JNL SERIES TRUST FORM N-Q

JNL/Vanguard U.S. Stock Market Index Fund

INVESTMENT COMPANIES 100.0%

Domestic Equity 100.0%

Vanguard Growth Index Fund - Admiral Shares

Vanguard Large-Cap Index Fund - Admiral Shares

N-Q 1 d749239dnq.htm JNL SERIES TRUST FORM N-Q JNL SERIES TRUST FORM N-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT

INVESTMENT COMPANY

Investment Company Act file number: 811-08894

JNL Series Trust

(Exact name of registrant as specified in charter)

1 Corporate Way, Lansing, Michigan 48951

(Address of principal executive offices)

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

(Mailing Address)

Daniel W. Koors

Jackson National Asset Management, LLC

225 West Wacker Drive, Suite 1200

Chicago, Illinois 60606

(Name and Address of agent of service)

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

Date of fiscal year end: December 31

Date of reporting period: January 1, 2019 – March 31, 2019

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

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

Item 1. Schedule of Investments.

JNL Series Trust Master Feeder Funds and Funds of Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares			Value ($)
JNL/American Funds Balanced Fund
INVESTMENT COMPANIES 100.0%
Global Balanced 100.0%
	American Funds Insurance Series - Asset Allocation Fund - Class 1	52,313			1,219,947
	Total Investment Companies (cost $1,207,501)		1,219,947
Total Investments 100.0% (cost $1,207,501)			1,219,947
Other Assets and Liabilities, Net (0.0)%			(257)
Total Net Assets 100.0%				1,219,690


JNL/American Funds Blue Chip Income and Growth Fund
INVESTMENT COMPANIES 100.0%
Domestic Equity 100.0%
	American Funds Insurance Series - Blue Chip Income and Growth Fund - Class 1 (a)	236,446			3,244,037
	Total Investment Companies (cost $3,091,602)		3,244,037
Total Investments 100.0% (cost $3,091,602)			3,244,037
Other Assets and Liabilities, Net (0.0)%			(1,032)
Total Net Assets 100.0%				3,243,005

(a) Investment in affiliate.


JNL/American Funds Capital Income Builder Fund
INVESTMENT COMPANIES 100.0%
Global Balanced 100.0%
	American Funds Insurance Series - Capital Income Builder Fund - Class 1 (a)	4,978			50,181
	Total Investment Companies (cost $48,796)		50,181
Total Investments 100.0% (cost $48,796)			50,181
Other Assets and Liabilities, Net (0.0)%			(13)
Total Net Assets 100.0%				50,168

(a) Investment in affiliate.


JNL/American Funds Global Bond Fund
INVESTMENT COMPANIES 100.0%
Global Fixed Income 100.0%
	American Funds Insurance Series - Global Bond Fund - Class 1 (a)	42,730			500,364
	Total Investment Companies (cost $510,155)		500,364
Total Investments 100.0% (cost $510,155)			500,364
Other Assets and Liabilities, Net (0.0)%			(142)
Total Net Assets 100.0%				500,222

(a) Investment in affiliate.


JNL/American Funds Global Small Capitalization Fund
INVESTMENT COMPANIES 100.0%
Global Equity 100.0%
	American Funds Insurance Series - Global Small Capitalization Fund - Class 1 (a)	27,876			698,306
	Total Investment Companies (cost $676,863)		698,306
Total Investments 100.0% (cost $676,863)			698,306
Other Assets and Liabilities, Net (0.0)%			(205)
Total Net Assets 100.0%				698,101

(a) Investment in affiliate.


JNL/American Funds Growth-Income Fund
INVESTMENT COMPANIES 100.0%
Domestic Equity 100.0%
	American Funds Insurance Series - Growth-Income Fund - Class 1 (a)	136,661			6,972,452
	Total Investment Companies (cost $6,291,565)		6,972,452
Total Investments 100.0% (cost $6,291,565)			6,972,452
Other Assets and Liabilities, Net (0.0)%			(2,516)
Total Net Assets 100.0%				6,969,936

(a) Investment in affiliate.


		Shares			Value ($)
JNL/American Funds International Fund
INVESTMENT COMPANIES 100.0%
International Equity 100.0%
	American Funds Insurance Series - International Fund - Class 1 (a)	96,216			1,916,632
	Total Investment Companies (cost $1,890,285)		1,916,632
Total Investments 100.0% (cost $1,890,285)			1,916,632
Other Assets and Liabilities, Net (0.0)%			(675)
Total Net Assets 100.0%				1,915,957

(a) Investment in affiliate.


JNL/American Funds New World Fund
INVESTMENT COMPANIES 100.0%
Emerging Markets Equity 100.0%
	American Funds Insurance Series - New World Fund - Class 1 (a)	57,239			1,379,464
	Total Investment Companies (cost $1,286,545)		1,379,464
Total Investments 100.0% (cost $1,286,545)			1,379,464
Other Assets and Liabilities, Net (0.0)%			(501)
Total Net Assets 100.0%				1,378,963

(a) Investment in affiliate.


JNL/Vanguard Capital Growth Fund
INVESTMENT COMPANIES 100.0%
Domestic Equity 100.0%
	Vanguard Variable Insurance Fund - Capital Growth Portfolio (a)	9,610			340,758
	Total Investment Companies (cost $346,487)		340,758
Total Investments 100.0% (cost $346,487)			340,758
Other Assets and Liabilities, Net (0.0)%			(101)
Total Net Assets 100.0%				340,657

(a) Investment in affiliate.


JNL/Vanguard Equity Income Fund
INVESTMENT COMPANIES 100.0%
Domestic Equity 100.0%
	Vanguard Variable Insurance Fund - Equity Income Portfolio (a)	11,733			252,604
	Total Investment Companies (cost $267,721)		252,604
Total Investments 100.0% (cost $267,721)			252,604
Other Assets and Liabilities, Net (0.0)%			(74)
Total Net Assets 100.0%				252,530

(a) Investment in affiliate.


JNL/Vanguard International Fund
INVESTMENT COMPANIES 100.0%
International Equity 100.0%
	Vanguard Variable Insurance Fund - International Portfolio (a)	21,223			538,422
	Total Investment Companies (cost $586,081)		538,422
Total Investments 100.0% (cost $586,081)			538,422
Other Assets and Liabilities, Net (0.0)%			(159)
Total Net Assets 100.0%				538,263

(a) Investment in affiliate.


JNL/Vanguard Small Company Growth Fund
INVESTMENT COMPANIES 100.0%
Domestic Equity 100.0%
	Vanguard Variable Insurance Fund - Small Company Growth Portfolio (a)	13,808			292,737
	Total Investment Companies (cost $329,118)		292,737
Total Investments 100.0% (cost $329,118)			292,737
Other Assets and Liabilities, Net (0.0)%			(86)
Total Net Assets 100.0%				292,651

(a) Investment in affiliate.

JNL Series Trust Master Feeder Funds and Funds of Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares			Value ($)
JNL Institutional Alt 25 Fund
INVESTMENT COMPANIES 100.0%
Alternative 24.9%
	JNL Multi-Manager Alternative Fund - Class I (12.8%) (a)	14,119			144,582
	JNL/AQR Large Cap Relaxed Constraint Equity Fund - Class I (3.9%) (a)	1,154			13,866
	JNL/AQR Managed Futures Strategy Fund - Class I (15.6%) (a)	3,609			27,719
	JNL/BlackRock Global Long Short Credit Fund - Class I (16.0%) (a)	1,393			13,556
	JNL/Boston Partners Global Long Short Equity Fund - Class I (27.0%) (a)	11,617			115,710
	JNL/Eaton Vance Global Macro Absolute Return Advantage Fund - Class I (22.4%) (a)	5,885			54,787
	JNL/First State Global Infrastructure Fund - Class I (5.4%) (a)	3,821			55,403
	JNL/Heitman U.S. Focused Real Estate Fund - Class I (23.1%) (a)	3,812			41,669
	JNL/Invesco Global Real Estate Fund - Class I (1.0%) (a)	1,342			13,928
	JNL/JPMorgan Hedged Equity Fund - Class I (18.9%) (a)	2,764			27,360
	JNL/Neuberger Berman Currency Fund - Class I (28.0%) (a)	2,772			27,305
	JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund - Class I (28.9%) (a)	3,165			34,242
	JNL/Nicholas Convertible Arbitrage Fund - Class I (17.8%) (a)	2,667			27,495
	JNL/PPM America Long Short Credit Fund - Class I (25.3%) (a)	2,354			20,437
	JNL/Westchester Capital Event Driven Fund - Class I (27.8%) (a)	6,670			69,168
			687,227
Domestic Equity 26.5%
	JNL Multi-Manager Mid Cap Fund - Class I (11.3%) (a)	9,809			125,061
	JNL Multi-Manager Small Cap Growth Fund - Class I (1.5%) (a)	1,157			34,789
	JNL Multi-Manager Small Cap Value Fund - Class I (3.9%) (a)	3,714			47,434
	JNL/DFA U.S. Small Cap Fund - Class I (9.8%) (a)	1,440			12,042
	JNL/DoubleLine Shiller Enhanced CAPE Fund - Class I (7.3%) (a)	8,167			118,265
	JNL/Morningstar Wide Moat Index Fund - Class I (21.1%) (a)	10,480			110,351
	JNL/T. Rowe Price Established Growth Fund - Class I (1.2%) (a)	2,585			118,104
	JNL/T. Rowe Price Value Fund - Class I (2.7%) (a)	7,276			117,870
	JNL/The London Company Focused U.S. Equity Fund - Class I (62.7%) (a)	3,598			48,541
			732,457
Domestic Fixed Income 20.3%
	JNL/Crescent High Income Fund - Class I (7.3%) (a)	4,639			48,203
	JNL/DoubleLine Core Fixed Income Fund - Class I (2.6%) (a)	6,902			96,282
	JNL/DoubleLine Total Return Fund - Class I (7.9%) (a)	18,194			198,131
	JNL/PIMCO Income Fund - Class I (6.9%) (a)	8,377			87,535
	JNL/PIMCO Real Return Fund - Class I (1.5%) (a)	2,725			27,550
	JNL/PPM America Total Return Fund - Class I (5.9%) (a)	5,761			68,954
	JNL/Scout Unconstrained Bond Fund - Class I (9.0%) (a)	3,492			34,253
			560,908
Emerging Markets Equity 5.5%
	JNL/GQG Emerging Markets Equity Fund - Class I (15.5%) (a)	7,688			76,879
	JNL/Lazard Emerging Markets Fund - Class I (4.1%) (a)	3,379			33,524
	JNL/Oppenheimer Emerging Markets Innovator Fund - Class I (8.2%) (a)	4,124			41,943
			152,346
Emerging Markets Fixed Income 3.0%
	JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I (15.6%) (a)	7,519			82,786
		Shares			Value ($)
Global Equity 5.4%
	JNL/Harris Oakmark Global Equity Fund - Class I (11.1%) (a)	9,270			94,928
	JNL/Loomis Sayles Global Growth Fund - Class I (20.6%) (a)	5,353			55,880
			150,808
Global Fixed Income 2.4%
	JNL/Franklin Templeton Global Multisector Bond Fund - Class I (4.3%) (a)	6,040			67,406
International Equity 12.0%
	JNL Multi-Manager International Small Cap Fund - Class I (20.4%) (a)	5,974			55,435
	JNL/Causeway International Value Select Fund - Class I (9.1%) (a)	8,687			136,296
	JNL/WCM Focused International Equity Fund - Class I (10.3%) (a)	9,554			139,588
			331,319
	Total Investment Companies (cost $2,751,790)		2,765,257
Total Investments 100.0% (cost $2,751,790)			2,765,257
Other Assets and Liabilities, Net (0.0)%			(669)
Total Net Assets 100.0%				2,764,588

(a) The Fund's percentage ownership of the underlying affiliated fund at March 31, 2019 is presented parenthetically. The Fund does not invest in the underlying affiliated funds for the purpose of exercising management or control.


JNL Institutional Alt 50 Fund
INVESTMENT COMPANIES 100.0%
Alternative 50.0%
	JNL Multi-Manager Alternative Fund - Class I (22.7%) (a)	25,112		257,149
	JNL/AQR Large Cap Relaxed Constraint Equity Fund - Class I (3.3%) (a)	976		11,734
	JNL/AQR Managed Futures Strategy Fund - Class I (19.8%) (a)	4,583		35,194
	JNL/BlackRock Global Long Short Credit Fund - Class I (27.6%) (a)	2,399		23,343
	JNL/Boston Partners Global Long Short Equity Fund - Class I (44.8%) (a)	19,246		191,693
	JNL/Eaton Vance Global Macro Absolute Return Advantage Fund - Class I (47.7%) (a)	12,508		116,448
	JNL/First State Global Infrastructure Fund - Class I (10.2%) (a)	7,264		105,331
	JNL/Heitman U.S. Focused Real Estate Fund - Class I (29.3%) (a)	4,832		52,814
	JNL/Invesco Global Real Estate Fund - Class I (0.8%) (a)	1,132		11,751
	JNL/JPMorgan Hedged Equity Fund - Class I (40.2%) (a)	5,884		58,250
	JNL/Neuberger Berman Currency Fund - Class I (47.8%) (a)	4,726		46,553
	JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund - Class I (48.8%) (a)	5,355		57,944
	JNL/Nicholas Convertible Arbitrage Fund - Class I (30.1%) (a)	4,529		46,692
	JNL/PPM America Long Short Credit Fund - Class I (43.4%) (a)	4,036		35,036
	JNL/Westchester Capital Event Driven Fund - Class I (47.1%) (a)	11,319		117,380
			1,167,312
Domestic Equity 15.8%
	JNL Multi-Manager Mid Cap Fund - Class I (5.8%) (a)	5,076		64,722
	JNL Multi-Manager Small Cap Growth Fund - Class I (0.8%) (a)	585		17,606
	JNL Multi-Manager Small Cap Value Fund - Class I (1.9%) (a)	1,796		22,937
	JNL/DoubleLine Shiller Enhanced CAPE Fund - Class I (4.3%) (a)	4,864		70,424
	JNL/Morningstar Wide Moat Index Fund - Class I (12.3%) (a)	6,097		64,198
	JNL/T. Rowe Price Established Growth Fund - Class I (0.7%) (a)	1,414		64,603
	JNL/T. Rowe Price Value Fund - Class I (1.5%) (a)	3,986		64,571
			369,061
Domestic Fixed Income 16.8%
	JNL/Crescent High Income Fund - Class I (3.6%) (a)	2,252		23,394

JNL Series Trust Master Feeder Funds and Funds of Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares			Value ($)
	JNL/DoubleLine Core Fixed Income Fund - Class I (1.9%) (a)	5,027			70,125
	JNL/DoubleLine Total Return Fund - Class I (6.1%) (a)	13,952			151,932
	JNL/PIMCO Income Fund - Class I (4.6%) (a)	5,591			58,424
	JNL/PIMCO Real Return Fund - Class I (1.0%) (a)	1,736			17,552
	JNL/PPM America Total Return Fund - Class I (4.0%) (a)	3,911			46,817
	JNL/Scout Unconstrained Bond Fund - Class I (6.2%) (a)	2,381			23,354
			391,598
Emerging Markets Equity 3.5%
	JNL/GQG Emerging Markets Equity Fund - Class I (8.3%) (a)	4,129			41,288
	JNL/Lazard Emerging Markets Fund - Class I (2.1%) (a)	1,739			17,253
	JNL/Oppenheimer Emerging Markets Innovator Fund - Class I (4.6%) (a)	2,323			23,623
			82,164
Emerging Markets Fixed Income 2.2%
	JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I (9.9%) (a)	4,780			52,623
Global Equity 3.5%
	JNL/Harris Oakmark Global Equity Fund - Class I (6.0%) (a)	5,032			51,529
	JNL/Loomis Sayles Global Growth Fund - Class I (10.8%) (a)	2,821			29,455
			80,984
Global Fixed Income 2.0%
	JNL/Franklin Templeton Global Multisector Bond Fund - Class I (3.0%) (a)	4,143			46,232
International Equity 6.2%
	JNL Multi-Manager International Small Cap Fund - Class I (10.7%) (a)	3,151			29,246
	JNL/Causeway International Value Select Fund - Class I (3.8%) (a)	3,653			57,313
	JNL/WCM Focused International Equity Fund - Class I (4.4%) (a)	4,035			58,950
			145,509
	Total Investment Companies (cost $2,330,093)		2,335,483
Total Investments 100.0% (cost $2,330,093)			2,335,483
Other Assets and Liabilities, Net (0.0)%			(594)
Total Net Assets 100.0%				2,334,889


JNL/American Funds Moderate Growth Allocation Fund
INVESTMENT COMPANIES 99.9%
Domestic Equity 30.2%
	American Funds Insurance Series - Blue Chip Income and Growth Fund - Class 1	18,062			247,814
	American Funds Insurance Series - Growth Fund - Class 1	2,026			160,751
	American Funds Insurance Series - Growth-Income Fund - Class 1	5,639			287,694
			696,259
Domestic Fixed Income 36.9%
	American Funds American High-Income Trust - Class R-6	5,652			57,254
	American Funds Bond Fund of America - Class R-6	42,939			552,197
	American Funds Inflation Linked Bond Fund - Class R-6	3,576			34,478
	American Funds Intermediate Bond Fund of America - Class R-6	6,845			91,580
	American Funds Mortgage Fund - Class R-6	11,484			115,181
			850,690
Emerging Markets Equity 4.5%
	American Funds New World Fund - Class R-6	1,590			103,736
Emerging Markets Fixed Income 4.0%
	American Funds Emerging Markets Bond Fund - Class R-6 (a)	9,449			90,994
		Shares			Value ($)
Global Equity 19.3%
	American Funds Capital World Growth and Income Fund - Class R-6	1,087			51,945
	American Funds Insurance Series - Global Growth Fund - Class 1	5,417			161,550
	American Funds Insurance Series - Global Small Capitalization Fund - Class 1	4,604			115,329
	American Funds Insurance Series - International Growth and Income Fund - Class 1 (a)	6,710			114,940
			443,764
International Equity 5.0%
	American Funds Insurance Series - International Fund - Class 1	5,784			115,215
	Total Investment Companies (cost $2,232,351)		2,300,658
Total Investments 99.9% (cost $2,232,351)			2,300,658
Other Assets and Liabilities, Net 0.1%			1,775
Total Net Assets 100.0%				2,302,433

(a) Investment in affiliate.


JNL/American Funds Growth Allocation Fund
INVESTMENT COMPANIES 100.0%
Domestic Equity 39.0%
	American Funds Insurance Series - Growth Fund - Class 1	3,505			278,146
	American Funds Insurance Series - Growth-Income Fund - Class 1	7,576			386,522
	American Washington Mutual Investors Fund - Class R-6	7,150			322,744
			987,412
Domestic Fixed Income 18.9%
	American Funds American High-Income Trust - Class R-6	3,111			31,512
	American Funds Bond Fund of America - Class R-6	26,474			340,457
	American Funds Intermediate Bond Fund of America - Class R-6	3,762			50,341
	American Funds Mortgage Fund - Class R-6	5,655			56,716
			479,026
Emerging Markets Equity 7.3%
	American Funds New World Fund - Class R-6	2,826			184,350
Emerging Markets Fixed Income 2.5%
	American Funds Emerging Markets Bond Fund - Class R-6 (a)	6,515			62,742
Global Equity 27.3%
	American Funds Capital World Growth and Income Fund - Class R-6	3,061			146,317
	American Funds Insurance Series - Global Growth Fund - Class 1	8,323			248,190
	American Funds Insurance Series - Global Small Capitalization Fund - Class 1	6,829			171,057
	American Funds Insurance Series - International Growth and Income Fund - Class 1 (a)	7,391			126,606
			692,170
International Equity 5.0%
	American Funds Insurance Series - International Fund - Class 1	6,380			127,082
	Total Investment Companies (cost $2,442,762)		2,532,782
Total Investments 100.0% (cost $2,442,762)			2,532,782
Other Assets and Liabilities, Net 0.0%			638
Total Net Assets 100.0%				2,533,420

(a) Investment in affiliate.


JNL/DFA Growth Allocation Fund
INVESTMENT COMPANIES 100.0%
Alternative 4.0%
	DFA International Real Estate Securities Portfolio - Institutional Class	727		3,714
	DFA Real Estate Securities Portfolio - Institutional Class	99		3,779
			7,493
Domestic Equity 46.1%
	DFA Enhanced U.S. Large Company Portfolio - Institutional Class	858		11,169

JNL Series Trust Master Feeder Funds and Funds of Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares			Value ($)
	DFA U.S. Large Cap Value Portfolio - Institutional Class	364			12,901
	DFA U.S. Large Company Portfolio - Institutional Class	1,958			42,779
	DFA U.S. Small Cap Portfolio - Institutional Class	276			9,220
	DFA U.S. Targeted Value Portfolio - Institutional Class	415			9,199
			85,268
Domestic Fixed Income 20.6%
	DFA Intermediate Term Extended Quality Portfolio - Institutional Class	438			4,671
	DFA Investment Grade Portfolio - Institutional Class	2,408			26,101
	DFA Short-Duration Real Return Portfolio - Institutional Class	-			-
	DFA Short-Term Extended Quality Portfolio - Institutional Class	690			7,421
			38,193
Emerging Markets Equity 11.4%
	DFA Emerging Markets Portfolio - Institutional Class	496			13,828
	DFA Emerging Markets Small Cap Portfolio - Institutional Class	361			7,353
			21,181
International Equity 17.9%
	DFA International Core Equity Portfolio - Institutional Class	2,575			33,086
	Total Investment Companies (cost $185,701)		185,221
Total Investments 100.0% (cost $185,701)			185,221
Other Assets and Liabilities, Net (0.0)%			(58)
Total Net Assets 100.0%				185,163


JNL/DFA Moderate Growth Allocation Fund
INVESTMENT COMPANIES 100.0%
Alternative 2.0%
	DFA International Real Estate Securities Portfolio - Institutional Class	274			1,402
	DFA Real Estate Securities Portfolio - Institutional Class	37			1,421
			2,823
Domestic Equity 35.5%
	DFA Enhanced U.S. Large Company Portfolio - Institutional Class	514			6,683
	DFA U.S. Large Cap Value Portfolio - Institutional Class	208			7,383
	DFA U.S. Large Company Portfolio - Institutional Class	1,144			24,990
	DFA U.S. Small Cap Portfolio - Institutional Class	158			5,277
	DFA U.S. Targeted Value Portfolio - Institutional Class	254			5,624
			49,957
Domestic Fixed Income 40.6%
	DFA Intermediate Term Extended Quality Portfolio - Institutional Class	1,058			11,278
	DFA Investment Grade Portfolio - Institutional Class	3,117			33,788
	DFA Short-Duration Real Return Portfolio - Institutional Class	213			2,101
	DFA Short-Term Extended Quality Portfolio - Institutional Class	914			9,819
			56,986
Emerging Markets Equity 8.0%
	DFA Emerging Markets Portfolio - Institutional Class	251			7,013
	DFA Emerging Markets Small Cap Portfolio - Institutional Class	206			4,201
			11,214
International Equity 13.9%
	DFA International Core Equity Portfolio - Institutional Class	1,523			19,568
	Total Investment Companies (cost $141,823)		140,548
Total Investments 100.0% (cost $141,823)			140,548
Other Assets and Liabilities, Net (0.0)%			(45)
Total Net Assets 100.0%				140,503


		Shares		Value ($)
JNL Moderate Growth Allocation Fund
INVESTMENT COMPANIES 100.0%
Alternative 4.5%
	JNL Multi-Manager Alternative Fund - Class I (4.6%) (a)	5,044		51,654
	JNL/Boston Partners Global Long Short Equity Fund - Class I (2.7%) (a)	1,139		11,348
	JNL/First State Global Infrastructure Fund - Class I (1.7%) (a)	1,208		17,508
	JNL/Heitman U.S. Focused Real Estate Fund - Class I (12.9%) (a)	2,134		23,320
			103,830
Domestic Balanced 10.3%
	JNL/FPA + DoubleLine Flexible Allocation Fund - Class I (4.7%) (a)	6,624		81,148
	JNL/T. Rowe Price Capital Appreciation Fund - Class I (3.6%) (a)	10,119		157,450
			238,598
Domestic Equity 24.3%
	JNL Multi-Manager Mid Cap Fund - Class I (11.0%) (a)	9,561		121,902
	JNL Multi-Manager Small Cap Growth Fund - Class I (1.5%) (a)	1,163		34,986
	JNL Multi-Manager Small Cap Value Fund - Class I (3.3%) (a)	3,110		39,719
	JNL/DoubleLine Shiller Enhanced CAPE Fund - Class I (5.4%) (a)	6,070		87,892
	JNL/Morningstar Wide Moat Index Fund - Class I (16.5%) (a)	8,205		86,400
	JNL/T. Rowe Price Established Growth Fund - Class I (0.9%) (a)	2,044		93,372
	JNL/T. Rowe Price Value Fund - Class I (2.2%) (a)	6,111		98,998
			563,269
Domestic Fixed Income 28.9%
	JNL/Crescent High Income Fund - Class I (8.8%) (a)	5,546		57,625
	JNL/DoubleLine Core Fixed Income Fund - Class I (3.3%) (a)	8,684		121,148
	JNL/DoubleLine Total Return Fund - Class I (8.3%) (a)	19,068		207,651
	JNL/PIMCO Income Fund - Class I (6.4%) (a)	7,724		80,718
	JNL/PIMCO Investment Grade Corporate Bond Fund - Class I (13.7%) (a)	5,508		63,836
	JNL/PIMCO Real Return Fund - Class I (1.6%) (a)	2,861		28,919
	JNL/PPM America Total Return Fund - Class I (6.4%) (a)	6,280		75,170
	JNL/Scout Unconstrained Bond Fund - Class I (9.1%) (a)	3,523		34,565
			669,632
Emerging Markets Equity 6.5%
	JNL/GQG Emerging Markets Equity Fund - Class I (14.2%) (a)	7,056		70,559
	JNL/Lazard Emerging Markets Fund - Class I (4.2%) (a)	3,397		33,697
	JNL/Oppenheimer Emerging Markets Innovator Fund - Class I (9.2%) (a)	4,628		47,067
			151,323
Emerging Markets Fixed Income 3.3%
	JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I (14.2%) (a)	6,831		75,205
Global Equity 4.7%
	JNL/Harris Oakmark Global Equity Fund - Class I (7.3%) (a)	6,112		62,583
	JNL/Loomis Sayles Global Growth Fund - Class I (17.4%) (a)	4,514		47,128
			109,711
Global Fixed Income 3.2%
	JNL/Franklin Templeton Global Multisector Bond Fund - Class I (4.7%) (a)	6,575		73,380
International Equity 14.3%
	JNL Multi-Manager International Small Cap Fund - Class I (15.0%) (a)	4,394		40,777
	JNL/Causeway International Value Select Fund - Class I (9.5%) (a)	9,116		143,032

JNL Series Trust Master Feeder Funds and Funds of Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares			Value ($)
	JNL/WCM Focused International Equity Fund - Class I (10.9%) (a)	10,056			146,917
			330,726
	Total Investment Companies (cost $2,285,119)		2,315,674
Total Investments 100.0% (cost $2,285,119)			2,315,674
Other Assets and Liabilities, Net (0.0)%			(503)
Total Net Assets 100.0%				2,315,171


JNL Growth Allocation Fund
INVESTMENT COMPANIES 100.0%
Alternative 4.2%
	JNL Multi-Manager Alternative Fund - Class I (3.5%) (a)	3,902			39,954
	JNL/Boston Partners Global Long Short Equity Fund - Class I (2.6%) (a)	1,138			11,331
	JNL/First State Global Infrastructure Fund - Class I (2.3%) (a)	1,617			23,452
	JNL/Heitman U.S. Focused Real Estate Fund - Class I (13.0%) (a)	2,139			23,385
			98,122
Domestic Balanced 4.0%
	JNL/T. Rowe Price Capital Appreciation Fund - Class I (2.1%) (a)	6,044			94,044
Domestic Equity 37.4%
	JNL Multi-Manager Mid Cap Fund - Class I (16.4%) (a)	14,216			181,248
	JNL Multi-Manager Small Cap Growth Fund - Class I (1.8%) (a)	1,373			41,297
	JNL Multi-Manager Small Cap Value Fund - Class I (4.3%) (a)	4,018			51,313
	JNL/DoubleLine Shiller Enhanced CAPE Fund - Class I (9.1%) (a)	10,205			147,771
	JNL/Morningstar Wide Moat Index Fund - Class I (18.9%) (a)	9,367			98,633
	JNL/T. Rowe Price Established Growth Fund - Class I (1.4%) (a)	3,091			141,207
	JNL/T. Rowe Price Value Fund - Class I (3.3%) (a)	9,065			146,846
	JNL/The Boston Company Equity Income Fund - Class I (20.2%) (a)	4,037			63,951
			872,266
Domestic Fixed Income 13.4%
	JNL/Crescent High Income Fund - Class I (5.3%) (a)	3,330			34,597
	JNL/DoubleLine Core Fixed Income Fund - Class I (1.6%) (a)	4,140			57,755
	JNL/DoubleLine Total Return Fund - Class I (5.1%) (a)	11,663			127,008
	JNL/PIMCO Income Fund - Class I (4.1%) (a)	4,970			51,936
	JNL/PIMCO Investment Grade Corporate Bond Fund - Class I (8.8%) (a)	3,520			40,798
			312,094
Emerging Markets Equity 9.3%
	JNL/GQG Emerging Markets Equity Fund - Class I (20.3%) (a)	10,087			100,873
	JNL/Lazard Emerging Markets Fund - Class I (5.5%) (a)	4,492			44,561
	JNL/Oppenheimer Emerging Markets Innovator Fund - Class I (13.9%) (a)	7,002			71,211
			216,645
Emerging Markets Fixed Income 2.2%
	JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I (9.9%) (a)	4,743			52,219
Global Equity 7.7%
	JNL/Harris Oakmark Global Equity Fund - Class I (11.3%) (a)	9,497			97,251
	JNL/Loomis Sayles Global Growth Fund - Class I (30.6%) (a)	7,967			83,180
			180,431
Global Fixed Income 1.5%
	JNL/Franklin Templeton Global Multisector Bond Fund - Class I (2.2%) (a)	3,024			33,745
		Shares			Value ($)
International Equity 20.3%
	JNL Multi-Manager International Small Cap Fund - Class I (30.2%) (a)	8,865			82,265
	JNL/Causeway International Value Select Fund - Class I (12.7%) (a)	12,128			190,283
	JNL/WCM Focused International Equity Fund - Class I (14.9%) (a)	13,794			201,530
			474,078
	Total Investment Companies (cost $2,321,425)		2,333,644
Total Investments 100.0% (cost $2,321,425)			2,333,644
Other Assets and Liabilities, Net (0.0)%			(484)
Total Net Assets 100.0%				2,333,160


JNL Aggressive Growth Allocation Fund
INVESTMENT COMPANIES 100.0%
Alternative 4.0%
	JNL Multi-Manager Alternative Fund - Class I (1.6%) (a)	1,731		17,728
	JNL/Boston Partners Global Long Short Equity Fund - Class I (2.5%) (a)	1,079		10,744
	JNL/First State Global Infrastructure Fund - Class I (1.4%) (a)	1,007		14,595
	JNL/Heitman U.S. Focused Real Estate Fund - Class I (8.1%) (a)	1,333		14,565
			57,632
Domestic Equity 47.6%
	JNL Multi-Manager Mid Cap Fund - Class I (12.5%) (a)	10,889		138,832
	JNL Multi-Manager Small Cap Growth Fund - Class I (1.6%) (a)	1,218		36,642
	JNL Multi-Manager Small Cap Value Fund - Class I (3.5%) (a)	3,349		42,765
	JNL/DoubleLine Shiller Enhanced CAPE Fund - Class I (7.0%) (a)	7,839		113,503
	JNL/Morningstar Wide Moat Index Fund - Class I (13.9%) (a)	6,913		72,793
	JNL/T. Rowe Price Established Growth Fund - Class I (1.1%) (a)	2,485		113,529
	JNL/T. Rowe Price Value Fund - Class I (2.6%) (a)	7,215		116,879
	JNL/The Boston Company Equity Income Fund - Class I (18.4%) (a)	3,673		58,182
			693,125
Domestic Fixed Income 3.5%
	JNL/DoubleLine Total Return Fund - Class I (2.0%) (a)	4,649		50,624
Emerging Markets Equity 10.5%
	JNL/GQG Emerging Markets Equity Fund - Class I (14.1%) (a)	6,984		69,841
	JNL/Lazard Emerging Markets Fund - Class I (4.3%) (a)	3,543		35,148
	JNL/Oppenheimer Emerging Markets Innovator Fund - Class I (9.3%) (a)	4,702		47,823
			152,812
Emerging Markets Fixed Income 1.0%
	JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I (2.7%) (a)	1,317		14,500
Global Equity 10.7%
	JNL/Harris Oakmark Global Equity Fund - Class I (11.7%) (a)	9,775		100,094
	JNL/Loomis Sayles Global Growth Fund - Class I (20.3%) (a)	5,281		55,139
			155,233
International Equity 22.7%
	JNL Multi-Manager International Small Cap Fund - Class I (21.4%) (a)	6,289		58,362
	JNL/Causeway International Value Select Fund - Class I (8.8%) (a)	8,465		132,821

JNL Series Trust Master Feeder Funds and Funds of Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares			Value ($)
	JNL/WCM Focused International Equity Fund - Class I (10.3%) (a)	9,556			139,615
			330,798
	Total Investment Companies (cost $1,461,553)		1,454,724
Total Investments 100.0% (cost $1,461,553)			1,454,724
Other Assets and Liabilities, Net (0.0)%			(312)
Total Net Assets 100.0%				1,454,412


JNL/Franklin Templeton Founding Strategy Fund
INVESTMENT COMPANIES 100.0%
Domestic Balanced 33.4%
	JNL/Franklin Templeton Income Fund - Class I (18.6%) (a)	36,361			415,602
Global Equity 66.6%
	JNL/Franklin Templeton Global Fund - Class I (47.6%) (a)	40,872			411,580
	JNL/Franklin Templeton Mutual Shares Fund - Class I (40.1%) (a)	37,063			415,849
			827,429
	Total Investment Companies (cost $1,293,792)		1,243,031
Total Investments 100.0% (cost $1,293,792)			1,243,031
Other Assets and Liabilities, Net (0.0)%			(199)
Total Net Assets 100.0%				1,242,832


JNL/Mellon Capital 10 x 10 Fund
INVESTMENT COMPANIES 100.0%
Domestic Equity 80.0%
	JNL/Mellon Capital JNL 5 Fund - Class I (6.9%) (a)	14,268			217,585
	JNL/Mellon Capital S&P 400 MidCap Index Fund - Class I (1.4%) (a)	2,088			43,661
	JNL/Mellon Capital S&P 500 Index Fund - Class I (0.5%) (a)	1,927			43,771
	JNL/Mellon Capital Small Cap Index Fund - Class I (1.8%) (a)	2,365			42,992
			348,009
Domestic Fixed Income 10.0%
	JNL/Mellon Capital Bond Index Fund - Class I (3.8%) (a)	3,560			43,433
International Equity 10.0%
	JNL/Mellon Capital International Index Fund - Class I (2.5%) (a)	3,177			43,525
	Total Investment Companies (cost $427,400)		434,967
Total Investments 100.0% (cost $427,400)			434,967
Other Assets and Liabilities, Net (0.0)%			(63)
Total Net Assets 100.0%				434,904


JNL/Mellon Capital Index 5 Fund
INVESTMENT COMPANIES 100.0%
Domestic Equity 59.8%
	JNL/Mellon Capital S&P 400 MidCap Index Fund - Class I (6.0%) (a)	8,891			185,909
	JNL/Mellon Capital S&P 500 Index Fund - Class I (2.3%) (a)	8,251			187,388
	JNL/Mellon Capital Small Cap Index Fund - Class I (7.4%) (a)	9,945			180,797
			554,094
Domestic Fixed Income 20.1%
	JNL/Mellon Capital Bond Index Fund - Class I (16.2%) (a)	15,228			185,782
		Shares			Value ($)
International Equity 20.1%
	JNL/Mellon Capital International Index Fund - Class I (10.5%) (a)	13,578			186,015
	Total Investment Companies (cost $931,585)		925,891
Total Investments 100.0% (cost $931,585)			925,891
Other Assets and Liabilities, Net (0.0)%			(126)
Total Net Assets 100.0%				925,765


JNL/S&P 4 Fund
INVESTMENT COMPANIES 100.0%
Domestic Equity 100.0%
	JNL/S&P Competitive Advantage Fund - Class I (61.6%) (a)	90,055			1,629,987
	JNL/S&P Dividend Income & Growth Fund - Class I (32.1%) (a)	105,502			1,614,185
	JNL/S&P Intrinsic Value Fund - Class I (66.2%) (a)	107,124			1,590,787
	JNL/S&P Total Yield Fund - Class I (78.6%) (a)	123,364			1,608,671
	Total Investment Companies (cost $6,034,052)		6,443,630
Total Investments 100.0% (cost $6,034,052)			6,443,630
Other Assets and Liabilities, Net (0.0)%			(853)
Total Net Assets 100.0%				6,442,777


JNL/S&P Managed Conservative Fund
INVESTMENT COMPANIES 100.0%
Alternative 3.0%
	JNL Multi-Manager Alternative Fund - Class I (3.3%) (a)	3,638		37,248
	JNL/Invesco Global Real Estate Fund - Class I (0.0%) (a)	4		43
			37,291
Domestic Equity 15.1%
	JNL Multi-Manager Mid Cap Fund - Class I (1.1%) (a)	978		12,475
	JNL Multi-Manager Small Cap Growth Fund - Class I (0.5%) (a)	412		12,390
	JNL Multi-Manager Small Cap Value Fund - Class I (1.0%) (a)	955		12,198
	JNL/ClearBridge Large Cap Growth Fund - Class I (1.7%) (a)	988		12,423
	JNL/DFA U.S. Core Equity Fund - Class I (2.0%) (a)	1,668		24,821
	JNL/Invesco Diversified Dividend Fund - Class I (2.3%) (a)	1,166		12,435
	JNL/JPMorgan MidCap Growth Fund - Class I (1.1%) (a)	673		24,921
	JNL/MFS Mid Cap Value Fund - Class I (0.9%) (a)	1,067		12,407
	JNL/T. Rowe Price Established Growth Fund - Class I (0.3%) (a)	543		24,823
	JNL/T. Rowe Price Value Fund - Class I (0.8%) (a)	2,303		37,316
	JNL/WMC Value Fund - Class I (0.2%) (a)	126		2,707
			188,916
Domestic Fixed Income 67.0%
	JNL/Crescent High Income Fund - Class I (5.7%) (a)	3,597		37,373
	JNL/DoubleLine Core Fixed Income Fund - Class I (1.7%) (a)	4,469		62,340
	JNL/DoubleLine Total Return Fund - Class I (4.5%) (a)	10,304		112,206
	JNL/Goldman Sachs Core Plus Bond Fund - Class I (3.8%) (a)	3,169		37,491
	JNL/JPMorgan U.S. Government & Quality Bond Fund - Class I (4.5%) (a)	3,651		49,945
	JNL/PIMCO Income Fund - Class I (4.9%) (a)	5,954		62,214
	JNL/PIMCO Real Return Fund - Class I (5.6%) (a)	9,871		99,800
	JNL/PPM America Floating Rate Income Fund - Class I (1.5%) (a)	2,353		24,750
	JNL/PPM America High Yield Bond Fund - Class I (2.6%) (a)	4,083		62,395
	JNL/PPM America Low Duration Bond Fund - Class I (12.5%) (a)	8,534		87,134

JNL Series Trust Master Feeder Funds and Funds of Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares			Value ($)
	JNL/PPM America Total Return Fund - Class I (7.5%) (a)	7,306			87,458
	JNL/Scout Unconstrained Bond Fund - Class I (6.6%) (a)	2,539			24,907
	JNL/T. Rowe Price Short-Term Bond Fund - Class I (5.2%) (a)	8,698			87,156
			835,169
Emerging Markets Fixed Income 2.0%
	JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I (2.4%) (a)	1,132			12,463
	JNL/Goldman Sachs Emerging Markets Debt Fund - Class I (4.4%) (a)	1,109			12,252
			24,715
Global Equity 1.0%
	JNL/Oppenheimer Global Growth Fund - Class I (0.5%) (a)	667			12,376
Global Fixed Income 8.9%
	JNL/Franklin Templeton Global Multisector Bond Fund - Class I (5.5%) (a)	7,682			85,728
	JNL/Neuberger Berman Strategic Income Fund - Class I (3.5%) (a)	2,234			24,908
			110,636
International Equity 3.0%
	JNL/Causeway International Value Select Fund - Class I (0.8%) (a)	771			12,093
	JNL/Invesco International Growth Fund - Class I (1.0%) (a)	882			12,428
	JNL/WCM Focused International Equity Fund - Class I (0.9%) (a)	856			12,505
			37,026
	Total Investment Companies (cost $1,229,408)		1,246,129
Total Investments 100.0% (cost $1,229,408)			1,246,129
Other Assets and Liabilities, Net (0.0)%			(305)
Total Net Assets 100.0%				1,245,824


JNL/S&P Managed Moderate Fund
INVESTMENT COMPANIES 100.0%
Alternative 3.4%
	JNL Multi-Manager Alternative Fund - Class I (8.2%) (a)	9,076			92,940
	JNL/Invesco Global Real Estate Fund - Class I (0.7%) (a)	913			9,474
			102,414
Domestic Equity 30.9%
	JNL Multi-Manager Mid Cap Fund - Class I (3.0%) (a)	2,591			33,036
	JNL Multi-Manager Small Cap Growth Fund - Class I (1.4%) (a)	1,100			33,081
	JNL Multi-Manager Small Cap Value Fund - Class I (2.7%) (a)	2,565			32,751
	JNL/BlackRock Large Cap Select Growth Fund - Class I (0.9%) (a)	798			33,166
	JNL/ClearBridge Large Cap Growth Fund - Class I (7.1%) (a)	4,149			52,199
	JNL/DFA U.S. Core Equity Fund - Class I (2.5%) (a)	2,132			31,731
	JNL/Invesco Diversified Dividend Fund - Class I (17.6%) (a)	8,957			95,482
	JNL/Invesco Small Cap Growth Fund - Class I (1.5%) (a)	1,201			31,284
	JNL/JPMorgan MidCap Growth Fund - Class I (3.0%) (a)	1,844			68,285
	JNL/MFS Mid Cap Value Fund - Class I (1.8%) (a)	2,044			23,772
	JNL/T. Rowe Price Established Growth Fund - Class I (2.6%) (a)	5,723			261,407
	JNL/T. Rowe Price Value Fund - Class I (4.3%) (a)	11,855			192,047
	JNL/WMC Value Fund - Class I (2.4%) (a)	1,513			32,551
			920,792
Domestic Fixed Income 46.8%
	JNL/Crescent High Income Fund - Class I (14.2%) (a)	8,990			93,411
	JNL/DoubleLine Core Fixed Income Fund - Class I (2.1%) (a)	5,576			77,789
		Shares			Value ($)
	JNL/DoubleLine Total Return Fund - Class I (8.8%) (a)	20,156			219,494
	JNL/JPMorgan U.S. Government & Quality Bond Fund - Class I (7.0%) (a)	5,671			77,573
	JNL/PIMCO Income Fund - Class I (7.0%) (a)	8,477			88,589
	JNL/PIMCO Real Return Fund - Class I (10.5%) (a)	18,464			186,676
	JNL/PPM America High Yield Bond Fund - Class I (5.3%) (a)	8,186			125,086
	JNL/PPM America Low Duration Bond Fund - Class I (25.3%) (a)	17,296			176,589
	JNL/PPM America Total Return Fund - Class I (13.5%) (a)	13,157			157,484
	JNL/Scout Unconstrained Bond Fund - Class I (11.9%) (a)	4,600			45,122
	JNL/T. Rowe Price Short-Term Bond Fund - Class I (8.5%) (a)	14,396			144,244
			1,392,057
Emerging Markets Equity 1.5%
	JNL/Lazard Emerging Markets Fund - Class I (3.7%) (a)	3,024			29,995
	JNL/Oppenheimer Emerging Markets Innovator Fund - Class I (2.7%) (a)	1,380			14,037
			44,032
Emerging Markets Fixed Income 2.1%
	JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I (6.0%) (a)	2,871			31,613
	JNL/Goldman Sachs Emerging Markets Debt Fund - Class I (10.9%) (a)	2,768			30,590
			62,203
Global Equity 1.3%
	JNL/Oppenheimer Global Growth Fund - Class I (1.5%) (a)	2,042			37,885
Global Fixed Income 8.7%
	JNL/Franklin Templeton Global Multisector Bond Fund - Class I (13.8%) (a)	19,394			216,432
	JNL/Neuberger Berman Strategic Income Fund - Class I (5.9%) (a)	3,746			41,768
			258,200
International Equity 5.3%
	JNL/Causeway International Value Select Fund - Class I (2.0%) (a)	1,930			30,288
	JNL/Invesco International Growth Fund - Class I (2.9%) (a)	2,449			34,509
	JNL/Lazard International Strategic Equity Fund - Class I (14.2%) (a)	1,853			24,626
	JNL/WCM Focused International Equity Fund - Class I (5.0%) (a)	4,674			68,289
			157,712
	Total Investment Companies (cost $2,919,876)		2,975,295
Total Investments 100.0% (cost $2,919,876)			2,975,295
Other Assets and Liabilities, Net (0.0)%			(667)
Total Net Assets 100.0%				2,974,628


JNL/S&P Managed Moderate Growth Fund
INVESTMENT COMPANIES 100.0%
Alternative 4.0%
	JNL Multi-Manager Alternative Fund - Class I (15.8%) (a)	17,509		179,288
	JNL/Invesco Global Real Estate Fund - Class I (3.7%) (a)	5,156		53,520
			232,808
Domestic Equity 45.1%
	JNL Multi-Manager Mid Cap Fund - Class I (10.6%) (a)	9,245		117,875
	JNL Multi-Manager Small Cap Growth Fund - Class I (3.3%) (a)	2,556		76,880
	JNL Multi-Manager Small Cap Value Fund - Class I (9.8%) (a)	9,273		118,419
	JNL/BlackRock Large Cap Select Growth Fund - Class I (5.9%) (a)	5,235		217,452

JNL Series Trust Master Feeder Funds and Funds of Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares			Value ($)
	JNL/ClearBridge Large Cap Growth Fund - Class I (18.1%) (a)	10,596			133,300
	JNL/Invesco Diversified Dividend Fund - Class I (25.2%) (a)	12,851			136,995
	JNL/Invesco Small Cap Growth Fund - Class I (3.0%) (a)	2,378			61,948
	JNL/JPMorgan MidCap Growth Fund - Class I (6.6%) (a)	4,012			148,573
	JNL/MFS Mid Cap Value Fund - Class I (3.6%) (a)	4,226			49,142
	JNL/PPM America Mid Cap Value Fund - Class I (4.7%) (a)	2,223			28,407
	JNL/T. Rowe Price Established Growth Fund - Class I (7.7%) (a)	16,669			761,449
	JNL/T. Rowe Price Value Fund - Class I (13.2%) (a)	36,101			584,838
	JNL/WMC Value Fund - Class I (14.1%) (a)	8,960			192,820
			2,628,098
Domestic Fixed Income 31.1%
	JNL/Crescent High Income Fund - Class I (18.7%) (a)	11,835			122,961
	JNL/DoubleLine Core Fixed Income Fund - Class I (1.9%) (a)	5,105			71,220
	JNL/DoubleLine Total Return Fund - Class I (7.2%) (a)	16,546			180,181
	JNL/Goldman Sachs Core Plus Bond Fund - Class I (5.6%) (a)	4,632			54,797
	JNL/JPMorgan U.S. Government & Quality Bond Fund - Class I (7.1%) (a)	5,759			78,789
	JNL/PIMCO Income Fund - Class I (11.5%) (a)	13,883			145,074
	JNL/PIMCO Real Return Fund - Class I (12.7%) (a)	22,322			225,675
	JNL/PPM America High Yield Bond Fund - Class I (7.7%) (a)	11,869			181,364
	JNL/PPM America Low Duration Bond Fund - Class I (39.6%) (a)	27,074			276,421
	JNL/PPM America Total Return Fund - Class I (15.6%) (a)	15,193			181,865
	JNL/Scout Unconstrained Bond Fund - Class I (19.9%) (a)	7,675			75,293
	JNL/T. Rowe Price Short-Term Bond Fund - Class I (12.8%) (a)	21,529			215,723
			1,809,363
Emerging Markets Equity 2.8%
	JNL/GQG Emerging Markets Equity Fund - Class I (4.9%) (a)	2,442			24,419
	JNL/Lazard Emerging Markets Fund - Class I (7.1%) (a)	5,831			57,841
	JNL/Oppenheimer Emerging Markets Innovator Fund - Class I (15.5%) (a)	7,835			79,682
			161,942
Emerging Markets Fixed Income 2.1%
	JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I (11.5%) (a)	5,519			60,768
	JNL/Goldman Sachs Emerging Markets Debt Fund - Class I (20.8%) (a)	5,301			58,578
			119,346
Global Equity 3.5%
	JNL/Oppenheimer Global Growth Fund - Class I (8.1%) (a)	11,122			206,317
Global Fixed Income 5.1%
	JNL/Franklin Templeton Global Multisector Bond Fund - Class I (19.0%) (a)	26,653			297,449
International Equity 6.3%
	JNL/Causeway International Value Select Fund - Class I (6.3%) (a)	6,023			94,506
	JNL/Invesco International Growth Fund - Class I (6.4%) (a)	5,366			75,604
	JNL/Lazard International Strategic Equity Fund - Class I (18.0%) (a)	2,350			31,227
	JNL/WCM Focused International Equity Fund - Class I (12.3%) (a)	11,361			165,978
			367,315
	Total Investment Companies (cost $5,697,347)		5,822,638
Total Investments 100.0% (cost $5,697,347)			5,822,638
Other Assets and Liabilities, Net (0.0)%			(1,237)
Total Net Assets 100.0%				5,821,401
		Shares			Value ($)


JNL/S&P Managed Growth Fund
INVESTMENT COMPANIES 100.0%
Alternative 3.8%
	JNL Multi-Manager Alternative Fund - Class I (13.7%) (a)	15,140		155,031
	JNL/Invesco Global Real Estate Fund - Class I (3.6%) (a)	4,931		51,184
			206,215
Domestic Equity 61.1%
	JNL Multi-Manager Mid Cap Fund - Class I (9.4%) (a)	8,186		104,374
	JNL Multi-Manager Small Cap Growth Fund - Class I (5.5%) (a)	4,239		127,497
	JNL Multi-Manager Small Cap Value Fund - Class I (9.1%) (a)	8,608		109,927
	JNL/BlackRock Large Cap Select Growth Fund - Class I (11.1%) (a)	9,914		411,828
	JNL/ClearBridge Large Cap Growth Fund - Class I (27.6%) (a)	16,205		203,865
	JNL/Invesco Diversified Dividend Fund - Class I (24.2%) (a)	12,342		131,569
	JNL/Invesco Small Cap Growth Fund - Class I (2.7%) (a)	2,128		55,437
	JNL/JPMorgan MidCap Growth Fund - Class I (5.8%) (a)	3,535		130,888
	JNL/MFS Mid Cap Value Fund - Class I (4.8%) (a)	5,571		64,786
	JNL/PPM America Mid Cap Value Fund - Class I (2.7%) (a)	1,275		16,299
	JNL/T. Rowe Price Established Growth Fund - Class I (8.0%) (a)	17,332		791,751
	JNL/T. Rowe Price Mid-Cap Growth Fund - Class I (3.7%) (a)	4,364		227,303
	JNL/T. Rowe Price Value Fund - Class I (15.6%) (a)	42,522		688,864
	JNL/WMC Value Fund - Class I (16.5%) (a)	10,493		225,811
			3,290,199
Domestic Fixed Income 16.0%
	JNL/Crescent High Income Fund - Class I (16.2%) (a)	10,270		106,706
	JNL/DoubleLine Core Fixed Income Fund - Class I (0.2%) (a)	431		6,011
	JNL/DoubleLine Total Return Fund - Class I (2.1%) (a)	4,894		53,301
	JNL/PIMCO Income Fund - Class I (8.7%) (a)	10,529		110,024
	JNL/PIMCO Real Return Fund - Class I (6.4%) (a)	11,194		113,168
	JNL/PPM America High Yield Bond Fund - Class I (4.5%) (a)	6,908		105,554
	JNL/PPM America Low Duration Bond Fund - Class I (15.3%) (a)	10,452		106,720
	JNL/PPM America Total Return Fund - Class I (8.8%) (a)	8,589		102,807
	JNL/Scout Unconstrained Bond Fund - Class I (13.9%) (a)	5,387		52,850
	JNL/T. Rowe Price Short-Term Bond Fund - Class I (6.3%) (a)	10,656		106,773
			863,914
Emerging Markets Equity 3.8%
	JNL/GQG Emerging Markets Equity Fund - Class I (7.5%) (a)	3,729		37,286
	JNL/Lazard Emerging Markets Fund - Class I (9.7%) (a)	7,957		78,933
	JNL/Oppenheimer Emerging Markets Innovator Fund - Class I (17.6%) (a)	8,874		90,245
			206,464
Emerging Markets Fixed Income 2.0%
	JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I (10.3%) (a)	4,945		54,442
	JNL/Goldman Sachs Emerging Markets Debt Fund - Class I (18.1%) (a)	4,600		50,826
			105,268
Global Equity 6.0%
	JNL/Oppenheimer Global Growth Fund - Class I (12.6%) (a)	17,281		320,558

JNL Series Trust Master Feeder Funds and Funds of Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares			Value ($)
International Equity 7.3%
	JNL/Causeway International Value Select Fund - Class I (6.9%) (a)	6,556			102,862
	JNL/Invesco International Growth Fund - Class I (5.5%) (a)	4,663			65,701
	JNL/Lazard International Strategic Equity Fund - Class I (17.1%) (a)	2,229			29,621
	JNL/WCM Focused International Equity Fund - Class I (14.3%) (a)	13,234			193,354
			391,538
	Total Investment Companies (cost $5,200,472)		5,384,156
Total Investments 100.0% (cost $5,200,472)			5,384,156
Other Assets and Liabilities, Net (0.0)%			(1,121)
Total Net Assets 100.0%				5,383,035


JNL/S&P Managed Aggressive Growth Fund
INVESTMENT COMPANIES 100.0%
Alternative 3.8%
	JNL Multi-Manager Alternative Fund - Class I (5.5%) (a)	6,038			61,835
	JNL/Invesco Global Real Estate Fund - Class I (1.5%) (a)	2,133			22,144
			83,979
Domestic Equity 68.0%
	JNL Multi-Manager Mid Cap Fund - Class I (3.5%) (a)	3,065			39,077
	JNL Multi-Manager Small Cap Growth Fund - Class I (2.2%) (a)	1,721			51,764
	JNL Multi-Manager Small Cap Value Fund - Class I (4.6%) (a)	4,368			55,776
	JNL/BlackRock Large Cap Select Growth Fund - Class I (5.1%) (a)	4,514			187,498
	JNL/ClearBridge Large Cap Growth Fund - Class I (15.2%) (a)	8,893			111,878
	JNL/Invesco Diversified Dividend Fund - Class I (18.5%) (a)	9,431			100,532
	JNL/Invesco Small Cap Growth Fund - Class I (1.2%) (a)	958			24,956
	JNL/JPMorgan MidCap Growth Fund - Class I (3.3%) (a)	2,017			74,702
	JNL/MFS Mid Cap Value Fund - Class I (1.8%) (a)	2,051			23,858
	JNL/T. Rowe Price Established Growth Fund - Class I (3.2%) (a)	7,031			321,173
	JNL/T. Rowe Price Mid-Cap Growth Fund - Class I (1.9%) (a)	2,305			120,062
	JNL/T. Rowe Price Value Fund - Class I (6.9%) (a)	18,927			306,612
	JNL/WMC Value Fund - Class I (6.9%) (a)	4,356			93,742
			1,511,630
Domestic Fixed Income 6.7%
	JNL/DoubleLine Total Return Fund - Class I (0.8%) (a)	1,916			20,863
	JNL/PIMCO Income Fund - Class I (1.2%) (a)	1,430			14,945
	JNL/PPM America High Yield Bond Fund - Class I (1.8%) (a)	2,731			41,726
	JNL/PPM America Total Return Fund - Class I (1.8%) (a)	1,746			20,903
	JNL/Scout Unconstrained Bond Fund - Class I (2.2%) (a)	846			8,295
	JNL/T. Rowe Price Short-Term Bond Fund - Class I (2.4%) (a)	4,110			41,181
			147,913
Emerging Markets Equity 4.9%
	JNL/GQG Emerging Markets Equity Fund - Class I (4.6%) (a)	2,276			22,762
	JNL/Lazard Emerging Markets Fund - Class I (5.2%) (a)	4,256			42,221
	JNL/Oppenheimer Emerging Markets Innovator Fund - Class I (8.7%) (a)	4,413			44,877
			109,860
Emerging Markets Fixed Income 1.0%
	JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I (3.9%) (a)	1,896			20,882
		Shares			Value ($)
	JNL/Goldman Sachs Emerging Markets Debt Fund - Class I (0.2%) (a)	58			641
			21,523
Global Equity 6.3%
	JNL/Oppenheimer Global Growth Fund - Class I (5.5%) (a)	7,594			140,865
International Equity 9.3%
	JNL/Causeway International Value Select Fund - Class I (4.0%) (a)	3,835			60,168
	JNL/Invesco International Growth Fund - Class I (2.0%) (a)	1,643			23,153
	JNL/Lazard International Strategic Equity Fund - Class I (9.0%) (a)	1,173			15,587
	JNL/WCM Focused International Equity Fund - Class I (8.0%) (a)	7,419			108,386
			207,294
	Total Investment Companies (cost $2,134,906)		2,223,064
Total Investments 100.0% (cost $2,134,906)			2,223,064
Other Assets and Liabilities, Net (0.0)%			(477)
Total Net Assets 100.0%				2,222,587


JNL/Vanguard Global Bond Market Index Fund
INVESTMENT COMPANIES 99.9%
Domestic Fixed Income 50.0%
	Vanguard Intermediate-Term Bond Index Fund - Admiral Shares	488			5,546
	Vanguard Long-Term Bond Index Fund - Investor Shares	354			4,934
	Vanguard Mortgage-Backed Securities Index Fund - Admiral Shares	291			6,072
	Vanguard Short-Term Bond Index Fund - Admiral Shares	1,011			10,528
	Vanguard Total Bond Market Index Fund - Admiral Shares	1,087			11,611
			38,691
International Fixed Income 49.9%
	Vanguard Total International Bond Index Fund - Admiral Shares	1,736			38,689
	Total Investment Companies (cost $75,713)		77,380
Total Investments 99.9% (cost $75,713)			77,380
Other Assets and Liabilities, Net 0.1%			109
Total Net Assets 100.0%				77,489


JNL/Vanguard International Stock Market Index Fund
INVESTMENT COMPANIES 100.0%
International Equity 100.0%
	Vanguard Developed Markets Index Fund - Admiral Shares	7,789			102,187
	Vanguard Emerging Markets Stock Index Fund - Admiral Shares	1,439			50,796
	Vanguard European Stock Index Fund - Admiral Shares	593			39,788
	Vanguard FTSE All-World ex-US Index Fund - Admiral Shares	797			24,822
	Vanguard FTSE All-World ex-US Small-Cap Index Fund - Investor Shares	68			2,697
	Vanguard Pacific Stock Index Fund - Admiral Shares	344			28,066
	Vanguard Total International Stock Index Fund - Admiral Shares	988			27,536
	Total Investment Companies (cost $293,212)		275,892
Total Investments 100.0% (cost $293,212)			275,892
Other Assets and Liabilities, Net (0.0)%			(81)
Total Net Assets 100.0%				275,811

JNL Series Trust Master Feeder Funds and Funds of Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares			Value ($)
	Vanguard Mid-Cap Index Fund - Admiral Shares	55			10,904
	Vanguard Small-Cap Index Fund - Admiral Shares	419			30,672
	Vanguard Total Stock Market Index Fund - Admiral Shares	1,505			106,016
	Vanguard Value Index Fund - Admiral Shares	1,534			64,401
	Total Investment Companies (cost $343,175)		354,600
Total Investments 100.0% (cost $343,175)			354,600
Other Assets and Liabilities, Net (0.0)%			(92)
Total Net Assets 100.0%				354,508

Abbreviations:

CAPE - Cyclically Adjusted Price Earnings

FTSE - Financial Times and the London Stock Exchange

S&P - Standard & Poor's

U.S. - United States

JNL Series Trust Master Feeder Funds and Funds of Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019

Long Term Investments in Affiliates

As defined by the Investment Company Act of 1940 (“1940 Act”), as amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities. Funds that own shares of other Funds advised by Jackson National Asset Management, LLC (“JNAM”), are also considered invested in an affiliate company. The following table details each Fund's long term investments in affiliates held during the period ended March 31, 2019.


Affiliate		Value Beginning of Period($)	Purchases($)	Sales Proceeds($)	Distributions from Funds($)	Realized Gain/Loss from Sales($)		Change in Unrealized Appreciation (Depreciation)($)		Value End of Period($)	Percentage of Net Assets(%)
JNL/American Funds Blue Chip Income and Growth Fund
	American Funds Insurance Series - Blue Chip Income and Growth Fund - Class 1	2,927,048	40,955	41,764	—	11,147		306,651		3,244,037	100.0
		2,927,048	40,955	41,764	—	11,147		306,651		3,244,037	100.0
JNL/American Funds Capital Income Builder Fund
	American Funds Insurance Series - Capital Income Builder Fund - Class 1	24,500	23,262	—	343	—		2,419		50,181	100.0
		24,500	23,262	—	343	—		2,419		50,181	100.0
JNL/American Funds Global Bond Fund
	American Funds Insurance Series - Global Bond Fund - Class 1	502,296	6,375	20,894	—	(1,363	)	13,950		500,364	100.0
		502,296	6,375	20,894	—	(1,363	)	13,950		500,364	100.0
JNL/American Funds Global Small Capitalization Fund
	American Funds Insurance Series - Global Small Capitalization Fund - Class 1	621,042	5,828	22,258	—	4,668		89,026		698,306	100.0
		621,042	5,828	22,258	—	4,668		89,026		698,306	100.0
JNL/American Funds Growth-Income Fund
	American Funds Insurance Series - Growth-Income Fund - Class 1	6,142,818	94,440	29,478	—	7,611		757,061		6,972,452	100.0
		6,142,818	94,440	29,478	—	7,611		757,061		6,972,452	100.0
JNL/American Funds International Fund
	American Funds Insurance Series - International Fund - Class 1	1,733,746	8,016	45,816	—	6,581		214,105		1,916,632	100.0
		1,733,746	8,016	45,816	—	6,581		214,105		1,916,632	100.0
JNL/American Funds New World Fund
	American Funds Insurance Series - New World Fund - Class 1	1,216,429	9,853	26,896	—	3,915		176,163		1,379,464	100.0
		1,216,429	9,853	26,896	—	3,915		176,163		1,379,464	100.0
JNL/Vanguard Capital Growth Fund
	Vanguard Variable Insurance Fund - Capital Growth Portfolio	284,172	43,745	3,449	12,974	290		16,000		340,758	100.0
		284,172	43,745	3,449	12,974	290		16,000		340,758	100.0
JNL/Vanguard Equity Income Fund
	Vanguard Variable Insurance Fund - Equity Income Portfolio	159,338	94,510	882	21,193	(77	)	(285	)	252,604	100.0
		159,338	94,510	882	21,193	(77	)	(285	)	252,604	100.0
JNL/Vanguard International Fund
	Vanguard Variable Insurance Fund - International Portfolio	450,535	52,103	7,070	24,154	(589	)	43,443		538,422	100.0
		450,535	52,103	7,070	24,154	(589	)	43,443		538,422	100.0
JNL/Vanguard Small Company Growth Fund
	Vanguard Variable Insurance Fund - Small Company Growth Portfolio	271,142	63,860	52,634	32,541	(7,665	)	18,034		292,737	100.0
		271,142	63,860	52,634	32,541	(7,665	)	18,034		292,737	100.0
JNL Institutional Alt 25 Fund
	JNL Multi-Manager Alternative Fund - Class I	133,968	5,488	649	—	6		5,769		144,582	5.2
	JNL Multi-Manager International Small Cap Fund - Class I	50,697	274	2,956	—	(374	)	7,794		55,435	2.0
	JNL Multi-Manager Mid Cap Fund - Class I	114,621	—	7,209	—	433		17,216		125,061	4.5
	JNL Multi-Manager Small Cap Growth Fund - Class I	31,173	—	2,909	—	388		6,137		34,789	1.3
	JNL Multi-Manager Small Cap Value Fund - Class I	43,267	—	1,189	—	(125	)	5,481		47,434	1.7
	JNL/AQR Large Cap Relaxed Constraint Equity Fund - Class I	32,559	—	21,415	—	(1,050	)	3,772		13,866	0.5
	JNL/AQR Managed Futures Strategy Fund - Class I	32,835	—	5,050	—	(429	)	363		27,719	1.0
	JNL/BlackRock Global Long Short Credit Fund - Class I	13,339	—	62	—	—		279		13,556	0.5
	JNL/Boston Partners Global Long Short Equity Fund - Class I	112,142	1,841	560	—	(41	)	2,328		115,710	4.2
	JNL/Causeway International Value Select Fund - Class I	155,068	—	33,268	—	(2,966	)	17,462		136,296	4.9
	JNL/Crescent High Income Fund - Class I	39,725	7,000	530	—	(31	)	2,039		48,203	1.7

JNL Series Trust Master Feeder Funds and Funds of Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


Affiliate		Value Beginning of Period($)	Purchases($)	Sales Proceeds($)	Distributions from Funds($)	Realized Gain/Loss from Sales($)		Change in Unrealized Appreciation (Depreciation)($)	Value End of Period($)	Percentage of Net Assets(%)
	JNL/DFA U.S. Small Cap Fund - Class I	12,109	—	1,599	—	(235	)	1,767	12,042	0.4
	JNL/DoubleLine Core Fixed Income Fund - Class I	87,709	7,000	1,242	—	(1	)	2,816	96,282	3.5
	JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I	80,683	—	2,159	—	(85	)	4,347	82,786	3.0
	JNL/DoubleLine Shiller Enhanced CAPE Fund - Class I	108,364	—	7,621	—	(36	)	17,558	118,265	4.3
	JNL/DoubleLine Total Return Fund - Class I	155,809	39,900	1,541	—	(21	)	3,984	198,131	7.2
	JNL/Eaton Vance Global Macro Absolute Return Advantage Fund - Class I	60,230	—	6,740	—	(258	)	1,555	54,787	2.0
	JNL/First State Global Infrastructure Fund - Class I	32,745	20,000	2,874	—	(34	)	5,566	55,403	2.0
	JNL/Franklin Templeton Global Multisector Bond Fund - Class I	67,003	—	1,187	—	10		1,580	67,406	2.4
	JNL/GQG Emerging Markets Equity Fund - Class I	74,688	—	5,957	—	(336	)	8,484	76,879	2.8
	JNL/Harris Oakmark Global Equity Fund - Class I	96,005	—	11,278	—	(1,859	)	12,060	94,928	3.4
	JNL/Heitman U.S. Focused Real Estate Fund - Class I	31,622	6,000	1,301	—	75		5,273	41,669	1.5
	JNL/Invesco Global Real Estate Fund - Class I	13,081	—	1,072	—	20		1,899	13,928	0.5
	JNL/JPMorgan Hedged Equity Fund - Class I	26,762	—	489	—	3		1,084	27,360	1.0
	JNL/Lazard Emerging Markets Fund - Class I	33,323	—	2,353	—	(255	)	2,809	33,524	1.2
	JNL/Loomis Sayles Global Growth Fund - Class I	51,808	—	4,965	—	(49	)	9,086	55,880	2.0
	JNL/Morningstar Wide Moat Index Fund - Class I	102,449	—	5,656	—	175		13,383	110,351	4.0
	JNL/Neuberger Berman Currency Fund - Class I	26,870	618	237	—	(2	)	56	27,305	1.0
	JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund - Class I	30,843	1,674	710	—	(43	)	2,478	34,242	1.2
	JNL/Nicholas Convertible Arbitrage Fund - Class I	26,820	180	523	—	2		1,016	27,495	1.0
	JNL/Oppenheimer Emerging Markets Innovator Fund - Class I	40,049	—	3,574	—	(589	)	6,057	41,943	1.5
	JNL/PIMCO Income Fund - Class I	60,720	25,000	876	—	12		2,679	87,535	3.2
	JNL/PIMCO Real Return Fund - Class I	26,946	—	355	—	(4	)	963	27,550	1.0
	JNL/PPM America Long Short Credit Fund - Class I	19,766	—	59	—	(2	)	732	20,437	0.7
	JNL/PPM America Total Return Fund - Class I	67,489	—	1,262	—	(20	)	2,747	68,954	2.5
	JNL/Scout Unconstrained Bond Fund - Class I	33,887	—	402	—	(15	)	783	34,253	1.2
	JNL/T. Rowe Price Established Growth Fund - Class I	109,434	—	8,702	—	261		17,111	118,104	4.3
	JNL/T. Rowe Price Value Fund - Class I	109,391	—	5,086	—	(380	)	13,945	117,870	4.3
	JNL/The London Company Focused U.S. Equity Fund - Class I	63,799	—	21,772	—	(1,254	)	7,768	48,541	1.8
	JNL/WCM Focused International Equity Fund - Class I	159,422	—	38,477	—	178		18,465	139,588	5.1
	JNL/Westchester Capital Event Driven Fund - Class I	67,397	450	2,047	—	42		3,326	69,168	2.5
		2,636,617	115,425	217,913	—	(8,889	)	240,017	2,765,257	100.0
JNL Institutional Alt 50 Fund
	JNL Multi-Manager Alternative Fund - Class I	226,183	24,000	2,910	—	32		9,844	257,149	11.0
	JNL Multi-Manager International Small Cap Fund - Class I	27,460	41	2,243	—	(299	)	4,287	29,246	1.2
	JNL Multi-Manager Mid Cap Fund - Class I	60,474	—	5,019	—	297		8,970	64,722	2.8
	JNL Multi-Manager Small Cap Growth Fund - Class I	16,157	—	1,911	—	248		3,112	17,606	0.8
	JNL Multi-Manager Small Cap Value Fund - Class I	21,381	—	1,090	—	(127	)	2,773	22,937	1.0
	JNL/AQR Large Cap Relaxed Constraint Equity Fund - Class I	56,291	—	49,242	—	(1,611	)	6,296	11,734	0.5
	JNL/AQR Managed Futures Strategy Fund - Class I	63,026	—	27,145	—	(2,346	)	1,659	35,194	1.5
	JNL/BlackRock Global Long Short Credit Fund - Class I	23,154	—	294	—	1		482	23,343	1.0
	JNL/Boston Partners Global Long Short Equity Fund - Class I	194,958	—	7,296	—	(503	)	4,534	191,693	8.2
	JNL/Causeway International Value Select Fund - Class I	84,146	—	34,206	—	(3,154	)	10,527	57,313	2.5
	JNL/Crescent High Income Fund - Class I	22,991	—	699	—	(37	)	1,139	23,394	1.0
	JNL/DFA U.S. Small Cap Fund - Class I	1,585	—	1,803	—	(214	)	432	—	—
	JNL/DoubleLine Core Fixed Income Fund - Class I	58,356	11,775	1,989	—	12		1,971	70,125	3.0
	JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I	52,411	—	2,539	—	(87	)	2,838	52,623	2.2
	JNL/DoubleLine Shiller Enhanced CAPE Fund - Class I	66,189	—	6,393	—	(49	)	10,677	70,424	3.0
	JNL/DoubleLine Total Return Fund - Class I	111,230	41,610	3,930	—	(11	)	3,033	151,932	6.5
	JNL/Eaton Vance Global Macro Absolute Return Advantage Fund - Class I	115,947	421	2,453	—	(98	)	2,631	116,448	5.0
	JNL/First State Global Infrastructure Fund - Class I	56,747	46,482	7,967	—	(91	)	10,160	105,331	4.5
	JNL/Franklin Templeton Global Multisector Bond Fund - Class I	46,438	—	1,310	—	17		1,087	46,232	2.0
	JNL/GQG Emerging Markets Equity Fund - Class I	41,062	—	4,211	—	(227	)	4,664	41,288	1.8
	JNL/Harris Oakmark Global Equity Fund - Class I	49,845	79	3,730	—	(587	)	5,922	51,529	2.2
	JNL/Heitman U.S. Focused Real Estate Fund - Class I	43,568	4,871	2,827	—	163		7,039	52,814	2.3
	JNL/Invesco Global Real Estate Fund - Class I	22,644	—	13,663	—	293		2,477	11,751	0.5
	JNL/JPMorgan Hedged Equity Fund - Class I	46,308	11,633	1,591	—	23		1,877	58,250	2.5
	JNL/Lazard Emerging Markets Fund - Class I	17,337	—	1,407	—	(158	)	1,481	17,253	0.7
	JNL/Loomis Sayles Global Growth Fund - Class I	28,009	—	3,400	—	(36	)	4,882	29,455	1.3
	JNL/Morningstar Wide Moat Index Fund - Class I	60,885	—	4,711	—	140		7,884	64,198	2.7

JNL Series Trust Master Feeder Funds and Funds of Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


Affiliate		Value Beginning of Period($)	Purchases($)	Sales Proceeds($)	Distributions from Funds($)	Realized Gain/Loss from Sales($)		Change in Unrealized Appreciation (Depreciation)($)	Value End of Period($)	Percentage of Net Assets(%)
	JNL/Neuberger Berman Currency Fund - Class I	46,582	561	686	—	(7	)	103	46,553	2.0
	JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund - Class I	53,919	1,621	1,828	—	(108	)	4,340	57,944	2.5
	JNL/Nicholas Convertible Arbitrage Fund - Class I	46,457	—	1,520	—	11		1,744	46,692	2.0
	JNL/Oppenheimer Emerging Markets Innovator Fund - Class I	23,148	—	2,649	—	(442	)	3,566	23,623	1.0
	JNL/PIMCO Income Fund - Class I	40,870	17,547	1,804	—	50		1,761	58,424	2.5
	JNL/PIMCO Real Return Fund - Class I	17,483	—	550	—	(1	)	620	17,552	0.7
	JNL/PPM America Long Short Credit Fund - Class I	34,421	—	652	—	(17	)	1,284	35,036	1.5
	JNL/PPM America Total Return Fund - Class I	46,703	—	1,762	—	(18	)	1,894	46,817	2.0
	JNL/Scout Unconstrained Bond Fund - Class I	23,437	111	725	—	(20	)	551	23,354	1.0
	JNL/T. Rowe Price Established Growth Fund - Class I	66,770	—	12,520	—	426		9,927	64,603	2.8
	JNL/T. Rowe Price Value Fund - Class I	66,690	—	10,145	—	(852	)	8,878	64,571	2.8
	JNL/WCM Focused International Equity Fund - Class I	86,349	—	36,607	—	130		9,078	58,950	2.5
	JNL/Westchester Capital Event Driven Fund - Class I	116,526	—	4,931	—	116		5,669	117,380	5.0
		2,284,137	160,752	272,358	—	(9,141	)	172,093	2,335,483	100.0
JNL/American Funds Moderate Growth Allocation Fund
	American Funds Emerging Markets Bond Fund - Class R-6	102,166	2,039	16,248	1,834	(1,292	)	4,329	90,994	3.9
	American Funds Insurance Series - International Growth and Income Fund - Class 1	116,903	290	15,576	—	142		13,181	114,940	5.0
		219,069	2,329	31,824	1,834	(1,150	)	17,510	205,934	8.9
JNL/American Funds Growth Allocation Fund
	American Funds Emerging Markets Bond Fund - Class R-6	54,014	9,044	1,918	977	(145	)	1,747	62,742	2.5
	American Funds Insurance Series - International Growth and Income Fund - Class 1	138,900	335	28,323	—	268		15,426	126,606	5.0
		192,914	9,379	30,241	977	123		17,173	189,348	7.5
JNL Moderate Growth Allocation Fund
	JNL Multi-Manager Alternative Fund - Class I	54,690	423	5,750	—	34		2,257	51,654	2.2
	JNL Multi-Manager International Small Cap Fund - Class I	42,069	—	7,149	—	(911	)	6,768	40,777	1.8
	JNL Multi-Manager Mid Cap Fund - Class I	95,103	14,905	3,081	—	146		14,829	121,902	5.3
	JNL Multi-Manager Small Cap Growth Fund - Class I	31,427	—	2,977	—	363		6,173	34,986	1.5
	JNL Multi-Manager Small Cap Value Fund - Class I	36,216	275	1,243	—	(153	)	4,624	39,719	1.7
	JNL/Boston Partners Global Long Short Equity Fund - Class I	21,636	88	10,883	—	(739	)	1,246	11,348	0.5
	JNL/Causeway International Value Select Fund - Class I	143,623	250	14,709	—	(1,261	)	15,129	143,032	6.2
	JNL/Crescent High Income Fund - Class I	43,439	12,172	248	—	(16	)	2,278	57,625	2.5
	JNL/DoubleLine Core Fixed Income Fund - Class I	104,496	13,812	620	—	(1	)	3,461	121,148	5.2
	JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I	71,369	724	703	—	(31	)	3,846	75,205	3.2
	JNL/DoubleLine Shiller Enhanced CAPE Fund - Class I	89,940	—	15,987	—	(358	)	14,297	87,892	3.8
	JNL/DoubleLine Total Return Fund - Class I	176,425	28,045	1,051	—	(9	)	4,241	207,651	9.0
	JNL/First State Global Infrastructure Fund - Class I	10,749	5,556	574	—	18		1,759	17,508	0.8
	JNL/FPA + DoubleLine Flexible Allocation Fund - Class I	81,096	—	8,424	—	(292	)	8,768	81,148	3.5
	JNL/Franklin Templeton Global Multisector Bond Fund - Class I	71,146	1,176	622	—	3		1,677	73,380	3.2
	JNL/GQG Emerging Markets Equity Fund - Class I	66,175	—	2,967	—	(165	)	7,516	70,559	3.0
	JNL/Harris Oakmark Global Equity Fund - Class I	58,351	195	2,193	—	(362	)	6,592	62,583	2.7
	JNL/Heitman U.S. Focused Real Estate Fund - Class I	15,666	5,306	400	—	11		2,737	23,320	1.0
	JNL/Lazard Emerging Markets Fund - Class I	32,716	402	1,927	—	(210	)	2,716	33,697	1.5
	JNL/Loomis Sayles Global Growth Fund - Class I	42,762	11	3,138	—	(50	)	7,543	47,128	2.0
	JNL/Morningstar Wide Moat Index Fund - Class I	63,688	15,851	1,766	—	78		8,549	86,400	3.7
	JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund - Class I	15,537	29	16,418	—	(1,186	)	2,038	—	—
	JNL/Oppenheimer Emerging Markets Innovator Fund - Class I	43,644	—	2,607	—	(429	)	6,459	47,067	2.0
	JNL/PIMCO Income Fund - Class I	66,006	12,530	543	—	9		2,716	80,718	3.5
	JNL/PIMCO Investment Grade Corporate Bond Fund - Class I	60,584	603	713	—	(24	)	3,386	63,836	2.8
	JNL/PIMCO Real Return Fund - Class I	21,983	6,197	182	—	(2	)	923	28,919	1.3
	JNL/PPM America Total Return Fund - Class I	71,499	1,284	546	—	(9	)	2,942	75,170	3.2
	JNL/Scout Unconstrained Bond Fund - Class I	33,097	916	217	—	(7	)	776	34,565	1.5
	JNL/T. Rowe Price Capital Appreciation Fund - Class I	163,018	42	24,035	—	1,811		16,614	157,450	6.8
	JNL/T. Rowe Price Established Growth Fund - Class I	90,833	—	11,687	—	344		13,882	93,372	4.0
	JNL/T. Rowe Price Value Fund - Class I	90,513	—	2,757	—	(219	)	11,461	98,998	4.3
	JNL/WCM Focused International Equity Fund - Class I	152,483	—	24,080	—	110		18,404	146,917	6.3
		2,161,979	120,792	170,197	—	(3,507	)	206,607	2,315,674	100.0

JNL Series Trust Master Feeder Funds and Funds of Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


Affiliate		Value Beginning of Period($)	Purchases($)	Sales Proceeds($)	Distributions from Funds($)	Realized Gain/Loss from Sales($)		Change in Unrealized Appreciation (Depreciation)($)	Value End of Period($)	Percentage of Net Assets(%)
JNL Growth Allocation Fund
	JNL Multi-Manager Alternative Fund - Class I	44,088	33	6,000	—	35		1,798	39,954	1.7
	JNL Multi-Manager International Small Cap Fund - Class I	73,196	491	2,184	—	(202	)	10,964	82,265	3.5
	JNL Multi-Manager Mid Cap Fund - Class I	142,702	20,247	4,113	—	156		22,256	181,248	7.8
	JNL Multi-Manager Small Cap Growth Fund - Class I	41,401	—	8,557	—	1,093		7,360	41,297	1.8
	JNL Multi-Manager Small Cap Value Fund - Class I	51,246	15	6,269	—	(812	)	7,133	51,313	2.2
	JNL/Boston Partners Global Long Short Equity Fund - Class I	16,260	4	5,298	—	(360	)	725	11,331	0.5
	JNL/Causeway International Value Select Fund - Class I	191,362	—	19,532	—	(1,702	)	20,155	190,283	8.2
	JNL/Crescent High Income Fund - Class I	27,182	6,171	152	—	(11	)	1,407	34,597	1.5
	JNL/DoubleLine Core Fixed Income Fund - Class I	55,493	1,058	522	—	(5	)	1,731	57,755	2.5
	JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I	44,206	6,084	545	—	(30	)	2,504	52,219	2.2
	JNL/DoubleLine Shiller Enhanced CAPE Fund - Class I	131,845	—	5,402	—	(139	)	21,467	147,771	6.3
	JNL/DoubleLine Total Return Fund - Class I	111,486	14,019	1,102	—	(15	)	2,620	127,008	5.4
	JNL/First State Global Infrastructure Fund - Class I	10,811	11,007	423	—	6		2,051	23,452	1.0
	JNL/Franklin Templeton Global Multisector Bond Fund - Class I	33,025	336	396	—	2		778	33,745	1.4
	JNL/GQG Emerging Markets Equity Fund - Class I	95,559	16	5,181	—	(375	)	10,854	100,873	4.3
	JNL/Harris Oakmark Global Equity Fund - Class I	95,274	—	8,131	—	(1,381	)	11,489	97,251	4.2
	JNL/Heitman U.S. Focused Real Estate Fund - Class I	21,008	4	1,003	—	17		3,359	23,385	1.0
	JNL/Lazard Emerging Markets Fund - Class I	38,554	5,528	2,327	—	(283	)	3,089	44,561	1.9
	JNL/Loomis Sayles Global Growth Fund - Class I	75,206	11	5,194	—	(121	)	13,278	83,180	3.6
	JNL/Morningstar Wide Moat Index Fund - Class I	74,323	15,973	1,695	—	16		10,016	98,633	4.2
	JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund - Class I	20,277	—	21,388	—	(1,462	)	2,573	—	—
	JNL/Oppenheimer Emerging Markets Innovator Fund - Class I	60,819	5,277	3,568	—	(646	)	9,329	71,211	3.1
	JNL/PIMCO Income Fund - Class I	38,838	11,919	484	—	6		1,657	51,936	2.2
	JNL/PIMCO Investment Grade Corporate Bond Fund - Class I	38,915	319	582	—	(28	)	2,174	40,798	1.8
	JNL/PIMCO Real Return Fund - Class I	16,607	—	16,827	—	(165	)	385	—	—
	JNL/T. Rowe Price Capital Appreciation Fund - Class I	87,526	10	3,659	—	208		9,959	94,044	4.0
	JNL/T. Rowe Price Established Growth Fund - Class I	128,121	—	7,261	—	114		20,233	141,207	6.1
	JNL/T. Rowe Price Value Fund - Class I	133,496	—	3,243	—	(267	)	16,860	146,846	6.3
	JNL/The Boston Company Equity Income Fund - Class I	46,870	12,262	342	—	8		5,153	63,951	2.7
	JNL/WCM Focused International Equity Fund - Class I	208,565	7	32,298	—	49		25,207	201,530	8.6
		2,154,261	110,791	173,678	—	(6,294	)	248,564	2,333,644	100.0
JNL Aggressive Growth Allocation Fund
	JNL Multi-Manager Alternative Fund - Class I	13,812	3,296	—	—	—		620	17,728	1.2
	JNL Multi-Manager International Small Cap Fund - Class I	52,080	650	2,041	—	(187	)	7,860	58,362	4.0
	JNL Multi-Manager Mid Cap Fund - Class I	91,691	34,305	2,048	—	106		14,778	138,832	9.6
	JNL Multi-Manager Small Cap Growth Fund - Class I	28,720	3,097	1,376	—	197		6,004	36,642	2.5
	JNL Multi-Manager Small Cap Value Fund - Class I	35,149	3,724	452	—	(47	)	4,391	42,765	3.0
	JNL/Boston Partners Global Long Short Equity Fund - Class I	13,547	10	3,109	—	(211	)	507	10,744	0.7
	JNL/Causeway International Value Select Fund - Class I	133,601	31	13,728	—	(1,161	)	14,078	132,821	9.1
	JNL/Crescent High Income Fund - Class I	13,658	—	14,125	—	(489	)	956	—	—
	JNL/DoubleLine Core Fixed Income Fund - Class I	41,854	2	42,440	—	112		472	—	—
	JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I	13,889	182	310	—	(13	)	752	14,500	1.0
	JNL/DoubleLine Shiller Enhanced CAPE Fund - Class I	98,459	3,150	4,257	—	(16	)	16,167	113,503	7.8
	JNL/DoubleLine Total Return Fund - Class I	45,550	4,640	612	—	(6	)	1,052	50,624	3.5
	JNL/First State Global Infrastructure Fund - Class I	13,537	—	824	—	23		1,859	14,595	1.0
	JNL/GQG Emerging Markets Equity Fund - Class I	66,780	150	4,419	—	(262	)	7,592	69,841	4.8
	JNL/Harris Oakmark Global Equity Fund - Class I	95,792	51	5,958	—	(992	)	11,201	100,094	6.9
	JNL/Heitman U.S. Focused Real Estate Fund - Class I	13,179	53	789	—	19		2,103	14,565	1.0
	JNL/Lazard Emerging Markets Fund - Class I	27,411	7,217	1,417	—	(162	)	2,099	35,148	2.4
	JNL/Loomis Sayles Global Growth Fund - Class I	53,543	50	7,644	—	(92	)	9,282	55,139	3.8
	JNL/Morningstar Wide Moat Index Fund - Class I	59,332	6,438	942	—	18		7,947	72,793	5.0
	JNL/Neuberger Berman Risk Balanced Commodity Strategy Fund - Class I	13,150	5	13,875	—	(1,049	)	1,769	—	—
	JNL/Oppenheimer Emerging Markets Innovator Fund - Class I	41,247	3,388	2,713	—	(441	)	6,342	47,823	3.3
	JNL/T. Rowe Price Established Growth Fund - Class I	99,274	2,334	4,052	—	101		15,872	113,529	7.8
	JNL/T. Rowe Price Value Fund - Class I	99,384	7,243	2,388	—	(162	)	12,802	116,879	8.0
	JNL/The Boston Company Equity Income Fund - Class I	35,678	18,743	338	—	7		4,092	58,182	4.0
	JNL/WCM Focused International Equity Fund - Class I	136,550	115	14,078	—	101		16,927	139,615	9.6
		1,336,867	98,874	143,935	—	(4,606	)	167,524	1,454,724	100.0

JNL Series Trust Master Feeder Funds and Funds of Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


Affiliate		Value Beginning of Period($)	Purchases($)	Sales Proceeds($)	Distributions from Funds($)	Realized Gain/Loss from Sales($)		Change in Unrealized Appreciation (Depreciation)($)	Value End of Period($)	Percentage of Net Assets(%)
JNL/Franklin Templeton Founding Strategy Fund
	JNL/Franklin Templeton Global Fund - Class I	388,415	143	7,757	—	(1,055	)	31,834	411,580	33.1
	JNL/Franklin Templeton Income Fund - Class I	397,130	858	18,806	—	(134	)	36,554	415,602	33.4
	JNL/Franklin Templeton Mutual Shares Fund - Class I	391,005	956	15,014	—	(575	)	39,477	415,849	33.5
		1,176,550	1,957	41,577	—	(1,764	)	107,865	1,243,031	100.0
JNL/Mellon Capital 10 x 10 Fund
	JNL/Mellon Capital Bond Index Fund - Class I	42,741	434	987	—	(20	)	1,265	43,433	10.0
	JNL/Mellon Capital International Index Fund - Class I	41,341	57	1,852	—	(322	)	4,301	43,525	10.0
	JNL/Mellon Capital JNL 5 Fund - Class I	202,912	83	6,595	—	133		21,052	217,585	50.0
	JNL/Mellon Capital S&P 400 MidCap Index Fund - Class I	39,588	130	1,711	—	(9	)	5,663	43,661	10.0
	JNL/Mellon Capital S&P 500 Index Fund - Class I	40,483	79	2,235	—	110		5,334	43,771	10.1
	JNL/Mellon Capital Small Cap Index Fund - Class I	39,216	552	1,323	—	(20	)	4,567	42,992	9.9
		406,281	1,335	14,703	—	(128	)	42,182	434,967	100.0
JNL/Mellon Capital Index 5 Fund
	JNL/Mellon Capital Bond Index Fund - Class I	185,233	68	4,878	—	(93	)	5,452	185,782	20.1
	JNL/Mellon Capital International Index Fund - Class I	175,100	208	6,278	—	(1,008	)	17,993	186,015	20.1
	JNL/Mellon Capital S&P 400 MidCap Index Fund - Class I	166,193	131	4,292	—	55		23,822	185,909	20.1
	JNL/Mellon Capital S&P 500 Index Fund - Class I	170,722	25	6,458	—	388		22,711	187,388	20.2
	JNL/Mellon Capital Small Cap Index Fund - Class I	161,754	1,002	667	—	11		18,697	180,797	19.5
		859,002	1,434	22,573	—	(647	)	88,675	925,891	100.0
JNL/S&P 4 Fund
	JNL/S&P Competitive Advantage Fund - Class I	1,486,184	—	93,334	—	12,968		224,169	1,629,987	25.3
	JNL/S&P Dividend Income & Growth Fund - Class I	1,482,277	—	53,086	—	(1,124	)	186,118	1,614,185	25.0
	JNL/S&P Intrinsic Value Fund - Class I	1,457,565	196	26,199	—	1,447		157,778	1,590,787	24.7
	JNL/S&P Total Yield Fund - Class I	1,458,803	179	8,837	—	(372	)	158,898	1,608,671	25.0
		5,884,829	375	181,456	—	12,919		726,963	6,443,630	100.0
JNL/S&P Managed Conservative Fund
	JNL Multi-Manager Alternative Fund - Class I	36,693	146	1,146	—	1		1,554	37,248	3.0
	JNL Multi-Manager Mid Cap Fund - Class I	11,737	24	1,074	—	55		1,733	12,475	1.0
	JNL Multi-Manager Small Cap Growth Fund - Class I	11,640	90	1,729	—	198		2,191	12,390	1.0
	JNL Multi-Manager Small Cap Value Fund - Class I	11,663	145	1,040	—	(149	)	1,579	12,198	1.0
	JNL/Causeway International Value Select Fund - Class I	12,027	79	1,191	—	(88	)	1,266	12,093	0.9
	JNL/ClearBridge Large Cap Growth Fund - Class I	11,725	85	1,189	—	205		1,597	12,423	1.0
	JNL/Crescent High Income Fund - Class I	36,365	98	842	—	(42	)	1,794	37,373	3.0
	JNL/DFA U.S. Core Equity Fund - Class I	23,398	160	1,932	—	139		3,056	24,821	2.0
	JNL/DoubleLine Core Fixed Income Fund - Class I	61,631	255	1,444	—	(11	)	1,909	62,340	5.0
	JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I	12,309	31	525	—	(18	)	666	12,463	1.0
	JNL/DoubleLine Total Return Fund - Class I	111,170	813	2,166	—	(9	)	2,398	112,206	9.0
	JNL/Franklin Templeton Global Multisector Bond Fund - Class I	85,763	697	2,780	—	50		1,998	85,728	6.9
	JNL/Goldman Sachs Core Plus Bond Fund - Class I	37,032	182	1,102	—	(27	)	1,406	37,491	3.0
	JNL/Goldman Sachs Emerging Markets Debt Fund - Class I	12,398	194	815	—	(51	)	526	12,252	1.0
	JNL/Invesco Diversified Dividend Fund - Class I	11,873	13	770	—	29		1,290	12,435	1.0
	JNL/Invesco Global Real Estate Fund - Class I	37	—	—	—	—		6	43	—
	JNL/Invesco International Growth Fund - Class I	12,088	81	1,373	—	(95	)	1,727	12,428	1.0
	JNL/JPMorgan MidCap Growth Fund - Class I	23,616	135	3,709	—	170		4,709	24,921	2.0
	JNL/JPMorgan U.S. Government & Quality Bond Fund - Class I	49,496	403	1,134	—	(20	)	1,200	49,945	4.0
	JNL/MFS Mid Cap Value Fund - Class I	11,504	75	847	—	(12	)	1,687	12,407	1.0
	JNL/Neuberger Berman Strategic Income Fund - Class I	24,532	65	780	—	(13	)	1,104	24,908	2.0
	JNL/Oppenheimer Global Growth Fund - Class I	11,836	86	1,468	—	(100	)	2,022	12,376	1.0
	JNL/PIMCO Income Fund - Class I	61,604	186	1,934	—	52		2,306	62,214	5.0
	JNL/PIMCO Real Return Fund - Class I	98,695	599	2,998	—	(15	)	3,519	99,800	8.0
	JNL/PPM America Floating Rate Income Fund - Class I	24,311	71	590	—	1		957	24,750	2.0
	JNL/PPM America High Yield Bond Fund - Class I	60,131	158	2,372	—	(101	)	4,579	62,395	5.0
	JNL/PPM America Low Duration Bond Fund - Class I	86,216	626	1,080	—	3		1,369	87,134	7.0
	JNL/PPM America Total Return Fund - Class I	86,192	332	2,548	—	(25	)	3,507	87,458	7.0
	JNL/Scout Unconstrained Bond Fund - Class I	24,735	157	549	—	(15	)	579	24,907	2.0
	JNL/T. Rowe Price Established Growth Fund - Class I	23,425	224	2,535	—	77		3,632	24,823	2.0
	JNL/T. Rowe Price Short-Term Bond Fund - Class I	86,215	697	1,067	—	6		1,305	87,156	7.0
	JNL/T. Rowe Price Value Fund - Class I	35,450	78	2,575	—	(210	)	4,573	37,316	3.0
	JNL/WCM Focused International Equity Fund - Class I	12,051	50	1,116	—	15		1,505	12,505	1.0
	JNL/WMC Value Fund - Class I	2,411	—	—	—	—		296	2,707	0.2
		1,221,969	7,035	48,420	—	—		65,545	1,246,129	100.0
JNL/S&P Managed Moderate Fund
	JNL Multi-Manager Alternative Fund - Class I	91,697	—	2,638	—	(2	)	3,883	92,940	3.1

JNL Series Trust Master Feeder Funds and Funds of Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


Affiliate		Value Beginning of Period($)	Purchases($)	Sales Proceeds($)	Distributions from Funds($)	Realized Gain/Loss from Sales($)		Change in Unrealized Appreciation (Depreciation)($)	Value End of Period($)	Percentage of Net Assets(%)
	JNL Multi-Manager Mid Cap Fund - Class I	30,075	—	1,664	—	88		4,537	33,036	1.1
	JNL Multi-Manager Small Cap Growth Fund - Class I	28,433	—	1,340	—	173		5,815	33,081	1.1
	JNL Multi-Manager Small Cap Value Fund - Class I	31,012	—	2,046	—	(308	)	4,093	32,751	1.1
	JNL/BlackRock Large Cap Select Growth Fund - Class I	29,607	—	1,435	—	164		4,830	33,166	1.1
	JNL/Causeway International Value Select Fund - Class I	27,842	—	303	—	(18	)	2,767	30,288	1.0
	JNL/ClearBridge Large Cap Growth Fund - Class I	45,021	91	—	—	—		7,087	52,199	1.8
	JNL/Crescent High Income Fund - Class I	91,854	—	2,842	—	(153	)	4,552	93,411	3.1
	JNL/DFA U.S. Core Equity Fund - Class I	28,661	—	874	—	64		3,880	31,731	1.1
	JNL/DoubleLine Core Fixed Income Fund - Class I	75,035	417	—	—	—		2,337	77,789	2.6
	JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I	31,120	—	1,148	—	(40	)	1,681	31,613	1.1
	JNL/DoubleLine Total Return Fund - Class I	222,649	—	7,838	—	(69	)	4,752	219,494	7.4
	JNL/Franklin Templeton Global Multisector Bond Fund - Class I	219,705	—	8,541	—	156		5,112	216,432	7.3
	JNL/Goldman Sachs Emerging Markets Debt Fund - Class I	30,300	—	876	—	(53	)	1,219	30,590	1.0
	JNL/Invesco Diversified Dividend Fund - Class I	88,402	—	2,792	—	85		9,787	95,482	3.2
	JNL/Invesco Global Real Estate Fund - Class I	8,233	—	—	—	—		1,241	9,474	0.3
	JNL/Invesco International Growth Fund - Class I	32,605	—	2,526	—	(187	)	4,617	34,509	1.2
	JNL/Invesco Small Cap Growth Fund - Class I	27,622	—	776	—	59		4,379	31,284	1.0
	JNL/JPMorgan MidCap Growth Fund - Class I	59,471	—	3,855	—	227		12,442	68,285	2.3
	JNL/JPMorgan U.S. Government & Quality Bond Fund - Class I	88,387	—	12,705	—	(293	)	2,184	77,573	2.6
	JNL/Lazard Emerging Markets Fund - Class I	28,217	—	402	—	(36	)	2,216	29,995	1.0
	JNL/Lazard International Strategic Equity Fund - Class I	22,092	56	—	—	—		2,478	24,626	0.8
	JNL/MFS Mid Cap Value Fund - Class I	20,671	63	—	—	—		3,038	23,772	0.8
	JNL/Neuberger Berman Strategic Income Fund - Class I	39,796	180	—	—	—		1,792	41,768	1.4
	JNL/Oppenheimer Emerging Markets Innovator Fund - Class I	12,150	162	—	—	—		1,725	14,037	0.5
	JNL/Oppenheimer Global Growth Fund - Class I	32,250	227	—	—	—		5,408	37,885	1.3
	JNL/PIMCO Income Fund - Class I	84,983	307	—	—	—		3,299	88,589	3.0
	JNL/PIMCO Real Return Fund - Class I	185,129	—	4,985	—	(46	)	6,578	186,676	6.3
	JNL/PPM America High Yield Bond Fund - Class I	119,835	—	3,688	—	(158	)	9,097	125,086	4.2
	JNL/PPM America Low Duration Bond Fund - Class I	173,963	16	156	—	(1	)	2,767	176,589	5.9
	JNL/PPM America Total Return Fund - Class I	156,642	—	5,437	—	(76	)	6,355	157,484	5.3
	JNL/Scout Unconstrained Bond Fund - Class I	54,981	—	10,957	—	(346	)	1,444	45,122	1.5
	JNL/T. Rowe Price Established Growth Fund - Class I	234,505	—	10,675	—	339		37,238	261,407	8.8
	JNL/T. Rowe Price Short-Term Bond Fund - Class I	142,050	43	8	—	—		2,159	144,244	4.8
	JNL/T. Rowe Price Value Fund - Class I	176,286	—	6,062	—	(539	)	22,362	192,047	6.5
	JNL/WCM Focused International Equity Fund - Class I	60,220	233	—	—	—		7,836	68,289	2.3
	JNL/WMC Value Fund - Class I	30,410	—	1,536	—	(200	)	3,877	32,551	1.1
		2,861,911	1,795	98,105	—	(1,170	)	210,864	2,975,295	100.0
JNL/S&P Managed Moderate Growth Fund
	JNL Multi-Manager Alternative Fund - Class I	176,429	—	4,621	—	3		7,477	179,288	3.1
	JNL Multi-Manager Mid Cap Fund - Class I	102,784	—	922	—	68		15,945	117,875	2.0
	JNL Multi-Manager Small Cap Growth Fund - Class I	62,783	748	—	—	—		13,349	76,880	1.3
	JNL Multi-Manager Small Cap Value Fund - Class I	107,612	—	2,430	—	(336	)	13,573	118,419	2.0
	JNL/BlackRock Large Cap Select Growth Fund - Class I	203,521	—	19,757	—	2,144		31,544	217,452	3.7
	JNL/Causeway International Value Select Fund - Class I	85,683	365	—	—	—		8,458	94,506	1.6
	JNL/ClearBridge Large Cap Growth Fund - Class I	114,468	802	—	—	—		18,030	133,300	2.3
	JNL/Crescent High Income Fund - Class I	121,861	—	4,726	—	(247	)	6,073	122,961	2.1
	JNL/DoubleLine Core Fixed Income Fund - Class I	68,241	849	—	—	—		2,130	71,220	1.2
	JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I	59,431	—	1,808	—	(61	)	3,206	60,768	1.0
	JNL/DoubleLine Total Return Fund - Class I	181,230	—	4,887	—	(41	)	3,879	180,181	3.1
	JNL/Franklin Templeton Global Multisector Bond Fund - Class I	299,911	—	9,660	—	190		7,008	297,449	5.1
	JNL/Goldman Sachs Core Plus Bond Fund - Class I	52,805	—	—	—	—		1,992	54,797	0.9
	JNL/Goldman Sachs Emerging Markets Debt Fund - Class I	57,679	—	1,323	—	(78	)	2,300	58,578	1.0
	JNL/GQG Emerging Markets Equity Fund - Class I	21,323	650	—	—	—		2,446	24,419	0.4
	JNL/Invesco Diversified Dividend Fund - Class I	121,474	1,802	—	—	—		13,719	136,995	2.4
	JNL/Invesco Global Real Estate Fund - Class I	46,508	—	—	—	—		7,012	53,520	0.9
	JNL/Invesco International Growth Fund - Class I	74,055	—	8,387	—	(604	)	10,540	75,604	1.3
	JNL/Invesco Small Cap Growth Fund - Class I	55,340	—	2,254	—	150		8,712	61,948	1.1
	JNL/JPMorgan MidCap Growth Fund - Class I	134,821	—	14,531	—	742		27,541	148,573	2.6
	JNL/JPMorgan U.S. Government & Quality Bond Fund - Class I	88,031	—	11,158	—	(250	)	2,166	78,789	1.4
	JNL/Lazard Emerging Markets Fund - Class I	54,529	—	896	—	(86	)	4,294	57,841	1.0
	JNL/Lazard International Strategic Equity Fund - Class I	27,613	510	—	—	—		3,104	31,227	0.5
	JNL/MFS Mid Cap Value Fund - Class I	42,719	147	—	—	—		6,276	49,142	0.8

JNL Series Trust Master Feeder Funds and Funds of Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


Affiliate		Value Beginning of Period($)	Purchases($)	Sales Proceeds($)	Distributions from Funds($)	Realized Gain/Loss from Sales($)		Change in Unrealized Appreciation (Depreciation)($)	Value End of Period($)	Percentage of Net Assets(%)
	JNL/Oppenheimer Emerging Markets Innovator Fund - Class I	79,226	—	10,154	—	(1,713	)	12,323	79,682	1.4
	JNL/Oppenheimer Global Growth Fund - Class I	176,266	529	—	—	—		29,522	206,317	3.5
	JNL/PIMCO Income Fund - Class I	139,135	538	—	—	—		5,401	145,074	2.5
	JNL/PIMCO Real Return Fund - Class I	217,889	108	133	—	(3	)	7,814	225,675	3.9
	JNL/PPM America High Yield Bond Fund - Class I	173,460	—	5,048	—	(210	)	13,162	181,364	3.1
	JNL/PPM America Low Duration Bond Fund - Class I	271,998	201	108	—	(1	)	4,331	276,421	4.8
	JNL/PPM America Mid Cap Value Fund - Class I	25,140	—	—	—	—		3,267	28,407	0.5
	JNL/PPM America Total Return Fund - Class I	179,881	—	5,256	—	(67	)	7,307	181,865	3.1
	JNL/Scout Unconstrained Bond Fund - Class I	83,006	—	9,483	—	(291	)	2,061	75,293	1.3
	JNL/T. Rowe Price Established Growth Fund - Class I	681,973	—	29,830	—	928		108,378	761,449	13.1
	JNL/T. Rowe Price Short-Term Bond Fund - Class I	212,234	266	4	—	—		3,227	215,723	3.7
	JNL/T. Rowe Price Value Fund - Class I	548,218	—	30,701	—	(2,861	)	70,182	584,838	10.1
	JNL/WCM Focused International Equity Fund - Class I	145,672	1,326	—	—	—		18,980	165,978	2.9
	JNL/WMC Value Fund - Class I	180,779	—	9,804	—	(1,266	)	23,111	192,820	3.3
		5,475,728	8,841	187,881	—	(3,890	)	529,840	5,822,638	100.0
JNL/S&P Managed Growth Fund
	JNL Multi-Manager Alternative Fund - Class I	150,327	—	1,698	—	(3	)	6,405	155,031	2.9
	JNL Multi-Manager Mid Cap Fund - Class I	90,777	—	550	—	41		14,106	104,374	1.9
	JNL Multi-Manager Small Cap Growth Fund - Class I	105,160	—	—	—	—		22,337	127,497	2.4
	JNL Multi-Manager Small Cap Value Fund - Class I	97,876	—	—	—	—		12,051	109,927	2.0
	JNL/BlackRock Large Cap Select Growth Fund - Class I	368,752	—	19,005	—	2,124		59,957	411,828	7.7
	JNL/Causeway International Value Select Fund - Class I	94,344	—	791	—	(56	)	9,365	102,862	1.9
	JNL/ClearBridge Large Cap Growth Fund - Class I	176,154	—	—	—	—		27,711	203,865	3.8
	JNL/Crescent High Income Fund - Class I	104,219	—	2,519	—	(133	)	5,139	106,706	2.0
	JNL/DoubleLine Core Fixed Income Fund - Class I	5,830	—	—	—	—		181	6,011	0.1
	JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I	53,222	—	1,596	—	(54	)	2,870	54,442	1.0
	JNL/DoubleLine Total Return Fund - Class I	53,397	—	1,230	—	(10	)	1,144	53,301	1.0
	JNL/Goldman Sachs Emerging Markets Debt Fund - Class I	49,399	—	475	—	(30	)	1,932	50,826	0.9
	JNL/GQG Emerging Markets Equity Fund - Class I	33,483	—	—	—	—		3,803	37,286	0.7
	JNL/Invesco Diversified Dividend Fund - Class I	118,239	—	—	—	—		13,330	131,569	2.4
	JNL/Invesco Global Real Estate Fund - Class I	44,478	—	—	—	—		6,706	51,184	1.0
	JNL/Invesco International Growth Fund - Class I	62,993	—	5,822	—	(408	)	8,938	65,701	1.2
	JNL/Invesco Small Cap Growth Fund - Class I	49,455	—	1,934	—	124		7,792	55,437	1.0
	JNL/JPMorgan MidCap Growth Fund - Class I	107,595	—	—	—	—		23,293	130,888	2.4
	JNL/Lazard Emerging Markets Fund - Class I	85,381	—	13,018	—	(1,339	)	7,909	78,933	1.5
	JNL/Lazard International Strategic Equity Fund - Class I	26,635	—	—	—	—		2,986	29,621	0.5
	JNL/MFS Mid Cap Value Fund - Class I	61,771	—	5,874	—	(125	)	9,014	64,786	1.2
	JNL/Oppenheimer Emerging Markets Innovator Fund - Class I	79,064	—	—	—	—		11,181	90,245	1.7
	JNL/Oppenheimer Global Growth Fund - Class I	277,833	—	3,695	—	131		46,289	320,558	6.0
	JNL/PIMCO Income Fund - Class I	109,788	—	3,957	—	109		4,084	110,024	2.0
	JNL/PIMCO Real Return Fund - Class I	114,283	—	5,110	—	(43	)	4,038	113,168	2.1
	JNL/PPM America High Yield Bond Fund - Class I	99,861	—	1,787	—	(76	)	7,556	105,554	2.0
	JNL/PPM America Low Duration Bond Fund - Class I	107,783	—	2,752	—	(2	)	1,691	106,720	2.0
	JNL/PPM America Mid Cap Value Fund - Class I	14,424	—	—	—	—		1,875	16,299	0.3
	JNL/PPM America Total Return Fund - Class I	99,342	—	580	—	(10	)	4,055	102,807	1.9
	JNL/Scout Unconstrained Bond Fund - Class I	52,699	—	1,042	—	(33	)	1,226	52,850	1.0
	JNL/T. Rowe Price Established Growth Fund - Class I	706,509	—	28,080	—	846		112,476	791,751	14.7
	JNL/T. Rowe Price Mid-Cap Growth Fund - Class I	195,405	—	—	—	—		31,898	227,303	4.2
	JNL/T. Rowe Price Short-Term Bond Fund - Class I	107,931	—	2,772	—	7		1,607	106,773	2.0
	JNL/T. Rowe Price Value Fund - Class I	640,043	—	30,027	—	(2,774	)	81,622	688,864	12.8
	JNL/WCM Focused International Equity Fund - Class I	171,120	—	—	—	—		22,234	193,354	3.6
	JNL/WMC Value Fund - Class I	209,448	—	9,031	—	(1,155	)	26,549	225,811	4.2
		4,925,020	—	143,345	—	(2,869	)	605,350	5,384,156	100.0
JNL/S&P Managed Aggressive Growth Fund
	JNL Multi-Manager Alternative Fund - Class I	59,613	3	323	—	(3	)	2,545	61,835	2.8
	JNL Multi-Manager Mid Cap Fund - Class I	33,650	171	—	—	—		5,256	39,077	1.8
	JNL Multi-Manager Small Cap Growth Fund - Class I	42,075	698	—	—	—		8,991	51,764	2.3
	JNL Multi-Manager Small Cap Value Fund - Class I	49,355	335	—	—	—		6,086	55,776	2.5
	JNL/BlackRock Large Cap Select Growth Fund - Class I	172,123	—	13,371	—	1,504		27,242	187,498	8.4
	JNL/Causeway International Value Select Fund - Class I	54,676	92	—	—	—		5,400	60,168	2.7
	JNL/ClearBridge Large Cap Growth Fund - Class I	101,116	—	4,929	—	839		14,852	111,878	5.0
	JNL/DoubleLine Emerging Markets Fixed Income Fund - Class I	19,964	—	147	—	(6	)	1,071	20,882	0.9
	JNL/DoubleLine Total Return Fund - Class I	20,635	—	213	—	(2	)	443	20,863	0.9
	JNL/Goldman Sachs Emerging Markets Debt Fund - Class I	617	—	—	—	—		24	641	—
	JNL/GQG Emerging Markets Equity Fund - Class I	21,587	—	1,218	—	(60	)	2,453	22,762	1.0

JNL Series Trust Master Feeder Funds and Funds of Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


Affiliate		Value Beginning of Period($)	Purchases($)	Sales Proceeds($)	Distributions from Funds($)	Realized Gain/Loss from Sales($)		Change in Unrealized Appreciation (Depreciation)($)	Value End of Period($)	Percentage of Net Assets(%)
	JNL/Invesco Diversified Dividend Fund - Class I	89,007	1,429	—	—	—		10,096	100,532	4.5
	JNL/Invesco Global Real Estate Fund - Class I	19,243	—	—	—	—		2,901	22,144	1.0
	JNL/Invesco International Growth Fund - Class I	21,774	—	1,598	—	(105	)	3,082	23,153	1.1
	JNL/Invesco Small Cap Growth Fund - Class I	24,558	—	3,488	—	231		3,655	24,956	1.1
	JNL/JPMorgan MidCap Growth Fund - Class I	60,842	634	—	—	—		13,226	74,702	3.4
	JNL/Lazard Emerging Markets Fund - Class I	40,527	—	1,435	—	(139	)	3,268	42,221	1.9
	JNL/Lazard International Strategic Equity Fund - Class I	13,730	303	—	—	—		1,554	15,587	0.7
	JNL/MFS Mid Cap Value Fund - Class I	23,042	—	2,511	—	(33	)	3,360	23,858	1.1
	JNL/Oppenheimer Emerging Markets Innovator Fund - Class I	40,978	—	1,802	—	(291	)	5,992	44,877	2.0
	JNL/Oppenheimer Global Growth Fund - Class I	120,267	434	—	—	—		20,164	140,865	6.3
	JNL/PIMCO Income Fund - Class I	14,074	320	—	—	—		551	14,945	0.7
	JNL/PPM America High Yield Bond Fund - Class I	39,144	—	356	—	(17	)	2,955	41,726	1.9
	JNL/PPM America Total Return Fund - Class I	20,254	—	174	—	(3	)	826	20,903	0.9
	JNL/Scout Unconstrained Bond Fund - Class I	8,109	—	—	—	—		186	8,295	0.4
	JNL/T. Rowe Price Established Growth Fund - Class I	280,579	—	4,738	—	201		45,131	321,173	14.5
	JNL/T. Rowe Price Mid-Cap Growth Fund - Class I	103,213	—	—	—	—		16,849	120,062	5.4
	JNL/T. Rowe Price Short-Term Bond Fund - Class I	40,834	2	272	—	—		617	41,181	1.9
	JNL/T. Rowe Price Value Fund - Class I	282,532	—	10,866	—	(954	)	35,900	306,612	13.8
	JNL/WCM Focused International Equity Fund - Class I	94,917	1,072	—	—	—		12,397	108,386	4.9
	JNL/WMC Value Fund - Class I	91,296	—	8,517	—	(1,050	)	12,013	93,742	4.2
		2,004,331	5,493	55,958	—	112		269,086	2,223,064	100.0

Security Valuation and Fair Value Measurement. 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.

The net asset value (“NAV”) of a Fund's shares is generally determined once each day the New York Stock Exchange (“NYSE”) is open, at the close of the regular trading session of the NYSE (normally, 4:00 PM Eastern Time, Monday through Friday). The Funds of Funds’ investments in the underlying funds are valued at the daily NAV of the applicable underlying fund determined as of the close of the NYSE on each valuation date. Valuation of investments by the underlying funds is discussed in the underlying funds’ Form N-PORT, which are filed with the U.S. Securities and Exchange Commission (“SEC”) and are available on the SEC’s website at www.sec.gov. Each Feeder Fund’s investment in its corresponding Master Fund is valued at the daily NAV per share of the applicable Master Fund determined as of the close of the NYSE on each valuation date. Valuation of the investments by the Master Fund is discussed in each Master Fund’s shareholder report, which is available on the SEC's website at www.sec.gov.

Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820, “Fair Value Measurement” 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 and are summarized into three broad categories. Level 1 includes valuations based on quoted prices of identical securities in active markets, including valuations for investments in mutual funds. Investments in the underlying funds and Master Funds are categorized as Level 1 within FASB ASC Topic 820 fair value hierarchy. The Level 1 valuation assets for the Funds can be referenced in the Schedules of Investments. There were no Level 2 or Level 3 investments in these Funds.

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.

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
JNL/AB Dynamic Asset Allocation Fund (a)
INVESTMENT COMPANIES 91.9%
	iShares Core MSCI EAFE ETF		47		2,864
	iShares Core MSCI Emerging Markets ETF		14		704
	iShares Core S&P 500 ETF		27		7,743
	iShares iBoxx USD High Yield Corporate Bond ETF		12		998
	iShares International Developed Real Estate ETF (b)		13		406
	SPDR S&P 500 ETF Trust (b)		25		6,921
	Vanguard FTSE Developed Markets ETF		143		5,857
	Vanguard Global ex-U.S. Real Estate ETF (b)		9		556
	Vanguard Mid-Cap ETF		12		1,847
	Vanguard MSCI Emerging Markets ETF		23		992
	Vanguard REIT ETF (b)		8		716
	Vanguard Small-Cap ETF (b)		8		1,214
	Total Investment Companies (cost $27,875)			30,818
SHORT TERM INVESTMENTS 12.0%
Investment Companies 1.5%
	JNL Government Money Market Fund - Institutional Class, 2.33% (c) (d)		511		511
			Shares/Par¹		Value ($)
Securities Lending Collateral 4.6%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.43% (c) (d)		1,533		1,533
Treasury Securities 5.9%
	U.S. Treasury Bill
		2.41%, 05/09/19 (e) (f)	1,000		998
		2.41%, 05/16/19 (f)	1,000		997
				1,995
	Total Short Term Investments (cost $4,039)			4,039
Total Investments 103.9% (cost $31,914)					34,857
Total Purchased Options 0.0% (cost $9)					12
Other Derivative Instruments (0.1)%					(42)
Other Assets and Liabilities, Net (3.8)%					(1,294)
Total Net Assets 100.0%					33,533

(a) Consolidated Schedule of Investments.

(b) All or a portion of the security was on loan.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 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/AB Dynamic Asset Allocation Fund — Futures Contracts
Reference Entity	Contracts¹	Expiration	Notional¹			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
ASX SPI 200 Index	1	June 2019	AUD	155	—			—
Canadian Government Bond, 10-Year	2	June 2019	CAD	276	(1)			1
E-Mini Russell 2000 Index	8	June 2019		630	1			(13)
Euro STOXX 50	40	June 2019	EUR	1,296	14			14
FTSE 100 Index	1	June 2019	GBP	72	1			—
Tokyo Price Index	3	June 2019	JPY	47,864	2			(1)
U.S. Treasury Note, 10-Year	11	June 2019		1,359	(3)			8
U.S. Treasury Note, 5-Year	4	June 2019		458	(1)			5
Ultra Long Term U.S. Treasury Bond	11	June 2019		1,780	(4)			68
					9			82
Short Contracts
Hang Seng Index	(1)	April 2019	HKD	(1,437)	(2)			(2)
S&P 500 E-Mini Index	(50)	June 2019		(7,001)	(40)			(94)
S&P/Toronto Stock Exchange 60 Index	(3)	June 2019	CAD	(573)	2			(1)
					(40)			(97)

JNL/AB Dynamic Asset Allocation Fund — Exchange Traded Purchased Options

Reference Entity

Put/Call

Exercise Price ($)/

Swaption Rate (%)

Expiration

Notional/

Contracts ¹

Value ($)

Index Options

S&P 500 Index

Call

2,875.00

04/18/19

1,000

Forward Foreign Currency Contracts


Purchased/ Sold	Counter-party	Expiration	Notional ¹		Value ($)		Unrealized Appreciation (Depreciation) ($)
AUD/USD	SSB	06/17/19	AUD	209		149		(3)
AUD/USD	SSB	06/17/19	AUD	15		10		—
EUR/USD	SSB	06/17/19	EUR	758		856		(11)
EUR/USD	UBS	06/17/19	EUR	261		295		(5)
GBP/USD	SSB	06/17/19	GBP	134		175		(1)
NOK/USD	SSB	06/17/19	NOK	1,968		229		2
NZD/USD	SSB	06/17/19	NZD	1,072		731		(4)
SEK/USD	SSB	06/17/19	SEK	3,286		356		3
USD/CAD	SSB	06/17/19	CAD	(172)		(129)		—
USD/CHF	SSB	06/17/19	CHF	(460)		(465)		(5)
USD/EUR	CSI	06/17/19	EUR	(144)		(163)		3
USD/EUR	GSC	06/17/19	EUR	(340)		(384)		7
USD/EUR	SSB	06/17/19	EUR	(616)		(696)		3
USD/GBP	SSB	06/17/19	GBP	(134)		(176)		1
USD/JPY	SCB	06/17/19	JPY	(28,884)		(262)		(2)
USD/JPY	SSB	06/17/19	JPY	(39,705)		(361)		—
USD/NZD	UBS	06/17/19	NZD	(316)		(215)		1
USD/SEK	SSB	06/17/19	SEK	(2,156)		(233)		—
						(283)		(11)

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
JNL/AQR Large Cap Relaxed Constraint Equity Fund
COMMON STOCKS 127.3%
Communication Services 15.0%
	Activision Blizzard Inc.	24		1,074
	Alphabet Inc. - Class A (a) (b)	7		8,251
	Alphabet Inc. - Class C (a) (b)	4		5,234
	AMC Networks Inc. - Class A (a)	5		280
	AT&T Inc.	14		428
	CBS Corp. - Class B	53		2,512
	Comcast Corp. - Class A (b)	144		5,761
	Electronic Arts Inc. (a)	26		2,649
	Facebook Inc. - Class A (a) (b)	57		9,489
	Fox Corp. - Class A (a)	9		325
	IAC/InterActiveCorp. (a)	10		2,193
	Liberty SiriusXM Group - Class C (a)	2		80
	Tegna Inc.	164		2,306
	TripAdvisor Inc. (a)	29		1,468
	Twilio Inc. - Class A (a)	7		915
	VeriSign Inc. (a)	3		515
	Verizon Communications Inc.	32		1,868
	Viacom Inc. - Class B	21		576
	Walt Disney Co. (b)	44		4,907
	Yelp Inc. - Class A (a)	8		281
	Zynga Inc. - Class A (a)	323		1,719
			52,831
Consumer Discretionary 17.8%
	Amazon.com Inc. (a) (b)	8		14,811
	American Eagle Outfitters Inc.	48		1,071
	AutoZone Inc. (a)	1		1,403
	Bed Bath & Beyond Inc. (c)	33		564
	Best Buy Co. Inc.	32		2,267
	Booking Holdings Inc. (a)	1		2,406
	Brinker International Inc.	5		219
	Capri Holdings Ltd. (a)	56		2,581
	Dana Holding Corp.	11		188
	Deckers Outdoor Corp. (a)	18		2,721
	eBay Inc.	58		2,152
	Foot Locker Inc.	48		2,929
	Gap Inc.	30		797
	H&R Block Inc.	30		716
	Home Depot Inc.	13		2,510
	Kohl's Corp.	1		80
	Las Vegas Sands Corp.	34		2,047
	Lear Corp.	3		389
	Lowe's Cos. Inc.	6		712
	Lululemon Athletica Inc. (a)	20		3,245
	Macy's Inc.	50		1,209
	Michaels Cos. Inc. (a)	8		90
	Nike Inc. - Class B	30		2,509
	Norwegian Cruise Line Holdings Ltd. (a)	7		385
	Ralph Lauren Corp. - Class A	14		1,860
	Ross Stores Inc.	14		1,314
	Sally Beauty Holdings Inc. (a)	40		742
	Signet Jewelers Ltd.	11		301
	Skechers U.S.A. Inc. - Class A (a)	7		223
	Starbucks Corp.	16		1,189
	Target Corp.	24		1,921
	TJX Cos. Inc.	35		1,889
	Toll Brothers Inc.	7		240
	Tractor Supply Co.	7		672
	Tupperware Brands Corp.	19		487
	Urban Outfitters Inc. (a)	59		1,764
	Wayfair Inc. - Class A (a)	1		88
	Weight Watchers International Inc. (a)	101		2,031
			62,722
Consumer Staples 6.1%
	Altria Group Inc.	5		270
	Archer-Daniels-Midland Co.	57		2,455
	Colgate-Palmolive Co.	6		411
	Costco Wholesale Corp.	1		348
	Ingredion Inc.	2		202
	Kimberly-Clark Corp.	12		1,487
	Kroger Co.	84		2,057
		Shares/Par¹		Value ($)
	Monster Beverage Corp. (a)	8		436
	Nu Skin Enterprises Inc. - Class A	7		354
	Philip Morris International Inc.	14		1,220
	Pilgrim's Pride Corp. (a)	5		105
	Procter & Gamble Co.	37		3,891
	TreeHouse Foods Inc. (a)	5		349
	Tyson Foods Inc. - Class A (b)	58		4,029
	Walgreens Boots Alliance Inc.	12		791
	Walmart Inc.	30		2,922
			21,327
Energy 7.0%
	Anadarko Petroleum Corp.	21		935
	Chevron Corp.	19		2,357
	Cimarex Energy Co.	2		146
	ConocoPhillips Co. (b)	66		4,393
	Devon Energy Corp.	50		1,564
	Exxon Mobil Corp.	34		2,761
	HollyFrontier Corp.	57		2,816
	Marathon Oil Corp.	13		210
	Marathon Petroleum Corp.	26		1,586
	Patterson-UTI Energy Inc.	18		256
	PBF Energy Inc. - Class A	3		93
	Phillips 66	19		1,769
	Pioneer Natural Resources Co.	3		387
	Southwestern Energy Co. (a)	144		674
	Valero Energy Corp.	37		3,160
	Whiting Petroleum Corp. (a)	9		223
	World Fuel Services Corp.	51		1,463
			24,793
Financials 9.5%
	Aflac Inc.	35		1,768
	Allstate Corp. (b)	43		4,043
	Ameriprise Financial Inc.	5		615
	Assured Guaranty Ltd.	43		1,908
	Athene Holding Ltd. - Class A (a)	3		107
	Bank of America Corp.	91		2,522
	Berkshire Hathaway Inc. - Class B (a)	18		3,702
	Citigroup Inc.	41		2,571
	Federated Investors Inc. - Class B	1		35
	Fidelity National Financial Inc.	63		2,288
	Fifth Third Bancorp	37		936
	Hartford Financial Services Group Inc.	3		173
	JPMorgan Chase & Co. (b)	36		3,650
	MetLife Inc.	6		245
	Moody's Corp.	4		781
	Morgan Stanley	15		623
	PNC Financial Services Group Inc.	7		918
	Popular Inc.	12		651
	Prudential Financial Inc.	6		595
	Reinsurance Group of America Inc.	9		1,352
	S&P Global Inc.	4		865
	SunTrust Banks Inc.	7		387
	Synchrony Financial	56		1,772
	Travelers Cos. Inc.	5		710
	Wells Fargo & Co.	5		234
			33,451
Health Care 23.3%
	Abbott Laboratories	3		264
	AbbVie Inc. (b)	49		3,961
	Abiomed Inc. (a)	4		1,106
	Agilent Technologies Inc.	32		2,608
	Alexion Pharmaceuticals Inc. (a)	9		1,286
	Align Technology Inc. (a)	2		518
	Alkermes Plc (a)	20		733
	Amgen Inc.	2		428
	Anthem Inc.	4		1,228
	Baxter International Inc.	45		3,660
	Biogen Inc. (a) (b)	23		5,348
	Boston Scientific Corp. (a)	35		1,337
	Bristol-Myers Squibb Co.	57		2,727
	Bruker Corp.	24		910
	Cardinal Health Inc.	30		1,441
	Celgene Corp. (a)	13		1,184
	Centene Corp. (a)	12		621

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
	Charles River Laboratories International Inc. (a)	9		1,366
	Danaher Corp.	19		2,531
	DexCom Inc. (a)	10		1,172
	Edwards Lifesciences Corp. (a)	2		351
	Exelixis Inc. (a) (b)	217		5,157
	Gilead Sciences Inc.	56		3,670
	Haemonetics Corp. (a)	33		2,889
	Humana Inc.	11		2,900
	Illumina Inc. (a)	2		490
	Incyte Corp. (a)	8		710
	Inogen Inc. (a)	9		828
	Intuitive Surgical Inc. (a)	1		544
	Ionis Pharmaceuticals Inc. (a)	4		311
	Johnson & Johnson (b)	50		6,933
	Masimo Corp. (a)	9		1,209
	McKesson Corp.	17		1,950
	Medtronic Plc	32		2,954
	Merck & Co. Inc. (b)	56		4,641
	Mylan NV (a)	12		353
	NuVasive Inc. (a)	3		192
	Pfizer Inc. (b)	161		6,837
	PRA Health Sciences Inc. (a)	1		156
	United Therapeutics Corp. (a)	16		1,929
	UnitedHealth Group Inc.	7		1,626
	Veeva Systems Inc. - Class A (a)	8		1,050
			82,109
Industrials 10.2%
	Boeing Co.	10		3,826
	Caterpillar Inc.	4		503
	Clean Harbors Inc. (a)	16		1,115
	CSX Corp.	1		71
	Cummins Inc.	5		817
	Curtiss-Wright Corp.	8		859
	Deluxe Corp.	6		258
	Eaton Corp. Plc	3		275
	FedEx Corp.	3		545
	Gardner Denver Holdings Inc. (a)	8		218
	General Electric Co.	195		1,945
	HNI Corp.	2		66
	Honeywell International Inc.	24		3,745
	Huntington Ingalls Industries Inc.	8		1,621
	Insperity Inc.	10		1,180
	ITT Inc.	16		924
	Kennametal Inc.	2		71
	L3 Technologies Inc.	2		343
	Lockheed Martin Corp.	6		1,842
	Manpower Inc.	12		987
	MSA Safety Inc.	3		351
	Norfolk Southern Corp.	8		1,447
	nVent Electric Plc	14		367
	Oshkosh Corp.	6		454
	Raytheon Co.	15		2,733
	Resideo Technologies Inc. (a)	17		321
	Robert Half International Inc.	42		2,745
	Schneider National Inc. - Class B	9		199
	Spirit Aerosystems Holdings Inc. - Class A	25		2,301
	Waste Management Inc.	4		444
	Werner Enterprises Inc.	4		138
	WESCO International Inc. (a)	36		1,905
	WW Grainger Inc.	4		1,169
			35,785
Information Technology 30.7%
	Accenture Plc - Class A	10		1,764
	Adobe Inc. (a) (b)	17		4,500
	Akamai Technologies Inc. (a)	20		1,441
	Amdocs Ltd.	11		583
	Apple Inc. (b)	76		14,368
	Applied Materials Inc.	59		2,322
	Aspen Technology Inc. (a)	8		835
	Autodesk Inc. (a)	9		1,381
	Avnet Inc.	15		654
	Broadridge Financial Solutions Inc.	23		2,420
	Cadence Design Systems Inc. (a)	14		900
	CDW Corp.	17		1,627
		Shares/Par¹		Value ($)
	Ciena Corp. (a)	27		1,007
	Cisco Systems Inc. (b)	101		5,476
	Cognizant Technology Solutions Corp. - Class A	44		3,158
	CommScope Holding Co. Inc. (a)	53		1,145
	CommVault Systems Inc. (a)	3		171
	Conduent Inc. (a)	89		1,234
	DXC Technology Co.	33		2,100
	F5 Networks Inc. (a)	—		75
	First Data Corp. - Class A (a)	9		237
	Fortinet Inc. (a)	26		2,177
	HP Inc.	59		1,149
	Intel Corp. (b)	89		4,806
	International Business Machines Corp. (b)	44		6,149
	Intuit Inc.	12		3,142
	Juniper Networks Inc.	35		931
	Keysight Technologies Inc. (a)	16		1,381
	KLA-Tencor Corp.	2		226
	Lam Research Corp.	11		1,985
	Mastercard Inc. - Class A	3		613
	MAXIMUS Inc.	4		285
	Micron Technology Inc. (a)	66		2,732
	Microsoft Corp. (b)	138		16,287
	NetApp Inc.	6		404
	Nuance Communications Inc. (a)	22		374
	Okta Inc. - Class A (a)	1		48
	Oracle Corp.	66		3,549
	Paycom Software Inc. (a) (c)	1		174
	PayPal Holdings Inc. (a)	8		819
	Red Hat Inc. (a)	3		571
	Sabre Corp.	24		513
	Salesforce.com Inc. (a)	4		644
	Science Applications International Corp.	2		163
	Skyworks Solutions Inc.	16		1,308
	Splunk Inc. (a)	4		454
	Square Inc. - Class A (a)	1		96
	Symantec Corp.	120		2,769
	Tech Data Corp. (a)	12		1,257
	Texas Instruments Inc.	27		2,837
	Worldpay Inc. - Class A (a)	4		474
	Xerox Corp.	2		74
	Xilinx Inc.	8		1,047
	Zebra Technologies Corp. - Class A (a)	6		1,274
	Zendesk Inc. (a)	2		202
			108,312
Materials 2.1%
	Eastman Chemical Co.	6		447
	Huntsman Corp.	29		650
	International Paper Co.	11		515
	LyondellBasell Industries NV - Class A (b)	47		3,931
	Reliance Steel & Aluminum Co.	2		142
	Steel Dynamics Inc.	52		1,841
			7,526
Real Estate 1.8%
	American Tower Corp.	3		587
	AvalonBay Communities Inc.	2		462
	Boston Properties Inc.	3		455
	Brixmor Property Group Inc.	46		852
	Crown Castle International Corp.	1		157
	Equinix Inc.	—		136
	Equity Residential Properties Inc.	12		881
	Host Hotels & Resorts Inc.	17		320
	Outfront Media Inc.	10		226
	Public Storage	4		974
	Senior Housing Properties Trust	13		155
	Ventas Inc.	20		1,257
			6,462
Utilities 3.8%
	American Electric Power Co. Inc.	5		411
	Avangrid Inc.	7		337
	Black Hills Corp.	8		629
	CenterPoint Energy Inc.	124		3,793
	Exelon Corp. (b)	115		5,751
	IDACORP Inc.	4		353
	NorthWestern Corp.	13		936

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
	Public Service Enterprise Group Inc.	9		522
	UGI Corp.	12		658
			13,390
	Total Common Stocks (cost $411,677)		448,708
SHORT TERM INVESTMENTS 2.0%
Investment Companies 2.0%
	JNL Government Money Market Fund - Institutional Class, 2.33% (d) (e)	7,185		7,185
	Total Short Term Investments (cost $7,185)		7,185
Total Investments 129.3% (cost $418,862)				455,893
Total Securities Sold Short (29.6)% (proceeds $101,504)				(104,501)
Other Derivative Instruments 0.0%				33
Other Assets and Liabilities, Net 0.3%				1,187
Total Net Assets 100.0%				352,612

(a) Non-income producing security.

(b) 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 March 31, 2019.


			Shares/Par¹		Value ($)
SECURITIES SOLD SHORT (29.6%)
COMMON STOCKS (29.6%)
Communication Services (0.5%)
		Meredith Corp.	(32)		(1,744)
Consumer Discretionary (4.6%)
		Adient Plc	(111)		(1,439)
		Aptiv Plc	(28)		(2,207)
		Caesars Entertainment Corp.	(38)		(329)
		Carmax Inc.	(11)		(796)
		Floor & Decor Holdings Inc.	(43)		(1,753)
		Mattel Inc.	(84)		(1,088)
		Newell Brands Inc.	(171)		(2,619)
		Penn National Gaming Inc.	(23)		(462)
		Scientific Games Corp. - Class A	(34)		(689)
		Tesla Inc.	(8)		(2,342)
		Visteon Corp.	(36)		(2,425)
				(16,149)
Consumer Staples (2.0%)
		ConAgra Brands Inc.	(144)		(3,994)
		Hain Celestial Group Inc.	(74)		(1,708)
		Kraft Heinz Foods Co.	(14)		(461)
		Sanderson Farms Inc.	(7)		(894)
				(7,057)
Energy (4.8%)
		Callon Petroleum Co.	(232)		(1,751)
		Centennial Resource Development Inc. - Class A	(114)		(1,004)
		Concho Resources Inc.	(7)		(732)
		Core Laboratories NV	(15)		(1,005)
		Diamond Offshore Drilling Inc.	(81)		(849)
		Dril-Quip Inc.	(33)		(1,524)
		Ensco Plc - Class A	(336)		(1,318)
		Hess Corp.	(23)		(1,404)
		Kosmos Energy Ltd.	(18)		(115)
		Matador Resources Co.	(97)		(1,877)
		Nabors Industries Ltd.	(65)		(224)
		Noble Energy Inc.	(26)		(650)
		Oceaneering International Inc.	(13)		(210)
		ONEOK Inc.	(20)		(1,404)
		Range Resources Corp.	(50)		(562)
		Transocean Ltd.	(246)		(2,141)
				(16,770)
Financials (3.2%)
		Home Bancshares Inc.	(17)		(293)
		LendingTree Inc.	(6)		(2,028)
		Pinnacle Financial Partners Inc.	(37)		(2,033)
		Sterling Bancorp Inc.	(227)		(4,226)
		United Bankshares Inc.	(60)		(2,161)
		Virtu Financial Inc. - Class A	(27)		(650)
				(11,391)
Health Care (3.4%)
		Acadia Pharmaceuticals Inc.	(70)		(2,061)
			Shares/Par¹		Value ($)
		Agios Pharmaceuticals Inc.	(13)		(845)
		Bluebird Bio Inc.	(11)		(1,731)
		Catalent Inc.	(23)		(927)
		Exact Sciences Corp.	(2)		(161)
		Insulet Corp.	(27)		(2,552)
		Ligand Pharmaceuticals Inc.	(17)		(2,130)
		Perrigo Co. Plc	(10)		(476)
		Prestige Consumer Healthcare Inc.	(10)		(298)
		Seattle Genetics Inc.	(13)		(984)
				(12,165)
Industrials (3.0%)
		American Airlines Group Inc.	(9)		(288)
		BWX Technologies Inc.	(19)		(917)
		Copa Holdings SA - Class A	(3)		(260)
		Granite Construction Inc.	(23)		(988)
		Knight-Swift Transportation Holdings Inc. - Class A	(8)		(260)
		MasTec Inc.	(23)		(1,104)
		Middleby Corp.	(7)		(935)
		NOW Inc.	(71)		(997)
		Stericycle Inc.	(3)		(180)
		Trinity Industries Inc.	(17)		(372)
		Wabtec Corp.	(43)		(3,174)
		Welbilt Inc.	(69)		(1,129)
				(10,604)
Information Technology (4.1%)
		2U Inc.	(7)		(499)
		Advanced Micro Devices Inc.	(2)		(62)
		Cognex Corp.	(38)		(1,926)
		Cree Inc.	(14)		(783)
		IPG Photonics Corp.	(3)		(513)
		Littelfuse Inc.	(2)		(369)
		Marvell Technology Group Ltd.	(121)		(2,398)
		Microchip Technology Inc.	(21)		(1,768)
		Switch Inc. - Class A	(189)		(1,944)
		Universal Display Corp.	(15)		(2,336)
		ViaSat Inc.	(25)		(1,942)
				(14,540)
Materials (4.0%)
		Albemarle Corp.	(31)		(2,549)
		Allegheny Technologies Inc.	(45)		(1,151)
		Commercial Metals Co.	(32)		(554)
		Compass Minerals International Inc.	(21)		(1,136)
		Element Solutions Inc.	(231)		(2,337)
		Freeport-McMoRan Inc. - Class B	(41)		(523)
		Graphic Packaging Holding Co.	(155)		(1,961)
		International Flavors & Fragrances Inc.	(19)		(2,457)
		Newmont Mining Corp.	(6)		(205)
		Royal Gold Inc.	(13)		(1,208)
				(14,081)
	Total Common Stocks (proceeds $101,504)			(104,501)
	Total Securities Sold Short (29.6%) (proceeds $101,504)				(104,501)

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019

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 E-Mini Index

June 2019

5,462

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
JNL/AQR Managed Futures Strategy Fund (a)
SHORT TERM INVESTMENTS 93.0%
Investment Companies 46.2%
	JNL Government Money Market Fund - Institutional Class, 2.33% (b) (c)		48,912		48,912
	JPMorgan U.S. Treasury Plus Money Market Fund - IM Class, 2.41% (c)		32,767		32,767
				81,679
Treasury Securities 46.8%
	U.S. Treasury Bill
		2.37%, 04/04/19 (d)	3,319		3,318
		2.42%, 04/11/19 - 09/26/19 (d)	16,427		16,275
		2.46%, 04/18/19 (d)	20,000		19,976
		2.39%, 04/25/19 (d)	4,366		4,359


			Shares/Par¹		Value ($)
		2.43%, 07/18/19 - 08/01/19 (d)	28,482		28,266
		2.47%, 08/08/19 (d)	10,702		10,610
				82,804
	Total Short Term Investments (cost $164,478)			164,483
Total Investments 93.0% (cost $164,478)					164,483
Other Derivative Instruments 0.3%					607
Other Assets and Liabilities, Net 6.7%					11,833
Total Net Assets 100.0%					176,923

(a) Consolidated Schedule of Investments.

(b) Investment in affiliate.

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


JNL/AQR Managed Futures Strategy Fund — Futures Contracts
Reference Entity	Contracts¹	Expiration	Notional¹			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
3M EURIBOR	13	September 2019	EUR	3,259	—			1
3M EURIBOR	38	December 2019	EUR	9,523	1			7
3M EURIBOR	57	March 2020	EUR	14,279	—			15
3M EURIBOR	68	June 2020	EUR	17,024	—			25
3M EURIBOR	67	September 2020	EUR	16,767	(1)			27
3M EURIBOR	58	December 2020	EUR	14,507	(1)			26
3M EURIBOR	31	March 2021	EUR	7,754	—			10
3M Euro Swiss Franc Interest Rate	6	March 2020	CHF	1,510	—			1
3M Sterling Interest Rate	71	September 2019	GBP	8,791	1			14
3M Sterling Interest Rate	58	December 2019	GBP	7,178	—			14
3M Sterling Interest Rate	51	March 2020	GBP	6,311	1			15
3M Sterling Interest Rate	46	June 2020	GBP	5,691	1			14
3M Sterling Interest Rate	43	September 2020	GBP	5,319	—			11
3M Sterling Interest Rate	40	December 2020	GBP	4,946	—			11
3M Sterling Interest Rate	33	March 2021	GBP	4,077	—			11
3M Swiss Franc Interest Rate	3	December 2019	CHF	755	—			—
90-Day Eurodollar	176	September 2019		42,844	(11)			73
90-Day Eurodollar	158	December 2019		38,454	(20)			86
90-Day Eurodollar	161	March 2020		39,229	(30)			89
90-Day Eurodollar	194	June 2020		47,301	(41)			120
90-Day Eurodollar	216	September 2020		52,676	(43)			157
90-Day Eurodollar	227	December 2020		55,350	(42)			182
90-Day Eurodollar	230	March 2021		56,106	(40)			175
Amsterdam Exchanges Index	15	April 2019	EUR	1,609	16			39
ASX SPI 200 Index	65	June 2019	AUD	10,006	6			15
Australia Commonwealth Treasury Bond, 10-Year	92	June 2019	AUD	12,515	(37)			165
Australia Commonwealth Treasury Bond, 3-Year	448	June 2019	AUD	50,654	(26)			182
Brent Crude Oil	50	June 2019		3,359	23			20
British Pound	195	June 2019		16,052	(65)			(140)
CAC40 10 Euro	155	April 2019	EUR	8,148	94			150
Canadian Bank Acceptance	21	September 2019	CAD	5,134	(3)			9
Canadian Bank Acceptance	19	December 2019	CAD	4,652	(3)			4
Canadian Dollar	235	June 2019		17,551	112			82
Canadian Government Bond, 10-Year	26	June 2019	CAD	3,544	(16)			53
Dow Jones Industrial Average E-Mini Index	15	June 2019		1,921	16			24
E-Mini Russell 2000 Index	9	June 2019		699	2			(4)
Euro STOXX 50	121	June 2019	EUR	3,930	43			33
Euro-Bobl	212	June 2019	EUR	27,994	10			261
Euro-BTP	52	June 2019	EUR	6,694	(8)			44
Euro-Bund	76	June 2019	EUR	12,377	(4)			299
Euro-Buxl	6	June 2019	EUR	1,093	(6)			65
Euro-OAT	52	June 2019	EUR	8,219	(5)			271
Euro-Schatz	249	June 2019	EUR	27,840	4			47
FTSE 100 Index	182	June 2019	GBP	12,883	116			317
FTSE China A50 Index	80	April 2019		1,002	42			48
FTSE/JSE Top 40 Index	24	June 2019	ZAR	12,178	7			—
Hang Seng China Enterprises Index	11	April 2019	HKD	6,213	5			5
Hang Seng Index	1	April 2019	HKD	1,430	2			3
IBEX 35 Index	20	April 2019	EUR	1,827	12			12
Japanese Government Bond, 10-Year	28	June 2019	JPY	4,276,281	(5)			141
Live Cattle	16	June 2019		767	(4)			(5)
LME Copper	2	June 2019		323	(1)			1

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


JNL/AQR Managed Futures Strategy Fund — Futures Contracts (continued)
Reference Entity	Contracts¹	Expiration	Notional¹			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
LME Nickel	8	June 2019		635	(12)			(12)
Low Sulphur Gas Oil	44	May 2019		2,674	27			(2)
Mexican Peso	257	June 2019		6,548	(18)			(13)
Mini MSCI Emerging EAFE Index	2	June 2019		188	1			(1)
Mini MSCI Emerging Markets Index	13	June 2019		693	7			(5)
MSCI Taiwan Index	25	April 2019		967	10			10
NASDAQ 100 E-Mini	26	June 2019		3,715	26			134
Natural Gas	28	May 2019		786	(17)			(41)
New Zeland Dollar	525	June 2019		35,962	110			(163)
NY Harbor ULSD	5	May 2019		417	—			(3)
OMX Stockholm 30 Index	210	April 2019	SEK	32,274	12			21
Palladium	6	June 2019		864	19			(59)
Platinum	2	July 2019		86	1			(1)
S&P 500 E-Mini Index	21	June 2019		2,913	18			66
S&P MidCap 400 E-Mini Index	1	June 2019		189	1			1
S&P/Toronto Stock Exchange 60 Index	174	June 2019	CAD	33,179	(126)			96
U.K. Long Gilt	94	June 2019	GBP	12,039	11			159
U.S. Treasury Long Bond	54	June 2019		7,877	(20)			204
U.S. Treasury Note, 10-Year	112	June 2019		13,718	(32)			195
U.S. Treasury Note, 2-Year	234	June 2019		49,692	(50)			172
U.S. Treasury Note, 5-Year	209	June 2019		24,001	(48)			207
Ultra Long Term U.S. Treasury Bond	27	June 2019		4,404	(9)			132
WTI Crude Oil	13	May 2019		771	9			11
					22			4,333
Short Contracts
3M Swiss Franc Interest Rate	(1)	September 2019	CHF	(252)	—			—
Australian Dollar	(465)	June 2019		(32,861)	(98)			(196)
Cocoa	(30)	May 2019		(659)	(8)			(25)
Cocoa	(10)	May 2019	GBP	(166)	(2)			(9)
Cocoa	(8)	July 2019		(181)	—			—
Cocoa	(4)	July 2019	GBP	(67)	(1)			(1)
Coffee 'C'	(39)	May 2019		(1,536)	(8)			154
Copper	(3)	May 2019		(216)	(3)			(4)
Corn	(34)	May 2019		(652)	30			46
Cotton No. 2	(16)	May 2019		(591)	(15)			(29)
Euro FX Currency	(445)	June 2019		(62,992)	67			199
German Stock Index	(4)	June 2019	EUR	(1,146)	(8)			(8)
Gold 100 oz.	(17)	June 2019		(2,226)	(3)			19
Japanese Yen	(85)	June 2019		(9,672)	22			27
KCBT Wheat	(65)	May 2019		(1,575)	28			177
Lean Hogs	(14)	June 2019		(450)	19			(46)
LME Aluminum	(17)	June 2019		(811)	(17)			(1)
LME Zinc	(1)	June 2019		(70)	(4)			(4)
Mini MSCI Singapore Index	(9)	April 2019	SGD	(322)	(1)			(1)
Silver	(12)	May 2019		(924)	(8)			17
Soybean	(23)	May 2019		(1,052)	6			35
Soybean Meal	(8)	May 2019		(251)	—			5
Soybean Oil	(28)	May 2019		(498)	4			22
Sugar #11 (World Markets)	(174)	May 2019		(2,431)	—			(11)
Tokyo Price Index	(33)	June 2019	JPY	(523,063)	(30)			(20)
Wheat	(68)	May 2019		(1,701)	23			145
					(7)			491

Forward Foreign Currency Contracts


Purchased/ Sold	Counter-party	Expiration	Notional ¹		Value ($)		Unrealized Appreciation (Depreciation) ($)
AUD/USD	CIT	06/19/19	AUD	867		616		(1)
AUD/USD	CIT	06/19/19	AUD	1,560		1,109		2
BRL/USD	CIT	06/19/19	BRL	5,951		1,513		(36)
BRL/USD	CIT	06/19/19	BRL	606		154		—
CAD/USD	CIT	06/19/19	CAD	252		193		—
CHF/USD	CIT	06/19/19	CHF	8,434		8,532		(17)
CHF/USD	CIT	06/19/19	CHF	8,880		8,981		38
CLP/USD	CIT	06/19/19	CLP	49,200		70		—
COP/USD	CIT	06/19/19	COP	693,254		217		(6)
COP/USD	CIT	06/19/19	COP	37,738		12		—
EUR/USD	CIT	06/19/19	EUR	26,345		29,746		(234)
GBP/USD	CIT	06/19/19	GBP	3,319		4,335		(52)
GBP/USD	CIT	06/19/19	GBP	1,229		1,606		—
HKD/USD	CIT	06/19/19	HKD	3,740		478		—
HUF/USD	CIT	06/19/19	HUF	1,921,501		6,744		(219)
IDR/USD	CIT	06/19/19	IDR	52,951,263		3,679		(32)

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


Purchased/ Sold	Counter-party	Expiration	Notional ¹		Value ($)		Unrealized Appreciation (Depreciation) ($)
IDR/USD	CIT	06/19/19	IDR	18,684,283		1,298		—
ILS/USD	CIT	06/19/19	ILS	183		51		(1)
ILS/USD	CIT	06/19/19	ILS	466		128		—
INR/USD	CIT	06/19/19	INR	26,108		373		(4)
INR/USD	CIT	06/19/19	INR	155,273		2,220		48
JPY/USD	CIT	06/19/19	JPY	201,558		1,830		(8)
JPY/USD	CIT	06/19/19	JPY	67,186		610		3
MXN/USD	CIT	06/19/19	MXN	11,748		600		(6)
MXN/USD	CIT	06/19/19	MXN	13,681		698		1
NOK/USD	CIT	06/19/19	NOK	56,915		6,622		(59)
NOK/USD	CIT	06/19/19	NOK	11,085		1,290		3
NZD/USD	CIT	06/19/19	NZD	1,412		964		(10)
NZD/USD	CIT	06/19/19	NZD	1,212		828		2
PHP/USD	CIT	06/19/19	PHP	123,838		2,342		(23)
PHP/USD	CIT	06/19/19	PHP	16,742		316		—
PLN/USD	CIT	06/19/19	PLN	68,651		17,922		(186)
PLN/USD	CIT	06/19/19	PLN	1,721		449		—
SEK/USD	CIT	06/19/19	SEK	78,560		8,503		(76)
SEK/USD	CIT	06/19/19	SEK	13,611		1,473		3
SGD/USD	CIT	06/19/19	SGD	3,968		2,932		(11)
SGD/USD	CIT	06/19/19	SGD	1,579		1,168		1
TWD/USD	CIT	06/19/19	TWD	91,461		2,984		6
USD/AUD	CIT	06/19/19	AUD	(3,612)		(2,568)		(12)
USD/AUD	CIT	06/19/19	AUD	(5,058)		(3,597)		24
USD/BRL	CIT	06/19/19	BRL	(15,049)		(3,827)		116
USD/CAD	CIT	06/19/19	CAD	(215)		(164)		—
USD/CHF	CIT	06/19/19	CHF	(361)		(365)		(3)
USD/CHF	CIT	06/19/19	CHF	(114)		(114)		—
USD/CLP	CIT	06/19/19	CLP	(354,963)		(523)		8
USD/COP	CIT	06/19/19	COP	(706,206)		(224)		2
USD/EUR	CIT	06/19/19	EUR	(51,094)		(57,690)		729
USD/GBP	CIT	06/19/19	GBP	(834)		(1,088)		9
USD/HKD	CIT	06/19/19	HKD	(3,277)		(418)		—
USD/HUF	CIT	06/19/19	HUF	(409,502)		(1,437)		11
USD/IDR	CIT	06/19/19	IDR	(2,932,825)		(204)		(2)
USD/IDR	CIT	06/19/19	IDR	(6,734,120)		(469)		—
USD/ILS	CIT	06/19/19	ILS	(781)		(215)		—
USD/INR	CIT	06/19/19	INR	(6,375)		(91)		(2)
USD/INR	CIT	06/19/19	INR	(8,741)		(125)		—
USD/JPY	CIT	06/19/19	JPY	(2,964,691)		(26,918)		(138)
USD/JPY	CIT	06/19/19	JPY	(130,081)		(1,181)		—
USD/KRW	CIT	06/19/19	KRW	(1,943,802)		(1,717)		(1)
USD/KRW	CIT	06/19/19	KRW	(29,489,325)		(26,048)		165
USD/MXN	CIT	06/19/19	MXN	(4,759)		(242)		(2)
USD/MXN	CIT	06/19/19	MXN	(7,487)		(382)		1
USD/NOK	CIT	06/19/19	NOK	(32,712)		(3,805)		(39)
USD/NOK	CIT	06/19/19	NOK	(23,309)		(2,709)		11
USD/NZD	CIT	06/19/19	NZD	(608)		(414)		4
USD/PHP	CIT	06/19/19	PHP	(20,029)		(379)		(3)
USD/PHP	CIT	06/19/19	PHP	(15,950)		(304)		—
USD/PLN	CIT	06/19/19	PLN	(2,333)		(609)		(1)
USD/PLN	CIT	06/19/19	PLN	(14,127)		(3,689)		28
USD/SEK	CIT	06/19/19	SEK	(90,859)		(9,835)		(36)
USD/SEK	CIT	06/19/19	SEK	(66,211)		(7,167)		42
USD/SGD	CIT	06/19/19	SGD	(1,651)		(1,220)		—
USD/TWD	CIT	06/19/19	TWD	(97,418)		(3,178)		(11)
USD/TWD	CIT	06/19/19	TWD	(82,390)		(2,688)		3
USD/ZAR	CIT	06/19/19	ZAR	(70,148)		(4,811)		(20)
USD/ZAR	CIT	06/19/19	ZAR	(181,035)		(12,416)		99
ZAR/USD	CIT	06/19/19	ZAR	118,371		8,119		(199)
						(51,126)		(91)


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
Hang Seng China Enterprises Index Future, Expiration April 2019	MLP	04/29/19	HKD	49,003	—		60
Hang Seng Index Future, Expiration April 2019	MLP	04/29/19	HKD	2,858	—		6
Live Cattle Future, Expiration June 2019	MLP	06/07/19		2,202	—		(12)
Bovespa Index Future, Expiration April 2019	MSC	04/17/19	BRL	7,310	—		(38)
Hang Seng China Enterprises Index Future, Expiration April 2019	MSC	04/29/19	HKD	562	—		1
Swiss Market Index Future, Expiration June 2019	MSC	06/21/19	CHF	1,830	—		30
					—		47
Total return swap agreements - paying return
FUTURES
Coffee 'C' Future, Expiration May 2019	CGM	05/31/19		(742)	—		33
Corn Future, Expiration May 2019	CGM	05/16/19		(3,906)	—		252
Cotton No. 2 Future, Expiration May 2019	CGM	05/22/19		(616)	—		(44)
Soybean Future, Expiration May 2019	CGM	05/16/19		(3,937)	—		90
Soybean Meal Future, Expiration May 2019	CGM	05/16/19		(1,618)	—		24
Soybean Oil Future, Expiration May 2019	CGM	05/23/19		(785)	—		37
Wheat Future, Expiration May 2019	CGM	05/16/19		(1,592)	—		13
Coffee 'C' Future, Expiration May 2019	MLP	05/31/19		(1,419)	—		108
Corn Future, Expiration May 2019	MLP	05/16/19		(1,637)	—		104
Soybean Meal Future, Expiration May 2019	MLP	05/16/19		(3,640)	—		23
Wheat Future, Expiration May 2019	MLP	05/16/19		(954)	—		16
					—		656

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
JNL/BlackRock Global Allocation Fund (a)
COMMON STOCKS 55.7%
Communication Services 7.9%
	Advanced Info Service PCL	294		1,706
	Alphabet Inc. - Class A (b)	—		567
	Alphabet Inc. - Class C (b) (c)	44		51,387
	America Movil SAB de CV - Class L (d)	434		310
	AT&T Inc.	2		53
	Baidu.com - Class A - ADR (b)	2		297
	Cellnex Telecom SAU	575		16,893
	Charter Communications Inc. - Class A (b) (c)	74		25,539
	China Communication Services Corp. Ltd. - Class H	70		62
	China Mobile Ltd.	47		479
	Chunghwa Telecom Co. Ltd.	2,214		7,857
	Comcast Corp. - Class A (c) (e)	1,015		40,573
	Facebook Inc. - Class A (b)	80		13,407
	Far EasTone Telecommunications Co. Ltd.	1,341		3,232
	HKT Trust	745		1,198
	i-Cable Communications Ltd. (b)	135		2
	Intouch Holdings PCL	789		1,429
	KDDI Corp.	63		1,364
	Liberty Broadband Corp. - Class A (b)	23		2,081
	Liberty Broadband Corp. - Class C (b)	96		8,807
	Liberty Global Plc - Class A (b)	297		7,396
	Liberty Global Plc - Class C (b)	9		209
	Liberty SiriusXM Group - Class A (b)	80		3,058
	Liberty SiriusXM Group - Class C (b)	134		5,132
	Nippon Telegraph & Telephone Corp.	28		1,185
	Nippon Television Holdings Inc.	81		1,220
	Omnicom Group Inc.	18		1,324
	Publicis Groupe SA	5		276
	Sina Corp. (b)	3		149
	Singapore Telecommunications Ltd.	572		1,277
	SK Telecom Co. Ltd.	6		1,337
	Taiwan Mobile Co. Ltd.	1,070		3,869
	Telecom Italia SpA	443		252
	Telecom Italia SpA (b)	5,225		3,256
	Tencent Holdings Ltd.	415		19,176
	Tencent Music Entertainment Group - Class A - ADR (b) (d)	3		57
	Tim Participacoes SA	12		37
	TV Asahi Holdings Corp.	59		1,036
	VeriSign Inc. (b)	3		491
	Verizon Communications Inc. (c)	452		26,754
	Vivendi SA	1		15
	Vodafone Group Plc	11,985		21,834
	Walt Disney Co.	4		424
	Yahoo! Japan Corp.	31		77
	Zynga Inc. - Class A (b)	1,747		9,313
			286,397
Consumer Discretionary 5.2%
	Adidas AG	2		409
	Alibaba Group Holding Ltd. - ADS (b)	44		7,973
	Amazon.com Inc. (b)	17		31,124
	BAIC Motor Corp. Ltd. - Class H	16		10
	Berkeley Group Holdings Plc	25		1,183
	Booking Holdings Inc. (b)	—		457
	Canon Marketing Japan Inc.	33		649
	Carnival Plc	8		419
	Cheng Shin Rubber Industry Co. Ltd.	467		636
	Compagnie Generale des Etablissements Michelin	1		103
	Coway Co. Ltd.	15		1,279
	Denso Corp.	265		10,348
	Dollar Tree Inc. (b) (c)	169		17,757
	Dongfeng Motor Group Co. Ltd. - Class H	54		54
	eBay Inc.	9		321
	Exedy Corp.	24		527
	Expedia Group Inc.	4		476
	Fiat Chrysler Automobiles NV (b)	9		130
	General Motors Co.	9		343
	Genting International Plc	482		371
	Hero Motocorp Ltd.	33		1,229
	Home Depot Inc.	3		530
		Shares/Par¹		Value ($)
	Jawbone Health Hub Inc. (b) (f) (g)	98		—
	Kering SA	1		693
	Kingfisher Plc	2,885		8,829
	Kohl's Corp.	4		284
	Koito Manufacturing Co. Ltd.	194		10,976
	Lear Corp.	1		184
	LG Electronics Inc.	6		375
	Lowe's Cos. Inc.	22		2,405
	Maruti Suzuki India Ltd.	37		3,576
	McDonald's Corp.	2		465
	Mitsubishi Motors Corp.	5		28
	MultiChoice Group Ltd. (b)	—		1
	New Oriental Education & Technology Group - ADR (b)	55		4,996
	Nike Inc. - Class B	8		708
	Panasonic Corp.	15		126
	PVH Corp.	2		281
	RAI Way SpA	729		3,770
	Ross Stores Inc.	4		369
	Royal Caribbean Cruises Ltd.	5		570
	Sands China Ltd.	4		20
	Shimamura Co. Ltd.	7		583
	Sodexo SA	143		15,781
	Sony Corp.	15		634
	Stanley Electric Co. Ltd.	21		568
	Starbucks Corp.	10		755
	Subaru Corp. NPV	595		13,568
	Suzuki Motor Corp.	363		16,041
	TAL Education Group - ADS (b)	134		4,826
	Target Corp.	4		329
	Toyota Industries Corp.	184		9,238
	VF Corp.	3		262
	WPP Plc	1		6
	Wyndham Destinations Inc.	6		258
	Yum China Holdings Inc.	33		1,499
	Yum! Brands Inc.	5		497
	ZOZO Inc. (d)	410		7,715
			187,544
Consumer Staples 4.6%
	AEON Co. Ltd.	6		132
	Ajinomoto Co. Inc.	708		11,316
	Altria Group Inc.	354		20,327
	Angel Yeast Co. Ltd. - Class A	406		1,641
	Anheuser-Busch InBev NV	1		51
	Carlsberg A/S - Class B	5		618
	China Resources Enterprise Ltd.	32		136
	Colgate-Palmolive Co.	352		24,116
	Compania Cervecerias Unidas SA - ADR	25		732
	Costco Wholesale Corp.	2		403
	Danone SA	385		29,653
	Diageo Plc	2		93
	E-Mart Co. Ltd.	1		173
	Estee Lauder Cos. Inc. - Class A	—		28
	Jeronimo Martins SGPS SA	62		919
	Jiangsu Siyang Yanghe Vintage Co. Ltd. - Class A	73		1,421
	Koninklijke Ahold NV	9		233
	Kroger Co.	2		45
	KT&G Corp.	98		8,960
	Kweichow Moutai Co. Ltd. - Class A	42		5,352
	L'Oreal SA	—		98
	Luzhou Lao Jiao Vintage Co. Ltd. - Class A	120		1,190
	Mondelez International Inc. - Class A	22		1,120
	Monster Beverage Corp. (b)	1		45
	Nestle India Ltd.	—		8
	Nestle SA	332		31,643
	PepsiCo Inc.	15		1,820
	Philip Morris International Inc.	178		15,758
	Procter & Gamble Co.	8		870
	Seven & I Holdings Co. Ltd.	18		683
	Shiseido Co. Ltd.	4		311
	Sysco Corp.	3		225
	Tingyi Cayman Islands Holding Corp.	46		76
	Tsingtao Brewery Co. Ltd. - Class H	26		123
	Unicharm Corp.	4		146
	Uni-President Enterprises Corp.	750		1,822

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
	Walmart Inc.	9		891
	Want Want China Holdings Ltd.	1,618		1,346
	WH Group Ltd.	261		280
	Wuliangye Yibin Co. Ltd. - Class A	88		1,246
			166,050
Energy 6.4%
	Anadarko Petroleum Corp. (c)	11		521
	Chevron Corp.	7		898
	China Petroleum & Chemical Corp. - Class A	292		249
	China Petroleum & Chemical Corp. - Class H	732		578
	China Shenhua Energy Co. Ltd. - Class H	108		248
	CNOOC Ltd.	224		419
	Coal India Ltd.	379		1,300
	ConocoPhillips Co. (c)	4		282
	Devon Energy Corp.	7		210
	Enbridge Inc.	485		17,596
	ENI SpA	18		312
	Equinor ASA	6		131
	Exxon Mobil Corp.	479		38,712
	Fieldwood Energy Inc. (b) (f) (g) (h)	4		127
	Fieldwood Energy Inc. (b) (f) (g) (h)	15		469
	Formosa Petrochemical Corp.	231		866
	Helmerich & Payne Inc.	5		265
	Hindustan Petroleum Corp. Ltd.	33		134
	Husky Energy Inc. (b) (d)	1		9
	Imperial Oil Ltd. (d)	10		275
	Marathon Petroleum Corp.	200		11,940
	Occidental Petroleum Corp.	4		248
	Oil & Natural Gas Corp. Ltd.	381		880
	ONEOK Inc.	259		18,069
	Petrobras Distribuidora SA	34		202
	PetroChina Co. Ltd. - Class H	84		55
	Phillips 66	11		1,032
	Reliance Industries Ltd.	880		17,344
	Royal Dutch Shell Plc - Class A	953		29,924
	Royal Dutch Shell Plc - Class A	15		463
	Royal Dutch Shell Plc - Class A - ADR	178		11,131
	Royal Dutch Shell Plc - Class B	15		466
	Schlumberger Ltd.	23		1,014
	S-Oil Corp.	12		979
	Suncor Energy Inc.	529		17,157
	Thai Oil PCL	452		992
	Total SA - ADR (c)	5		300
	TransCanada Corp.	410		18,415
	Valero Energy Corp.	4		345
	Williams Cos. Inc.	1,194		34,298
	Yanzhou Coal Mining Co. Ltd. - Class H	116		116
			228,971
Financials 5.5%
	ABN AMRO Group NV - CVA	641		14,462
	Agricultural Bank of China Ltd. - Class H	223		103
	Allianz SE	2		388
	Ally Financial Inc.	7		183
	Ameriprise Financial Inc.	7		890
	B3 SA	1		6
	Banco Bilbao Vizcaya Argentaria SA	27		156
	Banco Santander Brasil SA	5		61
	Bank Central Asia Tbk PT	667		1,300
	Bank of America Corp.	22		597
	Bank of New York Mellon Corp.	6		311
	Barclays Plc	32		65
	BB&T Corp.	—		15
	Berkshire Hathaway Inc. - Class B (b)	11		2,252
	CaixaBank SA	55		173
	Capital One Financial Corp.	3		233
	Cathay Financial Holding Co. Ltd.	965		1,409
	Charles Schwab Corp.	277		11,827
	Chubb Ltd.	68		9,568
	Citigroup Inc.	87		5,386
	Danske Bank A/S	3		45
	Deutsche Boerse AG	—		36
	Discover Financial Services	5		331
	Dropbox Inc. - Class A (b)	482		10,497
	Fifth Third Bancorp	14		342
		Shares/Par¹		Value ($)
	Fubon Financial Holding Co. Ltd.	1,155		1,726
	Goldman Sachs Group Inc.	5		891
	Grupo Financiero Banorte SAB de CV - Class O (d)	5		26
	Hana Financial Group Inc.	8		255
	Hartford Financial Services Group Inc.	22		1,095
	Housing Development Finance Corp.	384		10,942
	HSBC Holdings Plc	1,458		11,821
	Industrial Bank of Korea	13		158
	JPMorgan Chase & Co. (c)	262		26,475
	KB Financial Group Inc.	3		125
	KeyCorp	1		13
	Manulife Financial Corp.	28		471
	Marsh & McLennan Cos. Inc.	267		25,078
	MetLife Inc.	7		296
	Mitsubishi UFJ Financial Group Inc.	44		218
	Morgan Stanley	214		9,016
	Natixis	27		144
	Old Mutual Ltd. (d)	118		179
	Progressive Corp.	2		121
	Prudential Financial Inc.	3		279
	Reinsurance Group of America Inc.	3		386
	Shinhan Financial Group Co. Ltd.	13		476
	Societe Generale SA	21		620
	State Street Corp.	2		145
	Sumitomo Mitsui Financial Group Inc. (c)	1		49
	SunTrust Banks Inc.	195		11,540
	Swiss Re AG	2		159
	T&D Holdings Inc.	7		71
	Travelers Cos. Inc.	11		1,517
	Turkiye Is Bankasi - Class C	13		13
	U.S. Bancorp	26		1,242
	Unicredit SpA	14		185
	United Overseas Bank Ltd.	64		1,182
	Wells Fargo & Co.	602		29,079
			196,629
Health Care 7.1%
	Abbott Laboratories	16		1,292
	AbbVie Inc.	10		819
	Agilent Technologies Inc.	1		80
	Alfresa Holdings Corp.	38		1,083
	Allergan Plc	2		330
	Amgen Inc.	6		1,109
	Anthem Inc.	113		32,360
	Aspen Pharmacare Holdings Ltd.	10		66
	Astellas Pharma Inc.	529		7,946
	Baxter International Inc.	15		1,189
	Bayer AG	166		10,728
	Biogen Inc. (b)	27		6,326
	Bristol-Myers Squibb Co.	14		668
	Cardinal Health Inc.	5		227
	CVS Health Corp. (c)	293		15,827
	DaVita Inc. (b)	190		10,337
	Edwards Lifesciences Corp. (b)	2		293
	Eisai Co. Ltd.	2		84
	Fresenius SE & Co. KGaA	230		12,847
	Gilead Sciences Inc.	231		15,022
	GlaxoSmithKline Plc	26		543
	GW Pharmaceuticals Plc - ADS (b) (d)	13		2,201
	HCA Inc.	74		9,587
	Hoya Corp.	172		11,398
	Humana Inc.	1		385
	Illumina Inc. (b)	1		306
	Intuitive Surgical Inc. (b)	—		155
	Johnson & Johnson (c)	301		42,118
	kyowa Hakko Kirin Co. Ltd.	5		116
	McKesson Corp.	3		382
	Medipal Holdings Corp.	44		1,041
	Medtronic Plc	6		573
	Merck & Co. Inc.	22		1,822
	Mitsubishi Tanabe Pharma Corp.	2		28
	Mylan NV (b)	6		162
	NMC Health Plc	249		7,415
	Notre Dame Intermedica Participacoes SA	929		7,766
	Novo Nordisk A/S - Class B (d)	68		3,577

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
	Olympus Corp.	374		4,056
	Ono Pharmaceutical Co. Ltd.	13		255
	Otsuka Holdings Co. Ltd.	4		161
	Pfizer Inc.	574		24,373
	Roche Holding AG	1		175
	Sanofi SA	38		3,353
	Shionogi & Co. Ltd.	1		50
	Stryker Corp.	7		1,388
	Suzuken Co. Ltd.	18		1,032
	Sysmex Corp.	5		291
	Takeda Pharmaceutical Co. Ltd.	2		81
	Thermo Fisher Scientific Inc.	5		1,364
	UnitedHealth Group Inc.	37		9,252
	Zoetis Inc. - Class A	3		310
			254,349
Industrials 6.5%
	American Airlines Group Inc.	7		222
	Asahi Glass Co. Ltd.	—		7
	Azul SA - ADR (b)	368		10,742
	Beijing Capital International Airport Co. Ltd. - Class H	536		511
	Beijing Enterprises Holdings Ltd.	33		187
	Boeing Co.	3		1,134
	C.H. Robinson Worldwide Inc.	15		1,279
	Canadian National Railway Co.	4		318
	Canadian Pacific Railway Ltd.	1		308
	Caterpillar Inc.	2		338
	Cie de Saint-Gobain	39		1,434
	ComfortDelgro Corp. Ltd.	725		1,378
	Country Garden Services Holdings Co. Ltd. (b)	27		51
	CSX Corp.	15		1,152
	Cummins Inc.	1		200
	Daikin Industries Ltd.	50		5,824
	Daqin Railway Co. Ltd. - Class A	8		10
	Dassault Aviation SA	4		5,690
	Delta Air Lines Inc.	5		235
	Doosan Bobcat Inc.	17		467
	Dover Corp.	134		12,593
	East Japan Railway Co.	203		19,565
	Eaton Corp. Plc	3		266
	Eiffage SA	27		2,629
	Emerson Electric Co.	244		16,738
	Experian Plc	3		89
	Fortune Brands Home & Security Inc.	12		575
	Fosun International Ltd.	182		310
	General Electric Co.	23		234
	GS Yuasa Corp.	45		882
	Hino Motors Ltd.	61		514
	Japan Airlines Co. Ltd.	516		18,164
	Jardine Matheson Holdings Ltd.	35		2,200
	Jiangsu Expressway Co. Ltd. - Class H	12		17
	Kajima Corp.	2		28
	Kamigumi Co. Ltd.	33		753
	KAR Auction Services Inc.	126		6,472
	Kinden Corp.	130		2,154
	Knorr-Bremse AG (b)	116		11,578
	Koninklijke Philips Electronics NV	656		26,775
	Kyudenko Corp.	18		555
	Lockheed Martin Corp.	—		38
	Mabuchi Motor Co. Ltd. (d)	36		1,245
	Maeda Road Construction Co. Ltd.	33		645
	Malaysia Airports Holdings Bhd	275		487
	Masco Corp.	29		1,135
	Mitsubishi Electric Corp.	808		10,382
	Mitsubishi Heavy Industries Ltd.	6		266
	Mitsui & Co. Ltd.	6		96
	Nichias Corp.	37		739
	Nippo Corp.	31		573
	Norfolk Southern Corp.	3		539
	Northrop Grumman Systems Corp.	1		351
	Okumura Corp.	40		1,260
	Raytheon Co. (c)	123		22,340
	Rockwell Automation Inc.	2		318
	Rolls-Royce Holdings Plc (b)	11		124
	Safran SA	113		15,544
		Shares/Par¹		Value ($)
	Sandvik AB	10		162
	Sany Heavy Industry Co. Ltd. - Class A	49		94
	Seino Holdings Corp.	46		613
	Toda Corp.	169		1,036
	Toshiba Corp.	13		407
	Union Pacific Corp.	4		670
	United Continental Holdings Inc. (b)	5		430
	United Parcel Service Inc. - Class B	1		116
	United Technologies Corp.	155		20,006
	Waste Management Inc.	2		214
	Zhejiang Expressway Co. Ltd. - Class H	118		135
			234,543
Information Technology 5.1%
	Accenture Plc - Class A	4		701
	Adobe Inc. (b)	4		951
	Adyen NV (b)	—		129
	Alliance Data Systems Corp.	1		153
	ALPS Alpine Co. Ltd.	20		422
	Apple Inc. (c)	225		42,756
	ASML Holding NV	3		489
	Autodesk Inc. (b)	2		354
	Automatic Data Processing Inc.	2		294
	Broadcom Inc.	—		10
	Cisco Systems Inc.	26		1,401
	Cloudera Inc. (b)	568		6,217
	Cognizant Technology Solutions Corp. - Class A	3		199
	Corning Inc.	18		584
	Dell Technologies Inc. - Class C (b)	—		14
	Domo Inc. (b)	159		6,414
	DXC Technology Co.	9		582
	Fidelity National Information Services Inc.	3		328
	FleetCor Technologies Inc. (b)	77		18,979
	Fujitsu Ltd.	1		58
	Global Payments Inc.	7		988
	Globalwafers Co. Ltd.	10		99
	HCL Technologies Ltd.	16		245
	Hewlett Packard Enterprise Co.	21		330
	Hitachi Ltd.	20		654
	Hon Hai Precision Industry Co. Ltd.	577		1,382
	HP Inc.	8		161
	Infosys Ltd.	14		153
	Intel Corp.	24		1,263
	International Business Machines Corp.	6		806
	Intuit Inc.	5		1,221
	Japan Aviation Electronics Industry Ltd.	65		903
	Keyence Corp.	2		1,249
	KLA-Tencor Corp.	3		398
	Lookout Inc. (b) (f) (g)	21		—
	Mastercard Inc. - Class A	6		1,375
	MediaTek Inc.	14		129
	Micron Technology Inc. (b)	8		312
	Microsoft Corp. (c)	305		35,914
	Murata Manufacturing Co. Ltd.	210		10,500
	NCSoft Corp.	3		1,115
	Nokia Oyj	54		308
	NXP Semiconductors NV	6		550
	Oracle Corp.	101		5,425
	Oracle Corp. Japan	3		215
	Paychex Inc.	6		445
	PayPal Holdings Inc. (b)	5		491
	QUALCOMM Inc.	201		11,440
	Rohm Co. Ltd.	71		4,430
	Samsung Electro-Mechanics Co. Ltd.	—		15
	Samsung Electronics Co. Ltd.	12		471
	Samsung SDS Co. Ltd.	1		123
	SAP SE	4		407
	Symantec Corp.	12		268
	Taiwan Semiconductor Manufacturing Co. Ltd.	707		5,655
	Tata Consultancy Services Ltd.	6		167
	Telefonaktiebolaget LM Ericsson - Class B	25		230
	Visa Inc. - Class A	10		1,558
	VMware Inc. - Class A	4		775
	Western Digital Corp.	233		11,183
			184,388

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
Materials 3.1%
	Air Products & Chemicals Inc.		133		25,400
	Angang Steel Co. Ltd.		86		63
	Anhui Conch Cement Co. Ltd. - Class A		14		80
	Anhui Conch Cement Co. Ltd. - Class H		41		255
	BHP Group Plc		2		60
	Cemex SAB de CV - Series A (b)		100		47
	China Hongqiao Group Ltd.		115		87
	China Resources Cement Holdings Ltd.		312		323
	Daicel Corp.		133		1,448
	Dowa Holdings Co. Ltd. (d)		19		625
	DowDuPont Inc.		232		12,349
	Evonik Industries AG		12		332
	Formosa Chemicals & Fibre Corp.		302		1,098
	Formosa Plastics Corp.		343		1,220
	Glencore Plc		78		324
	Goldcorp Inc. (d)		2		25
	Hitachi Chemical Co. Ltd. (d)		47		1,030
	Huntsman Corp.		9		196
	JFE Holdings Inc.		4		70
	Kumba Iron Ore Ltd.		1		15
	Kuraray Co. Ltd.		50		635
	LG Chem Ltd.		5		1,682
	Nan Ya Plastics Corp.		430		1,101
	Newcrest Mining Ltd.		324		5,858
	Newmont Mining Corp.		298		10,671
	Nitto Denko Corp.		98		5,133
	Nutrien Ltd. (d)		6		298
	Packaging Corp. of America		3		317
	POSCO		6		1,424
	PTT Global Chemical PCL		662		1,404
	Quintis Pty Ltd. (b) (f) (g) (h)		3,771		1,900
	Rio Tinto Ltd.		2		165
	Shin-Etsu Chemical Co. Ltd.		157		13,205
	Siam Cement PCL		97		1,482
	Sinopec Shanghai Petrochemical Co. Ltd. - Class H		570		272
	Southern Copper Corp.		7		271
	Sumitomo Chemical Co. Ltd.		53		249
	Teck Resources Ltd. - Class B		13		304
	Toagosei Co. Ltd.		104		1,104
	Tokyo Steel Manufacturing Co. Ltd. (d)		173		1,504
	Toray Industries Inc. (d)		780		4,980
	Ube Industries Ltd.		274		5,628
	Vale SA		2		27
	Wheaton Precious Metals Corp.		256		6,093
	Yamato Kogyo Co. Ltd.		25		685
	Zijin Mining Group Co. Ltd. - Class A		29		15
	Zijin Mining Group Co. Ltd. - Class H		394		163
				111,617
Real Estate 2.2%
	Agile Property Holdings Ltd.		120		195
	American Tower Corp.		6		1,101
	CapitaLand Ltd.		5,570		15,028
	CK Asset Holdings Ltd.		7		62
	Country Garden Holdings Co. Ltd.		55		86
	Daiwa House Industry Co. Ltd.		3		89
	Dragon Delight Holdings Co. Ltd.		10		17
	Equinix Inc.		28		12,739
	Equity Residential Properties Inc.		137		10,349
	Hang Lung Properties Ltd.		870		2,127
	Hongkong Land Holdings Ltd.		52		367
	Hysan Development Co. Ltd.		36		193
	Link REIT		129		1,516
	Mitsubishi Estate Co. Ltd.		76		1,378
	Sino Land Co.		484		938
	Stockland		94		256
	Sun Hung Kai Properties Ltd.		1,025		17,614
	Swire Pacific Ltd. - Class A		99		1,278
	Unibail-Rodamco SE (d)		40		6,531
	Vonovia SE		19		993
	Vornado Realty Trust		9		579
	Welltower Inc.		41		3,144
	Weyerhaeuser Co.		62		1,639
			Shares/Par¹		Value ($)
	Wharf Real Estate Investment Co. Ltd.		164		1,223
				79,442
Utilities 2.1%
	AES Corp.		17		301
	AGL Energy Ltd.		36		563
	American Electric Power Co. Inc.		—		6
	American Water Works Co. Inc.		18		1,916
	CenterPoint Energy Inc.		7		207
	CEZ A/S		61		1,432
	CGN Power Co. Ltd.		101		28
	China Longyuan Power Group Corp. - Class H		11		8
	China Resources Gas Group Ltd.		34		160
	China Resources Power Holdings Co. Ltd.		4		6
	CK Infrastructure Holdings Ltd.		207		1,701
	CLP Holdings Ltd.		153		1,774
	CMS Energy Corp.		34		1,894
	Enel SpA		1,453		9,321
	Engie SA		19		290
	Eversource Energy		26		1,818
	Exelon Corp.		25		1,248
	FirstEnergy Corp.		46		1,895
	National Grid Plc		40		437
	NextEra Energy Inc.		107		20,699
	NextEra Energy Partners LP (d)		120		5,586
	NRG Energy Inc.		7		292
	Power Assets Holdings Ltd.		67		465
	Sempra Energy		65		8,156
	Snam Rete Gas SpA		112		575
	SSE Plc		5		76
	Tokyo Gas Co. Ltd.		471		12,723
	Vistra Energy Corp.		71		1,840
	Xcel Energy Inc.		37		2,082
				77,499
	Total Common Stocks (cost $1,863,506)			2,007,429
TRUST PREFERREDS 0.2%
Financials 0.2%
	Citigroup Capital XIII		122		3,350
	GMAC Capital Trust I		131		3,400
	Total Trust Preferreds (cost $6,753)			6,750
PREFERRED STOCKS 1.3%
Communication Services 0.4%
	Grupo Televisa SAB (i)		6		14
	Uber Technologies Inc. (b) (f) (g) (h)		303		15,575
				15,589
Consumer Staples 0.3%
	Henkel AG & Co. KGaA (i)		93		9,480
Financials 0.4%
	Itau Unibanco Holding SA (i)		177		1,547
	Mandatory Exchangeable Trust (i) (j)		53		10,770
	Wells Fargo & Co. - Series L, 7.50% (d) (i) (k)		1		1,466
				13,783
Health Care 0.1%
	Grand Rounds Inc. - Series C (b) (f) (g) (h)		639		1,629
Information Technology 0.1%
	Lookout Inc. - Series F (b) (f) (g) (h)		284		1,620
	Palantir Technologies Inc. - Series I (b) (f) (g) (h)		512		3,254
	Samsung Electronics Co. Ltd.		8		269
				5,143
Materials 0.0%
	Braskem SA - Series A		8		100
	Total Preferred Stocks (cost $30,546)			45,724
CORPORATE BONDS AND NOTES 5.4%
Communication Services 0.4%
	Baidu Inc.
		4.38%, 05/14/24	1,885		1,958
	Comcast Corp.
		3.70%, 04/15/24	5,069		5,232
	Hughes Satellite Systems Corp.
		7.63%, 06/15/21	444		478

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Intelsat Jackson Holdings Ltd.
		8.00%, 02/15/24 (j)	741		771
	NBCUniversal Enterprise Inc.
		5.25%, (callable at 100 beginning 03/19/21) (j) (k)	2,011		2,046
	Verizon Communications Inc.
		3.50%, 11/01/24	2,845		2,911
				13,396
Consumer Discretionary 0.2%
	eBay Inc.
		2.75%, 01/30/23	1,373		1,355
	McDonald's Corp.
		3.35%, 04/01/23	1,624		1,657
	Starbucks Corp.
		3.10%, 03/01/23 (d)	2,565		2,588
	Walgreen Co.
		3.10%, 09/15/22	2,612		2,627
				8,227
Consumer Staples 0.2%
	Altria Group Inc.
		3.49%, 02/14/22	705		716
		3.80%, 02/14/24	1,455		1,481
		4.40%, 02/14/26	2,287		2,355
	China Milk Products Group Ltd.
		0.00%, 01/05/12 (b) (i) (l)	100		1
	Danone SA
		2.59%, 11/02/23 (j)	2,720		2,668
	Edgewell Personal Care Co.
		4.70%, 05/19/21	232		236
	Philip Morris International Inc.
		3.60%, 11/15/23	1,026		1,056
	REI Agro Ltd.
		0.00%, 11/13/14 (b) (g) (i) (l)	628		—
		0.00%, 11/13/14 (b) (i) (j) (l)	185		—
				8,513
Energy 0.3%
	BP Capital Markets America Inc.
		3.79%, 02/06/24 (e)	2,123		2,203
	Energy Transfer Partners LP
		4.05%, 03/15/25	788		800
	Enterprise Products Operating LLC
		3.35%, 03/15/23	3,510		3,563
		3.90%, 02/15/24	824		856
		3.75%, 02/15/25	781		806
	Williams Cos. Inc.
		3.70%, 01/15/23	2,062		2,099
		4.55%, 06/24/24	1,189		1,251
				11,578
Financials 2.2%
	American Express Co.
		4.90%, (callable at 100 beginning 03/15/20) (k)	1,735		1,724
		3.70%, 08/03/23	5,478		5,611
	Bank of America Corp.
		3.30%, 01/11/23	2,630		2,663
		4.13%, 01/22/24	2,310		2,417
		3.86%, 07/23/24	580		595
		4.00%, 01/22/25	1,406		1,433
	Capital One Financial Corp.
		3.20%, 01/30/23	1,841		1,844
		3.30%, 10/30/24	1,353		1,339
	Citigroup Inc.
		5.88%, (callable at 100 beginning 03/27/20) (d) (k)	5,753		5,810
		5.95%, (callable at 100 beginning 08/15/20) (k)	2,330		2,361
	Goldman Sachs Group Inc.
		5.38%, (callable at 100 beginning 05/10/20) (k)	2,717		2,738
		2.91%, 06/05/23	2,559		2,530
		3.63%, 02/20/24	2,983		3,015
	HSBC Holdings Plc
		6.38%, (callable at 100 beginning 09/17/24) (i) (k)	4,895		4,968
		3.26%, 03/13/23 (m)	2,534		2,539
		3.80%, 03/11/25 (i)	1,460		1,481
	ING Groep NV
		6.00%, (callable at 100 beginning 04/16/20) (i) (k)	1,240		1,231
			Shares/Par¹		Value ($)
		4.10%, 10/02/23 (i)	3,700		3,805
	Lloyds Bank Plc
		13.00%, (callable at 100 beginning 01/22/29), GBP (k)	2,735		6,041
	Marsh & McLennan Companies Inc.
		3.88%, 03/15/24	1,466		1,520
	Morgan Stanley
		5.45%, (callable at 100 beginning 07/15/19) (k)	1,917		1,924
	Prudential Financial Inc.
		5.88%, 09/15/42 (m)	1,461		1,546
		5.63%, 06/15/43 (m)	970		1,010
	Sumitomo Mitsui Financial Group Inc.
		3.94%, 10/16/23	7,869		8,172
	UBS Group AG
		4.13%, 09/24/25 (j)	1,605		1,658
	USB Capital IX
		3.81%, (3M USD LIBOR + 1.02%), (callable at 100 beginning 05/13/19) (k) (m)	695		546
	Wells Fargo & Co.
		3.07%, 01/24/23	511		512
		3.75%, 01/24/24	1,639		1,689
	Wells Fargo Bank NA
		3.55%, 08/14/23	4,446		4,541
				77,263
Health Care 0.9%
	Actavis Funding SCS
		3.45%, 03/15/22	2,430		2,453
	Becton Dickinson & Co.
		3.13%, 11/08/21	2,550		2,559
		2.89%, 06/06/22	3,605		3,587
		3.36%, 06/06/24	1,120		1,122
	Bio City Development Co. BV
		0.00%, 07/06/18 (b) (f) (g) (h) (i) (l)	600		110
	CVS Health Corp.
		3.70%, 03/09/23	7,865		7,986
	Forest Laboratories Inc.
		5.00%, 12/15/21 (j)	1,235		1,286
	Gilead Sciences Inc.
		3.25%, 09/01/22	2,560		2,609
		3.70%, 04/01/24	2,832		2,926
	Halfmoon Parent Inc.
		3.40%, 09/17/21 (j)	3,471		3,508
		3.75%, 07/15/23 (j)	2,955		3,030
	Takeda Pharmaceutical Co. Ltd.
		3.80%, 11/26/20 (j)	1,945		1,973
				33,149
Industrials 0.3%
	Inversiones Alsacia SA
		0.00%, 04/22/21 (b) (g) (h) (l)	2,290		66
	Northrop Grumman Corp.
		2.55%, 10/15/22	2,558		2,532
	TransDigm Inc.
		6.25%, 03/15/26 (j)	6,581		6,825
				9,423
Information Technology 0.5%
	Apple Inc.
		3.35%, 02/09/27	4,470		4,559
		3.20%, 05/11/27	4,295		4,333
	Broadcom Inc.
		3.13%, 04/15/21 (j)	4,295		4,290
	QUALCOMM Inc.
		2.60%, 01/30/23	1,289		1,274
		2.90%, 05/20/24	3,333		3,279
				17,735
Materials 0.2%
	Quintis Pty Ltd.
		8.00%, 10/01/26 (d) (f) (j) (n)	397		397
		12.00%, 10/01/28 (d) (f) (j) (n)	7,352		7,352
				7,749
Real Estate 0.1%
	AvalonBay Communities Inc.
		3.50%, 11/15/24	549		562

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	CapitaLand Ltd.
		1.95%, 10/17/23, SGD (i) (j)	2,750		2,014
	Simon Property Group LP
		2.75%, 06/01/23	1,024		1,022
				3,598
Utilities 0.1%
	NextEra Energy Capital Holdings Inc.
		2.90%, 04/01/22	2,350		2,352
	Vistra Operations Co. LLC
		5.63%, 02/15/27 (j)	2,278		2,369
				4,721
	Total Corporate Bonds And Notes (cost $195,430)			195,352
SENIOR LOAN INTERESTS 0.1%
Consumer Discretionary 0.1%
	Hilton Worldwide Finance LLC
		Term Loan B-2, 4.24%, (3M LIBOR + 1.75%), 10/25/23 (m)	3,342		3,334
Energy 0.0%
	Fieldwood Energy LLC
		Term Loan, 7.74%, (3M LIBOR + 5.25%), 04/11/22 (m)	486		466
		2nd Lien Term Loan, 9.74%, (1M LIBOR + 7.25%), 04/11/23 (m)	656		554
				1,020
	Total Senior Loan Interests (cost $4,486)			4,354
GOVERNMENT AND AGENCY OBLIGATIONS 27.0%
Sovereign 2.0%
	Argentina Republic Government International Bond
		3.38%, 01/15/23, EUR	3,046		2,726
		6.88%, 01/26/27	10,744		8,649
		5.88%, 01/11/28 (d)	14,643		11,202
		5.25%, 01/15/28, EUR	517		425
		2.37%, 12/31/33, EUR (n)	6,189		6,001
	Australia Government Bond
		3.00%, 03/21/47, AUD (g)	10,915		8,680
	Bundesrepublik Deutschland
		0.50%, 02/15/28, EUR (g)	24,168		28,717
	Canada Government Bond
		0.75%, 03/01/21, CAD	8,572		6,323
				72,723
Treasury Inflation Indexed Securities 1.0%
	U.S. Treasury Inflation Indexed Note
		0.63%, 04/15/23 (o)	32,872		33,118
U.S. Treasury Securities 24.0%
	U.S. Treasury Note
		1.50%, 11/30/19 (p)	8,325		8,273
		2.63%, 12/31/23	79,694		81,089
		2.50%, 01/31/24	180,838		183,042
		2.38%, 02/29/24 (e)	115,214		116,042
		2.13%, 03/31/24 (q)	67,265		66,929
		3.00%, 10/31/25 (e)	56,746		59,140
		2.88%, 09/30/23 - 11/30/25	230,406		236,838
		2.63%, 01/31/26 (e)	111,382		113,592
				864,945
	Total Government And Agency Obligations (cost $957,867)			970,786
INVESTMENT COMPANIES 1.4%
	iShares Gold Trust Fund (b) (p) (r)		2,941		36,410
	SPDR Gold Trust ETF (b) (e) (p)		103		12,610
	Total Investment Companies (cost $51,303)			49,020
SHORT TERM INVESTMENTS 8.6%
Securities Lending Collateral 0.4%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.43% (r) (s)		14,838		14,838
Treasury Securities 8.2%
	Japan Treasury Bill
		-0.26%, 04/04/19, JPY (t)	2,943,100		26,557
			Shares/Par¹		Value ($)
		-0.19%, 04/22/19, JPY (t)	1,945,950		17,561
		-0.28%, 05/09/19, JPY (t)	2,335,200		21,075
		-0.27%, 05/13/19, JPY (t)	2,315,600		20,897
		-0.25%, 05/20/19, JPY (t)	2,317,100		20,913
		-0.21%, 05/27/19, JPY (t)	2,328,150		21,014
	U.S. Treasury Bill
		2.39%, 04/02/19 - 04/25/19 (t)	34,000		33,952
		2.44%, 04/09/19 (t)	20,000		19,989
		2.42%, 04/11/19 (t)	18,000		17,987
		2.46%, 04/18/19 (t)	15,000		14,982
		2.43%, 04/16/19 - 05/02/19 (t)	82,000		81,861
				296,788
	Total Short Term Investments (cost $312,966)			311,626
Total Investments 99.7% (cost $3,422,857)					3,591,041
Total Securities Sold Short (0.6)% (proceeds $20,357)					(19,947)
Total Purchased Options 0.2% (cost $18,697)					6,366
Other Derivative Instruments (0.3)%					(12,392)
Other Assets and Liabilities, Net 1.0%					36,038
Total Net Assets 100.0%					3,601,106

(a) Consolidated Schedule of Investments.

(b) Non-income producing security.

(d) All or a portion of the security was on loan.

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

(f) 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.

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

(h) The Sub-Adviser has deemed this security to be illiquid based on procedures approved by the JNL Series Trust's Board of Trustees.

(i) Convertible security.

(j) The Sub-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 JNL Series Trust's Board of Trustees. As of March 31, 2019, the value and the percentage of net assets of these liquid securities was $50,957 and 1.4%, respectively.

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

(l) Issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date.

(m) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of March 31, 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 reflects 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) 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) Treasury inflation indexed note, par amount is adjusted for inflation.

(p) All or a portion of the security is held in the respective subsidiary.

(q) All or a portion of the security was purchased on a delayed delivery basis. As of March 31, 2019, the total payable for investments purchased on a delayed delivery basis was $66,898.

(r) Investment in affiliate.

(s) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2019.

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

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
SECURITIES SOLD SHORT (0.6%)
COMMON STOCKS (0.6%)
Communication Services (0.0%)
		Activision Blizzard Inc.	(1)		(55)
		BT Group Plc	(47)		(137)
		DISH Network Corp. - Class A	(2)		(68)
		Electronic Arts Inc.	(2)		(193)
		iQiyi Inc. - ADS	(10)		(244)
		LINE Corp.	(5)		(162)
		SoftBank Group Corp.	—		(4)
		SoftBank Group Corp.	—		(29)
		Swisscom AG	—		(84)
				(976)
Consumer Discretionary (0.1%)
		Aptiv Plc	(2)		(156)
		Brilliance China Automotive Holdings Ltd.	(286)		(285)
		Daimler AG	(8)		(453)
		Fast Retailing Co. Ltd.	(1)		(517)
		Geely Automobile Holdings Ltd.	(68)		(130)
		Great Wall Motor Co. Ltd. - Class H	(241)		(181)
		Huazhu Group Ltd. - ADS	(9)		(393)
		Sharp Corp.	(1)		(10)
		Shenzhou International Group Holdings Ltd.	(14)		(188)
		Tesla Inc.	(1)		(301)
		Vipshop Holdings Ltd. - ADR	(50)		(398)
		Volkswagen AG	(2)		(361)
				(3,373)
Consumer Staples (0.1%)
		Brown-Forman Corp. - Class B	(4)		(232)
		ConAgra Brands Inc.	(1)		(35)
		FamilyMart UNY Holdings Co. Ltd.	(17)		(433)
		Hormel Foods Corp.	(6)		(282)
		Molson Coors Brewing Co. - Class B	(3)		(153)
		Saputo Inc.	(11)		(372)
				(1,507)
Energy (0.0%)
		Baker Hughes a GE Co. LLC - Class A	(3)		(84)
		Cenovus Energy Inc.	(56)		(487)
		Concho Resources Inc.	(1)		(157)
		Diamondback Energy Inc.	(1)		(142)
		Pembina Pipeline Corp.	(3)		(95)
				(965)
Financials (0.0%)
		Svenska Handelsbanken AB - Class A	(3)		(28)
		T. Rowe Price Group Inc.	(5)		(509)
				(537)
Health Care (0.0%)
		Alibaba Health Information Technology Ltd.	(104)		(121)
		AmerisourceBergen Corp.	(1)		(118)
		Daiichi Sankyo Co. Ltd.	(2)		(94)
		Incyte Corp.	(2)		(164)
			Shares/Par¹		Value ($)
		Regeneron Pharmaceuticals Inc.	(1)		(227)
		Wuxi Biologics Cayman Inc.	(35)		(344)
				(1,068)
Industrials (0.1%)
		Bollore SA	—		—
		Bollore SA	(22)		(100)
		China Southern Airlines Co. Ltd. - Class H	(70)		(63)
		China State Construction International Holdings Ltd.	(92)		(87)
		Deere & Co.	—		(24)
		Fortive Corp.	(3)		(261)
		Makita Corp.	(2)		(77)
		SMC Corp.	(1)		(188)
		Transurban Group	(25)		(233)
		Zhuzhou CSR Times Electric Co. Ltd. - Class H	(13)		(77)
		ZTO Express Cayman Inc. - ADR	(24)		(438)
				(1,548)
Information Technology (0.2%)
		AAC Technologies Holdings Inc.	(29)		(170)
		Autohome Inc. - Class A -ADR	(2)		(252)
		Nvidia Corp.	—		(25)
		Square Inc. - Class A	(5)		(343)
		Sumco Corp.	(193)		(2,150)
		Sunny Optical Technology Group Co. Ltd.	(47)		(569)
		Workday Inc. - Class A	(1)		(115)
		Worldpay Inc. - Class A	(2)		(248)
		Yaskawa Electric Corp.	(94)		(2,959)
				(6,831)
Materials (0.1%)
		Barrick Gold Corp.	(3)		(36)
		Freeport-McMoRan Inc. - Class B	(26)		(331)
		Linde Plc	(2)		(432)
		Nippon Paint Co. Ltd.	(12)		(461)
		Sherwin-Williams Co.	(1)		(500)
		ThyssenKrupp AG	(39)		(543)
				(2,303)
Real Estate (0.0%)
		China Evergrande Group	(93)		(310)
		Digital Realty Trust Inc.	(2)		(282)
				(592)
Utilities (0.0%)
		China Gas Holdings Ltd.	(11)		(40)
		Innogy SE	—		(7)
				(47)
	Total Common Stocks (proceeds $20,145)			(19,747)
PREFERRED STOCKS (0.0%)
Consumer Discretionary (0.0%)
		Volkswagen AG (a)	(1)		(200)
	Total Preferred Stocks (proceeds $212)			(200)
	Total Securities Sold Short (0.6%) (proceeds $20,357)				(19,947)

(a) Convertible security.

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	9,603	—	—	—	241	36,410	1.0


Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Australia Government Bond, 3.00%, 03/21/47	05/25/17	7,554	8,680	0.2
	Bio City Development Co. BV, 0.00%, 07/06/18	01/06/12	708	110	—
	Bundesrepublik Deutschland, 0.50%, 02/15/28	06/29/18	28,691	28,717	0.8
	Fieldwood Energy Inc.	05/16/18	353	469	—
	Fieldwood Energy Inc.	05/16/18	149	127	—

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


Restricted Securities (continued)
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Grand Rounds Inc. - Series C	04/01/15	1,774	1,629	0.1
	Inversiones Alsacia SA, 0.00%, 04/22/21	12/31/14	1,859	66	—
	Jawbone Health Hub Inc.	01/31/17	—	—	—
	Lookout Inc.	03/05/15	237	—	—
	Lookout Inc. - Series F	09/22/14	3,242	1,620	—
	Palantir Technologies Inc. - Series I	03/27/14	3,142	3,254	0.1
	Quintis Pty Ltd.	11/02/18	1,905	1,900	0.1
	REI Agro Ltd., 0.00%, 11/13/14	02/08/12	606	—	—
	Uber Technologies Inc.	06/09/14	4,702	15,575	0.4
			54,922	62,147	1.7


JNL/BlackRock Global Allocation Fund — Futures Contracts
Reference Entity	Contracts¹	Expiration	Notional¹			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Short Contracts
Euro STOXX 50	(1,312)	June 2019	EUR	(42,026)	(456)			(1,013)
FTSE 100 Index	(1)	June 2019	GBP	(71)	(1)			(1)
NASDAQ 100 E-Mini	(8)	June 2019		(1,158)	(8)			(26)
S&P 500 E-Mini Index	(3)	June 2019		(421)	(3)			(5)
Yen Denominated Nikkei 225	(26)	June 2019	JPY	(274,111)	(6)			(20)
					(474)			(1,065)


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 LIBOR (Q)	Paying	3.20	(S)	10/29/28		91,710		(201)		6,406
6M EURIBOR (S)	Receiving	0.84	(A)	02/15/28	EUR	13,343		16		(627)
6M EURIBOR (S)	Receiving	0.84	(A)	02/15/28	EUR	13,355		16		(628)
6M EURIBOR (S)	Receiving	0.99	(A)	10/29/28	EUR	72,574		104		(4,352)
								(65)		799

JNL/BlackRock Global Allocation Fund — Centrally Cleared Credit Default Swap Agreements

Reference Entity²

Fixed

Receive/

Pay Rate⁸

(%)

Expiration

Notional^1,7

Value⁶ ($)

Variation

Margin

Receivable

(Payable) ($)

Unrealized

Appreciation

(Depreciation) ($)

Credit default swap agreements - sell protection⁴

CDX.NA.HY.32 (Q)

5.00

06/20/24

(6,178)

410

JNL/BlackRock Global Allocation Fund — OTC Purchased Options

Reference Entity

Counterparty

Put/Call

Exercise Price ($)/

Swaption Rate (%)

Expiration

Notional/

Contracts ¹

Value ($)

Foreign Currency Options

British Pound versus USD

UBS

Call

1.32

05/15/19

GBP

53,780,300

817

Index Options

Euro Stoxx Bank Index

BCL

Call

EUR

136.97

03/19/21

61,665

Euro Stoxx Bank Index

UBS

Call

EUR

134.92

06/18/21

63,580

TOPIX Banks Index

BNP

Call

JPY

194.04

03/13/20

3,556,337

TOPIX Banks Index

BOA

Call

JPY

191.28

12/13/19

2,633,004

TOPIX Banks Index

MSC

Call

JPY

192.04

04/10/20

3,164,627

TOPIX Banks Index

MSC

Call

JPY

191.28

12/13/19

4,976,232

S&P 500 Index

BCL

Put

2,450.00

04/18/19

12,776

S&P 500 Index

GSC

Put

2,775.00

05/17/19

15,295

486

618

Options on Securities

Alphabet Inc. - Class C

JPM

Call

1,225.00

01/17/20

6,404

510

Anadarko Petroleum Corp.

CSI

Call

67.50

01/17/20

67,341

BP Plc

NSI

Call

45.00

01/17/20

315,430

599

BP Plc

UBS

Call

52.00

06/21/19

338,254

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


JNL/BlackRock Global Allocation Fund — OTC Purchased Options (continued)
Reference Entity	Counterparty	Put/Call	Exercise Price ($)/ Swaption Rate (%)		Expiration	Notional/ Contracts ¹		Value ($)
ConocoPhillips Co.	UBS	Call		75.00	06/21/19		176,716		92
CVS Health Corp.	JPM	Call		78.50	01/17/20		47,369		24
Facebook Inc.	UBS	Call		165.00	09/20/19		105,461		1,600
Halliburton Co.	CIT	Call		50.00	01/17/20		129,663		10
Johnson & Johnson	BOA	Call		155.00	01/17/20		48,028		125
JPMorgan Chase & Co.	CGM	Call		114.50	01/17/20		47,400		109
Jupai Holdings Ltd.	MSC	Call	JPY	4,894.87	12/11/20		110,932		29
Jupai Holdings Ltd.	MSC	Call	JPY	4,816.24	09/11/20		111,041		32
Jupai Holdings Ltd.	MSC	Call	JPY	4,756.33	03/13/20		137,345		27
Occidental Petroleum Corp.	UBS	Call		92.50	06/21/19		157,106		—
Royal Dutch Shell Plc - Class A	UBS	Call		77.00	06/21/19		193,080		—
Schlumberger Ltd.	CSI	Call		45.00	01/17/20		88,040		313
Schlumberger Ltd.	UBS	Call		70.00	01/17/20		108,421		12
SPDR Gold Trust ETF	JPM	Call		125.00	06/28/19		96,948		141
SPDR Gold Trust ETF ‡	JPM	Call		124.00	06/21/19		17,318		29
SPDR Gold Trust ETF ‡	MSC	Call		120.00	05/17/19		57,164		176
SPDR Gold Trust ETF ‡	MSC	Call		128.00	07/19/19		58,108		61
SPDR Gold Trust ETF ‡	SGB	Call		126.00	09/20/19		152,413		370
SPDR Gold Trust ETF ‡	SGB	Call		123.00	04/18/19		105,866		73
SPDR Gold Trust ETF ‡	SGB	Call		124.00	06/21/19		100,646		168
Suncor Energy Inc.	UBS	Call		45.00	06/21/19		228,336		—
Total SA	UBS	Call		70.00	09/20/19		237,909		14
									4,570
Spread Options
Spread between 2-year and 10-year ICE Swap Rates	GSC	Call		0.00	08/27/20		294,058,000		245
Spread between 2-year and 10-year ICE Swap Rates	GSC	Call		0.00	02/27/20		290,815,000		116
									361

JNL/BlackRock Global Allocation Fund — OTC Written Options

Reference Entity

Counterparty

Put/Call

Exercise Price ($)/ Swaption Rate(%)

Expiration

Notional/

Contracts ¹

Value ($)

Foreign Currency Options

South African Rand versus USD

MSC

Call

ZAR

15.00

04/11/19

14,432,000

(52)

Index Options

Euro Stoxx Bank Index

BCL

Put

EUR

110.23

03/19/21

41,110

(1,365)

Euro Stoxx Bank Index

UBS

Put

EUR

106.38

06/18/21

41,826

(1,379)

S&P 500 Index

GSC

Call

2,950.00

05/17/19

15,295

(107)

S&P 500 Index

GSC

Put

2,550.00

05/17/19

15,295

(95)

TOPIX Banks Index

BNP

Call

JPY

237.47

03/13/20

3,556,337

—

TOPIX Banks Index

BOA

Call

JPY

221.29

12/13/19

2,633,004

—

TOPIX Banks Index

MSC

Call

JPY

221.29

12/13/19

4,976,232

—

TOPIX Banks Index

MSC

Call

JPY

233.87

04/10/20

3,164,627

—

TOPIX Banks Index

BNP

Put

JPY

155.80

03/13/20

3,556,337

(511)

TOPIX Banks Index

BOA

Put

JPY

156.59

12/13/19

2,633,004

(360)

TOPIX Banks Index

MSC

Put

JPY

156.59

12/13/19

4,976,232

(680)

TOPIX Banks Index

MSC

Put

JPY

157.82

04/10/20

3,164,627

(561)

(5,058)

Options on Securities

Alphabet Inc. - Class C

JPM

Call

1,350.00

01/17/20

6,404

(226)

Alphabet Inc. - Class C

JPM

Put

860.00

01/17/20

6,404

(73)

Anadarko Petroleum Corp.

CSI

Call

76.00

01/17/20

67,341

(21)

Anadarko Petroleum Corp.

CSI

Put

46.00

01/17/20

67,341

(393)

Apple Inc.

UBS

Call

181.25

04/05/19

20,994

(191)

BP Plc

NSI

Put

36.00

01/17/20

315,430

(279)

Charter Communications Inc.

CSI

Call

352.40

04/05/19

10,668

(24)

Comcast Corp.

CGM

Call

37.50

01/17/20

117,715

(536)

Comcast Corp.

NSI

Call

38.32

04/05/19

97,775

(164)

ConocoPhillips Co.

UBS

Call

85.00

06/21/19

176,716

(4)

CVS Health Corp.

JPM

Call

87.50

01/17/20

47,369

(10)

CVS Health Corp.

JPM

Put

56.00

01/17/20

47,369

(329)

Dollar Tree Inc.

MSC

Call

103.80

04/05/19

36,485

(70)

Facebook Inc. - Class A

UBS

Put

155.00

01/17/20

237,242

(2,515)

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019

JNL/BlackRock Global Allocation Fund — OTC Written Options (continued)

Reference Entity

Counterparty

Put/Call

Exercise Price ($)/ Swaption Rate(%)

Expiration

Notional/

Contracts ¹

Value ($)

Halliburton Co.

CIT

Put

35.00

01/17/20

129,663

(895)

Johnson & Johnson

BOA

Call

170.00

01/17/20

48,028

(27)

Johnson & Johnson

BOA

Put

109.00

01/17/20

48,028

(83)

JPMorgan Chase & Co.

CGM

Call

125.50

01/17/20

47,400

(32)

JPMorgan Chase & Co.

CIT

Call

107.41

04/05/19

34,384

—

JPMorgan Chase & Co.

CGM

Put

87.25

01/17/20

47,400

(152)

Jupai Holdings Ltd.

MSC

Call

JPY

5,679.90

03/13/20

137,345

(3)

Jupai Holdings Ltd.

MSC

Put

JPY

3,832.77

03/13/20

137,345

(359)

Jupai Holdings Ltd.

MSC

Put

JPY

3,820.96

09/11/20

74,027

(258)

Jupai Holdings Ltd.

MSC

Put

JPY

3,786.60

12/11/20

73,955

(289)

Microsoft Corp.

CIT

Call

110.49

04/05/19

34,000

(258)

Raytheon Co.

MSC

Call

182.86

04/05/19

20,091

(26)

Schlumberger Ltd.

CSI

Put

33.00

01/17/20

88,040

(100)

Schlumberger Ltd.

UBS

Put

52.50

01/17/20

108,421

(1,147)

SPDR Gold Trust ETF

JPM

Put

119.00

06/28/19

48,474

(40)

SPDR Gold Trust ETF ‡

MSC

Put

120.00

07/19/19

58,108

(76)

SPDR Gold Trust ETF ‡

SGB

Put

118.00

09/20/19

105,517

(129)

Total SA

UBS

Call

75.00

09/20/19

237,909

(3)

Verizon Communications Inc.

NSI

Call

56.15

04/05/19

64,080

(194)

(8,906)

Forward Foreign Currency Contracts


Purchased/ Sold	Counter-party	Expiration	Notional ¹		Value ($)		Unrealized Appreciation (Depreciation) ($)
EUR/USD	BOA	04/25/19	EUR	7,712		8,666		(162)
EUR/USD	BOA	05/23/19	EUR	7,827		8,817		(86)
EUR/USD	MSC	06/05/19	EUR	15,790		17,807		(163)
EUR/USD	MSC	06/13/19	EUR	15,746		17,770		(22)
GBP/USD	JPM	04/12/19	GBP	12,145		15,805		257
GBP/USD	BCL	05/16/19	GBP	13,644		17,786		119
GBP/USD	JPM	05/23/19	GBP	7,069		9,219		(11)
JPY/USD	MSC	04/25/19	JPY	1,943,777		17,576		(239)
JPY/USD	GSC	04/26/19	JPY	1,973,823		17,849		(327)
JPY/USD	JPM	05/10/19	JPY	1,957,706		17,722		(243)
JPY/USD	JPM	05/13/19	JPY	1,234,514		11,178		91
JPY/USD	UBS	05/13/19	JPY	1,081,086		9,789		49
JPY/USD	BOA	05/17/19	JPY	3,017,577		27,330		(180)
JPY/USD	BOA	05/20/19	JPY	2,317,100		20,990		(122)
JPY/USD	MSC	05/28/19	JPY	2,328,150		21,102		141
NOK/USD	BCL	05/02/19	NOK	57,413		6,668		(170)
SEK/EUR	JPM	06/20/19	EUR	(15,126)		(17,080)		15
USD/AUD	BOA	04/26/19	AUD	(8,215)		(5,834)		31
USD/AUD	BNP	06/13/19	AUD	(12,019)		(8,543)		(86)
USD/EUR	BOA	05/23/19	EUR	(7,827)		(8,817)		160
USD/INR	CIT	05/28/19	INR	(97,750)		(1,400)		(44)
USD/INR	JPM	05/28/19	INR	(553,920)		(7,934)		(249)
USD/JPY	BNP	04/04/19	JPY	(2,943,100)		(26,561)		685
USD/JPY	GSC	04/22/19	JPY	(1,945,950)		(17,591)		244
USD/JPY	JPM	05/09/19	JPY	(2,335,200)		(21,138)		342
USD/JPY	CIT	05/13/19	JPY	(2,315,600)		(20,967)		394
USD/JPY	JPM	05/20/19	JPY	(2,317,100)		(20,990)		287
USD/JPY	GSC	05/28/19	JPY	(2,328,150)		(21,102)		26
ZAR/USD	BCL	06/14/19	ZAR	154,741		10,620		(112)
						78,737		625


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
Nikkei Dividend Future, Expiration April 2021	BNP	04/01/21	JPY	135,800	—		219
Nikkei Dividend Future, Expiration April 2021	BNP	04/01/21	JPY	50,580	—		39
Nikkei Dividend Future, Expiration April 2021	BNP	04/01/21	JPY	68,895	—		121
Nikkei Dividend Future, Expiration April 2022	BNP	04/01/22	JPY	71,730	—		98
Nikkei Dividend Future, Expiration April 2022	BNP	04/01/22	JPY	51,120	—		35
Nikkei Dividend Future, Expiration April 2022	BNP	04/01/22	JPY	137,550	—		207
Nikkei Dividend Future, Expiration April 2022	BNP	04/01/22	JPY	71,550	—		99
S&P 500 Annual Dividend Index Future, Expiration December 2021	BNP	12/17/21		1,287	—		305
S&P 500 Annual Dividend Index Future, Expiration December 2020	GSC	12/18/20		995	—		232
					—		1,355

JNL/BlackRock Global Allocation 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 - paying return

INDEX

Euro STOXX Banks Net Return Index (E)

3M EURIBOR -0.25% (Q)

BNP

04/30/19

EUR

(5,493)

—

159

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019

^‡All or a portion of the derivative instrument is held in the respective subsidiary.

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
JNL/BlackRock Global Natural Resources Fund
COMMON STOCKS 98.5%
Australia 7.5%
	BHP Group Plc	1,443		34,720
	Newcrest Mining Ltd.	482		8,697
	OZ Minerals Ltd.	1,158		8,711
			52,128
Belgium 1.8%
	Umicore SA (a)	285		12,675
Brazil 3.0%
	Vale SA - ADR	1,579		20,626
Canada 24.0%
	Barrick Gold Corp.	1,455		19,945
	Canadian Natural Resources Ltd.	216		5,931
	Curaleaf Holdings Inc. (b)	865		7,903
	First Quantum Minerals Ltd.	1,955		22,182
	Franco-Nevada Corp.	70		5,262
	Great Panther Mining Ltd. (b)	1,344		1,248
	Neo Lithium Corp. (b)	5,410		3,484
	Nutrien Ltd. (a)	893		47,139
	Stelco Holdings Inc. (a)	1,023		12,664
	Suncor Energy Inc.	650		21,074
	Teck Resources Ltd. - Class B	425		9,854
	Wheaton Precious Metals Corp.	435		10,357
			167,043
China 1.3%
	CNOOC Ltd.	4,806		8,998
France 5.8%
	Total SA	718		39,944
Ghana 0.5%
	Kosmos Energy Ltd.	590		3,675
Ireland 4.3%
	Glambia Plc	565		11,037
	Kerry Group Plc - Class A	109		12,218
	Smurfit Kappa Group Plc	237		6,644
			29,899
Netherlands 5.5%
	Royal Dutch Shell Plc - Class B	1,206		38,113
Russian Federation 0.7%
	Polyus PJSC - GDR	120		4,915
Switzerland 3.4%
	Glencore Plc	5,754		23,856
United Kingdom 12.6%
	Anglo American Plc	612		16,398
		Shares/Par¹		Value ($)
	BP Plc	5,624		40,898
	Cairn Energy Plc (b)	1,260		2,660
	Fresnillo Plc	838		9,481
	Mondi Plc	426		9,418
	Rio Tinto Plc	151		8,763
			87,618
United States of America 28.1%
	Albemarle Corp.	85		6,942
	Anadarko Petroleum Corp.	115		5,212
	Baker Hughes a GE Co. LLC - Class A	111		3,089
	CF Industries Holdings Inc.	395		16,134
	Concho Resources Inc.	33		3,719
	ConocoPhillips Co.	152		10,126
	Deere & Co.	53		8,426
	Exxon Mobil Corp.	374		30,227
	FMC Corp.	222		17,054
	Halliburton Co.	163		4,780
	Hormel Foods Corp.	239		10,712
	Ingredion Inc.	95		9,046
	Livent Corp. (b)	208		2,550
	Marathon Petroleum Corp.	93		5,583
	Newmont Mining Corp.	269		9,639
	Packaging Corp. of America	138		13,739
	Pioneer Natural Resources Co.	38		5,806
	Tractor Supply Co.	107		10,436
	Trimble Inc. (b)	263		10,628
	Valero Energy Corp.	64		5,444
	Williams Cos. Inc.	202		5,797
			195,089
	Total Common Stocks (cost $693,570)		684,579
SHORT TERM INVESTMENTS 3.0%
Investment Companies 1.0%
	JNL Government Money Market Fund - Institutional Class, 2.33% (c) (d)	7,041		7,041
Securities Lending Collateral 2.0%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.43% (c) (d)	13,603		13,603
	Total Short Term Investments (cost $20,644)		20,644
Total Investments 101.5% (cost $714,214)				705,223
Other Assets and Liabilities, Net (1.5)%				(10,316)
Total Net Assets 100.0%				694,907

(a) All or a portion of the security was on loan.

(b) Non-income producing security.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2019.

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
JNL/BlackRock Large Cap Select Growth Fund
COMMON STOCKS 99.6%
Communication Services 13.0%
	Alphabet Inc. - Class A (a)	98		114,810
	Electronic Arts Inc. (a)	541		54,937
	Facebook Inc. - Class A (a)	245		40,855
	IAC/InterActiveCorp. (a)	219		46,021
	Netflix Inc. (a)	310		110,667
	Tencent Holdings Ltd.	2,102		97,067
			464,357
Consumer Discretionary 16.2%
	Alibaba Group Holding Ltd. - ADS (a)	173		31,496
	Amazon.com Inc. (a)	181		322,421
	Booking Holdings Inc. (a)	11		19,800
	Burlington Stores Inc. (a)	116		18,126
	Domino's Pizza Inc.	180		46,540
	MercadoLibre Inc. (a)	147		74,522
	Nike Inc. - Class B	472		39,777
	Tesla Inc. (a) (b)	100		27,858
			580,540
Consumer Staples 2.5%
	Constellation Brands Inc. - Class A	518		90,743
Financials 3.9%
	CME Group Inc.	332		54,698
	First Republic Bank	140		14,089
	S&P Global Inc.	343		72,318
			141,105
Health Care 17.0%
	Align Technology Inc. (a)	275		78,326
	Becton Dickinson & Co.	240		60,010
	Boston Scientific Corp. (a)	1,800		69,083
	Centene Corp. (a)	905		48,074
	Illumina Inc. (a)	173		53,779
	Intuitive Surgical Inc. (a)	105		60,055
	Iqvia Ltd. (a)	149		21,391
	Novartis AG - ADR	338		32,448
	UnitedHealth Group Inc.	434		107,311
	Vertex Pharmaceuticals Inc. (a)	241		44,269
	Zoetis Inc. - Class A	340		34,224
			608,970
Industrials 10.8%
	Boeing Co.	206		78,528
	CoStar Group Inc. (a)	202		94,317
	Honeywell International Inc.	223		35,417
	Roper Industries Inc.	144		49,192
	TransUnion LLC	410		27,378
	Union Pacific Corp.	358		59,886
	Xylem Inc.	526		41,561
			386,279
Information Technology 31.6%
	Adobe Inc. (a)	337		89,759
	ASML Holding NV - ADR	360		67,758
	Autodesk Inc. (a)	294		45,850
	Intuit Inc.	359		93,788
	Keysight Technologies Inc. (a)	247		21,525
	Mastercard Inc. - Class A	624		146,900
	Microsoft Corp.	1,454		171,443
	Nvidia Corp.	156		27,997
	PayPal Holdings Inc. (a)	629		65,294
	PTC Inc. (a)	192		17,678
	Salesforce.com Inc. (a)	674		106,790
	ServiceNow Inc. (a)	298		73,499
	Visa Inc. - Class A	1,089		170,152
	Xilinx Inc.	269		34,160
			1,132,593
Materials 2.8%
	Linde Plc	31		5,389
	Sherwin-Williams Co.	119		51,152
	Vulcan Materials Co.	376		44,542
			101,083
		Shares/Par¹		Value ($)
Real Estate 1.8%
	SBA Communications Corp. (a)	313		62,391
	Total Common Stocks (cost $2,589,668)		3,568,061
PREFERRED STOCKS 0.2%
Information Technology 0.2%
	Palantir Technologies Inc. - Series I (a) (c)	1,246		7,913
	Total Preferred Stocks (cost $7,639)		7,913
SHORT TERM INVESTMENTS 0.8%
Investment Companies 0.8%
	JNL Government Money Market Fund - Institutional Class, 2.33% (d) (e)	28,338		28,338
	Total Short Term Investments (cost $28,338)		28,338
Total Investments 100.6% (cost $2,625,645)				3,604,312
Other Assets and Liabilities, Net (0.6)%				(22,539)
Total Net Assets 100.0%				3,581,773

(a) Non-income producing security.

(b) All or a portion of the security was on loan.

(c) 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.

(d) Investment in affiliate.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2019.

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
JNL/Boston Partners Global Long Short Equity Fund
COMMON STOCKS 96.3%
Communication Services 10.9%
	Alphabet Inc. - Class C (a) (b)	8		9,280
	Cineworld Group Plc	721		2,751
	Comcast Corp. - Class A (b) (c)	185		7,415
	Fox Corp. - Class A (a)	28		1,043
	Koninklijke KPN NV	808		2,562
	KT Corp. - ADR	109		1,353
	Nippon Telegraph & Telephone Corp.	179		7,603
	Verizon Communications Inc. (b) (c)	165		9,778
	Vodafone Group Plc	1,001		1,824
	Walt Disney Co.	28		3,149
			46,758
Consumer Discretionary 6.7%
	Compagnie Generale des Etablissements Michelin	29		3,384
	Haseko Corp.	211		2,650
	Inchcape Plc	219		1,626
	Kering SA	3		1,932
	Lear Corp.	17		2,257
	Lowe's Cos. Inc.	35		3,798
	Melco Resorts & Entertainment Ltd. - ADR	84		1,907
	Pulte Homes Inc. (c)	145		4,058
	Sony Corp.	64		2,685
	Stars Group Inc. (a)	125		2,193
	Tapestry Inc. (b)	69		2,229
			28,719
Consumer Staples 9.4%
	Asahi Breweries Ltd.	80		3,560
	Coca-Cola European Partners Plc (c)	92		4,752
	Danone SA	66		5,123
	Imperial Brands Plc	209		7,130
	Matsumotokiyoshi Holdings Co. Ltd.	75		2,487
	Molson Coors Brewing Co. - Class B (b)	62		3,694
	Nomad Holdings Ltd. (a) (b)	124		2,534
	Seven & I Holdings Co. Ltd.	87		3,275
	Unilever Plc	82		4,676
	Walmart Inc. (c)	30		2,962
			40,193
Energy 8.8%
	Canadian Natural Resources Ltd.	186		5,115
	Concho Resources Inc.	31		3,409
	Diamondback Energy Inc.	43		4,397
	Hunting Plc	230		1,786
	Parsley Energy Inc. - Class A (a) (b)	128		2,462
	Peabody Energy Corp.	4		117
	Pioneer Natural Resources Co. (b)	31		4,748
	ProPetro Holding Corp. (a)	34		763
	Royal Dutch Shell Plc - Class A	128		4,014
	Tenaris SA - ADR	27		763
	Total SA (d)	132		7,364
	Tullow Oil Plc	887		2,784
			37,722
Financials 16.1%
	AIB Group Plc	454		2,040
	Allstate Corp. (b)	44		4,169
	American Express Co. (b)	53		5,749
	Aviva Plc	656		3,524
	Bank of Ireland Group Plc	376		2,242
	Berkshire Hathaway Inc. - Class B (a) (b) (c)	58		11,686
	Chubb Ltd. (b) (c)	33		4,665
	Citigroup Inc. (b)	48		2,999
	Everest Re Group Ltd. (b)	21		4,556
	Goldman Sachs Group Inc.	22		4,162
	ING Groep NV	250		3,026
	KeyCorp	286		4,498
	Lloyds Banking Group Plc	3,366		2,726
	OTP Bank Plc	38		1,671
	RenaissanceRe Holdings Ltd. (b) (c)	15		2,167
	Sumitomo Mitsui Financial Group Inc.	112		3,923
	Wells Fargo & Co. (b)	103		4,994
			68,797
		Shares/Par¹		Value ($)
Health Care 12.0%
	Anthem Inc. (b) (c)	14		4,144
	Biogen Inc. (a) (b)	12		2,858
	Cigna Corp. (b) (c)	24		3,786
	CVS Health Corp. (b)	113		6,097
	GlaxoSmithKline Plc	317		6,569
	Johnson & Johnson (b) (c)	33		4,660
	Laboratory Corp. of America Holdings (a) (b) (c)	42		6,389
	McKesson Corp. (b)	32		3,752
	Novo Nordisk A/S - Class B	89		4,687
	Pfizer Inc. (b) (c)	130		5,515
	Shionogi & Co. Ltd.	47		2,941
			51,398
Industrials 11.2%
	Air Lease Corp. - Class A (b)	44		1,503
	CK Hutchison Holdings Ltd.	426		4,482
	Dover Corp.	28		2,631
	Eaton Corp. Plc (b)	74		5,994
	Fuji Electric Holdings Co. Ltd.	10		275
	GrafTech International Ltd.	208		2,664
	Kamigumi Co. Ltd.	49		1,142
	KAR Auction Services Inc.	68		3,514
	Masco Corp. (b) (c)	76		2,993
	Owens Corning Inc. (b)	61		2,870
	Toshiba Corp.	106		3,357
	United Parcel Service Inc. - Class B	46		5,165
	United Technologies Corp. (b)	56		7,208
	Vinci SA	42		4,134
			47,932
Information Technology 12.3%
	Capgemini SA	42		5,066
	Cisco Systems Inc. (b)	162		8,760
	HP Inc. (b)	103		2,001
	Marvell Technology Group Ltd. (b)	117		2,336
	Microsoft Corp. (b)	121		14,323
	NetApp Inc.	38		2,608
	Oracle Corp. (c)	144		7,727
	Science Applications International Corp.	33		2,572
	STMicroelectronics NV	145		2,147
	SYNNEX Corp. (b)	30		2,902
	TE Connectivity Ltd.	28		2,298
			52,740
Materials 7.7%
	Barrick Gold Corp.	163		2,237
	Cemex SAB de CV - ADR (a)	602		2,791
	CRH Plc	196		6,062
	DowDuPont Inc. (a)	68		2,444
	DowDuPont Inc. (b)	59		3,159
	FMC Corp.	25		1,893
	Glencore Plc	890		3,691
	Graphic Packaging Holding Co.	295		3,731
	Mosaic Co.	139		3,805
	Nutrien Ltd. (b)	39		2,041
	Ternium SA - ADR	34		913
			32,767
Utilities 1.2%
	Vistra Energy Corp. (b)	196		5,115
	Total Common Stocks (cost $406,197)		412,141
PREFERRED STOCKS 0.6%
Energy 0.6%
	Petroleo Brasileiro SA (e)	344		2,446
	Total Preferred Stocks (cost $2,324)		2,446
SHORT TERM INVESTMENTS 5.1%
Investment Companies 3.9%
	JNL Government Money Market Fund - Institutional Class, 2.33% (f) (g)	16,955		16,955

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
Securities Lending Collateral 1.2%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.43% (f) (g)	5,087		5,087
	Total Short Term Investments (cost $22,042)		22,042
Total Investments 102.0% (cost $430,563)				436,629
Total Securities Sold Short (47.9)% (proceeds $192,710)				(204,851)
Other Derivative Instruments (1.0)%				(4,132)
Other Assets and Liabilities, Net 46.9%				200,463
		Shares/Par¹		Value ($)
Total Net Assets 100.0%				428,109

(a) Non-income producing security.

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

(d) All or a portion of the security was on loan.

(e) Convertible security.

(f) Investment in affiliate.

(g) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2019.


