
	Total Government And Agency Obligations (proceeds $1,499)			(1,486)
	Total Forward Sales Commitments (0.1%) (proceeds $1,499)				(1,486)

(a)All or a portion of the security was sold on a delayed delivery basis. As of September 30, 2019, the total proceeds for investments sold on a delayed delivery basis was $1,499.

273

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
JNL/Mellon Consumer Staples Sector Fund
COMMON STOCKS 99.4%
Consumer Staples 99.2%
	Altria Group, Inc.		118		4,823
	Archer-Daniels-Midland Company		35		1,448
	Avon Products, Inc. (a)		28		123
	B&G Foods, Inc. (b)		4		81
	BJ's Wholesale Club Holdings, Inc. (a)		7		189
	Boston Beer Co. Inc. - Class A (a)		1		194
	Brown-Forman Corp. - Class B		19		1,218
	Bunge Limited		9		501
	Calavo Growers Inc.		1		104
	Cal-Maine Foods Inc.		2		80
	Campbell Soup Co.		10		485
	Casey's General Stores Inc.		2		373
	Central Garden & Pet Co. (a) (b)		1		19
	Central Garden & Pet Co. - Class A (a)		3		72
	Chefs' Warehouse Inc. (a)		2		64
	Church & Dwight Co. Inc.		15		1,167
	Clorox Co.		8		1,218
	Coca-Cola Co.		255		13,898
	Coca-Cola Consolidated Inc.		—		91
	Colgate-Palmolive Co.		51		3,779
	ConAgra Brands Inc. (b)		31		939
	Constellation Brands, Inc. - Class A		10		2,180
	Costco Wholesale Corporation		28		7,983
	Coty Inc. - Class A		18		195
	Darling Ingredients Inc. (a)		11		202
	Del Monte Fresh Produce Company		2		68
	E.L.F. Beauty, Inc. (a)		2		29
	Edgewell Personal Care Colombia S A S (a)		4		115
	Energizer Holdings, Inc. (b)		4		182
	Estee Lauder Cos. Inc. - Class A		14		2,744
	Farmer Bros. Co. (a)		—		6
	Flowers Foods Inc.		12		277
	Freshpet Inc. (a)		2		100
	General Mills Inc.		38		2,076
	Hain Celestial Group Inc. (a) (b)		6		125
	Hershey Co.		9		1,445
	Hormel Foods Corp. (b)		18		807
	Hostess Brands, Inc. - Class A (a)		7		105
	Ingles Markets Inc. - Class A		1		28
	Ingredion Inc.		4		341
	Inter Parfums Inc.		1		79
	J&J Snack Foods Corp.		1		178
	JM Smucker Co.		7		784
	John B. Sanfilippo & Son Inc.		—		47
	Kellogg Co.		16		1,035
	Kimberly-Clark Corp.		22		3,071
	Kraft Heinz Foods Company		42		1,180
	Lamb Weston Holdings Inc.		9		674
	Lancaster Colony Corp.		1		170
	Landec Corp. (a)		2		17
	McCormick & Co. Inc.		8		1,205
	Medifast, Inc.		1		75
	MGPI Processing, Inc. (b)		1		40
	Molson Coors Brewing Company - Class B		12		688
	Mondelez International Inc. - Class A		91		5,022
	Monster Beverage 1990 Corporation (a)		26		1,490
	National Beverage Corp. (b)		1		32
	Nu Skin Enterprises, Inc. - Class A		4		152
	PepsiCo Inc.		88		12,107
	Performance Food Group Company (a)		7		304
	Philip Morris International Inc.		98		7,443
	Pilgrim's Pride Corporation (a)		4		127
	Post Holdings Inc. (a)		4		460
	PriceSmart Inc.		1		106
	Primo Water Operations, Inc. (a)		2		28
	Procter & Gamble Co.		158		19,651
	Rite Aid Corporation (a) (b)		3		24
	Sanderson Farms Inc.		1		186
	Seaboard Corp.		—		79
	SpartanNash Co.		2		23
	Spectrum Brands Legacy, Inc.		2		122
	Sprouts Farmers Market, Inc. (a)		7		139
	Sysco Corp.		31		2,438
	The Andersons, Inc.		2		43
	The Kroger Co.		51		1,309
	The Simply Good Foods Company (a)		4		129
	Tootsie Roll Industries Inc.		1		43
	Treehouse Foods, Inc. (a) (b)		4		200
	Turning Point Brands, Inc. (b)		1		17
	Tyson Foods Inc. - Class A		19		1,598
	United Natural Foods Inc. (a) (b)		3		37
	Universal Corp.		2		85
	US Foods Holding Corp. (a)		14		569
	USANA Health Sciences, Inc. (a)		1		59
	Vector Group Ltd. (b)		8		91
	Village Super Market Inc. - Class A (b)		1		17
	Walgreens Boots Alliance Inc.		49		2,703
	Walmart Inc.		90		10,718
	WD-40 Co.		1		163
	Weis Markets Inc. (b)		1		39
				126,870
Health Care 0.2%
	Herbalife Nutrition Ltd. (a)		7		255
	Total Common Stocks (cost $116,922)			127,125
SHORT TERM INVESTMENTS 1.6%
Investment Companies 1.2%
	JNL Government Money Market Fund - Institutional Class, 1.86% (c) (d)		1,470		1,470
Securities Lending Collateral 0.4%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (c) (d)		483		483
U.S. Treasury Bill 0.0%
	Treasury, United States Department of
		1.94%, 12/12/19 (e) (f)	40		40
	Total Short Term Investments (cost $1,993)			1,993
Total Investments 101.0% (cost $118,915)					129,118
Other Derivative Instruments 0.0%					3
Other Assets and Liabilities, Net (1.0)%					(1,220)
Total Net Assets 100.0%					127,901

(a)Non-income producing security.

(b)All or a portion of the security was on loan as of September 30, 2019.

(c)Investment in affiliate.

(d)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

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

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

JNL/Mellon Consumer Staples Sector Fund — Futures Contracts
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
S&P Consumer Staples Select Sector Index	10	December 2019		607	3			11

274

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1	Value ($)
JNL/Mellon Emerging Markets Index Fund
COMMON STOCKS 94.9%
China 26.9%
	360 Security Technology Inc. - Class A	8	27
	3SBio Inc. (a) (b)	237	395
	51job Inc. - ADR (a)	5	355
	AAC Technologies Holdings Inc.	138	735
	Aecc Aviation Power Co., Ltd. - Class A	3	10
	Agile Group Holdings Limited	232	283
	Agricultural Bank of China Limited - Class A	625	303
	Aier Eye Hospital Group Co., Ltd	27	135
	Air China Ltd. - Class A	7	8
	Air China Ltd. - Class H	434	383
	Aisino Corporation - Class A	3	8
	Alibaba Group Holding Limited - ADS (a)	282	47,116
	Alibaba Health Information Technology Limited (a) (c)	746	655
	Alibaba Pictures Group Limited (a)	2,860	466
	Aluminum Corporation of China Limited - Class A (a)	30	15
	Aluminum Corporation of China Limited - Class H (a)	732	231
	Angang Steel Company Limited	351	128
	Angang Steel Company Limited - Class A	22	9
	Anhui Conch Cement Company Limited - Class A	23	135
	Anhui Conch Cement Company Limited - Class H	256	1,527
	Anxin Trust Co., Ltd. - Class A (a)	45	30
	Apricot Blossom Village In Shanxi Fenjiu Group Co., Ltd. - Class A	7	75
	Autohome Inc. - Class A - ADR (a) (c)	12	1,022
	AVIC Aircraft Co., Ltd. - Class A	4	9
	AVIC Capital - Class A	14	9
	Avic Shenyang Aircraft Co., Ltd. - Class A (a)	2	10
	BAIC Motor Corporation., Ltd - Class H (b)	259	160
	Baidu, Inc. - Class A - ADR (a)	56	5,709
	Bank of Beijing Co., Ltd. - Class A	152	114
	Bank of Chengdu Co., Ltd.	89	102
	Bank of China Limited - Class A	250	126
	Bank of China Limited - Class H	15,690	6,178
	Bank of Communications Co., Ltd. - Class A	404	309
	Bank of Communications Co., Ltd. - Class H	1,738	1,135
	Bank of Guiyang Co., Ltd. - Class A	77	92
	Bank of Jiangsu Co.,Ltd. - Class A	128	120
	Bank of Nanjing Co., Ltd. - Class A	105	126
	Bank of Ningbo Co., Ltd. - Class A	39	138
	Bank of Shanghai Co., Ltd. - Class A	104	137
	Baoshan Iron & Steel Co., Ltd.	140	116
	BBMG Corporation - Class A	21	10
	BBMG Corporation - Class H	578	166
	Beijing Capital International Airport Co. Ltd. - Class H	350	299
	Beijing Dabeinong Technology Group Co., Ltd. - Class A	13	8
	Beijing Enterprises Holdings Ltd.	100	460
	Beijing Huaer Company Limited - Class A	72	86
	Beijing Shiji IT Co., Ltd. - Class A	1	8
	Beijing Tongrentang Co., Ltd. - Class A	2	6
	Beijing Wuba Information Technology Co., Ltd. - Class A - ADR (a)	19	959
	Bicycle Club Joint Venture, L.P.	31	134
	BOE Technology Group Co., Ltd. - Class A	262	138
	Brilliance China Automotive Holdings Ltd. (c)	550	592
	BYD Company Limited - Class A	8	51
	BYD Company Limited - Class H (c)	139	694
	BYD Electronic (International) Company Limited (c)	166	249
	Caitong Securities Co., Ltd.	74	104
	Changjiang Securities Co., Ltd. - Class A	10	9
	ChaoZhou Three-Circle (Group) Co., Ltd. - Class A	7	20
	China Agri-Industries Holdings Limited	536	174
	China Aoyuan Group Limited	208	236
	China Avionics Systems Co., Ltd. - Class A	4	8
	China CITIC Bank Corporation Limited - Class A	8	6
	China CITIC Bank Corporation Limited - Class H	1,703	909
	China Coal Energy Company Limited - Class H	272	111
	China Communications Construction Company Limited - Class A	73	103
	China Communications Construction Company Limited - Class H	852	667
	China Conch Venture Holdings Limited	312	1,155
	China Construction Bank Corporation - Class A	135	132
	China Construction Bank Corporation - Class H	19,036	14,509
	China Eastern Airlines Corporation Limited - Class A (a)	17	12
	China Eastern Airlines Corporation Limited - Class H (a)	364	177
	China Everbright Bank Company Limited - Class A	429	236
	China Film Co., Ltd. - Class A	50	108
	China First Capital Group Limited (a)	676	198
	China Fortune Land Development Co., Ltd. - Class A	29	111
	China Gezhouba Group Co., Ltd. - Class A	7	6
	China Grand Automotive Services Group Co. Ltd. - Class A	203	109
	China Hongqiao Group Limited	275	176
	China Huarong Asset Management Co., Ltd. - Class H (b)	2,159	326
	China Huishan Dairy Holdings Company Limited (a) (d) (e)	946	51
	China International Capital Corporation (Hong Kong) Limited - Class H (b)	211	410
	China International Marine Containers (Group) Co., Ltd. - Class A	6	9
	China International Travel Service Company, Limited	20	266
	China Life Insurance Company Limited - Class A	28	106
	China Life Insurance Company Limited - Class H	1,489	3,452
	China Literature Limited (a) (b) (c)	46	157
	China Longyuan Power Group Corporation Limited - Class H	646	363
	China Merchants Bank Co., Ltd. - Class A	184	894
	China Merchants Holdings International Co. Ltd.	256	386
	China Merchants Securities Co.,Ltd. - Class A	58	132
	China Merchants Shekou Industrial Zone Holdings Co., Ltd - Class A	44	118
	China Minsheng Banking Corp. , Ltd. - Class A	296	250
	China Minsheng Banking Corp. , Ltd. - Class H	1,393	948
	China Mobile Ltd.	1,218	10,105
	China Molybdenum Co.,Ltd - Class A	131	67
	China Molybdenum Co.,Ltd - Class H	686	228
	China National Building Material Co., Ltd. - Class H	748	674
	China National Chemical Engineering Co.,Ltd - Class A	9	8
	China National Nuclear Power Co Ltd - Class A	149	111
	China Northern Rare Earth (Group) High-Tech Co., Ltd. - Class A	5	7
	China Oriental Group Co. Ltd.	220	76
	China Pacific Insurance (Group) Co., Ltd. - Class A	51	248
	China Pacific Insurance (Group) Co., Ltd. - Class H	518	1,908
	China Petroleum & Chemical Corporation - Class A	166	117
	China Petroleum & Chemical Corporation - Class H	5,012	2,982
	China Railway Construction Co., Ltd. - Class A	69	91
	China Railway Construction Co., Ltd. - Class H	418	458
	China Railway Group Limited - Class A	214	180
	China Railway Group Limited - Class H	687	418
	China Railway Signal & Communication Corporation Limited - Class H (b)	383	237
	China Reinsurance (Group) Corporation - Class H	899	146
	China Resources Cement Holdings Limited	460	462
	China Resources Pharmaceutical Group Limited (b)	258	243
	China Shenhua Energy Company Limited - Class A	51	134
	China Shenhua Energy Company Limited - Class H	640	1,287
	China Shipbuilding Industry Corporation - Class A	157	121
	China Shipbuilding Industry Group Power Co., Ltd. - Class A (a)	24	78
	China South Publishing And Media Group Co., Ltd. - Class A	6	9
	China Southern Airlines Co., Ltd. - Class A	125	115
	China Southern Airlines Co., Ltd. - Class H (c)	272	165
	China Spacesat Co., Ltd. - Class A	3	8
	China State Construction Engineering Corporation Limited - Class A	442	336

275

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

	Shares/Par1	Value ($)
China Telecom Corp. Ltd. - Class H	2,878	1,312
China Tower Corporation Limited (b)	8,294	1,892
China Traditional Chinese Medicine Holdings Co. Ltd.	464	214
China United Network Communications Corporation Limited	235	198
China Vanke Co., Ltd. - Class A	93	338
China Yangtze Power Co., Ltd. - Class A	193	493
China Zhongwang Holdings Limited	386	158
Chinese Universe Publishing and Media Co., Ltd - Class A	4	8
Chongqing Changan Automobile Company Limited - Class A	11	11
Chongqing Rural Commercial Bank Co., Ltd. - Class H	373	199
Chongqing Zhifei Biological Products Co.,Ltd.	18	121
CIFI Holdings (Group) Co. Ltd.	548	321
CITIC Guoan Information Industry Co., Ltd. - Class A (a)	81	41
CITIC Securities Company Limited - Class A	79	248
CITIC Securities Company Limited - Class H (c)	425	801
CNOOC Limited	3,560	5,436
Contemporary Amperex Technology Co., Limited	11	109
COSCO SHIPPING Development Co., Ltd. - Class A	73	25
Cosco Shipping Energy Transportation Co., Ltd.	214	95
COSCO SHIPPING Holdings Co., Ltd. - Class A (a)	23	15
COSCO SHIPPING Holdings Co., Ltd. - Class H (a)	651	232
COSCO Shipping Ports Ltd. (e)	354	283
Country Garden Holdings Company Limited	1,500	1,905
Country Garden Services Holdings Company Limited	231	668
CRRC Corporation Limited - Class A	225	230
CRRC Corporation Limited - Class H	806	564
Ctrip Computer Technology (Shanghai) Co., Ltd - ADR (a)	83	2,434
Dali Food Group Co., Ltd. (b)	374	230
Daqin Railway Co., Ltd. - Class A	112	119
Datang International Power Generation Co. Ltd. - Class H	780	161
DHC Software Co.,Ltd - Class A	5	5
Dong-E-E-Jiao Co., Ltd. - Class A	2	8
Dongfang Electric Corp. Ltd. - Class A	8	10
Dongfeng Motor Group Co., Ltd - Class H	558	531
Dongxing Securities Co., Ltd. - Class A	5	7
Dragon Delight Holdings Company Limited	256	366
East Money Information Co., Ltd.	60	124
ENN Energy Holdings Ltd.	152	1,583
Everbright Securities Company Limited - Class A	5	9
Fangda Carbon New Material Co., Ltd. - Class A (a)	4	6
Far East Horizon Limited	483	450
Financial Street Holdings Co., Ltd. - Class A	6	7
First Venture Securities Co., Ltd. - Class A	57	51
Foshan Haitian Flavoring & Food Co., Ltd - Class A	19	292
Fosun International Limited	509	633
Founder Securities Co., Ltd. - Class A	125	120
Foxconn Industrial Internet Co., Ltd. - Class A	10	20
Future Land Development Holdings Limited (c)	418	366
Fuyao Glass Industry Group Co., Ltd. - Class A	3	8
Fuyao Glass Industry Group Co., Ltd. - Class H (b)	96	267
Ganfeng Lithium Co.,Ltd - Class A	12	37
GD Power Development Co.,Ltd.	30	10
GDS Holdings Ltd. - ADR (a) (c)	12	465
Geely Automobile Holdings Ltd.	1,017	1,730
Gemdale Corporation - Class A	67	109
GenScript Biotech Corporation (a) (c)	202	389
GF Securities Co., Ltd. - Class A (a)	8	14
GF Securities Co., Ltd. - Class H (a)	229	240
Giant Network Group Co., Ltd. - Class A	16	43
Goertek Inc. - Class A	59	145
Great Wall Motor Co. Ltd. - Class H	625	421
Gree Electric Appliances, Inc. of Zhuhai - Class A	32	253
Greenland Holding Group Co., Ltd - Class A	121	120
Greentown Services Group Co Ltd (f)	186	183
Guangdong Investment Ltd.	568	1,113
Guangdong Wens Foodstuff Group Co., Ltd.	45	236
Guangshen Railway Company Limited - Class A	165	71
Guangzhou Automobile Group Co., Ltd. - Class A	4	7
Guangzhou Automobile Group Co., Ltd. - Class H (c)	640	613
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. - Class A	21	101
Guangzhou Haige Communications Group Incorporated Company - Class A	7	10
Guangzhou R&F Properties Co., Ltd. - Class H	184	278
Guosen Securities Co., Ltd. - Class A	59	101
Guotai Junan Securities Co., Ltd. - Class A	60	148
Guotai Junan Securities Co., Ltd. - Class H (b)	152	237
Haidilao International Holding Ltd. (b) (c)	67	289
Haier Smart Home Co., Ltd. - Class A	55	118
Hainan Sihuan Pharmaceutical Co., Ltd.	949	144
Haitian International Holdings Limited	109	225
Haitong Securities Co., Ltd. - Class A	72	143
Hangzhou Bank Co., Ltd. - Class A	8	9
Hangzhou Hikvision Digital Technology Co.,Ltd. - Class A	86	386
Hangzhou Robam Appliances Co., Ltd. - Class A	14	53
Hangzhou Tigermed Consulting Co., Ltd	3	26
Hedy Holding Co., Ltd. - Class A	161	118
Henan Shuanghui Investment & Development Co.,Ltd. - Class A	3	11
Hengan International Group Co. Ltd.	141	932
Hengli Petrochemical (Dalian) Co., Ltd.	65	135
Hengtong Optic-Electric Co., Ltd. - Class A	3	7
Hengyi Petrochemical Co. Ltd	59	108
Hithink Royalflush Information Network Co., Ltd	9	125
HLA Corp. , Ltd - Class A	28	32
Hua Hong Semiconductor Limited (b) (c)	91	182
Hua Xia Bank Co., Limited - Class A	115	119
Hua'an Securities Co., Ltd. - Class A	124	107
Huadian Power International Corp. Ltd. - Class H	382	145
Huadian Power International Corporation Limited - Class A	55	27
Huadong Medicine Co.,Ltd - Class A	3	9
Huaneng Power International, Inc. - Class A	18	15
Huaneng Power International, Inc. - Class H	746	359
Huaneng Renewables Corporation Limited - Class H (d) (e)	904	308
Huatai Securities Co.,Ltd. - Class A	61	162
Huatai Securities Co.,Ltd. - Class H	332	499
Huaxi Securities Co.,Ltd. - Class A	9	13
HUAYU Automotive Systems Co., Ltd. - Class A	37	122
Huazhu Group Limited - ADS	27	898
Hubei Energy Group Co., Ltd. - Class A	21	12
Hubei Granules-Biocause Pharmaceutical Co., Ltd. - Class A	8	8
Hundsun Technologies Inc. - Class A	12	119
iFLYTEK CO.,LTD. - Class A (a)	26	114
Industrial and Commercial Bank of China Limited - Class A	454	351
Industrial and Commercial Bank of China Limited - Class H	12,899	8,646
Industrial Bank Co., Ltd. - Class A	180	443
Industrial Securities Co., Ltd. - Class A	13	11
Inner Mongolia BaoTou Steel Union Co., Ltd. - Class A	557	114
Inner Mongolia Junzheng Energy And Chemical Group Co., Ltd. (a)	227	95
Inner Mongolia Yili Industrial Group Co., Ltd - Class A	67	268
Inner Mongolia Yitai Coal Co. Ltd. - Class B	181	166
iQIYI, Inc. - ADS (a) (c)	26	418
JD.com, Inc. - Class A - ADR (a)	147	4,157
Jiangsu Expressway Co. Ltd. - Class H (e)	223	284
Jiangsu Hengrui Medicine Co., Ltd. - Class A	39	437
Jiangsu Siyang Yanghe Vintage Co., Ltd. - Class A	11	155
Jiangxi Copper Company Limited - Class A	45	90
Jiangxi Copper Company Limited - Class H	194	225
Jinduicheng Molybdenum Group Co., Ltd. - Class A	105	111
JINKE PROPERTY GROUP Co., Ltd. - Class A	12	11
Jointown Pharmaceutical Group Co., Ltd. - Class A	4	8
Kaisa Group Holdings Ltd. (c)	549	242

276

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

	Shares/Par1	Value ($)
Kingdee International Software Group Co. Ltd.	506	534
Kweichow Moutai Co., Ltd. - Class A	11	1,803
KWG Group Holdings Limited	294	258
Lee & Man Paper Manufacturing Ltd.	203	110
Legend Holdings Corporation - Class H (b)	86	187
Lens Technology Co., Ltd	25	36
Lepu Medical Technology (Beijing) Co., Ltd.	31	109
Li Ning Company Limited	368	1,060
Liaoning Chengda Co., Ltd. - Class A (a)	19	35
LONGi Green Energy Technology Co., Ltd. - Class A	31	116
Luxshare Precision Industry (Kunshan) Co., Ltd. - Class A	54	202
Luye Pharma Group Ltd (c)	155	111
Luzhou Lao Jiao Vintage Co., Ltd. - Class A	12	147
Maanshan Iron & Steel Co. Ltd. (c)	284	107
Maanshan Iron & Steel Company Limited - Class A	60	22
Mango Excellent Media Co., Ltd. (a)	3	21
Meinian Onehealth Healthcare Holdings Co., Ltd. - Class A	6	10
Meitu, Inc. (a) (b)	396	92
Meituan Dianping (a)	197	2,024
Metallurgical Corporation of China Ltd. - Class A	49	19
Metallurgical Corporation of China Ltd. - Class H	693	156
Midea Group Co., Ltd.	38	273
Momo Inc. - ADR	29	903
Muyuan Foods Co.,Ltd. - Class A	16	156
NARI Technology Co., Ltd.	53	151
NetEase, Inc. - ADR	14	3,721
New China Life Insurance Company Ltd. - Class A	16	111
New Hope Liuhe Co., Ltd. - Class A	51	123
New Oriental Education & Technology Group - ADR (a)	28	3,123
Nexteer Automotive Group Limited	209	176
Ninestar Corporation - Class A	9	38
Ningbo Zhoushan Port Group Co., Ltd.	188	98
NIO Inc - Class A - ADR (a) (c)	131	204
Noah Holdings Limited - Class A - ADS (a) (c)	7	213
Oceanwide Holdings Co., Ltd.	119	72
Offshore Oil Engineering Co.,Ltd. - Class A	8	6
OFILM Group Co Ltd - Class A (a)	21	35
OPPEIN Home Group Inc. - Class A	—	6
Orient Securities Company Limited - Class A	80	114
Oriental Pearl Group Co., Ltd. - Class A	7	9
Perfect World Co., Ltd. - Class A	17	66
PetroChina Company Limited - Class A	120	104
PetroChina Company Limited - Class H	4,215	2,166
Pinduoduo Inc. - ADR (a) (c)	37	1,200
Ping An Bank Co., Ltd. - Class A	154	337
Ping An Insurance (Group) Co of China Ltd - Class A	94	1,150
Ping An Insurance (Group) Co of China Ltd - Class H	1,111	12,806
Poly Real Estate (Group) Co., Ltd - Class A	91	181
Postal Savings Bank of China Co., Ltd. - Class H (f)	1,503	919
Power Construction Corporation of China - Class A	171	111
RiseSun Real Estate Development Co., Ltd. - Class A	6	7
Rongsheng Petrochemical Co., Ltd. - Class A	6	10
S.F. Holding Co., Ltd - Class A	26	144
SAIC Motor Corporation Limited - Class A	80	266
Sanan Optoelectronics Co., Ltd. - Class A	5	9
Sanjiu Medical & Pharmaceutical Co., Ltd. - Class A	2	9
SANY Heavy Industry Co., Ltd. - Class A	73	146
SDIC Capital Co., Ltd. - Class A	10	17
SDIC Power Holdings Co., Ltd. - Class A	94	119
Seazen Holdings Co Ltd - Class A	24	94
Shaanxi Coal and Chemical Industry Group Co.,Ltd. - Class A	91	111
Shandong Buchang Pharmaceutical Co., Ltd. - Class A	31	82
Shandong Gold Group Co., Ltd. - Class A	24	114
Shandong Haisteel International Trading Co., Ltd. - Class A	17	6
Shandong Linglong Tyre Co., Ltd.	3	10
Shandong Weigao Group Medical Polymer Co. Ltd. - Class H	366	379
Shanghai Baozun E-Commerce Limited - ADR (a) (c)	8	354
Shanghai Electric Group Company Limited - Class A	10	7
Shanghai Fosun Pharmaceutical (Group) Co., Ltd. - Class A	3	11
Shanghai Hyron Software Co.,Ltd. - Class A	118	55
Shanghai International Airport Co.Ltd.	6	64
Shanghai International Port(Group) Co.,Ltd - Class A	10	8
Shanghai Jiangong Tufang Construction Co., Ltd.	205	97
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. - Class B	225	252
Shanghai Pharmaceuticals Holding Co., Ltd. - Class A	3	7
Shanghai Pharmaceuticals Holding Co., Ltd. - Class H	198	359
Shanghai Pudong Development Bank Co., Ltd. - Class A	253	419
Shanghai Tunnel Engineering Co., Ltd. - Class A	10	8
Shanghai Zhangjiang Hi-Tech Park Development Co. Ltd. - Class A	45	97
Shanxi Lu'an Environmental Energy Development Co.,Ltd. - Class A	48	48
Shanxi Securities Co., Ltd. - Class A	10	10
Shanxi Xishan Coal and Electricity Power Co., Ltd. - Class A	65	53
Shenergy Company Limited - Class A	15	12
Shenwang Hongyuan Group Co., Ltd - Class A	188	126
Shenzhen Energy Group Co., Ltd. - Class A	16	13
Shenzhen Inovance technology Co., Ltd.	6	20
Shenzhen International Holdings Limited	187	361
Shenzhen Investment Ltd.	484	178
Shenzhen Kangtai Biological Products Co., Ltd.	7	70
Shenzhen Mindray Bio-Medical Electronics Co., Ltd.	5	140
SHENZHEN OVERSEAS CHINESE TOWN HOLDING COMPANY - Class A	117	115
Shenzhen Salubris Pharmaceuticals Co., Ltd. - Class A	9	24
Shenzhen Zhongjin Lingnan Nonfemet Co.,Ltd. - Class A	139	78
Shenzhou International Group Holdings Limited	150	1,962
Sichuan Chuantou Holding Stock Co., Ltd. - Class A	9	12
Sichuan Kelun Pharmaceutical Co., Ltd. - Class A	2	9
SINA Corporation (a)	11	443
Sinolink Securities Co., Ltd. - Class A	6	7
Sinopec Engineering (Group) Co., Ltd. - Class H	333	210
Sinopec Shanghai Petrochemical Co., Ltd. - Class A	16	9
Sinopec Shanghai Petrochemical Co., Ltd. - Class H	718	209
Sinopharm Group Co. Ltd. - Class H	246	772
SOHO China Limited	470	135
Songcheng Performance Development Co.,Ltd	36	139
Soochow Securities Co.,Ltd - Class A	9	12
Southwest Securities Co., Ltd.	155	98
Spring Airlines Co., Ltd. - Class A	2	10
Sun Art Retail Group Limited	499	509
Sunac China Holdings Limited	485	1,956
Suning.Com Co.,Ltd - Class A	82	118
Sunshine City Group Co., Ltd. - Class A	20	9
Suzhou Dongshan Precision Manufacturing Co., Ltd.	10	28
Suzhou Gold Mantis Construction Decoration Co., Ltd. - Class A	68	87
TAL Education Group - ADS (a)	75	2,571
Tasly Pharmaceutical Group Co., Ltd. - Class A	3	5
TBEA Company Ltd. - Class A	13	11
TCL Corporation	29	14
Tencent Holdings Limited	1,132	47,691
Tencent Music Entertainment Group - Class A - ADR (a) (c)	15	197
Tianma Microelectronics Co., Ltd. - Class A	4	8

277

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	Tianqi Lithium Corporation	2		8
	Tingyi Cayman Islands Holding Corp.	387		545
	Tong Ren Tang Technologies Co. Ltd. - Class H	150		137
	Tong Wei Co., Ltd. - Class A	37		67
	Tonghua Dongbao Pharmaceutical Co., Ltd. - Class A	3		8
	Tongling nonferrous Metals Group Co.,Ltd - Class A	306		93
	Transfar Zhilian Co., Ltd.	1		2
	Travelsky Technology Ltd. - Class H	158		328
	Tsingtao Brewery Co.,Ltd. - Class A	3		18
	Tsingtao Brewery Co.,Ltd. - Class H	86		520
	Tunghsu Optoelectronic Technology Co.,Ltd. - Class A	8		7
	Tus Environmental Science And Technology Development Co Ltd - Class A	47		62
	Unisplendour Co., Ltd. - Class A	9		39
	Vipshop (China) Co., Ltd. - ADR (a)	84		749
	Walvax Biotechnology Co., Ltd.	5		18
	Wangsu Science & Technology Co.,Ltd.	13		18
	Wanhua Chemical Group Co.,Ltd.	32		195
	Want Want China Holdings Limited (c)	992		794
	Wanxiang Qianchao Co., Ltd. - Class A	105		76
	Weibo Corp. - ADR (a) (c)	10		430
	Weichai Power Co., Ltd. - Class A	77		121
	Weichai Power Co., Ltd. - Class H	399		577
	Weifu High-Technology Group Co., Ltd. - Class A	33		76
	Western Securities Co., Ltd. - Class A	6		7
	Wuhu Shunrong Sanqi Interactive Entertainment Network Technology Co., Ltd. - Class A	32		80
	Wuliangye Yibin Co., Ltd. - Class A	34		619
	WuXi AppTec Co., Ltd.	15		182
	WuXi AppTec Co., Ltd. (b)	23		257
	Wuxi Biologics Cayman Inc (a) (b) (c)	113		1,158
	Wuxi Lead Intelligent Equipment Co., Ltd.	5		23
	XCMG Construction Machinery Co., Ltd. - Class A	12		7
	Xiamen C&D Inc. - Class A	5		7
	Xiaomi Corporation - Class W (a) (b) (c)	1,475		1,666
	Xinhu Zhongbao Co., Ltd. - Class A	15		6
	Xinjiang Goldwind Science & Technology Co., Ltd. - Class A	12		21
	Xinjiang Goldwind Science & Technology Co., Ltd. - Class H	182		216
	Xinyi Solar Holdings Limited	712		429
	Yanzhou Coal Mining Co Ltd	71		106
	Yanzhou Coal Mining Co. Ltd. - Class H	292		298
	YiHai International Holdings Limited	100		597
	Yonghui Superstores Co., Limited - Class A	86		107
	Yum China Holdings, Inc.	71		3,245
	Yunda Holding Co., Ltd.	21		102
	Yunnan Baiyao Group Co., Ltd. - Class A	11		117
	Yuzhou Properties Company Limited	436		174
	YY, Inc. - Class A - ADS (a)	11		600
	Zhangzhou Pien Tze Huang Pharmaceutical Co., Ltd. - Class A	8		118
	Zhaojin Mining Industry Co., Ltd. - Class H	239		277
	Zhejiang China Commodities City Group Co., Ltd. - Class A	15		8
	Zhejiang Chint Electrics Co.,Ltd - Class A	3		10
	Zhejiang Dahua Technology Co., Ltd. - Class A	48		116
	Zhejiang Expressway Co. Ltd. - Class H	236		204
	Zhejiang Huayou Cobalt Co., Ltd. - Class A	9		33
	Zhejiang Longsheng Group Co.,Ltd - Class A	7		15
	Zhejiang Semir Garment Co., Ltd. - Class A	4		7
	Zhengzhou Yutong Bus Co., Ltd. - Class A	19		38
	ZhongAn Online P&C Insurance Co., Ltd. (a) (b) (c)	42		100
	Zhongjin Gold Corporation Limited - Class A	68		81
	Zhongsheng Group Holdings Limited	99		313
	Zhuzhou Crrc Times Electric Co., Ltd. - Class H	99		410
	Zijin Mining Group Co. Ltd. - Class H	1,112		384
	Zijin Mining Group Co., Ltd. - Class A	242		110
	Zoomlion Heavy Industry Science&Technology Co., Ltd. - Class A	14		11
	ZTE Corporation (a)	36		162
	ZTE Corporation - Class H (a)	141		376
	Zto Express Co., Ltd. - ADR	63		1,346
			290,275
South Korea 11.3%
	Amorepacific Corp.	4		245
	Amorepacific Corporation	6		755
	BGFretail Co., Ltd.	2		284
	BNK Financial Group Inc.	63		378
	Celltrion Healthcare Co. Ltd. (a)	11		457
	Celltrion Inc. (a)	18		2,452
	Celltrion Pharm Inc. (a)	4		104
	Cheil Worldwide Inc.	16		326
	CJ CheilJedang Corp.	2		308
	CJ Corp.	4		240
	CJ Logistics Corp. (a)	1		175
	CJ O Shopping Co. Ltd.	2		321
	Daelim Industrial Co. Ltd.	6		497
	Daewoo Engineering & Construction Co. Ltd. (a)	29		116
	Daewoo Shipbuilding & Marine Engineering Co. Ltd. (a)	8		195
	Daum Communications Corp.	10		1,086
	DB Insurance Co. Ltd.	11		457
	Doosan Bobcat Inc.	9		255
	E-MART Inc.	4		339
	Fila Korea Ltd. (c)	11		513
	GS Engineering & Construction Corp.	12		337
	GS Holdings Corp.	10		415
	GS Retail Co., Ltd.	7		226
	Hana Financial Group Inc.	59		1,746
	Hankook Tire & Technology Co,. Ltd.	16		427
	Hanmi Science Co. Ltd.	3		104
	Hanmi Science Co., Ltd.	1		321
	Hanon Systems	41		411
	Hanwha Chem Corp.	20		301
	Hanwha Corp.	5		113
	Hanwha Life Insurance Co., Ltd.	61		121
	Helixmith Co., Ltd (a) (c)	4		226
	HLB Inc. (a) (c)	7		360
	Honam Petrochemical Corp.	3		679
	Hotel Shilla Co. Ltd.	6		401
	Hyundai Department Store Co. Ltd.	3		187
	Hyundai Development Company	6		170
	Hyundai Engineering & Construction Co. Ltd.	14		557
	Hyundai Glovis Co., Ltd.	3		455
	Hyundai Heavy Industries Co., Ltd.	2		606
	Hyundai Marine & Fire Insurance Co.,Ltd.	10		211
	Hyundai Mobis	13		2,787
	Hyundai Motor Co.	30		3,402
	Hyundai Steel Co.	15		496
	Industrial Bank of Korea	46		512
	Kangwon Land Inc.	26		631
	KB Financial Group Inc.	77		2,762
	KCC Corp.	1		245
	Kia Motors Corp.	52		2,004
	Korea Aerospace Industries, Ltd.	16		519
	Korea Electric Power Corp. (a)	49		1,054
	Korea Gas Corp.	6		187
	Korea Investment Holdings Co. Ltd.	9		543
	Korea Shipbuilding & Offshore Engineering Co. Ltd. (a)	7		742
	Korea Zinc Co. Ltd.	2		577
	Korean Air Lines Co. Ltd.	12		221
	KT&G Corp.	24		2,097
	Kumho Petro chemical Co. Ltd.	4		261
	LG Chem Ltd.	9		2,280
	LG Corp.	18		1,056
	LG Display Co., Ltd. (a)	45		533
	LG Electronics Inc.	21		1,192
	LG Household & Health Care Ltd.	2		2,011
	LG Innotek Co., Ltd.	2		215
	LG Uplus Corp.	17		190
	Lotte Corp.	5		154
	Lotte Shopping Co., Ltd.	3		284
	Medy-Tox	1		206
	MERITZ Securities Co. Ltd.	35		149
	Mirae Asset Daewoo Co. Ltd.	87		544
	NAVER Corp.	28		3,633
	NCSoft Corp.	3		1,416

278

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	Netmarble Corp. (a) (b)	5		417
	OCI Co. Ltd.	4		226
	Orange Life Insurance Co., Ltd. (b)	6		134
	Orion Incorporation	5		407
	Ottogi Corp.	—		151
	Pan Ocean Co., Ltd. (a)	54		206
	Pearl Abyss Corp. (a)	1		221
	POSCO	16		2,990
	Posco Chemical Co. Ltd. (c)	5		186
	Posco Daewoo Corp.	10		160
	S1 Corp.	3		249
	Samsung Biologics Co., Ltd (a)	3		879
	Samsung C&T Corporation	17		1,258
	Samsung Card Co., Ltd.	4		121
	Samsung Electro-Mechanics Co. Ltd.	11		988
	Samsung Electronics Co. Ltd.	949		38,976
	Samsung Engineering Co. Ltd. (a)	35		494
	Samsung Fire & Marine Insurance Co. Ltd.	6		1,086
	Samsung Heavy Industries Co. Ltd. (a)	94		622
	Samsung Life Insurance Co., Ltd.	14		862
	Samsung SDI Co. Ltd.	11		2,050
	Samsung Sds Co., Ltd.	7		1,117
	Samsung Securities Co. Ltd.	13		382
	Shinhan Financial Group Co. Ltd.	90		3,158
	Shinsegae Co. Ltd.	1		264
	SillaJen Inc (a) (c)	13		92
	SK C&C Co., Ltd.	7		1,239
	SK Hynix Inc.	108		7,419
	SK innovation Co., Ltd.	11		1,519
	SK Telecom Co. Ltd.	4		812
	S-Oil Corp.	9		743
	Woongjin Coway Co., Ltd.	10		708
	Woori Financial Group Inc.	95		994
	Woori Investment & Securities Co. Ltd.	23		243
	Yuhan Corp.	2		294
			122,447
Taiwan 11.3%
	Acer Inc.	673		387
	Advantech Co. Ltd.	72		631
	Airtac International Group	22		257
	ASE Technology Holding Co., Ltd.	674		1,538
	Asia Cement Corp.	412		576
	Asustek Computer Inc.	136		904
	AU Optronics Corp. (c)	1,565		396
	Catcher Technology Co. Ltd.	128		967
	Cathay Financial Holding Co. Ltd.	1,456		1,920
	Chailease Holding Company Limited	250		1,007
	Chang Hwa Commercial Bank	1,072		748
	Cheng Shin Rubber Industry Co. Ltd.	415		613
	Chicony Electronics Co. Ltd.	124		366
	China Airlines Ltd.	382		112
	China Development Financial Holding Corp.	2,527		753
	China Life Insurance Company Limited (a)	465		369
	China Steel Corp.	2,329		1,725
	Chinatrust Financial Holding Co. Ltd.	3,686		2,449
	Chunghwa Telecom Co. Ltd.	773		2,765
	Compal Electronics Inc.	918		530
	Delta Electronics Inc.	385		1,647
	E. Sun Financial Holding Co. Ltd.	2,045		1,730
	Eclat Textile Co. Ltd.	33		444
	Eva Airways Corp.	564		248
	Evergreen Marine Corp Taiwan Ltd. (a)	507		212
	Far Eastern New Century Corp.	666		616
	Far EasTone Telecommunications Co. Ltd.	311		727
	Feng Tay Enterprise Co. Ltd.	59		424
	First Financial Holding Co. Ltd.	2,010		1,412
	Formosa Chemicals & Fibre Corp.	688		1,924
	Formosa Petrochemical Corp.	254		804
	Formosa Plastics Corp.	878		2,672
	Formosa Taffeta Co. Ltd.	185		202
	Foxconn Technology Co. Ltd.	197		411
	Fubon Financial Holding Co. Ltd.	1,335		1,917
	Giant Manufacturing Co. Ltd.	56		382
	GlobalWafers Co., Ltd.	39		397
	Highwealth Construction Corp.	174		280
	HIWIN Technologies Corp.	38		331
	Hon Hai Precision Industry Co. Ltd.	2,495		5,901
	Hotai Motor Co. Ltd.	61		929
	Hua Nan Financial Holdings Co. Ltd.	1,607		1,086
	Innolux Corporation	1,543		329
	Inventec Co. Ltd.	500		345
	Largan Precision Co. Ltd.	20		2,880
	Lite-On Technology Corp.	427		677
	MediaTek Inc.	298		3,560
	Mega Financial Holdings Co. Ltd.	2,141		1,984
	Micro-Star International Co. Ltd.	121		353
	Nan Ya Plastics Corp.	1,002		2,250
	Nanya Technology Corp.	230		596
	Nien Made Enterprise Co., LTD.	32		281
	Novatek Microelectronics Corp.	117		671
	PEGATRON Corporation	426		742
	Phison Electronics Corp.	30		268
	Pou Chen Corp.	412		528
	Powertech Technology Inc.	159		449
	President Chain Store Corp.	108		1,009
	Quanta Computer Inc.	551		1,006
	Realtek Semiconductor Corp.	102		758
	Ruentex Development Co. Ltd.	138		185
	Ruentex Industries Ltd.	41		88
	Shin Kong Financial Holding Co. Ltd.	2,039		618
	SinoPac Financial Holdings Co. Ltd.	2,207		861
	Standard Foods Corp.	80		160
	Synnex Technology International Corp.	237		277
	TaiMed Biologics Inc. (a)	39		188
	Taishin Financial Holding Co. Ltd.	2,011		898
	Taiwan Business Bank	863		355
	Taiwan Cement Corp.	960		1,229
	Taiwan Cooperative Bank	1,785		1,179
	Taiwan High Speed Rail Corporation	432		492
	Taiwan Mobile Co. Ltd.	338		1,219
	Taiwan Semiconductor Manufacturing Co. Ltd.	4,891		43,060
	Tatung Co. (a)	405		222
	The Shanghai Commercial & Savings Bank, Ltd.	649		1,088
	Uni-President Enterprises Corp.	941		2,267
	United Microelectronics Corp.	2,341		1,008
	Vanguard International Semiconductor Corp.	157		318
	Walsin Technology Corp.	71		401
	WIN Semiconductors Corp.	66		596
	Winbond Electronics Corp.	527		304
	Wistron Corp.	519		419
	WPG Holdings Limited	271		334
	Yageo Corp.	46		363
	Yuanta Financial Holding Co. Ltd.	1,981		1,181
	Zhen Ding Technology Holding Limited	104		371
			122,076
India 8.7%
	Adani Ports and Special Economic Zone Limited	121		705
	Ambuja Cements Limited	137		394
	Ashok Leyland Limited	270		262
	Asian Paints Limited	59		1,478
	Aurobindo Pharma Ltd.	52		434
	Avenue Supermarts Limited (a)	23		617
	Axis Bank Limited	377		3,653
	Bajaj Auto Limited	17		719
	Bajaj Finance Limited	34		1,970
	Bajaj Finserv Limited	8		980
	Bharat Forge Ltd	30		190
	Bharat Petroleum Corp. Ltd.	136		900
	Bharti Airtel Ltd.	402		2,086
	Bharti Infratel Limited	51		187
	Bosch Limited	2		312
	Britannia Industries Ltd	11		440
	Cipla Limited	74		448
	Coal India Ltd Govt Of India Undertaking	239		676
	Container Corporation	37		318
	Dabur India Ltd.	98		618
	Divi's Laboratories Ltd.	16		383
	Dr. Reddy's Laboratories Ltd.	23		895

279

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	Eicher Motors Ltd.	3		678
	GAIL India Ltd.	358		680
	Glenmark Pharmaceuticals Ltd.	33		150
	Godrej Consumer Products Limited	70		685
	Grasim Industries Ltd	60		619
	Havells India Limited	45		459
	HCL Technologies Ltd.	107		1,631
	HDFC Life Insurance Company Limited (b)	97		824
	Hero Motocorp Ltd.	17		662
	Hindalco Industries Limited	241		652
	Hindustan Petroleum Corp. Ltd.	106		454
	Hindustan Unilever Ltd.	129		3,610
	Housing Development Finance Corp.	324		9,048
	ICICI Bank Limited	465		2,842
	ICICI Lombard General Insurance Company Limited (b)	25		421
	Idea Cellular Limited (a)	1,426		124
	Indiabulls Housing Finance Limited	63		229
	Indian Oil Corp. Ltd.	400		833
	Infosys Ltd.	684		7,796
	Interglobe Aviation Limited (b)	17		457
	ITC Limited	684		2,512
	JSW Steel Limited	182		592
	Larsen and Toubro Limited	97		2,030
	LIC Housing Finances Ltd.	55		290
	Lupin Ltd.	47		471
	Mahindra & Mahindra Ltd.	142		1,098
	Mahindra and Mahindra Financial Services Limited	70		324
	Marico Limited	87		485
	Maruti Suzuki India Ltd.	21		2,035
	Motherson Sumi Systems Ltd.	144		213
	Nestle India Ltd.	5		927
	NTPC Limited	476		791
	Oil & Natural Gas Corp. Ltd.	519		966
	Page Industries Limited	1		358
	Petronet LNG Limited	135		495
	Pidilite Industries Limited	26		536
	Piramal Enterprises Limited	16		360
	Power Grid Corporation of India Limited	361		1,015
	Recce Pharmaceuticals Ltd	165		287
	Reliance Industries Ltd.	564		10,631
	Sesa Sterlite Ltd.	344		749
	Shree Cement Ltd.	2		454
	Shriram Transport Finance Co. Ltd.	33		507
	State Bank of India (a)	345		1,322
	Sun Pharmaceutical Industries Ltd.	170		935
	Tata Consultancy Services Limited	180		5,346
	Tata Motors Limited (a)	331		551
	Tata Steel Ltd.	67		341
	Tech Mahindra Limited	87		878
	The Tata Power Company Limited	229		202
	Titan Industries Ltd.	58		1,047
	UltraTech Cement Limited	19		1,143
	United Spirits Limited (a)	59		556
	UPL Limited	105		894
	Wipro Ltd.	243		823
	Yes Bank Limited	367		215
	Zee Entertainment Enterprises Ltd.	95		357
			94,255
Brazil 4.9%
	American Beverage Co Ambev	946		4,369
	Atacadao	69		350
	B2W - Companhia Global Do Varejo. (a)	39		451
	B3 S.A. - Brasil, Bolsa, Balcao	412		4,348
	Banco Bradesco S/A.	245		1,848
	Banco BTG Pactual S.A.	41		583
	Banco do Brasil SA	171		1,882
	Banco Santander (Brasil) S.A.	86		935
	BB Seguridade Participacoes S/A	136		1,155
	BR Malls Participacoes S.A	154		538
	BRF SA (a)	111		1,020
	CCR SA	241		1,001
	Centrais Eletricas Brasileiras SA	45		440
	Cielo S.A.	260		500
	Companhia de Saneamento Basico do Estado de Sao Paulo-SABESP	72		851
	Companhia Siderurgica Nacional	110		352
	Cosan S.A.	30		389
	Embraer S.A.	140		605
	Energisa S/A	33		398
	ENGIE Brasil Energia S.A.	40		430
	Equatorial Energia S.A	33		800
	Hypera S.A.	70		563
	Irb Brasil Resseguros S/A	140		1,261
	JBS S/A	222		1,747
	Klabin S.A.	134		496
	Kroton Educacional SA	292		789
	Localiza Rent A Car S/A	118		1,287
	Lojas Renner S/A.	155		1,880
	M. Dias Branco S.A. Industria e Comercio de Alimentos	25		208
	Magazine Luiza S.A.	129		1,148
	Multiplan Empreendimentos Imobiliarios S/A	66		454
	Natura Cosmeticos S.A.	77		630
	Notre Dame Intermedica Participacoes S.A.	68		889
	Petrobras Distribuidora SA	147		970
	Petroleo Brasileiro SA	595		4,329
	Porto Seguro S.A.	16		225
	Raia Drogasil S.A.	45		1,041
	Rumo SA (a)	226		1,336
	Sul America S.A.	45		522
	Suzano S.A.	110		896
	Tim Participacoes SA	156		448
	Ultrapar Participacoes S.A.	150		665
	Vale SA	626		7,225
	WEG SA	168		985
			53,239
Hong Kong 4.6%
	Agricultural Bank of China Limited - Class H	5,874		2,302
	ANTA Sports Products Limited	219		1,815
	AviChina Industry & Technology Co. Ltd. - Class H	478		236
	Beijing Enterprises Water Group Limited	1,034		530
	Bosideng International Holdings Limited	616		263
	Cheer Bless Limited (d) (e)	208		613
	China Cinda Asset Management Co., Ltd. - Class H	1,655		326
	China Communications Services Co., Ltd. - Class H	546		310
	China Education Group Holdings Limited (f)	93		137
	China Everbright Bank Company Limited - Class H	700		299
	China Everbright International Ltd.	721		556
	China Everbright Ltd.	162		190
	China Evergrande Group (c)	384		820
	China Galaxy Securities Co., Ltd. - Class H	579		309
	China Gas Holdings Ltd.	360		1,394
	China General Nuclear Power Corporation (b)	1,948		493
	China Jinmao Holdings Group Limited	1,120		643
	China Medical System Holdings Limited	295		351
	China Mengniu Dairy Company Limited	551		2,068
	China Merchants Bank Co., Ltd. - Class H	776		3,703
	China Oilfield Services Ltd. - Class H	356		427
	China Overseas Land & Investment Ltd.	762		2,401
	China Power International Development Limited	1,092		227
	China Resources Enterprise Ltd.	296		1,572
	China Resources Gas Group Ltd.	180		889
	China Resources Land Ltd.	547		2,295
	China Resources Power Holdings Co. Ltd.	415		505
	China State Construction International Holdings Limited	444		419
	China Taiping Insurance Holdings Co. Ltd.	326		729
	China Unicom Hong Kong Ltd.	1,233		1,311
	China Vanke Co., Ltd. - Class H	279		972
	CITIC Pacific Ltd.	1,132		1,432
	CSPC Pharmaceutical Group Ltd.	912		1,837
	GOME Retail Holdings Limited (a) (c)	2,451		223
	Haier Electronics Group Co., Ltd.	268		700
	Haitong Securities Co., Ltd. - Class H	560		590
	Hanergy Thin Film Power Group Limited (a) (d) (e)	3,098		841
	Hutchison China Meditech (Hk) Limited - ADR (a)	11		200
	Kingboard Chemical Holdings Ltd.	106		282
	Kingboard Laminates Holdings Limited	279		252

280

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	Kingsoft Corp Ltd (a) (c)	151		321
	Kunlun Energy Co. Ltd.	594		512
	Lenovo Group Ltd. (c)	1,449		967
	Longfor Group Holdings Limited	345		1,296
	Mascotte Holdings Limited (a)	4,928		75
	New China Life Insurance Company Ltd. - Class H	169		671
	Nine Dragons Paper (Holdings) Limited	306		258
	People's Insurance Company (Group) of China Limited, The - Class H	1,750		702
	PICC Property & Casualty Co. Ltd. - Class H	1,327		1,551
	Semiconductor Manufacturing International Corporation (a) (c)	563		707
	Shanghai Electric Group Company Limited - Class H	606		196
	Shanghai Fosun Pharmaceutical (Group) Co., Ltd. - Class H	123		332
	Shanghai Industrial Holdings Ltd.	74		138
	Shanghai Industrial Urban Development Group Limite	74		9
	Shimao Property Holdings Limited	223		652
	Shui On Land Limited	939		187
	Sino Biopharmaceutical Limted	1,386		1,766
	Sino-Ocean Land Holdings Limited	470		160
	Sinotrans Ltd. - Class H	249		78
	Sinotruk (Hong Kong) Limited	161		239
	SSY Group Limited	238		188
	Sunny Optical Technology (Group) Company Limited	145		2,146
	Towngas China Co. Ltd.	248		187
	Uni-President China Holdings Ltd	228		247
	Yuexiu Property Co. Ltd.	1,304		283
			49,330
South Africa 4.5%
	Absa Group Ltd	140		1,417
	Anglo American Platinum Ltd.	10		592
	AngloGold Ashanti Ltd.	84		1,553
	Aspen Pharmacare Holdings	68		385
	Bid Corporation	66		1,399
	Bidvest Group Ltd.	60		758
	Capitec Bank Holdings Ltd.	8		715
	Clicks Group Ltd. (c)	51		729
	Discover Ltd. (c)	82		615
	Exxaro Resources Ltd.	53		458
	FirstRand Ltd. (c)	657		2,699
	Fortress REIT Ltd - Class A	249		337
	Foschini Group Ltd.	47		509
	Gold Fields Ltd.	166		823
	Growthpoint Properties Ltd (c)	625		954
	Investec	66		349
	Kumba Iron Ore Ltd	11		278
	Liberty Holdings Ltd.	28		204
	Life Healthcare Group Holdings	238		356
	Momentum Metropolitan Holdings Limited	138		170
	Mr Price Group	50		525
	MTN Group Ltd. (c)	342		2,176
	Multichoice Group (a)	87		675
	Naspers Ltd. - Class N	87		13,158
	Nedbank Group Ltd.	71		1,062
	Netcare Ltd.	233		270
	Old Mutual Public Limited Company (c)	966		1,233
	Pick n Pay Stores Ltd.	86		338
	PSG Group Ltd.	31		434
	Rand Merchant Investment Holdings Limited	167		329
	Redefine Properties Opco (Proprietary) Limited	1,135		587
	Remgro Ltd.	108		1,160
	RMB Holdings Ltd.	139		689
	Sanlam Ltd	373		1,837
	Sappi Ltd.	86		213
	Sasol Ltd.	113		1,890
	Shoprite Holdings Ltd.	96		781
	Standard Bank Group Limited	254		2,929
	Telkom SA Ltd.	55		257
	The Spar Group	42		534
	Tiger Brands Limited	29		408
	Truworths International Ltd.	82		287
	Vodacom Group Limited	123		971
	Woolworths Holdings Limited	197		716
			48,759
Russian Federation 3.8%
	BANK VTB, PAO	726,485		477
	Gazprom, Pao	2,100		7,306
	Joint-Stock Company Alrosa (Public Joint-Stock Company)	448		514
	Mobile Telesystems PJSC - ADR	101		816
	Polymetal International PLC	41		571
	Public Joint Stock Company Fosagro - GDR (f)	19		248
	Public Joint Stock Company Inter Rao Ues	7,085		491
	Public Joint Stock Company Mining And Metallurgical Company Norilsk Nickel	13		3,242
	Public Joint Stock Company Oil Company Lukoil	78		6,507
	Public Joint Stock Company Oil Company Rosneft	229		1,483
	Public Joint Stock Company Polyus	5		587
	Public Joint Stock Company TATNEFT Named After VD Shashin	301		3,190
	Public Joint-Stock Company Magnit - GDR (f)	73		948
	Public Joint-Stock Company Moscow Exchange MICEX-RTS	308		451
	Public Joint-Stock Company 'Severstal'	44		635
	Public Joint-Stock Company Society Magnitogorsky Iron and Steel Works	366		221
	Public Joint-Stock Company Society Novatek - GDR (f)	18		3,678
	Public Joint-Stock Company Society Novolipetsky Iron and Steel Works	219		481
	Public Joint-Stock Company Surgutneftegaz	1,493		815
	Sberbank of Russia	2,126		7,473
	X5 Retail Group N.V. - GDR (f)	24		855
			40,989
Thailand 2.9%
	Advanced Info Service PLC. - NVDR	235		1,693
	Airports of Thailand PCL - NVDR	831		2,034
	Bangkok Bank PCL - NVDR	73		415
	Bangkok Bank PCL	8		45
	Bangkok Dusit Medical Services Public Company Limited. - NVDR	1,926		1,524
	Bangkok Expressway and Metro Public Company Limited - NVDR	1,682		594
	Banpu PCL - NVDR	773		298
	Banpu Public Company Limited	70		27
	Berli Jucker PCL - NVDR (c)	220		380
	BTS Group Holdings Public Company Limited. (e)	251		110
	BTS Group Holdings Public Company Limited. - NVDR	1,140		500
	Bumrungrad Hospital Public Company Limited - NVDR	88		367
	Bumrungrad Hospital Public Company Limited (e)	8		35
	Central Pattana Public Company Limited (e)	33		74
	Central Pattana Public Company Limited - NVDR	432		961
	Charoen Pokphand Foods PCL - NVDR	777		667
	Charoen Pokphand Foods Public Company Limited	56		48
	CP ALL Public Company Limited - NVDR	1,181		3,139
	Electricity Generating PCL - NVDR	58		682
	Energy Absolute Public Company Limited - NVDR	361		568
	Gulf Energy Development Public Company Limited - NVDR	100		526
	Gulf Energy Development Public Company Limited - Class F (e)	19		101
	Home Product Center PCL - NVDR	1,164		651
	Home Product Center PCL (e)	27		15
	Indorama Ventures Public Company Limited - NVDR (c)	336		357
	Intouch Holdings Public Company Limited - NVDR	407		874
	IRPC PCL - NVDR	1,906		229
	Kasikornbank PCL	134		686
	Kasikornbank PCL - NVDR	267		1,368
	Krung Thai Bank PCL - NVDR	786		442
	Land & Houses Public Co. Ltd. - NVDR	1,386		435
	Minor International PCL. - NVDR	561		688
	Muangthai Leasing Public Company Limited - NVDR	96		178

281

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	Muangthai Leasing Public Company Limited - Class F	29		53
	PTT Exploration And Production Public Company Limited - NVDR	260		1,029
	PTT Global Chemical Public Company Limited - NVDR	453		796
	PTT PCL - NVDR	2,219		3,358
	RATCH Group Public Company Limited - NVDR	135		316
	Robinson Public Co. - NVDR	104		217
	Siam Cement PCL - NVDR	156		2,086
	Siam Commercial Bank PCL - NVDR	177		685
	Thai Oil Public Company Limited - NVDR	204		466
	Thai Union Frozen Products PCL - NVDR	624		341
	TMB Bank PCL - NVDR	1,685		86
	Total Access Communication Public Company Limited - NVDR	137		257
	True Corp. PCL - NVDR	2,133		367
			30,768
Saudi Arabia 2.5%
	Advanced Petrochemical Company	21		277
	Al Rajhi Banking and Investment Corporation	240		4,047
	Alinma Bank	147		881
	Almarai Company	49		649
	Bank AlBilad	74		525
	Bank Aljazira	80		287
	Banque Saudi Fransi	108		927
	BUPA Arabia for Cooperative Insurance Company	6		168
	Dar AL-Arkan Real Estate Development Company (a)	106		336
	Etihad Etisalat Company (a)	77		495
	Jarir Marketing Company	12		503
	KeyBank National Association	233		2,861
	National Industrialization Company (a)	62		222
	Rabigh Refining and Petrochemical Company (a)	44		231
	Riyad Bank	240		1,558
	Samba Financial Group	194		1,478
	Santana Mining Inc. (a)	81		975
	Saudi Airlines Catering Co.	9		204
	Saudi Arabian Fertilizer Company	33		715
	Saudi Basic Industries Corporation	146		3,587
	Saudi British Bank	73		593
	Saudi Cement Company	15		282
	Saudi Electricity Company	168		956
	Saudi Industrial Investment Group	43		266
	Saudi International Petrochemical Company	70		335
	Saudi Kayan Petrochemical Company (a)	142		386
	Saudi Telecom Company	77		2,222
	Savola Group (a)	52		424
	The Company For Cooperative Insurance (a)	12		226
	The Economic City Emaar (a)	78		207
	Yanbu National Petrochemical Company	44		627
			27,450
Mexico 2.4%
	Alfa SAB de CV - Class A	566		497
	Alsea SAB de CV (a) (c)	105		245
	America Movil SAB de CV - Class L (c)	6,628		4,917
	Arca Continental SAB de CV (c)	79		429
	Cemex SAB de CV - Series A (c)	2,913		1,135
	Coca-Cola FEMSA, S.A.B. de C.V. (c)	106		642
	El Puerto de Liverpool SAB de CV - Class C-1 (c)	45		249
	Fomento Economico Mexicano SAB de CV (c)	388		3,561
	Gruma SAB de CV - Class B (c)	44		451
	Grupo Aeroportuario del Pacifico S.A.B. de C.V. - Class B (c)	72		689
	Grupo Aeroportuario del Sureste SAB de CV - Class B	45		680
	Grupo Bimbo SAB de CV - Class A (c)	346		631
	Grupo Carso SAB de CV - Class A-1 (c)	105		307
	Grupo Financiero Banorte SAB de CV - Class O	524		2,814
	Grupo Financiero Inbursa SAB de CV - Class O (c)	438		557
	Grupo Mexico SAB de CV - Class B	708		1,655
	Industrias Penoles SAB de CV (c)	30		393
	Infraestructura Energetica Nova, S.A.B. de C.V. - Class I (a)	105		419
	Kimberly-Clark de Mexico SAB de CV - Class A (c)	291		584
	Megacable Holdings, S.A.B. de C.V. (c)	46		184
	Mexichem S.A.B. de C.V. (c)	224		436
	Prologis Property Mexico, S.A. de C.V. (c)	587		858
	Promotora y Operadora de Infraestructura SAB de CV (e)	44		392
	Southern Peru Copper Corporation (Sucursal Del Peru)	17		592
	Wal - Mart de Mexico, S.A.B. de C.V.	1,034		3,062
			26,379
Indonesia 2.0%
	Bank Central Asia, PT TBK	1,931		4,137
	Bank Mandiri Persero Tbk PT	3,722		1,831
	Bank Negara Indonesia Persero Tbk PT	1,505		780
	Bank Rakyat Indonesia Persero Tbk PT	11,064		3,215
	Bumi Serpong Damai, PT Tbk (a)	1,794		176
	Charoen Pokphand Indonesia Tbk PT	1,376		520
	Gudang Garam Tbk PT	98		361
	Hanjaya Mandala Sampoerna Tbk PT	1,896		307
	Indofood Sukses Makmur Tbk	806		438
	PT Adaro Energy Tbk	3,502		320
	PT Astra International Tbk	3,879		1,808
	PT Barito Pacific Tbk	4,833		338
	PT Indah Kiat Pulp & Paper Tbk	633		290
	PT Indocement Tunggal Prakarsa Tbk	353		467
	PT Indofood Sukses Makmur Tbk	406		345
	PT Jasa Marga (Persero) Tbk.	546		220
	PT Kalbe Farma Tbk	4,356		514
	PT Pabrik Kertas Tjiwi Kimia Tbk	298		222
	PT Pakuwon Jati Tbk	4,175		196
	PT Perusahaan Gas Negara TBK	2,297		341
	PT Tambang Batubara Bukit Asam Tbk	532		85
	PT. Bank Tabungan Negara (Persero) Tbk.	994		138
	PT. Surya Citra Media TBK.	1,294		106
	Semen Gresik Persero Tbk PT	548		445
	Telekomunikasi Indonesia (Persero), PT TBK - Class B	9,738		2,960
	Unilever Indonesia Tbk PT	308		1,011
	United Tractors Tbk PT	316		459
			22,030
Malaysia 2.0%
	Airasia Berhad	346		146
	Alliance Financial Group Bhd	243		165
	AMMB Holdings Bhd	302		299
	Axiata Group Berhad	507		521
	British American Tobacco Malaysia Bhd	33		150
	CIMB Group Holdings Bhd	964		1,159
	Dialog Group Berhad	709		576
	DiGi.Com Bhd	617		700
	Fraser & Neave Holdings Bhd	34		279
	Gamuda Bhd	288		255
	Genting Berhad	410		563
	Genting Malaysia Berhad	537		389
	Genting Plantations Bhd	46		109
	HAP Seng Consolidated Bhd	115		270
	Hartalega Holdings Berhad	288		360
	Hong Leong Bank Bhd	142		556
	Hong Leong Financial Group Bhd	57		223
	IHH Healthcare Berhad	412		559
	IJM Corp. Bhd	494		259
	IOI Corporation Berhad	358		378
	Kuala Lumpur Kepong Bhd	83		460
	Kumpulan Sime Darby Berhad	603		324
	Malayan Banking Bhd	761		1,547
	Malaysia Airports Holdings Bhd	210		434
	Maxis Communications Berhad	464		620
	MISC Bhd	197		369
	Nestle Bhd	13		463
	Petronas Chemicals Group Berhad	498		897
	Petronas Dagangan Bhd	48		272
	Petronas Gas Bhd	113		441
	PPB Group Bhd	110		478
	Press Metal Aluminium (Australia) Pty Ltd	319		362
	Public Bank Berhad	628		3,010
	QL Resources Berhad	76		131

282

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	RHB Bank Berhad (a) (d) (e)	124		—
	RHB Bank Bhd	318		430
	Sime Darby Plantation Berhad	412		466
	Sime Darby Property Berhad	554		111
	SP Setia Bhd	369		120
	Telekom Malaysia Bhd	176		151
	Tenaga Nasional Bhd	627		2,040
	Top Glove Corporation Bhd	281		300
	Westports Holdings Berhad	182		179
	YTL Corp. Bhd	597		131
			21,652
Philippines 1.1%
	Aboitiz Equity Ventures Inc.	405		414
	Aboitiz Power Corporation	377		280
	Alliance Global Group Inc.	676		142
	Altus San Nicolas Corp (a) (d) (e)	9		1
	Ayala Corporation	56		958
	Ayala Land Inc.	1,486		1,416
	Bank of the Philippine Islands	153		275
	BDO Unibank, Inc.	385		1,062
	DMCI Holdings Inc.	631		101
	Globe Telecom Inc.	7		249
	GT Capital Holdings, Inc.	19		302
	International Container Terminal Services Inc.	178		414
	JG Summit Holdings Inc.	541		756
	Jollibee Foods Corp.	77		331
	Manila Electric Company	47		333
	Megaworld Corp.	1,847		156
	Metro Pacific Investments Corporation	2,401		231
	Metropolitan Bank & Trust Co.	348		460
	PLDT Inc.	19		413
	Robinsons Land Corp.	467		220
	Security Bank Corp.	55		208
	SM Investments Corp	50		935
	SM Prime Holdings Inc.	1,924		1,381
	Universal Robina Corp.	180		541
			11,579
Qatar 1.0%
	Barwa Real Estate Company Q.P.S.C	381		348
	Commercial Bank of Qatar QSC	444		521
	Industries Qatar QSC	385		1,146
	Masraf Al Rayan (Q.P.S.C.)	756		729
	Mesaieed Petrochemical Holding Company Q.S.C.	863		700
	Ooredoo QSC	184		363
	Qatar Electricity & Water Co.	119		501
	Qatar Fuel Company Q.P.S.C. (WOQOD)	89		570
	Qatar Insurance Co.	353		322
	Qatar Islamic Bank SAQ	234		996
	Qatar National Bank	916		4,826
			11,022
Poland 1.0%
	Alior Bank Spolka Akcyjna (a)	19		186
	Bank Millennium SA (a)	130		186
	Bank Pekao SA	33		838
	CCC S.A.	7		242
	CD Projekt SA	13		790
	Cyfrowy Polsat S.A.	48		313
	Dino Polska Spolka Akcyjna (a) (b)	9		334
	Grupa LOTOS S.A.	17		378
	Jastrzebska Spolka Weglowa S.A.	13		73
	KGHM Polska Miedz SA (a)	30		590
	LPP SA	—		536
	mBank (a)	2		201
	PGE Polska Grupa Energetyczna S.A. (a)	162		323
	Polski Koncern Naftowy Orlen S.A.	61		1,510
	Polskie Gornictwo Naftowe I Gazownictwo Spolka Akcyjna	360		422
	Powszechna Kasa Oszczednosci Bank Polski Spolka Akcyjna	172		1,688
	Powszechny Zaklad Ubezpieczen Spolka Akcyjna	122		1,141
	Santander Bank Polska SA	7		550
	Telekomunikacja Polska SA (a)	99		137
			10,438
Chile 0.9%
	Aguas Andinas SA - Class A	626		342
	Banco de Chile	8,467		1,186
	Banco de Credito e Inversiones	10		635
	Banco Santander Chile	13,826		974
	Cencosud S.A.	272		448
	Cia Cervecerias Unidas SA	31		349
	Colbun SA	1,234		223
	Empresas CMPC SA	237		552
	Empresas COPEC SA	81		760
	Enel Americas SA	7,854		1,438
	Enel Chile S.A.	4,922		425
	ENTEL Chile SA (a)	26		230
	Itau Corpbanca	36,097		273
	Lan Airlines SA	55		611
	S.A.C.I. Falabella	145		812
			9,258
United Arab Emirates 0.7%
	Abu Dhabi Commercial Bank PJSC	574		1,228
	ALDAR Properties PJSC	789		448
	DP World PLC	39		539
	Dubai Islamic Bank PJSC	337		481
	Emaar Development LLC	125		140
	Emaar Malls PJSC	434		222
	Emaar Properties PJSC	696		874
	Emirates Telecommunications Group Co. PJSC	368		1,651
	First Abu Dhabi Bank PJSC	549		2,245
			7,828
Turkey 0.6%
	Akbank Turk Anonim Sirketi (a)	533		768
	Anadolu Efes Biracilik Ve Malt Sanayii Anonim Sirketi	50		192
	Arcelik A.S. (a)	22		74
	Aselsan Inc. - Class B	81		291
	BIM Birlesik Magazalar A.S.	89		773
	Eregli Demir Ve Celik Fabrikalari Turk Anonim Sirketi	313		381
	Ford Otomotiv Sanayi Anonim Sirketi	18		191
	Haci Omer Sabanci Holding A.S.	196		333
	Koc Holding A.S.	147		491
	TAV Havalimanlari Holding Anonim Sirketi	40		165
	Turk Hava Yollari A.O. (a)	132		289
	Turkcell Iletisim Hizmetleri Anonim Sirketi	195		451
	Turkiye Garanti Bankasi A.S. (a)	444		804
	Turkiye Is Bankasi Anonim Sirketi - Class C (a)	257		286
	Turkiye Petrol Rafinerileri Anonim Sirketi Tupras	23		594
	Turkiye Sise ve Cam Fabrikalari A.S.	68		56
			6,139
Peru 0.3%
	Cia de Minas Buenaventura SA - ADR	43		646
	Credicorp Ltd.	14		2,822
			3,468
Greece 0.3%
	Alpha Bank A.E. (a)	296		554
	Eurobank Ergasias S.A. (a)	574		557
	Hellenic Duty Free Shops S.A. (a) (d) (e)	9		47
	Hellenic Telecommunications Organization SA	50		687
	JUMBO SA	20		377
	Motor Oil Hellas Corinth Refineries SA	12		291
	National Bank of Greece SA (a)	93		284
	OPAP SA	41		427
			3,224
Hungary 0.3%
	Chemical Works of Gedeon Richter Plc.	27		437
	MOL Magyar Olaj- es Gazipari Nyilvanosan Mukodo Reszvenytarsasag	84		792
	OTP Bank Plc	46		1,901
			3,130
Colombia 0.3%
	Bancolombia SA	42		474
	Cementos Argos S.A.	110		234
	Ecopetrol S.A.	988		839
	Grupo Argos S A	66		325

283

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Grupo de Inversiones Suramericana S.A.		44		411
	Interconexion Electrica SA		79		413
				2,696
Egypt 0.2%
	Commercial International Bank Egypt SAE		273		1,298
	Eastern Tobacco Co.		172		180
	El Sewedy Electric Company		175		144
				1,622
Czech Republic 0.1%
	CEZ A/S		31		690
	Komercni Banka A/S		17		574
	MONETA Money Bank, a.s. (b)		76		235
				1,499
Argentina 0.1%
	Banco Macro S.A. - Class B - ADR		10		250
	BBVA Banco Frances S.A. - ADR		13		55
	Grupo Financiero Galicia SA - Class B - ADR		21		274
	Pampa Energia S.A. - ADR (a)		12		201
	Telecom Argentina SA - Class B - ADR		19		188
	Transportadora de Gas del Sur S.A. - Class B - ADR		16		132
	YPF SA - Class D - ADR		39		360
				1,460
Luxembourg 0.1%
	Globant S.A. (a)		6		586
	Reinet Investments S.C.A. (e)		31		562
				1,148
Romania 0.1%
	New Europe Property Investments PLC		72		628
Singapore 0.0%
	BOC Aviation Limited (b)		38		354
Pakistan 0.0%
	Habib Bank Limited		121		91
	MCB Bank Ltd.		66		71
	Oil & Gas Development Co. Ltd.		115		91
				253
Belgium 0.0%
	Titan Cement International (a)		5		114
Australia 0.0%
	MMG Ltd. (a) (c)		456		108
	Total Common Stocks (cost $977,095)			1,025,617
PREFERRED STOCKS 3.6%
Brazil 2.5%
	Banco Bradesco S/A. (g)		791		6,469
	Braskem SA - Series A		37		291
	Centrais Eletricas Brasileiras SA - Series B		49		499
	Compahia Energetica de Minas Gerais		179		618
	Companhia Brasileira de Distribuicao		31		604
	Gerdau SA		202		643
	Itau Unibanco Holding S.A. (g)		958		8,087
	Itausa - Investimentos Itau SA		885		2,821
	Lojas Americanas SA (g)		146		698
	Petroleo Brasileiro SA (g)		823		5,450
	Telefonica Brasil S.A.		92		1,221
				27,401
South Korea 0.6%
	Amorepacific Corporation		2		139
	Hyundai Motor Co.		4		224
	Hyundai Motor Co.		7		472
	LG Chem Ltd.		2		242
	LG Household & Health Care Ltd.		—		224
	Samsung Electronics Co. Ltd.		162		5,335
				6,636
Colombia 0.2%
	Bancolombia SA		91		1,130
	Grupo Aval Acciones y Valores S.A.		788		296
	Grupo de Inversiones Suramericana S.A.		25		210
				1,636
Russian Federation 0.1%
	Public Joint Stock Company Society Transneft		—		243
	Public Joint-Stock Company Surgutneftegaz		1,398		808
				1,051
Mexico 0.1%
	Grupo Televisa SAB (c) (g)		484		947
Chile 0.1%
	Embotelladora Andina SA - Series B		61		203
	Sociedad Quimica y Minera de Chile SA - Series B		23		640
				843
	Total Preferred Stocks (cost $34,830)			38,514
RIGHTS 0.0%
Taiwan 0.0%
	The Shanghai Commercial & Savings Bank, Ltd. (a)		53		27
Thailand 0.0%
	TMB Bank PCL (a)		1,166		1
China 0.0%
	Legend Holdings Corporation (a) (d) (e)		7		—
	Total Rights (cost $0)			28
WARRANTS 0.0%
Thailand 0.0%
	Minor International PCL. (a)		23		3
	Total Warrants (cost $0)			3
SHORT TERM INVESTMENTS 3.0%
Securities Lending Collateral 1.7%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (h) (i)		19,035		19,035
Investment Companies 1.2%
	JNL Government Money Market Fund - Institutional Class, 1.86% (h) (i)		12,942		12,942
U.S. Treasury Bill 0.1%
	Treasury, United States Department of
		1.94%, 12/12/19 (j) (k)	1,095		1,091
	Total Short Term Investments (cost $33,068)			33,068
Total Investments 101.5% (cost $1,044,993)					1,097,230
Other Derivative Instruments 0.0%					85
Other Assets and Liabilities, Net (1.5)%					(16,534)
Total Net Assets 100.0%					1,080,781

(a)Non-income producing security.

(b)The Adviser has deemed this security, which is exempt from registration under the Securities Act of 1933, as amended, to be liquid based on procedures approved by the Board of Trustees. As of September 30, 2019, the value and the percentage of net assets of these liquid securities was $12,154 and 1.1% of the Fund.

(c)All or a portion of the security was on loan as of September 30, 2019.

(d)Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Schedules of Investments.

(e)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

(f)Security is restricted to resale to institutional investors. See Restricted Securities in the Schedules of Investments.

(g)Convertible security.

(h)Investment in affiliate.

(i)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

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

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

Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	China Education Group Holdings Limited	05/28/19	147	137	—

284

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

Restricted Securities (continued)
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Greentown Services Group Co Ltd	08/31/18	147	183	—
	Postal Savings Bank of China Co., Ltd. - Class H	05/31/18	929	919	0.1
	Public Joint Stock Company Fosagro	05/31/16	279	248	—
	Public Joint-Stock Company Magnit	08/12/15	2,501	948	0.1
	Public Joint-Stock Company Society Novatek	04/28/15	2,074	3,678	0.3
	X5 Retail Group N.V.	05/31/18	698	855	0.1
			6,775	6,968	0.6

JNL/Mellon Emerging Markets Index Fund — Futures Contracts
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
MSCI Emerging Markets Index	350	December 2019		17,959	85			(425)

Forward Foreign Currency Contracts

Purchased/ Sold	Counter-party	Expiration	Notional1		Value ($)		Unrealized Appreciation (Depreciation) ($)
USD/HKD	BOA	10/03/19	HKD	(3,133)		(400)		—

285

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1	Value ($)
JNL/Mellon Industrials Sector Fund
COMMON STOCKS 99.4%
Industrials 97.8%
	3M Company	13	2,110
	AAON, Inc. (a)	1	41
	AAR Corp.	1	32
	ABM Industries Incorporated	1	52
	ACCO Brands Corporation	2	24
	Actuant Corporation - Class A	1	28
	Acuity Brands, Inc.	1	120
	ADT, Inc. (a)	4	22
	Advanced Disposal Services, Inc. (b)	2	55
	Advanced Drainage Systems, Inc.	1	37
	AECOM (b)	4	131
	Aegion Corporation (b)	1	13
	Aerojet Rocketdyne Holdings, Inc. (b)	2	78
	AeroVironment, Inc. (b)	—	24
	AGCO Corporation	1	109
	Air Lease Corporation - Class A	2	98
	Air Transport Services Group, Inc. (b)	—	8
	Aircastle Limited	1	26
	Alamo Group Inc.	—	25
	Albany International Corp. - Class A	1	60
	Allegiant Travel Company	—	15
	Allegion Public Limited Company	2	217
	Allison Systems, Inc.	3	121
	Altra Industrial Motion Corp.	1	38
	AMERCO	—	76
	Ameresco, Inc. - Class A (b)	—	7
	American Airlines Group Inc. (a)	2	67
	American Woodmark Corporation (b)	—	31
	AMETEK, Inc.	5	466
	AO Smith Corp.	3	148
	Apogee Enterprises, Inc.	1	21
	Applied Industrial Technologies, Inc.	1	51
	Arcbest Corporation	1	15
	Arconic Inc.	9	231
	Arcosa, Inc.	1	32
	Argan, Inc.	—	11
	Armstrong Flooring, Inc. (b)	—	1
	Armstrong World Industries, Inc.	1	99
	Astec Industries, Inc.	—	14
	Astronics Corporation (b)	1	14
	Atkore International Group Inc. (b)	1	30
	Atlas Air Worldwide Holdings, Inc. (b)	—	4
	Avis Budget Group, Inc. (b)	1	40
	Axone Intelligence Inc. (b)	1	74
	AZZ Inc.	1	23
	Barnes Group Inc.	1	54
	Barrett Business Services, Inc.	—	14
	Beacon Roofing Supply, Inc. (b)	2	51
	Bloom Energy Corporation - Class A (b)	1	4
	Blue Bird Global Corporation (b)	—	5
	Brady Corp. - Class A	1	58
	Briggs & Stratton Corp.	1	6
	BrightView Holdings, Inc. (b)	1	11
	Brink's Co.	1	91
	Builders FirstSource, Inc. (b)	2	51
	BWXT Government Group, Inc.	2	120
	C.H. Robinson Worldwide, Inc.	3	259
	CAI International Inc. (b)	—	7
	Carlisle Cos. Inc.	1	184
	Casella Waste Systems Inc. - Class A (b)	1	41
	Caterpillar Inc.	13	1,609
	CBIZ Inc. (b)	1	28
	Chart Industries, Inc. (b)	1	47
	Cimpress N.V. (a) (b) (c)	1	64
	Cintas Corp.	2	530
	CIRCOR International, Inc. (b)	—	14
	Civeo Corporation (b)	4	5
	Clean Harbors Inc. (b)	1	92
	Colfax Corp. (b)	2	57
	Columbus Mckinnon Corp.	—	17
	Comfort Systems USA Inc.	1	36
	Construction Partners, Inc. - Class A (b)	—	4
	Continental Building Products Inc. (b)	1	20
	Copart Inc. (b)	5	370
	Cornerstone Building Brands, Inc. (b)	2	11
	CoStar Group, Inc. (b)	1	482
	Covanta Holding Corporation	3	44
	Covenant Transportation Group, Inc. - Class A (b)	—	5
	Crane Co.	1	85
	CSW Industrials Inc.	—	25
	CSX Corp.	17	1,186
	Cubic Corp. (a)	1	48
	Cummins Inc.	3	543
	Curtiss-Wright Corp.	1	117
	Daseke Companies, Inc. (a) (b)	1	3
	Deere & Co.	7	1,132
	Delta Air Lines Inc.	4	210
	Deluxe Corp.	1	47
	Donaldson Co. Inc.	3	150
	Douglas Dynamics, Inc.	1	24
	Dover Corp.	3	324
	Ducommun Inc. (b)	—	11
	DXP Enterprises Inc. (b)	—	11
	Dycom Industries, Inc. (b)	1	34
	Eaton Corporation Public Limited Company	9	784
	Echo Global Logistics, Inc. (b)	1	16
	Elance, Inc. (b)	1	17
	EMCOR Group, Inc.	1	107
	Emerson Electric Co.	14	916
	Encore Wire Corp.	—	27
	Energy Recovery, Inc. (a) (b)	1	8
	EnerSys	1	61
	Ennis Inc.	1	11
	EnPro Industries, Inc.	—	28
	Equifax Inc.	3	377
	ESCO Technologies Inc.	1	45
	Evoqua Water Technologies Corp. (b)	2	31
	Expeditors International of Washington Inc.	4	285
	Exponent, Inc.	1	81
	Fastenal Co.	13	417
	Federal Signal Corp.	1	46
	FedEx Corporation	6	803
	Flowserve Corporation	3	138
	Fluor Corp.	3	59
	Forrester Research Inc.	—	8
	Fortive Corporation	7	460
	Fortune Brands Home & Security, Inc.	3	169
	Forward Air Corp.	1	39
	Foundation Building Materials Inc. (b)	—	5
	Franklin Electric Co. Inc.	1	41
	FTI Consulting Inc. (b)	1	89
	Gardner Denver Investments, Inc. (b)	3	81
	Gates Industrial Corporation PLC (b)	1	13
	GATX Corp. (a)	1	58
	Genco Shipping & Trading Limited (b)	—	2
	Generac Holdings Inc. (b)	1	108
	General Dynamics Corp.	5	1,000
	General Electric Company	194	1,736
	Genesee & Wyoming Inc. - Class A (b)	1	141
	Gibraltar Industries Inc. (b)	1	33
	GMS Inc. (b)	1	28
	Gorman-Rupp Co.	—	14
	Graco Inc.	4	172
	GrafTech International Ltd.	2	21
	Granite Construction Inc.	1	35
	Great Lakes Dredge & Dock Corp. (b)	1	12
	Greenbrier Cos. Inc.	1	22
	Griffon Corp.	1	18
	H&E Equipment Services Inc.	1	23
	Harsco Corp. (b)	2	33
	Hawaiian Holdings Inc.	—	9
	HD Supply Holdings, Inc (b)	4	148
	Healthcare Services Group Inc. (a)	2	39
	Heartland Express Inc.	1	20
	HEICO Corp.	1	119
	HEICO Corp. - Class A	2	166

286

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

	Shares/Par1	Value ($)
Heidrick & Struggles International Inc.	—	12
Helios Technologies, Inc.	1	27
Herc Holdings Inc. (b)	1	23
Heritage-Crystal Clean, LLC (b)	—	8
Herman Miller Inc.	1	61
Hertz Global Holdings, Inc. (b)	2	26
Hexcel Corp.	2	155
Hillenbrand Inc.	1	43
HNI Corp.	1	34
Honeywell International Inc.	16	2,742
HUB Group Inc. - Class A (b)	1	37
Hubbell Inc.	1	160
Huntington Ingalls Industries Inc.	1	197
Huron Consulting Group Inc. (b)	1	33
Hyster-Yale Materials Handling Inc. - Class A	—	9
ICF International, Inc.	—	33
IDEX Corporation	2	277
Illinois Tool Works Inc.	7	1,136
Ingersoll-Rand Public Limited Company	5	657
Insperity, Inc.	1	86
Insteel Industries, Inc.	—	8
Interface Inc.	1	21
ITT Industries Holdings, Inc.	2	119
Jacobs Engineering Group Inc.	3	278
JB Hunt Transport Services Inc.	2	212
JELD-WEN Holding, Inc. (b)	1	28
John Bean Technologies Corp.	1	69
Johnson Controls International Public Limited Company	18	779
Kadant Inc.	—	24
Kaman Corp.	1	34
Kansas City Southern	2	299
Kelly Services Inc. - Class A	1	18
Kennametal Inc.	2	55
Kforce Inc.	1	21
Kimball International Inc. - Class B	1	15
Kirby Corp. (b)	—	26
Knight-Swift Transportation Holdings Inc. - Class A (a)	3	104
Knoll Inc.	1	26
Korn Ferry	1	47
Kratos Defense & Security Solutions, Inc. (b)	2	38
L3Harris Technologies, Inc.	5	1,029
Landstar System Inc.	1	100
Lennox International Inc.	1	192
Lincoln Electric Holdings Inc. (a)	1	116
Lindsay Corp.	—	24
Lockheed Martin Corporation	6	2,211
Lydall Inc. (b)	—	10
Macquarie Infrastructure Corporation	2	67
Manitowoc Co. Inc. (b)	1	9
ManpowerGroup Inc.	1	114
Marten Transport Ltd.	1	20
Masco Corp.	7	274
Masonite International Corp. (b)	1	32
MasTec Inc. (b)	1	86
Matson Intermodal - Paragon, Inc.	—	8
Matthews International Corp. - Class A (a)	1	23
McGrath RentCorp	1	35
Mercury Systems Inc. (b)	1	98
Meritor, Inc. (b)	2	30
Middleby Corp. (b)	1	143
Milacron Holdings Corp. (b)	2	27
Mistras Group, Inc. (b)	1	8
Mobile Mini, Inc.	1	37
Moog Inc. - Class A	1	59
MRC Global Inc. (b)	2	22
MSA Safety Inc.	1	88
MSC Industrial Direct Co. - Class A	1	71
Mueller Industries Inc.	1	33
Mueller Water Products Inc. - Class A	4	41
MYR Group Inc. (b)	—	11
National Presto Industries Inc.	—	9
Navigant Consulting, Inc.	1	25
Navistar International Corporation (b)	1	27
Nielsen Holdings plc	8	166
NN Inc.	1	6
Nordson Corp.	1	170
Norfolk Southern Corp.	6	1,065
Northrop Grumman Systems Corp.	4	1,347
Now, Inc. (b)	3	30
NV5 Global, Inc. (b)	—	14
Nvent Electric Public Limited Company	4	79
Old Dominion Freight Line Inc.	1	246
Omega Flex Inc.	—	7
Oshkosh Corp.	2	119
Owens Corning Inc.	2	151
PACCAR Inc.	8	541
Parker Hannifin Corp.	3	515
Park-Ohio Holdings Corp.	—	5
Patrick Industries Inc. (b)	1	23
Pentair Public Limited Company	4	139
PGT Innovations, Inc. (b)	1	21
Pitney Bowes Inc. (a)	4	20
Plug Power Inc. (a) (b)	6	16
Powell Industries Inc.	—	10
Primoris Services Corporation	1	21
Proto Labs Inc. (b)	1	58
Quad/Graphics Inc. - Class A	1	7
Quanex Building Products Corp.	1	13
Quanta Services, Inc.	3	119
Raven Industries Inc.	1	29
Raytheon Co.	6	1,223
RBC Bearings Incorporated (b)	1	91
Regal-Beloit Corp.	1	69
Republic Services Inc.	5	435
Resideo Technologies, Inc. (b)	3	41
Resources Connection, Inc.	1	12
REV Group Inc.	1	8
Rexnord Corporation (b)	2	62
Robert Half International Inc.	3	145
Rockwell Automation Inc.	3	432
Rollins Inc.	3	112
Roper Industries Inc.	2	826
RR Donnelley & Sons Co.	1	4
Rush Enterprises Inc. - Class A	1	22
Rush Enterprises Inc. - Class B	—	3
Ryder System, Inc.	1	61
Saia, Inc. (b)	1	52
Schneider National, Inc. - Class B	1	26
Sensata Technologies Holding PLC (b)	4	181
Simpson Manufacturing Co. Inc.	1	63
SiteOne Landscape Supply, Inc. (a) (b)	1	64
SkyWest Inc.	—	15
Snap-On Inc.	1	194
Southwest Airlines Co.	3	164
SP Plus Corporation (b)	1	19
Spartan Motors Inc.	1	12
Spirit Aerosystems Holdings Inc. - Class A	2	190
Spirit Airlines Inc. (b)	—	12
SPX Corp. (b)	1	41
SPX Flow, Inc. (b)	1	37
Standex International Corp.	—	19
Stanley Black & Decker Inc.	3	487
Steelcase Inc. - Class A	2	38
Stericycle Inc. (a) (b)	2	102
Stock Building Supply Holdings, LLC (b)	1	37
SunRun Inc. (b)	2	27
Team Inc. (a) (b)	1	13
Teledyne Technologies Inc. (b)	1	261
Tennant Co.	—	29
Terex Corp.	2	40
Tetra Tech, Inc.	1	106
Textron Inc.	5	252
The Boeing Company	12	4,527
Thermon Group Holdings, Inc. (b)	1	17
Timken Co.	2	66
Titan International, Inc.	1	4
Titan Machinery Inc. (b)	—	7
Toro Co.	2	171

287

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	TPI Composites, Inc. (b)		1		12
	TransDigm Group Inc.		1		553
	TransUnion		4		338
	Trex Company, Inc. (b)		1		118
	TriMas Corp. (b)		1		30
	TriNet Group Inc. (b)		1		63
	Trinity Industries Inc. (a)		3		50
	Triton Container International Limited - Class A		1		40
	Triumph Group Inc.		1		27
	TrueBlue, Inc. (b)		1		17
	Tutor Perini Corp. (b)		1		14
	UniFirst Corp.		—		66
	Union Pacific Corp.		16		2,553
	United Airlines Holdings, Inc. (b)		1		129
	United Parcel Service Inc. - Class B		16		1,861
	United Rentals Inc. (b)		2		218
	United Technologies Corp.		18		2,490
	Universal Forest Products Inc.		1		52
	Universal Logistics Holdings, Inc.		—		6
	US Ecology, Inc.		—		30
	Valmont Industries Inc.		1		68
	Verisk Analytics, Inc.		3		546
	Veritiv Corp. (b)		—		4
	Viad Corp		—		31
	Vicor Corp. (b)		—		14
	VSE Corp.		—		7
	Wabash National Corp.		1		16
	WABCO Holdings Inc. (b)		1		151
	Wabtec Corp.		4		290
	Waste Connections, Inc. (d)		6		545
	Waste Management, Inc.		9		1,088
	Watsco Inc.		1		121
	Watts Water Technologies Inc. - Class A		1		58
	Welbilt Inc. (b)		3		49
	Werner Enterprises Inc.		1		35
	Wesco Aircraft Holdings Inc. (b)		1		14
	WESCO International, Inc. (b)		1		46
	Willdan Group, Inc. (b)		—		9
	Willscot Corp. (b)		1		20
	Woodward Governor Co.		1		136
	WW Grainger Inc.		1		310
	XPO Logistics Inc. (a) (b)		2		148
	Xylem Inc.		4		317
	YRC Worldwide Inc. (a) (b)		1		2
				63,903
Information Technology 1.0%
	ASGN Incorporated (b)		1		73
	IHS Markit Ltd. (b)		8		564
	Systemax Inc.		—		6
				643
Consumer Discretionary 0.3%
	IAA Spinco Inc. (b)		3		121
	KAR Auction Services, Inc. (a)		3		72
				193
Communication Services 0.2%
	Uber Technologies, Inc. (a) (b) (d)		4		124
Materials 0.1%
	Park Aerospace Technologies Corp.		—		7
	Univar Inc. (b)		3		61
				68
Utilities 0.0%
	Vivint Solar, Inc. (a) (b)		1		5
	Total Common Stocks (cost $62,765)			64,936
INVESTMENT COMPANIES 0.0%
	Vanguard Industrials Index Fund		—		15
	Total Investment Companies (cost $15)			15
SHORT TERM INVESTMENTS 2.4%
Securities Lending Collateral 1.3%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (e) (f)		883		883
Investment Companies 1.0%
	JNL Government Money Market Fund - Institutional Class, 1.86% (e) (f)		673		673
U.S. Treasury Bill 0.1%
	Treasury, United States Department of
		1.94%, 12/12/19 (g) (h)	35		35
	Total Short Term Investments (cost $1,591)			1,591
Total Investments 101.8% (cost $64,371)					66,542
Other Derivative Instruments 0.0%					1
Other Assets and Liabilities, Net (1.8)%					(1,186)
Total Net Assets 100.0%					65,357

(a)All or a portion of the security was on loan as of September 30, 2019.

(b)Non-income producing security.

(c)Security is restricted to resale to institutional investors. See Restricted Securities in the Schedules of Investments.

(d)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

(e)Investment in affiliate.

(f)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

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

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

Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Cimpress N.V.	08/06/18	48	64	0.1

JNL/Mellon Industrials Sector Fund — Futures Contracts
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
S&P Industrial Select Sector Index	5	December 2019		397	1			(7)

288

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1	Value ($)
JNL/Mellon International Index Fund
COMMON STOCKS 98.5%
Japan 24.5%
	ABC-Mart Inc.	4	241
	Acom Co. Ltd. (a)	44	175
	Advantest Corporation	24	1,086
	AEON Co. Ltd.	79	1,458
	AEON Financial Service Co. Ltd.	14	217
	AEON Mall Co. Ltd.	14	219
	Air Water Inc. (a)	18	320
	Aisin Seiki Co. Ltd.	20	637
	Ajinomoto Co. Inc.	54	1,012
	Alfresa Holdings Corp.	24	530
	All Nippon Airways Co. Ltd.	15	496
	ALPS Alpine Co. Ltd.	26	491
	Amada Co. Ltd.	43	465
	Aozora Bank, Ltd.	15	382
	Asahi Breweries Ltd.	44	2,201
	Asahi Glass Co. Ltd.	21	663
	Asahi Intecc Co., Ltd.	24	633
	Asahi Kasei Corp.	158	1,565
	Astellas Pharma Inc.	232	3,323
	Bandai Namco Holdings Inc.	25	1,556
	Bank of Kyoto Ltd. (a)	7	283
	Benesse Holdings Inc.	9	237
	Bridgestone Corp.	71	2,746
	Brother Industries Ltd.	27	496
	Calbee,Inc.	11	328
	Canon Inc.	124	3,308
	Casio Computer Co. Ltd. (a)	25	389
	Central Japan Railway Co.	18	3,670
	China Bank Ltd. (a)	73	375
	Chubu Electric Power Co. Inc.	79	1,143
	Chugai Pharmaceutical Co. Ltd.	27	2,143
	Chugoku Electric Power Co. Inc. (a)	34	434
	Coca-Cola Bottlers Japan Holdings Inc.	16	360
	Concordia Financial Group, Ltd.	134	519
	Credit Saison Co. Ltd.	20	264
	CyberAgent Inc. (a)	13	501
	Dai Nippon Printing Co. Ltd.	30	775
	Daicel Corp. (a)	35	302
	Daifuke Co. Ltd. (a)	12	646
	Dai-ichi Life Holdings, Inc.	132	1,997
	Daiichi Sankyo Company, Ltd	70	4,451
	Daikin Industries Ltd.	31	4,074
	Dainippon Sumitomo Pharma Co. Ltd. (a)	20	329
	Daito Trust Construction Co. Ltd. (a)	9	1,126
	Daiwa House Industry Co. Ltd.	69	2,255
	Daiwa House REIT Investment Corporation	—	636
	Daiwa Securities Group Inc.	189	847
	Denso Corp.	53	2,336
	Dentsu Inc.	27	939
	Disco Corp.	4	669
	East Japan Railway Co.	38	3,625
	Eisai Co. Ltd. (a)	30	1,553
	Electric Power Development Co., Ltd.	18	410
	Familymart Co., Ltd.	32	781
	Fanuc Ltd.	24	4,550
	Fast Retailing Co. Ltd. (a)	7	4,297
	Fuji Electric Holdings Co. Ltd. (a)	16	488
	FUJIFILM Holdings Corp.	45	1,967
	Fujitsu Ltd.	25	1,978
	Fukuoka Financial Group, Inc.	23	442
	GMO Payment Gateway, Inc. (a)	6	378
	Hakuhodo DY Holdings Incorporated	30	437
	Hamamatsu Photonics KK	16	613
	Hankyu Hanshin Holdings Inc.	29	1,102
	Hikari Tsushin Inc.	3	565
	Hino Motors Ltd.	33	275
	Hirose Electric Co. Ltd.	4	467
	Hisamitsu Pharmaceutical Co. Inc.	7	286
	Hitachi Chemical Co. Ltd.	12	400
	Hitachi Construction Machinery Co. Ltd. (a)	13	323
	Hitachi High-Technologies Corp.	8	482
	Hitachi Ltd.	120	4,497
	Hitachi Metals Ltd.	26	277
	Honda Motor Co. Ltd.	199	5,190
	Hoshizaki Corporation	7	529
	Hoya Corp.	47	3,869
	Hulic Co. Ltd.	36	369
	Idemitsu Kosan Co., Ltd.	23	662
	IHI Corp.	18	393
	Iida Group Holdings Co., Ltd.	18	289
	Inpex Corporation	128	1,181
	Isetan Mitsukoshi Holdings Ltd. (a)	41	329
	Isuzu Motors Ltd.	66	730
	ITOCHU Corp.	166	3,441
	ITOCHU Techno-Solutions Corporation	13	354
	J.Front Retailing Co., Ltd.	30	353
	Japan Airlines Co., Ltd	14	410
	Japan Airport Terminal Co. Ltd. (a)	7	305
	Japan Exchange Group Inc.	63	1,004
	Japan Post Bank Co., Ltd. (a)	49	475
	Japan Post Holdings Co., Ltd.	190	1,760
	Japan Prime Realty Investment Corp.	—	471
	Japan Real Estate Investment Corp. (a)	—	1,081
	Japan Retail Fund Investment Corp.	—	707
	Japan Tobacco Inc.	148	3,247
	JFE Holdings Inc.	61	740
	JGC Corp.	26	343
	JS Group Corp.	33	573
	JSR Corp.	23	375
	JTEKT Corp.	27	314
	JXTG Holdings, Inc.	392	1,791
	Kajima Corp. (a)	55	720
	Kakaku.com Inc.	16	400
	Kamigumi Co. Ltd.	12	283
	Kaneka Corp.	7	207
	Kansai Electric Power Co. Inc.	88	983
	Kansai Paint Co. Ltd.	21	488
	Kao Corp.	61	4,507
	Kawasaki Heavy Industries Ltd. (a)	17	385
	KDDI Corp.	217	5,674
	Keihan Holdings Co. Ltd.	12	553
	Keikyu Corp.	27	519
	Keio Corp.	13	787
	Keisei Electric Railway Co. Ltd.	16	641
	Keyence Corp.	11	7,042
	Kikkoman Corp.	18	854
	Kintetsu Corp.	21	1,107
	Kirin Holdings Co. Ltd.	100	2,129
	Kobayashi Pharmaceutical Co. Ltd.	6	482
	Kobe Steel Ltd.	38	202
	Koito Manufacturing Co. Ltd.	13	640
	Komatsu Ltd. (a)	113	2,609
	Konami Corp.	12	587
	Konica Minolta Holdings Inc.	55	386
	Kose Corp. (a)	4	697
	Kubota Corp.	128	1,947
	Kuraray Co. Ltd.	38	463
	Kurita Water Industries Ltd.	12	318
	Kyocera Corp.	39	2,445
	Kyowa Kirin Co., Ltd.	30	590
	Kyushu Electric Power Co. Inc.	46	431
	Kyushu Railway Company (a)	20	623
	Lawson Inc.	6	312
	Line Corporation (a) (b)	8	270
	Lion Corp.	27	534
	M3, Inc.	52	1,273
	Makita Corp.	27	876
	Marubeni Corp.	195	1,304
	Marui Group Co. Ltd. (a)	25	534
	Maruichi Steel Tube Ltd.	7	173
	Mazda Motor Corp.	69	615
	McDonald's Holdings Co. Japan Ltd.	8	388
	Mebuki Financial Group, Inc.	112	276
	Medipal Holdings Corp.	24	544
	Meiji Holdings Co., Ltd.	14	1,039
	Mercari, Inc. (a) (b)	10	257

289

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

	Shares/Par1	Value ($)
Minebea Mitsumi Inc.	45	719
MISUMI Group Inc.	35	832
Mitsubishi Chemical Holdings Corporation (a)	160	1,144
Mitsubishi Corp.	168	4,131
Mitsubishi Electric Corp.	223	2,985
Mitsubishi Estate Co. Ltd.	146	2,825
Mitsubishi Gas Chemical Co. Inc.	20	264
Mitsubishi Heavy Industries Ltd.	39	1,526
Mitsubishi Materials Corp.	14	371
Mitsubishi Motors Corp. (a)	81	351
Mitsubishi Tanabe Pharma Corp.	28	308
Mitsubishi UFJ Financial Group Inc.	1,516	7,719
Mitsubishi UFJ Lease & Finance Co. Ltd.	55	317
Mitsui & Co. Ltd.	203	3,336
Mitsui Chemicals Inc.	22	498
Mitsui Fudosan Co. Ltd.	109	2,720
Mitsui OSK Lines Ltd.	14	364
Mizuho Financial Group Inc. (a)	2,995	4,603
MonotaRO Co., Ltd.	16	409
MS&AD Insurance Group Holdings, Inc.	58	1,884
Murata Manufacturing Co. Ltd.	70	3,405
Nabtesco Corp.	15	454
Nagoya Railroad Co. Ltd.	24	713
NEC Corp.	31	1,299
NEC Electronics Corp. (b)	91	595
NEXON Co.,Ltd. (b)	60	727
NGK Insulators Ltd.	34	490
NGK Spark Plug Co. Ltd. (a)	19	372
Nidec Corp.	28	3,741
Nikon Corp. (a)	40	495
Nintendo Co. Ltd.	14	5,105
Nippon Building Fund Inc.	—	1,268
Nippon Electric Glass Co. Ltd.	10	226
Nippon Express Co. Ltd.	9	466
Nippon Meat Packers Inc.	11	432
Nippon Paint Co. Ltd.	18	956
Nippon Steel Corporation	100	1,405
Nippon Telegraph & Telephone Corp.	80	3,816
Nippon Yusen KK (a)	20	333
Nissan Chemical Industries Ltd.	15	626
Nissan Motor Co. Ltd. (a)	281	1,756
Nisshin Seifun Group Inc.	24	452
Nissin Foods Holdings Co. Ltd.	7	536
Nitori Co. Ltd.	10	1,468
Nitto Denko Corp.	19	941
Nomura Holdings Inc.	411	1,753
Nomura Real Estate Holdings, Inc.	16	345
Nomura Real Estate Master Fund. Inc.	—	869
Nomura Research Institute Ltd.	40	809
NSK Ltd.	44	370
NTT Data Corp.	78	1,018
NTT DoCoMo Inc.	166	4,236
Obayashi Corp.	80	801
Obic Co. Ltd.	8	941
Odakyu Electric Railway Co. Ltd.	36	872
OJI Holdings Corp.	106	498
Olympus Corp.	145	1,968
Omron Corp.	24	1,326
Ono Pharmaceutical Co. Ltd.	47	862
Oracle Corp. Japan	5	444
Oriental Land Co. Ltd. (a)	25	3,772
ORIX Corp.	162	2,425
Osaka Gas Co. Ltd.	45	858
Otsuka Corp.	13	520
Otsuka Holdings Co., Ltd.	49	1,835
Pan Pacific International Holdings Corporation	55	915
Panasonic Corp.	270	2,198
Park24 Co. Ltd. (a)	14	331
PeptiDream Inc. (b)	11	535
Persol Holdings Co., Ltd.	22	413
Pigeon Corp. (a)	14	590
Pola Orbis Holdings Inc.	12	259
Prologis	—	639
Rakuten Inc.	107	1,060
Recruit Holdings Co., Ltd.	165	5,041
Resona Holdings Inc.	261	1,125
Ricoh Co. Ltd. (a)	83	749
Rinnai Corp. (a)	4	270
Rohm Co. Ltd.	12	887
Ryohin Keikaku Co. Ltd. (a)	30	562
Sankyo Co. Ltd.	5	174
Santen Pharmaceutical Co. Ltd.	45	788
SBI Holdings Inc.	29	621
Secom Co. Ltd.	26	2,354
Sega Sammy Holdings Inc.	21	300
Seibu Holdings Inc.	26	445
Seiko Epson Corp. (a)	34	485
Sekisui Chemical Co. Ltd.	47	726
Sekisui House Ltd.	77	1,531
Seven & I Holdings Co., Ltd.	93	3,577
Seven Bank, Ltd.	68	186
SG Holdings Co., Ltd.	19	473
Sharp Corp. (a)	26	293
Shimadzu Corp.	28	702
Shimamura Co. Ltd.	3	206
Shimano Inc.	9	1,375
Shimizu Corp. (a)	72	653
Shin-Etsu Chemical Co. Ltd.	45	4,869
Shinsei Bank Ltd.	21	310
Shionogi & Co. Ltd.	33	1,855
Shiseido Co. Ltd.	49	3,965
Shizuoka Bank Ltd. (a)	56	419
Showa Denko KK	16	426
SMC Corp.	7	3,059
SoftBank Corporation (a)	208	2,820
SoftBank Group Corp.	202	8,005
Sohgo Security Services Co. Ltd.	9	458
Sompo Holdings, Inc.	41	1,709
Sony Corp.	156	9,234
Sony Financial Holdings Inc.	19	410
Stanley Electric Co. Ltd.	16	431
Subaru Corp. NPV	75	2,126
SUMCO Corporation	30	403
Sumitomo Chemical Co. Ltd.	185	837
Sumitomo Corp.	145	2,275
Sumitomo Electric Industries Ltd. (a)	94	1,203
Sumitomo Heavy Industries Ltd.	13	399
Sumitomo Metal Mining Co. Ltd. (a)	29	904
Sumitomo Mitsui Financial Group Inc.	163	5,583
Sumitomo Mitsui Trust Holdings Inc.	41	1,501
Sumitomo Realty & Development Co. Ltd.	41	1,577
Sumitomo Rubber Industries Inc.	20	237
Sundrug Co. Ltd.	9	281
Suntory Beverage & Food Limited	17	737
Suzuken Co. Ltd.	9	498
Suzuki Motor Corp. (a)	45	1,910
Sysmex Corp. (a)	21	1,402
T&D Holdings Inc.	69	740
Taiheiyo Cement Corp.	16	420
Taisei Corp.	25	973
Taisho Pharmaceutical Holdings Company Ltd.	5	343
Taiyo Nippon Sanso Corp.	16	317
Takeda Pharmaceutical Co. Ltd.	182	6,242
TDK Corp.	16	1,436
Teijin Ltd.	23	442
Terumo Corp.	79	2,573
THK Co. Ltd.	15	408
Tobu Railway Co. Ltd.	23	734
Toho Co. Ltd.	14	607
Toho Gas Co. Ltd.	9	341
Tohoku Electric Power Co. Inc.	53	513
Tokio Marine Holdings Inc.	79	4,214
Tokyo Century Corp.	6	256
Tokyo Electric Power Co. Holdings Inc. (b)	187	917
Tokyo Electron Ltd.	19	3,726
Tokyo Gas Co. Ltd.	47	1,184
Tokyu Corp.	62	1,171
Tokyu Fudosan Holdings Corporation	74	475
Toppan Printing Co. Ltd.	30	525
Toray Industries Inc.	173	1,290

290

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	Toshiba Corp.	65		1,983
	Tosoh Corp.	31		414
	TOTO Ltd. (a)	17		646
	Toyo Seikan Group Holdings Ltd.	18		273
	Toyo Suisan Kaisha Ltd.	11		434
	Toyoda Gosei Co. Ltd.	9		190
	Toyota Industries Corp.	18		1,056
	Toyota Motor Corp.	281		18,849
	Toyota Tsusho Corp.	26		856
	Trend Micro Inc.	15		712
	TSURUHA Holdings ,Inc.	5		525
	Unicharm Corp.	50		1,604
	United Urban Investment Corp.	—		677
	USS Co. Ltd.	29		556
	Welcia Holdings Co.,Ltd.	5		263
	West Japan Railway Co.	20		1,686
	Yahoo! Japan Corp.	327		923
	Yakult Honsha Co. Ltd.	15		830
	Yamada Denki Co. Ltd.	77		375
	Yamaha Corp. (a)	18		794
	Yamaha Motor Co. Ltd.	36		655
	Yamato Holdings Co. Ltd.	38		580
	Yamazaki Baking Co. Ltd.	16		293
	Yaskawa Electric Corp.	30		1,110
	Yokogawa Electric Corp.	29		527
	Yokohama Rubber Co. Ltd.	15		302
	ZOZO, Inc. (a)	24		561
			419,552
United Kingdom 14.7%
	3i Group plc	121		1,739
	Admiral Group PLC	23		608
	Anglo American PLC	129		2,963
	Antofagasta PLC	47		519
	Ashtead Group Public Limited Company	58		1,629
	Associated British Foods PLC	44		1,258
	AstraZeneca PLC	161		14,378
	Auto Trader Group PLC (c)	109		684
	Aviva PLC	475		2,330
	BAE Systems PLC	392		2,742
	Barclays Plc	2,117		3,907
	Barratt Developments P L C	125		996
	BP P.L.C.	2,500		15,837
	British American Tobacco P.L.C.	283		10,435
	BT Group Plc	1,029		2,258
	Bunzl Public Limited Company	42		1,093
	Burberry Group Plc	51		1,356
	Carnival Plc	21		850
	Centrica PLC	699		632
	Coca-Cola European Partners PLC (d)	29		1,605
	Coca-Cola HBC AG	24		793
	Compass Group PLC	194		4,993
	Croda International Public Limited Company	16		952
	DCC Public Limited Company	12		1,059
	Diageo PLC	292		11,924
	Direct Line Insurance Group plc	169		623
	easyJet PLC	21		290
	Evraz PLC	66		383
	Experian PLC	112		3,590
	Ferguson PLC	29		2,094
	Fiat Chrysler Automobiles N.V.	135		1,747
	Fresnillo PLC (a)	28		232
	G4S PLC	190		442
	GlaxoSmithKline PLC	613		13,107
	GVC Holdings PLC	68		622
	Halma Public Limited Company	46		1,118
	Hargreaves Lansdown PLC	35		904
	HSBC Holdings PLC	2,488		19,090
	Imperial Brands PLC	119		2,659
	Informa Switzerland Limited	156		1,637
	InterContinental Hotels Group PLC	21		1,335
	Intertek Group Plc	20		1,357
	Investec PLC	85		438
	ITV Plc	451		697
	J Sainsbury PLC	218		588
	John Wood Group P.L.C.	81		378
	Johnson Matthey PLC	24		905
	Kingfisher Plc	268		679
	Land Securities Group PLC	87		917
	Legal & General Group PLC	728		2,224
	Lloyds Banking Group PLC	8,738		5,812
	London Stock Exchange Group PLC	39		3,490
	Marks & Spencer Group Plc	240		544
	Meggitt PLC	94		728
	Melrose Holdings Limited	605		1,499
	Merlin Entertainments PLC (c)	93		514
	Micro Focus International PLC	43		595
	Mondi plc	57		1,091
	National Grid PLC	423		4,594
	Next Plc	17		1,296
	Ocado Group PLC (b)	54		885
	Pearson PLC (a)	97		882
	Persimmon Public Limited Company	40		1,060
	Prudential Public Limited Company (e)	315		5,701
	Reckitt Benckiser Group PLC	87		6,762
	Relx PLC	240		5,704
	Rentokil Initial PLC	228		1,310
	Rio Tinto PLC	140		7,258
	Rolls-Royce Holdings plc (b)	208		2,017
	RSA Insurance Group PLC	125		822
	Schroders PLC	16		594
	SEGRO Public Limited Company	135		1,347
	Severn Trent PLC	29		773
	Smith & Nephew PLC	108		2,598
	Smiths Group PLC	49		946
	Spirax-Sarco Engineering PLC	9		877
	SSE PLC	127		1,942
	St. James's Place PLC	65		787
	Standard Chartered PLC	342		2,870
	Standard Life Aberdeen PLC	305		1,072
	Taylor Wimpey PLC	405		803
	Tesco PLC	1,202		3,556
	The Berkeley Group Holdings PLC	16		810
	The British Land Company Public Limited Company	115		830
	The Royal Bank of Scotland Group Public Limited Company	611		1,556
	The Sage Group PLC.	135		1,148
	TUI AG (f)	57		658
	Unilever N.V.	180		10,810
	Unilever PLC	137		8,215
	United Utilities Group PLC	86		874
	Vodafone Group Public Limited Company	3,274		6,523
	Weir Group PLC(The)	32		552
	Whitbread PLC	16		864
	WM Morrison Supermarkets P L C	310		763
	WPP 2012 Limited	154		1,924
			251,852
France 10.4%
	Accor SA	23		978
	Aeroports de Paris	4		641
	Alstom	24		1,015
	Amundi (c)	8		526
	Arkema	9		793
	AtoS SE	12		858
	AXA SA	237		6,064
	Biomerieux SA	5		406
	BNP Paribas SA	138		6,713
	Bollore SA	104		432
	Bouygues SA	27		1,078
	Bureau Veritas	36		868
	Capgemini SA	20		2,312
	Carrefour SA	73		1,279
	Casino Guichard Perrachon SA (a)	7		311
	Cie de Saint-Gobain	61		2,387
	Cie Generale d'Optique Essilor International SA	35		5,042
	CNP Assurances SA	21		414
	Compagnie Generale des Etablissements Michelin	21		2,330
	Covivio	5		562
	Credit Agricole SA	142		1,728
	Danone	76		6,664

291

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	Dassault Aviation SA	—		404
	Dassault Systemes SA	16		2,314
	EDENRED	30		1,442
	Eiffage	10		1,012
	Electricite de France	74		828
	Engie	226		3,681
	Eurazeo SA	5		374
	Eurofins Scientific SE (a)	1		681
	Eutelsat Communications	23		426
	Faurecia	10		454
	Gecina SA	6		884
	Getlink S.E.	54		817
	Hermes International SCA	4		2,679
	Icade SA	4		332
	Iliad SA (a)	4		339
	Imerys	4		176
	Ingenico Group	7		717
	IPSEN	5		444
	JC Decaux SA	9		240
	Kering SA	9		4,795
	Klepierre	25		863
	L'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude	53		7,538
	Legrand SA	33		2,328
	L'Oreal SA	31		8,732
	LVMH Moet Hennessy Louis Vuitton SE	34		13,641
	Natixis	117		486
	Orange SA	247		3,868
	Pernod-Ricard SA	26		4,699
	Peugeot SA	74		1,834
	Publicis Groupe SA	26		1,284
	Remy Cointreau SA (a)	3		370
	Renault SA	24		1,379
	Safran	40		6,312
	Sanofi SA	138		12,825
	Sartorius Stedim Biotech	3		471
	Schneider Electric SE (b)	67		5,904
	SCOR	20		837
	SEB SA	3		444
	Societe BIC SA (a)	3		199
	Societe Generale SA	94		2,573
	Sodexo SA	11		1,265
	SUEZ	42		666
	Teleperformance	7		1,562
	Thales SA	13		1,503
	Total SA (a)	294		15,322
	Ubisoft Entertainment (b)	10		740
	Valeo	30		968
	Veolia Environnement	67		1,693
	VINCI	63		6,732
	Vivendi SA	113		3,096
	Wendel SA	3		430
	Worldline (a) (b)	10		627
			177,631
Switzerland 9.5%
	ABB Ltd.	228		4,484
	Adecco Group AG	20		1,094
	Alcon AG (b)	51		2,950
	Baloise Holding AG	6		1,075
	Barry Callebaut AG	—		574
	Clariant AG	24		457
	Compagnie Financiere Richemont SA	64		4,685
	Credit Suisse Group AG	316		3,871
	Dufry AG	5		427
	EMS-Chemie Holding AG	1		666
	Geberit AG	5		2,156
	Givaudan SA	1		3,184
	Glencore PLC	1,349		4,052
	Julius Bar Gruppe AG	28		1,236
	Kühne + Nagel International AG	7		991
	LafargeHolcim Ltd.	60		2,972
	Lindt & Spruengli AG	—		1,075
	Lonza Group AG	9		3,109
	Nestle SA	377		40,877
	Novartis AG	264		22,882
	Pargesa Holding SA	5		380
	Partners Group Holding AG	2		1,750
	Roche Holding AG	86		25,146
	Schindler Holding AG	3		570
	SGS SA	1		1,658
	Sika AG	16		2,283
	Sonova Holding AG	7		1,566
	STMicroelectronics NV	85		1,651
	Straumann Holding AG	1		1,006
	Swatch Group AG	7		364
	Swatch Group AG	4		963
	Swiss Life Holding AG	4		1,995
	Swiss Prime Site AG	9		920
	Swiss Re AG	38		3,931
	Swisscom AG	3		1,596
	Temenos Group AG	8		1,369
	UBS Group AG	472		5,362
	Vifor Pharma Management AG	6		904
	Zurich Insurance Group AG	19		7,131
			163,362
Germany 7.9%
	1&1 Drillisch AG	6		200
	Adidas AG	22		6,913
	Allianz SE	52		12,202
	ATF Netherlands B.V.	109		892
	Axel Springer SE	6		446
	BASF SE	113		7,913
	Bayer AG	115		8,098
	Bayerische Motoren Werke AG	41		2,853
	Beiersdorf AG	12		1,453
	Brenntag AG	19		915
	Carl Zeiss Meditec AG	5		553
	Ceconomy AG	22		346
	Continental AG	13		1,701
	Covestro AG (c)	22		1,067
	Daimler AG	111		5,528
	Delivery Hero SE (b) (c)	14		604
	Deutsche Bank AG	242		1,812
	Deutsche Boerse AG	24		3,681
	Deutsche Lufthansa AG	29		465
	Deutsche Post AG	122		4,087
	Deutsche Telekom AG	410		6,887
	Deutsche Wohnen Service Merseburg GmbH	43		1,581
	Dresdner Bank AG	125		725
	E.ON SE	269		2,617
	Evonik Industries AG	23		557
	Fraport AG Frankfurt Airport Services Worldwide	5		447
	Fresenius Medical Care AG & Co. KGaA	26		1,767
	Fresenius SE & Co. KGaA	51		2,390
	GEA Group AG	19		518
	Hannover Rueck SE	8		1,269
	HeidelbergCement AG	19		1,345
	Henkel AG & Co. KGaA	13		1,162
	Hochtief AG	3		337
	Hugo Boss AG	8		416
	Infineon Technologies AG	152		2,745
	Kion Group AG	8		424
	Knorr - Bremse Aktiengesellschaft	6		587
	LANXESS Aktiengesellschaft	11		657
	Merck KGaA	16		1,818
	MTU Aero Engines AG	6		1,726
	Muenchener Rueckversicherungs AG	18		4,588
	Puma SE	10		781
	RTL Group SA (d)	5		248
	RWE AG	67		2,109
	SAP SE	121		14,267
	Siemens AG	94		10,059
	Siemens Healthineers AG (c)	18		708
	Symrise AG	16		1,517
	Telefonica Deutschland Holding AG	108		302
	ThyssenKrupp AG	50		695
	Uniper SE	25		830
	United Internet AG	15		546
	Volkswagen AG	4		674

292

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	Vonovia SE	62		3,148
	Wirecard AG	14		2,326
	Zalando SE (b) (c)	15		699
			135,201
Australia 7.2%
	AGL Energy Limited	82		1,059
	Alumina Ltd.	315		505
	AMP Ltd.	361		445
	APA Group	147		1,137
	Aristocrat Leisure Ltd.	72		1,488
	ASX Ltd.	24		1,307
	Aurizon Holdings Limited	242		965
	AusNet Services Holdings Pty Ltd	213		261
	Australia & New Zealand Banking Group Ltd.	349		6,722
	Bank of Queensland Ltd. (a)	48		322
	Bendigo and Adelaide Bank Ltd.	59		458
	BHP Group PLC	259		5,505
	BHP Group PLC (a)	361		8,987
	BlueScope Steel Ltd.	64		521
	Boral Ltd.	144		468
	Brambles Limited	199		1,525
	Caltex Australia Ltd.	32		573
	Challenger Financial Services Group Ltd. (a)	67		335
	CIMIC Group Limited	12		255
	Coca-Cola Amatil Ltd.	60		434
	Cochlear Ltd.	7		1,007
	Coles Group Limited (a)	142		1,477
	Commonwealth Bank of Australia	218		11,902
	Computershare Ltd.	60		653
	Crown Resorts Limited	46		375
	CSL Ltd.	56		8,830
	DEXUS Funds Management Limited	134		1,078
	Flight Centre Ltd. (a)	7		214
	Fortescue Metals Group Ltd. (a)	172		1,025
	Goodman Funding Pty Ltd	202		1,940
	GPT Group	227		945
	Harvey Norman Holdings Ltd. (a)	66		203
	Incitec Pivot Ltd.	200		457
	Insurance Australia Group Ltd.	289		1,536
	LendLease Corp. Ltd.	70		827
	Macquarie Group Limited	40		3,535
	Magellan Financial Group Ltd	14		471
	Medibank Private Limited	340		780
	Mirvac Group	480		991
	National Australia Bank Ltd. (a)	346		6,926
	Newcrest Mining Ltd.	96		2,238
	Oil Search Ltd.	171		847
	Orica Ltd.	46		703
	Origin Energy Ltd.	220		1,185
	QBE Insurance Group Ltd.	163		1,382
	Ramsay Health Care Ltd.	17		760
	REA Group Ltd.	7		511
	Rio Tinto Ltd.	45		2,852
	Santos Ltd.	220		1,155
	Scentre Group Limited	652		1,731
	SEEK Limited	43		624
	Sonic Health Care Ltd.	55		1,049
	South32 Limited	605		1,069
	Stockland	285		876
	Suncorp Group Limited	157		1,448
	Sydney Airport Corporation Limited	134		725
	Tabcorp Holdings Ltd.	246		807
	Telstra Corp. Ltd.	510		1,209
	TPG Telecom Ltd. (a)	45		210
	Transurban Group	332		3,289
	Treasury Wine Estates Limited	90		1,127
	Vicinity Centres RE Ltd	406		706
	Washington H Soul Pattinson & Co. Ltd. (a)	14		204
	Wesfarmers Ltd.	140		3,769
	Westpac Banking Corp.	425		8,495
	Woodside Petroleum Ltd.	114		2,498
	Woolworths Group Ltd.	156		3,917
	WorleyParsons Ltd. (a)	39		346
			124,176
Netherlands 5.6%
	ABN AMRO Bank N.V. - CVA (c)	53		931
	Adyen B.V. (b) (c)	1		845
	Aegon NV (a)	216		896
	Airbus SE	72		9,297
	Akzo Nobel N.V.	28		2,507
	ASML Holding	53		13,049
	CNH Industrial N.V.	128		1,300
	Heineken Holding N.V.	14		1,431
	Heineken NV	32		3,460
	ING Groep N.V.	484		5,066
	Koninklijke Ahold Delhaize N.V.	146		3,655
	Koninklijke DSM N.V.	22		2,696
	Koninklijke KPN N.V.	432		1,348
	Koninklijke Philips N.V.	113		5,257
	Koninklijke Vopak N.V.	9		442
	NN Group N.V. (a)	36		1,290
	NXP Semiconductors N.V.	35		3,797
	Prosus N.V. (b)	59		4,343
	Randstad NV	15		728
	Royal Dutch Shell PLC - Class A	535		15,678
	Royal Dutch Shell PLC - Class B	462		13,617
	Unibail-Rodamco SE	17		2,466
	Wolters Kluwer NV	34		2,500
			96,599
Hong Kong 3.3%
	AIA Group Limited	1,491		14,105
	ASM Pacific Technology Ltd.	40		488
	Bank of East Asia Ltd.	161		396
	BOC Hong Kong Holdings Ltd.	446		1,517
	CK Asset Holdings Limited	316		2,140
	CK Hutchison Holdings Limited	331		2,925
	CK Infrastructure Holdings Limited	80		538
	CLP Holdings Ltd.	200		2,104
	Dairy Farm International Holdings Ltd.	43		273
	Galaxy Entertainment Group Ltd.	269		1,677
	Hang Lung Properties Ltd.	245		558
	Hang Seng Bank Ltd.	94		2,037
	Henderson Land Development Co. Ltd.	181		841
	HK Electric Investments Limited	354		338
	HKT Trust	457		726
	Hong Kong & China Gas Co. Ltd.	1,241		2,422
	Hong Kong Exchanges & Clearing Ltd.	148		4,349
	Hongkong Land Holdings Ltd.	146		824
	Hysan Development Co. Ltd.	76		307
	Jardine Matheson Holdings Ltd.	27		1,453
	Kerry Properties Ltd.	82		255
	Link Real Estate Investment Trust	260		2,879
	Melco Resorts & Entertainment Ltd. - ADR	26		501
	MGM China Holdings Limited	112		175
	MTR Corp. (a)	192		1,077
	New World Development Ltd.	787		1,022
	NWS Holdings Ltd.	188		291
	PCCW Ltd.	504		283
	Power Assets Holdings Ltd.	170		1,143
	Shangri-La Asia Ltd. (a)	142		145
	Sino Land Co.	377		568
	SJM Holdings Limited	242		231
	Sun Hung Kai Properties Ltd.	195		2,813
	Swire Pacific Ltd. - Class A	62		576
	Swire Properties Limited	145		457
	Techtronic Industries Company Limited	171		1,192
	Vitasoy International Holdings Ltd.	98		398
	WH Group Limited (c)	1,167		1,048
	Wharf Holdings Ltd.	149		327
	Wharf Real Estate Investment Company Limited	151		828
	Wheelock & Co. Ltd.	99		566
	Yue Yuen Industrial Holdings Ltd.	89		244
			57,037
Spain 2.9%
	ACS, Actividades de Construccion y Servicios, S.A.	32		1,291
	AENA, S.M.E., S.A. (c)	8		1,543
	Amadeus IT Group SA	54		3,904
	Banco Bilbao Vizcaya Argentaria SA	825		4,297

293

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	Banco de Sabadell, S.A.	701		678
	Banco Santander SA	2,071		8,441
	Bankia, S.A.	160		302
	Bankinter SA	83		525
	CaixaBank, S.A.	449		1,178
	Cellnex Telecom, S.A. (c)	24		975
	Enagas SA	28		647
	Endesa SA	39		1,039
	Ferrovial, S.A.	60		1,740
	Grifols, S.A. - Class A	37		1,095
	Iberdrola, S.A.	740		7,692
	Industria de Diseno Textil, S.A.	135		4,190
	MAPFRE, S.A.	134		360
	Naturgy Energy Group SA	37		991
	Red Electrica Corporacion, S.A.	54		1,095
	Repsol SA	178		2,790
	Siemens Gamesa Renewable Energy, S.A.	28		384
	Telefonica SA	578		4,414
			49,571
Sweden 2.5%
	AB SKF - Class B	46		760
	Aktiebolaget Electrolux - Class B	28		662
	Aktiebolaget Industrivarden - Class C	21		452
	Aktiebolaget Volvo - Class B	183		2,571
	Alfa Laval AB	38		759
	Assa Abloy AB - Class B	123		2,730
	Atlas Copco Aktiebolag - Class A	82		2,526
	Atlas Copco Aktiebolag - Class B	49		1,317
	Boliden AB	34		779
	Epiroc Aktiebolag - Class A	82		887
	Epiroc Aktiebolag - Class B	47		481
	Essity Aktiebolag (publ) - Class B	74		2,160
	Hennes & Mauritz AB - Class B	100		1,932
	Hexagon Aktiebolag - Class B	32		1,556
	Husqvarna Aktiebolag - Class B	54		408
	ICA Gruppen Aktiebolag	11		505
	Investor AB - Class B	56		2,725
	Kinnevik AB - Class B	30		784
	L E Lundbergforetagen AB - Series B	9		340
	Lundin Petroleum AB	24		709
	Nordea Bank Abp	383		2,718
	Sandvik AB	138		2,147
	Securitas AB - Class B	39		590
	Skandinaviska Enskilda Banken AB - Class A	198		1,824
	Skanska AB - Class B	43		869
	Svenska Handelsbanken AB - Class A	185		1,733
	Swedbank AB - Class A	113		1,632
	Swedish Match AB	20		837
	Tele2 AB - Class B (a)	62		925
	Telefonaktiebolaget LM Ericsson - Class B	382		3,050
	Telia Co. AB	329		1,475
			42,843
Italy 2.1%
	Assicurazioni Generali SpA	136		2,634
	Atlantia SpA	62		1,498
	Davide Campari-Milano S.p.A.	71		645
	Enel SpA	1,002		7,488
	ENI SpA	311		4,758
	Exor Nederland N.V.	13		903
	Ferrari N.V.	15		2,333
	Finecobank Banca Fineco SPA	68		721
	Intesa Sanpaolo SpA	1,847		4,387
	Leonardo S.p.A.	50		584
	Mediobanca SpA	76		829
	Moncler S.p.A.	22		783
	Pirelli & C. S.p.A. (c)	51		304
	Poste Italiane - Societa' Per Azioni (c)	65		741
	Prysmian S.p.A.	29		614
	Recordati Industria Chimica E Farmaceutica S.p.A.	13		547
	Snam Rete Gas SpA	258		1,302
	Telecom Italia SpA	803		439
	Telecom Italia SpA (b)	1,138		651
	Terna – Rete Elettrica Nazionale S.p.A.	168		1,078
	UniCredit S.p.A.	247		2,918
			36,157
Denmark 1.7%
	A P Moller - Maersk A/S - Class A	—		497
	A P Moller - Maersk A/S - Class B	1		904
	Carlsberg A/S - Class B	13		1,974
	Chr. Hansen Holding A/S	13		1,145
	Coloplast A/S - Class B	15		1,784
	Danske Bank A/S	78		1,090
	Demant A/S (b)	14		354
	DSV A/S	27		2,526
	Genmab A/S (b)	8		1,606
	H Lundbeck A/S	8		277
	ISS A/S (a)	19		462
	Novo Nordisk A/S - Class B	217		11,182
	Novozymes A/S - Class B (a)	27		1,126
	Orsted A/S (c)	24		2,196
	Pandora A/S	12		474
	Tryg A/S	15		426
	Vestas Wind Systems A/S	24		1,831
			29,854
Singapore 1.3%
	Ascendas REIT	304		687
	CapitaLand Commercial Trust Management Limited	348		521
	CapitaLand Ltd.	318		813
	CapitaMall Trust	300		571
	City Developments Ltd.	54		384
	ComfortDelgro Corp. Ltd.	263		457
	DBS Group Holdings Ltd.	223		4,032
	Genting Singapore Limited	791		504
	Golden Agri-Resources Ltd.	877		143
	Jardine Cycle & Carriage Ltd.	12		262
	Keppel Corporation Limited	181		776
	Oversea-Chinese Banking Corporation Limited	381		2,990
	Sembcorp Industries Ltd	115		174
	Singapore Airlines Ltd.	68		450
	Singapore Airport Terminal Services Ltd.	80		282
	Singapore Exchange Ltd.	93		572
	Singapore Press Holdings Ltd.	194		292
	Singapore Technologies Engineering Ltd.	192		534
	Singapore Telecommunications Limited	997		2,237
	Suntec Real Estate Investment Trust	215		296
	United Overseas Bank Ltd.	156		2,899
	UOL Group Ltd.	59		318
	Venture Corp. Ltd.	35		390
	Wilmar International Limited	230		621
	Yangzijiang Shipbuilding (Holdings) Ltd.	285		198
			21,403
Belgium 1.0%
	ageas SA/NV	22		1,242
	Anheuser-Busch InBev	93		8,923
	Colruyt SA	7		391
	Groupe Bruxelles Lambert SA	10		943
	KBC Groep NV	30		1,965
	Proximus	18		521
	Solvay SA	9		959
	Telenet Group Holding	5		255
	UCB SA	15		1,122
	Umicore	24		922
			17,243
Finland 1.0%
	Elisa Oyj	18		902
	Fortum Oyj	54		1,284
	Kone Corporation - Class B	42		2,376
	Metso Oyj	14		518
	Neste Oyj	51		1,705
	Nokia Oyj	697		3,523
	Nokian Renkaat Oyj	15		435
	Orion Oyj - Class B	12		454
	Sampo Oyj - Class A	54		2,152
	Stora Enso Oyj - Class R	71		858
	UPM-Kymmene Oyj	67		1,975

294

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Wartsila Oyj		54		604
				16,786
Norway 0.6%
	Aker BP ASA		14		371
	DNB Bank ASA		118		2,070
	Equinor ASA		122		2,323
	Gjensidige Forsikring ASA		25		493
	Mowi ASA		54		1,240
	Norsk Hydro ASA		173		609
	Orkla ASA		95		861
	Schibsted ASA - Class B		12		338
	Telenor ASA		90		1,797
	Yara International ASA		22		953
				11,055
Ireland 0.6%
	AIB Group Public Limited Company		101		301
	Bank of Ireland Group Public Limited Company		118		466
	CRH Plc		100		3,450
	Flutter Entertainment Public Limited Company		10		897
	James Hardie Industries Public Limited Company - CDI		55		918
	Kerry Group Plc - Class A		19		2,270
	Kingspan Group Plc		19		922
	Smurfit Kappa Funding Designated Activity Company		27		806
				10,030
Israel 0.6%
	Azrieli Group Ltd.		5		392
	Bank Hapoalim BM		139		1,095
	Bank Leumi Le-Israel BM		183		1,303
	Check Point Software Technologies Ltd (b)		15		1,667
	CyberArk Software Ltd. (b)		5		488
	Elbit Systems Ltd.		3		475
	Israel Chemicals Ltd.		91		451
	Israel Discount Bank Ltd. - Class A		153		673
	Mizrahi Tefahot Bank Ltd.		17		414
	Nice Ltd. (b)		8		1,146
	Teva Pharmaceutical Industries Ltd. - ADR (a) (b)		133		914
	Wix.Com Ltd. (b)		6		656
				9,674
New Zealand 0.2%
	a2 Milk Co. Ltd. (b)		90		750
	Auckland International Airport Limited		123		706
	Fisher & Paykel Healthcare Corp.		71		770
	Fletcher Building Ltd.		112		362
	Meridian Energy Limited		153		498
	Ryman Healthcare Ltd.		48		402
	Spark New Zealand Ltd.		214		592
				4,080
Austria 0.2%
	Andritz AG		9		372
	Erste Group Bank AG		38		1,242
	OMV AG		18		984
	Raiffeisen Bank International AG		18		425
	Verbund AG		8		452
	Voestalpine AG (a)		14		319
				3,794
Luxembourg 0.2%
	ArcelorMittal		83		1,181
	Millicom International Cellular SA - SDR		9		419
	SES S.A. - FDR (a)		45		821
	Tenaris SA		59		625
				3,046
Portugal 0.2%
	Banco Espirito Santo SA (b) (d) (g)		413		—
	Energias de Portugal SA		313		1,214
	Galp Energia, SGPS, S.A.		63		942
	Jeronimo Martins, SGPS, S.A.		30		500
				2,656
United States of America 0.2%
	AerCap Holdings N.V. (b)		16		883
	Jardine Strategic Holdings Ltd.		28		824
	Qiagen N.V. (b)		28		935
				2,642
Macau 0.1%
	Sands China Ltd.		302		1,371
	Wynn Macau, Limited		197		386
				1,757
China 0.0%
	BeiGene, Ltd. - ADR (b)		4		526
United Arab Emirates 0.0%
	NMC Health PLC		12		389
Malta 0.0%
	BGP Holdings PLC (b) (d) (g)		479		—
	Total Common Stocks (cost $1,519,957)			1,688,916
PREFERRED STOCKS 0.6%
Germany 0.5%
	Bayerische Motoren Werke AG		7		395
	Fuchs Petrolub SE		9		322
	Henkel AG & Co. KGaA (h)		22		2,153
	Porsche Automobil Holding SE (h)		19		1,242
	Sartorius AG		4		766
	Volkswagen AG (h)		23		3,902
				8,780
Switzerland 0.1%
	Lindt & Spruengli AG (a) (h)		—		997
	Schindler Holding AG (h)		5		1,135
				2,132
	Total Preferred Stocks (cost $10,456)			10,912
RIGHTS 0.0%
Australia 0.0%
	Harvey Norman Holdings Ltd. (a) (b)		4		5
	Total Rights (cost $0)			5
SHORT TERM INVESTMENTS 3.3%
Securities Lending Collateral 3.0%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (e) (i)		51,496		51,496
Investment Companies 0.3%
	JNL Government Money Market Fund - Institutional Class, 1.86% (e) (i)		4,816		4,816
U.S. Treasury Bill 0.0%
	Treasury, United States Department of
		1.94%, 12/12/19 (j) (k)	715		712
	Total Short Term Investments (cost $57,024)			57,024
Total Investments 102.4% (cost $1,587,437)					1,756,857
Other Derivative Instruments (0.0)%					(48)
Other Assets and Liabilities, Net (2.4)%					(41,084)
Total Net Assets 100.0%					1,715,725

(a)All or a portion of the security was on loan as of September 30, 2019.

(b)Non-income producing security.

(c)The Adviser has deemed this security, which is exempt from registration under the Securities Act of 1933, as amended, to be liquid based on procedures approved by the Board of Trustees. As of September 30, 2019, the value and the percentage of net assets of these liquid securities was $13,385 and 0.8% of the Fund.

(d)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

(e)Investment in affiliate.

(f)Security is restricted to resale to institutional investors. See Restricted Securities in the Schedules of Investments.

(g)Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Schedules of Investments.

(h)Convertible security.

(i)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

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

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

295

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

Long Term Investments in Affiliates

Affiliated Investment		Value Beginning of Period($)	Purchases($)	Sales Proceeds($)	Dividend Income($)	Realized Gain (Loss)($)	Change in Unrealized Appreciation (Depreciation) ($)	Value End of Period($)	Percentage of Net Assets(%)
	Prudential Public Limited Company	5,815	197	352	206	150	(109)	5,701	0.3%

Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	TUI AG	12/17/14	996	658	—

JNL/Mellon International Index Fund — Futures Contracts
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
Euro STOXX 50 Price Index	123	December 2019	EUR	4,310	35			69
FTSE 100 Index	29	December 2019	GBP	2,115	(2)			32
S&P/ASX 200 Index	11	December 2019	AUD	1,838	(2)			—
Topix Index	24	December 2019	JPY	379,338	(20)			16
					11			117

Forward Foreign Currency Contracts

Purchased/ Sold	Counter-party	Expiration	Notional1		Value ($)		Unrealized Appreciation (Depreciation) ($)
AUD/USD	BCL	12/18/19	AUD	174		118		(1)
AUD/USD	CIT	12/18/19	AUD	781		528		—
AUD/USD	HSB	12/18/19	AUD	761		515		(8)
EUR/USD	BCL	12/18/19	EUR	881		966		(14)
EUR/USD	BOA	12/18/19	EUR	1,726		1,892		(27)
EUR/USD	CIT	12/18/19	EUR	1,616		1,772		(9)
GBP/USD	BCL	12/18/19	GBP	1,372		1,694		(16)
GBP/USD	CIT	12/18/19	GBP	788		972		(7)
JPY/USD	BCL	12/18/19	JPY	83,605		778		(1)
JPY/USD	CIT	12/18/19	JPY	298,494		2,777		(16)
USD/AUD	BMO	12/18/19	AUD	(166)		(112)		2
USD/AUD	CIT	12/18/19	AUD	(336)		(228)		1
USD/AUD	RBC	12/18/19	AUD	(167)		(113)		2
USD/EUR	BCL	12/18/19	EUR	(246)		(270)		2
USD/EUR	BMO	12/18/19	EUR	(423)		(464)		7
USD/EUR	HSB	12/18/19	EUR	(424)		(464)		—
USD/EUR	JPM	12/18/19	EUR	(281)		(309)		5
USD/EUR	RBC	12/18/19	EUR	(106)		(116)		1
USD/EUR	SCB	12/18/19	EUR	(175)		(192)		3
USD/EUR	SGA	12/18/19	EUR	(391)		(429)		3
USD/GBP	BMO	12/18/19	GBP	(73)		(91)		—
USD/GBP	CIT	12/18/19	GBP	(292)		(360)		5
USD/GBP	GSC	12/18/19	GBP	(292)		(360)		3
USD/GBP	SCB	12/18/19	GBP	(222)		(273)		—
USD/GBP	SGA	12/18/19	GBP	(146)		(180)		2
USD/JPY	BMO	12/18/19	JPY	(142,710)		(1,328)		4
USD/JPY	CIT	12/18/19	JPY	(15,915)		(148)		—
USD/JPY	RBC	12/18/19	JPY	(31,600)		(294)		—
USD/JPY	SCB	12/18/19	JPY	(31,940)		(297)		—
						5,984		(59)

296

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
JNL/Mellon Materials Sector Fund
COMMON STOCKS 99.3%
Materials 99.3%
	AdvanSix Inc. (a)		1		20
	Air Products and Chemicals, Inc.		6		1,432
	AK Steel Holding Corporation (a) (b)		9		21
	Albemarle Corporation (b)		3		216
	Alcoa Corporation (a)		5		109
	Allegheny Technologies Incorporated (a)		4		75
	Amcor Plc		48		465
	American Vanguard Corporation		1		11
	Amyris, Inc. (a) (b)		1		6
	AptarGroup, Inc.		2		219
	Ashland Global Holdings Inc.		2		141
	Avery Dennison Corporation		2		282
	Axalta Coating Systems Ltd. (a)		6		187
	Balchem Corporation		1		95
	Ball Corporation		9		679
	Berry Global Group, Inc. (a)		4		151
	Boise Cascade Company		1		37
	Cabot Corp.		2		78
	Carpenter Technology Corp.		1		72
	Celanese Corp. - Class A		4		455
	Century Aluminum Co. (a)		2		10
	CF Industries Holdings Inc.		7		320
	Chase Corporation		—		24
	Chemours Co.		5		71
	Clearwater Paper Corporation (a)		1		10
	Cleveland-Cliffs Inc. (b)		8		59
	Coeur d'Alene Mines Corp. (a)		6		29
	Commercial Metals Co.		3		59
	Compass Minerals International, Inc.		1		56
	Corteva, Inc.		22		618
	Crown Holdings Inc. (a)		4		263
	Domtar Corp. (c)		2		66
	Dow Holdings Inc.		22		1,047
	DuPont de Nemours, Inc		22		1,572
	Eagle Materials Inc.		1		117
	Eastman Chemical Co.		4		301
	Ecolab Inc.		8		1,507
	Element Solutions, Inc. (a)		7		69
	Ferro Corp. (a)		2		26
	FMC Corp.		4		339
	Freeport-McMoRan Inc. - Class B		43		408
	FutureFuel Corp.		1		10
	GCP Applied Technologies Inc. (a)		2		37
	Graphic Packaging Holding Co.		9		128
	Greif Inc. - Class A		1		28
	Greif Inc. - Class B		—		5
	Hawkins Inc.		—		11
	Haynes International Inc.		—		12
	HB Fuller Co. (b)		1		69
	Hecla Mining Co. (b)		14		24
	Huntsman Corp.		6		143
	Ingevity Corporation (a)		1		105
	Innophos Holdings Inc		1		19
	Innospec Inc.		1		64
	International Flavors & Fragrances Inc. (b)		3		365
	International Paper Co.		11		464
	Intrepid Potash, Inc. (a)		3		10
	Kaiser Aluminum Corp.		—		46
	Koppers Holdings Inc. (a)		1		17
	Kraton Corporation (a)		1		30
	Kronos Worldwide, Inc.		1		9
	Linde Public Limited Company		16		3,083
	Livent Corporation (a)		4		29
	Louisiana-Pacific Corp.		4		88
	LyondellBasell Industries N.V. - Class A		8		704
	Martin Marietta Materials Inc.		2		501
	Materion Corp.		1		37
	Mercer International Inc.		1		16
	Minera Andes Inc. (b) (c)		8		12
	Minerals Technologies Inc.		1		55
	MOS Holdings Inc.		11		219
	Myers Industries Inc.		1		17
	Neenah Inc.		1		32
	NewMarket Corp.		—		124
	Newmont Goldcorp Corporation (c)		24		912
	Nucor Corp.		9		456
	Olin Corp. (b)		5		90
	Omnova Solutions Inc. (a)		1		14
	Owens-Illinois Inc.		4		46
	P.H. Glatfelter Co.		1		20
	Packaging Corp. of America		3		295
	PolyOne Corporation		2		75
	PPG Industries Inc.		7		821
	PQ Group Holdings Inc. (a)		1		20
	Quaker Chemical Corp.		—		62
	Rayonier Advanced Materials Inc.		1		5
	Reliance Steel & Aluminum Co.		2		196
	Resolute Forest Products Inc. (c)		2		8
	Royal Gold Inc. (b)		2		235
	RPM International Inc.		4		265
	Ryerson Holding Corp. (a)		—		4
	Schnitzer Steel Industries Inc. - Class A		1		16
	Schweitzer-Mauduit International Inc.		1		34
	Scotts Miracle-Gro Co. - Class A		1		124
	Sealed Air Corporation		5		190
	Sensient Technologies Corporation		1		84
	Sherwin-Williams Co.		2		1,340
	Silgan Holdings Inc.		2		68
	Sonoco Products Co.		3		170
	Steel Dynamics Inc.		7		194
	Stepan Co.		1		57
	Summit Materials, Inc. - Class A (a)		3		73
	SunCoke Energy, Inc. (a)		3		16
	TimkenSteel Corp. (a)		1		6
	Tredegar Corp.		1		16
	Trinseo S.A.		1		51
	Tronox Holdings PLC		3		23
	U.S. Concrete, Inc. (a)		—		26
	United States Lime & Minerals Inc.		—		5
	United States Steel Corp. (b)		5		58
	Valvoline, Inc.		6		122
	Venator Materials PLC (a)		1		4
	Verso Corporation - Class A (a)		1		12
	Vulcan Materials Co.		4		586
	W. R. Grace & Co.		2		118
	Warrior Met Coal, Inc.		1		26
	Westlake Chemical Corp.		1		74
	Westrock Company, Inc.		8		275
	Worthington Industries Inc.		1		42
	Total Common Stocks (cost $25,944)			25,569
RIGHTS 0.0%
	LyondellBasell Industries N.V. (a) (c) (d)		1		—
	Total Rights (cost $0)			—
SHORT TERM INVESTMENTS 2.4%
Securities Lending Collateral 2.0%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (e) (f)		511		511
Investment Companies 0.4%
	JNL Government Money Market Fund - Institutional Class, 1.86% (e) (f)		93		93
U.S. Treasury Bill 0.0%
	Treasury, United States Department of
		1.94%, 12/12/19 (g) (h)	9		9
	Total Short Term Investments (cost $613)			613
Total Investments 101.7% (cost $26,557)					26,182
Other Derivative Instruments 0.0%					1
Other Assets and Liabilities, Net (1.7)%					(438)
Total Net Assets 100.0%					25,745

(a)Non-income producing security.

(b)All or a portion of the security was on loan as of September 30, 2019.

(c)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

(d)Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities

297

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Schedules of Investments.

(e)Investment in affiliate.

(f)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

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

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

JNL/Mellon Materials Sector Fund — Futures Contracts
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
S&P Materials Select Sector Index	2	December 2019		123	1			—

298

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
JNL/Mellon MSCI KLD 400 Social Index Fund
COMMON STOCKS 99.4%
Information Technology 27.1%
	Accenture Public Limited Company - Class A	3		486
	Adobe Inc. (a)	2		532
	Advanced Micro Devices, Inc. (a)	4		119
	Analog Devices, Inc.	1		163
	ANSYS, Inc. (a)	—		73
	Applied Materials, Inc.	4		184
	ASGN Incorporated (a)	—		13
	Autodesk, Inc. (a)	1		130
	Automatic Data Processing, Inc.	2		277
	Cadence Design Systems Inc. (a)	1		73
	Cisco Systems, Inc.	17		833
	Citrix Systems Inc.	1		51
	Cognex Corp.	1		32
	Cognizant Technology Solutions Corp. - Class A	2		135
	CommScope Holding Company, Inc. (a)	1		9
	Corning Inc.	3		87
	Dell Technology, Inc. - Class C (a)	1		31
	F5 Networks Inc. (a)	—		32
	Flex Ltd. (a)	2		20
	Fortinet, Inc. (a)	1		44
	Hewlett Packard Enterprise Company	5		80
	HP Inc.	6		111
	IHS Markit Ltd. (a)	2		102
	Intel Corp.	18		909
	International Business Machines Corp.	4		510
	Intuit Inc.	1		273
	Itron Inc. (a)	—		10
	Keysight Technologies, Inc. (a)	1		71
	Lam Research Corp.	1		138
	MasterCard Incorporated - Class A	4		972
	Microchip Technology Incorporated (b)	1		86
	Microsoft Corp.	29		3,985
	Motorola Solutions Inc.	1		109
	NVIDIA Corporation	2		396
	Oracle Corporation	9		519
	Plantronics Inc.	—		4
	Salesforce.Com, Inc. (a)	3		489
	Skyworks Solutions, Inc.	1		55
	Symantec Corp.	2		57
	TE Connectivity Ltd.	1		124
	Teradata Corporation (a)	—		13
	Texas Instruments Incorporated	4		480
	Trimble Inc. (a)	1		38
	Visa Inc. - Class A	7		1,181
	VMware Inc. - Class A	—		50
	Western Union Co.	2		40
	Workday, Inc. - Class A (a)	1		107
	Xerox Holdings, Inc.	1		23
			14,256
Communication Services 13.8%
	Alphabet Inc. - Class A (a)	1		1,440
	Alphabet Inc. - Class C (a)	1		1,503
	CenturyLink Inc.	4		50
	Cincinnati Bell Inc. (a)	—		1
	Discovery, Inc. - Class A (a) (b)	1		18
	Discovery, Inc. - Class C (a)	1		35
	Facebook, Inc. - Class A (a)	10		1,688
	John Wiley & Sons Inc. - Class A	—		9
	Liberty Global PLC - Class A (a)	1		15
	Liberty Global PLC - Class C (a)	2		38
	Netflix, Inc. (a)	2		462
	New York Times Co. - Class A (b)	1		15
	Omnicom Group Inc. (b)	1		68
	Scholastic Corp.	—		5
	Sprint Corporation (a)	3		19
	Verizon Communications Inc.	16		983
	Walt Disney Co.	7		923
			7,272
Health Care 10.5%
	AbbVie Inc.	6		440
	ABIOMED, Inc. (a)	—		32
	Agilent Technologies, Inc.	1		94
	Align Technology, Inc. (a)	—		53
	AmerisourceBergen Corporation	1		52
	Amgen Inc.	2		467
	Becton, Dickinson and Company	1		270
	Biogen Inc. (a)	1		178
	BioMarin Pharmaceutical Inc. (a)	1		47
	Bio-Techne Corporation	—		29
	Bristol-Myers Squibb Co.	6		326
	Cardinal Health, Inc.	1		55
	Celgene Corp. (a)	3		277
	Centene Corporation (a)	2		70
	Cerner Corp.	1		86
	Cigna Corp.	2		227
	Cooper Cos. Inc.	—		57
	Dentsply Sirona Inc.	1		49
	Edwards Lifesciences Corporation (a)	1		181
	Gilead Sciences Inc.	5		319
	HCA Healthcare, Inc.	1		129
	Henry Schein Inc. (a)	1		37
	Hologic Inc. (a)	1		54
	Humana Inc.	1		135
	IDEXX Laboratories, Inc. (a)	—		91
	IQVIA Inc. (a)	1		99
	Jazz Pharmaceuticals Public Limited Company (a)	—		28
	Laboratory Corporation of America Holdings (a)	—		65
	Mednax, Inc. (a)	—		8
	Merck & Co., Inc.	10		854
	Mettler-Toledo International Inc. (a)	—		70
	Patterson Cos. Inc.	—		5
	Quest Diagnostics Incorporated	1		56
	ResMed Inc.	1		76
	Select Medical Holdings Corporation (a)	—		7
	Varian Medical Systems, Inc. (a)	—		43
	Vertex Pharmaceuticals Incorporated (a)	1		171
	Waters Corp. (a)	—		62
	Zoetis Inc. - Class A	2		235
			5,534
Consumer Discretionary 9.4%
	Aptiv PLC (c)	1		91
	Aramark	1		41
	Autoliv, Inc.	—		26
	AutoNation, Inc. (a)	—		11
	Best Buy Co., Inc.	1		66
	Booking Holdings Inc. (a)	—		336
	BorgWarner Inc.	1		30
	Buckle Inc. (b)	—		3
	Caleres Inc.	—		4
	Callaway Golf Co.	—		8
	Capri Holdings Limited (a)	1		21
	Carmax Inc. (a)	1		57
	Choice Hotels International Inc.	—		12
	Columbia Sportswear Co.	—		12
	Darden Restaurants Inc.	1		58
	Deckers Outdoor Corp. (a)	—		16
	Domino's Pizza, Inc.	—		36
	Ethan Allen Interiors Inc.	—		2
	Foot Locker Inc.	—		18
	GameStop Corp. - Class A (b)	—		1
	Gap Inc.	1		17
	Garmin Ltd.	1		45
	HanesBrands Inc.	1		20
	Harley-Davidson Inc.	1		23
	Hasbro Inc.	1		56
	Hilton Worldwide Holdings Inc.	1		101
	Home Depot Inc.	4		1,005
	Jack in the Box Inc.	—		8
	Kohl's Corp.	1		31
	La-Z-Boy Inc.	—		5
	LKQ Corp. (a)	1		38
	Lowe's Cos. Inc.	3		346
	Marriott International Inc. - Class A	1		138
	Mattel Inc. (a) (b)	1		14

299

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	McDonald's Corporation	3		646
	Meritage Homes Corporation (a)	—		11
	Mohawk Industries Inc. (a)	—		29
	Newell Brands Inc.	2		28
	Nike Inc. - Class B	5		464
	Nordstrom Inc. (b)	—		15
	Office Depot Inc.	2		4
	Pool Corporation	—		31
	PVH Corp.	—		26
	Royal Caribbean Cruises Ltd.	1		75
	Signet Jewelers Limited (b)	—		3
	Starbucks Corp.	5		424
	Tesla Inc. (a) (b)	1		126
	Tiffany & Co. (b)	—		38
	Tractor Supply Co.	1		45
	Tupperware Brands Corp.	—		2
	Ulta Salon, Cosmetics & Fragrance, Inc. (a)	—		55
	Under Armour Inc. - Class A (a)	1		14
	Under Armour Inc. - Class C (a)	1		13
	Vail Resorts, Inc.	—		35
	VF Corp.	1		121
	Whirlpool Corp.	—		39
	Wolverine World Wide Inc.	—		10
			4,950
Financials 9.3%
	Ally Financial Inc.	2		54
	American Express Company	3		330
	Ameriprise Financial, Inc.	1		78
	Arthur J Gallagher & Co.	1		65
	Bank of Hawaii Corporation	—		14
	BB&T Corporation	3		163
	BlackRock, Inc.	—		202
	Cathay General Bancorp	—		10
	Charles Schwab Corp.	5		198
	Chubb Limited	2		293
	CIT Group Inc.	—		17
	Citizens Financial Group Inc.	2		64
	CME Group Inc.	1		298
	Comerica Inc.	1		39
	FactSet Research Systems Inc.	—		36
	First Republic Bank	1		63
	Franklin Resources Inc.	1		33
	Heartland Financial USA, Inc.	—		5
	Intercontinental Exchange, Inc.	2		206
	International Bancshares Corp.	—		8
	Invesco Ltd.	2		26
	KeyCorp	4		70
	Legg Mason Inc.	—		12
	Loews Corp.	1		55
	M&T Bank Corporation	1		81
	Marsh & McLennan Cos. Inc.	2		201
	Moody's Corp.	1		137
	New York Community Bancorp Inc.	2		22
	Northern Trust Corp.	1		75
	Old National Bancorp	1		10
	People's United Financial Inc.	2		25
	PNC Financial Services Group Inc.	2		251
	Principal Financial Group, Inc.	1		63
	Progressive Corp.	2		178
	Prudential Financial Inc.	2		143
	Regions Financial Corporation	4		64
	S&P Global Inc.	1		237
	Signature Bank	—		26
	State Street Corp.	1		86
	SVB Financial Group (a)	—		43
	T. Rowe Price Group, Inc.	1		109
	TD Ameritrade Holding Corporation	1		53
	The Allstate Corporation	1		144
	The Bank of New York Mellon Corporation (d)	3		155
	The Hartford Financial Services Group, Inc.	1		86
	The Travelers Companies, Inc.	1		153
	Umpqua Holdings Corp.	1		13
	Voya Financial Inc.	1		32
	Willis Towers Watson Public Limited Company	1		98
	Zions Bancorp	1		32
			4,856
Industrials 9.1%
	3M Company	2		373
	ACCO Brands Corporation	—		3
	Acuity Brands, Inc.	—		21
	AGCO Corporation	—		18
	Air Lease Corporation - Class A	—		18
	Allegion Public Limited Company	—		38
	AMERCO	—		13
	AO Smith Corp.	1		27
	Applied Industrial Technologies, Inc.	—		10
	Arcbest Corporation	—		2
	Avis Budget Group, Inc. (a)	—		7
	Builders FirstSource, Inc. (a)	1		10
	C.H. Robinson Worldwide, Inc.	1		46
	Caterpillar Inc.	2		287
	Copart Inc. (a)	1		65
	CSX Corp.	3		212
	Cummins Inc.	1		95
	Deere & Co.	1		199
	Delta Air Lines Inc.	1		37
	Deluxe Corp.	—		9
	Dover Corp.	1		59
	Eaton Corporation Public Limited Company	2		138
	Echo Global Logistics, Inc. (a)	—		2
	EMCOR Group, Inc.	—		20
	Expeditors International of Washington Inc.	1		51
	Exponent, Inc.	—		14
	Fastenal Co.	2		74
	Flowserve Corporation	1		24
	Fortive Corporation	1		80
	Fortune Brands Home & Security, Inc.	1		30
	Genesee & Wyoming Inc. - Class A (a)	—		25
	Graco Inc.	1		29
	Granite Construction Inc.	—		5
	H&E Equipment Services Inc.	—		5
	HD Supply Holdings, Inc (a)	1		27
	Heidrick & Struggles International Inc.	—		2
	Hertz Global Holdings, Inc. (a)	—		6
	HNI Corp.	—		5
	ICF International, Inc.	—		6
	Illinois Tool Works Inc.	1		203
	Ingersoll-Rand Public Limited Company	1		114
	Interface Inc.	—		3
	Johnson Controls International Public Limited Company	3		139
	Kansas City Southern	—		53
	Kelly Services Inc. - Class A	—		4
	Knoll Inc.	—		4
	Lennox International Inc.	—		35
	Lincoln Electric Holdings Inc. (b)	—		19
	ManpowerGroup Inc.	—		18
	Masco Corp.	1		47
	Meritor, Inc. (a)	—		5
	Middleby Corp. (a)	—		26
	Navigant Consulting, Inc.	—		5
	Norfolk Southern Corp.	1		190
	Owens Corning Inc.	—		29
	PACCAR Inc.	1		95
	Parker Hannifin Corp.	1		92
	Quanta Services, Inc.	1		22
	Resources Connection, Inc.	—		2
	Robert Half International Inc.	1		26
	Rockwell Automation Inc.	—		76
	Roper Industries Inc.	—		146
	RR Donnelley & Sons Co.	—		1
	Ryder System, Inc.	—		12
	Sensata Technologies Holding PLC (a)	1		32
	Snap-On Inc.	—		33
	Southwest Airlines Co.	1		28
	Spirit Aerosystems Holdings Inc. - Class A	—		33
	Stanley Black & Decker Inc.	1		85
	Steelcase Inc. - Class A	—		5
	Team Inc. (a)	—		1

300

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	Tennant Co.	—		5
	Tetra Tech, Inc.	—		20
	Timken Co.	—		11
	TransUnion	1		59
	TrueBlue, Inc. (a)	—		2
	Union Pacific Corp.	3		450
	United Parcel Service Inc. - Class B	3		329
	United Rentals Inc. (a)	—		39
	WABCO Holdings Inc. (a)	—		28
	Wabtec Corp.	1		51
	Wesco Aircraft Holdings Inc. (a)	—		2
	WW Grainger Inc.	—		55
	Xylem Inc.	1		55
			4,781
Consumer Staples 7.7%
	Archer-Daniels-Midland Company	2		90
	Avon Products, Inc. (a)	2		7
	Bunge Limited	1		32
	Campbell Soup Co.	1		31
	Clorox Co.	1		75
	Coca-Cola Co.	16		869
	Colgate-Palmolive Co.	3		236
	Darling Ingredients Inc. (a)	1		13
	Estee Lauder Cos. Inc. - Class A	1		171
	General Mills Inc.	2		132
	Hain Celestial Group Inc. (a)	—		8
	Hormel Foods Corp. (b)	1		50
	Ingredion Inc.	—		22
	JM Smucker Co.	—		48
	Kellogg Co.	1		65
	Kimberly-Clark Corp.	1		193
	Kraft Heinz Foods Company	3		74
	Lamb Weston Holdings Inc.	1		44
	McCormick & Co. Inc.	1		76
	Mondelez International Inc. - Class A	6		316
	Procter & Gamble Co.	10		1,232
	Sysco Corp.	2		154
	The Kroger Co.	3		81
	United Natural Foods Inc. (a) (b)	—		1
			4,020
Real Estate 4.0%
	American Tower Corporation	2		386
	AvalonBay Communities, Inc.	1		120
	Boston Properties Inc.	1		80
	CBRE Group, Inc. - Class A (a)	1		67
	Corporate Office Properties Trust	—		12
	Digital Realty Trust Inc.	1		106
	Duke Realty Corp.	1		47
	Equinix, Inc.	—		191
	Equity Residential	2		128
	Federal Realty Investment Trust	—		40
	HCP, Inc.	2		66
	Host Hotels & Resorts, Inc.	3		51
	Iron Mountain Incorporated	1		35
	Jones Lang LaSalle Incorporated	—		28
	Liberty Property Trust	1		33
	Macerich Co. (b)	—		14
	PotlatchDeltic Corp.	—		11
	ProLogis Inc.	3		212
	Realogy Holdings Corp. (b)	—		2
	SBA Communications Corporation	—		106
	Simon Property Group Inc.	1		190
	UDR Inc.	1		54
	Vornado Realty Trust	1		42
	Weyerhaeuser Co.	3		82
			2,103
Energy 3.3%
	Apache Corporation (b)	1		37
	Baker Hughes, a GE Company, LLC - Class A	3		60
	Cheniere Energy, Inc. (a)	1		56
	ConocoPhillips	4		254
	Core Laboratories N.V.	—		7
	Denbury Resources Inc. (a) (b)	1		1
	Devon Energy Corporation	2		41
	EQT Corporation	1		10
	Hess Corporation	1		64
	Marathon Oil Corp.	3		39
	Marathon Petroleum Corporation	3		161
	National Oilwell Varco Inc.	2		33
	Noble Energy Inc.	2		43
	Occidental Petroleum Corporation	4		158
	ONEOK Inc.	2		122
	Phillips 66	2		185
	Pioneer Natural Resources Co.	1		83
	QEP Resources, Inc.	1		4
	Schlumberger Ltd.	5		187
	Southwestern Energy Co. (a) (b)	2		3
	TechnipFMC PLC	2		40
	Valero Energy Corporation	2		139
			1,727
Materials 3.1%
	Air Products and Chemicals, Inc.	1		191
	Albemarle Corporation (b)	—		29
	Avery Dennison Corporation	—		37
	Axalta Coating Systems Ltd. (a)	1		26
	Ball Corporation	1		93
	Compass Minerals International, Inc.	—		8
	Domtar Corp. (c)	—		9
	Ecolab Inc.	1		202
	HB Fuller Co.	—		10
	International Flavors & Fragrances Inc. (b)	—		49
	Linde Public Limited Company	2		413
	Minerals Technologies Inc.	—		8
	MOS Holdings Inc.	1		29
	Newmont Goldcorp Corporation (c)	3		124
	Nucor Corp.	1		61
	PPG Industries Inc.	1		110
	Schnitzer Steel Industries Inc. - Class A	—		1
	Sealed Air Corporation	1		26
	Sherwin-Williams Co.	—		182
	Sonoco Products Co.	—		23
			1,631
Utilities 2.1%
	Alliant Energy Corporation	1		49
	American Water Works Company, Inc.	1		87
	Avista Corporation	—		12
	CenterPoint Energy, Inc.	2		60
	CMS Energy Corp.	1		71
	Consolidated Edison Inc.	1		124
	Eversource Energy	1		109
	MDU Resources Group Inc.	1		23
	New Jersey Resources Corp.	—		16
	NiSource Inc.	1		43
	Northwest Natural Holding Company	—		7
	OGE Energy Corp.	1		38
	Ormat Technologies Inc.	—		12
	PPL Corporation	3		88
	Sempra Energy	1		161
	The AES Corporation	3		42
	UGI Corp.	1		41
	WEC Energy Group Inc.	1		120
			1,103
	Total Common Stocks (cost $47,876)		52,233
INVESTMENT COMPANIES 0.1%
	iShares MSCI KLD 400 Social ETF (b)	1		54
	Total Investment Companies (cost $54)		54
SHORT TERM INVESTMENTS 0.7%
Securities Lending Collateral 0.4%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (d) (e)	209		209
Investment Companies 0.3%
	JNL Government Money Market Fund - Institutional Class, 1.86% (d) (e)	131		131

301

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
U.S. Treasury Bill 0.0%
	Treasury, United States Department of
		1.94%, 12/12/19 (f) (g)	20		20
	Total Short Term Investments (cost $360)			360
Total Investments 100.2% (cost $48,290)					52,647
Other Derivative Instruments 0.0%					1
Other Assets and Liabilities, Net (0.2)%					(119)
Total Net Assets 100.0%					52,529

(a)Non-income producing security.