		Shares/Par¹		Value ($)
SECURITIES SOLD SHORT (47.9%)
COMMON STOCKS (47.9%)
Communication Services (1.7%)
	ASOS Plc	(21)		(893)
	Cogent Communications Group Inc.	(24)		(1,304)
	GTT Communications Inc.	(30)		(1,039)
	Netflix Inc.	(3)		(1,043)
	TripAdvisor Inc.	(35)		(1,781)
	Zillow Group Inc. - Class A	(38)		(1,296)
			(7,356)
Consumer Discretionary (8.5%)
	Asics Corp.	(120)		(1,608)
	Autoliv Inc.	(26)		(1,880)
	Brembo SpA	(147)		(1,674)
	Carvana Co. - Class A	(30)		(1,728)
	Chegg Inc.	(23)		(884)
	Choice Hotels International Inc.	(28)		(2,156)
	Cracker Barrel Old Country Store Inc.	(9)		(1,528)
	CyberAgent Inc.	(29)		(1,177)
	Hermes International SCA	(3)		(1,885)
	iRobot Corp.	(14)		(1,654)
	Leggett & Platt Inc.	(52)		(2,209)
	Mattel Inc.	(85)		(1,109)
	MercadoLibre Inc.	(4)		(2,050)
	Monro Inc.	(13)		(1,127)
	Norwegian Cruise Line Holdings Ltd.	(20)		(1,093)
	Pinduoduo Inc. - ADR	(43)		(1,073)
	Tesla Inc.	(15)		(4,107)
	Texas Roadhouse Inc.	(31)		(1,919)
	Tiffany & Co.	(21)		(2,180)
	Vail Resorts Inc.	(7)		(1,610)
	Wayfair Inc. - Class A	(10)		(1,546)
			(36,197)
Consumer Staples (3.6%)
	a2 Milk Co. Ltd.	(152)		(1,475)
	AEON Co. Ltd.	(81)		(1,692)
	Calbee Inc.	(56)		(1,506)
	Casey's General Stores Inc.	(8)		(1,038)
	Golden Agri-Resources Ltd.	(5,382)		(1,112)
	Kikkoman Corp.	(31)		(1,528)
	MGP Ingredients Inc.	(10)		(809)
	National Beverage Corp.	(11)		(611)
	Remy Cointreau SA	(12)		(1,588)
	Treasury Wine Estates Ltd.	(119)		(1,258)
	Uni-President China Holdings Ltd.	(1,834)		(1,803)
	Yamazaki Baking Co. Ltd.	(64)		(1,043)
			(15,463)
Energy (3.8%)
	Antero Midstream Corp.	(110)		(1,523)
	Apache Corp.	(52)		(1,810)
	Delek US Holdings Inc.	(43)		(1,578)
	Devon Energy Corp.	(54)		(1,692)
	Helmerich & Payne Inc.	(26)		(1,445)
	Matador Resources Co.	(103)		(1,996)
	TransCanada Corp.	(43)		(1,951)
	US Silica Holdings Inc.	(130)		(2,262)
	Williams Cos. Inc.	(69)		(1,989)
			(16,246)
Financials (7.5%)
	Cohen & Steers Inc.	(36)		(1,507)
	Community Bank System Inc.	(38)		(2,250)
	Credit Agricole SA	(116)		(1,405)
		Shares/Par¹		Value ($)
	Credit Suisse Group AG	(237)		(2,772)
	CVB Financial Corp.	(72)		(1,518)
	Daiwa Securities Group Inc.	(210)		(1,022)
	Focus Financial Partners Inc. - Class A	(33)		(1,184)
	Hamilton Lane Inc. - Class A	(27)		(1,173)
	Hargreaves Lansdown Plc	(91)		(2,206)
	Hiscox Ltd.	(103)		(2,090)
	KKR & Co. Inc.	(62)		(1,450)
	MarketAxess Holdings Inc.	(8)		(1,963)
	MS&AD Insurance Group Holdings	(51)		(1,538)
	RLI Corp.	(31)		(2,223)
	RSA Insurance Group Plc	(155)		(1,027)
	Shopify Inc. - Class A	(5)		(1,103)
	Sony Financial Holdings Inc.	(57)		(1,080)
	Trustmark Corp.	(45)		(1,520)
	Westamerica Bancorp	(32)		(1,970)
	WisdomTree Investments Inc.	(116)		(820)
			(31,821)
Health Care (3.5%)
	Ain Pharmaciez Inc.	(16)		(1,233)
	Align Technology Inc.	(8)		(2,397)
	Allogene Therapeutics Inc.	(31)		(890)
	Covetrus Inc.	(42)		(1,333)
	Exact Sciences Corp.	(12)		(1,066)
	Genmab A/S	(7)		(1,136)
	Hisamitsu Pharmaceutical Co. Inc.	(27)		(1,242)
	Inovalon Holdings Inc. - Class A	(53)		(664)
	Medidata Solutions Inc.	(13)		(974)
	Moderna Inc.	(62)		(1,254)
	Nevro Corp.	(28)		(1,746)
	Teladoc Health Inc.	(18)		(993)
			(14,928)
Industrials (7.0%)
	AAON Inc.	(32)		(1,488)
	Axon Enterprise Inc.	(25)		(1,350)
	Cimpress NV	(11)		(892)
	Geberit AG	(4)		(1,759)
	Healthcare Services Group Inc.	(45)		(1,484)
	Hertz Global Holdings Inc.	(87)		(1,509)
	John Bean Technologies Corp.	(6)		(561)
	LATAM Airlines Group SA - ADR	(72)		(757)
	Makita Corp.	(48)		(1,673)
	Melrose Industries Plc	(452)		(1,080)
	Middleby Corp.	(13)		(1,673)
	MISUMI Group Inc.	(53)		(1,331)
	Nidec Corp.	(20)		(2,537)
	Renishaw Plc	(34)		(1,636)
	Saab AB - Class B	(39)		(1,247)
	SembCorp Marine Ltd.	(769)		(916)
	SiteOne Landscape Supply Inc.	(11)		(621)
	SNC-Lavalin Group Inc.	(66)		(1,684)
	TransDigm Group Inc.	(7)		(3,035)
	Trex Co. Inc.	(18)		(1,090)
	Triumph Group Inc.	(38)		(716)
	Weir Group Plc	(39)		(793)
	Wesco Aircraft Holdings Inc.	(19)		(163)
			(29,995)
Information Technology (5.3%)
	2U Inc.	(17)		(1,224)
	AAC Technologies Holdings Inc.	(319)		(1,911)
	Blackbaud Inc.	(11)		(844)
	Cree Inc.	(30)		(1,703)
	Manhattan Associates Inc.	(20)		(1,099)

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
		MongoDB Inc. - Class A	(10)		(1,515)
		National Instruments Corp.	(20)		(879)
		Power Integrations Inc.	(33)		(2,321)
		Pure Storage Inc. - Class A	(63)		(1,377)
		Universal Display Corp.	(9)		(1,443)
		WiseTech Global Ltd.	(94)		(1,556)
		Workday Inc. - Class A	(8)		(1,501)
		Workiva Inc. - Class A	(27)		(1,363)
		Yaskawa Electric Corp.	(78)		(2,440)
		Zendesk Inc.	(17)		(1,414)
				(22,590)
Materials (6.2%)
		Antofagasta Plc	(127)		(1,603)
		Ball Corp.	(32)		(1,869)
		Compass Minerals International Inc.	(45)		(2,465)
		Eastman Chemical Co.	(16)		(1,247)
		First Quantum Minerals Ltd.	(69)		(788)
		GCP Applied Technologies Inc.	(37)		(1,090)
		Gerdau SA - ADR	(417)		(1,618)
			Shares/Par¹		Value ($)
		Greif Inc. - Class A	(57)		(2,366)
		International Flavors & Fragrances Inc.	(11)		(1,361)
		LafargeHolcim Ltd.	(26)		(1,265)
		LyondellBasell Industries NV - Class A	(19)		(1,584)
		Martin Marietta Materials Inc.	(7)		(1,320)
		Quaker Chemical Corp.	(9)		(1,727)
		RPM International Inc.	(33)		(1,903)
		Sika AG	(14)		(1,966)
		Sonoco Products Co.	(22)		(1,365)
		Yara International ASA	(26)		(1,083)
				(26,620)
Real Estate (0.2%)
		Public Storage	(4)		(972)
Utilities (0.6%)
		Hong Kong & China Gas Co. Ltd.	(455)		(1,091)
		Severn Trent Plc	(61)		(1,572)
				(2,663)
	Total Common Stocks (proceeds $192,710)			(204,851)
	Total Securities Sold Short (47.9%) (proceeds $192,710)				(204,851)


JNL/Boston Partners Global Long Short Equity Fund — Exchange Traded Written Options
Reference Entity	Put/Call		Exercise Price ($)/ Swaption Rate (%)		Expiration	Notional/ Contracts ¹		Value ($)
Options on Securities
Anthem Inc.		Call		310.00	06/21/19		149		(75)
Berkshire Hathaway Inc.		Call		200.00	09/20/19		431		(512)
Chubb Ltd.		Call		130.00	08/16/19		333		(416)
Cigna Corp.		Call		190.00	07/19/19		153		(25)
Coca-Cola European Partners Plc		Call		45.00	08/16/19		885		(646)
Comcast Corp.		Call		40.00	06/21/19		1,223		(192)
Johnson & Johnson		Call		130.00	04/18/19		330		(341)
Laboratory Corp. of America Holdings		Call		145.00	08/16/19		294		(416)
Masco Corp.		Call		30.00	07/19/19		699		(664)
Oracle Corp.		Call		52.50	09/20/19		1,087		(413)
Pfizer Inc.		Call		44.00	09/20/19		1,033		(131)
Pulte Homes Inc.		Call		26.00	10/18/19		1,184		(444)
RenaissanceRe Holdings Ltd.		Call		140.00	07/19/19		151		(135)
Verizon Communications Inc.		Call		62.50	09/20/19		1,058		(127)
Walmart Inc.		Call		97.50	09/20/19		289		(143)
									(4,680)

Forward Foreign Currency Contracts

Purchased/

Sold

Counter-party

Expiration

Notional ¹

Value ($)

Unrealized

Appreciation

(Depreciation) ($)

JPY/USD

BBH

04/03/19

JPY

79,385

716

(1)

JPY/USD

BBH

04/03/19

JPY

2,988

—

743

(1)

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 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 Ltd. (E)

MSC

Reserve Bank of Australia Overnight Rate -4.75% (M)

TBD

(66,670)

AUD

(1,375)

(16)

Aozora Bank Ltd. (E)

GSC

Tokyo Overnight Average Rate -0.45% (M)

TBD

(30,000)

JPY

(92,700)

AU Optronics Corp. (E)

MBL

Federal Funds Effective Rate -3.00% (M)

TBD

(2,975,000)

(1,101)

Axis Bank Ltd. (E)

MSC

Federal Funds Effective Rate -1.75% (M)

TBD

(11,719)

(642)

(13)

Celltrion Inc. (E)

GSC

Federal Funds Effective Rate -3.25% (M)

TBD

(10,854)

(1,949)

217

Cheng Shin Rubber Industry Co. Ltd. (E)

GSC

Federal Funds Effective Rate -1.25% (M)

TBD

(468,000)

(657)

First Financial Bankshares Inc. (E)

GSC

Federal Funds Effective Rate -0.25% (M)

TBD

(38,274)

(2,221)

Pearson Plc (E)

GSC

Sterling Overnight Index Average -0.40% (M)

TBD

(119,364)

GBP

(997)

(1)

Pennon Group Plc (E)

GSC

Sterling Overnight Index Average -0.40% (M)

TBD

(158,506)

GBP

(1,252)

Prosperity Bancshares Inc. (E)

GSC

Federal Funds Effective Rate -0.25% (M)

TBD

(38,002)

(2,752)

114

Sillajen Inc. (E)

GSC

Federal Funds Effective Rate -9.75% (M)

TBD

(15,385)

(906)

Unilever Indonesia (E)

MBL

Federal Funds Effective Rate -3.50% (M)

TBD

(686,400)

(2,379)

549

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
JNL/Causeway International Value Select Fund
COMMON STOCKS 94.0%
Canada 7.2%
	Canadian Imperial Bank of Commerce (a)	139		10,998
	EnCana Corp.	4,946		35,857
	Gildan Activewear Inc.	772		27,791
	Manulife Financial Corp.	1,921		32,517
			107,163
China 6.1%
	Baidu.com - Class A - ADR (b)	212		34,976
	China Merchants Holdings International Co. Ltd.	4,807		10,273
	China Mobile Ltd.	4,486		45,678
			90,927
France 4.7%
	BNP Paribas SA	642		30,737
	Carrefour SA	224		4,189
	Danone SA	88		6,768
	Engie SA	324		4,824
	Total SA	420		23,370
			69,888
Germany 7.3%
	BASF SE	651		47,995
	Deutsche Post AG	885		28,800
	SAP SE	269		31,171
			107,966
Ireland 0.2%
	Ryanair Holdings Plc - ADR (b)	47		3,554
Italy 3.6%
	Unicredit SpA	4,219		54,171
Japan 14.6%
	East Japan Railway Co.	342		32,974
	Fanuc Ltd.	163		27,891
	Japan Airlines Co. Ltd.	540		19,024
	KDDI Corp.	1,505		32,396
	Sompo Holdings Inc.	659		24,337
	Sumitomo Mitsui Financial Group Inc.	555		19,412
	Takeda Pharmaceutical Co. Ltd. (a)	1,506		61,218
			217,252
Netherlands 6.7%
	Akzo Nobel NV	456		40,458
	ING Groep NV	1,298		15,735
	Royal Dutch Shell Plc - Class B	1,385		43,761
			99,954
South Korea 4.8%
	Samsung Electronics Co. Ltd.	696		27,405
	SK Innovation Co. Ltd.	45		7,170
	SK Telecom Co. Ltd.	166		36,722
			71,297
		Shares/Par¹		Value ($)
Spain 0.9%
	CaixaBank SA	4,136		12,957
Switzerland 8.7%
	ABB Ltd.	2,433		45,821
	Cie Financiere Richemont SA	166		12,108
	Givaudan SA	4		10,017
	Novartis AG	348		33,490
	Roche Holding AG	101		27,888
			129,324
United Kingdom 29.2%
	AstraZeneca Plc	459		36,545
	Aviva Plc	5,559		29,860
	Barclays Plc	20,906		42,091
	BP Plc	5,314		38,638
	British American Tobacco Plc	1,246		51,863
	Carnival Plc	290		14,238
	Johnson Matthey Plc	355		14,535
	Linde Plc	308		54,116
	Lloyds Banking Group Plc	22,043		17,852
	Micro Focus International Plc	1,051		27,354
	Relx Plc	393		8,397
	Rolls-Royce Holdings Plc (b)	2,981		35,063
	SSE Plc	2,354		36,347
	Vodafone Group Plc	14,976		27,285
			434,184
	Total Common Stocks (cost $1,484,985)		1,398,637
PREFERRED STOCKS 4.3%
Germany 4.3%
	Volkswagen AG (c)	403		63,454
	Total Preferred Stocks (cost $60,976)		63,454
SHORT TERM INVESTMENTS 1.0%
Investment Companies 1.0%
	JNL Government Money Market Fund - Institutional Class, 2.33% (d) (e)	15,242		15,242
Securities Lending Collateral 0.0%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.43% (d) (e)	330		330
	Total Short Term Investments (cost $15,572)		15,572
Total Investments 99.3% (cost $1,561,533)				1,477,663
Other Assets and Liabilities, Net 0.7%				10,050
Total Net Assets 100.0%				1,487,713

(a) All or a portion of the security was on loan.

(b) Non-income producing security.

(d) Investment in affiliate.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2019.

Forward Foreign Currency Contracts

Purchased/

Sold

Counter-party

Expiration

Notional ¹

Value ($)

Unrealized

Appreciation

(Depreciation) ($)

USD/JPY

SSB

04/03/19

JPY

(47,704)

(430)

—

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
JNL/ClearBridge Large Cap Growth Fund
COMMON STOCKS 96.5%
Communication Services 12.8%
	Alphabet Inc. - Class A (a)	8		9,009
	Alphabet Inc. - Class C (a)	19		22,515
	Comcast Corp. - Class A	364		14,554
	Facebook Inc. - Class A (a)	193		32,135
	Walt Disney Co.	147		16,333
			94,546
Consumer Discretionary 13.8%
	Advance Auto Parts Inc.	28		4,838
	Alibaba Group Holding Ltd. - ADS (a)	62		11,226
	Amazon.com Inc. (a)	25		44,374
	Chipotle Mexican Grill Inc. (a)	15		10,972
	GrubHub Inc. (a)	106		7,393
	Home Depot Inc.	71		13,608
	Yum China Holdings Inc.	200		8,993
			101,404
Consumer Staples 5.8%
	Anheuser-Busch InBev NV - ADR	165		13,832
	Coca-Cola Co.	192		9,010
	Costco Wholesale Corp.	52		12,614
	McCormick & Co. Inc.	49		7,393
			42,849
Energy 1.7%
	Pioneer Natural Resources Co.	39		5,919
	Schlumberger Ltd.	157		6,846
			12,765
Financials 5.0%
	American Express Co.	108		11,783
	BlackRock Inc.	25		10,853
	Charles Schwab Corp.	331		14,146
			36,782
Health Care 12.8%
	Alexion Pharmaceuticals Inc. (a)	90		12,137
	Biogen Inc. (a)	43		10,178
	BioMarin Pharmaceutical Inc. (a)	83		7,375
	Johnson & Johnson	70		9,745
	Regeneron Pharmaceuticals Inc. (a)	5		1,849
	Thermo Fisher Scientific Inc.	61		16,601
	UnitedHealth Group Inc.	79		19,588
	Zoetis Inc. - Class A	165		16,575
			94,048
Industrials 6.9%
	Caterpillar Inc.	65		8,761
	Honeywell International Inc.	105		16,690
	United Parcel Service Inc. - Class B	95		10,665
	WW Grainger Inc.	49		14,797
			50,913
Information Technology 32.5%
	Adobe Inc. (a)	76		20,209
	Akamai Technologies Inc. (a)	194		13,909
	Apple Inc.	91		17,201
	IHS Markit Ltd. (a)	200		10,886
	Microsoft Corp.	274		32,258
	Nutanix Inc. - Class A (a)	216		8,154
	Nvidia Corp.	43		7,766
	Oracle Corp.	294		15,806
	Palo Alto Networks Inc. (a)	56		13,523
	PayPal Holdings Inc. (a)	152		15,812
	QUALCOMM Inc.	197		11,249
	Red Hat Inc. (a)	59		10,813
	Splunk Inc. (a)	101		12,516
	Texas Instruments Inc.	109		11,605
	Visa Inc. - Class A	184		28,781
	VMware Inc. - Class A	51		9,247
			239,735
Materials 3.4%
	Ecolab Inc.	76		13,399
	Linde Plc	65		11,449
			24,848
		Shares/Par¹		Value ($)
Real Estate 1.8%
	Equinix Inc.	29		13,145
	Total Common Stocks (cost $599,315)		711,035
SHORT TERM INVESTMENTS 4.9%
Investment Companies 3.8%
	JNL Government Money Market Fund - Institutional Class, 2.33% (b) (c)	28,452		28,452
Securities Lending Collateral 1.1%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.43% (b) (c)	8,053		8,053
	Total Short Term Investments (cost $36,505)		36,505
Total Investments 101.4% (cost $635,820)				747,540
Other Assets and Liabilities, Net (1.4)%				(10,379)
Total Net Assets 100.0%				737,161

(a) Non-income producing security.

(b) Investment in affiliate.

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
JNL/Crescent High Income Fund (a)
CORPORATE BONDS AND NOTES 78.3%
Communication Services 13.3%
	Block Communications Inc.
		6.88%, 02/15/25 (b)	1,475		1,529
	Cablevision Systems Corp.
		5.88%, 09/15/22	6,000		6,275
	CCO Holdings LLC
		5.88%, 04/01/24 (b)	750		784
		5.38%, 05/01/25 (b)	6,250		6,452
	CenturyLink Inc.
		6.45%, 06/15/21	4,000		4,164
		5.80%, 03/15/22	1,750		1,787
		7.50%, 04/01/24	1,000		1,059
	Clear Channel Worldwide Holdings Inc.
		6.50%, 11/15/22	3,000		3,071
	CSC Holdings LLC
		5.13%, 12/15/21 (b)	1,500		1,503
		5.50%, 05/15/26 (b)	500		514
	DISH DBS Corp.
		6.75%, 06/01/21	5,000		5,160
		5.00%, 03/15/23	2,650		2,388
	Frontier Communications Corp.
		10.50%, 09/15/22	4,000		3,048
		8.50%, 04/01/26 (b)	1,675		1,555
	Hughes Satellite Systems Corp.
		7.63%, 06/15/21	2,500		2,690
	LIN Television Corp.
		5.88%, 11/15/22	2,000		2,052
	Match Group Inc.
		6.38%, 06/01/24	2,000		2,105
	Netflix Inc.
		5.75%, 03/01/24	2,500		2,678
	Sable International Finance Ltd.
		6.88%, 08/01/22 (b)	1,699		1,769
	Salem Media Group Inc.
		6.75%, 06/01/24 (c)	1,325		1,208
	SBA Communications Corp.
		4.88%, 09/01/24	3,750		3,789
	Sirius XM Radio Inc.
		3.88%, 08/01/22 (b)	5,500		5,491
	Sprint Corp.
		7.25%, 09/15/21	11,750		12,340
		7.13%, 06/15/24	750		760
	Sprint Nextel Corp.
		6.00%, 11/15/22	1,900		1,918
	Tegna Inc.
		6.38%, 10/15/23	2,250		2,325
	T-Mobile USA Inc.
		6.00%, 03/01/23 - 04/15/24	3,800		3,934
	Townsquare Media Inc.
		6.50%, 04/01/23 (c)	2,650		2,532
	VTR Finance BV
		6.88%, 01/15/24 (b)	2,547		2,610
				87,490
Consumer Discretionary 9.2%
	1011778 B.C. Unltd. Liability Co.
		5.00%, 10/15/25 (b)	1,750		1,731
	Altice SA
		7.75%, 05/15/22 (b)	2,000		2,000
	AV Homes Inc.
		6.63%, 05/15/22	3,500		3,629
	Beazer Homes USA Inc.
		7.25%, 02/01/23 (d)	2,500		2,373
	CCM Merger Inc.
		6.00%, 03/15/22 (c)	400		410
	CEC Entertainment Inc.
		8.00%, 02/15/22 (d)	1,000		923
	Churchill Downs Inc.
		5.50%, 04/01/27 (b)	1,675		1,696
	Cinemark USA Inc.
		4.88%, 06/01/23	1,500		1,527
			Shares/Par¹		Value ($)
	EMI Music Publishing Group North America Holdings Inc.
		7.63%, 06/15/24 (c)	750		797
	Fiat Chrysler Automobiles NV
		5.25%, 04/15/23	3,250		3,366
	Hanesbrands Inc.
		4.63%, 05/15/24 (b)	3,000		3,010
	International Game Technology Plc
		6.25%, 02/15/22 (b)	1,750		1,822
		6.50%, 02/15/25 (b)	1,250		1,303
	KGA Escrow LLC
		7.50%, 08/15/23 (b)	2,300		2,333
	Lamar Media Corp.
		5.00%, 05/01/23	2,750		2,789
	MGM Resorts International
		6.63%, 12/15/21	4,000		4,282
		7.75%, 03/15/22	900		995
		5.75%, 06/15/25	1,500		1,556
	Nexteer Automotive Group Ltd.
		5.88%, 11/15/21 (b)	1,600		1,618
	Panther BF Aggregator 2 LP
		6.25%, 05/15/26 (b)	900		918
	Scientific Games International Inc.
		10.00%, 12/01/22	3,750		3,954
	Silversea Cruise Finance Ltd.
		7.25%, 02/01/25 (b)	1,000		1,083
	Sinclair Television Group Inc.
		5.63%, 08/01/24 (b)	3,000		3,024
	Tempur Sealy International Inc.
		5.63%, 10/15/23	3,000		3,052
	Videotron Ltd.
		5.00%, 07/15/22	3,500		3,611
	Viking Cruises Ltd.
		6.25%, 05/15/25 (c)	1,000		1,019
	Williams Scotsman International Inc.
		7.88%, 12/15/22 (b)	2,025		2,089
	Wyndham Worldwide Corp.
		5.63%, 03/01/21	2,000		2,075
	Wynn Las Vegas LLC
		4.25%, 05/30/23 (b)	1,225		1,207
				60,192
Consumer Staples 1.2%
	Clearwater Seafoods Inc.
		6.88%, 05/01/25 (c)	875		866
	Cott Holdings Inc.
		5.50%, 04/01/25 (b)	2,500		2,522
	Energizer Holdings Inc.
		6.38%, 07/15/26 (b)	1,000		1,025
	Energizer SpinCo Inc.
		5.50%, 06/15/25 (b)	1,250		1,239
	Kronos Acquisition Holdings Inc.
		9.00%, 08/15/23 (b)	2,825		2,432
				8,084
Energy 8.0%
	Antero Resources Corp.
		5.13%, 12/01/22	3,250		3,269
	Archrock Partners LP
		6.00%, 10/01/22	2,000		2,018
	Ascent Resources Utica Holdings LLC
		10.00%, 04/01/22 (b)	2,000		2,192
	Cheniere Energy Partners LP
		5.63%, 10/01/26 (b)	1,500		1,537
	Chesapeake Energy Corp.
		7.00%, 10/01/24	1,500		1,496
	CITGO Holding Inc.
		10.75%, 02/15/20 (b)	1,000		1,025
	Continental Resources Inc.
		5.00%, 09/15/22	2,000		2,016
	Crestwood Midstream Partners LP
		6.25%, 04/01/23 (e)	1,750		1,798
	DCP Midstream Midstream LLC
		4.95%, 04/01/22	1,250		1,284
		3.88%, 03/15/23	1,500		1,492

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Denbury Resources Inc.
		9.00%, 05/15/21 (b)	850		827
	Energy Transfer Operating LP
		5.88%, 01/15/24	2,250		2,461
	Everest Acquisition Finance Inc.
		7.75%, 05/15/26 (b)	1,800		1,470
	Exterran Partners LP
		6.00%, 04/01/21	2,001		2,001
	Gulfport Energy Corp.
		6.63%, 05/01/23	1,250		1,219
	Hess Infrastructure Partners LP
		5.63%, 02/15/26 (b)	2,125		2,161
	Hilcorp Energy I LP
		5.00%, 12/01/24 (b)	1,025		998
	Jones Energy Holdings LLC
		6.75%, 04/01/22	2,000		68
	Murphy Oil Corp.
		5.75%, 08/15/25	1,500		1,547
	Murphy Oil USA Inc.
		6.00%, 08/15/23	2,575		2,644
	Nabors Industries Inc.
		5.50%, 01/15/23	1,875		1,798
	Newfield Exploration Co.
		5.75%, 01/30/22	2,000		2,135
	Oceaneering International Inc.
		4.65%, 11/15/24	1,000		925
	QEP Resources Inc.
		5.25%, 05/01/23	1,500		1,418
	Range Resources Corp.
		5.88%, 07/01/22	2,250		2,276
	Rose Rock Midstream LP
		5.63%, 07/15/22	2,500		2,471
	Sanchez Energy Corp.
		7.25%, 02/15/23 (b)	500		402
	Summit Midstream Holdings LLC
		5.50%, 08/15/22	1,000		990
	Sunoco LP
		4.88%, 01/15/23	3,000		3,047
	Targa Resources Partners LP
		5.25%, 05/01/23	1,250		1,272
	Transocean Inc.
		9.00%, 07/15/23 (b)	2,250		2,399
				52,656
Financials 14.0%
	Acrisure LLC
		8.13%, 02/15/24 (b)	2,500		2,593
	Ally Financial Inc.
		4.13%, 02/13/22	3,500		3,532
		4.63%, 05/19/22	1,750		1,788
	Altice Financing SA
		6.63%, 02/15/23 (b)	2,250		2,300
	Aston Martin Capital Holdings Ltd.
		6.50%, 04/15/22 (b)	500		495
	Blackstone CQP Holdco LP
		6.50%, 03/20/21 (b)	2,750		2,752
	Cemex Finance LLC
		6.00%, 04/01/24 (c)	750		772
	CIT Group Inc.
		5.00%, 08/15/22	5,250		5,477
	CommScope Finance LLC
		6.00%, 03/01/26 (b)	1,575		1,626
	Credit Acceptance Corp.
		6.13%, 02/15/21	3,000		3,005
		7.38%, 03/15/23	2,044		2,119
	DAE Funding LLC
		4.50%, 08/01/22 (b)	2,000		2,015
	Dell EMC
		7.13%, 06/15/24 (b)	5,000		5,300
	Genworth Holdings Inc.
		4.90%, 08/15/23	1,250		1,052
	goeasy Ltd.
		7.88%, 11/01/22 (b)	1,500		1,574
	Harland Clarke Holdings Corp.
		8.38%, 08/15/22 (b)	650		586
			Shares/Par¹		Value ($)
	HLF Financing SARL LLC
		7.25%, 08/15/26 (b)	2,500		2,573
	Icahn Enterprises LP
		5.88%, 02/01/22	3,475		3,517
		6.25%, 02/01/22	2,775		2,848
	Intesa Sanpaolo SpA
		3.13%, 07/14/22 (b)	2,200		2,143
	Jack Ohio Finance LLC
		10.25%, 11/15/22 (b)	1,250		1,345
	Jefferies Finance LLC
		6.88%, 04/15/22 (b)	1,275		1,276
	Ladder Capital Finance Holdings LLC
		5.88%, 08/01/21 (b)	1,243		1,264
	Level 3 Financing Inc.
		5.38%, 08/15/22 - 01/15/24	5,785		5,886
	Navient Corp.
		5.88%, 03/25/21	6,250		6,451
		7.25%, 01/25/22	500		531
	Nexstar Escrow Corp.
		5.63%, 08/01/24 (b)	1,250		1,274
	Nielsen Finance LLC
		5.00%, 04/15/22 (b)	4,500		4,444
	Oxford Finance LLC
		6.38%, 12/15/22 (b)	1,500		1,541
	Royal Bank of Scotland Group Plc
		6.00%, 12/19/23	1,050		1,121
	SLM Corp.
		5.50%, 01/25/23	1,500		1,509
	Solera LLC
		10.50%, 03/01/24 (b)	2,850		3,089
	Springleaf Finance Corp.
		6.13%, 05/15/22	2,125		2,205
		5.63%, 03/15/23	4,500		4,560
	Starwood Property Trust Inc.
		5.00%, 12/15/21	2,500		2,568
	Travelport Corporate Finance Plc
		6.00%, 03/15/26 (b)	800		872
	Virgin Media Secured Finance Plc
		5.25%, 01/15/21	4,000		4,118
				92,121
Health Care 8.9%
	Avantor Inc.
		6.00%, 10/01/24 (b)	1,500		1,558
	Centene Corp.
		5.63%, 02/15/21	700		710
		4.75%, 01/15/25	2,300		2,346
	Community Health Systems Inc.
		8.00%, 11/15/19	1,000		991
		5.13%, 08/01/21	1,000		983
		6.25%, 03/31/23	1,800		1,686
		8.63%, 01/15/24 (b)	1,750		1,754
	DaVita HealthCare Partners Inc.
		5.13%, 07/15/24	2,750		2,719
	Elanco Animal Health Inc.
		4.27%, 08/28/23 (b)	1,525		1,573
	Endo Finance LLC
		5.88%, 10/15/24 (b)	1,525		1,493
	HCA Inc.
		5.88%, 05/01/23	8,500		9,073
		5.38%, 02/01/25	2,300		2,438
	Horizon Pharma Inc.
		6.63%, 05/01/23	1,000		1,032
		8.75%, 11/01/24 (b)	250		271
	Mallinckrodt International Finance SA
		4.88%, 04/15/20 (b)	750		747
		5.75%, 08/01/22 (b)	1,750		1,659
		5.63%, 10/15/23 (b)	1,000		834
	MEDNAX Inc.
		5.25%, 12/01/23 (b)	1,500		1,517
	Prestige Brands Inc.
		5.38%, 12/15/21 (b)	1,200		1,209
	RegionalCare Hospital Partners Holdings Inc.
		8.25%, 05/01/23 (b)	1,625		1,731

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Select Medical Corp.
		6.38%, 06/01/21	2,750		2,759
	Tenet Healthcare Corp.
		4.38%, 10/01/21	3,750		3,821
		8.13%, 04/01/22	750		808
		4.63%, 07/15/24	3,500		3,510
	Teva Pharmaceutical Finance Netherlands III BV
		2.80%, 07/21/23	2,000		1,786
	Valeant Pharmaceuticals International Inc.
		5.50%, 03/01/23 (b)	4,500		4,526
		7.00%, 03/15/24 (b)	5,000		5,288
				58,822
Industrials 7.4%
	ADT Security Corp.
		3.50%, 07/15/22	750		723
		4.13%, 06/15/23	3,500		3,373
	Arconic Inc.
		5.13%, 10/01/24	3,050		3,113
	ARD Securities Finance SARL
		8.50%, 01/31/23 (b) (f)	913		865
	BBA US Holdings Inc.
		5.38%, 05/01/26 (b)	775		798
	Bombardier Inc.
		6.00%, 10/15/22 (b)	5,000		5,046
	Fly Leasing Ltd.
		6.38%, 10/15/21 (d)	2,295		2,327
	Fortress Transportation & Infrastructure Investors LLC
		6.75%, 03/15/22 (b)	1,750		1,780
		6.50%, 10/01/25 (b)	1,000		985
	Herc Rentals Inc.
		7.50%, 06/01/22 (b)	2,450		2,553
	Hertz Corp.
		5.88%, 10/15/20	4,375		4,367
	Mobile Mini Inc.
		5.88%, 07/01/24 (d)	2,425		2,477
	Monitronics International Inc.
		9.13%, 04/01/20	2,325		417
	Park Aerospace Holdings Ltd.
		5.25%, 08/15/22 (b)	4,000		4,100
		5.50%, 02/15/24 (b)	2,250		2,337
	Prime Security Services Borrower LLC
		9.25%, 05/15/23 (b)	2,426		2,550
		5.25%, 04/15/24 (b)	1,000		1,000
	TransDigm Inc.
		6.00%, 07/15/22	3,000		3,047
		6.25%, 03/15/26 (b)	1,000		1,037
	United Continental Holdings Inc.
		4.25%, 10/01/22	4,500		4,509
	XPO Logistics Inc.
		6.13%, 09/01/23 (b)	1,250		1,261
				48,665
Information Technology 6.7%
	Advanced Micro Devices Inc.
		7.00%, 07/01/24	3,250		3,399
	Cardtronics Inc.
		5.50%, 05/01/25 (b)	2,500		2,451
	EIG Investors Corp.
		10.88%, 02/01/24 (d)	1,750		1,849
	EMC Corp.
		3.38%, 06/01/23	1,000		970
	First Data Corp.
		5.75%, 01/15/24 (b)	1,500		1,547
	Inception Merger Sub Inc.
		8.63%, 11/15/24 (b)	2,500		2,247
	Infor Software Parent LLC
		7.88%, 05/01/21 (b) (f)	4,000		4,009
	Ingram Micro Inc.
		5.00%, 08/10/22	2,450		2,438
		5.45%, 12/15/24 (e)	3,550		3,499
	j2 Cloud Services LLC
		6.00%, 07/15/25 (b)	2,050		2,129
	NCR Corp.
		5.00%, 07/15/22	2,250		2,244
			Shares/Par¹		Value ($)
	Open Text Corp.
		5.63%, 01/15/23 (b)	1,500		1,542
		5.88%, 06/01/26 (b)	2,000		2,090
	Plantronics Inc.
		5.50%, 05/31/23 (b)	1,000		1,006
	Sabre GLBL Inc.
		5.38%, 04/15/23 (b)	2,000		2,047
		5.25%, 11/15/23 (b)	1,750		1,787
	Seagate HDD Cayman
		4.75%, 06/01/23	3,000		3,031
	SS&C Technologies Inc.
		5.50%, 09/30/27 (b)	1,250		1,262
	Xerox Corp.
		4.50%, 05/15/21	2,500		2,530
		3.63%, 03/15/23 (g)	1,750		1,706
				43,783
Materials 6.9%
	Alcoa Nederland Holding BV
		6.75%, 09/30/24 (b)	1,750		1,853
	ARD Finance SA
		8.50%, 09/15/23 (f)	2,075		2,071
	Ardagh Packaging Finance Plc
		4.63%, 05/15/23 (b)	4,000		4,033
	Ball Corp.
		5.00%, 03/15/22	2,500		2,606
		5.25%, 07/01/25	750		788
	Berry Plastics Corp.
		5.50%, 05/15/22	1,850		1,877
	Building Materials Corp. of America
		5.38%, 11/15/24 (b)	2,750		2,803
	BWAY Holding Co.
		5.50%, 04/15/24 (b)	1,500		1,490
	Cascades Inc.
		5.50%, 07/15/22 (b)	300		302
		5.75%, 07/15/23 (b)	1,550		1,546
	Cemex SAB de CV
		7.75%, 04/16/26 (b)	2,000		2,178
	CF Industries Inc.
		3.45%, 06/01/23	1,250		1,213
	Freeport-McMoRan Inc.
		4.00%, 11/14/21	2,000		2,016
		3.55%, 03/01/22	4,050		4,018
		4.55%, 11/14/24	1,500		1,479
	Huntsman International LLC
		5.13%, 11/15/22	2,500		2,615
	NOVA Chemicals Corp.
		4.88%, 06/01/24 (b)	1,300		1,277
	Owens-Brockway Glass Container Inc.
		5.00%, 01/15/22 (b)	1,300		1,334
	PQ Corp.
		6.75%, 11/15/22 (b)	1,000		1,037
	Reynolds Group Issuer Inc.
		5.13%, 07/15/23 (b)	6,850		6,970
	Sealed Air Corp.
		5.13%, 12/01/24 (b)	1,500		1,554
				45,060
Real Estate 1.2%
	Equinix Inc.
		5.38%, 01/01/22	1,500		1,539
	Greystar Real Estate Partners LLC
		5.75%, 12/01/25 (b)	750		753
	iStar Inc.
		4.63%, 09/15/20	3,050		3,083
	Newmark Group Inc.
		6.13%, 11/15/23 (g)	1,625		1,678
	Realogy Group LLC
		9.38%, 04/01/27 (b)	950		974
				8,027
Utilities 1.5%
	AES Corp.
		4.50%, 03/15/23	2,000		2,018
	Calpine Corp.
		6.00%, 01/15/22 (b)	1,000		1,013
		5.88%, 01/15/24 (b)	1,750		1,795

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Clearway Energy Operating LLC
		5.38%, 08/15/24	750		748
	Talen Energy Supply LLC
		9.50%, 07/15/22 (b)	4,225		4,567
				10,141
	Total Corporate Bonds And Notes (cost $514,175)			515,041
SENIOR LOAN INTERESTS 17.5%
Communication Services 1.1%
	CenturyLink Inc.
		Term Loan B, 5.25%, (3M LIBOR + 2.75%), 01/15/25 (h)	237		232
	Coral-US Co-Borrower LLC
		Term Loan B-4, 5.75%, (3M LIBOR + 3.25%), 02/02/26 (h)	242		241
	CSC Holdings LLC
		Term Loan B, 5.59%, (3M LIBOR + 3.00%), 05/07/27 (h)	165		164
	GoodRx Inc.
		1st Lien Term Loan, 5.49%, (3M LIBOR + 3.00%), 10/10/25 (h)	151		149
	Gray Television Inc.
		Term Loan C, 4.98%, (3M LIBOR + 2.50%), 10/30/25 (h)	274		271
	GTT Communications Inc.
		Term Loan B, 5.25%, (3M LIBOR + 2.75%), 04/27/25 (h)	176		165
	Intelsat Jackson Holdings SA
		Term Loan B-3, 0.00%, (3M LIBOR + 3.75%), 11/27/23 (h) (i)	195		192
		Term Loan B-3, 6.24%, (3M LIBOR + 3.75%), 11/27/23 (h)	226		222
	ION Media Networks Inc.
		Term Loan B-3, 5.25%, (3M LIBOR + 2.75%), 12/18/20 (h)	389		387
	Maxar Technologies Ltd.
		Term Loan B, 5.25%, (3M LIBOR + 2.75%), 07/07/24 (h)	346		268
	Meredith Corp.
		Term Loan B, 5.25%, (3M LIBOR + 2.75%), 01/31/25 (h)	385		384
	Nexstar Broadcasting Inc.
		Term Loan B-3, 4.74%, (3M LIBOR + 2.25%), 01/17/24 (h)	14		14
		Term Loan B-3, 4.75%, (3M LIBOR + 2.25%), 01/18/24 (h)	75		73
	SBA Senior Finance II LLC
		Term Loan B, 4.50%, (3M LIBOR + 2.00%), 03/26/25 (h)	599		586
	Speedcast International Ltd.
		Term Loan B, 5.35%, (3M LIBOR + 2.75%), 05/03/25 (h)	619		599
	Sprint Communications Inc.
		1st Lien Term Loan B, 5.00%, (3M LIBOR + 2.50%), 02/01/24 (h)	219		213
		Term Loan B, 5.50%, (3M LIBOR + 3.00%), 02/05/24 (h)	445		438
	Syniverse Holdings Inc.
		1st Lien Term Loan, 7.48%, (3M LIBOR + 5.00%), 02/09/23 (h)	520		477
	Tribune Media Co.
		Term Loan, 5.50%, (3M LIBOR + 3.00%), 12/27/20 (h)	14		14
		Term Loan C, 5.50%, (3M LIBOR + 3.00%), 01/20/24 (h)	174		173
	Triple Point Technology Inc.
		1st Lien Term Loan, 6.90%, (3M LIBOR + 4.25%), 07/10/20 (h)	1,083		952
	Vestcom Parent Holdings Inc.
		1st Lien Term Loan, 6.50%, (3M LIBOR + 4.00%), 12/15/23 (d) (h) (j)	449		429
		1st Lien Term Loan, 8.50%, (3M PRIME + 3.00%), 12/16/23 (h) (j)	—		—
	Virgin Media Bristol LLC
		Term Loan K, 4.98%, (3M LIBOR + 2.50%), 02/10/26 (h)	428		423
			Shares/Par¹		Value ($)
	WeddingWire Inc.
		1st Lien Term Loan, 6.99%, (3M LIBOR + 4.50%), 10/30/25 (h)	311		310
				7,376
Consumer Discretionary 4.4%
	1011778 B.C. Unltd. Liability Co.
		Term Loan B-3, 4.75%, (3M LIBOR + 2.25%), 02/15/24 (h)	591		581
	Academy Ltd.
		Term Loan B, 6.49%, (3M LIBOR + 4.00%), 07/05/22 - 07/16/22 (h)	147		105
	Advantage Sales & Marketing Inc.
		1st Lien Term Loan , 5.74%, (3M LIBOR + 3.25%), 07/11/21 (h)	189		160
		Term Loan B-2, 5.74%, (3M LIBOR + 3.25%), 07/23/21 (h)	68		57
	Allied Universal Holdco LLC
		Incremental Term Loan, 6.75%, (3M LIBOR + 4.25%), 07/28/22 (h)	355		346
	AMCP Clean Acquisition Co. LLC
		Term Loan , 6.85%, (3M LIBOR + 4.25%), 07/10/25 (d) (h) (j)	450		445
		Delayed Draw Term Loan, 6.89%, (3M LIBOR + 4.25%), 07/10/25 (h) (j)	35		35
		Delayed Draw Term Loan, 7.15%, (3M LIBOR + 4.25%), 07/10/25 (h) (j)	7		7
	American Bath Group LLC
		Term Loan B, 6.85%, (3M LIBOR + 4.25%), 09/30/23 (d) (h)	1,414		1,400
	American Tire Distributors Holdings Inc.
		Term Loan, 10.13%, (1M LIBOR + 7.50%), 10/01/21 (h)	422		375
	Anastasia Parent LLC
		Term Loan B, 6.25%, (3M LIBOR + 3.75%), 08/03/25 (h)	291		269
	Bass Pro Group LLC
		Term Loan B, 7.50%, (3M LIBOR + 5.00%), 11/15/23 (h)	303		295
	Belfor Holdings Inc.
		Term Loan B, 0.00%, (3M LIBOR + 4.00%), 02/14/26 (h) (i) (j)	320		322
	Boing US Holdco Inc.
		1st Lien Term Loan, 5.99%, (3M LIBOR + 3.25%), 09/20/24 (h)	455		453
	Boyd Gaming Corp.
		Term Loan B-3, 4.66%, (3M LIBOR + 2.25%), 09/15/23 (h)	611		605
	Caesars Resort Collection LLC
		1st Lien Term Loan B, 5.25%, (3M LIBOR + 2.75%), 12/23/24 (h)	615		606
	California Pizza Kitchen Inc.
		Term Loan, 8.50%, (3M LIBOR + 6.00%), 12/31/22 (h)	1,059		1,020
	Camelot UK Holdco Ltd.
		Term Loan, 5.74%, (1M LIBOR + 3.25%), 10/03/23 (h)	393		390
	Charter Communications Operating LLC
		Term Loan B, 4.50%, (3M LIBOR + 2.00%), 04/30/25 (h)	791		785
	CSC Holdings LLC
		Term Loan B, 4.98%, (3M LIBOR + 2.50%), 01/12/26 (h)	399		390
	Dhanani Group Inc.
		Term Loan B, 6.25%, (3M LIBOR + 3.75%), 06/22/25 (h)	236		233
	Dynacast International LLC
		Term Loan B-2, 5.85%, (3M LIBOR + 3.25%), 01/28/22 (h)	609		597
	Getty Images Inc.
		1st Lien Term Loan, 7.00%, (3M LIBOR + 4.50%), 02/13/26 (h)	189		187
	Golden Nugget Inc.
		Incremental Term Loan B, 5.23%, (3M LIBOR + 2.75%), 09/07/23 (h)	92		91
		Incremental Term Loan B, 5.24%, (3M LIBOR + 2.75%), 10/04/23 (h)	116		115

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Hilton Worldwide Finance LLC
		Term Loan B-2, 4.24%, (3M LIBOR + 1.75%), 10/25/23 (h)	157		157
	IRB Holding Corp.
		1st Lien Term Loan, 5.74%, (3M LIBOR + 3.25%), 01/18/25 (h)	555		540
	Kettle Cuisine LLC
		Term Loan , 6.25%, (3M LIBOR + 3.75%), 08/22/25 (h)	1,027		1,019
	Lakeland Tours LLC
		1st Lien Term Loan B, 6.61%, (3M LIBOR + 4.00%), 12/06/24 (h)	124		123
	Las Vegas Sands LLC
		Term Loan B, 4.25%, (3M LIBOR + 1.75%), 03/27/25 (h)	581		570
	LifeMiles Ltd.
		Term Loan B, 8.00%, (3M LIBOR + 5.50%), 08/17/22 (h)	1,199		1,203
	Marriott Ownership Resorts Inc.
		Term Loan B, 4.75%, (3M LIBOR + 2.25%), 08/09/25 (h)	71		70
	Midas Intermediate Holdco II LLC
		Incremental Term Loan B, 5.56%, (3M LIBOR + 2.75%), 08/18/21 (h)	257		250
	Mister Car Wash Holdings Inc.
		Term Loan B, 5.75%, (3M LIBOR + 3.25%), 08/20/21 (h)	434		432
	Mohegan Tribal Gaming Authority
		Term Loan B, 6.50%, (3M LIBOR + 4.00%), 10/30/23 (h)	595		562
	Next Level Apparel Inc.
		Term Loan, 8.41%, (3M LIBOR + 6.00%), 06/26/24 (d) (h) (j)	739		726
	NVA Holdings Inc.
		Term Loan B-3, 5.25%, (3M LIBOR + 2.75%), 01/31/25 (h)	396		382
	Paradigm Acquisition Corp.
		2nd Lien Term Loan, 10.10%, (3M LIBOR + 7.50%), 10/23/26 (d) (h)	530		525
	PetSmart Inc.
		Term Loan B-2, 5.49%, (3M LIBOR + 3.00%), 03/11/22 (h)	140		126
	PlayPower Inc.
		1st Lien Term Loan, 7.25%, (3M LIBOR + 4.75%), 06/23/21 (d) (h) (j)	1,700		1,700
	Pre-Paid Legal Services Inc.
		1st Lien Term Loan, 5.50%, (3M LIBOR + 3.00%), 04/02/22 (h)	401		396
	Pure Fishing Inc.
		Term Loan, 7.06%, (3M LIBOR + 4.50%), 12/14/25 (h)	321		317
	Quidditch Acquisition Inc.
		Term Loan B, 9.49%, (3M LIBOR + 7.00%), 03/15/25 (d) (h) (j)	648		648
	Rentpath Inc.
		Term Loan, 7.25%, (3M LIBOR + 4.75%), 12/17/21 (h)	1,456		1,087
	Rodan & Fields LLC
		Term Loan B, 6.48%, (3M LIBOR + 4.00%), 06/07/25 (d) (h) (j)	249		216
		Term Loan B, 8.50%, (3M PRIME + 3.00%), 06/07/25 (h) (j)	1		1
	Scientific Games International Inc.
		Term Loan B-5, 5.31%, (3M LIBOR + 2.75%), 08/14/24 (h)	84		81
		Term Loan B-5, 5.33%, (3M LIBOR + 2.75%), 08/14/24 (h)	349		339
	SHO Holding I Corp.
		Term Loan, 7.74%, (3M LIBOR + 5.00%), 10/27/22 (d) (h) (j)	1,188		1,105
	Shutterfly Inc.
		Term Loan B-2, 5.25%, (3M LIBOR + 2.75%), 08/17/24 (h)	447		439
	Spin Holdco Inc.
		Term Loan B, 6.03%, (3M LIBOR + 3.25%), 11/14/22 (h)	473		460
			Shares/Par¹		Value ($)
	Staples Inc.
		Term Loan B, 6.49%, (3M LIBOR + 4.00%), 08/15/24 (h)	433		429
	Station Casinos LLC
		Term Loan B, 5.00%, (3M LIBOR + 2.50%), 05/24/23 (h)	121		119
	Strategic Partners Inc.
		Term Loan, 6.25%, (3M LIBOR + 3.75%), 06/09/23 (d) (h) (j)	715		710
	TGP Holdings III LLC
		1st Lien Term Loan, 6.85%, (3M LIBOR + 4.25%), 09/21/24 (h)	794		732
		2nd Lien Term Loan, 11.10%, (3M LIBOR + 8.50%), 09/16/25 (d) (h) (j)	210		200
	TMK Hawk Parent Corp.
		1st Lien Term Loan, 6.00%, (3M LIBOR + 3.50%), 09/11/24 (h)	594		523
	TruGreen Ltd. Partnership
		Term Loan, 6.48%, (3M LIBOR + 4.00%), 05/07/23 (h)	326		327
		Term Loan, 0.00%, (3M LIBOR + 3.75%), 03/13/26 (h) (i)	15		15
	Univision Communications Inc.
		Term Loan C-5, 5.25%, (3M LIBOR + 2.75%), 03/15/24 (h)	121		114
	Varsity Brands Inc.
		Term Loan B, 6.00%, (3M LIBOR + 3.50%), 12/07/24 (h)	302		298
	Vivid Seats Ltd.
		1st Lien Term Loan, 6.00%, (3M LIBOR + 3.50%), 06/21/24 - 06/27/24 (h)	550		531
	Wand NewCo 3 Inc.
		1st Lien Term Loan, 5.98%, (3M LIBOR + 3.50%), 01/23/26 (h)	61		61
	William Morris Endeavor Entertainment LLC
		1st Lien Term Loan, 5.36%, (3M LIBOR + 2.75%), 05/11/25 (h)	444		420
	World Triathlon Corp.
		Term Loan, 6.60%, (3M LIBOR + 4.00%), 06/25/21 (d) (h) (j)	202		201
	Wyndham Hotels & Resorts Inc.
		Term Loan B, 4.25%, (3M LIBOR + 1.75%), 03/29/25 (h)	719		709
	Wynn Resorts Ltd.
		Term Loan B, 4.75%, (3M LIBOR + 2.25%), 10/22/24 (h)	326		319
				29,051
Consumer Staples 0.3%
	8th Avenue Food & Provisions Inc.
		1st Lien Term Loan, 6.24%, (3M LIBOR + 3.75%), 09/19/25 (h)	100		100
	Albertsons LLC
		Term Loan B-7, 5.50%, (3M LIBOR + 3.00%), 10/24/25 (h)	251		248
	BJ's Wholesale Club Inc.
		1st Lien Term Loan, 5.50%, (3M LIBOR + 3.00%), 01/26/24 (h)	413		412
	CHG PPC Parent LLC
		Term Loan B, 5.25%, (3M LIBOR + 2.75%), 03/16/25 (h)	475		467
	PFS Holding Corp.
		1st Lien Term Loan, 5.99%, (3M LIBOR + 3.50%), 01/31/21 (h)	969		480
		2nd Lien Term Loan, 9.74%, (3M LIBOR + 7.25%), 01/31/22 (h)	751		130
	United Natural Foods Inc.
		Term Loan B, 6.75%, (3M LIBOR + 4.25%), 10/22/25 (h)	227		195
				2,032
Energy 0.6%
	California Resources Corp.
		Term Loan, 12.87%, (3M LIBOR + 10.38%), 08/05/23 (h)	84		88
	Calpine Corp.
		Term Loan B-9, 0.00%, (3M LIBOR + 2.75%), 03/22/26 (h) (i)	50		49

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Eastern Power LLC
		Term Loan B, 6.25%, (3M LIBOR + 3.75%), 10/02/23 (h)	419		417
	Grizzly Acquisitions LP
		Term Loan B, 6.05%, (3M LIBOR + 3.25%), 10/01/25 (h)	304		303
	Johnson Controls International Plc
		Term Loan B, 0.00%, (3M LIBOR + 3.50%), 03/13/26 (h) (i)	280		277
	Keane Group Holdings LLC
		1st Lien Term Loan, 6.25%, (3M LIBOR + 3.75%), 05/15/25 (h)	112		107
	Lucid Energy Group II LLC
		1st Lien Term Loan, 5.49%, (3M LIBOR + 3.00%), 01/31/25 (h)	565		534
	Medallion Midland Acquisition LLC
		1st Lien Term Loan, 5.75%, (3M LIBOR + 3.25%), 10/31/24 (h)	452		439
	MHVC Acquisitiion Corp.
		Term Loan, 7.75%, (3M LIBOR + 5.25%), 04/23/24 (d) (h)	1,216		1,167
	Murray Energy Corp.
		Term Loan B-2, 9.88%, (3M LIBOR + 7.25%), 10/17/22 (h)	151		124
	PowerTeam Services LLC
		1st Lien Term Loan, 5.85%, (3M LIBOR + 3.25%), 02/28/25 (h)	233		222
	Prairie ECI Acquiror LP
		Term Loan B, 7.37%, (3M LIBOR + 4.75%), 03/07/26 (h)	179		179
				3,906
Financials 2.7%
	Acrisure LLC
		Term Loan B, 6.88%, (3M LIBOR + 4.25%), 11/22/23 (h)	633		628
	Alera Group Holdings Inc.
		Term Loan B, 7.00%, (3M LIBOR + 4.50%), 07/26/25 (h)	135		136
	Altice France SA
		Term Loan B-13, 6.48%, (3M LIBOR + 4.00%), 07/13/26 (h)	499		477
	AqGen Ascensus Inc.
		Term Loan, 0.00%, (3M LIBOR + 4.00%), 12/05/22 (h) (i)	12		12
		Term Loan, 6.60%, (3M LIBOR + 4.00%), 12/05/22 (d) (h)	347		346
	ASP MCS Acquisition Corp.
		Term Loan B, 7.25%, (3M LIBOR + 4.75%), 05/09/24 (h)	545		437
	AssuredPartners Inc.
		1st Lien Term Loan, 5.75%, (3M LIBOR + 3.25%), 10/22/24 (h)	579		559
	Asurion LLC
		Term Loan B-7, 5.50%, (3M LIBOR + 3.00%), 11/15/24 (h)	522		518
		2nd Lien Term Loan, 9.00%, (3M LIBOR + 6.50%), 08/04/25 (h)	535		541
	Belron Finance US LLC
		Term Loan B, 4.99%, (3M LIBOR + 2.25%), 11/15/24 (h)	595		588
	Capri Finance LLC
		1st Lien Term Loan, 5.99%, (3M LIBOR + 3.25%), 10/04/24 (h)	454		446
	Citadel Securities LP
		Term Loan B, 0.00%, (3M LIBOR + 3.50%), 02/20/26 (h) (i)	33		33
		Term Loan B, 6.00%, (3M LIBOR + 3.50%), 02/20/26 (h)	381		380
	CRCI Longhorn Holdings Inc.
		1st Lien Term Loan, 6.00%, (3M LIBOR + 3.50%), 08/02/25 (h) (j)	197		193
	Crown Finance US Inc.
		Term Loan, 5.00%, (3M LIBOR + 2.50%), 02/05/25 (h)	648		633
	DTZ US Borrower LLC
		Term Loan B, 5.75%, (3M LIBOR + 3.25%), 08/15/25 (h)	653		646
			Shares/Par¹		Value ($)
	Edelman Financial Group
		1st Lien Term Loan, 6.04%, (3M LIBOR + 3.25%), 06/26/25 (h)	356		353
	EIG Management Co. LLC
		Term Loan B, 6.24%, (3M LIBOR + 3.75%), 01/30/25 (h)	642		639
	Franklin Square Holdings LP
		Term Loan B, 5.00%, (3M LIBOR + 2.50%), 07/26/25 (h)	123		122
	Genworth Financial Inc.
		Term Loan, 6.98%, (3M LIBOR + 4.50%), 02/22/23 (h)	429		427
	GGC Aperio Holdings LP
		Term Loan, 7.31%, (3M LIBOR + 4.75%), 12/31/35 (d) (h) (j)	1,075		1,086
	GK Holdings Inc.
		1st Lien Term Loan, 8.60%, (3M LIBOR + 6.00%), 01/29/21 (d) (h) (j)	1,462		1,301
	IG Investment Holdings LLC
		1st Lien Term Loan, 6.00%, (3M LIBOR + 3.50%), 05/14/25 (h)	369		366
	Ineos US Finance LLC
		Term Loan B, 4.50%, (3M LIBOR + 2.00%), 03/31/24 (h)	278		273
	iStar Inc.
		Term Loan B, 5.23%, (3M LIBOR + 2.75%), 06/30/20 (h)	108		107
		Term Loan B, 5.24%, (3M LIBOR + 2.75%), 06/30/20 (h)	110		109
	Jane Street Group LLC
		Term Loan B, 5.50%, (3M LIBOR + 3.00%), 08/25/22 (h)	643		640
	Kingpin Intermediate Holdings LLC
		Term Loan B, 6.00%, (3M LIBOR + 3.50%), 07/03/24 (h)	649		645
	Level 3 Financing Inc.
		Term Loan B, 4.74%, (3M LIBOR + 2.25%), 02/16/24 (h)	269		266
	LPL Holdings Inc.
		1st Lien Term Loan B, 4.74%, (3M LIBOR + 2.25%), 09/23/24 (h)	429		425
	McDermott Technology Americas Inc.
		1st Lien Term Loan, 7.50%, (3M LIBOR + 5.00%), 04/04/25 (h)	180		172
	PMHC II Inc.
		1st Lien Term Loan, 6.00%, (3M LIBOR + 3.50%), 03/20/25 (h)	81		79
		1st Lien Term Loan, 6.41%, (3M LIBOR + 3.50%), 03/20/25 (h)	61		59
	Resolute Investment Managers Inc.
		2nd Lien Term Loan, 10.24%, (3M LIBOR + 7.50%), 04/30/23 (d) (h) (j)	226		225
	RSC Acquisition Inc.
		1st Lien Term Loan, 6.85%, (3M LIBOR + 4.25%), 11/30/22 (d) (h)	1,124		1,119
	Sedgwick Claims Management Services Inc.
		Term Loan B, 5.75%, (3M LIBOR + 3.25%), 11/06/25 (h)	159		155
	StepStone Group LP
		Term Loan B, 6.50%, (3M LIBOR + 4.00%), 03/14/25 (d) (h) (j)	1,363		1,359
	Travelport Finance Lux SARL
		Term Loan B, 5.18%, (3M LIBOR + 2.50%), 03/16/25 (h)	331		331
	UPC Financing Partnership
		Term Loan AR, 4.98%, (3M LIBOR + 2.50%), 01/15/26 (h)	440		439
	VFH Parent LLC
		Term Loan B, 6.13%, (3M LIBOR + 3.50%), 03/02/26 (h)	439		440
				17,710
Health Care 2.4%
	ADMI Corp.
		Term Loan B, 5.50%, (3M LIBOR + 3.00%), 04/06/24 (h)	529		523

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Affordable Care Holding Corp.
		1st Lien Term Loan, 7.31%, (3M LIBOR + 4.75%), 10/24/22 (d) (h) (j)	227		216
	Agiliti Health Inc.
		Term Loan, 5.50%, (3M LIBOR + 3.00%), 10/18/25 (h)	100		100
	Albany Molecular Research Inc.
		1st Lien Term Loan, 5.75%, (3M LIBOR + 3.25%), 08/08/24 (h)	451		443
	Alphabet Holding Co. Inc.
		1st Lien Term Loan, 6.00%, (3M LIBOR + 3.50%), 08/15/24 (h)	259		240
	Amneal Pharmaceuticals LLC
		Term Loan B, 6.00%, (3M LIBOR + 3.50%), 03/26/25 (h)	482		480
	ATI Holdings Acquisition Inc.
		Term Loan, 5.99%, (3M LIBOR + 3.50%), 05/10/23 - 05/15/23 (h)	471		456
	Avalign Technologies Inc.
		Term Loan B, 7.00%, (3M LIBOR + 4.50%), 12/19/25 (d) (h) (j)	984		974
	BioClinica Inc.
		1st Lien Term Loan, 7.00%, (3M LIBOR + 4.25%), 10/06/23 (h)	262		236
	Carestream Health Inc.
		1st Lien Term Loan, 8.25%, (1M LIBOR + 5.75%), 02/28/21 (h)	256		250
	CHG Healthcare Services Inc.
		1st Lien Term Loan B, 5.66%, (3M LIBOR + 3.00%), 06/07/23 (h)	13		13
		1st Lien Term Loan B, 5.74%, (3M LIBOR + 3.00%), 06/07/23 (h)	22		22
	Civitas Solutions Inc.
		Term Loan B, 0.00%, (3M LIBOR + 4.25%), 01/30/26 (h) (i)	81		81
		Term Loan C, 0.00%, (3M LIBOR + 4.25%), 02/05/26 (h) (i)	5		5
		Term Loan B, 6.75%, (3M LIBOR + 4.25%), 03/09/26 (h)	240		240
		Term Loan C, 6.75%, (3M LIBOR + 4.25%), 03/09/26 (h)	15		15
	CVS Holdings I LP
		1st Lien Term Loan, 5.25%, (3M LIBOR + 2.75%), 02/01/25 (h)	409		394
	DentalCorp Perfect Smile ULC
		1st Lien Term Loan, 6.25%, (3M LIBOR + 3.75%), 05/09/25 (h)	346		337
		1st Lien Delayed Draw Term Loan, 6.25%, (3M LIBOR + 3.75%), 06/01/25 (h)	64		62
	Endo Luxembourg Finance Co. I SARL
		Term Loan B, 6.75%, (3M LIBOR + 4.25%), 04/12/24 (h)	450		441
	Envision Healthcare Corp.
		1st Lien Term Loan, 6.25%, (3M LIBOR + 3.75%), 09/27/25 (h)	319		298
	Gentiva Health Services Inc.
		1st Lien Term Loan, 6.25%, (3M LIBOR + 3.75%), 06/20/25 (h)	420		421
	Grifols Worldwide Operations USA Inc.
		Term Loan, 4.66%, (3M LIBOR + 2.25%), 01/24/25 (h)	58		58
	HLF Financing SARL
		Term Loan B, 5.75%, (3M LIBOR + 3.25%), 08/11/25 (h)	481		481
	Iqvia Holdings Inc.
		Term Loan B-2, 4.60%, (1M LIBOR + 2.00%), 01/17/25 (h)	125		124
		Term Loan B-3, 4.25%, (3M LIBOR + 1.75%), 06/07/25 (h)	102		101
	Ivory Merger Sub Inc.
		1st Lien Term Loan, 6.00%, (3M LIBOR + 3.50%), 03/08/25 (h)	1,002		923
	Mallinckrodt International Finance SA
		Term Loan B, 0.00%, (3M LIBOR + 2.75%), 09/24/24 (h) (i)	273		253
		Term Loan B, 0.00%, (3M LIBOR + 3.00%), 02/24/25 (h) (i)	46		43
			Shares/Par¹		Value ($)
		Term Loan B, 5.69%, (3M LIBOR + 3.00%), 02/24/25 (h)	131		124
	MDVIP Inc.
		Term Loan, 0.00%, (3M LIBOR + 4.25%), 01/12/24 (d) (h) (i)	220		218
		Term Loan, 6.74%, (3M LIBOR + 4.25%), 01/12/24 (h)	889		880
	MedPlast Holdings Inc.
		1st Lien Term Loan, 6.35%, (3M LIBOR + 3.75%), 06/26/25 (h)	263		262
	NMSC Holdings Inc.
		1st Lien Term Loan, 7.50%, (3M LIBOR + 5.00%), 04/11/23 (h)	285		285
	Orchid Orthopedic Solutions LLC
		1st Lien Term Loan, 7.10%, (3M LIBOR + 4.50%), 03/05/26 (h) (j)	179		180
	Parexel International Corp.
		Term Loan B, 5.25%, (3M LIBOR + 2.75%), 08/06/24 (h)	401		386
	Pearl Intermediate Parent LLC
		1st Lien Term Loan, 5.24%, (3M LIBOR + 2.75%), 02/01/25 (h)	376		355
		Delayed Draw Term Loan, 5.24%, (3M LIBOR + 2.75%), 02/01/25 (h)	85		80
	Press Ganey Holdings Inc.
		1st Lien Term Loan, 5.25%, (3M LIBOR + 2.75%), 10/17/23 (h)	523		511
	Professional Physical Therapy
		Term Loan, 0.00%, 12/16/22 (d) (j) (k) (l)	1,622		1,030
	Prospect Medical Holdings Inc.
		Term Loan B, 7.99%, (3M LIBOR + 5.50%), 02/12/24 (h)	590		535
	RegionalCare Hospital Partners Holdings Inc.
		Term Loan B, 6.98%, (3M LIBOR + 4.50%), 11/09/25 (h)	541		534
	Sound Inpatient Physicians
		1st Lien Term Loan, 5.25%, (3M LIBOR + 2.75%), 06/19/25 (h)	197		194
	Syneos Health Inc.
		Term Loan B, 4.49%, (3M LIBOR + 2.00%), 08/25/24 (h)	300		298
	Tecomet Inc.
		Term Loan, 5.99%, (3M LIBOR + 3.50%), 04/18/24 (h)	418		415
	Universal Health Services Inc.
		Term Loan B, 4.25%, (3M LIBOR + 1.75%), 10/24/25 (h)	100		100
	Valeant Pharmaceuticals International Inc.
		Term Loan B, 5.48%, (3M LIBOR + 3.00%), 05/19/25 (h)	93		92
	Verscend Holding Corp.
		Term Loan B, 7.00%, (3M LIBOR + 4.50%), 08/08/25 (h)	637		631
	VVC Holding Corp.
		Term Loan B, 7.20%, (3M LIBOR + 4.50%), 01/25/26 (h)	445		438
				15,778
Industrials 1.8%
	Achilles Acquisition LLC
		Term Loan, 6.50%, (3M LIBOR + 4.00%), 10/02/25 (h)	159		157
	American Airlines Inc.
		Term Loan B, 4.24%, (3M LIBOR + 1.75%), 06/11/25 (h)	314		305
	APX Group Inc.
		Term Loan B, 7.50%, (3M LIBOR + 5.00%), 03/31/24 (h)	434		422
		Term Loan B, 9.50%, (3M LIBOR + 5.00%), 03/31/24 (h)	1		1
	Avolon LLC
		Term Loan B-3, 4.49%, (3M LIBOR + 2.00%), 01/15/25 (h)	623		617
	Brand Energy & Infrastructure Services Inc.
		Term Loan, 6.90%, (3M LIBOR + 4.25%), 06/16/24 (h)	168		161
		Term Loan, 7.01%, (3M LIBOR + 4.25%), 06/16/24 - 06/17/24 (h)	192		184

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Brookfield WEC Holdings Inc.
		1st Lien Term Loan, 6.25%, (3M LIBOR + 3.75%), 07/26/25 (h)	324		323
	Builders FirstSource Inc.
		Term Loan B, 5.60%, (3M LIBOR + 3.00%), 02/29/24 (h)	192		186
	CareerBuilder LLC
		Term Loan, 0.00%, (3M LIBOR + 6.75%), 08/27/23 (h) (i)	11		11
		Term Loan, 9.35%, (3M LIBOR + 6.75%), 08/27/23 (h)	638		638
	Comet Acquisition Inc.
		Term Loan, 6.10%, (3M LIBOR + 3.50%), 10/23/25 (h)	228		223
	Compass Power Generation LLC
		Term Loan B, 0.00%, (3M LIBOR + 3.50%), 12/20/24 (h) (i)	—		—
		Term Loan B, 6.00%, (3M LIBOR + 3.50%), 12/20/24 (h)	214		214
	DAE Aviation Holdings Inc.
		Term Loan B, 0.00%, (3M LIBOR + 4.00%), 01/22/26 (h) (i)	65		65
		Term Loan, 0.00%, (3M LIBOR + 4.00%), 01/24/26 (h) (i)	35		35
	DG Investment Intermediate Holdings 2 Inc.
		1st Lien Term Loan, 5.50%, (3M LIBOR + 3.00%), 01/31/25 (h)	451		436
	EAB Global Inc.
		1st Lien Term Loan, 6.41%, (3M LIBOR + 3.75%), 08/15/22 (h)	227		221
	Edward Don & Co. LLC
		Term Loan , 6.74%, (3M LIBOR + 4.25%), 06/25/25 (h)	807		802
	Emerald Expositions Holding Inc.
		Term Loan B, 5.24%, (3M LIBOR + 2.75%), 05/22/24 (h)	479		467
	Forming Machining Industries Holdings LLC
		Term Loan, 6.95%, (3M LIBOR + 4.25%), 09/24/25 (d) (h) (j)	759		717
	Keyw Corp.
		1st Lien Term Loan, 6.99%, (3M LIBOR + 4.50%), 04/17/24 (d) (h)	695		696
	Pisces Midco Inc.
		Term Loan, 6.55%, (3M LIBOR + 3.75%), 04/12/25 (h)	409		391
	Prime Security Services Borrower LLC
		1st Lien Term Loan, 5.25%, (3M LIBOR + 2.75%), 05/02/22 (h)	432		426
	RR Donnelley & Sons Co.
		Term Loan B, 7.50%, (3M LIBOR + 5.00%), 01/15/24 (h)	219		219
	SMG Holdings Inc.
		1st Lien Term Loan, 5.49%, (3M LIBOR + 3.00%), 01/11/25 (h)	398		393
	SRS Distribution Inc.
		1st Lien Term Loan, 5.75%, (3M LIBOR + 3.25%), 05/19/25 (h)	459		437
	Titan Acquisition Ltd.
		Term Loan B, 5.50%, (3M LIBOR + 3.00%), 03/16/25 (h)	527		489
	TransDigm Inc.
		Term Loan F, 5.00%, (1M LIBOR + 2.50%), 06/09/23 (h)	432		421
	United Rentals North America Inc.
		Term Loan B, 4.25%, (3M LIBOR + 1.75%), 10/03/25 (h)	150		150
	USIC Holdings Inc.
		Term Loan B, 5.75%, (3M LIBOR + 3.25%), 12/09/23 (h)	466		454
	Valet Waste Holdings Inc.
		1st Lien Term Loan, 6.49%, (3M LIBOR + 4.00%), 09/20/25 (h)	812		806
	Wand NewCo 3 Inc.
		1st Lien Term Loan, 5.98%, (3M LIBOR + 3.50%), 01/22/26 (h)	39		40
			Shares/Par¹		Value ($)
	XPO Logistics Inc.
		Term Loan B, 4.50%, (3M LIBOR + 2.00%), 02/23/25 (h)	791		777
				11,884
Information Technology 2.3%
	Almonde Inc.
		1st Lien Term Loan, 6.10%, (3M LIBOR + 3.50%), 04/26/24 (h)	223		214
		2nd Lien Term Loan, 9.85%, (3M LIBOR + 7.25%), 04/27/25 (h)	222		213
	Ascend Learning LLC
		Term Loan B, 5.50%, (3M LIBOR + 3.00%), 06/29/24 (h)	447		437
	Avast Software BV
		Term Loan B, 5.11%, (3M LIBOR + 2.50%), 09/30/23 (h)	242		242
	Avaya Inc.
		Term Loan B, 6.73%, (3M LIBOR + 4.25%), 12/14/24 (h)	266		265
		Term Loan B, 6.85%, (3M LIBOR + 4.25%), 12/14/24 (h)	161		160
	Blackhawk Network Holdings Inc.
		1st Lien Term Loan, 5.50%, (3M LIBOR + 3.00%), 05/31/25 (h)	380		373
	Camelot UK Holdco Ltd.
		Term Loan, 5.74%, (1M LIBOR + 3.25%), 10/03/23 (h)	30		30
	CommScope Inc.
		Term Loan B, 0.00%, (3M LIBOR + 3.25%), 02/07/26 (h) (i)	278		277
	Compuware Corp.
		Term Loan B, 6.00%, (3M LIBOR + 3.50%), 08/25/25 (h)	259		259
	Dell International LLC
		Term Loan B, 4.50%, (3M LIBOR + 2.00%), 09/07/23 (h)	794		784
	DiscoverOrg LLC
		1st Lien Term Loan, 7.24%, (3M LIBOR + 4.50%), 01/29/26 (h)	165		163
	Dynatrace LLC
		1st Lien Term Loan, 5.75%, (3M LIBOR + 3.25%), 08/08/25 (h)	244		243
	First Data Corp.
		Term Loan, 4.49%, (1M LIBOR + 2.00%), 07/08/22 - 04/26/24 (h)	496		494
	Flexential Intermediate Corp.
		1st Lien Term Loan, 6.10%, (3M LIBOR + 3.50%), 07/24/24 (h)	448		409
	IG Investment Holdings LLC
		1st Lien Term Loan, 6.10%, (3M LIBOR + 3.50%), 05/14/25 (h)	265		263
	Information Resources Inc.
		1st Lien Term Loan, 7.13%, (3M LIBOR + 4.50%), 11/06/25 (h)	206		203
	MA FinanceCo. LLC
		Term Loan B-3, 5.00%, (3M LIBOR + 2.50%), 04/19/24 (h)	57		55
	Mediaocean LLC
		1st Lien Term Loan, 6.75%, (3M LIBOR + 4.25%), 08/04/22 (h)	231		230
	MH Sub I LLC
		1st Lien Term Loan, 6.24%, (3M LIBOR + 3.75%), 08/09/24 (h)	484		477
	Microchip Technology Inc.
		Term Loan B, 4.50%, (3M LIBOR + 2.00%), 05/16/25 (h)	383		378
	Netsmart Technologies Inc.
		Term Loan D-1, 6.25%, (3M LIBOR + 3.75%), 04/19/23 (d) (h) (j)	220		218
	NeuStar Inc.
		Term Loan B-4, 6.00%, (3M LIBOR + 3.50%), 08/08/24 (h)	431		415
	Omnitracs Inc.
		Term Loan B, 5.36%, (3M LIBOR + 2.75%), 03/13/25 (h)	512		498

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Plantronics Inc.
		Term Loan B, 5.00%, (3M LIBOR + 2.50%), 06/01/25 (h)	379		371
	PSAV Holdings LLC
		1st Lien Term Loan, 5.74%, (3M LIBOR + 3.25%), 02/23/25 (h)	106		103
		1st Lien Term Loan, 5.88%, (3M LIBOR + 3.25%), 02/23/25 (h)	55		53
		1st Lien Term Loan, 6.05%, (3M LIBOR + 3.25%), 02/23/25 (h)	59		57
	Radiate Holdco LLC
		1st Lien Term Loan, 5.50%, (3M LIBOR + 3.00%), 12/09/23 (h)	656		641
	Red Ventures LLC
		Term Loan B, 5.50%, (3M LIBOR + 3.00%), 11/08/24 (h)	644		639
	Refinitiv US Holdings Inc.
		Term Loan, 6.25%, (3M LIBOR + 3.75%), 09/12/25 (h)	426		414
	RevSpring Inc.
		1st Lien Term Loan, 6.75%, (3M LIBOR + 4.25%), 10/05/25 (d) (h) (j)	297		293
	Riverbed Technology Inc.
		Term Loan, 5.75%, (3M LIBOR + 3.25%), 04/22/22 (h)	298		270
	Sabre GLBL Inc.
		Term Loan B, 4.50%, (3M LIBOR + 2.00%), 02/22/24 (h)	582		577
	Seattle Spinco Inc.
		Term Loan B-3, 5.00%, (3M LIBOR + 2.50%), 04/19/24 (h)	383		373
	Skillsoft Corp.
		1st Lien Term Loan, 7.24%, (1M LIBOR + 4.75%), 04/22/21 (h)	103		86
	Sophia LP
		Term Loan B, 5.86%, (1M LIBOR + 3.25%), 09/30/22 (h)	226		225
	SS&C Technologies Holdings Europe SARL
		Term Loan B-4, 4.75%, (3M LIBOR + 2.25%), 02/27/25 (h)	134		133
	SS&C Technologies Inc.
		Term Loan B-3, 4.75%, (3M LIBOR + 2.25%), 02/27/25 (h)	185		184
		Term Loan B-5, 4.75%, (3M LIBOR + 2.25%), 04/16/25 (h)	199		197
	VeriFone Inc.
		1st Lien Term Loan, 6.68%, (3M LIBOR + 4.00%), 08/09/25 (h)	307		302
	VT TopCo Inc.
		1st Lien Term Loan, 6.35%, (3M LIBOR + 3.75%), 08/02/25 (h)	173		171
		Delayed Draw Term Loan, 6.37%, (3M LIBOR + 3.75%), 08/02/25 (h)	3		3
		Delayed Draw Term Loan, 6.55%, (3M LIBOR + 3.75%), 08/02/25 (h)	22		22
	Web.com Group Inc.
		Term Loan B, 6.24%, (3M LIBOR + 3.75%), 09/17/25 (h)	399		393
	Weld North Education LLC
		Term Loan B, 6.85%, (3M LIBOR + 4.25%), 02/08/25 (h)	1,206		1,194
	Western Digital Corp.
		Term Loan B-4, 4.25%, (3M LIBOR + 1.75%), 04/29/23 (h)	461		448
	WEX Inc.
		Term Loan B-2, 4.75%, (3M LIBOR + 2.25%), 06/30/24 (h)	478		473
				14,922
Materials 1.4%
	Anchor Glass Container Corp.
		1st Lien Term Loan, 5.23%, (1M LIBOR + 2.75%), 12/07/23 (h)	261		208
		1st Lien Term Loan, 5.25%, (1M LIBOR + 2.75%), 12/07/23 (h)	71		56
	Avantor Inc.
		1st Lien Term Loan, 6.25%, (3M LIBOR + 3.75%), 09/22/24 (h)	387		387
			Shares/Par¹		Value ($)
	Berlin Packaging LLC
		1st Lien Term Loan, 5.49%, (3M LIBOR + 3.00%), 11/01/25 (h)	354		343
		1st Lien Term Loan, 5.50%, (3M LIBOR + 3.00%), 11/01/25 (h)	73		71
		1st Lien Term Loan, 5.81%, (3M LIBOR + 3.00%), 11/01/25 (h)	46		45
	BWAY Holding Co.
		Term Loan B, 6.03%, (3M LIBOR + 3.25%), 04/03/24 (h)	340		332
	Consolidated Container Co. LLC
		1st Lien Term Loan, 5.25%, (1M LIBOR + 2.75%), 05/10/24 - 05/22/24 (h)	591		580
	Emerald Performance Materials LLC
		1st Lien Term Loan, 6.00%, (1M LIBOR + 3.50%), 07/23/21 (h)	432		428
	Flex Acquisition Co. Inc.
		1st Lien Term Loan, 5.63%, (3M LIBOR + 3.00%), 12/15/23 (h)	575		556
		1st Lien Term Loan, 5.49%, (3M LIBOR + 3.00%), 12/29/23 (h)	1		1
		Incremental Term Loan, 5.74%, (3M LIBOR + 3.25%), 06/20/25 (h)	—		—
		Incremental Term Loan, 5.88%, (3M LIBOR + 3.25%), 06/20/25 (h)	44		42
	GrafTech Finance Inc.
		Term Loan B, 6.00%, (3M LIBOR + 3.50%), 02/01/25 (h)	598		596
	GYP Holdings III Corp.
		Term Loan B, 5.25%, (3M LIBOR + 2.75%), 05/15/25 (h)	199		192
	H.B. Fuller Co.
		Term Loan B, 4.49%, (3M LIBOR + 2.00%), 10/11/24 (h)	555		544
	Loparex Holding BV
		Term Loan, 6.75%, (3M LIBOR + 4.25%), 03/29/25 (h)	359		358
	Messer Industries GmbH
		Term Loan, 5.10%, (3M LIBOR + 2.50%), 10/10/25 (h)	667		652
	PLZ Aeroscience Corp.
		Term Loan, 5.99%, (3M LIBOR + 3.50%), 07/31/22 (h)	454		450
	PQ Corp.
		Term Loan B, 5.24%, (3M LIBOR + 2.50%), 02/08/25 (h)	437		432
	Prince Minerals Inc.
		1st Lien Term Loan, 6.15%, (3M LIBOR + 3.50%), 03/20/25 (h)	66		64
	Schenectady International Group Inc.
		1st Lien Term Loan, 7.54%, (3M LIBOR + 4.75%), 08/21/25 (h)	194		193
	Solenis International LP
		1st Lien Term Loan, 6.63%, (3M LIBOR + 4.00%), 06/26/25 (h)	397		390
	Starfruit Finco BV
		Term Loan B, 5.74%, (3M LIBOR + 3.25%), 09/20/25 (h)	645		635
	Univar Inc.
		Term Loan B, 4.75%, (3M LIBOR + 2.25%), 07/01/24 (h)	478		472
	Wheel Pros LLC
		1st Lien Term Loan, 7.25%, (3M LIBOR + 4.75%), 04/04/25 (d) (h) (j)	981		972
				8,999
Real Estate 0.3%
	Capital Automotive LP
		2nd Lien Term Loan, 8.50%, (3M LIBOR + 6.00%), 03/21/25 (h)	550		549
	Forest City Enterprises LP
		Term Loan B, 6.48%, (3M LIBOR + 4.00%), 10/24/25 (h)	299		300
	Iron Mountain Inc.
		Term Loan B, 4.25%, (3M LIBOR + 1.75%), 03/02/26 (h)	82		79
	Realogy Group LLC
		Term Loan B, 4.73%, (3M LIBOR + 2.25%), 01/25/25 (h)	397		385

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	VICI Properties 1 LLC
		Term Loan B, 4.49%, (3M LIBOR + 2.00%), 12/13/24 (h)	720		706
				2,019
Utilities 0.2%
	Calpine Corp.
		Term Loan B-5, 5.11%, (3M LIBOR + 2.50%), 05/23/22 (h)	597		590
	Talen Energy Supply LLC
		Term Loan B-2, 0.00%, (3M LIBOR + 4.00%), 04/06/24 (h) (i)	200		198
	Vistra Energy Corp.
		Lien Term Loan B-3, 4.48%, (3M LIBOR + 2.00%), 12/11/25 (h)	216		213
		Lien Term Loan B-3, 4.50%, (3M LIBOR + 2.00%), 12/11/25 (h)	77		76
	Vistra Operations Co. LLC
		Term Loan B-2, 4.75%, (3M LIBOR + 2.25%), 12/14/23 (h)	75		75
				1,152
	Total Senior Loan Interests (cost $119,393)			114,829
OTHER EQUITY INTERESTS 0.0%
	T-Mobile USA Inc. Escrow (j) (k) (m)		3,600		—
	Total Other Equity Interests (cost $0)			—
SHORT TERM INVESTMENTS 5.6%
Investment Companies 2.1%
	JNL Government Money Market Fund - Institutional Class, 2.33% (n) (o)		13,978		13,978
Securities Lending Collateral 3.5%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.43% (n) (o)		23,052		23,052
	Total Short Term Investments (cost $37,030)			37,030
Total Investments 101.4% (cost $670,598)					666,900
Other Assets and Liabilities, Net (1.4)%					(9,306)
Total Net Assets 100.0%					657,594

(a) The Fund had an unfunded commitment at March 31, 2019. See the table of Unfunded Commitments in the Schedules of Investments.

(b) The Sub-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 JNL Series Trust's Board of Trustees. As of March 31, 2019, the value and the percentage of net assets of these liquid securities was $211,400 and 32.1%, respectively.

(c) The Sub-Adviser has deemed this security to be illiquid based on procedures approved by the JNL Series Trust's Board of Trustees.

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

(e) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of March 31, 2019.

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

(h) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of March 31, 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 reflects 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) This senior loan will settle after March 31, 2019. The reference rate and spread presented will go into effect upon settlement.

(j) 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.

(k) Non-income producing security.

(l) Issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date.

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

(n) Investment in affiliate.

(o) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2019.


Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Affordable Care Holding Corp., 1st Lien Term Loan, 7.31%, 10/24/22	11/01/16	228	216	—
	AMCP Clean Acquisition Co. LLC, Delayed Draw Term Loan, 0.00%, 07/10/25	07/11/18	—	—	—
	AMCP Clean Acquisition Co. LLC, Term Loan , 6.85%, 07/10/25	07/17/18	448	445	0.1
	American Bath Group LLC, Term Loan B, 6.85%, 09/30/23	06/25/18	1,421	1,400	0.2
	AqGen Ascensus Inc., Term Loan, 6.60%, 12/05/22	01/30/18	348	346	0.1
	Avalign Technologies Inc., Term Loan B, 7.00%, 12/19/25	12/26/18	975	974	0.2
	Beazer Homes USA Inc., 7.25%, 02/01/23	02/27/17	2,542	2,373	0.4
	CEC Entertainment Inc., 8.00%, 02/15/22	09/06/16	966	923	0.1
	EIG Investors Corp., 10.88%, 02/01/24	04/18/18	1,879	1,849	0.3
	Fly Leasing Ltd., 6.38%, 10/15/21	05/02/16	2,297	2,327	0.4
	Forming Machining Industries Holdings LLC, Term Loan, 6.95%, 09/24/25	10/17/18	755	717	0.1
	GGC Aperio Holdings LP, Term Loan, 7.31%, 12/31/35	12/21/18	1,070	1,086	0.2
	GK Holdings Inc., 1st Lien Term Loan, 8.60%, 01/29/21	11/15/16	1,460	1,301	0.2
	Keyw Corp., 1st Lien Term Loan, 6.99%, 04/17/24	06/15/18	695	696	0.1
	MDVIP Inc., Term Loan, 0.00%, 01/12/24	11/06/18	219	218	—
	MHVC Acquisitiion Corp., Term Loan, 7.75%, 04/23/24	05/18/17	1,208	1,167	0.2
	Mobile Mini Inc., 5.88%, 07/01/24	08/22/16	2,434	2,477	0.4
	Netsmart Technologies Inc., Term Loan D-1, 6.25%, 04/19/23	07/25/18	220	218	—
	Next Level Apparel Inc., Term Loan, 8.41%, 06/26/24	08/20/18	733	726	0.1
	Paradigm Acquisition Corp., 2nd Lien Term Loan, 10.10%, 10/23/26	11/06/18	529	525	0.1
	PlayPower Inc., 1st Lien Term Loan, 7.25%, 06/23/21	09/30/16	1,692	1,700	0.3
	Professional Physical Therapy, Term Loan, 0.00%, 12/16/22	12/19/16	1,484	948	0.1
	Professional Physical Therapy, Term Loan, 0.00%, 12/16/22	01/26/18	128	82	—
	Quidditch Acquisition Inc., Term Loan B, 9.49%, 03/15/25	04/05/18	638	648	0.1
	Resolute Investment Managers Inc., 2nd Lien Term Loan, 10.24%, 04/30/23	07/24/18	229	225	—
	RevSpring Inc., 1st Lien Term Loan, 6.75%, 10/05/25	10/19/18	296	293	—
	Rodan & Fields LLC, Term Loan B, 6.48%, 06/07/25	06/28/18	247	216	—

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


Restricted Securities (continued)
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	RSC Acquisition Inc., 1st Lien Term Loan, 6.85%, 11/30/22	03/15/18	1,122	1,119	0.2
	SHO Holding I Corp., Term Loan, 7.74%, 10/27/22	07/20/16	1,188	1,105	0.2
	StepStone Group LP, Term Loan B, 6.50%, 03/14/25	04/04/18	1,368	1,359	0.2
	Strategic Partners Inc., Term Loan, 6.25%, 06/09/23	08/11/16	713	710	0.1
	TGP Holdings III LLC, 2nd Lien Term Loan, 11.10%, 09/16/25	09/27/17	207	200	—
	Vestcom Parent Holdings Inc., 1st Lien Term Loan, 6.50%, 12/15/23	01/17/17	448	429	0.1
	Wheel Pros LLC, 1st Lien Term Loan, 7.25%, 04/04/25	04/26/18	973	972	0.1
	World Triathlon Corp., Term Loan, 6.60%, 06/25/21	10/19/18	203	201	—
			31,363	30,191	4.6

Unfunded Commitments


	Unfunded Commitment ($)	Appreciation/ (Depreciation) ($)

AMCP Clean Acquisition Co. LLC – Delayed Draw Term Loan^‡	66	—
DentalCorp Perfect Smile ULC – 1^st Lien Delayed Draw Term Loan	23	(1)
Pearl Intermediate Parent LLC – Delayed Draw Term Loan	26	(1)
VT TopCo Inc. – Delayed Draw Term Loan	18	—
	133	(2)

^‡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.

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
JNL/DFA U.S. Core Equity Fund
COMMON STOCKS 99.5%
Communication Services 8.0%
	Activision Blizzard Inc.	16		734
	AH Belo Corp. - Class A	3		10
	Alaska Communications Systems Group Inc. (a)	3		6
	Alphabet Inc. - Class A (a)	6		7,047
	Alphabet Inc. - Class C (a)	6		7,440
	Altice USA Inc. - Class A	29		620
	AMC Entertainment Holdings Inc. - Class A	6		94
	AMC Networks Inc. - Class A (a)	5		291
	AT&T Inc.	269		8,442
	ATN International Inc.	3		145
	Boingo Wireless Inc. (a)	4		89
	Cable One Inc.	1		660
	Cargurus Inc. - Class A (a)	3		122
	Cars.com Inc. (a)	9		207
	CBS Corp. - Class A	—		10
	CBS Corp. - Class B	17		819
	CenturyLink Inc.	65		781
	Charter Communications Inc. - Class A (a)	7		2,509
	Cincinnati Bell Inc. (a)	4		43
	Cinemark Holdings Inc.	14		564
	Clear Channel Outdoor Holdings Inc. - Class A (a)	5		28
	Cogent Communications Group Inc.	5		252
	Comcast Corp. - Class A	190		7,588
	comScore Inc. (a)	7		137
	Consolidated Communications Holdings Inc.	13		143
	DHI Group Inc. (a)	—		1
	Discovery Inc. - Class A (a)	12		333
	Discovery Inc. - Class C (a)	24		623
	DISH Network Corp. - Class A (a)	15		481
	Electronic Arts Inc. (a)	9		892
	Emerald Expositions Events Inc.	11		138
	Entercom Communications Corp. - Class A	15		80
	Entravision Communications Corp. - Class A	6		18
	EW Scripps Co. - Class A	8		163
	Facebook Inc. - Class A (a)	69		11,495
	Fox Corp. - Class A (a)	14		510
	Fox Corp. - Class B (a)	6		225
	Frontier Communications Corp. (a)	2		5
	Gannett Co. Inc.	20		208
	GCI Liberty Inc. - Class A (a)	9		519
	Glu Mobile Inc. (a)	—		1
	GoDaddy Inc. - Class A (a)	6		422
	Gray Television Inc. (a)	11		244
	GTT Communications Inc. (a)	8		262
	IAC/InterActiveCorp. (a)	4		743
	IDT Corp. - Class B	3		18
	IMAX Corp. (a)	9		199
	Intelsat SA (a)	10		157
	Interpublic Group of Cos. Inc.	23		485
	Iridium Communications Inc. (a)	11		282
	John Wiley & Sons Inc. - Class A	6		244
	John Wiley & Sons Inc. - Class B	—		4
	Liberty Braves Group - Class A (a)	—		10
	Liberty Braves Group - Class C (a)	3		79
	Liberty Broadband Corp. - Class A (a)	1		111
	Liberty Broadband Corp. - Class C (a)	5		501
	Liberty Latin America Ltd. - Class C (a)	10		193
	Liberty Media Corp. - Class A (a)	1		31
	Liberty Media Corp. - Class C (a)	11		384
	Liberty SiriusXM Group - Class A (a)	4		137
	Liberty SiriusXM Group - Class C (a)	8		309
	Liberty TripAdvisor Holdings Inc. - Class A (a)	7		103
	Lions Gate Entertainment Corp. - Class A	5		71
	Lions Gate Entertainment Corp. - Class B	8		128
	Live Nation Inc. (a)	12		768
	Madison Square Garden Co. - Class A (a)	1		359
	Marchex Inc. - Class B (a)	3		13
	Marcus Corp.	3		137
	Match Group Inc.	5		279
	McClatchy Co. - Class A (a)	1		3
	Meet Group Inc. (a)	6		32
		Shares/Par¹		Value ($)
	Meredith Corp.	4		211
	MSG Networks Inc. - Class A (a)	6		125
	National CineMedia Inc.	5		39
	Netflix Inc. (a)	9		3,100
	New Media Investment Group Inc.	6		65
	New York Times Co. - Class A	8		268
	News Corp. - Class A	34		418
	News Corp. - Class B	10		125
	NexStar Media Group Inc. - Class A	6		643
	Omnicom Group Inc.	12		855
	ORBCOMM Inc. (a)	6		38
	pdvWireless Inc. (a)	1		53
	QuinStreet Inc. (a)	2		31
	Reading International Inc. - Class A (a)	2		29
	Rosetta Stone Inc. (a)	2		35
	Scholastic Corp.	3		139
	Shenandoah Telecommunications Co.	9		410
	Sinclair Broadcast Group Inc. - Class A	11		416
	Sirius XM Holdings Inc.	52		297
	Snap Inc. - Class A (a)	15		170
	Spok Holdings Inc.	2		28
	Sprint Corp. (a)	53		297
	Take-Two Interactive Software Inc. (a)	3		290
	TechTarget Inc. (a)	2		34
	Tegna Inc.	27		385
	Telephone & Data Systems Inc.	9		288
	T-Mobile US Inc. (a)	20		1,369
	Townsquare Media Inc. - Class A	2		9
	Trade Desk Inc. - Class A (a)	1		198
	Travelzoo Inc. (a)	1		14
	Tribune Media Co. - Class A	3		129
	Tribune Publishing Co. (a)	5		58
	TripAdvisor Inc. (a)	7		350
	TrueCar Inc. (a)	12		81
	Twilio Inc. - Class A (a)	1		128
	Twitter Inc. (a)	22		714
	US Cellular Corp. (a)	2		109
	VeriSign Inc. (a)	4		720
	Verizon Communications Inc.	179		10,559
	Viacom Inc. - Class A	1		43
	Viacom Inc. - Class B	39		1,093
	Vonage Holdings Corp. (a)	18		176
	Walt Disney Co.	72		7,942
	World Wrestling Entertainment Inc. - Class A	3		232
	Yelp Inc. - Class A (a)	6		212
	Zayo Group Holdings Inc. (a)	21		597
	Zedge Inc. - Class B (a)	1		1
	Zillow Group Inc. - Class A (a)	4		126
	Zillow Group Inc. - Class C (a)	9		324
	Zynga Inc. - Class A (a)	68		361
			95,515
Consumer Discretionary 13.5%
	1-800-Flowers.com Inc. - Class A (a)	4		65
	Aaron's Inc.	8		395
	Abercrombie & Fitch Co. - Class A	9		253
	Acushnet Holdings Corp.	8		181
	Adient Plc	6		73
	Adtalem Global Education Inc. (a)	6		266
	Advance Auto Parts Inc.	5		789
	Amazon.com Inc. (a)	16		28,310
	American Axle & Manufacturing Holdings Inc. (a)	17		238
	American Eagle Outfitters Inc.	23		506
	American Outdoor Brands Corp. (a)	6		60
	American Public Education Inc. (a)	2		57
	America's Car-Mart Inc. (a)	1		89
	Aptiv Plc	15		1,192
	Aramark Corp.	23		674
	Asbury Automotive Group Inc. (a)	3		215
	Ascena Retail Group Inc. (a)	28		30
	Ascent Capital Group Inc. - Class A (a)	1		1
	At Home Group Inc. (a)	7		118
	Autoliv Inc.	9		658
	AutoNation Inc. (a)	13		449
	AutoZone Inc. (a)	1		1,026

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


	Shares/Par¹	Value ($)
Barnes & Noble Education Inc. (a)	6	26
Barnes & Noble Inc.	6	33
Bassett Furniture Industries Inc.	—	8
BBX Capital Corp. - Class A	3	18
Beazer Homes USA Inc. (a)	7	78
Bed Bath & Beyond Inc.	17	296
Belmond Ltd. - Class A (a)	11	266
Best Buy Co. Inc.	19	1,368
Big 5 Sporting Goods Corp.	2	8
Big Lots Inc.	6	244
Biglari Holdings Inc. - Class A (a)	—	8
Biglari Holdings Inc. - Class B (a)	—	16
BJ's Restaurants Inc.	5	217
Bloomin' Brands Inc.	9	186
Booking Holdings Inc. (a)	2	2,750
Boot Barn Holdings Inc. (a)	4	105
BorgWarner Inc.	17	666
Bridgepoint Education Inc. (a)	4	27
Bright Horizons Family Solutions Inc. (a)	7	858
Brinker International Inc.	5	222
Brunswick Corp.	11	547
Buckle Inc.	1	25
Build-A-Bear Workshop Inc. (a)	2	13
Burlington Stores Inc. (a)	4	688
Caesars Entertainment Corp. (a)	42	365
Caleres Inc.	5	119
Callaway Golf Co.	12	193
Capri Holdings Ltd. (a)	11	491
Career Education Corp. (a)	9	150
Carmax Inc. (a)	13	926
Carnival Plc	12	609
Carriage Services Inc.	2	40
Carrol's Restaurant Group Inc. (a)	5	51
Carter's Inc.	7	675
Cato Corp. - Class A	2	34
Cavco Industries Inc. (a)	1	141
Century Communities Inc. (a)	4	98
Cheesecake Factory Inc.	6	272
Chegg Inc. (a)	4	168
Chico's FAS Inc.	23	97
Childrens Place Retail Stores Inc.	2	213
Chipotle Mexican Grill Inc. (a)	1	569
Choice Hotels International Inc.	6	431
Chuy's Holdings Inc. (a)	2	42
Citi Trends Inc.	2	36
Collectors Universe Inc.	—	5
Columbia Sportswear Co.	6	634
Conn's Inc. (a)	4	99
Container Store Group Inc. (a)	3	26
Cooper Tire & Rubber Co.	6	182
Cooper-Standard Holding Inc. (a)	3	142
Core-Mark Holding Co. Inc.	6	215
Cracker Barrel Old Country Store Inc.	4	639
Crocs Inc. (a)	14	353
CSS Industries Inc.	—	2
Culp Inc.	2	29
D.R. Horton Inc.	22	925
Dana Holding Corp.	21	375
Darden Restaurants Inc.	7	859
Dave & Buster's Entertainment Inc.	7	332
Deckers Outdoor Corp. (a)	5	670
Del Frisco's Restaurant Group Inc. (a)	3	18
Del Taco Restaurants Inc. (a)	3	29
Delphi Technologies Plc	6	116
Denny's Corp. (a)	8	142
Destination Maternity Corp. (a)	1	2
Destination XL Group Inc. (a)	3	7
Dick's Sporting Goods Inc.	10	351
Dillard's Inc. - Class A	4	269
Dine Brands Global Inc.	2	194
Dollar General Corp.	11	1,347
Dollar Tree Inc. (a)	14	1,457
Domino's Pizza Inc.	2	568
Dorman Products Inc. (a)	3	292
DSW Inc. - Class A	8	186
	Shares/Par¹	Value ($)
Dunkin' Brands Group Inc.	9	683
eBay Inc.	34	1,255
El Pollo Loco Holdings Inc. (a)	2	22
Eldorado Resorts Inc. (a)	4	170
Escalade Inc.	1	10
Ethan Allen Interiors Inc.	3	65
Etsy Inc. (a)	5	366
Expedia Group Inc.	5	647
Express Inc. (a)	8	33
Famous Dave's Of America Inc. (a)	1	4
Fiesta Restaurant Group Inc. (a)	3	37
Five Below Inc. (a)	6	743
Flexsteel Industries Inc.	1	17
Floor & Decor Holdings Inc. (a)	6	253
Foot Locker Inc.	12	748
Ford Motor Co.	196	1,722
Fossil Group Inc. (a)	5	71
Fox Factory Holding Corp. (a)	4	266
Francesca's Holdings Corp. (a)	6	4
Fred's Inc. - Class A (a)	4	9
Frontdoor Inc. (a)	5	160
FTD Cos. Inc. (a)	3	2
GameStop Corp. - Class A	12	122
Gap Inc.	41	1,069
Garmin Ltd.	11	926
Garrett Motion Inc. (a)	3	38
General Motors Co.	69	2,543
Genesco Inc. (a)	4	190
Gentex Corp.	32	666
Gentherm Inc. (a)	4	148
Genuine Parts Co.	9	1,020
G-III Apparel Group Ltd. (a)	8	301
Goodyear Tire & Rubber Co.	27	491
GoPro Inc. - Class A (a)	8	51
Graham Holdings Co.	—	278
Grand Canyon Education Inc. (a)	6	640
Green Brick Partners Inc. (a)	1	6
Group 1 Automotive Inc.	2	143
Groupon Inc. - Class A (a)	49	175
GrubHub Inc. (a)	5	327
Guess Inc.	7	141
H&R Block Inc.	20	483
Habit Restaurants Inc. - Class A (a)	1	13
Hamilton Beach Brands Holding Co.	1	21
HanesBrands Inc.	42	758
Harley-Davidson Inc.	17	597
Hasbro Inc.	6	471
Haverty Furniture Cos. Inc.	2	34
Helen of Troy Ltd. (a)	2	279
Hibbett Sports Inc. (a)	2	43
Hilton Grand Vacations Inc. (a)	11	345
Hilton Worldwide Holdings Inc.	14	1,175
Home Depot Inc.	48	9,179
Hooker Furniture Corp.	1	39
Horizon Global Corp. (a)	2	3
Houghton Mifflin Harcourt Co. (a)	14	104
Hyatt Hotels Corp. - Class A	4	276
Installed Building Products Inc. (a)	3	132
International Game Technology Plc	17	219
iRobot Corp. (a)	3	341
J Alexander's Holdings Inc. (a)	—	2
J.C. Penney Co. Inc. (a)	39	58
Jack in the Box Inc.	3	239
Johnson Outdoors Inc. - Class A	1	69
K12 Inc. (a)	5	156
KB Home	7	173
Kirkland's Inc. (a)	1	11
Kohl's Corp.	18	1,270
Kona Grill Inc. (a)	1	1
Lakeland Industries Inc. (a)	—	2
Lands' End Inc. (a)	1	25
Las Vegas Sands Corp.	19	1,145
La-Z-Boy Inc.	5	166
LCI Industries	3	252
Leaf Group Ltd. (a)	1	7

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


	Shares/Par¹	Value ($)
Lear Corp.	9	1,155
Leggett & Platt Inc.	12	507
Lennar Corp. - Class A	12	585
Lennar Corp. - Class B	1	41
LGI Homes Inc. (a)	1	76
Libbey Inc. (a)	2	7
Liberty Expedia Holdings Inc. - Class A (a)	4	191
Liberty Tax Inc. - Class A	1	9
Lifetime Brands Inc.	1	10
Limited Brands Inc.	17	471
Lindblad Expeditions Holdings Inc. (a)	3	44
Liquidity Services Inc. (a)	4	31
Lithia Motors Inc. - Class A	3	270
LKQ Corp. (a)	24	675
Lowe's Cos. Inc.	36	3,948
Luby's Inc. (a)	1	2
Lululemon Athletica Inc. (a)	6	905
Lumber Liquidators Holdings Inc. (a)	1	10
M/I Homes Inc. (a)	2	58
Macy's Inc.	42	998
Malibu Boats Inc. - Class A (a)	2	64
Marine Products Corp.	2	23
MarineMax Inc. (a)	3	54
Marriott International Inc. - Class A	10	1,192
Marriott Vacations Worldwide Corp.	5	455
Mattel Inc. (a)	15	195
McDonald's Corp.	23	4,393
MDC Holdings Inc.	10	299
Meritage Homes Corp. (a)	4	200
MGM Resorts International	22	568
Michaels Cos. Inc. (a)	17	194
Modine Manufacturing Co. (a)	4	62
Mohawk Industries Inc. (a)	4	553
Monarch Casino & Resort Inc. (a)	1	31
Monro Inc.	3	243
Motorcar Parts of America Inc. (a)	2	37
Movado Group Inc.	1	40
Murphy USA Inc. (a)	5	419
Nathan's Famous Inc.	1	41
National Vision Holdings Inc. (a)	3	91
Nautilus Inc. (a)	3	19
New Home Co. Inc. (a)	1	4
Newell Brands Inc.	8	119
Nike Inc. - Class B	48	4,053
Nordstrom Inc.	19	845
Norwegian Cruise Line Holdings Ltd. (a)	19	1,031
NVR Inc. (a)	—	443
Office Depot Inc.	82	298
Ollie's Bargain Outlet Holdings Inc. (a)	6	488
O'Reilly Automotive Inc. (a)	4	1,622
Overstock.com Inc. (a)	2	29
Oxford Industries Inc.	2	149
Papa John's International Inc.	4	188
Party City Holdco Inc. (a)	18	139
Penn National Gaming Inc. (a)	5	104
Penske Automotive Group Inc.	10	456
PetMed Express Inc.	2	52
Pico Holdings Inc. (a)	3	33
Pier 1 Imports Inc. (a)	9	7
Planet Fitness Inc. - Class A (a)	8	573
Playa Hotels & Resorts NV (a)	4	32
Polaris Industries Inc.	7	632
Pool Corp.	4	579
Potbelly Corp. (a)	2	18
Pulte Homes Inc.	28	784
PVH Corp.	5	584
Quotient Technology Inc. (a)	7	72
Qurate Retail Group Inc. - Class A (a)	37	586
Ralph Lauren Corp. - Class A	3	428
RCI Hospitality Holdings Inc.	1	19
Red Lion Hotels Corp. (a)	2	17
Red Robin Gourmet Burgers Inc. (a)	1	42
Red Rock Resorts Inc. - Class A	9	233
Regis Corp. (a)	4	79
Rent-A-Center Inc. (a)	6	116
	Shares/Par¹	Value ($)
RH (a)	3	293
Rocky Brands Inc.	1	15
Ross Stores Inc.	17	1,610
Royal Caribbean Cruises Ltd.	8	929
RTW Retailwinds Inc. (a)	5	12
Ruth's Hospitality Group Inc.	5	122
Sally Beauty Holdings Inc. (a)	12	230
Scientific Games Corp. - Class A (a)	8	165
Sears Hometown and Outlet Stores Inc. (a)	—	1
SeaWorld Entertainment Inc. (a)	9	230
Sequential Brands Group Inc. (a)	3	3
Service Corp. International	16	651
ServiceMaster Global Holdings Inc. (a)	9	433
Shake Shack Inc. - Class A (a)	3	148
Shiloh Industries Inc. (a)	1	4
Shoe Carnival Inc.	2	59
Shutterfly Inc. (a)	5	213
Shutterstock Inc.	2	113
Signet Jewelers Ltd.	9	236
Six Flags Entertainment Corp.	9	437
Skechers U.S.A. Inc. - Class A (a)	16	528
Skyline Corp.	7	125
Sleep Number Corp. (a)	5	246
Sonic Automotive Inc. - Class A	4	65
Sotheby's (a)	5	196
Speedway Motorsports Inc.	3	45
Sportsman's Warehouse Holdings Inc. (a)	3	15
Stage Stores Inc.	3	3
Stamps.com Inc. (a)	2	164
Standard Motor Products Inc.	2	118
Starbucks Corp.	61	4,549
Steven Madden Ltd.	6	215
Stoneridge Inc. (a)	3	89
Strategic Education Inc.	2	312
Strattec Security Corp.	—	7
Superior Industries International Inc.	2	9
Superior Uniform Group Inc.	1	17
Tapestry Inc.	18	577
Target Corp.	24	1,947
Taylor Morrison Home Corp. - Class A (a)	14	241
Tempur Sealy International Inc. (a)	6	324
Tenneco Inc.	8	172
Tesla Inc. (a)	1	379
Texas Roadhouse Inc.	8	498
Thor Industries Inc.	6	349
Tiffany & Co.	9	928
Tile Shop Holdings Inc.	6	34
Tilly's Inc. - Class A	1	12
TJX Cos. Inc.	55	2,938
Toll Brothers Inc.	8	289
TopBuild Corp. (a)	4	267
Tower International Inc.	3	54
Tractor Supply Co.	8	765
TRI Pointe Homes Inc. (a)	16	201
Tuesday Morning Corp. (a)	4	9
Tupperware Brands Corp.	4	99
Ulta Beauty Inc. (a)	4	1,234
Under Armour Inc. - Class A (a)	6	134
Under Armour Inc. - Class C (a)	13	245
Unifi Inc. (a)	2	41
Universal Electronics Inc. (a)	1	31
Universal Technical Institute Inc. (a)	2	6
Urban Outfitters Inc. (a)	14	414
Vail Resorts Inc.	2	418
Veoneer Inc. (a)	6	145
Vera Bradley Inc. (a)	3	41
VF Corp.	11	929
Vista Outdoor Inc. (a)	6	49
Visteon Corp. (a)	4	270
Vitamin Shoppe Inc. (a)	2	15
VOXX International Corp. - Class A (a)	2	9
Wayfair Inc. - Class A (a)	3	387
Weight Watchers International Inc. (a)	6	117
Wendy's Co.	36	639
Weyco Group Inc.	1	29

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
	Whirlpool Corp.	6		821
	William Lyon Homes - Class A (a)	2		33
	Williams-Sonoma Inc.	13		706
	Wingstop Inc.	3		206
	Winmark Corp.	—		47
	Winnebago Industries Inc.	7		207
	Wolverine World Wide Inc.	9		315
	Wyndham Destinations Inc.	7		265
	Wyndham Hotels & Resorts Inc.	9		453
	Wynn Resorts Ltd.	5		616
	Yum! Brands Inc.	11		1,145
	Zagg Inc. (a)	4		34
	Zumiez Inc. (a)	3		83
			161,947
Consumer Staples 6.6%
	Alico Inc.	1		22
	Altria Group Inc.	84		4,821
	Andersons Inc.	3		105
	Archer-Daniels-Midland Co.	17		717
	Avon Products Inc. (a)	42		124
	B&G Foods Inc.	7		179
	BJ's Wholesale Club Holdings Inc. (a)	2		64
	Boston Beer Co. Inc. - Class A (a)	1		295
	Brown-Forman Corp. - Class A	3		161
	Brown-Forman Corp. - Class B	17		901
	Bunge Ltd.	12		642
	Calavo Growers Inc.	2		139
	Cal-Maine Foods Inc.	3		118
	Campbell Soup Co.	18		693
	Casey's General Stores Inc.	5		583
	Central Garden & Pet Co. (a)	1		29
	Central Garden & Pet Co. - Class A (a)	5		122
	Chefs' Warehouse Inc. (a)	3		79
	Church & Dwight Co. Inc.	12		859
	Clorox Co.	8		1,235
	Coca-Cola Co.	151		7,057
	Coca-Cola Consolidated Inc.	1		294
	Colgate-Palmolive Co.	25		1,705
	ConAgra Brands Inc.	24		653
	Constellation Brands Inc. - Class A	4		740
	Costco Wholesale Corp.	15		3,734
	Coty Inc. - Class A	28		319
	Craft Brewers Alliance Inc. (a)	1		21
	Darling Ingredients Inc. (a)	14		313
	Dean Foods Co.	13		40
	Edgewell Personal Care Co. (a)	6		274
	Energizer Holdings Inc.	5		246
	Estee Lauder Cos. Inc. - Class A	7		1,241
	Farmer Bros. Co. (a)	2		31
	Flowers Foods Inc.	20		417
	Fresh Del Monte Produce Inc.	5		148
	General Mills Inc.	26		1,342
	Hain Celestial Group Inc. (a)	9		206
	Hershey Co.	6		668
	Hormel Foods Corp.	24		1,080
	Hostess Brands Inc. - Class A (a)	14		173
	Ingles Markets Inc. - Class A	2		51
	Ingredion Inc.	6		565
	Inter Parfums Inc.	3		201
	J&J Snack Foods Corp.	2		268
	JM Smucker Co.	8		937
	John B. Sanfilippo & Son Inc.	1		62
	Kellogg Co.	15		845
	Keurig Dr Pepper Inc.	11		303
	Kimberly-Clark Corp.	11		1,400
	Kraft Heinz Foods Co.	12		402
	Kroger Co.	86		2,106
	Lamb Weston Holdings Inc.	6		456
	Lancaster Colony Corp.	3		500
	Landec Corp. (a)	3		33
	Limoneira Co.	1		25
	Mannatech Inc.	—		5
	McCormick & Co. Inc.	6		879
	Medifast Inc.	1		153
		Shares/Par¹		Value ($)
	MGP Ingredients Inc.	2		145
	Molson Coors Brewing Co. - Class B	14		844
	Mondelez International Inc. - Class A	25		1,230
	Monster Beverage Corp. (a)	11		576
	National Beverage Corp.	2		127
	Natural Grocers by Vitamin Cottage Inc. (a)	2		25
	Natural Health Trends Corp.	—		2
	Nature's Sunshine Products Inc. (a)	1		7
	Nu Skin Enterprises Inc. - Class A	6		298
	Oil-Dri Corp. of America	—		12
	Orchids Paper Products Co. (a)	1		1
	PepsiCo Inc.	62		7,569
	Performance Food Group Co. (a)	12		459
	Philip Morris International Inc.	45		3,961
	Pilgrim's Pride Corp. (a)	18		391
	Post Holdings Inc. (a)	9		1,033
	PriceSmart Inc.	4		235
	Primo Water Corp. (a)	2		37
	Procter & Gamble Co.	76		7,867
	Pyxus International Inc. (a)	1		21
	Revlon Inc. - Class A (a)	3		65
	Rite Aid Corp. (a)	93		59
	Sanderson Farms Inc.	3		445
	Seneca Foods Corp. - Class A (a)	1		17
	Simply Good Foods Co. (a)	7		141
	Smart & Final Stores Inc. (a)	14		68
	SpartanNash Co.	6		88
	Spectrum Brands Holdings Inc.	5		295
	Sprouts Farmers Market Inc. (a)	15		331
	Sysco Corp.	22		1,453
	Tootsie Roll Industries Inc.	3		116
	TreeHouse Foods Inc. (a)	6		379
	Tyson Foods Inc. - Class A	21		1,469
	United Natural Foods Inc. (a)	6		76
	Universal Corp.	4		213
	US Foods Holding Corp. (a)	18		630
	USANA Health Sciences Inc. (a)	3		268
	Vector Group Ltd.	14		150
	Village Super Market Inc. - Class A	1		27
	Walgreens Boots Alliance Inc.	27		1,720
	Walmart Inc.	40		3,907
	WD-40 Co.	1		180
	Weis Markets Inc.	5		197
			78,915
Energy 5.0%
	Abraxas Petroleum Corp. (a)	13		16
	Adams Resources & Energy Inc.	—		10
	Anadarko Petroleum Corp.	15		694
	Antero Resources Corp. (a)	25		217
	Apache Corp.	31		1,067
	Apergy Corp. (a)	6		234
	Approach Resources Inc. (a)	6		2
	Arch Coal Inc. - Class A	3		256
	Archrock Inc.	19		183
	Baker Hughes a GE Co. LLC - Class A	7		204
	Bonanza Creek Energy Inc. (a)	1		21
	Bristow Group Inc. (a)	5		6
	C&J Energy Services Inc. (a)	11		169
	Cabot Oil & Gas Corp.	17		433
	Cactus Inc. - Class A (a)	1		28
	California Resources Corp. (a)	5		134
	Callon Petroleum Co. (a)	33		248
	CARBO Ceramics Inc. (a)	2		7
	Carrizo Oil & Gas Inc. (a)	15		186
	Centennial Resource Development Inc. - Class A (a)	20		175
	Cheniere Energy Inc. (a)	11		726
	Chesapeake Energy Corp. (a)	104		323
	Chevron Corp.	52		6,374
	Cimarex Energy Co.	9		602
	Clean Energy Fuels Corp. (a)	22		69
	Cloud Peak Energy Inc. (a)	5		1
	CNX Resources Corp. (a)	22		241
	Concho Resources Inc.	12		1,371
	ConocoPhillips Co.	51		3,429

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
	CONSOL Energy Inc. (a)	5		160
	Contango Oil & Gas Co. (a)	2		8
	Continental Resources Inc. (a)	13		594
	Core Laboratories NV	4		277
	CVR Energy Inc.	9		358
	Dawson Geophysical Co. (a)	3		7
	Delek US Holdings Inc.	10		355
	Denbury Resources Inc. (a)	68		139
	Devon Energy Corp.	25		789
	DHT Holdings Inc.	22		100
	Diamond Offshore Drilling Inc. (a)	16		166
	Diamondback Energy Inc.	9		957
	DMC Global Inc.	2		110
	Dorian LPG Ltd. (a)	5		35
	Dril-Quip Inc. (a)	4		187
	EnCana Corp.	27		195
	EnLink Midstream LLC	23		300
	Ensco Plc - Class A	58		226
	EOG Resources Inc.	22		2,141
	EP Energy Corp. - Class A (a)	13		3
	EQT Corp.	12		251
	Equitrans Midstream Corp.	7		150
	Era Group Inc. (a)	2		18
	Evolution Petroleum Corp.	3		18
	Exterran Corp. (a)	5		87
	Extraction Oil & Gas Inc. (a)	11		45
	Exxon Mobil Corp.	120		9,723
	Forum Energy Technologies Inc. (a)	11		56
	Frank's International NV (a)	22		136
	GasLog Ltd.	12		213
	Geospace Technologies Corp. (a)	1		9
	Green Plains Renewable Energy Inc.	4		66
	Gulf Island Fabrication Inc. (a)	1		8
	Gulfport Energy Corp. (a)	28		224
	Halcon Resources Corp. (a)	8		10
	Hallador Energy Co.	—		1
	Halliburton Co.	19		559
	Helix Energy Solutions Group Inc. (a)	31		242
	Helmerich & Payne Inc.	8		455
	Hess Corp.	12		704
	HighPoint Resources Corp. (a)	15		33
	HollyFrontier Corp.	15		753
	Hornbeck Offshore Services Inc. (a)	2		3
	International Seaways Inc. (a)	2		34
	ION Geophysical Corp. (a)	1		12
	Keane Group Inc. (a)	15		167
	Kinder Morgan Inc.	46		916
	KLX Energy Services Holdings Inc. (a)	2		51
	Kosmos Energy Ltd.	42		259
	Laredo Petroleum Holdings Inc. (a)	26		81
	Mammoth Energy Services Inc.	2		38
	Marathon Oil Corp.	56		930
	Marathon Petroleum Corp.	27		1,590
	Matador Resources Co. (a)	13		252
	Matrix Service Co. (a)	3		63
	McDermott International Inc. (a)	13		100
	Mitcham Industries Inc. (a)	1		2
	Montage Resources Corp. (a)	1		19
	Murphy Oil Corp.	17		486
	Nabors Industries Ltd.	43		148
	NACCO Industries Inc. - Class A	—		19
	National Oilwell Varco Inc.	15		396
	Natural Gas Services Group Inc. (a)	2		29
	Newpark Resources Inc. (a)	10		95
	Noble Corp. Plc (a)	27		78
	Noble Energy Inc.	22		541
	Northern Oil and Gas Inc. (a)	22		61
	Oasis Petroleum Inc. (a)	32		194
	Occidental Petroleum Corp.	32		2,112
	Oceaneering International Inc. (a)	12		183
	Oil States International Inc. (a)	6		100
	ONEOK Inc.	15		1,023
	Pacific Ethanol Inc. (a)	2		2
	Panhandle Oil and Gas Inc. - Class A	2		24
	Par Pacific Holdings Inc. (a)	7		126
		Shares/Par¹		Value ($)
	Parsley Energy Inc. - Class A (a)	15		298
	Patterson-UTI Energy Inc.	17		237
	PBF Energy Inc. - Class A	12		373
	PDC Energy Inc. (a)	5		185
	Peabody Energy Corp.	12		339
	Penn Virginia Corp. (a)	—		12
	Phillips 66	10		959
	Pioneer Energy Services Corp. (a)	9		15
	Pioneer Natural Resources Co.	9		1,397
	ProPetro Holding Corp. (a)	11		247
	QEP Resources Inc. (a)	33		257
	Range Resources Corp.	16		183
	Renewable Energy Group Inc. (a)	5		106
	REX Stores Corp. (a)	—		14
	RigNet Inc. (a)	2		16
	Ring Energy Inc. (a)	4		21
	Rowan Cos. Plc - Class A (a)	11		122
	RPC Inc.	13		143
	Schlumberger Ltd.	19		842
	Scorpio Tankers Inc.	6		122
	SEACOR Holdings Inc. (a)	4		167
	SEACOR Marine Holdings Inc. (a)	2		25
	Select Energy Services Inc. - Class A (a)	12		141
	SemGroup Corp. - Class A	9		129
	Ship Finance International Ltd.	16		193
	SM Energy Co.	13		233
	Southwestern Energy Co. (a)	39		182
	SRC Energy Inc. (a)	26		131
	Superior Energy Services Inc. (a)	14		67
	Talos Energy Inc. (a)	7		196
	Targa Resources Corp.	12		518
	TechnipFMC Plc	15		355
	Teekay Corp.	7		29
	Teekay Tankers Ltd. - Class A	4		3
	Tetra Technologies Inc. (a)	8		19
	Tidewater Inc. (a)	1		18
	Transocean Ltd. (a)	35		308
	Ultra Petroleum Corp. (a)	9		6
	Unit Corp. (a)	11		161
	US Silica Holdings Inc.	12		213
	Valero Energy Corp.	14		1,183
	Whiting Petroleum Corp. (a)	11		282
	Williams Cos. Inc.	26		744
	World Fuel Services Corp.	11		316
	WPX Energy Inc. (a)	34		450
			60,385
Financials 12.9%
	1st Source Corp.	5		207
	Affiliated Managers Group Inc.	4		423
	Aflac Inc.	24		1,185
	Alleghany Corp. (a)	1		379
	Allstate Corp.	11		1,013
	Ally Financial Inc.	42		1,152
	A-Mark Precious Metals Inc. (a)	—		5
	Ambac Financial Group Inc. (a)	4		74
	American Equity Investment Life Holding Co.	7		184
	American Express Co.	25		2,779
	American Financial Group Inc.	5		485
	American International Group Inc.	15		626
	American National Bankshares Inc.	1		22
	American National Insurance Co.	2		190
	Ameriprise Financial Inc.	12		1,546
	Ameris Bancorp	7		224
	Amerisafe Inc.	2		124
	Aon Plc - Class A	8		1,440
	Arch Capital Group Ltd. (a)	14		440
	Ares Management Corp. - Class A	2		56
	Argo Group International Holdings Ltd.	3		224
	Arrow Financial Corp.	2		61
	Arthur J Gallagher & Co.	11		849
	Artisan Partners Asset Management Inc. - Class A	5		133
	Associated Bancorp	14		298
	Assurant Inc.	5		429
	Assured Guaranty Ltd.	9		379

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


	Shares/Par¹	Value ($)
Athene Holding Ltd. - Class A (a)	12	510
Atlantic Capital Bancshares Inc. (a)	1	20
Atlas Financial Holdings Inc. (a)	1	2
Axis Capital Holdings Ltd.	6	302
Axos Financial Inc. (a)	7	207
Banc of California Inc.	11	153
BancFirst Corp.	3	180
Bancorp Inc. (a)	8	64
BancorpSouth Bank	8	234
Bank of America Corp.	145	4,011
Bank of Hawaii Corp.	5	386
Bank of Marin Bancorp	2	70
Bank of New York Mellon Corp.	20	1,016
Bank of NT Butterfield & Son Ltd.	7	257
Bank OZK	13	367
BankFinancial Corp.	2	32
BankUnited Inc.	9	287
Banner Corp.	4	228
Bar Harbor Bankshares	1	34
BB&T Corp.	13	622
Berkshire Hathaway Inc. - Class B (a)	34	6,739
Berkshire Hills Bancorp Inc.	6	176
BGC Partners Inc. - Class A	34	183
BlackRock Inc.	3	1,430
Blucora Inc. (a)	4	143
Blue Hills Bancorp Inc.	1	34
BOK Financial Corp.	4	360
Boston Private Financial Holdings Inc.	10	104
Bridge Bancorp Inc.	2	54
Brighthouse Financial Inc. (a)	10	356
BrightSphere Investment Group Plc	9	122
Brookline Bancorp Inc.	11	158
Brown & Brown Inc.	21	634
Bryn Mawr Bank Corp.	2	87
BSB BanCorp Inc. (a)	1	26
C&F Financial Corp.	—	2
Cadence Bancorp LLC - Class A	15	280
Camden National Corp.	2	79
Cannae Holdings Inc. (a)	11	256
Capital City Bank Group Inc.	1	22
Capital One Financial Corp.	13	1,082
Capitol Federal Financial Inc.	16	210
Carolina Financial Corp.	3	88
Cathay General Bancorp	7	228
CBOE Global Markets Inc.	5	462
CBTX Inc.	1	40
CenterState Bank Corp.	9	208
Central Pacific Financial Corp.	4	107
Central Valley Community Bancorp	—	4
Charles Schwab Corp.	29	1,249
Chemical Financial Corp.	6	231
Chubb Ltd.	8	1,123
Cincinnati Financial Corp.	6	532
CIT Group Inc.	7	312
Citigroup Inc.	38	2,393
Citizens & Northern Corp.	1	19
Citizens Financial Group Inc.	19	623
Citizens Inc. - Class A (a)	4	25
City Holdings Co.	2	149
CME Group Inc.	6	909
CNA Financial Corp.	1	65
CNB Financial Corp.	1	34
CNO Financial Group Inc.	11	186
Codorus Valley Bancorp Inc.	—	6
Cohen & Steers Inc.	5	214
Columbia Banking System Inc.	6	210
Comerica Inc.	9	691
Commerce Bancshares Inc.	9	498
Community Bank System Inc.	4	218
Community Trust Bancorp Inc.	2	85
ConnectOne Bancorp Inc.	8	152
Consumer Portfolio Services Inc. (a)	2	7
Cowen Inc. - Class A (a)	2	32
Crawford & Co. - Class B	1	13
Credit Acceptance Corp. (a)	2	804
	Shares/Par¹	Value ($)
Cullen/Frost Bankers Inc.	5	469
Customers Bancorp Inc. (a)	3	60
CVB Financial Corp.	11	237
Diamond Hill Investment Group Inc.	—	67
Dime Community Bancshares Inc.	4	73
Discover Financial Services	29	2,070
DocuSign Inc. (a)	2	108
Donegal Group Inc. - Class A	2	21
Donnelley Financial Solutions Inc. (a)	5	80
E*TRADE Financial Corp.	17	782
Eagle Bancorp Inc. (a)	5	235
East West Bancorp Inc.	11	544
Eaton Vance Corp.	9	360
eHealth Inc. (a)	2	95
EMC Insurance Group Inc.	2	53
Employer Holdings Inc.	4	146
Encore Capital Group Inc. (a)	4	111
Enova International Inc. (a)	5	124
Enstar Group Ltd. (a)	1	220
Enterprise Financial Services Corp.	4	165
Equity Bancshares Inc. - Class A (a)	1	31
Erie Indemnity Co. - Class A	3	549
ESSA Bancorp Inc.	1	15
Essent Group Ltd. (a)	10	448
Evercore Inc. - Class A	6	509
Everest Re Group Ltd.	2	325
EzCorp Inc. - Class A (a)	7	68
FactSet Research Systems Inc.	3	749
Farmers National Banc Corp.	1	11
FB Financial Corp.	6	185
FBL Financial Group Inc. - Class A	2	117
Federal Agricultural Mortgage Corp. - Class C	1	65
Federated Investors Inc. - Class B	13	384
Federated National Holding Co.	2	26
Fidelity National Financial Inc.	19	710
Fidelity Southern Corp.	4	97
Fifth Third Bancorp	42	1,057
Financial Institutions Inc.	2	52
First American Financial Corp.	10	510
First Bancorp Inc.	4	123
First Bancorp Inc.	22	251
First Bancorp Inc.	1	28
First Busey Corp.	7	164
First Business Financial Services Inc.	1	19
First Citizens BancShares Inc. - Class A	1	556
First Commonwealth Financial Corp.	12	150
First Community Bancshares Inc.	2	58
First Defiance Financial Corp.	1	43
First Financial Bancorp	10	246
First Financial Bankshares Inc.	6	327
First Financial Corp.	1	40
First Financial Northwest Inc.	1	16
First Foundation Inc.	4	56
First Hawaiian Inc.	9	222
First Horizon National Corp.	27	382
First Interstate BancSystem Inc. - Class A	3	138
First Merchants Corp.	6	227
First Mid-Illinois Bancshares Inc.	2	55
First Midwest Bancorp Inc.	12	255
First of Long Island Corp.	2	51
First Republic Bank	5	534
FirstCash Inc.	5	416
Flagstar Bancorp Inc.	8	268
Flushing Financial Corp.	3	77
FNB Corp.	30	321
Franklin Financial Network Inc.	2	47
Franklin Resources Inc.	26	871
Fulton Financial Corp.	15	235
Gain Capital Holdings Inc.	5	34
GAMCO Investors Inc. - Class A	1	25
Genworth Financial Inc. - Class A (a)	49	186
German American Bancorp Inc.	2	49
Glacier Bancorp Inc.	6	232
Global Indemnity Ltd. - Class A	1	30
Goldman Sachs Group Inc.	9	1,790

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


	Shares/Par¹	Value ($)
Great Southern Bancorp Inc.	2	95
Great Western Bancorp Inc.	8	250
Green Dot Corp. - Class A (a)	6	337
Greenhill & Co. Inc.	3	54
Greenlight Capital Re Ltd. - Class A (a)	3	35
Hallmark Financial Services Inc. (a)	2	22
Hamilton Lane Inc. - Class A	1	64
Hancock Whitney Co.	5	222
Hanmi Financial Corp.	3	74
Hanover Insurance Group Inc.	4	409
Hartford Financial Services Group Inc.	22	1,088
HCI Group Inc.	2	65
Heartland Financial USA Inc.	4	186
Hennessy Advisors Inc.	—	3
Heritage Commerce Corp.	5	55
Heritage Financial Corp.	6	176
Heritage Insurance Holdings Inc.	3	39
Hilltop Holdings Inc.	10	189
Home Bancshares Inc.	11	201
HomeStreet Inc. (a)	3	75
HomeTrust Bancshares Inc.	1	36
Hope Bancorp Inc.	18	236
Horace Mann Educators Corp.	5	175
Horizon Bancorp Inc.	5	73
Houlihan Lokey Inc. - Class A	4	190
Huntington Bancshares Inc.	64	816
IberiaBank Corp.	4	298
Impac Mortgage Holdings Inc. (a)	2	7
Independence Holding Co.	1	28
Independent Bank Corp.	3	54
Independent Bank Corp.	3	235
Independent Bank Group Inc.	6	296
Interactive Brokers Group Inc.	10	499
Intercontinental Exchange Inc.	12	941
Internap Corp. (a)	1	6
International Bancshares Corp.	8	307
INTL FCStone Inc. (a)	2	71
Invesco Ltd.	25	484
Investors Bancorp Inc.	25	295
James River Group Holdings Ltd.	5	194
Janus Henderson Group Plc	14	362
Jefferies Financial Group Inc.	19	365
JPMorgan Chase & Co.	101	10,261
Kearny Financial Corp.	11	142
Kemper Corp.	6	492
KeyCorp	42	664
Ladenburg Thalmann Financial Services Inc.	10	28
Lakeland Bancorp Inc.	11	159
Lakeland Financial Corp.	4	166
Lazard Ltd. - Class A	13	472
LegacyTexas Financial Group Inc.	6	243
Legg Mason Inc.	6	160
LendingClub Corp. (a)	73	225
LendingTree Inc. (a)	1	281
Lincoln National Corp.	8	442
Live Oak Bancshares Inc.	6	87
Loews Corp.	11	521
LPL Financial Holdings Inc.	13	878
M&T Bank Corp.	7	1,124
Macatawa Bank Corp.	1	6
Maiden Holdings Ltd.	9	7
Manning & Napier Inc. - Class A	1	2
Markel Corp. (a)	—	501
MarketAxess Holdings Inc.	2	541
Marlin Business Services Inc.	2	43
Marsh & McLennan Cos. Inc.	18	1,698
MBIA Inc. (a)	14	133
MBT Financial Corp.	1	10
Mercantile Bank Corp.	2	67
Merchants Bancorp Inc.	—	11
Mercury General Corp.	5	239
Meridian Bancorp Inc.	10	153
Meta Financial Group Inc.	5	104
MetLife Inc.	14	615
MGIC Investment Corp. (a)	10	132
	Shares/Par¹	Value ($)
Midland States Bancorp Inc.	2	37
Midsouth Bancorp Inc.	1	6
MidWestOne Financial Group Inc.	1	21
Moelis & Co. - Class A	5	200
Moody's Corp.	6	1,069
Morgan Stanley	39	1,666
Morningstar Inc.	5	576
Mr. Cooper Group Inc. (a)	3	30
MSCI Inc.	5	924
NASDAQ Inc.	10	889
National Bank Holdings Corp. - Class A	6	188
National Bankshares Inc.	—	3
National General Holdings Corp.	11	255
National Western Life Group Inc. - Class A	1	177
Navient Corp.	30	349
Navigators Group Inc.	3	221
NBT Bancorp Inc.	6	230
Nelnet Inc. - Class A	3	178
New York Community Bancorp Inc.	26	295
Nicholas Financial Inc. (a)	1	5
Nicolet Bankshares Inc. (a)	—	16
NMI Holdings Inc. - Class A (a)	7	184
Northern Trust Corp.	11	1,040
Northfield Bancorp Inc.	5	73
Northrim BanCorp Inc.	—	14
Northwest Bancshares Inc.	16	265
OceanFirst Financial Corp.	9	228
Ocwen Financial Corp. (a)	4	6
OFG Bancorp	6	123
Old Line Bancshares Inc.	1	20
Old National Bancorp	17	283
Old Republic International Corp.	23	479
Old Second Bancorp Inc.	1	9
On Deck Capital Inc. (a)	6	33
OneMain Holdings Inc.	12	396
Oppenheimer Holdings Inc. - Class A	1	28
Opus Bank	5	101
Oritani Financial Corp.	5	85
Pacific Premier Bancorp Inc.	10	276
PacWest Bancorp	7	280
Park National Corp.	2	218
Peapack Gladstone Financial Corp.	2	60
Penns Woods Bancorp Inc.	—	9
PennyMac Financial Services Inc.	8	179
Peoples Bancorp Inc.	2	65
Peoples Financial Services Corp.	—	10
People's United Financial Inc.	27	446
People's Utah Bancorp	1	18
Pinnacle Financial Partners Inc.	5	260
Piper Jaffray Cos.	2	131
PJT Partners Inc. - Class A	2	98
PNC Financial Services Group Inc.	8	993
Popular Inc.	9	459
PRA Group Inc. (a)	8	205
Preferred Bank	2	72
Primerica Inc.	6	724
Principal Financial Group Inc.	18	904
ProAssurance Corp.	6	210
Progressive Corp.	18	1,322
Prosperity Bancshares Inc.	6	393
Protective Insurance Corp. - Class B	1	18
Provident Financial Holdings Inc.	—	8
Provident Financial Services Inc.	9	233
Prudential Bancorp Inc.	—	5
Prudential Financial Inc.	6	581
Pzena Investment Management Inc. - Class A	2	15
QCR Holdings Inc.	1	33
Radian Group Inc.	8	175
Raymond James Financial Inc.	9	699
Regional Management Corp. (a)	2	44
Regions Financial Corp.	52	736
Reinsurance Group of America Inc.	3	436
RenaissanceRe Holdings Ltd.	3	481
Renasant Corp.	8	280
Republic Bancorp Inc. - Class A	2	81

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
	Republic First Bancorp Inc. (a)	2		12
	RLI Corp.	4		268
	S&P Global Inc.	11		2,287
	S&T Bancorp Inc.	5		215
	Safety Insurance Group Inc.	2		142
	Sandy Spring Bancorp Inc.	5		146
	Santander Consumer USA Holdings Inc.	28		587
	Seacoast Banking Corp. of Florida (a)	4		99
	SEI Investments Co.	10		504
	Selective Insurance Group Inc.	4		283
	ServisFirst Bancshares Inc.	6		187
	Sierra Bancorp	1		36
	Signature Bank	3		445
	Simmons First National Corp. - Class A	9		216
	SLM Corp.	49		486
	South State Corp.	2		167
	Southside Bancshares Inc.	4		130
	State Auto Financial Corp.	7		238
	State Street Corp.	9		598
	Sterling Bancorp Inc.	19		346
	Stewart Information Services Corp.	3		107
	Stifel Financial Corp.	7		348
	Stock Yards Bancorp Inc.	2		65
	SunTrust Banks Inc.	12		692
	SVB Financial Group (a)	3		697
	Synchrony Financial	47		1,490
	Synovus Financial Corp.	17		597
	T. Rowe Price Group Inc.	17		1,669
	TCF Financial Corp.	19		401
	TD Ameritrade Holding Corp.	6		315
	Telaria Inc. (a)	1		9
	Territorial Bancorp Inc.	1		30
	Texas Capital Bancshares Inc. (a)	5		269
	TFS Financial Corp.	11		174
	Third Point Reinsurance Ltd. (a)	17		175
	Tiptree Inc. - Class A	3		19
	Tompkins Financial Corp.	2		119
	Torchmark Corp.	4		353
	Towne Bank	11		264
	Travelers Cos. Inc.	13		1,851
	Trico Bancshares	4		139
	Tristate Capital Holdings Inc. (a)	4		76
	Triumph Bancorp Inc. (a)	5		134
	TrustCo Bank Corp.	11		87
	Trustmark Corp.	8		269
	U.S. Bancorp	46		2,208
	UMB Financial Corp.	4		269
	Umpqua Holdings Corp.	18		295
	Union Bankshares Corp.	8		257
	United Bankshares Inc.	9		329
	United Community Banks Inc.	10		237
	United Community Financial Corp.	5		50
	United Financial Bancorp Inc.	5		73
	United Fire Group Inc.	3		131
	United Insurance Holdings Corp.	8		122
	Universal Insurance Holdings Inc.	6		186
	Univest Financial Corp.	3		74
	Unum Group	10		323
	Valley National Bancorp	24		226
	Veritex Holdings Inc.	2		41
	Virtu Financial Inc. - Class A	9		202
	Virtus Investment Partners Inc.	1		78
	Voya Financial Inc.	10		511
	Waddell & Reed Financial Inc. - Class A	14		246
	Walker & Dunlop Inc.	5		276
	Washington Federal Inc.	7		202
	Washington Trust Bancorp Inc.	2		99
	Waterstone Financial Inc.	3		54
	Webster Financial Corp.	7		379
	Wells Fargo & Co.	114		5,523
	WesBanco Inc.	5		203
	West Bancorp Inc.	2		37
	Westamerica Bancorp	3		174
	Western Alliance Bancorp (a)	10		427
	Westwood Holdings Group Inc.	1		28
		Shares/Par¹		Value ($)
	White Mountains Insurance Group Ltd.	—		293
	Willis Towers Watson Plc	5		798
	Wintrust Financial Corp.	5		353
	WisdomTree Investments Inc.	17		122
	World Acceptance Corp. (a)	2		213
	WR Berkley Corp.	9		777
	WSFS Financial Corp.	8		324
	Zions Bancorp	10		449
			155,216
Health Care 11.8%
	Abbott Laboratories	24		1,936
	AbbVie Inc.	40		3,256
	Abiomed Inc. (a)	2		477
	Acadia Pharmaceuticals Inc. (a)	11		321
	Accuray Inc. (a)	6		27
	Achillion Pharmaceuticals Inc. (a)	8		24
	Acorda Therapeutics Inc. (a)	6		81
	Addus HomeCare Corp. (a)	1		71
	Agilent Technologies Inc.	12		969
	Agios Pharmaceuticals Inc. (a)	1		72
	Akorn Inc. (a)	8		27
	Alder Biopharmaceuticals Inc. (a)	4		54
	Alexion Pharmaceuticals Inc. (a)	5		741
	Align Technology Inc. (a)	3		788
	Alkermes Plc (a)	3		105
	Allergan Plc	6		829
	Allscripts Healthcare Solutions Inc. (a)	29		278
	Alnylam Pharmaceuticals Inc. (a)	3		295
	Amedisys Inc. (a)	2		272
	AmerisourceBergen Corp.	9		740
	Amgen Inc.	23		4,289
	AMN Healthcare Services Inc. (a)	5		253
	Amphastar Pharmaceuticals Inc. (a)	4		86
	AnaptysBio Inc. (a)	2		145
	AngioDynamics Inc. (a)	4		102
	ANI Pharmaceuticals Inc. (a)	1		55
	Anika Therapeutics Inc. (a)	1		45
	Anthem Inc.	8		2,244
	Aptevo Therapeutics Inc. (a)	2		2
	Aratana Therapeutics Inc. (a)	2		8
	Ardelyx Inc. (a)	1		2
	Arena Pharmaceuticals Inc. (a)	5		224
	Array BioPharma Inc. (a)	6		151
	Assertio Therapeutics Inc. (a)	3		16
	Atara Biotherapeutics Inc. (a)	4		164
	Atrion Corp.	—		143
	Audentes Therapeutics Inc. (a)	7		274
	Avanos Medical Inc. (a)	5		194
	Baxter International Inc.	11		876
	Becton Dickinson & Co.	5		1,189
	Biogen Inc. (a)	8		1,822
	BioMarin Pharmaceutical Inc. (a)	4		376
	Bio-Rad Laboratories Inc. - Class A (a)	2		639
	BioScrip Inc. (a)	5		11
	Biospecifics Technologies Corp. (a)	1		46
	Bio-Techne Corp.	3		547
	BioTelemetry Inc. (a)	2		126
	Bluebird Bio Inc. (a)	2		237
	Boston Scientific Corp. (a)	29		1,110
	Bristol-Myers Squibb Co.	53		2,532
	Brookdale Senior Living Inc. (a)	30		196
	Bruker Corp.	18		678
	Cambrex Corp. (a)	4		166
	Cantel Medical Corp.	4		268
	Capital Senior Living Corp. (a)	3		12
	Cardinal Health Inc.	21		1,026
	Catalent Inc. (a)	17		708
	Celgene Corp. (a)	33		3,156
	Centene Corp. (a)	10		544
	Cerner Corp. (a)	15		858
	Charles River Laboratories International Inc. (a)	6		815
	Chemed Corp.	2		608
	Chimerix Inc. (a)	5		11
	Cigna Corp.	16		2,592

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


	Shares/Par¹	Value ($)
Community Health Systems Inc. (a)	12	44
Computer Programs & Systems Inc.	1	22
Concert Pharmaceuticals Inc. (a)	—	5
Conmed Corp.	4	317
Cooper Cos. Inc.	2	559
Corcept Therapeutics Inc. (a)	9	104
Corvel Corp. (a)	2	131
Covetrus Inc. (a)	3	88
Cross Country Healthcare Inc. (a)	2	17
CryoLife Inc. (a)	3	81
Cumberland Pharmaceuticals Inc. (a)	1	5
CVS Health Corp.	32	1,751
Danaher Corp.	11	1,411
DaVita Inc. (a)	12	659
Deciphera Pharmaceuticals Inc. (a)	6	143
Dentsply Sirona Inc.	13	668
DexCom Inc. (a)	1	167
Diplomat Pharmacy Inc. (a)	8	49
Eagle Pharmaceuticals Inc. (a)	1	67
Edwards Lifesciences Corp. (a)	6	1,148
Elanco Animal Health Inc. (a)	18	562
Eli Lilly & Co.	25	3,204
Emergent BioSolutions Inc. (a)	4	205
Enanta Pharmaceuticals Inc. (a)	2	152
Encompass Health Corp.	13	746
Endo International Plc (a)	23	188
Ensign Group Inc.	5	277
Enzo Biochem Inc. (a)	4	10
Evolent Health Inc. - Class A (a)	14	174
Exact Sciences Corp. (a)	2	188
Exelixis Inc. (a)	26	607
FibroGen Inc. (a)	2	94
Five Prime Therapeutics Inc. (a)	4	53
Five Star Senior Living Inc. (a)	1	1
G1 Therapeutics Inc. (a)	4	59
Gilead Sciences Inc.	47	3,073
Global Blood Therapeutics Inc. (a)	4	197
Globus Medical Inc. - Class A (a)	6	278
Haemonetics Corp. (a)	3	305
Halozyme Therapeutics Inc. (a)	6	99
Hanger Orthopedic Group Inc. (a)	3	53
Harvard Bioscience Inc. (a)	2	7
HCA Inc.	9	1,146
HealthEquity Inc. (a)	3	210
HealthStream Inc.	2	60
Henry Schein Inc. (a)	7	415
Herbalife Nutrition Ltd. (a)	14	732
Heska Corp. (a)	—	14
Hill-Rom Holdings Inc.	5	544
HMS Holdings Corp. (a)	8	223
Hologic Inc. (a)	18	892
Horizon Pharma Plc (a)	15	401
Humana Inc.	5	1,254
ICU Medical Inc. (a)	1	264
Idexx Laboratories Inc. (a)	4	996
Illumina Inc. (a)	3	927
Incyte Corp. (a)	4	326
Innoviva Inc. (a)	12	167
Inogen Inc. (a)	1	115
Insmed Inc. (a)	4	116
Insulet Corp. (a)	1	86
Integer Holdings Corp. (a)	3	264
Integra LifeSciences Holdings Corp. (a)	5	286
Intellia Therapeutics Inc. (a)	3	50
Intra-Cellular Therapies Inc. (a)	4	49
Intuitive Surgical Inc. (a)	2	1,299
Invacare Corp.	4	32
Ionis Pharmaceuticals Inc. (a)	3	258
Iovance Biotherapeutics Inc. (a)	11	103
Iqvia Ltd. (a)	6	848
Jazz Pharmaceuticals Plc (a)	3	427
Johnson & Johnson	91	12,716
Karyopharm Therapeutics Inc. (a)	4	21
Kura Oncology Inc. (a)	3	43
Laboratory Corp. of America Holdings (a)	7	1,090
	Shares/Par¹	Value ($)
Lannett Co. Inc. (a)	3	24
Lantheus Holdings Inc. (a)	5	121
LeMaitre Vascular Inc.	2	50
LHC Group Inc. (a)	3	302
Ligand Pharmaceuticals Inc. (a)	1	110
Lipocine Inc. (a)	1	2
LivaNova Plc (a)	4	344
Luminex Corp.	6	133
MacroGenics Inc. (a)	3	57
Magellan Health Services Inc. (a)	4	267
Mallinckrodt Plc (a)	11	229
Masimo Corp. (a)	4	603
McKesson Corp.	14	1,636
Medidata Solutions Inc. (a)	2	174
MEDNAX Inc. (a)	7	185
Medpace Holdings Inc. (a)	5	298
Medtronic Plc	23	2,073
Merck & Co. Inc.	77	6,377
Meridian Bioscience Inc.	4	76
Merit Medical Systems Inc. (a)	4	220
Mettler-Toledo International Inc. (a)	1	1,071
Mirati Therapeutics Inc. (a)	1	75
Molina Healthcare Inc. (a)	6	789
Momenta Pharmaceuticals Inc. (a)	4	61
Mylan NV (a)	19	532
Myriad Genetics Inc. (a)	6	188
National Healthcare Corp.	2	115
National Research Corp. - Class A	1	27
Natus Medical Inc. (a)	3	75
Nektar Therapeutics (a)	2	58
Neogen Corp. (a)	3	192
NeoGenomics Inc. (a)	3	64
Neurocrine Biosciences Inc. (a)	3	235
NewLink Genetics Corp. (a)	2	3
Nextgen Healthcare Inc. (a)	10	168
Novocure Ltd. (a)	2	110
NuVasive Inc. (a)	5	267
Nuvectra Corp. (a)	1	7
Omnicell Inc. (a)	3	255
Opko Health Inc. (a)	15	38
OraSure Technologies Inc. (a)	4	46
Orthofix Medical Inc. (a)	3	181
Otonomy Inc. (a)	2	6
Owens & Minor Inc.	7	28
Patterson Cos. Inc.	10	216
PDL BioPharma Inc. (a)	6	22
Penumbra Inc. (a)	1	127
PerkinElmer Inc.	3	295
Perrigo Co. Plc	7	346
Pfizer Inc.	200	8,486
Phibro Animal Health Corp. - Class A	2	52
PRA Health Sciences Inc. (a)	5	561
Premier Inc. - Class A (a)	5	164
Prestige Consumer Healthcare Inc. (a)	8	228
Prothena Corp. Plc (a)	4	52
Providence Services Corp. (a)	2	104
Psychemedics Corp.	1	7
Quest Diagnostics Inc.	10	910
Quidel Corp. (a)	3	218
Quorum Health Corp. (a)	3	5
RadNet Inc. (a)	4	47
Regeneron Pharmaceuticals Inc. (a)	2	903
Regenxbio Inc. (a)	4	253
Repligen Corp. (a)	2	104
ResMed Inc.	5	534
Retrophin Inc. (a)	4	94
Rhythm Pharmaceuticals Inc. (a)	1	14
RTI Surgical Inc. (a)	4	22
Sage Therapeutics Inc. (a)	1	97
Sangamo Therapeutics Inc. (a)	16	156
Sarepta Therapeutics Inc. (a)	1	161
SeaSpine Holdings Corp. (a)	1	9
Seattle Genetics Inc. (a)	2	182
Select Medical Holdings Corp. (a)	17	238
Simulations Plus Inc.	1	12

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
	Spark Therapeutics Inc. (a)	3		286
	Spectrum Pharmaceuticals Inc. (a)	3		30
	Steris Plc	3		434
	Stryker Corp.	9		1,852
	Supernus Pharmaceuticals Inc. (a)	5		160
	Surgery Partners Inc. (a)	5		52
	SurModics Inc. (a)	1		62
	Syneos Health Inc. - Class A (a)	8		434
	Taro Pharmaceutical Industries Ltd.	3		321
	Teleflex Inc.	2		501
	Tenet Healthcare Corp. (a)	12		341
	Tetraphase Pharmaceuticals Inc. (a)	3		3
	Thermo Fisher Scientific Inc.	10		2,697
	Tivity Health Inc. (a)	9		153
	Triple-S Management Corp. - Class B (a)	2		47
	Ultragenyx Pharmaceutical Inc. (a)	1		91
	United Therapeutics Corp. (a)	7		777
	UnitedHealth Group Inc.	26		6,479
	Universal Health Services Inc. - Class B	9		1,228
	US Physical Therapy Inc.	1		118
	Utah Medical Products Inc.	—		18
	Vanda Pharmaceuticals Inc. (a)	5		88
	Varex Imaging Corp. (a)	6		203
	Varian Medical Systems Inc. (a)	5		641
	Veeva Systems Inc. - Class A (a)	4		468
	Vertex Pharmaceuticals Inc. (a)	3		606
	Waters Corp. (a)	3		747
	WellCare Health Plans Inc. (a)	3		724
	West Pharmaceutical Services Inc.	3		321
	Wright Medical Group NV (a)	3		108
	Xencor Inc. (a)	5		165
	Zafgen Inc. (a)	—		1
	Zimmer Biomet Holdings Inc.	7		932
	Zoetis Inc. - Class A	20		1,984
	Zogenix Inc. (a)	4		227
			141,041
Industrials 13.6%
	3M Co.	26		5,341
	AAON Inc.	4		204
	AAR Corp.	4		142
	ABM Industries Inc.	7		254
	Acacia Research Corp. (a)	2		6
	ACCO Brands Corp.	11		98
	Actuant Corp. - Class A	7		168
	Acuity Brands Inc.	3		410
	Advanced Disposal Services Inc. (a)	7		198
	Advanced Drainage Systems Inc.	6		144
	AECOM (a)	11		341
	Aegion Corp. (a)	3		58
	Aerojet Rocketdyne Holdings Inc. (a)	10		366
	Aerovironment Inc. (a)	2		161
	AGCO Corp.	8		580
	Air Lease Corp. - Class A	12		419
	Air Transport Services Group Inc. (a)	12		280
	Alamo Group Inc.	1		122
	Alarm.com Holdings Inc. (a)	2		149
	Alaska Air Group Inc.	12		654
	Albany International Corp. - Class A	2		125
	Allegiant Travel Co.	2		301
	Allegion Plc	5		461
	Allied Motion Technologies Inc.	1		43
	Allison Transmission Holdings Inc.	15		689
	Altra Holdings Inc.	6		176
	Amerco Inc.	2		590
	Ameresco Inc. - Class A (a)	1		19
	American Airlines Group Inc.	21		662
	American Woodmark Corp. (a)	2		181
	AMETEK Inc.	11		897
	AO Smith Corp.	10		531
	Apogee Enterprises Inc.	4		131
	Applied Industrial Technologies Inc.	5		310
	ARC Document Solutions Inc. (a)	4		10
	ArcBest Corp.	4		126
	Arconic Inc.	28		535
		Shares/Par¹		Value ($)
	Arcosa Inc.	4		117
	Argan Inc.	2		82
	Armstrong Flooring Inc. (a)	3		39
	Armstrong World Industries Inc.	6		451
	Astec Industries Inc.	3		121
	Astronics Corp. (a)	2		72
	Astronics Corp. - Class B (a)	1		48
	Atkore International Group Inc. (a)	5		114
	Atlas Air Worldwide Holdings Inc. (a)	5		241
	Avis Budget Group Inc. (a)	12		419
	Axon Enterprise Inc. (a)	1		65
	AZZ Inc.	3		106
	Barnes Group Inc.	6		286
	Barrett Business Services Inc.	1		90
	Beacon Roofing Supply Inc. (a)	7		233
	BMC Stock Holdings Inc. (a)	13		228
	Boeing Co.	15		5,654
	Brady Corp. - Class A	5		242
	Briggs & Stratton Corp.	7		82
	Brink's Co.	6		428
	Builders FirstSource Inc. (a)	15		206
	BWX Technologies Inc.	8		379
	C.H. Robinson Worldwide Inc.	8		691
	CAI International Inc. (a)	1		22
	Carlisle Cos. Inc.	5		567
	Casella Waste Systems Inc. - Class A (a)	5		175
	Caterpillar Inc.	21		2,853
	CBIZ Inc. (a)	7		133
	Ceco Environmental Corp. (a)	3		23
	Chart Industries Inc. (a)	3		307
	Cimpress NV (a)	3		233
	Cintas Corp.	5		953
	CIRCOR International Inc. (a)	2		52
	Civeo Corp. (a)	8		17
	Clean Harbors Inc. (a)	7		472
	Colfax Corp. (a)	10		297
	Columbus Mckinnon Corp.	2		83
	Comfort Systems USA Inc.	5		269
	Commercial Vehicle Group Inc. (a)	5		35
	Continental Building Products Inc. (a)	5		118
	Copa Holdings SA - Class A	3		262
	Copart Inc. (a)	16		949
	Costamare Inc.	8		42
	CoStar Group Inc. (a)	1		460
	Covanta Holding Corp.	19		324
	Covenant Transportation Group Inc. - Class A (a)	2		42
	CRA International Inc.	1		54
	Crane Co.	6		470
	CSW Industrials Inc. (a)	2		116
	CSX Corp.	31		2,316
	Cubic Corp.	3		166
	Cummins Inc.	14		2,179
	Curtiss-Wright Corp.	5		595
	Deere & Co.	11		1,818
	Delta Air Lines Inc.	39		1,999
	Deluxe Corp.	7		300
	Donaldson Co. Inc.	15		775
	Douglas Dynamics Inc.	3		107
	Dover Corp.	11		1,070
	Ducommun Inc. (a)	1		56
	DXP Enterprises Inc. (a)	2		70
	Dycom Industries Inc. (a)	5		230
	Eagle Bulk Shipping Inc. (a)	2		11
	Eaton Corp. Plc	12		946
	Echo Global Logistics Inc. (a)	3		81
	EMCOR Group Inc.	7		484
	Emerson Electric Co.	23		1,556
	Encore Wire Corp.	3		168
	EnerSys Inc.	4		289
	Ennis Inc.	3		67
	EnPro Industries Inc.	3		189
	Equifax Inc.	5		586
	ESCO Technologies Inc.	2		164
	ExOne Co. (a)	1		11
	Expeditors International of Washington Inc.	7		560

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


	Shares/Par¹	Value ($)
Exponent Inc.	5	291
Fastenal Co.	14	869
Federal Signal Corp.	6	152
FedEx Corp.	12	2,110
Flowserve Corp.	9	402
Fluor Corp.	8	284
Forrester Research Inc.	2	82
Fortive Corp.	11	942
Fortune Brands Home & Security Inc.	12	561
Forward Air Corp.	4	278
Franklin Covey Co. (a)	1	28
Franklin Electric Co. Inc.	4	218
FreightCar America Inc. (a)	1	7
FTI Consulting Inc. (a)	5	373
Gardner Denver Holdings Inc. (a)	15	418
GATX Corp.	3	216
Genco Shipping & Trading Ltd. (a)	1	6
Gencor Industries Inc. (a)	1	7
Generac Holdings Inc. (a)	9	486
General Dynamics Corp.	9	1,546
General Electric Co.	130	1,297
Genesee & Wyoming Inc. - Class A (a)	5	418
Gibraltar Industries Inc. (a)	4	171
Global Brass & Copper Holdings Inc.	3	88
GMS Inc. (a)	6	88
Golden Ocean Group Ltd.	1	3
Goldfield Corp. (a)	3	7
Gorman-Rupp Co.	2	83
GP Strategies Corp. (a)	2	24
Graco Inc.	13	650
GrafTech International Ltd.	11	145
Graham Corp.	—	8
Granite Construction Inc.	5	226
Great Lakes Dredge & Dock Corp. (a)	7	65
Greenbrier Cos. Inc.	5	167
Griffon Corp.	5	88
H&E Equipment Services Inc.	5	124
Harris Corp.	7	1,117
Harsco Corp. (a)	11	218
Hawaiian Holdings Inc.	7	195
HD Supply Holdings Inc. (a)	19	822
Healthcare Services Group Inc.	5	166
Heartland Express Inc.	9	181
HEICO Corp.	3	307
HEICO Corp. - Class A	4	361
Heidrick & Struggles International Inc.	2	83
Herc Holdings Inc. (a)	4	171
Heritage-Crystal Clean Inc. (a)	1	28
Herman Miller Inc.	8	275
Hertz Global Holdings Inc. (a)	12	211
Hexcel Corp.	11	729
Hill International Inc. (a)	4	11
Hillenbrand Inc.	7	271
HNI Corp.	5	185
Honeywell International Inc.	26	4,089
Houston Wire & Cable Co. (a)	1	6
HUB Group Inc. - Class A (a)	3	133
Hubbell Inc.	5	605
Hudson Global Inc. (a)	1	1
Hudson Technologies Inc. (a)	3	6
Huntington Ingalls Industries Inc.	4	864
Hurco Cos. Inc.	—	13
Huron Consulting Group Inc. (a)	2	106
Hyster-Yale Materials Handling Inc. - Class A	1	70
ICF International Inc.	2	156
IDEX Corp.	4	583
IES Holdings Inc. (a)	2	37
Illinois Tool Works Inc.	13	1,906
Ingersoll-Rand Plc	13	1,401
InnerWorkings Inc. (a)	5	18
Insperity Inc.	5	587
Insteel Industries Inc.	2	44
Interface Inc.	8	127
ITT Inc.	10	588
Jacobs Engineering Group Inc.	7	514
	Shares/Par¹	Value ($)
JB Hunt Transport Services Inc.	6	638
JELD-WEN Holding Inc. (a)	13	226
JetBlue Airways Corp. (a)	40	646
John Bean Technologies Corp.	3	319
Johnson Controls International Plc	22	815
Kadant Inc.	1	128
Kaman Corp.	3	165
Kansas City Southern	8	885
KAR Auction Services Inc.	12	609
KBR Inc.	15	281
Kelly Services Inc. - Class A	4	79
Kennametal Inc.	8	296
Keyw Holding Corp. (a)	1	9
Kforce Inc.	4	132
Kimball International Inc. - Class B	4	61
Kirby Corp. (a)	5	345
Knight-Swift Transportation Holdings Inc. - Class A	10	343
Knoll Inc.	8	149
Korn Ferry	5	233
Kratos Defense & Security Solutions Inc. (a)	13	208
L3 Technologies Inc.	4	860
Landstar System Inc.	5	546
Lawson Products Inc. (a)	—	14
LB Foster Co. (a)	1	19
Lennox International Inc.	3	795
Lincoln Electric Holdings Inc.	8	699
Lindsay Corp.	1	144
Lockheed Martin Corp.	9	2,694
LSC Communications Inc.	3	21
LSI Industries Inc.	1	3
Lydall Inc. (a)	2	43
Macquarie Infrastructure Co. LLC	5	204
Manitowoc Co. Inc. (a)	4	59
Manpower Inc.	5	454
Marten Transport Ltd.	8	138
Masco Corp.	14	534
Masonite International Corp. (a)	4	220
MasTec Inc. (a)	11	524
Matson Inc.	5	177
Matthews International Corp. - Class A	5	181
McGrath RentCorp	3	161
Mercury Systems Inc. (a)	3	194
Meritor Inc. (a)	9	174
Middleby Corp. (a)	4	502
Milacron Holdings Corp. (a)	10	119
Miller Industries Inc.	1	39
Mistras Group Inc. (a)	3	35
Mobile Mini Inc.	4	150
Moog Inc. - Class A	4	312
MRC Global Inc. (a)	10	167
MSA Safety Inc.	2	205
MSC Industrial Direct Co. - Class A	5	452
Mueller Industries Inc.	9	276
Mueller Water Products Inc. - Class A	16	166
Multi-Color Corp.	3	127
MYR Group Inc. (a)	2	80
National Presto Industries Inc.	1	68
Navigant Consulting Inc.	5	90
Navistar International Corp. (a)	11	344
NCI Building Systems Inc. (a)	7	44
Nielsen Holdings Plc	26	620
NL Industries Inc. (a)	1	4
NN Inc.	3	22
Nordson Corp.	5	672
Norfolk Southern Corp.	11	2,089
Northrop Grumman Systems Corp.	6	1,660
Northwest Pipe Co. (a)	1	24
NOW Inc. (a)	13	184
NV5 Holdings Inc. (a)	1	81
nVent Electric Plc	7	186
Old Dominion Freight Line Inc.	6	871
Orion Group Holdings Inc. (a)	2	5
Oshkosh Corp.	8	570
Owens Corning Inc.	9	441
PACCAR Inc.	30	2,047

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
	PAM Transportation Services Inc. (a)	—		15
	Parker Hannifin Corp.	9		1,562
	Park-Ohio Holdings Corp.	1		42
	Patrick Industries Inc. (a)	3		146
	Pentair Plc	10		444
	Performant Financial Corp. (a)	4		7
	PGT Innovations Inc. (a)	11		147
	Pitney Bowes Inc.	16		107
	Powell Industries Inc.	1		28
	Preformed Line Products Co.	—		10
	Primoris Services Corp.	6		117
	Proto Labs Inc. (a)	2		246
	Quad/Graphics Inc. - Class A	4		53
	Quanex Building Products Corp.	4		57
	Quanta Services Inc.	12		454
	Radiant Logistics Inc. (a)	3		21
	Raven Industries Inc.	2		93
	Raytheon Co.	8		1,496
	RBC Bearings Inc. (a)	2		257
	Regal-Beloit Corp.	4		361
	Republic Services Inc.	22		1,794
	Resideo Technologies Inc. (a)	4		83
	Resources Connection Inc.	4		73
	REV Group Inc.	7		71
	Rexnord Corp. (a)	12		298
	Roadrunner Transportation Systems Inc. (a)	4		2
	Robert Half International Inc.	10		654
	Rockwell Automation Inc.	6		985
	Rollins Inc.	14		562
	Roper Industries Inc.	2		796
	Rush Enterprises Inc. - Class A	5		210
	Ryder System Inc.	8		483
	Saia Inc. (a)	4		267
	Schneider National Inc. - Class B	3		72
	Scorpio Bulkers Inc.	10		38
	Sensata Technologies Holding Plc (a)	15		696
	SIFCO Industries Inc. (a)	—		—
	Simpson Manufacturing Co. Inc.	5		282
	SiteOne Landscape Supply Inc. (a)	2		142
	SkyWest Inc.	6		309
	Snap-On Inc.	4		648
	Southwest Airlines Co.	27		1,426
	SP Plus Corp. (a)	2		71
	Spartan Motors Inc.	4		36
	Spirit Aerosystems Holdings Inc. - Class A	7		654
	Spirit Airlines Inc. (a)	9		482
	SPX Corp. (a)	5		179
	SPX Flow Technology USA Inc. (a)	7		218
	Standex International Corp.	2		171
	Stanley Black & Decker Inc.	8		1,061
	Steel Connect Inc. (a)	6		11
	Steelcase Inc. - Class A	15		224
	Stericycle Inc. (a)	6		338
	Sterling Construction Co. Inc. (a)	3		34
	Sun Hydraulics Corp.	6		271
	Sunrun Inc. (a)	15		211
	Team Inc. (a)	3		51
	Teledyne Technologies Inc. (a)	2		502
	Tennant Co.	2		146
	Terex Corp.	7		210
	Tetra Tech Inc.	6		328
	Textainer Group Holdings Ltd. (a)	10		93
	Textron Inc.	18		903
	Thermon Group Holdings Inc. (a)	3		66
	Timken Co.	9		398
	Titan International Inc.	6		36
	Titan Machinery Inc. (a)	1		20
	Toro Co.	10		656
	TPI Composites Inc. (a)	4		123
	TransDigm Group Inc. (a)	2		908
	TransUnion LLC	8		510
	Trex Co. Inc. (a)	5		294
	TriMas Corp. (a)	8		239
	TriNet Group Inc. (a)	5		315
	Trinity Industries Inc.	11		249
		Shares/Par¹		Value ($)
	Triton International Ltd. - Class A	10		319
	Triumph Group Inc.	7		143
	TrueBlue Inc. (a)	8		199
	Tutor Perini Corp. (a)	11		185
	Twin Disc Inc. (a)	1		20
	Ultralife Corp. (a)	—		2
	UniFirst Corp.	1		151
	Union Pacific Corp.	28		4,601
	United Continental Holdings Inc. (a)	32		2,534
	United Parcel Service Inc. - Class B	30		3,298
	United Rentals Inc. (a)	8		858
	United Technologies Corp.	27		3,513
	Universal Forest Products Inc.	9		272
	Universal Logistics Holdings Inc.	2		45
	US Ecology Inc.	3		157
	USA Truck Inc. (a)	1		16
	USG Corp.	16		704
	Valmont Industries Inc.	2		321
	Vectrus Inc. (a)	1		34
	Verisk Analytics Inc.	9		1,243
	Veritiv Corp. (a)	2		44
	Viad Corp.	2		121
	Vicor Corp. (a)	1		43
	VSE Corp.	1		38
	Wabash National Corp.	7		100
	WABCO Holdings Inc. (a)	5		661
	Wabtec Corp.	5		336
	WageWorks Inc. (a)	3		97
	Waste Management Inc.	19		1,932
	Watsco Inc.	2		321
	Watts Water Technologies Inc. - Class A	3		215
	Welbilt Inc. (a)	13		218
	Werner Enterprises Inc.	8		282
	Wesco Aircraft Holdings Inc. (a)	14		124
	WESCO International Inc. (a)	5		262
	Willdan Group Inc. (a)	1		36
	Williams Industrial Services Group Inc. (a)	—		1
	Willscot Corp. (a)	12		137
	Woodward Governor Co.	6		531
	WW Grainger Inc.	3		1,054
	XPO Logistics Inc. (a)	13		707
	Xylem Inc.	9		742
	YRC Worldwide Inc. (a)	4		25
			162,791
Information Technology 20.7%
	3D Systems Corp. (a)	15		157
	Acacia Communications Inc. (a)	4		214
	Accenture Plc - Class A	23		3,966
	ACI Worldwide Inc. (a)	11		352
	Adobe Inc. (a)	14		3,677
	ADTRAN Inc.	6		76
	Advanced Energy Industries Inc. (a)	5		267
	Advanced Micro Devices Inc. (a)	38		973
	Agilysys Inc. (a)	1		17
	Akamai Technologies Inc. (a)	10		711
	Alliance Data Systems Corp.	3		578
	Alpha & Omega Semiconductor Ltd. (a)	3		38
	Ambarella Inc. (a)	5		198
	Amdocs Ltd.	9		481
	American Software Inc. - Class A	2		21
	Amkor Technology Inc. (a)	29		252
	Amphenol Corp. - Class A	11		1,072
	Amtech Systems Inc. (a)	1		5
	Analog Devices Inc.	9		922
	Anixter International Inc. (a)	5		284
	Ansys Inc. (a)	3		518
	Apple Inc.	199		37,751
	Applied Materials Inc.	39		1,536
	Applied Optoelectronics Inc. (a)	1		13
	Arista Networks Inc. (a)	2		616
	Arlo Technologies Inc. (a)	6		26
	ARRIS International Plc (a)	19		608
	Arrow Electronics Inc. (a)	7		564
	ASGN Inc. (a)	6		382

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


	Shares/Par¹	Value ($)
Aspen Technology Inc. (a)	7	705
Atlassian Corp. Plc - Class A (a)	1	103
Autodesk Inc. (a)	5	733
Automatic Data Processing Inc.	19	3,022
Avaya Holdings Corp. (a)	5	91
Avid Technology Inc. (a)	3	25
Avnet Inc.	8	358
AVX Corp.	12	206
Axcelis Technologies Inc. (a)	3	60
AXT Inc. (a)	1	4
Badger Meter Inc.	3	146
Bel Fuse Inc. - Class B	1	34
Belden Inc.	5	263
Benchmark Electronics Inc.	7	173
Black Knight Inc. (a)	10	520
Blackbaud Inc.	3	232
Booz Allen Hamilton Holding Corp. - Class A	12	715
Bottomline Technologies Inc. (a)	2	95
Broadcom Inc.	11	3,455
Broadridge Financial Solutions Inc.	7	685
Brooks Automation Inc.	7	205
Cabot Microelectronics Corp.	3	292
CACI International Inc. - Class A (a)	2	453
Cadence Design Systems Inc. (a)	14	884
CalAmp Corp. (a)	3	33
Calix Inc. (a)	6	44
Carbonite Inc. (a)	2	57
Cardtronics Plc - Class A (a)	9	313
Cass Information Systems Inc.	1	59
CDK Global Inc.	11	659
CDW Corp.	11	1,025
CEVA Inc. (a)	1	21
Ciena Corp. (a)	13	483
Cirrus Logic Inc. (a)	8	341
Cisco Systems Inc.	122	6,610
Cision Ltd. (a)	6	80
Citrix Systems Inc.	8	748
Clearfield Inc. (a)	1	9
Cognex Corp.	9	481
Cognizant Technology Solutions Corp. - Class A	17	1,224
Coherent Inc. (a)	2	244
Cohu Inc.	5	69
CommScope Holding Co. Inc. (a)	11	241
Communications Systems Inc.	1	3
Computer Task Group Inc. (a)	3	11
Comtech Telecommunications Corp.	1	28
Conduent Inc. (a)	15	201
Control4 Corp. (a)	1	9
CoreLogic Inc. (a)	10	389
Corning Inc.	42	1,392
Coupa Software Inc. (a)	2	154
Cray Inc. (a)	7	193
Cree Inc. (a)	11	602
CSG Systems International Inc.	4	177
CTS Corp.	3	99
Cyberoptics Corp. (a)	1	10
Cypress Semiconductor Corp.	28	425
Daktronics Inc.	5	37
Dell Technologies Inc. - Class C (a)	4	238
Diebold Nixdorf Inc. (a)	8	85
Digi International Inc. (a)	4	46
Diodes Inc. (a)	6	223
Dolby Laboratories Inc.	4	280
DSP Group Inc. (a)	1	14
DXC Technology Co.	20	1,288
Ebix Inc.	4	205
EchoStar Corp. - Class A (a)	4	152
Electronics for Imaging Inc. (a)	9	235
Ellie Mae Inc. (a)	2	171
Emcore Corp. (a)	3	12
Endurance International Group Holdings Inc. (a)	8	55
Entegris Inc.	14	509
Envestnet Inc. (a)	2	115
EPAM Systems Inc. (a)	3	516
ePlus Inc. (a)	2	149
	Shares/Par¹	Value ($)
Euronet Worldwide Inc. (a)	5	644
EVERTEC Inc.	8	210
ExlService Holdings Inc. (a)	5	304
F5 Networks Inc. (a)	4	624
Fabrinet (a)	5	247
Fair Isaac Corp. (a)	2	679
FARO Technologies Inc. (a)	2	78
Fidelity National Information Services Inc.	10	1,139
Finisar Corp. (a)	18	407
First Data Corp. - Class A (a)	27	722
First Solar Inc. (a)	7	344
Fiserv Inc. (a)	18	1,586
FitBit Inc. - Class A (a)	31	183
FleetCor Technologies Inc. (a)	5	1,186
Flex Ltd. (a)	53	531
FLIR Systems Inc.	10	467
FormFactor Inc. (a)	8	126
Fortinet Inc. (a)	6	483
Frequency Electronics Inc. (a)	1	12
Gartner Inc. (a)	3	382
Genpact Ltd.	21	727
Global Payments Inc.	6	800
Globalscape Inc.	—	3
Globant SA (a)	3	181
GSI Technology Inc. (a)	1	6
Guidewire Software Inc. (a)	3	340
Hackett Group Inc.	3	51
Harmonic Inc. (a)	10	56
Hewlett Packard Enterprise Co.	75	1,157
HP Inc.	51	990
HubSpot Inc. (a)	1	115
II-VI Inc. (a)	6	227
Infinera Corp. (a)	26	113
Inphi Corp. (a)	2	107
Insight Enterprises Inc. (a)	4	209
Integrated Device Technology Inc. (a)	10	483
Intel Corp.	217	11,640
InterDigital Inc.	5	346
International Business Machines Corp.	39	5,539
Intevac Inc. (a)	1	6
Intuit Inc.	10	2,665
IPG Photonics Corp. (a)	3	406
Itron Inc. (a)	5	243
j2 Global Inc.	6	478
Jabil Inc.	24	636
Jack Henry & Associates Inc.	4	542
Juniper Networks Inc.	25	666
Kemet Corp.	9	147
Key Tronic Corp. (a)	—	2
Keysight Technologies Inc. (a)	6	536
Kimball Electronics Inc. (a)	3	41
KLA-Tencor Corp.	9	1,068
Knowles Corp. (a)	15	271
Kopin Corp. (a)	3	5
Kulicke & Soffa Industries Inc.	9	191
KVH Industries Inc. (a)	2	15
Lam Research Corp.	11	2,031
Lattice Semiconductor Corp. (a)	7	88
Leidos Holdings Inc.	10	667
Limelight Networks Inc. (a)	7	24
Littelfuse Inc.	2	403
LiveRamp Holdings Inc. (a)	7	380
LogMeIn Inc.	3	245
Lumentum Holdings Inc. (a)	3	173
Luxoft Holding Inc. - Class A (a)	3	156
M/A-COM Technology Solutions Holdings Inc. (a)	8	133
Magnachip Semiconductor Corp. (a)	4	30
Manhattan Associates Inc. (a)	5	291
Mantech International Corp. - Class A	3	143
Marvell Technology Group Ltd.	24	482
Mastercard Inc. - Class A	40	9,489
Maxim Integrated Products Inc.	14	719
MAXIMUS Inc.	7	531
MaxLinear Inc. - Class A (a)	10	244
Maxwell Technologies Inc. (a)	3	14

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
	Mesa Laboratories Inc.	—		30
	Methode Electronics Inc.	7		195
	Microchip Technology Inc.	9		744
	Micron Technology Inc. (a)	64		2,649
	Microsoft Corp.	255		30,032
	MicroStrategy Inc. - Class A (a)	1		126
	MKS Instruments Inc.	5		479
	MongoDB Inc. - Class A (a)	1		165
	Monolithic Power Systems Inc.	2		292
	Monotype Imaging Holdings Inc.	4		71
	Motorola Solutions Inc.	7		933
	MTS Systems Corp.	2		131
	Nanometrics Inc. (a)	5		152
	National Instruments Corp.	8		341
	NCR Corp. (a)	15		398
	NeoPhotonics Corp. (a)	3		19
	NetApp Inc.	17		1,169
	NetGear Inc. (a)	6		199
	NetScout Systems Inc. (a)	8		229
	New Relic Inc. (a)	1		93
	NIC Inc.	5		85
	Novanta Inc. (a)	3		272
	Nuance Communications Inc. (a)	20		331
	Nutanix Inc. - Class A (a)	1		49
	NVE Corp.	—		46
	Nvidia Corp.	21		3,744
	Okta Inc. - Class A (a)	2		150
	ON Semiconductor Corp. (a)	41		833
	OneSpan Inc. (a)	3		65
	Oracle Corp.	75		4,017
	OSI Systems Inc. (a)	3		252
	Palo Alto Networks Inc. (a)	2		382
	Park Electrochemical Corp.	2		34
	Paychex Inc.	15		1,189
	Paycom Software Inc. (a)	4		835
	Paylocity Holding Corp. (a)	2		144
	PayPal Holdings Inc. (a)	22		2,316
	PC Connection Inc.	3		113
	PCM Inc. (a)	1		39
	PDF Solutions Inc. (a)	2		29
	Pegasystems Inc.	1		40
	Perceptron Inc. (a)	1		8
	Perficient Inc. (a)	3		91
	Perspecta Inc.	12		252
	PFSweb Inc. (a)	2		12
	Photronics Inc. (a)	7		66
	Plantronics Inc.	5		238
	Plexus Corp. (a)	3		208
	Power Integrations Inc.	3		243
	Presidio Inc.	9		132
	PRGX Global Inc. (a)	1		7
	Progress Software Corp.	4		182
	Proofpoint Inc. (a)	1		171
	PTC Inc. (a)	3		258
	Pure Storage Inc. - Class A (a)	6		140
	QAD Inc. - Class A	1		27
	Qorvo Inc. (a)	8		592
	QUALCOMM Inc.	29		1,644
	Qualys Inc. (a)	2		191
	Quantenna Communications Inc. (a)	1		34
	Rambus Inc. (a)	13		138
	RealNetworks Inc. (a)	2		6
	RealPage Inc. (a)	5		313
	Red Hat Inc. (a)	7		1,234
	Ribbon Communications Inc. (a)	7		36
	Richardson Electronics Ltd.	1		4
	RingCentral Inc. - Class A (a)	1		124
	Rogers Corp. (a)	2		282
	Rubicon Project Inc. (a)	3		19
	Rudolph Technologies Inc. (a)	3		75
	Sabre Corp.	28		601
	Salesforce.com Inc. (a)	8		1,233
	Sanmina Corp. (a)	8		218
	Sapiens International Corp. NV	1		12
	ScanSource Inc. (a)	4		137
		Shares/Par¹		Value ($)
	Science Applications International Corp.	6		468
	SeaChange International Inc. (a)	2		3
	Seagate Technology	17		813
	Semtech Corp. (a)	6		289
	ServiceNow Inc. (a)	3		648
	ServiceSource International Inc. (a)	1		1
	Silicon Laboratories Inc. (a)	1		103
	Skyworks Solutions Inc.	14		1,135
	SMART Global Holdings Inc. (a)	4		77
	SolarEdge Technologies Inc. (a)	5		206
	Splunk Inc. (a)	2		299
	SS&C Technologies Holdings Inc.	12		774
	Stratasys Ltd. (a)	5		124
	Super Micro Computer Inc. (a)	4		93
	Sykes Enterprises Inc. (a)	7		186
	Symantec Corp.	12		277
	Synaptics Inc. (a)	6		253
	Synchronoss Technologies Inc. (a)	4		27
	SYNNEX Corp.	6		609
	Synopsys Inc. (a)	3		368
	Systemax Inc.	3		72
	Tableau Software Inc. - Class A (a)	2		212
	TE Connectivity Ltd.	14		1,135
	Tech Data Corp. (a)	4		379
	TeleNav Inc. (a)	3		21
	Teradata Corp. (a)	14		606
	Teradyne Inc.	13		506
	Tessco Technologies Inc.	1		10
	Texas Instruments Inc.	43		4,534
	TiVo Corp.	13		117
	Total System Services Inc.	10		941
	Transact Technologies Inc.	—		1
	Travelport Worldwide Ltd.	12		195
	Trimble Inc. (a)	11		430
	TTEC Holdings Inc.	5		194
	TTM Technologies Inc. (a)	17		195
	Tyler Technologies Inc. (a)	1		241
	Ubiquiti Networks Inc.	5		711
	Ultimate Software Group Inc. (a)	1		237
	Ultra Clean Holdings Inc. (a)	3		31
	Unisys Corp. (a)	4		46
	Universal Display Corp.	3		448
	Veeco Instruments Inc. (a)	5		56
	Verint Systems Inc. (a)	5		301
	Versum Materials Inc.	9		476
	ViaSat Inc. (a)	5		380
	Viavi Solutions Inc. (a)	23		283
	Virtusa Corp. (a)	4		192
	Visa Inc. - Class A	64		9,988
	Vishay Intertechnology Inc.	13		246
	Vishay Precision Group Inc. (a)	1		24
	VMware Inc. - Class A	1		271
	Western Digital Corp.	16		767
	Western Union Co.	35		651
	WEX Inc. (a)	4		796
	Workday Inc. - Class A (a)	1		287
	Worldpay Inc. - Class A (a)	10		1,104
	Xerox Corp.	20		646
	Xilinx Inc.	11		1,426
	Xperi Corp.	9		208
	Zebra Technologies Corp. - Class A (a)	5		959
	Zendesk Inc. (a)	1		78
	Zix Corp. (a)	3		23
			247,620
Materials 4.1%
	AdvanSix Inc. (a)	6		171
	Air Products & Chemicals Inc.	5		875
	AK Steel Holding Corp. (a)	31		85
	Albemarle Corp.	7		599
	Alcoa Corp. (a)	16		440
	Allegheny Technologies Inc. (a)	11		276
	American Vanguard Corp.	4		61
	Ampco-Pittsburgh Corp. (a)	1		3
	AptarGroup Inc.	8		816

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
	Ashland Global Holdings Inc.	4		342
	Avery Dennison Corp.	7		829
	Axalta Coating Systems Ltd. (a)	24		599
	Balchem Corp.	2		222
	Ball Corp.	19		1,099
	Bemis Co. Inc.	9		477
	Berry Global Group Inc. (a)	15		815
	Boise Cascade Co.	7		192
	Cabot Corp.	7		283
	Carpenter Technology Corp.	5		234
	Celanese Corp. - Class A	8		825
	Century Aluminum Co. (a)	8		75
	CF Industries Holdings Inc.	17		696
	Chase Corp.	1		119
	Chemours Co.	15		559
	Clearwater Paper Corp. (a)	2		39
	Cleveland-Cliffs Inc.	27		270
	Coeur d'Alene Mines Corp. (a)	24		99
	Commercial Metals Co.	16		277
	Compass Minerals International Inc.	6		352
	Core Molding Technologies Inc.	1		6
	Crown Holdings Inc. (a)	15		797
	Domtar Corp.	6		307
	DowDuPont Inc.	41		2,206
	Eagle Materials Inc.	3		281
	Eastman Chemical Co.	15		1,119
	Ecolab Inc.	9		1,605
	Element Solutions Inc. (a)	30		306
	Ferro Corp. (a)	14		267
	Ferroglobe Plc	13		27
	Ferroglobe Rep and Warranty Insurance Trust (a) (b)	10		—
	Flotek Industries Inc. (a)	1		5
	FMC Corp.	7		545
	Freeport-McMoRan Inc. - Class B	90		1,158
	FutureFuel Corp.	4		48
	GCP Applied Technologies Inc. (a)	7		199
	Gold Resource Corp.	4		17
	Graphic Packaging Holding Co.	44		553
	Greif Inc. - Class A	3		134
	Greif Inc. - Class B	1		51
	Hawkins Inc.	1		36
	Haynes International Inc.	2		50
	HB Fuller Co.	4		202
	Hecla Mining Co.	59		137
	Huntsman Corp.	27		609
	Ingevity Corp. (a)	3		368
	Innophos Holdings Inc.	2		58
	Innospec Inc.	4		322
	International Flavors & Fragrances Inc.	4		525
	International Paper Co.	35		1,611
	Intrepid Potash Inc. (a)	21		78
	Kaiser Aluminum Corp.	1		115
	Koppers Holdings Inc. (a)	2		60
	Kraton Corp. (a)	4		141
	Kronos Worldwide Inc.	13		176
	Linde Plc	11		2,005
	Livent Corp. (a)	7		81
	Louisiana-Pacific Corp.	19		452
	LSB Industries Inc. (a)	3		17
	LyondellBasell Industries NV - Class A	14		1,195
	Martin Marietta Materials Inc.	3		703
	Materion Corp.	2		116
	Mercer International Inc.	11		148
	Minerals Technologies Inc.	4		231
	Mosaic Co.	14		378
	Myers Industries Inc.	3		59
	Neenah Inc.	2		111
	NewMarket Corp.	1		450
	Newmont Mining Corp.	17		624
	Nucor Corp.	22		1,260
	Olin Corp.	17		385
	Olympic Steel Inc.	1		17
	Omnova Solutions Inc. (a)	4		29
	Owens-Illinois Inc.	22		413
	P.H. Glatfelter Co.	4		64
		Shares/Par¹		Value ($)
	Packaging Corp. of America	8		783
	PolyOne Corp.	12		362
	PPG Industries Inc.	13		1,517
	PQ Group Holdings Inc. (a)	4		62
	Quaker Chemical Corp.	1		234
	Rayonier Advanced Materials Inc.	6		77
	Reliance Steel & Aluminum Co.	6		553
	Resolute Forest Products Inc.	8		67
	Royal Gold Inc.	4		377
	RPM International Inc.	10		570
	Ryerson Holding Corp. (a)	3		22
	Schnitzer Steel Industries Inc. - Class A	3		64
	Schweitzer-Mauduit International Inc.	6		252
	Scotts Miracle-Gro Co. - Class A	7		546
	Sealed Air Corp.	14		652
	Sensient Technologies Corp.	4		271
	Sherwin-Williams Co.	3		1,270
	Silgan Holdings Inc.	16		461
	Sonoco Products Co.	11		706
	Southern Copper Corp.	3		138
	Steel Dynamics Inc.	24		845
	Stepan Co.	3		294
	Summit Materials Inc. - Class A (a)	15		239
	SunCoke Energy Inc. (a)	8		67
	TimkenSteel Corp. (a)	4		49
	Trecora Resources (a)	2		17
	Tredegar Corp.	3		45
	Trinseo SA	6		279
	Tronox Holdings Plc	10		132
	UFP Technologies Inc. (a)	—		11
	United States Lime & Minerals Inc.	—		39
	United States Steel Corp.	17		335
	Univar Inc. (a)	14		305
	Universal Stainless & Alloy Products Inc. (a)	1		12
	US Concrete Inc. (a)	2		90
	Valvoline Inc.	18		328
	Verso Corp. - Class A (a)	4		77
	Vulcan Materials Co.	7		807
	Warrior Met Coal Inc.	7		222
	Westlake Chemical Corp.	5		310
	WestRock Co.	8		314
	Worthington Industries Inc.	6		214
	WR Grace & Co.	5		429
			49,030
Real Estate 0.3%
	Alexander & Baldwin Inc.	8		194
	Altisource Portfolio Solutions SA (a)	1		33
	CBRE Group Inc. - Class A (a)	24		1,168
	Consolidated-Tomoka Land Co.	—		26
	Forestar Group Inc. (a)	—		7
	FRP Holdings Inc. (a)	1		25
	HFF Inc. - Class A	5		245
	Howard Hughes Corp. (a)	3		353
	Jones Lang LaSalle Inc.	3		519
	Kennedy-Wilson Holdings Inc.	13		283
	Marcus & Millichap Inc. (a)	4		171
	Newmark Group Inc. - Class A	16		133
	Rafael Holdings Inc. - Class B (a)	1		18
	RE/MAX Holdings Inc. - Class A	5		175
	Realogy Holdings Corp.	16		181
	RMR Group Inc. - Class A	2		115
	St. Joe Co. (a)	9		143
	Stratus Properties Inc. (a)	—		12
	Tejon Ranch Co. (a)	3		55
			3,856
Utilities 3.0%
	AES Corp.	36		655
	Allete Inc.	4		346
	Alliant Energy Corp.	9		423
	Ameren Corp.	10		711
	American Electric Power Co. Inc.	13		1,115
	American States Water Co.	4		272
	American Water Works Co. Inc.	7		700
	Aqua America Inc.	12		443

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
	Artesian Resources Corp. - Class A	1		35
	Atlantica Yield Plc	14		266
	Atmos Energy Corp.	4		462
	Avangrid Inc.	5		239
	Avista Corp.	7		271
	Black Hills Corp.	6		437
	California Water Service Group	5		266
	CenterPoint Energy Inc.	17		535
	Chesapeake Utilities Corp.	2		144
	Clearway Energy Inc. - Class A	4		52
	Clearway Energy Inc. - Class C	6		94
	CMS Energy Corp.	11		584
	Connecticut Water Services Inc.	1		86
	Consolidated Edison Inc.	9		741
	Consolidated Water Co. Ltd.	2		24
	Dominion Energy Inc.	21		1,644
	DTE Energy Co.	7		891
	Duke Energy Corp.	19		1,680
	Edison International	9		548
	El Paso Electric Co.	4		227
	Entergy Corp.	7		681
	Evergy Inc.	12		706
	Eversource Energy	12		854
	Exelon Corp.	25		1,276
	FirstEnergy Corp.	17		713
	Genie Energy Ltd. - Class B	2		17
	Hawaiian Electric Industries Inc.	11		432
	IDACORP Inc.	5		479
	MDU Resources Group Inc.	19		487
	MGE Energy Inc.	3		226
	Middlesex Water Co.	2		86
	National Fuel Gas Co.	8		508
	New Jersey Resources Corp.	8		415
	NextEra Energy Inc.	13		2,567
	NiSource Inc.	14		400
	Northwest Natural Holding Co.	4		272
	NorthWestern Corp.	5		320
	NRG Energy Inc.	18		745
	OGE Energy Corp.	11		494
	ONE Gas Inc.	5		450
	Ormat Technologies Inc.	5		291
	Otter Tail Corp.	4		182
	Pattern Energy Group Inc. - Class A	9		207
	PG&E Corp. (a)	14		249
	Pinnacle West Capital Corp.	5		485
	PNM Resources Inc.	7		346
	Portland General Electric Co.	9		445
	PPL Corp.	18		574
	Public Service Enterprise Group Inc.	14		809
	Sempra Energy	5		687
	SJW Corp.	4		222
	South Jersey Industries Inc.	8		252
	Southern Co.	28		1,452
	Southwest Gas Corp.	5		373
	Spark Energy Inc. - Class A	1		12
	Spire Inc.	4		357
	TerraForm Power Inc. - Class A	4		55
	UGI Corp.	8		441
	Unitil Corp.	1		76
	Vistra Energy Corp.	17		453
	WEC Energy Group Inc.	9		720
	Xcel Energy Inc.	14		783
	York Water Co.	1		50
			35,540
	Total Common Stocks (cost $877,097)		1,191,856
RIGHTS 0.0%
	A. Schulman Inc. (a) (b)	3		1
	First Eagle Holdings Inc. (a) (b)	4		1
	Nexstar Broadcasting Inc. (a) (b)	2		—
	Total Rights (cost $1)		2
SHORT TERM INVESTMENTS 0.7%
Investment Companies 0.2%
	JNL Government Money Market Fund - Institutional Class, 2.33% (c) (d)	2,750		2,750
		Shares/Par¹		Value ($)
Securities Lending Collateral 0.5%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.43% (c) (d)	5,280		5,280
	Total Short Term Investments (cost $8,030)		8,030
Total Investments 100.2% (cost $885,128)				1,199,888
Other Assets and Liabilities, Net (0.2)%				(2,146)
Total Net Assets 100.0%				1,197,742

(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 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.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2019.

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹	Value ($)
JNL/DoubleLine Core Fixed Income Fund (a)
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 22.8%
	ABFC Trust
		Series 2006-A2B-HE1, REMIC, 2.60%, (1M USD LIBOR + 0.11%), 01/25/37 (b)	4,122	2,777
	Accredited Mortgage Loan Trust
		Series 2004-A2-1, 3.09%, (1M USD LIBOR + 0.60%), 04/25/34 (b)	495	453
	ACE Securities Corp. Home Equity Loan Trust
		Series 2006-A2D-HE1, REMIC, 3.09%, (1M USD LIBOR + 0.60%), 02/25/36 (b)	11,533	11,246
	AIMCO CLO Corp.
		Series 2018-D-AA, 5.32%, (3M USD LIBOR + 2.55%), 04/17/31 (b) (c)	1,000	944
	Alpine Securitization
		Series 2005-A3-32T1, REMIC, 3.49%, (1M USD LIBOR + 1.00%), 08/25/35 (b)	7,513	5,306
		Series 2005-1A1-59, REMIC, 2.82%, (1M USD LIBOR + 0.33%), 11/20/35 (b)	6,511	6,202
		Series 2006-A1B-OA12, REMIC, 2.68%, (1M USD LIBOR + 0.19%), 09/20/46 (b)	3,568	3,160
	Alternative Loan Trust
		Series 2005-2A1-J12, REMIC, 3.03%, (1M USD LIBOR + 0.54%), 11/25/35 (b)	3,309	2,263
	American Home Mortgage Investment Trust
		Series 2004-4A-4, REMIC, 4.69%, (6M USD LIBOR + 2.00%), 02/25/45 (b)	78	77
	Anchorage Capital CLO Ltd.
		Series 2019-B-13A, 4.68%, 04/15/32 (c)	2,000	2,000
	Apidos CLO XII
		Series 2013-DR-12A, 5.39%, (3M USD LIBOR + 2.60%), 04/15/31 (b) (c)	1,000	952
	Apidos CLO XXI
		Series 2015-CR-21A, 5.23%, (3M USD LIBOR + 2.45%), 07/19/27 (b) (c)	500	483
	Apollo Aviation Securitization Equity Trust
		Series 2018-A-1A, 3.84%, 09/16/23 (c)	2,664	2,662
	Ares XXIX CLO Ltd.
		Series 2014-A1R-1A, 3.96%, (3M USD LIBOR + 1.19%), 04/17/26 (b) (c)	4,914	4,914
	Argent Securities Inc. Asset-Backed Pass-Through Certificates
		Series 2005-A2C-W2, REMIC, 3.21%, (1M USD LIBOR + 0.72%), 10/25/35 (b)	1,101	1,097
	Atrium XIII LLC
		Series D-13A, 5.46%, (3M USD LIBOR + 2.70%), 11/21/30 (b) (c)	1,000	964
	Atrium XIV LLC
		Series D-14A, 5.73%, (3M USD LIBOR + 2.95%), 08/23/30 (b) (c)	1,000	976
	Atrium XV LLC
		Series D-15A, REMIC, 5.78%, (3M USD LIBOR + 3.00%), 01/23/31 (b) (c)	2,500	2,434
	Avery Point VII CLO Ltd.
		Series 2015-D-7A, 6.94%, (3M USD LIBOR + 4.15%), 01/18/28 (b) (c)	1,000	1,000
	Babson CLO Ltd.
		Series 2018-D-3A, 5.66%, (3M USD LIBOR + 2.90%), 07/20/29 (b) (c)	500	491
		Series 2016-DR-1A, 5.82%, (3M USD LIBOR + 3.05%), 07/23/30 (b) (c)	1,000	983
		Series 2015-DR-IA, 5.36%, (3M USD LIBOR + 2.60%), 01/20/31 (b) (c)	1,280	1,222
		Series 2019-C-2A, 0.00%, (3M USD LIBOR + 3.95%), 04/15/31 (b) (c)	500	500
	Banc of America Funding Trust
		Series 2005-4A1-A, REMIC, 4.60%, 02/20/35 (b)	582	573
		Series 2005-A1-D, REMIC, 4.63%, 05/25/35 (b)	7,385	7,585
	Banc of America Mortgage Securities Inc.
		Series 2004-5A1-2, REMIC, 6.50%, 10/25/31	8	8
	Barings CLO Ltd.
		Series 2018-C-1A, 5.39%, (3M USD LIBOR + 2.60%), 04/15/31 (b) (c)	1,000	951
		Series 2019-D-1A, 6.48%, 04/15/31 (c)	1,000	1,000
	BBCMS Mortgage Trust
		Series 2018-A-TALL, REMIC, 3.21%, (1M USD LIBOR + 0.72%), 03/16/20 (b) (c)	2,771	2,745
			Shares/Par¹	Value ($)
	BBCMS Trust
		Series 2015-A-STP, REMIC, 3.32%, 09/14/20 (c)	8,207	8,247
		Series 2017-C-DELC, REMIC, 3.68%, (1M USD LIBOR + 1.20%), 08/15/19 (b) (c)	6	6
		Series 2017-D-DELC, REMIC, 4.18%, (1M USD LIBOR + 1.70%), 08/15/19 (b) (c)	34	34
		Series 2017-E-DELC, REMIC, 4.98%, (1M USD LIBOR + 2.50%), 08/15/19 (b) (c)	84	83
		Series 2018-A-BXH, REMIC, 3.48%, (1M USD LIBOR + 1.00%), 10/15/20 (b) (c)	2,136	2,120
	BB-UBS Trust
		Interest Only, Series 2012-XB-SHOW, REMIC, 0.14%, 11/05/36 (b) (c)	6,436	65
		Interest Only, Series 2012-XA-SHOW, REMIC, 0.60%, 11/05/36 (b) (c)	11,689	376
	BCAP LLC Trust
		Series 2010-5A3-RR11, REMIC, 4.14%, 01/12/22 (b) (c)	7,678	6,682
		Series 2011-5A1-RR5, REMIC, 5.25%, 05/26/22 (c)	876	881
		Series 2011-8A1-RR4, REMIC, 5.25%, 02/26/36 (c)	842	623
		Series 2011-12A1-RR5, REMIC, 4.92%, 03/26/37 (b) (c)	217	216
		Series 2011-9A1-RR5, REMIC, 5.25%, 05/25/37 (c)	4,555	3,671
		Series 2012-6A6-RR1, REMIC, 2.67%, 12/27/46 (b) (c)	12,927	12,236
	Bear Stearns Adjustable Rate Mortgage Trust
		Series 2000-A1-2, REMIC, 2.78%, 11/25/30 (b)	1	1
		Series 2002-1A2-11, REMIC, 4.44%, 02/25/33 (b)	2	2
		Series 2002-1A1-11, REMIC, 4.73%, 02/25/33 (b)	1	1
		Series 2003-6A1-1, REMIC, 5.03%, 04/25/33 (b)	13	12
		Series 2003-4A1-8, REMIC, 4.74%, 01/25/34 (b)	92	91
		Series 2004-12A5-1, REMIC, 4.66%, 04/25/34 (b)	196	193
		Series 2004-2A1-8, REMIC, 4.23%, 11/25/34 (b)	277	270
	Bear Stearns Alt-A Trust
		Series 2005-23A1-4, REMIC, 4.57%, 05/25/35 (b)	206	203
		Series 2005-26A1-7, REMIC, 4.19%, 09/25/35 (b)	9,958	6,662
		Series 2005-22A1-7, REMIC, 4.26%, 09/25/35 (b)	130	107
	Bear Stearns Asset Backed Securities I Trust
		Series 2007-1A2-HE3, REMIC, 2.69%, (1M USD LIBOR + 0.20%), 04/25/34 (b)	696	957
		Series 2005-M2-AQ1, REMIC, 3.46%, (1M USD LIBOR + 0.98%), 03/25/35 (b)	6,344	6,329
		Series 2006-1M1-HE1, REMIC, 2.90%, (1M USD LIBOR + 0.41%), 12/25/35 (b)	438	438
		Series 2006-A2-4, REMIC, 2.75%, (1M USD LIBOR + 0.26%), 10/25/36 (b)	2,454	2,446
		Series 2007-1A3-HE3, REMIC, 2.74%, (1M USD LIBOR + 0.25%), 01/25/37 (b)	4,569	4,807
	Bear Stearns Structured Products Inc. Trust
		Series 2007-1A1-R6, REMIC, 4.34%, 01/26/36 (b)	430	387
		Series 2007-A2-EMX1, REMIC, 3.79%, (1M USD LIBOR + 1.30%), 03/25/37 (b) (c)	2,947	2,975
		Series 2007-2A1-R6, REMIC, 3.74%, 12/26/46 (b)	276	252
	BHMS Mortgage Trust
		Series 2018-C-ATLS, REMIC, 4.38%, (1M USD LIBOR + 1.90%), 07/15/20 (b) (c)	2,375	2,371
	BX Commercial Mortgage Trust
		Series 2018-D-BIOA, REMIC, 3.80%, (1M USD LIBOR + 1.32%), 03/16/20 (b) (c)	2,784	2,777
		Series 2018-E-BIOA, REMIC, 4.43%, (1M USD LIBOR + 1.95%), 03/16/20 (b) (c)	6,960	6,960
	BX Trust
		Series 2017-D-IMC, 4.73%, (1M USD LIBOR + 2.25%), 10/15/19 (b) (c)	3,514	3,499
		Series 2017-E-IMC, 5.73%, (1M USD LIBOR + 3.25%), 10/15/19 (b) (c)	5,667	5,633
		Interest Only, Series 2017-XCP-IMC, 0.00%, 10/15/32 (b) (c)	261,176	3

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹	Value ($)
	Series 2018-A-EXCL, REMIC, 3.57%, (1M USD LIBOR + 1.09%), 09/15/20 (b) (c)	2,016	2,012
Caesars Palace Las Vegas Trust
	Series 2017-D-VICI, 4.35%, 10/17/22 (b) (c)	3,886	3,984
	Series 2017-E-VICI, 4.35%, 10/17/22 (b) (c)	3,886	3,933
CAL Funding III Ltd.
	Series 2018-A-1A, REMIC, 3.96%, 02/25/28 (c)	4,458	4,515
Canyon Capital CLO Ltd.
	Series 2014-DR-2A, 6.44%, (3M USD LIBOR + 3.65%), 04/15/29 (b) (c)	1,000	986
	Series 2012-D-1RA, 5.79%, (3M USD LIBOR + 3.00%), 07/15/30 (b) (c)	1,500	1,448
	Series 2014-CR-1A, 5.50%, (3M USD LIBOR + 2.75%), 01/30/31 (b) (c)	1,134	1,078
	Series 2016-DR-1A, 5.59%, (3M USD LIBOR + 2.80%), 07/15/31 (b) (c)	1,000	952
	Series 2018-D-1A, 5.69%, (3M USD LIBOR + 2.90%), 07/15/31 (b) (c)	1,000	955
Carlyle Global Market Strategies CLO Ltd.
	Series 2012-DR-4A, 6.88%, (3M USD LIBOR + 4.10%), 01/22/29 (b) (c)	1,000	1,003
Castlelake Aircraft Securitization Trust
	Series 2018-A-1, 4.13%, 06/15/25 (c)	2,780	2,785
CD Commercial Mortgage Trust
	Interest Only, Series 2017-XA-CD3, REMIC, 1.03%, 02/10/50 (b)	34,973	2,204
CGGS Commerical Mortgage Trust
	Series 2018-D-WSS, REMIC, 4.78%, (1M USD LIBOR + 2.30%), 02/18/20 (b) (c)	4,159	4,149
Chase Mortgage Finance Trust
	Series 2005-1A1-A1, REMIC, 4.22%, 12/25/35 (b)	612	587
ChaseFlex Trust
	Series 2007-1A1-3, REMIC, 5.00%, 07/25/37	590	481
Citicorp Mortgage Securities Trust
	Series 2007-1A3-2, REMIC, 6.00%, 02/25/37	1,060	1,002
Citigroup Commercial Mortgage Trust
	Series 2015-C-GC27, REMIC, 4.43%, 01/10/25 (b)	3,239	3,274
	Series 2015-D-GC27, REMIC, 4.43%, 01/10/25 (b) (c)	1,696	1,572
	Series 2016-D-GC36, REMIC, 2.85%, 01/10/26 (c)	4,143	3,398
	Series 2016-B-GC36, REMIC, 4.76%, 01/12/26	2,595	2,758
Citigroup Mortgage Loan Trust Inc.
	Series 2005-A2A-11, REMIC, 4.82%, (1Y US Treasury Yield Curve Rate Treasury Note Constant Maturity + 2.40%), 10/25/35 (b)	24	25
	Series 2005-1A3A-8, REMIC, 4.34%, 11/25/35 (b)	3,335	3,465
	Series 2007-A3A-AHL3, REMIC, 2.55%, (1M USD LIBOR + 0.06%), 05/25/37 (b)	360	281
	Series 2007-1A1-FS1, REMIC, 5.75%, 10/25/37 (c) (d)	3,706	3,683
CLI Funding LLC
	Series 2018-A-1A, 4.03%, 04/18/28 (c)	3,622	3,665
COMM Mortgage Trust
	Series 2018-C-HCLV, 4.18%, (1M USD LIBOR + 1.70%), 09/15/20 (b) (c)	4,056	4,064
	Series 2017-E-PANW, 3.81%, 10/11/24 (b) (e) (f)	5,717	5,511
	Series 2017-D-PANW, 3.93%, 10/11/24 (b) (c)	3,425	3,439
	Interest Only, Series 2014-XA-CR20, REMIC, 1.12%, 10/11/24 (b)	120,123	5,103
	Series 2015-C-DC1, REMIC, 4.35%, 01/10/25 (b)	200	199
	Series 2015-C-CR23, REMIC, 4.25%, 04/11/25 (b)	2,923	2,931
	Interest Only, Series 2015-XA-CR22, REMIC, 0.95%, 03/10/48 (b)	133,994	4,908
Commercial Mortgage Pass-Through Certificates
	Interest Only, Series 2017-XA-BNK8, 0.75%, 11/17/50 (b)	99,300	5,189
Cook Park CLO Ltd.
	Series 2018-D-1A, 5.37%, (3M USD LIBOR + 2.60%), 04/17/30 (b) (c)	2,000	1,903
Countrywide Alternative Loan Trust
	Series 2005-1A2-27, REMIC, 3.80%, (12M US Federal Reserve Cumulative Average CMT + 1.40%), 08/25/35 (b)	445	445
		Shares/Par¹	Value ($)
	Series 2006-1A1A-OA17, REMIC, 2.68%, (1M USD LIBOR + 0.20%), 12/20/46 (b)	6,744	5,762
	Series 2006-A1-OA21, REMIC, 2.68%, (1M USD LIBOR + 0.19%), 03/20/47 (b)	4,737	4,036
	Series 2007-A1A-OA7, REMIC, 2.67%, (1M USD LIBOR + 0.18%), 05/25/47 (b)	302	292
Countrywide Asset-Backed Certificates
	Series 2006-2A3-24, REMIC, 2.64%, (1M USD LIBOR + 0.15%), 04/25/34 (b)	1,627	1,560
	Series 2004-M1-3, REMIC, 3.24%, (1M USD LIBOR + 0.75%), 06/25/34 (b)	75	74
	Series 2005-M3-BC5, REMIC, 3.24%, (1M USD LIBOR + 0.75%), 12/25/35 (b)	5,000	4,953
	Series 2007-1A-13, REMIC, 3.33%, (1M USD LIBOR + 0.84%), 06/25/36 (b)	2,130	1,989
Countrywide Home Loan Mortgage Pass-Through Trust
	Series 2004-A14-19, REMIC, 5.50%, 10/25/34	2,322	2,349
	Series 2004-A2-HYB6, REMIC, 4.27%, 11/21/34 (b)	508	513
	Series 2004-A3-22, REMIC, 4.27%, 11/25/34 (b)	250	247
	Series 2004-1A1-HYB9, REMIC, 4.26%, 02/20/35 (b)	177	175
	Series 2005-A1-29, REMIC, 5.75%, 12/25/35	1,707	1,456
	Series 2005-3A2A-HYB9, REMIC, 4.59%, (12M USD LIBOR + 1.75%), 02/20/36 (b)	47	44
Credit Acceptance Auto Loan Trust
	Series 2017-A-3A, 2.65%, 01/15/21 (c)	10,000	9,966
Credit Suisse First Boston Mortgage Securities Corp.
	Series 2002-A-P1A, REMIC, 3.00%, 03/25/32 (b) (c)	28	26
Credit Suisse Mortgage Capital Certificates
	Series 2010-4A4-18R, REMIC, 3.50%, 04/27/38 (b) (c)	1,920	1,902
Credit Suisse Mortgage Trust
	Series 2017-E-CALI, REMIC, 3.78%, 11/12/24 (b) (c)	5,200	4,975
	Series 2017-F-CALI, REMIC, 3.78%, 11/12/24 (b) (c)	5,200	4,859
CSAIL Commercial Mortgage Trust
	Series 2017-C-CX10, 4.11%, 11/17/27 (b)	3,875	3,906
CSMC Mortgage-Backed Trust
	Series 2006-1A4-6, REMIC, 6.00%, 07/25/36	1,942	1,552
CWABS Asset-Backed Certificates Trust
	Series 2005-MV1-17, REMIC, 2.95%, (1M USD LIBOR + 0.46%), 04/25/36 (b)	5,400	5,267
	Series 2005-2AV-17, REMIC, 2.73%, (1M USD LIBOR + 0.24%), 05/25/36 (b)	5,937	5,865
Dryden 36 Senior Loan Fund
	Series 2014-DR2-36A, 0.00%, (3M USD LIBOR + 3.70%), 04/15/29 (b) (c)	2,500	2,500
Dryden CLO LVII Ltd.
	Series 2018-D-57A, 5.23%, (3M USD LIBOR + 2.55%), 05/15/31 (b) (c)	1,000	948
Dryden CLO LX Ltd.
	Series 2015-DR-40A, 5.78%, (3M USD LIBOR + 3.10%), 08/15/31 (b) (c)	1,000	976
Dryden CLO XL Ltd.
	Series 2018-D-60A, 5.79%, (3M USD LIBOR + 3.00%), 07/15/31 (b) (c)	2,000	1,959
Dryden XXXVI Senior Loan Fund
	Series 2014-DR-36A, 7.03%, (3M USD LIBOR + 4.24%), 01/18/28 (b) (c)	2,500	2,500
Fillmore Park CLO Ltd.
	Series 2018-D-1A, 5.69%, 07/15/30 (c)	1,500	1,456
First Franklin Mortgage Loan Trust
	Series 2005-M2-FFH2, REMIC, 3.30%, (1M USD LIBOR + 0.81%), 04/25/35 (b) (c)	539	544
	Series 2005-A4-FF9, REMIC, 3.21%, (1M USD LIBOR + 0.72%), 10/25/35 (b)	2,600	2,558
First Horizon Asset Securities Inc.
	Series 2005-4A1-AR6, REMIC, 4.59%, 02/25/36 (b)	444	416
First Horizon Mortgage Pass-Through Trust
	Series 2005-2A1-AR4, REMIC, 4.07%, 10/25/35 (b)	1,004	939

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹	Value ($)
GE-WMC Asset-Backed Pass-Through Certificates
	Series 2005-A2C-2, REMIC, 2.99%, (1M USD LIBOR + 0.50%), 12/26/35 (b)	2,429	2,412
Gilbert Park CLO Ltd.
	Series 2017-1A-E, 5.74%, (3M USD LIBOR + 2.95%), 10/15/30 (b) (c)	1,000	981
	Series 2017-1A-E, 9.19%, (3M USD LIBOR + 6.40%), 10/15/30 (b) (c)	2,000	1,959
Global SC Finance IV Ltd
	Series 2018-A-1A, 4.29%, 05/17/28 (c)	3,630	3,697
GoldenTree Loan Management US CLO 1 Ltd.
	Series 2018-D-3A, 5.61%, (3M USD LIBOR + 2.85%), 04/22/30 (b) (c)	1,000	971
GoldenTree Loan Opportunities XI Ltd.
	Series 2015-DR2-11A, 5.18%, (3M USD LIBOR + 2.40%), 01/21/31 (b) (c)	1,000	943
Great Wolf Trust
	Series 2017-D-WOLF, 4.73%, (1M USD LIBOR + 2.10%), 09/16/19 (b) (c)	1,166	1,167
	Series 2017-E-WOLF, 5.73%, (1M USD LIBOR + 3.10%), 09/16/19 (b) (c)	1,808	1,810
	Series 2017-F-WOLF, 6.70%, (1M USD LIBOR + 4.07%), 09/16/19 (b) (c)	962	964
Greenwood Park CLO Ltd.
	Series 2018-D-1A, 5.29%, (3M USD LIBOR + 2.50%), 04/15/31 (b) (c)	1,000	944
Grippen Park CLO Ltd.
	Series 2017-D-1A, REMIC, 6.06%, (3M USD LIBOR + 3.30%), 01/20/30 (b) (c)	500	500
GS Mortgage Securities Corp. II
	Series 2017-C-GS8, 4.34%, 11/12/27	6,463	6,587
GS Mortgage Securities Trust
	Series 2018-A-3PCK, 3.93%, (1M USD LIBOR + 1.45%), 09/15/21 (b) (c)	1,340	1,334
	Series 2016-WMB-GS3, 3.60%, 09/14/26 (e) (f)	9,000	8,794
	Interest Only, Series 2018-XA-GS9, REMIC, 0.45%, 03/10/28 (b)	112,529	3,775
GSAMP Trust
	Series 2006-A1-HE4, REMIC, 2.63%, (1M USD LIBOR + 0.14%), 06/25/36 (b)	1,306	1,262
	Series 2007-A1-HS1, REMIC, 3.34%, (1M USD LIBOR + 0.85%), 02/25/37 (b)	1,349	1,351
GSR Mortgage Loan Trust
	Series 2005-2A1-AR6, REMIC, 4.52%, 09/25/35 (b)	300	303
	Series 2005-6A1-AR7, REMIC, 4.47%, 11/25/35 (b)	95	94
Harborview Mortgage Loan Trust
	Series 2005-2A1A-2, REMIC, 2.92%, (1M USD LIBOR + 0.44%), 05/19/35 (b)	70	69
	Series 2005-3A1-4, REMIC, 4.11%, 07/19/35 (b)	270	247
Harbour Aircraft Investments Ltd.
	Series 2017-A-1, 4.00%, 11/15/24 (g)	13,124	13,126
Harley Marine Financing LLC
	Series 2018-A2-1A, 5.68%, 05/15/22 (e) (f)	1,706	1,470
Helios Issuer LLC
	Series 2017-A-1A, 4.94%, 09/20/23 (c)	2,704	2,780
Highbridge Loan Management Ltd.
	Series 8A-DR-2016, 5.68%, (3M USD LIBOR + 2.90%), 07/22/30 (b) (c)	2,500	2,372
Hilton USA Trust
	Series 2016-A-SFP, REMIC, 2.83%, 11/07/23 (c)	10,000	9,918
Home Equity Asset Trust
	Series 2005-M4-2, REMIC, 3.54%, (1M USD LIBOR + 1.05%), 07/25/35 (b)	205	205
HSI Asset Securitization Corp. Trust
	Series 2006-M1-OPT1, REMIC, 2.85%, (1M USD LIBOR + 0.36%), 12/25/35 (b)	3,000	2,932
IndyMac ARM Trust
	Series 2001-A2-H2, REMIC, 3.95%, 01/25/32 (b)	—	—
IndyMac INDX Mortgage Loan Trust
	Series 2005-A3-AR11, REMIC, 3.95%, 08/25/35 (b)	1,645	1,473
	Series 2005-1A1-AR31, REMIC, 3.95%, 01/25/36 (b)	316	268
		Shares/Par¹	Value ($)
JPMDB Commercial Mortgage Securities Trust
	Interest Only, Series 2017-XA-C7, 0.91%, 10/15/50 (b)	96,517	5,546
JPMorgan Chase Commercial Mortgage Securities Corp.
	Series 2016-E-WIKI, REMIC, 4.01%, 10/07/21 (b) (c)	5,248	5,186
JPMorgan Mortgage Acquisition Trust
	Series 2006-A5-CW1, REMIC, 2.73%, (1M USD LIBOR + 0.24%), 05/25/36 (b)	3,992	3,874
	Series 2007-MV6-CH1, REMIC, 3.04%, (1M USD LIBOR + 0.55%), 11/25/36 (b)	2,414	2,324
	Series 2007-MV1-CH2, REMIC, 2.77%, (1M USD LIBOR + 0.28%), 01/25/37 (b)	4,800	4,702
JPMorgan Mortgage Trust
	Series 2005-1A2-S3, REMIC, 5.75%, 01/25/36	79	60
	Series 2006-3A1-S1, REMIC, 5.50%, 04/25/36	657	674
LCCM Mortgage Trust
	Series 2014-MRC-PKMD, REMIC, 2.86%, 11/18/19 (b) (e) (f)	5,248	5,226
LCM XIV LP
	Series DR-14A, 5.53%, (3M USD LIBOR + 2.75%), 07/21/31 (b) (c)	2,000	1,923
LCM XV Ltd.
	Series DR-15A, 6.48%, (3M USD LIBOR + 3.70%), 07/22/30 (b) (c)	2,750	2,739
LCM XX LP
	Series DR-20A, 5.56%, (3M USD LIBOR + 2.80%), 10/20/27 (b) (c)	1,000	985
LCM XXVIII Ltd.
	Series D-28A, 5.40%, (3M USD LIBOR + 3.15%), 10/21/30 (b) (c)	1,000	968
Legacy Mortgage Asset Trust
	Series 2018-A1-GS1, REMIC, 4.00%, 04/25/20 (c) (d)	46,951	46,893
Lehman XS Trust
	Series 2005-1A3-4, REMIC, 3.29%, (1M USD LIBOR + 0.80%), 10/25/35 (b)	1,118	1,097
	Series 2007-3A3-2N, REMIC, 2.66%, (1M USD LIBOR + 0.17%), 02/25/37 (b)	7,230	6,083
Long Beach Mortgage Loan Trust
	Series 2004-A5-5, REMIC, 3.05%, (1M USD LIBOR + 0.56%), 09/25/34 (b)	198	186
Long Point Park CLO Ltd.
	Series 2017-C-1A, 5.17%, (3M USD LIBOR + 2.40%), 01/17/30 (b) (c)	1,000	942
Madison Park Funding XIV Ltd.
	Series 2014-DRR-14A, 5.71%, (3M USD LIBOR + 2.95%), 10/22/30 (b) (c)	2,000	1,944
Madison Park Funding XXIV Ltd.
	Series 2016-D-24A, 6.61%, (3M USD LIBOR + 3.85%), 01/20/28 (b) (c)	1,000	1,001
Magnetite XIV-R Ltd.
	Series 2015-D-14RA, 5.63%, (3M USD LIBOR + 2.85%), 10/20/31 (b) (c)	1,500	1,452
Magnetite XVIII Ltd.
	Series 2016-DR-18A, 5.38%, (3M USD LIBOR + 2.70%), 11/15/28 (b) (c)	1,000	971
MASTR Asset Backed Securities Trust
	Series 2003-M3-OPT1, 6.61%, (1M USD LIBOR + 4.13%), 12/25/32 (b)	1,377	1,406
	Series 2005-M5-WMC1, REMIC, 3.49%, (1M USD LIBOR + 1.01%), 03/25/35 (b)	5,005	4,912
	Series 2006-A3-AM3, REMIC, 2.66%, (1M USD LIBOR + 0.17%), 10/25/36 (b)	3,128	3,027
	Series 2007-A2-WMC1, REMIC, 2.54%, (1M USD LIBOR + 0.05%), 01/25/37 (b)	325	134
	Series 2007-A1-HE2, REMIC, 3.64%, (1M USD LIBOR + 1.15%), 08/25/37 (b)	6,369	5,684
Mellon Residential Funding Corp. Mortgage Pass-Through Trust
	Series 1999-A2-TBC3, REMIC, 3.14%, (1M USD LIBOR + 0.49%), 10/20/29 (b)	35	34
Merrill Lynch Mortgage Investors Trust
	Series 2003-1A-A3, REMIC, 4.53%, 05/25/33 (b)	219	212
	Series 2005-2A3-A6, REMIC, 2.87%, (1M USD LIBOR + 0.38%), 08/25/35 (b)	2,046	2,035

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹	Value ($)
	Series 2005-5A-3, REMIC, 2.99%, (1M USD LIBOR + 0.50%), 11/25/35 (b)	55	53
Morgan Stanley Bank of America Merrill Lynch Trust
	Series 2015-ASB-C22, REMIC, 3.04%, 11/18/24	9,000	9,042
	Series 2016-ASB-C31, REMIC, 2.95%, 12/17/25	3,500	3,510
	Interest Only, Series 2017-XA-C34, REMIC, 0.82%, 11/15/52 (b)	46,432	2,477
Morgan Stanley Capital I Trust
	Series 2014-B-CPT, REMIC, 3.45%, 07/15/21 (b) (c)	490	493
	Series 2014-B-150E, REMIC, 4.26%, 09/11/24 (c)	1,915	1,980
Morgan Stanley Dean Witter Capital I Inc. Trust
	Series 2002-M1-HE1, REMIC, 3.39%, (1M USD LIBOR + 0.90%), 07/25/32 (b)	395	395
MortgageIT Trust
	Series 2005-A1-5, REMIC, 3.01%, (1M USD LIBOR + 0.52%), 12/25/35 (b)	2,875	2,841
Mosaic Solar Loans LLC
	Series 2017-A-2A, 3.82%, 01/22/30 (c)	8,145	8,057
	Series 2018-A-1A, REMIC, 4.01%, 08/20/30 (c)	2,075	2,084
Motel 6 Trust
	Series 2017-D-MTL6, REMIC, 4.63%, (1M USD LIBOR + 2.15%), 08/15/19 (b) (c)	3,632	3,639
MSCG Trust
	Series 2018-F-SELF, 5.53%, (1M USD LIBOR + 3.05%), 10/15/20 (b) (e) (f)	5,349	5,329
Myers Park CLO Ltd.
	Series 2018-D-1A, 5.36%, (3M USD LIBOR + 3.00%), 10/20/30 (b) (c)	1,000	972
Navient Private Education Loan Trust
	Series 2017-B-A, 3.91%, 09/15/25 (c)	8,000	8,031
Navient Student Loan Trust
	Series 2017-A1-3X, 2.79%, (1M USD LIBOR + 0.30%), 03/25/20 (b) (c)	2,499	2,500
Neuberger Berman CLO LVII Ltd.
	Series 2018-D-27A, 5.39%, (3M USD LIBOR + 2.60%), 01/15/30 (b) (c)	1,000	954
Neuberger Berman CLO XVI Ltd.
	Series 2017-D-16SA, 5.29%, (3M USD LIBOR + 2.50%), 01/18/28 (b) (c)	2,000	1,948
New Century Home Equity Loan Trust
	Series 2005-M2-4, REMIC, 3.25%, (1M USD LIBOR + 0.77%), 09/25/35 (b)	1,242	1,237
Nomura Asset Acceptance Corp. Alternative Loan Trust
	Series 2005-3A1-AR4, REMIC, 4.68%, 08/25/35 (b)	715	713
NP SPE II LLC
	Series 2017-A1-1A, 3.37%, 10/20/27 (c)	4,260	4,263
Oak Hill Credit Partners III Ltd.
	Series 2014-D-10RA, 5.93%, (3M USD LIBOR + 3.15%), 12/12/30 (b) (c)	2,000	1,957
Octagon Investment Partners XV Ltd.
	Series 2013-DR-1A, 6.46%, (3M USD LIBOR + 3.70%), 07/19/30 (b) (c)	2,500	2,465
Octagon Investment Partners XVI Ltd.
	Series 2013-DR-1A, 5.77%, (3M USD LIBOR + 3.00%), 07/17/30 (b) (c)	500	478
Octagon Investment Partners XXI Ltd.
	Series 2014-CRR-1A, 6.64%, (3M USD LIBOR + 3.80%), 02/17/32 (b) (c)	500	500
Octagon Investment Partners XXIX Ltd.
	Series 2016-D-1A, 7.03%, (3M USD LIBOR + 4.25%), 01/24/28 (b) (c)	1,000	1,000
Octagon Investment Partners XXX Ltd.
	Series 2017-C-1A, 6.26%, (3M USD LIBOR + 3.50%), 03/17/30 (b) (c)	2,500	2,500
Octagon Investment Partners XXXI Ltd.
	Series 2017-DD-1A, 5.26%, (3M USD LIBOR + 2.50%), 01/22/30 (b) (c)	1,000	937
Octagon Investment Partners XXXIII Ltd.
	Series 2017-C-1A, 5.51%, (3M USD LIBOR + 2.75%), 01/21/31 (b) (c)	1,000	951
	Series 2017-D-1A, 9.06%, (3M USD LIBOR + 6.30%), 01/21/31 (b) (c)	1,000	967
Octagon Investment Partners XXXIV Ltd.
	Series 2017-D-1A, 6.46%, 07/22/30 (c)	1,282	1,265
		Shares/Par¹	Value ($)
Octagon Investment Partners XXXVII Ltd.
	Series 2018-C-2A, 5.62%, (3M USD LIBOR + 2.85%), 07/25/30 (b) (c)	1,000	946
OHA Credit Funding Ltd.
	Series 2018-D-1A, 5.69%, (3M USD LIBOR + 3.05%), 10/21/30 (b) (c)	1,000	982
OneMain Financial Issuance Trust
	Series 2017-A1-1A, 2.37%, 04/14/21 (c)	5,000	4,959
Option One Mortgage Loan Trust
	Series 2005-M3-3, REMIC, 3.25%, (1M USD LIBOR + 0.77%), 08/25/35 (b)	3,700	3,587
	Series 2007-2A2-6, REMIC, 2.62%, (1M USD LIBOR + 0.13%), 07/25/37 (b)	930	675
Park Place Securities Inc. Asset-Backed Pass-Through Certificates
	Series 2005-M2-WCW1, REMIC, 3.19%, (1M USD LIBOR + 0.71%), 05/25/35 (b)	1,655	1,628
	Series 2005-M1-WCW3, REMIC, 3.21%, (1M USD LIBOR + 0.72%), 08/25/35 (b)	922	920
Prime Mortgage Trust
	Series 2004-1A2-CL1, REMIC, 2.89%, (1M USD LIBOR + 0.40%), 02/25/34 (b)	11	11
PRPM LLC
	Series 2018-A1-1A, 3.75%, 04/25/23 (c)	24,146	24,127
RAMP Trust
	Series 2005-M5-EFC1, REMIC, 3.46%, (1M USD LIBOR + 0.98%), 05/25/35 (b)	12,706	12,359
RASC Trust
	Series 2005-M1-KS1, REMIC, 3.16%, (1M USD LIBOR + 0.68%), 02/25/35 (b)	2,178	2,142
	Series 2006-AI3-KS9, REMIC, 2.65%, (1M USD LIBOR + 0.16%), 09/25/36 (b)	3,094	3,032
	Series 2006-1A3-EMX9, REMIC, 2.66%, (1M USD LIBOR + 0.17%), 09/25/36 (b)	2,379	2,161
	Series 2006-A4-KS7, REMIC, 2.73%, (1M USD LIBOR + 0.24%), 09/25/36 (b)	1,808	1,790
	Series 2007-A3-KS1, REMIC, 2.64%, (1M USD LIBOR + 0.15%), 11/25/36 (b)	6,511	6,385
RBSSP Resecuritization Trust
	Series 2011-2A1-3, REMIC, 2.74%, (1M USD LIBOR + 0.25%), 02/26/37 (b) (c)	1,114	1,090
Renew Financial LLC
	Series 2017-A-2A, 3.22%, 09/22/53 (c)	7,947	7,973
Residential Accredit Loans Inc. Trust
	Series 2006-A21-QA1, REMIC, 4.96%, 01/25/36 (b)	6,840	5,951
RR Ltd.
	Series 2018-C-4A, 5.74%, (3M USD LIBOR + 2.75%), 04/15/30 (b) (c)	1,000	969
Securitized Asset Backed Receivables LLC Trust
	Series 2005-M2-FR2, REMIC, 3.46%, (1M USD LIBOR + 0.98%), 03/25/35 (b)	192	191
	Series 2007-A2A-HE1, REMIC, 2.55%, (1M USD LIBOR + 0.06%), 12/25/36 (b)	253	85
SG Commercial Mortgage Securities Trust
	Interest Only, Series 2016-XA-C5, REMIC, 2.00%, 10/13/48 (b)	32,382	3,200
SLM Student Loan Trust
	Series 2008-A-9, 4.27%, (3M USD LIBOR + 1.50%), 04/25/23 (b)	1,680	1,699
Small Business Administration Participation Certificates
	6.29%, 01/01/21	1	1
	5.13%, 09/01/23	4	4
	5.52%, 06/01/24	76	80
SMB Private Education Loan Trust
	Series 2018-A2B-B, 3.20%, (1M USD LIBOR + 0.72%), 03/15/28 (b) (c)	3,500	3,485
Soundview Home Loan Trust
	Series 2006-A1-WF2, REMIC, 2.62%, (1M USD LIBOR + 0.13%), 12/25/36 (b)	253	252
SpringCastle America Funding LLC
	Series 2016-A-AA, 3.05%, 11/25/23 (c)	4,411	4,406
Sprite Ltd.
	Series 2017-A-1, 4.25%, 12/15/24 (c)	3,612	3,628
Start Ltd.
	Series 2018-A-1, 4.09%, 05/15/25 (c)	1,585	1,591