(b)All or a portion of the security was on loan as of September 30, 2019.

(c)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

(d)Investment in affiliate.

(e)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

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

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

Long Term Investments in Affiliates

Affiliated Investment		Value Beginning of Period($)	Purchases($)	Sales Proceeds($)	Dividend Income($)	Realized Gain (Loss)($)	Change in Unrealized Appreciation (Depreciation) ($)	Value End of Period($)	Percentage of Net Assets(%)
	The Bank of New York Mellon Corporation	127	49	15	3	(1)	(5)	155	0.3%

JNL/Mellon MSCI KLD 400 Social Index Fund — Futures Contracts
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
S&P 500 Index	1	December 2019		150	1			(1)

302

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1	Value ($)
JNL/Mellon Real Estate Sector Fund
COMMON STOCKS 99.3%
Real Estate 99.3%
	Acadia Realty Trust	11	327
	Agree Realty Corporation	5	392
	Alexander & Baldwin, LLC	10	235
	Alexander's, Inc.	—	110
	Alexandria Real Estate Equities, Inc.	15	2,375
	Altisource Portfolio Solutions S.A. (a)	1	18
	American Assets Trust, Inc.	7	305
	American Campus Communities, Inc.	19	904
	American Finance Trust, Inc. - Class A (b)	14	195
	American Homes 4 Rent - Class A	37	955
	American Tower Corporation	60	13,369
	Americold Realty Trust	25	925
	Apartment Investment and Management Company - Class A	20	1,069
	Apple Hospitality REIT, Inc.	29	481
	Armada Hoffler Properties, Inc.	7	127
	Ashford Hospitality Trust, Inc.	13	43
	AvalonBay Communities, Inc.	19	4,111
	Boston Properties Inc.	21	2,734
	Braemar Hotel & Resorts Inc. (b)	3	33
	Brandywine Realty Trust	24	369
	Brixmor Property Group Inc.	40	819
	Camden Property Trust	13	1,475
	Caretrust REIT, Inc.	13	309
	Catchmark Timber Trust, Inc. - Class A	6	64
	CBRE Group, Inc. - Class A (a)	44	2,312
	Cedar Realty Trust Inc.	11	34
	Chatham Lodging Trust	6	117
	Colony Capital, Inc. - Class A	63	376
	Columbia Property Trust Inc.	16	329
	Community Healthcare Trust Incorporated	2	102
	CoreCivic, Inc.	17	289
	CorEnergy Infrastructure Trust, Inc. (b)	2	90
	Corepoint Lodging Inc.	5	52
	CoreSite Realty Corporation	5	606
	Corporate Office Properties Trust	15	457
	Cousins Properties Incorporated	20	743
	Crown Castle International Corp.	57	7,908
	CubeSmart	26	901
	Cushman & Wakefield Plc (a)	14	250
	Cyrusone LLC	15	1,225
	DiamondRock Hospitality Co.	28	285
	Digital Realty Trust Inc.	28	3,688
	Douglas Emmett, Inc.	22	949
	Duke Realty Corp.	49	1,668
	Dwight A. Walker Real Estate, Inc. - Class A	3	85
	Easterly Government Properties, Inc.	9	196
	EastGroup Properties Inc.	5	636
	Empire State Realty Trust Inc. - Class A	20	285
	EPR Properties	10	796
	Equinix, Inc.	12	6,636
	Equity Commonwealth	17	568
	Equity Lifestyle Properties, Inc.	12	1,560
	Equity Residential	51	4,377
	Essential Properties Realty Trust, Inc.	10	222
	Essex Property Trust Inc.	9	2,929
	eXp World Holdings, Inc. (a) (b)	3	23
	Extra Space Storage Inc.	17	2,033
	Federal Realty Investment Trust	10	1,394
	First Industrial Realty Trust, Inc.	17	679
	Five Point Holdings, LLC - Class A (a) (b)	7	50
	Florida Rock Properties, Inc. (a)	1	46
	Forestar Group Inc. (a)	1	24
	Four Corners Property Trust, Inc.	9	268
	Franklin Street Properties Corp.	15	124
	Front Yard Residential Corporation	8	88
	Gaming and Leisure Properties, Inc.	28	1,074
	Getty Realty Corp.	5	148
	Gladstone Commercial Corp.	4	99
	Global Net Lease Inc.	12	228
	Hannon Armstrong Sustainable Infrastructure Capital, Inc. (b)	9	258
	HCP, Inc.	65	2,325
	Healthcare Realty Trust Inc. (b)	17	583
	Healthcare Trust of America, Inc. - Class A	28	826
	Hersha Hospitality Trust (b)	5	73
	Highwoods Properties Inc.	14	645
	Host Hotels & Resorts, Inc.	101	1,750
	Hudson Pacific Properties Inc.	21	703
	Independence Realty Trust, Inc.	12	168
	Industrial Logistics Properties Trust	9	182
	Innovative Industrial Properties, Inc. (b)	2	139
	Investors Real Estate Trust	2	121
	Invitation Homes Inc.	66	1,957
	Iron Mountain Incorporated	39	1,271
	iStar Inc. (b)	8	108
	JBG Smith Properties	17	680
	Jones Lang LaSalle Incorporated	7	978
	Kennedy-Wilson Holdings Inc.	18	387
	Kilroy Realty Corporation	14	1,083
	KiMcO Realty Corporation	58	1,206
	Kite Realty Naperville, LLC	11	183
	Lamar Advertising Co. - Class A	12	960
	Lexington Realty Trust	28	290
	Liberty Property Trust	21	1,098
	Life Storage Inc.	6	671
	LTC Properties Inc.	6	282
	Macerich Co. (b)	15	489
	Mack-Cali Realty Corp.	12	269
	Marcus & Millichap Inc. (a)	3	106
	Medical Properties Trust, Inc.	60	1,177
	MGM Growth Properties LLC - Class A	12	374
	Mid-America Apartment Communities, Inc.	16	2,024
	Monmouth Real Estate Investment Corp. - Class A	12	169
	National Health Investors, Inc.	6	488
	National Retail Properties Inc.	22	1,255
	National Storage Affiliates Trust	8	263
	New Senior Investment Group Inc.	10	70
	Newmark Group, Inc. - Class A	20	183
	NexPoint Residential Trust, Inc.	3	122
	Office Properties Income Trust (b)	6	194
	Omega Healthcare Investors Inc.	29	1,226
	One Liberty Properties Inc.	2	54
	OUTFRONT Media Inc.	19	537
	Paramount Group, Inc.	25	334
	Park Hotels & Resorts Inc.	33	813
	Pebblebrook Hotel Trust	18	498
	Pennsylvania REIT (b)	11	60
	Physicians Realty Trust	25	445
	Piedmont Office Realty Trust Inc. - Class A	18	366
	PotlatchDeltic Corp.	9	383
	Preferred Apartment Communities, Inc.	6	89
	ProLogis Inc.	86	7,356
	PS Business Parks, Inc.	3	512
	Public Storage	22	5,274
	QTS Realty Trust, Inc. - Class A	8	391
	Rayonier Inc.	18	501
	Realogy Holdings Corp. (b)	17	112
	Realty Income Corp.	43	3,311
	Redfin Corporation (a) (b)	10	160
	Regency Centers Corp.	23	1,587
	Retail Opportunity Investments Corp.	16	287
	Retail Properties of America, Inc. - Class A	30	367
	Retail Value Inc.	2	79
	Rexford Industrial Realty, Inc.	14	634
	RLJ III-EM Columbus Lessee, LLC	24	405
	RMR Group, Inc. - Class A	2	96
	RPT Realty (b)	11	147
	Ryman Hospitality Properties, Inc. (b)	7	545
	Sabra Health Care REIT, Inc.	24	560
	Saul Centers Inc.	2	103
	SBA Communications Corporation	15	3,726
	Senior Housing Properties Trust	33	304
	Seritage Growth Properties - Class A (b)	5	205
	Service Properties Trust	22	578

303

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Simon Property Group Inc.		42		6,582
	SITE Centers Corp. (b)		20		300
	SL Green Realty Corp.		12		944
	Spirit MTA REIT, L.P.		5		45
	Spirit Realty Capital, Inc.		14		650
	St. Joe Co. (a) (b)		5		78
	STAG Industrial, Inc.		17		507
	STORE Capital Corp.		28		1,041
	Summit Hotel Properties Inc.		14		161
	Sun Communities Inc.		12		1,839
	Sunstone Hotel Investors Inc.		32		433
	Tanger Factory Outlet Centers Inc. (b)		13		207
	Taubman Centers Inc.		8		333
	Tejon Ranch Co. (a)		3		50
	Terreno Realty Corporation		9		443
	The GEO Group, Inc.		16		281
	The Howard Hughes Corporation (a)		6		723
	UDR Inc.		39		1,866
	UMH Properties Inc.		5		74
	Uniti Group Inc. (b)		25		193
	Universal Health Realty Income Trust		2		177
	Urban Edge Properties		17		330
	Urstadt Biddle Properties Inc. - Class A		4		104
	Ventas, Inc.		49		3,571
	VEREIT, Inc.		144		1,411
	VICI Properties Inc.		56		1,273
	Vornado Realty Trust		24		1,502
	W.P. Carey Inc.		23		2,083
	Washington Prime Group, L.P. (b)		26		107
	Washington REIT		11		301
	Weingarten Realty Investors		17		488
	Welltower Inc.		55		5,026
	Weyerhaeuser Co.		102		2,816
	Whitestone REIT		4		61
	Xenia Hotels & Resorts Inc.		15		317
	Total Common Stocks (cost $157,219)			173,165
SHORT TERM INVESTMENTS 2.5%
Investment Companies 1.2%
	JNL Government Money Market Fund - Institutional Class, 1.86% (c) (d)		2,146		2,146
Securities Lending Collateral 1.2%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (c) (d)		2,019		2,019
U.S. Treasury Bill 0.1%
	Treasury, United States Department of
		1.94%, 12/12/19 (e) (f)	65		65
	Total Short Term Investments (cost $4,230)			4,230
Total Investments 101.8% (cost $161,449)					177,395
Other Derivative Instruments 0.0%					2
Other Assets and Liabilities, Net (1.8)%					(3,055)
Total Net Assets 100.0%					174,342

(a)Non-income producing security.

(b)All or a portion of the security was on loan as of September 30, 2019.

(c)Investment in affiliate.

(d)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

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

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

JNL/Mellon Real Estate Sector Fund — Futures Contracts
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
S&P Real Estate Select Sector Index	23	December 2019		1,079	2			16

304

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
JNL/Mellon S&P 1500 Growth Index Fund
COMMON STOCKS 99.7%
Information Technology 25.9%
	3D Systems Corporation (a) (b)	1		8
	8x8 Inc. (a)	1		16
	Accenture Public Limited Company - Class A	2		456
	ACI Worldwide, Inc. (a)	1		29
	Adobe Inc. (a)	4		1,088
	Ads Alliance Data Systems Inc.	—		42
	Advanced Micro Devices, Inc. (a)	9		255
	Agilysys, Inc. (a)	—		4
	Akamai Technologies, Inc. (a)	1		121
	Alarm.Com Holdings, Inc. (a)	—		7
	Amphenol Corporation - Class A	1		89
	Analog Devices, Inc.	2		181
	ANSYS, Inc. (a)	1		149
	Arista Networks, Inc. (a)	1		104
	Arlo Technologies, Inc. (a)	—		1
	ASGN Incorporated (a)	1		29
	Autodesk, Inc. (a)	2		263
	Automatic Data Processing, Inc.	4		567
	Axcelis Technologies, Inc. (a)	—		1
	Badger Meter, Inc. (b)	—		5
	Blackbaud, Inc.	—		21
	Bottomline Technologies Inc. (a)	—		12
	Broadcom Inc.	3		891
	Broadridge Financial Solutions, Inc.	1		115
	Brooks Automation Inc.	1		21
	Cabot Microelectronics Corporation	—		32
	Cadence Design Systems Inc. (a)	1		87
	CalAmp Corp. (a)	—		1
	Cardtronics PLC - Class A (a)	—		12
	CDK Global, Inc.	—		17
	CDW Corp.	1		61
	CEVA Inc. (a)	—		3
	Ciena Corp. (a)	1		48
	Cisco Systems, Inc.	34		1,697
	Citrix Systems Inc.	1		96
	Cognex Corp.	1		31
	Cohu Inc.	—		1
	CommVault Systems Inc. (a)	—		13
	CoreLogic, Inc. (a)	1		29
	Cree, Inc. (a) (b)	1		44
	CSG Systems International, Inc.	—		4
	CTS Corp.	—		12
	Cypress Semiconductor Corp.	3		70
	Diebold Nixdorf Inc. (a)	1		6
	Diodes Inc. (a)	—		9
	Ebix Inc. (b)	—		5
	ePlus Inc. (a)	—		5
	EVERTEC, Inc.	—		12
	ExlService Holdings Inc. (a)	—		7
	Extreme Networks, Inc. (a)	1		4
	F5 Networks Inc. (a)	1		68
	Fabrinet (a)	—		12
	Fair Isaac Corp. (a)	—		71
	FARO Technologies Inc. (a)	—		4
	Fidelity National Information Services, Inc.	5		660
	Fiserv Inc. (a)	5		477
	FleetCor Technologies Inc. (a)	1		121
	Fortinet, Inc. (a)	1		88
	Gartner Inc. (a)	1		105
	Global Payments Inc.	3		387
	Harmonic Inc. (a)	1		6
	IHS Markit Ltd. (a)	3		217
	Intel Corp.	24		1,238
	InterDigital Communications, Inc.	—		8
	Intuit Inc.	2		560
	J2 Cloud Services, LLC	—		35
	Jack Henry & Associates Inc.	—		42
	KBR, Inc.	1		14
	Kemet Corp.	1		8
	Keysight Technologies, Inc. (a)	2		145
	KLA-Tencor Corp.	1		114
	Knowles Corporation (a)	1		10
	Leidos Holdings Inc.	1		99
	Littelfuse Inc.	—		34
	LivePerson, Inc. (a)	—		11
	Liveramp, Inc. (a)	1		22
	Lumentum Holdings Inc. (a)	—		19
	Manhattan Associates Inc. (a)	—		28
	MasterCard Incorporated - Class A	7		1,965
	Maxim Integrated Products, Inc.	1		77
	MAXIMUS Inc.	1		42
	MaxLinear, Inc. - Class A (a)	—		7
	Microchip Technology Incorporated (b)	1		91
	Microsoft Corp.	62		8,602
	MicroStrategy Inc. - Class A (a)	—		6
	Monolithic Power Systems Inc.	—		50
	Monotype Imaging Holdings Inc.	—		3
	Motorola Solutions Inc.	1		227
	MTS Systems Corp.	—		5
	Nanometrics Inc. (a)	—		4
	National Instruments Corp.	1		39
	NetApp, Inc.	2		103
	NIC Inc.	—		3
	NVIDIA Corporation	3		454
	Onespan, Inc. (a)	—		3
	Oracle Corporation	9		501
	OSI Systems Inc. (a)	—		7
	Paychex Inc.	2		132
	Paypal Holdings, Inc. (a)	10		988
	Perficient, Inc. (a)	—		11
	Plantronics Inc.	—		6
	Power Integrations Inc.	—		13
	Progress Software Corp.	—		9
	PTC Inc. (a)	1		58
	Qualcomm Incorporated	5		390
	Qualys, Inc. (a)	—		13
	Rogers Corp. (a)	—		13
	Rudolph Technologies Inc. (a)	—		1
	Sabre Corporation	2		49
	Salesforce.Com, Inc. (a)	7		1,055
	Seagate Technology Public Limited Company	1		71
	Semtech Corp. (a)	1		24
	Silicon Laboratories Inc. (a)	—		38
	Skyworks Solutions, Inc.	1		69
	SMART Global Holdings, Inc. (a)	—		2
	SolarEdge Technologies Ltd. (a)	—		20
	SPS Commerce, Inc. (a)	—		13
	Synaptics Incorporated (a) (b)	—		4
	Synopsys Inc. (a)	1		93
	Teradata Corporation (a)	1		28
	Teradyne Inc.	1		48
	Texas Instruments Incorporated	5		646
	Trimble Inc. (a)	2		79
	Tyler Technologies Inc. (a)	—		81
	Unisys Corp. (a)	—		2
	Universal Display Corporation	—		38
	Versum Materials, Inc.	1		30
	ViaSat, Inc. (a)	—		17
	Viavi Solutions Inc. (a)	2		25
	Virtusa Corporation (a)	—		8
	Visa Inc. - Class A	14		2,407
	Western Union Co.	2		34
	Wex, Inc. (a)	—		71
	Xilinx Inc.	2		197
	Zebra Technologies Corp. - Class A (a)	1		90
			30,446
Health Care 16.4%
	Abbott Laboratories	14		1,198
	AbbVie Inc.	6		470
	ABIOMED, Inc. (a)	—		65
	Acorda Therapeutics, Inc. (a) (b)	—		1
	Addus HomeCare Corporation (a)	—		7
	Agilent Technologies, Inc.	1		105
	Akorn, Inc. (a)	—		—
	Alexion Pharmaceuticals, Inc. (a)	2		178

305

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	Align Technology, Inc. (a)	—		55
	Amedisys, Inc. (a)	—		33
	Amgen Inc.	3		622
	AMN Healthcare Services, Inc. (a)	—		22
	Amphastar Pharmaceuticals, Inc. (a)	—		4
	AngioDynamics, Inc. (a)	—		4
	ANI Pharmaceuticals, Inc. (a)	—		7
	Arrowhead Pharmaceuticals Inc (a) (b)	1		24
	Avanos Medical, Inc. (a)	—		15
	Baxter International Inc.	2		156
	Becton, Dickinson and Company	1		351
	Biogen Inc. (a)	1		190
	Bio-Rad Laboratories, Inc. - Class A (a)	—		56
	Bio-Techne Corporation	—		61
	BioTelemetry, Inc. (a)	—		11
	Boston Scientific Corp. (a)	11		457
	Bristol-Myers Squibb Co.	7		343
	Cambrex Corp. (a)	—		14
	Cantel Medical Corp.	—		10
	Cardiovascular Systems Inc. (a)	—		12
	Catalent Inc. (a)	1		31
	Celgene Corp. (a)	3		268
	Cerner Corp.	3		180
	Charles River Laboratories International Inc. (a)	—		28
	Chemed Corporation	—		53
	Cigna Corp.	2		264
	Computer Programs & Systems Inc.	—		—
	Conmed Corp.	—		21
	Cooper Cos. Inc.	—		50
	Corcept Therapeutics Inc. (a)	1		12
	Corvel Corp. (a)	—		8
	Covetrus, Inc. (a) (b)	—		3
	CryoLife Inc. (a)	—		10
	Cutera Inc. (a)	—		3
	Cytokinetics, Incorporated (a)	1		5
	Danaher Corporation	3		418
	DaVita Inc. (a)	1		49
	Eagle Pharmaceuticals Inc. (a)	—		5
	Edwards Lifesciences Corporation (a)	2		374
	Eli Lilly & Co.	7		771
	Emergent BioSolutions Inc. (a)	—		12
	Enanta Pharmaceuticals, Inc. (a)	—		8
	Encompass Health Corporation	1		50
	Endo International Public Limited Company (a)	1		4
	Exelixis, Inc. (a)	1		22
	Genomic Health, Inc. (a)	—		8
	Globus Medical Inc. - Class A (a)	1		31
	Haemonetics Corp. (a)	1		54
	HCA Healthcare, Inc.	2		259
	HealthEquity, Inc. (a)	1		31
	Healthstream, Inc. (a)	—		2
	Henry Schein Inc. (a)	1		33
	Heska Corporation (a)	—		4
	Hill-Rom Holdings Inc.	1		55
	HMS Holdings Corp. (a)	1		23
	Hologic Inc. (a)	1		60
	Humana Inc.	1		278
	ICU Medical, Inc. (a)	—		24
	IDEXX Laboratories, Inc. (a)	1		190
	Illumina, Inc. (a)	1		362
	Incyte Corporation (a)	1		53
	Innoviva, Inc. (a)	1		6
	Inogen, Inc. (a)	—		4
	Integer Holdings Corporation (a)	—		18
	Integra LifeSciences Holdings Corp. (a)	1		34
	Intuitive Surgical, Inc. (a)	1		503
	IQVIA Inc. (a)	1		161
	Johnson & Johnson	13		1,633
	Lantheus Holdings Inc. (a)	—		7
	LeMaitre Vascular Inc.	—		4
	LHC Group, Inc. (a)	—		17
	Ligand Pharmaceuticals Incorporated (a)	—		14
	LivaNova PLC (a)	1		31
	Luminex Corporation	—		5
	Masimo Corp. (a)	1		63
	Medicines Co. (a) (b)	1		20
	Medidata Solutions, Inc. (a)	—		29
	Medpace Holdings, Inc. (a)	—		18
	Medtronic Public Limited Company	11		1,181
	Merck & Co., Inc.	21		1,747
	Meridian Bioscience Inc.	—		2
	Merit Medical Systems Inc. (a)	1		12
	Mesa Laboratories, Inc.	—		6
	Mettler-Toledo International Inc. (a)	—		89
	Molina Healthcare, Inc. (a)	1		56
	Momenta Pharmaceuticals, Inc. (a)	1		10
	Myriad Genetics, Inc. (a)	—		9
	Natus Medical Inc. (a)	—		5
	Neogen Corp. (a)	1		31
	Neogenomics, Inc. (a)	1		15
	Nextgen Healthcare Inc. (a)	—		5
	NuVasive Inc. (a)	1		27
	Omnicell, Inc. (a)	—		25
	Orasure Technologies, Inc. (a)	—		1
	Orthofix Medical Inc. (a)	—		3
	Pacira Biosciences, Inc. (a)	—		9
	Penumbra, Inc. (a) (b)	—		35
	PerkinElmer Inc.	1		38
	Pfizer Inc.	45		1,609
	Phibro Animal Health Corporation - Class A	—		—
	PRA Health Sciences, Inc. (a)	1		52
	Progenics Pharmaceuticals Inc. (a)	1		5
	Regeneron Pharmaceuticals, Inc. (a)	—		105
	Regenxbio Inc. (a)	—		8
	Repligen Corporation (a)	—		28
	ResMed Inc.	1		161
	Spectrum Pharmaceuticals, Inc. (a)	1		9
	Steris Limited	1		97
	Stryker Corp.	2		332
	Supernus Pharmaceuticals Inc. (a)	1		14
	SurModics Inc. (a)	—		4
	Syneos Health, Inc. - Class A (a)	—		15
	Tabula Rasa HealthCare Inc. (a) (b)	—		8
	Tactile Systems Technology, Inc. (a)	—		6
	Teleflex Inc.	—		125
	Tenet Healthcare Corporation (a)	1		9
	The Ensign Group, Inc.	—		18
	Thermo Fisher Scientific Inc.	3		945
	Tivity Health, Inc. (a) (b)	1		8
	U. S. Physical Therapy, Inc.	—		12
	Universal Health Services Inc. - Class B	—		54
	Vanda Pharmaceuticals Inc. (a)	1		6
	Varex Imaging Corporation (a)	—		6
	Varian Medical Systems, Inc. (a)	1		89
	Vertex Pharmaceuticals Incorporated (a)	2		354
	Waters Corp. (a) (b)	—		75
	WellCare Health Plans, Inc. (a)	—		104
	West Pharmaceutical Services Inc.	1		84
	Xencor, Inc. (a)	—		12
	Zimmer Biomet Holdings, Inc.	2		228
	Zoetis Inc. - Class A	2		264
			19,306
Communication Services 13.2%
	A T N International Limited	—		4
	Alphabet Inc. - Class A (a)	3		2,964
	Alphabet Inc. - Class C (a)	3		2,985
	AMC Networks, Inc. - Class A (a)	—		9
	Cable One, Inc.	—		31
	Care.com Inc. (a)	—		1
	Charter Communications, Inc. - Class A (a)	1		236
	Cinemark Holdings, Inc. (b)	1		17
	Cogent Communications Group, Inc.	—		12
	Comcast Corporation - Class A	17		762
	Consolidated Communications Holdings Inc.	1		2
	Electronic Arts Inc. (a)	1		111
	EW Scripps Co. - Class A	—		4
	Facebook, Inc. - Class A (a)	20		3,471
	Fox Corporation - Class A	1		41
	Fox Corporation - Class B	1		17

306

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	Iridium Communications Inc. (a)	1		18
	John Wiley & Sons Inc. - Class A	—		10
	Live Nation Inc. (a)	1		74
	Marcus Corp.	—		7
	Netflix, Inc. (a)	4		950
	New York Times Co. - Class A	1		35
	QuinStreet, Inc. (a) (b)	—		5
	Take-Two Interactive Software Inc. (a)	1		115
	TechTarget, Inc. (a)	—		5
	T-Mobile US Inc. (a)	1		49
	TripAdvisor Inc. (a)	1		22
	Twitter, Inc. (a)	6		258
	VeriSign, Inc. (a)	1		164
	Verizon Communications Inc.	34		2,023
	Vonage Holdings Corp. (a)	1		8
	Walt Disney Co.	8		1,065
	World Wrestling Entertainment, Inc. - Class A (b)	—		26
	Yelp Inc. - Class A (a)	1		17
			15,518
Consumer Discretionary 12.5%
	Aaron's, Inc.	—		18
	Adtalem Global Education Inc. (a)	1		17
	Advance Auto Parts, Inc.	—		64
	Amazon.com, Inc. (a)	3		5,845
	American Public Education, Inc. (a)	—		4
	Aptiv PLC (c)	1		109
	Asbury Automotive Group, Inc. (a)	—		11
	AutoZone, Inc. (a)	—		216
	BJ's Restaurants, Inc. (b)	—		5
	Booking Holdings Inc. (a)	—		330
	Boot Barn Holdings, Inc. (a) (b)	—		5
	Brinker International Inc. (b)	—		16
	Callaway Golf Co.	1		9
	Career Education Corp. (a)	1		10
	Carmax Inc. (a)	1		51
	Carter's Inc.	—		17
	Cavco Industries Inc. (a)	—		13
	Cheesecake Factory Inc. (b)	—		5
	Childrens Place Retail Stores Inc. (b)	—		10
	Chipotle Mexican Grill Inc. (a)	—		172
	Churchill Downs Inc.	—		36
	Chuy's Holdings Inc. (a)	—		3
	Cracker Barrel Old Country Store, Inc. (b)	—		18
	Crocs Inc. (a)	1		18
	Darden Restaurants Inc.	1		81
	Dave & Buster's Entertainment Inc. (b)	—		10
	Deckers Outdoor Corp. (a)	—		37
	Designer Brands Inc. - Class A (b)	—		4
	Dine Brands Global Inc.	—		10
	Dollar General Corp.	2		330
	Domino's Pizza, Inc.	—		81
	Dorman Products Inc. (a)	—		19
	Dunkin' Brands Group Inc.	—		29
	eBay Inc.	3		97
	El Pollo Loco Holdings Inc. (a)	—		3
	Eldorado Resorts, Inc. (a) (b)	1		19
	ETSY, Inc. (a)	1		44
	Expedia Group, Inc.	1		94
	Five Below, Inc. (a)	1		57
	Foot Locker Inc.	1		22
	Fox Factory Holding Corp. (a)	—		19
	Garmin Ltd.	1		61
	Gentex Corp.	2		41
	Gentherm Incorporated (a)	—		6
	GrubHub Inc. (a) (b)	1		34
	Guess Inc. (b)	—		6
	H & R Block, Inc.	1		25
	HanesBrands Inc.	2		22
	Hasbro Inc.	1		62
	Helen of Troy Ltd (a)	—		32
	Hilton Worldwide Holdings Inc.	2		220
	Home Depot Inc.	4		948
	International Speedway Corp. - Class A	—		6
	iRobot Corp. (a) (b)	—		13
	Jack in the Box Inc.	—		12
	KAR Auction Services, Inc.	1		19
	Kontoor Brands, Inc.	—		11
	Lowe's Cos. Inc.	3		318
	Macy's, Inc.	1		19
	Marriott International Inc. - Class A	1		111
	Mattel Inc. (a) (b)	1		15
	McDonald's Corporation	6		1,323
	Monarch Casino & Resort Inc. (a)	—		1
	Monro Inc.	—		20
	Movado Group Inc.	—		3
	Newell Brands Inc.	2		29
	Nike Inc. - Class B	5		486
	Nordstrom Inc. (b)	—		13
	NVR, Inc. (a)	—		63
	Ollie's Bargain Outlet Holdings Inc. (a) (b)	1		26
	O'Reilly Automotive, Inc. (a)	1		253
	Oxford Industries Inc.	—		5
	Papa John's International Inc. (b)	—		3
	Penn National Gaming Inc. (a) (b)	1		10
	Pool Corporation	—		66
	Regis Corp. (a)	—		3
	RH (a) (b)	—		12
	Ross Stores Inc.	2		187
	Ruth's Hospitality Group Inc.	—		4
	Sally Beauty Holdings, Inc. (a)	1		8
	Scientific Games Corporation - Class A (a) (b)	1		9
	Service Corp. International	2		71
	Shake Shack Inc. - Class A (a)	—		23
	Shoe Carnival Inc. (b)	—		3
	Shutterstock Inc. (a)	—		1
	Six Flags Operations Inc.	—		16
	Sleep Number Corporation (a)	—		10
	Sotheby's (a)	—		8
	Stamps.com Inc. (a)	—		9
	Standard Motor Products Inc.	—		5
	Starbucks Corp.	5		441
	Steven Madden Ltd.	—		11
	Strategic Education, Inc.	—		23
	Sturm Ruger & Co. Inc. (b)	—		2
	Tailored Brands, Inc. (b)	1		2
	Tapestry Inc.	2		42
	Tempur Sealy International, Inc. (a)	—		14
	Texas Roadhouse Inc.	—		21
	The Wendy's Company	1		28
	Tiffany & Co. (b)	—		35
	TJX Cos. Inc.	10		546
	Tractor Supply Co.	1		87
	Tupperware Brands Corp.	—		3
	Ulta Salon, Cosmetics & Fragrance, Inc. (a)	1		117
	Under Armour Inc. - Class A (a)	1		19
	Under Armour Inc. - Class C (a)	1		18
	Urban Outfitters Inc. (a) (b)	1		14
	VF Corp.	3		235
	Williams-Sonoma Inc. (b)	—		22
	Wingstop Inc.	—		20
	Wolverine World Wide Inc.	—		11
	WW International, Inc. (a)	—		13
	Wyndham Destinations, Inc.	1		23
	Wyndham Hotels & Resorts, Inc.	1		39
	Yum! Brands Inc.	3		279
			14,674
Industrials 9.0%
	3M Company	2		391
	AAON, Inc. (b)	—		9
	AAR Corp.	—		7
	Actuant Corporation - Class A	—		7
	Advanced Energy Industries, Inc. (a)	—		6
	Aerojet Rocketdyne Holdings, Inc. (a)	1		28
	AeroVironment, Inc. (a)	—		10
	Albany International Corp. - Class A	—		20
	Allegiant Travel Company	—		16
	Allegion Public Limited Company	—		39
	AMETEK, Inc.	2		167

307

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	Applied Industrial Technologies, Inc.	—		9
	Axone Intelligence Inc. (a)	1		25
	AZZ Inc.	—		4
	Barnes Group Inc.	—		8
	Brady Corp. - Class A	—		14
	Brink's Co.	—		17
	Carlisle Cos. Inc.	—		41
	Chart Industries, Inc. (a)	—		7
	Cintas Corp.	1		184
	Clean Harbors Inc. (a)	—		18
	Comfort Systems USA Inc.	—		7
	Copart Inc. (a)	1		88
	Crane Co.	—		22
	CSX Corp.	7		448
	Cubic Corp. (b)	—		12
	Curtiss-Wright Corp.	—		46
	Donaldson Co. Inc.	1		33
	DXP Enterprises Inc. (a)	—		3
	Eaton Corporation Public Limited Company	2		136
	EnerSys	—		15
	Equifax Inc.	1		84
	ESCO Technologies Inc.	—		17
	Expeditors International of Washington Inc.	1		102
	Exponent, Inc.	1		29
	Fastenal Co.	5		155
	Federal Signal Corp.	—		12
	FedEx Corporation	1		126
	Flowserve Corporation	1		27
	Forrester Research Inc.	—		2
	Forward Air Corp.	—		9
	Franklin Electric Co. Inc.	—		18
	FTI Consulting Inc. (a)	—		16
	GATX Corp. (b)	—		12
	Genesee & Wyoming Inc. - Class A (a)	—		25
	Gibraltar Industries Inc. (a)	—		11
	Graco Inc.	1		35
	Harsco Corp. (a)	1		12
	Hawaiian Holdings Inc.	—		3
	Healthcare Services Group Inc.	—		8
	Heartland Express Inc.	—		8
	Heidrick & Struggles International Inc.	—		3
	Hillenbrand Inc.	—		6
	Honeywell International Inc.	3		497
	HUB Group Inc. - Class A (a)	—		9
	Hubbell Inc.	—		33
	IDEX Corporation	1		99
	Illinois Tool Works Inc.	1		151
	Ingersoll-Rand Public Limited Company	2		241
	Insperity, Inc.	—		32
	ITT Industries Holdings, Inc.	1		41
	JB Hunt Transport Services Inc.	1		51
	John Bean Technologies Corp.	—		13
	Kaman Corp.	—		4
	Kansas City Southern	—		49
	Kennametal Inc.	1		20
	Kirby Corp. (a)	—		17
	Korn Ferry	—		13
	L3Harris Technologies, Inc.	1		195
	Landstar System Inc.	—		23
	Lennox International Inc.	—		67
	Lincoln Electric Holdings Inc. (b)	—		25
	Lindsay Corp.	—		2
	Lockheed Martin Corporation	1		471
	Masco Corp.	1		45
	Matson Intermodal - Paragon, Inc.	—		12
	Mercury Systems Inc. (a)	—		21
	Mobile Mini, Inc.	—		13
	MSA Safety Inc.	—		33
	MSC Industrial Direct Co. - Class A	—		17
	National Presto Industries Inc.	—		2
	Navigant Consulting, Inc.	—		7
	Nordson Corp.	—		28
	Norfolk Southern Corp.	2		265
	Now, Inc. (a)	—		3
	Old Dominion Freight Line Inc.	—		61
	PGT Innovations, Inc. (a)	—		6
	Proto Labs Inc. (a)	—		21
	Raven Industries Inc.	—		10
	Raytheon Co.	1		190
	Regal-Beloit Corp.	—		13
	Republic Services Inc.	1		66
	Robert Half International Inc.	1		26
	Rockwell Automation Inc.	1		83
	Rollins Inc.	1		42
	Roper Industries Inc.	1		298
	Simpson Manufacturing Co. Inc.	—		11
	SPX Corp. (a)	—		14
	Teledyne Technologies Inc. (a)	—		44
	Tennant Co.	—		8
	Tetra Tech, Inc.	—		19
	The Boeing Company	4		1,648
	Toro Co.	1		37
	TransDigm Group Inc.	—		209
	Trex Company, Inc. (a)	—		26
	Triumph Group Inc.	—		5
	UniFirst Corp.	—		23
	Union Pacific Corp.	6		925
	United Parcel Service Inc. - Class B	3		339
	United Rentals Inc. (a)	—		40
	United Technologies Corp.	3		430
	US Ecology, Inc.	—		10
	Verisk Analytics, Inc.	1		143
	Vicor Corp. (a)	—		4
	Wabtec Corp.	1		49
	Waste Management, Inc.	3		367
	Watts Water Technologies Inc. - Class A	—		10
	Woodward Governor Co.	1		48
	WW Grainger Inc.	—		106
	XPO Logistics Inc. (a) (b)	—		22
	Xylem Inc.	2		114
			10,523
Financials 5.9%
	American Equity Investment Life Holding Company	—		9
	American Express Company	3		325
	Ameriprise Financial, Inc.	1		85
	Amerisafe, Inc.	—		9
	Aon PLC - Class A	1		238
	Arthur J Gallagher & Co.	1		94
	Axos Financial, Inc. (a)	—		5
	BancorpSouth Bank	—		9
	Bank of Hawaii Corporation	—		13
	Berkshire Hathaway Inc. - Class B (a)	8		1,587
	Blucora, Inc. (a)	—		8
	Brookline Bancorp, Inc.	—		5
	Brown & Brown Inc.	2		69
	Cadence Bancorporation - Class A	1		8
	Cboe Global Markets, Inc.	1		102
	Central Pacific Financial Corp.	—		2
	Charles Schwab Corp.	5		209
	Cincinnati Financial Corp.	1		69
	City Holdings Co.	—		13
	Comerica Inc.	1		39
	Commerce Bancshares Inc.	1		31
	Community Bank System Inc.	1		26
	CVB Financial Corp. (b)	1		9
	Discover Financial Services	2		135
	E*TRADE Financial Corp.	1		49
	East West Bancorp, Inc.	1		27
	Eaton Vance Corp.	1		28
	eHealth, Inc. (a)	—		11
	Evercore Inc. - Class A	—		12
	FactSet Research Systems Inc.	—		75
	Federated Investors Inc. - Class B	—		11
	First Bancorp Inc.	1		11
	First Financial Bancshares, Inc.	1		39
	First Midwest Bancorp Inc.	1		10
	First Republic Bank	1		130
	FirstCash, Inc.	—		30
	FNB Corp.	1		15

308

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	Genworth Financial, Inc. - Class A (a)	2		10
	Glacier Bancorp, Inc. (b)	1		30
	Globe Life Inc.	—		36
	Granite Point Mortgage Trust Inc.	—		3
	Great Western Bancorp Inc.	—		5
	Green Dot Corporation - Class A (a)	—		9
	Greenhill & Co. Inc.	—		—
	Hanover Insurance Group Inc.	—		21
	HCI Group, Inc.	—		3
	Heritage Financial Corporation	—		5
	Home Bancshares Inc. (b)	1		13
	HomeStreet, Inc. (a)	—		4
	Independent Bank Corp.	—		19
	Interactive Brokers Group, Inc. (c)	—		22
	Intercontinental Exchange, Inc.	5		420
	Kemper Corp.	—		20
	LegacyTexas Financial Group, Inc.	—		17
	LendingTree, Inc. (a) (b)	—		18
	MarketAxess Holdings Inc.	—		98
	Marsh & McLennan Cos. Inc.	3		260
	Mercury General Corp.	—		8
	Moody's Corp.	1		133
	MSCI Inc.	1		153
	NASDAQ Inc.	1		63
	National Bank Holdings Corp. - Class A	—		4
	NMI Holdings Inc. - Class A (a)	—		8
	Northern Trust Corp.	1		86
	OFG Bancorp	—		5
	Old National Bancorp	1		23
	Preferred Bank	—		3
	Primerica, Inc.	—		42
	Progressive Corp.	3		194
	RLI Corp.	—		28
	S&P Global Inc.	2		487
	S&T Bancorp Inc.	—		6
	Seacoast Banking Corp. of Florida (a)	1		13
	SEI Investments Co.	1		34
	Selective Insurance Group Inc.	—		23
	ServisFirst Bancshares, Inc.	—		4
	Signature Bank	—		34
	SLM Corporation	4		30
	Sterling Bancorp	1		20
	SVB Financial Group (a)	1		88
	T. Rowe Price Group, Inc.	1		107
	Tompkins Financial Corp.	—		2
	Triumph Bancorp, Inc. (a)	—		4
	TrustCo Bank Corp.	—		2
	U.S. Bancorp	12		649
	UMB Financial Corp.	—		23
	United Fire Group Inc.	—		10
	Universal Insurance Holdings, Inc.	—		7
	Veritex Holdings Inc.	—		7
	Virtus Partners, Inc.	—		5
	Waddell & Reed Financial Inc. - Class A (b) (c)	—		3
	Westamerica Bancorp	—		14
	WisdomTree Investments, Inc.	—		2
	World Acceptance Corp. (a)	—		5
			6,889
Consumer Staples 5.4%
	Avon Products, Inc. (a)	4		16
	B&G Foods, Inc. (b)	—		6
	Boston Beer Co. Inc. - Class A (a)	—		28
	Brown-Forman Corp. - Class B	2		90
	Calavo Growers Inc.	—		6
	Cal-Maine Foods Inc.	—		5
	Chefs' Warehouse Inc. (a)	—		3
	Church & Dwight Co. Inc.	2		149
	Clorox Co. (b)	1		160
	Coca-Cola Co.	16		883
	Colgate-Palmolive Co.	4		289
	Constellation Brands, Inc. - Class A	1		281
	Edgewell Personal Care Colombia S A S (a)	—		5
	Energizer Holdings, Inc. (b)	—		14
	Estee Lauder Cos. Inc. - Class A	1		240
	Flowers Foods Inc.	1		18
	Hershey Co.	1		112
	Hormel Foods Corp. (b)	2		97
	Inter Parfums Inc.	—		9
	J&J Snack Foods Corp.	—		14
	John B. Sanfilippo & Son Inc.	—		4
	Kellogg Co.	2		130
	Kimberly-Clark Corp.	2		214
	Lamb Weston Holdings Inc.	1		86
	Lancaster Colony Corp.	—		21
	McCormick & Co. Inc.	1		158
	Medifast, Inc.	—		10
	MGPI Processing, Inc.	—		2
	Monster Beverage 1990 Corporation (a)	3		184
	National Beverage Corp. (b)	—		2
	PepsiCo Inc.	7		946
	Philip Morris International Inc.	7		487
	Post Holdings Inc. (a)	1		58
	Procter & Gamble Co.	11		1,413
	Sysco Corp.	3		208
	Tootsie Roll Industries Inc.	—		4
	USANA Health Sciences, Inc. (a)	—		5
	Vector Group Ltd. (b)	—		4
	WD-40 Co.	—		20
			6,381
Real Estate 4.1%
	Acadia Realty Trust	1		14
	Agree Realty Corporation	—		27
	American Assets Trust, Inc.	—		12
	American Campus Communities, Inc.	1		51
	American Tower Corporation	4		793
	Apartment Investment and Management Company - Class A	1		63
	Armada Hoffler Properties, Inc.	1		10
	ARMOUR Residential REIT, Inc.	—		4
	AvalonBay Communities, Inc.	1		169
	Boston Properties Inc.	1		86
	Brixmor Property Group Inc.	1		23
	Camden Property Trust	1		53
	Caretrust REIT, Inc.	1		16
	Community Healthcare Trust Incorporated	—		5
	CoreCivic, Inc.	1		10
	CoreSite Realty Corporation	—		21
	Cousins Properties Incorporated	1		21
	Crown Castle International Corp.	1		192
	Cyrusone LLC	1		73
	DiamondRock Hospitality Co.	1		13
	Digital Realty Trust Inc.	1		122
	Douglas Emmett, Inc.	1		30
	Duke Realty Corp.	2		67
	Easterly Government Properties, Inc.	1		16
	EastGroup Properties Inc.	—		39
	EPR Properties	—		30
	Equinix, Inc.	1		236
	Equity Residential	2		168
	Essex Property Trust Inc.	—		128
	Extra Space Storage Inc.	1		80
	Federal Realty Investment Trust	—		38
	First Industrial Realty Trust, Inc.	1		25
	Four Corners Property Trust, Inc.	1		16
	Getty Realty Corp.	—		3
	Global Net Lease Inc.	—		6
	HCP, Inc.	4		139
	Healthcare Realty Trust Inc. (b)	1		20
	Highwoods Properties Inc.	1		20
	Host Hotels & Resorts, Inc.	3		50
	Innovative Industrial Properties, Inc. (b)	—		6
	JBG Smith Properties	1		28
	Lamar Advertising Co. - Class A	—		31
	Liberty Property Trust	1		37
	Life Storage Inc.	—		42
	LTC Properties Inc.	—		10
	Mack-Cali Realty Corp.	1		12
	Marcus & Millichap Inc. (a)	—		7
	Medical Properties Trust, Inc.	4		70

309

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	Mid-America Apartment Communities, Inc.	1		65
	National Retail Properties Inc.	1		77
	National Storage Affiliates Trust	1		15
	New York Mortgage Trust Inc.	1		5
	Office Properties Income Trust (b)	—		4
	Omega Healthcare Investors Inc.	2		74
	Park Hotels & Resorts Inc.	1		25
	Pebblebrook Hotel Trust	1		13
	PS Business Parks, Inc.	—		17
	Public Storage	1		296
	Rayonier Inc.	1		18
	Realty Income Corp.	2		143
	Redwood Trust Inc.	1		15
	Regency Centers Corp.	1		40
	RPT Realty (b)	1		6
	Saul Centers Inc.	—		4
	SBA Communications Corporation	1		129
	Simon Property Group Inc.	2		259
	Spirit Realty Capital, Inc.	1		20
	Tanger Factory Outlet Centers Inc. (b)	—		4
	Taubman Centers Inc.	—		15
	The GEO Group, Inc.	—		7
	UDR Inc.	1		62
	Uniti Group Inc. (b)	1		10
	Universal Health Realty Income Trust	—		9
	Urban Edge Properties	1		8
	Urstadt Biddle Properties Inc. - Class A	—		9
	Vornado Realty Trust	1		44
	Washington Prime Group, L.P. (b)	1		5
	Washington REIT	—		7
	Weingarten Realty Investors	1		17
	Welltower Inc.	3		295
			4,849
Energy 2.7%
	Antero Midstream Corporation (b)	—		3
	Apache Corporation (b)	3		78
	Apergy Corporation (a)	—		8
	Archrock, Inc.	1		13
	Cabot Oil & Gas Corp.	2		39
	Callon Petroleum Company (a) (b)	2		6
	Carrizo Oil & Gas Inc. (a)	1		7
	Chesapeake Energy Corp. (a) (b)	4		6
	Cimarex Energy Co.	1		23
	CNX Resources Corporation (a)	1		10
	Concho Resources Inc.	1		60
	ConocoPhillips	9		513
	CONSOL Mining Corporation (a)	—		2
	Core Laboratories N.V.	—		9
	Denbury Resources Inc. (a) (b)	3		3
	Devon Energy Corporation	3		81
	Diamondback Energy, Inc.	1		119
	DMC Global Inc. (b)	—		4
	Equitrans Midstream Corp.	2		23
	Exxon Mobil Corporation	19		1,356
	Hess Corporation	1		69
	HighPoint Resources Corporation (a)	1		2
	HollyFrontier Corp.	1		68
	Jagged Peak Energy Inc. (a)	—		3
	KLX Energy Services Holdings, Inc. (a)	—		2
	Marathon Oil Corp.	7		81
	Matador Resources Co. (a)	1		8
	Murphy Oil Corp. (b)	1		28
	Nabors Industries Ltd	1		2
	Noble Corporation PLC (a)	1		1
	Occidental Petroleum Corporation	7		320
	ONEOK Inc.	2		140
	PBF Energy Inc. - Class A	1		15
	Penn Virginia Corporation (a)	—		2
	Propetro Holding Corp. (a)	1		5
	QEP Resources, Inc.	2		6
	Reg Biofuels, LLC (a) (b)	—		3
	RPC Inc. (b)	—		1
	Southwestern Energy Co. (a) (b)	2		3
	Transocean Ltd. (a)	2		11
	Unit Corp. (a)	—		1
	Valaris PLC - Class A (b) (c)	2		7
	Whiting Petroleum Corp. (a) (b)	1		4
			3,145
Materials 2.4%
	Air Products and Chemicals, Inc.	2		395
	AK Steel Holding Corporation (a) (b)	2		5
	Allegheny Technologies Incorporated (a)	1		19
	Amcor Plc	7		63
	AptarGroup, Inc.	—		32
	Avery Dennison Corporation	—		35
	Balchem Corporation	—		14
	Ball Corporation	2		132
	Cabot Corp.	—		12
	Celanese Corp. - Class A	1		67
	CF Industries Holdings Inc.	1		39
	Chemours Co.	1		20
	Eagle Materials Inc.	—		19
	Eastman Chemical Co.	1		46
	Ecolab Inc.	2		406
	Ferro Corp. (a)	—		3
	FMC Corp.	1		40
	Freeport-McMoRan Inc. - Class B	6		52
	FutureFuel Corp.	—		2
	GCP Applied Technologies Inc. (a)	—		2
	Greif Inc. - Class A	—		5
	Hawkins Inc.	—		4
	Ingevity Corporation (a)	—		16
	Innospec Inc.	—		18
	Kaiser Aluminum Corp.	—		12
	Linde Public Limited Company	3		569
	Louisiana-Pacific Corp.	1		11
	Martin Marietta Materials Inc.	—		79
	Materion Corp.	—		9
	MOS Holdings Inc.	2		29
	NewMarket Corp.	—		25
	Park Aerospace Technologies Corp.	—		—
	PPG Industries Inc.	1		102
	Quaker Chemical Corp.	—		16
	Royal Gold Inc. (b)	—		42
	RPM International Inc.	1		71
	Scotts Miracle-Gro Co. - Class A	—		21
	Sensient Technologies Corporation	—		10
	Sherwin-Williams Co.	1		224
	SunCoke Energy, Inc. (a)	1		5
	Trinseo S.A.	—		3
	Valvoline, Inc.	1		17
	Vulcan Materials Co.	1		78
	Warrior Met Coal, Inc.	—		3
			2,772
Utilities 2.2%
	Alliant Energy Corporation	1		58
	Ameren Corporation	2		163
	American States Water Company	—		17
	American Water Works Company, Inc.	1		115
	Aqua America, Inc.	1		36
	Atmos Energy Corporation	1		64
	Avista Corporation	—		12
	Black Hills Corporation	1		36
	California Water Service Group	—		11
	CMS Energy Corp.	1		83
	Dominion Energy, Inc.	3		251
	El Paso Electric Co.	—		11
	Eversource Energy (b)	2		122
	Hawaiian Electric Industries Inc.	1		19
	IDACORP Inc.	—		28
	National Fuel Gas Co. (b)	1		32
	NextEra Energy, Inc.	4		923
	Northwest Natural Holding Company	—		12
	NorthWestern Corp.	—		17
	NRG Energy Inc.	2		81
	OGE Energy Corp.	1		39
	One Gas, Inc.	—		20
	Pinnacle West Capital Corp.	1		88

310

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Spire, Inc.		—		15
	UGI Corp.		2		85
	WEC Energy Group Inc.		1		114
	Xcel Energy Inc. (b)		2		124
				2,576
	Total Common Stocks (cost $106,186)			117,079
INVESTMENT COMPANIES 0.0%
	iShares S&P 400 Growth Index Fund		—		4
	iShares S&P 500 Growth Index Fund (b)		—		62
	iShares S&P Small-Cap 600 Growth ETF		—		2
	Total Investment Companies (cost $69)			68
SHORT TERM INVESTMENTS 1.3%
Securities Lending Collateral 1.1%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (d) (e)		1,250		1,250
Investment Companies 0.2%
	JNL Government Money Market Fund - Institutional Class, 1.86% (d) (e)		252		252
U.S. Treasury Bill 0.0%
	Treasury, United States Department of
		1.94%, 12/12/19 (f) (g)	35		35
	Total Short Term Investments (cost $1,537)			1,537
Total Investments 101.0% (cost $107,792)					118,684
Other Derivative Instruments 0.0%					2
Other Assets and Liabilities, Net (1.0)%					(1,218)
Total Net Assets 100.0%					117,468

(a)Non-income producing security.

(b)All or a portion of the security was on loan as of September 30, 2019.

(c)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

(d)Investment in affiliate.

(e)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

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

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

JNL/Mellon S&P 1500 Growth Index Fund — Futures Contracts
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
S&P 500 Index	3	December 2019		451	2			(4)

311

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1	Value ($)
JNL/Mellon S&P 1500 Value Index Fund
COMMON STOCKS 98.8%
Financials 21.4%
	Affiliated Managers Group, Inc. (a)	—	26
	AFLAC Incorporated	4	224
	Alleghany Corporation (b)	—	66
	Ambac Financial Group, Inc. (b)	—	4
	American Equity Investment Life Holding Company	—	5
	American Express Company	2	233
	American Financial Group, Inc.	1	46
	American International Group, Inc.	5	283
	Ameriprise Financial, Inc.	—	52
	Ameris Bancorp	1	17
	Amerisafe, Inc.	—	1
	Aon PLC - Class A	1	98
	Arthur J Gallagher & Co.	—	33
	Associated Banc-Corp	1	21
	Assurant, Inc.	—	42
	Axos Financial, Inc. (b)	—	4
	Banc of California, Inc.	—	3
	BancorpSouth Bank	—	8
	Bank of America Corporation	49	1,422
	Bank of Hawaii Corporation	—	10
	Bank OZK	1	18
	Banner Corporation	—	10
	BB&T Corporation	5	239
	Berkshire Hathaway Inc. - Class B (b)	6	1,234
	Berkshire Hills Bancorp, Inc.	—	7
	BlackRock, Inc.	1	306
	Boston Private Financial Holdings Inc.	—	4
	Brighthouse Financial, Inc. (b)	1	28
	Brookline Bancorp, Inc.	—	2
	Cadence Bancorporation - Class A	1	7
	Capital One Financial Corporation	3	250
	Cathay General Bancorp	1	14
	Central Pacific Financial Corp.	—	3
	Charles Schwab Corp.	3	135
	Chubb Limited	3	429
	Cincinnati Financial Corp.	1	53
	Citigroup Inc.	13	909
	Citizens Financial Group Inc.	3	93
	CME Group Inc.	2	441
	CNO Financial Group, Inc.	1	15
	Columbia Banking System Inc.	—	14
	Comerica Inc.	1	33
	Commerce Bancshares Inc.	—	11
	Cullen/Frost Bankers Inc. (a)	—	32
	Customers Bancorp, Inc. (b)	—	4
	CVB Financial Corp. (a)	—	7
	Dime Community Bancshares Inc.	—	4
	Discover Financial Services	1	51
	Donnelley Financial Solutions, Inc. (b)	—	2
	E*TRADE Financial Corp.	1	24
	Eagle Bancorp Inc.	—	8
	East West Bancorp, Inc.	—	17
	Eaton Vance Corp.	—	11
	Employer Holdings Inc.	—	10
	Encore Capital Group Inc. (a) (b)	—	5
	Enova International, Inc. (b)	—	4
	Evercore Inc. - Class A	—	12
	Everest Re Group, Ltd.	—	61
	EzCorp Inc. - Class A (a) (b)	—	1
	Federated Investors Inc. - Class B	—	9
	Fifth Third Bancorp	4	118
	First American Financial Corporation	1	37
	First Bancorp Inc.	1	5
	First Commonwealth Financial Corp.	1	8
	First Financial Bancorp	1	14
	First Horizon National Corp.	2	28
	First Midwest Bancorp Inc.	—	5
	Flagstar Bancorp Inc.	—	6
	FNB Corp.	1	11
	Franklin Financial Network, Inc.	—	3
	Franklin Resources Inc.	2	50
	Fulton Financial Corp. (a)	1	14
	Genworth Financial, Inc. - Class A (b)	2	7
	Globe Life Inc.	—	29
	Granite Point Mortgage Trust Inc.	—	4
	Great Western Bancorp Inc.	—	5
	Greenhill & Co. Inc.	—	—
	Hancock Whitney Co.	1	21
	Hanmi Financial Corp.	—	4
	Hanover Insurance Group Inc.	—	17
	Heritage Financial Corporation	—	2
	Home Bancshares Inc. (a)	1	9
	HomeStreet, Inc. (b)	—	1
	Hope Bancorp, Inc.	1	9
	Horace Mann Educators Corp.	—	11
	Huntington Bancshares Inc.	6	86
	Interactive Brokers Group, Inc. (c)	—	8
	International Bancshares Corp.	—	14
	INTL FCStone Inc. (b)	—	3
	Invesco Ltd.	2	37
	James River Group, Inc.	—	10
	Janus Henderson Group PLC (a)	1	23
	Jefferies Financial Group Inc.	2	26
	JPMorgan Chase & Co.	19	2,189
	Kemper Corp.	—	18
	KeyCorp	6	102
	Legg Mason Inc.	1	21
	Lincoln National Corp.	1	71
	Loews Corp.	2	80
	M&T Bank Corporation	1	122
	Marsh & McLennan Cos. Inc.	1	107
	Mercury General Corp.	—	5
	Meta Financial Group, Inc.	—	5
	MetLife, Inc.	5	223
	Moody's Corp.	1	98
	Morgan Stanley	7	310
	NASDAQ Inc.	—	21
	National Bank Holdings Corp. - Class A	—	1
	Navient Corporation	1	14
	NBT Bancorp Inc.	—	9
	New York Community Bancorp Inc.	3	35
	NMI Holdings Inc. - Class A (b)	—	5
	Northern Trust Corp.	1	55
	Northfield Bancorp Inc.	—	5
	Northwest Bancshares Inc.	1	9
	OFG Bancorp	—	3
	Old Republic International Corp.	2	38
	Opus Bank	—	2
	Oritani Financial Corp.	—	5
	Pacific Premier Bancorp, Inc.	1	13
	PacWest Bancorp	1	24
	People's United Financial Inc.	2	36
	Pinnacle Financial Partners, Inc.	1	25
	Piper Jaffray Cos.	—	5
	PNC Financial Services Group Inc.	3	364
	Preferred Bank	—	1
	Principal Financial Group, Inc.	2	85
	ProAssurance Corporation	—	13
	Progressive Corp.	2	122
	Prosperity Bancshares Inc. (a)	1	31
	Provident Financial Services, Inc.	—	8
	Prudential Financial Inc.	2	210
	Raymond James Financial Inc.	1	58
	Regions Financial Corporation	6	92
	Reinsurance Group of America Inc.	—	56
	RenaissanceRe Holdings Ltd	—	49
	S&T Bancorp Inc.	—	3
	Safety Insurance Group, Inc.	—	7
	SEI Investments Co.	—	21
	Selective Insurance Group Inc.	—	8
	ServisFirst Bancshares, Inc.	—	5
	Signature Bank	—	14
	Simmons First National Corp. - Class A	1	12
	Southside Bancshares, Inc.	—	6
	State Street Corp.	2	130
	Sterling Bancorp	1	11

312

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	Stewart Information Services Corp.	—		4
	Stifel Financial Corp.	—		22
	SunTrust Banks Inc.	3		176
	Synchrony Financial	4		124
	Synovus Financial Corp.	1		31
	T. Rowe Price Group, Inc.	1		78
	TCF Financial Corporation	1		35
	Texas Capital Bancshares, Inc. (b)	—		18
	The Allstate Corporation	2		208
	The Bank of New York Mellon Corporation (d)	5		229
	The Goldman Sachs Group, Inc.	2		390
	The Hartford Financial Services Group, Inc.	2		126
	The PRA Group, Inc. (b)	—		11
	The Travelers Companies, Inc.	2		224
	Third Point Reinsurance Ltd. (b)	1		4
	Tompkins Financial Corp.	—		4
	TrustCo Bank Corp.	—		2
	Trustmark Corp.	—		12
	Umpqua Holdings Corp.	1		22
	United Bankshares Inc. (a)	1		24
	United Community Banks, Inc.	1		13
	United Insurance Holdings Corp.	—		1
	Unum Group	1		37
	Valley National Bancorp (a)	2		22
	Veritex Holdings Inc.	—		2
	Virtus Partners, Inc.	—		1
	W. R. Berkley Corporation	1		62
	Waddell & Reed Financial Inc. - Class A (a) (c)	—		4
	Walker & Dunlop, Inc.	—		9
	Washington Federal Inc.	1		16
	Webster Financial Corp.	1		26
	Wells Fargo & Co.	23		1,177
	Willis Towers Watson Public Limited Company	1		144
	Wintrust Financial Corporation	—		22
	WisdomTree Investments, Inc.	—		1
	World Acceptance Corp. (b)	—		1
	Zions Bancorp	1		48
			16,032
Information Technology 15.8%
	Accenture Public Limited Company - Class A	2		386
	ADTRAN, Inc.	—		3
	Alarm.Com Holdings, Inc. (b)	—		3
	Amphenol Corporation - Class A	1		103
	Analog Devices, Inc.	1		112
	Anixter International Inc. (b)	—		11
	Apple Inc.	25		5,531
	Applied Materials, Inc.	5		266
	Applied Optoelectronics, Inc. (a) (b)	—		1
	Arlo Technologies, Inc. (b)	—		1
	Arrow Electronics, Inc. (b)	1		34
	Avnet, Inc.	1		28
	Axcelis Technologies, Inc. (b)	—		1
	Badger Meter, Inc. (a)	—		4
	Bel Fuse Inc. - Class B	—		1
	Belden Inc.	—		13
	Benchmark Electronics, Inc.	—		6
	Blackbaud, Inc.	—		9
	CACI International Inc. - Class A (b)	—		33
	Cadence Design Systems Inc. (b)	1		45
	CDK Global, Inc.	1		19
	CDW Corp.	1		62
	CEVA Inc. (b)	—		3
	Cirrus Logic Inc. (b)	—		18
	Cognex Corp.	1		23
	Cognizant Technology Solutions Corp. - Class A	3		197
	Coherent Inc. (b)	—		23
	Cohu Inc.	—		1
	Comtech Telecommunications Corp.	—		5
	Corning Inc.	5		128
	CSG Systems International, Inc.	—		6
	Daktronics Inc.	—		1
	Diebold Nixdorf Inc. (b)	—		3
	Digi International Inc. (b)	—		1
	Diodes Inc. (b)	—		5
	DSP Group, Inc. (b)	—		—
	DXC Technology Company	2		44
	Ebix Inc. (a)	—		1
	ePlus Inc. (b)	—		3
	EVERTEC, Inc.	—		4
	ExlService Holdings Inc. (b)	—		10
	Extreme Networks, Inc. (b)	1		3
	Fabrinet (b)	—		5
	FARO Technologies Inc. (b)	—		3
	First Solar Inc. (b)	1		24
	FleetCor Technologies Inc. (b)	—		59
	FLIR Systems Inc.	1		40
	FormFactor Inc. (b)	1		10
	Hewlett Packard Enterprise Company	8		115
	HP Inc.	9		164
	Ichor Holdings, Ltd. (b)	—		3
	II-VI Inc. (a) (b)	1		17
	Insight Enterprises, Inc. (b)	—		11
	Intel Corp.	9		436
	InterDigital Communications, Inc.	—		4
	International Business Machines Corp.	5		750
	IPG Photonics Corporation (a) (b)	—		27
	Itron Inc. (b)	—		13
	Jabil Inc.	1		30
	Jack Henry & Associates Inc.	—		32
	Juniper Networks, Inc.	2		50
	KBR, Inc.	1		11
	KLA-Tencor Corp.	1		67
	Knowles Corporation (b)	—		5
	Kulicke & Soffa Industries Inc.	—		9
	Lam Research Corp.	1		194
	LivePerson, Inc. (b)	—		5
	LogMeIn, Inc.	—		19
	Lumentum Holdings Inc. (b)	—		11
	Manhattan Associates Inc. (b)	—		8
	Mantech International Corp. - Class A	—		11
	Maxim Integrated Products, Inc.	1		37
	MaxLinear, Inc. - Class A (b)	—		4
	Methode Electronics Inc.	—		9
	Microchip Technology Incorporated (a)	1		63
	Micron Technology Inc. (b)	7		276
	MicroStrategy Inc. - Class A (b)	—		4
	MKS Instruments, Inc.	—		28
	Monotype Imaging Holdings Inc.	—		1
	MTS Systems Corp.	—		2
	NCR Corporation (b)	1		24
	NETGEAR, Inc. (b)	—		8
	NetScout Systems, Inc. (b)	—		9
	NIC Inc.	—		5
	NVIDIA Corporation	2		291
	Onespan, Inc. (b)	—		1
	Oracle Corporation	7		355
	OSI Systems Inc. (b)	—		5
	Paychex Inc.	1		56
	PDF Solutions Inc. (b)	—		3
	Perspecta Inc.	1		22
	Photronics Inc. (b)	—		3
	Plantronics Inc.	—		2
	Plexus Corp. (b)	—		10
	Power Integrations Inc.	—		6
	Progress Software Corp.	—		4
	Qorvo, Inc. (b)	1		52
	Qualcomm Incorporated	4		260
	Qualys, Inc. (b)	—		5
	Rambus Inc. (b)	1		9
	Rogers Corp. (b)	—		4
	Rudolph Technologies Inc. (b)	—		1
	Sanmina Corp. (b)	1		14
	ScanSource Inc. (b)	—		5
	Science Applications International Corp.	—		27
	Seagate Technology Public Limited Company	1		29
	Skyworks Solutions, Inc.	—		29
	SolarEdge Technologies Ltd. (b)	—		7
	Sykes Enterprises Inc. (b)	—		6
	Symantec Corp.	4		84

313

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	Synaptics Incorporated (a) (b)	—		4
	SYNNEX Corporation	—		28
	Synopsys Inc. (b)	—		52
	TE Connectivity Ltd.	2		183
	Tech Data Corp. (b)	—		22
	Teradyne Inc.	—		20
	Texas Instruments Incorporated	2		237
	TiVo Corporation	1		6
	TTEC Holdings, Inc.	—		5
	TTM Technologies, Inc. (b)	1		9
	Ultra Clean Holdings, Inc. (b)	—		4
	Universal Display Corporation	—		14
	Veeco Instruments Inc. (b)	—		4
	Versum Materials, Inc.	—		9
	ViaSat, Inc. (b)	—		12
	Vishay Intertechnology Inc.	1		13
	Western Digital Corp.	2		104
	Western Union Co.	1		32
	Xerox Holdings, Inc.	1		33
	Xperii Corp.	—		5
			11,840
Industrials 10.8%
	3M Company	2		271
	AAON, Inc. (a)	—		5
	AAR Corp.	—		4
	ABM Industries Incorporated	—		13
	Actuant Corporation - Class A	—		4
	Acuity Brands, Inc.	—		30
	Advanced Energy Industries, Inc. (b)	—		6
	AECOM (b)	1		33
	Aegion Corporation (b)	—		5
	AGCO Corporation	—		27
	Alamo Group Inc.	—		6
	Alaska Air Group, Inc.	1		45
	Allegion Public Limited Company	—		26
	American Airlines Group Inc. (a)	2		64
	American Woodmark Corporation (b)	—		8
	AO Smith Corp.	1		38
	Apogee Enterprises, Inc.	—		5
	Applied Industrial Technologies, Inc.	—		5
	Arcbest Corporation	—		4
	Arconic Inc.	2		58
	Arcosa, Inc.	—		10
	Astec Industries, Inc.	—		3
	Atlas Air Worldwide Holdings, Inc. (b)	—		3
	Avis Budget Group, Inc. (b)	—		9
	AZZ Inc.	—		1
	Barnes Group Inc.	—		8
	Brady Corp. - Class A	—		5
	Briggs & Stratton Corp.	—		1
	Brink's Co.	—		11
	C.H. Robinson Worldwide, Inc.	1		68
	Carlisle Cos. Inc.	—		17
	Caterpillar Inc.	3		414
	Chart Industries, Inc. (b)	—		7
	CIRCOR International, Inc. (b)	—		4
	Clean Harbors Inc. (b)	—		9
	Colfax Corp. (a) (b)	1		18
	Comfort Systems USA Inc.	—		4
	Copart Inc. (b)	—		29
	Crane Co.	—		9
	Cubic Corp. (a)	—		5
	Cummins Inc.	1		147
	Deere & Co.	2		310
	Delta Air Lines Inc.	4		197
	Deluxe Corp.	—		11
	Donaldson Co. Inc.	—		15
	Dover Corp.	1		83
	Dycom Industries, Inc. (b)	—		8
	Eaton Corporation Public Limited Company	1		104
	Echo Global Logistics, Inc. (b)	—		4
	EMCOR Group, Inc.	—		27
	Emerson Electric Co.	4		241
	Encore Wire Corp.	—		8
	EnerSys	—		5
	EnPro Industries, Inc.	—		8
	Equifax Inc.	—		38
	Federal Signal Corp.	—		5
	FedEx Corporation	1		110
	Flowserve Corporation (a)	1		19
	Fluor Corp.	1		14
	Fortive Corporation	2		116
	Fortune Brands Home & Security, Inc.	1		43
	Forward Air Corp.	—		4
	FTI Consulting Inc. (b)	—		12
	GATX Corp. (a)	—		10
	General Dynamics Corp.	1		253
	General Electric Company	51		455
	Genesee & Wyoming Inc. - Class A (b)	—		18
	Gibraltar Industries Inc. (b)	—		4
	GMS Inc. (b)	—		9
	Graco Inc.	1		18
	Granite Construction Inc.	—		7
	Greenbrier Cos. Inc.	—		5
	Griffon Corp.	—		3
	Hawaiian Holdings Inc.	—		4
	Healthcare Services Group Inc. (a)	—		3
	Heartland Express Inc.	—		2
	Heidrick & Struggles International Inc.	—		1
	Herman Miller Inc.	—		16
	Hillenbrand Inc.	—		7
	HNI Corp.	—		8
	Honeywell International Inc.	2		355
	HUB Group Inc. - Class A (b)	—		5
	Hubbell Inc.	—		15
	Huntington Ingalls Industries Inc.	—		52
	Illinois Tool Works Inc.	1		162
	Insteel Industries, Inc.	—		1
	Interface Inc.	—		4
	Jacobs Engineering Group Inc.	1		71
	JB Hunt Transport Services Inc.	—		17
	JetBlue Airways Corp. (b)	2		30
	John Bean Technologies Corp.	—		8
	Johnson Controls International Public Limited Company	5		201
	Kaman Corp.	—		5
	Kansas City Southern	—		45
	Kelly Services Inc. - Class A	—		4
	Kirby Corp. (b)	—		14
	Knight-Swift Transportation Holdings Inc. - Class A (a)	1		27
	Korn Ferry	—		4
	L3Harris Technologies, Inc.	1		131
	Landstar System Inc.	—		9
	Lincoln Electric Holdings Inc. (a)	—		14
	Lindsay Corp.	—		2
	Lockheed Martin Corporation	1		227
	Lydall Inc. (b)	—		2
	ManpowerGroup Inc.	—		28
	Marten Transport Ltd.	—		5
	Masco Corp.	1		38
	MasTec Inc. (b)	—		24
	Matthews International Corp. - Class A (a)	—		7
	Mercury Systems Inc. (b)	—		10
	Moog Inc. - Class A	—		14
	MSC Industrial Direct Co. - Class A	—		9
	Mueller Industries Inc.	—		9
	MYR Group Inc. (b)	—		3
	Navigant Consulting, Inc.	—		2
	Nielsen Holdings plc	2		44
	Nordson Corp.	—		26
	Norfolk Southern Corp.	1		85
	Northrop Grumman Systems Corp.	1		346
	Now, Inc. (b)	—		4
	Nvent Electric Public Limited Company	1		21
	Old Dominion Freight Line Inc.	—		22
	Oshkosh Corp.	—		29
	Owens Corning Inc.	1		42
	PACCAR Inc.	2		139

314

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	Parker Hannifin Corp.	1		133
	Patrick Industries Inc. (b)	—		5
	Pentair Public Limited Company	1		36
	PGT Innovations, Inc. (b)	—		1
	Pitney Bowes Inc. (a)	1		3
	Powell Industries Inc.	—		1
	Quanex Building Products Corp.	—		4
	Quanta Services, Inc.	1		30
	Raytheon Co.	1		179
	Regal-Beloit Corp.	—		8
	Republic Services Inc.	1		62
	Resideo Technologies, Inc. (b)	1		9
	Resources Connection, Inc.	—		3
	Robert Half International Inc.	1		23
	Rockwell Automation Inc.	—		57
	RR Donnelley & Sons Co.	—		1
	Ryder System, Inc.	—		14
	Saia, Inc. (b)	—		14
	Simpson Manufacturing Co. Inc.	—		9
	SkyWest Inc.	—		16
	Snap-On Inc.	—		51
	Southwest Airlines Co.	3		151
	SPX Flow, Inc. (b)	—		10
	Standex International Corp.	—		5
	Stanley Black & Decker Inc.	1		129
	Stericycle Inc. (a) (b)	1		26
	Team Inc. (a) (b)	—		4
	Teledyne Technologies Inc. (b)	—		35
	Tennant Co.	—		3
	Terex Corp.	—		9
	Tetra Tech, Inc.	—		12
	Textron Inc.	1		64
	Timken Co.	1		19
	Titan International, Inc.	—		1
	Toro Co.	—		16
	Trex Company, Inc. (b)	—		10
	Trinity Industries Inc. (a)	1		15
	Triumph Group Inc. (a)	—		4
	TrueBlue, Inc. (b)	—		4
	United Airlines Holdings, Inc. (b)	1		115
	United Parcel Service Inc. - Class B	2		245
	United Rentals Inc. (b)	—		28
	United Technologies Corp.	3		336
	Universal Forest Products Inc.	—		13
	Valmont Industries Inc.	—		19
	Verisk Analytics, Inc.	—		47
	Veritiv Corp. (b)	—		1
	Viad Corp	—		10
	Wabash National Corp.	—		5
	Wabtec Corp.	1		42
	Watsco Inc.	—		34
	Watts Water Technologies Inc. - Class A	—		10
	Werner Enterprises Inc.	—		9
	XPO Logistics Inc. (a) (b)	—		22
			8,068
Health Care 9.7%
	AbbVie Inc.	4		314
	Acadia Healthcare Company, Inc. (a) (b)	1		15
	Acorda Therapeutics, Inc. (a) (b)	—		—
	Agilent Technologies, Inc.	1		66
	Akorn, Inc. (b)	1		2
	Align Technology, Inc. (b)	—		35
	Allergan Public Limited Company	2		322
	Allscripts Healthcare Solutions, Inc. (b)	1		10
	AMAG Pharmaceuticals, Inc. (a) (b)	—		1
	AmerisourceBergen Corporation	1		74
	Amgen Inc.	1		231
	Anika Therapeutics, Inc. (b)	—		5
	Anthem, Inc.	2		358
	Assertio Therapeutics, Inc. (b)	—		—
	Baxter International Inc.	2		146
	Becton, Dickinson and Company	1		148
	Biogen Inc. (b)	1		117
	Bristol-Myers Squibb Co.	5		238
	Cambrex Corp. (b)	—		4
	Cantel Medical Corp.	—		8
	Cardinal Health, Inc.	2		81
	Catalent Inc. (b)	—		16
	Celgene Corp. (b)	2		218
	Centene Corporation (b)	2		103
	Charles River Laboratories International Inc. (b)	—		18
	Cigna Corp.	1		142
	Community Health Systems Inc. (a) (b)	1		2
	Computer Programs & Systems Inc.	—		—
	Cooper Cos. Inc.	—		47
	Covetrus, Inc. (a) (b)	—		4
	Cross Country Healthcare Inc. (b)	—		3
	Cutera Inc. (b)	—		2
	CVS Health Corporation	8		478
	Cytokinetics, Incorporated (b)	—		3
	Danaher Corporation	2		237
	Dentsply Sirona Inc.	1		73
	Diplomat Pharmacy, Inc. (b)	—		1
	Emergent BioSolutions Inc. (b)	—		5
	Exelixis, Inc. (b)	1		14
	Genomic Health, Inc. (b)	—		2
	Gilead Sciences Inc.	7		468
	Healthstream, Inc. (b)	—		1
	Henry Schein Inc. (b)	1		31
	Hologic Inc. (b)	1		33
	Incyte Corporation (b)	1		41
	Inogen, Inc. (b)	—		3
	Invacare Corp.	—		1
	IQVIA Inc. (b)	—		42
	Johnson & Johnson	6		815
	Laboratory Corporation of America Holdings (b)	1		94
	Lannett Co. Inc. (a) (b)	—		3
	Lantheus Holdings Inc. (b)	—		3
	LeMaitre Vascular Inc.	—		2
	LHC Group, Inc. (b)	—		8
	Magellan Health Services Inc. (b)	—		8
	McKesson Corporation	1		150
	Medicines Co. (a) (b)	—		4
	Medidata Solutions, Inc. (b)	—		13
	Mednax, Inc. (b)	1		12
	Mettler-Toledo International Inc. (b)	—		37
	Momenta Pharmaceuticals, Inc. (b)	—		4
	Mylan Holdings Ltd. (b)	3		57
	Myriad Genetics, Inc. (b)	—		6
	Natus Medical Inc. (b)	—		1
	Nektar Therapeutics (a) (b)	1		18
	Orasure Technologies, Inc. (b)	—		1
	Orthofix Medical Inc. (b)	—		1
	Owens & Minor Inc.	1		4
	Pacira Biosciences, Inc. (b)	—		3
	Patterson Cos. Inc.	1		8
	PerkinElmer Inc.	—		27
	Perrigo Company Public Limited Company	1		47
	Phibro Animal Health Corporation - Class A	—		1
	Prestige Consumer Healthcare Inc. (b)	—		10
	Providence Services Corp. (b)	—		4
	Quest Diagnostics Incorporated	1		83
	Regeneron Pharmaceuticals, Inc. (b)	—		54
	Select Medical Holdings Corporation (b)	1		10
	Stryker Corp.	1		163
	Syneos Health, Inc. - Class A (b)	—		7
	Tenet Healthcare Corporation (b)	—		8
	United Therapeutics Corporation (b)	—		19
	UnitedHealth Group Incorporated	6		1,199
	Universal Health Services Inc. - Class B	—		31
	Varex Imaging Corporation (b)	—		3
	Waters Corp. (a) (b)	—		36
	Zoetis Inc. - Class A	1		155
			7,272
Consumer Staples 9.1%
	Altria Group, Inc.	11		446
	Archer-Daniels-Midland Company	3		132
	B&G Foods, Inc. (a)	—		3

315

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	Calavo Growers Inc.	—		3
	Cal-Maine Foods Inc.	—		4
	Campbell Soup Co.	1		51
	Casey's General Stores Inc.	—		35
	Central Garden & Pet Co. (a) (b)	—		1
	Central Garden & Pet Co. - Class A (b)	—		5
	Chefs' Warehouse Inc. (b)	—		1
	Coca-Cola Co.	11		586
	Coca-Cola Consolidated Inc.	—		7
	Colgate-Palmolive Co.	2		156
	ConAgra Brands Inc.	3		86
	Costco Wholesale Corporation	3		738
	Coty Inc. - Class A	2		17
	Darling Ingredients Inc. (b)	1		20
	Dean Foods Co. (a)	—		—
	Del Monte Fresh Produce Company	—		7
	Edgewell Personal Care Colombia S A S (b)	—		4
	Energizer Holdings, Inc. (a)	—		9
	Estee Lauder Cos. Inc. - Class A	1		81
	Flowers Foods Inc.	1		15
	General Mills Inc.	4		195
	Hain Celestial Group Inc. (b)	1		11
	Hershey Co.	—		54
	Ingredion Inc.	—		30
	J&J Snack Foods Corp.	—		6
	JM Smucker Co.	1		73
	John B. Sanfilippo & Son Inc.	—		1
	Kimberly-Clark Corp.	1		129
	Kraft Heinz Foods Company	4		100
	MGPI Processing, Inc. (a)	—		1
	Molson Coors Brewing Company - Class B	1		60
	Mondelez International Inc. - Class A	9		465
	National Beverage Corp. (a)	—		1
	Nu Skin Enterprises, Inc. - Class A	—		15
	PepsiCo Inc.	3		436
	Philip Morris International Inc.	5		338
	Pilgrim's Pride Corporation (b)	—		11
	PriceSmart Inc.	—		9
	Procter & Gamble Co.	7		798
	Sanderson Farms Inc.	—		16
	Seneca Foods Corp. - Class A (b)	—		—
	SpartanNash Co.	—		2
	Spectrum Brands Legacy, Inc.	—		2
	Sprouts Farmers Market, Inc. (b)	1		15
	Sysco Corp.	1		86
	The Andersons, Inc.	—		4
	The Kroger Co.	5		118
	Treehouse Foods, Inc. (a) (b)	—		20
	Tyson Foods Inc. - Class A	2		145
	United Natural Foods Inc. (a) (b)	—		3
	Universal Corp.	—		8
	USANA Health Sciences, Inc. (b)	—		1
	Vector Group Ltd. (a)	—		4
	Walgreens Boots Alliance Inc.	5		245
	Walmart Inc.	8		982
			6,791
Consumer Discretionary 7.9%
	Aaron's, Inc.	—		11
	Abercrombie & Fitch Co. - Class A (a)	—		6
	Adient Public Limited Company	1		13
	Advance Auto Parts, Inc.	—		25
	American Axle & Manufacturing Holdings, Inc. (b)	1		5
	American Eagle Outfitters, Inc.	1		17
	Aptiv PLC (c)	1		52
	Asbury Automotive Group, Inc. (b)	—		6
	AutoNation, Inc. (b)	—		17
	Barnes & Noble Education, Inc. (b)	—		—
	Bed Bath & Beyond Inc. (a)	1		7
	Best Buy Co., Inc.	1		92
	Big Lots, Inc.	—		5
	Bloomin' Brands, Inc. (a)	1		9
	Booking Holdings Inc. (b)	—		253
	Boot Barn Holdings, Inc. (a) (b)	—		1
	BorgWarner Inc.	1		43
	Boyd Gaming Corp.	1		13
	Brunswick Corp.	1		25
	Buckle Inc. (a)	—		4
	Caesars Entertainment Corp. (b)	3		40
	Caleres Inc.	—		8
	Callaway Golf Co.	—		4
	Capri Holdings Limited (b)	1		30
	Carmax Inc. (b)	1		47
	Carnival Plc (a)	2		103
	Carter's Inc.	—		10
	Cato Corp. - Class A (a)	—		2
	Century Communities Inc. (b)	—		6
	Cheesecake Factory Inc. (a)	—		5
	Chico's FAS Inc.	1		3
	Chuy's Holdings Inc. (b)	—		1
	Conn's Inc. (a) (b)	—		5
	Cooper Tire & Rubber Co. (a)	—		7
	Cooper-Standard Holdings Inc. (b)	—		4
	Core-Mark Holding Co. Inc.	—		8
	Cracker Barrel Old Country Store, Inc. (a)	—		9
	D.R. Horton, Inc.	2		101
	Dana Holding Corp.	1		12
	Darden Restaurants Inc.	—		26
	Delphi Technologies PLC	1		7
	Designer Brands Inc. - Class A (a)	—		2
	Dick's Sporting Goods Inc. (a)	1		16
	Dillard's Inc. - Class A (a)	—		7
	Dollar Tree Inc. (b)	1		155
	Dunkin' Brands Group Inc.	—		14
	eBay Inc.	3		114
	Ethan Allen Interiors Inc.	—		3
	ETSY, Inc. (b)	—		11
	Expedia Group, Inc.	—		43
	Express, Inc. (b)	—		1
	Fiesta Restaurant Group, Inc. (b)	—		—
	Foot Locker Inc.	—		14
	Ford Motor Co.	23		206
	Fossil Group, Inc. (a) (b)	—		4
	GameStop Corp. - Class A (a)	—		2
	Gap Inc.	1		22
	Garmin Ltd.	—		27
	Garrett Motion Inc. (b)	—		3
	General Motors Company	7		274
	Genesco Inc. (b)	—		4
	Gentex Corp.	1		13
	Gentherm Incorporated (b)	—		1
	Genuine Parts Co.	1		84
	G-III Apparel Group, Ltd. (b)	—		5
	Goodyear Tire & Rubber Co.	2		21
	Graham Holdings Co.	—		15
	Group 1 Automotive Inc.	—		8
	GrubHub Inc. (a) (b)	—		6
	H & R Block, Inc.	1		10
	HanesBrands Inc.	1		17
	Harley-Davidson Inc.	1		32
	Hasbro Inc.	—		36
	Haverty Furniture Cos. Inc.	—		2
	Hibbett Sports Inc. (b)	—		1
	Home Depot Inc.	4		799
	Installed Building Products, Inc. (b)	—		6
	International Speedway Corp. - Class A	—		4
	J.C. Penney Co. Inc. (a) (b)	2		2
	Jack in the Box Inc.	—		5
	KAR Auction Services, Inc.	—		8
	KB Home	1		18
	Kohl's Corp.	1		47
	La-Z-Boy Inc.	—		9
	LCI Industries	—		14
	Leggett & Platt Inc.	1		30
	Lennar Corp. - Class A	2		92
	LGI Homes, Inc. (b)	—		10
	Limited Brands Inc.	1		27
	Lithia Motors Inc. - Class A	—		17
	LKQ Corp. (b)	2		58
	Lowe's Cos. Inc.	3		265

316

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	Lumber Liquidators, Inc. (a) (b)	—		1
	M/I Homes, Inc. (b)	—		7
	Macy's, Inc.	1		18
	MarineMax Inc. (b)	—		2
	Marriott International Inc. - Class A	1		117
	Marriott Vacations Worldwide Corporation	—		23
	Mattel Inc. (a) (b)	1		10
	MDC Holdings Inc.	—		12
	Meritage Homes Corporation (b)	—		14
	MGM Resorts International	3		85
	Mohawk Industries Inc. (b)	—		42
	Monarch Casino & Resort Inc. (b)	—		2
	Motorcar Parts of America Inc. (a) (b)	—		2
	Movado Group Inc.	—		—
	Murphy USA Inc. (b)	—		13
	Newell Brands Inc.	1		20
	Nike Inc. - Class B	4		336
	Nordstrom Inc. (a)	—		10
	Norwegian Cruise Line Holdings Ltd. (b)	1		65
	NVR, Inc. (b)	—		30
	Office Depot Inc.	3		6
	Oxford Industries Inc.	—		1
	Papa John's International Inc. (a)	—		3
	Penn National Gaming Inc. (a) (b)	—		4
	PetMed Express Inc. (a)	—		1
	Polaris Industries Inc.	—		28
	Pulte Homes Inc.	2		56
	PVH Corp.	1		37
	Ralph Lauren Corp. - Class A	—		28
	Red Robin Gourmet Burgers, Inc. (b)	—		1
	Rent-A-Center, Inc.	—		6
	RH (a) (b)	—		10
	Ross Stores Inc.	1		101
	Royal Caribbean Cruises Ltd.	1		110
	Sally Beauty Holdings, Inc. (b)	—		5
	Shutterstock Inc. (b)	—		1
	Signet Jewelers Limited (a)	—		4
	Six Flags Operations Inc.	—		11
	Skechers U.S.A. Inc. - Class A (b)	1		28
	Sonic Automotive, Inc. - Class A	—		5
	Sotheby's (b)	—		6
	Standard Motor Products Inc.	—		5
	Starbucks Corp.	4		303
	Steven Madden Ltd.	—		10
	Sturm Ruger & Co. Inc. (a)	—		1
	Tapestry Inc.	1		17
	Target Corporation	3		319
	Tempur Sealy International, Inc. (b)	—		10
	Texas Roadhouse Inc.	—		7
	The Michaels Companies, Inc. (a) (b)	1		4
	Thor Industries Inc.	—		19
	Tiffany & Co. (a)	—		30
	Tile Shop Holdings, Inc.	—		1
	Toll Brothers Inc.	1		32
	TopBuild Corp. (b)	—		21
	TRI Pointe Homes, Inc. (b)	1		11
	Tupperware Brands Corp.	—		2
	Under Armour Inc. - Class A (b)	—		7
	Under Armour Inc. - Class C (b)	—		6
	Unifi Inc. (b)	—		4
	Universal Electronics Inc. (b)	—		3
	Vera Bradley, Inc. (b)	—		1
	Vista Outdoor Inc. (b)	—		1
	Visteon Corporation (a) (b)	—		13
	Vitamin Shoppe, Inc. (a) (b)	—		—
	Whirlpool Corp.	—		58
	William Lyon Homes - Class A (b)	—		4
	Williams-Sonoma Inc. (a)	—		17
	Winnebago Industries Inc.	—		6
	Wolverine World Wide Inc.	—		5
	Wyndham Destinations, Inc.	—		8
	Wynn Resorts Ltd.	1		62
	Zumiez Inc. (b)	—		4
			5,878
Energy 6.1%
	Antero Midstream Corporation (a)	1		10
	Apergy Corporation (b)	—		7
	Baker Hughes, a GE Company, LLC - Class A	4		84
	Bonanza Creek Energy, Inc. (b)	—		1
	C&J Energy Services, Inc. (b)	—		3
	Cabot Oil & Gas Corp.	1		12
	Chesapeake Energy Corp. (a) (b)	4		5
	Chevron Corp.	11		1,310
	Cimarex Energy Co.	—		11
	Concho Resources Inc.	1		34
	CONSOL Mining Corporation (b)	—		1
	Core Laboratories N.V.	—		4
	Diamond Offshore Drilling, Inc. (a) (b)	—		2
	Dril-Quip Inc. (b)	—		9
	EOG Resources, Inc.	4		252
	EQT Corporation	2		17
	ERA Group Inc. (b)	—		—
	Exterran Trinidad LLC (b)	—		1
	Exxon Mobil Corporation	11		765
	Geospace Technologies Corporation (b)	—		—
	Green Plains Renewable Energy Inc.	—		1
	Gulf Island Fabrication Inc. (b)	—		—
	Gulfport Energy Corp. (b)	1		2
	Halliburton Co.	5		95
	Helix Energy Solutions Group, Inc. (b)	1		7
	Helmerich & Payne Inc.	1		25
	Hess Corporation	1		41
	Jagged Peak Energy Inc. (b)	—		1
	Kinder Morgan, Inc.	11		235
	Laredo Petroleum Holdings Inc. (b)	1		2
	Marathon Petroleum Corporation	4		231
	Matador Resources Co. (b)	—		3
	Matrix Service Co. (b)	—		2
	McDermott International Inc. (a) (b)	1		2
	Nabors Industries Ltd	1		1
	National Oilwell Varco Inc.	2		48
	Newpark Resources Inc. (b)	1		5
	Noble Corporation PLC (b)	1		1
	Noble Energy Inc.	3		63
	Oasis Petroleum Inc. (b)	2		5
	Oceaneering International Inc. (b)	1		7
	Oil States International Inc. (b)	—		5
	ONEOK Inc.	1		76
	Par Pacific Holdings, Inc. (b)	—		4
	Patterson-UTI Energy Inc.	1		9
	PBF Energy Inc. - Class A	—		10
	PDC Energy, Inc. (b)	—		10
	Phillips 66	3		268
	Pioneer Natural Resources Co.	1		121
	Range Resources Corporation (a)	1		4
	REX Stores Corp. (b)	—		1
	Ring Energy Inc. (a) (b)	—		—
	RPC Inc. (a)	—		1
	Schlumberger Ltd.	8		276
	SEACOR Holdings Inc. (b)	—		5
	SM Energy Company	1		7
	Southwestern Energy Co. (a) (b)	2		3
	SRC Energy Inc. (b)	2		8
	TechnipFMC PLC	2		57
	TETRA Technologies, Inc. (b)	—		—
	Transocean Ltd. (b)	2		7
	U.S. Silica Holdings, Inc. (a)	—		3
	Unit Corp. (b)	—		—
	Valero Energy Corporation	3		205
	Whiting Petroleum Corp. (a) (b)	—		—
	Williams Cos. Inc.	7		168
	World Fuel Services Corp.	—		15
	WPX Energy, Inc. (b)	2		25
			4,593
Communication Services 5.6%
	Activision Blizzard, Inc.	5		237
	AMC Networks, Inc. - Class A (b)	—		6
	AT&T Inc.	43		1,609

317

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	Cable One, Inc.	—		13
	CBS Corporation - Class B	2		82
	CenturyLink Inc.	6		70
	Charter Communications, Inc. - Class A (b)	1		222
	Cincinnati Bell Inc. (b)	—		1
	Cinemark Holdings, Inc. (a)	1		15
	Cogent Communications Group, Inc.	—		4
	Comcast Corporation - Class A	14		643
	Consolidated Communications Holdings Inc.	—		—
	Discovery, Inc. - Class A (a) (b)	1		27
	Discovery, Inc. - Class C (b)	2		50
	Dish Network Corporation - Class A (b)	1		47
	Electronic Arts Inc. (b)	1		87
	Fox Corporation - Class A	1		33
	Fox Corporation - Class B	1		14
	Frontier Communications Corporation (a) (b)	—		—
	Gannett Co., Inc.	1		6
	Interpublic Group of Cos. Inc.	2		49
	John Wiley & Sons Inc. - Class A	—		5
	Meredith Corporation (a)	—		9
	New Media Investment Group Inc. (a)	—		2
	News Corporation - Class A	2		32
	News Corporation - Class B	1		10
	Omnicom Group Inc.	1		98
	Scholastic Corp.	—		8
	Spok Holdings, Inc.	—		1
	TEGNA Inc.	1		21
	Telephone & Data Systems Inc.	1		13
	T-Mobile US Inc. (b)	2		110
	TripAdvisor Inc. (b)	—		7
	Viacom Inc. - Class B	2		48
	Vonage Holdings Corp. (b)	1		8
	Walt Disney Co.	5		602
			4,189
Utilities 5.2%
	ALLETE, Inc.	—		25
	Alliant Energy Corporation	1		30
	American Electric Power Company, Inc.	3		270
	American States Water Company	—		6
	American Water Works Company, Inc.	1		49
	Aqua America, Inc.	1		31
	Atmos Energy Corporation	—		30
	Avista Corporation	—		10
	California Water Service Group	—		6
	CenterPoint Energy, Inc.	3		87
	CMS Energy Corp.	1		47
	Consolidated Edison Inc.	2		184
	Dominion Energy, Inc.	3		207
	DTE Energy Company	1		139
	Duke Energy Corporation	4		407
	Edison International	2		158
	El Paso Electric Co.	—		7
	Entergy Corporation	1		134
	Evergy, Inc.	1		92
	Eversource Energy (a)	1		72
	Exelon Corporation	6		274
	FirstEnergy Corp.	3		149
	Hawaiian Electric Industries Inc.	—		17
	IDACORP Inc.	—		14
	MDU Resources Group Inc.	1		31
	New Jersey Resources Corp.	1		23
	NiSource Inc.	2		65
	Northwest Natural Holding Company	—		5
	NorthWestern Corp.	—		11
	OGE Energy Corp.	1		22
	One Gas, Inc.	—		14
	PNM Resources, Inc.	1		26
	PPL Corporation	4		130
	Public Service Enterprise Group Inc.	3		184
	Sempra Energy	2		237
	South Jersey Industries Inc.	1		19
	Southwest Gas Corp.	—		27
	Spire, Inc.	—		14
	The AES Corporation	4		65
	The Southern Company	6		377
	WEC Energy Group Inc.	1		90
	Xcel Energy Inc.	2		107
			3,892
Materials 3.7%
	AdvanSix Inc. (b)	—		4
	AK Steel Holding Corporation (a) (b)	1		1
	Albemarle Corporation (a)	1		42
	Amcor Plc	5		48
	American Vanguard Corporation	—		1
	AptarGroup, Inc.	—		21
	Ashland Global Holdings Inc.	—		29
	Avery Dennison Corporation	—		31
	Balchem Corporation	—		9
	Ball Corporation	1		47
	Boise Cascade Company	—		7
	Cabot Corp.	—		6
	Carpenter Technology Corp.	—		15
	Celanese Corp. - Class A	—		42
	Century Aluminum Co. (b)	—		1
	CF Industries Holdings Inc.	1		36
	Clearwater Paper Corporation (b)	—		2
	Commercial Metals Co.	1		11
	Compass Minerals International, Inc.	—		13
	Corteva, Inc.	4		120
	Domtar Corp. (c)	—		12
	Dow Holdings Inc.	4		205
	DuPont de Nemours, Inc	4		310
	Eagle Materials Inc.	—		10
	Eastman Chemical Co.	—		26
	Ferro Corp. (b)	—		2
	FMC Corp.	1		38
	Freeport-McMoRan Inc. - Class B	5		45
	FutureFuel Corp.	—		1
	GCP Applied Technologies Inc. (b)	—		3
	Greif Inc. - Class A	—		4
	Haynes International Inc.	—		2
	HB Fuller Co.	—		14
	Ingevity Corporation (b)	—		8
	Innophos Holdings Inc	—		4
	International Flavors & Fragrances Inc. (a)	1		75
	International Paper Co.	2		96
	Koppers Holdings Inc. (b)	—		4
	Kraton Corporation (b)	—		5
	Linde Public Limited Company	1		200
	Livent Corporation (b)	1		6
	Louisiana-Pacific Corp.	—		9
	LSB Industries Inc. (b)	—		—
	LyondellBasell Industries N.V. - Class A	2		139
	Martin Marietta Materials Inc.	—		43
	Materion Corp.	—		1
	Mercer International Inc.	—		4
	Minerals Technologies Inc.	—		13
	MOS Holdings Inc.	1		23
	Myers Industries Inc.	—		3
	Neenah Inc.	—		5
	NewMarket Corp.	—		7
	Newmont Goldcorp Corporation (c)	5		182
	Nucor Corp.	2		89
	Olin Corp. (a)	1		20
	Olympic Steel, Inc.	—		—
	Owens-Illinois Inc.	1		8
	P.H. Glatfelter Co.	—		4
	Packaging Corp. of America	1		56
	Park Aerospace Technologies Corp.	—		—
	PolyOne Corporation	1		15
	PPG Industries Inc.	1		87
	Rayonier Advanced Materials Inc.	—		1
	Reliance Steel & Aluminum Co.	—		38
	Royal Gold Inc. (a)	—		15
	Schweitzer-Mauduit International Inc.	—		9
	Scotts Miracle-Gro Co. - Class A	—		8
	Sealed Air Corporation	1		38
	Sensient Technologies Corporation	—		9

318

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Sherwin-Williams Co.		—		101
	Silgan Holdings Inc.		1		14
	Sonoco Products Co.		1		34
	Steel Dynamics Inc.		1		39
	Stepan Co.		—		11
	TimkenSteel Corp. (b)		—		1
	Tredegar Corp.		—		3
	Trinseo S.A.		—		7
	U.S. Concrete, Inc. (b)		—		5
	United States Steel Corp. (a)		1		10
	Valvoline, Inc.		1		13
	Vulcan Materials Co.		—		58
	Warrior Met Coal, Inc.		—		4
	Westrock Company, Inc.		2		53
	Worthington Industries Inc.		—		7
				2,742
Real Estate 3.5%
	Acadia Realty Trust		—		5
	Alexander & Baldwin, LLC		1		10
	Alexandria Real Estate Equities, Inc.		1		100
	American Assets Trust, Inc.		—		5
	Apollo Commercial Real Estate Finance, Inc.		1		14
	ARMOUR Residential REIT, Inc.		—		3
	AvalonBay Communities, Inc.		—		56
	Boston Properties Inc.		1		53
	Brixmor Property Group Inc.		1		20
	Camden Property Trust		—		27
	Capstead Mortgage Corporation		1		3
	CBL & Associates Properties Inc. (a)		1		1
	CBRE Group, Inc. - Class A (b)		2		102
	Cedar Realty Trust Inc.		—		—
	Chatham Lodging Trust		—		4
	CoreCivic, Inc.		—		5
	CoreSite Realty Corporation		—		10
	Corporate Office Properties Trust		1		21
	Cousins Properties Incorporated		1		16
	Crown Castle International Corp.		2		196
	DiamondRock Hospitality Co.		1		5
	Digital Realty Trust Inc.		1		69
	Douglas Emmett, Inc.		1		20
	Duke Realty Corp.		1		24
	Dwight A. Walker Real Estate, Inc. - Class A		—		4
	EPR Properties		—		10
	Equinix, Inc.		—		115
	Equity Residential		1		57
	Essex Property Trust Inc.		—		31
	Extra Space Storage Inc.		—		28
	Federal Realty Investment Trust		—		29
	First Industrial Realty Trust, Inc.		—		9
	Franklin Street Properties Corp.		1		5
	Getty Realty Corp.		—		3
	Global Net Lease Inc.		—		5
	Healthcare Realty Trust Inc. (a)		—		9
	Hersha Hospitality Trust (a)		—		2
	Highwoods Properties Inc.		—		14
	Host Hotels & Resorts, Inc.		2		37
	Independence Realty Trust, Inc.		1		8
	Invesco Mortgage Capital Inc.		1		14
	Iron Mountain Incorporated		2		55
	iStar Inc.		—		5
	JBG Smith Properties		—		10
	Jones Lang LaSalle Incorporated		—		41
	Kilroy Realty Corporation		1		46
	KiMcO Realty Corporation		3		51
	Kite Realty Naperville, LLC		1		9
	Lamar Advertising Co. - Class A		—		19
	Lexington Realty Trust		1		13
	Liberty Property Trust		1		22
	LTC Properties Inc.		—		4
	Macerich Co. (a)		1		20
	Mack-Cali Realty Corp.		—		4
	Mid-America Apartment Communities, Inc.		—		38
	New York Mortgage Trust Inc.		1		4
	Office Properties Income Trust (a)		—		3
	Park Hotels & Resorts Inc.		1		16
	Pebblebrook Hotel Trust		1		12
	Pennsylvania REIT (a)		—		1
	PennyMac Mortgage Investment Trust		1		11
	PotlatchDeltic Corp.		—		15
	ProLogis Inc.		4		314
	PS Business Parks, Inc.		—		8
	Rayonier Inc.		—		8
	Realogy Holdings Corp. (a)		1		5
	Realty Income Corp.		1		40
	Regency Centers Corp.		1		35
	Retail Opportunity Investments Corp.		1		14
	RPT Realty (a)		—		1
	Sabra Health Care REIT, Inc.		1		28
	Saul Centers Inc.		—		1
	SBA Communications Corporation		—		67
	Senior Housing Properties Trust		2		14
	Service Properties Trust		1		24
	Simon Property Group Inc.		1		90
	SL Green Realty Corp.		1		39
	Spirit Realty Capital, Inc.		—		9
	Summit Hotel Properties Inc.		1		9
	Tanger Factory Outlet Centers Inc. (a)		—		4
	Taubman Centers Inc.		—		5
	The GEO Group, Inc.		—		7
	UDR Inc.		1		35
	Universal Health Realty Income Trust		—		1
	Urban Edge Properties		—		7
	Ventas, Inc.		2		160
	Vornado Realty Trust		1		29
	Washington REIT		—		7
	Weingarten Realty Investors		—		9
	Weyerhaeuser Co.		4		121
	Whitestone REIT		—		4
	Xenia Hotels & Resorts Inc.		1		14
				2,657
	Total Common Stocks (cost $69,946)			73,954
INVESTMENT COMPANIES 0.3%
	iShares S&P 500 Value Index Fund		2		201
	iShares S&P Mid-Cap 400 Value ETF		—		17
	iShares S&P Small-Cap 600 Value ETF		—		8
	Total Investment Companies (cost $226)			226
RIGHTS 0.0%
	LyondellBasell Industries N.V. (b) (c) (e)		—		—
	Total Rights (cost $0)			—
SHORT TERM INVESTMENTS 1.6%
Securities Lending Collateral 1.2%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (d) (f)		885		885
Investment Companies 0.4%
	JNL Government Money Market Fund - Institutional Class, 1.86% (d) (f)		277		277
U.S. Treasury Bill 0.0%
	Treasury, United States Department of
		1.94%, 12/12/19 (g) (h)	18		18
	Total Short Term Investments (cost $1,180)			1,180
Total Investments 100.7% (cost $71,352)					75,360
Other Derivative Instruments 0.0%					1
Other Assets and Liabilities, Net (0.7)%					(519)
Total Net Assets 100.0%					74,842

(a)All or a portion of the security was on loan as of September 30, 2019.

(b)Non-income producing security.

(c)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

(d)Investment in affiliate.

(e)Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Schedules of Investments.

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

319

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

as of September 30, 2019.

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

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

Long Term Investments in Affiliates

Affiliated Investment		Value Beginning of Period($)	Purchases($)	Sales Proceeds($)	Dividend Income($)	Realized Gain (Loss)($)	Change in Unrealized Appreciation (Depreciation) ($)	Value End of Period($)	Percentage of Net Assets(%)
	The Bank of New York Mellon Corporation	133	112	8	3	(1)	(7)	229	0.3%

JNL/Mellon S&P 1500 Value Index Fund — Futures Contracts
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
S&P 500 Index	2	December 2019		300	1			(2)

320

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
JNL/Mellon S&P 400 MidCap Index Fund
COMMON STOCKS 99.3%
Financials 16.7%
	Alleghany Corporation (a)	25		20,144
	American Financial Group, Inc.	130		13,979
	Associated Banc-Corp	284		5,756
	BancorpSouth Bank	164		4,850
	Bank of Hawaii Corporation	71		6,116
	Bank OZK	212		5,772
	Brighthouse Financial, Inc. (a)	196		7,914
	Brown & Brown Inc.	409		14,737
	Cathay General Bancorp	133		4,613
	CNO Financial Group, Inc.	274		4,333
	Commerce Bancshares Inc.	173		10,479
	Cullen/Frost Bankers Inc. (b)	101		8,914
	East West Bancorp, Inc.	255		11,281
	Eaton Vance Corp.	198		8,892
	Evercore Inc. - Class A	70		5,605
	FactSet Research Systems Inc.	67		16,268
	Federated Investors Inc. - Class B	170		5,500
	First American Financial Corporation	196		11,576
	First Financial Bancshares, Inc.	238		7,924
	First Horizon National Corp.	547		8,865
	FirstCash, Inc.	72		6,591
	FNB Corp.	574		6,616
	Fulton Financial Corp. (b)	291		4,712
	Genworth Financial, Inc. - Class A (a)	886		3,899
	Green Dot Corporation - Class A (a)	86		2,182
	Hancock Whitney Co.	158		6,033
	Hanover Insurance Group Inc.	69		9,405
	Home Bancshares Inc. (b)	273		5,123
	Interactive Brokers Group, Inc. (c)	134		7,200
	International Bancshares Corp.	97		3,756
	Janus Henderson Group PLC (b)	279		6,268
	Jefferies Financial Group Inc.	439		8,076
	Kemper Corp.	110		8,542
	Legg Mason Inc.	143		5,474
	LendingTree, Inc. (a)	13		4,131
	Mercury General Corp.	49		2,724
	Navient Corporation	357		4,567
	New York Community Bancorp Inc.	818		10,269
	Old Republic International Corp.	499		11,759
	PacWest Bancorp	207		7,522
	Pinnacle Financial Partners, Inc.	127		7,182
	Primerica, Inc.	73		9,337
	Prosperity Bancshares Inc. (b)	119		8,379
	Reinsurance Group of America Inc.	110		17,553
	RenaissanceRe Holdings Ltd	77		14,951
	SEI Investments Co.	222		13,163
	Selective Insurance Group Inc.	100		7,497
	Signature Bank	96		11,429
	SLM Corporation	747		6,597
	Sterling Bancorp	360		7,218
	Stifel Financial Corp.	122		6,994
	Synovus Financial Corp.	271		9,676
	TCF Financial Corporation	269		10,231
	Texas Capital Bancshares, Inc. (a)	88		4,813
	Trustmark Corp.	115		3,912
	UMB Financial Corp.	76		4,893
	Umpqua Holdings Corp.	386		6,346
	United Bankshares Inc. (b)	180		6,836
	Valley National Bancorp (b)	581		6,315
	W. R. Berkley Corporation	253		18,293
	Washington Federal Inc.	139		5,146
	Webster Financial Corp. (b)	161		7,563
	Wintrust Financial Corporation	99		6,413
			509,104
Industrials 15.4%
	Acuity Brands, Inc.	70		9,415
	AECOM (a)	276		10,362
	AGCO Corporation	111		8,396
	Avis Budget Group, Inc. (a)	103		2,916
	Axone Intelligence Inc. (a)	103		5,838
	Brink's Co.	88		7,315
	Carlisle Cos. Inc.	99		14,424
	Clean Harbors Inc. (a)	90		6,938
	Colfax Corp. (a) (b)	148		4,299
	Crane Co.	89		7,192
	Curtiss-Wright Corp.	75		9,679
	Deluxe Corp.	77		3,781
	Donaldson Co. Inc.	223		11,620
	Dycom Industries, Inc. (a)	55		2,818
	EMCOR Group, Inc.	98		8,462
	EnerSys	76		4,982
	Fluor Corp.	245		4,686
	GATX Corp. (b)	62		4,847
	Genesee & Wyoming Inc. - Class A (a)	99		10,947
	Graco Inc.	292		13,438
	Granite Construction Inc. (b)	85		2,719
	Healthcare Services Group Inc.	132		3,213
	Herman Miller Inc.	105		4,844
	HNI Corp. (b)	77		2,736
	Hubbell Inc.	95		12,510
	Insperity, Inc.	66		6,543
	ITT Industries Holdings, Inc. (b)	154		9,418
	JetBlue Airways Corp. (a)	519		8,698
	Kennametal Inc. (b)	144		4,441
	Kirby Corp. (a)	103		8,470
	Knight-Swift Transportation Holdings Inc. - Class A (b)	215		7,808
	Landstar System Inc.	69		7,819
	Lennox International Inc.	62		14,988
	Lincoln Electric Holdings Inc. (b)	108		9,392
	ManpowerGroup Inc.	105		8,823
	MasTec Inc. (a)	106		6,861
	MSA Safety Inc.	63		6,843
	MSC Industrial Direct Co. - Class A	80		5,793
	Nordson Corp.	90		13,109
	Now, Inc. (a)	197		2,263
	Nvent Electric Public Limited Company	273		6,013
	Old Dominion Freight Line Inc.	112		19,054
	Oshkosh Corp.	120		9,094
	Owens Corning Inc.	190		12,030
	Regal-Beloit Corp.	73		5,355
	Resideo Technologies, Inc. (a)	220		3,162
	Ryder System, Inc.	93		4,833
	Stericycle Inc. (a) (b)	158		8,044
	Teledyne Technologies Inc. (a)	64		20,495
	Terex Corp.	113		2,945
	Tetra Tech, Inc.	96		8,325
	Timken Co.	120		5,213
	Toro Co.	187		13,673
	Trex Company, Inc. (a)	102		9,295
	Trinity Industries Inc.	183		3,597
	Valmont Industries Inc.	38		5,249
	Watsco Inc.	57		9,713
	Werner Enterprises Inc.	76		2,691
	Woodward Governor Co.	98		10,618
	XPO Logistics Inc. (a)	161		11,540
			470,585
Information Technology 15.3%
	ACI Worldwide, Inc. (a)	203		6,350
	Arrow Electronics, Inc. (a)	146		10,865
	ASGN Incorporated (a)	93		5,862
	Avnet, Inc.	182		8,086
	Belden Inc.	68		3,621
	Blackbaud, Inc.	86		7,775
	CACI International Inc. - Class A (a)	44		10,073
	CDK Global, Inc.	212		10,205
	Ciena Corp. (a)	268		10,503
	Cirrus Logic Inc. (a)	102		5,456
	Cognex Corp.	299		14,679
	Coherent Inc. (a)	42		6,453
	CommVault Systems Inc. (a)	72		3,205
	CoreLogic, Inc. (a)	140		6,489
	Cree, Inc. (a)	187		9,187
	Cypress Semiconductor Corp.	646		15,074
	Fair Isaac Corp. (a)	51		15,351

321

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	First Solar Inc. (a)	133		7,704
	II-VI Inc. (a)	151		5,329
	InterDigital Communications, Inc.	55		2,867
	J2 Cloud Services, LLC	81		7,387
	Jabil Inc.	243		8,710
	KBR, Inc.	250		6,134
	Littelfuse Inc.	43		7,636
	Liveramp, Inc. (a)	118		5,090
	LogMeIn, Inc.	87		6,141
	Lumentum Holdings Inc. (a)	135		7,205
	Manhattan Associates Inc. (a)	113		9,084
	MAXIMUS Inc.	112		8,631
	MKS Instruments, Inc.	95		8,799
	Monolithic Power Systems Inc.	71		10,977
	National Instruments Corp.	206		8,638
	NCR Corporation (a)	218		6,884
	NetScout Systems, Inc. (a)	117		2,704
	Perspecta Inc.	242		6,310
	Plantronics Inc.	57		2,126
	PTC Inc. (a)	181		12,370
	Sabre Corporation	479		10,726
	Science Applications International Corp.	86		7,524
	Semtech Corp. (a)	118		5,721
	Silicon Laboratories Inc. (a)	76		8,446
	Synaptics Incorporated (a)	58		2,310
	SYNNEX Corporation	72		8,087
	Tech Data Corp. (a)	62		6,506
	Teradata Corporation (a)	200		6,207
	Teradyne Inc.	298		17,238
	Trimble Inc. (a)	441		17,102
	Tyler Technologies Inc. (a)	67		17,717
	Universal Display Corporation	74		12,460
	Versum Materials, Inc.	191		10,121
	ViaSat, Inc. (a)	102		7,650
	Vishay Intertechnology Inc.	233		3,952
	Wex, Inc. (a)	76		15,304
	Zebra Technologies Corp. - Class A (a)	95		19,543
			466,574
Consumer Discretionary 12.6%
	Aaron's, Inc.	118		7,596
	Adient Public Limited Company	153		3,503
	Adtalem Global Education Inc. (a)	96		3,671
	American Eagle Outfitters, Inc.	279		4,520
	AutoNation, Inc. (a)	101		5,120
	Bed Bath & Beyond Inc. (b)	231		2,453
	Boyd Gaming Corp.	141		3,373
	Brinker International Inc. (b)	66		2,817
	Brunswick Corp.	150		7,832
	Caesars Entertainment Corp. (a)	977		11,390
	Carter's Inc.	78		7,144
	Cheesecake Factory Inc. (b)	72		3,003
	Churchill Downs Inc.	62		7,697
	Cracker Barrel Old Country Store, Inc. (b)	42		6,913
	Dana Holding Corp.	252		3,641
	Deckers Outdoor Corp. (a)	51		7,456
	Delphi Technologies PLC	157		2,107
	Dick's Sporting Goods Inc. (b)	116		4,717
	Dillard's Inc. - Class A (b)	19		1,256
	Domino's Pizza, Inc.	72		17,647
	Dunkin' Brands Group Inc.	145		11,491
	Eldorado Resorts, Inc. (a) (b)	116		4,640
	ETSY, Inc. (a)	211		11,903
	Five Below, Inc. (a)	97		12,289
	Foot Locker Inc.	192		8,302
	Gentex Corp.	446		12,283
	Goodyear Tire & Rubber Co.	407		5,864
	Graham Holdings Co.	8		5,055
	GrubHub Inc. (a) (b)	160		8,983
	Helen of Troy Ltd (a)	44		6,927
	International Speedway Corp. - Class A	43		1,914
	Jack in the Box Inc.	45		4,121
	KAR Auction Services, Inc.	233		5,717
	KB Home	149		5,063
	Marriott Vacations Worldwide Corporation	68		7,026
	Mattel Inc. (a) (b)	605		6,890
	Murphy USA Inc. (a)	53		4,496
	Ollie's Bargain Outlet Holdings Inc. (a) (b)	94		5,489
	Papa John's International Inc. (b)	38		2,016
	Penn National Gaming Inc. (a)	190		3,536
	Polaris Industries Inc.	101		8,848
	Pool Corporation	70		14,088
	Sally Beauty Holdings, Inc. (a)	212		3,163
	Scientific Games Corporation - Class A (a) (b)	97		1,980
	Service Corp. International (b)	319		15,258
	Six Flags Operations Inc.	135		6,874
	Skechers U.S.A. Inc. - Class A (a)	234		8,745
	Sotheby's (a)	57		3,258
	Tempur Sealy International, Inc. (a)	81		6,222
	Texas Roadhouse Inc.	115		6,018
	The Wendy's Company	325		6,501
	Thor Industries Inc. (b)	95		5,407
	Toll Brothers Inc.	226		9,296
	TRI Pointe Homes, Inc. (a)	250		3,758
	Urban Outfitters Inc. (a) (b)	123		3,445
	Visteon Corporation (a) (b)	49		4,045
	Williams-Sonoma Inc.	137		9,312
	WW International, Inc. (a)	79		2,972
	Wyndham Destinations, Inc.	162		7,435
	Wyndham Hotels & Resorts, Inc.	169		8,738
			383,224
Real Estate 11.4%
	Alexander & Baldwin, LLC	119		2,920
	American Campus Communities, Inc.	240		11,562
	Brixmor Property Group Inc.	521		10,576
	Camden Property Trust	169		18,810
	CoreCivic, Inc.	213		3,672
	CoreSite Realty Corporation	65		7,867
	Corporate Office Properties Trust	198		5,883
	Cousins Properties Incorporated	257		9,650
	Cyrusone LLC	198		15,671
	Douglas Emmett, Inc.	289		12,365
	EastGroup Properties Inc.	65		8,130
	EPR Properties	134		10,278
	First Industrial Realty Trust, Inc.	221		8,761
	Healthcare Realty Trust Inc.	226		7,578
	Highwoods Properties Inc.	182		8,160
	JBG Smith Properties	207		8,111
	Jones Lang LaSalle Incorporated	90		12,536
	Kilroy Realty Corporation	164		12,756
	Lamar Advertising Co. - Class A	150		12,320
	Liberty Property Trust	276		14,166
	Life Storage Inc.	82		8,609
	Mack-Cali Realty Corp.	159		3,437
	Medical Properties Trust, Inc.	778		15,208
	National Retail Properties Inc.	298		16,805
	Omega Healthcare Investors Inc.	379		15,826
	Park Hotels & Resorts Inc.	420		10,498
	Pebblebrook Hotel Trust	229		6,362
	PotlatchDeltic Corp.	118		4,838
	PS Business Parks, Inc.	35		6,378
	Rayonier Inc.	227		6,400
	Sabra Health Care REIT, Inc.	332		7,615
	Senior Housing Properties Trust	418		3,870
	Service Properties Trust	288		7,425
	Spirit Realty Capital, Inc.	156		7,491
	Tanger Factory Outlet Centers Inc. (b)	165		2,554
	Taubman Centers Inc.	107		4,376
	The GEO Group, Inc.	216		3,744
	Uniti Group Inc. (b)	328		2,547
	Urban Edge Properties (b)	202		4,004
	Weingarten Realty Investors	214		6,235
			345,994
Health Care 9.7%
	Acadia Healthcare Company, Inc. (a)	156		4,861
	Allscripts Healthcare Solutions, Inc. (a)	297		3,261
	Amedisys, Inc. (a)	55		7,264
	Avanos Medical, Inc. (a)	84		3,145
	Bio-Rad Laboratories, Inc. - Class A (a)	37		12,368

322

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Bio-Techne Corporation		67		13,029
	Cantel Medical Corp.		64		4,797
	Catalent Inc. (a)		256		12,180
	Charles River Laboratories International Inc. (a)		85		11,307
	Chemed Corporation		28		11,633
	Covetrus, Inc. (a) (b)		174		2,064
	Encompass Health Corporation		173		10,929
	Exelixis, Inc. (a)		530		9,372
	Globus Medical Inc. - Class A (a)		134		6,857
	Haemonetics Corp. (a)		89		11,215
	HealthEquity, Inc. (a)		122		6,962
	Hill-Rom Holdings Inc.		117		12,306
	ICU Medical, Inc. (a)		33		5,242
	Integra LifeSciences Holdings Corp. (a)		124		7,461
	Ligand Pharmaceuticals Incorporated (a) (b)		33		3,321
	LivaNova PLC (a)		85		6,248
	Masimo Corp. (a)		86		12,776
	Medidata Solutions, Inc. (a)		109		9,973
	Mednax, Inc. (a)		148		3,345
	Molina Healthcare, Inc. (a)		110		12,041
	NuVasive Inc. (a)		92		5,858
	Patterson Cos. Inc.		148		2,643
	Penumbra, Inc. (a) (b)		56		7,526
	PRA Health Sciences, Inc. (a)		110		10,934
	Prestige Consumer Healthcare Inc. (a)		88		3,054
	Repligen Corporation (a)		77		5,925
	Steris Limited		148		21,414
	Syneos Health, Inc. - Class A (a)		109		5,802
	Tenet Healthcare Corporation (a)		174		3,857
	United Therapeutics Corporation (a)		77		6,122
	West Pharmaceutical Services Inc.		129		18,300
				295,392
Materials 6.1%
	Allegheny Technologies Incorporated (a)		225		4,556
	AptarGroup, Inc.		112		13,315
	Ashland Global Holdings Inc.		106		8,187
	Cabot Corp.		101		4,585
	Carpenter Technology Corp.		84		4,333
	Chemours Co.		286		4,276
	Commercial Metals Co.		211		3,672
	Compass Minerals International, Inc.		60		3,365
	Domtar Corp. (c)		110		3,926
	Eagle Materials Inc.		74		6,648
	Greif Inc. - Class A		48		1,828
	Ingevity Corporation (a)		73		6,215
	Louisiana-Pacific Corp.		219		5,373
	Minerals Technologies Inc.		61		3,264
	NewMarket Corp.		13		6,194
	Olin Corp. (b)		291		5,446
	Owens-Illinois Inc.		276		2,840
	PolyOne Corporation		135		4,400
	Reliance Steel & Aluminum Co.		117		11,635
	Royal Gold Inc.		115		14,140
	RPM International Inc.		227		15,626
	Scotts Miracle-Gro Co. - Class A		69		7,023
	Sensient Technologies Corporation		74		5,087
	Silgan Holdings Inc.		136		4,096
	Sonoco Products Co.		175		10,197
	Steel Dynamics Inc.		385		11,467
	United States Steel Corp. (b)		305		3,519
	Valvoline, Inc.		329		7,259
	Worthington Industries Inc.		65		2,345
				184,817
Utilities 4.9%
	ALLETE, Inc.		90		7,903
	Aqua America, Inc.		378		16,929
	Black Hills Corporation		105		8,040
	Hawaiian Electric Industries Inc.		191		8,701
	IDACORP Inc.		88		9,941
	MDU Resources Group Inc.		351		9,889
	National Fuel Gas Co.		151		7,090
	New Jersey Resources Corp.		159		7,175
	NorthWestern Corp.		88		6,627
	OGE Energy Corp.		350		15,898
	One Gas, Inc.		92		8,871
	PNM Resources, Inc.		139		7,263
	Southwest Gas Corp.		94		8,604
	Spire, Inc.		89		7,760
	UGI Corp.		365		18,374
				149,065
Consumer Staples 2.8%
	Boston Beer Co. Inc. - Class A (a)		16		5,676
	Casey's General Stores Inc.		64		10,370
	Edgewell Personal Care Colombia S A S (a)		95		3,084
	Energizer Holdings, Inc. (b)		112		4,886
	Flowers Foods Inc.		335		7,742
	Hain Celestial Group Inc. (a) (b)		142		3,041
	Ingredion Inc.		117		9,542
	Lancaster Colony Corp.		34		4,774
	Nu Skin Enterprises, Inc. - Class A		99		4,217
	Pilgrim's Pride Corporation (a)		92		2,936
	Post Holdings Inc. (a)		119		12,604
	Sanderson Farms Inc.		34		5,204
	Spectrum Brands Legacy, Inc.		11		579
	Sprouts Farmers Market, Inc. (a)		210		4,071
	Tootsie Roll Industries Inc. (b)		30		1,108
	Treehouse Foods, Inc. (a) (b)		98		5,455
				85,289
Communication Services 2.3%
	AMC Networks, Inc. - Class A (a)		78		3,812
	Cable One, Inc.		9		11,019
	Cinemark Holdings, Inc. (b)		187		7,212
	John Wiley & Sons Inc. - Class A		77		3,396
	Live Nation Inc. (a)		243		16,152
	Meredith Corporation (b)		71		2,588
	New York Times Co. - Class A		254		7,226
	TEGNA Inc.		382		5,933
	Telephone & Data Systems Inc.		168		4,329
	World Wrestling Entertainment, Inc. - Class A (b)		82		5,846
	Yelp Inc. - Class A (a)		115		4,012
				71,525
Energy 2.1%
	Antero Midstream Corporation (b)		452		3,346
	Apergy Corporation (a)		136		3,686
	Chesapeake Energy Corp. (a) (b)		1,947		2,745
	CNX Resources Corporation (a)		329		2,388
	Core Laboratories N.V. (b)		78		3,638
	EQT Corporation		447		4,758
	Equitrans Midstream Corp.		357		5,200
	Matador Resources Co. (a)		188		3,104
	Murphy Oil Corp. (b)		272		6,020
	Oasis Petroleum Inc. (a)		491		1,699
	Oceaneering International Inc. (a)		179		2,426
	Patterson-UTI Energy Inc.		355		3,039
	PBF Energy Inc. - Class A		181		4,924
	Southwestern Energy Co. (a) (b)		953		1,839
	Transocean Ltd. (a)		984		4,400
	World Fuel Services Corp.		115		4,577
	WPX Energy, Inc. (a)		732		7,753
				65,542
	Total Common Stocks (cost $2,616,764)			3,027,111
SHORT TERM INVESTMENTS 3.8%
Securities Lending Collateral 3.1%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (d) (e)		95,400		95,400
Investment Companies 0.6%
	JNL Government Money Market Fund - Institutional Class, 1.86% (d) (e)		17,973		17,973
U.S. Treasury Bill 0.1%
	Treasury, United States Department of
		1.94%, 12/12/19 (f) (g)	1,105		1,101
	Total Short Term Investments (cost $114,474)			114,474
Total Investments 103.1% (cost $2,731,238)					3,141,585
Other Derivative Instruments 0.0%					149
Other Assets and Liabilities, Net (3.1)%					(94,190)
Total Net Assets 100.0%					3,047,544

323

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

(a)Non-income producing security.

(b)All or a portion of the security was on loan as of September 30, 2019.

(c)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

(d)Investment in affiliate.

(e)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

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

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

JNL/Mellon S&P 400 MidCap Index Fund — Futures Contracts
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
S&P Midcap 400 Index	111	December 2019		21,776	149			(265)

324

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
JNL/Mellon S&P 500 Index Fund
COMMON STOCKS 99.4%
Information Technology 21.8%
	Accenture Public Limited Company - Class A	216		41,638
	Adobe Inc. (a)	165		45,676
	Ads Alliance Data Systems Inc.	14		1,801
	Advanced Micro Devices, Inc. (a) (b)	365		10,591
	Akamai Technologies, Inc. (a)	57		5,197
	Amphenol Corporation - Class A (b)	101		9,762
	Analog Devices, Inc.	125		13,943
	ANSYS, Inc. (a)	29		6,322
	Apple Inc.	1,446		323,798
	Applied Materials, Inc.	314		15,684
	Arista Networks, Inc. (a)	18		4,401
	Autodesk, Inc. (a)	74		10,898
	Automatic Data Processing, Inc.	147		23,677
	Broadcom Inc.	135		37,332
	Broadridge Financial Solutions, Inc. (b)	38		4,722
	Cadence Design Systems Inc. (a)	95		6,306
	CDW Corp.	47		5,757
	Cisco Systems, Inc.	1,443		71,315
	Citrix Systems Inc.	44		4,211
	Cognizant Technology Solutions Corp. - Class A	188		11,328
	Corning Inc. (b)	272		7,763
	DXC Technology Company	93		2,753
	F5 Networks Inc. (a)	19		2,722
	Fidelity National Information Services, Inc.	208		27,652
	Fiserv Inc. (a)	194		20,069
	FleetCor Technologies Inc. (a)	29		8,346
	FLIR Systems Inc.	43		2,258
	Fortinet, Inc. (a)	49		3,734
	Gartner Inc. (a) (b)	31		4,403
	Global Payments Inc.	102		16,193
	Hewlett Packard Enterprise Company	445		6,748
	HP Inc. (b)	505		9,550
	IHS Markit Ltd. (a)	136		9,064
	Intel Corp.	1,506		77,619
	International Business Machines Corp. (b)	302		43,885
	Intuit Inc.	88		23,356
	IPG Photonics Corporation (a) (b)	13		1,739
	Jack Henry & Associates Inc. (b)	26		3,833
	Juniper Networks, Inc.	119		2,934
	Keysight Technologies, Inc. (a)	63		6,164
	KLA-Tencor Corp. (b)	56		8,860
	Lam Research Corp.	49		11,382
	Leidos Holdings Inc.	44		3,755
	MasterCard Incorporated - Class A	304		82,496
	Maxim Integrated Products, Inc.	93		5,376
	Microchip Technology Incorporated (b)	80		7,412
	Micron Technology Inc. (a)	375		16,082
	Microsoft Corp.	2,597		361,050
	Motorola Solutions Inc.	55		9,410
	NetApp, Inc. (b)	84		4,386
	NVIDIA Corporation	206		35,917
	Oracle Corporation	752		41,386
	Paychex Inc. (b)	108		8,952
	Paypal Holdings, Inc. (a)	398		41,241
	Qorvo, Inc. (a)	41		3,063
	Qualcomm Incorporated	412		31,419
	Salesforce.Com, Inc. (a)	297		44,160
	Seagate Technology Public Limited Company	81		4,346
	Skyworks Solutions, Inc. (b)	59		4,655
	Symantec Corp.	194		4,586
	Synopsys Inc. (a)	50		6,801
	TE Connectivity Ltd.	115		10,730
	Texas Instruments Incorporated	317		40,956
	Visa Inc. - Class A (b)	587		100,987
	Western Digital Corp.	100		5,989
	Western Union Co. (b)	145		3,353
	Xerox Holdings, Inc.	73		2,190
	Xilinx Inc. (b)	85		8,161
			1,844,245
Health Care 13.6%
	Abbott Laboratories	601		50,249
	AbbVie Inc. (b)	501		37,928
	ABIOMED, Inc. (a)	15		2,683
	Agilent Technologies, Inc. (b)	107		8,199
	Alexion Pharmaceuticals, Inc. (a)	75		7,333
	Align Technology, Inc. (a)	24		4,378
	Allergan Public Limited Company	111		18,717
	AmerisourceBergen Corporation	53		4,351
	Amgen Inc.	204		39,473
	Anthem, Inc. (b)	87		20,857
	Baxter International Inc.	173		15,123
	Becton, Dickinson and Company	92		23,196
	Biogen Inc. (a)	63		14,644
	Boston Scientific Corp. (a)	471		19,169
	Bristol-Myers Squibb Co. (b)	554		28,101
	Cardinal Health, Inc. (b)	104		4,919
	Celgene Corp. (a)	239		23,725
	Centene Corporation (a) (b)	139		6,019
	Cerner Corp.	110		7,511
	Cigna Corp.	129		19,513
	Cooper Cos. Inc.	17		4,962
	CVS Health Corporation	440		27,758
	Danaher Corporation	217		31,315
	DaVita Inc. (a)	33		1,905
	Dentsply Sirona Inc.	77		4,107
	Edwards Lifesciences Corporation (a)	71		15,530
	Eli Lilly & Co.	289		32,324
	Gilead Sciences Inc.	432		27,386
	HCA Healthcare, Inc.	91		10,929
	Henry Schein Inc. (a) (b)	52		3,293
	Hologic Inc. (a)	91		4,594
	Humana Inc.	46		11,761
	IDEXX Laboratories, Inc. (a)	30		8,022
	Illumina, Inc. (a) (b)	50		15,149
	Incyte Corporation (a)	60		4,444
	Intuitive Surgical, Inc. (a)	39		21,117
	IQVIA Inc. (a)	62		9,189
	Johnson & Johnson	899		116,273
	Laboratory Corporation of America Holdings (a)	35		5,841
	McKesson Corporation	63		8,611
	Medtronic Public Limited Company	454		49,344
	Merck & Co., Inc.	870		73,276
	Mettler-Toledo International Inc. (a)	9		6,118
	Mylan Holdings Ltd. (a)	167		3,310
	Nektar Therapeutics (a) (b)	54		986
	PerkinElmer Inc. (b)	37		3,120
	Perrigo Company Public Limited Company (b)	46		2,568
	Pfizer Inc.	1,882		67,635
	Quest Diagnostics Incorporated	46		4,932
	Regeneron Pharmaceuticals, Inc. (a)	27		7,518
	ResMed Inc.	48		6,542
	Stryker Corp.	109		23,537
	Teleflex Inc.	16		5,327
	Thermo Fisher Scientific Inc.	136		39,536
	UnitedHealth Group Incorporated	322		70,042
	Universal Health Services Inc. - Class B	29		4,369
	Varian Medical Systems, Inc. (a)	30		3,625
	Vertex Pharmaceuticals Incorporated (a)	87		14,698
	Waters Corp. (a) (b)	23		5,082
	WellCare Health Plans, Inc. (a)	17		4,278
	Zimmer Biomet Holdings, Inc. (b)	68		9,360
	Zoetis Inc. - Class A	162		20,202
			1,146,003
Financials 12.9%
	Affiliated Managers Group, Inc. (b)	17		1,416
	AFLAC Incorporated	255		13,325
	American Express Company	233		27,502
	American International Group, Inc. (b)	295		16,458
	Ameriprise Financial, Inc.	45		6,561
	Aon PLC - Class A (b)	80		15,571
	Arthur J Gallagher & Co.	63		5,652
	Assurant, Inc.	21		2,612
	Bank of America Corporation	2,855		83,279

325

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	BB&T Corporation	257		13,695
	Berkshire Hathaway Inc. - Class B (a)	666		138,524
	BlackRock, Inc.	40		17,809
	Capital One Financial Corporation	160		14,566
	Cboe Global Markets, Inc.	38		4,395
	Charles Schwab Corp.	401		16,788
	Chubb Limited	155		25,043
	Cincinnati Financial Corp.	50		5,839
	Citigroup Inc.	769		53,098
	Citizens Financial Group Inc.	156		5,508
	CME Group Inc.	121		25,630
	Comerica Inc.	51		3,365
	Discover Financial Services	111		8,997
	E*TRADE Financial Corp.	83		3,645
	Everest Re Group, Ltd.	14		3,724
	Fifth Third Bancorp (b)	248		6,802
	First Republic Bank (b)	57		5,518
	Franklin Resources Inc. (b)	96		2,781
	Globe Life Inc.	36		3,495
	Huntington Bancshares Inc. (b)	354		5,054
	Intercontinental Exchange, Inc. (b)	191		17,588
	Invesco Ltd. (b)	135		2,290
	JPMorgan Chase & Co.	1,087		127,979
	KeyCorp	345		6,163
	Lincoln National Corp.	70		4,239
	Loews Corp.	92		4,729
	M&T Bank Corporation	46		7,194
	MarketAxess Holdings Inc.	13		4,181
	Marsh & McLennan Cos. Inc.	173		17,331
	MetLife, Inc.	273		12,884
	Moody's Corp.	56		11,516
	Morgan Stanley	428		18,244
	MSCI Inc.	29		6,239
	NASDAQ Inc.	37		3,698
	Northern Trust Corp. (b)	74		6,889
	People's United Financial Inc. (b)	129		2,015
	PNC Financial Services Group Inc.	151		21,234
	Principal Financial Group, Inc.	90		5,171
	Progressive Corp.	199		15,338
	Prudential Financial Inc.	138		12,432
	Raymond James Financial Inc.	45		3,676
	Regions Financial Corporation	344		5,449
	S&P Global Inc.	84		20,576
	State Street Corp.	126		7,430
	SunTrust Banks Inc.	153		10,517
	SVB Financial Group (a)	18		3,770
	Synchrony Financial	208		7,088
	T. Rowe Price Group, Inc.	82		9,345
	The Allstate Corporation	112		12,191
	The Bank of New York Mellon Corporation (c)	297		13,422
	The Goldman Sachs Group, Inc.	110		22,851
	The Hartford Financial Services Group, Inc.	121		7,335
	The Travelers Companies, Inc.	89		13,218
	U.S. Bancorp	488		27,029
	Unum Group	75		2,238
	Wells Fargo & Co.	1,363		68,762
	Willis Towers Watson Public Limited Company (b)	43		8,264
	Zions Bancorp (b)	61		2,694
			1,089,861
Communication Services 10.4%
	Activision Blizzard, Inc.	259		13,728
	Alphabet Inc. - Class A (a)	102		124,297
	Alphabet Inc. - Class C (a)	103		125,272
	AT&T Inc.	2,483		93,956
	CBS Corporation - Class B	117		4,723
	CenturyLink Inc. (b)	319		3,981
	Charter Communications, Inc. - Class A (a)	55		22,721
	Comcast Corporation - Class A (b)	1,541		69,477
	Discovery, Inc. - Class A (a) (b)	56		1,478
	Discovery, Inc. - Class C (a)	117		2,873
	Dish Network Corporation - Class A (a) (b)	76		2,592
	Electronic Arts Inc. (a)	101		9,875
	Facebook, Inc. - Class A (a)	817		145,577
	Fox Corporation - Class A (b)	117		3,700
	Fox Corporation - Class B	54		1,693
	Interpublic Group of Cos. Inc. (b)	129		2,778
	Netflix, Inc. (a)	148		39,648
	News Corporation - Class A	117		1,634
	News Corporation - Class B	38		542
	Omnicom Group Inc. (b)	73		5,727
	Take-Two Interactive Software Inc. (a)	39		4,915
	T-Mobile US Inc. (a)	107		8,441
	TripAdvisor Inc. (a) (b)	37		1,436
	Twitter, Inc. (a)	262		10,789
	VeriSign, Inc. (a)	35		6,689
	Verizon Communications Inc.	1,406		84,836
	Viacom Inc. - Class B	117		2,805
	Walt Disney Co.	611		79,653
			875,836
Consumer Discretionary 10.1%
	Advance Auto Parts, Inc. (b)	25		4,053
	Amazon.com, Inc. (a)	141		245,058
	Aptiv PLC (d)	87		7,587
	AutoZone, Inc. (a)	8		9,069
	Best Buy Co., Inc.	80		5,491
	Booking Holdings Inc. (a) (b)	14		28,383
	BorgWarner Inc. (b)	69		2,534
	Capri Holdings Limited (a)	48		1,576
	Carmax Inc. (a) (b)	57		5,002
	Carnival Plc (b)	136		5,962
	Chipotle Mexican Grill Inc. (a)	9		7,270
	D.R. Horton, Inc.	111		5,827
	Darden Restaurants Inc.	41		4,825
	Dollar General Corp.	87		13,902
	Dollar Tree Inc. (a)	80		9,128
	eBay Inc.	269		10,467
	Expedia Group, Inc.	47		6,313
	Ford Motor Co. (b)	1,313		12,027
	Gap Inc. (b)	75		1,299
	Garmin Ltd.	49		4,120
	General Motors Company	428		16,033
	Genuine Parts Co.	50		4,953
	H & R Block, Inc. (b)	71		1,665
	HanesBrands Inc.	123		1,888
	Harley-Davidson Inc. (b)	58		2,079
	Hasbro Inc.	40		4,720
	Hilton Worldwide Holdings Inc.	99		9,175
	Home Depot Inc. (b)	373		86,581
	Kohl's Corp. (b)	57		2,827
	Leggett & Platt Inc. (b)	40		1,644
	Lennar Corp. - Class A (b)	97		5,392
	Limited Brands Inc. (b)	76		1,490
	LKQ Corp. (a)	105		3,308
	Lowe's Cos. Inc.	262		28,864
	Macy's, Inc. (b)	105		1,635
	Marriott International Inc. - Class A	93		11,572
	McDonald's Corporation	258		55,482
	MGM Resorts International	177		4,901
	Mohawk Industries Inc. (a) (b)	22		2,678
	Newell Brands Inc.	130		2,439
	Nike Inc. - Class B	427		40,080
	Nordstrom Inc. (b)	36		1,219
	Norwegian Cruise Line Holdings Ltd. (a)	70		3,647
	NVR, Inc. (a)	1		3,885
	O'Reilly Automotive, Inc. (a)	26		10,378
	Pulte Homes Inc.	92		3,372
	PVH Corp.	26		2,272
	Ralph Lauren Corp. - Class A	19		1,839
	Ross Stores Inc.	125		13,682
	Royal Caribbean Cruises Ltd.	57		6,204
	Starbucks Corp.	407		35,991
	Tapestry Inc.	96		2,495
	Target Corporation	174		18,632
	Tiffany & Co. (b)	36		3,333
	TJX Cos. Inc.	412		22,965
	Tractor Supply Co.	41		3,724
	Ulta Salon, Cosmetics & Fragrance, Inc. (a)	19		4,803
	Under Armour Inc. - Class A (a) (b)	65		1,300

326

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	Under Armour Inc. - Class C (a) (b)	66		1,190
	VF Corp.	110		9,813
	Whirlpool Corp.	22		3,497
	Wynn Resorts Ltd. (b)	32		3,511
	Yum! Brands Inc.	103		11,740
			848,791
Industrials 9.2%
	3M Company (b)	194		31,947
	Alaska Air Group, Inc. (b)	41		2,683
	Allegion Public Limited Company (b)	31		3,207
	American Airlines Group Inc. (b)	134		3,618
	AMETEK, Inc.	77		7,056
	AO Smith Corp. (b)	50		2,393
	Arconic Inc.	132		3,440
	C.H. Robinson Worldwide, Inc. (b)	47		3,983
	Caterpillar Inc.	191		24,172
	Cintas Corp.	29		7,711
	Copart Inc. (a) (b)	70		5,584
	CSX Corp.	271		18,759
	Cummins Inc.	53		8,693
	Deere & Co.	107		18,006
	Delta Air Lines Inc. (b)	197		11,347
	Dover Corp.	49		4,909
	Eaton Corporation Public Limited Company	144		11,963
	Emerson Electric Co.	207		13,868
	Equifax Inc.	41		5,769
	Expeditors International of Washington Inc.	59		4,393
	Fastenal Co.	194		6,331
	FedEx Corporation	81		11,784
	Flowserve Corporation (b)	45		2,111
	Fortive Corporation (b)	100		6,889
	Fortune Brands Home & Security, Inc.	50		2,761
	General Dynamics Corp.	80		14,647
	General Electric Company	2,955		26,415
	Honeywell International Inc.	246		41,634
	Huntington Ingalls Industries Inc.	14		2,983
	IDEX Corporation	26		4,203
	Illinois Tool Works Inc. (b)	100		15,673
	Ingersoll-Rand Public Limited Company	81		10,031
	Jacobs Engineering Group Inc. (b)	46		4,191
	JB Hunt Transport Services Inc. (b)	28		3,121
	Johnson Controls International Public Limited Company (b)	271		11,899
	Kansas City Southern	35		4,645
	L3Harris Technologies, Inc.	76		15,812
	Lockheed Martin Corporation	84		32,923
	Masco Corp.	99		4,115
	Nielsen Holdings plc	121		2,581
	Norfolk Southern Corp.	90		16,234
	Northrop Grumman Systems Corp.	54		20,118
	PACCAR Inc.	119		8,325
	Parker Hannifin Corp.	43		7,815
	Pentair Public Limited Company	55		2,076
	Quanta Services, Inc.	45		1,714
	Raytheon Co.	95		18,555
	Republic Services Inc.	73		6,303
	Robert Half International Inc. (b)	41		2,273
	Rockwell Automation Inc. (b)	41		6,730
	Rollins Inc. (b)	51		1,721
	Roper Industries Inc.	35		12,593
	Snap-On Inc. (b)	19		2,972
	Southwest Airlines Co.	165		8,898
	Stanley Black & Decker Inc.	52		7,464
	Textron Inc. (b)	83		4,041
	The Boeing Company (b)	181		69,055
	TransDigm Group Inc.	17		8,644
	Union Pacific Corp.	240		38,912
	United Airlines Holdings, Inc. (a)	76		6,763
	United Parcel Service Inc. - Class B	236		28,315
	United Rentals Inc. (a) (b)	27		3,321
	United Technologies Corp.	275		37,520
	Verisk Analytics, Inc.	54		8,609
	Wabtec Corp. (b)	62		4,422
	Waste Management, Inc.	131		15,050
	WW Grainger Inc.	15		4,499
	Xylem Inc. (b)	60		4,787
			775,979
Consumer Staples 7.5%
	Altria Group, Inc.	634		25,926
	Archer-Daniels-Midland Company (b)	190		7,789
	Brown-Forman Corp. - Class B (b)	62		3,870
	Campbell Soup Co. (b)	60		2,826
	Church & Dwight Co. Inc. (b)	83		6,214
	Clorox Co.	43		6,595
	Coca-Cola Co.	1,305		71,027
	Colgate-Palmolive Co.	291		21,363
	ConAgra Brands Inc. (b)	166		5,090
	Constellation Brands, Inc. - Class A	57		11,737
	Costco Wholesale Corporation	149		43,051
	Coty Inc. - Class A (b)	106		1,114
	Estee Lauder Cos. Inc. - Class A	75		14,944
	General Mills Inc. (b)	205		11,293
	Hershey Co.	50		7,821
	Hormel Foods Corp. (b)	92		4,017
	JM Smucker Co. (b)	38		4,225
	Kellogg Co.	86		5,507
	Kimberly-Clark Corp.	117		16,613
	Kraft Heinz Foods Company	206		5,747
	Lamb Weston Holdings Inc.	49		3,569
	McCormick & Co. Inc.	41		6,394
	Molson Coors Brewing Company - Class B (b)	63		3,628
	Mondelez International Inc. - Class A	490		27,103
	Monster Beverage 1990 Corporation (a)	135		7,837
	PepsiCo Inc.	475		65,126
	Philip Morris International Inc.	527		40,027
	Procter & Gamble Co.	850		105,782
	Sysco Corp.	174		13,782
	The Kroger Co.	265		6,825
	Tyson Foods Inc. - Class A	100		8,597
	Walgreens Boots Alliance Inc. (b)	258		14,280
	Walmart Inc.	483		57,312
			637,031
Energy 4.5%
	Apache Corporation (b)	129		3,292
	Baker Hughes, a GE Company, LLC - Class A	202		4,682
	Cabot Oil & Gas Corp.	143		2,512
	Chevron Corp.	644		76,401
	Cimarex Energy Co. (b)	31		1,503
	Concho Resources Inc.	66		4,497
	ConocoPhillips	378		21,523
	Devon Energy Corporation	138		3,319
	Diamondback Energy, Inc.	55		4,966
	EOG Resources, Inc.	197		14,590
	Exxon Mobil Corporation (b)	1,436		101,423
	Halliburton Co.	295		5,570
	Helmerich & Payne Inc.	38		1,504
	Hess Corporation (b)	85		5,127
	HollyFrontier Corp.	54		2,899
	Kinder Morgan, Inc.	655		13,502
	Marathon Oil Corp.	287		3,526
	Marathon Petroleum Corporation	227		13,816
	National Oilwell Varco Inc. (b)	127		2,692
	Noble Energy Inc. (b)	156		3,498
	Occidental Petroleum Corporation	306		13,586
	ONEOK Inc.	139		10,218
	Phillips 66	152		15,554
	Pioneer Natural Resources Co.	58		7,244
	Schlumberger Ltd.	467		15,966
	TechnipFMC PLC	139		3,356
	Valero Energy Corporation	142		12,092
	Williams Cos. Inc.	410		9,873
			378,731
Utilities 3.5%
	Alliant Energy Corporation	77		4,170
	Ameren Corporation	81		6,511
	American Electric Power Company, Inc.	168		15,712
	American Water Works Company, Inc.	60		7,428
	Atmos Energy Corporation	40		4,532
	CenterPoint Energy, Inc.	166		5,009

327

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	CMS Energy Corp.		94		5,997
	Consolidated Edison Inc.		111		10,463
	Dominion Energy, Inc.		279		22,608
	DTE Energy Company (b)		61		8,081
	Duke Energy Corporation		248		23,725
	Edison International (b)		121		9,137
	Entergy Corporation		67		7,909
	Evergy, Inc.		80		5,347
	Eversource Energy (b)		107		9,173
	Exelon Corporation		329		15,916
	FirstEnergy Corp.		183		8,818
	NextEra Energy, Inc. (b)		166		38,659
	NiSource Inc.		125		3,744
	NRG Energy Inc.		92		3,649
	Pinnacle West Capital Corp. (b)		38		3,687
	PPL Corporation (b)		243		7,645
	Public Service Enterprise Group Inc.		172		10,650
	Sempra Energy		92		13,631
	The AES Corporation		224		3,662
	The Southern Company (b)		353		21,779
	WEC Energy Group Inc. (b)		107		10,165
	Xcel Energy Inc. (b)		178		11,544
				299,351
Real Estate 3.2%
	Alexandria Real Estate Equities, Inc.		38		5,832
	American Tower Corporation		150		33,117
	Apartment Investment and Management Company - Class A (b)		54		2,819
	AvalonBay Communities, Inc.		47		10,029
	Boston Properties Inc.		49		6,356
	CBRE Group, Inc. - Class A (a) (b)		114		6,034
	Crown Castle International Corp.		141		19,577
	Digital Realty Trust Inc. (b)		69		8,971
	Duke Realty Corp. (b)		121		4,118
	Equinix, Inc.		28		16,424
	Equity Residential		119		10,246
	Essex Property Trust Inc.		22		7,192
	Extra Space Storage Inc.		43		4,998
	Federal Realty Investment Trust		25		3,459
	HCP, Inc.		166		5,932
	Host Hotels & Resorts, Inc. (b)		248		4,288
	Iron Mountain Incorporated (b)		96		3,120
	KiMcO Realty Corporation (b)		140		2,914
	Macerich Co. (b)		33		1,057
	Mid-America Apartment Communities, Inc.		39		5,051
	ProLogis Inc.		212		18,103
	Public Storage		51		12,428
	Realty Income Corp. (b)		107		8,172
	Regency Centers Corp.		56		3,879
	SBA Communications Corporation		39		9,367
	Simon Property Group Inc.		103		16,100
	SL Green Realty Corp. (b)		28		2,276
	UDR Inc.		95		4,620
	Ventas, Inc. (b)		125		9,134
	Vornado Realty Trust		54		3,441
	Welltower Inc. (b)		137		12,432
	Weyerhaeuser Co.		248		6,874
				268,360
Materials 2.7%
	Air Products and Chemicals, Inc.		75		16,543
	Albemarle Corporation (b)		38		2,627
	Amcor Plc		549		5,356
	Avery Dennison Corporation (b)		30		3,435
	Ball Corporation (b)		112		8,168
	Celanese Corp. - Class A		42		5,160
	CF Industries Holdings Inc.		79		3,878
	Corteva, Inc.		254		7,103
	Dow Holdings Inc.		254		12,089
	DuPont de Nemours, Inc		254		18,091
	Eastman Chemical Co.		47		3,446
	Ecolab Inc. (b)		85		16,920
	FMC Corp.		44		3,846
	Freeport-McMoRan Inc. - Class B		479		4,582
	International Flavors & Fragrances Inc. (b)		36		4,439
	International Paper Co. (b)		139		5,827
	Linde Public Limited Company		184		35,687
	LyondellBasell Industries N.V. - Class A		88		7,874
	Martin Marietta Materials Inc. (b)		21		5,786
	MOS Holdings Inc. (b)		117		2,405
	Newmont Goldcorp Corporation (d)		278		10,525
	Nucor Corp. (b)		103		5,257
	Packaging Corp. of America (b)		32		3,411
	PPG Industries Inc.		82		9,685
	Sealed Air Corporation (b)		50		2,068
	Sherwin-Williams Co. (b)		28		15,322
	Vulcan Materials Co.		45		6,773
	Westrock Company, Inc.		82		3,003
				229,306
	Total Common Stocks (cost $5,650,773)			8,393,494
SHORT TERM INVESTMENTS 7.0%
Securities Lending Collateral 6.9%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (c) (e)		346,342		346,342
	Repurchase Agreement with CIT, 2.88% (Collateralized by various publicly traded equities with a value of $181,500) acquired on 11/29/17, due 12/31/19 at $173,844		165,000		165,000
	Repurchase Agreement with MSC, 2.81% (Collateralized by various publicly traded equities with a value of $82,506) acquired on 03/22/19, due 10/16/19 at $76,124		75,000		75,000
				586,342
Investment Companies 0.1%
	JNL Government Money Market Fund - Institutional Class, 1.86% (c) (e)		4,278		4,278
U.S. Treasury Bill 0.0%
	Treasury, United States Department of
		1.94%, 12/12/19 (f) (g)	2,880		2,870
	Total Short Term Investments (cost $593,489)			593,490
Total Investments 106.4% (cost $6,244,262)					8,986,984
Other Derivative Instruments 0.0%					182
Other Assets and Liabilities, Net (6.4)%					(540,709)
Total Net Assets 100.0%					8,446,457

(a)Non-income producing security.

(b)All or a portion of the security was on loan as of September 30, 2019.

(c)Investment in affiliate.

(d)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

(e)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

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

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

Long Term Investments in Affiliates

Affiliated Investment		Value Beginning of Period($)	Purchases($)	Sales Proceeds($)	Dividend Income($)	Realized Gain (Loss)($)	Change in Unrealized Appreciation (Depreciation) ($)	Value End of Period($)	Percentage of Net Assets(%)
	The Bank of New York Mellon Corporation	14,241	446	746	262	359	(878)	13,422	0.2%

328

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

JNL/Mellon S&P 500 Index Fund — Futures Contracts
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
S&P 500 Index	361	December 2019		53,837	182			(75)

329

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
JNL/Mellon Small Cap Index Fund
COMMON STOCKS 99.0%
Industrials 18.4%
	AAON, Inc. (a)	133		6,131
	AAR Corp.	109		4,476
	ABM Industries Incorporated	218		7,920
	Actuant Corporation - Class A	181		3,968
	Advanced Energy Industries, Inc. (b)	126		7,222
	Aegion Corporation (b)	102		2,176
	Aerojet Rocketdyne Holdings, Inc. (b)	238		12,003
	AeroVironment, Inc. (b)	71		3,821
	Alamo Group Inc.	32		3,751
	Albany International Corp. - Class A	101		9,088
	Allegiant Travel Company	43		6,434
	American Woodmark Corporation (b)	49		4,338
	Apogee Enterprises, Inc.	86		3,360
	Applied Industrial Technologies, Inc.	127		7,187
	Arcbest Corporation	85		2,579
	Arcosa, Inc.	159		5,439
	Astec Industries, Inc.	75		2,346
	Atlas Air Worldwide Holdings, Inc. (b)	85		2,157
	AZZ Inc.	86		3,752
	Barnes Group Inc.	158		8,126
	Brady Corp. - Class A	164		8,699
	Briggs & Stratton Corp.	146		884
	Chart Industries, Inc. (b)	118		7,328
	CIRCOR International, Inc. (b)	65		2,427
	Comfort Systems USA Inc.	123		5,450
	Cubic Corp. (a)	102		7,161
	DXP Enterprises Inc. (b)	54		1,862
	Echo Global Logistics, Inc. (b)	92		2,093
	Encore Wire Corp.	69		3,866
	EnPro Industries, Inc. (a)	69		4,729
	ESCO Technologies Inc.	85		6,788
	Exponent, Inc.	171		11,981
	Federal Signal Corp.	198		6,489
	Forrester Research Inc.	34		1,080
	Forward Air Corp.	93		5,933
	Franklin Electric Co. Inc.	126		6,039
	FTI Consulting Inc. (b)	123		13,074
	Gibraltar Industries Inc. (b)	106		4,864
	GMS Inc. (b)	135		3,873
	Greenbrier Cos. Inc.	106		3,204
	Griffon Corp.	137		2,874
	Harsco Corp. (b)	266		5,037
	Hawaiian Holdings Inc.	155		4,081
	Heartland Express Inc.	156		3,364
	Heidrick & Struggles International Inc.	62		1,698
	Hillenbrand Inc.	209		6,445
	HUB Group Inc. - Class A (b)	110		5,112
	Insteel Industries, Inc.	61		1,243
	Interface Inc.	192		2,776
	John Bean Technologies Corp.	104		10,335
	Kaman Corp.	92		5,444
	Kelly Services Inc. - Class A	102		2,462
	Korn Ferry	184		7,109
	Lindsay Corp. (a)	35		3,295
	Lydall Inc. (b)	58		1,441
	Marten Transport Ltd.	128		2,667
	Matson Intermodal - Paragon, Inc.	142		5,316
	Matthews International Corp. - Class A (a)	105		3,710
	Mercury Systems Inc. (b)	183		14,817
	Mobile Mini, Inc.	147		5,405
	Moog Inc. - Class A	107		8,657
	Mueller Industries Inc.	187		5,352
	MYR Group Inc. (b)	55		1,718
	National Presto Industries Inc.	17		1,491
	Navigant Consulting, Inc.	128		3,574
	Patrick Industries Inc. (b)	75		3,211
	PGT Innovations, Inc. (b)	190		3,275
	Pitney Bowes Inc. (a)	546		2,494
	Powell Industries Inc.	28		1,108
	Proto Labs Inc. (b)	88		9,006
	Quanex Building Products Corp.	109		1,971
	Raven Industries Inc.	119		3,968
	Resources Connection, Inc.	99		1,674
	RR Donnelley & Sons Co.	234		883
	Saia, Inc. (b)	85		7,972
	Simpson Manufacturing Co. Inc.	132		9,160
	SkyWest Inc.	168		9,669
	SPX Corp. (b)	143		5,739
	SPX Flow, Inc. (b)	139		5,475
	Standex International Corp.	41		3,019
	Team Inc. (b)	100		1,801
	Tennant Co.	60		4,219
	Titan International, Inc.	164		443
	Triumph Group Inc. (a)	166		3,798
	TrueBlue, Inc. (b)	129		2,729
	UniFirst Corp.	51		9,856
	Universal Forest Products Inc.	201		8,033
	US Ecology, Inc. (a)	73		4,656
	Veritiv Corp. (b)	43		771
	Viad Corp	68		4,544
	Vicor Corp. (a) (b)	53		1,559
	Wabash National Corp.	180		2,614
	Watts Water Technologies Inc. - Class A	91		8,508
			451,676
Financials 15.7%
	Ambac Financial Group, Inc. (b)	151		2,956
	American Equity Investment Life Holding Company	302		7,309
	Ameris Bancorp	212		8,534
	Amerisafe, Inc.	64		4,225
	Axos Financial, Inc. (b)	175		4,842
	Banc of California, Inc.	142		2,008
	Banner Corporation	113		6,324
	Berkshire Hills Bancorp, Inc.	144		4,225
	Blucora, Inc. (b)	161		3,491
	Boston Private Financial Holdings Inc.	276		3,219
	Brookline Bancorp, Inc.	267		3,940
	Cadence Bancorporation - Class A	415		7,281
	Central Pacific Financial Corp.	95		2,691
	City Holdings Co.	55		4,203
	Columbia Banking System Inc.	240		8,841
	Community Bank System Inc.	169		10,448
	Customers Bancorp, Inc. (b)	92		1,913
	CVB Financial Corp.	431		8,993
	Dime Community Bancshares Inc.	102		2,194
	Donnelley Financial Solutions, Inc. (b)	103		1,270
	Eagle Bancorp Inc.	113		5,025
	eHealth, Inc. (b)	66		4,375
	Employer Holdings Inc.	105		4,555
	Encore Capital Group Inc. (a) (b)	84		2,805
	Enova International, Inc. (b)	113		2,341
	EzCorp Inc. - Class A (a) (b)	173		1,116
	First Bancorp Inc.	714		7,123
	First Commonwealth Financial Corp.	331		4,390
	First Financial Bancorp	324		7,922
	First Midwest Bancorp Inc.	363		7,068
	Flagstar Bancorp Inc.	93		3,471
	Franklin Financial Network, Inc.	40		1,200
	Glacier Bancorp, Inc.	282		11,399
	Granite Point Mortgage Trust Inc. (a)	180		3,382
	Great Western Bancorp Inc.	187		6,171
	Greenhill & Co. Inc. (a)	55		726
	Hanmi Financial Corp.	103		1,933
	HCI Group, Inc.	22		910
	Heritage Financial Corporation	120		3,238
	HomeStreet, Inc. (b)	81		2,203
	Hope Bancorp, Inc.	413		5,929
	Horace Mann Educators Corp.	135		6,272
	Independent Bank Corp.	113		8,425
	INTL FCStone Inc. (b)	52		2,144
	James River Group, Inc.	101		5,159
	LegacyTexas Financial Group, Inc.	159		6,936
	Meta Financial Group, Inc.	112		3,657
	National Bank Holdings Corp. - Class A	101		3,438
	NBT Bancorp Inc.	144		5,279
	NMI Holdings Inc. - Class A (b)	222		5,828

330

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	Northfield Bancorp Inc.	143		2,298
	Northwest Bancshares Inc.	331		5,421
	OFG Bancorp	166		3,638
	Old National Bancorp	558		9,603
	Opus Bank	68		1,490
	Oritani Financial Corp.	123		2,173
	Pacific Premier Bancorp, Inc.	194		6,054
	Piper Jaffray Cos.	48		3,619
	Preferred Bank	46		2,396
	ProAssurance Corporation	177		7,110
	Provident Financial Services, Inc.	199		4,889
	RLI Corp.	131		12,131
	S&T Bancorp Inc.	113		4,134
	Safety Insurance Group, Inc.	48		4,832
	Seacoast Banking Corp. of Florida (b)	170		4,307
	ServisFirst Bancshares, Inc.	154		5,101
	Simmons First National Corp. - Class A	317		7,904
	Southside Bancshares, Inc.	103		3,523
	Stewart Information Services Corp.	80		3,092
	The PRA Group, Inc. (b)	152		5,128
	Third Point Reinsurance Ltd. (b)	239		2,392
	Tompkins Financial Corp.	41		3,329
	Triumph Bancorp, Inc. (b)	82		2,627
	TrustCo Bank Corp.	316		2,579
	United Community Banks, Inc.	260		7,364
	United Fire Group Inc.	72		3,368
	United Insurance Holdings Corp.	69		964
	Universal Insurance Holdings, Inc.	105		3,163
	Veritex Holdings Inc.	151		3,674
	Virtus Partners, Inc.	22		2,381
	Waddell & Reed Financial Inc. - Class A (a) (c)	244		4,197
	Walker & Dunlop, Inc.	93		5,211
	Westamerica Bancorp (a)	90		5,592
	WisdomTree Investments, Inc.	381		1,989
	World Acceptance Corp. (b)	21		2,654
			383,654
Information Technology 14.0%
	3D Systems Corporation (a) (b)	376		3,066
	8x8 Inc. (b)	319		6,616
	ADTRAN, Inc.	155		1,757
	Agilysys, Inc. (b)	66		1,687
	Alarm.Com Holdings, Inc. (b)	116		5,411
	Anixter International Inc. (b)	96		6,656
	Applied Optoelectronics, Inc. (a) (b)	62		700
	Arlo Technologies, Inc. (b)	242		825
	Axcelis Technologies, Inc. (b)	104		1,784
	Badger Meter, Inc. (a)	97		5,228
	Bel Fuse Inc. - Class B	35		524
	Benchmark Electronics, Inc.	124		3,599
	Bottomline Technologies Inc. (b)	125		4,930
	Brooks Automation Inc.	237		8,784
	Cabot Microelectronics Corporation	95		13,462
	CalAmp Corp. (b)	109		1,257
	Cardtronics PLC - Class A (b)	123		3,723
	CEVA Inc. (b)	73		2,175
	Cohu Inc.	135		1,819
	Comtech Telecommunications Corp.	79		2,559
	CSG Systems International, Inc.	108		5,603
	CTS Corp.	110		3,562
	Daktronics Inc.	133		984
	Diebold Nixdorf Inc. (b)	256		2,863
	Digi International Inc. (b)	90		1,229
	Diodes Inc. (b)	131		5,250
	DSP Group, Inc. (b)	64		908
	Ebix Inc. (a)	72		3,020
	ePlus Inc. (b)	45		3,437
	EVERTEC, Inc.	196		6,125
	ExlService Holdings Inc. (b)	112		7,518
	Extreme Networks, Inc. (b)	394		2,869
	Fabrinet (b)	121		6,331
	FARO Technologies Inc. (b)	56		2,708
	FormFactor Inc. (b)	243		4,532
	Harmonic Inc. (b)	305		2,008
	Ichor Holdings, Ltd. (b)	72		1,737
	II-VI Inc. (b)	280		9,851
	Insight Enterprises, Inc. (b)	118		6,547
	Itron Inc. (b)	115		8,482
	Kemet Corp.	191		3,474
	Knowles Corporation (b)	282		5,738
	Kulicke & Soffa Industries Inc.	212		4,976
	LivePerson, Inc. (b)	196		6,991
	Mantech International Corp. - Class A	89		6,348
	MaxLinear, Inc. - Class A (b)	212		4,742
	Methode Electronics Inc.	123		4,140
	MicroStrategy Inc. - Class A (b)	27		3,986
	Monotype Imaging Holdings Inc.	139		2,747
	MTS Systems Corp.	59		3,277
	Nanometrics Inc. (b)	80		2,606
	NETGEAR, Inc. (b)	102		3,294
	NIC Inc.	222		4,577
	Onespan, Inc. (b)	101		1,460
	OSI Systems Inc. (b)	55		5,596
	PDF Solutions Inc. (b)	91		1,184
	Perficient, Inc. (b)	108		4,166
	Photronics Inc. (b)	219		2,377
	Plexus Corp. (b)	96		6,021
	Power Integrations Inc.	96		8,717
	Progress Software Corp.	146		5,551
	Qualys, Inc. (b)	111		8,366
	Rambus Inc. (b)	365		4,796
	Rogers Corp. (b)	61		8,407
	Rudolph Technologies Inc. (b)	104		2,746
	Sanmina Corp. (b)	229		7,341
	ScanSource Inc. (b)	86		2,619
	SMART Global Holdings, Inc. (b)	41		1,033
	SolarEdge Technologies Ltd. (b)	157		13,102
	SPS Commerce, Inc. (b)	115		5,400
	Sykes Enterprises Inc. (b)	127		3,902
	TiVo Corporation	409		3,111
	TTEC Holdings, Inc.	46		2,215
	TTM Technologies, Inc. (b)	305		3,724
	Ultra Clean Holdings, Inc. (b)	127		1,852
	Unisys Corp. (b)	169		1,252
	Veeco Instruments Inc. (b)	160		1,870
	Viavi Solutions Inc. (b)	751		10,522
	Virtusa Corporation (b)	98		3,547
	Xperii Corp.	161		3,322
			343,221
Consumer Discretionary 13.8%
	Abercrombie & Fitch Co. - Class A	208		3,246
	American Axle & Manufacturing Holdings, Inc. (b)	370		3,038
	American Public Education, Inc. (b)	54		1,214
	Asbury Automotive Group, Inc. (b)	64		6,507
	Barnes & Noble Education, Inc. (b)	127		396
	Big Lots, Inc.	128		3,146
	BJ's Restaurants, Inc. (a)	69		2,689
	Bloomin' Brands, Inc.	289		5,477
	Boot Barn Holdings, Inc. (a) (b)	92		3,211
	Buckle Inc. (a)	94		1,946
	Caleres Inc.	139		3,254
	Callaway Golf Co.	307		5,961
	Career Education Corp. (b)	231		3,676
	Cato Corp. - Class A	72		1,273
	Cavco Industries Inc. (b)	28		5,376
	Century Communities Inc. (b)	89		2,722
	Chico's FAS Inc.	406		1,638
	Childrens Place Retail Stores Inc. (a)	52		3,979
	Chuy's Holdings Inc. (b)	56		1,392
	Conn's Inc. (a) (b)	64		1,584
	Cooper Tire & Rubber Co.	168		4,376
	Cooper-Standard Holdings Inc. (b)	54		2,190
	Core-Mark Holding Co. Inc.	153		4,926
	Crocs Inc. (b)	206		5,728
	Dave & Buster's Entertainment Inc. (a)	102		3,955
	Designer Brands Inc. - Class A (a)	182		3,111
	Dine Brands Global Inc.	56		4,286
	Dorman Products Inc. (b)	97		7,708
	El Pollo Loco Holdings Inc. (b)	71		778

331

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	Ethan Allen Interiors Inc.	84		1,602
	Express, Inc. (b)	215		739
	Fiesta Restaurant Group, Inc. (a) (b)	77		806
	Fossil Group, Inc. (a) (b)	145		1,813
	Fox Factory Holding Corp. (b)	127		7,886
	GameStop Corp. - Class A (a)	276		1,524
	Garrett Motion Inc. (b)	244		2,427
	Genesco Inc. (b)	52		2,081
	Gentherm Incorporated (b)	109		4,458
	G-III Apparel Group, Ltd. (b)	139		3,576
	Group 1 Automotive Inc.	58		5,387
	Guess Inc. (a)	142		2,625
	Haverty Furniture Cos. Inc.	65		1,312
	Hibbett Sports Inc. (a) (b)	63		1,437
	Installed Building Products, Inc. (b)	70		4,029
	iRobot Corp. (a) (b)	93		5,720
	J.C. Penney Co. Inc. (a) (b)	1,102		979
	Kontoor Brands, Inc. (a)	152		5,330
	La-Z-Boy Inc.	153		5,156
	LCI Industries	83		7,624
	LGI Homes, Inc. (b)	65		5,430
	Liquidity Services, Inc. (b)	88		650
	Lithia Motors Inc. - Class A	74		9,743
	Lumber Liquidators, Inc. (a) (b)	94		926
	M/I Homes, Inc. (b)	93		3,491
	MarineMax Inc. (b)	74		1,142
	MDC Holdings Inc.	161		6,955
	Meritage Homes Corporation (b)	118		8,312
	Monarch Casino & Resort Inc. (b)	39		1,608
	Monro Inc.	110		8,722
	Motorcar Parts of America Inc. (a) (b)	64		1,074
	Movado Group Inc. (a)	56		1,391
	Office Depot Inc.	1,760		3,090
	Oxford Industries Inc.	56		4,010
	PetMed Express Inc. (a)	69		1,238
	Red Robin Gourmet Burgers, Inc. (a) (b)	43		1,424
	Regis Corp. (b)	82		1,660
	Rent-A-Center, Inc.	159		4,099
	RH (a) (b)	53		8,976
	Ruth's Hospitality Group Inc.	94		1,915
	Shake Shack Inc. - Class A (b)	99		9,716
	Shoe Carnival Inc. (a)	31		995
	Shutterstock Inc. (b)	61		2,220
	Signet Jewelers Limited	164		2,743
	Sleep Number Corporation (b)	96		3,986
	Sonic Automotive, Inc. - Class A	81		2,546
	Stamps.com Inc. (b)	55		4,087
	Standard Motor Products Inc.	65		3,159
	Steven Madden Ltd.	256		9,177
	Strategic Education, Inc.	72		9,844
	Sturm Ruger & Co. Inc. (a)	55		2,285
	Tailored Brands, Inc. (a)	164		720
	The Michaels Companies, Inc. (a) (b)	251		2,456
	Tile Shop Holdings, Inc. (a)	120		383
	TopBuild Corp. (b)	114		10,951
	Tupperware Brands Corp.	152		2,411
	Unifi Inc. (b)	48		1,049
	Universal Electronics Inc. (b)	46		2,317
	Vera Bradley, Inc. (b)	75		759
	Vista Outdoor Inc. (b)	189		1,173
	Vitamin Shoppe, Inc. (b)	52		339
	William Lyon Homes - Class A (b)	111		2,250
	Wingstop Inc.	97		8,437
	Winnebago Industries Inc.	103		3,950
	Wolverine World Wide Inc.	281		7,937
	Zumiez Inc. (a) (b)	61		1,924
			338,964
Health Care 12.0%
	Acorda Therapeutics, Inc. (a) (b)	130		374
	Addus HomeCare Corporation (b)	43		3,397
	Akorn, Inc. (b)	309		1,176
	AMAG Pharmaceuticals, Inc. (a) (b)	109		1,263
	AMN Healthcare Services, Inc. (b)	153		8,817
	Amphastar Pharmaceuticals, Inc. (b)	117		2,328
	AngioDynamics, Inc. (b)	122		2,247
	ANI Pharmaceuticals, Inc. (b)	27		1,987
	Anika Therapeutics, Inc. (b)	45		2,493
	Arrowhead Pharmaceuticals Inc (a) (b)	314		8,857
	Assertio Therapeutics, Inc. (b)	212		272
	BioTelemetry, Inc. (b)	112		4,577
	Cambrex Corp. (b)	111		6,583
	Cardiovascular Systems Inc. (b)	117		5,538
	Community Health Systems Inc. (a) (b)	383		1,378
	Computer Programs & Systems Inc.	40		909
	Conmed Corp.	92		8,867
	Corcept Therapeutics Inc. (b)	337		4,758
	Corvel Corp. (b)	30		2,304
	Cross Country Healthcare Inc. (b)	120		1,240
	CryoLife Inc. (b)	116		3,162
	Cutera Inc. (b)	47		1,366
	Cytokinetics, Incorporated (b)	195		2,220
	Diplomat Pharmacy, Inc. (a) (b)	179		879
	Eagle Pharmaceuticals Inc. (a) (b)	35		1,971
	Emergent BioSolutions Inc. (b)	144		7,550
	Enanta Pharmaceuticals, Inc. (b)	53		3,168
	Endo International Public Limited Company (b)	655		2,103
	Genomic Health, Inc. (b)	71		4,833
	Healthstream, Inc. (b)	85		2,213
	Heska Corporation (a) (b)	24		1,703
	HMS Holdings Corp. (b)	287		9,881
	Innoviva, Inc. (b)	228		2,399
	Inogen, Inc. (b)	60		2,851
	Integer Holdings Corporation (b)	106		8,040
	Invacare Corp.	110		825
	Lannett Co. Inc. (a) (b)	111		1,239
	Lantheus Holdings Inc. (b)	129		3,222
	LeMaitre Vascular Inc.	55		1,878
	LHC Group, Inc. (b)	97		11,056
	Luminex Corporation	136		2,812
	Magellan Health Services Inc. (b)	72		4,462
	Medicines Co. (a) (b)	241		12,060
	Medpace Holdings, Inc. (b)	87		7,326
	Meridian Bioscience Inc.	141		1,339
	Merit Medical Systems Inc. (b)	183		5,575
	Mesa Laboratories, Inc.	13		3,090
	Momenta Pharmaceuticals, Inc. (b)	323		4,188
	Myriad Genetics, Inc. (b)	245		7,013
	Natus Medical Inc. (b)	110		3,517
	Neogen Corp. (b)	172		11,710
	Neogenomics, Inc. (b)	339		6,482
	Nextgen Healthcare Inc. (b)	157		2,465
	Omnicell, Inc. (b)	136		9,822
	Orasure Technologies, Inc. (b)	203		1,519
	Orthofix Medical Inc. (b)	62		3,313
	Owens & Minor Inc.	204		1,186
	Pacira Biosciences, Inc. (b)	136		5,175
	Phibro Animal Health Corporation - Class A	65		1,396
	Progenics Pharmaceuticals Inc. (a) (b)	294		1,486
	Providence Services Corp. (b)	37		2,214
	Regenxbio Inc. (b)	102		3,643
	Select Medical Holdings Corporation (b)	362		5,997
	Spectrum Pharmaceuticals, Inc. (b)	361		2,998
	Supernus Pharmaceuticals Inc. (b)	173		4,748
	SurModics Inc. (b)	44		2,017
	Tabula Rasa HealthCare Inc. (a) (b)	64		3,517
	Tactile Systems Technology, Inc. (b)	62		2,609
	The Ensign Group, Inc.	165		7,837
	Tivity Health, Inc. (a) (b)	142		2,364
	U. S. Physical Therapy, Inc.	42		5,543
	Vanda Pharmaceuticals Inc. (b)	172		2,282
	Varex Imaging Corporation (b)	126		3,595
	Xencor, Inc. (b)	159		5,350
			292,574
Real Estate 8.4%
	Acadia Realty Trust	272		7,781
	Agree Realty Corporation	138		10,098
	American Assets Trust, Inc.	156		7,292
	Apollo Commercial Real Estate Finance, Inc.	467		8,952

332

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	Armada Hoffler Properties, Inc.	173		3,135
	ARMOUR Residential REIT, Inc.	192		3,222
	Capstead Mortgage Corporation	319		2,345
	Caretrust REIT, Inc.	316		7,425
	CBL & Associates Properties Inc. (a)	548		707
	Cedar Realty Trust Inc.	297		890
	Chatham Lodging Trust	153		2,777
	Community Healthcare Trust Incorporated	60		2,674
	DiamondRock Hospitality Co.	658		6,742
	Dwight A. Walker Real Estate, Inc. - Class A (a)	59		1,898
	Easterly Government Properties, Inc.	235		5,010
	Four Corners Property Trust, Inc.	225		6,354
	Franklin Street Properties Corp.	359		3,037
	Getty Realty Corp.	114		3,649
	Global Net Lease Inc.	280		5,468
	Hersha Hospitality Trust (a)	119		1,773
	Independence Realty Trust, Inc.	300		4,287
	Innovative Industrial Properties, Inc. (a)	37		3,421
	Invesco Mortgage Capital Inc.	473		7,249
	iStar Inc.	195		2,550
	Kite Realty Naperville, LLC	276		4,453
	Lexington Realty Trust	802		8,222
	LTC Properties Inc.	131		6,687
	Marcus & Millichap Inc. (b)	76		2,707
	National Storage Affiliates Trust	190		6,327
	New York Mortgage Trust Inc.	844		5,142
	Office Properties Income Trust	161		4,937
	Pennsylvania REIT (a)	207		1,182
	PennyMac Mortgage Investment Trust	281		6,249
	Realogy Holdings Corp. (a)	372		2,484
	Redwood Trust Inc.	365		5,991
	Retail Opportunity Investments Corp.	381		6,942
	RPT Realty (a)	269		3,647
	Saul Centers Inc.	38		2,060
	Summit Hotel Properties Inc.	351		4,074
	Universal Health Realty Income Trust	42		4,362
	Urstadt Biddle Properties Inc. - Class A	99		2,358
	Washington Prime Group, L.P. (a)	620		2,567
	Washington REIT	263		7,195
	Whitestone REIT	130		1,792
	Xenia Hotels & Resorts Inc.	370		7,812
			205,926
Materials 4.6%
	AdvanSix Inc. (b)	92		2,355
	AK Steel Holding Corporation (a) (b)	1,050		2,384
	American Vanguard Corporation	88		1,376
	Balchem Corporation	106		10,537
	Boise Cascade Company	129		4,193
	Century Aluminum Co. (a) (b)	167		1,108
	Clearwater Paper Corporation (b)	53		1,113
	Ferro Corp. (b)	269		3,196
	FutureFuel Corp.	85		1,018
	GCP Applied Technologies Inc. (b)	170		3,280
	Hawkins Inc.	32		1,355
	Haynes International Inc.	42		1,492
	HB Fuller Co. (a)	167		7,785
	Innophos Holdings Inc	65		2,115
	Innospec Inc.	80		7,167
	Kaiser Aluminum Corp.	53		5,252
	Koppers Holdings Inc. (b)	69		2,027
	Kraton Corporation (b)	106		3,415
	Livent Corporation (b)	473		3,166
	LSB Industries Inc. (b)	67		346
	Materion Corp.	68		4,159
	Mercer International Inc.	132		1,654
	Myers Industries Inc.	119		2,108
	Neenah Inc.	55		3,602
	Olympic Steel, Inc.	30		438
	P.H. Glatfelter Co.	146		2,243
	Park Aerospace Technologies Corp.	63		1,111
	Quaker Chemical Corp.	42		6,698
	Rayonier Advanced Materials Inc.	169		731
	Schweitzer-Mauduit International Inc.	100		3,755
	Stepan Co. (a)	66		6,404
	SunCoke Energy, Inc. (b)	296		1,671
	TimkenSteel Corp. (b)	131		821
	Tredegar Corp.	85		1,652
	Trinseo S.A.	132		5,673
	U.S. Concrete, Inc. (a) (b)	51		2,830
	Warrior Met Coal, Inc.	164		3,194
			113,424
Consumer Staples 4.2%
	Avon Products, Inc. (b)	1,456		6,406
	B&G Foods, Inc. (a)	220		4,154
	Calavo Growers Inc.	51		4,892
	Cal-Maine Foods Inc.	101		4,050
	Central Garden & Pet Co. (a) (b)	36		1,064
	Central Garden & Pet Co. - Class A (b)	138		3,818
	Chefs' Warehouse Inc. (b)	83		3,336
	Coca-Cola Consolidated Inc.	16		4,723
	Darling Ingredients Inc. (b)	541		10,349
	Dean Foods Co. (a)	302		350
	Del Monte Fresh Produce Company	100		3,401
	Inter Parfums Inc.	57		4,016
	J&J Snack Foods Corp.	49		9,391
	John B. Sanfilippo & Son Inc.	30		2,866
	Medifast, Inc. (a)	39		4,053
	MGPI Processing, Inc. (a)	42		2,076
	National Beverage Corp. (a)	40		1,791
	PriceSmart Inc.	73		5,207
	Seneca Foods Corp. - Class A (b)	23		716
	SpartanNash Co.	118		1,399
	The Andersons, Inc.	105		2,361
	United Natural Foods Inc. (a) (b)	166		1,907
	Universal Corp.	84		4,581
	USANA Health Sciences, Inc. (b)	42		2,905
	Vector Group Ltd. (a)	378		4,499
	WD-40 Co.	45		8,280
			102,591
Energy 3.7%
	Archrock, Inc.	415		4,139
	Bonanza Creek Energy, Inc. (b)	62		1,379
	C&J Energy Services, Inc. (b)	198		2,126
	Callon Petroleum Company (b)	751		3,260
	Carrizo Oil & Gas Inc. (b)	280		2,402
	CONSOL Mining Corporation (a) (b)	91		1,416
	Denbury Resources Inc. (a) (b)	1,520		1,809
	Diamond Offshore Drilling, Inc. (a) (b)	208		1,154
	DMC Global Inc. (a)	46		2,035
	Dril-Quip Inc. (b)	119		5,980
	ERA Group Inc. (b)	69		726
	Exterran Trinidad LLC (b)	98		1,281
	Geospace Technologies Corporation (b)	43		665
	Green Plains Renewable Energy Inc. (a)	127		1,345
	Gulf Island Fabrication Inc. (b)	39		211
	Gulfport Energy Corp. (a) (b)	484		1,312
	Helix Energy Solutions Group, Inc. (b)	469		3,783
	HighPoint Resources Corporation (b)	357		567
	Jagged Peak Energy Inc. (b)	196		1,420
	KLX Energy Services Holdings, Inc. (b)	74		636
	Laredo Petroleum Holdings Inc. (b)	582		1,403
	Matrix Service Co. (b)	88		1,514
	McDermott International Inc. (a) (b)	575		1,161
	Nabors Industries Ltd (a)	1,077		2,014
	Newpark Resources Inc. (b)	298		2,267
	Noble Corporation PLC (b)	821		1,043
	Oil States International Inc. (b)	203		2,702
	Par Pacific Holdings, Inc. (b)	119		2,713
	PDC Energy, Inc. (b)	194		5,390
	Penn Virginia Corporation (b)	46		1,329
	Propetro Holding Corp. (b)	268		2,434
	QEP Resources, Inc.	751		2,777
	Range Resources Corporation (a)	660		2,522
	Reg Biofuels, LLC (a) (b)	121		1,810
	REX Stores Corp. (b)	19		1,453
	Ring Energy Inc. (a) (b)	195		320
	RPC Inc. (a)	171		957
	SEACOR Holdings Inc. (b)	58		2,708

333

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	SM Energy Company		342		3,317
	SRC Energy Inc. (b)		801		3,733
	TETRA Technologies, Inc. (b)		419		843
	U.S. Silica Holdings, Inc. (a)		238		2,276
	Unit Corp. (b)		176		595
	Valaris PLC - Class A (a) (c)		632		3,038
	Whiting Petroleum Corp. (a) (b)		300		2,407
				90,372
Utilities 2.3%
	American States Water Company		121		10,868
	Avista Corporation		217		10,512
	California Water Service Group		158		8,367
	El Paso Electric Co.		133		8,954
	Northwest Natural Holding Company		101		7,181
	South Jersey Industries Inc.		303		9,984
				55,866
Communication Services 1.9%
	A T N International Limited		37		2,146
	Care.com Inc. (b)		87		906
	Cincinnati Bell Inc. (b)		163		825
	Cogent Communications Group, Inc.		137		7,550
	Consolidated Communications Holdings Inc.		228		1,086
	EW Scripps Co. - Class A		179		2,381
	Frontier Communications Corporation (a) (b)		351		304
	Gannett Co., Inc.		376		4,035
	Iridium Communications Inc. (b)		321		6,833
	Marcus Corp.		70		2,598
	New Media Investment Group Inc. (a)		179		1,575
	QuinStreet, Inc. (b)		131		1,653
	Scholastic Corp.		100		3,791
	Spok Holdings, Inc.		60		713
	TechTarget, Inc. (b)		72		1,615
	Vonage Holdings Corp. (b)		736		8,312
				46,323
	Total Common Stocks (cost $2,232,534)			2,424,591
INVESTMENT COMPANIES 0.8%
	iShares S&P SmallCap 600 Index ETF (a)		238		18,535
	Total Investment Companies (cost $18,652)			18,535
RIGHTS 0.0%
	LyondellBasell Industries N.V. (b) (c) (d)		93		40
	Total Rights (cost $0)			40
SHORT TERM INVESTMENTS 4.7%
Securities Lending Collateral 4.4%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (e) (f)		106,795		106,795
Investment Companies 0.3%
	JNL Government Money Market Fund - Institutional Class, 1.86% (e) (f)		7,743		7,743
U.S. Treasury Bill 0.0%
	Treasury, United States Department of
		1.94%, 12/12/19 (g) (h)	735		732
	Total Short Term Investments (cost $115,270)			115,270
Total Investments 104.5% (cost $2,366,456)					2,558,436
Other Derivative Instruments 0.0%					9
Other Assets and Liabilities, Net (4.5)%					(110,116)
Total Net Assets 100.0%					2,448,329

(a)All or a portion of the security was on loan as of September 30, 2019.

(b)Non-income producing security.

(c)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

(d)Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Schedules of Investments.

(e)Investment in affiliate.

(f)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

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

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

JNL/Mellon Small Cap Index Fund — Futures Contracts
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
Russell 2000 Index	209	December 2019		16,417	9			(481)

334

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
JNL/Mellon Utilities Sector Fund
COMMON STOCKS 98.6%
Utilities 98.6%
	ALLETE, Inc.		16		1,411
	Alliant Energy Corporation		74		3,985
	Ameren Corporation		77		6,177
	American Electric Power Company, Inc.		155		14,504
	American States Water Company		11		1,029
	American Water Works Company, Inc.		57		7,027
	Aqua America, Inc.		68		3,047
	AquaVenture Holdings Limited (a)		6		123
	Atmos Energy Corporation		37		4,166
	Avista Corporation		21		999
	Black Hills Corporation		19		1,435
	California Water Service Group		15		796
	CenterPoint Energy, Inc.		157		4,738
	Chesapeake Utilities Corp.		5		487
	Clearway Energy, Inc. - Class A		11		188
	Clearway Energy, Inc. - Class C		23		418
	CMS Energy Corp.		89		5,703
	Connecticut Water Services Inc.		4		273
	Consolidated Edison Inc.		102		9,678
	Dominion Energy, Inc.		252		20,394
	DTE Energy Company		57		7,632
	Duke Energy Corporation		228		21,887
	Edison International		111		8,359
	El Paso Electric Co.		13		844
	Entergy Corporation		59		6,985
	Evergy, Inc.		76		5,079
	Eversource Energy (b)		99		8,500
	Exelon Corporation		304		14,686
	FirstEnergy Corp.		166		8,030
	Hawaiian Electric Industries Inc.		34		1,573
	IDACORP Inc.		16		1,781
	MDU Resources Group Inc.		62		1,737
	MGE Energy, Inc.		11		865
	Middlesex Water Co.		5		338
	National Fuel Gas Co. (b)		24		1,141
	New Jersey Resources Corp.		28		1,280
	Nextera Energy Partners, LP (b)		17		917
	NextEra Energy, Inc.		150		34,986
	NiSource Inc.		117		3,492
	Northwest Natural Holding Company		9		652
	NorthWestern Corp.		16		1,185
	NRG Energy Inc.		84		3,310
	OGE Energy Corp.		63		2,863
	One Gas, Inc.		17		1,603
	Ormat Technologies Inc.		12		875
	Otter Tail Corp.		11		608
	Pattern Energy Group Inc. - Class A (c)		28		749
	Pinnacle West Capital Corp.		35		3,410
	PNM Resources, Inc.		25		1,297
	Portland General Electric Co.		28		1,574
	PPL Corporation		226		7,122
	Public Service Enterprise Group Inc.		158		9,827
	Sempra Energy		86		12,709
	SJW Corp.		8		525
	South Jersey Industries Inc.		29		940
	Southwest Gas Corp.		17		1,517
	Spire, Inc.		16		1,384
	Star Group, L.P.		14		133
	Terraform Power, Inc. - Class A		20		357
	The AES Corporation		208		3,393
	The Southern Company		326		20,154
	UGI Corp.		65		3,284
	Unitil Corp.		5		291
	Vistra Energy Corp.		113		3,028
	WEC Energy Group Inc.		99		9,395
	Xcel Energy Inc. (b)		161		10,482
	York Water Co.		4		167
	Total Common Stocks (cost $278,660)			319,524
SHORT TERM INVESTMENTS 4.0%
Securities Lending Collateral 3.2%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (d) (e)		10,402		10,402
Investment Companies 0.8%
	JNL Government Money Market Fund - Institutional Class, 1.86% (d) (e)		2,488		2,488
U.S. Treasury Bill 0.0%
	Treasury, United States Department of
		1.94%, 12/12/19 (f) (g)	80		80
	Total Short Term Investments (cost $12,970)			12,970
Total Investments 102.6% (cost $291,630)					332,494
Other Derivative Instruments 0.0%					2
Other Assets and Liabilities, Net (2.6)%					(8,356)
Total Net Assets 100.0%					324,140

(a)Non-income producing security.

(b)All or a portion of the security was on loan as of September 30, 2019.

(c)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

(d)Investment in affiliate.

(e)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

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

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

JNL/Mellon Utilities Sector Fund — Futures Contracts
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
S&P Utilities Select Sector Index	24	December 2019		1,529	2			40

335

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
JNL/MFS Mid Cap Value Fund
COMMON STOCKS 99.1%
Financials 21.8%
	Annaly Capital Management, Inc.	469		4,124
	Apollo Global Management, LLC	299		11,310
	Arthur J Gallagher & Co.	147		13,175
	Assurant, Inc.	101		12,686
	Athene Holding Ltd - Class A (a)	219		9,232
	Comerica Inc.	153		10,127
	Discover Financial Services	149		12,105
	Element Fleet Management Corp. (b)	644		5,152
	Everest Re Group, Ltd.	50		13,418
	Hanover Insurance Group Inc.	75		10,223
	Huntington Bancshares Inc.	1,013		14,458
	Invesco Ltd.	439		7,438
	KeyCorp	830		14,810
	Lincoln National Corp.	163		9,811
	M&T Bank Corporation	64		10,046
	NASDAQ Inc.	183		18,163
	Northern Trust Corp.	127		11,873
	Prosperity Bancshares Inc. (b)	102		7,220
	Raymond James Financial Inc.	126		10,396
	Reinsurance Group of America Inc.	58		9,218
	Signature Bank	94		11,204
	State Street Corp.	144		8,539
	SunTrust Banks Inc.	226		15,532
	TD Ameritrade Holding Corporation	214		10,000
	The Hartford Financial Services Group, Inc.	362		21,929
	Willis Towers Watson Public Limited Company	42		8,016
	Wintrust Financial Corporation	128		8,249
			298,454
Industrials 12.2%
	AGCO Corporation	143		10,793
	Alaska Air Group, Inc.	79		5,097
	Delta Air Lines Inc.	212		12,199
	Eaton Corporation Public Limited Company	149		12,402
	HD Supply Holdings, Inc (a)	314		12,284
	Huntington Ingalls Industries Inc.	32		6,774
	ITT Industries Holdings, Inc.	158		9,646
	Kansas City Southern	99		13,155
	Knight-Swift Transportation Holdings Inc. - Class A	179		6,487
	L3Harris Technologies, Inc.	87		18,227
	Masco Corp.	241		10,065
	Now, Inc. (a)	331		3,798
	Owens Corning Inc.	174		11,011
	Regal-Beloit Corp.	89		6,497
	Sensata Technologies Holding PLC (a)	172		8,622
	Stanley Black & Decker Inc.	103		14,933
	Stericycle Inc. (a) (b)	95		4,820
			166,810
Information Technology 10.3%
	Amdocs Limited	207		13,682
	Analog Devices, Inc.	126		14,117
	DXC Technology Company	108		3,174
	Global Payments Inc.	59		9,435
	IPG Photonics Corporation (a)	28		3,782
	KBR, Inc.	552		13,542
	Keysight Technologies, Inc. (a)	105		10,191
	Leidos Holdings Inc.	135		11,563
	Marvell Technology Group Ltd	427		10,657
	Maxim Integrated Products, Inc.	182		10,559
	Motorola Solutions Inc.	74		12,694
	NXP Semiconductors N.V.	71		7,732
	TE Connectivity Ltd.	87		8,088
	Verint Systems Inc. (a)	133		5,678
	Zebra Technologies Corp. - Class A (a)	34		7,114
			142,008
Utilities 10.2%
	CenterPoint Energy, Inc.	361		10,908
	CMS Energy Corp.	234		14,983
	Edison International	91		6,895
	Eversource Energy	173		14,745
	FirstEnergy Corp.	212		10,238
	NiSource Inc.	285		8,515
	Pinnacle West Capital Corp.	145		14,062
	Public Service Enterprise Group Inc.	257		15,971
	Sempra Energy	83		12,226
	The AES Corporation	525		8,574
	The Southern Company	218		13,463
	WEC Energy Group Inc.	103		9,772
			140,352
Consumer Discretionary 9.7%
	Brunswick Corp.	160		8,345
	Dollar Tree Inc. (a)	94		10,770
	Harley-Davidson Inc.	158		5,685
	Lear Corp.	63		7,466
	LKQ Corp. (a)	304		9,562
	Marriott International Inc. - Class A	72		8,958
	Mohawk Industries Inc. (a)	40		4,966
	Newell Brands Inc.	405		7,590
	PVH Corp.	74		6,500
	Royal Caribbean Cruises Ltd.	89		9,590
	Skechers U.S.A. Inc. - Class A (a)	208		7,786
	The Wendy's Company	349		6,968
	Toll Brothers Inc.	325		13,334
	Tractor Supply Co.	50		4,490
	Urban Outfitters Inc. (a)	165		4,636
	Whirlpool Corp.	65		10,364
	Wyndham Hotels & Resorts, Inc.	110		5,677
			132,687
Real Estate 7.8%
	Brixmor Property Group Inc.	499		10,117
	EPR Properties	138		10,610
	Life Storage Inc.	151		15,907
	Medical Properties Trust, Inc.	524		10,248
	Mid-America Apartment Communities, Inc.	103		13,329
	Spirit Realty Capital, Inc.	155		7,436
	Sun Communities Inc.	93		13,821
	VICI Properties Inc.	514		11,639
	W.P. Carey Inc.	157		14,093
			107,200
Materials 7.2%
	Axalta Coating Systems Ltd. (a)	377		11,363
	Berry Global Group, Inc. (a)	169		6,632
	Celanese Corp. - Class A	79		9,658
	Eastman Chemical Co.	147		10,820
	FMC Corp.	135		11,841
	Graphic Packaging Holding Co.	753		11,113
	PPG Industries Inc.	98		11,632
	Univar Inc. (a)	420		8,710
	Vulcan Materials Co.	64		9,745
	Westrock Company, Inc.	190		6,940
			98,454
Health Care 6.5%
	AmerisourceBergen Corporation	110		9,067
	Change Healthcare Inc. (a)	326		3,937
	Elanco Animal Health (a)	218		5,785
	Envista Holdings Corporation (a)	77		2,145
	Laboratory Corporation of America Holdings (a)	20		3,298
	Mylan Holdings Ltd. (a)	219		4,335
	PerkinElmer Inc.	90		7,663
	PRA Health Sciences, Inc. (a)	54		5,348
	Premier Healthcare Solutions, Inc. - Class A (a)	261		7,561
	Quest Diagnostics Incorporated	102		10,969
	Universal Health Services Inc. - Class B	92		13,735
	Zimmer Biomet Holdings, Inc.	112		15,419
			89,262
Consumer Staples 6.2%
	Archer-Daniels-Midland Company	278		11,401
	BJ's Wholesale Club Holdings, Inc. (a)	129		3,329
	Coca-Cola European Partners PLC (c)	161		8,947
	Energizer Holdings, Inc. (b)	157		6,827
	Ingredion Inc.	78		6,343
	JM Smucker Co.	83		9,087
	Kellogg Co.	117		7,519
	Molson Coors Brewing Company - Class B	86		4,943

336

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	Post Holdings Inc. (a)	44		4,711
	Sanderson Farms Inc.	51		7,766
	The Kroger Co.	395		10,177
	Treehouse Foods, Inc. (a)	70		3,890
			84,940
Energy 6.0%
	Cabot Oil & Gas Corp.	387		6,793
	Diamondback Energy, Inc.	29		2,567
	Equitrans Midstream Corp.	255		3,711
	Frank's International N.V. (a)	651		3,090
	Halliburton Co.	140		2,635
	Hess Corporation	154		9,338
	Marathon Petroleum Corporation	207		12,561
	Patterson-UTI Energy Inc.	472		4,039
	Pioneer Natural Resources Co.	91		11,416
	Plains GP Holdings, L.P. - Class A (a)	563		11,950
	Targa Resources Corp.	185		7,439
	WPX Energy, Inc. (a)	717		7,598
			83,137
Communication Services 1.2%
	Altice USA, Inc. - Class A (a)	272		7,799
	Electronic Arts Inc. (a)	84		8,242
			16,041
	Total Common Stocks (cost $1,256,583)		1,359,345
SHORT TERM INVESTMENTS 1.3%
Investment Companies 0.8%
	JNL Government Money Market Fund - Institutional Class, 1.86% (d) (e)	10,818		10,818
Securities Lending Collateral 0.5%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (d) (e)	6,324		6,324
	Total Short Term Investments (cost $17,142)		17,142
Total Investments 100.4% (cost $1,273,725)				1,376,487
Other Assets and Liabilities, Net (0.4)%				(5,306)
Total Net Assets 100.0%				1,371,181

(a)Non-income producing security.

(b)All or a portion of the security was on loan as of September 30, 2019.

(c)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

(d)Investment in affiliate.

(e)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

337

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
JNL/Morningstar Wide Moat Index Fund
COMMON STOCKS 99.7%
Health Care 22.2%
	Amgen Inc.		73		14,195
	Biogen Inc. (a)		59		13,650
	Bristol-Myers Squibb Co.		282		14,315
	Cerner Corp.		104		7,118
	Gilead Sciences Inc.		204		12,918
	Medtronic Public Limited Company		135		14,663
	Merck & Co., Inc.		86		7,255
	Pfizer Inc.		193		6,925
	UnitedHealth Group Incorporated		57		12,498
	Veeva Systems Inc. - Class A (a)		50		7,629
	Zimmer Biomet Holdings, Inc.		109		14,953
				126,119
Information Technology 18.1%
	Applied Materials, Inc.		157		7,814
	Blackbaud, Inc.		82		7,423
	Guidewire Software, Inc. (a)		132		13,945
	Intel Corp.		279		14,385
	KLA-Tencor Corp.		60		9,539
	Microchip Technology Incorporated (b)		154		14,264
	Microsoft Corp.		53		7,357
	Salesforce.Com, Inc. (a)		89		13,281
	ServiceNow, Inc. (a)		28		7,151
	Western Union Co. (b)		337		7,800
				102,959
Financials 12.5%
	Berkshire Hathaway Inc. - Class B (a)		34		7,111
	BlackRock, Inc.		31		13,913
	Charles Schwab Corp.		333		13,922
	State Street Corp.		241		14,283
	T. Rowe Price Group, Inc.		63		7,160
	Wells Fargo & Co.		293		14,775
				71,164
Industrials 11.2%
	Caterpillar Inc.		105		13,209
	Emerson Electric Co.		215		14,372
	General Dynamics Corp.		77		13,999
	Raytheon Co.		37		7,358
	United Technologies Corp.		105		14,343
				63,281
Consumer Discretionary 11.1%
	Amazon.com, Inc. (a)		8		13,122
	Domino's Pizza, Inc.		29		7,017
	Harley-Davidson Inc. (b)		187		6,741
	McDonald's Corporation		34		7,358
	Nike Inc. - Class B		164		15,359
	Polaris Industries Inc.		153		13,452
				63,049
Consumer Staples 8.9%
	Altria Group, Inc.		161		6,597
	Campbell Soup Co.		167		7,840
	General Mills Inc.		129		7,121
	Kellogg Co.		234		15,081
	Philip Morris International Inc.		181		13,755
				50,394
Communication Services 6.1%
	Alphabet Inc. - Class A (a)		6		7,420
	Comcast Corporation - Class A		159		7,166
	Facebook, Inc. - Class A (a)		74		13,103
	John Wiley & Sons Inc. - Class A		156		6,835
				34,524
Energy 4.6%
	Cheniere Energy, Inc. (a)		212		13,373
	Core Laboratories N.V.		273		12,727
				26,100
Utilities 2.6%
	Dominion Energy, Inc.		178		14,448
Materials 2.4%
	Compass Minerals International, Inc.		244		13,781
	Total Common Stocks (cost $539,334)			565,819
SHORT TERM INVESTMENTS 1.2%
Investment Companies 0.7%
	JNL Government Money Market Fund - Institutional Class, 1.86% (c) (d)		4,012		4,012
Securities Lending Collateral 0.5%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (c) (d)		2,508		2,508
U.S. Treasury Bill 0.0%
	Treasury, United States Department of
		1.94%, 12/12/19 (e) (f)	225		224
	Total Short Term Investments (cost $6,744)			6,744
Total Investments 100.9% (cost $546,078)					572,563
Other Derivative Instruments 0.0%					22
Other Assets and Liabilities, Net (0.9)%					(5,112)
Total Net Assets 100.0%					567,473

(a)Non-income producing security.

(b)All or a portion of the security was on loan as of September 30, 2019.

(c)Investment in affiliate.

(d)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

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

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

JNL/Morningstar Wide Moat Index Fund — Futures Contracts
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
S&P 500 Index	15	December 2019		2,251	22			(17)

338

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
JNL/Neuberger Berman Strategic Income Fund
GOVERNMENT AND AGENCY OBLIGATIONS 58.9%
U.S. Treasury Note 19.1%
	Treasury, United States Department of
		1.38%, 01/15/20	20,045		20,014
		2.00%, 01/31/20 - 01/15/21	47,725		47,753
		2.88%, 05/31/25 - 08/15/28	36,045		38,909
		1.63%, 02/15/26	10,635		10,640
		2.75%, 02/15/28	45,580		49,490
				166,806
Mortgage-Backed Securities 17.1%
	Federal National Mortgage Association, Inc.
		TBA, 2.50%, 10/15/32 (a)	4,195		4,231
		TBA, 4.50%, 10/15/46 (a)	4,115		4,333
		TBA, 3.00%, 10/15/47 (a)	32,460		32,950
		TBA, 4.00%, 10/15/47 (a)	23,015		23,881
		TBA, 3.50%, 10/15/48 (a)	31,800		32,620
	Government National Mortgage Association
		TBA, 3.00%, 10/15/47 (a)	5,135		5,270
		TBA, 3.50%, 10/15/47 (a)	15,095		15,638
		TBA, 4.00%, 10/15/47 (a)	29,150		30,311
				149,234
U.S. Treasury Inflation Indexed Securities 9.2%
	Treasury, United States Department of
		0.13%, 04/15/21 (b)	54,517		53,929
		3.38%, 04/15/32 (b)	4,474		6,188
		1.00%, 02/15/46 - 02/15/48 (b)	17,529		19,674
				79,791
Collateralized Mortgage Obligations 7.0%
	Federal Home Loan Mortgage Corporation
		Series 2017-M2-HQA2, 4.67%, (1M USD LIBOR + 2.65%), 12/26/29 (c)	3,541		3,633
		Series 2017-M2-DNA1, REMIC, 5.27%, (1M USD LIBOR + 3.25%), 07/25/29 (c)	1,810		1,894
		Series 2017-M2-DNA2, REMIC, 5.47%, (1M USD LIBOR + 3.45%), 10/25/29 (c)	4,960		5,236
		Series 2017-M2-DNA3, REMIC, 4.52%, (1M USD LIBOR + 2.50%), 03/25/30 (c)	5,672		5,798
		Series 2018-M2-HQA1, REMIC, 4.32%, (1M USD LIBOR + 2.30%), 09/25/30 (c)	2,810		2,840
		Interest Only, Series SP-4150, REMIC, 4.12%, (6.15% - (1M USD LIBOR * 1)), 01/15/43 (c)	3,681		684
	Federal National Mortgage Association, Inc.
		Series 2017-2M2-C02, 5.67%, (1M USD LIBOR + 3.65%), 09/25/29 (c) (d)	5,574		5,850
		Series 2017-1M2-C03, REMIC, 5.02%, (1M USD LIBOR + 3.00%), 10/25/29 (c)	4,440		4,617
		Series 2017-1M2-C06, REMIC, 4.67%, (1M USD LIBOR + 2.65%), 02/25/30 (c)	5,350		5,465
		Series 2017-2M2-C06, REMIC, 4.82%, (1M USD LIBOR + 2.80%), 02/25/30 (c)	6,435		6,553
		Series 2017-1M2-C07, REMIC, 4.42%, (1M USD LIBOR + 2.40%), 05/28/30 (c)	915		927
		Series 2017-2M2-C07, REMIC, 4.52%, (1M USD LIBOR + 2.50%), 05/28/30 (c)	4,260		4,329
		Series 2018-1M2-C01, REMIC, 4.27%, (1M USD LIBOR + 2.25%), 07/25/30 (c)	3,140		3,175
		Series 2018-2M2-C02, REMIC, 4.22%, (1M USD LIBOR + 2.20%), 08/26/30 (c)	4,340		4,373
		Series 2018-1M2-C05, REMIC, 4.37%, (1M USD LIBOR + 2.35%), 01/27/31 (c) (d)	3,900		3,950
		Interest Only, Series 2018-ST-18, REMIC, 4.08%, (6.10% - (1M USD LIBOR * 1)), 12/25/44 (c)	5,853		1,100
		Interest Only, Series 2016-HS-31, REMIC, 3.98%, (6.00% - (1M USD LIBOR * 1)), 06/25/46 (c)	4,075		694
				61,118
U.S. Treasury Bond 3.9%
	Treasury, United States Department of
		2.75%, 08/15/42	27,945		31,399
		2.25%, 08/15/46	2,615		2,684
				34,083
Sovereign 2.4%
	Abu Dhabi, Government of
		3.13%, 09/30/49 (e)	200		196
	Angola Government International Bond
		8.25%, 05/09/28 (e)	200		207
	Angola, Government of
		9.38%, 05/08/48 (e)	202		213
	Banque Centrale De Tunisie
		5.75%, 01/30/25 (e)	200		179
	Cabinet of Ministers of Ukraine
		7.75%, 09/01/26 - 09/01/27 (e)	600		628
		9.75%, 11/01/28 (e)	200		231
		7.38%, 09/25/32 (e)	290		294
	Dominican Republic International Bond
		6.00%, 07/19/28 (e)	150		164
	El Gobierno De La Republica Oriental Del Uruguay
		5.10%, 06/18/50	100		119
	El Salvador Government International Bond
		7.75%, 01/24/23 (e)	310		339
	European Financial Stability Facility
		0.88%, 04/10/35, EUR (e)	3,190		3,922
	Gemeinsame Deutsche Bundeslaender
		0.75%, 09/25/28, EUR	1,275		1,518
	Ghana, Government of
		10.75%, 10/14/30 (e)	380		482
	Gobierno de la Republica de Costa Rica
		7.16%, 03/12/45 (d)	536		537
	Gobierno de la Republica del Ecuador
		9.63%, 06/02/27 (e)	200		208
		7.88%, 01/23/28 (e)	350		332
		9.50%, 03/27/30 (e)	200		201
	Gobierno Federal de los Estados Unidos Mexicanos
		5.75%, 10/12/10	410		472
	Government of the Republic of Panama
		3.16%, 01/23/30	429		443
	Government of the Republic of Trinidad and Tobago
		4.50%, 08/04/26 (d)	360		374
	Government of the Sultanate of Oman
		6.00%, 08/01/29 (e)	200		198
		6.75%, 01/17/48 (e)	319		301
	Kenya, Government of
		8.00%, 05/22/32 (e)	200		209
	Ministry of Finance of the Russian Federation
		5.10%, 03/28/35 (e)	200		227
	Nigeria, Federal Government of
		8.75%, 01/21/31 (e)	228		256
		7.88%, 02/16/32 (e)	400		420
	People's Government of Inner Mongolia Autonomous Region
		5.63%, 05/01/23 (e)	280		282
	Petroleos de Venezuela, S.A.
		0.00%, 05/16/24 - 04/12/27 (e) (f) (g) (h) (i)	6,339		512
	Presidence de la Republique de Cote d'Ivoire
		5.75%, 12/31/32 (e)	1,241		1,218
	Presidencia De La Nacion
		4.63%, 01/11/23	270		112
		8.28%, 12/31/33	1,136		552
		3.75%, 12/31/38 (j)	170		67
	Presidencia de la Republica de Colombia
		7.38%, 09/18/37	240		341
		5.00%, 06/15/45	268		313
	Presidencia de la Republica de El Salvador
		7.12%, 01/20/50 (e)	151		154
	Presidencia de la Republica Dominicana
		6.85%, 01/27/45 (e)	392		439
	Republica Bolivariana de Venezuela
		0.00%, 10/13/24 (e) (f) (g) (h) (i)	1,719		180
	Russia Federal Bond
		4.25%, 06/23/27 (e)	400		426
	Senegal, Government of
		6.75%, 03/13/48 (e)	230		221
	South Africa, Parliament of
		4.85%, 09/30/29	264		264

339

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
		5.88%, 06/22/30	276		295
	The Arab Republic of Egypt
		7.60%, 03/01/29 (e)	200		212
		8.50%, 01/31/47 (e)	280		296
		8.70%, 03/01/49 (e)	200		215
	The Democratic Socialist Republic of Sri Lanka
		6.25%, 07/27/21 (e)	200		203
		6.75%, 04/18/28 (e)	480		458
		7.85%, 03/14/29 (e)	347		349
	The Government of the Republic of Armenia
		3.95%, 09/26/29 (e)	200		196
	The Republic of Uzbekistan
		5.38%, 02/20/29 (e)	200		221
	The State of Qatar
		4.82%, 03/14/49 (e)	324		401
	Turkiye Cumhuriyeti Basbakanlik
		6.00%, 03/25/27	585		576
				21,173
U.S. Government Agency Obligations 0.2%
	Federal National Mortgage Association, Inc.
		Series 2017-2M2-C04, 4.87%, (1M USD LIBOR + 2.85%), 11/26/29 (c) (k)	1,553		1,599
	Total Government And Agency Obligations (cost $508,815)			513,804
CORPORATE BONDS AND NOTES 44.5%
Financials 12.7%
	AerCap Ireland Capital Designated Activity Company
		4.45%, 10/01/25	3,620		3,857
	African Export-Import Bank
		3.99%, 09/21/29 (d)	200		200
	Ally Financial Inc.
		4.13%, 02/13/22	225		231
	Aluminum Corporation of China Limited
		4.25%, 04/21/22 (e)	200		202
	American Express Company
		2.76%, 05/20/22	945		948
	Antero Resources Finance Corporation
		5.38%, 11/01/21	225		218
	Ardagh Packaging Finance Public Limited Company
		4.25%, 09/15/22 (d)	555		563
		6.00%, 02/15/25 (d)	1,515		1,584
	AXA Equitable Holdings, Inc.
		5.00%, 04/20/48	2,115		2,285
	Banco Santander, S.A.
		3.80%, 02/23/28	1,805		1,891
	Bank of America Corporation
		2.74%, 01/23/22	1,975		1,988
		3.71%, 04/24/28	2,995		3,186
		3.97%, 03/05/29	2,420		2,622
	Biz Finance PLC
		9.63%, 04/27/22 (d)	140		146
	Capital One Financial Corporation
		3.05%, (3M USD LIBOR + 0.95%), 03/09/22 (c)	1,730		1,742
	CDW Finance Corporation
		5.00%, 09/01/23	490		503
	Citigroup Inc.
		3.24%, (3M USD LIBOR + 0.96%), 04/25/22 (c)	1,715		1,733
		3.89%, 01/10/28 (c)	4,115		4,408
		3.52%, 10/27/28	1,385		1,450
	Colfax Corporation
		6.00%, 02/15/24 (d)	500		530
	Commonwealth Bank of Australia
		3.74%, 09/12/39 (d)	3,720		3,707
	Commscope Finance LLC
		5.50%, 03/01/24 (d)	500		514
		8.25%, 03/01/27 (d) (l)	750		731
	Development Bank of Mongolia LLC
		7.25%, 10/23/23 (e)	200		208
	Diamond Finance International Limited
		5.88%, 06/15/21 (d)	150		152
		5.45%, 06/15/23 (d)	4,630		5,039
		6.02%, 06/15/26 (d)	2,865		3,222
	General Motors Financial Company, Inc.
		5.10%, 01/17/24	2,335		2,509
	GTCR AP Finance Inc
		8.00%, 05/15/27 (d)	215		222
	GTLK Europe Capital Designated Activity Company
		4.95%, 02/18/26 (e)	273		275
	Huarong Finance 2017 Co., Ltd.
		4.00%, (callable at 100 beginning 11/07/22) (e) (m)	200		199
	HUB International Limited
		7.00%, 05/01/26 (d)	1,215		1,251
	International Bank for Reconstruction and Development
		0.25%, 05/21/29, EUR	640		735
		0.50%, 06/21/35, EUR	640		749
	JPMorgan Chase & Co.
		2.76%, (3M USD LIBOR + 0.61%), 06/18/22 (c)	1,605		1,614
		3.88%, 07/24/38 (c)	1,730		1,911
	Level 3 Financing, Inc.
		5.38%, 01/15/24	750		765
	Lions Gate Capital Holdings LLC
		5.88%, 11/01/24 (d)	555		571
	LPL Holdings, Inc.
		5.75%, 09/15/25 (d)	1,350		1,404
	Morgan Stanley
		5.91%, (callable at 100 beginning 01/15/20) (m)	1,405		1,415
		3.21%, (3M USD LIBOR + 0.93%), 07/22/22 (c)	1,935		1,947
		3.59%, 07/22/28 (c)	5,055		5,334
	MSCI Inc.
		5.25%, 11/15/24 (d)	490		506
	Nationwide Building Society
		4.30%, 03/08/29 (d)	1,135		1,214
	Nederlandse Waterschapsbank N.V.
		0.50%, 04/29/30, EUR (e)	1,300		1,506
		1.25%, 05/27/36, EUR (e)	1,145		1,473
	Nielsen Finance LLC
		5.00%, 04/15/22 (d)	1,470		1,478
	NRW Bank
		1.20%, 03/28/39, EUR	1,275		1,637
	OUTFRONT Media Capital Corporation
		5.00%, 08/15/27 (d)	92		97
	OUTFRONT Media Capital LLC
		5.88%, 03/15/25	580		598
	QNB Finansbank Anonim Sirketi
		6.88%, 09/07/24 (d)	248		257
	Rassman, Joel H.
		5.88%, 02/15/22	320		341
		4.35%, 02/15/28	215		222
	Resideo Funding Inc.
		6.13%, 11/01/26 (d)	330		349
	Shire Acquisitions Investments Ireland Designated Activity Company
		2.40%, 09/23/21	2,970		2,982
	SLM Corporation
		7.25%, 01/25/22	500		540
		5.50%, 01/25/23	455		472
	Springleaf Finance Corporation
		6.13%, 05/15/22	1,500		1,612
		5.63%, 03/15/23 (l)	345		370
	Starwood Property Trust, Inc.
		3.63%, 02/01/21	250		252
	Suzano Austria GmbH
		5.00%, 01/15/30	200		201
	Synchrony Financial
		2.85%, 07/25/22	5,355		5,403
	Taylor Morrison Communities, Inc.
		5.75%, 01/15/28 (d)	215		234
	The Goldman Sachs Group, Inc.
		3.04%, (3M USD LIBOR + 0.78%), 10/31/22 (c)	2,655		2,663
		3.69%, 06/05/28 (c)	2,910		3,055
		3.81%, 04/23/29	5,065		5,374
		4.02%, 10/31/38	1,090		1,172
		5.15%, 05/22/45	1,140		1,354
	The Nielsen Company (Luxembourg) S.A R.L.
		5.50%, 10/01/21 (d)	340		341

340

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Turkiye Ihracat Kredi Bankasi A.S.
		6.13%, 05/03/24 (e)	350		342
	UnitedHealth Group Incorporated
		3.88%, 08/15/59	2,725		2,886
	VEB Finance Public Limited Company
		6.03%, 07/05/22 (e)	380		408
	VICI Properties 1 LLC
		8.00%, 10/15/23	200		219
	Virgin Media Secured Finance PLC
		5.50%, 08/15/26 (d)	400		420
	Volkswagen Group of America, Inc.
		2.70%, 09/26/22 (d)	3,890		3,906
	Wells Fargo & Company
		3.11%, (3M USD LIBOR + 0.93%), 02/11/22 (c)	1,715		1,725
				110,370
Energy 6.9%
	Abu Dhabi Crude Oil Pipeline - L.L.C
		4.60%, 11/02/47 (d)	390		455
	Antero Resources Corporation
		5.13%, 12/01/22	350		307
	Ascent Resources - Utica, LLC
		10.00%, 04/01/22 (d)	459		459
		7.00%, 11/01/26 (d)	1,030		860
	Canadian Natural Resources Limited
		6.25%, 03/15/38	1,620		2,063
		4.95%, 06/01/47	1,450		1,714
	Cenub Qaz Dehlizi, Qsc
		6.88%, 03/24/26 (e)	950		1,102
	Cheniere Corpus Christi Holdings, LLC
		5.88%, 03/31/25	490		545
	Cheniere Energy Partners, L.P.
		5.25%, 10/01/25	750		780
	Chesapeake Energy Corporation
		5.75%, 03/15/23	250		192
		8.00%, 03/15/26 (d)	1,295		885
		8.00%, 06/15/27 (l)	275		185
	Concho Resources Inc.
		4.88%, 10/01/47	2,075		2,370
	Crestwood Midstream Partners LP
		6.25%, 04/01/23 (j)	610		625
		5.75%, 04/01/25	110		114
		5.63%, 05/01/27 (d)	115		118
	CrownRock, L.P.
		5.63%, 10/15/25 (d)	1,075		1,083
	DCP Midstream Operating, LP
		5.60%, 04/01/44	290		273
	DCP Midstream, LLC
		5.35%, 03/15/20 (d)	500		505
	DCP Midstream, LP
		5.85%, 05/21/43 (c) (d)	1,015		923
	Empresa Nacional del Petroleo
		4.38%, 10/30/24 (e)	200		213
	Energy Transfer LP
		6.63%, (callable at 100 beginning 02/15/28) (m)	3,465		3,277
		5.80%, 06/15/38	2,335		2,675
	Energy Transfer Operating, L.P.
		6.25%, 04/15/49	2,260		2,746
	Gaz Capital S.A.
		5.15%, 02/11/26 (e) (i)	305		331
	Genesis Energy, L.P.
		6.00%, 05/15/23	575		577
		6.25%, 05/15/26	705		680
	JSC National Company 'KazMunayGas'
		5.38%, 04/24/30 (d)	559		627
		5.75%, 04/19/47 (d)	200		235
	Kinder Morgan Energy Partners, L.P.
		4.15%, 02/01/24	2,825		2,998
	Kinder Morgan, Inc.
		5.55%, 06/01/45	3,290		3,883
	Marathon Oil Corporation
		4.40%, 07/15/27	2,820		3,008
	Matador Resources Company
		5.88%, 09/15/26	340		341
	MPLX LP
		3.00%, (3M USD LIBOR + 0.90%), 09/09/21 (c)	2,145		2,158
		4.70%, 04/15/48	2,810		2,937
	NuStar Logistics, L.P.
		4.80%, 09/01/20	250		254
		4.75%, 02/01/22	950		971
	Oasis Petroleum Inc.
		6.88%, 03/15/22	340		320
	Occidental Petroleum Corporation
		3.64%, 08/15/22	1,925		1,938
		3.20%, 08/15/26	3,065		3,089
		3.50%, 08/15/29	3,105		3,147
	Parsley Energy, LLC
		5.25%, 08/15/25 (d)	340		345
	PDC Energy, Inc.
		5.75%, 05/15/26	350		345
	Petrobras Global Finance B.V.
		6.90%, 03/19/49	316		363
	Petroleos Mexicanos
		6.84%, 01/23/30 (d)	37		38
		6.50%, 06/02/41	440		421
		6.35%, 02/12/48	203		187
		7.69%, 01/23/50 (d)	55		57
	Precision Drilling Corporation
		5.25%, 11/15/24	570		506
	PT Pertamina (Persero)
		3.65%, 07/30/29 (d)	210		216
	Range Resources Corporation
		5.00%, 08/15/22	500		469
	Rio Energy S.A.
		6.88%, 02/01/25 (d)	150		71
	Rose Rock Midstream, L.P.
		5.63%, 11/15/23	270		277
	Saudi Arabian Oil Company
		4.25%, 04/16/39 (d)	374		404
	Sinopec Group Overseas Development (2018) Limited
		2.50%, 08/08/24 (d)	228		228
	SM Energy Company
		5.00%, 01/15/24	520		465
	Summit Midstream Holdings, LLC
		5.50%, 08/15/22	335		308
		5.75%, 04/15/25	250		212
	Targa Resource Corporation
		5.25%, 05/01/23	590		596
		4.25%, 11/15/23	1,100		1,108
		5.13%, 02/01/25	50		52
		5.88%, 04/15/26	45		48
		5.38%, 02/01/27	50		52
		6.50%, 07/15/27 (d)	45		49
		5.00%, 01/15/28	50		51
		6.88%, 01/15/29 (d)	45		49
	The Oil And Gas Holding Company B.S.C.
		8.38%, 11/07/28 (d)	200		234
	Whiting Petroleum Corporation
		5.75%, 03/15/21	750		715
	WPX Energy, Inc.
		5.25%, 09/15/24 (l)	375		384
		5.75%, 06/01/26	110		113
				60,326
Communication Services 5.5%
	Altice France
		7.38%, 05/01/26 (d)	1,570		1,685
	Altice Luxembourg Fr SA
		8.13%, 02/01/27 (d)	375		414
	AMC Entertainment Holdings, Inc.
		6.13%, 05/15/27 (l)	240		218
	AMC Networks, Inc.
		5.00%, 04/01/24	1,020		1,050
		4.75%, 08/01/25	215		222
	AT&T Inc.
		4.35%, 06/15/45	770		811
		5.45%, 03/01/47	3,565		4,304
		4.50%, 03/09/48	2,700		2,901

341

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	CCO Holdings, LLC
		5.25%, 09/30/22	340		344
		5.13%, 05/01/23 (d)	2,000		2,050
		5.75%, 02/15/26 (d)	160		169
		5.00%, 02/01/28 (d)	385		399
	CenturyLink, Inc.
		6.45%, 06/15/21	590		621
	Clear Channel Outdoor Holdings, Inc.
		5.13%, 08/15/27 (d)	908		948
	Comcast Corporation
		4.00%, 08/15/47	1,595		1,762
		4.95%, 10/15/58	3,320		4,240
	CSC Holdings, LLC
		6.75%, 11/15/21	365		394
		5.13%, 12/15/21 (d)	1,200		1,200
		5.38%, 07/15/23 (d)	260		267
		5.50%, 05/15/26 (d)	1,000		1,053
		5.75%, 01/15/30 (d)	215		225
	Cumulus Media New Holdings Inc.
		6.75%, 07/01/26 (d)	215		225
	DISH DBS Corporation
		6.75%, 06/01/21	990		1,042
	Embarq Corporation
		8.00%, 06/01/36	260		257
	Frontier Communications Corporation
		11.00%, 09/15/25	950		430
		8.00%, 04/01/27 (d)	1,250		1,321
	Gannett Co., Inc.
		5.13%, 10/15/19	480		480
	Gray Escrow, Inc.
		7.00%, 05/15/27 (d)	205		225
	Iheartcommunications, Inc.
		6.38%, 05/01/26	530		574
		8.38%, 05/01/27 (l)	125		135
		5.25%, 08/15/27 (d)	215		224
	Intelsat Jackson Holdings S.A.
		9.50%, 09/30/22 (d)	250		291
		5.50%, 08/01/23	1,500		1,403
	Liquid Telecommunications Financing PLC
		8.50%, 07/13/22 (e)	200		197
	Live Nation Entertainment, Inc.
		4.88%, 11/01/24 (d)	1,050		1,089
	Netflix, Inc.
		5.88%, 11/15/28	630		685
		6.38%, 05/15/29 (d)	100		111
		5.38%, 11/15/29 (d)	315		329
	Nexstar Escrow Inc.
		5.63%, 07/15/27 (d)	215		225
	Qwest Corporation
		6.75%, 12/01/21	670		724
	Sinclair Television Group, Inc.
		5.13%, 02/15/27 (d)	220		222
	Sirius XM Radio Inc.
		4.63%, 05/15/23 - 07/15/24 (d)	735		756
		5.38%, 04/15/25 - 07/15/26 (d)	660		692
		5.00%, 08/01/27 (d)	110		114
		5.50%, 07/01/29 (d)	1,015		1,083
	Sprint Communications, Inc.
		6.00%, 11/15/22	810		858
	Sprint Corporation
		7.25%, 09/15/21	500		534
		7.63%, 03/01/26	1,940		2,145
	T-Mobile USA, Inc.
		4.00%, 04/15/22	225		232
		6.00%, 03/01/23	1,200		1,222
	Verizon Communications Inc.
		4.52%, 09/15/48	2,970		3,506
	Zayo Group, LLC
		6.00%, 04/01/23	540		555
		6.38%, 05/15/25	375		387
				47,550
Consumer Discretionary 3.5%
	Altice S.A.
		7.75%, 05/15/22 (d)	392		400
	AMC Entertainment Inc.
		5.75%, 06/15/25 (l)	550		525
	Aramark Services, Inc.
		5.13%, 01/15/24	480		496
		5.00%, 02/01/28 (d)	210		219
	Avis Budget Car Rental, LLC
		5.75%, 07/15/27 (d)	1,220		1,259
	Boyd Gaming Corporation
		6.38%, 04/01/26	955		1,013
	Cedar Fair, L.P.
		5.38%, 06/01/24 - 04/15/27	820		859
		5.25%, 07/15/29 (d)	205		220
	Churchill Downs Incorporated
		5.50%, 04/01/27 (d)	330		346
	CRC Escrow Issuer, LLC
		5.25%, 10/15/25 (d)	750		767
	Daimler Finance North America LLC
		3.06%, 02/15/22 (d)	1,605		1,613
	Eldorado Resorts, Inc.
		6.00%, 09/15/26	250		274
	Gray Television, Inc.
		5.13%, 10/15/24 (d)	500		518
	HD Supply, Inc.
		5.38%, 10/15/26 (d)	205		217
	Hilton Domestic Operating Company Inc.
		5.13%, 05/01/26	330		347
	Hilton Worldwide Holdings Inc.
		4.63%, 04/01/25	240		247
	IAA Spinco Inc.
		5.50%, 06/15/27 (d)	1,330		1,412
	Jeld-Wen, Inc.
		4.63%, 12/15/25 (d)	175		176
	KAR Auction Services, Inc.
		5.13%, 06/01/25 (d)	1,215		1,260
	KFC Holding Co.
		5.25%, 06/01/26 (d)	1,010		1,068
	Lamar Media Corp.
		5.00%, 05/01/23	250		255
		5.75%, 02/01/26	210		222
	Lennar Corporation
		5.38%, 10/01/22	540		578
		4.88%, 12/15/23	1,000		1,065
	LKQ Corporation
		4.75%, 05/15/23	340		345
	Masonite International Corporation
		5.38%, 02/01/28 (d)	215		225
	Meritage Homes Corporation
		7.15%, 04/15/20	215		220
	MGM Resorts International
		6.63%, 12/15/21	1,665		1,805
	NCL Corporation Ltd.
		4.75%, 12/15/21 (d)	715		728
	Netflix, Inc.
		5.50%, 02/15/22	490		520
	Next Holdings Limited
		3.63%, 05/18/28, GBP (e)	300		392
	Nielsen Finance LLC
		4.50%, 10/01/20	250		251
	Penske Automotive Group, Inc.
		3.75%, 08/15/20	345		347
		5.75%, 10/01/22	250		253
		5.50%, 05/15/26	215		225
	Restaurant Brands International Limited Partnership
		4.63%, 01/15/22 (d)	105		105
		4.25%, 05/15/24 (d)	1,050		1,080
		5.00%, 10/15/25 (d)	215		223
	Scientific Games International, Inc.
		8.25%, 03/15/26 (d)	750		798
	Service Corporation International
		5.38%, 05/15/24	480		495
	Six Flags Operations Inc.
		4.88%, 07/31/24 (d)	1,050		1,088
	Staples, Inc.
		7.50%, 04/15/26 (d)	2,000		2,059
		10.75%, 04/15/27 (d)	1,000		1,033

342

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Station Casinos LLC
		5.00%, 10/01/25 (d)	220		223
	Taylor Morrison Communities, Inc.
		5.63%, 03/01/24 (d)	430		458
		5.88%, 06/15/27 (d)	170		186
	The ServiceMaster Company, LLC
		5.13%, 11/15/24 (d)	585		610
	The William Carter Company
		5.63%, 03/15/27 (d)	540		579
	Wynn Las Vegas, LLC
		5.50%, 03/01/25 (d)	1,235		1,297
				30,901
Health Care 3.1%
	AbbVie Inc.
		4.70%, 05/14/45	2,630		2,815
	Avantor, Inc.
		6.00%, 10/01/24 (d)	500		536
		9.00%, 10/01/25 (d)	1,000		1,124
	Bausch Health Companies Inc.
		6.50%, 03/15/22 (d)	435		450
		5.88%, 05/15/23 (d)	1,275		1,293
	Centene Corporation
		4.75%, 05/15/22	750		766
	Cigna Holding Company
		4.80%, 08/15/38 (i)	2,465		2,770
	CVS Health Corporation
		5.05%, 03/25/48	2,975		3,386
	HCA Inc.
		5.25%, 04/15/25 - 06/15/49	4,340		4,784
		7.69%, 06/15/25	1,350		1,633
		5.63%, 09/01/28	160		179
		5.88%, 02/01/29	155		174
		4.13%, 06/15/29	2,160		2,269
	IQVIA Inc.
		5.00%, 10/15/26 (d)	500		525
	Mednax, Inc.
		6.25%, 01/15/27 (d)	250		248
	MPH Acquisition Holdings LLC
		7.13%, 06/01/24 (d) (l)	500		462
	Ortho-Clinical Diagnostics, Inc.
		6.63%, 05/15/22 (d)	500		489
	Tenet Healthcare Corporation
		8.13%, 04/01/22	705		763
		6.75%, 06/15/23 (l)	1,000		1,051
	WellCare Health Plans, Inc.
		5.25%, 04/01/25	165		172
		5.38%, 08/15/26 (d)	650		694
				26,583
Information Technology 2.7%
	Amkor Technology Inc.
		6.63%, 09/15/27 (d)	1,000		1,093
	Apple Inc.
		4.65%, 02/23/46	2,605		3,280
	CDK Global, Inc.
		5.88%, 06/15/26	160		171
		4.88%, 06/01/27	530		553
	CDW Finance Corporation
		5.00%, 09/01/25	330		344
	CommScope Holding Company, Inc.
		6.00%, 06/15/25 (d)	530		479
	CommScope Technologies LLC
		5.00%, 03/15/27 (d)	1,000		826
	Commscope, Inc.
		5.00%, 06/15/21 (d)	236		236
		5.50%, 06/15/24 (d)	375		353
	Gartner, Inc.
		5.13%, 04/01/25 (d)	330		346
	Go Daddy Operating Company, LLC
		5.25%, 12/01/27 (d)	335		353
	Hewlett Packard Enterprise Company
		3.60%, 10/15/20	1,375		1,393
	Inception Merger Sub, Inc.
		8.63%, 11/15/24 (d) (l)	500		461
	International Business Machines Corporation
		4.15%, 05/15/39	3,135		3,581
		4.25%, 05/15/49	3,120		3,602
	J2 Cloud Services, LLC
		6.00%, 07/15/25 (d)	580		613
	Microchip Technology Incorporated
		4.33%, 06/01/23	2,950		3,097
	Nuance Communications, Inc.
		6.00%, 07/01/24	810		846
	NXP B.V.
		4.13%, 06/01/21 (d)	500		513
	Open Text Corp
		5.63%, 01/15/23 (d)	335		343
		5.88%, 06/01/26 (d)	575		614
	Symantec Corporation
		5.00%, 04/15/25 (d)	335		340
	Western Digital Corporation
		4.75%, 02/15/26	270		278
				23,715
Industrials 2.6%
	Arconic Inc.
		6.15%, 08/15/20	220		227
	Avolon Holdings Funding Limited
		3.95%, 07/01/24 (d)	2,700		2,774
	BBA U.S. Holdings, Inc.
		5.38%, 05/01/26 (d)	830		873
	Beacon Roofing Supply, Inc.
		6.38%, 10/01/23	220		227
		4.88%, 11/01/25 (d)	1,230		1,207
	General Electric Company
		5.00%, (callable at 100 beginning 01/21/21) (m)	2,806		2,662
	Harsco Corporation
		5.75%, 07/31/27 (d)	750		781
	Hertz Vehicle Financing II LP
		7.63%, 06/01/22 (d)	750		781
		7.13%, 08/01/26 (d) (l)	215		224
	Indika Energy Capital III Pte. Ltd.
		5.88%, 11/09/24 (e)	200		195
	Jeld-Wen, Inc.
		4.88%, 12/15/27 (d)	405		403
	Masonite International Corporation
		5.75%, 09/15/26 (d)	995		1,053
	Park Aerospace Holdings Limited
		3.63%, 03/15/21 (d)	465		468
		5.25%, 08/15/22 (d)	1,500		1,585
	Prime Security Services Borrower, LLC
		9.25%, 05/15/23 (d)	1,073		1,128
		5.75%, 04/15/26 (d) (l)	635		661
	R. R. Donnelley & Sons Company
		7.63%, 06/15/20	255		261
	Rassman, Joel H.
		4.38%, 04/15/23	520		544
	RBS Global, Inc.
		4.88%, 12/15/25 (d)	250		258
	Ritchie Bros. Auctioneers Incorporated
		5.38%, 01/15/25 (d)	330		344
	Sensata Technologies UK Financing Co. PLC
		6.25%, 02/15/26 (d)	720		768
	SPX Flow, Inc.
		5.88%, 08/15/26 (d)	325		340
	Terex Corporation
		5.63%, 02/01/25 (d)	340		349
	The ADT Security Corporation
		6.25%, 10/15/21	325		346
		4.88%, 07/15/32 (d)	650		573
	The Nielsen Company (Luxembourg) S.A R.L.
		5.00%, 02/01/25 (d) (l)	250		247
	TransDigm Inc.
		6.25%, 03/15/26 (d)	1,455		1,563
		6.38%, 06/15/26	1,000		1,052
		7.50%, 03/15/27	205		223
	Turkiye Sise ve Cam Fabrikalari A.S.
		6.95%, 03/14/26 (d)	200		206

343

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	United Rentals (North America), Inc.
		5.25%, 01/15/30	215		226
	ZLS Prestigia Ltd
		5.00%, 11/01/22 (d)	480		512
				23,061
Consumer Staples 2.6%
	Anheuser-Busch InBev Worldwide Inc.
		4.60%, 04/15/48	1,990		2,290
		4.75%, 04/15/58	3,330		3,893
		5.80%, 01/23/59	2,285		3,098
	BAT Capital Corp.
		4.54%, 08/15/47	2,560		2,447
	Cencosud S.A.
		4.38%, 07/17/27 (e)	200		200
		4.38%, 07/17/27 (d)	200		200
	Darling Ingredients Inc.
		5.25%, 04/15/27 (d)	330		347
	Edgewell Personal Care Company
		4.70%, 05/24/22	530		547
	Energizer Holdings, Inc.
		7.75%, 01/15/27 (d)	1,205		1,341
	Grupo Bimbo S.A.B. de C.V.
		4.70%, 11/10/47 (d)	2,880		3,077
	Post Holdings, Inc.
		5.50%, 03/01/25 (d)	530		555
		5.63%, 01/15/28 (d)	215		228
	Spectrum Brands, Inc.
		5.75%, 07/15/25	995		1,037
	The Kroger Co.
		5.40%, 01/15/49	545		644
	Walmart Inc.
		3.25%, 07/08/29	2,660		2,873
				22,777
Materials 2.2%
	Anglo American Capital PLC
		4.50%, 03/15/28 (d)	1,665		1,768
	Ball Corporation
		4.38%, 12/15/20	490		501
	Berry Global, Inc.
		5.50%, 05/15/22	470		477
		5.13%, 07/15/23	490		502
	Big River Steel LLC
		7.25%, 09/01/25 (d)	620		657
	CF Industries, Inc.
		5.38%, 03/15/44	375		378
	China Minmetals Corporation
		3.75%, (callable at 100 beginning 11/13/22) (e) (m)	594		595
	Cleveland-Cliffs Inc.
		5.88%, 06/01/27 (d)	500		473
	CNAC HK Synbridge Co. Ltd.
		5.13%, 03/14/28 (e)	200		225
	Crown Americas LLC
		4.50%, 01/15/23	490		515
	CSN Resources S.A.
		7.63%, 04/17/26 (d)	272		282
	DuPont de Nemours, Inc
		4.73%, 11/15/28	1,090		1,246
	FMG Resources (August 2006) Pty Ltd
		4.75%, 05/15/22 (d)	875		898
		5.13%, 05/15/24 (d)	330		343
	Freeport-McMoRan Inc.
		3.88%, 03/15/23	815		821
		5.45%, 03/15/43	1,200		1,080
	Fresenius Medical Care Holdings, Inc.
		5.13%, 10/01/21 (d)	303		315
	Graphic Packaging International, LLC
		4.75%, 04/15/21	225		232
	Hudbay Minerals Inc.
		7.25%, 01/15/23 (d)	435		450
		7.63%, 01/15/25 (d)	240		244
	INEOS Group Holdings SA
		5.63%, 08/01/24 (d) (l)	500		515
	Mauser Packaging Solutions Holding Company
		5.50%, 04/15/24 (d)	490		506
	NOVA Chemicals Corporation
		5.25%, 08/01/23 (d)	340		344
		4.88%, 06/01/24 (d)	1,050		1,078
	Novelis Corporation
		6.25%, 08/15/24 (d)	490		514
	Owens-Brockway Glass Container Inc.
		5.00%, 01/15/22 (d)	470		486
	Platform Specialty Products Corporation
		5.88%, 12/01/25 (d)	330		345
	PT Indonesia Asahan Aluminium (Persero)
		6.76%, 11/15/48 (e)	600		786
	Reynolds Group Holdings Inc.
		6.88%, 02/15/21	336		337
		5.13%, 07/15/23 (d)	455		467
	Rusal Capital Designated Activity Company
		5.13%, 02/02/22 (e)	200		204
	Sealed Air Corporation
		4.88%, 12/01/22 (d)	440		462
		5.50%, 09/15/25 (d)	325		351
	Silgan Holdings Inc.
		4.75%, 03/15/25	340		348
	Steel Dynamics, Inc.
		5.25%, 04/15/23	240		244
				18,989
Utilities 1.7%
	Aby Transmision Sur S.A.
		6.88%, 04/30/43 (d)	197		243
	Agua Y Saneamientos Argentinos S.A.
		6.63%, 02/01/23 (e)	210		70
	Calpine Corporation
		6.00%, 01/15/22 (d)	1,470		1,475
		5.75%, 01/15/25 (l)	1,000		1,025
	Centrica PLC
		3.00%, 04/10/76, EUR (e) (n)	700		775
	Comision Federal de Electricidad
		4.75%, 02/23/27 (e)	200		210
	DTE Energy Company
		3.40%, 06/15/29	3,680		3,845
	ESKOM Holdings
		7.13%, 02/11/25 (d)	219		226
	Evergy, Inc.
		2.90%, 09/15/29	3,365		3,344
	NRG Energy, Inc.
		7.25%, 05/15/26	155		170
		6.63%, 01/15/27	1,200		1,302
		5.25%, 06/15/29 (d)	160		172
	Petrobras Argentina S.A.
		4.75%, 06/19/32 (e)	200		220
	Talen Energy Supply, LLC
		10.50%, 01/15/26 (d)	755		652
	Vistra Operations Company LLC
		5.50%, 09/01/26 (d)	250		262
		5.00%, 07/31/27 (d)	895		922
				14,913
Real Estate 1.0%
	Equinix, Inc.
		5.75%, 01/01/25	325		338
		5.88%, 01/15/26	445		474
	ESH Hospitality, Inc.
		5.25%, 05/01/25 (d)	215		223
	Healthcare Trust of America Holdings, LP
		3.10%, 02/15/30	3,060		3,051
	Iron Mountain Incorporated
		4.38%, 06/01/21 (d)	515		520
		6.00%, 08/15/23	980		1,004
		5.25%, 03/15/28 (d)	1,645		1,702
	MPT Operating Partnership, L.P.
		5.50%, 05/01/24	970		996
	Realogy Group LLC
		5.25%, 12/01/21 (d)	340		338

344

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
		4.88%, 06/01/23 (d) (l)	250		235
				8,881
	Total Corporate Bonds And Notes (cost $371,173)			388,066
SENIOR LOAN INTERESTS 8.2%
Consumer Discretionary 1.4%
	1011778 B.C. Unlimited Liability Company
		Term Loan B3, 4.29%, (3M LIBOR + 2.25%), 02/15/24 (c)	932		935
	Argus Media Ltd
		Term Loan, 0.00%, (3M LIBOR + 3.25%), 09/18/26 (c) (o)	535		537
	Bass Pro Group, LLC
		Term Loan B, 7.04%, (3M LIBOR + 5.00%), 11/15/23 (c)	948		912
	Caesars Resort Collection, LLC
		2017 1st Lien Term Loan B, 4.79%, (3M LIBOR + 2.75%), 12/23/24 (c)	602		598
	Charter Communications Operating, LLC
		2017 Term Loan B, 4.05%, (3M LIBOR + 2.00%), 04/30/25 (c)	711		715
	CityCenter Holdings, LLC
		2017 Term Loan B, 0.00%, (1M LIBOR + 2.25%), 04/14/24 (c) (o)	250		250
		2017 Term Loan B, 4.36%, (1M LIBOR + 2.25%), 04/14/24 (c)	358		359
	Delta 2 (LUX) S.a.r.l.
		Term Loan, 4.54%, (3M LIBOR + 2.50%), 02/01/24 (c)	615		606
	Eldorado Resorts LLC
		2017 Term Loan B, 4.31%, (1M LIBOR + 2.25%), 03/15/24 (c)	190		189
		2017 Term Loan B, 4.38%, (1M LIBOR + 2.25%), 03/15/24 (c)	144		144
	Garda World Security Corp.
		2017 Term Loan B, 5.63%, (3M LIBOR + 3.50%), 05/12/24 (c)	607		607
	Garda World Security Corporation
		Term Loan, 7.75%, (3M LIBOR + 2.50%), 05/12/24 (c)	2		2
	Lions Gate Capital Holdings LLC
		2018 Term Loan B, 4.29%, (3M LIBOR + 2.25%), 03/20/25 (c)	607		605
	Numericable Group SA
		USD Term Loan B11, 4.86%, (3M LIBOR + 2.75%), 07/31/25 (c)	811		790
	Prime Security Services Borrower, LLC
		2019 Term Loan B1, 0.00%, (3M LIBOR + 3.25%), 12/31/22 (c) (o)	410		405
	Scientific Games International, Inc.
		2018 Term Loan B5, 4.79%, (3M LIBOR + 2.75%), 08/14/24 (c)	118		117
		2018 Term Loan B5, 4.90%, (3M LIBOR + 2.75%), 08/14/24 (c)	489		485
	SeaWorld Parks & Entertainment, Inc.
		Term Loan B5, 5.11%, (3M LIBOR + 3.00%), 03/01/24 (c)	608		606
	Sedgwick Claims Management Services, Inc.
		2019 Term Loan B, 6.10%, (3M LIBOR + 4.00%), 09/30/26 (c)	379		379
	ServiceMaster Company
		2016 Term Loan B, 4.61%, (3M LIBOR + 2.50%), 11/08/23 (c)	291		290
	Staples, Inc.
		7 Year Term Loan, 7.12%, (3M LIBOR + 5.00%), 04/05/26 (c)	744		733
	Station Casinos LLC
		2016 Term Loan B, 4.55%, (3M LIBOR + 2.50%), 05/24/23 (c)	607		609
	Univision Communications Inc.
		Term Loan C5, 4.79%, (3M LIBOR + 2.75%), 03/15/24 (c)	806		782
	WideOpenWest Finance LLC
		2017 Term Loan B, 5.40%, (3M LIBOR + 3.25%), 08/19/23 (c)	244		235
	WMG Acquisition Corp.
		2018 Term Loan F, 0.00%, (3M LIBOR + 2.13%), 11/01/23 (c) (o)	250		250
		2018 Term Loan F, 4.24%, (3M LIBOR + 2.13%), 11/01/23 (c)	365		365
				12,505
Information Technology 1.2%
	Ceridian HCM Holding Inc.
		2018 Term Loan B, 5.11%, (3M LIBOR + 3.00%), 04/05/25 (c)	608		609
	CommScope, Inc.
		2019 Term Loan B, 5.29%, (3M LIBOR + 3.25%), 02/07/26 (c)	845		841
	Dell International LLC
		Term Loan, 0.00%, (3M LIBOR + 2.00%), 09/07/23 (c) (i) (o)	250		251
		2019 Term Loan B, 0.00%, (3M LIBOR + 2.00%), 09/11/25 (c) (o)	985		989
	Epicor Software Corp.
		1st Lien Term Loan, 5.37%, (3M LIBOR + 3.25%), 06/01/22 (c)	499		499
	Epicor Software Corporation
		1st Lien Term Loan, 0.00%, (3M LIBOR + 3.25%), 06/01/22 (c) (o)	250		250
	Go Daddy Operating Company, LLC
		Term Loan, 4.04%, (3M LIBOR + 2.00%), 02/15/24 (c)	270		271
	Hyland Software, Inc.
		2018 1st Lien Term Loan, 5.29%, (3M LIBOR + 3.25%), 07/01/24 (c)	369		369
		2017 2nd Lien Term Loan, 9.04%, (3M LIBOR + 7.00%), 05/24/25 (c)	125		125
	IGT Holding IV AB
		USD Term Loan B2, 6.08%, (3M LIBOR + 3.50%), 07/24/24 (c) (p)	140		140
	Informatica LLC
		2018 USD Term Loan, 5.29%, (3M LIBOR + 3.25%), 08/06/22 (c)	748		751
	Kronos Incorporated
		2017 Term Loan B, 5.25%, (3M LIBOR + 3.00%), 11/01/23 (c)	610		611
	MKS Instruments, Inc.
		Term Loan, 0.00%, (3M LIBOR + 1.75%), 02/01/26 (c) (o)	465		465
	Navicure Inc
		Term Loan, 0.00%, (3M LIBOR + 4.00%), 09/18/26 (c) (o)	330		330
	ON Semiconductor Corporation
		2019 Term Loan B, 0.00%, (3M LIBOR + 2.00%), 09/13/26 (c) (o)	660		663
	Rackspace Hosting, Inc.
		2017 Incremental 1st Lien Term Loan, 5.29%, (1M LIBOR + 3.00%), 11/03/23 (c)	912		835
	Sophia, L.P.
		2017 Term Loan B, 5.35%, (1M LIBOR + 3.25%), 09/30/22 (c)	1,096		1,096
	SS&C Technologies Holdings Europe S.A.R.L.
		2018 Term Loan B4, 4.29%, (3M LIBOR + 2.25%), 02/27/25 (c)	314		315
	SS&C Technologies Inc.
		2018 Term Loan B3, 4.29%, (3M LIBOR + 2.25%), 02/27/25 (c)	390		391
	Vertafore, Inc.
		2018 1st Lien Term Loan, 5.29%, (3M LIBOR + 3.25%), 06/04/25 (c)	303		294
	Western Digital Corporation
		2018 Term Loan B4, 3.86%, (3M LIBOR + 1.75%), 04/29/23 (c)	364		363
				10,458
Communication Services 1.0%
	AMC Entertainment Holdings, Inc.
		2019 Term Loan B, 5.23%, (3M LIBOR + 3.00%), 04/22/26 (c)	846		849
	CenturyLink, Inc.
		2017 Term Loan B, 4.79%, (3M LIBOR + 2.75%), 01/15/25 (c)	608		603
	Clear Channel Outdoor Holdings, Inc.
		Term Loan B, 5.54%, (3M LIBOR + 3.50%), 08/08/26 (c)	500		501

345

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	CSC Holdings, LLC
		Term Loan, 0.00%, (3M LIBOR + 2.50%), 04/15/27 (c) (o)	120		120
		2019 Term Loan B4, 0.00%, (3M LIBOR + 3.00%), 05/07/27 (c) (o)	250		250
		2019 Term Loan B4, 5.03%, (3M LIBOR + 3.00%), 05/07/27 (c)	719		719
	Cumulus Media New Holdings Inc.
		Term Loan, 0.00%, (3M LIBOR + 3.75%), 03/31/26 (c) (o)	545		546
	Frontier Communications Corp.
		2017 Term Loan B1, 5.87%, (3M LIBOR + 3.75%), 05/31/24 (c)	364		363
	Greeneden U.S. Holdings II, LLC
		2018 USD Term Loan B, 5.29%, (3M LIBOR + 3.25%), 12/01/23 (c)	359		357
	GTT Communications, Inc.
		2018 USD Term Loan B, 4.79%, (3M LIBOR + 2.75%), 04/27/25 (c)	373		299
	Iheartcommunications, Inc.
		Exit Term Loan, 6.10%, (3M LIBOR + 4.00%), 05/04/26 (c)	530		533
	Intelsat Jackson Holdings S.A.
		2017 Term Loan B3, 5.80%, (3M LIBOR + 3.75%), 11/27/23 (c)	970		972
		2017 Term Loan B4, 6.55%, (3M LIBOR + 4.50%), 01/14/24 (c)	45		45
	MTN Infrastructure TopCo Inc
		1st Lien Term Loan B, 0.00%, (3M LIBOR + 3.00%), 11/17/24 (c) (o)	235		232
	Sprint Communications, Inc.
		2018 Term Loan B, 0.00%, (3M LIBOR + 3.00%), 02/05/24 (c) (o)	250		249
		2018 Term Loan B, 5.06%, (3M LIBOR + 3.00%), 02/05/24 (c)	722		720
	Syniverse Holdings, Inc.
		2018 2nd Lien Term Loan, 11.03%, (3M LIBOR + 9.00%), 02/09/24 (c)	85		67
	Telesat Canada
		Term Loan B4, 4.83%, (3M LIBOR + 2.50%), 11/17/23 (c)	358		358
	Triton Bidco
		Term Loan, 0.00%, (3M LIBOR + 4.50%), 09/23/26 (c) (o)	475		467
	Zayo Group, LLC
		2017 Incremental Term Loan, 4.36%, (3M LIBOR + 2.25%), 01/19/24 (c)	360		361
	Ziggo Secured Finance Partnership
		USD Term Loan E, 4.53%, (3M LIBOR + 2.50%), 04/15/25 (c)	365		364
				8,975
Health Care 1.0%
	Acadia Healthcare Company, Inc.
		2018 Term Loan B3, 4.61%, (3M LIBOR + 2.50%), 02/11/22 (c)	499		499
		2018 Term Loan B4, 4.54%, (3M LIBOR + 2.50%), 02/16/23 (c)	249		250
	Amneal Pharmaceuticals LLC
		2018 Term Loan B, 5.56%, (3M LIBOR + 3.50%), 03/26/25 (c)	358		304
	Auris Luxembourg III S.a.r.l.
		2019 USD Term Loan B2, 5.79%, (3M LIBOR + 3.75%), 07/23/25 (c)	781		775
	Bausch Health Companies Inc.
		Term Loan B, 4.79%, (3M LIBOR + 2.75%), 11/26/25 (c)	552		553
	Change Healthcare Holdings LLC
		2017 Term Loan B, 4.54%, (3M LIBOR + 2.50%), 02/02/24 - 02/03/24 (c)	294		292
	Concentra Inc.
		2018 1st Lien Term Loan, 4.54%, (3M LIBOR + 2.50%), 06/01/22 (c)	860		864
	DaVita, Inc.
		2019 Term Loan B, 4.29%, (3M LIBOR + 2.25%), 07/30/26 (c)	240		241
	Endo Luxembourg Finance Company I S.a r.l.
		2017 Term Loan B, 6.30%, (3M LIBOR + 4.25%), 04/12/24 (c)	333		303
	Envision Healthcare Corporation
		2018 1st Lien Term Loan, 5.79%, (3M LIBOR + 3.75%), 09/27/25 (c)	249		202
	Grifols Worldwide Operations USA, Inc.
		Term Loan, 4.20%, (3M LIBOR + 2.25%), 01/24/25 (c)	846		850
	HCA Inc.
		2018 Term Loan B10, 4.33%, (3M LIBOR + 2.00%), 03/07/25 (c)	711		713
	Jaguar Holding Company II
		Term Loan, 4.54%, (3M LIBOR + 2.50%), 08/18/22 (c)	1,248		1,248
	MPH Acquisition Holdings LLC
		2016 Term Loan B, 4.85%, (3M LIBOR + 2.75%), 06/07/23 (c)	390		371
	Select Medical Corporation
		2017 Term Loan B, 4.54%, (3M LIBOR + 2.50%), 02/13/24 (c)	1		—
		2017 Term Loan B, 4.58%, (3M LIBOR + 2.50%), 03/06/25 (c)	610		610
	Sound Inpatient Physicians
		2018 1st Lien Term Loan, 0.00%, (3M LIBOR + 2.75%), 06/19/25 (c) (o)	51		51
	Valeant Pharmaceuticals International, Inc.
		2018 Term Loan B, 5.04%, (3M LIBOR + 3.00%), 05/19/25 (c)	545		547
	Verscend Holding Corp.
		2018 Term Loan B, 6.54%, (3M LIBOR + 4.50%), 08/08/25 (c)	239		239
				8,912
Financials 1.0%
	Altice France S.A.
		2018 Term Loan B13, 6.03%, (3M LIBOR + 4.00%), 07/13/26 (c)	250		249
	AssuredPartners, Inc.
		2017 1st Lien Add-On Term Loan, 5.54%, (3M LIBOR + 3.50%), 10/22/24 (c)	613		610
	Asurion LLC
		2018 Term Loan B7, 5.04%, (3M LIBOR + 3.00%), 11/15/24 (c)	857		860
	BCP Renaissance Parent LLC
		2017 Term Loan B, 5.76%, (3M LIBOR + 3.50%), 09/20/24 (c)	364		347
	Blackstone CQP Holdco LP
		Term Loan B, 5.66%, (3M LIBOR + 3.50%), 05/29/24 (c)	299		300
	Crown Finance US, Inc.
		Term Loan, 4.29%, (3M LIBOR + 2.25%), 02/05/25 (c)	562		558
	Deerfield Dakota Holding, LLC
		2018 Term Loan B, 5.29%, (1M LIBOR + 3.25%), 12/04/24 (c)	363		357
	DTZ U.S. Borrower LLC
		2018 Add On Term Loan B, 5.29%, (3M LIBOR + 3.25%), 08/15/25 (c)	608		608
	Hub International Limited
		2018 Term Loan B, 0.00%, (3M LIBOR + 3.00%), 04/25/25 (c) (o)	365		360
	Level 3 Financing Inc.
		2017 Term Loan B, 4.29%, (3M LIBOR + 2.25%), 02/16/24 (c)	970		971
	LPL Holdings, Inc.
		2017 1st Lien Term Loan B, 4.30%, (3M LIBOR + 2.25%), 09/23/24 (c)	597		600
	Nielsen Finance LLC
		USD Term Loan B4, 4.04%, (3M LIBOR + 2.00%), 10/04/23 (c)	853		853
	Sedgwick Claims Management Services, Inc.
		2018 Term Loan B, 5.29%, (3M LIBOR + 3.25%), 11/06/25 (c)	358		352
	Solera, LLC
		USD Term Loan B, 4.79%, (3M LIBOR + 2.75%), 03/03/23 (c)	608		604
	Tallgrass Energy Partners, LP
		Term Loan B, 0.00%, (3M LIBOR + 4.75%), 03/07/26 (c) (o)	340		331

346

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Telenet Financing USD LLC
		USD Term Loan AN, 0.00%, (3M LIBOR + 2.25%), 08/31/26 (c) (o)	250		250
		USD Term Loan AN, 4.28%, (3M LIBOR + 2.25%), 08/31/26 (c)	365		365
				8,575
Materials 0.8%
	Berlin Packaging LLC
		2018 1st Lien Term Loan, 0.00%, (3M LIBOR + 3.00%), 11/01/25 (c) (o)	370		363
	Berry Global, Inc.
		Term Loan R, 4.30%, (3M LIBOR + 2.25%), 01/19/24 (c)	716		719
		USD Term Loan U, 4.55%, (3M LIBOR + 2.50%), 07/01/26 (c)	249		250
	BWAY Holding Company
		2017 Term Loan B, 5.59%, (3M LIBOR + 3.25%), 04/03/24 (c)	613		599
	Forterra Finance, LLC
		2017 Term Loan B, 0.00%, (1M LIBOR + 3.00%), 10/25/23 (c) (o)	350		331
	Penn Engineering & Manufacturing Corp.
		2017 USD Term Loan B, 4.87%, (3M LIBOR + 2.75%), 06/09/24 (c)	327		321
	Platform Specialty Products Corp.
		Term Loan, 4.36%, (3M LIBOR + 2.25%), 11/14/25 (c)	279		280
	PQ Corporation
		2018 Term Loan B, 4.76%, (3M LIBOR + 2.50%), 02/08/25 (c)	329		329
	Reynolds Group Holdings Inc.
		Term Loan, 4.79%, (3M LIBOR + 2.75%), 02/05/23 (c)	1,120		1,123
	Solenis Holdings LLC
		2018 1st Lien Term Loan, 6.12%, (3M LIBOR + 4.00%), 06/26/25 (c)	358		348
		2018 1st Lien Term Loan, 6.04%, (3M LIBOR + 4.00%), 12/18/25 (c)	1		1
	Starfruit Finco B.V
		2018 USD Term Loan B, 5.29%, (3M LIBOR + 3.25%), 09/20/25 (c)	374		366
	TMS International Corp.
		2018 Term Loan B2, 4.86%, (3M LIBOR + 2.75%), 08/14/24 (c)	216		200
		2018 Term Loan B2, 5.01%, (3M LIBOR + 2.75%), 08/14/24 (c)	385		356
	Trident TPI Holdings, Inc.
		2017 USD Term Loan B1, 5.36%, (3M LIBOR + 3.25%), 10/05/24 (c)	618		596
	Univar Inc.
		2017 USD Term Loan B, 4.29%, (3M LIBOR + 2.25%), 07/01/24 (c)	360		361
	Wilsonart LLC
		2017 Term Loan B, 5.58%, (3M LIBOR + 3.25%), 12/19/23 (c)	294		288
				6,831
Industrials 0.7%
	Avis Budget Car Rental, LLC
		2018 Term Loan B, 4.12%, (3M LIBOR + 2.00%), 02/09/25 (c)	602		601
	Brookfield WEC Holdings Inc.
		2018 1st Lien Term Loan, 5.54%, (3M LIBOR + 3.50%), 07/26/25 (c)	209		210
	Crosby US Acquisition Corp.
		Term Loan B, 6.80%, (3M LIBOR + 4.75%), 06/12/26 (c)	240		235
	Emerald Expositions Holding, Inc.
		2017 Term Loan B, 4.79%, (3M LIBOR + 2.75%), 05/22/24 (c)	363		354
	Filtration Group Corporation
		2018 1st Lien Term Loan, 5.04%, (3M LIBOR + 3.00%), 03/27/25 (c)	345		345
	Gates Global LLC
		2017 USD Repriced Term Loan B, 4.79%, (3M LIBOR + 2.75%), 04/01/24 (c)	364		358
	Hertz Corporation, (The)
		2016 Term Loan B, 4.87%, (3M LIBOR + 2.75%), 06/30/23 (c)	605		605
	MRC Global (US) Inc.
		2018 1st Lien Term Loan B, 5.11%, (3M LIBOR + 3.00%), 09/01/24 (c)	358		358
	Panther BF Aggregator 2 LP
		USD Term Loan B, 5.54%, (3M LIBOR + 3.50%), 03/13/26 (c)	360		356
	Prime Security Services Borrower, LLC
		Term Loan, 0.00%, (3M LIBOR + 2.75%), 05/02/22 (c) (o)	500		500
	Sensata Technologies B.V.
		2019 Term Loan B, 0.00%, (3M LIBOR + 1.75%), 09/17/26 (c) (o)	290		292
	Tempo Acquisition LLC
		Term Loan, 5.04%, (3M LIBOR + 3.00%), 04/20/24 (c)	608		609
	TransDigm, Inc.
		2018 Term Loan F, 4.54%, (1M LIBOR + 2.50%), 06/09/23 (c)	613		611
	Vigor Industrial LLC
		Term Loan, 0.00%, (3M LIBOR + 5.00%), 09/18/26 (c) (o) (p)	330		329
				5,763
Real Estate 0.3%
	Capital Automotive L.P.
		2017 1st Lien Term Loan, 4.62%, (1M LIBOR + 2.50%), 03/21/24 (c)	612		612
	ESH Hospitality, Inc.
		2019 Term Loan B, 0.00%, (3M LIBOR + 2.00%), 09/18/26 (c) (o)	825		828
	Iron Mountain, Inc.
		2018 Term Loan B, 3.79%, (3M LIBOR + 1.75%), 03/02/26 (c)	613		606
	Realogy Group LLC
		2018 Term Loan B, 4.30%, (3M LIBOR + 2.25%), 01/25/25 (c)	618		587
	VICI Properties 1 LLC
		Replacement Term Loan B, 4.05%, (3M LIBOR + 2.00%), 12/13/24 (c)	360		361
				2,994
Consumer Staples 0.3%
	Albertsons, LLC
		2019 Term Loan B8, 4.86%, (3M LIBOR + 2.75%), 08/07/26 (c)	212		213
	BJ's Wholesale Club, Inc.
		2017 1st Lien Term Loan, 4.79%, (3M LIBOR + 2.75%), 01/26/24 (c)	603		605
	Edgewell Personal Care Company
		Term Loan, 0.00%, (3M LIBOR + 3.00%), 11/08/26 (c) (o)	330		330
	Energizer Holdings, Inc.
		2018 Term Loan B, 4.38%, (3M LIBOR + 2.25%), 06/19/25 (c)	605		604
	Nestle Skin Health SA
		Term Loan, 0.00%, (3M LIBOR + 4.25%), 07/12/26 (c) (o)	250		251
	Nomad Foods Europe Midco Limited
		2017 USD Term Loan B4, 4.28%, (3M LIBOR + 2.25%), 05/15/24 (c)	606		604
	US Foods, Inc.
		2016 Term Loan B, 4.11%, (3M LIBOR + 2.00%), 06/27/23 (c)	358		359
				2,966
Utilities 0.3%
	Calpine Corporation
		Term Loan B9, 4.86%, (3M LIBOR + 2.75%), 03/22/26 (c)	608		610
		2019 Term Loan B10, 4.54%, (3M LIBOR + 2.50%), 08/02/26 (c)	240		240
	Edgewater Generation, L.L.C.
		Term Loan, 5.79%, (3M LIBOR + 3.75%), 11/29/25 (c)	354		349

347

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Nautilus Power, LLC
		Term Loan B, 6.36%, (3M LIBOR + 4.25%), 04/28/24 (c)	386		384
	NRG Energy Inc
		Term Loan, 3.50%, 06/14/23 (c)	600		599
				2,182
Energy 0.2%
	Eastern Power, LLC
		Term Loan B, 5.79%, (3M LIBOR + 3.75%), 10/02/23 (c)	343		344
	EG America LLC
		2018 USD Term Loan, 6.10%, (3M LIBOR + 4.00%), 06/30/25 (c)	28		28
		Term Loan, 6.10%, (3M LIBOR + 4.00%), 06/30/25 (c)	211		209
	Gavilan Resources, LLC
		2nd Lien Term Loan, 8.04%, (3M LIBOR + 6.00%), 02/24/24 (c) (i)	270		117
	Lucid Energy Group II Borrower, LLC
		2018 1st Lien Term Loan, 5.04%, (3M LIBOR + 3.00%), 01/31/25 (c)	368		347
	Medallion Midland Acquisition, LLC
		1st Lien Term Loan, 5.29%, (3M LIBOR + 3.25%), 10/31/24 (c)	358		347
				1,392
	Total Senior Loan Interests (cost $72,122)			71,553
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 3.5%
	Amcap Funding LLC
		Series 2018-A-1, 4.98%, 06/15/23 (d)	1,880		1,973
	Bear Stearns Asset Backed Securities I LLC
		Series 2005-M1-AQ2, REMIC, 2.75%, (1M USD LIBOR + 0.74%), 09/25/35 (c)	2,430		2,421
		Series 2006-1M3-HE1, REMIC, 2.71%, (1M USD LIBOR + 0.46%), 12/25/35 (c)	1,600		1,575
	Citigroup Commercial Mortgage Trust
		Interest Only, Series 2014-XA-GC25, REMIC, 1.15%, 10/11/47 (c)	13,413		579
		Interest Only, Series 2015-XA-GC27, REMIC, 1.52%, 02/12/48 (c)	7,739		433
	COMM Mortgage Trust
		Interest Only, Series 2014-XA-CR16, REMIC, 1.14%, 04/12/47 (c)	12,896		479
		Interest Only, Series 2014-XA-LC15, REMIC, 1.27%, 04/12/47 (c)	18,273		748
		Interest Only, Series 2014-XA-UBS3, REMIC, 1.25%, 06/12/47 (c)	12,434		537
		Interest Only, Series 2014-XA-UBS6, REMIC, 1.07%, 12/12/47 (c)	11,972		428
	Credit Suisse Securities (USA) LLC
		Series 2004-M2-5, REMIC, 3.62%, (1M USD LIBOR + 1.60%), 02/25/35 (c)	35		35
	Equifirst Mortgage Loan Trust
		Series 2003-1A1-2, REMIC, 3.15%, (1M USD LIBOR + 1.13%), 09/25/33 (c)	433		419
	FRESB Mortgage Trust
		Series 2017-B-SB38, REMIC, 3.93%, 08/25/27 (d) (j)	1,842		1,532
	GS Mortgage Securities Trust
		Interest Only, Series 2014-XA-GC18, REMIC, 1.18%, 01/11/47 (c)	17,922		640
		Interest Only, Series 2014-XA-GC26, REMIC, 1.13%, 11/13/47 (c)	13,795		559
		Interest Only, Series 2015-XA-GC30, REMIC, 0.96%, 05/12/50 (c)	19,858		626
	Lehman ABS Corporation
		Series 2006-A3-HE1, REMIC, 2.22%, (1M USD LIBOR + 0.20%), 01/25/36 (c)	16		16
	Navient Student Loan Trust
		Series 2018-A1-3A, 2.29%, (1M USD LIBOR + 0.27%), 06/25/20 (c) (d)	326		326
	Newcastle Mortgage Securities Trust
		Series 2006-M2-1, REMIC, 2.39%, (1M USD LIBOR + 0.37%), 03/25/36 (c)	3,490		3,460
	OBX Trust
		Series 2019-2A1A-EXP2, REMIC, 2.92%, (1M USD LIBOR + 0.90%), 07/25/59 (c) (d)	2,314		2,292
	Permanent Master Issuer PLC
		Series 2018-1A1-1A, 2.68%, (3M USD LIBOR + 0.38%), 10/15/20 (c) (d)	750		750
	Residential Asset Mortgage Products, Inc.
		Series 2005-M3-RZ4, REMIC, 2.80%, (1M USD LIBOR + 0.52%), 11/25/35 (c)	3,190		3,165
	Structured Asset Investment Loan Trust
		Series 2003-M1-BC5, REMIC, 3.14%, (1M USD LIBOR + 1.13%), 06/25/33 (c)	78		79
	Structured Asset Securities Corporation
		Series 2005-M3-NC1, REMIC, 2.80%, (1M USD LIBOR + 0.78%), 02/25/35 (c)	3,524		3,504
		Series 2005-M3-NC2, REMIC, 2.66%, (1M USD LIBOR + 0.65%), 05/25/35 (c)	12		12
	Verizon Owner Trust
		Series 2016-A-2A, 1.68%, 05/20/21 (d)	815		814
		Series 2017-A-1A, 2.06%, 09/20/21 (d)	2,287		2,287
	WFRBS Commercial Mortgage Trust
		Interest Only, Series 2014-XA-LC14, REMIC, 1.40%, 03/15/47 (c)	8,516		348
		Interest Only, Series 2014-XA-C21, REMIC, 1.20%, 08/15/47 (c)	12,497		478
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $28,917)			30,515
SHORT TERM INVESTMENTS 2.8%
U.S. Treasury Bill 1.6%
	Treasury, United States Department of
		2.37%, 01/02/20 (q) (r)	14,145		14,078
Securities Lending Collateral 0.7%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (s) (t)		6,095		6,095
Investment Companies 0.5%
	JNL Government Money Market Fund - Institutional Class, 1.86% (s) (t)		3,922		3,922
	Total Short Term Investments (cost $24,077)			24,095
Total Investments 117.9% (cost $1,005,104)					1,028,033
Other Derivative Instruments 0.1%					683
Other Assets and Liabilities, Net (18.0)%					(156,934)
Total Net Assets 100.0%					871,782

(a)All or a portion of the security was purchased on a delayed delivery basis. As of September 30, 2019, the total payable for investments purchased on a delayed delivery basis was $149,406.

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

(c)Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of September 30, 2019. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations (“CMO”) and mortgage-backed securities (“MBS”) are determined by tranches of underlying mortgage-backed security pools’ cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security’s offering documents.

(d)The Adviser has deemed this security, which is exempt from registration under the Securities Act of 1933, as amended, to be liquid based on procedures approved by the Board of Trustees. As of September 30, 2019, the value and the percentage of net assets of these liquid securities was $145,353 and 16.7% of the Fund.

(e)Security is restricted to resale to institutional investors. See Restricted Securities in the Schedules of Investments.

(f)Non-income producing security.

(g)As of September 30, 2019, issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date.

(h)Security fair valued in good faith as a Level 2 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on

348

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Schedules of Investments (in thousands)

September 30, 2019

the applicable valuation inputs. See FASB ASC Topic 820 in the Schedules of Investments.

(i)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

(j)Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of September 30, 2019.

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

(l)All or a portion of the security was on loan as of September 30, 2019.

(m)Perpetual security. Next contractual call date presented, if applicable.

(n)The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer.

(o)This senior loan will settle after September 30, 2019. If a reference rate and spread is presented, it will go into effect upon settlement.

(p)Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Schedules of Investments.

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

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

(s)Investment in affiliate.

(t)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Abu Dhabi, Government of, 3.13%, 09/30/49	09/23/19	195	196	—
	Agua Y Saneamientos Argentinos S.A., 6.63%, 02/01/23	03/28/18	206	70	—
	Aluminum Corporation of China Limited, 4.25%, 04/21/22	12/19/17	200	202	—
	Angola Government International Bond, 8.25%, 05/09/28	07/19/19	214	207	—
	Angola, Government of, 9.38%, 05/08/48	01/11/19	203	213	—
	Banque Centrale De Tunisie, 5.75%, 01/30/25	01/16/18	199	179	—
	Cabinet of Ministers of Ukraine, 7.75%, 09/01/26	05/15/19	501	524	0.1
	Cabinet of Ministers of Ukraine, 7.75%, 09/01/27	05/21/19	94	104	—
	Cabinet of Ministers of Ukraine, 9.75%, 11/01/28	09/03/19	240	231	—
	Cabinet of Ministers of Ukraine, 7.38%, 09/25/32	12/18/18	236	294	—
	Cencosud S.A., 4.38%, 07/17/27	08/23/19	195	200	—
	Centrica PLC, 3.00%, 04/10/76	09/25/18	838	775	0.1
	Cenub Qaz Dehlizi, Qsc, 6.88%, 03/24/26	12/14/18	1,044	1,102	0.1
	China Minmetals Corporation, 3.75%, callable at 100 beginning 11/13/22	11/15/17	577	595	0.1
	CNAC HK Synbridge Co. Ltd., 5.13%, 03/14/28	08/21/19	228	225	—
	Comision Federal de Electricidad, 4.75%, 02/23/27	08/21/19	208	210	—
	Development Bank of Mongolia LLC, 7.25%, 10/23/23	12/14/18	199	208	—
	Dominican Republic International Bond, 6.00%, 07/19/28	08/23/19	165	164	—
	El Salvador Government International Bond, 7.75%, 01/24/23	12/14/18	319	339	0.1
	Empresa Nacional del Petroleo, 4.38%, 10/30/24	08/21/19	214	213	—
	European Financial Stability Facility, 0.88%, 04/10/35	07/19/19	3,831	3,922	0.5
	Gaz Capital S.A., 5.15%, 02/11/26	02/06/19	305	331	—
	Ghana, Government of, 10.75%, 10/14/30	10/09/15	445	482	0.1
	Gobierno de la Republica del Ecuador, 9.63%, 06/02/27	05/30/17	200	208	—
	Gobierno de la Republica del Ecuador, 7.88%, 01/23/28	03/13/19	328	332	0.1
	Gobierno de la Republica del Ecuador, 9.50%, 03/27/30	09/24/19	200	201	—
	Government of the Sultanate of Oman, 6.00%, 08/01/29	07/25/19	200	198	—
	Government of the Sultanate of Oman, 6.75%, 01/17/48	09/28/18	291	301	—
	GTLK Europe Capital Designated Activity Company, 4.95%, 02/18/26	09/25/19	273	275	—
	Huarong Finance 2017 Co., Ltd., 4.00%, callable at 100 beginning 11/07/22	11/15/17	199	199	—
	Indika Energy Capital III Pte. Ltd., 5.88%, 11/09/24	09/28/18	191	195	—
	Kenya, Government of, 8.00%, 05/22/32	05/15/19	200	209	—
	Liquid Telecommunications Financing PLC, 8.50%, 07/13/22	11/10/17	207	197	—
	Ministry of Finance of the Russian Federation, 5.10%, 03/28/35	03/21/19	200	227	—
	Nederlandse Waterschapsbank N.V., 0.50%, 04/29/30	07/19/19	1,514	1,506	0.2
	Nederlandse Waterschapsbank N.V., 1.25%, 05/27/36	07/26/19	1,441	1,473	0.2
	Next Holdings Limited, 3.63%, 05/18/28	09/25/18	394	392	0.1
	Nigeria, Federal Government of, 8.75%, 01/21/31	11/14/18	228	256	—
	Nigeria, Federal Government of, 7.88%, 02/16/32	02/09/17	415	420	0.1
	People's Government of Inner Mongolia Autonomous Region, 5.63%, 05/01/23	12/14/18	270	282	—
	Petrobras Argentina S.A., 4.75%, 06/19/32	08/21/19	221	220	—
	Petroleos de Venezuela, S.A., 0.00%, 05/16/24	03/25/15	1,258	400	0.1
	Petroleos de Venezuela, S.A., 0.00%, 11/15/26	07/28/17	245	73	—
	Petroleos de Venezuela, S.A., 0.00%, 04/12/27	02/09/17	163	39	—
	Presidence de la Republique de Cote d'Ivoire, 5.75%, 12/31/32	12/14/18	1,151	1,218	0.2
	Presidencia de la Republica de El Salvador, 7.12%, 01/20/50	07/30/19	151	154	—
	Presidencia de la Republica Dominicana, 6.85%, 01/27/45	09/20/18	393	439	0.1
	PT Indonesia Asahan Aluminium (Persero), 6.76%, 11/15/48	01/08/19	662	786	0.1
	Republica Bolivariana de Venezuela, 0.00%, 10/13/24	03/25/15	514	180	—
	Rusal Capital Designated Activity Company, 5.13%, 02/02/22	12/06/17	203	204	—
	Russia Federal Bond, 4.25%, 06/23/27	08/21/19	425	426	0.1
	Senegal, Government of, 6.75%, 03/13/48	02/15/19	205	221	—
	The Arab Republic of Egypt, 7.60%, 03/01/29	08/21/19	212	212	—
	The Arab Republic of Egypt, 8.50%, 01/31/47	12/14/18	256	296	—
	The Arab Republic of Egypt, 8.70%, 03/01/49	02/19/19	200	215	—
	The Democratic Socialist Republic of Sri Lanka, 6.25%, 07/27/21	08/06/19	203	203	—
	The Democratic Socialist Republic of Sri Lanka, 6.75%, 04/18/28	05/10/18	465	458	0.1
	The Democratic Socialist Republic of Sri Lanka, 7.85%, 03/14/29	03/07/19	347	349	0.1

349

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

Restricted Securities (continued)
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	The Government of the Republic of Armenia, 3.95%, 09/26/29	09/19/19	196	196	—
	The Republic of Uzbekistan, 5.38%, 02/20/29	02/13/19	200	221	—
	The State of Qatar, 4.82%, 03/14/49	03/06/19	324	401	0.1
	Turkiye Ihracat Kredi Bankasi A.S., 6.13%, 05/03/24	12/14/18	321	342	0.1
	VEB Finance Public Limited Company, 6.03%, 07/05/22	02/13/14	383	408	0.1
			26,305	25,518	2.9

JNL/Neuberger Berman Strategic Income Fund — Futures Contracts
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
CAD/USD Spot Rate	4	December 2019		303	—			(1)
Euro BOBL	12	December 2019	EUR	1,628	1			—
GBP/USD Spot Rate	6	December 2019		464	—			(1)
United States 2 Year Note	248	January 2020		53,561	(8)			(117)
United States 5 Year Note	8	January 2020		957	—			(4)
					(7)			(123)
Short Contracts
EUR/USD Spot Rate	(9)	December 2019		(1,247)	4			14
Euro Bund	(118)	December 2019	EUR	(20,817)	(5)			284
United States 10 Year Note	(133)	December 2019		(17,423)	12			91
United States 10 Year Ultra Bond	(433)	December 2019		(62,429)	13			766
United States Long Bond	(21)	December 2019		(3,393)	1			(15)
United States Ultra Bond	(306)	December 2019		(58,992)	(19)			269
					6			1,409

Forward Foreign Currency Contracts

Purchased/ Sold	Counter-party	Expiration	Notional1		Value ($)		Unrealized Appreciation (Depreciation) ($)
BRL/USD	JPM	10/02/19	BRL	14,562		3,505		25
BRL/USD	GSC	11/05/19	BRL	17,680		4,245		20
CLP/USD	JPM	10/02/19	CLP	2,599,805		3,566		(34)
CLP/USD	GSC	11/05/19	CLP	3,145,302		4,317		(9)
COP/USD	JPM	10/02/19	COP	12,234,647		3,516		(11)
COP/USD	GSC	11/05/19	COP	14,837,666		4,257		(36)
DKK/USD	JPM	10/17/19	DKK	128,585		18,796		(336)
EUR/USD	GSC	10/17/19	EUR	10,553		11,516		(263)
EUR/USD	JPM	10/17/19	EUR	8,636		9,425		(128)
GBP/USD	GSC	10/17/19	GBP	1,758		2,164		28
GBP/USD	JPM	10/17/19	GBP	2,639		3,246		(43)
KRW/USD	JPM	10/02/19	KRW	4,426,358		3,700		48
KRW/USD	GSC	11/05/19	KRW	5,188,581		4,342		12
USD/BRL	GSC	10/02/19	BRL	(14,562)		(3,505)		(20)
USD/CLP	GSC	10/02/19	CLP	(2,599,805)		(3,566)		8
USD/COP	GSC	10/02/19	COP	(12,234,647)		(3,516)		31
USD/DKK	GSC	10/17/19	DKK	(124,796)		(18,243)		621
USD/DKK	JPM	10/17/19	DKK	(15)		(2)		—
USD/EUR	GSC	10/17/19	EUR	(5,955)		(6,498)		237
USD/EUR	JPM	10/17/19	EUR	(12,299)		(13,422)		449
USD/GBP	GSC	10/17/19	GBP	(4,337)		(5,336)		97
USD/KRW	GSC	10/02/19	KRW	(4,426,358)		(3,701)		(12)
						18,806		684

350

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
JNL/Oppenheimer Emerging Markets Innovator Fund
COMMON STOCKS 92.0%
China 21.0%
	Estun Automation Co., Ltd. - Class A (a)	1,828		2,317
	Fu Shou Yuan International Group Limited	6,261		5,548
	Hansoh Pharmaceutical Group Company Limited (b) (c) (d)	1,160		3,556
	Hosa International Limited (a) (e)	7,408		253
	Huami Corporation - Class A - ADR (b)	126		1,257
	Huazhu Group Limited - ADS	329		10,861
	Innovent Biologics, Inc. (b) (c) (d)	2,219		7,068
	Kingdee International Software Group Co. Ltd.	3,620		3,822
	Koolearn Technology Holding Limited (b) (c) (d)	1,278		2,055
	New Oriental Education & Technology Group - ADR (b)	31		3,473
	Shanghai Baozun E-Commerce Limited - ADR (b) (c)	276		11,799
	Silergy Corp.	333		8,284
	SITC International Holdings Company Limited	6,905		7,136
	TAL Education Group - ADS (b)	131		4,472
	Wuxi Biologics Cayman Inc (b) (d)	1,069		10,958
	Zhongsheng Group Holdings Limited	3,328		10,516
			93,375
Taiwan 17.5%
	Airtac International Group	550		6,568
	ASMedia Technology Inc.	766		12,037
	ASPEED Technology Inc.	199		5,094
	Chailease Holding Company Limited	2,992		12,072
	Cub Elecparts Inc.	784		6,287
	LandMark Optoelectronics Corporation	824		6,847
	Largan Precision Co. Ltd.	36		5,184
	President Chain Store Corp.	483		4,514
	Sunny Friend Environmental Technology Co., Ltd.	610		5,346
	TaiMed Biologics Inc. (b)	242		1,169
	Taiwan Union Technology Corp.	1,332		6,097
	Voltronic Power Technology Corporation	337		6,958
			78,173
India 9.4%
	Bandhan Bank Limited (d)	93		648
	Biocon Ltd.	2,362		7,446
	Cholamandalam Investment and Finance Company Limited	1,148		4,993
	Dalmia Bharat Limited	238		2,765
	Havells India Limited	273		2,766
	Oberoi Realty Limited	882		6,329
	Shree Cement Ltd.	13		3,400
	Syngene International Ltd. (d)	891		3,912
	Voltas Limited	998		9,577
			41,836
South Korea 8.0%
	Caregen Co., Ltd. (a) (b) (e)	35		2,250
	Daum Communications Corp.	65		7,343
	Fila Korea Ltd. (c)	91		4,401
	Koh Young Technology Inc.	63		4,722
	NCSoft Corp.	19		8,106
	Samsung Biologics Co., Ltd (b)	19		4,922
	Seegene, Inc. (b)	218		3,715
			35,459
Brazil 7.0%
	Linx Sistemas e Consultoria Ltda.	906		7,101
	Localiza Rent A Car S/A	482		5,272
	Natura Cosmeticos S.A.	796		6,534
	OdontoPrev S.A.	1,903		7,440
	Raia Drogasil S.A.	212		4,903
			31,250
Hong Kong 5.0%
	Kerry Logistics Network Limited	4,870		7,786
	Minth Group Limited (c)	1,854		6,322
	Sunny Optical Technology (Group) Company Limited	545		8,044
			22,152
Luxembourg 3.2%
	Globant S.A. (b)	156		14,307
South Africa 3.1%
	Capitec Bank Holdings Ltd.	101		8,601
	Clicks Group Ltd.	367		5,202
			13,803
Mexico 2.7%
	Alsea SAB de CV (b)	1,937		4,515
	Gentera, S.A.B. de C.V. (c)	6,142		5,079
	Regional, S.A.B. De C.V.	500		2,295
			11,889
United States of America 2.4%
	PagSeguro Digital Ltd. - Class A (b)	106		4,930
	Yum China Holdings, Inc.	124		5,626
			10,556
Indonesia 2.4%
	PT. ACE Hardware Indonesia, Tbk.	84,332		10,535
Philippines 2.2%
	Bank of the Philippine Islands	2,442		4,382
	International Container Terminal Services Inc.	2,071		4,817
	Philippine Seven Corp. (a)	278		750
			9,949
Russian Federation 1.8%
	TCS Group Holding PLC - GDR (f)	68		1,195
	Yandex N.V. - Class A (b)	201		7,030
			8,225
Malaysia 1.4%
	My E.G. Services Berhad	19,214		6,442
Peru 1.3%
	Credicorp Ltd.	23		4,718
	Intercorp Financial Services Inc. (b)	28		1,159
			5,877
Egypt 1.3%
	Commercial International Bank Egypt SAE	1,192		5,677
Greece 1.2%
	JUMBO SA	277		5,254
Kenya 1.0%
	Equity Group Holdings PLC (a)	12,120		4,386
Vietnam 0.1%
	Vietnam Dairy Products Joint Stock Company	122		682
	Total Common Stocks (cost $367,310)		409,827
PREFERRED STOCKS 2.4%
Colombia 1.4%
	Banco Davivienda S.A.	518		6,257
Brazil 1.0%
	Lojas Americanas SA (g)	967		4,619
	Total Preferred Stocks (cost $10,300)		10,876
SHORT TERM INVESTMENTS 8.9%
Investment Companies 6.4%
	JNL Government Money Market Fund - Institutional Class, 1.86% (h) (i)	28,487		28,487
Securities Lending Collateral 2.5%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (h) (i)	10,961		10,961
	Total Short Term Investments (cost $39,448)		39,448
Total Investments 103.3% (cost $417,058)				460,151
Other Derivative Instruments (0.0)%				(2)
Other Assets and Liabilities, Net (3.3)%				(14,830)
Total Net Assets 100.0%				445,319

(a)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

(b)Non-income producing security.

(c)All or a portion of the security was on loan as of September 30, 2019.

(d)The Adviser has deemed this security, which is exempt from registration under the Securities Act of 1933, as amended, to be liquid based on procedures approved by the Board of Trustees. As of September 30, 2019, the value and the percentage of net assets of these liquid securities was $28,197 and 6.3% of the Fund.

351

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

(e)Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Schedules of Investments.

(f)Security is restricted to resale to institutional investors. See Restricted Securities in the Schedules of Investments.

(g)Convertible security.

(h)Investment in affiliate.

(i)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	TCS Group Holding PLC	09/24/19	1,212	1,195	0.3

Forward Foreign Currency Contracts

Purchased/ Sold	Counter-party	Expiration	Notional1		Value ($)		Unrealized Appreciation (Depreciation) ($)
HKD/USD	BCL	10/02/19	HKD	2,552		326		—
USD/HKD	GSC	10/03/19	HKD	(302)		(38)		—
USD/HKD	SSB	10/03/19	HKD	(302)		(39)		—
ZAR/USD	GSC	10/01/19	ZAR	5,648		373		(2)
ZAR/USD	BOA	10/03/19	ZAR	1,016		67		—
ZAR/USD	SSB	10/03/19	ZAR	1,017		67		—
						756		(2)

352

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
JNL/Oppenheimer Global Growth Fund
COMMON STOCKS 98.0%
United States of America 51.7%
	3M Company	105		17,185
	ACADIA Pharmaceuticals Inc. (a)	458		16,487
	Adobe Inc. (a)	286		79,088
	Agilent Technologies, Inc.	434		33,233
	Alphabet Inc. - Class A (a)	144		175,417
	Amazon.com, Inc. (a)	12		21,621
	Anaptysbio, Inc. (a)	43		1,490
	Anthem, Inc.	243		58,330
	Bluebird Bio, Inc. (a) (b)	103		9,502
	Blueprint Medicines Corporation (a)	191		14,028
	Centene Corporation (a)	398		17,221
	Citigroup Inc.	873		60,283
	Colgate-Palmolive Co.	700		51,469
	Electronic Arts Inc. (a)	184		17,964
	Equifax Inc.	229		32,222
	Facebook, Inc. - Class A (a)	447		79,612
	GlycoMimetics, Inc. (a)	598		2,576
	Incyte Corporation (a)	218		16,191
	Intuit Inc.	323		86,029
	Ionis Pharmaceuticals Inc. (a)	294		17,588
	MacroGenics Inc. (a)	561		7,159
	Maxim Integrated Products, Inc.	986		57,090
	Microsoft Corp.	135		18,827
	Mirati Therapeutics, Inc. (a)	103		8,019
	Paypal Holdings, Inc. (a)	552		57,186
	RA Pharmaceuticals, Inc. (a)	276		6,536
	resTORbio, Inc. (a) (b)	543		4,796
	S&P Global Inc.	355		86,956
	Sage Therapeutics Inc. (a)	165		23,149
	Sarepta Therapeutics, Inc. (a)	124		9,335
	The Goldman Sachs Group, Inc.	82		16,944
	Tiffany & Co.	320		29,654
	United Parcel Service Inc. - Class B	295		35,354
	Veracyte, Inc. (a)	309		7,415
	Walt Disney Co.	338		44,062
	Zimmer Biomet Holdings, Inc.	183		25,129
			1,245,147
Japan 13.9%
	Capcom Co. Ltd.	667		17,774
	Fanuc Ltd.	140		26,502
	Keyence Corp.	77		47,804
	Minebea Mitsumi Inc.	566		9,045
	Murata Manufacturing Co. Ltd.	1,011		48,913
	Nidec Corp.	446		60,474
	Nintendo Co. Ltd.	67		25,003
	Omron Corp. (b)	525		28,998
	Takeda Pharmaceutical Co. Ltd.	621		21,269
	TDK Corp.	546		49,289
			335,071
France 7.0%
	Kering SA	107		54,575
	LVMH Moet Hennessy Louis Vuitton SE	245		97,625
	Societe Generale SA	639		17,511
			169,711
Germany 5.8%
	Allianz SE	213		49,587
	Bayer AG	266		18,715
	SAP SE	565		66,526
	Siemens AG	48		5,148
			139,976
Netherlands 4.4%
	Airbus SE	738		95,811
	uniQure N.V. (a)	244		9,616
			105,427
India 3.7%
	DLF Limited	21,210		46,619
	ICICI Bank Limited - ADR	3,435		41,844
			88,463
United Kingdom 3.4%
	Farfetch Ltd - Class A (a)	738		6,379
	International Game Technology PLC (b)	795		11,295
	TechnipFMC PLC	273		6,568
	Unilever PLC	948		56,964
			81,206
Sweden 2.3%
	Assa Abloy AB - Class B	1,495		33,277
	Atlas Copco Aktiebolag - Class A	727		22,371
			55,648
Switzerland 1.8%
	Credit Suisse Group AG	2,002		24,541
	UBS Group AG	1,562		17,730
			42,271
Spain 1.7%
	Industria de Diseno Textil, S.A.	1,297		40,149
China 1.5%
	JD.com, Inc. - Class A - ADR (a)	1,298		36,625
Brazil 0.6%
	StoneCo Ltd. (a)	381		13,249
Italy 0.2%
	Brunello Cucinelli S.p.A.	181		5,635
	Total Common Stocks (cost $1,730,268)		2,358,578
PREFERRED STOCKS 0.6%
Germany 0.6%
	Bayerische Motoren Werke AG	259		14,400
India 0.0%
	Zee Entertainment Enterprises Limited, 6.00%, 03/05/22	1,435		106
	Total Preferred Stocks (cost $21,285)		14,506
SHORT TERM INVESTMENTS 2.0%
Investment Companies 1.4%
	JNL Government Money Market Fund - Institutional Class, 1.86% (c) (d)	33,371		33,371
Securities Lending Collateral 0.6%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (c) (d)	14,897		14,897
	Total Short Term Investments (cost $48,268)		48,268
Total Investments 100.6% (cost $1,799,821)				2,421,352
Other Assets and Liabilities, Net (0.6)%				(13,469)
Total Net Assets 100.0%				2,407,883

(a)Non-income producing security.

(b)All or a portion of the security was on loan as of September 30, 2019.

(c)Investment in affiliate.

(d)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

353

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
JNL/PIMCO Income Fund
GOVERNMENT AND AGENCY OBLIGATIONS 40.3%
Mortgage-Backed Securities 28.1%
	Federal Home Loan Mortgage Corporation
		4.00%, 09/01/48 - 10/01/48 (a)	3,006		3,128
		4.00%, 01/01/49 - 03/01/49	4,259		4,450
	Federal National Mortgage Association, Inc.
		TBA, 4.00%, 11/15/47 - 09/01/48 (a)	245,900		255,294
		TBA, 4.50%, 11/15/47 (a)	10,000		10,535
		TBA, 3.00%, 12/15/47 (a)	2,100		2,129
		TBA, 3.50%, 11/15/47 - 12/15/47 (a)	74,100		76,017
		3.50%, 03/01/48 - 07/01/48	29,975		30,931
		4.00%, 11/01/48 - 03/01/49	17,110		17,746
				400,230
U.S. Treasury Note 5.9%
	Treasury, United States Department of
		2.25%, 10/31/24	37,000		38,214
		2.63%, 01/31/26 (b)	16,700		17,712
		1.63%, 08/15/29	28,600		28,475
				84,401
Sovereign 3.4%
	Abu Dhabi, Government of
		2.50%, 10/11/22 (c)	400		404
		3.13%, 10/11/27 (c)	600		630
	Comision De Promocion Del Peru Para La Exportacion
		6.35%, 08/12/28, PEN (d)	400		139
	Comision De Promocion Del Peru Para La Exportacion Y El Turismo
		8.20%, 08/12/26, PEN (c)	7,960		2,994
		6.35%, 08/12/28, PEN (c)	5,301		1,839
		5.94%, 02/12/29, PEN	5,932		1,978
		5.94%, 02/12/29, PEN (c)	2,416		812
		6.95%, 08/12/31, PEN (c)	2,507		906
		6.15%, 08/12/32, PEN (c)	1,361		464
		6.15%, 08/12/32, PEN	8,032		2,715
		5.40%, 08/12/34, PEN (c)	28		9
	Gobierno de la Provincia de Buenos Aires
		54.81%, (Argentina Deposit Rates Badlar + 3.83%), 05/31/22, ARS (e)	1,460		10
		58.11%, (Argentina Deposit Rates Badlar + 3.75%), 04/12/25, ARS (d) (e)	3,210		26
	Ministry of Diwan Amiri Affairs
		3.88%, 04/23/23 (c)	800		846
		5.10%, 04/23/48 (c)	200		255
	Petroleos de Venezuela, S.A.
		0.00%, 05/16/24 - 04/12/37 (d) (f) (g) (h) (i)	1,590		128
	Presidencia De La Nacion
		54.21%, (Argentina Deposit Rates Badlar + 3.25%), 03/01/20, ARS (e) (i)	6,932		63
		67.42%, (Argentina Central Bank 7 Day Repurchase Rate), 06/21/20, ARS (e)	377,961		2,954
		3.88%, 01/15/22, EUR (d) (i)	330		142
		5.63%, 01/26/22	5,010		2,154
		55.47%, (Argentina Deposit Rates Badlar + 2.00%), 04/03/22, ARS (e)	77,901		733
		59.93%, (Argentina Deposit Rates Badlar), 10/04/22, ARS (e)	154		3
		4.63%, 01/11/23	935		389
		3.38%, 01/15/23, EUR (d)	300		124
		5.00%, 01/15/27, EUR (d)	1,400		586
		5.25%, 01/15/28, EUR (c)	1,700		711
		2.37%, 12/31/33, EUR (d) (j)	3,103		1,606
		7.82%, 12/31/33, EUR (d)	34		17
		3.38%, 12/31/38, EUR (k)	791		331
		3.75%, 12/31/38 (k)	1,002		397
		6.25%, 11/09/47, EUR (d)	100		43
	Republica Bolivariana de Venezuela
		0.00%, 12/09/20 - 03/31/38 (d) (f) (g) (h) (i)	5,970		623
	Saudi Arabia, Government of
		2.88%, 03/04/23 (c)	400		406
		4.00%, 04/17/25 (c)	4,300		4,612
		4.63%, 10/04/47 (c)	600		682
		5.00%, 04/17/49 (c)	900		1,085
	Saudi Arabia, Kingdom of
		4.00%, 04/17/25 (d)	400		429
		3.25%, 10/26/26 (d)	5,600		5,782
		3.63%, 03/04/28 (d)	200		212
		4.38%, 04/16/29 (d)	600		673
	South Africa, Parliament of
		4.85%, 09/30/29	1,000		998
		5.75%, 09/30/49	1,000		999
	Turkiye Cumhuriyeti Basbakanlik
		5.63%, 03/30/21	300		307
		7.25%, 12/23/23	2,400		2,535
		4.63%, 03/31/25, EUR	1,500		1,677
		7.63%, 04/26/29	2,130		2,266
	Turkiye Ihracat Kredi Bankasi A.S.
		8.25%, 01/24/24 (c)	200		211
				47,905
U.S. Treasury Inflation Indexed Securities 2.9%
	Treasury, United States Department of
		0.38%, 07/15/27 (l)	210		213
		0.75%, 07/15/28 (l)	8,758		9,211
		0.88%, 01/15/29 (l)	9,318		9,907
		0.25%, 07/15/29 (l)	16,951		17,131
		0.63%, 02/15/43 (l)	112		115
		1.00%, 02/15/48 - 02/15/49 (l)	3,573		4,044
				40,621
Municipal 0.0%
	Puerto Rico, Commonwealth of
		0.00%, 07/01/23 - 07/01/41 (f) (g) (i)	410		282
U.S. Treasury Bond 0.0%
	Treasury, United States Department of
		3.00%, 08/15/48	30		36
	Total Government And Agency Obligations (cost $585,440)			573,475
CORPORATE BONDS AND NOTES 32.9%
Financials 17.4%
	AerCap Ireland Limited
		4.50%, 05/15/21	600		622
		5.00%, 10/01/21	2,810		2,956
	AIB Group Public Limited Company
		4.75%, 10/12/23 (c)	200		212
		4.26%, 04/10/25 (c)	1,300		1,351
	Ally Financial Inc.
		4.13%, 03/30/20	7,055		7,108
		7.50%, 09/15/20	2,603		2,720
		4.25%, 04/15/21	800		816
		3.88%, 05/21/24	340		352
		8.00%, 03/15/20 - 11/01/31	806		828
	Altice Financing S.A.
		5.25%, 02/15/23, EUR (d)	8,740		9,790
		6.63%, 02/15/23 (c) (m)	1,900		1,952
	Ambac LSNI, LLC
		7.10%, (3M USD LIBOR + 5.00%), 02/12/23 (c) (e)	1,149		1,162
	American International Group, Inc.
		5.75%, 04/01/48	56		60
	Ardonagh Midco 3 PLC
		8.38%, 07/15/23, GBP (d)	410		482
		8.38%, 07/15/23, GBP (c)	300		352
	Assurant, Inc.
		4.20%, 09/27/23	54		56
	Athene Holding Ltd
		4.13%, 01/12/28	25		26
	AXA Equitable Holdings, Inc.
		3.90%, 04/20/23	30		31
		4.35%, 04/20/28	53		56
		5.00%, 04/20/48	89		96
	Banco Bilbao Vizcaya Argentaria, S.A.
		6.75%, (callable at 100 beginning 02/18/20), EUR (d) (n)	4,600		5,104
		8.88%, (callable at 100 beginning 04/14/21), EUR (d) (n)	800		964
	Banco de Credito del Peru
		4.65%, 09/17/24, PEN (c)	1,800		534

354

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1	Value ($)
Banco Santander, S.A.
	6.25%, (callable at 100 beginning 09/11/21), EUR (d) (n)	200	230
Bank of America Corporation
	2.76%, (3M USD LIBOR + 0.65%), 06/25/22 (e)	480	481
Bank of Ireland
	7.38%, (callable at 100 beginning 06/18/20), EUR (d) (n)	3,450	3,903
Barclays Bank PLC
	7.63%, 11/21/22	900	994
Barclays PLC
	7.13%, (callable at 100 beginning 06/15/25), GBP (n)	600	781
	7.25%, (callable at 100 beginning 03/15/23), GBP (d) (n) (o)	2,900	3,748
	7.75%, (callable at 100 beginning 09/15/23) (n) (o)	1,700	1,768
	8.00%, (callable at 100 beginning 06/15/24) (n)	1,000	1,065
	8.00%, (callable at 100 beginning 12/15/20), EUR (n)	7,802	9,090
	3.68%, 01/10/23	200	203
	4.61%, 02/15/23 (o)	2,200	2,282
	3.13%, 01/17/24, GBP (d)	100	128
	3.55%, (3M USD LIBOR + 1.38%), 05/16/24 (e)	600	594
	4.34%, 05/16/24 (e) (o)	600	626
	3.93%, 05/07/25	1,600	1,652
	3.25%, 02/12/27, GBP (d)	400	511
	4.97%, 05/16/29 (e) (o)	200	220
	3.25%, 01/17/33, GBP	200	248
Bayer US Finance II LLC
	2.74%, (3M USD LIBOR + 0.63%), 06/25/21 (c) (e)	200	200
BGC Partners, Inc.
	3.75%, 10/01/24 (c) (p)	162	161
BNP Paribas
	7.00%, (callable at 100 beginning 08/16/28) (c) (n)	200	220
	4.40%, 08/14/28 (c)	400	442
Brookfield Financial, Inc.
	3.90%, 01/25/28	78	82
	4.70%, 09/20/47	74	81
Cantor Fitzgerald, L.P.
	4.88%, 05/01/24 (c) (p)	50	53
China Construction Bank Corporation
	2.88%, (3M USD LIBOR + 0.75%), 09/24/21 (d) (e)	4,700	4,705
CIT Bank, National Association
	2.97%, 09/27/25	350	350
CIT Group Inc.
	4.13%, 03/09/21	74	76
	5.00%, 08/01/23	1,496	1,596
Citigroup Inc.
	3.23%, (3M USD LIBOR + 0.95%), 07/24/23 (e)	138	138
Cooperatieve Rabobank U.A.
	5.50%, (callable at 100 beginning 06/29/20), EUR (d) (n) (o)	2,340	2,626
	6.63%, (callable at 100 beginning 06/29/21), EUR (d) (n)	8,600	10,211
Credit Agricole SA
	3.75%, 04/24/23 (c)	250	261
Credit Suisse Group AG
	7.25%, (callable at 100 beginning 09/12/25) (c) (n)	200	214
	7.50%, (callable at 100 beginning 07/17/23) (c) (n)	400	428
	6.50%, 08/08/23 (d)	200	222
	6.50%, 08/08/23 (c)	1,800	2,007
	2.59%, 09/11/25 (c)	700	692
Credit Suisse Group Funding (Guernsey) Ltd
	3.75%, 03/26/25	500	525
DAE Funding LLC
	4.00%, 08/01/20 (c)	168	169
	5.25%, 11/15/21 (c)	1,119	1,166
	4.50%, 08/01/22 (c)	750	763
	5.75%, 11/15/23 (c)	580	610
	5.00%, 08/01/24 (c)	1,605	1,682
Daimler Finance North America LLC
	3.35%, 05/04/21 (c)	4,400	4,468
	3.03%, 02/22/22 (c)	2,700	2,711
	3.40%, 02/22/22 (c)	10,300	10,535
Deutsche Bank Aktiengesellschaft
	1.88%, 02/28/20, GBP (d)	100	123
	3.27%, (3M USD LIBOR + 0.97%), 07/13/20 (e)	18	18
	0.06%, (3M EURIBOR + 0.50%), 12/07/20, EUR (d) (e)	100	108
	3.58%, (3M USD LIBOR + 1.29%), 02/04/21 (e)	450	448
	4.25%, 10/14/21	4,350	4,425
	1.88%, 02/14/22, EUR (d)	900	999
	5.00%, 02/14/22	1,050	1,087
	3.30%, 11/16/22	800	796
	3.95%, 02/27/23	100	101
Diamond Finance International Limited
	4.42%, 06/15/21 (c)	3,050	3,145
	5.45%, 06/15/23 (c)	2,780	3,026
Digital Realty Trust, L.P.
	3.60%, 07/01/29	340	354
Eagle Holding Company II, LLC
	7.75%, 05/15/22 (c) (j)	32	32
Fairfax Financial Holdings Limited
	4.85%, 04/17/28 (m)	80	86
Ford Motor Credit Company LLC
	8.13%, 01/15/20	3,500	3,558
	3.10%, 04/05/21	750	741
	0.00%, (3M EURIBOR + 0.37%), 12/01/21, EUR (e)	600	641
GE Capital International Funding Company Unlimited Company
	4.42%, 11/15/35	200	210
GE Capital UK Funding Unlimited Company
	0.01%, (3M EURIBOR + 0.38%), 01/21/20, EUR (d) (e)	100	109
	5.88%, 11/04/20, GBP	12	15
General Electric Capital Corporation
	2.20%, 01/09/20	45	45
	5.55%, 05/04/20	162	165
	4.38%, 09/16/20	4	4
	3.15%, 09/07/22	14	14
	3.10%, 01/09/23	290	294
	6.15%, 08/07/37	57	70
	5.88%, 01/14/38	22	26
	6.88%, 01/10/39	37	49
General Motors Financial Company, Inc.
	3.34%, (3M USD LIBOR + 1.10%), 11/06/21 (e)	354	355
Global Payments Inc.
	2.65%, 02/15/25	79	79
	3.20%, 08/15/29	76	77
	4.15%, 08/15/49	42	44
GLP Financing, LLC
	5.30%, 01/15/29	268	295
HSBC Holdings PLC
	4.75%, (callable at 100 beginning 07/04/29), EUR (d) (n)	1,060	1,224
	5.88%, (callable at 100 beginning 09/28/26), GBP (n)	400	519
	6.00%, (callable at 100 beginning 09/29/23), EUR (d) (n)	200	248
	6.50%, (callable at 100 beginning 03/23/28) (n) (o)	610	637
	2.72%, (3M USD LIBOR + 0.60%), 05/18/21 (e)	600	601
	3.12%, (3M USD LIBOR + 1.00%), 05/18/24 (e)	200	201
	3.00%, 07/22/28, GBP (o)	900	1,179
	3.97%, 05/22/30	600	640
	3.00%, 05/29/30, GBP	400	519
Hyundai Capital America
	2.95%, (3M USD LIBOR + 0.80%), 09/18/20 (c) (e)	254	254
ICBC (Asia) Investment Management Company Limited
	2.94%, (3M USD LIBOR + 0.75%), 11/08/20 (e)	5,050	5,056
Industrial and Commercial Bank of China Limited
	2.99%, (3M USD LIBOR + 0.88%), 11/29/19 (d) (e)	500	500

355

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
ING Groep N.V.
	5.75%, (callable at 100 beginning 11/16/26) (n)	800		806
	3.32%, (3M USD LIBOR + 1.00%), 10/02/23 (e) (o)	400		402
	4.10%, 10/02/23 (o)	400		425
Intelsat Connect Finance S.A.
	9.50%, 02/15/23 (c) (m)	200		185
JPMorgan Chase & Co.
	2.76%, (3M USD LIBOR + 0.61%), 06/18/22 (e)	2,000		2,011
Lloyds Bank PLC
	2.70%, (3M USD LIBOR + 0.49%), 05/07/21 (e) (o)	200		200
	3.30%, 05/07/21 (o)	600		610
Lloyds Banking Group PLC
	7.50%, (callable at 100 beginning 06/27/24) (n) (o)	400		429
	7.50%, (callable at 100 beginning 09/27/25) (n)	1,100		1,178
	7.63%, (callable at 100 beginning 06/27/23), GBP (d) (n) (o)	1,650		2,207
	7.88%, (callable at 100 beginning 06/27/29), GBP (d) (n) (o)	1,800		2,591
	4.05%, 08/16/23 (o)	400		420
	4.00%, 03/07/25, AUD	400		288
	4.45%, 05/08/25 (o)	200		216
	4.38%, 03/22/28	200		217
	4.55%, 08/16/28 (o)	400		440
Nationwide Building Society
	10.25%, GBP (i) (n)	445		856
	3.62%, 04/26/23 (c)	540		550
	3.77%, 03/08/24 (c)	400		410
	4.30%, 03/08/29 (c)	1,600		1,712
	3.96%, 07/18/30 (c)	600		629
NatWest Markets PLC
	7.50%, (callable at 100 beginning 08/10/20) (n) (o)	3,700		3,779
	8.00%, (callable at 100 beginning 08/10/25) (m) (n) (o)	300		331
	0.00%, (3M EURIBOR + 0.40%), 03/02/20, EUR (d) (e)	200		218
	0.63%, 03/02/22, EUR (d)	1,200		1,322
	3.63%, 09/29/22 (c) (m)	3,400		3,486
	2.00%, 03/04/25, EUR (d)	200		229
Navient Corporation
	5.00%, 10/26/20	300		305
	5.88%, 03/25/21	1,043		1,078
	6.63%, 07/26/21	400		422
	6.50%, 06/15/22	78		83
Nissan Motor Acceptance Corporation
	2.55%, 03/08/21 (c)	1,786		1,788
Nordea Bank AB
	2.50%, 09/17/20 (c)	3,300		3,316
Petrobras Global Finance B.V.
	6.13%, 01/17/22	2,652		2,844
	5.09%, 01/15/30 (c)	4,776		4,980
QNB Finance Ltd
	3.87%, (3M USD LIBOR + 1.57%), 07/18/21 (d) (e)	400		404
Rio Oil Finance Trust
	9.25%, 07/06/24 (d) (k)	149		166
	8.20%, 04/06/28 (c)	250		286
Santander Holdings USA, Inc.
	3.70%, 03/28/22	4		4
	3.40%, 01/18/23	60		61
	3.50%, 06/07/24	200		205
	4.40%, 07/13/27	20		21
Santander UK Group Holdings PLC
	6.75%, (callable at 100 beginning 06/24/24), GBP (d) (n)	2,780		3,561
	3.57%, 01/10/23	400		406
	1.13%, 09/08/23, EUR (d)	100		112
	3.37%, 01/05/24	200		203
	0.44%, (3M EURIBOR + 0.85%), 03/27/24, EUR (d) (e)	600		648
	4.80%, 11/15/24	3,000		3,211
	2.92%, 05/08/26, GBP (d)	700		889
	3.82%, 11/03/28	1,800		1,852
Santander UK PLC
	2.76%, (3M USD LIBOR + 0.62%), 06/01/21 (e)	200		200
	3.40%, 06/01/21 (o)	400		407
SLM Corporation
	8.00%, 03/25/20	4,305		4,392
	7.25%, 01/25/22	3,650		3,946
Societe Generale
	6.75%, (callable at 100 beginning 04/06/28) (c) (n)	200		204
	7.38%, 10/04/23 (c) (n) (o)	900		948
Springleaf Finance Corporation
	8.25%, 12/15/20	630		671
	7.75%, 10/01/21	100		109
	5.63%, 03/15/23	2,775		2,976
	6.13%, 05/15/22 - 03/15/24	5,785		6,218
	6.88%, 03/15/25	25		28
	6.63%, 01/15/28	84		91
Standard Chartered PLC
	3.33%, (3M USD LIBOR + 1.20%), 09/10/22 (c) (e)	900		905
	3.43%, (3M USD LIBOR + 1.15%), 01/20/23 (c) (e)	200		201
	4.25%, 01/20/23 (c)	380		393
Starwood Property Trust, Inc.
	5.00%, 12/15/21	100		104
State Bank of India
	4.00%, 01/24/22 (c)	1,550		1,592
Stichting AK Rabobank Certificaten II
	6.50%, EUR (d) (k) (n)	200		274
Syngenta Finance N.V.
	4.89%, 04/24/25 (c)	943		997
	5.18%, 04/24/28 (c)	200		212
Tenet Healthcare Corporation
	4.63%, 09/01/24 (c)	392		404
	4.88%, 01/01/26 (c)	142		146
The Royal Bank of Scotland Group Public Limited Company
	8.63%, (callable at 100 beginning 08/15/21) (n) (o)	1,800		1,926
	2.00%, 03/08/23, EUR	300		339
	2.50%, 03/22/23, EUR (d)	1,300		1,515
	3.50%, 05/15/23 (e) (o)	200		203
	3.63%, (3M USD LIBOR + 1.47%), 05/15/23 (e) (m)	700		702
	3.88%, 09/12/23	600		619
	1.75%, 03/02/26, EUR (d)	1,500		1,704
	4.80%, 04/05/26	200		219
	4.89%, 05/18/29 (o)	200		220
	5.08%, 01/27/30 (e) (o)	2,800		3,132
	4.45%, 05/08/30	2,000		2,144
UniCredit S.p.A.
	7.83%, 12/04/23 (c)	6,140		7,152
Vale S.A.
	3.75%, 01/10/23, EUR	200		236
VICI Properties 1 LLC
	8.00%, 10/15/23	142		156
Volkswagen Leasing Gesellschaft Mit Beschrankter Haftung
	0.00%, (3M EURIBOR + 0.42%), 06/15/21, EUR (d) (e)	100		109
	0.10%, (3M EURIBOR + 0.45%), 07/06/21, EUR (d) (e)	100		109
Wells Fargo & Company
	3.49%, (3M USD LIBOR + 1.23%), 10/31/23 (e)	221		224
Wells Fargo Bank, National Association
	2.76%, (3M USD LIBOR + 0.50%), 07/23/21 (e)	400		401
Woodside Finance Limited
	4.50%, 03/04/29 (c)	362		393
WPC Eurobond B.V.
	2.25%, 04/09/26, EUR	300		353
	2.13%, 04/15/27, EUR	100		116
	1.35%, 04/15/28, EUR	700		757
			247,804

356

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
Communication Services 2.6%
	Altice France
		6.25%, 05/15/24 (c)	555		573
	Altice Luxembourg Fr SA
		5.88%, 02/01/27, EUR (c)	600		724
		8.13%, 02/01/27 (c)	300		331
		5.50%, 01/15/28 (c)	200		203
	AT&T Inc.
		2.89%, (3M USD LIBOR + 0.75%), 06/01/21 (e)	1,140		1,145
	Charter Communications Operating, LLC
		3.58%, 07/23/20	2,134		2,153
		4.46%, 07/23/22	887		934
		3.90%, (3M USD LIBOR + 1.65%), 02/01/24 (e)	6,212		6,350
	Clear Channel Worldwide Holdings, Inc.
		9.25%, 02/15/24 (c)	542		596
	Connect Midco II Limited
		6.75%, 10/01/26 (c)	148		151
	CSC Holdings, LLC
		6.50%, 02/01/29 (c)	600		666
	DISH DBS Corporation
		5.13%, 05/01/20	1,000		1,012
	eBay Inc.
		2.88%, 08/01/21	16		16
	Frontier Communications Corporation
		8.00%, 04/01/27 (c)	226		239
	Iheartcommunications, Inc.
		6.38%, 05/01/26 (m)	1,139		1,233
		8.38%, 05/01/27	2,136		2,307
	Intelsat (Luxembourg) S.A.
		7.75%, 06/01/21	618		589
	Intelsat Jackson Holdings S.A.
		5.50%, 08/01/23 (m)	35		33
		8.00%, 02/15/24 (c)	1,172		1,218
		8.50%, 10/15/24 (c)	755		762
		9.75%, 07/15/25 (c)	300		314
	Netflix, Inc.
		3.63%, 05/15/27, EUR	700		809
		4.63%, 05/15/29, EUR (d)	100		121
		4.63%, 05/15/29, EUR (c)	400		484
		3.88%, 11/15/29, EUR (c)	809		934
		5.38%, 11/15/29 (c)	144		150
	SoftBank Group Corp
		4.00%, 04/20/23, EUR (d)	600		699
	Sprint Communications, Inc.
		7.00%, 08/15/20	1,324		1,367
		6.00%, 11/15/22	100		106
	Sprint Corporation
		7.25%, 09/15/21	2,188		2,336
		7.63%, 03/01/26	47		52
	Sprint Spectrum Co LLC
		3.36%, 09/20/21 (c)	1,150		1,158
		4.74%, 03/20/25 (c)	4,500		4,784
		5.15%, 03/20/28 (c)	1,440		1,562
	Telesat Canada
		6.50%, 10/15/27 (c)	98		100
	United Group B.V.
		4.38%, 07/01/22, EUR (d)	350		389
	Univision Communications Inc.
		5.13%, 05/15/23 (c)	42		42
	Virgin Media Secured Finance PLC
		5.50%, 05/15/29 (c)	200		209
				36,851
Information Technology 2.4%
	Broadcom Corporation
		2.20%, 01/15/21	1,900		1,894
		2.65%, 01/15/23	120		120
		3.63%, 01/15/24	1,420		1,450
		3.88%, 01/15/27	4,748		4,765
	Broadcom Inc.
		3.13%, 04/15/21 - 10/15/22 (c)	10,100		10,208
	EMC Corporation
		2.65%, 06/01/20	4,905		4,910
	Fiserv, Inc.
		2.75%, 07/01/24	192		195
		3.50%, 07/01/29	138		145
	Flex Ltd.
		4.88%, 06/15/29	166		176
	Go Daddy Operating Company, LLC
		5.25%, 12/01/27 (c)	48		51
	Micron Technology, Inc.
		5.50%, 02/01/25	113		116
		4.19%, 02/15/27	152		156
		5.33%, 02/06/29	202		222
		4.66%, 02/15/30	380		396
	NXP B.V.
		4.13%, 06/01/21 (c)	4,426		4,540
		3.88%, 09/01/22 (c)	1,930		1,992
		4.30%, 06/18/29 (c)	200		214
	Qorvo, Inc.
		4.38%, 10/15/29 (c)	60		60
	Radiate HoldCo, LLC
		6.88%, 02/15/23 (c)	62		64
	Refinitive US Holdings Inc.
		4.50%, 05/15/26, EUR (d)	300		352
	Tech Data Corporation
		4.95%, 02/15/27 (p)	683		732
	ViaSat, Inc.
		5.63%, 09/15/25 - 04/15/27 (c)	1,208		1,228
	Western Digital Corporation
		4.75%, 02/15/26	294		302
				34,288
Health Care 2.1%
	AbbVie Inc.
		3.38%, 11/14/21	332		340
	Bayer US Finance II LLC
		3.13%, (3M USD LIBOR + 1.01%), 12/15/23 (c) (e)	400		400
	Cigna Holding Company
		3.19%, 07/15/23	510		511
	Community Health Systems, Inc.
		5.13%, 08/01/21 (m)	2,158		2,160
		6.25%, 03/31/23	5,687		5,653
		8.63%, 01/15/24 (c) (m)	1,786		1,851
		8.00%, 03/15/26 (c)	1,134		1,133
	Fresenius Medical Care
		4.13%, 10/15/20 (c)	2		2
	Mylan N.V.
		3.75%, 12/15/20	1,980		2,010
	Ortho-Clinical Diagnostics, Inc.
		6.63%, 05/15/22 (c)	334		327
	Par Pharmaceutical, Inc.
		7.50%, 04/01/27 (c)	74		68
	Teva Pharmaceutical Finance Netherlands II B.V.
		0.38%, 07/25/20, EUR (d)	4,500		4,767
		3.25%, 04/15/22, EUR	400		405
	Teva Pharmaceutical Finance Netherlands III B.V.
		2.20%, 07/21/21 (m)	7,313		6,688
	Teva Pharmaceutical Industries Ltd
		2.95%, 12/18/22 (m)	760		656
	Teva Pharmaceuticals USA, Inc.
		2.25%, 03/18/20	2,554		2,521
	Thermo Fisher Scientific Inc.
		0.13%, 03/01/25, EUR	160		174
		0.50%, 03/01/28, EUR	200		218
		1.50%, 10/01/39, EUR	400		439
		1.88%, 10/01/49, EUR	200		218
				30,541
Consumer Discretionary 2.0%
	AA Bond Co Limited
		2.88%, 01/31/22, GBP (d)	200		236
	Bacardi Limited
		4.50%, 01/15/21 (c)	1,600		1,635
		4.45%, 05/15/25 (c)	200		214
		4.70%, 05/15/28 (c)	200		218
	Beazer Homes USA, Inc.
		7.25%, 10/15/29 (c)	22		22
	BMW Finance N.V.
		2.25%, 08/12/22 (c)	700		701