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Stewart Park CLO Ltd.
		Series 2015-DR-1A, 5.39%, (3M USD LIBOR + 2.60%), 01/15/30 (b) (c)	2,000		1,897
	Structured Asset Investment Loan Trust
		Series 2006-A4-1, REMIC, 2.80%, (1M USD LIBOR + 0.62%), 01/25/36 (b)	2,202		2,103
	Structured Asset Mortgage Investments II Trust
		Series 2005-A3-AR5, REMIC, 2.73%, (1M USD LIBOR + 0.50%), 07/19/35 (b)	226		215
		Series 2007-2A1-AR2, REMIC, 2.75%, (1M USD LIBOR + 0.26%), 03/25/37 (b)	599		432
	Structured Asset Mortgage Investments Trust
		Series 2002-A1-AR3, REMIC, 3.14%, (1M USD LIBOR + 0.66%), 09/19/32 (b)	14		13
	Symphony CLO XVI Ltd.
		Series 2015-DR-16A, 5.84%, (3M USD LIBOR + 3.05%), 10/15/31 (b) (c)	1,000		983
	Symphony CLO XVII Ltd.
		Series 2016-DR-17A, 5.44%, 04/17/28 (c)	1,000		977
	Taconic Park CLO Ltd.
		Series 2016-C-1A, 6.81%, (3M USD LIBOR + 4.05%), 01/20/29 (b) (c)	2,000		2,000
	TAL Advantage V LLC
		Series 2013-A-1A, 2.83%, 02/20/23 (c)	3,917		3,878
		Series 2014-A-1A, 3.51%, 02/20/24 (c)	2,557		2,557
	Thayer Park CLO Ltd.
		Series 2017-C-1A, 6.46%, (3M USD LIBOR + 3.70%), 04/20/29 (b) (c)	1,000		988
	THL Credit Wind River CLO Ltd.
		Series 2015-ER-2A, 8.34%, 10/15/27 (c)	2,000		1,971
		Series 2016-DR-1A, 5.64%, (3M USD LIBOR + 2.85%), 07/17/28 (b)	1,000		976
		Series 2018-1, 5.69%, (3M USD LIBOR + 2.90%), 07/15/30 (b) (c)	1,500		1,424
		Series 2018-D-2A, 5.79%, (3M USD LIBOR + 3.00%), 07/15/30 (b) (c)	2,000		1,911
		Series 2018-1, 8.29%, (3M USD LIBOR + 5.50%), 07/15/30 (b) (c)	500		459
		Series 2014-DR-2A, 5.69%, (3M USD LIBOR + 2.90%), 01/15/31 (b) (c)	1,000		948
		Series 2014-ER-2A, 8.54%, (3M USD LIBOR + 5.75%), 01/15/31 (b) (c)	1,000		917
		Series 2014-DRR-1A, 5.78%, (3M USD LIBOR + 3.00%), 07/18/31 (b) (c)	1,000		956
	Thunderbolt Aircraft Lease Ltd.
		Series 2017-A-A, 4.21%, 04/15/24 (c) (d)	4,897		4,975
	Triton Container Finance VI LLC
		Series 2018-A-2A, 4.19%, 06/20/28 (c)	1,850		1,878
		Series 2018-A-1A, 3.95%, 03/20/43 (c)	4,500		4,554
	UBS Commercial Mortgage Trust
		Series 2017-C-C4, 4.45%, 10/15/27 (b)	3,298		3,368
		Series 2018-C-C8, 4.70%, 02/17/28 (b)	3,776		3,897
		Series 2017-C-C5, REMIC, 4.32%, 11/17/27 (b)	5,169		5,222
		Series 2017-C-C6, REMIC, 4.45%, 12/17/27 (b)	3,866		3,941
		Series 2019-B-C16, REMIC, 4.32%, 03/16/29	3,658		3,740
		Interest Only, Series 2017-XA-C4, REMIC, 1.10%, 10/17/50 (b)	36,109		2,590
		Interest Only, Series 2018-XA-C9, REMIC, 0.90%, 03/17/51 (b)	57,782		3,856
	Vantage Data Centers LLC
		Series 2018-A2-1A, 4.07%, 02/15/23 (c)	6,924		7,029
	VB-S1 Issuer LLC
		Series 2016-D-1A, 4.46%, 06/15/21 (c)	2,000		2,010
		Series 2018-C-1A, 3.41%, 02/15/23 (c)	2,000		1,997
	Vendee Mortgage Trust
		Series 1994-1ZB-3A, REMIC, 6.50%, 09/15/24	117		125
	Voya CLO 2018-2 Ltd.
		Series 2018-D-2A, 5.54%, (3M USD LIBOR + 2.75%), 07/15/31 (b) (c)	1,000		939
	Voya CLO Ltd.
		Series 2014-CR2-1A, 5.58%, (3M USD LIBOR + 2.80%), 04/18/31 (b) (c)	1,000		957
	WaMu Mortgage Pass-Through Certificates
		Series 2006-3A3-AR8, REMIC, 3.78%, 08/25/36 (b)	2,018		1,846
		Series 2007-3A3-HY1, REMIC, 3.87%, 02/25/37 (b)	1,911		1,771
			Shares/Par¹		Value ($)
		Series 2007-4A1-HY1, REMIC, 3.91%, 02/25/37 (b)	176		160
		Series 2007-2A3-HY7, REMIC, 3.57%, 07/25/37 (b)	290		256
	Washington Mutual Mortgage Pass-Through Certificates Trust
		Series 2002-2A2-AR1, REMIC, 4.39%, 02/25/31 (b)	—		—
		Series 2005-1A3A-AR18, REMIC, 4.27%, 01/25/36 (b)	418		415
		Series 2002-1A-AR9, REMIC, 3.80%, (12M US Federal Reserve Cumulative Average CMT + 1.40%), 08/25/42 (b)	53		51
		Series 2002-1A-AR17, REMIC, 3.60%, (12M US Federal Reserve Cumulative Average CMT + 1.20%), 11/25/42 (b)	35		34
		Series 2005-A1A1-AR13, REMIC, 2.78%, (1M USD LIBOR + 0.58%), 10/25/45 (b)	61		60
		Series 2006-1A-AR9, REMIC, 3.23%, (12M US Federal Reserve Cumulative Average CMT + 0.83%), 11/25/46 (b)	2,352		2,014
	Wells Fargo Commercial Mortgage Trust
		Series 2017-B-C41, 4.19%, 11/17/27 (b)	5,073		5,196
		Series 2017-C-C41, 4.51%, 11/17/27 (b)	6,601		6,725
		Series 2018-D-BXI, REMIC, 4.04%, (1M USD LIBOR + 1.56%), 12/16/19 (b) (c)	3,826		3,812
		Series 2012-C-LC5, REMIC, 4.69%, 09/16/22 (b)	2,195		2,277
		Interest Only, Series 2015-XA-C28, REMIC, 0.70%, 05/15/48 (b)	90,548		2,911
		Interest Only, Series 2018-XA-C43, REMIC, 0.71%, 03/17/51 (b)	74,833		3,743
	Wells Fargo Mortgage-Backed Securities Trust
		Series 2004-A1-CC, REMIC, 4.99%, 01/25/35 (b)	102		103
		Series 2006-2A1-AR2, REMIC, 4.95%, 03/25/36 (b)	368		366
		Series 2006-2A5-AR2, REMIC, 4.95%, 03/25/36 (b)	1,001		998
		Series 2006-2A1-AR8, REMIC, 4.67%, 04/25/36 (b)	674		670
		Series 2006-1A1-AR10, REMIC, 4.70%, 07/25/36 (b)	2,192		2,170
	WhiteHorse VIII Ltd.
		Series 2014-AR-1A, 3.64%, 05/01/26 (c)	6,635		6,623
	Wind River CLO Ltd.
		Series 2018-D-3A, 5.78%, (3M USD LIBOR + 2.95%), 01/20/31 (b) (c)	1,000		972
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $775,581)			793,666
CORPORATE BONDS AND NOTES 27.3%
Communication Services 2.0%
	AT&T Inc.
		5.25%, 03/01/37	6,535		6,890
	Axiata SPV 2 Bhd
		3.47%, 11/19/20	1,000		1,004
	Bharti Airtel International (Netherlands) BV
		5.13%, 03/11/23	5,700		5,885
	CCO Holdings LLC
		5.75%, 02/15/26 (c)	745		780
		5.00%, 02/01/28 (c)	940		928
	Cengage Learning Inc.
		9.50%, 06/15/24 (c)	590		489
	Charter Communications Operating LLC
		4.91%, 07/23/25	4,265		4,498
	Cincinnati Bell Inc.
		7.00%, 07/15/24 (c)	685		629
	Clear Channel Worldwide Holdings Inc.
		9.25%, 02/15/24 (c)	200		212
	Colombia Telecomunicaciones SA ESP
		8.50%, (callable at 100 beginning 03/30/20) (h)	600		621
	Comcast Corp.
		3.95%, 10/15/25	4,145		4,337
	Comcel Trust via Comunicaciones Celulares SA
		6.88%, 02/06/24	1,400		1,454
	CSC Holdings LLC
		5.38%, 07/15/23 (c)	1,175		1,197
		5.25%, 06/01/24	690		701

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	DISH DBS Corp.
		5.88%, 11/15/24	325		273
	Embarq Corp.
		8.00%, 06/01/36	685		666
	Empresa Nacional de Telecomunicaciones SA
		4.75%, 08/01/26	2,730		2,744
	Frontier Communications Corp.
		8.50%, 04/15/20	190		186
		8.50%, 04/01/26 (c)	370		344
		8.00%, 04/01/27 (c)	275		284
	Gray Escrow Inc.
		7.00%, 05/15/27 (c)	475		505
	Greeneden U.S. Holdings II LLC
		10.00%, 11/30/24 (c)	1,075		1,175
	GTT Communications Inc.
		7.88%, 12/31/24 (c)	795		696
	Intelsat Jackson Holdings SA
		5.50%, 08/01/23	335		297
		8.50%, 10/15/24 (c)	455		442
	Interpublic Group of Cos. Inc.
		5.40%, 10/01/48	4,320		4,383
	Iridium Communications Inc.
		10.25%, 04/15/23 (c)	820		902
	Live Nation Entertainment Inc.
		5.63%, 03/15/26 (c)	945		974
	Match Group Inc.
		5.00%, 12/15/27 (c)	835		843
	Millicom International Cellular SA
		6.00%, 03/15/25	500		513
		6.63%, 10/15/26 (c)	700		734
		6.63%, 10/15/26	1,000		1,049
		5.13%, 01/15/28	1,815		1,736
		6.25%, 03/25/29 (c)	1,550		1,575
	Netflix Inc.
		5.88%, 02/15/25	275		298
	Numericable - SFR SA
		7.38%, 05/01/26 (c)	665		652
	Radiate Holdco LLC
		6.63%, 02/15/25 (c)	625		601
	Sirius XM Radio Inc.
		5.38%, 07/15/26 (c)	690		704
	Sprint Capital Corp.
		6.88%, 11/15/28	1,255		1,206
	Sprint Corp.
		7.13%, 06/15/24	1,205		1,221
	Sprint Spectrum Co. LLC
		4.74%, 03/20/25 (c)	4,460		4,510
	Telefonica Celular del Paraguay SA
		5.88%, 04/15/27 (c)	750		761
	Telesat Canada
		8.88%, 11/15/24 (c)	765		831
	T-Mobile USA Inc.
		4.50%, 02/01/26	1,120		1,120
	Uber Technologies Inc.
		8.00%, 11/01/26 (c)	610		650
	Univision Communications Inc.
		5.13%, 05/15/23 (c)	160		152
	Verizon Communications Inc.
		4.02%, 12/03/29 (c)	4,592		4,746
		4.27%, 01/15/36	2,155		2,184
	VTR Finance BV
		6.88%, 01/15/24 (c)	449		460
				70,042
Consumer Discretionary 1.3%
	1011778 B.C. Unltd. Liability Co.
		5.00%, 10/15/25 (c)	1,425		1,409
	Altice SA
		7.75%, 05/15/22 (c)	300		300
	American Axle & Manufacturing Inc.
		6.25%, 03/15/26	555		536
	Aramark Services Inc.
		5.00%, 04/01/25 - 02/01/28 (c)	1,365		1,387
	Argos Merger Sub Inc.
		7.13%, 03/15/23 (c)	515		383
			Shares/Par¹		Value ($)
	Boyne USA Inc.
		7.25%, 05/01/25 (c)	1,095		1,173
	Constellation Merger Sub Inc.
		8.50%, 09/15/25 (c)	430		392
	CRC Escrow Issuer LLC
		5.25%, 10/15/25 (c)	655		632
	Dollar Tree Inc.
		4.00%, 05/15/25	4,545		4,601
	El Puerto de Liverpool SAB de CV
		3.88%, 10/06/26	200		190
	Eldorado Resorts Inc.
		6.00%, 04/01/25	540		547
	Expedia Inc.
		3.80%, 02/15/28	4,700		4,530
	Ford Motor Co.
		7.45%, 07/16/31	2,045		2,182
	Frontdoor Inc.
		6.75%, 08/15/26 (c)	675		691
	Gohl Capital Ltd.
		4.25%, 01/24/27	4,800		4,775
	Golden Nugget Inc.
		6.75%, 10/15/24 (c)	1,030		1,034
	Gray Television Inc.
		5.13%, 10/15/24 (c)	275		276
	Hasbro Inc.
		3.50%, 09/15/27	4,190		4,037
	Hilton Domestic Operating Co. Inc.
		4.25%, 09/01/24	1,545		1,544
	IRB Holding Corp.
		6.75%, 02/15/26 (c)	735		691
	Jeld-Wen Inc.
		4.63%, 12/15/25 (c)	885		840
	LTF Merger Sub Inc.
		8.50%, 06/15/23 (c)	1,080		1,112
	Marriott International Inc.
		6.50%, 09/15/26 (c)	600		629
	McDonald's Corp.
		4.45%, 03/01/47	1,885		1,938
	MGM Resorts International
		5.75%, 06/15/25	345		358
	NCL Corp. Ltd.
		4.75%, 12/15/21 (c)	580		587
	NVA Holdings Inc.
		6.88%, 04/01/26 (c)	280		278
	Panther BF Aggregator 2 LP
		6.25%, 05/15/26 (c)	440		449
		8.50%, 05/15/27 (c)	235		236
	Penn National Gaming Inc.
		5.63%, 01/15/27 (c)	655		637
	PetSmart Inc.
		5.88%, 06/01/25 (c)	170		142
	Royal Caribbean Cruises Ltd.
		3.70%, 03/15/28	2,455		2,368
	S.A.C.I. Falabella
		3.75%, 04/30/23	700		701
	Scientific Games International Inc.
		5.00%, 10/15/25 (c)	570		559
		8.25%, 03/15/26 (c)	545		556
	ServiceMaster Co. LLC
		5.13%, 11/15/24 (c)	620		625
	Six Flags Entertainment Corp.
		4.88%, 07/31/24 (c)	660		651
	Stars Group Holdings BV
		7.00%, 07/15/26 (c)	675		704
	Tempur Sealy International Inc.
		5.50%, 06/15/26	970		972
	Viking Cruises Ltd.
		5.88%, 09/15/27 (c)	1,070		1,041
	William Carter Co.
		5.63%, 03/15/27 (c)	490		507
				47,200
Consumer Staples 1.4%
	Adecoagro SA
		6.00%, 09/21/27	650		611

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Albertsons Cos. LLC
		5.75%, 03/15/25	570		542
		7.50%, 03/15/26 (c)	275		283
	Altria Group Inc.
		4.80%, 02/14/29	4,240		4,373
	Anheuser-Busch InBev Worldwide Inc.
		4.90%, 02/01/46 (c)	2,215		2,230
		4.60%, 04/15/48	2,340		2,251
	B&G Foods Inc.
		5.25%, 04/01/25	715		690
	BAT Capital Corp.
		3.56%, (3M USD LIBOR + 0.88%), 08/15/22 (b)	4,689		4,665
	CK Hutchison International 17 Ltd.
		2.75%, 03/29/23 (c)	1,500		1,481
	Cott Holdings Inc.
		5.50%, 04/01/25 (c)	695		701
	Embotelladora Andina SA
		5.00%, 10/01/23	1,650		1,725
	Energizer Holdings Inc.
		7.75%, 01/15/27 (c)	390		416
	ESAL GmbH
		6.25%, 02/05/23	3,500		3,553
	Grupo Bimbo SAB de CV
		5.95%, (callable at 100 beginning 04/17/23) (h)	1,900		1,945
	JBS Investments GmbH
		7.25%, 04/03/24	1,400		1,444
	JBS Investments II GmbH
		7.00%, 01/15/26 (c)	1,000		1,027
	JBS USA Lux SA
		6.75%, 02/15/28 (c)	1,015		1,052
	Kronos Acquisition Holdings Inc.
		9.00%, 08/15/23 (c)	330		284
	Marb BondCo Plc
		7.00%, 03/15/24	380		377
	Marfrig Holdings Europe BV
		6.88%, 01/19/25	5,200		5,048
	Matterhorn Merger Sub LLC
		8.50%, 06/01/26 (c)	300		260
	Minerva Luxembourg SA
		6.50%, 09/20/26	2,900		2,855
		5.88%, 01/19/28	1,700		1,575
	Pilgrim's Pride Corp.
		5.75%, 03/15/25 (c)	1,035		1,047
	Post Holdings Inc.
		5.50%, 03/01/25 (c)	1,025		1,037
	Qualitas Controladora SAB de CV
		5.60%, 10/23/28	2,000		2,030
	Smithfield Foods Inc.
		4.25%, 02/01/27 (c)	4,380		4,167
				47,669
Energy 2.9%
	AI Candelaria Spain SL
		7.50%, 12/15/28	1,850		1,925
	Antero Midstream Partners LP
		5.75%, 03/01/27 (c)	825		837
	APT Pipelines Ltd.
		4.25%, 07/15/27 (c)	5,000		5,069
	Bharat Petroleum Corp. Ltd.
		4.63%, 10/25/22	500		516
	Calfrac Holdings LP
		8.50%, 06/15/26 (c)	345		267
	Canacol Energy Ltd.
		7.25%, 05/03/25	4,100		4,085
	Cheniere Energy Partners LP
		5.25%, 10/01/25	945		966
		5.63%, 10/01/26 (c)	420		430
	CNX Midstream Partners LP
		6.50%, 03/15/26 (c)	1,020		987
	Continental Resources Inc.
		4.38%, 01/15/28	2,210		2,273
	Cosan Luxembourg SA
		7.00%, 01/20/27	490		520
	CSI Compressco LP
		7.50%, 04/01/25 (c)	855		821
			Shares/Par¹		Value ($)
	Delek & Avner Tamar Bond Ltd.
		5.41%, 12/30/25 (c)	500		510
	Delek & Avner Yam Tethys Ltd.
		5.08%, 12/30/23 (c)	400		407
	Enable Midstream Partners LP
		4.40%, 03/15/27	2,365		2,311
	Energy Transfer Partners LP
		4.75%, 01/15/26	480		502
	EQT Corp.
		3.90%, 10/01/27	4,480		4,193
	EQT Midstream Partners LP
		4.75%, 07/15/23	4,315		4,402
	Everest Acquisition Finance Inc.
		7.75%, 05/15/26 (c)	345		282
	Exterran Energy Solutions LP
		8.13%, 05/01/25	410		418
	Extraction Oil & Gas Inc.
		5.63%, 02/01/26 (c)	250		193
	Foresight Energy LLC
		11.50%, 04/01/23 (c)	760		622
	FTS International Inc.
		6.25%, 05/01/22	455		440
	Geopark Ltd.
		6.50%, 09/21/24	4,700		4,712
	Gran Tierra Energy Inc.
		6.25%, 02/15/25	3,400		3,247
	Gulfport Energy Corp.
		6.38%, 05/15/25	585		529
	Hess Infrastructure Partners LP
		5.63%, 02/15/26 (c)	1,500		1,526
	Hilcorp Energy I LP
		6.25%, 11/01/28 (c)	770		772
	Indian Oil Corp. Ltd.
		5.63%, 08/02/21	1,000		1,048
		5.75%, 08/01/23	2,590		2,795
	Indigo Natural Resources LLC
		6.88%, 02/15/26 (c)	550		487
	Kinder Morgan Energy Partners LP
		6.95%, 01/15/38	3,590		4,389
	Marathon Petroleum Corp.
		5.13%, 12/15/26 (c)	4,245		4,556
	MEG Energy Corp.
		7.00%, 03/31/24 (c)	365		340
	Moss Creek Resources Holdings Inc.
		7.50%, 01/15/26 (c)	355		328
	Nabors Industries Inc.
		5.75%, 02/01/25	395		354
	Oasis Petroleum Inc.
		6.88%, 03/15/22	315		318
	ONGC Videsh Ltd.
		4.63%, 07/15/24	2,800		2,910
	ONGC Videsh Vankorneft Pte Ltd.
		2.88%, 01/27/22	2,000		1,963
	Par Petroleum LLC
		7.75%, 12/15/25 (c)	655		608
	Parsley Energy LLC
		5.63%, 10/15/27 (c)	700		696
	Peabody Energy Corp.
		6.00%, 03/31/22 (c)	1,095		1,102
	Petrobras Global Finance BV
		6.90%, 03/19/49	2,000		1,980
	Petroleos Mexicanos
		6.50%, 06/02/41	1,900		1,720
	PTTEP Treasury Center Co. Ltd.
		4.60%, (callable at 100 beginning 07/17/22) (h)	600		594
	QEP Resources Inc.
		5.25%, 05/01/23	340		322
		5.63%, 03/01/26	365		332
	Regency Energy Partners LP
		4.50%, 11/01/23	4,200		4,376
	Reliance Holding USA Inc.
		5.40%, 02/14/22	4,000		4,192
	Sabine Pass Liquefaction LLC
		5.00%, 03/15/27	4,170		4,420

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Sinopec Group Overseas Development 2016 Ltd.
		2.75%, 05/03/21	4,500		4,473
	Sunoco LP
		5.50%, 02/15/26	590		585
		6.00%, 04/15/27 (c)	310		311
	Tapstone Energy LLC
		9.75%, 06/01/22 (c)	305		223
	Targa Resource Corp.
		6.50%, 07/15/27 (c)	260		281
	Targa Resources Partners LP
		5.88%, 04/15/26 (c)	720		762
	Tecila SA
		6.95%, 07/21/27	1,500		1,328
	TerraForm Power Operating LLC
		4.25%, 01/31/23 (c)	665		658
	Transocean Guardian Ltd.
		5.88%, 01/15/24 (c)	317		323
	Transocean Inc.
		7.25%, 11/01/25 (c)	355		351
	Transocean Poseidon Ltd.
		6.88%, 02/01/27 (c)	635		660
	Transocean Proteus Ltd.
		6.25%, 12/01/24 (c)	536		550
	Vine Oil & Gas LP
		8.75%, 04/15/23 (c)	380		303
	Weatherford International Ltd.
		9.88%, 02/15/24	340		245
	Whiting Petroleum Corp.
		6.63%, 01/15/26	1,060		1,043
	YPF SA
		8.50%, 07/28/25	4,000		3,880
				99,568
Financials 9.7%
	Acrisure LLC
		8.13%, 02/15/24 (c)	540		560
	AerCap Ireland Capital DAC
		3.50%, 01/15/25	4,595		4,431
	American Express Co.
		2.50%, 08/01/22	4,380		4,333
	Ardagh Packaging Finance Plc
		6.00%, 02/15/25 (c)	870		869
	ASP AMC Merger Sub Inc.
		8.00%, 05/15/25 (c)	485		216
	AssuredPartners Inc.
		7.00%, 08/15/25 (c)	940		871
	Athene Global Funding
		3.00%, 07/01/22 (c)	4,555		4,542
	Avation Capital SA
		6.50%, 05/15/21 (c)	560		560
	AXA Equitable Holdings Inc.
		3.90%, 04/20/23	4,305		4,402
	Banco BTG Pactual SA
		8.75%, (callable at 100 beginning 09/18/19) (h)	200		202
		7.75%, 02/15/29 (c)	5,200		5,163
	Banco de Credito e Inversiones
		4.00%, 02/11/23	2,450		2,483
	Banco de Reservas de la Republica Dominicana
		7.00%, 02/01/23	1,157		1,183
	Banco do Brasil SA
		6.25%, (callable at 100 beginning 04/15/24) (h)	6,600		5,915
	Banco Espirito Santo SA
		0.00%, 05/08/17 - 01/21/19, EUR (i) (j)	6,400		1,984
	Banco General SA
		4.13%, 08/07/27	600		590
	Banco GNB Sudameris SA
		6.50%, 04/03/27	300		310
	Banco Macro SA
		6.75%, 11/04/26 (b)	3,100		2,654
		6.75%, 11/04/26 (c)	800		679
	Banco Mercantil del Norte SA
		6.88%, (callable at 100 begininng 07/06/22) (h)	2,236		2,224
		7.63%, (callable at 100 beginning 01/06/28) (h)	4,000		3,989
		5.75%, 10/04/31 (b)	900		850
			Shares/Par¹		Value ($)
	Banco Santander Chile
		3.88%, 09/20/22	650		664
	Banco Santander SA
		3.74%, (3M USD LIBOR + 1.09%), 02/23/23 (b)	4,600		4,549
		5.95%, 10/01/28 (c)	1,850		1,895
	Bancolombia SA
		4.88%, 10/18/27	2,000		1,991
	Banistmo SA
		3.65%, 09/19/22 (c)	4,000		3,957
	Bank of America Corp.
		3.97%, 02/07/30	4,230		4,315
	Bank of Montreal
		3.80%, 12/15/32	3,710		3,593
	Bank of New Zealand
		3.50%, 02/20/24 (c)	4,260		4,321
	Bank of Nova Scotia
		3.40%, 02/11/24 (k)	3,160		3,203
	Barclays Plc
		4.06%, (3M USD LIBOR + 1.38%), 05/16/24 (b)	3,450		3,355
	BBVA Bancomer SA
		5.35%, 11/12/29	200		192
		5.13%, 01/18/33	7,700		7,085
	BDO Unibank Inc.
		2.95%, 03/06/23	5,000		4,923
	BNP Paribas SA
		3.38%, 01/09/25 (c)	4,945		4,849
	Brighthouse Financial Inc.
		3.70%, 06/22/27	4,580		4,122
	C&W Senior Financing DAC
		7.50%, 10/15/26	800		823
		7.50%, 10/15/26 (c)	1,500		1,544
		6.88%, 09/15/27	5,100		5,049
	Camelot Finance SA
		7.88%, 10/15/24 (c)	725		764
	Capital One Financial Corp.
		3.47%, (3M USD LIBOR + 0.72%), 01/30/23 (b)	1,115		1,098
	CFX Escrow Corp.
		6.00%, 02/15/24 (c)	375		391
		6.38%, 02/15/26 (c)	485		515
	Charles Schwab Corp.
		3.55%, 02/01/24	4,350		4,500
	Cimpor Financial Operations BV
		5.75%, 07/17/24	1,600		1,417
	Citigroup Inc.
		4.06%, (3M USD LIBOR + 1.43%), 09/01/23 (b)	2,200		2,237
		3.78%, (3M USD LIBOR + 1.10%), 05/17/24 (b)	4,465		4,489
	CNOOC Finance 2012 Ltd.
		3.88%, 05/02/22	3,000		3,056
	CNOOC Finance 2015 Ltd.
		3.75%, 05/02/23	4,630		4,723
	CNPC General Capital Ltd.
		3.95%, 04/19/22	500		511
	Commonwealth Bank of Australia
		3.44%, 06/04/24 (c)	4,905		4,921
	CommScope Finance LLC
		5.50%, 03/01/24 (c)	485		497
		6.00%, 03/01/26 (c)	195		201
	Continental Senior Trustee Ltd.
		5.50%, 11/18/20	4,500		4,652
	Credit Acceptance Corp.
		6.63%, 03/15/26 (c)	685		695
	Credit Agricole SA
		3.75%, 04/24/23 (c)	4,415		4,465
	Credit Suisse Group AG
		3.84%, (3M USD LIBOR + 1.24%), 06/12/24 (b) (c)	4,470		4,463
	Credito Real SAB de CV SOFOM ER
		9.13%, (callable at 100 beginning 11/29/22) (h) (l)	2,000		1,933
		9.50%, 02/07/26 (c)	2,700		2,850
	CSN Islands XII Corp.
		7.00%, (callable at 100 beginning 06/23/19) (h)	1,600		1,378
	CSN Resources SA
		7.63%, 02/13/23	1,600		1,608
	Dana Financing Luxembourg SARL
		5.75%, 04/15/25 (c)	695		695

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	DBS Group Holdings Ltd.
		3.60%, (callable at 100 beginning 09/07/21) (h)	3,950		3,891
	Discover Financial Services
		4.10%, 02/09/27	5,780		5,759
	ENA Norte Trust
		4.95%, 04/25/23	1,618		1,657
	Enel Finance International NV
		4.25%, 09/14/23 (c)	4,520		4,616
	Energuate Trust
		5.88%, 05/03/27	1,300		1,274
	Fondo Mivivienda SA
		3.50%, 01/31/23	5,500		5,528
	General Electric Capital Corp.
		5.88%, 01/14/38	4,110		4,405
	General Motors Financial Co. Inc.
		3.73%, (3M USD LIBOR + 0.93%), 04/13/20 (b)	8,000		8,011
	Gilex Holding SARL
		8.50%, 05/02/23	1,450		1,535
		8.50%, 05/02/23 (c)	600		635
	Global Bank Corp.
		5.13%, 10/30/19	1,500		1,513
	Goldman Sachs Group Inc.
		3.52%, (3M USD LIBOR + 0.78%), 10/31/22 (b)	2,540		2,527
		3.85%, (3M USD LIBOR + 1.17%), 05/15/26 (b)	2,890		2,835
	Grupo Aval Ltd.
		4.75%, 09/26/22	200		202
	GW Honos Security Corp.
		8.75%, 05/15/25 (c)	645		616
	Hexion US Finance Corp.
		6.63%, 04/15/20	320		267
	HSBC Holdings Plc
		3.98%, (3M USD LIBOR + 1.38%), 09/12/26 (b) (k)	6,455		6,461
	Icahn Enterprises LP
		6.25%, 02/01/22	325		334
		6.38%, 12/15/25	740		758
	Itau Unibanco Holding SA
		6.13%, (callable at 100 begininng 12/12/22) (h)	500		489
		6.50%, (callable at 100 begininng 03/19/23) (h)	4,400		4,341
	John Deere Capital Corp.
		3.45%, 01/10/24	2,095		2,158
	Level 3 Financing Inc.
		5.38%, 01/15/24	960		979
	Liberty Mutual Group Inc.
		6.50%, 05/01/42 (c)	5,350		6,622
	Lions Gate Capital Holdings LLC
		6.38%, 02/01/24 (c)	700		733
	Lloyds Banking Group Plc
		3.57%, 11/07/28	4,975		4,774
	Macquarie Group Ltd.
		3.19%, 11/28/23 (c)	2,200		2,171
		4.15%, 03/27/24 (c)	2,260		2,300
	Malayan Banking Bhd
		3.91%, 10/29/26 (b)	4,000		4,005
	Minejesa Capital BV
		4.63%, 08/10/30	1,420		1,376
		5.63%, 08/10/37	1,900		1,886
	Mitsubishi UFJ Financial Group Inc.
		3.36%, (3M USD LIBOR + 0.74%), 03/02/23 (b)	4,240		4,237
	Morgan Stanley
		3.59%, 07/22/28 (b)	4,900		4,866
	National Financial Partners Corp.
		6.88%, 07/15/25 (c)	1,090		1,043
	Navient Corp.
		6.50%, 06/15/22	880		918
	Oversea-Chinese Banking Corp. Ltd.
		4.00%, 10/15/24 (b)	2,000		2,008
	Petrobras Global Finance BV
		5.75%, 02/01/29	4,950		4,909
	Raizen Fuels Finance SA
		5.30%, 01/20/27	500		507
	Resideo Funding Inc.
		6.13%, 11/01/26 (c)	675		697
	Royal Bank of Scotland Group Plc
		3.50%, 05/15/23 (b) (k)	2,395		2,379
			Shares/Par¹		Value ($)
	Solera LLC
		10.50%, 03/01/24 (c)	275		298
	SPARC EM Ltd.
		0.00%, 12/05/22 (m)	8,542		7,883
	Springleaf Finance Corp.
		6.88%, 03/15/25	495		511
		7.13%, 03/15/26	180		183
	Sumitomo Mitsui Financial Group Inc.
		3.51%, (3M USD LIBOR + 0.74%), 01/17/23 (b)	6,340		6,340
	Sydney Airport Finance Co. Pty Ltd.
		3.38%, 04/30/25 (c)	2,650		2,622
		3.63%, 04/28/26 (c)	1,973		1,966
	Synchrony Financial
		3.95%, 12/01/27	4,925		4,637
	Syngenta Finance NV
		5.68%, 04/24/48 (l)	4,311		4,084
		5.68%, 04/24/48 (c)	200		189
	Temasek Financial I Ltd.
		2.38%, 01/23/23	5,500		5,439
	Tervita Escrow Corp.
		7.63%, 12/01/21 (c)	1,045		1,040
	Trident TPI Holdings Inc.
		6.63%, 11/01/25 (c)	620		578
	Unifin Financiera SAB de CV SOFOM ENR
		8.88%, (callable at 100 begininng 01/29/25) (h)	4,600		4,014
		7.38%, 02/12/26	1,300		1,222
	United Overseas Bank Ltd.
		3.88%, (callable at 100 beginning 10/19/23) (h)	3,400		3,263
		2.88%, 03/08/27 (b)	3,170		3,102
	USA Compression Partners LP
		6.88%, 04/01/26	705		722
		6.88%, 09/01/27 (c)	375		382
	Volkswagen Group of America Finance LLC
		4.25%, 11/13/23 (c)	4,750		4,891
	VTR Finance BV
		6.88%, 01/15/24	2,358		2,417
	Wand Merger Corp.
		8.13%, 07/15/23 (c)	605		623
	Wayne Merger Sub LLC
		8.25%, 08/01/23 (c)	1,070		1,099
	Westpac Banking Corp.
		3.40%, (3M USD LIBOR + 0.72%), 05/15/23 (b)	6,915		6,927
	Willis North America Inc.
		4.50%, 09/15/28	4,465		4,644
				336,797
Financials 0.0%
	Banco Bilbao Vizcaya Argentaria SA
		4.88%, 04/21/25	600		610
	SURA Asset Management SA
		4.88%, 04/17/24	1,100		1,140
				1,750
Health Care 1.4%
	AbbVie Inc.
		4.70%, 05/14/45	4,675		4,502
	Air Medical Merger Sub Corp.
		6.38%, 05/15/23 (c)	405		345
	AstraZeneca Plc
		2.38%, 06/12/22	4,545		4,486
	Avantor Inc.
		9.00%, 10/01/25 (c)	965		1,045
	Bausch Health Cos. Inc.
		5.75%, 08/15/27 (c)	160		164
	Baxalta Inc.
		4.00%, 06/23/25	1,191		1,222
	Becton Dickinson & Co.
		2.89%, 06/06/22	6,775		6,740
	Celgene Corp.
		4.35%, 11/15/47	4,555		4,464
	Centene Corp.
		4.75%, 01/15/25	1,175		1,199
	Centene Escrow I Corp.
		5.38%, 06/01/26 (c)	185		193
	Enterprise Merger Sub Inc.
		8.75%, 10/15/26 (c)	55		49

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Halfmoon Parent Inc.
		3.68%, (3M USD LIBOR + 0.89%), 07/15/23 (b) (c)	4,225		4,195
	HCA Inc.
		5.25%, 04/15/25	275		295
		5.38%, 09/01/26	1,535		1,614
		5.88%, 02/01/29	85		91
	MPH Acquisition Holdings LLC
		7.13%, 06/01/24 (c)	525		523
	Polaris Intermediate Corp.
		8.50%, 12/01/22 (c) (n)	575		570
	RegionalCare Hospital Partners Holdings Inc.
		8.25%, 05/01/23 (c)	215		229
	Select Medical Corp.
		6.38%, 06/01/21	1,130		1,134
	Takeda Pharmaceutical Co. Ltd.
		4.40%, 11/26/23 (c)	3,665		3,846
	Tenet Healthcare Corp.
		7.00%, 08/01/25	550		557
		6.25%, 02/01/27 (c)	605		629
	Valeant Pharmaceuticals International Inc.
		7.00%, 03/15/24 (c)	370		391
		9.25%, 04/01/26 (c)	660		723
		8.50%, 01/31/27 (c)	635		674
	Verscend Escrow Corp.
		9.75%, 08/15/26 (c)	739		738
	Vizient Inc.
		10.38%, 03/01/24 (c)	915		994
	WellCare Health Plans Inc.
		5.25%, 04/01/25	815		846
		5.38%, 08/15/26 (c)	540		565
	Zimmer Biomet Holdings Inc.
		2.70%, 04/01/20	4,234		4,223
				47,246
Industrials 1.8%
	Adani Ports & Special Economic Zone Ltd.
		3.95%, 01/19/22	2,100		2,106
	AECOM
		5.13%, 03/15/27	865		837
	Aeropuerto Internacional de Tocumen SA
		5.63%, 05/18/36	200		211
	Air Lease Corp.
		3.75%, 02/01/22	2,865		2,899
		2.75%, 01/15/23	1,930		1,883
	Allison Transmission Inc.
		5.00%, 10/01/24 (c)	695		693
	Avolon Holdings Funding Ltd.
		5.13%, 10/01/23 (c)	645		656
		5.25%, 05/15/24 (c)	850		875
	Beacon Roofing Supply Inc.
		4.88%, 11/01/25 (c)	1,105		1,050
	BOC Aviation Pte Ltd.
		3.73%, (3M USD LIBOR + 1.13%), 09/26/23 (b) (c)	4,475		4,488
	Bombardier Inc.
		6.00%, 10/15/22 (c)	315		318
		7.88%, 04/15/27 (c)	205		211
	Builders FirstSource Inc.
		5.63%, 09/01/24 (c)	1,065		1,050
	CSX Corp.
		3.80%, 11/01/46	4,815		4,547
	Delta Air Lines Inc.
		3.80%, 04/19/23	4,270		4,307
	Dun & Bradstreet Corp.
		6.88%, 08/15/26 (c)	415		423
	Empresa de Transporte de Pasajeros Metro SA
		4.75%, 02/04/24 (c)	1,062		1,121
		5.00%, 01/25/47 (c)	1,845		1,950
	FedEx Corp.
		4.75%, 11/15/45	4,129		4,099
	Fideicomiso PA Pacifico Tres
		8.25%, 01/15/35	700		740
	JSL Europe SA
		7.75%, 07/26/24	3,800		3,760
			Shares/Par¹		Value ($)
	KAR Auction Services Inc.
		5.13%, 06/01/25 (c)	770		760
	Kratos Defense & Security Solutions Inc.
		6.50%, 11/30/25 (c)	465		490
	Latam Airlines Pass-Through Trust
		4.20%, 11/15/27	1,489		1,466
	Latam Finance Ltd.
		7.00%, 03/01/26 (c)	1,000		1,018
	LATAM Finance Ltd.
		6.88%, 04/11/24	1,100		1,126
	Lima Metro Line 2 Finance Ltd.
		5.88%, 07/05/34	3,500		3,596
	Lockheed Martin Corp.
		4.70%, 05/15/46	4,000		4,497
	Masonite International Corp.
		5.63%, 03/15/23 (c)	255		261
		5.75%, 09/15/26 (c)	765		777
	Owens Corning Inc.
		4.40%, 01/30/48	2,545		2,098
	Penske Truck Leasing Co. LP
		3.40%, 11/15/26 (c)	75		72
		4.20%, 04/01/27 (c)	2,160		2,155
	Prime Security Services Borrower LLC
		9.25%, 05/15/23 (c)	982		1,032
	Stevens Holding Co. Inc.
		6.13%, 10/01/26 (c)	555		572
	Tempo Acquisition LLC
		6.75%, 06/01/25 (c)	1,015		1,026
	TransDigm Inc.
		6.25%, 03/15/26 (c)	605		627
		6.38%, 06/15/26	430		426
	Triumph Group Inc.
		7.75%, 08/15/25	735		702
	United Rentals North America Inc.
		6.50%, 12/15/26	795		837
	Waste Pro USA Inc.
		5.50%, 02/15/26 (c)	565		546
				62,308
Information Technology 0.6%
	Arrow Electronics Inc.
		3.88%, 01/12/28	2,420		2,335
	Ascend Learning LLC
		6.88%, 08/01/25 (c)	1,170		1,164
	Banff Merger Sub Inc.
		9.75%, 09/01/26 (c)	280		274
	CDK Global Inc.
		5.88%, 06/15/26	280		294
	Corning Inc.
		4.38%, 11/15/57	4,565		4,240
	Ensemble S Merger Sub Inc.
		9.00%, 09/30/23 (c)	1,042		1,082
	Fidelity National Information Services Inc.
		3.63%, 10/15/20	3,124		3,157
	First Data Corp.
		5.75%, 01/15/24 (c)	260		268
	Italics Merger Sub Inc.
		7.13%, 07/15/23 (c)	1,255		1,282
	Marvell Technology Group Ltd.
		4.20%, 06/22/23	4,435		4,524
	Project Homestake Merger Corp.
		8.88%, 03/01/23 (c)	350		267
	Radiate Holdco LLC
		6.88%, 02/15/23 (c)	75		74
	Refinitiv US Holdings Inc.
		6.25%, 05/15/26 (c)	480		486
		8.25%, 11/15/26 (c)	495		487
	SS&C Technologies Inc.
		5.50%, 09/30/27 (c)	590		596
				20,530
Materials 1.5%
	AK Steel Corp.
		7.63%, 10/01/21	205		206
		6.38%, 10/15/25	235		197

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Alcoa Nederland Holding BV
		6.13%, 05/15/28 (c)	1,010		1,039
	Anglo American Capital Plc
		4.50%, 03/15/28 (c)	4,720		4,717
	Ashland Inc.
		4.75%, 08/15/22 (d)	1,610		1,656
	Braskem SA
		6.45%, 02/03/24	400		435
	Crown Americas LLC
		4.50%, 01/15/23	650		656
		4.75%, 02/01/26	1,090		1,095
	DowDuPont Inc.
		5.42%, 11/15/48	3,660		4,157
	Flex Acquisition Co. Inc.
		6.88%, 01/15/25 (c)	585		561
	Freeport-McMoRan Inc.
		5.40%, 11/14/34	3,230		2,944
		5.45%, 03/15/43	4,050		3,541
	Fresnillo Plc
		5.50%, 11/13/23	2,000		2,098
	Hexion Inc.
		10.38%, 02/01/22 (c)	120		101
	Inversiones CMPC SA
		4.50%, 04/25/22	1,500		1,530
	Mexichem SAB de CV
		5.88%, 09/17/44	800		791
	Mosaic Co.
		4.05%, 11/15/27	4,520		4,518
	Nexa Resources SA
		5.38%, 05/04/27	700		722
	Nutrien Ltd.
		4.20%, 04/01/29	3,970		4,091
	Packaging Corp. of America
		3.40%, 12/15/27	2,220		2,160
	Schweitzer-Mauduit International Inc.
		6.88%, 10/01/26 (c)	485		490
	Sociedad Quimica y Minera de Chile SA
		4.38%, 01/28/25	400		402
	Starfruit Finco BV
		8.00%, 10/01/26 (c)	175		176
	SunCoke Energy Inc.
		7.50%, 06/15/25 (c)	950		964
	Tecnoglass Inc.
		8.20%, 01/31/22	400		421
	UPL Corp. Ltd.
		3.25%, 10/13/21	1,000		988
		4.50%, 03/08/28	1,850		1,804
	Vedanta Resources Plc
		7.13%, 05/31/23	500		489
		6.13%, 08/09/24	5,300		4,856
	Votorantim Cimentos SA
		7.25%, 04/05/41	600		659
	WRKCo. Inc.
		3.75%, 03/15/25	4,360		4,388
				52,852
Real Estate 1.1%
	Alexandria Real Estate Equities Inc.
		4.00%, 01/15/24	3,345		3,462
	American Tower Corp.
		3.38%, 10/15/26	5,000		4,882
		3.60%, 01/15/28	4,495		4,433
	Boston Properties LP
		3.20%, 01/15/25	4,025		3,995
	Crown Castle International Corp.
		3.65%, 09/01/27	9,595		9,452
	ESH Hospitality Inc.
		5.25%, 05/01/25 (c)	1,240		1,231
	MGM Growth Properties Operating Partnership LP
		5.75%, 02/01/27 (c)	540		558
		4.50%, 01/15/28	680		640
	MPT Operating Partnership LP
		5.25%, 08/01/26	125		129
		5.00%, 10/15/27	1,375		1,399
			Shares/Par¹		Value ($)
	Ontario Teachers' Cadillac Fairview Properties Trust
		4.13%, 02/01/29 (c)	4,155		4,364
	Welltower Inc.
		3.95%, 09/01/23	4,425		4,590
				39,135
Utilities 3.6%
	AEP Transmission Co. LLC
		3.10%, 12/01/26	2,000		1,983
	AES Andres BV
		7.95%, 05/11/26	4,014		4,225
	AES Gener SA
		5.00%, 07/14/25	200		203
		7.13%, 03/26/79 (c)	2,900		2,965
	Ameren Corp.
		3.65%, 02/15/26	5,000		5,075
	Boston Gas Co.
		3.15%, 08/01/27 (c)	5,000		4,892
	Brooklyn Union Gas Co.
		4.49%, 03/04/49 (c)	4,305		4,614
	Celeo Redes Operacion Chile SA
		5.20%, 06/22/47	590		575
		5.20%, 06/22/47 (c)	3,932		3,824
	Cleveland Electric Illuminating Co.
		3.50%, 04/01/28 (c)	1,500		1,471
	Colbun SA
		3.95%, 10/11/27	200		196
	Cometa Energia SAB de CV
		6.38%, 04/24/35	7,106		6,944
	Duke Energy Corp.
		3.15%, 08/15/27	5,000		4,921
		3.95%, 08/15/47	3,390		3,270
	Duquesne Light Holdings Inc.
		3.62%, 08/01/27 (c)	5,000		4,912
	E.CL SA
		5.63%, 01/15/21	1,000		1,034
	Emirates Sembcorp Water & Power Co. PJSC
		4.45%, 08/01/35 (c)	1,000		1,003
	Empresa Electrica Angamos SA
		4.88%, 05/25/29	1,004		1,013
	Empresa Electrica Guacolda SA
		4.56%, 04/30/25	2,785		2,641
	Eversource Energy
		2.90%, 10/01/24	4,000		3,970
	Exelon Corp.
		3.40%, 04/15/26	5,712		5,710
	Fermaca Enterprises S de RL de CV
		6.38%, 03/30/38	4,509		4,560
	Fortis Inc.
		2.10%, 10/04/21	4,900		4,782
	GNL Quintero SA
		4.63%, 07/31/29	2,700		2,762
	Inkia Energy Ltd.
		5.88%, 11/09/27	2,800		2,737
		5.88%, 11/09/27 (c)	200		195
	Israel Electric Corp. Ltd.
		5.00%, 11/12/24 (c)	600		632
	ITC Holdings Corp.
		3.25%, 06/30/26	3,000		2,952
	LLPL Capital Pte Ltd.
		6.88%, 02/04/39 (c)	3,000		3,242
	Mexico Generadora de Energia S. de RL
		5.50%, 12/06/32	2,410		2,430
	NextEra Energy Capital Holdings Inc.
		3.55%, 05/01/27	7,170		7,220
	NSTAR Electric Co.
		3.20%, 05/15/27	5,000		5,008
	Orazul Energy Egenor S. en C. Por A.
		5.63%, 04/28/27	1,700		1,653
	Pampa Energia SA
		7.50%, 01/24/27	4,800		4,224
	PSEG Power LLC
		3.85%, 06/01/23	3,385		3,469
	Southwestern Electric Power Co.
		2.75%, 10/01/26	3,000		2,855

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Star Energy Geothermal Wayang Windu Ltd.
		6.75%, 04/24/33	2,359		2,365
		6.75%, 04/24/33 (c)	197		197
	Stoneway Capital Corp.
		10.00%, 03/01/27	3,332		3,278
	Superior Plus LP
		7.00%, 07/15/26 (c)	955		970
	Transelec SA
		4.63%, 07/26/23	716		734
		3.88%, 01/12/29 (c)	2,500		2,424
	Vistra Operations Co. LLC
		5.50%, 09/01/26 (c)	520		541
		5.63%, 02/15/27 (c)	955		993
				125,664
	Total Corporate Bonds And Notes (cost $956,390)			950,761
SENIOR LOAN INTERESTS 4.1%
Communication Services 0.3%
	CBS Radio Inc.
		Term Loan B, 5.25%, (3M LIBOR + 2.75%), 11/18/24 (b)	573		556
	Cincinnati Bell Inc.
		Term Loan, 5.75%, (3M LIBOR + 3.25%), 10/02/24 (b)	721		713
	CSC Holdings LLC
		Incremental Term Loan, 4.73%, (3M LIBOR + 2.25%), 01/31/26 (b)	175		170
		Term Loan B, 5.59%, (3M LIBOR + 3.00%), 05/07/27 (b)	460		457
	Digicel International Finance Ltd.
		Term Loan B, 5.88%, (3M LIBOR + 3.25%), 05/27/24 (b)	323		286
	GoodRx Inc.
		1st Lien Term Loan, 5.49%, (3M LIBOR + 3.00%), 10/10/25 (b)	703		694
	Greeneden US Holdings II LLC
		Term Loan B, 5.75%, (3M LIBOR + 3.25%), 12/01/23 (b)	870		857
	GTT Communications Inc.
		Term Loan B, 5.25%, (3M LIBOR + 2.75%), 04/27/25 (b)	1,359		1,278
	Intelsat Jackson Holdings SA
		Term Loan B-3, 6.24%, (3M LIBOR + 3.75%), 11/27/23 (b)	1,455		1,432
	Meredith Corp.
		Term Loan B, 5.25%, (3M LIBOR + 2.75%), 01/31/25 (b)	317		316
	Securus Technologies Holdings Inc.
		1st Lien Term Loan, 7.00%, (3M LIBOR + 4.50%), 06/20/24 (b)	845		839
		Delayed Draw Term Loan, 0.00%, (3M LIBOR + 4.50%), 11/01/24 (b) (e) (o)	220		216
	Speedcast International Ltd.
		Term Loan B, 5.35%, (3M LIBOR + 2.75%), 05/03/25 (b) (e)	438		424
	Uber Technologies
		Term Loan, 6.49%, (3M LIBOR + 4.00%), 04/04/25 (b)	881		880
				9,118
Consumer Discretionary 0.6%
	A-L Parent LLC
		1st Lien Term Loan, 5.75%, (3M LIBOR + 3.25%), 12/01/23 (b)	75		74
	Allied Universal Holdco LLC
		Term Loan, 6.24%, (3M LIBOR + 3.75%), 07/28/22 (b)	902		870
	American Tire Distributors Holdings Inc.
		Term Loan, 10.13%, (1M LIBOR + 7.50%), 10/01/21 (b)	475		423
	ARAMARK Services Inc.
		Term Loan B-3, 0.00%, (3M LIBOR + 1.75%), 03/01/25 (b) (o)	355		352
	Bass Pro Group LLC
		Term Loan B, 7.50%, (3M LIBOR + 5.00%), 11/15/23 (b)	154		151
			Shares/Par¹		Value ($)
	Caesars Entertainment Operating Co.
		Term Loan, 0.00%, (3M LIBOR + 2.00%), 04/03/24 (b) (o)	200		195
	Cengage Learning Acquisitions Inc.
		Term Loan B, 6.74%, (3M LIBOR + 4.25%), 06/07/23 (b)	780		700
	ClubCorp Holdings Inc.
		Term Loan B, 5.35%, (3M LIBOR + 2.75%), 08/16/24 (b)	1,101		1,039
	CSC Holdings LLC
		1st Lien Term Loan, 4.73%, (3M LIBOR + 2.25%), 07/15/25 (b)	435		422
	Delta 2 (LUX) SARL
		Term Loan, 4.99%, (3M LIBOR + 2.50%), 02/01/24 (b)	389		374
	Equinox Holdings Inc.
		1st Lien Term Loan, 5.50%, (1M LIBOR + 3.00%), 03/08/24 (b)	578		574
	ESH Hospitality Inc.
		Term Loan B, 0.00%, (3M LIBOR + 2.00%), 08/30/23 (b) (o)	210		208
	Explorer Holdings Inc.
		Term Loan B, 6.35%, (3M LIBOR + 3.75%), 05/02/23 (b)	1,321		1,307
	FrontDoor Inc.
		Term Loan B, 5.00%, (3M LIBOR + 2.50%), 08/16/25 (b)	296		294
	Garda World Security Corp.
		Term Loan, 6.12%, (3M LIBOR + 3.50%), 05/12/24 (b)	1,446		1,425
		Term Loan, 8.00%, (3M PRIME + 2.50%), 05/12/24 (b)	4		4
	Getty Images Inc.
		1st Lien Term Loan, 7.00%, (3M LIBOR + 4.50%), 02/13/26 (b)	145		143
	GOBP Holdings Inc.
		1st Lien Term Loan, 6.35%, (3M LIBOR + 3.75%), 10/22/25 (b)	821		811
	Hayward Industries Inc.
		1st Lien Term Loan, 6.00%, (3M LIBOR + 3.50%), 08/04/24 (b)	488		477
	Hilton Worldwide Finance LLC
		Term Loan B-2, 0.00%, (3M LIBOR + 1.75%), 10/25/23 (b) (o)	1,025		1,022
	Intrawest Resorts Holdings Inc.
		Term Loan B-1, 0.00%, (3M LIBOR + 3.00%), 06/28/24 (b) (o)	285		283
		Term Loan B-1, 5.50%, (3M LIBOR + 3.00%), 06/28/24 (b)	584		580
	IRB Holding Corp.
		1st Lien Term Loan, 5.74%, (3M LIBOR + 3.25%), 01/18/25 (b)	578		563
	Jo-Ann Stores Inc.
		Term Loan, 7.76%, (3M LIBOR + 5.00%), 09/29/23 (b)	721		718
	Lions Gate Capital Holdings LLC
		Term Loan B, 4.75%, (3M LIBOR + 2.25%), 03/20/25 (b)	302		297
	LTF Merger Sub Inc.
		Term Loan B, 5.38%, (3M LIBOR + 2.75%), 06/22/22 (b)	579		571
	Mavis Tire Express Services Corp.
		Delayed Draw Term Loan, 2.00%, (3M LIBOR + 3.25%), 03/15/25 (b) (e) (g)	24		23
		1st Lien Term Loan, 5.74%, (3M LIBOR + 3.25%), 03/15/25 (b) (e) (g)	932		906
		Delayed Draw Term Loan, 5.74%, (3M LIBOR + 3.25%), 03/15/25 (b) (e) (g)	3		3
	MGM Growth Properties Operating Partnership LP
		Term Loan B, 0.00%, (3M LIBOR + 2.00%), 04/20/23 (b) (o)	370		365
	PetSmart Inc.
		Term Loan B-2, 5.49%, (3M LIBOR + 3.00%), 03/11/22 (b)	413		370
	Playa Resorts Holding BV
		Term Loan B, 5.25%, (3M LIBOR + 2.75%), 04/07/24 (b)	914		877

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Rentpath Inc.
		Term Loan, 7.25%, (3M LIBOR + 4.75%), 12/17/21 (b) (e)	650		485
	Scientific Games International Inc.
		Term Loan B-5, 5.31%, (3M LIBOR + 2.75%), 08/14/24 (b)	112		109
		Term Loan B-5, 5.33%, (3M LIBOR + 2.75%), 08/14/24 (b)	468		455
	SIWF Holdings Inc.
		1st Lien Term Loan, 6.74%, (3M LIBOR + 4.25%), 05/25/25 (b)	903		891
	Staples Inc.
		Term Loan B, 6.49%, (3M LIBOR + 4.00%), 08/15/24 (b)	495		490
	Stars Group Holdings BV
		Incremental Term Loan, 6.10%, (3M LIBOR + 3.50%), 06/29/25 (b)	323		322
	Tenneco Inc.
		Term Loan B, 5.24%, (3M LIBOR + 2.75%), 10/01/25 (b)	516		492
	UFC Holdings LLC
		1st Lien Term Loan, 5.75%, (3M LIBOR + 3.25%), 07/22/23 (b)	1,064		1,055
	Wand NewCo 3 Inc.
		1st Lien Term Loan, 5.98%, (3M LIBOR + 3.50%), 01/23/26 (b)	264		264
				20,984
Consumer Staples 0.1%
	8th Avenue Food & Provisions Inc.
		1st Lien Term Loan, 6.24%, (3M LIBOR + 3.75%), 09/19/25 (b)	80		80
	BJ's Wholesale Club Inc.
		1st Lien Term Loan, 5.50%, (3M LIBOR + 3.00%), 01/26/24 (b)	968		965
	CHG PPC Parent LLC
		Term Loan B, 5.25%, (3M LIBOR + 2.75%), 03/16/25 (b)	928		912
	CSM Bakery Solutions LLC
		1st Lien Term Loan, 6.80%, (1M LIBOR + 4.00%), 07/22/20 (b) (e)	907		864
	KIK Custom Products Inc.
		Term Loan B, 6.50%, (3M LIBOR + 4.00%), 08/26/22 (b)	565		527
		Term Loan B, 6.50%, (3M LIBOR + 4.00%), 08/26/22 (b) (e)	358		333
				3,681
Energy 0.3%
	Brazos Delaware II LLC
		Term Loan B, 6.49%, (3M LIBOR + 4.00%), 05/16/25 (b)	908		860
	Covia Holdings Corp.
		Term Loan, 6.16%, (3M LIBOR + 3.75%), 05/17/25 (b)	426		363
	EG Finco Ltd.
		Term Loan, 6.60%, (3M LIBOR + 4.00%), 06/30/25 (b)	1,422		1,387
	EG Group Ltd.
		Term Loan B, 6.60%, (3M LIBOR + 4.00%), 02/01/25 (b)	218		212
	ExGen Renewables IV LLC
		Term Loan B, 5.63%, (1M LIBOR + 3.00%), 11/15/24 (b)	126		118
	Foresight Energy LLC
		1st Lien Term Loan, 8.38%, (1M LIBOR + 5.75%), 03/16/22 (b)	1,414		1,379
	Frontera Generation Holdings LLC
		Term Loan B, 6.73%, (3M LIBOR + 4.25%), 04/25/25 (b)	903		892
		Term Loan B, 6.73%, (3M LIBOR + 4.25%), 04/25/25 (b) (e)	97		96
	Gavilan Resources LLC
		2nd Lien Term Loan, 8.49%, (3M LIBOR + 6.00%), 02/24/24 (b)	185		144
	Johnson Controls International Plc
		Term Loan B, 0.00%, (3M LIBOR + 3.50%), 03/13/26 (b) (o)	1,125		1,112
			Shares/Par¹		Value ($)
	Lucid Energy Group II LLC
		1st Lien Term Loan, 5.49%, (3M LIBOR + 3.00%), 01/31/25 (b)	916		865
	Oryx Southern Delaware Holdings LLC
		Term Loan, 5.75%, (3M LIBOR + 3.25%), 02/26/25 (b)	1,183		1,142
	PowerTeam Services LLC
		1st Lien Term Loan, 5.85%, (3M LIBOR + 3.25%), 02/28/25 (b)	748		712
	Prairie ECI Acquiror LP
		Term Loan B, 7.37%, (3M LIBOR + 4.75%), 03/07/26 (b)	290		290
	Traverse Midstream Partners LLC
		Term Loan, 6.50%, (3M LIBOR + 4.00%), 09/22/24 (b)	1,030		1,027
	U.S. Silica Co.
		Term Loan B, 6.50%, (3M LIBOR + 4.00%), 04/12/25 (b)	229		216
	Ultra Resources Inc.
		1st Lien Term Loan, 6.49%, (3M LIBOR + 4.00%), 04/14/24 (b)	475		410
				11,225
Financials 0.4%
	Acrisure LLC
		Term Loan B, 6.38%, (3M LIBOR + 3.75%), 11/07/23 (b)	283		279
		Term Loan B, 6.88%, (3M LIBOR + 4.25%), 11/22/23 (b)	1,356		1,345
	Alera Group Holdings Inc.
		Term Loan B, 7.00%, (3M LIBOR + 4.50%), 07/26/25 (b) (e)	283		284
	AlixPartners LLP
		Term Loan B, 5.25%, (3M LIBOR + 2.75%), 03/28/24 (b)	390		387
	Altice France SA
		Term Loan B-13, 6.48%, (3M LIBOR + 4.00%), 07/13/26 (b)	444		425
	AssuredPartners Inc.
		1st Lien Term Loan, 5.75%, (3M LIBOR + 3.25%), 10/22/24 (b)	1,443		1,395
	Asurion LLC
		Term Loan B-6, 5.50%, (3M LIBOR + 3.00%), 11/03/23 (b)	576		573
		2nd Lien Term Loan, 9.00%, (3M LIBOR + 6.50%), 08/04/25 (b)	400		405
	BCP Renaissance Parent LLC
		Term Loan B, 6.24%, (3M LIBOR + 3.50%), 09/20/24 (b)	725		722
	Capri Finance LLC
		1st Lien Term Loan, 5.99%, (3M LIBOR + 3.25%), 10/04/24 (b) (e)	1,317		1,293
	Duff & Phelps Corp.
		Term Loan B, 5.75%, (1M LIBOR + 3.25%), 12/04/24 (b)	817		799
	Edelman Financial Group
		1st Lien Term Loan, 6.04%, (3M LIBOR + 3.25%), 06/26/25 (b)	120		119
		2nd Lien Term Loan, 9.54%, (3M LIBOR + 6.75%), 06/26/26 (b)	85		85
	GTCR Valor Cos. Inc.
		Term Loan B-1, 5.35%, (3M LIBOR + 2.75%), 06/30/23 (b)	1,379		1,366
	Gulf Finance LLC
		Term Loan B, 7.75%, (3M LIBOR + 5.25%), 08/25/23 (b)	727		577
		Term Loan B, 7.86%, (3M LIBOR + 5.25%), 08/25/23 (b)	435		345
	ION Trading Technologies SARL
		Incremental Term Loan B, 6.65%, (1M LIBOR + 4.00%), 11/21/24 (b)	589		570
	McDermott Technology Americas Inc.
		1st Lien Term Loan, 7.50%, (3M LIBOR + 5.00%), 04/04/25 (b)	443		424
	RPI Finance Trust
		Term Loan B-6, 0.00%, (3M LIBOR + 2.00%), 03/13/23 (b) (o)	360		358

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Sedgwick Claims Management Services Inc.
		Term Loan B, 5.75%, (3M LIBOR + 3.25%), 11/06/25 (b)	274		268
	Solera LLC
		Term Loan B, 5.25%, (3M LIBOR + 2.75%), 03/03/23 (b)	885		877
	TKC Holdings Inc.
		1st Lien Term Loan, 6.25%, (3M LIBOR + 3.75%), 02/08/23 (b)	909		890
	Travelport Finance Lux SARL
		Term Loan, 0.00%, (3M LIBOR + 5.00%), 03/18/26 (b) (o)	345		335
	York Risk Services Holding Corp.
		Term Loan B, 6.25%, (3M LIBOR + 3.75%), 10/01/21 (b)	885		826
				14,947
Health Care 0.5%
	Acadia Healthcare Co. Inc.
		Term Loan B-4, 5.00%, (3M LIBOR + 2.50%), 02/16/23 (b)	314		311
	Agiliti Health Inc.
		Term Loan, 5.50%, (3M LIBOR + 3.00%), 10/18/25 (b) (e)	310		309
	Air Methods Corp.
		Term Loan B, 6.10%, (3M LIBOR + 3.50%), 04/12/24 (b)	713		532
	Auris Luxembourg III SARL
		Term Loan B, 6.25%, (3M LIBOR + 3.75%), 07/23/25 (b)	685		684
	Change Healthcare Holdings Inc.
		Term Loan B, 0.00%, (3M LIBOR + 2.75%), 02/03/24 (b) (o)	140		138
		Term Loan B, 5.25%, (3M LIBOR + 2.75%), 02/02/24 - 02/03/24 (b)	731		720
	CHG Healthcare Services Inc.
		1st Lien Term Loan B, 0.00%, (3M LIBOR + 3.00%), 06/07/23 (b) (o)	285		283
		1st Lien Term Loan B, 5.66%, (3M LIBOR + 3.00%), 06/07/23 (b)	210		209
		1st Lien Term Loan B, 5.74%, (3M LIBOR + 3.00%), 06/07/23 (b)	375		373
	Concentra Inc.
		1st Lien Term Loan, 5.24%, (3M LIBOR + 2.75%), 06/01/22 (b)	447		443
	CVS Holdings I LP
		1st Lien Term Loan, 5.25%, (3M LIBOR + 2.75%), 02/01/25 (b) (e)	453		436
	DentalCorp Perfect Smile ULC
		1st Lien Term Loan, 6.25%, (3M LIBOR + 3.75%), 05/09/25 (b) (e)	719		700
		1st Lien Delayed Draw Term Loan, 6.25%, (3M LIBOR + 3.75%), 06/01/25 (b) (e)	132		129
	Equian LLC
		Term Loan B, 5.75%, (3M LIBOR + 3.25%), 05/20/24 (b)	1,426		1,397
	Gentiva Health Services Inc.
		1st Lien Term Loan, 6.25%, (3M LIBOR + 3.75%), 06/20/25 (b)	1,065		1,066
		2nd Lien Term Loan, 9.50%, (3M LIBOR + 7.00%), 06/21/26 (b)	365		372
	Global Medical Response Inc.
		Term Loan B-1, 5.74%, (3M LIBOR + 3.25%), 04/28/22 (b)	607		571
	Iqvia Holdings Inc.
		Term Loan B-2, 0.00%, (1M LIBOR + 2.00%), 01/17/25 (b) (o)	550		548
	Jaguar Holding Co. II
		Term Loan, 5.00%, (3M LIBOR + 2.50%), 08/18/22 (b)	578		572
	Kindred Healthcare Inc.
		1st Lien Term Loan, 7.50%, (3M LIBOR + 5.00%), 06/21/25 (b) (e)	602		588
	MPH Acquisition Holdings LLC
		Term Loan B, 5.35%, (3M LIBOR + 2.75%), 06/07/23 (b)	562		544
	Parexel International Corp.
		Term Loan B, 5.25%, (3M LIBOR + 2.75%), 08/06/24 (b)	593		570
			Shares/Par¹		Value ($)
	Radiology Partners Holdings LLC
		1st Lien Term Loan B, 6.87%, (3M LIBOR + 4.75%), 06/28/25 (b) (e)	554		555
		1st Lien Term Loan B, 7.05%, (3M LIBOR + 4.75%), 06/28/25 (b) (e)	554		555
		1st Lien Term Loan B, 7.34%, (3M LIBOR + 4.75%), 06/28/25 (b) (e)	37		37
	Select Medical Corp.
		Term Loan B, 4.99%, (3M LIBOR + 2.50%), 03/06/25 (b)	1,083		1,078
	Sound Inpatient Physicians
		1st Lien Term Loan, 5.25%, (3M LIBOR + 2.75%), 06/19/25 (b)	970		957
	U.S. Renal Care Inc.
		1st Lien Term Loan, 7.05%, (3M LIBOR + 4.25%), 11/17/22 (b)	912		910
	Valeant Pharmaceuticals International Inc.
		Term Loan B, 5.48%, (3M LIBOR + 3.00%), 05/19/25 (b)	194		193
		Term Loan B, 5.23%, (3M LIBOR + 2.75%), 11/26/25 (b)	513		507
	Verscend Holding Corp.
		Term Loan B, 7.00%, (3M LIBOR + 4.50%), 08/08/25 (b)	1,242		1,231
	VVC Holding Corp.
		Term Loan B, 7.20%, (3M LIBOR + 4.50%), 01/25/26 (b)	590		581
	Wink Holdco Inc.
		1st Lien Term Loan B, 5.50%, (3M LIBOR + 3.00%), 11/02/24 (b) (e)	296		286
				18,385
Industrials 0.7%
	Achilles Acquisition LLC
		Term Loan, 6.50%, (3M LIBOR + 4.00%), 10/02/25 (b) (e)	295		292
	American Airlines Inc.
		Incremental Term Loan, 4.48%, (3M LIBOR + 2.00%), 12/14/23 (b)	225		221
	Brand Energy & Infrastructure Services Inc.
		Term Loan, 6.90%, (3M LIBOR + 4.25%), 06/16/24 (b)	216		207
		Term Loan, 7.01%, (3M LIBOR + 4.25%), 06/16/24 - 06/17/24 (b)	248		236
	Brookfield WEC Holdings Inc.
		1st Lien Term Loan, 6.25%, (3M LIBOR + 3.75%), 07/26/25 (b)	363		362
	Comet Acquisition Inc.
		Term Loan, 6.10%, (3M LIBOR + 3.50%), 10/23/25 (b)	130		127
	Compass Power Generation LLC
		Term Loan B, 6.00%, (3M LIBOR + 3.50%), 12/20/24 (b)	1,282		1,281
	CPM Holdings Inc.
		1st Lien Term Loan, 6.25%, (3M LIBOR + 3.75%), 10/25/25 (b) (e)	130		128
	DAE Aviation Holdings Inc.
		1st Lien Term Loan, 6.24%, (3M LIBOR + 3.75%), 06/25/22 (b)	1,318		1,319
		Term Loan B, 0.00%, (3M LIBOR + 4.00%), 01/22/26 (b) (o)	143		143
		Term Loan, 0.00%, (3M LIBOR + 4.00%), 01/24/26 (b) (o)	77		77
	EAB Global Inc.
		1st Lien Term Loan, 6.41%, (3M LIBOR + 3.75%), 08/15/22 (b)	1,282		1,250
	EXC Holdings III Corp.
		1st Lien Term Loan, 6.10%, (1M LIBOR + 3.50%), 11/16/24 (b)	1,168		1,160
	Filtration Group Corp.
		1st Lien Term Loan, 0.00%, (3M LIBOR + 3.00%), 03/27/25 (b) (o)	50		50
		1st Lien Term Loan, 5.50%, (3M LIBOR + 3.00%), 03/27/25 (b)	747		742
	Gates Global LLC
		Term Loan B, 5.25%, (3M LIBOR + 2.75%), 04/01/24 (b)	1,179		1,163

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Harbor Freight Tools USA Inc.
		Term Loan B, 4.99%, (3M LIBOR + 2.50%), 08/16/23 (b)	689		672
	KAR Auction Services Inc.
		Term Loan B-5, 0.00%, (3M LIBOR + 2.50%), 03/06/23 (b) (o)	205		204
	KBR Inc.
		Term Loan B, 6.25%, (3M LIBOR + 3.75%), 03/29/25 (b) (e)	824		822
	Kenan Advantage Group Inc.
		Term Loan, 5.50%, (1M LIBOR + 3.00%), 07/22/22 (b)	544		534
	Milacron LLC
		Term Loan B, 5.00%, (3M LIBOR + 2.50%), 09/23/23 (b)	1,343		1,313
	Millennium Trust Company LLC
		Term Loan B, 0.00%, (3M LIBOR + 5.00%), 02/27/26 (b) (o)	1,195		1,176
	Monitronics International Inc.
		Term Loan B-2, 8.10%, (3M LIBOR + 5.50%), 09/30/22 (b)	246		205
	Pike Corp.
		Term Loan B, 6.00%, (3M LIBOR + 3.50%), 03/13/25 (b)	572		571
	Pisces Midco Inc.
		Term Loan, 6.55%, (3M LIBOR + 3.75%), 04/12/25 (b)	1,333		1,275
	PODS LLC
		1st Lien Term Loan, 5.24%, (3M LIBOR + 2.75%), 11/21/24 (b)	582		570
	Prime Security Services Borrower LLC
		1st Lien Term Loan, 5.25%, (3M LIBOR + 2.75%), 05/02/22 (b)	1,092		1,079
	SMG Holdings Inc.
		1st Lien Term Loan, 5.49%, (3M LIBOR + 3.00%), 01/11/25 (b)	660		651
	Southern Graphics Inc.
		Term Loan B, 5.75%, (1M LIBOR + 3.25%), 12/31/22 (b)	551		467
		Term Loan B, 5.83%, (1M LIBOR + 3.25%), 12/31/22 (b)	613		520
	Syncreon Global Finance (US) Inc.
		Term Loan B, 6.99%, (3M LIBOR + 4.25%), 10/28/20 (b)	510		329
	Titan Acquisition Ltd.
		Term Loan B, 5.50%, (3M LIBOR + 3.00%), 03/16/25 (b)	967		897
	TransDigm Inc.
		Term Loan F, 5.00%, (1M LIBOR + 2.50%), 06/09/23 (b)	768		750
		Term Loan E, 4.99%, (3M LIBOR + 2.50%), 05/14/25 (b)	740		719
	USIC Holdings Inc.
		Term Loan B, 5.75%, (3M LIBOR + 3.25%), 12/09/23 (b)	153		149
	Wand NewCo 3 Inc.
		1st Lien Term Loan, 5.98%, (3M LIBOR + 3.50%), 01/22/26 (b)	171		171
	WP CPP Holdings LLC
		Term Loan, 6.51%, (3M LIBOR + 3.75%), 04/30/25 (b)	866		858
	Yak Access LLC
		1st Lien Term Loan B, 7.50%, (3M LIBOR + 5.00%), 06/29/25 (b) (e)	252		214
				22,904
Information Technology 0.8%
	Access CIG LLC
		1st Lien Term Loan, 6.24%, (3M LIBOR + 3.75%), 02/14/25 (b)	862		850
	Almonde Inc.
		1st Lien Term Loan, 6.10%, (3M LIBOR + 3.50%), 04/26/24 (b)	162		156
		2nd Lien Term Loan, 9.85%, (3M LIBOR + 7.25%), 04/27/25 (b)	223		215
	Applied Systems Inc.
		1st Lien Term Loan, 5.50%, (3M LIBOR + 3.00%), 09/06/24 (b)	581		575
			Shares/Par¹		Value ($)
	Ascend Learning LLC
		Term Loan B, 5.50%, (3M LIBOR + 3.00%), 06/29/24 (b)	453		442
	Avaya Inc.
		Term Loan B, 6.73%, (3M LIBOR + 4.25%), 12/14/24 (b)	803		799
		Term Loan B, 6.85%, (3M LIBOR + 4.25%), 12/14/24 (b)	486		483
	Blackhawk Network Holdings Inc.
		1st Lien Term Loan, 5.50%, (3M LIBOR + 3.00%), 05/31/25 (b)	531		521
	BMC Software Finance Inc.
		Term Loan B, 6.85%, (3M LIBOR + 4.25%), 06/30/25 (b)	908		888
	Bright Bidco BV
		Term Loan B, 6.00%, (3M LIBOR + 3.50%), 06/28/24 (b)	229		176
		Term Loan B, 6.10%, (3M LIBOR + 3.50%), 06/28/24 (b)	475		366
	Cabot Microelectronics Corp.
		Term Loan B, 4.75%, (3M LIBOR + 2.25%), 11/01/25 (b) (e)	349		347
	Colorado Buyer Inc.
		Term Loan B, 5.60%, (1M LIBOR + 3.00%), 03/15/24 (b)	1,180		1,141
		2nd Lien Term Loan, 9.86%, (3M LIBOR + 7.25%), 05/01/25 (b)	185		167
	CommScope Inc.
		Term Loan B, 0.00%, (3M LIBOR + 3.25%), 02/07/26 (b) (o)	715		714
	Cvent Inc.
		1st Lien Term Loan, 6.25%, (3M LIBOR + 3.75%), 11/30/24 (b)	1,381		1,350
	Dell International LLC
		Term Loan B, 4.50%, (3M LIBOR + 2.00%), 09/07/23 (b)	429		424
	Dun & Bradstreet Corp.
		Term Loan, 7.49%, (6M LIBOR + 5.00%), 02/06/26 (b)	235		232
	Dynatrace LLC
		1st Lien Term Loan, 5.75%, (3M LIBOR + 3.25%), 08/08/25 (b)	313		312
	First Data Corp.
		Term Loan, 0.00%, (1M LIBOR + 2.00%), 04/26/24 (b) (o)	865		862
	Flexential Intermediate Corp.
		1st Lien Term Loan, 6.10%, (3M LIBOR + 3.50%), 07/24/24 (b)	1,005		917
	Flexera Software LLC
		1st Lien Term Loan, 5.75%, (3M LIBOR + 3.25%), 01/24/25 (b)	893		887
	Hyland Software Inc.
		Term Loan 3, 5.99%, (3M LIBOR + 3.50%), 07/01/24 (b)	142		142
		Term Loan 3, 6.00%, (3M LIBOR + 3.50%), 07/01/24 (b)	958		955
		2nd Lien Term Loan, 9.50%, (3M LIBOR + 7.00%), 05/24/25 (b)	270		269
	Informatica LLC
		Term Loan, 5.75%, (3M LIBOR + 3.25%), 08/06/22 (b)	890		888
	Information Resources Inc.
		1st Lien Term Loan, 7.13%, (3M LIBOR + 4.50%), 11/06/25 (b)	580		571
	Kronos Inc.
		Term Loan B, 5.74%, (3M LIBOR + 3.00%), 11/01/23 (b)	579		573
	Mitchell International Inc.
		1st Lien Term Loan, 5.75%, (3M LIBOR + 3.25%), 11/21/24 (b)	1,253		1,202
		2nd Lien Term Loan, 9.75%, (3M LIBOR + 7.25%), 12/01/25 (b)	160		156
	MLN US HoldCo LLC
		1st Lien Term Loan, 7.00%, (3M LIBOR + 4.50%), 07/13/25 (b)	1,096		1,075
		2nd Lien Term Loan, 11.25%, (3M LIBOR + 8.75%), 07/13/26 (b)	270		264

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Plantronics Inc.
		Term Loan B, 5.00%, (3M LIBOR + 2.50%), 06/01/25 (b)	661		647
	Project Alpha Intermediate Holding Inc.
		Term Loan B, 6.37%, (3M LIBOR + 3.50%), 04/26/24 (b)	879		855
	Refinitiv US Holdings Inc.
		Term Loan, 6.25%, (3M LIBOR + 3.75%), 09/12/25 (b)	1,152		1,118
	Renaissance Holding Corp.
		Term Loan, 5.75%, (3M LIBOR + 3.25%), 05/21/25 (b)	1,322		1,265
	Sirius Computer Solutions Inc.
		Term Loan, 6.75%, (3M LIBOR + 4.25%), 10/30/22 (b)	858		859
	Sophia LP
		Term Loan B, 0.00%, (1M LIBOR + 3.25%), 09/30/22 (b) (o)	320		318
		Term Loan B, 5.86%, (1M LIBOR + 3.25%), 09/30/22 (b)	562		558
	SS&C Technologies Inc.
		Term Loan B-5, 4.75%, (3M LIBOR + 2.25%), 04/16/25 (b)	612		606
	VeriFone Inc.
		1st Lien Term Loan, 6.68%, (3M LIBOR + 4.00%), 08/09/25 (b)	490		482
	Vertafore Inc.
		1st Lien Term Loan, 5.75%, (3M LIBOR + 3.25%), 06/04/25 (b)	1,119		1,097
	Web.com Group Inc.
		2nd Lien Term Loan, 10.24%, (3M LIBOR + 7.75%), 09/17/26 (b) (g)	230		226
				26,950
Materials 0.3%
	Aleris International Inc.
		Term Loan, 7.25%, (3M LIBOR + 4.75%), 04/15/23 (b)	690		688
	Avantor Inc.
		1st Lien Term Loan, 6.25%, (3M LIBOR + 3.75%), 09/22/24 (b)	1,372		1,373
	Berry Global Inc.
		Term Loan Q, 4.61%, (3M LIBOR + 2.00%), 10/01/22 (b)	75		75
	BOYD Corp.
		1st Lien Term Loan, 6.00%, (3M LIBOR + 3.50%), 08/15/25 (b)	206		198
	BWAY Holding Co.
		Term Loan B, 6.03%, (3M LIBOR + 3.25%), 04/03/24 (b)	509		496
	Forterra Finance LLC
		Term Loan B, 5.50%, (1M LIBOR + 3.00%), 10/25/23 (b)	766		703
	GrafTech Finance Inc.
		Term Loan B, 6.00%, (3M LIBOR + 3.50%), 02/01/25 (b)	708		705
	Klockner-Pentaplast of America Inc.
		Term Loan B-2, 6.75%, (3M LIBOR + 4.25%), 06/30/22 (b)	723		632
	Messer Industries GmbH
		Term Loan, 5.10%, (3M LIBOR + 2.50%), 10/10/25 (b)	550		538
	Phoenix Services International LLC
		Term Loan, 6.24%, (3M LIBOR + 3.75%), 01/29/25 (b)	461		457
	Pro Mach Group Inc.
		Term Loan B, 5.49%, (3M LIBOR + 2.75%), 03/07/25 (b)	692		668
	Reynolds Group Holdings Inc.
		Term Loan, 5.25%, (3M LIBOR + 2.75%), 02/05/23 (b)	1,183		1,169
	Schenectady International Group Inc.
		1st Lien Term Loan, 7.54%, (3M LIBOR + 4.75%), 08/21/25 (b)	220		219
	Solenis International LP
		1st Lien Term Loan, 6.63%, (3M LIBOR + 4.00%), 06/26/25 (b)	862		847
			Shares/Par¹		Value ($)
		1st Lien Term Loan, 6.49%, (3M LIBOR + 4.00%), 12/18/25 (b)	7		7
		2nd Lien Term Loan, 11.13%, (3M LIBOR + 8.50%), 06/18/26 (b) (e)	195		186
	Starfruit Finco BV
		Term Loan B, 0.00%, (3M LIBOR + 3.25%), 09/10/25 (b) (o)	640		630
		Term Loan B, 5.74%, (3M LIBOR + 3.25%), 09/20/25 (b)	231		227
	Vantage Specialty Chemicals Inc.
		1st Lien Term Loan, 6.00%, (3M LIBOR + 3.50%), 10/20/24 (b)	616		603
		1st Lien Term Loan, 6.13%, (3M LIBOR + 3.50%), 10/20/24 (b)	527		515
				10,936
Real Estate 0.0%
	Forest City Enterprises LP
		Term Loan B, 6.48%, (3M LIBOR + 4.00%), 10/24/25 (b)	529		530
Utilities 0.1%
	Edgewater Generation LLC
		Term Loan, 0.00%, (3M LIBOR + 3.75%), 11/29/25 (b) (o)	71		71
		Term Loan, 6.25%, (3M LIBOR + 3.75%), 11/29/25 (b)	569		567
	NEP/NCP Holdco Inc.
		1st Lien Term Loan, 5.75%, (3M LIBOR + 3.25%), 10/05/25 (b)	439		435
		2nd Lien Term Loan, 9.50%, (3M LIBOR + 7.00%), 10/05/26 (b)	90		88
				1,161
	Total Senior Loan Interests (cost $144,647)			140,821
GOVERNMENT AND AGENCY OBLIGATIONS 41.5%
Collateralized Mortgage Obligations 6.9%
	Federal Home Loan Mortgage Corp.
		Series 300-336, 3.00%, 08/15/44	39,935		39,879
		Interest Only, Series FH-S358A, 3.00%, 10/15/47	8,271		8,206
		Series JZ-1507, REMIC, 7.00%, 05/15/23	26		28
		Series LZ-2764, REMIC, 4.50%, 03/15/34	3,008		3,176
		Series T-A1-75, REMIC, 2.53%, (1M USD LIBOR + 0.04%), 12/25/36 (b)	81		81
		Series ZL-3979, REMIC, 3.50%, 01/15/42	4,871		4,961
		Series QD-4076, REMIC, 2.50%, 11/15/41	5,553		5,424
		Series AG-4729, REMIC, 3.00%, 01/15/44	25,110		25,005
		Series GS-PA-4381, REMIC, 3.00%, 07/15/46	27,636		27,755
	Federal National Mortgage Association
		Series 2006-3A2-5, REMIC, 4.39%, 05/25/35 (b)	21		22
		Series 2012-KB-150, REMIC, 1.75%, 01/25/43	25,842		24,799
		Principal Only, Series 2015-PO-67, REMIC, 0.00%, 09/25/43 (m)	13,276		10,814
		Series 2014-A-23, REMIC, 3.00%, 05/25/44	22,740		22,558
		Series 2016-CZ-72, REMIC, 3.00%, 10/25/46	18,164		16,884
		Principal Only, Series 2018-PO-21, REMIC, 0.00%, 04/25/48 (m)	34,694		27,450
		Series 2018-A-33, REMIC, 3.00%, 05/25/48	25,352		25,355
				242,397
Commercial Mortgage-Backed Securities 0.0%
	Federal Home Loan Mortgage Corp.
		Interest Only, Series X1-K023, REMIC, 1.26%, 08/25/22 (b)	28,393		1,020
Mortgage-Backed Securities 8.5%
	Federal Home Loan Mortgage Corp.
		4.43%, (1Y US Treasury Yield Curve Rate Treasury Note Constant Maturity + 2.36%), 07/01/27 (b)	—		—
		3.00%, 01/01/47	32,312		32,196
		3.00%, 08/01/46 - 06/01/47	127,946		127,508
		3.50%, 10/01/47	46,041		46,810
		4.00%, 10/01/48	22,390		23,159
	Federal National Mortgage Association
		3.89%, 07/01/21	2,563		2,635
		3.33%, 11/01/21	86		88
		3.16%, 05/01/22	10,314		10,477
		2.31%, 08/01/22	4,000		3,968
		4.50%, 05/01/19 - 07/01/42	8,420		8,807

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
		5.50%, 02/01/21 - 09/01/25	137		141
		4.00%, 04/01/19 - 01/01/46	13,676		14,094
		2.87%, 09/01/27	2,800		2,793
		4.39%, (12M USD LIBOR + 1.45%), 01/01/35 (b)	397		412
		4.42%, (1Y US Treasury Yield Curve Rate Treasury Note Constant Maturity + 2.24%), 01/01/36 (b)	4,464		4,701
		5.00%, 05/01/37 - 04/01/44	1,550		1,669
		3.73%, (12M US Federal Reserve Cumulative Average CMT + 1.40%), 09/01/40 (b)	1		1
		3.53%, (12M US Federal Reserve Cumulative Average CMT + 1.20%), 06/01/43 (b)	128		130
	Government National Mortgage Association
		3.62%, (1Y US Treasury Yield Curve Rate Treasury Note Constant Maturity + 1.50%), 05/20/26 - 05/20/30 (b)	20		20
		3.38%, (1Y US Treasury Yield Curve Rate Treasury Note Constant Maturity + 1.50%), 02/20/27 - 02/20/32 (b)	37		39
		5.00%, 02/15/38 - 07/15/41	10,261		10,967
		3.00%, 11/15/44 - 07/15/45	4,731		4,770
				295,385
Municipal 0.1%
	Missouri Highway & Transportation Commission
		5.06%, 05/01/24	1,150		1,271
	State of California
		7.55%, 04/01/39	1,570		2,384
				3,655
Sovereign 7.1%
	Argentina Republic Government International Bond
		6.88%, 01/26/27	3,700		2,979
		5.88%, 01/11/28	1,550		1,186
		6.63%, 07/06/28	1,150		901
	Australia Government Bond
		1.75%, 11/21/20, AUD	7,250		5,165
		5.50%, 04/21/23, AUD	1,710		1,409
		3.25%, 04/21/25, AUD	4,750		3,703
	Belgium Government Bond
		0.80%, 06/22/25, EUR (c)	1,900		2,248
		1.00%, 06/22/26, EUR (c)	4,930		5,910
	Bundesrepublik Deutschland
		0.00%, 08/15/26, EUR (m)	2,200		2,523
	Canada Government Bond
		2.25%, 02/01/21, CAD	2,200		1,668
		0.50%, 03/01/22, CAD	6,200		4,506
		1.50%, 06/01/23, CAD	3,500		2,618
	Chile Government International Bond
		3.13%, 03/27/25	8,000		8,112
	Colombia Government International Bond
		4.50%, 03/15/29	400		422
		5.20%, 05/15/49	500		537
	Czech Republic Government Bond
		0.45%, 10/25/23, CZK	185,000		7,570
		2.40%, 09/17/25, CZK	49,000		2,214
	France Government Bond OAT
		0.25%, 11/25/26, EUR	2,645		3,020
		1.00%, 05/25/27, EUR	2,735		3,299
	Hungary Government Bond
		0.50%, 04/21/21, HUF	1,030,000		3,579
		1.75%, 10/26/22, HUF	742,300		2,627
		2.50%, 10/24/24, HUF	1,039,600		3,739
	Indonesia Government International Bond
		4.88%, 05/05/21	2,500		2,591
	Ireland Government Bond
		5.40%, 03/13/25, EUR	2,900		4,288
		1.00%, 05/15/26, EUR	3,400		4,038
		0.90%, 05/15/28, EUR	1,590		1,862
	Israel Government Bond
		4.25%, 03/31/23, ILS	6,990		2,177
		1.75%, 08/31/25, ILS	6,450		1,817
	Japan Government Bond
		2.20%, 09/20/27, JPY	425,000		4,615
		2.10%, 12/20/27, JPY	349,000		3,775
		0.10%, 09/20/26 - 03/20/28, JPY	1,215,000		11,214
		1.90%, 12/20/28 - 03/20/31, JPY	655,000		7,162
			Shares/Par¹		Value ($)
		1.60%, 12/20/33, JPY	910,000		9,982
		1.50%, 06/20/34, JPY	350,000		3,797
		1.30%, 06/20/35, JPY	225,000		2,388
		1.20%, 09/20/35, JPY	335,000		3,510
		0.50%, 03/20/38, JPY	410,000		3,828
	Malaysia Sovereign Sukuk Bhd
		3.04%, 04/22/25	4,500		4,507
	Mexico Bonos
		8.00%, 06/11/20, MXN	42,900		2,209
		6.50%, 06/09/22, MXN	209,200		10,375
	Mexico Government International Bond
		4.00%, 10/02/23	5,000		5,143
		4.15%, 03/28/27	2,635		2,682
		3.75%, 01/11/28	4,050		3,920
	New Zealand Government Bond
		5.50%, 04/15/23, NZD	8,510		6,705
		2.75%, 04/15/25, NZD	5,000		3,640
	Panama Government International Bond
		4.00%, 09/22/24	7,500		7,819
	Peru Government International Bond
		6.95%, 08/12/31, PEN (c)	7,640		2,573
	Philippine Government International Bond
		4.20%, 01/21/24	8,600		9,077
	Poland Government Bond
		1.50%, 04/25/20, PLN	22,675		5,902
		2.25%, 04/25/22, PLN	10,200		2,687
		3.25%, 07/25/25, PLN	4,500		1,231
	Portugal Obrigacoes do Tesouro OT
		2.20%, 10/17/22, EUR (c)	3,900		4,739
		2.88%, 10/15/25, EUR (c)	6,160		7,936
	Provincia de Buenos Aires
		7.88%, 06/15/27	4,450		3,260
	South Africa Government Bond
		7.75%, 02/28/23, ZAR	42,375		2,935
		8.00%, 01/31/30, ZAR	150,850		9,630
	Spain Government Bond
		0.40%, 04/30/22, EUR	2,800		3,196
		0.35%, 07/30/23, EUR	4,690		5,326
		1.60%, 04/30/25, EUR (c)	3,250		3,904
				246,375
Treasury Inflation Indexed Securities 1.4%
	U.S. Treasury Inflation Indexed Note
		0.88%, 01/15/29 (p)	16,000		16,522
		1.00%, 02/15/46 (p)	31,232		31,862
				48,384
U.S. Treasury Securities 17.5%
	U.S. Treasury Bond
		2.75%, 11/15/42 - 11/15/47	25,340		25,071
		3.13%, 02/15/43	21,150		22,462
		3.63%, 08/15/43	20,750		23,892
		3.75%, 11/15/43	16,600		19,500
		3.00%, 05/15/47	14,000		14,543
	U.S. Treasury Note
		1.38%, 02/15/20 - 04/30/20	34,650		34,331
		1.63%, 06/30/20 - 02/15/26	38,540		37,675
		2.00%, 01/15/21 - 08/15/25	15,740		15,567
		1.75%, 04/30/22 - 06/30/22	40,560		39,978
		1.88%, 12/15/20 - 08/31/24	107,860		106,470
		2.63%, 02/28/23	27,100		27,507
		2.50%, 03/31/23 - 05/15/24	34,730		35,097
		2.75%, 04/30/23	31,650		32,293
		2.38%, 08/15/24	2,860		2,876
		2.13%, 09/30/24	33,350		33,110
		2.25%, 01/31/24 - 11/15/27	103,950		103,344
		3.00%, 09/30/25	30,650		31,933
		2.00%, 11/15/26	3,130		3,056
				608,705
	Total Government And Agency Obligations (cost $1,434,920)			1,445,921
OTHER EQUITY INTERESTS 0.0%
	General Motors Co. Escrow (g) (i) (q)		128		—
	T-Mobile USA Inc. Escrow (g) (i) (q)		375		—
	Total Other Equity Interests (cost $0)			—

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
SHORT TERM INVESTMENTS 4.8%
Investment Companies 0.9%
	JNL Government Money Market Fund - Institutional Class, 2.33% (r) (s)		32,321		32,321
Securities Lending Collateral 0.8%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.43% (r) (s)		27,723		27,723
Treasury Securities 3.1%
	U.S. Treasury Bill
		2.50%, 07/11/19 (t)	42,950		42,663
		2.49%, 09/05/19 (t)	17,750		17,567
		2.51%, 11/07/19 (t)	46,320		45,660
				105,890
	Total Short Term Investments (cost $165,875)			165,934
Total Investments 100.5% (cost $3,477,413)					3,497,103
Other Assets and Liabilities, Net (0.5)%					(16,119)
Total Net Assets 100.0%					3,480,984

(a) The Fund had an unfunded commitment at March 31, 2019. See the table of Unfunded Commitments in the Schedules of Investments.

(b) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of March 31, 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 reflects 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 Sub-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 JNL Series Trust's Board of Trustees. As of March 31, 2019, the value and the percentage of net assets of these liquid securities was $707,825 and 20.3%, respectively.

(d) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of March 31, 2019.

(e) The Sub-Adviser has deemed this security to be illiquid based on procedures approved by the JNL Series Trust's 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 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.

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

(i) Non-income producing security.

(j) 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) Convertible security.

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

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

(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) This senior loan will settle after March 31, 2019. The reference rate and spread presented will go into effect upon settlement.

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

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

(r) Investment in affiliate.

(s) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2019.

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


Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	COMM Mortgage Trust, Series 2017-E-PANW, 3.81%, 10/11/24	10/23/17	5,566	5,511	0.2
	GS Mortgage Securities Trust, Series 2016-WMB-GS3, 3.60%, 09/14/26	09/23/16	8,894	8,794	0.3
	Harley Marine Financing LLC, Series 2018-A2-1A, 5.68%, 05/15/22	05/11/18	1,708	1,470	—
	LCCM Mortgage Trust, Series 2014-MRC-PKMD REMIC, 2.86%, 11/18/19	09/27/17	5,254	5,226	0.1
	MSCG Trust, Series 2018-F-SELF, 5.53%, 10/15/20	10/10/18	5,349	5,329	0.2
			26,771	26,330	0.8

Unfunded Commitments

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
JNL/DoubleLine Emerging Markets Fixed Income Fund
CORPORATE BONDS AND NOTES 90.8%
Argentina 5.3%
	Adecoagro SA
		6.00%, 09/21/27	750		705
	Banco Macro SA
		6.75%, 11/04/26 (a)	4,800		4,109
		6.75%, 11/04/26 (b)	1,000		849
	Pampa Energia SA
		7.50%, 01/24/27	8,750		7,700
	Stoneway Capital Corp.
		10.00%, 03/01/27	4,998		4,917
	Tecila SA
		6.95%, 07/21/27	3,000		2,655
	YPF SA
		8.50%, 07/28/25	7,196		6,980
				27,915
Brazil 14.3%
	Banco BTG Pactual SA
		8.75%, (callable at 100 beginning 09/18/19) (c)	200		202
		7.75%, 02/15/29 (b)	7,700		7,646
	Banco do Brasil SA
		6.25%, (callable at 100 beginning 04/15/24) (c)	9,900		8,873
	Braskem SA
		6.45%, 02/03/24	800		871
	Cimpor Financial Operations BV
		5.75%, 07/17/24	2,300		2,037
	Cosan Overseas Ltd.
		8.25%, (callable at 100 beginning 08/05/19) (c)	2,500		2,553
	CSN Islands XII Corp.
		7.00%, (callable at 100 beginning 06/23/19) (c)	1,850		1,593
	CSN Resources SA
		7.63%, 02/13/23	2,800		2,815
	ESAL GmbH
		6.25%, 02/05/23	6,000		6,090
	Itau Unibanco Holding SA
		6.13%, (callable at 100 begininng 12/12/22) (c)	1,900		1,859
		6.50%, (callable at 100 begininng 03/19/23) (c)	5,000		4,933
	JBS Investments GmbH
		7.25%, 04/03/24	2,800		2,887
	JSL Europe SA
		7.75%, 07/26/24	5,650		5,591
	Marb BondCo Plc
		7.00%, 03/15/24	3,600		3,576
	Marfrig Holdings Europe BV
		8.00%, 06/08/23 (b)	700		724
		7.00%, 03/15/24 (b)	800		796
		6.88%, 01/19/25	3,700		3,592
	Minerva Luxembourg SA
		6.50%, 09/20/26	5,800		5,710
		5.88%, 01/19/28	2,600		2,408
	Petrobras Global Finance BV
		5.75%, 02/01/29	8,000		7,934
		6.90%, 03/19/49	750		742
	Raizen Fuels Finance SA
		5.30%, 01/20/27	1,000		1,015
	Votorantim Cimentos SA
		7.25%, 04/05/41	1,300		1,428
				75,875
Cayman Islands 1.7%
	SPARC EM Ltd.
		0.00%, 12/05/22 (d)	5,125		4,730
		0.00%, 12/05/22 (b) (d)	4,698		4,335
				9,065
Chile 7.9%
	AES Gener SA
		5.00%, 07/14/25	200		203
		7.13%, 03/26/79 (b)	4,300		4,396
	Banco de Credito e Inversiones
		4.00%, 02/11/23	500		507
	Celulosa Arauco y Constitucion SA
		4.75%, 01/11/22	1,000		1,027
			Shares/Par¹		Value ($)
	Embotelladora Andina SA
		5.00%, 10/01/23	3,000		3,137
	Empresa Electrica Angamos SA
		4.88%, 05/25/29	913		921
	Empresa Electrica Guacolda SA
		4.56%, 04/30/25	4,000		3,794
	Empresa Nacional de Electricidad SA
		4.25%, 04/15/24	1,125		1,145
	Empresa Nacional de Telecomunicaciones SA
		4.75%, 08/01/26	4,100		4,120
	Guanay Finance Ltd.
		6.00%, 12/15/20	765		774
	Inversiones CMPC SA
		4.50%, 04/25/22	1,500		1,530
	Latam Finance Ltd.
		7.00%, 03/01/26 (b)	2,900		2,951
	LATAM Finance Ltd.
		6.88%, 04/11/24	2,300		2,355
	S.A.C.I. Falabella
		3.75%, 04/30/23	5,600		5,612
	Sociedad Quimica y Minera de Chile SA
		4.38%, 01/28/25	369		370
	Telefonica Chile SA
		3.88%, 10/12/22	3,000		3,026
	Transelec SA
		4.63%, 07/26/23	795		815
	VTR Finance BV
		6.88%, 01/15/24	3,990		4,089
		6.88%, 01/15/24 (b)	898		920
				41,692
China 1.6%
	CNOOC Finance 2015 USA LLC
		3.50%, 05/05/25	3,000		3,037
	Sinopec Group Overseas Development 2017 Ltd.
		3.63%, 04/12/27 (b)	5,500		5,536
				8,573
Colombia 9.0%
	Banco Bilbao Vizcaya Argentaria SA
		4.88%, 04/21/25	1,000		1,017
	Banco GNB Sudameris SA
		6.50%, 04/03/27	800		826
	Bancolombia SA
		4.88%, 10/18/27	3,850		3,834
	Canacol Energy Ltd.
		7.25%, 05/03/25	7,600		7,571
		7.25%, 05/03/25 (b)	800		799
	Colombia Telecomunicaciones SA ESP
		8.50%, (callable at 100 beginning 03/30/20) (c)	1,300		1,345
	Ecopetrol SA
		5.88%, 09/18/23	3,500		3,823
	Fideicomiso PA Pacifico Tres
		8.25%, 01/15/35	1,000		1,058
	Geopark Ltd.
		6.50%, 09/21/24	7,000		7,017
	Gilex Holding SARL
		8.50%, 05/02/23	800		847
		8.50%, 05/02/23 (b)	2,200		2,329
	Gran Tierra Energy Inc.
		6.25%, 02/15/25	6,400		6,112
		6.25%, 02/15/25 (b)	300		287
	Grupo Aval Ltd.
		4.75%, 09/26/22	200		202
	Millicom International Cellular SA
		6.00%, 03/15/25	1,995		2,045
		6.63%, 10/15/26 (b)	600		629
		6.63%, 10/15/26	200		210
		5.13%, 01/15/28	3,200		3,060
		6.25%, 03/25/29 (b)	2,350		2,388
	SURA Asset Management SA
		4.88%, 04/17/24	2,300		2,383
				47,782
Costa Rica 0.1%
	Banco Nacional de Costa Rica
		5.88%, 04/25/21	736		738

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
Dominican Republic 1.5%
	AES Andres BV
		7.95%, 05/11/26	5,400		5,683
	Banco de Reservas de la Republica Dominicana
		7.00%, 02/01/23	2,244		2,294
				7,977
Guatemala 1.0%
	Comcel Trust via Comunicaciones Celulares SA
		6.88%, 02/06/24	2,700		2,804
	Energuate Trust
		5.88%, 05/03/27	1,000		980
		5.88%, 05/03/27 (b)	800		785
	Industrial Senior Trust
		5.50%, 11/01/22	800		810
				5,379
Hong Kong 0.9%
	CK Hutchison International 17 Ltd.
		3.50%, 04/05/27	1,600		1,595
		3.50%, 04/05/27 (b)	3,000		2,998
				4,593
India 8.7%
	Adani Ports & Special Economic Zone Ltd.
		3.95%, 01/19/22	3,000		3,009
	Bharti Airtel Ltd.
		4.38%, 06/10/25	8,000		7,870
	Indian Oil Corp. Ltd.
		5.63%, 08/02/21	2,500		2,619
		5.75%, 08/01/23	8,300		8,956
	ONGC Videsh Vankorneft Pte Ltd.
		3.75%, 07/27/26	10,000		9,782
	UPL Corp. Ltd.
		3.25%, 10/13/21	6,000		5,928
	Vedanta Resources Plc
		7.13%, 05/31/23	2,000		1,957
		6.13%, 08/09/24	6,500		5,956
				46,077
Indonesia 2.6%
	LLPL Capital Pte Ltd.
		6.88%, 02/04/39 (b)	4,400		4,755
	Minejesa Capital BV
		4.63%, 08/10/30	2,200		2,132
		5.63%, 08/10/37	2,900		2,878
	Star Energy Geothermal Wayang Windu Ltd.
		6.75%, 04/24/33	3,637		3,645
		6.75%, 04/24/33 (b)	196		197
				13,607
Ireland 2.2%
	C&W Senior Financing DAC
		7.50%, 10/15/26 (b)	3,000		3,088
		6.88%, 09/15/27	8,500		8,415
				11,503
Israel 0.5%
	Delek & Avner Tamar Bond Ltd.
		5.41%, 12/30/25 (b)	1,095		1,117
	Delek & Avner Yam Tethys Ltd.
		5.08%, 12/30/23 (b)	600		611
	Israel Electric Corp. Ltd.
		5.00%, 11/12/24 (b)	800		842
				2,570
Jamaica 0.2%
	Digicel Group Two Ltd.
		2.00%, 04/01/24 (b) (e)	5,000		1,320
Malaysia 2.5%
	Gohl Capital Ltd.
		4.25%, 01/24/27	10,500		10,446
	Malayan Banking Bhd
		3.91%, 10/29/26 (a)	3,000		3,004
				13,450
Mexico 12.2%
	Banco Mercantil del Norte SA
		6.88%, (callable at 100 begininng 07/06/22) (c)	1,800		1,791
			Shares/Par¹		Value ($)
		7.63%, (callable at 100 beginning 01/06/28) (c)	6,800		6,782
		5.75%, 10/04/31 (a)	2,200		2,079
	Banco Santander SA
		5.95%, 10/01/28 (b)	3,700		3,791
	BBVA Bancomer SA
		5.35%, 11/12/29	700		671
		5.13%, 01/18/33	10,700		9,846
	Cometa Energia SAB de CV
		6.38%, 04/24/35	10,630		10,387
	Credito Real SAB de CV SOFOM ER
		9.13%, (callable at 100 beginning 11/29/22) (c) (f)	3,750		3,623
		9.50%, 02/07/26 (b)	3,200		3,378
	Fresnillo Plc
		5.50%, 11/13/23	3,300		3,462
	Grupo Bimbo SAB de CV
		5.95%, (callable at 100 beginning 04/17/23) (c)	2,500		2,559
	Grupo Idesa SA de CV
		7.88%, 12/18/20	1,400		966
	Mexichem SAB de CV
		5.88%, 09/17/44	1,100		1,088
	Mexico Generadora de Energia S. de RL
		5.50%, 12/06/32	3,701		3,732
	Petroleos Mexicanos
		6.50%, 06/02/41	2,700		2,444
	Unifin Financiera SAB de CV SOFOM ENR
		8.88%, (callable at 100 begininng 01/29/25) (c)	8,350		7,285
		7.38%, 02/12/26	600		564
				64,448
Netherlands 1.6%
	AES Andres BV
		7.95%, 05/11/26 (b)	1,500		1,591
	Bharti Airtel International (Netherlands) BV
		5.13%, 03/11/23	4,800		4,956
	Petrobras Global Finance BV
		7.25%, 03/17/44	1,600		1,670
				8,217
Panama 3.1%
	Banco General SA
		4.13%, 08/07/27	800		786
	Banistmo SA
		3.65%, 09/19/22 (b)	1,600		1,583
	ENA Norte Trust
		4.95%, 04/25/23	6,347		6,500
	Global Bank Corp.
		4.50%, 10/20/21	7,500		7,568
		4.50%, 10/20/21 (b)	200		202
				16,639
Paraguay 0.2%
	Telefonica Celular del Paraguay SA
		5.88%, 04/15/27 (b)	1,200		1,218
Peru 2.7%
	Inkia Energy Ltd.
		5.88%, 11/09/27	6,000		5,865
	Nexa Resources SA
		5.38%, 05/04/27	1,000		1,031
	Orazul Energy Egenor S. en C. Por A.
		5.63%, 04/28/27	2,300		2,236
	Transportadora de Gas del Peru SA
		4.25%, 04/30/28	4,900		4,963
				14,095
Philippines 0.4%
	BDO Unibank Inc.
		2.95%, 03/06/23	2,000		1,969
Singapore 5.0%
	BPRL International Singapore Pte Ltd.
		4.38%, 01/18/27	8,500		8,543
	DBS Group Holdings Ltd.
		3.60%, (callable at 100 beginning 09/07/21) (c)	10,400		10,244
	United Overseas Bank Ltd.
		3.88%, (callable at 100 beginning 10/19/23) (c)	7,600		7,294
		3.50%, 09/16/26 (a)	500		500
				26,581

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
Spain 0.5%
	AI Candelaria Spain SL
		7.50%, 12/15/28	2,688		2,796
Switzerland 1.2%
	Syngenta Finance NV
		5.68%, 04/24/48 (f)	6,462		6,122
		5.68%, 04/24/48 (b)	388		368
				6,490
Thailand 0.0%
	PTTEP Treasury Center Co. Ltd.
		4.60%, (callable at 100 beginning 07/17/22) (c)	200		198
United States of America 3.9%
	Freeport-McMoRan Inc.
		5.40%, 11/14/34	6,800		6,197
		5.45%, 03/15/43	4,000		3,497
	JBS Investments II GmbH
		7.00%, 01/15/26 (b)	1,100		1,130
	Reliance Holding USA Inc.
		5.40%, 02/14/22	9,000		9,431
	Tecnoglass Inc.
		8.20%, 01/31/22	600		632
				20,887
	Total Corporate Bonds And Notes (cost $479,049)			481,654
GOVERNMENT AND AGENCY OBLIGATIONS 7.4%
Argentina 3.0%
	Argentina Republic Government International Bond
		6.88%, 01/26/27	7,200		5,796
		5.88%, 01/11/28	3,000		2,295
		6.63%, 07/06/28	2,250		1,763
	Provincia de Buenos Aires
		7.88%, 06/15/27	8,400		6,153
				16,007
Colombia 0.3%
	Colombia Government International Bond
		4.50%, 03/15/29	700		739
		5.20%, 05/15/49	600		644
				1,383
Costa Rica 0.4%
	Costa Rica Government International Bond
		10.00%, 08/01/20	1,930		2,019
Indonesia 2.1%
	Perusahaan Penerbit SBSN Indonesia III
		4.15%, 03/29/27	1,000		1,010
		4.15%, 03/29/27 (b)	9,900		9,999
				11,009
Mexico 0.5%
	Mexico Government International Bond
		4.15%, 03/28/27	2,000		2,035
		3.75%, 01/11/28	900		871
				2,906
Panama 1.1%
	Panama Government International Bond
		4.00%, 09/22/24	5,500		5,734
	Total Government And Agency Obligations (cost $42,948)			39,058
SHORT TERM INVESTMENTS 3.0%
Investment Companies 0.1%
	JNL Government Money Market Fund - Institutional Class, 2.33% (g) (h)		774		774
Securities Lending Collateral 2.9%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.43% (g) (h)		15,231		15,231
	Total Short Term Investments (cost $16,005)			16,005
Total Investments 101.2% (cost $538,002)					536,717
Other Assets and Liabilities, Net (1.2)%					(6,275)
Total Net Assets 100.0%					530,442

(a) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of March 31, 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 reflects the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security’s offering documents.

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

(e) 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.

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

(g) Investment in affiliate.

(h) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2019.

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹	Value ($)
JNL/DoubleLine Shiller Enhanced CAPE Fund (a)
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 44.7%
	5 Bryant Park Mortgage Trust
		Series 2018-F-5BP, 4.93%, (1M USD LIBOR + 2.45%), 06/15/20 (b) (c)	2,913	2,840
	AIMCO CLO Corp.
		Series 2014-AR-AA, 3.86%, (3M USD LIBOR + 1.10%), 07/20/26 (b) (c)	4,038	4,038
	Allegro CLO VII Ltd.
		Series 2018-A-1A, 3.89%, (3M USD LIBOR + 1.10%), 06/13/31 (b) (c)	3,000	2,955
	Alternative Loan Trust
		Series 2006-A16-19CB, REMIC, 6.00%, 08/25/36	1,382	1,206
		Series 2006-2A6-29T1, REMIC, 6.50%, 10/25/36	1,203	1,024
	Americold LLC Trust
		Series 2010-C-ARTA, REMIC, 6.81%, 01/14/21 (c)	410	430
	Anchorage Capital CLO 6 Ltd.
		Series 2015-AR-6A, 4.06%, 07/15/30 (c)	3,000	3,000
	Anchorage Capital CLO Ltd.
		Series 2014-A-5RA, 3.78%, (3M USD LIBOR + 0.99%), 01/15/30 (b) (c)	1,000	993
	Apollo Aviation Securitization Equity Trust
		Series 2018-A-1A, 3.84%, 09/16/23 (c)	2,664	2,662
	ArrowMark Colorado Holdings LLC
		Series 2018-A1-9A, 3.91%, (3M USD LIBOR + 1.12%), 07/15/31 (b) (c)	6,000	5,913
	Assurant CLO III Ltd.
		Series 2018-A-2A, 3.99%, (3M USD LIBOR + 1.23%), 10/20/31 (b) (c)	4,000	3,966
	Atlas Senior Loan Fund X Ltd.
		Series 2018-A-10A, 3.88%, (3M USD LIBOR + 1.09%), 01/15/31 (b) (c)	1,000	992
	Atrium Hotel Portfolio Trust
		Series 2017-E-ATRM, 5.53%, (1M USD LIBOR + 3.05%), 12/16/19 (b) (c)	1,692	1,698
		Series 2018-D-ATRM, 4.78%, (1M USD LIBOR + 2.30%), 06/15/21 (b) (c)	1,232	1,232
		Series 2018-E-ATRM, REMIC, 5.88%, (1M USD LIBOR + 3.40%), 06/15/21 (b) (c)	2,913	2,924
	Avant Loans Funding Trust
		Series 2018-A-B, 3.42%, 05/15/20 (c)	1,733	1,735
	Avery Point CLO Ltd.
		Series 2015-AR-6A, 3.78%, (3M USD LIBOR + 1.05%), 08/05/27 (b) (c)	2,000	1,997
	Banc of America Alternative Loan Trust
		Series 2005-2CB1-10, REMIC, 6.00%, 11/25/35	916	893
		Series 2006-3CB1-1, REMIC, 6.50%, 02/25/36	816	798
	Banc of America Funding Trust
		Series 2006-A1-D, REMIC, 4.14%, 05/20/36 (b)	3,845	3,712
	BANK 2017-BNK4
		Interest Only, Series 2017-XA-BNK4, REMIC, 1.44%, 05/17/50 (b)	16,043	1,318
	Bayview Opportunity Master Fund IIIB Trust
		Series 2018-A1-RN7, REMIC, 4.26%, 08/28/23 (c) (d)	5,087	5,077
	Bayview Opportunity Master Fund IVB Trust
		Series 2018-A1-SBR2, 3.84%, 04/28/23 (c) (d)	5,736	5,716
	BBCMS Trust
		Series 2015-D-STP, REMIC, 4.29%, 09/10/20 (b) (c)	425	425
		Series 2017-C-DELC, REMIC, 3.68%, (1M USD LIBOR + 1.20%), 08/15/19 (b) (c)	331	329
		Series 2017-D-DELC, REMIC, 4.18%, (1M USD LIBOR + 1.70%), 08/15/19 (b) (c)	377	376
		Series 2017-E-DELC, REMIC, 4.98%, (1M USD LIBOR + 2.50%), 08/15/19 (b) (c)	759	751
		Series 2017-F-DELC, REMIC, 5.98%, (1M USD LIBOR + 3.50%), 08/15/19 (b) (c)	756	748
		Series 2018-D-CBM, REMIC, 4.87%, (1M USD LIBOR + 2.39%), 07/15/20 (b) (c)	2,753	2,756
		Series 2014-E-BXO, REMIC, 6.23%, (1M USD LIBOR + 3.75%), 08/15/27 (b) (c)	2,669	2,669
		Interest Only, Series 2017-XA-C1, REMIC, 1.51%, 02/15/50 (b)	22,598	2,015
			Shares/Par¹	Value ($)
	BB-UBS Trust
		Series 2012-TE-TFT, REMIC, 3.56%, 06/05/20 (b) (e) (f)	3,283	3,106
	Bear Stearns Alt-A Trust
		Series 2006-31A1-4, REMIC, 4.03%, 07/25/36 (b)	5,044	4,868
	Benefit Street Partners CLO III Ltd.
		Series 2013-A1R-IIIA, 4.01%, (3M USD LIBOR + 1.25%), 07/20/29 (b) (c)	2,000	2,000
	BHMS Mortgage Trust
		Series 2018-C-ATLS, REMIC, 4.38%, (1M USD LIBOR + 1.90%), 07/15/20 (b) (c)	3,131	3,125
	BlueMountain CLO Ltd.
		Series 2013-A1R-1A, 4.16%, (3M USD LIBOR + 1.40%), 01/22/29 (b) (c)	1,000	1,000
	BX Commercial Mortgage Trust
		Series 2018-D-BIOA, REMIC, 3.80%, (1M USD LIBOR + 1.32%), 03/16/20 (b) (c)	810	808
		Series 2018-E-BIOA, REMIC, 4.43%, (1M USD LIBOR + 1.95%), 03/16/20 (b) (c)	2,025	2,025
	BX Trust
		Series 2017-D-IMC, 4.73%, (1M USD LIBOR + 2.25%), 10/15/19 (b) (c)	914	910
		Series 2017-E-IMC, 5.73%, (1M USD LIBOR + 3.25%), 10/15/19 (b) (c)	1,475	1,466
		Series 2018-F-MCSF, REMIC, 5.13%, (1M USD LIBOR + 2.65%), 04/15/20 (b) (e) (f)	2,887	2,862
		Series 2018-E-GW, REMIC, 4.45%, (1M USD LIBOR + 1.97%), 05/15/20 (b) (c)	968	969
		Series 2018-F-GW, REMIC, 4.90%, (1M USD LIBOR + 2.42%), 05/15/20 (b) (c)	839	841
		Series 2018-G-GW, REMIC, 5.40%, (1M USD LIBOR + 2.92%), 05/15/20 (b) (e) (f)	581	583
	Carbon Capital VI Commercial Mortgage Trust
		Series 2019-B-FL2, REMIC, 5.35%, (1M USD LIBOR + 2.85%), 11/18/21 (b) (c)	3,310	3,310
	Carbone CLO Ltd.
		Series 2017-A1-1A, 3.92%, (3M USD LIBOR + 1.14%), 01/21/31 (b) (c)	3,000	2,970
	Carlyle Global Market Strategies CLO Ltd.
		Series 2012-AR-4A, 4.23%, (3M USD LIBOR + 1.45%), 01/22/29 (b) (c)	1,000	1,000
	Carlyle US CLO Ltd.
		Series 2017-A1A-1A, 4.06%, (3M USD LIBOR + 1.30%), 04/21/31 (b) (c)	1,000	1,000
		Series 2017-A2-1A, 4.41%, (3M USD LIBOR + 1.65%), 04/21/31 (b) (c)	2,000	1,979
	CFCRE Commercial Mortgage Trust
		Interest Only, Series 2017-XA-C8, 1.66%, 06/15/50 (b)	16,364	1,547
		Interest Only, Series 2016-XA-C3, REMIC, 1.05%, 12/12/25 (b)	5,001	290
		Series 2016-C-C4, REMIC, 4.87%, 04/10/26 (b)	2,332	2,435
		Interest Only, Series 2016-XA-C4, REMIC, 1.73%, 05/10/58 (b)	16,887	1,564
	CFIP CLO Ltd.
		Series 2014-AR-1A, 4.12%, (3M USD LIBOR + 1.32%), 07/13/29 (b) (c)	7,500	7,501
	CGGS Commerical Mortgage Trust
		Series 2018-D-WSS, REMIC, 4.78%, (1M USD LIBOR + 2.30%), 02/18/20 (b) (c)	2,837	2,830
	CHT Mortgage Trust
		Series 2017-E-CSMO, REMIC, 5.48%, (1M USD LIBOR + 3.00%), 11/15/19 (b) (c)	761	763
		Series 2017-F-CSMO, REMIC, 6.22%, (1M USD LIBOR + 3.74%), 11/15/19 (b) (e) (f)	406	407
	CIM Trust
		Series 2016-A1-3, REMIC, 4.99%, (1M USD LIBOR + 2.50%), 02/25/56 (b) (c)	3,189	3,253
	Citigroup Commercial Mortgage Trust
		Series 2018-E-TBR, 5.28%, (1M USD LIBOR + 2.80%), 12/16/19 (b) (c)	4,739	4,754
		Series 2018-F-TBR, 6.13%, (1M USD LIBOR + 3.65%), 12/16/19 (b) (e) (f)	4,510	4,530
		Interest Only, Series 2014-XA-GC19, REMIC, 1.16%, 01/12/24 (b)	27,558	1,285
		Interest Only, Series 2014-XA-GC21, REMIC, 1.21%, 04/12/24 (b)	26,840	1,305

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹	Value ($)
	Series 2015-C-GC27, REMIC, 4.43%, 01/10/25 (b)	828	837
	Series 2015-C-GC35, REMIC, 4.65%, 11/10/25	311	314
	Interest Only, Series 2015-XA-GC35, REMIC, 0.87%, 11/10/48 (b)	3,968	153
	Interest Only, Series 2016-XA-GC36, REMIC, 1.29%, 02/10/49 (b)	4,206	287
	Interest Only, Series 2016-XA-GC37, REMIC, 1.78%, 04/10/49 (b)	4,348	417
	Interest Only, Series 2016-XA-P3, REMIC, 1.70%, 04/15/49 (b)	7,628	643
	Interest Only, Series 2016-XA-P5, REMIC, 1.53%, 09/14/26 (b)	11,246	898
	Interest Only, Series 2017-XA-P7, REMIC, 1.13%, 04/14/50 (b)	13,680	940
Citigroup Mortgage Loan Trust Inc.
	Series 2018-A1-C, 4.13%, 03/25/59 (c)	9,823	9,878
	Series 2018-A1-A, REMIC, 4.00%, 01/25/68 (c) (d)	14,690	15,035
CitiMortgage Alternative Loan Trust
	Series 2006-1A13-A3, REMIC, 6.00%, 07/25/36	1,350	1,292
Civic Mortgage LLC
	Series 2018-A1-1, 3.89%, 08/25/19 (c) (d)	5,073	5,062
CLNS Trust
	Series 2017-D-IKPR, 4.54%, (1M USD LIBOR + 2.05%), 06/13/19 (b) (c)	973	974
	Series 2017-E-IKPR, 5.99%, (1M USD LIBOR + 3.50%), 06/13/19 (b) (c)	973	977
	Series 2017-F-IKPR, 6.99%, (1M USD LIBOR + 4.50%), 06/13/19 (b) (e) (f)	973	977
COBALT CMBS Commercial Mortgage Trust
	Series 2007-AJFX-C2, REMIC, 5.57%, 04/17/47 (b)	5	5
Colony Starwood Homes Trust
	Series 2016-D-2A, REMIC, 4.83%, (1M USD LIBOR + 2.35%), 12/19/33 (b) (c)	624	623
COLT Funding LLC
	Series 2018-A1-1, REMIC, 2.93%, 02/25/48 (b) (c)	4,538	4,528
COMM Mortgage Trust
	Series 2018-D-HCLV, 4.66%, (1M USD LIBOR + 2.18%), 09/15/20 (b) (c)	197	197
	Series 2016-C-CR28, REMIC, 4.65%, 12/12/25 (b)	405	424
	Interest Only, Series 2015-XA-CR26, REMIC, 0.96%, 10/10/48 (b)	5,072	248
	Series 2013-D-LC13, REMIC, 5.27%, 09/12/23 (b) (c)	1,483	1,454
	Interest Only, Series 2015-XA-CR27, REMIC, 1.12%, 09/12/25 (b)	12,297	601
	Interest Only, Series 2015-XA-LC21, REMIC, 0.77%, 07/10/48 (b)	22,706	740
	Interest Only, Series 2015-XA-CR25, REMIC, 0.91%, 08/10/48 (b)	22,953	1,010
Commercial Mortgage Loan Trust
	Interest Only, Series 2013-XA-CR12, REMIC, 1.17%, 10/10/46 (b)	34,905	1,526
Commercial Mortgage Pass-Through Certificates
	Interest Only, Series 2014-XA-UBS3, REMIC, 1.25%, 05/10/24 (b)	38,376	1,558
	Series 2015-C-LC23, REMIC, 4.65%, 10/10/25 (b)	306	320
Commercial Mortgage Trust
	Interest Only, Series 2017-XA-CD4, REMIC, 1.32%, 04/12/27 (b)	18,297	1,398
Commonbond Student Loan Trust
	Series 2016-A1-A, 3.32%, 05/25/40 (c)	1,900	1,929
Credit Acceptance Auto Loan Trust
	Series 2017-A-2A, 2.55%, 08/15/20 (c)	5,000	4,981
Credit Suisse Commercial Mortgage Trust
	Series 2007-B-C2, REMIC, 5.63%, 01/15/49 (b) (c)	3,500	3,506
Credit Suisse First Boston Mortgage Securities Corp.
	Series 2005-2A1-11, REMIC, 6.00%, 12/25/35	1,047	976
Credit Suisse Mortgage Trust
	Series 2017-A-1, 4.50%, 03/25/21 (c)	2,422	2,417
	Series 2017-E-LSTK, REMIC, 3.33%, 04/07/21 (b) (e) (f)	1,799	1,767
		Shares/Par¹	Value ($)
CSAIL Commercial Mortgage Trust
	Series 2015-C-C4, REMIC, 4.58%, 11/18/25 (b)	309	317
CSMC Trust
	Series 2018-A1-RPL8, 4.13%, 09/25/21 (c)	9,505	9,539
	Series 2017-E-CHOP, REMIC, 5.78%, (1M USD LIBOR + 3.30%), 06/17/19 (b) (c)	2,125	2,130
	Series 2018-A1-RPL7, REMIC, 4.00%, 09/25/21 (c)	5,796	5,751
CVP CLO Ltd.
	Series 2017-A-1A, 4.10%, (3M USD LIBOR + 1.34%), 07/20/30 (b) (c)	7,500	7,497
	Series 2017-A-2A, 3.95%, (3M USD LIBOR + 1.19%), 01/20/31 (b) (c)	10,000	9,924
DBJPM Mortgage Trust
	Series 2016-C-C1, REMIC, 3.35%, 03/12/26 (b)	801	763
	Interest Only, Series 2016-XA-C1, REMIC, 1.48%, 05/10/49 (b)	13,493	1,058
Deephaven Residential Mortgage Trust
	Series 2017-A2-3A, REMIC, 2.71%, 11/25/21 (b) (c)	2,971	2,952
	Series 2017-A3-3A, REMIC, 2.81%, 11/25/21 (b) (c)	2,971	2,941
	Series 2017-A1-1A, REMIC, 2.72%, 10/27/25 (b) (c)	596	588
Deutsche Alt-A Securities Mortgage Loan Trust
	Series 2007-2A1-2, REMIC, 2.79%, (1M USD LIBOR + 0.30%), 09/25/47 (b)	1,706	1,548
Earnest Student Loan Program LLC
	Series 2017-A2-A, 2.65%, 02/25/26 (c)	1,564	1,567
Flagship Credit Auto Trust
	Series 2016-C-4, 2.71%, 08/15/20 (c)	2,000	1,993
	Series 2016-B-3, 2.43%, 06/15/21 (c)	756	755
Foundation Finance Trust
	Series 2019-A-1A, 3.86%, 11/15/34 (c)	4,000	3,999
Galaxy XXII CLO Ltd.
	Series 2016-A2R-22A, 3.63%, (3M USD LIBOR + 0.85%), 07/17/28 (b) (c)	5,000	4,946
GCAT LLC
	Series 2018-A1-2, 4.09%, 06/25/21 (c) (d)	712	706
GE Commercial Mortgage Corp Series Trust
	Series 2007-AM-C1, REMIC, 5.44%, 12/10/49 (b)	83	75
Gilbert Park CLO Ltd.
	Series 2017-A-1A, 3.98%, (3M USD LIBOR + 1.19%), 10/15/30 (b) (c)	3,000	2,980
Global SC Finance IV Ltd
	Series 2018-A-1A, 4.29%, 05/17/28 (c)	2,722	2,773
GLS Auto Receivables Trust
	Series 2018-A-3A, 3.35%, 08/15/22 (c)	1,952	1,956
GMAC Commercial Mortgage Securities Inc.
	Series 2004-D-C3, REMIC, 5.04%, 12/10/41 (b)	1,057	1,052
	Series 2004-E-C3, REMIC, 5.14%, 12/10/41 (b) (c)	800	801
GPMT Ltd.
	Series 2019-D-FL2, 5.43%, 11/15/23 (c)	2,162	2,169
Great Wolf Trust
	Series 2017-D-WOLF, 4.73%, (1M USD LIBOR + 2.10%), 09/16/19 (b) (c)	698	698
	Series 2017-E-WOLF, 5.73%, (1M USD LIBOR + 3.10%), 09/16/19 (b) (c)	1,082	1,083
	Series 2017-F-WOLF, 6.70%, (1M USD LIBOR + 4.07%), 09/16/19 (b) (c)	576	577
Greywolf CLO VII Ltd.
	Series 2018-A1-7A, 3.74%, (3M USD LIBOR + 1.18%), 10/20/31 (b) (c)	3,000	2,976
GS Mortgage Securities Corp. II
	Interest Only, Series 2017-XA-GS8, 0.98%, 11/10/50 (b)	32,596	2,102
GS Mortgage Securities Trust
	Interest Only, Series 2017-XA-GS6, 1.05%, 05/10/50 (b)	23,070	1,620
	Interest Only, Series 2015-XA-GC34, REMIC, 1.33%, 10/10/25 (b)	3,403	223
	Interest Only, Series 2014-XA-GC24, REMIC, 0.80%, 09/10/47 (b)	10,207	314
	Series 2014-D-GC26, REMIC, 4.52%, 11/10/47 (b) (c)	2,038	1,734

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹	Value ($)
	Interest Only, Series 2015-XA-GS1, REMIC, 0.80%, 11/10/48 (b)	5,597	245
	Series 2018-G-RIVR, REMIC, 5.08%, (1M USD LIBOR + 2.60%), 07/15/20 (b) (e) (f)	2,000	1,962
	Series 2018-E-LUAU, REMIC, 5.03%, (1M USD LIBOR + 2.55%), 11/16/20 (b) (c)	3,342	3,293
	Series 2018-F-FBLU, REMIC, 5.73%, 11/16/20 (c)	3,360	3,361
Halcyon Loan Advisors Funding Ltd.
	Series 2015-A1R-3A, 3.68%, (3M USD LIBOR + 0.90%), 10/18/27 (b) (c)	10,000	9,948
Hardee's Funding LLC
	Series 2018-AI-1A, 4.25%, 06/20/22 (c)	4,477	4,524
Highbridge Loan Management Ltd.
	Series 3A-2014-CR, 6.38%, (3M USD LIBOR + 3.60%), 07/18/29 (b) (c)	1,900	1,867
Home Equity Loan Trust
	Series 2007-2AV2-FRE1, REMIC, 2.65%, (1M USD LIBOR + 0.16%), 04/25/37 (b)	1,144	1,136
Horizon Aircraft Finance I Ltd.
	Series 2018-A-1, 4.46%, 12/15/25 (c)	2,942	2,999
IMT Trust
	Series 2017-EFL-APTS, 4.63%, (1M USD LIBOR + 2.15%), 06/17/19 (b) (c)	721	718
	Series 2017-FFL-APTS, 5.33%, (1M USD LIBOR + 2.85%), 06/17/19 (b) (e) (f)	721	718
Jamestown CLO VI Ltd.
	Series 2018-A1-6RA, 3.92%, (3M USD LIBOR + 1.15%), 04/25/30 (b) (c)	1,000	991
Jimmy Johns Funding LLC
	Series 2017-A2II-1A, 4.85%, 07/30/27 (c)	5,910	5,889
JPMBB Commercial Mortgage Securities Trust
	Series 2015-C-C32, REMIC, 4.67%, 10/15/25 (b)	366	376
	Series 2015-C-C33, REMIC, 4.62%, 11/15/25 (b)	359	370
	Interest Only, Series 2016-XA-C2, REMIC, 1.69%, 05/15/26 (b)	34,392	2,577
JPMorgan Chase Commercial Mortgage Securities Corp.
	Series 2018-C-LAQ, 4.08%, (1M USD LIBOR + 1.60%), 06/15/20 (b) (c)	4,768	4,776
	Series 2018-D-LAQ, 4.58%, (1M USD LIBOR + 2.10%), 06/15/20 (b) (c)	1,892	1,898
	Series 2018-E-LAQ, 5.48%, (1M USD LIBOR + 3.00%), 06/15/20 (b) (c)	605	608
	Series 2018-E-AON, 4.61%, 07/10/23 (b) (c)	3,103	3,160
	Series 2006-AM-LDP9, REMIC, 5.37%, 05/15/47	33	33
	Series 2016-E-WIKI, REMIC, 4.01%, 10/07/21 (b) (c)	2,356	2,328
JPMorgan Chase Commercial Mortgage Securities Trust
	Series 2007-AM-CB18, REMIC, 5.47%, 06/12/47 (b)	1	1
	Interest Only, Series 2015-XA-JP1, REMIC, 1.12%, 01/15/49 (b)	4,879	212
	Series 2017-C-MAUI, REMIC, 3.74%, (1M USD LIBOR + 1.25%), 07/15/19 (b) (c)	576	575
	Series 2017-D-MAUI, REMIC, 4.44%, (1M USD LIBOR + 1.95%), 07/15/19 (b) (c)	541	541
	Series 2017-E-MAUI, REMIC, 5.44%, (1M USD LIBOR + 2.95%), 07/15/19 (b) (c)	479	480
	Series 2017-F-MAUI, REMIC, 6.24%, (1M USD LIBOR + 3.75%), 07/15/19 (b) (e) (f)	674	675
	Series 2011-D-C5, REMIC, 5.38%, 09/17/21 (b) (c)	2,400	2,411
	Series 2015-D-MAR7, REMIC, 5.23%, 06/07/22 (c)	1,491	1,503
	Series 2018-EFX-WPT, REMIC, 5.54%, 07/07/23 (c)	3,141	3,293
	Interest Only, Series 2015-XA-C32, REMIC, 1.40%, 09/17/25 (b)	13,856	620
	Series 2004-D-CBX, REMIC, 5.10%, 01/12/37 (b)	1,581	1,595
	Series 2006-AMS-LDP9, REMIC, 5.34%, 05/15/47	1,000	927
	Interest Only, Series 2016-XA-JP4, REMIC, 0.75%, 12/15/49 (b)	18,686	687
JPMorgan Mortgage Trust
	Series 2018-A2-7FRB, 3.24%, (1M USD LIBOR + 0.75%), 11/25/33 (b) (c)	3,885	3,910
		Shares/Par¹	Value ($)
Kabbage Funding LLC
	Series 2019-A-1, 3.83%, 03/15/22 (c)	4,000	4,020
Kestrel Aircraft Funding Ltd.
	Series 2018-A-1A, 4.25%, 10/15/25 (c)	1,961	1,953
Kingsland VIII Ltd.
	Series 2018-A-8A, 3.88%, (3M USD LIBOR + 1.12%), 04/21/31 (b) (c)	4,000	3,957
LCCM Mortgage Trust
	Series 2017-C-LC26, REMIC, 4.71%, 06/11/27 (c)	2,900	2,916
LCM XVII LP
	Series A2RR-17A, 3.94%, (3M USD LIBOR + 1.15%), 10/15/31 (b) (c)	5,000	4,952
Legacy Mortgage Asset Trust
	Series 2018-A1-GS2, 4.00%, 06/25/20 (c) (d)	14,197	14,177
	Series 2017-A1-GS1, REMIC, 3.50%, 04/27/20 (c) (d)	4,156	4,135
	Series 2019-A1-GS1, REMIC, 4.00%, 02/25/21 (c) (d)	5,172	5,167
Lendmark Funding Trust
	Series 2017-A-1A, 2.83%, 12/22/25 (c)	5,000	4,959
LSTAR Commercial Mortgage Trust
	Interest Only, Series 2016-XA-4, 1.88%, 06/10/25 (b) (c)	15,898	1,060
Magnetite IX Ltd.
	Series 2014-A1R-9A, 3.77%, (3M USD LIBOR + 1.00%), 07/27/26 (b) (c)	4,092	4,092
Marathon CLO I Ltd.
	Series 2013-A1R-5A, 3.51%, 11/21/27 (c)	5,000	4,955
Marble Point CLO XI Ltd.
	Series 2017-A-2A, 3.96%, (3M USD LIBOR + 1.18%), 12/18/30 (b) (c)	2,000	1,981
Merrill Lynch Mortgage Trust
	Series 2006-AJ-C1, REMIC, 5.43%, 05/12/39 (b)	27	28
Midocean Credit CLO VII
	Series 2017-A1-7A, 4.11%, (3M USD LIBOR + 1.32%), 07/16/29 (b) (c)	7,000	7,001
Milos CLO Ltd.
	Series 2017-A-1A, 4.01%, (3M USD LIBOR + 1.25%), 10/20/30 (b) (c)	7,500	7,496
Morgan Stanley Bank of America Merrill Lynch Trust
	Interest Only, Series 2014-XA-C15, REMIC, 0.98%, 02/16/24 (b)	13,853	532
	Series 2015-C-C25, REMIC, 4.53%, 09/15/25 (b)	420	435
	Series 2015-D-C27, REMIC, 3.24%, 11/15/25 (c)	297	258
	Series 2015-C-C27, REMIC, 4.53%, 11/15/25 (b)	207	207
	Interest Only, Series 2016-XA-C28, REMIC, 1.26%, 01/15/26 (b)	4,536	284
	Series 2016-C-C29, REMIC, 4.75%, 04/17/26 (b)	2,371	2,472
	Series 2014-C-C17, REMIC, 4.46%, 07/17/24 (b)	1,240	1,241
	Series 2015-D-C20, REMIC, 3.07%, 01/17/25 (c)	180	163
Morgan Stanley Capital I Trust
	Series 2017-E-CLS, 4.43%, (1M USD LIBOR + 1.95%), 11/15/19 (b) (c)	2,575	2,560
	Series 2017-F-CLS, 5.08%, (1M USD LIBOR + 2.60%), 11/15/19 (b) (e) (f)	2,556	2,542
	Interest Only, Series 2017-XA-H1, 1.45%, 06/15/50 (b)	26,411	2,121
	Interest Only, Series 2015-XA-UBS8, REMIC, 0.91%, 12/15/48 (b)	4,775	228
	Series 2018-D-SUN, REMIC, 4.13%, (1M USD LIBOR + 1.65%), 07/15/20 (b) (c)	899	891
	Series 2018-F-SUN, REMIC, 5.03%, (1M USD LIBOR + 2.55%), 07/15/20 (b) (c)	1,342	1,333
	Series 2018-G-SUN, REMIC, 5.53%, (1M USD LIBOR + 3.05%), 07/15/20 (b) (c)	899	893
	Series 2014-CPT, REMIC, 3.45%, 07/15/21 (b) (e) (f)	3,078	3,043
	Series 2014-CPT, REMIC, 3.45%, 07/15/21 (b) (c)	540	539
Mosaic Solar Loan Trust
	Series 2018-A-2GS, 4.20%, 10/21/30 (c)	4,403	4,462
Motel 6 Trust
	Series 2017-A-MTL6, 3.40%, (1M USD LIBOR + 0.92%), 08/15/19 (b) (c)	1,111	1,107
	Series 2017-D-MTL6, REMIC, 4.63%, (1M USD LIBOR + 2.15%), 08/15/19 (b) (c)	2,133	2,137

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹	Value ($)
	Series 2017-F-MTL6, REMIC, 6.73%, (1M USD LIBOR + 4.25%), 08/15/19 (b) (c)	2,805	2,815
MP CLO IV Ltd.
	Series 2013-ARR-2A, 4.05%, (3M USD LIBOR + 1.28%), 07/25/29 (b) (c)	7,500	7,497
MP CLO VIII Ltd.
	Series 2015-AR-2A, 3.67%, (3M USD LIBOR + 0.91%), 10/28/27 (b) (c)	3,000	2,987
MSCG Trust
	Interest Only, Series 2018-XCP-SELF, 1.20%, 04/15/20 (b) (c)	77,520	900
	Series 2018-F-SELF, 5.53%, (1M USD LIBOR + 3.05%), 10/15/20 (b) (e) (f)	3,335	3,323
Nassau Ltd.
	Series 2018-A-IA, 3.94%, (3M USD LIBOR + 1.15%), 07/15/31 (b) (c)	5,000	4,935
Natixis Commercial Mortgage Securities Trust
	Series 2018-C-FL1, 4.69%, (1M USD LIBOR + 2.20%), 06/15/22 (b) (c)	3,129	3,064
Navient Private Education Refi Loan Trust
	Series 2018-B-A, 3.68%, 11/17/25 (c)	3,000	3,056
NLY Commercial Mortgage Trust
	Series 2019-B-FL2, 4.38%, 01/15/23 (c)	3,226	3,230
Ocean Trails CLO V
	Series 2014-ARR-5A, 4.08%, (3M USD LIBOR + 1.28%), 10/13/31 (b) (c)	5,000	4,941
OFSI Fund V Ltd.
	Series 2018-A-1A, 3.94%, (3M USD LIBOR + 1.15%), 07/15/31 (b) (c)	5,000	4,951
OneMain Financial Issuance Trust
	Series 2017-A1-1A, 2.37%, 04/14/21 (c)	5,000	4,959
Palisades Center Trust
	Series 2016-B-PLSD, REMIC, 3.36%, 04/15/21 (c)	1,721	1,711
Park Avenue Institutional Advisers CLO Ltd.
	Series 2016-A1R-1A, 3.51%, (3M USD LIBOR + 1.20%), 08/25/31 (b) (c)	4,500	4,453
PFP Pty Ltd.
	Series 2017-C-4, 4.73%, (1M USD LIBOR + 2.25%), 06/14/20 (b) (c)	1,561	1,553
Pretium Mortgage Credit Partners I LLC
	Series 2018-A1-NLP3, 4.13%, 07/28/21 (c) (d)	5,828	5,828
Prosper Marketplace Issuance Trust
	Series 2018-A-1A, 3.11%, 06/17/24 (c)	413	414
PRPM LLC
	Series 2019-A1-1A, 4.50%, 01/25/22 (c) (d)	14,707	14,770
RAIT Financial Trust
	Series 2017-B-FL7, 4.08%, (1M USD LIBOR + 1.60%), 06/15/37 (b) (c)	2,096	2,096
RALI Trust
	Series 2006-2A3-QS12, REMIC, 6.00%, 09/25/36	1,456	1,298
Residential Asset Securitization Trust
	Series 2005-1A2-A15, REMIC, 5.75%, 02/25/36	891	870
	Series 2006-A10-A2, REMIC, 6.00%, 05/25/36	1,391	946
Resource Capital Corp. Ltd.
	Series 2017-B-CRE5, 4.48%, (1M USD LIBOR + 2.00%), 04/15/20 (b) (c)	1,566	1,553
RFMSI Trust
	Series 2006-A5-S4, REMIC, 6.00%, 04/25/36	991	945
Rockford Tower CLO Ltd.
	Series 2017-A-2A, 4.06%, (3M USD LIBOR + 1.27%), 10/15/29 (b) (c)	4,000	4,001
SBA Tower Trust
	Series 2017-C-1, 3.17%, 04/15/22 (c)	5,000	4,973
Shackleton IX CLO Ltd.
	Series 2016-A-9A, 4.26%, (3M USD LIBOR + 1.50%), 10/20/28 (b) (c)	2,900	2,901
Sierra Receivables Funding Co. LLC
	Series 2016-A-3A, 2.43%, 05/20/24 (c)	1,880	1,870
SoFi Consumer Loan Program LLC
	Series 2017-A1-5, 2.14%, 12/25/19 (c)	303	302
	Series 2017-A1-6, 2.20%, 02/25/20 (c)	649	647
	Series 2016-A-3, 3.05%, 05/25/21 (c)	504	504
	Series 2016-A-1, 3.26%, 07/25/21 (c)	1,256	1,258
	Series 2017-A2-6, 2.82%, 02/25/22 (c)	3,500	3,483
	Series 2017-A-3, 2.77%, 03/25/22 (c)	588	587
	Series 2017-A2-5, 2.78%, 04/25/22 (c)	1,250	1,246
		Shares/Par¹	Value ($)
	Series 2017-A-1, 3.28%, 01/26/26 (c)	471	472
	Series 2017-A-2, 3.28%, 02/25/26 (c)	330	330
SoFi Consumer Loan Program Trust
	Series 2018-A1-1, 2.55%, 04/25/20 (c)	761	758
	Series 2018-A1-2, 2.93%, 06/25/20 (c)	426	425
	Series 2019-A-1, 3.24%, 04/25/22 (c)	3,328	3,342
SoFi Professional Loan Program LLC
	Series 2017-A2B-A, 2.40%, 03/26/40 (c)	2,000	1,968
	Series 2017-BFX-D, 3.61%, 09/25/40 (c)	1,075	1,079
Sound Point CLO IV-R Ltd.
	Series 2013-A-3RA, 3.93%, (3M USD LIBOR + 1.15%), 04/18/31 (b) (c)	1,500	1,483
Sound Point CLO XXI Ltd.
	Series 2018-A1A-21, 3.59%, (3M USD LIBOR + 1.17%), 10/27/31 (b) (c)	3,000	2,975
SpringCastle America Funding LLC
	Series 2016-A-AA, 3.05%, 11/25/23 (c)	1,946	1,944
Springleaf Funding Trust
	Series 2015-A-AA, 3.16%, 05/15/19 (c)	502	502
	Series 2016-A-AA, 2.90%, 03/15/20 (c)	3,776	3,771
Spruce ABS Trust
	Series 2016-A-E1, 4.32%, 01/18/22 (c)	1,051	1,055
Start Ltd.
	Series 2018-A-1, 4.09%, 05/15/25 (c)	792	795
Steele Creek CLO Ltd.
	Series 2015-AR-1A, 3.90%, (3M USD LIBOR + 1.26%), 05/21/29 (b) (c)	4,000	3,996
	Series 2014-A-1RA, 3.83%, 04/21/31 (c)	2,550	2,530
	Series 2016-1A, 3.73%, (3M USD LIBOR + 1.12%), 06/15/31 (b) (c)	2,500	2,468
	Series 2018-A-2A, 3.88%, (3M USD LIBOR + 1.20%), 08/18/31 (b) (c)	2,000	1,979
	Series 2019-B-1A, 0.00%, (3M USD LIBOR + 2.20%), 04/15/32 (b) (c)	4,000	4,000
Structured Adjustable Rate Mortgage Loan Trust
	Series 2005-4A1-22, REMIC, 4.54%, 12/25/35 (b)	2,292	2,218
Structured Asset Securities Corp. Trust
	Series 2005-1A1-5, REMIC, 5.75%, 04/25/35	2,988	2,648
STWD Mortgage Trust
	Series 2018-E-URB, 5.63%, (1M USD LIBOR + 3.15%), 05/15/21 (b) (c)	4,396	4,384
TAL Advantage VI LLC
	Series 2017-A-1A, 4.50%, 04/20/27 (c)	6,464	6,640
TCI-Cent CLO Ltd.
	Series 2016-A1-1A, 4.28%, (3M USD LIBOR + 1.52%), 12/21/29 (b) (c)	3,000	3,003
	Series 2016-A2-1A, 4.96%, (3M USD LIBOR + 2.20%), 12/21/29 (b) (c)	3,000	3,000
Tharaldson Hotel Portfolio Trust
	Series 2018-E-THL, 5.67%, (1M USD LIBOR + 3.18%), 11/11/19 (b) (c)	2,333	2,343
THL Credit Wind River CLO Ltd.
	Series 2014-AR-2A, 3.93%, (3M USD LIBOR + 1.14%), 01/15/31 (b) (c)	4,250	4,209
Towd Point Mortgage Trust
	Series 2019-A1-SJ1, 3.75%, 01/25/22 (c)	1,938	1,944
UBS Commercial Mortgage Trust
	Series 2018-C-C8, 4.70%, 02/17/28 (b)	1,858	1,918
	Interest Only, Series 2018-XA-C8, 0.89%, 02/17/51 (b)	27,013	1,655
	Interest Only, Series 2017-XB-C1, REMIC, 0.90%, 06/17/50 (b)	25,883	1,694
UBS-Citigroup Commercial Mortgage Trust
	Series 2011-D-C1, REMIC, 6.05%, 12/10/21 (b) (c)	1,461	1,522
Upgrade Receivables Trust
	Series 2018-A-1A, 3.76%, 07/15/20 (c)	2,221	2,227
	Series 2019-A-1A, 3.48%, 03/15/25 (c)	3,000	3,004
Vantage Data Centers LLC
	Series 2018-A2-2A, 4.20%, 11/15/23 (c)	2,990	3,056
Velocity Commercial Capital Loan Trust
	Series 2016-AFX-1, REMIC, 3.53%, 09/25/21 (b) (c)	725	723
	Series 2018-A-2, REMIC, 4.05%, 09/25/24 (c)	2,749	2,839

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Venture VII CDO Ltd.
		Series 2006-A1A-7A, 2.99%, (3M USD LIBOR + 0.23%), 01/20/22 (b) (c)	492		492
		Series 2006-A2-7A, 3.00%, (3M USD LIBOR + 0.24%), 01/20/22 (b) (c)	561		560
	Venture XXIX CDO Ltd.
		Series 2017-A-29A, 3.96%, (3M USD LIBOR + 1.28%), 09/09/30 (b) (c)	4,000		4,000
	Verde CLO Ltd.
		Series 2019-A-1A, 0.00%, (3M USD LIBOR + 1.35%), 04/15/32 (b) (c)	3,755		3,753
	Vericrest Opportunity Loan Trust
		Series 2019-NL3-A1, 3.97%, 03/25/22 (c) (d)	8,000		8,000
	Verus Securitization Trust
		Series 2018-A2-2, REMIC, 3.78%, 06/01/58 (c)	1,366		1,379
		Series 2018-A3-2, REMIC, 3.83%, 06/01/58 (c)	1,593		1,609
	Vibrant CLO Ltd.
		Series 2018-A1-10A, 3.64%, (3M USD LIBOR + 1.20%), 10/20/31 (b) (c)	3,000		2,976
	VOLT LXII LLC
		Series 2017-A1-NPL9, 3.13%, 09/25/20 (c) (d)	2,527		2,517
	VOLT LXIX LLC
		Series 2018-A1A-NPL5, 4.21%, 08/25/21 (c) (d)	3,856		3,868
	VOLT LXXI LLC
		Series 2018-A1A-NPL7, 3.97%, 09/27/21 (c) (d)	5,559		5,564
	VOLT LXXII LLC
		Series 2018-A1A-NPL8, 4.21%, 10/25/21 (c) (d)	3,684		3,695
	Washington Mutual Asset-Backed Certificates WMABS Trust
		Series 2006-M1-HE1, REMIC, 2.83%, (1M USD LIBOR + 0.34%), 02/25/36 (b)	14,984		13,742
	Wellfleet CLO Ltd.
		Series 2018-A1-2A, 3.64%, (3M USD LIBOR + 1.20%), 10/20/31 (b) (c)	4,500		4,451
	Wells Fargo & Co.
		Interest Only, Series 2015-XA-P2, REMIC, 1.00%, 12/15/48 (b)	5,020		234
	Wells Fargo Alternative Loan Trust
		Series 2007-3A1-PA3, REMIC, 6.25%, 07/25/37	1,007		937
	Wells Fargo Commercial Mortgage Trust
		Interest Only, Series 2017-XA-C38, 1.07%, 07/15/50 (b)	26,227		1,729
		Series 2014-D-LC16, REMIC, 3.94%, 06/15/24 (c)	325		266
		Interest Only, Series 2015-XA-C31, REMIC, 1.06%, 07/15/25 (b)	4,347		238
		Series 2015-C-C31, REMIC, 4.61%, 11/15/25 (b)	400		404
		Series 2015-D-NXS4, REMIC, 3.60%, 11/18/25 (b)	375		357
		Series 2015-C-NXS4, REMIC, 4.60%, 11/18/25 (b)	310		320
		Series 2015-A4-P2, REMIC, 3.81%, 12/15/25	363		379
		Series 2016-C-C32, REMIC, 4.72%, 01/16/26 (b)	311		318
		Series 2015-C-LC22, REMIC, 4.54%, 09/15/58 (b)	302		307
		Interest Only, Series 2016-XA-C33, REMIC, 1.77%, 03/17/59 (b)	2,784		236
		Series 2018-E-BXI, REMIC, 4.64%, (1M USD LIBOR + 2.16%), 12/16/19 (b) (c)	2,762		2,751
		Series 2018-C-C47, REMIC, 4.94%, 10/17/28 (b)	344		368
	Wells Fargo Mortgage-Backed Securities Trust
		Series 2007-1A7-3, REMIC, 5.75%, 04/25/37	2,172		2,126
		Series 2007-A1-7, REMIC, 6.00%, 06/25/37	726		724
		Series 2007-A1-AR4, REMIC, 4.58%, 08/25/37 (b)	699		691
	Wells Fargo-RBS Commercial Mortgage Trust
		Interest Only, Series 2013-XA-C18, REMIC, 0.74%, 12/17/46 (b)	52,448		1,421
		Interest Only, Series 2014-XA-C19, REMIC, 1.06%, 03/15/47 (b)	43,919		1,695
		Interest Only, Series 2014-XA-C21, REMIC, 1.07%, 08/15/47 (b)	3,129		125
	WhiteHorse X Ltd.
		Series 2015-A1R-10A, 3.70%, (3M USD LIBOR + 0.93%), 04/17/27 (b) (c)	5,000		4,977
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $723,980)			723,952
			Shares/Par¹		Value ($)
CORPORATE BONDS AND NOTES 14.6%
Communication Services 0.9%
	AT&T Inc.
		2.80%, 02/17/21	2,455		2,456
	Axiata SPV 2 Bhd
		3.47%, 11/19/20	500		502
	Bharti Airtel International (Netherlands) BV
		5.13%, 03/11/23	2,400		2,478
	Comcast Corp.
		3.45%, 10/01/21	1,260		1,283
	Comcel Trust via Comunicaciones Celulares SA
		6.88%, 02/06/24	200		208
	Digicel Group Two Ltd.
		8.25%, 09/30/22 (c)	400		136
		2.00%, 04/01/24 (c) (g)	200		53
	Empresa Nacional de Telecomunicaciones SA
		4.88%, 10/30/24	1,900		1,943
	Globo Comunicacao e Participacoes SA
		4.88%, 04/11/22	1,300		1,319
	Millicom International Cellular SA
		6.00%, 03/15/25	800		820
	Telefonica Chile SA
		3.88%, 10/12/22	1,600		1,614
	Verizon Communications Inc.
		3.78%, (3M USD LIBOR + 1.10%), 05/15/25 (b)	1,275		1,277
				14,089
Consumer Discretionary 0.2%
	eBay Inc.
		2.75%, 01/30/23	1,260		1,244
	El Puerto de Liverpool SAB de CV
		3.95%, 10/02/24	1,200		1,173
	S.A.C.I. Falabella
		3.75%, 04/30/23	900		902
				3,319
Consumer Staples 0.7%
	Altria Group Inc.
		3.49%, 02/14/22	1,215		1,234
	BAT Capital Corp.
		2.30%, 08/14/20	1,430		1,416
	CK Hutchison International 17 Ltd.
		2.88%, 04/05/22	400		398
	ESAL GmbH
		6.25%, 02/05/23	1,400		1,421
	General Mills Inc.
		3.15%, 12/15/21	1,010		1,018
	Grupo Bimbo SAB de CV
		5.95%, (callable at 100 beginning 04/17/23) (h)	600		614
	Marb BondCo Plc
		7.00%, 03/15/24	200		199
	Marfrig Holdings Europe BV
		8.00%, 06/08/23	1,892		1,949
	Mondelez International Inc.
		3.00%, 05/07/20	2,475		2,480
	Reynolds American Inc.
		3.25%, 06/12/20	1,040		1,042
				11,771
Energy 1.5%
	Bharat Petroleum Corp. Ltd.
		4.63%, 10/25/22	2,300		2,376
	BP Capital Markets Plc
		1.68%, 05/03/19	1,650		1,648
		1.77%, 09/19/19	280		279
	Delek & Avner Tamar Bond Ltd.
		4.44%, 12/30/20 (c)	940		952
	Ecopetrol SA
		5.88%, 09/18/23	400		437
	EQT Corp.
		2.50%, 10/01/20	2,130		2,102
	Indian Oil Corp. Ltd.
		5.63%, 08/02/21	900		943
		5.75%, 08/01/23	1,200		1,295
	Kinder Morgan Energy Partners LP
		6.85%, 02/15/20	380		393

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Kinder Morgan Inc.
		3.05%, 12/01/19	2,090		2,090
	Oleoducto Central SA
		4.00%, 05/07/21	1,882		1,898
	ONGC Videsh Ltd.
		3.75%, 05/07/23	200		201
		4.63%, 07/15/24	1,200		1,247
	ONGC Videsh Vankorneft Pte Ltd.
		2.88%, 01/27/22	900		883
	Pan American Energy LLC
		7.88%, 05/07/21	200		203
	Reliance Holding USA Inc.
		4.50%, 10/19/20	1,000		1,018
		5.40%, 02/14/22	1,850		1,939
	Schlumberger Holdings Corp.
		3.75%, 05/01/24 (c)	1,225		1,252
	Sinopec Group Overseas Development 2016 Ltd.
		2.00%, 09/29/21	200		194
	Sinopec Group Overseas Development 2017 Ltd.
		3.00%, 04/12/22	600		597
		3.00%, 04/12/22 (c)	700		696
	Sinopec Group Overseas Development 2018 Ltd.
		3.75%, 09/12/23 (c)	600		612
	Tecila SA
		8.50%, 03/23/21	1,150		1,161
				24,416
Financials 7.3%
	AerCap Ireland Capital DAC
		4.63%, 10/30/20	2,414		2,468
	Agromercantil Senior Trust
		6.25%, 04/10/19	625		625
	American Express Co.
		3.29%, (3M USD LIBOR + 0.65%), 02/27/23 (b)	1,265		1,262
	Banco Bilbao Vizcaya Argentaria SA
		5.00%, 08/26/22	1,700		1,769
	Banco BTG Pactual SA
		5.75%, 09/28/22	400		400
	Banco de Credito del Peru
		4.25%, 04/01/23	1,000		1,027
	Banco de Reservas de la Republica Dominicana
		7.00%, 02/01/23	400		409
	Banco do Brasil SA
		4.75%, 03/20/24 (c)	900		903
	Banco Inbursa
		4.13%, 06/06/24	1,000		991
	Banco Internacional del Peru S.A.A. Interbank
		3.38%, 01/18/23	1,500		1,490
	Banco Internacional del Peru S.A.A. of Panama
		5.75%, 10/07/20	1,850		1,915
	Banco Mercantil del Norte SA
		6.88%, (callable at 100 begininng 07/06/22) (h)	2,100		2,089
	Banco Nacional de Comercio Exterior SNC
		3.80%, 08/11/26 (b)	1,800		1,761
	Banco Santander Chile
		3.88%, 09/20/22	800		817
	Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santander
		4.13%, 11/09/22	300		303
	Banco Santander SA
		5.95%, 10/01/28 (c)	1,000		1,024
	Bancolombia SA
		4.88%, 10/18/27	200		199
	Banistmo SA
		3.65%, 09/19/22	1,200		1,185
		3.65%, 09/19/22 (c)	500		495
	Bank of America Corp.
		3.39%, (3M USD LIBOR + 0.79%), 03/05/24 (b)	2,370		2,358
	Barclays Bank Plc
		2.65%, 01/11/21	2,515		2,496
	BBVA Bancomer SA
		6.75%, 09/30/22	1,900		2,052
	BDO Unibank Inc.
		2.95%, 03/06/23	2,200		2,166
	Braskem Finance Ltd.
		3.50%, 01/10/23	2,600		2,541
			Shares/Par¹		Value ($)
	C&W Senior Financing DAC
		7.50%, 10/15/26	300		309
	Capital One Financial Corp.
		2.40%, 10/30/20	2,520		2,506
	Citigroup Inc.
		2.75%, 04/25/22	1,220		1,215
		3.65%, (3M USD LIBOR + 1.02%), 06/01/24 (b)	1,150		1,150
	CK Hutchison Capital Securities 17 Ltd.
		4.00%, (callable at 100 beginning 05/15/22) (h)	890		881
	CNOOC Finance 2012 Ltd.
		3.88%, 05/02/22	800		815
	CNOOC Finance 2013 Ltd.
		3.00%, 05/09/23	1,000		991
	CNPC General Capital Ltd.
		3.95%, 04/19/22	1,900		1,940
	CNPC HK Overseas Capital Ltd.
		4.50%, 04/28/21	300		308
	Commonwealth Bank of Australia
		2.25%, 03/10/20 (c)	1,685		1,682
		2.05%, 09/18/20 (c)	795		787
	Credit Suisse Group AG
		3.84%, (3M USD LIBOR + 1.24%), 06/12/24 (b) (c)	1,270		1,268
	Credito Real SAB de CV SOFOM ER
		7.25%, 07/20/23	1,300		1,335
	Daimler Finance North America LLC
		2.30%, 02/12/21 (c)	1,205		1,190
	DBS Group Holdings Ltd.
		3.60%, (callable at 100 beginning 09/07/21) (h)	2,200		2,167
		4.52%, 12/11/28	200		207
	ENA Norte Trust
		4.95%, 04/25/23	1,431		1,465
	Ford Motor Credit Co. LLC
		3.92%, (3M USD LIBOR + 1.24%), 02/15/23 (b)	1,990		1,881
	General Motors Financial Co. Inc.
		2.65%, 04/13/20	1,350		1,343
		3.20%, 07/06/21	1,175		1,169
	Global Bank Corp.
		5.13%, 10/30/19	1,800		1,816
		4.50%, 10/20/21 (c)	500		505
		4.50%, 10/20/21	500		505
	Goldman Sachs Bank USA
		3.20%, 06/05/20	990		994
	Goldman Sachs Group Inc.
		2.30%, 12/13/19	1,420		1,415
	Grupo Aval Ltd.
		4.75%, 09/26/22	1,700		1,718
	Guanay Finance Ltd.
		6.00%, 12/15/20	639		646
	HSBC Holdings Plc
		3.68%, (3M USD LIBOR + 1.00%), 05/18/24 (b)	1,305		1,294
	Industrial Senior Trust
		5.50%, 11/01/22	700		709
	Itau Unibanco Holding SA
		6.13%, (callable at 100 begininng 12/12/22) (h)	200		196
		6.13%, (callable at 100 beginning 12/12/22) (c) (h)	300		294
		6.20%, 12/21/21	400		420
	JPMorgan Chase & Co.
		3.21%, 04/01/23	1,635		1,643
	Malayan Banking Bhd
		3.91%, 10/29/26 (b)	3,100		3,104
	Marsh & McLennan Companies Inc.
		3.80%, (3M USD LIBOR + 1.20%), 12/29/21 (b)	1,215		1,218
	Mitsubishi UFJ Financial Group Inc.
		3.62%, (3M USD LIBOR + 0.86%), 07/26/23 (b)	2,495		2,502
	Mizuho Financial Group Inc.
		3.39%, (3M USD LIBOR + 0.79%), 03/05/23 (b)	2,715		2,713
	Morgan Stanley
		3.69%, (3M USD LIBOR + 0.93%), 07/22/22 (b)	2,390		2,403
	Multibank Inc.
		4.38%, 11/09/22	900		900
	Oversea-Chinese Banking Corp. Ltd.
		4.25%, 06/19/24	500		516
		4.00%, 10/15/24 (b)	500		502

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Peru Enhanced Pass-Through Finance Ltd.
		0.00%, 06/02/25 (i)	912		803
	PNC Bank NA
		2.45%, 11/05/20	750		747
	PNC Funding Corp.
		5.13%, 02/08/20	290		296
		4.38%, 08/11/20	1,240		1,269
	Prudential Financial Inc.
		7.38%, 06/15/19	1,605		1,621
		4.50%, 11/15/20	730		750
	Royal Bank of Scotland Group Plc
		4.15%, (3M USD LIBOR + 1.55%), 06/25/24 (b)	1,355		1,346
	Santander UK Plc
		2.50%, 01/05/21	2,785		2,764
	SPARC EM Ltd.
		0.00%, 12/05/22 (i)	1,367		1,261
		0.00%, 12/05/22 (c) (i)	854		788
	Sumitomo Mitsui Financial Group Inc.
		2.06%, 07/14/21	2,500		2,457
	Synchrony Financial
		3.75%, 08/15/21	1,415		1,431
	Temasek Financial I Ltd.
		2.38%, 01/23/23	1,500		1,483
	Toronto-Dominion Bank
		3.25%, 06/11/21	2,415		2,444
	UBS Group AG
		2.45%, 12/01/20 (c)	1,250		1,242
	Unifin Financiera SAB de CV SOFOM ENR
		7.25%, 09/27/23	1,300		1,315
	Union Bank of the Philippines
		3.37%, 11/29/22	900		900
	United Overseas Bank Ltd.
		3.88%, (callable at 100 beginning 10/19/23) (h)	1,900		1,823
		3.50%, 09/16/26 (b)	700		700
		2.88%, 03/08/27 (b)	800		783
	Volkswagen Group of America Finance LLC
		4.00%, 11/12/21 (c)	1,565		1,595
	VTR Finance BV
		6.88%, 01/15/24	1,900		1,947
	Wells Fargo & Co.
		2.15%, 01/30/20	700		697
	Wells Fargo Bank NA
		2.60%, 01/15/21	2,165		2,158
	Westpac Banking Corp.
		1.60%, 08/19/19	365		364
		2.65%, 01/25/21	1,820		1,817
				118,168
Health Care 1.4%
	AbbVie Inc.
		3.38%, 11/14/21	1,240		1,255
	Amgen Inc.
		2.20%, 05/11/20	2,530		2,517
	Anthem Inc.
		2.50%, 11/21/20	2,460		2,448
	AstraZeneca Plc
		2.38%, 11/16/20	2,505		2,491
	Cardinal Health Inc.
		1.95%, 06/14/19	2,285		2,283
		2.62%, 06/15/22	165		163
	Celgene Corp.
		2.88%, 08/15/20	1,220		1,221
	CVS Health Corp.
		2.80%, 07/20/20	2,445		2,442
	GlaxoSmithKline Capital Plc
		3.13%, 05/14/21	520		525
		2.88%, 06/01/22	1,990		2,001
	Halfmoon Parent Inc.
		3.40%, 09/17/21 (c)	1,270		1,284
	Takeda Pharmaceutical Co. Ltd.
		4.00%, 11/26/21 (c)	1,240		1,272
	Thermo Fisher Scientific Inc.
		3.60%, 08/15/21	2,410		2,449
				22,351
			Shares/Par¹		Value ($)
Industrials 0.7%
	Adani Ports & Special Economic Zone Ltd.
		3.50%, 07/29/20	700		699
	Cintas Corp. No. 2
		2.90%, 04/01/22	2,455		2,464
	Delta Air Lines Inc.
		3.40%, 04/19/21	1,220		1,226
	FedEx Corp.
		3.40%, 01/14/22	990		1,003
	General Electric Co.
		2.70%, 10/09/22	1,265		1,241
	LATAM Finance Ltd.
		6.88%, 04/11/24	1,050		1,075
	Northrop Grumman Corp.
		2.08%, 10/15/20	2,465		2,442
	Union Pacific Corp.
		3.20%, 06/08/21	1,250		1,266
				11,416
Information Technology 0.1%
	Analog Devices Inc.
		2.95%, 01/12/21	1,250		1,253
	Microchip Technology Inc.
		3.92%, 06/01/21 (c)	1,355		1,367
				2,620
Materials 1.0%
	Celulosa Arauco y Constitucion SA
		4.75%, 01/11/22	1,700		1,747
	Cemex SAB de CV
		6.13%, 05/05/25	700		721
		7.75%, 04/16/26	1,000		1,089
	DowDuPont Inc.
		3.77%, 11/15/20	925		941
	Freeport-McMoRan Inc.
		4.55%, 11/14/24	2,500		2,465
	Fresnillo Plc
		5.50%, 11/13/23	2,200		2,308
	Grupo Cementos de Chihuahua SAB de CV
		5.25%, 06/23/24	200		201
	Inversiones CMPC SA
		4.50%, 04/25/22	1,000		1,020
	Nexa Resources SA
		4.63%, 03/28/23	400		405
	Sherwin-Williams Co.
		2.25%, 05/15/20	1,540		1,531
	Sociedad Quimica y Minera de Chile SA
		3.63%, 04/03/23	300		299
	Tecnoglass Inc.
		8.20%, 01/31/22	900		947
	UPL Corp. Ltd.
		3.25%, 10/13/21	1,400		1,383
	Vedanta Resources Plc
		7.13%, 05/31/23	800		783
		6.13%, 08/09/24	200		183
				16,023
Real Estate 0.1%
	Welltower Inc.
		3.63%, 03/15/24	1,200		1,222
Utilities 0.7%
	AES Gener SA
		7.13%, 03/26/79 (c)	500		511
	Colbun SA
		4.50%, 07/10/24	1,000		1,029
	Comision Federal de Electricidad
		4.88%, 05/26/21	1,000		1,021
	Consolidated Edison Inc.
		2.00%, 03/15/20 - 05/15/21	2,455		2,434
	E.CL SA
		5.63%, 01/15/21	400		414
	Empresa Nacional de Electricidad SA
		4.25%, 04/15/24	800		814
	Israel Electric Corp. Ltd.
		6.88%, 06/21/23	300		335
		5.00%, 11/12/24 (c)	1,000		1,052

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	NextEra Energy Capital Holdings Inc.
		3.34%, 09/01/20	1,230		1,239
	Pampa Energia SA
		7.38%, 07/21/23	800		750
	PSEG Power LLC
		3.85%, 06/01/23	1,250		1,281
				10,880
	Total Corporate Bonds And Notes (cost $235,383)			236,275
SENIOR LOAN INTERESTS 7.9%
Communication Services 0.6%
	CBS Radio Inc.
		Term Loan B, 5.25%, (3M LIBOR + 2.75%), 11/18/24 (b)	961		934
	CenturyLink Inc.
		Term Loan B, 5.25%, (3M LIBOR + 2.75%), 01/15/25 (b)	1,101		1,078
	Cincinnati Bell Inc.
		Term Loan, 5.75%, (3M LIBOR + 3.25%), 10/02/24 (b)	656		648
	CSC Holdings LLC
		Incremental Term Loan, 4.73%, (3M LIBOR + 2.25%), 01/31/26 (b)	130		126
		Term Loan B, 5.59%, (3M LIBOR + 3.00%), 05/07/27 (b)	355		353
	Digicel International Finance Ltd.
		Term Loan B, 5.88%, (3M LIBOR + 3.25%), 05/27/24 (b)	59		52
	GoodRx Inc.
		1st Lien Term Loan, 5.49%, (3M LIBOR + 3.00%), 10/10/25 (b)	539		532
	Greeneden US Holdings II LLC
		Term Loan B, 5.75%, (3M LIBOR + 3.25%), 12/01/23 (b)	799		788
	GTT Communications Inc.
		Term Loan B, 5.25%, (3M LIBOR + 2.75%), 04/27/25 (b)	1,082		1,017
	Intelsat Jackson Holdings SA
		Term Loan B-3, 6.24%, (3M LIBOR + 3.75%), 11/27/23 (b)	920		905
	Meredith Corp.
		Term Loan B, 5.25%, (3M LIBOR + 2.75%), 01/31/25 (b)	197		196
	Securus Technologies Holdings Inc.
		1st Lien Term Loan, 7.00%, (3M LIBOR + 4.50%), 06/20/24 (b)	501		497
		Delayed Draw Term Loan, 0.00%, (3M LIBOR + 4.50%), 11/01/24 (b) (e) (j)	316		310
	Speedcast International Ltd.
		Term Loan B, 5.35%, (3M LIBOR + 2.75%), 05/03/25 (b) (e)	323		313
	Tribune Media Co.
		Term Loan, 5.50%, (3M LIBOR + 3.00%), 12/27/20 (b)	39		39
		Term Loan C, 5.50%, (3M LIBOR + 3.00%), 01/20/24 (b)	1,206		1,204
	Uber Technologies
		Term Loan, 6.49%, (3M LIBOR + 4.00%), 04/04/25 (b)	677		676
				9,668
Consumer Discretionary 1.4%
	A-L Parent LLC
		1st Lien Term Loan, 5.75%, (3M LIBOR + 3.25%), 12/01/23 (b)	1,112		1,107
	Allied Universal Holdco LLC
		Incremental Term Loan, 6.75%, (3M LIBOR + 4.25%), 07/28/22 (b)	409		398
	American Tire Distributors Holdings Inc.
		Term Loan, 10.13%, (1M LIBOR + 7.50%), 10/01/21 (b)	432		385
	ARAMARK Services Inc.
		Term Loan B-3, 0.00%, (3M LIBOR + 1.75%), 03/01/25 (b) (j)	325		322
	Bass Pro Group LLC
		Term Loan B, 7.50%, (3M LIBOR + 5.00%), 11/15/23 (b)	119		117
			Shares/Par¹		Value ($)
	Caesars Entertainment Operating Co.
		Term Loan, 0.00%, (3M LIBOR + 2.00%), 04/03/24 (b) (j)	185		180
	Cengage Learning Acquisitions Inc.
		Term Loan B, 6.74%, (3M LIBOR + 4.25%), 06/07/23 (b)	1,169		1,049
	ClubCorp Holdings Inc.
		Term Loan B, 5.35%, (3M LIBOR + 2.75%), 08/16/24 (b)	935		882
	CSC Holdings LLC
		1st Lien Term Loan, 4.73%, (3M LIBOR + 2.25%), 07/15/25 (b)	330		320
	Equinox Holdings Inc.
		1st Lien Term Loan, 5.50%, (1M LIBOR + 3.00%), 03/08/24 (b)	1,308		1,299
	ESH Hospitality Inc.
		Term Loan B, 0.00%, (3M LIBOR + 2.00%), 08/30/23 (b) (j)	190		189
	Explorer Holdings Inc.
		Term Loan B, 6.35%, (3M LIBOR + 3.75%), 05/02/23 (b)	935		925
	FrontDoor Inc.
		Term Loan B, 5.00%, (3M LIBOR + 2.50%), 08/16/25 (b)	216		214
	Garda World Security Corp.
		Term Loan, 6.12%, (3M LIBOR + 3.50%), 05/12/24 (b)	1,138		1,122
		Term Loan, 8.00%, (3M PRIME + 2.50%), 05/12/24 (b)	3		3
	Getty Images Inc.
		1st Lien Term Loan, 7.00%, (3M LIBOR + 4.50%), 02/13/26 (b)	110		109
	GOBP Holdings Inc.
		1st Lien Term Loan, 6.35%, (3M LIBOR + 3.75%), 10/22/25 (b)	797		787
	Hayward Industries Inc.
		1st Lien Term Loan, 6.00%, (3M LIBOR + 3.50%), 08/04/24 (b)	1,306		1,279
	Hilton Worldwide Finance LLC
		Term Loan B-2, 0.00%, (3M LIBOR + 1.75%), 10/25/23 (b) (j)	940		938
	Intrawest Resorts Holdings Inc.
		Term Loan B-1, 5.50%, (3M LIBOR + 3.00%), 06/28/24 (b)	1,289		1,280
	IRB Holding Corp.
		1st Lien Term Loan, 5.74%, (3M LIBOR + 3.25%), 01/18/25 (b)	1,107		1,078
	Lions Gate Capital Holdings LLC
		Term Loan B, 4.75%, (3M LIBOR + 2.25%), 03/20/25 (b)	297		293
	LTF Merger Sub Inc.
		Term Loan B, 5.38%, (3M LIBOR + 2.75%), 06/22/22 (b)	1,316		1,299
	Mavis Tire Express Services Corp.
		Delayed Draw Term Loan, 2.00%, (3M LIBOR + 3.25%), 03/15/25 (b) (e) (k)	23		21
		1st Lien Term Loan, 5.74%, (3M LIBOR + 3.25%), 03/15/25 (b) (e) (k)	849		826
		Delayed Draw Term Loan, 5.74%, (3M LIBOR + 3.25%), 03/15/25 (b) (e) (k)	4		4
	MGM Growth Properties Operating Partnership LP
		Term Loan B, 0.00%, (3M LIBOR + 2.00%), 04/20/23 (b) (j)	340		335
	PetSmart Inc.
		Term Loan B-2, 5.49%, (3M LIBOR + 3.00%), 03/11/22 (b)	314		281
	Playa Resorts Holding BV
		Term Loan B, 5.25%, (3M LIBOR + 2.75%), 04/07/24 (b)	1,326		1,272
	Rentpath Inc.
		Term Loan, 7.25%, (3M LIBOR + 4.75%), 12/17/21 (b) (e)	620		463
	Scientific Games International Inc.
		Term Loan B-5, 5.31%, (3M LIBOR + 2.75%), 08/14/24 (b)	238		231
		Term Loan B-5, 5.33%, (3M LIBOR + 2.75%), 08/14/24 (b)	991		964

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	SIWF Holdings Inc.
		1st Lien Term Loan, 6.74%, (3M LIBOR + 4.25%), 05/25/25 (b)	749		739
	Tenneco Inc.
		Term Loan B, 5.24%, (3M LIBOR + 2.75%), 10/01/25 (b)	591		563
	Travel Leaders Group LLC
		Term Loan B, 6.48%, (3M LIBOR + 4.00%), 01/25/24 (b)	342		342
	UFC Holdings LLC
		1st Lien Term Loan, 5.75%, (3M LIBOR + 3.25%), 07/22/23 (b)	622		617
	Wand NewCo 3 Inc.
		1st Lien Term Loan, 5.98%, (3M LIBOR + 3.50%), 01/23/26 (b)	11		11
				22,244
Consumer Staples 0.2%
	8th Avenue Food & Provisions Inc.
		1st Lien Term Loan, 6.24%, (3M LIBOR + 3.75%), 09/19/25 (b)	60		60
	Albertsons LLC
		Term Loan B-6, 5.48%, (3M LIBOR + 3.00%), 06/22/23 (b)	353		350
	BJ's Wholesale Club Inc.
		1st Lien Term Loan, 5.50%, (3M LIBOR + 3.00%), 01/26/24 (b)	1,002		999
	CHG PPC Parent LLC
		Term Loan B, 5.25%, (3M LIBOR + 2.75%), 03/16/25 (b)	655		644
	CSM Bakery Solutions LLC
		1st Lien Term Loan, 6.80%, (1M LIBOR + 4.00%), 07/22/20 (b) (e)	834		794
	KIK Custom Products Inc.
		Term Loan B, 6.50%, (3M LIBOR + 4.00%), 08/26/22 (b)	514		479
		Term Loan B, 6.50%, (3M LIBOR + 4.00%), 08/26/22 (b) (e)	325		303
				3,629
Energy 0.5%
	Brazos Delaware II LLC
		Term Loan B, 6.49%, (3M LIBOR + 4.00%), 05/16/25 (b)	665		630
	Covia Holdings Corp.
		Term Loan, 6.16%, (3M LIBOR + 3.75%), 05/17/25 (b)	292		249
	EG Finco Ltd.
		Term Loan, 6.60%, (3M LIBOR + 4.00%), 06/30/25 (b)	752		734
	EG Group Ltd.
		Term Loan B, 6.60%, (3M LIBOR + 4.00%), 02/01/25 (b)	213		208
	ExGen Renewables IV LLC
		Term Loan B, 5.63%, (1M LIBOR + 3.00%), 11/15/24 (b)	169		158
	Foresight Energy LLC
		1st Lien Term Loan, 8.38%, (1M LIBOR + 5.75%), 03/16/22 (b)	758		739
	Frontera Generation Holdings LLC
		Term Loan B, 6.73%, (3M LIBOR + 4.25%), 04/25/25 (b)	454		448
		Term Loan B, 6.73%, (3M LIBOR + 4.25%), 04/25/25 (b) (e)	49		48
	Gavilan Resources LLC
		2nd Lien Term Loan, 8.49%, (3M LIBOR + 6.00%), 02/24/24 (b)	125		97
	Johnson Controls International Plc
		Term Loan B, 0.00%, (3M LIBOR + 3.50%), 03/13/26 (b) (j)	1,020		1,008
	Lucid Energy Group II LLC
		1st Lien Term Loan, 5.49%, (3M LIBOR + 3.00%), 01/31/25 (b)	714		675
	Oryx Southern Delaware Holdings LLC
		Term Loan, 5.75%, (3M LIBOR + 3.25%), 02/26/25 (b)	609		588
	PowerTeam Services LLC
		1st Lien Term Loan, 5.85%, (3M LIBOR + 3.25%), 02/28/25 (b)	684		652
			Shares/Par¹		Value ($)
	Prairie ECI Acquiror LP
		Term Loan B, 7.37%, (3M LIBOR + 4.75%), 03/07/26 (b)	260		260
	Traverse Midstream Partners LLC
		Term Loan, 6.50%, (3M LIBOR + 4.00%), 09/22/24 (b)	363		362
	U.S. Silica Co.
		Term Loan B, 6.50%, (3M LIBOR + 4.00%), 04/12/25 (b)	404		381
	Ultra Resources Inc.
		1st Lien Term Loan, 6.49%, (3M LIBOR + 4.00%), 04/14/24 (b)	240		207
				7,444
Financials 0.9%
	Acrisure LLC
		Term Loan B, 6.38%, (3M LIBOR + 3.75%), 11/07/23 (b)	159		156
		Term Loan B, 6.88%, (3M LIBOR + 4.25%), 11/22/23 (b)	1,162		1,154
	Alera Group Holdings Inc.
		Term Loan B, 7.00%, (3M LIBOR + 4.50%), 07/26/25 (b) (e)	205		206
	AlixPartners LLP
		Term Loan B, 5.25%, (3M LIBOR + 2.75%), 03/28/24 (b)	261		259
	Altice France SA
		Term Loan B-13, 6.48%, (3M LIBOR + 4.00%), 07/13/26 (b)	334		320
	AssuredPartners Inc.
		1st Lien Term Loan, 5.75%, (3M LIBOR + 3.25%), 10/22/24 (b)	1,308		1,264
	Asurion LLC
		Term Loan B-6, 5.50%, (3M LIBOR + 3.00%), 11/03/23 (b)	966		961
		Term Loan B-7, 5.50%, (3M LIBOR + 3.00%), 11/15/24 (b)	39		39
		2nd Lien Term Loan, 9.00%, (3M LIBOR + 6.50%), 08/04/25 (b)	290		293
	BCP Renaissance Parent LLC
		Term Loan B, 6.24%, (3M LIBOR + 3.50%), 09/20/24 (b)	642		639
	Capri Finance LLC
		1st Lien Term Loan, 5.99%, (3M LIBOR + 3.25%), 10/04/24 (b) (e)	1,311		1,288
	Duff & Phelps Corp.
		Term Loan B, 5.75%, (1M LIBOR + 3.25%), 12/04/24 (b)	803		785
	Edelman Financial Group
		1st Lien Term Loan, 6.04%, (3M LIBOR + 3.25%), 06/26/25 (b)	813		806
		2nd Lien Term Loan, 9.54%, (3M LIBOR + 6.75%), 06/26/26 (b)	65		65
	GTCR Valor Cos. Inc.
		Term Loan B-1, 5.35%, (3M LIBOR + 2.75%), 06/30/23 (b)	648		642
	Gulf Finance LLC
		Term Loan B, 7.75%, (3M LIBOR + 5.25%), 08/25/23 (b)	556		441
		Term Loan B, 7.86%, (3M LIBOR + 5.25%), 08/25/23 (b)	333		264
	ION Trading Technologies SARL
		Incremental Term Loan B, 6.65%, (1M LIBOR + 4.00%), 11/21/24 (b)	542		525
	McDermott Technology Americas Inc.
		1st Lien Term Loan, 7.50%, (3M LIBOR + 5.00%), 04/04/25 (b)	335		321
	RPI Finance Trust
		Term Loan B-6, 0.00%, (3M LIBOR + 2.00%), 03/13/23 (b) (j)	330		328
	Sedgwick Claims Management Services Inc.
		Term Loan B, 5.75%, (3M LIBOR + 3.25%), 11/06/25 (b)	219		215
	SolarWinds Holdings Inc.
		Term Loan B, 5.25%, (3M LIBOR + 2.75%), 02/06/24 (b)	522		516
	Solera LLC
		Term Loan B, 5.25%, (3M LIBOR + 2.75%), 03/03/23 (b)	1,153		1,142

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	TKC Holdings Inc.
		1st Lien Term Loan, 6.25%, (3M LIBOR + 3.75%), 02/08/23 (b)	1,259		1,233
	Travelport Finance Lux SARL
		Term Loan, 0.00%, (3M LIBOR + 5.00%), 03/18/26 (b) (j)	310		301
	York Risk Services Holding Corp.
		Term Loan B, 6.25%, (3M LIBOR + 3.75%), 10/01/21 (b)	638		596
				14,759
Health Care 1.2%
	Acadia Healthcare Co. Inc.
		Term Loan B-4, 5.00%, (3M LIBOR + 2.50%), 02/16/23 (b)	239		237
	Agiliti Health Inc.
		Term Loan, 5.50%, (3M LIBOR + 3.00%), 10/18/25 (b) (e)	230		229
	Air Methods Corp.
		Term Loan B, 6.10%, (3M LIBOR + 3.50%), 04/12/24 (b)	619		463
	Amneal Pharmaceuticals LLC
		Term Loan B, 6.00%, (3M LIBOR + 3.50%), 03/26/25 (b)	600		598
	Auris Luxembourg III SARL
		Term Loan B, 6.25%, (3M LIBOR + 3.75%), 07/23/25 (b)	505		504
	Change Healthcare Holdings Inc.
		Term Loan B, 5.25%, (3M LIBOR + 2.75%), 02/02/24 - 02/03/24 (b)	1,063		1,048
	CHG Healthcare Services Inc.
		1st Lien Term Loan B, 5.66%, (3M LIBOR + 3.00%), 06/07/23 (b)	444		441
		1st Lien Term Loan B, 5.74%, (3M LIBOR + 3.00%), 06/07/23 (b)	791		786
	Concentra Inc.
		1st Lien Term Loan, 5.24%, (3M LIBOR + 2.75%), 06/01/22 (b)	136		135
	CVS Holdings I LP
		1st Lien Term Loan, 5.25%, (3M LIBOR + 2.75%), 02/01/25 (b) (e)	446		429
	DentalCorp Perfect Smile ULC
		1st Lien Term Loan, 6.25%, (3M LIBOR + 3.75%), 05/09/25 (b) (e)	536		522
		1st Lien Delayed Draw Term Loan, 6.25%, (3M LIBOR + 3.75%), 06/01/25 (b) (e)	99		96
	Equian LLC
		Term Loan B, 5.75%, (3M LIBOR + 3.25%), 05/20/24 (b)	1,079		1,058
	Gentiva Health Services Inc.
		1st Lien Term Loan, 6.25%, (3M LIBOR + 3.75%), 06/20/25 (b)	1,032		1,033
		2nd Lien Term Loan, 9.50%, (3M LIBOR + 7.00%), 06/21/26 (b)	265		270
	Global Medical Response Inc.
		Term Loan B-1, 5.74%, (3M LIBOR + 3.25%), 04/28/22 (b)	558		525
	Iqvia Holdings Inc.
		Term Loan B-2, 0.00%, (1M LIBOR + 2.00%), 01/17/25 (b) (j)	510		508
	Jaguar Holding Co. II
		Term Loan, 5.00%, (3M LIBOR + 2.50%), 08/18/22 (b)	1,303		1,289
	Kindred Healthcare Inc.
		1st Lien Term Loan, 7.50%, (3M LIBOR + 5.00%), 06/21/25 (b) (e)	438		428
	MPH Acquisition Holdings LLC
		Term Loan B, 5.35%, (3M LIBOR + 2.75%), 06/07/23 (b)	1,259		1,217
	Parexel International Corp.
		Term Loan B, 5.25%, (3M LIBOR + 2.75%), 08/06/24 (b)	545		524
	Radiology Partners Holdings LLC
		1st Lien Term Loan B, 6.87%, (3M LIBOR + 4.75%), 06/28/25 (b)	433		434
		1st Lien Term Loan B, 7.05%, (3M LIBOR + 4.75%), 06/28/25 (b)	433		434
		1st Lien Term Loan B, 7.34%, (3M LIBOR + 4.75%), 06/28/25 (b)	28		28
			Shares/Par¹		Value ($)
	RegionalCare Hospital Partners Holdings Inc.
		Term Loan B, 6.98%, (3M LIBOR + 4.50%), 11/09/25 (b)	524		517
	Select Medical Corp.
		Term Loan B, 4.99%, (3M LIBOR + 2.50%), 03/06/25 (b)	1,204		1,198
	Sound Inpatient Physicians
		1st Lien Term Loan, 5.25%, (3M LIBOR + 2.75%), 06/19/25 (b)	737		726
	Valeant Pharmaceuticals International Inc.
		Term Loan B, 5.48%, (3M LIBOR + 3.00%), 05/19/25 (b)	129		129
		Term Loan B, 5.23%, (3M LIBOR + 2.75%), 11/26/25 (b)	399		394
	Verscend Holding Corp.
		Term Loan B, 7.00%, (3M LIBOR + 4.50%), 08/08/25 (b)	939		931
	VVC Holding Corp.
		Term Loan B, 7.20%, (3M LIBOR + 4.50%), 01/25/26 (b)	450		443
	Wink Holdco Inc.
		1st Lien Term Loan B, 5.50%, (3M LIBOR + 3.00%), 11/02/24 (b) (e)	1,175		1,136
				18,710
Industrials 1.1%
	Achilles Acquisition LLC
		Term Loan , 6.50%, (3M LIBOR + 4.00%), 10/13/25 (b) (e)	220		218
	American Airlines Inc.
		Incremental Term Loan, 4.48%, (3M LIBOR + 2.00%), 12/14/23 (b)	170		167
	Brand Energy & Infrastructure Services Inc.
		Term Loan, 6.90%, (3M LIBOR + 4.25%), 06/16/24 (b)	161		154
		Term Loan, 7.01%, (3M LIBOR + 4.25%), 06/16/24 - 06/17/24 (b)	185		177
	Brookfield WEC Holdings Inc.
		1st Lien Term Loan, 6.25%, (3M LIBOR + 3.75%), 07/26/25 (b)	633		631
	Comet Acquisition Inc.
		Term Loan, 6.10%, (3M LIBOR + 3.50%), 10/23/25 (b)	105		103
	Compass Power Generation LLC
		Term Loan B, 6.00%, (3M LIBOR + 3.50%), 12/20/24 (b)	635		634
	CPM Holdings Inc.
		1st Lien Term Loan, 6.25%, (3M LIBOR + 3.75%), 10/25/25 (b) (e)	105		104
	DAE Aviation Holdings Inc.
		1st Lien Term Loan, 6.24%, (3M LIBOR + 3.75%), 06/25/22 (b)	375		375
		Term Loan B, 0.00%, (3M LIBOR + 4.00%), 01/22/26 (b) (j)	107		107
		Term Loan, 0.00%, (3M LIBOR + 4.00%), 01/24/26 (b) (j)	58		58
	EAB Global Inc.
		1st Lien Term Loan, 6.41%, (3M LIBOR + 3.75%), 08/15/22 (b)	1,228		1,197
	EXC Holdings III Corp.
		1st Lien Term Loan, 6.10%, (1M LIBOR + 3.50%), 11/16/24 (b)	765		761
	Filtration Group Corp.
		1st Lien Term Loan, 0.00%, (3M LIBOR + 3.00%), 03/27/25 (b) (j)	250		248
		1st Lien Term Loan, 5.50%, (3M LIBOR + 3.00%), 03/27/25 (b)	238		236
	Gates Global LLC
		Term Loan B, 5.25%, (3M LIBOR + 2.75%), 04/01/24 (b)	769		759
	KAR Auction Services Inc.
		Term Loan B-5, 0.00%, (3M LIBOR + 2.50%), 03/06/23 (b) (j)	190		189
	KBR Inc.
		Term Loan B, 6.25%, (3M LIBOR + 3.75%), 03/29/25 (b) (e)	531		530
	Kenan Advantage Group Inc.
		Term Loan, 5.50%, (1M LIBOR + 3.00%), 07/22/22 (b)	407		399

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Milacron LLC
		Term Loan B, 5.00%, (3M LIBOR + 2.50%), 09/23/23 (b)	1,301		1,272
	Millennium Trust Company LLC
		Term Loan B, 0.00%, (3M LIBOR + 5.00%), 02/27/26 (b) (j)	1,085		1,068
	Monitronics International Inc.
		Term Loan B-2, 8.10%, (3M LIBOR + 5.50%), 09/30/22 (b)	224		186
	Pike Corp.
		Term Loan B, 6.00%, (3M LIBOR + 3.50%), 03/13/25 (b)	331		331
	Pisces Midco Inc.
		Term Loan, 6.55%, (3M LIBOR + 3.75%), 04/12/25 (b)	1,123		1,074
	PODS LLC
		1st Lien Term Loan, 5.24%, (3M LIBOR + 2.75%), 11/21/24 (b)	1,306		1,278
	SMG Holdings Inc.
		1st Lien Term Loan, 5.49%, (3M LIBOR + 3.00%), 01/11/25 (b)	600		592
	Southern Graphics Inc.
		Term Loan B, 5.75%, (1M LIBOR + 3.25%), 12/31/22 (b)	487		412
		Term Loan B, 5.83%, (1M LIBOR + 3.25%), 12/31/22 (b)	542		459
	Syncreon Global Finance (US) Inc.
		Term Loan B, 6.99%, (3M LIBOR + 4.25%), 10/28/20 (b)	473		305
	Tempo Acquisition LLC
		Term Loan, 5.50%, (3M LIBOR + 3.00%), 04/20/24 (b)	1,057		1,046
	Titan Acquisition Ltd.
		Term Loan B, 5.50%, (3M LIBOR + 3.00%), 03/16/25 (b)	544		505
	TransDigm Inc.
		Term Loan F, 5.00%, (1M LIBOR + 2.50%), 06/09/23 (b)	985		961
	USIC Holdings Inc.
		Term Loan B, 5.75%, (3M LIBOR + 3.25%), 12/09/23 (b)	104		101
	Wand NewCo 3 Inc.
		1st Lien Term Loan, 5.98%, (3M LIBOR + 3.50%), 01/22/26 (b)	319		319
	WP CPP Holdings LLC
		Term Loan, 6.51%, (3M LIBOR + 3.75%), 04/30/25 (b)	726		720
	Yak Access LLC
		1st Lien Term Loan B, 7.50%, (3M LIBOR + 5.00%), 06/29/25 (b) (e)	378		321
				17,997
Information Technology 1.5%
	Access CIG LLC
		1st Lien Term Loan, 6.24%, (3M LIBOR + 3.75%), 02/14/25 (b)	738		728
	Almonde Inc.
		1st Lien Term Loan, 6.10%, (3M LIBOR + 3.50%), 04/26/24 (b)	663		639
		2nd Lien Term Loan, 9.85%, (3M LIBOR + 7.25%), 04/27/25 (b)	205		197
	Applied Systems Inc.
		1st Lien Term Loan, 5.50%, (3M LIBOR + 3.00%), 09/06/24 (b)	1,268		1,254
	Ascend Learning LLC
		Term Loan B, 5.50%, (3M LIBOR + 3.00%), 06/29/24 (b)	222		217
	Avaya Inc.
		Term Loan B, 6.73%, (3M LIBOR + 4.25%), 12/14/24 (b)	525		522
		Term Loan B, 6.85%, (3M LIBOR + 4.25%), 12/14/24 (b)	317		316
	Blackhawk Network Holdings Inc.
		1st Lien Term Loan, 5.50%, (3M LIBOR + 3.00%), 05/31/25 (b)	362		355
	BMC Software Finance Inc.
		Term Loan B, 6.85%, (3M LIBOR + 4.25%), 06/30/25 (b)	814		797
			Shares/Par¹		Value ($)
	Bright Bidco BV
		Term Loan B, 6.00%, (3M LIBOR + 3.50%), 06/28/24 (b)	210		162
		Term Loan B, 6.10%, (3M LIBOR + 3.50%), 06/28/24 (b)	437		336
	Colorado Buyer Inc.
		Term Loan B, 5.60%, (1M LIBOR + 3.00%), 03/15/24 (b)	844		816
		2nd Lien Term Loan, 9.86%, (3M LIBOR + 7.25%), 05/01/25 (b)	125		113
	CommScope Inc.
		Term Loan B, 0.00%, (3M LIBOR + 3.25%), 02/07/26 (b) (j)	545		544
	Cvent Inc.
		1st Lien Term Loan, 6.25%, (3M LIBOR + 3.75%), 11/30/24 (b)	1,163		1,137
	Dell International LLC
		Term Loan B, 4.50%, (3M LIBOR + 2.00%), 09/07/23 (b)	1,054		1,041
	Dun & Bradstreet Corp.
		Term Loan, 7.49%, (6M LIBOR + 5.00%), 02/06/26 (b)	180		178
	Dynatrace LLC
		1st Lien Term Loan, 5.75%, (3M LIBOR + 3.25%), 08/08/25 (b)	239		238
	First Data Corp.
		Term Loan, 0.00%, (1M LIBOR + 2.00%), 04/26/24 (b) (j)	795		793
	Flexential Intermediate Corp.
		1st Lien Term Loan, 6.10%, (3M LIBOR + 3.50%), 07/24/24 (b)	823		751
	Flexera Software LLC
		1st Lien Term Loan, 5.75%, (3M LIBOR + 3.25%), 01/24/25 (b)	735		730
	Hyland Software Inc.
		2nd Lien Term Loan, 9.50%, (3M LIBOR + 7.00%), 05/24/25 (b)	215		214
	Information Resources Inc.
		1st Lien Term Loan, 7.13%, (3M LIBOR + 4.50%), 11/06/25 (b)	531		523
	Kronos Inc.
		Term Loan B, 5.74%, (3M LIBOR + 3.00%), 11/01/23 (b)	1,218		1,205
	Mitchell International Inc.
		1st Lien Term Loan, 5.75%, (3M LIBOR + 3.25%), 11/21/24 (b)	800		768
		2nd Lien Term Loan, 9.75%, (3M LIBOR + 7.25%), 12/01/25 (b)	267		259
	MLN US HoldCo LLC
		1st Lien Term Loan, 7.00%, (3M LIBOR + 4.50%), 07/13/25 (b)	843		826
		2nd Lien Term Loan, 11.25%, (3M LIBOR + 8.75%), 07/13/26 (b)	200		195
	Plantronics Inc.
		Term Loan B, 5.00%, (3M LIBOR + 2.50%), 06/01/25 (b)	594		582
	Project Alpha Intermediate Holding Inc.
		Term Loan B, 6.37%, (3M LIBOR + 3.50%), 04/26/24 (b)	807		785
	Radiate Holdco LLC
		1st Lien Term Loan, 5.50%, (3M LIBOR + 3.00%), 12/09/23 (b)	1,131		1,104
	Refinitiv US Holdings Inc.
		Term Loan, 6.25%, (3M LIBOR + 3.75%), 09/12/25 (b)	843		818
	Renaissance Holding Corp.
		Term Loan, 5.75%, (3M LIBOR + 3.25%), 05/21/25 (b)	989		946
	Sirius Computer Solutions Inc.
		Term Loan, 6.75%, (3M LIBOR + 4.25%), 10/30/22 (b)	710		711
	Sophia LP
		Term Loan B, 5.86%, (1M LIBOR + 3.25%), 09/30/22 (b)	1,187		1,178
	SS&C Technologies Inc.
		Term Loan B-5, 4.75%, (3M LIBOR + 2.25%), 04/16/25 (b)	473		468

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	VeriFone Inc.
		1st Lien Term Loan, 6.68%, (3M LIBOR + 4.00%), 08/09/25 (b)	368		362
	Vertafore Inc.
		1st Lien Term Loan, 5.75%, (3M LIBOR + 3.25%), 06/04/25 (b)	947		928
	Web.com Group Inc.
		Term Loan B, 6.24%, (3M LIBOR + 3.75%), 09/17/25 (b)	645		636
		2nd Lien Term Loan, 10.24%, (3M LIBOR + 7.75%), 09/17/26 (b) (k)	168		165
				24,537
Materials 0.5%
	Aleris International Inc.
		Term Loan, 7.25%, (3M LIBOR + 4.75%), 04/15/23 (b)	471		470
	Avantor Inc.
		1st Lien Term Loan, 6.25%, (3M LIBOR + 3.75%), 09/22/24 (b)	926		927
	Berry Global Inc.
		Term Loan Q, 4.61%, (3M LIBOR + 2.00%), 10/01/22 (b)	57		56
	BOYD Corp.
		1st Lien Term Loan, 6.00%, (3M LIBOR + 3.50%), 08/15/25 (b)	188		181
	BWAY Holding Co.
		Term Loan B, 6.03%, (3M LIBOR + 3.25%), 04/03/24 (b)	452		441
	Forterra Finance LLC
		Term Loan B, 5.50%, (1M LIBOR + 3.00%), 10/25/23 (b)	614		564
	GrafTech Finance Inc.
		Term Loan B, 6.00%, (3M LIBOR + 3.50%), 02/01/25 (b)	764		761
	Klockner-Pentaplast of America Inc.
		Term Loan B-2, 6.75%, (3M LIBOR + 4.25%), 06/30/22 (b)	774		676
	Messer Industries GmbH
		Term Loan, 5.10%, (3M LIBOR + 2.50%), 10/10/25 (b)	405		396
	Phoenix Services International LLC
		Term Loan, 6.24%, (3M LIBOR + 3.75%), 01/29/25 (b)	174		172
	Pro Mach Group Inc.
		Term Loan B, 5.49%, (3M LIBOR + 2.75%), 03/07/25 (b)	460		444
	Reynolds Group Holdings Inc.
		Term Loan, 5.25%, (3M LIBOR + 2.75%), 02/05/23 (b)	841		830
	Schenectady International Group Inc.
		1st Lien Term Loan, 7.54%, (3M LIBOR + 4.75%), 08/21/25 (b)	160		160
	Solenis International LP
		1st Lien Term Loan, 6.63%, (3M LIBOR + 4.00%), 06/26/25 (b)	696		683
		1st Lien Term Loan, 6.49%, (3M LIBOR + 4.00%), 12/18/25 (b)	91		89
		2nd Lien Term Loan, 11.13%, (3M LIBOR + 8.50%), 06/18/26 (b) (e)	140		134
	Starfruit Finco BV
		Term Loan B, 5.74%, (3M LIBOR + 3.25%), 09/20/25 (b)	815		803
	Vantage Specialty Chemicals Inc.
		1st Lien Term Loan, 6.00%, (3M LIBOR + 3.50%), 10/20/24 (b)	113		111
		1st Lien Term Loan, 6.13%, (3M LIBOR + 3.50%), 10/20/24 (b)	97		95
				7,993
Real Estate 0.0%
	Capital Automotive LP
		2nd Lien Term Loan, 8.50%, (3M LIBOR + 6.00%), 03/21/25 (b)	114		114
	Forest City Enterprises LP
		Term Loan B, 6.48%, (3M LIBOR + 4.00%), 10/24/25 (b)	414		415
				529
			Shares/Par¹		Value ($)
Utilities 0.0%
	Edgewater Generation LLC
		Term Loan, 0.00%, (3M LIBOR + 3.75%), 11/29/25 (b) (j)	54		54
		Term Loan, 6.25%, (3M LIBOR + 3.75%), 11/29/25 (b)	434		433
	NEP/NCP Holdco Inc.
		1st Lien Term Loan, 5.75%, (3M LIBOR + 3.25%), 10/05/25 (b)	339		336
		2nd Lien Term Loan, 9.50%, (3M LIBOR + 7.00%), 10/05/26 (b)	65		64
				887
	Total Senior Loan Interests (cost $131,816)			128,397
GOVERNMENT AND AGENCY OBLIGATIONS 17.5%
Collateralized Mortgage Obligations 6.3%
	Federal Home Loan Mortgage Corp.
		Series HA-4582, REMIC, 3.00%, 09/15/45	3,267		3,278
		Series QA-4060, REMIC, 1.50%, 09/15/26	2,949		2,871
		Series AN-4030, REMIC, 1.75%, 04/15/27	5,389		5,257
		Series CD-4484, REMIC, 1.75%, 07/15/30	4,655		4,514
		Series BA-4642, REMIC, 3.00%, 02/15/41	6,453		6,474
		Series A-4734, REMIC, 3.00%, 07/15/42	6,276		6,296
		Series FA-4125, REMIC, 2.83%, (1M USD LIBOR + 0.35%), 11/15/42 (b)	4,559		4,532
		Series LA-4738, REMIC, 3.00%, 11/15/43	6,343		6,361
		Series CF-4750, REMIC, 2.83%, (1M USD LIBOR + 0.35%), 01/15/48 (b)	8,324		8,262
	Federal National Mortgage Association
		Series 2012-FK-56, 2.94%, (1M USD LIBOR + 0.45%), 06/25/42 (b)	5,769		5,754
		Series 2018-HF-70, 2.84%, (1M USD LIBOR + 0.35%), 10/25/58 (b)	9,408		9,371
		Series 2016-PA-72, REMIC, 3.00%, 07/25/46	4,898		4,909
		Series 2018-FA-55, REMIC, 2.79%, (1M USD LIBOR + 0.30%), 08/25/48 (b)	8,977		8,910
		Series 2018-FA-64, REMIC, 2.84%, (1M USD LIBOR + 0.35%), 09/25/48 (b)	8,491		8,435
		Series 2018-FA-77, REMIC, 2.79%, (1M USD LIBOR + 0.30%), 10/25/48 (b)	7,419		7,363
		Series 2017-FA-96, REMIC, 2.89%, (1M USD LIBOR + 0.40%), 12/25/57 (b)	9,761		9,722
				102,309
Commercial Mortgage-Backed Securities 0.0%
	Federal Home Loan Mortgage Corp.
		Interest Only, Series X1-K722, REMIC, 1.31%, 03/25/23 (b)	12,435		517
Mortgage-Backed Securities 0.7%
	Federal Home Loan Mortgage Corp.
		3.50%, 09/01/32	7,887		8,090
	Federal National Mortgage Association
		2.33%, (12M USD LIBOR + 1.63%), 11/01/42 (b)	3,547		3,641
				11,731
Sovereign 0.7%
	Argentina Republic Government International Bond
		5.63%, 01/26/22	1,300		1,120
	Banco del Estado de Chile
		2.67%, 01/08/21 (c)	300		297
		3.88%, 02/08/22	2,400		2,436
	Banco Latinoamericano de Comercio Exterior SA
		3.25%, 05/07/20	2,000		1,997
	Costa Rica Government International Bond
		10.00%, 08/01/20	400		418
	Dominican Republic International Bond
		7.50%, 05/06/21	500		519
	Export-Import Bank of India
		3.13%, 07/20/21	1,000		997
	Indonesia Government International Bond
		4.88%, 05/05/21	1,000		1,036
		3.70%, 01/08/22	1,200		1,215
		3.70%, 01/08/22 (c)	200		202
				10,237
Treasury Inflation Indexed Securities 3.9%
	U.S. Treasury Inflation Indexed Note
		0.13%, 04/15/19 (l)	63,486		63,445

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
U.S. Treasury Securities 5.9%
	U.S. Treasury Note
		2.25%, 03/31/20	20,300		20,268
		2.75%, 08/15/21	20,000		20,228
		1.63%, 10/15/20 - 04/30/23	56,200		55,042
				95,538
	Total Government And Agency Obligations (cost $283,846)			283,777
SHORT TERM INVESTMENTS 10.5%
Investment Companies 4.9%
	JNL Government Money Market Fund - Institutional Class, 2.33% (m) (n)		78,612		78,612
Treasury Securities 5.6%
	U.S. Treasury Bill
		2.50%, 07/11/19 (o)	29,800		29,601
		2.41%, 08/15/19 (o)	29,800		29,531
		2.51%, 11/07/19 (o)	32,200		31,742
				90,874
	Total Short Term Investments (cost $169,451)			169,486
Total Investments 95.2% (cost $1,544,476)					1,541,887
Other Derivative Instruments 4.8%					77,037
Other Assets and Liabilities, Net 0.0%					337
Total Net Assets 100.0%					1,619,261

(a) The Fund had an unfunded commitment at March 31, 2019. See the table of Unfunded Commitments in the Schedules of Investments.

(e) The Sub-Adviser has deemed this security to be illiquid based on procedures approved by the JNL Series Trust's Board of Trustees.

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

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

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

(j) This senior loan will settle after March 31, 2019. The reference rate and spread presented will go into effect upon settlement.

(k) 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.

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

(m) Investment in affiliate.

(n) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2019.

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


Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	BB-UBS Trust, Series 2012-TE-TFT REMIC, 3.56%, 06/05/20	01/05/17	3,184	3,106	0.2
	BX Trust, Series 2018-F-MCSF REMIC, 5.13%, 04/15/20	04/09/18	2,873	2,862	0.2
	BX Trust, Series 2018-G-GW REMIC, 5.40%, 05/15/20	08/15/18	581	583	—
	CHT Mortgage Trust, Series 2017-F-CSMO REMIC, 6.22%, 11/15/19	12/04/17	406	407	—
	Citigroup Commercial Mortgage Trust, Series 2018-F-TBR, 6.13%, 12/16/19	01/22/18	4,510	4,530	0.3
	CLNS Trust, Series 2017-F-IKPR, 6.99%, 06/13/19	05/19/17	973	977	0.1
	Credit Suisse Mortgage Trust, Series 2017-E-LSTK REMIC, 3.33%, 04/07/21	05/05/17	1,783	1,767	0.1
	GS Mortgage Securities Trust, Series 2018-G-RIVR REMIC, 5.08%, 07/15/20	10/15/18	1,993	1,962	0.1
	IMT Trust, Series 2017-FFL-APTS, 5.33%, 06/17/19	06/30/17	721	718	—
	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2017-F-MAUI REMIC, 6.24%, 07/15/19	07/25/17	674	675	—
	Morgan Stanley Capital I Trust, Series 2017-F-CLS, 5.08%, 11/15/19	11/22/17	2,556	2,542	0.2
	Morgan Stanley Capital I Trust, Series 2014-CPT REMIC, 3.45%, 07/15/21	05/31/17	2,515	2,526	0.2
	Morgan Stanley Capital I Trust, Series 2014-CPT REMIC, 3.45%, 07/15/21	05/31/17	522	517	—
	MSCG Trust, Series 2018-F-SELF, 5.53%, 10/15/20	10/10/18	3,335	3,323	0.2
			26,626	26,495	1.6

Unfunded Commitments

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


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
Shiller Barclays CAPE US Sector Index (E) ‡	Fixed Rate of 0.40% (E)	BCL	04/05/19		27,100	—		(252)
Shiller Barclays CAPE US Sector Index (E) ‡	Fixed Rate of 0.40% (E)	BCL	04/05/19		1,000	—		4
Shiller Barclays CAPE US Sector Index (E) ‡	Fixed Rate of 0.40% (E)	BCL	04/19/19		100,000	—		2,875
Shiller Barclays CAPE US Sector Index (E) ‡	Fixed Rate of 0.40% (E)	BCL	04/05/19		3,600	—		28
Shiller Barclays CAPE US Sector Index (E) ‡	Fixed Rate of 0.40% (E)	BCL	05/10/19		100,000	—		(929)
Shiller Barclays CAPE US Sector Index (E) ‡	Fixed Rate of 0.40% (E)	BCL	04/05/19		3,800	—		28
Shiller Barclays CAPE US Sector Index (E) ‡	Fixed Rate of 0.40% (E)	BCL	04/05/19		800	—		7
Shiller Barclays CAPE US Sector Index (E) ‡	Fixed Rate of 0.40% (E)	BCL	04/05/19		10,500	—		49
Shiller Barclays CAPE US Sector Index (E) ‡	Fixed Rate of 0.40% (E)	BCL	04/05/19		500	—		4
Shiller Barclays CAPE US Sector Index (E) ‡	Fixed Rate of 0.39% (E)	BNP	06/06/19		130,000	—		17,735
Shiller Barclays CAPE US Sector Index (E) ‡	Fixed Rate of 0.39% (E)	BNP	09/19/19		100,000	—		467
Shiller Barclays CAPE US Sector Index (E) ‡	Fixed Rate of 0.39% (E)	BNP	04/18/19		100,000	—		2,357
Shiller Barclays CAPE US Sector Index (E) ‡	Fixed Rate of 0.39% (E)	BNP	04/04/19		100,000	—		5,731
Shiller Barclays CAPE US Sector Index (E) ‡	Fixed Rate of 0.39% (E)	BNP	05/09/19		100,000	—		3,574
Shiller Barclays CAPE US Sector Index (E) ‡	Fixed Rate of 0.39% (E)	BNP	08/22/19		100,000	—		2,626
Shiller Barclays CAPE US Sector Index (E) ‡	Fixed Rate of 0.39% (E)	BNP	07/18/19		90,000	—		9,095
Shiller Barclays CAPE US Sector Index (E) ‡	Fixed Rate of 0.40% (E)	CIB	06/05/19		90,000	—		10,642
Shiller Barclays CAPE US Sector Index (E) ‡	Fixed Rate of 0.40% (E)	CIB	08/28/19		100,000	—		2,631
Shiller Barclays CAPE US Sector Index (E) ‡	Fixed Rate of 0.40% (E)	CIB	05/08/19		100,000	—		6,440
Shiller Barclays CAPE US Sector Index (E) ‡	Fixed Rate of 0.40% (E)	CIB	07/17/19		90,000	—		8,765
Shiller Barclays CAPE US Sector Index (E) ‡	Fixed Rate of 0.40% (E)	CIB	04/17/19		100,000	—		4,425
Shiller Barclays CAPE US Sector Index (E) ‡	Fixed Rate of 0.40% (E)	CIB	09/25/19		100,000	—		735
						—		77,037

‡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=507&filename=2019-03+BXIICS2E.pdf.

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
JNL/First State Global Infrastructure Fund
COMMON STOCKS 98.9%
Australia 6.8%
	Aurizon Holdings Ltd.	2,545		8,221
	Transurban Group	6,629		62,159
			70,380
Brazil 1.7%
	CCR SA	5,805		17,387
Canada 8.9%
	Emera Inc.	557		20,849
	Hydro One Ltd.	1,333		20,731
	TransCanada Corp. (a)	1,115		50,141
			91,721
China 2.0%
	China Merchants Holdings International Co. Ltd.	4,410		9,424
	Jiangsu Expressway Co. Ltd. - Class H (b)	8,034		11,373
			20,797
France 2.7%
	Getlink	71		1,079
	Vinci SA	268		26,144
			27,223
Hong Kong 0.9%
	COSCO Shipping Ports Ltd.	8,198		8,870
Italy 3.6%
	Atlantia SpA	1,416		36,745
Japan 8.3%
	East Japan Railway Co.	439		42,380
	Osaka Gas Co. Ltd.	615		12,134
	Tokyo Gas Co. Ltd.	399		10,793
	West Japan Railway Co.	262		19,703
			85,010
Mexico 1.7%
	Grupo Aeroportuario del PacifiCo SAB de CV - Class B	927		8,226
	Promotora y Operadora de Infraestructura SAB de CV (a) (b)	975		9,682
			17,908
Spain 4.9%
	Aena SME SA	161		29,111
	Ferrovial SA	910		21,335
			50,446
United Kingdom 6.2%
	National Grid Plc	2,551		28,243
	Severn Trent Plc	696		17,903
	SSE Plc	1,147		17,715
			63,861
United States of America 51.2%
	Alliant Energy Corp.	483		22,749
	American Electric Power Co. Inc.	459		38,437
	American Tower Corp.	117		23,032
	Crown Castle International Corp.	299		38,208
	Dominion Energy Inc.	895		68,572
	Evergy Inc.	558		32,387
	Eversource Energy	360		25,521
	Kinder Morgan Inc.	2,008		40,188
	Magellan Midstream Partners LP	251		15,242
	NextEra Energy Inc.	309		59,682
	NiSource Inc.	723		20,710
	Norfolk Southern Corp.	51		9,484
	Portland General Electric Co.	179		9,300
	SBA Communications Corp. (c)	173		34,479
	UGI Corp.	371		20,554
	Union Pacific Corp.	187		31,186
	Williams Cos. Inc.	1,306		37,506
			527,237
	Total Common Stocks (cost $947,643)		1,017,585
		Shares/Par¹		Value ($)
SHORT TERM INVESTMENTS 0.5%
Investment Companies 0.5%
	JNL Government Money Market Fund - Institutional Class, 2.33% (d) (e)	4,816		4,816
	Total Short Term Investments (cost $4,816)		4,816
Total Investments 99.4% (cost $952,459)				1,022,401
Other Assets and Liabilities, Net 0.6%				6,604
Total Net Assets 100.0%				1,029,005

(a) All or a portion of the security was on loan.

(b) The Sub-Adviser has deemed this security to be illiquid based on procedures approved by the JNL Series Trust's Board of Trustees.

(d) Investment in affiliate.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2019.