357

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Core & Main LP
		9.38%, 09/15/24 (c) (j)	115		116
	Daimler Finance North America LLC
		3.06%, 02/15/22 (c)	2,000		2,010
		2.55%, 08/15/22 (c)	1,000		1,003
		2.70%, 06/14/24 (c)	600		601
		3.10%, 08/15/29 (c)	300		303
	Dakota Merger Sub, Inc.
		7.75%, 09/01/23 (c) (m)	996		1,027
	DriveTime Automotive Group, Inc.
		8.00%, 06/01/21 (c)	750		765
	EI Group PLC
		6.88%, 02/15/21, GBP (d)	1,540		1,921
	Ford Motor Credit Company LLC
		3.55%, 10/07/22	928		930
	General Motors Company
		3.01%, (3M USD LIBOR + 0.80%), 08/07/20 (e)	990		992
	GLP Financing, LLC
		5.25%, 06/01/25	54		60
	Hilton Domestic Operating Company Inc.
		4.88%, 01/15/30 (c)	63		66
	IHO Verwaltungs GmbH
		4.38%, 05/15/25, EUR (c) (j)	400		451
		4.63%, 05/15/27, EUR (c) (j)	200		222
		6.75%, 05/15/27 (c) (j)	390		397
		7.13%, 05/15/29 (c) (j)	412		417
	Installed Building Products, Inc.
		5.75%, 02/01/28 (c)	76		78
	Lear Corporation
		5.25%, 01/15/25	1,790		1,844
	Marriott Ownership Resorts, Inc.
		4.75%, 01/15/28 (c)	86		87
	MCE Finance Limited
		5.63%, 07/17/27 (c)	200		206
	MGM Resorts International
		5.25%, 03/31/20	3,080		3,115
	Mitchells & Butlers Finance Plc
		6.01%, 12/15/28, GBP (k)	144		204
	Netflix, Inc.
		5.50%, 02/15/22	2,300		2,441
	QVC, Inc.
		5.13%, 07/02/22	14		15
		4.38%, 03/15/23	875		904
		4.85%, 04/01/24	1,054		1,112
	Restaurant Brands International Limited Partnership
		3.88%, 01/15/28 (c)	72		72
	Sands China Ltd.
		4.60%, 08/08/23 (p)	400		423
		5.13%, 08/08/25 (p)	400		440
		5.40%, 08/08/28 (p)	600		678
	Staples, Inc.
		7.50%, 04/15/26 (c)	137		141
	VOC Escrow Ltd.
		5.00%, 02/15/28 (c)	31		32
	Voyager Aviation Holdings, LLC
		8.50%, 08/15/21 (c)	2,280		2,339
	Wyndham Destinations, Inc.
		4.25%, 03/01/22	10		10
		3.90%, 03/01/23	16		16
		5.40%, 04/01/24 (k)	18		19
		5.75%, 04/01/27 (p)	70		76
				28,559
Real Estate 1.9%
	American Tower Corporation
		3.00%, 06/15/23	88		90
	CBL & Associates Limited Partnership
		4.60%, 10/15/24	8		5
		5.95%, 12/15/26 (m)	117		82
	EPR Properties
		4.75%, 12/15/26	32		35
		4.95%, 04/15/28	90		98
	Equinix, Inc.
		2.88%, 03/15/24 - 02/01/26, EUR	12,440		14,164
	ESH Hospitality, Inc.
		4.63%, 10/01/27 (c)	108		108
	Growthpoint Properties Ltd
		5.87%, 05/02/23 (c)	200		214
	Highwoods Realty Limited Partnership
		4.13%, 03/15/28	60		64
	Hunt Companies, Inc.
		6.25%, 02/15/26 (c)	28		27
	Kennedy Wilson Europe Real Est PLC
		3.95%, 06/30/22, GBP (d)	2,795		3,548
		3.25%, 11/12/25, EUR (d)	3,000		3,443
	Kennedy-Wilson, Inc.
		5.88%, 04/01/24	84		86
	Life Storage LP
		3.88%, 12/15/27	26		27
		4.00%, 06/15/29	50		53
	Newmark Group, Inc.
		6.13%, 11/15/23 (p)	262		285
	Omega Healthcare Investors, Inc.
		3.63%, 10/01/29	184		183
	Physicians Realty L.P.
		3.95%, 01/15/28	56		59
	Plum Creek Timberlands, L.P.
		4.70%, 03/15/21	1,690		1,738
	Sabra Health Care Limited Partnership
		4.80%, 06/01/24	63		67
		3.90%, 10/15/29	46		45
	SL Green Operating Partnership, L.P.
		3.25%, 10/15/22	14		14
	Starwood Property Trust, Inc.
		4.75%, 03/15/25 (m)	42		43
	Store Capital Corporation
		4.50%, 03/15/28	48		52
		4.63%, 03/15/29	49		54
	The Howard Hughes Corporation
		5.38%, 03/15/25 (c) (m)	2,441		2,550
	UDR, Inc.
		4.63%, 01/10/22	7		7
		3.50%, 01/15/28	25		26
	W.P. Carey Inc.
		3.85%, 07/15/29	31		33
	Welltower Inc.
		4.25%, 04/15/28	32		35
				27,235
Industrials 1.9%
	Air Lease Corporation
		3.50%, 01/15/22	98		101
	Aviation Capital Group LLC
		2.88%, 01/20/22 (c)	120		121
	Avolon Holdings Funding Limited
		5.50%, 01/15/23 (c)	198		211
		5.25%, 05/15/24 (c)	678		727
	BOC Aviation Limited
		3.32%, (3M USD LIBOR + 1.05%), 05/02/21 (c) (e)	250		251
		3.24%, (3M USD LIBOR + 1.13%), 09/26/23 (c) (e)	200		200
	Bombardier Inc.
		7.88%, 04/15/27 (c)	392		390
	Canadian Pacific Railway Limited
		4.50%, 01/15/22 (p)	1,190		1,247
	Delta Air Lines, Inc.
		2.88%, 03/13/20	1,980		1,986
	DP World PLC
		2.38%, 09/25/26, EUR (c)	200		236
		4.25%, 09/25/30, GBP (c)	100		138
	Equifax Inc.
		3.03%, (3M USD LIBOR + 0.87%), 08/15/21 (e)	126		126
		3.60%, 08/15/21	44		45
	F-Brasile S.P.A.
		7.38%, 08/15/26 (c)	100		104
	Fortress Transportation and Infrastructrue Investors LLC
		6.75%, 03/15/22 (c)	1,028		1,073
		6.50%, 10/01/25 (c)	789		811

358

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Fortune Brands Home & Security, Inc.
		3.00%, 06/15/20	664		668
	General Electric Capital Corporation
		5.55%, 01/05/26	520		587
	General Electric Company
		5.00%, (callable at 100 beginning 01/21/21) (n)	1,468		1,393
	International Lease Finance Corporation
		4.63%, 04/15/21	500		516
		5.88%, 08/15/22	851		932
	Masco Corporation
		5.95%, 03/15/22	690		740
	Park Aerospace Holdings Limited
		3.63%, 03/15/21 (c)	10		10
		5.25%, 08/15/22 (c)	4,702		4,970
		4.50%, 03/15/23 (c)	4,325		4,484
	Penske Truck Leasing Co., L.P.
		3.65%, 07/29/21 (c)	2,300		2,352
	Prime Security Services Borrower, LLC
		5.75%, 04/15/26 (c)	50		52
	PT Pelabuhan Indonesia III (Persero)
		4.50%, 05/02/23 (d)	500		529
	Sensata Technologies, Inc.
		4.38%, 02/15/30 (c)	52		52
	Textron Inc.
		2.73%, (3M USD LIBOR + 0.55%), 11/10/20 (e)	250		250
	Triumph Group, Inc.
		4.88%, 04/01/21	194		194
		5.25%, 06/01/22	36		36
		6.25%, 09/15/24 (c)	121		126
	Trivium Packaging Finance B.V.
		3.75%, 08/15/26, EUR (c)	160		184
		5.50%, 08/15/26 (c)	226		238
		8.50%, 08/15/27 (c)	200		217
	United Technologies Corporation
		2.82%, (3M USD LIBOR + 0.65%), 08/16/21 (e)	97		97
	ZLS Prestigia Ltd
		4.00%, 03/01/26 (c)	7		7
				26,401
Utilities 0.9%
	Duke Energy Corporation
		2.68%, (3M USD LIBOR + 0.50%), 05/14/21 (d) (e) (i)	162		162
	Edison International
		2.40%, 09/15/22 (m)	96		95
		2.95%, 03/15/23	12		12
		5.75%, 06/15/27	85		95
	Pacific Gas And Electric Company
		0.00%, 10/01/20 - 12/01/46 (f) (g) (i)	10,899		11,443
		0.00%, 08/01/23 (d) (f) (g) (i)	220		227
		0.00%, 03/15/46 (f) (g)	460		462
	Public Service Enterprise Group Incorporated
		2.65%, 11/15/22	350		355
	San Diego Gas & Electric Company
		3.75%, 06/01/47	6		6
	Southern California Edison Company
		3.65%, 03/01/28	10		11
		6.65%, 04/01/29	50		61
		6.00%, 01/15/34	4		5
		5.75%, 04/01/35	16		20
	Southern California Gas Company
		5.13%, 11/15/40	194		247
	Talen Energy Supply, LLC
		6.63%, 01/15/28 (c)	62		61
	The Southern Company
		2.75%, 06/15/20	30		30
				13,292
Energy 0.8%
	Cheniere Energy Partners, L.P.
		4.50%, 10/01/29 (c)	102		105
	Enable Midstream Partners, LP
		4.95%, 05/15/28	57		59
	Enbridge Inc.
		2.74%, (3M USD LIBOR + 0.40%), 01/10/20 (e)	910		910
	EQT Corporation
		3.09%, (3M USD LIBOR + 0.77%), 10/01/20 (e)	55		55
	Gaz Capital S.A.
		2.95%, 01/24/24, EUR (d)	4,380		5,191
	Marathon Oil Corporation
		2.80%, 11/01/22	132		133
	Noble Corporation
		7.88%, 02/01/26 (c)	11		8
	Occidental Petroleum Corporation
		3.14%, 02/08/21	94		95
		2.60%, 08/13/21	76		76
		3.44%, 08/13/21	46		46
	Odebrecht Drilling Norbe VIII / IX Ltd.
		6.35%, 12/01/21 (d)	46		45
	Odebrecht Offshore Drilling Finance Ltd.
		6.72%, 12/01/22 (d)	19		19
	Pacific Drilling First Lien Escrow Issuer Ltd.
		8.38%, 10/01/23 (c)	532		449
	Petroleos Mexicanos
		6.49%, 01/23/27 (c) (m)	180		187
		2.75%, 04/21/27, EUR (d)	100		101
		6.84%, 01/23/30 (c)	520		538
		7.69%, 01/23/50 (c) (m)	270		282
	Sabine Pass Liquefaction, LLC
		6.25%, 03/15/22	700		754
	Sunoco Logistics Partners Operations L.P.
		5.50%, 02/15/20	700		709
	Topaz Solar Farms LLC
		4.88%, 09/30/39 (c)	79		81
		5.75%, 09/30/39 (c)	664		737
	Transocean Ltd.
		5.38%, 05/15/23 (c)	100		100
	Valaris plc
		5.75%, 10/01/44	30		13
	YPF Sociedad Anonima
		55.12%, 09/24/20, ARS (e)	20,060		312
				11,005
Consumer Staples 0.7%
	Altria Group, Inc.
		1.00%, 02/15/23, EUR	1,444		1,600
	Avon International Capital P.L.C.
		6.50%, 08/15/22 (c)	46		48
	BAT Capital Corp.
		2.76%, 08/15/22	1,742		1,758
	Campbell Soup Company
		2.62%, (3M USD LIBOR + 0.50%), 03/16/20 (e)	160		160
		2.75%, (3M USD LIBOR + 0.63%), 03/15/21 (e)	120		120
	Danone
		1.69%, 10/30/19 (c)	200		200
	General Mills, Inc.
		2.86%, (3M USD LIBOR + 0.54%), 04/16/21 (e)	176		176
	Kraft Heinz Foods Company
		4.88%, 02/15/25 (c)	5,412		5,594
	Performance Food Group Company
		5.50%, 10/15/27 (c)	55		58
				9,714
Materials 0.2%
	Advanced Drainage Systems, Inc.
		5.00%, 09/30/27 (c)	64		65
	Cleveland-Cliffs Inc.
		4.88%, 01/15/24 (c)	34		35
	FMG Resources (August 2006) Pty Ltd
		4.50%, 09/15/27 (c)	110		108
	Incitec Pivot Finance LLC
		6.00%, 12/10/19 (c)	30		30
	International Flavors & Fragrances Inc.
		3.40%, 09/25/20	140		142
	PT Indonesia Asahan Aluminium (Persero)
		5.23%, 11/15/21 (c)	600		630
		5.71%, 11/15/23 (c)	500		550
	Trident TPI Holdings, Inc.
		9.25%, 08/01/24 (c)	138		135
	Vale Overseas Ltd
		6.25%, 08/10/26	370		428

359

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
		6.88%, 11/21/36	125		158
		6.88%, 11/10/39	81		103
				2,384
	Total Corporate Bonds And Notes (cost $463,548)			468,074
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 27.6%
	Accredited Mortgage Loan Trust
		Series 2006-A4-2, REMIC, 2.28%, (1M USD LIBOR + 0.26%), 09/25/36 (e) (k)	19,432		19,215
	ACE Securities Corp. Home Equity Loan Trust
		Series 2004-A3-HS1, REMIC, 2.82%, (1M USD LIBOR + 0.80%), 02/25/34 (e) (k)	2,267		2,256
	Adagio IV CLO Designated Activity Company
		Series IV-A1R-A, 0.66%, (3M EURIBOR + 0.66%), 10/15/29, EUR (c) (e)	5,650		6,158
		Series IV-A2R-A, 1.10%, 10/15/29, EUR (c)	600		653
	Aegis Asset Backed Securities Trust
		Series 2004-M1-1, REMIC, 3.04%, (1M USD LIBOR + 1.02%), 04/25/34 (e) (k)	6,962		6,914
	AFC Mortgage Corporation
		Series 2000-2A-1, REMIC, 2.66%, (1M USD LIBOR + 0.64%), 03/25/30 (e)	1,664		1,547
	Alternative Loan Trust
		Series 2005-1A1-35CB, 5.50%, 09/25/35	1,288		1,213
		Series 2005-1A1-59, REMIC, 2.37%, (1M USD LIBOR + 0.33%), 11/20/35 (e)	2,986		2,831
		Series 2006-1A1A-OA17, REMIC, 2.24%, (1M USD LIBOR + 0.20%), 12/20/46 (e)	2,634		2,214
		Series 2005-B1-J4, REMIC, 3.37%, (1M USD LIBOR + 1.35%), 07/25/35 (e)	3,223		3,177
		Series 2005-A3-38, REMIC, 2.72%, (1M USD LIBOR + 0.70%), 09/25/35 (e)	474		453
		Series 2005-2A3A-AR1, REMIC, 2.37%, (1M USD LIBOR + 0.35%), 10/25/35 (e)	12,734		11,850
		Series 2005-A1-81, REMIC, 2.30%, (1M USD LIBOR + 0.28%), 02/25/36 (e)	1,364		1,210
		Series 2007-2A1-19, REMIC, 6.50%, 08/25/37	4,780		3,300
	American Airlines, Inc.
		Series 2015-A-1, 3.38%, 05/01/27	2,328		2,412
	Ameriquest Mortgage Securities Inc.
		Series 2004-A4-R2, REMIC, 2.80%, (1M USD LIBOR + 0.78%), 04/25/34 (e) (k)	967		945
	Atrium XII LLC
		Series AR-12A, 3.11%, (3M USD LIBOR + 0.83%), 04/22/27 (c) (e)	5,600		5,600
	Attentus CDO III, Ltd.
		Series 2007-A2-3A, REMIC, 2.79%, (3M USD LIBOR + 0.45%), 10/11/42 (c) (e)	8,150		6,890
	BAMLL Commercial Mortgage Securities Trust
		Series 2019-A-AHT, 3.23%, (1M USD LIBOR + 1.20%), 03/15/21 (c) (e)	7,010		7,015
	Banc of America Funding Corp
		Series 2005-5M1-A, REMIC, 2.72%, (1M USD LIBOR + 0.68%), 02/20/35 (e)	4,750		4,648
	BBCMS Trust
		Series 2018-A-RRI, REMIC, 2.73%, (1M USD LIBOR + 0.70%), 02/18/20 (c) (e)	2,046		2,036
		Series 2018-B-RRI, REMIC, 3.08%, (1M USD LIBOR + 1.05%), 02/18/20 (c) (e)	800		796
		Series 2018-C-RRI, REMIC, 3.28%, (1M USD LIBOR + 1.25%), 02/18/20 (c) (e)	600		598
		Series 2018-D-RRI, REMIC, 4.08%, (1M USD LIBOR + 2.05%), 02/18/20 (c) (e)	400		400
		Series 2018-E-RRI, REMIC, 5.13%, (1M USD LIBOR + 3.10%), 02/18/20 (c) (e)	2,600		2,610
		Interest Only, Series 2018-XCP-RRI, REMIC, 1.19%, 02/15/33 (c) (e)	6,000		27
	BCAP LLC Trust
		Series 2009-17A3-RR13, REMIC, 5.88%, 04/26/37 (c) (e)	5,974		4,704
	Bear Stearns ALT-A Trust
		Series 2005-12A1-8, REMIC, 2.56%, (1M USD LIBOR + 0.54%), 10/25/35 (e)	7,422		7,387
	Bombardier Capital Inc.
		Series 1999-A5-B, REMIC, 7.44%, 12/15/29 (e)	6,296		1,964
	C-BASS Mortgage Loan Asset-Backed Certificates
		Series 2006-A2C-CB8, REMIC, 2.17%, (1M USD LIBOR + 0.15%), 10/25/36 (e)	8,679		7,825
	Chevy Chase Funding LLC Mortgage-Backed Certificates
		Series 2004-A1-1A, 2.30%, (1M USD LIBOR + 0.28%), 01/25/35 (c) (e)	838		815
	CHL Mortgage Pass-Through Trust
		Series 2006-A1-17, REMIC, 6.00%, 12/25/36	1,983		1,500
	Citigtoup Mortgage Loan Trust
		Series 2006-2A1A-4, REMIC, 6.00%, 12/25/35	5,813		6,123
		Series 2013-1A4-2, REMIC, 4.72%, 11/25/37 (c) (e)	9,098		8,800
	Civic Mortgage, LLC.
		Series 2018-A1-2, 4.35%, 04/25/20 (c)	48		48
	Conseco Finance Corp.
		Series 1999-A6-5, REMIC, 7.50%, 03/01/30	3,699		2,481
	Credit Suisse Mortgage Capital Certificates
		Series 2009-5A9-11R, REMIC, 3.77%, 08/26/36 (c) (e)	4,965		5,063
	Crestline Denali CLO Ltd
		Series 2013-A1LR-1A, 3.32%, (3M USD LIBOR + 1.05%), 10/26/27 (c) (e)	8,250		8,241
	CSMC Mortgage-Backed Trust
		Series 2009-1A2-5R, REMIC, 4.23%, 06/26/36 (c) (e)	4,345		3,994
		Series 2006-1A11-6, REMIC, 6.00%, 07/25/36	629		502
	CWABS Asset-Backed Certificates Trust
		Series 2006-2A2-18, REMIC, 2.18%, (1M USD LIBOR + 0.16%), 05/25/33 (e) (k)	525		516
		Series 2006-2A4-20, REMIC, 2.25%, (1M USD LIBOR + 0.23%), 09/25/35 (e)	14,200		11,828
	CWABS, Inc.
		Series 2004-M4-AB2, REMIC, 3.29%, (1M USD LIBOR + 1.28%), 11/25/34 (e)	2,124		1,694
	CWMBS, Inc.
		Series 2006-2A1-OA5, REMIC, 2.22%, (1M USD LIBOR + 0.20%), 04/25/36 (e)	4,107		3,637
	Encore Credit Receivables Trust
		Series 2005-M5-4, REMIC, 2.99%, 01/25/36 (k)	5,905		5,558
	Eurosail PLC
		Series 2007-A3A-6NCX, 1.48%, (3M GBP LIBOR + 0.70%), 09/13/45, GBP (d) (e)	52		62
	Fremont Home Loan Trust
		Series 2006-1A1-E, REMIC, 2.16%, 01/25/37 (k)	18,990		12,010
	GE-WMC Mortgage Securities, L.L.C.
		Series 2005-M2-1, REMIC, 2.71%, 10/25/35 (k)	8,655		7,445
	Great Wolf Trust
		Series 2017-A-WOLF, 2.88%, (1M USD LIBOR + 0.85%), 09/15/34 (c) (e)	3,600		3,599
		Series 2017-B-WOLF, 3.13%, (1M USD LIBOR + 1.10%), 09/15/34 (c) (e)	4,600		4,599
		Interest Only, Series 2017-XCP-WOLF, 0.00%, 09/15/34 (c)	34,700		—
	GS Mortgage Securities Corp.
		Series 2006-2A3-5, REMIC, 2.29%, (1M USD LIBOR + 0.27%), 03/25/36 (e) (k)	4,181		2,851
	GSMSC Resecuritization Trust
		Series 2015-B-8R, REMIC, 7.23%, 04/28/37 (c) (e)	21,121		7,369
	GSR Mortgage Loan Trust
		Series 2004-1AF-4, REMIC, 2.42%, (1M USD LIBOR + 0.40%), 06/25/34 (c) (e)	6,234		5,713
		Series 2004-M2-10, REMIC, 4.48%, 08/25/34 (k)	2,993		2,994
	Harley Marine Financing LLC
		Series 2018-A2-1A, 5.68%, 05/15/22 (c)	382		337
	Hawksmoor Mortgage Funding
		Series 2019-A-1A, 0.00%, 05/25/53, GBP (c)	9,000		11,083
	Hildene TruPS Securitization Ltd
		Series 2019-A1-2, 3.91%, (3M USD LIBOR + 1.76%), 05/23/39 (c) (e)	13,814		13,762
	IndyMac INDX Mortgage Loan Trust
		Series 2006-3A1-AR11, REMIC, 3.68%, 06/25/36	3,158		2,661
	IndyMac MBS, Inc.
		Series 2005-A5-A5, REMIC, 2.42%, (1M USD LIBOR + 0.40%), 05/25/35 (e)	1,482		1,157

360

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	J.P. Morgan Alternative Loan Trust
		Series 2006-1A1-A5, REMIC, 2.18%, (1M USD LIBOR + 0.16%), 10/25/36 (e)	2,017		2,103
	J.P. Morgan Mortgage Acquisition Corp.
		Series 2005-M6-FLD1, REMIC, 3.10%, (1M USD LIBOR + 1.08%), 07/25/35 (e)	4,000		3,921
	Jamestown CLO Ltd
		Series 2014-A1AR-4A, 2.99%, (3M USD LIBOR + 0.69%), 07/15/26 (c) (e)	2,051		2,054
	Lanark Master Issuer PLC
		Series 2019-1A1-1A, REMIC, 2.90%, 08/22/21 (c)	2,520		2,526
	LP Credit Card ABS Master Trust
		Series 2018-A-1, 3.82%, (1M USD LIBOR + 1.55%), 08/20/24 (c) (e)	583		579
	Marlette Funding Trust
		Series 2018-A-4A, 3.71%, 04/15/21 (c)	115		116
		Series 2019-A-2A, 3.13%, 11/15/21 (c)	1,546		1,557
		Series 2019-A-1A, 3.44%, 04/16/29 (c)	3,073		3,100
	MASTR Adjustable Rate Mortgages Trust
		Series 2004-M2-11, REMIC, 3.62%, (1M USD LIBOR + 1.60%), 11/25/34 (e) (k)	5,730		5,813
	Metal LLC
		Series 2017-A-1, 4.58%, 10/15/24 (c)	1,673		1,697
	Morgan Stanley Resecuritization Trust
		Series 2014-2AD-R3, REMIC, 4.79%, 07/28/48 (c) (e)	6,549		6,818
	NCUA Guaranteed Notes Trust
		Series 2011-1A-R1, 2.51%, (1M USD LIBOR + 0.45%), 01/08/20 (e)	3,976		3,978
	Newgate Funding PLC
		Series 2007-A3-2X, 0.94%, (3M GBP LIBOR + 0.16%), 12/15/50, GBP (d) (e)	4,900		5,482
	OneMain Financial Issuance Trust
		Series 2015-D-1A, 6.63%, 03/18/26 (c)	5,550		5,612
	Palmer Square Loan Funding Ltd
		Series 2018-A1-4A, 3.06%, (3M USD LIBOR + 0.90%), 11/15/26 (c) (e)	207		207
	People's Choice Home Loan Securities Trust Series
		Series 2005-M3-3, REMIC, 2.87%, (1M USD LIBOR + 0.86%), 08/25/35 (e)	6,543		6,233
	RFMSI Trust
		Series 2007-A5-S4, REMIC, 6.00%, (1M USD LIBOR + 0.60%), 04/25/37 (e)	2,297		2,221
	Saxon Asset Securities Trust
		Series 2004-M1-1, REMIC, 2.81%, (1M USD LIBOR + 0.80%), 03/25/35 (e)	2,768		2,752
	Securitized Asset Backed Receivables LLC
		Series 2005-M2-FR3, 2.99%, (1M USD LIBOR + 0.98%), 04/25/35 (e)	2,933		2,216
		Series 2005-M2-EC1, REMIC, 2.79%, (1M USD LIBOR + 0.65%), 01/25/35 (e) (k)	935		904
		Series 2006-M3-OP1, REMIC, 2.43%, (1M USD LIBOR + 0.41%), 10/25/35 (e) (k)	12,525		12,273
	SG Mortgage Securities Trust
		Series 2005-M3-OPT1, 2.72%, (1M USD LIBOR + 0.47%), 10/25/35 (e)	4,975		4,588
	S-JETS Limited
		Series 2017-A-1, 3.97%, 08/15/25 (c)	1,449		1,492
	SLM Private Education Loan Trust
		Series 2011-A3-B, 4.28%, (1M USD LIBOR + 2.25%), 06/16/42 (c) (e)	10,180		10,267
	Soundview Home Loan Trust
		Series 2005-M2-OPT2, REMIC, 2.86%, 08/25/35 (k)	8,000		7,650
	Starwood Waypoint Homes Trust
		Series 2017-A-1, REMIC, 2.98%, (1M USD LIBOR + 0.95%), 10/18/19 (c) (e)	4,989		4,987
		Series 2017-B-1, REMIC, 3.20%, (1M USD LIBOR + 1.17%), 10/18/19 (c) (e)	600		600
		Series 2017-C-1, REMIC, 3.43%, (1M USD LIBOR + 1.40%), 10/18/19 (c) (e)	2,100		2,099
		Series 2017-D-1, REMIC, 3.98%, (1M USD LIBOR + 1.95%), 10/18/19 (c) (e)	300		300
	Structured Asset Securities Corp Mortgage Loan Trust
		Series 2007-A4-OSI, REMIC, 2.22%, 06/25/37 (k)	16,936		11,937
	Terwin Mortgage Trust
		Series 2006-A2-9HGA, REMIC, 2.22%, (1M USD LIBOR + 0.20%), 10/25/37 (c) (e) (k)	2,188		2,179
	THL Credit Wind River CLO Ltd
		Series 2015-A1R-2A, 3.17%, 10/15/27 (c)	4,200		4,198
	Tralee CLO V Ltd
		Series 2018-A1-5A, 3.39%, (3M USD LIBOR + 1.11%), 10/20/28 (c) (e)	500		499
	TruPS Financials Note Securitization Ltd
		Series 2017-A1-2A, 3.73%, 09/20/39 (c)	2,817		2,818
	Washington Mutual Mortgage Pass-Through Certificates Trust
		Series 2005-1A3-AR10, REMIC, 4.18%, 09/25/35 (e)	3,340		3,396
		Series 2007-4A2-OA3, REMIC, 3.15%, (12M US Federal Reserve Cumulative Average CMT + 0.70%), 04/25/47 (e)	1,928		1,710
	Wells Fargo Commercial Mortgage Trust
		Series 2017-A-HSDB, 2.89%, (1M USD LIBOR + 0.85%), 12/15/20 (c) (e)	3,065		3,045
		Series 2017-B-HSDB, 3.14%, (1M USD LIBOR + 1.10%), 12/15/20 (c) (e)	2,542		2,530
		Series 2017-D-HSDB, 3.88%, (1M USD LIBOR + 1.84%), 12/15/20 (c) (e)	178		177
	Wells Fargo Mortgage Backed Securities Trust
		Series 2007-A1-AR7, REMIC, 4.67%, 12/25/37 (e)	1,529		1,481
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $395,432)			393,405
SENIOR LOAN INTERESTS 3.0%
Communication Services 1.0%
	Ancestry.com Operations Inc.
		2019 Extended Term Loan B, 6.30%, (3M LIBOR + 4.25%), 08/15/26 (e)	4,382		4,278
	Clear Channel Outdoor Holdings, Inc.
		Term Loan B, 0.00%, (3M LIBOR + 3.50%), 08/08/26 (e) (q)	200		200
	Frontier Communications Corp.
		2017 Term Loan B1, 5.87%, (3M LIBOR + 3.75%), 05/31/24 (e)	100		99
	Gray Television, Inc.
		2018 Term Loan C, 4.83%, (3M LIBOR + 2.50%), 10/30/25 (e) (i)	99		100
	Iheartcommunications, Inc.
		Exit Term Loan, 0.00%, (3M LIBOR + 4.00%), 05/01/26 (e) (q)	25		25
		Exit Term Loan, 6.10%, (3M LIBOR + 4.00%), 05/04/26 (e)	4,207		4,232
	Intelsat Jackson Holdings S.A.
		2017 Term Loan B3, 5.80%, (3M LIBOR + 3.75%), 11/27/23 (e)	3,853		3,861
	NASCAR Holdings Inc
		Term Loan, 0.00%, (3M LIBOR + 2.75%), 07/19/26 (e) (q)	341		343
	Sinclair Television Group Inc.
		Term Loan B2B, 4.54%, (3M LIBOR + 2.50%), 07/18/26 (e)	132		132
	Syniverse Holdings, Inc.
		2018 1st Lien Term Loan, 7.03%, (3M LIBOR + 5.00%), 02/09/23 (e)	326		307
				13,577
Consumer Discretionary 0.9%
	APi Group Inc.
		Term Loan, 0.00%, (3M LIBOR + 2.50%), 09/25/26 (e) (q)	500		501
	Aramark Services, Inc.
		Term Loan, 3.79%, (3M LIBOR + 1.75%), 03/01/25 (e)	93		93
	Argus Media Ltd
		Term Loan, 0.00%, (3M LIBOR + 3.25%), 09/18/26 (e) (q)	100		100
	Caesars Resort Collection, LLC
		2017 1st Lien Term Loan B, 4.79%, (3M LIBOR + 2.75%), 12/23/24 (e)	295		293
	CSC Holdings, LLC
		2018 Term Loan B, 4.53%, (3M LIBOR + 2.50%), 01/12/26 (e)	99		99

361

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Diamond Resorts International, Inc.
		Term Loan, 5.86%, (3M LIBOR + 3.75%), 09/02/23 (e)	798		774
	Marriott Ownership Resorts, Inc.
		2018 Term Loan B, 4.36%, (3M LIBOR + 2.25%), 08/09/25 (e)	99		100
	Neiman Marcus Group Ltd LLC
		Term Loan, 0.00%, (3M LIBOR + 6.00%), 10/25/23 (e) (q)	719		545
		Term Loan, 7.97%, (3M LIBOR + 6.50%), 10/25/23 (e)	240		183
		Term Loan, 8.06%, (3M LIBOR + 6.00%), 10/25/23 (e)	154		117
		Term Loan, 8.56%, (3M LIBOR + 6.50%), 10/25/23 (e)	2,108		1,606
	PetSmart, Inc.
		Consenting Term Loan, 6.04%, (3M LIBOR + 4.00%), 03/11/22 (e)	348		339
	Univision Communications Inc.
		Term Loan C5, 4.79%, (3M LIBOR + 2.75%), 03/15/24 (e)	8,493		8,247
	Wyndham Hotels & Resorts, Inc.
		Term Loan B, 3.79%, (3M LIBOR + 1.75%), 03/29/25 (e)	99		99
				13,096
Utilities 0.3%
	Pacific Gas And Electric Company
		DIP Term Loan, 4.32%, (3M LIBOR + 2.25%), 12/31/20 (e)	3,062		3,078
		Term Loan, 0.00%, (3M LIBOR + 1.00%), 02/22/49 (e) (q) (r)	100		99
		Term Loan, 0.00%, (3M LIBOR + 1.00%), 02/22/49 (e) (f) (g) (i) (r)	1,507		1,496
				4,673
Health Care 0.3%
	Advanz Pharma Corp.
		Term Loan, 7.53%, (3M LIBOR + 5.50%), 09/06/24 (e)	478		450
	Bausch Health Companies Inc.
		Term Loan B, 4.79%, (3M LIBOR + 2.75%), 11/26/25 (e)	184		184
	Envision Healthcare Corporation
		2018 1st Lien Term Loan, 0.00%, (3M LIBOR + 3.75%), 09/27/25 (e) (q)	235		191
		2018 1st Lien Term Loan, 5.79%, (3M LIBOR + 3.75%), 09/27/25 (e)	854		694
	Kinetic Concepts, Inc.
		2017 USD Term Loan B, 5.58%, (3M LIBOR + 2.25%), 01/30/24 (e)	1,955		1,958
	Ortho-Clinical Diagnostics SA
		2018 Term Loan B, 5.56%, (3M LIBOR + 3.25%), 06/01/25 (e)	98		96
				3,573
Industrials 0.2%
	Avolon TLB Borrower 1 (US) LLC
		Term Loan B3, 3.79%, (3M LIBOR + 1.75%), 01/15/25 (e)	126		126
	Beacon Roofing Supply, Inc.
		2017 Term Loan B, 4.36%, (3M LIBOR + 2.25%), 01/02/25 (e)	30		29
	NCI Building Systems, Inc.
		Term Loan, 5.79%, (3M LIBOR + 3.75%), 04/12/25 (e)	326		319
	Sequa Corporation
		Term Loan, 7.19%, (3M LIBOR + 5.00%), 11/28/21 (e)	1,985		1,965
		Term Loan, 11.27%, (3M LIBOR + 9.00%), 04/28/22 (e)	141		139
	West Corporation
		Term Loan, 6.11%, (3M LIBOR + 4.00%), 10/03/24 (e)	35		32
				2,610
Financials 0.2%
	Altice France S.A.
		2018 Term Loan B13, 6.03%, (3M LIBOR + 4.00%), 07/13/26 (e)	397		396
	Dubai World Corporation
		Term Loan, 2.50%, (3M LIBOR + 3.75%), 09/30/22 (e) (i) (r)	1,576		1,450
	McDermott Technology Americas Inc
		2018 1st Lien Term Loan, 0.00%, (3M LIBOR + 5.00%), 04/03/25 (e) (q)	70		44
		2018 1st Lien Term Loan, 7.10%, (3M LIBOR + 5.00%), 04/04/25 (e)	313		197
	U.S. Renal Care, Inc.
		2019 Term Loan B, 7.06%, (3M LIBOR + 5.00%), 06/12/26 (e)	242		228
	Westmoreland Coal Company
		Term Loan, 10.39%, 03/15/22 (e) (i)	20		20
	Whatabrands LLC
		Term Loan B, 5.52%, (3M LIBOR + 3.25%), 07/19/26 (e)	53		53
				2,388
Information Technology 0.1%
	CommScope, Inc.
		2019 Term Loan B, 5.29%, (3M LIBOR + 3.25%), 02/07/26 (e)	300		299
	Financial & Risk US Holdings, Inc.
		2018 USD Term Loan, 5.79%, (3M LIBOR + 3.75%), 09/12/25 (e)	1,081		1,086
	SS&C Technologies Holdings Europe S.A.R.L.
		2018 Term Loan B4, 4.29%, (3M LIBOR + 2.25%), 02/27/25 (e)	162		162
	SS&C Technologies Inc.
		2018 Term Loan B3, 4.29%, (3M LIBOR + 2.25%), 02/27/25 (e)	263		263
				1,810
Materials 0.0%
	Advanced Drainage Systems, Inc.
		Term Loan, 0.00%, (3M LIBOR + 2.25%), 09/17/26 (e) (q)	49		49
	Axalta Coating Systems Ltd.
		Term Loan, 4.08%, (1M LIBOR + 1.75%), 06/01/24 (e)	30		30
	Messer Industries GmbH
		2018 USD Term Loan, 4.60%, (3M LIBOR + 2.50%), 10/10/25 (e)	159		159
	Starfruit Finco B.V
		2018 USD Term Loan B, 5.29%, (3M LIBOR + 3.25%), 09/20/25 (e)	377		369
				607
Consumer Staples 0.0%
	Nestle Skin Health SA
		Term Loan, 0.00%, (3M LIBOR + 4.25%), 07/12/26 (e) (q)	455		457
Real Estate 0.0%
	Forest City Enterprises, L.P.
		Term Loan B, 6.04%, (3M LIBOR + 4.00%), 10/24/25 (e)	198		200
Sovereign 0.0%
	Tanzania Republic
		Term Loan, 7.74%, (3M LIBOR + 5.20%), 12/10/19 (e) (i) (r)	100		101
Energy 0.0%
	Westmoreland Coal Company
		Term Loan, 15.00%, (3M LIBOR + 15.00%), 03/15/29 (e) (h)	45		33
	Total Senior Loan Interests (cost $43,684)			43,125
WARRANTS 0.2%
	iHeartMedia, Inc. (f) (h) (i)		180		2,300
	Total Warrants (cost $3,116)			2,300
COMMON STOCKS 0.1%
Communication Services 0.1%
	Clear Channel Outdoor Holdings, Inc. (f)		515		1,298
	iHeartMedia, Inc. (f) (i) (r)		274		—
	iHeartMedia, Inc. (f) (i) (r)		658		—
	iHeartMedia, Inc. (f) (h) (i)		—		6
	iHeartMedia, Inc. (f) (i) (r)		5,290		—

362

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	iHeartMedia, Inc. - Class A (f) (m)		35		523
				1,827
Energy 0.0%
	Westmoreland Coal Company (f) (i) (r)		1		10
	Total Common Stocks (cost $3,020)			1,837
OTHER EQUITY INTERESTS 0.0%
	iHeartMedia, Inc. (f) (i) (r) (s)		3,731		—
	T-Mobile USA, Inc. (f) (i) (r) (s)		22		—
Communication Services 0.0%
	iHeartMedia, Inc. (f) (i) (r) (s)		1,194		—
	iHeartMedia, Inc. (f) (i) (r) (s)		294		—
	Total Other Equity Interests (cost $0)			—
SHORT TERM INVESTMENTS 20.3%
Discount Notes 18.5%
	Federal Home Loan Banks Office of Finance
		2.06%, 10/02/19 (t) (u)	10,500		10,499
		2.17%, 10/04/19 (t) (u)	1,500		1,500
		2.03%, 10/09/19 (t) (u)	3,300		3,298
		2.00%, 10/18/19 (t) (u)	18,100		18,082
		2.01%, 10/23/19 (t) (u)	62,800		62,719
		1.99%, 10/25/19 (t) (u)	50,150		50,081
		2.03%, 10/30/19 (t) (u)	87,100		86,953
		2.03%, 11/06/19 (t) (u)	4,500		4,491
		1.99%, 11/08/19 (t) (u)	4,800		4,790
		1.95%, 11/15/19 (t) (u)	3,600		3,591
		1.93%, 11/20/19 (t) (u)	9,700		9,673
		1.94%, 12/11/19 (t) (u)	8,000		7,970
				263,647
Securities Lending Collateral 1.1%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (v) (w)		15,206		15,206
Treasury Securities 0.7%
	Presidencia Da Republica Federativa Do Brasil
		5.55%, 01/01/20, BRL (t)	40,133		9,537
	Presidencia De La Nacion
		149.23%, 02/26/20, ARS (t)	1,630		19
		79.65%, 03/11/20, ARS (t)	11,342		109
		46.69%, 04/08/20, ARS (t)	8,601		94
		68.92%, 04/28/20, ARS (t)	11,642		149
		51.35%, 05/13/20, ARS (t)	48,950		468
		58.25%, 08/27/20, ARS (t)	8,601		69
				10,445
	Total Short Term Investments (cost $291,636)			289,298
Total Investments 124.4% (cost $1,785,876)					1,771,514
Total Securities Sold Short(0.8)% (proceeds $10,929)					(10,944)
Other Derivative Instruments 0.4%					5,800
Other Assets and Liabilities, Net (24.0)%					(342,524)
Total Net Assets 100.0%					1,423,846

(a)All or a portion of the security was purchased on a delayed delivery basis. As of September 30, 2019, the total payable for investments purchased on a delayed delivery basis was $346,357.

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

(c)The Adviser has deemed this security, which is exempt from registration under the Securities Act of 1933, as amended, to be liquid based on procedures approved by the Board of Trustees. As of September 30, 2019, the value and the percentage of net assets of these liquid securities was $337,239 and 23.7% of the Fund.

(d)Security is restricted to resale to institutional investors. See Restricted Securities in the Schedules of Investments.

(e)Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of September 30, 2019. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations (“CMO”) and mortgage-backed securities (“MBS”) are determined by tranches of underlying mortgage-backed security pools’ cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security’s offering documents.

(f)Non-income producing security.

(g)As of September 30, 2019, issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date. The aggregate value of these securities represented 1.0% of the Fund’s net assets.

(h)Security fair valued in good faith as a Level 2 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Schedules of Investments.

(i)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

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

(k)Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of September 30, 2019.

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

(m)All or a portion of the security was on loan as of September 30, 2019.

(n)Perpetual security. Next contractual call date presented, if applicable.

(o)Convertible security.

(p)The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer.

(q)This senior loan will settle after September 30, 2019. If a reference rate and spread is presented, it will go into effect upon settlement.

(r)Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Schedules of Investments.

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

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

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

(v)Investment in affiliate.

(w)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

			Shares/Par1		Value ($)
SECURITIES SOLD SHORT (0.8%)
GOVERNMENT AND AGENCY OBLIGATIONS (0.8%)
Mortgage-Backed Securities (0.6%)
	Federal National Mortgage Association, Inc.
		TBA, 4.00%, 10/15/47 (a)	(8,000)		(8,304)
U.S. Treasury Note (0.2%)
	Treasury, United States Department of
		2.88%, 08/15/28	(2,400)		(2,640)
	Total Government And Agency Obligations (proceeds $10,929)			(10,944)
	Total Securities Sold Short (0.8%) (proceeds $10,929)				(10,944)

(a)All or a portion of the security was sold on a delayed delivery basis. As of September 30, 2019, the total proceeds for investments sold on a delayed delivery basis was $8,293.

Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	AA Bond Co Limited, 2.88%, 01/31/22	04/12/18	268	236	—

363

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

Restricted Securities (continued)
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Altice Financing S.A., 5.25%, 02/15/23	11/28/17	10,161	9,790	0.7
	Ardonagh Midco 3 PLC, 8.38%, 07/15/23	09/12/18	527	482	—
	Banco Bilbao Vizcaya Argentaria, S.A., 6.75%, callable at 100 beginning 02/18/20	03/26/18	5,635	5,104	0.4
	Banco Bilbao Vizcaya Argentaria, S.A., 8.88%, callable at 100 beginning 04/14/21	02/13/19	974	964	0.1
	Banco Santander, S.A., 6.25%, callable at 100 beginning 09/11/21	01/29/18	265	230	—
	Bank of Ireland, 7.38%, callable at 100 beginning 06/18/20	12/07/18	4,057	3,903	0.3
	Barclays PLC, 7.25%, callable at 100 beginning 03/15/23	01/26/18	4,135	3,748	0.3
	Barclays PLC, 3.13%, 01/17/24	04/12/18	144	128	—
	Barclays PLC, 3.25%, 02/12/27	06/11/18	529	511	—
	China Construction Bank Corporation, 2.88%, 09/24/21	03/14/19	4,703	4,705	0.3
	Comision De Promocion Del Peru Para La Exportacion, 6.35%, 08/12/28	09/19/19	138	139	—
	Cooperatieve Rabobank U.A., 5.50%, callable at 100 beginning 06/29/20	02/22/18	2,990	2,626	0.2
	Cooperatieve Rabobank U.A., 6.63%, callable at 100 beginning 06/29/21	11/03/17	10,867	10,211	0.7
	Credit Suisse Group AG, 6.50%, 08/08/23	01/25/18	218	222	—
	Deutsche Bank Aktiengesellschaft, 1.88%, 02/28/20	05/10/19	130	123	—
	Deutsche Bank Aktiengesellschaft, 0.06%, 12/07/20	03/27/19	112	108	—
	Deutsche Bank Aktiengesellschaft, 1.88%, 02/14/22	03/27/19	1,026	999	0.1
	Duke Energy Corporation, 2.68%, 05/14/21	05/11/18	162	162	—
	EI Group PLC, 6.88%, 02/15/21	05/16/19	2,076	1,921	0.1
	Eurosail PLC, Series 2007-A3A-6NCX, 1.48%, 09/13/45	10/15/18	67	62	—
	Gaz Capital S.A., 2.95%, 01/24/24	01/16/19	5,025	5,191	0.4
	GE Capital UK Funding Unlimited Company, 0.01%, 01/21/20	11/30/18	112	109	—
	Gobierno de la Provincia de Buenos Aires, 58.11%, 04/12/25	09/19/19	23	26	—
	HSBC Holdings PLC, 4.75%, callable at 100 beginning 07/04/29	12/05/18	1,085	1,224	0.1
	HSBC Holdings PLC, 6.00%, callable at 100 beginning 09/29/23	12/10/18	238	248	—
	Industrial and Commercial Bank of China Limited, 2.99%, 11/29/19	10/22/18	500	500	—
	Kennedy Wilson Europe Real Est PLC, 3.95%, 06/30/22	02/23/18	4,014	3,548	0.3
	Kennedy Wilson Europe Real Est PLC, 3.25%, 11/12/25	02/22/18	3,770	3,443	0.3
	Lloyds Banking Group PLC, 7.63%, callable at 100 beginning 06/27/23	12/05/18	2,180	2,207	0.2
	Lloyds Banking Group PLC, 7.88%, callable at 100 beginning 06/27/29	04/10/18	3,038	2,591	0.2
	NatWest Markets PLC, 0.00%, 03/02/20	10/17/18	230	218	—
	NatWest Markets PLC, 0.63%, 03/02/22	10/17/18	1,366	1,322	0.1
	NatWest Markets PLC, 2.00%, 03/04/25	11/16/18	225	229	—
	Netflix, Inc., 4.63%, 05/15/29	01/16/19	115	121	—
	Newgate Funding PLC, Series 2007-A3-2X, 0.94%, 12/15/50	11/28/17	6,048	5,482	0.4
	Odebrecht Drilling Norbe VIII / IX Ltd., 6.35%, 12/01/21	09/28/18	45	45	—
	Odebrecht Offshore Drilling Finance Ltd., 6.72%, 12/01/22	03/29/18	18	19	—
	Pacific Gas And Electric Company, 0.00%, 08/01/23	12/07/18	206	227	—
	Petroleos de Venezuela, S.A., 0.00%, 05/16/24	11/03/17	88	40	—
	Petroleos de Venezuela, S.A., 0.00%, 11/15/26	11/20/18	78	40	—
	Petroleos de Venezuela, S.A., 0.00%, 04/12/27	09/06/18	59	24	—
	Petroleos de Venezuela, S.A., 0.00%, 04/12/37	09/06/18	59	24	—
	Petroleos Mexicanos, 2.75%, 04/21/27	06/07/19	98	101	—
	Presidencia De La Nacion, 3.88%, 01/15/22	09/27/17	392	142	—
	Presidencia De La Nacion, 3.38%, 01/15/23	11/02/17	340	124	—
	Presidencia De La Nacion, 5.00%, 01/15/27	08/13/18	1,280	586	0.1
	Presidencia De La Nacion, 2.37%, 12/31/33	09/27/17	4,166	1,606	0.1
	Presidencia De La Nacion, 7.82%, 12/31/33	02/05/18	48	17	—
	Presidencia De La Nacion, 6.25%, 11/09/47	11/02/17	116	43	—
	PT Pelabuhan Indonesia III (Persero), 4.50%, 05/02/23	04/24/18	502	529	—
	QNB Finance Ltd, 3.87%, 07/18/21	08/29/18	402	404	—
	Refinitive US Holdings Inc., 4.50%, 05/15/26	09/18/18	350	352	—
	Republica Bolivariana de Venezuela, 0.00%, 12/09/20	12/13/17	15	6	—
	Republica Bolivariana de Venezuela, 0.00%, 05/07/23	12/13/17	472	194	—
	Republica Bolivariana de Venezuela, 0.00%, 10/13/24	12/13/17	346	139	—
	Republica Bolivariana de Venezuela, 0.00%, 04/21/25	12/13/17	260	112	—
	Republica Bolivariana de Venezuela, 0.00%, 05/07/28	12/13/17	88	38	—
	Republica Bolivariana de Venezuela, 0.00%, 08/05/31	09/12/18	220	94	—
	Republica Bolivariana de Venezuela, 0.00%, 03/31/38	12/13/17	93	40	—
	Rio Oil Finance Trust, 9.25%, 07/06/24	11/28/17	159	166	—
	Santander UK Group Holdings PLC, 6.75%, callable at 100 beginning 06/24/24	12/05/17	3,879	3,561	0.3
	Santander UK Group Holdings PLC, 1.13%, 09/08/23	11/29/18	110	112	—
	Santander UK Group Holdings PLC, 0.44%, 03/27/24	11/28/18	645	648	0.1
	Santander UK Group Holdings PLC, 2.92%, 05/08/26	11/15/18	878	889	0.1
	Saudi Arabia, Kingdom of, 4.00%, 04/17/25	09/18/19	428	429	—
	Saudi Arabia, Kingdom of, 3.25%, 10/26/26	09/16/19	5,801	5,782	0.4
	Saudi Arabia, Kingdom of, 3.63%, 03/04/28	09/18/19	212	212	—
	Saudi Arabia, Kingdom of, 4.38%, 04/16/29	09/16/19	674	673	0.1
	SoftBank Group Corp, 4.00%, 04/20/23	12/24/18	716	699	0.1
	Stichting AK Rabobank Certificaten II, 6.50%	09/05/19	278	274	—
	Teva Pharmaceutical Finance Netherlands II B.V., 0.38%, 07/25/20	01/03/19	5,060	4,767	0.3
	The Royal Bank of Scotland Group Public Limited Company, 2.50%, 03/22/23	11/15/18	1,514	1,515	0.1

364

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

Restricted Securities (continued)
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	The Royal Bank of Scotland Group Public Limited Company, 1.75%, 03/02/26	01/24/19	1,658	1,704	0.1
	United Group B.V., 4.38%, 07/01/22	01/24/19	398	389	—
	Volkswagen Leasing Gesellschaft Mit Beschrankter Haftung, 0.00%, 06/15/21	10/11/18	116	109	—
	Volkswagen Leasing Gesellschaft Mit Beschrankter Haftung, 0.10%, 07/06/21	10/10/18	115	109	—
			109,535	99,817	7.0

Unfunded Commitments

		Unfunded Commitment ($)	Appreciation/ (Depreciation) ($)
JNL/PIMCO Income Fund
	Pacific Gas And Electric Company– DIP Delayed Draw Term Loan	1,018	8
		1,018	8

JNL/PIMCO Income Fund — Futures Contracts
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
Australia 10 Year Bond	249	December 2019	AUD	36,249	(130)			301
United States 10 Year Note	2,196	December 2019		288,837	(172)			(2,671)
					(302)			(2,370)
Short Contracts
Japan 10 Year Bond	(1)	December 2019	JPY	(155,175)	2			1
Long Gilt	(526)	December 2019	GBP	(70,202)	(252)			(496)
					(250)			(495)

JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements
Floating Rate Index2	Paying / Receiving Floating Rate	Fixed Rate2 (%)		Expiration	Notional1		Variation Margin Receivable (Payable) ($)		Unrealized Appreciation (Depreciation) ($)
28-Day MEXIBOR (M)	Receiving	7.98	(M)	12/10/27	MXN	900		—		(4)
28-Day MEXIBOR (M)	Receiving	7.99	(M)	12/21/27	MXN	100		—		(1)
28-Day MEXIBOR (M)	Receiving	8.01	(M)	12/21/27	MXN	3,800		2		(15)
28-Day MEXIBOR (M)	Receiving	7.91	(M)	12/30/27	MXN	200		—		(1)
28-Day MEXIBOR (M)	Receiving	8.03	(M)	01/31/28	MXN	400		—		(2)
28-Day MEXIBOR (M)	Receiving	8.05	(M)	01/31/28	MXN	600		—		(3)
28-Day MEXIBOR (M)	Receiving	7.38	(M)	08/14/37	MXN	600		1		(3)
28-Day MEXIBOR (M)	Receiving	7.36	(M)	08/21/37	MXN	100		—		(1)
28-Day MEXIBOR (M)	Paying	7.88	(M)	12/16/22	MXN	600		—		1
28-Day MEXIBOR (M)	Paying	7.87	(M)	12/27/22	MXN	1,700		—		4
28-Day MEXIBOR (M)	Paying	7.88	(M)	12/27/22	MXN	6,700		(1)		12
28-Day MEXIBOR (M)	Paying	7.75	(M)	01/05/23	MXN	300		—		1
28-Day MEXIBOR (M)	Paying	7.61	(M)	01/23/23	MXN	1,300		—		3
28-Day MEXIBOR (M)	Paying	7.81	(M)	02/06/23	MXN	600		—		1
28-Day MEXIBOR (M)	Paying	7.82	(M)	02/06/23	MXN	700		—		2
28-Day MEXIBOR (M)	Paying	7.55	(M)	04/18/23	MXN	77,200		(19)		140
28-Day MEXIBOR (M)	Paying	7.70	(M)	05/02/23	MXN	9,000		(2)		21
28-Day MEXIBOR (M)	Paying	7.67	(M)	03/05/25	MXN	279,500		(108)		833
28-Day MEXIBOR (M)	Paying	7.71	(M)	03/07/25	MXN	50,500		(20)		150
28-Day MEXIBOR (M)	Paying	7.72	(M)	03/07/25	MXN	50,200		(20)		149
28-Day MEXIBOR (M)	Paying	7.60	(M)	04/14/25	MXN	85,000		(33)		231
28-Day MEXIBOR (M)	Paying	7.61	(M)	04/15/25	MXN	20,600		(8)		56
28-Day MEXIBOR (M)	Paying	7.15	(M)	06/11/27	MXN	6,200		(3)		16
28-Day MEXIBOR (M)	Paying	7.37	(M)	10/11/27	MXN	9,700		(5)		24
3M LIBOR (Q)	Receiving	2.50	(S)	12/18/24		2,400		—		5
3M LIBOR (Q)	Receiving	2.50	(S)	12/20/24		1,600		—		(128)
3M LIBOR (Q)	Receiving	2.50	(S)	12/20/24		11,000		2		(821)
3M LIBOR (Q)	Receiving	3.00	(S)	06/19/26		63,200		9		(3,996)
3M LIBOR (Q)	Receiving	2.25	(S)	06/20/28		2,000		1		(246)
3M LIBOR (Q)	Receiving	2.25	(S)	06/20/28		11,100		3		(1,445)
3M LIBOR (Q)	Receiving	2.00	(S)	12/10/29		1,800		—		(70)
3M LIBOR (Q)	Receiving	1.75	(S)	01/15/30		5,900		1		(33)
3M LIBOR (Q)	Receiving	2.00	(S)	02/12/30		3,500		—		(81)
3M LIBOR (Q)	Receiving	2.00	(S)	03/10/30		1,700		—		(68)
3M LIBOR (Q)	Receiving	2.75	(S)	12/20/47		3,900		(7)		(804)

365

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

JNL/PIMCO Income Fund — Centrally Cleared Interest Rate Swap Agreements (continued)
Floating Rate Index2	Paying / Receiving Floating Rate	Fixed Rate2 (%)		Expiration	Notional1		Variation Margin Receivable (Payable) ($)		Unrealized Appreciation (Depreciation) ($)
3M LIBOR (Q)	Receiving	2.50	(S)	06/20/48		900		(2)		(270)
3M LIBOR (Q)	Receiving	2.00	(S)	01/15/50		500		(1)		(31)
3M LIBOR (Q)	Receiving	1.63	(S)	01/16/50		200		—		7
3M LIBOR (Q)	Receiving	1.75	(S)	01/22/50		2,300		(4)		(6)
3M LIBOR (Q)	Receiving	1.63	(S)	02/03/50		11,500		(19)		116
6M British Bankers' Association Yen LIBOR (S)	Receiving	0.35	(S)	01/18/28	JPY	220,000		5		(76)
6M British Bankers' Association Yen LIBOR (S)	Receiving	0.35	(S)	02/08/28	JPY	2,970,000		72		(996)
6M British Bankers' Association Yen LIBOR (S)	Receiving	0.30	(S)	02/13/28	JPY	400,000		10		(144)
6M British Bankers' Association Yen LIBOR (S)	Receiving	0.35	(S)	02/16/28	JPY	360,000		9		(122)
6M British Bankers' Association Yen LIBOR (S)	Receiving	0.30	(S)	03/20/28	JPY	1,890,000		46		(657)
6M British Bankers' Association Yen LIBOR (S)	Receiving	0.45	(S)	03/20/29	JPY	16,770,000		400		(6,522)
6M EURIBOR (S)	Receiving	0.50	(A)	12/18/29	EUR	4,300		6		(229)
6M EURIBOR (S)	Receiving	0.25	(A)	03/18/50	EUR	5,400		74		(332)
6M GBP LIBOR (S)	Receiving	0.75	(S)	03/18/50	GBP	2,200		9		(90)
								398		(15,425)

JNL/PIMCO Income Fund — Centrally Cleared Credit Default Swap Agreements
Reference Entity2	Fixed Receive/ Pay Rate8 (%)	Expiration	Notional1,7		Value6 ($)		Variation Margin Receivable (Payable) ($)		Unrealized Appreciation (Depreciation) ($)
Credit default swap agreements - purchase protection3
CDX.NA.HY.31.V4 (Q)	5.00	12/20/23		816		(63)		(1)		(20)
CDX.NA.HY.33 (Q)	5.00	12/20/24		100		(7)		—		—
						(70)		(1)		(20)
Credit default swap agreements - sell protection4
CDX.EM.28.V2 (Q)	1.00	12/20/22		(20,283)		(381)		14		454
CDX.EM.29 (Q)	1.00	06/20/23		(4,100)		(125)		4		(41)
CDX.EM.30 (Q)	1.00	12/20/23		(20,700)		(804)		12		170
CDX.EM.31 (Q)	1.00	06/20/24		(8,900)		(417)		6		(107)
CDX.NA.HY.32 (Q)	5.00	06/20/24		(8,811)		621		16		21
General Electric Company (Q)	1.00	12/20/20		(100)		1		—		4
General Electric Company (Q)	1.00	12/20/23		(200)		—		—		10
						(1,105)		52		511

JNL/PIMCO Income Fund — Exchange Traded Purchased Options
Reference Entity	Put/Call		Exercise Price ($)/ Swaption Rate (%)		Expiration	Notional/ Contracts1		Value ($)
Exchange Traded Futures Options
United States 10 Year Note Future, Dec. 2019		Put		116.00	11/22/19		250		—

JNL/PIMCO Income Fund — OTC Written Options
Reference Entity	Counterparty	Put/Call	Exercise Price ($)/ Swaption Rate(%)		Expiration		Notional/ Contracts1		Value ($)
Credit Default Swaptions10
CDX.NA.HY.32, 06/20/24	CGM	Put		94.00		10/16/19		6,000,000		—
CDX.NA.IG.32, 06/20/24	GSC	Put		0.85		11/20/19		45,200,000		(11)
										(11)
Interest Rate Swaptions10
3M LIBOR, 11/01/24	GSC	Call		1.50		10/30/19		5,800,000		(25)
3M LIBOR, 11/01/24	GSC	Put		1.50		10/30/19		5,800,000		(24)
										(49)

Forward Foreign Currency Contracts

Purchased/ Sold	Counter-party	Expiration	Notional1		Value ($)		Unrealized Appreciation (Depreciation) ($)
AUD/USD	CIT	11/15/19	AUD	29,971		20,260		(383)
BRL/USD	CIT	01/03/20	BRL	9,067		2,170		(222)
EUR/USD	CIT	11/15/19	EUR	6,107		6,680		(122)
GBP/USD	CIT	11/15/19	GBP	3,014		3,712		(29)
JPY/USD	CIT	11/15/19	JPY	134,200		1,245		(6)
JPY/USD	GSC	11/15/19	JPY	2,364,900		21,938		(15)
MXN/USD	GSC	10/09/19	MXN	13,016		658		(10)
MXN/USD	CIT	10/16/19	MXN	210,892		10,660		(90)

366

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

Purchased/ Sold	Counter-party	Expiration	Notional1		Value ($)		Unrealized Appreciation (Depreciation) ($)
MXN/USD	GSC	11/05/19	MXN	4,650		234		(1)
MXN/USD	CIT	11/19/19	MXN	230,684		11,595		67
MXN/USD	GSC	11/19/19	MXN	5,182		260		(4)
MXN/USD	CIT	01/22/20	MXN	10,895		542		(14)
PEN/USD	CIT	10/15/19	PEN	2,000		593		3
PEN/USD	CIT	10/22/19	PEN	732		217		1
PEN/USD	CIT	10/23/19	PEN	1,916		568		3
RUB/USD	GSC	11/15/19	RUB	565,230		8,663		87
RUB/USD	CIT	12/16/19	RUB	1,688,686		25,766		859
TRY/USD	GSC	10/09/19	TRY	2,773		490		15
TRY/USD	CSI	10/22/19	TRY	26,907		4,730		61
TRY/USD	CIT	10/25/19	TRY	2,735		480		6
TRY/USD	CIT	10/28/19	TRY	9,141		1,604		4
USD/AUD	CIT	11/15/19	AUD	(30,523)		(20,633)		34
USD/BRL	CIT	01/03/20	BRL	(49,200)		(11,775)		946
USD/EUR	CIT	11/15/19	EUR	(100,645)		(110,072)		3,320
USD/EUR	GSC	11/15/19	EUR	(422)		(461)		12
USD/GBP	CIT	11/15/19	GBP	(36,387)		(44,821)		(607)
USD/GBP	CIT	11/15/19	GBP	(1,975)		(2,433)		9
USD/JPY	CIT	11/15/19	JPY	(2,792,800)		(25,908)		488
USD/MXN	CIT	10/09/19	MXN	(10,895)		(551)		15
USD/MXN	CIT	10/16/19	MXN	(210,892)		(10,659)		(193)
USD/NZD	GSC	11/15/19	NZD	(14,224)		(8,916)		255
USD/PEN	CIT	10/15/19	PEN	(2,000)		(593)		(1)
USD/PEN	CIT	10/22/19	PEN	(732)		(217)		5
USD/PEN	CIT	10/23/19	PEN	(1,916)		(568)		(5)
USD/PEN	CIT	11/29/19	PEN	(334)		(99)		(1)
USD/PEN	CIT	01/17/20	PEN	(2,648)		(782)		(4)
USD/PEN	CIT	02/24/20	PEN	(2,000)		(590)		(3)
						(116,013)		4,480

JNL/PIMCO Income Fund — OTC Credit Default Swap Agreements
Reference Entity2	Counter-party	Implied Credit Spread5 (%)	Fixed Receive/ Pay Rate8 (%)	Expiration	Notional1,7 ($)		Value6 ($)		Premiums Paid (Received) ($)		Unrealized Appreciation (Depreciation) ($)
Credit default swap agreements - sell protection4
CMBX.NA.AAA.10 (M)	GSC	N/A	0.50	11/17/59		(36,500)		333		(328)		661
CMBX.NA.AAA.11 (M)	DUB	N/A	0.50	11/18/54		(7,800)		31		(74)		105
CMBX.NA.AAA.11 (M)	GSC	N/A	0.50	11/18/54		(14,300)		56		(78)		134
CMBX.NA.AAA.6 (M)	GSC	N/A	0.50	05/11/63		(11,493)		99		65		34
CMBX.NA.AAA.9 (M)	GSC	N/A	0.50	09/17/58		(24,125)		310		48		262
Gobierno Federal de los Estados Unidos Mexicanos (Q)	CGM	1.06	1.00	06/20/24		(3,300)		(7)		(56)		49
Gobierno Federal de los Estados Unidos Mexicanos (Q)	CGM	0.84	1.00	06/20/23		(300)		2		(3)		5
Gobierno Federal de los Estados Unidos Mexicanos (Q)	DUB	0.92	1.00	12/20/23		(300)		1		(6)		7
Gobierno Federal de los Estados Unidos Mexicanos (Q)	DUB	0.72	1.00	12/20/22		(1,000)		9		1		8
Gobierno Federal de los Estados Unidos Mexicanos (Q)	GSC	0.92	1.00	12/20/23		(2,100)		8		(40)		48
Gobierno Federal de los Estados Unidos Mexicanos (Q)	GSC	1.16	1.00	12/20/24		(1,500)		(11)		(12)		1
Gobierno Federal de los Estados Unidos Mexicanos (Q)	GSC	0.84	1.00	06/20/23		(7,200)		44		(55)		99
Minfin Rossii, FKU (Q)	CGM	0.53	1.00	12/20/22		(6,900)		104		(20)		124
Minfin Rossii, FKU (Q)	DUB	0.62	1.00	06/20/23		(200)		2		(6)		8
Minfin Rossii, FKU (Q)	GSC	0.79	1.00	06/20/24		(9,100)		92		(147)		239
Minfin Rossii, FKU (Q)	GSC	0.69	1.00	12/20/23		(100)		1		(2)		3
Presidência Da República Federativa Do Brasil (Q)	CGM	1.37	1.00	12/20/24		(700)		(12)		(12)		—
Presidência Da República Federativa Do Brasil (Q)	CGM	1.00	1.00	06/20/23		(400)		—		(25)		25
Presidência Da República Federativa Do Brasil (Q)	CGM	0.87	1.00	12/20/22		(4,800)		21		(158)		179
Presidência Da República Federativa Do Brasil (Q)	GSC	1.37	1.00	12/20/24		(500)		(9)		(8)		(1)
Presidencia De La Nacion (Q)	CGM	86.90	5.00	06/20/23		(45)		(27)		1		(28)
South Africa, Parliament of (Q)	CGM	1.53	1.00	06/20/23		(1,500)		(27)		(76)		49
South Africa, Parliament of (Q)	GSC	1.80	1.00	06/20/24		(600)		(21)		(25)		4
						(134,763)		999		(1,016)		2,015

JNL/PIMCO Income Fund — OTC Total Return Swap Agreements
Reference Entity2	Rate Paid/Received by Fund2	Counter-party	Expiration	Notional1		Premiums Paid (Received) ($)	Unrealized Appreciation (Depreciation) ($)
Total return swap agreements - receiving return
INDEX
iBoxx Liquid High Yield Index (E)	3M LIBOR +0.00% (Q)	CSI	12/20/19		300	—		4
iBoxx Liquid High Yield Index (E)	3M LIBOR +0.00% (Q)	CSI	03/20/20		400	—		—
iBoxx Liquid High Yield Index (E)	3M LIBOR +0.00% (Q)	CSI	12/20/19		400	—		48
iBoxx Liquid High Yield Index (E)	3M LIBOR +0.00% (Q)	GSC	12/20/19		11,400	—		307
iBoxx Liquid High Yield Index (E)	3M LIBOR +0.00% (Q)	GSC	12/20/19		7,700	—		99
iBoxx Liquid Investment Grade Index (E)	3M LIBOR +0.00% (Q)	GSC	12/20/19		700	—		26
						—		484

367

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
JNL/PIMCO Real Return Fund
GOVERNMENT AND AGENCY OBLIGATIONS 125.8%
U.S. Treasury Inflation Indexed Securities 59.6%
	Treasury, United States Department of
		0.13%, 04/15/21 (a) (b) (c)	190,115		188,066
		0.13%, 01/15/22 - 04/15/22 (a) (b)	59,665		59,091
		0.38%, 07/15/25 (b) (c)	24,336		24,685
		0.63%, 01/15/26 (b) (c)	162,843		167,143
		0.13%, 07/15/26 (b)	48,306		48,261
		0.38%, 01/15/27 (a) (b)	43,251		43,791
		0.38%, 07/15/27 (b)	26,725		27,180
		0.50%, 01/15/28 (b)	46,497		47,645
		0.75%, 07/15/28 - 02/15/45 (b)	68,191		71,781
		0.25%, 07/15/29 (b) (c)	16,637		16,814
		3.38%, 04/15/32 (b)	5,266		7,283
		2.13%, 02/15/41 (b)	6,678		8,970
		1.38%, 02/15/44 (b)	78,647		94,315
		1.00%, 02/15/46 - 02/15/49 (b)	62,055		69,419
		0.88%, 01/15/29 - 02/15/47 (b)	36,088		38,913
				913,357
Treasury Inflation Indexed Securities 50.8%
	Cabinet Office, Government of Japan
		0.10%, 03/10/28 - 03/10/29, JPY (b)	2,290,944		22,084
	Canada, Government of
		4.25%, 12/01/26, CAD (b)	5,931		5,787
	Commonwealth of Australia
		1.25%, 02/21/22, AUD (d)	5,290		4,268
		3.00%, 09/20/25, AUD (d)	8,920		8,951
	Corporacion Andina de Fomento
		3.95%, 10/15/21, MXN (b)	12,583		648
	HM Treasury
		1.25%, 11/22/27, GBP (b) (c) (e)	22,719		39,081
		0.13%, 03/22/26 - 08/10/28, GBP (b) (c)	25,584		39,823
	New Zealand Government
		2.00%, 09/20/25, NZD (d)	14,100		10,676
		3.00%, 09/20/30, NZD (d)	2,500		2,181
	Republique Francaise Presidence
		2.10%, 07/25/23, EUR (b) (e)	15,409		19,003
	Treasury, United States Department of
		1.25%, 07/15/20 (a) (b)	8,119		8,153
		0.63%, 07/15/21 - 02/15/43 (a) (b)	5,556		5,656
		0.13%, 07/15/22 (b)	10,331		10,293
		0.13%, 01/15/23 (a) (b)	16,408		16,279
		0.38%, 07/15/23 (b)	65,958		66,391
		0.25%, 01/15/25 (b)	12,103		12,149
		2.38%, 01/15/25 (b) (c)	183,128		203,987
		2.00%, 01/15/26 (b) (c)	117,258		130,303
		2.38%, 01/15/27 (a) (b)	3,181		3,677
		1.75%, 01/15/28 (b)	18,842		21,203
		3.63%, 04/15/28 (b)	32,699		42,003
		2.50%, 01/15/29 (b)	25,343		30,649
		3.88%, 04/15/29 (b)	11,476		15,403
		2.13%, 02/15/40 (b)	45,702		60,891
				779,539
Mortgage-Backed Securities 12.9%
	Federal Home Loan Mortgage Corporation
		4.31%, (6M USD LIBOR + 1.75%), 07/01/36 (f)	106		110
		3.93%, (12M USD LIBOR + 1.50%), 09/01/36 (f)	98		102
		4.18%, (12M USD LIBOR + 1.68%), 10/01/36 (f)	60		63
		2.48%, (1M USD LIBOR + 0.45%), 09/15/42 (f)	4,249		4,245
	Federal National Mortgage Association, Inc.
		4.12%, (12M USD LIBOR + 1.31%), 11/01/35 (f)	17		18
		4.86%, (12M USD LIBOR + 1.81%), 03/01/36 (f)	38		39
		4.76%, (12M USD LIBOR + 2.02%), 06/01/36 (f)	15		15
		TBA, 2.50%, 11/15/47 - 12/15/47 (c)	69,200		68,816
		TBA, 3.00%, 11/15/47 - 12/15/47 (c)	95,000		96,330
		TBA, 3.50%, 11/15/47 - 12/15/47 (c)	26,590		27,277
				197,015
Collateralized Mortgage Obligations 1.1%
	Federal Home Loan Mortgage Corporation
		Series T-1A1-62, REMIC, 3.65%, (12M US Federal Reserve Cumulative Average CMT + 1.20%), 10/25/44 (f)	218		222
		Series T-1A1-63, REMIC, 3.49%, (12M US Federal Reserve Cumulative Average CMT + 1.20%), 02/25/45 (f)	162		165
		Series WF-4779, REMIC, 2.58%, (1M USD LIBOR + 0.35%), 07/15/44 (f)	2,528		2,522
	Federal National Mortgage Association, Inc.
		Series 2007-A1-73, REMIC, 2.28%, (1M USD LIBOR + 0.06%), 07/25/37 (f)	74		72
		Series 2019-FA-5, REMIC, 2.42%, (1M USD LIBOR + 0.40%), 03/25/49 (f)	8,335		8,334
	Government National Mortgage Association
		Series 2017-FB-H10, 3.63%, (1M USD LIBOR + 0.75%), 04/20/67 (f)	2,498		2,571
		Series 2018-FG-H15, REMIC, 2.27%, (1M USD LIBOR + 0.15%), 08/20/68 (f)	3,432		3,407
				17,293
Sovereign 0.8%
	Comision De Promocion Del Peru Para La Exportacion Y El Turismo
		5.94%, 02/12/29, PEN (g)	5,100		1,713
		6.15%, 08/12/32, PEN	16,600		5,611
	Generalitat de Catalunya
		4.95%, 02/11/20, EUR (h)	1,800		1,993
	Gobierno Federal de los Estados Unidos Mexicanos
		7.75%, 05/29/31, MXN	3,891		209
	Ministry of Diwan Amiri Affairs
		3.88%, 04/23/23 (g)	1,900		2,009
	Presidencia De La Nacion
		54.21%, (Argentina Deposit Rates Badlar + 3.25%), 03/01/20, ARS (f) (i)	200		2
		67.42%, (Argentina Central Bank 7 Day Repurchase Rate), 06/21/20, ARS (f)	146,540		1,145
		55.47%, (Argentina Deposit Rates Badlar + 2.00%), 04/03/22, ARS (f)	15,030		141
		59.93%, (Argentina Deposit Rates Badlar), 10/04/22, ARS (f)	500		8
				12,831
Commercial Mortgage-Backed Securities 0.6%
	Government National Mortgage Association
		Series 2019-FE-20, 2.44%, 02/20/49	8,522		8,503
Municipal 0.0%
	Tobacco Settlement Finance Authority of West Virginia
		7.47%, 06/01/47	285		295
	Total Government And Agency Obligations (cost $1,899,182)			1,928,833
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 11.5%
	ACE Securities Corp. Home Equity Loan Trust
		Series 2007-A2B-ASP1, REMIC, 2.22%, (1M USD LIBOR + 0.20%), 03/25/37 (f)	444		297
	Adagio IV CLO Designated Activity Company
		Series IV-A1R-A, 0.66%, (3M EURIBOR + 0.66%), 10/15/29, EUR (f) (g)	500		545
	Alternative Loan Trust
		Series 2005-A4-29CB, REMIC, 5.00%, 07/25/35	166		144
		Series 2006-A1-HY11, REMIC, 2.14%, (1M USD LIBOR + 0.12%), 06/25/36 (f)	575		560
		Series 2007-1A1-1T1, REMIC, 6.00%, 03/25/37	3,338		2,315
		Series 2007-1A35-4CB, REMIC, 6.00%, 04/25/37	469		468
	Atrium XII LLC
		Series AR-12A, 3.11%, (3M USD LIBOR + 0.83%), 04/22/27 (f) (g)	1,900		1,900
	Babson Euro CLO
		Series 2015-A1R-1A, 0.45%, (3M EURIBOR + 0.82%), 10/25/29, EUR (f) (g)	600		651
	Banc of America Mortgage Securities, Inc.
		Series 2005-2A1-E, REMIC, 4.70%, 06/25/35 (f)	44		42

368

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1	Value ($)
Bayview Opportunity Master Fund IVa Trust
	Series 2019-A1-SBR1, 3.47%, 06/28/34 (g) (j) (k)	231	232
BCAP LLC Trust
	Series 2011-5A1-RR5, REMIC, 5.25%, 05/26/22 (g)	562	574
	Series 2011-12A1-RR5, REMIC, 4.88%, 03/26/37 (f) (g)	621	636
Bear Stearns ALT-A Trust
	Series 2005-24A1-10, REMIC, 3.98%, 01/25/36 (f)	262	264
Bear Stearns ALT-A Trust Mortgage Pass-Through Certificates
	Series 2006-21A1-4, REMIC, 4.02%, 08/25/36 (f)	137	127
Bear Stearns ARM Trust
	Series 2003-3A2-3, REMIC, 5.07%, 05/25/33 (f)	15	15
	Series 2003-2A1-9, REMIC, 4.62%, 02/25/34 (f)	90	90
	Series 2004-22A1-9, REMIC, 4.45%, 11/25/34 (f)	85	87
	Series 2004-22A1-10, REMIC, 4.60%, 01/25/35 (f)	75	76
	Series 2005-2A1-1, REMIC, 4.31%, 03/25/35 (f)	153	155
Bear Stearns Asset Backed Securities I LLC
	Series 2005-M2-HE12, REMIC, 2.77%, (1M USD LIBOR + 0.75%), 12/25/35 (f)	216	215
Bear Stearns Asset Backed Securities I Trust
	Series 2007-1A1-HE7, REMIC, 3.02%, (1M USD LIBOR + 1.00%), 08/25/37 (f)	326	324
Bear Stearns Structured Products Inc. Trust
	Series 2007-2A1-R6, REMIC, 3.61%, 12/26/46 (f)	368	319
Benefit Street Partners CLO VII Ltd
	Series 2015-A1AR-VIIA, 3.08%, (3M USD LIBOR + 0.78%), 07/18/27 (f) (g)	1,100	1,100
Black Diamond CLO Designated Activity Company
	Series 2015-A1R-1A, 0.65%, (3M EURIBOR + 0.65%), 10/03/29, EUR (f) (g)	1,630	1,777
	Series 2015-A2R-1A, 3.38%, (3M USD LIBOR + 1.05%), 10/03/29 (f) (g)	1,060	1,058
Carlyle Global Market Strategies Euro CLO Designated Activity Company
	Series 2015-AA1R-2A, 0.73%, (3M EURIBOR + 0.73%), 09/21/29, EUR (f) (g)	250	273
Catamaran CLO Ltd
	Series 2013-AR-1A, 3.11%, (3M USD LIBOR + 0.85%), 01/27/28 (f) (g)	4,270	4,242
Chase Mortgage Finance Trust
	Series 2007-5A1-A1, REMIC, 4.47%, 02/25/37 (f)	19	19
CHL Mortgage Pass-Through Trust
	Series 2007-A1-1, REMIC, 6.00%, 03/25/37	1,234	1,033
CIFC Funding Ltd
	Series 2015-AR-2A, 3.08%, (3M USD LIBOR + 0.78%), 04/15/27 (f) (g)	4,508	4,497
CIT Mortgage Loan Trust
	Series 2007-1A-1, REMIC, 3.37%, (1M USD LIBOR + 1.35%), 08/25/24 (f) (g)	2,987	3,004
	Series 2007-2A3-1, REMIC, 3.47%, (1M USD LIBOR + 1.55%), 09/25/24 (f) (g)	126	127
Citigroup Mortgage Loan Trust Inc
	Series 2005-M3-HE4, REMIC, 2.48%, (1M USD LIBOR + 0.46%), 10/25/35 (f)	3,422	3,231
Citigtoup Mortgage Loan Trust
	Series 2019-A1-B, 3.26%, 04/25/66 (f) (g) (j)	393	395
	Series 2005-2A2B-3, REMIC, 4.57%, 08/25/35 (f)	95	84
	Series 2005-A2-6, REMIC, 4.55%, (12M US Federal Reserve Cumulative Average CMT + 2.15%), 09/25/35 (f)	18	18
	Series 2005-A1-6, REMIC, 4.68%, (12M US Federal Reserve Cumulative Average CMT + 2.10%), 09/25/35 (f)	16	16
	Series 2007-A3A-AMC2, REMIC, 2.10%, (1M USD LIBOR + 0.08%), 01/25/37 (f)	66	49
	Series 2007-A3A-AHL3, REMIC, 2.08%, (1M USD LIBOR + 0.06%), 05/25/37 (f)	140	112
	Series 2007-22AA-10, REMIC, 4.22%, 09/25/37 (f)	616	569
	Series 2004-1CB1-NCM2, REMIC, 5.50%, 08/25/34	12	12
	Series 2006-A1-AMC1, REMIC, 2.16%, (1M USD LIBOR + 0.15%), 09/25/36 (f) (g)	1,640	1,566
	Series 2007-1A1A-AR4, REMIC, 4.61%, 03/25/37 (f)	2,384	2,324
	Series 2015-1A1-2, REMIC, 2.35%, (1M USD LIBOR + 0.20%), 06/25/47 (f) (g)	1,764	1,740
College Loan Corporation
	Series 2007-A1-2, 2.53%, (3M USD LIBOR + 0.25%), 01/25/24 (f)	800	781
CoreVest American Finance Trust
	Series 2017-A-1, 2.97%, 07/15/22 (g)	559	566
Credit Suisse Mortgage Capital Certificates
	Series 2019-A1-RPL4, 3.83%, 04/25/22 (g)	291	293
Credit Suisse Securities (USA) LLC
	Series 2004-2A1-AR3, REMIC, 4.54%, 04/25/34 (f)	4	4
Credit-Based Asset Servicing & Securitization LLC
	Series 2007-A3-CB6, 2.24%, (1M USD LIBOR + 0.22%), 07/25/37 (f) (g)	3,229	2,182
	Series 2007-A1-CB6, REMIC, 2.14%, (1M USD LIBOR + 0.12%), 07/25/37 (f) (g)	110	73
	Series 2005-M4-CB3, REMIC, 3.07%, (1M USD LIBOR + 1.05%), 08/25/34 (f)	205	201
CSMC
	Series 2015-5A2-3R, REMIC, 2.17%, (1M USD LIBOR + 0.15%), 09/29/36 (f) (g)	2,730	2,635
	Series 2015-2A2-12R, REMIC, 2.77%, 12/03/37 (f) (g)	2,300	2,053
CSMC Mortgage-Backed Trust
	Series 2007-1A6A-1, REMIC, 5.86%, 02/25/37 (f)	726	339
CVP Cascade CLO-1 Ltd
	Series 2013-A1R-CLO1, 3.47%, (3M USD LIBOR + 1.15%), 01/16/26 (f) (g)	541	541
CWABS Asset-Backed Certificates Trust
	Series 2007-1A1-8, REMIC, 2.21%, (1M USD LIBOR + 0.19%), 02/25/36 (f)	4,574	4,351
	Series 2007-1A1-12, REMIC, 2.76%, (1M USD LIBOR + 0.74%), 06/25/37 (f) (k)	159	158
CWABS, Inc.
	Series 2005-MV3-11, REMIC, 2.55%, (1M USD LIBOR + 0.53%), 01/25/36 (f)	4,100	4,065
CWMBS, Inc.
	Series 2004-11A1-12, REMIC, 3.80%, 08/25/34 (f)	81	79
	Series 2004-5A-HYB7, REMIC, 4.49%, 11/20/34 (f)	15	15
	Series 2004-2A1-HYB5, REMIC, 4.18%, 04/20/35 (f)	47	45
Eurosail PLC
	Series 2007-A3A-3X, 1.73%, (3M GBP LIBOR + 0.95%), 06/13/45, GBP (e) (f)	1,203	1,465
	Series 2007-A3C-3A, 1.73%, (3M GBP LIBOR + 0.95%), 06/13/45, GBP (f) (g)	414	504
First Franklin Mortgage Loan Trust
	Series 2006-A5-FF10, REMIC, 2.33%, (1M USD LIBOR + 0.31%), 07/25/36 (f)	2,930	2,758
First NLC Trust
	Series 2007-A1-1, REMIC, 2.09%, (1M USD LIBOR + 0.07%), 08/25/37 (f) (g)	269	178
Flagship VII LTD
	Series 2013-A1R-7A, 3.40%, (3M USD LIBOR + 1.12%), 01/20/26 (f) (g)	491	491
Great Hall Mortgages PLC
	Series 2006-A2A-1, 0.93%, (3M GBP LIBOR + 0.15%), 06/18/38, GBP (e) (f)	83	100
	Series 2007-A2A-1, 0.91%, (3M GBP LIBOR + 0.13%), 03/18/39, GBP (e) (f)	107	129
GreenPoint Mortgage Funding Trust
	Series 2006-A-A6, REMIC, 2.20%, (1M USD LIBOR + 0.18%), 09/25/46 (f)	462	425

369

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1	Value ($)
Grifonas Finance PLC
	Series 1-A, 0.00%, (6M EURIBOR + 0.28%), 08/28/39, EUR (e) (f)	719	713
GS Mortgage Securities Corp Trust
	Series 2010-A2-C1, REMIC, 4.59%, 07/10/20 (g)	4,300	4,347
GS Mortgage Securities Corp.
	Series 2006-AF4A-7, REMIC, 6.22%, 03/25/46 (k)	410	323
GSR Mortgage Loan Trust
	Series 2005-1A1-AR1, REMIC, 4.72%, 01/25/35 (f)	62	62
Halcyon Loan Advisors Funding Ltd
	Series 2015-AR-1A, 3.20%, (3M USD LIBOR + 0.92%), 04/20/27 (f)	1,500	1,499
Harborview Mortgage Loan Trust
	Series 2004-2A-1, REMIC, 4.30%, 04/19/34 (f)	126	123
HarborView Mortgage Loan Trust
	Series 2007-A1A-5, REMIC, 2.25%, (1M USD LIBOR + 0.19%), 09/19/37 (f) (k)	31	30
Hawksmoor Mortgage Funding
	Series 2019-A-1A, 0.00%, 05/25/53, GBP (g)	7,300	8,990
Home Equity Asset Trust
	Series 2004-M1-2, REMIC, 2.81%, (1M USD LIBOR + 0.80%), 07/25/34 (f) (k)	171	169
	Series 2005-M2-8, REMIC, 2.47%, (1M USD LIBOR + 0.45%), 02/25/36 (f) (k)	1,700	1,663
HomeBanc Mortgage Trust
	Series 2005-A2-4, REMIC, 2.68%, (1M USD LIBOR + 0.66%), 10/25/35 (f)	179	180
IndyMac MBS, Inc.
	Series 2003-A2-A5, REMIC, 5.50%, 06/25/33	18	18
	Series 2005-4A1-AR1, REMIC, 4.17%, 03/25/35 (f)	190	189
	Series 2005-2A1-AR1, REMIC, 4.57%, 11/25/35 (f)	118	119
	Series 2005-A1-16IP, REMIC, 2.66%, (1M USD LIBOR + 0.64%), 07/25/45 (f)	126	119
J.P. Morgan Mortgage Acquisition Trust
	Series 2006-AV5-CH2, REMIC, 2.23%, (1M USD LIBOR + 0.21%), 10/25/36 (f) (k)	94	92
J.P. Morgan Mortgage Trust
	Series 2007-1A1-A1, REMIC, 4.48%, 07/25/35 (f)	74	75
	Series 2005-7A1-A6, REMIC, 4.26%, 08/25/35 (f)	131	129
	Series 2005-2A1-A6, REMIC, 4.58%, 08/25/35 (f)	97	97
	Series 2005-4A1-A6, REMIC, 4.26%, 09/25/35 (f)	20	20
	Series 2008-1A1-R2, REMIC, 3.72%, 07/27/37 (f) (g)	364	374
Jamestown CLO Ltd
	Series 2014-A1AR-4A, 2.99%, (3M USD LIBOR + 0.69%), 07/15/26 (f) (g)	1,530	1,532
Jamestown CLO V Ltd
	Series 2014-AR-5A, 3.52%, (3M USD LIBOR + 1.22%), 01/19/27 (f) (g)	4,208	4,213
Jubilee CLO BV
	Series 2015-AR-15A, 0.48%, (3M EURIBOR + 0.84%), 07/12/28, EUR (f) (g)	1,000	1,084
	Series 2015-A1R-16A, 0.37%, (3M EURIBOR + 0.80%), 12/15/29, EUR (f) (g)	1,840	2,004
KVK CLO Ltd
	Series 2013-AR-1A, 3.20%, (3M USD LIBOR + 0.90%), 01/14/28 (f) (g)	560	558
Legacy Mortgage Asset Trust
	Series 2019-A1-GS3, 3.75%, 04/25/21 (g) (k)	758	770
Lehman XS Trust
	Series 2007-2A1-15N, REMIC, 2.27%, (1M USD LIBOR + 0.25%), 08/25/47 (f)	1,098	1,028
Loancore Issuer Ltd.
	Series 2019-A-CRE2, 3.16%, (1M USD LIBOR + 1.13%), 10/15/23 (f) (g)	2,700	2,701
Long Beach Mortgage Loan Trust
	Series 2006-2A2-7, 2.14%, (1M USD LIBOR + 0.12%), 08/25/36 (f)	515	272
Man GLG Euro CLO II DAC
	Series A1R-2A, 0.87%, 01/15/30, EUR (f) (g)	800	876
Marathon CLO V Ltd
	Series 2013-A1R-5A, 3.02%, 11/21/27 (g)	1,450	1,442
Marlette Funding Trust
	Series 2019-A-3A, 2.69%, 09/17/29 (g)	622	623
MASTR Adjustable Rate Mortgages Trust
	Series 2003-2A1-6, REMIC, 4.15%, 12/25/33 (f)	221	214
MASTR Asset Backed Securities Trust
	Series 2005-M1-FRE1, REMIC, 2.77%, (1M USD LIBOR + 0.75%), 10/25/35 (f)	72	70
Merrill Lynch Mortgage Capital Inc.
	Series 2004-2A2-A1, REMIC, 4.45%, 02/25/34 (f)	127	126
Merrill Lynch Mortgage Investors Trust
	Series 2003-1A1-A2, REMIC, 4.44%, 02/25/33 (f)	65	63
Morgan Stanley ABS Capital Trust I Inc.
	Series 2007-A1-HE6, REMIC, 2.08%, (1M USD LIBOR + 0.06%), 05/25/37 (f)	61	53
	Series 2004-M3-NC7, REMIC, 2.99%, (1M USD LIBOR + 0.98%), 07/25/34 (f)	461	456
	Series 2005-M2-HE2, REMIC, 2.68%, (1M USD LIBOR + 0.66%), 01/25/35 (f)	1,338	1,295
MortgageIT Trust
	Series 2004-M2-2, REMIC, 3.02%, (1M USD LIBOR + 1.01%), 12/25/34 (f)	381	363
Navient Funding, LLC
	Series 2003-A5-2, 0.00%, (3M EURIBOR + 0.26%), 12/15/23, EUR (f)	28	30
	Series 2004-A5-2, 0.00%, (3M EURIBOR + 0.18%), 01/25/24, EUR (e) (f)	590	643
	Series 2003-A5-5, 0.00%, (3M EURIBOR + 0.27%), 06/17/24, EUR (f)	305	332
	Series 2004-A6B-3A, 2.83%, (3M USD LIBOR + 0.55%), 10/25/39 (f)	2,800	2,738
NCUA Guaranteed Notes Trust
	Series 2010-1A-R1, REMIC, 2.68%, (1M USD LIBOR + 0.45%), 10/07/20 (f)	546	546
	Series 2010-2A-R3, REMIC, 2.62%, (1M USD LIBOR + 0.56%), 12/08/20 (f)	1,715	1,718
New Century Home Equity Loan Trust
	Series 2004-M1-4, REMIC, 2.78%, (1M USD LIBOR + 0.77%), 02/25/35 (f)	378	370
Nomura Home Equity Loan, Inc. Trust
	Series 2005-M3-FM1, REMIC, 2.78%, (1M USD LIBOR + 0.77%), 05/25/35 (f)	2,735	2,653
OCP CLO Ltd
	Series 2015-A1R-8A, 3.15%, (3M USD LIBOR + 0.85%), 04/17/27 (f) (g)	1,192	1,192
	Series 2015-A1R-9A, 3.10%, (3M USD LIBOR + 0.80%), 07/15/27 (f) (g)	2,600	2,600
	Series 2015-A1R-10A, 3.09%, (3M USD LIBOR + 0.82%), 10/26/27 (f) (g)	2,050	2,048
OHA Credit Partners IX Ltd
	Series 2013-A1R-9A, 3.29%, (3M USD LIBOR + 1.01%), 10/20/25 (f) (g)	1,493	1,493
Penta CLO 2 B.V.
	Series 2015-AR-2A, 0.79%, (3M EURIBOR + 0.79%), 08/04/28, EUR (f) (g)	1,000	1,090
Provident Funding Mortgage Loan Trust
	Series 2003-A-1, REMIC, 4.88%, 08/25/33 (f)	75	75
RALI Series Trust
	Series 2007-A-QH8, REMIC, 3.39%, 10/25/37 (f)	881	810
Residential Asset Mortgage Products, Inc.
	Series 2004-MII1-RS2, REMIC, 2.89%, (1M USD LIBOR + 0.87%), 02/25/34 (f)	629	627
Residential Asset Securities Corporation
	Series 2005-M2-KS11, REMIC, 2.65%, (1M USD LIBOR + 0.63%), 12/25/35 (f)	500	494
	Series 2006-M1-KS3, REMIC, 2.51%, (1M USD LIBOR + 0.33%), 04/25/36 (f)	1,000	982
	Series 2006-A4-EMX4, REMIC, 2.48%, (1M USD LIBOR + 0.46%), 06/25/36 (f)	5,768	5,552
Residential Asset Securitization Trust
	Series 2006-A5-A10, REMIC, 6.50%, 09/25/36	228	150

370

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Saxon Asset Securities Trust
		Series 2007-1A-3, REMIC, 2.33%, (1M USD LIBOR + 0.31%), 08/25/24 (f)	800		755
	Securitized Asset Backed Receivables LLC
		Series 2006-A2C-HE2, REMIC, 2.17%, (1M USD LIBOR + 0.15%), 07/25/36 (f)	472		258
		Series 2006-A2C-HE1, REMIC, 2.18%, (1M USD LIBOR + 0.16%), 07/25/36 (f) (k)	3,283		1,744
	SLM Private Education Loan Trust
		Series 2013-A2A-B, 1.85%, 06/17/30 (g)	42		42
		Series 2011-A3-B, 4.28%, (1M USD LIBOR + 2.25%), 06/16/42 (f) (g)	940		948
	SLM Student Loan Trust
		Series 2008-A-9, 3.78%, (3M USD LIBOR + 1.50%), 04/25/23 (f)	1,268		1,275
	SoFi Professional Loan Program LLC
		Series 2017-A1FX-F, 2.05%, 01/25/21 (g)	1,208		1,206
	Soundview Home Loan Trust
		Series 2007-1A1-OPT1, REMIC, 2.22%, (1M USD LIBOR + 0.20%), 06/25/37 (f)	2,086		1,661
	SpringCastle Funding Asset-Backed Notes
		Series 2019-A-AA, 3.20%, 05/25/26 (g)	4,438		4,482
	Stanwich Mortgage Loan Co LLC
		Series 2019-A1-NPB1, REMIC, 3.38%, 08/15/22 (g) (k)	288		288
	Structured Asset Mortgage Investments II Inc.
		Series 2004-1A1-AR5, REMIC, 2.72%, (1M USD LIBOR + 0.66%), 10/19/34 (f)	14		13
	Structured Asset Securities Corporation
		Series 2004-4A1-1, REMIC, 4.46%, 02/25/34 (f)	217		216
	TBW Mortgage-Backed Trust
		Series 2006-A6-4, REMIC, 5.97%, 09/25/36 (k)	473		36
	THL Credit Wind River CLO Ltd
		Series 2015-A1R-2A, 3.17%, 10/15/27 (g)	250		250
	Thornburg Mortgage Securities Trust
		Series 2005-A3-1, REMIC, 4.58%, 04/25/45 (f)	145		139
		Series 2006-A2B-4, REMIC, 4.47%, 07/25/36 (f)	155		144
	Towd Point Mortgage Funding
		Series 2019-A1-GR4A, 1.79%, (3M GBP LIBOR + 1.03%), 10/20/51, GBP (e) (f)	6,795		8,377
	Tralee CLO III Ltd
		Series 2014-AR-3A, 3.31%, (3M USD LIBOR + 1.03%), 10/20/27 (f) (g)	2,600		2,597
	U.S. Small Business Administration
		Series 2017-1-20L, 5.29%, 12/01/27	235		252
	Venture XX CLO Ltd
		Series 2015-AR-20A, 3.12%, (3M USD LIBOR + 0.82%), 04/15/27 (f) (g)	5,474		5,461
	Venture XXI CLO Ltd
		Series 2015-AR-21A, 3.18%, (3M USD LIBOR + 0.88%), 07/15/27 (f) (g)	2,200		2,200
	VOLT LXII LLC
		Series 2017-A1-NPL9, 3.13%, 09/25/20 (g) (k)	1,704		1,703
	Vornado DP LLC
		Series 2010-A2FX-VNO, 4.00%, 09/13/20 (g)	4,600		4,677
	Voya CLO Ltd
		Series 2014-A1R-3A, 3.00%, 07/27/26 (g)	2,428		2,428
	Washington Mutual Mortgage Pass-Through Certificates Trust
		Series 2003-A7-AR5, REMIC, 4.68%, 06/25/33 (f)	92		94
		Series 2003-2A-AR9, REMIC, 4.40%, 09/25/33 (f)	93		93
		Series 2005-3A1-AR10, REMIC, 3.88%, 08/25/35 (f)	19		18
		Series 2005-2A1-AR14, REMIC, 3.99%, 12/25/35 (f)	94		93
		Series 2006-1A-AR9, REMIC, 3.45%, (12M US Federal Reserve Cumulative Average CMT + 1.00%), 08/25/46 (f)	1,973		1,884
		Series 2007-1A-OA4, REMIC, 3.22%, (12M US Federal Reserve Cumulative Average CMT + 0.77%), 05/25/47 (f)	288		267
	Washington Mutual Mortgage Securities Corp.
		Series 2003-A5-AR1, REMIC, 4.52%, 03/25/33 (f)	43		43
	Wells Fargo Mortgage Backed Securities Trust
		Series 2004-A1-AA, REMIC, 4.98%, 12/25/34 (f)	69		69
	Wind River CLO Ltd
		Series 2012-AR2-1A, 3.18%, (3M USD LIBOR + 0.88%), 01/15/26 (f) (g)	1,800		1,800
	Z Capital Credit Partners CLO Ltd
		Series 2015-A1R-1A, 3.27%, (3M USD LIBOR + 0.95%), 07/16/27 (f) (g)	3,570		3,560
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $175,858)			176,003
CORPORATE BONDS AND NOTES 7.7%
Financials 5.1%
	AerCap Ireland Limited
		4.25%, 07/01/20	3,400		3,457
		4.63%, 10/30/20	400		411
	Ally Financial Inc.
		3.75%, 11/18/19	200		200
		4.13%, 03/30/20	250		252
		4.25%, 04/15/21	50		51
	Banco Bilbao Vizcaya Argentaria, S.A.
		5.88%, (callable at 100 beginning 09/24/23), EUR (e) (l)	200		230
		6.75%, (callable at 100 beginning 02/18/20), EUR (e) (l)	400		444
	Banco Santander, S.A.
		6.25%, (callable at 100 beginning 09/11/21), EUR (e) (l)	100		115
	Bank of America Corporation
		5.88%, (callable at 100 beginning 03/15/28) (l)	1,160		1,256
	Bank of Ireland
		7.38%, (callable at 100 beginning 06/18/20), EUR (e) (l)	200		226
	Cooperatieve Rabobank U.A.
		5.50%, (callable at 100 beginning 06/29/20), EUR (e) (l) (m)	2,500		2,805
		6.63%, (callable at 100 beginning 06/29/21), EUR (e) (l)	1,200		1,425
	Credit Suisse Group Funding (Guernsey) Ltd
		3.80%, 09/15/22	3,900		4,055
	Deutsche Bank Aktiengesellschaft
		4.25%, 10/14/21	7,000		7,121
	Diamond Finance International Limited
		4.42%, 06/15/21 (g)	4,200		4,331
	ERAC USA Finance LLC
		2.70%, 11/01/23 (g)	100		101
	Ford Motor Credit Company LLC
		2.70%, (3M USD LIBOR + 0.43%), 11/02/20 (f)	600		595
	General Electric Capital Corporation
		2.20%, 01/09/20	1,300		1,298
		4.38%, 09/16/20	100		102
		3.10%, 01/09/23	2,300		2,330
	Imperial Brands Finance PLC
		2.95%, 07/21/20 (g)	1,200		1,204
	JT International Financial Services B.V.
		3.50%, 09/28/23 (e)	200		208
	Lloyds Banking Group PLC
		6.38%, (callable at 100 beginning 06/27/20), EUR (e) (l)	600		672
		2.96%, (3M USD LIBOR + 0.80%), 06/21/21 (f)	2,600		2,606
	Mitsubishi UFJ Financial Group Inc
		4.02%, (3M USD LIBOR + 1.88%), 03/01/21 (f)	1,111		1,134
	Mitsubishi UFJ Lease & Finance Company Limited
		3.41%, 02/28/22 (g)	400		409
		2.65%, 09/19/22 (g)	200		201
		3.96%, 09/19/23 (g)	400		421
	NatWest Markets PLC
		7.50%, (callable at 100 beginning 08/10/20) (l) (m)	1,000		1,021
	Navient Corporation
		5.88%, 03/25/21	200		207
	Nissan Motor Acceptance Corporation
		3.15%, 03/15/21 (g)	100		101
	Petrobras Global Finance B.V.
		6.13%, 01/17/22	247		265

371

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
		5.09%, 01/15/30 (g)	4,043		4,215
		6.63%, 01/16/34, GBP	200		291
	State Bank of India
		3.25%, (3M USD LIBOR + 0.95%), 04/06/20 (e) (f)	4,300		4,306
	Syngenta Finance N.V.
		3.93%, 04/23/21 (g)	400		407
	The Goldman Sachs Group, Inc.
		3.32%, (3M USD LIBOR + 1.20%), 09/15/20 (f)	5,800		5,844
	The Royal Bank of Scotland Group Public Limited Company
		8.63%, (callable at 100 beginning 08/15/21) (l) (m)	200		214
		3.66%, (3M USD LIBOR + 1.55%), 06/25/24 (f)	2,000		2,002
		4.52%, 06/25/24 (f) (m)	1,300		1,365
	The Toronto-Dominion Bank
		2.25%, 03/15/21 (g)	3,000		3,014
	UBS AG
		2.68%, (3M USD LIBOR + 0.58%), 06/08/20 (f) (g)	5,400		5,416
	UniCredit S.p.A.
		7.83%, 12/04/23 (g)	9,650		11,240
				77,568
Communication Services 0.6%
	AT&T Inc.
		5.15%, 02/15/50	1,500		1,756
		5.30%, 08/15/58	500		588
	CC Holdings GS V LLC
		3.85%, 04/15/23	200		210
	Charter Communications Operating, LLC
		3.58%, 07/23/20	2,120		2,139
	Deutsche Telekom International Finance B.V.
		1.95%, 09/19/21 (g)	2,600		2,583
	Spectrum Management Holding Company, LLC
		5.00%, 02/01/20	200		202
	Sprint Communications, Inc.
		7.00%, 08/15/20	700		723
	Sprint Spectrum Co LLC
		3.36%, 09/20/21 (g)	500		503
				8,704
Consumer Discretionary 0.4%
	Discovery Communications, LLC
		2.95%, 03/20/23	100		102
	Ford Motor Credit Company LLC
		3.55%, 10/07/22	1,600		1,603
	McDonald's Corporation
		2.69%, (3M USD LIBOR + 0.43%), 10/28/21 (f)	5,200		5,193
				6,898
Consumer Staples 0.4%
	Campbell Soup Company
		3.30%, 03/15/21	300		304
	Constellation Brands, Inc.
		2.25%, 11/06/20	800		801
	Danone
		2.08%, 11/02/21 (g)	2,500		2,495
	Pernod Ricard
		5.75%, 04/07/21 (g)	2,500		2,630
				6,230
Industrials 0.4%
	Avolon Holdings Funding Limited
		5.50%, 01/15/23 (g)	100		107
	Central Nippon Expressway Company Limited
		2.85%, 03/03/22 (e)	200		202
	Equifax Inc.
		3.60%, 08/15/21	900		919
	International Lease Finance Corporation
		8.25%, 12/15/20	500		534
	Komatsu Finance America Inc.
		2.44%, 09/11/22 (e)	400		401
	Park Aerospace Holdings Limited
		5.25%, 08/15/22 (g)	300		317
	Penske Truck Leasing Co., L.P.
		3.38%, 02/01/22 (g)	100		102
	Textron Inc.
		2.73%, (3M USD LIBOR + 0.55%), 11/10/20 (f)	3,610		3,608
				6,190
Energy 0.4%
	Enbridge Inc.
		2.82%, (3M USD LIBOR + 0.70%), 06/15/20 (f)	5,100		5,111
	Regency Energy Partners LP
		5.75%, 09/01/20	100		102
	Sabine Pass Liquefaction, LLC
		5.63%, 02/01/21 (k)	200		207
	Spectra Energy Partners, LP
		2.83%, (3M USD LIBOR + 0.70%), 06/05/20 (f)	200		200
				5,620
Information Technology 0.3%
	Broadcom Corporation
		3.00%, 01/15/22	200		202
	Microchip Technology Incorporated
		3.92%, 06/01/21	3,400		3,469
	NXP B.V.
		4.13%, 06/01/21 (g)	400		410
	VMware, Inc.
		3.90%, 08/21/27	200		206
				4,287
Utilities 0.1%
	Eversource Energy
		2.90%, 10/01/24	100		102
	Sempra Energy
		2.57%, (3M USD LIBOR + 0.45%), 03/15/21 (f)	800		798
	Southern California Edison Company
		3.88%, 06/01/21	200		205
				1,105
Real Estate 0.0%
	Akelius Residential Property Ab (Publ)
		3.38%, 09/23/20, EUR (e)	100		113
	American Tower Corporation
		2.80%, 06/01/20	200		201
	Crown Castle International Corp.
		3.15%, 07/15/23	200		205
				519
Health Care 0.0%
	Amgen Inc.
		1.85%, 08/19/21 (h)	100		99
	Community Health Systems, Inc.
		6.25%, 03/31/23	200		199
				298
	Total Corporate Bonds And Notes (cost $114,592)			117,419
PREFERRED STOCKS 0.0%
Financials 0.0%
	Wells Fargo & Co. - Series L, 7.50% (l) (m)		—		761
	Total Preferred Stocks (cost $500)			761
SHORT TERM INVESTMENTS 1.4%
Certificates of Deposit 0.7%
	Barclays Bank PLC
		2.68%, (3M USD LIBOR + 0.40%), 10/25/19 (f)	11,000		11,000
Treasury Securities 0.5%
	Presidencia Da Republica Federativa Do Brasil
		5.55%, 01/01/20, BRL (n)	31,502		7,486
	Presidencia De La Nacion
		149.23%, 02/26/20, ARS (n)	4,290		51
		46.69%, 04/08/20, ARS (n)	2,634		29
		51.35%, 05/13/20, ARS (n)	15,550		149
		58.25%, 08/27/20, ARS (n)	2,634		21
				7,736
Securities Lending Collateral 0.1%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (o) (p)		1,430		1,430
U.S. Treasury Bill 0.1%
	Treasury, United States Department of
		1.93%, 11/21/19 (a) (n)	311		310

372

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
		1.81%, 12/26/19 (a) (n)	644		641
				951
	Total Short Term Investments (cost $22,206)			21,117
Total Investments 146.4% (cost $2,212,338)					2,244,133
Total Purchased Options 0.0% (cost $586)					580
Other Derivative Instruments (0.2)%					(3,763)
Other Assets and Liabilities, Net (46.2)%					(707,911)
Total Net Assets 100.0%					1,533,039

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

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

(c)All or a portion of the security was purchased on a delayed delivery basis. As of September 30, 2019, the total payable for investments purchased on a delayed delivery basis was $1,005,390.

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

(e)Security is restricted to resale to institutional investors. See Restricted Securities in the Schedules of Investments.

(f)Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of September 30, 2019. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations (“CMO”) and mortgage-backed securities (“MBS”) are determined by tranches of underlying mortgage-backed security pools’ cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security’s offering documents.

(g)The Adviser has deemed this security, which is exempt from registration under the Securities Act of 1933, as amended, to be liquid based on procedures approved by the Board of Trustees. As of September 30, 2019, the value and the percentage of net assets of these liquid securities was $147,341 and 9.6% of the Fund.

(h)All or a portion of the security was on loan as of September 30, 2019.

(i)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

(j)Security fair valued in good faith as a Level 2 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Schedules of Investments.

(k)Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of September 30, 2019.

(l)Perpetual security. Next contractual call date presented, if applicable.

(m)Convertible security.

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

(o)Investment in affiliate.

(p)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Akelius Residential Property Ab (Publ), 3.38%, 09/23/20	02/02/17	110	113	—
	Banco Bilbao Vizcaya Argentaria, S.A., 5.88%, callable at 100 beginning 09/24/23	01/30/19	222	230	—
	Banco Bilbao Vizcaya Argentaria, S.A., 6.75%, callable at 100 beginning 02/18/20	05/01/18	490	444	—
	Banco Santander, S.A., 6.25%, callable at 100 beginning 09/11/21	01/16/19	113	115	—
	Bank of Ireland, 7.38%, callable at 100 beginning 06/18/20	08/02/18	240	226	—
	Central Nippon Expressway Company Limited, 2.85%, 03/03/22	06/26/19	202	202	—
	Cooperatieve Rabobank U.A., 5.50%, callable at 100 beginning 06/29/20	01/24/18	3,142	2,805	0.2
	Cooperatieve Rabobank U.A., 6.63%, callable at 100 beginning 06/29/21	09/05/18	1,472	1,425	0.1
	Eurosail PLC, Series 2007-A3A-3X, 1.73%, 06/13/45	06/29/16	1,462	1,465	0.1
	Great Hall Mortgages PLC, Series 2006-A2A-1, 0.93%, 06/18/38	04/09/19	107	100	—
	Great Hall Mortgages PLC, Series 2007-A2A-1, 0.91%, 03/18/39	04/09/19	137	129	—
	Grifonas Finance PLC, Series 1-A, 0.00%, 08/28/39	02/10/15	594	713	0.1
	HM Treasury, 1.25%, 11/22/27	06/06/19	39,309	39,081	2.6
	JT International Financial Services B.V., 3.50%, 09/28/23	06/26/19	207	208	—
	Komatsu Finance America Inc., 2.44%, 09/11/22	09/17/19	400	401	—
	Lloyds Banking Group PLC, 6.38%, callable at 100 beginning 06/27/20	01/31/18	776	672	0.1
	Navient Funding, LLC, Series 2004-A5-2, 0.00%, 01/25/24	04/19/17	630	643	—
	Republique Francaise Presidence, 2.10%, 07/25/23	09/13/19	19,343	19,003	1.2
	State Bank of India, 3.25%, 04/06/20	10/26/17	4,303	4,306	0.3
	Towd Point Mortgage Funding, Series 2019-A1-GR4A, 1.79%, 10/20/51	03/22/19	8,972	8,377	0.6
			82,231	80,658	5.3

JNL/PIMCO Real Return Fund — Futures Contracts
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
Euro Bund	501	December 2019	EUR	88,239	(38)			(1,042)
Italy Short Term Government BTP Bond	626	December 2019	EUR	70,607	55			(72)
United States 10 Year Note	864	December 2019		113,872	(68)			(1,282)
United States 2 Year Note	46	January 2020		9,904	(1)			9
					(52)			(2,387)
Short Contracts
Australia 10 Year Bond	(44)	December 2019	AUD	(6,445)	23			(26)
Australia 3 Year Bond	(72)	December 2019	AUD	(8,299)	6			(21)
Euro BOBL	(137)	December 2019	EUR	(18,584)	(15)			—
Euro Buxl 30 Year Bond	(8)	December 2019	EUR	(1,787)	16			52
Euro OAT	(593)	December 2019	EUR	(101,887)	71			992

373

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

JNL/PIMCO Real Return Fund — Futures Contracts (continued)
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Euro Schatz	(3,042)	December 2019	EUR	(342,438)	(116)			812
Italy Government BTP Bond	(3)	December 2019	EUR	(436)	—			(2)
Japan 10 Year Bond	(12)	December 2019	JPY	(1,862,096)	23			17
Long Gilt	(356)	December 2019	GBP	(47,627)	(171)			(200)
United States 5 Year Note	(1,176)	January 2020		(140,590)	55			472
United States Long Bond	(333)	December 2019		(54,716)	10			666
United States Ultra Bond	(53)	December 2019		(10,529)	(3)			358
					(101)			3,120

JNL/PIMCO Real Return Fund — Centrally Cleared Interest Rate Swap Agreements
Floating Rate Index2	Paying / Receiving Floating Rate	Fixed Rate2 (%)		Expiration	Notional1		Variation Margin Receivable (Payable) ($)		Unrealized Appreciation (Depreciation) ($)
3M LIBOR (Q)	Receiving	1.75	(S)	12/21/26		36,760		5		486
3M LIBOR (Q)	Receiving	2.25	(S)	06/20/28		11,200		8		(1,266)
3M LIBOR (Q)	Receiving	1.75	(S)	09/12/29		41,400		(4)		(304)
3M LIBOR (Q)	Receiving	2.15	(S)	06/19/48		1,050		(2)		(106)
3M LIBOR (Q)	Receiving	2.50	(S)	06/20/48		820		(2)		(248)
3M LIBOR (Q)	Receiving	2.25	(S)	12/11/49		6,100		(11)		(762)
3M LIBOR (Q)	Receiving	2.00	(S)	01/15/50		500		(1)		(31)
3M LIBOR (Q)	Receiving	1.63	(S)	01/16/50		300		(1)		11
3M LIBOR (Q)	Receiving	1.75	(S)	01/22/50		2,600		(4)		(7)
3M LIBOR (Q)	Receiving	1.63	(S)	02/03/50		1,500		(3)		38
3M LIBOR (Q)	Receiving	2.25	(S)	03/12/50		2,900		(5)		(366)
3M LIBOR (Q)	Paying	1.85	(S)	02/24/25		14,400		(3)		268
6M British Bankers' Association Yen LIBOR (S)	Receiving	0.30	(S)	03/20/28	JPY	60,000		1		(17)
6M British Bankers' Association Yen LIBOR (S)	Receiving	0.45	(S)	03/20/29	JPY	792,690		23		(307)
Federal Funds Effective Rate (A)	Receiving	2.00	(A)	12/15/47		7,600		18		(921)
Federal Funds Effective Rate (A)	Receiving	2.43	(A)	12/20/47		1,300		3		(288)
Federal Funds Effective Rate (A)	Receiving	2.50	(A)	12/20/47		4,450		12		(1,059)
France CPI Excluding Tobacco (A)	Receiving	1.00	(A)	04/15/20	EUR	890		—		(2)
France CPI Excluding Tobacco (A)	Receiving	1.16	(A)	08/15/20	EUR	410		—		(4)
France CPI Excluding Tobacco (A)	Receiving	1.35	(A)	06/15/21	EUR	3,700		1		(60)
France CPI Excluding Tobacco (A)	Receiving	1.03	(A)	03/15/24	EUR	7,600		(4)		(121)
France CPI Excluding Tobacco (A)	Paying	1.91	(A)	01/15/38	EUR	410		2		87
HICP (A)	Paying	1.62	(A)	05/15/28	EUR	2,260		2		176
HICP (A)	Paying	1.24	(A)	08/15/39	EUR	1,960		13		14
HICP (A)	Paying	1.95	(A)	03/15/48	EUR	1,600		7		519
HICP (A)	Paying	1.95	(A)	11/15/48	EUR	900		10		300
HICP (A)	Paying	1.95	(A)	11/15/48	EUR	1,520		16		506
HICP (A)	Paying	1.39	(A)	08/15/49	EUR	960		11		28
U.K. Retail Price Index (A)	Receiving	3.60	(A)	09/15/34	GBP	17,090		(96)		(17)
U.K. Retail Price Index (A)	Paying	3.85	(A)	09/15/24	GBP	9,300		9		14
U.K. Retail Price Index (A)	Paying	3.35	(A)	05/15/30	GBP	8,300		22		(261)
U.K. Retail Price Index (A)	Paying	3.40	(A)	06/15/30	GBP	9,900		26		(306)
U.K. Retail Price Index (A)	Paying	3.30	(A)	12/15/30	GBP	3,500		8		(8)
U.K. Retail Price Index (A)	Paying	3.14	(A)	04/15/31	GBP	6,600		19		(55)
U.K. Retail Price Index (A)	Paying	3.10	(A)	06/15/31	GBP	7,200		20		(122)
U.K. Retail Price Index (A)	Paying	3.53	(A)	10/15/31	GBP	7,950		31		(261)
U.K. Retail Price Index (A)	Paying	3.47	(A)	09/15/32	GBP	8,300		32		(183)
U.K. Retail Price Index (A)	Paying	3.50	(A)	09/15/33	GBP	720		3		(13)
U.K. Retail Price Index (A)	Paying	3.58	(A)	10/15/33	GBP	1,130		6		15
U.K. Retail Price Index (A)	Paying	3.60	(A)	06/15/39	GBP	5,390		42		278
U.S. CPURNSA (A)	Receiving	1.43	(A)	08/06/20		6,100		(2)		(2)
U.S. CPURNSA (A)	Receiving	2.03	(A)	11/23/20		6,700		(4)		(25)
U.S. CPURNSA (A)	Receiving	2.02	(A)	11/25/20		6,300		(4)		(23)
U.S. CPURNSA (A)	Receiving	1.88	(A)	03/14/21		2,000		(2)		(7)
U.S. CPURNSA (A)	Receiving	1.93	(A)	03/18/21		8,300		(10)		(37)
U.S. CPURNSA (A)	Receiving	1.82	(A)	05/13/21		3,500		(1)		(13)
U.S. CPURNSA (A)	Receiving	1.55	(A)	07/26/21		4,500		(2)		(74)
U.S. CPURNSA (A)	Receiving	1.45	(A)	09/09/21		17,790		(14)		16
U.S. CPURNSA (A)	Receiving	1.60	(A)	09/12/21		3,550		(3)		(62)
U.S. CPURNSA (A)	Receiving	1.59	(A)	09/20/21		19,000		(17)		(44)
U.S. CPURNSA (A)	Receiving	2.07	(A)	07/15/22		3,500		(4)		(49)
U.S. CPURNSA (A)	Receiving	2.50	(A)	07/15/22		20,800		(21)		(494)
U.S. CPURNSA (A)	Receiving	2.21	(A)	02/05/23		19,770		(23)		(522)
U.S. CPURNSA (A)	Receiving	2.22	(A)	04/13/23		1,490		(2)		(46)

374

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

JNL/PIMCO Real Return Fund — Centrally Cleared Interest Rate Swap Agreements (continued)
Floating Rate Index2	Paying / Receiving Floating Rate	Fixed Rate2 (%)		Expiration	Notional1		Variation Margin Receivable (Payable) ($)		Unrealized Appreciation (Depreciation) ($)
U.S. CPURNSA (A)	Receiving	2.26	(A)	04/27/23		10,364		(13)		(345)
U.S. CPURNSA (A)	Paying	2.16	(A)	10/17/27		2,750		6		103
U.S. CPURNSA (A)	Paying	2.34	(A)	02/05/28		10,040		23		609
U.S. CPURNSA (A)	Paying	2.37	(A)	06/06/28		8,700		21		596
U.S. CPURNSA (A)	Paying	2.38	(A)	07/09/28		7,900		17		559
U.S. CPURNSA (A)	Paying	2.00	(A)	07/25/29		6,100		18		166
								177		(4,049)

JNL/PIMCO Real Return Fund — Centrally Cleared Credit Default Swap Agreements
Reference Entity2	Fixed Receive/ Pay Rate8 (%)	Expiration	Notional1,7		Value6 ($)		Variation Margin Receivable (Payable) ($)		Unrealized Appreciation (Depreciation) ($)
Credit default swap agreements - purchase protection3
CDX.NA.HY.31.V4 (Q)	5.00	12/20/23		9,120		(705)		(13)		(196)
CDX.NA.HY.32 (Q)	5.00	06/20/24		29,403		(2,073)		(54)		74
CDX.NA.HY.33 (Q)	5.00	12/20/24		1,200		(80)		1		1
						(2,858)		(66)		(121)
Credit default swap agreements - sell protection4
Daimler AG (Q)	1.00	12/20/20		(660)		8		—		(2)
Deutsche Bank Aktiengesellschaft (Q)	1.00	12/20/19		(300)		—		—		—
General Electric Company (Q)	1.00	12/20/20		(400)		3		—		14
General Electric Company (Q)	1.00	12/20/23		(700)		—		—		40
						11		—		52

JNL/PIMCO Real Return Fund — Exchange Traded Futures Options
Reference Entity	Purchased (Written) Contracts1		Exercise Price		Expiration	Variation Margin Receivable (Payable) ($)		Unrealized Appreciation (Depreciation) ($)
Interest Options
Euro BOBL Future, Dec. 2019		22	EUR	141.50	11/22/19		—		—
Euro Bund Future, Dec. 2019		462	EUR	158.00	11/22/19		—		—
Euro Bund Future, Dec. 2019		(70)	EUR	176.00	11/22/19		3		115
Euro Bund Future, Dec. 2019		(82)	EUR	175.00	11/22/19		(1)		27
Euro Bund Future, Dec. 2019		(30)	EUR	173.00	11/22/19		—		22
Euro Bund Future, Dec. 2019		287	EUR	159.00	11/22/19		—		—
Euro Bund Future, Dec. 2019		(70)	EUR	176.00	11/22/19		(2)		(37)
Euro Bund Future, Dec. 2019		(82)	EUR	175.00	11/22/19		5		(2)
Euro Bund Future, Dec. 2019		(30)	EUR	173.00	11/22/19		2		(19)
Euro OAT Future, Dec. 2019		600	EUR	199.00	11/22/19		—		—
Euro Schatz Future, Dec. 2019		361	EUR	115.90	11/22/19		—		—
Euro Schatz Future, Dec. 2019		(365)	EUR	112.20	11/22/19		6		20
Euro Schatz Future, Dec. 2019		3,030	EUR	116.00	11/22/19		—		(3)
							13		123

JNL/PIMCO Real Return Fund — Exchange Traded Purchased Options
Reference Entity	Put/Call		Exercise Price ($)/ Swaption Rate (%)		Expiration	Notional/ Contracts1		Value ($)
Exchange Traded Futures Options
United States 10 Year Note Future, Dec. 2019		Put		119.00	11/22/19		58		—
United States 10 Year Note Future, Dec. 2019		Put		118.50	11/22/19		800		—
United States 2 Year Note Future, Dec. 2019		Call		110.63	11/22/19		20		—
United States 5 Year Note Future, Dec. 2019		Call		130.25	11/22/19		800		1
United States 5 Year Note Future, Dec. 2019		Call		128.25	11/22/19		66		—
United States 5 Year Note Future, Dec. 2019		Call		126.75	11/22/19		310		—
United States Long Bond Future, Dec. 2019		Call		208.00	11/22/19		333		—
United States Ultra Bond Future, Dec. 2019		Call		260.00	11/22/19		53		—
									1

JNL/PIMCO Real Return Fund — OTC Purchased Options
Reference Entity	Counterparty	Put/Call	Exercise Price ($)/ Swaption Rate (%)		Expiration	Notional/ Contracts1		Value ($)
Interest Rate Swaptions10
3M LIBOR, 03/12/21	CGM	Call		1.50	03/10/20		194,300,000		285

375

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

JNL/PIMCO Real Return Fund — OTC Purchased Options (continued)
Reference Entity	Counterparty	Put/Call	Exercise Price ($)/ Swaption Rate (%)		Expiration	Notional/ Contracts1		Value ($)
3M LIBOR, 03/12/21	MSC	Call		1.50	03/10/20		200,710,000		294
									579
Options on Securities
Federal National Mortgage Association, Inc., 3.00%, 11/15/47	JPM	Put		70.00	11/06/19		26,400,000		—
Federal National Mortgage Association, Inc., 3.50%, 11/15/47	JPM	Put		71.00	11/06/19		16,000,000		—
									—

JNL/PIMCO Real Return Fund — Exchange Traded Written Options
Reference Entity	Put/Call		Exercise Price ($)/ Swaption Rate (%)		Expiration	Notional/ Contracts1		Value ($)
Exchange Traded Future Options
United States 10 Year Note Future, Dec. 2019		Call		130.00	10/25/19		96		(81)
United States 10 Year Note Future, Dec. 2019		Put		130.00	10/25/19		96		(51)
									(132)

JNL/PIMCO Real Return Fund — OTC Written Options
Reference Entity	Counterparty	Put/Call	Exercise Price ($)/ Swaption Rate(%)		Expiration		Notional/ Contracts1		Value ($)
Credit Default Swaptions10
CDX.NA.IG.32, 06/20/24	BNP	Put		0.90		11/20/19		2,000,000		—
CDX.NA.IG.32, 06/20/24	BOA	Put		0.80		10/16/19		2,200,000		—
CDX.NA.IG.32, 06/20/24	BOA	Put		0.80		11/20/19		5,900,000		(2)
CDX.NA.IG.32, 06/20/24	GSC	Put		0.90		11/20/19		5,900,000		(1)
CDX.NA.IG.32, 06/20/24	GSC	Put		0.85		11/20/19		3,000,000		(1)
ITRAXX.EUR.32, 12/20/24	BNP	Call		0.48		01/15/20	EUR	1,200,000		(1)
ITRAXX.EUR.32, 12/20/24	DUB	Call		0.48		01/15/20	EUR	2,400,000		(2)
ITRAXX.EUR.32, 12/20/24	BNP	Put		0.48		01/15/20	EUR	1,200,000		(1)
ITRAXX.EUR.32, 06/20/24	DUB	Put		0.80		01/15/20	EUR	2,400,000		(3)
										(11)
Inflation - Capped/Floor Options
Cap - US Urban Consumers Price Index	JPM	Call		4.00		04/22/24		19,400,000		—
Cap - US Urban Consumers Price Index	JPM	Call		4.00		05/16/24		1,700,000		—
Floor - US Urban Consumers Price Index	CIT	Call		0.00		09/29/20		3,000,000		—
Floor - US Urban Consumers Price Index	JPM	Call		0.00		03/24/20		21,100,000		—
Floor - US Urban Consumers Price Index	JPM	Call		0.00		10/02/20		8,600,000		(2)
										(2)
Interest Rate Swaptions10
3M EURIBOR, 12/17/49	DUB	Call		0.00		12/13/19	EUR	3,400,000		(55)
3M LIBOR, 03/12/25	BOA	Call		1.40		03/10/20		11,017,000		(90)
3M LIBOR, 03/12/25	CGM	Call		1.40		03/10/20		29,903,000		(244)
3M LIBOR, 03/12/25	DUB	Call		1.40		03/10/20		42,280,000		(346)
										(735)
Spread Options
Spread between 10-year and 2-year ICE Swap Rates	MSC	Call		0.00		01/02/20		113,800,000		(72)

Forward Foreign Currency Contracts

Purchased/ Sold	Counter-party	Expiration	Notional1		Value ($)		Unrealized Appreciation (Depreciation) ($)
AUD/USD	MSC	10/02/19	AUD	19,215		12,969		(39)
BRL/USD	DUB	10/02/19	BRL	28,852		6,944		11
BRL/USD	CSI	11/04/19	BRL	28,852		6,927		34
CAD/USD	SCB	10/02/19	CAD	8,402		6,342		—
COP/USD	CIT	10/15/19	COP	27,822,955		7,990		(705)
EUR/USD	BNP	10/02/19	EUR	786		857		(17)
EUR/USD	BOA	10/02/19	EUR	7,435		8,103		(93)
EUR/USD	CIT	10/02/19	EUR	29,975		32,671		(480)
EUR/USD	JPM	10/02/19	EUR	38,295		41,739		(110)
GBP/USD	BOA	10/02/19	GBP	18,652		22,934		(49)
GBP/USD	CIT	10/02/19	GBP	102,418		125,929		(1,320)
GBP/USD	MSC	11/04/19	GBP	19,180		23,617		12
IDR/USD	SCB	12/18/19	IDR	108,562,202		7,584		114
JPY/USD	BOA	10/02/19	JPY	869,800		8,044		(3)
JPY/USD	UBS	10/02/19	JPY	1,561,800		14,444		(67)
MXN/USD	JPM	10/09/19	MXN	22,599		1,144		(10)
MXN/USD	CIT	01/22/20	MXN	22,599		1,125		(29)
NZD/USD	BOA	10/02/19	NZD	19,762		12,375		(70)
PEN/USD	CIT	10/09/19	PEN	6,549		1,943		(13)
RUB/USD	CIT	10/17/19	RUB	69,279		1,066		(19)

376

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

Purchased/ Sold	Counter-party	Expiration	Notional1		Value ($)		Unrealized Appreciation (Depreciation) ($)
RUB/USD	MSC	11/15/19	RUB	514,933		7,892		76
TWD/USD	BNP	12/18/19	TWD	31,667		1,025		7
USD/ARS	JPM	10/21/19	ARS	(11,961)		(193)		(7)
USD/AUD	CIT	10/02/19	AUD	(19,215)		(12,969)		14
USD/AUD	BOA	11/04/19	AUD	(19,215)		(12,985)		38
USD/BRL	CSI	10/02/19	BRL	(28,852)		(6,944)		(37)
USD/BRL	JPM	01/03/20	BRL	(31,502)		(7,539)		650
USD/CAD	BOA	10/02/19	CAD	(8,402)		(6,342)		(16)
USD/CAD	SCB	11/04/19	CAD	(8,402)		(6,345)		—
USD/COP	CIT	11/25/19	COP	(28,097,906)		(8,053)		248
USD/EUR	BNP	10/02/19	EUR	(46,924)		(51,145)		965
USD/EUR	BOA	10/02/19	EUR	(4,831)		(5,266)		16
USD/EUR	CIT	10/02/19	EUR	(19,852)		(21,637)		78
USD/EUR	UBS	10/02/19	EUR	(4,884)		(5,323)		51
USD/EUR	JPM	11/04/19	EUR	(33,568)		(36,686)		54
USD/GBP	BNP	10/02/19	GBP	(19,137)		(23,530)		(6)
USD/GBP	CIT	10/02/19	GBP	(83,465)		(102,625)		(767)
USD/GBP	JPM	10/02/19	GBP	(18,425)		(22,654)		40
USD/GBP	MSC	10/02/19	GBP	(19,180)		(23,583)		(8)
USD/GBP	BOA	11/04/19	GBP	(18,652)		(22,967)		47
USD/GBP	CIT	11/04/19	GBP	(19,137)		(23,564)		17
USD/JPY	UBS	10/02/19	JPY	(2,431,600)		(22,489)		559
USD/JPY	UBS	11/05/19	JPY	(1,561,800)		(14,480)		65
USD/KRW	CIT	12/18/19	KRW	(9,113,993)		(7,637)		20
USD/MXN	CIT	10/09/19	MXN	(22,599)		(1,144)		30
USD/MXN	JPM	01/22/20	MXN	(39,650)		(1,974)		(1)
USD/NZD	CIT	10/02/19	NZD	(19,762)		(12,375)		167
USD/NZD	BOA	11/04/19	NZD	(19,762)		(12,385)		69
USD/PEN	BNP	10/09/19	PEN	(6,549)		(1,943)		3
USD/PEN	BNP	11/25/19	PEN	(18,421)		(5,453)		125
USD/PEN	CIT	01/10/20	PEN	(6,549)		(1,935)		13
USD/RUB	CIT	10/17/19	RUB	(67,464)		(1,038)		(37)
USD/SGD	MSC	12/18/19	SGD	(5,984)		(4,333)		(21)
USD/TWD	JPM	11/21/19	TWD	(60,246)		(1,948)		(28)
USD/TWD	SCB	11/21/19	TWD	(211,146)		(6,825)		(77)
ZAR/USD	CIT	10/07/19	ZAR	62,061		4,095		(249)
						(138,550)		(755)

JNL/PIMCO Real Return Fund — OTC Interest Rate Swap Agreements
Floating Rate Index2	Paying/ Receiving Floating Rate	Counterparty	Fixed Rate2 (%)		Expiration	Notional1		Premiums Paid (Received) ($)		Unrealized Appreciation (Depreciation) ($)
U.S. CPURNSA (A)	Receiving	DUB	2.50	(A)	07/15/22		5,700		129		(772)
U.S. CPURNSA (A)	Receiving	DUB	2.56	(A)	05/08/23		11,800		—		(1,415)
									129		(2,187)

JNL/PIMCO Real Return Fund — OTC Credit Default Swap Agreements
Reference Entity2	Counter-party	Implied Credit Spread5 (%)	Fixed Receive/ Pay Rate8 (%)	Expiration	Notional1,7 ($)		Value6 ($)		Premiums Paid (Received) ($)		Unrealized Appreciation (Depreciation) ($)
Credit default swap agreements - purchase protection3
Gobierno Federal de los Estados Unidos Mexicanos (Q)	BOA	N/A	1.00	12/20/23		10,900		(37)		103		(140)
Gobierno Federal de los Estados Unidos Mexicanos (Q)	CGM	N/A	1.00	12/20/23		700		(3)		6		(9)
						11,600		(40)		109		(149)
Credit default swap agreements - sell protection4
CMBX.NA.AAA.8 (M)	DUB	N/A	0.50	10/17/57		(4,400)		57		(229)		286
CMBX.NA.AAA.8 (M)	MLP	N/A	0.50	10/17/57		(1,000)		13		(70)		83
						(5,400)		70		(299)		369

377

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1	Value ($)
JNL/PPM America Floating Rate Income Fund
SENIOR LOAN INTERESTS 92.5%
Consumer Discretionary 19.8%
	1011778 B.C. Unlimited Liability Company
		Term Loan B3, 4.29%, (3M LIBOR + 2.25%), 02/15/24 (a)	6,695	6,715
	24 Hour Fitness Worldwide, Inc.
		2018 Term Loan B, 5.61%, (3M LIBOR + 3.50%), 05/30/25 (a)	3,967	3,826
	Adient US LLC
		Term Loan B, 6.46%, (3M LIBOR + 4.25%), 05/03/24 (a)	938	921
		Term Loan B, 6.89%, (3M LIBOR + 4.25%), 05/03/24 (a)	2,813	2,763
	Allied Universal Holdco LLC
		2019 Delayed Draw Term Loan, 0.00%, (3M LIBOR + 4.25%), 06/18/26 (a) (b)	180	180
		2019 Term Loan B, 0.00%, (3M LIBOR + 4.25%), 06/18/26 (a) (b)	1,820	1,821
	Alterra Mountain Company
		Term Loan B1, 5.04%, (3M LIBOR + 3.00%), 06/28/24 (a)	3,090	3,094
	Altice France S.A.
		USD Term Loan B12, 5.72%, (3M LIBOR + 3.69%), 01/31/26 (a)	6,524	6,471
	Altra Industrial Motion Corp.
		2018 Term Loan B, 4.11%, (3M LIBOR + 2.00%), 09/26/25 (a)	5,748	5,734
	American Axle and Manufacturing, Inc.
		Term Loan B, 4.27%, (3M LIBOR + 2.25%), 03/10/24 (a)	3,484	3,407
		Term Loan B, 4.53%, (3M LIBOR + 2.25%), 03/10/24 (a)	866	847
	APi Group Inc.
		Term Loan, 0.00%, (3M LIBOR + 2.50%), 09/25/26 (a) (b)	475	476
	Bass Pro Group, LLC
		Term Loan B, 7.04%, (3M LIBOR + 5.00%), 11/15/23 (a)	2,983	2,868
	Boing US Holdco Inc.
		2017 1st Lien Term Loan, 5.29%, (3M LIBOR + 3.25%), 09/20/24 (a)	1,675	1,636
	Bombardier Recreational Products, Inc.
		2016 Term Loan B, 4.11%, (3M LIBOR + 2.00%), 06/30/23 (a)	3,932	3,923
		2019 Incremental Term Loan B2, 4.61%, (3M LIBOR + 2.50%), 05/23/25 (a)	2,495	2,506
	Boyd Gaming Corporation
		Term Loan B3, 4.17%, (3M LIBOR + 2.25%), 09/15/23 (a)	4,822	4,834
	Caesars Entertainment Operating Company
		Term Loan, 4.04%, (3M LIBOR + 2.00%), 04/03/24 (a)	5,234	5,231
	Caesars Resort Collection, LLC
		2017 1st Lien Term Loan B, 4.79%, (3M LIBOR + 2.75%), 12/23/24 (a)	11,276	11,197
	Callaway Golf Company
		Term Loan B, 6.54%, (3M LIBOR + 4.50%), 12/31/25 (a)	1,294	1,309
	Camelot UK Holdco Limited
		Term Loan, 5.29%, (1M LIBOR + 3.25%), 10/03/23 (a)	1,527	1,535
	Champ Acquisition Corporation
		Term Loan, 7.83%, (3M LIBOR + 5.50%), 12/17/25 (a)	3,938	3,925
	Charter Communications Operating, LLC
		2017 Term Loan B, 4.05%, (3M LIBOR + 2.00%), 04/30/25 (a)	9,718	9,771
	CityCenter Holdings, LLC
		2017 Term Loan B, 4.36%, (1M LIBOR + 2.25%), 04/14/24 (a)	7,695	7,707
	Coinamatic Canada Inc.
		Canadian 1st Lien Term Loan, 5.36%, (3M LIBOR + 3.25%), 05/13/22 (a)	321	316
	Constellis Holdings, LLC
		2017 1st Lien Term Loan, 7.26%, (1M LIBOR + 5.00%), 04/17/24 (a)	2,275	1,323
	Core & Main LP
		2017 Term Loan B, 4.85%, (3M LIBOR + 2.75%), 07/19/24 (a)	2,139	2,119
		2017 Term Loan B, 4.88%, (3M LIBOR + 2.75%), 07/19/24 (a)	1,925	1,907
	Creative Artists Agency, LLC
		2018 Term Loan B, 5.11%, (1M LIBOR + 3.00%), 02/15/24 (a)	2,987	3,000
	CSC Holdings, LLC
		2017 1st Lien Term Loan, 4.28%, (3M LIBOR + 2.25%), 07/15/25 (a)	4,759	4,751
	Dana Incorporated
		Term Loan B, 4.36%, (3M LIBOR + 2.25%), 02/27/26 (a)	3,101	3,111
	Delta 2 (LUX) S.a.r.l.
		Term Loan, 4.54%, (3M LIBOR + 2.50%), 02/01/24 (a)	5,176	5,102
	DexKo Global Inc.
		Term Loan, 5.61%, (3M LIBOR + 3.50%), 07/24/24 (a)	1,477	1,457
	Eldorado Resorts LLC
		2017 Term Loan B, 4.31%, (1M LIBOR + 2.25%), 03/15/24 (a)	2,096	2,092
		2017 Term Loan B, 4.38%, (1M LIBOR + 2.25%), 03/15/24 (a)	1,601	1,598
	Equinox Holdings, Inc.
		2017 1st Lien Term Loan, 5.04%, (1M LIBOR + 3.00%), 03/08/24 (a)	4,064	4,062
	Fitness International, LLC
		2018 Term Loan B, 5.36%, (1M LIBOR + 3.25%), 04/13/25 (a)	4,246	4,251
	Four Seasons Hotels Limited
		New 1st Lien Term Loan, 4.11%, (3M LIBOR + 2.00%), 11/30/23 (a)	5,924	5,949
	Golden Nugget, Inc.
		2017 Incremental Term Loan B, 4.81%, (3M LIBOR + 2.75%), 09/07/23 (a)	2,660	2,655
		2017 Incremental Term Loan B, 4.86%, (3M LIBOR + 2.75%), 10/04/23 (a)	3,314	3,308
	Hamilton Holdco, LLC
		2018 Term Loan B, 0.00%, (3M LIBOR + 2.00%), 06/01/25 (a) (b)	480	481
	Hayward Industries, Inc.
		1st Lien Term Loan, 5.54%, (3M LIBOR + 3.50%), 08/04/24 (a)	2,962	2,856
	Helix Gen Funding, LLC
		Term Loan B, 5.86%, (3M LIBOR + 3.75%), 03/02/24 (a)	2,836	2,705
	Hoffmaster Group, Inc.
		2018 1st Lien Term Loan, 6.33%, (1M LIBOR + 4.00%), 11/11/23 (a)	1,329	1,311
	Hoya Midco, LLC
		2017 1st Lien Term Loan, 5.54%, (3M LIBOR + 3.50%), 06/21/24 - 06/27/24 (a)	2,623	2,584
	Inmar Holdings, Inc.
		2017 1st Lien Term Loan, 6.33%, (3M LIBOR + 4.00%), 04/25/24 (a)	4,821	4,541
	Interior Logic Group Holdings IV LLC
		2018 Term Loan B, 6.33%, (1M LIBOR + 4.00%), 05/21/25 (a)	2,939	2,887
	International Textile Group, Inc
		1st Lien Term Loan, 7.10%, (3M LIBOR + 5.00%), 04/19/24 (a) (c) (d)	1,308	1,099
	IRB Holding Corp.
		1st Lien Term Loan, 5.56%, (3M LIBOR + 3.25%), 01/17/25 (a)	9	9
		1st Lien Term Loan, 5.55%, (3M LIBOR + 3.25%), 01/18/25 (a)	3,680	3,661
	Jo-Ann Stores, Inc.
		Term Loan, 7.26%, (3M LIBOR + 5.00%), 09/29/23 (a) (d)	1,908	1,302
		2016 Term Loan, 7.05%, (3M LIBOR + 5.00%), 10/20/23 (a) (d)	72	49
	Life Time Fitness Inc
		2017 Term Loan B, 4.87%, (3M LIBOR + 2.75%), 06/22/22 (a)	5,718	5,715

378

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Lifetime Brands, Inc.
		Term Loan B, 5.61%, (3M LIBOR + 3.50%), 03/13/25 (a) (c)	2,316		2,256
	Lions Gate Capital Holdings LLC
		2018 Term Loan B, 4.29%, (3M LIBOR + 2.25%), 03/20/25 (a)	6,648		6,625
	MA FinanceCo., LLC
		2017 Term Loan B2, 4.36%, (3M LIBOR + 2.25%), 11/19/21 (a)	2,418		2,413
	Marriott Ownership Resorts, Inc.
		2018 Term Loan B, 4.36%, (3M LIBOR + 2.25%), 08/09/25 (a)	2,982		2,995
	Mavis Tire Express Services Corp.
		2018 Delayed Draw Term Loan, 5.29%, (3M LIBOR + 3.25%), 03/15/25 (a)	83		81
		2018 1st Lien Term Loan, 5.36%, (3M LIBOR + 3.25%), 03/15/25 (a)	2,883		2,816
	Michaels Stores, Inc.
		2018 Term Loan B, 4.55%, (3M LIBOR + 2.50%), 01/01/23 (a)	1,224		1,194
		2018 Term Loan B, 4.61%, (3M LIBOR + 2.50%), 01/01/23 (a)	3,408		3,324
	Mohegan Tribal Gaming Authority
		2016 Term Loan B, 6.04%, (3M LIBOR + 4.00%), 10/30/23 (a)	1,047		968
	NPC International, Inc.
		1st Lien Term Loan, 5.61%, (3M LIBOR + 3.50%), 04/05/24 (a)	1,149		710
		1st Lien Term Loan, 5.82%, (3M LIBOR + 3.50%), 04/05/24 (a)	793		490
	NVA Holdings, Inc.
		Term Loan B3, 4.79%, (3M LIBOR + 2.75%), 01/31/25 (a)	4,238		4,233
	PCI Gaming Authority
		Term Loan, 5.04%, (3M LIBOR + 3.00%), 05/15/26 (a)	4,402		4,424
	Penn National Gaming, Inc.
		2018 1st Lien Term Loan B, 4.29%, (3M LIBOR + 2.25%), 08/15/25 (a)	5,608		5,631
	Playa Resorts Holding B.V.
		2017 Term Loan B, 4.79%, (3M LIBOR + 2.75%), 04/07/24 (a)	4,833		4,688
	ProQuest LLC
		New Term Loan B, 5.36%, (3M LIBOR + 3.25%), 10/24/21 (a)	2,886		2,885
	Rodan & Fields, LLC
		2018 Term Loan B, 6.03%, (3M LIBOR + 4.00%), 06/07/25 (a)	1,778		1,511
	Scientific Games International, Inc.
		2018 Term Loan B5, 4.79%, (3M LIBOR + 2.75%), 08/14/24 (a)	1,398		1,385
		2018 Term Loan B5, 4.90%, (3M LIBOR + 2.75%), 08/14/24 (a)	5,786		5,732
	Serta Simmons Bedding, LLC
		1st Lien Term Loan, 5.54%, (3M LIBOR + 3.50%), 10/21/23 (a)	3,636		2,225
		1st Lien Term Loan, 5.56%, (3M LIBOR + 3.50%), 10/21/23 (a)	1,031		631
	ServiceMaster Company
		2016 Term Loan B, 4.61%, (3M LIBOR + 2.50%), 11/08/23 (a)	861		861
	Sinclair Television Group Inc.
		Term Loan B2, 4.37%, (3M LIBOR + 2.25%), 01/06/24 (a)	3,973		3,980
	SIWF Holdings Inc.
		1st Lien Term Loan, 6.40%, (3M LIBOR + 4.25%), 05/25/25 (a)	3,434		3,374
	Six Flags Theme Parks, Inc.
		2019 Term Loan B, 4.05%, (3M LIBOR + 2.00%), 04/09/26 (a)	2,813		2,812
	Spin Holdco Inc.
		2017 Term Loan B, 5.57%, (3M LIBOR + 3.25%), 11/14/22 (a)	3,636		3,573
	SRAM, LLC
		Delayed Draw Term Loan, 0.50%, (3M LIBOR + 2.75%), 03/15/24 (a)	625		627
		2018 Term Loan B, 4.89%, (3M LIBOR + 2.75%), 03/15/24 (a)	1,516		1,517
		2018 Term Loan B, 5.01%, (3M LIBOR + 2.75%), 03/15/24 (a)	1,401		1,402
		2018 Term Loan B, 7.00%, (3M LIBOR + 1.75%), 03/15/24 (a)	45		45
	Staples, Inc.
		7 Year Term Loan, 7.12%, (3M LIBOR + 5.00%), 04/05/26 (a)	3,990		3,931
	Stars Group Holdings B.V. (The)
		2018 USD Incremental Term Loan, 5.60%, (3M LIBOR + 3.50%), 06/29/25 (a)	5,990		6,013
	Station Casinos LLC
		2016 Term Loan B, 4.55%, (3M LIBOR + 2.50%), 05/24/23 (a)	8,791		8,819
	Tenneco, Inc.
		2018 Term Loan B, 5.11%, (3M LIBOR + 3.00%), 10/01/25 (a)	5,116		4,797
	TI Group Automotive Systems, L.L.C.
		Term Loan, 4.61%, (3M LIBOR + 2.50%), 06/25/22 (a)	2,690		2,680
	Trader Corporation
		2017 Term Loan B, 5.15%, (3M LIBOR + 3.00%), 09/28/23 (a)	2,610		2,597
	TruGreen Limited Partnership
		2019 Term Loan, 5.79%, (3M LIBOR + 3.75%), 03/19/26 (a)	1,871		1,874
	Univision Communications Inc.
		Term Loan C5, 4.79%, (3M LIBOR + 2.75%), 03/15/24 (a)	4,247		4,124
	WASH Multifamily Laundry Systems, LLC
		2015 1st Lien Term Loan, 5.36%, (3M LIBOR + 3.25%), 05/15/22 (a)	1,833		1,804
	WideOpenWest Finance LLC
		2017 Term Loan B, 5.40%, (3M LIBOR + 3.25%), 08/19/23 (a)	5,022		4,840
	William Morris Endeavor Entertainment, LLC
		2018 1st Lien Term Loan, 4.87%, (3M LIBOR + 2.75%), 05/11/25 (a)	3,773		3,659
	WMG Acquisition Corp.
		2018 Term Loan F, 0.00%, (3M LIBOR + 2.13%), 11/01/23 (a) (b)	1,000		1,001
		2018 Term Loan F, 4.24%, (3M LIBOR + 2.13%), 11/01/23 (a)	5,761		5,764
				296,209
Information Technology 12.8%
	Almonde, Inc.
		1st Lien Term Loan, 5.70%, (3M LIBOR + 3.50%), 04/26/24 (a)	5,150		5,006
		USD 1st Lien Term Loan, 5.70%, (3M LIBOR + 3.50%), 04/26/24 (a)	795		773
		2nd Lien Term Loan, 9.45%, (3M LIBOR + 7.25%), 04/27/25 (a)	1,940		1,849
	AppLovin Corporation
		2018 Term Loan B, 5.86%, (3M LIBOR + 3.75%), 07/13/26 (a)	4,372		4,369
	Avast Software B.V.
		2018 USD Term Loan B, 4.35%, (3M LIBOR + 2.25%), 09/30/23 (a)	1,534		1,541
	Banff Merger Sub Inc
		2018 USD Term Loan B, 6.29%, (3M LIBOR + 4.25%), 06/30/25 (a)	5,950		5,720
	Blackhawk Network Holdings, Inc
		2018 1st Lien Term Loan, 5.04%, (3M LIBOR + 3.00%), 05/31/25 (a)	4,044		4,027
	Brave Parent Holdings, Inc.
		1st Lien Term Loan, 6.26%, (3M LIBOR + 4.00%), 04/17/25 (a)	2,227		2,133
	Cabot Microelectronics Corporation
		Term Loan B, 4.38%, (3M LIBOR + 2.25%), 11/01/25 (a)	1,348		1,351
	Camelot UK Holdco Limited
		2017 Repriced Term Loan, 5.29%, (1M LIBOR + 3.25%), 10/03/23 (a)	919		924
	CommScope, Inc.
		2019 Term Loan B, 5.29%, (3M LIBOR + 3.25%), 02/07/26 (a)	2,982		2,969
	Cypress Intermediate Holdings III, Inc.
		2017 1st Lien Term Loan, 4.87%, (1M LIBOR + 2.75%), 03/30/24 (a)	4,209		4,187

379

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Dell International LLC
		2019 Term Loan B, 4.05%, (3M LIBOR + 2.00%), 09/07/23 (a)	12,511		12,566
	DigiCert, Inc.
		2017 Term Loan B1, 6.11%, (3M LIBOR + 4.00%), 09/19/24 (a)	4,212		4,201
		Term Loan, 0.00%, (3M LIBOR + 4.00%), 07/31/26 (a) (b)	2,538		2,528
	DTI Holdco, Inc.
		2018 Term Loan B, 7.01%, (1M LIBOR + 4.75%), 09/29/23 (a)	2,530		2,320
	Dynatrace LLC
		2018 1st Lien Term Loan, 4.79%, (3M LIBOR + 2.75%), 08/08/25 (a)	1,600		1,605
	Entegris, Inc.
		2018 Term Loan B, 4.11%, (3M LIBOR + 2.00%), 11/05/25 (a)	1,489		1,496
	Eta Australia Holdings III Pty Ltd
		Term Loan, 6.11%, (3M LIBOR + 4.00%), 03/08/26 (a)	1,875		1,876
	EVO Payments International LLC
		2018 1st Lien Term Loan, 5.37%, (3M LIBOR + 3.25%), 12/22/23 (a)	2,925		2,934
	Financial & Risk US Holdings, Inc.
		2018 USD Term Loan, 5.79%, (3M LIBOR + 3.75%), 09/12/25 (a)	5,621		5,649
	Global Tel*Link Corporation
		2018 1st Lien Term Loan, 6.36%, (1M LIBOR + 4.25%), 11/29/25 (a)	1,094		1,047
		2018 2nd Lien Term Loan, 10.36%, (3M LIBOR + 8.25%), 11/29/26 (a)	1,000		944
	GlobalLogic Holdings Inc.
		2018 Add On 1st Lien Term Loan, 5.36%, (3M LIBOR + 3.25%), 07/27/25 (a)	3,143		3,151
	Go Daddy Operating Company, LLC
		Term Loan, 4.04%, (3M LIBOR + 2.00%), 02/15/24 (a)	3,865		3,869
	II-VI Incorporated
		Term Loan, 0.00%, (3M LIBOR + 3.50%), 06/28/26 (a) (b)	4,702		4,703
	Infor (US), Inc.
		Term Loan B6, 5.08%, (3M LIBOR + 2.75%), 02/07/22 (a)	2,570		2,572
	IRI Holdings, Inc.
		2018 1st Lien Term Loan, 6.62%, (3M LIBOR + 4.50%), 11/06/25 (a)	4,507		4,329
	Lumentum Holdings
		2018 1st Lien Term Loan, 4.61%, (3M LIBOR + 2.50%), 08/08/25 (a)	2,978		2,985
	MA FinanceCo., LLC
		USD Term Loan B3, 4.54%, (3M LIBOR + 2.50%), 04/19/24 (a)	808		796
	McAfee, LLC
		2018 USD Term Loan B, 5.87%, (3M LIBOR + 3.75%), 09/30/24 (a)	4,367		4,375
	MH Sub I, LLC
		2017 1st Lien Term Loan, 5.79%, (3M LIBOR + 3.75%), 08/09/24 (a)	2,988		2,964
	MKS Instruments, Inc.
		Term Loan, 0.00%, (3M LIBOR + 1.75%), 02/01/26 (a) (b)	3,182		3,183
	MLN US HoldCo LLC
		2018 1st Lien Term Loan, 6.61%, (3M LIBOR + 4.50%), 07/13/25 (a)	3,983		3,684
	NaviHealth, Inc.
		2018 Term Loan B, 7.04%, (3M LIBOR + 5.00%), 08/01/25 (a) (d) (e)	2,673		2,653
	NCR Corporation
		2019 Term Loan, 0.00%, (3M LIBOR + 2.50%), 04/12/25 (a) (b)	1,171		1,173
		2019 Term Loan, 4.55%, (3M LIBOR + 2.50%), 04/12/25 (a)	354		355
		2019 Delayed Draw Term Loan, 0.00%, 08/08/26 (a) (b)	1,339		1,340
	NeuStar, Inc.
		2018 Term Loan B4, 5.54%, (3M LIBOR + 3.50%), 08/08/24 (a)	3,742		3,609
	Nuvei Technologies Corp.
		Term Loan, 0.00%, (3M PRIME + 4.00%), 06/21/26 (a) (b)	705		694
	ON Semiconductor Corporation
		2019 Term Loan B, 4.11%, (3M LIBOR + 2.00%), 09/13/26 (a)	6,511		6,538
	PowerSchool
		2018 Term Loan B, 5.46%, (3M LIBOR + 3.25%), 06/15/25 (a)	2,680		2,630
	Presidio, Inc.
		2017 Refinanced Term Loan B, 4.86%, (3M LIBOR + 2.75%), 02/02/24 (a)	96		96
		2017 Refinanced Term Loan B, 5.07%, (3M LIBOR + 2.75%), 02/02/24 (a)	3,444		3,448
	PSAV Holdings LLC
		2018 1st Lien Term Loan, 5.29%, (3M LIBOR + 3.25%), 02/23/25 (a)	1,889		1,824
		2018 1st Lien Term Loan, 5.35%, (3M LIBOR + 3.25%), 02/23/25 (a)	1,880		1,816
		2018 1st Lien Term Loan, 5.58%, (3M LIBOR + 3.25%), 02/23/25 (a)	106		102
	Rackspace Hosting, Inc.
		2017 Incremental 1st Lien Term Loan, 5.29%, (1M LIBOR + 3.00%), 11/03/23 (a)	2,650		2,428
	Radiate Holdco, LLC
		1st Lien Term Loan, 5.04%, (3M LIBOR + 3.00%), 12/09/23 (a)	6,356		6,327
	Rocket Software, Inc.
		2018 Term Loan, 6.36%, (3M LIBOR + 4.25%), 11/20/25 (a)	2,385		2,236
	Seattle Spinco, Inc.
		USD Term Loan B3, 4.54%, (3M LIBOR + 2.50%), 04/19/24 (a)	5,455		5,378
	Severin Acquisition, LLC
		2018 Term Loan B, 0.00%, (3M LIBOR + 3.25%), 06/15/25 (a) (b)	1,000		981
	Sirius Computer Solutions, Inc.
		2019 Term Loan B, 0.00%, (3M LIBOR + 4.25%), 05/22/26 (a) (b)	1,000		1,001
		2019 Term Loan B, 6.57%, (3M LIBOR + 4.25%), 05/22/26 (a)	2,813		2,817
	Sophia, L.P.
		2017 Term Loan B, 5.35%, (1M LIBOR + 3.25%), 09/30/22 (a)	5,625		5,624
	SS&C Technologies Holdings Europe S.A.R.L.
		2018 Term Loan B4, 4.29%, (3M LIBOR + 2.25%), 02/27/25 (a)	2,690		2,697
	SS&C Technologies Inc.
		2018 Term Loan B3, 4.29%, (3M LIBOR + 2.25%), 02/27/25 (a)	4,073		4,083
	SurveyMonkey Inc.
		2018 Term Loan B, 5.74%, (3M LIBOR + 3.75%), 10/10/25 (a) (c) (d)	2,051		2,030
	TriTech Software Systems
		2018 Term Loan B, 5.86%, (3M LIBOR + 3.75%), 08/16/25 (a)	2,784		2,591
	Verifone Systems, Inc.
		2018 1st Lien Term Loan, 6.14%, (3M LIBOR + 4.00%), 08/09/25 (a)	6,357		6,061
	Vertafore, Inc.
		2018 1st Lien Term Loan, 5.29%, (3M LIBOR + 3.25%), 06/04/25 (a)	2,010		1,950
	Western Digital Corporation
		2018 Term Loan B4, 3.86%, (3M LIBOR + 1.75%), 04/29/23 (a)	6,326		6,301
	WEX Inc.
		Term Loan B3, 4.29%, (3M LIBOR + 2.25%), 05/17/26 (a)	4,652		4,674
				192,083
Financials 11.8%
	Acrisure, LLC
		2017 Term Loan B, 6.35%, (3M LIBOR + 4.25%), 11/22/23 (a)	6,940		6,897
	Advisor Group, Inc.
		2019 Term Loan, 7.11%, (3M LIBOR + 5.00%), 07/31/26 (a)	3,050		2,985

380

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	AlixPartners, LLP
		2017 Term Loan B, 4.79%, (3M LIBOR + 2.75%), 03/28/24 (a)	2,975		2,975
	Alliant Holdings Intermediate, LLC
		2018 Term Loan B, 5.15%, (3M LIBOR + 3.00%), 05/07/25 (a)	3,920		3,851
	Allied Universal Holdco LLC
		2019 Term Loan B, 6.51%, (3M LIBOR + 4.25%), 06/18/26 (a)	1,283		1,284
	Altice Financing SA
		2017 USD Term Loan B, 4.78%, (3M LIBOR + 2.75%), 07/31/25 (a)	2,561		2,492
		USD 2017 1st Lien Term Loan, 4.81%, (3M LIBOR + 2.75%), 01/06/26 (a)	1,195		1,162
	Altice France S.A.
		2018 Term Loan B13, 6.03%, (3M LIBOR + 4.00%), 07/13/26 (a)	1,231		1,227
	AmWINS Group, Inc.
		2017 Term Loan B, 4.81%, (3M LIBOR + 2.75%), 01/19/24 (a)	1,038		1,037
		2017 Term Loan B, 4.86%, (3M LIBOR + 2.75%), 01/19/24 (a)	4,347		4,346
	Aretec Group, Inc.
		2018 Term Loan, 6.36%, (3M LIBOR + 4.25%), 08/15/25 (a)	3,822		3,684
	AssuredPartners, Inc.
		2017 1st Lien Add-On Term Loan, 5.54%, (3M LIBOR + 3.50%), 10/22/24 (a)	6,884		6,847
	Asurion LLC
		2017 Term Loan B4, 5.11%, (3M LIBOR + 3.00%), 08/04/22 (a)	4,115		4,130
		2017 2nd Lien Term Loan, 8.54%, (3M LIBOR + 6.50%), 08/04/25 (a)	750		762
	BCP Renaissance Parent LLC
		2017 Term Loan B, 5.76%, (3M LIBOR + 3.50%), 09/20/24 (a)	1,934		1,844
	Belron Finance US LLC
		2018 Term Loan B, 4.43%, (3M LIBOR + 2.25%), 11/19/25 (a)	2,978		2,989
	Blackstone CQP Holdco LP
		Term Loan B, 5.66%, (3M LIBOR + 3.50%), 05/29/24 (a)	2,454		2,463
	Canyon Valor Companies, Inc.
		USD 2017 Term Loan B1, 4.85%, (3M LIBOR + 2.75%), 06/30/23 (a)	3,817		3,808
	Crown Finance US, Inc.
		Term Loan, 4.29%, (3M LIBOR + 2.25%), 02/05/25 (a)	7,876		7,820
	Deerfield Dakota Holding, LLC
		2018 Term Loan B, 5.29%, (1M LIBOR + 3.25%), 12/04/24 (a)	4,159		4,084
	Edelman Financial Center, LLC
		2018 1st Lien Term Loan, 5.31%, (3M LIBOR + 3.25%), 06/26/25 (a)	3,196		3,198
	Encapsys, LLC
		1st Lien Term Loan, 5.61%, (3M LIBOR + 3.50%), 10/27/24 (a)	3,265		3,274
	First American Payment Systems, L.P.
		Term Loan, 7.06%, (1M LIBOR + 4.75%), 01/02/24 (a)	959		952
	Garrett LX III S.a r.l.
		2018 USD Term Loan B, 4.82%, (3M LIBOR + 2.50%), 09/22/25 (a)	3,982		3,946
	Hub International Limited
		2018 Term Loan B, 5.27%, (3M LIBOR + 3.00%), 04/25/25 (a)	4,536		4,480
	INEOS Group Holdings S.A.
		Term Loan, 0.00%, (3M LIBOR + 4.00%), 07/29/26 (a) (b)	4,188		4,198
	Ineos US Finance LLC
		2017 USD Term Loan B, 0.00%, (3M LIBOR + 2.00%), 03/31/24 (a) (b)	2,000		1,975
		2017 USD Term Loan B, 4.04%, (3M LIBOR + 2.00%), 03/31/24 (a)	4,652		4,594
	ION Trading Technologies S.a.r.l.
		USD Incremental Term Loan B, 6.06%, (1M LIBOR + 4.00%), 11/21/24 (a)	2,933		2,786
	iStar, Inc.
		2016 Term Loan B, 4.81%, (3M LIBOR + 2.75%), 06/30/20 (a)	5,346		5,352
	Jane Street Group, LLC
		2018 Term Loan B, 5.05%, (3M LIBOR + 3.00%), 08/25/22 (a)	5,416		5,396
	Level 3 Financing Inc.
		2017 Term Loan B, 4.29%, (3M LIBOR + 2.25%), 02/16/24 (a)	10,750		10,766
	LPL Holdings, Inc.
		2017 1st Lien Term Loan B, 4.30%, (3M LIBOR + 2.25%), 09/23/24 (a)	3,176		3,190
	NAB Holdings LLC
		Term Loan, 5.33%, (3M LIBOR + 3.00%), 01/15/25 (a)	3,193		3,181
	NFP Corp.
		Term Loan B, 5.11%, (3M LIBOR + 3.00%), 01/06/24 (a)	6,035		5,925
	Nuvei Technologies Corp.
		Term Loan, 9.00%, (3M PRIME + 4.00%), 06/21/26 (a)	1,410		1,389
	PMHC II, Inc.
		2018 1st Lien Term Loan, 5.83%, (3M LIBOR + 3.50%), 03/20/25 (a)	1,091		876
		2018 1st Lien Term Loan, 6.41%, (3M LIBOR + 3.50%), 03/20/25 (a)	835		670
	Sedgwick Claims Management Services, Inc.
		2018 Term Loan B, 5.29%, (3M LIBOR + 3.25%), 11/06/25 (a)	6,322		6,212
	SolarWinds Holdings, Inc.
		2018 Term Loan B, 4.86%, (3M LIBOR + 2.75%), 02/06/24 (a)	6,143		6,148
	Solera, LLC
		USD Term Loan B, 4.79%, (3M LIBOR + 2.75%), 03/03/23 (a)	5,032		5,005
	Telenet Financing USD LLC
		USD Term Loan AN, 4.28%, (3M LIBOR + 2.25%), 08/31/26 (a)	5,897		5,893
	TKC Holdings, Inc.
		2017 1st Lien Term Loan, 5.80%, (3M LIBOR + 3.75%), 02/08/23 (a)	2,894		2,838
	Travelport Finance (Luxembourg) S.a.r.l.
		2019 Term Loan, 7.10%, (3M LIBOR + 5.00%), 03/18/26 (a)	2,820		2,542
	U.S. Renal Care, Inc.
		2019 Term Loan B, 7.06%, (3M LIBOR + 5.00%), 06/12/26 (a)	1,880		1,772
	UFC Holdings, LLC
		2019 Term Loan, 5.30%, (3M LIBOR + 3.25%), 04/25/26 (a)	4,072		4,079
	VFH Parent LLC
		2019 Term Loan B, 6.04%, (3M LIBOR + 3.50%), 03/02/26 (a)	4,447		4,452
	Victory Capital Holdings, Inc.
		2019 Term Loan B, 5.57%, (3M LIBOR + 3.25%), 07/01/26 (a)	2,658		2,668
	WestJet Airlines Ltd.
		Term Loan, 0.00%, (3M LIBOR + 3.00%), 07/31/26 (a) (b)	2,222		2,237
				176,681
Industrials 11.3%
	1199169 B.C. Unlimited Liability Company
		2019 Term Loan B2, 6.10%, (3M LIBOR + 4.00%), 01/25/26 (a)	792		795
	Advanced Disposal Services Inc.
		Term Loan B3, 4.22%, (3M LIBOR + 2.25%), 11/10/23 (a)	5,095		5,109
	AI Mistral Holdco Limited
		2017 Term Loan B, 5.11%, (3M LIBOR + 3.00%), 01/26/24 (a)	3,181		2,428
	Allegiant Travel Company
		Term Loan B, 6.71%, (3M LIBOR + 4.50%), 01/29/24 (a)	2,880		2,901
	Altran Technologies
		2018 USD Term Loan B, 4.41%, (3M LIBOR + 2.25%), 01/31/25 (a)	1,970		1,971

381

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
American Airlines, Inc.
	Repriced Term Loan B, 4.12%, (3M LIBOR + 2.00%), 04/28/23 (a)	1,746		1,743
	2017 Incremental Term Loan, 4.03%, (3M LIBOR + 2.00%), 12/14/23 (a)	2,813		2,810
	2018 Term Loan B, 3.86%, (3M LIBOR + 1.75%), 06/11/25 (a)	2,774		2,743
Avolon TLB Borrower 1 (US) LLC
	Term Loan B3, 3.79%, (3M LIBOR + 1.75%), 01/15/25 (a)	3,951		3,963
Beacon Roofing Supply, Inc.
	2017 Term Loan B, 4.36%, (3M LIBOR + 2.25%), 01/02/25 (a)	1,930		1,924
Brand Energy & Infrastructure Services, Inc.
	Term Loan, 6.35%, (3M LIBOR + 4.25%), 06/16/24 (a)	8		8
	Term Loan, 6.52%, (3M LIBOR + 4.25%), 06/16/24 (a)	1,542		1,503
	2017 Term Loan, 6.51%, (3M LIBOR + 4.25%), 06/17/24 (a)	762		743
	Term Loan, 6.51%, (3M LIBOR + 4.25%), 06/17/24 (a)	977		952
BrightView Landscapes, LLC
	2018 1st Lien Term Loan B, 4.62%, (3M LIBOR + 2.50%), 08/09/25 (a)	1,704		1,708
	2018 1st Lien Term Loan B, 4.56%, (3M LIBOR + 2.50%), 08/15/25 (a)	2,056		2,062
Brookfield WEC Holdings Inc.
	2018 1st Lien Term Loan, 5.54%, (3M LIBOR + 3.50%), 07/26/25 (a)	4,860		4,872
Builders FirstSource, Inc.
	2017 Term Loan B, 5.33%, (3M LIBOR + 3.00%), 02/29/24 (a)	1,204		1,207
Core & Main LP
	2017 Term Loan B, 4.85%, (3M LIBOR + 2.75%), 08/01/24 (a)	866		858
Cortes NP Acquisition Corporation
	2017 Term Loan B, 6.33%, (3M LIBOR + 4.00%), 11/30/23 (a)	6,740		6,403
DG Investment Intermediate Holdings 2, Inc.
	2018 1st Lien Term Loan, 5.04%, (3M LIBOR + 3.00%), 01/31/25 (a)	2,464		2,414
Dynasty Acquisition Co., Inc.
	2019 Term Loan B1, 6.10%, (3M LIBOR + 4.00%), 01/25/26 (a)	1,472		1,478
Electrical Components International, Inc.
	2018 1st Lien Term Loan, 6.58%, (3M LIBOR + 4.25%), 06/22/25 (a) (c) (d)	2,948		2,624
Element Materials Technology Group US Holdings Inc.
	2017 USD Term Loan B, 6.15%, (1M LIBOR + 3.50%), 06/28/24 - 06/29/24 (a)	2,668		2,666
Engineered Machinery Holdings, Inc.
	USD 1st Lien Term Loan, 5.58%, (3M LIBOR + 3.25%), 07/25/24 (a)	3,222		3,156
EWT Holdings III Corp.
	Term Loan, 5.11%, (1M LIBOR + 3.00%), 12/13/24 (a) (d)	3,802		3,814
Filtration Group Corporation
	2018 1st Lien Term Loan, 5.04%, (3M LIBOR + 3.00%), 03/27/25 (a)	2,830		2,836
Gardner Denver, Inc.
	2017 USD Term Loan B, 4.86%, (1M LIBOR + 2.75%), 07/30/24 (a)	4,178		4,192
Gates Global LLC
	2017 USD Repriced Term Loan B, 4.79%, (3M LIBOR + 2.75%), 04/01/24 (a)	6,431		6,324
GFL Environmental Inc.
	2018 USD Term Loan B, 5.11%, (3M LIBOR + 3.00%), 05/11/25 (a)	3,013		2,986
Hamilton Holdco, LLC
	2018 Term Loan B, 4.33%, (3M LIBOR + 2.00%), 06/01/25 (a)	5,679		5,693
Harbor Freight Tools USA, Inc.
	2018 Term Loan B, 4.54%, (3M LIBOR + 2.50%), 08/16/23 (a)	5,307		5,145
Hillman Group Inc. (The)
	2018 Term Loan B, 6.11%, (1M LIBOR + 4.00%), 05/16/25 (a)	3,557		3,447
IBC Capital Limited
	2018 1st Lien Term Loan, 5.90%, (3M LIBOR + 3.75%), 09/11/23 (a)	3,200		3,176
Janus International Group, LLC
	2018 1st Lien Term Loan, 5.86%, (3M LIBOR + 3.75%), 02/07/25 (a) (e)	2,868		2,839
L&W, Inc.
	2018 Term Loan B, 6.11%, (1M LIBOR + 4.00%), 05/18/25 (a) (c) (d)	1,689		1,621
MX Holdings US, Inc.
	2018 USD Term Loan B1C, 5.11%, (3M LIBOR + 3.00%), 06/18/25 (a)	2,673		2,678
Navistar International Corporation
	2017 1st Lien Term Loan B, 5.53%, (3M LIBOR + 3.50%), 11/01/24 (a)	4,088		4,063
Panther BF Aggregator 2 LP
	USD Term Loan B, 5.54%, (3M LIBOR + 3.50%), 03/13/26 (a)	5,555		5,496
Pelican Products, Inc.
	2018 1st Lien Term Loan, 5.54%, (3M LIBOR + 3.50%), 04/18/25 (a) (c)	2,765		2,648
PODS, LLC
	2018 1st Lien Term Loan, 0.00%, (3M LIBOR + 2.75%), 11/21/24 (a) (b)	970		968
	2018 1st Lien Term Loan, 5.05%, (3M LIBOR + 2.75%), 11/21/24 (a)	3,102		3,094
Prime Security Services Borrower, LLC
	Term Loan, 4.86%, (3M LIBOR + 2.75%), 05/02/22 (a)	6,661		6,660
Rexnord LLC
	2017 Term Loan B, 4.11%, (3M LIBOR + 2.00%), 08/21/24 (a)	4,450		4,473
Robertshaw US Holding Corp
	2018 1st Lien Term Loan, 5.38%, (3M LIBOR + 3.25%), 02/14/25 (a) (e)	1,773		1,609
	2018 2nd Lien Term Loan, 10.13%, (3M LIBOR + 8.00%), 02/14/26 (a)	450		386
Sabre Industries, Inc.
	2019 Term Loan B, 6.31%, (3M LIBOR + 4.25%), 04/09/26 (a)	3,003		3,015
Spectrum Holdings III Corp.
	1st Lien Term Loan, 5.36%, (3M LIBOR + 3.25%), 01/26/25 (a)	2,241		1,976
Tempo Acquisition LLC
	Term Loan, 5.04%, (3M LIBOR + 3.00%), 04/20/24 (a)	6,070		6,088
Trans Union, LLC
	Term Loan B3, 4.11%, (3M LIBOR + 2.00%), 04/09/23 (a)	3,949		3,960
	2018 Term Loan B4, 4.11%, (3M LIBOR + 2.00%), 06/12/25 (a)	553		554
TransDigm, Inc.
	2018 Term Loan G, 4.83%, (3M LIBOR + 2.50%), 08/22/24 (a)	2,504		2,490
	2018 Term Loan E, 4.83%, (3M LIBOR + 2.50%), 05/14/25 (a)	3,974		3,955
USI, Inc.
	Term Loan, 5.33%, (3M LIBOR + 3.00%), 05/16/24 (a)	3,643		3,580
USIC Holdings, Inc.
	2017 Term Loan B, 5.29%, (3M LIBOR + 3.00%), 12/09/23 (a)	3,099		3,073
VC GB Holdings, Inc.
	2017 1st Lien Term Loan, 5.11%, (3M LIBOR + 3.00%), 02/28/24 (a)	2,196		2,163
Ventia Deco LLC
	2016 Term Loan B, 5.84%, (3M LIBOR + 3.50%), 05/21/22 (a) (d)	2,297		2,297
XPO Logistics, Inc.
	2019 Term Loan B1, 4.54%, (3M LIBOR + 2.50%), 02/24/25 (a)	2,995		3,012
			169,352

382

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
Materials 9.8%
	American Builders & Contractors Supply Co., Inc.
		2018 Term Loan B, 4.11%, (3M LIBOR + 2.00%), 10/31/23 (a)	5,706		5,701
	Avantor, Inc.
		2017 1st Lien Term Loan, 5.04%, (3M LIBOR + 3.00%), 09/22/24 (a)	1,505		1,516
	Ball Metalpack, LLC
		2018 1st Lien Term Loan B, 6.62%, (3M LIBOR + 4.50%), 07/25/25 (a)	1,696		1,590
	Berry Global, Inc.
		USD Term Loan U, 4.55%, (3M LIBOR + 2.50%), 07/01/26 (a)	1,691		1,698
	BWAY Holding Company
		2017 Term Loan B, 5.59%, (3M LIBOR + 3.25%), 04/03/24 (a)	7,550		7,384
	Charter NEX US, Inc.
		Incremental Term Loan, 5.55%, (3M LIBOR + 3.50%), 05/16/24 (a)	4,134		4,128
	Composite Resins Holding B.V.
		2018 Term Loan B, 6.46%, (3M LIBOR + 4.25%), 06/27/25 (a) (e)	3,328		3,318
	Consolidated Container Company LLC
		2017 1st Lien Term Loan, 4.79%, (1M LIBOR + 2.75%), 05/10/24 - 05/22/24 (a)	3,131		3,112
	Ferro Corporation
		2018 USD Term Loan B1, 4.58%, (3M LIBOR + 2.25%), 02/14/24 (a)	2,935		2,931
		2018 USD Term Loan B2, 4.58%, (3M LIBOR + 2.25%), 02/14/24 (a)	1,507		1,506
		2018 USD Term Loan B3, 4.58%, (3M LIBOR + 2.25%), 02/14/24 (a)	1,475		1,474
	Flex Acquisition Company, Inc.
		1st Lien Term Loan, 5.32%, (3M LIBOR + 3.00%), 12/15/23 (a)	5,753		5,533
	Flint Group US LLC
		USD Term Loan B8, 5.28%, (1M LIBOR + 3.00%), 09/07/21 (a)	975		818
	Gemini HDPE LLC
		Term Loan B, 4.76%, (3M LIBOR + 2.50%), 08/04/24 (a)	1,412		1,410
	GYP Holdings III Corp.
		2018 Term Loan B, 4.79%, (3M LIBOR + 2.75%), 05/15/25 (a)	3,965		3,943
	Hexion Inc
		USD Exit Term Loan, 5.82%, (3M LIBOR + 3.50%), 06/27/26 (a)	4,031		4,016
	Klockner-Pentaplast of America, Inc.
		USD 2017 Term Loan B2, 6.29%, (3M LIBOR + 4.25%), 06/30/22 (a)	3,587		3,165
	Kraton Polymers, LLC
		Term Loan, 4.61%, (3M LIBOR + 2.50%), 03/03/25 (a)	2,835		2,828
	LTI Holdings, Inc.
		2018 Add On 1st Lien Term Loan, 5.61%, (3M LIBOR + 3.50%), 08/15/25 (a)	3,772		3,563
	Messer Industries GmbH
		2018 USD Term Loan, 4.60%, (3M LIBOR + 2.50%), 10/10/25 (a)	6,126		6,110
	Momentive Performance Materials Inc.
		Term Loan B, 5.59%, (3M LIBOR + 3.25%), 04/18/24 (a)	2,420		2,402
	OCI Beaumont LLC
		Term Loan, 6.33%, (3M LIBOR + 4.00%), 02/14/25 (a) (c) (d)	1,773		1,771
	Onex TSG Intermediate Corp.
		1st Lien Term Loan, 6.11%, (3M LIBOR + 4.00%), 07/31/22 (a)	1,734		1,611
	Perstorp Holding AB
		USD Term Loan B, 6.89%, (3M LIBOR + 4.75%), 04/03/26 (a) (c)	2,995		2,815
	Platform Specialty Products Corp.
		Term Loan, 0.00%, (3M LIBOR + 2.25%), 11/14/25 (a) (b)	1,500		1,504
		Term Loan, 4.36%, (3M LIBOR + 2.25%), 11/14/25 (a)	2,409		2,416
	Plaze, Inc.
		2019 Term Loan B, 5.63%, (3M LIBOR + 3.50%), 08/01/26 (a)	3,850		3,836
	PMHC II, Inc.
		2018 1st Lien Term Loan, 6.15%, (3M LIBOR + 3.50%), 03/20/25 (a)	896		719
		2018 2nd Lien Term Loan, 9.93%, (3M LIBOR + 7.75%), 03/22/26 (a)	250		196
	Polar US Borrower, LLC
		2018 1st Lien Term Loan, 6.85%, (3M LIBOR + 4.75%), 08/21/25 (a)	120		118
		2018 1st Lien Term Loan, 7.06%, (3M LIBOR + 4.75%), 08/21/25 (a)	5,303		5,150
	Polymer Additives, Inc.
		2018 1st Lien Term Loan, 8.12%, (3M LIBOR + 6.00%), 07/25/25 (a) (c) (d)	1,781		1,513
	PQ Corporation
		2018 Term Loan B, 4.76%, (3M LIBOR + 2.50%), 02/08/25 (a)	5,349		5,354
	Pro Mach Group, Inc.
		2018 Term Loan B, 4.81%, (3M LIBOR + 2.75%), 03/07/25 (a)	2,765		2,688
	Proampac PG Borrower LLC
		2016 1st Lien Term Loan, 5.54%, (3M LIBOR + 3.50%), 11/18/23 (a)	1,977		1,884
		2016 1st Lien Term Loan, 5.62%, (3M LIBOR + 3.50%), 11/18/23 (a)	1,170		1,115
		2016 1st Lien Term Loan, 5.76%, (3M LIBOR + 3.50%), 11/18/23 (a)	890		848
		2016 1st Lien Term Loan, 5.79%, (3M LIBOR + 3.50%), 11/18/23 (a)	1,359		1,295
		2016 1st Lien Term Loan, 7.50%, (3M LIBOR + 3.50%), 11/18/23 (a)	14		13
	Quikrete Holdings, Inc.
		2016 1st Lien Term Loan, 4.79%, (3M LIBOR + 2.75%), 11/03/23 (a)	6,252		6,225
	Reynolds Group Holdings Inc.
		Term Loan, 4.79%, (3M LIBOR + 2.75%), 02/05/23 (a)	4,431		4,437
	Solenis Holdings LLC
		2018 1st Lien Term Loan, 6.12%, (3M LIBOR + 4.00%), 06/26/25 (a)	3,219		3,126
		2018 1st Lien Term Loan, 6.04%, (3M LIBOR + 4.00%), 12/18/25 (a)	8		8
	Starfruit Finco B.V
		2018 USD Term Loan B, 5.29%, (3M LIBOR + 3.25%), 09/20/25 (a)	5,745		5,619
	TricorBraun Holdings, Inc.
		2016 1st Lien Term Loan, 5.91%, (3M LIBOR + 3.75%), 11/29/23 (a)	288		279
		2016 1st Lien Term Loan, 6.01%, (3M LIBOR + 3.75%), 11/29/23 (a)	3,225		3,133
	Trident TPI Holdings, Inc.
		2017 USD Term Loan B1, 5.36%, (3M LIBOR + 3.25%), 10/05/24 (a)	1,798		1,735
	Trinseo Materials Operating S.C.A.
		Term Loan, 4.11%, (3M LIBOR + 2.00%), 09/06/24 (a)	4,084		4,058
	Tronox Finance LLC
		Term Loan B, 4.86%, (3M LIBOR + 2.75%), 09/11/24 (a)	1,922		1,921
		Term Loan B, 5.08%, (3M LIBOR + 2.75%), 09/11/24 (a)	1,234		1,233
	Univar Inc.
		2017 USD Term Loan B, 4.29%, (3M LIBOR + 2.25%), 07/01/24 (a)	6,312		6,325
	Wilsonart LLC
		2017 Term Loan B, 5.58%, (3M LIBOR + 3.25%), 12/19/23 (a)	5,714		5,603
	Zep Inc.
		2017 1st Lien Term Loan, 6.33%, (3M LIBOR + 4.00%), 08/11/24 (a)	784		611
				147,305
Health Care 9.6%
	Accelerated Health Systems, LLC
		Term Loan B, 5.54%, (3M LIBOR + 3.50%), 11/02/25 (a)	3,114		3,118

383

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	ADMI Corp.
		2018 Term Loan B, 4.79%, (3M LIBOR + 2.75%), 04/06/24 (a)	4,754		4,703
	Agiliti Health, Inc
		Term Loan, 5.12%, (3M LIBOR + 3.00%), 10/18/25 (a) (c)	2,027		2,022
	Air Methods Corporation
		2017 Term Loan B, 5.60%, (3M LIBOR + 3.50%), 04/12/24 (a)	953		770
	Aldevron, LLC
		Term Loan, 0.00%, (3M LIBOR + 4.25%), 09/20/26 (a) (b)	2,978		2,985
	Alliance Healthcare Services, Inc.
		2017 Term Loan B, 6.61%, (3M LIBOR + 4.50%), 10/20/23 (a) (d) (e)	2,381		2,246
	Alphabet Holding Company, Inc.
		2017 1st Lien Term Loan, 5.61%, (3M LIBOR + 3.50%), 08/15/24 (a)	2,375		2,194
	Amneal Pharmaceuticals LLC
		2018 Term Loan B, 5.56%, (3M LIBOR + 3.50%), 03/26/25 (a)	2,996		2,546
	Athenahealth, Inc.
		2019 Term Loan B, 6.68%, (3M LIBOR + 4.50%), 01/25/26 (a)	2,746		2,736
	ATI Holdings Acquisition, Inc.
		2016 Term Loan, 5.55%, (3M LIBOR + 3.50%), 05/10/23 (a)	172		170
		Term Loan, 5.55%, (3M LIBOR + 3.50%), 05/10/23 - 05/15/23 (a)	3,268		3,229
	Auris Luxembourg III S.a.r.l.
		2019 USD Term Loan B2, 5.79%, (3M LIBOR + 3.75%), 07/23/25 (a)	3,211		3,188
	Change Healthcare Holdings LLC
		2017 Term Loan B, 4.54%, (3M LIBOR + 2.50%), 02/02/24 - 02/03/24 (a)	5,862		5,832
	CHG Healthcare Services, Inc
		2017 1st Lien Term Loan B, 5.04%, (3M LIBOR + 3.00%), 06/07/23 (a)	5,473		5,463
	Concentra Inc.
		2018 1st Lien Term Loan, 4.54%, (3M LIBOR + 2.50%), 06/01/22 (a)	3,027		3,043
	DaVita, Inc.
		2019 Term Loan B, 4.29%, (3M LIBOR + 2.25%), 07/30/26 (a)	2,820		2,834
	Endo Luxembourg Finance Company I S.a r.l.
		2017 Term Loan B, 6.30%, (3M LIBOR + 4.25%), 04/12/24 (a)	4,616		4,193
	Envision Healthcare Corporation
		2018 1st Lien Term Loan, 5.79%, (3M LIBOR + 3.75%), 09/27/25 (a)	391		318
	ExamWorks Group, Inc.
		Term Loan, 5.36%, (1M LIBOR + 3.25%), 07/27/23 (a)	3,604		3,615
	Gentiva Health Services, Inc.
		2018 1st Lien Term Loan, 5.81%, (3M LIBOR + 3.75%), 06/20/25 (a)	4,463		4,485
	GHX Ultimate Parent Corporation
		2017 1st Lien Term Loan, 5.58%, (3M LIBOR + 3.25%), 06/24/24 (a)	2,893		2,857
	Global Medical Response, Inc.
		2018 Term Loan B1, 5.31%, (3M LIBOR + 3.25%), 04/28/22 (a)	3,257		3,042
	Jaguar Holding Company II
		Term Loan, 4.54%, (3M LIBOR + 2.50%), 08/18/22 (a)	3,684		3,685
	Kindred Healthcare LLC
		2018 1st Lien Term Loan, 7.06%, (3M LIBOR + 5.00%), 06/21/25 (a)	2,772		2,772
	Kinetic Concepts, Inc.
		2017 USD Term Loan B, 5.58%, (3M LIBOR + 2.25%), 01/30/24 (a)	2,087		2,090
	MPH Acquisition Holdings LLC
		2016 Term Loan B, 4.85%, (3M LIBOR + 2.75%), 06/07/23 (a)	3,043		2,894
	National Mentor Holdings, Inc.
		2019 Term Loan B, 6.30%, (3M LIBOR + 4.25%), 03/09/26 (a)	3,542		3,550
		2019 Term Loan C, 6.30%, (3M LIBOR + 4.25%), 03/09/26 (a)	221		222
	Ortho-Clinical Diagnostics SA
		2018 Term Loan B, 5.56%, (3M LIBOR + 3.25%), 06/01/25 (a)	3,994		3,857
	Parexel International Corporation
		Term Loan B, 4.79%, (3M LIBOR + 2.75%), 08/06/24 (a)	2,824		2,677
	Phoenix Guarantor Inc
		Term Loan B, 6.57%, (3M LIBOR + 4.50%), 02/12/26 (a)	4,217		4,221
	Prestige Brands, Inc.
		Term Loan B4, 4.11%, (3M LIBOR + 2.00%), 01/20/24 (a)	3,877		3,883
	Radiology Partners Holdings, LLC
		2018 1st Lien Term Loan B, 7.06%, (3M LIBOR + 4.75%), 06/28/25 (a)	2,277		2,241
		2018 1st Lien Term Loan B, 7.39%, (3M LIBOR + 4.75%), 06/28/25 (a)	1,497		1,473
	RadNet, Inc.
		Reprice Term Loan, 5.83%, (3M LIBOR + 3.50%), 06/30/23 (a)	3,064		3,072
	RegionalCare Hospital Partners Holdings, Inc.
		2018 Term Loan B, 6.55%, (3M LIBOR + 4.50%), 11/09/25 (a)	4,962		4,963
	Select Medical Corporation
		2017 Term Loan B, 4.54%, (3M LIBOR + 2.50%), 02/13/24 (a)	3		3
		2017 Term Loan B, 4.58%, (3M LIBOR + 2.50%), 03/06/25 (a)	3,275		3,279
	Sound Inpatient Physicians
		2018 1st Lien Term Loan, 4.79%, (3M LIBOR + 2.75%), 06/19/25 (a)	4,098		4,086
	Surgery Center Holdings, Inc.
		2017 Term Loan B, 5.37%, (3M LIBOR + 3.25%), 06/18/24 (a)	3,188		3,110
	Team Health Holdings, Inc.
		1st Lien Term Loan, 4.86%, (3M LIBOR + 2.75%), 01/12/24 (a)	3,171		2,603
	Tivity Health Inc
		Term Loan A, 6.36%, (3M LIBOR + 4.25%), 03/08/24 (a) (d)	776		769
		Term Loan B, 7.36%, (3M LIBOR + 5.25%), 03/08/26 (a)	890		883
	U.S. Anesthesia Partners, Inc.
		Term Loan, 5.04%, (3M LIBOR + 3.00%), 06/16/24 (a)	3,289		3,194
	Valeant Pharmaceuticals International, Inc.
		2018 Term Loan B, 5.04%, (3M LIBOR + 3.00%), 05/19/25 (a)	7,019		7,045
	Verscend Holding Corp.
		2018 Term Loan B, 6.54%, (3M LIBOR + 4.50%), 08/08/25 (a)	5,643		5,657
	Vizient, Inc.
		2019 Term Loan B5, 4.54%, (3M LIBOR + 2.50%), 04/17/26 (a)	1,274		1,278
	Wellpath Holdings, Inc.
		2018 1st Lien Term Loan, 7.61%, (3M LIBOR + 5.50%), 09/25/25 (a)	2,987		2,948
	Zelis Healthcare Corp
		Term Loan, 0.00%, (3M LIBOR + 4.75%), 09/26/26 (a) (b)	1,425		1,413
				143,457
Communication Services 7.6%
	AMC Entertainment Holdings, Inc.
		2019 Term Loan B, 5.23%, (3M LIBOR + 3.00%), 04/22/26 (a)	4,209		4,223
	Ancestry.com Operations Inc.
		2019 Extended Term Loan B, 6.30%, (3M LIBOR + 4.25%), 08/15/26 (a)	5,738		5,602
	CenturyLink, Inc.
		2017 Term Loan B, 4.79%, (3M LIBOR + 2.75%), 01/15/25 (a)	5,302		5,263
	Cincinnati Bell, Inc.
		Term Loan, 5.29%, (3M LIBOR + 3.25%), 10/02/24 (a)	2,978		2,965

384

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Cogeco Communications (USA) II L.P.
		2017 1st Lien Term Loan, 4.36%, (1M LIBOR + 2.25%), 08/11/24 (a)	6,142		6,142
	Consolidated Communications, Inc.
		2016 Term Loan B, 5.12%, (1M LIBOR + 3.00%), 09/29/23 (a)	5,426		5,207
	CSC Holdings, LLC
		2018 Incremental Term Loan, 4.28%, (3M LIBOR + 2.25%), 01/31/26 (a)	5,970		5,961
		Term Loan, 0.00%, (3M LIBOR + 2.50%), 04/27/27 (a) (b)	450		450
	Diamond Sports Group, LLC
		Term Loan, 5.30%, (3M LIBOR + 3.25%), 08/24/26 (a)	1,720		1,729
	Entercom Media Corp.
		2017 Term Loan B, 4.80%, (3M LIBOR + 2.75%), 11/18/24 (a)	4,376		4,377
	Frontier Communications Corp.
		2017 Term Loan B1, 5.87%, (3M LIBOR + 3.75%), 05/31/24 (a)	3,040		3,030
	GoodRx, Inc.
		1st Lien Term Loan, 4.81%, (3M LIBOR + 2.75%), 10/10/25 (a)	2,137		2,135
	Gray Television, Inc.
		2018 Term Loan C, 4.83%, (3M LIBOR + 2.50%), 10/30/25 (a) (d)	4,912		4,924
	Hargray Communications Group, Inc.
		2017 Term Loan B, 5.11%, (3M LIBOR + 3.00%), 03/23/24 (a)	3,417		3,411
	Iheartcommunications, Inc.
		Exit Term Loan, 6.10%, (3M LIBOR + 4.00%), 05/04/26 (a)	933		939
	Intelsat Jackson Holdings S.A.
		2017 Term Loan B3, 5.80%, (3M LIBOR + 3.75%), 11/27/23 (a)	3,268		3,275
	Maxar Technologies Ltd.
		Term Loan B, 4.87%, (3M LIBOR + 2.75%), 07/07/24 (a)	4,648		4,087
	MTN Infrastructure TopCo Inc
		1st Lien Term Loan B, 5.11%, (3M LIBOR + 3.00%), 10/27/24 (a)	4,826		4,770
	NASCAR Holdings Inc
		Term Loan, 0.00%, (3M LIBOR + 2.75%), 07/19/26 (a) (b)	235		236
	Nexstar Broadcasting, Inc.
		2019 Term Loan B4, 0.00%, (3M LIBOR + 2.75%), 06/13/26 (a) (b)	3,765		3,780
		2019 Term Loan B4, 4.81%, (3M LIBOR + 2.75%), 07/15/26 (a)	771		774
	SBA Senior Finance II LLC
		2018 Term Loan B, 4.05%, (3M LIBOR + 2.00%), 03/26/25 (a)	7,539		7,540
	Securus Technologies Holdings, Inc.
		2017 1st Lien Term Loan, 6.54%, (3M LIBOR + 4.50%), 06/20/24 (a)	2,998		2,623
	Sprint Communications, Inc.
		1st Lien Term Loan B, 4.56%, (3M LIBOR + 2.50%), 02/01/24 (a)	6,396		6,346
	Telesat Canada
		Term Loan B4, 4.83%, (3M LIBOR + 2.50%), 11/17/23 (a)	6,205		6,210
	Triton Bidco
		Term Loan, 0.00%, (3M LIBOR + 4.50%), 09/23/26 (a) (b)	1,425		1,402
	Vestcom Parent Holdings, Inc.
		2016 1st Lien Term Loan, 6.04%, (3M LIBOR + 4.00%), 12/15/23 (a) (c) (d)	2,642		2,477
		2016 1st Lien Term Loan, 8.00%, (3M PRIME + 3.00%), 12/16/23 (a) (c) (d)	—		—
	Virgin Media Bristol LLC
		USD Term Loan K, 4.53%, (3M LIBOR + 2.50%), 02/10/26 (a)	6,640		6,640
	Windstream Holdings Inc.
		DIP Term Loan, 4.62%, (3M LIBOR + 2.50%), 03/08/21 (a)	1,736		1,736
	Ziggo Secured Finance Partnership
		USD Term Loan E, 4.53%, (3M LIBOR + 2.50%), 04/15/25 (a)	6,000		5,985
				114,239
Consumer Staples 5.0%
	8th Avenue Food & Provisions, Inc.
		2018 1st Lien Term Loan, 5.79%, (3M LIBOR + 3.75%), 09/19/25 (a)	2,015		2,018
	Albertsons, LLC
		2019 Term Loan B8, 4.86%, (3M LIBOR + 2.75%), 08/07/26 (a)	3,196		3,215
	American Seafoods Group LLC
		2017 1st Lien Term Loan, 4.86%, (3M LIBOR + 2.75%), 07/27/23 (a)	2,969		2,972
	BJ's Wholesale Club, Inc.
		2017 1st Lien Term Loan, 4.79%, (3M LIBOR + 2.75%), 01/26/24 (a)	3,796		3,806
	CHG PPC Parent LLC
		2018 Term Loan B, 4.79%, (3M LIBOR + 2.75%), 03/16/25 (a)	3,985		3,985
	Coty Inc.
		2018 USD Term Loan B, 4.29%, (3M LIBOR + 2.25%), 03/29/25 (a)	1,524		1,474
	Del Monte Foods, Inc.
		1st Lien Term Loan, 5.39%, (6M LIBOR + 3.25%), 01/26/21 (a)	1,885		1,470
		1st Lien Term Loan, 7.25%, (6M PRIME + 2.25%), 01/26/21 (a)	5		4
		2nd Lien Term Loan, 9.47%, (6M LIBOR + 7.25%), 07/26/21 (a)	500		345
	Diamond (BC) B.V.
		Term Loan, 5.26%, (1M LIBOR + 3.00%), 07/24/24 (a)	3,067		2,918
		USD Term Loan, 5.26%, (1M LIBOR + 3.00%), 07/24/24 (a)	8		7
	Dole Food Co. Inc.
		2017 Term Loan B, 4.86%, (1M LIBOR + 2.75%), 03/22/24 (a)	1,628		1,605
		2017 Term Loan B, 4.91%, (1M LIBOR + 2.75%), 03/22/24 (a)	3,205		3,160
		2017 Term Loan B, 6.75%, (1M LIBOR + 2.75%), 03/22/24 (a)	32		32
	Edgewell Personal Care Company
		Term Loan, 0.00%, (3M LIBOR + 3.00%), 11/08/26 (a) (b)	3,098		3,099
	Hearthside Food Solutions, LLC
		2018 Term Loan B, 5.80%, (3M LIBOR + 3.69%), 05/17/25 (a)	3,480		3,261
	Hostess Brands, LLC
		Term Loan, 4.36%, (3M LIBOR + 2.25%), 08/03/23 (a)	1,515		1,514
		2017 Repriced Term Loan, 4.37%, (3M LIBOR + 2.25%), 08/03/23 (a)	505		505
		2017 Repriced Term Loan, 4.51%, (3M LIBOR + 2.25%), 08/03/23 (a)	2,911		2,909
	JBS USA Lux S.A.
		2019 Term Loan B, 4.55%, (3M LIBOR + 2.50%), 04/27/26 (a)	4,894		4,915
	Portillo's Holdings, LLC
		1st Lien Term Loan, 6.83%, (3M LIBOR + 4.50%), 08/01/21 (a)	2,850		2,846
	Post Holdings Inc.
		2017 Series A Incremental Term Loan, 4.04%, (3M LIBOR + 2.00%), 05/24/24 (a)	5,008		5,019
	Sigma Bidco B.V.
		2018 USD Term Loan B2, 5.32%, (3M LIBOR + 3.00%), 03/07/25 (a)	3,960		3,937
	United Natural Foods, Inc.
		Term Loan B, 6.29%, (3M LIBOR + 4.25%), 10/22/25 (a)	5,592		4,659
	US Foods, Inc.
		2016 Term Loan B, 4.11%, (3M LIBOR + 2.00%), 06/27/23 (a)	6,586		6,608
	UTZ Quality Foods, LLC
		1st Lien Term Loan, 5.61%, (3M LIBOR + 3.50%), 11/14/24 (a)	4,029		4,008

385

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Verra Mobility Corporation
		2018 1st Lien Term Loan, 5.86%, (3M LIBOR + 3.75%), 02/23/25 (a)	4,489		4,504
				74,795
Energy 1.9%
	EG America LLC
		2018 USD Term Loan, 6.10%, (3M LIBOR + 4.00%), 06/30/25 (a)	590		583
		Term Loan, 6.10%, (3M LIBOR + 4.00%), 06/30/25 (a)	4,437		4,380
	EG Group Limited
		2018 USD Term Loan B, 6.33%, (3M LIBOR + 4.00%), 02/01/25 (a)	1,773		1,750
	Equitrans Midstream Corporation
		Term Loan B, 6.61%, (3M LIBOR + 4.50%), 12/13/23 (a)	2,988		2,985
	HFOTCO LLC
		2018 Term Loan B, 4.87%, (3M LIBOR + 2.75%), 06/19/25 (a)	2,975		2,966
	Lower Cadence Holdings LLC
		Term Loan B, 6.05%, (3M LIBOR + 4.00%), 05/10/26 (a)	2,793		2,718
	Medallion Midland Acquisition, LLC
		1st Lien Term Loan, 5.29%, (3M LIBOR + 3.25%), 10/31/24 (a)	3,009		2,916
	Natgasoline LLC
		Term Loan B, 5.81%, (3M LIBOR + 3.50%), 10/31/25 (a)	3,975		3,965
	Summit Midstream Partners Holdings, LLC
		Term Loan B, 8.11%, (3M LIBOR + 6.00%), 05/15/22 (a)	1,165		1,137
	TEX Operations Co. LLC
		Exit Term Loan B, 4.11%, (3M LIBOR + 2.00%), 08/04/23 (a)	3,659		3,670
	Traverse Midstream Partners LLC
		Term Loan, 6.26%, (3M LIBOR + 4.00%), 09/22/24 (a)	2,126		1,865
				28,935
Real Estate 1.5%
	Capital Automotive L.P.
		2017 1st Lien Term Loan, 4.62%, (1M LIBOR + 2.50%), 03/21/24 (a)	2,083		2,082
		2017 2nd Lien Term Loan, 8.04%, (3M LIBOR + 6.00%), 03/21/25 (a)	3,139		3,145
	ESH Hospitality, Inc.
		2019 Term Loan B, 4.11%, (3M LIBOR + 2.00%), 08/30/23 (a)	3,082		3,094
	MGM Growth Properties Operating Partnership LP
		2016 Term Loan B, 4.04%, (3M LIBOR + 2.00%), 04/20/23 (a)	6,960		6,971
	VICI Properties 1 LLC
		Replacement Term Loan B, 4.05%, (3M LIBOR + 2.00%), 12/13/24 (a)	6,899		6,913
				22,205
Utilities 1.4%
	Calpine Construction Finance Company, L.P.
		2017 Term Loan B, 4.61%, (3M LIBOR + 2.50%), 01/15/25 (a)	3,178		3,178
	Calpine Corporation
		Term Loan B5, 4.61%, (3M LIBOR + 2.50%), 05/23/22 (a)	4,419		4,428
		Term Loan B9, 4.86%, (3M LIBOR + 2.75%), 03/22/26 (a)	1,656		1,659
	NEP/NCP Holdco, Inc.
		2018 1st Lien Term Loan, 5.29%, (3M LIBOR + 3.25%), 10/05/25 (a)	4,570		4,478
	Pacific Gas And Electric Company
		DIP Term Loan, 4.32%, (3M LIBOR + 2.25%), 12/31/20 (a)	3,765		3,784
	Vistra Operations Company LLC
		1st Lien Term Loan B3, 4.02%, (3M LIBOR + 2.00%), 12/11/25 (a)	1,384		1,388
		1st Lien Term Loan B3, 4.04%, (3M LIBOR + 2.00%), 12/11/25 (a)	2,048		2,053
				20,968
	Total Senior Loan Interests (cost $1,409,876)			1,386,229
CORPORATE BONDS AND NOTES 2.6%
Communication Services 0.5%
	AMC Entertainment Holdings, Inc.
		6.13%, 05/15/27	1,438		1,307
	Diamond Sports Group, LLC
		5.38%, 08/15/26 (f)	598		621
		6.63%, 08/15/27 (f)	1,276		1,323
	Iheartcommunications, Inc.
		8.38%, 05/01/27	490		530
	Nexstar Escrow Inc.
		5.63%, 07/15/27 (f)	235		246
	Sirius XM Radio Inc.
		5.50%, 07/01/29 (f)	2,000		2,135
	Sprint Corporation
		7.13%, 06/15/24	624		672
				6,834
Energy 0.5%
	Cheniere Energy Partners, L.P.
		5.63%, 10/01/26	1,544		1,640
	Enlink Midstream, LLC
		5.38%, 06/01/29	2,000		1,918
	Everest Acquisition, LLC
		7.75%, 05/15/26 (f)	2,000		1,500
	Transocean Proteus Limited
		6.25%, 12/01/24 (f)	1,481		1,515
				6,573
Financials 0.3%
	Ardagh Packaging Finance Public Limited Company
		6.00%, 02/15/25 (f)	1,650		1,725
	Icahn Enterprises L.P.
		6.25%, 05/15/26 (f)	977		1,026
	Springleaf Finance Corporation
		7.13%, 03/15/26	2,000		2,218
				4,969
Materials 0.3%
	FMG Resources (August 2006) Pty Ltd
		5.13%, 05/15/24 (f)	1,625		1,690
	FXI Holdings, Inc.
		7.88%, 11/01/24 (f)	1,025		902
	Koppers Inc.
		6.00%, 02/15/25 (f)	645		645
	Olin Corporation
		5.13%, 09/15/27	1,122		1,153
		5.00%, 02/01/30	498		500
				4,890
Consumer Staples 0.2%
	Energizer Holdings, Inc.
		7.75%, 01/15/27 (f)	2,000		2,226
	JBS Investments II GmbH
		5.75%, 01/15/28 (f)	377		393
	JBS USA Food Company
		5.50%, 01/15/30 (f)	900		954
				3,573
Health Care 0.2%
	Bausch Health Companies Inc.
		8.50%, 01/31/27 (f)	1,500		1,684
	Community Health Systems, Inc.
		8.63%, 01/15/24 (f)	1,000		1,036
	Tenet Healthcare Corporation
		8.13%, 04/01/22	220		238
				2,958
Industrials 0.2%
	Ashtead Capital, Inc.
		5.25%, 08/01/26 (f)	1,625		1,726
	Bombardier Inc.
		7.88%, 04/15/27 (f)	853		848
	Trivium Packaging Finance B.V.
		5.50%, 08/15/26 (f)	300		316
				2,890

386

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
Consumer Discretionary 0.2%
	IHO Verwaltungs GmbH
		6.75%, 05/15/27 (f) (g)	2,000		2,036
	Mohegan Tribal Gaming Authority
		7.88%, 10/15/24 (f)	392		376
				2,412
Information Technology 0.1%
	Dell International L.L.C.
		5.30%, 10/01/29 (f) (h)	1,600		1,743
Utilities 0.1%
	Calpine Corporation
		5.25%, 06/01/26 (f)	1,598		1,656
	Total Corporate Bonds And Notes (cost $38,264)			38,498
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 0.7%
	ALM Ltd/KY
		Series 2019-A1B-6A, 3.98%, (3M USD LIBOR + 1.60%), 04/15/30 (a) (f)	3,000		2,981
	ARES L CLO Ltd
		Series 2019-A2-53A, 4.17%, (3M USD LIBOR + 1.65%), 04/24/31 (a) (f)	2,300		2,300
	Ares XXXIX CLO Ltd
		Series 2016-A2R-39A, 3.95%, (3M USD LIBOR + 1.65%), 04/18/31 (a) (f)	2,000		2,000
	Benefit Street Partners CLO Ltd
		Series 2019-A2-17A, 3.93%, (3M USD LIBOR + 1.60%), 07/15/32 (a) (f)	834		834
	LCM Ltd Partnership Private Placement Mixed CLO
		Series 2019-A-2-30, 4.22%, (3M USD LIBOR + 1.60%), 04/21/31 (a) (f)	958		958
	Octagon Investment Partners 41 Ltd
		Series 2019-A2-2A, 4.25%, (3M USD LIBOR + 1.65%), 04/15/31 (a) (f)	1,333		1,333
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $10,425)			10,406
COMMON STOCKS 0.2%
Financials 0.2%
	AFGlobal Corporation (c) (d) (i) (j)		39		2,155
	Freedom Group Inc. (c) (d) (i)		57		57
				2,212
Communication Services 0.0%
	Clear Channel Outdoor Holdings, Inc. (i)		112		283
	iHeartMedia, Inc. - Class A (i)		6		84
				367
Health Care 0.0%
	Envigo RMS Holding Corp. (c) (d) (i)		8		—
	Total Common Stocks (cost $6,583)			2,579
WARRANTS 0.0%
	AFGlobal Corporation (c) (d) (i)		5		45
	iHeartMedia, Inc. (d) (e) (i)		42		538
	Total Warrants (cost $992)			583
OTHER EQUITY INTERESTS 0.0%
	Paragon Offshore Ltd. Escrow (c) (d) (i) (k)		8		—
	Total Other Equity Interests (cost $0)			—
SHORT TERM INVESTMENTS 4.8%
Investment Companies 4.8%
	JNL Government Money Market Fund - Institutional Class, 1.86% (l) (m)		71,981		71,981
	Total Short Term Investments (cost $71,981)			71,981
Total Investments 100.8% (cost $1,538,121)					1,510,276
Other Derivative Instruments 0.0%					7
Other Assets and Liabilities, Net (0.8)%					(12,000)
Total Net Assets 100.0%					1,498,283

(a)Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of September 30, 2019. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations (“CMO”) and mortgage-backed securities (“MBS”) are determined by tranches of underlying mortgage-backed security pools’ cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security’s offering documents.

(b)This senior loan will settle after September 30, 2019. If a reference rate and spread is presented, it will go into effect upon settlement.

(c)Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Schedules of Investments.

(d)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

(e)Security fair valued in good faith as a Level 2 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Schedules of Investments.

(f)The Adviser has deemed this security, which is exempt from registration under the Securities Act of 1933, as amended, to be liquid based on procedures approved by the Board of Trustees. As of September 30, 2019, the value and the percentage of net assets of these liquid securities was $38,728 and 2.6% of the Fund.

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

(h)The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer.

(i)Non-income producing security.

(j)Security is restricted to resale to institutional investors. See Restricted Securities in the Schedules of Investments.

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

(l)Investment in affiliate.

(m)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	AFGlobal Corporation	07/13/17	2,907	2,155	0.1

Unfunded Commitments

		Unfunded Commitment ($)	Appreciation/ (Depreciation) ($)
JNL/PPM America Floating Rate Income Fund
	Allied Universal Holdco LLC – 2019 Delayed Draw Term Loan	127	1
	Mavis Tire Express Services Corp. – 2018 Delayed Draw Term Loan	283	(6)

387

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

NCR Corporation – 2019 Delayed Draw Term Loan	406	—
PG&E Corp – DIP Delayed Draw Term Loan	1,249	12
	2,065	7

JNL/PPM America Floating Rate Income Fund — Futures Contracts
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Short Contracts
United States 10 Year Note	(43)	December 2019		(5,679)	3			76
United States 10 Year Ultra Bond	(11)	December 2019		(1,597)	—			30
United States 5 Year Note	(79)	January 2020		(9,492)	4			79
					7			185

388

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
JNL/PPM America High Yield Bond Fund
CORPORATE BONDS AND NOTES 88.5%
Communication Services 19.7%
	Altice Financing S.A.
		8.13%, 01/15/24 (a)	4,000		4,130
		7.63%, 02/15/25 (a) (b)	3,703		3,843
	Altice France
		6.25%, 05/15/24 (a)	3,416		3,526
		7.38%, 05/01/26 (a)	9,780		10,494
	Altice Luxembourg Fr SA
		8.13%, 02/01/27 (a)	7,600		8,397
	AMC Entertainment Holdings, Inc.
		6.13%, 05/15/27 (b)	9,153		8,316
	CB Escrow Corp.
		8.00%, 10/15/25 (a)	8,275		7,286
	CCO Holdings, LLC
		5.88%, 05/01/27 (a)	19,000		20,110
		5.00%, 02/01/28 (a)	3,881		4,018
		5.38%, 06/01/29 (a)	15,740		16,754
	CenturyLink, Inc.
		6.75%, 12/01/23	5,000		5,491
		5.63%, 04/01/25	5,000		5,188
	Cincinnati Bell Inc.
		7.00%, 07/15/24 (a)	2,531		2,349
	Clear Channel Worldwide Holdings, Inc.
		9.25%, 02/15/24 (a)	4,209		4,627
	Connect Midco II Limited
		6.75%, 10/01/26 (a)	6,976		7,101
	Consolidated Communications, Inc.
		6.50%, 10/01/22 (b)	7,000		6,485
	CSC Holdings, LLC
		5.50%, 04/15/27 (a)	4,267		4,514
		7.50%, 04/01/28 (a)	12,200		13,765
		6.50%, 02/01/29 (a)	4,564		5,064
		5.75%, 01/15/30 (a)	5,285		5,522
	Diamond Sports Group, LLC
		5.38%, 08/15/26 (a)	2,699		2,801
		6.63%, 08/15/27 (a) (b)	4,397		4,560
	DISH DBS Corporation
		5.13%, 05/01/20	3,000		3,035
		5.00%, 03/15/23	7,000		7,078
		5.88%, 11/15/24	4,250		4,212
	Frontier Communications Corporation
		10.50%, 09/15/22	9,125		4,200
		8.50%, 04/01/26 (a)	6,442		6,448
		8.00%, 04/01/27 (a)	2,200		2,324
	Gannett Co., Inc.
		5.50%, 09/15/24 (a)	3,000		3,088
	Hughes Satellite Systems Corporation
		5.25%, 08/01/26	3,046		3,263
		6.63%, 08/01/26	2,896		3,149
	Iheartcommunications, Inc.
		6.38%, 05/01/26	1,288		1,395
		8.38%, 05/01/27 (b)	6,483		7,002
		5.25%, 08/15/27 (a)	991		1,035
	Intelsat Jackson Holdings S.A.
		8.50%, 10/15/24 (a)	8,841		8,918
		9.75%, 07/15/25 (a)	12,995		13,621
	Level 3 Parent, LLC
		5.75%, 12/01/22	5,000		5,019
	Liberty Media Corporation
		8.25%, 02/01/30	5,050		5,290
	Live Nation Entertainment, Inc.
		5.38%, 06/15/22 (a)	2,425		2,457
		4.88%, 11/01/24 (a)	7,042		7,305
		5.63%, 03/15/26 (a)	2,753		2,935
	MDC Partners Inc.
		6.50%, 05/01/24 (a)	7,046		6,433
	NBCUniversal Enterprise, Inc.
		5.25%, (callable at 100 beginning 03/19/21) (a) (c)	7,626		7,777
	Neptune Finco Corp.
		10.88%, 10/15/25 (a) (b)	5,044		5,715
	Netflix, Inc.
		5.75%, 03/01/24	2,000		2,186
		5.88%, 11/15/28	8,000		8,701
		6.38%, 05/15/29 (a)	3,866		4,282
	Nexstar Escrow Inc.
		5.63%, 07/15/27 (a)	1,854		1,942
	Qwest Corporation
		6.88%, 09/15/33	6,100		6,095
	Radiate HoldCo, LLC
		6.63%, 02/15/25 (a)	2,560		2,579
	Sinclair Television Group, Inc.
		5.88%, 03/15/26 (a)	5,000		5,228
		5.13%, 02/15/27 (a)	800		806
	Sirius XM Radio Inc.
		4.63%, 07/15/24 (a)	1,460		1,515
		5.38%, 04/15/25 - 07/15/26 (a)	10,400		10,914
		5.00%, 08/01/27 (a)	4,000		4,129
		5.50%, 07/01/29 (a)	2,782		2,969
	Sprint Capital Corporation
		6.88%, 11/15/28	6,000		6,540
	Sprint Communications, Inc.
		7.00%, 03/01/20 (a)	4,000		4,067
		6.00%, 11/15/22	4,000		4,238
	Sprint Corporation
		7.13%, 06/15/24	20,125		21,679
		7.63%, 02/15/25	3,000		3,299
	TEGNA Inc.
		5.00%, 09/15/29 (a)	2,635		2,667
	Telecom Italia Capital, Societe Anonyme
		6.00%, 09/30/34	7,150		7,598
	Telesat Canada
		8.88%, 11/15/24 (a)	5,774		6,194
		6.50%, 10/15/27 (a)	3,482		3,544
	T-Mobile USA, Inc.
		4.00%, 04/15/22 (b)	2,000		2,062
		6.50%, 01/15/24	5,000		5,195
		6.00%, 04/15/24	2,000		2,078
		5.13%, 04/15/25	5,000		5,181
		5.38%, 04/15/27	2,000		2,157
		4.75%, 02/01/28	3,001		3,145
	Uber Technologies, Inc.
		7.50%, 09/15/27 (a)	3,159		3,135
	Windstream Services, LLC
		0.00%, 10/31/25 (a) (d) (e)	6,000		6,117
	Zayo Group, LLC
		6.00%, 04/01/23	9,111		9,364
				415,646
Financials 13.5%
	Acrisure, LLC
		7.00%, 11/15/25 (a)	4,626		4,328
	Ally Financial Inc.
		4.25%, 04/15/21	3,000		3,061
		4.63%, 05/19/22	5,000		5,201
		3.88%, 05/21/24	8,649		8,952
	Altice Financing S.A.
		6.63%, 02/15/23 (a)	3,896		4,004
	Ardagh Packaging Finance Public Limited Company
		6.00%, 02/15/25 (a)	8,000		8,362
		5.25%, 08/15/27 (a)	5,300		5,376
	CIT Group Inc.
		4.75%, 02/16/24	5,415		5,726
		5.25%, 03/07/25	743		811
		6.13%, 03/09/28	784		922
	Citigroup Inc.
		5.00%, (callable at 100 beginning 09/12/24) (c)	10,474		10,585
	Commscope Finance LLC
		6.00%, 03/01/26 (a)	3,794		3,927
		8.25%, 03/01/27 (a) (b)	8,673		8,452
	Credit Suisse Group AG
		6.25%, (callable at 100 beginning 12/18/24) (a) (c)	8,520		9,021
		6.38%, (callable at 100 beginning 08/21/26) (a) (c)	4,365		4,536

389

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Diamond Finance International Limited
		6.02%, 06/15/26 (a)	10,494		11,803
	Eagle Holding Company II, LLC
		7.75%, 05/15/22 (a) (f)	3,170		3,199
		8.38%, 05/15/22 (a) (f)	5,073		5,121
	Glencore Funding LLC
		4.88%, 03/12/29 (a)	3,705		4,000
	Icahn Enterprises L.P.
		6.25%, 05/15/26 (a)	17,159		18,019
	IHS Luxembourg S.A R.L.
		6.50%, 06/01/26 (a)	6,000		6,346
	Intelsat Connect Finance S.A.
		9.50%, 02/15/23 (a) (b)	1,137		1,052
	Jack Ohio Finance LLC
		10.25%, 11/15/22 (a)	5,000		5,301
	James Hardie International Finance Designated Activity Company
		4.75%, 01/15/25 (a)	941		971
		5.00%, 01/15/28 (a)	3,726		3,867
	JPMorgan Chase & Co.
		5.00%, (callable at 100 beginning 08/01/24) (c)	5,380		5,523
		5.30%, (callable at 100 beginning 05/01/20) (c)	5,336		5,391
	Level 3 Financing, Inc.
		5.13%, 05/01/23	3,000		3,034
		5.38%, 01/15/24	5,000		5,102
		4.63%, 09/15/27 (a)	7,541		7,631
	Lions Gate Capital Holdings LLC
		5.88%, 11/01/24 (a)	7,000		7,207
	Lloyds Banking Group PLC
		6.75%, (callable at 100 beginning 06/27/26) (c)	4,408		4,579
		7.50%, (callable at 100 beginning 09/27/25) (c)	3,740		4,006
	Navient Corporation
		7.25%, 09/25/23	5,433		5,908
		5.88%, 10/25/24	4,383		4,439
	Nexstar Escrow Corporation
		5.63%, 08/01/24 (a) (b)	10,000		10,414
	Nordic Aviation Capital DAC
		5.83%, 03/14/26 (g) (h)	5,000		5,353
	Petershill II LP
		5.00%, 07/15/39	3,600		3,600
	Rassman, Joel H.
		4.88%, 03/15/27	3,154		3,384
		3.80%, 11/01/29	5,818		5,724
	Resideo Funding Inc.
		6.13%, 11/01/26 (a)	1,953		2,065
	Springleaf Finance Corporation
		6.13%, 03/15/24	3,495		3,767
		7.13%, 03/15/26	6,946		7,704
		6.63%, 01/15/28	1,555		1,679
	Taylor Morrison Communities, Inc.
		5.75%, 01/15/28 (a)	531		577
	Telenet Finance Luxembourg Notes S.À R.L.
		5.50%, 03/01/28 (a)	3,800		3,985
	Tenet Healthcare Corporation
		4.88%, 01/01/26 (a)	6,239		6,411
		5.13%, 11/01/27 (a)	4,161		4,297
	USA Compression Finance Corp.
		6.88%, 04/01/26	3,803		3,972
		6.88%, 09/01/27 (a)	7,792		8,043
	Vertiv Intermediate Holding Corporation
		13.00%, 02/15/22 (a) (f)	8,410		7,609
	Vistra Operations Company LLC
		4.30%, 07/15/29 (a)	2,225		2,277
	Washington Mutual Bank, FA
		0.00%, 06/15/11 (d) (e) (h)	1,500		—
	ZF North America Capital, Inc.
		4.75%, 04/29/25 (a)	2,254		2,347
	Ziggo Bond Finance B.V.
		6.00%, 01/15/27 (a)	6,000		6,272
				285,243
Consumer Discretionary 13.1%
	Allied Universal Holdco LLC
		6.63%, 07/15/26 (a)	2,856		3,013
		9.75%, 07/15/27 (a)	3,175		3,313
	Altice Luxembourg SA
		10.50%, 05/15/27 (a)	2,700		3,046
	Altice S.A.
		7.63%, 02/15/25 (a)	6,000		6,251
	Aramark Services, Inc.
		4.75%, 06/01/26	4,571		4,709
		5.00%, 02/01/28 (a)	1,896		1,974
	Beazer Homes USA, Inc.
		5.88%, 10/15/27 (b)	6,672		6,476
		7.25%, 10/15/29 (a)	2,635		2,678
	BidFair MergeRight Inc
		7.38%, 10/15/27 (a)	4,220		4,299
	Churchill Downs Incorporated
		4.75%, 01/15/28 (a)	6,223		6,382
	CRC Escrow Issuer, LLC
		5.25%, 10/15/25 (a)	5,000		5,115
	Delphi Technologies PLC
		5.00%, 10/01/25 (a)	6,189		5,499
	Fiat Chrysler Automobiles N.V.
		5.25%, 04/15/23	3,153		3,370
	Gibson Brands, Inc.
		0.00%, 08/01/18 (b) (d) (e) (h) (i)	56		46
	GLP Financing, LLC
		5.38%, 04/15/26	4,000		4,405
	Hanesbrands Inc.
		4.63%, 05/15/24 (a)	3,000		3,160
	Hilton Domestic Operating Company Inc.
		4.25%, 09/01/24	6,222		6,340
		5.13%, 05/01/26	7,019		7,379
	IHO Verwaltungs GmbH
		5.50%, 09/15/26 (a) (f)	1,679		1,654
		6.75%, 05/15/27 (a) (f)	2,600		2,647
		7.13%, 05/15/29 (a) (f)	2,330		2,356
	KB Home
		7.63%, 05/15/23	5,237		5,939
	KFC Holding Co.
		4.75%, 06/01/27 (a)	4,182		4,358
	L Brands, Inc.
		7.50%, 06/15/29	9,154		9,111
	Lennar Corporation
		4.75%, 11/29/27	5,927		6,366
	M/I Homes, Inc.
		6.75%, 01/15/21	8,000		8,090
	Marriott Ownership Resorts, Inc.
		6.50%, 09/15/26	7,399		7,990
		4.75%, 01/15/28 (a)	1,432		1,447
	Masonite International Corporation
		5.38%, 02/01/28 (a)	3,013		3,148
	MGM China Holdings Limited
		5.38%, 05/15/24 (a)	1,706		1,773
		5.88%, 05/15/26 (a)	3,755		3,940
	Mohegan Tribal Gaming Authority
		7.88%, 10/15/24 (a) (b)	5,583		5,351
	NCL Corporation Ltd.
		4.75%, 12/15/21 (a)	3,251		3,310
	New Golden Nugget Inc.
		6.75%, 10/15/24 (a)	7,230		7,328
		8.75%, 10/01/25 (a)	7,050		7,350
	Panther BF Aggregator 2 LP
		8.50%, 05/15/27 (a) (b)	3,305		3,347
	Party City Holdings Inc.
		6.63%, 08/01/26 (a) (b)	4,990		4,939
	PetSmart, Inc.
		5.88%, 06/01/25 (a)	9,847		9,821
	Restaurant Brands International Limited Partnership
		5.00%, 10/15/25 (a)	10,000		10,357
	Sally Holdings, LLC
		5.63%, 12/01/25 (b)	4,500		4,581
	Scientific Games International, Inc.
		10.00%, 12/01/22	1,636		1,701
		5.00%, 10/15/25 (a)	11,919		12,314
		8.25%, 03/15/26 (a)	5,000		5,321
	Sotheby's, Inc.
		4.88%, 12/15/25 (a)	4,000		4,039

390

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Staples, Inc.
		7.50%, 04/15/26 (a)	5,907		6,081
		10.75%, 04/15/27 (a) (b)	4,091		4,224
	Stars Group Holdings B.V.
		7.00%, 07/15/26 (a)	6,102		6,470
	Taylor Morrison Communities, Inc.
		5.88%, 06/15/27 (a)	6,810		7,470
	The Men's Wearhouse, Inc.
		7.00%, 07/01/22	6,863		6,763
	Viking Cruises Limited
		5.88%, 09/15/27 (a)	5,001		5,290
	VOC Escrow Ltd.
		5.00%, 02/15/28 (a)	6,194		6,395
	Williams Scotsman International, Inc.
		6.88%, 08/15/23 (a)	5,292		5,544
	Wolverine World Wide, Inc.
		5.00%, 09/01/26 (a)	2,571		2,598
	Wyndham Destinations, Inc.
		5.40%, 04/01/24 (j)	5,000		5,276
		5.75%, 04/01/27 (k)	1,400		1,516
	Wynn Resorts Finance, LLC
		5.13%, 10/01/29 (a)	1,136		1,191
				274,851
Energy 10.6%
	Antero Midstream Partners LP
		5.38%, 09/15/24	4,000		3,604
		5.75%, 03/01/27 - 01/15/28 (a)	7,615		6,348
	Ascent Resources - Utica, LLC
		10.00%, 04/01/22 (a)	2,185		2,183
		7.00%, 11/01/26 (a)	6,494		5,423
	Brazos Valley Longhorn, L.L.C.
		6.88%, 02/01/25	4,772		4,209
	Bruin E&P Partners, LLC
		8.88%, 08/01/23 (a)	9,032		6,751
	Callon Petroleum Company
		6.38%, 07/01/26	6,244		6,106
	Chaparral Energy, Inc.
		8.75%, 07/15/23 (a)	7,179		2,963
	Cheniere Corpus Christi Holdings, LLC
		5.88%, 03/31/25	7,157		7,963
	Cheniere Energy Partners, L.P.
		5.25%, 10/01/25	7,000		7,280
		5.63%, 10/01/26	8,352		8,870
		4.50%, 10/01/29 (a)	2,581		2,646
	Chesapeake Energy Corporation
		7.00%, 10/01/24	4,100		2,985
	CNX Midstream Partners LP
		6.50%, 03/15/26 (a)	6,352		5,860
	Continental Resources, Inc.
		4.50%, 04/15/23	6,000		6,234
	Diamondback Energy, Inc.
		4.75%, 11/01/24	4,861		4,982
		5.38%, 05/31/25	3,000		3,134
	Energy Transfer LP
		5.25%, 04/15/29	3,749		4,224
	Enlink Midstream, LLC
		4.85%, 07/15/26	3,255		3,097
		5.38%, 06/01/29	9,384		9,000
	EQM Midstream Partners, LP
		4.13%, 12/01/26	6,082		5,646
	Everest Acquisition, LLC
		8.00%, 11/29/24 (a)	2,895		1,113
		7.75%, 05/15/26 (a)	2,500		1,875
	Extraction Oil & Gas, Inc.
		7.38%, 05/15/24 (a)	2,669		1,810
	Hess Infrastructure Partners LP
		5.63%, 02/15/26 (a)	4,364		4,559
	Murphy Oil USA, Inc.
		5.75%, 08/15/25	5,300		5,405
		4.75%, 09/15/29	829		850
	Nabors Industries, Inc.
		5.50%, 01/15/23 (b)	3,796		3,122
	NGPL PipeCo LLC
		4.88%, 08/15/27 (a)	3,363		3,598
	Noble Corporation
		7.88%, 02/01/26 (a) (b)	8,000		5,745
	Parsley Energy, LLC
		5.25%, 08/15/25 (a)	6,000		6,087
	PBF Logistics LP
		6.88%, 05/15/23	7,572		7,798
	Precision Drilling Corporation
		5.25%, 11/15/24	4,000		3,553
		7.13%, 01/15/26 (a)	7,206		6,700
	Sabine Pass Liquefaction, LLC
		4.20%, 03/15/28	5,220		5,532
	Shelf Drilling Management Services DMCC
		8.25%, 02/15/25 (a)	7,272		6,476
	SM Energy Company
		1.50%, 07/01/21 (l)	488		442
		6.13%, 11/15/22	2,150		2,062
	Southwestern Energy Company
		7.50%, 04/01/26	5,000		4,370
	SRC Energy Inc.
		6.25%, 12/01/25	5,565		5,518
	Targa Resource Corporation
		5.88%, 04/15/26	6,545		6,914
		5.00%, 01/15/28	2,100		2,126
	Transocean Inc
		7.50%, 01/15/26 (a)	8,044		7,138
	Transocean Poseidon Limited
		6.88%, 02/01/27 (a)	2,848		2,988
	Transocean Proteus Limited
		6.25%, 12/01/24 (a)	5,291		5,410
	White Star Petroleum, LLC
		0.00%, 09/15/22 (d) (e) (g) (h) (i)	5,000		—
	Whiting Petroleum Corporation
		1.25%, 04/01/20 (l)	130		127
		6.25%, 04/01/23	7,657		5,917
	WPX Energy, Inc.
		5.75%, 06/01/26	1,816		1,860
		5.25%, 09/15/24 - 10/15/27	4,679		4,748
				223,351
Health Care 10.0%
	Bausch Health Companies Inc.
		6.50%, 03/15/22 (a)	975		1,008
		6.13%, 04/15/25 (a)	8,727		9,045
		5.50%, 11/01/25 (a)	1,907		1,996
		8.50%, 01/31/27 (a)	21,943		24,639
		5.75%, 08/15/27 (a)	4,733		5,111
		7.00%, 03/15/24 - 01/15/28 (a)	3,907		4,132
	Catalent Pharma Solutions, Inc.
		5.00%, 07/15/27 (a)	611		634
	Centene Corporation
		4.75%, 05/15/22 - 01/15/25	5,581		5,721
	Centene Escrow I Corporation
		5.38%, 06/01/26 (a)	7,717		8,085
	Community Health Systems, Inc.
		8.63%, 01/15/24 (a)	3,130		3,243
		8.00%, 03/15/26 (a)	5,205		5,200
	HCA Inc.
		5.00%, 03/15/24	4,231		4,620
		5.25%, 06/15/26	6,438		7,194
		5.38%, 09/01/26	2,694		2,956
		4.50%, 02/15/27	8,000		8,603
		5.63%, 09/01/28	8,788		9,804
		5.88%, 02/01/29	1,718		1,933
		5.13%, 06/15/39	2,125		2,322
	Hill-Rom Holdings, Inc.
		4.38%, 09/15/27 (a)	1,643		1,682
	Hologic, Inc.
		4.38%, 10/15/25 (a)	5,634		5,774
	IQVIA Inc.
		5.00%, 10/15/26 - 05/15/27 (a)	4,764		4,998
	Legacy Lifepoint Health, Inc.
		9.75%, 12/01/26 (a)	8,000		8,570
	Mednax, Inc.
		6.25%, 01/15/27 (a)	9,445		9,367

391

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	MPH Acquisition Holdings LLC
		7.13%, 06/01/24 (a)	4,317		3,987
	Muzinich U.S. High Yield Corporate Bond Fund
		9.75%, 08/15/26 (a)	5,896		6,284
	Mylan Inc
		4.55%, 04/15/28	3,729		3,973
		5.20%, 04/15/48	2,086		2,211
	Ortho-Clinical Diagnostics, Inc.
		6.63%, 05/15/22 (a)	7,665		7,494
	Par Pharmaceutical, Inc.
		7.50%, 04/01/27 (a)	10,901		9,973
	Polaris Intermediate School
		8.50%, 12/01/22 (a) (f)	3,000		2,551
	Tenet Healthcare Corporation
		8.13%, 04/01/22	6,116		6,617
		5.13%, 05/01/25	8,000		8,121
		6.25%, 02/01/27 (a)	4,716		4,913
	Tennessee Merger Sub, Inc.
		6.38%, 02/01/25 (a) (b)	5,694		3,940
	WellCare Health Plans, Inc.
		5.25%, 04/01/25	10,307		10,764
		5.38%, 08/15/26 (a)	2,195		2,345
				209,810
Industrials 7.4%
	ACCO Brands Corporation
		5.25%, 12/15/24 (a)	3,776		3,912
	Aircastle Limited
		4.13%, 05/01/24	8,285		8,602
		4.25%, 06/15/26	5,200		5,329
	ARD Securities Finance SARL
		8.50%, 01/31/23 (a) (f)	2,278		2,360
	Ashtead Capital, Inc.
		4.13%, 08/15/25 (a)	3,386		3,458
		5.25%, 08/01/26 (a)	5,294		5,624
		4.38%, 08/15/27 (a)	3,805		3,896
	Avolon Holdings Funding Limited
		5.25%, 05/15/24 (a)	6,310		6,768
	Bombardier Inc.
		5.75%, 03/15/22 (a)	2,000		2,034
		6.13%, 01/15/23 (a) (b)	7,956		8,113
		7.50%, 03/15/25 (a)	4,141		4,139
		7.88%, 04/15/27 (a)	3,322		3,304
	General Electric Company
		5.00%, (callable at 100 beginning 01/21/21) (c)	2,070		1,964
	Hertz Vehicle Financing II LP
		7.63%, 06/01/22 (a)	7,000		7,286
		5.50%, 10/15/24 (a)	4,727		4,762
		7.13%, 08/01/26 (a) (b)	4,230		4,412
	Navistar International Corporation
		6.63%, 11/01/25 (a)	4,968		5,044
	Park Aerospace Holdings Limited
		4.50%, 03/15/23 (a)	7,956		8,248
	Prime Security Services Borrower, LLC
		9.25%, 05/15/23 (a)	1,498		1,574
		5.75%, 04/15/26 (a) (b)	9,694		10,087
	Sensata Technologies B.V.
		5.63%, 11/01/24 (a)	1,364		1,484
	Sensata Technologies UK Financing Co. PLC
		6.25%, 02/15/26 (a)	3,000		3,199
	Standard Industries Inc.
		4.75%, 01/15/28 (a)	4,042		4,151
	Tempo Acquisition, LLC
		6.75%, 06/01/25 (a)	9,242		9,523
	The Nielsen Company (Luxembourg) S.A R.L.
		5.00%, 02/01/25 (a) (b)	681		674
	TransDigm Inc.
		6.50%, 05/15/25	4,000		4,166
		6.25%, 03/15/26 (a)	10,821		11,624
	Trivium Packaging Finance B.V.
		5.50%, 08/15/26 (a)	892		939
		8.50%, 08/15/27 (a)	466		505
	United Rentals (North America), Inc.
		5.50%, 05/15/27	10,900		11,559
		4.88%, 01/15/28	5,961		6,198
				154,938
Materials 5.4%
	Anglo American Capital PLC
		4.88%, 05/14/25 (a)	1,399		1,520
	ARD Finance S.A.
		8.50%, 09/15/23 (f)	3,000		3,097
	Berry Global Escrow Corporation
		4.88%, 07/15/26 (a)	8,407		8,704
		5.63%, 07/15/27 (a)	3,519		3,643
	Berry Global, Inc.
		5.13%, 07/15/23	4,000		4,101
	CEMEX S.A.B. de C.V.
		5.70%, 01/11/25 (a) (b)	10,000		10,275
	Crown Americas LLC
		4.25%, 09/30/26	4,742		4,924
	FMG Resources (August 2006) Pty Ltd
		5.13%, 03/15/23 - 05/15/24 (a)	9,784		10,132
		4.50%, 09/15/27 (a)	2,933		2,869
	Freeport-McMoRan Inc.
		3.88%, 03/15/23	4,000		4,028
		4.55%, 11/14/24	533		547
		5.00%, 09/01/27	4,600		4,582
		5.40%, 11/14/34	8,203		7,867
	FXI Holdings, Inc.
		7.88%, 11/01/24 (a)	7,986		7,028
	Koppers Inc.
		6.00%, 02/15/25 (a)	2,014		2,015
	Mauser Packaging Solutions Holding Company
		7.25%, 04/15/25 (a)	2,179		2,080
	NOVA Chemicals Corporation
		4.88%, 06/01/24 (a)	4,154		4,265
		5.25%, 06/01/27 (a)	4,227		4,406
	Olin Corporation
		5.13%, 09/15/27	4,081		4,193
		5.63%, 08/01/29	2,181		2,272
		5.00%, 02/01/30	4,114		4,134
	Owens-Brockway Glass Container Inc.
		5.38%, 01/15/25 (a)	2,000		2,069
	Reynolds Group Holdings Inc.
		5.13%, 07/15/23 (a)	6,614		6,789
	Standard Industries Inc.
		6.00%, 10/15/25 (a)	3,000		3,145
	Trinseo Materials Operating S.C.A.
		5.38%, 09/01/25 (a)	5,566		5,413
				114,098
Consumer Staples 3.9%
	Albertsons Companies, Inc.
		6.63%, 06/15/24	5,200		5,460
		5.75%, 03/15/25	2,000		2,064
	BAT Capital Corp.
		4.39%, 08/15/37	4,000		3,884
	Cott Holdings Inc.
		5.50%, 04/01/25 (a)	5,742		5,959
	Coty Inc.
		6.50%, 04/15/26 (a) (b)	6,000		5,850
	Energizer Holdings, Inc.
		6.38%, 07/15/26 (a) (b)	3,188		3,417
		7.75%, 01/15/27 (a)	4,455		4,958
	JBS Investments II GmbH
		7.00%, 01/15/26 (a)	5,163		5,577
		5.75%, 01/15/28 (a)	1,859		1,935
	JBS USA Food Company
		6.50%, 04/15/29 (a)	3,984		4,421
		5.50%, 01/15/30 (a)	4,200		4,450
	Lamb Weston Holdings, Inc.
		4.88%, 11/01/26 (a)	850		893
	Matterhorn Merger Sub LLC
		8.50%, 06/01/26 (a)	2,906		2,178
	Pilgrim's Pride Corporation
		5.75%, 03/15/25 (a)	5,384		5,576
		5.88%, 09/30/27 (a)	1,610		1,732
	Post Holdings, Inc.
		5.63%, 01/15/28 (a)	6,100		6,465

392

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Safeway Inc.
		5.88%, 02/15/28 (a)	7,971		8,449
	Sigma Holdco B.V.
		7.88%, 05/15/26 (a)	5,290		5,306
	Spectrum Brands, Inc.
		5.75%, 07/15/25	1,462		1,524
		5.00%, 10/01/29 (a)	2,618		2,664
				82,762
Utilities 1.9%
	Calpine Corporation
		5.25%, 06/01/26 (a)	15,222		15,775
	DPL Inc.
		4.35%, 04/15/29 (a)	4,325		4,254
	The AES Corporation
		5.50%, 04/15/25	11,041		11,467
		5.13%, 09/01/27	6,000		6,377
	Vistra Operations Company LLC
		5.63%, 02/15/27 (a)	1,881		1,981
				39,854
Information Technology 1.6%
	Broadcom Inc.
		4.25%, 04/15/26 (a)	7,205		7,443
	CommScope Holding Company, Inc.
		6.00%, 06/15/25 (a)	792		715
	NCR Corporation
		5.75%, 09/01/27 (a)	2,086		2,161
		6.13%, 09/01/29 (a)	2,086		2,201
	Radiate HoldCo, LLC
		6.88%, 02/15/23 (a) (b)	4,087		4,210
	SS&C Technologies, Inc.
		5.50%, 09/30/27 (a)	5,000		5,219
	ViaSat, Inc.
		5.63%, 09/15/25 - 04/15/27 (a)	6,948		7,115
	Western Digital Corporation
		4.75%, 02/15/26	4,367		4,493
				33,557
Real Estate 1.4%
	Equinix, Inc.
		5.38%, 05/15/27	8,387		9,049
	ESH Hospitality, Inc.
		5.25%, 05/01/25 (a)	8,419		8,715
	Hospitality Properties Trust
		4.95%, 02/15/27	2,060		2,093
	PulteGroup, Inc.
		5.00%, 01/15/27	4,962		5,362
	Service Properties Trust
		4.35%, 10/01/24	3,984		4,030
				29,249
	Total Corporate Bonds And Notes (cost $1,834,996)			1,863,359
SENIOR LOAN INTERESTS 4.5%
Information Technology 1.2%
	Almonde, Inc.
		1st Lien Term Loan, 5.70%, (3M LIBOR + 3.50%), 04/26/24 (m)	4,647		4,517
		USD 1st Lien Term Loan, 5.70%, (3M LIBOR + 3.50%), 04/26/24 (m)	717		697
	Banff Merger Sub Inc
		2018 USD Term Loan B, 0.00%, (3M LIBOR + 4.25%), 06/30/25 (m) (n)	3,250		3,124
	Financial & Risk US Holdings, Inc.
		2018 USD Term Loan, 5.79%, (3M LIBOR + 3.75%), 09/12/25 (m)	7,137		7,173
	Radiate Holdco, LLC
		1st Lien Term Loan, 5.04%, (3M LIBOR + 3.00%), 12/09/23 (m)	3,870		3,853
	Verifone Systems, Inc.
		2018 1st Lien Term Loan, 6.14%, (3M LIBOR + 4.00%), 08/09/25 (m)	5,177		4,936
				24,300
Health Care 0.9%
	Alphabet Holding Company, Inc.
		2017 1st Lien Term Loan, 5.61%, (3M LIBOR + 3.50%), 08/15/24 (m)	5,357		4,948
	MPH Acquisition Holdings LLC
		2016 Term Loan B, 4.85%, (3M LIBOR + 2.75%), 06/07/23 (m)	6,000		5,706
	RegionalCare Hospital Partners Holdings, Inc.
		2018 Term Loan B, 6.55%, (3M LIBOR + 4.50%), 11/09/25 (m)	7,940		7,941
				18,595
Materials 0.5%
	BWAY Holding Company
		2017 Term Loan B, 5.59%, (3M LIBOR + 3.25%), 04/03/24 (m)	6,947		6,794
	Polar US Borrower, LLC
		2018 1st Lien Term Loan, 6.85%, (3M LIBOR + 4.75%), 08/21/25 (m)	98		96
		2018 1st Lien Term Loan, 7.06%, (3M LIBOR + 4.75%), 08/21/25 (m)	4,309		4,185
				11,075
Communication Services 0.5%
	Frontier Communications Corp.
		2017 Term Loan B1, 5.87%, (3M LIBOR + 3.75%), 05/31/24 (m)	4,594		4,580
	Iheartcommunications, Inc.
		Exit Term Loan, 6.10%, (3M LIBOR + 4.00%), 05/04/26 (m)	2,660		2,676
	Windstream Holdings Inc.
		DIP Term Loan, 4.62%, (3M LIBOR + 2.50%), 03/08/21 (m)	3,077		3,077
				10,333
Industrials 0.4%
	1199169 B.C. Unlimited Liability Company
		2019 Term Loan B2, 6.10%, (3M LIBOR + 4.00%), 01/25/26 (m)	969		972
	Dynasty Acquisition Co., Inc.
		2019 Term Loan B1, 6.10%, (3M LIBOR + 4.00%), 01/25/26 (m)	1,802		1,809
	Panther BF Aggregator 2 LP
		USD Term Loan B, 5.54%, (3M LIBOR + 3.50%), 03/13/26 (m)	5,189		5,134
				7,915
Real Estate 0.4%
	Communications Sales & Leasing, Inc.
		2017 Term Loan B, 7.11%, (1M LIBOR + 5.00%), 10/24/22 (m)	7,939		7,733
Consumer Discretionary 0.2%
	Bass Pro Group, LLC
		Term Loan B, 7.04%, (3M LIBOR + 5.00%), 11/15/23 (m)	4,738		4,556
Financials 0.2%
	Acrisure, LLC
		2017 Term Loan B, 6.35%, (3M LIBOR + 4.25%), 11/22/23 (m)	3,230		3,210
	UFC Holdings, LLC
		2019 Term Loan, 5.30%, (3M LIBOR + 3.25%), 04/25/26 (m)	1,326		1,329
				4,539
Energy 0.2%
	Lower Cadence Holdings LLC
		Term Loan B, 6.05%, (3M LIBOR + 4.00%), 05/10/26 (m)	4,571		4,448
	Total Senior Loan Interests (cost $94,308)			93,494
INVESTMENT COMPANIES 2.7%
	Eaton Vance Senior Floating-Rate Trust		223		2,904
	SPDR Bloomberg Barclays High Yield Bond ETF		502		54,563
	Total Investment Companies (cost $57,205)			57,467
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 0.5%
	American Airlines, Inc.
		Series 2013-B-2, 5.60%, 07/15/20 (a)	4,429		4,509
	Hawaiian Holdings, Inc.
		Series 2013-B-1, 4.95%, 01/15/22	3,722		3,786
	United Airlines, Inc.
		Series 2012-B-1, 6.25%, 04/11/20	831		839

393

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
		Series 2012-B-2, 5.50%, 10/29/20	1,091		1,113
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $10,073)			10,247
COMMON STOCKS 0.3%
Energy 0.1%
	Chaparral Energy, Inc. (d) (h)		5		6
	Chaparral Energy, Inc. - Class A (b) (d)		126		168
	MPLX LP		87		2,442
	Prairie Provident Resources Inc. (d) (h)		224		12
	Titan Energy LLC (d) (h)		75		2
				2,630
Materials 0.1%
	Freeport-McMoRan Inc. - Class B		270		2,584
	Ingevity Corporation (d)		—		1
	Westrock Company, Inc.		—		3
				2,588
Communication Services 0.1%
	Clear Channel Outdoor Holdings, Inc. (d)		335		845
	Dish Network Corporation - Class A (d)		11		381
	iHeartMedia, Inc. (d) (g) (h)		2,143		—
	iHeartMedia, Inc. (d) (g) (h)		11,279		—
	iHeartMedia, Inc. - Class A (b) (d)		17		248
				1,474
Information Technology 0.0%
	New Cotai LLC (d) (g) (h)		—		—
	Total Common Stocks (cost $19,428)			6,692
WARRANTS 0.1%
	iHeartMedia, Inc. (d) (h) (o)		124		1,585
	Total Warrants (cost $2,288)			1,585
OTHER EQUITY INTERESTS 0.0%
	Quicksilver Resources Inc. Escrow (d) (g) (h) (p)		56,599		—
	Quicksilver Resources Inc. Escrow (d) (g) (h) (p)		11,401		—
	T-Mobile USA Inc. Escrow (d) (g) (h) (p)		5,000		—
	T-Mobile USA Inc. Escrow (d) (g) (h) (p)		2,000		—
	T-Mobile USA Inc. Escrow (d) (g) (h) (p)		2,000		—
	T-Mobile USA Inc. Escrow (d) (g) (h) (p)		2,000		—
	T-Mobile USA Inc. Escrow (d) (g) (h) (p)		5,000		—
	T-Mobile USA, Inc. (d) (g) (h) (p)		3,001		—
	Vantage Drilling Co. Escrow (b) (d) (g) (h) (i) (p)		8,119		—
	Total Other Equity Interests (cost $0)			—
SHORT TERM INVESTMENTS 6.5%
Securities Lending Collateral 3.6%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (q) (r)		75,228		75,228
Investment Companies 2.9%
	JNL Government Money Market Fund - Institutional Class, 1.86% (q) (r)		61,521		61,521
	Total Short Term Investments (cost $136,749)			136,749
Total Investments 103.1% (cost $2,155,047)					2,169,593
Other Derivative Instruments 0.0%					21
Other Assets and Liabilities, Net (3.1)%					(64,616)
Total Net Assets 100.0%					2,104,998

(a)The Adviser has deemed this security, which is exempt from registration under the Securities Act of 1933, as amended, to be liquid based on procedures approved by the Board of Trustees. As of September 30, 2019, the value and the percentage of net assets of these liquid securities was $1,164,863 and 55.3% of the Fund.

(b)All or a portion of the security was on loan as of September 30, 2019.

(c)Perpetual security. Next contractual call date presented, if applicable.

(d)Non-income producing security.

(e)As of September 30, 2019, issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date.

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

(g)Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Schedules of Investments.

(h)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

(i)Security is restricted to resale to institutional investors. See Restricted Securities in the Schedules of Investments.

(j)Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of September 30, 2019.

(k)The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer.

(l)Convertible security.

(m)Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of September 30, 2019. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations (“CMO”) and mortgage-backed securities (“MBS”) are determined by tranches of underlying mortgage-backed security pools’ cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security’s offering documents.

(n)This senior loan will settle after September 30, 2019. If a reference rate and spread is presented, it will go into effect upon settlement.

(o)Security fair valued in good faith as a Level 2 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Schedules of Investments.

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

(q)Investment in affiliate.

(r)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Gibson Brands, Inc., 0.00%, 08/01/18	02/15/17	246	46	—
	Vantage Drilling Co. Escrow	03/10/16	—	—	—
	White Star Petroleum, LLC, 0.00%, 09/15/22	09/11/14	4,895	—	—
			5,141	46	—

394

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

JNL/PPM America High Yield Bond Fund — Futures Contracts
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Short Contracts
United States 10 Year Note	(146)	December 2019		(19,284)	11			258
United States 10 Year Ultra Bond	(95)	December 2019		(13,788)	3			260
United States 5 Year Note	(97)	January 2020		(11,614)	5			56
United States Long Bond	(56)	December 2019		(9,332)	2			243
					21			817

395

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
JNL/PPM America Mid Cap Value Fund
COMMON STOCKS 99.4%
Financials 23.7%
	American Financial Group, Inc.	122		13,158
	Home Bancshares Inc.	430		8,082
	Huntington Bancshares Inc.	890		12,707
	Janus Henderson Group PLC	597		13,413
	Lincoln National Corp.	135		8,167
	Reinsurance Group of America Inc.	82		13,110
	Sterling Bancorp	251		5,035
	Synovus Financial Corp.	340		12,158
	TCF Financial Corporation	320		12,167
	The Allstate Corporation	95		10,325
	The Hartford Financial Services Group, Inc.	210		12,728
			121,050
Industrials 12.7%
	Delta Air Lines Inc.	170		9,792
	Kennametal Inc.	415		12,757
	MasTec Inc. (a)	80		5,194
	Spirit Aerosystems Holdings Inc. - Class A	154		12,640
	Terex Corp.	460		11,946
	Textron Inc.	254		12,460
			64,789
Information Technology 11.8%
	Avnet, Inc.	177		7,874
	Belden Inc.	175		9,335
	CACI International Inc. - Class A (a)	28		6,475
	Leidos Holdings Inc.	87		7,472
	Nuance Communications, Inc. (a)	288		4,697
	Semtech Corp. (a)	191		9,285
	Teradata Corporation (a)	159		4,914
	Teradyne Inc.	91		5,270
	Western Digital Corp.	85		5,069
			60,391
Consumer Discretionary 11.1%
	Best Buy Co., Inc.	100		6,899
	Foot Locker Inc.	188		8,131
	Helen of Troy Ltd (a)	69		10,879
	Newell Brands Inc.	537		10,053
	Penske Automotive Group, Inc.	172		8,132
	Royal Caribbean Cruises Ltd.	117		12,642
			56,736
Materials 8.7%
	Allegheny Technologies Incorporated (a)	240		4,860
	Berry Global Group, Inc. (a)	180		7,065
	Huntsman Corp.	360		8,374
	Nucor Corp.	103		5,223
	Reliance Steel & Aluminum Co.	110		10,963
	Steel Dynamics Inc.	270		8,046
			44,531
Health Care 6.8%
	Cigna Corp.	55		8,409
	Magellan Health Services Inc. (a)	148		9,197
	McKesson Corporation	85		11,616
	Mednax, Inc. (a)	240		5,429
			34,651
Utilities 6.7%
	PNM Resources, Inc.	210		10,937
	The AES Corporation	650		10,621
	Vistra Energy Corp.	465		12,429
			33,987
Consumer Staples 6.2%
	Campbell Soup Co.	237		11,120
	Ingredion Inc.	159		12,997
	The Kroger Co.	290		7,476
			31,593
Energy 5.4%
	Apache Corporation	164		4,186
	National Oilwell Varco Inc.	249		5,281
	Patterson-UTI Energy Inc.	504		4,309
	PBF Energy Inc. - Class A	509		13,840
			27,616
Communication Services 3.8%
	Meredith Corporation	211		7,735
	Viacom Inc. - Class B	490		11,775
			19,510
Real Estate 2.5%
	Regency Centers Corp.	188		13,029
	Total Common Stocks (cost $494,439)		507,883
SHORT TERM INVESTMENTS 0.5%
Investment Companies 0.5%
	JNL Government Money Market Fund - Institutional Class, 1.86% (b) (c)	2,691		2,691
	Total Short Term Investments (cost $2,691)		2,691
Total Investments 99.9% (cost $497,130)				510,574
Other Assets and Liabilities, Net 0.1%				452
Total Net Assets 100.0%				511,026

(a)Non-income producing security.

(b)Investment in affiliate.

(c)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

396

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
JNL/PPM America Small Cap Value Fund
COMMON STOCKS 97.1%
Financials 20.9%
	Axos Financial, Inc. (a)	480		13,272
	Banc of California, Inc.	780		11,029
	Cadence Bancorporation - Class A	628		11,012
	Home Bancshares Inc.	670		12,593
	Independent Bank Corp.	178		13,288
	Janus Henderson Group PLC	500		11,230
	Renasant Corporation	372		13,024
	Sterling Bancorp	560		11,234
	TCF Financial Corporation	333		12,662
			109,344
Industrials 17.3%
	Aerojet Rocketdyne Holdings, Inc. (a)	180		9,092
	Apogee Enterprises, Inc.	298		11,639
	GATX Corp.	170		13,180
	Kennametal Inc.	410		12,603
	SkyWest Inc.	225		12,915
	Steelcase Inc. - Class A	340		6,256
	Terex Corp.	473		12,284
	Triumph Group Inc.	540		12,355
			90,324
Information Technology 16.7%
	Belden Inc.	260		13,868
	Benchmark Electronics, Inc.	210		6,103
	CACI International Inc. - Class A (a)	57		13,182
	CSG Systems International, Inc.	170		8,786
	Photronics Inc. (a)	600		6,528
	Semtech Corp. (a)	225		10,937
	SYNNEX Corporation	98		11,064
	Teradata Corporation (a)	157		4,867
	Teradyne Inc.	95		5,501
	Verint Systems Inc. (a)	160		6,866
			87,702
Consumer Discretionary 11.8%
	American Axle & Manufacturing Holdings, Inc. (a)	1,200		9,864
	Helen of Troy Ltd (a)	84		13,228
	Party City Holdco Inc. (a) (b)	1,256		7,172
	Penske Automotive Group, Inc.	280		13,238
	Skechers U.S.A. Inc. - Class A (a)	360		13,446
	Tupperware Brands Corp.	310		4,920
			61,868
Energy 6.9%
	Diamond Offshore Drilling, Inc. (a) (b)	660		3,667
	Helix Energy Solutions Group, Inc. (a)	1,440		11,606
	Patterson-UTI Energy Inc.	900		7,695
	PBF Energy Inc. - Class A	491		13,350
			36,318
Health Care 6.9%
	Integer Holdings Corporation (a)	141		10,669
	Magellan Health Services Inc. (a)	200		12,420
	Mednax, Inc. (a)	340		7,691
	Owens & Minor Inc.	900		5,229
			36,009
Materials 5.1%
	Allegheny Technologies Incorporated (a)	480		9,720
	Olin Corp.	539		10,090
	Reliance Steel & Aluminum Co.	70		6,976
			26,786
Real Estate 3.7%
	DiamondRock Hospitality Co.	680		6,970
	Kite Realty Naperville, LLC	770		12,435
			19,405
Consumer Staples 3.5%
	Cott Corporation (c)	1,015		12,657
	Ingredion Inc.	66		5,395
			18,052
Utilities 2.5%
	PNM Resources, Inc.	254		13,254
Communication Services 1.8%
	Meredith Corporation	262		9,590
	Total Common Stocks (cost $550,315)		508,652
SHORT TERM INVESTMENTS 1.2%
Securities Lending Collateral 0.8%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (d) (e)	4,384		4,384
Investment Companies 0.4%
	JNL Government Money Market Fund - Institutional Class, 1.86% (d) (e)	2,191		2,191
	Total Short Term Investments (cost $6,575)		6,575
Total Investments 98.3% (cost $556,890)				515,227
Other Assets and Liabilities, Net 1.7%				8,729
Total Net Assets 100.0%				523,956

(a)Non-income producing security.

(b)All or a portion of the security was on loan as of September 30, 2019.

(c)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

(d)Investment in affiliate.

(e)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

397

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
JNL/PPM America Total Return Fund
GOVERNMENT AND AGENCY OBLIGATIONS 46.6%
Mortgage-Backed Securities 25.1%
	Federal Home Loan Mortgage Corporation
		2.50%, 08/01/31	1,250		1,267
		5.00%, 02/01/38 - 11/01/41	1,869		2,057
		3.00%, 07/01/32 - 09/01/47	22,852		23,452
		3.50%, 04/01/42 - 11/01/48	18,569		19,215
		4.00%, 10/01/45 - 04/01/49	12,727		13,317
		4.50%, 03/01/42 - 11/01/48	3,554		3,814
		REMIC, 2.49%, (1M USD LIBOR + 0.32%), 02/25/20 (a)	4,645		4,645
	Federal National Mortgage Association, Inc.
		2.50%, 01/01/31 - 09/01/34	14,186		14,321
		3.00%, 04/01/31 - 11/01/46	4,542		4,649
		TBA, 2.50%, 10/15/32 (b)	1,678		1,692
		3.00%, 08/01/34 - 10/15/47 (b)	6,396		6,511
		5.00%, 06/01/35 - 05/01/42	1,936		2,125
		3.00%, 09/01/30 - 11/01/48	20,783		21,331
		3.50%, 01/01/46 - 05/01/46	2,881		2,994
		4.50%, 08/01/46	2,589		2,752
		3.50%, 12/01/33 - 01/01/48	26,166		27,235
		4.00%, 10/01/44 - 08/01/48	33,544		35,095
		3.50%, 07/01/49 (b)	21,305		21,866
		4.50%, 08/01/40 - 07/01/49	16,891		18,011
	Government National Mortgage Association
		5.00%, 08/20/41	507		552
		3.50%, 06/20/43 - 05/20/47	16,431		17,135
		3.00%, 07/20/45 - 08/20/47	6,243		6,443
		3.50%, 08/20/46	3,465		3,610
		3.00%, 12/20/46	2,269		2,336
		TBA, 3.00%, 11/15/47 (b)	17,144		17,581
		TBA, 3.50%, 11/15/47 (b)	13,024		13,486
		TBA, 4.00%, 11/15/47 (b)	22,488		23,378
		4.50%, 12/20/48 - 01/20/49	5,675		5,939
		4.00%, 05/20/44 - 03/20/49	10,801		11,331
				328,140
U.S. Treasury Note 17.5%
	Treasury, United States Department of
		2.00%, 02/15/22	14,486		14,620
		2.50%, 02/15/22 - 05/15/24	18,805		19,543
		1.63%, 08/31/22 - 05/31/23	46,505		46,588
		2.75%, 02/15/24	22,514		23,633
		2.13%, 05/15/25	7,792		8,014
		2.88%, 07/31/25	20,886		22,361
		2.25%, 11/15/25 - 08/15/27	44,348		46,114
		1.88%, 04/30/22 - 06/30/26	24,030		24,257
		1.50%, 08/15/26	17,266		17,128
		3.13%, 11/15/28	5,925		6,654
				228,912
U.S. Treasury Bond 3.7%
	Treasury, United States Department of
		3.75%, 08/15/41	6,848		8,930
		3.13%, 11/15/41	8,720		10,400
		2.50%, 02/15/45 - 02/15/46	19,468		20,973
		3.00%, 02/15/48	6,175		7,337
				47,640
Municipal 0.2%
	The Port Authority of New York and New Jersey
		4.46%, 10/01/62	1,490		1,894
Sovereign 0.1%
	Abu Dhabi, Government of
		3.13%, 09/30/49 (c)	1,800		1,762
	Total Government And Agency Obligations (cost $590,762)			608,348
CORPORATE BONDS AND NOTES 36.5%
Financials 12.0%
	AerCap Ireland Limited
		4.63%, 10/30/20	223		229
	AIA Group Limited
		3.60%, 04/09/29 (c)	3,219		3,446
	Athene Global Funding
		2.75%, 06/25/24 (c)	4,080		4,101
	Bank of America Corporation
		6.25%, (callable at 100 beginning 09/05/24) (d)	1,683		1,831
		4.00%, 01/22/25	1,097		1,164
		4.25%, 10/22/26	6,260		6,770
		3.56%, 04/23/27	2,900		3,060
		3.25%, 10/21/27	671		697
		3.59%, 07/21/28	3,839		4,053
	BlackRock, Inc.
		3.25%, 04/30/29	3,190		3,415
	Capital One Financial Corporation
		3.75%, 03/09/27	1,715		1,804
	Citigroup Inc.
		5.00%, (callable at 100 beginning 09/12/24) (d)	6,453		6,521
		4.45%, 09/29/27	6,319		6,897
		3.89%, 01/10/28 (a)	1,525		1,634
	Credit Suisse Group AG
		7.50%, (callable at 100 beginning 12/11/23) (c) (d)	2,448		2,717
		6.50%, 08/08/23 (c)	5,986		6,674
		4.21%, 06/12/24 (c)	2,515		2,647
		3.87%, 01/12/29 (c)	2,130		2,241
	Diamond Finance International Limited
		8.35%, 07/15/46 (c)	2,616		3,449
	Glencore Funding LLC
		3.00%, 10/27/22 (c)	1,300		1,314
		4.88%, 03/12/29 (c)	2,990		3,228
	GLP Financing, LLC
		5.30%, 01/15/29	2,725		3,004
	HSBC Holdings PLC
		6.88%, (callable at 100 beginning 06/01/21) (d) (e) (f)	2,500		2,623
		3.12%, (3M USD LIBOR + 1.00%), 05/18/24 (a)	1,777		1,784
		4.38%, 11/23/26	2,370		2,538
	Icahn Enterprises L.P.
		6.25%, 05/15/26 (c)	3,413		3,584
	James Hardie International Finance Designated Activity Company
		5.00%, 01/15/28 (c)	348		361
	JPMorgan Chase & Co.
		5.00%, (callable at 100 beginning 08/01/24) (d)	4,919		5,050
		5.30%, (callable at 100 beginning 05/01/20) (d)	1,325		1,339
		3.22%, 03/01/25	2,128		2,202
		3.96%, 01/29/27	2,920		3,156
		3.51%, 01/23/29	1,573		1,660
		4.20%, 07/23/29	776		860
		2.74%, 10/15/30	2,847		2,830
	Lloyds Banking Group PLC
		7.50%, (callable at 100 beginning 09/27/25) (d)	1,902		2,037
	Markel Corporation
		5.00%, 05/20/49	1,748		2,029
	Metropolitan Life Global Funding I
		3.60%, 01/11/24 (c)	5,267		5,567
	Morgan Stanley
		4.88%, 11/01/22	2,181		2,338
		3.88%, 04/29/24	2,344		2,493
		3.63%, 01/20/27	2,407		2,544
	National Rural Utilities Cooperative Finance Corporation
		4.75%, 04/30/43 (a)	1,071		1,087
	Nordic Aviation Capital DAC
		5.58%, 03/14/24 (g) (h)	3,095		3,278
	Rassman, Joel H.
		3.80%, 11/01/29	3,565		3,508
	Santander UK Group Holdings PLC
		4.80%, 11/15/24	3,680		3,938
	SAP Ireland US-Financial Services Ltd.
		2.82%, 11/15/20 (g) (h)	2,485		2,496
	Tenet Healthcare Corporation
		4.88%, 01/01/26 (c)	3,250		3,339
	The Goldman Sachs Group, Inc.
		2.91%, 07/24/23	1,190		1,206
		4.25%, 10/21/25	2,071		2,218
		3.50%, 11/16/26	273		284
		3.69%, 06/05/28 (a)	658		691
		4.22%, 05/01/29	704		768

398

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
		6.75%, 10/01/37	1,600		2,157
	The PNC Financial Services Group, Inc.
		3.45%, 04/23/29	3,020		3,225
	U.S. Bancorp
		3.00%, 07/30/29	1,516		1,563
	UnitedHealth Group Incorporated
		3.70%, 08/15/49	1,870		1,983
	Volkswagen Group of America, Inc.
		2.50%, 09/24/21 (c)	1,786		1,791
	Wells Fargo & Company
		4.48%, 01/16/24	355		383
		3.20%, 06/17/27	4,500		4,642
		3.58%, 05/22/28 (a)	1,277		1,352
				155,800
Energy 4.9%
	Cheniere Corpus Christi Holdings, LLC
		5.88%, 03/31/25	680		757
		5.13%, 06/30/27	1,869		2,046
	Cheniere Energy Partners, L.P.
		4.50%, 10/01/29 (c)	1,197		1,227
	Continental Resources, Inc.
		4.38%, 01/15/28 (e)	2,018		2,086
	Denbury Resources Inc.
		9.00%, 05/15/21 (c)	500		471
	Diamondback Energy, Inc.
		4.75%, 11/01/24	4,512		4,625
	Endeavor Energy Resources, L.P.
		5.50%, 01/30/26 (c)	316		330
		5.75%, 01/30/28 (c)	316		336
	Energy Transfer LP
		4.25%, 03/15/23	3,982		4,163
		5.25%, 04/15/29	2,220		2,501
		5.80%, 06/15/38	1,657		1,898
		6.13%, 12/15/45	500		588
	Energy Transfer Operating, L.P.
		6.25%, 04/15/49	1,001		1,216
	Enlink Midstream, LLC
		5.38%, 06/01/29	1,849		1,773
	Enterprise Products Operating LLC
		3.35%, 03/15/23	987		1,021
		3.13%, 07/31/29	4,094		4,205
		4.80%, 02/01/49	2,026		2,352
	EQM Midstream Partners, LP
		4.13%, 12/01/26	2,520		2,339
	Everest Acquisition, LLC
		7.75%, 05/15/26 (c)	825		619
	Exxon Mobil Corporation
		2.28%, 08/16/26	4,500		4,528
	Marathon Petroleum Corporation
		3.80%, 04/01/28	761		792
	MPLX LP
		4.00%, 03/15/28	3,065		3,195
		5.20%, 12/01/47 (c)	1,116		1,219
	Occidental Petroleum Corporation
		3.50%, 08/15/29	3,636		3,686
		4.30%, 08/15/39	549		564
		4.40%, 08/15/49	602		622
	Petroleos Mexicanos
		2.29%, 02/15/24	1,467		1,479
		6.50%, 01/23/29	2,103		2,137
	Sabine Pass Liquefaction, LLC
		5.75%, 05/15/24	1,150		1,281
		5.63%, 03/01/25	241		271
		4.20%, 03/15/28	5,294		5,610
	Transocean Pontus Limited
		6.13%, 08/01/25 (c)	416		422
	Transocean Poseidon Limited
		6.88%, 02/01/27 (c)	1,026		1,076
	Transocean Proteus Limited
		6.25%, 12/01/24 (c)	2,780		2,843
				64,278
Utilities 3.3%
	Ameren Illinois Company
		4.50%, 03/15/49	2,465		3,030
	AVANGRID, Inc.
		3.15%, 12/01/24	3,260		3,362
	Basin Electric Power Cooperative
		4.75%, 04/26/47 (c)	2,435		2,877
	Commonwealth Edison Company
		3.75%, 08/15/47	2,149		2,358
	DPL Inc.
		4.35%, 04/15/29 (c)	3,047		2,997
	Electricite de France
		4.50%, 09/21/28 (c)	1,950		2,177
	Enel S.p.A
		8.75%, 09/24/73 (a) (c)	1,472		1,723
	Exelon Corporation
		5.10%, 06/15/45	1,906		2,356
	FirstEnergy Corp.
		3.90%, 07/15/27	2,060		2,195
	Nevada Power Company
		3.70%, 05/01/29	3,556		3,897
	Oncor Electric Delivery Company LLC
		2.95%, 04/01/25	4,550		4,710
	Rochester Gas and Electric Corporation
		3.10%, 06/01/27 (c)	815		848
	Southern California Edison Company
		4.13%, 03/01/48	1,101		1,196
	The AES Corporation
		4.00%, 03/15/21	5,165		5,262
	Vistra Operations Company LLC
		3.55%, 07/15/24 (c)	4,007		4,062
				43,050
Health Care 3.2%
	Bausch Health Companies Inc.
		6.50%, 03/15/22 (c)	296		306
		5.88%, 05/15/23 (c)	59		60
		7.00%, 03/15/24 - 01/15/28 (c)	1,075		1,135
		5.50%, 03/01/23 - 11/01/25 (c)	409		426
		8.50%, 01/31/27 (c)	595		668
		5.75%, 08/15/27 (c)	1,085		1,172
	Bristol-Myers Squibb Company
		3.40%, 07/26/29 (c)	3,371		3,603
		4.13%, 06/15/39 (c)	2,767		3,140
		4.25%, 10/26/49 (c)	1,805		2,101
	Centene Corporation
		4.75%, 05/15/22	1,684		1,721
	Centene Escrow I Corporation
		5.38%, 06/01/26 (c)	1,453		1,522
	Cigna Holding Company
		4.80%, 08/15/38 (h)	1,515		1,703
	CVS Health Corporation
		3.25%, 08/15/29	2,250		2,263
		4.78%, 03/25/38	2,914		3,217
		5.05%, 03/25/48	2,573		2,929
	Express Scripts Holding Company
		3.40%, 03/01/27	2,645		2,730
	HCA Inc.
		4.13%, 06/15/29	3,189		3,350
		5.13%, 06/15/39	1,394		1,523
	Mylan Inc
		5.20%, 04/15/48	564		598
	Perrigo Finance Unlimited Company
		4.38%, 03/15/26	500		517
		4.90%, 12/15/44	259		242
	Providence St. Joseph Health
		2.53%, 10/01/29	1,545		1,542
	UnitedHealth Group Incorporated
		3.75%, 07/15/25	1,018		1,096
	WellCare Health Plans, Inc.
		5.25%, 04/01/25	2,340		2,444
		5.38%, 08/15/26 (c)	1,112		1,188
				41,196
Communication Services 2.7%
	AT&T Inc.
		3.31%, (3M USD LIBOR + 1.18%), 06/12/24 (a)	8,550		8,706
		5.25%, 03/01/37	2,130		2,508

399

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Charter Communications Operating, LLC
		4.91%, 07/23/25	3,690		4,052
		5.38%, 04/01/38	1,120		1,253
		6.83%, 10/23/55	1,030		1,299
	Comcast Corporation
		4.60%, 10/15/38	3,280		3,931
		3.40%, 07/15/46	1,700		1,729
		4.95%, 10/15/58	1,161		1,483
	Hughes Satellite Systems Corporation
		5.25%, 08/01/26	1,675		1,794
	NBCUniversal Enterprise, Inc.
		5.25%, (callable at 100 beginning 03/19/21) (c) (d)	1,589		1,620
	Sirius XM Radio Inc.
		5.50%, 07/01/29 (c)	1,000		1,067
	Sprint Spectrum Co LLC
		3.36%, 09/20/21 (c)	1,394		1,403
	TEGNA Inc.
		5.00%, 09/15/29 (c)	1,598		1,618
	Vodafone Group Public Limited Company
		5.00%, 05/30/38	770		878
		4.25%, 09/17/50	1,872		1,911
				35,252
Consumer Staples 2.7%
	Anheuser-Busch Companies, LLC
		4.90%, 02/01/46	3,713		4,424
	Anheuser-Busch InBev Worldwide Inc.
		4.75%, 01/23/29	1,194		1,388
	BAT Capital Corp.
		4.39%, 08/15/37	4,490		4,359
	JBS Investments II GmbH
		7.00%, 01/15/26 (c)	1,343		1,451
		5.75%, 01/15/28 (c)	1,250		1,301
	JBS USA Food Company
		5.88%, 07/15/24 (c)	359		370
		6.50%, 04/15/29 (c)	2,059		2,285
	Kraft Heinz Foods Company
		3.75%, 04/01/30 (c)	1,554		1,568
	Mars, Incorporated
		3.74%, 10/11/27 (g) (h)	1,200		1,322
		3.95%, 04/01/49 (c)	3,430		3,902
	Reynolds American Inc.
		5.70%, 08/15/35	1,075		1,200
		7.00%, 08/04/41	812		989
	Walmart Inc.
		2.85%, 07/08/24	5,800		6,025
		3.25%, 07/08/29	2,779		3,002
		2.95%, 09/24/49	1,399		1,407
				34,993
Materials 2.6%
	Anglo American Capital PLC
		3.63%, 09/11/24 (c)	1,250		1,287
		4.88%, 05/14/25 (c)	3,035		3,297
		4.75%, 04/10/27 (c)	2,714		2,928
	Berry Global Escrow Corporation
		4.88%, 07/15/26 (c)	1,752		1,814
	CF Industries, Inc.
		4.50%, 12/01/26 (c)	7,790		8,483
	Corning Incorporated
		5.85%, 11/15/68	1,223		1,491
	Freeport-McMoRan Inc.
		4.55%, 11/14/24	2,627		2,695
		5.00%, 09/01/27	1,345		1,340
		5.40%, 11/14/34	900		863
	LYB International Finance III, LLC
		4.20%, 10/15/49	2,364		2,353
	NOVA Chemicals Corporation
		4.88%, 06/01/24 (c)	2,900		2,977
	Olin Corporation
		5.63%, 08/01/29	4,192		4,367
	Samarco Mineracao S/A
		0.00%, 11/01/22 - 09/26/24 (h) (i) (j) (k)	685		498
				34,393
Industrials 2.3%
	Ashtead Capital, Inc.
		5.25%, 08/01/26 (c)	3,101		3,294
	Avolon Holdings Funding Limited
		5.13%, 10/01/23 (c) (e)	2,300		2,443
		5.25%, 05/15/24 (c)	3,532		3,788
	Caterpillar Inc.
		2.60%, 09/19/29	2,144		2,166
		3.25%, 09/19/49	2,233		2,314
	General Electric Company
		5.00%, (callable at 100 beginning 01/21/21) (d)	9,210		8,738
	General Motors Company
		5.95%, 04/01/49	708		758
	Hillenbrand, Inc.
		4.50%, 09/15/26 (l)	2,305		2,317
	Park Aerospace Holdings Limited
		5.25%, 08/15/22 (c)	4,275		4,519
				30,337
Real Estate 1.3%
	Boston Properties Limited Partnership
		2.75%, 10/01/26	810		818
		4.50%, 12/01/28	1,871		2,124
		2.90%, 03/15/30	1,501		1,492
	Crown Castle International Corp.
		2.25%, 09/01/21	1,285		1,284
	Service Properties Trust
		4.35%, 10/01/24	2,426		2,454
		4.75%, 10/01/26	1,575		1,583
	Simon Property Group, L.P.
		2.45%, 09/13/29	7,505		7,350
				17,105
Information Technology 0.8%
	Broadcom Corporation
		3.88%, 01/15/27	1,510		1,516
	Broadcom Inc.
		4.25%, 04/15/26 (c)	3,040		3,140
	Microsoft Corporation
		3.95%, 08/08/56	2,355		2,786
	Paypal Holdings, Inc.
		2.40%, 10/01/24	2,867		2,881
				10,323
Consumer Discretionary 0.7%
	Fiat Chrysler Automobiles N.V.
		5.25%, 04/15/23	1,872		2,001
	Ford Motor Credit Company LLC
		4.54%, 08/01/26	1,768		1,766
	GLP Financing, LLC
		5.75%, 06/01/28	343		390
	Nemak, S.A.B. de C.V.
		4.75%, 01/23/25 (c)	1,450		1,473
	Volkswagen Group of America, Inc.
		4.63%, 11/13/25 (c)	3,550		3,912
				9,542
	Total Corporate Bonds And Notes (cost $451,091)			476,269
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 12.8%
	American Airlines, Inc.
		Series 2013-B-2, 5.60%, 07/15/20 (c)	1,057		1,076
		Series 2016-AA-2, 3.20%, 06/15/28	2,706		2,785
	American Tower Trust
		Series 2013-A-2, 3.07%, 03/15/23 (c)	6,596		6,704
	AmeriCredit Automobile Receivables Trust
		Series 2018-A3-1, 3.07%, 01/19/21	9,000		9,067
		Series 2019-A2A-1, 2.93%, 02/18/21	3,747		3,762
		Series 2017-A3-2, 1.98%, 12/20/21	1,815		1,814
	Ascentium Equipment Receivables Trust
		Series 2017-A2-2A, 2.00%, 05/11/20 (c)	424		423
		Series 2018-A2-1A, 2.92%, 12/10/20 (c)	668		669
		Series 2017-A3-1A, 2.29%, 06/10/21 (c)	677		677
		Series 2017-A3-2A, 2.31%, 12/10/21 (c)	1,587		1,589
	Aventura Mall Trust
		Series 2013-A-AVM, REMIC, 3.87%, 12/07/20 (a) (c)	5,060		5,113

400

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	BAMLL Commercial Mortgage Securities Trust
		Series 2015-B-200P, REMIC, 3.49%, 04/16/25 (c)	1,985		2,085
	Bank
		Series 2017-AS-BNK5, REMIC, 3.62%, 06/17/27	2,286		2,437
	Bank Of The West Auto Trust
		Series 2017-A3-1, 2.11%, 01/15/23 (c)	2,905		2,903
	BCC Funding XIV, LLC
		Series 2018-A2-1A, 2.96%, 06/20/23 (c)	1,490		1,498
	CarMax Auto Owner Trust
		Series 2017-A3-3, 1.97%, 04/15/22	1,837		1,836
	CCG Receivables Trust
		Series 2018-A2-1, 2.50%, 02/14/21 (c)	1,423		1,426
	Chesapeake Funding II LLC
		Series 2019-A1-1A, 2.94%, 05/15/22 (c)	3,790		3,837
	Chrysler Capital Auto Receivables Trust
		Series 2016-A3-BA, 1.64%, 07/15/21 (c)	76		76
	CIG Auto Receivables Trust
		Series 2017-A-1A, 2.71%, 05/15/23 (c)	498		498
		Series 2019-A-1A, 3.33%, 08/15/24 (c)	2,438		2,457
	Citigtoup Mortgage Loan Trust
		Series 2014-A1-J1, REMIC, 3.50%, 08/25/23 (c)	1,574		1,602
	COLT Mortgage Loan Trust
		Series 2018-A1-1, REMIC, 2.93%, 02/25/48 (a) (c)	348		350
	CSMC Trust
		Series 2017-A3-HL2, 3.50%, 09/25/24 (a) (c)	2,291		2,328
		Series 2017-A1-HL1, REMIC, 3.50%, 05/25/39 (a) (c)	3,679		3,728
	Dell Equipment Finance Trust
		Series 2018-A2A-1, 2.97%, 10/22/20 (c)	1,189		1,191
		Series 2017-A3-2, 2.19%, 10/24/22 (c)	1,071		1,071
	Ford Credit Auto Lease Trust
		Series 2019-A2A-A, 2.84%, 08/17/20	9,000		9,032
	Foundation Finance Trust
		Series 2017-A-1A, 3.30%, 08/15/22 (c)	1,170		1,176
	GLS Auto Receivables Trust
		Series 2019-A-1A, 3.37%, 03/15/21 (c)	2,366		2,379
		Series 2018-A-3A, 3.35%, 08/15/22 (c)	888		892
	GM Financial Automobile Leasing Trust
		Series 2017-A3-3, 2.01%, 11/20/20	779		779
		Series 2018-A3-1, 2.61%, 01/20/21	3,881		3,886
	GMF Floorplan Owner Revolving Trust
		Series 2017-A1-1, 2.22%, 01/15/20 (c)	4,899		4,897
	GreatAmerica Financial Services Corporation
		Series 2017-A3-1, 2.06%, 06/22/20 (c)	179		179
		Series 2019-A2-1, 2.97%, 09/15/20 (c)	3,084		3,096
		Series 2018-A3-1, 2.60%, 06/15/21 (c)	1,306		1,309
		Series 2018-A4-1, 2.83%, 06/17/24 (c)	865		874
	GS Mortgage Securities Corp Trust
		Series 2017-B-SLP, REMIC, 3.77%, 10/12/22 (c)	4,077		4,216
	Hilton Grand Vacations Inc.
		Series 2017-A-AA, 2.66%, 08/25/23 (c)	1,330		1,334
	Honda Auto Receivables Owner Trust
		Series 2019-A3-3, 1.78%, 09/15/22	3,250		3,241
	HPEFS Equipment Trust
		Series 2019-A2-1A, 2.19%, 09/20/29 (c)	2,096		2,097
		Series 2019-A3-1A, 2.21%, 10/20/29 (c)	1,206		1,207
	Hudson Yards Mortgage Trust
		Series 2019-A-30HY, 3.23%, 07/12/29 (c) (m)	6,440		6,845
	J.P. Morgan Mortgage Acquisition Corp.
		Series 2016-2A1-3, REMIC, 3.00%, 01/25/29 (a) (c)	2,094		2,124
	J.P. Morgan Mortgage Trust
		Series 2017-A6-6, REMIC, 3.00%, 03/25/25 (a) (c)	2,410		2,426
	John Deere Owner Trust
		Series 2019-A2-B, 2.28%, 04/15/21	2,967		2,974
	JP Morgan Chase & Co.
		Series 2014-A1-5, REMIC, 2.98%, 10/25/26 (a) (c)	1,130		1,148
	Kubota Credit Owner Trust
		Series 2016-A3-1A, 1.50%, 07/15/20 (c)	72		72
		Series 2018-A2-1A, 2.80%, 02/16/21 (c)	1,398		1,400
	MVW Owner Trust
		Series 2019-A-1A, 2.89%, 03/20/27 (c)	4,002		4,077
		Series 2013-A-1A, 2.15%, 04/22/30 (c)	234		234
		Series 2017-A-1A, 2.42%, 12/20/34 (c)	1,277		1,279
	Prestige Auto Receivables Trust
		Series 2019-A2-1A, 2.44%, 12/15/20 (c)	1,918		1,921
	PSMC Trust
		Series 2018-A1-3, REMIC, 4.00%, 02/25/41 (c)	1,344		1,374
	Sequoia Mortgage Trust
		Series 2017-A4-3, REMIC, 3.50%, 04/25/24 (a) (c)	853		868
		Series 2019-A4-1, REMIC, 4.00%, 02/25/26 (c)	639		651
		Series 2018-A1-8, REMIC, 4.00%, 06/25/40 (a) (c)	2,384		2,434
	Toyota Auto Receivables Owner Trust
		Series 2018-A3-B, 2.96%, 07/15/21	9,000		9,100
	United Airlines, Inc.
		Series 2012-B-1, 6.25%, 04/11/20	297		300
		Series 2012-A-1, 4.15%, 04/11/24	1,455		1,527
		Series 2012-A-2, 4.00%, 10/29/24	1,286		1,361
	United Auto Credit Securitization Trust
		Series 2018-A-2, 2.89%, 03/10/21 (c)	76		76
	Verizon Owner Trust
		Series 2016-B-1A, 1.46%, 01/20/21 (c)	224		223
		Series 2016-A-2A, 1.68%, 05/20/21 (c)	605		604
		Series 2016-B-2A, 2.15%, 05/20/21 (c)	1,133		1,133
		Series 2017-A-2A, 1.92%, 12/20/21 (c)	4,320		4,316
		Series 2017-A1A-3A, 2.06%, 04/20/22 (c)	5,647		5,647
	Volvo Financial Equipment LLC
		Series 2019-A2-1A, 2.90%, 10/15/20 (c)	2,506		2,516
	Wells Fargo Commercial Mortgage Trust
		Series 2017-B-C38, 3.92%, 06/17/27 (a)	1,371		1,463
	Westlake Automobile Receivables Trust
		Series 2019-A2A-1A, 3.06%, 10/15/20 (c)	5,143		5,165
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $165,561)			166,854
SENIOR LOAN INTERESTS 2.1%
Consumer Discretionary 0.7%
	CSC Holdings, LLC
		2017 1st Lien Term Loan, 4.28%, (3M LIBOR + 2.25%), 07/15/25 (a)	732		730
	Golden Nugget, Inc.
		2017 Incremental Term Loan B, 4.81%, (3M LIBOR + 2.75%), 09/07/23 (a)	895		894
		2017 Incremental Term Loan B, 4.86%, (3M LIBOR + 2.75%), 10/04/23 (a)	1,116		1,114
	Marriott Ownership Resorts, Inc.
		2018 Term Loan B, 4.36%, (3M LIBOR + 2.25%), 08/09/25 (a)	3,186		3,199
	PCI Gaming Authority
		Term Loan, 5.04%, (3M LIBOR + 3.00%), 05/15/26 (a)	3,653		3,671
				9,608
Communication Services 0.6%
	CenturyLink, Inc.
		2017 Term Loan B, 4.79%, (3M LIBOR + 2.75%), 01/15/25 (a)	2,799		2,779
	Diamond Sports Group, LLC
		Term Loan, 5.30%, (3M LIBOR + 3.25%), 08/24/26 (a)	790		794
	Nexstar Broadcasting, Inc.
		2019 Term Loan B4, 0.00%, (3M LIBOR + 2.75%), 06/13/26 (a) (n)	925		929
		2019 Term Loan B4, 4.81%, (3M LIBOR + 2.75%), 07/15/26 (a)	887		890
	Sprint Communications, Inc.
		1st Lien Term Loan B, 4.56%, (3M LIBOR + 2.50%), 02/01/24 (a)	2,048		2,031
				7,423
Industrials 0.2%
	Gol LuxCo S.A.
		1st Lien Term Loan, 6.50%, 08/18/20 (h) (m)	3,100		3,131

401

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
Consumer Staples 0.2%
	JBS USA Lux S.A.
		2019 Term Loan B, 4.55%, (3M LIBOR + 2.50%), 04/27/26 (a)	2,126		2,135
Financials 0.1%
	UFC Holdings, LLC
		2019 Term Loan, 5.30%, (3M LIBOR + 3.25%), 04/25/26 (a)	1,455		1,458
Energy 0.1%
	TEX Operations Co. LLC
		Exit Term Loan B, 4.11%, (3M LIBOR + 2.00%), 08/04/23 (a)	578		580
	Traverse Midstream Partners LLC
		Term Loan, 6.26%, (3M LIBOR + 4.00%), 09/22/24 (a)	814		714
				1,294
Utilities 0.1%
	Pacific Gas And Electric Company
		DIP Term Loan, 4.32%, (3M LIBOR + 2.25%), 12/31/20 (a)	1,155		1,161
Materials 0.1%
	BWAY Holding Company
		2017 Term Loan B, 5.59%, (3M LIBOR + 3.25%), 04/03/24 (a)	1,075		1,052
	Total Senior Loan Interests (cost $27,262)			27,262
SHORT TERM INVESTMENTS 7.1%
Investment Companies 6.7%
	JNL Government Money Market Fund - Institutional Class, 1.86% (o) (p)		87,932		87,932
Securities Lending Collateral 0.4%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (o) (p)		5,398		5,398
	Total Short Term Investments (cost $93,330)			93,330
Total Investments 105.1% (cost $1,328,006)					1,372,063
Other Derivative Instruments 0.0%					13
Other Assets and Liabilities, Net (5.1)%					(66,839)
Total Net Assets 100.0%					1,305,237

(a)Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of September 30, 2019. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations (“CMO”) and mortgage-backed securities (“MBS”) are determined by tranches of underlying mortgage-backed security pools’ cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security’s offering documents.

(b)All or a portion of the security was purchased on a delayed delivery basis. As of September 30, 2019, the total payable for investments purchased on a delayed delivery basis was $84,449.

(c)The Adviser has deemed this security, which is exempt from registration under the Securities Act of 1933, as amended, to be liquid based on procedures approved by the Board of Trustees. As of September 30, 2019, the value and the percentage of net assets of these liquid securities was $256,199 and 19.6% of the Fund.

(d)Perpetual security. Next contractual call date presented, if applicable.

(e)All or a portion of the security was on loan as of September 30, 2019.

(f)Convertible security.

(g)Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Schedules of Investments.

(h)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

(i)Non-income producing security.

(j)As of September 30, 2019, issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date.

(k)Security is restricted to resale to institutional investors. See Restricted Securities in the Schedules of Investments.

(l)The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer.

(m)Security fair valued in good faith as a Level 2 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Schedules of Investments.

(n)This senior loan will settle after September 30, 2019. If a reference rate and spread is presented, it will go into effect upon settlement.

(o)Investment in affiliate.

(p)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

402

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Samarco Mineracao S/A, 0.00%, 11/01/22	10/26/12	343	246	—
	Samarco Mineracao S/A, 0.00%, 09/26/24	11/16/15	216	252	—
			559	498	—

Unfunded Commitments

		Unfunded Commitment ($)	Appreciation/ (Depreciation) ($)
JNL/PPM America Total Return Fund
	PG&E Corp – DIP Delayed Draw Term Loan	383	4
		383	4

JNL/PPM America Total Return Fund — Futures Contracts
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
United States 2 Year Note	117	January 2020		25,263	(4)			(50)
United States 5 Year Note	494	January 2020		59,251	(23)			(392)
United States Long Bond	389	December 2019		64,324	(12)			(1,184)
United States Ultra Bond	106	December 2019		20,619	7			(276)
					(32)			(1,902)
Short Contracts
United States 10 Year Note	(276)	December 2019		(36,283)	44			317
United States 10 Year Ultra Bond	(159)	December 2019		(22,939)	5			296
					49			613

JNL/PPM America Total Return Fund — Centrally Cleared Credit Default Swap Agreements
Reference Entity2	Fixed Receive/ Pay Rate8 (%)	Expiration	Notional1,7		Value6 ($)		Variation Margin Receivable (Payable) ($)		Unrealized Appreciation (Depreciation) ($)
Credit default swap agreements - purchase protection3
CDX.NA.IG.33 (Q)	1.00	12/20/24		6,000		(118)		(4)		2

403

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
JNL/PPM America Value Equity Fund
COMMON STOCKS 99.4%
Financials 24.0%
	Bank of America Corporation	149		4,361
	Citigroup Inc.	63		4,380
	Huntington Bancshares Inc.	272		3,876
	JPMorgan Chase & Co.	37		4,355
	Lincoln National Corp.	67		4,066
	Morgan Stanley	94		4,019
	PNC Financial Services Group Inc.	19		2,663
	Synovus Financial Corp.	95		3,397
	The Allstate Corporation	35		3,826
	The Goldman Sachs Group, Inc.	17		3,523
	The Hartford Financial Services Group, Inc.	81		4,909
	Wells Fargo & Co.	61		3,077
			46,452
Health Care 14.9%
	AbbVie Inc.	59		4,445
	Cigna Corp.	31		4,690
	CVS Health Corporation	60		3,759
	Gilead Sciences Inc.	74		4,690
	McKesson Corporation	30		4,045
	Merck & Co., Inc.	31		2,601
	Pfizer Inc.	130		4,674
			28,904
Information Technology 13.9%
	Ads Alliance Data Systems Inc.	22		2,806
	Apple Inc.	22		4,883
	Avnet, Inc.	74		3,301
	Cisco Systems, Inc.	71		3,503
	Intel Corp.	38		1,958
	International Business Machines Corp.	13		1,890
	Leidos Holdings Inc.	46		3,925
	Microsoft Corp.	21		2,920
	Nuance Communications, Inc. (a)	109		1,786
			26,972
Consumer Discretionary 8.6%
	Best Buy Co., Inc.	29		2,001
	Foot Locker Inc.	69		2,995
	General Motors Company	120		4,498
	Newell Brands Inc.	167		3,126
	Royal Caribbean Cruises Ltd.	38		4,138
			16,758
Industrials 8.4%
	Caterpillar Inc.	29		3,663
	Delta Air Lines Inc.	70		4,032
	Spirit Aerosystems Holdings Inc. - Class A	46		3,783
	Terex Corp.	74		1,917
	Textron Inc.	58		2,840
			16,235
Energy 8.1%
	Apache Corporation	150		3,840
	Chevron Corp.	39		4,625
	Exxon Mobil Corporation	39		2,789
	Halliburton Co.	142		2,679
	National Oilwell Varco Inc.	86		1,823
			15,756
Communication Services 7.3%
	AT&T Inc.	129		4,896
	Comcast Corporation - Class A	104		4,688
	Viacom Inc. - Class B	189		4,539
			14,123
Consumer Staples 6.1%
	Altria Group, Inc.	86		3,505
	Archer-Daniels-Midland Company	95		3,898
	Campbell Soup Co.	51		2,388
	The Kroger Co.	80		2,052
			11,843
Utilities 4.2%
	The AES Corporation	215		3,507
	Vistra Energy Corp.	170		4,544
			8,051
Materials 2.9%
	Berry Global Group, Inc. (a)	76		2,969
	Nucor Corp.	53		2,678
			5,647
Real Estate 1.0%
	Simon Property Group Inc.	12		1,930
	Total Common Stocks (cost $184,146)		192,671
SHORT TERM INVESTMENTS 0.4%
Investment Companies 0.4%
	JNL Government Money Market Fund - Institutional Class, 1.86% (b) (c)	801		801
	Total Short Term Investments (cost $801)		801
Total Investments 99.8% (cost $184,947)				193,472
Other Assets and Liabilities, Net 0.2%				381
Total Net Assets 100.0%				193,853

(a)Non-income producing security.

(b)Investment in affiliate.

(c)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

404

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1	Value ($)
JNL/RAFI Fundamental Asia Developed Fund
COMMON STOCKS 97.2%
Japan 70.9%
	ABC-Mart Inc.	1	64
	Acom Co. Ltd. (a)	5	19
	AEON Co. Ltd.	33	607
	AEON Financial Service Co. Ltd. (a)	4	67
	AEON Mall Co. Ltd.	4	59
	Air Water Inc.	10	180
	Aisin Seiki Co. Ltd.	15	486
	Ajinomoto Co. Inc.	23	444
	Alfresa Holdings Corp.	12	263
	All Nippon Airways Co. Ltd.	16	526
	ALPS Alpine Co. Ltd.	13	237
	Amada Co. Ltd.	18	193
	Aoyama Trading Co., Ltd.	5	80
	Aozora Bank, Ltd. (a)	6	145
	ARCS Company, Ltd	3	72
	Asahi Breweries Ltd.	12	591
	Asahi Glass Co. Ltd.	17	520
	Asahi Kasei Corp.	73	728
	Asics Corp.	10	165
	Astellas Pharma Inc.	60	854
	Autobacs Seven Co., Ltd.	1	23
	Azbil Corporation	5	121
	Bandai Namco Holdings Inc. (a)	5	338
	Bank of Kyoto Ltd.	4	138
	Benesse Holdings Inc.	4	115
	Bic Camera Inc.	6	62
	Bridgestone Corp.	37	1,441
	Brother Industries Ltd.	14	263
	Calbee,Inc.	2	66
	Canon Inc.	56	1,505
	Canon Marketing Japan Inc.	3	70
	Casio Computer Co. Ltd. (a)	10	154
	Central Japan Railway Co.	5	1,072
	China Bank Ltd. (a)	38	196
	Chiyoda Corporation (a) (b)	7	19
	Chubu Electric Power Co. Inc.	57	830
	Chugai Pharmaceutical Co. Ltd.	2	164
	Chugoku Electric Power Co. Inc. (a)	21	269
	Citizen Watch Co., Ltd. (a)	24	120
	Coca-Cola Bottlers Japan Holdings Inc.	6	131
	COMSYS Holdings Corporation (a)	6	157
	Concordia Financial Group, Ltd. (a)	73	281
	Credit Saison Co. Ltd.	12	156
	Dai Nippon Printing Co. Ltd.	21	549
	Daicel Corp.	21	181
	Daido Steel Co., Ltd. (a)	3	107
	Dai-ichi Life Holdings, Inc.	64	965
	Daiichi Sankyo Company, Ltd	13	849
	Daikin Industries Ltd.	6	807
	Dainippon Sumitomo Pharma Co. Ltd. (a)	4	65
	Daio Paper Corporation (a)	1	17
	Daito Trust Construction Co. Ltd. (a)	3	345
	Daiwa House Industry Co. Ltd.	28	917
	Daiwa Securities Group Inc. (a)	91	406
	DCM Holdings Co., Ltd. (a)	9	88
	Dena Co., Ltd.	5	87
	Denka Company Limited (a)	5	139
	Denso Corp.	28	1,258
	Dentsu Inc.	9	307
	DIC Corp.	8	221
	Disco Corp. (a)	1	115
	Dowa Holdings Co. Ltd.	5	158
	East Japan Railway Co.	14	1,349
	EBARA Corporation	6	161
	Edion Corp. (a)	12	119
	Eisai Co. Ltd.	5	266
	Electric Power Development Co., Ltd.	13	295
	Exedy Corp.	3	61
	Ezaki Glico Co.,Ltd.	2	79
	Familymart Co., Ltd.	4	88
	Fanuc Ltd.	4	834
	Fast Retailing Co. Ltd.	1	358
	Fuji Electric Holdings Co. Ltd.	6	179
	Fuji Media Holdings, Inc.	15	189
	Fuji Oil Holdings Inc. (a)	1	17
	FUJIFILM Holdings Corp.	20	904
	Fujikura Ltd. (a)	38	148
	Fujitsu Ltd.	12	989
	Fukuoka Financial Group, Inc.	9	179
	Fukuyama Transporting Co., Ltd.	—	14
	Furukawa Electric Co., Ltd.	6	141
	Glory Ltd. (a)	4	104
	GREE, Inc.	3	15
	GS Yuasa Corp.	6	99
	GungHo Online Entertainment, Inc. (a)	2	50
	H2O Retailing Corporation (a)	10	111
	Hakuhodo DY Holdings Incorporated	10	145
	Hamamatsu Photonics KK	1	26
	Hankyu Hanshin Holdings Inc.	9	344
	HANWA Co., Ltd.	6	157
	Haseko Corp.	17	199
	Heiwa Corporation (a)	3	58
	Heiwado Co., Ltd. (a)	3	62
	Hikari Tsushin Inc.	—	65
	Hino Motors Ltd.	24	201
	Hirose Electric Co. Ltd.	1	136
	Hisamitsu Pharmaceutical Co. Inc.	2	75
	Hitachi Capital Corporation	3	65
	Hitachi Chemical Co. Ltd.	6	186
	Hitachi Construction Machinery Co. Ltd. (a)	5	126
	Hitachi High-Technologies Corp.	3	168
	Hitachi Ltd.	72	2,702
	Hitachi Metals Ltd. (a)	15	164
	Hitachi Transport System, Ltd.	2	65
	Hokuhoku Financial Group, Inc.	10	101
	Hokuriku Electric Power Company (b)	20	136
	Honda Motor Co. Ltd.	153	3,993
	Hoshizaki Corporation	1	95
	House Foods Group Inc.	2	71
	Hoya Corp.	6	475
	Hulic Co. Ltd.	8	83
	IBIDEN Co., Ltd. (a)	8	170
	Idemitsu Kosan Co., Ltd.	14	397
	IHI Corp. (a)	9	197
	Iida Group Holdings Co., Ltd. (a)	12	189
	Inabata & Co., Ltd. (a)	5	56
	Inpex Corporation	82	757
	Isetan Mitsukoshi Holdings Ltd. (a)	32	259
	Isuzu Motors Ltd. (a)	36	395
	ITO EN, LTD.	—	19
	ITOCHU Corp.	70	1,440
	ITOCHU ENEX Co., Ltd.	5	37
	ITOCHU Techno-Solutions Corporation (a)	3	72
	Itoham Yonekyu Holdings Inc.	13	81
	Iwatani Corporation (a)	3	95
	IZUMI Co., Ltd.	2	71
	J.Front Retailing Co., Ltd.	19	228
	Japan Airlines Co., Ltd	20	594
	Japan Display Inc. (a) (b)	177	99
	Japan Exchange Group Inc.	8	125
	Japan Petroleum Exploration Co., Ltd.	4	102
	Japan Post Bank Co., Ltd. (a)	27	267
	Japan Post Holdings Co., Ltd.	110	1,013
	Japan Post Insurance Co., Ltd.	8	116
	Japan Real Estate Investment Corp.	—	154
	Japan Retail Fund Investment Corp.	—	154
	Japan Tobacco Inc.	47	1,039
	JFE Holdings Inc.	64	772
	JGC Corp.	17	219
	JS Group Corp.	24	422
	JSR Corp. (a)	12	185
	JTEKT Corp. (a)	22	259
	JXTG Holdings, Inc. (a)	316	1,444
	Kajima Corp.	24	316
	Kamei Corporation	1	5
	Kamigumi Co. Ltd.	6	130

405

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

	Shares/Par1	Value ($)
Kandenko Co., Ltd.	8	67
Kaneka Corp. (a)	5	157
Kansai Electric Power Co. Inc. (a)	45	501
Kansai Paint Co. Ltd. (a)	7	154
Kao Corp.	9	631
Kato Sangyo Co., Ltd.	2	56
Kawasaki Heavy Industries Ltd. (a)	13	283
Kawasaki Kisen Kaisha, Ltd. (a) (b)	7	82
KDDI Corp.	77	2,013
Keihan Holdings Co. Ltd.	3	116
Keihin Corporation	5	74
Keikyu Corp.	6	121
Keio Corp. (a)	3	162
Keisei Electric Railway Co. Ltd. (a)	3	132
Kewpie Corporation	6	129
Keyence Corp.	1	374
Kikkoman Corp.	3	120
Kinden Corp.	8	121
Kintetsu Corp.	5	261
Kirin Holdings Co. Ltd.	28	587
Kmto Energy K.K.	8	174
Kobe Steel Ltd. (a)	59	314
Koito Manufacturing Co. Ltd.	4	202
KOKUYO Co.,Ltd.	5	71
Komatsu Ltd. (a)	42	964
Komeri Co.,Ltd.	1	12
Konami Corp.	2	102
Konica Minolta Holdings Inc.	39	276
Kose Corp.	—	68
K's Holdings Corporation	16	175
Kubota Corp.	44	676
Kuraray Co. Ltd.	23	285
Kurita Water Industries Ltd.	5	127
KYB Corporation (a) (b)	1	26
Kyocera Corp.	15	917
Kyowa Exeo Corp. (a)	3	80
Kyowa Kirin Co., Ltd.	7	131
Kyushu Electric Power Co. Inc.	27	252
Kyushu Financial Group, Inc. (a)	26	106
Kyushu Railway Company	5	169
Lawson Inc.	2	92
Leopalace21 Corporation (a) (b)	45	106
Lintec Corporation	1	14
Lion Corp.	5	105
Mabuchi Motor Co. Ltd.	1	22
Maeda Road Construction Co. Ltd.	4	81
Makita Corp.	7	232
Marubeni Corp.	140	932
Marui Group Co. Ltd. (a)	5	112
Maruichi Steel Tube Ltd. (a)	3	82
Matsumotokiyoshi Holdings Co., Ltd. (a)	4	136
Mazda Motor Corp. (a)	75	672
Mebuki Financial Group, Inc. (a)	76	187
Medipal Holdings Corp.	13	295
Megmilk Snow Brand Co.,Ltd.	4	97
Meiji Holdings Co., Ltd.	5	336
Minebea Mitsumi Inc.	14	216
Miraca Holdings Inc.	1	30
MISUMI Group Inc.	5	126
Mitsubishi Chemical Holdings Corporation	107	765
Mitsubishi Corp.	72	1,780
Mitsubishi Electric Corp.	111	1,481
Mitsubishi Estate Co. Ltd.	30	591
Mitsubishi Gas Chemical Co. Inc.	15	196
Mitsubishi Heavy Industries Ltd.	25	968
Mitsubishi Logistics Corporation. (a)	3	84
Mitsubishi Materials Corp.	13	349
Mitsubishi Motors Corp.	53	232
Mitsubishi Shokuhin Co.,Ltd. (a)	1	30
Mitsubishi Tanabe Pharma Corp.	13	143
Mitsubishi UFJ Financial Group Inc.	765	3,896
Mitsubishi UFJ Lease & Finance Co. Ltd.	20	119
Mitsui & Co. Ltd. (a)	106	1,749
Mitsui Chemicals Inc. (a)	12	279
Mitsui E&S Holdings Co., Ltd. (b)	13	110
Mitsui Fudosan Co. Ltd.	30	755
Mitsui Mining & Smelting Co Ltd	6	134
Mitsui OSK Lines Ltd. (a)	13	318
mixi, Inc.	3	61
Mizuho Financial Group Inc.	1,531	2,353
Morinaga Milk Industry Co., Ltd. (a)	3	119
MS&AD Insurance Group Holdings, Inc.	28	898
Murata Manufacturing Co. Ltd.	17	803
Nabtesco Corp.	1	31
Nagase & Co., Ltd.	8	108
Nagoya Railroad Co. Ltd.	7	198
NEC Corp.	17	713
NEC Electronics Corp. (b)	25	164
NEXON Co.,Ltd. (b)	7	90
NGK Insulators Ltd.	15	212
NGK Spark Plug Co. Ltd.	10	192
NHK SPRING Co.,Ltd. (a)	18	140
Nichirei Corporation (a)	5	117
Nidec Corp.	3	461
Nikon Corp.	21	260
Nintendo Co. Ltd.	1	484
Nippo Corp.	4	74
Nippon Building Fund Inc.	—	177
Nippon Electric Glass Co. Ltd.	7	163
Nippon Express Co. Ltd.	6	328
Nippon Kayaku Co., Ltd.	2	23
Nippon Light Metal Holdings Company, Ltd.	54	98
Nippon Meat Packers Inc.	9	371
Nippon Paint Co. Ltd.	3	152
Nippon Paper Industries Co., Ltd. (a)	13	212
Nippon Shokubai Co., Ltd.	2	108
Nippon Steel Corporation	90	1,261
Nippon Steel Trading Corporation (a)	2	79
Nippon Telegraph & Telephone Corp.	44	2,126
Nippon Television Holdings Inc.	10	123
Nippon Yusen KK	23	394
Nipro Corp. (a)	2	19
Nishi-Nippon Financial Holdings, Inc.	12	82
Nissan Chemical Industries Ltd.	2	88
Nissan Motor Co. Ltd.	242	1,515
Nissan Shatai Co.,Ltd (a)	6	52
Nisshin Seifun Group Inc.	9	162
Nisshinbo Holdings Inc.	16	122
Nissin Foods Holdings Co. Ltd.	2	130
Nitori Co. Ltd.	2	220
Nitto Denko Corp.	9	442
NOK Corporation (a)	10	154
Nomura Holdings Inc.	224	958
Nomura Real Estate Holdings, Inc.	7	154
Nomura Real Estate Master Fund. Inc.	—	163
Nomura Research Institute Ltd.	8	158
North Pacific Bank, Ltd.	41	87
NSK Ltd. (a)	35	293
NTN Corporation (a)	52	150
NTT Data Corp.	21	272
NTT DoCoMo Inc.	50	1,271
Obayashi Corp.	37	373
Odakyu Electric Railway Co. Ltd.	8	185
OJI Holdings Corp.	63	297
Olympus Corp.	24	328
Omron Corp.	8	420
Ono Pharmaceutical Co. Ltd.	8	149
Onward Holdings Co., Ltd.	3	16
Oracle Corp. Japan	1	44
Oriental Land Co. Ltd.	2	290
ORIX Corp.	56	835
Osaka Gas Co. Ltd. (a)	30	576
Otsuka Corp.	3	128
Otsuka Holdings Co., Ltd.	16	590
Paltac Corporation	2	79
Pan Pacific International Holdings Corporation	9	147
Panasonic Corp.	157	1,282
Persol Holdings Co., Ltd.	5	99
Pola Orbis Holdings Inc.	2	36
Rakuten Inc.	15	148

406

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

	Shares/Par1		Value ($)
Recruit Holdings Co., Ltd.	15		462
Rengo Co., Ltd.	13		95
Resona Holdings Inc. (a)	134		577
Ricoh Co. Ltd. (a)	57		514
Rinnai Corp.	2		101
Rohm Co. Ltd.	4		293
Ryohin Keikaku Co. Ltd. (a)	6		109
San-Ai Oil Co.,Ltd. (a)	3		26
Sankyo Co. Ltd.	2		62
Sankyu Inc.	2		115
Santen Pharmaceutical Co. Ltd.	9		151
Sanwa Holdings Corporation	9		100
Sapporo Holdings Limited	1		30
SBI Holdings Inc.	6		129
SCSK Corporation	1		61
Secom Co. Ltd.	6		504
Sega Sammy Holdings Inc.	9		131
Seibu Holdings Inc.	7		124
Seiko Epson Corp. (a)	19		269
Seino Holdings Corp.	12		147
Sekisui Chemical Co. Ltd.	24		379
Sekisui House Ltd.	41		816
Seven & I Holdings Co., Ltd.	36		1,395
Seven Bank, Ltd. (a)	4		12
SG Holdings Co., Ltd. (a)	4		108
Sharp Corp. (a)	4		49
Shikoku Electric Power Company, Incorporated	13		125
Shimachu Co., Ltd.	1		24
Shimadzu Corp.	6		160
Shimamura Co. Ltd.	2		175
Shimano Inc.	1		212
Shimizu Corp. (a)	34		307
Shin-Etsu Chemical Co. Ltd.	12		1,252
Shinsei Bank Ltd.	12		180
Shionogi & Co. Ltd.	5		268
Shiseido Co. Ltd.	4		313
Shizuoka Bank Ltd.	27		200
Showa Denko KK	6		167
SKY Perfect JSAT Holdings Inc.	9		38
SKYLARK Holdings Co., Ltd. (a)	7		133
SMC Corp.	1		517
SoftBank Corporation (a)	33		444
SoftBank Group Corp.	46		1,803
Sohgo Security Services Co. Ltd.	2		110
Sojitz Corp.	83		260
Sompo Holdings, Inc.	17		728
Sony Corp.	26		1,539
Sony Financial Holdings Inc.	4		87
Square Enix Holdings Co. Ltd.	2		117
Stanley Electric Co. Ltd.	7		176
Subaru Corp. NPV	43		1,218
Sugi Holdings Co., Ltd.	2		87
SUMCO Corporation	8		103
Sumitomo Chemical Co. Ltd.	119		536
Sumitomo Corp.	68		1,065
Sumitomo Electric Industries Ltd.	72		914
Sumitomo Forestry Co. Ltd. (a)	14		181
Sumitomo Heavy Industries Ltd.	7		220
Sumitomo Metal Mining Co. Ltd.	14		427
Sumitomo Mitsui Financial Group Inc.	80		2,738
Sumitomo Mitsui Trust Holdings Inc. (a)	16		576
Sumitomo Osaka Cement Co., Ltd.	2		99
Sumitomo Realty & Development Co. Ltd.	8		298
Sumitomo Riko Company Limited	4		28
Sumitomo Rubber Industries Inc.	17		206
Sundrug Co. Ltd.	3		104
Suntory Beverage & Food Limited	4		188
SURUGA bank Ltd. (a) (b)	5		22
Suzuken Co. Ltd.	4		232
Suzuki Motor Corp.	17		732
Sysmex Corp.	2		128
T&D Holdings Inc.	30		316
Taiheiyo Cement Corp.	8		221
Taisei Corp.	9		343
Taisho Pharmaceutical Holdings Company Ltd.	1		88
Taiyo Nippon Sanso Corp. (a)	5		98
Takashimaya Co. Ltd.	16		181
Takeda Pharmaceutical Co. Ltd.	33		1,124
TDK Corp.	6		533
Teijin Ltd.	13		253
Terumo Corp.	10		337
T-Gaia Corporation (a)	—		8
The Chugoku Bank, Limited (a)	10		96
The Gunma Bank, Ltd.	28		91
The Hachijuni Bank, Ltd. (a)	31		129
The Hiroshima Bank Ltd. (a)	20		100
The Iyo Bank, Ltd.	19		101
THK Co. Ltd.	5		132
TIS Inc.	3		162
Tobu Railway Co. Ltd.	7		234
Toda Corp.	14		83
Toho Co. Ltd.	3		110
Toho Gas Co. Ltd.	5		172
Toho Holdings Co. Ltd. (a)	4		95
Tohoku Electric Power Co. Inc.	42		408
Tokairika Co., Ltd. (a)	5		90
Tokio Marine Holdings Inc.	25		1,358
Tokyo Broadcasting System Holdings,Inc.	7		106
Tokyo Century Corp. (a)	1		65
Tokyo Electric Power Co. Holdings Inc. (b)	186		911
Tokyo Electron Ltd.	3		615
Tokyo Gas Co. Ltd.	28		719
Tokyo Tatemono Co. Ltd.	9		130
Tokyu Corp.	20		373
Tokyu Fudosan Holdings Corporation (a)	31		196
Toppan Forms Co., Ltd. (a)	4		41
Toppan Printing Co. Ltd.	27		480
Toray Industries Inc.	86		640
Toshiba Corp.	9		285
Tosoh Corp.	20		273
TOTO Ltd. (a)	5		192
Toyo Ink SC. Holdings Co., Ltd.	3		66
Toyo Seikan Group Holdings Ltd.	13		200
Toyo Suisan Kaisha Ltd.	4		157
Toyo Tire Corporation (a)	7		85
Toyobo Co., Ltd.	2		25
Toyoda Gosei Co. Ltd.	7		139
Toyota Boshoku Corporation	6		79
Toyota Industries Corp. (a)	9		496
Toyota Motor Corp.	126		8,491
Toyota Tsusho Corp.	20		652
Trend Micro Inc.	2		105
TS Tech Co.,Ltd.	5		144
TSURUHA Holdings ,Inc.	1		153
TV Asahi Holdings Corp.	3		52
UACJ Corporation (a)	4		71
Ube Industries Ltd.	9		187
Unicharm Corp.	6		181
Unipres Corp.	5		77
United Super Markets Holdings Inc. (a)	6		54
United Urban Investment Corp.	—		31
Valor Holdings Co. Ltd.	1		14
Wacoal Holdings Corp.	3		88
Welcia Holdings Co.,Ltd.	1		66
West Japan Railway Co.	7		618
Yahoo! Japan Corp.	102		287
Yakult Honsha Co. Ltd.	2		123
Yamada Denki Co. Ltd.	66		321
Yamaguchi Financial Group,Inc.	12		84
Yamaha Corp.	5		203
Yamaha Motor Co. Ltd.	20		368
Yamato Holdings Co. Ltd.	16		245
Yamato Kogyo Co. Ltd.	1		17
Yamazaki Baking Co. Ltd.	9		154
Yaskawa Electric Corp.	5		182
Yokogawa Electric Corp. (a)	8		151
Yokohama Rubber Co. Ltd.	9		181
Zeon Corporation (a)	9		112
		157,568

407

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
Australia 16.1%
	AGL Energy Limited	32		414
	Amcor Ltd.	21		198
	AMP Ltd.	357		441
	APA Group	29		228
	ASX Ltd.	2		134
	Aurizon Holdings Limited	109		435
	AusNet Services Holdings Pty Ltd	62		76
	Australia & New Zealand Banking Group Ltd.	142		2,738
	Bank of Queensland Ltd. (a)	21		143
	Bendigo and Adelaide Bank Ltd.	26		201
	BHP Group PLC	116		2,878
	BlueScope Steel Ltd.	29		236
	Boral Ltd.	59		191
	Brambles Limited	39		300
	Caltex Australia Ltd.	27		487
	Challenger Financial Services Group Ltd.	19		94
	CIMIC Group Limited	4		79
	Coca-Cola Amatil Ltd.	21		154
	Coles Group Limited	9		94
	Commonwealth Bank of Australia	64		3,514
	Computershare Ltd.	9		101
	Crown Resorts Limited	20		162
	CSL Ltd.	4		706
	DEXUS Funds Management Limited	25		200
	Downer EDI Ltd.	39		207
	Flight Centre Ltd.	1		45
	Fortescue Metals Group Ltd.	80		474
	Goodman Funding Pty Ltd	24		228
	GPT Group	49		203
	GrainCorp Limited - Class A	21		111
	Harvey Norman Holdings Ltd. (a)	25		77
	Healius Limited	13		28
	Incitec Pivot Ltd.	83		189
	Insurance Australia Group Ltd.	86		456
	LendLease Corp. Ltd.	35		412
	Macquarie Group Limited	8		731
	Medibank Private Limited	97		223
	Metcash Limited	116		233
	Mirvac Group	142		294
	National Australia Bank Ltd.	139		2,794
	Newcrest Mining Ltd.	13		315
	Oil Search Ltd.	31		154
	Orica Ltd.	17		257
	Origin Energy Ltd.	104		559
	Qantas Airways Ltd.	30		126
	QBE Insurance Group Ltd.	60		512
	Ramsay Health Care Ltd.	3		114
	Rio Tinto Ltd.	15		938
	Santos Ltd.	44		230
	Scentre Group Limited	187		496
	Seven Group Holdings Limited (a)	4		51
	Sims Metal Management Limited	19		136
	Sonic Health Care Ltd.	12		237
	South32 Limited	140		247
	Stockland	116		357
	Suncorp Group Limited	72		662
	Sydney Airport Corporation Limited	14		74
	Tabcorp Holdings Ltd.	42		138
	Telstra Corp. Ltd.	323		765
	The Star Entertainment Group Limited	38		111
	TPG Telecom Ltd.	7		31
	Transurban Group	27		272
	Treasury Wine Estates Limited	12		149
	Vicinity Centres RE Ltd	97		169
	Viva Energy Australia Group Pty Ltd (c)	80		105
	Wesfarmers Ltd.	64		1,725
	Westpac Banking Corp.	165		3,299
	Woodside Petroleum Ltd.	40		868
	Woolworths Group Ltd.	68		1,719
	WorleyParsons Ltd.	12		109
			35,834
Hong Kong 6.3%
	AIA Group Limited	167		1,576
	ASM Pacific Technology Ltd.	6		72
	Bank of East Asia Ltd.	45		111
	Cathay Pacific Airways Limited (a)	41		51
	Champion Real Estate Investment Trust	71		46
	Charoen Pokphand Foods Public Company Limited	188		16
	China Gas Holdings Ltd.	21		83
	Chinese Estates Holdings Limited	13		9
	Chow Sang Sang Holdings International Limited	17		18
	Chow Tai Fook Jewellery Group Limited	57		47
	CK Asset Holdings Limited	96		654
	CK Hutchison Holdings Limited	127		1,127
	CK Infrastructure Holdings Limited	9		61
	CLP Holdings Ltd.	59		620
	Dah Sing Financial Holdings Limited	8		28
	Dairy Farm International Holdings Ltd.	8		50
	Digital China Holdings Limited (a)	14		8
	Esprit Holdings Limited (b)	48		9
	First Pacific Company Limited	146		56
	Galaxy Entertainment Group Ltd.	38		237
	GCL-Poly Energy Holdings Limited (a) (b)	1,621		65
	Genting Hong Kong Limited	143		17
	Great Eagle Holdings Limited	5		17
	Haier Electronics Group Co., Ltd.	51		133
	Haitong International Securities Group Limited	55		16
	Hang Lung Group Ltd.	63		158
	Hang Lung Properties Ltd.	98		223
	Hang Seng Bank Ltd.	16		343
	Henderson Land Development Co. Ltd.	50		233
	HK Electric Investments Limited	68		65
	HKT Trust	119		189
	Hong Kong & China Gas Co. Ltd.	124		242
	Hong Kong Exchanges & Clearing Ltd.	7		218
	Hongkong Land Holdings Ltd.	64		358
	Hutchison Telecommunications Hong Kong Holdings Limited	74		12
	Hysan Development Co. Ltd.	25		101
	Jardine Matheson Holdings Ltd.	8		422
	Johnson Electric Holdings Limited	22		40
	K. Wah International Holdings Ltd.	82		43
	Kerry Logistics Network Limited	26		42
	Kerry Properties Ltd.	46		142
	Kingboard Chemical Holdings Ltd.	60		160
	Kingboard Laminates Holdings Limited	46		42
	Kowloon Development Company Limited	5		6
	Li & Fung Limited	904		103
	Link Real Estate Investment Trust	47		526
	Luk Fook Holdings International Ltd.	21		53
	Melco Resorts & Entertainment Ltd. - ADR	12		240
	MGM China Holdings Limited (a)	26		41
	MTR Corp.	52		295
	New World Development Ltd.	330		429
	Nine Dragons Paper (Holdings) Limited	89		75
	NWS Holdings Ltd.	53		82
	PCCW Ltd.	223		125
	Power Assets Holdings Ltd.	28		188
	Shangri-La Asia Ltd.	76		78
	Shimao Property Holdings Limited	58		170
	Sino Land Co.	130		196
	SJM Holdings Limited	134		128
	Stella International Holdings Limited	7		10
	Sun Hung Kai Properties Ltd.	68		981
	Swire Pacific Ltd. - Class A	47		445
	Swire Properties Limited	39		121
	Techtronic Industries Company Limited	24		167
	The Hongkong and Shanghai Hotels, Limited	6		6
	VTech Holdings Ltd.	9		77
	WH Group Limited (c)	439		394
	Wharf Holdings Ltd.	109		238
	Wharf Real Estate Investment Company Limited	40		219
	Wheelock & Co. Ltd.	44		252
	Xinyi Glass Holdings Limited	66		73
	Yue Yuen Industrial Holdings Ltd.	68		188
			14,066
Singapore 3.0%
	Ascendas REIT	62		140

408

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	CapitaLand Commercial Trust Management Limited		38		58
	CapitaLand Ltd.		109		278
	CapitaMall Trust		60		113
	China Aviation Oil (Singapore) Corporation Ltd		23		20
	City Developments Ltd.		26		183
	ComfortDelgro Corp. Ltd.		105		182
	DBS Group Holdings Ltd.		53		959
	Genting Singapore Limited		174		111
	Golden Agri-Resources Ltd.		548		89
	Hutchison Port Holdings Trust		253		39
	Jardine Cycle & Carriage Ltd.		6		119
	Keppel Corporation Limited		99		424
	Olam International Limited		25		33
	Oversea-Chinese Banking Corporation Limited		110		864
	Sembcorp Industries Ltd		72		109
	SembCorp Marine Ltd. (a) (b)		43		37
	SIA Engineering Company Limited		5		10
	Singapore Airlines Ltd.		40		263
	Singapore Airport Terminal Services Ltd.		5		17
	Singapore Press Holdings Ltd. (a)		85		128
	Singapore Technologies Engineering Ltd.		38		105
	Singapore Telecommunications Limited		331		743
	StarHub Ltd		33		31
	United Overseas Bank Ltd.		46		860
	UOL Group Ltd.		25		138
	Venture Corp. Ltd.		10		114
	Wilmar International Limited		146		395
	Yanlord Land Group Limited		52		44
				6,606
New Zealand 0.4%
	Air New Zealand Limited		31		55
	Auckland International Airport Limited		6		32
	Contact Energy Limited		31		168
	Fletcher Building Ltd.		77		248
	Genesis Energy Limited		4		8
	Mercury NZ Limited		22		68
	Meridian Energy Limited		39		126
	Spark New Zealand Ltd.		82		227
	Vector Limited		6		14
				946
Macau 0.2%
	Sands China Ltd.		68		307
	Wynn Macau, Limited		37		73
				380
China 0.2%
	China South City Holdings Limited		358		43
	Geely Automobile Holdings Ltd.		25		43
	Hopson Development Holdings Limited		36		36
	Lee & Man Paper Manufacturing Ltd.		67		36
	Skyworth Group Limited (a)		344		89
	Sun Art Retail Group Limited		71		72
				319
United States of America 0.1%
	Jardine Strategic Holdings Ltd.		6		185
	Samsonite International S.A.		46		99
				284
Thailand 0.0%
	Thai Beverage Public Company Limited		66		42
Russian Federation 0.0%
	United Company RUSAL PLC (b)		58		26
Taiwan 0.0%
	Foxconn Interconnect Technology Limited (c)		45		18
Italy 0.0%
	Prada S.p.A.		5		14
	Total Common Stocks (cost $218,468)			216,103
INVESTMENT COMPANIES 1.4%
United States of America 1.4%
	Vanguard MSCI Pacific ETF (a)		48		3,139
	Total Investment Companies (cost $3,158)			3,139
RIGHTS 0.0%
Australia 0.0%
	Harvey Norman Holdings Ltd. (b)		1		2
	Total Rights (cost $0)			2
SHORT TERM INVESTMENTS 5.9%
Securities Lending Collateral 4.9%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (d) (e)		10,892		10,892
Investment Companies 0.9%
	JNL Government Money Market Fund - Institutional Class, 1.86% (d) (e)		1,954		1,954
U.S. Treasury Bill 0.1%
	Treasury, United States Department of
		1.94%, 12/12/19 (f) (g)	170		169
	Total Short Term Investments (cost $13,015)			13,015
Total Investments 104.5% (cost $234,641)					232,259
Other Derivative Instruments (0.0)%					(54)
Other Assets and Liabilities, Net (4.5)%					(9,869)
Total Net Assets 100.0%					222,336

(a)All or a portion of the security was on loan as of September 30, 2019.

(b)Non-income producing security.

(c)The Adviser has deemed this security, which is exempt from registration under the Securities Act of 1933, as amended, to be liquid based on procedures approved by the Board of Trustees. As of September 30, 2019, the value and the percentage of net assets of these liquid securities was $517 and 0.2% of the Fund.

(d)Investment in affiliate.