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
JNL/FPA + DoubleLine Flexible Allocation Fund (a)
COMMON STOCKS 66.3%
Communication Services 17.1%
	Alphabet Inc. - Class A (b)		33		39,280
	Alphabet Inc. - Class C (b)		34		39,413
	Baidu.com - Class A - ADR (b)		249		41,041
	Charter Communications Inc. - Class A (b)		115		39,744
	Comcast Corp. - Class A		1,173		46,898
	Facebook Inc. - Class A (b)		233		38,917
	Naspers Ltd. - Class N		195		45,077
				290,370
Consumer Discretionary 3.0%
	JD.com Inc. - Class A - ADR (b)		917		27,648
	Media Group Holdings LLC (b) (c) (d) (e) (f)		33,207		938
	Mohawk Industries Inc. (b)		175		22,103
				50,689
Energy 2.0%
	Kinder Morgan Inc.		1,676		33,530
Financials 17.7%
	Ally Financial Inc.		969		26,631
	American International Group Inc. (g)		1,546		66,589
	Aon Plc - Class A (g)		177		30,185
	Bank of America Corp. (g)		1,549		42,742
	Citigroup Inc.		726		45,152
	Groupe Bruxelles Lambert SA (e)		383		37,292
	Royal Bank of Scotland Group Plc		6,835		22,004
	Wells Fargo & Co.		634		30,644
				301,239
Health Care 1.6%
	Mylan NV (b) (g)		997		28,246
Industrials 6.6%
	Arconic Inc. (g)		2,685		51,306
	Jardine Strategic Holdings Ltd. (e)		280		10,486
	United Technologies Corp. (g)		388		49,959
				111,751
Information Technology 12.0%
	Analog Devices Inc. (g)		474		49,909
	Broadcom Inc. (g)		190		57,052
	Microsoft Corp. (g)		315		37,098
	NAVER Corp.		77		8,394
	Nexon Co. Ltd. (b)		868		13,604
	TE Connectivity Ltd.		472		38,090
				204,147
Materials 5.8%
	Alcoa Corp. (b) (g)		127		3,565
	Glencore Plc		6,548		27,147
	HeidelbergCement AG		429		30,926
	LafargeHolcim Ltd.		771		38,186
				99,824
Utilities 0.5%
	PG&E Corp. (b)		491		8,738
	Total Common Stocks (cost $1,092,603)			1,128,534
PREFERRED STOCKS 0.8%
Consumer Discretionary 0.8%
	Porsche Automobil Holding SE (h)		211		13,220
	Total Preferred Stocks (cost $12,471)			13,220
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 10.2%
	Allegro CLO VII Ltd.
		Series 2018-A-1A, 3.89%, (3M USD LIBOR + 1.10%), 06/13/31 (i) (j)	1,000		985
	Assurant CLO III Ltd.
		Series 2018-A-2A, 3.99%, (3M USD LIBOR + 1.23%), 10/20/31 (i) (j)	1,000		991
	Atrium Hotel Portfolio Trust
		Series 2017-E-ATRM, 5.53%, (1M USD LIBOR + 3.05%), 12/16/19 (i) (j)	949		953
	Bancorp Commercial Mortgage Trust
		Series 2019-A-CRE5, 3.49%, 01/15/22 (j)	711		711
			Shares/Par¹		Value ($)
	Bank of America Merrill Lynch Commercial Mortgage Trust
		Interest Only, Series 2017-XA, REMIC, 0.87%, 07/16/60 (i)	15,349		805
	BBCMS Mortgage Trust
		Series 2018-A-TALL, REMIC, 3.21%, (1M USD LIBOR + 0.72%), 03/16/20 (i) (j)	711		704
	BBCMS Trust
		Series 2017-C-DELC, REMIC, 3.68%, (1M USD LIBOR + 1.20%), 08/15/19 (i) (j)	194		193
		Series 2017-D-DELC, REMIC, 4.18%, (1M USD LIBOR + 1.70%), 08/15/19 (i) (j)	221		220
		Series 2017-E-DELC, REMIC, 4.98%, (1M USD LIBOR + 2.50%), 08/15/19 (i) (j)	445		441
		Series 2017-F-DELC, REMIC, 5.98%, (1M USD LIBOR + 3.50%), 08/15/19 (i) (j)	444		440
		Series 2018-A-BXH, REMIC, 3.48%, (1M USD LIBOR + 1.00%), 10/15/20 (i) (j)	248		247
		Series 2014-E-BXO, REMIC, 6.23%, (1M USD LIBOR + 3.75%), 08/15/27 (i) (j)	1,094		1,094
		Interest Only, Series 2017-XA-C1, REMIC, 1.51%, 02/15/50 (i)	9,937		886
	Bear Stearns Alt-A Trust
		Series 2006-31A1-4, REMIC, 4.03%, 07/25/36 (i)	6,346		6,125
	Benefit Street Partners CLO III Ltd.
		Series 2013-A1R-IIIA, 4.01%, (3M USD LIBOR + 1.25%), 07/20/29 (i) (j)	1,000		1,000
	BSPRT Ltd.
		Series 2017-AS-FL2, 3.58%, (1M USD LIBOR + 1.10%), 10/16/34 (i) (j)	114		113
		Series 2017-B-FL2, 3.88%, (1M USD LIBOR + 1.40%), 10/16/34 (i) (j)	131		131
	BX Trust
		Series 2017-D-SLCT, 4.53%, (1M USD LIBOR + 2.05%), 07/15/19 (i) (j)	306		306
		Series 2017-E-SLCT, 5.63%, (1M USD LIBOR + 3.15%), 07/15/19 (i) (j)	518		520
		Series 2018-A-GW, 3.28%, (1M USD LIBOR + 0.80%), 05/15/20 (i) (j)	100		99
		Series 2018-D-GW, 4.25%, (1M USD LIBOR + 1.77%), 05/15/20 (i) (j)	100		100
		Series 2018-A-IND, 3.23%, (1M USD LIBOR + 0.75%), 10/15/20 (i) (j)	753		751
		Series 2018-F-MCSF, REMIC, 5.13%, (1M USD LIBOR + 2.65%), 04/15/20 (e) (f) (i)	910		902
		Series 2018-A-EXCL, REMIC, 3.57%, (1M USD LIBOR + 1.09%), 09/15/20 (i) (j)	234		234
	CAMB Commercial Mortgage Trust
		Series 2019-A-LIFE, REMIC, 3.55%, (1M USD LIBOR + 1.07%), 12/15/25 (i) (j)	734		735
	Carbone CLO Ltd.
		Series 2017-A1-1A, 3.92%, (3M USD LIBOR + 1.14%), 01/21/31 (i) (j)	1,000		990
	CFCRE Commercial Mortgage Trust
		Interest Only, Series 2017-XB-C8, 0.95%, 06/15/50 (i)	4,001		266
		Interest Only, Series 2017-XA-C8, 1.66%, 06/15/50 (i)	10,966		1,036
	CFIP CLO Ltd.
		Series 2013-AR-1A, 4.10%, (3M USD LIBOR + 1.34%), 04/20/29 (i) (j)	1,000		1,000
		Series 2014-AR-1A, 4.12%, (3M USD LIBOR + 1.32%), 07/13/29 (i) (j)	1,000		1,000
	CG-CCRE Commercial Mortgage Trust
		Series 2014-A-FL2, REMIC, 4.34%, (1M USD LIBOR + 1.85%), 11/15/31 (i) (j)	138		138
	CHT Mortgage Trust
		Series 2017-F-CSMO, REMIC, 6.22%, (1M USD LIBOR + 3.74%), 11/15/19 (e) (f) (i)	331		332
	Citigroup Commercial Mortgage Trust
		Interest Only, Series 2016-XA-GC36, REMIC, 1.29%, 02/10/49 (i)	3,158		215
	Citigroup Mortgage Loan Trust Inc.
		Series 2018-A1-C, 4.13%, 03/25/59 (j)	2,947		2,963
		Series 2007-1A1A-AR8, REMIC, 4.04%, 08/25/37 (i)	1,810		1,735

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹	Value ($)
CLNS Trust
	Series 2017-D-IKPR, 4.54%, (1M USD LIBOR + 2.05%), 06/13/19 (i) (j)	654	655
	Series 2017-E-IKPR, 5.99%, (1M USD LIBOR + 3.50%), 06/13/19 (i) (j)	654	656
Cloverleaf Cold Storage Trust
	Series 2019-A-CHL2, 3.56%, (1M USD LIBOR + 1.08%), 03/15/21 (i) (j)	712	712
Cold Storage Trust
	Series 2017-A-ICE3, 3.48%, (1M USD LIBOR + 1.00%), 04/15/24 (i) (j)	711	711
	Series 2017-C-ICE3, 3.83%, (1M USD LIBOR + 1.35%), 04/15/24 (i) (j)	661	661
Colony Starwood Homes Trust
	Series 2016-D-2A, REMIC, 4.83%, (1M USD LIBOR + 2.35%), 12/19/33 (i) (j)	624	623
COLT Mortgage Loan Trust
	Series 2017-A3-1, 3.07%, 05/27/47 (i) (j)	1,256	1,238
COMM Mortgage Trust
	Interest Only, Series 2013-XA-LC6, REMIC, 1.36%, 01/12/23 (i)	12,983	546
	Series 2014-C-FL5, REMIC, 3.88%, (1M USD LIBOR + 2.15%), 10/15/31 (i) (j)	925	921
	Interest Only, Series 2013-XA-CR9, REMIC, 0.12%, 07/10/45 (i)	63,733	231
Commercial Mortgage Trust
	Interest Only, Series 2017-XA-CD4, REMIC, 1.32%, 04/12/27 (i)	5,254	401
Consumer Loan Underlying Bond Credit Trust
	Series 2018-A-P1, 3.39%, 07/15/25 (j)	884	884
Credit Suisse Mortgage Trust
	Series 2017-C-LSTK, REMIC, 3.23%, 04/07/21 (j)	310	308
	Series 2017-D-LSTK, REMIC, 3.33%, 04/07/21 (i) (j)	369	365
	Series 2017-E-LSTK, REMIC, 3.33%, 04/07/21 (e) (f) (i)	340	334
	Interest Only, Series 2017-XB-LSTK, REMIC, 0.21%, 04/05/33 (i) (j)	1,967	5
	Interest Only, Series 2017-XA-LSTK, REMIC, 0.57%, 04/05/33 (i) (j)	5,407	36
CSAIL Commercial Mortgage Trust
	Interest Only, Series 2017-XA-CX9, REMIC, 0.89%, 08/17/27 (i)	18,773	793
CSMC Trust
	Series 2017-D-CHOP, REMIC, 4.38%, (1M USD LIBOR + 1.90%), 06/17/19 (i) (j)	986	987
	Series 2018-A1-RPL7, REMIC, 4.00%, 09/25/21 (j)	4,830	4,792
CVP CLO Ltd.
	Series 2017-A-1A, 4.10%, (3M USD LIBOR + 1.34%), 07/20/30 (i) (j)	1,000	1,000
	Series 2017-A-2A, 3.95%, (3M USD LIBOR + 1.19%), 01/20/31 (i) (j)	1,000	992
Earnest Student Loan Program LLC
	Series 2016-A2-B, 3.02%, 05/25/34 (j)	2,716	2,702
FREMF Mortgage Trust
	Series 2016-B-KF22, REMIC, 7.54%, (1M USD LIBOR + 5.05%), 07/25/23 (e) (f) (i)	508	537
GCAT LLC
	Series 2018-A1-2, 4.09%, 06/25/21 (j) (k)	3,560	3,528
GMAC Commercial Mortgage Securities Inc.
	Series 2004-E-C3, REMIC, 5.14%, 12/10/41 (i) (j)	1,087	1,088
GPMT Ltd.
	Series 2018-A-FL1, 3.39%, (1M USD LIBOR + 0.90%), 11/19/35 (i) (j)	684	683
Great Wolf Trust
	Series 2017-D-WOLF, 4.73%, (1M USD LIBOR + 2.10%), 09/16/19 (i) (j)	302	302
	Series 2017-E-WOLF, 5.73%, (1M USD LIBOR + 3.10%), 09/16/19 (i) (j)	468	469
	Series 2017-F-WOLF, 6.70%, (1M USD LIBOR + 4.07%), 09/16/19 (i) (j)	249	250
Greywolf CLO VII Ltd.
	Series 2018-A1-7A, 3.74%, (3M USD LIBOR + 1.18%), 10/20/31 (i) (j)	1,000	992
		Shares/Par¹	Value ($)
GS Mortgage Securities Corp. II
	Interest Only, Series 2017-XA-GS8, 0.98%, 11/10/50 (i)	12,567	811
GS Mortgage Securities Trust
	Series 2017-E-500K, 3.98%, (1M USD LIBOR + 1.50%), 07/15/19 (i) (j)	462	461
	Series 2017-F-500K, 4.28%, (1M USD LIBOR + 1.80%), 07/15/19 (i) (j)	317	317
	Interest Only, Series 2016-XA-GS3, 1.26%, 10/10/49 (i)	9,290	643
	Interest Only, Series 2013-XA-GC10, REMIC, 1.52%, 02/10/46 (i)	12,450	602
	Interest Only, Series 2016-XA-GS2, REMIC, 1.66%, 05/10/49 (i)	13,919	1,151
	Series 2018-E-FBLU, REMIC, 5.23%, 11/16/20 (j)	445	445
	Series 2018-A-TWR, REMIC, 3.38%, (1M USD LIBOR + 0.90%), 07/15/21 (i) (j)	800	799
	Series 2018-D-TWR, REMIC, 4.08%, (1M USD LIBOR + 1.60%), 07/15/21 (i) (j)	800	798
Jamestown CLO IV Ltd.
	Series 2014-A1AR-4A, 3.48%, (3M USD LIBOR + 0.69%), 07/15/26 (i) (j)	2,152	2,144
JPMBB Commercial Mortgage Securities Trust
	Interest Only, Series 2016-XA-C2, REMIC, 1.69%, 05/15/26 (i)	18,399	1,378
JPMorgan Chase Commercial Mortgage Securities Trust
	Series 2017-C-MAUI, REMIC, 3.74%, (1M USD LIBOR + 1.25%), 07/15/19 (i) (j)	254	254
	Series 2017-D-MAUI, REMIC, 4.44%, (1M USD LIBOR + 1.95%), 07/15/19 (i) (j)	238	238
	Series 2017-E-MAUI, REMIC, 5.44%, (1M USD LIBOR + 2.95%), 07/15/19 (i) (j)	211	211
	Series 2017-F-MAUI, REMIC, 6.24%, (1M USD LIBOR + 3.75%), 07/15/19 (e) (f) (i)	297	297
	Series 2018-EFL-WPT, REMIC, 5.08%, (1M USD LIBOR + 2.60%), 07/07/23 (i) (j)	788	787
	Series 2006-AMS-LDP9, REMIC, 5.34%, 05/15/47	1,138	1,055
Kingsland VIII Ltd.
	Series 2018-A-8A, 3.88%, (3M USD LIBOR + 1.12%), 04/21/31 (i) (j)	1,000	989
LCCM Mortgage Trust
	Series 2014-MRC-PKMD, REMIC, 2.86%, 11/18/19 (e) (f) (i)	1,018	1,014
LCM XIX LP
	Series 2019-AR-R, 0.00%, (3M USD LIBOR + 1.24%), 07/15/27 (i) (j)	1,500	1,498
Legacy Mortgage Asset Trust
	Series 2018-A1-GS2, 4.00%, 06/25/20 (j) (k)	9,465	9,452
Lendmark Funding Trust
	Series 2017-A-1A, 2.83%, 12/22/25 (j)	4,000	3,968
Marble Point CLO XI Ltd.
	Series 2017-A-2A, 3.96%, (3M USD LIBOR + 1.18%), 12/18/30 (i) (j)	1,000	990
Midocean Credit CLO VII
	Series 2017-A1-7A, 4.11%, (3M USD LIBOR + 1.32%), 07/16/29 (i) (j)	4,000	4,000
Milos CLO Ltd.
	Series 2017-A-1A, 4.01%, (3M USD LIBOR + 1.25%), 10/20/30 (i) (j)	4,000	3,998
Morgan Stanley Bank of America Merrill Lynch Trust
	Interest Only, Series 2014-LNCX-C19, REMIC, 0.60%, 12/17/46 (j)	24,593	751
Ocean Trails CLO V
	Series 2014-ARR-5A, 4.08%, (3M USD LIBOR + 1.28%), 10/13/31 (i) (j)	1,000	988
Octagon Investment Partners XXVII Ltd.
	Series 2016-D-R-27R, 5.74%, (3M USD LIBOR + 2.95%), 07/15/30 (i) (j)	1,000	952
OFSI Fund V Ltd.
	Series 2018-A-1A, 3.94%, (3M USD LIBOR + 1.15%), 07/15/31 (i) (j)	1,500	1,485
Park Avenue Institutional Advisers CLO Ltd.
	Series 2016-A1R-1A, 3.51%, (3M USD LIBOR + 1.20%), 08/25/31 (i) (j)	1,500	1,484

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Pretium Mortgage Credit Partners I LLC
		Series 2018-A1-NLP3, 4.13%, 07/28/21 (j) (k)	2,414		2,414
	PRPM LLC
		Series 2017-2, 3.47%, 09/25/20 (j) (k)	5,322		5,305
	RAIT Financial Trust
		Series 2017-AS-FL7, 3.78%, (1M USD LIBOR + 1.30%), 06/15/37 (i) (j)	214		214
	RCO Trust
		Series 2017-A-INV1, REMIC, 3.20%, 11/25/52 (i) (j)	5,307		5,324
		Series 2017-M1-INV1, REMIC, 3.90%, 11/25/52 (i) (j)	3,002		3,072
	Ready Capital Mortgage Trust
		Series 2019-A-5, 3.78%, 10/25/26 (j)	525		531
	Rockford Tower CLO Ltd.
		Series 2017-A-2A, 4.06%, (3M USD LIBOR + 1.27%), 10/15/29 (i) (j)	2,000		2,000
	Rosslyn Portfolio Trust
		Series 2017-B-ROSS, 3.73%, (1M USD LIBOR + 1.25%), 06/15/20 (i) (j)	493		491
	SCF Equipment Leasing LLC
		Series 2017-A-1A, 3.77%, 01/20/23 (j)	1,056		1,063
	SG Commercial Mortgage Securities Trust
		Interest Only, Series 2016-XA-C5, REMIC, 2.00%, 10/13/48 (i)	7,551		746
	SLM Private Credit Student Loan Trust
		Series 2006-A5-A, 2.90%, (3M USD LIBOR + 0.29%), 06/15/39 (i)	405		394
	SoFi Consumer Loan Program LLC
		Series 2017-A1-5, 2.14%, 12/25/19 (j)	303		302
		Series 2017-A1-6, 2.20%, 02/25/20 (j)	463		462
		Series 2016-A-3, 3.05%, 05/25/21 (j)	503		504
		Series 2017-A2-6, 2.82%, 02/25/22 (j)	2,500		2,488
		Series 2017-A-3, 2.77%, 03/25/22 (j)	784		783
		Series 2017-A2-5, 2.78%, 04/25/22 (j)	1,000		997
		Series 2017-A-1, 3.28%, 01/26/26 (j)	941		945
	SoFi Consumer Loan Program Trust
		Series 2018-A1-1, 2.55%, 04/25/20 (j)	456		455
		Series 2018-A1-2, 2.93%, 06/25/20 (j)	852		851
	SpringCastle America Funding LLC
		Series 2016-A-AA, 3.05%, 11/25/23 (j)	2,076		2,073
	Steele Creek CLO Ltd.
		Series 2015-AR-1A, 3.90%, (3M USD LIBOR + 1.26%), 05/21/29 (i) (j)	2,387		2,385
		Series 2016-1A, 3.73%, (3M USD LIBOR + 1.12%), 06/15/31 (i) (j)	1,000		987
		Series 2018-A-2A, 3.88%, (3M USD LIBOR + 1.20%), 08/18/31 (i) (j)	500		495
		Series 2019-B-1A, 0.00%, (3M USD LIBOR + 2.20%), 04/15/32 (i) (j)	1,000		1,000
	STWD Mortgage Trust
		Series 2018-A-URB, 3.48%, (1M USD LIBOR + 1.00%), 05/17/21 (i) (j)	1,489		1,490
	TCI-Cent CLO Ltd.
		Series 2016-A2-1A, 4.96%, (3M USD LIBOR + 2.20%), 12/21/29 (i) (j)	1,500		1,500
	Textainer Marine Containers V Ltd.
		Series 2017-A-1A, 3.72%, 01/20/26 (j)	2,066		2,077
	THL Credit Wind River CLO Ltd.
		Series 2014-AR-2A, 3.93%, (3M USD LIBOR + 1.14%), 01/15/31 (i) (j)	2,000		1,981
	TPG Real Estate Finance Issuer Ltd.
		Series 2018-A-FL1, 3.23%, (1M USD LIBOR + 0.75%), 10/15/19 (i) (j)	422		421
		Series 2018-AS-FL1, 3.43%, (1M USD LIBOR + 0.95%), 11/15/19 (i) (j)	1,615		1,609
		Series 2018-B-FL1, 3.78%, (1M USD LIBOR + 1.30%), 02/15/20 (i) (j)	680		677
	UBS Commercial Mortgage Trust
		Interest Only, Series 2012-XA-C1, REMIC, 2.07%, 05/12/45 (i) (j)	7,669		390
	Venture XX CLO Ltd.
		Series 2015-AR-20A, 3.61%, (3M USD LIBOR + 0.82%), 04/15/27 (i) (j)	2,000		1,990
	Venture XXIX CDO Ltd.
		Series 2017-A-29A, 3.96%, (3M USD LIBOR + 1.28%), 09/09/30 (i) (j)	2,000		2,000
			Shares/Par¹		Value ($)
	Verde CLO Ltd.
		Series 2019-A-1A, 0.00%, (3M USD LIBOR + 1.35%), 04/15/32 (i) (j)	1,000		999
	Vericrest Opportunity Loan Trust
		Series 2019-NL3-A1, 3.97%, 03/25/22 (j) (k)	2,000		2,000
	Vibrant CLO Ltd.
		Series 2018-A1-10A, 3.64%, (3M USD LIBOR + 1.20%), 10/20/31 (i) (j)	1,000		992
	VMC Finance LLC
		Series 2018-A-FL2, 3.40%, (1M USD LIBOR + 0.95%), 05/15/21 (i) (j)	922		920
	VOLT LXX LLC
		Series 2018-A1A-NPL6, 4.11%, 09/27/21 (j)	3,632		3,631
	Wellfleet CLO Ltd.
		Series 2018-A1-2A, 3.64%, (3M USD LIBOR + 1.20%), 10/20/31 (i) (j)	1,500		1,484
	Wells Fargo Commercial Mortgage Trust
		Interest Only, Series 2018-XA-C46, REMIC, 0.95%, 08/17/51 (i)	14,485		892
		Interest Only, Series 2015-XA-LC22, REMIC, 0.86%, 09/17/58 (i)	17,091		718
	Westlake Automobile Receivables Trust
		Series 2016-C-3A, 2.46%, 01/18/22 (j)	3,813		3,805
		Series 2017-C-2A, 2.59%, 12/15/22 (j)	5,000		4,979
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $172,193)			172,559
CORPORATE BONDS AND NOTES 6.9%
Communication Services 0.5%
	AT&T Inc.
		2.80%, 02/17/21	1,015		1,016
	Bharti Airtel International (Netherlands) BV
		5.13%, 03/11/23	1,200		1,239
	CCO Holdings LLC
		5.75%, 02/15/26 (j)	265		278
		5.00%, 02/01/28 (j)	145		143
	Cengage Learning Inc.
		9.50%, 06/15/24 (j)	120		100
	Cincinnati Bell Inc.
		7.00%, 07/15/24 (j)	125		115
	Clear Channel Worldwide Holdings Inc.
		9.25%, 02/15/24 (j)	75		79
	Comcast Corp.
		3.45%, 10/01/21	475		484
	Comcel Trust via Comunicaciones Celulares SA
		6.88%, 02/06/24	200		208
	CSC Holdings LLC
		5.25%, 06/01/24	320		325
	Digicel Group Two Ltd.
		8.25%, 09/30/22 (j)	600		204
	DISH DBS Corp.
		5.88%, 11/15/24	55		46
	Embarq Corp.
		8.00%, 06/01/36	135		131
	Empresa Nacional de Telecomunicaciones SA
		4.88%, 10/30/24	300		307
	Frontier Communications Corp.
		8.50%, 04/15/20	30		29
		8.50%, 04/01/26 (j)	75		70
		8.00%, 04/01/27 (j)	65		67
	Globo Comunicacao e Participacoes SA
		4.88%, 04/11/22	600		609
	Gray Escrow Inc.
		7.00%, 05/15/27 (j)	80		85
	Greeneden U.S. Holdings II LLC
		10.00%, 11/30/24 (j)	230		251
	GTT Communications Inc.
		7.88%, 12/31/24 (j)	145		127
	Intelsat Jackson Holdings SA
		5.50%, 08/01/23	55		49
		8.50%, 10/15/24 (j)	105		102
	Iridium Communications Inc.
		10.25%, 04/15/23 (j)	155		170
	Live Nation Entertainment Inc.
		5.63%, 03/15/26 (j)	175		180

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Match Group Inc.
		5.00%, 12/15/27 (j)	150		151
	Millicom International Cellular SA
		6.00%, 03/15/25	200		205
	Netflix Inc.
		5.88%, 02/15/25	55		60
	Sirius XM Radio Inc.
		5.38%, 07/15/26 (j)	125		128
	Sprint Capital Corp.
		6.88%, 11/15/28	230		221
	Sprint Corp.
		7.13%, 06/15/24	235		238
	Telesat Canada
		8.88%, 11/15/24 (j)	125		136
	T-Mobile USA Inc.
		4.50%, 02/01/26	210		210
	Uber Technologies Inc.
		8.00%, 11/01/26 (j)	115		122
	Univision Communications Inc.
		5.13%, 05/15/23 (j)	30		29
	Verizon Communications Inc.
		3.78%, (3M USD LIBOR + 1.10%), 05/15/25 (i)	505		506
				8,420
Consumer Discretionary 0.3%
	1011778 B.C. Unltd. Liability Co.
		5.00%, 10/15/25 (j)	261		258
	American Axle & Manufacturing Inc.
		6.25%, 03/15/26	80		77
	Aramark Services Inc.
		5.00%, 04/01/25 - 02/01/28 (j)	348		351
	Argos Merger Sub Inc.
		7.13%, 03/15/23 (j)	85		63
	Boyne USA Inc.
		7.25%, 05/01/25 (j)	200		214
	Constellation Merger Sub Inc.
		8.50%, 09/15/25 (j)	80		73
	CRC Escrow Issuer LLC
		5.25%, 10/15/25 (j)	120		116
	eBay Inc.
		2.75%, 01/30/23	490		484
	El Puerto de Liverpool SAB de CV
		3.95%, 10/02/24	300		293
	Eldorado Resorts Inc.
		6.00%, 04/01/25	100		101
	Frontdoor Inc.
		6.75%, 08/15/26 (j)	125		128
	Golden Nugget Inc.
		6.75%, 10/15/24 (j)	205		206
	Gray Television Inc.
		5.13%, 10/15/24 (j)	55		55
	Hilton Domestic Operating Co. Inc.
		4.25%, 09/01/24	280		280
	IRB Holding Corp.
		6.75%, 02/15/26 (j)	135		127
	Jeld-Wen Inc.
		4.63%, 12/15/25 (j)	165		157
	LTF Merger Sub Inc.
		8.50%, 06/15/23 (j)	200		206
	Marriott International Inc.
		6.50%, 09/15/26 (j)	115		121
	MGM Resorts International
		5.75%, 06/15/25	65		67
	NCL Corp. Ltd.
		4.75%, 12/15/21 (j)	105		106
	NVA Holdings Inc.
		6.88%, 04/01/26 (j)	50		50
	Panther BF Aggregator 2 LP
		6.25%, 05/15/26 (j)	80		82
		8.50%, 05/15/27 (j)	40		40
	Penn National Gaming Inc.
		5.63%, 01/15/27 (j)	125		122
	PetSmart Inc.
		5.88%, 06/01/25 (j)	40		34
			Shares/Par¹		Value ($)
	S.A.C.I. Falabella
		3.75%, 04/30/23	400		401
	Scientific Games International Inc.
		5.00%, 10/15/25 (j)	105		103
		8.25%, 03/15/26 (j)	105		107
	ServiceMaster Co. LLC
		5.13%, 11/15/24 (j)	115		116
	Six Flags Entertainment Corp.
		4.88%, 07/31/24 (j)	130		128
	Stars Group Holdings BV
		7.00%, 07/15/26 (j)	130		136
	Tempur Sealy International Inc.
		5.50%, 06/15/26	177		177
	Viking Cruises Ltd.
		5.88%, 09/15/27 (j)	195		190
	William Carter Co.
		5.63%, 03/15/27 (j)	100		103
				5,272
Consumer Staples 0.4%
	Albertsons Cos. LLC
		5.75%, 03/15/25	95		90
		7.50%, 03/15/26 (j)	55		57
	Altria Group Inc.
		3.49%, 02/14/22	500		508
	B&G Foods Inc.
		5.25%, 04/01/25	165		159
	BAT Capital Corp.
		2.30%, 08/14/20	930		921
	Cott Holdings Inc.
		5.50%, 04/01/25 (j)	140		141
	Energizer Holdings Inc.
		7.75%, 01/15/27 (j)	70		75
	ESAL GmbH
		6.25%, 02/05/23	600		609
	General Mills Inc.
		3.15%, 12/15/21	525		529
	Grupo Bimbo SAB de CV
		5.95%, (callable at 100 beginning 04/17/23) (l)	400		409
	JBS USA Lux SA
		6.75%, 02/15/28 (j)	189		196
	Kronos Acquisition Holdings Inc.
		9.00%, 08/15/23 (j)	60		52
	Marfrig Holdings Europe BV
		8.00%, 06/08/23	900		927
	Matterhorn Merger Sub LLC
		8.50%, 06/01/26 (j)	60		52
	Mondelez International Inc.
		3.00%, 05/07/20	970		972
	Pilgrim's Pride Corp.
		5.75%, 03/15/25 (j)	190		192
	Post Holdings Inc.
		5.50%, 03/01/25 (j)	205		207
	Reynolds American Inc.
		3.25%, 06/12/20	98		98
				6,194
Energy 0.9%
	Antero Midstream Partners LP
		5.75%, 03/01/27 (j)	190		193
	Bharat Petroleum Corp. Ltd.
		4.63%, 10/25/22	1,000		1,033
	BP Capital Markets Plc
		1.68%, 05/03/19	995		994
		2.32%, 02/13/20	125		124
	Calfrac Holdings LP
		8.50%, 06/15/26 (j)	60		46
	Cheniere Energy Partners LP
		5.25%, 10/01/25	165		169
		5.63%, 10/01/26 (j)	150		154
	CNX Midstream Partners LP
		6.50%, 03/15/26 (j)	177		171
	CSI Compressco LP
		7.50%, 04/01/25 (j)	155		149
	Delek & Avner Tamar Bond Ltd.
		4.44%, 12/30/20 (j)	1,120		1,134

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Delek & Avner Yam Tethys Ltd.
		5.08%, 12/30/23 (j)	400		407
	Ecopetrol SA
		5.88%, 09/18/23	100		109
	EQT Corp.
		2.50%, 10/01/20	1,020		1,007
	Everest Acquisition Finance Inc.
		7.75%, 05/15/26 (j)	65		53
	Exterran Energy Solutions LP
		8.13%, 05/01/25	50		51
	Extraction Oil & Gas Inc.
		5.63%, 02/01/26 (j)	40		31
	Foresight Energy LLC
		11.50%, 04/01/23 (j)	145		119
	FTS International Inc.
		6.25%, 05/01/22	70		68
	Gulfport Energy Corp.
		6.38%, 05/15/25	105		95
	Hess Infrastructure Partners LP
		5.63%, 02/15/26 (j)	293		298
	Hilcorp Energy I LP
		6.25%, 11/01/28 (j)	140		140
	Indian Oil Corp. Ltd.
		5.63%, 08/02/21	1,000		1,048
	Indigo Natural Resources LLC
		6.88%, 02/15/26 (j)	95		84
	Kinder Morgan Inc.
		3.05%, 12/01/19	992		992
	MEG Energy Corp.
		7.00%, 03/31/24 (j)	60		56
	Moss Creek Resources Holdings Inc.
		7.50%, 01/15/26 (j)	60		55
	Nabors Industries Inc.
		5.75%, 02/01/25	75		67
	Oasis Petroleum Inc.
		6.88%, 03/15/22	70		71
	Oleoducto Central SA
		4.00%, 05/07/21	800		807
	ONGC Videsh Ltd.
		3.75%, 05/07/23	400		401
	ONGC Videsh Vankorneft Pte Ltd.
		2.88%, 01/27/22	400		393
	Par Petroleum LLC
		7.75%, 12/15/25 (j)	120		111
	Parsley Energy LLC
		5.63%, 10/15/27 (j)	135		134
	Peabody Energy Corp.
		6.00%, 03/31/22 (j)	230		231
	QEP Resources Inc.
		5.25%, 05/01/23	125		118
	Reliance Holding USA Inc.
		5.40%, 02/14/22	650		681
	Schlumberger Holdings Corp.
		3.75%, 05/01/24 (j)	540		552
	Sinopec Group Overseas Development 2017 Ltd.
		3.00%, 04/12/22 (j)	600		597
	Sunoco LP
		5.50%, 02/15/26	95		94
		6.00%, 04/15/27 (j)	75		75
	Tapstone Energy LLC
		9.75%, 06/01/22 (j)	55		40
	Targa Resource Corp.
		6.50%, 07/15/27 (j)	40		43
	Targa Resources Partners LP
		5.88%, 04/15/26 (j)	130		138
	Tecila SA
		8.50%, 03/23/21	600		606
	TerraForm Power Operating LLC
		4.25%, 01/31/23 (j)	165		163
	Transocean Guardian Ltd.
		5.88%, 01/15/24 (j)	61		63
	Transocean Inc.
		7.25%, 11/01/25 (j)	65		64
	Transocean Poseidon Ltd.
		6.88%, 02/01/27 (j)	120		125
			Shares/Par¹		Value ($)
	Transocean Proteus Ltd.
		6.25%, 12/01/24 (j)	88		90
	Vine Oil & Gas LP
		8.75%, 04/15/23 (j)	65		52
	Weatherford International Ltd.
		9.88%, 02/15/24	60		43
	Whiting Petroleum Corp.
		6.63%, 01/15/26	195		192
				14,731
Financials 2.9%
	Acrisure LLC
		8.13%, 02/15/24 (j)	100		104
	AerCap Ireland Capital DAC
		4.63%, 10/30/20	1,000		1,022
	Agromercantil Senior Trust
		6.25%, 04/10/19	525		525
	American Express Co.
		3.29%, (3M USD LIBOR + 0.65%), 02/27/23 (i)	485		484
	Ardagh Packaging Finance Plc
		6.00%, 02/15/25 (j)	200		200
	ASP AMC Merger Sub Inc.
		8.00%, 05/15/25 (j)	79		35
	AssuredPartners Inc.
		7.00%, 08/15/25 (j)	170		158
	Banco BTG Pactual SA
		5.75%, 09/28/22	400		400
	Banco de Reservas de la Republica Dominicana
		7.00%, 02/01/23	150		153
	Banco do Brasil SA
		4.75%, 03/20/24 (j)	300		301
	Banco Inbursa
		4.13%, 06/06/24	300		297
	Banco Internacional del Peru S.A.A. Interbank
		3.38%, 01/18/23	300		298
	Banco Mercantil del Norte SA
		6.88%, (callable at 100 begininng 07/06/22) (l)	1,000		995
	Banco Nacional de Comercio Exterior SNC
		3.80%, 08/11/26 (i)	400		391
	Banco Santander SA
		5.95%, 10/01/28 (j)	600		615
	Banistmo SA
		3.65%, 09/19/22	500		494
		3.65%, 09/19/22 (j)	200		198
	Bank of America Corp.
		3.39%, (3M USD LIBOR + 0.79%), 03/05/24 (i)	1,020		1,015
	Barclays Bank Plc
		2.65%, 01/11/21	1,165		1,156
	BBVA Bancomer SA
		6.75%, 09/30/22	850		918
	BDO Unibank Inc.
		2.95%, 03/06/23	1,050		1,034
	Braskem Finance Ltd.
		3.50%, 01/10/23	1,200		1,173
	C&W Senior Financing DAC
		7.50%, 10/15/26	200		206
	Camelot Finance SA
		7.88%, 10/15/24 (j)	165		174
	Capital One Financial Corp.
		2.40%, 10/30/20 (e)	1,015		1,009
	CFX Escrow Corp.
		6.00%, 02/15/24 (j)	35		36
		6.38%, 02/15/26 (j)	130		138
	Citigroup Inc.
		2.75%, 04/25/22	500		498
		3.65%, (3M USD LIBOR + 1.02%), 06/01/24 (i)	510		510
	CK Hutchison Capital Securities 17 Ltd.
		4.00%, (callable at 100 beginning 05/15/22) (l)	486		481
	CNOOC Finance 2013 Ltd.
		3.00%, 05/09/23	400		396
	CNPC General Capital Ltd.
		3.95%, 04/19/22	1,000		1,021
	Commonwealth Bank of Australia
		2.25%, 03/10/20 (j)	530		529
		2.05%, 09/18/20 (j)	480		475

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	CommScope Finance LLC
		5.50%, 03/01/24 (j)	135		138
		6.00%, 03/01/26 (j)	30		31
	Credit Acceptance Corp.
		6.63%, 03/15/26 (j)	130		132
	Credit Suisse Group AG
		3.84%, (3M USD LIBOR + 1.24%), 06/12/24 (i) (j)	590		589
	Credito Real SAB de CV SOFOM ER
		7.25%, 07/20/23	200		205
	Daimler Finance North America LLC
		2.30%, 02/12/21 (j)	490		484
	Dana Financing Luxembourg SARL
		5.75%, 04/15/25 (j)	130		130
	DBS Group Holdings Ltd.
		3.60%, (callable at 100 beginning 09/07/21) (l)	1,300		1,281
	ENA Norte Trust
		4.95%, 04/25/23	582		596
	Ford Motor Credit Co. LLC
		3.92%, (3M USD LIBOR + 1.24%), 02/15/23 (i)	920		869
	General Motors Financial Co. Inc.
		2.65%, 04/13/20	410		408
		3.20%, 07/06/21	355		353
	Global Bank Corp.
		4.50%, 10/20/21	800		807
		4.50%, 10/20/21 (j)	200		202
	Goldman Sachs Bank USA
		3.20%, 06/05/20	530		532
	Goldman Sachs Group Inc.
		2.30%, 12/13/19	455		453
	Grupo Aval Ltd.
		4.75%, 09/26/22	700		707
	Guanay Finance Ltd.
		6.00%, 12/15/20	500		506
	GW Honos Security Corp.
		8.75%, 05/15/25 (j)	125		119
	Hexion US Finance Corp.
		6.63%, 04/15/20	70		58
	HSBC Holdings Plc
		3.68%, (3M USD LIBOR + 1.00%), 05/18/24 (i)	595		590
	Icahn Enterprises LP
		6.25%, 02/01/22	110		113
		6.38%, 12/15/25	140		143
	Industrial Senior Trust
		5.50%, 11/01/22	100		101
	Itau Unibanco Holding SA
		6.13%, (callable at 100 beginning 12/12/22) (j) (l)	200		196
	JPMorgan Chase & Co.
		3.21%, 04/01/23	690		693
	Level 3 Financing Inc.
		5.38%, 01/15/24	175		178
	Lions Gate Capital Holdings LLC
		6.38%, 02/01/24 (j)	145		152
	Malayan Banking Bhd
		3.91%, 10/29/26 (i)	800		801
	Marsh & McLennan Companies Inc.
		3.80%, (3M USD LIBOR + 1.20%), 12/29/21 (i)	450		451
	Mitsubishi UFJ Financial Group Inc.
		3.62%, (3M USD LIBOR + 0.86%), 07/26/23 (i)	1,005		1,008
	Mizuho Financial Group Inc.
		3.39%, (3M USD LIBOR + 0.79%), 03/05/23 (i)	1,135		1,134
	Morgan Stanley
		3.69%, (3M USD LIBOR + 0.93%), 07/22/22 (i)	1,010		1,015
	Multibank Inc.
		4.38%, 11/09/22	700		700
	National Financial Partners Corp.
		6.88%, 07/15/25 (j)	200		191
	Navient Corp.
		6.50%, 06/15/22	165		172
	Peru Enhanced Pass-Through Finance Ltd.
		0.00%, 06/02/25 (m)	1,825		1,606
	PNC Funding Corp.
		4.38%, 08/11/20	980		1,003
	Prudential Financial Inc.
		7.38%, 06/15/19	980		990
			Shares/Par¹		Value ($)
	Resideo Funding Inc.
		6.13%, 11/01/26 (j)	125		129
	Royal Bank of Scotland Group Plc
		4.15%, (3M USD LIBOR + 1.55%), 06/25/24 (i)	580		576
	Santander UK Plc
		2.50%, 01/05/21	1,165		1,156
	Solera LLC
		10.50%, 03/01/24 (j)	45		49
	SPARC EM Ltd.
		0.00%, 12/05/22 (m)	598		552
		0.00%, 12/05/22 (j) (m)	683		631
	Springleaf Finance Corp.
		7.13%, 03/15/26	123		125
	Sumitomo Mitsui Financial Group Inc.
		2.06%, 07/14/21	1,020		1,002
	Synchrony Financial
		3.75%, 08/15/21	550		556
	Tervita Escrow Corp.
		7.63%, 12/01/21 (j)	190		189
	Toronto-Dominion Bank
		3.25%, 06/11/21	990		1,002
	Trident TPI Holdings Inc.
		6.63%, 11/01/25 (j)	80		75
	UBS Group AG
		2.45%, 12/01/20 (j)	540		537
	Unifin Financiera SAB de CV SOFOM ENR
		7.25%, 09/27/23	600		607
	Union Bank of the Philippines
		3.37%, 11/29/22	500		500
	United Overseas Bank Ltd.
		3.50%, 09/16/26 (i)	500		500
		2.88%, 03/08/27 (i)	200		196
	USA Compression Partners LP
		6.88%, 04/01/26	130		133
		6.88%, 09/01/27 (j)	65		66
	Volkswagen Group of America Finance LLC
		4.00%, 11/12/21 (j)	545		555
	VTR Finance BV
		6.88%, 01/15/24	359		368
	Wand Merger Corp.
		8.13%, 07/15/23 (j)	115		118
	Wayne Merger Sub LLC
		8.25%, 08/01/23 (j)	195		200
	Wells Fargo Bank NA
		2.60%, 01/15/21	1,115		1,111
	Westpac Banking Corp.
		1.60%, 08/19/19	130		130
		2.65%, 01/25/21	815		813
				49,152
Health Care 0.7%
	AbbVie Inc.
		3.38%, 11/14/21	555		562
	Air Medical Merger Sub Corp.
		6.38%, 05/15/23 (j)	80		68
	Amgen Inc.
		2.20%, 05/11/20	1,010		1,005
	Anthem Inc.
		2.50%, 11/21/20	1,015		1,010
	AstraZeneca Plc
		2.38%, 11/16/20	1,020		1,014
	Avantor Inc.
		9.00%, 10/01/25 (j)	175		190
	Bausch Health Cos. Inc.
		5.75%, 08/15/27 (j)	25		26
	Cardinal Health Inc.
		1.95%, 06/14/19	1,020		1,019
	Celgene Corp.
		2.88%, 08/15/20	545		545
	Centene Corp.
		4.75%, 01/15/25	133		136
	Centene Escrow I Corp.
		5.38%, 06/01/26 (j)	140		146
	CVS Health Corp.
		2.80%, 07/20/20	1,020		1,019

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Enterprise Merger Sub Inc.
		8.75%, 10/15/26 (j)	10		9
	GlaxoSmithKline Capital Plc
		3.13%, 05/14/21	220		222
		2.88%, 06/01/22	840		845
	Halfmoon Parent Inc.
		3.40%, 09/17/21 (j)	500		505
	HCA Inc.
		5.38%, 09/01/26	325		342
		5.88%, 02/01/29	15		16
	MPH Acquisition Holdings LLC
		7.13%, 06/01/24 (j)	145		145
	Polaris Intermediate Corp.
		8.50%, 12/01/22 (j) (n)	50		50
	RegionalCare Hospital Partners Holdings Inc.
		8.25%, 05/01/23 (j)	35		37
	Select Medical Corp.
		6.38%, 06/01/21	230		231
	Takeda Pharmaceutical Co. Ltd.
		4.00%, 11/26/21 (j)	410		420
	Tenet Healthcare Corp.
		7.00%, 08/01/25	100		101
		6.25%, 02/01/27 (j)	110		114
	Thermo Fisher Scientific Inc.
		3.60%, 08/15/21	1,000		1,016
	Valeant Pharmaceuticals International Inc.
		7.00%, 03/15/24 (j)	70		74
		8.50%, 01/31/27 (j)	240		255
	Verscend Escrow Corp.
		9.75%, 08/15/26 (j)	137		137
	WellCare Health Plans Inc.
		5.25%, 04/01/25	125		130
		5.38%, 08/15/26 (j)	120		126
				11,515
Industrials 0.4%
	AECOM
		5.13%, 03/15/27	370		358
	Allison Transmission Inc.
		5.00%, 10/01/24 (j)	130		130
	Avolon Holdings Funding Ltd.
		5.13%, 10/01/23 (j)	102		104
		5.25%, 05/15/24 (j)	200		206
	Beacon Roofing Supply Inc.
		4.88%, 11/01/25 (j)	200		190
	Bombardier Inc.
		6.00%, 10/15/22 (j)	75		76
		7.88%, 04/15/27 (j)	40		41
	Builders FirstSource Inc.
		5.63%, 09/01/24 (j)	195		192
	Cintas Corp. No. 2
		2.90%, 04/01/22	980		984
	Delta Air Lines Inc.
		3.40%, 04/19/21	470		472
	Dun & Bradstreet Corp.
		6.88%, 08/15/26 (j)	100		102
	FedEx Corp.
		3.40%, 01/14/22	445		451
	General Electric Co.
		2.70%, 10/09/22	515		505
	KAR Auction Services Inc.
		5.13%, 06/01/25 (j)	145		143
	Kratos Defense & Security Solutions Inc.
		6.50%, 11/30/25 (j)	85		90
	LATAM Finance Ltd.
		6.88%, 04/11/24	500		512
	Masonite International Corp.
		5.63%, 03/15/23 (j)	40		41
		5.75%, 09/15/26 (j)	145		147
	Northrop Grumman Corp.
		2.08%, 10/15/20	1,015		1,006
	Prime Security Services Borrower LLC
		9.25%, 05/15/23 (j)	181		190
	Stevens Holding Co. Inc.
		6.13%, 10/01/26 (j)	115		119
			Shares/Par¹		Value ($)
	Tempo Acquisition LLC
		6.75%, 06/01/25 (j)	195		197
	TransDigm Inc.
		6.25%, 03/15/26 (j)	110		114
		6.38%, 06/15/26	80		79
	Triumph Group Inc.
		7.75%, 08/15/25	176		168
	Union Pacific Corp.
		3.20%, 06/08/21	545		552
	United Rentals North America Inc.
		6.50%, 12/15/26	150		158
	Waste Pro USA Inc.
		5.50%, 02/15/26 (j)	105		102
				7,429
Information Technology 0.1%
	Analog Devices Inc.
		2.95%, 01/12/21	555		556
	Ascend Learning LLC
		6.88%, 08/01/25 (j)	200		199
	Banff Merger Sub Inc.
		9.75%, 09/01/26 (j)	45		44
	CDK Global Inc.
		5.88%, 06/15/26	50		52
	Ensemble S Merger Sub Inc.
		9.00%, 09/30/23 (j)	204		212
	Italics Merger Sub Inc.
		7.13%, 07/15/23 (j)	250		255
	Microchip Technology Inc.
		3.92%, 06/01/21 (j)	610		615
	Project Homestake Merger Corp.
		8.88%, 03/01/23 (j)	65		50
	Radiate Holdco LLC
		6.88%, 02/15/23 (j)	135		134
	Refinitiv US Holdings Inc.
		6.25%, 05/15/26 (j)	115		117
		8.25%, 11/15/26 (j)	90		89
	SS&C Technologies Inc.
		5.50%, 09/30/27 (j)	150		152
				2,475
Materials 0.4%
	AK Steel Corp.
		7.63%, 10/01/21	45		45
		6.38%, 10/15/25	45		38
	Alcoa Nederland Holding BV
		6.13%, 05/15/28 (j)	200		206
	Ashland Inc.
		4.75%, 08/15/22 (k)	295		303
	Celulosa Arauco y Constitucion SA
		4.75%, 01/11/22	100		103
		4.50%, 08/01/24	400		413
	Cemex SAB de CV
		6.13%, 05/05/25	300		309
		7.75%, 04/16/26	400		436
	Crown Americas LLC
		4.75%, 02/01/26	234		235
	DowDuPont Inc.
		3.77%, 11/15/20	440		447
	Flex Acquisition Co. Inc.
		6.88%, 01/15/25 (j)	105		101
	Freeport-McMoRan Inc.
		4.55%, 11/14/24	900		888
	Fresnillo Plc
		5.50%, 11/13/23	700		734
	Hexion Inc.
		10.38%, 02/01/22 (j)	20		17
	Inversiones CMPC SA
		4.50%, 04/25/22	450		459
	Nexa Resources SA
		4.63%, 03/28/23	200		203
	Schweitzer-Mauduit International Inc.
		6.88%, 10/01/26 (j)	95		96
	Sherwin-Williams Co.
		2.25%, 05/15/20	635		631

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Sociedad Quimica y Minera de Chile SA
		3.63%, 04/03/23	200		200
	SunCoke Energy Inc.
		7.50%, 06/15/25 (j)	175		178
	Tecnoglass Inc.
		8.20%, 01/31/22	300		316
	UPL Corp. Ltd.
		3.25%, 10/13/21	400		395
	Vedanta Resources Plc
		7.13%, 05/31/23	200		196
		6.13%, 08/09/24	200		183
				7,132
Real Estate 0.1%
	ESH Hospitality Inc.
		5.25%, 05/01/25 (j)	225		223
	MGM Growth Properties Operating Partnership LP
		5.75%, 02/01/27 (j)	110		114
		4.50%, 01/15/28	115		108
	MPT Operating Partnership LP
		5.25%, 08/01/26	290		299
	Welltower Inc.
		3.63%, 03/15/24	505		514
				1,258
Utilities 0.2%
	AES Gener SA
		7.13%, 03/26/79 (j)	200		204
	Calpine Corp.
		5.75%, 01/15/25	55		55
	Consolidated Edison Inc.
		2.00%, 03/15/20	1,030		1,022
	Empresa Nacional de Electricidad SA
		4.25%, 04/15/24	250		254
	Israel Electric Corp. Ltd.
		6.88%, 06/21/23	200		223
		5.00%, 11/12/24 (j)	400		421
	NextEra Energy Capital Holdings Inc.
		3.34%, 09/01/20	565		569
	Pampa Energia SA
		7.38%, 07/21/23	350		328
	PSEG Power LLC
		3.85%, 06/01/23	450		461
	Superior Plus LP
		7.00%, 07/15/26 (j)	180		183
	Vistra Operations Co. LLC
		5.50%, 09/01/26 (j)	85		88
		5.63%, 02/15/27 (j)	185		192
				4,000
	Total Corporate Bonds And Notes (cost $117,338)			117,578
SENIOR LOAN INTERESTS 1.3%
Communication Services 0.1%
	Cincinnati Bell Inc.
		Term Loan, 5.75%, (3M LIBOR + 3.25%), 10/02/24 (i)	111		110
	CSC Holdings LLC
		Incremental Term Loan, 4.73%, (3M LIBOR + 2.25%), 01/31/26 (i)	40		39
		Term Loan B, 5.59%, (3M LIBOR + 3.00%), 05/07/27 (i)	85		84
	Digicel International Finance Ltd.
		Term Loan B, 5.88%, (3M LIBOR + 3.25%), 05/27/24 (i)	39		35
	GoodRx Inc.
		1st Lien Term Loan, 5.49%, (3M LIBOR + 3.00%), 10/10/25 (i)	150		148
	Greeneden US Holdings II LLC
		Term Loan B, 0.00%, (3M LIBOR + 3.25%), 12/01/23 (i) (o)	30		30
		Term Loan B, 5.75%, (3M LIBOR + 3.25%), 12/01/23 (i)	110		109
	GTT Communications Inc.
		Term Loan B, 5.25%, (3M LIBOR + 2.75%), 04/27/25 (i)	211		198
			Shares/Par¹		Value ($)
	Meredith Corp.
		Term Loan B, 5.25%, (3M LIBOR + 2.75%), 01/31/25 (i)	96		95
	Securus Technologies Holdings Inc.
		1st Lien Term Loan, 7.00%, (3M LIBOR + 4.50%), 06/20/24 (i)	56		55
		Delayed Draw Term Loan, 0.00%, (3M LIBOR + 4.50%), 11/01/24 (e) (i) (o)	168		165
	Speedcast International Ltd.
		Term Loan B, 5.35%, (3M LIBOR + 2.75%), 05/03/25 (e) (i)	99		96
	Tribune Media Co.
		Term Loan, 5.50%, (3M LIBOR + 3.00%), 12/27/20 (i)	61		61
	Uber Technologies
		Term Loan, 6.49%, (3M LIBOR + 4.00%), 04/04/25 (i)	184		184
				1,409
Consumer Discretionary 0.2%
	A-L Parent LLC
		1st Lien Term Loan, 5.75%, (3M LIBOR + 3.25%), 12/01/23 (i)	70		69
	Allied Universal Holdco LLC
		Incremental Term Loan, 6.75%, (3M LIBOR + 4.25%), 07/28/22 (i)	125		121
	American Tire Distributors Holdings Inc.
		Term Loan, 10.13%, (1M LIBOR + 7.50%), 10/01/21 (i)	74		65
	ARAMARK Services Inc.
		Term Loan B-3, 0.00%, (3M LIBOR + 1.75%), 03/01/25 (i) (o)	55		55
	Bass Pro Group LLC
		Term Loan B, 7.50%, (3M LIBOR + 5.00%), 11/15/23 (i)	35		34
	BJ's Wholesale Club Inc.
		1st Lien Term Loan, 0.00%, (3M LIBOR + 3.00%), 02/03/24 (i) (o)	165		164
	Caesars Entertainment Operating Co.
		Term Loan, 0.00%, (3M LIBOR + 2.00%), 04/03/24 (i) (o)	30		29
	Cengage Learning Acquisitions Inc.
		Term Loan B, 6.74%, (3M LIBOR + 4.25%), 06/07/23 (i)	121		109
	ClubCorp Holdings Inc.
		Term Loan B, 5.35%, (3M LIBOR + 2.75%), 08/16/24 (i)	223		210
	CSC Holdings LLC
		1st Lien Term Loan, 4.73%, (3M LIBOR + 2.25%), 07/15/25 (i)	85		82
	Delta 2 (LUX) SARL
		Term Loan, 4.99%, (3M LIBOR + 2.50%), 02/01/24 (i)	28		27
	ESH Hospitality Inc.
		Term Loan B, 0.00%, (3M LIBOR + 2.00%), 08/30/23 (i) (o)	30		30
	FrontDoor Inc.
		Term Loan B, 5.00%, (3M LIBOR + 2.50%), 08/16/25 (i)	68		67
	Getty Images Inc.
		1st Lien Term Loan, 7.00%, (3M LIBOR + 4.50%), 02/13/26 (i)	25		25
	GOBP Holdings Inc.
		1st Lien Term Loan, 6.35%, (3M LIBOR + 3.75%), 10/22/25 (i)	112		111
	Hayward Industries Inc.
		1st Lien Term Loan, 6.00%, (3M LIBOR + 3.50%), 08/04/24 (i)	104		102
	Hilton Worldwide Finance LLC
		Term Loan B-2, 0.00%, (3M LIBOR + 1.75%), 10/25/23 (i) (o)	165		165
	Intrawest Resorts Holdings Inc.
		Term Loan B-1, 0.00%, (3M LIBOR + 3.00%), 06/28/24 (i) (o)	140		139
	IRB Holding Corp.
		1st Lien Term Loan, 5.74%, (3M LIBOR + 3.25%), 01/18/25 (i)	65		63

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Lions Gate Capital Holdings LLC
		Term Loan B, 4.75%, (3M LIBOR + 2.25%), 03/20/25 (i)	144		141
	MGM Growth Properties Operating Partnership LP
		Term Loan B, 0.00%, (3M LIBOR + 2.00%), 04/20/23 (i) (o)	60		59
	PetSmart Inc.
		Term Loan B-2, 5.49%, (3M LIBOR + 3.00%), 03/11/22 (i)	85		76
	Playa Resorts Holding BV
		Term Loan B, 5.25%, (3M LIBOR + 2.75%), 04/07/24 (i)	207		199
	Rentpath Inc.
		Term Loan, 7.25%, (3M LIBOR + 4.75%), 12/17/21 (e) (i)	300		224
	Tenneco Inc.
		Term Loan B, 5.24%, (3M LIBOR + 2.75%), 10/01/25 (i)	135		129
	UFC Holdings LLC
		1st Lien Term Loan, 5.75%, (3M LIBOR + 3.25%), 07/22/23 (i)	207		205
	Wand NewCo 3 Inc.
		1st Lien Term Loan, 5.98%, (3M LIBOR + 3.50%), 01/23/26 (i)	3		3
				2,703
Consumer Staples 0.0%
	8th Avenue Food & Provisions Inc.
		1st Lien Term Loan, 6.24%, (3M LIBOR + 3.75%), 09/19/25 (i)	20		20
	Albertsons LLC
		Term Loan B-6, 5.48%, (3M LIBOR + 3.00%), 06/22/23 (i)	109		108
	BJ's Wholesale Club Inc.
		1st Lien Term Loan, 5.50%, (3M LIBOR + 3.00%), 01/26/24 (i)	70		70
	CHG PPC Parent LLC
		Term Loan B, 5.25%, (3M LIBOR + 2.75%), 03/16/25 (i)	50		49
	CSM Bakery Solutions LLC
		1st Lien Term Loan, 6.80%, (1M LIBOR + 4.00%), 07/22/20 (e) (i)	147		140
	KIK Custom Products Inc.
		Term Loan B, 6.50%, (3M LIBOR + 4.00%), 08/26/22 (i)	88		82
		Term Loan B, 6.50%, (3M LIBOR + 4.00%), 08/26/22 (e) (i)	55		52
				521
Energy 0.1%
	Brazos Delaware II LLC
		Term Loan B, 6.49%, (3M LIBOR + 4.00%), 05/16/25 (i)	203		193
	Covia Holdings Corp.
		Term Loan, 6.16%, (3M LIBOR + 3.75%), 05/17/25 (i)	71		61
	EG Group Ltd.
		Term Loan B, 6.60%, (3M LIBOR + 4.00%), 02/01/25 (i)	80		78
	ExGen Renewables IV LLC
		Term Loan B, 5.63%, (1M LIBOR + 3.00%), 11/15/24 (i)	55		52
	Gavilan Resources LLC
		2nd Lien Term Loan, 8.49%, (3M LIBOR + 6.00%), 02/24/24 (i)	45		35
	Johnson Controls International Plc
		Term Loan B, 0.00%, (3M LIBOR + 3.50%), 03/13/26 (i) (o)	175		173
	Lucid Energy Group II LLC
		1st Lien Term Loan, 5.49%, (3M LIBOR + 3.00%), 01/31/25 (i)	223		210
	Oryx Southern Delaware Holdings LLC
		Term Loan, 5.75%, (3M LIBOR + 3.25%), 02/26/25 (i)	183		176
	PowerTeam Services LLC
		1st Lien Term Loan, 5.85%, (3M LIBOR + 3.25%), 02/28/25 (i)	122		116
			Shares/Par¹		Value ($)
	Prairie ECI Acquiror LP
		Term Loan B, 7.37%, (3M LIBOR + 4.75%), 03/07/26 (i)	45		45
	Traverse Midstream Partners LLC
		Term Loan, 6.50%, (3M LIBOR + 4.00%), 09/22/24 (i)	204		203
	U.S. Silica Co.
		Term Loan B, 6.50%, (3M LIBOR + 4.00%), 04/12/25 (i)	47		45
	Ultra Resources Inc.
		1st Lien Term Loan, 6.49%, (3M LIBOR + 4.00%), 04/14/24 (i)	115		99
				1,486
Financials 0.1%
	Acrisure LLC
		Term Loan B, 6.38%, (3M LIBOR + 3.75%), 11/07/23 (i)	40		39
		Term Loan B, 6.88%, (3M LIBOR + 4.25%), 11/22/23 (i)	182		180
	Alera Group Holdings Inc.
		Term Loan B, 7.00%, (3M LIBOR + 4.50%), 07/26/25 (e) (i)	72		73
	AssuredPartners Inc.
		1st Lien Term Loan, 5.75%, (3M LIBOR + 3.25%), 10/22/24 (i)	254		246
	Asurion LLC
		Term Loan B-7, 5.50%, (3M LIBOR + 3.00%), 11/15/24 (i)	205		203
		2nd Lien Term Loan, 9.00%, (3M LIBOR + 6.50%), 08/04/25 (i)	105		106
	BCP Renaissance Parent LLC
		Term Loan B, 6.24%, (3M LIBOR + 3.50%), 09/20/24 (i)	113		113
	Capri Finance LLC
		1st Lien Term Loan, 5.99%, (3M LIBOR + 3.25%), 10/04/24 (e) (i)	205		201
	Duff & Phelps Corp.
		Term Loan B, 5.75%, (1M LIBOR + 3.25%), 12/04/24 (i)	141		138
	Edelman Financial Group
		1st Lien Term Loan, 6.04%, (3M LIBOR + 3.25%), 06/26/25 (i)	20		20
		2nd Lien Term Loan, 9.54%, (3M LIBOR + 6.75%), 06/26/26 (i)	25		25
	GTCR Valor Cos. Inc.
		Term Loan B-1, 0.00%, (3M LIBOR + 2.75%), 06/30/23 (i) (o)	235		233
	Gulf Finance LLC
		Term Loan B, 7.75%, (3M LIBOR + 5.25%), 08/25/23 (i)	158		126
		Term Loan B, 7.86%, (3M LIBOR + 5.25%), 08/25/23 (i)	95		75
	ION Trading Technologies SARL
		Incremental Term Loan B, 6.65%, (1M LIBOR + 4.00%), 11/21/24 (i)	95		92
	McDermott Technology Americas Inc.
		1st Lien Term Loan, 7.50%, (3M LIBOR + 5.00%), 04/04/25 (i)	88		84
	RPI Finance Trust
		Term Loan B-6, 0.00%, (3M LIBOR + 2.00%), 03/13/23 (i) (o)	60		60
	Sedgwick Claims Management Services Inc.
		Term Loan B, 5.75%, (3M LIBOR + 3.25%), 11/06/25 (i)	65		63
	Solera LLC
		Term Loan B, 0.00%, (3M LIBOR + 2.75%), 03/03/23 (i) (o)	110		109
		Term Loan B, 5.25%, (3M LIBOR + 2.75%), 03/03/23 (i)	126		125
	TKC Holdings Inc.
		1st Lien Term Loan, 6.25%, (3M LIBOR + 3.75%), 02/08/23 (i)	91		89
	Travelport Finance Lux SARL
		Term Loan, 0.00%, (3M LIBOR + 5.00%), 03/18/26 (i) (o)	55		53
				2,453

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
Health Care 0.2%
	Acadia Healthcare Co. Inc.
		Term Loan B-4, 5.00%, (3M LIBOR + 2.50%), 02/16/23 (i)	55		54
	Agiliti Health Inc.
		Term Loan, 5.50%, (3M LIBOR + 3.00%), 10/18/25 (e) (i)	70		70
	Auris Luxembourg III SARL
		Term Loan B, 6.25%, (3M LIBOR + 3.75%), 07/23/25 (i)	180		180
	Change Healthcare Holdings Inc.
		Term Loan B, 5.25%, (3M LIBOR + 2.75%), 02/02/24 - 02/03/24 (i)	69		69
		Term Loan B, 0.00%, (3M LIBOR + 2.75%), 02/03/24 (i) (o)	70		69
	CHG Healthcare Services Inc.
		1st Lien Term Loan B, 0.00%, (3M LIBOR + 3.00%), 06/07/23 (i) (o)	50		50
		1st Lien Term Loan B, 5.66%, (3M LIBOR + 3.00%), 06/07/23 (i)	33		33
		1st Lien Term Loan B, 5.74%, (3M LIBOR + 3.00%), 06/07/23 (i)	58		58
	Concentra Inc.
		1st Lien Term Loan, 5.24%, (3M LIBOR + 2.75%), 06/01/22 (i)	68		67
	CVS Holdings I LP
		1st Lien Term Loan, 5.25%, (3M LIBOR + 2.75%), 02/01/25 (i)	214		207
	DentalCorp Perfect Smile ULC
		1st Lien Term Loan, 6.25%, (3M LIBOR + 3.75%), 05/09/25 (e) (i)	191		186
		1st Lien Delayed Draw Term Loan, 6.25%, (3M LIBOR + 3.75%), 06/01/25 (e) (i)	35		34
	Equian LLC
		Term Loan B, 5.75%, (3M LIBOR + 3.25%), 05/20/24 (i)	374		367
	Gentiva Health Services Inc.
		1st Lien Term Loan, 6.25%, (3M LIBOR + 3.75%), 06/20/25 (i)	127		127
		2nd Lien Term Loan, 9.50%, (3M LIBOR + 7.00%), 06/21/26 (i)	95		97
	Iqvia Holdings Inc.
		Term Loan B-2, 0.00%, (1M LIBOR + 2.00%), 01/17/25 (i) (o)	90		90
	Kindred Healthcare Inc.
		1st Lien Term Loan, 7.50%, (3M LIBOR + 5.00%), 06/21/25 (e) (i)	159		156
	MPH Acquisition Holdings LLC
		Term Loan B, 5.35%, (3M LIBOR + 2.75%), 06/07/23 (i)	87		84
	Select Medical Corp.
		Term Loan B, 4.99%, (3M LIBOR + 2.50%), 03/06/25 (i)	77		77
	Sound Inpatient Physicians
		1st Lien Term Loan, 5.25%, (3M LIBOR + 2.75%), 06/19/25 (i)	169		167
	Valeant Pharmaceuticals International Inc.
		Term Loan B, 5.48%, (3M LIBOR + 3.00%), 05/19/25 (i)	55		55
		Term Loan B, 5.23%, (3M LIBOR + 2.75%), 11/26/25 (i)	104		103
	Verscend Holding Corp.
		Term Loan B, 7.00%, (3M LIBOR + 4.50%), 08/08/25 (i)	223		221
	VVC Holding Corp.
		Term Loan B, 7.20%, (3M LIBOR + 4.50%), 01/25/26 (i)	115		113
	Wink Holdco Inc.
		1st Lien Term Loan B, 5.50%, (3M LIBOR + 3.00%), 11/02/24 (e) (i)	97		94
				2,828
Industrials 0.3%
	Achilles Acquisition LLC
		Term Loan , 6.50%, (3M LIBOR + 4.00%), 10/13/25 (e) (i)	65		64
			Shares/Par¹		Value ($)
	American Airlines Inc.
		Incremental Term Loan, 4.48%, (3M LIBOR + 2.00%), 12/14/23 (i)	45		44
	Brand Energy & Infrastructure Services Inc.
		Term Loan, 6.90%, (3M LIBOR + 4.25%), 06/16/24 (i)	55		53
		Term Loan, 7.01%, (3M LIBOR + 4.25%), 06/16/24 - 06/17/24 (i)	63		60
	Brookfield WEC Holdings Inc.
		1st Lien Term Loan, 6.25%, (3M LIBOR + 3.75%), 07/26/25 (i)	93		93
	Comet Acquisition Inc.
		Term Loan, 6.10%, (3M LIBOR + 3.50%), 10/23/25 (i)	30		29
	Compass Power Generation LLC
		Term Loan B, 6.00%, (3M LIBOR + 3.50%), 12/20/24 (i)	341		341
	CPM Holdings Inc.
		1st Lien Term Loan, 6.25%, (3M LIBOR + 3.75%), 10/25/25 (e) (i)	30		30
	DAE Aviation Holdings Inc.
		Term Loan B, 0.00%, (3M LIBOR + 4.00%), 01/22/26 (i) (o)	29		29
		Term Loan, 0.00%, (3M LIBOR + 4.00%), 01/24/26 (i) (o)	16		16
	EAB Global Inc.
		1st Lien Term Loan, 6.41%, (3M LIBOR + 3.75%), 08/15/22 (i)	378		368
	EXC Holdings III Corp.
		1st Lien Term Loan, 6.10%, (1M LIBOR + 3.50%), 11/16/24 (i)	344		342
	Filtration Group Corp.
		1st Lien Term Loan, 0.00%, (3M LIBOR + 3.00%), 03/27/25 (i) (o)	15		15
		1st Lien Term Loan, 5.50%, (3M LIBOR + 3.00%), 03/27/25 (i)	109		108
	Gates Global LLC
		Term Loan B, 5.25%, (3M LIBOR + 2.75%), 04/01/24 (i)	234		231
	KAR Auction Services Inc.
		Term Loan B-5, 0.00%, (3M LIBOR + 2.50%), 03/06/23 (i) (o)	35		35
	KBR Inc.
		Term Loan B, 6.25%, (3M LIBOR + 3.75%), 03/29/25 (e) (i)	243		243
	Kenan Advantage Group Inc.
		Term Loan, 5.50%, (1M LIBOR + 3.00%), 07/22/22 (i)	123		121
	Milacron LLC
		Term Loan B, 0.00%, (3M LIBOR + 2.50%), 09/23/23 (i) (o)	70		68
		Term Loan B, 5.00%, (3M LIBOR + 2.50%), 09/23/23 (i)	70		68
	Millennium Trust Company LLC
		Term Loan B, 0.00%, (3M LIBOR + 5.00%), 02/27/26 (i) (o)	185		182
	Monitronics International Inc.
		Term Loan B-2, 8.10%, (3M LIBOR + 5.50%), 09/30/22 (i)	38		32
	Pike Corp.
		Term Loan B, 6.00%, (3M LIBOR + 3.50%), 03/13/25 (i)	89		89
	Pisces Midco Inc.
		Term Loan, 6.55%, (3M LIBOR + 3.75%), 04/12/25 (i)	207		198
	PODS LLC
		1st Lien Term Loan, 5.24%, (3M LIBOR + 2.75%), 11/21/24 (i)	90		88
	SMG Holdings Inc.
		1st Lien Term Loan, 5.49%, (3M LIBOR + 3.00%), 01/11/25 (i)	273		269
	Southern Graphics Inc.
		Term Loan B, 5.75%, (1M LIBOR + 3.25%), 12/31/22 (i)	164		139
		Term Loan B, 5.83%, (1M LIBOR + 3.25%), 12/31/22 (i)	182		155

100

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Syncreon Global Finance (US) Inc.
		Term Loan B, 6.99%, (3M LIBOR + 4.25%), 10/28/20 (i)	219		141
	Tempo Acquisition LLC
		Term Loan, 0.00%, (3M LIBOR + 3.00%), 04/20/24 (i) (o)	235		233
	Titan Acquisition Ltd.
		Term Loan B, 5.50%, (3M LIBOR + 3.00%), 03/16/25 (i)	150		139
	TransDigm Inc.
		Term Loan F, 5.00%, (1M LIBOR + 2.50%), 06/09/23 (i)	150		147
	USIC Holdings Inc.
		Term Loan B, 5.75%, (3M LIBOR + 3.25%), 12/09/23 (i)	45		43
	Wand NewCo 3 Inc.
		1st Lien Term Loan, 5.98%, (3M LIBOR + 3.50%), 01/22/26 (i)	82		82
	WP CPP Holdings LLC
		Term Loan, 6.51%, (3M LIBOR + 3.75%), 04/30/25 (i)	140		139
	Yak Access LLC
		1st Lien Term Loan B, 7.50%, (3M LIBOR + 5.00%), 06/29/25 (e) (i)	39		33
				4,467
Information Technology 0.2%
	Access CIG LLC
		1st Lien Term Loan, 0.00%, (3M LIBOR + 3.75%), 02/14/25 (i) (o)	12		12
		1st Lien Term Loan, 6.24%, (3M LIBOR + 3.75%), 02/14/25 (i)	231		227
	Almonde Inc.
		1st Lien Term Loan, 6.10%, (3M LIBOR + 3.50%), 04/26/24 (i)	49		47
		2nd Lien Term Loan, 9.85%, (3M LIBOR + 7.25%), 04/27/25 (i)	36		35
	Ascend Learning LLC
		Term Loan B, 5.50%, (3M LIBOR + 3.00%), 06/29/24 (i)	104		101
	Blackhawk Network Holdings Inc.
		1st Lien Term Loan, 5.50%, (3M LIBOR + 3.00%), 05/31/25 (i)	90		89
	BMC Software Finance Inc.
		Term Loan B, 6.85%, (3M LIBOR + 4.25%), 06/30/25 (i)	209		205
	Bright Bidco BV
		Term Loan B, 6.00%, (3M LIBOR + 3.50%), 06/28/24 (i)	37		29
		Term Loan B, 6.10%, (3M LIBOR + 3.50%), 06/28/24 (i)	77		59
	Colorado Buyer Inc.
		Term Loan B, 5.60%, (1M LIBOR + 3.00%), 03/15/24 (i)	297		287
		2nd Lien Term Loan, 9.86%, (3M LIBOR + 7.25%), 05/01/25 (i)	50		45
	CommScope Inc.
		Term Loan B, 0.00%, (3M LIBOR + 3.25%), 02/07/26 (i) (o)	140		140
	Cvent Inc.
		1st Lien Term Loan, 6.25%, (3M LIBOR + 3.75%), 11/30/24 (i)	353		345
	Dell International LLC
		Term Loan B, 4.50%, (3M LIBOR + 2.00%), 09/07/23 (i)	85		84
	Dun & Bradstreet Corp.
		Term Loan, 7.48%, (6M LIBOR + 5.00%), 02/08/26 (i)	45		44
	Dynatrace LLC
		1st Lien Term Loan, 5.75%, (3M LIBOR + 3.25%), 08/08/25 (i)	71		70
	First Data Corp.
		Term Loan, 0.00%, (1M LIBOR + 2.00%), 04/26/24 (i) (o)	140		140
	Flexential Intermediate Corp.
		1st Lien Term Loan, 6.10%, (3M LIBOR + 3.50%), 07/24/24 (i)	174		159
			Shares/Par¹		Value ($)
	Flexera Software LLC
		1st Lien Term Loan, 5.75%, (3M LIBOR + 3.25%), 01/24/25 (i)	262		261
	Hyland Software Inc.
		2nd Lien Term Loan, 9.50%, (3M LIBOR + 7.00%), 05/24/25 (i)	65		65
	Information Resources Inc.
		1st Lien Term Loan, 7.13%, (3M LIBOR + 4.50%), 11/06/25 (i)	94		93
	Kronos Inc.
		Term Loan B, 5.74%, (3M LIBOR + 3.00%), 11/01/23 (i)	90		89
	Mitchell International Inc.
		2nd Lien Term Loan, 9.75%, (3M LIBOR + 7.25%), 12/01/25 (i)	147		143
	MLN US HoldCo LLC
		1st Lien Term Loan, 7.00%, (3M LIBOR + 4.50%), 07/13/25 (i)	197		193
		2nd Lien Term Loan, 11.25%, (3M LIBOR + 8.75%), 07/13/26 (i)	70		68
	Plantronics Inc.
		Term Loan B, 5.00%, (3M LIBOR + 2.50%), 06/01/25 (i)	119		117
	Project Alpha Intermediate Holding Inc.
		Term Loan B, 6.37%, (3M LIBOR + 3.50%), 04/26/24 (i)	142		138
	Refinitiv US Holdings Inc.
		Term Loan, 6.25%, (3M LIBOR + 3.75%), 09/12/25 (i)	264		256
	Renaissance Holding Corp.
		Term Loan, 5.75%, (3M LIBOR + 3.25%), 05/21/25 (i)	206		197
	Sirius Computer Solutions Inc.
		Term Loan, 6.75%, (3M LIBOR + 4.25%), 10/30/22 (i)	119		119
	Sophia LP
		Term Loan B, 0.00%, (1M LIBOR + 3.25%), 09/30/22 (i) (o)	54		54
		Term Loan B, 5.86%, (1M LIBOR + 3.25%), 09/30/22 (i)	87		87
	VeriFone Inc.
		1st Lien Term Loan, 6.68%, (3M LIBOR + 4.00%), 08/09/25 (i)	128		126
	Vertafore Inc.
		1st Lien Term Loan, 0.00%, (3M LIBOR + 3.25%), 06/04/25 (i) (o)	30		29
		1st Lien Term Loan, 5.75%, (3M LIBOR + 3.25%), 06/04/25 (i)	164		160
	Web.com Group Inc.
		2nd Lien Term Loan, 10.24%, (3M LIBOR + 7.75%), 09/17/26 (c) (i)	55		54
				4,367
Materials 0.1%
	Aleris International Inc.
		Term Loan, 7.25%, (3M LIBOR + 4.75%), 04/15/23 (i)	184		183
	Avantor Inc.
		1st Lien Term Loan, 6.25%, (3M LIBOR + 3.75%), 09/22/24 (i)	281		281
	Berry Global Inc.
		Term Loan Q, 4.61%, (3M LIBOR + 2.00%), 10/01/22 (i)	15		15
	BOYD Corp.
		1st Lien Term Loan, 6.00%, (3M LIBOR + 3.50%), 08/15/25 (i)	33		32
	BWAY Holding Co.
		Term Loan B, 6.03%, (3M LIBOR + 3.25%), 04/03/24 (i)	131		127
	Forterra Finance LLC
		Term Loan B, 5.50%, (1M LIBOR + 3.00%), 10/25/23 (i)	170		156
	GrafTech Finance Inc.
		Term Loan B, 6.00%, (3M LIBOR + 3.50%), 02/01/25 (i)	209		209
	Klockner-Pentaplast of America Inc.
		Term Loan B-2, 6.75%, (3M LIBOR + 4.25%), 06/30/22 (i)	250		219

101

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Messer Industries GmbH
		Term Loan, 5.10%, (3M LIBOR + 2.50%), 10/10/25 (i)	125		122
	Phoenix Services International LLC
		Term Loan, 6.24%, (3M LIBOR + 3.75%), 01/29/25 (i)	84		84
	Pro Mach Group Inc.
		Term Loan B, 5.49%, (3M LIBOR + 2.75%), 03/07/25 (i)	208		201
	Schenectady International Group Inc.
		1st Lien Term Loan, 7.54%, (3M LIBOR + 4.75%), 08/21/25 (i)	50		50
	Solenis International LP
		1st Lien Term Loan, 6.63%, (3M LIBOR + 4.00%), 06/26/25 (i)	100		98
		1st Lien Term Loan, 6.49%, (3M LIBOR + 4.00%), 12/18/25 (i)	33		32
		2nd Lien Term Loan, 11.13%, (3M LIBOR + 8.50%), 06/18/26 (e) (i)	50		48
	Starfruit Finco BV
		Term Loan B, 0.00%, (3M LIBOR + 3.25%), 09/10/25 (i) (o)	85		84
		Term Loan B, 5.74%, (3M LIBOR + 3.25%), 09/20/25 (i)	56		55
	Vantage Specialty Chemicals Inc.
		1st Lien Term Loan, 6.00%, (3M LIBOR + 3.50%), 10/20/24 (i)	32		32
		1st Lien Term Loan, 6.13%, (3M LIBOR + 3.50%), 10/20/24 (i)	28		27
				2,055
Real Estate 0.0%
	Capital Automotive LP
		2nd Lien Term Loan, 8.50%, (3M LIBOR + 6.00%), 03/21/25 (i)	81		81
	Forest City Enterprises LP
		Term Loan B, 6.48%, (3M LIBOR + 4.00%), 10/24/25 (i)	125		125
				206
Utilities 0.0%
	Edgewater Generation LLC
		Term Loan, 0.00%, (3M LIBOR + 3.75%), 11/29/25 (i) (o)	15		15
		Term Loan, 6.25%, (3M LIBOR + 3.75%), 11/29/25 (i)	120		119
	NEP/NCP Holdco Inc.
		1st Lien Term Loan, 5.75%, (3M LIBOR + 3.25%), 10/05/25 (i)	95		94
		2nd Lien Term Loan, 9.50%, (3M LIBOR + 7.00%), 10/05/26 (i)	20		20
				248
	Total Senior Loan Interests (cost $23,435)			22,743
GOVERNMENT AND AGENCY OBLIGATIONS 9.4%
Collateralized Mortgage Obligations 5.8%
	Federal Home Loan Mortgage Corp.
		Series AN-4030, REMIC, 1.75%, 04/15/27	11,227		10,953
		Series ME-4181, REMIC, 2.50%, 05/15/32	10,237		10,155
		Series AC-3985, REMIC, 2.25%, 12/15/40	774		763
		Series FA-4125, REMIC, 2.83%, (1M USD LIBOR + 0.35%), 11/15/42 (i)	11,626		11,557
	Federal National Mortgage Association
		Series 2012-FK-56, 2.94%, (1M USD LIBOR + 0.45%), 06/25/42 (i)	3,846		3,836
		Series 2016-LA-32, REMIC, 3.00%, 10/25/44	12,340		12,368
		Series 2015-MA-94, REMIC, 3.00%, 01/25/46	1,997		2,013
		Series 2012-KC-56, REMIC, 2.25%, 03/25/39	2,316		2,290
		Series 2012-AP-101, REMIC, 2.00%, 08/25/40	8,475		8,282
		Series 2017-TA-12, REMIC, 3.00%, 04/25/42	4,139		4,148
		Series 2018-FD-31, REMIC, 2.79%, (1M USD LIBOR + 0.30%), 05/25/48 (i)	4,706		4,658
		Series 2018-FA-55, REMIC, 2.79%, (1M USD LIBOR + 0.30%), 08/25/48 (i)	4,489		4,455
		Series 2018-FA-77, REMIC, 2.79%, (1M USD LIBOR + 0.30%), 10/25/48 (i)	9,274		9,204
		Series 2017-FA-96, REMIC, 2.89%, (1M USD LIBOR + 0.40%), 12/25/57 (i)	6,507		6,481
			Shares/Par¹		Value ($)
	Government National Mortgage Association
		Series 2004-FH-70, REMIC, 2.89%, (1M USD LIBOR + 0.40%), 07/20/34 (i)	5,017		5,015
		Series 2010-FL-167, REMIC, 2.84%, (1M USD LIBOR + 0.35%), 12/20/40 (i)	1,610		1,605
				97,783
Commercial Mortgage-Backed Securities 0.0%
	Federal Home Loan Mortgage Corp.
		Interest Only, Series X1-K722, REMIC, 1.31%, 03/25/23 (i)	10,007		416
Mortgage-Backed Securities 3.3%
	Federal Home Loan Mortgage Corp.
		3.50%, 03/01/46	6,582		6,698
	Federal National Mortgage Association
		3.42%, 01/01/24	458		459
		2.00%, 01/25/40	6,798		6,727
		3.00%, 01/01/37 - 10/25/42	24,425		24,506
		3.50%, 02/01/46 - 04/01/46	18,193		18,334
				56,724
Sovereign 0.1%
	Argentina Republic Government International Bond
		5.63%, 01/26/22	600		517
	Costa Rica Government International Bond
		10.00%, 08/01/20	310		324
	Dominican Republic International Bond
		7.50%, 05/06/21	500		519
				1,360
U.S. Treasury Securities 0.2%
	U.S. Treasury Note
		1.25%, 01/31/20	1,350		1,337
		1.38%, 02/29/20	1,700		1,684
				3,021
	Total Government And Agency Obligations (cost $161,365)			159,304
INVESTMENT COMPANIES 2.8%
	Altaba Inc. (b)		651		48,267
	Total Investment Companies (cost $31,186)			48,267
SHORT TERM INVESTMENTS 7.0%
Investment Companies 4.4%
	JNL Government Money Market Fund - Institutional Class, 2.33% (p) (q)		75,491		75,491
Securities Lending Collateral 1.1%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.43% (p) (q)		19,189		19,189
Treasury Securities 1.5%
	U.S. Treasury Bill
		2.41%, 08/15/19 (r)	6,000		5,946
		2.49%, 09/05/19 (r)	17,000		16,825
		2.51%, 11/07/19 (r)	2,000		1,972
				24,743
	Total Short Term Investments (cost $119,414)			119,423
Total Investments 104.7% (cost $1,730,005)					1,781,628
Total Securities Sold Short (3.6)% (proceeds $66,601)					(61,275)
Other Assets and Liabilities, Net (1.1)%					(19,234)
Total Net Assets 100.0%					1,701,119

(a) The Fund had an unfunded commitment at March 31, 2019. See the table of Unfunded Commitments in the Schedules of Investments.

(b) Non-income producing security.

(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 Sub-Adviser has deemed this security to be illiquid based on procedures approved by the JNL Series Trust's 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 pledged or segregated as collateral.

(h) Convertible security.

102

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019

(i) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of March 31, 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 reflects 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 is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of March 31, 2019.

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

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

(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) This senior loan will settle after March 31, 2019. The reference rate and spread presented 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 March 31, 2019.

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


			Shares/Par¹		Value ($)
SECURITIES SOLD SHORT (3.6%)
COMMON STOCKS (0.3%)
Communication Services (0.3%)
		Tencent Holdings Ltd.	(125)		(5,763)
	Total Common Stocks (proceeds $6,003)			(5,763)
PREFERRED STOCKS (0.5%)
Consumer Discretionary (0.5%)
		Volkswagen AG (a)	(56)		(8,802)
	Total Preferred Stocks (proceeds $8,678)			(8,802)
			Shares/Par¹		Value ($)
INVESTMENT COMPANIES (2.8%)
		SPDR S&P Regional Banking ETF Fund	(745)		(38,267)
		Utilities Select Sector SPDR Fund	(145)		(8,443)
	Total Investment Companies (proceeds $51,920)			(46,710)
	Total Securities Sold Short (3.6%) (proceeds $66,601)				(61,275)

(a) Convertible security.


Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	BX Trust, Series 2018-F-MCSF REMIC, 5.13%, 04/15/20	04/09/18	906	902	0.1
	CHT Mortgage Trust, Series 2017-F-CSMO REMIC, 6.22%, 11/15/19	12/04/17	331	332	—
	Credit Suisse Mortgage Trust, Series 2017-E-LSTK REMIC, 3.33%, 04/07/21	05/05/17	337	334	—
	FREMF Mortgage Trust, Series 2016-B-KF22 REMIC, 7.54%, 07/25/23	10/17/16	508	537	—
	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2017-F-MAUI REMIC, 6.24%, 07/15/19	07/25/17	297	297	—
	LCCM Mortgage Trust, Series 2014-MRC-PKMD REMIC, 2.86%, 11/18/19	09/27/17	1,019	1,014	0.1
	Media Group Holdings LLC	04/23/13	50,938	938	0.1
			54,336	4,354	0.3

Unfunded Commitments

103

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
JNL/Franklin Templeton Global Fund
COMMON STOCKS 97.9%
Canada 2.0%
	Husky Energy Inc. (a) (b)	523		5,191
	Wheaton Precious Metals Corp.	498		11,858
			17,049
China 5.7%
	Baidu.com - Class A - ADR (a)	69		11,347
	China Life Insurance Co. Ltd. - Class H	5,483		14,754
	China Mobile Ltd.	1,079		10,983
	China Telecom Corp. Ltd. - Class H - ADR	224		12,535
			49,619
Denmark 2.0%
	A P Moller - Maersk A/S - Class B (b)	7		8,581
	Vestas Wind Systems A/S	106		8,969
			17,550
France 7.3%
	BNP Paribas SA	351		16,824
	Cie de Saint-Gobain	145		5,252
	Credit Agricole SA	734		8,881
	Sanofi SA	195		17,291
	Veolia Environnement	645		14,431
			62,679
Germany 5.7%
	Bayer AG	230		14,850
	E.ON SE	912		10,139
	Merck KGaA	102		11,680
	Siemens AG	116		12,539
			49,208
Hong Kong 2.8%
	CK Hutchison Holdings Ltd.	1,098		11,556
	Kunlun Energy Co. Ltd. (b)	10,829		11,331
	Value Partners Group Ltd. (b)	1,449		1,129
			24,016
India 1.8%
	Bharti Airtel Ltd.	2,079		10,005
	Hero Motocorp Ltd.	141		5,218
			15,223
Indonesia 0.3%
	Matahari Department Store Tbk PT	8,585		2,472
Ireland 2.3%
	Allergan Plc	111		16,232
	Bank of Ireland Group Plc	601		3,584
			19,816
Israel 1.4%
	Teva Pharmaceutical Industries Ltd. - ADR (a)	794		12,443
Italy 1.9%
	ENI SpA	919		16,272
Japan 7.1%
	Mitsui Fudosan Co. Ltd.	401		10,102
	Panasonic Corp.	1,106		9,535
	Seven & I Holdings Co. Ltd.	239		9,022
	Sumitomo Mitsui Financial Group Inc.	121		4,245
	Suntory Beverage & Food Ltd.	177		8,281
	Taiheiyo Cement Corp.	147		4,903
	Takeda Pharmaceutical Co. Ltd.	373		15,176
			61,264
Luxembourg 1.7%
	SES SA - FDR	955		14,868
Netherlands 5.7%
	Aegon NV	1,737		8,384
	Akzo Nobel NV (b)	50		4,411
	ING Groep NV	1,220		14,783
	Royal Dutch Shell Plc - Class B	691		21,821
			49,399
Singapore 2.0%
	Singapore Telecommunications Ltd.	7,738		17,264
		Shares/Par¹		Value ($)
South Korea 3.1%
	KB Financial Group Inc. - ADR	235		8,727
	Samsung Electronics Co. Ltd. - GDR (c)	19		18,367
			27,094
Spain 1.0%
	Telefonica SA	996		8,353
Sweden 0.2%
	Getinge AB - Class B (b)	114		1,333
Switzerland 3.1%
	Novartis AG	32		3,130
	Roche Holding AG	52		14,394
	UBS Group AG	793		9,627
			27,151
Thailand 1.5%
	Bangkok Bank PCL - NVDR	555		3,621
	Bangkok Bank PCL	1,322		9,024
			12,645
United Kingdom 8.1%
	BP Plc	2,765		20,105
	HSBC Holdings Plc (b)	1,545		12,574
	Kingfisher Plc	3,789		11,594
	Man Group Plc	142		250
	Standard Chartered Plc	2,040		15,695
	Vodafone Group Plc	5,256		9,576
			69,794
United States of America 31.2%
	Advance Auto Parts Inc.	17		2,828
	Alphabet Inc. - Class A (a)	9		10,039
	AmerisourceBergen Corp.	124		9,868
	Amgen Inc.	27		5,083
	Apache Corp.	385		13,361
	Capital One Financial Corp.	137		11,230
	Cardinal Health Inc.	153		7,349
	Celgene Corp. (a)	94		8,859
	Citigroup Inc.	306		19,059
	Comcast Corp. - Class A	331		13,224
	CommScope Holding Co. Inc. (a)	324		7,034
	Coty Inc. - Class A (b)	1,194		13,729
	Eli Lilly & Co.	57		7,390
	Exxon Mobil Corp.	175		14,116
	Gilead Sciences Inc.	203		13,224
	Kellogg Co.	305		17,518
	Kroger Co.	467		11,493
	Mattel Inc. (a) (b)	662		8,609
	Navistar International Corp. (a)	302		9,765
	Oracle Corp.	417		22,395
	Perrigo Co. Plc	96		4,632
	United Parcel Service Inc. - Class B	120		13,362
	Walgreens Boots Alliance Inc.	253		15,995
	Wells Fargo & Co.	180		8,683
			268,845
	Total Common Stocks (cost $893,502)		844,357
SHORT TERM INVESTMENTS 4.3%
Investment Companies 1.6%
	JNL Government Money Market Fund - Institutional Class, 2.33% (d) (e)	14,164		14,164
Securities Lending Collateral 2.7%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.43% (d) (e)	23,253		23,253
	Total Short Term Investments (cost $37,417)		37,417
Total Investments 102.2% (cost $930,919)				881,774
Other Assets and Liabilities, Net (2.2)%				(19,230)
Total Net Assets 100.0%				862,544

(a) Non-income producing security.

(b) All or a portion of the security was on loan.

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

(d) Investment in affiliate.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2019.

104

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019

Restricted Securities

Initial Acquisition

Cost ($)

Value ($)

Percent of

Net Assets (%)

Samsung Electronics Co. Ltd.

11/01/13

11,786

18,367

2.1

105

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
JNL/Franklin Templeton Global Multisector Bond Fund
CORPORATE BONDS AND NOTES 0.0%
South Africa 0.0%
	K2016470219 South Africa Ltd.
		3.00%, 12/31/22 (a) (b) (c)	9,753		1
		8.00%, 12/31/22, EUR (a) (b) (c)	3,195		56
	K2016470260 South Africa Ltd.
		25.00%, 12/31/22 (a) (b) (c)	2,422		73
	Total Corporate Bonds And Notes (cost $8,114)			130
GOVERNMENT AND AGENCY OBLIGATIONS 47.4%
Argentina 2.5%
	Argentina Bonos del Tesoro
		18.20%, 10/03/21, ARS	484,003		8,580
		16.00%, 10/17/23, ARS	450,969		8,420
		15.50%, 10/17/26, ARS	885,973		16,338
	Argentina Inflation Indexed Bond
		4.00%, 03/06/20, ARS (d)	3,394		116
	Argentina POM Politica Monetaria
		54.47%, (Argentina Central Bank 7 Day Repurchase Rate), 06/21/20, ARS (e)	9,000		236
	Argentina Republic Government International Bond
		4.50%, 02/13/20	5,024		4,808
				38,498
Brazil 7.5%
	Brazil Notas do Tesouro Nacional
		10.00%, 01/01/21 - 01/01/27, BRL	431,692		117,316
Colombia 2.1%
	Colombia Government International Bond
		7.75%, 04/14/21, COP	13,557,000		4,441
		4.38%, 03/21/23, COP	592,000		177
		9.85%, 06/28/27, COP	942,000		376
	Colombia TES
		7.00%, 09/11/19 - 05/04/22, COP	11,895,000		3,854
		10.00%, 07/24/24, COP	23,517,000		8,787
		7.50%, 08/26/26, COP	38,018,800		12,870
	Titulos de Tesoreria
		11.00%, 07/24/20, COP	4,536,000		1,537
				32,042
Ghana 3.2%
	Ghana Government Bond
		21.50%, 03/09/20, GHS	370		72
		21.00%, 03/23/20, GHS	1,385		268
		18.50%, 06/01/20, GHS	210		40
		18.25%, 09/21/20 - 07/25/22, GHS	4,640		860
		24.00%, 11/23/20, GHS	13,760		2,774
		16.25%, 05/17/21, GHS	14,870		2,669
		24.50%, 04/22/19 - 06/21/21, GHS	54,990		10,663
		24.75%, 03/01/21 - 07/19/21, GHS	33,940		7,021
		19.50%, 10/18/21, GHS	36,816		6,988
		18.75%, 01/24/22, GHS	11,430		2,134
		17.60%, 11/28/22, GHS	370		67
		16.50%, 03/22/21 - 02/06/23, GHS	2,890		507
		19.75%, 03/25/24 - 03/15/32, GHS	42,160		7,700
		19.00%, 11/02/26, GHS	33,440		6,156
	Ghana Treasury Note
		20.23%, 05/06/19, GHS	2,710		518
		17.24%, 11/11/19, GHS	340		64
		16.50%, 02/17/20 - 03/16/20, GHS	5,730		1,068
		17.18%, 06/06/20, GHS	830		156
				49,725
India 10.2%
	India Government Bond
		7.80%, 04/11/21, INR	178,500		2,637
		8.79%, 11/08/21, INR	682,000		10,337
		8.20%, 02/15/22, INR	690,000		10,338
		8.35%, 05/14/22, INR	120,200		1,812
		8.15%, 06/11/22, INR	1,623,000		24,326
		8.08%, 08/02/22, INR	1,329,000		19,923
		8.13%, 09/21/22, INR	48,000		721
		6.84%, 12/19/22, INR	228,000		3,299
		7.16%, 05/20/23, INR	75,600		1,098
		8.83%, 11/25/23, INR	2,176,400		33,648
			Shares/Par¹		Value ($)
		7.68%, 12/15/23, INR	1,872,000		27,815
		9.15%, 11/14/24, INR	812,000		12,802
		6.79%, 05/15/27, INR	708,100		9,818
				158,574
Indonesia 8.1%
	Indonesia Government Bond
		8.25%, 07/15/21, IDR	95,969,000		6,936
		7.00%, 05/15/27, IDR	619,889,000		41,747
	Indonesia Treasury Bond
		8.38%, 03/15/24 - 09/15/26, IDR	1,063,224,000		77,958
				126,641
Kenya 0.7%
	Kenya Government International Bond
		6.88%, 06/24/24 (f)	10,411		10,684
Mexico 8.0%
	Mexican Bonos
		7.25%, 12/09/21, MXN	225,160		11,444
	Mexico Bonos
		5.00%, 12/11/19, MXN	1,793,350		90,404
		8.00%, 06/11/20 - 12/07/23, MXN	182,030		9,388
		6.50%, 06/10/21 - 06/09/22, MXN	248,940		12,470
		10.00%, 12/05/24, MXN	13,340		754
	Mexico Government Inflation Indexed Bond
		4.00%, 06/13/19, MXN (g)	6,029		308
	Mexico Inflation Indexed Udibonos
		2.50%, 12/10/20, MXN (g)	4,789		241
				125,009
Philippines 0.3%
	Philippine Government Bond
		3.88%, 11/22/19, PHP	220,560		4,143
		3.38%, 08/20/20, PHP	2,060		38
				4,181
South Korea 4.5%
	Bank of Korea
		1.85%, 10/02/19, KRW	24,260,000		21,373
		2.16%, 02/02/20, KRW	1,530,000		1,351
		2.14%, 06/02/20, KRW	2,962,000		2,619
		2.05%, 10/05/20, KRW	6,280,000		5,559
	Korea Monetary Stabilization Bond
		1.80%, 09/09/19, KRW	13,611,000		11,995
		1.87%, 11/09/19, KRW	9,120,000		8,036
		2.06%, 12/02/19, KRW	20,130,000		17,759
	Korea Treasury Bond
		1.75%, 06/10/20, KRW	1,530,000		1,347
				70,039
Ukraine 0.3%
	Ukraine Government International Bond
		0.00%, 05/31/40 (e) (f)	7,611		4,852
	Total Government And Agency Obligations (cost $839,004)			737,561
COMMON STOCKS 0.0%
South Africa 0.0%
	Edcon Holdings Ltd. - Class A (b) (c) (h) (i)		124,902		86
	Edcon Holdings Ltd. - Class B (b) (c) (h) (i)		14,399		10
				96
Switzerland 0.0%
	Ceva Logistics AG (h) (j)		12		349
	Total Common Stocks (cost $1,602)			445
WARRANTS 0.0%
South Africa 0.0%
	Edcon Ltd. (b) (c) (h) (i)		6		—
	Edcon Ltd. (b) (c) (h) (i)		9,235		—
	Edcon Ltd. (b) (c) (h) (i)		114,036		—
	Total Warrants (cost $0)			—
SHORT TERM INVESTMENTS 49.1%
Investment Companies 13.5%
	JNL Government Money Market Fund - Institutional Class, 2.33% (k) (l)		210,089		210,089
Securities Lending Collateral 0.2%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.43% (k) (l)		2,230		2,230

106

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
Treasury Securities 35.4%
	Argentina Treasury Bill
		54.17%, 06/28/19, ARS (m)	39,294		992
		50.40%, 06/29/19, ARS (m)	66,573		1,894
		44.19%, 07/10/19, ARS (m)	11,437		269
		52.41%, 07/30/19, ARS (m)	158,281		4,353
		50.52%, 09/30/19, ARS (m)	411,920		11,475
		49.59%, 10/31/19, ARS (m)	249,814		6,671
		45.46%, 02/28/20, ARS (m)	520		11
		49.77%, 04/30/20, ARS (m)	51,589		1,308
		45.89%, 07/31/20, ARS (m)	7,276		161
	Brazil Letras do Tesouro Nacional
		7.46%, 07/01/19, BRL (m)	242,000		60,956
		9.15%, 07/01/20, BRL (m)	106,347		25,065
	Mexico Cetes
		7.97%, 04/25/19, MXN (m)	19,144		9,807
		7.56%, 05/23/19, MXN (m)	78,825		40,141
		8.30%, 06/06/19, MXN (m)	9,540		4,840
		7.71%, 07/04/19, MXN (m)	287,073		14,480
		7.75%, 07/18/19, MXN (m)	19,602		9,857
		8.01%, 08/01/19, MXN (m)	1,073		538
		7.63%, 09/12/19, MXN (m)	10,084		5,009
		8.15%, 11/07/19, MXN (m)	3,577		1,752
		7.88%, 01/02/20, MXN (m)	17,042		8,259
		7.59%, 02/27/20, MXN (m)	40,320		19,308
	U.S. Treasury Bill
		2.43%, 05/02/19 (m)	72,242		72,094
		2.44%, 05/30/19 (j) (m)	47,828		47,646
		2.44%, 06/06/19 (m)	10,336		10,291
		2.42%, 04/11/19 - 09/26/19 (m)	195,568		194,128
				551,305
	Total Short Term Investments (cost $783,587)			763,624
Total Investments 96.5% (cost $1,632,307)					1,501,760
Other Derivative Instruments 1.1%					17,380
Other Assets and Liabilities, Net 2.4%					37,025
Total Net Assets 100.0%					1,556,165

(a) 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.

(b) The Sub-Adviser has deemed this security to be illiquid based on procedures approved by the JNL Series Trust's Board of Trustees.

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

(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 March 31, 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 reflects 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 Sub-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 JNL Series Trust's Board of Trustees. As of March 31, 2019, the value and the percentage of net assets of these liquid securities was $15,536 and 1.0%, respectively.

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

(h) Non-income producing security.

(i) 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.

(j) All or a portion of the security was on loan.

(k) Investment in affiliate.

(l) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2019.

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

107

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Edcon Holdings Ltd. - Class A	02/28/17	95	86	—
	Edcon Holdings Ltd. - Class B	02/27/17	11	10	—
	Edcon Ltd.	12/15/15	—	—	—
	Edcon Ltd.	12/15/15	—	—	—
	Edcon Ltd.	12/15/15	—	—	—
	K2016470219 South Africa Ltd., 3.00%, 12/31/22	02/28/17	3,344	1	—
	K2016470219 South Africa Ltd., 8.00%, 12/31/22	02/27/17	1,972	56	—
	K2016470260 South Africa Ltd., 25.00%, 12/31/22	02/27/17	2,798	73	—
			8,220	226	—


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	2.79	(S)	03/31/24		6,980		15		(162)
3M LIBOR (Q)	Receiving	1.91	(S)	01/22/25		36,540		86		771
3M LIBOR (Q)	Receiving	1.94	(S)	01/29/25		6,740		16		134
3M LIBOR (Q)	Receiving	1.94	(S)	01/30/25		5,710		14		113
3M LIBOR (Q)	Receiving	1.82	(S)	02/03/25		8,990		21		240
3M LIBOR (Q)	Receiving	1.98	(S)	03/27/25		5,750		13		104
3M LIBOR (Q)	Receiving	1.99	(S)	03/27/25		5,750		13		102
3M LIBOR (Q)	Receiving	3.85	(S)	08/22/43		38,670		129		290
3M LIBOR (Q)	Receiving	3.49	(S)	03/31/44		3,320		7		(556)
3M LIBOR (Q)	Receiving	2.38	(S)	11/18/46		80,600		182		3,277
3M LIBOR (Q)	Receiving	2.79	(S)	03/13/47		39,900		99		(1,786)
3M LIBOR (Q)	Receiving	2.54	(S)	04/13/47		27,200		63		223
3M LIBOR (Q)	Receiving	2.59	(S)	07/27/47		45,400		104		(97)
3M LIBOR (Q)	Receiving	2.98	(S)	02/20/48		12,422		31		(1,055)
3M LIBOR (Q)	Receiving	3.00	(S)	02/22/48		12,422		31		(1,113)
3M LIBOR (Q)	Receiving	3.02	(S)	02/23/48		12,422		31		(1,158)
								855		(673)

JNL/Franklin Templeton Global Multisector Bond Fund — OTC Purchased Options

Reference Entity

Counterparty

Put/Call

Exercise Price ($)/

Swaption Rate (%)

Expiration

Notional/

Contracts ¹

Value ($)

Foreign Currency Options

Australian Dollar versus USD

GSC

Put

0.68

12/23/19

AUD

37,000

—

JNL/Franklin Templeton Global Multisector Bond Fund — OTC Written Options

Reference Entity

Counterparty

Put/Call

Exercise Price ($)/ Swaption Rate(%)

Expiration

Notional/

Contracts ¹

Value ($)

Foreign Currency Options

Australian Dollar versus USD

GSC

Call

0.74

12/23/19

AUD

37,000

—

Forward Foreign Currency Contracts


Purchased/ Sold	Counter-party	Expiration	Notional ¹		Value ($)		Unrealized Appreciation (Depreciation) ($)
ARS/USD	BNP	04/03/19	ARS	451,842		10,402		(330)
ARS/USD	GSC	04/03/19	ARS	228,068		5,251		(116)
ARS/USD	HSB	04/03/19	ARS	968,297		22,292		(515)
ARS/USD	HSB	05/02/19	ARS	968,297		21,455		(62)
ARS/USD	GSC	05/03/19	ARS	228,068		5,047		27
ARS/USD	BNP	07/01/19	ARS	451,842		9,230		(33)
EUR/MXN	CIT	04/29/19	MXN	(958,000)		(49,121)		(479)
EUR/MXN	DUB	06/14/19	MXN	(1,504,825)		(76,582)		(384)
INR/USD	HSB	04/04/19	INR	478,431		6,904		(43)
INR/USD	BNP	04/05/19	INR	560,541		8,088		(71)
INR/USD	HSB	04/11/19	INR	393,365		5,670		(53)
INR/USD	CIT	04/15/19	INR	679,432		9,788		(88)
INR/USD	HSB	04/15/19	INR	100,000		1,441		(12)
MXN/EUR	CIT	04/29/19	EUR	(41,536)		(46,692)		2,429
MXN/EUR	DUB	06/14/19	EUR	(62,624)		(70,678)		5,904
USD/ARS	BNP	04/03/19	ARS	(451,842)		(10,402)		(3)
USD/ARS	GSC	04/03/19	ARS	(228,068)		(5,251)		(28)
USD/ARS	HSB	04/03/19	ARS	(968,297)		(22,292)		19
USD/AUD	CIT	04/09/19	AUD	(486)		(345)		2
USD/AUD	JPM	04/11/19	AUD	(11,535)		(8,190)		90
USD/AUD	CIT	04/15/19	AUD	(10,281)		(7,300)		(36)
USD/AUD	JPM	04/15/19	AUD	(52,411)		(37,213)		515
USD/AUD	JPM	04/23/19	AUD	(33,243)		(23,607)		332
USD/AUD	CIT	05/13/19	AUD	(10,245)		(7,278)		(31)
USD/AUD	JPM	05/13/19	AUD	(11,535)		(8,195)		(26)
USD/AUD	CIT	05/15/19	AUD	(10,245)		(7,279)		9
USD/AUD	JPM	05/15/19	AUD	(29,340)		(20,845)		22
USD/AUD	JPM	05/20/19	AUD	(881)		(626)		(1)

108

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


Purchased/ Sold	Counter-party	Expiration	Notional ¹		Value ($)		Unrealized Appreciation (Depreciation) ($)
USD/AUD	CIT	05/21/19	AUD	(7,784)		(5,531)		25
USD/AUD	JPM	05/21/19	AUD	(749)		(532)		2
USD/AUD	JPM	05/22/19	AUD	(33,243)		(23,621)		194
USD/AUD	CIT	06/03/19	AUD	(486)		(345)		2
USD/EUR	BOA	04/08/19	EUR	(2,529)		(2,838)		37
USD/EUR	DUB	04/08/19	EUR	(33)		(37)		1
USD/EUR	UBS	04/09/19	EUR	(1,041)		(1,169)		35
USD/EUR	HSB	04/11/19	EUR	(786)		(882)		24
USD/EUR	JPM	04/11/19	EUR	(29,755)		(33,397)		964
USD/EUR	DUB	04/12/19	EUR	(411)		(462)		1
USD/EUR	BOA	04/15/19	EUR	(4,279)		(4,804)		163
USD/EUR	CIT	04/15/19	EUR	(3,701)		(4,155)		19
USD/EUR	DUB	04/15/19	EUR	(411)		(462)		14
USD/EUR	BOA	04/16/19	EUR	(134)		(150)		4
USD/EUR	DUB	04/23/19	EUR	(8,367)		(9,400)		202
USD/EUR	GSC	04/23/19	EUR	(16)		(18)		—
USD/EUR	JPM	04/23/19	EUR	(17,230)		(19,359)		441
USD/EUR	UBS	04/23/19	EUR	(13,784)		(15,487)		355
USD/EUR	DUB	04/24/19	EUR	(10,433)		(11,723)		223
USD/EUR	HSB	04/25/19	EUR	(874)		(982)		18
USD/EUR	JPM	04/25/19	EUR	(5,997)		(6,739)		127
USD/EUR	BOA	04/29/19	EUR	(11,414)		(12,830)		225
USD/EUR	CIT	04/29/19	EUR	(12,058)		(13,555)		300
USD/EUR	GSC	04/29/19	EUR	(13,004)		(14,618)		320
USD/EUR	BCL	04/30/19	EUR	(13,039)		(14,658)		353
USD/EUR	BOA	04/30/19	EUR	(11,414)		(12,832)		302
USD/EUR	DUB	04/30/19	EUR	(4,393)		(4,938)		124
USD/EUR	HSB	04/30/19	EUR	(123)		(138)		3
USD/EUR	JPM	04/30/19	EUR	(786)		(884)		21
USD/EUR	SCB	04/30/19	EUR	(389)		(437)		10
USD/EUR	CIT	05/02/19	EUR	(3,036)		(3,414)		79
USD/EUR	CIT	05/03/19	EUR	(43,271)		(48,658)		934
USD/EUR	JPM	05/13/19	EUR	(7,867)		(8,854)		134
USD/EUR	JPM	05/15/19	EUR	(3,431)		(3,862)		39
USD/EUR	BOA	05/20/19	EUR	(6,778)		(7,634)		77
USD/EUR	GSC	05/20/19	EUR	(48)		(54)		1
USD/EUR	JPM	05/20/19	EUR	(54,614)		(61,506)		586
USD/EUR	GSC	05/21/19	EUR	(16)		(18)		—
USD/EUR	JPM	05/21/19	EUR	(35,759)		(40,276)		329
USD/EUR	UBS	05/21/19	EUR	(13,784)		(15,525)		161
USD/EUR	BCL	05/28/19	EUR	(6,519)		(7,347)		103
USD/EUR	GSC	05/28/19	EUR	(22,219)		(25,041)		388
USD/EUR	DUB	05/31/19	EUR	(4,394)		(4,954)		72
USD/EUR	BOA	06/04/19	EUR	(1,277)		(1,440)		25
USD/EUR	JPM	06/04/19	EUR	(6,100)		(6,879)		124
USD/EUR	JPM	06/05/19	EUR	(3,372)		(3,802)		64
USD/EUR	UBS	06/05/19	EUR	(1,041)		(1,174)		20
USD/EUR	BOA	06/07/19	EUR	(2,531)		(2,855)		34
USD/EUR	DUB	06/07/19	EUR	(33)		(37)		—
USD/EUR	DUB	06/14/19	EUR	(67,515)		(76,198)		1,173
USD/EUR	JPM	06/14/19	EUR	(3,372)		(3,805)		27
USD/EUR	BOA	06/18/19	EUR	(3,389)		(3,826)		34
USD/EUR	DUB	06/18/19	EUR	(26,998)		(30,480)		267
USD/EUR	GSC	09/23/19	EUR	(16)		(18)		—
USD/EUR	BCL	09/30/19	EUR	(6,519)		(7,424)		56
USD/EUR	SCB	09/30/19	EUR	(397)		(452)		1
USD/INR	HSB	04/04/19	INR	(478,431)		(6,904)		(220)
USD/INR	BNP	04/05/19	INR	(560,541)		(8,088)		(272)
USD/INR	HSB	04/11/19	INR	(393,365)		(5,670)		(146)
USD/INR	CIT	04/15/19	INR	(679,432)		(9,788)		(263)
USD/INR	HSB	04/15/19	INR	(678,831)		(9,779)		(254)
USD/INR	CIT	04/16/19	INR	(35,379)		(510)		(14)
USD/INR	HSB	05/20/19	INR	(449,487)		(6,444)		(191)
USD/INR	JPM	05/22/19	INR	(476,590)		(6,831)		(223)
USD/INR	JPM	05/28/19	INR	(720,414)		(10,319)		(323)
USD/INR	BNP	06/06/19	INR	(565,220)		(8,088)		(233)
USD/INR	HSB	06/06/19	INR	(476,333)		(6,816)		(203)
USD/INR	HSB	06/11/19	INR	(675,250)		(9,657)		(238)
USD/INR	JPM	06/11/19	INR	(454,841)		(6,505)		(90)
USD/INR	BNP	06/12/19	INR	(815,739)		(11,665)		(191)
USD/INR	HSB	06/14/19	INR	(338,825)		(4,844)		(65)
USD/INR	JPM	06/14/19	INR	(686,121)		(9,809)		(77)
USD/INR	HSB	06/17/19	INR	(675,916)		(9,660)		(103)
USD/INR	JPM	06/17/19	INR	(253,648)		(3,625)		(31)
USD/INR	CIT	06/18/19	INR	(545,404)		(7,794)		(100)
USD/INR	HSB	06/18/19	INR	(301,234)		(4,305)		(26)
USD/INR	CIT	06/19/19	INR	(580,081)		(8,289)		(16)
USD/INR	JPM	06/19/19	INR	(478,224)		(6,833)		(44)
USD/INR	CIT	06/20/19	INR	(565,437)		(8,079)		39
USD/INR	JPM	06/20/19	INR	(410,853)		(5,870)		26
USD/INR	HSB	07/05/19	INR	(478,431)		(6,825)		39
USD/INR	HSB	07/22/19	INR	(430,285)		(6,128)		(222)
USD/JPY	DUB	04/08/19	JPY	(65,069)		(587)		12
USD/JPY	JPM	04/08/19	JPY	(5,880,000)		(53,085)		1,144
USD/JPY	JPM	04/09/19	JPY	(1,166,800)		(10,535)		311
USD/JPY	GSC	04/10/19	JPY	(234,818)		(2,120)		57
USD/JPY	HSB	04/10/19	JPY	(1,623,100)		(14,656)		396
USD/JPY	CIT	04/11/19	JPY	(1,199,210)		(10,830)		(55)
USD/JPY	HSB	04/11/19	JPY	(1,288,702)		(11,638)		(63)
USD/JPY	JPM	04/11/19	JPY	(1,631,800)		(14,736)		378
USD/JPY	BCL	04/12/19	JPY	(926,850)		(8,371)		—
USD/JPY	DUB	04/12/19	JPY	(214,200)		(1,935)		(2)
USD/JPY	CIT	04/15/19	JPY	(614,829)		(5,554)		1
USD/JPY	DUB	04/15/19	JPY	(810,500)		(7,322)		(5)
USD/JPY	HSB	04/16/19	JPY	(646,940)		(5,845)		161
USD/JPY	DUB	04/18/19	JPY	(809,330)		(7,313)		(45)
USD/JPY	GSC	04/18/19	JPY	(2,352,253)		(21,256)		(133)
USD/JPY	GSC	04/18/19	JPY	(2,351,829)		(21,252)		32
USD/JPY	HSB	04/18/19	JPY	(700,015)		(6,326)		(48)
USD/JPY	CIT	04/22/19	JPY	(601,130)		(5,434)		(29)
USD/JPY	HSB	04/22/19	JPY	(66,028)		(597)		1
USD/JPY	JPM	04/22/19	JPY	(372,560)		(3,368)		(4)
USD/JPY	JPM	04/23/19	JPY	(2,612,338)		(23,616)		(13)
USD/JPY	GSC	04/25/19	JPY	(3,676,462)		(33,243)		62
USD/JPY	JPM	04/25/19	JPY	(718,000)		(6,492)		89
USD/JPY	BCL	04/26/19	JPY	(414,600)		(3,749)		9
USD/JPY	CIT	04/26/19	JPY	(816,260)		(7,381)		67
USD/JPY	DUB	04/26/19	JPY	(1,282,307)		(11,595)		88
USD/JPY	HSB	04/26/19	JPY	(3,680,691)		(33,284)		283
USD/JPY	CIT	05/07/19	JPY	(725,210)		(6,564)		(26)
USD/JPY	CIT	05/14/19	JPY	(396,659)		(3,592)		27
USD/JPY	CIT	05/15/19	JPY	(389,130)		(3,524)		12
USD/JPY	BCL	05/20/19	JPY	(646,022)		(5,852)		(87)
USD/JPY	GSC	05/20/19	JPY	(2,351,829)		(21,305)		93
USD/JPY	HSB	05/20/19	JPY	(700,015)		(6,341)		30
USD/JPY	JPM	05/20/19	JPY	(405,220)		(3,671)		15
USD/JPY	BOA	05/21/19	JPY	(65,975)		(598)		(4)
USD/JPY	BOA	05/21/19	JPY	(260,882)		(2,363)		15
USD/JPY	CIT	05/21/19	JPY	(32,949)		(298)		1
USD/JPY	BCL	05/28/19	JPY	(2,215,438)		(20,080)		(11)
USD/JPY	BCL	05/28/19	JPY	(135,130)		(1,225)		5
USD/JPY	CIT	05/28/19	JPY	(465,783)		(4,222)		19
USD/JPY	DUB	05/28/19	JPY	(410,300)		(3,719)		14
USD/JPY	BCL	06/13/19	JPY	(1,983,808)		(18,003)		(28)
USD/JPY	BOA	06/18/19	JPY	(260,882)		(2,368)		(15)
USD/JPY	CIT	06/18/19	JPY	(32,948)		(299)		(2)
USD/KRW	CIT	05/21/19	KRW	(1,012,500)		(893)		8
USD/KRW	CIT	05/28/19	KRW	(2,280,110)		(2,012)		16
USD/KRW	DUB	05/29/19	KRW	(45,176,000)		(39,869)		400
USD/KRW	GSC	06/07/19	KRW	(23,982,000)		(21,171)		493
USD/KRW	CIT	08/26/19	KRW	(965,570)		(855)		7
USD/KRW	CIT	09/20/19	KRW	(5,848,500)		(5,182)		15
						(1,574,095)		16,525

109

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
JNL/Franklin Templeton Income Fund
EQUITY LINKED STRUCTURED NOTES 7.6%
Communication Services 1.6%
	JPMorgan Chase & Co.
		(Amazon.com Inc.) (a)	5		8,741
	Royal Bank of Canada
		(Comcast Corp.) (a)	530		20,292
		(Alphabet Inc.) (a)	7		8,357
				37,390
Consumer Discretionary 0.4%
	Wells Fargo & Co.
		(Ford Motor Co.) (a)	1,000		8,892
Information Technology 4.8%
	Citigroup Global Markets Holdings Inc.
		(Texas Instruments Inc.) (a)	210		22,534
	Credit Suisse AG
		(Analog Devices Inc.)	120		12,650
	Royal Bank of Canada
		(Apple Inc.) (a)	130		24,594
	UBS AG
		(Microsoft Corp.) (a)	230		26,285
	Wells Fargo & Co.
		(Intel Corp.) (a)	450		24,319
				110,382
Materials 0.8%
	UBS AG
		(DowDuPont Inc.) (a)	350		19,094
	Total Equity Linked Structured Notes (cost $181,615)			175,758
COMMON STOCKS 38.1%
Communication Services 1.8%
	BCE Inc.		180		7,999
	Verizon Communications Inc.		555		32,817
				40,816
Consumer Discretionary 3.4%
	Daimler AG		185		10,864
	Ford Motor Co.		1,327		11,653
	General Motors Co.		600		22,260
	Target Corp.		420		33,702
				78,479
Consumer Staples 3.3%
	Anheuser-Busch InBev NV - ADR		130		10,916
	Coca-Cola Co.		105		4,939
	PepsiCo Inc.		187		22,905
	Philip Morris International Inc.		174		15,380
	Procter & Gamble Co.		215		22,371
				76,511
Energy 5.3%
	Baker Hughes a GE Co. LLC - Class A		341		9,453
	BP Plc - ADR		150		6,558
	Chevron Corp.		170		20,941
	Exxon Mobil Corp.		200		16,160
	Halliburton Co.		350		10,245
	Occidental Petroleum Corp.		123		8,143
	Royal Dutch Shell Plc - Class A - ADR		425		26,601
	Schlumberger Ltd.		95		4,139
	TransCanada Corp.		150		6,741
	Williams Cos. Inc.		500		14,360
				123,341
Financials 5.9%
	AXA SA		500		12,601
	Bank of America Corp.		700		19,313
	Barclays Plc		4,500		9,060
	JPMorgan Chase & Co.		250		25,307
	MetLife Inc.		398		16,934
	Morgan Stanley		110		4,642
	Wells Fargo & Co.		1,000		48,320
				136,177
Health Care 5.5%
	AstraZeneca Plc		355		28,245
	Bristol-Myers Squibb Co.		90		4,294
			Shares/Par¹		Value ($)
	Johnson & Johnson		100		13,979
	Medtronic Plc		100		9,108
	Merck & Co. Inc.		548		45,602
	Pfizer Inc.		623		26,463
				127,691
Industrials 1.1%
	3M Co.		50		10,389
	Ceva Logistics AG (b) (c)		37		1,103
	Cummins Inc.		80		12,630
				24,122
Information Technology 1.8%
	Apple Inc.		23		4,393
	Applied Materials Inc.		120		4,759
	International Business Machines Corp.		40		5,644
	Lam Research Corp.		40		7,160
	Microchip Technology Inc. (c)		65		5,392
	Microsoft Corp.		118		13,941
				41,289
Materials 2.9%
	BASF SE		325		23,954
	DowDuPont Inc.		203		10,795
	Newmont Mining Corp.		109		3,899
	Rio Tinto Plc - ADR		500		29,425
				68,073
Real Estate 0.5%
	Host Hotels & Resorts Inc.		600		11,340
Utilities 6.6%
	Dominion Energy Inc.		509		38,990
	Duke Energy Corp.		246		22,176
	Sempra Energy		300		37,758
	Southern Co.		867		44,786
	Xcel Energy Inc.		170		9,556
				153,266
	Total Common Stocks (cost $803,182)			881,105
PREFERRED STOCKS 0.3%
Financials 0.3%
	Federal National Mortgage Association, 0.00%, (callable at 105,000 beginning 05/14/19) (b) (d) (e) (f)		—		1,475
	JPMorgan Chase & Co., 6.00%, (callable at 25 beginning 03/01/24) (b) (e)		200		5,294
	Total Preferred Stocks (cost $9,100)			6,769
CORPORATE BONDS AND NOTES 37.8%
Communication Services 5.5%
	AMC Entertainment Holdings Inc.
		5.88%, 11/15/26	2,500		2,256
	AT&T Inc.
		4.13%, 02/17/26	5,000		5,113
	CCO Holdings LLC
		5.13%, 02/15/23	5,000		5,088
		5.50%, 05/01/26 (a)	1,800		1,859
		5.13%, 05/01/27 (a)	3,300		3,318
		5.00%, 02/01/28 (a)	1,250		1,235
	DISH DBS Corp.
		5.00%, 03/15/23	11,000		9,913
		5.88%, 07/15/22 - 11/15/24	14,300		13,234
	Netflix Inc.
		4.38%, 11/15/26 (c)	5,000		4,903
		4.88%, 04/15/28	9,000		8,914
	Sirius XM Radio Inc.
		6.00%, 07/15/24 (a)	1,400		1,451
	Sprint Capital Corp.
		6.90%, 05/01/19	5,000		5,013
	Sprint Corp.
		11.50%, 11/15/21	7,500		8,680
		7.88%, 09/15/23	9,400		9,870
		7.13%, 06/15/24	5,500		5,575
		7.63%, 03/01/26	9,200		9,337
	Sprint Nextel Corp.
		7.00%, 08/15/20	5,000		5,189
		6.00%, 11/15/22	4,200		4,239

110

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Sprint Spectrum Co. LLC
		5.15%, 03/20/28 (a)	6,500		6,621
	Univision Communications Inc.
		5.13%, 05/15/23 (a)	15,000		14,250
	Zayo Group LLC
		6.00%, 04/01/23	2,200		2,228
				128,286
Consumer Discretionary 1.9%
	24 Hour Holdings III LLC
		8.00%, 06/01/22 (a)	6,100		6,100
	Ford Motor Co.
		4.35%, 12/08/26 (c)	7,500		6,949
	General Motors Co.
		5.15%, 04/01/38	7,000		6,420
	Golden Nugget Inc.
		6.75%, 10/15/24 (a)	1,000		1,004
	Shea Homes LP
		5.88%, 04/01/23 (a)	6,000		5,904
		6.13%, 04/01/25 (a)	6,000		5,670
	Wynn Las Vegas LLC
		5.50%, 03/01/25 (a)	9,500		9,389
		5.25%, 05/15/27 (a)	2,000		1,889
				43,325
Consumer Staples 1.0%
	BAT Capital Corp.
		3.22%, 08/15/24	2,500		2,446
		3.56%, 08/15/27	10,000		9,475
	Kraft Heinz Foods Co.
		4.63%, 01/30/29	5,000		5,146
	Post Holdings Inc.
		5.00%, 08/15/26 (a)	4,500		4,388
		5.63%, 01/15/28 (a)	1,500		1,488
				22,943
Energy 6.5%
	Ascent Resources Utica Holdings LLC
		10.00%, 04/01/22 (a)	3,246		3,558
	Bill Barrett Corp.
		7.00%, 10/15/22	8,000		7,610
		8.75%, 06/15/25	7,500		7,154
	Calumet Specialty Products Partners LP
		6.50%, 04/15/21 (c)	12,000		11,762
		7.63%, 01/15/22 (c)	3,000		2,786
	Chesapeake Energy Corp.
		6.04%, (3M USD LIBOR + 3.25%), 04/15/19 (g)	1,700		1,698
		6.13%, 02/15/21	15,000		15,455
		4.88%, 04/15/22 (c)	5,500		5,422
		7.00%, 10/01/24 (c)	7,000		6,980
		5.50%, 09/15/26 (f)	2,500		2,311
		7.50%, 10/01/26	7,000		6,923
		8.00%, 01/15/25 - 06/15/27 (c)	30,200		30,385
	Kinder Morgan Inc.
		5.63%, 11/15/23 (a)	3,000		3,282
		7.75%, 01/15/32	1,000		1,300
	Talos Production LLC
		11.00%, 04/03/22	571		601
	Weatherford International Ltd.
		5.13%, 09/15/20	6,400		5,639
		5.88%, 07/01/21 (f)	23,000		18,516
		4.50%, 04/15/22 (c)	11,000		7,734
		8.25%, 06/15/23 (c)	9,900		7,006
		9.88%, 02/15/24 (c)	7,500		5,407
				151,529
Financials 7.1%
	Bank of America Corp.
		5.20%, (callable at 100 beginning 06/01/23) (e)	2,100		2,106
		6.10%, (callable at 100 beginning 03/17/25) (e)	4,000		4,233
		6.25%, (callable at 100 beginning 09/05/24) (e)	2,500		2,651
		3.42%, 12/20/28	7,500		7,345
	Bayer Capital Corp. BV
		5.63%, 11/22/19, EUR (a) (f)	15,000		12,011
	Bayer US Finance II LLC
		4.25%, 12/15/25 (a)	7,000		7,074
			Shares/Par¹		Value ($)
	Capital One Financial Corp.
		4.20%, 10/29/25	7,500		7,629
	Cemex Finance LLC
		6.00%, 04/01/24 (a)	3,000		3,087
	Citigroup Inc.
		5.90%, (callable at 100 beginning 02/15/23) (e)	6,500		6,622
		5.95%, (callable at 100 beginning 01/30/23) (e)	15,000		15,232
		6.30%, (callable at 100 beginning 05/15/24) (e)	10,000		10,156
		4.13%, 07/25/28	7,500		7,541
	Dell EMC
		5.45%, 06/15/23 (a)	7,000		7,449
	Goldman Sachs Group Inc.
		3.27%, 09/29/25	6,500		6,419
	HSBC Holdings Plc
		4.29%, 09/12/26 (f)	12,000		12,357
	JPMorgan Chase & Co.
		5.00%, (callable at 100 beginning 07/01/19) (e)	12,000		11,934
		5.15%, (callable at 100 beginning 05/01/23) (e)	2,000		2,010
		6.10%, (callable at 100 beginning 10/01/24) (e)	10,000		10,500
		6.22%, (callable at 100 beginning 07/30/19) (e)	4,157		4,178
	Morgan Stanley
		5.55%, (callable at 100 beginning 07/15/20) (c) (e)	2,500		2,537
	Prudential Financial Inc.
		5.70%, 09/15/48	9,717		9,708
	Syngenta Finance NV
		4.44%, 04/24/23 (a)	7,000		7,143
	Wells Fargo & Co.
		5.90%, (callable at 100 beginning 06/15/24) (e)	3,900		4,007
				163,929
Health Care 11.7%
	Actavis Funding SCS
		3.80%, 03/15/25	7,500		7,601
	Community Health Systems Inc.
		6.25%, 03/31/23	48,000		44,964
		8.00%, 03/15/26 (a) (c)	35,000		33,446
	CVS Health Corp.
		4.10%, 03/25/25	2,100		2,154
		4.30%, 03/25/28	3,500		3,550
		5.05%, 03/25/48	1,600		1,614
	DaVita HealthCare Partners Inc.
		5.13%, 07/15/24	6,500		6,427
		5.00%, 05/01/25	2,000		1,918
	Endo Finance LLC
		6.00%, 07/15/23 (a)	7,000		5,371
	Halfmoon Parent Inc.
		3.75%, 07/15/23 (a)	10,000		10,254
	HCA Inc.
		7.50%, 02/15/22	4,100		4,526
		5.88%, 05/01/23	7,500		8,005
	Horizon Pharma Inc.
		6.63%, 05/01/23	3,240		3,344
	Mallinckrodt International Finance SA
		4.88%, 04/15/20 (a)	4,500		4,479
		5.75%, 08/01/22 (a) (c)	16,000		15,170
		5.63%, 10/15/23 (a)	4,100		3,420
	Mylan NV
		3.95%, 06/15/26	5,800		5,555
	Par Pharmaceutical Inc.
		7.50%, 04/01/27 (a)	6,000		6,082
	Tenet Healthcare Corp.
		4.38%, 10/01/21	9,500		9,679
		8.13%, 04/01/22	19,000		20,459
		6.75%, 06/15/23 (c)	20,000		20,599
		5.13%, 05/01/25	1,200		1,205
		6.25%, 02/01/27 (a)	15,000		15,593
	Valeant Pharmaceuticals International Inc.
		6.50%, 03/15/22 (a)	2,200		2,277
		5.50%, 03/01/23 - 11/01/25 (a)	10,000		10,113
		5.88%, 05/15/23 (a)	13,000		13,160
		7.00%, 03/15/24 (a)	3,400		3,596
		6.13%, 04/15/25 (a)	4,700		4,656
		9.00%, 12/15/25 (a)	2,500		2,719
				271,936

111

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
Industrials 1.1%
	TransDigm Inc.
		6.25%, 03/15/26 (a)	8,000		8,297
	United Rentals North America Inc.
		5.75%, 11/15/24	3,500		3,595
		4.88%, 01/15/28	6,000		5,841
	United Technologies Corp.
		3.95%, 08/16/25	7,000		7,273
				25,006
Information Technology 0.3%
	CommScope Inc.
		5.50%, 06/15/24 (a)	5,000		4,890
	West Corp.
		8.50%, 10/15/25 (a)	1,400		1,204
				6,094
Materials 1.4%
	BWAY Holding Co.
		5.50%, 04/15/24 (a)	5,000		4,968
		7.25%, 04/15/25 (a) (c)	11,000		10,618
	DowDuPont Inc.
		4.49%, 11/15/25	12,000		12,797
	FMG Resources August 2006 Pty Ltd.
		5.13%, 05/15/24 (a) (c)	4,400		4,384
				32,767
Real Estate 0.5%
	Equinix Inc.
		5.38%, 05/15/27	3,500		3,665
	Iron Mountain Inc.
		5.75%, 08/15/24	7,500		7,575
				11,240
Utilities 0.8%
	Calpine Corp.
		5.38%, 01/15/23	15,000		15,028
		5.75%, 01/15/25	3,000		2,980
				18,008
	Total Corporate Bonds And Notes (cost $870,814)			875,063
SENIOR LOAN INTERESTS 3.1%
Communication Services 0.4%
	Securus Technologies Holdings Inc.
		1st Lien Term Loan, 7.00%, (3M LIBOR + 4.50%), 06/20/24 (g)	1,287		1,277
		Delayed Draw Term Loan, 0.00%, (3M LIBOR + 4.50%), 11/01/24 (g) (h)	5,200		5,103
		Term Loan, 10.75%, (3M LIBOR + 8.25%), 06/30/25 (g)	2,200		2,152
				8,532
Consumer Discretionary 1.2%
	24 Hour Fitness Worldwide Inc.
		Term Loan B, 6.00%, (3M LIBOR + 3.50%), 05/30/25 (g)	5,955		5,940
	Belk Inc.
		Term Loan, 7.45%, (3M LIBOR + 4.75%), 11/18/22 (g)	9,667		7,772
	PetSmart Inc.
		Term Loan B-2, 5.49%, (3M LIBOR + 3.00%), 03/11/22 (g)	4,442		3,978
	Stars Group Holdings BV
		Incremental Term Loan, 6.10%, (3M LIBOR + 3.50%), 06/29/25 (g)	9,645		9,619
				27,309
Energy 0.1%
	Talen Energy Supply LLC
		Term Loan B-1, 6.50%, (3M LIBOR + 4.00%), 07/15/23 (g)	2,940		2,909
Health Care 0.4%
	Amneal Pharmaceuticals LLC
		Term Loan B, 6.00%, (3M LIBOR + 3.50%), 03/26/25 (g)	10,419		10,380
Industrials 0.4%
	Cortes NP Acquisition Corp.
		Term Loan B, 6.63%, (3M LIBOR + 4.00%), 11/30/23 (g)	3,385		3,173
			Shares/Par¹		Value ($)
	West Corp.
		Term Loan, 6.63%, (3M LIBOR + 4.00%), 10/03/24 (g)	6,531		6,115
				9,288
Information Technology 0.6%
	Almonde Inc.
		1st Lien Term Loan, 6.10%, (3M LIBOR + 3.50%), 04/26/24 (g)	6,084		5,860
	MH Sub I LLC
		1st Lien Term Loan, 6.24%, (3M LIBOR + 3.75%), 08/09/24 (g)	7,200		7,092
				12,952
	Total Senior Loan Interests (cost $73,267)			71,370
GOVERNMENT AND AGENCY OBLIGATIONS 8.7%
U.S. Treasury Securities 8.7%
	U.S. Treasury Bond
		3.00%, 02/15/49	10,000		10,383
	U.S. Treasury Note
		1.00%, 06/30/19	20,000		19,928
		2.25%, 03/31/20	30,000		29,953
		2.50%, 05/31/20 - 06/30/20	40,000		40,053
		2.38%, 03/15/21	40,000		40,075
		2.75%, 04/30/23 - 05/31/23	40,000		40,822
		2.88%, 05/31/25	20,000		20,663
	Total Government And Agency Obligations (cost $199,942)			201,877
OTHER EQUITY INTERESTS 0.0%
	General Motors Co. Escrow (b) (i) (j) (k) (l)		100		1
	Total Other Equity Interests (cost $0)			1
SHORT TERM INVESTMENTS 8.3%
Investment Companies 3.4%
	JNL Government Money Market Fund - Institutional Class, 2.33% (m) (n)		79,738		79,738
Securities Lending Collateral 4.9%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.43% (m) (n)		112,699		112,699
	Total Short Term Investments (cost $192,437)			192,437
Total Investments 103.9% (cost $2,330,357)					2,404,380
Other Assets and Liabilities, Net (3.9)%					(89,359)
Total Net Assets 100.0%					2,315,021

(a) The Sub-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 JNL Series Trust's Board of Trustees. As of March 31, 2019, the value and the percentage of net assets of these liquid securities was $435,975 and 18.8%, respectively.

(b) Non-income producing security.

(d) 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.

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

(f) Convertible security.

(g) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of March 31, 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 reflects 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) This senior loan will settle after March 31, 2019. The reference rate and spread presented will go into effect upon settlement.

112

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019

Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Schedules of Investments.

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

(k) The Sub-Adviser has deemed this security to be illiquid based on procedures approved by the JNL Series Trust's Board of Trustees.

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

(m) Investment in affiliate.

(n) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2019.

Restricted Securities

Initial Acquisition

Cost ($)

Value ($)

Percent of

Net Assets (%)

General Motors Co. Escrow

04/25/11

—

113

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
JNL/Franklin Templeton International Small Cap Fund
COMMON STOCKS 91.4%
Belgium 1.9%
	Barco NV	23		3,592
	Ontex Group NV (a)	345		7,766
			11,358
Bermuda 6.8%
	Arch Capital Group Ltd. (b)	418		13,523
	Axis Capital Holdings Ltd.	32		1,759
	Liberty Latin America Ltd. - Class A (b)	620		11,983
	Liberty Latin America Ltd. - Class C (b)	251		4,888
	RenaissanceRe Holdings Ltd.	67		9,629
			41,782
Brazil 1.1%
	Camil Alimentos SA	1,642		2,851
	Grendene SA	771		1,660
	M Dias Branco SA	201		2,207
			6,718
Canada 8.0%
	Badger Daylighting Ltd. (a)	84		2,540
	Canaccord Genuity Group Inc.	536		2,343
	Canada Goose Holdings Inc. (a) (b)	28		1,365
	Canadian Western Bank	132		2,766
	Fairfax Financial Holdings Ltd.	31		14,510
	Fairfax India Holdings Corp. (b)	1,287		18,017
	Gran Tierra Energy Inc. (b)	540		1,229
	Mullen Group Ltd	191		1,717
	North West Co. Inc.	72		1,551
	Russel Metals Inc.	59		1,031
	ShawCor Ltd.	126		1,888
			48,957
China 3.6%
	58.Com Inc. - Class A - ADR (b)	251		16,512
	China ZhengTong Auto Services Holdings Ltd. (a)	2,199		1,229
	Hollysys Automation Technologies Ltd.	139		2,902
	Shanghai Haohai Biological Technology Co. Ltd. - Class H	245		1,550
			22,193
Denmark 5.2%
	ISS A/S (a)	470		14,333
	Matas A/S	120		1,186
	Nilfisk Holding A/S (a) (b)	89		3,506
	Scandinavian Tobacco Group A/S (a)	1,060		13,243
			32,268
Finland 1.5%
	Huhtamaki Oyj - Class I	113		4,214
	Outotec Oyj (b)	172		756
	Uponor Oyj	382		4,376
			9,346
France 4.2%
	Beneteau SA	55		644
	Elior (a)	1,098		14,725
	Elis SA (a)	509		8,187
	Maisons Du Monde SA	56		1,091
	Nexans SA	42		1,257
			25,904
Germany 2.5%
	Gerresheimer AG	50		3,779
	Jenoptik AG	88		3,272
	Rational AG	6		3,590
	Stabilus SA	38		1,839
	Zooplus AG (b)	23		2,681
			15,161
Greece 0.6%
	Diana Shipping Inc. (b)	1,398		3,942
Hong Kong 6.0%
	Goodbaby International Holdings Ltd.	6,480		1,886
	Greatview Aseptic Packaging Co. Ltd.	2,611		1,594
	Hang Lung Group Ltd.	5,365		17,262
	Johnson Electric Holdings Ltd.	336		783
		Shares/Par¹		Value ($)
	PAX Global Technology Ltd. (a)	3,672		1,713
	Techtronic Industries Co.	713		4,813
	Value Partners Group Ltd.	3,287		2,562
	VTech Holdings Ltd.	269		2,754
	Xtep International Holdings Ltd.	5,212		3,733
			37,100
India 0.5%
	DCB Bank Ltd.	580		1,717
	Welspun India Ltd.	1,196		1,031
			2,748
Indonesia 0.2%
	XL Axiata Tbk PT (b)	7,221		1,374
Ireland 3.7%
	Grafton Group Plc	724		7,628
	Green REIT Plc	2,333		3,931
	Total Produce Plc	5,874		11,215
			22,774
Italy 1.5%
	Interpump Group SpA	120		3,922
	Technogym SpA	365		4,504
	Tod's SpA (a)	20		950
			9,376
Japan 9.5%
	Anicom Holdings Inc. (a)	95		2,571
	Asahi Co. Ltd. (a)	77		1,069
	Asics Corp.	242		3,238
	Bandai Namco Holdings Inc.	172		8,064
	BML Inc.	152		4,405
	Bunka Shutter Co. Ltd.	258		1,867
	Daibiru Corp.	216		2,047
	Descente Ltd. (a)	41		1,081
	Dowa Holdings Co. Ltd. (a)	77		2,531
	Fuji Oil Holdings Inc.	129		4,418
	Gulliver International Co. Ltd. (a)	443		1,287
	Idec Corp.	128		2,196
	Kobayashi Pharmaceutical Co. Ltd.	33		2,813
	Meitec Corp.	78		3,563
	Morita Holdings Corp.	111		1,827
	N Field Co. Ltd. (a)	151		1,027
	Nichiha Corp.	17		473
	Nihon Parkerizing Co. Ltd.	143		1,788
	Square Enix Holdings Co. Ltd. (a)	48		1,688
	Tadano Ltd.	186		1,764
	TechnoPro Holdings Inc.	49		2,908
	Tsumura & Co.	143		4,362
	Zojirushi Corp. (a)	155		1,612
			58,599
Luxembourg 0.5%
	Grand City Properties SA	126		3,033
Netherlands 1.9%
	Aalberts Industries NV	31		1,069
	Accell Group (a)	63		1,748
	Arcadis NV (a)	157		2,440
	Intertrust NV	199		3,740
	PostNL NV (a)	1,120		2,870
			11,867
Norway 0.1%
	XXL ASA (a)	226		750
Poland 0.3%
	CCC SA	36		2,012
Singapore 1.1%
	Haw Par Corp. Ltd.	203		2,002
	Straits Trading Co. Ltd.	2,687		4,525
			6,527
South Korea 0.7%
	BNK Financial Group Inc.	282		1,658
	DGB Financial Group Inc.	404		2,911
			4,569
Spain 4.3%
	Construcciones y Auxiliar de Ferrocarriles SA	72		3,465
	Lar Espana Real Estate Socimi SA	1,098		9,187

114

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
	Zardoya Otis SA (a)	1,667		13,811
			26,463
Sweden 4.8%
	Cloetta Fazer AB - Class B	4,189		10,840
	Dometic Group AB	267		2,106
	Duni AB	82		884
	Dustin Group AB (a)	847		7,956
	Granges AB	222		2,293
	Tethys Oil AB	114		929
	Thule Group AB (a) (c)	207		4,681
			29,689
Switzerland 1.6%
	Bucher Industries AG	12		3,919
	Logitech International SA (a)	52		2,057
	Luxoft Holding Inc. - Class A (b)	41		2,389
	Tecan Group AG	5		1,199
			9,564
Taiwan 2.7%
	Chicony Electronics Co. Ltd.	1,094		2,547
	Giant Manufacturing Co. Ltd.	571		4,080
	King Yuan Electronics Co. Ltd.	4,439		3,798
	Merida Industry Co. Ltd.	409		2,287
	Tripod Technology Corp.	1,194		3,869
			16,581
United Arab Emirates 1.4%
	Borr Drilling Ltd. (a) (b)	2,847		8,838
United Kingdom 14.4%
	Bellway Plc	25		991
	Biffa Plc	4,257		12,342
	Bovis Homes Group Plc	66		914
	Card Factory Plc	532		1,247
	Clarkson Plc	449		13,906
	De La Rue Plc	219		1,102
	Greggs Plc	151		3,627
	Headlam Group Plc	2,026		11,738
	John Wood Group Plc	2,054		13,573
	Man Group Plc	2,005		3,539
	Oxford Instruments Plc	151		1,929
	PageGroup Plc	1,128		6,909
	RPC Group Plc	1,074		11,053


		Shares/Par¹		Value ($)
	SIG Plc	1,223		2,261
	Sthree Plc	1,048		3,681
			88,812
United States of America 0.8%
	OneSpaWorld Holdings Ltd. (b)	345		4,709
	Total Common Stocks (cost $561,964)		563,014
PREFERRED STOCKS 0.3%
Brazil 0.3%
	Alpargatas SA	412		1,597
	Total Preferred Stocks (cost $921)		1,597
WARRANTS 0.0%
United States of America 0.0%
	OneSpaWorld Holdings Ltd. (b) (c) (d) (e)	60		208
	Total Warrants (cost $0)		208
SHORT TERM INVESTMENTS 9.8%
Investment Companies 7.0%
	JNL Government Money Market Fund - Institutional Class, 2.33% (f) (g)	42,825		42,825
Securities Lending Collateral 2.8%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.43% (f) (g)	17,521		17,521
	Total Short Term Investments (cost $60,346)		60,346
Total Investments 101.5% (cost $623,231)				625,165
Other Assets and Liabilities, Net (1.5)%				(9,336)
Total Net Assets 100.0%				615,829

(a) All or a portion of the security was on loan.

(b) Non-income producing security.

(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 2 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.

(e) The Sub-Adviser has deemed this security to be illiquid based on procedures approved by the JNL Series Trust's Board of Trustees.

(f) Investment in affiliate.

(g) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2019.


Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	OneSpaWorld Holdings Ltd.	03/15/19	—	208	—
	Thule Group AB	08/27/15	2,924	4,681	0.8
			2,924	4,889	0.8

115

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
JNL/Franklin Templeton Mutual Shares Fund
COMMON STOCKS 87.4%
Communication Services 10.8%
	AT&T Inc.		285		8,953
	Charter Communications Inc. - Class A (a)		69		24,052
	Comcast Corp. - Class A		404		16,148
	Cumulus Media Inc. - Class A (a)		17		308
	Cumulus Media Inc. - Class B (a)		25		433
	Discovery Inc. - Class C (a)		383		9,746
	DISH Network Corp. - Class A (a)		236		7,468
	Koninklijke KPN NV		2,197		6,967
	T-Mobile US Inc. (a)		194		13,378
	Walt Disney Co.		218		24,193
				111,646
Consumer Discretionary 5.3%
	General Motors Co.		355		13,178
	Goodyear Tire & Rubber Co.		199		3,608
	Lennar Corp. - Class A		184		9,052
	Newell Brands Inc.		793		12,163
	PVH Corp.		65		7,915
	Toll Brothers Inc.		155		5,625
	TRU Kids Inc. (a) (b) (c) (d)		1		2,699
				54,240
Consumer Staples 6.6%
	Altria Group Inc.		189		10,870
	British American Tobacco Plc - ADR		101		4,208
	British American Tobacco Plc		368		15,303
	Energizer Holdings Inc.		142		6,389
	Imperial Brands Plc		124		4,253
	Kroger Co.		585		14,402
	Walgreens Boots Alliance Inc.		198		12,534
				67,959
Energy 10.5%
	Anadarko Petroleum Corp.		249		11,333
	Baker Hughes a GE Co. LLC - Class A		471		13,048
	BP Plc		1,040		7,564
	Kinder Morgan Inc.		910		18,212
	Marathon Oil Corp.		887		14,825
	McDermott International Inc. (a)		209		1,554
	Plains GP Holdings LP - Class A (a)		312		7,778
	Royal Dutch Shell Plc - Class A		367		11,520
	Royal Dutch Shell Plc - Class A		262		8,215
	Williams Cos. Inc.		503		14,457
				108,506
Financials 21.9%
	Alleghany Corp. (a)		30		18,278
	Ally Financial Inc.		227		6,232
	American International Group Inc.		447		19,262
	Barclays Plc		2,860		5,758
	Brighthouse Financial Inc. (a)		185		6,717
	Cadence Bancorp LLC - Class A		152		2,823
	Capital One Financial Corp.		159		12,969
	Chubb Ltd.		114		15,969
	CIT Group Inc.		219		10,516
	Citigroup Inc.		287		17,830
	Citizens Financial Group Inc.		534		17,361
	Hartford Financial Services Group Inc.		301		14,961
	Independent Bank Group Inc.		42		2,168
	JPMorgan Chase & Co.		232		23,464
	MetLife Inc.		285		12,142
	Synovus Financial Corp.		127		4,380
	Voya Financial Inc.		279		13,914
	Wayne Services Legacy Inc. (a) (b) (c) (d)		1		197
	Wells Fargo & Co.		416		20,122
				225,063
Health Care 12.4%
	Celgene Corp. (a)		66		6,195
	CVS Health Corp.		239		12,888
	Eli Lilly & Co.		122		15,796
	GlaxoSmithKline Plc		247		5,119
	Medtronic Plc		414		37,732
	Merck & Co. Inc.		258		21,471
			Shares/Par¹		Value ($)
	Novartis AG - ADR		291		27,995
				127,196
Industrials 6.5%
	BAE Systems Plc		1,441		9,057
	CNH Industrial NV		694		7,067
	Fluor Corp.		187		6,866
	General Electric Co.		1,098		10,965
	Huntington Ingalls Industries Inc.		12		2,421
	Johnson Controls International Plc		374		13,804
	Sensata Technologies Holding Plc (a)		350		15,756
	Wabtec Corp.		6		435
				66,371
Information Technology 9.8%
	Cisco Systems Inc.		371		20,022
	Cognizant Technology Solutions Corp. - Class A		240		17,416
	Hewlett Packard Enterprise Co.		611		9,423
	Red Hat Inc. (a)		57		10,469
	Samsung Electronics Co. Ltd.		424		16,682
	Symantec Corp.		745		17,129
	Western Digital Corp.		211		10,136
				101,277
Materials 1.7%
	International Paper Co.		293		13,561
	Warrior Met Coal Inc.		26		799
	WestRock Co.		91		3,486
				17,846
Real Estate 1.3%
	Alexander's Inc.		8		3,009
	Vornado Realty Trust		158		10,647
				13,656
Utilities 0.6%
	Vistra Energy Corp.		238		6,198
	Total Common Stocks (cost $812,493)			899,958
WARRANTS 0.0%
	Avaya Holdings Corp. (a) (b)		39		63
	Total Warrants (cost $92)			63
CORPORATE BONDS AND NOTES 2.8%
Communication Services 1.4%
	Frontier Communications Corp.
		10.50%, 09/15/22	6,439		4,907
		11.00%, 09/15/25	7,214		4,752
	iHeartCommunications Inc.
		0.00%, 12/15/19 (a) (e)	7,449		5,294
				14,953
Energy 0.2%
	McDermott Escrow 1 Inc.
		10.63%, 05/01/24 (f)	2,878		2,394
Information Technology 1.2%
	Banff Merger Sub Inc.
		9.75%, 09/01/26 (f)	5,300		5,182
	Veritas US Inc.
		7.50%, 02/01/23 (f)	831		799
		10.50%, 02/01/24 (f)	6,822		6,093
				12,074
	Total Corporate Bonds And Notes (cost $34,461)			29,421
SENIOR LOAN INTERESTS 0.8%
Consumer Discretionary 0.3%
	Cumulus Media New Holdings Inc.
		Term Loan, 7.00%, (3M LIBOR + 4.50%), 05/15/22 (g)	3,173		3,115
Financials 0.5%
	Veritas Bermuda Ltd.
		Term Loan B, 6.99%, (3M LIBOR + 4.50%), 01/27/23 (g)	3,858		3,562
		Term Loan B, 7.30%, (3M LIBOR + 4.50%), 01/27/23 (g)	1,269		1,172
				4,734
	Total Senior Loan Interests (cost $7,943)			7,849
OTHER EQUITY INTERESTS 0.0%
	Avaya Inc. Escrow (a) (b) (c) (d) (h)		3,140		—

116

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Avaya Inc. Escrow (a) (b) (c) (d) (h)		546		—
	Avaya Inc. Escrow (a) (b) (c) (d) (h)		4,317		—
	Avaya Inc. Escrow (a) (b) (c) (d) (h)		1,008		—
	Avaya Inc. Escrow (a) (b) (c) (d) (h)		9,561		—
	Texas Competitive Electric Holdings Co. LLC Escrow (a) (h)		11,682		43
	Tribune Co. Escrow Litigation Interests (a) (b) (c) (d) (h)		49		—
	Total Other Equity Interests (cost $0)			43
SHORT TERM INVESTMENTS 8.5%
Investment Companies 7.9%
	JNL Government Money Market Fund - Institutional Class, 2.33% (i) (j)		81,671		81,671
Treasury Securities 0.6%
	U.S. Treasury Bill
		2.49%, 07/05/19 (k)	3,000		2,981
		2.41%, 08/15/19 (k)	3,000		2,973
				5,954
	Total Short Term Investments (cost $87,624)			87,625
Total Investments 99.5% (cost $942,613)					1,024,959
Other Derivative Instruments 0.1%					828
Other Assets and Liabilities, Net 0.4%					4,086
Total Net Assets 100.0%					1,029,873

(a) Non-income producing security.

(c) The Sub-Adviser has deemed this security to be illiquid based on procedures approved by the JNL Series Trust's Board of Trustees.

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

(e) 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 0.5% of the Fund’s net assets.

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

(i) Investment in affiliate.

(j) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2019.

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


Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Avaya Inc. Escrow	01/24/18	—	—	—
	Avaya Inc. Escrow	01/24/18	—	—	—
	Avaya Inc. Escrow	01/11/18	—	—	—
	Avaya Inc. Escrow	12/27/17	—	—	—
	Avaya Inc. Escrow	12/26/17	—	—	—
	Tribune Co. Escrow Litigation Interests	05/21/18	—	—	—
	TRU Kids Inc.	02/25/19	4,823	2,699	0.3
	Wayne Services Legacy Inc.	02/25/19	352	197	—
			5,175	2,896	0.3

Forward Foreign Currency Contracts


Purchased/ Sold	Counter-party	Expiration	Notional ¹		Value ($)		Unrealized Appreciation (Depreciation) ($)
EUR/USD	BOA	04/18/19	EUR	39		44		—
EUR/USD	HSB	04/18/19	EUR	27		30		—
KRW/USD	HSB	04/12/19	KRW	275,292		243		(1)
KRW/USD	HSB	04/12/19	KRW	275,292		243		—
USD/EUR	BOA	04/18/19	EUR	(14,943)		(16,781)		120
USD/EUR	HSB	04/18/19	EUR	(251)		(282)		4
USD/GBP	BOA	04/24/19	GBP	(21,923)		(28,548)		586
USD/KRW	HSB	04/12/19	KRW	(19,101,023)		(16,833)		119
						(61,884)		828

117

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹	Value ($)
JNL/Goldman Sachs Core Plus Bond Fund
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 15.9%
	Academic Loan Funding Trust
		Series 2012-A2-1A, 3.59%, (1M USD LIBOR + 1.10%), 12/27/44 (a) (b)	4,934	4,958
	ACE Securities Corp. Home Equity Loan Trust
		Series 2006-A2C-ASP4, REMIC, 2.65%, (1M USD LIBOR + 0.16%), 08/25/36 (a)	426	418
	ACIS CLO Ltd.
		Series 2014-A-4A, 4.16%, (3M USD LIBOR + 1.42%), 05/01/26 (a) (b)	4,066	4,067
	Adjustable Rate Mortgage Trust
		Series 2004-2A1-5, REMIC, 4.33%, 04/25/35 (a)	87	86
	Amortizing Residential Collateral Trust
		Series 2002-M2-BC6, REMIC, 4.29%, (1M USD LIBOR + 1.80%), 08/25/32 (a)	14	12
	AptarGroup Inc.
		Series 2018-A-FL1, 3.63%, (1M USD LIBOR + 1.15%), 02/15/24 (a) (b)	5,600	5,590
	Asset Backed Securities Corp. Home Equity Loan Trust
		Series 2003-M2-HE2, REMIC, 5.33%, (1M USD LIBOR + 2.85%), 04/15/33 (a)	—	—
	Banc of America Funding Trust
		Series 2006-A2-8T2, REMIC, 5.79%, 10/25/36	21	20
	Banc of America Mortgage Securities Inc.
		Series 2005-2A1-H, REMIC, 4.35%, 09/25/35 (a)	154	149
	Bancorp Commercial Mortgage Trust
		Series 2018-A-CRE4, 3.38%, 08/17/21 (b)	1,896	1,882
	Bank of America Student Loan Trust
		Series 2010-A-1A, 3.57%, (3M USD LIBOR + 0.80%), 02/25/43 (a) (b)	763	766
	Catamaran CLO Ltd.
		Series 2013-AR-1A, 3.61%, (3M USD LIBOR + 0.85%), 01/27/28 (a) (b)	5,250	5,209
	Citigroup Mortgage Loan Trust Inc.
		Series 2005-1A1A-10, REMIC, 4.60%, 12/25/35 (a)	452	377
	Countrywide Alternative Loan Trust
		Series 2005-A1-38, REMIC, 3.90%, (12M US Federal Reserve Cumulative Average CMT + 1.50%), 09/25/35 (a)	87	86
	Countrywide Asset-Backed Certificates
		Series 2004-M4-5, REMIC, 4.36%, (1M USD LIBOR + 1.88%), 06/25/34 (a)	56	54
	Credit Suisse European Mortgage Capital Ltd.
		Series 2015-A-1HWA, 2.75%, (3M EURIBOR + 2.75%), 05/22/20, EUR (a) (c) (d) (e)	2,075	2,328
	Crown Point CLO III Ltd.
		Series 2015-A1AR-3A, 3.70%, (3M USD LIBOR + 0.91%), 12/31/27 (a) (b)	7,850	7,818
	ECMC Group Student Loan Trust
		Series 2016-A-1A, 3.84%, (1M USD LIBOR + 1.35%), 02/25/29 (a) (b)	3,883	3,920
	Edsouth Indenture No. 1 LLC
		Series 2010-A1-1, 3.62%, (3M USD LIBOR + 0.85%), 07/25/23 (a) (b)	96	96
	EFS Volunteer No. 2 LLC
		Series 2012-A2-1, 3.84%, (1M USD LIBOR + 1.35%), 03/25/36 (a) (b)	5,500	5,606
	EFS Volunteer No. 3 LLC
		Series 2012-A3-1, 3.49%, (1M USD LIBOR + 1.00%), 04/25/33 (a) (b)	3,401	3,416
	Exantas Capital Corp. Ltd.
		Series 2018-A-RSO6, 3.31%, (1M USD LIBOR + 0.83%), 02/15/21 (a) (b)	3,950	3,935
	GMAC Mortgage Corp. Loan Trust
		Series 2007-1A1-HE3, REMIC, 7.00%, 09/25/37 (a)	17	17
		Series 2007-2A1-HE3, REMIC, 7.00%, 09/25/37	105	108
	GSAA Home Equity Trust
		Series 2007-2A2A-5, REMIC, 2.72%, (1M USD LIBOR + 0.23%), 05/25/37 (a)	2,337	1,607
	Halcyon Loan Advisors Funding Ltd.
		Series 2014-A1R-1A, 3.91%, (3M USD LIBOR + 1.13%), 04/18/26 (a) (b)	1,119	1,119
			Shares/Par¹	Value ($)
	Impac CMB Trust
		Series 2004-2A-10, REMIC, 3.13%, (1M USD LIBOR + 0.64%), 03/25/35 (a) (e)	44	41
	KREF Ltd.
		Series 2018-A-FL1, 3.58%, (1M USD LIBOR + 1.10%), 06/17/36 (a) (b)	3,725	3,719
	London Wall Mortgage Capital Plc
		Series 2017-A-FL1, 1.72%, (3M GBP LIBOR + 0.85%), 11/15/49, GBP (a)	2,654	3,445
	Luminent Mortgage Trust
		Series 2006-1A1-7, REMIC, 2.67%, (1M USD LIBOR + 0.18%), 12/25/36 (a)	1,257	1,197
	Madison Park Funding XXX Ltd.
		Series 2018-A-30A, 3.54%, (3M USD LIBOR + 0.75%), 04/16/29 (a) (b)	7,700	7,565
	MASTR Adjustable Rate Mortgages Trust
		Series 2004-5A1-12, REMIC, 4.48%, 10/25/34 (a)	83	83
		Series 2004-1A1-15, REMIC, 4.75%, 12/25/34 (a)	34	34
		Series 2006-4A1B-OA2, REMIC, 3.60%, (12M US Federal Reserve Cumulative Average CMT + 1.20%), 12/25/46 (a)	1,133	1,687
	MASTR Seasoned Securities Trust
		Series 2005-4A1-2, REMIC, 3.99%, 10/25/32 (a)	82	81
	Montana Higher Education Student Assistance Corp.
		Series 2012-A3-1, REMIC, 3.53%, (1M USD LIBOR + 1.05%), 04/20/29 (a)	3,100	3,110
	Morgan Stanley Mortgage Loan Trust
		Series 2004-2A1-6AR, REMIC, 4.62%, 08/25/34 (a)	31	31
		Series 2006-2A3-3AR, REMIC, 4.15%, 03/25/36 (a)	603	516
	Navient Student Loan Trust
		Series 2016-A-7A, 3.64%, (1M USD LIBOR + 1.15%), 12/25/28 (a) (b)	3,853	3,887
		Series 2016-A-5A, 3.74%, (1M USD LIBOR + 1.25%), 12/25/28 (a) (b)	8,589	8,704
	NCUA Guaranteed Notes Trust
		Series 2011-A4-M1, REMIC, 3.00%, 06/12/19	1,900	1,901
	Nelnet Student Loan Trust
		Series 2006-A6-1, 3.10%, (3M USD LIBOR + 0.45%), 08/25/36 (a) (b)	5,450	5,336
	Northstar Education Finance Inc.
		Series 2007-A1-1, 2.86%, (3M USD LIBOR + 0.10%), 04/28/30 (a)	591	588
	OFSI Fund VII Ltd.
		Series 2014-AR-7A, 3.68%, (3M USD LIBOR + 0.90%), 10/19/26 (a) (b)	964	963
	OREC Ltd.
		Series 2018-A-CRE1, 3.66%, (1M USD LIBOR + 1.18%), 06/16/36 (a) (b)	2,800	2,800
	Panhandle-Plains Higher Education Authority Inc.
		Series 2010-A1-2, REMIC, 3.93%, (3M USD LIBOR + 1.13%), 01/01/24 (a)	766	771
	ReadyCap Commercial Mortgage Trust
		Series 2018-A-FL2, 3.34%, (1M USD LIBOR + 0.85%), 04/25/22 (a) (b)	1,364	1,361
	Residential Accredit Loans Inc. Trust
		Series 2005-A1-QO5, REMIC, 3.40%, (12M US Federal Reserve Cumulative Average CMT + 1.00%), 01/25/46 (a)	460	413
	Ripon Mortgages Plc
		Series A1-1X, 1.66%, (3M GBP LIBOR + 0.80%), 02/20/22, GBP (a)	565	732
		Series A2-1X, 1.66%, (3M GBP LIBOR + 0.80%), 02/20/22, GBP (a)	6,696	8,677
	Sail Net Interest Margin Notes
		Series 2003-A-3, 7.75%, 04/27/33 (b)	6	11
		Series 2004-A-2A, 5.50%, 03/27/34 (b)	45	17
	Scholar Funding Trust
		Series 2010-A-A, 3.51%, (3M USD LIBOR + 0.75%), 04/28/35 (a) (b)	1,304	1,292
	SLM Student Loan Trust
		Series 2007-A4-7, 3.10%, (3M USD LIBOR + 0.33%), 01/25/22 (a)	1,692	1,662
		Series 2007-A4-2, 2.83%, (3M USD LIBOR + 0.06%), 07/25/22 (a)	4,705	4,588

118

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
		Series 2008-A4-4, 4.42%, (3M USD LIBOR + 1.65%), 07/25/22 (a)	1,572		1,591
		Series 2008-A3-2, 3.52%, (3M USD LIBOR + 0.75%), 04/25/23 (a)	665		661
		Series 2008-A4-8, 4.27%, (3M USD LIBOR + 1.50%), 04/25/23 (a)	1,038		1,048
		Series 2008-A4-6, 3.87%, (3M USD LIBOR + 1.10%), 07/25/23 (a)	2,463		2,479
		Series 2008-A4-5, 4.47%, (3M USD LIBOR + 1.70%), 07/25/23 (a)	3,067		3,099
		Series 2005-A3-4, 2.89%, (3M USD LIBOR + 0.12%), 01/25/27 (a)	2,899		2,883
		Series 2003-A5A-1, 2.72%, (3M USD LIBOR + 0.11%), 12/15/32 (a) (b)	3,338		3,205
		Series 2003-A5A-7A, 3.81%, (3M USD LIBOR + 1.20%), 12/15/33 (a) (b)	3,530		3,531
	Station Place Securitization Trust
		Series 2015-A-2, 3.04%, (1M USD LIBOR + 1.05%), 07/15/19 (a) (b) (c)	2,000		2,000
	Structured Asset Mortgage Investments II Trust
		Series 2005-2A1-AR3, REMIC, 4.39%, 08/25/35 (a)	36		36
	TPG Real Estate Finance Issuer Ltd.
		Series 2018-A-FL2, 3.61%, (1M USD LIBOR + 1.13%), 11/15/37 (a) (b)	4,300		4,300
	Tryon Park CLO Ltd.
		Series 2013-A1SR-1A, 3.68%, (3M USD LIBOR + 0.89%), 04/16/29 (a) (b)	5,460		5,415
	Warwick Finance Residential Mortgages Number One Plc
		Series A-1, 1.84%, (3M GBP LIBOR + 1.00%), 09/21/49, GBP (a)	2,641		3,440
	Washington Mutual Mortgage Pass-Through Certificates Trust
		Series 2004-A2-AR3, REMIC, 4.05%, 06/25/34 (a)	132		131
	Wells Fargo Mortgage-Backed Securities Trust
		Series 2006-2A3-AR8, REMIC, 4.67%, 04/25/36 (a) (e)	25		25
	WhiteHorse VIII Ltd.
		Series 2014-AR-1A, 3.64%, 05/01/26 (b)	1,592		1,590
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $153,649)			154,290
CORPORATE BONDS AND NOTES 39.7%
Communication Services 5.1%
	America Movil SAB de CV
		6.00%, 06/09/19, MXN	9,650		493
	AT&T Inc.
		3.00%, 06/30/22 (f)	2,400		2,407
		3.60%, 02/17/23	2,100		2,142
		4.45%, 04/01/24	800		841
		3.40%, 05/15/25	4,150		4,104
		4.35%, 03/01/29	450		460
		5.45%, 03/01/47	500		534
	Charter Communications Operating LLC
		4.46%, 07/23/22	1,950		2,017
		4.50%, 02/01/24	3,100		3,230
		4.91%, 07/23/25	1,700		1,793
	Comcast Corp.
		3.70%, 04/15/24	3,400		3,510
		3.38%, 08/15/25	2,275		2,309
		3.30%, 02/01/27	562		560
		3.15%, 02/15/28	725		709
		4.15%, 10/15/28	1,400		1,476
		4.25%, 10/15/30	1,075		1,143
	Digicel Ltd.
		6.75%, 03/01/23 (b) (f)	1,350		867
	Fox Corp.
		4.03%, 01/25/24 (b)	650		674
		4.71%, 01/25/29 (b)	550		589
	Intelsat Jackson Holdings SA
		8.50%, 10/15/24 (b)	1,500		1,459
	Sprint Corp.
		7.63%, 02/15/25	900		918
	Telefonica Emisiones SAU
		5.46%, 02/16/21	3,225		3,372
			Shares/Par¹		Value ($)
		4.57%, 04/27/23	1,300		1,369
	Time Warner Cable Inc.
		5.88%, 11/15/40	425		442
		5.50%, 09/01/41	71		70
	Verizon Communications Inc.
		3.50%, 11/01/24	2,350		2,404
		4.33%, 09/21/28	2,834		2,998
		5.25%, 03/16/37	550		620
		5.01%, 04/15/49	1,413		1,542
	Vodafone Group Plc
		3.75%, 01/16/24	2,950		2,973
	Walt Disney Co.
		6.15%, 03/01/37 (d) (e)	300		391
	Wind Tre SpA
		5.00%, 01/20/26 (b)	1,050		956
				49,372
Consumer Discretionary 1.0%
	Amazon.com Inc.
		3.88%, 08/22/37	725		758
	Apple Inc.
		2.75%, 01/13/25	1,650		1,641
	Bacardi Ltd.
		5.30%, 05/15/48 (b)	1,200		1,152
	Dollar Tree Inc.
		4.00%, 05/15/25	1,050		1,063
		4.20%, 05/15/28	1,125		1,119
	Expedia Inc.
		3.80%, 02/15/28	925		892
	Home Depot Inc.
		3.90%, 12/06/28	1,100		1,169
	Maquinaria Especializada MXO S.A.P.I. de C.V.
		0.00%, 04/13/21 (c) (d) (e) (g) (h)	99		—
	Starbucks Corp.
		3.80%, 08/15/25	1,725		1,779
				9,573
Consumer Staples 1.9%
	Altria Group Inc.
		3.80%, 02/14/24	1,825		1,858
		4.40%, 02/14/26	25		26
	Anheuser-Busch InBev Worldwide Inc.
		4.00%, 04/13/28	4,000		4,067
		4.75%, 01/23/29	1,750		1,864
		4.70%, 02/01/36 (b)	975		976
		4.90%, 02/01/46 (b)	1,025		1,032
		4.60%, 04/15/48	650		625
	BAT Capital Corp.
		3.22%, 08/15/24	1,580		1,546
	Constellation Brands Inc.
		3.38%, (3M USD LIBOR + 0.70%), 11/15/21 (a)	1,850		1,852
		4.40%, 11/15/25	675		708
	Maple Escrow Subsidiary Inc.
		4.06%, 05/25/23 (b)	1,425		1,466
	Post Holdings Inc.
		5.75%, 03/01/27 (b)	1,550		1,557
	Reynolds American Inc.
		4.45%, 06/12/25	325		331
	Walmart Inc.
		4.05%, 06/29/48	725		775
				18,683
Energy 5.2%
	Anadarko Petroleum Corp.
		6.45%, 09/15/36	625		721
	BP Capital Markets America Inc.
		4.23%, 11/06/28	1,100		1,178
	Cenovus Energy Inc.
		4.25%, 04/15/27 (f)	925		910
	Concho Resources Inc.
		4.30%, 08/15/28	925		955
	Continental Resources Inc.
		4.50%, 04/15/23	4,375		4,530
		4.38%, 01/15/28	250		257
	Devon Energy Corp.
		5.85%, 12/15/25	452		512
		4.75%, 05/15/42	800		808

119

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Diamondback Energy Inc.
		4.75%, 11/01/24	1,975		2,026
	Energy Transfer Operating LP
		5.50%, 06/01/27	1,400		1,519
		5.25%, 04/15/29	1,125		1,208
	Energy Transfer Partners LP
		4.65%, 06/01/21	725		746
		4.20%, 09/15/23	1,775		1,836
		4.95%, 06/15/28	325		342
		5.30%, 04/15/47	700		690
		6.00%, 06/15/48	490		530
	EQT Midstream Partners LP
		4.75%, 07/15/23	3,250		3,316
	Gazprom Capital SA
		7.29%, 08/16/37 (d) (e)	100		118
	Gazprom OAO Via Gaz Capital SA
		5.15%, 02/11/26 (d) (e)	940		955
	Genesis Energy LP
		6.50%, 10/01/25	800		780
	Halliburton Co.
		3.80%, 11/15/25	275		281
	Kinder Morgan Energy Partners LP
		3.50%, 09/01/23 (f)	2,125		2,152
	Marathon Oil Corp.
		4.40%, 07/15/27	1,175		1,211
	Marathon Petroleum Corp.
		3.80%, 04/01/28 (b)	625		620
	MPLX LP
		4.80%, 02/15/29	500		526
		4.50%, 04/15/38	775		738
		4.70%, 04/15/48	325		311
		5.50%, 02/15/49	1,275		1,363
	ONEOK Inc.
		4.55%, 07/15/28	350		362
	Petrobras Global Finance BV
		6.90%, 03/19/49	190		188
	Petroleos Mexicanos
		6.50%, 03/13/27	360		362
		6.38%, 01/23/45	244		216
		6.75%, 09/21/47	20		18
		6.35%, 02/12/48	130		115
	Phillips 66
		3.90%, 03/15/28	1,750		1,785
	Pioneer Natural Resources Co.
		3.95%, 07/15/22	480		494
	Plains All American Pipeline LP
		3.65%, 06/01/22	1,275		1,286
		3.85%, 10/15/23	800		812
		4.50%, 12/15/26	1,450		1,492
	Reliance Industries Ltd.
		4.13%, 01/28/25	250		254
		3.67%, 11/30/27 (b)	440		429
	Sabine Pass Liquefaction LLC
		6.25%, 03/15/22	1,675		1,809
		5.63%, 04/15/23 - 03/01/25	2,250		2,466
	Shell International Finance BV
		4.55%, 08/12/43	825		919
	Sunoco Logistics Partners Operations LP
		4.25%, 04/01/24	500		516
		5.40%, 10/01/47	1,150		1,148
	Valero Energy Corp.
		4.35%, 06/01/28	750		779
	Western Gas Partners LP
		3.95%, 06/01/25	1,150		1,135
	Williams Partners LP
		3.60%, 03/15/22	1,245		1,263
		3.90%, 01/15/25	1,550		1,583
				50,570
Financials 14.6%
	ABJA Investment Co. Pte Ltd.
		5.45%, 01/24/28	400		377
	AerCap Ireland Capital DAC
		4.63%, 07/01/22	2,175		2,246
		3.30%, 01/23/23	1,600		1,573
			Shares/Par¹		Value ($)
		4.88%, 01/16/24	800		832
	AIB Group Plc
		4.75%, 10/12/23 (b)	2,425		2,496
	Altice Financing SA
		6.63%, 02/15/23 (b)	1,100		1,124
	American International Group Inc.
		3.90%, 04/01/26	2,000		2,010
		4.20%, 04/01/28	775		785
	Ardagh Packaging Finance Plc
		6.00%, 02/15/25 (b)	850		849
	Banco do Brasil SA
		9.00%, (callable at 100 beginning 06/18/24) (f) (i)	200		211
	Banco Santander SA
		4.25%, 04/11/27	400		402
	Bank of America Corp.
		3.86%, 07/23/24	2,450		2,515
		4.20%, 08/26/24	100		104
		3.25%, 10/21/27	1,875		1,837
		4.18%, 11/25/27	3,725		3,785
		3.82%, 01/20/28 (a)	1,575		1,598
		4.27%, 07/23/29	1,475		1,536
	Barclays Plc
		4.61%, 02/15/23 (j)	2,400		2,451
	Bayer US Finance II LLC
		3.88%, 12/15/23 (b)	1,900		1,915
		4.25%, 12/15/25 (b)	2,000		2,021
	BNP Paribas SA
		3.50%, 03/01/23 (b)	3,650		3,653
		3.38%, 01/09/25 (b)	975		956
	BPCE SA
		4.00%, 09/12/23 (b)	1,950		1,983
		4.63%, 09/12/28 (b)	975		1,022
	CIT Group Inc.
		5.25%, 03/07/25	850		905
	Citibank NA
		3.05%, 05/01/20	2,825		2,835
	Citigroup Inc.
		3.40%, 05/01/26	4,925		4,914
		4.30%, 11/20/26	200		205
		4.13%, 07/25/28	475		478
	Cooperatieve Rabobank U.A.
		3.13%, 04/26/21	1,775		1,783
		3.19%, (3M USD LIBOR + 0.43%), 04/26/21 (a)	1,450		1,454
	Credit Suisse AG
		6.50%, 08/08/23 (b)	400		428
	Credit Suisse Group AG
		4.28%, 01/09/28 (b)	2,059		2,084
		3.87%, 01/12/29 (b)	303		297
	Credit Suisse Group Funding Guernsey Ltd.
		4.55%, 04/17/26	699		730
	Dell EMC
		5.45%, 06/15/23 (b)	1,125		1,197
		6.02%, 06/15/26 (b)	800		860
		8.35%, 07/15/46 (b)	575		694
	Deutsche Bank AG
		2.70%, 07/13/20	1,800		1,780
	Discover Bank
		8.70%, 11/18/19	551		571
	Discover Financial Services
		3.85%, 11/21/22	1,499		1,537
	GE Capital International Funding Co.
		3.37%, 11/15/25	2,625		2,552
	General Electric Capital Corp.
		3.10%, 01/09/23	575		571
	Glencore Funding LLC
		4.13%, 03/12/24 (b)	1,875		1,894
	Great-West Lifeco Financial Inc.
		4.05%, 05/17/28 (b)	625		658
	HSBC Holdings Plc
		3.26%, 03/13/23 (a)	2,275		2,280
		3.68%, (3M USD LIBOR + 1.00%), 05/18/24 (a)	875		868
		3.80%, 03/11/25 (j)	1,475		1,496
	Huarong Finance II Co. Ltd.
		5.00%, 11/19/25	210		219

120

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Huntington Bancshares Inc.
		4.00%, 05/15/25	1,625		1,689
	JPMorgan Chase & Co.
		5.30%, (callable at 100 beginning 05/01/20) (i)	2,575		2,600
		2.97%, 01/15/23	2,275		2,277
		4.02%, 12/05/24	4,675		4,847
		3.96%, 01/29/27	2,050		2,118
		3.78%, 02/01/28 (a)	3,300		3,363
	JPMorgan Chase Bank NA
		3.51%, 01/23/29	1,850		1,836
		3.88%, 07/24/38 (a)	150		147
	Level 3 Financing Inc.
		5.63%, 02/01/23	2,400		2,427
	Marsh & McLennan Companies Inc.
		4.38%, 03/15/29	1,200		1,272
	MetLife Inc.
		4.05%, 03/01/45	300		300
	Mitsubishi UFJ Financial Group Inc.
		2.95%, 03/01/21	604		605
	Morgan Stanley
		4.18%, (3M USD LIBOR + 1.40%), 10/24/23 (a)	1,625		1,648
		3.74%, 04/24/24	1,475		1,504
		3.88%, 04/29/24	1,150		1,183
		3.70%, 10/23/24	3,000		3,055
		4.00%, 07/23/25	150		155
		3.63%, 01/20/27	150		150
		4.43%, 01/23/30	2,100		2,217
	Northwestern Mutual Life Insurance Co.
		3.85%, 09/30/47 (b)	1,700		1,655
	Nuveen LLC
		4.00%, 11/01/28 (b)	775		825
	Petrobras Global Finance BV
		5.75%, 02/01/29	40		40
	Royal Bank of Canada
		3.14%, (3M USD LIBOR + 0.39%), 04/30/21 (a)	1,700		1,703
	Royal Bank of Scotland Group Plc
		3.50%, 05/15/23 (a) (j)	2,035		2,022
		3.88%, 09/12/23	1,479		1,486
		4.52%, 06/25/24 (a) (j)	1,975		2,017
		4.27%, 03/22/25 (j)	1,225		1,239
		4.89%, 05/18/29 (j)	200		208
	Sasol Financing USA LLC
		5.88%, 03/27/24	200		212
	Stadshypotek AB
		1.88%, 10/02/19 (b)	4,300		4,284
	Sumitomo Mitsui Financial Group Inc.
		4.44%, 04/02/24 (b)	1,275		1,314
	SunTrust Bank
		2.59%, 01/29/21	2,500		2,495
	Swiss Re Finance Luxembourg SA
		5.00%, 04/02/49 (b) (k)	800		809
	Syngenta Finance NV
		3.70%, 04/24/20 (b)	2,325		2,334
		3.93%, 04/23/21 (b)	2,880		2,897
		4.44%, 04/24/23 (b)	1,055		1,077
	Teachers Insurance & Annuity Association of America
		4.90%, 09/15/44 (b)	640		715
	UBS Group AG
		3.00%, 04/15/21 (b)	2,300		2,299
	Wells Fargo & Co.
		3.00%, 10/23/26	3,775		3,681
		4.15%, 01/24/29	800		837
	Westpac Banking Corp.
		4.32%, 11/23/31 (a) (j)	825		816
	XLIT Ltd.
		4.45%, 03/31/25	1,374		1,432
				141,361
Health Care 4.2%
	AbbVie Inc.
		3.38%, 11/14/21	2,025		2,050
		3.75%, 11/14/23	1,350		1,383
	Acadia Pharmaceuticals Inc.
		5.63%, 02/15/23	2,500		2,527
			Shares/Par¹		Value ($)
	Aetna Inc.
		2.80%, 06/15/23	900		885
	Becton Dickinson & Co.
		3.48%, (3M USD LIBOR + 0.88%), 12/29/20 (a)	1,819		1,819
		2.89%, 06/06/22	2,925		2,910
		3.36%, 06/06/24	525		526
		4.69%, 12/15/44	925		956
		4.67%, 06/06/47	350		367
	Celgene Corp.
		3.88%, 08/15/25	550		564
		3.90%, 02/20/28	375		383
	CVS Health Corp.
		4.13%, 05/15/21	999		1,021
		3.50%, 07/20/22	2,775		2,810
		3.88%, 07/20/25	2,475		2,507
		4.78%, 03/25/38	1,100		1,090
		5.13%, 07/20/45	275		280
		5.05%, 03/25/48	450		454
	DaVita HealthCare Partners Inc.
		5.13%, 07/15/24	2,550		2,521
	Elanco Animal Health Inc.
		3.91%, 08/27/21 (b)	1,475		1,500
		4.27%, 08/28/23 (b)	550		567
	Halfmoon Parent Inc.
		3.75%, 07/15/23 (b)	4,125		4,230
	HCA Inc.
		4.75%, 05/01/23	1,650		1,732
		5.88%, 02/15/26	700		756
	Pfizer Inc.
		3.45%, 03/15/29	2,850		2,928
	Tenet Healthcare Corp.
		6.75%, 06/15/23	950		978
	Thermo Fisher Scientific Inc.
		3.00%, 04/15/23	625		626
	UnitedHealth Group Inc.
		4.63%, 07/15/35	700		785
	Valeant Pharmaceuticals International Inc.
		9.00%, 12/15/25 (b)	1,350		1,468
		9.25%, 04/01/26 (b)	450		493
				41,116
Industrials 1.1%
	Avis Budget Car Rental LLC
		6.38%, 04/01/24 (b)	750		763
	Bombardier Inc.
		7.50%, 03/15/25 (b)	450		464
	General Electric Co.
		2.70%, 10/09/22	200		196
	Mexico City Airport Trust
		4.25%, 10/31/26	300		287
		3.88%, 04/30/28 (b)	420		384
		3.88%, 04/30/28	200		181
		5.50%, 10/31/46 - 07/31/47	424		388
		5.50%, 10/31/46 - 07/31/47 (b)	570		527
	Northrop Grumman Corp.
		2.93%, 01/15/25	2,250		2,221
		3.25%, 01/15/28	900		885
		4.75%, 06/01/43	425		462
	Roper Technologies Inc.
		4.20%, 09/15/28	1,275		1,320
	TransDigm Inc.
		6.50%, 05/15/25	150		152
		6.38%, 06/15/26	800		792
	United Technologies Corp.
		3.33%, (3M USD LIBOR + 0.65%), 08/16/21 (a)	650		650
		3.95%, 08/16/25	1,025		1,065
				10,737
Information Technology 2.7%
	Apple Inc.
		2.45%, 08/04/26	3,525		3,409
		4.65%, 02/23/46	625		706
	Broadcom Corp.
		3.00%, 01/15/22	2,325		2,316
		2.65%, 01/15/23	800		777
		3.63%, 01/15/24	2,225		2,212

121

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
		3.13%, 01/15/25	450		431
	Broadcom Inc.
		3.13%, 10/15/22 (b)	2,525		2,513
		3.63%, 10/15/24 (b)	1,825		1,811
		4.25%, 04/15/26 (b)	1,425		1,414
	Cisco Systems Inc.
		5.50%, 01/15/40	325		414
	Fiserv Inc.
		3.80%, 10/01/23 (l)	625		640
		4.20%, 10/01/28 (l)	950		979
	Hewlett Packard Enterprise Co.
		4.90%, 10/15/25	1,450		1,542
	Microchip Technology Inc.
		3.92%, 06/01/21 (b)	1,025		1,034
	Nokia Oyj
		4.38%, 06/12/27	1,129		1,125
	NXP BV
		3.88%, 09/01/22 (b)	2,550		2,586
	Oracle Corp.
		4.00%, 07/15/46	1,125		1,131
	Refinitiv US Holdings Inc.
		6.25%, 05/15/26 (b)	1,450		1,469
				26,509
Materials 0.7%
	DowDuPont Inc.
		4.21%, 11/15/23	1,400		1,465
		4.49%, 11/15/25	875		933
		4.73%, 11/15/28	825		891
		5.42%, 11/15/48	175		199
	Ecolab Inc.
		3.95%, 12/01/47	134		137
	Huntsman International LLC
		4.50%, 05/01/29	750		747
	Reynolds Group Issuer Inc.
		7.00%, 07/15/24 (b)	350		360
	Sherwin-Williams Co.
		2.75%, 06/01/22	450		447
		3.45%, 06/01/27	1,000		983
	Vale Overseas Ltd.
		6.25%, 08/10/26	170		186
				6,348
Real Estate 1.6%
	Alexandria Real Estate Equities Inc.
		3.80%, 04/15/26	675		685
	American Campus Communities Operating Partnership LP
		3.75%, 04/15/23	2,000		2,027
	American Homes 4 Rent LP
		4.90%, 02/15/29	1,100		1,137
	American Tower Corp.
		3.38%, 05/15/24	1,900		1,913
	China Evergrande Group
		8.25%, 03/23/22	230		226
		8.75%, 06/28/25	280		266
	Crown Castle International Corp.
		5.25%, 01/15/23	1,575		1,692
	ERP Operating LP
		4.63%, 12/15/21	1,538		1,609
	Kaisa Group Holdings Ltd.
		8.50%, 06/30/22	200		185
		9.38%, 06/30/24	200		180
	Kilroy Realty LP
		4.75%, 12/15/28	925		982
	National Retail Properties Inc.
		3.60%, 12/15/26	1,250		1,244
	VEREIT Operating Partnership LP
		4.13%, 06/01/21	1,125		1,140
		4.63%, 11/01/25	1,475		1,526
		3.95%, 08/15/27	650		640
				15,452
Utilities 1.6%
	Alliant Energy Finance LLC
		3.75%, 06/15/23 (b)	750		766
		4.25%, 06/15/28 (b)	200		205
			Shares/Par¹		Value ($)
	Berkshire Hathaway Energy Co.
		3.25%, 04/15/28	475		473
	Consumers Energy Co.
		3.95%, 05/15/43	925		958
	Duke Energy Corp.
		3.15%, 08/15/27	2,150		2,116
	Dynegy Inc.
		7.38%, 11/01/22	838		870
		7.63%, 11/01/24	900		953
	Florida Power & Light Co.
		3.95%, 03/01/48	825		861
	MidAmerican Energy Co.
		3.65%, 04/15/29	1,300		1,354
	NiSource Inc.
		3.65%, 06/15/23	1,150		1,173
	Sempra Energy
		3.29%, (3M USD LIBOR + 0.50%), 01/15/21 (a)	2,050		2,034
	Southern California Edison Co.
		3.70%, 08/01/25	1,425		1,428
		4.20%, 03/01/29	975		991
	Southern Co.
		3.25%, 07/01/26	1,850		1,815
				15,997
	Total Corporate Bonds And Notes (cost $379,701)			385,718
GOVERNMENT AND AGENCY OBLIGATIONS 51.4%
Collateralized Mortgage Obligations 0.6%
	Federal Home Loan Mortgage Corp.
		Series 2015-M3-DNA1, 5.79%, (1M USD LIBOR + 3.30%), 10/25/27 (a)	360		390
		Interest Only, Series C45-304, 3.00%, 12/15/27 (e)	471		37
		Interest Only, Series N-1103, REMIC, 1156.50%, 06/15/21 (d) (e)	—		—
		Interest Only, Series SD-4320, REMIC, 3.62%, (6.10% - (1M USD LIBOR * 1)), 07/15/39 (a) (e)	533		79
		Interest Only, Series SW-3852, REMIC, 3.52%, (6.00% - (1M USD LIBOR * 1)), 05/15/41 (a) (e)	558		79
		Interest Only, Series SE-4314, REMIC, 3.57%, (6.05% - (1M USD LIBOR * 1)), 03/15/44 (a) (e)	554		88
		Interest Only, Series AS-4473, REMIC, 3.12%, (5.60% - (1M USD LIBOR * 1)), 05/15/45 (a) (e)	804		114
		Interest Only, Series ST-4583, REMIC, 3.52%, (6.00% - (1M USD LIBOR * 1)), 05/15/46 (a) (e)	2,710		459
	Federal National Mortgage Association
		Series 2011-GB-52, REMIC, 5.00%, 06/25/41	741		803
		Series 2011-DB-99, REMIC, 5.00%, 10/25/41	709		767
		Interest Only, Series 2012-SA-5, REMIC, 3.46%, (5.95% - (1M USD LIBOR * 1)), 02/25/42 (a) (e)	627		93
		Interest Only, Series 2012-SB-88, REMIC, 4.18%, (6.67% - (1M USD LIBOR * 1)), 07/25/42 (a) (e)	408		66
		Series 2012-B-153, REMIC, 7.00%, 07/25/42	379		435
		Series 2012-B-111, REMIC, 7.00%, 10/25/42	102		116
	Government National Mortgage Association
		Interest Only, Series 2010-S-101, REMIC, 3.51%, (6.00% - (1M USD LIBOR * 1)), 08/20/40 (a) (e)	1,041		161
		Interest Only, Series 2013-DS-103, REMIC, 3.66%, (6.15% - (1M USD LIBOR * 1)), 07/20/43 (a) (e)	252		40
		Interest Only, Series 2013-DS-134, REMIC, 3.61%, (6.10% - (1M USD LIBOR * 1)), 09/20/43 (a) (e)	275		43
		Interest Only, Series 2014-SL-132, REMIC, 3.61%, (6.10% - (1M USD LIBOR * 1)), 10/20/43 (a) (e)	1,258		155
		Interest Only, Series 2014-BS-133, REMIC, 3.11%, (5.60% - (1M USD LIBOR * 1)), 09/20/44 (a) (e)	328		44
		Interest Only, Series 2015-MS-110, REMIC, 3.22%, (5.71% - (1M USD LIBOR * 1)), 08/20/45 (a) (e)	1,654		219
		Interest Only, Series 2015-SB-112, REMIC, 3.25%, (5.74% - (1M USD LIBOR * 1)), 08/20/45 (a) (e)	394		53

122

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
		Interest Only, Series 2015-SE-123, REMIC, 3.23%, (5.72% - (1M USD LIBOR * 1)), 09/20/45 (a) (e)	411		55
		Interest Only, Series 2015-SP-123, REMIC, 3.76%, (6.25% - (1M USD LIBOR * 1)), 09/20/45 (a) (e)	1,371		213
		Interest Only, Series 2015-QS-144, REMIC, 3.21%, (5.70% - (1M USD LIBOR * 1)), 10/20/45 (a) (e)	322		43
		Interest Only, Series 2015-SD-168, REMIC, 3.71%, (6.20% - (1M USD LIBOR * 1)), 11/20/45 (a) (e)	343		55
		Interest Only, Series 2016-S-6, REMIC, 3.16%, (5.65% - (1M USD LIBOR * 1)), 01/20/46 (a) (e)	459		63
		Interest Only, Series 2016-SM-4, REMIC, 3.16%, (5.65% - (1M USD LIBOR * 1)), 01/20/46 (a) (e)	1,278		181
		Interest Only, Series 2015-AS-57, REMIC, 3.11%, (5.60% - (1M USD LIBOR * 1)), 04/20/45 (a) (e)	2,096		268
		Interest Only, Series 2016-IA-27, REMIC, 4.00%, 06/20/45 (e)	796		106
		Interest Only, Series 2015-IM-111, REMIC, 4.00%, 08/20/45 (e)	1,261		193
		Interest Only, Series 2016-DI-138, REMIC, 4.00%, 10/20/46 (e)	80		13
				5,431
Mortgage-Backed Securities 31.3%
	Federal Home Loan Mortgage Corp.
		5.50%, 04/01/28	17		19
		3.00%, 03/01/32 - 03/01/43	2,456		2,467
		5.00%, 03/01/26 - 06/01/41	1,267		1,364
		5.18%, (12M USD LIBOR + 2.20%), 01/01/37 (a)	188		197
		4.00%, 06/01/40 - 07/01/45	476		497
		4.50%, 11/01/40 - 08/01/48	7,767		8,291
	Federal National Mortgage Association
		5.50%, 09/01/23 - 05/01/25	149		152
		5.00%, 05/01/19 - 12/01/44	647		688
		8.00%, 04/01/30 - 10/01/30	12		13
		4.18%, (12M US Federal Reserve Cumulative Average CMT + 1.86%), 11/01/35 (a)	12		12
		4.55%, (12M US Federal Reserve Cumulative Average CMT + 2.23%), 05/01/36 (a)	97		102
		4.70%, (12M US Federal Reserve Cumulative Average CMT + 2.37%), 05/01/36 (a)	104		110
		4.71%, (12M US Federal Reserve Cumulative Average CMT + 2.37%), 08/01/36 (a)	101		106
		4.61%, (12M US Federal Reserve Cumulative Average CMT + 2.29%), 09/01/36 (a)	80		84
		4.50%, 08/01/35 - 09/01/48	12,474		13,172
		3.00%, 11/01/42 - 07/01/43	2,979		2,988
		3.50%, 03/01/45	25		25
		4.50%, 04/01/45 - 05/01/45	5,241		5,593
		4.00%, 08/01/39 - 07/01/48	25,636		26,726
		TBA, 4.50%, 04/15/48 - 05/15/48 (m)	85,000		88,546
		TBA, 5.00%, 04/15/48 (m)	3,000		3,172
	Government National Mortgage Association
		6.00%, 06/15/34 - 11/15/38	54		60
		4.00%, 02/20/41 - 11/20/44	1,807		1,880
		4.00%, 11/20/40 - 01/20/46	22,057		22,930
		TBA, 5.00%, 04/15/45 (m)	2,000		2,089
		TBA, 4.50%, 04/15/48 (m)	60,000		62,302
		5.00%, 03/15/41 - 02/20/49	13,605		14,268
		4.50%, 02/20/48 - 01/20/49	44,437		46,239
				304,092
Municipal 1.7%
	American Municipal Power Inc.
		6.27%, 02/15/50	875		1,140
	Port Authority of New York & New Jersey
		4.81%, 10/15/65	900		1,059
	Puerto Rico Sales Tax Financing Corp.
		0.00%, 07/01/24 - 07/01/51 (n)	2,100		568
		4.50%, 07/01/34	73		74
		4.55%, 07/01/40	414		369
		4.75%, 07/01/53	283		267
		5.00%, 07/01/58	842		815
			Shares/Par¹		Value ($)
	State of California
		7.95%, 03/01/36	1,290		1,352
		7.63%, 03/01/40	2,390		3,620
	State of Illinois
		5.10%, 06/01/33	2,535		2,491
		6.63%, 02/01/35	310		336
		7.35%, 07/01/35	610		693
	Tennessee Valley Authority
		3.88%, 02/15/21	3,700		3,803
				16,587
Sovereign 2.6%
	Argentina Republic Government International Bond
		5.00%, 01/15/27, EUR	3,990		3,313
		5.25%, 01/15/28, EUR	360		296
		2.26%, 12/31/38, EUR (k)	200		124
		6.25%, 11/09/47, EUR	130		104
	Colombia Government International Bond
		4.50%, 03/15/29	300		317
		5.20%, 05/15/49	510		548
	Dominican Republic International Bond
		10.38%, 03/04/22, DOP	400		8
		14.50%, 02/10/23, DOP	600		14
		8.63%, 04/20/27	216		254
		11.38%, 07/06/29, DOP	300		6
	Ecuador Government International Bond
		7.88%, 01/23/28 (b)	370		350
	Hashemite Kingdom of Jordan Government Bond
		2.50%, 10/30/20 (f)	5,000		5,007
	Inter-American Development Bank
		7.00%, 06/15/25	1,500		1,846
		6.75%, 07/15/27	1,800		2,275
	Israel Government AID Bond
		5.50%, 09/18/23 - 04/26/24	5,500		6,254
	Mexico Bonos
		6.50%, 06/10/21, MXN	485		24
		8.00%, 12/07/23 - 11/07/47, MXN	2,088		108
	Petroleos de Venezuela SA
		0.00%, 10/28/22 - 04/12/27 (d) (e) (g) (h) (o)	10,380		1,772
	Petroleos Mexicanos
		5.13%, 03/15/23, EUR	230		281
	Republic of Honduras
		8.75%, 12/16/20 (b)	370		396
	Republic of South Africa
		6.25%, 03/31/36, ZAR	3,960		199
	South Africa Government Bond
		8.00%, 01/31/30, ZAR	2,920		186
		8.25%, 03/31/32, ZAR	33		2
		9.00%, 01/31/40, ZAR	325		21
		8.75%, 01/31/44, ZAR	17,070		1,073
	Sri Lanka Government International Bond
		6.85%, 11/03/25	400		403
				25,181
Treasury Inflation Indexed Securities 1.4%
	U.S. Treasury Inflation Indexed Note
		0.75%, 07/15/28 (p)	13,598		13,908
U.S. Government Agency Obligations 2.1%
	Federal Home Loan Bank
		2.88%, 06/13/25 (q)	6,650		6,789
	Federal National Mortgage Association
		1.88%, 09/24/26 (q)	8,900		8,528
		6.25%, 05/15/29 (q)	2,600		3,417
		6.63%, 11/15/30 (q)	900		1,240
				19,974
U.S. Treasury Securities 11.7%
	U.S. Treasury Bond
		0.00%, 11/15/35 - 08/15/41 (n)	51,970		29,837
		3.63%, 02/15/44 (r)	12,520		14,429
		3.13%, 08/15/44	6,470		6,872
		3.00%, 11/15/44	10,400		10,811
		2.88%, 08/15/45	3,500		3,555
		2.88%, 11/15/46 (r)	22,020		22,347
		2.75%, 11/15/47	10,150		10,026

123

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	U.S. Treasury Note
		1.63%, 07/31/20 (r)	130		129
		1.38%, 04/30/21 (r)	30		29
		2.25%, 03/31/26 (m)	15,220		15,161
				113,196
	Total Government And Agency Obligations (cost $493,806)			498,369
OTHER EQUITY INTERESTS 0.0%
	T-Mobile USA Inc. Escrow (c) (g) (s)		1,000		—
	Total Other Equity Interests (cost $0)			—
COMMON STOCKS 0.0%
Consumer Discretionary 0.0%
	Home Interior Gift Inc. (c) (d) (e) (g)		491		—
	Total Common Stocks (cost $184)			—
SHORT TERM INVESTMENTS 8.3%
Investment Companies 7.8%
	JNL Government Money Market Fund - Institutional Class, 2.33% (t) (u)		75,641		75,641
Securities Lending Collateral 0.5%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.43% (t) (u)		4,835		4,835
	Total Short Term Investments (cost $80,476)			80,476
Total Investments 115.3% (cost $1,107,816)					1,118,853
Total Forward Sales Commitments (2.7)% (proceeds $25,637)					(25,808)
Total Purchased Options 0.1% (cost $787)					1,385
Other Derivative Instruments (0.1)%					(1,211)
Other Assets and Liabilities, Net (12.6)%					(122,827)
Total Net Assets 100.0%					970,392

(d) The Sub-Adviser has deemed this security to be illiquid based on procedures approved by the JNL Series Trust's Board of Trustees.

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

(f) All or a portion of the security was on loan.

(g) Non-income producing security.

(h) 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.

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

(j) Convertible security.

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

(m) All or a portion of the security was purchased on a delayed delivery basis. As of March 31, 2019, the total payable for investments purchased on a delayed delivery basis was $170,648.

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

(o) Security fair valued in good faith as a Level 2 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.

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

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

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

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

(t) Investment in affiliate.

(u) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2019.


			Shares/Par¹		Value ($)
FORWARD SALES COMMITMENTS (2.7%)
GOVERNMENT AND AGENCY OBLIGATIONS (2.7%)
Mortgage-Backed Securities (2.7%)
	Federal National Mortgage Association
		TBA, 4.00%, 04/15/48 (a)	(2,000)		(2,058)
	Government National Mortgage Association
		TBA, 4.00%, 04/15/44 (a)	(17,000)		(17,558)
			Shares/Par¹		Value ($)
		TBA, 4.00%, 05/15/46 (a)	(6,000)		(6,192)
	Total Government And Agency Obligations (proceeds $25,637)			(25,808)
	Total Forward Sales Commitments (2.7%) (proceeds $25,637)				(25,808)

(a) All or a portion of the security was sold on a delayed delivery basis. As of March 31, 2019, the total proceeds for investments sold on a delayed delivery basis was $25,637.

124

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Credit Suisse European Mortgage Capital Ltd., Series 2015-A-1HWA, 2.75%, 05/22/20	05/28/15	2,237	2,328	0.3
	Federal Home Loan Mortgage Corp., Series N-1103 REMIC - Interest Only, 1156.50%, 06/15/21	02/29/00	—	—	—
	Federal Home Loan Mortgage Corp., Series C45-304 - Interest Only, 3.00%, 12/15/27	04/10/13	35	37	—
	Federal Home Loan Mortgage Corp., Series SD-4320 REMIC - Interest Only, 3.62%, 07/15/39	12/22/15	89	79	—
	Federal Home Loan Mortgage Corp., Series SW-3852 REMIC - Interest Only, 3.52%, 05/15/41	07/18/16	96	79	—
	Federal Home Loan Mortgage Corp., Series SE-4314 REMIC - Interest Only, 3.57%, 03/15/44	09/29/16	100	88	—
	Federal Home Loan Mortgage Corp., Series AS-4473 REMIC - Interest Only, 3.12%, 05/15/45	05/18/16	141	114	—
	Federal Home Loan Mortgage Corp., Series ST-4583 REMIC - Interest Only, 3.52%, 05/15/46	09/16/16	558	459	0.1
	Federal National Mortgage Association, Series 2012-SA-5 REMIC - Interest Only, 3.46%, 02/25/42	07/15/16	115	93	—
	Federal National Mortgage Association, Series 2012-SB-88 REMIC - Interest Only, 4.18%, 07/25/42	06/07/16	84	66	—
	Gazprom Capital SA, 7.29%, 08/16/37	01/11/18	123	118	—
	Gazprom OAO Via Gaz Capital SA, 5.15%, 02/11/26	02/07/19	940	955	0.1
	Government National Mortgage Association, Series 2010-S-101 REMIC - Interest Only, 3.51%, 08/20/40	01/06/16	201	161	—
	Government National Mortgage Association, Series 2013-DS-103 REMIC - Interest Only, 3.66%, 07/20/43	10/19/15	49	40	—
	Government National Mortgage Association, Series 2013-DS-134 REMIC - Interest Only, 3.61%, 09/20/43	10/15/15	51	43	—
	Government National Mortgage Association, Series 2014-SL-132 REMIC - Interest Only, 3.61%, 10/20/43	05/04/16	194	155	—
	Government National Mortgage Association, Series 2014-BS-133 REMIC - Interest Only, 3.11%, 09/20/44	10/22/15	55	44	—
	Government National Mortgage Association, Series 2015-AS-57 REMIC - Interest Only, 3.11%, 04/20/45	10/25/16	341	268	—
	Government National Mortgage Association, Series 2016-IA-27 REMIC - Interest Only, 4.00%, 06/20/45	12/22/16	94	106	—
	Government National Mortgage Association, Series 2015-MS-110 REMIC - Interest Only, 3.22%, 08/20/45	10/07/15	317	219	—
	Government National Mortgage Association, Series 2015-SB-112 REMIC - Interest Only, 3.25%, 08/20/45	08/27/15	80	53	—
	Government National Mortgage Association, Series 2015-IM-111 REMIC - Interest Only, 4.00%, 08/20/45	10/26/16	184	193	—
	Government National Mortgage Association, Series 2015-SE-123 REMIC - Interest Only, 3.23%, 09/20/45	10/20/15	81	55	—
	Government National Mortgage Association, Series 2015-SP-123 REMIC - Interest Only, 3.76%, 09/20/45	07/08/16	257	213	—
	Government National Mortgage Association, Series 2015-QS-144 REMIC - Interest Only, 3.21%, 10/20/45	11/18/15	67	43	—
	Government National Mortgage Association, Series 2015-SD-168 REMIC - Interest Only, 3.71%, 11/20/45	12/01/15	60	55	—
	Government National Mortgage Association, Series 2016-SM-4 REMIC - Interest Only, 3.16%, 01/20/46	01/29/16	205	181	—
	Government National Mortgage Association, Series 2016-S-6 REMIC - Interest Only, 3.16%, 01/20/46	01/29/16	78	63	—
	Government National Mortgage Association, Series 2016-DI-138 REMIC - Interest Only, 4.00%, 10/20/46	10/28/16	12	13	—
	Home Interior Gift Inc.	02/22/06	184	—	—
	Impac CMB Trust, Series 2004-2A-10 REMIC, 3.13%, 03/25/35	11/02/06	44	41	—
	Maquinaria Especializada MXO S.A.P.I. de C.V., 0.00%, 04/13/21	12/29/16	246	—	—
	Petroleos de Venezuela SA, 0.00%, 10/28/22	05/16/17	3,158	1,473	0.2
	Petroleos de Venezuela SA, 0.00%, 04/12/27	07/31/17	402	299	0.1
	Walt Disney Co., 6.15%, 03/01/37	03/21/19	379	391	0.1
	Wells Fargo Mortgage-Backed Securities Trust, Series 2006-2A3-AR8 REMIC, 4.67%, 04/25/36	04/27/06	25	25	—
			11,282	8,550	0.9


JNL/Goldman Sachs Core Plus Bond Fund — Futures Contracts
Reference Entity	Contracts¹	Expiration	Notional¹			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
Australia Commonwealth Treasury Bond, 10-Year	24	June 2019	AUD	3,305	(20)			14
Australia Commonwealth Treasury Bond, 3-Year	36	June 2019	AUD	4,086	(5)			4
Euro-Bund	26	June 2019	EUR	4,232	(1)			105
U.S. Treasury Long Bond	82	June 2019		12,102	(31)			169
U.S. Treasury Note, 10-Year	319	June 2019		39,111	(131)			515
U.S. Treasury Note, 2-Year	381	June 2019		81,068	(83)			120
U.S. Treasury Note, 5-Year	654	June 2019		75,313	(178)			438
					(449)			1,365

125

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


JNL/Goldman Sachs Core Plus Bond Fund — Futures Contracts (continued)
Reference Entity	Contracts¹	Expiration	Notional¹			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Short Contracts
90-Day Eurodollar	(30)	June 2019		(7,350)	1			41
90-Day Eurodollar	(37)	September 2019		(8,991)	2			(31)
90-Day Eurodollar	(407)	December 2019		(98,946)	51			(331)
Canadian Government Bond, 10-Year	(51)	June 2019	CAD	(6,940)	31			(112)
Euro-Bobl	(36)	June 2019	EUR	(4,793)	(2)			—
Euro-OAT	(26)	June 2019	EUR	(4,114)	3			(130)
U.K. Long Gilt	(41)	June 2019	GBP	(5,239)	(8)			(85)
Ultra 10-Year U.S. Treasury Note	(100)	June 2019		(13,024)	32			(254)
Ultra Long Term U.S. Treasury Bond	(65)	June 2019		(10,799)	10			(121)
					120			(1,023)


JNL/Goldman Sachs Core Plus Bond Fund — Centrally Cleared Interest Rate Swap Agreements
Floating Rate Index²	Paying / Receiving Floating Rate	Fixed Rate² (%)		Expiration	Notional¹		Variation Margin Receivable (Payable) ($)		Unrealized Appreciation (Depreciation) ($)
28-Day MEXIBOR (M)	Receiving	7.95	(M)	06/16/21	MXN	88,075		10		(5)
28-Day MEXIBOR (M)	Paying	9.29	(M)	10/18/28	MXN	32,775		(4)		66
3M Canada Bankers Acceptance (S)	Receiving	2.50	(S)	06/19/21	CAD	21,030		23		(25)
3M Canada Bankers Acceptance (S)	Receiving	2.50	(S)	06/19/24	CAD	11,310		28		35
3M Canada Bankers Acceptance (S)	Receiving	3.00	(S)	06/19/29	CAD	7,320		15		(18)
3M JIBAR (Q)	Paying	7.50	(Q)	09/19/20	ZAR	16,900		—		5
3M LIBOR (Q)	Receiving	3.00	(S)	06/19/21		39,470		39		(181)
3M LIBOR (Q)	Receiving	2.22	(S)	08/31/23		40,290		72		54
3M LIBOR (Q)	Receiving	3.00	(S)	06/19/24		8,500		19		37
3M LIBOR (Q)	Paying	2.80	(S)	02/12/29		16,550		—		197
3M LIBOR (Q)	Paying	2.50	(S)	03/29/29		14,790		1		(22)
3M LIBOR (Q)	Paying	3.00	(S)	06/19/29		20,290		3		292
3M LIBOR (Q)	Paying	3.00	(S)	06/20/39		7,900		(7)		127
3M LIBOR (Q)	Paying	2.75	(S)	06/15/49		5,120		(6)		55
3M New Zealand Bank Bill Forward Rate Agreement (Q)	Receiving	3.25	(S)	06/19/29	NZD	4,560		11		(50)
3M New Zealand Bank Bill Forward Rate Agreement (Q)	Paying	1.75	(S)	06/19/21	NZD	93,750		(10)		295
3M STIBOR (Q)	Receiving	0.50	(A)	06/19/23	SEK	158,520		15		(65)
3M STIBOR (Q)	Receiving	0.50	(A)	06/19/24	SEK	451,990		60		(301)
3M STIBOR (Q)	Receiving	1.00	(A)	06/19/29	SEK	36,840		10		(72)
6M Australian Bank Bill Short Term Rate (S)	Receiving	3.00	(S)	06/19/29	AUD	11,360		27		(72)
6M Australian Bank Bill Short Term Rate (S)	Paying	2.50	(S)	06/19/24	AUD	25,500		(11)		4
6M British Bankers' Association Yen LIBOR (S)	Receiving	0.35	(S)	01/16/29	JPY	2,625,800		3		(120)
6M British Bankers' Association Yen LIBOR (S)	Receiving	1.00	(S)	06/15/49	JPY	370,250		4		(63)
6M British Bankers' Association Yen LIBOR (S)	Paying	0.50	(S)	03/22/28	JPY	1,080,640		(1)		14
6M EURIBOR (S)	Receiving	1.00	(A)	03/29/29	EUR	14,570		19		19
6M EURIBOR (S)	Receiving	1.50	(A)	06/19/29	EUR	20,860		28		(230)
6M EURIBOR (S)	Receiving	1.75	(A)	06/20/39	EUR	2,590		11		(17)
6M EURIBOR (S)	Paying	0.25	(A)	06/19/23	EUR	19,870		(5)		126
6M EURIBOR (S)	Paying	0.50	(A)	06/19/24	EUR	53,980		(15)		490
6M EURIBOR (S)	Paying	1.45	(A)	01/15/29	EUR	11,500		(15)		238
6M EURIBOR (S)	Paying	1.20	(A)	02/12/29	EUR	15,760		(20)		219
6M EURIBOR (S)	Paying	1.20	(A)	02/21/29	EUR	5,820		(7)		91
6M EURIBOR (S)	Paying	1.00	(A)	06/19/29	EUR	820		(1)		20
6M GBP LIBOR (S)	Receiving	1.90	(S)	08/03/28	GBP	8,390		(7)		(275)
6M GBP LIBOR (S)	Receiving	1.50	(S)	02/12/29	GBP	23,910		(21)		(262)
6M NIBOR (S)	Receiving	2.30	(A)	02/21/29	NOK	63,010		9		(56)
6M Swiss Franc LIBOR (S)	Receiving	1.00	(A)	12/21/27	CHF	80		—		(2)
6M Swiss Franc LIBOR (S)	Receiving	1.00	(A)	06/19/29	CHF	2,450		—		(23)
6M Swiss Franc LIBOR (S)	Paying	1.05	(A)	08/07/28	CHF	13,250		(3)		506
BRAZIBOR (M)	Receiving	7.25	(M)	01/02/20	BRL	3		—		—
Korean Won 3M Certificate of Deposit (Q)	Paying	1.80	(Q)	03/20/29	KRW	5,996,420		(6)		29
Sterling Overnight Index Average Rate (A)	Receiving	1.10	(A)	08/01/23	GBP	1,780		(2)		(19)
								266		1,041

126

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019

JNL/Goldman Sachs Core Plus Bond Fund — Centrally Cleared Credit Default Swap Agreements

Reference Entity²

Fixed

Receive/

Pay Rate⁸

(%)

Expiration

Notional^1,7

Value⁶ ($)

Variation

Margin

Receivable

(Payable) ($)

Unrealized

Appreciation

(Depreciation) ($)

Credit default swap agreements - purchase protection³

iTraxx Europe Series 31 (Q)

1.00

06/20/24

10,590

(215)

(22)

JNL/Goldman Sachs Core Plus Bond Fund — Exchange Traded Purchased Options

Reference Entity

Put/Call

Exercise Price ($)/

Swaption Rate (%)

Expiration

Notional/

Contracts ¹

Value ($)

Exchange Traded Futures Options

Eurodollar Future, Expiration June 2020

Put

97.75

06/15/20

625

359

JNL/Goldman Sachs Core Plus Bond Fund — OTC Purchased Options

Reference Entity

Counterparty

Put/Call

Exercise Price ($)/

Swaption Rate (%)

Expiration

Notional/

Contracts ¹

Value ($)

Interest Rate Swaptions¹⁰

3M LIBOR, 11/04/19

CIT

Call

3.03

11/01/19

4,800,000

268

3M LIBOR, 11/04/19

CIT

Call

3.01

11/01/19

8,700,000

472

3M LIBOR, 07/16/19

CSI

Call

2.61

07/15/19

6,600,000

173

3M LIBOR, 07/17/19

JPM

Call

2.63

07/16/19

3,200,000

3M LIBOR, 06/11/19

JPM

Put

3.17

06/10/19

18,300,000

3M LIBOR, 06/11/19

JPM

Put

2.67

06/10/19

18,300,000

1,026

JNL/Goldman Sachs Core Plus Bond Fund — OTC Written Options

Reference Entity

Counterparty

Put/Call

Exercise Price ($)/ Swaption Rate(%)

Expiration

Notional/

Contracts ¹

Value ($)

Interest Rate Swaptions¹⁰

3M LIBOR, 11/04/19

CIT

Call

3.12

11/01/19

2,100,000

(247)

3M LIBOR, 11/04/19

CIT

Call

3.10

11/01/19

3,800,000

(435)

3M LIBOR, 07/16/19

CSI

Call

2.72

07/15/19

2,800,000

(117)

3M LIBOR, 07/17/19

JPM

Call

2.73

07/16/19

1,400,000

(60)

3M LIBOR, 06/11/19

JPM

Put

2.92

06/10/19

36,600,000

(14)

(873)

Forward Foreign Currency Contracts


Purchased/ Sold	Counter-party	Expiration	Notional ¹		Value ($)		Unrealized Appreciation (Depreciation) ($)
ARS/USD	MSC	04/03/19	ARS	14,911		343		(17)
ARS/USD	MSC	04/22/19	ARS	25,880		581		(41)
ARS/USD	MSC	04/26/19	ARS	10,973		245		(6)
ARS/USD	MSC	05/28/19	ARS	62,569		1,340		(80)
ARS/USD	MSC	06/04/19	ARS	14,911		316		1
AUD/USD	MSC	06/19/19	AUD	2,645		1,881		(8)
AUD/USD	MSC	06/19/19	AUD	8,932		6,348		11
AUD/EUR	MSC	06/19/19	EUR	(353)		(399)		4
BRL/USD	MSC	04/02/19	BRL	38,735		9,907		(305)
BRL/USD	MSC	05/03/19	BRL	19,857		5,070		17
CAD/USD	MSC	06/19/19	CAD	19,629		14,730		27
CHF/USD	MSC	06/19/19	CHF	1,153		1,166		5
CLP/USD	MSC	04/04/19	CLP	4,155,788		6,107		(171)
CLP/USD	MSC	04/18/19	CLP	2,486,921		3,653		(20)
CLP/USD	MSC	04/22/19	CLP	87,227		128		(3)
CLP/USD	MSC	04/25/19	CLP	87,695		129		(3)
CNH/USD	MSC	06/19/19	CNH	34,676		5,157		6
COP/USD	MSC	04/01/19	COP	14,755,598		4,628		(123)
COP/USD	MSC	04/15/19	COP	9,172,798		2,874		(49)
COP/USD	MSC	04/15/19	COP	1,806,640		566		—
COP/USD	MSC	05/02/19	COP	989,213		310		(1)
CZK/USD	MSC	06/19/19	CZK	49,413		2,151		(34)
CZK/EUR	MSC	06/19/19	EUR	(1,103)		(1,246)		(8)
CZK/EUR	MSC	06/19/19	EUR	(225)		(254)		—
EUR/AUD	MSC	06/19/19	AUD	(1,772)		(1,260)		(4)
EUR/USD	MSC	06/19/19	EUR	4,495		5,076		(44)
EUR/USD	MSC	06/19/19	EUR	1,124		1,270		—
EUR/GBP	MSC	06/19/19	GBP	(972)		(1,269)		(1)
EUR/GBP	MSC	06/19/19	GBP	(1,389)		(1,814)		2
EUR/JPY	MSC	06/19/19	JPY	(42,046)		(382)		(2)
EUR/JPY	MSC	06/19/19	JPY	(69,564)		(632)		1
EUR/NOK	MSC	06/19/19	NOK	(24,569)		(2,858)		(10)
EUR/PLN	MSC	06/19/19	PLN	(9,996)		(2,610)		6
EUR/SEK	MSC	06/19/19	SEK	(19,933)		(2,158)		(11)
EUR/SEK	MSC	06/19/19	SEK	(9,178)		(993)		—
EUR/ZAR	MSC	06/19/19	ZAR	(9,033)		(620)		(2)
GBP/CAD	MSC	06/19/19	CAD	(464)		(348)		(6)
GBP/EUR	MSC	06/19/19	EUR	(6,707)		(7,574)		(32)
GBP/USD	MSC	04/12/19	GBP	622		810		2
GBP/USD	MSC	06/19/19	GBP	2,404		3,140		(40)
HUF/EUR	MSC	06/19/19	EUR	(384)		(433)		(2)
HUF/EUR	MSC	06/19/19	EUR	(407)		(459)		—
HUF/PLN	MSC	06/19/19	PLN	(1,736)		(453)		(3)
IDR/USD	MSC	04/05/19	IDR	17,706,688		1,243		(2)
IDR/USD	MSC	04/25/19	IDR	30,470,894		2,134		(21)
IDR/USD	MSC	04/25/19	IDR	26,744,391		1,873		7
INR/USD	MSC	04/02/19	INR	480,192		6,932		169
INR/USD	MSC	04/22/19	INR	356,829		5,134		(19)
JPY/EUR	MSC	06/19/19	EUR	(1,114)		(1,258)		2
JPY/USD	MSC	06/19/19	JPY	138,781		1,260		(3)
JPY/USD	MSC	06/19/19	JPY	1,173,838		10,658		62
KRW/USD	MSC	04/05/19	KRW	699,198		616		(5)

127

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


Purchased/ Sold	Counter-party	Expiration	Notional ¹		Value ($)		Unrealized Appreciation (Depreciation) ($)
KRW/USD	MSC	04/18/19	KRW	8,604,272		7,583		(60)
KRW/USD	MSC	04/18/19	KRW	1,435,873		1,266		3
MXN/USD	MSC	06/19/19	MXN	39,746		2,022		(39)
MXN/USD	MSC	06/19/19	MXN	58,555		2,978		8
MYR/USD	MSC	04/05/19	MYR	3,051		747		(1)
NOK/EUR	MSC	06/19/19	EUR	(2,927)		(3,303)		20
NOK/USD	MSC	06/19/19	NOK	2,351		274		(3)
NOK/USD	MSC	06/19/19	NOK	3,067		357		1
NZD/EUR	MSC	06/19/19	EUR	(505)		(571)		3
NZD/USD	MSC	06/19/19	NZD	6,285		4,286		(33)
PHP/USD	MSC	04/12/19	PHP	81,136		1,544		14
PLN/EUR	MSC	06/19/19	EUR	(6,897)		(7,787)		(23)
RUB/USD	MSC	04/11/19	RUB	24,715		376		(8)
RUB/USD	MSC	04/15/19	RUB	113,903		1,730		(33)
RUB/USD	MSC	04/15/19	RUB	439,443		6,674		87
SEK/EUR	MSC	06/19/19	EUR	(1,454)		(1,642)		24
SEK/USD	MSC	06/19/19	SEK	4,714		510		(2)
SGD/USD	MSC	06/19/19	SGD	1,646		1,217		(4)
SGD/USD	MSC	06/19/19	SGD	8,728		6,450		12
TRY/USD	MSC	06/19/19	TRY	7,229		1,205		(52)
TWD/USD	MSC	04/08/19	TWD	59,823		1,941		(3)
TWD/USD	MSC	04/08/19	TWD	19,226		624		1
TWD/USD	MSC	04/11/19	TWD	257,013		8,343		(39)
TWD/USD	MSC	04/29/19	TWD	79,050		2,569		2
USD/ARS	MSC	04/03/19	ARS	(14,911)		(343)		(2)
USD/ARS	MSC	04/22/19	ARS	(10,376)		(233)		16
USD/AUD	MSC	06/19/19	AUD	(2,644)		(1,880)		4
USD/BRL	MSC	04/02/19	BRL	(19,857)		(5,079)		(16)
USD/BRL	MSC	04/02/19	BRL	(18,876)		(4,828)		138
USD/BRL	MSC	05/03/19	BRL	(2,967)		(758)		—
USD/CAD	MSC	06/19/19	CAD	(2,167)		(1,626)		(7)
USD/CAD	MSC	06/19/19	CAD	(1,668)		(1,252)		—
USD/CHF	MSC	06/19/19	CHF	(3,302)		(3,341)		(22)
USD/CLP	MSC	04/04/19	CLP	(4,155,789)		(6,105)		130
USD/CLP	MSC	04/18/19	CLP	(726,167)		(1,067)		11
USD/CLP	MSC	04/22/19	CLP	(86,874)		(128)		3
USD/CLP	MSC	04/25/19	CLP	(87,026)		(128)		4
USD/CNH	MSC	06/19/19	CNH	(11,530)		(1,715)		(6)
USD/CNH	MSC	06/19/19	CNH	(13,325)		(1,982)		—
USD/COP	MSC	04/01/19	COP	(14,755,599)		(4,628)		102
USD/COP	MSC	04/15/19	COP	(4,078,464)		(1,278)		21
USD/EUR	MSC	04/26/19	EUR	(6,914)		(7,770)		154
USD/EUR	MSC	06/19/19	EUR	(21,930)		(24,760)		216
USD/GBP	MSC	04/12/19	GBP	(13,435)		(17,484)		(160)
USD/GBP	MSC	06/19/19	GBP	(5,850)		(7,639)		173
USD/HUF	MSC	06/19/19	HUF	(189,463)		(665)		21
USD/IDR	MSC	04/05/19	IDR	(17,706,688)		(1,243)		(3)
USD/IDR	MSC	04/25/19	IDR	(8,837,411)		(619)		5
USD/INR	MSC	04/02/19	INR	(166,537)		(2,405)		(32)
USD/INR	MSC	04/02/19	INR	(313,654)		(4,528)		14
USD/JPY	MSC	06/19/19	JPY	(772,753)		(7,016)		34
USD/KRW	MSC	04/05/19	KRW	(699,198)		(616)		1
USD/KRW	MSC	04/18/19	KRW	(1,351,337)		(1,191)		6
USD/KRW	MSC	04/30/19	KRW	(2,834,021)		(2,498)		(7)
USD/KRW	MSC	04/30/19	KRW	(691,516)		(610)		—
USD/MXN	MSC	06/19/19	MXN	(8,333)		(424)		(1)
USD/MXN	MSC	06/19/19	MXN	(83,653)		(4,254)		48
USD/NOK	MSC	06/19/19	NOK	(13,256)		(1,542)		11
USD/NZD	MSC	06/19/19	NZD	(1,313)		(895)		(1)
USD/PHP	MSC	04/12/19	PHP	(88,849)		(1,690)		7
USD/RON	MSC	06/19/19	RON	(4,877)		(1,143)		13
USD/RUB	MSC	04/15/19	RUB	(140,494)		(2,134)		(11)
USD/RUB	MSC	04/15/19	RUB	(154,061)		(2,340)		33
USD/SEK	MSC	06/19/19	SEK	(2,801)		(303)		—
USD/SGD	MSC	06/19/19	SGD	(5,001)		(3,695)		(4)
USD/SGD	MSC	06/19/19	SGD	(5,103)		(3,771)		8
USD/TRY	MSC	06/19/19	TRY	(7,230)		(1,205)		52
USD/TWD	MSC	04/08/19	TWD	(79,049)		(2,566)		(1)
USD/TWD	MSC	04/11/19	TWD	(47,588)		(1,545)		5
USD/TWD	MSC	04/29/19	TWD	(84,751)		(2,754)		(7)
USD/ZAR	MSC	04/03/19	ZAR	(20,942)		(1,450)		46
USD/ZAR	MSC	06/19/19	ZAR	(28,888)		(1,982)		22
ZAR/USD	MSC	06/19/19	ZAR	30,833		2,115		(7)
ZAR/USD	MSC	06/19/19	ZAR	60,537		4,153		7
						(22,691)		139


JNL/Goldman Sachs Core Plus Bond Fund — OTC Credit Default Swap Agreements
Reference Entity²	Counter-party	Implied Credit Spread ⁵ (%)	Fixed Receive/ Pay Rate⁸ (%)	Expiration	Notional ^1,7 ($)		Value⁶ ($)		Premiums Paid (Received) ($)		Unrealized Appreciation (Depreciation) ($)
Credit default swap agreements - purchase protection³
People's Republic of China (Q)	BOA	N/A	1.00	06/20/19		80		(1)		(1)		—
People's Republic of China (Q)	BOA	N/A	1.00	06/20/19		70		—		—		—
People's Republic of China (Q)	CGM	N/A	1.00	06/20/19		190		—		(1)		1
People's Republic of China (Q)	CGM	N/A	1.00	06/20/19		400		(1)		(5)		4
People's Republic of China (Q)	CGM	N/A	1.00	06/20/19		420		(1)		(3)		2
People's Republic of China (Q)	CGM	N/A	1.00	06/20/19		430		(1)		(3)		2
People's Republic of China (Q)	CGM	N/A	1.00	06/20/19		870		(2)		(6)		4
People's Republic of China (Q)	CGM	N/A	1.00	06/20/19		70		—		—		—
People's Republic of China (Q)	CGM	N/A	1.00	06/20/19		200		—		(1)		1
People's Republic of China (Q)	CGM	N/A	1.00	06/20/19		280		(1)		(2)		1
People's Republic of China (Q)	CGM	N/A	1.00	06/20/19		3,030		(7)		—		(7)
People's Republic of China (Q)	CGM	N/A	1.00	06/20/19		320		(1)		(2)		1
People's Republic of China (Q)	CGM	N/A	1.00	06/20/19		700		(2)		(4)		2
People's Republic of China (Q)	CGM	N/A	1.00	06/20/19		330		(1)		(2)		1
People's Republic of China (Q)	CIT	N/A	1.00	06/20/19		410		(2)		(5)		3
People's Republic of China (Q)	CIT	N/A	1.00	06/20/19		330		(1)		(5)		4
People's Republic of China (Q)	CIT	N/A	1.00	06/20/19		180		(1)		(2)		1
People's Republic of China (Q)	CIT	N/A	1.00	06/20/19		210		—		(1)		1
People's Republic of China (Q)	JPM	N/A	1.00	06/20/19		30		—		—		—
People's Republic of China (Q)	JPM	N/A	1.00	06/20/19		180		—		(1)		1
People's Republic of China (Q)	BOA	N/A	1.00	12/20/20		1,600		(24)		9		(33)
People's Republic of China (Q)	CIT	N/A	1.00	12/20/20		320		(5)		2		(7)
People's Republic of China (Q)	CIT	N/A	1.00	12/20/20		3,500		(53)		29		(82)
People's Republic of China (Q)	JPM	N/A	1.00	12/20/20		1,850		(28)		8		(36)
People's Republic of China (Q)	JPM	N/A	1.00	12/20/20		100		(1)		1		(2)

128

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


JNL/Goldman Sachs Core Plus Bond Fund — OTC Credit Default Swap Agreements (continued)
Reference Entity²	Counter-party	Implied Credit Spread ⁵ (%)	Fixed Receive/ Pay Rate⁸ (%)	Expiration	Notional ^1,7 ($)		Value⁶ ($)		Premiums Paid (Received) ($)		Unrealized Appreciation (Depreciation) ($)
People's Republic of China (Q)	JPM	N/A	1.00	12/20/20		2,230		(33)		20		(53)
People's Republic of China (Q)	JPM	N/A	1.00	12/20/20		360		(5)		2		(7)
People's Republic of China (Q)	BCL	N/A	1.00	06/20/21		90		(2)		1		(3)
People's Republic of China (Q)	BCL	N/A	1.00	06/20/21		100		(2)		—		(2)
People's Republic of China (Q)	BCL	N/A	1.00	06/20/21		160		(4)		1		(5)
People's Republic of China (Q)	BCL	N/A	1.00	06/20/21		200		(4)		1		(5)
People's Republic of China (Q)	BOA	N/A	1.00	06/20/21		950		(18)		11		(29)
People's Republic of China (Q)	BOA	N/A	1.00	06/20/21		270		(5)		3		(8)
People's Republic of China (Q)	CGM	N/A	1.00	06/20/21		720		(13)		7		(20)
People's Republic of China (Q)	CIT	N/A	1.00	06/20/21		320		(6)		3		(9)
People's Republic of China (Q)	CIT	N/A	1.00	06/20/21		440		(8)		1		(9)
People's Republic of China (Q)	CIT	N/A	1.00	06/20/21		160		(3)		—		(3)
People's Republic of China (Q)	CIT	N/A	1.00	06/20/21		1,500		(27)		8		(35)
People's Republic of China (Q)	CIT	N/A	1.00	06/20/21		680		(12)		7		(19)
People's Republic of China (Q)	CIT	N/A	1.00	06/20/21		820		(15)		9		(24)
People's Republic of China (Q)	CIT	N/A	1.00	06/20/21		370		(6)		4		(10)
People's Republic of China (Q)	DUB	N/A	1.00	06/20/21		340		(7)		1		(8)
People's Republic of China (Q)	DUB	N/A	1.00	06/20/21		590		(11)		1		(12)
People's Republic of China (Q)	DUB	N/A	1.00	06/20/21		1,070		(20)		—		(20)
People's Republic of China (Q)	DUB	N/A	1.00	06/20/21		500		(10)		5		(15)
People's Republic of China (Q)	DUB	N/A	1.00	06/20/21		770		(14)		9		(23)
People's Republic of China (Q)	JPM	N/A	1.00	06/20/21		190		(4)		—		(4)
People's Republic of China (Q)	JPM	N/A	1.00	06/20/21		540		(10)		3		(13)
People's Republic of China (Q)	JPM	N/A	1.00	06/20/21		60		(1)		—		(1)
People's Republic of China (Q)	JPM	N/A	1.00	06/20/21		220		(4)		2		(6)
People's Republic of China (Q)	JPM	N/A	1.00	06/20/21		190		(3)		1		(4)
People's Republic of China (Q)	BCL	N/A	1.00	12/20/21		500		(11)		(2)		(9)
People's Republic of China (Q)	JPM	N/A	1.00	06/20/22		180		(4)		(3)		(1)
						30,620		(395)		100		(495)

129

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
JNL/Goldman Sachs Emerging Markets Debt Fund
CORPORATE BONDS AND NOTES 24.6%
Argentina 1.2%
	Arcor S.A.I.C.
		6.00%, 07/06/23 (a) (b)	810		781
		6.00%, 07/06/23	30		29
	Banco Macro SA
		17.50%, 05/08/22, ARS (b)	16,330		245
	Cablevision SA
		6.50%, 06/15/21	830		822
		6.50%, 06/15/21 (b)	300		297
	Cia General de Combustibles SA
		9.50%, 11/07/21	40		38
	IRSA Propiedades Comerciales SA
		8.75%, 03/23/23	172		166
	Tecila SA
		6.95%, 07/21/27	260		230
	Tecpetrol SA
		4.88%, 12/12/22 (a)	442		409
	YPF SA
		8.75%, 04/04/24	250		250
		7.00%, 12/15/47	100		79
				3,346
Brazil 0.8%
	Banco do Brasil SA
		6.25%, (callable at 100 beginning 04/15/24) (c)	1,190		1,067
	Embraer Netherlands Finance BV
		5.05%, 06/15/25	131		138
		5.40%, 02/01/27	20		22
	Globo Comunicacao e Participacoes SA
		4.88%, 04/11/22	200		203
	Petrobras Global Finance BV
		7.38%, 01/17/27	70		77
		6.00%, 01/27/28	356		360
		5.75%, 02/01/29	20		20
		6.90%, 03/19/49	90		89
	Samarco Mineracao SA
		0.00%, 11/01/22 (d) (e) (f) (g)	300		189
	Vale Overseas Ltd.
		6.25%, 08/10/26	195		213
				2,378
Canada 0.1%
	First Quantum Minerals Ltd.
		7.25%, 04/01/23 (b)	330		323
Chile 0.3%
	Inversiones CMPC SA
		4.38%, 05/15/23	200		203
	Sociedad Quimica y Minera de Chile SA
		5.50%, 04/21/20 (b)	230		236
		3.63%, 04/03/23	500		499
				938
China 1.3%
	21Vianet Group Inc.
		7.00%, 08/17/20	620		620
	China Evergrande Group
		8.25%, 03/23/22	220		216
		4.25%, 02/14/23, HKD (h)	2,000		248
	CNAC HK Synbridge Co. Ltd.
		4.13%, 03/14/21	1,040		1,054
	Huarong Finance Co. Ltd.
		4.50%, (callable at 100 beginning 01/24/22) (c)	400		398
	Huarong Finance II Co. Ltd.
		5.50%, 01/16/25	200		213
		5.00%, 11/19/25	200		209
	JD.com Inc.
		3.88%, 04/29/26	240		235
	Kaisa Group Holdings Ltd.
		8.50%, 06/30/22	200		185
		9.38%, 06/30/24	320		287
				3,665
			Shares/Par¹		Value ($)
Colombia 0.8%
	Banco de Bogota SA
		6.25%, 05/12/26	230		248
		6.25%, 05/12/26 (b)	850		918
	Colombia Telecomunicaciones SA ESP
		8.50%, (callable at 100 beginning 03/30/20) (c)	210		217
	Transportadora de Gas Internacional SA ESP
		5.55%, 11/01/28 (b)	810		877
				2,260
Dominican Republic 0.5%
	Aeropuertos Dominicanos Siglo XXI SA
		6.75%, 03/30/29 (b)	1,290		1,318
Ghana 0.3%
	Kosmos Energy Ltd.
		7.13%, 04/04/26 (b)	680		673
	Tullow Oil Plc
		7.00%, 03/01/25	270		270
				943
Guatemala 1.0%
	Agromercantil Senior Trust
		6.25%, 04/10/19	100		100
		6.25%, 04/10/19 (b)	660		660
	Central American Bottling Corp.
		5.75%, 01/31/27 (b)	680		697
	Comcel Trust via Comunicaciones Celulares SA
		6.88%, 02/06/24	310		322
		6.88%, 02/06/24 (b)	330		343
	Energuate Trust
		5.88%, 05/03/27 (b)	760		746
				2,868
India 1.3%
	ABJA Investment Co. Pte Ltd.
		5.95%, 07/31/24	240		245
		5.45%, 01/24/28	200		188
	Adani Transmission Ltd.
		4.00%, 08/03/26	400		372
	Glenmark Pharmaceuticals Ltd.
		2.00%, 06/28/22 (h)	250		262
	Greenko Investment Co.
		4.88%, 08/16/23	600		568
		4.88%, 08/16/23 (b)	200		191
	Neerg Energy Ltd.
		6.00%, 02/13/22 (a) (b)	400		396
	Reliance Industries Ltd.
		3.67%, 11/30/27	250		243
		3.67%, 11/30/27 (b)	910		888
	Rolta Americas LLC
		0.00%, 07/24/19 (d) (e) (f) (g)	420		43
	UPL Corp. Ltd.
		4.50%, 03/08/28	210		205
				3,601
Indonesia 0.7%
	Eterna Capital Pte. Ltd.
		8.00%, 12/11/22 (i)	60		53
	Innovate Capital Pte Ltd.
		6.00%, 12/11/24 (h)	502		287
	LLPL Capital Pte Ltd.
		6.88%, 02/04/39 (b)	440		476
	Minejesa Capital BV
		4.63%, 08/10/30	720		698
	Star Energy Geothermal Wayang Windu Ltd.
		6.75%, 04/24/33 (b)	354		355
				1,869
Ireland 0.1%
	Oilflow SPV 1 DAC
		12.00%, 01/13/22	310		317
Israel 0.0%
	Teva Pharmaceutical Finance Co. BV
		2.95%, 12/18/22	20		19
Italy 0.3%
	Wind Tre SpA
		2.63%, 01/20/23, EUR	100		108

130

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
		5.00%, 01/20/26 (b)	680		619
				727
Jamaica 0.3%
	Digicel Group Two Ltd.
		8.25%, 09/30/22 (f) (g)	146		50
	Digicel Ltd.
		6.00%, 04/15/21 (a)	580		486
		6.75%, 03/01/23 (a) (b)	650		417
				953
Japan 0.1%
	SoftBank Group Corp.
		6.00%, (callable at 100 begininng 07/19/23) (c)	350		328
Luxembourg 0.8%
	Altice Financing SA
		6.63%, 02/15/23	320		326
		7.50%, 05/15/26 (a)	600		591
		7.50%, 05/15/26 (b)	620		612
	Telefonica Celular del Paraguay SA
		6.75%, 12/13/22	760		777
				2,306
Malaysia 0.7%
	Axiata SPV 2 Bhd
		3.47%, 11/19/20	1,050		1,054
	Gohl Capital Ltd.
		4.25%, 01/24/27	890		885
				1,939
Mexico 2.0%
	America Movil SAB de CV
		6.00%, 06/09/19, MXN	8,890		454
	BBVA Bancomer SA
		5.13%, 01/18/33	1,300		1,196
	Becle SAB de CV
		3.75%, 05/13/25	190		185
	Fresnillo Plc
		5.50%, 11/13/23 (a)	402		422
	Gruma SAB de CV
		4.88%, 12/01/24 (b)	910		952
	Grupo Cementos de Chihuahua SAB de CV
		5.25%, 06/23/24 (b)	300		301
	JB y Compania SA de CV
		3.75%, 05/13/25 (b)	410		404
	Kimberly-Clark Corp.
		3.25%, 03/12/25 (f) (g)	100		94
	Mexico City Airport Trust
		4.25%, 10/31/26	200		191
		3.88%, 04/30/28 (b)	330		302
		5.50%, 07/31/47	200		184
		5.50%, 07/31/47 (b)	320		296
	Unifin Financiera SAB de CV SOFOM ENR
		7.38%, 02/12/26	220		207
		7.38%, 02/12/26 (b)	520		489
				5,677
Mongolia 0.3%
	Energy Resources LLC
		0.00%, (callable at 100 beginning 10/01/19) (c) (i)	746		377
		8.00%, 09/30/22 (i) (j)	411		416
				793
Netherlands 0.7%
	NE Property Cooperatief UA
		3.75%, 02/26/21, EUR	200		225
	Petrobras Global Finance BV
		8.75%, 05/23/26	130		154
	Teva Pharmaceutical Finance Netherlands III BV
		2.20%, 07/21/21	990		943
		2.80%, 07/21/23	750		670
				1,992
Nigeria 0.4%
	Zenith Bank Plc
		7.38%, 05/30/22	1,090		1,122
Norway 0.3%
	DNO ASA
		8.75%, 05/31/23 (b)	800		818
			Shares/Par¹		Value ($)
Paraguay 0.2%
	Telefonica Celular del Paraguay SA
		5.88%, 04/15/27 (b)	650		660
Peru 2.9%
	Abengoa Transmision Sur SA
		6.88%, 04/30/43 (b)	1,580		1,764
	Banco de Credito del Peru
		4.85%, 10/30/20, PEN (b)	5,525		1,661
	Banco Internacional del Peru S.A.A. Interbank
		3.38%, 01/18/23 (b)	570		564
	Corp. Lindley SA
		6.75%, 11/23/21	1,756		1,861
	Hunt Oil Co.
		6.38%, 06/01/28 (b)	590		636
	Inretail Pharma SA
		5.38%, 05/02/23 (b)	710		740
	Peru Enhanced Pass-Through Finance Ltd.
		0.00%, 06/02/25 (k)	919		808
				8,034
Romania 0.2%
	Cable Communications Systems NV
		5.00%, 10/15/23, EUR (b)	160		186
	NE Property Cooperatief UA
		1.75%, 11/23/24, EUR	300		297
				483
Russian Federation 1.3%
	Credit Bank of Moscow Via CBOM Finance Plc
		7.50%, 10/05/27 (j)	1,460		1,208
	Gazprom OAO Via Gaz Capital SA
		5.15%, 02/11/26 (f) (g)	1,010		1,027
	Lukoil International Finance BV
		4.56%, 04/24/23	510		519
	Phosagro OAO via Phosagro Bond Funding Ltd.
		3.95%, 11/03/21 (b)	810		805
				3,559
South Africa 1.4%
	Growthpoint Properties International Pty Ltd.
		5.87%, 05/02/23 (b)	560		574
	MTN Mauritius Investments Ltd.
		5.37%, 02/13/22	440		441
		4.76%, 11/11/24	400		380
		6.50%, 10/13/26 (a) (b)	370		376
	Sasol Financing USA LLC
		5.88%, 03/27/24	960		1,018
	Transnet SOC Ltd.
		10.00%, 03/30/29, ZAR	16,500		1,114
				3,903
Switzerland 0.2%
	Syngenta Finance NV
		5.18%, 04/24/28 (b)	320		326
		5.68%, 04/24/48 (b)	250		237
				563
Turkey 2.4%
	Akbank T.A.S.
		7.20%, 03/16/27 (h)	220		189
		6.80%, 04/27/28	690		547
	Anadolu Efes Biracilik Ve Malt Sanayii A/S
		3.38%, 11/01/22	1,340		1,228
	Coca-Cola Icecek A/S
		4.22%, 09/19/24	800		752
		4.22%, 09/19/24 (b)	400		374
	Global Liman Isletmeleri
		8.13%, 11/14/21	200		192
		8.13%, 11/14/21 (b)	760		731
	Turkiye Garanti Bankasi A/S
		6.13%, 05/24/27 (j)	307		243
	Turkiye Sise ve Cam Fabrikalari AS
		6.95%, 03/14/26 (b)	210		203
	Turkiye Vakiflar Bankasi Tao
		6.00%, 11/01/22	200		171
		8.13%, 03/28/24 (b)	310		293

131

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Yapi ve Kredi Bankasi A/S
		13.88%, (callable at 100 beginning 01/15/24) (b) (c) (h)	360		360
		5.13%, 10/22/19	200		199
		6.10%, 03/16/23	410		365
		8.25%, 10/15/24 (b)	940		902
				6,749
Ukraine 0.4%
	Metinvest BV
		7.75%, 04/23/23 (b)	525		514
	MHP SE
		7.75%, 05/10/24	320		323
		7.75%, 05/10/24 (b)	200		202
				1,039
United Arab Emirates 0.6%
	Abu Dhabi Crude Oil Pipeline LLC
		4.60%, 11/02/47 (b)	800		826
	DP World Ltd.
		1.75%, 06/19/24 (h)	800		773
				1,599
United Kingdom 0.2%
	Standard Chartered Plc
		7.50%, 08/18/32, IDR (b)	1,946,000		131
	Tullow Oil Plc
		6.25%, 04/15/22 (b)	350		351
				482
United States of America 0.3%
	Kosmos Energy Ltd.
		7.88%, 08/01/21	470		480
		7.88%, 08/01/21 (b)	200		204
	Vale Overseas Ltd.
		4.38%, 01/11/22	30		31
				715
Zambia 0.2%
	First Quantum Minerals Ltd.
		7.50%, 04/01/25	210		201
		6.88%, 03/01/26	390		362
				563
	Total Corporate Bonds And Notes (cost $70,336)			68,849
GOVERNMENT AND AGENCY OBLIGATIONS 60.1%
Argentina 1.3%
	Argentina Bonar Bond
		49.44%, (Argentina Deposit Rates Badlar + 3.25%), 03/01/20, ARS (j)	2,475		58
		44.59%, (Argentina Deposit Rates Badlar + 2.00%), 04/03/22, ARS (j)	3,705		83
	Argentina Boncer Inflation Indexed Note
		2.50%, 07/22/21, ARS (l)	375		16
	Argentina Inflation Indexed Bond
		4.00%, 03/06/20, ARS (l)	2,500		85
	Argentina Republic Government International Bond
		4.50%, 06/21/19 - 02/13/20	725		717
		3.38%, 01/15/23, EUR	530		474
		5.00%, 01/15/27, EUR	750		623
		5.88%, 01/11/28	10		8
		5.25%, 01/15/28, EUR	540		443
		2.37%, 12/31/33, EUR (i)	96		93
		7.13%, 07/06/36	280		214
		2.26%, 12/31/38, EUR (m)	420		265
		2.50%, 12/31/38 (m)	40		23
		6.25%, 11/09/47, EUR	100		80
		6.88%, 01/11/48	130		95
	City of Buenos Aires, Argentina
		42.42%, (Argentina Deposit Rates Badlar + 3.25%), 03/29/24, ARS (j)	6,355		130
	Province of Santa Fe
		7.00%, 03/23/23	180		154
	Provincia de Buenos Aires
		50.20%, (Argentina Deposit Rates Badlar + 3.83%), 05/31/22, ARS (j)	7,680		168
				3,729
			Shares/Par¹		Value ($)
Brazil 6.0%
	Brazil Inflation Indexed Notas do Tesouro Nacional
		6.00%, 08/15/40, BRL (l)	1,039		1,035
	Brazil Notas do Tesouro Nacional
		10.00%, 01/01/21 - 01/01/29, BRL	58,074		15,785
				16,820
Burundi 0.1%
	Eastern and Southern African Trade and Development Bank
		5.38%, 03/14/22	200		203
Chile 4.1%
	Banco Central de Chile en UF Inflation Indexed Note
		3.00%, 03/01/22, CLP (n)	468,618		734
	Bonos Tesoreria Pesos
		4.50%, 02/28/21 - 03/01/26, CLP	3,695,000		5,592
		5.00%, 03/01/35, CLP	1,320,000		2,098
	Chile Government International Bond
		5.50%, 08/05/20, CLP	751,000		1,128
		4.00%, 03/01/23, CLP (b)	1,180,000		1,755
				11,307
Colombia 5.8%
	Colombia Government International Bond
		7.75%, 04/14/21, COP	1,138,000		373
		4.38%, 03/21/23, COP	1,858,000		555
		6.25%, 11/26/25, COP	3,535,200		1,122
	Colombia TES
		10.00%, 07/24/24, COP	6,185,200		2,311
		7.50%, 08/26/26, COP	2,898,600		981
		6.00%, 04/28/28, COP	5,229,800		1,596
		7.00%, 05/04/22 - 06/30/32, COP	18,356,900		5,956
	Titulos de Tesoreria
		11.00%, 07/24/20, COP	2,827,000		958
	Titulos de Tesoreria Inflation Indexed Bond
		3.50%, 03/10/21 - 05/07/25, COP (n)	7,071,544		2,283
		3.30%, 03/17/27, COP (n)	519,967		165
				16,300
Czech Republic 2.2%
	Czech Republic Government Bond
		2.40%, 09/17/25, CZK	19,930		901
		1.00%, 06/26/26, CZK	18,150		744
		0.25%, 02/10/27, CZK	47,570		1,830
		2.50%, 08/25/28, CZK	19,820		911
		0.95%, 05/15/30, CZK	26,460		1,035
		4.20%, 12/04/36, CZK	12,140		654
				6,075
Dominican Republic 0.8%
	Dominican Republic Central Bank Note
		11.00%, 09/15/23, DOP (b)	2,190		43
	Dominican Republic International Bond
		8.90%, 02/15/23, DOP (b)	10,850		210
		10.50%, 04/07/23, DOP	2,700		55
		11.50%, 05/10/24, DOP	22,700		482
		18.50%, 02/04/28, DOP (b)	4,900		144
		11.38%, 07/06/29, DOP	3,000		64
		12.00%, 03/05/32, DOP	58,600		1,286
				2,284
Hungary 2.6%
	Hungary Government Bond
		2.50%, 10/27/21, HUF	231,630		845
		3.00%, 06/26/24, HUF	896,050		3,323
		5.50%, 06/24/25, HUF	610,020		2,554
		2.75%, 12/22/26, HUF	145,220		518
		3.00%, 10/27/27, HUF	31,860		116
				7,356
Indonesia 1.7%
	Indonesia Government Bond
		8.25%, 07/15/21, IDR	32,700,000		2,363
		7.00%, 05/15/27, IDR	7,241,000		488
	Indonesia Treasury Bond
		7.88%, 04/15/19, IDR	19,500,000		1,370
		6.13%, 05/15/28, IDR	3,000		—

132

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
		9.00%, 03/15/29, IDR	6,572,000		499
				4,720
Malaysia 4.6%
	Malaysia Government Bond
		5.73%, 07/30/19, MYR	2,940		726
		4.38%, 11/29/19, MYR	13,820		3,407
		3.89%, 07/31/20, MYR	1,050		259
		4.05%, 09/30/21, MYR	1,630		405
		3.96%, 09/15/25, MYR	5,570		1,381
		4.39%, 04/15/26, MYR	1,390		353
		4.71%, 09/15/26, MYR	1,920		497
		3.90%, 11/30/26 - 11/16/27, MYR	5,630		1,390
		4.50%, 04/15/30, MYR	4,600		1,183
		4.23%, 06/30/31, MYR	2,690		670
		4.74%, 03/15/46, MYR	1,810		453
	Malaysia Government Investment Issue
		3.74%, 08/26/21, MYR	2,840		699
		4.13%, 08/15/25, MYR	1,530		382
		3.99%, 10/15/25, MYR	180		45
		4.07%, 09/30/26, MYR	510		127
		4.25%, 09/30/30, MYR	1,890		472
		4.72%, 06/15/33, MYR	640		167
		4.79%, 10/31/35, MYR	1,200		313
				12,929
Mexico 2.0%
	Mexico Bonos
		6.50%, 06/09/22, MXN	62,188		3,084
		10.00%, 12/05/24, MXN	7,718		436
		7.75%, 05/29/31, MXN	21,202		1,055
		8.00%, 12/07/23 - 11/07/47, MXN	21,265		1,078
				5,653
Nigeria 0.2%
	Africa Finance Corp.
		3.88%, 04/13/24 (b)	300		296
	Nigeria Government International Bond
		9.25%, 01/21/49 (b)	200		221
				517
Peru 2.2%
	Peru Government International Bond
		6.35%, 08/12/28, PEN (b)	2,662		869
		5.94%, 02/12/29, PEN (b)	2,000		635
		6.95%, 08/12/31, PEN	938		316
		6.15%, 08/12/32, PEN (b)	6,320		2,001
		6.90%, 08/12/37, PEN	2,245		755
		6.85%, 02/12/42, PEN	4,205		1,406
		6.71%, 02/12/55, PEN (f) (g)	718		238
				6,220
Poland 3.7%
	Poland Government Bond
		4.00%, 10/25/23, PLN	7,290		2,054
		2.50%, 07/25/27, PLN	24,010		6,179
	Poland Government International Bond
		2.75%, 10/25/29, PLN	8,260		2,134
				10,367
Puerto Rico 0.4%
	Puerto Rico Sales Tax Financing Corp.
		0.00%, 07/01/24 - 07/01/51 (k)	1,091		295
		4.50%, 07/01/34	38		38
		4.55%, 07/01/40	215		192
		4.75%, 07/01/53	146		138
		5.00%, 07/01/58	437		423
				1,086
Qatar 0.2%
	Qatar Government International Bond
		3.38%, 03/14/24 (b)	200		202
		4.82%, 03/14/49 (b)	200		211
				413
Russian Federation 3.1%
	Russia Federal Bond
		7.40%, 12/07/22, RUB	10		—
		7.10%, 10/16/24, RUB	108,180		1,581
		7.95%, 10/07/26, RUB	118,530		1,782
			Shares/Par¹		Value ($)
		8.50%, 09/17/31, RUB	210,680		3,255
		7.70%, 03/23/33, RUB	4,010		58
	Russia Government Bond
		6.90%, 05/23/29, RUB	19,150		264
		7.25%, 05/10/34, RUB	130,770		1,800
				8,740
South Africa 6.9%
	Republic of South Africa
		10.50%, 12/21/26, ZAR	31,620		2,421
	South Africa Government Bond
		8.00%, 01/31/30, ZAR	3,580		229
		7.00%, 02/28/31, ZAR	11,530		669
		8.25%, 03/31/32, ZAR	16,947		1,075
		8.88%, 02/28/35, ZAR	79,620		5,196
		8.50%, 01/31/37, ZAR	103,945		6,491
		9.00%, 01/31/40, ZAR	48,865		3,153
		6.50%, 02/28/41, ZAR	20		1
		8.75%, 01/31/44, ZAR	1,353		85
				19,320
Suriname 0.1%
	Republic of Suriname
		9.25%, 10/26/26 (b)	200		197
Thailand 6.5%
	Thailand Government Bond
		3.65%, 12/17/21 - 06/20/31, THB	142,800		4,839
		1.88%, 06/17/22, THB	44,260		1,395
		3.63%, 06/16/23, THB	12,530		421
		2.40%, 12/17/23, THB	76,400		2,445
		3.85%, 12/12/25, THB	26,500		918
		2.13%, 12/17/26, THB	24,380		759
		3.58%, 12/17/27, THB	27,180		933
		3.78%, 06/25/32, THB	144,450		5,096
		3.40%, 06/17/36, THB	35,720		1,211
				18,017
Turkey 2.3%
	Turkey Government Bond
		10.70%, 08/17/22, TRY	6,740		897
		12.20%, 01/18/23, TRY	15,870		2,207
		16.20%, 06/14/23, TRY	2,370		375
		11.00%, 03/02/22 - 02/24/27, TRY	10,550		1,397
	Turkey Government International Bond
		4.88%, 10/09/26	420		362
		6.00%, 03/25/27	580		531
		6.13%, 10/24/28	830		750
				6,519
United States of America 2.5%
	U.S. Treasury Note
		2.63%, 12/31/25	2,840		2,896
		2.25%, 03/31/26 (o)	3,960		3,945
				6,841
Uruguay 0.2%
	Uruguay Government International Bond
		8.50%, 03/15/28, UYU (b)	9,550		247
	Uruguay Government International Inflation Indexed Bond
		4.38%, 12/15/28, UYU (n)	10,512		338
				585
Venezuela 0.6%
	Petroleos de Venezuela SA
		0.00%, 10/28/22 (d) (e) (f) (g) (p)	10,060		1,649
	Total Government And Agency Obligations (cost $181,351)			167,847
CREDIT LINKED STRUCTURED NOTES 7.2%
Colombia 0.2%
	Citigroup Inc.
		(Republic of Colombia, 10.00%, 07/24/24, Moody's rating N/A), COP (f) (g)	1,642,000		611
Egypt 1.5%
	Citigroup Global Markets Holdings Inc.
		(Egypt Treasury Bill, 0.00%, 03/03/20, Moody’s Rating N/A), EGP (b) (k)	30,350		1,502

133

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	HSBC Bank Plc
		(Egypt Treasury Bill, 0.00%, 11/19/19, Moody’s Rating N/A), EGP (b) (k)	15,200		790
	JPMorgan Chase Bank NA
		(Egypt Treasury Bill, 0.00%, 10/22/19, Moody's rating N/A), EGP (b) (k)	15,175		798
		(Egypt Treasury Bill, 0.00%, 12/03/19, Moody's rating N/A), EGP (b) (k)	21,500		1,096
				4,186
Indonesia 5.5%
	Deutsche Bank AG
		(Indonesia Government, 7.50%, 08/15/32, Moody's rating N/A), IDR (b)	21,400,000		1,440
	JPMorgan Chase Bank NA
		(Indonesia Government, 8.75%, 05/15/31, Moody's rating N/A), IDR (b)	61,400,000		4,557
		(Indonesia Government, 8.37%, 09/15/26, Moody's Rating N/A), IDR (b)	13,137,000		962
		(Indonesia Government, 9.00%, 03/15/29, Moody's rating Baa2), IDR (b)	55,759,000		4,234
	Standard Chartered Plc
		(Indonesia Government, 9.00%, 03/15/29, Moody's Rating Baa3), IDR (b)	10,711,000		813
		(Indonesia Government, 8.75%, 05/15/31, Moody's rating N/A), IDR (b)	44,531,000		3,308
				15,314
	Total Credit Linked Structured Notes (cost $21,857)			20,111
COMMON STOCKS 0.0%
Mongolia 0.0%
	Mongolian Mining Corp. (d)		1,247		23
United States of America 0.0%
	New Cotai LLC (d) (f) (g) (q)		—		5
	Total Common Stocks (cost $41)			28
SHORT TERM INVESTMENTS 5.4%
Investment Companies 3.8%
	JNL Government Money Market Fund - Institutional Class, 2.33% (r) (s)		10,524		10,524
Securities Lending Collateral 0.8%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.43% (r) (s)		2,326		2,326
Treasury Securities 0.8%
	Argentina Treasury Bill
		5.20%, 07/26/19 (t)	787		778
	Mexico Cetes
		8.13%, 04/11/19, MXN (t)	648		333
	Nigeria OMO Bill
		13.17%, 09/26/19, NGN (f) (g) (t)	387,000		1,004
				2,115
	Total Short Term Investments (cost $14,967)			14,965
Total Investments 97.3% (cost $288,552)					271,800
Total Purchased Options 0.0% (cost $69)					79
Other Derivative Instruments (0.3)%					(902)
Other Assets and Liabilities, Net 3.0%					8,437
Total Net Assets 100.0%					279,414

(a) All or a portion of the security was on loan.