(e)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

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

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

JNL/RAFI Fundamental Asia Developed Fund — Futures Contracts
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
S&P/ASX 200 Index	7	December 2019	AUD	1,166	(2)			2
Topix Index	18	December 2019	JPY	277,387	(14)			79
					(16)			81

Forward Foreign Currency Contracts

Purchased/ Sold	Counter-party	Expiration	Notional1		Value ($)		Unrealized Appreciation (Depreciation) ($)
AUD/USD	HSB	12/18/19	AUD	1,263		854		(14)
JPY/USD	CIT	12/18/19	JPY	365,044		3,396		(28)

409

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

Purchased/ Sold	Counter-party	Expiration	Notional1		Value ($)		Unrealized Appreciation (Depreciation) ($)
USD/AUD	BCL	12/18/19	AUD	(473)		(320)		3
USD/JPY	BCL	12/18/19	JPY	(111,476)		(1,037)		1
						2,893		(38)

410

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
JNL/RAFI Fundamental Europe Fund
COMMON STOCKS 97.9%
United Kingdom 24.4%
	3i Group plc	30		424
	Anglo American PLC	51		1,169
	Antofagasta PLC	16		172
	Ashtead Group Public Limited Company	8		224
	Associated British Foods PLC	15		428
	AstraZeneca PLC	26		2,308
	Aviva PLC	197		964
	Babcock International Group PLC	41		280
	BAE Systems PLC	122		853
	Barclays Plc	1,206		2,225
	Barratt Developments P L C	49		388
	BP P.L.C.	1,373		8,695
	British American Tobacco P.L.C.	95		3,519
	BT Group Plc	552		1,212
	Bunzl Public Limited Company	8		216
	Burberry Group Plc	12		333
	Carnival Plc	7		287
	Centrica PLC	622		563
	Coca-Cola HBC AG	5		158
	Compass Group PLC	32		831
	CYBG PLC	87		123
	DCC Public Limited Company	3		301
	Diageo PLC	36		1,484
	Direct Line Insurance Group plc	99		364
	Dixons Carphone PLC	117		171
	DS Smith PLC	38		167
	easyJet PLC	20		288
	Experian PLC	14		442
	Ferguson PLC	5		372
	Fiat Chrysler Automobiles N.V.	86		1,120
	FirstGroup PLC (a)	25		42
	GlaxoSmithKline PLC	132		2,829
	HSBC Holdings PLC	936		7,181
	Imperial Brands PLC	45		1,005
	Inchcape PLC	36		282
	InterContinental Hotels Group PLC	4		223
	Intu Properties PLC	101		55
	ITV Plc	187		290
	J Sainsbury PLC	278		748
	John Wood Group P.L.C.	31		144
	Johnson Matthey PLC	13		499
	Kingfisher Plc	271		689
	Land Securities Group PLC	38		403
	Legal & General Group PLC	217		662
	Lloyds Banking Group PLC	3,147		2,093
	Marks & Spencer Group Plc	180		407
	Meggitt PLC	23		179
	Micro Focus International PLC	8		111
	Mondi plc	16		311
	National Grid PLC	211		2,293
	Next Plc	5		377
	Pearson PLC	37		339
	Persimmon Public Limited Company	13		346
	Prudential Public Limited Company (b)	62		1,120
	Reckitt Benckiser Group PLC	17		1,343
	Relx PLC	31		743
	Rio Tinto PLC	44		2,288
	Rolls-Royce Holdings plc (a)	72		696
	Royal Mail PLC	169		438
	RSA Insurance Group PLC	36		234
	Schroders PLC	5		178
	Smith & Nephew PLC	17		413
	Smiths Group PLC	14		280
	SSE PLC	66		1,011
	Standard Chartered PLC	219		1,836
	Standard Life Aberdeen PLC	143		502
	Taylor Wimpey PLC	159		316
	Tesco PLC	406		1,203
	The Berkeley Group Holdings PLC	6		309
	The British Land Company Public Limited Company	46		330
	The Royal Bank of Scotland Group Public Limited Company	146		372
	The Sage Group PLC.	10		85
	Travis Perkins PLC	21		336
	TUI AG (c)	28		324
	Unilever N.V.	32		1,952
	Unilever PLC	21		1,259
	United Utilities Group PLC	29		299
	Vodafone Group Public Limited Company	2,636		5,251
	Whitbread PLC	5		274
	WM Morrison Supermarkets P L C	247		607
	WPP 2012 Limited	79		992
			76,580
France 17.4%
	Accor SA	6		234
	Aeroports de Paris	1		92
	Air France - KLM (a)	21		222
	ALD (d)	4		63
	Alstom	6		265
	Amundi (d)	2		130
	Arkema	4		364
	AtoS SE	3		238
	AXA SA	128		3,273
	BNP Paribas SA	79		3,868
	Bollore SA	37		154
	Bouygues SA	20		787
	Capgemini SA	4		517
	Carrefour SA	56		982
	Casino Guichard Perrachon SA (e)	9		421
	Cie de Saint-Gobain	43		1,705
	Cie Generale d'Optique Essilor International SA	3		443
	CNP Assurances SA	8		151
	Compagnie Generale des Etablissements Michelin	11		1,179
	Covivio	1		120
	Credit Agricole SA	74		902
	Danone	14		1,227
	Dassault Systemes SA	1		131
	Eiffage	3		328
	Electricite de France	52		579
	Engie	152		2,481
	Eurazeo SA	3		187
	Faurecia	5		257
	Gecina SA	1		236
	Hermes International SCA	—		210
	Iliad SA	1		97
	Kering SA	1		466
	Klepierre	9		313
	Lagardere SCA	11		252
	L'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude	10		1,495
	Legrand SA	6		407
	L'Oreal SA	4		1,079
	LVMH Moet Hennessy Louis Vuitton SE	4		1,512
	Natixis	53		219
	Orange SA	128		2,009
	Pernod-Ricard SA	3		535
	Peugeot SA	34		841
	Publicis Groupe SA	8		387
	Rallye (e)	4		32
	Renault SA	19		1,119
	Rexel	39		413
	Safran	5		775
	Sanofi SA	43		4,018
	Schneider Electric SE (a)	21		1,822
	SCOR	8		312
	Societe Generale SA	88		2,420
	Sodexo SA	3		318
	SUEZ	22		340
	Thales SA	2		217
	Total SA	148		7,693
	Valeo	17		557
	Veolia Environnement	26		654
	VINCI	17		1,831
	Vivendi SA	32		866

411

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	Worldline (a)	1		63
			54,808
Germany 13.9%
	Adidas AG	3		844
	Allianz SE	17		4,020
	Aurubis AG	5		234
	BASF SE	54		3,778
	Bayer AG	41		2,899
	Bayerische Motoren Werke AG	32		2,250
	Beiersdorf AG	2		188
	Brenntag AG	7		347
	Ceconomy AG	19		296
	Continental AG	7		851
	Covestro AG (d)	9		424
	Daimler AG	80		3,963
	Deutsche Bank AG	215		1,607
	Deutsche Boerse AG	2		389
	Deutsche Lufthansa AG	44		703
	Deutsche Post AG	48		1,593
	Deutsche Telekom AG	157		2,630
	Deutsche Wohnen Service Merseburg GmbH	6		227
	Dresdner Bank AG	109		634
	E.ON SE	103		1,006
	Evonik Industries AG	9		234
	Fraport AG Frankfurt Airport Services Worldwide	1		48
	Fresenius Medical Care AG & Co. KGaA	7		477
	Fresenius SE & Co. KGaA	15		693
	GEA Group AG	9		240
	Hannover Rueck SE	2		337
	Hapag-Lloyd Aktiengesellschaft (d)	1		75
	HeidelbergCement AG	9		663
	HELLA GmbH & Co. KGaA	2		96
	Hochtief AG	1		132
	Infineon Technologies AG	21		371
	K+S Aktiengesellschaft	16		221
	LANXESS Aktiengesellschaft	1		78
	Merck KGaA	3		302
	Muenchener Rueckversicherungs AG	7		1,910
	OSRAM Licht AG	7		289
	ProSiebenSat.1 Media SE	16		224
	RTL Group SA (f)	2		104
	RWE AG	36		1,119
	SAP SE	15		1,728
	Siemens AG	31		3,366
	Siemens Healthineers AG (d)	1		25
	Sudzucker AG	8		116
	Talanx Aktiengesellschaft	3		128
	Telefonica Deutschland Holding AG	59		164
	ThyssenKrupp AG	21		291
	Uniper SE	22		729
	United Internet AG	3		110
	Vonovia SE	10		520
	Wacker Chemie AG	1		34
			43,707
Switzerland 10.9%
	ABB Ltd.	72		1,420
	Adecco Group AG	12		645
	Alcon AG (a)	7		404
	Baloise Holding AG	2		305
	Compagnie Financiere Richemont SA	14		1,030
	Credit Suisse Group AG	101		1,240
	Givaudan SA	—		360
	Glencore PLC	1,123		3,374
	Kühne + Nagel International AG	2		276
	LafargeHolcim Ltd.	21		1,036
	Lonza Group AG	1		216
	Nestle SA	64		6,938
	Novartis AG	53		4,577
	Roche Holding AG	15		4,383
	SGS SA	—		238
	Sika AG	2		294
	STMicroelectronics NV	17		335
	Swatch Group AG	2		501
	Swiss Life Holding AG	1		559
	Swiss Re AG	17		1,744
	Swisscom AG	1		489
	UBS Group AG	153		1,734
	Zurich Insurance Group AG	6		2,334
			34,432
Netherlands 7.7%
	ABN AMRO Bank N.V. - CVA (d)	7		132
	Aegon NV	157		653
	Airbus SE	7		879
	Akzo Nobel N.V.	7		617
	ASML Holding	4		877
	ASR Nederland N.V.	5		169
	CNH Industrial N.V.	35		360
	Heineken Holding N.V.	3		317
	Heineken NV	4		458
	ING Groep N.V.	195		2,046
	Koninklijke Ahold Delhaize N.V.	61		1,537
	Koninklijke Boskalis Westminster N.V.	6		125
	Koninklijke DSM N.V.	5		572
	Koninklijke KPN N.V.	162		504
	Koninklijke Philips N.V.	27		1,236
	NN Group N.V.	17		587
	Randstad NV	8		386
	Royal Dutch Shell PLC - Class A	397		11,623
	Signify N.V. (d)	12		323
	Unibail-Rodamco SE	4		587
	Wolters Kluwer NV	4		323
			24,311
Spain 6.2%
	Acciona,S.A.	1		108
	ACS, Actividades de Construccion y Servicios, S.A.	12		462
	AENA, S.M.E., S.A. (d)	1		257
	Amadeus IT Group SA	5		323
	Banco Bilbao Vizcaya Argentaria SA	385		2,006
	Banco de Sabadell, S.A.	489		473
	Banco Santander SA	1,295		5,278
	Bankia, S.A.	74		139
	CaixaBank, S.A.	156		411
	Endesa SA	22		575
	Ferrovial, S.A.	13		390
	Grifols, S.A. - Class A	8		246
	Iberdrola, S.A.	247		2,573
	Industria de Diseno Textil, S.A.	22		691
	MAPFRE, S.A.	67		180
	Naturgy Energy Group SA	28		752
	Red Electrica Corporacion, S.A.	12		250
	Repsol SA	122		1,913
	Telefonica SA	338		2,578
			19,605
Italy 5.2%
	Assicurazioni Generali SpA	58		1,118
	Atlantia SpA	16		397
	Banca Monte dei Paschi di Siena S.p.A. (a) (e)	47		78
	Banco BPM Societa' Per Azioni (a) (e)	160		328
	Enel SpA	426		3,187
	ENI SpA	218		3,332
	Intesa Sanpaolo SpA	984		2,337
	Leonardo S.p.A.	19		228
	Mediobanca SpA	34		369
	Pirelli & C. S.p.A. (d)	19		110
	Poste Italiane - Societa' Per Azioni (d)	20		229
	Saipem S.p.A. (a)	36		165
	Snam Rete Gas SpA	67		340
	Telecom Italia SpA (a)	1,787		1,022
	Terna – Rete Elettrica Nazionale S.p.A.	39		249
	UniCredit S.p.A.	175		2,069
	Unione Di Banche Italiane S.p.A	116		326
	Unipol Gruppo Finanziario S.P.A.	47		251
	UnipolSai Assicurazioni S.p.A.	35		92
			16,227
Sweden 3.8%
	AB SKF - Class B	21		340
	Aktiebolaget Electrolux - Class B	11		262

412

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Aktiebolaget Industrivarden - Class C		7		159
	Aktiebolaget Volvo - Class B		64		894
	Assa Abloy AB - Class B		20		447
	Atlas Copco Aktiebolag - Class A		22		670
	Boliden AB		12		271
	Essity Aktiebolag (publ) - Class B		17		481
	Hennes & Mauritz AB - Class B (e)		48		929
	Hexagon Aktiebolag - Class B		4		189
	ICA Gruppen Aktiebolag		4		178
	Nordea Bank Abp		261		1,853
	Sandvik AB		32		500
	Skandinaviska Enskilda Banken AB - Class A		73		671
	Skanska AB - Class B		23		471
	SSAB AB - Class A		65		182
	Svenska Handelsbanken AB - Class A		66		621
	Swedbank AB - Class A		50		727
	Tele2 AB - Class B		18		267
	Telefonaktiebolaget LM Ericsson - Class B		135		1,076
	Telia Co. AB		142		634
				11,822
Belgium 1.6%
	ageas SA/NV		12		643
	Anheuser-Busch InBev		26		2,473
	Colruyt SA (e)		3		180
	KBC Groep NV		12		778
	Proximus		8		232
	Solvay SA		4		392
	UCB SA		3		188
	Umicore (e)		6		244
				5,130
Finland 1.4%
	Fortum Oyj		19		441
	Kesko Oyj		6		348
	Kone Corporation - Class B		7		395
	Neste Oyj (e)		10		334
	Nokia Oyj		204		1,030
	Nordea Bank Abp (a)		1		10
	Sampo Oyj - Class A		14		556
	Stora Enso Oyj - Class R		31		378
	UPM-Kymmene Oyj		24		714
	Wartsila Oyj (e)		17		185
				4,391
Norway 1.4%
	DNB Bank ASA		37		660
	Equinor ASA		68		1,292
	Gjensidige Forsikring ASA		7		136
	Mowi ASA		13		307
	Norsk Hydro ASA		102		359
	Orkla ASA		28		258
	Subsea 7 S.A.		22		230
	Telenor ASA		26		527
	Yara International ASA		11		489
				4,258
Denmark 1.3%
	A P Moller - Maersk A/S - Class B		1		889
	Carlsberg A/S - Class B		3		392
	Danske Bank A/S		41		575
	ISS A/S		9		225
	Novo Nordisk A/S - Class B		24		1,237
	Novozymes A/S - Class B		3		118
	Orsted A/S (d)		3		268
	The Drilling Company of 1972 A/S (a)		1		67
	Vestas Wind Systems A/S		4		344
				4,115
Ireland 0.6%
	AIB Group Public Limited Company		32		94
	Bank of Ireland Group Public Limited Company		51		202
	CRH public limited company		35		1,206
	Kerry Group Plc - Class A		2		254
	Smurfit Kappa Funding Designated Activity Company		10		286
				2,042
Luxembourg 0.6%
	ArcelorMittal		73		1,031
	Millicom International Cellular SA - SDR		3		123
	SES S.A. - FDR		22		393
	Tenaris SA		22		231
				1,778
Austria 0.6%
	Erste Group Bank AG		14		469
	OMV AG		14		756
	Raiffeisen Bank International AG		7		172
	Strabag SE		—		16
	Telekom Austria Aktiengesellschaft		3		22
	Verbund AG		1		79
	Voestalpine AG		11		261
				1,775
Australia 0.5%
	BHP Group PLC		79		1,676
Portugal 0.4%
	Energias de Portugal SA		148		574
	Galp Energia, SGPS, S.A.		23		341
	Jeronimo Martins, SGPS, S.A.		12		198
				1,113
South Africa 0.0%
	Steinhoff International Holdings N.V. (a)		1,099		73
	Total Common Stocks (cost $317,118)			307,843
PREFERRED STOCKS 1.5%
Germany 1.4%
	Henkel AG & Co. KGaA (g)		8		769
	Porsche Automobil Holding SE (g)		5		310
	Schaeffler AG		12		90
	Volkswagen AG (g)		18		3,011
				4,180
Switzerland 0.1%
	Lindt & Spruengli AG (g)		—		170
	Schindler Holding AG (g)		1		218
				388
	Total Preferred Stocks (cost $4,467)			4,568
SHORT TERM INVESTMENTS 0.7%
Securities Lending Collateral 0.6%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (b) (h)		1,893		1,893
Investment Companies 0.1%
	JNL Government Money Market Fund - Institutional Class, 1.86% (b) (h)		326		326
U.S. Treasury Bill 0.0%
	Treasury, United States Department of
		1.94%, 12/12/19 (i) (j)	125		125
	Total Short Term Investments (cost $2,344)			2,344
Total Investments 100.1% (cost $323,929)					314,755
Other Derivative Instruments (0.0)%					(3)
Other Assets and Liabilities, Net (0.1)%					(274)
Total Net Assets 100.0%					314,478

(a)Non-income producing security.

(b)Investment in affiliate.

(c)Security is restricted to resale to institutional investors. See Restricted Securities in the Schedules of Investments.

(d)The Adviser has deemed this security, which is exempt from registration under the Securities Act of 1933, as amended, to be liquid based on procedures approved by the Board of Trustees. As of September 30, 2019, the value and the percentage of net assets of these liquid securities was $2,036 and 0.6% of the Fund.

(e)All or a portion of the security was on loan as of September 30, 2019.

(f)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

(g)Convertible security.

(h)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

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

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

413

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

Long Term Investments in Affiliates

Affiliated Investment		Value Beginning of Period($)	Purchases($)	Sales Proceeds($)	Dividend Income($)	Realized Gain (Loss)($)	Change in Unrealized Appreciation (Depreciation) ($)	Value End of Period($)	Percentage of Net Assets(%)
	Prudential Public Limited Company	—	1,359	34	12	(7)	(198)	1,120	0.4%

Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	TUI AG	06/25/19	276	324	0.1

JNL/RAFI Fundamental Europe Fund — Futures Contracts
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
Euro STOXX 50 Price Index	17	December 2019	EUR	595	5			11
FTSE 100 Index	3	December 2019	GBP	218	—			4
					5			15

Forward Foreign Currency Contracts

Purchased/ Sold	Counter-party	Expiration	Notional1		Value ($)		Unrealized Appreciation (Depreciation) ($)
EUR/USD	BOA	12/18/19	EUR	790		866		(12)
EUR/USD	CIT	12/18/19	EUR	352		386		(2)
EUR/USD	RBC	12/18/19	EUR	173		190		(3)
GBP/USD	BCL	12/18/19	GBP	381		470		(3)
GBP/USD	CIT	12/18/19	GBP	145		179		(1)
GBP/USD	RBC	12/18/19	GBP	15		18		—
USD/EUR	BMO	12/18/19	EUR	(594)		(652)		4
USD/EUR	CIT	12/18/19	EUR	(213)		(234)		3
USD/EUR	HSB	12/18/19	EUR	(140)		(153)		2
USD/EUR	RBC	12/18/19	EUR	(177)		(194)		—
USD/GBP	BMO	12/18/19	GBP	(218)		(269)		3
USD/GBP	CIT	12/18/19	GBP	(73)		(91)		1
USD/GBP	RBC	12/18/19	GBP	(238)		(292)		—
						224		(8)

414

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1	Value ($)
JNL/RAFI Fundamental U.S. Small Cap Fund
COMMON STOCKS 99.7%
Industrials 18.1%
	AAR Corp.	9	361
	ABM Industries Incorporated	17	609
	ACCO Brands Corporation	24	238
	Actuant Corporation - Class A	12	272
	Acuity Brands, Inc.	6	774
	ADT, Inc. (a)	13	79
	Advanced Disposal Services, Inc. (b)	8	272
	Aegion Corporation (b)	2	34
	Air Lease Corporation - Class A	17	693
	Aircastle Limited	13	289
	Allegiant Travel Company	3	419
	Allison Systems, Inc.	21	968
	AMERCO	1	436
	AO Smith Corp.	16	739
	Apogee Enterprises, Inc.	5	196
	Applied Industrial Technologies, Inc.	8	451
	Arcbest Corporation	11	335
	Arcosa, Inc.	10	336
	Armstrong World Industries, Inc.	4	411
	Astec Industries, Inc.	7	211
	Atkore International Group Inc. (b)	7	207
	Atlas Air Worldwide Holdings, Inc. (b)	11	282
	Avis Budget Group, Inc. (b)	33	931
	Barnes Group Inc.	8	387
	Beacon Roofing Supply, Inc. (b)	16	543
	Brady Corp. - Class A	7	349
	Briggs & Stratton Corp.	6	38
	Brink's Co.	4	293
	BWXT Government Group, Inc.	9	500
	Carlisle Cos. Inc.	8	1,198
	Clean Harbors Inc. (b)	7	567
	Colfax Corp. (b)	21	608
	Comfort Systems USA Inc.	5	232
	Copa Holdings, S.A. - Class A	2	183
	Copart Inc. (b)	8	678
	CoStar Group, Inc. (b)	1	495
	Covanta Holding Corporation	23	405
	Crane Co.	6	487
	Cubic Corp.	4	273
	Curtiss-Wright Corp.	5	642
	Deluxe Corp.	13	620
	Donaldson Co. Inc.	15	765
	Dycom Industries, Inc. (b)	7	378
	EMCOR Group, Inc.	11	986
	Encore Wire Corp.	3	180
	EnerSys	9	585
	Equifax Inc.	10	1,433
	Flowserve Corporation	18	855
	Fortune Brands Home & Security, Inc.	8	413
	Forward Air Corp.	3	201
	Franklin Electric Co. Inc.	5	238
	FTI Consulting Inc. (b)	5	555
	Gardner Denver Investments, Inc. (b)	4	124
	Gates Industrial Corporation PLC (b)	3	34
	GATX Corp.	9	687
	Generac Holdings Inc. (b)	8	605
	Genesee & Wyoming Inc. - Class A (b)	7	805
	GMS Inc. (b)	7	196
	Graco Inc.	13	580
	Granite Construction Inc.	11	342
	Greenbrier Cos. Inc.	14	427
	Griffon Corp.	7	152
	H&E Equipment Services Inc.	3	85
	Hawaiian Holdings Inc.	14	380
	HD Supply Holdings, Inc (b)	17	654
	Healthcare Services Group Inc. (a)	10	249
	Heartland Express Inc.	7	158
	HEICO Corp.	3	377
	Herman Miller Inc.	11	519
	Hexcel Corp.	10	815
	Hillenbrand Inc.	8	255
	HNI Corp.	7	261
	HUB Group Inc. - Class A (b)	11	520
	Hubbell Inc.	9	1,209
	Huntington Ingalls Industries Inc.	1	300
	Hyster-Yale Materials Handling Inc. - Class A	2	135
	IDEX Corporation	6	1,031
	ITT Industries Holdings, Inc.	11	685
	JELD-WEN Holding, Inc. (b)	7	139
	Kaman Corp.	5	295
	Kelly Services Inc. - Class A	6	134
	Kennametal Inc.	14	437
	Kirby Corp. (b)	10	820
	Knight-Swift Transportation Holdings Inc. - Class A	24	860
	Korn Ferry	7	286
	Landstar System Inc.	6	691
	Lennox International Inc.	3	630
	Lincoln Electric Holdings Inc.	11	965
	Macquarie Infrastructure Corporation	22	874
	Masco Corp.	28	1,153
	Masonite International Corp. (b)	6	339
	MasTec Inc. (b)	10	662
	Matson Intermodal - Paragon, Inc.	7	263
	Matthews International Corp. - Class A	5	170
	Middleby Corp. (b)	4	475
	Mobile Mini, Inc.	5	192
	Moog Inc. - Class A	5	445
	MRC Global Inc. (b)	28	343
	MSA Safety Inc.	3	287
	MSC Industrial Direct Co. - Class A	9	656
	Mueller Industries Inc.	9	269
	Nordson Corp.	4	646
	Now, Inc. (b)	38	438
	Nvent Electric Public Limited Company	23	498
	Old Dominion Freight Line Inc.	6	995
	Pitney Bowes Inc.	113	515
	Primoris Services Corporation	7	145
	Quad/Graphics Inc. - Class A	18	193
	Regal-Beloit Corp.	10	699
	Resideo Technologies, Inc. (b)	31	451
	Rexnord Corporation (b)	13	343
	Rollins Inc.	6	221
	Rush Enterprises Inc. - Class A	8	327
	Ryder System, Inc.	6	320
	Saia, Inc. (b)	4	367
	Schneider National, Inc. - Class B	12	267
	Sensata Technologies Holding PLC (b)	12	587
	Simpson Manufacturing Co. Inc.	5	370
	SkyWest Inc.	9	509
	Snap-On Inc.	2	318
	Spirit Aerosystems Holdings Inc. - Class A	4	332
	Spirit Airlines Inc. (b)	12	424
	SPX Flow, Inc. (b)	8	331
	Steelcase Inc. - Class A	22	406
	Stericycle Inc. (b)	13	676
	Stock Building Supply Holdings, LLC (b)	14	374
	Teledyne Technologies Inc. (b)	2	784
	Terex Corp.	32	830
	Tetra Tech, Inc.	7	577
	Textainer Group Holdings Limited (b)	2	23
	Timken Co.	19	814
	Toro Co.	9	660
	TransUnion	6	526
	Trinity Industries Inc.	31	607
	Triton Container International Limited - Class A	2	76
	Triumph Group Inc.	14	320
	TrueBlue, Inc. (b)	8	176
	Tutor Perini Corp. (b)	16	233
	UniFirst Corp.	2	460
	Universal Forest Products Inc.	13	524
	Valmont Industries Inc.	5	724
	Verisk Analytics, Inc.	5	839
	Wabash National Corp.	20	286
	WABCO Holdings Inc. (b)	6	808
	Wabtec Corp.	11	820
	Waste Connections, Inc. (c)	4	370

415

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	Watsco Inc.	5		836
	Watts Water Technologies Inc. - Class A	3		325
	Werner Enterprises Inc.	11		383
	Wesco Aircraft Holdings Inc. (b)	3		33
	WESCO International, Inc. (b)	21		1,018
	Woodward Governor Co.	6		627
	XPO Logistics Inc. (b)	14		1,027
	Xylem Inc.	14		1,083
			74,141
Real Estate 14.4%
	Acadia Realty Trust	11		311
	Alexander & Baldwin, LLC	9		228
	Alexandria Real Estate Equities, Inc.	8		1,202
	American Campus Communities, Inc.	18		884
	American Finance Trust, Inc. - Class A (a)	16		223
	American Homes 4 Rent - Class A	22		576
	Apartment Investment and Management Company - Class A	14		709
	Apollo Commercial Real Estate Finance, Inc.	15		295
	Apple Hospitality REIT, Inc.	52		861
	Brandywine Realty Trust	33		503
	Brixmor Property Group Inc.	57		1,164
	Camden Property Trust	10		1,056
	Capstead Mortgage Corporation	8		60
	CBL & Associates Properties Inc. (a)	42		54
	CBRE Group, Inc. - Class A (b)	7		375
	Chimera Investment Corporation	43		851
	Colony Capital, Inc. - Class A	79		478
	Columbia Property Trust Inc.	25		528
	CoreCivic, Inc.	27		469
	Corepoint Lodging Inc.	11		110
	Corporate Office Properties Trust	16		486
	Cousins Properties Incorporated	11		418
	CubeSmart	14		494
	Cyrusone LLC	6		479
	DiamondRock Hospitality Co.	48		496
	Douglas Emmett, Inc.	14		601
	Duke Realty Corp.	35		1,181
	EastGroup Properties Inc.	2		189
	Empire State Realty Trust Inc. - Class A	20		292
	EPR Properties	7		540
	Equity Commonwealth	16		543
	Equity Lifestyle Properties, Inc.	4		504
	Extra Space Storage Inc.	7		836
	Federal Realty Investment Trust	6		782
	First Industrial Realty Trust, Inc.	10		378
	Franklin Street Properties Corp.	15		130
	Gaming and Leisure Properties, Inc.	17		668
	Healthcare Realty Trust Inc.	14		481
	Healthcare Trust of America, Inc. - Class A	20		601
	Highwoods Properties Inc.	15		660
	Hudson Pacific Properties Inc.	16		547
	Industrial Logistics Properties Trust	2		49
	Invesco Mortgage Capital Inc.	31		472
	Invitation Homes Inc.	22		641
	JBG Smith Properties	7		285
	Jones Lang LaSalle Incorporated	7		1,013
	Kennedy-Wilson Holdings Inc.	12		262
	Kilroy Realty Corporation	9		734
	KiMcO Realty Corporation	69		1,430
	Kite Realty Naperville, LLC	21		334
	Lamar Advertising Co. - Class A	8		684
	Lexington Realty Trust	44		446
	Liberty Property Trust	18		917
	Life Storage Inc.	5		505
	Macerich Co. (a)	30		951
	Mack-Cali Realty Corp.	16		342
	Medical Properties Trust, Inc.	37		715
	MGM Growth Properties LLC - Class A	3		99
	Mid-America Apartment Communities, Inc.	3		423
	National Health Investors, Inc.	4		293
	National Retail Properties Inc.	12		700
	New Residential Investment Corp.	67		1,053
	New York Mortgage Trust Inc.	30		180
	Newmark Group, Inc. - Class A	5		48
	Office Properties Income Trust	13		391
	Omega Healthcare Investors Inc.	23		948
	OUTFRONT Media Inc.	31		862
	Paramount Group, Inc.	42		566
	Park Hotels & Resorts Inc.	46		1,145
	Pebblebrook Hotel Trust	22		617
	PennyMac Mortgage Investment Trust	16		365
	Physicians Realty Trust	18		313
	Piedmont Office Realty Trust Inc. - Class A	30		616
	PS Business Parks, Inc.	1		253
	Rayonier Inc.	21		578
	Realogy Holdings Corp. (a)	106		705
	Redwood Trust Inc.	20		332
	Regency Centers Corp.	14		994
	Retail Opportunity Investments Corp.	14		262
	Retail Properties of America, Inc. - Class A	52		637
	RLJ III-EM Columbus Lessee, LLC	41		700
	Ryman Hospitality Properties, Inc.	5		380
	Sabra Health Care REIT, Inc.	23		518
	SBA Communications Corporation	2		371
	Senior Housing Properties Trust	86		799
	Service Properties Trust	31		804
	SITE Centers Corp.	40		612
	Spirit Realty Capital, Inc.	16		750
	St. Joe Co. (a) (b)	2		40
	STAG Industrial, Inc.	7		193
	Starwood Property Trust, Inc.	45		1,089
	STORE Capital Corp.	13		485
	Summit Hotel Properties Inc.	15		177
	Sun Communities Inc.	5		734
	Sunstone Hotel Investors Inc.	48		661
	Tanger Factory Outlet Centers Inc. (a)	18		284
	Taubman Centers Inc.	9		366
	The GEO Group, Inc.	26		458
	The Howard Hughes Corporation (b)	4		457
	UDR Inc.	21		1,000
	Uniti Group Inc. (a)	52		405
	Urban Edge Properties	10		201
	VICI Properties Inc.	15		346
	W.P. Carey Inc.	12		1,029
	Washington Prime Group, L.P. (a)	106		439
	Washington REIT	11		311
	Weingarten Realty Investors	18		530
	Xenia Hotels & Resorts Inc.	23		491
			59,033
Consumer Discretionary 13.4%
	Aaron's, Inc.	12		783
	Abercrombie & Fitch Co. - Class A	50		783
	Acushnet Holdings Corp.	4		103
	Adtalem Global Education Inc. (b)	12		464
	American Axle & Manufacturing Holdings, Inc. (b)	47		388
	American Eagle Outfitters, Inc.	49		794
	Asbury Automotive Group, Inc. (b)	7		731
	AutoZone, Inc. (b)	1		1,003
	Big Lots, Inc.	31		759
	BJ's Restaurants, Inc.	4		157
	Bloomin' Brands, Inc.	21		389
	Boyd Gaming Corp.	11		255
	Bright Horizons Family Solutions Inc. (b)	3		450
	Brinker International Inc.	14		611
	Brunswick Corp.	16		840
	Buckle Inc. (a)	16		333
	Burlington Stores Inc. (b)	1		278
	Caesars Entertainment Corp. (b)	25		291
	Caleres Inc.	14		334
	Carter's Inc.	10		886
	Cheesecake Factory Inc.	12		499
	Chico's FAS Inc.	118		476
	Childrens Place Retail Stores Inc. (a)	3		236
	Choice Hotels International Inc.	1		80
	Churchill Downs Inc.	3		371
	Columbia Sportswear Co.	3		304
	Cooper Tire & Rubber Co.	20		509
	Cooper-Standard Holdings Inc. (b)	8		326

416

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	Core-Mark Holding Co. Inc.	12		392
	Cracker Barrel Old Country Store, Inc. (a)	4		583
	Dana Holding Corp.	46		664
	Deckers Outdoor Corp. (b)	4		587
	Delphi Technologies PLC	18		239
	Designer Brands Inc. - Class A (a)	29		493
	Dine Brands Global Inc.	1		62
	Domino's Pizza, Inc.	3		835
	Dorman Products Inc. (b)	3		258
	Dunkin' Brands Group Inc.	5		419
	Extended Stay America, Inc. - Class B	33		484
	Fossil Group, Inc. (b)	55		691
	Frontdoor, Inc. (b)	5		231
	Genesco Inc. (b)	11		454
	Gentex Corp.	39		1,063
	G-III Apparel Group, Ltd. (b)	13		336
	Graham Holdings Co.	1		598
	Grand Canyon Education, Inc. (b)	2		245
	Group 1 Automotive Inc.	9		842
	Groupon Inc. - Class A (b)	106		283
	Guess Inc. (a)	23		418
	H & R Block, Inc.	29		686
	HanesBrands Inc.	67		1,034
	Helen of Troy Ltd (b)	4		570
	Hilton Worldwide Holdings Inc.	4		414
	Houghton Mifflin Harcourt Company (b)	25		131
	IAA Spinco Inc. (b)	11		474
	International Game Technology PLC	36		505
	International Speedway Corp. - Class A	5		206
	J.C. Penney Co. Inc. (a) (b)	106		94
	Jack in the Box Inc.	6		544
	K12 Inc. (b)	6		148
	KAR Auction Services, Inc.	15		366
	KB Home	19		657
	Laureate Education Inc. - Class A (b)	12		198
	La-Z-Boy Inc.	12		408
	LCI Industries	5		435
	Leggett & Platt Inc.	26		1,083
	Lithia Motors Inc. - Class A	6		788
	Marriott Vacations Worldwide Corporation	6		630
	MDC Holdings Inc.	12		509
	Meritage Homes Corporation (b)	9		666
	Monro Inc.	2		173
	Norwegian Cruise Line Holdings Ltd. (b)	6		285
	Office Depot Inc.	221		388
	Party City Holdco Inc. (a) (b)	26		148
	Penn National Gaming Inc. (b)	16		292
	Polaris Industries Inc.	13		1,153
	Pool Corporation	3		521
	Red Rock Resorts, Inc. - Class A	7		144
	Regis Corp. (b)	11		217
	Rent-A-Center, Inc.	7		184
	RH (a) (b)	3		489
	Sally Beauty Holdings, Inc. (b)	42		632
	Seaworld Entertainment, Inc. (b)	7		183
	Service Corp. International	14		660
	ServiceMaster Holding Corporation (b)	4		244
	Six Flags Operations Inc.	12		608
	Skechers U.S.A. Inc. - Class A (b)	19		712
	Sleep Number Corporation (b)	7		276
	Sonic Automotive, Inc. - Class A	9		280
	Sotheby's (b)	9		538
	Steven Madden Ltd.	14		514
	Sturm Ruger & Co. Inc.	5		193
	Taylor Morrison Home II Corporation - Class A (b)	24		612
	Tempur Sealy International, Inc. (b)	5		371
	Tenneco Inc.	35		444
	Tesla Inc. (b)	2		405
	Texas Roadhouse Inc.	8		410
	The Michaels Companies, Inc. (a) (b)	19		182
	The Wendy's Company	39		775
	Thor Industries Inc.	16		894
	Toll Brothers Inc.	29		1,188
	TopBuild Corp. (b)	6		547
	TRI Pointe Homes, Inc. (b)	37		554
	Tupperware Brands Corp.	20		312
	Ulta Salon, Cosmetics & Fragrance, Inc. (b)	3		760
	Under Armour Inc. - Class A (b)	29		587
	Urban Outfitters Inc. (b)	27		755
	Vail Resorts, Inc.	2		499
	Vista Outdoor Inc. (b)	5		28
	Williams-Sonoma Inc.	18		1,221
	Wolverine World Wide Inc.	15		410
	WW International, Inc. (b)	2		94
	Wyndham Destinations, Inc.	14		633
	Wyndham Hotels & Resorts, Inc.	5		283
			54,954
Financials 12.9%
	Affiliated Managers Group, Inc.	10		796
	Ambac Financial Group, Inc. (b)	14		273
	American Equity Investment Life Holding Company	19		467
	American National Insurance Company	2		187
	Ares Management Corporation - Class A	2		49
	Argo Group International Holdings, Ltd.	1		85
	Artisan Partners Asset Management Inc. - Class A	5		135
	Associated Banc-Corp	26		534
	Athene Holding Ltd - Class A (b)	6		232
	BancorpSouth Bank	13		394
	Bank of Hawaii Corporation	5		443
	Bank OZK	17		471
	BankUnited, Inc.	17		580
	Banner Corporation	1		61
	BGC Partners, Inc. - Class A	28		152
	Blackstone Mortgage Trust, Inc. - Class A	13		479
	BOK Financial Corporation	4		314
	Brown & Brown Inc.	21		750
	Cannae Holdings, Inc. (b)	7		201
	Capitol Federal Financial	14		199
	Cathay General Bancorp	10		332
	Cboe Global Markets, Inc.	1		154
	Cohen & Steers, Inc.	3		160
	Columbia Banking System Inc.	9		335
	Commerce Bancshares Inc.	9		551
	Community Bank System Inc.	4		275
	Credit Acceptance Corp. (b)	1		408
	Cullen/Frost Bankers Inc.	6		574
	E*TRADE Financial Corp.	20		855
	East West Bancorp, Inc.	17		767
	Eaton Vance Corp.	14		625
	Enstar Group Limited (b)	—		66
	Erie Indemnity Company - Class A	2		295
	Essent Group Ltd.	4		205
	Evercore Inc. - Class A	6		448
	FactSet Research Systems Inc.	3		614
	FBL Financial Group, Inc. - Class A	1		35
	Federated Investors Inc. - Class B	16		532
	First American Financial Corporation	20		1,178
	First Bancorp Inc.	5		54
	First Citizens BancShares, Inc. - Class A	1		290
	First Hawaiian, Inc.	17		455
	First Horizon National Corp.	40		656
	First Interstate BancSystem, Inc. - Class A	3		116
	First Midwest Bancorp Inc.	10		193
	First Republic Bank	11		1,090
	FirstCash, Inc.	4		337
	Flagstar Bancorp Inc.	5		174
	FNB Corp.	55		631
	Foxconn Interconnect Technology Limited	6		47
	Fulton Financial Corp.	32		521
	Glacier Bancorp, Inc.	7		300
	Globe Life Inc.	4		354
	Great Western Bancorp Inc.	9		293
	Hancock Whitney Co.	14		520
	Hanover Insurance Group Inc.	7		925
	Hilltop Holdings Inc.	12		281
	Home Bancshares Inc.	16		308
	Hope Bancorp, Inc.	21		304
	Horace Mann Educators Corp.	6		291
	Houlihan Lokey Inc. - Class A	3		125

417

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	IberiaBank Corp.	7		506
	Independence Holdings, LLC	15		556
	Interactive Brokers Group, Inc. (c)	—		21
	International Bancshares Corp.	8		311
	Investors Bancorp, Inc.	37		419
	James River Group, Inc.	1		50
	Janus Henderson Group PLC	28		638
	Kemper Corp.	7		549
	Ladder Capital Corp - Class A	13		227
	LPL Financial Holdings Inc.	11		938
	MarketAxess Holdings Inc.	1		188
	MBIA Inc. (b)	35		319
	Mercury General Corp.	6		352
	MFA Financial, Inc.	86		631
	MGIC Investment Corp.	42		525
	Morningstar Inc.	2		222
	MSCI Inc.	4		858
	National General Holdings Corp.	8		180
	National Western Life Group Inc. - Class A	—		78
	Nelnet, Inc. - Class A	2		151
	Northwest Bancshares Inc.	16		256
	Old National Bancorp	23		397
	Old Republic International Corp.	15		348
	PacWest Bancorp	24		858
	People's United Financial Inc.	67		1,043
	Pinnacle Financial Partners, Inc.	6		318
	Popular Inc.	3		189
	Primerica, Inc.	5		686
	ProAssurance Corporation	11		459
	Prosperity Bancshares Inc.	9		638
	Provident Financial Services, Inc.	7		183
	Radian Group Inc.	27		608
	Raymond James Financial Inc.	13		1,075
	RenaissanceRe Holdings Ltd	2		399
	RLI Corp.	3		294
	SEI Investments Co.	16		938
	Selective Insurance Group Inc.	6		432
	Signature Bank	5		582
	Simmons First National Corp. - Class A	8		196
	SLM Corporation	67		587
	South State Corp.	3		257
	Sterling Bancorp	23		467
	Stewart Information Services Corp.	5		200
	Stifel Financial Corp.	8		458
	SVB Financial Group (b)	3		664
	Synovus Financial Corp.	20		705
	TCF Financial Corporation	18		681
	Texas Capital Bancshares, Inc. (b)	5		288
	TFS Financial Corporation	5		98
	The PRA Group, Inc. (b)	10		349
	Trustmark Corp.	9		323
	Two Harbors Investment Corp.	52		687
	Ubiquiti Inc. (a)	1		76
	UMB Financial Corp.	6		357
	Umpqua Holdings Corp.	42		692
	United Bankshares Inc.	14		526
	Valley National Bancorp	48		520
	Waddell & Reed Financial Inc. - Class A (a) (c)	37		629
	Washington Federal Inc.	17		623
	Webster Financial Corp.	10		470
	Western Alliance Bancorp	7		309
	White Mountains Insurance Group Ltd	—		458
	Wintrust Financial Corporation	6		398
	World Acceptance Corp. (b)	2		235
	Zions Bancorp	17		774
			52,925
Information Technology 12.1%
	ACI Worldwide, Inc. (b)	9		288
	ADTRAN, Inc.	14		158
	Akamai Technologies, Inc. (b)	16		1,419
	Amkor Technology, Inc. (b)	27		249
	Anixter International Inc. (b)	8		519
	ANSYS, Inc. (b)	4		972
	Arista Networks, Inc. (b)	1		221
	Arlo Technologies, Inc. (b)	3		11
	ASGN Incorporated (b)	7		415
	Aspen Technology, Inc. (b)	2		204
	Autodesk, Inc. (b)	4		619
	AVX Corporation	11		169
	Belden Inc.	8		430
	Benchmark Electronics, Inc.	15		447
	Black Knight, Inc. (b)	6		353
	Booz Allen Hamilton Holding Corporation - Class A	14		999
	Broadridge Financial Solutions, Inc.	8		1,007
	Cabot Microelectronics Corporation	1		101
	CACI International Inc. - Class A (b)	3		802
	Cadence Design Systems Inc. (b)	12		760
	CDK Global, Inc.	12		585
	CDW Corp.	11		1,383
	Ciena Corp. (b)	11		436
	Cirrus Logic Inc. (b)	11		605
	Cognex Corp.	7		348
	Coherent Inc. (b)	2		357
	CommScope Holding Company, Inc. (b)	48		568
	Conduent Inc. (b)	85		529
	CoreLogic, Inc. (b)	14		635
	Cree, Inc. (b)	15		740
	Cypress Semiconductor Corp.	32		757
	Diebold Nixdorf Inc. (b)	34		382
	Dolby Laboratories, Inc.	6		375
	EchoStar Corp. - Class A (b)	11		425
	Entegris, Inc.	8		397
	EPAM Systems, Inc. (b)	2		331
	Euronet Worldwide Inc. (b)	3		387
	F5 Networks Inc. (b)	2		271
	Fair Isaac Corp. (b)	1		418
	First Solar Inc. (b)	16		914
	Fitbit, Inc. - Class A (b)	47		178
	FleetCor Technologies Inc. (b)	3		943
	FLIR Systems Inc.	15		778
	Fortinet, Inc. (b)	2		173
	Gartner Inc. (b)	4		563
	Genpact Limited	20		773
	Global Payments Inc.	15		2,420
	Insight Enterprises, Inc. (b)	9		498
	InterDigital Communications, Inc.	4		227
	IPG Photonics Corporation (b)	2		325
	Itron Inc. (b)	5		344
	J2 Cloud Services, LLC	5		409
	Jack Henry & Associates Inc.	5		768
	KBR, Inc.	26		630
	Keysight Technologies, Inc. (b)	9		837
	Knowles Corporation (b)	19		381
	Littelfuse Inc.	2		288
	Liveramp, Inc. (b)	4		168
	LogMeIn, Inc.	4		288
	Manhattan Associates Inc. (b)	5		402
	Mantech International Corp. - Class A	5		391
	MAXIMUS Inc.	8		588
	Methode Electronics Inc.	8		274
	Microchip Technology Incorporated	4		413
	MKS Instruments, Inc.	5		496
	National Instruments Corp.	11		465
	NCR Corporation (b)	24		755
	NETGEAR, Inc. (b)	7		215
	NetScout Systems, Inc. (b)	20		468
	Nuance Communications, Inc. (b)	26		423
	On Semiconductor Corporation (b)	43		822
	OSI Systems Inc. (b)	1		83
	PC Connection, Inc.	2		71
	Perspecta Inc.	22		577
	Plantronics Inc.	8		282
	Plexus Corp. (b)	7		428
	Presidio Inc.	9		156
	Progress Software Corp.	8		288
	PTC Inc. (b)	4		262
	Sabre Corporation	23		517
	Sanmina Corp. (b)	17		557
	ScanSource Inc. (b)	5		155

418

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	Science Applications International Corp.	7		590
	Silicon Laboratories Inc. (b)	3		324
	SolarWinds Corporation (a) (b)	1		19
	SS&C Technologies Holdings, Inc.	9		448
	SunPower Corporation (a) (b)	5		53
	Sykes Enterprises Inc. (b)	6		177
	Synaptics Incorporated (b)	11		429
	Synopsys Inc. (b)	8		1,034
	Teradata Corporation (b)	28		867
	Teradyne Inc.	14		818
	TiVo Corporation	39		295
	Trimble Inc. (b)	20		770
	TTEC Holdings, Inc.	2		101
	TTM Technologies, Inc. (b)	27		331
	Tyler Technologies Inc. (b)	1		202
	Verint Systems Inc. (b)	5		226
	ViaSat, Inc. (b)	5		394
	Vishay Intertechnology Inc.	29		498
	Wex, Inc. (b)	2		409
	Zebra Technologies Corp. - Class A (b)	2		339
			49,389
Materials 7.6%
	Albemarle Corporation (a)	3		239
	Allegheny Technologies Incorporated (b)	19		390
	AptarGroup, Inc.	6		683
	Ashland Global Holdings Inc.	13		998
	Avery Dennison Corporation	11		1,236
	Axalta Coating Systems Ltd. (b)	19		569
	Ball Corporation	6		465
	Berry Global Group, Inc. (b)	11		415
	Boise Cascade Company	13		434
	Cabot Corp.	13		581
	Carpenter Technology Corp.	11		550
	Century Aluminum Co. (b)	22		148
	Chemours Co.	20		305
	Cleveland-Cliffs Inc. (a)	37		266
	Commercial Metals Co.	52		897
	Compass Minerals International, Inc.	8		426
	Crown Holdings Inc. (b)	11		699
	Domtar Corp. (c)	21		735
	Eagle Materials Inc.	5		475
	Element Solutions, Inc. (b)	45		455
	FMC Corp.	9		801
	Graphic Packaging Holding Co.	68		998
	Greif Inc. - Class A	8		299
	HB Fuller Co.	8		391
	Hecla Mining Co.	133		234
	Huntsman Corp.	49		1,146
	Innophos Holdings Inc	5		156
	Innospec Inc.	3		275
	International Flavors & Fragrances Inc. (a)	8		1,009
	Kaiser Aluminum Corp.	4		393
	Kronos Worldwide, Inc.	5		63
	Livent Corporation (b)	5		34
	Louisiana-Pacific Corp.	20		502
	Materion Corp.	4		256
	Minerals Technologies Inc.	6		301
	NewMarket Corp.	1		601
	Olin Corp.	39		732
	Owens-Illinois Inc.	40		407
	P.H. Glatfelter Co.	3		45
	Packaging Corp. of America	3		361
	PolyOne Corporation	19		621
	PQ Group Holdings Inc. (b)	3		43
	Royal Gold Inc.	4		540
	RPM International Inc.	15		1,051
	Schnitzer Steel Industries Inc. - Class A	11		223
	Schweitzer-Mauduit International Inc.	7		278
	Scotts Miracle-Gro Co. - Class A	5		540
	Sealed Air Corporation	7		287
	Sensient Technologies Corporation	8		545
	Silgan Holdings Inc.	17		518
	Sonoco Products Co.	17		981
	Stepan Co.	3		328
	Summit Materials, Inc. - Class A (b)	12		275
	TimkenSteel Corp. (b)	4		22
	Trinseo S.A.	11		451
	Tronox Holdings PLC	14		116
	United States Steel Corp. (a)	75		864
	Univar Inc. (b)	25		512
	Verso Corporation - Class A (b)	10		128
	Vulcan Materials Co.	10		1,560
	W. R. Grace & Co.	7		445
	Warrior Met Coal, Inc.	13		252
	Worthington Industries Inc.	9		339
			30,889
Health Care 6.3%
	Acadia Healthcare Company, Inc. (b)	16		492
	Align Technology, Inc. (b)	2		299
	Allscripts Healthcare Solutions, Inc. (b)	27		292
	AMN Healthcare Services, Inc. (b)	3		192
	Avanos Medical, Inc. (b)	7		247
	BioMarin Pharmaceutical Inc. (b)	4		288
	Bio-Rad Laboratories, Inc. - Class A (b)	2		545
	Bio-Techne Corporation	2		314
	Brookdale Senior Living Inc. (b)	71		538
	Bruker Corp.	7		298
	Catalent Inc. (b)	7		314
	Charles River Laboratories International Inc. (b)	3		394
	Chemed Corporation	1		549
	Cooper Cos. Inc.	3		815
	Diplomat Pharmacy, Inc. (b)	5		23
	Edwards Lifesciences Corporation (b)	4		785
	Encompass Health Corporation	9		560
	Globus Medical Inc. - Class A (b)	3		154
	Haemonetics Corp. (b)	2		216
	Herbalife Nutrition Ltd. (b)	14		537
	Hill-Rom Holdings Inc.	5		506
	Hologic Inc. (b)	16		823
	Illumina, Inc. (b)	3		794
	Incyte Corporation (b)	2		133
	LivaNova PLC (b)	3		189
	Magellan Health Services Inc. (b)	11		652
	Mallinckrodt Public Limited Company (a) (b)	19		45
	Masimo Corp. (b)	2		346
	Mednax, Inc. (b)	33		743
	Mettler-Toledo International Inc. (b)	1		1,035
	Molina Healthcare, Inc. (b)	5		585
	Myriad Genetics, Inc. (b)	16		448
	National Healthcare Corp.	2		125
	OPKO Health, Inc. (a) (b)	64		134
	Owens & Minor Inc.	9		53
	Patterson Cos. Inc. (a)	39		700
	PerkinElmer Inc.	8		710
	PRA Health Sciences, Inc. (b)	2		167
	Premier Healthcare Solutions, Inc. - Class A (b)	5		153
	Prestige Consumer Healthcare Inc. (b)	6		199
	Regeneron Pharmaceuticals, Inc. (b)	1		204
	ResMed Inc.	8		1,122
	Select Medical Holdings Corporation (b)	23		384
	Steris Limited	1		133
	Syneos Health, Inc. - Class A (b)	7		349
	Teleflex Inc.	2		742
	Tenet Healthcare Corporation (b)	36		797
	United Therapeutics Corporation (b)	11		860
	Varian Medical Systems, Inc. (b)	9		1,082
	Vertex Pharmaceuticals Incorporated (b)	1		217
	Waters Corp. (b)	5		1,076
	WellCare Health Plans, Inc. (b)	5		1,210
	West Pharmaceutical Services Inc.	4		565
	Zoetis Inc. - Class A	3		420
			25,553
Utilities 4.2%
	ALLETE, Inc.	7		610
	Aqua America, Inc.	15		686
	Atmos Energy Corporation	12		1,349
	Avista Corporation	12		585
	Black Hills Corporation	7		554

419

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	Clearway Energy, Inc. - Class C	16		287
	El Paso Electric Co.	6		404
	Evergy, Inc.	7		475
	Hawaiian Electric Industries Inc.	17		767
	IDACORP Inc.	6		680
	MDU Resources Group Inc.	8		233
	MGE Energy, Inc.	3		210
	National Fuel Gas Co.	12		548
	New Jersey Resources Corp.	11		482
	NiSource Inc.	46		1,378
	Northwest Natural Holding Company	5		376
	NorthWestern Corp.	7		555
	NRG Energy Inc.	23		914
	OGE Energy Corp.	29		1,304
	One Gas, Inc.	6		593
	Ormat Technologies Inc.	4		294
	Otter Tail Corp.	3		155
	Pattern Energy Group Inc. - Class A (c)	14		372
	PNM Resources, Inc.	12		619
	Portland General Electric Co.	14		807
	South Jersey Industries Inc.	12		395
	Southwest Gas Corp.	7		614
	Spire, Inc.	6		539
	Terraform Power, Inc. - Class A	8		151
			16,936
Communication Services 3.7%
	Altice USA, Inc. - Class A (b)	7		186
	AMC Entertainment Holdings, Inc. - Class A (a)	25		264
	AMC Networks, Inc. - Class A (b)	7		320
	Cable One, Inc.	—		302
	Cars.com Inc. (b)	21		188
	Cinemark Holdings, Inc.	17		669
	Consolidated Communications Holdings Inc.	42		199
	Dish Network Corporation - Class A (b)	3		86
	Gannett Co., Inc.	46		498
	IAC/InterActiveCorp (b)	4		874
	Intelsat Investments S.A. (b)	7		166
	Interpublic Group of Cos. Inc.	52		1,129
	John Wiley & Sons Inc. - Class A	9		409
	Liberty Broadband Corp. - Class C (b)	9		905
	Liberty Latin America Ltd. - Class C (b)	22		384
	Liberty Media Corp. - Class C (b)	14		594
	Lions Gate Entertainment Corp. - Class A	32		294
	Live Nation Inc. (b)	6		423
	Meredith Corporation	7		268
	Netflix, Inc. (b)	2		621
	New Media Investment Group Inc. (a)	21		187
	New York Times Co. - Class A	10		276
	Nexstar Media Group, Inc. - Class A	3		278
	Scholastic Corp.	5		187
	Sinclair Broadcast Group Inc. - Class A	10		443
	Sirius XM Holdings Inc. (a)	63		396
	Snap Inc. - Class A (a) (b)	10		157
	Take-Two Interactive Software Inc. (b)	4		551
	TEGNA Inc.	46		716
	The Madison Square Garden Company - Class A (b)	1		385
	TripAdvisor Inc. (b)	8		317
	Twitter, Inc. (b)	18		758
	US Cellular Corp. (b)	5		181
	VeriSign, Inc. (b)	4		664
	Zayo Group Holdings, Inc. (b)	12		404
	Zillow Group, Inc. - Class C (a) (b)	7		223
	Zynga Inc. - Class A (b)	68		397
			15,299
Consumer Staples 3.6%
	Avon Products, Inc. (b)	58		255
	B&G Foods, Inc. (a)	15		291
	Boston Beer Co. Inc. - Class A (b)	1		263
	Cal-Maine Foods Inc.	6		229
	Casey's General Stores Inc.	7		1,186
	Central Garden & Pet Co. - Class A (b)	10		268
	Cott Corporation (c)	6		76
	Coty Inc. - Class A	11		113
	Darling Ingredients Inc. (b)	32		609
	Dean Foods Co. (a)	27		31
	Del Monte Fresh Produce Company	9		307
	Edgewell Personal Care Colombia S A S (b)	16		511
	Flowers Foods Inc.	34		784
	Hain Celestial Group Inc. (b)	21		443
	Ingles Markets Inc. - Class A	3		101
	J&J Snack Foods Corp.	2		306
	Lamb Weston Holdings Inc.	4		299
	Lancaster Colony Corp.	2		316
	McCormick & Co. Inc.	5		848
	National Beverage Corp.	1		51
	Nomad Foods Limited (b)	17		347
	Nu Skin Enterprises, Inc. - Class A	14		598
	Performance Food Group Company (b)	24		1,103
	Post Holdings Inc. (b)	5		558
	PriceSmart Inc.	6		417
	Rite Aid Corporation (a) (b)	56		388
	Sanderson Farms Inc.	6		864
	SpartanNash Co.	8		95
	Spectrum Brands Legacy, Inc.	6		318
	Sprouts Farmers Market, Inc. (b)	22		425
	The Andersons, Inc.	5		109
	Tootsie Roll Industries Inc. (a)	1		20
	Treehouse Foods, Inc. (b)	12		648
	United Natural Foods Inc. (b)	46		531
	Universal Corp.	6		354
	USANA Health Sciences, Inc. (b)	2		140
	Vector Group Ltd.	26		307
	Weis Markets Inc.	4		154
			14,663
Energy 3.4%
	Antero Resources Corporation (b)	18		53
	Apergy Corporation (b)	9		230
	Arch Coal, Inc. - Class A (a)	3		202
	Archrock, Inc.	27		274
	Cabot Oil & Gas Corp.	31		540
	Centennial Resource Development, LLC - Class A (b)	26		116
	Chesapeake Energy Corp. (a) (b)	18		25
	Cimarex Energy Co.	9		442
	CNX Resources Corporation (b)	53		384
	Continental Resources Inc. (b)	2		50
	Delek US Holdings, Inc.	14		501
	Diamond Offshore Drilling, Inc. (a) (b)	51		285
	Diamondback Energy, Inc.	9		805
	Dril-Quip Inc. (b)	10		516
	EQT Corporation	54		571
	Equitrans Midstream Corp.	16		237
	Exterran Trinidad LLC (b)	2		24
	Forum Energy Technologies, Inc. (b)	43		66
	Green Plains Renewable Energy Inc.	27		281
	Gulfport Energy Corp. (b)	60		162
	Helix Energy Solutions Group, Inc. (b)	36		286
	Kosmos Energy Ltd.	8		47
	McDermott International Inc. (a) (b)	72		145
	Nabors Industries Ltd	314		587
	Oasis Petroleum Inc. (b)	125		432
	Oceaneering International Inc. (b)	47		641
	Oil States International Inc. (b)	24		322
	Parsley Energy Inc. - Class A	22		367
	Patterson-UTI Energy Inc.	80		682
	PDC Energy, Inc. (b)	11		318
	Peabody Energy Corp.	23		335
	QEP Resources, Inc.	134		495
	Range Resources Corporation (a)	138		527
	Reg Biofuels, LLC (b)	12		176
	RPC Inc. (a)	19		105
	Scorpio Tankers Inc.	4		115
	SEACOR Holdings Inc. (b)	1		41
	Seadrill Limited (a) (b)	41		86
	SemGroup Corporation - Class A	33		542
	SM Energy Company	48		463
	Superior Energy Services Inc. (b) (d)	117		18
	Tidewater Inc. (b)	6		98

420

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	U.S. Silica Holdings, Inc. (a)		24		232
	Unit Corp. (b)		21		70
	Whiting Petroleum Corp. (a) (b)		44		357
	WPX Energy, Inc. (b)		57		608
				13,859
	Total Common Stocks (cost $407,478)			407,641
SHORT TERM INVESTMENTS 2.8%
Securities Lending Collateral 2.5%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (e) (f)		10,434		10,434
Investment Companies 0.3%
	JNL Government Money Market Fund - Institutional Class, 1.86% (e) (f)		1,084		1,084
U.S. Treasury Bill 0.0%
	Treasury, United States Department of
		1.94%, 12/12/19 (g) (h)	110		110
	Total Short Term Investments (cost $11,628)			11,628
Total Investments 102.5% (cost $419,106)					419,269
Other Derivative Instruments 0.0%					11
Other Assets and Liabilities, Net (2.5)%					(10,294)
Total Net Assets 100.0%					408,986

(a)All or a portion of the security was on loan as of September 30, 2019.

(b)Non-income producing security.

(c)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

(d)Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Schedules of Investments.

(e)Investment in affiliate.

(f)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

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

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

JNL/RAFI Fundamental U.S. Small Cap Fund — Futures Contracts
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
Russell 2000 Index	3	December 2019		235	—			(7)
S&P Midcap 400 Index	8	December 2019		1,560	11			(9)
					11			(16)

421

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
JNL/RAFI Multi-Factor U.S. Equity Fund
COMMON STOCKS 99.7%
Consumer Discretionary 15.2%
	Aaron's, Inc.	20		1,257
	Abercrombie & Fitch Co. - Class A	82		1,287
	Adient Public Limited Company	31		712
	Adtalem Global Education Inc. (a)	28		1,056
	Advance Auto Parts, Inc.	6		945
	American Eagle Outfitters, Inc.	170		2,751
	Aramark	23		1,016
	Asbury Automotive Group, Inc. (a)	14		1,446
	AutoNation, Inc. (a)	20		1,018
	AutoZone, Inc. (a)	6		6,316
	Bed Bath & Beyond Inc. (b)	265		2,816
	Best Buy Co., Inc.	79		5,479
	Big Lots, Inc.	35		867
	Bloomin' Brands, Inc.	35		662
	Booking Holdings Inc. (a)	—		862
	Bright Horizons Family Solutions Inc. (a)	10		1,540
	Brinker International Inc. (b)	83		3,547
	Buckle Inc. (b)	46		944
	Burlington Stores Inc. (a)	2		342
	Caesars Entertainment Corp. (a)	34		392
	Caleres Inc.	20		464
	Carmax Inc. (a)	7		655
	Carter's Inc.	22		1,972
	Cheesecake Factory Inc. (b)	47		1,971
	Chico's FAS Inc.	184		742
	Childrens Place Retail Stores Inc. (b)	4		292
	Chipotle Mexican Grill Inc. (a)	6		5,468
	Churchill Downs Inc.	7		869
	Cooper Tire & Rubber Co.	37		958
	Core-Mark Holding Co. Inc.	26		824
	Cracker Barrel Old Country Store, Inc. (b)	12		1,906
	D.R. Horton, Inc.	16		842
	Dana Holding Corp.	58		833
	Darden Restaurants Inc.	26		3,092
	Deckers Outdoor Corp. (a)	17		2,555
	Designer Brands Inc. - Class A (b)	95		1,632
	Dick's Sporting Goods Inc.	34		1,405
	Dillard's Inc. - Class A (b)	10		653
	Dollar General Corp.	93		14,756
	Dollar Tree Inc. (a)	21		2,376
	Domino's Pizza, Inc.	10		2,395
	Dorman Products Inc. (a)	12		955
	Dunkin' Brands Group Inc.	20		1,623
	eBay Inc.	74		2,883
	Expedia Group, Inc.	6		839
	Extended Stay America, Inc. - Class B	32		475
	Foot Locker Inc.	67		2,912
	Ford Motor Co.	1,584		14,512
	Fossil Group, Inc. (a) (b)	91		1,136
	GameStop Corp. - Class A (b)	107		588
	Gap Inc.	177		3,076
	General Motors Company	535		20,064
	Genesco Inc. (a)	29		1,153
	Gentex Corp.	72		1,970
	Genuine Parts Co.	19		1,902
	G-III Apparel Group, Ltd. (a)	23		581
	Goodyear Tire & Rubber Co.	23		325
	Graham Holdings Co.	3		1,956
	Grand Canyon Education, Inc. (a)	2		219
	Group 1 Automotive Inc.	19		1,798
	Guess Inc.	52		967
	H & R Block, Inc.	90		2,116
	HanesBrands Inc.	66		1,004
	Harley-Davidson Inc.	26		952
	Hasbro Inc.	15		1,772
	Helen of Troy Ltd (a)	3		427
	Hilton Worldwide Holdings Inc.	22		2,031
	Home Depot Inc.	141		32,679
	Houghton Mifflin Harcourt Company (a)	59		313
	Jack in the Box Inc.	15		1,394
	KAR Auction Services, Inc.	53		1,299
	KB Home	12		396
	Kohl's Corp.	89		4,438
	Las Vegas Sands Corp.	40		2,336
	La-Z-Boy Inc.	30		1,019
	Lear Corp.	8		957
	Leggett & Platt Inc.	34		1,379
	Lennar Corp. - Class A	13		745
	Limited Brands Inc.	56		1,095
	Lithia Motors Inc. - Class A	8		1,073
	Lowe's Cos. Inc.	102		11,194
	Macy's, Inc.	275		4,273
	Marriott International Inc. - Class A	6		745
	Marriott Vacations Worldwide Corporation	5		484
	Mattel Inc. (a) (b)	172		1,963
	McDonald's Corporation	183		39,358
	MDC Holdings Inc.	27		1,173
	Meritage Homes Corporation (a)	14		999
	MGM Resorts International	20		561
	Murphy USA Inc. (a)	32		2,761
	Newell Brands Inc.	49		910
	Nike Inc. - Class B	103		9,633
	Nordstrom Inc. (b)	74		2,505
	NVR, Inc. (a)	1		3,082
	Office Depot Inc.	510		895
	O'Reilly Automotive, Inc. (a)	17		6,803
	Penske Automotive Group, Inc.	10		456
	Pool Corporation	11		2,198
	Pulte Homes Inc.	52		1,892
	Qurate Retail, Inc. - Class A (a)	90		933
	Ralph Lauren Corp. - Class A	19		1,816
	Regis Corp. (a)	25		513
	Rent-A-Center, Inc.	9		242
	Ross Stores Inc.	25		2,785
	Sally Beauty Holdings, Inc. (a)	145		2,157
	Seaworld Entertainment, Inc. (a) (b)	61		1,597
	Service Corp. International	28		1,328
	ServiceMaster Holding Corporation (a)	24		1,322
	Signet Jewelers Limited	28		471
	Six Flags Operations Inc.	32		1,626
	Skechers U.S.A. Inc. - Class A (a)	9		321
	Sleep Number Corporation (a)	17		714
	Sonic Automotive, Inc. - Class A	26		828
	Sotheby's (a)	10		552
	Starbucks Corp.	198		17,532
	Steven Madden Ltd.	22		786
	Sturm Ruger & Co. Inc.	13		556
	Target Corporation	446		47,699
	Taylor Morrison Home II Corporation - Class A (a)	28		715
	Tempur Sealy International, Inc. (a)	11		818
	Texas Roadhouse Inc.	6		331
	The Wendy's Company	219		4,383
	Thor Industries Inc.	8		454
	TJX Cos. Inc.	228		12,705
	Toll Brothers Inc.	9		369
	Tractor Supply Co.	26		2,308
	Ulta Salon, Cosmetics & Fragrance, Inc. (a)	4		1,120
	Urban Outfitters Inc. (a)	33		926
	Vail Resorts, Inc.	4		820
	VF Corp.	35		3,081
	Visteon Corporation (a)	11		896
	Whirlpool Corp.	16		2,531
	Williams-Sonoma Inc. (b)	40		2,715
	Wyndham Destinations, Inc.	31		1,433
	Wynn Resorts Ltd.	3		324
	Yum! Brands Inc.	75		8,472
			419,338
Consumer Staples 15.1%
	Altria Group, Inc.	134		5,498
	Archer-Daniels-Midland Company	301		12,352
	Avon Products, Inc. (a)	87		385
	Boston Beer Co. Inc. - Class A (a)	4		1,364
	Brown-Forman Corp. - Class B	60		3,744
	Bunge Limited	110		6,241
	Cal-Maine Foods Inc.	22		880

422

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	Campbell Soup Co.	44		2,048
	Casey's General Stores Inc.	22		3,591
	Church & Dwight Co. Inc.	58		4,356
	Clorox Co.	20		3,072
	Coca-Cola Co.	779		42,417
	Coca-Cola European Partners PLC (c)	23		1,268
	Colgate-Palmolive Co.	160		11,748
	ConAgra Brands Inc.	46		1,412
	Constellation Brands, Inc. - Class A	6		1,350
	Costco Wholesale Corporation	98		28,237
	Coty Inc. - Class A	12		122
	Darling Ingredients Inc. (a)	16		299
	Del Monte Fresh Produce Company	21		712
	Edgewell Personal Care Colombia S A S (a)	16		511
	Estee Lauder Cos. Inc. - Class A	32		6,466
	Flowers Foods Inc.	76		1,756
	General Mills Inc.	143		7,862
	Hershey Co.	27		4,153
	Hormel Foods Corp.	48		2,100
	Ingles Markets Inc. - Class A	7		278
	Ingredion Inc.	9		702
	J&J Snack Foods Corp.	3		663
	JM Smucker Co.	22		2,450
	Kellogg Co.	47		3,018
	Keurig Dr Pepper Inc. (b)	46		1,267
	Kimberly-Clark Corp.	66		9,387
	Lamb Weston Holdings Inc.	17		1,247
	Lancaster Colony Corp.	9		1,290
	McCormick & Co. Inc.	24		3,819
	Mondelez International Inc. - Class A	71		3,912
	Monster Beverage 1990 Corporation (a)	31		1,792
	Nomad Foods Limited (a)	23		473
	Nu Skin Enterprises, Inc. - Class A	39		1,670
	PepsiCo Inc.	309		42,432
	Performance Food Group Company (a)	51		2,366
	Philip Morris International Inc.	301		22,888
	Pilgrim's Pride Corporation (a)	—		3
	Post Holdings Inc. (a)	6		589
	Procter & Gamble Co.	430		53,532
	Sanderson Farms Inc.	22		3,292
	Spectrum Brands Legacy, Inc.	1		32
	Sprouts Farmers Market, Inc. (a)	37		717
	Sysco Corp.	99		7,869
	The Andersons, Inc.	9		205
	The Kroger Co.	607		15,646
	Treehouse Foods, Inc. (a)	23		1,283
	Tyson Foods Inc. - Class A	66		5,711
	United Natural Foods Inc. (a)	43		496
	Universal Corp.	13		729
	US Foods Holding Corp. (a)	57		2,358
	Vector Group Ltd.	37		436
	Walgreens Boots Alliance Inc.	42		2,336
	Walmart Inc.	580		68,884
	Weis Markets Inc.	10		389
			418,105
Information Technology 14.3%
	Accenture Public Limited Company - Class A	64		12,367
	Ads Alliance Data Systems Inc.	4		468
	ADTRAN, Inc.	36		406
	Akamai Technologies, Inc. (a)	12		1,099
	Amdocs Limited	20		1,318
	Analog Devices, Inc.	18		1,999
	Anixter International Inc. (a)	15		1,062
	ANSYS, Inc. (a)	7		1,604
	Apple Inc.	141		31,576
	Applied Materials, Inc.	78		3,912
	Arrow Electronics, Inc. (a)	28		2,097
	Aspen Technology, Inc. (a)	7		883
	Automatic Data Processing, Inc.	34		5,480
	Avnet, Inc.	71		3,140
	Benchmark Electronics, Inc.	30		861
	Black Knight, Inc. (a)	10		619
	Booz Allen Hamilton Holding Corporation - Class A	83		5,875
	Broadcom Inc.	20		5,403
	Broadridge Financial Solutions, Inc.	14		1,771
	CACI International Inc. - Class A (a)	12		2,859
	Cadence Design Systems Inc. (a)	43		2,849
	CDK Global, Inc.	12		585
	CDW Corp.	29		3,547
	Ciena Corp. (a)	13		496
	Cirrus Logic Inc. (a)	14		749
	Conduent Inc. (a)	109		678
	Corning Inc.	419		11,936
	Cree, Inc. (a)	54		2,668
	Cypress Semiconductor Corp.	25		593
	Dolby Laboratories, Inc.	10		623
	Entegris, Inc.	9		438
	EPAM Systems, Inc. (a)	4		785
	Euronet Worldwide Inc. (a)	4		601
	F5 Networks Inc. (a)	2		239
	Fair Isaac Corp. (a)	6		1,682
	Fidelity National Information Services, Inc.	36		4,805
	First Solar Inc. (a)	5		292
	Fiserv Inc. (a)	63		6,491
	FleetCor Technologies Inc. (a)	7		1,871
	FLIR Systems Inc.	20		1,058
	Gartner Inc. (a)	5		751
	Genpact Limited	79		3,050
	Global Payments Inc.	31		4,871
	Hewlett Packard Enterprise Company	335		5,076
	HP Inc.	155		2,932
	IHS Markit Ltd. (a)	32		2,115
	Insight Enterprises, Inc. (a)	25		1,408
	International Business Machines Corp.	370		53,735
	Intuit Inc.	28		7,505
	Jabil Inc.	46		1,632
	Jack Henry & Associates Inc.	17		2,444
	Juniper Networks, Inc.	93		2,310
	KBR, Inc.	112		2,758
	Keysight Technologies, Inc. (a)	15		1,498
	KLA-Tencor Corp.	22		3,441
	Lam Research Corp.	12		2,783
	Leidos Holdings Inc.	6		543
	Manhattan Associates Inc. (a)	14		1,143
	Mantech International Corp. - Class A	12		838
	Marvell Technology Group Ltd	29		720
	MasterCard Incorporated - Class A	82		22,299
	MAXIMUS Inc.	10		777
	Microchip Technology Incorporated	11		1,014
	Microsoft Corp.	199		27,693
	Motorola Solutions Inc.	89		15,240
	NCR Corporation (a)	23		721
	NetScout Systems, Inc. (a)	27		614
	Nuance Communications, Inc. (a)	18		288
	Paychex Inc.	56		4,612
	Paypal Holdings, Inc. (a)	55		5,738
	Perspecta Inc.	9		243
	Plantronics Inc.	11		421
	Plexus Corp. (a)	12		763
	Qualcomm Incorporated	232		17,667
	Sabre Corporation	28		622
	Sanmina Corp. (a)	35		1,108
	ScanSource Inc. (a)	11		350
	Science Applications International Corp.	9		830
	Seagate Technology Public Limited Company	196		10,543
	Silicon Laboratories Inc. (a)	3		314
	Skyworks Solutions, Inc.	6		487
	Sykes Enterprises Inc. (a)	11		329
	Symantec Corp.	35		825
	SYNNEX Corporation	9		1,009
	Synopsys Inc. (a)	12		1,683
	Tech Data Corp. (a)	25		2,587
	Teradata Corporation (a)	24		743
	Teradyne Inc.	17		999
	Texas Instruments Incorporated	116		15,043
	ViaSat, Inc. (a)	4		267
	Visa Inc. - Class A	129		22,120
	Vishay Intertechnology Inc.	55		930
	Western Digital Corp.	29		1,742

423

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	Western Union Co.	61		1,419
	Xilinx Inc.	33		3,197
	Zebra Technologies Corp. - Class A (a)	4		907
			395,482
Industrials 9.8%
	3M Company	55		9,053
	AAR Corp.	18		761
	ABM Industries Incorporated	30		1,081
	Actuant Corporation - Class A	21		450
	Acuity Brands, Inc.	5		653
	Advanced Disposal Services, Inc. (a)	13		421
	AECOM (a)	33		1,252
	AGCO Corporation	21		1,557
	Aircastle Limited	26		578
	Allegiant Travel Company (b)	4		561
	Allison Systems, Inc.	34		1,612
	AMERCO	2		800
	American Airlines Group Inc.	104		2,794
	AMETEK, Inc.	11		988
	AO Smith Corp.	17		796
	Applied Industrial Technologies, Inc.	12		696
	Arcbest Corporation	20		609
	Arconic Inc.	15		383
	Arcosa, Inc.	10		349
	Armstrong World Industries, Inc.	13		1,305
	Atlas Air Worldwide Holdings, Inc. (a)	13		331
	Avis Budget Group, Inc. (a)	55		1,545
	Brady Corp. - Class A	7		348
	Brink's Co.	3		267
	BWXT Government Group, Inc.	22		1,257
	C.H. Robinson Worldwide, Inc.	37		3,104
	Carlisle Cos. Inc.	5		672
	Cintas Corp.	17		4,435
	Clean Harbors Inc. (a)	3		264
	Copart Inc. (a)	63		5,040
	CoStar Group, Inc. (a)	3		1,755
	Covanta Holding Corporation	48		828
	Crane Co.	7		540
	CSX Corp.	34		2,368
	Cummins Inc.	27		4,433
	Curtiss-Wright Corp.	6		737
	Deere & Co.	31		5,148
	Delta Air Lines Inc.	19		1,079
	Deluxe Corp.	12		574
	Donaldson Co. Inc.	26		1,354
	Dover Corp.	8		755
	EMCOR Group, Inc.	4		314
	Emerson Electric Co.	63		4,234
	Encore Wire Corp.	7		396
	Expeditors International of Washington Inc.	34		2,538
	Fastenal Co.	79		2,579
	Fluor Corp.	72		1,369
	Fortive Corporation	7		457
	Fortune Brands Home & Security, Inc.	6		306
	Franklin Electric Co. Inc.	9		429
	FTI Consulting Inc. (a)	21		2,270
	Gardner Denver Investments, Inc. (a)	8		224
	GATX Corp.	18		1,387
	Generac Holdings Inc. (a)	19		1,478
	General Dynamics Corp.	31		5,630
	Genesee & Wyoming Inc. - Class A (a)	5		504
	Graco Inc.	19		875
	Greenbrier Cos. Inc.	32		975
	Hawaiian Holdings Inc.	12		323
	HD Supply Holdings, Inc (a)	25		965
	Healthcare Services Group Inc. (b)	18		449
	HEICO Corp.	8		997
	Herman Miller Inc.	20		943
	Hertz Global Holdings, Inc. (a)	90		1,245
	Hexcel Corp.	21		1,740
	HNI Corp.	16		583
	HUB Group Inc. - Class A (a)	19		885
	Hubbell Inc.	7		949
	Hyster-Yale Materials Handling Inc. - Class A	5		285
	IDEX Corporation	7		1,209
	Illinois Tool Works Inc.	46		7,187
	Ingersoll-Rand Public Limited Company	13		1,568
	ITT Industries Holdings, Inc.	15		933
	Jacobs Engineering Group Inc.	40		3,628
	JB Hunt Transport Services Inc.	12		1,353
	JetBlue Airways Corp. (a)	36		602
	Johnson Controls International Public Limited Company	43		1,873
	Kaman Corp.	7		420
	Kansas City Southern	4		594
	Kelly Services Inc. - Class A	15		357
	L3Harris Technologies, Inc.	22		4,515
	Landstar System Inc.	9		1,043
	Lennox International Inc.	10		2,359
	Lincoln Electric Holdings Inc.	17		1,476
	Lockheed Martin Corporation	43		16,902
	Macquarie Infrastructure Corporation	52		2,055
	ManpowerGroup Inc.	23		1,945
	Masco Corp.	58		2,433
	Masonite International Corp. (a)	7		384
	MasTec Inc. (a)	4		261
	Moog Inc. - Class A	11		902
	MRC Global Inc. (a)	48		579
	MSA Safety Inc.	5		496
	MSC Industrial Direct Co. - Class A	26		1,874
	Mueller Industries Inc.	24		682
	Nielsen Holdings plc	13		287
	Nordson Corp.	7		1,012
	Northrop Grumman Systems Corp.	35		13,282
	Now, Inc. (a)	77		882
	Old Dominion Freight Line Inc.	5		808
	Oshkosh Corp.	3		231
	Owens Corning Inc.	10		623
	PACCAR Inc.	18		1,262
	Parker Hannifin Corp.	5		835
	Pitney Bowes Inc.	185		847
	Quanta Services, Inc.	37		1,394
	Raytheon Co.	28		5,433
	Republic Services Inc.	30		2,601
	Robert Half International Inc.	20		1,139
	Rockwell Automation Inc.	9		1,566
	Rollins Inc.	24		823
	Roper Industries Inc.	5		1,924
	Rush Enterprises Inc. - Class A	17		664
	Ryder System, Inc.	3		176
	SkyWest Inc.	20		1,120
	Southwest Airlines Co.	8		452
	SPX Flow, Inc. (a)	10		397
	Steelcase Inc. - Class A	43		796
	Stericycle Inc. (a) (b)	13		675
	Teledyne Technologies Inc. (a)	6		2,034
	Terex Corp.	50		1,301
	Tetra Tech, Inc.	3		281
	The Boeing Company	34		12,974
	Timken Co.	34		1,465
	Toro Co.	30		2,223
	TransDigm Group Inc.	8		4,041
	Trinity Industries Inc.	27		540
	Triumph Group Inc.	31		707
	TrueBlue, Inc. (a)	14		301
	Tutor Perini Corp. (a)	27		383
	Union Pacific Corp.	55		8,902
	United Parcel Service Inc. - Class B	113		13,550
	United Rentals Inc. (a)	3		404
	Universal Forest Products Inc.	27		1,097
	Verisk Analytics, Inc.	30		4,757
	Wabash National Corp.	35		509
	WABCO Holdings Inc. (a)	12		1,585
	Waste Connections, Inc. (c)	20		1,845
	Waste Management, Inc.	55		6,272
	Watsco Inc.	10		1,764
	Werner Enterprises Inc.	15		515
	WESCO International, Inc. (a)	33		1,594
	Woodward Governor Co.	5		504

424

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	WW Grainger Inc.	13		3,925
	Xylem Inc.	16		1,283
			270,477
Health Care 9.7%
	Abbott Laboratories	88		7,340
	AbbVie Inc.	95		7,158
	AmerisourceBergen Corporation	6		524
	Anthem, Inc.	49		11,877
	Baxter International Inc.	75		6,562
	Becton, Dickinson and Company	11		2,724
	Biogen Inc. (a)	8		1,754
	Bio-Rad Laboratories, Inc. - Class A (a)	2		762
	Boston Scientific Corp. (a)	68		2,784
	Brookdale Senior Living Inc. (a)	111		842
	Bruker Corp.	20		882
	Cardinal Health, Inc.	112		5,269
	Catalent Inc. (a)	20		948
	Celgene Corp. (a)	74		7,305
	Cerner Corp.	19		1,329
	Chemed Corporation	6		2,563
	Cigna Corp.	4		625
	Cooper Cos. Inc.	8		2,426
	CVS Health Corporation	665		41,960
	Danaher Corporation	67		9,680
	DaVita Inc. (a)	19		1,108
	Dentsply Sirona Inc.	27		1,429
	Edwards Lifesciences Corporation (a)	16		3,564
	Eli Lilly & Co.	44		4,939
	Encompass Health Corporation	12		787
	Gilead Sciences Inc.	174		11,021
	HCA Healthcare, Inc.	34		4,040
	Henry Schein Inc. (a)	22		1,373
	Herbalife Nutrition Ltd. (a)	20		775
	Hill-Rom Holdings Inc.	5		577
	Hologic Inc. (a)	22		1,106
	Humana Inc.	20		5,001
	Incyte Corporation (a)	15		1,093
	Intuitive Surgical, Inc. (a)	3		1,711
	IQVIA Inc. (a)	14		2,033
	Johnson & Johnson	234		30,248
	Laboratory Corporation of America Holdings (a)	8		1,299
	Magellan Health Services Inc. (a)	16		976
	Masimo Corp. (a)	8		1,260
	McKesson Corporation	52		7,059
	Mednax, Inc. (a)	29		646
	Merck & Co., Inc.	340		28,595
	Mettler-Toledo International Inc. (a)	4		2,942
	Myriad Genetics, Inc. (a)	50		1,421
	Patterson Cos. Inc. (b)	62		1,097
	Pfizer Inc.	154		5,540
	Premier Healthcare Solutions, Inc. - Class A (a)	15		420
	Quest Diagnostics Incorporated	19		2,082
	ResMed Inc.	25		3,422
	Select Medical Holdings Corporation (a)	33		555
	Stryker Corp.	20		4,280
	Syneos Health, Inc. - Class A (a)	7		367
	Teleflex Inc.	7		2,329
	Tenet Healthcare Corporation (a)	132		2,926
	Thermo Fisher Scientific Inc.	20		5,775
	United Therapeutics Corporation (a)	11		911
	Universal Health Services Inc. - Class B	4		631
	Varian Medical Systems, Inc. (a)	3		380
	Waters Corp. (a)	2		447
	West Pharmaceutical Services Inc.	6		850
	Zimmer Biomet Holdings, Inc.	11		1,489
	Zoetis Inc. - Class A	31		3,911
			267,729
Financials 8.6%
	Affiliated Managers Group, Inc.	5		433
	AFLAC Incorporated	151		7,882
	Alleghany Corporation (a)	2		1,996
	Ally Financial Inc.	184		6,116
	Ambac Financial Group, Inc. (a)	24		467
	American Express Company	32		3,731
	American Financial Group, Inc.	8		915
	American International Group, Inc.	402		22,388
	American National Insurance Company	4		545
	Annaly Capital Management, Inc.	178		1,565
	Aon PLC - Class A	26		4,980
	Arthur J Gallagher & Co.	22		1,953
	Assurant, Inc.	27		3,364
	Blackstone Mortgage Trust, Inc. - Class A (b)	29		1,043
	Brighthouse Financial, Inc. (a)	23		928
	Brown & Brown Inc.	53		1,916
	Cannae Holdings, Inc. (a)	15		417
	Capital One Financial Corporation	87		7,929
	Capitol Federal Financial	28		384
	Chubb Limited	62		9,962
	Cincinnati Financial Corp.	24		2,746
	CIT Group Inc.	29		1,327
	CME Group Inc.	37		7,923
	CNO Financial Group, Inc.	56		882
	Cohen & Steers, Inc.	5		286
	Discover Financial Services	50		4,030
	Eaton Vance Corp.	16		713
	Erie Indemnity Company - Class A	7		1,236
	Essent Group Ltd.	6		269
	Evercore Inc. - Class A	4		289
	FactSet Research Systems Inc.	7		1,666
	Federated Investors Inc. - Class B	29		943
	Fidelity National Financial, Inc.	34		1,523
	First American Financial Corporation	33		1,950
	First Republic Bank	14		1,315
	FirstCash, Inc.	8		750
	Franklin Resources Inc.	112		3,246
	Genworth Financial, Inc. - Class A (a)	275		1,211
	Globe Life Inc.	4		410
	Hanover Insurance Group Inc.	11		1,464
	Intercontinental Exchange, Inc.	53		4,858
	Invesco Ltd.	21		354
	Jefferies Financial Group Inc.	15		268
	Kemper Corp.	16		1,255
	Ladder Capital Corp - Class A	37		638
	Legg Mason Inc.	39		1,473
	Lincoln National Corp.	38		2,301
	Loews Corp.	94		4,865
	LPL Financial Holdings Inc.	37		3,005
	Markel Corp. (a)	1		1,176
	MarketAxess Holdings Inc.	5		1,478
	Marsh & McLennan Cos. Inc.	98		9,803
	MBIA Inc. (a)	69		634
	Mercury General Corp.	18		1,010
	MetLife, Inc.	119		5,613
	MFA Financial, Inc.	124		914
	MGIC Investment Corp.	37		467
	Moody's Corp.	12		2,483
	Morningstar Inc.	6		944
	MSCI Inc.	15		3,377
	NASDAQ Inc.	12		1,222
	Navient Corporation	142		1,812
	Nelnet, Inc. - Class A	4		266
	New York Community Bancorp Inc.	41		520
	Northwest Bancshares Inc.	20		328
	Old Republic International Corp.	41		969
	ProAssurance Corporation	26		1,045
	Progressive Corp.	84		6,491
	Radian Group Inc.	13		296
	Reinsurance Group of America Inc.	3		426
	RLI Corp.	8		713
	S&P Global Inc.	21		5,263
	Santander Consumer USA Holdings Inc.	47		1,187
	SEI Investments Co.	19		1,141
	Selective Insurance Group Inc.	5		359
	Stewart Information Services Corp.	12		466
	Synchrony Financial	30		1,027
	T. Rowe Price Group, Inc.	25		2,863
	The Allstate Corporation	88		9,589
	The Goldman Sachs Group, Inc.	18		3,639
	The Hartford Financial Services Group, Inc.	17		1,034

425

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	The PRA Group, Inc. (a)	14		489
	The Travelers Companies, Inc.	121		17,976
	Two Harbors Investment Corp.	137		1,805
	U.S. Bancorp	71		3,956
	United Bankshares Inc.	8		311
	Voya Financial Inc.	61		3,334
	W. R. Berkley Corporation	26		1,869
	Waddell & Reed Financial Inc. - Class A (b) (c)	77		1,321
	White Mountains Insurance Group Ltd	1		1,610
	Willis Towers Watson Public Limited Company	12		2,273
	World Acceptance Corp. (a)	8		1,024
			236,633
Communication Services 8.4%
	Altice USA, Inc. - Class A (a)	19		534
	AMC Entertainment Holdings, Inc. - Class A (b)	33		358
	AMC Networks, Inc. - Class A (a)	9		430
	AT&T Inc.	933		35,311
	Cable One, Inc.	1		1,634
	CBS Corporation - Class B	136		5,481
	CenturyLink Inc.	474		5,913
	Charter Communications, Inc. - Class A (a)	8		3,245
	Cinemark Holdings, Inc.	39		1,496
	Comcast Corporation - Class A	228		10,259
	Discovery, Inc. - Class A (a) (b)	29		777
	Dish Network Corporation - Class A (a)	9		315
	Electronic Arts Inc. (a)	2		228
	Facebook, Inc. - Class A (a)	118		21,033
	Gannett Co., Inc.	113		1,209
	IAC/InterActiveCorp (a)	6		1,390
	Interpublic Group of Cos. Inc.	82		1,761
	Liberty Broadband Corp. - Class C (a)	18		1,905
	Liberty Media Corp. - Class C (a)	16		658
	Liberty SiriusXM Group - Class C (a)	109		4,560
	Live Nation Inc. (a)	11		760
	New York Times Co. - Class A	13		383
	News Corporation - Class A	171		2,381
	Nexstar Media Group, Inc. - Class A	4		376
	Omnicom Group Inc.	54		4,219
	Scholastic Corp.	14		526
	Sinclair Broadcast Group Inc. - Class A	17		740
	Sirius XM Holdings Inc. (b)	80		498
	Snap Inc. - Class A (a)	50		785
	Sprint Corporation (a)	125		771
	TEGNA Inc.	107		1,659
	Telephone & Data Systems Inc.	44		1,133
	The Madison Square Garden Company - Class A (a)	2		558
	T-Mobile US Inc. (a)	16		1,287
	Twitter, Inc. (a)	58		2,375
	US Cellular Corp. (a)	9		347
	VeriSign, Inc. (a)	16		3,062
	Verizon Communications Inc.	1,117		67,416
	Viacom Inc. - Class B	265		6,357
	Walt Disney Co.	284		37,029
	Zynga Inc. - Class A (a)	70		408
			231,567
Real Estate 6.8%
	Acadia Realty Trust	22		629
	AGNC Investment Corp.	62		1,000
	Alexandria Real Estate Equities, Inc.	20		3,049
	American Campus Communities, Inc.	37		1,799
	American Homes 4 Rent - Class A	53		1,378
	American Tower Corporation	35		7,694
	Apartment Investment and Management Company - Class A	36		1,852
	Apollo Commercial Real Estate Finance, Inc.	34		655
	Apple Hospitality REIT, Inc.	68		1,124
	AvalonBay Communities, Inc.	16		3,504
	Boston Properties Inc.	19		2,524
	Brandywine Realty Trust	46		695
	Brixmor Property Group Inc.	100		2,021
	Camden Property Trust	21		2,278
	CBRE Group, Inc. - Class A (a)	15		774
	Chimera Investment Corporation	127		2,478
	Colony Capital, Inc. - Class A	269		1,619
	Columbia Property Trust Inc.	51		1,081
	CoreCivic, Inc.	65		1,122
	Corporate Office Properties Trust	22		660
	Crown Castle International Corp.	39		5,478
	CubeSmart	37		1,304
	Cyrusone LLC	17		1,324
	Digital Realty Trust Inc.	22		2,895
	Douglas Emmett, Inc.	31		1,323
	Duke Realty Corp.	77		2,602
	EastGroup Properties Inc.	4		506
	EPR Properties	17		1,318
	Equinix, Inc.	6		3,577
	Equity Commonwealth	35		1,192
	Equity Lifestyle Properties, Inc.	14		1,816
	Equity Residential	84		7,271
	Essex Property Trust Inc.	7		2,179
	Extra Space Storage Inc.	20		2,307
	Federal Realty Investment Trust	14		1,974
	First Industrial Realty Trust, Inc.	22		870
	Gaming and Leisure Properties, Inc.	40		1,519
	HCP, Inc.	84		3,008
	Healthcare Realty Trust Inc.	31		1,044
	Healthcare Trust of America, Inc. - Class A	44		1,299
	Highwoods Properties Inc.	18		829
	Hudson Pacific Properties Inc.	24		787
	Invesco Mortgage Capital Inc.	95		1,458
	Invitation Homes Inc.	53		1,576
	Iron Mountain Incorporated	35		1,123
	JBG Smith Properties	10		393
	Kilroy Realty Corporation	14		1,107
	KiMcO Realty Corporation	132		2,752
	Kite Realty Naperville, LLC	44		705
	Lamar Advertising Co. - Class A	29		2,353
	Lexington Realty Trust	86		885
	Liberty Property Trust	38		1,943
	Life Storage Inc.	10		1,041
	Macerich Co.	33		1,028
	Mack-Cali Realty Corp.	35		762
	Medical Properties Trust, Inc.	95		1,856
	MGM Growth Properties LLC - Class A	12		370
	Mid-America Apartment Communities, Inc.	11		1,428
	National Health Investors, Inc.	9		708
	National Retail Properties Inc.	34		1,916
	New Residential Investment Corp.	89		1,390
	New York Mortgage Trust Inc.	77		468
	Omega Healthcare Investors Inc.	55		2,280
	OUTFRONT Media Inc.	85		2,375
	Paramount Group, Inc.	61		814
	Park Hotels & Resorts Inc.	48		1,193
	PennyMac Mortgage Investment Trust	82		1,832
	Physicians Realty Trust	36		631
	Piedmont Office Realty Trust Inc. - Class A	71		1,485
	ProLogis Inc.	64		5,442
	PS Business Parks, Inc.	6		1,147
	Public Storage	21		5,080
	Rayonier Inc.	31		876
	Realty Income Corp.	32		2,458
	Redwood Trust Inc.	65		1,069
	Regency Centers Corp.	32		2,217
	Retail Opportunity Investments Corp.	20		361
	Retail Properties of America, Inc. - Class A	97		1,201
	RLJ III-EM Columbus Lessee, LLC	17		286
	Ryman Hospitality Properties, Inc.	8		617
	Sabra Health Care REIT, Inc.	41		934
	SBA Communications Corporation	11		2,735
	Senior Housing Properties Trust	142		1,311
	Service Properties Trust	71		1,822
	Simon Property Group Inc.	35		5,510
	SITE Centers Corp.	90		1,353
	SL Green Realty Corp.	11		909
	Spirit Realty Capital, Inc.	32		1,547
	STAG Industrial, Inc.	16		462
	Starwood Property Trust, Inc.	82		1,975
	STORE Capital Corp.	39		1,452

426

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	Sun Communities Inc.	14		2,111
	Tanger Factory Outlet Centers Inc. (b)	25		395
	Taubman Centers Inc.	13		513
	UDR Inc.	57		2,753
	Ventas, Inc.	58		4,272
	VEREIT, Inc.	202		1,974
	VICI Properties Inc.	34		766
	Vornado Realty Trust	15		945
	W.P. Carey Inc.	32		2,864
	Washington Prime Group, L.P. (b)	168		694
	Washington REIT	17		454
	Weingarten Realty Investors	25		738
	Welltower Inc.	63		5,747
	Weyerhaeuser Co.	34		945
	Xenia Hotels & Resorts Inc.	46		980
			187,145
Energy 5.6%
	Apache Corporation	21		540
	Arch Coal, Inc. - Class A	3		240
	Archrock, Inc.	46		460
	Baker Hughes, a GE Company, LLC - Class A	34		795
	Chevron Corp.	245		29,066
	CNX Resources Corporation (a)	49		354
	ConocoPhillips	259		14,751
	CVR Energy, Inc.	6		254
	Diamond Offshore Drilling, Inc. (a) (b)	22		120
	Dril-Quip Inc. (a)	29		1,472
	Exxon Mobil Corporation	386		27,224
	Green Plains Renewable Energy Inc.	40		419
	Helix Energy Solutions Group, Inc. (a)	61		491
	Helmerich & Payne Inc.	11		460
	Hess Corporation	107		6,478
	HollyFrontier Corp.	129		6,907
	Kinder Morgan, Inc.	214		4,421
	Marathon Oil Corp.	224		2,752
	Marathon Petroleum Corporation	169		10,242
	Murphy Oil Corp.	72		1,582
	Nabors Industries Ltd	120		225
	National Oilwell Varco Inc.	180		3,817
	Oceaneering International Inc. (a)	93		1,257
	Oil States International Inc. (a)	37		494
	ONEOK Inc.	29		2,147
	Patterson-UTI Energy Inc.	43		372
	PBF Energy Inc. - Class A	47		1,266
	Peabody Energy Corp.	25		365
	Phillips 66	153		15,702
	QEP Resources, Inc.	165		609
	SM Energy Company	70		677
	Transocean Ltd. (a)	142		633
	Valaris PLC - Class A (b) (c)	21		99
	Valero Energy Corporation	181		15,418
	Whiting Petroleum Corp. (a) (b)	67		536
	World Fuel Services Corp.	44		1,773
			154,418
Materials 3.1%
	Air Products and Chemicals, Inc.	11		2,373
	Alcoa Corporation (a)	67		1,346
	Allegheny Technologies Incorporated (a)	37		744
	AptarGroup, Inc.	21		2,474
	Avery Dennison Corporation	13		1,435
	Axalta Coating Systems Ltd. (a)	18		544
	Ball Corporation	27		1,961
	Boise Cascade Company	21		690
	Carpenter Technology Corp.	18		927
	Celanese Corp. - Class A	9		1,050
	CF Industries Holdings Inc.	32		1,556
	Cleveland-Cliffs Inc. (b)	201		1,451
	Commercial Metals Co.	84		1,461
	Compass Minerals International, Inc.	10		576
	Crown Holdings Inc. (a)	31		2,050
	Domtar Corp. (c)	38		1,364
	Ecolab Inc.	29		5,845
	FMC Corp.	9		831
	Freeport-McMoRan Inc. - Class B	70		672
	Graphic Packaging Holding Co.	66		973
	Greif Inc. - Class A	7		259
	Innospec Inc.	6		513
	International Flavors & Fragrances Inc. (b)	12		1,507
	Kaiser Aluminum Corp.	9		908
	Linde Public Limited Company	28		5,401
	LyondellBasell Industries N.V. - Class A	186		16,599
	Martin Marietta Materials Inc.	3		780
	Materion Corp.	10		638
	MOS Holdings Inc.	195		3,996
	NewMarket Corp.	4		2,048
	Newmont Goldcorp Corporation (c)	39		1,485
	PolyOne Corporation	21		696
	PPG Industries Inc.	32		3,817
	Reliance Steel & Aluminum Co.	25		2,466
	Royal Gold Inc.	5		568
	RPM International Inc.	18		1,253
	Schnitzer Steel Industries Inc. - Class A	19		397
	Schweitzer-Mauduit International Inc.	13		471
	Scotts Miracle-Gro Co. - Class A	16		1,607
	Sealed Air Corporation	30		1,246
	Sensient Technologies Corporation	12		796
	Sherwin-Williams Co.	4		2,195
	Silgan Holdings Inc.	42		1,258
	Sonoco Products Co.	45		2,640
	Ternium SA - ADR	11		202
	Vulcan Materials Co.	10		1,522
	W. R. Grace & Co.	13		882
	Warrior Met Coal, Inc.	38		738
			87,211
Utilities 3.1%
	ALLETE, Inc.	4		369
	Alliant Energy Corporation	13		676
	Ameren Corporation	13		1,034
	American Electric Power Company, Inc.	24		2,239
	American Water Works Company, Inc.	10		1,186
	Aqua America, Inc.	15		682
	Atmos Energy Corporation	10		1,086
	AVANGRID, Inc.	1		78
	Black Hills Corporation	5		379
	CenterPoint Energy, Inc.	26		800
	CMS Energy Corp.	15		955
	Consolidated Edison Inc.	17		1,609
	Dominion Energy, Inc.	39		3,201
	DTE Energy Company	10		1,277
	Duke Energy Corporation	36		3,460
	Edison International	17		1,286
	Entergy Corporation	42		4,905
	Evergy, Inc.	18		1,177
	Eversource Energy	17		1,436
	Exelon Corporation	281		13,570
	FirstEnergy Corp.	64		3,087
	Hawaiian Electric Industries Inc.	32		1,450
	IDACORP Inc.	4		465
	New Jersey Resources Corp.	7		328
	NextEra Energy, Inc.	24		5,665
	NiSource Inc.	27		816
	NorthWestern Corp.	4		307
	OGE Energy Corp.	16		746
	One Gas, Inc.	4		410
	Pinnacle West Capital Corp.	6		575
	PNM Resources, Inc.	6		338
	Portland General Electric Co.	7		413
	PPL Corporation	88		2,773
	Public Service Enterprise Group Inc.	27		1,659
	Sempra Energy	13		1,930
	Southwest Gas Corp.	4		378
	Spire, Inc.	4		354
	The AES Corporation	430		7,024
	The Southern Company	136		8,402
	Vistra Energy Corp.	121		3,225
	WEC Energy Group Inc.	17		1,587

427

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Xcel Energy Inc.		27		1,766
				85,103
	Total Common Stocks (cost $2,620,493)			2,753,208
SHORT TERM INVESTMENTS 1.2%
Securities Lending Collateral 0.9%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (d) (e)		24,830		24,830
Investment Companies 0.3%
	JNL Government Money Market Fund - Institutional Class, 1.86% (d) (e)		6,286		6,286
U.S. Treasury Bill 0.0%
	Treasury, United States Department of
		1.94%, 12/12/19 (f) (g)	650		648
	Total Short Term Investments (cost $31,764)			31,764
Total Investments 100.9% (cost $2,652,257)					2,784,972
Other Derivative Instruments 0.0%					68
Other Assets and Liabilities, Net (0.9)%					(24,053)
Total Net Assets 100.0%					2,760,987

(a)Non-income producing security.

(b)All or a portion of the security was on loan as of September 30, 2019.

(c)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

(d)Investment in affiliate.

(e)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

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

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

JNL/RAFI Multi-Factor U.S. Equity Fund — Futures Contracts
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
S&P 500 Index	63	December 2019		9,455	47			(73)
S&P Midcap 400 Index	16	December 2019		3,151	21			(50)
					68			(123)

428

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
JNL/S&P Competitive Advantage Fund
COMMON STOCKS 99.7%
Information Technology 39.4%
	Accenture Public Limited Company - Class A		467		89,896
	Apple Inc.		138		30,964
	Applied Materials, Inc.		699		34,881
	Automatic Data Processing, Inc.		519		83,755
	Citrix Systems Inc.		799		77,077
	F5 Networks Inc. (a)		532		74,704
	Intuit Inc.		328		87,212
	Jack Henry & Associates Inc. (b)		199		29,086
	Lam Research Corp.		315		72,873
	MasterCard Incorporated - Class A		128		34,818
	NetApp, Inc. (b)		1,393		73,161
	NVIDIA Corporation		160		27,918
	Paychex Inc. (b)		1,062		87,912
	Qualcomm Incorporated		371		28,300
	Skyworks Solutions, Inc.		708		56,093
	Texas Instruments Incorporated		743		95,970
				984,620
Consumer Discretionary 23.0%
	Best Buy Co., Inc.		1,238		85,427
	Booking Holdings Inc. (a) (b)		15		28,799
	Gap Inc. (b)		2,010		34,898
	H & R Block, Inc. (b)		2,143		50,606
	Nike Inc. - Class B		995		93,406
	Nordstrom Inc. (b)		1,061		35,708
	Ross Stores Inc.		847		93,026
	TJX Cos. Inc.		1,051		58,599
	Tractor Supply Co.		553		50,007
	Ulta Salon, Cosmetics & Fragrance, Inc. (a)		172		42,983
				573,459
Industrials 22.6%
	3M Company (b)		130		21,422
	Copart Inc. (a)		383		30,751
	Expeditors International of Washington Inc.		695		51,652
	Fastenal Co.		1,786		58,336
	Huntington Ingalls Industries Inc.		126		26,728
	Illinois Tool Works Inc. (b)		372		58,178
	JB Hunt Transport Services Inc.		266		29,462
	Robert Half International Inc. (b)		1,346		74,921
	Rockwell Automation Inc. (b)		485		80,002
	Rollins Inc. (b)		1,275		43,433
	United Parcel Service Inc. - Class B		484		57,937
	WW Grainger Inc.		105		31,338
				564,160
Health Care 7.9%
	Align Technology, Inc. (a)		270		48,841
	Biogen Inc. (a)		131		30,574
	Mettler-Toledo International Inc. (a)		124		87,024
	Waters Corp. (a) (b)		136		30,400
				196,839
Consumer Staples 6.8%
	Clorox Co. (b)		506		76,894
	Estee Lauder Cos. Inc. - Class A		146		28,991
	Hershey Co.		421		65,193
				171,078
	Total Common Stocks (cost $2,219,034)			2,490,156
SHORT TERM INVESTMENTS 6.3%
Securities Lending Collateral 5.7%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (c) (d)		84,241		84,241
	Repurchase Agreement with CIT, 2.88% (Collateralized by various publicly traded equities with a value of $49,500) acquired on 11/29/17, due 12/31/19 at $47,412		45,000		45,000
	Repurchase Agreement with MSC, 2.81% (Collateralized by various publicly traded equities with a value of $13,751) acquired on 03/22/19, due 10/16/19 at $12,687		12,500		12,500
				141,741
Investment Companies 0.6%
	JNL Government Money Market Fund - Institutional Class, 1.86% (c) (d)		14,699		14,699
U.S. Treasury Bill 0.0%
	Treasury, United States Department of
		1.94%, 12/12/19 (e) (f)	505		503
	Total Short Term Investments (cost $156,943)			156,943
Total Investments 106.0% (cost $2,375,977)					2,647,099
Other Derivative Instruments 0.0%					46
Other Assets and Liabilities, Net (6.0)%					(148,756)
Total Net Assets 100.0%					2,498,389

(a)Non-income producing security.

(b)All or a portion of the security was on loan as of September 30, 2019.

(c)Investment in affiliate.

(d)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

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

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

JNL/S&P Competitive Advantage Fund — Futures Contracts
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
S&P 500 Index	62	December 2019		9,305	46			(72)

429

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
JNL/S&P Dividend Income & Growth Fund
COMMON STOCKS 99.3%
Real Estate 9.7%
	KiMcO Realty Corporation (a)		8,131		169,778
	Simon Property Group Inc. (a)		325		50,627
	Ventas, Inc. (a)		2,134		155,827
	Welltower Inc.		1,272		115,275
				491,507
Utilities 9.5%
	Consolidated Edison Inc.		1,146		108,261
	Duke Energy Corporation		1,567		150,178
	PPL Corporation		1,639		51,625
	The Southern Company (a)		2,750		169,882
				479,946
Information Technology 9.4%
	Cisco Systems, Inc.		2,026		100,090
	International Business Machines Corp. (a)		1,069		155,527
	Maxim Integrated Products, Inc.		1,726		99,940
	Texas Instruments Incorporated		906		117,080
				472,637
Consumer Discretionary 9.2%
	Carnival Plc (a)		1,099		48,038
	Harley-Davidson Inc. (a)		3,868		139,142
	Leggett & Platt Inc. (a)		1,236		50,609
	Nordstrom Inc. (a)		2,636		88,769
	Target Corporation		1,296		138,519
				465,077
Communication Services 9.0%
	Comcast Corporation - Class A		3,489		157,295
	Omnicom Group Inc. (a)		1,856		145,297
	Walt Disney Co.		1,168		152,164
				454,756
Materials 9.0%
	Air Products and Chemicals, Inc.		761		168,868
	Linde Public Limited Company		555		107,446
	Nucor Corp. (a)		2,527		128,641
	PPG Industries Inc.		407		48,255
				453,210
Consumer Staples 9.0%
	Altria Group, Inc.		878		35,900
	Archer-Daniels-Midland Company (a)		2,346		96,343
	Coca-Cola Co.		1,951		106,197
	Kimberly-Clark Corp.		1,145		162,604
	Philip Morris International Inc.		672		51,026
				452,070
Industrials 8.9%
	3M Company (a)		300		49,248
	Cummins Inc.		611		99,460
	Eaton Corporation Public Limited Company (a)		600		49,903
	PACCAR Inc.		2,174		152,225
	United Parcel Service Inc. - Class B		825		98,857
				449,693
Energy 8.8%
	Exxon Mobil Corporation (a)		1,881		132,807
	ONEOK Inc.		2,161		159,232
	Valero Energy Corporation		1,796		153,097
				445,136
Financials 8.8%
	Invesco Ltd. (a)		3,086		52,271
	MetLife, Inc.		2,071		97,664
	People's United Financial Inc. (a)		8,754		136,869
	Principal Financial Group, Inc.		1,832		104,676
	Wells Fargo & Co.		1,040		52,471
				443,951
Health Care 8.0%
	Amgen Inc.		700		135,418
	Cardinal Health, Inc. (a)		2,827		133,414
	Johnson & Johnson		1,034		133,810
				402,642
	Total Common Stocks (cost $4,723,927)			5,010,625
SHORT TERM INVESTMENTS 5.5%
Securities Lending Collateral 4.8%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (b) (c)		140,253		140,253
	Repurchase Agreement with CIT, 2.88% (Collateralized by various publicly traded equities with a value of $99,000) acquired on 11/29/17, due 12/31/19 at $94,874		90,000		90,000
	Repurchase Agreement with MSC, 2.81% (Collateralized by various publicly traded equities with a value of $13,751) acquired on 03/22/19, due 10/16/19 at $12,687		12,500		12,500
				242,753
Investment Companies 0.6%
	JNL Government Money Market Fund - Institutional Class, 1.86% (b) (c)		29,482		29,482
U.S. Treasury Bill 0.1%
	Treasury, United States Department of
		1.94%, 12/12/19 (d) (e)	2,125		2,118
	Total Short Term Investments (cost $274,352)			274,353
Total Investments 104.8% (cost $4,998,279)					5,284,978
Other Derivative Instruments 0.0%					197
Other Assets and Liabilities, Net (4.8)%					(240,328)
Total Net Assets 100.0%					5,044,847

(a)All or a portion of the security was on loan as of September 30, 2019.

(b)Investment in affiliate.

(c)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

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

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

JNL/S&P Dividend Income & Growth Fund — Futures Contracts
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
S&P 500 Index	264	December 2019		39,621	197			(305)

430

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
JNL/S&P International 5 Fund
COMMON STOCKS 98.9%
Japan 23.3%
	Aisin Seiki Co. Ltd.	8		256
	Amada Co. Ltd.	30		322
	Bridgestone Corp.	9		361
	Canon Inc.	13		336
	Honda Motor Co. Ltd.	13		330
	ITOCHU Corp.	20		420
	Japan Retail Fund Investment Corp.	—		252
	Japan Tobacco Inc.	14		309
	JFE Holdings Inc.	21		249
	JS Group Corp.	23		411
	JXTG Holdings, Inc.	77		351
	KDDI Corp.	15		394
	Kobe Steel Ltd.	40		217
	Marubeni Corp.	51		338
	Mebuki Financial Group, Inc.	60		148
	Mitsubishi Chemical Holdings Corporation	49		349
	Mitsubishi Corp.	13		315
	Mitsubishi Gas Chemical Co. Inc.	15		206
	Mitsubishi Tanabe Pharma Corp.	17		183
	Mitsubishi UFJ Financial Group Inc.	70		358
	Mitsui & Co. Ltd.	23		378
	Mitsui Chemicals Inc.	13		291
	mixi, Inc.	7		139
	Mizuho Financial Group Inc.	232		357
	Nippon Steel Corporation	20		280
	Nissan Motor Co. Ltd.	42		261
	Nomura Real Estate Holdings, Inc.	9		184
	NSK Ltd.	35		295
	NTN Corporation (a)	51		147
	NTT DoCoMo Inc.	15		394
	Panasonic Corp.	39		319
	Resona Holdings Inc.	80		346
	Seiko Epson Corp.	22		304
	Sekisui House Ltd.	25		484
	Subaru Corp. NPV	14		402
	Sumitomo Chemical Co. Ltd.	72		327
	Sumitomo Corp.	25		394
	Sumitomo Metal Mining Co. Ltd.	12		383
	Sumitomo Rubber Industries Inc.	19		225
	Tosoh Corp.	22		287
	United Urban Investment Corp.	—		196
	Yamaha Motor Co. Ltd.	18		324
			12,822
United Kingdom 15.7%
	Antofagasta PLC	35		381
	Aviva PLC	79		386
	Babcock International Group PLC	28		191
	Barratt Developments P L C	56		448
	Burberry Group Plc	17		466
	Carnival Plc	8		331
	Centrica PLC	265		240
	HSBC Holdings PLC	55		420
	Imperial Brands PLC	13		296
	International Consolidated Airlines Group, S.A.	51		297
	ITV Plc	178		275
	J Sainsbury PLC	145		392
	Land Securities Group PLC	26		268
	Legal & General Group PLC	121		370
	Marks & Spencer Group Plc	128		289
	Mondi plc	18		346
	Persimmon Public Limited Company	14		364
	Rio Tinto PLC	8		395
	RSA Insurance Group PLC	57		374
	Smiths Group PLC	10		200
	St. James's Place PLC	24		288
	Taylor Wimpey PLC	170		338
	The Berkeley Group Holdings PLC	6		291
	Unilever N.V.	8		501
	Unilever PLC	8		504
			8,651
Australia 12.4%
	AGL Energy Limited	20		257
	AMP Ltd.	175		216
	Aurizon Holdings Limited	84		336
	Australia & New Zealand Banking Group Ltd.	15		292
	BHP Group PLC	11		276
	BlueScope Steel Ltd.	31		254
	Coca-Cola Amatil Ltd.	48		342
	Commonwealth Bank of Australia	6		314
	Crown Resorts Limited	17		136
	Fortescue Metals Group Ltd.	66		395
	Harvey Norman Holdings Ltd. (a)	53		162
	Insurance Australia Group Ltd.	58		310
	Macquarie Group Limited	3		290
	Mirvac Group	150		309
	National Australia Bank Ltd.	17		341
	Qantas Airways Ltd.	73		312
	QBE Insurance Group Ltd.	35		297
	Rio Tinto Ltd.	4		278
	Scentre Group Limited	111		294
	South32 Limited	105		186
	Suncorp Group Limited	31		283
	Vicinity Centres RE Ltd	155		270
	Wesfarmers Ltd.	13		344
	Westpac Banking Corp.	16		318
			6,812
Canada 8.8%
	Cameco Corp.	19		184
	Canadian Natural Resources Ltd.	17		447
	Empire Company Limited - Class A	7		190
	Genworth MI Canada Inc. (a)	5		195
	Great-West Lifeco Inc.	13		305
	H&R Real Estate Investment Trust	13		232
	Imperial Oil Ltd.	18		456
	Manulife Financial Corp.	28		515
	Methanex Corporation	4		142
	Restaurant Brands International Limited Partnership	8		547
	SmartCentres Real Estate Investment Trust	6		157
	Sun Life Financial Inc.	12		550
	Teck Resources Ltd. - Class B	21		342
	Thomson Reuters Corporation	6		368
	West Fraser Timber Co. Ltd.	6		236
			4,866
France 8.3%
	AXA SA	18		457
	Capgemini SA	4		443
	Carrefour SA (a)	22		392
	Klepierre	12		392
	Peugeot SA	18		438
	Sanofi SA	5		502
	Schneider Electric SE	6		504
	Sodexo SA	4		414
	Veolia Environnement	20		516
	VINCI	5		514
			4,572
Spain 4.4%
	ACS, Actividades de Construccion y Servicios, S.A.	10		407
	AENA, S.M.E., S.A. (b)	3		465
	Banco Bilbao Vizcaya Argentaria SA	73		380
	CaixaBank, S.A.	127		334
	Red Electrica Corporacion, S.A.	21		423
	Repsol SA (a)	26		405
			2,414
Switzerland 3.8%
	Alcon AG (c)	1		57
	LafargeHolcim Ltd.	9		442
	Novartis AG	5		423
	Roche Holding AG	1		210
	Swisscom AG	1		474
	Zurich Insurance Group AG	1		520
			2,126
Italy 3.8%
	A2A SpA	112		206

431

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Assicurazioni Generali SpA		25		491
	Atlantia SpA		19		463
	Mediobanca SpA		46		501
	Snam Rete Gas SpA		92		464
				2,125
Netherlands 3.3%
	Koninklijke Ahold Delhaize N.V.		17		435
	Koninklijke KPN N.V.		144		450
	Koninklijke Philips N.V.		11		526
	Royal Dutch Shell PLC - Class A		14		418
				1,829
Germany 2.0%
	Deutsche Telekom AG		27		456
	Hochtief AG		1		145
	Muenchener Rueckversicherungs AG		2		494
				1,095
Sweden 2.0%
	AB SKF - Class B		24		388
	Castellum AB		11		233
	Telia Co. AB		103		463
				1,084
Singapore 1.7%
	CapitaLand Ltd.		106		270
	Genting Singapore Limited		357		227
	Mapletree Commercial Trust Management Ltd. (d)		102		170
	Singapore Telecommunications Limited		134		301
				968
Belgium 1.6%
	Groupe Bruxelles Lambert SA		2		202
	Solvay SA		4		378
	UCB SA		5		333
				913
Finland 1.5%
	Stora Enso Oyj - Class R		32		391
	UPM-Kymmene Oyj		14		424
				815
Denmark 1.3%
	ISS A/S (a)		10		239
	Novo Nordisk A/S - Class B		9		471
				710
Norway 1.2%
	Telenor ASA		23		456
	TGS NOPEC Geophysical Company ASA		7		183
				639
Hong Kong 1.1%
	ASM Pacific Technology Ltd.		26		315
	HKT Trust		174		276
				591
South Korea 0.8%
	CJ O Shopping Co. Ltd.		1		185
	Hyundai Heavy Industries Co., Ltd.		1		246
				431
Ireland 0.6%
	Smurfit Kappa Funding Designated Activity Company		10		310
Israel 0.5%
	Israel Corporation Ltd (c)		—		40
	Plus500 Ltd		20		191
	The First International Bank of Israel Limited		2		61
				292
Luxembourg 0.5%
	SES S.A. - FDR (a)		15		268
New Zealand 0.3%
	Contact Energy Limited		31		167
	Total Common Stocks (cost $56,715)			54,500
INVESTMENT COMPANIES 0.0%
United States of America 0.0%
	iShares MSCI EAFE ETF		—		16
	Total Investment Companies (cost $16)			16
RIGHTS 0.0%
Australia 0.0%
	Harvey Norman Holdings Ltd. (c)		3		4
	Total Rights (cost $0)			4
SHORT TERM INVESTMENTS 0.5%
Investment Companies 0.4%
	JNL Government Money Market Fund - Institutional Class, 1.86% (e) (f)		201		201
U.S. Treasury Bill 0.1%
	Treasury, United States Department of
		1.94%, 12/12/19 (g)	40		40
	Total Short Term Investments (cost $241)			241
Total Investments 99.4% (cost $56,972)					54,761
Other Derivative Instruments 0.0%					1
Other Assets and Liabilities, Net 0.6%					332
Total Net Assets 100.0%					55,094

(a)All or a portion of the security was on loan as of September 30, 2019.

(b)The Adviser has deemed this security, which is exempt from registration under the Securities Act of 1933, as amended, to be liquid based on procedures approved by the Board of Trustees. As of September 30, 2019, the value and the percentage of net assets of these liquid securities was $465 and 0.8% of the Fund.

(c)Non-income producing security.

(d)Security is restricted to resale to institutional investors. See Restricted Securities in the Schedules of Investments.

(e)Investment in affiliate.

(f)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

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

Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Mapletree Commercial Trust Management Ltd.	03/01/19	136	170	0.3

JNL/S&P International 5 Fund — Futures Contracts
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
MSCI EAFE Index	4	December 2019		382	1			(2)

432

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
JNL/S&P Intrinsic Value Fund
COMMON STOCKS 99.7%
Consumer Discretionary 27.5%
	Best Buy Co., Inc.		318		21,918
	BorgWarner Inc. (a)		757		27,767
	Foot Locker Inc.		489		21,096
	Goodyear Tire & Rubber Co.		1,194		17,201
	H & R Block, Inc.		1,922		45,388
	Harley-Davidson Inc.		2,017		72,552
	Kohl's Corp.		1,257		62,414
	Lennar Corp. - Class A		456		25,497
	Limited Brands Inc.		839		16,429
	LKQ Corp. (b)		941		29,588
	Newell Brands Inc.		1,488		27,856
	Nordstrom Inc. (a)		853		28,715
	Pulte Homes Inc.		2,579		94,260
	PVH Corp.		326		28,762
	Ralph Lauren Corp. - Class A		529		50,489
	Starbucks Corp.		723		63,944
				633,876
Information Technology 23.2%
	Applied Materials, Inc.		738		36,819
	DXC Technology Company		770		22,722
	HP Inc.		3,660		69,253
	International Business Machines Corp.		562		81,790
	Lam Research Corp.		417		96,352
	NetApp, Inc.		514		26,988
	Western Digital Corp.		1,040		62,047
	Western Union Co.		2,688		62,277
	Xerox Holdings, Inc.		2,585		77,332
				535,580
Health Care 17.0%
	AmerisourceBergen Corporation		564		46,479
	Amgen Inc.		115		22,304
	Biogen Inc. (b)		179		41,630
	Cardinal Health, Inc.		1,481		69,893
	Celgene Corp. (b)		382		37,922
	DaVita Inc. (b)		438		24,992
	Gilead Sciences Inc.		1,109		70,279
	McKesson Corporation		573		78,265
				391,764
Materials 7.2%
	Eastman Chemical Co.		641		47,338
	International Paper Co.		1,704		71,257
	Nucor Corp.		504		25,663
	Westrock Company, Inc.		586		21,345
				165,603
Industrials 5.4%
	Cummins Inc.		165		26,916
	Southwest Airlines Co.		1,363		73,619
	United Parcel Service Inc. - Class B		199		23,812
				124,347
Consumer Staples 5.2%
	Altria Group, Inc.		418		17,094
	Tyson Foods Inc. - Class A		466		40,190
	Walgreens Boots Alliance Inc.		1,119		61,881
				119,165
Communication Services 4.7%
	Comcast Corporation - Class A		707		31,866
	Omnicom Group Inc. (a)		972		76,112
				107,978
Real Estate 3.8%
	Host Hotels & Resorts, Inc.		1,540		26,622
	KiMcO Realty Corporation		2,921		60,987
				87,609
Energy 3.3%
	HollyFrontier Corp.		1,421		76,239
Utilities 2.4%
	NRG Energy Inc.		1,393		55,166
	Total Common Stocks (cost $2,290,557)			2,297,327
SHORT TERM INVESTMENTS 2.4%
Securities Lending Collateral 2.3%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (c) (d)		51,952		51,952
Investment Companies 0.1%
	JNL Government Money Market Fund - Institutional Class, 1.86% (c) (d)		2,772		2,772
U.S. Treasury Bill 0.0%
	Treasury, United States Department of
		1.94%, 12/12/19 (e) (f)	540		538
	Total Short Term Investments (cost $55,262)			55,262
Total Investments 102.1% (cost $2,345,819)					2,352,589
Other Derivative Instruments 0.0%					49
Other Assets and Liabilities, Net (2.1)%					(48,247)
Total Net Assets 100.0%					2,304,391

(a)All or a portion of the security was on loan as of September 30, 2019.

(b)Non-income producing security.

(c)Investment in affiliate.

(d)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

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

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

JNL/S&P Intrinsic Value Fund — Futures Contracts
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
S&P 500 Index	67	December 2019		10,055	49			(77)

433

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
JNL/S&P Mid 3 Fund
COMMON STOCKS 99.6%
Consumer Discretionary 27.0%
	Adtalem Global Education Inc. (a)		16		628
	American Eagle Outfitters, Inc.		157		2,541
	Bed Bath & Beyond Inc. (b)		315		3,351
	Boyd Gaming Corp.		66		1,576
	Carter's Inc.		29		2,658
	Cheesecake Factory Inc. (b)		85		3,542
	Cracker Barrel Old Country Store, Inc. (b)		16		2,592
	Deckers Outdoor Corp. (a)		18		2,664
	Dillard's Inc. - Class A (b)		55		3,667
	Foot Locker Inc.		158		6,828
	Gentex Corp.		100		2,761
	Jack in the Box Inc.		36		3,271
	Sally Beauty Holdings, Inc. (a)		129		1,925
	Texas Roadhouse Inc.		51		2,690
	The Michaels Companies, Inc. (a) (b)		209		2,049
	Toll Brothers Inc.		90		3,696
	Urban Outfitters Inc. (a)		245		6,869
	Williams-Sonoma Inc.		87		5,914
				59,222
Information Technology 16.6%
	Belden Inc.		14		771
	CDK Global, Inc.		146		7,042
	Cirrus Logic Inc. (a)		42		2,247
	CommVault Systems Inc. (a)		15		685
	J2 Cloud Services, LLC		37		3,355
	LogMeIn, Inc.		95		6,709
	MAXIMUS Inc.		15		1,129
	National Instruments Corp.		38		1,581
	NCR Corporation (a)		50		1,584
	Tech Data Corp. (a)		48		5,028
	Teradyne Inc.		108		6,259
				36,390
Materials 11.3%
	Domtar Corp. (c)		48		1,719
	Eagle Materials Inc.		36		3,257
	Olin Corp. (b)		191		3,580
	Reliance Steel & Aluminum Co.		65		6,477
	Steel Dynamics Inc.		331		9,871
				24,904
Financials 11.3%
	American Financial Group, Inc.		59		6,311
	Brighthouse Financial, Inc. (a)		92		3,740
	Evercore Inc. - Class A		28		2,264
	Green Dot Corporation - Class A (a)		150		3,790
	Hanover Insurance Group Inc.		18		2,393
	Navient Corporation		93		1,185
	RenaissanceRe Holdings Ltd		18		3,479
	SEI Investments Co.		27		1,617
				24,779
Industrials 10.3%
	Herman Miller Inc.		16		727
	JetBlue Airways Corp. (a)		152		2,549
	Landstar System Inc.		53		5,964
	Lincoln Electric Holdings Inc.		56		4,828
	MSC Industrial Direct Co. - Class A		33		2,390
	Nvent Electric Public Limited Company		159		3,513
	Old Dominion Freight Line Inc.		16		2,740
				22,711
Real Estate 8.5%
	Brixmor Property Group Inc.		343		6,957
	CoreCivic, Inc.		42		718
	Sabra Health Care REIT, Inc.		73		1,679
	Senior Housing Properties Trust		185		1,712
	Service Properties Trust		95		2,446
	Tanger Factory Outlet Centers Inc. (b)		327		5,055
				18,567
Communication Services 5.9%
	AMC Networks, Inc. - Class A (a)		23		1,132
	Cars.com Inc. (a)		257		2,307
	TEGNA Inc.		228		3,536
	Yelp Inc. - Class A (a)		171		5,936
				12,911
Consumer Staples 3.7%
	Ingredion Inc.		40		3,239
	Sprouts Farmers Market, Inc. (a)		256		4,950
				8,189
Energy 2.8%
	EQT Corporation		301		3,204
	Patterson-UTI Energy Inc.		354		3,027
				6,231
Health Care 2.2%
	Exelixis, Inc. (a)		133		2,347
	Mallinckrodt Public Limited Company (a) (b)		434		1,046
	Mednax, Inc. (a)		66		1,482
				4,875
	Total Common Stocks (cost $221,000)			218,779
SHORT TERM INVESTMENTS 6.9%
Securities Lending Collateral 6.5%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (d) (e)		14,388		14,388
Investment Companies 0.4%
	JNL Government Money Market Fund - Institutional Class, 1.86% (d) (e)		778		778
U.S. Treasury Bill 0.0%
	Treasury, United States Department of
		1.94%, 12/12/19 (f)	45		45
	Total Short Term Investments (cost $15,211)			15,211
Total Investments 106.5% (cost $236,211)					233,990
Other Derivative Instruments 0.0%					7
Other Assets and Liabilities, Net (6.5)%					(14,350)
Total Net Assets 100.0%					219,647

(a)Non-income producing security.

(b)All or a portion of the security was on loan as of September 30, 2019.

(c)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

(d)Investment in affiliate.

(e)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

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

JNL/S&P Mid 3 Fund — Futures Contracts
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
S&P Midcap 400 Index	5	December 2019		969	7			—

434

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
JNL/S&P Total Yield Fund
COMMON STOCKS 99.3%
Information Technology 31.0%
	Ads Alliance Data Systems Inc.		115		14,669
	Applied Materials, Inc.		1,071		53,450
	Cisco Systems, Inc.		814		40,242
	Citrix Systems Inc.		433		41,803
	HP Inc.		3,148		59,555
	Juniper Networks, Inc.		719		17,787
	Lam Research Corp.		244		56,428
	NetApp, Inc.		1,087		57,058
	Oracle Corporation		818		45,030
	Qualcomm Incorporated		1,019		77,697
	Seagate Technology Public Limited Company		453		24,392
	Western Digital Corp.		849		50,643
	Xerox Holdings, Inc. (a)		2,194		65,636
				604,390
Consumer Discretionary 21.6%
	Best Buy Co., Inc.		319		22,036
	eBay Inc.		1,100		42,865
	Foot Locker Inc.		365		15,774
	Kohl's Corp.		789		39,166
	Lennar Corp. - Class A		414		23,125
	Limited Brands Inc.		1,383		27,090
	Macy's, Inc.		2,946		45,782
	Newell Brands Inc.		3,476		65,073
	Nordstrom Inc. (a)		786		26,461
	Ralph Lauren Corp. - Class A		258		24,606
	Tapestry Inc.		1,098		28,611
	Target Corporation		564		60,297
				420,886
Financials 16.4%
	Ameriprise Financial, Inc.		159		23,382
	Capital One Financial Corporation		493		44,829
	Charles Schwab Corp.		432		18,064
	Discover Financial Services		285		23,087
	E*TRADE Financial Corp.		406		17,719
	Franklin Resources Inc.		1,218		35,140
	Loews Corp.		1,320		67,952
	MetLife, Inc.		1,415		66,746
	Northern Trust Corp.		259		24,164
				321,083
Health Care 9.8%
	Amgen Inc.		204		39,383
	Cardinal Health, Inc.		1,269		59,900
	DaVita Inc. (b)		404		23,051
	Henry Schein Inc. (a) (b)		370		23,463
	McKesson Corporation		165		22,503
	Waters Corp. (a) (b)		107		23,986
				192,286
Industrials 7.8%
	Delta Air Lines Inc.		394		22,666
	Dover Corp.		462		46,027
	Jacobs Engineering Group Inc.		256		23,445
	Johnson Controls International Public Limited Company		533		23,408
	Textron Inc.		733		35,894
				151,440
Real Estate 5.0%
	Apartment Investment and Management Company - Class A		446		23,278
	KiMcO Realty Corporation		2,390		49,910
	Vornado Realty Trust		377		23,973
				97,161
Materials 3.7%
	CF Industries Holdings Inc.		489		24,051
	International Paper Co.		582		24,352
	Sealed Air Corporation		565		23,436
				71,839
Consumer Staples 2.2%
	Molson Coors Brewing Company - Class B		757		43,513
Communication Services 1.8%
	CenturyLink Inc. (a)		1,506		18,799
	Viacom Inc. - Class B		680		16,345
				35,144
	Total Common Stocks (cost $1,975,749)			1,937,742
SHORT TERM INVESTMENTS 2.6%
Securities Lending Collateral 2.1%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (c) (d)		40,024		40,024
Investment Companies 0.5%
	JNL Government Money Market Fund - Institutional Class, 1.86% (c) (d)		10,708		10,708
U.S. Treasury Bill 0.0%
	Treasury, United States Department of
		1.94%, 12/12/19 (e) (f)	755		752
	Total Short Term Investments (cost $51,484)			51,484
Total Investments 101.9% (cost $2,027,233)					1,989,226
Other Derivative Instruments 0.0%					71
Other Assets and Liabilities, Net (1.9)%					(37,166)
Total Net Assets 100.0%					1,952,131

(a)All or a portion of the security was on loan as of September 30, 2019.

(b)Non-income producing security.

(c)Investment in affiliate.

(d)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

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

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

JNL/S&P Total Yield Fund — Futures Contracts
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
S&P 500 Index	97	December 2019		14,558	71			(112)

435

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
JNL/Scout Unconstrained Bond Fund
GOVERNMENT AND AGENCY OBLIGATIONS 64.5%
U.S. Treasury Note 46.3%
	Treasury, United States Department of
		1.50%, 08/31/21 (a)	60,870		60,689
		1.75%, 07/31/24	16,960		17,114
		1.88%, 08/31/24 - 07/31/26	45,020		45,731
				123,534
Mortgage-Backed Securities 13.8%
	Federal Home Loan Mortgage Corporation
		4.00%, 09/01/48 - 06/01/49	12,784		13,282
	Federal National Mortgage Association, Inc.
		2.48%, 01/01/27	4,500		4,612
		3.03%, 06/01/27	2,025		2,120
		3.63%, 07/01/28	2,375		2,583
		3.16%, 12/01/31	1,155		1,247
		4.50%, 02/01/49	11,730		12,341
		3.00%, 07/01/49	592		601
				36,786
U.S. Treasury Inflation Indexed Securities 4.4%
	Treasury, United States Department of
		0.50%, 04/15/24 (b)	11,506		11,657
	Total Government And Agency Obligations (cost $171,188)			171,977
CORPORATE BONDS AND NOTES 20.7%
Financials 13.9%
	Bank of America Corporation
		3.56%, 04/23/27	3,520		3,715
	BB&T Corporation
		2.20%, 03/16/23	2,135		2,131
	Citigroup Inc.
		3.23%, (3M USD LIBOR + 0.95%), 07/24/23 (c)	4,555		4,569
	Daimler Finance North America LLC
		3.35%, 05/04/21 (d)	4,980		5,057
	Ford Motor Credit Company LLC
		2.43%, 06/12/20	2,780		2,773
		3.81%, 10/12/21	2,020		2,046
	General Motors Financial Company, Inc.
		3.55%, 04/09/21	2,440		2,477
		5.10%, 01/17/24	3,255		3,497
	MassMutual Global Funding II
		1.95%, 09/22/20 (d)	675		676
	Reliance Standard Life Global Funding II
		2.50%, 01/15/20 (d)	2,635		2,640
	UBS AG
		2.45%, 12/01/20 (d)	1,830		1,837
	Wells Fargo & Company
		3.49%, (3M USD LIBOR + 1.23%), 10/31/23 (c)	4,365		4,431
		3.75%, 01/24/24	1,145		1,209
				37,058
Health Care 4.2%
	Bristol-Myers Squibb Company
		2.37%, (3M USD LIBOR + 0.20%), 11/16/20 (c) (d)	2,150		2,150
	Cigna Holding Company
		3.20%, 09/17/20	6,890		6,956
	CVS Health Corporation
		3.70%, 03/09/23	1,965		2,045
				11,151
Utilities 2.0%
	Dominion Energy, Inc.
		2.45%, 01/15/23 (d)	5,390		5,409
Energy 0.6%
	Energy Transfer LP
		4.05%, 03/15/25	1,480		1,547
	Total Corporate Bonds And Notes (cost $54,107)			55,165
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 11.2%
	American Airlines, Inc.
		Series 2013-A-2, 4.95%, 01/15/23	738		773
	Avis Budget Rental Car Funding (AESOP) LLC
		Series 2019-A-1A, REMIC, 3.45%, 03/20/22 (d)	1,480		1,520
	Citigroup Commercial Mortgage Trust
		Series 2018-A1-B2, 2.86%, 01/12/23	740		749
	COMM Mortgage Trust
		Series 2012-ASB-CR4, REMIC, 2.44%, 07/15/22	2,850		2,853
		Series 2013-ASB-CR10, REMIC, 3.80%, 04/12/23	487		504
	GS Mortgage Securities Corp Trust
		Series 2013-AAB-GC14, REMIC, 3.82%, 04/10/23	1,765		1,815
	Hertz Vehicle Financing II LP
		Series 2016-A-2A, 2.95%, 03/25/21 (d)	2,030		2,046
		Series 2016-A-4A, 2.65%, 07/25/21 (d)	1,130		1,133
		Series 2019-A-1A, 3.71%, 03/25/22 (d)	2,165		2,231
	J.P. Morgan Chase Commercial Mortgage Securities Trust
		Series 2012-ASB-LC9, REMIC, 2.44%, 08/17/22	2,733		2,741
	Northwest Airlines, LLC
		Series 2007-A-1, 7.03%, 11/01/19	2,662		2,667
	Residential Funding Company, LLC
		Series 2006-AI3-HSA2, REMIC, 5.55%, 11/25/27 (c)	1,514		700
	UBS-Barclays Commercial Mortgage Trust
		Series 2012-A3-C4, REMIC, 2.53%, 06/12/20	1,076		1,076
	United Airlines, Inc.
		Series 2007-A-1, 5.98%, 10/19/23	200		211
	US Airways, Inc.
		Series 2010-A-1, 6.25%, 04/22/23	1,397		1,523
		Series 2012-A-1, 5.90%, 10/01/24	1,688		1,869
	WFRBS Commercial Mortgage Trust
		Series 2014-A3-C21, REMIC, 3.43%, 08/17/21	428		435
		Series 2012-ASB-C10, REMIC, 2.45%, 07/15/22	1,965		1,973
		Series 2013-A3-C13, REMIC, 2.75%, 03/17/23	1,638		1,668
		Series 2013-ASB-C15, REMIC, 3.72%, 05/17/23	1,122		1,155
		Series 2014-A2-LC14, REMIC, 2.86%, 03/15/47	96		96
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $29,802)			29,738
SHORT TERM INVESTMENTS 8.1%
Investment Companies 7.7%
	JNL Government Money Market Fund - Institutional Class, 1.86% (e) (f)		20,571		20,571
Securities Lending Collateral 0.4%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (e) (f)		1,018		1,018
	Total Short Term Investments (cost $21,589)			21,589
Total Investments 104.5% (cost $276,686)					278,469
Other Derivative Instruments 0.0%					30
Other Assets and Liabilities, Net (4.5)%					(12,120)
Total Net Assets 100.0%					266,379

(a)All or a portion of the security was on loan as of September 30, 2019.

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

(c)Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of September 30, 2019. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations (“CMO”) and mortgage-backed securities (“MBS”) are determined by tranches of underlying mortgage-backed security pools’ cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security’s offering documents.

(d)The Adviser has deemed this security, which is exempt from registration under the Securities Act of 1933, as amended, to be liquid based on procedures approved by the Board of Trustees. As of September 30, 2019, the value and the

436

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

percentage of net assets of these liquid securities was $24,699 and 9.3% of the Fund.

(e)Investment in affiliate.

(f)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

JNL/Scout Unconstrained Bond Fund — Centrally Cleared Credit Default Swap Agreements
Reference Entity2	Fixed Receive/ Pay Rate8 (%)	Expiration	Notional1,7		Value6 ($)		Variation Margin Receivable (Payable) ($)		Unrealized Appreciation (Depreciation) ($)
Credit default swap agreements - sell protection4
CDX.NA.HY.32 (Q)	5.00	06/24/24		(10,841)		766		22		(34)
CDX.NA.IG.32 (Q)	1.00	06/20/24		(14,790)		312		8		16
						1,078		30		(18)

437

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
JNL/T. Rowe Price Established Growth Fund
COMMON STOCKS 99.1%
Information Technology 29.4%
	Apple Inc.	332		74,353
	ASML Holding - ADR	432		107,316
	Atlassian Corporation PLC - Class A (a)	72		9,037
	Fidelity National Information Services, Inc.	1,672		222,022
	Fiserv Inc. (a)	1,174		121,641
	Global Payments Inc.	366		58,246
	Hexagon Aktiebolag - Class B	981		47,268
	Intuit Inc.	566		150,586
	Marvell Technology Group Ltd	3,348		83,593
	MasterCard Incorporated - Class A	1,214		329,610
	Microsoft Corp.	4,080		567,315
	Paypal Holdings, Inc. (a)	816		84,561
	Salesforce.Com, Inc. (a)	920		136,604
	ServiceNow, Inc. (a)	236		59,867
	Slack Technologies, Inc. - Class A (a) (b)	1,268		30,083
	Splunk Inc. (a)	737		86,815
	Symantec Corp.	1,404		33,166
	Temenos Group AG	305		51,118
	Visa Inc. - Class A	2,148		369,492
	VMware Inc. - Class A	616		92,418
	Workday, Inc. - Class A (a)	463		78,763
	Zoom Video Communications, Inc. - Class A (a) (b)	31		2,373
			2,796,247
Consumer Discretionary 21.8%
	Airbnb, Inc. - Class E (a) (c) (d) (e)	85		9,068
	Alibaba Group Holding Limited - ADS (a)	1,727		288,871
	Amazon.com, Inc. (a)	452		784,607
	Aptiv PLC (d)	1,355		118,433
	Booking Holdings Inc. (a)	48		93,677
	Dollar General Corp.	245		38,906
	Dollar Tree Inc. (a)	773		88,193
	Dollarama Inc.	2,541		90,982
	Ferrari N.V.	565		87,027
	Las Vegas Sands Corp.	1,235		71,337
	McDonald's Corporation	243		52,173
	MercadoLibre S.R.L (a)	48		26,706
	MGM Resorts International	1,766		48,948
	Nike Inc. - Class B	1,191		111,883
	NVR, Inc. (a)	13		46,571
	Restaurant Brands International Limited Partnership	442		31,440
	Ulta Salon, Cosmetics & Fragrance, Inc. (a)	21		5,320
	Wynn Resorts Ltd.	768		83,496
			2,077,638
Communication Services 18.0%
	Alphabet Inc. - Class A (a)	250		305,285
	Alphabet Inc. - Class C (a)	244		297,613
	Facebook, Inc. - Class A (a)	2,973		529,491
	IAC/InterActiveCorp (a)	334		72,869
	Match Group, Inc.	9		615
	Netflix, Inc. (a)	462		123,711
	Tencent Holdings Limited	4,572		192,570
	Tencent Music Entertainment Group - Class A - ADR (a)	3,288		41,994
	Walt Disney Co.	1,149		149,705
			1,713,853
Health Care 12.2%
	Alcon AG (a)	922		53,745
	Alexion Pharmaceuticals, Inc. (a)	299		29,245
	Anthem, Inc.	328		78,752
	Becton, Dickinson and Company	530		134,145
	Centene Corporation (a)	1,499		64,840
	Cigna Corp.	453		68,750
	HCA Healthcare, Inc.	579		69,764
	Intuitive Surgical, Inc. (a)	278		150,085
	Stryker Corp.	806		174,404
	UnitedHealth Group Incorporated	664		144,267
	Vertex Pharmaceuticals Incorporated (a)	841		142,440
	WellCare Health Plans, Inc. (a)	195		50,441
			1,160,878
Industrials 10.7%
	Equifax Inc.	251		35,311
	Fortive Corporation	1,150		78,811
	Honeywell International Inc.	220		37,244
	JB Hunt Transport Services Inc.	525		58,093
	Northrop Grumman Systems Corp.	249		93,355
	Roper Industries Inc.	348		123,987
	The Boeing Company	1,066		405,685
	TransUnion	1,215		98,562
	Wabtec Corp.	1,199		86,127
			1,017,175
Financials 2.9%
	Charles Schwab Corp.	1,812		75,814
	Chubb Limited	342		55,151
	Intercontinental Exchange, Inc.	651		60,090
	S&P Global Inc.	25		6,204
	TD Ameritrade Holding Corporation	1,702		79,486
			276,745
Utilities 1.7%
	NextEra Energy, Inc.	335		78,003
	Sempra Energy	602		88,792
			166,795
Materials 0.8%
	DuPont de Nemours, Inc	358		25,504
	Linde Public Limited Company	265		51,408
			76,912
Consumer Staples 0.7%
	Philip Morris International Inc.	862		65,464
Energy 0.6%
	Concho Resources Inc.	332		22,536
	Pioneer Natural Resources Co.	282		35,506
			58,042
Real Estate 0.3%
	Crown Castle International Corp.	209		29,079
	Total Common Stocks (cost $6,850,633)		9,438,828
PREFERRED STOCKS 0.3%
Consumer Discretionary 0.2%
	Airbnb, Inc. - Series D (a) (c) (d) (e)	167		17,850
Industrials 0.1%
	Xiaoju Kuaizhi Inc. - Series A-17 (a) (c) (d) (e)	246		12,541
Real Estate 0.0%
	WeWork Companies Inc. - Series E (a) (c) (d) (e)	143		2,304
	Total Preferred Stocks (cost $18,243)		32,695
SHORT TERM INVESTMENTS 0.8%
Investment Companies 0.6%
	JNL Government Money Market Fund - Institutional Class, 1.86% (f) (g)	4,032		4,032
	T. Rowe Price Government Reserve Fund, 1.95% (f) (g)	48,684		48,684
			52,716
Securities Lending Collateral 0.2%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (f) (g)	20,900		20,900
	Total Short Term Investments (cost $73,616)		73,616
Total Investments 100.2% (cost $6,942,492)				9,545,139
Other Assets and Liabilities, Net (0.2)%				(20,851)
Total Net Assets 100.0%				9,524,288

(a)Non-income producing security.

(b)All or a portion of the security was on loan as of September 30, 2019.

(c)Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Schedules of Investments.

(d)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

(e)Security is restricted to resale to institutional investors. See Restricted Securities in the Schedules of Investments.

(f)Investment in affiliate.