(d) Non-income producing security.

(f) The Sub-Adviser has deemed this security to be illiquid based on procedures approved by the JNL Series Trust's Board of Trustees.

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

(h) Convertible security.

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

(j) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of March 31, 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 reflects 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 issued with a zero coupon. Income is recognized through the accretion of discount.

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

(m) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of March 31, 2019.

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

(o) All or a portion of the security was purchased on a delayed delivery basis. As of March 31, 2019, the total payable for investments purchased on a delayed delivery basis was $3,952.

(p) Security fair valued in good faith as a Level 2 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.

(q) 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.

(r) Investment in affiliate.

(s) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2019.

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

134

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Citigroup Inc. - Republic of Colombia, 10.00%, 07/24/24, Moody's rating N/A	08/12/11	1,032	611	0.2
	Digicel Group Two Ltd., 8.25%, 09/30/22	01/16/19	77	50	—
	Gazprom OAO Via Gaz Capital SA, 5.15%, 02/11/26	02/07/19	1,010	1,027	0.4
	Kimberly-Clark Corp., 3.25%, 03/12/25	01/24/19	93	94	—
	New Cotai LLC	04/18/13	—	5	—
	Nigeria OMO Bill, 13.17%, 09/26/19	03/29/19	1,005	1,004	0.4
	Peru Government International Bond, 6.71%, 02/12/55	10/12/16	214	238	0.1
	Petroleos de Venezuela SA, 0.00%, 10/28/22	05/16/17	3,543	1,649	0.6
	Rolta Americas LLC, 0.00%, 07/24/19	12/12/14	72	43	—
	Samarco Mineracao SA, 0.00%, 11/01/22	02/16/17	211	189	0.1
			7,257	4,910	1.8


JNL/Goldman Sachs Emerging Markets Debt Fund — Futures Contracts
Reference Entity	Contracts¹	Expiration	Notional¹			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
U.S. Treasury Note, 5-Year	64	June 2019		7,417	(23)			(3)
Ultra 10-Year U.S. Treasury Note	14	June 2019		1,821	(4)			38
					(27)			35
Short Contracts
90-Day Eurodollar	(7)	June 2019		(1,715)	—			9
90-Day Eurodollar	(84)	December 2019		(20,425)	11			(65)
Euro-Bobl	(2)	June 2019	EUR	(264)	—			(3)
Euro-Schatz	(4)	June 2019	EUR	(447)	—			(1)
U.S. Treasury Note, 10-Year	(147)	June 2019		(18,033)	34			(227)
U.S. Treasury Note, 2-Year	(11)	June 2019		(2,337)	2			(7)
Ultra Long Term U.S. Treasury Bond	(3)	June 2019		(504)	(2)			—
					45			(294)


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	1,024,775		55		(6)
28-Day MEXIBOR (M)	Receiving	7.95	(M)	06/16/21	MXN	105,175		11		(6)
28-Day MEXIBOR (M)	Receiving	5.66	(M)	01/24/25	MXN	27,480		8		148
28-Day MEXIBOR (M)	Receiving	7.50	(M)	03/03/27	MXN	1,490		—		1
28-Day MEXIBOR (M)	Paying	8.00	(M)	06/15/22	MXN	43,975		(7)		13
28-Day MEXIBOR (M)	Paying	8.00	(M)	06/12/24	MXN	102,900		(26)		49
28-Day MEXIBOR (M)	Paying	8.00	(M)	06/10/26	MXN	109,950		(41)		23
28-Day MEXIBOR (M)	Paying	7.50	(M)	06/09/27	MXN	69,490		(25)		(74)
28-Day MEXIBOR (M)	Paying	8.01	(M)	06/29/27	MXN	55,250		(11)		20
28-Day MEXIBOR (M)	Paying	8.25	(M)	06/06/29	MXN	16,725		(5)		9
3M JIBAR (Q)	Paying	7.75	(Q)	06/19/21	ZAR	296,200		17		120
3M LIBOR (Q)	Receiving	3.00	(S)	03/20/21		35,520		31		(173)
6M BUBOR (S)	Paying	0.60	(A)	09/19/20	HUF	1,180,895		(2)		40
6M BUBOR (S)	Paying	1.75	(A)	06/19/21	HUF	2,096,210		(8)		40
6M PRIBOR (S)	Receiving	2.13	(A)	09/18/22	CZK	69,640		—		(23)
6M PRIBOR (S)	Receiving	2.00	(A)	09/18/24	CZK	42,790		(1)		(22)
6M PRIBOR (S)	Paying	2.20	(A)	09/18/21	CZK	208,500		(2)		44
6M WIBOR (S)	Paying	2.00	(A)	09/19/20	PLN	43,545		—		31
6M WIBOR (S)	Paying	2.00	(A)	03/20/21	PLN	95,070		(4)		132
7-Day China Fixing Repo Rate (Q)	Paying	2.50	(Q)	03/20/21	CNY	71,950		(8)		(32)
BRAZIBOR (M)	Receiving	9.50	(M)	01/02/23	BRL	1,850		(1)		(29)
BRAZIBOR (M)	Receiving	9.80	(M)	01/02/25	BRL	3,825		3		(60)
BRAZIBOR (M)	Paying	7.25	(M)	01/02/20	BRL	65,147		(4)		81
BRAZIBOR (M)	Paying	7.90	(M)	01/02/23	BRL	34,700		25		(22)
Chilean Interbank Rate (S)	Paying	3.60	(S)	03/20/21	CLP	7,801,370		—		95
Chilean Interbank Rate (S)	Paying	4.00	(S)	12/19/21	CLP	315,825		—		8
Colombian Interbank Rate (Q)	Receiving	5.40	(Q)	03/20/24	COP	6,103,075		—		(34)
Colombian Interbank Rate (Q)	Paying	4.75	(Q)	06/20/20	COP	27,550,875		—		15
Colombian Interbank Rate (Q)	Paying	5.00	(Q)	03/20/21	COP	34,628,425		(2)		111
Korean Won 3M Certificate of Deposit (Q)	Paying	1.75	(Q)	03/20/21	KRW	55,989,850		(14)		81
Korean Won 3M Certificate of Deposit (Q)	Paying	1.75	(Q)	06/19/21	KRW	27,586,090		(14)		2

135

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 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) ($)

Mumbai Interbank Offered Rate (S)

Paying

6.75

(S)

03/20/21

INR

750,000

(2)

(27)

661

JNL/Goldman Sachs Emerging Markets Debt Fund — Exchange Traded Purchased Options

Reference Entity

Put/Call

Exercise Price ($)/

Swaption Rate (%)

Expiration

Notional/

Contracts ¹

Value ($)

Exchange Traded Futures Options

Eurodollar Future, Expiration June 2020

Put

97.75

06/15/20

138

Forward Foreign Currency Contracts


Purchased/ Sold	Counter-party	Expiration	Notional ¹		Value ($)		Unrealized Appreciation (Depreciation) ($)
ARS/USD	MSC	04/03/19	ARS	94,277		2,170		(163)
ARS/USD	MSC	04/22/19	ARS	30,898		694		(49)
ARS/USD	MSC	04/26/19	ARS	13,159		294		(7)
ARS/USD	MSC	05/28/19	ARS	14,484		310		(18)
ARS/USD	MSC	06/04/19	ARS	94,278		1,999		9
BRL/USD	MSC	04/02/19	BRL	61,093		15,627		(499)
BRL/USD	MSC	05/03/19	BRL	3,571		912		(4)
BRL/USD	MSC	05/03/19	BRL	38,700		9,881		33
CLP/USD	MSC	04/04/19	CLP	4,905,299		7,207		(181)
CLP/USD	MSC	04/18/19	CLP	792,867		1,165		(17)
CLP/USD	MSC	04/22/19	CLP	104,141		153		(3)
CLP/USD	MSC	04/25/19	CLP	104,786		154		(3)
CNH/USD	MSC	06/19/19	CNH	40,883		6,081		8
COP/USD	MSC	04/01/19	COP	10,627,864		3,334		(51)
COP/USD	MSC	04/15/19	COP	3,936,870		1,234		(32)
COP/USD	MSC	04/15/19	COP	2,089,642		655		1
COP/USD	MSC	05/02/19	COP	1,141,280		357		(1)
CZK/USD	MSC	06/19/19	CZK	74,925		3,262		(51)
CZK/EUR	MSC	06/19/19	EUR	(1,318)		(1,489)		(9)
CZK/EUR	MSC	06/19/19	EUR	(258)		(291)		—
EUR/USD	MSC	04/26/19	EUR	862		968		(9)
EUR/USD	MSC	06/19/19	EUR	8,007		9,040		(79)
EUR/PLN	MSC	06/19/19	PLN	(2,826)		(738)		2
EUR/ZAR	MSC	06/19/19	ZAR	(10,784)		(740)		(2)
HUF/EUR	MSC	06/19/19	EUR	(448)		(506)		(2)
HUF/EUR	MSC	06/19/19	EUR	(467)		(528)		—
HUF/USD	MSC	06/19/19	HUF	287,637		1,010		(33)
HUF/PLN	MSC	06/19/19	PLN	(2,044)		(534)		(3)
IDR/USD	MSC	04/05/19	IDR	21,219,526		1,489		(3)
IDR/USD	MSC	04/05/19	IDR	11,520,114		809		—
IDR/USD	MSC	04/25/19	IDR	16,842,820		1,179		(12)
IDR/USD	MSC	04/25/19	IDR	43,341,010		3,034		11
INR/USD	MSC	04/02/19	INR	574,185		8,289		203
INR/USD	MSC	04/22/19	INR	433,524		6,239		(24)
KRW/USD	MSC	04/05/19	KRW	841,064		741		(6)
KRW/USD	MSC	04/18/19	KRW	10,329,050		9,104		(72)
KRW/USD	MSC	04/18/19	KRW	1,660,974		1,464		3
MXN/USD	MSC	06/19/19	MXN	61,527		3,129		(55)
MXN/USD	MSC	06/19/19	MXN	371,708		18,902		52
MYR/USD	MSC	04/05/19	MYR	12,727		3,117		(21)
PHP/USD	MSC	04/12/19	PHP	95,915		1,824		16
PLN/EUR	MSC	06/19/19	EUR	(13,672)		(15,437)		(16)
RON/USD	MSC	06/19/19	RON	20,580		4,822		(31)
RUB/USD	MSC	04/11/19	RUB	143,517		2,181		(31)
RUB/USD	MSC	04/15/19	RUB	135,434		2,057		(39)
RUB/USD	MSC	04/15/19	RUB	835,679		12,691		164
SGD/USD	MSC	06/19/19	SGD	1,955		1,445		(5)
SGD/USD	MSC	06/19/19	SGD	10,370		7,663		14
TRY/USD	MSC	06/19/19	TRY	18,788		3,131		(124)
TRY/USD	MSC	06/19/19	TRY	9,416		1,570		10
TWD/USD	MSC	04/08/19	TWD	71,431		2,318		(3)
TWD/USD	MSC	04/08/19	TWD	22,590		733		1
TWD/USD	MSC	04/11/19	TWD	298,291		9,684		(45)
TWD/USD	MSC	04/29/19	TWD	94,022		3,056		2
USD/ARS	MSC	04/03/19	ARS	(94,278)		(2,170)		(15)
USD/ARS	MSC	04/22/19	ARS	(12,293)		(276)		19
USD/BRL	MSC	04/02/19	BRL	(38,700)		(9,899)		(32)
USD/BRL	MSC	04/02/19	BRL	(22,394)		(5,729)		163
USD/BRL	MSC	05/03/19	BRL	(3,433)		(877)		—
USD/CLP	MSC	04/04/19	CLP	(4,905,297)		(7,204)		204
USD/CLP	MSC	04/18/19	CLP	(1,695,011)		(2,491)		17
USD/CLP	MSC	04/22/19	CLP	(103,719)		(152)		4
USD/CLP	MSC	04/25/19	CLP	(103,986)		(153)		4
USD/CNH	MSC	06/19/19	CNH	(13,288)		(1,976)		(7)
USD/CNH	MSC	06/19/19	CNH	(15,469)		(2,300)		—
USD/COP	MSC	04/01/19	COP	(10,627,864)		(3,334)		96
USD/COP	MSC	04/15/19	COP	(7,543,068)		(2,364)		37
USD/EUR	MSC	04/26/19	EUR	(1,769)		(1,988)		41
USD/HKD	MSC	04/04/19	HKD	(1,974)		(252)		1
USD/IDR	MSC	04/05/19	IDR	(32,739,641)		(2,298)		(6)
USD/IDR	MSC	04/25/19	IDR	(10,559,718)		(739)		6
USD/INR	MSC	04/02/19	INR	(192,209)		(2,775)		(37)
USD/INR	MSC	04/02/19	INR	(381,976)		(5,514)		18
USD/KRW	MSC	04/05/19	KRW	(841,064)		(741)		1
USD/KRW	MSC	04/18/19	KRW	(1,593,000)		(1,404)		8
USD/KRW	MSC	04/30/19	KRW	(3,262,646)		(2,876)		(8)
USD/KRW	MSC	04/30/19	KRW	(811,159)		(715)		—
USD/MXN	MSC	04/25/19	MXN	(15,298)		(785)		9
USD/MXN	MSC	06/19/19	MXN	(9,810)		(499)		(1)
USD/MXN	MSC	06/19/19	MXN	(116,700)		(5,934)		55
USD/MYR	MSC	04/05/19	MYR	(12,597)		(3,085)		4
USD/PEN	MSC	05/13/19	PEN	(2,693)		(810)		—
USD/PHP	MSC	04/12/19	PHP	(57,436)		(1,093)		5
USD/RUB	MSC	04/15/19	RUB	(166,590)		(2,530)		(12)
USD/RUB	MSC	04/15/19	RUB	(179,569)		(2,727)		39
USD/SGD	MSC	06/19/19	SGD	(5,786)		(4,276)		(5)
USD/SGD	MSC	06/19/19	SGD	(6,016)		(4,446)		9
USD/THB	MSC	06/19/19	THB	(2,061)		(65)		—
USD/TRY	MSC	06/19/19	TRY	(7,971)		(1,329)		60
USD/TWD	MSC	04/08/19	TWD	(94,022)		(3,052)		(1)
USD/TWD	MSC	04/11/19	TWD	(56,761)		(1,843)		6
USD/TWD	MSC	04/29/19	TWD	(97,548)		(3,170)		(8)
USD/ZAR	MSC	06/19/19	ZAR	(56,491)		(3,874)		35
ZAR/USD	MSC	06/19/19	ZAR	36,673		2,516		(9)
ZAR/USD	MSC	06/19/19	ZAR	39,795		2,730		4
						64,416		(470)

136

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019

JNL/Goldman Sachs Emerging Markets Debt Fund — OTC Interest Rate Swap Agreements

Floating Rate Index²

Paying/

Receiving

Floating Rate

Counterparty

Fixed

Rate² (%)

Expiration

Notional ¹

Premiums Paid

(Received) ($)

Unrealized

Appreciation

(Depreciation) ($)

Bloomberg Thailand 6M Reference Rate (S)

Paying

BOA

1.75

(S)

03/20/21

THB

256,270

(1)

Bloomberg Thailand 6M Reference Rate (S)

Paying

CGM

1.55

(S)

06/15/19

THB

146,040

(9)

Bloomberg Thailand 6M Reference Rate (S)

Paying

CGM

1.90

(S)

02/04/21

THB

71,910

—

Bloomberg Thailand 6M Reference Rate (S)

Paying

CGM

1.82

(S)

02/15/21

THB

31,420

—

Bloomberg Thailand 6M Reference Rate (S)

Paying

CSI

1.83

(S)

02/16/21

THB

41,040

—

Bloomberg Thailand 6M Reference Rate (S)

Paying

JPM

1.75

(S)

03/20/21

THB

366,010

(7)

Bloomberg Thailand 6M Reference Rate (S)

Paying

JPM

1.75

(S)

06/19/21

THB

390,600

(13)

Bloomberg Thailand 6M Reference Rate (S)

Paying

MSC

1.75

(S)

03/20/21

THB

148,070

(1)

Bloomberg Thailand 6M Reference Rate (S)

Paying

MSC

1.75

(S)

03/20/21

THB

258,100

—

Bloomberg Thailand 6M Reference Rate (S)

Paying

MSC

1.75

(S)

06/19/21

THB

133,860

(3)

Colombian Interbank Rate (Q)

Receiving

CSI

5.11

(Q)

04/15/19

COP

6,436,410

—

(5)

Colombian Interbank Rate (Q)

Receiving

CSI

6.06

(Q)

05/02/24

COP

980,390

—

(14)

Colombian Interbank Rate (Q)

Receiving

JPM

5.19

(Q)

04/22/19

COP

3,198,610

—

(3)

(27)


JNL/Goldman Sachs Emerging Markets Debt Fund — OTC Credit Default Swap Agreements
Reference Entity²	Counter-party	Implied Credit Spread ⁵ (%)	Fixed Receive/ Pay Rate⁸ (%)	Expiration	Notional ^1,7 ($)		Value⁶ ($)		Premiums Paid (Received) ($)		Unrealized Appreciation (Depreciation) ($)
Credit default swap agreements - purchase protection³
People's Republic of China (Q)	CGM	N/A	1.00	06/20/19		1,130		(3)		(8)		5
People's Republic of China (Q)	CGM	N/A	1.00	06/20/19		140		—		(1)		1
People's Republic of China (Q)	CGM	N/A	1.00	06/20/19		1,240		(3)		(7)		4
People's Republic of China (Q)	CGM	N/A	1.00	06/20/19		150		—		(1)		1
People's Republic of China (Q)	CGM	N/A	1.00	06/20/19		750		(2)		(12)		10
People's Republic of China (Q)	CGM	N/A	1.00	06/20/19		620		(1)		(8)		7
People's Republic of China (Q)	CGM	N/A	1.00	06/20/19		520		(1)		(5)		4
People's Republic of China (Q)	CGM	N/A	1.00	06/20/19		660		(2)		(3)		1
People's Republic of China (Q)	CGM	N/A	1.00	06/20/19		1,040		(2)		(3)		1
People's Republic of China (Q)	CGM	N/A	1.00	06/20/19		220		(1)		(1)		—
People's Republic of China (Q)	CGM	N/A	1.00	06/20/19		3,770		(9)		—		(9)
People's Republic of China (Q)	CGM	N/A	1.00	06/20/19		920		(3)		(6)		3
People's Republic of China (Q)	CGM	N/A	1.00	06/20/19		340		(1)		(2)		1
People's Republic of China (Q)	CGM	N/A	1.00	06/20/19		560		(2)		(4)		2
People's Republic of China (Q)	CGM	N/A	1.00	06/20/19		230		—		(1)		1
People's Republic of China (Q)	CIT	N/A	1.00	06/20/19		410		(1)		(4)		3
People's Republic of China (Q)	JPM	N/A	1.00	12/20/19		3,520		(25)		(32)		7
People's Republic of China (Q)	BOA	N/A	1.00	12/20/20		970		(15)		14		(29)
People's Republic of China (Q)	BOA	N/A	1.00	12/20/20		550		(8)		3		(11)
People's Republic of China (Q)	BOA	N/A	1.00	12/20/20		2,170		(33)		24		(57)
People's Republic of China (Q)	CGM	N/A	1.00	12/20/20		540		(8)		4		(12)
People's Republic of China (Q)	CGM	N/A	1.00	12/20/20		740		(11)		9		(20)
People's Republic of China (Q)	CGM	N/A	1.00	12/20/20		990		(15)		12		(27)
People's Republic of China (Q)	CGM	N/A	1.00	12/20/20		90		(1)		1		(2)
People's Republic of China (Q)	CGM	N/A	1.00	12/20/20		630		(9)		3		(12)
People's Republic of China (Q)	CGM	N/A	1.00	12/20/20		1,770		(26)		16		(42)
People's Republic of China (Q)	CGM	N/A	1.00	12/20/20		3,080		(46)		40		(86)
People's Republic of China (Q)	CGM	N/A	1.00	12/20/20		950		(15)		10		(25)
People's Republic of China (Q)	JPM	N/A	1.00	12/20/20		760		(12)		4		(16)
People's Republic of China (Q)	JPM	N/A	1.00	12/20/20		2,720		(41)		34		(75)
People's Republic of China (Q)	JPM	N/A	1.00	12/20/20		1,130		(17)		15		(32)
People's Republic of China (Q)	JPM	N/A	1.00	12/20/20		990		(15)		12		(27)
People's Republic of China (Q)	BCL	N/A	1.00	06/20/21		330		(6)		3		(9)
People's Republic of China (Q)	CIT	N/A	1.00	06/20/21		520		(10)		—		(10)
People's Republic of China (Q)	CIT	N/A	1.00	06/20/21		220		(4)		2		(6)
People's Republic of China (Q)	CIT	N/A	1.00	06/20/21		1,710		(32)		18		(50)
People's Republic of China (Q)	DUB	N/A	1.00	06/20/21		300		(6)		—		(6)
People's Republic of China (Q)	DUB	N/A	1.00	06/20/21		1,520		(28)		16		(44)
People's Republic of China (Q)	JPM	N/A	1.00	06/20/21		510		(10)		—		(10)
People's Republic of China (Q)	CIT	N/A	1.00	06/20/22		820		(19)		(12)		(7)
People's Republic of China (Q)	JPM	N/A	1.00	06/20/22		780		(18)		(13)		(5)
People's Republic of China (Q)	JPM	N/A	1.00	06/20/22		120		(3)		(1)		(2)
						41,130		(464)		116		(580)
Credit default swap agreements - sell protection⁴
State of Qatar (Q)	BCL	0.59	1.00	06/20/23		(2,300)		39		20		19

137

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


JNL/Goldman Sachs Emerging Markets Debt Fund — OTC Non-Deliverable Bond Forward Contracts
Reference Entity²	Counterparty	Expiration	Notional¹		Premiums Paid (Received) ($)	Unrealized Appreciation (Depreciation) ($)
Republic of Columbia Treasury Bond, 11.00%, 07/24/2020 (A)	JPM	04/15/19	COP	572,800	—	1
Republic of Columbia Treasury Bond, 7.50%, 08/26/2026 (A)	DUB	04/15/19	COP	2,423,721	—	18
					—	19

138

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
JNL/GQG Emerging Markets Equity Fund
PARTICIPATORY NOTES 8.2%
China 8.2%
	Macquarie Bank Ltd. (Shanghai International Airport Co. Ltd.)	624		5,748
	Macquarie Bank Ltd. (Yunnan Baiyao Group Co. Ltd.)	181		2,302
	Macquarie Bank Ltd. (Wuliangye Yibin Co. Ltd.)	648		9,153
	Macquarie Bank Ltd. (Kweichow Moutai Co. Ltd.)	145		18,353
	Macquarie Bank Ltd. (Jiangsu Hengrui Medicine Co. Ltd.)	540		5,241
	Total Participatory Notes (cost $33,495)		40,797
COMMON STOCKS 86.8%
Brazil 1.5%
	Equatorial Energia SA	207		4,237
	Transmissora Alianca de Energia Eletrica SA	488		3,096
			7,333
China 6.2%
	Beijing Enterprises Holdings Ltd.	492		2,793
	China Petroleum & Chemical Corp. - Class H	6,289		4,968
	China Tower Corp. Ltd. (a) (b)	66,016		15,357
	Ping An Insurance Co. of China Ltd. - Class A	132		1,514
	Ping An Insurance Group Co. of China Ltd. - Class H	544		6,127
			30,759
Hong Kong 18.6%
	AIA Group Ltd.	2,108		21,097
	China Resources Gas Group Ltd.	184		868
	CK Infrastructure Holdings Ltd.	1,404		11,535
	CLP Holdings Ltd.	576		6,677
	Guangdong Investment Ltd.	4,915		9,504
	Hang Seng Bank Ltd.	209		5,170
	Hong Kong Exchanges & Clearing Ltd.	229		8,002
	Kingdee International Software Group Co. Ltd.	2,011		2,339
	Link REIT	1,391		16,275
	MTR Corp.	1,780		11,025
			92,492
India 26.5%
	Bajaj Finance Ltd.	96		4,184
	HDFC Bank Ltd.	18		604
	HDFC Bank Ltd. - ADR	241		27,979
	Housing Development Finance Corp.	1,112		31,637
	Infosys Ltd. - ADR	998		10,905
	Infosys Ltd.	1,060		11,409
	Kotak Mahindra Bank Ltd.	474		9,128
	Reliance Industries Ltd. - GDR (b)	149		5,977
	Reliance Industries Ltd.	644		12,697
	Tata Consultancy Services Ltd.	387		11,215
	United Breweries Holdings Ltd.	293		5,906
			131,641
Indonesia 7.1%
	Bank Central Asia Tbk PT	11,188		21,805
	Bank Rakyat Indonesia Persero Tbk PT	27,847		8,075
	PT Sarana Menara Nusantara Tbk (c)	95,272		5,265
			35,145
Malaysia 1.0%
	IHH Healthcare Bhd	3,375		4,776
Mexico 2.2%
	Bolsa Mexicana de Valores SAB de CV - Class A	481		999
	Fomento Economico Mexicano SAB de CV - ADR	79		7,325
	Wal-Mart de Mexico SAB de CV	965		2,580
			10,904
Netherlands 5.4%
	Heineken NV	103		10,911
	Unilever NV - CVA	279		16,208
			27,119
Philippines 0.0%
	Universal Robina Corp.	36		104
Russian Federation 2.8%
	Polyus PJSC - GDR	69		2,842
	Sberbank of Russia	2,317		7,529
		Shares/Par¹		Value ($)
	Yandex NV - Class A (a)	105		3,608
			13,979
Singapore 3.7%
	Ascendas REIT	2,583		5,547
	Singapore Exchange Ltd.	1,361		7,351
	Thai Beverage PCL	8,908		5,557
			18,455
South Korea 3.1%
	Macquarie Infrastructure Co. LLC	571		5,358
	Samsung Fire & Marine Insurance Co. Ltd.	37		9,877
			15,235
Taiwan 1.3%
	Chailease Holding Co. Ltd.	571		2,340
	Taiwan Semiconductor Manufacturing Co. Ltd.	509		4,071
			6,411
Thailand 5.4%
	Airports of Thailand PCL	1,155		2,483
	Bangkok Dusit Medical Services PCL	9,734		7,619
	CP ALL PCL	4,182		9,878
	Electricity Generating PCL	644		5,925
	Kasikornbank PCL - NVDR	132		780
			26,685
United Kingdom 2.0%
	Coca-Cola HBC AG	298		10,148
	Total Common Stocks (cost $389,072)		431,186
PREFERRED STOCKS 1.6%
Brazil 1.6%
	Cia De Transmissao De ENE-PF	207		4,093
	Itausa - Investimentos Itau SA	1,230		3,769
	Total Preferred Stocks (cost $6,350)		7,862
SHORT TERM INVESTMENTS 1.5%
Investment Companies 1.4%
	JNL Government Money Market Fund - Institutional Class, 2.33% (d) (e)	6,811		6,811
Securities Lending Collateral 0.1%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.43% (d) (e)	450		450
	Total Short Term Investments (cost $7,261)		7,261
Total Investments 98.1% (cost $436,178)				487,106
Other Assets and Liabilities, Net 1.9%				9,508
Total Net Assets 100.0%				496,614

(a) Non-income producing security.

(c) The Sub-Adviser has deemed this security to be illiquid based on procedures approved by the JNL Series Trust's Board of Trustees.

(d) Investment in affiliate.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2019.

139

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
JNL/Harris Oakmark Global Equity Fund
COMMON STOCKS 98.7%
China 1.7%
	Baidu.com - Class A - ADR (a)	91		14,948
France 6.1%
	BNP Paribas SA	895		42,893
	Danone SA	124		9,549
			52,442
Germany 11.4%
	Allianz SE	117		26,122
	Bayer AG	462		29,882
	Daimler AG	707		41,519
			97,523
Japan 2.5%
	Toyota Motor Corp.	359		21,064
Mexico 1.7%
	Grupo Televisa SAB - ADR	1,292		14,286
Netherlands 4.2%
	CNH Industrial NV	3,546		36,109
South Africa 2.7%
	Naspers Ltd. - Class N	100		23,219
South Korea 1.9%
	Samsung Electronics Co. Ltd.	417		16,443
Switzerland 17.2%
	Cie Financiere Richemont SA	244		17,784
	Credit Suisse Group AG	3,236		37,766
	Glencore Plc	7,339		30,429
	Julius Baer Group Ltd.	705		28,483
	Kuehne & Nagel International AG	94		12,957
	LafargeHolcim Ltd.	400		19,791
			147,210
Taiwan 1.9%
	Taiwan Semiconductor Manufacturing Co. Ltd.	1,977		15,813
United Kingdom 9.7%
	Diageo Plc	167		6,831
	Experian Plc	212		5,751
		Shares/Par¹		Value ($)
	Liberty Global Plc - Class A (a)	576		14,346
	Liberty Global Plc - Class C (a)	512		12,392
	Reckitt Benckiser Group Plc	142		11,819
	Willis Towers Watson Plc	80		14,077
	WPP Plc	1,716		18,120
			83,336
United States of America 37.7%
	Alphabet Inc. - Class A (a)	30		34,755
	American International Group Inc.	643		27,687
	Bank of America Corp.	585		16,129
	Booking Holdings Inc. (a)	13		22,977
	Caterpillar Inc.	71		9,628
	Charter Communications Inc. - Class A (a)	83		28,940
	Citigroup Inc.	350		21,768
	Comcast Corp. - Class A	339		13,533
	Constellation Brands Inc. - Class A	72		12,676
	General Electric Co.	1,931		19,289
	General Motors Co.	707		26,240
	Halliburton Co.	621		18,184
	HCA Inc.	90		11,781
	Hilton Worldwide Holdings Inc.	327		27,194
	Moody's Corp.	93		16,815
	Regeneron Pharmaceuticals Inc. (a)	36		14,678
	Wabtec Corp.	11		776
			323,050
	Total Common Stocks (cost $948,337)		845,443
SHORT TERM INVESTMENTS 1.0%
Investment Companies 1.0%
	JNL Government Money Market Fund - Institutional Class, 2.33% (b) (c)	8,494		8,494
	Total Short Term Investments (cost $8,494)		8,494
Total Investments 99.7% (cost $956,831)				853,937
Other Derivative Instruments 0.1%				1,072
Other Assets and Liabilities, Net 0.2%				1,314
Total Net Assets 100.0%				856,323

(a) Non-income producing security.

(b) Investment in affiliate.

Forward Foreign Currency Contracts

Purchased/

Sold

Counter-party

Expiration

Notional ¹

Value ($)

Unrealized

Appreciation

(Depreciation) ($)

USD/CHF

SSB

06/19/19

CHF

(22,891)

(23,157)

1,072

140

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
JNL/Heitman U.S. Focused Real Estate Fund
COMMON STOCKS 99.7%
Real Estate 99.7%
	Apartment Investment & Management Co. - Class A	127		6,367
	AvalonBay Communities Inc.	57		11,455
	Boston Properties Inc.	67		8,988
	CareTrust REIT Inc.	260		6,109
	Cousins Properties Inc.	485		4,685
	CubeSmart	177		5,664
	CyrusOne Inc.	73		3,852
	Digital Realty Trust Inc.	9		1,033
	Duke Realty Corp.	226		6,919
	Empire State Realty Trust Inc. - Class A	264		4,167
	Equinix Inc.	30		13,615
	Equity Residential Properties Inc.	152		11,460
	Extra Space Storage Inc.	70		7,098
	Host Hotels & Resorts Inc.	300		5,671
	Hudson Pacific Properties Inc.	169		5,830
	Invitation Homes Inc.	359		8,734
	Pebblebrook Hotel Trust	176		5,457
	Physicians Realty Trust	213		4,014
	ProLogis Inc.	206		14,787
	Regency Centers Corp.	113		7,599
	Sabra Healthcare REIT Inc.	99		1,934
	Simon Property Group Inc.	82		14,877
	SITE Centers Corp.	300		4,091
	VICI Properties Inc.	73		1,597
	Welltower Inc.	178		13,840
	Total Common Stocks (cost $166,373)		179,843
Total Investments 99.7% (cost $166,373)				179,843
Other Assets and Liabilities, Net 0.3%				548
Total Net Assets 100.0%				180,391

141

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
JNL/Invesco China-India Fund
COMMON STOCKS 98.6%
China 45.4%
	Alibaba Group Holding Ltd. - ADS (a)	314		57,301
	Asia Cement China Holdings Corp.	516		510
	Autohome Inc. - Class A - ADR (a) (b)	99		10,449
	Baoshan Iron & Steel Co. Ltd.	2,806		3,022
	Changyou.com Ltd. - Class A - ADS	196		3,352
	China International Travel Service Corp. Ltd.	572		5,977
	China Mobile Ltd.	2,379		24,227
	China Yangtze Power Co. Ltd. - Class A	2,844		7,144
	Ctrip.com International Ltd. - ADR (a)	182		7,940
	ENN Energy Holdings Ltd.	514		4,972
	Gree Electric Appliances Inc. - Class A	1,101		7,761
	Hengan International Group Co. Ltd.	1,201		10,583
	Huayu Automotive Systems Co. Ltd. - Class A	1,923		5,843
	Pou Sheng International Holdings Ltd. (b)	27,914		6,050
	Qingdao Port International Co. Ltd. (a) (c)	3,367		2,364
	Qinqin Foodstuffs Group Cayman Co. Ltd. (a)	189		56
	Shandong Weigao Group Medical Polymer Co. Ltd. - Class H	12,040		11,535
	Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co. Ltd. - Class H	1,455		1,309
	Shanghai International Airport Co. Ltd.	733		6,782
	Shanghai Jinjiang International Hotels Development Co. Ltd. - Class B	1,549		3,429
	Shenzhen Airport Co. Ltd.	1,470		2,197
	Sinopharm Group Co. Ltd. - Class H	1,361		5,680
	Sun Art Retail Group Ltd.	8,317		8,121
	Tencent Holdings Ltd.	609		28,119
	Toly Bread Co. Ltd.	170		1,457
	Universal Scientific Industrial Shanghai Co. Ltd. - Class A	1,867		4,283
	Vipshop Holdings Ltd. - ADR (a)	595		4,779
	Weibo Corp. - ADR (a) (b)	163		10,083
	Xiabuxiabu Catering Management China Holdings Co. Ltd. (b) (c)	1,025		1,793
	YY Inc. - Class A - ADS (a)	184		15,433
			262,551
Hong Kong 9.7%
	Ajisen China Holdings Ltd.	7,982		2,290
	Cafe de Coral Holdings Ltd.	1,098		2,802
	CIMC Enric Holdings Ltd.	6,406		6,589
	CK Hutchison Holdings Ltd.	867		9,121
	FIH Mobile Ltd. (a) (b)	2,735		304
	Goodbaby International Holdings Ltd. (b)	10,839		3,155
	Microport Scientific Corp. (b)	2,676		2,522
	Minth Group Ltd. (b)	2,452		7,761
	Sa Sa International Holdings Ltd. (b)	4,228		1,446
	Sino Biopharmaceutical	5,555		5,101
	Stella International Holdings Ltd.	3,094		4,689
	Towngas China Co. Ltd.	5,584		4,394
	Uni-President China Holdings Ltd.	5,954		5,853
			56,027
India 43.3%
	Ajanta Pharma Ltd.	45		674
	Axis Bank Ltd. (a)	380		4,271
		Shares/Par¹		Value ($)
	Bajaj Finance Ltd.	500		21,885
	Balkrishna Industries Ltd.	425		6,119
	Bharat Financial Inclusion Ltd. (a)	280		4,572
	Bharat Forge Ltd.	625		4,631
	Britannia Industries Ltd.	197		8,795
	Cholamandalam Investment and Finance Co. Ltd.	676		14,207
	Divi's Laboratories Ltd.	200		4,919
	Edelweiss Financial Services Ltd.	960		2,749
	Eicher Motors Ltd.	17		5,054
	Godrej Consumer Products Ltd.	184		1,825
	HDFC Bank Ltd.	625		20,968
	Himatsingka Seide Ltd.	963		3,035
	Hindustan Unilever Ltd.	155		3,824
	Housing Development Finance Corp.	580		16,506
	ICICI Bank Ltd.	2,000		11,588
	IndusInd Bank Ltd.	545		14,009
	Infosys Ltd.	940		10,119
	Jubilant Life Sciences Ltd.	685		6,588
	Kansai Nerolac Paints Ltd.	1,220		8,088
	KEC International Ltd.	365		1,585
	Kotak Mahindra Bank Ltd.	350		6,748
	Larsen & Toubro Ltd.	145		2,905
	Marico Ltd.	840		4,211
	Maruti Suzuki India Ltd.	113		10,899
	Pidilite Industries Ltd.	220		3,962
	PNB Housing Finance Ltd. (c)	364		4,543
	Ramco Cements Ltd.	445		4,730
	State Bank of India (a)	590		2,737
	Supreme Industries Ltd.	303		4,895
	Tata Consultancy Services Ltd.	430		12,448
	Titan Industries Ltd.	440		7,264
	Yes Bank Ltd.	2,390		9,551
			250,904
Taiwan 0.2%
	Hu Lane Associate Inc.	382		1,075
	Total Common Stocks (cost $464,751)		570,557
SHORT TERM INVESTMENTS 2.0%
Investment Companies 1.1%
	JNL Government Money Market Fund - Institutional Class, 2.33% (d) (e)	6,212		6,212
Securities Lending Collateral 0.9%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.43% (d) (e)	5,440		5,440
	Total Short Term Investments (cost $11,652)		11,652
Total Investments 100.6% (cost $476,403)				582,209
Other Assets and Liabilities, Net (0.6)%				(3,519)
Total Net Assets 100.0%				578,690

(a) Non-income producing security.

(b) All or a portion of the security was on loan.

(d) Investment in affiliate.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2019.

142

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
JNL/Invesco Diversified Dividend Fund
COMMON STOCKS 91.8%
Communication Services 5.0%
	AT&T Inc.	455		14,281
	BT Group Plc	2,176		6,320
	Deutsche Telekom AG	377		6,263
			26,864
Consumer Discretionary 5.0%
	Columbia Sportswear Co.	30		3,119
	Darden Restaurants Inc.	24		2,962
	Harley-Davidson Inc.	216		7,722
	Target Corp.	82		6,576
	TJX Cos. Inc.	131		6,991
			27,370
Consumer Staples 22.8%
	Altria Group Inc.	74		4,256
	Anheuser-Busch InBev NV	73		6,118
	Campbell Soup Co.	261		9,949
	Coca-Cola Co.	243		11,382
	Danone SA	56		4,294
	General Mills Inc.	324		16,786
	Heineken NV	79		8,392
	Kimberly-Clark Corp.	99		12,214
	Kraft Heinz Foods Co.	106		3,455
	L'Oreal SA	28		7,453
	Mondelez International Inc. - Class A	187		9,355
	Nestle SA	71		6,777
	Philip Morris International Inc.	51		4,519
	Procter & Gamble Co.	124		12,876
	Sysco Corp.	89		5,949
			123,775
Energy 6.1%
	Baker Hughes a GE Co. LLC - Class A	197		5,462
	ConocoPhillips Co.	123		8,241
	Royal Dutch Shell Plc - Class B	85		2,672
	Suncor Energy Inc.	234		7,587
	Total SA	168		9,332
			33,294
Financials 13.6%
	American Express Co.	60		6,550
	Cullen/Frost Bankers Inc.	41		3,964
	Federated Investors Inc. - Class B	165		4,830
	Fifth Third Bancorp	162		4,084
	Hartford Financial Services Group Inc.	302		15,015
	KeyCorp	170		2,678
	M&T Bank Corp.	69		10,838
	PNC Financial Services Group Inc.	48		5,872
	Travelers Cos. Inc.	86		11,833
	Zions Bancorp	182		8,268
			73,932
Health Care 7.8%
	Bayer AG	90		5,849
	Bristol-Myers Squibb Co.	153		7,297


		Shares/Par¹		Value ($)
	Eli Lilly & Co.	80		10,382
	Johnson & Johnson	50		6,946
	Merck & Co. Inc.	111		9,233
	Stryker Corp.	14		2,771
			42,478
Industrials 8.8%
	ABB Ltd.	264		4,979
	Cummins Inc.	32		5,026
	Emerson Electric Co.	43		2,925
	Flowserve Corp.	230		10,373
	General Dynamics Corp.	35		5,993
	nVent Electric Plc	20		552
	Pentair Plc	80		3,553
	Raytheon Co.	15		2,747
	Siemens AG	51		5,472
	United Parcel Service Inc. - Class B	53		5,920
			47,540
Information Technology 1.3%
	Automatic Data Processing Inc.	42		6,748
Materials 3.5%
	Avery Dennison Corp.	26		2,894
	BASF SE	24		1,805
	International Paper Co.	131		6,057
	Nutrien Ltd.	74		3,926
	Sonoco Products Co.	74		4,542
			19,224
Real Estate 1.3%
	Weyerhaeuser Co.	272		7,155
Utilities 16.6%
	American Electric Power Co. Inc.	92		7,704
	Consolidated Edison Inc.	106		8,954
	Dominion Energy Inc.	160		12,246
	Duke Energy Corp.	80		7,237
	Entergy Corp.	138		13,180
	Exelon Corp.	272		13,637
	PPL Corp.	357		11,346
	Sempra Energy	77		9,633
	SSE Plc	404		6,238
			90,175
	Total Common Stocks (cost $488,060)		498,555
SHORT TERM INVESTMENTS 7.9%
Investment Companies 7.9%
	JNL Government Money Market Fund - Institutional Class, 2.33% (a) (b)	42,739		42,739
Securities Lending Collateral 0.0%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.43% (a) (b)	132		132
	Total Short Term Investments (cost $42,871)		42,871
Total Investments 99.7% (cost $530,931)				541,426
Other Derivative Instruments 0.1%				435
Other Assets and Liabilities, Net 0.2%				1,260
Total Net Assets 100.0%				543,121

(a) Investment in affiliate.

(b) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2019.

Forward Foreign Currency Contracts

Purchased/

Sold

Counter-party

Expiration

Notional ¹

Value ($)

Unrealized

Appreciation

(Depreciation) ($)

USD/EUR

CIT

04/05/19

EUR

(7,969)

(8,940)

161

USD/EUR

GSC

04/05/19

EUR

(6,384)

(7,161)

137

USD/EUR

RBC

04/05/19

EUR

(6,384)

(7,162)

137

(23,263)

435

143

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
JNL/Invesco Global Real Estate Fund
COMMON STOCKS 98.5%
Australia 4.2%
	Dexus	961		8,694
	Goodman Group	1,968		18,646
	GPT Group	1,347		5,938
	Mirvac Group	4,443		8,668
	Scentre Group	6,059		17,667
			59,613
Brazil 0.5%
	BR Malls Participacoes SA	626		2,001
	BR Properties SA	457		1,034
	Cyrela Brazil Realty SA	238		983
	MRV Engenharia e Participacoes SA	324		1,163
	Multiplan Empreendimentos Imobiliarios SA	211		1,260
			6,441
Canada 1.7%
	Allied Properties REIT	232		8,581
	Canadian Apartment Properties REIT	76		2,936
	H&R REIT	203		3,563
	Killam Apartment Real Estate Investment Trust	204		2,968
	RioCan REIT	284		5,622
			23,670
Chile 0.1%
	Parque Arauco SA	490		1,310
China 2.1%
	Agile Property Holdings Ltd.	614		1,000
	China Aoyuan Property Group Ltd.	1,044		1,265
	CIFI Holdings Group Co. Ltd.	2,720		2,072
	Country Garden Holdings Co. Ltd.	5,969		9,379
	Dragon Delight Holdings Co. Ltd.	802		1,337
	Guangzhou R&F Properties Co. Ltd. - Class H	810		1,759
	Guangzhou Times Holdings Group Co. Ltd.	428		888
	Jiayuan International Group Ltd. (a)	854		453
	KWG Property Holding Ltd.	1,080		1,308
	Ronshine China Holdings Ltd. (b)	466		742
	Soho China Ltd. (b)	1,616		682
	Sunac China Holdings Ltd. (a)	1,756		8,792
	Yuzhou Properties Co. Ltd.	1,270		770
			30,447
France 0.8%
	Icade SA	76		6,439
	Klepierre	146		5,114
			11,553
Germany 4.6%
	Aroundtown SA	1,297		10,717
	Deutsche Wohnen SE	373		18,133
	LEG Immobilien AG	82		10,111
	Vonovia SE	494		25,661
			64,622
Hong Kong 11.6%
	China Evergrande Group (a)	1,666		5,558
	China Jinmao Holdings Group Ltd.	5,932		3,879
	China Overseas Land & Investment Ltd.	3,418		13,005
	China Resources Land Ltd.	2,046		9,197
	China Vanke Co. Ltd. - Class H	1,980		8,333
	CK Asset Holdings Ltd.	2,699		24,001
	Hang Lung Properties Ltd.	2,670		6,527
	Henderson Land Development Co. Ltd.	1,032		6,577
	Hongkong Land Holdings Ltd.	1,166		8,298
	K. Wah International Holdings Ltd.	1,059		654
	Kerry Properties Ltd.	693		3,107
	Link REIT	1,905		22,289
	Longfor Properties Co. Ltd.	1,247		4,430
	New World Development Ltd.	6,489		10,773
	Shimao Property Holdings Ltd.	1,227		3,852
	Sino Land Co.	2,302		4,463
	Sino-Ocean Group Holding Ltd.	2,281		1,001
	Sun Hung Kai Properties Ltd.	828		14,231
	Swire Properties Ltd.	1,146		4,930
	Wharf Real Estate Investment Co. Ltd.	946		7,056
		Shares/Par¹		Value ($)
	Yuexiu Property Co. Ltd.	2,944		710
	Yuexiu REIT Trust	1,370		974
			163,845
India 0.2%
	DLF Ltd.	271		795
	Embassy Office Parks REIT (b) (c)	74		322
	Oberoi Realty Ltd.	231		1,764
			2,881
Indonesia 0.3%
	Bumi Serpong Damai PT (b)	9,864		975
	Pakuwon Jati Tbk PT	19,502		947
	PT Ciputra Development Tbk	14,687		1,035
	Summarecon Agung Tbk PT	11,478		759
			3,716
Ireland 0.2%
	Green REIT Plc	2,027		3,416
Japan 10.2%
	Advance Residence Investment Corp.	3		7,021
	Comforia Residential REIT Inc.	—		1,032
	Daiwa Office Investment Corp.	1		5,796
	GLP J-REIT	1		668
	Hulic Co. Ltd.	333		3,265
	Invincible Investment Corp.	6		3,023
	Japan Hotel REIT Investment Corp.	7		5,803
	Japan Real Estate Investment Corp.	2		10,314
	Japan Rental Housing Investments Inc.	5		3,784
	Japan Retail Fund Investment Corp.	4		7,810
	Kenedix Realty Investment Corp.	1		6,942
	Kenedix Retail REIT Corp.	—		664
	Mitsubishi Estate Co. Ltd.	1,023		18,555
	Mitsui Fudosan Co. Ltd.	843		21,231
	Mitsui Fudosan Logistics Park Inc.	1		3,534
	Nippon Prologis REIT Inc.	2		5,253
	Nomura Real Estate Master Fund Inc.	3		4,821
	Orix J-REIT Inc.	5		8,826
	Premier Investment Corp.	1		1,034
	Sekisui House Ltd.	4		3,191
	Sumitomo Realty & Development Co. Ltd.	387		16,033
	Tokyo Tatemono Co. Ltd.	313		3,839
	Tokyu REIT Inc.	—		799
	United Urban Investment Corp.	—		368
			143,606
Luxembourg 0.9%
	Grand City Properties SA	500		12,089
Malaysia 0.3%
	IOI Properties Group Sdn Bhd	1,948		630
	KLCC Property Holdings Bhd	1,097		2,086
	Sime Darby Property Bhd	5,488		1,494
			4,210
Malta 0.0%
	BGP Holdings Plc (b) (c)	5,552		4
Mexico 0.5%
	CIBanco SA Institucion de Banca Multiple	773		1,193
	CIBanco SA Institucion de Banca Multiple	1,806		1,971
	Fibra Uno Administracion SA de CV	2,683		3,706
			6,870
Netherlands 1.2%
	Unibail-Rodamco SE	102		16,743
Philippines 0.9%
	Ayala Land Inc.	9,888		8,452
	Robinsons Land Corp.	2,036		950
	SM Prime Holdings Inc.	4,547		3,451
			12,853
Singapore 2.2%
	Ascendas India Trust (d)	1,213		1,065
	Ascendas REIT	2,494		5,357
	Capitaland Commercial Trust	2,477		3,548
	CapitaLand Ltd.	2,380		6,422
	CapitaLand Retail China Trust Management Ltd.	781		905
	City Developments Ltd.	717		4,793
	Mapletree Commercial Trust	1,578		2,200

144

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
	Mapletree Logistics Trust	4,455		4,799
	Mapletree North Asia Commercial Trust	1,434		1,397
	Yanlord Land Group Ltd.	554		557
			31,043
South Africa 0.8%
	Growthpoint Properties Ltd.	2,915		4,934
	Hyprop Investments Ltd.	335		1,634
	Redefine Properties Ltd.	4,093		2,751
	SA Corporate Real Estate Ltd.	6,987		1,759
			11,078
Spain 0.8%
	Inmobiliaria Colonial SA	361		3,712
	Merlin Properties Socimi SA	573		7,502
			11,214
Sweden 1.6%
	Fabege AB	535		7,770
	Hufvudstaden AB - Class A	471		8,187
	Wihlborgs Fastigheter AB	538		7,340
			23,297
Switzerland 0.6%
	Swiss Prime Site AG	98		8,564
Thailand 0.5%
	AP (Thailand) PCL - NVDR	4,197		935
	Central Pattana PCL - NVDR	1,818		4,195
	Origin Property PCL (e)	612		132
	Supalai PCL - NVDR	1,526		910
	WHA Corp. PCL - NVDR	8,495		1,133
			7,305
Turkey 0.0%
	Emlak Konut Gayrimenkul Yatirim Ortakligi A/S	2,161		592
United Arab Emirates 0.2%
	Emaar Development PJSC	1,489		1,574
	Emaar Malls Group PJSC	3,091		1,463
			3,037
United Kingdom 4.0%
	Assura Plc	6,388		4,774
	Big Yellow Group Plc	336		4,343
	British Land Co. Plc	276		2,116
	Derwent London Plc	149		6,268
	Grainger Plc	1,306		4,015
	Land Securities Group Plc	892		10,601
	Segro Plc	1,195		10,473
	Tritax Big Box REIT Plc	3,710		6,933
	Unite Group Plc	218		2,599
	Workspace Group Plc	313		3,972
			56,094
United States of America 47.5%
	Agree Realty Corp.	136		9,409
	Alexandria Real Estate Equities Inc.	150		21,340
	American Assets Trust Inc.	43		1,956
	American Homes For Rent - Class A	171		3,896
	AvalonBay Communities Inc.	160		32,193
	Boston Properties Inc.	214		28,646
	Corporate Office Properties Trust	305		8,337
	Crown Castle International Corp.	41		5,230
	CyrusOne Inc.	156		8,184
	Digital Realty Trust Inc.	130		15,434
	Duke Realty Corp.	262		8,019
	EastGroup Properties Inc.	42		4,637
	Empire State Realty Trust Inc. - Class A	333		5,260
	Equinix Inc.	11		4,951
	Equity Lifestyle Properties Inc.	77		8,780
		Shares/Par¹		Value ($)
	Equity Residential Properties Inc.	310		23,329
	Essential Properties Realty Trust Inc.	201		3,919
	Essex Property Trust Inc.	54		15,493
	Extra Space Storage Inc.	150		15,289
	Federal Realty Investment Trust	87		12,053
	Four Corners Property Trust Inc.	27		797
	HCP Inc.	522		16,342
	Healthcare Realty Trust Inc.	609		19,563
	Highwoods Properties Inc.	76		3,554
	Hilton Worldwide Holdings Inc.	109		9,091
	Hudson Pacific Properties Inc.	600		20,655
	InterXion Holding NV (b)	32		2,127
	Invitation Homes Inc.	712		17,312
	Liberty Property Trust	207		10,038
	Macerich Co.	260		11,284
	Mid-America Apartment Communities Inc.	213		23,257
	National Health Investors Inc.	103		8,100
	National Retail Properties Inc.	343		18,997
	Omega Healthcare Investors Inc.	80		3,070
	Park Hotels & Resorts Inc.	422		13,119
	Pebblebrook Hotel Trust (a)	301		9,351
	PotlatchDeltic Corp. (a)	48		1,827
	ProLogis Inc.	639		45,976
	Public Storage	108		23,437
	QTS Realty Trust Inc. - Class A	174		7,846
	Realty Income Corp.	285		20,970
	Regency Centers Corp.	85		5,740
	Retail Opportunity Investments Corp.	901		15,624
	Simon Property Group Inc.	192		35,032
	STAG Industrial Inc.	273		8,092
	Sun Communities Inc.	109		12,874
	Sunstone Hotel Investors Inc.	313		4,506
	Terreno Realty Corp	100		4,216
	Ventas Inc.	395		25,210
	VICI Properties Inc.	593		12,983
	Weingarten Realty Investors	87		2,568
	Welltower Inc.	254		19,684
	Weyerhaeuser Co.	84		2,225
			671,822
	Total Common Stocks (cost $1,281,021)		1,391,935
SHORT TERM INVESTMENTS 1.9%
Investment Companies 1.1%
	JNL Government Money Market Fund - Institutional Class, 2.33% (f) (g)	16,245		16,245
Securities Lending Collateral 0.8%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.43% (f) (g)	10,680		10,680
	Total Short Term Investments (cost $26,925)		26,925
Total Investments 100.4% (cost $1,307,946)				1,418,860
Other Assets and Liabilities, Net (0.4)%				(5,540)
Total Net Assets 100.0%				1,413,320

(a) All or a portion of the security was on loan.

(b) Non-income producing security.

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

(e) The Sub-Adviser has deemed this security to be illiquid based on procedures approved by the JNL Series Trust's Board of Trustees.

(f) Investment in affiliate.

(g) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2019.

145

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019

Forward Foreign Currency Contracts

Purchased/

Sold

Counter-party

Expiration

Notional ¹

Value ($)

Unrealized

Appreciation

(Depreciation) ($)

HKD/USD

SSB

04/04/19

HKD

19,984

2,546

—

USD/JPY

GSC

04/03/19

JPY

(14,113)

(127)

—

2,419

—

146

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
JNL/Invesco International Growth Fund
COMMON STOCKS 94.0%
Australia 3.8%
	Amcor Ltd.	1,771		19,355
	Brambles Ltd.	1,939		16,199
	CSL Ltd.	58		8,072
			43,626
Brazil 3.0%
	B3 SA	2,280		18,593
	Banco Bradesco SA - ADR	1,421		15,505
			34,098
Canada 9.1%
	Canadian National Railway Co.	217		19,477
	CGI Inc. (a)	557		38,322
	Nutrien Ltd. (b)	300		15,854
	PrairieSky Royalty Ltd. (b)	1,007		13,576
	Suncor Energy Inc.	492		15,952
			103,181
China 7.2%
	Alibaba Group Holding Ltd. - ADS (a)	91		16,629
	Henan Shuanghui Investment & Development Co. Ltd. - Class A	2,582		9,938
	Kweichow Moutai Co. Ltd. - Class A	183		23,293
	New Oriental Education & Technology Group - ADR (a)	148		13,285
	Wuliangye Yibin Co. Ltd. - Class A	1,296		18,374
			81,519
Denmark 1.4%
	Carlsberg A/S - Class B	132		16,463
France 7.8%
	Bureau Veritas SA	457		10,740
	Cie Generale d'Optique Essilor International SA	73		7,933
	Pernod-Ricard SA	66		11,855
	Schneider Electric SE (a)	212		16,674
	Vinci SA	242		23,563
	Vivendi SA	618		17,925
			88,690
Germany 7.1%
	Allianz SE	116		25,922
	Deutsche Boerse AG	186		23,822
	GEA Group AG	297		7,801
	SAP SE	194		22,471
			80,016
Hong Kong 1.6%
	Galaxy Entertainment Group Ltd.	2,603		17,769
Italy 3.6%
	FinecoBank Banca Fineco SpA	1,208		15,916
	Intesa Sanpaolo SpA	2,970		7,243
	Mediobanca SpA	1,656		17,240
			40,399
Japan 9.1%
	Asahi Breweries Ltd.	415		18,467
	Fanuc Ltd.	123		20,995
	Hoya Corp.	375		24,835
	Japan Tobacco Inc. (b)	267		6,611
	Kao Corp.	180		14,182
	Keyence Corp.	29		18,358
			103,448
Mexico 2.2%
	Fomento Economico Mexicano SAB de CV - ADR	269		24,864
		Shares/Par¹		Value ($)
Netherlands 4.6%
	ING Groep NV	1,241		15,038
	Royal Dutch Shell Plc - Class B	318		10,036
	Wolters Kluwer NV	403		27,495
			52,569
Singapore 2.0%
	United Overseas Bank Ltd.	1,230		22,850
South Korea 2.4%
	NAVER Corp.	109		11,875
	Samsung Electronics Co. Ltd.	399		15,716
			27,591
Spain 1.5%
	Amadeus IT Group SA	211		16,916
Sweden 2.6%
	Investor AB - Class B	648		29,230
Switzerland 5.6%
	Cie Financiere Richemont SA	211		15,378
	Julius Baer Group Ltd.	262		10,591
	Kuehne & Nagel International AG	81		11,127
	Novartis AG	219		21,109
	UBS Group AG	433		5,261
			63,466
Taiwan 2.2%
	Taiwan Semiconductor Manufacturing Co. Ltd.	3,151		25,199
Thailand 0.5%
	Kasikornbank PCL - NVDR	953		5,651
Turkey 0.7%
	Akbank T.A.S. (a)	7,144		8,112
United Kingdom 9.8%
	British American Tobacco Plc	554		23,074
	Compass Group Plc	714		16,752
	Informa Plc	1,879		18,202
	Reckitt Benckiser Group Plc	247		20,491
	Relx Plc	954		20,373
	TechnipFMC Plc	503		11,860
			110,752
United States of America 6.2%
	Broadcom Inc.	104		31,154
	Philip Morris International Inc.	295		26,052
	Yum China Holdings Inc.	280		12,557
			69,763
	Total Common Stocks (cost $964,949)		1,066,172
SHORT TERM INVESTMENTS 6.4%
Investment Companies 5.1%
	JNL Government Money Market Fund - Institutional Class, 2.33% (c) (d)	58,144		58,144
Securities Lending Collateral 1.3%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.43% (c) (d)	14,162		14,162
	Total Short Term Investments (cost $72,306)		72,306
Total Investments 100.4% (cost $1,037,255)				1,138,478
Other Assets and Liabilities, Net (0.4)%				(4,990)
Total Net Assets 100.0%				1,133,488

(a) Non-income producing security.

(b) All or a portion of the security was on loan.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2019.

147

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019

Forward Foreign Currency Contracts

Purchased/

Sold

Counter-party

Expiration

Notional ¹

Value ($)

Unrealized

Appreciation

(Depreciation) ($)

USD/JPY

GSC

04/03/19

JPY

(34,561)

(312)

—

148

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
JNL/Invesco Small Cap Growth Fund
COMMON STOCKS 99.0%
Communication Services 2.2%
	Cogent Communications Group Inc.	316		17,145
	IMAX Corp. (a)	336		7,628
	Iridium Communications Inc. (a) (b)	64		1,702
	Take-Two Interactive Software Inc. (a)	167		15,789
			42,264
Consumer Discretionary 12.6%
	Adtalem Global Education Inc. (a)	314		14,538
	Brunswick Corp.	243		12,247
	Carter's Inc.	126		12,737
	Cooper-Standard Holding Inc. (a)	80		3,739
	Dunkin' Brands Group Inc.	252		18,895
	Five Below Inc. (a)	142		17,589
	Fox Factory Holding Corp. (a)	216		15,122
	G-III Apparel Group Ltd. (a)	328		13,116
	Jack in the Box Inc.	120		9,729
	Ollie's Bargain Outlet Holdings Inc. (a)	188		16,073
	Penn National Gaming Inc. (a)	746		14,991
	Pool Corp.	113		18,653
	Six Flags Entertainment Corp.	236		11,655
	Steven Madden Ltd.	467		15,805
	Texas Roadhouse Inc.	305		18,972
	Urban Outfitters Inc. (a)	328		9,720
	Visteon Corp. (a)	121		8,159
	Wendy's Co.	876		15,668
			247,408
Consumer Staples 1.6%
	Boston Beer Co. Inc. - Class A (a)	53		15,546
	Lancaster Colony Corp.	104		16,373
			31,919
Energy 2.2%
	Centennial Resource Development Inc. - Class A (a) (b)	812		7,136
	Oil States International Inc. (a)	420		7,126
	Parsley Energy Inc. - Class A (a)	490		9,463
	Patterson-UTI Energy Inc.	597		8,367
	PBF Energy Inc. - Class A	361		11,256
			43,348
Financials 8.4%
	American Equity Investment Life Holding Co.	519		14,019
	American Financial Group Inc.	151		14,569
	Cathay General Bancorp	236		8,019
	Cullen/Frost Bankers Inc.	171		16,592
	Evercore Inc. - Class A	227		20,617
	Hanover Insurance Group Inc.	140		16,027
	LPL Financial Holdings Inc.	251		17,515
	MarketAxess Holdings Inc.	85		20,807
	Mercury General Corp.	300		15,000
	RLI Corp.	169		12,107
	Sterling Bancorp Inc.	539		10,050
			165,322
Health Care 26.8%
	Aerie Pharmaceuticals Inc. (a) (b)	282		13,380
	Agios Pharmaceuticals Inc. (a) (b)	257		17,338
	Amicus Therapeutics Inc. (a) (b)	1,386		18,845
	Avanos Medical Inc. (a)	339		14,454
	Bio-Techne Corp.	134		26,523
	BioTelemetry Inc. (a)	276		17,263
	Catalent Inc. (a)	421		17,102
	Chemed Corp.	67		21,397
	DexCom Inc. (a)	118		14,082
	Encompass Health Corp.	288		16,795
	Glaukos Corp. (a)	192		15,069
	GW Pharmaceuticals Plc - ADS (a) (b)	109		18,449
	Halozyme Therapeutics Inc. (a)	1,188		19,130
	HealthEquity Inc. (a)	391		28,954
	Hill-Rom Holdings Inc.	185		19,544
	ICU Medical Inc. (a)	72		17,186
	Integer Holdings Corp. (a)	175		13,183
	Integra LifeSciences Holdings Corp. (a)	280		15,616
		Shares/Par¹		Value ($)
	Intersect ENT Inc. (a)	540		17,367
	Masimo Corp. (a)	119		16,409
	Medidata Solutions Inc. (a)	180		13,169
	Neurocrine Biosciences Inc. (a)	276		24,331
	Nevro Corp. (a) (b)	144		8,995
	Penumbra Inc. (a)	105		15,457
	PerkinElmer Inc.	158		15,185
	Repligen Corp. (a)	402		23,734
	Sage Therapeutics Inc. (a)	122		19,339
	Sarepta Therapeutics Inc. (a) (b)	157		18,757
	Select Medical Holdings Corp. (a)	104		1,465
	Syneos Health Inc. - Class A (a)	280		14,469
	Vocera Communications Inc. (a)	433		13,695
			526,682
Industrials 14.6%
	Brink's Co.	248		18,681
	BWX Technologies Inc.	228		11,323
	CoStar Group Inc. (a)	52		24,027
	Hillenbrand Inc.	324		13,451
	ITT Inc.	332		19,250
	John Bean Technologies Corp.	160		14,710
	KBR Inc.	777		14,841
	Kennametal Inc.	326		11,986
	Knight-Swift Transportation Holdings Inc. - Class A (b)	390		12,758
	Landstar System Inc.	142		15,496
	Lincoln Electric Holdings Inc.	153		12,807
	Masonite International Corp. (a)	190		9,460
	MSA Safety Inc.	147		15,160
	Old Dominion Freight Line Inc.	113		16,364
	Oshkosh Corp.	194		14,568
	Timken Co.	286		12,467
	TransDigm Group Inc. (a)	53		24,243
	WABCO Holdings Inc. (a)	104		13,743
	Watsco Inc.	81		11,595
			286,930
Information Technology 25.8%
	2U Inc. (a) (b)	232		16,403
	Aspen Technology Inc. (a)	304		31,654
	Blackline Inc. (a) (b)	368		17,032
	Booz Allen Hamilton Holding Corp. - Class A	307		17,821
	Cognex Corp.	393		19,962
	EPAM Systems Inc. (a)	125		21,065
	Fabrinet (a)	4		214
	Fair Isaac Corp. (a)	135		36,705
	Guidewire Software Inc. (a)	246		23,942
	II-VI Inc. (a)	332		12,374
	Littelfuse Inc.	95		17,301
	MKS Instruments Inc.	146		13,602
	Monolithic Power Systems Inc.	119		16,100
	National Instruments Corp.	329		14,584
	New Relic Inc. (a)	176		17,353
	Pegasystems Inc.	304		19,785
	Power Integrations Inc.	172		12,002
	Proofpoint Inc. (a)	145		17,642
	Q2 Holdings Inc. (a)	408		28,287
	Qualys Inc. (a)	240		19,896
	RealPage Inc. (a)	400		24,279
	SailPoint Technologies Holdings Inc. (a)	582		16,723
	Semtech Corp. (a)	398		20,263
	Silicon Laboratories Inc. (a)	213		17,231
	Trimble Inc. (a)	431		17,417
	Ultimate Software Group Inc. (a)	63		20,944
	Zebra Technologies Corp. - Class A (a)	82		17,279
			507,860
Materials 4.1%
	Berry Global Group Inc. (a)	351		18,899
	Ingevity Corp. (a)	196		20,651
	Martin Marietta Materials Inc.	97		19,525
	PolyOne Corp.	398		11,670
	Univar Inc. (a)	470		10,419
			81,164

149

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
Real Estate 0.7%
	Coresite Realty Corp.	22		2,389
	CubeSmart	324		10,384
			12,773
	Total Common Stocks (cost $1,510,286)		1,945,670
SHORT TERM INVESTMENTS 0.9%
Investment Companies 0.8%
	JNL Government Money Market Fund - Institutional Class, 2.33% (c) (d)	15,648		15,648
Securities Lending Collateral 0.1%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.43% (c) (d)	1,163		1,163
	Total Short Term Investments (cost $16,811)		16,811
Total Investments 99.9% (cost $1,527,097)				1,962,481
Other Assets and Liabilities, Net 0.1%				2,364
Total Net Assets 100.0%				1,964,845

(a) Non-income producing security.

(b) All or a portion of the security was on loan.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2019.

150

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
JNL/JPMorgan Hedged Equity Fund
COMMON STOCKS 99.2%
Communication Services 10.5%
	Alphabet Inc. - Class A (a) (b)	2		2,597
	Alphabet Inc. - Class C (a) (b)	2		2,510
	AT&T Inc.	4		120
	Charter Communications Inc. - Class A (a)	3		1,123
	Comcast Corp. - Class A (b)	49		1,966
	Discovery Inc. - Class A (a) (b)	14		368
	Discovery Inc. - Class C (a)	8		194
	DISH Network Corp. - Class A (a)	4		114
	Electronic Arts Inc. (a)	7		729
	Facebook Inc. - Class A (a) (b)	8		1,302
	Lyft Inc. (a)	1		55
	Netflix Inc. (a) (b)	3		1,200
	T-Mobile US Inc. (a)	7		455
	Verizon Communications Inc. (b)	27		1,573
	Walt Disney Co. (b)	9		976
			15,282
Consumer Discretionary 11.4%
	Advance Auto Parts Inc.	2		358
	Amazon.com Inc. (a) (b)	3		5,056
	AutoZone Inc. (a)	1		1,095
	Best Buy Co. Inc.	9		606
	Booking Holdings Inc. (a)	—		291
	BorgWarner Inc.	7		278
	Dollar General Corp.	3		399
	Expedia Group Inc.	4		509
	Ford Motor Co. (b)	38		331
	H&R Block Inc.	2		59
	Hilton Worldwide Holdings Inc.	6		465
	Home Depot Inc. (b)	10		1,881
	Lennar Corp. - Class A	7		367
	Lowe's Cos. Inc.	9		1,020
	Magna International Inc.	6		277
	Nike Inc. - Class B	2		212
	O'Reilly Automotive Inc. (a)	1		537
	PVH Corp.	3		407
	Ross Stores Inc. (b)	12		1,144
	Royal Caribbean Cruises Ltd.	1		148
	TJX Cos. Inc.	4		221
	Yum! Brands Inc.	9		929
			16,590
Consumer Staples 5.8%
	Altria Group Inc. (b)	8		472
	Coca-Cola Co. (b)	43		2,034
	Constellation Brands Inc. - Class A	1		174
	Estee Lauder Cos. Inc. - Class A	2		386
	Molson Coors Brewing Co. - Class B	9		559
	Mondelez International Inc. - Class A (b)	28		1,392
	PepsiCo Inc. (b)	8		1,032
	Philip Morris International Inc. (b)	18		1,631
	Procter & Gamble Co. (b)	7		767
			8,447
Energy 5.4%
	Chevron Corp. (b)	17		2,053
	Concho Resources Inc.	1		155
	Diamondback Energy Inc.	6		579
	EOG Resources Inc. (b)	12		1,140
	Exxon Mobil Corp.	8		620
	Marathon Petroleum Corp. (b)	17		1,028
	Occidental Petroleum Corp. (b)	10		688
	ONEOK Inc.	8		548
	Parsley Energy Inc. - Class A (a)	4		69
	Phillips 66	1		69
	Pioneer Natural Resources Co. (b)	6		844
			7,793
Financials 12.5%
	Allstate Corp.	3		264
	American Express Co.	5		569
	American International Group Inc. (b)	14		595
	Bank of America Corp. (b)	82		2,262
		Shares/Par¹		Value ($)
	Bank of New York Mellon Corp. (b)	15		752
	Berkshire Hathaway Inc. - Class B (a) (b)	11		2,253
	Capital One Financial Corp. (b)	8		620
	Charles Schwab Corp. (b)	16		673
	Citigroup Inc. (b)	28		1,722
	Citizens Financial Group Inc.	5		160
	CME Group Inc.	1		126
	Comerica Inc.	—		—
	East West Bancorp Inc.	—		1
	Everest Re Group Ltd.	1		176
	Fifth Third Bancorp	—		7
	Hartford Financial Services Group Inc. (b)	11		544
	Huntington Bancshares Inc. (b)	16		200
	Intercontinental Exchange Inc. (b)	12		903
	KeyCorp (b)	41		647
	Lincoln National Corp.	8		451
	Marsh & McLennan Cos. Inc.	2		210
	MetLife Inc. (b)	20		838
	Morgan Stanley (b)	28		1,182
	Prudential Financial Inc.	3		263
	SunTrust Banks Inc. (b)	12		689
	TD Ameritrade Holding Corp.	9		469
	Wells Fargo & Co. (b)	31		1,517
			18,093
Health Care 14.6%
	AbbVie Inc.	3		248
	Agilent Technologies Inc.	2		159
	Alexion Pharmaceuticals Inc. (a)	4		507
	Allergan Plc	3		372
	Amgen Inc.	1		207
	Anthem Inc.	3		766
	Baxter International Inc.	3		246
	Becton Dickinson & Co.	1		245
	Biogen Inc. (a)	2		473
	Boston Scientific Corp. (a) (b)	33		1,268
	Bristol-Myers Squibb Co.	1		45
	Celgene Corp. (a)	6		569
	Cigna Corp.	7		1,118
	CVS Health Corp. (b)	8		429
	Danaher Corp.	4		475
	Elanco Animal Health Inc. (a)	—		—
	Eli Lilly & Co. (b)	9		1,193
	Gilead Sciences Inc. (b)	8		508
	Illumina Inc. (a)	1		283
	Intuitive Surgical Inc. (a)	—		280
	Johnson & Johnson (b)	12		1,748
	McKesson Corp.	—		38
	Medtronic Plc (b)	15		1,328
	Merck & Co. Inc. (b)	22		1,849
	Mylan NV (a)	3		90
	Nektar Therapeutics (a)	1		39
	Pfizer Inc. (b)	47		1,989
	Regeneron Pharmaceuticals Inc. (a)	1		274
	Thermo Fisher Scientific Inc.	2		647
	UnitedHealth Group Inc. (b)	8		1,972
	Vertex Pharmaceuticals Inc. (a)	3		595
	Zimmer Biomet Holdings Inc. (b)	9		1,158
	Zoetis Inc. - Class A	1		80
			21,198
Industrials 9.8%
	Boeing Co. (b)	2		707
	Caterpillar Inc.	4		479
	Cintas Corp.	—		77
	CSX Corp.	2		151
	Cummins Inc.	4		646
	Deere & Co.	2		293
	Delta Air Lines Inc. (b)	6		308
	Eaton Corp. Plc (b)	13		1,089
	General Dynamics Corp.	7		1,133
	HD Supply Holdings Inc. (a)	4		153
	Honeywell International Inc. (b)	9		1,511
	Ingersoll-Rand Plc	5		576
	Masco Corp. (b)	12		479
	Norfolk Southern Corp. (b)	8		1,408

151

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
	Northrop Grumman Systems Corp.	2		489
	PACCAR Inc. (b)	10		691
	Snap-On Inc.	3		442
	Southwest Airlines Co.	3		147
	Stanley Black & Decker Inc.	4		576
	Union Pacific Corp. (b)	10		1,617
	United Continental Holdings Inc. (a)	1		117
	United Technologies Corp. (b)	9		1,113
			14,202
Information Technology 21.0%
	Adobe Inc. (a)	1		403
	Alliance Data Systems Corp.	1		222
	Analog Devices Inc. (b)	16		1,677
	Apple Inc. (b)	28		5,274
	Automatic Data Processing Inc. (b)	11		1,766
	Broadcom Inc.	2		635
	Cisco Systems Inc. (b)	9		463
	Fidelity National Information Services Inc. (b)	7		756
	First Data Corp. - Class A (a)	6		155
	Hewlett Packard Enterprise Co. (b)	32		498
	HP Inc. (b)	20		397
	Intel Corp.	6		307
	Intuit Inc.	1		167
	Marvell Technology Group Ltd.	6		119
	Mastercard Inc. - Class A	4		916
	Microsoft Corp. (b)	59		6,948
	Motorola Solutions Inc.	1		87
	Nvidia Corp. (b)	6		1,147
	Oracle Corp. (b)	32		1,715
	PayPal Holdings Inc. (a) (b)	13		1,381
	Salesforce.com Inc. (a) (b)	9		1,493
	Teradyne Inc.	5		187
	Texas Instruments Inc. (b)	18		1,961
	Visa Inc. - Class A (b)	11		1,667
	Workday Inc. - Class A (a)	—		54
			30,395
Materials 2.6%
	Avery Dennison Corp.	2		204
	Celanese Corp. - Class A	4		361
	DowDuPont Inc. (b)	26		1,373
	Eastman Chemical Co. (b)	10		730
	Freeport-McMoRan Inc. - Class B (b)	12		153
	Linde Plc	2		337
	Newmont Mining Corp.	3		104
		Shares/Par¹		Value ($)
	Packaging Corp. of America	1		79
	RPM International Inc.	1		71
	WestRock Co.	8		322
			3,734
Real Estate 2.3%
	AvalonBay Communities Inc.	3		679
	Boston Properties Inc.	1		169
	Digital Realty Trust Inc.	1		112
	Equinix Inc.	1		240
	Equity Residential Properties Inc.	3		195
	Federal Realty Investment Trust	2		317
	Host Hotels & Resorts Inc. (b)	10		198
	Mid-America Apartment Communities Inc.	1		74
	ProLogis Inc. (b)	9		628
	Public Storage	1		142
	Ventas Inc.	3		220
	Vornado Realty Trust	6		429
			3,403
Utilities 3.3%
	American Electric Power Co. Inc.	4		363
	Edison International	9		546
	Exelon Corp. (b)	20		1,008
	FirstEnergy Corp.	3		117
	NextEra Energy Inc. (b)	6		1,214
	Public Service Enterprise Group Inc.	2		103
	Sempra Energy	4		453
	Xcel Energy Inc. (b)	16		905
			4,709
	Total Common Stocks (cost $136,652)		143,846
SHORT TERM INVESTMENTS 3.9%
Investment Companies 3.9%
	JNL Government Money Market Fund - Institutional Class, 2.33% (c) (d)	5,694		5,694
	Total Short Term Investments (cost $5,694)		5,694
Total Investments 103.1% (cost $142,346)				149,540
Total Purchased Options 1.2% (cost $1,802)				1,752
Other Derivative Instruments (1.2)%				(1,761)
Other Assets and Liabilities, Net (3.1)%				(4,524)
Total Net Assets 100.0%				145,007

(a) Non-income producing security.

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

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

June 2019

1,132

JNL/JPMorgan Hedged Equity Fund — Exchange Traded Purchased Options

Reference Entity

Put/Call

Exercise Price ($)/

Swaption Rate (%)

Expiration

Notional/

Contracts ¹

Value ($)

Index Options

S&P 500 Index

Put

2,685.00

06/28/19

250

867

S&P 500 Index

Put

2,680.00

06/28/19

261

885

1,752

JNL/JPMorgan Hedged Equity Fund — Exchange Traded Written Options

Reference Entity

Put/Call

Exercise Price ($)/ Swaption Rate (%)

Expiration

Notional/

Contracts ¹

Value ($)

Index Options

S&P 500 Index

Call

2,925.00

06/28/19

511

(1,543)

S&P 500 Index

Put

2,260.00

06/28/19

511

(225)

(1,768)

152

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
JNL/JPMorgan MidCap Growth Fund
COMMON STOCKS 98.1%
Communication Services 3.5%
	GoDaddy Inc. - Class A (a)	355		26,677
	Lyft Inc. (a)	96		7,516
	New York Times Co. - Class A	413		13,584
	Take-Two Interactive Software Inc. (a)	299		28,188
			75,965
Consumer Discretionary 15.1%
	American Eagle Outfitters Inc.	381		8,458
	Aptiv Plc	317		25,167
	Bright Horizons Family Solutions Inc. (a)	171		21,672
	Hilton Worldwide Holdings Inc.	276		22,916
	Lululemon Athletica Inc. (a)	185		30,316
	National Vision Holdings Inc. (a)	327		10,290
	O'Reilly Automotive Inc. (a)	139		54,013
	Red Rock Resorts Inc. - Class A	541		13,998
	Ross Stores Inc.	605		56,288
	Tesla Inc. (a) (b)	28		7,920
	Tractor Supply Co.	354		34,627
	Ulta Beauty Inc. (a)	42		14,577
	Vail Resorts Inc.	63		13,603
	Wayfair Inc. - Class A (a) (b)	110		16,359
			330,204
Energy 1.0%
	Concho Resources Inc.	203		22,525
Financials 7.8%
	DocuSign Inc. (a) (b)	189		9,819
	East West Bancorp Inc.	394		18,900
	First Republic Bank	169		17,018
	MSCI Inc.	81		16,186
	NASDAQ Inc.	219		19,152
	Progressive Corp.	308		22,182
	S&P Global Inc.	170		35,751
	Shopify Inc. - Class A (a)	69		14,174
	TD Ameritrade Holding Corp.	360		17,981
			171,163
Health Care 16.6%
	Acadia Pharmaceuticals Inc. (a) (b)	306		8,982
	Agios Pharmaceuticals Inc. (a)	165		11,134
	Alnylam Pharmaceuticals Inc. (a)	99		9,214
	BioMarin Pharmaceutical Inc. (a)	129		11,477
	Catalent Inc. (a)	379		15,396
	Centene Corp. (a)	370		19,667
	DexCom Inc. (a)	157		18,734
	Edwards Lifesciences Corp. (a)	121		23,228
	Elanco Animal Health Inc. (a) (b)	351		11,253
	Exact Sciences Corp. (a)	275		23,847
	Exelixis Inc. (a)	861		20,499
	Illumina Inc. (a)	53		16,373
	Insulet Corp. (a) (b)	168		15,966
	Intercept Pharmaceuticals Inc. (a) (b)	32		3,557
	Jazz Pharmaceuticals Plc (a)	167		23,844
	Moderna Inc. (a)	327		6,652
	ResMed Inc.	215		22,343
	Sage Therapeutics Inc. (a)	83		13,265
	Spark Therapeutics Inc. (a) (b)	29		3,337
	Teladoc Health Inc. (a) (b)	328		18,248
	Veeva Systems Inc. - Class A (a)	199		25,271
	Vertex Pharmaceuticals Inc. (a)	69		12,711
	WellCare Health Plans Inc. (a)	100		26,894
			361,892
Industrials 15.3%
	AMETEK Inc.	220		18,270
	Copart Inc. (a)	482		29,186
	Curtiss-Wright Corp.	84		9,543
	Fortive Corp.	212		17,801
	Fortune Brands Home & Security Inc.	294		13,993
	HEICO Corp. - Class A	323		27,175
	Lennox International Inc.	119		31,358
	Nordson Corp.	128		16,941
	Old Dominion Freight Line Inc.	134		19,348
		Shares/Par¹		Value ($)
	Oshkosh Corp.	148		11,127
	Parker Hannifin Corp.	119		20,423
	Stanley Black & Decker Inc.	129		17,580
	Verisk Analytics Inc.	220		29,220
	Waste Connections Inc.	613		54,350
	WW Grainger Inc.	63		19,079
			335,394
Information Technology 33.8%
	Advanced Micro Devices Inc. (a)	1,039		26,528
	Amphenol Corp. - Class A	347		32,771
	Arista Networks Inc. (a)	96		30,314
	Autodesk Inc. (a)	211		32,847
	Booz Allen Hamilton Holding Corp. - Class A	480		27,884
	Corning Inc.	538		17,798
	Fair Isaac Corp. (a)	70		18,878
	Fiserv Inc. (a)	463		40,900
	Gartner Inc. (a)	112		16,928
	Global Payments Inc.	358		48,820
	Intuit Inc.	88		22,900
	Keysight Technologies Inc. (a)	167		14,597
	Lam Research Corp.	157		28,140
	Marvell Technology Group Ltd.	888		17,654
	Microchip Technology Inc. (b)	228		18,898
	Okta Inc. - Class A (a)	153		12,625
	Palo Alto Networks Inc. (a)	149		36,068
	Paycom Software Inc. (a) (b)	128		24,284
	Proofpoint Inc. (a)	179		21,687
	Red Hat Inc. (a)	125		22,911
	ServiceNow Inc. (a)	215		52,921
	Splunk Inc. (a)	219		27,287
	Spotify Technology SA (a)	145		20,098
	Square Inc. - Class A (a)	251		18,812
	Synopsys Inc. (a)	167		19,230
	Worldpay Inc. - Class A (a)	177		20,078
	Xilinx Inc.	327		41,422
	Zebra Technologies Corp. - Class A (a)	123		25,667
			738,947
Materials 3.9%
	Avery Dennison Corp.	277		31,358
	Ball Corp.	393		22,762
	Vulcan Materials Co.	269		31,861
			85,981
Real Estate 1.1%
	CBRE Group Inc. - Class A (a)	495		24,458
	Total Common Stocks (cost $1,707,070)		2,146,529
SHORT TERM INVESTMENTS 2.9%
Investment Companies 2.2%
	JNL Government Money Market Fund - Institutional Class, 2.33% (c) (d)	48,409		48,409
Securities Lending Collateral 0.7%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.43% (c) (d)	15,890		15,890
	Total Short Term Investments (cost $64,299)		64,299
Total Investments 101.0% (cost $1,771,369)				2,210,828
Other Assets and Liabilities, Net (1.0)%				(21,844)
Total Net Assets 100.0%				2,188,984

(a) Non-income producing security.

(b) All or a portion of the security was on loan.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2019.

153

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
JNL/JPMorgan U.S. Government & Quality Bond Fund
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 7.0%
	American Homes For Rent
		Series 2014-A-SFR2, REMIC, 3.79%, 10/17/24 (a)	4,628		4,757
	BBCMS Trust
		Series 2015-A1-VFM, REMIC, 2.47%, 03/10/26 (a)	2,854		2,798
	BB-UBS Trust
		Series 2012-A-TFT, REMIC, 2.89%, 06/05/20 (a)	5,546		5,494
	Commercial Mortgage Pass-Through Certificates
		Interest Only, Series 2012-XA-CR2, REMIC, 1.65%, 08/15/45 (b)	14,226		629
	Countrywide Alternative Loan Trust
		Series 2006-2A1A-OA9, REMIC, 2.70%, (1M USD LIBOR + 0.21%), 07/20/46 (b)	327		251
		Series 2006-1A1A-OA17, REMIC, 2.68%, (1M USD LIBOR + 0.20%), 12/20/46 (b)	567		484
	Countrywide Home Equity Loan Trust
		Series 2004-A-I, 2.77%, (1M USD LIBOR + 0.29%), 02/15/34 (b)	80		79
	Credit Suisse First Boston Mortgage Securities Corp.
		Series 2004-4A1-5, REMIC, 6.00%, 09/25/34	343		357
	CSAIL Commercial Mortgage Trust
		Series 2015-A4-C3, REMIC, 3.72%, 08/15/48	8,775		9,082
	GM Financial Consumer Automobile Receivables Trust
		Series 2019-A3-1, 2.97%, 07/16/22	4,460		4,494
	GS Mortgage Securities Trust
		Series 2017-A4-GS7, REMIC, 3.43%, 07/12/27	10,500		10,634
	IndyMac Seconds Asset Backed Trust
		Series 2006-A-A, REMIC, 2.75%, (1M USD LIBOR + 0.26%), 06/25/36 (b) (c) (d)	685		74
	Madison Avenue Trust
		Series 2015-A-11MD, REMIC, 3.55%, 09/11/25 (a) (b)	2,989		3,082
	MASTR Adjustable Rate Mortgages Trust
		Series 2004-3A2-1, REMIC, 3.55%, 02/25/34 (b)	288		273
	Morgan Stanley Capital I Trust
		Series 2011-A3-C3, REMIC, 4.05%, 06/17/21	613		613
	Morgan Stanley Mortgage Loan Trust
		Series 2004-4A2-8AR, REMIC, 4.53%, 10/25/34 (b)	163		162
	Nomura Asset Acceptance Corp.
		Series 2004-A1-R1, REMIC, 6.50%, 03/25/34 (a)	1,917		1,826
	Progress Residential Trust
		Series 2015-A-SFR2, REMIC, 2.74%, 06/15/20 (a)	3,681		3,654
		Series 2015-A-SFR3, REMIC, 3.07%, 11/13/20 (a)	6,504		6,481
	Provident Funding Mortgage Loan Trust
		Series 2005-1A1A-2, REMIC, 4.18%, 10/25/35 (b)	50		50
	SACO I Inc.
		Series 2006-A-6, REMIC, 2.75%, (1M USD LIBOR + 0.26%), 06/25/36 (b) (c) (d) (e)	74		72
	Structured Asset Mortgage Investments Inc.
		Series 2006-A1A-AR7, REMIC, 2.70%, (1M USD LIBOR + 0.21%), 08/25/36 (b)	641		586
	Tricon American Homes Trust
		Series 2016-A-SFR1, REMIC, 2.59%, 11/18/21 (a)	5,950		5,862
	UBS-BAMLL Trust
		Series 2012-A-WRM, REMIC, 3.66%, 06/10/22 (a)	4,560		4,604
	Vendee Mortgage Trust
		Series 2001-Z-2, REMIC, 6.75%, 02/15/31	877		1,003
	Wells Fargo Mortgage-Backed Securities Trust
		Series 2007-3A1-3, REMIC, 5.50%, 04/25/22	71		72
	Wells Fargo-RBS Commercial Mortgage Trust
		Series 2011-A4-C3, REMIC, 4.38%, 05/17/21 (a)	4,750		4,876
	Worldwide Plaza Trust
		Series 2017-A-WWP, REMIC, 3.53%, 11/12/27 (a)	2,139		2,167
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $75,406)			74,516
			Shares/Par¹		Value ($)
CORPORATE BONDS AND NOTES 3.8%
Communication Services 0.4%
	Time Warner Inc.
		3.60%, 07/15/25	4,000		3,993
Consumer Staples 0.4%
	Kimberly-Clark Corp.
		2.40%, 03/01/22 (f)	700		694
	PepsiCo Inc.
		3.00%, 08/25/21	782		791
	Walgreens Boots Alliance Inc.
		3.80%, 11/18/24	2,469		2,514
				3,999
Energy 0.7%
	Buckeye Partners LP
		4.88%, 02/01/21	1,907		1,953
	Enterprise Products Operating LLC
		3.70%, 02/15/26	1,013		1,038
	Magellan Midstream Partners LP
		3.20%, 03/15/25	1,072		1,049
	Occidental Petroleum Corp.
		3.13%, 02/15/22	666		675
	Phillips 66
		4.30%, 04/01/22	912		952
	Plains All American Pipeline LP
		2.60%, 12/15/19	1,713		1,711
				7,378
Financials 1.0%
	Berkshire Hathaway Inc.
		3.40%, 01/31/22	1,619		1,665
	Citigroup Inc.
		4.50%, 01/14/22	3,028		3,157
	Credit Suisse AG
		3.00%, 10/29/21	894		898
	Goldman Sachs Group Inc.
		5.75%, 01/24/22	840		900
		2.91%, 06/05/23	1,350		1,335
	New York Life Global Funding
		2.00%, 04/13/21 (a)	1,639		1,616
	U.S. Bancorp
		3.00%, 03/15/22	1,715		1,731
				11,302
Health Care 0.1%
	Actavis Funding SCS
		3.45%, 03/15/22	991		1,000
Industrials 0.5%
	ABB Finance USA Inc.
		2.88%, 05/08/22	571		575
	Lockheed Martin Corp.
		3.35%, 09/15/21	984		1,000
	Penske Truck Leasing Co. LP
		3.38%, 02/01/22 (a)	2,898		2,909
	Union Pacific Corp.
		1.80%, 02/01/20	869		862
				5,346
Real Estate 0.4%
	Boston Properties LP
		2.75%, 10/01/26	2,580		2,446
	HCP Inc.
		3.40%, 02/01/25	1,515		1,507
				3,953
Utilities 0.3%
	Arizona Public Service Co.
		2.20%, 01/15/20	665		663
	Exelon Generation Co. LLC
		2.95%, 01/15/20	1,140		1,142
	Florida Power Corp.
		3.10%, 08/15/21	1,203		1,214
	Virginia Electric & Power Co.
		2.95%, 01/15/22	870		874
				3,893
	Total Corporate Bonds And Notes (cost $40,548)			40,864

154

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
GOVERNMENT AND AGENCY OBLIGATIONS 84.3%
Collateralized Mortgage Obligations 33.7%
	Federal Home Loan Mortgage Corp.
		Series 30-264, 3.00%, 07/15/42	18,320		18,298
		Series MD-2835, REMIC, 4.50%, 08/15/19	4		4
		Series BH-2870, REMIC, 4.50%, 10/15/19	83		83
		Series QD-2931, REMIC, 4.50%, 02/15/20	68		68
		Series BK-3037, REMIC, 4.50%, 09/15/20	171		172
		Series PV-3860, REMIC, 5.00%, 05/15/22	3,777		3,908
		Series VC-4050, REMIC, 4.00%, 07/15/23	4,850		4,966
		Series ZA-2639, REMIC, 5.00%, 07/15/23	2,198		2,273
		Series D-3542, REMIC, 4.50%, 06/15/24	3,386		3,550
		Series BY-3104, REMIC, 5.50%, 01/15/26	2,162		2,294
		Series AK-3812, REMIC, 3.50%, 02/15/26	17,279		17,534
		Series VN-4445, REMIC, 4.00%, 05/15/26	1,414		1,471
		Series KW-3874, REMIC, 4.50%, 06/15/26	3,000		3,186
		Series B-3917, REMIC, 4.50%, 08/15/26	1,500		1,620
		Series GT-3270, REMIC, 5.50%, 01/15/27	3,657		3,886
		Series VE-4050, REMIC, 4.00%, 01/15/29	4,532		4,789
		Series VB-4095, REMIC, 3.50%, 03/15/29	4,249		4,365
		Series DG-3737, REMIC, 5.00%, 10/15/30	1,519		1,593
		Series PA-3981, REMIC, 3.00%, 04/15/31	5,850		5,893
		Series AM-2525, REMIC, 4.50%, 04/15/32	160		170
		Series JE-4186, REMIC, 2.00%, 03/15/33	4,424		4,291
		Series NY-4206, REMIC, 3.00%, 05/15/33	3,474		3,465
		Series MJ-2638, REMIC, 5.00%, 07/15/33	1,051		1,139
		Series L-2836, REMIC, 4.50%, 04/15/34	211		214
		Series QD-2882, REMIC, 4.50%, 07/15/34	326		336
		Series MU-2915, REMIC, 5.00%, 01/15/35	1,479		1,600
		Series AZ-3036, REMIC, 5.00%, 02/15/35	2,025		2,330
		Series OC-3047, REMIC, 5.50%, 07/15/35	746		755
		Series CB-3688, REMIC, 4.00%, 06/15/36	1,533		1,609
		Series PB-3283, REMIC, 5.50%, 07/15/36	1,194		1,319
		Series B-3413, REMIC, 5.50%, 04/15/37	229		247
		Series PE-3341, REMIC, 6.00%, 07/15/37	850		958
		Series PL-3832, REMIC, 5.00%, 08/15/39	718		729
		Series HZ-4365, REMIC, 3.00%, 01/15/40	5,750		5,753
		Series QH-3699, REMIC, 5.50%, 07/15/40	2,577		2,758
		Series PB-4047, REMIC, 3.50%, 01/15/41	12,000		12,406
		Series YN-4094, REMIC, 3.00%, 08/15/42	2,500		2,485
		Series AW-4437, REMIC, 2.50%, 02/15/45	5,143		4,694
		Series PY-4493, REMIC, 3.00%, 07/15/45	3,715		3,609
	Federal National Mortgage Association
		Series 2007-AH-115, REMIC, 5.00%, 12/25/22	1,111		1,121
		Series 2008-KB-59, REMIC, 4.50%, 07/25/23	22		22
		Series 2004-CG-76, REMIC, 4.50%, 10/25/24	1,046		1,071
		Series 2012-VA-47, REMIC, 4.00%, 03/25/25	7,502		7,736
		Series 2011-PB-145, REMIC, 3.50%, 01/25/32	10,000		10,406
		Series 2012-LY-134, REMIC, 3.00%, 12/25/32	2,769		2,731
		Series 2003-PE-63, REMIC, 3.50%, 07/25/33	157		159
		Series 2013-PY-106, REMIC, 3.00%, 10/25/33	8,000		7,939
		Series 2004-AZ-35, REMIC, 4.50%, 05/25/34	5,478		5,813
		Series 2015-BY-41, REMIC, 3.00%, 09/25/34	2,140		2,143
		Series 2005-GA-70, REMIC, 5.50%, 12/25/34	105		106
		Series 2015-BW-15, REMIC, 3.50%, 04/25/35	3,735		3,883
		Series 2015-GB-28, REMIC, 3.50%, 05/25/35	4,156		4,288
		Series 2015-B-33, REMIC, 3.00%, 06/25/35	9,980		9,751
		Series 2015-B-50, REMIC, 3.00%, 07/25/35	10,734		10,667
		Series 2015-EY-47, REMIC, 3.00%, 07/25/35	5,051		4,995
		Series 2005-PL-64, REMIC, 5.50%, 07/25/35	340		365
		Series 2015-BW-68, REMIC, 3.00%, 08/25/35	14,922		14,814
		Series 2005-BG-97, REMIC, 5.50%, 11/25/35	2,025		2,253
		Principal Only, Series 2006-HO-23, REMIC, 0.00%, 04/25/36 (g)	796		694
		Series 2016-LY-30, REMIC, 3.50%, 05/25/36	5,618		5,837
		Series 2007-BA-12, REMIC, 6.00%, 02/25/37	481		501
		Series 2012-QE-47, REMIC, 4.00%, 05/25/38	3,782		3,843
		Series 2010-MB-47, REMIC, 5.00%, 09/25/39	2,887		3,130
		Series 2010-CB-11, REMIC, 4.50%, 02/25/40	247		259
		Series 2010-SL-4, REMIC, 6.00%, (11.59% - (1M USD LIBOR * 2.25)), 02/25/40 (b)	25		30
		Series 2010-PM-123, REMIC, 4.00%, 07/25/40	3,000		3,088
		Series 2010-MB-134, REMIC, 4.50%, 12/25/40	1,398		1,568
		Series 2002-A3-T4, REMIC, 7.50%, 12/25/41	2,826		3,289
			Shares/Par¹		Value ($)
		Series 2012-EP-60, REMIC, 3.00%, 04/25/42	3,193		3,210
		Series 2003-2A4-W3, REMIC, 5.75%, 06/25/42	844		938
		Series 2012-HY-102, REMIC, 2.00%, 09/25/42	4,000		3,500
		Series 2012-AB-121, REMIC, 3.00%, 11/25/42	13,563		13,564
		Series 2003-2A7-W12, REMIC, 4.68%, 06/25/43	2,205		2,332
		Series 2016-LA-25, REMIC, 3.00%, 07/25/45	5,787		5,850
		Series 2015-N-97, REMIC, 3.00%, 11/25/45	13,757		13,335
		Series 2009-A-W1, REMIC, 6.00%, 12/25/49	466		519
	Government National Mortgage Association
		Series 2009-HB-82, REMIC, 4.00%, 09/16/24	1,246		1,272
		Series 2001-ZA-27, REMIC, 6.50%, 06/16/31	630		697
		Series 2003-Z-27, REMIC, 5.50%, 03/20/33	889		979
		Series 2003-ZA-75, REMIC, 5.50%, 09/20/33	836		920
		Series 2003-Z-114, REMIC, 6.00%, 12/16/33	1,124		1,255
		Series 2007-MB-2, REMIC, 5.50%, 01/20/37	1,535		1,692
		Series 2009-PA-81, REMIC, 5.50%, 02/16/38	66		66
		Interest Only, Series 2008-SA-40, REMIC, 3.92%, (6.40% - (1M USD LIBOR * 1)), 05/16/38 (b)	1,738		290
		Series 2010-CL-166, REMIC, 4.00%, 11/20/38	15,000		15,280
		Series 2010-GP-166, REMIC, 3.00%, 04/20/39	2,452		2,464
		Series 2009-TX-42, REMIC, 4.50%, 06/20/39	3,419		3,660
		Series 2011-Z-29, REMIC, 5.00%, 05/20/40	14,968		16,893
		Interest Only, Series 2011-SH-97, REMIC, 3.64%, (6.13% - (1M USD LIBOR * 1)), 07/20/41 (b)	3,191		465
		Series 2015-PL-157, REMIC, 3.00%, 10/20/45	12,872		12,695
		Series 2013-FA-H16, REMIC, 3.05%, (1M USD LIBOR + 0.54%), 07/20/63 (b)	12,772		12,829
				358,027
Commercial Mortgage-Backed Securities 5.9%
	Federal Home Loan Mortgage Corp.
		Series A2-K049, REMIC, 3.01%, 07/25/25	8,067		8,195
		Series A2-K052, REMIC, 3.15%, 11/25/25	8,050		8,242
		Series K067-A2, REMIC, 3.19%, 07/25/27	6,557		6,700
		Series A2-K068, REMIC, 3.24%, 08/25/27	5,000		5,128
		Series A2-K069, REMIC, 3.19%, 09/25/27 (b)	4,000		4,083
	Federal National Mortgage Association
		Series 2015-A2-M13, REMIC, 2.71%, 06/25/25 (b)	5,151		5,149
		Series 2016-A2-M1, REMIC, 2.94%, 01/25/26 (b)	13,761		13,878
		Series 2017-A2-M13, REMIC, 2.94%, 09/25/27 (b)	2,753		2,754
		Series 2019-A2-M1, REMIC, 3.56%, 09/25/28 (b)	4,000		4,183
	Freddie Mac Structured Pass-Through Certificates
		Series A1-K087, REMIC, 3.59%, 10/25/27	3,866		4,025
				62,337
Mortgage-Backed Securities 14.5%
	Federal Home Loan Mortgage Corp.
		6.00%, 11/01/28	57		63
		7.00%, 04/01/29 - 08/01/32	50		55
		5.00%, 08/01/33 - 12/01/34	731		788
		4.84%, (1Y US Treasury Yield Curve Rate Treasury Note Constant Maturity + 2.25%), 12/01/35 (b)	475		500
		5.35%, (12M USD LIBOR + 2.35%), 01/01/37 (b)	25		26
		5.50%, 07/01/38	1,894		2,071
		4.50%, 10/01/40	755		802
		3.00%, 01/01/47	4,535		4,530
	Federal National Mortgage Association
		4.00%, 02/01/25 - 03/01/48	30,446		31,758
		3.18%, 09/01/25	5,126		5,207
		3.03%, 12/01/25	20,350		20,698
		2.94%, 01/01/26	23,241		23,526
		3.10%, 01/01/26	7,500		7,660
		3.33%, 03/01/27	2,489		2,583
		2.97%, 06/01/27	5,757		5,812
		7.00%, 05/01/26 - 01/01/30	13		14
		8.00%, 11/01/29 - 03/01/31	33		38
		7.50%, 02/01/31	3		4
		5.00%, 09/01/35 - 11/01/40	12,242		13,261
		6.00%, 02/01/31 - 12/01/36	4,005		4,501
		6.50%, 03/01/26 - 03/01/36	140		159
		5.50%, 02/01/35 - 10/01/36	2,324		2,549
		3.50%, 09/01/45 - 01/01/46	17,590		17,893

155

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
		3.00%, 03/01/43 - 03/01/46	3,857		3,856
		REMIC, 2.90%, 06/25/27	5,261		5,238
	Government National Mortgage Association
		6.00%, 04/15/29 - 01/15/36	771		863
				154,455
Municipal 1.6%
	Tennessee Valley Authority
		Interest Only, 0.00%, 01/15/21 - 07/15/37 (g)	20,487		17,039
Sovereign 5.2%
	Israel Government AID Bond
		Interest Only, 0.00%, 11/01/21 (g)	10,000		9,350
	Province of Saskatchewan, Canada
		9.38%, 12/15/20	1,500		1,661
	Residual Funding Corp.
		Principal Only, 0.00%, 10/15/19 - 01/15/30 (g)	51,010		44,707
				55,718
Treasury Inflation Indexed Securities 3.7%
	U.S. Treasury Inflation Indexed Note
		1.38%, 02/15/44 (h)	35,911		39,721
U.S. Government Agency Obligations 1.3%
	Federal Home Loan Bank
		5.25%, 12/11/20 (i)	4,500		4,719
		5.75%, 06/12/26 (i)	5,000		6,010
	Federal National Mortgage Association
		Principal Only, 0.00%, 03/23/28 (g) (i)	4,000		3,113
				13,842
U.S. Treasury Securities 18.4%
	U.S. Treasury Bond
		0.00%, 08/15/21 (g)	25,000		23,658
		5.38%, 02/15/31	23,000		29,929
		3.75%, 11/15/43	7,000		8,223
		3.00%, 05/15/45	27,500		28,600
	U.S. Treasury Note
		3.38%, 11/15/19	25,000		25,137
		1.13%, 04/30/20	25,000		24,664
		2.63%, 08/15/20 - 11/15/20	45,000		45,175
		2.00%, 11/30/22	10,000		9,922
				195,308
	Total Government And Agency Obligations (cost $888,925)			896,447
			Shares/Par¹		Value ($)
SHORT TERM INVESTMENTS 4.6%
Investment Companies 4.6%
	JNL Government Money Market Fund - Institutional Class, 2.33% (j) (k)		48,915		48,915
	Total Short Term Investments (cost $48,915)			48,915
Total Investments 99.7% (cost $1,053,794)					1,060,742
Other Assets and Liabilities, Net 0.3%					3,403
Total Net Assets 100.0%					1,064,145

(c) The Sub-Adviser has deemed this security to be illiquid based on procedures approved by the JNL Series Trust's Board of Trustees.

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

(e) All or a portion of the security was purchased on a delayed delivery basis. As of March 31, 2019, the total payable for investments purchased on a delayed delivery basis was $74.

(f) All or a portion of the security was on loan.

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

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

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

(j) Investment in affiliate.

(k) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2019.


Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	IndyMac Seconds Asset Backed Trust, Series 2006-A-A REMIC, 2.75%, 06/25/36	05/22/06	685	74	—
	SACO I Inc., Series 2006-A-6 REMIC, 2.75%, 06/25/36	05/30/06	74	72	—
			759	146	—

156

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
JNL/Lazard Emerging Markets Fund
COMMON STOCKS 96.7%
Argentina 1.5%
	YPF SA - Class D - ADR	859		12,031
Brazil 8.1%
	AMBEV SA - ADR	2,109		9,069
	Banco do Brasil SA	2,210		27,408
	BB Seguridade Participacoes SA	1,787		12,023
	CCR SA	3,116		9,335
	Cielo SA	3,336		8,082
			65,917
China 19.1%
	AAC Technologies Holdings Inc.	1,003		5,997
	Anhui Conch Cement Co. Ltd. - Class H	1,811		11,106
	Baidu.com - Class A - ADR (a)	55		9,137
	China Construction Bank Corp. - Class H	40,709		34,970
	China Mobile Ltd. - ADR	425		21,680
	China Shenhua Energy Co. Ltd. - Class H	2,952		6,734
	CNOOC Ltd.	5,138		9,620
	ENN Energy Holdings Ltd.	800		7,741
	Hengan International Group Co. Ltd. (b)	1,091		9,610
	NetEase.com Inc. - ADR	92		22,305
	Weichai Power Co. Ltd. - Class H	10,004		16,032
			154,932
Egypt 1.1%
	Commercial International Bank Egypt SAE - GDR	2,258		8,792
Hong Kong 1.5%
	ASM Pacific Technology Ltd.	812		9,116
	China Merchants Bank Co. Ltd. - Class H	711		3,467
			12,583
Hungary 1.8%
	OTP Bank Plc	331		14,545
India 9.8%
	Axis Bank Ltd. (a)	1,684		18,930
	Bajaj Auto Ltd.	172		7,254
	Bharat Petroleum Corp. Ltd.	690		3,971
	Coal India Ltd.	1,285		4,405
	HCL Technologies Ltd.	474		7,447
	Hero Motocorp Ltd.	258		9,520
	Infosys Ltd. - ADR	669		7,311
	Oil & Natural Gas Corp. Ltd.	2,152		4,969
	Tata Consultancy Services Ltd.	501		14,510
	United Phosphorus Ltd.	50		696
			79,013
Indonesia 6.1%
	Astra International Tbk PT	20,105		10,345
	Bank Mandiri Persero Tbk PT	32,409		17,001
	Semen Gresik Persero Tbk PT	8,835		8,676
	Telekomunikasi Indonesia Persero Tbk PT - ADR	497		13,633
			49,655
Malaysia 0.8%
	British American Tobacco Malaysia Bhd	698		6,180
Mexico 4.0%
	America Movil SAB de CV - Class L - ADR	1,026		14,652
	Grupo Mexico SAB de CV - Class B	2,107		5,790
	Kimberly-Clark de Mexico SAB de CV - Class A	3,695		6,267
	Ternium SA - ADR	202		5,509
			32,218
Pakistan 1.2%
	Habib Bank Ltd.	2,170		2,047
	Oil & Gas Development Co. Ltd.	922		966
	Pakistan Petroleum Ltd.	4,991		6,566
			9,579
		Shares/Par¹		Value ($)
Philippines 0.7%
	PLDT Inc. - ADR	249		5,396
Russian Federation 9.7%
	Alrosa AO	5,881		8,283
	Gazprom OAO Via Gaz Capital SA - ADR	2,267		10,269
	Lukoil PJSC - ADR	192		17,248
	Magnit PJSC - GDR	417		5,893
	Mobile Telesystems PJSC - ADR	1,295		9,791
	Sberbank of Russia - ADR (b)	2,046		27,277
			78,761
South Africa 7.9%
	Bidvest Group Ltd.	518		6,944
	Imperial Holdings Ltd.	528		2,196
	Life Healthcare Group Holdings Ltd.	3,262		6,003
	Motus Holdings Ltd.	664		3,772
	Nedbank Group Ltd.	397		6,916
	PPC Ltd. (a)	4,440		1,445
	Sanlam Ltd.	1,436		7,340
	Shoprite Holdings Ltd.	878		9,533
	Standard Bank Group Ltd.	594		7,628
	Vodacom Group Ltd.	959		7,409
	Woolworths Holdings Ltd.	1,445		4,654
			63,840
South Korea 14.2%
	Coway Co. Ltd.	142		11,840
	Hyundai Mobis	60		10,983
	KB Financial Group Inc.	189		6,979
	Korea Life Insurance Co. Ltd.	812		2,860
	KT&G Corp.	88		8,044
	Samsung Electronics Co. Ltd.	912		35,928
	Shinhan Financial Group Co. Ltd.	381		14,091
	SK Hynix Inc.	374		24,461
			115,186
Taiwan 5.4%
	Catcher Technology Co. Ltd.	1,094		8,438
	Hon Hai Precision Industry Co. Ltd. - GDR	1,575		7,639
	Taiwan Semiconductor Manufacturing Co. Ltd. - ADR	680		27,835
			43,912
Thailand 1.7%
	Kasikornbank PCL	1,104		6,553
	Siam Cement PCL	462		7,026
			13,579
Turkey 2.1%
	KOC Holding A/S	2,589		7,486
	Tupras Turkiye Petrol Rafinerileri A/S	429		9,586
			17,072
	Total Common Stocks (cost $749,853)		783,191
SHORT TERM INVESTMENTS 7.5%
Investment Companies 5.2%
	JNL Government Money Market Fund - Institutional Class, 2.33% (c) (d)	42,069		42,069
Securities Lending Collateral 2.3%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.43% (c) (d)	18,493		18,493
	Total Short Term Investments (cost $60,562)		60,562
Total Investments 104.2% (cost $810,415)				843,753
Other Assets and Liabilities, Net (4.2)%				(34,259)
Total Net Assets 100.0%				809,494

(a) Non-income producing security.

(b) All or a portion of the security was on loan.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2019.

157

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019

Forward Foreign Currency Contracts

Purchased/

Sold

Counter-party

Expiration

Notional ¹

Value ($)

Unrealized

Appreciation

(Depreciation) ($)

ZAR/USD

SSB

04/03/19

ZAR

5,059

350

—

158

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
JNL/Loomis Sayles Global Growth Fund
COMMON STOCKS 98.8%
Argentina 5.7%
	MercadoLibre Inc. (a)	31		15,612
Brazil 1.8%
	AMBEV SA - ADR	1,149		4,939
China 11.3%
	Alibaba Group Holding Ltd. - ADS (a)	84		15,243
	Baidu.com - Class A - ADR (a)	43		7,148
	Tencent Holdings Ltd.	179		8,279
			30,670
Denmark 3.5%
	Novo Nordisk A/S - Class B	180		9,472
France 4.2%
	Danone SA	93		7,186
	Sodexo SA	40		4,363
			11,549
Italy 0.7%
	Prada SpA	648		1,938
Netherlands 4.9%
	Adyen NV (a)	8		6,019
	Core Laboratories NV	13		890
	Unilever NV - CVA	108		6,305
			13,214
Switzerland 8.6%
	Nestle SA	61		5,825
	Novartis AG	63		6,065
	Roche Holding AG	41		11,383
			23,273
United Kingdom 5.5%
	Diageo Plc	107		4,365
	Experian Plc	255		6,901
		Shares/Par¹		Value ($)
	Reckitt Benckiser Group Plc	43		3,568
			14,834
United States of America 52.6%
	Alphabet Inc. - Class A (a)	10		11,565
	Amazon.com Inc. (a)	9		16,907
	American Express Co.	25		2,716
	Coca-Cola Co.	108		5,052
	Colgate-Palmolive Co.	69		4,697
	Deere & Co.	63		10,080
	Expeditors International of Washington Inc.	57		4,331
	Facebook Inc. - Class A (a)	74		12,380
	Microsoft Corp.	63		7,469
	Oracle Corp.	237		12,722
	Procter & Gamble Co.	64		6,633
	QUALCOMM Inc.	98		5,616
	Schlumberger Ltd.	98		4,283
	SEI Investments Co.	72		3,740
	Under Armour Inc. - Class A (a)	277		5,854
	Visa Inc. - Class A	78		12,257
	Yum China Holdings Inc.	247		11,080
	Yum! Brands Inc.	54		5,386
			142,768
	Total Common Stocks (cost $253,679)		268,269
SHORT TERM INVESTMENTS 0.9%
Investment Companies 0.9%
	JNL Government Money Market Fund - Institutional Class, 2.33% (b) (c)	2,350		2,350
	Total Short Term Investments (cost $2,350)		2,350
Total Investments 99.7% (cost $256,029)				270,619
Other Assets and Liabilities, Net 0.3%				888
Total Net Assets 100.0%				271,507

(a) Non-income producing security.

(b) Investment in affiliate.

159

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹	Value ($)
JNL/Mellon Capital Consumer Staples Sector Fund
COMMON STOCKS 99.2%
Consumer Staples 98.9%
	Altria Group Inc.	73	4,186
	Andersons Inc.	1	33
	Archer-Daniels-Midland Co.	22	937
	Avon Products Inc. (a)	18	52
	B&G Foods Inc. (b)	3	65
	BJ's Wholesale Club Holdings Inc. (a)	4	103
	Boston Beer Co. Inc. - Class A (a)	—	95
	Brown-Forman Corp. - Class B	10	542
	Bunge Ltd.	5	288
	Calavo Growers Inc. (b)	1	50
	Cal-Maine Foods Inc.	1	51
	Campbell Soup Co. (b)	7	264
	Casey's General Stores Inc.	1	180
	Central Garden & Pet Co. (a) (b)	—	11
	Central Garden & Pet Co. - Class A (a)	2	38
	Chefs' Warehouse Inc. (a)	1	32
	Church & Dwight Co. Inc.	10	677
	Clorox Co.	5	794
	Coca-Cola Co.	157	7,348
	Coca-Cola Consolidated Inc.	—	57
	Colgate-Palmolive Co.	32	2,187
	ConAgra Brands Inc.	19	524
	Constellation Brands Inc. - Class A	6	1,129
	Costco Wholesale Corp.	17	4,116
	Coty Inc. - Class A (b)	19	218
	Darling Ingredients Inc. (a)	6	136
	Dean Foods Co.	3	8
	e.l.f. Beauty Inc. (a) (b)	1	13
	Edgewell Personal Care Co. (a)	2	85
	Energizer Holdings Inc.	2	105
	Estee Lauder Cos. Inc. - Class A	9	1,410
	Farmer Bros. Co. (a)	—	9
	Flowers Foods Inc.	8	159
	Fresh Del Monte Produce Inc.	1	33
	Freshpet Inc. (a)	1	54
	General Mills Inc.	23	1,198
	Hain Celestial Group Inc. (a)	4	86
	Hershey Co.	6	628
	Hormel Foods Corp.	11	506
	Hostess Brands Inc. - Class A (a)	4	46
	Ingles Markets Inc. - Class A	—	10
	Ingredion Inc.	3	262
	Inter Parfums Inc.	1	54
	J&J Snack Foods Corp.	1	96
	JM Smucker Co.	4	511
	John B. Sanfilippo & Son Inc.	—	24
	Kellogg Co.	10	578
	Kimberly-Clark Corp.	13	1,666
	Kraft Heinz Foods Co.	24	772
	Kroger Co.	31	759
	Lamb Weston Holdings Inc.	6	423
	Lancaster Colony Corp.	1	118
	Landec Corp. (a)	1	12
	McCormick & Co. Inc.	5	713
	Medifast Inc.	—	58
	MGP Ingredients Inc. (b)	1	40
	Molson Coors Brewing Co. - Class B	7	435


			Shares/Par¹		Value ($)
	Mondelez International Inc. - Class A		56		2,816
	Monster Beverage Corp. (a)		16		877
	National Beverage Corp.		—		25
	Nu Skin Enterprises Inc. - Class A		2		99
	PepsiCo Inc.		55		6,709
	Performance Food Group Co. (a)		4		163
	Philip Morris International Inc.		60		5,329
	Pilgrim's Pride Corp. (a)		2		54
	Post Holdings Inc. (a)		3		280
	PriceSmart Inc.		1		53
	Primo Water Corp. (a)		1		19
	Procter & Gamble Co.		97		10,052
	Rite Aid Corp. (a) (b)		46		29
	Sanderson Farms Inc. (b)		1		103
	Seaboard Corp.		—		51
	Simply Good Foods Co. (a)		3		56
	Smart & Final Stores Inc. (a)		1		6
	SpartanNash Co.		1		21
	Spectrum Brands Holdings Inc.		2		87
	Sprouts Farmers Market Inc. (a)		5		99
	Sysco Corp.		19		1,280
	Tootsie Roll Industries Inc. (b)		1		23
	TreeHouse Foods Inc. (a)		2		139
	Turning Point Brands Inc.		—		17
	Tyson Foods Inc. - Class A		11		794
	United Natural Foods Inc. (a)		2		26
	Universal Corp.		1		53
	US Foods Holding Corp. (a)		8		292
	USANA Health Sciences Inc. (a)		—		37
	Vector Group Ltd.		4		45
	Village Super Market Inc. - Class A		—		12
	Walgreens Boots Alliance Inc.		31		1,977
	Walmart Inc.		56		5,495
	WD-40 Co.		1		89
	Weis Markets Inc.		1		21
				72,212
Health Care 0.3%
	Herbalife Nutrition Ltd. (a)		4		222
	Total Common Stocks (cost $69,227)			72,434
SHORT TERM INVESTMENTS 1.4%
Investment Companies 0.6%
	JNL Government Money Market Fund - Institutional Class, 2.33% (c) (d)		463		463
Securities Lending Collateral 0.8%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.43% (c) (d)		547		547
Treasury Securities 0.0%
	U.S. Treasury Bill
		2.44%, 06/06/19 (e) (f)	25		25
	Total Short Term Investments (cost $1,035)			1,035
Total Investments 100.6% (cost $70,262)					73,469
Other Derivative Instruments 0.0%					4
Other Assets and Liabilities, Net (0.6)%					(444)
Total Net Assets 100.0%					73,029

(a) Non-income producing security.

(b) All or a portion of the security was on loan.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 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 Capital Consumer Staples Sector Fund — Futures Contracts

Reference Entity

Contracts¹

Expiration

Notional¹

Variation

Margin

Receivable

(Payable) ($)

Unrealized

Appreciation

(Depreciation) ($)

Long Contracts

E-Mini Consumer Staples Select Sector

June 2019

601

160

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
JNL/Mellon Capital Emerging Markets Index Fund
COMMON STOCKS 94.9%
Australia 0.0%
	MMG Ltd. (a)	456		187
Brazil 4.4%
	AMBEV SA	1,059		4,560
	Atacadao Distribuicao Comercio e Industria Ltda	88		453
	B2W Companhia Digital (a)	39		420
	B3 SA	460		3,750
	Banco Bradesco SA	231		2,206
	Banco do Brasil SA	190		2,352
	Banco Santander Brasil SA	96		1,074
	BB Seguridade Participacoes SA	149		1,006
	BR Malls Participacoes SA	154		493
	BRF SA (a)	122		701
	CCR SA	276		827
	Centrais Eletricas Brasileiras SA (a)	45		424
	Cia de Saneamento Basico do Estado de Sao Paulo	72		763
	Cia Siderurgica Nacional SA	141		585
	Cielo SA	260		629
	Cosan SA	40		434
	Embraer SA	140		663
	Engie Brasil Energia SA	51		557
	Equatorial Energia SA	37		766
	Hypera SA	83		551
	IRB-Brasil Resseguros SA	31		729
	JBS SA	222		916
	Klabin SA	161		700
	Kroton Educacional SA	325		871
	Localiza Rent a Car SA	118		984
	Lojas Renner SA	157		1,744
	M Dias Branco SA	25		271
	Magazine Luiza SA	17		756
	Multiplan Empreendimentos Imobiliarios SA	66		392
	Natura Cosmeticos SA	38		442
	Petrobras Distribuidora SA	73		434
	Petroleo Brasileiro SA	665		5,273
	Porto Seguro SA	24		327
	Raia Drogasil SA	50		830
	Rumo SA (a)	251		1,222
	Sul America SA	45		343
	Suzano Papel e Celulose SA	122		1,448
	Tim Participacoes SA	191		582
	Ultrapar Participacoes SA	75		895
	Vale SA	714		9,335
	WEG SA	186		856
			52,564
Chile 0.9%
	Aguas Andinas SA - Class A	438		249
	Banco de Chile	5,832		858
	Banco de Credito e Inversiones	11		728
	Banco Santander Chile	15,424		1,160
	Cencosud SA	330		571
	Cia Cervecerias Unidas SA	31		447
	Colbun SA	1,832		414
	Empresas CMPC SA	278		979
	Empresas COPEC SA	91		1,151
	Enel Americas SA	6,593		1,172
	Enel Chile SA	6,147		644
	ENTEL Chile SA	27		279
	Itau CorpBanca	36,097		318
	Lan Airlines SA	68		723
	S.A.C.I. Falabella	163		1,212
			10,905
China 27.5%
	360 Security Technology Inc. - Class A	8		32
	3SBio Inc. (b) (c)	300		594
	51job Inc. - ADR (a) (b)	5		374
	58.Com Inc. - Class A - ADR (a)	21		1,409
	AAC Technologies Holdings Inc. (b)	161		963
	AECC Aviation Power Co. Ltd. - Class A	3		13
	Agile Property Holdings Ltd.	314		511
	Agricultural Bank of China Ltd. - Class A	295		164
		Shares/Par¹		Value ($)
	Air China Ltd. - Class A	7		11
	Air China Ltd. - Class H	434		536
	Aisino Corp. - Class A	3		11
	Alibaba Group Holding Ltd. - ADS (a)	290		52,973
	Alibaba Health Information Technology Ltd. (a)	746		866
	Alibaba Pictures Group Ltd. (a) (b)	3,400		604
	Aluminum Corp. of China Ltd. - Class A (a)	30		19
	Aluminum Corp. of China Ltd. - Class H (a)	732		270
	Angang Steel Co. Ltd.	270		198
	Angang Steel Co. Ltd. - Class A	17		14
	Anhui Conch Cement Co. Ltd. - Class A	4		22
	Anhui Conch Cement Co. Ltd. - Class H	276		1,693
	Anxin Trust Co. Ltd. - Class A	45		49
	Autohome Inc. - Class A - ADR (a) (b)	13		1,418
	AVIC Aircraft Co. Ltd. - Class A (a)	2		11
	AVIC Aircraft Co. Ltd. - Class A	4		11
	AVIC Capital Co. Ltd. - Class A	14		12
	BAIC Motor Corp. Ltd. - Class H (c)	449		295
	Baidu.com - Class A - ADR (a)	62		10,180
	Bank of Beijing Co. Ltd. - Class A	23		21
	Bank of China Ltd. - Class A	51		29
	Bank of China Ltd. - Class H	17,738		8,058
	Bank of Communications Co. Ltd. - Class A	141		131
	Bank of Communications Co. Ltd. - Class H	2,045		1,676
	Bank of Guiyang Co. Ltd. - Class A	55		107
	Bank of Jiangsu Co. Ltd. - Class A	15		16
	Bank of Nanjing Co. Ltd. - Class A	9		11
	Bank of Ningbo Co. Ltd. - Class A	6		20
	Bank of Shanghai Co. Ltd. - Class A	14		24
	Baoshan Iron & Steel Co. Ltd.	26		28
	Baozun Inc. - ADR (a) (b)	8		345
	BBMG Corp. - Class A	21		14
	BBMG Corp. - Class H (b)	578		213
	Beijing Capital Co. Ltd. - Class A	87		54
	Beijing Capital International Airport Co. Ltd. - Class H	350		334
	Beijing Dabeinong Technology Group Co. Ltd. - Class A	13		10
	Beijing Enterprises Holdings Ltd.	100		566
	Beijing Huaer Co. Ltd. - Class A	72		112
	Beijing Shiji Information Technology Co. Ltd. - Class A	1		7
	Beijing Tongrentang Co. Ltd. - Class A	2		8
	BOE Technology Group Co. Ltd. - Class A	44		26
	Brilliance China Automotive Holdings Ltd. (b)	646		643
	BYD Co. Ltd. - Class A	8		60
	BYD Co. Ltd. - Class H (b)	139		839
	BYD Electronic International Co. Ltd.	166		216
	CAR Inc. (a)	192		166
	Changjiang Securities Co. Ltd. - Class A	10		11
	China Agri-Industries Holdings Ltd.	536		184
	China Avionics Systems Co. Ltd. - Class A	4		10
	China CITIC Bank Corp. Ltd. - Class A	8		7
	China CITIC Bank Corp. Ltd. - Class H	2,088		1,332
	China Coal Energy Co. - Class H	272		113
	China Communications Construction Co. Ltd. - Class A	3		6
	China Communications Construction Co. Ltd. - Class H	1,035		1,072
	China Conch Venture Holdings Ltd.	377		1,354
	China Construction Bank Corp. - Class A	28		29
	China Construction Bank Corp. - Class H	21,473		18,446
	China COSCO Holdings Co. Ltd. - Class H (a)	651		271
	China Eastern Airlines Corp. Ltd. - Class A	17		17
	China Eastern Airlines Corp. Ltd. - Class H	364		258
	China Everbright Bank Co. Ltd. - Class A	34		21
	China Film Co. Ltd. - Class A	50		132
	China First Capital Group Ltd. (a)	676		358
	China Fortune Land Development Co. Ltd. - Class A	4		18
	China Gezhouba Group Co. Ltd - Class A	7		8
	China Grand Automotive Services Ltd. - Class A	9		7
	China Hongqiao Group Ltd.	437		330
	China Huarong Asset Management Co. Ltd. - Class H	2,159		460
	China Huishan Dairy Holdings Co. Ltd. (a) (d)	946		51
	China International Capital Corp. - Class H (c)	211		490

161

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


	Shares/Par¹	Value ($)
China International Marine Containers Co. Ltd. - Class A	5	11
China International Travel Service Corp. Ltd.	3	28
China Life Insurance Co. Ltd. - Class A	2	8
China Life Insurance Co. Ltd. - Class H	1,662	4,473
China Literature Ltd. (a) (b)	46	217
China Longyuan Power Group Corp. - Class H	646	450
China Merchants Bank Co. Ltd. - Class A	56	282
China Merchants Holdings International Co. Ltd.	256	548
China Merchants Securities Co. Ltd. - Class A	8	20
China Merchants Shekou Industrial Zone Holdings Co. - Class A	9	32
China Minsheng Banking Corp. Ltd. - Class A	31	29
China Minsheng Banking Corp. Ltd. - Class H	1,393	1,012
China Mobile Ltd.	1,372	13,969
China Molybdenum Co. Ltd. - Class A	131	91
China Molybdenum Co. Ltd. - Class H	686	288
China National Building Material Co. Ltd. - Class H	878	696
China National Chemical Engineering Group Corp. - Class A	9	9
China National Nuclear Power Co. Ltd. - Class A	16	14
China Northern Rare Earth High-Tech Co. Ltd. - Class A	5	8
China Oriental Group Co. Ltd.	220	139
China Pacific Insurance Co. Ltd. - Class A	26	131
China Pacific Insurance Group Co. Ltd. - Class H	595	2,342
China Petroleum & Chemical Corp. - Class A	27	23
China Petroleum & Chemical Corp. - Class H	5,698	4,502
China Railway Construction Corp. Ltd. - Class A	69	118
China Railway Construction Corp. Ltd. - Class H	418	550
China Railway Group Ltd. - Class H	851	778
China Railway Signal & Communication Corp. Ltd. - Class H	383	304
China Reinsurance Corp. - Class H	899	190
China Resources Cement Holdings Ltd.	586	607
China Resources Pharmaceutical Group Ltd.	359	511
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. - Class A	2	9
China Shenhua Energy Co. Ltd. - Class A	11	32
China Shenhua Energy Co. Ltd. - Class H	748	1,706
China Shipbuilding Industry Co. Ltd. - Class A	8	7
China Shipbuilding Industry Group Power Co. Ltd. - Class A	24	96
China South Publishing & Media Group Co. Ltd. - Class A	6	11
China Southern Airlines Co. Ltd. - Class A	15	19
China Southern Airlines Co. Ltd. - Class H	460	411
China Spacesat Co. Ltd. - Class A	3	10
China State Construction Engineering Corp. Ltd. - Class A	169	154
China Telecom Corp. Ltd. - Class H	3,100	1,723
China Tower Corp. Ltd. (a)	8,742	2,034
China Traditional Chinese Medicine Holdings Co. Ltd.	464	277
China Travel International Investment Hong Kong Ltd.	564	144
China United Network Communications Ltd.	108	109
China Vanke Co. Ltd. - Class A	17	77
China Yangtze Power Co. Ltd. - Class A	58	146
China Zhongwang Holdings Ltd.	386	211
Chinese Universe Publishing & Media Co. Ltd. - Class A	4	10
Chongqing Chang'an Industry Co. Ltd. - Class A	11	13
Chongqing Rural Commercial Bank - Class H	592	342
CIFI Holdings Group Co. Ltd.	830	632
CITIC Guoan Information Industry Co. Ltd. - Class A	81	72
CITIC Securities Co. Ltd. - Class A	9	32
CITIC Securities Co. Ltd. - Class H	533	1,246
CNOOC Ltd.	3,988	7,466
COSCO Shipping Development Co. Ltd. - Class A (a)	72	33
COSCO Shipping Holdings Co. Ltd. - Class A (a)	23	18
Country Garden Holdings Co. Ltd.	1,706	2,681
Country Garden Services Holdings Co. Ltd. (a)	231	432
CRRC Corp. Ltd. - Class A	28	37
CRRC Corp. Ltd. - Class H	958	904
Ctrip.com International Ltd. - ADR (a)	92	4,033
Dali Food Group Co. Ltd.	374	281
Daqin Railway Co. Ltd. - Class A	19	24
	Shares/Par¹	Value ($)
Datang International Power Generation Co. Ltd. - Class H	780	209
DHC Software Co. Ltd. - Class A	5	7
Dong-E-E-Jiao Co. Ltd. - Class A	2	13
Dongfang Electric Corp. Ltd. - Class A (a)	8	13
Dongfeng Motor Group Co. Ltd. - Class H	558	559
Dongxing Securities Co. Ltd. - Class A	5	9
Dragon Delight Holdings Co. Ltd.	256	427
ENN Energy Holdings Ltd.	172	1,668
Everbright Securities Co. Ltd. - Class A	5	11
Fangda Carbon New Material Co. Ltd. - Class A	2	8
Far East Horizon Ltd.	483	514
Financial Street Holding Co. Ltd. - Class A	6	8
First Capital Securities Co. Ltd. - Class A	57	67
Focus Media Information Technology Co. Ltd. - Class A	18	16
Foshan Haitian Flavoring & Food Co. Ltd. - Class A	3	44
Fosun International Ltd.	592	1,005
Founder Securities Co. Ltd. - Class A	15	17
Foxconn Industrial Internet Co. Ltd. - Class A (a)	10	22
Fullshare Holdings Ltd. (b)	1,450	195
Future Land Development Holdings Ltd.	418	521
Fuyao Glass Industry Group Co. Ltd. - Class A	3	10
Fuyao Glass Industry Group Co. Ltd. - Class H (c)	96	324
GD Power Development Co. Ltd.	30	12
GDS Holdings Ltd. - ADR (a) (b)	15	539
Geely Automobile Holdings Ltd. (b)	1,100	2,104
Gemdale Corp. - Class A	7	14
Genscript Biotech Corp. (a) (b)	202	383
GF Securities Co. - Class A	8	18
GF Securities Co. Ltd. - Class H	328	473
Giant Network Group Co. Ltd. - Class A	16	54
Goertek Inc. - Class A	5	8
Great Wall Motor Co. Ltd. - Class H	625	471
Gree Electric Appliances Inc. - Class A	4	28
Greenland Holding Group Co. Ltd. - Class A	11	12
Greentown China Holdings Ltd.	186	166
Greentown China Holdings Ltd.	225	226
Guanghui Energy Co. Ltd. - Class A	20	13
Guangshen Railway Co. Ltd. - Class A	164	87
Guangzhou Automobile Group Co. Ltd. - Class A	4	7
Guangzhou Automobile Group Co. Ltd. - Class H	640	759
Guangzhou Baiyunshan Pharmaceutical Holdings Co. - Class A	2	13
Guangzhou Haige Communications Group Inc. - Class A	7	11
Guangzhou R&F Properties Co. Ltd. - Class H	244	531
Guotai Junan Securities Co. Ltd. - Class A	14	41
Guotai Junan Securities Co. Ltd. - Class H	152	340
Guoxin Securities Co. Ltd. - Class A	5	11
Haitian International Holdings Ltd.	163	372
Haitong International Securities Group Ltd. - Class A	9	19
Hangzhou Bank Co. Ltd. - Class A	8	10
Hangzhou Hikvision Digital Technology Co. Ltd. - Class A	33	172
Hangzhou Robam Appliances Co. Ltd. - Class A	14	69
Heilan Home Garments Co. Ltd. - Class A	28	41
Henan Shuanghui Investment & Development Co. Ltd. - Class A	3	13
Hengan International Group Co. Ltd.	157	1,383
Hengli Petrochemical Co. Ltd.	6	17
Hua Hong Semiconductor Ltd. (b) (c)	91	214
Hua Xia Bank Co. Ltd. - Class A	14	18
HuaAn Securities Co. Ltd. - Class A	124	133
Huadian Power International Corp. Ltd. - Class A	54	35
Huadian Power International Corp. Ltd. - Class H	382	158
Huadong Medicine Co. Ltd. - Class A	2	10
Huaneng Power International Inc. - Class A	18	17
Huaneng Power International Inc. - Class H	934	542
Huaneng Renewables Corp. Ltd. - Class H	904	252
Huatai Securities Co. Ltd. - Class A	20	65
Huatai Securities Co. Ltd. - Class H	332	665
Huaxi Securities Co. Ltd. - Class A	3	6
HUAYU Automotive Systems Co. Ltd. - Class A	4	12
Huazhu Group Ltd. - ADS	30	1,281

162

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


	Shares/Par¹	Value ($)
Hubei Energy Group Co. Ltd. - Class A	21	13
Hubei Granules-Biocause Pharmaceutical Co. Ltd. - Class A	8	8
Hundsun Technologies Inc. - Class A	1	10
iFlyTek Co. Ltd. - Class A	3	14
Industrial & Commercial Bank of China Ltd. - Class A	181	150
Industrial & Commercial Bank of China Ltd. - Class H	15,504	11,370
Industrial Bank Co. Ltd. - Class A	68	184
Industrial Securities Co. Ltd. - Class A	13	14
Inner Mongolia BaoTou Steel Union Co. Ltd. - Class A	61	17
Inner Mongolia Yili Industrial Group Co. Ltd. - Class A	16	69
Inner Mongolia Yitai Coal Co. Ltd. - Class B	181	223
iQiyi Inc. - ADS (a)	26	620
JD.com Inc. - Class A - ADR (a)	162	4,883
Jiangsu Expressway Co. Ltd. - Class H	303	429
Jiangsu Hengrui Medicine Co. Ltd. - Class A	16	159
Jiangsu Hengtong Optic-Electric Co. Ltd. - Class A	3	10
Jiangsu Siyang Yanghe Vintage Co. Ltd. - Class A	4	80
Jiangsu Xincheng Real Estate Co. Ltd - Class A	3	22
Jiangxi Copper Co. Ltd. - Class A	45	104
Jiangxi Copper Co. Ltd. - Class H	194	259
Jiangxi Ganfeng Lithium Co. Ltd. - Class A	12	48
Jiayuan International Group Ltd.	206	109
Jinduicheng Molybdenum Group Co. Ltd. - Class A	105	108
Jinke Real Estate Group Co. Ltd. - Class A	12	13
Jointown Pharmaceutical Group Co. Ltd. - Class A	4	9
Kaisa Group Holdings Ltd.	549	250
Kangmei Pharmaceutical Co. Ltd. - Class A	7	10
Kweichow Moutai Co. Ltd. - Class A	4	497
KWG Property Holding Ltd.	294	356
Lee & Man Paper Manufacturing Ltd.	370	317
Legend Holdings Corp. - Class H	86	230
Liaoning Chengda Co. Ltd. - Class A	19	42
LONGi Green Energy Technology Co. Ltd. - Class A	24	94
Luxshare Precision Industry Co. Ltd. - Class A	6	21
Luye Pharma Group Ltd. (b)	301	265
Luzhou Lao Jiao Vintage Co. Ltd. - Class A	2	19
Maanshan Iron & Steel Co. Ltd.	284	139
Maanshan Iron & Steel Co. Ltd. - Class A	60	35
Meinian Onehealth Healthcare Holdings Co. Ltd. - Class A	5	14
Meitu Inc. (a) (c)	396	187
Meituan Dianping (a) (b)	67	454
Metallurgical Corp. of China Ltd. - Class A	49	26
Metallurgical Corp. of China Ltd. - Class H	693	205
Midea Group Co. Ltd.	24	173
Momo Inc. - ADR	33	1,271
Muyuan Foods Co. Ltd. - Class A	3	25
NARI Technology Co. Ltd.	11	33
NetEase.com Inc. - ADR	18	4,248
New China Life Insurance Co. Ltd. - Class A	1	9
New Hope Liuhe Co. Ltd. - Class A	10	20
New Oriental Education & Technology Group - ADR (a)	32	2,846
Nexteer Automotive Group Ltd.	209	260
Ninestar Corp. - Class A	9	43
Noah Holdings Ltd. - Class A - ADS (a) (b)	7	354
Offshore Oil Engineering Co. Ltd. - Class A	8	8
OFILM Group Co. Ltd. - Class A	5	10
Oppein Home Group Inc. - Class A	—	7
Orient Securities Co. Ltd. - Class A	7	13
Oriental Pearl Group Co. Ltd. - Class A	7	14
Perfect World Co. Ltd. - Class A	17	81
PetroChina Co. Ltd. - Class A	14	16
PetroChina Co. Ltd. - Class H	4,781	3,103
Pinduoduo Inc. - ADR (a)	41	1,008
Ping An Bank Co. Ltd. - Class A	41	78
Ping An Insurance Co. of China Ltd. - Class A	27	313
Ping An Insurance Group Co. of China Ltd. - Class H	1,164	13,116
Poly Developments and Holdings Group Co. Ltd. - Class A	31	66
Postal Savings Bank of China Co. Ltd. - Class H	1,683	965
Power Construction Corp. of China Ltd. - Class A	13	11
Qingdao Haier Co. Ltd. - Class A	8	20
	Shares/Par¹	Value ($)
RiseSun Real Estate Development Co. Ltd. - Class A	6	10
Rongsheng Petrochemical Co. Ltd. - Class A	6	12
S.F. Holding Co. Ltd. - Class A	1	5
SAIC Motor Corp. Ltd. - Class A	18	71
Sanan Optoelectronics Co. Ltd. - Class A	5	10
Sany Heavy Industry Co. Ltd. - Class A	10	18
SDIC Capital Co. Ltd. - Class A	10	22
SDIC Power Holdings Co. Ltd. - Class A	13	16
Shaanxi Coal and Chemical Industry Group Co. Ltd. - Class A	8	10
Shandong Buchang Pharmaceutical Co. Ltd. - Class A	24	102
Shandong Gold Group Co. Ltd. - Class A	3	13
Shandong Haisteel International Trading Co. Ltd. - Class A	17	8
Shandong Linglong Tyre Co. Ltd.	3	9
Shandong Weigao Group Medical Polymer Co. Ltd. - Class H	486	466
Shanghai 2345 Network Holding Group Co. Ltd. - Class A	91	82
Shanghai Electric Group Co. Ltd. - Class A	10	9
Shanghai Fosun Pharmaceutical Co. Ltd. - Class A	3	14
Shanghai International Airport Co. Ltd.	6	53
Shanghai International Port Co. Ltd. - Class A	10	11
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. - Class B	187	275
Shanghai Pharmaceuticals Holding Co. Ltd. - Class A	3	8
Shanghai Pharmaceuticals Holding Co. Ltd. - Class H	198	434
Shanghai Pudong Development Bank Co. Ltd. - Class A	99	167
Shanghai Tunnel Engineering Co. Ltd. - Class A	10	11
Shanxi Lu'an Environmental Energy Development Co. Ltd. - Class A	48	56
Shanxi Securities Co. Ltd. - Class A	10	14
Shanxi Xinghuacun Fenjiu Group Co. Ltd. - Class A	7	62
Shanxi Xishan Coal and Electricity Power Co. Ltd. - Class A	65	60
Shenergy Co. Ltd. - Class A	15	13
Shenwang Hongyuan Group Co. Ltd. - Class A	24	20
Shenzhen Energy Group Co. Ltd. - Class A	16	15
Shenzhen International Holdings Ltd.	173	369
Shenzhen Investment Ltd.	810	310
Shenzhen Overseas Chinese Town Co. Ltd. - Class A	10	11
Shenzhen Salubris Pharmaceuticals Co. Ltd. - Class A	9	37
Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd. - Class A	139	104
Shenzhou International Group Holdings Ltd.	167	2,247
Sichuan Chuantou Energy Stock Co. Ltd. - Class A	9	12
Sichuan Kelun Pharmaceutical Co. Ltd. - Class A	2	10
Sihuan Pharmaceutical Holdings Group Ltd.	949	230
Sina Corp. (a)	14	820
Sinolink Securities Co. Ltd. - Class A	6	10
Sinopec Engineering Group Co Ltd - Class H	333	326
Sinopec Shanghai Petrochemical Co. Ltd. - Class A	16	12
Sinopec Shanghai Petrochemical Co. Ltd. - Class H	718	343
Sinopharm Group Co. Ltd. - Class H	275	1,149
Soho China Ltd. (a)	470	198
Soochow Securities Co. Ltd. - Class A	9	14
Spring Airlines Co. Ltd. - Class A	2	10
Sun Art Retail Group Ltd.	499	487
Sunac China Holdings Ltd.	537	2,689
Suning.com Co. Ltd. - Class A	12	23
Suzhou Gold Mantis Construction Decoration Co. Ltd. - Class A	68	120
TAL Education Group - ADS (a)	82	2,951
Tasly Pharmaceutical Group Co. Ltd. - Class A	3	8
TCL Corp.	29	18
Tebian Electric Apparatus Co. Ltd. - Class A	13	15
Tencent Holdings Ltd.	1,278	59,031
Tencent Music Entertainment Group - Class A - ADR (a) (b)	15	279
Tianma Microelectronics Co. Ltd. - Class A	4	9
Tianqi Lithium Corp.	2	11
Tingyi Cayman Islands Holding Corp.	457	754
Tong Ren Tang Technologies Co. Ltd. - Class H	150	202

163

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
	Tong Wei Co. Ltd. - Class A	37		68
	Tonghua Dongbao Pharmaceutical Co. Ltd. - Class A	3		9
	Tongling Nonferrous Metals Group Co. Ltd. - Class A	306		117
	Travelsky Technology Ltd. - Class H	215		570
	Tsingtao Brewery Co. Ltd. - Class A	3		17
	Tsingtao Brewery Co. Ltd. - Class H	86		406
	Tunghsu Optoelectronic Technology Co. Ltd. - Class A	8		8
	Tus-Sound Environmental Resources Co. Ltd. - Class A	47		108
	Unisplendour Co. Ltd. - Class A	6		41
	Vipshop Holdings Ltd. - ADR (a)	100		802
	Want Want China Holdings Ltd.	1,134		944
	Wanxiang Qianchao Co. Ltd. - Class A	105		106
	Weibo Corp. - ADR (a) (b)	12		764
	Weichai Power Co. Ltd. - Class A	11		19
	Weichai Power Co. Ltd. - Class H	399		639
	Weifu High-Technology Group Co. Ltd. - Class A	33		114
	Western Securities Co. Ltd. - Class A	6		9
	Wuhu Shunrong Sanqi Interactive Entertainment Network Technology Co. Ltd. - Class A	32		65
	Wuliangye Yibin Co. Ltd. - Class A	15		213
	Wuxi Biologics Cayman Inc. (a) (c)	113		1,111
	XCMG Construction Machinery Co. Ltd. - Class A	12		8
	Xiamen C&D Inc. - Class A	5		7
	Xiaomi Corp. - Class W (a) (c)	732		1,066
	Xinhu Zhongbao Co. Ltd. - Class A	15		9
	Xinjiang Goldwind Science & Technology Co. Ltd. - Class A	12		26
	Xinjiang Goldwind Science & Technology Co. Ltd. - Class H (b)	153		221
	Xinyi Solar Holdings Ltd.	704		340
	Yanzhou Coal Mining Co. Ltd. - Class H	422		420
	YiHai International Holdings Ltd.	100		447
	Yonghui Superstores Co. Ltd. - Class A	11		14
	Yonyou Network Technology Co. Ltd.	6		29
	Youngor Group Co. Ltd. - Class A	10		14
	Yum China Holdings Inc.	80		3,612
	Yunnan Baiyao Group Co. Ltd. - Class A	1		18
	Yuzhou Properties Co. Ltd.	436		264
	YY Inc. - Class A - ADS (a)	11		896
	Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. - Class A	1		15
	Zhaojin Mining Industry Co. Ltd. - Class H	239		240
	Zhejiang China Commodities City Group Co. Ltd. - Class A	15		10
	Zhejiang Chint Electrics Co. Ltd. - Class A	3		13
	Zhejiang Dahua Technology Co. Ltd. - Class A	5		11
	Zhejiang Expressway Co. Ltd. - Class H	354		406
	Zhejiang Huayou Cobalt Co. Ltd. - Class A	7		38
	Zhejiang Longsheng Group Co. Ltd. - Class A	7		19
	Zhejiang Semir Garment Co. Ltd. - Class A	4		8
	Zhejiang Zhenneng Electric Power Co. Ltd. - Class A	30		22
	Zhengzhou Yutong Bus Co. Ltd. - Class A	19		39
	ZhongAn Online P&C Insurance Co. Ltd. (a)	42		152
	Zhongjin Gold Corp. Ltd. - Class A	68		86
	Zhongsheng Group Holdings Ltd. (b)	133		331
	Zhuzhou CSR Times Electric Co. Ltd. - Class H	124		735
	Zijin Mining Group Co. Ltd. - Class A	36		19
	Zijin Mining Group Co. Ltd. - Class H	1,424		590
	Zoomlion Heavy Industry Science & Technology Co. Ltd. - Class A	14		9
	ZTE Corp. (a)	11		48
	ZTE Corp. - Class H	179		542
	ZTO Express Cayman Inc. - ADR	68		1,250
			330,462
Colombia 0.3%
	Bancolombia SA	51		636
	Cementos Argos SA	110		273
	Ecopetrol SA	1,108		1,193
	Grupo Argos SA	66		374
	Grupo de Inversiones Suramericana SA	55		628
	Interconexion Electrica SA	99		493
			3,597
		Shares/Par¹		Value ($)
Czech Republic 0.2%
	CEZ A/S	36		847
	Komercni Banka A/S	17		694
	Moneta Money Bank A/S (c)	76		263
			1,804
Egypt 0.1%
	Commercial International Bank Egypt SAE	296		1,165
	Eastern Tobacco Co.	172		181
	El Sewedy Electric Co.	175		157
			1,503
Greece 0.2%
	Alpha Bank AE (a)	296		411
	Folli Follie SA (a) (d)	9		48
	Hellenic Telecommunications Organization SA	50		668
	JUMBO SA	26		428
	Motor Oil Hellas Corinth Refineries SA	12		290
	OPAP SA	53		549
	Titan Cement Co. SA	10		225
			2,619
Hong Kong 5.1%
	Agricultural Bank of China Ltd. - Class H	6,665		3,077
	ANTA Sports Products Ltd.	250		1,707
	AviChina Industry & Technology Co. Ltd. - Class H	478		306
	Beijing Enterprises Water Group Ltd.	1,242		769
	CGN Power Co. Ltd.	2,346		655
	China Cinda Asset Management Co. Ltd. - Class H	1,655		460
	China Communication Services Corp. Ltd. - Class H	546		488
	China Ding Yi Feng Holdings Ltd. (a) (d)	208		612
	China Everbright Bank Co. Ltd. - Class H	700		332
	China Everbright International Ltd.	721		734
	China Everbright Ltd.	232		460
	China Evergrande Group (b)	581		1,938
	China Galaxy Securities Co. Ltd. - Class H	805		531
	China Gas Holdings Ltd. (b)	387		1,361
	China Jinmao Holdings Group Ltd. (b)	1,120		732
	China Medical System Holdings Ltd.	295		287
	China Mengniu Dairy Co. Ltd.	608		2,269
	China Merchants Bank Co. Ltd. - Class H	872		4,253
	China Oilfield Services Ltd. - Class H	356		385
	China Overseas Land & Investment Ltd.	856		3,258
	China Power International Development Ltd. (b)	1,092		280
	China Resources Enterprise Ltd.	316		1,343
	China Resources Gas Group Ltd.	206		972
	China Resources Land Ltd.	629		2,826
	China Resources Power Holdings Co. Ltd.	415		625
	China State Construction International Holdings Ltd.	444		418
	China Taiping Insurance Holdings Co. Ltd. (b)	370		1,106
	China Unicom Hong Kong Ltd.	1,351		1,716
	China Vanke Co. Ltd. - Class H	279		1,174
	CITIC Pacific Ltd.	1,301		1,947
	COSCO Shipping Ports Ltd.	354		383
	CSPC Pharmaceutical Group Ltd.	1,038		1,939
	GOME Retail Holdings Ltd. (a) (b)	2,451		229
	Guangdong Investment Ltd.	678		1,311
	Haier Electronics Group Co. Ltd.	268		781
	Haitong Securities Co. Ltd. - Class H	717		929
	Hanergy Thin Film Power Group Ltd. (a) (d)	3,098		840
	HengTen Networks Group Ltd. (a) (b)	4,928		150
	Hutchison China MediTech Ltd. - ADR (a) (b)	11		342
	Kingboard Chemical Holdings Ltd.	153		546
	Kingboard Laminates Holdings Ltd.	279		295
	Kingdee International Software Group Co. Ltd. (b)	506		589
	Kingsoft Corp Ltd.	151		385
	Kunlun Energy Co. Ltd. (b)	716		749
	Lenovo Group Ltd.	1,589		1,432
	Longfor Properties Co. Ltd.	345		1,228
	New China Life Insurance Co. Ltd. - Class H	193		988
	Nine Dragons Paper Holdings Ltd. (b)	306		293
	People's Insurance Co. Group of China Ltd. - Class H	1,750		750
	PICC Property & Casualty Co. Ltd. - Class H	1,529		1,739
	Semiconductor Manufacturing International Corp. (a) (b)	655		664
	Shanghai Electric Group Co. Ltd. - Class H	606		230

164

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
	Shanghai Fosun Pharmaceutical Group Co. Ltd. - Class H	123		448
	Shanghai Industrial Holdings Ltd.	74		174
	Shimao Property Holdings Ltd.	264		828
	Shui On Land Ltd.	939		233
	Sino Biopharmaceutical	1,584		1,455
	Sino-Ocean Group Holding Ltd.	745		327
	Sinotrans Ltd. - Class H	249		107
	Sinotruk Hong Kong Ltd. (b)	160		343
	SSY Group Ltd.	370		345
	Sunny Optical Technology Group Co. Ltd.	157		1,889
	Towngas China Co. Ltd.	248		195
	Uni-President China Holdings Ltd.	335		329
	Yuexiu Property Co. Ltd.	1,806		436
			60,922
Hungary 0.3%
	MOL Hungarian Oil & Gas Plc	84		964
	OTP Bank Plc	51		2,236
	Richter Gedeon Nyrt	33		628
			3,828
India 9.0%
	Adani Ports & Special Economic Zone Ltd.	121		659
	Ambuja Cements Ltd.	137		465
	Ashok Leyland Ltd.	270		356
	Asian Paints Ltd.	65		1,400
	Aurobindo Pharma Ltd.	63		717
	Avenue Supermarts Ltd. (a)	29		613
	Axis Bank Ltd. (a)	421		4,730
	Bajaj Auto Ltd.	17		728
	Bajaj Finance Ltd.	40		1,739
	Bajaj Finserv Ltd.	8		829
	Bharat Forge Ltd.	50		369
	Bharat Petroleum Corp. Ltd.	175		1,005
	Bharti Airtel Ltd.	309		1,488
	Bharti Infratel Ltd.	82		371
	Bosch Ltd.	2		413
	Britannia Industries Ltd.	14		604
	Cadila Healthcare Ltd.	36		181
	Cipla Ltd.	74		569
	Coal India Ltd.	156		534
	Container Corp. of India Ltd.	37		283
	Dabur India Ltd.	115		677
	Divi's Laboratories Ltd.	16		401
	Dr. Reddy's Laboratories Ltd.	26		1,062
	Eicher Motors Ltd.	3		917
	GAIL India Ltd.	179		899
	Glenmark Pharmaceuticals Ltd.	33		306
	Godrej Consumer Products Ltd.	82		815
	Grasim Industries Ltd.	77		956
	Havells India Ltd.	57		633
	HCL Technologies Ltd.	121		1,905
	Hero Motocorp Ltd.	10		355
	Hindalco Industries Ltd.	241		717
	Hindustan Petroleum Corp. Ltd.	140		575
	Hindustan Unilever Ltd.	148		3,641
	Housing Development Finance Corp.	364		10,354
	ICICI Bank Ltd.	542		3,140
	Idea Cellular Ltd. (a)	434		115
	Indiabulls Housing Finance Ltd.	63		785
	Indian Oil Corp. Ltd.	400		940
	Infosys Ltd.	780		8,400
	InterGlobe Aviation Ltd. (c)	22		457
	ITC Ltd.	770		3,306
	JSW Steel Ltd.	182		772
	Larsen & Toubro Ltd.	109		2,186
	LIC Housing Finances Ltd.	55		420
	Lupin Ltd.	47		498
	Mahindra & Mahindra Financial Services Ltd.	70		426
	Mahindra & Mahindra Ltd.	170		1,653
	Marico Ltd.	108		542
	Maruti Suzuki India Ltd.	24		2,311
	Motherson Sumi Systems Ltd.	220		477
	Nestle India Ltd.	5		862
	NTPC Ltd.	538		1,046
		Shares/Par¹		Value ($)
	Oil & Natural Gas Corp. Ltd.	309		713
	Page Industries Ltd.	1		405
	Petronet LNG Ltd.	135		491
	Pidilite Industries Ltd.	26		474
	Piramal Healthcare Ltd.	19		764
	Power Grid Corp. of India Ltd.	361		1,030
	REC Ltd.	165		364
	Reliance Industries Ltd.	637		12,549
	Sesa Sterlite Ltd.	297		791
	Shree Cement Ltd.	2		458
	Shriram Transport Finance Co. Ltd.	33		617
	State Bank of India (a)	402		1,865
	Sun Pharmaceutical Industries Ltd.	188		1,302
	Tata Consultancy Services Ltd.	204		5,900
	Tata Motors Ltd. (a)	331		837
	Tata Power Co. Ltd.	229		244
	Tata Steel Ltd.	83		629
	Tech Mahindra Ltd.	102		1,151
	Titan Industries Ltd.	71		1,174
	Ultratech Cement Ltd.	22		1,296
	United Phosphorus Ltd.	79		1,100
	United Spirits Ltd. (a)	59		473
	Wipro Ltd.	328		1,208
	Yes Bank Ltd.	367		1,467
	Zee Entertainment Enterprises Ltd.	115		743
			108,647
Indonesia 2.2%
	Adaro Energy Tbk PT	3,502		332
	Astra International Tbk PT	4,559		2,346
	Bank Central Asia Tbk PT	2,231		4,347
	Bank Danamon Indonesia Tbk PT - Class A	514		336
	Bank Mandiri Persero Tbk PT	4,168		2,186
	Bank Negara Indonesia Persero Tbk PT	1,697		1,121
	Bank Rakyat Indonesia Persero Tbk PT	12,611		3,657
	Bank Tabungan Negara Persero Tbk PT	994		171
	Bumi Serpong Damai PT (a)	1,794		177
	Charoen Pokphand Indonesia Tbk PT	1,734		781
	Gudang Garam Tbk PT	98		572
	Hanjaya Mandala Sampoerna Tbk PT	1,896		501
	Indofood CBP Sukses Makmur Tbk PT	575		377
	Indofood Sukses Makmur Tbk	1,062		475
	Jasa Marga Persero Tbk PT	546		229
	Kalbe Farma Tbk PT	4,356		464
	Pakuwon Jati Tbk PT	4,175		203
	Perusahaan Gas Negara PT	2,297		380
	PT Indah Kiat Pulp & Paper Tbk	633		383
	PT Indocement Tunggal Prakarsa Tbk	423		651
	PT Pabrik Kertas Tjiwi Kimia Tbk	298		232
	PT Tambang Batubara Bukit Asam Tbk	532		158
	Semen Gresik Persero Tbk PT	662		651
	Surya Citra Media Tbk PT	1,294		151
	Telekomunikasi Indonesia Persero Tbk PT - Class B	11,060		3,067
	Tower Bersama Infrastructure Tbk PT	469		130
	Unilever Indonesia Tbk PT	346		1,198
	United Tractors Tbk PT	382		727
			26,003
Luxembourg 0.0%
	Reinet Investments SCA	31		531
Malaysia 2.2%
	AirAsia Bhd	346		226
	Alliance Financial Group Bhd	243		243
	AMMB Holdings Bhd	407		455
	Axiata Group Bhd	595		604
	British American Tobacco Malaysia Bhd	33		293
	CIMB Group Holdings Bhd	1,054		1,331
	Dialog Group Bhd	842		655
	DiGi.Com Bhd	707		789
	Fraser & Neave Holdings Bhd	33		286
	Gamuda Bhd	410		290
	Genting Bhd	483		786
	Genting Malaysia Bhd	680		533
	Genting Plantations Bhd	46		120
	HAP Seng Consolidated Bhd	161		391
	Hartalega Holdings Bhd	288		327

165

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
	Hong Leong Bank Bhd	142		706
	Hong Leong Financial Group Bhd	57		270
	IHH Healthcare Bhd	490		693
	IJM Corp. Bhd	733		400
	IOI Corp.	453		494
	IOI Properties Group Sdn Bhd	426		138
	Kuala Lumpur Kepong Bhd	83		506
	Malayan Banking Bhd	863		1,959
	Malaysia Airports Holdings Bhd	210		373
	Maxis Bhd	550		722
	MISC Bhd	258		422
	Nestle Bhd	13		478
	Petronas Chemicals Group Bhd	551		1,238
	Petronas Dagangan Bhd	48		295
	Petronas Gas Bhd	140		606
	PPB Group Bhd	110		495
	Press Metal Aluminium Holdings Bhd	319		353
	Public Bank Bhd	650		3,688
	QL Resources Bhd	76		128
	RHB Bank Bhd	185		259
	RHB Bank Bhd (a) (d)	123		—
	Sime Darby Bhd	603		330
	Sime Darby Plantation Bhd	511		629
	Sime Darby Property Bhd	554		151
	SP Setia Bhd	369		205
	Telekom Malaysia Bhd	287		225
	Tenaga Nasional Bhd	698		2,168
	Top Glove Corp. Bhd	281		319
	Westports Holdings Bhd	182		167
	YTL Corp. Bhd	597		155
			25,901
Mexico 2.6%
	Alfa SAB de CV - Class A	690		733
	Alsea SAB de CV (b)	105		220
	America Movil SAB de CV - Class L (b)	7,587		5,423
	Arca Continental SAB de CV	100		557
	Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santander - Class B (b)	381		521
	Cemex SAB de CV - Series A (a) (b)	3,250		1,518
	Coca-Cola Femsa SAB de CV - Class L (b)	123		810
	El Puerto de Liverpool SAB de CV - Class C-1	45		288
	Fibra Uno Administracion SA de CV	759		1,049
	Fomento Economico Mexicano SAB de CV (b)	442		4,075
	Gruma SAB de CV - Class B	44		450
	Grupo Aeroportuario del PacifiCo SAB de CV - Class B (b)	82		732
	Grupo Aeroportuario del Sureste SAB de CV - Class B (b)	45		719
	Grupo Bimbo SAB de CV - Class A	398		831
	Grupo Carso SAB de CV - Class A-1 (b)	105		411
	Grupo Financiero Banorte SAB de CV - Class O (b)	588		3,194
	Grupo Financiero Inbursa SAB de CV - Class O (b)	527		730
	Grupo Mexico SAB de CV - Class B	756		2,077
	Industrias Penoles SAB de CV	30		369
	Infraestructura Energetica Nova SAB de CV - Class I (b)	134		538
	Kimberly-Clark de Mexico SAB de CV - Class A (b)	346		587
	Megacable Holdings SAB de CV (b)	46		212
	Mexichem SAB de CV	224		534
	Promotora y Operadora de Infraestructura SAB de CV	56		561
	Southern Copper Corp.	21		819
	Wal-Mart de Mexico SAB de CV	1,193		3,191
			31,149
Pakistan 0.0%
	Habib Bank Ltd.	120		114
	MCB Bank Ltd.	66		92
	Oil & Gas Development Co. Ltd.	115		121
			327
Peru 0.4%
	Cia de Minas Buenaventura SA - ADR	35		607
	Credicorp Ltd.	15		3,705
			4,312
		Shares/Par¹		Value ($)
Philippines 1.1%
	Aboitiz Equity Ventures Inc.	405		455
	Aboitiz Power Corp.	377		255
	Alliance Global Group Inc.	1,072		330
	Ayala Corp.	56		1,005
	Ayala Land Inc.	1,726		1,475
	Bank of the Philippine Islands	153		246
	BDO Unibank Inc.	466		1,187
	DMCI Holdings Inc.	631		144
	Globe Telecom Inc.	7		260
	GT Capital Holdings Inc.	17		306
	International Container Terminal Services Inc.	178		443
	JG Summit Holdings Inc.	617		747
	Jollibee Foods Corp.	102		614
	Manila Electric Co.	47		338
	Megaworld Corp.	2,817		311
	Metro Pacific Investments Corp.	3,704		343
	Metropolitan Bank & Trust Co.	348		531
	PLDT Inc.	19		414
	Robinsons Land Corp.	467		218
	Security Bank Corp.	55		181
	SM Investments Corp.	56		1,001
	SM Prime Holdings Inc.	2,235		1,696
	Universal Robina Corp.	217		628
			13,128
Poland 1.1%
	Alior Bank SA (a)	19		299
	Bank Handlowy w Warszawie SA	7		127
	Bank Millennium SA (a)	130		304
	Bank Pekao SA	37		1,063
	CCC SA	7		394
	CD Projekt SA (a)	15		770
	Cyfrowy Polsat SA (a)	48		319
	Dino Polska SA (a)	11		356
	Grupa Lotos SA	22		483
	Jastrzebska Spolka Weglowa SA (a)	13		213
	KGHM Polska Miedz SA (a)	30		825
	LPP SA	—		661
	mBank	4		402
	PGE SA (a)	209		541
	Polski Koncern Naftowy Orlen S.A.	66		1,681
	Polskie Gornictwo Naftowe i Gazownictwo SA	360		586
	Powszechna Kasa Oszczednosci Bank Polski SA	194		1,948
	Powszechny Zaklad Ubezpieczen SA	133		1,400
	Santander Bank Polska SA	8		808
	Telekomunikacja Polska SA (a)	164		219
			13,399
Qatar 0.9%
	Barwa Real Estate Co.	38		381
	Commercial Bank of Qatar QSC	44		544
	Ezdan Holding Group QSC (a)	185		502
	Industries Qatar QSC	42		1,436
	Masraf Al Rayan	87		876
	Ooredoo QSC	18		334
	Qatar Electricity & Water Co.	12		559
	Qatar Insurance Co.	35		353
	Qatar Islamic Bank SAQ	26		1,077
	Qatar National Bank	102		5,019
			11,081
Romania 0.1%
	NEPI Rockcastle Plc	84		704
Russian Federation 3.6%
	Alrosa AO	571		804
	Gazprom OAO	2,402		5,461
	Inter RAO UES PJSC	7,085		402
	Lukoil OAO	110		9,839
	Magnit PJSC - GDR	81		1,138
	Magnitogorsk Iron & Steel Works PJSC	536		375
	MMC Norilsk Nickel OJSC	14		2,961
	Mobile Telesystems PJSC - ADR	115		873
	Moscow Exchange MICEX-RTS OAO	308		428
	NovaTek PJSC - GDR	21		3,523
	Novolipetsk Steel PJSC	268		697

166

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
	Phosagro OAO - GDR	27		346
	Polymetal International Plc	41		456
	Polyus PJSC	6		500
	Rosneft PJSC	264		1,652
	Sberbank of Russia	2,428		7,890
	Severstal PAO	44		689
	Surgutneftegas OAO	1,493		564
	Tatneft OAO	343		3,934
	VTB Bank OJSC	726,485		393
	X5 Retail Group NV - GDR	28		698
			43,623
Singapore 0.0%
	BOC Aviation Ltd.	52		424
South Africa 5.7%
	Absa Group Ltd.	160		1,692
	Anglo American Platinum Ltd.	12		596
	AngloGold Ashanti Ltd.	94		1,243
	Aspen Pharmacare Holdings Ltd.	88		570
	Bid Corp. Ltd. (b)	77		1,580
	Bidvest Group Ltd. (b)	77		1,036
	Capitec Bank Holdings Ltd. (b)	8		786
	Clicks Group Ltd. (b)	59		759
	Discover Ltd.	82		774
	Exxaro Resources Ltd.	53		603
	FirstRand Ltd.	763		3,337
	Fortress REIT Ltd. - Class A (b)	249		316
	Fortress REIT Ltd. - Class B (b)	141		105
	Foschini Group Ltd.	47		532
	Gold Fields Ltd.	185		684
	Growthpoint Properties Ltd.	690		1,168
	Hyprop Investments Ltd.	55		266
	Investec Ltd.	66		387
	Kumba Iron Ore Ltd.	15		455
	Liberty Holdings Ltd.	28		193
	Life Healthcare Group Holdings Ltd. (b)	312		573
	MMI Holdings Ltd.	228		263
	Mondi Ltd. (b)	25		543
	Mr Price Group Ltd.	58		767
	MTN Group Ltd. (b)	383		2,352
	MultiChoice Group Ltd. (a)	99		826
	Naspers Ltd. - Class N	98		22,640
	Nedbank Group Ltd. (b)	89		1,557
	Netcare Ltd. (b)	233		377
	Old Mutual Ltd. (b)	1,131		1,713
	Pick n Pay Stores Ltd.	86		396
	PSG Group Ltd. (b)	31		563
	Rand Merchant Investment Holdings Ltd.	167		387
	Redefine Properties Ltd. (b)	1,310		880
	Remgro Ltd. (b)	116		1,495
	Resilient REIT Ltd.	56		211
	RMB Holdings Ltd.	161		850
	Sanlam Ltd.	394		2,016
	Sappi Ltd. (b)	123		567
	Sasol Ltd.	125		3,905
	Shoprite Holdings Ltd.	96		1,045
	Spar Group Ltd. (b)	42		564
	Standard Bank Group Ltd.	292		3,749
	Telkom SA Ltd.	55		279
	Tiger Brands Ltd.	37		676
	Truworths International Ltd.	105		504
	Vodacom Group Ltd. (b)	137		1,059
	Woolworths Holdings Ltd.	226		729
			68,568
South Korea 12.2%
	Amorepacific Corp.	7		1,182
	Amorepacific Corp.	7		407
	BGF Retail Co. Ltd.	2		333
	BNK Financial Group Inc.	63		370
	Celltrion Healthcare Co. Ltd. (a)	11		637
	Celltrion Inc. (a)	19		2,985
	Celltrion Pharm Inc. (a)	4		174
	Cheil Worldwide Inc.	16		335
	CJ CheilJedang Corp.	2		574
	CJ Corp.	4		384
		Shares/Par¹		Value ($)
	CJ Logistics Corp. (a)	1		212
	CJ O Shopping Co. Ltd.	2		464
	Coway Co. Ltd.	12		973
	Daelim Industrial Co. Ltd.	6		484
	Daewoo Engineering & Construction Co. Ltd. (a)	29		129
	Daewoo Shipbuilding & Marine Engineering Co. Ltd. (a)	8		188
	Daum Communications Corp.	10		955
	DB Insurance Co. Ltd.	11		641
	DGB Financial Group Inc.	39		278
	Doosan Bobcat Inc.	9		234
	E-Mart Co. Ltd.	5		723
	Fila Korea Ltd.	11		727
	GS Engineering & Construction Corp.	12		457
	GS Holdings Corp.	10		458
	GSretail Co. Ltd.	7		226
	Hana Financial Group Inc.	68		2,183
	Hankook Tire Co. Ltd.	16		521
	Hanmi Pharm Co. Ltd.	1		559
	Hanmi Science Co. Ltd.	3		214
	Hanon Systems	41		409
	Hanwha Chem Corp.	26		480
	Hanwha Corp.	11		287
	HLB Inc. (a)	7		504
	Honam Petrochemical Corp.	4		1,005
	Hotel Shilla Co. Ltd.	7		600
	Hyundai Department Store Co. Ltd.	3		254
	Hyundai Development Co.	6		276
	Hyundai Engineering & Construction Co. Ltd.	18		826
	Hyundai Glovis Co. Ltd.	4		491
	Hyundai Heavy Industries Co. Ltd. (a)	8		870
	Hyundai Heavy Industries Holdings Co. Ltd.	2		608
	Hyundai Marine & Fire Insurance Co. Ltd.	15		493
	Hyundai Mobis	16		2,848
	Hyundai Motor Co.	31		3,304
	Hyundai Steel Co.	18		731
	Industrial Bank of Korea	57		708
	Kangwon Land Inc.	26		720
	KB Financial Group Inc.	90		3,307
	KCC Corp.	1		377
	Kia Motors Corp.	59		1,828
	Korea Aerospace Industries Ltd.	16		496
	Korea Electric Power Corp.	61		1,618
	Korea Gas Corp.	6		224
	Korea Investment Holdings Co. Ltd.	9		471
	Korea Life Insurance Co. Ltd.	61		214
	Korea Zinc Co. Ltd.	2		748
	Korean Air Lines Co. Ltd.	12		324
	KT Corp. - ADR	6		76
	KT&G Corp.	26		2,406
	Kumho Petro chemical Co. Ltd.	4		364
	LG Chem Ltd.	10		3,348
	LG Corp.	22		1,487
	LG Display Co. Ltd.	53		905
	LG Electronics Inc.	23		1,542
	LG Household & Health Care Ltd.	2		2,593
	LG Innotek Co. Ltd.	4		367
	LG Uplus Corp.	27		366
	Lotte Corp.	5		220
	Lotte Shopping Co. Ltd.	3		413
	Medy-Tox Inc.	1		531
	Mirae Asset Daewoo Co. Ltd.	87		560
	NAVER Corp.	32		3,465
	NCSoft Corp.	4		1,681
	Netmarble Corp.	5		581
	OCI Co. Ltd.	4		318
	Orange Life Insurance Ltd.	6		188
	Orion Corp.	5		436
	Ottogi Corp.	—		211
	Pearl Abyss Corp. (a)	1		197
	POSCO	18		3,920
	Posco Chemical Co. Ltd. (b)	5		267
	Posco Daewoo Corp.	10		156
	S1 Corp.	4		376
	Samsung Biologics Co. Ltd. (a)	4		1,086

167

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
	Samsung C&T Corp.	17		1,581
	Samsung Card Co. Ltd.	8		238
	Samsung Electro-Mechanics Co. Ltd. (b)	13		1,177
	Samsung Electronics Co. Ltd.	1,069		42,101
	Samsung Engineering Co. Ltd. (a)	35		497
	Samsung Fire & Marine Insurance Co. Ltd.	7		1,816
	Samsung Heavy Industries Co. Ltd. (a)	103		754
	Samsung Life Insurance Co. Ltd.	16		1,194
	Samsung SDI Co. Ltd.	12		2,350
	Samsung SDS Co. Ltd.	8		1,587
	Samsung Securities Co. Ltd.	13		379
	Shinhan Financial Group Co. Ltd.	97		3,589
	Shinsegae Co. Ltd.	2		526
	SillaJen Inc. (a) (b)	13		766
	SK C&C Co. Ltd.	7		1,731
	SK Hynix Inc.	130		8,518
	SK Innovation Co. Ltd.	15		2,323
	SK Telecom Co. Ltd.	5		1,005
	S-Oil Corp.	11		831
	Stx Pan Ocean Co. Ltd. (a)	54		195
	ViroMed Co. Ltd. (a)	3		754
	Woori Financial Group Inc.	105		1,267
	Woori Investment & Securities Co. Ltd.	34		398
	Yuhan Corp.	2		449
			147,114
Taiwan 11.2%
	Acer Inc.	673		433
	Advantech Co. Ltd.	87		721
	AirTAC International Group (b)	22		280
	ASE Technology Holding Co. Ltd.	777		1,705
	Asia Cement Corp.	487		635
	Asustek Computer Inc.	152		1,100
	AU Optronics Corp. (b)	1,970		726
	Catcher Technology Co. Ltd.	144		1,107
	Cathay Financial Holding Co. Ltd.	1,848		2,698
	Chailease Holding Co. Ltd.	272		1,116
	Chang Hwa Commercial Bank	1,211		724
	Cheng Shin Rubber Industry Co. Ltd.	415		566
	Chicony Electronics Co. Ltd.	124		289
	Chimei Innolux Corp.	2,016		655
	China Airlines Ltd.	382		122
	China Development Financial Holding Corp.	3,056		1,022
	China Life Insurance Co. Ltd.	552		468
	China Steel Corp.	2,854		2,341
	Chinatrust Financial Holding Co. Ltd.	3,977		2,642
	Chunghwa Telecom Co. Ltd.	849		3,013
	Compal Electronics Inc.	918		571
	Delta Electronics Inc.	476		2,465
	E. Sun Financial Holding Co. Ltd.	2,164		1,670
	Eclat Textile Co. Ltd.	42		568
	Eva Airways Corp.	547		268
	Evergreen Marine Corp Taiwan Ltd.	507		197
	Far Eastern New Century Corp.	777		769
	Far EasTone Telecommunications Co. Ltd.	358		863
	Feng Tay Enterprise Co. Ltd.	82		583
	First Financial Holding Co. Ltd.	2,298		1,574
	Formosa Chemicals & Fibre Corp.	783		2,845
	Formosa Petrochemical Corp.	284		1,065
	Formosa Plastics Corp.	1,002		3,561
	Formosa Taffeta Co. Ltd.	185		221
	Foxconn Technology Co. Ltd.	197		393
	Fubon Financial Holding Co. Ltd.	1,494		2,233
	Giant Manufacturing Co. Ltd.	70		500
	Globalwafers Co. Ltd.	50		495
	Highwealth Construction Corp.	174		287
	Hiwin Technologies Corp.	51		435
	Hon Hai Precision Industry Co. Ltd.	2,965		7,103
	Hotai Motor Co. Ltd. (b)	53		650
	Hua Nan Financial Holdings Co. Ltd.	1,695		1,067
	Inventec Co. Ltd.	500		381
	Largan Precision Co. Ltd.	22		3,302
	Lite-On Technology Corp.	427		621
	MediaTek Inc.	334		3,072
	Mega Financial Holdings Co. Ltd.	2,372		2,159
		Shares/Par¹		Value ($)
	Micro-Star International Co. Ltd.	160		451
	Nan Ya Plastics Corp.	1,148		2,939
	Nanya Technology Corp.	230		461
	Nien Made Enterprise Co. Ltd.	32		283
	Novatek Microelectronics Corp.	117		751
	Pegatron Corp.	426		738
	Phison Electronics Corp.	30		295
	Pou Chen Corp.	509		621
	Powertech Technology Inc.	159		377
	President Chain Store Corp.	132		1,302
	Quanta Computer Inc.	613		1,152
	Realtek Semiconductor Corp.	102		604
	Ruentex Development Co. Ltd.	138		210
	Ruentex Industries Ltd.	91		238
	Shanghai Commercial & Savings Bank Ltd.	649		1,026
	Shin Kong Financial Holding Co. Ltd.	2,406		710
	SinoPac Financial Holdings Co. Ltd.	2,207		817
	Standard Foods Corp.	80		134
	Synnex Technology International Corp.	347		417
	TaiMed Biologics Inc. (a)	39		214
	Taishin Financial Holding Co. Ltd.	2,240		1,022
	Taiwan Business Bank	822		321
	Taiwan Cement Corp.	1,062		1,425
	Taiwan Cooperative Financial Holding	1,896		1,199
	Taiwan High Speed Rail Corp.	432		505
	Taiwan Mobile Co. Ltd.	369		1,333
	Taiwan Semiconductor Manufacturing Co. Ltd.	5,511		44,081
	Tatung Co. (a) (b)	405		320
	Uni-President Enterprises Corp.	1,079		2,621
	United Microelectronics Corp.	2,595		981
	Vanguard International Semiconductor Corp.	210		454
	Walsin Technology Corp. (b)	71		464
	Win Semiconductors Corp.	85		602
	Winbond Electronics Corp.	711		343
	Wistron Corp.	671		517
	WPG Holdings Co. Ltd.	353		461
	Yageo Corp. (b)	59		618
	Yuanta Financial Holding Co. Ltd.	2,178		1,241
	Zhen Ding Technology Holding Ltd.	77		239
			134,768
Thailand 2.3%
	Advanced Info Service PCL - NVDR	249		1,446
	Airports of Thailand PCL - NVDR	963		2,074
	Bangkok Bank PCL - NVDR	50		328
	Bangkok Bank PCL	8		53
	Bangkok Dusit Medical Services PCL - NVDR	882		690
	Bangkok Expressway & Metro PCL - NVDR	1,682		536
	Banpu PCL	70		36
	Banpu PCL - NVDR	405		207
	Berli Jucker PCL - NVDR	279		436
	BTS Group Holdings PCL	251		87
	BTS Group Holdings PCL - NVDR	1,140		396
	Bumrungrad Hospital PCL - NVDR	66		375
	Bumrungrad Hospital PCL	8		47
	Central Pattana PCL	33		77
	Central Pattana PCL - NVDR	300		693
	Charoen Pokphand Foods PCL	56		45
	Charoen Pokphand Foods PCL - NVDR	777		625
	CP ALL PCL - NVDR	1,127		2,664
	Delta Electronics Thailand PCL - NVDR	127		284
	Electricity Generating PCL - NVDR	27		249
	Energy Absolute PCL - NVDR	293		446
	Glow Energy PCL - NVDR	89		254
	Gulf Energy Development PCL - NVDR	52		156
	Gulf Energy Development PCL - Class F	19		58
	Home Product Center PCL - NVDR	767		370
	Home Product Center PCL	27		13
	Indorama Ventures PCL	26		41
	Indorama Ventures PCL - NVDR	388		611
	IRPC PCL - NVDR	1,906		346
	Kasikornbank PCL	134		795
	Kasikornbank PCL - NVDR	267		1,584
	Krung Thai Bank PCL - NVDR (b)	786		477
	Land & Houses Public Co. Ltd. - NVDR	712		240

168

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Minor International PCL - NVDR		467		574
	Muangthai Leasing PCL - NVDR		96		133
	Muangthai Leasing PCL - Class F		29		40
	PTT Exploration & Production PCL - NVDR		314		1,245
	PTT Global Chemical PCL - NVDR		521		1,108
	PTT PCL - NVDR		2,397		3,636
	Robinson Public Co. - NVDR		104		193
	Siam Cement PCL - NVDR		78		1,193
	Siam Commercial Bank PCL - NVDR		426		1,778
	Thai Oil PCL - NVDR		254		556
	Thai Oil PCL		27		59
	Thai Union Frozen Products PCL - NVDR		424		258
	TMB Bank PCL - NVDR		1,685		108
	True Corp. PCL - NVDR		1,923		290
				27,910
Turkey 0.6%
	Akbank T.A.S. (a)		667		757
	Anadolu Efes Biracilik Ve Malt Sanayii A/S		50		155
	Arcelik A/S (a)		57		173
	Aselsan Elektronik Sanayi Ve Ticaret A/S - Class B		81		311
	BIM Birlesik Magazalar A/S		44		604
	Eregli Demir ve Celik Fabrikalari TAS		313		513
	Ford Otomotiv Sanayi A/S		18		158
	Haci Omer Sabanci Holding A/S		196		275
	KOC Holding A/S		147		424
	Petkim Petrokimya Holding AS		197		160
	TAV Havalimanlari Holding A/S		40		165
	Tupras Turkiye Petrol Rafinerileri A/S		28		622
	Turk Hava Yollari AO (a)		132		306
	Turkcell Iletisim Hizmet A/S		247		534
	Turkiye Garanti Bankasi A/S		539		807
	Turkiye Halk Bankasi A/S		153		175
	Turkiye Is Bankasi - Class C		365		361
	Turkiye Sise ve Cam Fabrikalari A/S		68		71
				6,571
United Arab Emirates 0.7%
	Abu Dhabi Commercial Bank PJSC		471		1,215
	Aldar Properties PJSC		789		389
	DAMAC Properties Dubai Co. PJSC		449		165
	DP World Ltd.		39		615
	Dubai Islamic Bank PJSC		337		450
	Emaar Development PJSC		216		228
	Emaar Malls Group PJSC		434		205
	Emaar Properties PJSC		790		1,008
	Emirates Telecommunications Group Co. PJSC		394		1,791
	First Abu Dhabi Bank PJSC		604		2,514
				8,580
	Total Common Stocks (cost $1,030,052)			1,141,131
PREFERRED STOCKS 3.8%
Brazil 2.7%
	Banco Bradesco SA (e)		754		8,260
	Braskem SA - Series A		37		481
	Centrais Eletricas Brasileiras SA - Series B (a)		49		476
	Cia Brasileira de Distribuicao Grupo Pao de Acucar		36		836
	Cia Energetica de Minas Gerais		208		734
	Gerdau SA		236		913
	Itau Unibanco Holding SA (e)		1,082		9,469
	Itausa - Investimentos Itau SA		1,001		3,067
	Lojas Americanas SA (e)		170		723
	Petroleo Brasileiro SA (e)		876		6,239
	Telefonica Brasil SA		102		1,238
				32,436
Chile 0.1%
	Embotelladora Andina SA - Series B		61		222
	Sociedad Quimica y Minera de Chile SA - Series B		28		1,069
				1,291
Colombia 0.1%
	Bancolombia SA		91		1,158
			Shares/Par¹		Value ($)
	Grupo Aval Acciones y Valores		788		305
	Grupo de Inversiones Suramericana SA		25		266
				1,729
Mexico 0.1%
	Grupo Televisa SAB (b) (e)		544		1,205
Russian Federation 0.1%
	AK Transneft OAO		—		282
	Surgutneftegas OAO		1,574		982
				1,264
South Korea 0.7%
	Amorepacific Corp.		2		214
	CJ Corp. (a) (d)		1		17
	Hyundai Motor Co.		5		323
	Hyundai Motor Co.		8		559
	LG Chem Ltd.		2		317
	LG Household & Health Care Ltd.		1		387
	Samsung Electronics Co. Ltd.		186		5,932
				7,749
	Total Preferred Stocks (cost $39,131)			45,674
RIGHTS 0.0%
China 0.0%
	Xinjiang Goldwind Science & Technology Co. Ltd. (a) (f)		29		12
India 0.0%
	Vodafone Idea Ltd. (a) (f)		993		84
	Total Rights (cost $264)			96
SHORT TERM INVESTMENTS 3.4%
Investment Companies 0.9%
	JNL Government Money Market Fund - Institutional Class, 2.33% (g) (h)		10,941		10,941
Securities Lending Collateral 2.4%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.43% (g) (h)		29,193		29,193
Treasury Securities 0.1%
	U.S. Treasury Bill
		2.44%, 06/06/19 (i) (j)	975		971
	Total Short Term Investments (cost $41,105)			41,105
Total Investments 102.1% (cost $1,110,552)					1,228,006
Other Derivative Instruments 0.0%					157
Other Assets and Liabilities, Net (2.1)%					(25,831)
Total Net Assets 100.0%					1,202,332

(a) Non-income producing security.

(b) All or a portion of the security was on loan.

(d) 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.

(e) Convertible security.

(f) Security fair valued in good faith as a Level 2 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.

(g) Investment in affiliate.

(h) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2019.

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

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

169

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019

JNL/Mellon Capital Emerging Markets Index Fund — Futures Contracts

Reference Entity

Contracts¹

Expiration

Notional¹

Variation

Margin

Receivable

(Payable) ($)

Unrealized

Appreciation

(Depreciation) ($)

Long Contracts

Mini MSCI Emerging Markets Index

325

June 2019

17,011

157

172

170

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
JNL/Mellon Capital European 30 Fund
COMMON STOCKS 95.8%
Belgium 3.2%
	KBC Groep NV		164		11,512
France 9.9%
	Cie de Saint-Gobain		326		11,840
	Compagnie Generale des Etablissements Michelin		109		12,938
	Publicis Groupe SA		193		10,323
				35,101
Germany 16.3%
	Allianz SE		54		12,030
	Continental AG		76		11,433
	Daimler AG		203		11,937
	Deutsche Lufthansa AG		482		10,612
	Hannover Rueck SE		80		11,459
				57,471
Italy 6.4%
	Assicurazioni Generali SpA		649		12,038
	Prysmian SpA		559		10,587
				22,625
Netherlands 3.4%
	Randstad NV		250		12,195
Norway 6.3%
	Equinor ASA		490		10,746
	Mowi ASA		509		11,396
				22,142
Spain 9.9%
	Banco Bilbao Vizcaya Argentaria SA		1,973		11,299
	Enagas SA (a)		392		11,424
	Endesa SA		474		12,087
				34,810
Sweden 2.7%
	Nordea Bank AB		1,238		9,438
Switzerland 10.3%
	Adecco Group AG		235		12,570
	Dufry AG		111		11,715
	Zurich Insurance Group AG		36		12,008
				36,293
			Shares/Par¹		Value ($)
United Kingdom 27.4%
	Aviva Plc		2,261		12,144
	Barratt Developments Plc		1,808		14,114
	BT Group Plc		3,621		10,518
	Fiat Chrysler Automobiles NV (b)		730		10,884
	Fresnillo Plc		978		11,068
	Imperial Brands Plc		350		11,953
	Persimmon Plc		428		12,097
	Taylor Wimpey Plc		6,098		13,932
				96,710
	Total Common Stocks (cost $367,238)			338,297
PREFERRED STOCKS 3.4%
Switzerland 3.4%
	Lindt & Spruengli AG (c)		2		11,907
	Total Preferred Stocks (cost $10,040)			11,907
SHORT TERM INVESTMENTS 6.9%
Investment Companies 0.2%
	JNL Government Money Market Fund - Institutional Class, 2.33% (d) (e)		525		525
Securities Lending Collateral 6.7%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.43% (d) (e)		23,595		23,595
Treasury Securities 0.0%
	U.S. Treasury Bill
		2.44%, 06/06/19 (f) (g)	135		134
	Total Short Term Investments (cost $24,254)			24,254
Total Investments 106.1% (cost $401,532)					374,458
Other Derivative Instruments 0.0%					4
Other Assets and Liabilities, Net (6.1)%					(21,516)
Total Net Assets 100.0%					352,946

(a) All or a portion of the security was on loan.

(b) Non-income producing security.

(d) Investment in affiliate.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 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 Capital European 30 Fund — Futures Contracts
Reference Entity	Contracts¹	Expiration	Notional¹			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
Euro STOXX 50	42	June 2019	EUR	1,361	10			14
FTSE 100 Index	7	June 2019	GBP	498	2			9
					12			23

Forward Foreign Currency Contract


Purchased/ Sold	Counter-party	Expiration	Notional ¹		Value ($)		Unrealized Appreciation (Depreciation) ($)
EUR/USD	BMO	06/19/19	EUR	487		549		(2)
EUR/USD	CIT	06/19/19	EUR	496		561		(4)
GBP/USD	BMO	06/19/19	GBP	167		218		(4)
GBP/USD	RBC	06/19/19	GBP	206		270		(3)
USD/EUR	RBC	06/19/19	EUR	(165)		(187)		3
USD/GBP	CIT	06/19/19	GBP	(72)		(94)		2
						1,317		(8)

171

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹	Value ($)
JNL/Mellon Capital Industrials Sector Fund
COMMON STOCKS 98.9%
Industrials 97.9%
	3M Co.	12	2,496
	AAON Inc.	1	39
	AAR Corp.	1	21
	ABM Industries Inc.	1	48
	ACCO Brands Corp.	2	17
	Actuant Corp. - Class A	1	31
	Acuity Brands Inc.	1	100
	Advanced Disposal Services Inc. (a)	1	36
	Advanced Drainage Systems Inc.	1	22
	AECOM (a)	3	97
	Aegion Corp. (a)	1	11
	Aerojet Rocketdyne Holdings Inc. (a)	1	51
	Aerovironment Inc. (a)	—	31
	AGCO Corp.	1	95
	Air Lease Corp. - Class A	2	75
	Air Transport Services Group Inc. (a)	—	5
	Aircastle Ltd.	1	23
	Alamo Group Inc.	—	22
	Albany International Corp. - Class A	1	43
	Allegiant Travel Co.	—	13
	Allegion Plc	2	179
	Allison Transmission Holdings Inc.	3	113
	Altra Holdings Inc.	1	39
	Amerco Inc.	—	67
	American Airlines Group Inc.	2	78
	American Woodmark Corp. (a)	—	24
	AMETEK Inc.	5	396
	AO Smith Corp.	3	158
	Apogee Enterprises Inc.	1	21
	Applied Industrial Technologies Inc.	1	46
	ArcBest Corp.	1	16
	Arconic Inc.	9	173
	Arcosa Inc.	1	27
	Argan Inc.	—	14
	Armstrong Flooring Inc. (a)	—	4
	Armstrong World Industries Inc.	1	68
	Astec Industries Inc.	—	17
	Astronics Corp. (a)	—	15
	Atkore International Group Inc. (a)	1	19
	Atlas Air Worldwide Holdings Inc. (a)	—	9
	Avis Budget Group Inc. (a)	1	46
	Axon Enterprise Inc. (a)	1	65
	AZZ Inc.	1	22
	Barnes Group Inc.	1	54
	Barrett Business Services Inc.	—	12
	Beacon Roofing Supply Inc. (a)	1	47
	Blue Bird Corp. (a) (b)	—	5
	BMC Stock Holdings Inc. (a)	1	24
	Boeing Co.	11	4,246
	Brady Corp. - Class A	1	49
	Briggs & Stratton Corp.	1	11
	BrightView Holdings Inc. (a)	1	10
	Brink's Co.	1	78
	Builders FirstSource Inc. (a)	2	32
	BWX Technologies Inc.	2	102
	C.H. Robinson Worldwide Inc.	3	249
	CAI International Inc. (a)	—	7
	Carlisle Cos. Inc.	1	152
	Casella Waste Systems Inc. - Class A (a)	1	30
	Caterpillar Inc.	12	1,649
	CBIZ Inc. (a)	1	23
	Chart Industries Inc. (a)	1	53
	Cimpress NV (a)	—	37
	Cintas Corp.	2	378
	CIRCOR International Inc. (a)	—	12
	Civeo Corp. (a)	4	7
	Clean Harbors Inc. (a)	1	78
	Colfax Corp. (a)	2	53
	Columbus Mckinnon Corp.	—	16
	Comfort Systems USA Inc.	1	39
	Continental Building Products Inc. (a)	1	18
		Shares/Par¹	Value ($)
	Copart Inc. (a)	4	265
	CoStar Group Inc. (a)	1	349
	Covanta Holding Corp.	3	44
	Covenant Transportation Group Inc. - Class A (a)	—	5
	Crane Co.	1	82
	CSW Industrials Inc. (a)	—	17
	CSX Corp.	17	1,238
	Cubic Corp.	1	33
	Cummins Inc.	3	498
	Curtiss-Wright Corp.	1	98
	Daseke Inc. (a)	1	5
	Deere & Co.	6	1,007
	Delta Air Lines Inc.	4	184
	Deluxe Corp.	1	41
	Donaldson Co. Inc.	3	131
	Douglas Dynamics Inc.	—	16
	Dover Corp.	3	285
	DXP Enterprises Inc. (a)	—	14
	Dycom Industries Inc. (a)	1	32
	Eaton Corp. Plc	9	721
	Echo Global Logistics Inc. (a)	1	13
	EMCOR Group Inc.	1	86
	Emerson Electric Co.	13	886
	Encore Wire Corp.	—	23
	Energy Recovery Inc. (a) (b)	1	7
	EnerSys Inc.	1	56
	Ennis Inc.	1	12
	EnPro Industries Inc.	—	30
	Equifax Inc.	3	297
	ESCO Technologies Inc.	1	36
	Evoqua Water Technologies Corp. (a)	1	19
	Expeditors International of Washington Inc.	4	272
	Exponent Inc.	1	61
	Fastenal Co.	6	380
	Federal Signal Corp.	1	34
	FedEx Corp.	5	938
	Flowserve Corp.	3	121
	Fluor Corp.	3	108
	Forrester Research Inc.	—	11
	Fortive Corp.	6	519
	Fortune Brands Home & Security Inc.	3	138
	Forward Air Corp.	1	39
	Foundation Building Materials Inc. (a)	—	3
	Franklin Electric Co. Inc.	1	44
	FTI Consulting Inc. (a)	1	60
	Gardner Denver Holdings Inc. (a)	3	73
	Gates Industrial Corp. Plc (a)	1	19
	GATX Corp.	1	55
	Genco Shipping & Trading Ltd. (a)	—	1
	Generac Holdings Inc. (a)	1	65
	General Dynamics Corp.	5	880
	General Electric Co.	179	1,792
	Genesee & Wyoming Inc. - Class A (a)	1	104
	Gibraltar Industries Inc. (a)	1	26
	Global Brass & Copper Holdings Inc.	1	17
	GMS Inc. (a)	1	10
	Gorman-Rupp Co.	—	12
	GP Strategies Corp. (a)	—	2
	Graco Inc.	3	172
	GrafTech International Ltd.	2	21
	Granite Construction Inc.	1	44
	Great Lakes Dredge & Dock Corp. (a)	1	9
	Greenbrier Cos. Inc.	1	22
	Griffon Corp.	1	12
	H&E Equipment Services Inc.	1	16
	Harris Corp.	2	388
	Harsco Corp. (a)	2	32
	Hawaiian Holdings Inc.	—	9
	HD Supply Holdings Inc. (a)	4	158
	Healthcare Services Group Inc.	1	49
	Heartland Express Inc.	1	19
	HEICO Corp.	1	86
	HEICO Corp. - Class A	2	130
	Heidrick & Struggles International Inc.	—	14
	Herc Holdings Inc. (a)	—	16

172

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


	Shares/Par¹	Value ($)
Heritage-Crystal Clean Inc. (a)	—	6
Herman Miller Inc.	1	45
Hertz Global Holdings Inc. (a)	1	19
Hexcel Corp.	2	122
Hillenbrand Inc.	1	53
HNI Corp.	1	32
Honeywell International Inc.	15	2,427
HUB Group Inc. - Class A (a)	1	29
Hubbell Inc.	1	132
Huntington Ingalls Industries Inc.	1	185
Huron Consulting Group Inc. (a)	—	22
Hyster-Yale Materials Handling Inc. - Class A	—	11
ICF International Inc.	—	30
IDEX Corp.	2	242
Illinois Tool Works Inc.	6	885
Ingersoll-Rand Plc	5	545
InnerWorkings Inc. (a)	1	3
Insperity Inc.	1	95
Insteel Industries Inc.	—	8
Interface Inc.	1	18
ITT Inc.	2	106
Jacobs Engineering Group Inc.	3	200
JB Hunt Transport Services Inc.	2	184
JELD-WEN Holding Inc. (a)	2	27
John Bean Technologies Corp.	1	59
Johnson Controls International Plc	19	705
Kadant Inc.	—	19
Kaman Corp.	1	29
Kansas City Southern	2	245
KAR Auction Services Inc.	3	141
KBR Inc.	3	55
Kelly Services Inc. - Class A	1	17
Kennametal Inc.	2	61
Keyw Holding Corp. (a)	1	8
Kforce Inc.	—	16
Kimball International Inc. - Class B	1	11
Kirby Corp. (a)	—	25
Knight-Swift Transportation Holdings Inc. - Class A	3	88
Knoll Inc.	1	19
Korn Ferry	1	49
Kratos Defense & Security Solutions Inc. (a)	2	28
L3 Technologies Inc.	2	338
Landstar System Inc.	1	94
Lennox International Inc.	1	199
Lincoln Electric Holdings Inc.	1	107
Lindsay Corp.	—	21
Lockheed Martin Corp.	5	1,585
LSC Communications Inc.	1	6
Lydall Inc. (a)	—	9
Macquarie Infrastructure Co. LLC	2	68
Manitowoc Co. Inc. (a)	1	12
Manpower Inc.	1	107
Marten Transport Ltd.	1	17
Masco Corp.	6	250
Masonite International Corp. (a)	1	28
MasTec Inc. (a)	1	61
Matson Inc.	—	8
Matthews International Corp. - Class A	1	23
McGrath RentCorp	—	27
Mercury Systems Inc. (a)	1	63
Meritor Inc. (a)	2	34
Middleby Corp. (a)	1	149
Milacron Holdings Corp. (a)	2	17
Mistras Group Inc. (a)	—	4
Mobile Mini Inc.	1	30
Moog Inc. - Class A	1	59
MRC Global Inc. (a)	2	33
MSA Safety Inc.	1	77
MSC Industrial Direct Co. - Class A	1	80
Mueller Industries Inc.	1	34
Mueller Water Products Inc. - Class A	3	32
Multi-Color Corp.	—	17
MYR Group Inc. (a)	—	12
National Presto Industries Inc.	—	11
Navigant Consulting Inc.	1	16
	Shares/Par¹	Value ($)
Navistar International Corp. (a)	1	29
NCI Building Systems Inc. (a)	1	8
Nexeo Solutions Inc. (a) (c) (d)	—	5
Nielsen Holdings Plc	7	175
NN Inc.	1	6
Nordson Corp.	1	144
Norfolk Southern Corp.	6	1,049
Northrop Grumman Systems Corp.	3	919
NOW Inc. (a)	2	30
NV5 Holdings Inc. (a)	—	12
nVent Electric Plc	4	96
Old Dominion Freight Line Inc.	1	184
Omega Flex Inc.	—	5
Oshkosh Corp.	2	113
Owens Corning Inc.	2	108
PACCAR Inc.	7	490
Parker Hannifin Corp.	3	470
Park-Ohio Holdings Corp.	—	6
Patrick Industries Inc. (a)	—	21
Pentair Plc	3	151
PGT Innovations Inc. (a)	1	16
Pitney Bowes Inc.	4	25
Plug Power Inc. (a) (b)	4	10
Powell Industries Inc.	—	4
Primoris Services Corp.	1	18
Proto Labs Inc. (a)	1	55
Quad/Graphics Inc. - Class A	1	8
Quanex Building Products Corp.	1	10
Quanta Services Inc.	3	115
Raven Industries Inc.	1	29
Raytheon Co.	6	1,068
RBC Bearings Inc. (a)	1	64
Regal-Beloit Corp.	1	72
Republic Services Inc.	5	376
Resideo Technologies Inc. (a)	3	51
Resources Connection Inc.	1	11
REV Group Inc.	1	8
Rexnord Corp. (a)	2	53
Robert Half International Inc.	3	165
Rockwell Automation Inc.	3	438
Rollins Inc.	3	125
Roper Industries Inc.	2	730
RR Donnelley & Sons Co.	1	5
Rush Enterprises Inc. - Class A	1	25
Rush Enterprises Inc. - Class B	—	3
Ryder System Inc.	1	67
Saia Inc. (a)	1	31
Sensata Technologies Holding Plc (a)	3	154
Simpson Manufacturing Co. Inc.	1	50
SiteOne Landscape Supply Inc. (a)	1	45
SkyWest Inc.	—	14
Snap-On Inc.	1	181
Southwest Airlines Co.	3	149
SP Plus Corp. (a)	—	16
Spartan Motors Inc.	1	8
Spirit Aerosystems Holdings Inc. - Class A	2	202
Spirit Airlines Inc. (a)	—	18
SPX Corp. (a)	1	32
SPX Flow Technology USA Inc. (a)	1	29
Standex International Corp.	—	19
Stanley Black & Decker Inc.	3	425
Steelcase Inc. - Class A	2	26
Stericycle Inc. (a)	2	100
Sun Hydraulics Corp.	1	26
Sunrun Inc. (a)	2	23
Team Inc. (a) (b)	1	12
Teledyne Technologies Inc. (a)	1	178
Tennant Co.	—	21
Terex Corp.	2	48
Tetra Tech Inc.	1	67
Textron Inc.	5	256
Thermon Group Holdings Inc. (a)	1	16
Timken Co.	1	61
Titan International Inc.	1	5
Titan Machinery Inc. (a)	—	7

173

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


	Shares/Par¹	Value ($)
Toro Co.	2	151
TPI Composites Inc. (a)	—	10
TransDigm Group Inc. (a)	1	446
TransUnion LLC	4	258
Trex Co. Inc. (a)	1	77
TriMas Corp. (a)	1	30
TriNet Group Inc. (a)	1	56
Trinity Industries Inc.	3	58
Triton International Ltd. - Class A	1	33
Triumph Group Inc.	1	22
TrueBlue Inc. (a)	1	19
Tutor Perini Corp. (a)	1	13
UniFirst Corp.	—	45
Union Pacific Corp.	15	2,542
United Continental Holdings Inc. (a)	1	111
United Parcel Service Inc. - Class B	14	1,602
United Rentals Inc. (a)	2	193
United Technologies Corp.	17	2,180
Universal Forest Products Inc.	1	37
Universal Logistics Holdings Inc.	—	5
US Ecology Inc.	—	26
USG Corp.	2	80
Valmont Industries Inc.	—	59
Verisk Analytics Inc.	3	430
Veritiv Corp. (a)	—	5
Viad Corp.	—	22
Vicor Corp. (a)	—	10
VSE Corp.	—	7
Wabash National Corp.	1	18
WABCO Holdings Inc. (a)	1	141
Wabtec Corp.	3	209
WageWorks Inc. (a)	1	31
Waste Connections Inc.	5	480
Waste Management Inc.	9	915
Watsco Inc.	1	94
Watts Water Technologies Inc. - Class A	1	46
Welbilt Inc. (a)	3	47
Werner Enterprises Inc.	1	34
Wesco Aircraft Holdings Inc. (a)	1	11
WESCO International Inc. (a)	1	50
Willscot Corp. (a)	1	8
Woodward Governor Co.	1	107
WW Grainger Inc.	1	300
XPO Logistics Inc. (a) (b)	3	140


			Shares/Par¹		Value ($)
	Xylem Inc.		4		295
	YRC Worldwide Inc. (a)		1		4
				57,751
Information Technology 0.9%
	ASGN Inc. (a)		1		68
	IHS Markit Ltd. (a)		8		443
	Systemax Inc.		—		6
				517
Materials 0.1%
	Univar Inc. (a)		3		58
Utilities 0.0%
	Vivint Solar Inc. (a) (b)		1		4
	Total Common Stocks (cost $58,377)			58,330
INVESTMENT COMPANIES 0.2%
	Vanguard Industrials ETF (b)		1		126
	Total Investment Companies (cost $122)			126
SHORT TERM INVESTMENTS 0.3%
Securities Lending Collateral 0.3%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.43% (e) (f)		145		145
Treasury Securities 0.0%
	U.S. Treasury Bill
		2.44%, 06/06/19 (g) (h)	20		20
	Total Short Term Investments (cost $165)			165
Total Investments 99.4% (cost $58,664)					58,621
Other Derivative Instruments 0.0%					2
Other Assets and Liabilities, Net 0.6%					329
Total Net Assets 100.0%					58,952

(a) Non-income producing security.

(b) All or a portion of the security was on loan.

(c) Security fair valued in good faith as a Level 2 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.

(d) The Sub-Adviser has deemed this security to be illiquid based on procedures approved by the JNL Series Trust's Board of Trustees.

(e) Investment in affiliate.

(f) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 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 Capital Industrials Sector Fund — Futures Contracts

Reference Entity

Contracts¹

Expiration

Notional¹

Variation

Margin

Receivable

(Payable) ($)

Unrealized

Appreciation

(Depreciation) ($)

Long Contracts

E-Mini Industrial Select Sector

June 2019

225

174

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
JNL/Mellon Capital Materials Sector Fund
COMMON STOCKS 99.4%
Materials 99.4%
	AdvanSix Inc. (a)		1		20
	AgroFresh Solutions Inc. (a) (b)		1		3
	Air Products & Chemicals Inc.		5		984
	AK Steel Holding Corp. (a) (b)		7		20
	Albemarle Corp.		3		204
	Alcoa Corp. (a)		4		125
	Allegheny Technologies Inc. (a)		3		76
	American Vanguard Corp.		1		10
	Amyris Inc. (a) (b)		1		2
	AptarGroup Inc.		2		158
	Ashland Global Holdings Inc.		1		114
	Avery Dennison Corp.		2		230
	Axalta Coating Systems Ltd. (a)		5		127
	Balchem Corp.		1		71
	Ball Corp.		8		437
	Bemis Co. Inc.		2		118
	Berry Global Group Inc. (a)		3		167
	Boise Cascade Co.		1		25
	Cabot Corp.		1		58
	Carpenter Technology Corp.		1		52
	Celanese Corp. - Class A		3		309
	Century Aluminum Co. (a)		1		11
	CF Industries Holdings Inc.		5		221
	Chase Corp.		—		16
	Chemours Co.		4		151
	Clearwater Paper Corp. (a)		—		8
	Cleveland-Cliffs Inc. (b)		7		66
	Coeur d'Alene Mines Corp. (a)		5		20
	Commercial Metals Co.		3		47
	Compass Minerals International Inc.		1		43
	Crown Holdings Inc. (a)		3		173
	Domtar Corp.		1		73
	DowDuPont Inc.		54		2,873
	Eagle Materials Inc.		1		92
	Eastman Chemical Co.		3		249
	Ecolab Inc.		6		1,078
	Element Solutions Inc. (a)		5		55
	Ferro Corp. (a)		2		35
	FMC Corp.		3		242
	Freeport-McMoRan Inc. - Class B		32		416
	FutureFuel Corp.		1		9
	GCP Applied Technologies Inc. (a)		2		47
	Graphic Packaging Holding Co.		7		93
	Greif Inc. - Class A		1		25
	Greif Inc. - Class B		—		6
	Hawkins Inc.		—		8
	Haynes International Inc.		—		10
	HB Fuller Co.		1		57
	Hecla Mining Co.		12		27
	Huntsman Corp.		5		113
	Ingevity Corp. (a)		1		105
	Innophos Holdings Inc.		—		14
	Innospec Inc.		1		47
	International Flavors & Fragrances Inc.		2		257
	International Paper Co.		9		418
	Intrepid Potash Inc. (a)		2		8
	Kaiser Aluminum Corp.		—		40
	Koppers Holdings Inc. (a)		1		12
	Kraton Corp. (a)		1		25
	Kronos Worldwide Inc.		1		8
	Linde Plc		13		2,277
	Livent Corp. (a)		3		39
	Louisiana-Pacific Corp.		3		80
	LyondellBasell Industries NV - Class A		8		644
	Martin Marietta Materials Inc.		1		296
	Materion Corp.		1		27
	McEwen Mining Inc. (b)		7		10
	Mercer International Inc.		1		13
	Minerals Technologies Inc.		1		48
	Mosaic Co.		9		236
	Myers Industries Inc.		1		12
			Shares/Par¹		Value ($)
	Neenah Inc.		—		26
	NewMarket Corp.		—		93
	Newmont Mining Corp.		13		447
	Nucor Corp.		7		430
	Olin Corp.		4		91
	Omnova Solutions Inc. (a)		1		7
	Owens-Illinois Inc.		4		71
	P.H. Glatfelter Co.		1		14
	Packaging Corp. of America		2		220
	PolyOne Corp.		2		55
	PPG Industries Inc.		6		635
	PQ Group Holdings Inc. (a)		1		14
	Quaker Chemical Corp.		—		63
	Rayonier Advanced Materials Inc.		1		16
	Reliance Steel & Aluminum Co.		2		151
	Resolute Forest Products Inc.		1		11
	Royal Gold Inc.		2		141
	RPM International Inc.		3		180
	Ryerson Holding Corp. (a)		—		4
	Schnitzer Steel Industries Inc. - Class A		1		16
	Schweitzer-Mauduit International Inc.		1		28
	Scotts Miracle-Gro Co. - Class A		1		76
	Sealed Air Corp.		4		170
	Sensient Technologies Corp.		1		68
	Sherwin-Williams Co.		2		852
	Silgan Holdings Inc.		2		53
	Sonoco Products Co.		2		146
	Steel Dynamics Inc.		5		190
	Stepan Co.		1		42
	Summit Materials Inc. - Class A (a)		3		42
	SunCoke Energy Inc. (a)		1		11
	TimkenSteel Corp. (a)		1		10
	Tredegar Corp.		1		9
	Trinseo SA		1		45
	Tronox Holdings Plc		2		30
	United States Lime & Minerals Inc.		—		5
	United States Steel Corp.		4		82
	US Concrete Inc. (a)		—		16
	Valvoline Inc.		4		82
	Venator Materials Plc (a)		1		6
	Verso Corp. - Class A (a)		1		17
	Vulcan Materials Co.		3		367
	Warrior Met Coal Inc.		1		26
	Westlake Chemical Corp.		1		62
	WestRock Co.		6		229
	Worthington Industries Inc.		1		39
	WR Grace & Co.		1		111
	Total Common Stocks (cost $21,250)			19,689
RIGHTS 0.0%
	A. Schulman Inc. (a) (c)		1		—
	Total Rights (cost $0)			—
INVESTMENT COMPANIES 0.2%
	Vanguard Materials ETF		—		31
	Total Investment Companies (cost $30)			31
SHORT TERM INVESTMENTS 0.4%
Securities Lending Collateral 0.4%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.43% (d) (e)		79		79
Treasury Securities 0.0%
	U.S. Treasury Bill
		2.44%, 06/06/19 (f) (g)	7		7
	Total Short Term Investments (cost $86)			86
Total Investments 100.0% (cost $21,366)					19,806
Other Assets and Liabilities, Net 0.0%					6
Total Net Assets 100.0%					19,812

(a) Non-income producing security.

(b) All or a portion of the security was on loan.

175

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019

820 in the Schedules of Investments.

(d) Investment in affiliate.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 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 Capital Materials Sector Fund — Futures Contracts

Reference Entity

Contracts¹

Expiration

Notional¹

Variation

Margin

Receivable

(Payable) ($)

Unrealized

Appreciation

(Depreciation) ($)

Long Contracts

E-Mini Materials Select Sector

June 2019

—

176

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
JNL/Mellon Capital Pacific Rim 30 Fund
COMMON STOCKS 96.2%
Australia 31.1%
	AGL Energy Ltd.		508		7,843
	Amcor Ltd.		796		8,692
	Australia & New Zealand Banking Group Ltd.		432		7,992
	Brambles Ltd.		1,041		8,697
	Fortescue Metals Group Ltd.		2,439		12,334
	National Australia Bank Ltd.		437		7,846
	Newcrest Mining Ltd.		448		8,090
	Stockland		3,004		8,210
	Westpac Banking Corp.		419		7,701
				77,405
Hong Kong 6.2%
	CK Hutchison Holdings Ltd.		775		8,153
	Power Assets Holdings Ltd.		1,063		7,383
				15,536
Japan 46.0%
	Central Japan Railway Co.		35		8,059
	Daito Trust Construction Co. Ltd.		54		7,548
	Daiwa House Industry Co. Ltd.		233		7,412
	Honda Motor Co. Ltd.		279		7,560
	Japan Tobacco Inc.		311		7,716
	Kajima Corp.		546		8,071
	Kansai Electric Power Co. Inc.		466		6,870
	Kyushu Electric Power Co. Inc.		609		7,188
	Mazda Motor Corp.		726		8,116
	Nomura Real Estate Holdings Inc.		409		7,847
	Sekisui House Ltd.		501		8,288
	Sumitomo Electric Industries Ltd.		564		7,485
	Taisei Corp.		172		8,000
	Tohoku Electric Power Co. Inc.		548		6,987
	Toyota Motor Corp.		128		7,475
				114,622
			Shares/Par¹		Value ($)
Singapore 12.9%
	DBS Group Holdings Ltd.		435		8,119
	Oversea-Chinese Banking Corp. Ltd.		907		7,394
	United Overseas Bank Ltd.		415		7,721
	Yangzijiang Shipbuilding Holdings Ltd.		7,974		8,847
				32,081
	Total Common Stocks (cost $244,715)			239,644
INVESTMENT COMPANIES 3.0%
United States of America 3.0%
	Vanguard MSCI Pacific ETF (a)		112		7,357
	Total Investment Companies (cost $7,228)			7,357
SHORT TERM INVESTMENTS 2.2%
Investment Companies 0.1%
	JNL Government Money Market Fund - Institutional Class, 2.33% (b) (c)		204		204
Securities Lending Collateral 2.1%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.43% (b) (c)		5,098		5,098
Treasury Securities 0.0%
	U.S. Treasury Bill
		2.44%, 06/06/19 (d) (e)	95		95
	Total Short Term Investments (cost $5,397)			5,397
Total Investments 101.4% (cost $257,340)					252,398
Other Derivative Instruments 0.0%					6
Other Assets and Liabilities, Net (1.4)%					(3,403)
Total Net Assets 100.0%					249,001

(a) All or a portion of the security was on loan.

(b) Investment in affiliate.