438

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

(g)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Airbnb, Inc. - Class E	07/14/15	7,889	9,068	0.1
	Airbnb, Inc. - Series D	04/15/14	6,792	17,850	0.2
	WeWork Companies Inc. - Series E	06/23/15	4,698	2,304	—
	Xiaoju Kuaizhi Inc. - Series A-17	10/19/15	6,753	12,541	0.1
			26,132	41,763	0.4

439

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
JNL/T. Rowe Price Managed Volatility Balanced Fund
COMMON STOCKS 58.8%
Information Technology 10.8%
	Accenture Public Limited Company - Class A	2		433
	Amphenol Corporation - Class A	4		339
	Analog Devices, Inc.	5		509
	Apple Inc.	11		2,459
	Applied Materials, Inc.	11		568
	ASML Holding - ADR	2		514
	ASML Holding	3		776
	Atlassian Corporation PLC - Class A (a)	1		74
	Automatic Data Processing, Inc.	1		97
	Broadcom Inc.	4		1,143
	CDW Corp.	1		74
	Cisco Systems, Inc.	28		1,376
	Cognizant Technology Solutions Corp. - Class A	3		185
	DocuSign, Inc. (a)	1		87
	Fidelity National Information Services, Inc.	15		2,049
	Fiserv Inc. (a)	11		1,120
	FleetCor Technologies Inc. (a)	2		526
	FLIR Systems Inc.	1		36
	Global Payments Inc.	9		1,401
	Hamamatsu Photonics KK (b)	10		355
	IHS Markit Ltd. (a)	1		93
	Intuit Inc.	6		1,599
	Juniper Networks, Inc.	3		80
	Keysight Technologies, Inc. (a)	7		684
	KLA-Tencor Corp.	1		167
	Lam Research Corp.	1		187
	Largan Precision Co. Ltd.	3		432
	Marvell Technology Group Ltd	13		316
	MasterCard Incorporated - Class A	11		2,926
	Maxim Integrated Products, Inc.	4		213
	Microchip Technology Incorporated	3		279
	Micron Technology Inc. (a)	29		1,253
	Microsoft Corp.	73		10,094
	Motorola Solutions Inc.	5		863
	Murata Manufacturing Co. Ltd.	9		416
	NAVER Corp.	2		243
	NEC Electronics Corp. (a)	31		206
	NVIDIA Corporation	6		1,013
	NXP Semiconductors N.V.	15		1,596
	Omron Corp.	8		442
	Oracle Corporation	3		186
	Paycom Software, Inc. (a)	—		34
	Paypal Holdings, Inc. (a)	12		1,287
	Qualcomm Incorporated	9		719
	Salesforce.Com, Inc. (a)	13		1,863
	Samsung Electronics Co. Ltd.	28		1,162
	ServiceNow, Inc. (a)	5		1,221
	Splunk Inc. (a)	4		450
	Symantec Corp.	17		399
	Synopsys Inc. (a)	6		831
	Taiwan Semiconductor Manufacturing Co. Ltd.	150		1,321
	TE Connectivity Ltd.	4		382
	Telefonaktiebolaget LM Ericsson - Class B	68		543
	Texas Instruments Incorporated	5		706
	Tokyo Electron Ltd.	3		595
	Visa Inc. - Class A	20		3,425
	VMware Inc. - Class A	3		436
	Workday, Inc. - Class A (a)	4		691
	Xilinx Inc.	1		69
	Zoom Video Communications, Inc. - Class A (a) (b)	—		14
			53,557
Financials 8.7%
	ABN AMRO Bank N.V. - CVA (c)	28		485
	AIA Group Limited	46		433
	Ally Financial Inc.	3		108
	American Express Company	1		162
	American International Group, Inc.	62		3,436
	Ameriprise Financial, Inc.	1		95
	Australia & New Zealand Banking Group Ltd.	31		605
	Aviva PLC	84		411
	AXA Equitable Holdings, Inc.	19		424
	AXA SA	43		1,092
	Bank of America Corporation	17		490
	Barclays PLC - ADR	12		89
	Berkshire Hathaway Inc. - Class B (a)	4		806
	BNP Paribas SA	17		831
	Capital One Financial Corporation	1		119
	Cboe Global Markets, Inc.	2		171
	Challenger Financial Services Group Ltd.	74		368
	Charles Schwab Corp.	14		573
	Chubb Limited	10		1,677
	Citigroup Inc.	22		1,545
	Close Brothers Group PLC	6		96
	CME Group Inc.	3		547
	Danske Bank A/S	22		300
	DBS Group Holdings Ltd.	24		425
	Direct Line Insurance Group plc	138		511
	DNB Bank ASA	49		859
	Dresdner Bank AG	18		104
	E*TRADE Financial Corp.	1		52
	Element Fleet Management Corp. (b)	78		627
	Erste Group Bank AG	5		170
	Fidelity National Financial, Inc.	1		38
	Fifth Third Bancorp	23		640
	First Republic Bank	2		162
	GAM Holding AG (a)	15		60
	ING Groep N.V.	68		710
	Intercontinental Exchange, Inc.	21		1,959
	Intesa Sanpaolo SpA	162		384
	JPMorgan Chase & Co.	20		2,369
	K.K.R. Co., Inc.	2		65
	KeyCorp	1		21
	Lloyds Banking Group PLC	834		555
	Macquarie Group Limited	8		662
	Marsh & McLennan Cos. Inc.	11		1,102
	MetLife, Inc.	5		232
	Mitsubishi UFJ Financial Group Inc.	139		707
	Mitsubishi UFJ Lease & Finance Co. Ltd.	55		319
	Moody's Corp.	—		26
	Morgan Stanley	10		414
	Muenchener Rueckversicherungs AG	4		1,052
	National Bank of Canada	13		667
	PICC Property & Casualty Co. Ltd. - Class H	414		484
	Ping An Insurance (Group) Co of China Ltd - Class H	68		784
	PNC Financial Services Group Inc.	1		182
	Progressive Corp.	2		155
	Raymond James Financial Inc.	1		90
	RSA Insurance Group PLC	53		347
	S&P Global Inc.	2		455
	Standard Chartered PLC	52		433
	State Street Corp.	1		84
	Storebrand ASA	74		469
	Sumitomo Mitsui Trust Holdings Inc.	12		417
	Sun Life Financial Inc.	21		939
	Svenska Handelsbanken AB - Class A	76		715
	Synchrony Financial	3		110
	TD Ameritrade Holding Corporation	16		767
	The Goldman Sachs Group, Inc.	—		68
	Tokio Marine Holdings Inc.	17		928
	U.S. Bancorp	5		256
	United Overseas Bank Ltd.	35		642
	Voya Financial Inc.	2		133
	Wells Fargo & Co.	57		2,872
	Willis Towers Watson Public Limited Company (b)	8		1,616
	Zurich Insurance Group AG	2		833
			43,534
Health Care 7.8%
	Abbott Laboratories	4		354
	AbbVie Inc.	11		861
	Agilent Technologies, Inc.	3		219
	Alcon AG (a)	9		518
	Alcon AG (a)	4		236
	Alexion Pharmaceuticals, Inc. (a)	4		347
	Allergan Public Limited Company	1		102

440

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	AmerisourceBergen Corporation	—		20
	Amgen Inc.	2		341
	Anthem, Inc.	3		813
	Ascendis Pharma A/S - ADR (a)	1		135
	Astellas Pharma Inc.	86		1,230
	Bayer AG	16		1,115
	Becton, Dickinson and Company	10		2,605
	Biogen Inc. (a)	—		109
	BioMarin Pharmaceutical Inc. (a)	—		28
	Boston Scientific Corp. (a)	16		668
	Bristol-Myers Squibb Co.	3		137
	Centene Corporation (a)	6		247
	Cigna Corp.	8		1,253
	Cooper Cos. Inc.	—		37
	CSL Ltd.	2		290
	CVS Health Corporation	4		264
	Danaher Corporation	19		2,757
	Elanco Animal Health (a)	20		538
	Elekta AB (publ) - Class B (b)	32		420
	Eli Lilly & Co.	1		131
	Exact Sciences Corporation (a)	—		27
	Fresenius SE & Co. KGaA	14		651
	Gilead Sciences Inc.	2		143
	GlaxoSmithKline PLC - ADR	23		969
	GN Store Nord A/S	9		360
	HCA Healthcare, Inc.	2		283
	Hologic Inc. (a)	2		111
	Incyte Corporation (a)	—		29
	Intuitive Surgical, Inc. (a)	3		1,415
	Johnson & Johnson	6		815
	McKesson Corporation	1		102
	Medtronic Public Limited Company	12		1,303
	Merck & Co., Inc.	16		1,375
	Novartis AG	20		1,759
	Novo Nordisk A/S - Class B	8		414
	Otsuka Holdings Co., Ltd.	12		436
	Pfizer Inc.	18		656
	Regeneron Pharmaceuticals, Inc. (a)	—		22
	Roche Holding AG	6		1,831
	Sanofi SA	12		1,117
	Siemens Healthineers AG (c)	12		466
	Stryker Corp.	10		2,259
	Takeda Pharmaceutical Co. Ltd. - ADR (b)	12		207
	Teleflex Inc.	1		313
	Thermo Fisher Scientific Inc.	9		2,640
	UnitedHealth Group Incorporated	6		1,405
	Veeva Systems Inc. - Class A (a)	—		38
	Vertex Pharmaceuticals Incorporated (a)	7		1,206
	WellCare Health Plans, Inc. (a)	1		358
	Zimmer Biomet Holdings, Inc.	2		314
	Zoetis Inc. - Class A	2		267
			39,066
Consumer Discretionary 7.0%
	Aisin Seiki Co. Ltd. (b)	9		271
	Alibaba Group Holding Limited - ADS (a)	18		3,022
	Amazon.com, Inc. (a)	5		8,237
	Aptiv PLC (d)	8		718
	Autoliv Inc. (b)	5		394
	AutoZone, Inc. (a)	—		106
	Booking Holdings Inc. (a)	1		1,647
	Burberry Group Plc	19		498
	Burlington Stores Inc. (a)	—		70
	Compass Group PLC	23		589
	Ctrip Computer Technology (Shanghai) Co., Ltd - ADR (a)	3		87
	CyberAgent Inc.	7		278
	Darden Restaurants Inc.	1		67
	Dollar General Corp.	7		1,057
	Dollar Tree Inc. (a)	16		1,774
	Eutelsat Communications	22		408
	Ferrari N.V. (b)	2		271
	Garrett Motion Inc. (a)	—		3
	Hilton Worldwide Holdings Inc.	5		502
	Home Depot Inc.	3		596
	Honda Motor Co. Ltd.	10		252
	Kering SA	1		519
	Kingfisher Plc	181		461
	Kontoor Brands, Inc.	—		6
	Lowe's Cos. Inc.	2		177
	Magna International Inc.	18		971
	Marriott International Inc. - Class A	3		427
	McDonald's Corporation	8		1,732
	MGM Resorts International	4		108
	Moncler S.p.A.	14		505
	Nike Inc. - Class B	7		648
	Norwegian Cruise Line Holdings Ltd. (a)	—		7
	NVR, Inc. (a)	—		100
	O'Reilly Automotive, Inc. (a)	1		202
	Panasonic Corp.	50		405
	Persimmon Public Limited Company	16		433
	Restaurant Brands International Limited Partnership	5		335
	Ross Stores Inc.	10		1,149
	Royal Caribbean Cruises Ltd.	3		338
	Samsonite International S.A.	124		264
	Sony Corp.	7		438
	Stanley Electric Co. Ltd.	15		394
	Starbucks Corp.	2		148
	Stroer SE & Co. KGaA	5		376
	Sumitomo Rubber Industries Inc.	17		206
	Suzuki Motor Corp. (b)	11		459
	Tapestry Inc.	3		73
	TJX Cos. Inc.	3		183
	Toyota Motor Corp.	18		1,188
	Ulta Salon, Cosmetics & Fragrance, Inc. (a)	1		168
	VF Corp.	3		309
	WPP 2012 Limited	51		635
	Wynn Resorts Ltd.	1		86
	Yum! Brands Inc.	4		443
	Zalando SE (a) (c)	7		315
			35,055
Industrials 6.3%
	ABB Ltd.	32		634
	AGCO Corporation	—		8
	Alaska Air Group, Inc.	1		94
	Beijing Enterprises Holdings Ltd.	51		235
	Bloom Energy Corporation - Class A (a) (b)	—		—
	Canadian Pacific Railway Limited	1		211
	Central Japan Railway Co.	3		515
	Cintas Corp.	—		116
	CK Hutchison Holdings Limited	67		588
	CoStar Group, Inc. (a)	—		98
	Cummins Inc.	—		61
	DCC Public Limited Company	6		526
	Delta Air Lines Inc.	6		321
	Epiroc Aktiebolag - Class B	1		11
	Equifax Inc.	1		98
	Flowserve Corporation	4		168
	Fortive Corporation	9		633
	Fortune Brands Home & Security, Inc.	1		77
	General Electric Company	217		1,939
	Honeywell International Inc.	8		1,364
	Illinois Tool Works Inc.	—		60
	Jacobs Engineering Group Inc.	7		599
	JB Hunt Transport Services Inc.	2		215
	Kansas City Southern	1		183
	Knorr - Bremse Aktiengesellschaft	4		337
	Koninklijke Philips N.V.	36		1,662
	L3Harris Technologies, Inc.	4		802
	Legrand SA	5		376
	Melrose Holdings Limited	237		588
	Mitsubishi Corp.	23		564
	Mitsubishi Electric Corp.	72		958
	Norfolk Southern Corp.	—		10
	Northrop Grumman Systems Corp.	5		1,765
	PACCAR Inc.	5		321
	Prysmian S.p.A.	19		409
	Recruit Holdings Co., Ltd.	19		587
	Republic Services Inc.	1		89
	Roper Industries Inc.	4		1,374

441

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	Sandvik AB	1		15
	Schneider Electric SE (a)	—		9
	Shurgard Self Storage Europe	—		11
	Siemens AG	14		1,527
	SMC Corp.	1		388
	Snap-On Inc.	—		63
	Sumitomo Corp.	62		964
	TechnoPro Holdings, Inc.	4		240
	Textron Inc.	3		167
	The Boeing Company	15		5,585
	THK Co. Ltd.	21		551
	Toro Co.	—		15
	TransUnion	2		129
	Union Pacific Corp.	2		261
	United Airlines Holdings, Inc. (a)	6		512
	United Parcel Service Inc. - Class B	13		1,584
	United Technologies Corp.	1		76
	Valmont Industries Inc.	—		6
	Wabtec Corp.	2		137
	Wartsila Oyj (b)	1		13
	Waste Connections, Inc. (d)	4		339
	Weir Group PLC(The)	1		9
	Xylem Inc.	—		22
			31,219
Communication Services 5.0%
	Activision Blizzard, Inc.	3		148
	Alphabet Inc. - Class A (a)	1		1,656
	Alphabet Inc. - Class C (a)	4		5,014
	Altice USA, Inc. - Class A (a)	2		56
	ASOS Plc (a)	11		333
	AT&T Inc.	16		600
	Baidu, Inc. - Class A - ADR (a)	2		185
	Charter Communications, Inc. - Class A (a)	—		197
	Comcast Corporation - Class A	34		1,528
	Dish Network Corporation - Class A (a)	1		18
	Electronic Arts Inc. (a)	8		805
	Facebook, Inc. - Class A (a)	29		5,173
	IAC/InterActiveCorp (a)	2		326
	KT Corp.	10		225
	Liberty Broadband Corp. - Class C (a)	2		256
	Match Group, Inc. (b)	1		64
	Netflix, Inc. (a)	4		1,190
	Nippon Telegraph & Telephone Corp.	35		1,672
	SoftBank Group Corp. (b)	8		332
	Telecom Italia SpA	413		226
	Telefonica Deutschland Holding AG	144		403
	Telstra Corp. Ltd.	35		83
	Tencent Holdings Limited	43		1,828
	T-Mobile US Inc. (a)	1		55
	VeriSign, Inc. (a)	—		77
	Verizon Communications Inc.	7		437
	Vodafone Group Public Limited Company - ADR	42		840
	Walt Disney Co.	3		421
	Yahoo! Japan Corp.	77		217
	YY, Inc. - Class A - ADS (a)	6		310
			24,675
Consumer Staples 3.5%
	Altria Group, Inc.	5		223
	Bunge Limited	1		40
	Campbell Soup Co.	2		99
	Coca-Cola Co.	6		339
	ConAgra Brands Inc.	32		979
	Constellation Brands, Inc. - Class A	—		35
	Costco Wholesale Corporation	1		361
	Diageo PLC	20		836
	Keurig Dr Pepper Inc.	3		93
	Kimberly-Clark Corp.	2		227
	Kirin Holdings Co. Ltd.	16		339
	L'Oreal SA	3		919
	Mondelez International Inc. - Class A	6		357
	Monster Beverage 1990 Corporation (a)	3		148
	Nestle SA	29		3,182
	PepsiCo Inc.	5		737
	Philip Morris International Inc.	7		519
	Pola Orbis Holdings Inc.	6		144
	Procter & Gamble Co.	6		796
	Sanderson Farms Inc.	—		22
	Seven & I Holdings Co., Ltd.	19		711
	Tyson Foods Inc. - Class A	30		2,625
	Unilever PLC	36		2,160
	Walmart Inc.	8		970
	Welcia Holdings Co.,Ltd.	6		278
	Wilmar International Limited	164		441
			17,580
Materials 3.0%
	Agnico Eagle Mines Limited	1		39
	Air Products and Chemicals, Inc.	3		621
	Akzo Nobel N.V.	—		16
	Alacer Gold Corp. (a)	1		5
	Alamos Gold Inc - Class A	2		10
	Alumina Ltd.	17		27
	Amcor Ltd.	38		368
	Anglo American Platinum Ltd.	—		21
	Anglo American PLC	2		34
	AngloGold Ashanti Ltd.	1		25
	Antofagasta PLC	45		493
	ArcelorMittal	2		28
	Asahi Kasei Corp.	62		611
	Avery Dennison Corporation	1		119
	B2Gold Corp. (a)	1		4
	Ball Corporation	6		447
	Barrick Gold Corp.	6		98
	BASF SE	9		595
	BHP Group PLC	29		620
	BHP Group PLC	17		414
	BlueScope Steel Ltd.	1		11
	Boliden AB	3		61
	Centamin PLC	7		10
	Centerra Gold Inc. (a)	—		3
	CF Industries Holdings Inc.	10		503
	China Steel Corp.	29		21
	Cia de Minas Buenaventura SA - ADR	1		15
	Corteva, Inc.	1		22
	Covestro AG (c)	8		378
	Croda International Public Limited Company	—		24
	Detour Gold Corporation (a)	1		11
	Dow Holdings Inc.	3		148
	DuPont de Nemours, Inc	12		876
	Evolution Mining Limited (b)	4		12
	First Quantum Minerals Ltd.	1		8
	Fortescue Metals Group Ltd.	4		25
	Franco-Nevada Corporation	1		82
	Freeport-McMoRan Inc. - Class B	4		34
	Fresnillo PLC	1		12
	Glencore PLC	16		48
	Gold Fields Ltd.	3		13
	Grupo Mexico SAB de CV - Class B	5		13
	Impala Platinum Holdings Limited (a)	3		18
	Incitec Pivot Ltd.	4		8
	Independence Group NL	109		473
	Industrias Penoles SAB de CV	1		12
	International Flavors & Fragrances Inc. (b)	—		49
	International Paper Co.	2		67
	JFE Holdings Inc.	1		13
	Johnson Matthey PLC	15		571
	Joint-Stock Company Alrosa (Public Joint-Stock Company)	15		17
	Kinross Gold Corporation (a)	4		19
	Kirkland Lake Gold Ltd.	2		72
	Koninklijke DSM N.V.	—		25
	L'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude	4		630
	Linde Public Limited Company	8		1,492
	Lundin Mining Corp.	3		16
	Mitsui Mining & Smelting Co Ltd	8		189
	Mondi plc	1		10
	Newcrest Mining Ltd.	2		56
	Newmont Goldcorp Corporation	1		23
	Newmont Goldcorp Corporation (d)	2		80

442

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
	Nippon Steel Corporation	2		31
	Norsk Hydro ASA	5		17
	Northern Star Resources Ltd.	4		33
	Nucor Corp.	1		35
	Orion Engineered Carbons Finance & Co. S.C.A.	—		4
	Osisko Gold Royalties Ltd	1		9
	Packaging Corp. of America	6		669
	POSCO	—		35
	PPG Industries Inc.	2		243
	Public Joint Stock Company Mining And Metallurgical Company Norilsk Nickel	—		37
	Quaker Chemical Corp.	—		13
	Regis Resources Ltd.	1		2
	Rio Tinto Ltd.	4		273
	Rio Tinto PLC	4		186
	RPM International Inc.	1		91
	Sandstorm Gold Ltd. (a)	2		10
	Saracen Mineral Holdings Ltd. (a)	10		24
	Sealed Air Corporation	1		46
	SEMAFO Inc. (a)	5		15
	Sherwin-Williams Co.	1		344
	South32 Limited	166		293
	Southern Peru Copper Corporation (Sucursal Del Peru)	1		23
	Steel Dynamics Inc.	1		24
	Stora Enso Oyj - Class R	46		556
	Sumitomo Metal Mining Co. Ltd.	1		34
	Symrise AG	—		14
	Teck Resources Ltd. - Class B	2		40
	ThyssenKrupp AG	1		14
	Torex Gold Resources Inc. (a)	—		1
	Tosoh Corp.	6		84
	Umicore (b)	13		476
	Vale SA	7		84
	Victrex PLC	—		7
	Vidrala SA	—		8
	Voestalpine AG	—		5
	West Fraser Timber Co. Ltd.	—		15
	Westlake Chemical Corp.	1		64
	Wheaton Precious Metals Corp. (b)	1		26
	Yara International ASA	—		15
			14,665
Utilities 2.6%
	Alliant Energy Corporation	—		11
	American Electric Power Company, Inc.	—		24
	American Water Works Company, Inc.	1		64
	Aqua America, Inc.	2		71
	Atmos Energy Corporation	1		131
	CenterPoint Energy, Inc.	15		444
	Edison International	14		1,065
	Electric Power Development Co., Ltd.	19		428
	Engie	57		926
	Entergy Corporation	13		1,521
	Evergy, Inc.	1		56
	Eversource Energy	2		207
	Exelon Corporation	—		3
	National Grid PLC	49		527
	NextEra Energy, Inc.	14		3,212
	NiSource Inc.	24		724
	Sempra Energy	15		2,271
	The Southern Company	18		1,122
	Xcel Energy Inc.	—		20
			12,827
Energy 2.1%
	BP P.L.C. - ADR	10		393
	BP P.L.C.	9		55
	Cabot Oil & Gas Corp.	3		45
	Cairn Energy PLC (a)	4		9
	Chevron Corp.	3		350
	Concho Resources Inc.	4		283
	ConocoPhillips	8		433
	Continental Resources Inc. (a)	1		19
	Devon Energy Corporation	1		16
	Diamondback Energy, Inc.	—		32
	Dril-Quip Inc. (a)	—		12
	Enbridge Inc.	—		14
	EOG Resources, Inc.	8		579
	Equinor ASA	39		740
	Exxon Mobil Corporation	10		717
	Galp Energia, SGPS, S.A.	2		24
	Halliburton Co.	9		164
	Hess Corporation	1		70
	Jagged Peak Energy Inc. (a)	1		7
	Kelt Exploration Ltd. (a)	1		3
	Kosmos Energy Ltd.	2		14
	Lundin Petroleum AB	1		17
	Magnolia Oil & Gas Corp. - Class A (a) (b)	1		7
	Marathon Petroleum Corporation	3		193
	Meggitt PLC	105		819
	Occidental Petroleum Corporation	5		235
	Phillips 66	—		17
	Pioneer Natural Resources Co.	2		306
	Royal Dutch Shell PLC - Class B - ADR	15		916
	Schlumberger Ltd.	3		108
	Schoeller-Bleckmann Oilfield Equipment Aktiengesellschaft	—		3
	Seven Generations Energy Ltd. (a)	1		9
	Suncor Energy Inc.	—		13
	Targa Resources Corp.	6		226
	TC Energy Corporation	26		1,335
	Tenaris SA	1		13
	Total SA	27		1,411
	Total SA - ADR	8		401
	Valero Energy Corporation	—		20
	WorleyParsons Ltd. (b)	42		368
	WPX Energy, Inc. (a)	1		7
			10,403
Real Estate 2.0%
	Acadia Realty Trust	2		46
	ADO Properties S.A. (c)	1		21
	Alexander & Baldwin, LLC	1		24
	Alexandria Real Estate Equities, Inc.	—		68
	Allied Properties REIT	—		17
	American Campus Communities, Inc.	1		59
	American Tower Corporation	1		195
	AvalonBay Communities, Inc.	4		776
	Banco Nacional De Mexico, S.A., Integrante Del Grupo Financiero Banamex	8		11
	Boston Properties Inc.	—		35
	Camden Property Trust	1		70
	Canadian Apartment Properties REIT	1		22
	CapitaMall Trust	12		24
	Charter Hall Retail REIT	4		12
	Crown Castle International Corp.	5		648
	CubeSmart	2		64
	Cyrusone LLC	—		12
	Derwent London PLC	1		27
	Deutsche Wohnen Service Merseburg GmbH	9		314
	DEXUS Funds Management Limited	2		15
	Digital Realty Trust Inc.	—		38
	Douglas Emmett, Inc.	2		82
	EastGroup Properties Inc.	—		33
	EPR Properties	—		3
	Equinix, Inc.	—		126
	Equity Lifestyle Properties, Inc.	—		27
	Equity Residential	3		279
	Essex Property Trust Inc.	—		109
	Federal Realty Investment Trust	—		45
	First Industrial Realty Trust, Inc.	—		18
	Gecina SA	—		28
	Goodman Funding Pty Ltd	3		24
	Grainger PLC	2		7
	Great Portland Estates P L C	43		393
	Hang Lung Properties Ltd.	11		25
	Healthcare Realty Trust Inc.	2		72
	Healthcare Trust of America, Inc. - Class A	2		56
	Highwoods Properties Inc.	—		19
	Hongkong Land Holdings Ltd.	4		20
	Hoshino Resorts REIT, Inc.	—		11

443

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Host Hotels & Resorts, Inc.		2		32
	Hudson Pacific Properties Inc.		1		35
	Hufvudstaden AB - Class A		1		17
	Inmobiliaria Colonial, Socimi, S.A.		2		25
	JBG Smith Properties		2		78
	Kilroy Realty Corporation		—		37
	Kojamo Oyj		2		25
	Macerich Co.		2		60
	Mitsubishi Estate Co. Ltd.		2		29
	Mitsui Fudosan Co. Ltd.		29		715
	Mitsui Fudosan Logistics Park Investment Corporation		—		29
	National Retail Properties Inc.		—		4
	Nippon Accommodations Fund Inc.		—		37
	Paramount Group, Inc.		1		17
	Pebblebrook Hotel Trust		—		12
	Prologis		—		27
	ProLogis Inc.		23		1,994
	PS Business Parks, Inc.		—		24
	PSP Swiss Property AG		—		30
	Public Storage		3		847
	Rayonier Inc.		1		17
	Realty Income Corp.		—		11
	Regency Centers Corp.		2		133
	Rexford Industrial Realty, Inc.		1		22
	Scentre Group Limited		129		341
	Shaftesbury PLC		2		20
	Simon Property Group Inc.		1		133
	SL Green Realty Corp.		2		128
	Spirit Realty Capital, Inc.		—		2
	Sun Hung Kai Properties Ltd.		3		43
	Sunstone Hotel Investors Inc.		2		32
	Terreno Realty Corporation		1		53
	The Unite Group PLC		2		20
	Unibail-Rodamco SE		2		313
	Urban Edge Properties		1		24
	Ventas, Inc.		7		517
	VEREIT, Inc.		—		5
	Vornado Realty Trust		2		98
	W.P. Carey Inc.		—		21
	Weyerhaeuser Co.		6		167
				10,049
	Total Common Stocks (cost $278,563)			292,630
GOVERNMENT AND AGENCY OBLIGATIONS 14.7%
Mortgage-Backed Securities 8.4%
	Federal National Mortgage Association, Inc.
		2.50%, 01/01/32 - 06/01/32	533		539
		TBA, 2.50%, 11/15/32 (e)	90		91
		TBA, 3.00%, 11/15/32 (e)	525		536
		TBA, 3.50%, 10/15/32 - 11/15/32 (e)	506		522
		3.00%, 12/01/32 - 06/01/47	8,166		8,404
		6.00%, 07/01/41	423		485
		4.00%, 03/01/42 - 08/01/49	5,973		6,325
		5.50%, 05/01/44	961		1,072
		TBA, 4.50%, 10/15/46 - 11/15/47 (e)	165		173
		TBA, 5.00%, 11/15/47 (e)	780		836
		3.50%, 11/01/42 - 07/01/48	8,235		8,576
		5.00%, 08/01/48	180		192
		4.50%, 09/01/46 - 05/01/49	1,811		1,952
	Government National Mortgage Association
		4.50%, 07/20/45 - 04/20/49	1,189		1,253
		3.50%, 07/20/46	15		16
		3.00%, 09/20/46	1,128		1,163
		3.00%, 08/20/46 - 01/20/47	869		895
		TBA, 3.00%, 10/15/47 - 11/15/47 (e)	130		133
		TBA, 4.50%, 10/15/47 - 11/15/47 (e)	810		847
		TBA, 3.50%, 11/15/47 (e)	1,070		1,108
		TBA, 4.00%, 10/15/47 - 11/15/47 (e)	201		209
		3.50%, 08/20/42 - 01/20/49	2,134		2,247
		5.00%, 05/20/48 - 06/20/49	1,693		1,801
		4.00%, 09/20/45 - 10/20/48	1,642		1,716
		5.50%, 05/20/48 - 03/20/49	520		552
				41,643
U.S. Treasury Bond 2.9%
	Treasury, United States Department of
		4.50%, 05/15/38 (f)	5,260		7,417
		3.00%, 08/15/48	5,445		6,481
		2.25%, 08/15/49	540		556
				14,454
U.S. Treasury Note 2.3%
	Treasury, United States Department of
		2.63%, 08/15/20 - 12/15/21	2,785		2,824
		2.75%, 07/31/23 - 02/15/28	4,680		4,915
		2.88%, 08/15/28	3,430		3,772
				11,511
Municipal 0.5%
	American Municipal Power, Inc.
		6.45%, 02/15/44	250		363
	California, State of
		7.55%, 04/01/39	240		397
	Chicago Transit Authority
		6.90%, 12/01/40	300		420
	Dallas/Fort Worth International Airport
		2.99%, 11/01/38	160		161
	Metropolitan Transportation Commission
		6.91%, 10/01/50	235		397
	Municipal Electric Authority of Georgia
		6.66%, 04/01/57	348		496
	Texas A&M University
		3.33%, 05/15/39	250		262
				2,496
Sovereign 0.4%
	Bermuda, Government of
		3.72%, 01/25/27 (c)	300		318
	Gouvernement de la Province de Quebec
		3.50%, 07/29/20	500		506
	Manitoba, Province of
		2.60%, 04/16/24	176		182
	Ontario, Government of
		2.40%, 02/08/22	500		507
	The Province of Alberta, Government of
		2.20%, 07/26/22	500		506
				2,019
Collateralized Mortgage Obligations 0.2%
	Federal Home Loan Mortgage Corporation
		Series 2018-M1-DNA3, REMIC, 2.77%, (1M USD LIBOR + 0.75%), 09/25/48 (c) (g)	303		304
		Series FD-4852, REMIC, 2.38%, (1M USD LIBOR + 0.35%), 12/15/48 (g)	549		546
	Government National Mortgage Association
		Series 2018-FE-122, REMIC, 2.34%, 09/20/48	74		73
				923
U.S. Treasury Inflation Indexed Securities 0.0%
	Treasury, United States Department of
		0.13%, 04/15/21 - 07/15/22 (h)	35		35
		0.50%, 04/15/24 (h)	32		32
		0.38%, 07/15/27 (h)	13		13
		0.25%, 07/15/29 (b) (h)	11		11
		1.00%, 02/15/49 (h)	14		16
				107
	Total Government And Agency Obligations (cost $69,381)			73,153
CORPORATE BONDS AND NOTES 13.1%
Financials 5.0%
	Acrisure, LLC
		8.13%, 02/15/24 (c)	155		167
	Advisor Group Holdings, Inc.
		10.75%, 08/01/27 (c)	90		91
	AerCap Ireland Capital Designated Activity Company
		4.13%, 07/03/23	375		393
	AIA Group Limited
		3.13%, 03/13/23 (i)	400		410
	Alpha 2 B.V.
		9.50%, 06/01/23 (c) (j)	200		199

444

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	AssuredPartners, Inc.
		7.00%, 08/15/25 (c)	65		65
	Ausgrid Finance Pty Ltd
		3.85%, 05/01/23 (c)	209		218
	Bank of America Corporation
		2.25%, 04/21/20	650		651
		3.82%, 01/20/28 (g)	225		242
	BBVA Bancomer, S.A.
		4.38%, 04/10/24 (c)	275		290
	BPCE
		4.00%, 09/12/23 (c)	510		538
	Capital One, National Association
		2.35%, 01/31/20	375		375
	Capitol Investment Merger Sub 2 LLC
		10.00%, 08/01/24 (c)	160		166
	Caterpillar Financial Services Corporation
		3.15%, 09/07/21	500		510
	Chubb INA Holdings Inc.
		4.35%, 11/03/45	100		123
	Citigroup Inc.
		3.40%, 07/23/21	825		845
		3.89%, 01/10/28 (g)	175		187
	Citizens Financial Group, Inc.
		2.38%, 07/28/21	700		702
	CNG Holdings, Inc.
		12.50%, 06/15/24 (c)	85		82
	Commscope Finance LLC
		8.25%, 03/01/27 (b) (c)	145		141
	Credit Agricole SA
		3.75%, 04/24/23 (c)	675		705
	Credit Suisse Group AG
		3.00%, 12/14/23 (c) (g)	275		278
	Enel Finance International N.V.
		4.25%, 09/14/23 (c)	355		377
	General Electric Capital Corporation
		3.10%, 01/09/23	250		253
	General Motors Financial Company, Inc.
		3.20%, 07/06/21	400		405
	GTCR AP Finance Inc
		8.00%, 05/15/27 (c)	95		98
	HSBC Holdings PLC
		3.26%, 03/13/23 (g)	525		534
	HUB International Limited
		7.00%, 05/01/26 (c)	165		170
	Intercontinental Exchange, Inc.
		2.75%, 12/01/20	100		101
	Intesa Sanpaolo S.p.A.
		3.13%, 07/14/22 (c)	475		477
	JPMorgan Chase & Co.
		3.38%, 05/01/23	475		491
		3.63%, 12/01/27	300		316
		3.88%, 07/24/38 (g)	425		469
	Level 3 Financing, Inc.
		4.63%, 09/15/27 (c)	160		162
	Liberty Mutual Group Inc.
		4.25%, 06/15/23 (c)	100		106
	Lincoln National Corporation
		3.80%, 03/01/28	325		344
	LYB International Finance II B.V.
		3.50%, 03/02/27	325		335
	Marsh & Mclennan Companies, Inc.
		3.30%, 03/14/23	125		129
	Metropolitan Life Global Funding I
		3.45%, 10/09/21 (c)	805		826
	Morgan Stanley
		2.80%, 06/16/20	350		351
		3.13%, 07/27/26	275		284
	National Rural Utilities Cooperative Finance Corporation
		2.90%, 03/15/21	475		481
	NatWest Markets N.V.
		4.75%, 07/28/25 (c)	325		350
	NiSource Finance Corp.
		3.95%, 03/30/48	150		159
	Nissan Motor Acceptance Corporation
		3.65%, 09/21/21 (c)	220		225
	OUTFRONT Media Capital Corporation
		5.00%, 08/15/27 (c)	160		168
	Panasonic Corporation
		2.54%, 07/19/22 (c)	200		201
	PNC Bank, National Association
		3.50%, 06/08/23	275		289
	Pricoa Global Funding I
		3.45%, 09/01/23 (c)	600		628
	RHP Hotel Properties, LP
		4.75%, 10/15/27 (c)	135		138
	Santander UK Group Holdings PLC
		3.57%, 01/10/23	450		456
	Shire Acquisitions Investments Ireland Designated Activity Company
		2.88%, 09/23/23	350		357
	SMBC Aviation Capital Finance Designated Activity Company
		3.55%, 04/15/24 (c)	360		373
	Teachers Insurance & Annuity Association of America
		4.27%, 05/15/47 (c)	400		456
	The Goldman Sachs Group, Inc.
		3.85%, 01/26/27	1,050		1,114
	The Royal Bank of Scotland Group Public Limited Company
		4.52%, 06/25/24 (g) (k)	375		394
	The Toronto-Dominion Bank
		3.50%, 07/19/23	525		554
	Toyota Motor Credit Corporation
		2.95%, 04/13/21	675		685
	UBS Group Funding (Jersey) Limited
		4.13%, 09/24/25 (c)	375		405
	UnitedHealth Group Incorporated
		3.50%, 08/15/39	315		329
	Volkswagen Group of America, Inc.
		4.00%, 11/12/21 (c)	305		315
	Voya Financial, Inc.
		3.13%, 07/15/24	250		258
	Wells Fargo & Company
		3.07%, 01/24/23	1,050		1,069
	West Virginia Hospital Finance Authority
		4.92%, 06/01/48	300		371
	Westpac Banking Corporation
		2.15%, 03/06/20	450		450
	Willis North America Inc.
		3.60%, 05/15/24	150		155
		4.50%, 09/15/28	195		216
	Woodside Finance Limited
		3.70%, 09/15/26 (c)	475		491
	Ziggo Bond Finance B.V.
		6.00%, 01/15/27 (c)	300		314
				25,007
Communication Services 1.5%
	AMC Networks, Inc.
		4.75%, 08/01/25	155		160
	AT&T Inc.
		3.00%, 06/30/22	250		255
	Baidu, Inc.
		3.88%, 09/29/23	275		287
	CB Escrow Corp.
		8.00%, 10/15/25 (c)	225		198
	CCO Holdings, LLC
		5.75%, 02/15/26 (c)	306		323
	CenturyLink, Inc.
		7.50%, 04/01/24 (b)	145		162
	Charter Communications Operating, LLC
		4.50%, 02/01/24	550		590
	Clear Channel Worldwide Holdings, Inc.
		9.25%, 02/15/24 (c)	311		342
	Connect Midco II Limited
		6.75%, 10/01/26 (c)	79		80
	CSC Holdings, LLC
		7.75%, 07/15/25 (c)	125		134

445

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Diamond Sports Group, LLC
		6.63%, 08/15/27 (b) (c)	280		290
	DKT Finance ApS
		9.38%, 06/17/23 (c)	200		214
	GCI, LLC
		6.63%, 06/15/24 (c)	135		146
		6.88%, 04/15/25	150		159
	Gray Escrow, Inc.
		7.00%, 05/15/27 (c)	135		148
	Iheartcommunications, Inc.
		8.38%, 05/01/27 (b)	155		167
	NBCUniversal Media, LLC
		2.88%, 01/15/23	400		411
	Nexstar Escrow Inc.
		5.63%, 07/15/27 (c)	155		162
	Omnicom Group Inc.
		3.65%, 11/01/24	100		105
	Radiate HoldCo, LLC
		6.63%, 02/15/25 (c)	325		327
	Sable International Finance Limited
		5.75%, 09/07/27 (c)	200		207
	Spectrum Management Holding Company, LLC
		6.55%, 05/01/37	425		509
	Sprint Capital Corporation
		8.75%, 03/15/32	150		185
	Tencent Holdings Limited
		2.99%, 01/19/23 (c)	375		381
	The Interpublic Group of Companies, Inc.
		3.50%, 10/01/20	35		35
	Verizon Communications Inc.
		5.15%, 09/15/23	625		699
		4.27%, 01/15/36	175		197
	Vodafone Group Public Limited Company
		4.88%, 06/19/49	215		240
	Weibo Corporation
		3.50%, 07/05/24	355		361
				7,474
Health Care 1.2%
	AbbVie Inc.
		3.20%, 05/14/26	300		305
	AMN Healthcare, Inc.
		4.63%, 10/01/27 (c)	95		96
	Anthem, Inc.
		2.50%, 11/21/20	400		402
	Bausch Health Companies Inc.
		9.25%, 04/01/26 (c)	415		471
	Bayer US Finance II LLC
		3.50%, 06/25/21 (c)	200		204
	Becton, Dickinson and Company
		3.70%, 06/06/27	180		191
	Celgene Corporation
		3.55%, 08/15/22	525		545
	Centene Escrow I Corporation
		5.38%, 06/01/26 (c)	145		152
	CommonSpirit Health
		2.76%, 10/01/24	105		106
	CVS Health Corporation
		3.50%, 07/20/22	475		490
		5.05%, 03/25/48	475		541
	Elanco Animal Health
		3.91%, 08/27/21 (l)	50		51
	Encompass Health Corporation
		4.50%, 02/01/28	80		81
	Express Scripts Holding Company
		3.00%, 07/15/23	500		510
	Horizon Pharma USA, Inc.
		5.50%, 08/01/27 (c)	200		209
	MPH Acquisition Holdings LLC
		7.13%, 06/01/24 (b) (c)	230		212
	Northwell Health, Inc.
		3.98%, 11/01/46	175		189
	Ortho-Clinical Diagnostics, Inc.
		6.63%, 05/15/22 (c)	160		156
	Par Pharmaceutical, Inc.
		7.50%, 04/01/27 (c)	150		137
	Providence St. Joseph Health
		3.93%, 10/01/48	550		622
	Select Medical Corporation
		6.25%, 08/15/26 (c)	120		126
	Stanford Health Care
		3.80%, 11/15/48	150		173
	Tenet Healthcare Corporation
		7.00%, 08/01/25 (b)	165		168
				6,137
Consumer Discretionary 1.0%
	Alibaba Group Holding Limited
		4.00%, 12/06/37	375		409
	Amazon.com, Inc.
		5.20%, 12/03/25	350		411
		3.88%, 08/22/37	225		259
	AutoZone, Inc.
		3.13%, 07/15/23 - 04/18/24	370		381
	Booking Holdings Inc.
		3.60%, 06/01/26	350		374
	Churchill Downs Incorporated
		5.50%, 04/01/27 (c)	150		157
	Core & Main LP
		9.38%, 09/15/24 (c) (j)	125		126
	CRC Escrow Issuer, LLC
		5.25%, 10/15/25 (c)	335		343
	Expedia Group, Inc.
		5.00%, 02/15/26	150		169
	IHO Verwaltungs GmbH
		6.75%, 05/15/27 (c) (j)	200		204
	IRB Holding Corp.
		6.75%, 02/15/26 (c)	175		176
	Masonite International Corporation
		5.38%, 02/01/28 (c)	100		104
	MGM China Holdings Limited
		5.38%, 05/15/24 (c)	200		208
	New Golden Nugget Inc.
		8.75%, 10/01/25 (c)	145		151
	O'Reilly Automotive, Inc.
		3.60%, 09/01/27	150		160
	Party City Holdings Inc.
		6.63%, 08/01/26 (b) (c)	145		144
	QVC, Inc.
		4.38%, 03/15/23	330		341
		4.45%, 02/15/25	275		284
	Stars Group Holdings B.V.
		7.00%, 07/15/26 (c)	150		159
	Twin River Worldwide Holdings, Inc.
		6.75%, 06/01/27 (c)	160		168
	Weight Watchers International, Inc.
		8.63%, 12/01/25 (b) (c)	135		140
	Williams Scotsman International, Inc.
		6.88%, 08/15/23 (c)	160		168
				5,036
Energy 0.8%
	APT Pipelines Limited
		4.25%, 07/15/27 (c)	225		241
	Boardwalk Pipelines, LP
		4.45%, 07/15/27	100		103
	Cheniere Energy Partners, L.P.
		5.25%, 10/01/25	155		161
		4.50%, 10/01/29 (c)	20		21
	Concho Resources Inc.
		3.75%, 10/01/27	100		103
	Enbridge Inc.
		4.25%, 12/01/26	275		299
	Eni S.p.A.
		4.00%, 09/12/23 (c)	200		212
	Enlink Midstream, LLC
		4.85%, 07/15/26	150		143
	Ensign Drilling Inc.
		9.25%, 04/15/24 (c)	165		156

446

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Hess Corporation
		4.30%, 04/01/27	150		157
	Hilcorp Energy I, L.P.
		5.00%, 12/01/24 (c)	83		78
	Northern Oil and Gas Incorporated
		1.00%, 05/15/23 (c) (j)	235		242
	Occidental Petroleum Corporation
		2.90%, 08/15/24	440		443
	Parkland Fuel Corporation
		6.00%, 04/01/26 (c)	130		138
		5.88%, 07/15/27 (c)	125		131
	PBF Holding Company LLC
		7.00%, 11/15/23	180		186
	Saudi Arabian Oil Company
		2.88%, 04/16/24 (c)	455		460
	Sunoco LP
		5.50%, 02/15/26	153		160
	Targa Resource Corporation
		6.50%, 07/15/27 (c)	150		164
	Transocean Inc
		9.00%, 07/15/23 (c)	145		150
	Williams Partners L.P.
		5.10%, 09/15/45	175		192
				3,940
Utilities 0.8%
	Alabama Power Company
		3.75%, 03/01/45	150		162
	AmeriGas Partners, L.P.
		5.50%, 05/20/25	150		161
	CenterPoint Energy, Inc.
		3.60%, 11/01/21	250		257
	CMS Energy Corporation
		3.00%, 05/15/26	100		103
	Duke Energy Progress, LLC
		3.70%, 10/15/46	100		108
	Eversource Energy
		3.30%, 01/15/28	100		104
	Exelon Generation Company, LLC
		2.95%, 01/15/20	225		225
	FirstEnergy Corp.
		7.38%, 11/15/31	225		318
	FirstEnergy Transmission, LLC
		4.35%, 01/15/25 (c)	250		270
	Georgia Power Company
		2.00%, 09/08/20	375		375
	NextEra Energy Operating Partners, LP
		3.88%, 10/15/26 (c)	160		160
	Pacific Gas And Electric Company
		0.00%, 12/01/46 - 12/01/47 (a) (d) (m)	141		137
	San Diego Gas & Electric Company
		4.10%, 06/15/49	425		483
	State Grid Overseas Investment Limited
		3.75%, 05/02/23 (c)	400		419
	Talen Energy Supply, LLC
		7.25%, 05/15/27 (c)	154		157
	Virginia Electric and Power Company
		4.00%, 01/15/43	275		305
	Vistra Operations Company LLC
		3.55%, 07/15/24 (c)	140		142
				3,886
Industrials 0.7%
	Air Lease Corporation
		3.50%, 01/15/22	155		159
	Beacon Roofing Supply, Inc.
		4.50%, 11/15/26 (c)	90		91
	CPG Merger Sub LLC
		8.00%, 10/01/21 (c)	80		80
	CSX Corporation
		3.70%, 11/01/23	350		370
	GFL Environmental Inc.
		7.00%, 06/01/26 (c)	155		163
	Granite US Holdings Corporation
		11.00%, 10/01/27 (c)	175		169
	H&E Equipment Services, Inc.
		5.63%, 09/01/25	155		160
	Herc Holdings Inc.
		5.50%, 07/15/27 (c)	170		177
	John Deere Capital Corporation
		2.35%, 01/08/21	275		276
	Lockheed Martin Corporation
		3.55%, 01/15/26	250		268
	Maxim Crane Works Holdings Capital, LLC
		10.13%, 08/01/24 (c)	235		252
	New Enterprise Stone & Lime Co., Inc.
		10.13%, 04/01/22 (c)	200		206
	Prime Security Services Borrower, LLC
		5.25%, 04/15/24 (c)	135		139
	Republic Services, Inc.
		3.38%, 11/15/27	100		106
	Rockwell Collins, Inc.
		3.20%, 03/15/24	350		364
	Roper Technologies, Inc.
		3.80%, 12/15/26	375		402
	Stericycle, Inc.
		5.38%, 07/15/24 (b) (c)	110		113
				3,495
Real Estate 0.6%
	Alexandria Real Estate Equities, Inc.
		4.70%, 07/01/30	565		655
	Brixmor Operating Partnership LP
		3.90%, 03/15/27	275		288
	Duke Realty Limited Partnership
		4.00%, 09/15/28	410		447
	ESH Hospitality, Inc.
		5.25%, 05/01/25 (c)	165		171
	Essex Portfolio, L.P.
		3.38%, 04/15/26	525		548
	Highwoods Realty Limited Partnership
		3.63%, 01/15/23	125		129
	KiMcO Realty Corporation
		3.30%, 02/01/25	150		155
	Regency Centers, L.P.
		3.60%, 02/01/27	100		105
	Ventas Realty, Limited Partnership
		3.25%, 10/15/26	170		174
	W.P. Carey Inc.
		3.85%, 07/15/29	280		296
				2,968
Information Technology 0.6%
	Apple Inc.
		1.90%, 02/07/20	425		425
		3.20%, 05/11/27	450		477
	Avnet, Inc.
		4.63%, 04/15/26	100		108
	Broadcom Corporation
		3.00%, 01/15/22	625		631
	Fiserv, Inc.
		3.20%, 07/01/26	110		114
	Hewlett Packard Enterprise Company
		2.10%, 10/04/19 (c)	125		125
	Microchip Technology Incorporated
		3.92%, 06/01/21	150		153
	Micron Technology, Inc.
		4.19%, 02/15/27	165		170
	Microsoft Corporation
		1.85%, 02/06/20	375		375
		4.20%, 11/03/35	100		120
	NCR Corporation
		6.38%, 12/15/23	70		72
		5.75%, 09/01/27 (c)	85		88
				2,858
Materials 0.5%
	ARD Finance S.A.
		8.50%, 09/15/23 (j)	325		336
	Berry Global Escrow Corporation
		4.88%, 07/15/26 (c)	120		124
		5.63%, 07/15/27 (c)	140		145

447

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Cleveland-Cliffs Inc.
		5.75%, 03/01/25 (b)	165		162
	Corporacion Nacional del Cobre de Chile
		3.00%, 09/30/29 (c)	305		304
	CVR Partners, LP
		9.25%, 06/15/23 (c)	140		147
	Flex Acquisition Company, Inc.
		6.88%, 01/15/25 (c)	210		192
	Freeport-McMoRan Inc.
		5.00%, 09/01/27	170		169
	Hexion Inc.
		7.88%, 07/15/27 (b) (c)	155		153
	Legacy Vulcan Corp.
		4.50%, 06/15/47	100		107
	Newmont Goldcorp Corporation
		3.63%, 06/09/21	175		178
	Nucor Corporation
		3.95%, 05/01/28	250		273
	Rio Tinto Finance (USA) Limited
		3.75%, 06/15/25	175		188
	The Dow Chemical Company
		3.15%, 05/15/24 (c)	100		103
	Warrior Met Coal, Inc.
		8.00%, 11/01/24 (c)	150		156
				2,737
Consumer Staples 0.4%
	Altria Group, Inc.
		5.80%, 02/14/39	200		232
	Anheuser-Busch InBev Worldwide Inc.
		5.45%, 01/23/39	275		348
	BAT Capital Corp.
		2.76%, 08/15/22	225		227
	Danone
		2.95%, 11/02/26 (c)	250		256
	JBS Investments II GmbH
		7.00%, 01/15/26 (c)	200		216
	Kraft Heinz Foods Company
		4.88%, 10/01/49 (c)	55		56
	Performance Food Group Company
		5.50%, 10/15/27 (c)	80		84
	Safeway Inc.
		7.50%, 03/15/26 (c)	140		157
	Sigma Holdco B.V.
		7.88%, 05/15/26 (c)	250		251
				1,827
	Total Corporate Bonds And Notes (cost $62,212)			65,365
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 2.5%
	American Airlines, Inc. Pass Through Certificates
		Series 2019-AA-1, REMIC, 3.15%, 02/15/32	390		400
	AmeriCredit Automobile Receivables Trust
		Series 2017-B-2, 2.40%, 05/18/22	340		341
	ARI Fleet Lease Trust
		Series 2018-A2-A, 2.55%, 10/15/26 (c)	216		216
	Avis Budget Rental Car Funding (AESOP) LLC
		Series 2017-A-1A, 3.07%, 09/20/22 (c)	415		424
		Series 2018-A-2A, 4.00%, 03/20/24 (c)	395		421
		Series 2019-B-2A, 3.55%, 09/20/24 (c)	165		171
	BlueMountain CLO Ltd
		Series 2012-AR2-2A, 3.19%, (3M USD LIBOR + 1.05%), 11/20/28 (c) (g)	375		375
	BRE Grand Islander Timeshare Issuer LLC
		Series 2019-A-A, 3.28%, 09/26/33 (c)	90		92
	CF Mortgage Trust
		Series 2019-65A-CF1, REMIC, 4.41%, 04/17/24 (c)	155		164
	COLT Mortgage Loan Trust
		Series 2019-A1-2, 3.34%, 05/25/49 (c)	147		150
		Series 2019-A3-2, 3.54%, 05/25/49 (c)	168		171
	COMM Mortgage Trust
		Series 2014-C-CR14, REMIC, 4.79%, 01/12/24 (g)	405		423
		Series 2014-B-UBS2, REMIC, 4.70%, 02/12/24	400		428
	Connecticut Avenue Securities Trust
		Series 2019-1M1-R03, REMIC, 2.77%, (1M USD LIBOR + 0.75%), 09/25/31 (c) (g)	121		121
	Deephave Residential Mortgage Trust
		Series 2018-A3-3A, 3.96%, 10/25/22 (c)	408		418
		Series 2019-A1-2A, REMIC, 3.56%, 05/25/23 (c)	147		150
	Driven Brands Funding LLC
		Series 2015-A2-1A, 5.22%, 07/20/22 (c)	361		367
		Series 2019-A2-1A, 4.64%, 04/22/26 (c)	129		135
	Enterprise Fleet Financing, LLC
		Series 2017-A3-3, 2.36%, 08/20/21 (c)	420		421
	Ford Credit Floorplan Master Owner Trust A
		Series 2017-B-1, 2.25%, 05/15/20	415		415
	Freddie Mac Structured Agency Credit Risk (STACR)
		Series 2018-M1-HQA2, REMIC, 2.77%, (1M USD LIBOR + 0.75%), 10/26/48 (g)	282		282
	GMF Floorplan Owner Revolving Trust
		Series 2018-A1-4, 3.50%, 09/15/21 (c)	345		353
	Hardee's Funding LLC
		Series 2018-AI-1A, 4.25%, 06/20/22 (c)	226		230
	Homeward Opportunities Fund I Trust
		Series 2019-A1-1, 3.45%, 01/25/59 (c) (g)	286		290
	JPMBB Commercial Mortgage Securities Trust
		Series 2016-AS-JP2, REMIC, 3.06%, 07/17/26	435		446
	Metlife Securitization Trust
		Series 2018-A-1A, REMIC, 3.75%, 09/25/29 (c)	310		325
	Mill City Mortgage Loan Trust
		Series 2018-A1-1, 3.25%, 07/25/24 (c)	323		328
	Navient Private Education Refi Loan Trust
		Series 2019-A2-CA, 3.13%, 07/15/28 (c)	220		226
	New Orleans Hotel Trust
		Series 2019-C-HNLA, REMIC, 3.62%, (1M USD LIBOR + 1.59%), 04/15/21 (c) (g)	100		100
	OZLM VIII Ltd
		Series 2014-A1RR-8A, 3.47%, (3M USD LIBOR + 1.17%), 10/17/29 (c) (g)	375		375
	RETL
		Series 2019-A-RVP, REMIC, 3.18%, (1M USD LIBOR + 1.15%), 03/15/21 (c) (g)	76		76
	Santander Drive Auto Receivables Trust
		Series 2018-A3-4, 3.01%, 05/15/20	80		80
		Series 2018-A3-5, 3.19%, 06/15/20	360		361
		Series 2018-B-4, 3.27%, 01/15/21	200		201
	Santander Retail Auto Lease Trust
		Series 2019-A3-A, REMIC, 2.77%, 11/20/21 (c)	160		162
	SBA Towers, LLC
		Series 2019-1C-1, 2.84%, 01/15/25 (c)	265		265
	Sequoia Mortgage Trust
		Series 2018-A11-CH4, 4.00%, 03/25/24 (c)	290		297
	SLIDE
		Series 2018-B-FUN, 3.28%, (1M USD LIBOR + 1.25%), 06/15/21 (c) (g)	399		399
	Starvest Emerging Markets CBO I
		Series 2019-A1-IMC1, REMIC, 3.47%, 02/25/49 (c)	127		128
	Starwood Mortgage Residential Trust
		Series 2018-A1-IMC2, 4.12%, 10/26/48 (c)	230		237
	Towd Point Mortgage Trust
		Series 2018-A1A-5, 3.25%, 02/25/25 (c)	314		319
		Series 2017-A1-4, REMIC, 2.75%, 02/25/25 (c) (g)	325		327
	Verizon Owner Trust
		Series 2018-C-A, 3.55%, 12/20/21	300		309
	Verus Securitization Trust
		Series 2019-A1-INV1, 3.40%, 12/25/58 (c) (g)	146		147
	World Omni Automobile Lease Securitization Trust
		Series 2018-A3-B, REMIC, 3.19%, 03/15/21	440		445
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $12,247)			12,511
PREFERRED STOCKS 0.2%
Utilities 0.1%
	Sempra Energy, 6.75%, 07/15/21 (k)		1		82
	Sempra Energy, 6.00%, 01/15/21 (k)		2		178

448

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	The Southern Company, 6.75%, 08/01/22 (a) (k)		5		290
				550
Energy 0.1%
	Crestwood Equity Partners LP, 9.25% (b) (n)		19		175
Health Care 0.0%
	Becton, Dickinson and Company - Series A, 6.13%, 05/01/20 (k)		3		158
Information Technology 0.0%
	Broadcom Inc., 8.00%, 09/30/22 (a) (k)		—		132
Industrials 0.0%
	Fortive Corporation - Series A, 5.00%, 07/01/21 (k)		—		96
Materials 0.0%
	Gerdau SA		2		8
	International Flavors & Fragrances Inc., 6.00%, 09/15/21 (k)		—		5
				13
	Total Preferred Stocks (cost $1,090)			1,124
SENIOR LOAN INTERESTS 0.2%
Communication Services 0.1%
	AMC Entertainment Holdings, Inc.
		2019 Term Loan B, 5.23%, (3M LIBOR + 3.00%), 04/22/26 (g)	179		180
	Triton Bidco
		Term Loan, 0.00%, (3M LIBOR + 4.50%), 09/23/26 (g) (o)	83		82
				262
Industrials 0.1%
	Navistar International Corporation
		2017 1st Lien Term Loan B, 5.53%, (3M LIBOR + 3.50%), 11/01/24 (g)	154		153
	Panther BF Aggregator 2 LP
		USD Term Loan B, 5.54%, (3M LIBOR + 3.50%), 03/13/26 (g)	95		94
				247
Materials 0.0%
	BWAY Holding Company
		2017 Term Loan B, 5.59%, (3M LIBOR + 3.25%), 04/03/24 (g)	189		185
Health Care 0.0%
	Envision Healthcare Corporation
		2018 1st Lien Term Loan, 5.79%, (3M LIBOR + 3.75%), 09/27/25 (g)	208		169
Consumer Discretionary 0.0%
	Scientific Games International, Inc.
		2018 Term Loan B5, 4.79%, (3M LIBOR + 2.75%), 08/14/24 (g)	32		32
		2018 Term Loan B5, 4.90%, (3M LIBOR + 2.75%), 08/14/24 (g)	132		131
				163
	Total Senior Loan Interests (cost $1,065)			1,026
SHORT TERM INVESTMENTS 12.0%
Investment Companies 11.2%
	JNL Government Money Market Fund - Institutional Class, 1.86% (p) (q)		3,492		3,492
	T. Rowe Price Government Reserve Fund, 1.95% (p) (q)		52,163		52,163
				55,655
Securities Lending Collateral 0.8%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (p) (q)		4,307		4,307
	Total Short Term Investments (cost $59,962)			59,962
Total Investments 101.5% (cost $484,520)					505,771
Other Derivative Instruments 0.1%					428
Other Assets and Liabilities, Net (1.6)%					(8,065)
Total Net Assets 100.0%					498,134

(a)Non-income producing security.

(b)All or a portion of the security was on loan as of September 30, 2019.

(c)The Adviser has deemed this security, which is exempt from registration under the Securities Act of 1933, as amended, to be liquid based on procedures approved by the Board of Trustees. As of September 30, 2019, the value and the percentage of net assets of these liquid securities was $34,109 and 6.8% of the Fund.

(d)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

(e)All or a portion of the security was purchased on a delayed delivery basis. As of September 30, 2019, the total payable for investments purchased on a delayed delivery basis was $4,453.

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

(g)Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of September 30, 2019. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations (“CMO”) and mortgage-backed securities (“MBS”) are determined by tranches of underlying mortgage-backed security pools’ cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security’s offering documents.

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

(i)Security is restricted to resale to institutional investors. See Restricted Securities in the Schedules of Investments.

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

(k)Convertible security.

(l)The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer.

(m)As of September 30, 2019, issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date.

(n)Perpetual security. Next contractual call date presented, if applicable.

(o)This senior loan will settle after September 30, 2019. If a reference rate and spread is presented, it will go into effect upon settlement.

(p)Investment in affiliate.

(q)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	AIA Group Limited, 3.13%, 03/13/23	08/22/18	394	410	0.1

JNL/T. Rowe Price Managed Volatility Balanced Fund — Futures Contracts
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
MSCI EAFE Index	311	December 2019		29,721	102			(201)
S&P 500 Index	433	December 2019		65,118	318			(634)

449

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

JNL/T. Rowe Price Managed Volatility Balanced Fund — Futures Contracts (continued)
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
					420			(835)
Short Contracts
United States 10 Year Note	(37)	December 2019		(4,869)	3			48
United States 2 Year Note	(61)	January 2020		(13,176)	2			31
United States 5 Year Note	(58)	January 2020		(6,957)	3			47
United States Long Bond	(24)	December 2019		(3,943)	1			48
United States Ultra Bond	(17)	December 2019		(3,329)	(1)			66
					8			240

Forward Foreign Currency Contracts

Purchased/ Sold	Counter-party	Expiration	Notional1		Value ($)		Unrealized Appreciation (Depreciation) ($)
HKD/USD	SSB	10/02/19	HKD	37		5		—
HKD/USD	SSB	10/03/19	HKD	34		4		—
						9		—

450

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
JNL/T. Rowe Price Mid-Cap Growth Fund
COMMON STOCKS 93.9%
Information Technology 20.7%
	Atlassian Corporation PLC - Class A (a)	333		41,772
	Black Knight, Inc. (a)	508		31,018
	Ceridian HCM Holding Inc. (a) (b)	651		32,159
	Cognex Corp.	257		12,626
	CoreLogic, Inc. (a)	1,139		52,702
	Corning Inc.	1,858		52,990
	DocuSign, Inc. (a)	694		42,972
	Entegris, Inc.	573		26,965
	Fidelity National Information Services, Inc.	462		61,335
	Fiserv Inc. (a)	740		76,657
	FleetCor Technologies Inc. (a)	242		69,401
	FLIR Systems Inc.	323		16,987
	Gartner Inc. (a)	185		26,453
	Global Payments Inc.	531		84,429
	IHS Markit Ltd. (a)	695		46,482
	Keysight Technologies, Inc. (a)	924		89,859
	Marvell Technology Group Ltd	2,587		64,597
	Maxim Integrated Products, Inc.	739		42,796
	Microchip Technology Incorporated	1,074		99,785
	National Instruments Corp.	831		34,894
	Skyworks Solutions, Inc.	465		36,851
	Slack Technologies, Inc. - Class A (a) (c)	508		12,055
	Splunk Inc. (a)	370		43,608
	SS&C Technologies Holdings, Inc.	419		21,608
	Symantec Corp.	1,373		32,447
	Workday, Inc. - Class A (a)	416		70,703
	Xilinx Inc.	444		42,580
			1,266,731
Health Care 18.6%
	Acadia Healthcare Company, Inc. (a)	925		28,749
	Agilent Technologies, Inc.	1,305		100,002
	Alcon AG (a)	509		29,670
	Alkermes Public Limited Company (a)	1,388		27,080
	Alnylam Pharmaceuticals, Inc. (a)	222		17,853
	Amneal Pharmaceuticals, Inc. - Class A (a)	943		2,735
	argenx SE - ADR (a) (c)	93		10,598
	Ascendis Pharma A/S - ADR (a)	79		7,609
	Avantor, Inc. (a)	2,141		31,473
	Bruker Corp.	1,750		76,878
	Catalent Inc. (a)	1,483		70,680
	Cooper Cos. Inc.	405		120,285
	Elanco Animal Health (a)	1,525		40,550
	Exact Sciences Corporation (a)	241		21,779
	Hologic Inc. (a)	2,367		119,510
	ICU Medical, Inc. (a)	148		23,621
	IDEXX Laboratories, Inc. (a)	71		19,307
	Incyte Corporation (a)	337		25,016
	Mednax, Inc. (a)	277		6,266
	Neurocrine Biosciences, Inc. (a)	240		21,626
	Perrigo Company Public Limited Company	795		44,433
	PRA Health Sciences, Inc. (a)	463		45,944
	Sage Therapeutics Inc. (a)	95		13,328
	Sarepta Therapeutics, Inc. (a)	92		6,929
	Seattle Genetics Inc. (a)	388		33,176
	Teleflex Inc.	435		147,791
	Veeva Systems Inc. - Class A (a)	55		8,398
	West Pharmaceutical Services Inc.	278		39,434
			1,140,720
Industrials 17.4%
	Alaska Air Group, Inc.	270		17,526
	Allegion Public Limited Company	139		14,407
	BWXT Government Group, Inc.	597		34,154
	Clarivate Analytics PLC (a)	1,175		19,820
	Colfax Corp. (a)	1,525		44,317
	CoStar Group, Inc. (a)	93		55,168
	Equifax Inc.	151		21,241
	Fortive Corporation	831		56,973
	Gardner Denver Investments, Inc. (a)	2,263		64,020
	IDEX Corporation	465		76,204
	JB Hunt Transport Services Inc.	513		56,763
	L3Harris Technologies, Inc.	508		105,989
	Roper Industries Inc.	185		65,971
	Sensata Technologies Holding PLC (a)	1,579		79,045
	Textron Inc.	2,034		99,585
	TransUnion	792		64,239
	United Airlines Holdings, Inc. (a)	371		32,800
	Verisk Analytics, Inc.	460		72,744
	Waste Connections, Inc. (b)	324		29,808
	Xylem Inc.	697		55,495
			1,066,269
Consumer Discretionary 14.3%
	Aptiv PLC (b)	709		61,981
	Burlington Stores Inc. (a)	371		74,133
	Carmax Inc. (a)	280		24,640
	Chewy, Inc. - Class A (a)	102		2,507
	Darden Restaurants Inc.	160		18,915
	Dollar General Corp.	592		94,093
	Dollar Tree Inc. (a)	509		58,107
	Dunkin' Brands Group Inc.	466		36,982
	Hilton Worldwide Holdings Inc.	477		44,413
	Levi Strauss & Co. - Class A (c)	555		10,567
	Marriott International Inc. - Class A	279		34,699
	MGM Resorts International	2,543		70,492
	Norwegian Cruise Line Holdings Ltd. (a)	1,584		82,004
	O'Reilly Automotive, Inc. (a)	93		37,061
	ServiceMaster Holding Corporation (a)	738		41,254
	Tapestry Inc.	1,803		46,968
	The Michaels Companies, Inc. (a) (c)	416		4,073
	Tiffany & Co.	185		17,137
	Ulta Salon, Cosmetics & Fragrance, Inc. (a)	84		21,055
	Vail Resorts, Inc.	233		53,022
	VF Corp.	230		20,468
	Visteon Corporation (a)	269		22,203
			876,774
Financials 8.3%
	Assurant, Inc.	368		46,302
	AXIS Capital Holdings Limited	383		25,554
	Cboe Global Markets, Inc.	464		53,318
	Fidelity National Financial, Inc.	1,478		65,638
	Fifth Third Bancorp	930		25,463
	K.K.R. Co., Inc.	1,325		35,576
	MarketAxess Holdings Inc.	71		23,253
	Progressive Corp.	230		17,768
	Shopify Inc. - Class A (a)	12		3,740
	SLM Corporation	1,387		12,240
	TD Ameritrade Holding Corporation	1,570		73,319
	Tradeweb Markets Inc. - Class A	278		10,280
	Webster Financial Corp.	600		28,122
	Willis Towers Watson Public Limited Company (c)	464		89,538
			510,111
Materials 6.3%
	Air Products and Chemicals, Inc.	185		41,044
	Avery Dennison Corporation	345		39,214
	Ball Corporation	1,729		125,889
	Franco-Nevada Corp.	92		8,387
	Kirkland Lake Gold Ltd. (c)	429		19,219
	Martin Marietta Materials Inc.	144		39,470
	RPM International Inc.	791		54,429
	Sealed Air Corporation	938		38,936
	Valvoline, Inc.	832		18,329
			384,917
Consumer Staples 2.4%
	Casey's General Stores Inc.	352		56,728
	ConAgra Brands Inc.	786		24,114
	Sprouts Farmers Market, Inc. (a)	1,120		21,661
	The Kroger Co.	462		11,910
	Treehouse Foods, Inc. (a)	648		35,932
			150,345
Utilities 2.2%
	Atmos Energy Corporation	208		23,689
	Eversource Energy	462		39,487
	Sempra Energy	470		69,377
			132,553

451

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
Energy 2.2%
	Cabot Oil & Gas Corp.	1,104		19,397
	Concho Resources Inc.	924		62,740
	Continental Resources Inc. (a)	572		17,612
	Pioneer Natural Resources Co.	259		32,574
			132,323
Communication Services 1.5%
	IAC/InterActiveCorp (a)	427		93,073
Real Estate 0.0%
	WeWork Companies Inc. - Class A (a) (b) (d) (e)	33		528
	Total Common Stocks (cost $4,306,217)		5,754,344
PREFERRED STOCKS 0.1%
Real Estate 0.1%
	WeWork Companies Inc. - Series D-2 (a) (b) (d) (e)	122		1,972
	WeWork Companies Inc. - Series D-1 (a) (b) (d) (e)	156		2,510
	Total Preferred Stocks (cost $4,627)		4,482
SHORT TERM INVESTMENTS 6.2%
Investment Companies 6.0%
	JNL Government Money Market Fund - Institutional Class, 1.86% (f) (g)	2,849		2,849
	T. Rowe Price Government Reserve Fund, 1.95% (f) (g)	364,207		364,207
			367,056
Securities Lending Collateral 0.2%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (f) (g)	16,584		16,584
	Total Short Term Investments (cost $383,640)		383,640
Total Investments 100.2% (cost $4,694,484)				6,142,466
Other Assets and Liabilities, Net (0.2)%				(13,019)
Total Net Assets 100.0%				6,129,447

(a)Non-income producing security.

(b)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

(c)All or a portion of the security was on loan as of September 30, 2019.

(d)Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Schedules of Investments.

(e)Security is restricted to resale to institutional investors. See Restricted Securities in the Schedules of Investments.

(f)Investment in affiliate.

(g)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	WeWork Companies Inc. - Series D-2	12/09/14	2,036	1,972	—
	WeWork Companies Inc. - Class A	05/26/15	464	528	—
	WeWork Companies Inc. - Series D-1	12/09/14	2,591	2,510	0.1
			5,091	5,010	0.1

452

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1	Value ($)
JNL/T. Rowe Price Short-Term Bond Fund
CORPORATE BONDS AND NOTES 52.2%
Financials 22.7%
	ABN AMRO Bank N.V.
		2.70%, (3M USD LIBOR + 0.57%), 08/27/21 (a) (b)	3,795	3,803
	AerCap Ireland Capital Designated Activity Company
		4.45%, 12/16/21	2,325	2,416
	AerCap Ireland Limited
		4.63%, 10/30/20	2,360	2,423
		3.95%, 02/01/22	3,350	3,463
	AIA Group Limited
		2.68%, (3M USD LIBOR + 0.52%), 09/20/21 (a) (b)	3,020	3,019
	AIG Global Funding
		3.35%, 06/25/21 (b)	1,795	1,829
	American International Group, Inc.
		6.40%, 12/15/20	885	930
		4.88%, 06/01/22	1,780	1,900
	ANZ New Zealand (Int'l) Limited
		2.20%, 07/17/20 (b)	2,130	2,136
	Aon Corporation
		5.00%, 09/30/20	315	324
	Aon PLC
		2.80%, 03/15/21	4,310	4,346
	Banco de Credito del Peru
		2.25%, 10/25/19 (b)	785	785
	Banco Santander, S.A.
		3.46%, (3M USD LIBOR + 1.12%), 04/12/23 (a)	2,200	2,201
	Banco Santander-Chile
		2.50%, 12/15/20 (b)	4,430	4,446
	Bank of America Corporation
		2.63%, 04/19/21	2,395	2,416
		2.64%, (3M USD LIBOR + 0.38%), 01/23/22 (a)	2,075	2,073
		2.76%, (3M USD LIBOR + 0.65%), 06/25/22 (a)	2,180	2,185
		2.50%, 10/21/22	1,760	1,772
		3.44%, (3M USD LIBOR + 1.16%), 01/20/23 (a)	4,025	4,093
	Bank of Montreal
		2.76%, (3M USD LIBOR + 0.46%), 04/13/21 (a)	2,505	2,514
	Barclays Bank PLC
		2.65%, 01/11/21	2,290	2,296
	Barclays PLC
		2.75%, 11/08/19	3,480	3,482
		3.96%, (3M USD LIBOR + 1.63%), 01/10/23 (a)	2,330	2,337
	Bayer US Finance II LLC
		2.74%, (3M USD LIBOR + 0.63%), 06/25/21 (a) (b)	2,915	2,909
	BMW US Capital, LLC
		2.75%, (3M USD LIBOR + 0.41%), 04/12/21 (a) (b)	2,655	2,656
		2.68%, (3M USD LIBOR + 0.50%), 08/13/21 (a) (b)	1,955	1,955
	Boral Finance Pty Limited
		3.00%, 11/01/22 (b)	350	351
	BPCE
		3.37%, (3M USD LIBOR + 1.22%), 05/22/22 (a) (b)	1,600	1,619
	Bunge Limited Finance Corp.
		3.50%, 11/24/20	6,370	6,444
		3.00%, 09/25/22	1,025	1,032
		4.35%, 03/15/24	295	311
	Capital One Financial Corporation
		2.50%, 05/12/20	850	851
		2.40%, 10/30/20	1,455	1,459
		3.90%, 01/29/24	1,295	1,368
	Capital One, National Association
		2.15%, 09/06/22	2,500	2,494
	Caterpillar Financial Services Corporation
		2.38%, (3M USD LIBOR + 0.28%), 09/07/21 (a)	1,425	1,424
	Citigroup Inc.
		3.13%, (3M USD LIBOR + 0.79%), 01/10/20 (a)	4,145	4,150
		2.70%, 03/30/21	1,375	1,388
		2.90%, 12/08/21	4,145	4,207
		2.84%, 05/20/22	3,270	3,302
	Citizens Bank, National Association
		2.45%, 12/04/19	960	959
		2.25%, 03/02/20 - 10/30/20	2,222	2,222
		2.55%, 05/13/21	1,625	1,636
		3.25%, 02/14/22	1,560	1,598
	CNH Industrial Capital LLC
		4.38%, 11/06/20	4,025	4,095
		3.88%, 10/15/21	3,355	3,435
	Cooperatieve Rabobank U.A.
		3.95%, 11/09/22	3,265	3,399
	Credit Agricole SA
		3.30%, (3M USD LIBOR + 1.02%), 04/24/23 (a) (b)	1,605	1,614
	Credit Suisse (USA), Inc.
		5.40%, 01/14/20	750	756
	Credit Suisse Group Funding (Guernsey) Ltd
		2.75%, 03/26/20	1,380	1,382
	Daimler Finance North America LLC
		1.75%, 10/30/19 (b)	5,620	5,620
		3.10%, 05/04/20 (b)	1,515	1,523
		2.30%, 02/12/21 (b)	495	495
		3.75%, 11/05/21 (b)	2,390	2,456
	Danske Bank A/S
		2.20%, 03/02/20 (b)	4,185	4,179
		3.00%, 09/20/22 (b)	2,450	2,460
	Deutsche Bank Aktiengesellschaft
		3.15%, 01/22/21	2,920	2,913
		3.58%, (3M USD LIBOR + 1.29%), 02/04/21 (a)	2,205	2,194
		3.38%, 05/12/21	285	285
	Discover Bank
		7.00%, 04/15/20	5,290	5,420
		3.10%, 06/04/20	1,680	1,689
		3.20%, 08/09/21	570	579
	Eastern Creation II Investment Holdings Ltd.
		2.75%, 09/26/20 (c)	3,365	3,365
	EDP Finance B.V.
		4.90%, 10/01/19 (b)	1,940	1,940
		4.13%, 01/15/20 (b)	1,035	1,037
	Enel Finance International N.V.
		2.88%, 05/25/22 (b)	3,085	3,122
		4.25%, 09/14/23 (b)	1,525	1,619
	ERAC USA Finance LLC
		2.35%, 10/15/19 (b)	535	535
	First Niagara Financial Group, Inc.
		7.25%, 12/15/21	1,290	1,429
	Ford Motor Credit Company LLC
		2.68%, 01/09/20	4,485	4,484
		2.46%, 03/27/20	1,210	1,209
		3.06%, (3M USD LIBOR + 0.93%), 09/24/20 (a)	4,915	4,914
		3.47%, 04/05/21	1,000	1,005
		5.88%, 08/02/21	590	618
		3.81%, 10/12/21	1,025	1,038
	GE Capital International Funding Company Unlimited Company
		2.34%, 11/15/20	10,195	10,170
	General Electric Capital Corporation
		5.30%, 02/11/21	265	274
		4.65%, 10/17/21	765	795
		3.15%, 09/07/22	500	507
	General Motors Financial Company, Inc.
		3.20%, 07/13/20	3,720	3,741
		3.16%, (3M USD LIBOR + 0.85%), 04/09/21 (a)	1,775	1,775
	Global Payments Inc.
		2.65%, 02/15/25	1,800	1,807
	Harley-Davidson Financial Services, Inc.
		2.15%, 02/26/20 (b)	1,225	1,224
		2.65%, (3M USD LIBOR + 0.50%), 05/21/20 (a) (b)	1,885	1,886
		3.08%, (3M USD LIBOR + 0.94%), 03/02/21 (a) (b)	2,485	2,491
		4.05%, 02/04/22 (b)	2,975	3,070
	HSBC Holdings PLC
		2.72%, (3M USD LIBOR + 0.60%), 05/18/21 (a)	2,760	2,763

453

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
		2.78%, (3M USD LIBOR + 0.65%), 09/11/21 (a) (d)	1,590		1,592
	HSBC USA Inc.
		2.35%, 03/05/20	2,390		2,390
		4.88%, 08/24/20	3,644		3,733
	Hyundai Capital America
		2.45%, 06/15/21 (b)	1,690		1,688
		3.00%, 06/20/22 (b) (e)	2,480		2,498
	Imperial Brands Finance PLC
		2.95%, 07/21/20 (b)	3,920		3,932
		3.75%, 07/21/22 (b)	1,945		2,001
	ING Groep N.V.
		3.25%, (3M USD LIBOR + 1.15%), 03/29/22 (a)	1,920		1,944
	JPMorgan Chase & Co.
		2.65%, (3M USD LIBOR + 0.55%), 03/09/21 (a)	3,890		3,893
	JPMorgan Chase Bank, National Association
		2.60%, 02/01/21	1,085		1,087
	KeyBank National Association
		3.30%, 02/01/22	1,610		1,655
	Lincoln National Corporation
		4.00%, 09/01/23	655		694
	Marsh & Mclennan Companies, Inc.
		3.50%, 12/29/20	2,025		2,057
		3.88%, 03/15/24	1,905		2,031
	Metropolitan Life Global Funding I
		3.38%, 01/11/22 (b)	2,060		2,119
	Mitsubishi UFJ Financial Group Inc
		2.92%, (3M USD LIBOR + 0.65%), 07/26/21 (a)	960		963
		3.07%, (3M USD LIBOR + 0.92%), 02/22/22 (a)	2,240		2,255
		3.22%, 03/07/22	2,890		2,951
		3.13%, (3M USD LIBOR + 0.86%), 07/26/23 (a)	1,555		1,561
	Morgan Stanley
		5.50%, 01/26/20 - 07/24/20	1,820		1,864
		2.73%, (3M USD LIBOR + 0.55%), 02/10/21 (a)	3,065		3,066
		2.75%, 05/19/22	2,555		2,590
	New York Life Global Funding
		2.56%, (3M USD LIBOR + 0.32%), 08/06/21 (a) (b)	2,925		2,932
	Nissan Motor Acceptance Corporation
		2.15%, 09/28/20 (b)	1,165		1,163
		3.65%, 09/21/21 (b)	1,340		1,370
	Nordea Bank AB
		4.88%, 05/13/21 (b)	1,655		1,712
	Panasonic Corporation
		2.54%, 07/19/22 (b)	1,760		1,771
	Regions Bank
		2.70%, (3M USD LIBOR + 0.38%), 04/01/21 (a)	3,320		3,313
		2.68%, (3M USD LIBOR + 0.50%), 08/13/21 (a)	985		985
	Reinsurance Group of America, Incorporated
		6.45%, 11/15/19	2,800		2,814
		5.00%, 06/01/21	295		308
	Santander UK Group Holdings PLC
		2.88%, 10/16/20	2,905		2,916
	Santander UK PLC
		2.13%, 11/03/20	1,035		1,034
	Shire Acquisitions Investments Ireland Designated Activity Company
		2.88%, 09/23/23	290		296
	SMBC Aviation Capital Finance Designated Activity Company
		4.13%, 07/15/23 (b)	446		469
		3.55%, 04/15/24 (b)	860		891
	Standard Chartered PLC
		2.74%, 09/10/22 (b)	1,780		1,783
		3.43%, (3M USD LIBOR + 1.15%), 01/20/23 (a) (b)	2,200		2,212
	SunTrust Banks, Inc.
		2.59%, 01/29/21	3,700		3,703
		2.80%, 05/17/22	2,555		2,599
	Swedbank AB
		2.65%, 03/10/21 (b)	3,075		3,088
		3.35%, 05/24/21	2,610		2,661
	Synchrony Financial
		2.70%, 02/03/20	8,115		8,116
		3.00%, 06/15/22	880		892
		2.85%, 07/25/22	3,600		3,632
	Syngenta Finance N.V.
		3.70%, 04/24/20 (b)	2,235		2,243
		3.93%, 04/23/21 (b)	1,375		1,400
	The Charles Schwab Corporation
		2.47%, (3M USD LIBOR + 0.32%), 05/21/21 (a)	2,350		2,347
	The Goldman Sachs Group, Inc.
		2.30%, 12/13/19	2,225		2,225
		5.38%, 03/15/20	995		1,008
		6.00%, 06/15/20	305		313
		2.75%, 09/15/20	1,090		1,095
		5.75%, 01/24/22	1,990		2,144
		3.38%, (3M USD LIBOR + 1.11%), 04/26/22 (a)	3,030		3,056
		3.04%, (3M USD LIBOR + 0.78%), 10/31/22 (a)	735		737
	The Royal Bank of Scotland Group Public Limited Company
		6.40%, 10/21/19	715		717
	The Toronto-Dominion Bank
		2.52%, (3M USD LIBOR + 0.24%), 01/25/21 (a)	3,935		3,937
	Trinity Acquisition PLC
		3.50%, 09/15/21	1,525		1,555
	U.S. Bank National Association
		2.59%, (3M USD LIBOR + 0.32%), 04/26/21 (a)	3,690		3,691
	UBS Group Funding (Jersey) Limited
		3.00%, 04/15/21 (b)	5,035		5,094
	UBS Group Funding (Switzerland) AG
		3.37%, (3M USD LIBOR + 1.22%), 05/23/23 (a) (b)	2,300		2,325
	Volkswagen Group of America, Inc.
		3.88%, 11/13/20 (b)	2,415		2,455
		2.50%, 09/24/21 (b)	575		577
		2.70%, 09/26/22 (b)	1,345		1,351
	WEA Finance LLC
		3.25%, 10/05/20 (b)	805		814
	Wells Fargo & Company
		2.55%, 12/07/20	230		231
	Wells Fargo Bank, National Association
		3.33%, 07/23/21	4,575		4,617
		2.08%, 09/09/22	2,285		2,277
				348,269
Health Care 5.6%
	Abbott Laboratories
		2.90%, 11/30/21 (e)	2,995		3,047
	AbbVie Inc.
		2.30%, 05/14/21	2,675		2,679
		2.90%, 11/06/22	2,020		2,059
		3.20%, 11/06/22	440		451
	Actavis LLC
		3.25%, 10/01/22	425		434
	Allergan Funding SCS
		3.45%, 03/15/22	1,380		1,414
	AmerisourceBergen Corporation
		3.50%, 11/15/21	1,615		1,649
	Anthem, Inc.
		2.50%, 11/21/20	1,415		1,422
	Baxalta Incorporated
		3.60%, 06/23/22	680		696
	Bayer US Finance II LLC
		3.50%, 06/25/21 (b)	1,545		1,576
	Becton, Dickinson and Company
		2.68%, 12/15/19	1,141		1,141
		2.40%, 06/05/20	3,135		3,137
		2.98%, (3M USD LIBOR + 0.88%), 12/29/20 (a)	814		814
		2.89%, 06/06/22	1,780		1,807
	Biogen Inc.
		2.90%, 09/15/20	1,760		1,772
	Bristol-Myers Squibb Company
		2.60%, 05/16/22 (b)	1,075		1,093
		2.90%, 07/26/24 (b)	2,235		2,306
	Cardinal Health, Inc.
		2.62%, 06/15/22	265		266
		3.08%, 06/15/24	1,445		1,461
		3.50%, 11/15/24	1,760		1,811
	Celgene Corporation
		2.88%, 08/15/20 - 02/19/21	5,805		5,852

454

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
		3.55%, 08/15/22	1,580		1,641
		2.75%, 02/15/23	1,579		1,606
		3.25%, 02/20/23	480		494
		3.63%, 05/15/24	425		448
	Cigna Holding Company
		2.79%, 09/17/21	1,560		1,563
		3.40%, 09/17/21 (f)	865		885
		3.75%, 07/15/23 (f)	1,740		1,820
	CVS Health Corporation
		2.73%, (3M USD LIBOR + 0.63%), 03/09/20 (a)	149		149
		2.82%, (3M USD LIBOR + 0.72%), 03/09/21 (a)	1,650		1,659
		3.35%, 03/09/21	1,702		1,730
		3.70%, 03/09/23	4,345		4,521
		2.63%, 08/15/24	785		788
	Elanco Animal Health
		3.91%, 08/27/21 (g)	2,730		2,792
		4.27%, 08/28/23 (g)	495		520
	EMD Finance LLC
		2.40%, 03/19/20 (b)	2,440		2,439
		2.95%, 03/19/22 (b)	1,005		1,016
	Express Scripts Holding Company
		2.87%, (3M USD LIBOR + 0.75%), 11/30/20 (a)	3,345		3,346
		3.90%, 02/15/22	1,300		1,348
	Humana Inc.
		2.63%, 10/01/19	1,435		1,435
		3.15%, 12/01/22	805		823
		2.90%, 12/15/22	430		437
		3.85%, 10/01/24	150		158
	Life Technologies Corporation
		5.00%, 01/15/21	7,255		7,461
	McKesson Corporation
		3.65%, 11/30/20	3,440		3,494
	Medco Health Solutions, Inc.
		4.13%, 09/15/20	2,150		2,190
	Perrigo Finance Unlimited Company
		3.50%, 03/15/21 - 12/15/21	1,055		1,057
	Takeda Pharmaceutical Co Ltd
		4.00%, 11/26/21 (b)	3,335		3,454
	Teva Pharmaceutical Finance Netherlands III B.V.
		2.20%, 07/21/21	205		188
				86,349
Energy 4.7%
	Cenovus Energy Inc.
		5.70%, 10/15/19	3,185		3,189
		3.00%, 08/15/22 (e)	2,905		2,926
	China Shenhua Energy Company Limited
		3.13%, 01/20/20 (c)	5,900		5,907
	Columbia Pipeline Group, Inc.
		3.30%, 06/01/20	3,350		3,378
	Diamondback Energy, Inc.
		4.75%, 11/01/24	3,715		3,808
	Energy Transfer LP
		4.25%, 03/15/23	1,625		1,699
		5.88%, 01/15/24	1,935		2,152
	Eni S.p.A.
		4.00%, 09/12/23 (b)	925		979
	Enterprise Products Operating LLC
		2.55%, 10/15/19	1,425		1,425
		2.80%, 02/15/21	2,455		2,478
		3.50%, 02/01/22	2,590		2,673
	EQT Corporation
		3.09%, (3M USD LIBOR + 0.77%), 10/01/20 (a)	4,155		4,137
	Marathon Oil Corporation
		2.70%, 06/01/20	2,645		2,646
		2.80%, 11/01/22	3,095		3,115
	MPLX LP
		3.00%, (3M USD LIBOR + 0.90%), 09/09/21 (a)	565		569
		3.20%, (3M USD LIBOR + 1.10%), 09/09/22 (a)	1,755		1,761
	Occidental Petroleum Corporation
		2.60%, 08/13/21	2,255		2,270
		2.70%, 08/15/22	2,140		2,158
	Phillips 66
		2.73%, (3M USD LIBOR + 0.60%), 02/26/21 (a)	1,700		1,701
	Plains All American Pipeline, L.P.
		2.60%, 12/15/19	870		871
		5.75%, 01/15/20	1,145		1,157
		5.00%, 02/01/21	1,155		1,185
	Sabine Pass Liquefaction, LLC
		5.63%, 02/01/21 (h)	6,460		6,673
	Saudi Arabian Oil Company
		2.75%, 04/16/22 (b)	4,280		4,323
	Schlumberger Holdings Corporation
		3.75%, 05/01/24 (b)	1,600		1,684
	Williams Partners L.P.
		5.25%, 03/15/20	6,790		6,888
		3.35%, 08/15/22	1,005		1,027
				72,779
Industrials 4.1%
	Air Lease Corporation
		2.13%, 01/15/20	3,540		3,540
		2.50%, 03/01/21	685		687
		3.50%, 01/15/22	1,320		1,354
		2.25%, 01/15/23	1,680		1,669
	Avolon Holdings Funding Limited
		3.63%, 05/01/22 (b)	3,515		3,564
		3.95%, 07/01/24 (b)	690		709
	Delta Air Lines, Inc.
		2.88%, 03/13/20	4,890		4,905
		2.60%, 12/04/20	690		691
	Equifax Inc.
		2.30%, 06/01/21	2,500		2,498
		3.03%, (3M USD LIBOR + 0.87%), 08/15/21 (a)	1,440		1,438
		3.60%, 08/15/21	1,350		1,379
	FedEx Corporation
		3.40%, 01/14/22	775		795
	GATX Corporation
		2.60%, 03/30/20	3,680		3,684
	General Dynamics Corporation
		2.56%, (3M USD LIBOR + 0.38%), 05/11/21 (a)	1,300		1,304
	General Electric Company
		2.70%, 10/09/22	2,265		2,270
	Harris Corporation
		2.70%, 04/27/20	3,840		3,854
	Kansas City Southern
		2.35%, 05/15/20	4,580		4,577
	Northrop Grumman Corporation
		2.55%, 10/15/22	1,825		1,849
	Park Aerospace Holdings Limited
		5.25%, 08/15/22 (b)	1,985		2,098
		4.50%, 03/15/23 (b)	965		1,000
	Penske Truck Leasing Co., L.P.
		3.05%, 01/09/20 (b)	1,246		1,249
		3.20%, 07/15/20 (b)	440		443
		3.30%, 04/01/21 (b)	2,678		2,714
		3.65%, 07/29/21 (b)	585		598
	Republic Services, Inc.
		2.50%, 08/15/24	1,975		1,999
	Roper Technologies, Inc.
		3.00%, 12/15/20	4,140		4,179
		3.13%, 11/15/22	3,505		3,599
		3.65%, 09/15/23	700		735
	Southwest Airlines Co.
		2.75%, 11/06/19	2,205		2,205
	United Technologies Corporation
		2.82%, (3M USD LIBOR + 0.65%), 08/16/21 (a)	1,780		1,788
				63,374
Utilities 3.4%
	American Electric Power Company, Inc.
		3.65%, 12/01/21	450		464
	CenterPoint Energy Resources Corp.
		4.50%, 01/15/21	1,645		1,684
	CenterPoint Energy, Inc.
		3.60%, 11/01/21	1,115		1,145
	Dominion Energy, Inc.
		2.58%, 07/01/20 (h)	6,085		6,099
	Duke Energy Corporation
		3.55%, 09/15/21	780		798

455

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Edison International
		2.13%, 04/15/20	2,911		2,907
	ENN energy Holdings Limited
		3.25%, 10/23/19 (c)	1,815		1,816
	Exelon Generation Company, LLC
		5.20%, 10/01/19	287		287
		2.95%, 01/15/20	3,180		3,186
	FirstEnergy Corp.
		2.85%, 07/15/22 (g)	2,300		2,335
	Mississippi Power Company
		2.75%, (3M USD LIBOR + 0.65%), 03/27/20 (a)	1,140		1,140
	NextEra Energy Capital Holdings, Inc.
		2.69%, (3M USD LIBOR + 0.55%), 08/28/21 (a)	3,035		3,037
	NRG Energy, Inc.
		3.75%, 06/15/24 (b)	1,420		1,461
	PNM Resources, Inc.
		3.25%, 03/09/21	2,375		2,401
	San Diego Gas & Electric Company
		1.91%, 02/01/22	571		561
	Sempra Energy
		1.63%, 10/07/19	775		775
		2.85%, 11/15/20	8,385		8,445
		2.80%, (3M USD LIBOR + 0.50%), 01/15/21 (a)	2,545		2,542
		2.88%, 10/01/22	1,400		1,420
	State Grid Overseas Investment Limited
		2.25%, 05/04/20 (b)	5,995		5,990
	The Southern Company
		2.35%, 07/01/21	875		877
	Vistra Operations Company LLC
		3.55%, 07/15/24 (b)	2,105		2,134
				51,504
Information Technology 3.2%
	Apple Inc.
		2.40%, 05/03/23	1,505		1,531
	Avnet, Inc.
		3.75%, 12/01/21 (g)	1,513		1,546
	Broadcom Corporation
		2.38%, 01/15/20	4,455		4,455
		3.00%, 01/15/22	4,185		4,225
	DXC Technology Company
		3.09%, (3M USD LIBOR + 0.95%), 03/01/21 (a)	3,704		3,705
	Fidelity National Information Services, Inc.
		3.63%, 10/15/20	615		624
		2.25%, 08/15/21	3,130		3,135
	Fiserv, Inc.
		2.75%, 07/01/24	4,255		4,332
	Hewlett Packard Enterprise Company
		2.10%, 10/04/19 (b)	1,545		1,545
	International Business Machines Corporation
		2.50%, 01/27/22 (e)	1,140		1,152
		2.85%, 05/13/22	1,995		2,038
		2.88%, 11/09/22	323		331
	Jabil Inc.
		5.63%, 12/15/20	1,280		1,326
	Keysight Technologies, Inc.
		3.30%, 10/30/19	8,835		8,838
	Microchip Technology Incorporated
		3.92%, 06/01/21	3,270		3,336
	NXP B.V.
		4.13%, 06/01/21 (b)	1,575		1,616
		4.63%, 06/01/23 (b)	1,640		1,743
	Xerox Corporation
		5.63%, 12/15/19	2,915		2,933
				48,411
Communication Services 2.4%
	America Movil, S.A.B. De C.V.
		5.00%, 03/30/20	1,129		1,144
	Axiata SPV2 Berhad
		3.47%, 11/19/20 (c)	1,745		1,760
	Baidu, Inc.
		2.88%, 07/06/22	2,110		2,122
		3.50%, 11/28/22	1,820		1,865
		3.88%, 09/29/23	1,320		1,376
	Charter Communications Operating, LLC
		3.58%, 07/23/20	3,685		3,718
		4.46%, 07/23/22	5,925		6,237
	Comcast Corporation
		3.70%, 04/15/24	2,415		2,573
	Crown Communication Inc.
		3.72%, 07/15/23 (b)	220		227
	Deutsche Telekom International Finance B.V.
		2.23%, 01/17/20 (b)	3,135		3,133
	Expedia Group, Inc.
		5.95%, 08/15/20	785		809
	Fox Corporation
		3.67%, 01/25/22 (b)	670		693
		4.03%, 01/25/24 (b)	785		835
	Omnicom Group Inc.
		4.45%, 08/15/20	2,307		2,354
	RELX Capital Inc.
		3.50%, 03/16/23	1,380		1,429
	Tencent Holdings Limited
		2.88%, 02/11/20 (b)	3,845		3,851
	The Interpublic Group of Companies, Inc.
		3.50%, 10/01/20	700		708
	Vodafone Group Public Limited Company
		3.75%, 01/16/24	1,700		1,789
	Weibo Corporation
		3.50%, 07/05/24	905		920
				37,543
Materials 2.0%
	Anglo American Capital PLC
		3.75%, 04/10/22 (b)	726		745
		4.13%, 09/27/22 (b)	1,255		1,307
	ArcelorMittal
		5.50%, 03/01/21 (h)	3,470		3,609
		6.25%, 02/25/22 (e) (h)	640		692
	Braskem Finance Ltd
		5.75%, 04/15/21 (c)	3,810		3,943
	CNAC (HK) Finbridge Company Limited
		3.00%, 07/19/20	1,945		1,947
		4.13%, 03/14/21 (c)	1,840		1,870
	Eastman Chemical Company
		2.70%, 01/15/20	300		300
	International Flavors & Fragrances Inc.
		3.40%, 09/25/20	980		991
	Legacy Vulcan Corp.
		2.72%, (3M USD LIBOR + 0.60%), 06/15/20 (a)	2,080		2,083
		2.79%, (3M USD LIBOR + 0.65%), 03/01/21 (a)	3,900		3,905
	LyondellBasell Industries N.V.
		6.00%, 11/15/21	1,635		1,744
	Martin Marietta Materials, Inc.
		2.66%, (3M USD LIBOR + 0.50%), 12/20/19 (a)	1,525		1,525
		2.80%, (3M USD LIBOR + 0.65%), 05/22/20 (a)	870		868
	Packaging Corporation of America
		2.45%, 12/15/20	1,415		1,418
	Southern Peru Copper Corporation (Sucursal Del Peru)
		5.38%, 04/16/20	510		518
	Vale Overseas Ltd
		4.38%, 01/11/22	3,875		4,005
				31,470
Consumer Discretionary 1.8%
	Alibaba Group Holding Limited
		3.60%, 11/28/24	1,205		1,264
	D.R. Horton, Inc.
		2.55%, 12/01/20	1,270		1,273
	Dollar Tree, Inc.
		3.00%, (3M USD LIBOR + 0.70%), 04/17/20 (a)	2,975		2,978
	eBay Inc.
		2.15%, 06/05/20	2,155		2,158
	Ford Motor Credit Company LLC
		3.35%, 11/01/22	2,585		2,586
	Harley-Davidson Financial Services, Inc.
		2.55%, 06/09/22 (b)	865		863
	Invista Finance LLC
		4.25%, 10/15/19 (b)	5,260		5,260

456

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	JD.com, Inc.
		3.13%, 04/29/21	5,535		5,552
	McDonald's Corporation
		3.35%, 04/01/23	1,675		1,747
	O'Reilly Automotive, Inc.
		3.80%, 09/01/22	1,035		1,076
	QVC, Inc.
		4.38%, 03/15/23	790		816
	Royal Caribbean Cruises Ltd.
		2.65%, 11/28/20	640		642
	Starbucks Corporation
		2.70%, 06/15/22	1,130		1,149
				27,364
Consumer Staples 1.5%
	Altria Group, Inc.
		3.49%, 02/14/22	1,300		1,333
		3.80%, 02/14/24	3,320		3,472
	BAT Capital Corp.
		2.76%, 08/15/22	2,835		2,862
	Campbell Soup Company
		2.62%, (3M USD LIBOR + 0.50%), 03/16/20 (a)	2,415		2,415
	Conagra Brands, Inc.
		3.03%, (3M USD LIBOR + 0.75%), 10/22/20 (a)	1,115		1,115
	General Mills, Inc.
		2.86%, (3M USD LIBOR + 0.54%), 04/16/21 (a)	2,480		2,486
	Keurig Dr Pepper Inc.
		3.55%, 05/25/21	2,485		2,538
	Molson Coors Brewing Company
		2.25%, 03/15/20	2,310		2,309
	Pernod Ricard
		4.45%, 01/15/22 (b)	2,820		2,959
	Tyson Foods, Inc.
		2.25%, 08/23/21	1,545		1,547
				23,036
Real Estate 0.8%
	Brixmor Operating Partnership LP
		3.88%, 08/15/22	445		463
	Crown Castle International Corp.
		3.40%, 02/15/21	2,765		2,804
		2.25%, 09/01/21	4,185		4,182
	Highwoods Realty Limited Partnership
		3.63%, 01/15/23	1,315		1,359
	Service Properties Trust
		4.35%, 10/01/24	2,590		2,620
	Ventas Realty, Limited Partnership
		3.10%, 01/15/23	460		471
				11,899
	Total Corporate Bonds And Notes (cost $794,397)			801,998
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 26.5%
	Allegro CLO III Ltd
		Series 2015-AR-IA, 3.12%, (3M USD LIBOR + 0.84%), 07/26/27 (a) (b)	2,335		2,330
	Ally Auto Receivables Trust
		Series 2017-C-2, 2.46%, 09/15/22	395		396
		Series 2017-D-2, 2.93%, 11/15/23	550		553
	Ally Master Owner Trust
		Series 2018-A-4, 3.30%, 07/15/21	2,530		2,584
	American Airlines, Inc.
		3.70%, 10/15/25	1,838		1,860
	American Express Credit Account Master Trust
		Series 2019-B-3, 2.00%, 09/15/22	1,540		1,545
	AmeriCredit Automobile Receivables Trust
		Series 2016-D-3, 2.71%, 08/08/20	2,130		2,143
		Series 2015-D-2, 3.00%, 06/08/21	1,342		1,342
		Series 2016-A3-4, 1.53%, 07/08/21	61		61
		Series 2015-D-3, 3.34%, 08/09/21	1,840		1,846
		Series 2017-D-3, 3.18%, 04/18/22	3,550		3,603
		Series 2016-D-4, 2.74%, 12/08/22	3,900		3,921
		Series 2017-D-1, 3.13%, 01/18/23	3,180		3,216
		Series 2017-D-2, 3.42%, 04/18/23	2,290		2,333
		Series 2017-B-3, 2.24%, 06/19/23	1,040		1,041
		Series 2017-C-3, 2.69%, 06/19/23	1,105		1,114
	Angel Oak Mortgage Trust I LLC
		Series 2019-A1-2, REMIC, 3.63%, 04/25/23 (a) (b)	2,395		2,437
		Series 2019-M1-2, REMIC, 4.07%, 04/25/23 (a) (b)	1,420		1,466
	Applebee's Funding LLC
		Series 2019-A2I-1A, 4.19%, 06/05/24 (b)	1,590		1,627
	ARI Fleet Lease Trust
		Series 2017-A2-A, 1.91%, 04/15/26 (b)	190		190
		Series 2018-A2-A, 2.55%, 10/15/26 (b)	1,323		1,325
	Ascentium Equipment Receivables Trust
		Series 2018-A2-1A, 2.92%, 12/10/20 (b)	491		492
		Series 2017-A3-1A, 2.29%, 06/10/21 (b)	529		529
	Avis Budget Rental Car Funding (AESOP) LLC
		Series 2014-A-2A, 2.50%, 02/20/20 (b)	4,571		4,573
		Series 2015-A-1A, 2.50%, 07/20/20 (b)	1,650		1,651
		Series 2015-A-2A, 2.63%, 12/20/20 (b)	850		853
		Series 2016-A-1A, 2.99%, 06/20/21 (b)	2,200		2,224
		Series 2017-B-1A, 3.41%, 09/20/22 (b)	1,400		1,430
		Series 2017-A-2A, 2.97%, 03/20/23 (b)	2,130		2,176
		Series 2019-A-2A, 3.35%, 09/20/24 (b)	1,670		1,744
		Series 2019-B-1A, REMIC, 3.70%, 03/20/22 (b)	625		641
	BAMLL Commercial Mortgage Securities Trust
		Series 2018-A-DSNY, REMIC, 2.88%, (1M USD LIBOR + 0.85%), 09/15/20 (a) (b)	2,400		2,394
	Bank
		Series 2019-A1-BN19, REMIC, 2.26%, 08/16/24	1,191		1,198
	Bayview Mortgage Fund IVc Trust
		Series 2017-A-RT3, 3.50%, 01/28/58 (a) (b)	3,266		3,326
	Bayview Opportunity Master Fund IVa Trust
		Series 2017-A-SPL5, 3.50%, 06/28/57 (a) (b)	2,783		2,833
	Bayview Opportunity Master Fund IVb Trust
		Series 2017-A-SPL4, 3.50%, 01/28/55 (a) (b)	1,006		1,023
	BlueMountain CLO Ltd
		Series 2015-A1R-2A, 3.23%, (3M USD LIBOR + 0.93%), 07/19/27 (a) (b)	3,770		3,771
	BRE Grand Islander Timeshare Issuer LLC
		Series 2019-A-A, 3.28%, 09/26/33 (b)	892		912
	Capital Auto Receivables Asset Trust
		Series 2018-B-2, 3.48%, 12/21/20 (b)	885		895
		Series 2016-A4-2, 1.63%, 01/20/21	65		65
		Series 2018-C-2, 3.69%, 02/22/21 (b)	1,130		1,145
		Series 2018-C-1, 3.36%, 06/20/21 (b)	2,280		2,309
		Series 2018-D-1, 3.70%, 06/20/21 (b)	2,235		2,272
		Series 2017-B-1, 2.43%, 05/20/22 (b)	385		386
		Series 2017-C-1, 2.70%, 09/20/22 (b)	620		625
	Carlyle Global Market Strategies CLO Ltd
		Series 2015-A1R-3A, 3.26%, (3M USD LIBOR + 1.00%), 07/28/28 (a) (b)	3,805		3,799
	CarMax Auto Owner Trust
		Series 2017-D-1, 3.43%, 01/15/21	3,625		3,670
		Series 2017-C-4, 2.70%, 10/15/21	530		532
		Series 2015-D-4, 3.00%, 05/16/22	600		600
	Chrysler Capital Auto Receivables Trust
		Series 2016-A3-BA, 1.64%, 07/15/21 (b)	26		26
	Citigroup Commercial Mortgage Trust
		Series 2015-A1-GC31, REMIC, 1.64%, 07/10/20	130		130
		Series 2015-A1-GC33, REMIC, 1.64%, 08/10/20	449		448
	Citigroup Inc.
		Series 2015-A1-P1, REMIC, 1.65%, 04/17/20	206		205
	CLNS Trust
		Series 2017-A-IKPR, 2.85%, (1M USD LIBOR + 0.80%), 06/11/32 (a) (b)	1,395		1,392
	CNH Equipment Trust
		Series 2016-A3-C, 1.44%, 12/15/21	543		541
		Series 2018-B-A, 3.47%, 04/15/22	970		1,001
		Series 2019-A3-A, 3.01%, 10/15/22	1,500		1,531
	Cole Park CLO Ltd
		Series 2015-AR-1A, 3.33%, (3M USD LIBOR + 1.05%), 10/20/28 (a) (b)	3,985		3,987
	COLT Mortgage Loan Trust
		Series 2019-A1-2, 3.34%, 05/25/49 (b)	1,605		1,636
		Series 2019-A1-3, 2.76%, 08/25/49 (a) (b)	3,987		3,989

457

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1	Value ($)
	Series 2018-A1-1, REMIC, 2.93%, 02/25/48 (a) (b)	326	328
	Series 2018-A3-1, REMIC, 3.08%, 02/25/48 (a) (b)	116	117
	Series 2018-A1-2, REMIC, 3.47%, 07/27/48 (a) (b)	1,901	1,930
	Series 2018-A2-2, REMIC, 3.54%, 07/27/48 (a) (b)	923	937
	Series 2018-A1-4, REMIC, 4.01%, 12/28/48 (b)	1,410	1,446
COMM Mortgage Trust
	Series 2015-A1-CR25, REMIC, 1.74%, 07/10/20	612	610
	Series 2016-A1-CR28, REMIC, 1.77%, 10/13/20	275	274
	Series 2015-A2-LC23, REMIC, 3.22%, 10/13/20	4,595	4,626
Connecticut Avenue Securities Trust
	Series 2019-1M1-R03, REMIC, 2.77%, (1M USD LIBOR + 0.75%), 09/25/31 (a) (b)	1,289	1,289
Credit Suisse Mortgage Capital Certificates
	Series 2019-C-ICE4, 3.46%, (1M USD LIBOR + 1.43%), 05/15/21 (a) (b)	2,680	2,680
	Series 2019-D-ICE4, 3.63%, (1M USD LIBOR + 1.60%), 05/15/21 (a) (b)	1,965	1,967
CSAIL Commercial Mortgage Trust
	Series 2015-A1-C3, REMIC, 1.72%, 05/15/20	329	328
	Series 2016-A1-C5, REMIC, 1.75%, 07/17/20	155	155
	Series 2019-A1-C16, REMIC, 2.36%, 06/17/24	1,460	1,471
Deephave Residential Mortgage Trust
	Series 2018-A1-1A, 2.98%, 02/25/22 (a) (b)	850	851
	Series 2018-A1-2A, 3.48%, 06/25/22 (a) (b)	1,486	1,512
	Series 2018-A3-3A, 3.96%, 10/25/22 (b)	165	169
	Series 2017-A1-3A, REMIC, 2.58%, 11/25/21 (a) (b)	995	997
	Series 2017-A2-3A, REMIC, 2.71%, 11/25/21 (a) (b)	86	86
	Series 2017-A3-3A, REMIC, 2.81%, 11/25/21 (a) (b)	81	81
	Series 2019-A1-1A, REMIC, 3.74%, 03/25/23 (b)	2,670	2,713
	Series 2019-A3-2A, REMIC, 3.76%, 05/25/23 (b)	1,723	1,751
	Series 2019-M1-2A, REMIC, 3.92%, 05/25/23 (b)	1,005	1,034
	Series 2017-A3-1A, REMIC, 3.49%, 10/27/25 (a) (b)	174	175
Deephaven Residential Mortgage Trust
	Series 2019-A1-3A, REMIC, 2.96%, 08/25/23 (b)	1,550	1,547
Elara HGV Timeshare Issuer LLC
	Series 2014-A-A, 2.53%, 02/25/27 (b)	231	231
	Series 2017-A-A, 2.69%, 03/25/30 (b)	598	600
	Series 2019-A-A, 2.61%, 01/25/34 (b)	2,023	2,019
Enterprise Fleet Financing, LLC
	Series 2017-A2-1, 2.13%, 01/20/20 (b)	199	199
	Series 2017-A2-2, 1.97%, 04/20/20 (b)	380	379
	Series 2017-A2-3, 2.13%, 08/20/20 (b)	1,776	1,775
	Series 2018-A2-1, 2.87%, 02/20/21 (b)	1,162	1,167
	Series 2018-A2-2, 3.14%, 06/20/21 (b)	1,745	1,759
	Series 2017-A3-3, 2.36%, 08/20/21 (b)	955	957
	Series 2019-A2-1, 2.98%, 02/22/22 (b)	1,375	1,390
Fannie Mae Connecticut Avenue Securities
	Series 2019-2M1-R04, 2.77%, (1M USD LIBOR + 0.75%), 06/25/21 (a) (b) (i)	1,748	1,750
Freddie Mac Structured Agency Credit Risk (STACR)
	Series 2019-M2-HRP1, 3.42%, (1M USD LIBOR + 1.40%), 02/25/49 (a) (b)	1,450	1,450
	Series 2018-M1-HRP2, REMIC, 2.87%, (1M USD LIBOR + 0.85%), 02/25/47 (a) (b)	383	383
	Series 2018-M2-HRP2, REMIC, 3.27%, (1M USD LIBOR + 1.25%), 02/25/47 (a) (b)	1,725	1,732
	Series 2018-M1-HQA2, REMIC, 2.77%, (1M USD LIBOR + 0.75%), 10/26/48 (a)	2,558	2,557
Galton Funding Mortgage Trust
	Series 2019-A32-1, 4.00%, 12/25/32 (b)	1,262	1,296
	Series 2018-A33-1, 3.50%, 02/25/33 (a) (b)	1,436	1,451
GM Financial Automobile Leasing Trust
	Series 2017-C-3, 2.73%, 09/20/21	780	780
	Series 2018-C-1, 3.11%, 12/20/21	985	988
	Series 2018-C-2, 3.50%, 04/20/22	1,110	1,122
	Series 2018-D-1, 3.37%, 10/20/22	2,450	2,458
GM Financial Consumer Automobile Receivables Trust
	Series 2017-C-3A, 2.52%, 03/16/23 (b)	635	637
GMF Floorplan Owner Revolving Trust
	Series 2017-C-1, 2.97%, 01/15/20 (b)	1,560	1,562
	Series 2017-C-2, 2.63%, 07/15/20 (b)	970	971
	Series 2018-A1-4, 3.50%, 09/15/21 (b)	6,665	6,814
	Series 2019-A-1, 2.70%, 04/15/22 (b)	1,865	1,894
Golub Capital Partners Clo 39b Ltd
	Series 2018-A1-39A, 3.43%, (3M USD LIBOR + 1.15%), 10/20/28 (a) (b)	2,180	2,180
Great Wolf Trust
	Series 2017-A-WOLF, 2.88%, (1M USD LIBOR + 0.85%), 09/15/34 (a) (b)	761	761
	Series 2017-C-WOLF, 3.35%, (1M USD LIBOR + 1.32%), 09/15/34 (a) (b)	2,495	2,494
GreatAmerica Financial Services Corporation
	Series 2017-A3-1, 2.06%, 06/22/20 (b)	29	29
	Series 2018-A3-1, 2.60%, 06/15/21 (b)	945	947
GS Mortgage Securities Corp Trust
	Series 2016-A1-GS3, 1.43%, 02/12/21	249	248
	Series 2015-A1-GC32, REMIC, 1.59%, 04/10/20	190	190
	Series 2018-D-FBLU, REMIC, 4.03%, 11/15/20 (b)	800	801
	Series 2018-A-FBLU, REMIC, 2.98%, 11/16/20 (b)	1,525	1,525
GS Mortgage-Backed Securities Trust
	Series 2014-2A1-EB1A, REMIC, 2.45%, 05/25/21 (a) (b)	269	267
Halcyon Loan Advisors Funding Ltd
	Series 2014-B1-3A, 3.98%, 10/22/25	1,960	1,961
Hardee's Funding LLC
	Series 2018-AI-1A, 4.25%, 06/20/22 (b)	2,177	2,217
Hilton Grand Vacations Inc.
	Series 2017-A-AA, 2.66%, 08/25/23 (b)	319	320
Hilton Grand Vacations Trust
	Series 2014-A-AA, 1.77%, 11/25/26 (b)	363	362
Homeward Opportunities Fund I Trust
	Series 2019-A1-1, 3.45%, 01/25/59 (a) (b)	3,157	3,202
	Series 2019-A3-1, 3.61%, 01/25/59 (a) (b)	2,012	2,043
	Series 2018-A1-1, REMIC, 3.77%, 06/25/48 (b)	1,641	1,689
	Series 2018-A2-1, REMIC, 3.90%, 06/25/48 (b)	1,313	1,355
Hyundai Auto Receivables Trust
	Series 2017-B-A, 2.38%, 04/17/23	875	878
	Series 2019-B-A, 2.94%, 05/15/25	1,660	1,701
JP Morgan Chase Commercial Mortgage Securities Corp.
	Series 2019-B-BKWD, 3.40%, 09/15/24 (a) (b)	3,760	3,760
	Series 2019-C-BKWD, 3.65%, 09/15/24 (a) (b)	1,195	1,195
Kubota Credit Owner Trust
	Series 2016-A3-1A, 1.50%, 07/15/20 (b)	20	20
Madison Park Funding XVIII Ltd
	Series 2015-A1R-18A, 3.47%, (3M USD LIBOR + 1.19%), 10/21/30 (a) (b)	3,635	3,635
Magnetite XVI Ltd
	Series 2015-AR-16A, 3.10%, (3M USD LIBOR + 0.80%), 01/18/28 (a) (b)	5,120	5,104
Metlife Securitization Trust
	Series 2017-A-1A, REMIC, 3.00%, 06/25/26 (a) (b)	1,214	1,230
Mill City Mortgage Loan Trust
	Series 2016-A1-1, REMIC, 2.50%, 07/25/23 (b)	358	357
	Series 2017-A1-2, REMIC, 2.75%, 01/25/24 (a) (b)	1,598	1,606
Morgan Stanley Bank of America Merrill Lynch Trust
	Series 2015-A1-C24, REMIC, 1.71%, 07/15/20	556	554
	Series 2016-A1-C30, REMIC, 1.39%, 07/16/21	461	458
	Series 2014-AS-C15, REMIC, 4.26%, 02/16/24	710	761
	Series 2014-B-C15, REMIC, 4.57%, 03/15/24	255	274

458

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1	Value ($)
	Series 2014-AS-C18, REMIC, 4.11%, 09/17/24	955	1,025
Morgan Stanley Capital I Trust
	Series 2015-A1-MS1, REMIC, 1.64%, 07/17/20	578	576
MVW Owner Trust
	Series 2013-B-1A, 2.74%, 01/21/20 (b)	1,153	1,148
	Series 2014-A-1A, 2.25%, 10/20/24 (b)	411	410
	Series 2013-A-1A, 2.15%, 04/22/30 (b)	114	114
	Series 2015-A-1A, 2.52%, 12/20/32 (b)	978	978
	Series 2015-B-1A, 2.96%, 12/20/32 (b)	672	670
	Series 2017-A-1A, 2.42%, 12/20/34 (b)	336	336
	Series 2017-B-1A, 2.75%, 12/20/34 (b)	114	114
	Series 2017-C-1A, 2.99%, 12/20/34 (b)	311	312
Navient Private Education Refi Loan Trust
	Series 2018-A1-A, 2.53%, 08/16/21 (b)	1,025	1,027
	Series 2019-A1-CA, 2.82%, 07/15/23 (b)	3,644	3,676
Navient Student Loan Trust
	Series 2019-A1-EA, REMIC, 2.39%, 06/15/22 (b)	1,177	1,180
Nelnet, Inc.
	Series 2005-A4-4, 2.34%, (3M USD LIBOR + 0.18%), 03/22/32 (a)	1,916	1,841
Neuberger Berman CLO XIX Ltd
	Series 2015-A1R2-19A, 3.10%, (3M USD LIBOR + 0.80%), 07/15/27 (a) (b)	3,815	3,809
Neuberger Berman CLO XVI-S Ltd
	Series 2017-A-16SA, 3.15%, (3M USD LIBOR + 0.85%), 01/18/28 (a) (b)	2,335	2,331
New Orleans Hotel Trust
	Series 2019-B-HNLA, REMIC, 3.32%, (1M USD LIBOR + 1.29%), 04/15/21 (a) (b)	4,180	4,190
New Residential Mortgage Loan Trust
	Series 2018-A1-NQM1, 3.99%, 11/25/48 (b)	2,931	3,033
	Series 2019-A1-NQM3, 2.80%, 07/25/49 (a) (b)	2,956	2,982
	Series 2019-A3-NQM3, 3.09%, 07/25/49 (a) (b)	1,169	1,178
OBX Trust
	Series 2019-2A1A-EXP2, REMIC, 2.92%, (1M USD LIBOR + 0.90%), 07/25/59 (a) (b)	1,983	1,963
	Series 2019-2A2-EXP2, REMIC, 3.22%, (1M USD LIBOR + 1.20%), 07/25/59 (a) (b)	3,198	3,163
OCP CLO Ltd
	Series 2015-A1R-10A, 3.09%, (3M USD LIBOR + 0.82%), 10/26/27 (a) (b)	3,535	3,531
	Series 2014-A1RR-7A, 3.40%, (3M USD LIBOR + 1.12%), 07/20/29 (a) (b)	6,010	5,978
OZLM VIII Ltd
	Series 2014-A1RR-8A, 3.47%, (3M USD LIBOR + 1.17%), 10/17/29 (a) (b)	2,515	2,512
Planet Fitness Master
	Series 2018-A2I-1A, 4.26%, 09/05/22 (b)	2,797	2,848
RETL
	Series 2019-A-RVP, REMIC, 3.18%, (1M USD LIBOR + 1.15%), 03/15/21 (a) (b)	2,071	2,072
Santander Drive Auto Receivables Trust
	Series 2015-D-4, 3.53%, 10/15/19	1,163	1,164
	Series 2017-C-1, 2.58%, 06/15/20	269	269
	Series 2018-B-4, 3.27%, 01/15/21	1,570	1,580
	Series 2018-B-5, 3.52%, 01/15/21	3,090	3,112
	Series 2015-D-3, 3.49%, 05/17/21	3,147	3,152
	Series 2016-D-3, 2.80%, 07/15/21	1,400	1,408
	Series 2019-B-2, 2.79%, 10/15/21	1,395	1,407
	Series 2015-D-5, 3.65%, 12/15/21	1,042	1,045
	Series 2018-C-1, 2.96%, 02/15/22	630	633
	Series 2016-D-1, 4.02%, 04/15/22	1,620	1,637
	Series 2015-E-2, 4.02%, 09/15/22 (b)	1,750	1,751
	Series 2019-B-3, REMIC, 2.28%, 10/15/21	2,050	2,054
	Series 2015-E-3, REMIC, 4.50%, 06/15/23 (b)	1,520	1,524
Santander Drive Auto Receivables Trust
	Series 2019-C-1, 3.42%, 11/15/22	1,985	2,021
Santander Retail Auto Lease Trust
	Series 2017-C-A, 2.96%, 11/21/22 (b)	820	825
	Series 2019-A3-A, REMIC, 2.77%, 11/20/21 (b)	1,885	1,913
	Series 2019-B-A, REMIC, 3.01%, 01/20/22 (b)	1,710	1,738
SBA Towers, LLC
	Series 2015-C-1, 3.16%, 10/15/20 (b)	855	859
	Series 2017-C-1, 3.17%, 04/15/22 (b)	1,860	1,884
	Series 2018-C-1, 3.45%, 03/15/23 (b)	2,110	2,166
	Series 2019-1C-1, 2.84%, 01/15/25 (b)	1,650	1,647
Sequoia Mortgage Trust
	Series 2018-A2-CH4, 4.00%, 09/25/34 (b)	1,273	1,333
	Series 2018-A19-CH4, 4.50%, 09/25/34 (b)	830	874
	Series 2018-A11-CH1, REMIC, 3.50%, 08/25/23 (a) (b)	2,239	2,269
	Series 2018-A19-CH3, REMIC, 4.50%, 01/25/25 (b)	749	790
	Series 2018-A3-CH2, REMIC, 4.00%, 09/25/35 (a) (b)	3,202	3,274
Sierra Timeshare Receivables Funding LLC
	Series 2015-A-3A, 2.58%, 06/20/23 (b)	141	141
	Series 2017-A-1A, 2.91%, 07/20/24 (b)	243	246
	Series 2019-A-2A, 2.59%, 03/20/26 (b)	3,701	3,716
	Series 2015-A-1A, 2.40%, 03/20/32 (b)	783	783
	Series 2015-A-2A, 2.43%, 06/20/32 (b)	432	431
	Series 2016-A-1A, 3.08%, 03/21/33 (b)	448	451
	Series 2016-A-2A, 2.33%, 07/20/33 (b)	287	286
	Series 2019-A-1A, 3.20%, 01/20/36 (b)	1,060	1,089
SLIDE
	Series 2018-D-FUN, 3.88%, (1M USD LIBOR + 1.85%), 06/15/21 (a) (b)	1,893	1,902
SLM Student Loan Trust
	Series 2007-A4-7, 2.61%, (3M USD LIBOR + 0.33%), 01/25/22 (a)	1,171	1,143
	Series 2008-A-9, 3.78%, (3M USD LIBOR + 1.50%), 04/25/23 (a)	513	516
	Series 2008-A4-5, 3.98%, (3M USD LIBOR + 1.70%), 07/25/23 (a)	705	708
	Series 2010-A-1, 2.42%, (1M USD LIBOR + 0.40%), 03/25/25 (a)	2,586	2,528
SMB Private Education Loan Trust
	Series 2015-A2B-A, 3.03%, (1M USD LIBOR + 1.00%), 04/15/23 (a) (b)	782	783
	Series 2018-A2B-B, 2.75%, (1M USD LIBOR + 0.72%), 03/15/28 (a) (b)	4,985	4,956
	Series 2014-A3-A, 3.53%, (1M USD LIBOR + 1.50%), 04/15/32 (a) (b)	3,430	3,462
	Series 2016-A2B-C, 3.13%, (1M USD LIBOR + 1.10%), 09/15/34 (a) (b)	2,854	2,877
Starvest Emerging Markets CBO I
	Series 2019-A1-IMC1, REMIC, 3.47%, 02/25/49 (b)	1,448	1,462
Starwood Mortgage Residential Trust
	Series 2019-A1-1, REMIC, 2.94%, 06/25/49 (b)	2,467	2,465
	Series 2019-A3-1, REMIC, 3.30%, 06/25/49 (b)	1,683	1,682
Synchrony Card Issuance Trust
	Series 2019-A-A2, 2.34%, 06/15/22	4,390	4,427
Synchrony Credit Card Master Note Trust
	Series 2015-B-1, 2.64%, 03/15/20	1,580	1,581
	Series 2018-C-1, 3.36%, 03/15/21	1,525	1,534
	Series 2016-C-2, 2.95%, 05/17/21	2,805	2,820
Towd Point Mortgage Trust
	Series 2018-A1-2, 3.25%, 12/25/24 (a) (b)	4,129	4,196
	Series 2018-A1A-5, 3.25%, 02/25/25 (b)	3,915	3,987
	Series 2015-A1B-4, REMIC, 2.75%, 05/25/22 (a) (b)	1,091	1,091
	Series 2015-A1B-5, REMIC, 2.75%, 09/25/22 (a) (b)	1,125	1,125
	Series 2016-A1B-1, REMIC, 2.75%, 04/25/23 (a) (b)	581	582
	Series 2016-A3B-1, REMIC, 3.00%, 08/25/24 (a) (b)	827	819
	Series 2016-A1A-2, REMIC, 2.75%, 12/25/24 (a) (b)	545	548
	Series 2017-A1-2, REMIC, 2.75%, 01/25/23 (a) (b)	1,148	1,152
	Series 2017-A1-1, REMIC, 2.75%, 07/25/23 (a) (b)	1,871	1,880
	Series 2017-A1-6, REMIC, 2.75%, 05/25/24 (a) (b)	4,668	4,688
	Series 2018-A1-1, REMIC, 3.00%, 05/25/24 (a) (b)	720	728
	Series 2017-A1-3, REMIC, 2.75%, 07/25/57 (a) (b)	2,502	2,515
Toyota Auto Receivables Owner Trust
	Series 2019-A4-A, 3.00%, 11/15/22	1,545	1,590

459

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	United AirlinesPass Through Trust
		Series 2019-B-2, REMIC, 3.50%, 05/01/28	845		849
	Verizon Owner Trust
		Series 2016-C-2A, 2.36%, 05/20/21 (b)	1,690		1,691
		Series 2017-C-1A, 2.65%, 09/20/21 (b)	840		842
		Series 2018-C-A, 3.55%, 12/20/21	3,670		3,776
		Series 2017-C-3A, 2.53%, 04/20/22 (b)	2,135		2,142
		Series 2019-A1A-B, 2.33%, 08/22/22	2,205		2,220
		Series 2018-C-1A, 3.20%, 09/20/22 (b)	2,340		2,377
	Verus Securitization Trust
		Series 2018-A1-1, 2.93%, 02/25/48 (b)	319		319
		Series 2019-A1-INV1, 3.40%, 12/25/58 (a) (b)	1,203		1,217
		Series 2019-M1-INV1, 4.03%, 12/25/58 (a) (b)	495		500
		Series 2018-A2-2, REMIC, 3.78%, 06/01/58 (b)	530		543
		Series 2018-A3-2, REMIC, 3.83%, 06/01/58 (b)	333		341
		Series 2019-A1-2, REMIC, 3.21%, 05/25/59 (a) (b) (h)	2,317		2,339
		Series 2019-A1-INV2, REMIC, 2.91%, 07/25/59 (b) (h)	3,836		3,821
		Series 2019-A2-INV2, REMIC, 3.12%, 07/25/59 (b) (h)	2,294		2,281
	Volvo Financial Equipment Master Owner Trust
		Series 2017-A-A, 2.53%, 11/16/20 (b)	620		622
	Wells Fargo & Company
		Series 2015-A2-NXS2, REMIC, 3.02%, 03/17/20	3,900		3,898
		Series 2016-A1-LC24, REMIC, 1.44%, 10/19/20	64		64
	Wells Fargo Commercial Mortgage Trust
		Series 2015-A1-SG1, REMIC, 1.57%, 10/18/19	—		—
		Series 2016-A1-C32, REMIC, 1.58%, 10/19/20	1,086		1,082
	WFRBS Commercial Mortgage Trust
		Series 2012-B-C6, REMIC, 4.70%, 03/17/22	1,975		2,071
	World Omni Automobile Lease Securitization Trust
		Series 2018-B-A, REMIC, 3.06%, 05/15/23	665		668
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $404,878)			407,285
GOVERNMENT AND AGENCY OBLIGATIONS 20.1%
U.S. Treasury Note 9.4%
	Treasury, United States Department of
		1.75%, 07/31/21 (j)	25,000		25,035
		2.50%, 02/15/22	6,325		6,453
		2.38%, 03/15/22	20,350		20,738
		2.25%, 04/15/22	19,025		19,322
		2.13%, 05/15/22	16,780		17,000
		1.75%, 06/15/22 - 07/15/22	46,540		46,742
		1.50%, 09/15/22	5,260		5,251
		2.88%, 11/30/23	3,730		3,926
				144,467
Mortgage-Backed Securities 5.7%
	Federal Home Loan Mortgage Corporation
		5.50%, 10/01/19 - 07/01/20	—		—
		4.50%, 08/01/20	—		—
		5.00%, 12/01/23	268		278
		4.28%, (12M USD LIBOR + 1.75%), 09/01/33 (a)	7		7
		4.46%, (1Y US Treasury Yield Curve Rate Treasury Note Constant Maturity + 2.21%), 09/01/33 (a)	30		31
		4.51%, (1Y US Treasury Yield Curve Rate Treasury Note Constant Maturity + 2.11%), 10/01/34 (a)	16		17
		4.69%, (12M USD LIBOR + 1.89%), 11/01/34 (a)	11		12
		4.69%, (12M USD LIBOR + 1.90%), 11/01/34 (a)	4		4
		4.73%, (12M USD LIBOR + 1.90%), 11/01/34 (a)	8		9
		4.75%, (1Y US Treasury Yield Curve Rate Treasury Note Constant Maturity + 2.25%), 11/01/34 (a)	25		27
		4.68%, (12M USD LIBOR + 1.68%), 01/01/35 (a)	9		10
		4.72%, (12M USD LIBOR + 1.63%), 02/01/35 (a)	13		13
		4.75%, (12M USD LIBOR + 1.62%), 02/01/35 (a)	11		11
		4.75%, (12M USD LIBOR + 1.63%), 02/01/35 (a)	5		5
		4.79%, (12M USD LIBOR + 1.68%), 02/01/35 (a)	10		11
		4.81%, (1Y US Treasury Yield Curve Rate Treasury Note Constant Maturity + 2.11%), 02/01/35 (a)	19		20
		4.98%, (1Y US Treasury Yield Curve Rate Treasury Note Constant Maturity + 2.25%), 02/01/35 (a)	23		24
		4.99%, (12M USD LIBOR + 1.90%), 02/01/35 (a)	16		16
		4.56%, (12M USD LIBOR + 1.75%), 06/01/35 (a)	150		157
		4.74%, (1Y US Treasury Yield Curve Rate Treasury Note Constant Maturity + 2.37%), 09/01/35 (a)	310		326
		4.16%, (12M USD LIBOR + 1.71%), 10/01/35 (a)	49		51
		4.60%, (12M USD LIBOR + 1.73%), 11/01/35 (a)	48		50
		4.73%, (12M USD LIBOR + 1.62%), 03/01/36 (a)	75		78
		6.00%, 09/01/34 - 01/01/38	705		806
		7.50%, 06/01/38	466		541
		7.00%, 03/01/39	442		511
		REMIC, 2.75%, (1M USD LIBOR + 0.73%), 07/26/49 (a) (b)	1,634		1,634
	Federal National Mortgage Association, Inc.
		5.00%, 12/01/19 - 09/01/48	5,434		5,905
		3.50%, 11/01/26 - 01/01/46	2,440		2,533
		3.00%, 03/01/30 - 11/25/47	6,650		6,843
		TBA, 3.50%, 10/15/32 - 11/15/32 (k)	2,006		2,074
		6.50%, 07/01/32 - 12/01/32	343		390
		4.67%, (12M USD LIBOR + 1.62%), 03/01/33 (a)	1		1
		3.99%, (6M USD LIBOR + 1.41%), 06/01/33 (a)	10		11
		4.76%, (1Y US Treasury Yield Curve Rate Treasury Note Constant Maturity + 2.22%), 06/01/33 (a)	131		137
		4.70%, (1Y US Treasury Yield Curve Rate Treasury Note Constant Maturity + 2.21%), 07/01/33 (a)	8		9
		4.72%, (1Y US Treasury Yield Curve Rate Treasury Note Constant Maturity + 2.22%), 12/01/33 (a)	100		105
		4.77%, (1Y US Treasury Yield Curve Rate Treasury Note Constant Maturity + 2.31%), 04/01/34 (a)	2		3
		4.33%, (12M USD LIBOR + 1.56%), 10/01/34 (a)	4		4
		4.22%, (12M USD LIBOR + 1.34%), 11/01/34 (a)	2		2
		4.53%, (12M USD LIBOR + 1.67%), 11/01/34 (a)	29		30
		4.73%, (1Y US Treasury Yield Curve Rate Treasury Note Constant Maturity + 2.36%), 11/01/34 (a)	139		147
		4.62%, (12M USD LIBOR + 1.68%), 12/01/34 (a)	14		14
		4.59%, (12M USD LIBOR + 1.64%), 01/01/35 (a)	7		7
		4.65%, (12M USD LIBOR + 1.52%), 01/01/35 (a)	15		15
		4.67%, (12M USD LIBOR + 1.54%), 01/01/35 (a)	26		27
		4.75%, (12M USD LIBOR + 1.63%), 01/01/35 (a)	21		22
		4.73%, (12M USD LIBOR + 1.64%), 02/01/35 (a)	11		12
		4.84%, (1Y US Treasury Yield Curve Rate Treasury Note Constant Maturity + 2.20%), 02/01/35 (a)	35		37
		4.38%, (12M USD LIBOR + 1.36%), 03/01/35 (a)	12		12

460

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
		4.52%, (1Y US Treasury Yield Curve Rate Treasury Note Constant Maturity + 1.82%), 04/01/35 (a)	131		138
		4.86%, (12M USD LIBOR + 1.99%), 04/01/35 (a)	144		152
		4.93%, (12M USD LIBOR + 1.81%), 04/01/35 (a)	35		37
		4.31%, (12M USD LIBOR + 1.43%), 05/01/35 (a)	145		151
		4.46%, (12M USD LIBOR + 1.43%), 05/01/35 (a)	40		42
		4.58%, (12M USD LIBOR + 1.64%), 05/01/35 (a)	19		20
		4.44%, (12M USD LIBOR + 1.69%), 06/01/35 (a)	97		102
		4.81%, (1Y US Treasury Yield Curve Rate Treasury Note Constant Maturity + 2.30%), 06/01/35 (a)	117		123
		4.70%, (12M USD LIBOR + 1.84%), 07/01/35 (a)	86		91
		3.81%, (6M USD LIBOR + 1.39%), 08/01/35 (a)	321		331
		4.44%, (12M USD LIBOR + 1.60%), 08/01/35 (a)	111		116
		4.16%, (12M USD LIBOR + 1.48%), 11/01/35 (a)	160		167
		4.69%, (12M USD LIBOR + 1.69%), 11/01/35 - 02/01/36 (a)	226		236
		4.80%, (1Y US Treasury Yield Curve Rate Treasury Note Constant Maturity + 2.05%), 02/01/36 (a)	138		145
		4.77%, (12M USD LIBOR + 1.64%), 03/01/36 (a)	73		76
		4.80%, (12M USD LIBOR + 1.74%), 03/01/36 (a)	103		108
		6.00%, 03/01/34 - 02/01/49	5,046		5,769
		5.50%, 01/01/24 - 12/01/39	6,795		7,570
		4.50%, 12/01/20 - 12/01/48	15,028		15,995
		4.00%, 06/01/33 - 08/01/49	6,449		6,777
	Government National Mortgage Association
		6.00%, 07/15/36	935		1,056
		5.00%, 12/20/34 - 08/20/48	11,446		12,189
		4.50%, 09/20/40 - 04/20/49	2,209		2,334
		3.50%, 03/20/43 - 02/20/48	4,225		4,444
		5.50%, 07/15/20 - 12/20/48	4,010		4,353
		4.00%, 02/20/48 - 10/20/48	2,370		2,472
				87,983
U.S. Government Agency Obligations 3.1%
	Federal Home Loan Mortgage Corporation
		1.63%, 09/29/20 (e) (l)	21,435		21,392
	Federal National Mortgage Association, Inc.
		1.25%, 08/17/21 (l)	26,125		25,922
				47,314
Collateralized Mortgage Obligations 1.9%
	Federal Home Loan Mortgage Corporation
		Series 2017-M1-HQA2, 2.82%, (1M USD LIBOR + 0.80%), 12/26/29 (a)	385		385
		Series 2017-M1-HQA3, 2.57%, (1M USD LIBOR + 0.55%), 04/25/30 (a)	67		67
		Series 2018-M1-SPI3, 4.16%, 08/25/48 (a) (b)	663		669
		Series 2017-M1-DNA1, REMIC, 3.22%, (1M USD LIBOR + 1.20%), 07/25/29 (a)	711		713
		Series 2017-M1-HQA1, REMIC, 3.22%, (1M USD LIBOR + 1.20%), 08/27/29 (a)	802		803
		Series 2017-M1-DNA2, REMIC, 3.22%, (1M USD LIBOR + 1.20%), 10/25/29 (a)	2,589		2,600
		Series 2017-M1-DNA3, REMIC, 2.77%, (1M USD LIBOR + 0.75%), 03/25/30 (a)	1,646		1,646
		Series PA-3713, REMIC, 2.00%, 02/15/40	2,050		2,042
		Series 2017-M1-SC02, REMIC, 3.85%, 05/25/47 (a)	487		495
		Series 2017-M1-SPI1, REMIC, 3.98%, 09/25/47 (a)	186		187
		Series 2018-M1-SPI2, REMIC, 3.82%, 05/25/48 (a)	801		806
		Series 2018-M1-DNA3, REMIC, 2.77%, (1M USD LIBOR + 0.75%), 09/25/48 (a) (b)	1,412		1,414
	Federal National Mortgage Association, Inc.
		Series 2017-1M1-C01, 3.32%, (1M USD LIBOR + 1.30%), 01/25/27 (a)	405		406
		Series 2017-2M1-C02, 3.17%, (1M USD LIBOR + 1.15%), 09/25/29 (a) (b)	1,012		1,014
		Series 2017-2ED3-C02, 3.37%, (1M USD LIBOR + 1.35%), 09/25/29 (a) (b)	1,890		1,893
		Series 2017-2M1-C04, 2.87%, (1M USD LIBOR + 0.85%), 11/26/29 (a)	1,047		1,047
		Series 2019-1M1-R05, REMIC, 2.77%, (1M USD LIBOR + 0.75%), 07/25/21 (a) (b)	2,620		2,623
		Series 2019-2M1-R01, REMIC, 2.87%, 01/25/22 (b)	1,571		1,573
		Series 2017-1M1-C03, REMIC, 2.97%, (1M USD LIBOR + 0.95%), 10/25/29 (a)	1,630		1,632
		Series 2017-1M1-C05, REMIC, 2.57%, (1M USD LIBOR + 0.55%), 01/25/30 (a)	799		799
		Series 2017-1M1-C06, REMIC, 2.77%, (1M USD LIBOR + 0.75%), 02/25/30 (a)	804		804
		Series 2017-2M1-C06, REMIC, 2.77%, (1M USD LIBOR + 0.75%), 02/25/30 (a)	173		173
		Series 2018-2M1-C02, REMIC, 2.67%, (1M USD LIBOR + 0.65%), 08/26/30 (a)	270		270
		Series 2018-1M1-C03, REMIC, 2.70%, (1M USD LIBOR + 0.68%), 10/25/30 (a)	1,997		1,996
		Series 2018-PC-44, REMIC, 4.00%, 06/25/44	3,107		3,167
	Government National Mortgage Association
		Series 2018-FE-122, REMIC, 2.34%, 09/20/48	92		92
				29,316
	Total Government And Agency Obligations (cost $307,227)			309,080
SHORT TERM INVESTMENTS 0.9%
Securities Lending Collateral 0.4%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (m) (n)		5,249		5,249
Investment Companies 0.3%
	JNL Government Money Market Fund - Institutional Class, 1.86% (m) (n)		4,731		4,731
	T. Rowe Price Government Reserve Fund, 1.95% (m) (n)		—		—
Commercial Paper 0.2%
	Ford Motor Credit Company LLC
		3.15%, 07/27/20 (o)	1,815		1,769
		2.84%, 08/04/20 (o)	1,595		1,553
				3,322
	Total Short Term Investments (cost $13,303)			13,302
Total Investments 99.7% (cost $1,519,805)					1,531,665
Other Derivative Instruments (0.0)%					(44)
Other Assets and Liabilities, Net 0.3%					5,005
Total Net Assets 100.0%					1,536,626

(a)Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of September 30, 2019. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations (“CMO”) and mortgage-backed securities (“MBS”) are determined by tranches of underlying mortgage-backed security pools’ cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security’s offering documents.

(b)The Adviser has deemed this security, which is exempt from registration under the Securities Act of 1933, as amended, to be liquid based on procedures approved by the Board of Trustees. As of September 30, 2019, the value and the percentage of net assets of these liquid securities was $476,107 and 31.0% of the Fund.

(c)Security is restricted to resale to institutional investors. See Restricted Securities in the Schedules of Investments.

(d)Convertible security.

(e)All or a portion of the security was on loan as of September 30, 2019.

461

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

(f)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

(g)The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer.

(h)Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of September 30, 2019.

(i)Security fair valued in good faith as a Level 2 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Schedules of Investments.

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

(k)All or a portion of the security was purchased on a delayed delivery basis. As of September 30, 2019, the total payable for investments purchased on a delayed delivery basis was $2,074.

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

(m)Investment in affiliate.

(n)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

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

Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Axiata SPV2 Berhad, 3.47%, 11/19/20	10/03/18	1,744	1,760	0.1
	Braskem Finance Ltd, 5.75%, 04/15/21	07/09/19	3,967	3,943	0.3
	China Shenhua Energy Company Limited, 3.13%, 01/20/20	01/13/15	5,899	5,907	0.4
	CNAC (HK) Finbridge Company Limited, 4.13%, 03/14/21	03/07/18	1,837	1,870	0.1
	Eastern Creation II Investment Holdings Ltd., 2.75%, 09/26/20	09/19/17	3,338	3,365	0.2
	ENN energy Holdings Limited, 3.25%, 10/23/19	04/17/18	1,815	1,816	0.1
			18,600	18,661	1.2

JNL/T. Rowe Price Short-Term Bond Fund — Futures Contracts
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
United States 2 Year Note	2,009	January 2020		433,972	(63)			(1,033)
Short Contracts
United States 10 Year Note	(242)	December 2019		(31,849)	19			314
United States 5 Year Note	(5)	January 2020		(592)	—			(4)
					19			310

462

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
JNL/T. Rowe Price Value Fund
COMMON STOCKS 97.4%
Financials 18.3%
	American Express Company		92		10,831
	American International Group, Inc.		3,225		179,655
	AXA Equitable Holdings, Inc.		777		17,213
	Bank of America Corporation		456		13,295
	Chubb Limited		476		76,807
	Citigroup Inc.		819		56,563
	CME Group Inc.		138		29,098
	Fifth Third Bancorp		760		20,804
	Intercontinental Exchange, Inc.		732		67,519
	JPMorgan Chase & Co.		720		84,691
	Marsh & McLennan Cos. Inc.		483		48,331
	Morgan Stanley		43		1,818
	PNC Financial Services Group Inc.		29		4,022
	U.S. Bancorp		276		15,299
	Wells Fargo & Co.		2,756		139,028
	Willis Towers Watson Public Limited Company (a)		248		47,888
				812,862
Information Technology 15.1%
	Analog Devices, Inc.		174		19,423
	ASML Holding - ADR		141		35,094
	Broadcom Inc.		42		11,564
	Cisco Systems, Inc.		963		47,573
	Fidelity National Information Services, Inc.		214		28,387
	Keysight Technologies, Inc. (b)		466		45,314
	Micron Technology Inc. (b)		1,298		55,619
	Microsoft Corp.		1,508		209,643
	Motorola Solutions Inc.		215		36,591
	NVIDIA Corporation		61		10,670
	NXP Semiconductors N.V.		450		49,130
	Qualcomm Incorporated		279		21,308
	Synopsys Inc. (b)		318		43,700
	TE Connectivity Ltd.		282		26,309
	Texas Instruments Incorporated		236		30,557
				670,882
Health Care 14.0%
	AbbVie Inc.		254		19,266
	Alcon AG (b)		611		35,641
	Becton, Dickinson and Company		246		62,129
	Boston Scientific Corp. (b)		1,086		44,177
	Danaher Corporation		835		120,577
	Elanco Animal Health (b)		795		21,130
	Medtronic Public Limited Company		712		77,384
	Merck & Co., Inc.		759		63,876
	Stryker Corp.		149		32,136
	Teleflex Inc.		55		18,516
	Thermo Fisher Scientific Inc.		351		102,292
	Zimmer Biomet Holdings, Inc.		163		22,410
				619,534
Utilities 12.5%
	CenterPoint Energy, Inc.		843		25,436
	Edison International		776		58,560
	Entergy Corporation		774		90,864
	Evergy, Inc.		52		3,486
	Exelon Corporation		29		1,406
	NextEra Energy, Inc.		741		172,527
	NiSource Inc.		1,259		37,668
	Sempra Energy		705		104,104
	The Southern Company		989		61,120
				555,171
Industrials 11.4%
	Delta Air Lines Inc.		37		2,120
	Fortive Corporation		140		9,599
	General Electric Company		11,522		103,007
	Honeywell International Inc.		256		43,390
	Jacobs Engineering Group Inc.		437		39,957
	Northrop Grumman Systems Corp.		110		41,360
	Republic Services Inc.		81		7,016
	Roper Industries Inc.		87		31,060
	The Boeing Company		357		135,787
	United Parcel Service Inc. - Class B		676		81,023
	Waste Connections, Inc. (c)		130		11,952
				506,271
Consumer Staples 6.1%
	ConAgra Brands Inc.		1,600		49,097
	PepsiCo Inc.		33		4,589
	Tyson Foods Inc. - Class A		1,966		169,337
	Walmart Inc.		389		46,222
				269,245
Materials 5.0%
	Air Products and Chemicals, Inc.		90		19,857
	Ball Corporation		355		25,863
	CF Industries Holdings Inc.		673		33,090
	DuPont de Nemours, Inc		573		40,838
	Linde Public Limited Company		280		54,300
	Packaging Corp. of America		408		43,265
	PPG Industries Inc.		41		4,883
				222,096
Real Estate 4.7%
	AvalonBay Communities, Inc.		72		15,547
	Crown Castle International Corp.		240		33,403
	ProLogis Inc.		1,025		87,311
	Public Storage		161		39,564
	Ventas, Inc.		448		32,708
				208,533
Energy 4.2%
	BP P.L.C. - ADR		589		22,374
	Chevron Corp.		74		8,799
	ConocoPhillips		325		18,521
	EOG Resources, Inc.		409		30,349
	Targa Resources Corp.		306		12,280
	TC Energy Corporation		1,474		76,328
	Total SA - ADR		295		15,355
				184,006
Consumer Discretionary 3.9%
	Dollar Tree Inc. (b)		834		95,225
	McDonald's Corporation		213		45,768
	Ross Stores Inc.		184		20,191
	Royal Caribbean Cruises Ltd.		55		5,991
	Ulta Salon, Cosmetics & Fragrance, Inc. (b)		30		7,563
				174,738
Communication Services 2.2%
	Alphabet Inc. - Class C (b)		35		42,550
	Comcast Corporation - Class A		968		43,638
	Electronic Arts Inc. (b)		120		11,782
				97,970
	Total Common Stocks (cost $3,788,214)			4,321,308
PREFERRED STOCKS 1.4%
Utilities 0.8%
	Sempra Energy, 6.75%, 07/15/21 (d)		49		5,710
	Sempra Energy, 6.00%, 01/15/21 (d)		95		11,267
	The Southern Company, 6.75%, 08/01/22 (b) (d)		353		18,863
				35,840
Health Care 0.2%
	Becton, Dickinson and Company - Series A, 6.13%, 05/01/20 (d)		163		10,064
Information Technology 0.2%
	Broadcom Inc., 8.00%, 09/30/22 (b) (d)		9		9,135
Industrials 0.2%
	Fortive Corporation - Series A, 5.00%, 07/01/21 (a) (d)		7		6,475
	Total Preferred Stocks (cost $56,382)			61,514
CORPORATE BONDS AND NOTES 0.2%
Utilities 0.2%
	Pacific Gas And Electric Company
		0.00%, 12/01/46 - 12/01/47 (b) (c) (e)	6,347		6,152
	Total Corporate Bonds And Notes (cost $5,827)			6,152

463

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
SHORT TERM INVESTMENTS 1.6%
Securities Lending Collateral 1.1%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (f) (g)	48,826		48,826
Investment Companies 0.5%
	JNL Government Money Market Fund - Institutional Class, 1.86% (f) (g)	4,125		4,125
	T. Rowe Price Government Reserve Fund, 1.95% (f) (g)	19,510		19,510
			23,635
	Total Short Term Investments (cost $72,461)		72,461
Total Investments 100.6% (cost $3,922,884)				4,461,435
Other Assets and Liabilities, Net (0.6)%				(24,612)
Total Net Assets 100.0%				4,436,823

(a)All or a portion of the security was on loan as of September 30, 2019.

(b)Non-income producing security.

(c)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

(d)Convertible security.

(e)As of September 30, 2019, issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date.

(f)Investment in affiliate.

(g)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

464

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
JNL/Vanguard Growth ETF Allocation Fund
INVESTMENT COMPANIES 99.9%
	Vanguard Emerging Markets Government Bond ETF	117		9,439
	Vanguard FTSE Developed Markets ETF	1,592		65,412
	Vanguard Global ex-U.S. Real Estate ETF	127		7,414
	Vanguard Growth ETF	184		30,652
	Vanguard Intermediate-Term Corporate Bond ETF - Admiral Shares (a)	128		11,649
	Vanguard Mid-Cap ETF	227		38,097
	Vanguard Mortgage-Backed Securities ETF	490		26,080
	Vanguard MSCI Emerging Markets ETF	994		40,009
	Vanguard REIT ETF	87		8,069
	Vanguard Small-Cap ETF (a)	93		14,372
	Vanguard Total Bond Market ETF	295		24,890
	Vanguard Total Stock Market ETF (a)	435		65,667
	Vanguard Value ETF (a)	285		31,801
	Total Investment Companies (cost $364,638)		373,551
SHORT TERM INVESTMENTS 1.7%
Securities Lending Collateral 1.4%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (b) (c)	5,184		5,184
Investment Companies 0.3%
	JNL Government Money Market Fund - Institutional Class, 1.86% (b) (c)	1,059		1,059
	Total Short Term Investments (cost $6,243)		6,243
Total Investments 101.6% (cost $370,881)				379,794
Other Assets and Liabilities, Net (1.6)%				(6,009)
Total Net Assets 100.0%				373,785

(a)All or a portion of the security was on loan as of September 30, 2019.

(b)Investment in affiliate.

(c)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

JNL/Vanguard Moderate ETF Allocation Fund
INVESTMENT COMPANIES 99.7%
	Vanguard Emerging Markets Government Bond ETF	263		21,184
	Vanguard FTSE Developed Markets ETF	688		28,283
	Vanguard Global ex-U.S. Real Estate ETF	46		2,684
	Vanguard Growth ETF	56		9,306
	Vanguard Intermediate-Term Corporate Bond ETF - Admiral Shares	339		30,924
	Vanguard Mid-Cap ETF	74		12,412
	Vanguard Mortgage-Backed Securities ETF	1,013		53,947
	Vanguard MSCI Emerging Markets ETF	313		12,594
	Vanguard REIT ETF	31		2,921
	Vanguard Short-Term Inflation-Protected Securities Index ETF (a)	149		7,319
	Vanguard Small-Cap ETF (a)	25		3,902
	Vanguard Total Bond Market ETF	575		48,516
	Vanguard Total Stock Market ETF	183		27,560
	Vanguard Value ETF	97		10,834
	Total Investment Companies (cost $264,118)		272,386
SHORT TERM INVESTMENTS 1.4%
Securities Lending Collateral 1.3%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (b) (c)	3,621		3,621
Investment Companies 0.1%
	JNL Government Money Market Fund - Institutional Class, 1.86% (b) (c)	364		364
	Total Short Term Investments (cost $3,985)		3,985
Total Investments 101.1% (cost $268,103)				276,371
Other Assets and Liabilities, Net (1.1)%				(3,140)
Total Net Assets 100.0%				273,231

(a)All or a portion of the security was on loan as of September 30, 2019.

(b)Investment in affiliate.

(c)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

		Shares/Par1		Value ($)
JNL/Vanguard Moderate Growth ETF Allocation Fund
INVESTMENT COMPANIES 99.8%
	Vanguard Emerging Markets Government Bond ETF	231		18,602
	Vanguard FTSE Developed Markets ETF	1,162		47,745
	Vanguard Global ex-U.S. Real Estate ETF	89		5,218
	Vanguard Growth ETF	140		23,198
	Vanguard Intermediate-Term Corporate Bond ETF - Admiral Shares (a)	270		24,597
	Vanguard Mid-Cap ETF	160		26,815
	Vanguard Mortgage-Backed Securities ETF	919		48,950
	Vanguard MSCI Emerging Markets ETF	649		26,120
	Vanguard REIT ETF	61		5,679
	Vanguard Short-Term Inflation-Protected Securities Index ETF (a)	105		5,174
	Vanguard Small-Cap ETF	44		6,744
	Vanguard Total Bond Market ETF	479		40,428
	Vanguard Total Stock Market ETF	319		48,229
	Vanguard Value ETF	220		24,577
	Total Investment Companies (cost $341,805)		352,076
SHORT TERM INVESTMENTS 2.0%
Securities Lending Collateral 1.7%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (b) (c)	5,855		5,855
Investment Companies 0.3%
	JNL Government Money Market Fund - Institutional Class, 1.86% (b) (c)	1,212		1,212
	Total Short Term Investments (cost $7,067)		7,067
Total Investments 101.8% (cost $348,872)				359,143
Other Assets and Liabilities, Net (1.8)%				(6,194)
Total Net Assets 100.0%				352,949

(a)All or a portion of the security was on loan as of September 30, 2019.

(b)Investment in affiliate.

(c)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

465

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
JNL/Westchester Capital Event Driven Fund
COMMON STOCKS 53.2%
Financials 21.8%
	Act II Global Acquisition Corp. - Class A (a)		126		1,237
	Alberton Acquisition Corp (a) (b)		42		434
	Apex Technology Acquisition Corp (a)		137		1,391
	Apollo Global Management, LLC (c)		42		1,577
	Big Rock Partners Acquisition Corp. (a)		113		1,185
	CF Finance Acquisition Corp. - Class A (a)		234		2,368
	Chaserg Technology Acquisition Corp. - Class A (a)		38		377
	Churchill Capital Corp II - Class A (a)		31		324
	Collier Creek Holdings (a)		36		365
	Genworth Financial, Inc. - Class A (a)		25		111
	GigCapital, Inc. (a)		302		3,081
	GigCapital2 Inc (a)		62		634
	Greenland Acquisition Corporation (a)		163		1,685
	Haymaker Acquisition Corp. (a)		98		1,009
	Kaixin Auto Holdings (a)		25		45
	Legacy Acquisition Corp. - Class A (a) (d)		356		3,627
	Leo Holdings Corp. (a)		134		1,377
	Monocle Acquisition Corporation (a)		24		239
	Mudrick Capital Acquisition Corp. - Class A (a)		44		452
	New Providence Acquisition Corp. (a)		46		460
	Oaktree Capital Group LLC - Class A		257		13,798
	Pivotal Acquisition Corporation - Class A (a)		60		608
	Pivotal Investment Corporation II (a)		234		2,377
	Pure Acquisition Corp. - Class A (a)		110		1,123
	Reebonz Holding Limited (a)		1		1
	Regalwood Global Energy Ltd. - Class A (a)		240		2,477
	SunTrust Banks Inc. (d)		183		12,597
	Thunder Bridge Acquisition II, Ltd (a)		232		2,367
	Trinity Merger Corp. - Class A (a)		420		4,385
	Tuscan Holdings Corp. (a)		174		1,752
	Twelve Seas Investment Company (a)		146		1,493
	Vectoiq Acquisition Corp. (a)		121		1,236
				66,192
Health Care 11.9%
	Alder BioPharmaceuticals, Inc. (a)		98		1,858
	Allergan Public Limited Company (d)		80		13,427
	Celgene Corp. (a) (d)		139		13,782
	Medidata Solutions, Inc. (a)		14		1,305
	WellCare Health Plans, Inc. (a)		22		5,745
				36,117
Industrials 5.9%
	Advanced Disposal Services, Inc. (a) (d)		42		1,378
	Genesee & Wyoming Inc. - Class A (a) (d)		32		3,484
	Masco Corp. (c)		81		3,384
	Milacron Holdings Corp. (a) (d)		310		5,166
	WABCO Holdings Inc. (a) (d)		35		4,692
				18,104
Communication Services 4.4%
	Akazoo Internet and Digital Appliances Enterprises (a)		24		152
	Fox Corporation - Class A		76		2,382
	IAC/InterActiveCorp (a) (c)		8		1,822
	Sprint Corporation (a)		499		3,080
	Viacom Inc. - Class B (d)		156		3,759
	Zayo Group Holdings, Inc. (a)		61		2,065
				13,260
Consumer Discretionary 3.8%
	Caesars Entertainment Corp. (a) (d)		709		8,271
	Hilton Grand Vacations Inc. (a) (c)		7		211
	MGM Resorts International (c)		112		3,110
				11,592
Energy 2.3%
	Buckeye Partners, L.P. (d)		83		3,424
	Columbia Pipeline Group Inc. (a) (b) (e) (f)		134		3,417
	EnCana Corp.		18		84
	Occidental Petroleum Corporation (c)		1		55
				6,980
Materials 2.2%
	Andina Acquisition Corp. III (a)		7		70
	Corteva, Inc. (c)		46		1,295
	Dow Holdings Inc. (c)		46		2,205
	DuPont de Nemours, Inc (c)		46		3,299
				6,869
Information Technology 0.9%
	Cypress Semiconductor Corp.		55		1,284
	Versum Materials, Inc.		25		1,347
				2,631
	Total Common Stocks (cost $158,736)			161,745
CORPORATE BONDS AND NOTES 9.7%
Communication Services 3.0%
	NII Holdings, Inc.
		4.25%, 08/15/23 (g) (h)	3,135		3,264
	Sinclair Television Group, Inc.
		6.13%, 10/01/22	4,672		4,757
	T-Mobile USA, Inc.
		6.50%, 01/15/24	406		422
	Zayo Group, LLC
		5.75%, 01/15/27 (h)	582		596
				9,039
Financials 2.6%
	Inmarsat Finance PLC
		6.50%, 10/01/24 (h)	774		813
	Nielsen Finance LLC
		5.00%, 04/15/22 (h)	7,069		7,106
				7,919
Materials 1.3%
	Arconic Inc.
		5.40%, 04/15/21	1,269		1,311
	Univar USA Inc.
		6.75%, 07/15/23 (h)	2,598		2,637
				3,948
Industrials 1.2%
	APX Group, Inc.
		7.88%, 12/01/22	3,774		3,764
Energy 0.7%
	MEG Energy Corp.
		6.50%, 01/15/25 (h)	2,029		2,097
Utilities 0.5%
	Dynegy Inc.
		5.88%, 06/01/23	1,519		1,552
Consumer Discretionary 0.4%
	Caesars Entertainment Corporation
		5.00%, 10/01/24 (g)	719		1,219
	Total Corporate Bonds And Notes (cost $28,634)			29,538
INVESTMENT COMPANIES 8.3%
	Altaba Inc		645		12,561
	Apollo Senior Floating Rate Fund (d)		55		820
	Apollo Tactical Income Fund		35		528
	Ares Dynamic Credit Allocation Fund Inc.		11		160
	BlackRock Debt Strategies Fund Inc.		186		2,002
	BlackRock Floating Rate Income Strategies Fund Inc.		47		595
	Eaton Vance Floating-Rate Income Trust		90		1,191
	First Trust Senior Floating Rate Income Fund II		55		657
	Invesco Dynamic Credit Opportunities Fund		112		1,230
	Invesco Senior Income Trust		304		1,275
	Nuveen Credit Strategies Income Fund		4		27
	Voya Prime Rate Trust		309		1,456
	Western Asset High Income Opportunity Fund Inc (d)		517		2,609
	Total Investment Companies (cost $53,836)			25,111
PREFERRED STOCKS 4.0%
Financials 3.2%
	Federal Home Loan Mortgage Corporation - Series Z, 8.38%, (callable at 25 beginning 12/31/22) (a) (b) (i)		343		4,496
	Federal National Mortgage Association, Inc. - Series S, 8.25%, (callable at 25 beginning 12/31/20) (a) (b) (d) (i)		390		5,207
				9,703

466

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
Real Estate 0.8%
	Colony Capital, Inc., 8.75%, (callable at 25 beginning 11/12/19) (i)		93		2,340
	Pebblebrook Hotel Trust - Series E, 6.38%, (callable at 25 beginning 11/14/19) (i)		7		166
				2,506
	Total Preferred Stocks (cost $11,227)			12,209
SENIOR LOAN INTERESTS 3.1%
Information Technology 2.0%
	Avaya, Inc.
		2018 Term Loan B, 6.28%, (3M LIBOR + 4.25%), 12/14/24 (j)	901		854
		2018 Term Loan B, 6.43%, (3M LIBOR + 4.25%), 12/14/24 (j)	537		509
	Financial & Risk US Holdings, Inc.
		2018 USD Term Loan, 5.79%, (3M LIBOR + 3.75%), 09/12/25 (j)	4,609		4,632
				5,995
Consumer Discretionary 1.1%
	Cengage Learning, Inc.
		2016 Term Loan B, 6.29%, (3M LIBOR + 4.25%), 06/07/23 (j)	1,881		1,776
	McGraw-Hill Global Education Holdings, LLC
		2016 Term Loan B, 6.11%, (3M LIBOR + 4.00%), 05/04/22 (j)	1,881		1,765
				3,541
	Total Senior Loan Interests (cost $9,760)			9,536
WARRANTS 0.2%
	Act II Global Acquisition Corp. (a)		63		58
	Akazoo Internet and Digital Appliances Enterprises (a)		120		93
	CF Finance Acquisition Corp. (a)		175		105
	Chaserg Technology Acquisition Corp. (a)		19		13
	Collier Creek Holdings (a)		12		13
	Kaixin Auto Holdings (a)		123		—
	Legacy Acquisition Corp. (a)		356		124
	Monocle Acquisition Corporation (a)		24		10
	Mudrick Capital Acquisition Corp. (a)		44		25
	Pivotal Acquisition Corporation (a)		78		100
	Pure Acquisition Corp. (a)		44		45
	Reebonz Holding Limited (a)		51		—
	Total Warrants (cost $582)			586
OTHER EQUITY INTERESTS 0.0%
	Winthrop Realty Trust Escrow (a) (b) (k) (l)		51		31
	Total Other Equity Interests (cost $248)			31
RIGHTS 0.0%
	Dyax Corp. (a) (b) (k)		134		3
	Total Rights (cost $0)			3
SHORT TERM INVESTMENTS 11.4%
Investment Companies 11.4%
	JNL Government Money Market Fund - Institutional Class, 1.86% (m) (n)		34,500		34,500
	Total Short Term Investments (cost $34,500)			34,500
Total Investments 89.9% (cost $297,523)					273,259
Total Securities Sold Short(14.9)% (proceeds $43,705)					(45,427)
Total Purchased Options 0.3% (cost $1,427)					955
Other Derivative Instruments (1.8)%					(5,368)
Other Assets and Liabilities, Net 26.5%					80,690
Total Net Assets 100.0%					304,109

(a)Non-income producing security.

(b)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

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

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

(e)Security fair valued in good faith as a Level 2 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Schedules of Investments.

(f)Shares subject to merger appraisal rights.

(g)Convertible security.

(h)The Adviser has deemed this security, which is exempt from registration under the Securities Act of 1933, as amended, to be liquid based on procedures approved by the Board of Trustees. As of September 30, 2019, the value and the percentage of net assets of these liquid securities was $16,513 and 5.4% of the Fund.

(i)Perpetual security. Next contractual call date presented, if applicable.

(j)Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of September 30, 2019. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations (“CMO”) and mortgage-backed securities (“MBS”) are determined by tranches of underlying mortgage-backed security pools’ cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security’s offering documents.

(k)Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Schedules of Investments.

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

(m)Investment in affiliate.

(n)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

		Shares/Par1		Value ($)
SECURITIES SOLD SHORT (14.9%)
COMMON STOCKS (14.4%)
Financials (6.7%)
	BB&T Corporation	(237)		(12,646)
	Brookfield Asset Management Inc. - Class A	(148)		(7,883)
			(20,529)
Health Care (5.0%)
	AbbVie Inc.	(69)		(5,233)
	Bristol-Myers Squibb Co.	(139)		(7,038)
	Centene Corporation	(68)		(2,931)
			(15,202)
Consumer Discretionary (1.0%)
	Alibaba Group Holding Limited - ADS	—		(52)
	Eldorado Resorts, Inc.	(74)		(2,951)
			(3,003)
Communication Services (0.8%)
	CBS Corporation - Class B	(11)		(456)
	Discovery, Inc. - Class A	(22)		(583)
	T-Mobile US Inc.	(18)		(1,430)
			(2,469)
Industrials (0.5%)
	Hillenbrand Inc.	(50)		(1,545)

467

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
Real Estate (0.4%)
		Brookfield Property Partners L.P.	(58)		(1,169)
	Total Common Stocks (proceeds $42,175)			(43,917)
CORPORATE BONDS AND NOTES (0.5%)
Industrials (0.5%)
	APX Group, Inc.
		7.63%, 09/01/23	(1,548)		(1,383)
	Total Corporate Bonds And Notes (proceeds $1,396)			(1,383)
RIGHTS (0.0%)
		Celgene Corporation (a) (b)	(63)		(127)
	Total Rights (proceeds $134)			(127)
	Total Securities Sold Short (14.9%) (proceeds $43,705)				(45,427)

(a)Security fair valued in good faith as a Level 3 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Schedules of Investments.

(b)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

JNL/Westchester Capital Event Driven Fund — Exchange Traded Purchased Options
Reference Entity	Put/Call		Exercise Price ($)/ Swaption Rate (%)		Expiration	Notional/ Contracts1		Value ($)
Options on Securities
Alder BioPharmaceuticals, Inc.		Put		17.50	01/17/20		985		14
Apollo Global Management, LLC		Put		37.00	10/18/19		658		47
Axalta Coating Systems Ltd.		Put		26.00	10/18/19		1,242		9
Axalta Coating Systems Ltd.		Put		25.00	10/18/19		529		2
CBS Corporation		Put		37.50	10/18/19		489		11
CBS Corporation		Put		40.00	12/20/19		335		67
CBS Corporation		Put		32.50	12/20/19		1,307		41
CBS Corporation		Put		35.00	12/20/19		8		1
Centene Corporation		Put		40.00	12/20/19		71		11
Corteva, Inc.		Put		24.00	12/20/19		233		12
Dow Inc.		Put		40.00	10/18/19		462		4
DuPont de Nemours, Inc		Put		60.00	12/20/19		463		40
Hilton Grand Vacations Inc.		Put		31.00	10/18/19		554		44
Hilton Grand Vacations Inc.		Put		30.00	11/15/19		66		7
Hilton Grand Vacations Inc.		Put		30.00	12/20/19		632		88
IAC/InterActiveCorp		Put		210.00	10/18/19		149		48
IAC/InterActiveCorp		Put		200.00	10/18/19		92		13
IAC/InterActiveCorp		Put		195.00	10/18/19		30		3
Masco Corporation		Put		35.00	10/18/19		595		2
Masco Corporation		Put		34.00	10/18/19		1,379		3
Masco Corporation		Put		31.00	10/18/19		614		—
MGM Resorts International		Put		23.00	12/20/19		1,122		38
Mylan Holdings Ltd.		Put		17.50	10/18/19		1,831		37
Mylan Holdings Ltd.		Put		15.00	10/18/19		1,474		5
SPDR S&P 500 ETF		Put		300.00	10/18/19		151		67
SPDR S&P 500 ETF		Put		293.00	10/18/19		63		14
The Blackstone Group Inc.		Put		48.00	12/20/19		828		203
The Madison Square Garden Company		Put		240.00	11/15/19		56		10
The Madison Square Garden Company		Put		220.00	11/15/19		214		9
United Technologies Corporation		Put		110.00	10/18/19		250		4
United Technologies Corporation		Put		105.00	10/18/19		248		3
United Technologies Corporation		Put		125.00	11/15/19		408		62
VanEck Vectors Semiconductor ETF		Put		115.00	11/15/19		61		18
VanEck Vectors Semiconductor ETF		Put		107.00	11/15/19		92		11
									948

JNL/Westchester Capital Event Driven Fund — OTC Purchased Options
Reference Entity	Counterparty	Put/Call	Exercise Price ($)/ Swaption Rate (%)		Expiration	Notional/ Contracts1		Value ($)
Index Options
FTSE 100 Index	JPM	Put	GBP	7,200.00	10/18/19		3		1
Options on Securities
Bayer Aktiengesellschaft	JPM	Put	EUR	54.00	10/18/19		1,240		6

JNL/Westchester Capital Event Driven Fund — Exchange Traded Written Options
Reference Entity	Put/Call		Exercise Price ($)/ Swaption Rate (%)		Expiration	Notional/ Contracts1		Value ($)
Options on Securities
Apollo Global Management, LLC		Call		42.00	10/18/19		658		(5)
AT&T Inc.		Call		37.00	10/18/19		38		(4)
AT&T Inc.		Call		36.00	10/18/19		42		(8)
Axalta Coating Systems Ltd.		Call		31.00	10/18/19		140		(9)
Axalta Coating Systems Ltd.		Call		32.00	10/18/19		499		(25)
Axalta Coating Systems Ltd.		Call		28.00	10/18/19		307		(76)

468

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

JNL/Westchester Capital Event Driven Fund — Exchange Traded Written Options (continued)
Reference Entity	Put/Call		Exercise Price ($)/ Swaption Rate (%)		Expiration	Notional/ Contracts1		Value ($)
Axalta Coating Systems Ltd.		Call		30.00	10/18/19		1,105		(122)
CBS Corporation		Call		42.50	10/18/19		489		(15)
CBS Corporation		Call		45.00	12/20/19		335		(23)
CBS Corporation		Call		37.50	12/20/19		330		(133)
CBS Corporation		Call		40.00	12/20/19		985		(242)
Centene Corporation		Call		45.00	12/20/19		71		(16)
Corteva, Inc.		Call		27.00	12/20/19		233		(56)
Dow Inc.		Call		46.00	10/18/19		462		(110)
DuPont de Nemours, Inc		Call		67.50	12/20/19		463		(285)
Hilton Grand Vacations Inc.		Call		34.00	10/18/19		554		(28)
Hilton Grand Vacations Inc.		Call		33.00	11/15/19		66		(10)
Hilton Grand Vacations Inc.		Call		33.00	12/20/19		632		(123)
IAC/InterActiveCorp		Call		240.00	10/18/19		118		(6)
IAC/InterActiveCorp		Call		230.00	10/18/19		61		(13)
IAC/InterActiveCorp		Call		220.00	10/18/19		92		(51)
Masco Corporation		Call		39.00	10/18/19		614		(175)
Masco Corporation		Call		38.00	10/18/19		1,564		(594)
Masco Corporation		Call		37.00	10/18/19		410		(187)
MGM Resorts International		Call		26.00	12/20/19		1,122		(307)
Mylan Holdings Ltd.		Call		20.00	10/18/19		2,029		(151)
Mylan Holdings Ltd.		Call		17.50	10/18/19		1,276		(322)
Occidental Petroleum Corporation		Call		45.00	10/18/19		12		(1)
SPDR S&P 500 ETF		Put		289.00	10/18/19		71		(11)
SPDR S&P 500 ETF		Put		283.00	10/18/19		63		(5)
The Blackstone Group Inc.		Call		52.50	12/20/19		828		(90)
The Madison Square Garden Company		Call		270.00	11/15/19		56		(36)
The Madison Square Garden Company		Call		260.00	11/15/19		214		(233)
T-Mobile USA, Inc.		Call		70.00	11/15/19		320		(289)
United Technologies Corporation		Call		120.00	10/18/19		250		(424)
United Technologies Corporation		Call		115.00	10/18/19		248		(546)
United Technologies Corporation		Call		135.00	11/15/19		408		(229)
VanEck Vectors Semiconductor ETF		Put		105.00	11/15/19		61		(6)
VanEck Vectors Semiconductor ETF		Put		100.00	11/15/19		46		(3)
									(4,969)

JNL/Westchester Capital Event Driven Fund — OTC Written Options
Reference Entity	Counterparty	Put/Call	Exercise Price ($)/ Swaption Rate(%)		Expiration		Notional/ Contracts1		Value ($)
Options on Securities
Bayer Aktiengesellschaft	JPM	Put	EUR	60.00		10/18/19		1,240		(57)

Forward Foreign Currency Contracts

Purchased/ Sold	Counter-party	Expiration	Notional1		Value ($)		Unrealized Appreciation (Depreciation) ($)
EUR/USD	JPM	10/24/19	EUR	4,675		5,105		(53)
EUR/USD	JPM	12/19/19	EUR	68		74		(1)
EUR/USD	JPM	01/15/20	EUR	629		691		(2)
USD/EUR	JPM	10/24/19	EUR	(4,675)		(5,105)		126
USD/EUR	JPM	11/12/19	EUR	(1,754)		(1,918)		17
USD/EUR	JPM	12/10/19	EUR	(317)		(347)		5
USD/EUR	JPM	12/19/19	EUR	(2,890)		(3,169)		124
USD/EUR	JPM	01/15/20	EUR	(5,039)		(5,538)		110
USD/GBP	JPM	10/15/19	GBP	(3,471)		(4,271)		108
USD/GBP	JPM	10/29/19	GBP	(479)		(590)		—
USD/GBP	JPM	11/06/19	GBP	(9)		(11)		—
USD/GBP	JPM	12/19/19	GBP	(6,464)		(7,972)		71
USD/GBP	JPM	01/10/20	GBP	(534)		(660)		9
USD/GBP	JPM	02/06/20	GBP	(942)		(1,164)		1
USD/HKD	JPM	01/16/20	HKD	(6,492)		(829)		(1)
USD/JPY	JPM	12/04/19	JPY	(100,792)		(936)		4
						(26,640)		518

JNL/Westchester Capital Event Driven Fund — OTC Total Return Swap Agreements
Reference Entity2	Rate Paid/Received by Fund2	Counter-party	Expiration	Notional1		Premiums Paid (Received) ($)	Unrealized Appreciation (Depreciation) ($)
Total return swap agreements - receiving return
EQUITY
Avon Products, Inc. (E)	1M LIBOR +0.75% (Q)	BOA	09/17/20 ††		1,674	—		25
Brookfield Property REIT Inc. (E)	1M LIBOR +0.75% (Q)	BOA	08/30/19 ††		1,306	—		108
Cypress Semiconductor Corporation (E)	1M LIBOR +0.75% (Q)	BOA	08/26/20 ††		8,073	—		158
Encana Corporation (E)	1M LIBOR +0.75% (Q)	BOA	03/16/20 ††		63	—		(20)
Inmarsat PLC (E)	1M LIBOR +0.55% (Q)	BOA	04/07/20 ††		4,010	—		103

469

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

JNL/Westchester Capital Event Driven Fund — OTC Total Return Swap Agreements (continued)
Reference Entity2	Rate Paid/Received by Fund2	Counter-party	Expiration	Notional1		Premiums Paid (Received) ($)	Unrealized Appreciation (Depreciation) ($)
Kinder Morgan Canada Limited (E)	1M LIBOR +0.75% (Q)	BOA	09/21/20 ††		1,337	—		5
London Stock Exchange Group PLC (E)	3M LIBOR +0.30% (Q)	BOA	09/23/20 ††		2,379	—		(33)
Renault (E)	3M LIBOR +0.40% (Q)	BOA	05/14/20 ††		2,326	—		(56)
Renault (E)	1M LIBOR +0.35% (Q)	BOA	06/10/20 ††		240	—		(10)
Spark Therapeutics, Inc. (E)	1M LIBOR +0.75% (Q)	BOA	05/28/20 ††		1,277	—		(156)
Versum Materials, Inc. (E)	1M LIBOR +0.75% (Q)	BOA	06/02/20 ††		11,497	—		222
Zayo Group Holdings, Inc. (E)	1M LIBOR +0.75% (Q)	BOA	05/28/20 ††		9,572	—		229
BCA Marketplace PLC (E)	3M LIBOR +0.30% (Q)	CSI	07/27/20 ††		615	—		(23)
Avon Products, Inc. (E)	1M LIBOR +0.75% (Q)	GSC	09/17/20 ††		24	—		(2)
Altran Technologies (E)	3M LIBOR +0.40% (Q)	JPM	06/29/20 ††		3,238	—		(77)
Apollo Global Management, LLC (E)	3M LIBOR +0.65% (Q)	JPM	09/14/20 ††		3,023	—		(190)
AT&T Inc. (E)	3M LIBOR +0.30% (Q)	JPM	08/07/19 ††		270	—		35
Axalta Coating Systems Ltd. (E)	3M LIBOR +0.30% (Q)	JPM	09/21/20 ††		7,196	—		(356)
CBS Corporation (E)	3M LIBOR +0.30% (Q)	JPM	09/23/19 ††		6,807	—		(969)
Cobham PLC (E)	3M LIBOR +0.30% (Q)	JPM	10/01/20 ††		7,724	—		(178)
Discovery, Inc. (E)	3M LIBOR +0.30% (Q)	JPM	03/09/20 ††		595	—		(56)
EI Group PLC (E)	1M LIBOR +0.45% (Q)	JPM	09/28/20 ††		1,143	—		(1)
Genesee & Wyoming Inc. (E)	3M LIBOR +0.30% (Q)	JPM	09/21/20 ††		3,315	—		(2)
Hilton Grand Vacations Inc. (E)	3M LIBOR +0.30% (Q)	JPM	09/08/20 ††		4,649	—		(195)
IAC/InterActiveCorp (E)	3M LIBOR +0.30% (Q)	JPM	09/16/20 ††		4,599	—		(244)
Innogy SE (E)	3M LIBOR +0.40% (Q)	JPM	07/22/19 ††		2,205	—		33
Liberty Media Corporation (E)	3M LIBOR +0.30% (Q)	JPM	01/22/20 ††		1,045	—		66
Masco Corporation (E)	3M LIBOR +0.30% (Q)	JPM	08/10/20 ††		6,953	—		442
Mellanox Technologies Ltd (E)	3M LIBOR +0.30% (Q)	JPM	05/18/20 ††		4,261	—		(280)
Melrose Holdings Limited (E)	3M LIBOR +0.30% (Q)	JPM	10/10/19 ††		572	—		14
Mylan Holdings Ltd. (E)	3M LIBOR +0.30% (Q)	JPM	08/28/20 ††		6,260	—		270
OSRAM Licht AG (E)	3M LIBOR +0.40% (Q)	JPM	09/28/20 ††		4,382	—		342
SLM Corporation (E)	3M LIBOR +1.10% (Q)	JPM	02/12/20 ††		3,620	—		(562)
Tallgrass Energy, LP (E)	3M LIBOR +0.30% (Q)	JPM	10/01/20 ††		615	—		4
The Blackstone Group Inc. (E)	3M LIBOR +0.38% (Q)	JPM	09/14/20 ††		4,767	—		238
The Madison Square Garden Company (E)	3M LIBOR +0.30% (Q)	JPM	03/02/20 ††		7,295	—		(188)
TPV Technology Limited (E)	3M LIBOR +0.40% (Q)	JPM	09/14/20 ††		794	—		4
United Technologies Corporation (E)	3M LIBOR +0.30% (Q)	JPM	08/28/20 ††		11,513	—		843
Winthrop Realty Trust (E)‡	3M LIBOR +0.30% (Q)	JPM	08/12/19 ††		380	—		(363)
ZOZO, Inc. (E)	3M LIBOR +0.40% (Q)	JPM	09/28/20 ††		1,231	—		6
BCA Marketplace PLC (E)	1M LIBOR +0.45% (Q)	UBS	07/01/20 ††		3,724	—		(179)
Inmarsat PLC (E)	3M LIBOR +0.30% (Q)	UBS	05/18/20 ††		1,546	—		68
Merlin Entertainments PLC (E)	3M LIBOR +0.30% (Q)	UBS	08/19/20 ††		11	—		—
						—		(925)
INVESTMENT COMPANIES
First Trust Senior Floating Rate Income Fund II (E)	3M LIBOR +0.80% (Q)	JPM	12/11/19 ††		235	—		3
Total return swap agreements - paying return
EQUITY
Brookfield Property Partners L.P. (E)	1M LIBOR -2.50% (Q)	BOA	03/03/20 ††		(244)	—		1
Daimler AG (E)	3M LIBOR -0.47% (Q)	BOA	05/14/20 ††		(126)	—		8
Fiat Chrysler Automobiles N.V. (E)	1M LIBOR -0.40% (Q)	BOA	06/10/20 ††		(283)	—		7
Natura Cosméticos S.A. (E)	1M LIBOR -10.00% (Q)	BOA	09/21/20 ††		(1,872)	—		(35)
Pembina Pipeline Corporation (E)	1M LIBOR -0.35% (Q)	BOA	09/21/20 ††		(1,366)	—		2
Natura Cosméticos S.A. (E)	1M LIBOR -10.00% (Q)	BOA	09/21/20 ††		(3)	—		2
Alibaba Group Holding Limited (E)	3M LIBOR -0.60% (Q)	JPM	02/11/20 ††		(221)	—		(6)
Nissan Motor Co., Ltd. (E)	3M LIBOR -0.47% (Q)	JPM	05/18/20 ††		(1,804)	—		98
Sirius XM Holdings Inc. (E)	3M LIBOR -0.60% (Q)	JPM	10/16/19 ††		(1,546)	—		(15)
						—		62

^‡Swap agreement fair valued in good faith in accordance with the procedures approved by the JNL Series Trust’s Board of Trustees and classified as Level 3 for FASB ASC Topic 820 “Fair Value Measurements” based on the applicable valuation inputs. See FASB ASC Topic 820 “Fair Value Measurements” in the Schedules of Investments.