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

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


JNL/Mellon Capital Pacific Rim 30 Fund — Futures Contracts
Reference Entity	Contracts¹	Expiration	Notional¹			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
ASX SPI 200 Index	9	June 2019	AUD	1,397	—			(7)
Tokyo Price Index	9	June 2019	JPY	144,064	7			(7)
					7			(14)

Forward Foreign Currency Contracts

Purchased/

Sold

Counter-party

Expiration

Notional ¹

Value ($)

Unrealized

Appreciation

(Depreciation) ($)

AUD/USD

BMO

06/19/19

AUD

370

263

—

AUD/USD

HSB

06/19/19

AUD

790

562

JPY/USD

BCL

06/19/19

JPY

102,519

931

JPY/USD

GSC

06/19/19

JPY

39,949

362

(3)

2,118

(1)

177

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹	Value ($)
JNL/Mellon Capital Real Estate Sector Fund
COMMON STOCKS 99.4%
Real Estate 99.4%
	Acadia Realty Trust	7	198
	Agree Realty Corp.	3	214
	Alexander & Baldwin Inc.	6	158
	Alexander's Inc.	—	77
	Alexandria Real Estate Equities Inc.	10	1,374
	Altisource Portfolio Solutions SA (a) (b)	1	21
	American Assets Trust Inc.	3	134
	American Campus Communities Inc.	12	586
	American Finance Trust Inc. - Class A	7	80
	American Homes For Rent - Class A	24	537
	American Tower Corp.	39	7,767
	Americold Realty Trust (b)	13	385
	Apartment Investment & Management Co. - Class A	14	690
	Apple Hospitality REIT Inc.	20	318
	Armada Hoffler Properties Inc.	4	65
	Ashford Hospitality Trust Inc.	9	43
	AvalonBay Communities Inc.	12	2,485
	Boston Properties Inc.	14	1,852
	Braemar Hotels & Resorts Inc.	2	29
	Brandywine Realty Trust	16	251
	Brixmor Property Group Inc.	27	492
	Brookfield Property REIT Inc. - Class A	12	236
	Camden Property Trust	8	843
	CareTrust REIT Inc.	7	174
	CatchMark Timber Trust Inc. - Class A	4	41
	CBL & Associates Properties Inc. (b)	13	21
	CBRE Group Inc. - Class A (a)	29	1,435
	Cedar Realty Trust Inc.	7	25
	Chatham Lodging Trust	4	83
	Chesapeake Lodging Trust	5	150
	Colony Capital Inc. - Class A	41	220
	Columbia Property Trust Inc.	10	233
	Community Healthcare Trust Inc.	2	59
	CoreCivic Inc.	10	203
	CorePoint Lodging Inc.	4	43
	Coresite Realty Corp.	3	352
	Corporate Office Properties Trust	10	263
	Cousins Properties Inc.	38	364
	Crown Castle International Corp.	37	4,752
	CubeSmart	17	530
	Cushman & Wakefield Plc (a)	5	86
	CyrusOne Inc.	9	496
	DiamondRock Hospitality Co.	19	200
	Digital Realty Trust Inc.	19	2,199
	Douglas Emmett Inc.	15	587
	Duke Realty Corp.	32	976
	Easterly Government Properties Inc.	6	99
	EastGroup Properties Inc.	3	361
	Empire State Realty Trust Inc. - Class A	13	203
	EPR Properties	7	507
	Equinix Inc.	7	3,261
	Equity Commonwealth	11	356
	Equity Lifestyle Properties Inc.	8	869
	Equity Residential Properties Inc.	33	2,485
	Essential Properties Realty Trust Inc.	4	83
	Essex Property Trust Inc.	6	1,712
	eXp World Holdings Inc. (a) (b)	2	23
	Extra Space Storage Inc.	11	1,156
	Federal Realty Investment Trust	7	907
	First Industrial Realty Trust Inc.	11	400
	Five Point Holdings LLC - Class A (a)	5	34
	Forestar Group Inc. (a)	1	19
	Four Corners Property Trust Inc.	6	179
	Franklin Street Properties Corp.	9	67
	Front Yard Residential Corp.	5	44
	FRP Holdings Inc. (a)	1	26
	Gaming and Leisure Properties Inc.	18	705
	Geo Group Inc.	11	208
	Getty Realty Corp.	3	100
	Gladstone Commercial Corp.	3	53
	Global Net Lease Inc.	7	129
		Shares/Par¹	Value ($)
	Hannon Armstrong Sustainable Infrastructure Capital Inc.	5	124
	HCP Inc.	42	1,319
	Healthcare Realty Trust Inc.	11	356
	Healthcare Trust of America Inc. - Class A	18	525
	Hersha Hospitality Trust	3	57
	HFF Inc. - Class A	3	159
	Highwoods Properties Inc.	9	433
	Hospitality Properties Trust	15	387
	Host Hotels & Resorts Inc.	67	1,258
	Howard Hughes Corp. (a)	4	403
	Hudson Pacific Properties Inc.	14	482
	Independence Realty Trust Inc.	8	89
	Industrial Logistics Properties Trust	6	117
	InfraREIT Inc.	4	82
	Investors Real Estate Trust	1	60
	Invitation Homes Inc.	31	744
	Iron Mountain Inc.	24	860
	iStar Inc.	6	52
	JBG Smith Properties	10	425
	Jones Lang LaSalle Inc.	4	632
	Kennedy-Wilson Holdings Inc.	12	251
	Kilroy Realty Corp.	9	688
	Kimco Realty Corp.	38	700
	Kite Realty Group Trust	7	117
	Lamar Advertising Co. - Class A	8	606
	Lexington Realty Trust	19	172
	Liberty Property Trust	13	643
	Life Storage Inc.	4	406
	LTC Properties Inc.	4	162
	Macerich Co.	9	410
	Mack-Cali Realty Corp.	8	177
	Marcus & Millichap Inc. (a)	2	68
	Medical Properties Trust Inc.	33	607
	MGM Growth Properties LLC - Class A	8	252
	Mid-America Apartment Communities Inc.	10	1,109
	Monmouth Real Estate Investment Corp. - Class A	8	101
	National Health Investors Inc.	4	300
	National Retail Properties Inc.	14	792
	National Storage Affiliates Trust	5	147
	New Senior Investment Group Inc.	7	38
	Newmark Group Inc. - Class A	11	96
	Nexpoint Residential Trust Inc.	2	63
	NorthStar Realty Europe Corp.	4	72
	Office Properties Income Trust	4	115
	Omega Healthcare Investors Inc.	18	688
	One Liberty Properties Inc.	1	40
	Outfront Media Inc.	12	288
	Paramount Group Inc.	19	274
	Park Hotels & Resorts Inc.	18	555
	Pebblebrook Hotel Trust	12	363
	Pennsylvania REIT (b)	7	43
	Physicians Realty Trust	17	310
	Piedmont Office Realty Trust Inc. - Class A	11	235
	PotlatchDeltic Corp.	6	215
	Preferred Apartment Communities Inc.	4	53
	ProLogis Inc.	56	4,054
	PS Business Parks Inc.	2	291
	Public Storage	14	3,060
	QTS Realty Trust Inc. - Class A	5	206
	Rayonier Inc.	11	361
	RE/MAX Holdings Inc. - Class A	2	57
	Realogy Holdings Corp. (b)	10	117
	Realty Income Corp.	26	1,945
	Redfin Corp. (a) (b)	4	89
	Regency Centers Corp.	14	917
	Retail Opportunity Investments Corp.	10	175
	Retail Properties of America Inc. - Class A	20	238
	Retail Value Inc.	1	42
	Rexford Industrial Realty Inc.	8	300
	RLJ Lodging Trust	16	278
	RMR Group Inc. - Class A	1	35
	RPT Realty	7	89
	Ryman Hospitality Properties	4	336
	Sabra Healthcare REIT Inc.	16	307

178

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Saul Centers Inc.		1		60
	SBA Communications Corp. (a)		10		2,027
	Senior Housing Properties Trust		21		248
	Seritage Growth Properties - Class A (b)		3		138
	Simon Property Group Inc.		28		5,044
	SITE Centers Corp.		14		189
	SL Green Realty Corp.		8		689
	Spirit MTA REIT		3		22
	Spirit Realty Capital Inc.		8		308
	St. Joe Co. (a)		3		55
	STAG Industrial Inc.		10		285
	STORE Capital Corp.		17		569
	Summit Hotel Properties Inc.		9		108
	Sun Communities Inc.		8		912
	Sunstone Hotel Investors Inc.		21		297
	Tanger Factory Outlet Centers Inc.		8		175
	Taubman Centers Inc.		6		292
	Tejon Ranch Co. (a)		2		30
	Terreno Realty Corp		5		219
	Tier REIT Inc.		5		138
	UDR Inc.		24		1,087
	UMH Properties Inc.		3		44
	Uniti Group Inc. (b)		15		169
	Universal Health Realty Income Trust		1		91
	Urban Edge Properties		10		193
	Urstadt Biddle Properties Inc. - Class A		3		54
	Ventas Inc.		32		2,038
	Vereit Inc.		87		727
	VICI Properties Inc.		36		795
	Vornado Realty Trust		15		1,029
	Washington Prime Group Inc.		17		93
	Washington REIT		7		206
			Shares/Par¹		Value ($)
	Weingarten Realty Investors		11		321
	Welltower Inc.		34		2,610
	Weyerhaeuser Co.		67		1,768
	Whitestone REIT		3		42
	WP Carey Inc.		14		1,124
	Xenia Hotels & Resorts Inc.		10		219
	Total Common Stocks (cost $95,875)			103,345
INVESTMENT COMPANIES 0.0%
	Fidelity MSCI Real Estate Index ETF		2		43
	Total Investment Companies (cost $43)			43
SHORT TERM INVESTMENTS 2.2%
Investment Companies 1.7%
	JNL Government Money Market Fund - Institutional Class, 2.33% (c) (d)		1,800		1,800
Securities Lending Collateral 0.4%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.43% (c) (d)		438		438
Treasury Securities 0.1%
	U.S. Treasury Bill
		2.44%, 06/06/19 (e) (f)	45		45
	Total Short Term Investments (cost $2,283)			2,283
Total Investments 101.6% (cost $98,201)					105,671
Other Assets and Liabilities, Net (1.6)%					(1,655)
Total Net Assets 100.0%					104,016

(a) Non-income producing security.

(b) All or a portion of the security was on loan.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 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 Capital Real Estate Sector Fund — Futures Contracts

Reference Entity

Contracts¹

Expiration

Notional¹

Variation

Margin

Receivable

(Payable) ($)

Unrealized

Appreciation

(Depreciation) ($)

Long Contracts

E-Mini S&P Real Estate Select Sector

June 2019

639

—

179

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
JNL/Mellon Capital S&P 500 Index Fund
COMMON STOCKS 98.2%
Communication Services 10.0%
	Activision Blizzard Inc.	254		11,564
	Alphabet Inc. - Class A (a)	101		118,528
	Alphabet Inc. - Class C (a)	103		121,345
	AT&T Inc.	2,451		76,857
	CBS Corp. - Class B	117		5,545
	CenturyLink Inc. (b)	318		3,816
	Charter Communications Inc. - Class A (a) (b)	58		20,272
	Comcast Corp. - Class A	1,519		60,733
	Discovery Inc. - Class A (a) (b)	55		1,496
	Discovery Inc. - Class C (a)	116		2,959
	DISH Network Corp. - Class A (a)	76		2,405
	Electronic Arts Inc. (a)	101		10,237
	Facebook Inc. - Class A (a)	803		133,878
	Fox Corp. - Class A (a) (b)	117		4,297
	Fox Corp. - Class B (a)	54		1,922
	Interpublic Group of Cos. Inc. (b)	129		2,701
	Netflix Inc. (a)	147		52,373
	News Corp. - Class A	117		1,456
	News Corp. - Class B	38		472
	Omnicom Group Inc. (b)	73		5,327
	Take-Two Interactive Software Inc. (a)	39		3,692
	TripAdvisor Inc. (a)	37		1,906
	Twitter Inc. (a)	245		8,049
	VeriSign Inc. (a)	35		6,424
	Verizon Communications Inc.	1,390		82,203
	Viacom Inc. - Class B	116		3,269
	Walt Disney Co.	588		65,308
			809,034
Consumer Discretionary 10.0%
	Advance Auto Parts Inc. (b)	24		4,169
	Amazon.com Inc. (a)	139		247,152
	Aptiv Plc (b)	87		6,882
	AutoZone Inc. (a)	9		8,842
	Best Buy Co. Inc.	79		5,643
	Booking Holdings Inc. (a)	15		26,465
	BorgWarner Inc. (b)	69		2,647
	Capri Holdings Ltd. (a) (b)	47		2,169
	Carmax Inc. (a) (b)	57		3,959
	Carnival Plc	133		6,730
	Chipotle Mexican Grill Inc. (a) (b)	8		5,889
	D.R. Horton Inc. (b)	110		4,564
	Darden Restaurants Inc.	41		4,946
	Dollar General Corp.	88		10,453
	Dollar Tree Inc. (a)	80		8,379
	eBay Inc. (b)	291		10,791
	Expedia Group Inc.	41		4,845
	Foot Locker Inc. (b)	40		2,438
	Ford Motor Co. (b)	1,310		11,501
	Gap Inc. (b)	75		1,954
	Garmin Ltd.	40		3,439
	General Motors Co.	441		16,353
	Genuine Parts Co. (b)	50		5,559
	H&R Block Inc. (b)	70		1,684
	HanesBrands Inc. (b)	123		2,198
	Harley-Davidson Inc.	58		2,056
	Hasbro Inc. (b)	37		3,171
	Hilton Worldwide Holdings Inc. (b)	98		8,171
	Home Depot Inc.	380		72,924
	Kohl's Corp.	57		3,906
	Leggett & Platt Inc. (b)	40		1,691
	Lennar Corp. - Class A (b)	96		4,728
	Limited Brands Inc.	76		2,093
	LKQ Corp. (a)	105		2,977
	Lowe's Cos. Inc.	270		29,570
	Macy's Inc.	105		2,523
	Marriott International Inc. - Class A (b)	95		11,921
	Mattel Inc. (a) (b)	111		1,450
	McDonald's Corp.	258		48,957
	MGM Resorts International	169		4,327
	Mohawk Industries Inc. (a) (b)	22		2,716
		Shares/Par¹		Value ($)
	Newell Brands Inc. (b)	145		2,219
	Nike Inc. - Class B	426		35,853
	Nordstrom Inc. (b)	36		1,604
	Norwegian Cruise Line Holdings Ltd. (a)	70		3,863
	O'Reilly Automotive Inc. (a)	27		10,361
	Pulte Homes Inc. (b)	92		2,574
	PVH Corp.	26		3,133
	Ralph Lauren Corp. - Class A (b)	19		2,493
	Ross Stores Inc.	124		11,569
	Royal Caribbean Cruises Ltd.	57		6,549
	Starbucks Corp.	417		30,986
	Tapestry Inc. (b)	96		3,104
	Target Corp. (b)	175		14,049
	Tiffany & Co. (b)	36		3,790
	TJX Cos. Inc.	417		22,205
	Tractor Supply Co.	41		4,016
	Ulta Beauty Inc. (a)	19		6,669
	Under Armour Inc. - Class A (a) (b)	65		1,375
	Under Armour Inc. - Class C (a)	65		1,236
	VF Corp.	107		9,337
	Whirlpool Corp.	22		2,928
	Wynn Resorts Ltd.	32		3,844
	Yum! Brands Inc.	103		10,306
			806,895
Consumer Staples 7.2%
	Altria Group Inc.	627		35,986
	Archer-Daniels-Midland Co.	183		7,892
	Brown-Forman Corp. - Class B (b)	57		3,028
	Campbell Soup Co.	60		2,290
	Church & Dwight Co. Inc.	82		5,869
	Clorox Co. (b)	43		6,952
	Coca-Cola Co.	1,294		60,651
	Colgate-Palmolive Co.	290		19,873
	ConAgra Brands Inc. (b)	157		4,370
	Constellation Brands Inc. - Class A (b)	55		9,669
	Costco Wholesale Corp.	148		35,872
	Coty Inc. - Class A (b)	144		1,661
	Estee Lauder Cos. Inc. - Class A (b)	74		12,174
	General Mills Inc. (b)	200		10,345
	Hershey Co. (b)	47		5,415
	Hormel Foods Corp. (b)	92		4,102
	JM Smucker Co.	38		4,463
	Kellogg Co. (b)	85		4,900
	Kimberly-Clark Corp.	115		14,209
	Kraft Heinz Foods Co. (b)	205		6,701
	Kroger Co.	264		6,497
	Lamb Weston Holdings Inc.	49		3,669
	McCormick & Co. Inc.	41		6,148
	Molson Coors Brewing Co. - Class B (b)	63		3,755
	Mondelez International Inc. - Class A (b)	485		24,192
	Monster Beverage Corp. (a)	135		7,350
	PepsiCo Inc.	472		57,830
	Philip Morris International Inc.	523		46,230
	Procter & Gamble Co.	841		87,556
	Sysco Corp.	157		10,502
	Tyson Foods Inc. - Class A	96		6,656
	Walgreens Boots Alliance Inc. (b)	269		17,004
	Walmart Inc.	479		46,712
			580,523
Energy 5.3%
	Anadarko Petroleum Corp.	169		7,687
	Apache Corp. (b)	128		4,447
	Baker Hughes a GE Co. LLC - Class A	167		4,624
	Cabot Oil & Gas Corp.	143		3,723
	Chevron Corp.	639		78,685
	Cimarex Energy Co. (b)	31		2,186
	Concho Resources Inc. (b)	66		7,331
	ConocoPhillips Co.	385		25,664
	Devon Energy Corp. (b)	149		4,691
	Diamondback Energy Inc.	52		5,235
	EOG Resources Inc. (b)	193		18,351
	Exxon Mobil Corp.	1,425		115,179
	Halliburton Co.	295		8,638
	Helmerich & Payne Inc.	37		2,081

180

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
	Hess Corp. (b)	85		5,094
	HollyFrontier Corp. (b)	54		2,657
	Kinder Morgan Inc. (b)	654		13,078
	Marathon Oil Corp.	287		4,790
	Marathon Petroleum Corp.	227		13,581
	National Oilwell Varco Inc.	127		3,375
	Noble Energy Inc. (b)	155		3,843
	Occidental Petroleum Corp.	255		16,896
	ONEOK Inc.	138		9,661
	Phillips 66 (b)	141		13,426
	Pioneer Natural Resources Co.	57		8,750
	Schlumberger Ltd.	466		20,311
	TechnipFMC Plc (b)	139		3,262
	Valero Energy Corp.	141		12,006
	Williams Cos. Inc.	400		11,476
			430,728
Financials 12.5%
	Affiliated Managers Group Inc.	17		1,816
	Aflac Inc.	254		12,705
	Allstate Corp.	112		10,539
	American Express Co.	235		25,647
	American International Group Inc.	295		12,694
	Ameriprise Financial Inc.	47		6,003
	Aon Plc - Class A	80		13,698
	Arthur J Gallagher & Co.	60		4,709
	Assurant Inc.	18		1,671
	Bank of America Corp.	3,025		83,449
	Bank of New York Mellon Corp. (b) (c)	296		14,934
	BB&T Corp.	256		11,911
	Berkshire Hathaway Inc. - Class B (a)	654		131,434
	BlackRock Inc.	40		17,315
	Brighthouse Financial Inc. (a)	41		1,492
	Capital One Financial Corp.	160		13,048
	CBOE Global Markets Inc.	38		3,642
	Charles Schwab Corp.	400		17,119
	Chubb Ltd.	153		21,439
	Cincinnati Financial Corp.	50		4,289
	Citigroup Inc.	793		49,321
	Citizens Financial Group Inc.	155		5,049
	CME Group Inc.	120		19,685
	Comerica Inc.	55		4,054
	Discover Financial Services	111		7,877
	E*TRADE Financial Corp.	83		3,865
	Everest Re Group Ltd.	14		3,015
	Fifth Third Bancorp	259		6,531
	First Republic Bank (b)	55		5,497
	Franklin Resources Inc. (b)	106		3,500
	Goldman Sachs Group Inc.	115		22,145
	Hartford Financial Services Group Inc.	121		6,003
	Huntington Bancshares Inc. (b)	353		4,480
	Intercontinental Exchange Inc.	190		14,480
	Invesco Ltd. (b)	135		2,604
	Jefferies Financial Group Inc.	89		1,679
	JPMorgan Chase & Co.	1,102		111,603
	KeyCorp	345		5,428
	Lincoln National Corp. (b)	70		4,116
	Loews Corp. (b)	92		4,393
	M&T Bank Corp.	47		7,455
	Marsh & McLennan Cos. Inc.	170		15,947
	MetLife Inc.	323		13,740
	Moody's Corp.	56		10,158
	Morgan Stanley	439		18,516
	MSCI Inc.	29		5,683
	NASDAQ Inc. (b)	37		3,249
	Northern Trust Corp.	74		6,659
	People's United Financial Inc. (b)	129		2,113
	PNC Financial Services Group Inc.	154		18,922
	Principal Financial Group Inc.	90		4,531
	Progressive Corp.	195		14,056
	Prudential Financial Inc.	138		12,670
	Raymond James Financial Inc.	44		3,577
	Regions Financial Corp. (b)	344		4,862
	S&P Global Inc.	84		17,645
	State Street Corp.	125		8,243
		Shares/Par¹		Value ($)
	SunTrust Banks Inc. (b)	152		9,036
	SVB Financial Group (a)	18		4,002
	Synchrony Financial	226		7,207
	T. Rowe Price Group Inc. (b)	82		8,170
	Torchmark Corp.	36		2,984
	Travelers Cos. Inc. (b)	89		12,165
	U.S. Bancorp	506		24,408
	Unum Group	75		2,541
	Wells Fargo & Co.	1,380		66,680
	Willis Towers Watson Plc (b)	43		7,504
	Zions Bancorp (b)	67		3,063
			1,010,665
Health Care 14.3%
	Abbott Laboratories	591		47,238
	AbbVie Inc.	497		40,037
	Abiomed Inc. (a)	15		4,297
	Agilent Technologies Inc.	107		8,580
	Alexion Pharmaceuticals Inc. (a)	75		10,097
	Align Technology Inc. (a)	24		6,865
	Allergan Plc	106		15,485
	AmerisourceBergen Corp.	53		4,193
	Amgen Inc.	210		39,823
	Anthem Inc.	87		24,870
	Baxter International Inc. (b)	161		13,059
	Becton Dickinson & Co. (b)	90		22,596
	Biogen Inc. (a)	67		15,773
	Boston Scientific Corp. (a)	461		17,679
	Bristol-Myers Squibb Co. (b)	549		26,200
	Cardinal Health Inc.	104		5,008
	Celgene Corp. (a)	236		22,281
	Centene Corp. (a)	139		7,371
	Cerner Corp. (a) (b)	107		6,110
	Cigna Corp. (b)	127		20,364
	Cooper Cos. Inc.	17		4,937
	CVS Health Corp.	432		23,315
	Danaher Corp.	211		27,874
	DaVita Inc. (a)	42		2,293
	Dentsply Sirona Inc. (b)	77		3,812
	Edwards Lifesciences Corp. (a)	69		13,198
	Eli Lilly & Co.	294		38,126
	Gilead Sciences Inc.	431		28,025
	HCA Inc.	89		11,649
	Henry Schein Inc. (a) (b)	52		3,110
	Hologic Inc. (a)	91		4,394
	Humana Inc.	46		12,208
	Idexx Laboratories Inc. (a)	29		6,581
	Illumina Inc. (a)	49		15,215
	Incyte Corp. (a)	60		5,137
	Intuitive Surgical Inc. (a)	38		21,784
	Iqvia Ltd. (a)	53		7,598
	Johnson & Johnson	897		125,335
	Laboratory Corp. of America Holdings (a)	35		5,307
	McKesson Corp.	66		7,731
	Medtronic Plc	449		40,882
	Merck & Co. Inc.	869		72,301
	Mettler-Toledo International Inc. (a)	9		6,265
	Mylan NV (a)	167		4,730
	Nektar Therapeutics (a) (b)	54		1,814
	PerkinElmer Inc.	37		3,522
	Perrigo Co. Plc (b)	40		1,945
	Pfizer Inc.	1,872		79,492
	Quest Diagnostics Inc. (b)	46		4,134
	Regeneron Pharmaceuticals Inc. (a)	26		10,654
	ResMed Inc.	48		5,023
	Stryker Corp.	104		20,549
	Teleflex Inc.	16		4,727
	Thermo Fisher Scientific Inc.	135		37,069
	UnitedHealth Group Inc.	323		79,835
	Universal Health Services Inc. - Class B (b)	29		3,920
	Varian Medical Systems Inc. (a)	30		4,304
	Vertex Pharmaceuticals Inc. (a)	85		15,664
	Waters Corp. (a)	24		6,092
	WellCare Health Plans Inc. (a) (b)	16		4,442
	Zimmer Biomet Holdings Inc.	68		8,687

181

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
	Zoetis Inc. - Class A	159		15,996
			1,157,602
Industrials 9.2%
	3M Co. (b)	194		40,282
	Alaska Air Group Inc. (b)	41		2,314
	Allegion Plc	31		2,799
	American Airlines Group Inc. (b)	134		4,251
	AMETEK Inc.	77		6,361
	AO Smith Corp.	50		2,669
	Arconic Inc. (b)	144		2,759
	Boeing Co.	177		67,691
	C.H. Robinson Worldwide Inc. (b)	47		4,078
	Caterpillar Inc.	194		26,264
	Cintas Corp. (b)	29		5,799
	Copart Inc. (a)	69		4,202
	CSX Corp.	261		19,548
	Cummins Inc.	50		7,861
	Deere & Co.	106		17,022
	Delta Air Lines Inc.	212		10,938
	Dover Corp. (b)	49		4,614
	Eaton Corp. Plc	144		11,563
	Emerson Electric Co.	207		14,169
	Equifax Inc. (b)	41		4,848
	Expeditors International of Washington Inc.	59		4,477
	Fastenal Co. (b)	97		6,216
	FedEx Corp.	81		14,651
	Flowserve Corp.	45		2,035
	Fluor Corp. (b)	48		1,770
	Fortive Corp.	100		8,410
	Fortune Brands Home & Security Inc. (b)	50		2,398
	General Dynamics Corp. (b)	92		15,577
	General Electric Co.	2,908		29,049
	Harris Corp. (b)	38		6,143
	Honeywell International Inc.	245		39,012
	Huntington Ingalls Industries Inc.	14		2,912
	Illinois Tool Works Inc. (b)	102		14,628
	Ingersoll-Rand Plc	81		8,768
	Jacobs Engineering Group Inc. (b)	41		3,084
	JB Hunt Transport Services Inc. (b)	28		2,849
	Johnson Controls International Plc	304		11,230
	Kansas City Southern	35		4,041
	L3 Technologies Inc.	26		5,367
	Lockheed Martin Corp. (b)	82		24,742
	Masco Corp.	105		4,133
	Nielsen Holdings Plc	121		2,869
	Norfolk Southern Corp.	90		16,849
	Northrop Grumman Systems Corp. (b)	57		15,443
	PACCAR Inc. (b)	119		8,084
	Parker Hannifin Corp.	43		7,409
	Pentair Plc	55		2,440
	Quanta Services Inc. (b)	45		1,707
	Raytheon Co.	94		17,182
	Republic Services Inc. (b)	73		5,840
	Robert Half International Inc.	41		2,654
	Rockwell Automation Inc.	41		7,149
	Rollins Inc. (b)	50		2,098
	Roper Industries Inc.	35		11,836
	Snap-On Inc. (b)	19		2,965
	Southwest Airlines Co. (b)	171		8,860
	Stanley Black & Decker Inc.	52		7,022
	Textron Inc. (b)	82		4,172
	TransDigm Group Inc. (a)	17		7,520
	Union Pacific Corp.	243		40,693
	United Continental Holdings Inc. (a) (b)	76		6,090
	United Parcel Service Inc. - Class B	232		25,970
	United Rentals Inc. (a)	27		3,037
	United Technologies Corp.	271		34,970
	Verisk Analytics Inc. (b)	54		7,224
	Wabtec Corp. (b)	46		3,369
	Waste Management Inc.	131		13,566
	WW Grainger Inc.	15		4,545
	Xylem Inc. (b)	60		4,741
			747,828
		Shares/Par¹		Value ($)
Information Technology 20.8%
	Accenture Plc - Class A	214		37,750
	Adobe Inc. (a)	164		43,730
	Advanced Micro Devices Inc. (a) (b)	296		7,550
	Akamai Technologies Inc. (a)	57		4,069
	Alliance Data Systems Corp. (b)	16		2,889
	Amphenol Corp. - Class A	99		9,315
	Analog Devices Inc.	124		13,106
	Ansys Inc. (a)	28		5,206
	Apple Inc. (b)	1,507		286,271
	Applied Materials Inc.	320		12,695
	Arista Networks Inc. (a) (b)	17		5,339
	Autodesk Inc. (a)	74		11,470
	Automatic Data Processing Inc.	146		23,376
	Broadcom Inc.	134		40,162
	Broadridge Financial Solutions Inc.	38		3,925
	Cadence Design Systems Inc. (a)	95		6,047
	Cisco Systems Inc.	1,483		80,047
	Citrix Systems Inc. (b)	43		4,337
	Cognizant Technology Solutions Corp. - Class A	192		13,939
	Corning Inc.	272		8,989
	DXC Technology Co.	93		5,987
	F5 Networks Inc. (a) (b)	19		3,035
	Fidelity National Information Services Inc.	109		12,288
	Fiserv Inc. (a)	134		11,859
	FleetCor Technologies Inc. (a)	29		7,160
	FLIR Systems Inc.	43		2,038
	Fortinet Inc. (a)	48		4,074
	Gartner Inc. (a) (b)	31		4,660
	Global Payments Inc.	54		7,405
	Hewlett Packard Enterprise Co.	465		7,170
	HP Inc. (b)	524		10,179
	IHS Markit Ltd. (a) (b)	120		6,527
	Intel Corp.	1,514		81,324
	International Business Machines Corp.	300		42,286
	Intuit Inc.	87		22,681
	IPG Photonics Corp. (a) (b)	13		1,942
	Jack Henry & Associates Inc.	26		3,635
	Juniper Networks Inc.	118		3,131
	Keysight Technologies Inc. (a) (b)	63		5,514
	KLA-Tencor Corp. (b)	55		6,621
	Lam Research Corp.	51		9,214
	Mastercard Inc. - Class A	303		71,357
	Maxim Integrated Products Inc. (b)	93		4,925
	Microchip Technology Inc. (b)	80		6,602
	Micron Technology Inc. (a)	374		15,476
	Microsoft Corp.	2,584		304,735
	Motorola Solutions Inc.	55		7,736
	NetApp Inc. (b)	83		5,777
	Nvidia Corp. (b)	204		36,617
	Oracle Corp.	860		46,182
	Paychex Inc. (b)	108		8,654
	PayPal Holdings Inc. (a)	394		40,865
	Qorvo Inc. (a)	41		2,958
	QUALCOMM Inc.	407		23,217
	Red Hat Inc. (a)	59		10,856
	Salesforce.com Inc. (a)	257		40,762
	Seagate Technology (b)	87		4,150
	Skyworks Solutions Inc.	59		4,833
	Symantec Corp.	209		4,808
	Synopsys Inc. (a)	49		5,693
	TE Connectivity Ltd.	115		9,277
	Texas Instruments Inc. (b)	316		33,535
	Total System Services Inc.	55		5,264
	Visa Inc. - Class A (b)	590		92,155
	Western Digital Corp. (b)	97		4,639
	Western Union Co. (b)	157		2,900
	Xerox Corp.	73		2,336
	Xilinx Inc.	85		10,764
			1,686,015
Materials 2.6%
	Air Products & Chemicals Inc.	73		13,991
	Albemarle Corp. (b)	38		3,091
	Avery Dennison Corp.	30		3,410

182

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Ball Corp.		112		6,476
	Celanese Corp. - Class A		45		4,404
	CF Industries Holdings Inc.		79		3,215
	DowDuPont Inc.		759		40,480
	Eastman Chemical Co.		47		3,533
	Ecolab Inc.		85		15,047
	FMC Corp.		44		3,362
	Freeport-McMoRan Inc. - Class B (b)		478		6,157
	International Flavors & Fragrances Inc. (b)		34		4,382
	International Paper Co. (b)		139		6,432
	Linde Plc		185		32,608
	LyondellBasell Industries NV - Class A		103		8,625
	Martin Marietta Materials Inc. (b)		21		4,237
	Mosaic Co.		117		3,196
	Newmont Mining Corp.		180		6,423
	Nucor Corp.		103		6,012
	Packaging Corp. of America (b)		32		3,188
	PPG Industries Inc.		82		9,203
	Sealed Air Corp. (b)		50		2,288
	Sherwin-Williams Co.		27		11,640
	Vulcan Materials Co. (b)		45		5,290
	WestRock Co.		82		3,151
				209,841
Real Estate 3.0%
	Alexandria Real Estate Equities Inc.		38		5,385
	American Tower Corp.		148		29,240
	Apartment Investment & Management Co. - Class A (b)		54		2,714
	AvalonBay Communities Inc.		46		9,327
	Boston Properties Inc.		52		6,962
	CBRE Group Inc. - Class A (a)		104		5,154
	Crown Castle International Corp.		139		17,736
	Digital Realty Trust Inc. (b)		69		8,204
	Duke Realty Corp.		121		3,698
	Equinix Inc.		28		12,681
	Equity Residential Properties Inc. (b)		124		9,351
	Essex Property Trust Inc. (b)		22		6,353
	Extra Space Storage Inc. (b)		43		4,350
	Federal Realty Investment Trust		25		3,493
	HCP Inc.		158		4,950
	Host Hotels & Resorts Inc.		247		4,676
	Iron Mountain Inc. (b)		96		3,408
	Kimco Realty Corp. (b)		139		2,576
	Macerich Co. (b)		33		1,447
	Mid-America Apartment Communities Inc.		39		4,237
	ProLogis Inc.		212		15,249
	Public Storage (b)		51		11,010
	Realty Income Corp. (b)		102		7,498
	Regency Centers Corp.		56		3,759
	SBA Communications Corp. (a)		39		7,737
	Simon Property Group Inc.		103		18,802
	SL Green Realty Corp. (b)		28		2,497
	UDR Inc. (b)		90		4,110
	Ventas Inc.		120		7,653
	Vornado Realty Trust		58		3,922
	Welltower Inc. (b)		130		10,069
	Weyerhaeuser Co.		248		6,521
				244,769
Utilities 3.3%
	AES Corp.		224		4,043
			Shares/Par¹		Value ($)
	Alliant Energy Corp. (b)		77		3,636
	Ameren Corp.		81		5,968
	American Electric Power Co. Inc.		165		13,815
	American Water Works Co. Inc. (b)		60		6,219
	Atmos Energy Corp.		40		4,087
	CenterPoint Energy Inc. (b)		166		5,083
	CMS Energy Corp. (b)		94		5,196
	Consolidated Edison Inc. (b)		108		9,148
	Dominion Energy Inc. (b)		268		20,575
	DTE Energy Co.		61		7,563
	Duke Energy Corp.		244		21,993
	Edison International (b)		110		6,825
	Entergy Corp.		64		6,084
	Evergy Inc.		86		4,991
	Eversource Energy (b)		107		7,597
	Exelon Corp.		323		16,178
	FirstEnergy Corp. (b)		169		7,034
	NextEra Energy Inc.		160		30,888
	NiSource Inc. (b)		125		3,578
	NRG Energy Inc. (b)		100		4,251
	Pinnacle West Capital Corp. (b)		38		3,622
	PPL Corp.		242		7,688
	Public Service Enterprise Group Inc. (b)		171		10,169
	Sempra Energy (b)		92		11,596
	Southern Co. (b)		344		17,776
	WEC Energy Group Inc. (b)		107		8,433
	Xcel Energy Inc. (b)		171		9,642
				263,678
	Total Common Stocks (cost $5,477,080)			7,947,578
SHORT TERM INVESTMENTS 4.8%
Investment Companies 1.6%
	JNL Government Money Market Fund - Institutional Class, 2.33% (c) (d)		132,044		132,044
Securities Lending Collateral 3.1%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.43% (c) (d)		13,611		13,611
	Repurchase Agreement with CIT, 2.92% (Collateralized by various publicly traded equities with a value of $181,500) acquired on 11/29/17, due 07/01/19 at $172,749		165,000		165,000
	Repurchase Agreement with MSC, 2.85% (Collateralized by various publicly traded equities with a value of $82,506) acquired on 3/22/19, due 07/01/19 at $75,600		75,000		75,000
				253,611
Treasury Securities 0.1%
	U.S. Treasury Bill
		2.44%, 06/06/19 (e) (f)	6,855		6,825
	Total Short Term Investments (cost $392,480)			392,480
Total Investments 103.0% (cost $5,869,560)					8,340,058
Other Derivative Instruments 0.0%					894
Other Assets and Liabilities, Net (3.0)%					(246,583)
Total Net Assets 100.0%					8,094,369

(a) Non-income producing security.

(b) All or a portion of the security was on loan.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2019.

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

(f) 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(%)
	Bank of New York Mellon Corp.	14,241	147	495	86	223	818	14,934	0.2

183

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019

JNL/Mellon Capital S&P 500 Index Fund — Futures Contracts

Reference Entity

Contracts¹

Expiration

Notional¹

Variation

Margin

Receivable

(Payable) ($)

Unrealized

Appreciation

(Depreciation) ($)

Long Contracts

S&P 500 E-Mini Index

1,056

June 2019

147,973

894

1,863

184

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
JNL S&P 500 Index Fund
COMMON STOCKS 97.6%
Communication Services 9.9%
	Activision Blizzard Inc.	1		62
	Alphabet Inc. - Class A (a)	1		630
	Alphabet Inc. - Class C (a)	1		644
	AT&T Inc.	13		409
	CBS Corp. - Class B	1		29
	CenturyLink Inc.	2		21
	Charter Communications Inc. - Class A (a)	—		107
	Comcast Corp. - Class A	8		323
	Discovery Inc. - Class A (a) (b)	—		8
	Discovery Inc. - Class C (a)	1		16
	DISH Network Corp. - Class A (a)	—		12
	Electronic Arts Inc. (a)	1		54
	Facebook Inc. - Class A (a)	4		711
	Fox Corp. - Class A (a)	1		24
	Fox Corp. - Class B (a)	—		10
	Interpublic Group of Cos. Inc.	1		15
	Netflix Inc. (a)	1		279
	News Corp. - Class A	1		8
	News Corp. - Class B	—		3
	Omnicom Group Inc.	—		29
	Take-Two Interactive Software Inc. (a)	—		18
	TripAdvisor Inc. (a)	—		9
	Twitter Inc. (a)	1		43
	VeriSign Inc. (a)	—		34
	Verizon Communications Inc.	7		437
	Viacom Inc. - Class B	1		17
	Walt Disney Co.	3		347
			4,299
Consumer Discretionary 9.9%
	Advance Auto Parts Inc.	—		21
	Amazon.com Inc. (a)	1		1,312
	Aptiv Plc	1		36
	AutoZone Inc. (a)	—		47
	Best Buy Co. Inc.	—		30
	Booking Holdings Inc. (a)	—		140
	BorgWarner Inc.	—		14
	Capri Holdings Ltd. (a)	—		12
	Carmax Inc. (a)	—		22
	Carnival Plc	1		36
	Chipotle Mexican Grill Inc. (a)	—		31
	D.R. Horton Inc.	1		25
	Darden Restaurants Inc.	—		26
	Dollar General Corp.	1		57
	Dollar Tree Inc. (a)	—		45
	eBay Inc.	2		56
	Expedia Group Inc.	—		25
	Foot Locker Inc.	—		13
	Ford Motor Co.	7		62
	Gap Inc.	—		10
	Garmin Ltd.	—		19
	General Motors Co.	2		87
	Genuine Parts Co.	—		29
	H&R Block Inc.	—		8
	HanesBrands Inc.	1		11
	Harley-Davidson Inc.	—		10
	Hasbro Inc.	—		17
	Hilton Worldwide Holdings Inc.	1		43
	Home Depot Inc.	2		388
	Kohl's Corp.	—		20
	Leggett & Platt Inc.	—		9
	Lennar Corp. - Class A	1		26
	Limited Brands Inc.	—		11
	LKQ Corp. (a)	1		16
	Lowe's Cos. Inc.	1		156
	Macy's Inc.	1		13
	Marriott International Inc. - Class A	1		63
	Mattel Inc. (a) (b)	1		8
	McDonald's Corp.	1		260
	MGM Resorts International	1		23
	Mohawk Industries Inc. (a)	—		14
		Shares/Par¹		Value ($)
	Newell Brands Inc.	1		11
	Nike Inc. - Class B	2		190
	Nordstrom Inc.	—		8
	Norwegian Cruise Line Holdings Ltd. (a)	—		20
	O'Reilly Automotive Inc. (a)	—		55
	Pulte Homes Inc.	1		13
	PVH Corp.	—		16
	Ralph Lauren Corp. - Class A	—		12
	Ross Stores Inc.	1		61
	Royal Caribbean Cruises Ltd.	—		34
	Starbucks Corp.	2		164
	Tapestry Inc.	1		17
	Target Corp.	1		75
	Tiffany & Co.	—		21
	TJX Cos. Inc.	2		117
	Tractor Supply Co.	—		21
	Ulta Beauty Inc. (a)	—		35
	Under Armour Inc. - Class A (a)	—		7
	Under Armour Inc. - Class C (a)	—		7
	VF Corp.	1		51
	Whirlpool Corp.	—		15
	Wynn Resorts Ltd.	—		21
	Yum! Brands Inc.	1		54
			4,276
Consumer Staples 7.2%
	Altria Group Inc.	3		193
	Archer-Daniels-Midland Co.	1		44
	Brown-Forman Corp. - Class B	—		15
	Campbell Soup Co.	—		13
	Church & Dwight Co. Inc.	—		31
	Clorox Co.	—		37
	Coca-Cola Co.	7		323
	Colgate-Palmolive Co.	2		106
	ConAgra Brands Inc.	1		25
	Constellation Brands Inc. - Class A	—		53
	Costco Wholesale Corp.	1		191
	Coty Inc. - Class A (b)	1		9
	Estee Lauder Cos. Inc. - Class A	—		64
	General Mills Inc.	1		56
	Hershey Co.	—		29
	Hormel Foods Corp.	1		22
	JM Smucker Co.	—		24
	Kellogg Co.	1		26
	Kimberly-Clark Corp.	1		76
	Kraft Heinz Foods Co.	1		36
	Kroger Co.	2		36
	Lamb Weston Holdings Inc.	—		19
	McCormick & Co. Inc.	—		32
	Molson Coors Brewing Co. - Class B	—		19
	Mondelez International Inc. - Class A	3		128
	Monster Beverage Corp. (a)	1		38
	PepsiCo Inc.	3		308
	Philip Morris International Inc.	3		246
	Procter & Gamble Co.	5		466
	Sysco Corp.	1		56
	Tyson Foods Inc. - Class A	1		37
	Walgreens Boots Alliance Inc.	1		90
	Walmart Inc.	3		249
			3,097
Energy 5.3%
	Anadarko Petroleum Corp.	1		40
	Apache Corp.	1		24
	Baker Hughes a GE Co. LLC - Class A	1		25
	Cabot Oil & Gas Corp.	1		19
	Chevron Corp.	3		419
	Cimarex Energy Co.	—		13
	Concho Resources Inc.	—		40
	ConocoPhillips Co.	2		135
	Devon Energy Corp.	1		25
	Diamondback Energy Inc.	—		28
	EOG Resources Inc.	1		98
	Exxon Mobil Corp.	8		612
	Halliburton Co.	2		45
	Helmerich & Payne Inc.	—		11

185

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
	Hess Corp.	1		28
	HollyFrontier Corp.	—		14
	Kinder Morgan Inc.	4		70
	Marathon Oil Corp.	1		24
	Marathon Petroleum Corp.	1		71
	National Oilwell Varco Inc.	1		18
	Noble Energy Inc.	1		22
	Occidental Petroleum Corp.	1		88
	ONEOK Inc.	1		52
	Phillips 66	1		72
	Pioneer Natural Resources Co.	—		46
	Schlumberger Ltd.	3		108
	TechnipFMC Plc	1		18
	Valero Energy Corp.	1		63
	Williams Cos. Inc.	2		62
			2,290
Financials 12.4%
	Affiliated Managers Group Inc.	—		9
	Aflac Inc.	1		67
	Allstate Corp.	1		55
	American Express Co.	1		135
	American International Group Inc.	2		68
	Ameriprise Financial Inc.	—		30
	Aon Plc - Class A	—		73
	Arthur J Gallagher & Co.	—		26
	Assurant Inc.	—		11
	Bank of America Corp.	16		443
	Bank of New York Mellon Corp. (c)	2		80
	BB&T Corp.	1		64
	Berkshire Hathaway Inc. - Class B (a)	4		698
	BlackRock Inc.	—		93
	Brighthouse Financial Inc. (a)	—		7
	Capital One Financial Corp.	1		69
	CBOE Global Markets Inc.	—		20
	Charles Schwab Corp.	2		90
	Chubb Ltd.	1		114
	Cincinnati Financial Corp.	—		24
	Citigroup Inc.	4		262
	Citizens Financial Group Inc.	1		27
	CME Group Inc.	1		105
	Comerica Inc.	—		21
	Discover Financial Services	1		42
	E*TRADE Financial Corp.	—		21
	Everest Re Group Ltd.	—		15
	Fifth Third Bancorp	1		34
	First Republic Bank	—		29
	Franklin Resources Inc.	1		17
	Goldman Sachs Group Inc.	1		117
	Hartford Financial Services Group Inc.	1		31
	Huntington Bancshares Inc.	2		24
	Intercontinental Exchange Inc.	1		77
	Invesco Ltd.	1		13
	Jefferies Financial Group Inc.	1		9
	JPMorgan Chase & Co.	6		593
	KeyCorp	2		29
	Lincoln National Corp.	—		22
	Loews Corp.	1		24
	M&T Bank Corp.	—		38
	Marsh & McLennan Cos. Inc.	1		85
	MetLife Inc.	2		72
	Moody's Corp.	—		55
	Morgan Stanley	2		99
	MSCI Inc.	—		30
	NASDAQ Inc.	—		18
	Northern Trust Corp.	—		35
	People's United Financial Inc.	1		11
	PNC Financial Services Group Inc.	1		99
	Principal Financial Group Inc.	1		24
	Progressive Corp.	1		75
	Prudential Financial Inc.	1		68
	Raymond James Financial Inc.	—		17
	Regions Financial Corp.	2		26
	S&P Global Inc.	—		93
	State Street Corp.	1		44
		Shares/Par¹		Value ($)
	SunTrust Banks Inc.	1		47
	SVB Financial Group (a)	—		21
	Synchrony Financial	1		37
	T. Rowe Price Group Inc.	—		43
	Torchmark Corp.	—		15
	Travelers Cos. Inc.	1		64
	U.S. Bancorp	3		129
	Unum Group	—		13
	Wells Fargo & Co.	7		354
	Willis Towers Watson Plc	—		41
	Zions Bancorp	—		16
			5,357
Health Care 14.2%
	Abbott Laboratories	3		251
	AbbVie Inc.	3		213
	Abiomed Inc. (a)	—		23
	Agilent Technologies Inc.	1		46
	Alexion Pharmaceuticals Inc. (a)	—		54
	Align Technology Inc. (a)	—		37
	Allergan Plc	1		82
	AmerisourceBergen Corp.	—		22
	Amgen Inc.	1		212
	Anthem Inc.	1		131
	Baxter International Inc.	1		68
	Becton Dickinson & Co.	1		120
	Biogen Inc. (a)	—		83
	Boston Scientific Corp. (a)	3		95
	Bristol-Myers Squibb Co.	3		139
	Cardinal Health Inc.	1		25
	Celgene Corp. (a)	1		118
	Centene Corp. (a)	1		39
	Cerner Corp. (a)	1		33
	Cigna Corp.	1		109
	Cooper Cos. Inc.	—		26
	CVS Health Corp.	2		125
	Danaher Corp.	1		147
	DaVita Inc. (a)	—		13
	Dentsply Sirona Inc.	—		19
	Edwards Lifesciences Corp. (a)	—		70
	Eli Lilly & Co.	2		201
	Gilead Sciences Inc.	2		147
	HCA Inc.	1		62
	Henry Schein Inc. (a)	—		16
	Hologic Inc. (a)	1		23
	Humana Inc.	—		64
	Idexx Laboratories Inc. (a)	—		34
	Illumina Inc. (a)	—		81
	Incyte Corp. (a)	—		27
	Intuitive Surgical Inc. (a)	—		116
	Iqvia Ltd. (a)	—		41
	Johnson & Johnson	5		666
	Laboratory Corp. of America Holdings (a)	—		28
	McKesson Corp.	—		40
	Medtronic Plc	2		219
	Merck & Co. Inc.	5		384
	Mettler-Toledo International Inc. (a)	—		33
	Mylan NV (a)	1		26
	Nektar Therapeutics (a)	—		10
	PerkinElmer Inc.	—		19
	Perrigo Co. Plc	—		11
	Pfizer Inc.	10		422
	Quest Diagnostics Inc.	—		21
	Regeneron Pharmaceuticals Inc. (a)	—		58
	ResMed Inc.	—		26
	Stryker Corp.	1		109
	Teleflex Inc.	—		25
	Thermo Fisher Scientific Inc.	1		196
	UnitedHealth Group Inc.	2		425
	Universal Health Services Inc. - Class B	—		19
	Varian Medical Systems Inc. (a)	—		23
	Vertex Pharmaceuticals Inc. (a)	1		84
	Waters Corp. (a)	—		32
	WellCare Health Plans Inc. (a)	—		25
	Zimmer Biomet Holdings Inc.	—		47

186

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
	Zoetis Inc. - Class A	1		86
			6,146
Industrials 9.2%
	3M Co.	1		214
	Alaska Air Group Inc.	—		12
	Allegion Plc	—		15
	American Airlines Group Inc.	1		22
	AMETEK Inc.	—		33
	AO Smith Corp.	—		14
	Arconic Inc.	1		15
	Boeing Co.	1		359
	C.H. Robinson Worldwide Inc.	—		21
	Caterpillar Inc.	1		139
	Cintas Corp.	—		31
	Copart Inc. (a)	—		21
	CSX Corp.	1		104
	Cummins Inc.	—		41
	Deere & Co.	1		91
	Delta Air Lines Inc.	1		57
	Dover Corp.	—		24
	Eaton Corp. Plc	1		60
	Emerson Electric Co.	1		76
	Equifax Inc.	—		26
	Expeditors International of Washington Inc.	—		22
	Fastenal Co.	1		33
	FedEx Corp.	—		79
	Flowserve Corp.	—		11
	Fluor Corp.	—		9
	Fortive Corp.	1		44
	Fortune Brands Home & Security Inc.	—		12
	General Dynamics Corp.	1		83
	General Electric Co.	16		155
	Harris Corp.	—		33
	Honeywell International Inc.	1		208
	Huntington Ingalls Industries Inc.	—		15
	Illinois Tool Works Inc.	1		77
	Ingersoll-Rand Plc	—		46
	Jacobs Engineering Group Inc.	—		15
	JB Hunt Transport Services Inc.	—		16
	Johnson Controls International Plc	2		61
	Kansas City Southern	—		21
	L3 Technologies Inc.	—		29
	Lockheed Martin Corp.	—		131
	Masco Corp.	1		20
	Nielsen Holdings Plc	1		15
	Norfolk Southern Corp.	1		90
	Northrop Grumman Systems Corp.	—		82
	PACCAR Inc.	1		42
	Parker Hannifin Corp.	—		39
	Pentair Plc	—		12
	Quanta Services Inc.	—		9
	Raytheon Co.	1		92
	Republic Services Inc.	—		31
	Robert Half International Inc.	—		14
	Rockwell Automation Inc.	—		37
	Rollins Inc.	—		11
	Roper Industries Inc.	—		63
	Snap-On Inc.	—		15
	Southwest Airlines Co.	1		46
	Stanley Black & Decker Inc.	—		36
	Textron Inc.	—		21
	TransDigm Group Inc. (a)	—		39
	Union Pacific Corp.	1		217
	United Continental Holdings Inc. (a)	—		32
	United Parcel Service Inc. - Class B	1		138
	United Rentals Inc. (a)	—		16
	United Technologies Corp.	2		187
	Verisk Analytics Inc.	—		38
	Wabtec Corp.	—		19
	Waste Management Inc.	1		73
	WW Grainger Inc.	—		24
	Xylem Inc.	—		26
			3,959
		Shares/Par¹		Value ($)
Information Technology 20.7%
	Accenture Plc - Class A	1		200
	Adobe Inc. (a)	1		233
	Advanced Micro Devices Inc. (a)	2		41
	Akamai Technologies Inc. (a)	—		21
	Alliance Data Systems Corp.	—		15
	Amphenol Corp. - Class A	1		50
	Analog Devices Inc.	1		69
	Ansys Inc. (a)	—		27
	Apple Inc.	8		1,520
	Applied Materials Inc.	2		66
	Arista Networks Inc. (a)	—		29
	Autodesk Inc. (a)	—		61
	Automatic Data Processing Inc.	1		124
	Broadcom Inc.	1		214
	Broadridge Financial Solutions Inc.	—		21
	Cadence Design Systems Inc. (a)	1		32
	Cisco Systems Inc.	8		425
	Citrix Systems Inc.	—		23
	Cognizant Technology Solutions Corp. - Class A	1		74
	Corning Inc.	1		46
	DXC Technology Co.	1		31
	F5 Networks Inc. (a)	—		16
	Fidelity National Information Services Inc.	1		65
	Fiserv Inc. (a)	1		62
	FleetCor Technologies Inc. (a)	—		38
	FLIR Systems Inc.	—		11
	Fortinet Inc. (a)	—		21
	Gartner Inc. (a)	—		25
	Global Payments Inc.	—		38
	Hewlett Packard Enterprise Co.	3		38
	HP Inc.	3		53
	IHS Markit Ltd. (a)	1		36
	Intel Corp.	8		432
	International Business Machines Corp.	2		225
	Intuit Inc.	1		121
	IPG Photonics Corp. (a)	—		10
	Jack Henry & Associates Inc.	—		19
	Juniper Networks Inc.	1		16
	Keysight Technologies Inc. (a)	—		29
	KLA-Tencor Corp.	—		35
	Lam Research Corp.	—		50
	Mastercard Inc. - Class A	2		380
	Maxim Integrated Products Inc.	1		25
	Microchip Technology Inc. (b)	—		35
	Micron Technology Inc. (a)	2		83
	Microsoft Corp.	14		1,617
	Motorola Solutions Inc.	—		40
	NetApp Inc.	—		31
	Nvidia Corp.	1		195
	Oracle Corp.	5		245
	Paychex Inc.	1		46
	PayPal Holdings Inc. (a)	2		218
	Qorvo Inc. (a)	—		16
	QUALCOMM Inc.	2		123
	Red Hat Inc. (a)	—		58
	Salesforce.com Inc. (a)	1		217
	Seagate Technology	1		22
	Skyworks Solutions Inc.	—		26
	Symantec Corp.	1		26
	Synopsys Inc. (a)	—		30
	TE Connectivity Ltd.	1		48
	Texas Instruments Inc.	2		177
	Total System Services Inc.	—		28
	Visa Inc. - Class A	3		489
	Western Digital Corp.	1		25
	Western Union Co.	1		15
	Xerox Corp.	—		11
	Xilinx Inc.	1		57
			8,945
Materials 2.6%
	Air Products & Chemicals Inc.	—		75
	Albemarle Corp.	—		15
	Avery Dennison Corp.	—		17

187

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Ball Corp.		1		35
	Celanese Corp. - Class A		—		22
	CF Industries Holdings Inc.		—		16
	DowDuPont Inc.		4		215
	Eastman Chemical Co.		—		19
	Ecolab Inc.		1		80
	FMC Corp.		—		19
	Freeport-McMoRan Inc. - Class B		3		34
	International Flavors & Fragrances Inc.		—		23
	International Paper Co.		1		33
	Linde Plc		1		174
	LyondellBasell Industries NV - Class A		1		45
	Martin Marietta Materials Inc.		—		23
	Mosaic Co.		1		17
	Newmont Mining Corp.		1		34
	Nucor Corp.		1		32
	Packaging Corp. of America		—		17
	PPG Industries Inc.		—		47
	Sealed Air Corp.		—		13
	Sherwin-Williams Co.		—		63
	Vulcan Materials Co.		—		28
	WestRock Co.		—		17
				1,113
Real Estate 3.0%
	Alexandria Real Estate Equities Inc.		—		28
	American Tower Corp.		1		154
	Apartment Investment & Management Co. - Class A		—		14
	AvalonBay Communities Inc.		—		50
	Boston Properties Inc.		—		38
	CBRE Group Inc. - Class A (a)		1		27
	Crown Castle International Corp.		1		95
	Digital Realty Trust Inc.		—		44
	Duke Realty Corp.		1		19
	Equinix Inc.		—		68
	Equity Residential Properties Inc.		1		50
	Essex Property Trust Inc.		—		34
	Extra Space Storage Inc.		—		23
	Federal Realty Investment Trust		—		18
	HCP Inc.		1		26
	Host Hotels & Resorts Inc.		1		24
	Iron Mountain Inc.		1		18
	Kimco Realty Corp.		1		14
	Macerich Co.		—		8
	Mid-America Apartment Communities Inc.		—		23
	ProLogis Inc.		1		81
	Public Storage		—		59
	Realty Income Corp.		1		40
	Regency Centers Corp.		—		20
	SBA Communications Corp. (a)		—		39
	Simon Property Group Inc.		1		100
	SL Green Realty Corp.		—		13
	UDR Inc.		1		23
	Ventas Inc.		1		41
	Vornado Realty Trust		—		20
	Welltower Inc.		1		54
	Weyerhaeuser Co.		1		35
				1,300
			Shares/Par¹		Value ($)
Utilities 3.2%
	AES Corp.		1		21
	Alliant Energy Corp.		—		21
	Ameren Corp.		—		32
	American Electric Power Co. Inc.		1		74
	American Water Works Co. Inc.		—		34
	Atmos Energy Corp.		—		22
	CenterPoint Energy Inc.		1		28
	CMS Energy Corp.		1		28
	Consolidated Edison Inc.		1		49
	Dominion Energy Inc.		1		109
	DTE Energy Co.		—		40
	Duke Energy Corp.		1		116
	Edison International		1		37
	Entergy Corp.		—		32
	Evergy Inc.		—		26
	Eversource Energy		1		40
	Exelon Corp.		2		87
	FirstEnergy Corp.		1		37
	NextEra Energy Inc.		1		164
	NiSource Inc.		1		19
	NRG Energy Inc.		1		21
	Pinnacle West Capital Corp.		—		20
	PPL Corp.		1		41
	Public Service Enterprise Group Inc.		1		54
	Sempra Energy		1		62
	Southern Co.		2		95
	WEC Energy Group Inc.		1		45
	Xcel Energy Inc.		1		52
				1,406
	Total Common Stocks (cost $40,849)			42,188
INVESTMENT COMPANIES 1.2%
	iShares Core S&P 500 ETF		2		499
	Total Investment Companies (cost $497)			499
SHORT TERM INVESTMENTS 1.6%
Investment Companies 1.6%
	JNL Government Money Market Fund - Institutional Class, 2.33% (c) (d)		684		684
Securities Lending Collateral 0.0%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.43% (c) (d)		1		1
Treasury Securities 0.0%
	U.S. Treasury Bill
		2.44%, 06/06/19 (e) (f)	20		20
	Total Short Term Investments (cost $705)			705
Total Investments 100.4% (cost $42,051)					43,392
Other Derivative Instruments 0.0%					3
Other Assets and Liabilities, Net (0.4)%					(175)
Total Net Assets 100.0%					43,220

(a) Non-income producing security.

(b) All or a portion of the security was on loan.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2019.

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

(f) 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(%)
	Bank of New York Mellon Corp.	56	22	2	—	—	4	80	0.2

188

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 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 E-Mini Index

June 2019

420

189

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
JNL/Mellon Capital S&P 400 MidCap Index Fund
COMMON STOCKS 99.0%
Communication Services 2.5%
	AMC Networks Inc. - Class A (a)	81		4,575
	Cable One Inc.	9		8,660
	Cars.com Inc. (a)	112		2,546
	Cinemark Holdings Inc.	189		7,560
	John Wiley & Sons Inc. - Class A	80		3,530
	Live Nation Inc. (a)	246		15,610
	Meredith Corp. (b)	72		3,959
	New York Times Co. - Class A (b)	251		8,251
	Tegna Inc.	386		5,447
	Telephone & Data Systems Inc.	165		5,083
	World Wrestling Entertainment Inc. - Class A	77		6,703
	Yelp Inc. - Class A (a)	135		4,654
			76,578
Consumer Discretionary 11.8%
	Aaron's Inc.	120		6,310
	Adient Plc	155		2,011
	Adtalem Global Education Inc. (a)	105		4,872
	American Eagle Outfitters Inc.	302		6,691
	AutoNation Inc. (a)	102		3,661
	Bed Bath & Beyond Inc. (b)	245		4,161
	Boyd Gaming Corp.	143		3,911
	Brinker International Inc.	67		2,973
	Brunswick Corp.	155		7,812
	Caesars Entertainment Corp. (a) (b)	1,042		9,052
	Carter's Inc.	81		8,195
	Cheesecake Factory Inc. (b)	74		3,626
	Churchill Downs Inc.	64		5,793
	Cracker Barrel Old Country Store Inc. (b)	43		6,952
	Dana Holding Corp.	258		4,572
	Deckers Outdoor Corp. (a)	52		7,660
	Delphi Technologies Plc	160		3,072
	Dick's Sporting Goods Inc.	131		4,805
	Dillard's Inc. - Class A (b)	33		2,360
	Domino's Pizza Inc.	73		18,906
	Dunkin' Brands Group Inc.	148		11,087
	Eldorado Resorts Inc. (a) (b)	116		5,405
	Five Below Inc. (a)	99		12,309
	Gentex Corp.	463		9,568
	Goodyear Tire & Rubber Co.	414		7,518
	Graham Holdings Co.	8		5,287
	Helen of Troy Ltd. (a)	46		5,300
	International Speedway Corp. - Class A	43		1,883
	Jack in the Box Inc.	46		3,693
	KB Home	155		3,747
	Marriott Vacations Worldwide Corp.	70		6,568
	Michaels Cos. Inc. (a)	159		1,820
	Murphy USA Inc. (a)	53		4,574
	NVR Inc. (a)	6		16,787
	Ollie's Bargain Outlet Holdings Inc. (a)	92		7,826
	Papa John's International Inc. (b)	39		2,067
	Penn National Gaming Inc. (a)	193		3,872
	Polaris Industries Inc.	103		8,729
	Pool Corp.	70		11,601
	Sally Beauty Holdings Inc. (a) (b)	216		3,970
	Scientific Games Corp. - Class A (a) (b)	97		1,976
	Service Corp. International	321		12,905
	Signet Jewelers Ltd.	93		2,517
	Six Flags Entertainment Corp.	128		6,296
	Skechers U.S.A. Inc. - Class A (a)	238		7,989
	Sotheby's (a)	62		2,330
	Tempur Sealy International Inc. (a)	82		4,705
	Texas Roadhouse Inc.	119		7,405
	Thor Industries Inc.	93		5,819
	Toll Brothers Inc.	241		8,725
	TRI Pointe Homes Inc. (a)	252		3,183
	Tupperware Brands Corp.	88		2,245
	Urban Outfitters Inc. (a)	135		4,008
	Visteon Corp. (a) (b)	52		3,470
	Weight Watchers International Inc. (a)	69		1,385
	Wendy's Co.	325		5,810
		Shares/Par¹		Value ($)
	Williams-Sonoma Inc. (b)	143		8,021
	Wyndham Destinations Inc.	169		6,829
	Wyndham Hotels & Resorts Inc.	176		8,784
			355,408
Consumer Staples 2.8%
	Boston Beer Co. Inc. - Class A (a)	15		4,518
	Casey's General Stores Inc.	65		8,380
	Edgewell Personal Care Co. (a)	96		4,229
	Energizer Holdings Inc.	113		5,096
	Flowers Foods Inc.	328		7,003
	Hain Celestial Group Inc. (a) (b)	160		3,695
	Ingredion Inc.	120		11,370
	Lancaster Colony Corp.	35		5,481
	Nu Skin Enterprises Inc. - Class A	98		4,705
	Post Holdings Inc. (a)	118		12,960
	Sanderson Farms Inc. (b)	35		4,590
	Sprouts Farmers Market Inc. (a)	222		4,773
	Tootsie Roll Industries Inc. (b)	34		1,283
	TreeHouse Foods Inc. (a)	100		6,433
			84,516
Energy 3.8%
	Apergy Corp. (a)	138		5,657
	Callon Petroleum Co. (a) (b)	399		3,013
	Chesapeake Energy Corp. (a) (b)	1,873		5,806
	CNX Resources Corp. (a)	360		3,881
	Core Laboratories NV (b)	79		5,427
	Ensco Plc - Class A (b)	770		3,026
	EQT Corp.	455		9,437
	Equitrans Midstream Corp.	365		7,943
	Matador Resources Co. (a) (b)	185		3,569
	McDermott International Inc. (a)	319		2,371
	Murphy Oil Corp.	289		8,475
	Oasis Petroleum Inc. (a)	477		2,884
	Oceaneering International Inc. (a)	176		2,776
	Patterson-UTI Energy Inc.	386		5,411
	PBF Energy Inc. - Class A	215		6,680
	QEP Resources Inc. (a)	422		3,289
	Range Resources Corp.	367		4,124
	Rowan Cos. Plc - Class A (a)	224		2,422
	SM Energy Co.	186		3,245
	Southwestern Energy Co. (a)	967		4,536
	Transocean Ltd. (a)	905		7,886
	World Fuel Services Corp.	119		3,451
	WPX Energy Inc. (a)	706		9,262
			114,571
Financials 15.8%
	Alleghany Corp. (a)	26		15,815
	American Financial Group Inc.	125		12,052
	Associated Bancorp	293		6,261
	BancorpSouth Bank	162		4,559
	Bank of Hawaii Corp.	74		5,862
	Bank OZK	214		6,205
	Brown & Brown Inc.	417		12,297
	Cathay General Bancorp	138		4,682
	Chemical Financial Corp.	126		5,205
	CNO Financial Group Inc.	291		4,709
	Commerce Bancshares Inc.	177		10,300
	Cullen/Frost Bankers Inc. (b)	112		10,914
	East West Bancorp Inc.	258		12,353
	Eaton Vance Corp.	207		8,363
	Evercore Inc. - Class A	72		6,562
	FactSet Research Systems Inc.	68		16,805
	Federated Investors Inc. - Class B	171		5,020
	First American Financial Corp.	199		10,232
	First Financial Bankshares Inc.	118		6,826
	First Horizon National Corp.	576		8,051
	FNB Corp.	580		6,153
	Fulton Financial Corp.	303		4,695
	Genworth Financial Inc. - Class A (a)	899		3,444
	Green Dot Corp. - Class A (a)	85		5,152
	Hancock Whitney Co.	152		6,123
	Hanover Insurance Group Inc.	72		8,273
	Home Bancshares Inc.	282		4,946
	Interactive Brokers Group Inc.	134		6,935

190

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
	International Bancshares Corp.	99		3,753
	Janus Henderson Group Plc	296		7,398
	Kemper Corp.	108		8,240
	Legg Mason Inc.	151		4,126
	LendingTree Inc. (a) (b)	13		4,664
	MarketAxess Holdings Inc.	67		16,430
	Mercury General Corp.	47		2,374
	Navient Corp.	389		4,498
	New York Community Bancorp Inc.	835		9,658
	Old Republic International Corp.	508		10,636
	PacWest Bancorp	218		8,190
	Pinnacle Financial Partners Inc.	130		7,123
	Primerica Inc.	77		9,379
	Prosperity Bancshares Inc.	118		8,146
	Reinsurance Group of America Inc.	112		15,913
	RenaissanceRe Holdings Ltd.	75		10,802
	SEI Investments Co.	233		12,154
	Signature Bank	98		12,587
	SLM Corp.	775		7,679
	Sterling Bancorp Inc.	380		7,079
	Stifel Financial Corp.	129		6,802
	Synovus Financial Corp.	284		9,764
	TCF Financial Corp.	295		6,105
	Texas Capital Bancshares Inc. (a)	89		4,878
	Trustmark Corp.	116		3,914
	UMB Financial Corp.	80		5,153
	Umpqua Holdings Corp.	392		6,463
	United Bankshares Inc.	183		6,629
	Valley National Bancorp	590		5,651
	Washington Federal Inc.	145		4,195
	Webster Financial Corp.	165		8,357
	Wintrust Financial Corp.	100		6,753
	WR Berkley Corp.	171		14,519
			478,806
Health Care 9.6%
	Acadia Pharmaceuticals Inc. (a) (b)	158		4,644
	Allscripts Healthcare Solutions Inc. (a)	312		2,972
	Amedisys Inc. (a)	52		6,405
	Avanos Medical Inc. (a)	85		3,636
	Bio-Rad Laboratories Inc. - Class A (a)	36		11,005
	Bio-Techne Corp.	67		13,324
	Cantel Medical Corp.	65		4,352
	Catalent Inc. (a)	258		10,489
	Charles River Laboratories International Inc. (a)	85		12,415
	Chemed Corp.	28		9,103
	Covetrus Inc. (a)	171		5,433
	Encompass Health Corp.	176		10,265
	Exelixis Inc. (a)	531		12,641
	Globus Medical Inc. - Class A (a)	136		6,727
	Haemonetics Corp. (a)	92		8,037
	HealthEquity Inc. (a)	97		7,147
	Hill-Rom Holdings Inc.	120		12,655
	ICU Medical Inc. (a)	30		7,065
	Inogen Inc. (a)	32		3,022
	Integra LifeSciences Holdings Corp. (a)	127		7,055
	Ligand Pharmaceuticals Inc. (a) (b)	37		4,590
	LivaNova Plc (a)	87		8,469
	Mallinckrodt Plc (a)	148		3,228
	Masimo Corp. (a)	87		12,047
	Medidata Solutions Inc. (a)	111		8,137
	MEDNAX Inc. (a)	158		4,299
	Molina Healthcare Inc. (a)	111		15,729
	NuVasive Inc. (a)	92		5,235
	Patterson Cos. Inc.	145		3,169
	PRA Health Sciences Inc. (a)	104		11,524
	Prestige Consumer Healthcare Inc. (a) (b)	92		2,757
	Steris Plc	151		19,310
	Syneos Health Inc. - Class A (a)	108		5,612
	Tenet Healthcare Corp. (a)	149		4,306
	United Therapeutics Corp. (a)	77		9,094
	West Pharmaceutical Services Inc.	132		14,500
			290,398
Industrials 15.0%
	Acuity Brands Inc.	71		8,553
		Shares/Par¹		Value ($)
	AECOM (a)	280		8,297
	AGCO Corp.	116		8,094
	Avis Budget Group Inc. (a)	116		4,033
	Brink's Co.	90		6,764
	Carlisle Cos. Inc.	102		12,541
	Clean Harbors Inc. (a)	91		6,535
	Colfax Corp. (a)	168		4,983
	Crane Co.	90		7,583
	Curtiss-Wright Corp.	76		8,657
	Deluxe Corp.	78		3,413
	Donaldson Co. Inc.	228		11,400
	Dycom Industries Inc. (a)	56		2,566
	EMCOR Group Inc.	100		7,307
	EnerSys Inc.	77		5,004
	GATX Corp.	67		5,079
	Genesee & Wyoming Inc. - Class A (a)	101		8,759
	Graco Inc.	297		14,720
	Granite Construction Inc.	83		3,571
	Healthcare Services Group Inc. (b)	131		4,308
	Herman Miller Inc.	107		3,752
	HNI Corp.	78		2,839
	Hubbell Inc.	97		11,470
	IDEX Corp.	135		20,526
	Insperity Inc.	66		8,223
	ITT Inc.	156		9,034
	JetBlue Airways Corp. (a)	545		8,914
	KBR Inc.	253		4,826
	Kennametal Inc.	147		5,408
	Kirby Corp. (a)	96		7,200
	Knight-Swift Transportation Holdings Inc. - Class A	225		7,337
	Landstar System Inc. (b)	72		7,834
	Lennox International Inc.	64		17,025
	Lincoln Electric Holdings Inc.	113		9,468
	Manpower Inc.	108		8,914
	MasTec Inc. (a) (b)	110		5,291
	MSA Safety Inc.	63		6,482
	MSC Industrial Direct Co. - Class A	81		6,704
	Nordson Corp.	92		12,203
	NOW Inc. (a)	191		2,661
	nVent Electric Plc	292		7,882
	Old Dominion Freight Line Inc.	116		16,728
	Oshkosh Corp.	125		9,396
	Pitney Bowes Inc.	333		2,288
	Regal-Beloit Corp.	77		6,326
	Resideo Technologies Inc. (a)	218		4,208
	Ryder System Inc.	94		5,834
	Stericycle Inc. (a)	152		8,297
	Teledyne Technologies Inc. (a)	65		15,312
	Terex Corp.	111		3,555
	Timken Co.	124		5,409
	Toro Co.	189		13,035
	Trex Co. Inc. (a)	102		6,294
	Trinity Industries Inc.	238		5,173
	Valmont Industries Inc.	40		5,168
	Watsco Inc.	57		8,178
	Werner Enterprises Inc. (b)	77		2,642
	Woodward Governor Co.	99		9,383
	XPO Logistics Inc. (a) (b)	193		10,366
			453,752
Information Technology 16.3%
	ACI Worldwide Inc. (a)	208		6,828
	ARRIS International Plc (a)	292		9,237
	Arrow Electronics Inc. (a)	152		11,681
	ASGN Inc. (a)	94		5,967
	Avnet Inc.	194		8,396
	Belden Inc.	72		3,857
	Blackbaud Inc.	87		6,933
	CACI International Inc. - Class A (a)	44		8,092
	CDK Global Inc.	223		13,096
	Ciena Corp. (a)	254		9,476
	Cirrus Logic Inc. (a)	106		4,461
	Cognex Corp.	306		15,557
	Coherent Inc. (a)	43		6,100
	CommVault Systems Inc. (a)	69		4,442

191

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	CoreLogic Inc. (a)		144		5,379
	Cree Inc. (a)		183		10,492
	Cypress Semiconductor Corp.		643		9,601
	Fair Isaac Corp. (a)		52		14,050
	First Solar Inc. (a)		134		7,062
	Integrated Device Technology Inc. (a)		229		11,232
	InterDigital Inc.		58		3,844
	j2 Global Inc. (b)		83		7,175
	Jabil Inc.		255		6,776
	Leidos Holdings Inc.		261		16,723
	Littelfuse Inc.		44		8,048
	LiveRamp Holdings Inc. (a)		123		6,735
	LogMeIn Inc.		91		7,306
	Lumentum Holdings Inc. (a)		136		7,675
	Manhattan Associates Inc. (a)		116		6,420
	MAXIMUS Inc.		114		8,094
	MKS Instruments Inc.		96		8,968
	Monolithic Power Systems Inc.		70		9,544
	National Instruments Corp.		201		8,929
	NCR Corp. (a)		210		5,742
	NetScout Systems Inc. (a)		126		3,541
	Perspecta Inc.		250		5,048
	Plantronics Inc.		58		2,669
	PTC Inc. (a)		191		17,575
	Sabre Corp.		489		10,464
	Science Applications International Corp.		91		6,970
	Silicon Laboratories Inc. (a)		76		6,169
	Synaptics Inc. (a)		62		2,479
	SYNNEX Corp.		74		7,032
	Tech Data Corp. (a)		67		6,842
	Teradata Corp. (a)		209		9,145
	Teradyne Inc.		310		12,351
	Trimble Inc. (a)		448		18,112
	Tyler Technologies Inc. (a)		68		13,969
	Ultimate Software Group Inc. (a)		57		18,659
	Universal Display Corp. (b)		76		11,587
	Versum Materials Inc.		195		9,817
	ViaSat Inc. (a) (b)		101		7,860
	Vishay Intertechnology Inc.		237		4,375
	WEX Inc. (a)		77		14,702
	Zebra Technologies Corp. - Class A (a)		96		20,124
				493,408
Materials 6.8%
	Allegheny Technologies Inc. (a)		223		5,693
	AptarGroup Inc.		112		11,941
	Ashland Global Holdings Inc.		111		8,679
	Bemis Co. Inc.		162		8,979
	Cabot Corp.		108		4,478
	Carpenter Technology Corp.		85		3,903
	Chemours Co.		298		11,081
	Commercial Metals Co.		208		3,546
	Compass Minerals International Inc. (b)		60		3,288
	Domtar Corp.		112		5,538
	Eagle Materials Inc.		82		6,908
	Greif Inc. - Class A		45		1,860
	Ingevity Corp. (a)		74		7,764
	Louisiana-Pacific Corp.		242		5,895
	Minerals Technologies Inc.		62		3,666
	NewMarket Corp.		16		6,751
	Olin Corp.		296		6,842
	Owens-Illinois Inc.		274		5,207
	PolyOne Corp.		142		4,157
	Reliance Steel & Aluminum Co.		120		10,814
	Royal Gold Inc.		117		10,647
	RPM International Inc.		236		13,684
	Scotts Miracle-Gro Co. - Class A		69		5,451
	Sensient Technologies Corp.		75		5,083
	Silgan Holdings Inc.		138		4,080
	Sonoco Products Co.		177		10,915
	Steel Dynamics Inc.		410		14,456
	United States Steel Corp.		309		6,027
	Valvoline Inc.		336		6,230
	Worthington Industries Inc.		73		2,707
				206,270
			Shares/Par¹		Value ($)
Real Estate 10.0%
	Alexander & Baldwin Inc.		121		3,076
	American Campus Communities Inc.		245		11,651
	Brixmor Property Group Inc.		536		9,846
	Camden Property Trust		172		17,495
	CoreCivic Inc.		210		4,091
	Coresite Realty Corp.		65		6,989
	Corporate Office Properties Trust		193		5,271
	Cousins Properties Inc.		744		7,191
	CyrusOne Inc.		193		10,128
	Douglas Emmett Inc.		288		11,661
	EPR Properties		133		10,219
	First Industrial Realty Trust Inc.		226		7,992
	Geo Group Inc.		215		4,132
	Healthcare Realty Trust Inc.		222		7,117
	Highwoods Properties Inc.		184		8,608
	Hospitality Properties Trust		292		7,693
	JBG Smith Properties		195		8,051
	Jones Lang LaSalle Inc.		81		12,483
	Kilroy Realty Corp.		179		13,595
	Lamar Advertising Co. - Class A		151		11,982
	Liberty Property Trust		263		12,717
	Life Storage Inc.		83		8,060
	Mack-Cali Realty Corp.		161		3,578
	Medical Properties Trust Inc.		680		12,580
	National Retail Properties Inc.		288		15,970
	Omega Healthcare Investors Inc.		364		13,899
	Pebblebrook Hotel Trust		233		7,232
	PotlatchDeltic Corp.		120		4,532
	Rayonier Inc.		230		7,259
	Realogy Holdings Corp. (b)		209		2,385
	Sabra Healthcare REIT Inc.		316		6,147
	Senior Housing Properties Trust		421		4,960
	Tanger Factory Outlet Centers Inc.		167		3,513
	Taubman Centers Inc.		108		5,714
	Uniti Group Inc. (b)		321		3,587
	Urban Edge Properties		201		3,823
	Weingarten Realty Investors		211		6,196
				301,423
Utilities 4.6%
	Allete Inc.		91		7,522
	Aqua America Inc.		316		11,522
	Black Hills Corp.		96		7,079
	Hawaiian Electric Industries Inc.		194		7,895
	IDACORP Inc.		90		8,917
	MDU Resources Group Inc.		350		9,053
	National Fuel Gas Co.		154		9,371
	New Jersey Resources Corp.		158		7,887
	NorthWestern Corp.		90		6,307
	OGE Energy Corp.		355		15,297
	ONE Gas Inc.		93		8,316
	PNM Resources Inc.		142		6,711
	Southwest Gas Corp.		95		7,802
	Spire Inc.		90		7,378
	UGI Corp.		310		17,200
				138,257
	Total Common Stocks (cost $2,603,321)			2,993,387
SHORT TERM INVESTMENTS 2.4%
Investment Companies 1.1%
	JNL Government Money Market Fund - Institutional Class, 2.33% (c) (d)		32,433		32,433
Securities Lending Collateral 1.2%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.43% (c) (d)		37,843		37,843
Treasury Securities 0.1%
	U.S. Treasury Bill
		2.44%, 06/06/19 (e) (f)	1,845		1,837
	Total Short Term Investments (cost $72,113)			72,113
Total Investments 101.4% (cost $2,675,434)					3,065,500
Other Derivative Instruments 0.0%					122
Other Assets and Liabilities, Net (1.4)%					(43,474)
Total Net Assets 100.0%					3,022,148

192

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019

(a) Non-income producing security.

(b) All or a portion of the security was on loan.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 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 Capital 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 E-Mini Index

222

June 2019

42,036

122

166

193

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
JNL/Mellon Capital S&P 1500 Growth Index Fund
COMMON STOCKS 99.0%
Communication Services 13.2%
	Alphabet Inc. - Class A (a)	2		2,467
	Alphabet Inc. - Class C (a)	2		2,525
	AMC Networks Inc. - Class A (a)	—		10
	ATN International Inc.	—		3
	Cable One Inc.	—		21
	Care.com Inc. (a)	—		3
	Cars.com Inc. (a)	—		6
	Charter Communications Inc. - Class A (a)	1		181
	Cinemark Holdings Inc.	—		12
	Cogent Communications Group Inc.	—		12
	Comcast Corp. - Class A	15		583
	Consolidated Communications Holdings Inc. (b)	1		5
	Electronic Arts Inc. (a)	1		104
	EW Scripps Co. - Class A	—		7
	Facebook Inc. - Class A (a)	17		2,785
	Fox Corp. - Class A (a)	1		42
	Fox Corp. - Class B (a)	1		19
	Iridium Communications Inc. (a)	1		17
	John Wiley & Sons Inc. - Class A	—		10
	Live Nation Inc. (a)	1		62
	Marcus Corp.	—		5
	Netflix Inc. (a)	3		1,093
	New York Times Co. - Class A (b)	1		34
	QuinStreet Inc. (a)	—		5
	Take-Two Interactive Software Inc. (a)	1		74
	TechTarget Inc. (a)	—		4
	TripAdvisor Inc. (a)	1		24
	Twitter Inc. (a)	5		167
	VeriSign Inc. (a)	1		133
	Verizon Communications Inc.	29		1,711
	Vonage Holdings Corp. (a)	1		8
	Walt Disney Co.	7		762
	World Wrestling Entertainment Inc. - Class A	—		28
	Yelp Inc. - Class A (a)	1		17
			12,939
Consumer Discretionary 12.4%
	Aaron's Inc.	—		12
	Adtalem Global Education Inc. (a)	1		21
	Advance Auto Parts Inc.	—		55
	Amazon.com Inc. (a)	3		5,148
	American Public Education Inc. (a)	—		5
	Aptiv Plc	1		90
	Asbury Automotive Group Inc. (a)	—		3
	Ascena Retail Group Inc. (a)	2		2
	AutoZone Inc. (a)	—		178
	Belmond Ltd. - Class A (a)	1		14
	BJ's Restaurants Inc.	—		6
	Booking Holdings Inc. (a)	—		265
	Brinker International Inc.	—		10
	Callaway Golf Co.	1		7
	Career Education Corp. (a)	1		7
	Carmax Inc. (a)	1		37
	Carter's Inc.	—		18
	Cavco Industries Inc. (a)	—		8
	Cheesecake Factory Inc. (b)	—		6
	Childrens Place Retail Stores Inc. (b)	—		13
	Chipotle Mexican Grill Inc. (a)	—		121
	Churchill Downs Inc.	—		24
	Chuy's Holdings Inc. (a)	—		2
	Cracker Barrel Old Country Store Inc. (b)	—		14
	Crocs Inc. (a)	1		11
	Darden Restaurants Inc.	1		72
	Dave & Buster's Entertainment Inc.	—		12
	Deckers Outdoor Corp. (a)	—		32
	Dine Brands Global Inc. (b)	—		12
	Dollar General Corp.	2		220
	Domino's Pizza Inc.	—		74
	Dorman Products Inc. (a)	—		17
	DSW Inc. - Class A	—		5
	Dunkin' Brands Group Inc.	—		25
		Shares/Par¹		Value ($)
	eBay Inc.	2		87
	El Pollo Loco Holdings Inc. (a)	—		3
	Eldorado Resorts Inc. (a) (b)	1		23
	Expedia Group Inc.	1		60
	Five Below Inc. (a)	—		47
	Foot Locker Inc.	—		23
	Fox Factory Holding Corp. (a)	—		21
	Garmin Ltd.	1		45
	Gentex Corp.	1		27
	Gentherm Inc. (a)	—		5
	Guess Inc.	—		7
	H&R Block Inc.	1		21
	HanesBrands Inc.	1		19
	Hasbro Inc.	1		42
	Helen of Troy Ltd. (a)	—		19
	Hilton Worldwide Holdings Inc.	2		170
	Home Depot Inc.	4		700
	International Speedway Corp. - Class A	—		5
	iRobot Corp. (a) (b)	—		25
	Jack in the Box Inc.	—		10
	Lowe's Cos. Inc.	3		283
	Macy's Inc.	1		21
	Marriott International Inc. - Class A	1		98
	Mattel Inc. (a) (b)	1		17
	McDonald's Corp.	5		1,020
	Monarch Casino & Resort Inc. (a)	—		1
	Monro Inc.	—		22
	Movado Group Inc.	—		4
	Newell Brands Inc.	2		23
	Nike Inc. - Class B	5		379
	Nordstrom Inc.	—		17
	NVR Inc. (a)	—		42
	Ollie's Bargain Outlet Holdings Inc. (a)	—		30
	O'Reilly Automotive Inc. (a)	1		213
	Oxford Industries Inc.	—		5
	Papa John's International Inc. (b)	—		3
	Penn National Gaming Inc. (a)	1		11
	Pool Corp.	—		45
	Regis Corp. (a)	—		3
	RH (a) (b)	—		7
	Ross Stores Inc.	2		137
	Ruth's Hospitality Group Inc.	—		5
	Sally Beauty Holdings Inc. (a)	1		10
	Scientific Games Corp. - Class A (a)	1		9
	Service Corp. International	1		52
	Shake Shack Inc. - Class A (a)	—		12
	Shoe Carnival Inc. (b)	—		4
	Shutterfly Inc. (a)	—		6
	Shutterstock Inc.	—		2
	Six Flags Entertainment Corp.	—		11
	Sleep Number Corp. (a)	—		12
	Sotheby's (a)	—		3
	Stamps.com Inc. (a)	—		10
	Standard Motor Products Inc.	—		5
	Starbucks Corp.	5		330
	Steven Madden Ltd.	—		10
	Strategic Education Inc.	—		19
	Sturm Ruger & Co. Inc.	—		3
	Tailored Brands Inc.	1		4
	Tapestry Inc.	2		46
	Tempur Sealy International Inc. (a)	—		11
	Texas Roadhouse Inc.	—		18
	Tiffany & Co.	—		35
	TJX Cos. Inc.	9		462
	Tractor Supply Co.	1		84
	Tupperware Brands Corp.	—		5
	Ulta Beauty Inc. (a)	—		136
	Under Armour Inc. - Class A (a)	1		20
	Under Armour Inc. - Class C (a)	1		16
	Urban Outfitters Inc. (a)	1		14
	VF Corp.	2		197
	Weight Watchers International Inc. (a)	—		6
	Wendy's Co.	1		21
	Williams-Sonoma Inc. (b)	—		18
	Wingstop Inc.	—		14

194

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
	Wolverine World Wide Inc.	—		13
	Wyndham Destinations Inc.	1		16
	Wyndham Hotels & Resorts Inc.	1		34
	Yum! Brands Inc.	2		214
			12,173
Consumer Staples 5.1%
	Avon Products Inc. (a)	4		11
	B&G Foods Inc. (b)	—		8
	Boston Beer Co. Inc. - Class A (a)	—		20
	Brown-Forman Corp. - Class B	1		60
	Calavo Growers Inc. (b)	—		6
	Cal-Maine Foods Inc.	—		5
	Chefs' Warehouse Inc. (a)	—		3
	Church & Dwight Co. Inc.	2		122
	Clorox Co.	1		144
	Coca-Cola Co.	14		658
	Colgate-Palmolive Co.	4		236
	Constellation Brands Inc. - Class A	1		204
	Edgewell Personal Care Co. (a)	—		7
	Energizer Holdings Inc.	—		9
	Estee Lauder Cos. Inc. - Class A	1		172
	Flowers Foods Inc.	1		12
	Hershey Co.	1		68
	Hormel Foods Corp.	2		87
	Inter Parfums Inc.	—		10
	J&J Snack Foods Corp.	—		12
	John B. Sanfilippo & Son Inc.	—		3
	Kellogg Co.	2		103
	Kimberly-Clark Corp.	1		161
	Lamb Weston Holdings Inc.	1		78
	Lancaster Colony Corp.	—		23
	McCormick & Co. Inc.	1		129
	Medifast Inc.	—		12
	MGP Ingredients Inc. (b)	—		3
	Monster Beverage Corp. (a)	3		149
	PepsiCo Inc.	6		737
	Philip Morris International Inc.	6		492
	Post Holdings Inc. (a)	1		53
	Procter & Gamble Co.	10		1,023
	Sysco Corp.	2		139
	Tootsie Roll Industries Inc.	—		4
	WD-40 Co.	—		18
			4,981
Energy 3.5%
	Anadarko Petroleum Corp.	4		159
	Apache Corp.	3		93
	Apergy Corp. (a)	—		13
	Archrock Inc.	1		8
	Cabot Oil & Gas Corp.	2		53
	Callon Petroleum Co. (a)	2		11
	Carrizo Oil & Gas Inc. (a)	1		6
	Chesapeake Energy Corp. (a) (b)	4		13
	Cimarex Energy Co.	—		27
	CNX Resources Corp. (a)	1		14
	Concho Resources Inc.	1		85
	ConocoPhillips Co.	8		531
	CONSOL Energy Inc. (a)	—		3
	Core Laboratories NV (b)	—		14
	Denbury Resources Inc. (a)	3		5
	Devon Energy Corp.	3		96
	Diamondback Energy Inc.	1		109
	Ensco Plc - Class A (b)	3		11
	Equitrans Midstream Corp.	1		30
	Exxon Mobil Corp.	17		1,342
	Hess Corp.	1		61
	HighPoint Resources Corp. (a)	1		3
	HollyFrontier Corp.	1		56
	KLX Energy Services Holdings Inc. (a)	—		5
	Marathon Oil Corp.	6		97
	Matador Resources Co. (a)	1		9
	Murphy Oil Corp.	1		33
	Nabors Industries Ltd.	2		6
	Noble Corp. Plc (a)	1		3
	Occidental Petroleum Corp.	5		348
		Shares/Par¹		Value ($)
	ONEOK Inc.	2		114
	PBF Energy Inc. - Class A	—		11
	Penn Virginia Corp. (a)	—		3
	ProPetro Holding Corp. (a)	1		13
	QEP Resources Inc. (a)	2		12
	Renewable Energy Group Inc. (a)	—		5
	Southwestern Energy Co. (a)	2		8
	Transocean Ltd. (a)	2		13
	Unit Corp. (a) (b)	—		4
	Whiting Petroleum Corp. (a)	1		12
			3,439
Financials 5.6%
	American Equity Investment Life Holding Co.	—		7
	American Express Co.	3		265
	Ameriprise Financial Inc.	1		65
	Amerisafe Inc.	—		4
	Aon Plc - Class A	1		180
	Arthur J Gallagher & Co.	1		69
	Axos Financial Inc. (a)	—		5
	BancorpSouth Bank	—		9
	Bank of Hawaii Corp.	—		12
	Berkshire Hathaway Inc. - Class B (a)	7		1,312
	Blucora Inc. (a)	—		12
	Brookline Bancorp Inc.	—		5
	Brown & Brown Inc.	2		50
	CBOE Global Markets Inc.	1		77
	Central Pacific Financial Corp.	—		2
	Charles Schwab Corp.	4		184
	Cincinnati Financial Corp.	1		46
	City Holdings Co.	—		8
	Comerica Inc.	1		36
	Commerce Bancshares Inc.	1		25
	Community Bank System Inc.	—		23
	CVB Financial Corp.	—		7
	Discover Financial Services	2		105
	E*TRADE Financial Corp.	1		47
	East West Bancorp Inc.	1		24
	Eaton Vance Corp.	1		20
	eHealth Inc. (a)	—		7
	Evercore Inc. - Class A	—		13
	FactSet Research Systems Inc.	—		68
	Federated Investors Inc. - Class B	—		10
	Fidelity Southern Corp.	—		2
	First Bancorp Inc.	1		8
	First Financial Bankshares Inc.	1		29
	First Midwest Bancorp Inc.	—		7
	First Republic Bank	1		118
	FirstCash Inc.	—		25
	FNB Corp.	1		13
	Genworth Financial Inc. - Class A (a)	1		5
	Glacier Bancorp Inc.	1		25
	Granite Point Mortgage Trust Inc.	—		3
	Great Western Bancorp Inc.	—		5
	Green Dot Corp. - Class A (a)	—		21
	Greenhill & Co. Inc.	—		1
	Hanover Insurance Group Inc.	—		13
	HCI Group Inc.	—		3
	Heritage Financial Corp.	—		6
	Home Bancshares Inc.	1		8
	HomeStreet Inc. (a)	—		4
	Independent Bank Corp.	—		15
	Interactive Brokers Group Inc.	1		21
	Intercontinental Exchange Inc.	4		303
	Kemper Corp.	—		14
	LegacyTexas Financial Group Inc.	—		14
	LendingTree Inc. (a)	—		17
	MarketAxess Holdings Inc.	—		66
	Marsh & McLennan Cos. Inc.	2		209
	Mercury General Corp.	—		3
	Moody's Corp.	1		103
	MSCI Inc.	1		117
	NASDAQ Inc.	1		52
	National Bank Holdings Corp. - Class A	—		2
	Navigators Group Inc.	—		13

195

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
	NMI Holdings Inc. - Class A (a)	—		4
	Northern Trust Corp.	1		73
	OFG Bancorp	—		4
	Old National Bancorp	1		19
	Preferred Bank	—		3
	Primerica Inc.	—		36
	Progressive Corp.	2		156
	RLI Corp.	—		22
	S&P Global Inc.	2		367
	S&T Bancorp Inc.	—		6
	Seacoast Banking Corp. of Florida (a)	—		8
	SEI Investments Co.	1		26
	Selective Insurance Group Inc.	—		19
	ServisFirst Bancshares Inc.	—		4
	Signature Bank	—		31
	SLM Corp.	3		29
	Sterling Bancorp Inc.	1		13
	SVB Financial Group (a)	—		83
	T. Rowe Price Group Inc.	1		81
	Tompkins Financial Corp.	—		2
	Torchmark Corp.	—		26
	Triumph Bancorp Inc. (a)	—		4
	TrustCo Bank Corp.	—		2
	U.S. Bancorp	11		509
	UMB Financial Corp.	—		19
	United Fire Group Inc.	—		6
	Universal Insurance Holdings Inc.	—		7
	Veritex Holdings Inc.	—		4
	Virtus Investment Partners Inc.	—		4
	Waddell & Reed Financial Inc. - Class A	—		3
	Westamerica Bancorp	—		14
	WisdomTree Investments Inc. (b)	1		6
	World Acceptance Corp. (a)	—		5
			5,537
Health Care 17.2%
	Abbott Laboratories	12		986
	AbbVie Inc.	5		433
	Abiomed Inc. (a)	—		88
	Acorda Therapeutics Inc. (a)	—		3
	Addus HomeCare Corp. (a)	—		3
	Agilent Technologies Inc.	1		94
	Akorn Inc. (a)	—		—
	Alexion Pharmaceuticals Inc. (a)	2		211
	Align Technology Inc. (a)	—		73
	Amedisys Inc. (a)	—		26
	Amgen Inc.	3		547
	AMN Healthcare Services Inc. (a)	—		14
	Amphastar Pharmaceuticals Inc. (a)	—		4
	AngioDynamics Inc. (a)	—		5
	ANI Pharmaceuticals Inc. (a)	—		6
	Avanos Medical Inc. (a)	—		13
	Baxter International Inc.	2		115
	Becton Dickinson & Co.	1		296
	Biogen Inc. (a)	1		175
	Bio-Rad Laboratories Inc. - Class A (a)	—		43
	Bio-Techne Corp.	—		54
	BioTelemetry Inc. (a)	—		16
	Boston Scientific Corp. (a)	10		373
	Bristol-Myers Squibb Co.	6		278
	Cambrex Corp. (a)	—		5
	Cantel Medical Corp.	—		9
	Cardiovascular Systems Inc. (a)	—		10
	Catalent Inc. (a)	1		23
	Celgene Corp. (a)	2		218
	Cerner Corp. (a)	2		130
	Charles River Laboratories International Inc. (a)	—		27
	Chemed Corp.	—		37
	Cigna Corp.	2		244
	Computer Programs & Systems Inc.	—		—
	Conmed Corp.	—		14
	Cooper Cos. Inc.	—		42
	Corcept Therapeutics Inc. (a) (b)	1		10
	Corvel Corp. (a)	—		3
	Covetrus Inc. (a) (b)	—		9
		Shares/Par¹		Value ($)
	CryoLife Inc. (a)	—		6
	Cutera Inc. (a)	—		2
	Cytokinetics Inc. (a)	—		—
	Danaher Corp.	3		325
	DaVita Inc. (a)	1		49
	Eagle Pharmaceuticals Inc. (a)	—		4
	Edwards Lifesciences Corp. (a)	2		278
	Eli Lilly & Co.	6		787
	Emergent BioSolutions Inc. (a)	—		12
	Enanta Pharmaceuticals Inc. (a)	—		12
	Encompass Health Corp.	1		42
	Endo International Plc (a)	1		10
	Ensign Group Inc.	—		20
	Exelixis Inc. (a)	1		25
	Globus Medical Inc. - Class A (a)	1		25
	Haemonetics Corp. (a)	—		31
	HCA Inc.	2		244
	HealthEquity Inc. (a)	1		30
	HealthStream Inc.	—		2
	Henry Schein Inc. (a)	1		28
	Heska Corp. (a)	—		5
	Hill-Rom Holdings Inc.	1		51
	HMS Holdings Corp. (a)	1		20
	Hologic Inc. (a)	1		48
	Humana Inc.	1		253
	ICU Medical Inc. (a)	—		27
	Idexx Laboratories Inc. (a)	1		133
	Illumina Inc. (a)	1		320
	Incyte Corp. (a)	1		53
	Innoviva Inc. (a)	1		8
	Inogen Inc. (a)	—		8
	Integer Holdings Corp. (a)	—		18
	Integra LifeSciences Holdings Corp. (a)	1		26
	Intuitive Surgical Inc. (a)	1		458
	Iqvia Ltd. (a)	1		116
	Johnson & Johnson	11		1,538
	Lantheus Holdings Inc. (a)	—		3
	LeMaitre Vascular Inc.	—		4
	LHC Group Inc. (a)	—		13
	Ligand Pharmaceuticals Inc. (a) (b)	—		17
	LivaNova Plc (a)	—		34
	Luminex Corp.	—		6
	Mallinckrodt Plc (a)	1		11
	Masimo Corp. (a)	—		50
	Medicines Co. (a) (b)	—		8
	Medidata Solutions Inc. (a)	—		21
	Medpace Holdings Inc. (a)	—		13
	Medtronic Plc	10		857
	Merck & Co. Inc.	18		1,503
	Meridian Bioscience Inc.	—		4
	Merit Medical Systems Inc. (a)	1		25
	Mettler-Toledo International Inc. (a)	—		82
	Molina Healthcare Inc. (a)	1		63
	Momenta Pharmaceuticals Inc. (a)	—		5
	Myriad Genetics Inc. (a)	—		10
	Natus Medical Inc. (a)	—		4
	Neogen Corp. (a)	—		22
	NeoGenomics Inc. (a)	1		12
	Nextgen Healthcare Inc. (a)	—		5
	NuVasive Inc. (a)	—		22
	Omnicell Inc. (a)	—		24
	OraSure Technologies Inc. (a)	—		1
	Orthofix Medical Inc. (a)	—		4
	PerkinElmer Inc.	—		38
	Pfizer Inc.	39		1,651
	Phibro Animal Health Corp. - Class A	—		1
	PRA Health Sciences Inc. (a)	1		48
	Progenics Pharmaceuticals Inc. (a)	1		4
	Regeneron Pharmaceuticals Inc. (a)	—		133
	Regenxbio Inc. (a)	—		13
	Repligen Corp. (a)	—		18
	ResMed Inc.	1		104
	Spectrum Pharmaceuticals Inc. (a)	1		6
	Steris Plc	1		77
	Stryker Corp.	1		252

196

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
	Supernus Pharmaceuticals Inc. (a)	—		12
	SurModics Inc. (a)	—		4
	Syneos Health Inc. - Class A (a)	—		15
	Tabula Rasa HealthCare Inc. (a)	—		6
	Tactile Systems Technology Inc. (a) (b)	—		5
	Teleflex Inc.	—		97
	Tenet Healthcare Corp. (a)	—		6
	Thermo Fisher Scientific Inc.	3		774
	Tivity Health Inc. (a)	—		4
	Universal Health Services Inc. - Class B	—		44
	US Physical Therapy Inc.	—		10
	Vanda Pharmaceuticals Inc. (a)	1		8
	Varex Imaging Corp. (a)	—		7
	Varian Medical Systems Inc. (a)	1		89
	Vertex Pharmaceuticals Inc. (a)	2		330
	Waters Corp. (a)	—		77
	WellCare Health Plans Inc. (a)	—		94
	West Pharmaceutical Services Inc.	1		59
	Zimmer Biomet Holdings Inc.	2		183
	Zoetis Inc. - Class A	2		185
			16,828
Industrials 9.0%
	3M Co.	2		428
	AAON Inc.	—		9
	AAR Corp.	—		5
	Actuant Corp. - Class A	—		4
	Aerojet Rocketdyne Holdings Inc. (a)	1		17
	Aerovironment Inc. (a)	—		12
	Alarm.com Holdings Inc. (a)	—		10
	Albany International Corp. - Class A	—		16
	Allegiant Travel Co.	—		14
	Allegion Plc	—		30
	AMETEK Inc.	2		130
	Applied Industrial Technologies Inc.	—		9
	Axon Enterprise Inc. (a)	1		24
	AZZ Inc.	—		4
	Barnes Group Inc.	—		8
	Boeing Co.	4		1,403
	Brady Corp. - Class A	—		13
	Brink's Co.	—		13
	Carlisle Cos. Inc.	—		31
	Chart Industries Inc. (a)	—		11
	Cintas Corp.	1		122
	Clean Harbors Inc. (a)	—		16
	Comfort Systems USA Inc.	—		8
	Copart Inc. (a)	1		58
	Crane Co.	—		17
	CSX Corp.	6		406
	Cubic Corp.	—		5
	Curtiss-Wright Corp.	—		33
	Donaldson Co. Inc.	1		28
	DXP Enterprises Inc. (a)	—		3
	Eaton Corp. Plc	2		117
	EnerSys Inc.	—		12
	Equifax Inc.	1		63
	ESCO Technologies Inc.	—		14
	Expeditors International of Washington Inc.	1		91
	Exponent Inc.	—		20
	Fastenal Co.	2		128
	Federal Signal Corp.	—		5
	FedEx Corp.	1		137
	Flowserve Corp.	1		21
	Forrester Research Inc.	—		3
	Forward Air Corp.	—		9
	Franklin Electric Co. Inc.	—		13
	FTI Consulting Inc. (a)	—		9
	GATX Corp.	—		8
	Genesee & Wyoming Inc. - Class A (a)	—		17
	Gibraltar Industries Inc. (a)	—		4
	Graco Inc.	1		33
	Harris Corp.	1		70
	Harsco Corp. (a)	1		10
	Hawaiian Holdings Inc.	—		3
	Healthcare Services Group Inc.	—		11
		Shares/Par¹		Value ($)
	Heartland Express Inc.	—		3
	Heidrick & Struggles International Inc.	—		4
	Hillenbrand Inc.	—		8
	Honeywell International Inc.	3		406
	HUB Group Inc. - Class A (a)	—		3
	Hubbell Inc.	—		27
	IDEX Corp.	1		81
	Illinois Tool Works Inc.	1		124
	Ingersoll-Rand Plc	2		183
	Insperity Inc.	—		32
	ITT Inc.	1		35
	JB Hunt Transport Services Inc.	1		43
	John Bean Technologies Corp.	—		12
	Kaman Corp.	—		4
	Kansas City Southern	—		38
	KBR Inc.	—		8
	Kennametal Inc.	1		20
	Kirby Corp. (a)	—		11
	Korn Ferry	—		9
	L3 Technologies Inc.	—		69
	Landstar System Inc.	—		19
	Lennox International Inc.	—		69
	Lincoln Electric Holdings Inc.	—		20
	Lindsay Corp.	—		2
	Lockheed Martin Corp.	1		310
	Masco Corp.	1		38
	Matson Inc.	—		11
	Mercury Systems Inc. (a)	—		12
	Mobile Mini Inc.	—		12
	MSA Safety Inc.	—		27
	MSC Industrial Direct Co. - Class A	—		13
	National Presto Industries Inc.	—		2
	Navigant Consulting Inc.	—		5
	Nordson Corp.	—		20
	Norfolk Southern Corp.	1		241
	NOW Inc. (a)	—		3
	Old Dominion Freight Line Inc.	—		44
	PGT Innovations Inc. (a)	—		2
	Proto Labs Inc. (a)	—		21
	Raven Industries Inc.	—		11
	Raytheon Co.	1		154
	Regal-Beloit Corp.	—		14
	Republic Services Inc.	1		51
	Robert Half International Inc.	—		25
	Rockwell Automation Inc.	1		75
	Rollins Inc.	1		45
	Roper Industries Inc.	1		248
	Simpson Manufacturing Co. Inc.	—		10
	SPX Corp. (a)	—		9
	Teledyne Technologies Inc. (a)	—		29
	Tennant Co.	—		2
	Tetra Tech Inc.	—		10
	Toro Co.	1		30
	TransDigm Group Inc. (a)	—		154
	Trex Co. Inc. (a)	—		18
	Triumph Group Inc.	—		4
	UniFirst Corp.	—		18
	Union Pacific Corp.	5		849
	United Parcel Service Inc. - Class B	3		272
	United Rentals Inc. (a)	—		33
	United Technologies Corp.	3		351
	US Ecology Inc.	—		9
	Verisk Analytics Inc.	1		107
	Vicor Corp. (a)	—		4
	Wabtec Corp.	1		35
	WageWorks Inc. (a)	—		5
	Waste Management Inc.	3		284
	Watts Water Technologies Inc. - Class A	—		9
	Woodward Governor Co.	—		36
	WW Grainger Inc.	—		97
	XPO Logistics Inc. (a) (b)	—		16
	Xylem Inc.	1		99
			8,789

197

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
Information Technology 24.9%
	3D Systems Corp. (a) (b)	1		8
	8x8 Inc. (a)	1		12
	Accenture Plc - Class A	2		362
	ACI Worldwide Inc. (a)	1		29
	Adobe Inc. (a)	4		912
	Advanced Energy Industries Inc. (a)	—		5
	Advanced Micro Devices Inc. (a)	6		157
	Agilysys Inc. (a)	—		1
	Akamai Technologies Inc. (a)	1		81
	Alliance Data Systems Corp.	—		55
	Amphenol Corp. - Class A	1		77
	Analog Devices Inc.	1		146
	Ansys Inc. (a)	1		107
	Arista Networks Inc. (a)	—		114
	Arlo Technologies Inc. (a)	—		1
	ASGN Inc. (a)	—		25
	Autodesk Inc. (a)	2		239
	Automatic Data Processing Inc.	3		488
	Axcelis Technologies Inc. (a)	—		1
	Badger Meter Inc.	—		5
	Blackbaud Inc.	—		19
	Bottomline Technologies Inc. (a)	—		15
	Broadcom Inc.	3		836
	Broadridge Financial Solutions Inc.	1		83
	Brooks Automation Inc.	1		13
	Cabot Microelectronics Corp.	—		21
	Cadence Design Systems Inc. (a)	1		73
	CalAmp Corp. (a)	—		1
	Cardtronics Plc - Class A (a)	—		8
	CDK Global Inc.	—		21
	CEVA Inc. (a)	—		3
	Ciena Corp. (a)	1		39
	Cisco Systems Inc.	31		1,664
	Citrix Systems Inc.	1		89
	Cognex Corp.	1		29
	Cohu Inc.	—		1
	CommVault Systems Inc. (a)	—		19
	Control4 Corp. (a)	—		3
	CoreLogic Inc. (a)	1		23
	Cray Inc. (a)	—		3
	Cree Inc. (a)	1		41
	CSG Systems International Inc.	—		3
	CTS Corp.	—		6
	Cypress Semiconductor Corp.	3		40
	Diebold Nixdorf Inc. (a)	—		1
	Diodes Inc. (a)	—		3
	Ebix Inc. (b)	—		5
	ePlus Inc. (a)	—		6
	EVERTEC Inc.	—		6
	ExlService Holdings Inc. (a)	—		6
	Extreme Networks (a)	—		1
	F5 Networks Inc. (a)	1		68
	Fabrinet (a)	—		7
	Fair Isaac Corp. (a)	—		57
	FARO Technologies Inc. (a)	—		4
	Fidelity National Information Services Inc.	2		256
	Fiserv Inc. (a)	3		242
	FleetCor Technologies Inc. (a)	—		88
	Fortinet Inc. (a)	1		85
	Gartner Inc. (a)	1		97
	Global Payments Inc.	1		150
	Harmonic Inc. (a)	1		5
	IHS Markit Ltd. (a)	3		138
	Integrated Device Technology Inc. (a)	1		47
	Intel Corp.	21		1,136
	InterDigital Inc.	—		10
	Intuit Inc.	2		475
	j2 Global Inc.	—		30
	Jack Henry & Associates Inc.	—		36
	Kemet Corp.	1		7
	Keysight Technologies Inc. (a)	1		114
	KLA-Tencor Corp.	1		75
	Knowles Corp. (a)	—		4
		Shares/Par¹		Value ($)
	Kopin Corp. (a) (b)	—		—
	Leidos Holdings Inc.	1		65
	Littelfuse Inc.	—		31
	LivePerson Inc. (a)	—		6
	LiveRamp Holdings Inc. (a)	1		28
	Lumentum Holdings Inc. (a)	—		16
	Manhattan Associates Inc. (a)	—		19
	Mastercard Inc. - Class A	6		1,488
	Maxim Integrated Products Inc.	1		60
	MAXIMUS Inc.	1		33
	MaxLinear Inc. - Class A (a)	—		5
	Microchip Technology Inc. (b)	1		72
	Microsoft Corp.	54		6,340
	MicroStrategy Inc. - Class A (a)	—		5
	Monolithic Power Systems Inc.	—		37
	Monotype Imaging Holdings Inc.	—		3
	Motorola Solutions Inc.	1		161
	MTS Systems Corp.	—		5
	Nanometrics Inc. (a)	—		4
	National Instruments Corp.	1		35
	NetApp Inc.	2		119
	NIC Inc.	—		3
	Nvidia Corp.	2		404
	OneSpan Inc. (a)	—		4
	Oracle Corp.	9		480
	OSI Systems Inc. (a)	—		3
	Park Electrochemical Corp.	—		—
	Paychex Inc.	1		111
	PayPal Holdings Inc. (a)	8		855
	Perficient Inc. (a)	—		5
	Plantronics Inc.	—		7
	Power Integrations Inc.	—		10
	Progress Software Corp.	—		10
	PTC Inc. (a)	1		70
	QUALCOMM Inc.	5		251
	Qualys Inc. (a)	—		14
	Red Hat Inc. (a)	1		226
	Rogers Corp. (a)	—		15
	Rudolph Technologies Inc. (a)	—		1
	Sabre Corp.	2		43
	Salesforce.com Inc. (a)	5		850
	Seagate Technology	1		54
	Semtech Corp. (a)	1		25
	Silicon Laboratories Inc. (a)	—		26
	Skyworks Solutions Inc.	1		61
	SMART Global Holdings Inc. (a)	—		2
	SolarEdge Technologies Inc. (a) (b)	—		6
	SPS Commerce Inc. (a)	—		15
	Synaptics Inc. (a)	—		4
	Synopsys Inc. (a)	1		71
	Teradata Corp. (a)	1		36
	Teradyne Inc.	1		30
	Texas Instruments Inc.	4		461
	Total System Services Inc.	1		73
	Travelport Worldwide Ltd.	—		6
	Trimble Inc. (a)	2		72
	Tyler Technologies Inc. (a)	—		57
	Ultimate Software Group Inc. (a)	—		71
	Unisys Corp. (a)	—		3
	Universal Display Corp. (b)	—		32
	Versum Materials Inc.	1		26
	ViaSat Inc. (a) (b)	—		14
	Viavi Solutions Inc. (a)	2		18
	Virtusa Corp. (a)	—		12
	Visa Inc. - Class A	12		1,914
	Western Union Co.	1		23
	WEX Inc. (a)	—		60
	Xilinx Inc.	2		225
	Zebra Technologies Corp. - Class A (a)	—		80
			24,408
Materials 2.2%
	Air Products & Chemicals Inc.	2		294
	AK Steel Holding Corp. (a) (b)	2		6
	Allegheny Technologies Inc. (a)	1		24

198

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
	AptarGroup Inc.	—		25
	Avery Dennison Corp.	—		30
	Balchem Corp.	—		13
	Ball Corp.	2		92
	Bemis Co. Inc.	—		19
	Cabot Corp.	—		11
	Celanese Corp. - Class A	1		47
	CF Industries Holdings Inc.	1		28
	Chemours Co.	1		43
	Eagle Materials Inc.	—		12
	Eastman Chemical Co.	1		42
	Ecolab Inc.	2		313
	Ferro Corp. (a)	—		4
	FMC Corp.	1		31
	Freeport-McMoRan Inc. - Class B	5		58
	FutureFuel Corp.	—		2
	Greif Inc. - Class A	—		5
	Hawkins Inc.	—		4
	Ingevity Corp. (a)	—		16
	Innospec Inc.	—		13
	Kaiser Aluminum Corp.	—		13
	Linde Plc	3		455
	Louisiana-Pacific Corp.	1		12
	Martin Marietta Materials Inc.	—		48
	Materion Corp.	—		4
	Mosaic Co.	1		33
	NewMarket Corp.	—		17
	PPG Industries Inc.	1		87
	Quaker Chemical Corp.	—		21
	Royal Gold Inc.	—		26
	RPM International Inc.	1		55
	Scotts Miracle-Gro Co. - Class A	—		12
	Sensient Technologies Corp.	—		10
	Sherwin-Williams Co.	—		152
	SunCoke Energy Inc. (a)	—		3
	Valvoline Inc.	1		9
	Vulcan Materials Co.	1		52
			2,141
Real Estate 3.9%
	Acadia Realty Trust	—		8
	Agree Realty Corp.	—		17
	American Assets Trust Inc.	—		7
	American Campus Communities Inc.	1		44
	American Tower Corp.	3		610
	Apartment Investment & Management Co. - Class A	1		56
	Armada Hoffler Properties Inc.	—		4
	ARMOUR Residential REIT Inc.	—		5
	AvalonBay Communities Inc.	1		132
	Boston Properties Inc.	1		79
	Brixmor Property Group Inc.	1		21
	Camden Property Trust	1		41
	CareTrust REIT Inc.	1		16
	Community Healthcare Trust Inc.	—		4
	CoreCivic Inc.	—		7
	Coresite Realty Corp.	—		18
	Cousins Properties Inc.	1		13
	Crown Castle International Corp.	1		152
	CyrusOne Inc.	1		41
	DiamondRock Hospitality Co.	1		9
	Digital Realty Trust Inc.	1		97
	Douglas Emmett Inc.	1		23
	Duke Realty Corp.	2		50
	Easterly Government Properties Inc.	1		8
	EastGroup Properties Inc.	—		30
	EPR Properties	—		26
	Equinix Inc.	—		158
	Equity Residential Properties Inc.	2		132
	Essex Property Trust Inc.	—		100
	Extra Space Storage Inc.	1		62
	Federal Realty Investment Trust	—		37
	First Industrial Realty Trust Inc.	1		22
	Four Corners Property Trust Inc.	1		13
	Geo Group Inc.	—		8
	Getty Realty Corp.	—		3
		Shares/Par¹		Value ($)
	Global Net Lease Inc.	—		6
	HCP Inc.	3		104
	Healthcare Realty Trust Inc.	1		15
	HFF Inc. - Class A	—		4
	Highwoods Properties Inc.	—		15
	Host Hotels & Resorts Inc.	3		48
	Innovative Industrial Properties Inc. (b)	—		6
	JBG Smith Properties	1		21
	Lamar Advertising Co. - Class A	—		27
	Liberty Property Trust	1		27
	Life Storage Inc.	—		31
	LTC Properties Inc.	—		9
	Mack-Cali Realty Corp.	—		8
	Marcus & Millichap Inc. (a)	—		5
	Medical Properties Trust Inc.	3		50
	Mid-America Apartment Communities Inc.	1		51
	National Retail Properties Inc.	1		63
	National Storage Affiliates Trust	1		13
	New York Mortgage Trust Inc. (b)	1		5
	NorthStar Realty Europe Corp.	—		5
	Office Properties Income Trust	—		4
	Omega Healthcare Investors Inc.	2		55
	Pebblebrook Hotel Trust	1		15
	PS Business Parks Inc.	—		14
	Public Storage	1		229
	Rayonier Inc.	1		15
	Realty Income Corp.	2		114
	Redwood Trust Inc.	1		10
	Regency Centers Corp.	1		35
	RPT Realty	1		5
	Saul Centers Inc.	—		4
	SBA Communications Corp. (a)	1		91
	Simon Property Group Inc.	2		264
	Tanger Factory Outlet Centers Inc.	—		5
	Taubman Centers Inc.	—		12
	UDR Inc.	1		46
	Uniti Group Inc. (b)	1		15
	Universal Health Realty Income Trust	—		3
	Urban Edge Properties	1		8
	Urstadt Biddle Properties Inc. - Class A	—		3
	Vornado Realty Trust	1		44
	Washington Prime Group Inc.	1		6
	Washington REIT	—		7
	Weingarten Realty Investors	1		13
	Welltower Inc.	3		210
			3,793
Utilities 2.0%
	Alliant Energy Corp.	1		47
	Ameren Corp.	2		124
	American States Water Co.	—		13
	American Water Works Co. Inc.	1		83
	Aqua America Inc.	1		20
	Atmos Energy Corp.	1		52
	Avista Corp.	—		10
	Black Hills Corp.	1		30
	California Water Service Group	—		12
	CMS Energy Corp.	1		64
	Dominion Energy Inc.	3		202
	El Paso Electric Co.	—		9
	Eversource Energy	1		86
	Hawaiian Electric Industries Inc.	1		17
	IDACORP Inc.	—		20
	National Fuel Gas Co.	1		36
	NextEra Energy Inc.	3		649
	Northwest Natural Holding Co.	—		7
	NorthWestern Corp.	—		13
	NRG Energy Inc.	2		85
	OGE Energy Corp.	1		33
	ONE Gas Inc.	—		19
	Pinnacle West Capital Corp.	1		77
	Spire Inc.	—		14
	UGI Corp.	1		67
	WEC Energy Group Inc.	1		85

199

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Xcel Energy Inc.		2		91
				1,965
	Total Common Stocks (cost $89,108)			96,993
INVESTMENT COMPANIES 0.1%
	iShares S&P 400 Growth Index Fund		—		4
	iShares S&P 500 Growth Index Fund (b)		—		58
	iShares S&P Small-Cap 600 Growth ETF		—		2
	Total Investment Companies (cost $63)			64
SHORT TERM INVESTMENTS 0.3%
Investment Companies 0.1%
	JNL Government Money Market Fund - Institutional Class, 2.33% (c) (d)		80		80
Securities Lending Collateral 0.2%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.43% (c) (d)		158		158
			Shares/Par¹		Value ($)
Treasury Securities 0.0%
	U.S. Treasury Bill
		2.44%, 06/06/19 (e) (f)	40		40
	Total Short Term Investments (cost $278)			278
Total Investments 99.4% (cost $89,449)					97,335
Other Derivative Instruments 0.0%					2
Other Assets and Liabilities, Net 0.6%					582
Total Net Assets 100.0%					97,919

(a) Non-income producing security.

(b) All or a portion of the security was on loan.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 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 Capital 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 E-Mini Index

June 2019

422

200

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
JNL/Mellon Capital S&P 1500 Value Index Fund
COMMON STOCKS 99.3%
Communication Services 5.0%
	Activision Blizzard Inc.	3		135
	AMC Networks Inc. - Class A (a)	—		5
	AT&T Inc.	28		886
	Cable One Inc.	—		8
	Cars.com Inc. (a)	—		4
	CBS Corp. - Class B	1		65
	CenturyLink Inc.	4		44
	Charter Communications Inc. - Class A (a)	1		132
	Cincinnati Bell Inc. (a)	—		2
	Cinemark Holdings Inc.	—		9
	Cogent Communications Group Inc.	—		2
	Comcast Corp. - Class A	10		379
	Consolidated Communications Holdings Inc. (b)	—		1
	Discovery Inc. - Class A (a) (b)	1		16
	Discovery Inc. - Class C (a)	2		35
	DISH Network Corp. - Class A (a)	1		29
	Electronic Arts Inc. (a)	1		62
	Fox Corp. - Class A (a)	1		28
	Fox Corp. - Class B (a)	—		11
	Frontier Communications Corp. (a) (b)	—		1
	Gannett Co. Inc.	1		6
	Interpublic Group of Cos. Inc.	2		32
	John Wiley & Sons Inc. - Class A	—		2
	Meredith Corp. (b)	—		8
	New Media Investment Group Inc.	—		2
	News Corp. - Class A	2		18
	News Corp. - Class B	1		7
	Omnicom Group Inc.	1		63
	Scholastic Corp.	—		5
	Spok Holdings Inc.	—		1
	Tegna Inc.	1		11
	Telephone & Data Systems Inc.	—		11
	TripAdvisor Inc. (a)	—		7
	Viacom Inc. - Class B	1		38
	Vonage Holdings Corp. (a)	1		5
	Walt Disney Co.	3		332
			2,402
Consumer Discretionary 7.8%
	Aaron's Inc.	—		7
	Abercrombie & Fitch Co. - Class A	—		7
	Adient Plc	—		4
	Advance Auto Parts Inc.	—		16
	American Axle & Manufacturing Holdings Inc. (a)	1		6
	American Eagle Outfitters Inc.	1		15
	Aptiv Plc	1		30
	Asbury Automotive Group Inc. (a)	—		2
	AutoNation Inc. (a)	—		8
	Barnes & Noble Education Inc. (a)	—		—
	Barnes & Noble Inc.	—		1
	Bed Bath & Beyond Inc.	1		9
	Best Buy Co. Inc.	1		65
	Big Lots Inc.	—		5
	Booking Holdings Inc. (a)	—		161
	BorgWarner Inc.	1		32
	Boyd Gaming Corp.	—		8
	Brunswick Corp.	—		17
	Buckle Inc. (b)	—		1
	Caesars Entertainment Corp. (a) (b)	2		21
	Caleres Inc.	—		4
	Callaway Golf Co.	—		1
	Capri Holdings Ltd. (a)	1		27
	Carmax Inc. (a)	—		24
	Carnival Plc	2		79
	Carter's Inc.	—		9
	Cato Corp. - Class A	—		1
	Cheesecake Factory Inc. (b)	—		3
	Chico's FAS Inc.	1		3
	Chuy's Holdings Inc. (a)	—		—
	Conn's Inc. (a) (b)	—		2
	Cooper Tire & Rubber Co.	—		6
		Shares/Par¹		Value ($)
	Cooper-Standard Holding Inc. (a)	—		2
	Core-Mark Holding Co. Inc.	—		7
	Cracker Barrel Old Country Store Inc. (b)	—		8
	D.R. Horton Inc.	1		54
	Dana Holding Corp.	1		10
	Darden Restaurants Inc.	—		18
	Delphi Technologies Plc	—		7
	Dick's Sporting Goods Inc.	—		10
	Dillard's Inc. - Class A (b)	—		6
	Dollar Tree Inc. (a)	1		97
	DSW Inc. - Class A	—		2
	Dunkin' Brands Group Inc.	—		9
	eBay Inc.	2		77
	Ethan Allen Interiors Inc.	—		1
	Expedia Group Inc.	—		20
	Express Inc. (a)	—		1
	Fiesta Restaurant Group Inc. (a)	—		1
	Foot Locker Inc.	—		13
	Ford Motor Co.	15		133
	Fossil Group Inc. (a) (b)	—		2
	GameStop Corp. - Class A (b)	—		3
	Gap Inc.	1		21
	Garmin Ltd.	—		14
	Garrett Motion Inc. (a)	—		5
	General Motors Co.	5		189
	Genesco Inc. (a)	—		4
	Gentex Corp.	—		5
	Gentherm Inc. (a)	—		1
	Genuine Parts Co.	1		64
	G-III Apparel Group Ltd. (a)	—		8
	Goodyear Tire & Rubber Co.	1		16
	Graham Holdings Co.	—		11
	Group 1 Automotive Inc.	—		4
	H&R Block Inc.	—		7
	HanesBrands Inc.	1		13
	Harley-Davidson Inc.	1		21
	Hasbro Inc.	—		17
	Haverty Furniture Cos. Inc.	—		3
	Hibbett Sports Inc. (a)	—		1
	Home Depot Inc.	2		455
	Installed Building Products Inc. (a)	—		3
	International Speedway Corp. - Class A	—		2
	J.C. Penney Co. Inc. (a) (b)	2		3
	Jack in the Box Inc.	—		2
	KB Home	—		8
	Kirkland's Inc. (a)	—		—
	Kohl's Corp.	1		44
	La-Z-Boy Inc.	—		6
	LCI Industries	—		7
	Leggett & Platt Inc.	1		20
	Lennar Corp. - Class A	1		55
	LGI Homes Inc. (a) (b)	—		5
	Limited Brands Inc.	1		25
	Lithia Motors Inc. - Class A	—		8
	LKQ Corp. (a)	1		35
	Lowe's Cos. Inc.	2		183
	Lumber Liquidators Holdings Inc. (a) (b)	—		1
	M/I Homes Inc. (a)	—		3
	Macy's Inc.	1		17
	MarineMax Inc. (a)	—		1
	Marriott International Inc. - Class A	1		81
	Marriott Vacations Worldwide Corp.	—		13
	Mattel Inc. (a) (b)	1		9
	MDC Holdings Inc.	—		6
	Meritage Homes Corp. (a)	—		7
	MGM Resorts International	2		50
	Michaels Cos. Inc. (a)	—		3
	Mohawk Industries Inc. (a)	—		29
	Monarch Casino & Resort Inc. (a)	—		2
	Motorcar Parts of America Inc. (a)	—		3
	Movado Group Inc.	—		1
	Murphy USA Inc. (a)	—		9
	Nautilus Inc. (a)	—		—
	Newell Brands Inc.	1		11
	Nike Inc. - Class B	3		201

201

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
	Nordstrom Inc.	—		10
	Norwegian Cruise Line Holdings Ltd. (a)	1		47
	NVR Inc. (a)	—		14
	Office Depot Inc.	2		8
	Oxford Industries Inc.	—		1
	Papa John's International Inc. (b)	—		3
	Penn National Gaming Inc. (a)	—		5
	PetMed Express Inc. (b)	—		1
	Polaris Industries Inc.	—		18
	Pulte Homes Inc.	1		27
	PVH Corp.	—		35
	Ralph Lauren Corp. - Class A	—		26
	Red Robin Gourmet Burgers Inc. (a)	—		1
	Rent-A-Center Inc. (a)	—		3
	RH (a) (b)	—		4
	Ross Stores Inc.	1		57
	Royal Caribbean Cruises Ltd.	1		75
	Sally Beauty Holdings Inc. (a)	—		3
	Shutterfly Inc. (a)	—		2
	Shutterstock Inc.	—		1
	Signet Jewelers Ltd.	—		6
	Six Flags Entertainment Corp.	—		7
	Skechers U.S.A. Inc. - Class A (a)	1		18
	Sonic Automotive Inc. - Class A	—		1
	Sotheby's (a)	—		2
	Standard Motor Products Inc.	—		2
	Starbucks Corp.	2		176
	Steven Madden Ltd.	—		6
	Sturm Ruger & Co. Inc.	—		1
	Superior Industries International Inc.	—		—
	Tapestry Inc.	—		11
	Target Corp.	2		162
	Tempur Sealy International Inc. (a)	—		5
	Texas Roadhouse Inc.	—		6
	Thor Industries Inc.	—		14
	Tiffany & Co.	—		23
	Tile Shop Holdings Inc.	—		2
	Toll Brothers Inc.	1		18
	TopBuild Corp. (a)	—		9
	TRI Pointe Homes Inc. (a)	1		7
	Tupperware Brands Corp.	—		3
	Under Armour Inc. - Class A (a)	—		5
	Under Armour Inc. - Class C (a)	—		4
	Unifi Inc. (a)	—		—
	Universal Electronics Inc. (a)	—		2
	Vera Bradley Inc. (a)	—		1
	Vista Outdoor Inc. (a)	—		1
	Visteon Corp. (a)	—		7
	Vitamin Shoppe Inc. (a)	—		—
	Whirlpool Corp.	—		33
	William Lyon Homes - Class A (a)	—		1
	Williams-Sonoma Inc. (b)	—		8
	Winnebago Industries Inc.	—		3
	Wolverine World Wide Inc.	—		4
	Wyndham Destinations Inc.	—		6
	Wynn Resorts Ltd.	1		45
	Zumiez Inc. (a)	—		1
			3,708
Consumer Staples 8.9%
	Altria Group Inc.	7		418
	Andersons Inc.	—		3
	Archer-Daniels-Midland Co.	2		94
	B&G Foods Inc. (b)	—		1
	Calavo Growers Inc. (b)	—		1
	Cal-Maine Foods Inc.	—		2
	Campbell Soup Co. (b)	1		28
	Casey's General Stores Inc.	—		19
	Central Garden & Pet Co. (a) (b)	—		1
	Central Garden & Pet Co. - Class A (a)	—		4
	Chefs' Warehouse Inc. (a)	—		1
	Coca-Cola Co.	7		336
	Coca-Cola Consolidated Inc.	—		6
	Colgate-Palmolive Co.	2		99
	ConAgra Brands Inc.	2		53
		Shares/Par¹		Value ($)
	Costco Wholesale Corp.	2		414
	Coty Inc. - Class A (b)	2		20
	Darling Ingredients Inc. (a)	1		14
	Dean Foods Co.	—		1
	Edgewell Personal Care Co. (a)	—		4
	Energizer Holdings Inc.	—		6
	Estee Lauder Cos. Inc. - Class A	—		46
	Flowers Foods Inc.	—		8
	General Mills Inc.	2		120
	Hain Celestial Group Inc. (a)	—		8
	Hershey Co.	—		23
	Ingredion Inc.	—		24
	J&J Snack Foods Corp.	—		3
	JM Smucker Co.	1		52
	John B. Sanfilippo & Son Inc.	—		1
	Kimberly-Clark Corp.	1		77
	Kraft Heinz Foods Co.	3		79
	Kroger Co.	3		77
	MGP Ingredients Inc. (b)	—		1
	Molson Coors Brewing Co. - Class B	1		44
	Mondelez International Inc. - Class A	6		280
	Nu Skin Enterprises Inc. - Class A	—		11
	PepsiCo Inc.	2		261
	Philip Morris International Inc.	3		260
	Procter & Gamble Co.	4		445
	Sanderson Farms Inc. (b)	—		10
	Seneca Foods Corp. - Class A (a)	—		—
	SpartanNash Co.	—		2
	Sprouts Farmers Market Inc. (a)	1		10
	Sysco Corp.	1		45
	TreeHouse Foods Inc. (a)	—		13
	Tyson Foods Inc. - Class A	1		79
	United Natural Foods Inc. (a)	—		2
	Universal Corp.	—		6
	Walgreens Boots Alliance Inc.	3		198
	Walmart Inc.	6		539
			4,249
Energy 7.2%
	Apergy Corp. (a)	—		7
	Baker Hughes a GE Co. LLC - Class A	2		54
	Bonanza Creek Energy Inc. (a)	—		1
	C&J Energy Services Inc. (a)	—		4
	Cabot Oil & Gas Corp.	1		13
	CARBO Ceramics Inc. (a) (b)	—		—
	Chesapeake Energy Corp. (a) (b)	2		7
	Chevron Corp.	8		908
	Cimarex Energy Co.	—		13
	Concho Resources Inc.	—		40
	CONSOL Energy Inc. (a)	—		3
	Core Laboratories NV (b)	—		6
	Diamond Offshore Drilling Inc. (a) (b)	—		2
	Dril-Quip Inc. (a)	—		6
	EOG Resources Inc.	2		214
	EQT Corp.	1		20
	Era Group Inc. (a)	—		—
	Exterran Corp. (a)	—		2
	Exxon Mobil Corp.	7		585
	Geospace Technologies Corp. (a)	—		—
	Green Plains Renewable Energy Inc.	—		2
	Gulf Island Fabrication Inc. (a)	—		—
	Gulfport Energy Corp. (a)	1		5
	Halliburton Co.	4		100
	Helix Energy Solutions Group Inc. (a)	1		5
	Helmerich & Payne Inc.	1		23
	Hess Corp.	1		27
	Kinder Morgan Inc.	8		151
	Laredo Petroleum Holdings Inc. (a)	1		2
	Marathon Petroleum Corp.	3		155
	Matador Resources Co. (a)	—		3
	Matrix Service Co. (a)	—		3
	McDermott International Inc. (a)	1		6
	Nabors Industries Ltd.	1		2
	National Oilwell Varco Inc.	2		40
	Newpark Resources Inc. (a)	—		3

202

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
	Noble Corp. Plc (a)	1		1
	Noble Energy Inc.	2		45
	Oasis Petroleum Inc. (a)	1		7
	Oceaneering International Inc. (a)	1		6
	Oil States International Inc. (a)	—		4
	ONEOK Inc.	1		49
	Par Pacific Holdings Inc. (a)	—		2
	Patterson-UTI Energy Inc.	1		11
	PBF Energy Inc. - Class A	—		8
	PDC Energy Inc. (a)	—		11
	Phillips 66	2		154
	Pioneer Natural Resources Co.	1		99
	Range Resources Corp.	1		9
	REX Stores Corp. (a)	—		1
	Ring Energy Inc. (a)	—		—
	Rowan Cos. Plc - Class A (a)	1		6
	Schlumberger Ltd.	5		234
	SEACOR Holdings Inc. (a)	—		2
	SM Energy Co.	—		6
	Southwestern Energy Co. (a)	2		7
	SRC Energy Inc. (a)	1		6
	Superior Energy Services Inc. (a)	1		4
	TechnipFMC Plc	2		38
	Tetra Technologies Inc. (a)	—		1
	Transocean Ltd. (a)	1		9
	Unit Corp. (a) (b)	—		2
	US Silica Holdings Inc.	—		6
	Valero Energy Corp.	2		136
	Whiting Petroleum Corp. (a)	—		2
	Williams Cos. Inc.	5		135
	World Fuel Services Corp.	—		7
	WPX Energy Inc. (a)	2		19
			3,439
Financials 21.1%
	Affiliated Managers Group Inc.	—		21
	Aflac Inc.	3		146
	Alleghany Corp. (a)	—		35
	Allstate Corp.	1		121
	Ambac Financial Group Inc. (a)	—		4
	American Equity Investment Life Holding Co.	—		6
	American Express Co.	1		147
	American Financial Group Inc.	—		26
	American International Group Inc.	3		144
	Ameriprise Financial Inc.	—		31
	Ameris Bancorp	—		6
	Amerisafe Inc.	—		1
	Aon Plc - Class A	—		58
	Arthur J Gallagher & Co.	—		19
	Associated Bancorp	1		14
	Assurant Inc.	—		24
	Axos Financial Inc. (a)	—		2
	Banc of California Inc.	—		3
	BancorpSouth Bank	—		5
	Bank of America Corp.	35		962
	Bank of Hawaii Corp.	—		7
	Bank of New York Mellon Corp. (c)	4		171
	Bank OZK	1		14
	Banner Corp.	—		7
	BB&T Corp.	3		137
	Berkshire Hathaway Inc. - Class B (a)	4		788
	Berkshire Hills Bancorp Inc.	—		5
	BlackRock Inc.	1		201
	Boston Private Financial Holdings Inc.	—		4
	Brighthouse Financial Inc. (a)	1		17
	Brookline Bancorp Inc.	—		2
	Capital One Financial Corp.	2		148
	Cathay General Bancorp	—		9
	Central Pacific Financial Corp.	—		1
	Charles Schwab Corp.	2		94
	Chemical Financial Corp.	—		11
	Chubb Ltd.	2		250
	Cincinnati Financial Corp.	—		27
	Citigroup Inc.	9		568
	Citizens Financial Group Inc.	2		59
		Shares/Par¹		Value ($)
	CME Group Inc.	2		229
	CNO Financial Group Inc.	1		10
	Columbia Banking System Inc.	—		9
	Comerica Inc.	—		25
	Commerce Bancshares Inc.	—		8
	Cullen/Frost Bankers Inc.	—		24
	Customers Bancorp Inc. (a)	—		2
	CVB Financial Corp.	—		5
	Dime Community Bancshares Inc.	—		2
	Discover Financial Services	1		32
	Donnelley Financial Solutions Inc. (a)	—		2
	E*TRADE Financial Corp.	1		18
	Eagle Bancorp Inc. (a)	—		6
	East West Bancorp Inc.	—		14
	Eaton Vance Corp.	—		7
	Employer Holdings Inc.	—		6
	Encore Capital Group Inc. (a)	—		2
	Enova International Inc. (a)	—		2
	Evercore Inc. - Class A	—		8
	Everest Re Group Ltd.	—		34
	EzCorp Inc. - Class A (a)	—		2
	Federated Investors Inc. - Class B	—		6
	Fidelity Southern Corp.	—		1
	Fifth Third Bancorp	3		74
	First American Financial Corp.	1		21
	First Bancorp Inc.	—		4
	First Commonwealth Financial Corp.	1		5
	First Financial Bancorp	—		9
	First Horizon National Corp.	1		17
	First Midwest Bancorp Inc.	—		3
	Flagstar Bancorp Inc.	—		3
	FNB Corp.	1		7
	Franklin Financial Network Inc.	—		1
	Franklin Resources Inc.	1		38
	Fulton Financial Corp.	1		10
	Genworth Financial Inc. - Class A (a)	1		3
	Goldman Sachs Group Inc.	1		256
	Granite Point Mortgage Trust Inc.	—		1
	Great Western Bancorp Inc.	—		3
	Greenhill & Co. Inc.	—		—
	Hancock Whitney Co.	—		12
	Hanmi Financial Corp.	—		2
	Hanover Insurance Group Inc.	—		11
	Hartford Financial Services Group Inc.	2		70
	Heritage Financial Corp.	—		3
	Home Bancshares Inc.	—		6
	HomeStreet Inc. (a)	—		1
	Hope Bancorp Inc.	1		6
	Horace Mann Educators Corp.	—		6
	Huntington Bancshares Inc.	4		51
	Interactive Brokers Group Inc.	—		5
	International Bancshares Corp.	—		8
	INTL FCStone Inc. (a)	—		3
	Invesco Ltd.	2		31
	James River Group Holdings Ltd.	—		5
	Janus Henderson Group Plc	1		16
	Jefferies Financial Group Inc.	1		20
	JPMorgan Chase & Co.	13		1,286
	Kemper Corp.	—		10
	KeyCorp	4		61
	Legg Mason Inc.	—		8
	Lincoln National Corp.	1		46
	Loews Corp.	1		50
	M&T Bank Corp.	1		84
	Marsh & McLennan Cos. Inc.	1		67
	Mercury General Corp.	—		2
	Meta Financial Group Inc.	—		2
	MetLife Inc.	4		157
	Moody's Corp.	—		60
	Morgan Stanley	5		212
	NASDAQ Inc.	—		11
	National Bank Holdings Corp. - Class A	—		1
	Navient Corp.	1		11
	NBT Bancorp Inc.	—		6
	New York Community Bancorp Inc.	2		21

203

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
	NMI Holdings Inc. - Class A (a)	—		3
	Northern Trust Corp.	1		36
	Northfield Bancorp Inc.	—		2
	Northwest Bancshares Inc.	1		7
	OFG Bancorp	—		2
	Old Republic International Corp.	1		22
	Opus Bank	—		1
	Oritani Financial Corp.	—		2
	Pacific Premier Bancorp Inc.	—		5
	PacWest Bancorp	1		17
	People's United Financial Inc.	2		25
	Pinnacle Financial Partners Inc.	—		16
	Piper Jaffray Cos.	—		5
	PNC Financial Services Group Inc.	2		217
	PRA Group Inc. (a)	—		6
	Preferred Bank	—		1
	Principal Financial Group Inc.	1		50
	ProAssurance Corp.	—		7
	Progressive Corp.	1		77
	Prosperity Bancshares Inc.	—		17
	Provident Financial Services Inc.	—		7
	Prudential Financial Inc.	2		145
	Raymond James Financial Inc.	1		40
	Regions Financial Corp.	4		56
	Reinsurance Group of America Inc.	—		35
	RenaissanceRe Holdings Ltd.	—		23
	S&T Bancorp Inc.	—		2
	Safety Insurance Group Inc.	—		4
	SEI Investments Co.	—		11
	Selective Insurance Group Inc.	—		5
	ServisFirst Bancshares Inc.	—		3
	Signature Bank	—		10
	Simmons First National Corp. - Class A	—		9
	Southside Bancshares Inc.	—		3
	State Street Corp.	2		97
	Sterling Bancorp Inc.	1		8
	Stewart Information Services Corp.	—		5
	Stifel Financial Corp.	—		14
	SunTrust Banks Inc.	2		101
	Synchrony Financial	3		80
	Synovus Financial Corp.	1		21
	T. Rowe Price Group Inc.	1		47
	TCF Financial Corp.	1		14
	Texas Capital Bancshares Inc. (a)	—		10
	Third Point Reinsurance Ltd. (a)	—		2
	Tompkins Financial Corp.	—		1
	Torchmark Corp.	—		18
	Travelers Cos. Inc.	1		140
	TrustCo Bank Corp.	—		2
	Trustmark Corp.	—		9
	Umpqua Holdings Corp.	1		14
	United Bankshares Inc.	1		15
	United Community Banks Inc.	—		7
	United Insurance Holdings Corp.	—		1
	Unum Group	1		29
	Valley National Bancorp	1		12
	Veritex Holdings Inc.	—		2
	Virtus Investment Partners Inc.	—		1
	Waddell & Reed Financial Inc. - Class A	—		2
	Walker & Dunlop Inc.	—		6
	Washington Federal Inc.	—		9
	Webster Financial Corp.	—		17
	Wells Fargo & Co.	16		768
	Willis Towers Watson Plc	1		87
	Wintrust Financial Corp.	—		15
	WisdomTree Investments Inc. (b)	—		1
	World Acceptance Corp. (a)	—		1
	WR Berkley Corp.	1		31
	Zions Bancorp	1		32
			10,045
Health Care 10.5%
	AbbVie Inc.	3		222
	Acadia Pharmaceuticals Inc. (a) (b)	—		10
	Acorda Therapeutics Inc. (a)	—		1
		Shares/Par¹		Value ($)
	Agilent Technologies Inc.	1		47
	Akorn Inc. (a)	1		2
	Align Technology Inc. (a)	—		39
	Allergan Plc	1		178
	Allscripts Healthcare Solutions Inc. (a)	1		6
	AMAG Pharmaceuticals Inc. (a)	—		2
	AmerisourceBergen Corp.	1		48
	Amgen Inc.	1		157
	Anika Therapeutics Inc. (a)	—		1
	Anthem Inc.	1		285
	Assertio Therapeutics Inc. (a)	—		1
	Baxter International Inc.	1		85
	Becton Dickinson & Co.	1		97
	Biogen Inc. (a)	—		83
	Bristol-Myers Squibb Co.	3		148
	Cambrex Corp. (a)	—		1
	Cantel Medical Corp.	—		5
	Cardinal Health Inc.	1		57
	Catalent Inc. (a)	—		9
	Celgene Corp. (a)	2		135
	Centene Corp. (a)	2		85
	Charles River Laboratories International Inc. (a)	—		13
	Cigna Corp.	1		102
	Community Health Systems Inc. (a) (b)	1		2
	Computer Programs & Systems Inc.	—		—
	Cooper Cos. Inc.	—		33
	Covetrus Inc. (a) (b)	—		7
	Cross Country Healthcare Inc. (a)	—		1
	CVS Health Corp.	5		272
	Cytokinetics Inc. (a)	—		—
	Danaher Corp.	1		142
	Dentsply Sirona Inc.	1		43
	Diplomat Pharmacy Inc. (a)	—		1
	Emergent BioSolutions Inc. (a)	—		3
	Exelixis Inc. (a)	1		14
	Gilead Sciences Inc.	5		322
	HealthStream Inc.	—		1
	Henry Schein Inc. (a)	—		19
	Hologic Inc. (a)	1		22
	Incyte Corp. (a)	—		30
	Inogen Inc. (a)	—		2
	Invacare Corp.	—		1
	Iqvia Ltd. (a)	—		23
	Johnson & Johnson	4		593
	Laboratory Corp. of America Holdings (a)	1		58
	Lannett Co. Inc. (a) (b)	—		2
	Lantheus Holdings Inc. (a)	—		2
	LHC Group Inc. (a)	—		5
	Magellan Health Services Inc. (a)	—		7
	McKesson Corp.	1		87
	Medicines Co. (a) (b)	—		3
	Medidata Solutions Inc. (a)	—		7
	MEDNAX Inc. (a)	—		9
	Mettler-Toledo International Inc. (a)	—		25
	Momenta Pharmaceuticals Inc. (a)	—		1
	Mylan NV (a)	2		58
	Myriad Genetics Inc. (a)	—		5
	Natus Medical Inc. (a)	—		1
	Nektar Therapeutics (a)	1		23
	OraSure Technologies Inc. (a)	—		1
	Orthofix Medical Inc. (a)	—		1
	Owens & Minor Inc.	—		1
	Patterson Cos. Inc.	—		7
	PerkinElmer Inc.	—		19
	Perrigo Co. Plc	1		24
	Phibro Animal Health Corp. - Class A	—		1
	Prestige Consumer Healthcare Inc. (a)	—		7
	Providence Services Corp. (a)	—		2
	Quest Diagnostics Inc.	1		46
	Regeneron Pharmaceuticals Inc. (a)	—		52
	Select Medical Holdings Corp. (a)	1		6
	Stryker Corp.	1		98
	Syneos Health Inc. - Class A (a)	—		4
	Tenet Healthcare Corp. (a)	—		6
	United Therapeutics Corp. (a)	—		19

204

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
	UnitedHealth Group Inc.	4		921
	Universal Health Services Inc. - Class B	—		18
	Varex Imaging Corp. (a)	—		1
	Waters Corp. (a)	—		28
	Zoetis Inc. - Class A	1		85
			4,990
Industrials 11.1%
	3M Co.	1		228
	AAON Inc.	—		2
	AAR Corp.	—		2
	ABM Industries Inc.	—		9
	Actuant Corp. - Class A	—		2
	Acuity Brands Inc.	—		18
	AECOM (a)	1		18
	Aegion Corp. (a)	—		2
	AGCO Corp.	—		18
	Alamo Group Inc.	—		3
	Alarm.com Holdings Inc. (a)	—		4
	Alaska Air Group Inc.	1		27
	Allegion Plc	—		17
	American Airlines Group Inc.	2		49
	American Woodmark Corp. (a)	—		5
	AO Smith Corp.	1		29
	Apogee Enterprises Inc.	—		3
	Applied Industrial Technologies Inc.	—		3
	ArcBest Corp.	—		4
	Arconic Inc.	2		33
	Arcosa Inc.	—		6
	Astec Industries Inc.	—		4
	Atlas Air Worldwide Holdings Inc. (a)	—		6
	Avis Budget Group Inc. (a)	—		9
	AZZ Inc.	—		1
	Barnes Group Inc.	—		6
	Brady Corp. - Class A	—		2
	Briggs & Stratton Corp.	—		2
	Brink's Co.	—		7
	C.H. Robinson Worldwide Inc.	1		46
	Carlisle Cos. Inc.	—		10
	Caterpillar Inc.	2		303
	Chart Industries Inc. (a)	—		7
	CIRCOR International Inc. (a)	—		3
	Clean Harbors Inc. (a)	—		5
	Colfax Corp. (a)	1		12
	Comfort Systems USA Inc.	—		3
	Copart Inc. (a)	—		16
	Crane Co.	—		7
	Cubic Corp.	—		2
	Cummins Inc.	1		89
	Deere & Co.	1		197
	Delta Air Lines Inc.	3		125
	Deluxe Corp.	—		7
	Donaldson Co. Inc.	—		9
	Dover Corp.	1		52
	Dycom Industries Inc. (a)	—		5
	Eaton Corp. Plc	1		70
	Echo Global Logistics Inc. (a)	—		4
	EMCOR Group Inc.	—		17
	Emerson Electric Co.	3		164
	Encore Wire Corp.	—		5
	EnerSys Inc.	—		3
	EnPro Industries Inc.	—		6
	Equifax Inc.	—		21
	Federal Signal Corp.	—		2
	FedEx Corp.	1		92
	Flowserve Corp.	—		10
	Fluor Corp.	1		20
	Fortive Corp.	1		96
	Fortune Brands Home & Security Inc.	1		26
	Forward Air Corp.	—		2
	FTI Consulting Inc. (a)	—		5
	GATX Corp.	—		7
	General Dynamics Corp.	1		179
	General Electric Co.	34		338
	Genesee & Wyoming Inc. - Class A (a)	—		10
		Shares/Par¹		Value ($)
	Gibraltar Industries Inc. (a)	—		2
	Graco Inc.	—		12
	Granite Construction Inc.	—		7
	Greenbrier Cos. Inc.	—		5
	Griffon Corp.	—		3
	Harris Corp.	—		35
	Hawaiian Holdings Inc.	—		2
	Healthcare Services Group Inc.	—		5
	Heartland Express Inc.	—		2
	Heidrick & Struggles International Inc.	—		2
	Herman Miller Inc.	—		8
	Hillenbrand Inc.	—		6
	HNI Corp.	—		5
	Honeywell International Inc.	2		226
	HUB Group Inc. - Class A (a)	—		2
	Hubbell Inc.	—		10
	Huntington Ingalls Industries Inc.	—		34
	Illinois Tool Works Inc.	1		100
	Insteel Industries Inc.	—		1
	Interface Inc.	—		3
	Jacobs Engineering Group Inc.	1		35
	JB Hunt Transport Services Inc.	—		11
	JetBlue Airways Corp. (a)	1		19
	John Bean Technologies Corp.	—		6
	Johnson Controls International Plc	4		132
	Kaman Corp.	—		3
	Kansas City Southern	—		26
	KBR Inc.	—		7
	Kelly Services Inc. - Class A	—		2
	Kirby Corp. (a)	—		9
	Knight-Swift Transportation Holdings Inc. - Class A	1		16
	Korn Ferry	—		5
	L3 Technologies Inc.	—		26
	Landstar System Inc.	—		6
	Lincoln Electric Holdings Inc.	—		10
	Lindsay Corp.	—		2
	Lockheed Martin Corp.	1		115
	LSC Communications Inc.	—		—
	Lydall Inc. (a)	—		2
	Manpower Inc.	—		19
	Marten Transport Ltd.	—		2
	Masco Corp.	1		23
	MasTec Inc. (a)	—		11
	Matthews International Corp. - Class A	—		5
	Mercury Systems Inc. (a)	—		6
	Moog Inc. - Class A	—		11
	MSC Industrial Direct Co. - Class A	—		7
	Mueller Industries Inc.	—		7
	Multi-Color Corp.	—		4
	MYR Group Inc. (a)	—		3
	Navigant Consulting Inc.	—		1
	Nielsen Holdings Plc	2		33
	Nordson Corp.	—		16
	Norfolk Southern Corp.	—		59
	Northrop Grumman Systems Corp.	1		178
	NOW Inc. (a)	—		3
	nVent Electric Plc	1		17
	Old Dominion Freight Line Inc.	—		11
	Orion Group Holdings Inc. (a)	—		—
	Oshkosh Corp.	—		20
	PACCAR Inc.	1		90
	Parker Hannifin Corp.	1		86
	Patrick Industries Inc. (a)	—		3
	Pentair Plc	1		26
	PGT Innovations Inc. (a)	—		1
	Pitney Bowes Inc.	1		5
	Powell Industries Inc.	—		1
	Quanex Building Products Corp.	—		2
	Quanta Services Inc.	1		20
	Raytheon Co.	1		115
	Regal-Beloit Corp.	—		7
	Republic Services Inc.	1		38
	Resideo Technologies Inc. (a)	1		9
	Resources Connection Inc.	—		1
	Robert Half International Inc.	—		17

205

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
	Rockwell Automation Inc.	—		40
	RR Donnelley & Sons Co.	—		1
	Ryder System Inc.	—		13
	Saia Inc. (a)	—		6
	Simpson Manufacturing Co. Inc.	—		5
	SkyWest Inc.	—		11
	Snap-On Inc.	—		34
	Southwest Airlines Co.	2		100
	SPX Flow Technology USA Inc. (a)	—		6
	Standex International Corp.	—		3
	Stanley Black & Decker Inc.	1		80
	Stericycle Inc. (a)	—		19
	Team Inc. (a) (b)	—		2
	Teledyne Technologies Inc. (a)	—		17
	Tennant Co.	—		2
	Terex Corp.	—		8
	Tetra Tech Inc.	—		7
	Textron Inc.	1		47
	Timken Co.	—		11
	Titan International Inc.	—		—
	Toro Co.	—		10
	Trex Co. Inc. (a)	—		5
	Trinity Industries Inc.	1		11
	Triumph Group Inc.	—		2
	TrueBlue Inc. (a)	—		4
	United Continental Holdings Inc. (a)	1		69
	United Parcel Service Inc. - Class B	1		151
	United Rentals Inc. (a)	—		16
	United Technologies Corp.	2		212
	Universal Forest Products Inc.	—		7
	Valmont Industries Inc.	—		10
	Verisk Analytics Inc.	—		27
	Veritiv Corp. (a)	—		2
	Viad Corp.	—		5
	Wabash National Corp.	—		2
	Wabtec Corp.	—		21
	WageWorks Inc. (a)	—		2
	Watsco Inc.	—		17
	Watts Water Technologies Inc. - Class A	—		5
	Werner Enterprises Inc.	—		6
	XPO Logistics Inc. (a) (b)	—		14
			5,263
Information Technology 15.5%
	Accenture Plc - Class A	1		234
	ADTRAN Inc.	—		4
	Advanced Energy Industries Inc. (a)	—		5
	Amphenol Corp. - Class A	1		68
	Analog Devices Inc.	1		69
	Anixter International Inc. (a)	—		7
	Apple Inc.	17		3,299
	Applied Materials Inc.	4		145
	Applied Optoelectronics Inc. (a) (b)	—		1
	Arlo Technologies Inc. (a)	—		1
	ARRIS International Plc (a)	1		19
	Arrow Electronics Inc. (a)	—		26
	Avnet Inc.	1		17
	Axcelis Technologies Inc. (a)	—		1
	Badger Meter Inc.	—		4
	Bel Fuse Inc. - Class B	—		2
	Belden Inc.	—		8
	Benchmark Electronics Inc.	—		4
	Blackbaud Inc.	—		6
	CACI International Inc. - Class A (a)	—		18
	Cadence Design Systems Inc. (a)	1		29
	CDK Global Inc.	—		18
	CEVA Inc. (a)	—		2
	Cirrus Logic Inc. (a)	—		10
	Cognex Corp.	—		17
	Cognizant Technology Solutions Corp. - Class A	2		162
	Coherent Inc. (a)	—		13
	Cohu Inc.	—		1
	Comtech Telecommunications Corp.	—		2
	Control4 Corp. (a)	—		2
	Corning Inc.	3		101
		Shares/Par¹		Value ($)
	Cray Inc. (a)	—		1
	CSG Systems International Inc.	—		2
	Daktronics Inc.	—		1
	Diebold Nixdorf Inc. (a)	—		1
	Digi International Inc. (a)	—		1
	Diodes Inc. (a)	—		2
	DSP Group Inc. (a)	—		—
	DXC Technology Co.	1		67
	Ebix Inc. (b)	—		1
	Electronics for Imaging Inc. (a)	—		5
	ePlus Inc. (a)	—		3
	EVERTEC Inc.	—		2
	ExlService Holdings Inc. (a)	—		6
	Extreme Networks (a)	—		1
	Fabrinet (a)	—		2
	FARO Technologies Inc. (a)	—		1
	Finisar Corp. (a)	1		10
	First Solar Inc. (a)	—		16
	FleetCor Technologies Inc. (a)	—		34
	FLIR Systems Inc.	1		25
	FormFactor Inc. (a)	—		6
	Hewlett Packard Enterprise Co.	5		82
	HP Inc.	6		115
	Ichor Holdings Ltd. (a) (b)	—		1
	II-VI Inc. (a)	—		9
	Insight Enterprises Inc. (a)	—		8
	Intel Corp.	6		308
	InterDigital Inc.	—		3
	International Business Machines Corp.	4		488
	IPG Photonics Corp. (a)	—		20
	Itron Inc. (a)	—		6
	Jabil Inc.	1		15
	Jack Henry & Associates Inc.	—		22
	Juniper Networks Inc.	1		35
	KLA-Tencor Corp.	—		35
	Knowles Corp. (a)	—		2
	Kopin Corp. (a) (b)	—		—
	Kulicke & Soffa Industries Inc.	—		6
	Lam Research Corp.	1		105
	LivePerson Inc. (a)	—		2
	LogMeIn Inc.	—		16
	Lumentum Holdings Inc. (a)	—		8
	Manhattan Associates Inc. (a)	—		4
	Mantech International Corp. - Class A	—		5
	Maxim Integrated Products Inc.	1		22
	MaxLinear Inc. - Class A (a)	—		2
	Methode Electronics Inc.	—		5
	Microchip Technology Inc. (b)	1		38
	Micron Technology Inc. (a)	4		180
	MicroStrategy Inc. - Class A (a)	—		1
	MKS Instruments Inc.	—		20
	Monotype Imaging Holdings Inc.	—		1
	MTS Systems Corp.	—		2
	NCR Corp. (a)	1		13
	NetGear Inc. (a)	—		5
	NetScout Systems Inc. (a)	—		8
	NIC Inc.	—		2
	Nvidia Corp.	1		199
	OneSpan Inc. (a)	—		1
	Oracle Corp.	5		266
	OSI Systems Inc. (a)	—		3
	Park Electrochemical Corp.	—		—
	Paychex Inc.	1		38
	PDF Solutions Inc. (a)	—		—
	Perspecta Inc.	1		10
	Photronics Inc. (a)	—		3
	Plantronics Inc.	—		2
	Plexus Corp. (a)	—		7
	Power Integrations Inc.	—		2
	Progress Software Corp.	—		2
	Qorvo Inc. (a)	1		35
	QUALCOMM Inc.	2		129
	Qualys Inc. (a)	—		5
	Rambus Inc. (a)	1		5
	Rogers Corp. (a)	—		5

206

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
	Rudolph Technologies Inc. (a)	—		1
	Sanmina Corp. (a)	—		8
	ScanSource Inc. (a)	—		3
	Science Applications International Corp.	—		16
	Seagate Technology	—		17
	Skyworks Solutions Inc.	—		21
	SolarEdge Technologies Inc. (a) (b)	—		2
	Sykes Enterprises Inc. (a)	—		4
	Symantec Corp.	3		57
	Synaptics Inc. (a)	—		2
	SYNNEX Corp.	—		16
	Synopsys Inc. (a)	—		29
	TE Connectivity Ltd.	1		105
	Tech Data Corp. (a)	—		14
	Teradyne Inc.	—		10
	Texas Instruments Inc.	1		131
	TiVo Corp.	1		5
	Total System Services Inc.	—		19
	Travelport Worldwide Ltd.	—		3
	TTEC Holdings Inc.	—		1
	TTM Technologies Inc. (a)	1		5
	Ultra Clean Holdings Inc. (a)	—		1
	Universal Display Corp. (b)	—		9
	Veeco Instruments Inc. (a)	—		2
	Versum Materials Inc.	—		7
	ViaSat Inc. (a) (b)	—		9
	Vishay Intertechnology Inc.	1		9
	Western Digital Corp.	1		53
	Western Union Co.	1		19
	Xerox Corp.	1		25
	Xperi Corp.	—		4
			7,395
Materials 3.8%
	AdvanSix Inc. (a)	—		4
	AK Steel Holding Corp. (a) (b)	1		1
	Albemarle Corp.	1		34
	American Vanguard Corp.	—		1
	AptarGroup Inc.	—		12
	Ashland Global Holdings Inc.	—		18
	Avery Dennison Corp.	—		20
	Balchem Corp.	—		6
	Ball Corp.	1		24
	Bemis Co. Inc.	—		10
	Boise Cascade Co.	—		5
	Cabot Corp.	—		4
	Carpenter Technology Corp.	—		8
	Celanese Corp. - Class A	—		24
	Century Aluminum Co. (a)	—		1
	CF Industries Holdings Inc.	1		20
	Clearwater Paper Corp. (a)	—		1
	Commercial Metals Co.	1		8
	Compass Minerals International Inc.	—		7
	Domtar Corp.	—		11
	DowDuPont Inc.	9		467
	Eagle Materials Inc.	—		8
	Eastman Chemical Co.	—		19
	Ferro Corp. (a)	—		4
	FMC Corp.	—		23
	Freeport-McMoRan Inc. - Class B	3		39
	FutureFuel Corp.	—		1
	Greif Inc. - Class A	—		2
	Haynes International Inc.	—		2
	HB Fuller Co.	—		9
	Ingevity Corp. (a)	—		8
	Innophos Holdings Inc.	—		1
	International Flavors & Fragrances Inc.	1		51
	International Paper Co.	2		72
	Koppers Holdings Inc. (a)	—		2
	Kraton Corp. (a)	—		5
	Linde Plc	1		124
	Livent Corp. (a)	1		8
	Louisiana-Pacific Corp.	—		7
	LSB Industries Inc. (a)	—		—
	LyondellBasell Industries NV - Class A	1		99
		Shares/Par¹		Value ($)
	Martin Marietta Materials Inc.	—		21
	Materion Corp.	—		1
	Mercer International Inc.	—		2
	Minerals Technologies Inc.	—		8
	Mosaic Co.	1		19
	Myers Industries Inc.	—		3
	Neenah Inc.	—		5
	NewMarket Corp.	—		4
	Newmont Mining Corp.	2		74
	Nucor Corp.	1		69
	Olin Corp.	1		15
	Olympic Steel Inc.	—		—
	Owens-Illinois Inc.	1		11
	P.H. Glatfelter Co.	—		2
	Packaging Corp. of America	—		36
	PolyOne Corp.	—		9
	PPG Industries Inc.	1		55
	Rayonier Advanced Materials Inc.	—		2
	Reliance Steel & Aluminum Co.	—		23
	Royal Gold Inc.	—		8
	Schweitzer-Mauduit International Inc.	—		5
	Scotts Miracle-Gro Co. - Class A	—		4
	Sealed Air Corp.	1		28
	Sensient Technologies Corp.	—		7
	Sherwin-Williams Co.	—		53
	Silgan Holdings Inc.	—		8
	Sonoco Products Co.	1		25
	Steel Dynamics Inc.	1		30
	Stepan Co.	—		7
	TimkenSteel Corp. (a)	—		2
	Tredegar Corp.	—		2
	United States Steel Corp.	1		14
	US Concrete Inc. (a)	—		2
	Valvoline Inc.	1		8
	Vulcan Materials Co.	—		31
	WestRock Co.	1		37
	Worthington Industries Inc.	—		5
			1,805
Real Estate 3.5%
	Acadia Realty Trust	—		3
	Alexander & Baldwin Inc.	—		8
	Alexandria Real Estate Equities Inc.	1		63
	American Assets Trust Inc.	—		2
	Apollo Commercial Real Estate Finance Inc.	1		8
	ARMOUR Residential REIT Inc.	—		1
	AvalonBay Communities Inc.	—		34
	Boston Properties Inc.	—		37
	Brixmor Property Group Inc.	1		11
	Camden Property Trust	—		16
	Capstead Mortgage Corp.	1		4
	CBL & Associates Properties Inc. (b)	1		1
	CBRE Group Inc. - Class A (a)	1		60
	Cedar Realty Trust Inc.	—		1
	Chatham Lodging Trust	—		3
	Chesapeake Lodging Trust	—		7
	CoreCivic Inc.	—		4
	Coresite Realty Corp.	—		6
	Corporate Office Properties Trust	1		11
	Cousins Properties Inc.	1		8
	Crown Castle International Corp.	1		122
	DiamondRock Hospitality Co.	—		3
	Digital Realty Trust Inc.	—		41
	Douglas Emmett Inc.	—		13
	Duke Realty Corp.	1		14
	EPR Properties	—		6
	Equinix Inc.	—		59
	Equity Residential Properties Inc.	1		35
	Essex Property Trust Inc.	—		20
	Extra Space Storage Inc.	—		17
	Federal Realty Investment Trust	—		20
	First Industrial Realty Trust Inc.	—		6
	Franklin Street Properties Corp.	—		2
	Geo Group Inc.	—		6
	Getty Realty Corp.	—		1

207

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Global Net Lease Inc.		—		5
	Healthcare Realty Trust Inc.		—		7
	Hersha Hospitality Trust		—		3
	HFF Inc. - Class A		—		5
	Highwoods Properties Inc.		—		9
	Hospitality Properties Trust		1		17
	Host Hotels & Resorts Inc.		2		30
	Independence Realty Trust Inc.		—		3
	Invesco Mortgage Capital Inc.		1		9
	Iron Mountain Inc.		1		39
	iStar Inc.		—		2
	JBG Smith Properties		—		4
	Jones Lang LaSalle Inc.		—		27
	Kilroy Realty Corp.		1		29
	Kimco Realty Corp.		2		31
	Kite Realty Group Trust		—		6
	Lamar Advertising Co. - Class A		—		10
	Lexington Realty Trust		1		7
	Liberty Property Trust		—		12
	LTC Properties Inc.		—		2
	Macerich Co.		1		17
	Mack-Cali Realty Corp.		—		2
	Mid-America Apartment Communities Inc.		—		21
	New York Mortgage Trust Inc.		—		2
	NorthStar Realty Europe Corp.		—		1
	Office Properties Income Trust		—		3
	Pebblebrook Hotel Trust		—		8
	Pennsylvania REIT (b)		—		1
	Pennymac Mortgage Investment Trust		—		6
	PotlatchDeltic Corp.		—		10
	ProLogis Inc.		3		176
	PS Business Parks Inc.		—		4
	Rayonier Inc.		—		7
	RE/MAX Holdings Inc. - Class A		—		2
	Realogy Holdings Corp. (b)		1		5
	Realty Income Corp.		—		24
	Regency Centers Corp.		—		23
	Retail Opportunity Investments Corp.		1		8
	RPT Realty		—		1
	Sabra Healthcare REIT Inc.		1		15
	Saul Centers Inc.		—		1
	SBA Communications Corp. (a)		—		37
	Senior Housing Properties Trust		1		10
	Simon Property Group Inc.		1		73
	SL Green Realty Corp.		—		30
	Summit Hotel Properties Inc.		1		6
	Tanger Factory Outlet Centers Inc.		—		5
	Taubman Centers Inc.		—		6
	UDR Inc.		1		21
	Universal Health Realty Income Trust		—		1
	Urban Edge Properties		—		4
	Ventas Inc.		2		88
	Vornado Realty Trust		—		23
	Washington REIT		—		5
	Weingarten Realty Investors		—		4
	Weyerhaeuser Co.		3		76
	Whitestone REIT		—		1
	Xenia Hotels & Resorts Inc.		1		10
				1,647
Utilities 4.9%
	AES Corp.		3		47
	Allete Inc.		—		17
	Alliant Energy Corp.		1		19
	American Electric Power Co. Inc.		2		160
	American States Water Co.		—		2
	American Water Works Co. Inc.		—		28
	Aqua America Inc.		1		15
	Atmos Energy Corp.		—		20
	Avista Corp.		—		6
	California Water Service Group		—		4
	CenterPoint Energy Inc.		2		61
			Shares/Par¹		Value ($)
	CMS Energy Corp.		1		27
	Consolidated Edison Inc.		1		106
	Dominion Energy Inc.		2		125
	DTE Energy Co.		1		88
	Duke Energy Corp.		3		255
	Edison International		1		79
	El Paso Electric Co.		—		4
	Entergy Corp.		1		70
	Evergy Inc.		1		58
	Eversource Energy		1		39
	Exelon Corp.		4		188
	FirstEnergy Corp.		2		82
	Hawaiian Electric Industries Inc.		—		9
	IDACORP Inc.		—		8
	MDU Resources Group Inc.		1		20
	New Jersey Resources Corp.		—		17
	NiSource Inc.		2		42
	Northwest Natural Holding Co.		—		2
	NorthWestern Corp.		—		5
	OGE Energy Corp.		—		14
	ONE Gas Inc.		—		9
	PNM Resources Inc.		—		15
	PPL Corp.		3		89
	Public Service Enterprise Group Inc.		2		117
	Sempra Energy		1		134
	South Jersey Industries Inc.		1		12
	Southern Co.		4		207
	Southwest Gas Corp.		—		17
	Spire Inc.		—		9
	WEC Energy Group Inc.		1		50
	Xcel Energy Inc.		1		61
				2,337
	Total Common Stocks (cost $46,207)			47,280
RIGHTS 0.0%
	A. Schulman Inc. (a) (d)		—		—
	Total Rights (cost $0)			—
INVESTMENT COMPANIES 0.2%
	iShares S&P 500 Value Index Fund		1		77
	iShares S&P Mid-Cap 400 Value ETF		—		6
	iShares S&P Small-Cap 600 Value ETF		—		3
	Total Investment Companies (cost $86)			86
SHORT TERM INVESTMENTS 0.5%
Investment Companies 0.3%
	JNL Government Money Market Fund - Institutional Class, 2.33% (c) (e)		165		165
Securities Lending Collateral 0.2%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.43% (c) (e)		79		79
Treasury Securities 0.0%
	U.S. Treasury Bill
		2.44%, 06/06/19 (f) (g)	7		7
	Total Short Term Investments (cost $251)			251
Total Investments 100.0% (cost $46,544)					47,617
Other Derivative Instruments 0.0%					1
Other Assets and Liabilities, Net 0.0%					18
Total Net Assets 100.0%					47,636

(a) Non-income producing security.

(b) All or a portion of the security was on loan.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2019.

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

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

208

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 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(%)
	Bank of New York Mellon Corp.	133	30	3	1	—	11	171	0.4

JNL/Mellon Capital 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 E-Mini Index

June 2019

140

209

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
JNL/Mellon Capital Small Cap Index Fund
COMMON STOCKS 99.1%
Communication Services 2.1%
	ATN International Inc.	35		1,948
	Care.com Inc. (a)	86		1,707
	Cincinnati Bell Inc. (a)	162		1,542
	Cogent Communications Group Inc.	135		7,311
	Consolidated Communications Holdings Inc. (b)	227		2,480
	EW Scripps Co. - Class A	181		3,809
	Frontier Communications Corp. (a) (b)	351		698
	Gannett Co. Inc.	374		3,947
	Iridium Communications Inc. (a)	316		8,354
	Marcus Corp.	69		2,782
	New Media Investment Group Inc.	178		1,871
	QuinStreet Inc. (a) (b)	120		1,608
	Scholastic Corp.	88		3,515
	Spok Holdings Inc.	60		810
	TechTarget Inc. (a)	71		1,163
	Vonage Holdings Corp. (a)	719		7,222
			50,767
Consumer Discretionary 13.8%
	Abercrombie & Fitch Co. - Class A	213		5,839
	American Axle & Manufacturing Holdings Inc. (a)	359		5,133
	American Public Education Inc. (a)	54		1,631
	Asbury Automotive Group Inc. (a)	63		4,399
	Ascena Retail Group Inc. (a) (b)	567		613
	Barnes & Noble Education Inc. (a)	126		531
	Barnes & Noble Inc.	183		993
	Belmond Ltd. - Class A (a)	291		7,267
	Big Lots Inc.	129		4,906
	BJ's Restaurants Inc.	69		3,274
	Buckle Inc. (b)	94		1,763
	Caleres Inc.	139		3,420
	Callaway Golf Co.	291		4,637
	Career Education Corp. (a)	231		3,809
	Cato Corp. - Class A	71		1,058
	Cavco Industries Inc. (a)	28		3,282
	Chico's FAS Inc.	412		1,759
	Childrens Place Retail Stores Inc. (b)	52		5,089
	Chuy's Holdings Inc. (a)	56		1,276
	Conn's Inc. (a) (b)	79		1,800
	Cooper Tire & Rubber Co.	162		4,854
	Cooper-Standard Holding Inc. (a)	54		2,524
	Core-Mark Holding Co. Inc.	148		5,511
	Crocs Inc. (a)	217		5,585
	Dave & Buster's Entertainment Inc.	126		6,287
	Dine Brands Global Inc.	58		5,294
	Dorman Products Inc. (a)	94		8,312
	DSW Inc. - Class A	219		4,856
	El Pollo Loco Holdings Inc. (a)	71		921
	Ethan Allen Interiors Inc.	77		1,481
	Express Inc. (a)	213		914
	Fiesta Restaurant Group Inc. (a)	77		1,011
	Fossil Group Inc. (a) (b)	144		1,982
	Fox Factory Holding Corp. (a)	123		8,564
	GameStop Corp. - Class A (b)	334		3,393
	Garrett Motion Inc. (a)	243		3,577
	Genesco Inc. (a)	66		3,008
	Gentherm Inc. (a)	109		4,032
	G-III Apparel Group Ltd. (a)	134		5,374
	Group 1 Automotive Inc.	57		3,665
	Guess Inc.	186		3,645
	Haverty Furniture Cos. Inc.	65		1,412
	Hibbett Sports Inc. (a)	63		1,427
	Installed Building Products Inc. (a)	70		3,397
	iRobot Corp. (a) (b)	90		10,571
	J.C. Penney Co. Inc. (a) (b)	990		1,475
	Kirkland's Inc. (a)	53		374
	La-Z-Boy Inc.	153		5,047
	LCI Industries	81		6,248
	LGI Homes Inc. (a) (b)	60		3,607
	Liquidity Services Inc. (a)	87		675
	Lithia Motors Inc. - Class A (b)	73		6,780
		Shares/Par¹		Value ($)
	Lumber Liquidators Holdings Inc. (a) (b)	93		944
	M/I Homes Inc. (a)	93		2,471
	MarineMax Inc. (a)	74		1,409
	MDC Holdings Inc.	160		4,662
	Meritage Homes Corp. (a)	117		5,214
	Monarch Casino & Resort Inc. (a)	38		1,689
	Monro Inc.	107		9,270
	Motorcar Parts of America Inc. (a) (b)	63		1,195
	Movado Group Inc.	52		1,885
	Nautilus Inc. (a)	102		567
	Office Depot Inc.	1,772		6,432
	Oxford Industries Inc. (b)	54		4,091
	PetMed Express Inc. (b)	68		1,560
	Red Robin Gourmet Burgers Inc. (a)	43		1,229
	Regis Corp. (a)	99		1,944
	Rent-A-Center Inc. (a)	146		3,050
	RH (a) (b)	61		6,252
	Ruth's Hospitality Group Inc.	94		2,393
	Shake Shack Inc. - Class A (a) (b)	85		5,014
	Shoe Carnival Inc. (b)	31		1,053
	Shutterfly Inc. (a)	110		4,453
	Shutterstock Inc.	61		2,856
	Sleep Number Corp. (a)	100		4,690
	Sonic Automotive Inc. - Class A	81		1,196
	Stamps.com Inc. (a)	53		4,318
	Standard Motor Products Inc.	65		3,195
	Steven Madden Ltd.	254		8,587
	Strategic Education Inc.	71		9,295
	Sturm Ruger & Co. Inc.	56		2,951
	Superior Industries International Inc.	78		373
	Tailored Brands Inc. (b)	164		1,286
	Tile Shop Holdings Inc.	119		674
	TopBuild Corp. (a)	113		7,312
	Unifi Inc. (a)	48		923
	Universal Electronics Inc. (a)	45		1,686
	Vera Bradley Inc. (a)	65		865
	Vista Outdoor Inc. (a)	190		1,522
	Vitamin Shoppe Inc. (a)	52		365
	William Lyon Homes - Class A (a) (b)	104		1,593
	Wingstop Inc.	95		7,212
	Winnebago Industries Inc.	96		2,984
	Wolverine World Wide Inc.	297		10,621
	Zumiez Inc. (a)	61		1,507
			331,070
Consumer Staples 3.5%
	Andersons Inc.	84		2,702
	Avon Products Inc. (a)	1,460		4,293
	B&G Foods Inc. (b)	214		5,214
	Calavo Growers Inc. (b)	51		4,296
	Cal-Maine Foods Inc.	98		4,367
	Central Garden & Pet Co. (a) (b)	32		820
	Central Garden & Pet Co. - Class A (a)	132		3,077
	Chefs' Warehouse Inc. (a)	76		2,345
	Coca-Cola Consolidated Inc.	15		4,257
	Darling Ingredients Inc. (a)	532		11,527
	Dean Foods Co.	302		916
	Inter Parfums Inc.	55		4,188
	J&J Snack Foods Corp.	49		7,773
	John B. Sanfilippo & Son Inc.	28		2,014
	Medifast Inc.	38		4,877
	MGP Ingredients Inc. (b)	42		3,213
	Seneca Foods Corp. - Class A (a)	23		563
	SpartanNash Co.	117		1,865
	United Natural Foods Inc. (a) (b)	166		2,191
	Universal Corp.	81		4,685
	WD-40 Co. (b)	45		7,610
			82,793
Energy 4.3%
	Archrock Inc.	422		4,126
	Bonanza Creek Energy Inc. (a)	61		1,393
	C&J Energy Services Inc. (a)	199		3,086
	CARBO Ceramics Inc. (a) (b)	72		252
	Carrizo Oil & Gas Inc. (a) (b)	272		3,396
	CONSOL Energy Inc. (a)	90		3,090

210

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
	Denbury Resources Inc. (a) (b)	1,515		3,106
	Diamond Offshore Drilling Inc. (a) (b)	207		2,170
	Dril-Quip Inc. (a)	119		5,446
	Era Group Inc. (a)	69		791
	Exterran Corp. (a)	99		1,674
	Geospace Technologies Corp. (a)	43		558
	Green Plains Renewable Energy Inc.	127		2,111
	Gulf Island Fabrication Inc. (a)	39		360
	Gulfport Energy Corp. (a)	483		3,871
	Helix Energy Solutions Group Inc. (a)	452		3,578
	HighPoint Resources Corp. (a)	355		784
	KLX Energy Services Holdings Inc. (a)	73		1,842
	Laredo Petroleum Holdings Inc. (a)	482		1,489
	Matrix Service Co. (a)	88		1,724
	Nabors Industries Ltd. (b)	1,073		3,693
	Newpark Resources Inc. (a)	297		2,717
	Noble Corp. Plc (a)	818		2,348
	Oil States International Inc. (a)	197		3,335
	Par Pacific Holdings Inc. (a)	93		1,661
	PDC Energy Inc. (a) (b)	214		8,704
	Penn Virginia Corp. (a)	42		1,866
	Pioneer Energy Services Corp. (a)	255		451
	ProPetro Holding Corp. (a)	237		5,338
	Renewable Energy Group Inc. (a) (b)	120		2,640
	REX Stores Corp. (a)	19		1,530
	Ring Energy Inc. (a)	195		1,146
	SEACOR Holdings Inc. (a)	56		2,363
	SRC Energy Inc. (a)	778		3,984
	Superior Energy Services Inc. (a)	507		2,370
	Tetra Technologies Inc. (a)	417		975
	Unit Corp. (a)	177		2,516
	US Silica Holdings Inc. (b)	239		4,142
	Whiting Petroleum Corp. (a)	294		7,677
			104,303
Financials 15.7%
	Ambac Financial Group Inc. (a)	143		2,599
	American Equity Investment Life Holding Co.	295		7,963
	Ameris Bancorp	131		4,492
	Amerisafe Inc.	61		3,646
	Axos Financial Inc. (a)	175		5,069
	Banc of California Inc.	142		1,960
	Banner Corp.	101		5,487
	Berkshire Hills Bancorp Inc.	131		3,555
	Blucora Inc. (a)	156		5,192
	Boston Private Financial Holdings Inc.	267		2,930
	Brookline Bancorp Inc.	257		3,706
	Central Pacific Financial Corp.	95		2,732
	City Holdings Co.	53		4,040
	Columbia Banking System Inc.	239		7,803
	Community Bank System Inc.	167		9,983
	Customers Bancorp Inc. (a)	92		1,683
	CVB Financial Corp.	329		6,924
	Dime Community Bancshares Inc.	102		1,914
	Donnelley Financial Solutions Inc. (a)	113		1,675
	Eagle Bancorp Inc. (a)	101		5,080
	eHealth Inc. (a)	59		3,707
	Employer Holdings Inc.	105		4,203
	Encore Capital Group Inc. (a) (b)	84		2,285
	Enova International Inc. (a)	113		2,568
	EzCorp Inc. - Class A (a) (b)	172		1,606
	Fidelity Southern Corp.	73		2,005
	First Bancorp Inc.	708		8,111
	First Commonwealth Financial Corp.	318		4,010
	First Financial Bancorp	321		7,713
	First Midwest Bancorp Inc.	348		7,124
	FirstCash Inc.	142		12,316
	Flagstar Bancorp Inc.	96		3,166
	Franklin Financial Network Inc.	40		1,148
	Glacier Bancorp Inc.	272		10,899
	Granite Point Mortgage Trust Inc.	165		3,068
	Great Western Bancorp Inc.	185		5,858
	Greenhill & Co. Inc.	55		1,182
	Hanmi Financial Corp.	103		2,190
	HCI Group Inc. (b)	24		1,029
		Shares/Par¹		Value ($)
	Heritage Financial Corp.	107		3,212
	HomeStreet Inc. (a)	89		2,333
	Hope Bancorp Inc.	393		5,135
	Horace Mann Educators Corp.	131		4,628
	Independent Bank Corp.	111		8,988
	INTL FCStone Inc. (a)	52		2,017
	James River Group Holdings Ltd.	96		3,839
	LegacyTexas Financial Group Inc.	146		5,466
	Meta Financial Group Inc.	91		1,785
	National Bank Holdings Corp. - Class A	85		2,817
	Navigators Group Inc.	75		5,265
	NBT Bancorp Inc.	140		5,048
	NMI Holdings Inc. - Class A (a)	212		5,497
	Northfield Bancorp Inc.	155		2,154
	Northwest Bancshares Inc.	338		5,743
	OFG Bancorp	143		2,827
	Old National Bancorp	490		8,036
	Opus Bank	68		1,351
	Oritani Financial Corp.	123		2,040
	Pacific Premier Bancorp Inc.	144		3,811
	Piper Jaffray Cos.	48		3,480
	PRA Group Inc. (a)	148		3,964
	Preferred Bank	46		2,051
	ProAssurance Corp.	172		5,957
	Provident Financial Services Inc.	198		5,118
	RLI Corp.	128		9,152
	S&T Bancorp Inc.	111		4,400
	Safety Insurance Group Inc.	48		4,151
	Seacoast Banking Corp. of Florida (a)	164		4,316
	Selective Insurance Group Inc.	192		12,137
	ServisFirst Bancshares Inc.	149		5,014
	Simmons First National Corp. - Class A	301		7,367
	Southside Bancshares Inc.	103		3,420
	Stewart Information Services Corp.	76		3,263
	Third Point Reinsurance Ltd. (a)	238		2,473
	Tompkins Financial Corp.	40		3,006
	Triumph Bancorp Inc. (a) (b)	77		2,268
	TrustCo Bank Corp.	316		2,456
	United Community Banks Inc.	258		6,443
	United Fire Group Inc.	69		3,011
	United Insurance Holdings Corp.	69		1,092
	Universal Insurance Holdings Inc.	105		3,259
	Veritex Holdings Inc.	146		3,544
	Virtus Investment Partners Inc.	23		2,245
	Waddell & Reed Financial Inc. - Class A (b)	248		4,285
	Walker & Dunlop Inc.	90		4,606
	Westamerica Bancorp (b)	88		5,426
	WisdomTree Investments Inc. (b)	379		2,679
	World Acceptance Corp. (a)	21		2,513
			377,709
Health Care 11.2%
	Acorda Therapeutics Inc. (a)	130		1,722
	Addus HomeCare Corp. (a)	32		2,056
	Akorn Inc. (a)	308		1,086
	AMAG Pharmaceuticals Inc. (a)	109		1,409
	AMN Healthcare Services Inc. (a)	153		7,187
	Amphastar Pharmaceuticals Inc. (a)	111		2,261
	AngioDynamics Inc. (a)	122		2,779
	ANI Pharmaceuticals Inc. (a)	27		1,916
	Anika Therapeutics Inc. (a)	45		1,359
	Assertio Therapeutics Inc. (a)	211		1,069
	BioTelemetry Inc. (a)	109		6,811
	Cambrex Corp. (a)	109		4,243
	Cardiovascular Systems Inc. (a)	112		4,333
	Community Health Systems Inc. (a) (b)	381		1,423
	Computer Programs & Systems Inc.	37		1,090
	Conmed Corp.	84		6,982
	Corcept Therapeutics Inc. (a) (b)	340		3,995
	Corvel Corp. (a)	30		1,979
	Cross Country Healthcare Inc. (a)	120		844
	CryoLife Inc. (a)	111		3,224
	Cutera Inc. (a)	46		820
	Cytokinetics Inc. (a)	171		1,385
	Diplomat Pharmacy Inc. (a) (b)	180		1,046

211

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
	Eagle Pharmaceuticals Inc. (a)	35		1,754
	Emergent BioSolutions Inc. (a)	145		7,351
	Enanta Pharmaceuticals Inc. (a)	51		4,854
	Endo International Plc (a)	653		5,243
	Ensign Group Inc.	160		8,206
	HealthStream Inc.	85		2,391
	Heska Corp. (a)	22		1,850
	HMS Holdings Corp. (a)	278		8,221
	Innoviva Inc. (a)	216		3,033
	Integer Holdings Corp. (a)	96		7,249
	Invacare Corp.	109		915
	Lannett Co. Inc. (a) (b)	101		795
	Lantheus Holdings Inc. (a)	123		3,000
	LeMaitre Vascular Inc.	50		1,562
	LHC Group Inc. (a)	95		10,536
	Luminex Corp.	136		3,124
	Magellan Health Services Inc. (a)	78		5,127
	Medicines Co. (a) (b)	211		5,890
	Medpace Holdings Inc. (a)	85		5,006
	Meridian Bioscience Inc.	141		2,476
	Merit Medical Systems Inc. (a)	177		10,956
	Momenta Pharmaceuticals Inc. (a)	322		4,680
	Myriad Genetics Inc. (a)	238		7,891
	Natus Medical Inc. (a)	110		2,799
	Neogen Corp. (a)	169		9,726
	NeoGenomics Inc. (a)	309		6,312
	Nextgen Healthcare Inc. (a)	157		2,638
	Omnicell Inc. (a)	132		10,667
	OraSure Technologies Inc. (a)	203		2,260
	Orthofix Medical Inc. (a)	62		3,514
	Owens & Minor Inc.	204		837
	Phibro Animal Health Corp. - Class A	65		2,153
	Progenics Pharmaceuticals Inc. (a) (b)	264		1,227
	Providence Services Corp. (a)	35		2,338
	Regenxbio Inc. (a)	99		5,670
	Repligen Corp. (a)	127		7,496
	Select Medical Holdings Corp. (a)	351		4,951
	Spectrum Pharmaceuticals Inc. (a)	341		3,642
	Supernus Pharmaceuticals Inc. (a)	167		5,869
	SurModics Inc. (a)	44		1,911
	Tabula Rasa HealthCare Inc. (a) (b)	56		3,164
	Tactile Systems Technology Inc. (a)	56		2,947
	Tivity Health Inc. (a)	154		2,705
	US Physical Therapy Inc.	40		4,248
	Vanda Pharmaceuticals Inc. (a)	171		3,152
	Varex Imaging Corp. (a)	126		4,254
			267,609
Industrials 18.4%
	AAON Inc.	131		6,027
	AAR Corp.	104		3,376
	ABM Industries Inc. (b)	216		7,843
	Actuant Corp. - Class A	200		4,866
	Aegion Corp. (a)	101		1,780
	Aerojet Rocketdyne Holdings Inc. (a)	234		8,304
	Aerovironment Inc. (a)	68		4,662
	Alamo Group Inc.	32		3,174
	Alarm.com Holdings Inc. (a)	113		7,360
	Albany International Corp. - Class A	93		6,655
	Allegiant Travel Co.	41		5,329
	American Woodmark Corp. (a)	49		4,033
	Apogee Enterprises Inc.	90		3,382
	Applied Industrial Technologies Inc.	124		7,398
	ArcBest Corp.	81		2,505
	Arcosa Inc.	158		4,820
	Astec Industries Inc.	72		2,736
	Atlas Air Worldwide Holdings Inc. (a)	82		4,140
	Axon Enterprise Inc. (a)	190		10,319
	AZZ Inc.	83		3,412
	Barnes Group Inc.	152		7,799
	Brady Corp. - Class A	159		7,359
	Briggs & Stratton Corp.	134		1,583
	Chart Industries Inc. (a)	102		9,195
	CIRCOR International Inc. (a)	64		2,100
	Comfort Systems USA Inc.	120		6,290
		Shares/Par¹		Value ($)
	Cubic Corp.	92		5,160
	DXP Enterprises Inc. (a)	53		2,081
	Echo Global Logistics Inc. (a)	92		2,282
	Encore Wire Corp.	67		3,822
	EnPro Industries Inc.	67		4,287
	ESCO Technologies Inc.	84		5,617
	Exponent Inc.	167		9,641
	Federal Signal Corp.	193		5,019
	Forrester Research Inc.	34		1,620
	Forward Air Corp.	94		6,079
	Franklin Electric Co. Inc.	125		6,409
	FTI Consulting Inc. (a)	123		9,438
	Gibraltar Industries Inc. (a)	106		4,286
	Greenbrier Cos. Inc.	106		3,417
	Griffon Corp.	111		2,045
	Harsco Corp. (a)	258		5,207
	Hawaiian Holdings Inc. (b)	160		4,197
	Heartland Express Inc.	156		3,005
	Heidrick & Struggles International Inc.	62		2,376
	Hillenbrand Inc.	204		8,456
	HUB Group Inc. - Class A (a)	110		4,508
	Insteel Industries Inc.	60		1,258
	Interface Inc.	193		2,962
	John Bean Technologies Corp. (b)	102		9,335
	Kaman Corp.	90		5,254
	Kelly Services Inc. - Class A	101		2,235
	Korn Ferry	184		8,256
	Lindsay Corp. (b)	35		3,424
	LSC Communications Inc. (b)	106		694
	Lydall Inc. (a)	58		1,353
	Marten Transport Ltd.	122		2,179
	Matson Inc.	137		4,950
	Matthews International Corp. - Class A	105		3,886
	Mercury Systems Inc. (a)	158		10,107
	Mobile Mini Inc.	144		4,874
	Moog Inc. - Class A	104		9,083
	Mueller Industries Inc.	186		5,830
	Multi-Color Corp.	46		2,296
	MYR Group Inc. (a)	55		1,895
	National Presto Industries Inc. (b)	17		1,811
	Navigant Consulting Inc.	136		2,650
	Orion Group Holdings Inc. (a)	93		273
	Patrick Industries Inc. (a) (b)	72		3,280
	PGT Innovations Inc. (a)	189		2,618
	Powell Industries Inc.	28		749
	Proto Labs Inc. (a)	87		9,198
	Quanex Building Products Corp.	109		1,726
	Raven Industries Inc.	115		4,427
	Resources Connection Inc.	98		1,624
	RR Donnelley & Sons Co.	233		1,099
	Saia Inc. (a)	84		5,138
	Simpson Manufacturing Co. Inc.	131		7,770
	SkyWest Inc.	169		9,167
	SPX Corp. (a)	142		4,951
	SPX Flow Technology USA Inc. (a)	139		4,437
	Standex International Corp.	41		3,028
	Team Inc. (a) (b)	99		1,741
	Tennant Co.	59		3,694
	Tetra Tech Inc.	180		10,746
	Titan International Inc.	163		973
	Triumph Group Inc.	158		3,004
	TrueBlue Inc. (a)	129		3,053
	UniFirst Corp.	50		7,640
	Universal Forest Products Inc.	200		5,976
	US Ecology Inc.	71		3,964
	Veritiv Corp. (a)	42		1,115
	Viad Corp.	65		3,679
	Vicor Corp. (a) (b)	53		1,632
	Wabash National Corp.	180		2,433
	WageWorks Inc. (a)	127		4,813
	Watts Water Technologies Inc. - Class A	90		7,260
			440,939
Information Technology 14.5%
	3D Systems Corp. (a) (b)	365		3,924

212

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
	8x8 Inc. (a) (b)	307		6,207
	ADTRAN Inc.	154		2,115
	Advanced Energy Industries Inc. (a)	125		6,202
	Agilysys Inc. (a)	57		1,205
	Anixter International Inc. (a)	92		5,174
	Applied Optoelectronics Inc. (a) (b)	62		757
	Arlo Technologies Inc. (a)	240		993
	Axcelis Technologies Inc. (a)	104		2,097
	Badger Meter Inc.	94		5,248
	Bel Fuse Inc. - Class B	35		879
	Benchmark Electronics Inc.	133		3,480
	Bottomline Technologies Inc. (a)	121		6,071
	Brooks Automation Inc.	231		6,789
	Cabot Microelectronics Corp.	94		10,490
	CalAmp Corp. (a)	109		1,369
	Cardtronics Plc - Class A (a)	123		4,367
	CEVA Inc. (a)	69		1,855
	Cohu Inc.	134		1,981
	Comtech Telecommunications Corp.	78		1,822
	Control4 Corp. (a)	84		1,419
	Cray Inc. (a)	135		3,506
	CSG Systems International Inc.	107		4,532
	CTS Corp.	105		3,082
	Daktronics Inc.	133		989
	Diebold Nixdorf Inc. (a)	242		2,676
	Digi International Inc. (a)	90		1,139
	Diodes Inc. (a)	132		4,587
	DSP Group Inc. (a)	64		904
	Ebix Inc. (b)	71		3,529
	Electronics for Imaging Inc. (a)	141		3,781
	ePlus Inc. (a)	45		3,987
	EVERTEC Inc.	195		5,431
	ExlService Holdings Inc. (a)	111		6,676
	Extreme Networks (a)	373		2,797
	Fabrinet (a)	120		6,258
	FARO Technologies Inc. (a)	56		2,454
	Finisar Corp. (a)	382		8,856
	FormFactor Inc. (a)	241		3,884
	Harmonic Inc. (a) (b)	279		1,513
	Ichor Holdings Ltd. (a) (b)	72		1,617
	II-VI Inc. (a)	195		7,251
	Insight Enterprises Inc. (a)	116		6,400
	Itron Inc. (a)	110		5,108
	Kemet Corp.	185		3,132
	Knowles Corp. (a)	288		5,078
	Kopin Corp. (a) (b)	203		271
	Kulicke & Soffa Industries Inc.	214		4,738
	LivePerson Inc. (a)	190		5,500
	Mantech International Corp. - Class A	87		4,682
	MaxLinear Inc. - Class A (a)	205		5,229
	Methode Electronics Inc.	117		3,379
	MicroStrategy Inc. - Class A (a)	27		3,862
	Monotype Imaging Holdings Inc.	138		2,751
	MTS Systems Corp.	59		3,220
	Nanometrics Inc. (a)	80		2,459
	NetGear Inc. (a)	102		3,376
	NIC Inc.	211		3,611
	OneSpan Inc. (a)	100		1,929
	OSI Systems Inc. (a)	55		4,835
	Park Electrochemical Corp.	63		990
	PDF Solutions Inc. (a)	90		1,115
	Perficient Inc. (a)	106		2,914
	Photronics Inc. (a)	218		2,058
	Plexus Corp. (a)	100		6,114
	Power Integrations Inc.	94		6,569
	Progress Software Corp.	147		6,540
	Qualys Inc. (a)	110		9,131
	Rambus Inc. (a)	352		3,678
	Rogers Corp. (a)	60		9,482
	Rudolph Technologies Inc. (a)	105		2,396
	Sanmina Corp. (a)	223		6,429
	ScanSource Inc. (a)	81		2,913
	Semtech Corp. (a)	214		10,899
	SMART Global Holdings Inc. (a)	40		776
	SolarEdge Technologies Inc. (a) (b)	144		5,409
		Shares/Par¹		Value ($)
	SPS Commerce Inc. (a)	57		6,086
	Sykes Enterprises Inc. (a)	128		3,613
	TiVo Corp.	409		3,808
	Travelport Worldwide Ltd.	424		6,671
	TTEC Holdings Inc.	43		1,565
	TTM Technologies Inc. (a)	304		3,570
	Ultra Clean Holdings Inc. (a) (b)	126		1,306
	Unisys Corp. (a) (b)	168		1,961
	Veeco Instruments Inc. (a)	161		1,741
	Viavi Solutions Inc. (a)	743		9,195
	Virtusa Corp. (a)	88		4,710
	Xperi Corp.	156		3,647
			348,739
Materials 4.4%
	AdvanSix Inc. (a)	96		2,729
	AK Steel Holding Corp. (a) (b)	1,001		2,752
	American Vanguard Corp.	87		1,505
	Balchem Corp.	104		9,690
	Boise Cascade Co.	128		3,432
	Century Aluminum Co. (a)	166		1,473
	Clearwater Paper Corp. (a)	53		1,027
	Ferro Corp. (a)	270		5,115
	FutureFuel Corp.	85		1,139
	Hawkins Inc.	32		1,170
	Haynes International Inc.	42		1,363
	HB Fuller Co.	166		8,057
	Innophos Holdings Inc.	65		1,958
	Innospec Inc.	80		6,644
	Kaiser Aluminum Corp.	52		5,420
	Koppers Holdings Inc. (a)	69		1,797
	Kraton Corp. (a)	105		3,393
	Livent Corp. (a)	472		5,799
	LSB Industries Inc. (a) (b)	67		415
	Materion Corp.	64		3,667
	Mercer International Inc. (b)	140		1,886
	Myers Industries Inc.	112		1,923
	Neenah Inc. (b)	55		3,549
	Olympic Steel Inc.	30		481
	P.H. Glatfelter Co.	145		2,051
	Quaker Chemical Corp.	43		8,588
	Rayonier Advanced Materials Inc. (b)	168		2,275
	Schweitzer-Mauduit International Inc.	100		3,869
	Stepan Co.	66		5,748
	SunCoke Energy Inc. (a)	214		1,816
	TimkenSteel Corp. (a)	130		1,413
	Tredegar Corp.	84		1,362
	US Concrete Inc. (a) (b)	51		2,114
			105,620
Real Estate 9.1%
	Acadia Realty Trust (b)	262		7,139
	Agree Realty Corp.	122		8,446
	American Assets Trust Inc.	124		5,667
	Apollo Commercial Real Estate Finance Inc.	362		6,595
	Armada Hoffler Properties Inc.	163		2,537
	ARMOUR Residential REIT Inc.	190		3,705
	Capstead Mortgage Corp.	290		2,495
	CareTrust REIT Inc.	290		6,796
	CBL & Associates Properties Inc. (b)	548		849
	Cedar Realty Trust Inc.	296		1,005
	Chatham Lodging Trust	153		2,934
	Chesapeake Lodging Trust	194		5,399
	Community Healthcare Trust Inc.	57		2,031
	DiamondRock Hospitality Co.	654		7,086
	Easterly Government Properties Inc.	198		3,565
	EastGroup Properties Inc.	118		13,178
	Four Corners Property Trust Inc.	222		6,557
	Franklin Street Properties Corp.	339		2,438
	Getty Realty Corp.	110		3,512
	Global Net Lease Inc.	270		5,107
	Hersha Hospitality Trust	119		2,036
	HFF Inc. - Class A	127		6,047
	Independence Realty Trust Inc.	283		3,056
	Innovative Industrial Properties Inc. (b)	32		2,582
	Invesco Mortgage Capital Inc.	416		6,578

213

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	iStar Inc.		224		1,887
	Kite Realty Group Trust		269		4,295
	Lexington Realty Trust		683		6,185
	LTC Properties Inc.		128		5,845
	Marcus & Millichap Inc. (a)		70		2,834
	National Storage Affiliates Trust		183		5,228
	New York Mortgage Trust Inc. (b)		600		3,655
	NorthStar Realty Europe Corp. (b)		161		2,795
	Office Properties Income Trust		155		4,294
	Pennsylvania REIT (b)		206		1,295
	Pennymac Mortgage Investment Trust		218		4,511
	PS Business Parks Inc.		64		10,112
	RE/MAX Holdings Inc. - Class A		59		2,268
	Redwood Trust Inc.		312		5,041
	Retail Opportunity Investments Corp.		370		6,409
	RPT Realty		258		3,104
	Saul Centers Inc.		38		1,935
	Summit Hotel Properties Inc.		334		3,807
	Universal Health Realty Income Trust		40		3,034
	Urstadt Biddle Properties Inc. - Class A		99		2,047
	Washington Prime Group Inc. (b)		592		3,344
	Washington REIT		261		7,394
	Whitestone REIT		130		1,561
	Xenia Hotels & Resorts Inc.		364		7,972
				218,192
Utilities 2.1%
	American States Water Co.		120		8,539
	Avista Corp.		213		8,646
	California Water Service Group		157		8,498
	El Paso Electric Co.		133		7,808
	Northwest Natural Holding Co.		93		6,124
	South Jersey Industries Inc.		299		9,598
				49,213
	Total Common Stocks (cost $2,157,708)			2,376,954
			Shares/Par¹		Value ($)
RIGHTS 0.0%
	A. Schulman Inc. (a) (c)		93		40
	Total Rights (cost $0)			40
INVESTMENT COMPANIES 0.5%
	iShares S&P SmallCap 600 Index ETF (b)		163		12,555
	Total Investment Companies (cost $12,584)			12,555
SHORT TERM INVESTMENTS 2.5%
Investment Companies 0.4%
	JNL Government Money Market Fund - Institutional Class, 2.33% (d) (e)		9,184		9,184
Securities Lending Collateral 2.1%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.43% (d) (e)		49,741		49,741
Treasury Securities 0.0%
	U.S. Treasury Bill
		2.44%, 06/06/19 (f) (g)	560		558
	Total Short Term Investments (cost $59,483)			59,483
Total Investments 102.1% (cost $2,229,775)					2,449,032
Other Derivative Instruments 0.0%					25
Other Assets and Liabilities, Net (2.1)%					(50,298)
Total Net Assets 100.0%					2,398,759

(a) Non-income producing security.

(b) All or a portion of the security was on loan.

(d) Investment in affiliate.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 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 Capital Small Cap Index Fund — Futures Contracts

Reference Entity

Contracts¹

Expiration

Notional¹

Variation

Margin

Receivable

(Payable) ($)

Unrealized

Appreciation

(Depreciation) ($)

Long Contracts

E-Mini Russell 2000 Index

141

June 2019

10,953

(69)

214

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
JNL/Mellon Capital International Index Fund
COMMON STOCKS 98.3%
Australia 7.2%
	AGL Energy Ltd.	82		1,263
	Alumina Ltd.	315		542
	Amcor Ltd.	145		1,579
	AMP Ltd.	361		538
	APA Group	147		1,041
	Aristocrat Leisure Ltd.	72		1,249
	ASX Ltd.	24		1,174
	Aurizon Holdings Ltd.	238		767
	AusNet Services	213		268
	Australia & New Zealand Banking Group Ltd.	356		6,583
	Bank of Queensland Ltd.	48		311
	Bendigo and Adelaide Bank Ltd.	59		405
	BHP Group Plc	262		6,298
	BHP Group Plc	365		9,988
	BlueScope Steel Ltd.	64		635
	Boral Ltd.	144		469
	Brambles Ltd.	199		1,658
	Caltex Australia Ltd.	32		599
	Challenger Financial Services Group Ltd.	67		395
	CIMIC Group Ltd.	12		410
	Coca-Cola Amatil Ltd.	60		371
	Cochlear Ltd.	7		883
	Coles Group Ltd. (a)	142		1,189
	Commonwealth Bank of Australia (b)	220		11,039
	Computershare Ltd.	57		689
	Crown Resorts Ltd. (b)	46		377
	CSL Ltd.	56		7,815
	Dexus	129		1,165
	Domino's Pizza Enterprises Ltd. (b)	8		244
	Flight Centre Ltd.	7		198
	Fortescue Metals Group Ltd.	193		975
	Goodman Group	202		1,917
	GPT Group	227		1,001
	Harvey Norman Holdings Ltd. (b)	81		231
	Incitec Pivot Ltd.	200		442
	Insurance Australia Group Ltd.	289		1,571
	LendLease Corp. Ltd.	70		613
	Macquarie Group Ltd.	40		3,657
	Medibank Private Ltd.	340		665
	Mirvac Group	458		893
	National Australia Bank Ltd.	338		6,060
	Newcrest Mining Ltd.	96		1,730
	Oil Search Ltd.	171		949
	Orica Ltd.	46		578
	Origin Energy Ltd.	220		1,118
	QBE Insurance Group Ltd.	162		1,414
	Ramsay Health Care Ltd.	17		795
	REA Group Ltd.	7		370
	Rio Tinto Ltd.	46		3,217
	Santos Ltd.	220		1,065
	Scentre Group	666		1,941
	Seek Ltd. (b)	43		534
	Sonic Health Care Ltd.	50		879
	South32 Ltd.	621		1,639
	Stockland	289		790
	Suncorp Group Ltd.	162		1,583
	Sydney Airport	132		694
	Tabcorp Holdings Ltd.	232		762
	Telstra Corp. Ltd.	510		1,202
	TPG Telecom Ltd.	45		221
	Transurban Group	325		3,052
	Treasury Wine Estates Ltd.	90		950
	Vicinity Centres	406		750
	Washington H Soul Pattinson & Co. Ltd.	12		224
	Wesfarmers Ltd.	140		3,435
	Westpac Banking Corp. (b)	426		7,832
	Woodside Petroleum Ltd.	117		2,878
	Woolworths Group Ltd.	163		3,528
	WorleyParsons Ltd.	36		358
			122,655
		Shares/Par¹		Value ($)
Austria 0.2%
	Andritz AG (b)	9		389
	Erste Group Bank AG	38		1,383
	OMV AG	18		995
	Raiffeisen International Bank Holding AG	18		412
	Verbund AG	8		362
	Voestalpine AG	14		421
			3,962
Belgium 1.0%
	AGEAS	22		1,080
	Anheuser-Busch InBev NV	95		7,975
	Belgacom SA	18		524
	Colruyt SA	7		526
	Groupe Bruxelles Lambert SA	10		955
	KBC Groep NV	31		2,199
	Solvay SA	9		1,002
	Telenet Group Holding NV	6		309
	UCB SA	15		1,328
	Umicore SA (b)	26		1,164
			17,062
China 0.0%
	BeiGene Ltd. - ADR (a)	4		478
Denmark 1.8%
	A P Moller - Maersk A/S - Class A	—		564
	A P Moller - Maersk A/S - Class B	1		1,015
	Carlsberg A/S - Class B	13		1,670
	Chr Hansen Holding A/S	12		1,247
	Coloplast A/S - Class B	15		1,628
	Danske Bank A/S	90		1,585
	DSV A/S (b)	23		1,907
	Genmab A/S (a)	8		1,356
	H Lundbeck A/S (b)	8		361
	ISS A/S	21		627
	Novo Nordisk A/S - Class B	225		11,801
	Novozymes A/S - Class B (b)	27		1,234
	Orsted A/S (b)	24		1,791
	Pandora A/S	13		626
	Tryg A/S	15		408
	Vestas Wind Systems A/S	25		2,071
	William Demant Holding A/S (a)	13		379
			30,270
Finland 1.0%
	Elisa Oyj	18		790
	Fortum Oyj	54		1,111
	Kone Oyj - Class B	42		2,135
	Metso Oyj	14		477
	Neste Oil Oyj	16		1,706
	Nokia Oyj	697		3,967
	Nokian Renkaat Oyj	15		517
	Orion Oyj - Class B	14		517
	Sampo Oyj - Class A	55		2,518
	Stora Enso Oyj - Class R	68		826
	UPM-Kymmene Oyj	67		1,952
	Wartsila Oyj	54		870
			17,386
France 10.2%
	Accor SA	23		950
	Aeroports de Paris	4		698
	Air Liquide	53		6,736
	Alstom SA	19		822
	Amundi SA	8		475
	Arkema SA	9		811
	AtoS SE	12		1,143
	AXA SA	240		6,052
	BioMerieux	5		406
	BNP Paribas SA	140		6,701
	Bollore SA	116		526
	Bouygues SA	27		953
	Bureau Veritas SA	33		773
	Capgemini SA	20		2,431
	Carrefour SA	72		1,356
	Casino Guichard Perrachon SA (b)	7		283
	Cie de Saint-Gobain	62		2,266

215

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
	Cie Generale d'Optique Essilor International SA	36		3,893
	CNP Assurances SA	21		472
	Compagnie Generale des Etablissements Michelin	21		2,528
	Covivio	6		594
	Credit Agricole SA	142		1,721
	Danone SA	76		5,889
	Dassault Aviation SA	—		433
	Dassault Systemes SA	16		2,421
	Edenred	29		1,337
	Eiffage SA	10		939
	Electricite de France SA	73		997
	Engie SA	229		3,410
	Eurazeo SA	6		461
	Eurofins Scientific SE (b)	1		608
	Eutelsat Communications Group SA	23		401
	Faurecia	10		403
	Gecina SA	6		833
	Getlink	57		860
	Hermes International SCA	4		2,619
	Icade SA (b)	4		375
	Iliad SA	3		307
	Imerys SA	4		219
	Ingenico Group	7		517
	Ipsen SA	5		642
	JC Decaux SA	9		271
	Kering SA	9		5,390
	Klepierre	25		890
	Legrand SA	33		2,231
	L'Oreal SA	31		8,398
	LVMH Moet Hennessy Louis Vuitton SE	34		12,688
	Natixis	117		627
	Orange SA	246		4,005
	Pernod-Ricard SA	26		4,721
	Peugeot SA	74		1,798
	Publicis Groupe SA	26		1,389
	Remy Cointreau SA (b)	3		372
	Renault SA	24		1,593
	Rexel SA	39		445
	Safran SA	41		5,675
	Sanofi SA	139		12,336
	Sartorius Stedim Biotech SA (b)	3		389
	Schneider Electric SE (a)	69		5,381
	SCOR SE	20		864
	SEB SA	3		492
	Societe BIC SA	3		264
	Societe Generale SA	96		2,785
	Sodexo SA	11		1,243
	Suez Environnement Co.	46		614
	Teleperformance	7		1,297
	Thales SA	13		1,567
	Total SA	299		16,628
	Ubisoft Entertainment SA (a)	10		869
	Valeo SA	30		869
	Veolia Environnement	67		1,494
	Vinci SA	63		6,145
	Vivendi SA	130		3,764
	Wendel SA	4		465
			174,220
Germany 7.9%
	1&1 Drillisch AG	6		229
	Adidas AG	22		5,421
	Allianz SE	53		11,714
	Aroundtown SA	96		797
	Axel Springer SE	6		334
	BASF SE	114		8,427
	Bayer AG	115		7,462
	Bayerische Motoren Werke AG	41		3,147
	Beiersdorf AG	12		1,282
	Brenntag AG	19		976
	Commerzbank AG (a)	125		970
	Continental AG	14		2,073
	Covestro AG	24		1,327
	Daimler AG	113		6,643
	Delivery Hero AG (a) (c)	12		427
		Shares/Par¹		Value ($)
	Deutsche Bank AG	246		2,007
	Deutsche Boerse AG	23		3,001
	Deutsche Lufthansa AG	29		644
	Deutsche Post AG	123		4,011
	Deutsche Telekom AG	415		6,891
	Deutsche Wohnen SE	44		2,154
	E.ON SE	276		3,064
	Evonik Industries AG	20		540
	Fraport AG Frankfurt Airport Services Worldwide	5		404
	Fresenius Medical Care AG & Co. KGaA	27		2,184
	Fresenius SE & Co. KGaA	52		2,916
	GEA Group AG	21		561
	Hannover Rueck SE	8		1,079
	HeidelbergCement AG	19		1,340
	Henkel AG & Co. KGaA	13		1,208
	Hochtief AG	2		344
	Hugo Boss AG	8		530
	Infineon Technologies AG	142		2,833
	Innogy SE (a)	18		791
	KION Group AG	9		466
	Lanxess AG	11		575
	Merck KGaA	16		1,843
	Metro AG	22		365
	MTU Aero Engines Holding AG	6		1,472
	Muenchener Rueckversicherungs AG	19		4,397
	Osram Licht AG	12		431
	ProSiebenSat.1 Media SE	30		432
	Puma SE	1		633
	RTL Group SA	5		281
	RWE AG	65		1,735
	SAP SE	122		14,082
	Siemens AG	95		10,197
	Siemens Healthineers AG	18		752
	Symrise AG	15		1,391
	Telefonica Deutschland Holding AG	96		303
	ThyssenKrupp AG	54		749
	Uniper SE	25		764
	United Internet AG	15		559
	Volkswagen AG	4		639
	Vonovia SE	61		3,156
	Wirecard AG	15		1,855
	Zalando SE (a) (c)	14		539
			135,347
Hong Kong 3.9%
	AIA Group Ltd.	1,495		14,965
	ASM Pacific Technology Ltd.	40		446
	Bank of East Asia Ltd.	156		508
	BOC Hong Kong Holdings Ltd.	463		1,918
	CK Asset Holdings Ltd.	324		2,881
	CK Hutchison Holdings Ltd.	332		3,497
	CK Infrastructure Holdings Ltd.	80		658
	CLP Holdings Ltd.	205		2,381
	Dairy Farm International Holdings Ltd.	43		364
	Galaxy Entertainment Group Ltd.	297		2,027
	Hang Lung Group Ltd.	105		338
	Hang Lung Properties Ltd.	241		590
	Hang Seng Bank Ltd.	96		2,366
	Henderson Land Development Co. Ltd.	164		1,046
	HK Electric Investments Ltd.	354		363
	HKT Trust	457		735
	Hong Kong & China Gas Co. Ltd.	1,155		2,771
	Hong Kong Exchanges & Clearing Ltd.	148		5,159
	Hongkong Land Holdings Ltd.	146		1,042
	Hysan Development Co. Ltd.	76		408
	Jardine Matheson Holdings Ltd.	27		1,693
	Kerry Properties Ltd.	82		370
	Link REIT	264		3,095
	Melco Resorts & Entertainment Ltd. - ADR	31		690
	MGM China Holdings Ltd. (b)	112		235
	Minth Group Ltd.	90		285
	MTR Corp.	188		1,166
	New World Development Ltd.	744		1,235
	NWS Holdings Ltd.	188		412
	PCCW Ltd.	504		314

216

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
	Power Assets Holdings Ltd.	170		1,181
	Shangri-La Asia Ltd.	142		202
	Sino Land Co.	403		781
	SJM Holdings Ltd.	242		277
	Sun Hung Kai Properties Ltd.	199		3,428
	Swire Pacific Ltd. - Class A	61		794
	Swire Properties Ltd.	145		624
	Techtronic Industries Co.	171		1,155
	WH Group Ltd. (c)	1,111		1,192
	Wharf Holdings Ltd.	149		452
	Wharf Real Estate Investment Co. Ltd.	151		1,130
	Wheelock & Co. Ltd.	99		726
	Yue Yuen Industrial Holdings Ltd.	89		307
			66,207
Ireland 0.6%
	AIB Group Plc	101		455
	Bank of Ireland Group Plc	118		700
	CRH Plc	101		3,130
	James Hardie Industries SE - CDI	55		703
	Kerry Group Plc - Class A	20		2,216
	Kingspan Group Plc	19		874
	Paddy Power Betfair Plc	10		796
	Ryanair Holdings Plc (a)	2		24
	Smurfit Kappa Group Plc	29		809
			9,707
Israel 0.5%
	Azrieli Group	5		296
	Bank Hapoalim BM	133		878
	Bank Leumi Le-Israel BM	180		1,177
	Bezeq Israeli Telecommunication Corp. Ltd.	244		175
	Check Point Software Technologies Ltd. (a)	16		1,978
	Elbit Systems Ltd.	3		370
	Israel Chemicals Ltd.	91		473
	Mizrahi Tefahot Bank Ltd.	17		342
	Nice Ltd. (a)	8		928
	Teva Pharmaceutical Industries Ltd. - ADR (a)	121		1,896
	Wix.com Ltd. (a)	5		647
			9,160
Italy 2.1%
	Assicurazioni Generali SpA	147		2,716
	Atlantia SpA	62		1,607
	Davide Campari-Milano SpA	71		701
	Enel SpA	1,008		6,463
	ENI SpA	315		5,576
	EXOR NV	13		877
	Ferrari NV	15		2,064
	Intesa Sanpaolo SpA	1,841		4,490
	Leonardo SpA	50		578
	Mediobanca SpA	75		781
	Moncler SpA	23		927
	Pirelli & C. SpA (a)	51		331
	Poste Italiane SpA	65		634
	Prysmian SpA	29		541
	Recordati SpA	13		496
	Snam Rete Gas SpA	274		1,411
	Telecom Italia SpA	803		457
	Telecom Italia SpA (a) (b)	1,374		856
	Terna Rete Elettrica Nazionale SpA (b)	170		1,079
	Unicredit SpA	251		3,229
			35,814
Japan 23.7%
	ABC-Mart Inc.	4		225
	Acom Co. Ltd.	44		159
	AEON Co. Ltd.	75		1,570
	AEON Financial Service Co. Ltd.	14		292
	AEON Mall Co. Ltd.	14		228
	Air Water Inc.	18		258
	Aisin Seiki Co. Ltd.	20		721
	Ajinomoto Co. Inc.	53		844
	Alfresa Holdings Corp.	24		672
	All Nippon Airways Co. Ltd.	15		539
	ALPS Alpine Co. Ltd.	26		545
	Amada Co. Ltd.	43		424
		Shares/Par¹		Value ($)
	Aozora Bank Ltd.	15		377
	Asahi Breweries Ltd.	45		2,018
	Asahi Glass Co. Ltd.	23		819
	Asahi Intecc Co. Ltd.	12		564
	Asahi Kasei Corp.	158		1,631
	Ashikaga Holdings Co. Ltd.	112		285
	Asics Corp.	19		253
	Astellas Pharma Inc.	233		3,505
	Bandai Namco Holdings Inc.	25		1,167
	Bank of Kyoto Ltd.	7		301
	Benesse Holdings Inc.	9		236
	Bridgestone Corp.	76		2,942
	Brother Industries Ltd.	27		503
	Calbee Inc. (b)	11		283
	Canon Inc.	123		3,573
	Casio Computer Co. Ltd. (b)	25		326
	Central Japan Railway Co.	18		4,134
	China Bank Ltd.	73		394
	Chubu Electric Power Co. Inc.	75		1,179
	Chugai Pharmaceutical Co. Ltd.	27		1,903
	Chugoku Electric Power Co. Inc. (b)	34		420
	Coca-Cola Bottlers Japan Holdings Inc.	16		405
	Concordia Financial Group Ltd.	134		519
	Credit Saison Co. Ltd.	23		309
	CyberAgent Inc.	13		530
	Dai Nippon Printing Co. Ltd.	30		716
	Daicel Corp.	35		384
	Daifuke Co. Ltd. (b)	12		647
	Dai-Ichi Life Holdings Inc.	135		1,875
	Daiichi Sankyo Co. Ltd.	71		3,352
	Daikin Industries Ltd.	31		3,663
	Dainippon Sumitomo Pharma Co. Ltd.	20		493
	Daito Trust Construction Co. Ltd. (b)	9		1,212
	Daiwa House Industry Co. Ltd.	71		2,250
	Daiwa House REIT Investment Co.	—		501
	Daiwa Securities Group Inc.	201		980
	Dena Co. Ltd.	12		180
	Denso Corp.	53		2,070
	Dentsu Inc.	27		1,123
	Disco Corp.	4		499
	East Japan Railway Co.	38		3,684
	Eisai Co. Ltd.	32		1,772
	Electric Power Development Co. Ltd.	18		436
	FamilyMart UNY Holdings Co. Ltd.	32		816
	Fanuc Ltd.	24		4,097
	Fast Retailing Co. Ltd.	7		3,434
	Fuji Electric Holdings Co. Ltd.	16		448
	FUJIFILM Holdings Corp.	48		2,193
	Fujitsu Ltd.	25		1,775
	Fukuoka Financial Group Inc. (b)	19		431
	Hakuhodo DY Holdings Inc.	30		484
	Hamamatsu Photonics KK	18		709
	Hankyu Hanshin Holdings Inc.	29		1,068
	Hikari Tsushin Inc.	3		493
	Hino Motors Ltd.	33		280
	Hirose Electric Co. Ltd.	4		397
	Hisamitsu Pharmaceutical Co. Inc.	8		350
	Hitachi Chemical Co. Ltd. (b)	12		271
	Hitachi Construction Machinery Co. Ltd.	13		354
	Hitachi High-Technologies Corp.	8		339
	Hitachi Ltd.	119		3,857
	Hitachi Metals Ltd.	26		296
	Honda Motor Co. Ltd.	202		5,463
	Hoshizaki Corp.	7		415
	Hoya Corp.	48		3,157
	Hulic Co. Ltd.	36		353
	Idemitsu Kosan Co. Ltd. (b)	26		861
	IHI Corp.	18		433
	Iida Group Holdings Co. Ltd. (b)	18		320
	INPEX Corp.	128		1,209
	Isetan Mitsukoshi Holdings Ltd.	41		415
	Isuzu Motors Ltd.	67		876
	ITOCHU Corp.	169		3,052
	J. Front Retailing Co. Ltd.	30		357
	Japan Airlines Co. Ltd.	14		486

217

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


	Shares/Par¹	Value ($)
Japan Airport Terminal Co. Ltd.	6	233
Japan Exchange Group Inc.	63	1,133
Japan Post Bank Co. Ltd.	49	533
Japan Post Holdings Co. Ltd.	197	2,304
Japan Prime Realty Investment Corp.	—	408
Japan Real Estate Investment Corp.	—	949
Japan Retail Fund Investment Corp.	—	671
Japan Tobacco Inc.	135	3,356
JFE Holdings Inc.	61	1,040
JGC Corp.	26	346
JS Group Corp.	33	433
JSR Corp.	23	361
JTEKT Corp.	27	335
JXTG Holdings Inc.	394	1,796
Kajima Corp.	55	807
Kakaku.com Inc. (b)	16	311
Kamigumi Co. Ltd.	12	289
Kaneka Corp.	7	247
Kansai Electric Power Co. Inc.	88	1,293
Kansai Paint Co. Ltd.	21	398
Kao Corp.	60	4,759
Kawasaki Heavy Industries Ltd.	17	427
KDDI Corp.	220	4,743
Keihan Holdings Co. Ltd.	12	521
Keikyu Corp.	27	453
Keio Corp.	13	814
Keisei Electric Railway Co. Ltd.	16	564
Keyence Corp.	12	7,554
Kikkoman Corp.	18	865
Kintetsu Corp.	21	987
Kirin Holdings Co. Ltd.	103	2,454
Kobayashi Pharmaceutical Co. Ltd.	6	532
Kobe Steel Ltd.	38	283
Koito Manufacturing Co. Ltd.	13	737
Komatsu Ltd.	116	2,689
Konami Corp.	12	525
Konica Minolta Holdings Inc.	55	544
Kose Corp.	4	699
Kubota Corp.	123	1,789
Kuraray Co. Ltd.	38	477
Kurita Water Industries Ltd.	12	301
Kyocera Corp.	40	2,361
kyowa Hakko Kirin Co. Ltd.	34	732
Kyushu Electric Power Co. Inc.	46	539
Kyushu Railway Co. (b)	20	641
Lawson Inc.	6	338
LINE Corp. (a) (b)	9	328
Lion Corp.	27	567
M3 Inc.	52	882
Makita Corp.	27	959
Marubeni Corp. (b)	195	1,351
Marui Group Co. Ltd. (b)	22	451
Maruichi Steel Tube Ltd.	7	189
Mazda Motor Corp.	69	772
McDonald's Holdings Co. Japan Ltd.	8	370
Medipal Holdings Corp.	21	497
MEIJI Holdings Co. Ltd.	15	1,210
Minebea Mitsumi Inc.	49	742
MISUMI Group Inc.	35	874
Mitsubishi Chemical Holdings Corp.	160	1,125
Mitsubishi Corp.	167	4,650
Mitsubishi Electric Corp.	228	2,937
Mitsubishi Estate Co. Ltd.	148	2,682
Mitsubishi Gas Chemical Co. Inc.	20	280
Mitsubishi Heavy Industries Ltd.	38	1,574
Mitsubishi Materials Corp.	14	361
Mitsubishi Motors Corp.	81	428
Mitsubishi Tanabe Pharma Corp.	33	445
Mitsubishi UFJ Financial Group Inc.	1,457	7,220
Mitsubishi UFJ Lease & Finance Co. Ltd.	55	278
Mitsui & Co. Ltd.	204	3,178
Mitsui Chemicals Inc.	22	534
Mitsui Fudosan Co. Ltd.	112	2,812
Mitsui OSK Lines Ltd. (b)	17	363
Mizuho Financial Group Inc.	2,986	4,620
	Shares/Par¹	Value ($)
MonotaRO Co. Ltd.	14	309
MS&AD Insurance Group Holdings	59	1,803
Murata Manufacturing Co. Ltd.	67	3,322
Nabtesco Corp.	15	423
Nagoya Railroad Co. Ltd.	24	653
NEC Corp.	32	1,091
NEC Electronics Corp. (a)	101	465
Nexon Co. Ltd. (a)	54	848
NGK Insulators Ltd.	34	497
NGK Spark Plug Co. Ltd.	19	360
Nidec Corp.	28	3,551
Nikon Corp. (b)	39	558
Nintendo Co. Ltd.	14	3,992
Nippon Building Fund Inc.	—	1,151
Nippon Electric Glass Co. Ltd.	10	268
Nippon Express Co. Ltd.	9	512
Nippon Meat Packers Inc. (b)	12	432
Nippon Paint Co. Ltd. (b)	18	716
Nippon Prologis REIT Inc.	—	449
Nippon Steel Corp.	100	1,767
Nippon Telegraph & Telephone Corp.	79	3,367
Nippon Yusen KK (b)	20	290
Nissan Chemical Industries Ltd.	15	696
Nissan Motor Co. Ltd. (b)	290	2,382
Nisshin Seifun Group Inc.	24	559
Nissin Foods Holdings Co. Ltd.	7	508
Nitori Co. Ltd.	10	1,292
Nitto Denko Corp.	21	1,083
Nomura Holdings Inc.	433	1,559
Nomura Real Estate Holdings Inc.	16	305
Nomura Real Estate Master Fund Inc.	1	742
Nomura Research Institute Ltd.	13	611
NSK Ltd.	44	409
NTT Data Corp.	78	866
NTT DoCoMo Inc.	164	3,643
Obayashi Corp.	80	806
Obic Co. Ltd.	8	826
Odakyu Electric Railway Co. Ltd.	36	879
OJI Holdings Corp.	106	658
Olympus Corp.	145	1,576
Omron Corp. (b)	24	1,123
Ono Pharmaceutical Co. Ltd.	47	930
Oracle Corp. Japan	5	342
Oriental Land Co. Ltd.	25	2,842
ORIX Corp.	166	2,378
Osaka Gas Co. Ltd.	48	946
Otsuka Corp.	13	485
Otsuka Holdings Co. Ltd.	49	1,918
Pan Pacific International Holdings Corp.	14	960
Panasonic Corp.	277	2,384
Park24 Co. Ltd.	14	308
Persol Holdings Co. Ltd.	22	352
Pigeon Corp.	14	582
Pola Orbis Holdings Inc.	12	367
Rakuten Inc.	107	1,012
Recruit Holdings Co. Ltd.	136	3,884
Resona Holdings Inc.	261	1,129
Ricoh Co. Ltd.	83	865
Rinnai Corp.	4	283
Rohm Co. Ltd.	12	718
Ryohin Keikaku Co. Ltd.	3	760
Sankyo Co. Ltd.	5	193
Santen Pharmaceutical Co. Ltd.	45	671
SBI Holdings Inc.	27	604
Secom Co. Ltd.	26	2,244
Sega Sammy Holdings Inc.	21	251
Seibu Holdings Inc.	29	513
Seiko Epson Corp.	34	525
Sekisui Chemical Co. Ltd.	47	749
Sekisui House Ltd.	77	1,282
Seven & I Holdings Co. Ltd.	93	3,504
Seven Bank Ltd.	68	199
SG Holdings Co. Ltd.	12	358
Sharp Corp.	26	289
Shimadzu Corp.	28	800

218

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
	Shimamura Co. Ltd.	3		220
	Shimano Inc.	9		1,480
	Shimizu Corp.	66		570
	Shin-Etsu Chemical Co. Ltd.	45		3,786
	Shinsei Bank Ltd.	21		301
	Shionogi & Co. Ltd.	34		2,113
	Shiseido Co. Ltd.	48		3,438
	Shizuoka Bank Ltd.	50		378
	Showa Denko KK	16		568
	SMC Corp.	7		2,670
	SoftBank Group Corp. (b)	208		2,339
	SoftBank Group Corp.	102		9,932
	Sohgo Security Services Co. Ltd.	9		379
	Sompo Holdings Inc.	40		1,468
	Sony Corp.	157		6,613
	Sony Financial Holdings Inc.	21		393
	Stanley Electric Co. Ltd.	16		436
	Subaru Corp. NPV	77		1,753
	Sumco Corp.	30		331
	Sumitomo Chemical Co. Ltd.	185		861
	Sumitomo Corp.	141		1,948
	Sumitomo Electric Industries Ltd.	94		1,250
	Sumitomo Heavy Industries Ltd.	13		434
	Sumitomo Metal Mining Co. Ltd.	29		856
	Sumitomo Mitsui Financial Group Inc.	164		5,739
	Sumitomo Mitsui Trust Holdings Inc.	41		1,487
	Sumitomo Realty & Development Co. Ltd.	44		1,844
	Sumitomo Rubber Industries Inc.	20		239
	Sundrug Co. Ltd.	9		245
	Suntory Beverage & Food Ltd.	17		807
	Suzuken Co. Ltd.	9		536
	Suzuki Motor Corp.	43		1,901
	Sysmex Corp.	21		1,261
	T&D Holdings Inc.	69		727
	Taiheiyo Cement Corp.	16		520
	Taisei Corp.	27		1,236
	Taisho Pharmaceutical Holdings Co. Ltd.	5		448
	Taiyo Nippon Sanso Corp.	16		237
	Takashimaya Co. Ltd.	17		226
	Takeda Pharmaceutical Co. Ltd.	183		7,459
	TDK Corp.	16		1,249
	Teijin Ltd.	23		378
	Terumo Corp.	76		2,323
	THK Co. Ltd.	15		382
	Tobu Railway Co. Ltd.	23		655
	Toho Co. Ltd.	14		554
	Toho Gas Co. Ltd. (b)	9		400
	Tohoku Electric Power Co. Inc.	52		669
	Tokio Marine Holdings Inc.	81		3,922
	Tokyo Century Corp.	6		239
	Tokyo Electric Power Co. Holdings Inc. (a)	179		1,129
	Tokyo Electron Ltd.	20		2,849
	Tokyo Gas Co. Ltd.	48		1,311
	Tokyu Corp.	62		1,086
	Tokyu Fudosan Holdings Corp	74		443
	Toppan Printing Co. Ltd.	30		446
	Toray Industries Inc.	173		1,104
	Toshiba Corp.	82		2,597
	Tosoh Corp.	31		482
	TOTO Ltd. (b)	17		728
	Toyo Seikan Group Holdings Ltd.	21		420
	Toyo Suisan Kaisha Ltd.	11		411
	Toyoda Gosei Co. Ltd.	9		199
	Toyota Industries Corp.	18		918
	Toyota Motor Corp.	284		16,627
	Toyota Tsusho Corp.	26		861
	Trend Micro Inc.	15		720
	Tsuruha Holdings Inc.	5		390
	Unicharm Corp.	50		1,671
	United Urban Investment Corp.	—		557
	USS Co. Ltd.	29		529
	Welcia Holdings Co. Ltd.	5		176
	West Japan Railway Co.	21		1,543
	Yahoo! Japan Corp.	353		865
	Yakult Honsha Co. Ltd.	15		1,035
		Shares/Par¹		Value ($)
	Yamada Denki Co. Ltd. (b)	77		381
	Yamaguchi Financial Group Inc.	23		198
	Yamaha Corp.	17		855
	Yamaha Motor Co. Ltd.	36		706
	Yamato Holdings Co. Ltd.	38		994
	Yamazaki Baking Co. Ltd.	16		266
	Yaskawa Electric Corp.	30		940
	Yokogawa Electric Corp.	29		592
	Yokohama Rubber Co. Ltd.	15		278
	ZOZO Inc.	24		456
			405,566
Luxembourg 0.2%
	ArcelorMittal SA	83		1,692
	Millicom International Cellular SA - SDR	9		526
	SES SA - FDR	45		701
	Tenaris SA	59		829
			3,748
Macau 0.1%
	Sands China Ltd.	302		1,523
	Wynn Macau Ltd.	197		466
			1,989
Malta 0.0%
	BGP Holdings Plc (a) (d)	479		—
Netherlands 6.1%
	ABN AMRO Group NV - CVA	53		1,192
	Adyen NV (a)	1		1,008
	Aegon NV	219		1,057
	Airbus SE	72		9,578
	Akzo Nobel NV (b)	28		2,495
	ASML Holding NV	51		9,607
	CNH Industrial NV	128		1,300
	Heineken Holding NV	14		1,441
	Heineken NV	32		3,427
	ING Groep NV	482		5,844
	Koninklijke Ahold NV	146		3,879
	Koninklijke KPN NV	419		1,329
	Koninklijke Philips Electronics NV	116		4,719
	Koninklijke Philips NV	22		2,441
	Koninklijke Vopak NV	9		411
	NN Group NV	37		1,535
	NXP Semiconductors NV	43		3,806
	Randstad NV	15		724
	Royal Dutch Shell Plc - Class A	558		17,524
	Royal Dutch Shell Plc - Class B	465		14,692
	Unibail-Rodamco SE (b)	16		2,650
	Unilever NV - CVA	191		11,112
	Wolters Kluwer NV	35		2,383
			104,154
New Zealand 0.2%
	a2 Milk Co. Ltd. (a)	94		916
	Auckland International Airport Ltd.	123		682
	Fisher & Paykel Healthcare Corp.	71		760
	Fletcher Building Ltd.	112		377
	Meridian Energy Ltd.	153		436
	Ryman Healthcare Ltd.	48		404
	Spark New Zealand Ltd.	217		561
			4,136
Norway 0.7%
	Aker BP ASA	14		496
	DNB Bank ASA	120		2,219
	Equinor ASA	146		3,196
	Gjensidige Forsikring ASA (b)	25		431
	Mowi ASA	53		1,186
	Norsk Hydro ASA	173		702
	Orkla ASA	101		779
	Schibsted ASA - Class B	12		432
	Telenor ASA	92		1,843
	Yara International ASA	22		907
			12,191
Portugal 0.2%
	Banco Espirito Santo SA (a) (d)	413		—
	Energias de Portugal SA	313		1,228

219

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
	Galp Energia SGPS SA	63		1,003
	Jeronimo Martins SGPS SA	33		493
			2,724
Singapore 1.3%
	Ascendas REIT	304		654
	Capitaland Commercial Trust	304		436
	CapitaLand Ltd.	318		858
	CapitaMall Trust	304		535
	City Developments Ltd.	54		362
	ComfortDelgro Corp. Ltd.	263		499
	DBS Group Holdings Ltd.	222		4,145
	Genting International Plc	791		609
	Golden Agri-Resources Ltd.	877		181
	Jardine Cycle & Carriage Ltd.	12		289
	Keppel Corp. Ltd.	181		832
	Oversea-Chinese Banking Corp. Ltd.	390		3,178
	SembCorp Industries Ltd.	115		217
	Singapore Airlines Ltd.	68		485
	Singapore Airport Terminal Services Ltd.	80		304
	Singapore Exchange Ltd.	105		566
	Singapore Press Holdings Ltd.	194		345
	Singapore Technologies Engineering Ltd.	192		531
	Singapore Telecommunications Ltd.	1,021		2,278
	Suntec REIT	256		368
	United Overseas Bank Ltd.	168		3,113
	UOL Group Ltd.	59		301
	Venture Corp. Ltd.	35		466
	Wilmar International Ltd.	230		563
	Yangzijiang Shipbuilding Holdings Ltd.	285		316
			22,431
Spain 3.0%
	ACS Actividades de Construccion y Servicios SA	31		1,365
	Aena SME SA	8		1,519
	Amadeus IT Group SA	54		4,354
	Banco Bilbao Vizcaya Argentaria SA	826		4,729
	Banco de Sabadell SA	701		699
	Banco Santander SA	2,008		9,372
	Bankia SA (b)	160		415
	Bankinter SA	83		633
	CaixaBank SA	449		1,406
	Enagas SA	28		814
	Endesa SA	39		1,008
	Ferrovial SA	62		1,449
	Grifols SA - Class A	37		1,042
	Iberdrola SA	774		6,790
	Inditex SA	134		3,956
	Mapfre SA	134		369
	Naturgy Energy Group SA	44		1,220
	Red Electrica Corp. SA	54		1,149
	Repsol SA	172		2,953
	Siemens Gamesa Renewable Energy SA (b)	28		451
	Telefonica SA	579		4,853
			50,546
Sweden 2.6%
	Alfa Laval AB	37		840
	Assa Abloy AB - Class B	125		2,711
	Atlas Copco AB - Class A	84		2,260
	Atlas Copco AB - Class B	49		1,206
	Boliden AB	34		965
	Electrolux AB - Class B	30		762
	Epiroc AB - Class A (a)	82		826
	Epiroc AB - Class B (a)	47		446
	Essity AB - Class B	76		2,189
	Hennes & Mauritz AB - Class B	109		1,825
	Hexagon AB - Class B	32		1,690
	Husqvarna AB - Class B	54		439
	ICA Gruppen AB	10		384
	Industrivarden AB - Class C	21		433
	Investor AB - Class B	57		2,569
	Kinnevik AB - Class B	30		773
	L E Lundbergforetagen AB - Series B	9		286
	Lundin Petroleum AB	24		802
	Nordea Bank AB	381		2,902
	Sandvik AB	141		2,302
		Shares/Par¹		Value ($)
	Securitas AB - Class B	39		623
	Skandinaviska Enskilda Banken AB - Class A (b)	203		1,764
	Skanska AB - Class B (b)	43		779
	SKF AB - Class B (b)	46		766
	Svenska Handelsbanken AB - Class A (b)	191		2,017
	Swedbank AB - Class A (b)	113		1,603
	Swedish Match AB	22		1,131
	Tele2 AB - Class B	62		830
	Telefonaktiebolaget LM Ericsson - Class B	385		3,544
	Telia Co. AB	347		1,566
	Volvo AB - Class B	196		3,044
			44,277
Switzerland 9.2%
	ABB Ltd.	228		4,295
	Adecco Group AG	20		1,055
	Baloise Holding AG	6		985
	Barry Callebaut AG	—		503
	Cie Financiere Richemont SA	65		4,708
	Clariant AG	24		494
	Credit Suisse Group AG (b)	315		3,676
	Dufry AG	4		414
	EMS-Chemie Holding AG	1		528
	Ferguson Plc	29		1,827
	Geberit AG	5		1,896
	Givaudan SA	1		2,962
	Glencore Plc	1,403		5,816
	Julius Baer Group Ltd.	28		1,129
	Kuehne & Nagel International AG	7		922
	LafargeHolcim Ltd.	61		3,010
	Lindt & Spruengli AG	—		1,016
	Lonza Group AG	9		2,901
	Nestle SA	380		36,193
	Novartis AG	269		25,875
	Pargesa Holding SA	5		388
	Partners Group Holding AG	2		1,576
	Roche Holding AG	87		24,044
	Schindler Holding AG	3		529
	SGS SA	1		1,663
	Sika AG	16		2,195
	Sonova Holding AG	7		1,343
	STMicroelectronics NV	85		1,267
	Straumann Holding AG	1		1,022
	Swatch Group AG	7		401
	Swatch Group AG	4		1,103
	Swiss Life Holding AG	4		1,886
	Swiss Prime Site AG	9		824
	Swiss Re AG	38		3,727
	Swisscom AG (b)	3		1,584
	Temenos Group AG	7		1,083
	UBS Group AG	479		5,821
	Vifor Pharma AG	6		766
	Zurich Insurance Group AG	19		6,217
			157,644
United Arab Emirates 0.0%
	NMC Health Plc	13		397
United Kingdom 14.4%
	3i Group Plc	121		1,556
	Admiral Group Plc	25		697
	Anglo American Plc	132		3,532
	Antofagasta Plc	47		594
	Ashtead Group Plc	60		1,438
	Associated British Foods Plc	44		1,411
	AstraZeneca Plc	157		12,477
	Auto Trader Group Plc	113		764
	Aviva Plc	490		2,630
	Babcock International Group Plc	33		209
	BAE Systems Plc	399		2,508
	Barclays Plc	2,139		4,307
	Barratt Developments Plc	125		976
	Berkeley Group Holdings Plc	16		758
	BP Plc	2,484		18,063
	British American Tobacco Plc	284		11,814
	British Land Co. Plc	115		885
	BT Group Plc	1,056		3,067

220

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Bunzl Plc		42		1,380
	Burberry Group Plc		52		1,328
	Carnival Plc		21		1,006
	Centrica Plc		699		1,038
	Coca-Cola European Partners Plc		27		1,405
	Coca-Cola HBC AG		24		826
	Compass Group Plc		196		4,601
	ConvaTec Group Plc		180		332
	Croda International Plc		16		1,074
	DCC Plc		12		1,050
	Diageo Plc		300		12,268
	Direct Line Insurance Group Plc		169		776
	easyJet Plc		21		299
	Experian Plc		112		3,030
	Fiat Chrysler Automobiles NV (a)		135		2,011
	Fresnillo Plc		28		312
	G4S Plc		190		455
	GlaxoSmithKline Plc		614		12,745
	GVC Holdings Plc		67		491
	Hammerson Plc		97		425
	Hargreaves Lansdown Plc		35		858
	HSBC Holdings Plc		2,482		20,118
	Imperial Brands Plc		119		4,049
	Informa Plc		156		1,514
	InterContinental Hotels Group Plc		21		1,285
	Intertek Group Plc		20		1,273
	Investec Plc		85		492
	ITV Plc		451		746
	J Sainsbury Plc		218		669
	John Wood Group Plc		81		536
	Johnson Matthey Plc		24		986
	Kingfisher Plc		268		819
	Land Securities Group Plc		90		1,075
	Legal & General Group Plc		746		2,674
	Lloyds Banking Group Plc		8,794		7,123
	London Stock Exchange Group Plc		39		2,415
	Marks & Spencer Group Plc		200		726
	Meggitt Plc		94		614
	Melrose Industries Plc		605		1,444
	Merlin Entertainments Plc		93		413
	Micro Focus International Plc		51		1,340
	Mondi Plc		46		1,013
	National Grid Plc		423		4,684
	Next Plc		17		1,238
	Pearson Plc		97		1,058
	Persimmon Plc		40		1,124
	Prudential Plc (e)		321		6,428
	Reckitt Benckiser Group Plc		83		6,902
	Relx Plc		246		5,248
	Rio Tinto Plc		143		8,313
	Rolls-Royce Holdings Plc (a)		208		2,452
	Royal Bank of Scotland Group Plc		606		1,950
	Royal Mail Plc		117		361
	RSA Insurance Group Plc		125		828
	Sage Group Plc		135		1,232
	Schroders Plc		16		554
	Segro Plc		134		1,174
	Severn Trent Plc		29		746
	Smith & Nephew Plc		109		2,168
	Smiths Group Plc		49		916
	SSE Plc		127		1,959
	St. James's Place Plc		65		877
	Standard Chartered Plc		351		2,700
	Standard Life Aberdeen Plc		293		1,006
	Taylor Wimpey Plc		405		925
	Tesco Plc		1,219		3,683
			Shares/Par¹		Value ($)
	TUI AG		57		543
	Unilever Plc		137		7,860
	United Utilities Group Plc		86		913
	Vodafone Group Plc		3,318		6,045
	Weir Group Plc		29		590
	Whitbread Plc		23		1,491
	WM Morrison Supermarkets Plc		277		821
	WPP Plc		159		1,678
				245,187
United States of America 0.2%
	AerCap Holdings NV (a)		15		701
	Jardine Strategic Holdings Ltd.		28		1,035
	Qiagen NV (a)		28		1,154
				2,890
	Total Common Stocks (cost $1,515,782)			1,680,148
PREFERRED STOCKS 0.6%
Germany 0.5%
	Bayerische Motoren Werke AG		7		467
	Fuchs Petrolub SE		9		353
	Henkel AG & Co. KGaA (f)		22		2,276
	Porsche Automobil Holding SE (f)		19		1,198
	Sartorius AG		5		783
	Volkswagen AG (f)		23		3,599
				8,676
Switzerland 0.1%
	Lindt & Spruengli AG (b) (f)		—		917
	Schindler Holding AG (f)		5		1,054
				1,971
	Total Preferred Stocks (cost $10,480)			10,647
SHORT TERM INVESTMENTS 2.1%
Investment Companies 0.1%
	JNL Government Money Market Fund - Institutional Class, 2.33% (e) (g)		1,833		1,833
Securities Lending Collateral 1.9%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.43% (e) (g)		32,648		32,648
Treasury Securities 0.1%
	U.S. Treasury Bill
		2.44%, 06/06/19 (h) (i)	775		772
	Total Short Term Investments (cost $35,253)			35,253
Total Investments 101.0% (cost $1,561,515)					1,726,048
Other Derivative Instruments 0.0%					83
Other Assets and Liabilities, Net (1.0)%					(17,480)
Total Net Assets 100.0%					1,708,651

(a) Non-income producing security.

(b) All or a portion of the security was on loan.

(e) Investment in affiliate.

(f) Convertible security.

(g) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2019.

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

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

221

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 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 Plc	5,815	—	65	141	26	652	6,428	0.4


JNL/Mellon Capital International Index Fund — Futures Contracts
Reference Entity	Contracts¹	Expiration	Notional¹			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
ASX SPI 200 Index	13	June 2019	AUD	2,010	1			(3)
Euro STOXX 50	166	June 2019	EUR	5,374	54			64
FTSE 100 Index	37	June 2019	GBP	2,618	22			66
Tokyo Price Index	27	June 2019	JPY	429,570	21			2
					98			129

Forward Foreign Currency Contracts


Purchased/ Sold	Counter-party	Expiration	Notional ¹		Value ($)		Unrealized Appreciation (Depreciation) ($)
AUD/USD	HSB	06/19/19	AUD	523		371		1
AUD/USD	UBS	06/19/19	AUD	619		440		1
EUR/USD	CIT	06/19/19	EUR	1,123		1,268		(9)
EUR/USD	UBS	06/19/19	EUR	1,803		2,036		(20)
GBP/USD	RBC	06/19/19	GBP	755		986		(11)
GBP/USD	UBS	06/19/19	GBP	845		1,104		(20)
JPY/USD	BCL	06/19/19	JPY	113,709		1,032		2
JPY/USD	UBS	06/19/19	JPY	156,350		1,420		3
USD/AUD	CIT	06/19/19	AUD	(464)		(330)		—
USD/EUR	CIT	06/19/19	EUR	(99)		(111)		1
USD/EUR	GSC	06/19/19	EUR	(64)		(73)		1
USD/EUR	RBC	06/19/19	EUR	(1,189)		(1,342)		17
USD/EUR	SGA	06/19/19	EUR	(129)		(145)		1
USD/GBP	BMO	06/19/19	GBP	(290)		(378)		6
USD/GBP	JPM	06/19/19	GBP	(71)		(93)		1
USD/GBP	RBC	06/19/19	GBP	(355)		(464)		7
USD/GBP	SGA	06/19/19	GBP	(71)		(93)		2
USD/JPY	BMO	06/19/19	JPY	(47,880)		(435)		2
USD/JPY	BOA	06/19/19	JPY	(31,750)		(288)		(1)
USD/JPY	GSC	06/19/19	JPY	(15,840)		(144)		(1)
USD/JPY	JPM	06/19/19	JPY	(47,565)		(432)		2
						4,329		(15)

222

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
JNL/Mellon Capital MSCI KLD 400 Social Index Fund
COMMON STOCKS 99.6%
Communication Services 14.0%
	Alphabet Inc. - Class A (a)	1		980
	Alphabet Inc. - Class C (a)	1		1,029
	CenturyLink Inc.	3		33
	Cincinnati Bell Inc. (a)	—		1
	Discovery Inc. - Class A (a) (b)	1		12
	Discovery Inc. - Class C (a)	1		22
	Facebook Inc. - Class A (a)	7		1,116
	John Wiley & Sons Inc. - Class A	—		6
	Liberty Global Plc - Class A (a)	1		13
	Liberty Global Plc - Class C (a)	1		34
	Netflix Inc. (a)	1		434
	New York Times Co. - Class A (b)	—		13
	Omnicom Group Inc.	1		45
	Scholastic Corp.	—		3
	Sprint Corp. (a) (b)	2		13
	Verizon Communications Inc.	12		681
	Walt Disney Co.	5		556
			4,991
Consumer Discretionary 9.3%
	Aptiv Plc	1		59
	Aramark Corp.	1		19
	Autoliv Inc.	—		18
	AutoNation Inc. (a)	—		5
	Best Buy Co. Inc.	1		50
	Booking Holdings Inc. (a)	—		225
	BorgWarner Inc.	1		22
	Buckle Inc. (b)	—		1
	Caleres Inc.	—		4
	Callaway Golf Co.	—		4
	Capri Holdings Ltd. (a)	—		18
	Carmax Inc. (a)	1		35
	Choice Hotels International Inc.	—		9
	Columbia Sportswear Co.	—		9
	Darden Restaurants Inc.	—		42
	Deckers Outdoor Corp. (a)	—		10
	Domino's Pizza Inc.	—		27
	Ethan Allen Interiors Inc.	—		2
	Foot Locker Inc.	—		19
	GameStop Corp. - Class A (b)	—		2
	Gap Inc.	1		16
	Garmin Ltd.	—		27
	HanesBrands Inc.	1		17
	Harley-Davidson Inc.	1		16
	Hasbro Inc.	—		29
	Hilton Worldwide Holdings Inc.	1		65
	Home Depot Inc.	3		604
	Jack in the Box Inc.	—		6
	Kohl's Corp.	1		31
	La-Z-Boy Inc.	—		4
	LKQ Corp. (a)	1		25
	Lowe's Cos. Inc.	2		245
	Marriott International Inc. - Class A	1		100
	Mattel Inc. (a) (b)	1		12
	McDonald's Corp.	2		408
	Meritage Homes Corp. (a)	—		4
	Mohawk Industries Inc. (a)	—		23
	Newell Brands Inc.	1		20
	Nike Inc. - Class B	4		299
	Nordstrom Inc.	—		14
	Office Depot Inc.	1		4
	Pool Corp.	—		18
	PVH Corp.	—		27
	Royal Caribbean Cruises Ltd.	1		54
	Shutterfly Inc. (a)	—		3
	Signet Jewelers Ltd.	—		4
	Starbucks Corp.	4		256
	Tesla Inc. (a) (b)	—		100
	Tiffany & Co.	—		32
	Tractor Supply Co.	—		33
	Tupperware Brands Corp.	—		4
		Shares/Par¹		Value ($)
	Ulta Beauty Inc. (a)	—		55
	Under Armour Inc. - Class A (a)	1		11
	Under Armour Inc. - Class C (a)	1		10
	Vail Resorts Inc.	—		23
	VF Corp.	1		81
	Whirlpool Corp.	—		24
	Wolverine World Wide Inc.	—		10
			3,294
Consumer Staples 7.1%
	Archer-Daniels-Midland Co.	2		68
	Avon Products Inc. (a)	1		3
	Bunge Ltd.	—		21
	Campbell Soup Co.	1		20
	Clorox Co.	—		57
	Coca-Cola Co.	11		528
	Colgate-Palmolive Co.	2		158
	Darling Ingredients Inc. (a)	1		10
	Estee Lauder Cos. Inc. - Class A	1		101
	General Mills Inc.	2		85
	Hain Celestial Group Inc. (a)	—		7
	Hormel Foods Corp.	1		37
	Ingredion Inc.	—		19
	JM Smucker Co.	—		37
	Kellogg Co.	1		41
	Kimberly-Clark Corp.	1		119
	Kraft Heinz Foods Co.	2		56
	Kroger Co.	2		54
	Lamb Weston Holdings Inc.	—		31
	McCormick & Co. Inc.	—		50
	Mondelez International Inc. - Class A	4		203
	Procter & Gamble Co.	7		722
	Sysco Corp.	1		91
	United Natural Foods Inc. (a)	—		1
			2,519
Energy 3.8%
	Apache Corp.	1		37
	Baker Hughes a GE Co. LLC - Class A	1		39
	ConocoPhillips Co.	3		213
	Core Laboratories NV (b)	—		8
	Denbury Resources Inc. (a)	1		2
	Devon Energy Corp.	1		41
	EQT Corp.	1		15
	Hess Corp.	1		45
	Marathon Oil Corp.	2		39
	Marathon Petroleum Corp.	2		115
	National Oilwell Varco Inc.	1		28
	Noble Energy Inc.	1		34
	Occidental Petroleum Corp.	2		140
	ONEOK Inc.	1		79
	Phillips 66	1		116
	Pioneer Natural Resources Co.	1		72
	QEP Resources Inc. (a)	1		5
	Schlumberger Ltd.	4		169
	Southwestern Energy Co. (a)	2		8
	TechnipFMC Plc	1		28
	Valero Energy Corp.	1		99
			1,332
Financials 9.1%
	Allstate Corp.	1		90
	Ally Financial Inc.	1		32
	American Express Co.	2		220
	Ameriprise Financial Inc.	—		50
	Arthur J Gallagher & Co.	1		40
	Bank of Hawaii Corp.	—		8
	Bank of New York Mellon Corp. (c)	3		140
	BB&T Corp.	2		99
	BlackRock Inc.	—		141
	Cathay General Bancorp	—		8
	Charles Schwab Corp.	3		145
	Chubb Ltd.	1		180
	CIT Group Inc.	—		13
	Citizens Financial Group Inc.	1		41
	CME Group Inc.	1		165
	Comerica Inc.	1		33

223

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
	FactSet Research Systems Inc.	—		27
	First Republic Bank	1		46
	Franklin Resources Inc.	1		29
	Hartford Financial Services Group Inc.	1		50
	Heartland Financial USA Inc.	—		3
	Intercontinental Exchange Inc.	2		121
	International Bancshares Corp.	—		6
	Invesco Ltd.	1		23
	KeyCorp	3		46
	Legg Mason Inc.	—		8
	Loews Corp.	1		36
	M&T Bank Corp.	—		58
	Marsh & McLennan Cos. Inc.	1		132
	Moody's Corp.	1		86
	New York Community Bancorp Inc.	1		15
	Northern Trust Corp.	1		54
	Old National Bancorp	1		8
	People's United Financial Inc.	1		17
	PNC Financial Services Group Inc.	1		158
	Principal Financial Group Inc.	1		40
	Progressive Corp.	2		118
	Prudential Financial Inc.	1		105
	Regions Financial Corp.	3		40
	S&P Global Inc.	1		148
	Signature Bank	—		20
	State Street Corp.	1		69
	SVB Financial Group (a)	—		32
	T. Rowe Price Group Inc.	1		67
	TD Ameritrade Holding Corp.	1		38
	Travelers Cos. Inc.	1		100
	Umpqua Holdings Corp.	1		10
	Voya Financial Inc.	1		22
	Willis Towers Watson Plc	—		64
	Zions Bancorp	1		23
			3,224
Health Care 11.1%
	AbbVie Inc.	4		338
	Abiomed Inc. (a)	—		33
	Agilent Technologies Inc.	1		71
	Align Technology Inc. (a)	—		61
	AmerisourceBergen Corp.	1		35
	Amgen Inc.	2		338
	Becton Dickinson & Co.	1		187
	Biogen Inc. (a)	1		133
	BioMarin Pharmaceutical Inc. (a)	1		45
	Bio-Techne Corp.	—		21
	Bristol-Myers Squibb Co.	5		216
	Cardinal Health Inc.	1		40
	Celgene Corp. (a)	2		184
	Centene Corp. (a)	1		60
	Cerner Corp. (a)	1		48
	Cigna Corp.	1		171
	Cooper Cos. Inc.	—		40
	Dentsply Sirona Inc.	1		31
	Edwards Lifesciences Corp. (a)	1		110
	Gilead Sciences Inc.	4		233
	HCA Inc.	1		99
	Henry Schein Inc. (a)	—		25
	Hologic Inc. (a)	1		39
	Humana Inc.	—		102
	Idexx Laboratories Inc. (a)	—		54
	Iqvia Ltd. (a)	1		64
	Jazz Pharmaceuticals Plc (a)	—		25
	Laboratory Corp. of America Holdings (a)	—		42
	MEDNAX Inc. (a)	—		7
	Merck & Co. Inc.	7		603
	Mettler-Toledo International Inc. (a)	—		51
	Patterson Cos. Inc.	—		6
	Quest Diagnostics Inc.	—		33
	ResMed Inc.	—		41
	Select Medical Holdings Corp. (a)	—		4
	Varian Medical Systems Inc. (a)	—		36
	Vertex Pharmaceuticals Inc. (a)	1		132
	Waters Corp. (a)	—		52
		Shares/Par¹		Value ($)
	Zoetis Inc. - Class A	1		135
			3,945
Industrials 9.6%
	3M Co.	2		337
	ACCO Brands Corp.	—		3
	Acuity Brands Inc.	—		13
	AGCO Corp.	—		13
	Air Lease Corp. - Class A	—		9
	Allegion Plc	—		24
	Amerco Inc.	—		9
	AO Smith Corp.	—		22
	Applied Industrial Technologies Inc.	—		5
	ArcBest Corp.	—		2
	Avis Budget Group Inc. (a)	—		7
	Builders FirstSource Inc. (a)	—		5
	C.H. Robinson Worldwide Inc.	—		33
	Caterpillar Inc.	2		222
	Copart Inc. (a)	1		36
	CSX Corp.	2		168
	Cummins Inc.	—		67
	Deere & Co.	1		137
	Delta Air Lines Inc.	1		24
	Deluxe Corp.	—		6
	Dover Corp.	—		38
	Eaton Corp. Plc	1		96
	Echo Global Logistics Inc. (a)	—		2
	EMCOR Group Inc.	—		11
	Expeditors International of Washington Inc.	1		37
	Exponent Inc.	—		8
	Fastenal Co.	1		52
	Flowserve Corp.	—		16
	Fortive Corp.	1		70
	Fortune Brands Home & Security Inc.	—		18
	Genesee & Wyoming Inc. - Class A (a)	—		14
	Graco Inc.	1		23
	Granite Construction Inc.	—		5
	H&E Equipment Services Inc.	—		2
	HD Supply Holdings Inc. (a)	1		21
	Heidrick & Struggles International Inc.	—		2
	Hertz Global Holdings Inc. (a)	—		2
	HNI Corp.	—		4
	ICF International Inc.	—		3
	Illinois Tool Works Inc.	1		119
	Ingersoll-Rand Plc	1		72
	Interface Inc.	—		2
	Johnson Controls International Plc	3		94
	Kansas City Southern	—		33
	Kelly Services Inc. - Class A	—		2
	Knoll Inc.	—		2
	Lennox International Inc.	—		27
	Lincoln Electric Holdings Inc.	—		14
	Manpower Inc.	—		14
	Masco Corp.	1		34
	Meritor Inc. (a)	—		4
	Middleby Corp. (a)	—		19
	Navigant Consulting Inc.	—		2
	Norfolk Southern Corp.	1		142
	Owens Corning Inc.	—		14
	PACCAR Inc.	1		66
	Parker Hannifin Corp.	—		64
	Quanta Services Inc.	—		16
	Resources Connection Inc.	—		2
	Robert Half International Inc.	—		22
	Rockwell Automation Inc.	—		59
	Roper Industries Inc.	—		98
	RR Donnelley & Sons Co.	—		1
	Ryder System Inc.	—		9
	Sensata Technologies Holding Plc (a)	1		20
	Snap-On Inc.	—		25
	Southwest Airlines Co.	—		19
	Spirit Aerosystems Holdings Inc. - Class A	—		28
	Stanley Black & Decker Inc.	1		58
	Steelcase Inc. - Class A	—		4
	Team Inc. (a) (b)	—		1

224

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
	Tennant Co.	—		2
	Tetra Tech Inc.	—		9
	Timken Co.	—		9
	TransUnion LLC	1		34
	TrueBlue Inc. (a)	—		2
	Union Pacific Corp.	2		344
	United Parcel Service Inc. - Class B	2		217
	United Rentals Inc. (a)	—		27
	WABCO Holdings Inc. (a)	—		18
	Wabtec Corp.	—		28
	Wesco Aircraft Holdings Inc. (a)	—		1
	WW Grainger Inc.	—		41
	Xylem Inc.	1		40
			3,424
Information Technology 26.9%
	Accenture Plc - Class A	2		314
	Adobe Inc. (a)	1		363
	Advanced Micro Devices Inc. (a)	3		68
	Analog Devices Inc.	1		107
	Ansys Inc. (a)	—		41
	Applied Materials Inc.	3		108
	ASGN Inc. (a)	—		9
	Autodesk Inc. (a)	1		94
	Automatic Data Processing Inc.	1		196
	Cadence Design Systems Inc. (a)	1		50
	Cisco Systems Inc.	13		677
	Citrix Systems Inc.	—		37
	Cognex Corp.	1		25
	Cognizant Technology Solutions Corp. - Class A	2		118
	CommScope Holding Co. Inc. (a)	1		11
	Corning Inc.	2		73
	Dell Technologies Inc. - Class C (a)	1		25
	F5 Networks Inc. (a)	—		27
	FleetCor Technologies Inc. (a)	—		61
	Flex Ltd. (a)	1		14
	Fortinet Inc. (a)	—		35
	Hewlett Packard Enterprise Co.	4		64
	HP Inc.	4		85
	IHS Markit Ltd. (a)	1		60
	Intel Corp.	13		683
	International Business Machines Corp.	3		358
	Intuit Inc.	1		180
	Itron Inc. (a)	—		5
	Keysight Technologies Inc. (a)	1		45
	Lam Research Corp.	1		77
	Mastercard Inc. - Class A	3		603
	Microchip Technology Inc.	1		55
	Microsoft Corp.	20		2,395
	Motorola Solutions Inc.	1		64
	Nvidia Corp.	2		290
	Oracle Corp.	7		397
	Plantronics Inc.	—		4
	Salesforce.com Inc. (a)	2		338
	Skyworks Solutions Inc.	1		40
	Symantec Corp.	2		42
	TE Connectivity Ltd.	1		76
	Teradata Corp. (a)	—		14
	Texas Instruments Inc.	3		284
	Trimble Inc. (a)	1		28
	Visa Inc. - Class A	5		766
	VMware Inc. - Class A	—		41
	Western Union Co.	1		23
	Workday Inc. - Class A (a)	—		79
	Xerox Corp.	1		18
			9,567
Materials 2.9%
	Air Products & Chemicals Inc.	1		116
	Albemarle Corp.	—		24
	Avery Dennison Corp.	—		28
	Axalta Coating Systems Ltd. (a)	1		14
	Ball Corp.	1		53
	Compass Minerals International Inc. (b)	—		6
	Domtar Corp.	—		10
	Ecolab Inc.	1		127
		Shares/Par¹		Value ($)
	HB Fuller Co.	—		6
	International Flavors & Fragrances Inc.	—		31
	Linde Plc	2		271
	Minerals Technologies Inc.	—		5
	Mosaic Co.	1		29
	Newmont Mining Corp.	2		52
	Nucor Corp.	1		52
	PPG Industries Inc.	1		75
	Schnitzer Steel Industries Inc. - Class A	—		2
	Sealed Air Corp.	—		19
	Sherwin-Williams Co.	—		102
	Sonoco Products Co.	—		18
			1,040
Real Estate 3.9%
	American Tower Corp.	1		241
	AvalonBay Communities Inc.	—		77
	Boston Properties Inc.	1		58
	CBRE Group Inc. - Class A (a)	1		44
	Corporate Office Properties Trust	—		9
	Digital Realty Trust Inc.	1		69
	Duke Realty Corp.	1		31
	Equinix Inc.	—		101
	Equity Residential Properties Inc.	1		77
	Federal Realty Investment Trust	—		29
	HCP Inc.	1		41
	Host Hotels & Resorts Inc.	2		39
	Iron Mountain Inc.	1		28
	Jones Lang LaSalle Inc.	—		19
	Liberty Property Trust	—		19
	Macerich Co.	—		13
	PotlatchDeltic Corp.	—		8
	ProLogis Inc.	2		126
	Realogy Holdings Corp. (b)	—		3
	SBA Communications Corp. (a)	—		63
	Simon Property Group Inc.	1		158
	UDR Inc.	1		34
	Vornado Realty Trust	1		33
	Weyerhaeuser Co.	2		56
			1,376
Utilities 1.9%
	AES Corp.	2		34
	Alliant Energy Corp.	1		32
	American Water Works Co. Inc.	1		53
	Avista Corp.	—		7
	CenterPoint Energy Inc.	1		43
	CMS Energy Corp.	1		43
	Consolidated Edison Inc.	1		73
	Eversource Energy	1		63
	MDU Resources Group Inc.	1		14
	New Jersey Resources Corp.	—		13
	NiSource Inc.	1		29
	Northwest Natural Holding Co.	—		4
	Ormat Technologies Inc.	—		5
	PPL Corp.	2		63
	Sempra Energy	1		95
	UGI Corp.	1		27
	WEC Energy Group Inc.	1		69
			667
	Total Common Stocks (cost $33,071)		35,379
SHORT TERM INVESTMENTS 0.4%
Investment Companies 0.4%
	JNL Government Money Market Fund - Institutional Class, 2.33% (c) (d)	122		122
Securities Lending Collateral 0.0%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.43% (c) (d)	—		—

225

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
Treasury Securities 0.0%
	U.S. Treasury Bill
		2.44%, 06/06/19 (e) (f)	8		8
	Total Short Term Investments (cost $130)			130
Total Investments 100.0% (cost $33,201)					35,509
Other Derivative Instruments 0.0%					1
Other Assets and Liabilities, Net 0.0%					16
			Shares/Par¹		Value ($)
Total Net Assets 100.0%					35,526

(a) Non-income producing security.

(b) All or a portion of the security was on loan.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2019.

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

(f) 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(%)
	Bank of New York Mellon Corp.	127	13	9	1	—	9	140	0.4

JNL/Mellon Capital 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 E-Mini Index

June 2019

140

226

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
JNL/Mellon Capital Bond Index Fund
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 1.9%
	American Express Credit Account Master Trust
		Series 2017-A-1, 1.93%, 02/18/20	700		696
	BMW Vehicle Owner Trust
		Series 2018-A4-A, 2.51%, 10/25/21	1,500		1,493
	Capital One Multi-Asset Execution Trust
		Series 2019-A1-A1, 2.84%, 02/15/22	1,000		1,008
	CarMax Auto Owner Trust
		Series 2017-A4-2, 2.25%, 05/17/21	1,000		989
	CFCRE Commercial Mortgage Trust
		Series 2017-A4-C8, REMIC, 3.57%, 05/17/27	1,250		1,274
	Chase Issuance Trust
		Series 2015-A4-A4, 1.84%, 04/15/20	500		496
	Citibank Credit Card Issuance Trust
		Series 2014-A1-A1, 2.88%, 01/21/21	300		302
	Citigroup Commercial Mortgage Trust
		Series 2014-A4-GC23, REMIC, 3.62%, 07/12/24	500		515
		Series 2015-A3-GC33, REMIC, 3.52%, 08/10/25	700		720
	COMM Mortgage Trust
		Series 2015-A2-DC1, REMIC, 2.87%, 01/10/20	476		476
		Series 2013-A4-CR11, REMIC, 4.26%, 09/12/23	650		688
		Series 2014-A4-UBS3, REMIC, 3.82%, 05/10/24	500		521
	Commercial Mortgage Trust
		Series 2014-A3-UBS3, REMIC, 3.55%, 04/12/24	500		514
		Series 2014-AM-UBS4, REMIC, 3.97%, 07/12/24	400		411
		Series 2015-A4-DC1, REMIC, 3.08%, 12/12/24	500		500
		Series 2015-A4-LC19, REMIC, 3.18%, 01/10/25	1,000		1,010
	Delta Air Lines Pass-Through Trust
		Series 2007-A-1, 6.82%, 08/10/22	214		233
	Discover Card Execution Note Trust
		Series 2018-A5-A5, 3.32%, 09/15/21	625		637
		Series 2017-A2-A2, 2.39%, 01/18/22	1,000		991
	JPMBB Commercial Mortgage Securities Trust
		Series 2013-A5-C15, REMIC, 4.13%, 09/15/23	500		526
	JPMorgan Chase Commercial Mortgage Securities Trust
		Series 2013-A5-C10, REMIC, 3.14%, 02/17/23	1,000		1,011
	Morgan Stanley Bank of America Merrill Lynch Trust
		Series 2012-A4-C6, REMIC, 2.86%, 09/16/22	217		218
		Series 2014-A5-C17, REMIC, 3.74%, 07/17/24	500		518
		Series 2013-A2-C11, REMIC, 3.09%, 08/17/46	75		76
	Morgan Stanley Capital I Trust
		Series 2017-A4-H1, REMIC, 3.26%, 03/17/27	500		504
	SG Commercial Mortgage Securities Trust
		Series 2016-A4-C5, REMIC, 3.06%, 06/12/26	1,000		984
	UBS-Barclays Commercial Mortgage Trust
		Series 2012-A4-C3, REMIC, 3.09%, 09/12/22	350		353
		Series 2012-A5-C4, REMIC, 2.85%, 12/12/22	500		501
	United Airlines Inc. Pass-Through Trust
		Series 2013-A-1, 4.30%, 08/15/25	194		200
		Series 2014-A-2, 3.75%, 09/03/26	160		162
	US Airways Pass-Through Trust
		Series 2013-A-1, 3.95%, 11/15/25	180		182
	Wells Fargo Commercial Mortgage Trust
		Series 2017-A2-RC1, REMIC, 3.12%, 02/17/22	500		503
		Series 2018-A5-C44, REMIC, 4.21%, 04/17/28	1,000		1,074
	Wells Fargo-RBS Commercial Mortgage Trust
		Series 2012-A3-C9, REMIC, 2.87%, 10/17/22	358		358
		Series 2014-A5-C21, REMIC, 3.68%, 07/17/24	500		517
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $21,156)			21,161
CORPORATE BONDS AND NOTES 25.2%
Communication Services 2.2%
	Alphabet Inc.
		2.00%, 08/15/26	300		284
	America Movil SAB de CV
		6.38%, 03/01/35	200		250
		4.38%, 07/16/42	200		209
	AT&T Inc.
		2.45%, 06/30/20	150		150
		2.80%, 02/17/21	535		535
		3.00%, 06/30/22	150		150
			Shares/Par¹		Value ($)
		3.40%, 05/15/25 (a)	200		198
		4.25%, 03/01/27	170		175
		4.35%, 03/01/29 - 06/15/45	655		620
		4.50%, 05/15/35	950		937
		4.85%, 03/01/39	105		106
		6.35%, 03/15/40	300		348
		4.75%, 05/15/46	200		196
		5.65%, 02/15/47	160		175
		4.50%, 03/09/48	656		617
		5.70%, 03/01/57	170		184
	British Telecommunications Plc
		9.13%, 12/15/30 (b)	250		358
	CBS Corp.
		4.00%, 01/15/26	500		508
		7.88%, 07/30/30	125		164
		4.85%, 07/01/42	150		148
	Charter Communications Operating LLC
		3.58%, 07/23/20	500		504
		4.91%, 07/23/25	640		675
		6.48%, 10/23/45	210		236
		5.75%, 04/01/48	100		105
	Comcast Corp.
		2.75%, 03/01/23	50		50
		3.70%, 04/15/24	285		294
		3.38%, 08/15/25	290		294
		4.15%, 10/15/28	350		369
		4.20%, 08/15/34	500		520
		6.50%, 11/15/35	100		127
		6.95%, 08/15/37	250		332
		3.90%, 03/01/38	70		69
		4.75%, 03/01/44	300		325
		4.00%, 08/15/47 - 03/01/48	110		107
		4.70%, 10/15/48	365		396
	Deutsche Telekom International Finance BV
		8.75%, 06/15/30 (b)	300		414
	Discovery Communications LLC
		2.80%, 06/15/20 (c)	250		249
		3.50%, 06/15/22 (c)	250		252
		3.95%, 03/20/28	105		102
		5.00%, 09/20/37	150		146
		6.35%, 06/01/40	100		110
		5.20%, 09/20/47	75		73
	Fox Corp.
		5.48%, 01/25/39 (c)	65		72
		5.58%, 01/25/49 (c)	80		91
	France Telecom SA
		5.38%, 01/13/42	100		114
	Grupo Televisa SAB
		6.63%, 03/18/25	100		113
	Interpublic Group of Cos. Inc.
		4.20%, 04/15/24	250		257
	NBCUniversal Media LLC
		5.15%, 04/30/20	200		205
		4.38%, 04/01/21	500		516
		6.40%, 04/30/40	250		318
	Orange SA
		5.50%, 02/06/44	300		347
	Rogers Communications Inc.
		3.63%, 12/15/25	300		304
	Telefonica Emisiones SAU
		5.13%, 04/27/20	350		358
	Telefonica Europe BV
		8.25%, 09/15/30	500		663
	Time Warner Cable Inc.
		7.30%, 07/01/38	300		353
		6.75%, 06/15/39	300		335
	Time Warner Inc.
		3.40%, 06/15/22	500		506
		2.95%, 07/15/26	500		473
		4.85%, 07/15/45	90		91
	Verizon Communications Inc.
		3.13%, 03/16/22	135		137
		5.15%, 09/15/23	250		275
		3.38%, 02/15/25	223		226
		4.13%, 03/16/27	300		314

227

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
		4.33%, 09/21/28	400		423
		4.02%, 12/03/29 (c)	982		1,015
		4.50%, 08/10/33	180		190
		5.25%, 03/16/37	195		220
		4.86%, 08/21/46	850		909
		5.01%, 04/15/49 - 08/21/54	560		605
	Viacom Inc.
		3.88%, 04/01/24	156		159
		4.38%, 03/15/43	300		270
	Vodafone Group Plc
		4.38%, 05/30/28	220		223
		7.88%, 02/15/30	200		254
		5.00%, 05/30/38	60		60
		5.25%, 05/30/48	175		175
	Walt Disney Co.
		4.50%, 02/15/21 (c)	400		414
		2.75%, 08/16/21	300		302
		3.00%, 09/15/22 (c)	350		354
		7.00%, 03/01/32	50		69
		6.20%, 12/15/34 (c)	50		65
		6.15%, 02/15/41 (c)	550		735
				24,571
Consumer Discretionary 1.3%
	Alibaba Group Holding Ltd.
		3.13%, 11/28/21	210		211
		4.50%, 11/28/34	300		315
	Amazon.com Inc.
		2.50%, 11/29/22	200		200
		3.15%, 08/22/27	1,140		1,148
		3.88%, 08/22/37	170		178
		4.25%, 08/22/57	320		345
	AutoZone Inc.
		3.25%, 04/15/25	350		346
		3.75%, 06/01/27	200		202
	Board of Trustees of the Leland Stanford Junior University
		3.65%, 05/01/48	20		21
	BorgWarner Inc.
		4.38%, 03/15/45	200		185
	California Institute of Technology
		4.32%, 08/01/45	40		44
	Carnival Corp.
		3.95%, 10/15/20	200		203
	Dollar General Corp.
		3.25%, 04/15/23	250		252
	Dollar Tree Inc.
		4.20%, 05/15/28	90		90
	Ford Motor Co.
		4.35%, 12/08/26 (a)	200		185
		7.45%, 07/16/31	300		320
		5.29%, 12/08/46	200		168
	General Motors Co.
		5.00%, 04/01/35	200		182
		5.15%, 04/01/38	70		64
		5.40%, 04/01/48	190		174
	GLP Capital LP
		4.38%, 04/15/21	300		304
		5.38%, 04/15/26	150		157
		5.75%, 06/01/28	300		323
	Hasbro Inc.
		6.35%, 03/15/40	300		331
	Home Depot Inc.
		2.00%, 04/01/21	310		307
		3.00%, 04/01/26	500		503
		5.88%, 12/16/36	600		756
		3.50%, 09/15/56	200		184
	Kohl's Corp.
		4.25%, 07/17/25	500		512
	Leggett & Platt Inc.
		4.40%, 03/15/29	200		202
	Lowe's Cos. Inc.
		4.63%, 04/15/20	100		101
		4.38%, 09/15/45	150		147
	Marriott International Inc.
		3.13%, 10/15/21 - 06/15/26	800		784
			Shares/Par¹		Value ($)
	McDonald's Corp.
		2.75%, 12/09/20	230		230
		3.70%, 01/30/26	175		181
		6.30%, 03/01/38	200		248
		4.88%, 12/09/45	165		179
	Nike Inc.
		2.25%, 05/01/23	200		199
	Nordstrom Inc.
		4.00%, 10/15/21	225		230
	Royal Caribbean Cruises Ltd.
		7.50%, 10/15/27	20		24
	Sands China Ltd.
		4.60%, 08/08/23 (d)	400		411
		5.13%, 08/08/25 (d)	400		419
	Starbucks Corp.
		2.70%, 06/15/22	225		225
		4.00%, 11/15/28 (a)	200		209
		4.50%, 11/15/48	400		410
	Target Corp.
		3.63%, 04/15/46	300		285
		3.90%, 11/15/47	300		297
	TJX Cos. Inc.
		2.75%, 06/15/21	200		201
	Toyota Motor Corp.
		3.42%, 07/20/23	200		206
		3.67%, 07/20/28	200		210
	University of Notre Dame du Lac
		3.44%, 02/15/45	250		248
	University of Southern California
		3.03%, 10/01/39	450		423
		5.25%, 10/01/11	20		25
				14,304
Consumer Staples 1.6%
	Altria Group Inc.
		2.85%, 08/09/22	500		499
		4.80%, 02/14/29	180		186
		5.80%, 02/14/39	110		117
		4.50%, 05/02/43	200		180
		6.20%, 02/14/59	145		156
	Anheuser-Busch InBev Worldwide Inc.
		2.50%, 07/15/22	300		297
		3.65%, 02/01/26 (c)	975		978
		4.75%, 01/23/29	280		298
		4.70%, 02/01/36 (c)	482		482
		5.45%, 01/23/39	120		130
		4.90%, 02/01/46 (c)	590		594
		4.44%, 10/06/48	662		624
		5.80%, 01/23/59	295		328
	Archer-Daniels-Midland Co.
		2.50%, 08/11/26	300		289
		4.02%, 04/16/43	250		255
	BAT Capital Corp.
		2.76%, 08/15/22	310		305
		4.39%, 08/15/37	150		136
		4.54%, 08/15/47	150		132
	Campbell Soup Co.
		4.25%, 04/15/21	300		307
		4.15%, 03/15/28	300		299
	Church & Dwight Co. Inc.
		3.15%, 08/01/27	200		194
		3.95%, 08/01/47	200		192
	Clorox Co.
		3.80%, 11/15/21	250		257
	Coca-Cola Co.
		3.15%, 11/15/20	300		303
	Coca-Cola Femsa SAB de CV
		3.88%, 11/26/23	200		207
	Conagra Brands Inc.
		5.30%, 11/01/38	55		56
		5.40%, 11/01/48	55		55
	Constellation Brands Inc.
		2.25%, 11/06/20	200		198
	Costco Wholesale Corp.
		3.00%, 05/18/27	80		80

228

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Diageo Investment Corp.
		8.00%, 09/15/22	100		117
	General Mills Inc.
		3.65%, 02/15/24	303		310
		4.20%, 04/17/28 (a)	105		109
	H.J. Heinz Finance Co.
		6.75%, 03/15/32	500		572
	JM Smucker Co.
		3.50%, 03/15/25	300		300
		3.38%, 12/15/27 (a)	250		245
	Kellogg Co.
		4.00%, 12/15/20	127		130
	Kraft Foods Group Inc.
		5.00%, 06/04/42	200		190
	Kraft Heinz Foods Co.
		2.80%, 07/02/20	210		210
		5.20%, 07/15/45	80		77
		4.38%, 06/01/46	205		178
	Kroger Co.
		7.50%, 04/01/31	150		188
	Maple Escrow Subsidiary Inc.
		4.06%, 05/25/23 (c)	205		211
	Mead Johnson Nutrition Co.
		4.60%, 06/01/44	200		219
	Molson Coors Brewing Co.
		3.00%, 07/15/26	500		474
	PepsiCo Inc.
		3.10%, 07/17/22	500		510
		3.00%, 10/15/27	500		497
		4.45%, 04/14/46	180		201
		3.45%, 10/06/46	90		87
	Philip Morris International Inc.
		2.90%, 11/15/21	300		302
		2.50%, 11/02/22	200		198
		4.38%, 11/15/41	300		293
	Procter & Gamble Co.
		2.30%, 02/06/22	500		498
	Reynolds American Inc.
		4.85%, 09/15/23	150		158
		5.70%, 08/15/35	100		104
		5.85%, 08/15/45	210		216
	Sysco Corp.
		2.60%, 06/12/22	500		496
	Tyson Foods Inc.
		5.15%, 08/15/44	200		204
	Unilever Capital Corp.
		2.75%, 03/22/21	200		201
	Walgreens Boots Alliance Inc.
		3.80%, 11/18/24	200		204
		4.50%, 11/18/34	200		198
	Walmart Inc.
		2.85%, 06/23/20	400		402
		3.40%, 06/26/23	500		516
		3.70%, 06/26/28	185		195
	Wal-Mart Stores Inc.
		2.65%, 12/15/24	300		299
		3.63%, 12/15/47	300		298
				17,741
Energy 2.5%
	Anadarko Petroleum Corp.
		6.45%, 09/15/36	250		288
		4.50%, 07/15/44	200		190
	Apache Corp.
		3.63%, 02/01/21	400		404
		4.75%, 04/15/43	200		189
	Baker Hughes a GE Co. LLC
		2.77%, 12/15/22	500		497
		3.34%, 12/15/27	400		390
	Baker Hughes Inc.
		3.20%, 08/15/21	75		76
	Boardwalk Pipelines LP
		3.38%, 02/01/23	200		196
	BP Capital Markets Plc
		3.06%, 03/17/22	200		202
			Shares/Par¹		Value ($)
		3.81%, 02/10/24	500		520
		3.28%, 09/19/27	90		90
	Burlington Resources Finance Co.
		7.20%, 08/15/31	100		135
	Canadian Natural Resources Ltd.
		5.85%, 02/01/35	150		170
		6.25%, 03/15/38	300		362
	Cenovus Energy Inc.
		5.40%, 06/15/47	500		500
	Chevron Corp.
		2.10%, 05/16/21	145		144
		3.19%, 06/24/23	500		512
		2.95%, 05/16/26	110		111
	Columbia Pipeline Group Inc.
		5.80%, 06/01/45	100		114
	Concho Resources Inc.
		4.30%, 08/15/28	250		258
		4.88%, 10/01/47	45		48
	Conoco Funding Co.
		7.25%, 10/15/31	75		102
	ConocoPhillips Holding Co.
		6.95%, 04/15/29	200		258
	Continental Resources Inc.
		4.50%, 04/15/23	300		311
	Devon Energy Corp.
		4.00%, 07/15/21	750		765
		5.85%, 12/15/25	57		65
	Ecopetrol SA
		4.13%, 01/16/25	250		254
	Enable Midstream Partners LP
		3.90%, 05/15/24	200		199
		4.95%, 05/15/28	300		305
	Enbridge Energy Partners LP
		7.50%, 04/15/38	200		269
	Energen Corp.
		4.63%, 09/01/21	50		50
	Energy Transfer Operating LP
		6.25%, 04/15/49	90		101
	Energy Transfer Partners LP
		4.75%, 01/15/26	350		366
		4.95%, 06/15/28	250		263
		7.50%, 07/01/38	200		243
		6.50%, 02/01/42	150		168
		6.00%, 06/15/48	50		54
	Enterprise Products Operating LLC
		3.70%, 02/15/26	350		359
		6.88%, 03/01/33	25		32
		6.45%, 09/01/40	100		124
		4.45%, 02/15/43	150		152
		4.95%, 10/15/54	300		316
	EOG Resources Inc.
		2.63%, 03/15/23	200		199
		3.15%, 04/01/25	200		201
	Exxon Mobil Corp.
		2.22%, 03/01/21	410		408
		3.04%, 03/01/26	315		320
		4.11%, 03/01/46	205		222
	Halliburton Co.
		3.80%, 11/15/25	150		153
		7.45%, 09/15/39	250		336
		5.00%, 11/15/45	120		128
	Hess Corp.
		7.30%, 08/15/31	23		27
		5.60%, 02/15/41	400		405
	HollyFrontier Corp.
		5.88%, 04/01/26	240		256
	Husky Energy Inc.
		4.40%, 04/15/29	200		203
	Kerr-McGee Corp.
		6.95%, 07/01/24	230		264
	Kinder Morgan Energy Partners LP
		3.50%, 09/01/23	300		304
		5.00%, 03/01/43	300		301
		5.40%, 09/01/44	250		265

229

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Kinder Morgan Inc.
		5.30%, 12/01/34	350		381
	Magellan Midstream Partners LP
		4.25%, 02/01/21	300		307
	Marathon Petroleum Corp.
		3.63%, 09/15/24	200		202
		3.80%, 04/01/28 (c)	200		198
		6.50%, 03/01/41	300		366
	MPLX LP
		4.88%, 12/01/24 - 06/01/25	550		587
		4.50%, 04/15/38	105		100
		5.20%, 03/01/47	60		61
		5.50%, 02/15/49	80		85
		4.90%, 04/15/58	110		103
	National Oilwell Varco Inc.
		2.60%, 12/01/22	80		78
	Newfield Exploration Co.
		5.75%, 01/30/22	200		214
	Nexen Energy ULC
		5.88%, 03/10/35 (a)	50		60
	Noble Energy Inc.
		3.90%, 11/15/24	35		35
		3.85%, 01/15/28	300		296
	Occidental Petroleum Corp.
		3.40%, 04/15/26	500		511
		4.63%, 06/15/45	100		109
		4.10%, 02/15/47	150		154
	ONEOK Inc.
		7.50%, 09/01/23	200		232
		4.00%, 07/13/27	200		200
		4.55%, 07/15/28	50		52
	ONEOK Partners LP
		3.38%, 10/01/22	250		252
		6.65%, 10/01/36	150		175
	Pemex Project Funding Master Trust
		6.63%, 06/15/35	150		141
	Petroleos Mexicanos
		6.88%, 08/04/26	300		311
		6.50%, 03/13/27	330		331
		5.35%, 02/12/28	195		181
		5.50%, 01/21/21 - 06/27/44	1,200		1,121
		5.63%, 01/23/46	350		288
		6.75%, 09/21/47	270		248
	Phillips 66
		4.30%, 04/01/22	500		522
		4.65%, 11/15/34	250		269
	Phillips 66 Partners LP
		4.90%, 10/01/46	150		153
	Pioneer Natural Resources Co.
		3.95%, 07/15/22	200		206
	Plains All American Pipeline LP
		4.30%, 01/31/43	200		174
	Sabine Pass Liquefaction LLC
		5.75%, 05/15/24	300		330
		5.00%, 03/15/27	100		106
		4.20%, 03/15/28	300		303
	Shell International Finance BV
		1.88%, 05/10/21	275		271
		3.25%, 05/11/25	230		234
		6.38%, 12/15/38	200		272
		4.00%, 05/10/46	155		162
	Statoil ASA
		3.15%, 01/23/22	200		203
		3.70%, 03/01/24	200		209
		3.95%, 05/15/43	300		309
	Suncor Energy Inc.
		4.00%, 11/15/47	40		40
	Sunoco Logistics Partners Operations LP
		3.45%, 01/15/23	300		301
		5.40%, 10/01/47	90		90
	Total Capital Canada Ltd.
		2.75%, 07/15/23	300		301
	TransCanada PipeLines Ltd.
		3.80%, 10/01/20	400		406
		6.20%, 10/15/37	100		119
			Shares/Par¹		Value ($)
		5.00%, 10/16/43	150		158
		4.88%, 01/15/26 - 05/15/48	410		442
	Valero Energy Corp.
		3.65%, 03/15/25	250		254
	Valero Energy Partners LP
		4.38%, 12/15/26	200		207
	Williams Partners LP
		4.00%, 09/15/25	350		360
		6.30%, 04/15/40	200		232
				28,156
Financials 7.7%
	ACE INA Holdings Inc.
		2.70%, 03/13/23	500		498
		4.35%, 11/03/45	150		163
	AerCap Ireland Capital DAC
		3.95%, 02/01/22	750		760
		3.30%, 01/23/23	300		295
		3.88%, 01/23/28	300		283
	Aflac Inc.
		3.63%, 06/15/23	200		207
	Agricultural Bank of China Ltd.
		2.75%, 05/21/20	350		349
	Allstate Corp.
		3.15%, 06/15/23	400		405
	American Express Co.
		2.65%, 12/02/22	500		497
		3.00%, 10/30/24	400		398
	American Express Credit Corp.
		3.30%, 05/03/27	300		304
	American Honda Finance Corp.
		3.45%, 07/14/23	200		205
	American International Group Inc.
		4.88%, 06/01/22	200		211
		4.13%, 02/15/24	150		155
		3.90%, 04/01/26	350		352
		4.20%, 04/01/28	130		132
		4.25%, 03/15/29	300		304
		4.50%, 07/16/44	150		144
		4.80%, 07/10/45	290		291
		4.75%, 04/01/48	60		60
		4.38%, 01/15/55	300		268
	American Water Capital Corp.
		3.75%, 09/01/47	100		98
	Arch Capital Group U.S. Inc.
		5.14%, 11/01/43	150		167
	Ares Capital Corp.
		4.25%, 03/01/25	300		292
	Assurant Inc.
		6.75%, 02/15/34	38		44
	Australia & New Zealand Banking Group Ltd.
		2.13%, 08/19/20	250		248
	AXA Equitable Holdings Inc.
		4.35%, 04/20/28	85		86
		5.00%, 04/20/48	100		98
	AXA SA
		8.60%, 12/15/30	100		133
	Banco Santander SA
		3.13%, 02/23/23	400		396
		3.80%, 02/23/28	400		388
	Bank of America Corp.
		2.25%, 04/21/20	120		119
		2.63%, 04/19/21	380		379
		5.00%, 05/13/21	400		418
		2.37%, 07/21/21 (e)	140		139
		2.74%, 01/23/22	100		100
		2.82%, 07/21/23 (e)	800		794
		3.00%, 12/20/23	1,300		1,296
		4.00%, 04/01/24 - 01/22/25	450		463
		3.86%, 07/23/24	140		144
		4.20%, 08/26/24	750		777
		3.46%, 03/15/25	400		403
		4.25%, 10/22/26	750		771
		3.59%, 07/21/28	750		747
		3.97%, 03/05/29	150		153

230

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹	Value ($)
	4.27%, 07/23/29	170	177
	6.11%, 01/29/37	250	298
	4.24%, 04/24/38	120	123
	4.44%, 01/20/48 (e)	120	126
	3.95%, 01/23/49	75	74
	4.33%, 03/15/50	300	309
Bank of Montreal
	3.10%, 07/13/20	250	251
	1.90%, 08/27/21	300	295
	2.90%, 03/26/22 (f)	400	401
	3.80%, 12/15/32	300	291
Bank One Corp.
	8.00%, 04/29/27	200	252
Barclays Plc
	3.25%, 01/12/21	285	285
	3.65%, 03/16/25	400	392
	5.25%, 08/17/45	250	261
Berkshire Hathaway Finance Corp.
	4.25%, 01/15/21	300	310
	4.30%, 05/15/43	200	212
	4.20%, 08/15/48	135	141
Berkshire Hathaway Inc.
	3.13%, 03/15/26	220	222
BlackRock Inc.
	3.38%, 06/01/22	200	205
BNP Paribas SA
	2.38%, 05/21/20	350	349
	5.00%, 01/15/21	400	416
	4.25%, 10/15/24	250	256
BPCE SA
	4.00%, 04/15/24	200	207
Branch Banking & Trust Co.
	2.25%, 06/01/20	300	299
	3.63%, 09/16/25	500	510
Brookfield Asset Management Inc.
	4.00%, 01/15/25	250	252
Brookfield Finance Inc.
	3.90%, 01/25/28	150	145
Capital One Financial Corp.
	3.50%, 06/15/23	550	556
Cincinnati Financial Corp.
	6.13%, 11/01/34	100	123
Citibank NA
	2.13%, 10/20/20	500	496
Citigroup Inc.
	2.90%, 12/08/21	250	250
	4.50%, 01/14/22	750	782
	2.75%, 04/25/22	500	498
	4.05%, 07/30/22	400	412
	5.50%, 09/13/25	300	329
	3.20%, 10/21/26	780	764
	3.89%, 01/10/28 (e)	160	163
	3.67%, 07/24/28 (e)	450	449
	4.13%, 07/25/28	250	251
	4.08%, 04/23/29	115	118
	3.88%, 01/24/39	100	98
	5.88%, 01/30/42	489	600
	4.28%, 04/24/48	60	62
	4.65%, 07/23/48	140	151
Citizens Bank NA
	2.20%, 05/26/20	250	248
CME Group Inc.
	3.00%, 03/15/25	200	201
CNA Financial Corp.
	5.75%, 08/15/21	200	212
CNOOC Finance 2013 Ltd.
	3.00%, 05/09/23	400	396
	4.25%, 05/09/43	300	309
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
	4.50%, 01/11/21	500	516
	4.38%, 08/04/25	500	517
	5.25%, 08/04/45	250	281
Credit Suisse AG
	3.00%, 10/29/21	500	502
		Shares/Par¹	Value ($)
	3.63%, 09/09/24	250	253
Credit Suisse Group Funding Guernsey Ltd.
	4.88%, 05/15/45	250	271
Dell EMC
	4.42%, 06/15/21 (c)	530	544
	6.02%, 06/15/26 (c)	425	457
	8.10%, 07/15/36 (c)	145	171
	8.35%, 07/15/46 (c)	120	145
Deutsche Bank AG
	4.25%, 10/14/21	220	221
Discover Bank
	7.00%, 04/15/20	300	312
	4.25%, 03/13/26	200	203
Fifth Third Bancorp
	8.25%, 03/01/38	300	418
Fifth Third Bank
	2.25%, 06/14/21	500	496
Ford Motor Credit Co. LLC
	3.81%, 10/12/21	300	297
GE Capital International Funding Co.
	2.34%, 11/15/20	500	494
	3.37%, 11/15/25	500	486
	4.42%, 11/15/35	350	324
General Electric Capital Corp.
	4.38%, 09/16/20	550	561
	3.45%, 05/15/24	350	348
	6.88%, 01/10/39	300	355
General Motors Financial Co. Inc.
	3.20%, 07/06/21	500	498
	4.38%, 09/25/21	380	388
	4.15%, 06/19/23	500	505
	4.00%, 01/15/25	200	197
Goldman Sachs Group Inc.
	2.60%, 04/23/20	250	249
	2.75%, 09/15/20	75	75
	5.25%, 07/27/21	500	525
	3.63%, 01/22/23	400	407
	3.75%, 05/22/25	1,000	1,011
	4.25%, 10/21/25	500	512
	3.85%, 01/26/27	110	111
	3.81%, 04/23/29	150	149
	6.75%, 10/01/37	350	429
	4.41%, 04/23/39	90	90
	6.25%, 02/01/41	500	622
	4.75%, 10/21/45	230	244
Hartford Financial Services Group Inc.
	6.10%, 10/01/41	75	91
HSBC Holdings Plc
	3.40%, 03/08/21	400	403
	5.10%, 04/05/21	250	261
	2.95%, 05/25/21	295	295
	3.26%, 03/13/23 (e)	400	401
	4.25%, 03/14/24	150	153
	3.80%, 03/11/25 (f)	400	406
	7.63%, 05/17/32	650	860
	6.10%, 01/14/42	300	392
IHS Markit Ltd.
	4.13%, 08/01/23	200	204
	4.75%, 08/01/28	200	209
Intercontinental Exchange Group Inc.
	4.00%, 10/15/23	300	315
Intercontinental Exchange Inc.
	4.25%, 09/21/48	75	79
International Finance Corp.
	2.00%, 10/24/22	500	495
Jefferies Group LLC
	6.88%, 04/15/21	500	535
	4.15%, 01/23/30	150	137
John Deere Capital Corp.
	2.88%, 03/12/21	200	201
	2.95%, 04/01/22	300	303
	3.45%, 06/07/23 - 03/07/29	215	221
JPMorgan Chase & Co.
	4.40%, 07/22/20	600	614
	2.55%, 03/01/21	500	499

231

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
	2.40%, 06/07/21	500		496
	2.30%, 08/15/21	500		494
	3.20%, 01/25/23	500		506
	2.78%, 04/25/23	600		597
	3.38%, 05/01/23	750		758
	3.63%, 05/13/24	250		257
	3.80%, 07/23/24	130		134
	3.13%, 01/23/25	305		305
	3.54%, 05/01/28	300		301
	4.01%, 04/23/29	150		154
	4.20%, 07/23/29	640		669
	5.60%, 07/15/41	500		609
	3.96%, 11/15/48	200		196
JPMorgan Chase Bank NA
	3.51%, 01/23/29	200		199
	3.90%, 01/23/49	105		102
Lazard Group LLC
	4.38%, 03/11/29	300		303
Lincoln National Corp.
	4.00%, 09/01/23 (a)	500		523
Lloyds Bank Plc
	6.38%, 01/21/21	200		212
Lloyds Banking Group Plc
	4.65%, 03/24/26	500		507
LYB International Finance BV
	5.25%, 07/15/43	300		308
Manufacturers & Traders Trust Co.
	2.63%, 01/25/21	250		250
Marsh & McLennan Companies Inc.
	4.90%, 03/15/49	65		71
MetLife Inc.
	3.60%, 04/10/24	250		258
	5.70%, 06/15/35	100		120
	6.40%, 12/15/36	100		107
	5.88%, 02/06/41	300		373
Mitsubishi UFJ Financial Group Inc.
	3.54%, 07/26/21	300		304
	2.19%, 09/13/21	500		491
	3.76%, 07/26/23	300		308
	4.29%, 07/26/38	300		317
Mizuho Financial Group Inc.
	3.55%, 03/05/23	300		305
	4.02%, 03/05/28	500		529
Morgan Stanley
	2.80%, 06/16/20	200		200
	5.75%, 01/25/21	400		420
	3.13%, 01/23/23	150		151
	3.75%, 02/25/23	300		308
	3.70%, 10/23/24	100		102
	4.00%, 07/23/25	750		775
	6.25%, 08/09/26	200		232
	4.35%, 09/08/26	650		669
	3.63%, 01/20/27	600		602
	6.38%, 07/24/42	300		391
	4.38%, 01/22/47	200		206
Northern Trust Corp.
	3.95%, 10/30/25	250		264
ORIX Corp.
	3.70%, 07/18/27	200		202
PartnerRe Finance B LLC
	5.50%, 06/01/20	90		93
PNC Bank NA
	2.00%, 05/19/20	250		248
	4.20%, 11/01/25	300		316
PNC Financial Services Group Inc.
	2.60%, 07/21/20	650		650
	3.15%, 05/19/27	400		401
Progressive Corp.
	4.35%, 04/25/44	200		214
	4.13%, 04/15/47	50		52
Prudential Financial Inc.
	3.50%, 05/15/24 (a)	500		518
	5.20%, 03/15/44 (e)	250		252
	4.60%, 05/15/44	150		161
	3.91%, 12/07/47	313		303
		Shares/Par¹		Value ($)
Royal Bank of Scotland Group Plc
	6.13%, 12/15/22	200		213
	3.50%, 05/15/23 (e) (f)	200		199
	3.88%, 09/12/23	300		301
	4.27%, 03/22/25 (f)	400		404
S&P Global Inc.
	4.40%, 02/15/26	90		97
	6.55%, 11/15/37	250		327
Santander Holdings USA Inc.
	4.50%, 07/17/25	500		515
Shell International Finance BV
	4.13%, 05/11/35	435		465
	4.38%, 05/11/45	260		284
Shire Acquisitions Investments Ireland Ltd.
	2.40%, 09/23/21	250		247
	3.20%, 09/23/26	500		483
Southern Co. Gas Capital Corp.
	4.40%, 05/30/47	200		201
State Street Corp.
	2.55%, 08/18/20	500		499
	3.10%, 05/15/23	500		503
Sumitomo Mitsui Banking Corp.
	3.40%, 07/11/24	500		507
Sumitomo Mitsui Financial Group Inc.
	2.06%, 07/14/21	250		246
	3.10%, 01/17/23	100		100
	3.45%, 01/11/27	150		151
	3.54%, 01/17/28	200		203
Svensk Exportkredit AB
	1.75%, 08/28/20	300		297
	2.38%, 03/09/22	300		300
Synchrony Financial
	4.25%, 08/15/24	250		252
TD Ameritrade Holding Corp.
	2.95%, 04/01/22	200		202
Toronto-Dominion Bank
	2.50%, 12/14/20	350		349
	2.55%, 01/25/21	200		200
Toyota Motor Credit Corp.
	4.25%, 01/11/21	400		411
Travelers Cos. Inc.
	4.00%, 05/30/47	100		102
Travelers Property Casualty Corp.
	6.38%, 03/15/33	200		260
U.S. Bancorp
	4.13%, 05/24/21	400		412
	2.95%, 07/15/22	400		401
	3.15%, 04/27/27	500		502
US Bank NA
	2.05%, 10/23/20	400		397
	2.80%, 01/27/25	500		498
Wells Fargo & Co.
	2.55%, 12/07/20	500		499
	4.60%, 04/01/21	500		516
	3.50%, 03/08/22	500		509
	3.07%, 01/24/23	220		220
	3.00%, 02/19/25 - 04/22/26	640		627
	4.10%, 06/03/26	200		205
	3.00%, 10/23/26	500		488
	3.58%, 05/22/28 (e)	250		251
	4.15%, 01/24/29	130		136
	5.38%, 02/07/35	250		293
	5.61%, 01/15/44	350		404
	4.90%, 11/17/45	250		269
	4.75%, 12/07/46	200		209
Wells Fargo Bank NA
	2.60%, 01/15/21	250		249
Westpac Banking Corp.
	2.00%, 08/19/21	350		344
	2.75%, 01/11/23	200		199
	2.85%, 05/13/26	90		87
	2.70%, 08/19/26	250		241
	3.40%, 01/25/28 (a)	200		202
			85,988

232

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹	Value ($)
Health Care 3.0%
	Abbott Laboratories
		2.90%, 11/30/21	300	301
		2.95%, 03/15/25	250	249
		6.00%, 04/01/39	100	126
		4.75%, 04/15/43	200	223
		4.90%, 11/30/46	200	231
	AbbVie Inc.
		2.90%, 11/06/22	400	400
		3.60%, 05/14/25	140	140
		3.20%, 05/14/26	200	194
		4.25%, 11/14/28	100	102
		4.50%, 05/14/35	180	176
		4.30%, 05/14/36	115	110
		4.70%, 05/14/45	260	250
		4.45%, 05/14/46	140	130
		4.88%, 11/14/48	100	99
	Aetna Inc.
		3.50%, 11/15/24	200	200
		6.63%, 06/15/36	150	180
		4.13%, 11/15/42	200	181
	Agilent Technologies Inc.
		5.00%, 07/15/20	200	205
	Amgen Inc.
		2.65%, 05/11/22	200	199
		3.63%, 05/22/24	250	257
		2.60%, 08/19/26	180	171
		4.66%, 06/15/51	808	815
	Anthem Inc.
		3.50%, 08/15/24	500	507
		4.38%, 12/01/47	80	80
	AstraZeneca Plc
		2.38%, 11/16/20	145	144
		3.38%, 11/16/25	115	116
		6.45%, 09/15/37	250	317
		4.38%, 11/16/45 - 08/17/48	130	135
	Baxalta Inc.
		4.00%, 06/23/25	250	257
		5.25%, 06/23/45	60	66
	Becton Dickinson & Co.
		3.25%, 11/12/20	350	351
		3.73%, 12/15/24	193	196
	Biogen Inc.
		2.90%, 09/15/20	660	661
		4.05%, 09/15/25	140	144
	Boston Scientific Corp.
		3.85%, 05/15/25	200	206
	Bristol-Myers Squibb Co.
		2.00%, 08/01/22	300	294
		3.25%, 08/01/42	300	257
	Cardinal Health Inc.
		2.62%, 06/15/22	200	197
		3.75%, 09/15/25	100	100
		3.41%, 06/15/27	200	189
	Celgene Corp.
		3.95%, 10/15/20	300	305
		3.25%, 02/20/23	60	60
		3.88%, 08/15/25	220	226
		3.90%, 02/20/28	200	204
		4.63%, 05/15/44	250	253
		4.35%, 11/15/47	70	69
		4.55%, 02/20/48	90	91
	Cigna Corp.
		4.00%, 02/15/22	500	514
		3.88%, 10/15/47	60	54
	CVS Health Corp.
		2.80%, 07/20/20	280	280
		4.13%, 05/15/21	400	409
		3.50%, 07/20/22	500	506
		3.70%, 03/09/23	400	406
		4.10%, 03/25/25	400	410
		2.88%, 06/01/26	200	189
		4.30%, 03/25/28	620	629
		5.13%, 07/20/45	200	203
			Shares/Par¹	Value ($)
		5.05%, 03/25/48	470	474
	Eli Lilly & Co.
		5.55%, 03/15/37	100	122
	Express Scripts Holding Co.
		3.50%, 06/15/24	300	302
	Gilead Sciences Inc.
		2.55%, 09/01/20	240	240
		4.40%, 12/01/21	200	208
		1.95%, 03/01/22	200	197
		3.65%, 03/01/26	750	765
		2.95%, 03/01/27	550	535
		4.15%, 03/01/47	150	145
	GlaxoSmithKline Capital Inc.
		2.80%, 03/18/23	500	501
		3.38%, 05/15/23	135	138
		3.88%, 05/15/28	120	126
	Halfmoon Parent Inc.
		3.20%, 09/17/20 (c)	100	100
		3.40%, 09/17/21 (c)	70	71
		3.75%, 07/15/23 (c)	170	174
		4.13%, 11/15/25 (c)	120	124
		4.38%, 10/15/28 (c)	210	218
		4.80%, 08/15/38 (c)	120	123
		4.90%, 12/15/48 (c)	160	166
	Humana Inc.
		4.95%, 10/01/44	200	214
	Johnson & Johnson
		1.65%, 03/01/21	350	345
		2.45%, 03/01/26	350	343
		3.63%, 03/03/37	100	102
		5.95%, 08/15/37	250	326
		4.50%, 12/05/43	100	114
		3.50%, 01/15/48	50	49
	Laboratory Corp. of America Holdings
		3.20%, 02/01/22	500	503
	McKesson Corp.
		2.85%, 03/15/23	500	495
		4.88%, 03/15/44	60	60
	Medtronic Inc.
		3.50%, 03/15/25	210	217
		4.38%, 03/15/35	468	512
		4.63%, 03/15/45	350	401
	Memorial Sloan-Kettering Cancer Center
		4.13%, 07/01/52	150	156
		4.20%, 07/01/55	250	266
	Merck & Co. Inc.
		2.35%, 02/10/22	250	250
		2.40%, 09/15/22	400	398
		3.90%, 03/07/39	50	52
		3.60%, 09/15/42	200	195
		3.70%, 02/10/45	250	248
		4.00%, 03/07/49	80	83
	Mylan Inc.
		4.20%, 11/29/23	400	406
	Mylan NV
		5.25%, 06/15/46	85	77
	New York and Presbyterian Hospital
		4.06%, 08/01/56	300	308
	Northwell Healthcare Inc.
		3.98%, 11/01/46	500	483
	Novartis Capital Corp.
		4.40%, 05/06/44	200	221
	Pfizer Inc.
		5.20%, 08/12/20	90	93
		1.95%, 06/03/21	185	183
		2.75%, 06/03/26	175	173
		4.40%, 05/15/44	250	272
		4.20%, 09/15/48	50	54
		4.00%, 03/15/49	65	67
	Pharmacia Corp.
		6.60%, 12/01/28 (b)	50	63
	Providence Health and Services
		3.74%, 10/01/47	500	477
	Quest Diagnostics Inc.
		4.70%, 04/01/21	200	207

233

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
		3.50%, 03/30/25	300		300
	Stryker Corp.
		3.50%, 03/15/26	250		253
		4.10%, 04/01/43	200		198
	Thermo Fisher Scientific Inc.
		2.95%, 09/19/26	250		241
		5.30%, 02/01/44	200		231
	Trinity Health Corp.
		4.13%, 12/01/45	250		258
	UnitedHealth Group Inc.
		4.70%, 02/15/21	400		414
		2.88%, 03/15/22	500		503
		3.88%, 12/15/28	200		209
		5.80%, 03/15/36	150		186
		4.75%, 07/15/45	110		124
		4.20%, 01/15/47	150		156
		3.75%, 07/15/25 - 10/15/47	200		204
		4.25%, 06/15/48	80		85
		4.45%, 12/15/48	60		65
	Watson Pharmaceuticals Inc.
		3.25%, 10/01/22	500		499
		4.63%, 10/01/42	500		479
	WellPoint Inc.
		3.30%, 01/15/23	300		303
		4.65%, 01/15/43	200		207
	Wyeth LLC
		5.95%, 04/01/37	250		318
	Zimmer Biomet Holdings Inc.
		3.55%, 04/01/25	200		197
	Zimmer Holdings Inc.
		3.15%, 04/01/22	200		201
	Zoetis Inc.
		3.45%, 11/13/20	500		505
				33,242
Industrials 1.7%
	3M Co.
		2.00%, 06/26/22	250		246
	Air Lease Corp.
		2.50%, 03/01/21	300		297
		3.25%, 03/01/25	300		289
	Allegion US Holding Co. Inc.
		3.55%, 10/01/27	300		281
	Boeing Co.
		5.88%, 02/15/40	25		31
	Burlington Northern Santa Fe LLC
		3.05%, 09/01/22	500		507
		6.15%, 05/01/37	100		128
		5.75%, 05/01/40	400		497
	Canadian Pacific Railway Co.
		6.13%, 09/15/15	90		111
	Caterpillar Inc.
		3.90%, 05/27/21	300		309
		3.40%, 05/15/24	500		518
		4.30%, 05/15/44 (a)	300		325
	CSX Corp.
		3.70%, 11/01/23	200		206
		3.80%, 03/01/28	300		308
		5.50%, 04/15/41	205		238
		4.30%, 03/01/48	50		51
		3.95%, 05/01/50	300		288
	Deere & Co.
		2.60%, 06/08/22	400		401
		3.90%, 06/09/42	200		210
	Dover Corp.
		5.38%, 03/01/41	150		171
	Eaton Corp.
		4.15%, 11/02/42	100		100
	Emerson Electric Co.
		2.63%, 12/01/21	350		351
		2.63%, 02/15/23 (a)	360		359
	FedEx Corp.
		3.20%, 02/01/25	350		351
		3.25%, 04/01/26	300		299
		3.88%, 08/01/42	200		178
			Shares/Par¹		Value ($)
		4.55%, 04/01/46	300		290
	General Electric Co.
		2.70%, 10/09/22	250		245
		4.50%, 03/11/44	400		367
	Harris Corp.
		3.83%, 04/27/25	250		256
		5.05%, 04/27/45	250		276
	Honeywell International Inc.
		3.81%, 11/21/47	300		306
	Ingersoll-Rand Luxembourg Finance SA
		3.50%, 03/21/26	200		202
		3.80%, 03/21/29	200		203
		4.50%, 03/21/49	200		206
	Johnson Controls International Plc
		3.75%, 12/01/21	250		254
	Kennametal Inc.
		4.63%, 06/15/28	100		100
	L-3 Communications Corp.
		4.95%, 02/15/21	500		517
	Latam Airlines Pass-Through Trust
		4.20%, 11/15/27	290		285
	Lockheed Martin Corp.
		2.50%, 11/23/20	225		224
		3.55%, 01/15/26	200		207
		4.50%, 05/15/36	105		114
		4.07%, 12/15/42	243		248
		4.09%, 09/15/52	107		109
	Massachusetts Institute of Technology
		4.68%, 07/01/14	250		291
	Norfolk Southern Corp.
		2.90%, 02/15/23	79		79
		3.85%, 01/15/24	200		208
		4.84%, 10/01/41	224		244
	Northrop Grumman Corp.
		3.25%, 01/15/28	150		148
		4.75%, 06/01/43	155		169
		3.85%, 04/15/45	250		240
		4.03%, 10/15/47	130		129
	Precision Castparts Corp.
		2.50%, 01/15/23	300		298
	Raytheon Co.
		3.13%, 10/15/20	500		505
	Republic Services Inc.
		3.55%, 06/01/22	490		501
	Rockwell Collins Inc.
		2.80%, 03/15/22	200		199
		4.80%, 12/15/43	25		26
	Ryder System Inc.
		2.50%, 05/11/20	350		349
	Snap-on Inc.
		3.25%, 03/01/27	500		502
	Stanley Black & Decker Inc.
		3.40%, 12/01/21	150		152
	Union Pacific Corp.
		2.25%, 06/19/20	100		100
		3.95%, 09/10/28	100		105
		4.82%, 02/01/44	332		361
		4.30%, 03/01/49	50		52
		4.80%, 09/10/58	105		115
	United Parcel Service Inc.
		6.20%, 01/15/38	350		450
		3.75%, 11/15/47	70		67
	United Technologies Corp.
		2.30%, 05/04/22	200		197
		3.65%, 08/16/23	210		216
		3.13%, 05/04/27	400		393
		6.70%, 08/01/28	50		61
		4.13%, 11/16/28	595		620
		4.50%, 06/01/42	300		310
		4.05%, 05/04/47	200		194
		4.63%, 11/16/48	90		96
	Waste Management Inc.
		2.90%, 09/15/22	200		201
	WW Grainger Inc.
		4.60%, 06/15/45	200		214

234

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Xylem Inc.
		4.88%, 10/01/21	10		10
				19,261
Information Technology 2.0%
	Analog Devices Inc.
		2.95%, 01/12/21	300		301
	Apple Inc.
		2.85%, 05/06/21	300		302
		2.50%, 02/09/22	200		200
		2.30%, 05/11/22	160		159
		2.40%, 05/03/23	650		646
		3.45%, 05/06/24	400		413
		2.45%, 08/04/26	320		309
		3.35%, 02/09/27	400		408
		3.20%, 05/11/27	150		151
		3.00%, 11/13/27	120		119
		4.65%, 02/23/46	300		339
		4.25%, 02/09/47	60		64
		3.75%, 09/12/47 - 11/13/47	160		160
	Applied Materials Inc.
		3.90%, 10/01/25	350		365
	Autodesk Inc.
		4.38%, 06/15/25	500		519
	Broadcom Corp.
		2.65%, 01/15/23	300		291
		3.13%, 01/15/25	300		288
		3.88%, 01/15/27	330		316
		3.50%, 01/15/28	300		276
	CA Inc.
		3.60%, 08/15/22	500		504
	Cisco Systems Inc.
		2.90%, 03/04/21	500		505
		1.85%, 09/20/21	400		393
		3.00%, 06/15/22	100		101
		3.50%, 06/15/25	100		104
		2.50%, 09/20/26	400		390
	Corning Inc.
		5.75%, 08/15/40	95		111
		4.38%, 11/15/57	40		37
	DXC Technology Co.
		4.75%, 04/15/27	30		30
	Fidelity National Information Services Inc.
		3.50%, 04/15/23	106		108
		5.00%, 10/15/25	20		22
	Hewlett Packard Enterprise Co.
		3.60%, 10/15/20	270		273
		4.90%, 10/15/25	180		191
		6.35%, 10/15/45	90		94
	Hewlett-Packard Co.
		4.30%, 06/01/21	200		206
		4.05%, 09/15/22	300		310
	Intel Corp.
		2.70%, 12/15/22	200		201
		2.88%, 05/11/24	100		101
		3.70%, 07/29/25	500		523
		3.15%, 05/11/27 (a)	150		152
		4.25%, 12/15/42	200		217
		4.10%, 05/11/47	150		159
		3.73%, 12/08/47	120		121
	International Business Machines Corp.
		1.63%, 05/15/20	300		296
		2.25%, 02/19/21	245		243
		7.00%, 10/30/25	200		246
		3.45%, 02/19/26	135		137
		5.88%, 11/29/32	100		124
		4.00%, 06/20/42	200		197
	Jabil Circuit Inc.
		4.70%, 09/15/22	300		308
	Juniper Networks Inc.
		4.35%, 06/15/25	200		207
	Keysight Technologies Inc.
		4.55%, 10/30/24	300		312
	Microsoft Corp.
		2.40%, 02/06/22	240		240
			Shares/Par¹		Value ($)
		2.38%, 02/12/22	400		400
		3.13%, 11/03/25	680		695
		3.30%, 02/06/27	450		462
		4.20%, 11/03/35	210		231
		5.30%, 02/08/41	200		250
		4.45%, 11/03/45	177		201
		4.75%, 11/03/55	60		72
		3.95%, 08/08/56	635		663
		4.50%, 02/06/57	240		277
	Motorola Solutions Inc.
		3.50%, 09/01/21	300		303
	NXP BV
		5.55%, 12/01/28 (c)	100		108
	Oracle Corp.
		3.88%, 07/15/20	300		305
		2.50%, 05/15/22	500		497
		2.63%, 02/15/23	200		200
		3.63%, 07/15/23	400		415
		2.65%, 07/15/26	500		484
		3.25%, 11/15/27	210		211
		3.90%, 05/15/35	350		358
		3.80%, 11/15/37	200		201
		4.50%, 07/08/44	200		216
		4.13%, 05/15/45	200		204
		4.38%, 05/15/55	160		169
	QUALCOMM Inc.
		2.25%, 05/20/20	200		199
		3.45%, 05/20/25	150		151
		4.65%, 05/20/35	60		62
		4.80%, 05/20/45	90		92
	Seagate HDD Cayman
		5.75%, 12/01/34	250		230
	Texas Instruments Inc.
		4.15%, 05/15/48	75		81
	Total System Services Inc.
		3.80%, 04/01/21	500		508
	Visa Inc.
		2.20%, 12/14/20	315		314
		3.15%, 12/14/25	305		310
		4.15%, 12/14/35	115		125
		4.30%, 12/14/45	205		226
		3.65%, 09/15/47	45		45
	Western Union Co.
		5.25%, 04/01/20	200		204
				22,258
Materials 0.7%
	Albemarle Corp.
		5.45%, 12/01/44	150		156
	ArcelorMittal SA
		6.25%, 02/25/22 (b)	200		216
	Dow Chemical Co.
		5.25%, 11/15/41	200		212
		4.63%, 10/01/44	250		246
	DowDuPont Inc.
		4.73%, 11/15/28	200		216
		5.32%, 11/15/38	90		100
		5.42%, 11/15/48	115		131
	Eastman Chemical Co.
		3.80%, 03/15/25	189		193
		4.65%, 10/15/44	200		195
	Ecolab Inc.
		5.50%, 12/08/41	150		184
	Goldcorp Inc.
		3.63%, 06/09/21	300		303
	International Paper Co.
		3.80%, 01/15/26	350		360
		3.00%, 02/15/27 (a)	250		241
		4.40%, 08/15/47	150		141
	Martin Marietta Materials Inc.
		3.50%, 12/15/27	300		289
	Mosaic Co.
		4.88%, 11/15/41	20		19
	Newmont Mining Corp.
		5.88%, 04/01/35	50		57

235

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Nucor Corp.
		6.40%, 12/01/37	200		253
	Nutrien Ltd.
		3.63%, 03/15/24	500		506
		3.38%, 03/15/25	350		346
	Packaging Corp. of America
		4.50%, 11/01/23	200		211
	Praxair Inc.
		2.20%, 08/15/22	300		297
		2.65%, 02/05/25	400		397
	Rio Tinto Alcan Inc.
		5.75%, 06/01/35	250		301
	Rio Tinto Finance USA Ltd.
		3.75%, 06/15/25	250		262
	Sherwin-Williams Co.
		3.45%, 06/01/27	1,000		983
		4.50%, 06/01/47	70		69
	Southern Copper Corp.
		7.50%, 07/27/35	150		189
		5.88%, 04/23/45	300		336
	Vale Overseas Ltd.
		6.88%, 11/21/36	400		457
				7,866
Real Estate 0.8%
	Alexandria Real Estate Equities Inc.
		3.45%, 04/30/25	200		199
		4.50%, 07/30/29	250		263
		4.85%, 04/15/49	300		314
	American Tower Corp.
		2.80%, 06/01/20	350		350
		3.50%, 01/31/23	500		507
	AvalonBay Communities Inc.
		3.63%, 10/01/20	200		202
	Boston Properties LP
		3.80%, 02/01/24	250		257
		3.20%, 01/15/25	200		199
	Brandywine Operating Partnership LP
		3.95%, 02/15/23 - 11/15/27	400		401
	Crown Castle International Corp.
		3.20%, 09/01/24	330		328
		3.70%, 06/15/26	140		140
		3.65%, 09/01/27	80		79
	Digital Realty Trust LP
		3.40%, 10/01/20	350		353
	Duke Realty LP
		3.88%, 10/15/22	200		206
	EPR Properties
		4.50%, 04/01/25	200		203
	Essex Portfolio LP
		3.88%, 05/01/24	200		205
	Federal Realty Investment Trust
		4.50%, 12/01/44	100		106
	Government Properties Income Trust
		4.00%, 07/15/22	200		199
	HCP Inc.
		6.75%, 02/01/41	200		256
	Kimco Realty Corp.
		3.20%, 05/01/21	350		352
	Liberty Property LP
		3.75%, 04/01/25	200		203
	Mid-America Apartments LP
		4.30%, 10/15/23	200		209
	Omega Healthcare Investors Inc.
		4.95%, 04/01/24	250		259
	Plum Creek Timberlands LP
		4.70%, 03/15/21	200		205
	ProLogis LP
		3.75%, 11/01/25	500		523
	Realty Income Corp.
		4.13%, 10/15/26	250		262
	Simon Property Group LP
		3.38%, 03/15/22	400		407
		3.30%, 01/15/26	500		503
		6.75%, 02/01/40	100		135
			Shares/Par¹		Value ($)
		4.25%, 11/30/46	200		209
	STORE Capital Corp.
		4.50%, 03/15/28	200		202
	Ventas Realty LP
		3.50%, 02/01/25	250		250
	Weingarten Realty Investors
		3.38%, 10/15/22	100		100
	Weyerhaeuser Co.
		7.38%, 03/15/32	200		265
				8,851
Utilities 1.7%
	AEP Texas Inc.
		2.40%, 10/01/22	300		296
	Alabama Power Co.
		6.00%, 03/01/39	250		315
		4.30%, 01/02/46	250		264
		3.70%, 12/01/47	200		195
	Ameren Illinois Co.
		3.25%, 03/01/25	250		254
		3.70%, 12/01/47	300		294
	Arizona Public Service Co.
		4.50%, 04/01/42	100		106
	Atmos Energy Corp.
		4.13%, 10/15/44	300		312
	Baltimore Gas & Electric Co.
		3.50%, 08/15/46	160		151
	Berkshire Hathaway Energy Co.
		2.38%, 01/15/21	100		100
		2.80%, 01/15/23	200		200
		3.25%, 04/15/28	200		199
		3.80%, 07/15/48	100		96
	CenterPoint Energy Resources Corp.
		4.50%, 01/15/21	43		44
	Cleveland Electric Illuminating Co.
		5.95%, 12/15/36	250		294
	Consolidated Edison Co.
		5.70%, 06/15/40	100		122
	Consolidated Edison Co. of New York Inc.
		5.50%, 12/01/39	300		357
	Dominion Gas Holdings LLC
		3.55%, 11/01/23	200		203
	Dominion Resources Inc.
		2.85%, 08/15/26	350		337
		7.00%, 06/15/38	200		260
	DTE Electric Co.
		3.38%, 03/01/25	200		203
	Duke Energy Carolinas LLC
		5.30%, 02/15/40	300		363
		3.70%, 12/01/47	200		196
	Duke Energy Corp.
		1.80%, 09/01/21	350		342
	Duke Energy Florida LLC
		3.40%, 10/01/46	60		56
	Duke Energy Indiana Inc.
		6.12%, 10/15/35	250		314
	Duke Energy Progress LLC
		4.20%, 08/15/45	250		263
	Entergy Arkansas Inc.
		3.75%, 02/15/21	400		406
	Eversource Energy
		2.50%, 03/15/21	200		199
		3.80%, 12/01/23	100		104
		2.90%, 10/01/24	300		298
		3.30%, 01/15/28	200		198
	Exelon Corp.
		2.85%, 06/15/20	320		320
		3.95%, 06/15/25	150		156
		4.95%, 06/15/35	250		268
	Exelon Generation Co. LLC
		4.25%, 06/15/22	375		389
	FirstEnergy Corp.
		4.85%, 07/15/47 (d)	250		268
	Florida Power & Light Co.
		3.70%, 12/01/47	40		40

236

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
		4.13%, 06/01/48	300		321
	Great Plains Energy Inc.
		4.85%, 06/01/21	250		258
	Iberdrola International BV
		6.75%, 07/15/36	150		188
	Kentucky Utilities Co.
		5.13%, 11/01/40	300		355
	LG&E and KU Energy LLC
		3.75%, 11/15/20	300		303
	MidAmerican Energy Co.
		3.50%, 10/15/24	200		207
		6.75%, 12/30/31	50		66
	National Fuel Gas Co.
		3.95%, 09/15/27 (d)	301		289
	NiSource Inc.
		3.49%, 05/15/27	200		199
		5.95%, 06/15/41	250		294
		4.38%, 05/15/47	200		203
	Northern States Power Co.
		2.15%, 08/15/22	200		197
		4.13%, 05/15/44	500		524
	NorthWestern Corp.
		4.18%, 11/15/44	150		153
	NSTAR Electric Co.
		3.20%, 05/15/27	200		200
	Oncor Electric Delivery Co. LLC
		5.75%, 03/15/29	150		180
		5.25%, 09/30/40	200		240
		3.80%, 09/30/47	200		202
	PacifiCorp
		2.95%, 06/01/23	300		303
		6.25%, 10/15/37	200		256
	PECO Energy Co.
		4.15%, 10/01/44	250		261
	PPL Electric Utilities Corp.
		3.95%, 06/01/47	200		204
	Progress Energy Inc.
		7.75%, 03/01/31	300		409
	PSEG Power LLC
		8.63%, 04/15/31	75		100
	Public Service Electric & Gas Co.
		3.00%, 05/15/27	200		198
		5.50%, 03/01/40	200		245
	Puget Sound Energy Inc.
		5.76%, 10/01/39	200		249
	San Diego Gas & Electric Co.
		2.50%, 05/15/26	250		236
	Sempra Energy
		4.00%, 02/01/48	50		46
	South Carolina Electric & Gas Co.
		5.10%, 06/01/65	200		231
	Southern California Edison Co.
		6.00%, 01/15/34	75		86
		5.63%, 02/01/36	195		216
		5.95%, 02/01/38	100		114
		4.05%, 03/15/42	200		190
	Southern Co.
		4.25%, 07/01/36	250		247
		4.40%, 07/01/46	400		403
	Union Electric Co.
		3.65%, 04/15/45	350		342
	Virginia Electric & Power Co.
		6.00%, 05/15/37	200		247
		4.45%, 02/15/44	100		106
	Washington Gas Light Co.
		3.80%, 09/15/46	200		193
	Wisconsin Energy Corp.
		2.45%, 06/15/20	200		199
		3.55%, 06/15/25	60		61
				18,303
	Total Corporate Bonds And Notes (cost $275,968)			280,541
			Shares/Par¹		Value ($)
GOVERNMENT AND AGENCY OBLIGATIONS 72.5%
Commercial Mortgage-Backed Securities 0.9%
	Federal Home Loan Mortgage Corp.
		Series A2-K014, REMIC, 3.87%, 04/25/21	983		1,003
		Series A2-K017, REMIC, 2.87%, 12/25/21	351		352
		Series A1-K032, REMIC, 3.02%, 02/25/23	153		154
		Series A2-K032, REMIC, 3.31%, 05/25/23 (e)	550		565
		Series A2-K033, REMIC, 3.06%, 07/25/23 (e)	500		509
		Series A2-K039, REMIC, 3.30%, 07/25/24	1,000		1,031
		Series A2-K046, REMIC, 3.21%, 03/25/25	1,000		1,026
		Series A2-K047, REMIC, 3.33%, 05/25/25	500		517
		Series A2-K062, REMIC, 3.41%, 12/25/26	500		519
		Series A2-K082, REMIC, 3.92%, 09/25/28	1,000		1,079
	Federal National Mortgage Association
		Series 2013-APT-M14, REMIC, 2.64%, 04/25/23 (e)	316		315
		Series 2016-A2-M1, REMIC, 2.94%, 01/25/26 (e)	1,367		1,379
		Series 2017-A2-M2, REMIC, 2.78%, 02/25/27 (e)	1,000		995
		Series 2018-A2-M1, REMIC, 2.99%, 12/25/27 (e)	500		501
		Series 2018-A2-M14, REMIC, 3.58%, 08/25/28 (e)	500		524
				10,469
Mortgage-Backed Securities 28.0%
	Federal Home Loan Mortgage Corp.
		2.50%, 08/01/27 - 02/01/47	5,198		5,177
		2.00%, 01/01/29 - 03/01/32	540		532
		6.50%, 07/01/28 - 03/01/39	177		201
		2.50%, 12/01/31	612		609
		5.50%, 11/01/28 - 02/01/40	1,110		1,212
		TBA, 3.50%, 04/15/33 - 04/15/48 (g)	4,875		4,946
		6.00%, 02/01/29 - 05/01/40	589		666
		3.00%, 02/01/35 - 01/01/47	1,998		1,996
		5.00%, 06/01/19 - 07/01/41	1,821		1,967
		3.50%, 10/01/20 - 10/01/48	19,167		19,533
		4.00%, 05/01/19 - 11/01/48	13,185		13,683
		3.00%, 02/01/24 - 10/01/48	20,785		20,832
		TBA, 5.00%, 04/15/44 (g)	300		318
		4.00%, 12/01/45	75		78
		3.50%, 11/01/45 - 07/01/46	787		801
		TBA, 4.00%, 04/15/26 - 04/15/48 (g)	5,375		5,534
		TBA, 4.50%, 04/15/48 (g)	1,500		1,565
		4.50%, 12/01/19 - 11/01/48	5,920		6,243
	Federal National Mortgage Association
		2.00%, 09/01/28 - 02/01/32	728		717
		2.50%, 12/01/21 - 02/01/47	7,224		7,187
		2.00%, 11/01/31	102		100
		2.50%, 07/01/31 - 01/01/32	586		584
		TBA, 3.50%, 04/15/33 - 05/15/48 (g)	8,925		9,048
		5.00%, 10/01/21 - 08/01/48	2,863		3,088
		4.00%, 03/01/20 - 08/01/48	21,355		22,153
		6.50%, 07/01/32 - 12/01/38	318		363
		7.00%, 02/01/31 - 02/01/38	41		46
		3.00%, 11/01/26 - 04/01/49	31,589		31,644
		7.50%, 11/01/37	3		3
		6.00%, 05/01/24 - 09/01/39	1,025		1,156
		5.50%, 10/01/19 - 02/01/42	1,816		1,985
		4.50%, 07/01/20 - 12/01/48	8,992		9,469
		5.00%, 06/01/40 - 11/01/43	210		226
		3.50%, 09/01/25 - 03/01/49	28,088		28,631
		3.50%, 03/01/26 - 04/01/46	1,017		1,037
		4.00%, 06/01/44 - 07/01/46	829		859
		3.00%, 02/01/31 - 12/01/46	1,163		1,166
		TBA, 3.00%, 04/15/48 (g)	225		224
		TBA, 5.00%, 04/15/48 (g)	200		211
		TBA, 4.00%, 04/15/32 - 05/15/48 (g)	9,400		9,667
		4.50%, 04/15/48 - 12/01/48 (g)	3,146		3,279
	Government National Mortgage Association
		2.50%, 08/20/27 - 11/20/46	215		212
		8.50%, 06/15/30 - 12/15/30	1		1
		6.50%, 07/15/38	26		30
		5.50%, 12/15/31 - 02/20/44	1,527		1,660
		5.00%, 03/15/33 - 07/20/48	2,620		2,790
		4.00%, 12/15/24 - 11/20/48	15,898		16,504
		6.00%, 05/15/32 - 12/20/40	286		322

237

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
		4.50%, 04/20/26 - 10/20/48	7,576		7,950
		TBA, 5.00%, 04/15/45 - 05/15/48 (g)	1,750		1,827
		3.00%, 07/20/46 - 11/20/46	2,279		2,294
		3.50%, 12/20/45 - 09/20/46	1,711		1,752
		4.00%, 09/20/46	296		307
		2.50%, 09/20/27 - 02/20/47	950		941
		3.00%, 01/20/27 - 03/20/48	13,816		13,922
		3.50%, 05/15/26 - 08/20/48	21,130		21,650
		TBA, 3.00%, 04/15/48 (g)	5,000		5,022
		TBA, 3.50%, 04/15/48 (g)	8,625		8,815
		TBA, 4.00%, 04/15/48 - 05/15/48 (g)	3,200		3,304
		TBA, 4.50%, 04/15/48 - 05/15/48 (g)	3,000		3,115
				311,154
Municipal 0.8%
	Bay Area Toll Authority
		6.26%, 04/01/49	200		285
	Chicago Transit Authority
		6.90%, 12/01/40	200		263
	Commonwealth of Massachusetts
		4.91%, 05/01/29	300		345
	County of Cook, Illinois
		6.23%, 11/15/34	100		125
	Dallas Convention Center Hotel Development Corp.
		7.09%, 01/01/42	200		265
	Dallas County Hospital District
		5.62%, 08/15/44	300		380
	Dallas Independent School District
		insured by Texas Permanent School Fund, 6.45%, 02/15/35	300		321
	Los Angeles Department of Water & Power
		5.72%, 07/01/39	245		314
	Los Angeles Unified School District
		5.76%, 07/01/29	200		237
	Municipal Electric Authority of Georgia
		7.06%, 04/01/57	200		236
	New Jersey Economic Development Authority
		insured by National Public Finance Guarantee Corp., 7.43%, 02/15/29	200		246
	New Jersey State Turnpike Authority
		7.10%, 01/01/41	250		365
	New York City Transitional Finance Authority
		5.77%, 08/01/36	260		311
	New York City Water & Sewer System
		6.01%, 06/15/42	235		321
	Ohio State University
		4.91%, 06/01/40	200		241
		3.80%, 12/01/46	500		517
	Port Authority of New York & New Jersey
		6.04%, 12/01/29	200		248
		4.46%, 10/01/62	300		336
	San Diego County Water Authority Financing Corp.
		6.14%, 05/01/49	260		359
	State of California
		3.50%, 04/01/28	80		84
		7.55%, 04/01/39	300		456
		7.30%, 10/01/39	150		217
	State of Connecticut
		5.85%, 03/15/32	125		151
	State of Illinois
		5.10%, 06/01/33	300		295
		7.35%, 07/01/35	400		454
	State of Texas
		5.52%, 04/01/39	200		255
	State of Wisconsin
		insured by Assured Guaranty Municipal Corp., 5.70%, 05/01/26	500		561
	State Public School Building Authority
		5.00%, 09/15/27	300		332
	Tennessee Valley Authority
		5.25%, 09/15/39	200		264
		5.38%, 04/01/56	300		427
				9,211
			Shares/Par¹		Value ($)
Sovereign 3.1%
	African Development Bank Group
		2.38%, 09/23/21	300		301
	Asian Development Bank
		1.63%, 08/26/20 (a)	500		495
		2.25%, 01/20/21 (a)	250		249
		1.88%, 08/10/22	300		295
		1.75%, 06/08/21 - 09/13/22	435		427
		2.75%, 03/17/23 (a)	190		193
		2.13%, 03/19/25	200		197
		2.38%, 08/10/27	300		297
		2.75%, 01/19/28	400		407
		6.38%, 10/01/28	210		272
	Chile Government International Bond
		3.88%, 08/05/20	100		102
	Colombia Government International Bond
		8.13%, 05/21/24	400		485
		7.38%, 09/18/37	400		522
		5.63%, 02/26/44	200		225
	European Investment Bank
		1.38%, 06/15/20	340		336
		4.00%, 02/16/21	500		515
		2.50%, 04/15/21	400		401
		2.25%, 03/15/22	240		240
		2.38%, 06/15/22 (a)	500		501
		2.00%, 12/15/22	500		494
		2.50%, 03/15/23 (a)	400		402
		1.88%, 02/10/25	1,000		972
	Hungary Government International Bond
		5.38%, 03/25/24	250		274
		7.63%, 03/29/41	250		371
	Hydro Quebec
		9.40%, 02/01/21	250		280
	Indonesia Government International Bond
		5.35%, 02/11/49	200		220
	Inter-American Development Bank
		1.63%, 05/12/20	800		793
		2.50%, 01/18/23	500		503
		2.13%, 01/15/25	500		493
		4.38%, 01/24/44	100		123
	International Bank for Reconstruction & Development
		1.38%, 05/24/21 - 09/20/21	240		235
		2.25%, 06/24/21	750		748
		2.13%, 12/13/21	300		298
		1.63%, 02/10/22	350		343
		1.88%, 10/07/22	500		493
		7.63%, 01/19/23	300		357
		2.50%, 07/29/25 - 11/22/27	1,340		1,343
	International Finance Corp.
		1.63%, 07/16/20	500		495
		2.25%, 01/25/21	250		249
		1.13%, 07/20/21	500		487
	Israel Government AID Bond
		5.50%, 04/26/24	142		163
	Israel Government International Bond
		4.00%, 06/30/22	500		521
	Italy Government International Bond
		6.88%, 09/27/23	450		499
		5.38%, 06/15/33	200		213
	Japan Bank for International Cooperation
		1.88%, 04/20/21	200		197
		3.25%, 07/20/23	200		205
		3.38%, 07/31/23	400		412
		2.13%, 02/10/25	250		242
		2.25%, 11/04/26	400		385
	Japan Finance Organization for Municipalities
		4.00%, 01/13/21	300		307
	Korea Development Bank
		3.38%, 09/16/25	500		511
	Kreditanstalt fur Wiederaufbau
		1.88%, 06/30/20	620		616
		2.75%, 09/08/20	500		502
		1.63%, 03/15/21	220		217
		1.50%, 06/15/21	665		652

238

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
		2.63%, 01/25/22	700		705
		2.13%, 03/07/22 - 06/15/22	530		528
		2.38%, 12/29/22	300		301
		2.50%, 11/20/24	800		803
		2.00%, 05/02/25	680		664
		0.00%, 06/29/37 (h)	150		87
	Mexico Government International Bond
		3.50%, 01/21/21 (a)	550		557
		3.60%, 01/30/25	230		230
		8.30%, 08/15/31	300		401
		4.75%, 03/08/44	556		547
		5.55%, 01/21/45	500		549
		4.60%, 01/23/46	250		241
	Nordic Investment Bank
		2.25%, 02/01/21 (a)	250		249
	Panama Government International Bond
		6.70%, 01/26/36	400		521
		4.50%, 04/16/50	200		208
	Peru Government International Bond
		4.13%, 08/25/27	500		546
		6.55%, 03/14/37	250		337
	Philippine Government International Bond
		4.20%, 01/21/24	250		264
		9.50%, 02/02/30	400		617
	Poland Government International Bond
		5.00%, 03/23/22	500		531
		3.00%, 03/17/23	500		503
	Province of Alberta, Canada
		3.30%, 03/15/28	200		208
	Province of British Columbia, Canada
		6.50%, 01/15/26	70		85
	Province of Manitoba, Canada
		3.05%, 05/14/24 (a)	350		357
	Province of Ontario, Canada
		3.40%, 10/17/23	135		140
		3.20%, 05/16/24	300		309
	Province of Quebec, Canada
		7.50%, 07/15/23	100		119
		7.13%, 02/09/24	250		299
		2.88%, 10/16/24	300		305
	Republic of Korea
		5.63%, 11/03/25	250		291
	Republic of Philippines
		6.38%, 01/15/32	500		646
	Uruguay Government International Bond
		4.38%, 10/27/27	190		200
		4.13%, 11/20/45	200		194
		5.10%, 06/18/50	100		107
		4.98%, 04/20/55	100		104
				34,828
U.S. Government Agency Obligations 1.3%
	Federal Home Loan Bank
		2.63%, 10/01/20 (g) (i)	500		503
		2.25%, 01/29/21 (i)	250		250
		1.38%, 02/18/21 (a) (i)	1,400		1,378
		1.13%, 07/14/21 (i)	1,300		1,268
		2.50%, 02/13/24 (g) (i)	500		505
		2.88%, 09/13/24 (i)	300		308
		5.50%, 07/15/36 (i)	700		934
	Federal Home Loan Mortgage Corp.
		1.40%, 08/22/19 (i)	500		498
		2.50%, 04/23/20 (i)	500		500
		1.38%, 05/01/20 (i)	800		791
		1.13%, 08/12/21 (i)	750		730
		2.38%, 01/13/22 (i)	500		501
		2.75%, 06/19/23 (i)	500		509
		6.75%, 09/15/29 (a) (i)	60		82
		6.75%, 03/15/31 (i)	120		168
		6.25%, 07/15/32 (i)	205		283
	Federal National Mortgage Association
		1.70%, 01/27/20 (i)	1,500		1,491
		1.50%, 06/22/20 (i)	500		495
		1.25%, 08/17/21 (i)	500		488
		2.63%, 09/06/24 (a) (i)	500		508
			Shares/Par¹		Value ($)
		7.25%, 05/15/30 (i)	540		770
		6.63%, 11/15/30 (i)	631		869
	Federal National Mortgage Association
		2.38%, 01/19/23 (g)	500		502
				14,331
U.S. Treasury Securities 38.4%
	U.S. Treasury Bond
		8.13%, 08/15/21	1,000		1,133
		7.63%, 02/15/25 (g)	1,500		1,936
		6.38%, 08/15/27	1,100		1,432
		6.13%, 11/15/27	340		439
		5.25%, 11/15/28	1,490		1,852
		5.38%, 02/15/31	960		1,249
		3.50%, 02/15/39 (g)	800		908
		4.50%, 02/15/36 - 08/15/39	2,099		2,670
		4.63%, 02/15/40	1,970		2,591
		4.38%, 05/15/40	1,038		1,323
		3.88%, 08/15/40 (g)	305		364
		4.25%, 11/15/40	1,654		2,076
		4.75%, 02/15/41	1,485		1,990
		3.63%, 08/15/43 - 02/15/44	5,275		6,077
		3.75%, 11/15/43	2,280		2,678
		3.38%, 05/15/44 - 11/15/48	4,130		4,583
		3.13%, 11/15/41 - 05/15/48	7,590		8,068
		3.00%, 05/15/42 - 08/15/48	15,570		16,183
		2.88%, 05/15/43 - 08/15/45	4,405		4,479
		2.50%, 02/15/45 - 05/15/46	6,890		6,500
		2.25%, 08/15/46	2,885		2,578
		2.88%, 11/15/46	2,055		2,085
		2.75%, 08/15/42 - 11/15/47	5,723		5,669
		3.00%, 02/15/49 (g)	1,830		1,900
	U.S. Treasury Note
		3.50%, 05/15/20	1,510		1,528
		1.38%, 04/30/20 - 09/30/23	20,095		19,700
		2.50%, 05/31/20 - 05/15/24	25,654		25,847
		3.63%, 02/15/21	2,200		2,253
		1.13%, 02/28/21 (g)	2,810		2,749
		2.38%, 04/30/20 - 05/15/27	17,375		17,430
		1.13%, 04/30/20 - 09/30/21	5,475		5,366
		1.25%, 10/31/21	2,300		2,243
		1.75%, 11/30/21	1,000		987
		2.13%, 08/15/21 - 05/15/25	20,095		19,987
		1.88%, 06/30/20 - 08/31/24	21,539		21,300
		2.38%, 03/15/22 (g)	1,955		1,964
		1.63%, 06/30/20 - 05/15/26	21,525		21,030
		1.50%, 05/15/20 - 08/15/26	17,215		16,773
		1.75%, 10/31/20 - 05/15/23	16,900		16,660
		2.63%, 06/30/23 (a)	2,080		2,113
		1.25%, 07/31/23	1,650		1,583
		1.63%, 10/31/23	1,080		1,052
		2.13%, 11/30/23	1,900		1,891
		2.88%, 10/31/20 - 08/15/28 (a)	12,380		12,779
		2.25%, 04/30/21 - 11/15/27	23,921		23,827
		2.38%, 02/29/24 (a)	2,115		2,130
		2.13%, 03/31/24 (g)	3,635		3,617
		2.00%, 01/15/21 - 06/30/24	24,350		24,148
		2.88%, 10/15/21 - 11/30/25	15,145		15,559
		2.75%, 09/30/20 - 02/15/28	29,365		29,926
		2.75%, 08/31/25 (g)	2,000		2,053
		3.00%, 10/31/25 (a)	2,565		2,673
		2.63%, 08/15/20 - 01/31/26	22,861		23,065
		2.50%, 02/28/26 (a)	1,535		1,553
		2.25%, 03/31/21 - 03/31/26 (g)	6,905		6,897
		2.00%, 12/31/21 - 11/15/26	6,580		6,477
		3.13%, 05/15/21 - 11/15/28	5,770		6,001
		2.63%, 02/15/29 (a) (g)	2,895		2,952
				426,876
	Total Government And Agency Obligations (cost $800,722)			806,869
SHORT TERM INVESTMENTS 6.5%
Investment Companies 5.0%
	JNL Government Money Market Fund - Institutional Class, 2.33% (j) (k)		55,801		55,801

239

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
Securities Lending Collateral 1.5%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.43% (j) (k)	15,930		15,930
	Total Short Term Investments (cost $71,731)		71,731
Total Investments 106.1% (cost $1,169,577)				1,180,302
Total Forward Sales Commitments (0.3)% (proceeds $3,199)				(3,223)
Other Assets and Liabilities, Net (5.8)%				(64,482)
Total Net Assets 100.0%				1,112,597

(a) All or a portion of the security was on loan.

(b) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of March 31, 2019.

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

(f) Convertible security.

(g) All or a portion of the security was purchased on a delayed delivery basis. As of March 31, 2019, the total payable for investments purchased on a delayed delivery basis was $83,027.

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

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

(j) Investment in affiliate.

(k) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2019.


			Shares/Par¹		Value ($)
FORWARD SALES COMMITMENTS (0.3%)
GOVERNMENT AND AGENCY OBLIGATIONS (0.3%)
Mortgage-Backed Securities (0.3%)
	Federal Home Loan Mortgage Corp.
		TBA, 2.50%, 03/15/32 (a)	(300)		(298)
		TBA, 3.00%, 02/15/33 (a)	(150)		(151)
		TBA, 5.50%, 04/15/44 (a)	(75)		(80)
		TBA, 3.00%, 04/15/46 (a)	(100)		(100)
		TBA, 3.00%, 05/15/46 (a)	(300)		(299)
	Federal National Mortgage Association
		TBA, 2.50%, 05/25/32 (a)	(200)		(199)
		TBA, 2.50%, 02/25/46 (a)	(100)		(97)
		TBA, 3.00%, 04/15/30 (a)	(125)		(126)
		TBA, 4.50%, 04/15/33 (a)	(100)		(102)
		TBA, 5.50%, 04/15/45 (a)	(250)		(267)
	Government National Mortgage Association
		TBA, 2.50%, 04/15/48 (a)	(50)		(49)
		TBA, 5.00%, 04/15/48 (a)	(400)		(417)
		TBA, 5.50%, 04/15/48 (a)	(975)		(1,038)
	Total Government And Agency Obligations (proceeds $3,199)			(3,223)
	Total Forward Sales Commitments (0.3%) (proceeds $3,199)				(3,223)

(a) All or a portion of the security was sold on a delayed delivery basis. As of March 31, 2019, the total proceeds for investments sold on a delayed delivery basis was $3,199.

240

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹	Value ($)
JNL/Mellon Capital Utilities Sector Fund
COMMON STOCKS 99.0%
Utilities 99.0%
	AES Corp.	158	2,863
	Allete Inc.	12	1,020
	Alliant Energy Corp.	56	2,659
	Ameren Corp.	58	4,294
	American Electric Power Co. Inc.	118	9,897
	American States Water Co.	9	635
	American Water Works Co. Inc.	43	4,500
	Aqua America Inc.	43	1,552
	AquaVenture Holdings Ltd. (a)	2	46
	Atmos Energy Corp.	28	2,876
	Avista Corp.	16	647
	Black Hills Corp.	14	1,064
	California Water Service Group	12	632
	CenterPoint Energy Inc.	120	3,678
	Chesapeake Utilities Corp.	4	365
	Clearway Energy Inc. - Class A	8	116
	Clearway Energy Inc. - Class C	18	271
	CMS Energy Corp.	68	3,761
	Connecticut Water Services Inc.	3	197
	Consolidated Edison Inc.	75	6,333
	Dominion Energy Inc.	180	13,811
	DTE Energy Co.	43	5,422
	Duke Energy Corp.	171	15,372
	Edison International	78	4,821
	El Paso Electric Co.	10	579
	Entergy Corp.	43	4,140
	Evergy Inc.	63	3,655
	Eversource Energy	76	5,372
	Exelon Corp.	232	11,616
	FirstEnergy Corp.	122	5,085
	Hawaiian Electric Industries Inc.	26	1,063
	IDACORP Inc.	12	1,201
	MDU Resources Group Inc.	45	1,152
	MGE Energy Inc.	8	553
	Middlesex Water Co.	4	211
	National Fuel Gas Co.	18	1,122
	New Jersey Resources Corp.	21	1,056
	NextEra Energy Inc.	114	22,133
	NextEra Energy Partners LP (b)	14	631
	NiSource Inc.	89	2,549
	Northwest Natural Holding Co.	7	460
	NorthWestern Corp.	12	854
	NRG Energy Inc.	69	2,944
	OGE Energy Corp.	48	2,060


			Shares/Par¹		Value ($)
	ONE Gas Inc.		13		1,120
	Ormat Technologies Inc.		9		499
	Otter Tail Corp.		9		432
	Pattern Energy Group Inc. - Class A		20		447
	Pinnacle West Capital Corp.		27		2,561
	PNM Resources Inc.		19		908
	Portland General Electric Co.		21		1,115
	PPL Corp.		173		5,482
	Public Service Enterprise Group Inc.		121		7,198
	Sempra Energy		66		8,256
	SJW Corp.		5		334
	South Jersey Industries Inc. (b)		21		664
	Southern Co.		247		12,741
	Southwest Gas Corp.		13		1,044
	Spire Inc.		12		1,003
	TerraForm Power Inc. - Class A		15		204
	UGI Corp.		42		2,304
	Unitil Corp.		3		182
	Vistra Energy Corp.		78		2,041
	WEC Energy Group Inc.		76		5,983
	Xcel Energy Inc.		123		6,926
	York Water Co.		3		95
	Total Common Stocks (cost $198,424)			216,807
INVESTMENT COMPANIES 0.0%
	Vanguard Utilities ETF (b)		—		17
	Total Investment Companies (cost $16)			17
SHORT TERM INVESTMENTS 3.9%
Investment Companies 3.9%
	JNL Government Money Market Fund - Institutional Class, 2.33% (c) (d)		8,534		8,534
Securities Lending Collateral 0.0%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.43% (c) (d)		2		2
Treasury Securities 0.0%
	U.S. Treasury Bill
		2.44%, 06/06/19 (e) (f)	65		65
	Total Short Term Investments (cost $8,601)			8,601
Total Investments 102.9% (cost $207,041)					225,425
Other Derivative Instruments 0.0%					6
Other Assets and Liabilities, Net (2.9)%					(6,440)
Total Net Assets 100.0%					218,991

(a) Non-income producing security.

(b) All or a portion of the security was on loan.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 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 Capital Utilities Sector Fund — Futures Contracts

Reference Entity

Contracts¹

Expiration

Notional¹

Variation

Margin

Receivable

(Payable) ($)

Unrealized

Appreciation

(Depreciation) ($)

Long Contracts

E-Mini Utilities Select Sector

June 2019

1,046

241

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
JNL/MFS Mid Cap Value Fund
COMMON STOCKS 98.8%
Communication Services 1.4%
	Altice USA Inc. - Class A	285		6,130
	Electronic Arts Inc. (a)	67		6,784
	Interpublic Group of Cos. Inc.	297		6,241
			19,155
Consumer Discretionary 9.7%
	Aramark Corp.	252		7,435
	Brunswick Corp.	168		8,458
	Dollar Tree Inc. (a)	84		8,800
	HanesBrands Inc.	250		4,464
	Harley-Davidson Inc.	166		5,916
	Lear Corp.	49		6,629
	Levi Strauss & Co. - Class A (a)	92		2,160
	Limited Brands Inc.	204		5,621
	LKQ Corp. (a)	235		6,674
	Marriott International Inc. - Class A	76		9,456
	Michaels Cos. Inc. (a) (b)	254		2,898
	Mohawk Industries Inc. (a)	42		5,299
	Newell Brands Inc.	339		5,208
	PVH Corp.	68		8,253
	Royal Caribbean Cruises Ltd.	73		8,417
	Toll Brothers Inc.	277		10,039
	Tractor Supply Co.	65		6,363
	Urban Outfitters Inc. (a)	113		3,346
	Wendy's Co.	328		5,860
	Whirlpool Corp.	69		9,128
			130,424
Consumer Staples 5.3%
	Archer-Daniels-Midland Co.	257		11,077
	BJ's Wholesale Club Holdings Inc. (a) (b)	135		3,701
	Coca-Cola European Partners Plc (c)	193		10,003
	Ingredion Inc.	81		7,712
	JM Smucker Co.	76		8,890
	Kellogg Co.	99		5,665
	Molson Coors Brewing Co. - Class B	90		5,382
	Post Holdings Inc. (a)	47		5,111
	Sanderson Farms Inc.	71		9,406
	TreeHouse Foods Inc. (a)	62		4,030
			70,977
Energy 6.5%
	Cabot Oil & Gas Corp.	406		10,592
	Concho Resources Inc.	40		4,387
	Equitrans Midstream Corp.	215		4,681
	Forum Energy Technologies Inc. (a)	48		244
	Frank's International NV (a)	683		4,241
	Hess Corp.	162		9,761
	Marathon Petroleum Corp.	172		10,311
	Oil States International Inc. (a)	194		3,290
	Patterson-UTI Energy Inc.	330		4,627
	Pioneer Natural Resources Co.	95		14,507
	Plains GP Holdings LP - Class A (a)	484		12,068
	WPX Energy Inc. (a)	649		8,506
			87,215
Financials 20.4%
	Annaly Capital Management Inc.	492		4,913
	Aon Plc - Class A	72		12,360
	Apollo Global Management LLC - Class A	314		8,867
	Arthur J Gallagher & Co.	154		12,057
	Assurant Inc.	106		10,044
	Athene Holding Ltd. - Class A (a)	204		8,338
	Comerica Inc.	161		11,809
	Discover Financial Services	174		12,390
	Element Financial Corp. (b)	676		4,277
	Everest Re Group Ltd.	53		11,429
	Hanover Insurance Group Inc.	79		9,038
	Hartford Financial Services Group Inc.	380		18,881
	Huntington Bancshares Inc.	1,063		13,484
	Invesco Ltd.	394		7,605
	KeyCorp	871		13,723
	Lincoln National Corp.	171		10,021
		Shares/Par¹		Value ($)
	M&T Bank Corp.	67		10,481
	NASDAQ Inc.	192		16,788
	Northern Trust Corp.	134		12,073
	Raymond James Financial Inc.	132		10,640
	Signature Bank	110		14,114
	SunTrust Banks Inc.	237		14,039
	TD Ameritrade Holding Corp.	225		11,235
	Unum Group	187		6,341
	Wintrust Financial Corp.	134		9,019
			273,966
Health Care 6.4%
	AmerisourceBergen Corp.	116		9,192
	Elanco Animal Health Inc. (a)	228		7,324
	Mylan NV (a)	230		6,519
	PerkinElmer Inc.	94		9,099
	Premier Inc. - Class A (a)	242		8,353
	Quest Diagnostics Inc.	141		12,695
	Steris Plc	32		4,109
	Universal Health Services Inc. - Class B	97		12,964
	Zimmer Biomet Holdings Inc.	118		15,055
			85,310
Industrials 11.4%
	AGCO Corp.	150		10,408
	Alaska Air Group Inc.	82		4,626
	Delta Air Lines Inc.	222		11,482
	Eaton Corp. Plc	157		12,612
	Gates Industrial Corp. Plc (a) (b)	244		3,504
	Harris Corp.	56		8,909
	HD Supply Holdings Inc. (a)	329		14,268
	ITT Inc.	165		9,596
	Kansas City Southern	104		12,040
	KBR Inc.	579		11,057
	L3 Technologies Inc.	50		10,295
	NOW Inc. (a)	348		4,851
	Owens Corning Inc.	183		8,616
	Regal-Beloit Corp.	94		7,664
	Sensata Technologies Holding Plc (a)	181		8,139
	Stanley Black & Decker Inc.	109		14,779
			152,846
Information Technology 12.1%
	Amdocs Ltd.	217		11,753
	Analog Devices Inc.	133		13,960
	DXC Technology Co.	82		5,305
	Fidelity National Information Services Inc.	63		7,146
	First Data Corp. - Class A (a)	553		14,532
	Global Payments Inc.	108		14,689
	IPG Photonics Corp. (a)	29		4,443
	Keysight Technologies Inc. (a)	157		13,726
	Leidos Holdings Inc.	141		9,057
	Marvell Technology Group Ltd.	448		8,910
	Maxim Integrated Products Inc.	191		10,176
	Motorola Solutions Inc.	78		10,979
	NCR Corp. (a)	246		6,721
	Nice Ltd. - ADR (a) (b)	94		11,496
	TE Connectivity Ltd.	91		7,356
	Verint Systems Inc. (a)	97		5,835
	Zebra Technologies Corp. - Class A (a)	31		6,604
			162,688
Materials 8.2%
	Axalta Coating Systems Ltd. (a)	396		9,972
	Berry Global Group Inc. (a)	177		9,549
	Celanese Corp. - Class A	83		8,174
	Eastman Chemical Co.	154		11,672
	FMC Corp.	142		10,889
	Graphic Packaging Holding Co. (b)	720		9,088
	PPG Industries Inc.	103		11,627
	RPM International Inc.	112		6,509
	Sealed Air Corp.	175		8,064
	Univar Inc. (a)	365		8,095
	Vulcan Materials Co.	80		9,476
	WestRock Co.	181		6,937
			110,052

242

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
Real Estate 7.5%
	Brixmor Property Group Inc.	523		9,614
	EPR Properties	145		11,142
	Life Storage Inc.	158		15,407
	Medical Properties Trust Inc.	730		13,511
	Mid-America Apartment Communities Inc.	108		11,764
	Spirit Realty Capital Inc.	163		6,479
	Sun Communities Inc.	98		11,582
	VICI Properties Inc.	349		7,628
	WP Carey Inc.	165		12,945
			100,072
Utilities 9.9%
	AES Corp.	551		9,957
	CenterPoint Energy Inc.	355		10,901
	CMS Energy Corp.	246		13,658
	Eversource Energy	181		12,847
	FirstEnergy Corp.	206		8,553
	NiSource Inc.	299		8,561
	Pinnacle West Capital Corp.	152		14,533
	Public Service Enterprise Group Inc.	270		16,042
	Sempra Energy	87		10,942
	South Jersey Industries Inc.	137		4,389
	Southern Co.	229		11,822
	WEC Energy Group Inc.	138		10,916
			133,121
	Total Common Stocks (cost $1,290,187)		1,325,826
SHORT TERM INVESTMENTS 1.4%
Investment Companies 1.3%
	JNL Government Money Market Fund - Institutional Class, 2.33% (d) (e)	16,838		16,838
Securities Lending Collateral 0.1%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.43% (d) (e)	1,564		1,564
	Total Short Term Investments (cost $18,402)		18,402
Total Investments 100.2% (cost $1,308,589)				1,344,228
Other Assets and Liabilities, Net (0.2)%				(2,852)
Total Net Assets 100.0%				1,341,376

(a) Non-income producing security.

(b) All or a portion of the security was on loan.

(c) The Sub-Adviser has deemed this security to be illiquid based on procedures approved by the JNL Series Trust's Board of Trustees.

(d) Investment in affiliate.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2019.

243

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
JNL/Morningstar Wide Moat Index Fund
COMMON STOCKS 99.7%
Communication Services 8.6%
	Comcast Corp. - Class A	330		13,183
	Facebook Inc. - Class A (a)	81		13,496
	John Wiley & Sons Inc. - Class A	145		6,408
	Walt Disney Co.	108		12,021
			45,108
Consumer Discretionary 6.5%
	Amazon.com Inc. (a)	8		14,068
	McDonald's Corp.	35		6,654
	Polaris Industries Inc.	77		6,541
	Starbucks Corp.	91		6,729
			33,992
Consumer Staples 14.0%
	Campbell Soup Co. (b)	331		12,629
	General Mills Inc.	279		14,437
	Hershey Co.	57		6,557
	Kellogg Co.	214		12,262
	Mondelez International Inc. - Class A	272		13,568
	Philip Morris International Inc.	157		13,867
			73,320
Financials 11.9%
	BlackRock Inc.	30		12,792
	Charles Schwab Corp.	284		12,157
	State Street Corp.	184		12,098
	T. Rowe Price Group Inc.	129		12,949
	Wells Fargo & Co.	251		12,144
			62,140
Health Care 21.3%
	Allergan Plc	89		13,077
	AmerisourceBergen Corp.	163		12,977
	Biogen Inc. (a)	41		9,584
	Bristol-Myers Squibb Co.	113		5,413
	Cardinal Health Inc.	261		12,570
	Gilead Sciences Inc.	192		12,473
	McKesson Corp.	109		12,753
	Medtronic Plc	132		12,040
	Pfizer Inc.	153		6,492
	Zimmer Biomet Holdings Inc.	108		13,774
			111,153
Industrials 8.9%
	Caterpillar Inc.	94		12,764


			Shares/Par¹		Value ($)
	Emerson Electric Co.		192		13,120
	Equifax Inc.		61		7,240
	General Dynamics Corp.		38		6,487
	United Technologies Corp.		53		6,768
				46,379
Information Technology 21.0%
	Applied Materials Inc.		354		14,053
	Blackbaud Inc.		95		7,591
	Guidewire Software Inc. (a)		148		14,420
	Intel Corp.		246		13,191
	KLA-Tencor Corp.		121		14,420
	Microchip Technology Inc. (b)		156		12,936
	Microsoft Corp.		57		6,731
	Salesforce.com Inc. (a)		86		13,585
	Western Union Co.		682		12,600
				109,527
Materials 2.7%
	Compass Minerals International Inc. (b)		263		14,324
Real Estate 2.5%
	Jones Lang LaSalle Inc.		86		13,189
Utilities 2.3%
	Dominion Energy Inc.		158		12,088
	Total Common Stocks (cost $502,661)			521,220
SHORT TERM INVESTMENTS 2.1%
Investment Companies 0.3%
	JNL Government Money Market Fund - Institutional Class, 2.33% (c) (d)		1,579		1,579
Securities Lending Collateral 1.8%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.43% (c) (d)		9,582		9,582
Treasury Securities 0.0%
	U.S. Treasury Bill
		2.44%, 06/06/19 (e) (f)	80		80
	Total Short Term Investments (cost $11,241)			11,241
Total Investments 101.8% (cost $513,902)					532,461
Other Derivative Instruments 0.0%					10
Other Assets and Liabilities, Net (1.8)%					(9,426)
Total Net Assets 100.0%					523,045

(a) Non-income producing security.

(b) All or a portion of the security was on loan.

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

June 2019

1,973

244

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
JNL Multi-Manager Alternative Fund (a)
COMMON STOCKS 41.2%
Communication Services 4.1%
	Alphabet Inc. - Class A (b) (c)	6		7,199
	Alphabet Inc. - Class C (b)	5		6,045
	Altice USA Inc. - Class A	24		516
	AMC Networks Inc. - Class A (b)	25		1,396
	AT&T Inc. (d)	2		75
	Baidu.com - Class A - ADR (b)	13		2,079
	Charter Communications Inc. - Class A (b)	6		2,019
	China Mobile Ltd. - ADR	16		815
	China Unicom Hong Kong Ltd. - ADR	34		430
	Clear Channel Outdoor Holdings Inc. - Class A (b)	18		98
	Comcast Corp. - Class A	59		2,375
	Discovery Inc. - Class C (b)	11		283
	Facebook Inc. - Class A (b)	62		10,360
	Fox Corp. - Class B (b)	72		2,570
	Hyundai HCN Co. Ltd.	49		180
	IAC/InterActiveCorp. (b)	1		231
	Innocean Worldwide Inc.	5		314
	KT Corp. - ADR (c)	164		2,034
	LG Uplus Corp.	29		397
	Tegna Inc.	69		970
	Telkom SA Ltd.	203		1,027
	Tim Participacoes SA	256		779
	TripAdvisor Inc. (b) (c)	12		617
	Walt Disney Co.	21		2,301
	Yandex NV - Class A (b)	23		780
	Zynga Inc. - Class A (b)	22		116
			46,006
Consumer Discretionary 6.7%
	Aaron's Inc.	6		295
	Alibaba Group Holding Ltd. - ADS (b) (c)	98		17,956
	Amazon.com Inc. (b) (c)	6		11,468
	American Eagle Outfitters Inc.	8		184
	Brinker International Inc.	19		857
	China Meidong Auto Holdings Ltd.	2,100		1,020
	Deckers Outdoor Corp. (b)	14		2,117
	Dick's Sporting Goods Inc.	37		1,369
	Dillard's Inc. - Class A	4		266
	Expedia Group Inc.	2		214
	Extended Stay America Inc. - Class B	24		438
	Foot Locker Inc. (c)	20		1,230
	Galaxy Entertainment Group Ltd.	35		239
	Garrett Motion Inc. (b)	13		189
	General Motors Co.	8		289
	Genting Bhd	392		639
	H&R Block Inc. (c)	16		393
	Helen of Troy Ltd. (b)	5		545
	Hyatt Hotels Corp. - Class A (c)	3		196
	Hyundai Mobis	7		1,279
	JD.com Inc. - Class A - ADR (b)	46		1,400
	Kohl's Corp.	27		1,871
	Las Vegas Sands Corp.	37		2,276
	Lear Corp. (c)	1		81
	Liberty Expedia Holdings Inc. - Class A (b)	23		993
	Lululemon Athletica Inc. (b)	2		262
	Macy's Inc. (c)	27		639
	Magna International Inc.	7		321
	Mavi Jeans	166		1,149
	Melco Resorts & Entertainment Ltd. - ADR	48		1,086
	Mohawk Industries Inc. (b)	9		1,139
	Motus Holdings Ltd.	87		497
	MultiChoice Group Ltd. (b)	15		126
	Naspers Ltd. - Class N	25		5,727
	Pulte Homes Inc.	13		352
	Ralph Lauren Corp. - Class A (c)	9		1,193
	Signet Jewelers Ltd.	13		356
	Starbucks Corp.	13		944
	TAL Education Group - ADS (b)	6		225
	Tupy SA	68		318
	Under Armour Inc. - Class A (b) (c)	238		5,029
	Wynn Macau Ltd.	764		1,808
		Shares/Par¹		Value ($)
	Yum China Holdings Inc. (c)	149		6,704
			75,679
Consumer Staples 3.1%
	AMBEV SA	598		2,577
	AMBEV SA - ADR	621		2,671
	Anheuser-Busch InBev NV - ADR (c)	11		918
	Astral Foods Ltd.	84		975
	AVI Ltd.	66		411
	Boston Beer Co. Inc. - Class A (b)	1		398
	Clover Industries Ltd.	581		953
	Coca-Cola Co. (c)	91		4,257
	Danone SA - ADR	317		4,875
	Darling Ingredients Inc. (b)	14		294
	Distell Group Holdings Ltd.	91		808
	Heineken Holding NV	7		710
	Heineken NV	7		706
	JBS SA	134		553
	Jeronimo Martins SGPS SA	88		1,303
	Molson Coors Brewing Co. - Class B	3		161
	Monster Beverage Corp. (b)	84		4,603
	Philip Morris International Inc.	30		2,655
	Procter & Gamble Co. (c)	35		3,608
	TreeHouse Foods Inc. (b)	15		975
	Ulker Biskuvi Sanayi A/S	183		557
	Walgreens Boots Alliance Inc.	2		101
			35,069
Energy 1.8%
	Anton Oilfield Services Group (b)	3,768		598
	Berry Petroleum Co.	4		42
	Cameco Corp.	10		123
	Columbia Pipeline Group Inc. (b) (e) (f) (g)	42		1,062
	ConocoPhillips Co. (c)	28		1,889
	Devon Energy Corp.	5		167
	Diamond Offshore Drilling Inc. (b)	15		162
	Eni SpA - ADR	8		276
	Gazprom Neft PJSC	126		625
	Geopark Ltd. (b)	9		154
	HollyFrontier Corp. (c)	23		1,153
	Kinder Morgan Inc.	85		1,698
	Kosmos Energy Ltd.	63		391
	Marathon Oil Corp. (c)	73		1,228
	Meggitt Plc (g)	243		1,595
	Noble Corp. Plc (b)	107		307
	PBF Energy Inc. - Class A (c)	21		648
	Peabody Energy Corp. (c)	39		1,096
	Petroleo Brasileiro SA Petrobras - ADR	62		985
	Schlumberger Ltd. (c)	82		3,575
	SM Energy Co.	35		612
	Total SA - ADR	18		979
	Whiting Petroleum Corp. (b)	21		541
	YPF SA - Class D - ADR	25		351
			20,257
Financials 7.2%
	Alberton Acquisition Corp. (b)	150		1,490
	Ally Financial Inc.	71		1,959
	American Equity Investment Life Holding Co. (c)	31		846
	American International Group Inc. (c)	78		3,373
	Aon Plc - Class A (c)	9		1,551
	Athene Holding Ltd. - Class A (b)	40		1,648
	Banco Macro SA - Class B - ADR	5		208
	Bank of America Corp. (c)	78		2,165
	Bank Pekao SA	9		248
	Bank Rakyat Indonesia Persero Tbk PT	2,325		674
	Big Rock Partners Acquisition Corp. (b)	61		628
	Black Ridge Acquisition Corp. (b)	45		457
	Capital One Financial Corp.	2		131
	CF Finance Acquisition Corp. (b)	147		1,495
	ChaSerg Technology Acquisition Corp. - Class A (b)	24		240
	China Construction Bank Corp. - Class H	599		515
	Chinatrust Financial Holding Co. Ltd.	932		619
	CIT Group Inc. (c)	54		2,606
	Citigroup Inc. (c)	39		2,418
	Citizens Financial Group Inc.	8		260
	CM Seven Star Acquisition Corp. (b) (h)	131		1,350

245

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
	Collier Creek Holdings (b)	45		453
	Comerica Inc. (c)	12		894
	Commerce Bancshares Inc.	2		110
	Credito Real SAB de CV SOFOM ER	837		943
	DBS Group Holdings Ltd.	70		1,307
	DGB Financial Group Inc.	88		633
	Discover Financial Services	2		142
	Fifth Third Bancorp	17		439
	FinTech Acquisition Corp. III - Class A (b)	71		691
	First Hawaiian Inc.	11		281
	Fubon Financial Holding Co. Ltd.	401		599
	Genworth Financial Inc. - Class A (b)	16		61
	GigCapital Inc. (b)	162		1,652
	Gordon Pointe Acquisition Corp. - Class A (b)	8		85
	Graf Industrial Corp. (b)	211		2,070
	Groupe Bruxelles Lambert SA (g)	19		1,867
	Hennessy Capital Acquisition Corp. IV (b)	149		1,503
	Industrial Bank of Korea	46		567
	Investors Bancorp Inc.	9		108
	Jefferies Financial Group Inc.	113		2,129
	KB Financial Group Inc.	35		1,283
	LendingTree Inc. (b)	4		1,459
	Liberty Holdings Ltd.	128		894
	LPL Financial Holdings Inc.	21		1,395
	Megalith Financial Acquisition Corp. - Class A (b)	77		770
	MetLife Inc.	4		149
	Modern Media Acquisition Corp. (b)	166		1,720
	Monocle Acquisition Corp. (b)	15		148
	Navient Corp.	114		1,320
	Nelnet Inc. - Class A (c)	19		1,035
	Oaktree Capital Group LLC - Class A	74		3,656
	OneMain Holdings Inc. (c)	28		879
	OTP Bank Plc	33		1,445
	Pensare Acquisition Corp. (b)	116		1,188
	Ping An Insurance Group Co. of China Ltd. - Class H	55		625
	Pivotal Acquisition Corp. - Class A (b)	37		376
	Popular Inc.	34		1,762
	Progressive Corp.	3		223
	Pure Acquisition Corp. - Class A (b)	54		537
	Qualitas Controladora SAB de CV - Class I	205		503
	RMB Holdings Ltd.	80		423
	Royal Bank of Scotland Group Plc	341		1,099
	Santander Consumer USA Holdings Inc. (c)	42		885
	Sberbank of Russia - ADR	65		873
	SEI Investments Co. (c)	45		2,332
	Signature Bank	5		651
	SunTrust Banks Inc.	53		3,141
	Synchrony Financial	6		175
	Thunder Bridge Acquisition Ltd. - Class A (b)	147		1,504
	Tiberius Acquisition Corp. (b)	135		1,357
	Tisco Financial Group PCL	225		626
	Trinity Merger Corp. - Class A (b)	113		1,154
	United Overseas Bank Ltd.	70		1,293
	Unum Group	5		162
	Vantage Energy Acquisition Corp. - Class A (b)	29		300
	VectoIQ Acquisition Corp. (b)	50		499
	Waddell & Reed Financial Inc. - Class A	36		631
	Wells Fargo & Co.	32		1,552
	WL Ross Holding Corp. (b) (e)	20		192
			81,631
Health Care 4.3%
	AbbVie Inc. (c)	7		588
	Adcock Ingram Holdings Ltd.	278		1,182
	Alexion Pharmaceuticals Inc. (b)	6		798
	Allergan Plc (c)	4		652
	Amedisys Inc. (b)	8		998
	Amgen Inc. (c)	6		1,045
	Aurobindo Pharma Ltd.	77		869
	Biogen Inc. (b)	6		1,300
	Celgene Corp. (b)	47		4,395
	Cerner Corp. (b) (c)	92		5,244
	DexCom Inc. (b)	1		107
	Encompass Health Corp. (c)	19		1,086
	Endo International Plc (b)	92		739
		Shares/Par¹		Value ($)
	Gilead Sciences Inc.	10		657
	HCA Inc. (c)	12		1,499
	Herbalife Nutrition Ltd. (b) (c)	14		763
	Ligand Pharmaceuticals Inc. (b)	1		132
	Mallinckrodt Plc (b)	31		670
	McKesson Corp.	2		187
	Mylan NV (b)	51		1,448
	Neurocrine Biosciences Inc. (b)	1		88
	Novartis AG - ADR	62		6,006
	Novo Nordisk A/S - ADR	119		6,208
	Qualicorp SA	247		989
	Regeneron Pharmaceuticals Inc. (b) (c)	19		7,671
	Tenet Healthcare Corp. (b)	38		1,102
	United Therapeutics Corp. (b)	7		869
	Vertex Pharmaceuticals Inc. (b)	3		469
	WellCare Health Plans Inc. (b)	4		1,172
			48,933
Industrials 2.7%
	Air Lease Corp. - Class A (c)	19		638
	Allison Transmission Holdings Inc. (c)	42		1,900
	Aramex PJSC	1,116		1,447
	Arconic Inc. (c)	133		2,537
	Barloworld Ltd.	90		797
	CSX Corp.	6		471
	Dover Corp.	8		741
	EnerSys Inc.	1		91
	Expeditors International of Washington Inc. (c)	70		5,305
	HD Supply Holdings Inc. (b) (c)	16		685
	Insperity Inc.	2		223
	Jardine Strategic Holdings Ltd. (g)	14		531
	Korn Ferry	14		613
	L3 Technologies Inc. (c)	20		4,072
	Movida Participacoes SA	246		689
	Nexeo Solutions Inc. (b) (e)	97		945
	Norfolk Southern Corp.	—		75
	Oshkosh Corp.	2		128
	Pitney Bowes Inc.	38		261
	Resideo Technologies Inc. (b)	8		147
	Rexnord Corp. (b)	19		490
	Robert Half International Inc.	11		691
	Tegma Gestao Logistica SA	102		686
	Terex Corp.	10		312
	Textron Inc.	7		370
	United Continental Holdings Inc. (b) (c)	13		1,029
	United Rentals Inc. (b)	3		343
	United Technologies Corp. (c)	20		2,530
	USG Corp.	39		1,697
	Waberer's International Zrt. (b)	79		482
	WESCO International Inc. (b)	2		122
			31,048
Information Technology 7.1%
	Advanced Micro Devices Inc. (b)	18		459
	Adyen NV (b)	4		2,792
	Akamai Technologies Inc. (b)	6		402
	Analog Devices Inc. (c)	24		2,528
	ARRIS International Plc (b) (c)	168		5,323
	Aspen Technology Inc. (b)	7		709
	Booz Allen Hamilton Holding Corp. - Class A	11		634
	Broadcom Inc.	12		3,509
	CACI International Inc. - Class A (b)	2		300
	Cadence Design Systems Inc. (b) (c)	4		273
	Ciena Corp. (b)	9		351
	Cisco Systems Inc.	3		173
	Citrix Systems Inc. (c)	3		319
	Cypress Semiconductor Corp.	15		219
	Dell Technologies Inc. - Class C (b) (d)	16		945
	F5 Networks Inc. (b)	3		416
	First Data Corp. - Class A (b) (c)	407		10,701
	Fortinet Inc. (b) (c)	22		1,873
	Hana Microelectronics PCL	407		398
	Hewlett Packard Enterprise Co.	15		235
	HP Inc.	62		1,201
	Infosys Ltd.	158		1,702
	Integrated Device Technology Inc. (b)	9		448

246

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Intel Corp.		10		553
	InterDigital Inc.		1		53
	ITEQ Corp.		172		498
	KLA-Tencor Corp.		—		—
	Mellanox Technologies Ltd. (b) (d)		13		1,503
	Micron Technology Inc. (b)		32		1,331
	Microsoft Corp.		16		1,879
	NAVER Corp.		4		462
	NetApp Inc.		19		1,352
	Nexon Co. Ltd. (b)		45		708
	Nuance Communications Inc. (b)		8		134
	NXP Semiconductors NV		2		150
	Oracle Corp. (c)		196		10,513
	QUALCOMM Inc.		3		177
	Red Hat Inc. (b)		69		12,640
	Sabre Corp.		5		111
	TE Connectivity Ltd. (c)		24		1,911
	Tech Data Corp. (b)		2		236
	Tech Mahindra Ltd.		82		919
	Tencent Holdings Ltd. - ADR		55		2,541
	Travelport Worldwide Ltd.		7		118
	Worldpay Inc. - Class A (b)		26		2,998
	Xerox Corp. (c)		48		1,538
	Xilinx Inc.		5		647
	Zebra Technologies Corp. - Class A (b)		7		1,467
				80,349
Materials 2.3%
	Alcoa Corp. (b)		6		180
	Axalta Coating Systems Ltd. (b)		5		118
	Ball Corp.		6		365
	Cabot Corp.		3		141
	CF Industries Holdings Inc. (c)		33		1,333
	Domtar Corp.		27		1,365
	FMC Corp.		8		580
	Freeport-McMoRan Inc. - Class B (c)		50		634
	Glencore Plc		443		1,839
	Goldcorp Inc.		594		6,799
	HeidelbergCement AG		21		1,547
	Huntsman Corp.		52		1,169
	International Paper Co.		11		518
	Kirkland Lake Gold Ltd.		21		642
	LafargeHolcim Ltd.		42		2,090
	Livent Corp. (b)		12		150
	Louisiana-Pacific Corp. (c)		29		712
	Methanex Corp. (c)		27		1,564
	Mosaic Co.		6		167
	Norbord Inc. (c)		35		975
	Owens-Illinois Inc.		62		1,186
	SunCoke Energy Partners LP		113		1,402
	Teck Resources Ltd. - Class B		22		505
	Valencia Bidco LLC (b) (g) (h)		188		259
				26,240
Real Estate 1.7%
	Apartment Investment & Management Co. - Class A		11		569
	Atrium European Real Estate Ltd.		121		454
	Boston Properties Inc.		5		723
	Brookfield Property REIT Inc. - Class A		32		649
	CIBanco SA Institucion de Banca Multiple		929		1,014
	Columbia Property Trust Inc.		7		153
	Concentradora Fibra Danhos SA de CV		517		738
	CoreCivic Inc.		32		628
	Cousins Properties Inc.		7		63
	EastGroup Properties Inc.		13		1,474
	Emaar Malls Group PJSC		1,468		695
	EPR Properties		10		769
	Equity Lifestyle Properties Inc. (c)		8		937
	Equity Residential Properties Inc. (c)		10		746
	Essex Property Trust Inc.		—		130
	Fibra Uno Administracion SA de CV		559		772
	Host Hotels & Resorts Inc.		14		255
	Jones Lang LaSalle Inc.		3		385
	K. Wah International Holdings Ltd.		2,647		1,634
	Kimco Realty Corp.		6		111
	Lamar Advertising Co. - Class A (c)		21		1,688
			Shares/Par¹		Value ($)
	Life Storage Inc.		18		1,780
	Outfront Media Inc.		19		442
	Quality Houses PCL - Class F		4,100		383
	Rayonier Inc.		4		120
	Realogy Holdings Corp.		14		156
	Retail Properties of America Inc. - Class A		19		226
	Robinsons Land Corp.		934		436
	SBA Communications Corp. (b)		2		299
	Xenia Hotels & Resorts Inc.		17		362
				18,791
Utilities 0.2%
	Gujarat State Petronet Ltd.		566		1,560
	NRG Energy Inc.		5		225
	PG&E Corp. (b)		25		443
	Transmissora Alianca de Energia Eletrica SA		38		241
				2,469
	Total Common Stocks (cost $441,390)			466,472
PREFERRED STOCKS 0.6%
Consumer Discretionary 0.1%
	Porsche Automobil Holding SE (i)		11		690
Financials 0.1%
	Ditech Holding Corp. (b) (i) (j) (k)		—		—
	Sberbank of Russia		297		851
				851
Information Technology 0.3%
	Samsung Electronics Co. Ltd.		112		3,584
Real Estate 0.1%
	Colony Capital Inc. (j)		47		1,183
	Pebblebrook Hotel Trust - Series E (j)		8		210
				1,393
Utilities 0.0%
	Cia De Transmissao De ENE-PF		15		304
	Total Preferred Stocks (cost $6,845)			6,822
RIGHTS 0.0%
	Big Rock Partners Acquisition Corp. (b)		61		18
	Bison Capital Acquisition Corp. (b)		58		20
	Black Ridge Acquisition Corp. (b)		45		16
	CM Seven Star Acquisition Corp. (b)		131		43
	Modern Media Acquisition Corp. (b)		166		37
	Nexstar Broadcasting Inc. (b) (h)		127		13
	Total Rights (cost $159)			147
WARRANTS 0.0%
	Agiliti Inc. (b) (h)		7		4
	Big Rock Partners Acquisition Corp. (b)		30		5
	Bison Capital Acquisition Corp. (b)		29		6
	Black Ridge Acquisition Corp. (b)		45		13
	ChaSerg Technology Acquisition Corp. (b)		12		8
	CM Seven Star Acquisition Corp. (b)		65		11
	Collier Creek Holdings (b)		15		17
	Ditech Holding Corp. (b) (g)		2		—
	Ditech Holding Corp. (b) (g)		3		—
	FinTech Acquisition Corp. III (b)		35		32
	Graf Industrial Corp. (b)		211		69
	Modern Media Acquisition Corp. (b)		83		25
	Pensare Acquisition Corp. (b)		39		8
	Pure Acquisition Corp. (b)		27		29
	Thunder Bridge Acquisition Ltd. (b)		20		14
	Tiberius Acquisition Corp. (b)		135		51
	TORM A/S (b) (e) (g)		4		—
	Trinity Merger Corp. (b)		113		33
	Urbi Desarrollos Urbanos SAB de CV (b) (e) (g)		14		—
	Vista Oil & Gas SAB de CV (b) (e) (g)		32		31
	Total Warrants (cost $457)			356
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 8.9%
	ACE Securities Corp. Home Equity Loan Trust
		Series 2006-A2C-CW1, REMIC, 2.63%, (1M USD LIBOR + 0.14%), 07/25/36 (l)	3,202		2,692
	Ajax Mortgage Loan Trust
		Series 2018-A-C, 4.36%, 09/25/65 (l) (m)	2,888		2,897

247

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹	Value ($)
Apidos CLO XXII
	Series 2015-D-22A, 8.76%, (3M USD LIBOR + 6.00%), 10/20/27 (l) (m)	500	490
Apidos CLO XXIV
	Series 2016-DR-24A, 8.56%, (3M USD LIBOR + 5.80%), 10/21/30 (l) (m)	500	475
Applebee's Funding LLC
	Series 2014-A2-1, 4.28%, 09/05/21 (m)	543	547
BAMLL Commercial Mortgage Securities Trust
	Series 2019-D-AHT, 0.00%, (1M USD LIBOR + 2.50%), 03/15/21 (l) (m)	569	569
Banc of America Alternative Loan Trust
	Series 2007-4A1-1, REMIC, 5.33%, 04/25/37 (l)	2,098	2,054
	Series 2007-1A1-2, REMIC, 5.50%, 06/25/37	983	894
Banc of America Funding Trust
	Series 2015-9A2-R2, REMIC, 3.13%, 07/28/27 (l) (m)	1,073	912
Bancorp Commercial Mortgage Trust
	Series 2018-D-CRE4, 4.58%, 09/17/21 (m)	1,250	1,238
	Series 2019-D-CRE5, 4.84%, 02/15/22 (m)	484	484
Barings CLO Ltd.
	Series 2018-E-3A, 8.51%, (3M USD LIBOR + 5.75%), 07/20/29 (l) (m)	500	481
Bayview Opportunity Master Fund IIIB Trust
	Series 2018-A1-RN7, REMIC, 4.26%, 08/28/23 (m) (n)	1,017	1,015
BBCMS Trust
	Series 2018-E-CBM, 5.63%, (1M USD LIBOR + 3.55%), 07/15/20 (l) (m)	470	471
Canyon Capital CLO Ltd.
	Series 2014-DR-1A, 8.25%, (3M USD LIBOR + 5.50%), 01/30/31 (l) (m)	700	630
Carlyle Global Market Strategies CLO Ltd.
	Series 2015-D-4A, 8.86%, (3M USD LIBOR + 6.10%), 10/20/27 (l) (m)	500	500
	Series 2014-D-2RA, 8.03%, (3M USD LIBOR + 5.35%), 05/15/31 (l) (m)	1,000	923
Carrington Mortgage Loan Trust
	Series 2007-A3-RFC1, REMIC, 2.63%, (1M USD LIBOR + 0.14%), 12/25/36 (l)	3,000	2,760
Castlelake Aircraft Securitization Trust
	Series 2018-C-1, 6.63%, 06/15/25 (m) (n)	1,312	1,313
Chenango Park CLO Ltd.
	Series 2018-D-1A, 8.59%, (3M USD LIBOR + 5.80%), 04/15/30 (l) (m)	1,000	952
Chevy Chase Funding LLC Mortgage Backed-Certificates
	Series 2004-B1-2A, REMIC, 2.97%, 05/25/35 (l) (m)	335	265
CHL Mortgage Pass-Through Trust
	Series 2005-2A1-9, REMIC, 2.93%, (1M USD LIBOR + 0.44%), 05/25/35 (l)	22	17
	Series 2007-A1-13, REMIC, 6.00%, 08/25/37	1,727	1,405
CIM Trust
	Series 2018-A2-2, 5.32%, 04/25/20 (m)	2,574	2,570
	Series 2017-B2-3RR, 10.09%, 01/25/57 (l) (m)	180	203
	Series 2017-A1-6, 3.02%, 06/25/57 (l) (m)	1,915	1,875
	Series 2016-B2-1RR, REMIC, 6.90%, 07/25/55 (l) (m)	300	302
	Series 2016-B2-3RR, REMIC, 6.44%, 02/29/56 (l) (m)	800	810
	Series 2016-B2-2RR, REMIC, 6.86%, 02/29/56 (l) (m)	800	812
Citigroup Commercial Mortgage Trust
	Series 2015-D-GC27, REMIC, 4.43%, 01/10/25 (l) (m)	291	270
Citigroup Mortgage Loan Trust Inc.
	Series 2007-A3A-AHL3, REMIC, 2.55%, (1M USD LIBOR + 0.06%), 05/25/37 (l)	3,744	2,913
COLT Mortgage Loan Trust
	Series 2017-M1-2, REMIC, 3.51%, 10/25/47 (m)	2,000	1,991
COMM Mortgage Trust
	Series 2018-D-HCLV, 4.66%, (1M USD LIBOR + 2.18%), 09/15/20 (l) (m)	1,000	1,002
	Series 2015-D-CR26, REMIC, 3.48%, 09/12/25 (l)	1,000	885
		Shares/Par¹	Value ($)
	Series 2014-E-TWC, REMIC, 5.75%, (1M USD LIBOR + 3.25%), 02/13/32 (l) (m)	1,500	1,501
Conseco Financial Corp.
	Series 1996-M1-4, REMIC, 7.75%, 06/15/27	329	332
Countrywide Asset-Backed Certificates
	Series 2003-3A-2, REMIC, 3.00%, (1M USD LIBOR + 0.50%), 08/26/33 (l)	167	160
	Series 2007-1A-BC1, REMIC, 2.63%, (1M USD LIBOR + 0.14%), 05/25/37 (l)	1,897	1,803
CSAIL Commercial Mortgage Trust
	Series 2016-D-C6, REMIC, 4.75%, 05/15/26 (l) (m)	1,000	949
CSMC Trust
	Series 2017-F-CHOP, REMIC, 6.83%, (1M USD LIBOR + 4.35%), 06/17/19 (l) (m)	880	883
	Series 2018-A1-RPL7, REMIC, 4.00%, 09/25/21 (m)	1,932	1,917
Fannie Mae Connecticut Avenue Securities
	Series 2015-2M2-C03, 7.49%, (1M USD LIBOR + 5.00%), 07/25/25 (l) (m)	119	130
	Series 2017-1B1-C01, 8.24%, (1M USD LIBOR + 5.75%), 01/25/27 (l) (m)	270	315
	Series 2016-1M2-C04, 6.74%, (1M USD LIBOR + 4.25%), 01/25/29 (l) (m)	260	286
Flagstar Mortgage Trust
	Series 2018-A4-2, 3.50%, 08/25/41 (l) (m)	91	91
Ford Credit Floorplan Master Owner Trust
	Series 2018-A-4, 4.06%, 11/15/28	260	272
Gilbert Park CLO Ltd.
	Series 2017-1A-E, 9.19%, (3M USD LIBOR + 6.40%), 10/15/30 (l) (m)	500	490
GreenPoint Mortgage Funding Trust
	Series 2005-2A1-AR5, REMIC, 3.05%, (1M USD LIBOR + 0.28%), 11/25/45 (l)	544	358
GS Mortgage Securities Corp. II
	Series 2018-C-SRP5, REMIC, 6.23%, (1M USD LIBOR + 3.75%), 06/15/21 (l) (m)	718	715
GS Mortgage Securities Trust
	Series 2014-D-GC26, REMIC, 4.52%, 11/10/47 (l) (m)	571	486
	Series 2018-D-GS9, REMIC, 3.00%, 03/10/28 (m)	1,000	795
GSAA Home Equity Trust
	Series 2007-A2A-9, REMIC, 6.50%, 10/25/37	2,336	1,757
Hertz Vehicle Financing LLC
	Series 2017-C-1A, 5.27%, 10/25/20 (m)	250	254
Horizon Aircraft Finance I Ltd.
	Series 2018-C-1, 6.66%, 12/15/25 (m)	976	994
JP Morgan Mortgage Trust
	Series 2007-3A4-A1, REMIC, 4.33%, 07/25/35 (l)	1,974	1,978
JPMorgan Chase Commercial Mortgage Securities Trust
	Series 2011-E-C3, REMIC, 5.66%, 03/17/21 (l) (m)	334	327
	Series 2011-D-C5, REMIC, 5.38%, 09/17/21 (l) (m)	1,650	1,658
	Series 2014-E-C23, REMIC, 3.36%, 10/18/24 (g) (o)	650	495
LCM XVII LP
	Series ER-17A, 8.79%, (3M USD LIBOR + 6.00%), 10/15/31 (l) (m)	500	480
LCM XX LP
	Series ER-20A, 8.21%, (3M USD LIBOR + 5.45%), 10/20/27 (l) (m)	500	481
Legacy Mortgage Asset Trust
	Series 2018-A1-GS3, REMIC, 4.00%, 07/25/20 (m) (n)	2,892	2,867
	Series 2018-A-SL1, REMIC, 4.00%, 08/25/20 (l) (m)	2,404	2,397
	Series 2018-M-SL1, REMIC, 4.50%, 08/25/20 (l) (m)	845	831
Lehman Mortgage Trust
	Series 2003-M3-HE1, REMIC, 7.73%, (1M USD LIBOR + 5.25%), 01/15/33 (l)	2,601	2,556
	Series 2006-1A6-5, REMIC, 2.99%, (1M USD LIBOR + 0.50%), 09/25/36 (l)	1,284	800

248

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	loanDepot GMSR Master Trust
		Series 2018-A-GT1, 5.28%, (1M USD LIBOR + 2.80%), 10/16/23 (l) (m)	2,000		2,005
	MFA Financial Inc.
		Series 2017-A1-NPL1, 3.35%, 11/25/20 (m) (n)	1,531		1,528
	Morgan Stanley Mortgage Loan Trust
		Series 2006-A1-13AX, REMIC, 2.67%, (1M USD LIBOR + 0.18%), 10/25/36 (l)	5,934		2,901
	Myers Park CLO Ltd.
		Series 2018-E-1A, 7.92%, (3M USD LIBOR + 5.25%), 10/20/30 (l) (m)	1,000		931
	Neuberger Berman CLO XXIII Ltd.
		Series 2016-ER-23A, 8.52%, (3M USD LIBOR + 6.00%), 10/18/27 (l) (m)	500		479
	NovaStar Mortgage Funding Trust
		Series 2006-A2C-3, REMIC, 2.65%, (1M USD LIBOR + 0.16%), 10/25/36 (l)	4,482		2,494
	PRPM LLC
		Series 2018-A1-2A, 4.00%, 08/25/21 (m) (n)	2,273		2,272
	RAMP Trust
		Series 2006-M1-RZ3, REMIC, 2.84%, (1M USD LIBOR + 0.35%), 08/25/36 (l)	350		341
	RBSSP Resecuritization Trust
		Series 2010-6A2-4, REMIC, 5.83%, 02/26/36 (m) (n)	409		401
	RFMSI Trust
		Series 2006-1A2-S10, REMIC, 6.00%, 10/25/36	1,825		1,682
	SLIDE Commercial Mortgage Pass-Through Certificates
		Series 2018-F-FUN, 5.48%, (1M USD LIBOR + 3.00%), 06/15/21 (g) (l) (o)	1,233		1,237
	SoFi Professional Loan Program LLC
		Series 2016-R-F, 0.00%, 02/27/40 (e) (m)	100		1,570
		Series 2019-R1-B, 0.00%, 08/17/48 (m)	43		1,500
	Structured Adjustable Rate Mortgage Loan Trust
		Series 2004-2A2-19, REMIC, 4.24%, 01/25/35 (l)	2,293		2,269
	STWD Mortgage Trust
		Series 2018-E-URB, 5.63%, (1M USD LIBOR + 3.15%), 05/15/21 (l) (m)	661		659
	THL Credit Wind River CLO Ltd.
		Series 2018-E-2A, 8.54%, (3M USD LIBOR + 5.75%), 07/15/30 (l) (m)	500		469
		Series 2014-ER2-3A, 8.98%, (3M USD LIBOR + 6.22%), 10/22/31 (l) (m)	500		480
	Velocity Commercial Capital Loan Trust
		Series 2018-M4-2, 5.32%, 03/25/26 (m)	624		647
		Series 2018-M5-2, 6.36%, 06/25/26 (m)	231		239
		Series 2018-M6-2, 7.05%, 08/25/27 (m)	1,106		1,138
		Series 2019-M4-1, REMIC, 4.61%, 03/25/27 (m)	798		802
		Series 2019-M5-1, REMIC, 5.70%, 08/25/27 (m)	332		334
		Series 2019-M6-1, REMIC, 6.79%, 08/25/28 (m)	973		973
	VOLT LXIX LLC
		Series 2018-A1B-NPL5, 4.70%, 08/25/21 (m) (n)	4,000		3,991
	VOLT LXV LLC
		Series 2018-A1-NPL1, 3.75%, 04/26/21 (m) (n)	600		598
	Wachovia Bank Commercial Mortgage Trust
		Series 2007-AJ-C33, REMIC, 5.86%, 02/15/51 (l)	381		311
	Wells Fargo Commercial Mortgage Trust
		Series 2016-D-C33, 3.12%, 03/17/26 (m)	470		401
	Willis Engine Securitization Trust
		Series 2018-A-A, 4.75%, 09/15/26 (m) (n)	977		1,000
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $101,281)			100,627
CORPORATE BONDS AND NOTES 21.3%
Communication Services 2.6%
	Altice Finco SA
		4.75%, 01/15/28, EUR	419		393
	Altice Luxembourg SA
		8.13%, 02/01/27 (m)	870		881
	Boingo Wireless Inc.
		1.00%, 10/01/23 (c) (i) (m)	1,259		1,130
	CCO Holdings LLC
		5.38%, 05/01/25 (o)	70		72
		5.75%, 02/15/26 (m)	10		10
		5.13%, 05/01/27 (m)	50		50
			Shares/Par¹		Value ($)
	Charter Communications Operating LLC
		4.20%, 03/15/28	220		219
		5.05%, 03/30/29	110		116
		5.38%, 04/01/38	90		91
		6.83%, 10/23/55	230		260
	Comcast Corp.
		4.15%, 10/15/28	60		63
		4.70%, 10/15/48	410		445
	CSC Holdings LLC
		6.50%, 02/01/29 (m)	200		213
	DISH DBS Corp.
		7.88%, 09/01/19	50		51
		5.88%, 11/15/24	40		34
		7.75%, 07/01/26	10		9
	Fox Corp.
		4.71%, 01/25/29 (m)	180		193
		5.48%, 01/25/39 (m)	50		55
		5.58%, 01/25/49 (m)	20		23
	Frontier Communications Corp.
		6.25%, 09/15/21	350		272
		8.00%, 04/01/27 (m)	754		779
	Intelsat Jackson Holdings SA
		8.50%, 10/15/24 (m)	875		851
	Intelsat SA
		4.50%, 06/15/25 (c) (i) (m)	303		361
	iQiyi Inc.
		3.75%, 12/01/23 (c) (i) (m)	1,513		1,802
		2.00%, 04/01/25 (c) (i) (m)	1,363		1,421
	Liberty Media Corp.
		3.75%, 02/15/30 (c) (i)	1,371		912
		2.25%, 12/01/48 (c) (i) (m)	1,642		1,829
	Myriad International Holdings BV
		4.85%, 07/06/27 (m)	350		363
	Neptune Finco Corp.
		10.88%, 10/15/25 (m)	750		866
	Numericable - SFR SA
		7.38%, 05/01/26 (m)	410		402
	Perficient Inc.
		2.38%, 09/15/23 (c) (i) (m)	1,091		1,055
	Sea Ltd.
		2.25%, 07/01/23 (c) (i) (m)	1,249		1,725
	Sprint Capital Corp.
		8.75%, 03/15/32	510		538
	Sprint Corp.
		11.50%, 11/15/21	60		69
		7.88%, 09/15/23	60		63
		7.63%, 03/01/26	553		561
	Telesat Canada
		8.88%, 11/15/24 (m)	518		563
	Time Warner Cable Inc.
		7.30%, 07/01/38	20		24
	T-Mobile USA Inc.
		6.50%, 01/15/24	2,586		2,686
	Twilio Inc.
		0.25%, 06/01/23 (c) (i) (m)	1,172		2,226
	Unitymedia Hessen GmbH & Co. KG
		5.00%, 01/15/25 (m)	2,695		2,767
	Verizon Communications Inc.
		4.50%, 08/10/33	20		21
		4.13%, 08/15/46	160		155
	Vodafone Group Plc
		4.38%, 05/30/28	190		192
	Weibo Corp.
		1.25%, 11/15/22 (c) (i)	1,544		1,429
	Wind Tre SpA
		3.13%, 01/20/25, EUR	200		210
	Zillow Group Inc.
		2.00%, 12/01/21 (c) (i)	1,212		1,239
				29,689
Consumer Discretionary 1.9%
	1011778 B.C. Unltd. Liability Co.
		4.25%, 05/15/24 (m)	50		49
	Altice SA
		7.75%, 05/15/22 (m)	875		875

249

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Amazon.com Inc.
		4.95%, 12/05/44	40		48
		4.05%, 08/22/47	510		539
		4.25%, 08/22/57	630		680
	American Axle & Manufacturing Inc.
		6.63%, 10/15/22	65		67
	Chegg Inc.
		0.25%, 05/15/23 (c) (i)	1,139		1,723
	Ctrip.com International Ltd.
		1.00%, 07/01/20 (c) (i)	806		821
		1.25%, 09/15/22 (c) (i)	520		526
	Debenhams Plc
		5.25%, 07/15/21, GBP	750		388
	Eagle Intermediate Global Holding BV
		7.50%, 05/01/25 (m)	1,083		1,068
	Federal-Mogul LLC
		5.00%, 07/15/24, EUR	1,093		1,282
	Hanesbrands Inc.
		4.63%, 05/15/24 (m)	80		80
	Huazhu Group Ltd.
		0.38%, 11/01/22 (c) (i)	1,766		2,032
	Intrepid Aviation Group Holdings LLC
		8.50%, 08/15/21 (m)	1,050		1,083
	Liberty Interactive LLC
		4.00%, 11/15/29 (c) (i)	1,842		1,266
	Marriott Vacations Worldwide Corp.
		1.50%, 09/15/22 (c) (i)	1,401		1,330
	MGM Resorts International
		5.75%, 06/15/25	400		415
		5.50%, 04/15/27	278		282
	Panther BF Aggregator 2 LP
		8.50%, 05/15/27 (m)	508		510
	Picard Bondco SA
		5.50%, 11/30/24, EUR	440		462
	Rent-A-Center Inc.
		6.63%, 11/15/20	432		432
		4.75%, 05/01/21	578		566
	RH Corp.
		0.00%, 06/15/23 (c) (i) (k) (m)	520		453
	Sands China Ltd.
		5.13%, 08/08/25 (p)	200		210
	Scientific Games International Inc.
		5.50%, 02/15/26, EUR	1,307		1,363
		8.25%, 03/15/26 (m)	860		877
	Wayfair Inc.
		0.38%, 09/01/22 (c) (i)	808		1,241
		1.13%, 11/01/24 (c) (i) (m)	520		757
	William Lyon Homes Inc.
		5.88%, 01/31/25	70		66
				21,491
Consumer Staples 0.4%
	Albertsons Cos. LLC
		5.75%, 03/15/25	800		760
	Altria Group Inc.
		4.40%, 02/14/26	40		41
		4.80%, 02/14/29	150		155
		5.80%, 02/14/39	100		106
		6.20%, 02/14/59	330		355
	Anheuser-Busch InBev Worldwide Inc.
		3.65%, 02/01/26 (m)	270		271
		4.90%, 02/01/46 (m)	80		81
		5.55%, 01/23/49	550		605
		5.80%, 01/23/59	40		44
	BAT Capital Corp.
		3.56%, 08/15/27	110		104
		4.54%, 08/15/47	190		167
	Cott Holdings Inc.
		5.50%, 04/01/25 (m)	40		40
	Herbalife Nutrition Ltd.
		2.63%, 03/15/24 (c) (i)	1,111		1,171
	Kraft Heinz Foods Co.
		4.13%, 07/01/27, GBP	280		386
			Shares/Par¹		Value ($)
	Lamb Weston Holdings Inc.
		4.88%, 11/01/26 (m)	40		41
				4,327
Energy 1.6%
	Anadarko Petroleum Corp.
		5.55%, 03/15/26	20		22
		6.20%, 03/15/40	90		101
		4.50%, 07/15/44	100		95
		6.60%, 03/15/46	140		170
	Apache Corp.
		4.38%, 10/15/28	30		30
		5.10%, 09/01/40	210		206
		4.75%, 04/15/43	300		283
		4.25%, 01/15/44	170		151
	Archrock Partners LP
		6.88%, 04/01/27 (m)	356		363
	Ascent Resources Utica Holdings LLC
		7.00%, 11/01/26 (m)	797		766
	Blue Racer Midstream LLC
		6.13%, 11/15/22 (m)	110		112
	Chesapeake Energy Corp.
		8.00%, 06/15/27	130		128
	Cimarex Energy Co.
		3.90%, 05/15/27	10		10
	CITGO Holding Inc.
		10.75%, 02/15/20 (m)	715		733
	Concho Resources Inc.
		4.85%, 08/15/48	110		116
	Continental Resources Inc.
		4.38%, 01/15/28	10		10
		4.90%, 06/01/44	140		143
	DCP Midstream LLC
		6.75%, 09/15/37 (m)	110		114
	Devon Energy Corp.
		5.85%, 12/15/25	190		215
		5.00%, 06/15/45	20		21
	Ecopetrol SA
		4.13%, 01/16/25	370		376
		5.38%, 06/26/26	50		54
		5.88%, 09/18/23 - 05/28/45	470		502
	Enterprise Products Operating LLC
		4.15%, 10/16/28	20		21
		5.38%, 02/15/78	70		62
	Exxon Mobil Corp.
		4.11%, 03/01/46	130		141
	FTS International Inc.
		6.25%, 05/01/22	477		461
	Fugro NV
		4.00%, 10/26/21, EUR (i)	1,000		997
		4.50%, 11/02/24, EUR (i)	400		408
	Genesis Energy LP
		6.75%, 08/01/22	110		113
	Golar LNG Ltd.
		2.75%, 02/15/22 (c) (i)	1,067		1,016
	Green Plains Inc.
		3.25%, 10/01/19 (c) (i)	2,110		2,127
		4.13%, 09/01/22 (c) (i)	1,142		1,078
	Halliburton Co.
		3.80%, 11/15/25	30		31
		4.85%, 11/15/35	150		157
	Kerr-McGee Corp.
		6.95%, 07/01/24	120		138
	Kinder Morgan Energy Partners LP
		3.50%, 09/01/23	60		61
		4.25%, 09/01/24	60		63
	Kinder Morgan Inc.
		5.30%, 12/01/34	40		43
	MEG Energy Corp.
		6.38%, 01/30/23 (m)	300		277
		7.00%, 03/31/24 (m)	40		37
		6.50%, 01/15/25 (m)	30		30
	MPLX LP
		4.88%, 12/01/24 - 06/01/25	220		235
		4.80%, 02/15/29	60		63

250

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
		5.20%, 03/01/47	80		81
		4.70%, 04/15/48	110		105
		5.50%, 02/15/49	120		128
	Noble Energy Inc.
		3.85%, 01/15/28	150		148
	Noble Holding International Ltd.
		7.88%, 02/01/26 (m)	350		326
	Oasis Petroleum Inc.
		6.88%, 01/15/23	67		67
	Occidental Petroleum Corp.
		4.63%, 06/15/45	60		66
		4.40%, 04/15/46	20		21
		4.10%, 02/15/47	20		21
		4.20%, 03/15/48	20		21
	Petroleos Mexicanos
		6.38%, 01/23/45	390		345
	Range Resources Corp.
		5.88%, 07/01/22	50		51
		4.88%, 05/15/25	100		93
	Rockies Express Pipeline LLC
		5.63%, 04/15/20 (m)	100		102
		6.88%, 04/15/40 (m)	110		119
	Schlumberger Holdings Corp.
		4.00%, 12/21/25 (m)	180		186
	SEACOR Holdings Inc.
		3.00%, 11/15/28 (c) (i)	520		507
	Ship Finance International Ltd.
		5.75%, 10/15/21 (c) (i)	1,412		1,398
	Targa Resources Corp.
		5.38%, 02/01/27	10		10
	Targa Resources Partners LP
		4.25%, 11/15/23	270		269
	Teekay Corp.
		5.00%, 01/15/23 (c) (i)	868		647
	Teine Energy Ltd.
		6.88%, 09/30/22 (m)	60		61
	Transcontinental Gas Pipe Line Co. LLC
		7.85%, 02/01/26	170		212
	Transocean Poseidon Ltd.
		6.88%, 02/01/27 (m)	308		320
	Whiting Petroleum Corp.
		6.25%, 04/01/23	50		50
	Williams Cos. Inc.
		7.50%, 01/15/31	40		50
		8.75%, 03/15/32	140		195
	WPX Energy Inc.
		8.25%, 08/01/23	170		192
				18,071
Financials 4.5%
	ABN AMRO Bank NV
		5.75%, (callable at 100 beginning 09/22/20), EUR (j)	600		696
	Algeco Scotsman Global Finance Plc
		6.50%, 02/15/23, EUR	340		396
		10.00%, 08/15/23 (m)	400		400
	Ally Financial Inc.
		8.00%, 11/01/31	20		25
	Avation Capital SA
		6.50%, 05/15/21 (m)	860		861
	BAC Capital Trust XIV
		4.00%, (3M USD LIBOR + 0.40%), (callable at 100 beginning 04/29/19) (j) (l)	1,540		1,217
	Banco Bilbao Vizcaya Argentaria SA
		8.88%, (callable at 100 beginning 04/14/21), EUR (j)	200		246
	Banco Mercantil del Norte SA
		7.63%, (callable at 100 beginning 01/10/28) (j) (m)	200		200
	Banco Santander SA
		6.25%, (callable at 100 beginning 09/11/21), EUR (j)	500		575
		4.38%, 04/12/28	200		203
	Bank of America Corp.
		5.88%, (callable at 100 beginning 03/15/28) (j)	400		407
		6.10%, (callable at 100 beginning 03/17/25) (j)	50		53
			Shares/Par¹		Value ($)
		6.25%, (callable at 100 beginning 09/05/24) (j)	150		159
	Barclays Bank Plc
		7.63%, 11/21/22	200		217
	Barclays Plc
		8.00%, (callable at 100 beginning 06/15/24) (j)	1,280		1,310
		8.00%, (callable at 100 beginning 12/15/20), EUR (j)	500		603
		4.97%, 05/16/29 (i) (l)	210		217
	BNP Paribas SA
		6.13%, (callable at 100 beginning 06/17/22), EUR (j)	260		319
		7.38%, (callable at 100 beginning 08/19/25) (j) (m)	200		212
		4.71%, 01/10/25 (m)	200		208
		5.20%, 01/10/30 (m)	200		216
	Boparan Finance Plc
		5.50%, 07/15/21, GBP	358		312
	BPCE SA
		2.75%, 11/30/27, EUR (l)	500		594
	Bracken MidCo1 Plc
		8.88%, 10/15/23, GBP (m) (q)	600		744
	Citigroup Inc.
		5.95%, (callable at 100 beginning 05/15/25) (j)	2,030		2,071
		4.60%, 03/09/26	210		219
		4.45%, 09/29/27	200		206
		8.13%, 07/15/39	101		152
	Compass Bank
		3.88%, 04/10/25	280		278
	Cooperatieve Rabobank U.A.
		6.63%, (callable at 100 beginning 06/29/21), EUR (j)	400		488
	Cowen Inc.
		3.00%, 12/15/22 (c) (i)	1,058		1,106
	Credit Agricole SA
		6.50%, (callable at 100 beginning 06/23/21), EUR (j)	250		300
		8.13%, (callable at 100 beginning 12/23/25) (j) (m)	200		223
	Credit Suisse Group AG
		7.50%, (callable at 100 beginning 07/17/23) (j) (m)	210		216
	Danske Bank A/S
		5.88%, (callable at 100 beginning 04/06/22), EUR (j)	460		526
		5.00%, 01/12/22 (m)	200		205
	Ditech Holding Corp.
		0.00%, 12/31/24 (b) (g) (r)	94		6
	EA Partners II BV
		0.00%, 06/01/21 (b) (r)	739		377
	Element Financial Corp.
		5.13%, 06/30/19, CAD (i)	1,476		1,108
	Element Fleet Management Corp.
		4.25%, 06/30/24, CAD (i)	606		454
	Encore Capital Group Inc.
		3.25%, 03/15/22 (c) (i)	1,898		1,687
	EzCorp Inc.
		2.13%, 06/15/19 (c) (i) (n)	2,623		2,611
		2.38%, 05/01/25 (c) (i) (m)	1,275		1,102
	Fidelity & Guaranty Life Holdings Inc.
		5.50%, 05/01/25 (m)	865		868
	Freedom Mortgage Corp.
		8.25%, 04/15/25 (m)	456		406
	General Electric Capital Corp.
		6.15%, 08/07/37	230		252
		5.88%, 01/14/38	80		86
		6.88%, 01/10/39	150		177
	Glencore Funding LLC
		4.13%, 05/30/23 - 03/12/24 (m)	290		293
		3.88%, 10/27/27 (m)	120		115
	Goldman Sachs Capital II
		4.00%, (3M USD LIBOR + 0.77%), (callable at 100 beginning 05/13/19) (j) (l)	18		14
	Goldman Sachs Capital III
		4.00%, (3M USD LIBOR + 0.77%), (callable at 100 beginning 05/13/19) (j) (l)	13		10

251

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Goldman Sachs Group Inc.
		4.22%, 05/01/29	40		41
		6.75%, 10/01/37	190		233
		5.15%, 05/22/45	490		520
		4.75%, 10/21/45	10		11
	Haya Finance 2017 SA
		5.25%, 11/15/22, EUR	620		617
	Hope Bancorp Inc.
		2.00%, 05/15/38 (c) (i) (m)	1,084		956
	HSBC Holdings Plc
		6.50%, (callable at 100 beginning 03/23/28) (i) (j)	200		198
		4.58%, 06/19/29 (i)	600		631
	IIP Operating Partnership LP
		3.75%, 02/21/24 (c) (i) (m)	1,565		1,880
	ING Groep NV
		2.50%, 02/15/29, EUR (l)	300		348
	Intesa Sanpaolo SpA
		7.00%, (callable at 100 beginning 01/19/21), EUR (j)	500		582
		7.75%, (callable at 100 beginning 01/11/27), EUR (j)	600		725
	JPMorgan Chase & Co.
		4.20%, 07/23/29	60		63
	KBC Group NV
		1.88%, 03/11/27, EUR (l)	300		344
	KCA Deutag UK Finance Plc
		9.88%, 04/01/22 (m)	200		172
	Morgan Stanley
		4.43%, 01/23/30	120		127
	Petrobras Global Finance BV
		7.38%, 01/17/27	280		309
		6.00%, 01/27/28	50		51
		6.85%, 06/05/15	640		621
	Portfolio Recovery Associates Inc.
		3.00%, 08/01/20 (c) (i)	610		587
	PRA Group Inc.
		3.50%, 06/01/23 (c) (i)	1,559		1,402
	Quicken Loans Inc.
		5.75%, 05/01/25 (m)	600		601
	Redwood Trust Inc.
		4.75%, 08/15/23 (c) (i)	954		915
	Royal Bank of Scotland Group Plc
		5.13%, 05/28/24	380		390
		4.52%, 06/25/24 (i) (l)	400		409
	RWT Holdings Inc.
		5.63%, 11/15/19 (c) (i)	1,319		1,331
	Santander UK Group Holdings Plc
		5.63%, 09/15/45 (m)	200		205
	Societe Generale SA
		6.75%, (callable at 100 begininng 04/06/28) (j) (m)	992		918
		2.50%, 09/16/26, EUR (l)	500		580
	Springleaf Finance Corp.
		6.88%, 03/15/25	439		453
		7.13%, 03/15/26	403		410
	Teachers Insurance & Annuity Association of America
		4.90%, 09/15/44 (m)	150		168
	UBS Group AG
		5.75%, (callable at 100 beginning 02/19/22), EUR (j)	200		244
		7.00%, (callable at 100 beginning 02/19/25) (j)	200		210
		7.00%, (callable at 100 beginning 01/31/24) (j) (m)	200		203
	UniCredit SpA
		6.63%, (callable at 100 beginning 06/03/23), EUR (j)	1,280		1,392
		7.30%, 04/02/34 (i) (m)	860		866
	UniCredit SPA
		6.57%, 01/14/22 (m)	350		366
	USA Compression Partners LP
		6.88%, 09/01/27 (m)	560		571
	Virgin Media Receivables Financing Notes I DAC
		5.50%, 09/15/24, GBP	657		858
	Virgin Media Secured Finance Plc
		5.50%, 08/15/26 (m)	200		203
			Shares/Par¹		Value ($)
	Wachovia Capital Trust III
		5.57%, (3M USD LIBOR + 0.93%), (callable at 100 beginning 05/13/19) (j) (l)	2,035		2,002
	Wand Merger Corp.
		8.13%, 07/15/23 (m)	552		568
		9.13%, 07/15/26 (m)	368		377
	Wells Fargo & Co.
		5.88%, (callable at 100 beginning 06/15/25) (j)	101		108
		3.55%, 09/29/25	60		61
		4.30%, 07/22/27	150		156
		4.65%, 11/04/44	120		123
		4.40%, 06/14/46	180		180
		4.75%, 12/07/46	50		52
				51,284
Health Care 3.2%
	Actavis Funding SCS
		4.55%, 03/15/35	10		10
	Alder Biopharmaceuticals Inc.
		2.50%, 02/01/25 (c) (i)	1,414		1,354
	Allscripts Healthcare Solutions Inc.
		1.25%, 07/01/20 (c) (i)	2,279		2,225
	Aurora Cannabis Inc.
		5.50%, 02/28/24 (c) (i) (m)	1,664		2,283
	Bausch Health Cos. Inc.
		5.75%, 08/15/27 (m)	532		546
	Becton Dickinson & Co.
		3.70%, 06/06/27	270		269
	Canopy Growth Corp.
		4.25%, 07/15/23, CAD (c) (i) (m)	1,950		2,099
	Catholic Health Initiatives
		4.35%, 11/01/42	130		125
	Centene Corp.
		4.75%, 01/15/25	130		133
	Community Health Systems Inc.
		8.00%, 03/15/26 (m)	829		792
	Conmed Corp.
		2.63%, 02/01/24 (c) (i) (m)	1,060		1,170
	CVS Health Corp.
		4.30%, 03/25/28	30		30
		4.78%, 03/25/38	90		89
		5.05%, 03/25/48	540		545
	Evolent Health Inc.
		2.00%, 12/01/21 (c) (i)	805		783
		1.50%, 10/15/25 (c) (i) (m)	1,010		799
	Hackensack Meridian Health Inc.
		4.21%, 07/01/48	90		96
	HCA Inc.
		5.38%, 02/01/25	40		42
		5.25%, 06/15/26	60		64
		4.50%, 02/15/27	50		51
		5.63%, 09/01/28	10		11
		5.50%, 06/15/47	10		11
	Intercept Pharmaceuticals Inc.
		3.25%, 07/01/23 (c) (i)	1,161		1,136
	Ionis Pharmaceuticals Inc.
		1.00%, 11/15/21 (c) (i)	1,261		1,699
	Jazz Investments I Ltd.
		1.50%, 08/15/24 (c) (i)	930		911
	Karyopharm Therapeutics Inc.
		3.00%, 10/15/25 (c) (i) (m)	1,513		952
	Lifepoint Health Inc.
		9.75%, 12/01/26 (m)	434		450
	Ligand Pharmaceuticals Inc.
		0.75%, 05/15/23 (c) (i) (m)	1,537		1,314
	Medicines Co.
		3.50%, 01/15/24 (c) (i) (m)	727		937
	Neurocrine Biosciences Inc.
		2.25%, 05/15/24 (c) (i)	1,494		2,023
	Omeros Corp.
		6.25%, 11/15/23 (c) (i) (m)	314		343
	OPKO Health Inc.
		4.50%, 02/15/25 (c) (i)	1,234		1,157
	Pacira Pharmaceuticals Inc.
		2.38%, 04/01/22 (c) (i)	919		904

252

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	PDL BioPharma Inc.
		2.75%, 12/01/21 (c) (i)	1,170		1,338
	Retrophin Inc.
		2.50%, 09/15/25 (c) (i)	1,060		991
	Rossini SARL
		6.75%, 10/30/25, EUR (m)	740		874
	Tabula Rasa HealthCare Inc.
		1.75%, 02/15/26 (c) (i) (m)	1,091		1,157
	Teva Pharmaceutical Finance Netherlands III BV
		2.20%, 07/21/21	70		67
	Theravance Inc.
		2.13%, 01/15/23 (c) (i)	1,401		1,424
	Tilray Inc.
		5.00%, 10/01/23 (c) (i) (m)	1,836		1,537
	Valeant Pharmaceuticals International Inc.
		5.63%, 12/01/21 (m)	32		32
		5.88%, 05/15/23 (m)	231		234
		7.00%, 03/15/24 (m)	120		127
		6.13%, 04/15/25 (m)	2,113		2,093
		5.50%, 11/01/25 (m)	50		51
		9.00%, 12/15/25 (m)	640		696
		8.50%, 01/31/27 (m)	462		490
	Willis-Knighton Medical Center
		4.81%, 09/01/48	60		67
				36,531
Industrials 1.2%
	Air Transport Services Group Inc.
		1.13%, 10/15/24 (c) (i)	1,221		1,195
	Atlas Air Worldwide Holdings Inc.
		1.88%, 06/01/24 (c) (i)	1,313		1,395
	Bombardier Inc.
		7.50%, 03/15/25 (m)	323		333
	FTI Consulting Inc.
		2.00%, 08/15/23 (c) (i) (m)	1,163		1,186
	General Electric Co.
		5.00%, (callable at 100 beginning 01/21/21) (j)	206		192
	Greenbrier Cos. Inc.
		2.88%, 02/01/24 (c) (i)	1,157		1,109
	International Lease Finance Corp.
		6.25%, 05/15/19	80		80
	KBR Inc.
		2.50%, 11/01/23 (c) (i) (m)	1,010		1,016
	Manitowoc Co. Inc.
		9.00%, 04/01/26 (m)	395		400
	Moby SpA
		7.75%, 02/15/23, EUR	126		58
	Multi-Color Corp.
		4.88%, 11/01/25 (m)	393		406
	Navistar International Corp.
		4.75%, 04/15/19 (c) (i)	763		764
	Ope Kag Finance Sub Inc.
		7.88%, 07/31/23 (m)	889		862
	Park Aerospace Holdings Ltd.
		5.25%, 08/15/22 (m)	50		51
		4.50%, 03/15/23 (m)	20		20
		5.50%, 02/15/24 (m)	50		52
	Patrick Industries Inc.
		1.00%, 02/01/23 (c) (i)	1,215		1,097
	Team Inc.
		5.00%, 08/01/23 (c) (i)	1,263		1,366
	Tesla Energy Operations Inc.
		1.63%, 11/01/19 (i)	158		153
	TransDigm Inc.
		6.25%, 03/15/26 (m)	808		838
	United Rentals North America Inc.
		5.75%, 11/15/24	120		123
		5.88%, 09/15/26	70		72
		6.50%, 12/15/26	40		42
	XPO CNW Inc.
		6.70%, 05/01/34	170		147
				12,957
Information Technology 3.7%
	Banff Merger Sub Inc.
		8.38%, 09/01/26, EUR (m)	340		377
			Shares/Par¹		Value ($)
		9.75%, 09/01/26 (m)	595		582
	Benefitfocus Inc.
		1.25%, 12/15/23 (c) (i) (m)	1,565		1,797
	Blackboard Inc.
		9.75%, 10/15/21 (m)	658		595
	CalAmp Corp.
		2.00%, 08/01/25 (c) (i) (m)	1,448		1,130
	Carbonite Inc.
		2.50%, 04/01/22 (c) (i)	606		703
	CSG Systems International Inc.
		4.25%, 03/15/36 (c) (i)	1,471		1,536
	Electronics for Imaging Inc.
		2.25%, 11/15/23 (c) (i) (m)	1,277		1,306
	Electronics For Imaging Inc.
		0.75%, 09/01/19 (c) (i)	773		760
	First Data Corp.
		5.75%, 01/15/24 (m)	899		927
	Five9 Inc.
		0.13%, 05/01/23 (c) (i) (m)	1,270		1,782
	GDS Holdings Ltd.
		2.00%, 06/01/25 (c) (i) (m)	1,143		1,103
	II-VI Inc.
		0.25%, 09/01/22 (c) (i)	555		582
	Infinera Corp.
		2.13%, 09/01/24 (c) (i)	1,074		858
	Inphi Corp.
		0.75%, 09/01/21 (c) (i)	1,405		1,464
	j2 Global Inc.
		3.25%, 06/15/29 (c) (i)	555		743
	Knowles Corp.
		3.25%, 11/01/21 (c) (i)	1,393		1,636
	LivePerson Inc.
		0.75%, 03/01/24 (c) (i) (m)	704		721
	Microchip Technology Inc.
		1.63%, 02/15/27 (c) (i)	1,571		1,729
	Microsoft Corp.
		3.30%, 02/06/27	230		236
		3.70%, 08/08/46	90		92
	Momo Inc.
		1.25%, 07/01/25 (c) (i) (m)	817		787
	MongoDB Inc.
		0.75%, 06/15/24 (c) (i) (m)	1,522		3,352
	Nuance Communications Inc.
		1.00%, 12/15/35 (c) (i)	1,628		1,514
	Nutanix Inc.
		0.00%, 01/15/23 (c) (i) (k)	1,300		1,378
	Okta Inc.
		0.25%, 02/15/23 (c) (i)	1,253		2,254
	OSI Systems Inc.
		1.25%, 09/01/22 (c) (i)	1,339		1,356
	Palo Alto Networks Inc.
		0.75%, 07/01/23 (c) (i) (m)	1,121		1,245
	Pluralsight Inc.
		0.38%, 03/01/24 (c) (i) (m)	1,263		1,346
	PROS Holdings Inc.
		2.00%, 06/01/47 (c) (i)	1,360		1,444
	Pure Storage Inc.
		0.13%, 04/15/23 (i) (m)	528		569
	Rapid7 Inc.
		1.25%, 08/01/23 (c) (i) (m)	1,060		1,439
	Silicon Laboratories Inc.
		1.38%, 03/01/22 (c) (i)	935		1,010
	Synaptics Inc.
		0.50%, 06/15/22 (c) (i)	1,303		1,200
	ViaSat Inc.
		5.63%, 04/15/27	402		411
	Vishay Intertechnology Inc.
		2.25%, 06/15/25 (c) (i) (m)	1,586		1,478
				41,442
Materials 1.3%
	Anglo American Capital Plc
		3.63%, 09/11/24 (m)	200		198
	ArcelorMittal
		4.55%, 03/11/26	50		51

253

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Baffinland Iron Mines Corp.
		8.75%, 07/15/26 (m)	975		982
	BHP Billiton Finance USA Ltd.
		6.75%, 10/19/75 (l) (m)	200		221
	Cemex SAB de CV
		3.72%, 03/15/20 (c) (i)	3,804		3,778
	Cleveland-Cliffs Inc.
		1.50%, 01/15/25 (c) (i)	1,210		1,648
	First Majestic Silver Corp.
		1.88%, 03/01/23 (c) (i)	1,062		1,035
	First Quantum Minerals Ltd.
		7.50%, 04/01/25 (m)	200		191
	Freeport-McMoRan Inc.
		4.55%, 11/14/24	10		10
	Klabin Austria GmbH
		5.75%, 04/03/29 (m)	896		892
	KME AG
		6.75%, 02/01/23, EUR	390		408
	Momentive Performance Materials Inc.
		3.88%, 10/24/21	2,560		2,763
		4.69%, 04/24/22	476		527
	Neon Holdings Inc.
		10.13%, 04/01/26 (m)	342		348
	Royal Gold Inc.
		2.88%, 06/15/19 (c) (i)	520		520
	RTI International Metals Inc.
		1.63%, 10/15/19 (c) (i)	359		356
	SSR Mining Inc.
		2.50%, 04/01/39 (c) (i) (m)	727		729
	Yamana Gold Inc.
		4.63%, 12/15/27	100		98
				14,755
Real Estate 0.7%
	Forestar Group Inc.
		3.75%, 03/01/20 (c) (i)	560		555
	IH Merger Sub LLC
		3.50%, 01/15/22 (c) (i)	1,110		1,273
	Realogy Group LLC
		9.38%, 04/01/27 (m)	477		489
	Redfin Corp.
		1.75%, 07/15/23 (c) (i)	1,109		1,068
	Starwood Waypoint Residential Trust
		3.00%, 07/01/19 (c) (i)	2,923		3,847
	WeWork Cos. Inc.
		7.88%, 05/01/25 (m)	696		638
				7,870
Utilities 0.2%
	Enel Finance International SA
		6.00%, 10/07/39 (m)	150		166
	FirstEnergy Corp.
		3.90%, 07/15/27	320		325
		7.38%, 11/15/31	460		609
	NRG Energy Inc.
		2.75%, 06/01/48 (c) (i) (m)	1,277		1,444
				2,544
	Total Corporate Bonds And Notes (cost $235,519)			240,961
SENIOR LOAN INTERESTS 3.7%
Communication Services 0.5%
	CenturyLink Inc.
		Term Loan B, 5.24%, (3M LIBOR + 2.75%), 01/15/25 (l)	69		68
		Term Loan B, 5.25%, (3M LIBOR + 2.75%), 01/15/25 (l)	885		867
	CSC Holdings LLC
		Incremental Term Loan, 4.73%, (3M LIBOR + 2.25%), 01/31/26 (l)	885		858
		Term Loan B, 5.59%, (3M LIBOR + 3.00%), 05/07/27 (l)	75		75
	Greeneden US Holdings II LLC
		Term Loan B, 0.00%, (3M LIBOR + 3.25%), 12/01/23 (l) (s)	60		59
		Term Loan B, 5.75%, (3M LIBOR + 3.25%), 12/01/23 (l)	134		133
			Shares/Par¹		Value ($)
	GTT Communications Inc.
		Term Loan B, 5.25%, (3M LIBOR + 2.75%), 04/27/25 (l)	298		280
	Intelsat Jackson Holdings SA
		Term Loan B-3, 0.00%, (3M LIBOR + 3.75%), 11/27/23 (l) (s)	20		20
		Term Loan B-3, 6.24%, (3M LIBOR + 3.75%), 11/27/23 (l)	164		161
	Securus Technologies Holdings Inc.
		1st Lien Term Loan, 7.00%, (3M LIBOR + 4.50%), 06/20/24 (l)	183		182
	Telesat Canada
		Term Loan B-4, 5.31%, (3M LIBOR + 2.50%), 11/17/23 (l)	872		858
	Tribune Media Co.
		Term Loan C, 0.00%, (3M LIBOR + 3.00%), 01/20/24 (l) (s)	1,449		1,446
	Zayo Group LLC
		Term Loan B-1, 4.49%, (3M LIBOR + 2.00%), 01/19/21 (l)	1,107		1,100
				6,107
Consumer Discretionary 0.6%
	1011778 B.C. Unltd. Liability Co.
		Term Loan B-3, 4.75%, (3M LIBOR + 2.25%), 02/15/24 (l)	869		855
	Aramark Services Inc.
		Term Loan, 4.24%, (3M LIBOR + 1.75%), 03/01/25 (l)	28		28
	BJ's Wholesale Club Inc.
		1st Lien Term Loan, 0.00%, (3M LIBOR + 3.00%), 02/03/24 (l) (s)	145		144
	Caesars Resort Collection LLC
		1st Lien Term Loan B, 5.25%, (3M LIBOR + 2.75%), 12/23/24 (l)	965		951
	Charter Communications Operating LLC
		Term Loan B, 4.50%, (3M LIBOR + 2.00%), 04/30/25 (l)	986		978
	Debenhams Plc
		Term Loan, 12.85%, (3M LIBOR + 12.00%), 06/20/22, GBP (l)	307		400
	Equinox Holdings Inc.
		1st Lien Term Loan, 5.50%, (1M LIBOR + 3.00%), 03/08/24 (l)	180		178
	Getty Images Inc.
		Term Loan B, 5.00%, (3M EURIBOR + 5.00%), 02/13/26, EUR (l)	770		851
	Golden Nugget Inc.
		Incremental Term Loan B, 5.23%, (3M LIBOR + 2.75%), 09/07/23 (l)	14		14
		Incremental Term Loan B, 5.24%, (3M LIBOR + 2.75%), 10/04/23 (l)	17		17
	Hayward Industries Inc.
		1st Lien Term Loan, 6.00%, (3M LIBOR + 3.50%), 08/04/24 (l)	283		277
	Hilton Worldwide Finance LLC
		Term Loan B-2, 4.24%, (3M LIBOR + 1.75%), 10/25/23 (l)	71		71
	Intrawest Resorts Holdings Inc.
		Term Loan B-1, 0.00%, (3M LIBOR + 3.00%), 06/28/24 (l) (s)	195		194
	IRB Holding Corp.
		1st Lien Term Loan, 5.74%, (3M LIBOR + 3.25%), 01/18/25 (l)	180		175
	LTF Merger Sub Inc.
		Term Loan B, 5.38%, (3M LIBOR + 2.75%), 06/22/22 (l)	1,059		1,046
	Michaels Stores Inc.
		Term Loan B, 4.99%, (3M LIBOR + 2.50%), 01/01/23 (l)	34		33
	Numericable Group SA
		Term Loan B-12, 6.17%, (3M LIBOR + 3.69%), 01/31/26 (l)	89		84
	Scientific Games International Inc.
		Term Loan B-5, 5.31%, (3M LIBOR + 2.75%), 08/14/24 (l)	35		34
		Term Loan B-5, 5.33%, (3M LIBOR + 2.75%), 08/14/24 (l)	147		143

254

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Tenneco Inc.
		Term Loan B, 5.24%, (3M LIBOR + 2.75%), 10/01/25 (l)	212		202
	Univision Communications Inc.
		Term Loan C-5, 5.25%, (3M LIBOR + 2.75%), 03/15/24 (l)	173		163
	WMG Acquisition Corp.
		Term Loan F, 4.62%, (3M LIBOR + 2.13%), 11/01/23 (l)	251		245
				7,083
Consumer Staples 0.2%
	BJ's Wholesale Club Inc.
		1st Lien Term Loan, 5.50%, (3M LIBOR + 3.00%), 01/26/24 (l)	50		50
	Energizer Holdings Inc.
		Term Loan B, 4.73%, (3M LIBOR + 2.25%), 06/19/25 (l)	884		873
	Post Holdings Inc.
		Incremental Term Loan, 4.49%, (3M LIBOR + 2.00%), 05/24/24 (l)	908		900
				1,823
Energy 0.3%
	California Resources Corp.
		1st Lien Term Loan, 7.25%, (3M LIBOR + 4.75%), 11/08/22 (l)	858		842
	Fieldwood Energy LLC
		2nd Lien Term Loan, 9.74%, (1M LIBOR + 7.25%), 04/11/23 (g) (l)	2,270		1,915
	Johnson Controls International Plc
		Term Loan B, 0.00%, (3M LIBOR + 3.50%), 03/13/26 (l) (s)	150		148
				2,905
Financials 0.6%
	Acrisure LLC
		Term Loan B, 6.88%, (3M LIBOR + 4.25%), 11/22/23 (l)	179		178
	AlixPartners LLP
		Term Loan B, 5.25%, (3M LIBOR + 2.75%), 03/28/24 (l)	208		207
	Altice France SA
		Term Loan B-13, 6.48%, (3M LIBOR + 4.00%), 07/13/26 (l)	1,137		1,087
	AssuredPartners Inc.
		1st Lien Term Loan, 0.00%, (3M LIBOR + 3.25%), 10/22/24 (l) (s)	195		188
	Asurion LLC
		Term Loan B-7, 5.50%, (3M LIBOR + 3.00%), 11/15/24 (l)	181		180
	Capri Finance LLC
		1st Lien Term Loan, 5.99%, (3M LIBOR + 3.25%), 10/04/24 (g) (l)	181		178
	CCP Lux Holding
		2nd Lien Term Loan, 8.75%, (3M EURIBOR + 7.75%), 07/10/25, EUR (l)	1,500		1,678
	Edelman Financial Group
		1st Lien Term Loan, 6.04%, (3M LIBOR + 3.25%), 06/26/25 (l)	25		25
	GTCR Valor Cos. Inc.
		Term Loan B-1, 0.00%, (3M LIBOR + 2.75%), 06/30/23 (l) (s)	195		193
	ION Trading Technologies SARL
		Incremental Term Loan B, 6.65%, (1M LIBOR + 4.00%), 11/21/24 (l)	180		175
	Level 3 Financing Inc.
		Term Loan B, 4.74%, (3M LIBOR + 2.25%), 02/16/24 (l)	1,046		1,033
	Solera LLC
		Term Loan B, 0.00%, (3M LIBOR + 2.75%), 03/03/23 (l) (s)	15		15
		Term Loan B, 5.25%, (3M LIBOR + 2.75%), 03/03/23 (l)	180		179
	TKC Holdings Inc.
		1st Lien Term Loan, 6.25%, (3M LIBOR + 3.75%), 02/08/23 (l)	183		179
			Shares/Par¹		Value ($)
	Zephyrus Capital Aviation Partners LLC
		Term Loan, 4.61%, 10/15/38 (e) (m)	1,425		1,427
				6,922
Health Care 0.5%
	Change Healthcare Holdings Inc.
		Term Loan B, 5.25%, (3M LIBOR + 2.75%), 02/02/24 - 02/03/24 (l)	180		178
	CHG Healthcare Services Inc.
		1st Lien Term Loan B, 5.66%, (3M LIBOR + 3.00%), 06/07/23 (l)	95		95
		1st Lien Term Loan B, 5.74%, (3M LIBOR + 3.00%), 06/07/23 (l)	170		169
	Concentra Inc.
		1st Lien Term Loan, 5.24%, (3M LIBOR + 2.75%), 06/01/22 (l)	146		144
	Envision Healthcare Corp.
		1st Lien Term Loan, 6.25%, (3M LIBOR + 3.75%), 09/27/25 (l)	189		176
	Equian LLC
		Term Loan B, 5.75%, (3M LIBOR + 3.25%), 05/20/24 (l)	180		176
	Generale De Sante
		Term Loan B-3A, 3.00%, (3M EURIBOR + 3.00%), 10/22/24, EUR (l)	499		560
		Term Loan B-3B, 3.00%, (3M EURIBOR + 3.00%), 10/22/24, EUR (l)	911		1,021
	Gentiva Health Services Inc.
		1st Lien Term Loan, 6.25%, (3M LIBOR + 3.75%), 06/20/25 (l)	195		195
	Jaguar Holding Co. II
		Term Loan, 5.00%, (3M LIBOR + 2.50%), 08/18/22 (l)	311		308
	Radiology Partners Holdings LLC
		1st Lien Term Loan B, 6.87%, (3M LIBOR + 4.75%), 06/28/25 (l)	35		35
		1st Lien Term Loan B, 7.05%, (3M LIBOR + 4.75%), 06/28/25 (g) (l)	35		35
	RegionalCare Hospital Partners Holdings Inc.
		Term Loan B, 6.98%, (3M LIBOR + 4.50%), 11/09/25 (l)	974		962
	SAM Bidco SAS
		Term Loan B, 6.30%, (1M LIBOR + 3.50%), 09/22/24 (l)	430		423
		Term Loan, 8.50%, (3M EURIBOR + 7.75%), 09/22/25, EUR (h) (l)	480		538
	Select Medical Corp.
		Term Loan B, 4.99%, (3M LIBOR + 2.50%), 03/06/25 (l)	82		82
	Unilabs Holding AB
		Term Loan B-2, 2.75%, (3M EURIBOR + 2.75%), 03/21/24, EUR (l)	510		557
	Verscend Holding Corp.
		Term Loan B, 7.00%, (3M LIBOR + 4.50%), 08/08/25 (l)	45		44
	VVC Holding Corp.
		Term Loan B, 7.20%, (3M LIBOR + 4.50%), 01/25/26 (l)	60		59
				5,757
Industrials 0.3%
	Avolon LLC
		Term Loan B-3, 0.00%, (3M LIBOR + 2.00%), 01/15/25 (l) (s)	920		912
		Term Loan B-3, 4.49%, (3M LIBOR + 2.00%), 01/15/25 (l)	92		91
	DAE Aviation Holdings Inc.
		1st Lien Term Loan, 6.24%, (3M LIBOR + 3.75%), 06/25/22 (l)	298		298
	Filtration Group Corp.
		1st Lien Term Loan, 5.50%, (3M LIBOR + 3.00%), 03/27/25 (l)	298		296
	Gates Global LLC
		Term Loan B, 5.25%, (3M LIBOR + 2.75%), 04/01/24 (l)	298		294
	Milacron LLC
		Term Loan B, 5.00%, (3M LIBOR + 2.50%), 09/23/23 (l)	180		176

255

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	PODS LLC
		1st Lien Term Loan, 5.24%, (3M LIBOR + 2.75%), 11/21/24 (l)	180		176
	Prime Security Services Borrower LLC
		1st Lien Term Loan, 5.25%, (3M LIBOR + 2.75%), 05/02/22 (l)	167		166
	Tempo Acquisition LLC
		Term Loan, 0.00%, (3M LIBOR + 3.00%), 04/20/24 (l) (s)	200		198
	TransDigm Inc.
		Term Loan F, 5.00%, (1M LIBOR + 2.50%), 06/09/23 (l)	223		218
	XPO Logistics Inc.
		Term Loan B, 4.50%, (3M LIBOR + 2.00%), 02/23/25 (l)	79		77
				2,902
Information Technology 0.4%
	Almonde Inc.
		1st Lien Term Loan, 6.10%, (3M LIBOR + 3.50%), 04/26/24 (l)	215		206
	Blackhawk Network Holdings Inc.
		1st Lien Term Loan, 5.50%, (3M LIBOR + 3.00%), 05/31/25 (l)	60		59
	BMC Software Finance Inc.
		Term Loan B, 6.85%, (3M LIBOR + 4.25%), 06/30/25 (l)	164		160
	Colorado Buyer Inc.
		Term Loan B, 5.60%, (1M LIBOR + 3.00%), 03/15/24 (l)	163		157
	CommScope Inc.
		Term Loan B, 0.00%, (3M LIBOR + 3.25%), 02/07/26 (l) (s)	75		75
	Dell International LLC
		Term Loan B, 4.50%, (3M LIBOR + 2.00%), 09/07/23 (l)	961		949
	First Data Corp.
		Term Loan, 4.49%, (1M LIBOR + 2.00%), 07/08/22 - 04/26/24 (l)	1,647		1,642
	Hyland Software Inc.
		Term Loan 3, 6.00%, (3M LIBOR + 3.50%), 07/01/24 (l)	180		179
	Informatica LLC
		Term Loan, 5.75%, (3M LIBOR + 3.25%), 08/06/22 (l)	178		177
	Plantronics Inc.
		Term Loan B, 5.00%, (3M LIBOR + 2.50%), 06/01/25 (l)	166		162
	Refinitiv US Holdings Inc.
		Term Loan, 0.00%, (3M LIBOR + 3.75%), 09/12/25 (l) (s)	100		97
		Term Loan, 6.25%, (3M LIBOR + 3.75%), 09/12/25 (l)	100		97
	Sophia LP
		Term Loan B, 0.00%, (1M LIBOR + 3.25%), 09/30/22 (l) (s)	215		213
	Vertafore Inc.
		1st Lien Term Loan, 0.00%, (3M LIBOR + 3.25%), 06/04/25 (l) (s)	15		15
		1st Lien Term Loan, 5.75%, (3M LIBOR + 3.25%), 06/04/25 (l)	182		178
	Web.com Group Inc.
		Term Loan B, 6.24%, (3M LIBOR + 3.75%), 09/17/25 (l)	259		255
				4,621
Materials 0.2%
	American Builders & Contractors Supply Co. Inc.
		Term Loan B, 4.49%, (3M LIBOR + 2.00%), 10/31/23 (l)	158		153
	Berry Global Inc.
		Term Loan Q, 4.61%, (3M LIBOR + 2.00%), 10/01/22 (l)	87		86
		Term Loan, 4.49%, (3M LIBOR + 2.00%), 01/19/24 (l)	44		44
	Nordic Packaging and Container Holdings Oy
		Term Loan, 5.00%, (3M EURIBOR + 5.00%), 11/16/23, EUR (l)	1,933		2,136
			Shares/Par¹		Value ($)
	Quikrete Holdings Inc.
		1st Lien Term Loan, 5.24%, (3M LIBOR + 2.75%), 11/03/23 (l)	11		10
	Reynolds Group Holdings Inc.
		Term Loan, 0.00%, (3M LIBOR + 2.75%), 02/05/23 (l) (s)	—		—
		Term Loan, 5.25%, (3M LIBOR + 2.75%), 02/05/23 (l)	77		77
	Starfruit Finco BV
		Term Loan B, 5.74%, (3M LIBOR + 3.25%), 09/20/25 (l)	115		113
	Vertellus Holdings LLC
		2nd Lien Term Loan, 14.41%, (3M LIBOR + 12.00%), 10/31/21 (g) (h) (l)	235		233
				2,852
Real Estate 0.1%
	MGM Growth Properies Operating Partnership LP
		Term Loan B, 4.49%, (3M LIBOR + 2.00%), 04/20/23 (l)	970		957
	Total Senior Loan Interests (cost $42,682)			41,929
GOVERNMENT AND AGENCY OBLIGATIONS 8.8%
Collateralized Mortgage Obligations 2.4%
	Federal Home Loan Mortgage Corp.
		Series 2017-B1-DNA2, REMIC, 7.64%, (1M USD LIBOR + 5.15%), 10/25/29 (l)	680		771
		Series SW-4170, REMIC, 1.57%, (4.05% - (1M USD LIBOR * 1)), 01/15/33 (l)	2,418		2,231
		Series MS-4096, REMIC, 1.15%, (2.57% - (1M USD LIBOR * 0.57)), 08/15/42 (l)	1,229		981
		Series SJ-4141, REMIC, 1.07%, (4.80% - (1M USD LIBOR * 1.5)), 12/15/42 (l)	1,298		1,009
		Series ST-4666, REMIC, 2.64%, (7.00% - (1M USD LIBOR * 1.75)), 12/15/42 (l)	1,680		1,486
	Federal National Mortgage Association
		Series 2015-HZ-23, 3.00%, 04/25/45	282		271
		Series 2017-1M2-C07, REMIC, 4.89%, (1M USD LIBOR + 2.40%), 05/28/30 (l) (m)	380		386
		Series 2012-GS-125, REMIC, 1.21%, (2.63% - (1M USD LIBOR * 0.57)), 11/25/42 (l)	3,677		2,876
		Series 2012-US-137, REMIC, 2.41%, (5.40% - (1M USD LIBOR * 1.2)), 12/25/42 (l)	4,332		3,658
		Series 2013-CS-15, REMIC, 2.47%, (5.46% - (1M USD LIBOR * 1.2)), 03/25/43 (l)	447		377
		Series 2013-NS-26, REMIC, 2.41%, (5.40% - (1M USD LIBOR * 1.2)), 04/25/43 (l)	1,428		1,176
		Series 2013-CS-59, REMIC, 1.51%, (4.00% - (1M USD LIBOR * 1)), 06/25/43 (l)	3,153		2,315
		Interest Only, Series 2018-SA-54, REMIC, 3.76%, (6.25% - (1M USD LIBOR * 1)), 08/25/48 (l)	7,116		1,095
	Government National Mortgage Association
		Interest Only, Series 2018-SA-111, 2.06%, (4.55% - (1M USD LIBOR * 1)), 08/20/48 (l)	13,342		966
		Interest Only, Series 2013-SA-195, REMIC, 1.05%, 01/20/42 (l)	13,795		550
		Series 2016-UZ-163, REMIC, 3.00%, 11/20/46	2,933		2,685
		Interest Only, Series 2018-SD-91, REMIC, 3.71%, (6.20% - (1M USD LIBOR * 1)), 07/20/48 (l)	7,559		963
		Interest Only, Series 2018-SH-105, REMIC, 3.76%, (6.25% - (1M USD LIBOR * 1)), 08/20/48 (l)	6,788		868
		Interest Only, Series 2018-SK-124, REMIC, 3.71%, (6.20% - (1M USD LIBOR * 1)), 09/20/48 (l)	7,400		1,002
		Interest Only, Series 2018-SW-164, REMIC, 3.61%, (1M USD LIBOR + 6.10%), 12/20/48 (l)	9,909		1,325
				26,991
Mortgage-Backed Securities 0.4%
	Federal Home Loan Mortgage Corp.
		REMIC, 1.21%, (2.63% - (1M USD LIBOR * 0.57)), 10/15/42 (l)	939		761
	Federal National Mortgage Association
		3.26%, 01/01/28	1,500		1,540
		3.40%, 03/01/30	1,500		1,546
		3.24%, 01/01/33	1,236		1,249
				5,096

256

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
Municipal 0.3%
	City of Detroit
		4.00%, 04/01/44	60		53
	Commonwealth of Puerto Rico
		0.00%, 07/01/35 (b) (r)	985		511
	Puerto Rico Commonwealth Aqueduct & Sewer Authority
		5.00%, 07/01/21 - 07/01/33	326		321
		5.25%, 07/01/29 - 07/01/42	882		868
		5.13%, 07/01/37	138		135
		5.75%, 07/01/37	152		152
		6.00%, 07/01/47	125		125
	Puerto Rico Public Buildings Authority
		0.00%, 07/01/42 (b) (r)	490		285
	Puerto Rico Sales Tax Financing Corp.
		0.00%, 07/01/24 - 07/01/51 (k)	662		180
		4.50%, 07/01/34	23		23
		4.55%, 07/01/40	131		117
		4.75%, 07/01/53	90		85
		5.00%, 07/01/58	265		256
	State of Illinois
		5.10%, 06/01/33	250		246
				3,357
Sovereign 2.9%
	Abu Dhabi Government International Bond
		2.50%, 10/11/22 (m)	790		782
		4.13%, 10/11/47 (m)	360		364
	Argentina Bonos del Tesoro
		18.20%, 10/03/21, ARS	5,070		90
		16.00%, 10/17/23, ARS	8,260		154
		15.50%, 10/17/26, ARS	3,190		59
	Argentina POM Politica Monetaria
		54.47%, (Argentina Central Bank 7 Day Repurchase Rate), 06/21/20, ARS (l)	12,810		337
	Argentina Republic Government International Bond
		5.63%, 01/26/22	360		310
		7.50%, 04/22/26	220		186
		6.88%, 01/26/27	70		56
		5.88%, 01/11/28	440		337
		8.28%, 12/31/33	308		252
		7.63%, 04/22/46	150		117
		7.13%, 06/28/17	470		345
	Australia Government Bond
		3.00%, 03/21/47, AUD	610		485
	Brazil Government International Bond
		4.25%, 01/07/25	210		213
		5.00%, 01/27/45	1,850		1,707
	Brazil Notas do Tesouro Nacional
		10.00%, 01/01/21 - 01/01/27, BRL	9,758		2,654
	China Government Bond
		3.31%, 11/30/25, CNY	2,000		300
	Colombia Government International Bond
		5.63%, 02/26/44	620		697
		5.20%, 05/15/49	340		365
	Ecuador Government International Bond
		7.95%, 06/20/24	220		216
		8.88%, 10/23/27 (m)	360		359
	Egypt Government Bond
		15.16%, 10/10/22, EGP	7,570		415
	Egypt Government International Bond
		5.58%, 02/21/23 (m)	280		278
	Ghana Government Bond
		8.13%, 03/26/32 (m)	410		409
	Indonesia Government Bond
		7.00%, 05/15/27, IDR	22,991,000		1,548
	Indonesia Government International Bond
		7.00%, 05/15/22, IDR	1,388,000		97
		4.35%, 01/11/48	330		325
	Indonesia Treasury Bond
		8.38%, 09/15/26 - 03/15/34, IDR	8,231,000		592
	International Bank for Reconstruction & Development
		8.40%, 10/12/21, IDR	2,900,000		207
	Kuwait International Government Bond
		3.50%, 03/20/27 (m)	200		204
			Shares/Par¹		Value ($)
	Mexico Bonos
		7.75%, 11/23/34 - 11/13/42, MXN	115,080		5,507
		8.00%, 11/07/47, MXN	26,470		1,294
	People's Republic of China
		3.38%, 11/21/24, CNH	500		76
		3.48%, 06/29/27, CNH	4,000		601
		4.29%, 05/22/29, CNH	1,000		158
	Provincia de Buenos Aires
		7.88%, 06/15/27 (m)	310		227
	Republic of South Africa
		10.50%, 12/21/26, ZAR	11,090		849
		6.25%, 03/31/36, ZAR	38,396		1,933
	Russia Federal Bond
		7.40%, 12/07/22, RUB	4,140		62
		7.00%, 08/16/23, RUB	46,470		684
	Russia Government Bond
		7.00%, 01/25/23, RUB	35,830		530
		8.15%, 02/03/27, RUB	152,933		2,341
		7.05%, 01/19/28, RUB	74,400		1,058
	South Africa Government Bond
		7.00%, 02/28/31, ZAR	15,470		898
		6.50%, 02/28/41, ZAR	1,860		91
	South Africa Government International Bond
		4.30%, 10/12/28	670		625
	Turkey Government Bond
		10.50%, 08/11/27, TRY	2,180		253
	Turkey Government International Bond
		6.13%, 10/24/28	930		840
				32,487
Treasury Inflation Indexed Securities 0.3%
	Argentina Inflation Indexed Bond
		4.00%, 03/06/20, ARS (t)	17,600		600
	Brazil Inflation Indexed Notas do Tesouro Nacional
		6.00%, 08/15/50, BRL (t)	551		560
	Japan Government CPI Linked Inflation Indexed Bond
		0.10%, 03/10/24 - 03/10/25, JPY (u)	81,820		762
	U.S. Treasury Inflation Indexed Note
		0.75%, 02/15/45 (u)	556		535
		1.00%, 02/15/49 (u)	970		997
				3,454
U.S. Treasury Securities 2.5%
	U.S. Treasury Bond
		4.38%, 05/15/40	2,140		2,728
		4.25%, 11/15/40	670		841
		3.13%, 05/15/48	3,850		4,092
		3.38%, 11/15/48	1,860		2,074
		3.00%, 08/15/48 - 02/15/49	4,930		5,116
	U.S. Treasury Note
		1.50%, 05/31/19	5,000		4,991
		2.50%, 01/31/24	860		870
		2.13%, 03/31/24 (v)	2,400		2,388
		2.25%, 03/31/26 (v)	2,320		2,311
		2.63%, 02/15/29	2,515		2,564
				27,975
	Total Government And Agency Obligations (cost $98,444)			99,360
OTHER EQUITY INTERESTS 0.0%
	Berry Petroleum Co. Escrow (b) (h) (w)		40		—
	MPM Escrow LLC (b) (g) (h) (w)		2,634		—
	Terravia Holdings Inc. (b) (h) (w)		1,514		30
	T-Mobile USA Inc. Escrow (b) (h) (w)		2,586		—
	Total Other Equity Interests (cost $0)			30
INVESTMENT COMPANIES 1.9%
	Altaba Inc. (b) (c)		294		21,813
	Total Investment Companies (cost $17,011)			21,813
SHORT TERM INVESTMENTS 23.0%
Investment Companies 22.9%
	JNL Government Money Market Fund - Institutional Class, 2.33% (x) (y)		258,868		258,868

257

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
Securities Lending Collateral 0.1%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.43% (x) (y)	670		670
	Total Short Term Investments (cost $259,538)		259,538
Total Investments 109.4% (cost $1,203,326)				1,238,055
Total Securities Sold Short (17.0)% (proceeds $181,651)				(192,840)
Total Purchased Options 0.0% (cost $880)				493
Other Derivative Instruments (0.1)%				(1,332)
Other Assets and Liabilities, Net 7.7%				87,319
Total Net Assets 100.0%				1,131,695

(a) The Fund had an unfunded commitment at March 31, 2019. See the table of Unfunded Commitments in the Schedules of Investments.

(b) Non-income producing security.

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

(e) Security fair valued in good faith as a Level 2 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.

(f) Shares subject to merger appraisal rights.

(g) The Sub-Adviser has deemed this security to be illiquid based on procedures approved by the JNL Series Trust's Board of Trustees.

(h) 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.

(i) Convertible security.

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

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

(l) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of March 31, 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 reflects the rate earned on the asset pool after management and guarantee fees are paid to the securitizing corporation. CMO and MBS variable rates are determined by a formula set forth in the security’s offering documents.

(m) The Sub-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 JNL Series Trust's Board of Trustees. As of March 31, 2019, the value and the percentage of net assets of these liquid securities was $164,290 and 14.5%, respectively.

(n) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of March 31, 2019.

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

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

(q) 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.

(r) 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.

(s) This senior loan will settle after March 31, 2019. The reference rate and spread presented will go into effect upon settlement.

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

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

(v) All or a portion of the security was purchased on a delayed delivery basis. As of March 31, 2019, the total payable for investments purchased on a delayed delivery basis was $4,710.

(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 March 31, 2019.