^††For this swap agreement, the expiration date represents the termination date, which generally reflects the expected completion date for the event driven investment opportunity. The total return swap agreements expire 365 days after the effective date and are rolled over until the termination date. Either party, under certain conditions, may terminate the contract prior to the contract’s expiration date.

470

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
JNL/WMC Balanced Fund
COMMON STOCKS 64.4%
Financials 13.3%
	American Express Company		323		38,166
	American International Group, Inc.		1,116		62,138
	Arthur J Gallagher & Co.		189		16,929
	Bank of America Corporation		6,755		197,054
	BlackRock, Inc.		118		52,459
	Charles Schwab Corp.		364		15,237
	Chubb Limited		846		136,587
	Intercontinental Exchange, Inc.		653		60,209
	JPMorgan Chase & Co.		1,739		204,619
	Marsh & McLennan Cos. Inc.		355		35,471
	Northern Trust Corp.		667		62,268
	PNC Financial Services Group Inc.		475		66,582
	Principal Financial Group, Inc.		874		49,936
	Prudential Financial Inc.		1,086		97,676
	The Bank of Nova Scotia (a)		711		40,421
				1,135,752
Health Care 9.5%
	Abbott Laboratories		545		45,616
	Agilent Technologies, Inc.		678		51,918
	AstraZeneca PLC - ADR		1,574		70,134
	Bristol-Myers Squibb Co. (a)		1,276		64,704
	CVS Health Corporation		925		58,350
	Eli Lilly & Co.		556		62,160
	HCA Healthcare, Inc.		171		20,635
	Medtronic Public Limited Company		996		108,139
	Merck & Co., Inc.		906		76,259
	Novartis AG - ADR		472		41,060
	Pfizer Inc.		2,865		102,948
	UnitedHealth Group Incorporated		385		83,626
	Universal Health Services Inc. - Class B		145		21,576
				807,125
Information Technology 8.7%
	Accenture Public Limited Company - Class A		106		20,451
	Apple Inc.		318		71,171
	Cisco Systems, Inc.		1,474		72,844
	HP Inc.		2,314		43,788
	Intel Corp.		1,482		76,381
	International Business Machines Corp.		332		48,275
	KLA-Tencor Corp.		240		38,210
	Micron Technology Inc. (b)		576		24,696
	Microsoft Corp.		1,950		271,096
	Motorola Solutions Inc.		419		71,479
				738,391
Communication Services 6.6%
	Alphabet Inc. - Class A (b)		131		159,845
	AT&T Inc.		1,318		49,883
	Comcast Corporation - Class A		3,390		152,802
	Verizon Communications Inc.		3,265		197,072
				559,602
Industrials 5.7%
	Deere & Co.		437		73,771
	Delta Air Lines Inc.		280		16,107
	Eaton Corporation Public Limited Company		569		47,335
	General Dynamics Corp.		384		70,206
	Johnson Controls International Public Limited Company		1,100		48,289
	Lockheed Martin Corporation		112		43,874
	Raytheon Co.		196		38,491
	Union Pacific Corp.		338		54,823
	United Parcel Service Inc. - Class B		117		14,029
	United Technologies Corp.		554		75,590
				482,515
Energy 5.0%
	Chevron Corp.		1,120		132,788
	ConocoPhillips		773		44,064
	EnCana Corp. (a)		4,030		18,536
	Exxon Mobil Corporation		379		26,770
	Hess Corporation		651		39,350
	Marathon Petroleum Corporation		428		25,992
	Noble Energy Inc. (a)		1,348		30,286
	Suncor Energy Inc.		2,011		63,509
	Total SA - ADR (a)		836		43,486
				424,781
Consumer Discretionary 3.7%
	Alibaba Group Holding Limited - ADS (b)		66		11,096
	Autoliv, Inc. (a)		335		26,412
	Expedia Group, Inc.		284		38,123
	Hilton Worldwide Holdings Inc.		549		51,109
	Home Depot Inc.		327		75,984
	Lowe's Cos. Inc.		541		59,521
	TJX Cos. Inc.		930		51,866
				314,111
Consumer Staples 3.7%
	Coca-Cola Co.		1,458		79,380
	Kellogg Co.		722		46,446
	Nestle SA		102		11,074
	PepsiCo Inc.		500		68,609
	Sysco Corp.		788		62,566
	Walmart Inc.		376		44,651
				312,726
Utilities 3.4%
	Dominion Energy, Inc.		969		78,488
	Edison International		478		36,051
	Exelon Corporation		1,323		63,909
	Sempra Energy		464		68,489
	UGI Corp.		828		41,648
				288,585
Materials 2.7%
	Celanese Corp. - Class A		308		37,635
	DuPont de Nemours, Inc		450		32,119
	FMC Corp.		568		49,826
	International Paper Co.		1,395		58,343
	PPG Industries Inc.		431		51,113
				229,036
Real Estate 2.1%
	American Tower Corporation		244		54,006
	Boston Properties Inc.		249		32,264
	Equinix, Inc.		74		42,736
	Simon Property Group Inc.		341		53,023
				182,029
	Total Common Stocks (cost $4,386,788)			5,474,653
GOVERNMENT AND AGENCY OBLIGATIONS 17.1%
Mortgage-Backed Securities 7.2%
	Federal Home Loan Mortgage Corporation
		7.00%, 11/01/30 - 06/01/31	21		25
		2.50%, 12/01/31 - 01/01/32	4,177		4,227
		6.00%, 12/01/39	414		477
		3.00%, 09/01/46 - 12/01/47	104,921		107,448
		3.00%, 11/01/46 - 12/01/46	47,157		48,386
		3.50%, 08/01/47 - 09/01/48	140,903		145,481
		4.00%, 09/01/26 - 11/01/48	709		739
	Federal National Mortgage Association, Inc.
		3.07%, 02/01/25	1,350		1,418
		2.47%, 05/01/25	2,635		2,695
		2.68%, 05/01/25	5,190		5,367
		2.81%, 07/01/25	6,000		6,252
		2.99%, 10/01/25	1,792		1,881
		3.09%, 10/01/25	866		913
		2.78%, 06/01/26	2,700		2,818
		2.49%, 12/01/26	6,135		6,289
		2.89%, 12/01/26	5,678		5,965
		3.00%, 05/01/27 - 02/01/45	13,860		14,261
		7.50%, 09/01/29	4		5
		2.50%, 05/01/30 - 01/01/32	4,632		4,687
		2.00%, 11/01/31 - 12/01/31	1,685		1,678
		TBA, 3.00%, 10/15/32 - 10/15/47 (c)	97,599		99,154
		7.00%, 10/01/33	14		17
		5.50%, 03/01/38	168		189
		6.50%, 10/01/38 - 10/01/39	123		144
		4.50%, 09/01/23 - 11/01/44	4,305		4,610
		5.00%, 07/01/40	232		255

471

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
		4.00%, 09/01/26 - 12/01/48	25,277		26,506
		3.00%, 10/01/46	14,951		15,377
		TBA, 2.50%, 10/15/47 (c)	950		946
		3.50%, 03/01/26 - 08/01/49	48,991		50,517
	Government National Mortgage Association
		6.50%, 04/15/26	8		8
		7.00%, 01/15/33 - 05/15/33	12		13
		5.00%, 06/20/33 - 06/15/39	2,288		2,530
		5.50%, 11/15/32 - 02/15/36	59		65
		6.00%, 02/15/24 - 04/15/40	3,301		3,768
		4.50%, 06/15/40 - 05/15/42	776		850
		4.00%, 01/15/41 - 12/20/44	935		993
		TBA, 4.00%, 10/15/47 (c)	35,590		37,008
		TBA, 4.50%, 10/15/47 (c)	8,325		8,699
				612,661
U.S. Treasury Bond 2.9%
	Treasury, United States Department of
		3.38%, 05/15/44	15,335		19,118
		3.13%, 08/15/44	8,230		9,870
		2.88%, 05/15/43 - 05/15/49	42,714		49,356
		2.50%, 02/15/45 - 05/15/46	53,200		57,328
		2.75%, 08/15/47	15,195		17,213
		2.75%, 11/15/47 (d)	45,559		51,638
		3.00%, 05/15/47 - 02/15/49	30,615		36,445
		2.25%, 08/15/49	6,150		6,332
				247,300
U.S. Treasury Note 2.6%
	Treasury, United States Department of
		2.25%, 04/30/24	9,665		9,958
		1.75%, 06/30/24	40,930		41,282
		3.00%, 09/30/25	7,080		7,642
		2.38%, 04/30/26 - 05/15/29	63,255		67,023
		2.88%, 08/15/28	50,045		55,034
		3.13%, 11/15/28	500		561
		2.63%, 02/15/29	2,455		2,658
		1.63%, 08/15/29 (a)	34,840		34,688
				218,846
Collateralized Mortgage Obligations 2.0%
	Fannie Mae Multifamily REMIC Trust
		Series 2019-AC-41, REMIC, 2.50%, 03/25/53	16,555		16,483
	Federal Home Loan Mortgage Corporation
		Series CA-4758, 3.00%, 07/15/47	16,074		16,681
		Series 2019-MA-3, REMIC, 3.50%, 07/25/26	4,606		4,806
		Series 2018-MA-4, REMIC, 3.50%, 10/25/26	2,594		2,706
		Series JM-4165, REMIC, 3.50%, 09/15/41	2,297		2,352
		Series AH-4143, REMIC, 1.75%, 09/15/42	10,247		10,060
		Series DJ-4322, REMIC, 3.00%, 05/15/43	3,039		3,070
		Series 2019-MA-1, REMIC, 3.50%, 07/25/58	2,507		2,624
	Federal National Mortgage Association, Inc.
		Series 2016-2M2-C03, 7.92%, 04/25/23	2,400		2,590
		Series 2018-GD-80, 3.50%, 12/25/47	6,984		7,100
		Series 2018-PA-77, 3.50%, 02/25/48	10,395		10,686
		Series 2015-HP-28, REMIC, 3.50%, 06/25/44	4,524		4,656
		Series 2015-MC-16, REMIC, 3.00%, 01/25/45	11,201		11,274
		Series 2017-AP-51, REMIC, 3.00%, 10/25/45	28,302		28,770
		Series 2018-PA-55, REMIC, 3.50%, 01/25/47	5,185		5,336
		Series 2017-AB-108, REMIC, 3.00%, 01/25/48	3,085		3,125
		Series 2019-CA-7, REMIC, 3.50%, 11/25/57	17,299		17,969
		Series 2019-BA-22, REMIC, 3.50%, 12/25/58	1,915		1,972
		Series 2019-JA-28, REMIC, 3.50%, 06/25/59	19,911		20,889
	Government National Mortgage Association
		Series 2005-HC-74, REMIC, 7.50%, 09/16/35	5		6
				173,155
Municipal 0.9%
	California, State of
		7.35%, 11/01/39	3,170		4,980
		7.63%, 03/01/40	85		139
	Chicago Transit Authority
		6.30%, 12/01/21	3,165		3,304
		6.90%, 12/01/40	3,640		5,098
	Empire State Development Corporation
		2.10%, 03/15/22	5,915		5,929
	Grand Parkway Transportation Corporation
		5.18%, 10/01/42	1,555		2,083
	Illinois Municipal Electric Agency
		6.83%, 02/01/35	3,405		4,524
	Illinois State Toll Highway Authority
		6.18%, 01/01/34	565		775
	Illinois, State of
		5.10%, 06/01/33	6,620		7,170
	Kansas Development Finance Authority
		insured by Assured Guaranty Municipal Corp., 5.37%, 05/01/26	2,960		3,283
	Long Island Power Authority
		3.63%, 09/01/22	2,860		2,971
	Metropolitan Transportation Authority
		6.67%, 11/15/39	1,490		2,159
		7.34%, 11/15/39	75		121
		6.09%, 11/15/40	405		572
	Metropolitan Transportation Commission
		2.57%, 04/01/31	1,890		1,913
	Municipal Electric Authority of Georgia
		6.64%, 04/01/57	7,116		9,821
		6.66%, 04/01/57	1,035		1,476
	New York State Thruway Authority
		5.88%, 04/01/30	840		1,067
	O'Hare International Airport
		6.85%, 01/01/38	700		708
		6.40%, 01/01/40	250		370
	Oregon School Boards Association
		insured by AMBAC School Board Guaranty, 4.76%, 06/30/28	420		476
	Philadelphia, City of
		6.55%, 10/15/28	5,225		6,658
	Sacramento, City of
		insured by Assured Guaranty Municipal Corp., 6.42%, 08/01/23	1,065		1,223
	Sales Tax Securitization Corporation
		4.79%, 01/01/48	5,205		6,491
	The Port Authority of New York and New Jersey
		6.04%, 12/01/29	105		139
	University of California, Berkeley
		4.60%, 05/15/31	940		1,105
	Utility Debt Securitization Authority
		3.44%, 12/15/25	1,165		1,215
				75,770
U.S. Treasury Inflation Indexed Securities 0.6%
	Treasury, United States Department of
		0.38%, 01/15/27 (e)	19,485		19,729
		0.50%, 01/15/28 (e)	30,144		30,888
				50,617
Sovereign 0.5%
	Japan Bank For International Cooperation
		2.25%, 02/24/20	4,578		4,580
		2.13%, 06/01/20	3,834		3,836
	Ministry of Diwan Amiri Affairs
		2.38%, 06/02/21 (f)	15,435		15,454
		3.88%, 04/23/23 (f)	5,490		5,806
		3.38%, 03/14/24 (f)	210		220
		4.00%, 03/14/29 (f)	3,407		3,773
	Saudi Arabia, Government of
		2.38%, 10/26/21 (f)	1,845		1,847
		2.88%, 03/04/23 (f)	4,130		4,197
				39,713
Commercial Mortgage-Backed Securities 0.4%
	Federal Home Loan Mortgage Corporation
		Series A2-K731, REMIC, 3.60%, 02/25/25	4,930		5,258
		Series A2-K733, REMIC, 3.75%, 08/25/25	5,245		5,679
		Series A2-KJ25, REMIC, 2.61%, 01/25/26	10,700		10,912
		Series A2-K736, REMIC, 2.28%, 07/25/26	2,335		2,365
		Series A1-K097, REMIC, 2.16%, 05/25/29	3,823		3,844
	Federal National Mortgage Association, Inc.
		Series 2015-A2-M12, REMIC, 2.89%, 05/25/25 (g)	8,250		8,568
		Series 2017-FA-M5, REMIC, 2.88%, (1M USD LIBOR + 0.49%), 04/25/24 (g)	334		333

472

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
		Series 2017-FA-M13, REMIC, 2.79%, (1M USD LIBOR + 0.40%), 10/25/24 (g)	1,771		1,757
				38,716
	Total Government And Agency Obligations (cost $1,385,049)			1,456,778
CORPORATE BONDS AND NOTES 12.4%
Financials 4.9%
	ACE Capital Trust II
		9.70%, 04/01/30	525		773
	American International Group, Inc.
		4.25%, 03/15/29	2,860		3,131
	American Water Capital Corp.
		2.95%, 09/01/27	1,845		1,894
	AXA
		8.60%, 12/15/30	425		616
	B.A.T. International Finance P.L.C.
		3.25%, 06/07/22 (f)	1,945		1,986
	Banco Santander, S.A.
		3.13%, 02/23/23	3,600		3,662
		3.85%, 04/12/23	3,000		3,122
	Bank of America Corporation
		2.63%, 10/19/20	2,000		2,013
		3.00%, 12/20/23	820		838
		4.13%, 01/22/24	5,325		5,731
		4.20%, 08/26/24	4,600		4,942
		3.59%, 07/21/28	5,315		5,611
		3.97%, 02/07/30	2,065		2,257
		3.19%, 07/23/30 (a)	2,210		2,275
		5.88%, 02/07/42	300		414
		5.00%, 01/21/44	500		634
	Banque Federative du Credit Mutuel
		2.75%, 10/15/20 (f)	4,850		4,882
	Barclays PLC
		3.20%, 08/10/21	5,435		5,496
		3.93%, 05/07/25	6,380		6,589
	Bayer US Finance II LLC
		4.25%, 12/15/25 (f)	9,435		10,072
	BB&T Corporation
		3.20%, 09/03/21	6,165		6,283
	Berkshire Hathaway Inc.
		2.75%, 03/15/23	2,690		2,752
	BNP Paribas
		2.95%, 05/23/22 (f)	740		750
		3.38%, 01/09/25 (f)	3,180		3,289
	BPCE
		5.70%, 10/22/23 (f)	10,150		11,194
		5.15%, 07/21/24 (f)	5,670		6,193
		3.50%, 10/23/27 (f)	6,370		6,621
	Capital One Financial Corporation
		3.75%, 04/24/24	2,000		2,101
		4.20%, 10/29/25	1,245		1,326
	Capital One, National Association
		2.25%, 09/13/21	1,500		1,500
	Citigroup Inc.
		4.50%, 01/14/22	605		636
		4.13%, 07/25/28	2,855		3,068
		8.13%, 07/15/39	65		106
		5.88%, 01/30/42	165		225
		5.30%, 05/06/44	814		1,014
	Citizens Bank, National Association
		2.55%, 05/13/21	3,175		3,197
	Credit Agricole SA
		3.75%, 04/24/23 (f)	1,955		2,042
		3.25%, 10/04/24 (f)	3,020		3,106
		4.38%, 03/17/25 (f)	5,055		5,381
	Credit Suisse (USA), Inc.
		3.00%, 10/29/21	1,070		1,088
		3.63%, 09/09/24	325		343
	Credit Suisse Group AG
		3.57%, 01/09/23 (f)	1,925		1,968
		3.37%, (3M USD LIBOR + 1.24%), 06/12/24 (f) (g)	4,500		4,527
		2.59%, 09/11/25 (f)	2,025		2,003
		3.87%, 01/12/29 (f)	1,330		1,399
	Credit Suisse Group Funding (Guernsey) Ltd
		3.80%, 09/15/22	4,785		4,975
		3.75%, 03/26/25	2,690		2,825
	Daimler Finance North America LLC
		2.20%, 05/05/20 (f)	3,960		3,959
		2.30%, 02/12/21 (f)	4,445		4,443
		3.88%, 09/15/21 (f)	231		238
	Danske Bank A/S
		5.00%, 01/12/22 (f)	1,740		1,829
		3.88%, 09/12/23 (f)	2,910		3,014
		5.38%, 01/12/24 (f)	2,265		2,486
	Deutsche Bank Aktiengesellschaft
		4.25%, 10/14/21	275		280
	Discover Bank
		3.10%, 06/04/20	4,700		4,724
		4.20%, 08/08/23 (h)	3,550		3,776
	Emera US Holdings Inc.
		2.70%, 06/15/21	695		699
	ERAC USA Finance LLC
		2.35%, 10/15/19 (f)	2,880		2,881
		4.50%, 08/16/21 (f)	620		645
		3.30%, 10/15/22 (f)	1,045		1,075
		5.63%, 03/15/42 (f)	2,700		3,397
	Fifth Third Bank
		2.88%, 10/01/21	1,800		1,823
	Ford Motor Credit Company LLC
		3.10%, 05/04/23	7,425		7,288
	General Electric Capital Corporation
		5.55%, 05/04/20	473		482
	General Motors Financial Company, Inc.
		3.70%, 05/09/23	5,900		6,040
		3.95%, 04/13/24	3,790		3,897
	HSBC Bank PLC
		4.13%, 08/12/20 (f)	900		914
	HSBC Holdings PLC
		3.40%, 03/08/21	3,150		3,198
		4.00%, 03/30/22	870		906
		3.60%, 05/25/23	2,580		2,681
		4.04%, 03/13/28 (g)	1,695		1,797
		4.58%, 06/19/29 (i)	4,185		4,636
	HSBC USA Inc.
		5.88%, 11/01/34	250		322
	Imperial Brands Finance PLC
		3.75%, 07/21/22 (f)	8,285		8,523
	ING Groep N.V.
		3.15%, 03/29/22	880		900
		3.95%, 03/29/27	2,860		3,081
	JPMorgan Chase & Co.
		4.50%, 01/24/22	825		870
		3.25%, 09/23/22	1,000		1,034
		3.38%, 05/01/23	1,060		1,096
		4.45%, 12/05/29	8,085		9,137
		6.40%, 05/15/38	425		606
		5.40%, 01/06/42	540		712
	Liberty Mutual Group Inc.
		4.25%, 06/15/23 (f)	129		137
		4.57%, 02/01/29 (f)	456		509
	Liberty Mutual Insurance Company
		7.88%, 10/15/26 (f)	475		602
	Macquarie Bank Limited
		2.40%, 01/21/20 (f)	660		660
	Macquarie Group Limited
		4.15%, 03/27/24 (f)	8,100		8,539
	Marsh & Mclennan Companies, Inc.
		4.38%, 03/15/29	2,770		3,132
	MetLife, Inc.
		4.13%, 08/13/42	265		295
	Metropolitan Life Global Funding I
		2.65%, 04/08/22 (f)	3,185		3,227
	Morgan Stanley
		3.70%, 10/23/24	7,950		8,423
		2.72%, 07/22/25	6,170		6,242
		3.13%, 07/27/26	2,430		2,506
		3.63%, 01/20/27	3,400		3,594

473

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	National Australia Bank Limited
		2.40%, 12/07/21 (f)	9,400		9,503
	National Rural Utilities Cooperative Finance Corporation
		3.05%, 02/15/22	445		454
	Nationwide Building Society
		3.62%, 04/26/23 (f)	2,175		2,217
	NBK SPC Limited
		2.75%, 05/30/22 (f)	13,365		13,415
	Northwestern Mutual Life Insurance Company
		3.63%, 09/30/59 (f)	546		555
	PNC Bank, National Association
		3.30%, 10/30/24	835		877
	Santander Holdings USA, Inc.
		2.65%, 04/17/20	1,930		1,933
		3.70%, 03/28/22	5,670		5,826
		3.40%, 01/18/23	7,435		7,605
	Societe Generale
		3.25%, 01/12/22 (f)	2,985		3,036
	Standard Chartered PLC
		2.74%, 09/10/22 (f)	8,990		9,003
	Sunoco Logistics Partners Operations L.P.
		5.35%, 05/15/45	3,100		3,324
	Synchrony Financial
		3.65%, 05/24/21	3,650		3,714
	Teachers Insurance & Annuity Association of America
		4.90%, 09/15/44 (f)	685		843
	The Bank of New York Mellon Corporation
		2.15%, 02/24/20	2,920		2,918
	The Bank of Nova Scotia
		2.70%, 08/03/26	9,645		9,775
	The Brooklyn Union Gas Company
		3.41%, 03/10/26 (f)	2,215		2,329
	The Goldman Sachs Group, Inc.
		6.00%, 06/15/20	205		210
		5.25%, 07/27/21	1,000		1,054
		5.75%, 01/24/22	2,445		2,634
		2.88%, 10/31/22	4,765		4,820
		3.63%, 01/22/23	6,875		7,157
		3.81%, 04/23/29	2,580		2,737
		6.25%, 02/01/41	435		603
		4.80%, 07/08/44	1,080		1,292
	The Huntington National Bank
		2.40%, 04/01/20	2,150		2,151
	The PNC Financial Services Group, Inc.
		3.90%, 04/29/24	830		888
	Trinity Acquisition PLC
		4.40%, 03/15/26	4,145		4,494
	U.S. Bancorp
		3.70%, 01/30/24	900		959
	UBS AG
		2.20%, 06/08/20 (f)	5,025		5,019
	UBS Group AG
		3.13%, 08/13/30 (f)	2,810		2,830
	UBS Group Funding (Jersey) Limited
		2.95%, 09/24/20 (f)	2,840		2,861
		3.00%, 04/15/21 (f)	3,500		3,541
	Volkswagen Group of America, Inc.
		2.45%, 11/20/19 (f)	775		775
	WEA Finance LLC
		3.25%, 10/05/20 (f)	2,400		2,425
		4.13%, 09/20/28 (f)	7,285		7,880
	Wells Fargo & Company
		3.50%, 03/08/22	2,145		2,212
		4.48%, 01/16/24	517		557
		4.10%, 06/03/26	1,125		1,207
		4.75%, 12/07/46	3,750		4,440
				418,178
Utilities 1.4%
	Berkshire Hathaway Energy Company
		6.13%, 04/01/36	1,598		2,212
		5.15%, 11/15/43	50		63
	Boston Gas Company
		3.15%, 08/01/27 (f)	960		998
		3.00%, 08/01/29 (f)	1,880		1,938
	CenterPoint Energy Resources Corp.
		4.50%, 01/15/21	2,272		2,325
	Cleco Corporate Holdings LLC
		3.38%, 09/15/29 (f)	2,685		2,684
	Commonwealth Edison Company
		3.65%, 06/15/46	465		503
	Consolidated Edison Company of New York, Inc.
		4.63%, 12/01/54	910		1,083
	Dominion Energy South Carolina, Inc.
		6.63%, 02/01/32	1,384		1,896
		6.05%, 01/15/38	3,265		4,502
		4.60%, 06/15/43	825		1,002
	Dominion Energy, Inc.
		2.58%, 07/01/20 (j)	2,875		2,881
		4.10%, 04/01/21 (j)	3,275		3,356
		2.72%, 08/15/21 (j)	1,190		1,198
		2.45%, 01/15/23 (f)	8,520		8,551
	DTE Energy Company
		3.80%, 03/15/27	2,245		2,403
	Duke Energy Corporation
		4.30%, 06/15/20	875		890
		6.10%, 06/01/37	2,200		3,013
	Electricite de France
		5.25%, (callable at 100 beginning 01/29/23) (f) (k)	770		790
		5.63%, (callable at 100 beginning 01/22/24) (f) (k)	2,000		2,070
		4.88%, 01/22/44 (f)	450		523
	Entergy Utility Assets, LLC
		3.12%, 09/01/27	2,090		2,186
	Evergy, Inc.
		2.90%, 09/15/29	4,785		4,756
	Eversource Energy
		2.90%, 10/01/24	2,725		2,789
		3.15%, 01/15/25	400		414
	FirstEnergy Corp.
		3.90%, 07/15/27	705		751
	Florida Power & Light Company
		5.25%, 02/01/41	1,465		1,918
	Fortis Inc.
		3.06%, 10/04/26	3,390		3,462
	Georgia Power Company
		4.75%, 09/01/40	1,085		1,257
		4.30%, 03/15/42	786		864
	Indianapolis Power & Light Company
		6.60%, 06/01/37 (f)	500		690
	Infraestructura Energetica Nova, S.A.B. de C.V.
		4.88%, 01/14/48 (f)	3,290		3,147
	KeySpan Gas East Corporation
		2.74%, 08/15/26 (f)	3,690		3,729
	MidAmerican Energy Company
		4.25%, 05/01/46	55		65
	NextEra Energy Capital Holdings, Inc.
		3.25%, 04/01/26	870		902
		3.50%, 04/01/29	1,335		1,413
	Niagara Mohawk Power Corporation
		4.28%, 12/15/28 (f)	5,360		6,058
	NiSource Finance Corp.
		4.80%, 02/15/44	465		544
	Oglethorpe Power Corporation (An Electric Membership Corporation)
		5.25%, 09/01/50	3,200		4,053
	Oncor Electric Delivery Company LLC
		4.10%, 06/01/22	1,760		1,846
		2.95%, 04/01/25	576		596
		5.25%, 09/30/40	325		424
	PPL Electric Utilities Corporation
		6.25%, 05/15/39	60		86
	SCANA Corporation
		6.25%, 04/01/20	2,274		2,314
		4.75%, 05/15/21	3,538		3,626
		4.13%, 02/01/22	2,009		2,058
	Sempra Energy
		3.25%, 06/15/27	3,630		3,720

474

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Southern California Edison Company
		2.40%, 02/01/22	685		688
		3.70%, 08/01/25	735		780
		5.55%, 01/15/37	500		613
	The Cleveland Electric Illuminating Company
		3.50%, 04/01/28 (f)	9,400		9,793
	The Southern Company
		2.75%, 06/15/20	4,000		4,022
		2.95%, 07/01/23	3,820		3,897
		4.40%, 07/01/46	120		134
	Xcel Energy Inc.
		3.70%, 08/15/47	277		300
				118,776
Health Care 1.4%
	Aetna Inc.
		2.80%, 06/15/23	3,340		3,381
	Alcon Finance Corporation
		3.00%, 09/23/29 (f)	1,775		1,797
		3.80%, 09/23/49 (f)	1,785		1,873
	Allergan Funding SCS
		3.45%, 03/15/22	3,525		3,613
		3.80%, 03/15/25	3,150		3,295
		4.85%, 06/15/44	1,750		1,882
	Amgen Inc.
		2.65%, 05/11/22	10,965		11,096
	Anthem, Inc.
		3.70%, 08/15/21	1,000		1,025
		3.30%, 01/15/23	3,675		3,793
		4.10%, 03/01/28	1,370		1,480
		4.65%, 08/15/44	2,200		2,441
		4.38%, 12/01/47	715		772
	Bayer US Finance LLC
		2.38%, 10/08/19 (f)	1,050		1,050
		3.38%, 10/08/24 (f)	4,185		4,290
	Biogen Inc.
		2.90%, 09/15/20	2,245		2,261
	Boston Scientific Corporation
		4.00%, 03/01/29	535		590
	Cardinal Health, Inc.
		2.40%, 11/15/19	1,345		1,344
		4.50%, 11/15/44	1,405		1,350
	Catholic Health Initiatives
		2.95%, 11/01/22	3,131		3,190
		4.20%, 08/01/23	5,150		5,462
		4.35%, 11/01/42	1,575		1,684
	Celgene Corporation
		3.55%, 08/15/22	1,265		1,314
	Cigna Holding Company
		4.38%, 10/15/28	3,635		3,983
	CommonSpirit Health
		4.19%, 10/01/49	880		912
	CVS Health Corporation
		4.00%, 12/05/23	2,680		2,831
		4.10%, 03/25/25	9,090		9,702
		4.88%, 07/20/35	1,135		1,267
		5.13%, 07/20/45	2,475		2,809
	Dignity Health
		2.64%, 11/01/19	255		255
		3.81%, 11/01/24	1,703		1,795
		4.50%, 11/01/42	4,186		4,557
	EMD Finance LLC
		2.95%, 03/19/22 (f)	3,020		3,054
	Forest Laboratories, LLC
		4.88%, 02/15/21 (f)	179		184
		5.00%, 12/15/21 (f)	1,475		1,550
	Gilead Sciences, Inc.
		2.55%, 09/01/20	1,120		1,125
	HCA Inc.
		5.25%, 06/15/49	1,675		1,840
	Humana Inc.
		2.90%, 12/15/22	5,515		5,604
	Medtronic, Inc.
		3.15%, 03/15/22	421		434
	Merck & Co., Inc.
		2.80%, 05/18/23	940		967
		4.15%, 05/18/43	630		758
	Mercy Health
		3.56%, 08/01/27	4,070		4,348
	Teva Pharmaceutical Finance Netherlands III B.V.
		2.80%, 07/21/23 (a)	4,595		3,713
	Teva Pharmaceutical Industries Ltd
		3.65%, 11/10/21	1,670		1,556
	UnitedHealth Group Incorporated
		3.88%, 10/15/20	600		609
		2.88%, 03/15/22	70		71
		3.35%, 07/15/22	1,090		1,129
		3.75%, 07/15/25	1,820		1,959
				115,995
Communication Services 1.2%
	AT&T Inc.
		4.45%, 04/01/24	3,220		3,481
		3.95%, 01/15/25	160		171
		3.60%, 07/15/25	8,175		8,603
		4.13%, 02/17/26	3,300		3,565
		4.90%, 08/15/37	725		824
		4.85%, 03/01/39	4,662		5,287
	CBS Corporation
		3.70%, 06/01/28	2,365		2,475
	Charter Communications Operating, LLC
		5.38%, 05/01/47	2,520		2,741
	Comcast Corporation
		3.95%, 10/15/25	4,345		4,729
		5.65%, 06/15/35	165		216
		4.40%, 08/15/35	2,325		2,706
		6.50%, 11/15/35	165		231
		4.60%, 10/15/38	2,225		2,666
		3.97%, 11/01/47	237		261
		4.00%, 11/01/49	285		317
	Cox Communications, Inc.
		3.25%, 12/15/22 (f)	1,950		1,997
		4.80%, 02/01/35 (f)	2,695		2,918
		6.45%, 12/01/36 (f)	215		275
		4.60%, 08/15/47 (f)	400		439
	Fox Corporation
		4.03%, 01/25/24 (f)	1,435		1,527
	Orange SA
		9.00%, 03/01/31 (j)	2,700		4,199
	Sky Limited
		3.75%, 09/16/24 (f)	4,090		4,377
	Spectrum Management Holding Company, LLC
		6.55%, 05/01/37	435		521
		7.30%, 07/01/38	285		364
		6.75%, 06/15/39	285		348
	Sprint Spectrum Co LLC
		4.74%, 03/20/25 (f)	8,560		9,099
	Telefonica Emisiones, S.A.U.
		5.21%, 03/08/47	370		430
		5.52%, 03/01/49	1,360		1,652
	Tencent Holdings Limited
		3.60%, 01/19/28 (f)	6,030		6,289
	Time Warner Cable Enterprises LLC
		8.38%, 03/15/23	195		230
	TWDC Enterprise 18 Corp.
		4.50%, 02/15/21 (f)	850		880
		3.00%, 09/15/22 (f)	750		774
		4.00%, 10/01/23 (f)	3,320		3,547
	Verizon Communications Inc.
		2.95%, 03/15/22	875		896
		4.81%, 03/15/39	374		449
		4.75%, 11/01/41	265		315
		4.86%, 08/21/46	692		848
		4.52%, 09/15/48	8,805		10,394
		4.67%, 03/15/55	859		1,028
	Viacom Inc.
		4.25%, 09/01/23	7,650		8,124
				100,193

475

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
Energy 1.0%
	BG Energy Capital PLC
		4.00%, 10/15/21 (f)	1,850		1,918
	BP Capital Markets America Inc.
		3.25%, 05/06/22	1,000		1,029
	BP Capital Markets P.L.C.
		2.50%, 11/06/22	600		607
	Cimarex Energy Co.
		4.38%, 06/01/24	8,476		8,894
	El Paso Pipeline Partners, L.P.
		4.30%, 05/01/24	682		729
	Energy Transfer LP
		7.60%, 02/01/24	1,030		1,209
		4.05%, 03/15/25	6,000		6,274
	EQM Midstream Partners, LP
		4.75%, 07/15/23	8,955		8,988
	Equinor ASA
		2.90%, 11/08/20	1,945		1,965
		3.70%, 03/01/24 (a)	50		53
	Hess Corporation
		7.30%, 08/15/31	4,890		6,049
	Kinder Morgan Energy Partners, L.P.
		5.30%, 09/15/20	1,675		1,724
	Marathon Oil Corporation
		2.70%, 06/01/20	1,740		1,741
	Occidental Petroleum Corporation
		4.85%, 03/15/21	2,568		2,655
		7.50%, 05/01/31	822		1,077
	Phillips 66 Partners LP
		3.61%, 02/15/25	3,540		3,691
		3.75%, 03/01/28	7,850		8,165
	Pioneer Natural Resources Company
		7.50%, 01/15/20	4,977		5,054
	Regency Energy Partners LP
		5.88%, 03/01/22	1,026		1,097
	Saudi Arabian Oil Company
		3.50%, 04/16/29 (f)	7,520		7,849
	Schlumberger Holdings Corporation
		3.90%, 05/17/28 (f)	1,659		1,758
	Sunoco Logistics Partners Operations L.P.
		4.40%, 04/01/21	910		935
		3.90%, 07/15/26	3,470		3,596
	TransCanada PipeLines Limited
		3.80%, 10/01/20	975		993
	Western Midstream Operating, LP
		4.00%, 07/01/22	4,950		5,003
				83,053
Consumer Staples 0.8%
	Altria Group, Inc.
		4.75%, 05/05/21	548		569
		4.80%, 02/14/29	1,790		1,957
		4.50%, 05/02/43	745		744
	Anheuser-Busch Companies, LLC
		3.65%, 02/01/26	3,000		3,211
	Anheuser-Busch InBev Worldwide Inc.
		6.88%, 11/15/19 (l)	680		683
		2.50%, 07/15/22	731		741
		3.50%, 01/12/24	5,425		5,727
		4.75%, 01/23/29	8,430		9,803
		4.38%, 04/15/38	1,050		1,178
		4.95%, 01/15/42	200		236
		3.75%, 07/15/42	820		849
	BAT Capital Corp.
		3.56%, 08/15/27	15,925		16,010
	Conagra Brands, Inc.
		4.60%, 11/01/25	1,760		1,936
		5.30%, 11/01/38	1,285		1,497
	Danone
		2.95%, 11/02/26 (f)	4,795		4,905
	Kraft Heinz Foods Company
		4.38%, 06/01/46	5,270		4,995
	Molson Coors Brewing Company
		3.00%, 07/15/26	4,000		4,039
	Philip Morris International Inc.
		4.88%, 11/15/43	430		505
	Sigma Alimentos, S.A. de C.V.
		4.13%, 05/02/26 (f)	2,620		2,711
	The Kroger Co.
		3.30%, 01/15/21	745		755
		3.85%, 08/01/23	1,830		1,929
		4.00%, 02/01/24	1,775		1,887
	Tyson Foods, Inc.
		5.10%, 09/28/48	1,400		1,695
				68,562
Industrials 0.5%
	Bae Systems Holdings Inc.
		3.85%, 12/15/25 (f)	4,240		4,468
	Deere & Company
		4.38%, 10/16/19	185		185
	Lockheed Martin Corporation
		2.50%, 11/23/20	810		813
		4.85%, 09/15/41	955		1,196
		4.07%, 12/15/42	2,000		2,307
	Penske Truck Leasing Co., L.P.
		3.20%, 07/15/20 (f)	2,880		2,903
		3.38%, 02/01/22 (f)	2,200		2,245
		2.70%, 11/01/24 (f)	1,545		1,548
		3.95%, 03/10/25 (f)	10,090		10,649
	Siemens Financieringsmaatschappij N.V.
		3.13%, 03/16/24 (f)	4,250		4,432
	The Boeing Company
		2.70%, 02/01/27	2,205		2,252
	United Technologies Corporation
		3.95%, 08/16/25	2,545		2,785
		4.13%, 11/16/28	8,925		10,103
				45,886
Real Estate 0.4%
	American Tower Corporation
		3.45%, 09/15/21	4,000		4,092
		5.00%, 02/15/24	410		453
		3.80%, 08/15/29	9,725		10,355
	AvalonBay Communities, Inc.
		3.63%, 10/01/20	905		917
	Brandywine Operating Partnership, L.P.
		3.95%, 11/15/27	6,015		6,253
	Crown Castle International Corp.
		3.65%, 09/01/27	2,325		2,463
		3.80%, 02/15/28	1,920		2,045
	ERP Operating Limited Partnership
		4.75%, 07/15/20	765		777
	HCP, Inc.
		4.00%, 06/01/25	4,670		4,967
	Realty Income Corporation
		5.75%, 01/15/21	335		347
	Scentre Group Trust 1
		2.38%, 11/05/19 (f)	3,175		3,175
	Simon Property Group, L.P.
		2.45%, 09/13/29	3,055		2,992
				38,836
Information Technology 0.4%
	Apple Inc.
		3.00%, 02/09/24	1,765		1,836
		3.25%, 02/23/26	1,106		1,172
	Broadcom Corporation
		3.63%, 01/15/24	6,845		6,991
		3.88%, 01/15/27	4,760		4,778
		3.50%, 01/15/28	390		380
	Broadcom Inc.
		4.25%, 04/15/26 (f)	455		470
	Fiserv, Inc.
		3.20%, 07/01/26	3,055		3,169
	Microchip Technology Incorporated
		3.92%, 06/01/21	3,015		3,076
	Microsoft Corporation
		2.88%, 02/06/24	4,745		4,948
		2.40%, 08/08/26	2,145		2,185
		3.70%, 08/08/46	1,500		1,710

476

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Oracle Corporation
		3.25%, 11/15/27	4,910		5,210
				35,925
Consumer Discretionary 0.2%
	Alibaba Group Holding Limited
		2.50%, 11/28/19	2,305		2,305
		3.40%, 12/06/27	5,245		5,448
	Amazon.com, Inc.
		2.50%, 11/29/22	1,265		1,287
		4.80%, 12/05/34	1,000		1,247
		4.95%, 12/05/44	815		1,079
		4.25%, 08/22/57	1,205		1,500
	AutoZone, Inc.
		3.25%, 04/15/25	3,000		3,104
	Lowe`s Companies, Inc.
		4.55%, 04/05/49	2,380		2,750
	Viacom Inc.
		5.85%, 09/01/43	1,625		1,998
				20,718
Materials 0.2%
	CNAC (Hk) Synbridge Company Limited
		5.00%, 05/05/20	9,375		9,483
	Glencore Finance (Canada) Limited
		4.25%, 10/25/22 (f) (j)	4,300		4,499
				13,982
	Total Corporate Bonds And Notes (cost $1,013,123)			1,060,104
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 3.8%
	AASET Trust
		Series 2019-A-1, 3.84%, 05/15/26 (f) (m)	1,154		1,156
	AASET US Ltd
		Series 2018-A-2A, 4.45%, 11/16/25 (f) (j)	4,459		4,574
	Angel Oak Mortgage Trust I LLC
		Series 2017-A1-3, 2.71%, 11/25/21 (f) (g)	647		639
		Series 2018-A1-3, REMIC, 3.65%, 09/25/22 (f) (g)	5,663		5,786
		Series 2019-A1-2, REMIC, 3.63%, 04/25/23 (f) (g)	4,515		4,594
	Angel Oak Mortgage Trust LLC
		Series 2019-A1-4, REMIC, 2.99%, 08/25/23 (f)	3,072		3,093
	Apidos CLO XXII
		Series 2015-A2A-22A, 4.33%, (3M USD LIBOR + 2.05%), 10/20/27 (f) (g)	5,150		5,150
	Ares XXIX CLO Ltd
		Series 2014-A1R-1A, 3.49%, (3M USD LIBOR + 1.19%), 04/17/26 (f) (g)	748		748
	ARI Fleet Lease Trust
		Series 2018-A2-B, 3.22%, 10/15/21 (f)	2,440		2,461
		Series 2017-A2-A, 1.91%, 04/15/26 (f)	227		226
		Series 2018-A2-A, 2.55%, 10/15/26 (f)	1,383		1,385
	Atlas Senior Loan Fund Ltd
		Series 2017-A-8A, 3.62%, (3M USD LIBOR + 1.30%), 01/16/30 (f) (g)	7,830		7,824
	Atlas Senior Loan Fund X Ltd
		Series 2018-A-10A, 3.39%, (3M USD LIBOR + 1.09%), 01/15/31 (f) (g)	1,380		1,370
	Avery Point IV CLO Ltd
		Series 2014-AR-1A, 3.38%, (3M USD LIBOR + 1.10%), 04/27/26 (f) (g)	1,042		1,042
		Series 2014-BR-1A, 3.88%, (3M USD LIBOR + 1.60%), 04/27/26 (f) (g)	4,930		4,930
	BA Master Credit Card Trust II
		Series 2017-B-1A, 2.56%, 01/21/20 (f)	995		995
		Series 2018-A-1A, 2.54%, (1M USD LIBOR + 0.49%), 01/23/23 (f) (g)	7,450		7,441
	BAMLL Commercial Mortgage Securities Trust
		Series 2018-A-PARK, 4.23%, 08/10/28 (f)	3,210		3,622
	Banc of America Alternative Loan Trust
		Series 2015-A4-UBS7, REMIC, 3.71%, 09/17/25	1,145		1,230
	Bayview Koitere Fund Trust
		Series 2017-A-RT4, 3.50%, 07/28/57 (f) (g)	2,951		3,011
		Series 2017-A-SPL3, REMIC, 4.00%, 11/28/53 (f) (g)	1,377		1,417
	Bayview Opportunity Master Fund IVa Trust
		Series 2017-A-SPL5, 3.50%, 06/28/57 (f) (g)	1,944		1,978
		Series 2017-A-SPL1, REMIC, 4.00%, 10/28/64 (f) (g)	1,839		1,894
	Bayview Opportunity Master Fund IVb Trust
		Series 2017-A-SPL4, 3.50%, 01/28/55 (f) (g)	1,418		1,442
	BlueMountain CLO Ltd
		Series 2012-BR2-2A, 3.59%, (3M USD LIBOR + 1.45%), 11/20/28 (f) (g)	4,820		4,787
	Canadian Pacer Auto Receivables Trust
		Series 2018-A2A-2A, 3.00%, 07/19/20 (f)	992		994
		Series 2017-A3-1A, 2.05%, 03/19/21 (f)	909		908
		Series 2018-A3-2A, 3.27%, 12/19/21 (f)	395		401
	Castlelake Aircraft Structured Trust
		Series 2019-A-1A, 3.97%, 04/15/26 (f)	2,392		2,429
	CD Mortgage Trust
		Series 2017-A4-CD4, REMIC, 3.51%, 04/12/27	2,790		3,004
	Cent CLO 24 Ltd
		Series 2015-A2R-24A, 3.95%, (3M USD LIBOR + 1.65%), 10/15/26 (f) (g)	2,185		2,176
	Cent CLO 27 Ltd
		Series 2018-A1-27A, 3.43%, (3M USD LIBOR + 1.15%), 10/25/28 (f) (g)	930		930
	Chesapeake Funding II LLC
		Series 2017-A1-2A, 1.99%, 10/15/20 (f)	1,682		1,679
		Series 2017-A2-2A, 2.48%, (1M USD LIBOR + 0.45%), 10/15/20 (f) (g)	1,148		1,148
		Series 2017-A1-3A, 1.91%, 01/15/21 (f)	1,756		1,753
		Series 2018-A1-2A, 3.23%, 12/15/21 (f)	2,798		2,836
		Series 2016-A2-2A, 3.03%, (1M USD LIBOR + 1.00%), 06/15/28 (f) (g)	377		377
	Chrysler Capital Auto Receivables Trust
		Series 2016-C-AA, 3.25%, 06/15/22 (f)	795		796
	Cloud Pass-Through Trust
		Series 2019-CLOU-1A, 3.55%, 12/05/22 (f) (g)	3,010		3,047
	COLT Mortgage Loan Trust
		Series 2019-A1-2, 3.34%, 05/25/49 (f)	1,203		1,226
		Series 2018-A1-1, REMIC, 2.93%, 02/25/48 (f) (g)	1,114		1,120
		Series 2018-A1-3, REMIC, 3.69%, 10/26/48 (f)	1,360		1,377
	COMM Mortgage Trust
		Series 2012-A4-CR2, REMIC, 3.15%, 07/15/22	885		905
	CSAIL Commercial Mortgage Trust
		Series 2015-A4-C3, REMIC, 3.72%, 08/15/48	5,300		5,683
	CSMC
		Series 2017-A-LSTK, REMIC, 2.76%, 04/07/21 (f)	6,105		6,109
	Daimler Trucks Retail Trust
		Series 2019-A2-1, 2.77%, 04/15/20 (f)	2,214		2,234
	DB Master Finance LLC
		Series 2019-A2I-1A, 3.79%, 02/20/24 (f)	1,242		1,285
		Series 2019-A2II-1A, 4.02%, 05/20/26 (f)	1,107		1,132
	Deephave Residential Mortgage Trust
		Series 2018-A1-1A, 2.98%, 02/25/22 (f) (g)	1,366		1,367
		Series 2017-A1-3A, REMIC, 2.58%, 11/25/21 (f) (g)	725		726
		Series 2017-A1-2A, REMIC, 2.45%, 10/25/22 (f) (g)	772		766
		Series 2019-A1-2A, REMIC, 3.56%, 05/25/23 (f)	1,227		1,248
		Series 2017-A1-1A, REMIC, 2.72%, 10/27/25 (f) (g)	250		249
	DLL LLC
		Series 2019-A2-DA1, 2.79%, 11/20/20 (f)	5,285		5,305
	Enterprise Fleet Financing, LLC
		Series 2017-A2-1, 2.13%, 01/20/20 (f)	225		224
		Series 2017-A2-2, 1.97%, 04/20/20 (f)	824		823
		Series 2017-A2-3, 2.13%, 08/20/20 (f)	1,373		1,372
		Series 2018-A2-1, 2.87%, 02/20/21 (f)	2,310		2,321
		Series 2018-A2-3, 3.38%, 10/20/21 (f)	3,915		3,964
		Series 2019-A2-2, 2.29%, 02/20/23 (f)	4,905		4,919
	Exeter Automobile Receivables Trust
		Series 2019-A-3A, 2.59%, 12/15/20 (f)	1,060		1,062
	Finance of America Structured Securities Trust
		Series 2018-A-HB1, 3.38%, 09/25/20 (f) (g)	2,149		2,154
	First Investors Auto Owner Trust
		Series 2017-A1-3A, 2.00%, 03/15/22 (f)	248		248
		Series 2017-A2-3A, 2.41%, 12/15/22 (f)	1,680		1,682

477

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1	Value ($)
First National Master Note Trust
	Series 2018-A-1, 2.49%, (1M USD LIBOR + 0.46%), 10/15/21 (g)	7,680	7,678
Ford Credit Floorplan Master Owner Trust
	Series 2019-A-4, 2.44%, 09/15/24	2,080	2,086
Ford Credit Floorplan Master Owner Trust A
	Series 2013-A-2, 2.09%, 03/15/20 (f)	600	599
FREMF Mortgage Trust
	Series 2013-B-K712, REMIC, 3.40%, 12/25/19 (f) (g)	1,145	1,144
	Series 2013-B-K713, REMIC, 3.26%, 04/25/20 (f) (g)	815	817
	Series 2010-B-K7, REMIC, 5.69%, 04/25/20 (f) (g)	1,975	1,999
	Series 2018-B-K733, REMIC, 4.22%, 09/25/25 (f) (g)	4,015	4,243
Galaxy XXIII CLO Ltd
	Series 2017-A-23A, 3.56%, (3M USD LIBOR + 1.28%), 04/24/29 (g)	1,540	1,540
GreatAmerica Financial Services Corporation
	Series 2018-A3-1, 2.60%, 06/15/21 (f)	1,655	1,659
	Series 2017-A4-1, 2.36%, 01/20/23 (f)	2,580	2,581
	Series 2018-A4-1, 2.83%, 06/17/24 (f)	1,414	1,428
GS Mortgage Securities Corp Trust
	Series 2016-A4-GS3, REMIC, 2.85%, 09/14/26	4,000	4,134
GTP Acquisition Partners I, LLC
	Series 2015-A-1, 2.35%, 06/15/20 (f)	1,145	1,145
Hertz Fleet Lease Funding LP
	Series 2019-A2-1, 2.70%, 07/10/22 (f)	6,560	6,603
Horizon Aircraft Finance I Ltd
	Series 2018-A-1, 4.46%, 12/15/25 (f)	233	242
Horizon Aircraft Finance Ltd
	Series 2019-A-1, 3.72%, 07/15/26 (f) (m)	859	867
Hyundai Auto Lease Securitization Trust
	Series 2018-A2A-A, 2.55%, 08/17/20 (f)	979	979
KKR CLO 16 Ltd
	Series A1R-16, 3.53%, (3M USD LIBOR + 1.25%), 01/20/29 (f) (g)	3,690	3,691
Madison Park Funding XI Ltd
	Series 2013-AR-11A, 3.42%, (3M USD LIBOR + 1.16%), 07/23/29 (f) (g)	3,300	3,305
Madison Park Funding XII Ltd
	Series 2014-AR-12A, 3.54%, (3M USD LIBOR + 1.26%), 07/20/26 (f) (g)	923	923
Madison Park Funding XVIII Ltd
	Series 2015-A1R-18A, 3.47%, (3M USD LIBOR + 1.19%), 10/21/30 (f) (g)	6,530	6,530
Magnetite VII Ltd
	Series 2012-A1R2-7A, 3.10%, (3M USD LIBOR + 0.80%), 01/18/28 (f) (g)	4,265	4,254
Magnetite XVIII Ltd
	Series 2016-BR-18A, 3.66%, (3M USD LIBOR + 1.50%), 11/15/28 (f) (g)	6,315	6,282
MAPS Ltd
	Series 2019-A-1A, 4.46%, 03/15/26 (f)	533	551
Metlife Securitization Trust
	Series 2017-A-1A, REMIC, 3.00%, 06/25/26 (f) (g)	2,012	2,037
Mill City Mortgage Loan Trust
	Series 2017-A1-3, 2.75%, 03/25/24 (f) (g)	2,162	2,175
	Series 2016-A1-1, REMIC, 2.50%, 07/25/23 (f)	503	502
MMAF Equipment Finance LLC
	Series 2017-A3-B, 2.21%, 10/17/22 (f)	1,788	1,789
	Series 2019-A3-B, 2.01%, 12/12/24 (f)	3,450	3,449
	Series 2016-A5-AA, 2.21%, 12/15/32 (f)	1,865	1,873
Nationstar HECM Loan Trust
	Series 2018-A-1A, 2.76%, 02/25/20 (g) (h) (m) (n)	446	446
New Residential Mortgage Loan Trust
	Series 2017-A1-3A, REMIC, 4.00%, 04/25/57 (f) (g)	2,426	2,533
OBP Depositor LLC Trust
	Series 2010-A-OBP, 4.65%, 07/15/20 (f)	495	498
Octagon Investment Partners 30 Ltd
	Series 2017-A1-1A, 3.60%, (3M USD LIBOR + 1.32%), 03/17/30 (f) (g)	2,025	2,030
OneMain Direct Auto Receivables Trust
	Series 2017-A-2A, 2.31%, 12/14/21 (f)	689	689
	Series 2018-A-1A, 3.43%, 12/16/24 (f)	6,585	6,692
OneMain Financial Issuance Trust
	Series 2017-A1-1A, 2.37%, 04/14/21 (f)	1,461	1,458
	Series 2016-A-1A, 3.66%, 02/20/29 (f)	396	397
Santander Retail Auto Lease Trust
	Series 2019-A2-A, REMIC, 2.72%, 04/20/21 (f)	1,590	1,599
	Series 2019-A3-B, REMIC, 2.30%, 03/20/22 (f)	905	910
SBA Towers, LLC
	Series 2015-C-1, 3.16%, 10/15/20 (f)	2,045	2,054
	Series 2016-C-1, 2.88%, 07/15/21 (f)	2,130	2,149
	Series 2017-C-1, 3.17%, 04/15/22 (f)	1,725	1,748
	Series 2018-C-1, 3.45%, 03/15/23 (f)	2,595	2,664
	Series 2019-1C-1, 2.84%, 01/15/25 (f)	1,930	1,927
Securitized Term Auto Receivables Trust
	Series 2017-A3-1A, 1.89%, 08/25/20 (f)	108	108
	Series 2017-A3-2A, 2.04%, 04/26/21 (f)	914	914
	Series 2018-A3-2A, 3.33%, 10/25/21 (f)	10,650	10,767
Seneca Park CLO Ltd
	Series 2014-AR-1A, 3.42%, (3M USD LIBOR + 1.12%), 07/17/26 (f) (g)	610	611
SFAVE Commercial Mortgage Securities Trust
	Series 2015-A2B-5AVE, REMIC, 4.14%, 01/08/35 (f)	3,560	3,915
Shackleton CLO Ltd
	Series 2015-A1R-8A, 3.20%, 10/20/27 (f)	5,650	5,642
SoFi Consumer Loan Program Trust
	Series 2018-A1-2, 2.93%, 06/25/20 (f)	655	656
	Series 2018-A-4, 3.54%, 12/25/21 (f)	4,217	4,260
Sound Point CLO LTD
	Series 2013-A1-2RA, 3.25%, (3M USD LIBOR + 0.95%), 04/15/29 (f) (g)	5,400	5,367
Springleaf Funding Trust
	Series 2016-A-AA, 2.90%, 03/15/20 (f)	843	843
	Series 2015-A-BA, 3.48%, 07/15/21 (f)	1,160	1,169
SPS Servicer Advance Receivables Trust
	Series 2018-AT1-T1, 3.62%, 10/15/20 (f)	1,940	1,960
START Ireland
	Series 2019-A-1, 4.09%, 03/15/26 (f)	1,548	1,578
Symphony CLO XIV Ltd
	Series 2014-A2R-14A, 3.58%, (3M USD LIBOR + 1.28%), 07/14/26 (f) (g)	1,606	1,608
Thacher Park CLO Ltd
	Series 2014-AR-1A, 3.44%, (3M USD LIBOR + 1.16%), 10/20/26 (f) (g)	708	708
Towd Point Mortgage Trust
	Series 2016-A1-3, REMIC, 2.25%, 09/25/22 (f) (g)	1,188	1,182
	Series 2017-A1-2, REMIC, 2.75%, 01/25/23 (f) (g)	750	752
	Series 2017-A1-1, REMIC, 2.75%, 07/25/23 (f) (g)	2,496	2,509
	Series 2018-A1-1, REMIC, 3.00%, 05/25/24 (f) (g)	1,524	1,542
	Series 2017-A1-4, REMIC, 2.75%, 02/25/25 (f) (g)	3,378	3,401
Trillium Credit Card Trust II
	Series 2018-A-2A, 2.40%, (1M USD LIBOR + 0.35%), 09/28/20 (f) (g)	4,000	4,002
United Airlines Pass-Through Trust
	Series 2018-B-1, 4.60%, 03/01/26	570	594
United Airlines, Inc.
	Series 2007-A-1, 5.98%, 10/19/23	187	197
Vantage Data Centers Issuer, LLC
	Series 2018-A2-1A, 4.07%, 02/15/23 (f)	2,820	2,931
	Series 2019-A2-1A, 3.19%, 07/15/24 (f)	1,499	1,515
Verus Securitization Trust
	Series 2019-A1-2, REMIC, 3.21%, 05/25/59 (f) (g) (j)	3,012	3,040
Volvo Financial Equipment LLC
	Series 2017-A3-1A, 1.92%, 02/18/20 (f)	660	660
Voya CLO Ltd
	Series 2014-AAR2-1A, 3.29%, (3M USD LIBOR + 0.99%), 04/18/31 (f) (g)	865	860

478

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
	Wells Fargo Commercial Mortgage Trust
		Series 2017-A5-C38, 3.45%, 06/17/27	5,400		5,792
		Series 2015-A5-NXS1, REMIC, 3.15%, 04/17/25	1,885		1,968
	Westlake Automobile Receivables Trust
		Series 2018-A2A-3A, 2.98%, 01/18/22 (f)	2,634		2,640
	Wheels SPV 2, LLC
		Series 2017-A2-1A, 1.88%, 03/20/20 (f)	518		517
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $320,832)			323,881
SHORT TERM INVESTMENTS 4.5%
Investment Companies 3.2%
	JNL Government Money Market Fund - Institutional Class, 1.86% (o) (p)		276,180		276,180
Securities Lending Collateral 0.7%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (o) (p)		55,787		55,787
U.S. Treasury Bill 0.6%
	Treasury, United States Department of
		2.04%, 10/01/19 (a) (q)	48,700		48,700
	Total Short Term Investments (cost $380,667)			380,667
Total Investments 102.2% (cost $7,486,459)					8,696,083
Total Forward Sales Commitments0.0% (proceeds $1,158)					(1,159)
Other Derivative Instruments (0.0)%					(39)
Other Assets and Liabilities, Net (2.2)%					(189,229)
Total Net Assets 100.0%					8,505,656

(a)All or a portion of the security was on loan as of September 30, 2019.

(b)Non-income producing security.

(c)All or a portion of the security was purchased on a delayed delivery basis. As of September 30, 2019, the total payable for investments purchased on a delayed delivery basis was $145,734.

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

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

(f)The Adviser has deemed this security, which is exempt from registration under the Securities Act of 1933, as amended, to be liquid based on procedures approved by the Board of Trustees. As of September 30, 2019, the value and the percentage of net assets of these liquid securities was $639,065 and 7.5% of the Fund.

(g)Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of September 30, 2019. For securities based on a published reference rate and spread, the reference rate and spread are presented. Certain variable rate securities do not indicate a reference rate and spread because they are determined by the issuer, remarketing agent, or offering documents and are based on current market conditions. The coupon rate for securities with certain features outlined in the offering documents may vary from the stated reference rate and spread. This includes, but is not limited to, securities with deferred rates, contingent distributions, caps, floors, and fixed-rate to float-rate features. In addition, variable rates for government and agency collateralized mortgage obligations (“CMO”) and mortgage-backed securities (“MBS”) are determined by tranches of underlying mortgage-backed security pools’ cash flows into securities and pass-through rates which reflect the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security’s offering documents.

(h)Security is restricted to resale to institutional investors. See Restricted Securities in the Schedules of Investments.

(i)Convertible security.

(j)Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of September 30, 2019.

(k)Perpetual security. Next contractual call date presented, if applicable.

(l)The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer.

(m)Security fair valued in good faith as a Level 2 security in accordance with the procedures approved by the Board of Trustees. Good faith fair valued securities are classified for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Schedules of Investments.

(n)The Adviser has deemed this security to be illiquid based on procedures approved by the Board of Trustees.

(o)Investment in affiliate.

(p)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

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

			Shares/Par1		Value ($)
FORWARD SALES COMMITMENTS (0.0%)
GOVERNMENT AND AGENCY OBLIGATIONS (0.0%)
Mortgage-Backed Securities (0.0%)
	Federal National Mortgage Association, Inc.
		TBA, 4.50%, 10/15/47 (a)	(1,100)		(1,159)
	Total Government And Agency Obligations (proceeds $1,158)			(1,159)
	Total Forward Sales Commitments (0.0%) (proceeds $1,158)				(1,159)

(a)All or a portion of the security was sold on a delayed delivery basis. As of September 30, 2019, the total proceeds for investments sold on a delayed delivery basis was $1,158.

Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Discover Bank, 4.20%, 08/08/23	11/30/16	3,638	3,776	—
	Nationstar HECM Loan Trust, Series 2018-A-1A, 2.76%, 02/25/20	03/08/18	446	446	—
			4,084	4,222	—

JNL/WMC Balanced Fund — Futures Contracts
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
United States 10 Year Note	300	December 2019		39,084	(23)			10
United States 5 Year Note	336	January 2020		40,300	(16)			(266)
					(39)			(256)

479

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

			Shares/Par1		Value ($)
JNL/WMC Government Money Market Fund
GOVERNMENT AND AGENCY OBLIGATIONS 63.3%
U.S. Government Agency Obligations 35.8%
	Council of Federal Home Loan Banks
		1.83%, (US SOFR + 0.01%), 01/24/20 (a) (b)	45,325		45,325
		1.85%, (US SOFR + 0.03%), 03/06/20 - 04/22/20 (a) (b)	32,520		32,520
		1.84%, 05/22/20 (b)	39,115		39,115
		1.85%, 11/06/20 (b)	1,920		1,920
		1.87%, (US SOFR + 0.05%), 01/22/21 - 01/28/21 (a) (b)	16,895		16,895
		1.90%, (US SOFR + 0.08%), 07/23/21 (a) (b)	3,900		3,900
	Federal Farm Credit Banks Funding Corporation
		1.99%, (3M US Treasury Bill + 0.08%), 11/01/19 (a) (b)	10,000		10,000
		1.85%, (US SOFR + 0.03%), 02/06/20 (a) (b)	8,600		8,600
		1.95%, (3M US Treasury Bill + 0.04%), 02/12/20 (a) (b)	2,250		2,250
		2.07%, (3M US Treasury Bill + 0.16%), 01/19/21 (a) (b)	7,750		7,750
		2.15%, 03/01/21 (b)	10,150		10,150
		1.92%, (US SOFR + 0.10%), 05/07/21 (a) (b)	1,325		1,325
	Federal Home Loan Banks Office of Finance
		1.85%, (US SOFR + 0.03%), 10/09/19 - 07/17/20 (a) (b)	55,365		55,365
		1.88%, (US SOFR + 0.07%), 11/15/19 (a) (b)	13,400		13,400
		1.83%, (US SOFR + 0.01%), 12/20/19 (a) (b)	65,340		65,340
		1.87%, (US SOFR + 0.05%), 01/17/20 (a) (b)	28,450		28,450
		1.84%, (US SOFR + 0.02%), 02/21/20 (a) (b)	18,295		18,295
		1.86%, (US SOFR + 0.04%), 05/08/20 - 08/25/20 (a) (b)	50,760		50,760
	Federal Home Loan Mortgage Corporation
		1.83%, (US SOFR + 0.01%), 11/01/19 (a) (b)	15,000		15,000
		1.50%, 01/17/20 (b)	25,969		25,889
		1.80%, 04/13/20 (b)	5,200		5,183
	Federal National Mortgage Association, Inc.
		1.63%, 01/21/20 (b)	16,901		16,853
		1.90%, (US SOFR + 0.08%), 10/30/20 (a) (b)	10,920		10,920
				485,205
Discount Notes 17.8%
	Farm Credit Banks Consolidated Systemwide Bonds and Discount Notes
		2.61%, 10/01/19 (b) (c)	9,187		9,187
		1.98%, 10/28/19 (b) (c)	12,500		12,475
		2.63%, 11/04/19 (b) (c)	2,596		2,590
		1.82%, 07/31/20 (b) (c)	1,120		1,103
		1.82%, 08/11/20 (b) (c)	1,872		1,842
	Federal Home Loan Banks Office of Finance
		2.00%, 10/18/19 (b) (c)	27,700		27,674
		2.01%, 10/23/19 (b) (c)	30,000		29,963
		2.03%, 11/13/19 (b) (c)	40,767		40,668
		2.00%, 12/18/19 (b) (c)	43,273		43,086
		2.00%, 12/20/19 (b) (c)	24,727		24,617
		1.88%, 12/27/19 (b) (c)	22,581		22,478
		2.52%, 01/24/20 (b) (c)	12,537		12,436
		1.89%, 03/18/20 (b) (c)	13,000		12,885
				241,004
U.S. Treasury Note 9.7%
	Treasury, United States Department of
		1.96%, (3M US Treasury Bill + 0.05%), 10/31/19 (a)	20,000		20,000
		1.95%, 04/30/20	33,000		32,980
		2.03%, (3M US Treasury Bill + 0.12%), 01/31/21 (a)	66,000		65,978
		2.05%, (3M US Treasury Bill + 0.14%), 04/30/21 (a)	12,500		12,500
				131,458
	Total Government And Agency Obligations (cost $857,667)			857,667
REPURCHASE AGREEMENTS 21.6%
	Repurchase Agreements (d)				292,200
	Total Repurchase Agreements (cost $292,200)			292,200
Total Investments 84.9% (cost $1,149,867)					1,149,867
Other Assets and Liabilities, Net 15.1%					204,594
Total Net Assets 100.0%					1,354,461

(a)Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of September 30, 2019. For securities based on a published reference rate and spread, the reference rate and spread are presented.

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

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

(d)For repurchase agreements held at September 30, 2019, see Repurchase Agreements in the Schedules of Investments.

480

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

Repurchase Agreements
Counter-party	Collateral	Collateral Par1	Collateral Value ($)	Rate (%)	Acquisition Date	Maturity Date	Proceeds at Maturity ($)	Par1	Value ($)
BNP	Federal National Mortgage Association, 4.47-6.00%, due 03/01/34-10/01/47	2,388	2,566
	Federal Home Loan Mortgage Corporation, 3.50-7.00%, due 10/01/31-03/01/49	3,943	4,066
	Government National Mortgage Association, 2.50-4.50%, due 08/20/41-07/20/49	13,247	13,768
		19,578	20,400	2.37	09/30/19	10/01/19	20,001	20,000	20,000
BOA	Government National Mortgage Association, 4.00%, due 05/20/49	30,189	31,518	2.32	09/30/19	10/01/19	30,902	30,900	30,900
BCL	Treasury, United States Department of, 3.38%, due 5/15/44	12,164	15,300	2.30	09/30/19	10/01/19	15,001	15,000	15,000
DUB	Federal National Mortgage Association, 4.50%, due 11/01/48	7,110	7,650	2.40	09/30/19	10/01/19	7,501	7,500	7,500
DUB	Treasury, United States Department of, 0.00%, due 12/12/19	4,606	4,590	2.35	09/30/19	10/01/19	4,500	4,500	4,500
GSC	Federal National Mortgage Association, 3.50%, due 09/01/49	53,251	56,100	1.93	09/30/19	10/01/19	55,021	55,000	55,000
	Federal National Mortgage Association, 2.00-4.00%, due 11/01/26-07/01/49	18,420	20,208
	Federal Home Loan Mortgage Corporation, 5.00%, due 11/01/48	178	192
		18,598	20,400	2.28	09/30/19	10/01/19	20,001	20,000	20,000
GSC	Federal National Mortgage Association, 2.35-7.50%, due 11/01/22-04/01/45	34,152	35,856
	Federal Home Loan Mortgage Corporation, 4.50-5.50%, due 03/01/31-01/01/49	14,078	15,144
		48,230	51,000	1.90	09/27/19	10/04/19	50,018	50,000	50,000
GSC	Federal Home Loan Mortgage Corporation, 4.00%, due 03/01/49	37,925	40,800	2.10	09/25/19	10/02/19	40,016	40,000	40,000
JPM	Treasury, United States Department of, 2.13%, due 05/15/22	40,561	41,412	2.35	09/30/19	10/01/19	40,603	40,600	40,600
RBC	Federal National Mortgage Association, 3.50-4.50%, due 05/01/43-11/1/48	8,235	8,874	2.36	09/30/19	10/01/19	8,701	8,700	8,700
									292,200

481

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

		Shares/Par1		Value ($)
JNL/WMC Value Fund
COMMON STOCKS 97.9%
Financials 23.9%
	American International Group, Inc.	321		17,863
	Assurant, Inc.	141		17,690
	Bank of America Corporation	1,602		46,717
	BlackRock, Inc.	41		18,398
	Chubb Limited	145		23,364
	Citigroup Inc.	462		31,889
	Intact Financial Corporation	182		18,344
	JPMorgan Chase & Co.	512		60,316
	M&T Bank Corporation	100		15,818
	MetLife, Inc.	393		18,529
	PNC Financial Services Group Inc.	174		24,366
	Progressive Corp.	182		14,046
	TD Ameritrade Holding Corporation	306		14,279
			321,619
Health Care 16.2%
	Anthem, Inc.	101		24,206
	AstraZeneca PLC - ADR	447		19,923
	Eli Lilly & Co.	153		17,080
	Koninklijke Philips N.V. - NYRS	388		17,878
	Medtronic Public Limited Company	312		33,903
	Merck & Co., Inc.	190		16,006
	Pfizer Inc.	1,002		35,995
	Roche Holding AG	71		20,723
	UnitedHealth Group Incorporated	86		18,749
	Zimmer Biomet Holdings, Inc.	104		14,282
			218,745
Information Technology 11.7%
	Amdocs Limited	268		17,745
	Analog Devices, Inc.	150		16,735
	Cisco Systems, Inc.	314		15,523
	Corning Inc.	610		17,387
	Intel Corp.	753		38,787
	KLA-Tencor Corp.	91		14,520
	Maxim Integrated Products, Inc.	120		6,935
	Micron Technology Inc. (a)	383		16,421
	NetApp, Inc.	248		13,047
			157,100
Industrials 9.5%
	Caterpillar Inc.	105		13,266
	Fortune Brands Home & Security, Inc.	318		17,401
	Ingersoll-Rand Public Limited Company	110		13,557
	L3Harris Technologies, Inc.	80		16,728
	Lockheed Martin Corporation	45		17,592
	Nvent Electric Public Limited Company	658		14,507
	Union Pacific Corp.	85		13,765
	United Technologies Corp.	160		21,802
			128,618
Consumer Discretionary 6.9%
	Booking Holdings Inc. (a)	8		14,875
	Hilton Worldwide Holdings Inc.	136		12,648
	Home Depot Inc.	117		27,092
	Lennar Corp. - Class A	289		16,168
	Tapestry Inc.	391		10,187
	TJX Cos. Inc.	227		12,656
			93,626
Energy 6.5%
	Concho Resources Inc.	151		10,243
	Exxon Mobil Corporation	645		45,577
	Noble Energy Inc.	736		16,529
	Pioneer Natural Resources Co.	118		14,800
			87,149
Materials 5.3%
	Celanese Corp. - Class A	177		21,631
	Dow Holdings Inc.	344		16,400
	FMC Corp.	210		18,373
	Sealed Air Corporation (b)	355		14,728
			71,132
Utilities 5.2%
	Dominion Energy, Inc.	260		21,096
	Entergy Corporation	129		15,165
	Eversource Energy (b)	216		18,421
	Sempra Energy	107		15,825
			70,507
Communication Services 4.9%
	Comcast Corporation - Class A	615		27,720
	Verizon Communications Inc.	637		38,439
			66,159
Real Estate 4.4%
	Brixmor Property Group Inc. (b)	459		9,314
	Crown Castle International Corp.	127		17,720
	Gaming and Leisure Properties, Inc.	451		17,240
	Highwoods Properties Inc.	327		14,714
			58,988
Consumer Staples 3.4%
	Mondelez International Inc. - Class A	322		17,793
	Unilever NV - ADR (b)	239		14,379
	US Foods Holding Corp. (a)	342		14,052
			46,224
	Total Common Stocks (cost $1,068,335)		1,319,867
SHORT TERM INVESTMENTS 3.5%
Investment Companies 2.0%
	JNL Government Money Market Fund - Institutional Class, 1.86% (c) (d)	27,039		27,039
Securities Lending Collateral 1.5%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.06% (c) (d)	19,704		19,704
	Total Short Term Investments (cost $46,743)		46,743
Total Investments 101.4% (cost $1,115,078)				1,366,610
Other Assets and Liabilities, Net (1.4)%				(19,359)
Total Net Assets 100.0%				1,347,251

(a)Non-income producing security.

(b)All or a portion of the security was on loan as of September 30, 2019.

(c)Investment in affiliate.

(d)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of September 30, 2019.

482

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

Currency Abbreviations:

ARS - Argentine Peso	CZK - Czech Republic Korunas	IDR - Indonesian Rupiah	RUB - Russian Ruble
AUD - Australian Dollar	DKK - Danish Krone	ILS - Israeli New Shekel	SEK - Swedish Krona
BRL - Brazilian Real	DOP - Dominican Peso	JPY - Japanese Yen	SGD - Singapore Dollar
CAD - Canadian Dollar	EGP - Egyptian Pound	MXN - Mexican Peso	THB - Thai Baht
CLP - Chilean Peso	EUR - European Currency Unit (Euro)	MYR - Malaysian Ringgit	TRY - New Turkish Lira
CNH - Chinese Offshore Yuan	GBP - British Pound	NZD - New Zealand Dollar	USD - United States Dollar
CNY - Chinese Yuan	HKD - Hong Kong Dollar	PEN - Peruvian Nuevo Sol	ZAR - South African Rand
COP - Colombian Peso	HUF - Hungarian Forint	PLN - Polish Zloty

Abbreviations:

"-" Amount rounds to less than one thousand or 0.05%	HIBOR - Hing Kong Interbank Offered Rate
ABS - Asset-Backed Security	IBEX - Spanish Exchange Index
ADR - American Depositary Receipt	ICE - Intercontinental Exchange
ADS - American Depositary Share	ITRAXX - Group of international credit derivative indices monitored by the
ASX - Australian Stock Exchange	International Index Company
BRAZIBOR - Brazil Interbank Offered Rate	JIBAR - South African Johannesburg Interbank Agreed Rate
BTP - debt instrument issued by the Republic of Italy with a term of 2 to 11 years	KOSPI - Korea Composite Stock Price Index
BUBOR - Budapest Interbank Offered Rate	KLIBOR - Kuala Lumpar Interbank Offered Rate
CAPE - Cyclically Adjusted Price Earnings	LIBOR - London Interbank Offered Rate
CDI - Chess Depository Interest	MBS - Mortgage-Backed Security
CDO - Collateralized Debt Obligation	MEXIBOR - Mexico Interbank Offered Rate
CDX.EM - Credit Default Swap Index - Emerging Markets	MICEX - Moscow Interbank Offered Rate
CDX.NA.HY - Credit Default Swap Index - North American - High Yield	NASDAQ - National Association of Securities Dealers Automated Quotations
CDX.NA.IG - Credit Default Swap Index - North American - Investment Grade	NVDR - Non-Voting Depositary Receipt
CLO - Collateralized Loan Obligation	NYRS - New York Registered Share
CMBX.NA - Commercial Mortgage-backed Securities Index - North America	OAO - Russian Open Joint Stock Company
CPURNSA - CPI Urban Consumers Index Non-Seasonally Adjusted	OAT - Obligations Assimilables du Tresor
CVA - Commanditaire Vennootschap op Aandelen	OMX - Option Market Index
DAX - Deutscher Aktienindex	PJSC - Private Joint Stock Co.
DIP - Debtor-in-possession	PRIBOR - Czech Interbank Offered Rate
EAFE - Europe, Asia and Far East	RBOB - Reformulated Blendstock for Oxygenate Blending
ETF - Exchange Traded Fund	REIT - Real Estate Investment Trust
EURIBOR - Europe Interbank Offered Rate	REMIC - Real Estate Mortgage Investment Conduit
Euro BOBL - debt instrument issued by the Federal Republic of Germany with a	RTS - Russian Trading System
term of 4.5 to 5.5 years	SDR - Swedish Depositary Receipt
Euro Bund - debt instrument issued by the Federal Republic of Germany with a	S&P - Standard & Poor's
term of 8.5 to 10.5 years	SOFR - Secured Overnight Financing Rate
Euro Buxl - debt instrument issued by the Federal Republic of Germany with a	SPDR - Standard & Poor's Depositary Receipt
term of 24 to 35 years	SPI - Schedule Performance Index
Euro OAT - debt instrument issued by the Republic of Italy with a	TBA - To Be Announced (Securities purchased on a delayed delivery basis)
term of 8.5 to 10.5 years	TBD - To Be Determined
Euro Schatz - debt instrument issued by the Federal Republic of Germany with a	TELBOR - Tel Aviv Interbank Offered Rate
term of 1.75 to 2.25 years	UFJ - United Financial of Japan
FDR - Fiduciary Depositary Receipt	ULSD - Ultra-low sulfur diesel
FKU - First Trust United Kingdom AlphaDEX® Fund	US - United States
FTSE - Financial Times and the London Stock Exchange	WIBOR - Poland Warsaw Interbank Offered Rate
GDR - Global Depositary Receipt	WTI - West Texas Intermediate

Counterparty Abbreviations:

ANZ - ANZ Banking Group LTD.	CSI - Credit Suisse Securities, LLC	RBC - Royal Bank of Canada
BBH - Brown Brothers Harriman & Co.	DUB - Deutsche Bank Alex Brown Inc.	SCB - Standard Chartered Bank
BCL - Barclays Capital Inc.	GSC - Goldman Sachs & Co.	SGA - SG Americas Securities LLC
BNP - BNP Paribas Securities	HSB - HSBC Securities Inc.	SGB - Societe Generale Bannon LLC
BNY - BNY Capital Markets	JPM - J.P. Morgan Securities Inc.	SSB - State Street Brokerage Services, Inc.
BOA - Bancamerica Securities/Bank of America NA	MBL - Macquarie Bank Limited	TDB - Toronto-Dominion Bank
BTI - BTIG LLC	MLP - Merrill Lynch Professional Clearing Corp.	UBS - UBS Securities, LLC
CGM - Citigroup Global Markets	MSC - Morgan Stanley & Co. Inc.
CIB - Canadian Imperial Bank of Commerce	NSI - Nomura Securities International Inc.
CIT - Citibank, Inc.

483

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

¹Rounded par and notional amounts are listed in USD unless otherwise noted. Options are quoted in unrounded number of contracts or unrounded notional. Futures and contracts for difference are quoted in unrounded contracts.

²The frequency of periodic payments received or paid by the Fund are defined as follows: (A) - Annually; (E) - Expiration Date; (M) - Monthly; (Q) - Quarterly; (S) - Semi-Annually.

³If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the referenced obligation agreement and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap agreement less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

⁴If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay the buyer of protection an amount equal to the notional amount of the referenced obligation and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap agreement less the recovery value of the reference obligation or underlying securities comprising the referenced index.

⁵Implied credit spreads, represented in absolute terms, utilized in determining the value of credit default swap agreements on corporate issues and sovereign issues serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the applicable agreement.

⁶The prices and resulting values for credit default swap agreements on credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

⁷The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs is limited to the total notional amount which is defined under the terms of each swap agreement.

⁸If the Fund is a buyer of protection, the Fund pays the fixed rate. If the Fund is a seller of protection, the Fund receives the fixed rate.

⁹Total return swap agreements where the reference entity is a futures contract do not pay/receive periodic interest payments.

¹⁰Swaptions are illiquid investments.

484

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

Short Term Investments in Affiliates

Certain Funds invested in a money market fund which is managed by Jackson National Asset Management, LLC ("JNAM" or "Adviser"). The JNL Government Money Market Fund is offered as a cash management tool to the Funds and their affiliates and is not available for direct purchase by members of the public. JNAM serves as the Adviser and Administrator for the JNL Government Money Market Fund. The Funds sub-advised by T. Rowe Price Associates, Inc. invested in T. Rowe Price Government Reserve Fund, which is an affiliate of the Funds' Sub-Adviser, as a cash management tool. There was no realized or unrealized gain or loss relating to transactions in these investments during the period ended September 30, 2019. The following table details the investments held during the period ended September 30, 2019.

JNL Government Money Market Fund	Beginning Amortized Cost/ Value($)	Purchases ($)	Sales Proceeds($)	Dividend Income($)	Ending Amortized Cost/ Value($)	Percentage of Net Assets(%)
JNL Multi-Manager Alternative Fund	208,940	968,532	906,987	4,118	270,485	23.1
JNL Multi-Manager International Small Cap Fund	6,746	66,127	64,535	93	8,338	3.1
JNL Multi-Manager Mid Cap Fund	18,510	244,861	235,151	512	28,220	2.4
JNL Multi-Manager Small Cap Growth Fund	34,383	547,871	520,737	911	61,517	2.8
JNL Multi-Manager Small Cap Value Fund	26,077	577,026	564,885	811	38,218	3.5
JNL S&P 500 Index Fund	531	24,146	23,598	15	1,079	1.7
JNL/AQR Large Cap Defensive Style Fund	—	36,556	35,095	14	1,461	3.5
JNL/AQR Large Cap Relaxed Constraint Equity Fund	7,287	70,452	73,192	79	4,547	1.5
JNL/AQR Managed Futures Strategy Fund	67,052	57,932	104,358	367	20,626	15.4
JNL/BlackRock Advantage International Fund	—	26,254	25,935	6	319	1.2
JNL/BlackRock Global Natural Resources Fund	12,003	163,232	165,317	150	9,918	1.6
JNL/BlackRock Large Cap Select Growth Fund	62,086	617,069	631,920	432	47,235	1.3
JNL/Boston Partners Global Long Short Equity Fund	—	231,626	209,295	332	22,331	5.6
JNL/Causeway International Value Select Fund	34,006	156,331	166,795	393	23,542	1.7
JNL/ClearBridge Large Cap Growth Fund	11,822	348,887	324,460	457	36,249	3.8
JNL/Crescent High Income Fund	29,855	243,101	255,684	341	17,272	2.5
JNL/DFA International Core Equity Fund	—	58,131	57,831	11	300	0.5
JNL/DFA U.S. Core Equity Fund	2,807	98,565	97,932	55	3,440	0.3
JNL/DoubleLine Core Fixed Income Fund	28,800	632,286	535,324	837	125,762	3.4
JNL/DoubleLine Emerging Markets Fixed Income Fund	—	182,689	110,938	229	71,751	11.7
JNL/DoubleLine Shiller Enhanced CAPE Fund	23,708	513,669	361,138	1,351	176,239	9.5
JNL/Fidelity Institutional Asset Management Total Bond Fund	31,035	956,822	939,684	1,388	48,173	4.8
JNL/First State Global Infrastructure Fund	805	245,490	238,298	118	7,997	0.8
JNL/FPA + DoubleLine Flexible Allocation Fund	51,764	483,926	459,014	1,163	76,676	4.7
JNL/Franklin Templeton Global Fund	27,966	108,366	105,805	423	30,527	7.2
JNL/Franklin Templeton Global Multisector Bond Fund	206,375	568,562	545,138	3,523	229,799	16.3
JNL/Franklin Templeton Growth Allocation Fund	—	529,322	478,741	442	50,581	4.3
JNL/Franklin Templeton Income Fund	123,539	898,101	857,391	1,606	164,249	8.9
JNL/Franklin Templeton International Small Cap Fund	22,477	87,309	89,302	610	20,484	3.7
JNL/Franklin Templeton Mutual Shares Fund	114,091	132,573	192,174	1,105	54,490	9.0
JNL/Goldman Sachs Emerging Markets Debt Fund	19,061	261,821	280,882	108	—	—
JNL/GQG Emerging Markets Equity Fund	2,195	154,362	148,792	199	7,765	1.5
JNL/Harris Oakmark Global Equity Fund	13,545	126,859	129,916	210	10,488	1.3
JNL/Heitman U.S. Focused Real Estate Fund	2,046	47,041	49,086	28	1	—
JNL/Invesco China-India Fund	—	129,313	126,769	109	2,544	0.5
JNL/Invesco Diversified Dividend Fund	40,770	138,800	115,201	791	64,369	9.2
JNL/Invesco Global Real Estate Fund	15,739	179,007	179,124	243	15,622	1.2
JNL/Invesco International Growth Fund	35,488	186,397	197,790	700	24,095	2.2
JNL/Invesco Small Cap Growth Fund	47,923	260,916	284,672	642	24,167	1.3
JNL/JPMorgan Global Allocation Fund	1,068	84,138	82,218	42	2,988	5.3
JNL/JPMorgan Hedged Equity Fund	20,266	69,908	87,076	59	3,098	1.2
JNL/JPMorgan MidCap Growth Fund	11,020	497,747	439,636	1,094	69,131	3.1
JNL/JPMorgan U.S. Government & Quality Bond Fund	88,813	246,398	272,411	716	62,800	5.5
JNL/Lazard Emerging Markets Fund	14,187	176,201	160,935	479	29,453	4.0
JNL/Loomis Sayles Global Growth Fund	2,468	65,405	63,879	57	3,994	1.3
JNL/Mellon Bond Index Fund	68,101	180,528	182,597	968	66,032	5.5
JNL/Mellon Consumer Staples Sector Fund	837	42,817	42,184	16	1,470	1.1
JNL/Mellon Emerging Markets Index Fund	7,971	109,202	104,231	204	12,942	1.2
JNL/Mellon Industrials Sector Fund	183	41,016	40,526	12	673	1.0
JNL/Mellon International Index Fund	4,150	129,107	128,441	81	4,816	0.3
JNL/Mellon Materials Sector Fund	59	10,353	10,319	3	93	0.4
JNL/Mellon MSCI KLD 400 Social Index Fund	224	15,062	15,155	4	131	0.2
JNL/Mellon Real Estate Sector Fund	435	86,866	85,155	28	2,146	1.2
JNL/Mellon S&P 1500 Growth Index Fund	1,269	34,411	35,428	11	252	0.2
JNL/Mellon S&P 1500 Value Index Fund	864	24,321	24,908	8	277	0.4
JNL/Mellon S&P 400 MidCap Index Fund	26,130	298,609	306,766	516	17,973	0.6
JNL/Mellon S&P 500 Index Fund	134,053	532,906	662,681	1,402	4,278	0.1
JNL/Mellon Small Cap Index Fund	6,214	235,232	233,703	122	7,743	0.3
JNL/Mellon Utilities Sector Fund	1,134	97,723	96,369	38	2,488	0.8
JNL/MFS Mid Cap Value Fund	12,293	156,773	158,248	225	10,818	0.8

485

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

JNL Government Money Market Fund	Beginning Amortized Cost/ Value($)	Purchases ($)	Sales Proceeds($)	Dividend Income($)	Ending Amortized Cost/ Value($)	Percentage of Net Assets(%)
JNL/Morningstar Wide Moat Index Fund	7,478	110,110	113,576	31	4,012	0.7
JNL/Neuberger Berman Strategic Income Fund	17,881	383,903	397,862	125	3,922	0.4
JNL/Oppenheimer Emerging Markets Innovator Fund	25,829	126,438	123,780	482	28,487	6.4
JNL/Oppenheimer Global Growth Fund	16,979	231,133	214,741	570	33,371	1.4
JNL/PPM America Floating Rate Income Fund	38,886	364,842	331,747	1,242	71,981	4.8
JNL/PPM America High Yield Bond Fund	30,703	546,741	515,923	913	61,521	2.9
JNL/PPM America Mid Cap Value Fund	2,123	71,027	70,459	43	2,691	0.5
JNL/PPM America Small Cap Value Fund	2,055	82,630	82,494	27	2,191	0.4
JNL/PPM America Total Return Fund	9,111	447,983	369,162	618	87,932	6.7
JNL/PPM America Value Equity Fund	980	26,972	27,151	17	801	0.4
JNL/RAFI Fundamental Asia Developed Fund	765	42,574	41,385	51	1,954	0.9
JNL/RAFI Fundamental Europe Fund	—	35,274	34,948	12	326	0.1
JNL/RAFI Fundamental U.S. Small Cap Fund	1,784	112,053	112,753	45	1,084	0.3
JNL/RAFI Multi-Factor U.S. Equity Fund	3,893	729,475	727,082	217	6,286	0.2
JNL/S&P Competitive Advantage Fund	6,961	188,512	180,774	96	14,699	0.6
JNL/S&P Dividend Income & Growth Fund	164	400,862	371,544	188	29,482	0.6
JNL/S&P International 5 Fund	150	7,370	7,319	6	201	0.4
JNL/S&P Intrinsic Value Fund	13,862	178,410	189,500	123	2,772	0.1
JNL/S&P Mid 3 Fund	849	19,278	19,349	8	778	0.4
JNL/S&P Total Yield Fund	19,588	236,424	245,304	178	10,708	0.5
JNL/Scout Unconstrained Bond Fund	33,525	410,511	423,465	279	20,571	7.7
JNL/T. Rowe Price Established Growth Fund	3,656	179,879	179,503	77	4,032	—
JNL/T. Rowe Price Managed Volatility Balanced Fund	6,171	59,302	61,981	67	3,492	0.7
JNL/T. Rowe Price Value Fund	3,360	117,563	116,798	64	4,125	0.1
JNL/Vanguard Growth ETF Allocation Fund	377	46,076	45,394	15	1,059	0.3
JNL/Vanguard Moderate ETF Allocation Fund	9	67,321	66,966	19	364	0.1
JNL/Vanguard Moderate Growth ETF Allocation Fund	290	57,808	56,886	17	1,212	0.3
JNL/Westchester Capital Event Driven Fund	17,758	297,172	280,430	169	34,500	11.3
JNL/WMC Balanced Fund	89,248	1,013,976	827,044	3,760	276,180	3.2
JNL/WMC Value Fund	14,404	198,247	185,612	277	27,039	2.0

T. Rowe Price Government Reserve Fund	Beginning Amortized Cost/ Value($)	Purchases ($)	Sales Proceeds($)	Dividend Income($)	Ending Amortized Cost/ Value($)	Percentage of Net Assets(%)
JNL/T. Rowe Price Established Growth Fund	22,990	999,340	973,646	1,604	48,684	0.5
JNL/T. Rowe Price Managed Volatility Balanced Fund	42,805	72,632	63,274	879	52,163	10.5
JNL/T. Rowe Price Mid-Cap Growth Fund	302,523	478,631	416,947	5,997	364,207	5.9
JNL/T. Rowe Price Short-Term Bond Fund	2,087	132,010	134,097	44	—	—
JNL/T. Rowe Price Value Fund	28,246	689,024	712,065	237	19,510	0.4

Certain Funds participating in securities lending receive cash collateral daily, which is invested by JPMorgan Chase Bank, N.A. (“JPM Chase”) or State Street Bank and Trust Company (“State Street”) in the JNL Securities Lending Collateral Fund, which is an affiliate of the Funds' Adviser. JNAM serves as the Adviser and Administrator for the JNL Securities Lending Collateral Fund. The Fund receives income from the investment in the JNL Securities Lending Collateral Fund, which is aggregated with lending fees and rebates negotiated with the borrower. There was no realized or unrealized gain or loss relating to transactions in the cash collateral investments during the period ended September 30, 2019.

Securities Lending and Securities Lending Collateral. All Funds, except JNL/PPM America Floating Rate Income Fund and JNL/WMC Government Money Market Fund, participate in agency based securities lending programs. JPM Chase and State Street (each a “Custodian” and together the “Custodians”) each serve as securities lending agent to the eligible Funds for which they are Custodian. Per the securities lending agreements, the securities lending agent is authorized to loan securities on behalf of the Funds to approved borrowers and is required to maintain collateral. Each Fund receives either cash or non-cash collateral against the loaned securities in an amount equal to at least 100% of the market value of the loaned securities. Generally, cash and non-cash collateral received for the following types of securities on loan are as follows: U.S. government fixed income – 102%; U.S. equities – 102%; U.S. corporate fixed income – 102%; international equities – 105%; international corporate fixed income – 105%; sovereign fixed income – 102%; and asset backed investments – 102%. Collateral is maintained over the life of the loan as determined at the close of Fund business each day; any additional collateral required due to changes in security values is typically delivered to the Fund on the next business day. The duration of each loan is determined by the agent and borrower and generally may be terminated at any time. Certain loans may be negotiated to mature on a specified date. The securities lending agents have agreed to indemnify the Fund in the event of default by a third party borrower. A Fund may experience a delay in the recovery of its securities or incur a loss if the borrower breaches its agreement with the Fund or becomes insolvent. For cash collateral, the Fund receives income from the investment of cash collateral, in addition to lending fees and rebates negotiated with the borrower. The Fund bears the market risk with respect to the collateral investment and securities loaned. The Fund also bears the risk that the agent may default on its obligations to the Fund. Non-cash collateral which a Fund receives may include U.S. government securities; U.S. government agencies’ debt securities; and U.S. government-sponsored agencies’ debt securities and mortgage-backed securities. For non-cash collateral, the Fund receives lending fees negotiated with the borrower. The securities lending agents have agreed to indemnify the Fund with respect to the market risk related to the non-cash collateral investments. Each Fund also

486

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

bears the risk of any deficiency in the amount of collateral available for return to a borrower due to a decline in value of an approved investment. JPM Chase and State Street receive a portion of the earnings from the Funds' securities lending program.

Cash collateral received is invested in the JNL Securities Lending Collateral Fund, a registered government money market fund under the Investment Company Act of 1940, as amended ("1940 Act") and a series of the JNL Investors Series Trust. JNAM serves as the Adviser and Administrator for the JNL Securities Lending Collateral Fund. The JNL Securities Lending Collateral Fund is only offered to the Funds and other JNAM affiliated funds. The JNL Securities Lending Collateral Fund pays JNAM for investment advisory services. In addition to investing cash collateral in the JNL Securities Lending Collateral Fund, Funds may invest cash collateral in repurchase agreements collateralized 110% by equity securities. JPM Chase has agreed to bear the risk of any deficiency in the amount of collateral available for return to a borrower due to a decline in value of the repurchase agreements collateralized by equity securities.

Security Valuation. Under the JNL Series Trust's (“Trust”) valuation policy and procedures, the Trust’s Board of Trustees (“Board” or “Trustees”) has delegated the daily operational oversight of the securities valuation function to the JNAM Valuation Committee (“Valuation Committee”), which consists of certain officers of the Trust and JNAM management. The Valuation Committee is responsible for determining fair valuations for any security for which market quotations are not readily available. For those securities fair valued under procedures adopted by the Board, the Valuation Committee reviews and affirms the reasonableness of the fair valuation determinations after considering all relevant information that is reasonably available. The Valuation Committee’s fair valuation determinations are subject to review by the Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined. For fair valuation determinations that are deemed material, the Board is promptly notified, in detail, of the fair valuation.

The Net Asset Value (“NAV”) of a Fund's shares is generally determined once each day on which the New York Stock Exchange (“NYSE”) is open, at the close of the regular trading session of the NYSE (normally, 4:00 PM Eastern Time, Monday through Friday). Equity securities are generally valued at the official closing price of the exchange where the security is principally traded. If there is no official closing price for the security on the valuation date, the security may be valued at the most recent sale or quoted bid price prior to close. Stocks not listed on a national or foreign stock exchange may be valued at the closing bid price on the over the counter (“OTC”) market. The Adviser has retained an independent statistical fair value pricing service to assist in the fair valuation process for equities traded in foreign markets in order to adjust for possible changes in value that may occur between the close of the foreign exchange and the time at which the NAVs are determined. Investments in mutual funds are valued at the NAV per share determined as of the close of the NYSE on each valuation date. All securities in the JNL/WMC Government Money Market Fund, as permitted by compliance with applicable provisions under Rule 2a-7 under the 1940 Act, and other short-term securities maturing within sixty (60) days are valued at amortized cost, unless it is determined that such practice does not approximate market value. Debt securities are generally valued by independent pricing services approved by the Board. Pricing services utilized to value debt and derivative instruments may use various pricing techniques which take into account appropriate factors such as: yield; credit quality; coupon rate; maturity; type of issue; trading characteristics; call features; credit ratings; broker quotes; and other relevant data. Term loans are generally valued at the composite bid prices provided by approved pricing services. Commodity-linked structured notes and credit linked notes are valued by approved pricing services. Futures contracts traded on an exchange are generally valued at the exchange’s settlement price. If the settlement price is not available, exchange traded futures are valued at the last sales price as of the close of business on the primary exchange. Options traded on an exchange are generally valued at the last traded price as of the close of business on the local exchange. If the last trade is determined to not be representative of fair value, exchange traded options are valued at the current day’s mid-price. Forward foreign currency contracts are generally valued at the foreign currency exchange rate as of the close of the NYSE. Centrally cleared swap agreements, listed on a multilateral or trade facility platform, such as a registered exchange, are valued by the respective exchange. The exchange determines a daily settlement price via pricing models which use, as appropriate, its members’ actionable levels across complete term structures along with information obtained from external third party price providers. OTC derivatives, including options and swap agreements, are generally valued by approved pricing services. If the pricing services are unable to provide valuations, OTC derivatives are valued at the most recent bid quotation or evaluated price, as applicable, obtained from a broker/dealer or by pricing models using observable inputs.

Market quotations may not be readily available for certain investments or it may be determined that a quotation of an investment does not represent fair value. In such instances, the investment is valued as determined in good faith using procedures approved by the Board. Situations that may require an investment to be fair valued may include instances where a security is thinly traded, halted or restricted as to resale. In addition, investments may be fair valued based on the occurrence of a significant event. Significant events may be specific to a particular issuer, such as mergers, restructurings or defaults. Alternatively, significant events may affect an entire market, such as natural disasters, government actions, and significant changes in the value of U.S. securities markets. Securities are fair valued based on observable and unobservable inputs, including the Adviser’s or Valuation Committee’s own assumptions in determining the fair value of an investment. Under the procedures approved by the Board, the Adviser may utilize pricing services or other sources, including each Fund’s Sub-Adviser(s), to assist in determining the fair value of an investment. Factors considered to determine fair value may include fundamental analytical data relating to the security; the nature and duration of restrictions, if any, on the disposition of the security; trading volume on markets, exchanges, or among dealers; evaluation of the forces which influence the market in which the security is traded; the type of security; the financial statements of the issuer, or other financial information about the issuer; the cost of the security at its date of purchase; the size of the Fund’s holding; the discount from market value of unrestricted securities of the same class, if applicable, at the time of purchase or at a later date; reports prepared by analysts; information as to any transactions in or offers for the security; the existence of any merger proposal, tender offer or other extraordinary event relating to the security; the price and extent of public or dealer trading in similar securities or derivatives of the issuer or of comparable companies; trading in depositary receipts; foreign currency exchange activity; changes in the interest rate environment; trading prices of financial products that are tied to baskets of foreign securities; and any other matters considered relevant.

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

487

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820, "Fair Value Measurement". This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. Various inputs are used in determining the value of a Fund’s investments under FASB ASC Topic 820 guidance. The inputs are summarized into three broad categories:

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

Level 2 includes valuations determined from significant direct or indirect observable inputs. Direct observable inputs include broker quotes, third party prices, closing prices of similar securities in active markets, closing prices for identical or similar securities in non-active markets or corporate action or reorganization entitlement values. Indirect significant observable inputs include factors such as interest rates, yield curves, prepayment speeds or credit ratings. Level 2 includes valuations for fixed income securities, including certain term loans, OTC derivatives, centrally cleared swap agreements, broker quotes in active markets, securities subject to corporate actions, securities valued at amortized cost, international equity securities priced by an independent statistical fair value pricing service, swap agreements valued by pricing services, ADRs and GDRs for which quoted prices in active markets are not available, or securities limited by foreign ownership.

Level 3 includes valuations determined from significant unobservable inputs including the Adviser's own assumptions in determining the fair value of the investment. Inputs used to determine the fair value of Level 3 securities include security specific inputs such as: credit quality, credit rating spreads, issuer news, trading characteristics, call features, maturity or anticipated cash flows; or industry specific inputs such as: trading activity of similar markets or securities, changes in the security’s underlying index or changes in comparable securities’ models. Level 3 valuations include securities, currency exchange rates and forward foreign currency contracts where forward rates are not available; term loans that do not meet certain liquidity thresholds; securities where prices may be unavailable due to halted trading, restricted to resale due to market events, or newly issued; private placements; or investments for which reliable quotes are otherwise not available.

To assess the continuing appropriateness of security valuation, the Adviser regularly compares current day prices with prior day prices, transaction prices and alternative vendor prices. When the comparison results exceed pre-defined thresholds, the Adviser challenges the prices exceeding tolerance levels with the pricing service or broker. To verify Level 3 unobservable inputs, the Adviser uses a variety of techniques as appropriate to substantiate these valuation approaches including a regular review of key inputs and assumptions, transaction back-testing or disposition analysis and review of related market activity.

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

The following table summarizes each Fund’s investments in securities and other financial instruments as of September 30, 2019 by valuation level. For Funds with significant investments in Level 1 and Level 2 common stock, additional detail regarding the sector or country, as applicable, is disclosed.

	. Level 1 ($) .		. Level 2 ($) .		. Level 3 ($) .		. Total ($) .
JNL Multi-Manager Alternative Fund
Assets - Securities
Common Stocks	391,224		73,042		276		464,542
Corporate Bonds And Notes	—		237,420		—		237,420
Government And Agency Obligations	—		118,853		—		118,853
Non-U.S. Government Agency Asset-Backed Securities	—		108,016		—		108,016
Senior Loan Interests2	—		34,864		1,407		36,271
Preferred Stocks	8,722		—		—		8,722
Investment Companies	8,133		—		—		8,133
Warrants	590		—		—		590
Other Equity Interests	—		—		30		30
Rights	—		—		2		2
Short Term Investments	270,634		880		—		271,514
	679,303		573,075		1,715		1,254,093
Liabilities - Securities
Common Stocks	(135,436	)	(4,599	)	—		(140,035	)
Investment Companies	(11,883	)	—		—		(11,883	)
Corporate Bonds And Notes	—		(753	)	—		(753	)
Preferred Stocks	(641	)	—		—		(641	)
Rights	—		—		(83	)	(83	)
	(147,960	)	(5,352	)	(83	)	(153,395	)
Assets - Investments in Other Financial Instruments1
Futures Contracts	1,938		—		—		1,938
Centrally Cleared Interest Rate Swap Agreements	—		1,657		—		1,657
Exchange Traded Futures Options	53		—		—		53
Exchange Traded Purchased Options	411		—		—		411
OTC Purchased Options	—		331		—		331
Open Forward Foreign Currency Contracts	—		1,859		—		1,859
OTC Interest Rate Swap Agreements	—		1,371		—		1,371
OTC Contracts for Difference	—		2,513		—		2,513
OTC Total Return Swap Agreements	—		1,015		—		1,015
	2,402		8,746		—		11,148

488

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

	. Level 1 ($) .		. Level 2 ($) .		. Level 3 ($) .	. Total ($) .
JNL Multi-Manager Alternative Fund (continued)
Liabilities - Investments in Other Financial Instruments1
Futures Contracts	(2,765	)	—		—	(2,765	)
Centrally Cleared Interest Rate Swap Agreements	—		(9,677	)	—	(9,677	)
Centrally Cleared Credit Default Swap Agreements	—		(6	)	—	(6	)
Exchange Traded Futures Options	(6	)	—		—	(6	)
Exchange Traded Written Options	(1,063	)	—		—	(1,063	)
OTC Written Options	—		(130	)	—	(130	)
Open Forward Foreign Currency Contracts	—		(2,020	)	—	(2,020	)
OTC Contracts for Difference	—		(1,347	)	—	(1,347	)
OTC Total Return Swap Agreements	—		(273	)	—	(273	)
	(3,834	)	(13,453	)	—	(17,287	)
JNL Multi-Manager International Small Cap Fund
Assets - Securities
Common Stocks	46,190		216,783		—	262,973
Preferred Stocks	1,592		—		—	1,592
Warrants	—		—		1,184	1,184
Investment Companies	476		—		—	476
Short Term Investments	8,338		—		—	8,338
	56,596		216,783		1,184	274,563
Assets - Investments in Other Financial Instruments1
Open Forward Foreign Currency Contracts	—		—		—	—
	—		—		—	—
Liabilities - Investments in Other Financial Instruments1
Open Forward Foreign Currency Contracts	—		—		—	—
	—		—		—	—
JNL Multi-Manager Mid Cap Fund
Assets - Securities
Common Stocks	1,167,623		—		—	1,167,623
Short Term Investments	38,921		—		—	38,921
	1,206,544		—		—	1,206,544
JNL Multi-Manager Small Cap Growth Fund
Assets - Securities
Common Stocks	2,117,599		45,946		—	2,163,545
Short Term Investments	153,838		—		—	153,838
	2,271,437		45,946		—	2,317,383
JNL Multi-Manager Small Cap Value Fund
Assets - Securities
Common Stocks	1,067,172		—		—	1,067,172
Short Term Investments	74,965		—		—	74,965
	1,142,137		—		—	1,142,137
JNL S&P 500 Index Fund
Assets - Securities
Common Stocks	62,285		—		—	62,285
Investment Companies	267		—		—	267
Short Term Investments	1,248		75		—	1,323
	63,800		75		—	63,875
Liabilities - Investments in Other Financial Instruments1
Futures Contracts	(10	)	—		—	(10	)
	(10	)	—		—	(10	)
JNL/AQR Large Cap Defensive Style Fund
Assets - Securities
Common Stocks	40,124		—		—	40,124
Short Term Investments	1,585		—		—	1,585
	41,709		—		—	41,709
Liabilities - Investments in Other Financial Instruments1
Futures Contracts	(7	)	—		—	(7	)
	(7	)	—		—	(7	)
JNL/AQR Large Cap Relaxed Constraint Equity Fund
Assets - Securities
Common Stocks	392,077		—		—	392,077
Short Term Investments	7,639		—		—	7,639
	399,716		—		—	399,716
Liabilities - Securities
Common Stocks	(88,046	)	—		—	(88,046	)
	(88,046	)	—		—	(88,046	)
Liabilities - Investments in Other Financial Instruments1
Futures Contracts	(11	)	—		—	(11	)
	(11	)	—		—	(11	)
JNL/AQR Managed Futures Strategy Fund
Assets - Securities
Short Term Investments	38,854		66,767		—	105,621
	38,854		66,767		—	105,621

489

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

	. Level 1 ($) .		. Level 2 ($) .		. Level 3 ($) .	. Total ($) .
JNL/AQR Managed Futures Strategy Fund (continued)
Assets - Investments in Other Financial Instruments1
Futures Contracts	2,301		—		—	2,301
Open Forward Foreign Currency Contracts	—		1,446		—	1,446
OTC Total Return Swap Agreements	—		158		—	158
	2,301		1,604		—	3,905
Liabilities - Investments in Other Financial Instruments1
Futures Contracts	(1,991	)	—		—	(1,991	)
Open Forward Foreign Currency Contracts	—		(1,616	)	—	(1,616	)
OTC Total Return Swap Agreements	—		(451	)	—	(451	)
	(1,991	)	(2,067	)	—	(4,058	)
JNL/BlackRock Advantage International Fund
Assets - Securities
Common Stocks	564		24,226		—	24,790
Preferred Stocks	152		—		—	152
Short Term Investments	341		—		—	341
	1,057		24,226		—	25,283
Assets - Investments in Other Financial Instruments1
Futures Contracts	7		—		—	7
	7		—		—	7
JNL/BlackRock Global Allocation Fund
Assets - Securities
Common Stocks
Communication Services	163,625		87,520		—	251,145
Consumer Discretionary	129,019		76,837		—	205,856
Consumer Staples	52,022		83,662		—	135,684
Energy	78,435		30,826		—	109,261
Financials	166,247		63,469		—	229,716
Health Care	207,045		71,843		—	278,888
Industrials	103,123		145,850		—	248,973
Information Technology	258,767		55,446		12	314,225
Materials	45,840		29,723		3,105	78,668
Real Estate	12,123		38,203		—	50,326
Utilities	36,198		29,265		—	65,463
Government And Agency Obligations	—		966,612		—	966,612
Corporate Bonds And Notes	—		238,126		7,798	245,924
Preferred Stocks	14,075		8,774		6,878	29,727
Trust Preferreds	6,430		—		—	6,430
Investment Companies	5,263		—		—	5,263
Senior Loan Interests	—		4,197		—	4,197
Short Term Investments	33,802		275,156		—	308,958
	1,312,014		2,205,509		17,793	3,535,316
Assets - Investments in Other Financial Instruments1
Futures Contracts	386		—		—	386
Centrally Cleared Interest Rate Swap Agreements	—		46		—	46
Exchange Traded Purchased Options	2,361		—		—	2,361
OTC Purchased Options	—		10,936		—	10,936
Open Forward Foreign Currency Contracts	—		2,800		—	2,800
OTC Contracts for Difference	—		250		—	250
OTC Total Return Swap Agreements	—		411		—	411
	2,747		14,443		—	17,190
Liabilities - Investments in Other Financial Instruments1
Futures Contracts	(2,590	)	—		—	(2,590	)
Centrally Cleared Interest Rate Swap Agreements	—		(318	)	—	(318	)
Centrally Cleared Credit Default Swap Agreements	—		(7	)	—	(7	)
Exchange Traded Written Options	(683	)	—		—	(683	)
OTC Written Options	—		(12,131	)	—	(12,131	)
Open Forward Foreign Currency Contracts	—		(6,942	)	—	(6,942	)
OTC Contracts for Difference	—		(202	)	—	(202	)
	(3,273	)	(19,600	)	—	(22,873	)

490

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

	. Level 1 ($) .		. Level 2 ($) .		. Level 3 ($) .	. Total ($) .
JNL/BlackRock Global Natural Resources Fund
Assets - Securities
Common Stocks
United States of America	169,408		—		—	169,408
Canada	107,798		—		—	107,798
United Kingdom	—		69,850		—	69,850
Australia	—		48,650		—	48,650
Netherlands	—		44,317		—	44,317
Brazil	38,128		—		—	38,128
France	—		34,133		—	34,133
Ireland	—		20,148		—	20,148
Switzerland	—		15,396		—	15,396
Russian Federation	7,873		6,892		—	14,765
Belgium	—		9,957		—	9,957
Italy	—		9,795		—	9,795
China	—		8,631		—	8,631
Norway	—		6,853		—	6,853
Ghana	4,938		—		—	4,938
Short Term Investments	62,330		—		—	62,330
	390,475		274,622		—	665,097
JNL/BlackRock Large Cap Select Growth Fund
Assets - Securities
Common Stocks	3,525,708		50,321		—	3,576,029
Preferred Stocks	—		—		7,589	7,589
Short Term Investments	50,036		—		—	50,036
	3,575,744		50,321		7,589	3,633,654
JNL/Boston Partners Global Long Short Equity Fund
Assets - Securities
Common Stocks	252,825		130,587		—	383,412
Preferred Stocks	3,126		—		—	3,126
Short Term Investments	22,331		—		—	22,331
	278,282		130,587		—	408,869
Liabilities - Securities
Common Stocks
Consumer Staples	(4,036	)	(4,762	)	—	(8,798	)
Financials	(19,128	)	(8,251	)	—	(27,379	)
Information Technology	(18,744	)	(6,128	)	—	(24,872	)
Energy	(10,359	)	(1,927	)	—	(12,286	)
Industrials	(16,289	)	(15,003	)	—	(31,292	)
Utilities	—		(4,717	)	—	(4,717	)
Communication Services	(7,522	)	(3,729	)	—	(11,251	)
Real Estate	(2,928	)	—		—	(2,928	)
Health Care	(10,358	)	(2,935	)	—	(13,293	)
Consumer Discretionary	(22,760	)	(13,375	)	—	(36,135	)
Materials	(13,388	)	(9,365	)	—	(22,753	)
	(125,512	)	(70,192	)	—	(195,704	)
Assets - Investments in Other Financial Instruments1
OTC Contracts for Difference	—		748		—	748
	—		748		—	748
Liabilities - Investments in Other Financial Instruments1
Exchange Traded Written Options	(7,844	)	—		—	(7,844	)
Open Forward Foreign Currency Contracts	—		—		—	—
OTC Contracts for Difference	—		(440	)	—	(440	)
	(7,844	)	(440	)	—	(8,284	)
JNL/Causeway International Value Select Fund
Assets - Securities
Common Stocks	138,413		1,180,301		—	1,318,714
Preferred Stocks	63,102		—		—	63,102
Short Term Investments	34,638		—		—	34,638
	236,153		1,180,301		—	1,416,454
JNL/ClearBridge Large Cap Growth Fund
Assets - Securities
Common Stocks	926,205		—		—	926,205
Short Term Investments	64,569		—		—	64,569
	990,774		—		—	990,774
JNL/Crescent High Income Fund
Assets - Securities
Corporate Bonds And Notes	—		532,657		—	532,657
Senior Loan Interests2	—		125,632		13,322	138,954
Common Stocks	—		—		35	35
Warrants	—		—		4	4
Other Equity Interests	—		—		—	—
Short Term Investments	38,300		—		—	38,300
	38,300		658,289		13,361	709,950

491

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

	. Level 1 ($) .		. Level 2 ($) .		. Level 3 ($) .	. Total ($) .
JNL/DFA International Core Equity Fund
Assets - Securities
Common Stocks	9,348		51,182		2	60,532
Preferred Stocks	342		—		—	342
Rights	—		—		—	—
Short Term Investments	1,547		—		—	1,547
	11,237		51,182		2	62,421
JNL/DFA U.S. Core Equity Fund
Assets - Securities
Common Stocks	1,209,970		—		2	1,209,972
Rights	—		—		4	4
Short Term Investments	12,516		—		—	12,516
	1,222,486		—		6	1,222,492
JNL/DoubleLine Core Fixed Income Fund
Assets - Securities
Government And Agency Obligations	—		1,664,403		—	1,664,403
Corporate Bonds And Notes	—		1,042,010		—	1,042,010
Non-U.S. Government Agency Asset-Backed Securities	—		820,699		—	820,699
Senior Loan Interests2	—		86,446		805	87,251
Other Equity Interests	—		—		—	—
Short Term Investments	143,734		50,998		—	194,732
	143,734		3,664,556		805	3,809,095
JNL/DoubleLine Emerging Markets Fixed Income Fund
Assets - Securities
Corporate Bonds And Notes	—		524,161		—	524,161
Government And Agency Obligations	—		23,433		—	23,433
Short Term Investments	73,643		—		—	73,643
	73,643		547,594		—	621,237
JNL/DoubleLine Shiller Enhanced CAPE Fund
Assets - Securities
Non-U.S. Government Agency Asset-Backed Securities	—		846,205		—	846,205
Government And Agency Obligations	—		365,999		—	365,999
Corporate Bonds And Notes	—		258,271		—	258,271
Senior Loan Interests2	—		76,474		610	77,084
Short Term Investments	176,239		138,741		—	314,980
	176,239		1,685,690		610	1,862,539
Liabilities - Securities
Senior Loan Interests2	—		(1	)	—	(1	)
	—		(1	)	—	(1	)
Assets - Investments in Other Financial Instruments1
OTC Total Return Swap Agreements	—		30,653		—	30,653
	—		30,653		—	30,653
Liabilities - Investments in Other Financial Instruments1
OTC Total Return Swap Agreements	—		(7,407	)	—	(7,407	)
	—		(7,407	)	—	(7,407	)
JNL/Fidelity Institutional Asset Management Total Bond Fund
Assets - Securities
Government And Agency Obligations	—		538,532		—	538,532
Corporate Bonds And Notes	—		381,207		—	381,207
Senior Loan Interests	—		48,888		531	49,419
Non-U.S. Government Agency Asset-Backed Securities	—		19,661		—	19,661
Other Equity Interests	—		—		—	—
Short Term Investments	53,123		47,720		—	100,843
	53,123		1,036,008		531	1,089,662
Liabilities - Securities
Government And Agency Obligations	—		(32,657	)	—	(32,657	)
	—		(32,657	)	—	(32,657	)
Assets - Investments in Other Financial Instruments1
Futures Contracts	29		—		—	29
Centrally Cleared Interest Rate Swap Agreements	—		65		—	65
OTC Purchased Options	—		2,595		—	2,595
	29		2,660		—	2,689
Liabilities - Investments in Other Financial Instruments1
Futures Contracts	(44	)	—		—	(44	)
Centrally Cleared Interest Rate Swap Agreements	—		(44	)	—	(44	)
OTC Written Options	—		(565	)	—	(565	)
	(44	)	(609	)	—	(653	)
JNL/First State Global Infrastructure Fund
Assets - Securities
Common Stocks	671,571		339,889		—	1,011,460
Short Term Investments	62,706		—		—	62,706
	734,277		339,889		—	1,074,166

492

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

	. Level 1 ($) .		. Level 2 ($) .		. Level 3 ($) .	. Total ($) .
JNL/FPA + DoubleLine Flexible Allocation Fund
Assets - Securities
Common Stocks	799,641		217,662		574	1,017,877
Non-U.S. Government Agency Asset-Backed Securities	—		190,810		—	190,810
Government And Agency Obligations	—		190,130		—	190,130
Corporate Bonds And Notes	—		135,129		—	135,129
Senior Loan Interests2	—		14,280		171	14,451
Preferred Stocks	13,322		—		—	13,322
Investment Companies	12,325		—		—	12,325
Short Term Investments	85,188		35,971		—	121,159
	910,476		783,982		745	1,695,203
Liabilities - Securities
Investment Companies	(126,632	)	—		—	(126,632	)
Preferred Stocks	(9,243	)	—		—	(9,243	)
Common Stocks	—		(5,109	)	—	(5,109	)
Senior Loan Interests2	—		—		—	—
	(135,875	)	(5,109	)	—	(140,984	)
JNL/Franklin Templeton Global Fund
Assets - Securities
Common Stocks
United States of America	110,258		—		—	110,258
United Kingdom	—		38,684		—	38,684
Japan	—		38,088		—	38,088
France	—		31,784		—	31,784
Germany	—		23,681		—	23,681
Netherlands	—		20,670		—	20,670
China	7,960		10,521		—	18,481
South Korea	5,425		10,013		—	15,438
Switzerland	7,369		5,926		—	13,295
Hong Kong	—		12,928		—	12,928
India	—		11,586		—	11,586
Ireland	9,974		1,160		—	11,134
Luxembourg	—		9,324		—	9,324
Singapore	—		8,433		—	8,433
Canada	8,180		—		—	8,180
Italy	—		5,530		—	5,530
Thailand	—		5,230		—	5,230
Denmark	—		4,083		—	4,083
Spain	—		3,695		—	3,695
Israel	2,653		—		—	2,653
Indonesia	—		1,009		—	1,009
Short Term Investments	32,885		—		—	32,885
	184,704		242,345		—	427,049
JNL/Franklin Templeton Global Multisector Bond Fund
Assets - Securities
Government And Agency Obligations	—		701,228		—	701,228
Corporate Bonds And Notes	—		160		—	160
Common Stocks	—		—		91	91
Warrants	—		—		—	—
Short Term Investments	243,719		382,590		—	626,309
	243,719		1,083,978		91	1,327,788
Assets - Investments in Other Financial Instruments1
OTC Purchased Options	—		—		—	—
Open Forward Foreign Currency Contracts	—		34,468		—	34,468
	—		34,468		—	34,468
Liabilities - Investments in Other Financial Instruments1
Centrally Cleared Interest Rate Swap Agreements	—		(33,365	)	—	(33,365	)
OTC Written Options	—		—		—	—
Open Forward Foreign Currency Contracts	—		(12,657	)	—	(12,657	)
	—		(46,022	)	—	(46,022	)
JNL/Franklin Templeton Growth Allocation Fund
Assets - Securities
Common Stocks	562,298		214,977		—	777,275
Corporate Bonds And Notes	—		146,524		—	146,524
Government And Agency Obligations	—		94,879		—	94,879
Investment Companies	74,294		—		—	74,294
Equity Linked Structured Notes	—		13,486		—	13,486
Preferred Stocks	12,405		—		—	12,405
Short Term Investments	50,581		1,599		—	52,180
	699,578		471,465		—	1,171,043
Assets - Investments in Other Financial Instruments1
Open Forward Foreign Currency Contracts	—		—		—	—
	—		—		—	—

493

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

	. Level 1 ($) .		. Level 2 ($) .		. Level 3 ($) .	. Total ($) .
JNL/Franklin Templeton Growth Allocation Fund (continued)
Liabilities - Investments in Other Financial Instruments1
Futures Contracts	(143	)	—		—	(143	)
	(143	)	—		—	(143	)
JNL/Franklin Templeton Income Fund
Assets - Securities
Corporate Bonds And Notes	—		688,063		—	688,063
Common Stocks	626,827		50,236		—	677,063
Equity Linked Structured Notes	—		164,775		—	164,775
Government And Agency Obligations	—		132,171		—	132,171
Senior Loan Interests	—		34,677		—	34,677
Preferred Stocks	20,655		—		—	20,655
Other Equity Interests	—		—		1	1
Short Term Investments	213,277		—		—	213,277
	860,759		1,069,922		1	1,930,682
Liabilities - Investments in Other Financial Instruments1
Exchange Traded Written Options	(163	)	—		—	(163	)
	(163	)	—		—	(163	)
JNL/Franklin Templeton International Small Cap Fund
Assets - Securities
Common Stocks	120,141		410,291		—	530,432
Preferred Stocks	2,374		—		—	2,374
Warrants	291		—		—	291
Short Term Investments	37,474		—		—	37,474
	160,280		410,291		—	570,571
Liabilities - Investments in Other Financial Instruments1
Open Forward Foreign Currency Contracts	—		—		—	—
	—		—		—	—
JNL/Franklin Templeton Mutual Shares Fund
Assets - Securities
Common Stocks	466,662		63,939		2,043	532,644
Corporate Bonds And Notes	—		11,453		—	11,453
Senior Loan Interests	—		4,809		—	4,809
Warrants	24		—		—	24
Other Equity Interests	—		13		—	13
Short Term Investments	56,883		2,994		—	59,877
	523,569		83,208		2,043	608,820
Assets - Investments in Other Financial Instruments1
Open Forward Foreign Currency Contracts	—		206		—	206
	—		206		—	206
Liabilities - Investments in Other Financial Instruments1
Open Forward Foreign Currency Contracts	—		(7	)	—	(7	)
	—		(7	)	—	(7	)
JNL/Goldman Sachs Emerging Markets Debt Fund
Assets - Securities
Government And Agency Obligations	—		160,749		—	160,749
Corporate Bonds And Notes	—		73,019		—	73,019
Credit Linked Structured Notes	—		22,669		—	22,669
Common Stocks	—		15		—	15
Short Term Investments	1,781		—		—	1,781
	1,781		256,452		—	258,233
Assets - Investments in Other Financial Instruments1
Futures Contracts	45		—		—	45
Centrally Cleared Interest Rate Swap Agreements	—		1,369		—	1,369
Centrally Cleared Credit Default Swap Agreements	—		24		—	24
Open Forward Foreign Currency Contracts	—		1,144		—	1,144
OTC Interest Rate Swap Agreements	—		566		—	566
OTC Credit Default Swap Agreements	—		58		—	58
OTC Non-Deliverable Bond Forward Contracts	—		—		—	—
	45		3,161		—	3,206
Liabilities - Investments in Other Financial Instruments1
Futures Contracts	(102	)	—		—	(102	)
Centrally Cleared Interest Rate Swap Agreements	—		(780	)	—	(780	)
Centrally Cleared Credit Default Swap Agreements	—		(41	)	—	(41	)
Open Forward Foreign Currency Contracts	—		(1,514	)	—	(1,514	)
OTC Interest Rate Swap Agreements	—		(41	)	—	(41	)
OTC Credit Default Swap Agreements	—		(531	)	—	(531	)
	(102	)	(2,907	)	—	(3,009	)

494

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

	. Level 1 ($) .	. Level 2 ($) .	. Level 3 ($) .	. Total ($) .
JNL/GQG Emerging Markets Equity Fund
Assets - Securities
Common Stocks	84,849	372,265	—	457,114
Participatory Notes	—	47,583	—	47,583
Short Term Investments	7,765	—	—	7,765
	92,614	419,848	—	512,462
Assets - Investments in Other Financial Instruments1
Open Forward Foreign Currency Contracts	—	—	—	—
	—	—	—	—
JNL/Harris Oakmark Global Equity Fund
Assets - Securities
Common Stocks
United States of America	311,272	—	—	311,272
Switzerland	—	145,547	—	145,547
Germany	—	95,096	—	95,096
United Kingdom	20,034	31,210	—	51,244
France	—	43,895	—	43,895
Netherlands	—	43,657	—	43,657
South Korea	—	32,083	—	32,083
Japan	—	18,378	—	18,378
South Africa	—	16,660	—	16,660
Mexico	12,633	—	—	12,633
Taiwan	—	12,316	—	12,316
China	12,287	—	—	12,287
Preferred Stocks	5,334	—	—	5,334
Short Term Investments	36,680	—	—	36,680
	398,240	438,842	—	837,082
Assets - Investments in Other Financial Instruments1
Open Forward Foreign Currency Contracts	—	184	—	184
	—	184	—	184
JNL/Heitman U.S. Focused Real Estate Fund
Assets - Securities
Common Stocks	190,031	—	—	190,031
Short Term Investments	422	—	—	422
	190,453	—	—	190,453
JNL/Invesco China-India Fund
Assets - Securities
Common Stocks	80,763	441,125	—	521,888
Short Term Investments	5,179	—	—	5,179
	85,942	441,125	—	527,067
Assets - Investments in Other Financial Instruments1
Open Forward Foreign Currency Contracts	—	—	—	—
	—	—	—	—
Liabilities - Investments in Other Financial Instruments1
Open Forward Foreign Currency Contracts	—	—	—	—
	—	—	—	—
JNL/Invesco Diversified Dividend Fund
Assets - Securities
Common Stocks	531,275	106,187	—	637,462
Short Term Investments	64,369	—	—	64,369
	595,644	106,187	—	701,831
Assets - Investments in Other Financial Instruments1
Open Forward Foreign Currency Contracts	—	418	—	418
	—	418	—	418

495

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

	. Level 1 ($) .		. Level 2 ($) .		. Level 3 ($) .	. Total ($) .
JNL/Invesco Global Real Estate Fund
Assets - Securities
Common Stocks
United States of America	667,092		—		—	667,092
Japan	—		144,677		—	144,677
Hong Kong	—		117,424		—	117,424
Germany	—		53,756		—	53,756
United Kingdom	—		52,325		—	52,325
Australia	—		41,834		—	41,834
Canada	35,021		—		—	35,021
Singapore	—		32,299		—	32,299
China	—		28,944		—	28,944
Sweden	—		23,935		—	23,935
Netherlands	—		13,782		—	13,782
Spain	—		13,475		—	13,475
Philippines	—		11,340		3	11,343
Luxembourg	—		10,304		—	10,304
Switzerland	—		10,168		—	10,168
South Africa	—		9,021		—	9,021
Brazil	7,530		—		—	7,530
Mexico	6,778		—		—	6,778
France	—		6,175		—	6,175
Thailand	—		5,897		—	5,897
Ireland	—		3,910		—	3,910
India	—		3,136		—	3,136
Indonesia	—		2,285		—	2,285
Malaysia	—		1,595		—	1,595
Chile	1,222		—		—	1,222
United Arab Emirates	—		790		—	790
Turkey	—		533		—	533
Malta	—		—		4	4
Short Term Investments	19,108		—		—	19,108
	736,751		587,605		7	1,324,363
Assets - Investments in Other Financial Instruments1
Open Forward Foreign Currency Contracts	—		—		—	—
	—		—		—	—
JNL/Invesco International Growth Fund
Assets - Securities
Common Stocks	288,760		756,959		—	1,045,719
Short Term Investments	47,730		—		—	47,730
	336,490		756,959		—	1,093,449
JNL/Invesco Small Cap Growth Fund
Assets - Securities
Common Stocks	1,828,961		—		—	1,828,961
Short Term Investments	27,912		—		—	27,912
	1,856,873		—		—	1,856,873
JNL/JPMorgan Global Allocation Fund
Assets - Securities
Common Stocks	14,408		1,809		—	16,217
Investment Companies	16,154		—		—	16,154
Government And Agency Obligations	—		6,355		—	6,355
Non-U.S. Government Agency Asset-Backed Securities	—		6,331		—	6,331
Preferred Stocks	42		—		—	42
Corporate Bonds And Notes	—		38		—	38
Short Term Investments	2,988		7,687		—	10,675
	33,592		22,220		—	55,812
Liabilities - Securities
Common Stocks	(569	)	—		—	(569	)
Investment Companies	(42	)	—		—	(42	)
	(611	)	—		—	(611	)
Assets - Investments in Other Financial Instruments1
Futures Contracts	137		—		—	137
Exchange Traded Purchased Options	38		—		—	38
Open Forward Foreign Currency Contracts	—		139		—	139
	175		139		—	314
Liabilities - Investments in Other Financial Instruments1
Futures Contracts	(124	)	—		—	(124	)
Open Forward Foreign Currency Contracts	—		(32	)	—	(32	)
	(124	)	(32	)	—	(156	)
JNL/JPMorgan Hedged Equity Fund
Assets - Securities
Common Stocks	263,931		—		—	263,931
Short Term Investments	3,098		—		—	3,098
	267,029		—		—	267,029

496

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

	. Level 1 ($) .		. Level 2 ($) .		. Level 3 ($) .	. Total ($) .
JNL/JPMorgan Hedged Equity Fund (continued)
Liabilities - Investments in Other Financial Instruments1
Futures Contracts	(24	)	—		—	(24	)
Exchange Traded Written Options	(4,310	)	—		—	(4,310	)
	(4,334	)	—		—	(4,334	)
Assets - Investments in Other Financial Instruments1
Exchange Traded Purchased Options	4,445		—		—	4,445
	4,445		—		—	4,445
JNL/JPMorgan MidCap Growth Fund
Assets - Securities
Common Stocks	2,194,851		—		—	2,194,851
Short Term Investments	90,773		—		—	90,773
	2,285,624		—		—	2,285,624
JNL/JPMorgan U.S. Government & Quality Bond Fund
Assets - Securities
Government And Agency Obligations	—		958,738		—	958,738
Non-U.S. Government Agency Asset-Backed Securities	—		70,927		—	70,927
Corporate Bonds And Notes	—		45,541		—	45,541
Short Term Investments	65,060		—		—	65,060
	65,060		1,075,206		—	1,140,266
JNL/Lazard Emerging Markets Fund
Assets - Securities
Common Stocks	179,270		522,466		—	701,736
Short Term Investments	29,453		—		—	29,453
	208,723		522,466		—	731,189
Liabilities - Investments in Other Financial Instruments1
Open Forward Foreign Currency Contracts	—		—		—	—
	—		—		—	—
JNL/Loomis Sayles Global Growth Fund
Assets - Securities
Common Stocks	219,101		74,129		—	293,230
Short Term Investments	3,994		—		—	3,994
	223,095		74,129		—	297,224
JNL/Mellon Bond Index Fund
Assets - Securities
Government And Agency Obligations	—		862,659		—	862,659
Corporate Bonds And Notes	—		305,491		—	305,491
Non-U.S. Government Agency Asset-Backed Securities	—		22,162		—	22,162
Short Term Investments	77,455		—		—	77,455
	77,455		1,190,312		—	1,267,767
Liabilities - Securities
Government And Agency Obligations	—		(1,486	)	—	(1,486	)
	—		(1,486	)	—	(1,486	)
JNL/Mellon Consumer Staples Sector Fund
Assets - Securities
Common Stocks	127,125		—		—	127,125
Short Term Investments	1,953		40		—	1,993
	129,078		40		—	129,118
Assets - Investments in Other Financial Instruments1
Futures Contracts	11		—		—	11
	11		—		—	11
JNL/Mellon Emerging Markets Index Fund
Assets - Securities
Common Stocks	182,903		840,853		1,861	1,025,617
Preferred Stocks	38,514		—		—	38,514
Rights	—		28		—	28
Warrants	3		—		—	3
Short Term Investments	31,977		1,091		—	33,068
	253,397		841,972		1,861	1,097,230
Liabilities - Investments in Other Financial Instruments1
Futures Contracts	(425	)	—		—	(425	)
Open Forward Foreign Currency Contracts	—		—		—	—
	(425	)	—		—	(425	)
JNL/Mellon Industrials Sector Fund
Assets - Securities
Common Stocks	64,936		—		—	64,936
Investment Companies	15		—		—	15
Short Term Investments	1,556		35		—	1,591
	66,507		35		—	66,542
Liabilities - Investments in Other Financial Instruments1
Futures Contracts	(7	)	—		—	(7	)
	(7	)	—		—	(7	)

497

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

	. Level 1 ($) .		. Level 2 ($) .		. Level 3 ($) .	. Total ($) .
JNL/Mellon International Index Fund
Assets - Securities
Common Stocks	38,070		1,650,846		—	1,688,916
Preferred Stocks	10,912		—		—	10,912
Rights	—		5		—	5
Short Term Investments	56,312		712		—	57,024
	105,294		1,651,563		—	1,756,857
Assets - Investments in Other Financial Instruments1
Futures Contracts	117		—		—	117
Open Forward Foreign Currency Contracts	—		40		—	40
	117		40		—	157
Liabilities - Investments in Other Financial Instruments1
Futures Contracts	—		—		—	—
Open Forward Foreign Currency Contracts	—		(99	)	—	(99	)
	—		(99	)	—	(99	)
JNL/Mellon Materials Sector Fund
Assets - Securities
Common Stocks	25,569		—		—	25,569
Rights	—		—		—	—
Short Term Investments	604		9		—	613
	26,173		9		—	26,182
Assets - Investments in Other Financial Instruments1
Futures Contracts	—		—		—	—
	—		—		—	—
JNL/Mellon MSCI KLD 400 Social Index Fund
Assets - Securities
Common Stocks	52,233		—		—	52,233
Investment Companies	54		—		—	54
Short Term Investments	340		20		—	360
	52,627		20		—	52,647
Liabilities - Investments in Other Financial Instruments1
Futures Contracts	(1	)	—		—	(1	)
	(1	)	—		—	(1	)
JNL/Mellon Real Estate Sector Fund
Assets - Securities
Common Stocks	173,165		—		—	173,165
Short Term Investments	4,165		65		—	4,230
	177,330		65		—	177,395
Assets - Investments in Other Financial Instruments1
Futures Contracts	16		—		—	16
	16		—		—	16
JNL/Mellon S&P 1500 Growth Index Fund
Assets - Securities
Common Stocks	117,079		—		—	117,079
Investment Companies	68		—		—	68
Short Term Investments	1,502		35		—	1,537
	118,649		35		—	118,684
Liabilities - Investments in Other Financial Instruments1
Futures Contracts	(4	)	—		—	(4	)
	(4	)	—		—	(4	)
JNL/Mellon S&P 1500 Value Index Fund
Assets - Securities
Common Stocks	73,954		—		—	73,954
Investment Companies	226		—		—	226
Rights	—		—		—	—
Short Term Investments	1,162		18		—	1,180
	75,342		18		—	75,360
Liabilities - Investments in Other Financial Instruments1
Futures Contracts	(2	)	—		—	(2	)
	(2	)	—		—	(2	)
JNL/Mellon S&P 400 MidCap Index Fund
Assets - Securities
Common Stocks	3,027,111		—		—	3,027,111
Short Term Investments	113,373		1,101		—	114,474
	3,140,484		1,101		—	3,141,585
Liabilities - Investments in Other Financial Instruments1
Futures Contracts	(265	)	—		—	(265	)
	(265	)	—		—	(265	)
JNL/Mellon S&P 500 Index Fund
Assets - Securities
Common Stocks	8,393,494		—		—	8,393,494
Short Term Investments	350,620		242,870		—	593,490
	8,744,114		242,870		—	8,986,984

498

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

	. Level 1 ($) .		. Level 2 ($) .		. Level 3 ($) .	. Total ($) .
JNL/Mellon S&P 500 Index Fund (continued)
Liabilities - Investments in Other Financial Instruments1
Futures Contracts	(75	)	—		—	(75	)
	(75	)	—		—	(75	)
JNL/Mellon Small Cap Index Fund
Assets - Securities
Common Stocks	2,424,591		—		—	2,424,591
Investment Companies	18,535		—		—	18,535
Rights	—		—		40	40
Short Term Investments	114,538		732		—	115,270
	2,557,664		732		40	2,558,436
Liabilities - Investments in Other Financial Instruments1
Futures Contracts	(481	)	—		—	(481	)
	(481	)	—		—	(481	)
JNL/Mellon Utilities Sector Fund
Assets - Securities
Common Stocks	319,524		—		—	319,524
Short Term Investments	12,890		80		—	12,970
	332,414		80		—	332,494
Assets - Investments in Other Financial Instruments1
Futures Contracts	40		—		—	40
	40		—		—	40
JNL/MFS Mid Cap Value Fund
Assets - Securities
Common Stocks	1,359,345		—		—	1,359,345
Short Term Investments	17,142		—		—	17,142
	1,376,487		—		—	1,376,487
JNL/Morningstar Wide Moat Index Fund
Assets - Securities
Common Stocks	565,819		—		—	565,819
Short Term Investments	6,520		224		—	6,744
	572,339		224		—	572,563
Liabilities - Investments in Other Financial Instruments1
Futures Contracts	(17	)	—		—	(17	)
	(17	)	—		—	(17	)
JNL/Neuberger Berman Strategic Income Fund
Assets - Securities
Government And Agency Obligations	—		513,804		—	513,804
Corporate Bonds And Notes	—		388,066		—	388,066
Senior Loan Interests	—		71,084		469	71,553
Non-U.S. Government Agency Asset-Backed Securities	—		30,515		—	30,515
Short Term Investments	10,017		14,078		—	24,095
	10,017		1,017,547		469	1,028,033
Liabilities - Investments in Other Financial Instruments1
Futures Contracts	(138	)	—		—	(138	)
Open Forward Foreign Currency Contracts	—		(892	)	—	(892	)
	(138	)	(892	)	—	(1,030	)
Assets - Investments in Other Financial Instruments1
Futures Contracts	1,424		—		—	1,424
Open Forward Foreign Currency Contracts	—		1,576		—	1,576
	1,424		1,576		—	3,000
JNL/Oppenheimer Emerging Markets Innovator Fund
Assets - Securities
Common Stocks	118,868		288,456		2,503	409,827
Preferred Stocks	10,876		—		—	10,876
Short Term Investments	39,448		—		—	39,448
	169,192		288,456		2,503	460,151
Assets - Investments in Other Financial Instruments1
Open Forward Foreign Currency Contracts	—		—		—	—
	—		—		—	—
Liabilities - Investments in Other Financial Instruments1
Open Forward Foreign Currency Contracts	—		(2	)	—	(2	)
	—		(2	)	—	(2	)

499

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

	. Level 1 ($) .		. Level 2 ($) .		. Level 3 ($) .	. Total ($) .
JNL/Oppenheimer Global Growth Fund
Assets - Securities
Common Stocks
United States of America	1,245,147		—		—	1,245,147
Japan	—		335,071		—	335,071
France	—		169,711		—	169,711
Germany	—		139,976		—	139,976
Netherlands	9,616		95,811		—	105,427
India	41,844		46,619		—	88,463
United Kingdom	17,674		63,532		—	81,206
Sweden	—		55,648		—	55,648
Switzerland	—		42,271		—	42,271
Spain	—		40,149		—	40,149
China	36,625		—		—	36,625
Brazil	13,249		—		—	13,249
Italy	—		5,635		—	5,635
Preferred Stocks	14,506		—		—	14,506
Short Term Investments	48,268		—		—	48,268
	1,426,929		994,423		—	2,421,352
JNL/PIMCO Income Fund
Assets - Securities
Government And Agency Obligations	—		573,475		—	573,475
Corporate Bonds And Notes	—		468,074		—	468,074
Non-U.S. Government Agency Asset-Backed Securities	—		393,405		—	393,405
Senior Loan Interests2	—		39,987		3,146	43,133
Warrants	—		2,300		—	2,300
Common Stocks	1,821		6		10	1,837
Other Equity Interests	—		—		—	—
Short Term Investments	15,206		274,092		—	289,298
	17,027		1,751,339		3,156	1,771,522
Liabilities - Securities
Government And Agency Obligations	—		(10,944	)	—	(10,944	)
	—		(10,944	)	—	(10,944	)
Assets - Investments in Other Financial Instruments1
Futures Contracts	302		—		—	302
Centrally Cleared Interest Rate Swap Agreements	—		1,772		—	1,772
Centrally Cleared Credit Default Swap Agreements	—		659		—	659
Exchange Traded Purchased Options	—		—		—	—
Open Forward Foreign Currency Contracts	—		6,190		—	6,190
OTC Credit Default Swap Agreements	—		2,044		—	2,044
OTC Total Return Swap Agreements	—		484		—	484
	302		11,149		—	11,451
Liabilities - Investments in Other Financial Instruments1
Futures Contracts	(3,167	)	—		—	(3,167	)
Centrally Cleared Interest Rate Swap Agreements	—		(17,197	)	—	(17,197	)
Centrally Cleared Credit Default Swap Agreements	—		(168	)	—	(168	)
OTC Written Options	—		(60	)	—	(60	)
Open Forward Foreign Currency Contracts	—		(1,710	)	—	(1,710	)
OTC Credit Default Swap Agreements	—		(29	)	—	(29	)
	(3,167	)	(19,164	)	—	(22,331	)
JNL/PIMCO Real Return Fund
Assets - Securities
Government And Agency Obligations	—		1,928,833		—	1,928,833
Non-U.S. Government Agency Asset-Backed Securities	—		176,003		—	176,003
Corporate Bonds And Notes	—		117,419		—	117,419
Preferred Stocks	761		—		—	761
Short Term Investments	1,430		19,687		—	21,117
	2,191		2,241,942		—	2,244,133
Assets - Investments in Other Financial Instruments1
Futures Contracts	3,378		—		—	3,378
Centrally Cleared Interest Rate Swap Agreements	—		4,789		—	4,789
Centrally Cleared Credit Default Swap Agreements	—		129		—	129
Exchange Traded Futures Options	184		—		—	184
Exchange Traded Purchased Options	1		—		—	1
OTC Purchased Options	—		579		—	579
Open Forward Foreign Currency Contracts	—		3,523		—	3,523
OTC Credit Default Swap Agreements	—		369		—	369
	3,563		9,389		—	12,952

500

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

	. Level 1 ($) .		. Level 2 ($) .		. Level 3 ($) .	. Total ($) .
JNL/PIMCO Real Return Fund (continued)
Liabilities - Investments in Other Financial Instruments1
Futures Contracts	(2,645	)	—		—	(2,645	)
Centrally Cleared Interest Rate Swap Agreements	—		(8,838	)	—	(8,838	)
Centrally Cleared Credit Default Swap Agreements	—		(198	)	—	(198	)
Exchange Traded Futures Options	(61	)	—		—	(61	)
Exchange Traded Written Options	(132	)	—		—	(132	)
OTC Written Options	—		(820	)	—	(820	)
Open Forward Foreign Currency Contracts	—		(4,278	)	—	(4,278	)
OTC Interest Rate Swap Agreements	—		(2,187	)	—	(2,187	)
OTC Credit Default Swap Agreements	—		(149	)	—	(149	)
	(2,838	)	(16,470	)	—	(19,308	)
JNL/PPM America Floating Rate Income Fund
Assets - Securities
Senior Loan Interests2	—		1,363,366		22,876	1,386,242
Corporate Bonds And Notes	—		38,498		—	38,498
Non-U.S. Government Agency Asset-Backed Securities	—		10,406		—	10,406
Common Stocks	367		—		2,212	2,579
Warrants	—		538		45	583
Other Equity Interests	—		—		—	—
Short Term Investments	71,981		—		—	71,981
	72,348		1,412,808		25,133	1,510,289
Liabilities - Securities
Senior Loan Interests2	—		(6	)	—	(6	)
	—		(6	)	—	(6	)
Assets - Investments in Other Financial Instruments1
Futures Contracts	185		—		—	185
	185		—		—	185
JNL/PPM America High Yield Bond Fund
Assets - Securities
Corporate Bonds And Notes	—		1,858,006		5,353	1,863,359
Senior Loan Interests	—		93,494		—	93,494
Investment Companies	57,467		—		—	57,467
Non-U.S. Government Agency Asset-Backed Securities	—		10,247		—	10,247
Common Stocks	6,692		—		—	6,692
Warrants	—		1,585		—	1,585
Other Equity Interests	—		—		—	—
Short Term Investments	136,749		—		—	136,749
	200,908		1,963,332		5,353	2,169,593
Assets - Investments in Other Financial Instruments1
Futures Contracts	817		—		—	817
	817		—		—	817
JNL/PPM America Mid Cap Value Fund
Assets - Securities
Common Stocks	507,883		—		—	507,883
Short Term Investments	2,691		—		—	2,691
	510,574		—		—	510,574
JNL/PPM America Small Cap Value Fund
Assets - Securities
Common Stocks	508,652		—		—	508,652
Short Term Investments	6,575		—		—	6,575
	515,227		—		—	515,227
JNL/PPM America Total Return Fund
Assets - Securities
Government And Agency Obligations	—		608,348		—	608,348
Corporate Bonds And Notes	—		469,173		7,096	476,269
Non-U.S. Government Agency Asset-Backed Securities	—		166,854		—	166,854
Senior Loan Interests2	—		27,266		—	27,266
Short Term Investments	93,330		—		—	93,330
	93,330		1,271,641		7,096	1,372,067
Assets - Investments in Other Financial Instruments1
Futures Contracts	613		—		—	613
Centrally Cleared Credit Default Swap Agreements	—		2		—	2
	613		2		—	615
Liabilities - Investments in Other Financial Instruments1
Futures Contracts	(1,902	)	—		—	(1,902	)
	(1,902	)	—		—	(1,902	)
JNL/PPM America Value Equity Fund
Assets - Securities
Common Stocks	192,671		—		—	192,671
Short Term Investments	801		—		—	801
	193,472		—		—	193,472

501

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

	. Level 1 ($) .		. Level 2 ($) .		. Level 3 ($) .	. Total ($) .
JNL/RAFI Fundamental Asia Developed Fund
Assets - Securities
Common Stocks	902		215,201		—	216,103
Investment Companies	3,139		—		—	3,139
Rights	—		2		—	2
Short Term Investments	12,846		169		—	13,015
	16,887		215,372		—	232,259
Assets - Investments in Other Financial Instruments1
Futures Contracts	81		—		—	81
Open Forward Foreign Currency Contracts	—		4		—	4
	81		4		—	85
Liabilities - Investments in Other Financial Instruments1
Open Forward Foreign Currency Contracts	—		(42	)	—	(42	)
	—		(42	)	—	(42	)
JNL/RAFI Fundamental Europe Fund
Assets - Securities
Common Stocks	4,383		303,460		—	307,843
Preferred Stocks	4,568		—		—	4,568
Short Term Investments	2,219		125		—	2,344
	11,170		303,585		—	314,755
Assets - Investments in Other Financial Instruments1
Futures Contracts	15		—		—	15
Open Forward Foreign Currency Contracts	—		13		—	13
	15		13		—	28
Liabilities - Investments in Other Financial Instruments1
Open Forward Foreign Currency Contracts	—		(21	)	—	(21	)
	—		(21	)	—	(21	)
JNL/RAFI Fundamental U.S. Small Cap Fund
Assets - Securities
Common Stocks	407,623		—		18	407,641
Short Term Investments	11,518		110		—	11,628
	419,141		110		18	419,269
Liabilities - Investments in Other Financial Instruments1
Futures Contracts	(16	)	—		—	(16	)
	(16	)	—		—	(16	)
JNL/RAFI Multi-Factor U.S. Equity Fund
Assets - Securities
Common Stocks	2,753,208		—		—	2,753,208
Short Term Investments	31,116		648		—	31,764
	2,784,324		648		—	2,784,972
Liabilities - Investments in Other Financial Instruments1
Futures Contracts	(123	)	—		—	(123	)
	(123	)	—		—	(123	)
JNL/S&P Competitive Advantage Fund
Assets - Securities
Common Stocks	2,490,156		—		—	2,490,156
Short Term Investments	98,940		58,003		—	156,943
	2,589,096		58,003		—	2,647,099
Liabilities - Investments in Other Financial Instruments1
Futures Contracts	(72	)	—		—	(72	)
	(72	)	—		—	(72	)
JNL/S&P Dividend Income & Growth Fund
Assets - Securities
Common Stocks	5,010,625		—		—	5,010,625
Short Term Investments	169,735		104,618		—	274,353
	5,180,360		104,618		—	5,284,978
Liabilities - Investments in Other Financial Instruments1
Futures Contracts	(305	)	—		—	(305	)
	(305	)	—		—	(305	)
JNL/S&P International 5 Fund
Assets - Securities
Common Stocks	5,149		49,351		—	54,500
Investment Companies	16		—		—	16
Rights	—		4		—	4
Short Term Investments	201		40		—	241
	5,366		49,395		—	54,761
Liabilities - Investments in Other Financial Instruments1
Futures Contracts	(2	)	—		—	(2	)
	(2	)	—		—	(2	)

502

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

	. Level 1 ($) .		. Level 2 ($) .		. Level 3 ($) .	. Total ($) .
JNL/S&P Intrinsic Value Fund
Assets - Securities
Common Stocks	2,297,327		—		—	2,297,327
Short Term Investments	54,724		538		—	55,262
	2,352,051		538		—	2,352,589
Liabilities - Investments in Other Financial Instruments1
Futures Contracts	(77	)	—		—	(77	)
	(77	)	—		—	(77	)
JNL/S&P Mid 3 Fund
Assets - Securities
Common Stocks	218,779		—		—	218,779
Short Term Investments	15,166		45		—	15,211
	233,945		45		—	233,990
Liabilities - Investments in Other Financial Instruments1
Futures Contracts	—		—		—	—
	—		—		—	—
JNL/S&P Total Yield Fund
Assets - Securities
Common Stocks	1,937,742		—		—	1,937,742
Short Term Investments	50,732		752		—	51,484
	1,988,474		752		—	1,989,226
Liabilities - Investments in Other Financial Instruments1
Futures Contracts	(112	)	—		—	(112	)
	(112	)	—		—	(112	)
JNL/Scout Unconstrained Bond Fund
Assets - Securities
Government And Agency Obligations	—		171,977		—	171,977
Corporate Bonds And Notes	—		55,165		—	55,165
Non-U.S. Government Agency Asset-Backed Securities	—		29,738		—	29,738
Short Term Investments	21,589		—		—	21,589
	21,589		256,880		—	278,469
Assets - Investments in Other Financial Instruments1
Centrally Cleared Credit Default Swap Agreements	—		16		—	16
	—		16		—	16
Liabilities - Investments in Other Financial Instruments1
Centrally Cleared Credit Default Swap Agreements	—		(34	)	—	(34	)
	—		(34	)	—	(34	)
JNL/T. Rowe Price Established Growth Fund
Assets - Securities
Common Stocks	9,085,059		344,701		9,068	9,438,828
Preferred Stocks	—		—		32,695	32,695
Short Term Investments	73,616		—		—	73,616
	9,158,675		344,701		41,763	9,545,139
JNL/T. Rowe Price Managed Volatility Balanced Fund
Assets - Securities
Common Stocks	209,410		83,220		—	292,630
Government And Agency Obligations	—		73,153		—	73,153
Corporate Bonds And Notes	—		65,365		—	65,365
Non-U.S. Government Agency Asset-Backed Securities	—		12,511		—	12,511
Preferred Stocks	1,124		—		—	1,124
Senior Loan Interests	—		1,026		—	1,026
Short Term Investments	59,962		—		—	59,962
	270,496		235,275		—	505,771
Assets - Investments in Other Financial Instruments1
Futures Contracts	240		—		—	240
Open Forward Foreign Currency Contracts	—		—		—	—
	240		—		—	240
Liabilities - Investments in Other Financial Instruments1
Futures Contracts	(835	)	—		—	(835	)
	(835	)	—		—	(835	)
JNL/T. Rowe Price Mid-Cap Growth Fund
Assets - Securities
Common Stocks	5,753,816		—		528	5,754,344
Preferred Stocks	—		—		4,482	4,482
Short Term Investments	383,640		—		—	383,640
	6,137,456		—		5,010	6,142,466
JNL/T. Rowe Price Short-Term Bond Fund
Assets - Securities
Corporate Bonds And Notes	—		801,998		—	801,998
Non-U.S. Government Agency Asset-Backed Securities	—		407,285		—	407,285
Government And Agency Obligations	—		309,080		—	309,080
Short Term Investments	9,980		3,322		—	13,302
	9,980		1,521,685		—	1,531,665

503

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

	. Level 1 ($) .		. Level 2 ($) .		. Level 3 ($) .		. Total ($) .
JNL/T. Rowe Price Short-Term Bond Fund (continued)
Assets - Investments in Other Financial Instruments1
Futures Contracts	314		—		—		314
	314		—		—		314
Liabilities - Investments in Other Financial Instruments1
Futures Contracts	(1,037	)	—		—		(1,037	)
	(1,037	)	—		—		(1,037	)
JNL/T. Rowe Price Value Fund
Assets - Securities
Common Stocks	4,321,308		—		—		4,321,308
Preferred Stocks	61,514		—		—		61,514
Corporate Bonds And Notes	—		6,152		—		6,152
Short Term Investments	72,461		—		—		72,461
	4,455,283		6,152		—		4,461,435
JNL/Vanguard Growth ETF Allocation Fund
Assets - Securities
Investment Companies	373,551		—		—		373,551
Short Term Investments	6,243		—		—		6,243
	379,794		—		—		379,794
JNL/Vanguard Moderate ETF Allocation Fund
Assets - Securities
Investment Companies	272,386		—		—		272,386
Short Term Investments	3,985		—		—		3,985
	276,371		—		—		276,371
JNL/Vanguard Moderate Growth ETF Allocation Fund
Assets - Securities
Investment Companies	352,076		—		—		352,076
Short Term Investments	7,067		—		—		7,067
	359,143		—		—		359,143
JNL/Westchester Capital Event Driven Fund
Assets - Securities
Common Stocks	144,530		17,215		—		161,745
Corporate Bonds And Notes	—		29,538		—		29,538
Investment Companies	25,111		—		—		25,111
Preferred Stocks	12,209		—		—		12,209
Senior Loan Interests	—		9,536		—		9,536
Warrants	586		—		—		586
Other Equity Interests	—		—		31		31
Rights	—		—		3		3
Short Term Investments	34,500		—		—		34,500
	216,936		56,289		34		273,259
Liabilities - Securities
Common Stocks	(43,917	)	—		—		(43,917	)
Corporate Bonds And Notes	—		(1,383	)	—		(1,383	)
Rights	—		—		(127	)	(127	)
	(43,917	)	(1,383	)	(127	)	(45,427	)
Assets - Investments in Other Financial Instruments1
Exchange Traded Purchased Options	924		24		—		948
OTC Purchased Options	—		7		—		7
Open Forward Foreign Currency Contracts	—		575		—		575
OTC Total Return Swap Agreements	—		3,336		—		3,336
	924		3,942		—		4,866
Liabilities - Investments in Other Financial Instruments1
Exchange Traded Written Options	(4,964	)	(5	)	—		(4,969	)
OTC Written Options	—		(57	)	—		(57	)
Open Forward Foreign Currency Contracts	—		(57	)	—		(57	)
OTC Total Return Swap Agreements	—		(3,833	)	(363	)	(4,196	)
	(4,964	)	(3,952	)	(363	)	(9,279	)
JNL/WMC Balanced Fund
Assets - Securities
Common Stocks	5,463,579		11,074		—		5,474,653
Government And Agency Obligations	—		1,456,778		—		1,456,778
Corporate Bonds And Notes	—		1,060,104		—		1,060,104
Non-U.S. Government Agency Asset-Backed Securities	—		323,881		—		323,881
Short Term Investments	331,967		48,700		—		380,667
	5,795,546		2,900,537		—		8,696,083
Liabilities - Securities
Government And Agency Obligations	—		(1,159	)	—		(1,159	)
	—		(1,159	)	—		(1,159	)
Assets - Investments in Other Financial Instruments1
Futures Contracts	10		—		—		10
	10		—		—		10

504

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

	. Level 1 ($) .		. Level 2 ($) .	. Level 3 ($) .	. Total ($) .
JNL/WMC Balanced Fund (continued)
Liabilities - Investments in Other Financial Instruments1
Futures Contracts	(266	)	—	—	(266	)
	(266	)	—	—	(266	)
JNL/WMC Government Money Market Fund
Assets - Securities
Government And Agency Obligations	—		857,667	—	857,667
Repurchase Agreements	—		292,200	—	292,200
	—		1,149,867	—	1,149,867
JNL/WMC Value Fund
Assets - Securities
Common Stocks	1,319,867		—	—	1,319,867
Short Term Investments	46,743		—	—	46,743
	1,366,610		—	—	1,366,610

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

²Unfunded commitments are not reflected in the Schedules of Investments. Net unrealized appreciation (depreciation) is reflected as an asset or liability in the table. See Unfunded Commitments in the Schedules of Investments.

The Funds recognize transfers between levels as of the beginning of the period for financial reporting purposes. The following table is a rollforward of individually significant securities by issuer Level 3 valuations and transfers by category for which significant unobservable inputs were used to determine fair value during the period ended September 30, 2019:

		Balance at Beginning of Period ($)			Transfers into Level 3 During the Period2 ($)		Transfers out of Level 3 During the Period2 ($)		Total Realized and Change in Unrealized Gain/(Loss) ($)		Purchases($)		(Sales) ($)		Balance at End of Period ($)		Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at End of Period1 ($)
JNL Multi-Manager International Small Cap Fund
	Common Stocks			—		3,2603		(3,260)3		—		—		—		—		—
JNL/BlackRock Global Natural Resources Fund
	Common Stocks			12,6474		—		(12,647)4		—		—		—		—		—
	Common Stocks			11,9335		—		(11,933)5		—		—		—		—		—
JNL/First State Global Infrastructure Fund
	Common Stocks			—		43,8936		(43,893)6		—		—		—		—		—
JNL/Invesco China-India Fund
	Common Stocks		—			7,7387		(7,738)7		—		—		—		—		—
JNL/Invesco International Growth Fund
	Common Stocks		—			12,9348		(12,934)8		—		—		—		—		—
JNL/RAFI® Fundamental Europe Fund
	Common Stocks		—			11,7599		(11,759)9		—		—		—		—		—
JNL/Westchester Capital Event Driven Fund
	Common Stocks		—			2,38610		(2,386)10		—		—		—		—		—

¹Reflects the change in unrealized appreciation/ (depreciation) for Level 3 investments held at September 30, 2019.

²There were no significant transfers between Level 3 and Level 2 valuations during the period ended September 30, 2019 except for those noted.

³During the period, the valuation of the common stock held in JNL Multi-Manager International Small Cap Fund was transferred from a Level 3 valuation to a Level 2 valuation. At period end, the securities were valued by an independent pricing service and were considered a Level 2. Previously, they were valued using the last traded price due to a trading halt and considered a Level 3 valuation.

⁴During the period, the valuation of the common stocks held in JNL/BlackRock Global Natural Resources Fund were transferred from a Level 3 valuation to a Level 1 valuation. At period end, the securities were valued by an independent pricing service and were considered a Level 1 valuation. Previously they were valued using the last traded price due to a trading halt and considered a Level 3 valuation.

⁵During the period, the valuation of the common stocks held in JNL/BlackRock Global Natural Resources Fund were transferred from a Level 3 valuation to a Level 1 valuation. At period end, the securities were valued by an independent pricing service and were considered a Level 1 valuation. Previously they were valued using the last traded price due to a trading halt and considered a Level 3 valuation.

⁶During the period, the valuation of the common stock held in JNL/First State Global Infrastructure Fund was transferred from a Level 3 valuation to a Level 2 valuation. At period end, the securities were valued by an independent pricing service and were considered a Level 2. Previously, they were valued using the last traded price due to a trading halt and considered a Level 3 valuation.

⁷During the period, the valuation of the common stock held in JNL/Invesco China-India Fund was transferred from a Level 3 valuation to a Level 2 valuation. At period end, the securities were valued by an independent pricing service and were considered a Level 2. Previously, they were valued using the last traded price due to a trading halt and considered a Level 3 valuation.

⁸During the period, the valuation of the common stocks held in JNL/Invesco International Growth Fund were transferred from a Level 3 valuation to a Level 2 valuation. At period end, the securities were valued by an independent pricing service and were considered a Level 2 valuation. Previously they were valued using the last traded price due to a trading halt and considered a Level 3 valuation.

⁹During the period, the valuation of the common stocks held in JNL/RAFI^® Fundamental Europe Fund were transferred from a Level 3 valuation to a Level 2 valuation. At period end, the securities were valued by an independent pricing service and were considered a Level 2 valuation. Previously they were valued using the last traded price due to a trading halt and considered a Level 3 valuation.

¹⁰During the period, the valuation of the common stocks held in JNL/Westchester Capital Event Driven Fund were transferred from a Level 3 valuation to a Level 2 valuation. Previously they were valued using the last traded price due to a trading halt and considered a Level 3 valuation.

505

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

September 30, 2019

Significant changes in unobservable valuation inputs to a different amount might result in a significantly higher or lower fair value measurement than the one used in a security’s valuation. There were no significant transfers into or out of Level 3 for the period. There were no significant Level 3 valuations for which unobservable valuation inputs were developed at September 30, 2019.

Unfunded Commitments. Certain Funds may enter into certain credit agreements, all or a portion of which may be unfunded. The Fund is obligated to fund these loan commitments at the borrowers’ discretion. Unfunded loan commitments and funded portions of credit agreements are marked-to-market daily.

Sub-Adviser Affiliates. PPM America, Inc., an affiliate of JNAM, serves as Sub-Adviser for JNL/PPM America Floating Rate Income Fund, JNL/PPM America High Yield Bond Fund, JNL/PPM America Mid Cap Value Fund, JNL/PPM America Small Cap Value Fund, JNL/PPM America Total Return Fund and JNL/PPM America Value Equity Fund.

For additional information on the Funds' policies regarding valuation of investments and other significant accounting matters, please refer to the Funds' most recent annual or semi-annual report.

506