		Shares/Par¹		Value ($)
SECURITIES SOLD SHORT (17.0%)
COMMON STOCKS (15.2%)
Communication Services (0.8%)
	Boingo Wireless Inc.	(13)		(296)
	Discovery Inc. - Class A	(11)		(300)
	Fox Corp. - Class A	(43)		(1,579)
	Intelsat SA	(14)		(217)
	iQiyi Inc. - ADS	(62)		(1,484)
	Live Nation Inc.	(15)		(982)
	Momo Inc. - ADR	(6)		(245)
	Sea Ltd. - ADR	(54)		(1,271)
	Tencent Holdings Ltd.	(6)		(287)
	Twilio Inc. - Class A	(15)		(1,876)
	Weibo Corp. - ADR	(4)		(220)
	Zillow Group Inc. - Class C	(10)		(352)
			(9,109)
Consumer Discretionary (5.0%)
	Alibaba Group Holding Ltd. - ADS	(91)		(16,689)
	AutoZone Inc.	(2)		(1,601)
	Best Buy Co. Inc.	(94)		(6,678)
	Burlington Stores Inc.	(52)		(8,169)
	Chegg Inc.	(36)		(1,377)
	Ctrip.com International Ltd. - ADR	(12)		(532)
	GameStop Corp. - Class A	(300)		(3,050)
	Home Depot Inc.	(21)		(4,026)
	Huazhu Group Ltd. - ADS	(25)		(1,041)
	Marriott Vacations Worldwide Corp.	(2)		(226)
	Oriental Land Co. Ltd.	(22)		(2,546)
	RH	(29)		(3,029)
	Six Flags Entertainment Corp.	(81)		(4,011)
	Vail Resorts Inc.	(10)		(2,088)
		Shares/Par¹		Value ($)
	Wayfair Inc. - Class A	(10)		(1,555)
			(56,618)
Energy (0.2%)
	Fugro NV - CVA	(37)		(373)
	Golar LNG Ltd.	(12)		(252)
	Green Plains Renewable Energy Inc.	(61)		(1,018)
	SEACOR Holdings Inc.	—		(13)
	Ship Finance International Ltd.	(27)		(331)
	Teekay Corp.	(30)		(116)
			(2,103)
Financials (0.5%)
	BB&T Corp.	(45)		(2,083)
	Brookfield Asset Management Inc. - Class A	(40)		(1,850)
	Cowen Inc. - Class A	(41)		(594)
	Element Financial Corp.	(7)		(42)
	Encore Capital Group Inc.	(16)		(436)
	EzCorp Inc. - Class A	(58)		(537)
	Hope Bancorp Inc.	(3)		(39)
	PRA Group Inc.	(20)		(542)
			(6,123)
Health Care (1.4%)
	Alder Biopharmaceuticals Inc.	(51)		(693)
	Allscripts Healthcare Solutions Inc.	(23)		(221)
	Aurora Cannabis Inc.	(164)		(1,485)
	Bristol-Myers Squibb Co.	(43)		(2,064)
	Canopy Growth Corp.	(28)		(1,203)
	Centene Corp.	(15)		(780)
	Conmed Corp.	(7)		(594)
	Evolent Health Inc. - Class A	(23)		(288)
	Herbalife Nutrition Ltd.	(12)		(618)
	Innoviva Inc.	(41)		(581)
	Intercept Pharmaceuticals Inc.	(3)		(354)

258

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
	Ionis Pharmaceuticals Inc.	(14)		(1,153)
	Jazz Pharmaceuticals Plc	—		(67)
	Karyopharm Therapeutics Inc.	(59)		(343)
	Ligand Pharmaceuticals Inc.	(2)		(237)
	Medicines Co.	(25)		(699)
	Neurocrine Biosciences Inc.	(15)		(1,295)
	Omeros Corp.	(9)		(164)
	Opko Health Inc.	(217)		(568)
	Pacira Pharmaceuticals Inc.	(7)		(263)
	PDL BioPharma Inc.	(227)		(845)
	Retrophin Inc.	(18)		(404)
	Tabula Rasa HealthCare Inc.	(12)		(671)
	Tilray Inc.	(5)		(313)
			(15,903)
Industrials (1.2%)
	Air Transport Services Group Inc.	(21)		(476)
	American Airlines Group Inc.	(75)		(2,395)
	Atlas Air Worldwide Holdings Inc.	(15)		(766)
	Delta Air Lines Inc.	(70)		(3,596)
	FTI Consulting Inc.	(3)		(242)
	Greenbrier Cos. Inc.	(7)		(239)
	Harris Corp.	(26)		(4,098)
	KBR Inc.	(24)		(458)
	Patrick Industries Inc.	(6)		(255)
	Team Inc.	(41)		(715)
	WW Grainger Inc.	—		(147)
			(13,387)
Information Technology (4.6%)
	Apple Inc.	(21)		(3,934)
	Benefitfocus Inc.	(21)		(1,027)
	CalAmp Corp.	(21)		(266)
	Carbonite Inc.	(17)		(431)
	CSG Systems International Inc.	(8)		(323)
	Electronics for Imaging Inc.	(24)		(634)
	Fidelity National Information Services Inc.	(25)		(2,775)
	Fiserv Inc.	(119)		(10,518)
	Five9 Inc.	(27)		(1,401)
	GDS Holdings Ltd. - ADR	(16)		(585)
	II-VI Inc.	(8)		(280)
	Infinera Corp.	(70)		(302)
	Inphi Corp.	(13)		(557)
	j2 Global Inc.	(7)		(573)
	Knowles Corp.	(53)		(943)
	LivePerson Inc.	(12)		(342)
	Microchip Technology Inc.	(16)		(1,328)
	Micron Technology Inc.	(108)		(4,450)
	MongoDB Inc. - Class A	(21)		(3,016)
	NetApp Inc.	(78)		(5,408)


			Shares/Par¹		Value ($)
		Nuance Communications Inc.	(12)		(205)
		Nutanix Inc. - Class A	(15)		(581)
		Okta Inc. - Class A	(23)		(1,911)
		OSI Systems Inc.	(7)		(655)
		Palo Alto Networks Inc.	(1)		(256)
		Perficient Inc.	(18)		(498)
		Pluralsight Inc. - Class A	(22)		(689)
		PROS Holdings Inc.	(18)		(778)
		Pure Storage Inc. - Class A	(6)		(124)
		Rapid7 Inc.	(21)		(1,040)
		Seagate Technology	(95)		(4,548)
		Silicon Laboratories Inc.	(5)		(420)
		Synaptics Inc.	(7)		(290)
		Vishay Intertechnology Inc.	(23)		(419)
				(51,507)
Materials (0.9%)
		Cleveland-Cliffs Inc.	(133)		(1,324)
		First Majestic Silver Corp.	(74)		(485)
		Newmont Mining Corp.	(186)		(6,661)
		SSR Mining Inc.	(20)		(255)
		SunCoke Energy Inc.	(158)		(1,339)
				(10,064)
Real Estate (0.6%)
		Brookfield Property Partners LP	(25)		(511)
		Innovative Industrial Properties Inc.	(17)		(1,406)
		Invitation Homes Inc.	(183)		(4,453)
		Pennsylvania REIT	(4)		(26)
		Redfin Corp.	(13)		(257)
		Redwood Trust Inc.	(27)		(433)
				(7,086)
Utilities (0.0%)
		NRG Energy Inc.	(12)		(518)
	Total Common Stocks (proceeds $161,739)			(172,418)
PREFERRED STOCKS (0.0%)
Consumer Discretionary (0.0%)
		Volkswagen AG (a)	(3)		(472)
	Total Preferred Stocks (proceeds $459)			(472)
INVESTMENT COMPANIES (1.8%)
		Energy Select Sector SPDR Fund	(2)		(134)
		iShares 7-10 Year Treasury Bond Fund ETF	(58)		(6,138)
		iShares MSCI Japan ETF	(18)		(994)
		SPDR S&P 500 ETF Trust	(36)		(10,051)
		SPDR S&P Regional Banking ETF Fund	(38)		(1,938)
		Utilities Select Sector SPDR Fund	(7)		(428)
		VanEck Vectors Gold Miners ETF	(12)		(267)
	Total Investment Companies (proceeds $19,453)			(19,950)
	Total Securities Sold Short (17.0%) (proceeds $181,651)				(192,840)

(a) Convertible security.


Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	CCO Holdings LLC, 5.38%, 05/01/25	01/08/16	69	72	—
	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2014-E-C23 REMIC, 3.36%, 10/18/24	08/16/18	486	495	0.1
	SLIDE Commercial Mortgage Pass-Through Certificates, Series 2018-F-FUN, 5.48%, 06/15/21	09/18/18	1,233	1,237	0.1
			1,788	1,804	0.2

Unfunded Commitments

259

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


JNL Multi-Manager Alternative Fund — Futures Contracts
Reference Entity	Contracts¹	Expiration	Notional¹			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
90-Day Eurodollar	692	December 2019		167,809	(85)			987
90-Day Eurodollar	9	March 2020		2,198	(2)			—
90-Day Eurodollar	219	June 2020		53,251	(47)			281
90-Day Eurodollar	46	March 2021		11,219	(8)			37
Australian Dollar	25	June 2019		1,774	5			4
British Pound	15	June 2019		1,241	(5)			(17)
Canadian Government Bond, 10-Year	7	June 2019	CAD	953	(4)			15
Euro FX Currency	8	June 2019		1,139	(1)			(10)
Euro-BTP	64	June 2019	EUR	8,151	(9)			152
Japanese Yen	7	June 2019		793	(2)			2
Mexican Peso	5	June 2019		127	—			—
Russian Ruble	75	June 2019		2,814	(32)			9
Short Term Euro BTP	19	June 2019	EUR	2,103	(1)			7
U.S. Treasury Long Bond	914	June 2019		133,561	(340)			3,225
U.S. Treasury Note, 2-Year	5	June 2019		1,062	(1)			3
U.S. Treasury Note, 5-Year	1,036	June 2019		119,014	(230)			984
Ultra Long Term U.S. Treasury Bond	77	June 2019		12,472	(29)			464
					(791)			6,143
Short Contracts
Australia Commonwealth Treasury Bond, 10-Year	(6)	June 2019	AUD	(816)	2			(11)
Euro-Bund	(514)	June 2019	EUR	(84,140)	29			(1,529)
Euro-Buxl	(37)	June 2019	EUR	(6,759)	34			(376)
Euro-OAT	(61)	June 2019	EUR	(9,653)	6			(304)
Japanese Government Bond, 10-Year	(9)	June 2019	JPY	(1,375,013)	2			(41)
U.K. Long Gilt	(53)	June 2019	GBP	(6,771)	(6)			(112)
U.S. Treasury Note, 10-Year	(1,768)	June 2019		(216,841)	517			(2,778)
					584			(5,151)


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	7.19	(M)	04/13/20	MXN	22,500		(1)		(12)
28-Day MEXIBOR (M)	Paying	7.11	(M)	04/14/20	MXN	99,300		(6)		(58)
28-Day MEXIBOR (M)	Paying	7.08	(M)	04/15/20	MXN	58,900		(3)		(35)
28-Day MEXIBOR (M)	Paying	7.09	(M)	04/15/20	MXN	40,400		(2)		(24)
28-Day MEXIBOR (M)	Paying	7.44	(M)	05/28/20	MXN	85,700		(5)		(35)
28-Day MEXIBOR (M)	Paying	7.40	(M)	05/29/20	MXN	41,600		(2)		(18)
28-Day MEXIBOR (M)	Paying	7.34	(M)	06/01/20	MXN	84,400		(4)		(40)
28-Day MEXIBOR (M)	Paying	7.34	(M)	03/31/22	MXN	194,160		(31)		(137)
3M GBP LIBOR (A)	Receiving	1.39	(A)	10/30/21	GBP	5,885		1		(30)
3M LIBOR (Q)	Receiving	2.25	(S)	12/31/25		6,696		16		16
3M LIBOR (Q)	Receiving	2.50	(S)	01/31/26		39,040		54		58
3M LIBOR (Q)	Receiving	1.74	(S)	05/23/26		9,085		17		348
3M LIBOR (Q)	Receiving	1.74	(S)	05/27/26		5,500		11		220
3M LIBOR (Q)	Receiving	2.95	(S)	11/15/43		9,695		19		(566)
3M LIBOR (Q)	Receiving	3.00	(S)	05/15/44		3,256		7		(247)
3M LIBOR (Q)	Receiving	2.88	(S)	05/15/44		3,700		8		(202)
3M LIBOR (Q)	Receiving	2.75	(S)	08/15/44		1,683		4		(37)
3M LIBOR (Q)	Receiving	3.33	(S)	12/15/44		3,243		(4)		(376)
3M LIBOR (Q)	Receiving	3.00	(S)	07/19/49		1,469		2		(118)
3M LIBOR (Q)	Paying	1.70	(S)	09/28/19		5,440		—		(26)
3M LIBOR (Q)	Paying	1.67	(S)	06/14/20		1,310		(1)		(13)
3M LIBOR (Q)	Paying	2.13	(S)	12/19/20		3,470		(3)		(18)
3M LIBOR (Q)	Paying	2.71	(S)	01/31/21		6,310		(5)		31
3M LIBOR (Q)	Paying	1.34	(S)	06/01/21		11,010		(9)		(241)
3M LIBOR (Q)	Paying	1.22	(S)	06/27/21		5,710		(5)		(143)
3M LIBOR (Q)	Paying	2.85	(S)	12/18/21		8,780		(9)		85
3M LIBOR (Q)	Paying	3.00	(S)	07/19/29		3,525		(8)		180
3M LIBOR (Q)	Paying	3.00	(S)	02/15/36		4,454		(6)		273
6M British Bankers' Association Yen LIBOR (S)	Receiving	0.13	(S)	06/20/24	JPY	645,100		3		(53)
6M British Bankers' Association Yen LIBOR (S)	Receiving	0.79	(S)	04/19/47	JPY	158,000		10		(105)
6M EURIBOR (S)	Receiving	1.50	(A)	08/23/47	EUR	443		4		(56)
6M GBP LIBOR (S)	Receiving	1.27	(S)	10/26/21	GBP	1,190		—		(10)

260

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019

JNL Multi-Manager Alternative 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) ($)

Federal Funds Effective Rate (A)

Receiving

2.25

(A)

12/31/25

8,915

(60)

(1,449)

JNL Multi-Manager Alternative Fund — Centrally Cleared Interest Rate Swap Agreements

Payments received by the Fund^2,11

Payments made by the Fund^2,11

Expiration

Notional¹

Variation

Margin

Receivable

(Payable) ($)

Unrealized

Appreciation

(Depreciation) ($)

3M LIBOR (Q)

Federal Funds Effective Rate +0.25% (Q)

06/19/24

6,320

(1)


JNL Multi-Manager Alternative Fund — Centrally Cleared Credit Default Swap Agreements
Reference Entity²	Fixed Receive/ Pay Rate⁸ (%)	Expiration	Notional^1,7		Value⁶ ($)		Variation Margin Receivable (Payable) ($)		Unrealized Appreciation (Depreciation) ($)
Credit default swap agreements - sell protection⁴
CDX.NA.HY.32 (Q)	5.00	06/20/24		(1,555)		103		8		9
CDX.NA.IG.32 (Q)	1.00	06/20/24		(39,827)		714		60		71
iTraxx Europe Crossover Series 24 (Q)	5.00	12/20/20		(643)		35		1		(38)
iTraxx Europe Crossover Series 25 (Q)	5.00	06/20/21		(641)		46		2		(15)
						898		71		27


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		6	EUR	171.50	05/24/19		—		—
Euro-Bund		5	EUR	166.50	04/26/19		—		—
Euro-Bund		(15)	EUR	164.00	05/24/19		1		1
Euro-Bund		106	EUR	175.50	05/24/19		(1)		—
Euro-Bund		(20)	EUR	162.50	05/24/19		—		2
Euro-Bund		(10)	EUR	163.50	05/24/19		—		3
Euro-Bund		339	EUR	176.00	05/24/19		—		—
Euro-Bund		(10)	EUR	164.50	04/26/19		1		(16)
Euro-Bund		62	EUR	173.00	04/26/19		—		(1)
Euro-Bund		(6)	EUR	165.00	04/26/19		—		—
Euro-Bund		(18)	EUR	163.50	04/26/19		—		10
Euro-Bund		(10)	EUR	163.00	04/26/19		—		4
Euro-Bund		(5)	EUR	162.50	04/26/19		—		2
Euro-Bund		(21)	EUR	164.00	04/26/19		—		2
Euro-OAT		58	EUR	166.00	05/24/19		(1)		5
							—		12


JNL Multi-Manager Alternative Fund — Exchange Traded Purchased Options
Reference Entity	Put/Call		Exercise Price ($)/ Swaption Rate (%)		Expiration	Notional/ Contracts ¹		Value ($)
Exchange Traded Futures Options
10-Year U.S. Treasury Note Future, Expiration June 2019		Call		138.00	04/26/19		66		—
10-Year U.S. Treasury Note Future, Expiration June 2019		Call		128.50	04/26/19		979		30
10-Year U.S. Treasury Note Future, Expiration June 2019		Call		127.50	04/26/19		66		3
10-Year U.S. Treasury Note Future, Expiration June 2019		Call		135.00	05/24/19		208		3
10-Year U.S. Treasury Note Future, Expiration June 2019		Call		136.50	05/24/19		467		7
10-Year U.S. Treasury Note Future, Expiration June 2019		Call		135.50	05/24/19		336		5
10-Year U.S. Treasury Note Future, Expiration June 2019		Call		129.50	05/24/19		58		4
10-Year U.S. Treasury Note Future, Expiration June 2019		Call		129.00	05/24/19		29		2
10-Year U.S. Treasury Note Future, Expiration June 2019		Call		133.50	05/24/19		272		8
10-Year U.S. Treasury Note Future, Expiration June 2019		Put		124.50	04/26/19		10		6
10-Year U.S. Treasury Note Future, Expiration June 2019		Put		124.25	04/26/19		20		12
2-Year U.S. Treasury Note Future, Expiration June 2019		Put		104.25	04/26/19		5		—
5-Year U.S. Treasury Note Future, Expiration June 2019		Put		112.25	04/26/19		145		—
5-Year U.S. Treasury Note Future, Expiration June 2019		Put		112.00	04/26/19		116		—
5-Year U.S. Treasury Note Future, Expiration June 2019		Put		111.25	04/26/19		250		—
5-Year U.S. Treasury Note Future, Expiration June 2019		Put		111.50	04/26/19		504		—

261

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


JNL Multi-Manager Alternative Fund — Exchange Traded Purchased Options (continued)
Reference Entity	Put/Call		Exercise Price ($)/ Swaption Rate (%)		Expiration	Notional/ Contracts ¹		Value ($)
5-Year U.S. Treasury Note Future, Expiration June 2019		Put		113.75	05/24/19		59		1
5-Year U.S. Treasury Note Future, Expiration June 2019		Put		112.00	05/24/19		181		1
5-Year U.S. Treasury Note Future, Expiration June 2019		Put		111.75	05/24/19		144		1
Australian Dollar Future, Expiration June 2019		Call		0.72	04/05/19		2		—
Australian Dollar Future, Expiration June 2019		Call		0.71	04/05/19		4		1
Australian Dollar Future, Expiration June 2019		Call		0.71	05/03/19		5		3
Euro FX Currency Future, Expiration June 2019		Call		1.14	04/05/19		5		—
Euro FX Currency Future, Expiration June 2019		Call		1.15	05/03/19		8		2
Euro FX Currency Future, Expiration June 2019		Call		1.14	05/03/19		15		9
Euro FX Currency Future, Expiration June 2019		Call		1.13	05/03/19		2		2
Euro FX Currency Future, Expiration June 2019		Put		1.14	05/03/19		2		3
U.S. Treasury Long Bond Future, Expiration June 2019		Call		151.00	04/26/19		10		6
U.S. Treasury Long Bond Future, Expiration June 2019		Put		149.00	04/26/19		7		6
U.S. Treasury Long Bond Future, Expiration June 2019		Put		148.50	04/26/19		4		2
U.S. Treasury Long Bond Future, Expiration June 2019		Put		148.00	04/26/19		2		1
U.S. Treasury Long Bond Future, Expiration June 2019		Put		133.00	04/26/19		691		—
U.S. Treasury Long Bond Future, Expiration June 2019		Put		132.00	04/26/19		19		—
U.S. Treasury Long Bond Future, Expiration June 2019		Put		134.00	04/26/19		219		—
U.S. Treasury Long Bond Future, Expiration June 2019		Put		137.00	05/24/19		21		1
U.S. Treasury Long Bond Future, Expiration June 2019		Put		138.00	05/24/19		80		3
									122
Index Options
S&P 500 Index		Put		2,700.00	06/28/19		14		52

Options on Securities
Advanced Micro Devices Inc.		Put		21.00	04/18/19		27		—
Alder Biopharmaceuticals Inc.		Call		15.00	07/19/19		81		11
Allegheny Technologies Inc.		Call		30.00	04/18/19		108		—
Allegheny Technologies Inc.		Call		27.50	04/18/19		163		4
Bristol-Myers Squibb Co.		Call		55.00	04/18/19		79		1
Bristol-Myers Squibb Co.		Call		55.00	06/21/19		18		1
Bristol-Myers Squibb Co.		Put		45.00	06/21/19		34		5
Carbonite Inc.		Call		35.00	04/18/19		5		—
Carbonite Inc.		Call		35.00	06/21/19		46		1
Cemex SAB de CV		Call		6.00	04/18/19		658		—
Cemex SAB de CV		Call		7.00	07/19/19		52		—
Cleveland-Cliffs Inc.		Call		10.00	04/18/19		162		6
Cleveland-Cliffs Inc.		Put		7.00	04/18/19		166		—
Ctrip.com International Ltd.		Call		35.00	06/21/19		54		50
Energy Select Sector SPDR Fund		Call		70.00	04/18/19		135		1
Evolent Health Inc.		Call		17.50	04/18/19		52		—
First Majestic Silver Corp.		Call		7.00	04/18/19		281		3
Golar LNG Ltd.		Call		25.00	06/21/19		55		3
Infinera Corp.		Put		4.00	04/18/19		387		2
Innoviva Inc.		Call		17.50	06/21/19		83		3
iShares MSCI Japan ETF		Call		55.00	06/21/19		388		50
Newpark Resources Inc.		Call		10.00	06/21/19		260		10
NII Holdings Inc.		Call		7.50	06/21/19		115		—
NII Holdings Inc.		Call		5.00	06/21/19		78		—
SPDR S&P 500 ETF Trust		Put		263.00	04/18/19		271		6
SSR Mining Inc.		Call		14.00	04/18/19		101		1
Technology Select Sector SPDR Fund		Put		68.00	04/18/19		125		1
Technology Select Sector SPDR Fund		Put		69.00	05/17/19		107		6
Transocean Ltd.		Call		10.00	04/18/19		105		1
									166

JNL Multi-Manager Alternative Fund — OTC Purchased Options

Reference Entity

Counterparty

Put/Call

Exercise Price ($)/

Swaption Rate (%)

Expiration

Notional/

Contracts ¹

Value ($)

Credit Default Swaptions¹⁰

CDX.NA.IG.31, 12/20/23

BCL

Call

0.80

04/18/19

2,480,000

—

CDX.NA.IG.32, 06/20/24

BNP

Put

1.30

05/16/19

40,000,000

Foreign Currency Options

Euro versus USD

JPM

Call

EUR

1.15

10/21/19

1,200,000

Australian Dollar versus USD

MSC

Put

AUD

0.74

04/02/19

1,230,000

—

Brazilian Real versus USD

GSC

Put

BRL

3.80

06/11/19

1,200,000

Colombian Peso versus USD

GSC

Put

COP

3,040.00

05/29/19

1,900,000

Euro versus USD

GSC

Put

EUR

1.16

06/21/19

1,250,000

Indian Rupee versus USD

BCL

Put

INR

71.50

09/05/19

1,150,000

262

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019

JNL Multi-Manager Alternative Fund — OTC Purchased Options (continued)

Reference Entity

Counterparty

Put/Call

Exercise Price ($)/

Swaption Rate (%)

Expiration

Notional/

Contracts ¹

Value ($)

Indian Rupee versus USD

CGM

Put

INR

62.50

05/13/20

7,000,000

Mexican Peso versus USD

JPM

Put

MXN

19.00

04/11/19

1,900,000

New Turkish Lira versus USD

GSC

Put

TRY

5.43

06/14/19

900,000

Russian Ruble versus USD

CGM

Put

RUB

64.97

05/28/19

1,800,000

Russian Ruble versus USD

GSC

Put

RUB

65.15

06/20/19

2,580,000

151


JNL Multi-Manager Alternative Fund — Exchange Traded Written Options
Reference Entity	Put/Call		Exercise Price ($)/ Swaption Rate (%)		Expiration	Notional/ Contracts ¹		Value ($)
Exchange Traded Future Options
10-Year U.S. Treasury Note Future, Expiration June 2019		Call		124.75	04/26/19		29		(10)
10-Year U.S. Treasury Note Future, Expiration June 2019		Call		124.50	04/26/19		47		(20)
10-Year U.S. Treasury Note Future, Expiration June 2019		Call		126.00	04/26/19		2		—
10-Year U.S. Treasury Note Future, Expiration June 2019		Call		125.00	04/26/19		133		(32)
10-Year U.S. Treasury Note Future, Expiration June 2019		Call		123.50	04/26/19		15		(15)
10-Year U.S. Treasury Note Future, Expiration June 2019		Call		123.00	04/26/19		58		(77)
10-Year U.S. Treasury Note Future, Expiration June 2019		Call		122.50	04/26/19		27		(48)
10-Year U.S. Treasury Note Future, Expiration June 2019		Call		125.00	05/24/19		48		(22)
10-Year U.S. Treasury Note Future, Expiration June 2019		Call		123.00	05/24/19		24		(34)
10-Year U.S. Treasury Note Future, Expiration June 2019		Call		123.50	05/24/19		15		(18)
10-Year U.S. Treasury Note Future, Expiration June 2019		Put		123.75	04/26/19		20		(6)
10-Year U.S. Treasury Note Future, Expiration June 2019		Put		123.00	04/26/19		73		(8)
10-Year U.S. Treasury Note Future, Expiration June 2019		Put		124.00	04/26/19		30		(13)
10-Year U.S. Treasury Note Future, Expiration June 2019		Put		123.50	04/26/19		4		(1)
10-Year U.S. Treasury Note Future, Expiration June 2019		Put		121.00	04/26/19		9		—
10-Year U.S. Treasury Note Future, Expiration June 2019		Put		122.00	04/26/19		21		—
10-Year U.S. Treasury Note Future, Expiration June 2019		Put		122.50	04/26/19		12		(1)
10-Year U.S. Treasury Note Future, Expiration June 2019		Put		123.50	05/24/19		44		(19)
10-Year U.S. Treasury Note Future, Expiration June 2019		Put		123.00	05/24/19		24		(6)
10-Year US Treasury Note Week 1 Options, Expiration June 2019		Put		123.50	04/05/19		34		(2)
10-Year US Treasury Note Week 2 Options, Expiration June 2019		Put		124.00	04/12/19		15		(5)
10-Year US Treasury Note Week 2 Options, Expiration June 2019		Put		123.75	04/12/19		17		(3)
5-Year U.S. Treasury Note Future, Expiration June 2019		Call		116.25	04/26/19		118		(21)
5-Year U.S. Treasury Note Future, Expiration June 2019		Call		115.25	04/26/19		25		(15)
5-Year U.S. Treasury Note Future, Expiration June 2019		Put		115.00	04/26/19		99		(5)
5-Year U.S. Treasury Note Future, Expiration June 2019		Put		116.25	04/26/19		24		(15)
5-Year U.S. Treasury Note Future, Expiration June 2019		Put		115.50	04/26/19		15		(3)
5-Year U.S. Treasury Note Future, Expiration June 2019		Put		115.25	04/26/19		19		(2)
5-Year U.S. Treasury Note Future, Expiration June 2019		Put		115.25	05/24/19		24		(5)
Australian Dollar Future, Expiration June 2019		Call		0.73	04/05/19		5		—
Canadian Dollar Future, Expiration June 2019		Call		0.77	04/05/19		9		—
Canadian Dollar Future, Expiration June 2019		Call		0.76	05/03/19		5		(2)
Euro FX Currency Future, Expiration June 2019		Call		1.16	04/05/19		5		—
Euro FX Currency Future, Expiration June 2019		Call		1.15	06/07/19		5		(2)
U.S. Long Bond Week 2 Options, Expiration June 2019		Put		147.00	04/12/19		6		(1)
U.S. Treasury Long Bond Future, Expiration June 2019		Call		153.00	04/26/19		20		(6)
U.S. Treasury Long Bond Future, Expiration June 2019		Call		150.00	04/26/19		24		(24)
U.S. Treasury Long Bond Future, Expiration June 2019		Call		146.00	04/26/19		16		(60)
U.S. Treasury Long Bond Future, Expiration June 2019		Call		148.00	04/26/19		28		(59)
U.S. Treasury Long Bond Future, Expiration June 2019		Call		148.00	05/24/19		10		(26)
U.S. Treasury Long Bond Future, Expiration June 2019		Put		146.00	04/26/19		16		(1)
U.S. Treasury Long Bond Future, Expiration June 2019		Put		147.50	04/26/19		10		(3)
U.S. Treasury Long Bond Future, Expiration June 2019		Put		147.00	04/26/19		12		(2)
U.S. Treasury Long Bond Future, Expiration June 2019		Put		145.00	04/26/19		5		—
U.S. Treasury Long Bond Future, Expiration June 2019		Put		144.00	04/26/19		11		(1)
U.S. Treasury Long Bond Future, Expiration June 2019		Put		141.00	04/26/19		10		—
U.S. Treasury Long Bond Future, Expiration June 2019		Put		145.00	05/24/19		57		(12)
U.S. Treasury Long Bond Future, Expiration June 2019		Put		144.00	05/24/19		14		(1)
U.S. Treasury Long Bond Future, Expiration June 2019		Put		146.00	05/24/19		15		(6)
									(612)
Index Options
S&P 500 Index		Put		2,600.00	06/28/19		14		(32)

Options on Securities
Alibaba Group Holding Ltd.		Call		170.00	06/21/19		78		(141)
AT&T Inc.		Call		30.00	04/18/19		289		(40)
BB&T Corp.		Call		47.00	05/17/19		183		(20)
BB&T Corp.		Call		47.00	06/21/19		56		(8)
Bristol-Myers Squibb Co.		Call		65.00	04/18/19		79		—
Bristol-Myers Squibb Co.		Call		65.00	06/21/19		18		—

263

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


JNL Multi-Manager Alternative Fund — Exchange Traded Written Options (continued)
Reference Entity	Put/Call		Exercise Price ($)/ Swaption Rate (%)		Expiration	Notional/ Contracts ¹		Value ($)
Bristol-Myers Squibb Co.		Put		39.00	06/21/19		34		(1)
Carbonite Inc.		Put		22.50	06/21/19		46		(6)
Dell Technologies Inc.		Call		55.00	04/18/19		123		(50)
Dell Technologies Inc.		Call		52.50	04/18/19		38		(24)
Energy Select Sector SPDR Fund		Put		60.00	04/18/19		135		(1)
									(291)

JNL Multi-Manager Alternative Fund — OTC Written Options

Reference Entity

Counterparty

Put/Call

Exercise Price ($)/ Swaption Rate(%)

Expiration

Notional/

Contracts ¹

Value ($)

Credit Default Swaptions¹⁰

CDX.NA.IG.31, 12/20/23

BCL

Put

0.65

04/18/19

2,480,000

(10)

CDX.NA.IG.31, 12/20/23

JPM

Put

0.70

06/20/19

1,175,000

(1)

(11)

Foreign Currency Options

Brazilian Real versus USD

GSC

Put

BRL

3.70

06/11/19

2,400,000

(12)

Euro versus USD

JPM

Put

EUR

1.22

10/21/19

1,200,000

(3)

Mexican Peso versus USD

JPM

Call

MXN

20.00

04/11/19

1,900,000

(3)

Mexican Peso versus USD

GSC

Put

MXN

18.90

06/25/19

1,900,000

(11)

New Turkish Lira versus USD

BNP

Call

TRY

6.50

06/14/19

900,000

(29)

Russian Ruble versus USD

CGM

Put

RUB

64.95

06/14/19

1,200,000

(13)

(71)

Interest Rate Swaptions¹⁰

3M LIBOR, 04/02/19

GSC

Call

2.80

04/02/19

1,230,000

(13)

3M LIBOR, 04/02/19

GSC

Put

3.10

04/02/19

1,230,000

—

(13)

Options on Securities

Mellanox Technologies Ltd.

JPM

Call

117.50

04/18/19

127

(22)

Forward Foreign Currency Contracts


Purchased/ Sold	Counter-party	Expiration	Notional ¹		Value ($)		Unrealized Appreciation (Depreciation) ($)
ARS/USD	CIT	04/30/19	ARS	20,520		456		(48)
ARS/USD	GSC	06/21/19	ARS	7,915		164		(15)
ARS/USD	JPM	06/21/19	ARS	12,990		269		(25)
ARS/USD	CIT	07/17/19	ARS	30,413		610		(75)
ARS/USD	JPM	07/29/19	ARS	7,160		142		(21)
ARS/USD	CIT	07/31/19	ARS	15,063		297		(42)
ARS/USD	CIT	09/27/19	ARS	9,430		173		(8)
AUD/USD	CIT	04/17/19	AUD	6,400		4,544		4
BRL/USD	BCL	04/17/19	BRL	6,773		1,731		(95)
BRL/USD	JPM	04/17/19	BRL	16,230		4,148		(166)
BRL/USD	BCL	07/17/19	BRL	6,280		1,594		2
BRL/USD	CIT	07/17/19	BRL	10,160		2,578		(26)
CAD/USD	BCL	04/01/19	CAD	300		225		(4)
CAD/USD	SSB	04/05/19	CAD	606		454		—
CAD/USD	BCL	04/17/19	CAD	4,098		3,070		(29)
CLP/USD	GSC	04/17/19	CLP	585,327		860		—
CNH/USD	JPM	04/17/19	CNH	7,653		1,138		2
CNY/USD	BCL	04/17/19	CNY	5,316		791		(1)
COP/USD	BCL	04/17/19	COP	106,349		33		(1)
COP/USD	CIT	04/17/19	COP	5,298,064		1,660		6
EUR/USD	CIT	04/17/19	EUR	4,600		5,166		(82)
EUR/USD	JPM	04/17/19	EUR	1,992		2,237		(33)
GBP/USD	JPM	07/02/19	GBP	3,119		4,075		(55)
INR/USD	BCL	04/16/19	INR	558,019		8,038		188
JPY/USD	SSB	06/19/19	JPY	20,825		189		—
KRW/USD	JPM	04/17/19	KRW	1,174,161		1,035		(12)
KRW/USD	JPM	04/17/19	KRW	2,807,652		2,475		5
MXN/USD	BCL	04/17/19	MXN	13,800		708		(4)
MXN/USD	CIT	04/17/19	MXN	45,496		2,337		(39)
MXN/USD	CIT	04/17/19	MXN	13,543		696		—
MXN/USD	GSC	04/17/19	MXN	25,350		1,302		(14)
MXN/USD	CIT	06/19/19	MXN	39,500		2,009		(33)
MXN/USD	GSC	06/27/19	MXN	13,561		689		(14)
NOK/USD	BCL	04/17/19	NOK	10,307		1,196		(16)
NOK/USD	JPM	04/17/19	NOK	10,561		1,226		(11)
PEN/USD	GSC	04/17/19	PEN	2,942		886		11
RUB/USD	GSC	04/17/19	RUB	96,524		1,465		(3)
RUB/USD	GSC	04/17/19	RUB	64,392		978		25
RUB/USD	CIT	06/17/19	RUB	31,226		470		(1)
SEK/USD	GSC	04/17/19	SEK	5,731		617		(5)
TRY/USD	BCL	04/17/19	TRY	1,642		288		6
TRY/USD	JPM	04/17/19	TRY	3,355		589		(27)
TWD/USD	JPM	04/17/19	TWD	62,979		2,045		5
USD/ARS	CIT	05/15/19	ARS	(3,097)		(67)		8
USD/ARS	JPM	05/15/19	ARS	(3,070)		(67)		8
USD/ARS	JPM	09/23/19	ARS	(4,970)		(92)		9
USD/AUD	JPM	04/10/19	AUD	(718)		(510)		5
USD/AUD	BCL	04/17/19	AUD	(4,473)		(3,176)		24
USD/AUD	GSC	04/17/19	AUD	(753)		(535)		11
USD/AUD	JPM	04/17/19	AUD	(2)		(1)		—
USD/AUD	JPM	05/09/19	AUD	(1,278)		(908)		(11)
USD/BRL	BCL	04/17/19	BRL	(6,280)		(1,605)		(2)
USD/BRL	CIT	04/17/19	BRL	(10,160)		(2,597)		25
USD/BRL	GSC	04/17/19	BRL	(607)		(155)		5
USD/CAD	JPM	04/01/19	CAD	(300)		(225)		4
USD/CAD	CIT	04/17/19	CAD	(1,400)		(1,049)		3
USD/CAD	GSC	04/17/19	CAD	(332)		(249)		5
USD/CAD	JPM	04/17/19	CAD	(311)		(233)		(1)
USD/CAD	JPM	04/17/19	CAD	(1,627)		(1,219)		16
USD/CAD	SSB	06/19/19	CAD	(2,657)		(1,994)		5
USD/CNH	BCL	04/17/19	CNH	(7,653)		(1,138)		(27)
USD/CNH	JPM	07/17/19	CNH	(7,653)		(1,138)		(2)
USD/CNY	BCL	04/17/19	CNY	(5,316)		(791)		(20)
USD/CNY	BCL	07/17/19	CNY	(5,316)		(791)		—

264

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


Purchased/ Sold	Counter-party	Expiration	Notional ¹		Value ($)		Unrealized Appreciation (Depreciation) ($)
USD/COP	GSC	05/31/19	COP	(2,158,866)		(675)		19
USD/EUR	JPM	04/12/19	EUR	(2,832)		(3,179)		29
USD/EUR	BCL	04/17/19	EUR	(550)		(617)		11
USD/EUR	CIT	04/17/19	EUR	(15,653)		(17,579)		483
USD/EUR	GSC	04/17/19	EUR	(545)		(612)		11
USD/EUR	SSB	06/19/19	EUR	(1,172)		(1,323)		11
USD/EUR	BBH	06/27/19	EUR	(500)		(565)		3
USD/EUR	CIT	06/27/19	EUR	(15,125)		(17,089)		101
USD/EUR	JPM	09/25/19	EUR	(773)		(880)		8
USD/GBP	BCL	04/17/19	GBP	(110)		(143)		(1)
USD/GBP	BCL	04/17/19	GBP	(105)		(137)		2
USD/GBP	CIT	04/17/19	GBP	(475)		(618)		(9)
USD/GBP	JPM	06/06/19	GBP	(206)		(268)		(4)
USD/GBP	CIT	06/27/19	GBP	(2,224)		(2,905)		34
USD/GBP	JPM	07/02/19	GBP	(326)		(426)		(1)
USD/GBP	JPM	07/02/19	GBP	(2,793)		(3,648)		22
USD/HKD	JPM	05/08/19	HKD	(619)		(79)		—
USD/IDR	CIT	04/17/19	IDR	(6,187,293)		(434)		(9)
USD/IDR	JPM	04/17/19	IDR	(2,343,395)		(164)		2
USD/INR	BCL	05/02/19	INR	(36,920)		(530)		2
USD/INR	BCL	09/09/19	INR	(24,880)		(353)		(21)
USD/JPY	CIT	04/17/19	JPY	(186,196)		(1,682)		49
USD/JPY	SSB	06/19/19	JPY	(20,825)		(189)		(1)
USD/KRW	JPM	04/17/19	KRW	(3,981,813)		(3,510)		60
USD/KRW	JPM	05/02/19	KRW	(1,460,220)		(1,288)		(3)
USD/KRW	JPM	07/17/19	KRW	(2,807,652)		(2,482)		(5)
USD/MXN	JPM	04/15/19	MXN	(23,615)		(1,214)		1
USD/MXN	BCL	04/17/19	MXN	(27,330)		(1,404)		12
USD/MXN	CIT	04/17/19	MXN	(81,879)		(4,206)		15
USD/MXN	GSC	04/17/19	MXN	(18,458)		(948)		2
USD/MXN	JPM	04/17/19	MXN	(46,741)		(2,401)		22
USD/NOK	JPM	04/17/19	NOK	(10,661)		(1,237)		(4)
USD/PLN	BCL	04/17/19	PLN	(1)		—		—
USD/RUB	CIT	04/17/19	RUB	(9,293)		(141)		(4)
USD/RUB	CIT	05/29/19	RUB	(47,760)		(721)		(1)
USD/RUB	BCL	06/17/19	RUB	(22,044)		(332)		—
USD/RUB	GSC	06/21/19	RUB	(99,680)		(1,500)		30
USD/TRY	GSC	04/17/19	TRY	(1,610)		(283)		12
USD/TRY	JPM	04/17/19	TRY	(1,680)		(295)		14
USD/TWD	BCL	04/17/19	TWD	(62,979)		(2,045)		10
USD/TWD	JPM	07/17/19	TWD	(60,854)		(1,988)		(9)
USD/ZAR	BCL	04/17/19	ZAR	(40,962)		(2,831)		92
ZAR/USD	GSC	04/17/19	ZAR	2,211		153		(5)
ZAR/USD	JPM	04/17/19	ZAR	440		30		—
						(35,625)		394

JNL Multi-Manager Alternative Fund — OTC Interest Rate Swap Agreements

Floating Rate Index²

Paying/

Receiving

Floating Rate

Counterparty

Fixed

Rate² (%)

Expiration

Notional ¹

Premiums Paid

(Received) ($)

Unrealized

Appreciation

(Depreciation) ($)

BRAZIBOR (A)

Paying

BOA

9.23

(A)

01/04/21

BRL

20,730

—

237

BRAZIBOR (A)

Paying

BOA

9.23

(A)

01/04/21

BRL

54,700

—

626

—

863

JNL Multi-Manager Alternative Fund — OTC Credit Default Swap Agreements

Reference Entity²

Counter-party

Implied

Credit

Spread ⁵

(%)

Fixed

Receive/

Pay Rate⁸

(%)

Expiration

Notional ^1,7 ($)

Value⁶ ($)

Premiums

Paid

(Received) ($)

Unrealized

Appreciation

(Depreciation) ($)

Credit default swap agreements - purchase protection³

Navient Corp. (Q)

CGM

N/A

5.00

06/20/24

880

(62)

(55)

(7)

Credit default swap agreements - sell protection⁴

Russian Federation (Q)

BCL

1.16

1.00

06/20/23

(1,480)

(9)

(38)

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

(141,500)

HKD

(6,495)

(10)

Advantech Co Ltd. (E)

GSC

Federal Funds Effective Rate -2.25% (M)

TBD

(41,000)

(341)

Agricultural Bank of China Ltd. (E)

GSC

1M HIBOR +0.50% (M)

TBD

1,404,000

HKD

5,251

(22)

Airports of Thailand PCL (E)

MSC

Federal Funds Effective Rate -1.55% (M)

TBD

(414,900)

(887)

(1)

Amorepacific Corp. (E)

GSC

Federal Funds Effective Rate -0.50% (M)

TBD

(7,787)

(509)

Axis Bank Ltd. (E)

GSC

Federal Funds Effective Rate -2.50% (M)

TBD

(4,658)

(255)

(5)

Baidu Inc. (E)

GSC

Federal Funds Effective Rate +0.40% (M)

TBD

7,486

1,278

(45)

Bank of Georgia (E)

GSC

Sterling Overnight Index Average +0.40% (M)

TBD

55,488

GBP

591

BDO Unibank Inc. (E)

MBL

Federal Funds Effective Rate -3.62% (M)

TBD

(244,080)

(608)

(16)

BNK Financial Group Inc. (E)

GSC

Federal Funds Effective Rate +0.65% (M)

TBD

132,929

854

(37)

Bumrungrad Hospital Public Co Ltd. (E)

MSC

Federal Funds Effective Rate -6.38% (M)

TBD

(123,000)

(689)

(13)

CD Projekt SA (E)

GSC

Federal Funds Effective Rate -0.50% (M)

TBD

(16,093)

(802)

(36)

Celltrion Healthcare Co. Ltd. (E)

MBL

Federal Funds Effective Rate -13.86% (M)

TBD

(9,603)

(600)

Celltrion Inc. (E)

GSC

Federal Funds Effective Rate -3.25% (M)

TBD

(3,827)

(687)

265

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 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) ($)

Champion REIT Co. (E)

GSC

1M HIBOR +0.50% (M)

TBD

1,080,000

HKD

7,150

Cheng Shin Rubber Industry Co. Ltd. (E)

GSC

Federal Funds Effective Rate -1.25% (M)

TBD

(625,000)

(866)

China Airlines Co. Ltd. (E)

GSC

Federal Funds Effective Rate -3.00% (M)

TBD

(2,310,000)

(727)

(12)

China International Capital Corp Ltd. (E)

GSC

1M HIBOR -1.25% (M)

TBD

(357,600)

HKD

(6,580)

China Life Insurance Co. Ltd. (E)

GSC

1M HIBOR -0.50% (M)

TBD

(293,000)

HKD

(6,373)

China Pacific Insurance Group Co. Ltd. (E)

GSC

1M HIBOR -0.50% (M)

TBD

(206,000)

HKD

(6,118)

(29)

China Power International Development Ltd. (E)

GSC

1M HIBOR -1.25% (M)

TBD

(3,130,000)

HKD

(5,978)

(40)

China Resource Beer Holdings Co. (E)

GSC

1M HIBOR -0.50% (M)

TBD

(200,000)

HKD

(6,470)

(18)

China Taiping Insurance Holdings Co. Ltd. (E)

GSC

1M HIBOR -0.50% (M)

TBD

(94,600)

HKD

(2,233)

China Telecom Corp. Ltd. (E)

GSC

1M HIBOR +0.50% (M)

TBD

354,000

HKD

1,554

(1)

CJ CGV (E)

MSC

Federal Funds Effective Rate -0.55% (M)

TBD

(6,796)

(288)

CK Hutchison Holdings Ltd. (E)

GSC

1M HIBOR +0.50% (M)

TBD

103,500

HKD

8,327

Commercial International Bank Egypt SAE - GDR (E)

GSC

Federal Funds Effective Rate +0.80% (M)

TBD

187,083

731

COSCO Shipping Ports Ltd. (E)

GSC

1M HIBOR -4.50% (M)

TBD

(1,921,000)

HKD

(6,051)

(28)

Dongfang Electric Corp. Ltd. (E)

GSC

1M HIBOR -2.25% (M)

TBD

(991,200)

HKD

(6,810)

Dr. Reddy's Laboratories Ltd. (E)

GSC

Federal Funds Effective Rate -0.25% (M)

TBD

(8,933)

(353)

(8)

Ednered SA (E)

GSC

Euro Overnight Index Average -0.40% (M)

TBD

(10,120)

EUR

(418)

El Puerto de Liverpool SAB de CV (E)

GSC

Federal Funds Effective Rate -0.50% (M)

TBD

(124,800)

(767)

(21)

El Sillajen Inc. (E)

GSC

Federal Funds Effective Rate -9.75% (M)

TBD

(9,849)

(580)

EO Technics Co. (E)

GSC

Federal Funds Effective Rate -5.00% (M)

TBD

(5,593)

(322)

(17)

Epistar Corp. (E)

GSC

Federal Funds Effective Rate -3.50% (M)

TBD

(908,000)

(749)

Fila Korea Ltd. (E)

GSC

Federal Funds Effective Rate +0.65% (M)

TBD

11,924

690

129

First Financial Holding Co. Ltd. (E)

GSC

Federal Funds Effective Rate -0.50% (M)

TBD

(969,000)

(661)

(2)

Fortescue Metals Group Ltd (E)

GSC

Reserve Bank of Australia Overnight Rate -0.50% (M)

TBD

(145,762)

AUD

(934)

(73)

Fortune REIT (E)

GSC

1M HIBOR +0.50% (M)

TBD

409,000

HKD

4,090

Foxconn Tech Co. (E)

GSC

Federal Funds Effective Rate +0.65% (M)

TBD

446,000

912

(23)

Franco-Nevada Corp. (E)

GSC

Canada 1M Bankers' Acceptances Rate -0.25% (M)

TBD

(11,934)

CAD

(1,204)

Fullshare Holdings Ltd. (E)

GSC

1M HIBOR -14.00% (M)

TBD

(2,215,000)

HKD

(2,481)

Gazit-Globe Ltd. (E)

GSC

3M TELBOR +0.70% (M)

TBD

104,128

ILS

3,045

(3)

Golden Argi-Resources Ltd. (E)

GSC

Singapore Swap Offer Rate -1.00% (M)

TBD

(3,584,700)

SGD

(986)

(13)

Grupo Gicsa (E)

GSC

Federal Funds Effective Rate +0.65% (M)

TBD

2,599,900

801

Grupo Televisa SAB (E)

GSC

Federal Funds Effective Rate -0.25% (M)

TBD

(13,270)

(146)

—

Hana Financial Group Inc. (E)

GSC

Federal Funds Effective Rate +0.65% (M)

TBD

50,715

1,702

(10)

Hang Lung Properties (E)

GSC

1M HIBOR +0.50% (M)

TBD

299,000

HKD

5,741

(2)

Henan Shuang Investment (E)

GSC

Federal Funds Effective Rate +0.90% (M)

TBD

149,681

570

HK Electric Investments Ltd. (E)

GSC

1M HIBOR -0.50% (M)

TBD

(871,000)

HKD

(6,803)

(23)

Hong Kong & China Gas Co. Ltd. (E)

GSC

1M HIBOR -0.50% (M)

TBD

(238,820)

HKD

(4,385)

(14)

Huadian Power International (E)

GSC

1M HIBOR -0.50% (M)

TBD

(1,780,000)

HKD

(6,105)

Huaneng Power International Inc. (E)

MBL

1M HIBOR -0.46% (M)

TBD

(1,040,000)

HKD

(4,888)

ICICI Bank Ltd. ADR (E)

GSC

Federal Funds Effective Rate -0.25% (M)

TBD

(17,362)

(199)

—

IMAX China Holdings Inc. (E)

GSC

1M HIBOR -6.00% (M)

TBD

(326,700)

HKD

(6,364)

(3)

Jasa Marga Persero Tbk PT (E)

MBL

Federal Funds Effective Rate -3.50% (M)

TBD

(672,000)

(250)

(32)

Jiangsu Yanghe Brewery (E)

GSC

Federal Funds Effective Rate +0.90% (M)

TBD

80,744

1,413

152

Kakao Corp. (E)

GSC

Federal Funds Effective Rate -0.50% (M)

TBD

(3,633)

(329)

(2)

KGHM Polska Miedz SA (E)

GSC

Federal Funds Effective Rate -0.50% (M)

TBD

(25,630)

(718)

Kumba Iron Ore Ltd (E)

GSC

JIBAR -0.75% (M)

TBD

(24,899)

ZAR

(9,859)

(59)

Kweichow Moutai Co. Ltd. (E)

GSC

Federal Funds Effective Rate +0.90% (M)

TBD

27,100

3,235

207

Lee & Man Paper Manufacturing Ltd. (E)

GSC

1M HIBOR -0.50% (M)

TBD

(207,000)

HKD

(1,414)

Link Real Estate Group (E)

GSC

1M HIBOR +0.50% (M)

TBD

22,500

HKD

1,982

MAHLE Metal Leve SA (E)

GSC

Federal Funds Effective Rate +0.75% (M)

TBD

97,800

687

(75)

mBank SA (E)

GSC

Federal Funds Effective Rate -0.75% (M)

TBD

(3,525)

(419)

Meituan Dianping Co. (E)

GSC

1M HIBOR -30.00% (M)

TBD

(47,263)

HKD

(2,455)

(8)

MMI Holdings Ltd. (E)

GSC

JIBAR -0.75% (M)

TBD

(342,992)

ZAR

(5,848)

Nampak Ltd. (E)

GSC

JIBAR -0.75% (M)

TBD

(398,810)

ZAR

(4,736)

New China Life Insurance Co. Ltd. (E)

GSC

1M HIBOR -0.50% (M)

TBD

(166,700)

HKD

(6,435)

(30)

Nine Dragons Paper Ltd. (E)

GSC

1M HIBOR -0.50% (M)

TBD

(181,000)

HKD

(1,374)

Nova Measuring Instruments Ltd. (E)

GSC

Federal Funds Effective Rate -0.25% (M)

TBD

(26,087)

(646)

(10)

Oceana Group Ltd. (E)

GSC

JIBAR -1.50% (M)

TBD

(578)

ZAR

(45)

—

Orange Polska SA (E)

GSC

Federal Funds Effective Rate -0.75% (M)

TBD

(193,091)

(281)

Paradise Co. Ltd. (E)

MSC

Federal Funds Effective Rate -6.50% (M)

TBD

(47,924)

(799)

Parkson Retail Group Ltd. (E)

GSC

1M HIBOR -1.75% (M)

TBD

(2,021,500)

HKD

(1,314)

266

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 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) ($)

Pinduoduo Inc. (E)

GSC

Federal Funds Effective Rate -0.25% (M)

TBD

(22,036)

(557)

PKN Orlen SA (E)

GSC

Federal Funds Effective Rate -0.50% (M)

TBD

(9,771)

(264)

PT Bank Mandiri Tbk (E)

MBL

Federal Funds Effective Rate -3.50% (M)

TBD

(586,700)

(305)

(2)

Raia Drogasil SA (E)

GSC

Federal Funds Effective Rate -10.25% (M)

TBD

(45,000)

(818)

Samsung Electronics Co. Ltd. (E)

GSC

Federal Funds Effective Rate +0.65% (M)

TBD

70,216

2,726

SATS Ltd. (E)

GSC

Singapore Swap Offer Rate -0.75% (M)

TBD

(210,800)

SGD

(1,084)

SembCorp Marine Ltd. (E)

MSC

Singapore Swap Offer Rate -8.00% (M)

TBD

(723,400)

SGD

(1,215)

Semiconductor Manufacturing International Corp. (E)

GSC

1M HIBOR -2.75% (M)

TBD

(878,000)

HKD

(7,147)

Shanghai Electric Power Co. Ltd. (E)

GSC

1M HIBOR -1.00% (M)

TBD

(2,224,000)

HKD

(6,672)

Shanghai Haohai Biological Technology Co. Ltd. (E)

GSC

1M HIBOR +0.50% (M)

TBD

117,800

HKD

5,725

Singapore Press Holdings Ltd. (E)

GSC

Singapore Swap Offer Rate -1.00% (M)

TBD

(116,800)

SGD

(288)

Sinofert Holdings Ltd. (E)

GSC

1M HIBOR -5.25% (M)

TBD

(5,420,000)

HKD

(5,366)

Sinopec Engineering Group Co. Ltd. (E)

GSC

1M HIBOR +0.50% (M)

TBD

872,500

HKD

6,718

(5)

SK Hynix Inc. (E)

GSC

Federal Funds Effective Rate +0.65% (M)

TBD

7,175

432

SK Networks Co. Ltd. (E)

MSC

Federal Funds Effective Rate -1.50% (M)

TBD

(139,234)

(765)

Sociedad Quimica y Minera de Chile SA (E)

GSC

Federal Funds Effective Rate -19.81% (M)

TBD

(14,539)

(577)

Suzuki Motor Corp. (E)

GSC

Tokyo Overnight Average Rate +0.50% (M)

TBD

25,100

JPY

125,600

(16)

Swire Properties Ltd. (E)

GSC

1M HIBOR +0.50% (M)

TBD

113,000

HKD

3,797

Taiwan Semiconductor Manufacturing Co. Ltd. (E)

GSC

Federal Funds Effective Rate +0.65% (M)

TBD

313,558

2,448

Tamar Petroleum Ltd. (E)

GSC

3M TELBOR +0.70% (M)

TBD

71,310

ILS

1,122

(10)

TBC Bank Group Plc (E)

GSC

Sterling Overnight Index Average +0.40% (M)

TBD

46,945

GBP

761

(48)

Telekom Malaysia Bhd DBA (E)

MSC

Federal Funds Effective Rate -3.05% (M)

TBD

(1,034,800)

(807)

(9)

Telesites SAB DE CV (E)

GSC

Federal Funds Effective Rate -0.50% (M)

TBD

(1,190,598)

(741)

(28)

Tencent Holdings Ltd. (E)

GSC

1M HIBOR +0.50% (M)

TBD

85,700

HKD

31,709

(101)

Tencent Music Entertainment Group (E)

GSC

Federal Funds Effective Rate +0.40% (M)

TBD

—

Tiger Brands Ltd. (E)

GSC

JIBAR -0.75% (M)

TBD

(21,218)

ZAR

(5,903)

Tripod Technology Corp. (E)

GSC

Federal Funds Effective Rate +0.65% (M)

TBD

231,000

730

Truworths International Ltd. (E)

GSC

JIBAR -0.80% (M)

TBD

(69,946)

ZAR

(4,686)

(12)

Unilever Indonesia (E)

MBL

Federal Funds Effective Rate -3.50% (M)

TBD

(255,100)

(884)

United Microelectronics Corp. (E)

GSC

Federal Funds Effective Rate -1.43% (M)

TBD

(219,288)

(408)

(4)

Weichai Power Co. Ltd. (E)

GSC

1M HIBOR +0.50% (M)

TBD

380,000

HKD

4,598

WH Group Ltd. (E)

GSC

1M HIBOR +0.50% (M)

TBD

1,280,500

HKD

11,102

(45)

Wharf Real Estate Investment Co. Ltd. (E)

GSC

1M HIBOR +0.50% (M)

TBD

151,000

HKD

8,909

(11)

Wuliangye Yibin Co. Ltd. (E)

GSC

Federal Funds Effective Rate +0.90% (M)

TBD

242,448

3,153

271

Xiaomi Corp. (E)

CGM

1M HIBOR +0.00% (M)

TBD

(525,200)

HKD

(6,407)

Yatas (E)

GSC

Federal Funds Effective Rate +0.70% (M)

TBD

335,132

346

(37)

Yatas International ASA (E)

GSC

1M NIBOR -0.40% (M)

TBD

(20,307)

NOK

(7,349)

Zhaojin Mining Industry Co. Ktd. (E)

GSC

1M HIBOR -3.50% (M)

TBD

(798,500)

HKD

(6,524)

954

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

COMMON STOCKS

First Data Credit Card Service Co. (E)

1M LIBOR +0.75% (Q)

BOA

03/09/20

554

—

Gemalto NV (E)

1M LIBOR +0.35% (Q)

BOA

03/27/20

3,241

—

(68)

USG Corp. (E)

1M LIBOR +0.75% (Q)

BOA

09/11/19

1,377

—

BTG plc (E)

3M LIBOR +0.30% (Q)

BTI

01/13/20

258

—

Myob Group Ltd. (E)

3M LIBOR +0.40% (Q)

GSC

01/07/20

879

—

AT&T Inc. (E)

3M LIBOR +0.30% (Q)

JPM

09/09/19

849

—

(19)

Healthscope Ltd. (E)

3M LIBOR +0.40% (Q)

JPM

01/31/20

490

—

Hopewell Holdings Ltd. (E)

3M LIBOR +0.40% (Q)

JPM

03/16/20

—

Innogy SE (E)

3M LIBOR +0.40% (Q)

JPM

07/22/19

866

—

Total return swap agreements - paying return

COMMON STOCKS

Brookfield Property Partners LP (E)

1M LIBOR -4.50% (Q)

BOA

03/03/20

(142)

—

(1)

Fiserv Inc. (E)

1M LIBOR -0.40% (Q)

BOA

03/09/20

(564)

—

(22)

—

(23)

267

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019

JNL Multi-Manager Alternative Fund — OTC Total Return Basket Swap Agreements

Paying Return of Reference Entity²

Counterparty

Rate Received by Fund²

Expiration

Notional ¹

Net Value of Reference

Entities ($)

Unrealized Appreciation (Depreciation) ($)

Short Equity Securities (E)

MSC

Federal Funds Effective Rate (M)

05/02/19

103,096

(105,331)

(2,363)


	Shares		Value ($)
Reference Entity - Short Equity Securities
Consumer Discretionary
Big Lots Inc.		(15)		(582)
CarMax Inc.		(5)		(328)
Carters Inc.		(7)		(706)
D.R. Horton Inc.		(9)		(364)
Dollar Tree Inc.		(13)		(1,334)
Hasbro Inc.		(8)		(655)
Hilton Grand Vacations Inc.		(24)		(743)
Home Depot Inc.		(4)		(720)
LCI Industries		(10)		(776)
Leggett & Platt Inc.		(14)		(604)
Liberty Broadband Corp. - Class A		(4)		(330)
Liberty Broadband Corp. - Class C		(7)		(615)
Liberty Media Corp. Series C		(7)		(245)
Lithia Motors Inc.		(4)		(399)
Live Nation Entertainment Inc.		(9)		(578)
LKQ Corp.		(57)		(1,606)
Marriott International Inc.		(2)		(213)
Marriott Vacations Worldwide Corp.		(9)		(823)
Mattel Inc.		(9)		(112)
McDonald's Corp.		(1)		(237)
Mohawk Industries Inc.		(12)		(1,482)
Monro Muffler Brake Inc.		(2)		(199)
Netflix Inc.		—		(128)
Pool Corp.		(5)		(833)
Thor Industries Inc.		(1)		(81)
Tiffany & Co.		(13)		(1,330)
Wayfair Inc. - Class A		(3)		(386)
Wynn Resorts Ltd.		(2)		(215)
				(16,624)
Consumer Staples
Bunge Ltd.		(20)		(1,051)
Campbell Soup Co.		(4)		(153)
Colgate-Palmolive Co.		(1)		(55)
Constellation Brands Inc.		(1)		(105)
Coty Inc.		(50)		(573)
Kraft Heinz Foods Co.		(5)		(153)
PriceSmart Inc.		(8)		(500)
Sanderson Farm Inc.		(6)		(778)
				(3,368)
Energy
Callon Petroleum Co.		(83)		(630)
Centennial Resource Development Inc. - Class A		(63)		(553)
Concho Resources Inc.		(7)		(727)
Enbridge Inc.		(14)		(519)
EOG Resources Inc.		(1)		(105)
Exxon Mobil Corp.		(7)		(574)
Franks International NV		(26)		(163)
Jagged Peak Energy Inc.		(66)		(691)
Matador Resources Co.		(34)		(663)
ONEOK Inc.		(13)		(915)
Pembina Pipeline Corp.		(17)		(643)
Pioneer Natural Resources Co.		(2)		(365)
Targa Resources Corp.		(27)		(1,143)
Transcanada Corp.		(14)		(611)
				(8,302)
Financials
American International Group Inc.		(36)		(1,572)
BlackRock Inc.		(4)		(1,573)
BOK Financial Corp.		(4)		(318)
Brookfield Asset Management Inc.		(25)		(1,190)
Chubb Ltd.		(1)		(133)
Cincinnati Financial Corp.		(2)		(129)
Columbia Banking System Inc.		(16)		(523)
First Horizon National Corp.		(31)		(438)
	Shares		Value ($)
Financials (continued)
Home BancShares Inc.		(11)		(199)
Interactive Brokers Group Inc.		(9)		(488)
Markel Corp.		(2)		(1,599)
MarketAxess Holdings Inc.		(7)		(1,686)
Marsh & McLennan Cos. Inc.		(3)		(310)
Moody's Corp.		(3)		(598)
Old National BNCP		(19)		(305)
PNC Financial Services Group Inc.		(12)		(1,496)
South State Corp.		(9)		(595)
State Street Corp.		(2)		(99)
TFS Financial Corp.		(33)		(547)
United Bankshares Inc.		(41)		(1,500)
WisdomTree Investments Inc.		(60)		(424)
				(15,722)
Health Care
Acadia Pharmaceuticals Inc.		(7)		(183)
Agios Pharmaceuticals Inc.		(15)		(985)
Akorn Inc.		(18)		(65)
Alnylam Pharmaceuticals Inc.		(9)		(850)
American Medical Response		(54)		(1,552)
Array BioPharma		(16)		(393)
Becton Dickinson Co.		(5)		(1,124)
Bluebird Bio Inc.		(6)		(991)
Blueprint Medicines Corp.		(2)		(192)
Cantel Medical Corp.		(14)		(910)
Catalent Inc.		(12)		(471)
Clovis Oncolofy Inc.		(20)		(501)
Dentsply Sirona Inc.		(10)		(501)
Exact Sciences Corp.		(4)		(355)
Immunomedics Co.		(6)		(121)
Insulet Corp.		(10)		(998)
Intercept Pharmaceuticals Inc.		(2)		(168)
Johnson & Johnson		(1)		(140)
Medicines Co.		(27)		(757)
Medidata Solutions Inc.		(5)		(374)
Nevro Corp.		(12)		(763)
NuVasive Inc.		(2)		(136)
Portola Pharmaceuticals Inc.		(20)		(711)
Qiagen NV		(5)		(207)
Sage Therapeutics Inc.		(2)		(382)
Teleflex Inc.		(3)		(906)
Ultragenyx Pharmaceutical Inc.		(5)		(375)
				(15,111)
Industrials
3M Co.		(1)		(135)
Allegiant Travel Co.		(4)		(544)
BWX Technologies Inc.		(32)		(1,567)
Copa Holdings SA		(1)		(105)
Floor & Decor Holdings Inc.		(7)		(309)
General Dynamics Corp.		(3)		(584)
Granite Construction Inc.		(19)		(803)
Healthcare Services Group Inc.		(22)		(742)
JBT Corp.		(6)		(588)
Knight-Swift Transportation Holdings Inc.		(30)		(977)
Middleby Corp.		(6)		(832)
Ritchie Bros. Auctioneers Inc.		(20)		(697)
Stanley Black & Decker Inc.		(4)		(531)
Stericycle Inc.		(8)		(419)
Toro Co.		(3)		(200)
Watsco Inc.		(3)		(401)
Welbilt Inc.		(29)		(475)
				(9,909)

268

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


Information Technology
2U Inc.			(2)			(163)
3D Systems Corp.			(8)			(85)
		Shares			Value ($)
Information Technology (continued)
Alphabet Inc. - Class A (a)			—			(553)
Amdocs Ltd.			(12)			(649)
Amphenol Corp.			(5)			(482)
Cognex Corp.			(30)			(1,531)
Coherent Inc.			(4)			(581)
Facebook Inc.			(5)			(892)
FireEye Inc.			(12)			(207)
First Solar Inc.			(16)			(824)
Gartner Inc.			(7)			(1,016)
Guidewire Software Inc.			(1)			(136)
IPG Photonics Corp.			(10)			(1,586)
Littelfuse Inc.			(4)			(803)
Logmein Inc.			(1)			(112)
Mercadolibre Inc.			(1)			(386)
Monolithic Power Systems Inc.			(7)			(928)
Pegasystems Inc.			(8)			(520)
Snap Inc. - Class A			(37)			(403)
Switch Inc.			(15)			(156)
Take-Two Interactive Software Inc.			(6)			(902)
ViaSat Inc.			(21)			(1,612)
Zillow Group Inc.			(18)			(611)
						(15,138)
Materials
Agnico Eagle Mines Ltd.			(1)			(52)
Albemarle Corp.			(4)			(287)
AptarGroup Inc.			(1)			(85)
Commercial Metals Co.			(12)			(198)
Compass Minerals International Inc.			(3)			(174)
Crown Holdings Inc.			(1)			(49)
Ecolab Inc.			(2)			(291)
FMC Corp.			(5)			(369)
Franco-Nevada Corp.			(5)			(353)
Graphic Packaging Holding Co.			(88)			(1,109)
Martin Marietta Materials Inc.			(7)			(1,499)
	Shares			Value ($)
Materials (continued)
NewMarket Corp.			(1)			(425)
PPG Industries Inc.			(4)			(418)
Scotts Miracle-Gro Co. - Class A			(6)			(511)
Sensient Technologies Corp.			(14)			(949)
Sherwin-Williams Co.			(1)			(241)
Summit Materials Inc. - Class A			(22)			(343)
United States Steel Corp.			(5)			(90)
Valvoline Inc.			(11)			(200)
Vulcan Materials Co.			(13)			(1,504)
						(9,147)
Real Estate
Corporate Office Properties Trust			(14)			(388)
Cyrusone Inc.			(28)			(1,484)
Digital Realty REIT Co.			(9)			(1,023)
Equinix Inc.			(3)			(1,187)
Healthcare Realty Trust Inc.			(10)			(311)
Howard Hughes Corp.			(6)			(671)
Hudson Pacific Properties Inc.			(25)			(857)
Invitation Homes Co.			(29)			(718)
Kilroy Realty Corp.			(21)			(1,595)
Macerich			(36)			(1,565)
Mack-Cali Realty Corp.			(31)			(682)
Prologis REIT Co.			(2)			(137)
						(10,618)
Technology
Dolby Laboratories Inc. - Class A			(2)			(151)
Nvida Corp.			(4)			(790)
						(941)
Telecommunication Services
BCE Inc.			(3)			(133)
Vonage Holdings Corp.			(10)			(105)
						(238)
Utilities
Algonquin Power & Utilities Corp.			(19)			(213)
Total Reference Entity – Short Equity Securities						(105,331)

(a) Non-income producing security.

269

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
JNL Multi-Manager International Small Cap Fund
COMMON STOCKS 95.4%
Australia 5.3%
	Afterpay Touch Group Ltd. (a)	220		3,300
	Appen Ltd.	56		884
	Australian Pharmaceutical Industries Ltd.	2,005		2,160
	Beach Energy Ltd.	469		683
	Bellamy's Australia Ltd. (a)	245		1,933
	Breville Group Ltd.	30		343
	Charter Hall Ltd.	72		526
	CSR Ltd.	175		414
	Downer EDI Ltd.	85		466
	Inghams Group Ltd.	131		405
	New Hope Corp. Ltd.	250		535
	Sandfire Resources NL	337		1,655
	Whitehaven Coal Ltd.	354		1,014
			14,318
Belgium 0.1%
	Agfa-Gevaert NV (a)	90		376
Brazil 1.7%
	Azul SA - ADR (a)	64		1,881
	Notre Dame Intermedica Participacoes SA	172		1,437
	QGEP Participacoes SA	131		518
	Transmissora Alianca de Energia Eletrica SA	122		778
			4,614
Canada 6.4%
	AGF Holdings Inc. - Class B	413		1,673
	Artis REIT	45		371
	CAE Inc.	132		2,917
	Canfor Pulp Products Inc.	123		1,373
	Cargojet Inc.	27		1,651
	Cominar REIT	38		339
	Descartes Systems Group Inc. (a)	59		2,132
	Dream Global REIT	105		1,110
	FirstService Corp.	29		2,591
	Just Energy Group Inc.	182		617
	Kinaxis Inc. (a)	27		1,549
	Medical Facilities Corp.	47		622
	Transcontinental Inc. - Class A	38		481
			17,426
Chile 0.1%
	AES Gener SA	1,054		283
China 2.4%
	Aoyuan Healthy Life Group Co. Ltd. (a)	8		5
	China Aoyuan Property Group Ltd.	568		688
	China South City Holdings Ltd.	2,714		436
	Chlitina Holding Ltd.	72		692
	Hangzhou Tigermed Consulting Co. Ltd.	205		2,029
	Huaxin Cement Co. Ltd.	1,135		2,300
	Lao Feng Xiang Co. Ltd.	139		487
			6,637
Denmark 1.8%
	GN Store Nord A/S	11		535
	Royal Unibrew A/S	32		2,341
	SimCorp A/S	21		2,058
			4,934
France 0.5%
	Air France-KLM (a)	29		325
	Gaztransport et Technigaz SA	7		628
	Neopost SA	17		408
			1,361
Germany 4.2%
	Delivery Hero AG (a)	48		1,720
	Deutsche Bank AG	52		639
	Evotec AG (a)	79		2,109
	Isra Vision AG	55		2,081
	Nemetschek SE	10		1,670
	RIB Software SE	91		1,509
	Salzgitter AG	12		355
	Wuestenrot & Wuerttembergische AG	62		1,201
			11,284
		Shares/Par¹		Value ($)
Greece 0.3%
	Motor Oil Hellas Corinth Refineries SA	38		890
Hong Kong 1.8%
	Poly Property Group Co. Ltd.	934		365
	SmarTone Telecommunications Holding Ltd.	310		337
	Vitasoy International Holdings Ltd.	402		1,952
	Yuexiu Property Co. Ltd.	9,507		2,293
			4,947
India 2.3%
	Granules India Ltd.	447		740
	Ipca Laboratories Ltd.	33		465
	Karnataka Bank Ltd.	309		597
	NIIT Technologies Ltd.	87		1,668
	Power Finance Corp. Ltd.	517		919
	Syngene International Ltd.	211		1,820
			6,209
Indonesia 0.5%
	PT Indo Tambangraya Megah Tbk	545		917
	PT Tambang Batubara Bukit Asam Tbk	1,274		378
			1,295
Ireland 1.4%
	C&C Group Plc	560		1,996
	Keywords Studios Plc	110		1,665
			3,661
Israel 0.9%
	Wix.com Ltd. (a)	20		2,447
Italy 3.4%
	Amplifon SpA	108		2,108
	Brembo SpA	163		1,851
	Immobiliare Grande Distribuzione SIIQ SpA	155		1,121
	Interpump Group SpA	65		2,126
	Unipol Gruppo SpA	430		2,146
			9,352
Japan 18.4%
	Adastria Co. Ltd.	87		1,924
	Akatsuki Inc.	8		454
	Asahi Intecc Co. Ltd.	46		2,162
	Cosmo Energy Holdings Co. Ltd.	47		933
	Daiho Corp.	15		438
	Edion Corp.	58		508
	En-Japan Inc.	51		1,478
	Geo Holdings Corp.	32		444
	GMO Payment Gateway Inc.	43		3,091
	Green Hospital Supply Inc.	21		863
	Harmonic Drive Systems Inc.	44		1,502
	Haseko Corp.	231		2,896
	Japan Aviation Electronics Industry Ltd.	5		68
	Japan Material Co. Ltd.	163		1,995
	JVC Kenwood Corp.	400		970
	Kanamoto Co. Ltd.	12		287
	Kumagai Gumi Co. Ltd.	35		1,091
	Kyowa Exeo Corp.	31		851
	Lasertec Corp.	49		2,060
	Makino Milling Machine Co. Ltd.	8		347
	Mercari Inc. (a)	64		1,981
	Mixi Inc.	69		1,596
	MonotaRO Co. Ltd.	73		1,616
	NET One Systems Co. Ltd.	49		1,248
	Nihon M&A Center Inc.	103		2,817
	Nippon Carbon Co. Ltd.	9		404
	Nishimatsu Construction Co. Ltd.	19		432
	Pigeon Corp.	40		1,659
	Raksul Inc. (a)	38		1,593
	Rakus Co. Ltd.	102		1,867
	Showa Corp.	84		1,074
	Sumitomo Forestry Co. Ltd.	34		466
	Taiyo Yuden Co. Ltd.	72		1,424
	Takeuchi Mfg Co. Ltd.	67		1,177
	Toei Animation Co. Ltd.	10		503
	Toho Holdings Co. Ltd.	18		457
	Towa Pharmaceutical Co. Ltd.	53		1,392
	Unipres Corp.	30		465

270

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
	Valor Holdings Co. Ltd.	17		422
	Yuasa Trading Co. Ltd.	13		366
	Yume No Machi Souzou Iinkai Co. Ltd.	77		1,109
	ZOZO Inc.	89		1,676
			50,106
Jersey 0.5%
	Sanne Group Plc	204		1,430
Malaysia 0.1%
	George Kent (Malaysia) Bhd	1,182		331
Mexico 1.7%
	CIBanco SA Institucion de Banca Multiple	1,983		2,163
	Concentradora Fibra Danhos SA de CV	750		1,069
	Regional SAB de CV	271		1,365
			4,597
Netherlands 2.8%
	ASR Nederland NV	62		2,565
	Koninklijke VolkerWessels NV	46		948
	Shop Apotheke Europe NV (a)	31		1,268
	Takeaway.com NV (a)	38		2,924
			7,705
Norway 2.8%
	Aker ASA	4		337
	Austevoll Seafood ASA	38		452
	Grieg Seafood ASA	134		1,630
	Salmar ASA	20		984
	SpareBank 1 Nord-Norge	166		1,228
	SpareBank 1 SMN	133		1,355
	Storebrand ASA	193		1,508
			7,494
Portugal 0.1%
	Altri SGPS SA	43		337
Singapore 0.9%
	Yanlord Land Group Ltd.	2,325		2,340
South Africa 0.5%
	African Rainbow Minerals Ltd.	77		905
	Astral Foods Ltd.	39		453
			1,358
South Korea 4.6%
	Cafe24 Corp. (a)	18		1,701
	Dentium Co. Ltd.	22		1,178
	Duzon Bizon Co. Ltd.	39		1,594
	Hyosung Corp.	25		1,663
	Hyundai Development Co.	60		1,002
	JB Financial Group Co. Ltd.	185		911
	LF Corp.	21		453
	Medy-Tox Inc.	3		1,780
	MERITZ Securities Co. Ltd.	196		842
	Partron Co. Ltd.	55		645
	SFA Engineering Corp.	22		822
			12,591
Spain 0.1%
	ENCE Energia y Celulosa SA	48		268
Sweden 8.3%
	Avanza Bank Holding AB	60		2,561
	Axfood AB	46		864
	Betsson AB	42		318
	Bilia AB	122		1,039
	Biotage AB	141		1,801
	CellaVision AB	55		1,641
	Dios Fastigheter AB	47		386
	G&L Beijer Ref AB	158		2,549
	Hemfosa Fastigheter AB	143		1,255
	Indutrade AB	77		2,193
	Medicover AB (a)	144		1,295
	Nobina AB	275		1,777
	Nyfosa AB (a)	166		996
	Peab AB	149		1,286
	SSAB AB	147		450
	Vitrolife AB	78		1,768
	Wihlborgs Fastigheter AB	34		461
			22,640
		Shares/Par¹		Value ($)
Switzerland 2.1%
	Implenia AG	27		798
	Sunrise Communications AG - Class N	6		433
	Tecan Group AG	9		2,094
	VAT Group AG	22		2,299
			5,624
Taiwan 5.5%
	Accton Technology Corp.	378		1,537
	AirTAC International Group	125		1,619
	Coretronic Corp.	1,494		2,365
	Makalot Industrial Co. Ltd.	360		2,531
	Radiant Opto-Electronics Corp.	774		2,483
	Simplo Technology Co. Ltd.	219		1,936
	Sunny Friend Environmental Technology Co. Ltd.	206		1,613
	Unimicron Technology Corp.	557		538
	Walsin Lihwa Corp.	590		339
			14,961
Thailand 0.5%
	Esso Thailand PCL	3,809		1,325
Turkey 0.6%
	Soda Sanayii A/S	501		673
	Tekfen Holding AS	224		908
			1,581
United Kingdom 12.3%
	Abcam Plc	104		1,534
	Accesso Technology Group Plc (a)	126		1,416
	ASOS Plc (a)	45		1,869
	Bellway Plc	10		410
	Capital Shopping Centres Group Plc	328		455
	Cineworld Group Plc	174		663
	Craneware Plc	58		1,848
	Dechra Pharmaceuticals Plc	54		1,886
	Evraz Plc	353		2,859
	FirstGroup Plc (a)	332		394
	Frontier Developments Plc (a)	83		1,056
	GB Group Plc	263		1,676
	Go-Ahead Group Plc	17		446
	Greggs Plc	48		1,160
	Halma Plc	98		2,140
	Hikma Pharmaceuticals Plc	59		1,372
	Intermediate Capital Group Plc	49		677
	Just Group Plc	245		195
	Keller Group Plc	86		688
	Northgate Plc	316		1,536
	Petrofac Ltd.	151		961
	Phoenix Group Holdings Plc	146		1,286
	Redrow Plc	56		435
	Serco Group Plc (a)	299		499
	Softcat Plc	46		493
	Spirax-Sarco Engineering Plc	24		2,282
	Stagecoach Group Plc	228		455
	Tate & Lyle Plc	52		493
	Wizz Air Holdings Plc (a)	60		2,346
			33,530
United States of America 0.5%
	Elastic NV (a)	16		1,300
	Total Common Stocks (cost $269,315)		259,552
PREFERRED STOCKS 0.5%
Brazil 0.5%
	Banco do Estado do Rio Grande do Sul SA	105		652
	Randon SA Implementos E Participacoes	272		676
	Total Preferred Stocks (cost $1,126)		1,328
WARRANTS 0.5%
China 0.5%
	Wuhan Raycus Fiber Laser Technologies Co. Ltd. (a) (b)	58		1,500
	Total Warrants (cost $1,368)		1,500

271

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
SHORT TERM INVESTMENTS 3.0%
Investment Companies 3.0%
	JNL Government Money Market Fund - Institutional Class, 2.33% (c) (d)	8,212		8,212
	Total Short Term Investments (cost $8,212)		8,212
Total Investments 99.4% (cost $280,021)				270,592
Other Assets and Liabilities, Net 0.6%				1,606
Total Net Assets 100.0%				272,198

(a) Non-income producing security.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2019.

272

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
JNL Multi-Manager Mid Cap Fund
COMMON STOCKS 96.8%
Communication Services 2.4%
	CBS Corp. - Class B	101		4,780
	Cinemark Holdings Inc.	150		5,979
	Interpublic Group of Cos. Inc.	158		3,320
	John Wiley & Sons Inc. - Class A	116		5,152
	Live Nation Inc. (a)	109		6,951
			26,182
Consumer Discretionary 9.1%
	Advance Auto Parts Inc.	42		7,162
	Aptiv Plc	55		4,372
	AutoNation Inc. (a)	102		3,640
	BorgWarner Inc.	151		5,786
	Carter's Inc.	74		7,448
	Carvana Co. - Class A (a)	56		3,269
	Darden Restaurants Inc.	49		5,906
	Expedia Group Inc.	37		4,415
	Foot Locker Inc.	42		2,527
	Hasbro Inc.	136		11,530
	Ross Stores Inc.	57		5,279
	Sally Beauty Holdings Inc. (a)	263		4,851
	Service Corp. International	106		4,248
	Tractor Supply Co.	100		9,825
	Ulta Beauty Inc. (a)	30		10,462
	Vail Resorts Inc.	20		4,411
	Yum! Brands Inc.	56		5,577
			100,708
Consumer Staples 9.0%
	Archer-Daniels-Midland Co.	205		8,850
	Brown-Forman Corp. - Class B	127		6,703
	Campbell Soup Co.	119		4,537
	Casey's General Stores Inc.	40		5,164
	Flowers Foods Inc.	399		8,517
	Hormel Foods Corp.	275		12,292
	Ingredion Inc.	29		2,782
	JM Smucker Co.	76		8,912
	Kimberly-Clark Corp.	52		6,403
	Kroger Co.	237		5,842
	McCormick & Co. Inc.	42		6,251
	Molson Coors Brewing Co. - Class B	113		6,770
	Sysco Corp.	88		5,876
	TreeHouse Foods Inc. (a)	105		6,778
	US Foods Holding Corp. (a)	128		4,458
			100,135
Energy 2.7%
	Apergy Corp. (a)	52		2,123
	Cimarex Energy Co.	92		6,408
	Core Laboratories NV	37		2,523
	Devon Energy Corp.	205		6,481
	Parsley Energy Inc. - Class A (a)	206		3,968
	PDC Energy Inc. (a)	98		4,002
	Pioneer Natural Resources Co.	30		4,568
			30,073
Financials 13.6%
	Aflac Inc.	130		6,485
	Alleghany Corp. (a)	12		7,564
	Allstate Corp.	77		7,212
	American Financial Group Inc.	56		5,353
	Arch Capital Group Ltd. (a)	148		4,793
	Arthur J Gallagher & Co.	198		15,438
	Commerce Bancshares Inc.	76		4,442
	Cullen/Frost Bankers Inc.	59		5,776
	E*TRADE Financial Corp.	125		5,787
	Everest Re Group Ltd.	55		11,770
	Fidelity National Financial Inc.	165		6,042
	First Republic Bank	52		5,184
	Hartford Financial Services Group Inc.	76		3,774
	Markel Corp. (a)	4		3,883
	Morningstar Inc.	18		2,268
	Northern Trust Corp.	106		9,583
	Progressive Corp.	74		5,320
		Shares/Par¹		Value ($)
	Prosperity Bancshares Inc.	166		11,487
	SunTrust Banks Inc.	119		7,066
	SVB Financial Group (a)	16		3,447
	Travelers Cos. Inc.	56		7,623
	Western Alliance Bancorp (a)	82		3,369
	WR Berkley Corp.	79		6,656
			150,322
Health Care 13.8%
	Alexion Pharmaceuticals Inc. (a)	31		4,123
	AmerisourceBergen Corp.	118		9,363
	BioMarin Pharmaceutical Inc. (a)	56		4,983
	Bio-Rad Laboratories Inc. - Class A (a)	14		4,188
	Bio-Techne Corp.	45		8,935
	Cantel Medical Corp.	62		4,166
	Catalent Inc. (a)	148		6,028
	Cooper Cos. Inc.	25		7,404
	Covetrus Inc. (a)	4		125
	Dentsply Sirona Inc.	178		8,827
	Edwards Lifesciences Corp. (a)	44		8,416
	Henry Schein Inc. (a)	38		2,284
	ICON Plc (a)	25		3,455
	Integra LifeSciences Holdings Corp. (a)	193		10,782
	Laboratory Corp. of America Holdings (a)	45		6,808
	Masimo Corp. (a)	30		4,148
	Medidata Solutions Inc. (a)	78		5,713
	NuVasive Inc. (a)	68		3,855
	Premier Inc. - Class A (a)	74		2,545
	Quest Diagnostics Inc.	81		7,326
	Steris Plc	22		2,781
	Syneos Health Inc. - Class A (a)	60		3,116
	Varian Medical Systems Inc. (a)	29		4,096
	Veeva Systems Inc. - Class A (a)	73		9,261
	Waters Corp. (a)	53		13,341
	WellCare Health Plans Inc. (a)	10		2,590
	West Pharmaceutical Services Inc.	36		3,912
			152,571
Industrials 15.7%
	AGCO Corp.	83		5,790
	Air Lease Corp. - Class A	92		3,150
	Alaska Air Group Inc.	124		6,943
	AMETEK Inc.	156		12,952
	Fortive Corp.	128		10,780
	Gates Industrial Corp. Plc (a)	351		5,033
	Harris Corp.	31		4,999
	Hubbell Inc.	29		3,368
	IDEX Corp.	53		8,042
	Ingersoll-Rand Plc	83		9,023
	L3 Technologies Inc.	6		1,238
	Landstar System Inc.	62		6,730
	Manpower Inc.	41		3,430
	Masonite International Corp. (a)	44		2,215
	Nordson Corp.	81		10,800
	Old Dominion Freight Line Inc.	20		2,902
	Owens Corning Inc.	105		4,950
	Parker Hannifin Corp.	35		5,932
	Quanta Services Inc.	142		5,352
	Republic Services Inc.	57		4,594
	Ritchie Bros. Auctioneers Inc.	170		5,780
	Rockwell Automation Inc.	68		11,790
	Stericycle Inc. (a)	94		5,143
	Teledyne Technologies Inc. (a)	17		3,982
	Textron Inc.	137		6,940
	Verisk Analytics Inc.	72		9,642
	WABCO Holdings Inc. (a)	36		4,772
	Waste Connections Inc.	45		3,978
	Xylem Inc.	40		3,165
			173,415
Information Technology 18.8%
	Akamai Technologies Inc. (a)	50		3,585
	Alliance Data Systems Corp.	15		2,660
	Amdocs Ltd.	41		2,240
	Ansys Inc. (a)	25		4,568
	Aspen Technology Inc. (a)	55		5,745
	Autodesk Inc. (a)	31		4,753

273

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
	Black Knight Inc. (a)	95		5,194
	Blackbaud Inc.	75		6,020
	Box Inc. - Class A (a)	134		2,580
	CDW Corp.	64		6,158
	Coherent Inc. (a)	31		4,361
	DXC Technology Co.	75		4,854
	Fidelity National Information Services Inc.	37		4,170
	Flex Ltd. (a)	461		4,614
	Guidewire Software Inc. (a)	61		5,927
	Hewlett Packard Enterprise Co.	280		4,317
	IPG Photonics Corp. (a)	20		2,975
	Keysight Technologies Inc. (a)	68		5,971
	Lam Research Corp.	22		3,849
	Leidos Holdings Inc.	90		5,781
	LogMeIn Inc.	47		3,765
	MAXIMUS Inc.	82		5,846
	Motorola Solutions Inc.	41		5,735
	New Relic Inc. (a)	44		4,293
	Nuance Communications Inc. (a)	389		6,579
	Nutanix Inc. - Class A (a)	213		8,057
	Okta Inc. - Class A (a)	58		4,757
	Palo Alto Networks Inc. (a)	72		17,560
	Pure Storage Inc. - Class A (a)	287		6,254
	Red Hat Inc. (a)	25		4,567
	ServiceNow Inc. (a)	22		5,300
	Splunk Inc. (a)	125		15,600
	Synopsys Inc. (a)	79		9,008
	Tableau Software Inc. - Class A (a)	24		3,055
	Workday Inc. - Class A (a)	46		8,871
	Xilinx Inc.	63		8,051
			207,620
Materials 4.7%
	AptarGroup Inc.	134		14,269
	Ardagh Group SA - Class A	121		1,579
	Avery Dennison Corp.	30		3,370
	Eastman Chemical Co.	101		7,687
	International Flavors & Fragrances Inc.	53		6,826
	Packaging Corp. of America	33		3,285
	Reliance Steel & Aluminum Co.	118		10,659
	Valvoline Inc.	252		4,677
			52,352
Real Estate 4.4%
	Alexandria Real Estate Equities Inc.	43		6,130
	Healthcare Trust of America Inc. - Class A	243		6,959
	Highwoods Properties Inc.	84		3,944
	Jones Lang LaSalle Inc.	25		3,824
	Lamar Advertising Co. - Class A	87		6,898
	Liberty Property Trust	65		3,147
	National Retail Properties Inc.	86		4,753
	Public Storage	25		5,423
	Starwood Property Trust Inc.	253		5,655
	Vornado Realty Trust	37		2,495
			49,228
Utilities 2.6%
	Alliant Energy Corp.	95		4,497
	Ameren Corp.	70		5,141
	DTE Energy Co.	69		8,642
	Eversource Energy	73		5,165
	Xcel Energy Inc.	93		5,220
			28,665
	Total Common Stocks (cost $936,147)		1,071,271
SHORT TERM INVESTMENTS 3.7%
Investment Companies 3.1%
	JNL Government Money Market Fund - Institutional Class, 2.33% (b) (c)	34,865		34,865
Securities Lending Collateral 0.6%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.43% (b) (c)	6,239		6,239
	Total Short Term Investments (cost $41,104)		41,104
Total Investments 100.5% (cost $977,251)				1,112,375
Other Assets and Liabilities, Net (0.5)%				(5,203)
Total Net Assets 100.0%				1,107,172

(a) Non-income producing security.

(b) Investment in affiliate.

274

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
JNL Multi-Manager Small Cap Growth Fund
COMMON STOCKS 97.8%
Communication Services 4.2%
	Bandwidth Inc. - Class A (a)	70		4,674
	Boingo Wireless Inc. (a)	601		13,986
	Cargurus Inc. - Class A (a)	45		1,818
	Cogent Communications Group Inc.	14		782
	Gannett Co. Inc.	22		235
	GoDaddy Inc. - Class A (a)	121		9,063
	IAC/InterActiveCorp. (a)	32		6,793
	Liberty TripAdvisor Holdings Inc. - Class A (a)	41		582
	Live Nation Inc. (a)	117		7,458
	QuinStreet Inc. (a) (b)	283		3,779
	Rightmove Plc	2,937		19,521
	Take-Two Interactive Software Inc. (a)	55		5,202
	Trade Desk Inc. - Class A (a) (b)	48		9,473
	Tribune Publishing Co. (a)	54		639
	Vonage Holdings Corp. (a)	64		644
	World Wrestling Entertainment Inc. - Class A	37		3,207
	Yelp Inc. - Class A (a)	161		5,563
			93,419
Consumer Discretionary 12.2%
	American Eagle Outfitters Inc.	86		1,904
	Asbury Automotive Group Inc. (a)	59		4,105
	At Home Group Inc. (a)	99		1,760
	BJ's Restaurants Inc.	53		2,500
	Bloomin' Brands Inc.	33		682
	Boot Barn Holdings Inc. (a)	41		1,219
	Bright Horizons Family Solutions Inc. (a)	60		7,614
	Brinker International Inc.	51		2,258
	Brunswick Corp.	110		5,525
	Burlington Stores Inc. (a)	14		2,139
	Callaway Golf Co.	38		607
	Chegg Inc. (a)	134		5,097
	Churchill Downs Inc.	25		2,242
	Chuy's Holdings Inc. (a)	135		3,081
	Cracker Barrel Old Country Store Inc. (b)	3		541
	Crocs Inc. (a)	40		1,034
	Dave & Buster's Entertainment Inc.	91		4,529
	Dine Brands Global Inc. (b)	118		10,775
	Domino's Pizza Inc.	34		8,796
	Eldorado Resorts Inc. (a) (b)	237		11,082
	Etsy Inc. (a)	419		28,165
	Five Below Inc. (a)	15		1,890
	Fossil Group Inc. (a) (b)	21		285
	Fox Factory Holding Corp. (a)	406		28,379
	Funko Inc. - Class A (a) (b)	25		545
	Gentherm Inc. (a)	142		5,249
	G-III Apparel Group Ltd. (a) (b)	90		3,591
	Grand Canyon Education Inc. (a)	105		12,083
	Group 1 Automotive Inc.	7		468
	Hilton Grand Vacations Inc. (a)	149		4,603
	iRobot Corp. (a) (b)	4		444
	Laureate Education Inc. - Class A (a)	42		622
	Liberty Expedia Holdings Inc. - Class A (a)	8		356
	Liquidity Services Inc. (a)	122		942
	Malibu Boats Inc. - Class A (a)	31		1,235
	Marine Products Corp.	23		311
	MarineMax Inc. (a)	188		3,604
	Modine Manufacturing Co. (a)	449		6,223
	Monro Inc.	76		6,539
	National Vision Holdings Inc. (a)	127		3,977
	Noodles & Co. - Class A (a)	44		297
	Ollie's Bargain Outlet Holdings Inc. (a)	198		16,889
	OneSpaWorld Holdings Ltd. (a) (b)	824		11,255
	PetMed Express Inc. (b)	33		745
	Planet Fitness Inc. - Class A (a)	105		7,233
	Red Rock Resorts Inc. - Class A	164		4,228
	RH (a) (b)	9		875
	RTW Retailwinds Inc. (a)	46		111
	Sally Beauty Holdings Inc. (a)	27		495
	Sportsman's Warehouse Holdings Inc. (a)	53		253
	Steven Madden Ltd.	130		4,397
		Shares/Par¹		Value ($)
	Stoneridge Inc. (a)	11		318
	Strategic Education Inc.	169		22,167
	Tenneco Inc.	9		195
	Vail Resorts Inc.	40		8,702
	Wingstop Inc.	31		2,361
	Wolverine World Wide Inc.	49		1,735
			269,257
Consumer Staples 2.7%
	BJ's Wholesale Club Holdings Inc. (a)	27		734
	Boston Beer Co. Inc. - Class A (a)	5		1,359
	Chefs' Warehouse Inc. (a)	385		11,944
	Coca-Cola Consolidated Inc.	6		1,796
	Freshpet Inc. (a)	121		5,124
	Hostess Brands Inc. - Class A (a)	52		644
	Ingles Markets Inc. - Class A	21		575
	Lancaster Colony Corp.	1		172
	Medifast Inc.	14		1,754
	Nomad Holdings Ltd. (a)	417		8,525
	Performance Food Group Co. (a)	96		3,798
	PriceSmart Inc.	74		4,359
	Simply Good Foods Co. (a)	433		8,922
	Sprouts Farmers Market Inc. (a)	463		9,972
	USANA Health Sciences Inc. (a)	5		407
			60,085
Energy 1.3%
	Archrock Inc.	23		226
	Cactus Inc. - Class A (a)	4		133
	Carrizo Oil & Gas Inc. (a) (b)	21		264
	CONSOL Energy Inc. (a)	14		480
	Delek US Holdings Inc.	47		1,697
	Denbury Resources Inc. (a) (b)	287		587
	Diamondback Energy Inc.	42		4,312
	DMC Global Inc.	179		8,885
	Evolution Petroleum Corp.	25		171
	Liberty Oilfield Services Inc. - Class A (b)	74		1,145
	Matador Resources Co. (a) (b)	144		2,778
	Matrix Service Co. (a)	27		527
	Newpark Resources Inc. (a)	683		6,260
	Renewable Energy Group Inc. (a)	6		130
	Solaris Oilfield Infrastructure Inc. - Class A (b)	21		350
	SRC Energy Inc. (a)	141		723
	Unit Corp. (a)	12		167
			28,835
Financials 8.1%
	AG Mortgage Investment Trust Inc.	37		621
	Alteryx Inc. - Class A (a)	9		734
	Amber Road Inc. (a)	278		2,407
	American Equity Investment Life Holding Co.	10		259
	Ameris Bancorp	36		1,224
	Appfolio Inc. - Class A (a)	5		389
	Bank of NT Butterfield & Son Ltd.	37		1,324
	Cadence Bancorp LLC - Class A	45		826
	Cherry Hill Mortgage Investment Corp.	43		739
	Cowen Inc. - Class A (a) (b)	37		542
	DocuSign Inc. (a)	444		23,025
	eHealth Inc. (a)	250		15,578
	Enova International Inc. (a)	61		1,394
	Essent Group Ltd. (a)	79		3,431
	FactSet Research Systems Inc.	42		10,361
	Federated Investors Inc. - Class B	15		440
	Federated National Holding Co.	22		348
	First Community Bancshares Inc.	8		249
	First Financial Bankshares Inc.	2		105
	FirstCash Inc.	155		13,433
	Green Dot Corp. - Class A (a)	96		5,805
	Independent Bank Corp.	17		1,406
	Interactive Brokers Group Inc.	346		17,985
	Kemper Corp.	87		6,648
	LendingTree Inc. (a) (b)	45		15,771
	MarketAxess Holdings Inc.	38		9,391
	Moelis & Co. - Class A	325		13,535
	Morningstar Inc.	104		13,135
	Northrim BanCorp Inc.	8		262
	On Deck Capital Inc. (a)	185		1,001

275

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
	Pacific City Financial Corp.	15		270
	Preferred Bank	30		1,353
	Primerica Inc.	56		6,950
	Regional Management Corp. (a)	5		111
	Republic Bancorp Inc. - Class A	7		313
	ShotSpotter Inc. (a) (b)	90		3,480
	Universal Insurance Holdings Inc.	60		1,873
	Victory Capital Holdings Inc. - Class A (a)	190		2,850
			179,568
Health Care 20.6%
	Acceleron Pharma Inc. (a) (b)	85		3,969
	Aimmune Therapeutics Inc. (a) (b)	123		2,752
	Amedisys Inc. (a)	19		2,286
	Amicus Therapeutics Inc. (a) (b)	352		4,783
	AMN Healthcare Services Inc. (a)	46		2,155
	AngioDynamics Inc. (a)	264		6,046
	ANI Pharmaceuticals Inc. (a)	38		2,667
	Apellis Pharmaceuticals Inc. (a)	185		3,599
	Arena Pharmaceuticals Inc. (a)	81		3,623
	Argenx SE - ADR (a)	71		8,839
	Array BioPharma Inc. (a)	95		2,313
	Arrowhead Pharmaceuticals Inc. (a) (b)	29		541
	Ascendis Pharma A/S - ADR (a)	39		4,564
	Assembly Biosciences Inc. (a)	56		1,110
	Audentes Therapeutics Inc. (a) (b)	102		3,988
	Autolus Therapeutics Plc - ADS (a) (b)	57		1,782
	Avanos Medical Inc. (a)	31		1,325
	Biospecifics Technologies Corp. (a)	7		406
	BioTelemetry Inc. (a)	13		833
	Bluebird Bio Inc. (a) (b)	33		5,200
	Blueprint Medicines Corp. (a)	56		4,475
	Cardiovascular Systems Inc. (a)	218		8,416
	Celyad SA - ADR (a) (b)	66		1,351
	Chemed Corp.	3		843
	Cidara Therapeutics Inc. (a) (b)	270		716
	Conmed Corp.	98		8,184
	Cooper Cos. Inc.	32		9,614
	Corvel Corp. (a)	3		168
	CRISPR Therapeutics AG (a) (b)	21		736
	CytomX Therapeutics Inc. (a)	269		2,887
	Dermira Inc. (a)	79		1,070
	DexCom Inc. (a)	52		6,181
	Editas Medicine Inc. (a) (b)	33		804
	Emergent BioSolutions Inc. (a)	40		2,025
	Enanta Pharmaceuticals Inc. (a)	78		7,377
	Ensign Group Inc.	224		11,476
	Epizyme Inc. (a)	189		2,347
	Equillium Inc. (a) (b)	143		1,147
	Exact Sciences Corp. (a)	139		11,972
	Fate Therapeutics Inc. (a)	201		3,533
	FibroGen Inc. (a)	61		3,331
	Fluidigm Corp. (a)	590		7,848
	Genfit - Class A - ADR (a)	99		2,379
	Genomic Health Inc. (a)	76		5,280
	Glaukos Corp. (a)	50		3,933
	Globus Medical Inc. - Class A (a)	174		8,591
	Gossamer Bio Inc. (a)	102		2,200
	GW Pharmaceuticals Plc - ADS (a) (b)	69		11,572
	Haemonetics Corp. (a)	16		1,394
	Halozyme Therapeutics Inc. (a)	31		491
	Hanger Orthopedic Group Inc. (a)	157		2,988
	Harvard Bioscience Inc. (a)	578		2,492
	HealthEquity Inc. (a)	222		16,409
	Horizon Pharma Plc (a)	440		11,641
	HTG Molecular Diagnostics Inc. (a) (b)	352		881
	Immunomedics Inc. (a) (b)	440		8,445
	Innoviva Inc. (a)	200		2,802
	Inogen Inc. (a)	32		3,064
	Insmed Inc. (a)	143		4,166
	Inspire Medical Systems Inc. (a)	24		1,371
	Insulet Corp. (a) (b)	50		4,770
	Intellia Therapeutics Inc. (a) (b)	36		610
	Intercept Pharmaceuticals Inc. (a) (b)	50		5,553
	Invacare Corp.	273		2,284
		Shares/Par¹		Value ($)
	Invitae Corp. (a)	147		3,452
	Iovance Biotherapeutics Inc. (a) (b)	258		2,457
	IRadimed Corp. (a) (b)	19		539
	iRhythm Technologies Inc. (a)	25		1,893
	Ironwood Pharmaceuticals Inc. - Class A (a)	238		3,222
	Iterum Therapeutics Plc (a) (b)	146		1,170
	Jounce Therapeutics Inc. (a)	57		350
	Kindred Healthcare Inc. (a)	370		3,396
	Kura Oncology Inc. (a) (b)	189		3,138
	LHC Group Inc. (a)	77		8,543
	Ligand Pharmaceuticals Inc. (a) (b)	165		20,744
	MacroGenics Inc. (a)	98		1,769
	Mallinckrodt Plc (a)	20		436
	Masimo Corp. (a)	111		15,332
	Medicines Co. (a) (b)	225		6,278
	Medpace Holdings Inc. (a)	33		1,937
	Melinta Therapeutics Inc. (a) (b)	148		526
	Mirati Therapeutics Inc. (a) (b)	18		1,345
	Molina Healthcare Inc. (a)	7		1,062
	Myovant Sciences Ltd. (a)	90		2,140
	National Research Corp. - Class A	249		9,627
	NeoGenomics Inc. (a) (b)	480		9,817
	Neurocrine Biosciences Inc. (a)	96		8,493
	Novocure Ltd. (a)	41		1,988
	Oxford Immunotec Global Plc (a)	396		6,820
	Pacira Pharmaceuticals Inc. (a)	42		1,607
	Paratek Pharmaceuticals Inc. (a) (b)	107		576
	Penumbra Inc. (a)	41		5,926
	Phibro Animal Health Corp. - Class A	34		1,135
	Puma Biotechnology Inc. (a) (b)	3		100
	Regenxbio Inc. (a)	5		308
	Repligen Corp. (a)	125		7,387
	Sage Therapeutics Inc. (a) (b)	23		3,596
	Sangamo Therapeutics Inc. (a) (b)	61		578
	SIGA Technologies Inc. (a) (b)	39		233
	Spero Therapeutics Inc. (a) (b)	87		1,118
	Staar Surgical Co. (a)	51		1,755
	Supernus Pharmaceuticals Inc. (a)	63		2,208
	Tactile Systems Technology Inc. (a)	9		481
	Tandem Diabetes Care Inc. (a)	41		2,583
	Teladoc Health Inc. (a) (b)	293		16,299
	Theravance Biopharma Inc. (a) (b)	50		1,129
	US Physical Therapy Inc.	97		10,207
	Veeva Systems Inc. - Class A (a)	71		9,022
	Vericel Corp. (a)	13		231
	West Pharmaceutical Services Inc.	55		6,036
	Wright Medical Group NV (a)	109		3,439
			455,026
Industrials 17.3%
	AAON Inc. (b)	366		16,892
	Advanced Disposal Services Inc. (a)	206		5,761
	Advanced Drainage Systems Inc.	46		1,191
	Aerojet Rocketdyne Holdings Inc. (a)	36		1,294
	Aircastle Ltd.	85		1,725
	Albany International Corp. - Class A	62		4,405
	Altra Holdings Inc.	148		4,581
	Applied Industrial Technologies Inc.	15		887
	ArcBest Corp.	7		216
	Atkore International Group Inc. (a)	44		950
	Axon Enterprise Inc. (a) (b)	345		18,769
	Azul SA - ADR (a)	416		12,143
	Barrett Business Services Inc.	3		258
	Chart Industries Inc. (a)	108		9,794
	Clean Harbors Inc. (a)	135		9,644
	Columbus Mckinnon Corp.	165		5,675
	Commercial Vehicle Group Inc. (a)	129		993
	Continental Building Products Inc. (a)	98		2,434
	Copart Inc. (a)	302		18,268
	CoStar Group Inc. (a)	54		25,213
	Covanta Holding Corp.	223		3,860
	Douglas Dynamics Inc.	205		7,810
	Echo Global Logistics Inc. (a)	55		1,361
	EMCOR Group Inc.	58		4,247
	Exponent Inc.	45		2,590

276

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
	Forward Air Corp.	106		6,852
	FTI Consulting Inc. (a)	39		3,008
	Generac Holdings Inc. (a)	72		3,674
	Greenbrier Cos. Inc.	14		440
	Harsco Corp. (a)	446		8,980
	Healthcare Services Group Inc.	120		3,942
	HEICO Corp. - Class A	252		21,176
	Heidrick & Struggles International Inc.	20		778
	Hexcel Corp.	94		6,522
	Hillenbrand Inc.	83		3,439
	HNI Corp.	14		490
	Insperity Inc.	14		1,698
	IntriCon Corp. (a)	19		481
	John Bean Technologies Corp.	71		6,515
	Kennametal Inc.	425		15,644
	Kforce Inc.	35		1,214
	Knight-Swift Transportation Holdings Inc. - Class A	144		4,690
	Kornit Digital Ltd. (a)	548		13,051
	Lawson Products Inc. (a)	169		5,291
	MasTec Inc. (a) (b)	79		3,779
	McGrath RentCorp	33		1,859
	Meritor Inc. (a)	157		3,203
	Mesa Air Group Inc. (a) (b)	57		476
	Mobile Mini Inc.	15		512
	NCI Building Systems Inc. (a)	70		429
	NOW Inc. (a)	9		132
	NV5 Holdings Inc. (a)	54		3,217
	Old Dominion Freight Line Inc.	121		17,485
	Omega Flex Inc. (b)	185		14,019
	Pitney Bowes Inc.	106		729
	Proto Labs Inc. (a)	31		3,221
	Raven Industries Inc.	22		856
	RBC Bearings Inc. (a)	63		8,028
	Rush Enterprises Inc. - Class A	162		6,765
	Safe Bulkers Inc. (a)	79		115
	Saia Inc. (a)	51		3,161
	Simpson Manufacturing Co. Inc.	101		5,967
	SiteOne Landscape Supply Inc. (a) (b)	162		9,286
	Teledyne Technologies Inc. (a)	31		7,444
	Tetra Tech Inc.	31		1,846
	Titan Machinery Inc. (a)	308		4,788
	TransUnion LLC	72		4,798
	Trex Co. Inc. (a)	72		4,424
	TriNet Group Inc. (a)	55		3,274
	Triton International Ltd. - Class A	37		1,155
	Turtle Beach Corp. (a) (b)	62		703
	Twin Disc Inc. (a)	15		247
	US Ecology Inc.	14		779
	USA Truck Inc. (a)	20		290
			381,833
Information Technology 28.5%
	2U Inc. (a)	121		8,607
	Acacia Communications Inc. (a)	42		2,387
	ACI Worldwide Inc. (a)	13		422
	Ansys Inc. (a)	58		10,516
	Arco Platform Ltd. - Class A (a)	108		3,484
	ASGN Inc. (a)	14		903
	Aspen Technology Inc. (a)	167		17,438
	Auto Trader Group Plc	3,655		24,813
	Autohome Inc. - Class A - ADR (a) (b)	369		38,793
	Avalara Inc. (a)	169		9,404
	Badger Meter Inc.	24		1,323
	Benefitfocus Inc. (a) (b)	10		507
	Black Knight Inc. (a)	209		11,413
	Blackline Inc. (a)	292		13,531
	Brooks Automation Inc.	456		13,373
	Cabot Microelectronics Corp.	14		1,562
	CACI International Inc. - Class A (a)	6		1,043
	Carbonite Inc. (a)	409		10,156
	CEVA Inc. (a)	89		2,412
	Ciena Corp. (a)	21		784
	Cirrus Logic Inc. (a)	18		760
	Cornerstone OnDemand Inc. (a)	300		16,421
	Coupa Software Inc. (a)	269		24,514
		Shares/Par¹		Value ($)
	Cypress Semiconductor Corp.	369		5,508
	Diodes Inc. (a)	20		684
	Endurance International Group Holdings Inc. (a)	70		508
	Entegris Inc.	23		831
	Envestnet Inc. (a)	76		4,953
	Euronet Worldwide Inc. (a)	195		27,808
	Everbridge Inc. (a)	48		3,603
	EVERTEC Inc.	8		211
	EVO Payments Inc. - Class A (a) (b)	147		4,261
	Fair Isaac Corp. (a)	27		7,451
	Globant SA (a)	113		8,059
	HubSpot Inc. (a)	30		4,995
	Immersion Corp. (a)	82		690
	Inphi Corp. (a)	134		5,859
	Integrated Device Technology Inc. (a)	39		1,916
	InterDigital Inc.	2		132
	InterXion Holding NV (a)	245		16,365
	j2 Global Inc.	3		266
	Kemet Corp.	7		125
	Limelight Networks Inc. (a)	829		2,678
	Littelfuse Inc.	58		10,505
	LivePerson Inc. (a)	896		26,008
	LiveRamp Holdings Inc. (a)	88		4,825
	Lumentum Holdings Inc. (a)	13		707
	Mesa Laboratories Inc.	23		5,372
	Mimecast Ltd. (a)	249		11,801
	MKS Instruments Inc.	112		10,432
	Monolithic Power Systems Inc.	73		9,945
	Nanometrics Inc. (a)	32		985
	NAPCO Security Technologies Inc. (a)	15		304
	New Relic Inc. (a)	36		3,531
	NVE Corp.	127		12,402
	OSI Systems Inc. (a)	132		11,523
	Paycom Software Inc. (a)	252		47,722
	Paylocity Holding Corp. (a)	228		20,376
	Plantronics Inc.	38		1,743
	Power Integrations Inc.	54		3,813
	PROS Holdings Inc. (a)	64		2,701
	Pure Storage Inc. - Class A (a)	190		4,150
	Q2 Holdings Inc. (a)	165		11,415
	Qualys Inc. (a)	4		344
	Quantenna Communications Inc. (a)	113		2,754
	Rapid7 Inc. (a)	73		3,737
	RingCentral Inc. - Class A (a)	278		29,974
	Rudolph Technologies Inc. (a)	105		2,402
	SailPoint Technologies Holdings Inc. (a)	83		2,378
	Science Applications International Corp.	14		1,109
	Silicon Laboratories Inc. (a)	117		9,460
	SMART Global Holdings Inc. (a)	40		759
	SPS Commerce Inc. (a)	129		13,642
	Tech Data Corp. (a)	12		1,209
	Ultra Clean Holdings Inc. (a) (b)	10		102
	Unisys Corp. (a) (b)	26		308
	Upland Software Inc. (a)	74		3,121
	Viavi Solutions Inc. (a)	353		4,364
	Virtusa Corp. (a)	254		13,598
	Vishay Intertechnology Inc.	25		461
	Vishay Precision Group Inc. (a)	18		611
	WEX Inc. (a)	34		6,518
	Wix.com Ltd. (a)	85		10,321
	WNS Holdings Ltd. - ADR (a)	86		4,592
	Workiva Inc. - Class A (a)	64		3,248
	Xperi Corp.	15		355
	Zendesk Inc. (a)	8		722
	Zscaler Inc. (a)	36		2,523
			630,341
Materials 2.2%
	Allegheny Technologies Inc. (a)	229		5,858
	Ashland Global Holdings Inc.	178		13,893
	Balchem Corp.	4		349
	Ferro Corp. (a)	222		4,205
	FutureFuel Corp.	48		650
	HB Fuller Co.	25		1,199
	Ingevity Corp. (a)	33		3,483

277

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
	Kraton Corp. (a)	27		876
	Kronos Worldwide Inc.	41		571
	Livent Corp. (a)	175		2,155
	Luxfer Holdings Plc	394		9,840
	Materion Corp.	9		505
	Ramaco Resources Inc. (a) (b)	2		13
	Ryerson Holding Corp. (a)	87		748
	Tredegar Corp.	28		455
	Trinseo SA	37		1,655
	Valhi Inc.	78		180
	Verso Corp. - Class A (a)	62		1,334
	Warrior Met Coal Inc.	11		346
			48,315
Real Estate 0.4%
	Americold Realty Trust (b)	26		797
	ARMOUR Residential REIT Inc.	156		3,053
	Innovative Industrial Properties Inc. (b)	36		2,941
	PS Business Parks Inc.	11		1,685
	Tanger Factory Outlet Centers Inc.	45		945
			9,421
Utilities 0.3%
	American States Water Co.	19		1,370
	AquaVenture Holdings Ltd. (a)	162		3,141
	New Jersey Resources Corp.	10		506
			5,017
	Total Common Stocks (cost $1,877,094)		2,161,117
INVESTMENT COMPANIES 0.1%
	iShares Russell 2000 Growth Index Fund (b)	14		2,764
	Total Investment Companies (cost $2,721)		2,764
SHORT TERM INVESTMENTS 2.9%
Investment Companies 1.8%
	JNL Government Money Market Fund - Institutional Class, 2.33% (c) (d)	40,392		40,392
Securities Lending Collateral 1.1%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.43% (c) (d)	24,054		24,054
	Total Short Term Investments (cost $64,446)		64,446
Total Investments 100.8% (cost $1,944,261)				2,228,327
Other Assets and Liabilities, Net (0.8)%				(17,406)
Total Net Assets 100.0%				2,210,921

(a) Non-income producing security.

(b) All or a portion of the security was on loan.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2019.

278

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
JNL Multi-Manager Small Cap Value Fund
COMMON STOCKS 95.5%
Communication Services 2.1%
	ATN International Inc.	5		268
	Emerald Expositions Events Inc.	630		8,002
	Gray Television Inc. (a)	131		2,802
	Hemisphere Media Group Inc. - Class A (a)	487		6,872
	Intelsat SA (a) (b)	16		247
	Marcus Corp.	38		1,525
	MSG Networks Inc. - Class A (a)	87		1,882
	QuinStreet Inc. (a) (b)	80		1,070
	Tegna Inc.	118		1,665
	Telephone & Data Systems Inc.	24		726
			25,059
Consumer Discretionary 11.6%
	American Eagle Outfitters Inc.	165		3,644
	American Outdoor Brands Corp. (a)	41		386
	America's Car-Mart Inc. (a)	230		21,003
	Beazer Homes USA Inc. (a)	34		394
	Big Lots Inc.	139		5,278
	Brinker International Inc.	96		4,260
	Buckle Inc. (b)	22		412
	Callaway Golf Co.	98		1,553
	Citi Trends Inc.	24		472
	Cooper Tire & Rubber Co.	10		294
	Dillard's Inc. - Class A (b)	9		639
	Dorman Products Inc. (a) (b)	83		7,311
	El Pollo Loco Holdings Inc. (a)	25		331
	Extended Stay America Inc. - Class B	329		5,913
	Fossil Group Inc. (a) (b)	43		591
	Fox Factory Holding Corp. (a)	18		1,237
	Gildan Activewear Inc.	395		14,205
	Group 1 Automotive Inc.	52		3,360
	Helen of Troy Ltd. (a)	131		15,220
	KB Home	27		651
	Laureate Education Inc. - Class A (a)	11		168
	LCI Industries	50		3,830
	Liberty Expedia Holdings Inc. - Class A (a)	26		1,124
	Malibu Boats Inc. - Class A (a)	159		6,277
	Murphy USA Inc. (a)	20		1,713
	Office Depot Inc.	1,352		4,909
	Rocky Brands Inc.	28		682
	Sally Beauty Holdings Inc. (a)	35		653
	Shoe Carnival Inc. (b)	70		2,369
	Skechers U.S.A. Inc. - Class A (a)	40		1,332
	Speedway Motorsports Inc.	15		211
	Tower International Inc.	19		399
	TRI Pointe Homes Inc. (a)	59		742
	Tupperware Brands Corp.	40		1,030
	Williams-Sonoma Inc. (b)	182		10,213
	Winnebago Industries Inc.	520		16,214
			139,020
Consumer Staples 1.6%
	Central Garden & Pet Co. - Class A (a)	53		1,229
	Darling Ingredients Inc. (a)	196		4,233
	Energizer Holdings Inc.	58		2,624
	Hostess Brands Inc. - Class A (a)	163		2,036
	John B. Sanfilippo & Son Inc.	72		5,196
	Lancaster Colony Corp.	17		2,672
	Natural Grocers by Vitamin Cottage Inc. (a)	33		400
	Natural Health Trends Corp. (b)	14		177
	Seneca Foods Corp. - Class A (a)	9		221
	Village Super Market Inc. - Class A	13		361
			19,149
Energy 2.8%
	Arch Coal Inc. - Class A (b)	8		728
	Archrock Inc.	100		976
	Bonanza Creek Energy Inc. (a)	57		1,288
	CONSOL Energy Inc. (a)	4		142
	CVR Energy Inc.	68		2,817
	Denbury Resources Inc. (a) (b)	352		722
	FTS International Inc. (a)	148		1,475
	Gulfport Energy Corp. (a)	147		1,176
		Shares/Par¹		Value ($)
	Helix Energy Solutions Group Inc. (a)	33		263
	Matador Resources Co. (a) (b)	212		4,098
	Matrix Service Co. (a)	55		1,083
	Newpark Resources Inc. (a)	21		192
	Northern Oil and Gas Inc. (a) (b)	58		159
	PDC Energy Inc. (a) (b)	110		4,454
	Renewable Energy Group Inc. (a) (b)	63		1,391
	Ring Energy Inc. (a)	213		1,251
	SEACOR Holdings Inc. (a)	21		886
	SemGroup Corp. - Class A	26		384
	SilverBow Resources Inc. (a)	7		156
	Southwestern Energy Co. (a)	296		1,387
	Superior Energy Services Inc. (a)	544		2,541
	Unit Corp. (a)	97		1,382
	World Fuel Services Corp.	183		5,290
			34,241
Financials 19.1%
	1st Source Corp.	22		1,007
	AG Mortgage Investment Trust Inc.	41		694
	American Equity Investment Life Holding Co.	189		5,100
	Anworth Mortgage Asset Corp.	262		1,059
	Ares Commercial Real Estate Corp.	19		290
	BancFirst Corp.	17		900
	BancorpSouth Bank	271		7,634
	Bank of NT Butterfield & Son Ltd.	68		2,423
	Bank OZK	149		4,326
	BankUnited Inc.	114		3,820
	Banner Corp.	67		3,614
	Brown & Brown Inc.	174		5,135
	Cadence Bancorp LLC - Class A	176		3,272
	Cathay General Bancorp	258		8,770
	CBTX Inc.	35		1,152
	CenterState Bank Corp.	124		2,944
	Cherry Hill Mortgage Investment Corp.	51		884
	City Holdings Co.	16		1,253
	CNO Financial Group Inc.	98		1,579
	Commerce Bancshares Inc.	167		9,692
	Community Trust Bancorp Inc.	12		490
	Eagle Bancorp Inc. (a)	14		680
	Enstar Group Ltd. (a)	52		8,961
	Essent Group Ltd. (a)	180		7,812
	Farmers National Banc Corp.	10		136
	FBL Financial Group Inc. - Class A	8		526
	Federated Investors Inc. - Class B	62		1,814
	First American Financial Corp.	89		4,584
	First Bancshares Inc.	15		473
	First Community Bancshares Inc.	10		329
	First Defiance Financial Corp.	18		519
	First Interstate BancSystem Inc. - Class A	52		2,070
	FirstCash Inc.	128		11,063
	FNB Corp.	132		1,401
	Fulton Financial Corp.	132		2,041
	Glacier Bancorp Inc.	217		8,682
	Great Ajax Corp.	8		105
	Great Western Bancorp Inc.	21		662
	Hancock Whitney Co.	57		2,315
	Hanmi Financial Corp.	257		5,474
	Hanover Insurance Group Inc.	25		2,823
	HCI Group Inc. (b)	16		675
	Home Bancorp Inc.	8		268
	Hope Bancorp Inc.	92		1,198
	Independent Bank Corp.	32		2,613
	International Bancshares Corp.	18		689
	Lakeland Financial Corp.	12		547
	LPL Financial Holdings Inc.	46		3,179
	Macatawa Bank Corp.	34		336
	Merchants Bancorp Inc.	8		168
	MFA Financial Inc.	107		780
	National Western Life Group Inc. - Class A	19		4,933
	NMI Holdings Inc. - Class A (a)	62		1,608
	Northrim BanCorp Inc.	7		233
	Northwest Bancshares Inc.	89		1,517
	Old Second Bancorp Inc.	33		412
	PRA Group Inc. (a)	290		7,788

279

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
	Radian Group Inc.	122		2,528
	RBB Bancorp	16		299
	RenaissanceRe Holdings Ltd.	57		8,165
	Republic Bancorp Inc. - Class A	7		315
	S&T Bancorp Inc.	29		1,160
	Safety Insurance Group Inc.	11		984
	Sandy Spring Bancorp Inc.	99		3,101
	Sierra Bancorp	12		284
	Spirit Of Texas Bancshares Inc. (a)	13		284
	State Auto Financial Corp.	6		195
	TCF Financial Corp.	646		13,355
	Tristate Capital Holdings Inc. (a)	44		889
	UMB Financial Corp.	6		416
	Umpqua Holdings Corp.	545		8,996
	Universal Insurance Holdings Inc.	65		2,009
	Valley National Bancorp	338		3,236
	Virtu Financial Inc. - Class A	192		4,565
	Virtus Investment Partners Inc.	95		9,283
	Washington Federal Inc.	168		4,850
	Webster Financial Corp.	77		3,901
	WesBanco Inc.	42		1,653
	Wintrust Financial Corp.	24		1,632
	WSFS Financial Corp.	59		2,284
			229,836
Health Care 6.7%
	Acadia Pharmaceuticals Inc. (a) (b)	127		3,720
	Addus HomeCare Corp. (a)	105		6,693
	Akebia Therapeutics Inc. (a)	44		364
	ArQule Inc. (a) (b)	103		496
	Assertio Therapeutics Inc. (a)	101		510
	Avanos Medical Inc. (a)	34		1,443
	Charles River Laboratories International Inc. (a)	39		5,683
	CRISPR Therapeutics AG (a) (b)	20		699
	Endo International Plc (a)	65		525
	Hill-Rom Holdings Inc.	86		9,093
	Innoviva Inc. (a)	97		1,359
	Integer Holdings Corp. (a)	12		943
	Mallinckrodt Plc (a)	45		989
	Medidata Solutions Inc. (a)	91		6,638
	MEDNAX Inc. (a)	308		8,368
	National Healthcare Corp.	9		691
	Natus Medical Inc. (a)	306		7,766
	Patterson Cos. Inc.	29		623
	Phibro Animal Health Corp. - Class A	11		367
	Spectrum Pharmaceuticals Inc. (a)	147		1,574
	Syneos Health Inc. - Class A (a)	224		11,591
	Utah Medical Products Inc.	5		398
	Varex Imaging Corp. (a)	289		9,778
			80,311
Industrials 23.2%
	AAR Corp.	38		1,242
	Actuant Corp. - Class A	306		7,467
	Air Lease Corp. - Class A	338		11,603
	Aircastle Ltd.	120		2,425
	American Woodmark Corp. (a) (b)	138		11,453
	ArcBest Corp.	38		1,172
	AZZ Inc.	47		1,923
	Beacon Roofing Supply Inc. (a)	227		7,316
	CAI International Inc. (a)	15		337
	Colfax Corp. (a)	585		17,378
	Covenant Transportation Group Inc. - Class A (a)	14		266
	CRA International Inc.	6		310
	Crane Co.	111		9,393
	Donaldson Co. Inc.	151		7,549
	Dycom Industries Inc. (a) (b)	172		7,888
	Echo Global Logistics Inc. (a)	28		689
	EMCOR Group Inc.	193		14,096
	EnerSys Inc.	138		8,973
	ESCO Technologies Inc.	3		221
	FTI Consulting Inc. (a)	59		4,540
	Gates Industrial Corp. Plc (a)	516		7,402
	Gorman-Rupp Co.	75		2,541
	Graco Inc.	52		2,580
	Graham Corp.	14		276
		Shares/Par¹		Value ($)
	Great Lakes Dredge & Dock Corp. (a)	54		485
	Greenbrier Cos. Inc.	15		468
	Hawaiian Holdings Inc.	82		2,157
	Heidrick & Struggles International Inc.	19		717
	Hertz Global Holdings Inc. (a) (b)	333		5,784
	Hexcel Corp.	101		7,013
	Hurco Cos. Inc.	8		307
	KBR Inc.	121		2,308
	Kennametal Inc.	57		2,082
	MasTec Inc. (a) (b)	95		4,569
	Meritor Inc. (a)	45		911
	Mesa Air Group Inc. (a) (b)	60		501
	Miller Industries Inc.	7		202
	National Presto Industries Inc. (b)	5		498
	Navigant Consulting Inc.	69		1,340
	NOW Inc. (a) (b)	413		5,761
	PGT Innovations Inc. (a)	797		11,045
	Pitney Bowes Inc.	215		1,480
	Quanex Building Products Corp.	501		7,956
	Rexnord Corp. (a)	30		749
	Rush Enterprises Inc. - Class A	155		6,460
	Safe Bulkers Inc. (a)	282		412
	SkyWest Inc.	26		1,401
	SP Plus Corp. (a)	430		14,685
	SPX Corp. (a)	169		5,877
	Steelcase Inc. - Class A	742		10,802
	Sterling Construction Co. Inc. (a)	42		528
	Team Inc. (a) (b)	124		2,176
	Teledyne Technologies Inc. (a)	11		2,671
	Thermon Group Holdings Inc. (a)	413		10,118
	TriMas Corp. (a)	35		1,048
	Triton International Ltd. - Class A	93		2,881
	Twin Disc Inc. (a)	15		248
	UniFirst Corp.	95		14,582
	USA Truck Inc. (a)	16		236
	Vectrus Inc. (a)	48		1,286
	Veritiv Corp. (a)	13		329
	WESCO International Inc. (a)	154		8,164
	Woodward Governor Co.	109		10,334
			279,611
Information Technology 10.4%
	Avaya Holdings Corp. (a)	137		2,307
	Cabot Microelectronics Corp.	76		8,543
	CACI International Inc. - Class A (a)	21		3,866
	Cass Information Systems Inc.	244		11,527
	Ciena Corp. (a)	115		4,307
	Cirrus Logic Inc. (a)	26		1,111
	Cohu Inc.	273		4,022
	Control4 Corp. (a)	160		2,704
	Diodes Inc. (a)	29		998
	Ebix Inc. (b)	87		4,282
	Entegris Inc.	181		6,456
	ePlus Inc. (a)	39		3,444
	EVERTEC Inc.	31		870
	Fabrinet (a)	12		635
	FLIR Systems Inc.	86		4,111
	II-VI Inc. (a)	94		3,485
	Infinera Corp. (a) (b)	189		821
	Insight Enterprises Inc. (a)	33		1,819
	InterDigital Inc.	25		1,636
	Kemet Corp.	66		1,127
	Kulicke & Soffa Industries Inc.	173		3,816
	Manhattan Associates Inc. (a)	283		15,607
	MongoDB Inc. - Class A (a) (b)	29		4,212
	Monotype Imaging Holdings Inc.	24		483
	MTS Systems Corp.	74		4,019
	NCR Corp. (a)	68		1,851
	NetGear Inc. (a)	11		375
	NVE Corp.	6		631
	Photronics Inc. (a)	101		956
	Plexus Corp. (a)	189		11,495
	Sanmina Corp. (a)	43		1,233
	Secureworks Corp. - Class A (a) (b)	13		244
	Tech Data Corp. (a)	85		8,749

280

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
	Vishay Intertechnology Inc.	168		3,109
			124,851
Materials 5.9%
	AK Steel Holding Corp. (a) (b)	905		2,489
	Allegheny Technologies Inc. (a)	15		392
	Boise Cascade Co.	27		714
	Cleveland-Cliffs Inc. (b)	161		1,606
	Commercial Metals Co.	64		1,087
	FutureFuel Corp.	20		274
	HB Fuller Co.	197		9,602
	Hecla Mining Co. (b)	1,262		2,902
	Louisiana-Pacific Corp.	14		336
	PolyOne Corp.	104		3,059
	Reliance Steel & Aluminum Co.	147		13,268
	Schnitzer Steel Industries Inc. - Class A	83		2,004
	Schweitzer-Mauduit International Inc.	414		16,038
	Stepan Co.	6		537
	Summit Materials Inc. - Class A (a) (b)	323		5,127
	Tredegar Corp.	20		318
	Trinseo SA	31		1,405
	Tronox Holdings Plc (b)	548		7,218
	Valhi Inc.	127		293
	Verso Corp. - Class A (a)	58		1,232
	Warrior Met Coal Inc.	43		1,310
			71,211
Real Estate 8.4%
	Agree Realty Corp.	74		5,128
	Arbor Realty Trust Inc. (b)	105		1,358
	ARMOUR Residential REIT Inc.	165		3,218
	Braemar Hotels & Resorts Inc.	140		1,707
	Brandywine Realty Trust	173		2,742
	Consolidated-Tomoka Land Co.	5		272
	CubeSmart	166		5,303
	Dynex Capital Inc.	177		1,080
	Getty Realty Corp.	160		5,130
	Gladstone Commercial Corp.	82		1,707
	Global Healthcare REIT Inc.	44		428
	Global Net Lease Inc.	81		1,537
	Hersha Hospitality Trust	14		239
	HFF Inc. - Class A	370		17,677
	Highwoods Properties Inc.	25		1,164
	Independence Realty Trust Inc.	197		2,130
	Invesco Mortgage Capital Inc.	64		1,013
	Jernigan Capital Inc.	68		1,439
	Jones Lang LaSalle Inc.	85		13,059
	Kite Realty Group Trust	199		3,185
	Lexington Realty Trust	378		3,425
	Mack-Cali Realty Corp.	232		5,161
	National Health Investors Inc.	20		1,543
	New York Mortgage Trust Inc. (b)	104		634
	One Liberty Properties Inc.	19		542
	Pebblebrook Hotel Trust	27		845
	Pennymac Mortgage Investment Trust	105		2,174
	Piedmont Office Realty Trust Inc. - Class A	23		471
	PS Business Parks Inc.	52		8,230
	QTS Realty Trust Inc. - Class A	46		2,062
	Ready Capital Corp.	22		330
	RLJ Lodging Trust	37		651
	Safehold Inc. (b)	6		121
	Sunstone Hotel Investors Inc.	49		709
	Terreno Realty Corp	58		2,456
	Washington Prime Group Inc. (b)	286		1,617
	Western Asset Mortgage Capital Corp.	56		575
			101,062
Utilities 3.7%
	Allete Inc.	36		2,889
	Avista Corp.	18		745
	Black Hills Corp.	61		4,553
	California Water Service Group	26		1,426
	Chesapeake Utilities Corp.	10		926
	Clearway Energy Inc. - Class C	73		1,100
	El Paso Electric Co.	23		1,380
	IDACORP Inc.	42		4,139
	MGE Energy Inc.	7		482
		Shares/Par¹		Value ($)
	New Jersey Resources Corp.	55		2,722
	ONE Gas Inc.	46		4,068
	Otter Tail Corp.	31		1,550
	PNM Resources Inc.	114		5,396
	Portland General Electric Co.	129		6,695
	Southwest Gas Corp.	32		2,604
	Spire Inc.	43		3,501
	Unitil Corp.	8		438
			44,614
	Total Common Stocks (cost $1,137,948)		1,148,965
INVESTMENT COMPANIES 0.3%
	iShares Russell 2000 Value ETF (b)	30		3,621
	Total Investment Companies (cost $3,638)		3,621
SHORT TERM INVESTMENTS 5.6%
Investment Companies 4.3%
	JNL Government Money Market Fund - Institutional Class, 2.33% (c) (d)	51,764		51,764
Securities Lending Collateral 1.3%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.43% (c) (d)	16,093		16,093
	Total Short Term Investments (cost $67,857)		67,857
Total Investments 101.4% (cost $1,209,443)				1,220,443
Other Assets and Liabilities, Net (1.4)%				(16,565)
Total Net Assets 100.0%				1,203,878

(a) Non-income producing security.

(b) All or a portion of the security was on loan.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2019.

281

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
JNL/Neuberger Berman Strategic Income Fund
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 11.7%
	Amcap Funding LLC
		Series 2018-A-1, 4.98%, 06/15/23 (a)	1,880		1,938
	Asset Backed Securities Corp. Home Equity Loan Trust
		Series 2006-A3-HE1, REMIC, 2.69%, (1M USD LIBOR + 0.20%), 01/25/36 (b)	24		24
	Bear Stearns Asset Backed Securities I Trust
		Series 2005-M1-AQ2, REMIC, 3.22%, (1M USD LIBOR + 0.74%), 09/25/35 (b)	2,430		2,419
		Series 2006-1M3-HE1, REMIC, 2.95%, (1M USD LIBOR + 0.46%), 12/25/35 (b)	1,600		1,571
	Chase Issuance Trust
		Series 2016-A-A2, 1.37%, 06/17/19	6,210		6,193
	Citigroup Commercial Mortgage Trust
		Interest Only, Series 2014-XA-GC25, REMIC, 1.00%, 09/12/24 (b)	13,593		619
		Interest Only, Series 2015-XA-GC27, REMIC, 1.38%, 12/12/24 (b)	7,868		486
	Commercial Mortgage Pass-Through Certificates
		Interest Only, Series 2013-XB-LC6, REMIC, 0.33%, 01/12/23 (a) (b)	14,500		185
		Interest Only, Series 2013-XB-CR6, REMIC, 0.54%, 02/10/23 (b)	2,500		49
		Interest Only, Series 2014-XA-LC15, REMIC, 1.23%, 03/12/24 (b)	18,520		834
		Interest Only, Series 2014-XA-UBS3, REMIC, 1.25%, 05/10/24 (b)	15,033		610
		Interest Only, Series 2014-XA-CR16, REMIC, 1.08%, 04/10/47 (b)	13,517		533
		Interest Only, Series 2014-XA-UBS6, REMIC, 0.94%, 12/10/47 (b)	12,294		473
	EquiFirst Mortgage Loan Trust
		Series 2003-1A1-2, REMIC, 3.61%, (1M USD LIBOR + 1.13%), 09/25/33 (b)	452		441
	Fannie Mae Connecticut Avenue Securities
		Series 2017-2M2-C02, 6.14%, (1M USD LIBOR + 3.65%), 09/25/29 (b)	5,574		6,006
		Series 2017-2M2-C04, 5.34%, (1M USD LIBOR + 2.85%), 11/26/29 (b)	1,553		1,606
		Series 2017-1M2-C03, REMIC, 5.49%, (1M USD LIBOR + 3.00%), 10/25/29 (b)	4,440		4,687
		Series 2017-1M2-C06, REMIC, 5.14%, (1M USD LIBOR + 2.65%), 02/25/30 (b)	5,350		5,499
		Series 2017-2M2-C06, REMIC, 5.29%, (1M USD LIBOR + 2.80%), 02/25/30 (b)	1,700		1,749
		Series 2018-2M2-C02, REMIC, 4.69%, (1M USD LIBOR + 2.20%), 08/26/30 (b)	4,340		4,314
	FRESB Mortgage Trust
		Series 2017-B-SB38, REMIC, 3.80%, 08/25/27 (a) (c)	1,921		1,581
	GS Mortgage Securities Corp. II
		Interest Only, Series 2015-XA-GC30, REMIC, 0.85%, 05/10/50 (b)	20,168		702
	GS Mortgage Securities Trust
		Interest Only, Series 2014-XA-GC18, REMIC, 1.03%, 01/12/24 (b)	18,148		717
		Interest Only, Series 2014-XA-GC26, REMIC, 1.01%, 11/10/47 (b)	14,408		631
	Home Equity Mortgage Trust
		Series 2004-M2-5, REMIC, 4.09%, (1M USD LIBOR + 1.60%), 02/25/35 (b)	98		98
	JPMorgan Mortgage Acquisition Trust
		Series 2006-A5-ACC1, REMIC, 2.73%, (1M USD LIBOR + 0.24%), 05/25/36 (b)	—		—
	Mercedes-Benz Auto Receivables Trust
		Series 2018-A2A-1, 2.71%, 02/18/20	5,372		5,374
	Navient Student Loan Trust
		Series 2018-A1-3A, 2.76%, (1M USD LIBOR + 0.27%), 06/25/20 (a) (b)	662		662
	Newcastle Mortgage Securities Trust
		Series 2006-M2-1, REMIC, 2.86%, (1M USD LIBOR + 0.37%), 03/25/36 (b)	3,490		3,449
	Nissan Auto Receivables Owner Trust
		Series 2018-A2A-B, 2.76%, 07/15/21	7,500		7,504
			Shares/Par¹		Value ($)
	Permanent Master Issuer Plc
		Series 2018-1A1-1A, 3.17%, (3M USD LIBOR + 0.38%), 10/15/20 (a) (b)	750		747
	RAMP Trust
		Series 2005-M3-RZ4, REMIC, 3.27%, (1M USD LIBOR + 0.52%), 11/25/35 (b)	3,190		3,173
	Structured Asset Investment Loan Trust
		Series 2003-M1-BC5, REMIC, 3.61%, (1M USD LIBOR + 1.13%), 06/25/33 (b)	87		89
	Structured Asset Securities Corp.
		Series 2005-M3-NC1, REMIC, 3.27%, (1M USD LIBOR + 0.78%), 02/25/35 (b)	3,524		3,511
	Structured Asset Securities Corp. Mortgage Loan Trust
		Series 2005-M3-NC2, REMIC, 3.13%, (1M USD LIBOR + 0.65%), 05/25/35 (b)	32		32
	Toyota Auto Receivables Owner Trust
		Series 2018-A2A-B, 2.64%, 03/15/21	2,949		2,948
	Verizon Owner Trust
		Series 2016-A-2A, 1.68%, 05/20/21 (a)	2,759		2,749
		Series 2017-A-1A, 2.06%, 09/20/21 (a)	5,000		4,984
	Wells Fargo-RBS Commercial Mortgage Trust
		Interest Only, Series 2014-XA-C21, REMIC, 1.07%, 08/15/47 (b)	14,493		580
	WF-RBS Commercial Mortgage Trust
		Interest Only, Series 2014-XA-LC14, REMIC, 1.24%, 03/15/47 (b)	8,624		392
	World Omni Auto Receivables Trust
		Series 2019-A3-A, 3.04%, 10/15/22	2,350		2,369
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $80,390)			82,528
CORPORATE BONDS AND NOTES 46.4%
Communication Services 5.2%
	AMC Entertainment Inc.
		5.88%, 02/15/22 (d)	220		224
	AMC Networks Inc.
		5.00%, 04/01/24	520		523
	AT&T Inc.
		5.45%, 03/01/47	3,730		3,987
		4.50%, 03/09/48	2,125		1,998
	Cable One Inc.
		5.75%, 06/15/22 (a)	710		722
	CCO Holdings LLC
		5.25%, 09/30/22	340		346
		5.13%, 05/01/23 (a)	2,000		2,046
	CenturyLink Inc.
		6.45%, 06/15/21	590		614
	Comcast Corp.
		4.00%, 08/15/47	1,375		1,343
		4.95%, 10/15/58	2,895		3,202
	CSC Holdings LLC
		6.75%, 11/15/21	365		390
		5.13%, 12/15/21 (a)	1,200		1,202
		5.38%, 07/15/23 (a)	260		265
		5.50%, 05/15/26 (a)	1,000		1,029
	DISH DBS Corp.
		6.75%, 06/01/21	640		660
	Embarq Corp.
		8.00%, 06/01/36	260		253
	Frontier Communications Corp.
		11.00%, 09/15/25	950		626
	Gannett Co. Inc.
		5.13%, 10/15/19	480		481
	Intelsat Jackson Holdings SA
		5.50%, 08/01/23 (d)	1,500		1,331
	Liquid Telecommunications Financing Plc
		8.50%, 07/13/22	200		206
	Live Nation Entertainment Inc.
		4.88%, 11/01/24 (a)	500		503
	Numericable - SFR SA
		7.38%, 05/01/26 (a)	1,570		1,539
	Qwest Corp.
		6.75%, 12/01/21	670		710
	Sirius XM Radio Inc.
		4.63%, 05/15/23 (a)	345		349

282

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
		6.00%, 07/15/24 (a)	1,100		1,140
	Sprint Corp.
		7.63%, 03/01/26	1,690		1,715
	Sprint Nextel Corp.
		7.00%, 08/15/20	435		451
	Telefonica Emisiones SAU
		5.52%, 03/01/49	2,395		2,506
	T-Mobile USA Inc.
		4.00%, 04/15/22 (d)	225		228
		6.00%, 03/01/23	1,200		1,233
	Unitymedia Hessen GmbH & Co. KG
		5.00%, 01/15/25 (a)	400		411
	Univision Communications Inc.
		6.75%, 09/15/22 (a)	640		650
		5.13%, 05/15/23 (a)	270		256
	Verizon Communications Inc.
		4.52%, 09/15/48	2,545		2,616
	Zayo Group LLC
		6.00%, 04/01/23	440		446
		6.38%, 05/15/25	160		161
				36,362
Consumer Discretionary 2.2%
	1011778 B.C. Unltd. Liability Co.
		4.63%, 01/15/22 (a)	105		105
		4.25%, 05/15/24 (a)	1,050		1,039
	Altice SA
		7.75%, 05/15/22 (a) (d)	1,790		1,790
	AMC Entertainment Inc.
		5.75%, 06/15/25	550		514
	Aramark Services Inc.
		5.13%, 01/15/24 (a)	480		493
	Boyd Gaming Corp.
		6.38%, 04/01/26	750		777
	Cedar Fair LP
		5.38%, 06/01/24	490		501
	Eldorado Resorts Inc.
		6.00%, 09/15/26	250		253
	GLP Capital LP
		4.88%, 11/01/20	490		499
	HD Supply Inc.
		5.38%, 10/15/26 (a)	240		245
	Hilton Worldwide Finance LLC
		4.63%, 04/01/25	240		243
	KFC Holding Co.
		5.25%, 06/01/26 (a)	480		485
	Lamar Media Corp.
		5.00%, 05/01/23	250		254
	Lennar Corp.
		5.38%, 10/01/22	440		460
		4.88%, 12/15/23	1,000		1,031
	Meritage Homes Corp.
		7.15%, 04/15/20	215		222
	MGM Resorts International
		6.63%, 12/15/21	1,415		1,515
	NCL Corp. Ltd.
		4.75%, 12/15/21 (a)	715		724
	Netflix Inc.
		5.50%, 02/15/22	490		514
	Next Plc
		3.63%, 05/18/28, GBP	640		849
	Nielsen Finance LLC
		4.50%, 10/01/20	250		250
	Penske Automotive Group Inc.
		3.75%, 08/15/20	345		345
		5.75%, 10/01/22	250		255
	Schaeffler Verwaltung Zwei GmbH
		5.25%, 09/15/23 (a) (e)	400		400
	Service Corp. International
		5.38%, 05/15/24	480		493
	ServiceMaster Co. LLC
		5.13%, 11/15/24 (a)	250		252
	Taylor Morrison Communities Inc.
		5.25%, 04/15/21 (a)	330		330
		5.63%, 03/01/24 (a)	260		257
			Shares/Par¹		Value ($)
	Wynn Las Vegas LLC
		5.50%, 03/01/25 (a)	520		514
				15,609
Consumer Staples 2.9%
	Albertsons Cos. LLC
		5.75%, 03/15/25	550		523
	Anheuser-Busch InBev Worldwide Inc.
		4.70%, 02/01/36 (a)	1,375		1,376
		4.60%, 04/15/48	1,525		1,467
		4.75%, 04/15/58	2,630		2,505
		5.80%, 01/23/59	4,795		5,331
	BAT Capital Corp.
		4.54%, 08/15/47	2,060		1,810
	Cencosud SA
		4.38%, 07/17/27 (a)	460		438
	Edgewell Personal Care Co.
		4.70%, 05/24/22	530		533
	Grupo Bimbo SAB de CV
		4.70%, 11/10/47 (a)	2,880		2,785
	JBS Investments GmbH
		7.25%, 04/03/24	400		412
	Kroger Co.
		5.40%, 01/15/49	2,140		2,221
	Marfrig Holdings Europe BV
		8.00%, 06/08/23	400		412
	Minerva Luxembourg SA
		6.50%, 09/20/26	310		305
	Post Holdings Inc.
		5.50%, 03/01/25 (a)	530		536
				20,654
Energy 7.4%
	Abu Dhabi Crude Oil Pipeline LLC
		3.65%, 11/02/29 (a)	200		199
		4.60%, 11/02/47 (a)	640		661
	Antero Resources Corp.
		5.13%, 12/01/22	350		352
	Antero Resources Midstream Management LLC
		5.38%, 09/15/24	500		505
	Ascent Resources Utica Holdings LLC
		10.00%, 04/01/22 (a)	209		229
		7.00%, 11/01/26 (a)	780		749
	Canadian Natural Resources Ltd.
		6.25%, 03/15/38	1,620		1,953
		4.95%, 06/01/47	1,200		1,309
	Cheniere Corpus Christi Holdings LLC
		5.88%, 03/31/25	490		533
	Cheniere Energy Partners LP
		5.25%, 10/01/25	750		767
	Chesapeake Energy Corp.
		6.63%, 08/15/20	220		227
		6.13%, 02/15/21	1,020		1,051
	Concho Resources Inc.
		4.88%, 10/01/47	1,675		1,777
	Crestwood Midstream Partners LP
		6.25%, 04/01/23 (c)	500		514
	DCP Midstream LLC
		5.60%, 04/01/44	290		280
	Energy Transfer LP
		5.80%, 06/15/38	2,335		2,480
	Energy Transfer Operating LP
		7.50%, 10/15/20	450		479
		6.25%, 04/15/49	1,760		1,974
	Energy Transfer Partners LP
		6.63%, (callable at 100 beginning 02/15/28) (f)	3,465		3,281
	EP Energy LLC
		6.38%, 06/15/23	750		157
	Gazprom OAO Via Gaz Capital SA
		5.15%, 02/11/26 (a)	1,095		1,113
	KazMunayGas National Co. JSC
		5.38%, 04/24/30 (a)	499		524
		5.75%, 04/19/47	630		656
		5.75%, 04/19/47 (a)	200		209
		6.38%, 10/24/48 (a) (d)	710		775

283

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Kinder Morgan Energy Partners LP
		4.15%, 02/01/24	2,825		2,924
	Kinder Morgan Inc.
		5.55%, 06/01/45	2,865		3,129
	Marathon Oil Corp.
		4.40%, 07/15/27	5,430		5,595
	MPLX LP
		4.70%, 04/15/48	3,635		3,481
	NuStar Logistics LP
		4.80%, 09/01/20	250		253
		4.75%, 02/01/22	950		960
	Oasis Petroleum Inc.
		6.88%, 03/15/22	340		343
	Oil & Gas Holding Co. BSC
		8.38%, 11/07/28 (a)	200		224
	Peru LNG Srl
		5.38%, 03/22/30 (a)	200		208
	Petrobras Global Finance BV
		6.90%, 03/19/49	116		115
	Petroleos del Peru SA
		4.75%, 06/19/32 (a)	400		410
	Petroleos Mexicanos
		5.35%, 02/12/28	198		184
		6.50%, 01/23/29 - 06/02/41	1,362		1,255
		6.38%, 01/23/45	122		108
		6.75%, 09/21/47	282		259
		6.35%, 02/12/48	103		91
	Precision Drilling Corp.
		5.25%, 11/15/24	570		535
	Range Resources Corp.
		5.00%, 08/15/22	500		495
	Rio Energy SA
		6.88%, 02/01/25 (a)	150		114
	Rockies Express Pipeline LLC
		5.63%, 04/15/20 (a)	240		246
	SemGroup Corp.
		5.63%, 11/15/23	270		253
	SM Energy Co.
		5.00%, 01/15/24	520		482
	Southern Gas Corridor CJSC Co.
		6.88%, 03/24/26	1,350		1,512
		6.88%, 03/24/26 (a)	206		232
	State Oil Co. of the Azerbaijan Republic
		4.75%, 03/13/23	740		757
		6.95%, 03/18/30	410		462
	Summit Midstream Holdings LLC
		5.50%, 08/15/22	335		332
		5.75%, 04/15/25	250		236
	Targa Resources Partners LP
		5.25%, 05/01/23	340		346
		4.25%, 11/15/23	1,050		1,048
	Total SA
		2.71%, (callable at 100 beginning 05/05/23), EUR (f)	1,375		1,621
	Tullow Oil Plc
		7.00%, 03/01/25 (a)	200		200
	Whiting Petroleum Corp.
		5.75%, 03/15/21	750		758
	WPX Energy Inc.
		5.25%, 09/15/24	260		263
				52,185
Energy 0.0%
	DCP Midstream LLC
		5.35%, 03/15/20 (a)	150		153
Financials 14.9%
	AerCap Ireland Capital DAC
		4.45%, 10/01/25	3,120		3,151
	Ally Financial Inc.
		8.00%, 03/15/20	1,880		1,965
		4.13%, 02/13/22 (d)	225		227
	Antero Resources Finance Corp.
		5.38%, 11/01/21	225		227
	Ardagh Packaging Finance Plc
		4.25%, 09/15/22 (a)	555		555
			Shares/Par¹		Value ($)
		6.00%, 02/15/25 (a)	800		799
	AXA Equitable Holdings Inc.
		5.00%, 04/20/48	2,380		2,326
	Banco de Credito e Inversiones
		3.50%, 10/12/27 (a)	200		194
	Banco Santander SA
		3.80%, 02/23/28	1,805		1,751
	Bank of America Corp.
		2.74%, 01/23/22	2,530		2,520
		3.71%, 04/24/28	2,495		2,507
		3.97%, 03/05/29	1,920		1,955
		4.33%, 03/15/50	2,870		2,960
	Brazil Minas SPE via State of Minas Gerais
		5.33%, 02/15/28	405		415
	CDW LLC
		5.00%, 09/01/23	490		500
	Chinalco Capital Holdings Ltd.
		4.25%, 04/21/22	200		197
	CIT Group Inc.
		5.00%, 08/15/22	970		1,012
	Citigroup Inc.
		3.89%, 01/10/28 (b)	3,615		3,673
		3.52%, 10/27/28	1,385		1,362
	CNH Industrial Capital LLC
		4.38%, 04/05/22	490		504
	Corporacion Financiera de Desarrollo SA
		5.25%, 07/15/29 (a) (b)	408		426
	CSN Resources SA
		6.50%, 07/21/20 (d)	230		229
	Dell EMC
		5.88%, 06/15/21 (a)	150		153
		5.45%, 06/15/23 (a)	3,630		3,863
		6.02%, 06/15/26 (a)	2,365		2,544
	Development Bank of Mongolia LLC
		7.25%, 10/23/23	200		208
		7.25%, 10/23/23 (a)	200		208
	E.On International Finance BV
		6.38%, 06/07/32, GBP	470		850
	General Motors Financial Co. Inc.
		5.10%, 01/17/24	2,335		2,427
	Goldman Sachs Group Inc.
		2.60%, 04/23/20	1,265		1,262
		3.69%, 06/05/28 (b)	2,410		2,384
		3.81%, 04/23/29	4,565		4,525
		4.02%, 10/31/38	2,080		1,995
		5.15%, 05/22/45	1,330		1,411
	GTH Finance BV
		7.25%, 04/26/23	410		438
	Huarong Finance Co. Ltd.
		4.00%, (callable at 100 beginning 11/07/22) (f)	200		194
		4.50%, (callable at 100 beginning 01/24/22) (f)	200		199
	JPMorgan Chase Bank NA
		3.88%, 07/24/38 (b)	1,940		1,907
	Jyske Realkredit A/S
		2.00%, 10/01/47, DKK	4,859		755
	Level 3 Financing Inc.
		5.38%, 01/15/24	750		765
	LPL Holdings Inc.
		5.75%, 09/15/25 (a)	520		527
	Morgan Stanley
		5.45%, (callable at 100 beginning 07/15/19) (f)	1,405		1,410
		3.59%, 07/22/28 (b)	4,255		4,225
	MSCI Inc.
		5.25%, 11/15/24 (a)	490		508
	Nationwide Building Society
		4.30%, 03/08/29 (a) (d)	1,135		1,150
	Navient Corp.
		4.88%, 06/17/19	1,865		1,868
	NGG Finance Plc
		5.63%, 06/18/73, GBP	1,730		2,414
	Nielsen Co.
		5.50%, 10/01/21 (a)	340		341
	Nielsen Finance LLC
		5.00%, 04/15/22 (a)	750		741

284

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Nykredit Realkredit A/S
		2.00%, 10/01/47, DKK	50,938		7,939
	OUTFRONT Media Capital LLC
		5.88%, 03/15/25	250		257
	Petrobras Global Finance BV
		7.38%, 01/17/27	512		564
	QNB Finansbank AS
		6.88%, 09/07/24 (a)	248		239
	Realkredit Danmark A/S
		2.00%, 10/01/47, DKK	40,844		6,345
	SABIC Capital II BV
		4.00%, 10/10/23 (a)	200		204
	Sasol Financing USA LLC
		5.88%, 03/27/24	200		212
		6.50%, 09/27/28	200		217
	Shire Acquisitions Investments Ireland Ltd.
		2.40%, 09/23/21	2,970		2,937
		3.20%, 09/23/26	2,785		2,693
	SLM Corp.
		5.50%, 01/25/23	455		458
	Springleaf Finance Corp.
		6.13%, 05/15/22	1,500		1,556
		5.63%, 03/15/23	345		350
	Starwood Property Trust Inc.
		3.63%, 02/01/21	250		250
	TC Ziraat Bankasi A/S
		4.25%, 07/03/19	200		198
		5.13%, 05/03/22 (a)	200		182
	Thames Water Utilities Cayman Finance Ltd.
		1.88%, 01/24/24, GBP	655		843
	Trade & Development Bank of Mongolia LLC
		9.38%, 05/19/20 (a)	200		209
	Turkiye Ihracat Kredi Bankasi AS
		6.13%, 05/03/24	350		314
	Ukreximbank Via Biz Finance Plc
		9.63%, 04/27/22 (a)	280		282
	VICI Properties 1 LLC
		8.00%, 10/15/23	200		219
	Virgin Media Secured Finance Plc
		5.50%, 08/15/26 (a)	400		407
	Vnesheconombank Via VEB Finance Plc
		6.90%, 07/09/20	300		308
		6.03%, 07/05/22	380		394
	Volkswagen International Finance NV
		3.38%, (callable at 100 beginning 06/27/24), EUR (f)	4,300		4,746
	Westpac Banking Corp.
		5.00%, (callable at 100 begininng 09/21/27) (f) (g)	3,720		3,331
	ZF North America Capital Inc.
		4.00%, 04/29/20 (a)	300		301
				104,682
Financials 0.1%
	Toll Brothers Finance Corp.
		5.88%, 02/15/22	320		337
Health Care 3.8%
	AbbVie Inc.
		4.70%, 05/14/45	2,385		2,297
	Acadia Pharmaceuticals Inc.
		5.63%, 02/15/23	530		536
	Bayer AG
		2.38%, 04/02/75, EUR	1,325		1,449
	Centene Corp.
		4.75%, 05/15/22	750		763
	CVS Health Corp.
		4.30%, 03/25/28	2,315		2,348
		5.05%, 03/25/48	5,865		5,915
	DaVita HealthCare Partners Inc.
		5.75%, 08/15/22	245		250
	Halfmoon Parent Inc.
		4.80%, 08/15/38 (a)	2,070		2,128
	HCA Inc.
		5.88%, 03/15/22	435		466
		5.25%, 04/15/25 - 06/15/26	3,510		3,767
			Shares/Par¹		Value ($)
		7.69%, 06/15/25	1,350		1,533
	Hologic Inc.
		4.38%, 10/15/25 (a)	240		239
	Iqvia Ltd.
		5.00%, 10/15/26 (a)	500		510
	Mednax Inc.
		6.25%, 01/15/27 (a)	250		253
	Quintiles Transnational Corp.
		4.88%, 05/15/23 (a)	340		346
	Tenet Healthcare Corp.
		6.75%, 06/15/23	1,000		1,030
	Universal Health Services Inc.
		4.75%, 08/01/22 (a)	340		344
	Valeant Pharmaceuticals International Inc.
		6.50%, 03/15/22 (a)	435		450
		5.88%, 05/15/23 (a)	1,270		1,286
	Vizient Inc.
		10.38%, 03/01/24 (a)	385		418
	WellCare Health Plans Inc.
		5.38%, 08/15/26 (a)	490		513
				26,841
Industrials 2.9%
	ADT Security Corp.
		6.25%, 10/15/21	325		341
		4.88%, 07/15/32 (a)	650		527
	Advanced Disposal Services Inc.
		5.63%, 11/15/24 (a)	500		508
	Aeropuerto Internacional de Tocumen SA
		6.00%, 11/18/48 (a)	222		244
	Aircastle Ltd.
		6.25%, 12/01/19	480		491
	Arconic Inc.
		6.15%, 08/15/20	220		227
	BBA US Holdings Inc.
		5.38%, 05/01/26 (a)	500		515
	Beacon Roofing Supply Inc.
		6.38%, 10/01/23	220		229
	General Electric Co.
		5.00%, (callable at 100 beginning 01/21/21) (d) (f)	6,996		6,532
	Hertz Corp.
		5.88%, 10/15/20	225		225
		7.63%, 06/01/22 (a)	750		768
	IHS Markit Ltd.
		5.00%, 11/01/22 (a)	480		500
	Indika Energy Capital III Pte Ltd.
		5.88%, 11/09/24	400		381
	Masonite International Corp.
		5.63%, 03/15/23 (a)	490		502
	Mexico City Airport Trust
		5.50%, 07/31/47 (a)	200		185
	Nielsen Co. Luxembourg SARL
		5.00%, 02/01/25 (a)	250		241
	Park Aerospace Holdings Ltd.
		3.63%, 03/15/21 (a)	465		462
		5.25%, 08/15/22 (a)	1,500		1,537
	Prime Security Services Borrower LLC
		9.25%, 05/15/23 (a)	803		844
	RBS Global Inc.
		4.88%, 12/15/25 (a)	250		248
	RR Donnelley & Sons Co.
		7.63%, 06/15/20	255		260
	Sensata Technologies Finance Co. Plc
		6.25%, 02/15/26 (a)	400		424
	Stevens Holding Co. Inc.
		6.13%, 10/01/26 (a)	490		505
	Suzano Austria GmbH
		7.00%, 03/16/47 (a)	221		246
	Toll Brothers Finance Corp.
		4.38%, 04/15/23	520		522
	Turkiye Sise ve Cam Fabrikalari AS
		6.95%, 03/14/26 (a)	200		193
	United Rentals North America Inc.
		5.75%, 11/15/24	250		257

285

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Westinghouse Air Brake Technologies Corp.
		4.15%, 03/15/24 (h)	2,215		2,251
				20,165
Information Technology 2.1%
	Amkor Technology Inc.
		6.38%, 10/01/22	490		498
	Apple Inc.
		4.65%, 02/23/46	2,415		2,730
	CDK Global Inc.
		4.88%, 06/01/27	530		529
	CommScope Inc.
		5.00%, 06/15/21 (a)	340		341
	CommScope Technologies LLC
		6.00%, 06/15/25 (a)	530		515
	EMC Corp.
		2.65%, 06/01/20	530		526
	First Data Corp.
		5.38%, 08/15/23 (a)	340		348
		5.00%, 01/15/24 (a)	750		770
	Hewlett Packard Enterprise Co.
		3.60%, 10/15/20	2,260		2,282
	Inception Merger Sub Inc.
		8.63%, 11/15/24 (a)	300		270
	Infor Software Parent LLC
		7.88%, 05/01/21 (a) (e)	490		491
	j2 Cloud Services LLC
		6.00%, 07/15/25 (a)	250		260
	Microchip Technology Inc.
		4.33%, 06/01/23 (a)	2,950		3,015
	Nuance Communications Inc.
		6.00%, 07/01/24	480		494
	NXP BV
		4.13%, 06/01/21 (a)	500		509
	Open Text Corp.
		5.63%, 01/15/23 (a)	335		344
		5.88%, 06/01/26 (a)	250		261
	West Corp.
		8.50%, 10/15/25 (a)	600		516
	Western Digital Corp.
		4.75%, 02/15/26	270		257
				14,956
Materials 2.5%
	Anglo American Capital Plc
		4.50%, 03/15/28 (a)	1,665		1,664
	Ball Corp.
		4.38%, 12/15/20	490		498
	Berry Plastics Corp.
		5.50%, 05/15/22	220		223
		5.13%, 07/15/23	490		498
	Big River Steel LLC
		7.25%, 09/01/25 (a)	245		256
	BWAY Holding Co.
		5.50%, 04/15/24 (a)	490		487
	Cemex SAB de CV
		7.75%, 04/16/26	200		218
	China Minmetals Corp.
		3.75%, (callable at 100 beginning 11/13/22) (f)	644		628
		4.45%, (callable at 100 beginning 05/13/21) (f)	210		211
	CNAC HK Synbridge Co. Ltd.
		5.13%, 03/14/28	410		441
	Codelco
		6.15%, 10/24/36	190		234
	Crown Americas LLC
		4.50%, 01/15/23	490		495
	DowDuPont Inc.
		4.73%, 11/15/28	1,340		1,447
	FMG Resources August 2006 Pty Ltd.
		4.75%, 05/15/22 (a)	875		877
	Freeport-McMoRan Inc.
		3.88%, 03/15/23	615		606
		5.45%, 03/15/43	1,200		1,049
	Graphic Packaging International Inc.
		4.75%, 04/15/21	225		228
		4.88%, 11/15/22	490		500
			Shares/Par¹		Value ($)
	Hudbay Minerals Inc.
		7.25%, 01/15/23 (a)	335		347
		7.63%, 01/15/25 (a)	240		247
	Indonesia Asahan Aluminium Persero PT
		6.76%, 11/15/48	600		691
	NOVA Chemicals Corp.
		5.25%, 08/01/23 (a)	340		344
		4.88%, 06/01/24 (a)	1,050		1,031
	Novelis Corp.
		6.25%, 08/15/24 (a)	490		501
	Owens-Brockway Glass Container Inc.
		5.00%, 01/15/22 (a)	470		482
	Reynolds Group Holdings Inc.
		6.88%, 02/15/21	336		337
	Reynolds Group Issuer Inc.
		5.13%, 07/15/23 (a)	455		463
	Rusal Capital DAC
		5.13%, 02/02/22	200		196
	Sealed Air Corp.
		4.88%, 12/01/22 (a)	440		454
	Steel Dynamics Inc.
		5.25%, 04/15/23	240		244
	Suzano Austria GmbH
		6.00%, 01/15/29 (a)	200		213
	Teck Resources Ltd.
		4.75%, 01/15/22	100		103
		6.25%, 07/15/41	530		566
	Vedanta Resources Plc
		8.25%, 06/07/21	200		207
	VM Holding SA
		5.38%, 05/04/27 (a)	638		657
	WR Grace & Co.-Conn
		5.13%, 10/01/21 (a)	240		248
				17,891
Real Estate 0.5%
	Equinix Inc.
		5.88%, 01/15/26	240		253
	Iron Mountain Inc.
		4.38%, 06/01/21 (a)	115		116
		6.00%, 08/15/23	980		1,007
	MPT Operating Partnership LP
		5.50%, 05/01/24	970		992
	Realogy Holdings Corp.
		5.25%, 12/01/21 (a)	340		343
	Unibail-Rodamco SE
		2.13%, (callable at 100 beginning 10/25/23), EUR (f) (h)	700		779
				3,490
Utilities 1.9%
	Abengoa Transmision Sur SA
		6.88%, 04/30/43 (a)	198		220
	Agua y Saneamientos Argentinos SA
		6.63%, 02/01/23	210		160
	Calpine Corp.
		6.00%, 01/15/22 (a)	1,220		1,236
	Centrica Plc
		3.00%, 04/10/76, EUR (h)	1,400		1,574
	Dynegy Inc.
		7.63%, 11/01/24	900		953
	EnBW Energie Baden-Wurttemberg AG
		3.63%, 04/02/76, EUR (d)	2,580		3,028
	Enel SpA
		6.63%, 09/15/76, GBP	460		642
	Eskom Holdings SOC Ltd.
		6.75%, 08/06/23	340		335
		7.13%, 02/11/25	219		217
		7.13%, 02/11/25 (a)	200		198
	Israel Electric Corp. Ltd.
		4.25%, 08/14/28	203		204
	NRG Energy Inc.
		6.63%, 01/15/27	1,200		1,292
	Perusahaan Listrik Negara PT
		5.45%, 05/21/28 (a)	200		214
		6.15%, 05/21/48 (a)	500		556

286

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	SSE Plc
		2.38%, (callable at 50 beginning 04/01/21), EUR (d) (f)	1,995		2,247
	Vistra Operations Co. LLC
		5.50%, 09/01/26 (a)	250		260
				13,336
	Total Corporate Bonds And Notes (cost $321,003)			326,661
SENIOR LOAN INTERESTS 1.5%
Communication Services 0.1%
	Intelsat Jackson Holdings SA
		Term Loan B-3, 6.24%, (3M LIBOR + 3.75%), 11/27/23 (b)	720		709
		Term Loan B-4, 6.99%, (3M LIBOR + 4.50%), 01/14/24 (b)	45		45
	Sprint Communications Inc.
		Term Loan B, 5.50%, (3M LIBOR + 3.00%), 02/05/24 (b)	131		129
	Syniverse Holdings Inc.
		2nd Lien Term Loan, 11.48%, (3M LIBOR + 9.00%), 02/09/24 (b)	85		66
				949
Consumer Discretionary 0.4%
	Bass Pro Group LLC
		Term Loan B, 7.50%, (3M LIBOR + 5.00%), 11/15/23 (b)	953		930
	Cumulus Media New Holdings Inc.
		Term Loan, 7.00%, (3M LIBOR + 4.50%), 05/15/22 (b)	397		389
	Numericable Group SA
		Term Loan B-11, 5.24%, (3M LIBOR + 2.75%), 07/31/25 (b)	815		757
	Staples Inc.
		Term Loan B, 6.49%, (3M LIBOR + 4.00%), 08/15/24 (b)	150		149
	Univision Communications Inc.
		Term Loan C-5, 5.25%, (3M LIBOR + 2.75%), 03/15/24 (b)	806		758
				2,983
Energy 0.0%
	Gavilan Resources LLC
		2nd Lien Term Loan, 8.49%, (3M LIBOR + 6.00%), 02/24/24 (b)	270		210
Financials 0.2%
	Asurion LLC
		Term Loan B-7, 5.50%, (3M LIBOR + 3.00%), 11/15/24 (b)	611		606
	Auris Luxembourg III SARL
		Term Loan B, 0.00%, (3M LIBOR + 3.75%), 07/23/25 (b) (i)	785		783
				1,389
Health Care 0.2%
	Jaguar Holding Co. II
		Term Loan, 5.00%, (3M LIBOR + 2.50%), 08/18/22 (b)	1,004		993
	Valeant Pharmaceuticals International Inc.
		Term Loan B, 5.48%, (3M LIBOR + 3.00%), 05/19/25 (b)	571		567
		Term Loan B, 5.23%, (3M LIBOR + 2.75%), 11/26/25 (b)	19		19
				1,579
Industrials 0.2%
	Avolon LLC
		Term Loan B-3, 4.49%, (3M LIBOR + 2.00%), 01/15/25 (b)	616		610
	Crosby US Acquisition Corp.
		1st Lien Term Loan, 5.49%, (1M LIBOR + 3.00%), 11/07/20 (b)	572		556
		2nd Lien Term Loan, 8.49%, (1M LIBOR + 6.00%), 11/07/21 (b) (j)	40		39
				1,205
Information Technology 0.2%
	Hyland Software Inc.
		2nd Lien Term Loan, 9.50%, (3M LIBOR + 7.00%), 05/24/25 (b)	125		125
			Shares/Par¹		Value ($)
	IGT Holding IV AB
		Term Loan B, 6.56%, (3M LIBOR + 3.75%), 07/24/24 (b) (j)	140		137
	Rackspace Hosting Inc.
		Incremental 1st Lien Term Loan, 5.74%, (1M LIBOR + 3.00%), 11/03/23 (b)	916		856
				1,118
Materials 0.1%
	Reynolds Group Holdings Inc.
		Term Loan, 5.25%, (3M LIBOR + 2.75%), 02/05/23 (b)	876		864
Utilities 0.1%
	Nautilus Power LLC
		Term Loan B, 6.74%, (3M LIBOR + 4.25%), 04/28/24 (b)	391		390
	Total Senior Loan Interests (cost $10,950)			10,687
GOVERNMENT AND AGENCY OBLIGATIONS 53.7%
Collateralized Mortgage Obligations 3.9%
	Federal Home Loan Mortgage Corp.
		Series 2017-M2-HQA2, 5.14%, (1M USD LIBOR + 2.65%), 12/26/29 (b)	3,270		3,367
		Series 2017-M2-DNA1, REMIC, 5.74%, (1M USD LIBOR + 3.25%), 07/25/29 (b)	1,810		1,931
		Series 2017-M2-DNA2, REMIC, 5.94%, (1M USD LIBOR + 3.45%), 10/25/29 (b)	4,960		5,333
		Series 2017-M2-DNA3, REMIC, 4.99%, (1M USD LIBOR + 2.50%), 03/25/30 (b)	5,672		5,811
		Series 2018-M2-HQA1, REMIC, 4.79%, (1M USD LIBOR + 2.30%), 09/25/30 (b)	2,810		2,804
	Federal National Mortgage Association
		Series 2017-1M2-C07, REMIC, 4.89%, (1M USD LIBOR + 2.40%), 05/28/30 (b)	915		930
		Series 2017-2M2-C07, REMIC, 4.99%, (1M USD LIBOR + 2.50%), 05/28/30 (b)	4,260		4,316
		Series 2018-1M2-C01, REMIC, 4.74%, (1M USD LIBOR + 2.25%), 07/25/30 (b)	3,140		3,150
				27,642
Mortgage-Backed Securities 18.8%
	Federal Home Loan Mortgage Corp.
		TBA, 5.00%, 04/15/44 (k)	1,380		1,461
		TBA, 4.00%, 04/15/48 (k)	39,080		40,233
		TBA, 4.50%, 04/15/48 (k)	10,300		10,748
	Federal National Mortgage Association
		TBA, 3.50%, 04/15/48 (k)	2,775		2,812
		TBA, 4.00%, 04/15/48 (k)	40,100		41,241
		TBA, 4.50%, 04/15/48 (k)	17,765		18,510
		TBA, 5.00%, 04/15/48 (k)	4,070		4,303
	Government National Mortgage Association
		TBA, 4.00%, 04/15/48 (k)	6,505		6,717
		TBA, 4.50%, 04/15/48 (k)	6,400		6,646
				132,671
Sovereign 6.9%
	Angola Government International Bond
		9.38%, 05/08/48	772		822
	Argentina Republic Government International Bond
		4.63%, 01/11/23	440		360
		8.28%, 12/31/33	2,538		2,058
		2.50%, 12/31/38 (c)	2,560		1,469
	Banco de la Republica Oriental del Uruguay
		4.38%, 01/23/31	190		199
	Banque Centrale de Tunisie SA
		5.75%, 01/30/25	200		174
	Belize Government International Bond
		4.94%, 02/20/34 (c)	283		169
	Bermuda Government International Bond
		3.72%, 01/25/27	200		196
		4.75%, 02/15/29	842		896
	Brazil Government International Bond
		5.00%, 01/27/45	250		231
	Colombia Government International Bond
		8.13%, 05/21/24	240		291
		7.38%, 09/18/37	140		183
		5.00%, 06/15/45	1,138		1,192
		5.20%, 05/15/49	214		230

287

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Costa Rica Government International Bond
		7.16%, 03/12/45	530		509
		7.16%, 03/12/45 (a)	536		518
	Croatia Government International Bond
		5.50%, 04/04/23	790		856
		6.00%, 01/26/24	200		224
		6.00%, 01/26/24 (a)	260		291
	Dominican Republic International Bond
		6.85%, 01/27/45 (a)	642		680
		6.85%, 01/27/45 (a)	200		213
	Ecuador Government International Bond
		9.63%, 06/02/27	200		205
		8.88%, 10/23/27	1,170		1,152
		7.88%, 01/23/28	350		326
	Egypt Government International Bond
		8.50%, 01/31/47	970		986
		7.90%, 02/21/48	340		326
		8.70%, 03/01/49	200		205
	El Salvador Government International Bond
		7.75%, 01/24/23	510		539
		7.65%, 06/15/35	220		228
	Export Credit Bank of Turkey
		5.00%, 09/23/21	200		185
		5.38%, 10/24/23 (a)	200		175
		8.25%, 01/24/24 (a)	200		196
		6.13%, 05/03/24 (a)	200		180
	Ghana Government Bond
		7.88%, 03/26/27	200		202
		7.63%, 05/16/29	721		707
		8.95%, 03/27/51	200		201
	Ghana Government International Bond
		10.75%, 10/14/30	200		244
	Hungary Government International Bond
		7.63%, 03/29/41	420		624
	Indonesia Government International Bond
		5.25%, 01/17/42	750		805
	Ivory Coast Government International Bond
		5.75%, 12/31/32	3,095		2,925
	Lebanon Government International Bond
		6.85%, 03/23/27	268		215
		6.65%, 02/26/30	222		170
	Mongolia Government International Bond
		5.63%, 05/01/23	680		686
		8.75%, 03/09/24	200		224
	Nigeria Government International Bond
		7.14%, 02/23/30	850		849
		8.75%, 01/21/31	228		252
		7.88%, 02/16/32	400		414
		7.70%, 02/23/38	350		346
	Oman Government International Bond
		6.50%, 03/08/47 (a)	470		411
		6.75%, 01/17/48	779		694
	Panama Government International Bond
		6.70%, 01/26/36	800		1,042
	Paraguay Government International Bond
		5.40%, 03/30/50	204		209
	Perusahaan Penerbit SBSN Indonesia III
		4.40%, 03/01/28	400		410
	Petroleos de Venezuela SA
		0.00%, 05/16/24 - 04/12/27 (l) (m) (n)	6,339		1,357
	Qatar Government International Bond
		5.10%, 04/23/48 (a)	460		503
	Republic of Belarus International Bond
		7.63%, 06/29/27	210		225
	Republic of Ghana
		10.75%, 10/14/30	470		573
	Republic of Paraguay
		6.10%, 08/11/44 (a)	310		348
	Republic of Serbia
		7.25%, 09/28/21 (a)	830		901
	Russia Federal Bond
		5.10%, 03/28/35	200		203
	Russia Government International Bond
		5.25%, 06/23/47	400		405
			Shares/Par¹		Value ($)
	Senegal Government International Bond
		6.75%, 03/13/48	440		399
	South Africa Government International Bond
		4.88%, 04/14/26	390		387
		5.88%, 06/22/30 (d)	556		569
	Sri Lanka Government Bond
		6.85%, 03/14/24	265		271
		6.75%, 04/18/28	720		710
		7.85%, 03/14/29	347		363
	Sri Lanka Government International Bond
		6.83%, 07/18/26	970		969
		6.20%, 05/11/27	325		311
	State of Qatar
		4.82%, 03/14/49 (a)	554		581
	Trinidad & Tobago Government International Bond
		4.50%, 08/04/26 (a)	590		582
	Turkey Government International Bond
		7.50%, 11/07/19	1,010		1,016
		7.25%, 12/23/23	376		378
		4.88%, 10/09/26	1,000		861
		6.00%, 03/25/27	855		783
		5.13%, 02/17/28	528		452
		6.13%, 10/24/28	1,897		1,714
		7.63%, 04/26/29	533		528
	Ukraine Government International Bond
		7.75%, 09/01/25 - 09/01/27	1,310		1,234
		9.75%, 11/01/28	200		206
		7.38%, 09/25/32	920		819
		0.00%, 05/31/40 (a) (b)	400		255
	United Mexican States
		5.75%, 10/12/10	1,360		1,388
	Uruguay Government International Bond
		5.10%, 06/18/50	200		213
	Uzbekistan Government Bond
		4.75%, 02/20/24	400		398
		5.38%, 02/20/29	200		199
	Venezuela Government International Bond
		0.00%, 10/13/24 (l) (m) (n)	1,719		478
	Zambia Government International Bond
		8.50%, 04/14/24	300		220
				48,893
Treasury Inflation Indexed Securities 8.0%
	U.S. Treasury Inflation Indexed Bond
		3.38%, 04/15/32 (o)	4,389		5,918
	U.S. Treasury Inflation Indexed Note
		2.00%, 01/15/26 (o)	8,136		8,978
		3.63%, 04/15/28 (o)	7,774		9,872
		2.50%, 01/15/29 (o)	2,122		2,516
		3.88%, 04/15/29 (o)	19,721		26,066
		1.00%, 02/15/46 (o)	2,539		2,590
				55,940
U.S. Treasury Securities 16.1%
	U.S. Treasury Bond
		3.88%, 08/15/40	765		913
		2.25%, 08/15/46	8,725		7,798
	U.S. Treasury Note
		1.38%, 01/15/20	38,325		38,014
		2.00%, 08/31/21	3,900		3,877
		2.38%, 08/15/24	17,735		17,835
		2.25%, 02/15/27 - 11/15/27	45,080		44,647
				113,084
	Total Government And Agency Obligations (cost $374,694)			378,230
COMMON STOCKS 0.0%
Communication Services 0.0%
	Cumulus Media Inc. - Class A (l)		5		92
	Total Common Stocks (cost $64)			92
SHORT TERM INVESTMENTS 4.5%
Investment Companies 1.5%
	JNL Government Money Market Fund - Institutional Class, 2.33% (p) (q)		10,758		10,758

288

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
Securities Lending Collateral 0.9%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.43% (p) (q)		5,992		5,992
Treasury Securities 2.1%
	U.S. Treasury Bill
		2.37%, 01/02/20 (r) (s)	15,360		15,085
	Total Short Term Investments (cost $31,835)			31,835
Total Investments 117.8% (cost $818,936)					830,033
Other Derivative Instruments 0.1%					1,051
Other Assets and Liabilities, Net (17.9)%					(126,718)
Total Net Assets 100.0%					704,366

(c) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of March 31, 2019.

(d) All or a portion of the security was on loan.

(e) 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.

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

(g) Convertible security.

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

(i) This senior loan will settle after March 31, 2019. The reference rate and spread presented will go into effect upon settlement.

(k) All or a portion of the security was purchased on a delayed delivery basis. As of March 31, 2019, the total payable for investments purchased on a delayed delivery basis was $131,488.

(l) Non-income producing security.

(m) 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) Security fair valued in good faith as a Level 2 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.

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

(p) Investment in affiliate.

(q) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2019.

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

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


JNL/Neuberger Berman Strategic Income Fund — Futures Contracts
Reference Entity	Contracts¹	Expiration	Notional¹			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
British Pound	6	June 2019		499	(2)			(9)
Canadian Dollar	4	June 2019		301	2			(1)
U.S. Treasury Note, 2-Year	737	June 2019		156,493	(161)			557
U.S. Treasury Note, 5-Year	98	June 2019		11,254	(22)			97
					(183)			644
Short Contracts
Euro FX Currency	(9)	June 2019		(1,282)	1			12
Euro-Bobl	(39)	June 2019	EUR	(5,150)	(2)			(47)
Euro-Bund	(20)	June 2019	EUR	(3,261)	1			(74)
U.K. Long Gilt	(22)	June 2019	GBP	(2,800)	(3)			(60)
U.S. Treasury Long Bond	(193)	June 2019		(28,014)	72			(870)
U.S. Treasury Note, 10-Year	(151)	June 2019		(18,456)	43			(301)
Ultra 10-Year U.S. Treasury Note	(971)	June 2019		(126,355)	273			(2,576)
Ultra Long Term U.S. Treasury Bond	(261)	June 2019		(42,257)	98			(1,591)
					483			(5,507)

Forward Foreign Currency Contract

Purchased/

Sold

Counter-party

Expiration

Notional ¹

Value ($)

Unrealized

Appreciation

(Depreciation) ($)

USD/DKK

GSC

04/16/19

DKK

(97,844)

(14,718)

414

USD/EUR

GSC

04/16/19

EUR

(13,949)

(15,663)

437

USD/GBP

GSC

04/16/19

GBP

(4,337)

(5,645)

(100)

(36,026)

751

289

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
JNL/Oppenheimer Emerging Markets Innovator Fund
COMMON STOCKS 93.9%
Argentina 0.6%
	Despegar.com Corp. (a)	215		3,204
Brazil 6.0%
	Fleury SA	654		3,420
	Linx SA	828		7,816
	Localiza Rent a Car SA	941		7,870
	Odontoprev SA	1,779		7,509
	Raia Drogasil SA	242		4,031
			30,646
China 16.7%
	3SBio Inc. (b) (c)	3,378		6,672
	Baozun Inc. - ADR (a) (b)	212		8,786
	Brilliance China Automotive Holdings Ltd.	2,512		2,503
	Estun Automation Co. Ltd. - Class A	1,806		2,940
	Fu Shou Yuan International Group Ltd.	8,742		8,047
	Han's Laser Technology Industry Group Co. Ltd. - Class A	211		1,331
	HOSA International Ltd. (d) (e)	7,408		253
	Huami Corp. - Class A - ADR (a) (b)	226		2,961
	Huazhu Group Ltd. - ADS	267		11,264
	Innovent Biologics Inc. (a) (c)	1,829		6,690
	Koolearn Technology Holding Ltd. (a) (c)	1,220		1,576
	New Oriental Education & Technology Group - ADR (a)	29		2,637
	Silergy Corp.	268		4,012
	SITC International Holdings Co. Ltd.	4,735		4,867
	TAL Education Group - ADS (a)	122		4,414
	Wuxi Biologics Cayman Inc. (a) (c)	928		9,124
	Zhongsheng Group Holdings Ltd.	3,018		7,503
			85,580
Egypt 0.9%
	Commercial International Bank Egypt SAE	1,124		4,426
Georgia 0.3%
	Bank of Georgia Group Plc	76		1,629
Greece 0.9%
	JUMBO SA	274		4,574
Hong Kong 5.8%
	China Education Group Holdings Ltd.	1,105		1,687
	Kerry Logistics Network Ltd.	3,584		6,484
	Kingdee International Software Group Co. Ltd. (b)	4,700		5,467
	Mandarin Oriental International Ltd.	1,745		3,398
	Minth Group Ltd.	1,526		4,829
	Sunny Optical Technology Group Co. Ltd.	661		7,941
			29,806
Hungary 0.8%
	OTP Bank Plc	88		3,890
India 10.9%
	Anveshan Heavy Engineering Ltd. (a)	22		176
	Arvind Ltd. (a)	118		1,776
	Arvind Ltd.	590		774
	Biocon Ltd.	1,310		11,558
	Cholamandalam Investment and Finance Co. Ltd.	243		5,114
	Coromandel International Ltd.	848		6,227
	Oberoi Realty Ltd.	773		5,908
	Odisha Cement Ltd. (a)	233		3,327
	Shree Cement Ltd.	12		3,308
	Shriram Transport Finance Co. Ltd.	233		4,293
	Syngene International Ltd. (c)	605		5,209
	VOLTAS Ltd.	884		8,032
			55,702
Indonesia 1.9%
	Ace Hardware Indonesia Tbk PT	78,184		9,789
Kenya 0.7%
	Equity Group Holdings Ltd.	9,051		3,739
Luxembourg 2.3%
	Globant SA (a)	166		11,875
Malaysia 2.0%
	My EG Services Bhd	29,855		10,345
		Shares/Par¹		Value ($)
Mexico 2.3%
	Alsea SAB de CV (b)	2,090		4,377
	Gentera SAB de CV (b)	6,129		4,778
	Grupo Rotoplas SAB de CV (b)	2,765		2,891
			12,046
Pakistan 0.0%
	Lucky Cement Ltd.	57		173
Peru 0.3%
	Credicorp Ltd.	6		1,421
Philippines 1.8%
	International Container Terminal Services Inc.	1,908		4,743
	Jollibee Foods Corp.	663		4,007
	Philippine Seven Corp.	278		661
			9,411
Poland 0.6%
	KRUK SA	79		3,142
Russian Federation 0.7%
	Moscow Exchange MICEX-RTS OAO	2,593		3,609
South Africa 4.4%
	Capitec Bank Holdings Ltd.	133		12,461
	Clicks Group Ltd.	471		6,007
	Spar Group Ltd.	314		4,179
			22,647
South Korea 12.8%
	Caregen Co. Ltd. (d)	35		2,371
	Cosmax Inc. (b)	73		9,744
	Daum Communications Corp.	82		7,465
	Fila Korea Ltd.	202		13,941
	Hugel Inc. (a)	4		1,425
	Koh Young Technology Inc.	89		6,739
	Medy-Tox Inc.	22		11,589
	NCSoft Corp.	16		7,192
	Seegene Inc. (a)	262		5,076
			65,542
Taiwan 17.2%
	AirTAC International Group	469		6,095
	ASMedia Technology Inc.	745		13,719
	ASPEED Technology Inc.	169		3,885
	Chailease Holding Co. Ltd.	2,386		9,778
	Cub Elecparts Inc.	690		6,584
	Eclat Textile Co. Ltd.	170		2,297
	eMemory Technology Inc.	234		2,450
	Hota Industrial Manufacturing Co. Ltd.	1,408		5,201
	LandMark Optoelectronics Corp.	638		5,876
	Largan Precision Co. Ltd.	33		4,953
	Nien Made Enterprise Co. Ltd.	359		3,174
	President Chain Store Corp.	337		3,323
	Sunny Friend Environmental Technology Co. Ltd.	580		4,551
	TaiMed Biologics Inc. (a)	639		3,502
	Taiwan Liposome Co. Ltd. (a)	169		505
	Taiwan Union Technology Corp.	979		3,526
	TCI Co. Ltd.	212		2,921
	Voltronic Power Technology Corp.	293		5,746
			88,086
Thailand 2.0%
	Beauty Community PCL (b)	28,208		5,938
	Bumrungrad Hospital PCL (b)	456		2,582
	Minor International PCL	1,281		1,576
			10,096
United Arab Emirates 0.6%
	NMC Health Plc (b)	98		2,923
United Kingdom 0.2%
	Georgia Capital Plc (a)	79		1,127
United States of America 1.1%
	Pagseguro Digital Ltd. - Class A (a) (b)	186		5,546
Vietnam 0.1%
	Vietnam Dairy Products JSC	122		708
	Total Common Stocks (cost $443,450)		481,682

290

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
PREFERRED STOCKS 0.7%
Colombia 0.7%
	Banco Davivienda SA	304		3,565
	Total Preferred Stocks (cost $3,216)		3,565
SHORT TERM INVESTMENTS 8.0%
Investment Companies 5.1%
	JNL Government Money Market Fund - Institutional Class, 2.33% (f) (g)	26,360		26,360
Securities Lending Collateral 2.9%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.43% (f) (g)	14,686		14,686
	Total Short Term Investments (cost $41,046)		41,046
Total Investments 102.6% (cost $487,712)				526,293
Other Assets and Liabilities, Net (2.6)%				(13,268)
Total Net Assets 100.0%				513,025

(a) Non-income producing security.

(b) All or a portion of the security was on loan.

(e) The Sub-Adviser has deemed this security to be illiquid based on procedures approved by the JNL Series Trust's Board of Trustees.

(f) Investment in affiliate.

(g) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2019.

291

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
JNL/Oppenheimer Global Growth Fund
COMMON STOCKS 96.3%
Brazil 0.5%
	StoneCo Ltd. (a) (b)	324		13,307
China 2.3%
	Baidu.com - Class A - ADR (a)	138		22,667
	JD.com Inc. - Class A - ADR (a)	1,182		35,622
			58,289
Denmark 0.5%
	FLSmidth & Co. A/S (b)	266		11,513
France 6.9%
	Kering SA	106		60,918
	LVMH Moet Hennessy Louis Vuitton SE	256		94,281
	Societe Generale SA	624		18,077
			173,276
Germany 6.0%
	Allianz SE	211		46,959
	Bayer AG	263		17,007
	SAP SE	536		62,080
	Siemens AG	226		24,327
			150,373
India 3.4%
	DLF Ltd.	20,090		58,819
	ICICI Bank Ltd. - ADR	2,250		25,783
			84,602
Italy 0.2%
	Brunello Cucinelli SpA	179		6,161
Japan 12.5%
	Capcom Co. Ltd.	661		14,792
	Fanuc Ltd.	138		23,606
	Keyence Corp.	76		47,394
	Minebea Mitsumi Inc.	1,032		15,532
	Murata Manufacturing Co. Ltd.	1,001		49,922
	Nidec Corp.	441		55,980
	Nintendo Co. Ltd.	66		18,933
	Omron Corp.	519		24,306
	Suzuki Motor Corp.	64		2,829
	Takeda Pharmaceutical Co. Ltd.	469		19,076
	TDK Corp.	545		42,776
			315,146
Netherlands 4.5%
	Airbus SE	767		101,707
	uniQure NV (a) (b)	197		11,772
			113,479
Spain 1.9%
	Banco Bilbao Vizcaya Argentaria SA	1,762		10,091
	Inditex SA	1,284		37,786
			47,877
Sweden 2.0%
	Assa Abloy AB - Class B	1,480		32,000
	Atlas Copco AB - Class A	720		19,357
			51,357
Switzerland 2.1%
	Credit Suisse Group AG	1,982		23,134
	UBS Group AG	2,349		28,516
			51,650
United Kingdom 4.2%
	Circassia Pharmaceuticals Plc (a)	4,001		1,458
	Earthport Plc (a) (c)	13,392		6,351
	Farfetch Ltd. - Class A (a) (b)	598		16,088
	International Game Technology Plc (b)	787		10,221


		Shares/Par¹		Value ($)
	TechnipFMC Plc	763		17,990
	Unilever Plc	939		53,769
			105,877
United States of America 49.3%
	3M Co.	182		37,893
	Acadia Pharmaceuticals Inc. (a) (b)	453		12,174
	Adobe Inc. (a)	283		75,515
	Agilent Technologies Inc.	429		34,506
	Alphabet Inc. - Class A (a)	142		167,342
	Amazon.com Inc. (a)	12		21,930
	AnaptysBio Inc. (a) (b)	134		9,778
	Anthem Inc.	241		69,007
	Biogen Inc. (a)	59		13,835
	Bluebird Bio Inc. (a)	111		17,456
	Blueprint Medicines Corp. (a)	212		17,007
	Centene Corp. (a)	341		18,096
	Citigroup Inc.	864		53,744
	Colgate-Palmolive Co.	711		48,716
	Equifax Inc.	215		25,450
	Facebook Inc. - Class A (a)	441		73,429
	Gilead Sciences Inc.	58		3,767
	GlycoMimetics Inc. (a) (b)	590		7,355
	Goldman Sachs Group Inc.	168		32,339
	Incyte Corp. (a)	216		18,570
	Intuit Inc.	320		83,706
	Ionis Pharmaceuticals Inc. (a) (b)	252		20,474
	MacroGenics Inc. (a)	555		9,984
	Maxim Integrated Products Inc.	976		51,884
	Mirati Therapeutics Inc. (a) (b)	102		7,468
	Newell Brands Inc.	1,099		16,855
	PayPal Holdings Inc. (a)	546		56,743
	resTORbio Inc. (a)	531		3,623
	S&P Global Inc.	351		73,979
	Sage Therapeutics Inc. (a)	179		28,487
	Sarepta Therapeutics Inc. (a)	77		9,199
	Tiffany & Co.	317		33,447
	United Parcel Service Inc. - Class B	291		32,528
	Walt Disney Co.	335		37,157
	Zimmer Biomet Holdings Inc.	156		19,922
			1,243,365
	Total Common Stocks (cost $1,840,127)		2,426,272
PREFERRED STOCKS 1.3%
Germany 1.3%
	Bayerische Motoren Werke AG	495		32,526
India 0.0%
	Zee Entertainment Enterprises Ltd.	1,435		114
	Total Preferred Stocks (cost $37,982)		32,640
SHORT TERM INVESTMENTS 3.7%
Investment Companies 2.3%
	JNL Government Money Market Fund - Institutional Class, 2.33% (d) (e)	59,033		59,033
Securities Lending Collateral 1.4%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.43% (d) (e)	35,599		35,599
	Total Short Term Investments (cost $94,632)		94,632
Total Investments 101.3% (cost $1,972,741)				2,553,544
Other Assets and Liabilities, Net (1.3)%				(33,887)
Total Net Assets 100.0%				2,519,657

(a) Non-income producing security.

(b) All or a portion of the security was on loan.

(c) The Sub-Adviser has deemed this security to be illiquid based on procedures approved by the JNL Series Trust's Board of Trustees.

(d) Investment in affiliate.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2019.

292

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹	Value ($)
JNL/PIMCO Income Fund (a)
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 26.8%
	Adagio IV CLO DAC
		Series IV-A1R-A, 0.66%, (3M EURIBOR + 0.66%), 10/15/29, EUR (b)	5,650	6,331
		Series IV-A2R-A, 1.10%, 10/15/29, EUR	600	667
	AFC Home Equity Loan Trust
		Series 2000-2A-1, REMIC, 3.13%, (1M USD LIBOR + 0.64%), 03/25/30 (b)	1,699	1,572
	Air Canada Pass-Through Trust
		Series 2017-B-1, 3.70%, 01/15/26 (c)	23	22
	Alpine Securitization
		Series 2005-1A1-59, REMIC, 2.82%, (1M USD LIBOR + 0.33%), 11/20/35 (b)	3,176	3,025
	Alternative Loan Trust
		Series 2005-2A3A-AR1, REMIC, 2.84%, (1M USD LIBOR + 0.35%), 10/25/35 (b)	13,922	12,954
	American Airlines Pass-Through Trust
		Series 2015-A-1, 3.38%, 05/01/27	2,401	2,349
	Atrium XII LLC
		Series AR-12A, 3.59%, (3M USD LIBOR + 0.83%), 04/22/27 (b)	5,600	5,566
	Attentus CDO III Ltd.
		Series 2007-A2-3A, REMIC, 3.25%, (3M USD LIBOR + 0.45%), 10/11/42 (b)	8,150	7,124
	BAMLL Commercial Mortgage Securities Trust
		Series 2019-A-AHT, 0.00%, (1M USD LIBOR + 1.20%), 03/15/21 (b) (c)	7,010	7,010
	Banc of America Funding Trust
		Series 2005-5M1-A, REMIC, 3.16%, (1M USD LIBOR + 0.68%), 02/20/35 (b)	4,750	4,601
	BBCMS Trust
		Series 2018-A-RRI, REMIC, 3.18%, (1M USD LIBOR + 0.70%), 02/18/20 (b)	2,357	2,332
		Series 2018-B-RRI, REMIC, 3.53%, (1M USD LIBOR + 1.05%), 02/18/20 (b)	800	796
		Series 2018-C-RRI, REMIC, 3.73%, (1M USD LIBOR + 1.25%), 02/18/20 (b)	600	597
		Series 2018-D-RRI, REMIC, 4.53%, (1M USD LIBOR + 2.05%), 02/18/20 (b)	400	399
		Series 2018-E-RRI, REMIC, 5.58%, (1M USD LIBOR + 3.10%), 02/18/20 (b)	2,600	2,600
		Interest Only, Series 2018-XCP-RRI, REMIC, 1.19%, 02/15/33 (b)	6,000	62
	BCAP LLC Trust
		Series 2009-17A3-RR13, REMIC, 5.88%, 04/26/37 (b)	6,543	5,419
	BCMSC Trust
		Series 1999-A5-B, REMIC, 7.44%, 12/15/29 (b)	6,296	2,102
	Bear Stearns Alt-A Trust
		Series 2005-12A1-8, REMIC, 3.03%, (1M USD LIBOR + 0.54%), 10/25/35 (b)	8,406	8,320
	Chevy Chase Funding LLC Mortgage-Backed Certificates
		Series 2004-A1-1A, 2.77%, (1M USD LIBOR + 0.28%), 01/25/35 (b)	1,011	962
	CHL Mortgage Pass-Through Trust
		Series 2006-2A1-OA5, REMIC, 2.69%, (1M USD LIBOR + 0.20%), 04/25/36 (b)	4,190	3,647
		Series 2006-A1-17, REMIC, 6.00%, 12/25/36	2,135	1,640
	Citigroup Mortgage Loan Trust Inc.
		Series 2006-2A1A-4, REMIC, 6.00%, 12/25/35	6,255	6,387
		Series 2013-1A4-2, REMIC, 4.79%, 11/25/37 (b)	10,303	9,966
	Civic Mortgage Trust
		Series 2018-A1-2, 4.35%, 04/25/20	86	86
	Conseco Finance Corp.
		Series 1999-A6-5, REMIC, 7.50%, 03/01/30	3,814	2,529
	Countrywide Alternative Loan Trust
		Series 2005-1A1-35CB, 5.50%, 09/25/35	1,393	1,295
		Series 2006-1A1A-OA17, REMIC, 2.68%, (1M USD LIBOR + 0.20%), 12/20/46 (b)	2,833	2,420
		Series 2005-B1-J4, REMIC, 3.84%, (1M USD LIBOR + 1.35%), 07/25/35 (b)	3,223	3,102
		Series 2005-A3-38, REMIC, 3.19%, (1M USD LIBOR + 0.70%), 09/25/35 (b)	511	481
		Series 2005-A1-81, REMIC, 2.77%, (1M USD LIBOR + 0.28%), 02/25/36 (b)	1,474	1,354
			Shares/Par¹	Value ($)
		Series 2007-2A1-19, REMIC, 6.50%, 08/25/37	4,957	3,426
	Countrywide Asset-Backed Certificates
		Series 2004-M4-AB2, REMIC, 3.76%, (1M USD LIBOR + 1.28%), 11/25/34 (b)	2,181	1,772
		Series 2006-2A4-20, REMIC, 2.72%, (1M USD LIBOR + 0.23%), 09/25/35 (b)	14,200	11,973
	CPS Auto Receivable Trust
		Series 2017-A-D, 1.87%, 03/15/21	724	723
	Credit Suisse Mortgage Capital Certificates
		Series 2009-5A9-11R, REMIC, 3.78%, 08/26/36 (b)	5,161	5,169
	Credit-Based Asset Servicing and Securitization LLC
		Series 2006-A2C-CB8, REMIC, 2.64%, (1M USD LIBOR + 0.15%), 10/25/36 (b)	9,185	8,052
	Crestline Denali CLO Ltd.
		Series 2013-A1LR-1A, 3.81%, (3M USD LIBOR + 1.05%), 10/26/27 (b)	8,250	8,211
	CSMC Mortgage-Backed Trust
		Series 2006-1A11-6, REMIC, 6.00%, 07/25/36	704	562
	CSMC Series
		Series 2009-1A2-5R, REMIC, 4.09%, 06/26/36 (b)	4,756	4,579
	Encore Credit Receivables Trust
		Series 2005-M5-4, REMIC, 3.14%, 01/25/36 (d)	5,905	5,574
	Eurosail Plc
		Series 2007-A3A-6NCX, 1.54%, (3M GBP LIBOR + 0.70%), 09/13/45, GBP (b)	55	68
	Fremont Home Loan Trust
		Series 2006-1A1-E, REMIC, 2.63%, 01/25/37 (d)	19,400	12,373
	GE Business Loan Trust
		Series 2006-A-2, REMIC, 2.66%, (1M USD LIBOR + 0.18%), 11/15/34 (b)	2,529	2,433
	GE-WMC Mortgage Securities LLC
		Series 2005-M2-1, REMIC, 3.18%, 10/25/35 (d)	8,760	6,935
	Great Wolf Trust
		Interest Only, Series 2017-XCP-WOLF, 0.00%, 06/20/19 (e)	34,700	—
		Series 2017-A-WOLF, 3.48%, (1M USD LIBOR + 0.85%), 09/16/19 (b)	3,600	3,591
		Series 2017-B-WOLF, 3.68%, (1M USD LIBOR + 1.10%), 09/16/19 (b)	4,600	4,591
	GSAA Home Equity Trust
		Series 2004-M2-10, REMIC, 4.53%, 08/25/34 (d)	2,993	2,998
	GSMSC Resecuritization Trust
		Series 2015-B-8R, REMIC, 8.42%, 04/28/37 (b)	20,500	7,336
	GSR Mortgage Loan Trust
		Series 2004-1AF-4, REMIC, 2.89%, (1M USD LIBOR + 0.40%), 06/25/34 (b)	6,512	6,188
	Harley Marine Financing LLC
		Series 2018-A2-1A, 5.68%, 05/15/22	390	336
	IndyMac INDX Mortgage Loan Trust
		Series 2006-3A1-AR11, REMIC, 3.61%, 06/25/36	3,293	2,736
	Jamestown CLO IV Ltd.
		Series 2014-A1AR-4A, 3.48%, (3M USD LIBOR + 0.69%), 07/15/26 (b)	3,029	3,018
	JPMorgan Alternative Loan Trust
		Series 2006-1A1-A5, REMIC, 2.65%, (1M USD LIBOR + 0.16%), 10/25/36 (b)	2,190	2,188
	JPMorgan Mortgage Acquisition Trust
		Series 2005-M6-FLD1, REMIC, 3.57%, (1M USD LIBOR + 1.08%), 07/25/35 (b)	4,000	3,918
	JPMorgan Resecuritization Trust
		Series 2009-2A2-4, REMIC, 6.00%, 07/26/37	4,855	4,817
	Lanark Master Issuer Plc
		Series 2019-1A1-1A, REMIC, 3.27%, 08/22/21	2,700	2,708
	LP Credit Card ABS Master Trust
		Series 2018-A-1, 4.05%, (1M USD LIBOR + 1.55%), 08/20/24 (b)	602	600
	Marlette Funding Trust
		Series 2018-A-4A, 3.71%, 04/15/21	168	169
		Series 2019-A-1A, 3.44%, 04/16/29	4,300	4,315
	METAL Ltd.
		Series 2017-A-1, 4.58%, 10/15/24	1,658	1,671
	Morgan Stanley Resecuritization Trust
		Series 2014-2AD-R3, REMIC, 3.15%, 07/28/48 (b)	6,746	6,857

293

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	NCUA Guaranteed Notes Trust
		Series 2011-1A-R1, 2.93%, (1M USD LIBOR + 0.45%), 01/08/20 (b)	5,357		5,354
	Newgate Funding PLC
		Series 2007-A3-2X, 1.00%, (3M GBP LIBOR + 0.16%), 12/15/50, GBP (b)	4,900		5,817
	Palmer Square Loan Funding Ltd.
		Series 2018-A1-4A, 3.58%, (3M USD LIBOR + 0.90%), 11/15/26 (b)	244		243
	People's Choice Home Loan Securities Trust
		Series 2005-M3-3, REMIC, 3.34%, (1M USD LIBOR + 0.86%), 08/25/35 (b)	6,543		5,917
	Residential Asset Securitization Trust
		Series 2005-A5-A5, REMIC, 2.89%, (1M USD LIBOR + 0.40%), 05/25/35 (b)	1,531		1,208
	RFMSI Trust
		Series 2007-A5-S4, REMIC, 6.00%, (1M USD LIBOR + 0.60%), 04/25/37 (b)	2,546		2,362
	Saxon Asset Securities Trust
		Series 2004-M1-1, REMIC, 3.28%, (1M USD LIBOR + 0.80%), 03/25/35 (b)	3,128		3,093
	Securitized Asset Backed Receivables LLC Trust
		Series 2005-M2-FR3, 3.46%, (1M USD LIBOR + 0.98%), 04/25/35 (b)	3,578		2,640
	Securitized Term Auto Receivables Trust
		Series 2017-A2A-2A, 1.78%, 01/27/20	516		516
	SG Mortgage Securities Trust
		Series 2005-M3-OPT1, 2.96%, (1M USD LIBOR + 0.47%), 10/25/35 (b)	4,975		4,645
	S-Jets Ltd.
		Series 2017-A-1, 3.97%, 08/15/25	1,565		1,571
	SLM Private Education Loan Trust
		Series 2011-A3-B, 4.73%, (1M USD LIBOR + 2.25%), 05/15/19 (b)	12,455		12,579
	Soundview Home Loan Trust
		Series 2005-M2-OPT2, REMIC, 3.33%, 08/25/35 (d)	8,000		7,298
	Starwood Waypoint Homes Trust
		Series 2017-A-1, REMIC, 3.43%, (1M USD LIBOR + 0.95%), 10/18/19 (b)	5,102		5,094
		Series 2017-B-1, REMIC, 3.65%, (1M USD LIBOR + 1.17%), 10/18/19 (b)	600		598
		Series 2017-C-1, REMIC, 3.88%, (1M USD LIBOR + 1.40%), 10/18/19 (b)	2,100		2,096
		Series 2017-D-1, REMIC, 4.43%, (1M USD LIBOR + 1.95%), 10/18/19 (b)	300		299
	Structured Asset Securities Corp. Mortgage Loan Trust
		Series 2007-A4-OSI, REMIC, 2.69%, 06/25/37 (d)	16,936		11,405
	THL Credit Wind River CLO Ltd.
		Series 2015-A1R-2A, 3.66%, 10/15/27	4,200		4,178
	Tralee CLO V Ltd.
		Series 2018-A1-5A, 3.87%, (3M USD LIBOR + 1.11%), 10/20/28 (b)	500		495
	TruPS Financials Note Securitization Ltd.
		Series 2017-A1-2A, 4.20%, 09/20/39	2,975		2,978
	WaMu Mortgage Pass-Through Certificates
		Series 2005-1A3-AR10, REMIC, 4.12%, 09/25/35 (b)	3,705		3,733
	Washington Mutual Mortgage Pass-Through Certificates Trust
		Series 2007-4A2-OA3, REMIC, 3.10%, (12M US Federal Reserve Cumulative Average CMT + 0.70%), 04/25/47 (b)	2,095		1,716
	Wells Fargo Commercial Mortgage Trust
		Series 2017-A-HSDB, 3.35%, (1M USD LIBOR + 0.85%), 12/15/20 (b)	3,065		3,041
		Series 2017-B-HSDB, 3.60%, (1M USD LIBOR + 1.10%), 12/15/20 (b)	2,542		2,526
		Series 2017-D-HSDB, 4.34%, (1M USD LIBOR + 1.84%), 12/15/20 (b)	178		177
	Wells Fargo Mortgage-Backed Securities Trust
		Series 2007-1A20-8, REMIC, 6.00%, 07/25/37	5,827		5,740
		Series 2007-A1-AR7, REMIC, 4.77%, 12/25/37 (b)	1,778		1,719
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $339,143)			336,642
			Shares/Par¹		Value ($)
CORPORATE BONDS AND NOTES 34.5%
Communication Services 3.7%
	Altice Luxembourg SA
		5.88%, 02/01/27, EUR	900		1,043
		8.13%, 02/01/27	300		304
	AT&T Inc.
		3.38%, (3M USD LIBOR + 0.75%), 06/01/21 (b)	1,834		1,843
		3.78%, (3M USD LIBOR + 1.18%), 06/12/24 (b)	361		358
		4.35%, 03/01/29	398		407
		4.85%, 03/01/39	152		153
	Charter Communications Operating LLC
		3.58%, 07/23/20	2,134		2,150
		4.46%, 07/23/22	887		917
		4.39%, (3M USD LIBOR + 1.65%), 02/01/24 (b)	6,212		6,220
	Clear Channel Worldwide Holdings Inc.
		6.50%, 11/15/22	354		363
		9.25%, 02/15/24	638		675
	Comcast Corp.
		3.42%, (3M USD LIBOR + 0.63%), 04/15/24 (b)	276		275
	CSC Holdings LLC
		6.50%, 02/01/29	800		852
	DISH DBS Corp.
		7.88%, 09/01/19	2,120		2,153
		5.13%, 05/01/20	1,000		1,006
	Frontier Communications Corp.
		8.00%, 04/01/27 (c)	226		233
	iHeartCommunications Inc.
		0.00%, 12/15/19 - 03/15/23 (f) (g)	10,783		7,584
		0.00%, 03/01/21 (f) (g)	658		437
	Intelsat Jackson Holdings Ltd.
		8.00%, 02/15/24	1,172		1,220
	Intelsat Jackson Holdings SA
		5.50%, 08/01/23	35		31
		8.50%, 10/15/24	755		734
	Intelsat Luxembourg SA
		7.75%, 06/01/21	540		485
	Netflix Inc.
		3.63%, 05/15/27, EUR	700		810
		4.63%, 05/15/29, EUR	100		119
		4.63%, 05/15/29, EUR	400		478
	Numericable Group SA
		6.25%, 05/15/24	900		904
	SoftBank Group Corp.
		4.00%, 04/20/23, EUR	1,200		1,446
	Sprint Capital Corp.
		6.90%, 05/01/19	7,822		7,843
	Sprint Corp.
		7.25%, 09/15/21	1,650		1,733
		7.63%, 03/01/26	47		48
	Sprint Spectrum Co. LLC
		3.36%, 09/20/21	1,437		1,437
		4.74%, 03/20/25	200		202
		5.15%, 03/20/28	1,440		1,467
	T-Mobile USA Inc.
		4.75%, 02/01/28	22		22
	United Group BV
		4.38%, 07/01/22, EUR	350		403
	Univision Communications Inc.
		5.13%, 05/15/23	42		40
	Wind Tre SpA
		2.63%, 01/20/23, EUR	200		217
		2.75%, (3M EURIBOR + 2.75%), 01/20/24, EUR (b)	200		213
				46,825
Consumer Discretionary 1.0%
	AA Bond Co. Ltd.
		2.88%, 01/31/22, GBP	200		248
	Bacardi Ltd.
		4.50%, 01/15/21	1,600		1,629
		4.45%, 05/15/25	200		201
		4.70%, 05/15/28	200		200
	Diamond Resorts International Inc.
		7.75%, 09/01/23	966		967

294

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	DriveTime Automotive Group Inc.
		8.00%, 06/01/21 (h)	750		756
	General Motors Co.
		3.54%, (3M USD LIBOR + 0.80%), 08/07/20 (b)	990		988
	GLP Capital LP
		5.25%, 06/01/25	100		105
	Hilton Domestic Operating Co. Inc.
		5.13%, 05/01/26	86		87
	Intrepid Aviation Group Holdings LLC
		8.50%, 08/15/21 (h)	2,280		2,351
	MGM Resorts International
		5.25%, 03/31/20	3,080		3,141
	Mitchells & Butlers Finance Plc
		6.01%, 12/15/28, GBP (d)	57		83
	Sands China Ltd.
		4.60%, 08/08/23 (i)	400		411
		5.13%, 08/08/25 (i)	400		419
		5.40%, 08/08/28 (i)	600		628
	Schaeffler Finance BV
		4.75%, 05/15/23	400		405
	Securitization Trust
		5.75%, 04/01/27 (i)	70		69
	VOC Escrow Ltd.
		5.00%, 02/15/28	60		58
	Wyndham Destinations Inc.
		4.25%, 03/01/22	10		10
		5.40%, 04/01/24 (d)	18		18
	Wyndham Worldwide Corp.
		3.90%, 03/01/23	16		16
				12,790
Consumer Staples 0.3%
	Altria Group Inc
		1.00%, 02/15/23, EUR	1,444		1,631
	BAT Capital Corp.
		2.76%, 08/15/22	1,742		1,714
	Campbell Soup Co.
		3.11%, (3M USD LIBOR + 0.50%), 03/16/20 (b)	160		160
		3.24%, (3M USD LIBOR + 0.63%), 03/15/21 (b)	120		120
	Danone SA
		1.69%, 10/30/19	200		199
	General Mills Inc.
		3.32%, (3M USD LIBOR + 0.54%), 04/16/21 (b)	176		176
				4,000
Energy 1.8%
	Andeavor Logistics LP
		3.50%, 12/01/22	10		10
		4.25%, 12/01/27	10		10
	Enable Midstream Partners LP
		4.95%, 05/15/28	91		93
	Enbridge Inc.
		3.18%, (3M USD LIBOR + 0.40%), 01/10/20 (b)	910		910
	Energy Transfer Partners LP
		4.20%, 09/15/23	60		62
	Enterprise Products Operating LLC
		3.50%, 02/01/22	66		67
	EQT Corp.
		3.57%, (3M USD LIBOR + 0.77%), 10/01/20 (b)	62		62
	Gaz Capital SA
		2.95%, 01/24/24, EUR	4,380		5,080
	Marathon Oil Corp.
		2.80%, 11/01/22	132		130
	Odebrecht Drilling Norbe VIII/IX Ltd.
		6.35%, 12/01/21	58		56
	Odebrecht Offshore Drilling Finance Ltd.
		6.72%, 12/01/22	20		19
	ONGC Videsh Ltd.
		3.25%, 07/15/19	3,800		3,800
	Ras Laffan Liquefied Natural Gas Co. Ltd. III
		6.75%, 09/30/19	6,000		6,104
	Sabine Pass Liquefaction LLC
		6.25%, 03/15/22	700		756
	Shelf Drilling Holdings Ltd.
		8.25%, 02/15/25	20		19
			Shares/Par¹		Value ($)
	Sinopec Group Overseas Development 2016 Ltd.
		1.75%, 09/29/19	3,870		3,849
	Sunoco Logistics Partners Operations LP
		5.50%, 02/15/20	700		716
	Sunoco LP
		4.88%, 01/15/23	54		55
	Topaz Solar Farms LLC
		4.88%, 09/30/39	80		78
		5.75%, 09/30/39	338		349
				22,225
Financials 19.1%
	AerCap Ireland Capital DAC
		4.50%, 05/15/21	600		613
		5.00%, 10/01/21	2,810		2,913
	Ally Financial Inc.
		4.13%, 03/30/20	3,790		3,815
		8.00%, 11/01/31	6		8
	Altice Financing SA
		5.25%, 02/15/23, EUR	8,740		10,053
		6.63%, 02/15/23 (h)	1,900		1,942
	Ambac LSNI LLC
		7.80%, (3M USD LIBOR + 5.00%), 02/12/23 (b)	1,162		1,171
	American International Group Inc.
		5.75%, 04/01/48	162		157
	Ardonagh Midco 3 Plc
		8.38%, 07/15/23, GBP	410		461
		8.38%, 07/15/23, GBP	200		225
	Assurant Inc.
		4.20%, 09/27/23	72		73
	Athene Holding Ltd.
		4.13%, 01/12/28	54		52
	AXA Equitable Holdings Inc.
		3.90%, 04/20/23	30		31
		4.35%, 04/20/28	184		187
		5.00%, 04/20/48	108		106
	Banco Bilbao Vizcaya Argentaria SA
		6.75%, (callable at 100 beginning 02/18/20), EUR (j)	3,000		3,443
		8.88%, (callable at 100 beginning 04/14/21), EUR (j)	800		985
	Banco Santander SA
		6.25%, (callable at 100 beginning 09/11/21), EUR (j)	200		230
	Bank of America Corp.
		5.88%, (callable at 100 beginning 03/15/28) (j)	2,580		2,622
		3.25%, (3M USD LIBOR + 0.65%), 06/25/22 (b)	560		560
	Bank of Ireland
		7.38%, (callable at 100 beginning 06/18/20), EUR (j)	3,450		4,066
	Barclays Bank Plc
		6.50%, (callable at 100 beginning 09/15/19), EUR (j)	1,100		1,244
		7.63%, 11/21/22	700		761
	Barclays Plc
		7.00%, (callable at 100 beginning 09/15/19), GBP (j)	1,300		1,697
		7.25%, (callable at 100 beginning 03/15/23), GBP (j) (k)	2,900		3,890
		7.75%, (callable at 100 beginning 09/15/23) (j) (k)	1,700		1,702
		8.00%, (callable at 100 beginning 06/15/24) (h) (j)	1,000		1,024
		8.00%, (callable at 100 beginning 12/15/20), EUR (j)	7,602		9,170
		14.00%, (callable at 100 beginning 06/15/19), GBP (j)	3,550		4,727
		4.61%, 02/15/23 (k)	2,200		2,247
		3.13%, 01/17/24, GBP	100		132
		4.06%, (3M USD LIBOR + 1.38%), 05/16/24 (b)	600		583
		4.34%, 05/16/24 (b) (k)	400		404
		4.97%, 05/16/29 (b) (k)	200		207
		3.25%, 02/12/27 - 01/17/33, GBP	600		773
	Bayer US Finance II LLC
		3.23%, (3M USD LIBOR + 0.63%), 06/25/21 (b)	200		198
	BNP Paribas SA
		7.00%, (callable at 100 beginning 08/16/28) (j)	200		201
		4.40%, 08/14/28 (h)	400		411

295

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹	Value ($)
Brookfield Finance Inc.
	3.90%, 01/25/28	92	89
	4.70%, 09/20/47	80	76
China Construction Bank Corp.
	3.35%, (3M USD LIBOR + 0.75%), 09/24/21 (b)	4,700	4,700
CIT Group Inc.
	4.13%, 03/09/21	74	75
	5.00%, 08/01/23	1,664	1,744
Citigroup Inc.
	3.73%, (3M USD LIBOR + 0.95%), 07/24/23 (b)	138	138
CommScope Finance LLC
	5.50%, 03/01/24	162	166
	8.25%, 03/01/27	10	10
Cooperatieve Rabobank U.A.
	4.63%, (callable at 100 beginning 12/29/25), EUR (j)	200	227
	5.50%, (callable at 100 beginning 06/29/20), EUR (j) (k)	2,340	2,715
	6.63%, (callable at 100 beginning 06/29/21), EUR (j)	8,600	10,493
Credit Agricole SA
	3.75%, 04/24/23	250	253
Credit Suisse AG
	6.50%, 08/08/23	200	214
Credit Suisse Group AG
	7.25%, (callable at 100 beginning 09/12/25) (j)	200	200
	7.50%, (callable at 100 beginning 07/17/23) (j)	400	411
Credit Suisse Group Funding Guernsey Ltd.
	3.75%, 03/26/25	500	504
DAE Funding LLC
	4.00%, 08/01/20	156	156
	5.25%, 11/15/21	838	859
	4.50%, 08/01/22	834	840
	5.75%, 11/15/23	588	605
	5.00%, 08/01/24	2,044	2,069
Daimler Finance North America LLC
	3.35%, 05/04/21	4,400	4,430
	3.40%, 02/22/22 (c) (h)	10,300	10,398
	3.54%, 02/22/22 (c)	5,100	5,110
Dell EMC
	4.42%, 06/15/21	3,050	3,131
	5.45%, 06/15/23	2,780	2,958
Deutsche Bank AG
	3.77%, (3M USD LIBOR + 0.97%), 07/13/20 (b)	18	18
	0.19%, (3M EURIBOR + 0.50%), 12/07/20, EUR (b)	100	111
	4.03%, (3M USD LIBOR + 1.29%), 02/04/21 (b)	450	446
	4.25%, 10/14/21	3,500	3,514
	1.88%, 02/14/22, EUR	900	1,026
	5.00%, 02/14/22	900	921
	3.30%, 11/16/22	800	774
	3.95%, 02/27/23	100	99
Fairfax Financial Holdings Ltd.
	4.85%, 04/17/28	80	80
Ford Motor Credit Co. LLC
	8.13%, 01/15/20	3,500	3,626
	3.61%, 04/05/21	750	731
	3.02%, 03/06/24, EUR	262	298
GE Capital International Funding Co.
	4.38%, 07/31/19, GBP	50	66
	0.07%, (3M EURIBOR + 0.38%), 01/21/20, EUR (b)	100	112
	5.88%, 11/04/20, GBP	6	8
	0.00%, (3M EURIBOR + 0.23%), 05/17/21, EUR (b)	100	111
	4.42%, 11/15/35	200	185
General Electric Capital Corp.
	2.20%, 01/09/20	45	45
	5.55%, 05/04/20	162	166
	4.38%, 09/16/20	4	4
	3.15%, 09/07/22	2	2
	3.10%, 01/09/23	122	121
	6.15%, 08/07/37	57	63
	5.88%, 01/14/38	22	24
	6.88%, 01/10/39	37	44
		Shares/Par¹	Value ($)
General Motors Financial Co. Inc.
	3.83%, (3M USD LIBOR + 1.10%), 11/06/21 (b)	354	352
GLP Capital LP
	5.30%, 01/15/29	292	306
HSBC Holdings Plc
	4.75%, (callable at 100 beginning 07/04/29), EUR (j)	1,060	1,163
	5.88%, (callable at 100 beginning 09/28/26), GBP (j)	400	524
	6.00%, (callable at 100 beginning 09/29/23), EUR (j)	200	250
	6.25%, (callable at 100 beginning 03/23/23) (j) (k)	400	400
	6.50%, (callable at 100 beginning 03/23/28) (j) (k)	610	605
	3.28%, (3M USD LIBOR + 0.60%), 05/18/21 (b)	600	599
	3.68%, (3M USD LIBOR + 1.00%), 05/18/24 (b)	200	198
	3.00%, 07/22/28, GBP (k)	900	1,202
Hyundai Capital America Inc.
	3.41%, (3M USD LIBOR + 0.80%), 09/18/20 (b) (c)	254	253
Industrial & Commercial Bank of China Ltd.
	3.50%, (3M USD LIBOR + 0.88%), 11/29/19 (b)	500	501
	3.49%, (3M USD LIBOR + 0.75%), 11/08/20 (b)	5,050	5,053
ING Bank NV
	2.45%, 03/16/20	3,500	3,489
ING Groep NV
	3.80%, (3M USD LIBOR + 1.00%), 10/02/23 (b) (k)	400	399
	4.10%, 10/02/23 (k)	400	411
	4.55%, 10/02/28 (h) (k)	400	420
Intelsat Connect Finance SA
	9.50%, 02/15/23 (h)	200	177
Jefferies Finance LLC
	7.38%, 04/01/20	2,415	2,417
JPMorgan Chase & Co.
	3.22%, (3M USD LIBOR + 0.61%), 06/18/22 (b)	2,000	1,998
Lincoln Finance Ltd.
	6.88%, 04/15/21, EUR	3,700	4,229
Lloyds Bank Plc
	3.23%, (3M USD LIBOR + 0.49%), 05/07/21 (b) (k)	200	200
	3.30%, 05/07/21 (k)	600	605
Lloyds Banking Group Plc
	7.00%, (callable at 100 beginning 06/27/19), GBP (j) (k)	2,190	2,848
	7.50%, (callable at 100 beginning 06/27/24) (j) (k)	400	412
	7.50%, (callable at 100 beginning 09/27/25) (j)	1,100	1,117
	7.63%, (callable at 100 beginning 06/27/23), GBP (j) (k)	1,650	2,266
	7.88%, (callable at 100 beginning 06/27/29), GBP (j) (k)	1,800	2,571
	4.05%, 08/16/23 (k)	400	408
	4.45%, 05/08/25 (k)	200	207
	4.38%, 03/22/28	200	205
	4.55%, 08/16/28 (k)	400	415
Lloyds Banking Group PLC
	4.00%, 03/07/25, AUD	500	363
Macquarie Bank Ltd.
	3.14%, (3M USD LIBOR + 0.35%), 04/04/19 (b)	4,100	4,100
Meiji Yasuda Life Insurance Co.
	5.10%, 04/26/48	400	418
MetLife Inc.
	5.88%, (callable at 100 beginning 03/15/28) (j)	18	19
Nationwide Building Society
	6.88%, GBP (j)	500	652
	10.25%, GBP (j)	445	839
	3.77%, 03/08/24	400	398
	4.30%, 03/08/29	400	405
Natwest Markets Plc
	0.09%, (3M EURIBOR + 0.40%), 03/02/20, EUR (b)	200	224
	0.63%, 03/02/22, EUR	1,200	1,335
NatWest Markets Plc
	3.63%, 09/29/22 (c)	3,400	3,404
Navient Corp.
	4.88%, 06/17/19	1,779	1,782
	8.00%, 03/25/20	4,305	4,477

296

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
		5.00%, 10/26/20	100		101
		5.88%, 03/25/21	100		103
		6.63%, 07/26/21	400		419
		6.50%, 06/15/22	78		81
	Nissan Motor Acceptance Corp.
		2.55%, 03/08/21	1,786		1,759
	Nordea Bank AB
		2.50%, 09/17/20	3,300		3,285
	Petrobras Global Finance BV
		6.13%, 01/17/22	2,652		2,813
		8.75%, 05/23/26	3,535		4,179
		7.38%, 01/17/27	2,300		2,534
		5.75%, 02/01/29	508		504
	QNB Finance Ltd.
		4.35%, (3M USD LIBOR + 1.57%), 07/18/21 (b)	400		403
	Rio Oil Finance Trust
		9.25%, 07/06/24 (d)	159		174
		8.20%, 04/06/28	250		273
	Royal Bank of Scotland Group Plc
		7.50%, (callable at 100 beginning 08/10/20) (j) (k)	3,700		3,769
		8.00%, (callable at 100 beginning 08/10/25) (j) (k)	300		322
		8.63%, (callable at 100 beginning 08/15/21) (j) (k)	1,800		1,917
		2.00%, 03/08/23 - 03/04/25, EUR	500		573
		2.50%, 03/22/23, EUR	1,300		1,523
		3.50%, 05/15/23 (b) (k)	200		199
		4.15%, (3M USD LIBOR + 1.47%), 05/15/23 (b)	700		697
		3.88%, 09/12/23	600		603
		1.75%, 03/02/26, EUR	1,500		1,681
		5.08%, 01/27/30 (b) (k)	1,800		1,895
	Santander Holdings USA Inc.
		3.70%, 03/28/22	4		4
		3.40%, 01/18/23	60		60
		4.40%, 07/13/27	20		20
	Santander UK Group Holdings Plc
		6.75%, (callable at 100 beginning 06/24/24), GBP (j)	2,780		3,657
		3.57%, 01/10/23	400		399
		1.13%, 09/08/23, EUR	100		112
		3.37%, 01/05/24	200		196
		0.54%, (3M EURIBOR + 0.85%), 03/27/24, EUR (b)	600		653
		4.80%, 11/15/24	2,500		2,577
		2.92%, 05/08/26, GBP	700		919
		3.82%, 11/03/28	800		775
	Santander UK Plc
		3.25%, (3M USD LIBOR + 0.62%), 06/01/21 (b)	200		200
		3.40%, 06/01/21 (k)	400		403
	Societe Generale SA
		6.75%, (callable at 100 begininng 04/06/28) (j)	200		185
		7.38% (j) (k)	900		895
	Springleaf Finance Corp.
		6.00%, 06/01/20	651		674
		8.25%, 12/15/20	630		678
		7.75%, 10/01/21	100		108
		6.13%, 05/15/22	133		138
		5.63%, 03/15/23	2,775		2,812
		6.88%, 03/15/25	25		26
	Standard Chartered Plc
		3.91%, (3M USD LIBOR + 1.15%), 01/20/23 (b)	200		199
		4.25%, 01/20/23	380		386
	Starwood Property Trust Inc.
		5.00%, 12/15/21	100		103
	State Bank of India
		4.00%, 01/24/22	1,550		1,575
	Syngenta Finance NV
		5.18%, 04/24/28	200		204
	UniCredit SpA
		7.83%, 12/04/23	6,140		6,806
	VICI Properties 1 LLC
		8.00%, 10/15/23	142		156
	Volkswagen Bank GmbH
		0.11%, (3M EURIBOR + 0.42%), 06/15/21, EUR (b)	100		111
			Shares/Par¹		Value ($)
	Volkswagen Leasing GmbH
		0.14%, (3M EURIBOR + 0.45%), 07/06/21, EUR (b)	100		111
	Wells Fargo & Co.
		3.97%, (3M USD LIBOR + 1.23%), 10/31/23 (b)	281		286
	Wells Fargo Bank NA
		3.27%, (3M USD LIBOR + 0.50%), 07/23/21 (b)	400		401
	Woodside Finance Ltd.
		4.50%, 03/04/29	362		369
	WPC Eurobond BV
		2.25%, 04/09/26, EUR	300		344
		2.13%, 04/15/27, EUR	100		112
				239,327
Health Care 2.4%
	AbbVie Inc.
		3.38%, 11/14/21	407		412
		4.25%, 11/14/28	36		37
	Bayer US Finance II LLC
		3.62%, (3M USD LIBOR + 1.01%), 12/15/23 (b)	400		393
	Community Health Systems Inc.
		5.13%, 08/01/21 (h)	1,545		1,518
		6.25%, 03/31/23	3,633		3,403
		8.63%, 01/15/24	1,164		1,167
		8.00%, 03/15/26 (h)	852		814
	Crimson Merger Sub Inc.
		6.63%, 05/15/22	334		316
	Fresenius Medical Care US Finance II Inc.
		5.63%, 07/31/19	2,075		2,091
		4.13%, 10/15/20	2		2
	Halfmoon Parent Inc.
		3.68%, (3M USD LIBOR + 0.89%), 07/15/23 (b)	510		506
	HCA Inc.
		5.88%, 03/15/22	237		254
	Mylan Inc.
		4.20%, 11/29/23	580		589
	Mylan NV
		3.75%, 12/15/20	1,980		1,999
	Par Pharmaceutical Inc.
		7.50%, 04/01/27 (c)	74		75
	Takeda Pharmaceutical Co. Ltd.
		0.79%, (3M EURIBOR + 1.10%), 11/21/22, EUR (b)	700		797
	Teva Pharmaceutical Finance Co. BV
		2.95%, 12/18/22	760		709
	Teva Pharmaceutical Finance IV LLC
		2.25%, 03/18/20	2,554		2,518
	Teva Pharmaceutical Finance Netherlands II BV
		0.38%, 07/25/20, EUR	4,500		4,991
		3.25%, 04/15/22, EUR	400		458
	Teva Pharmaceutical Finance Netherlands III BV
		1.70%, 07/19/19	20		20
		2.20%, 07/21/21	6,929		6,597
	Valeant Pharmaceuticals International Inc.
		8.50%, 01/31/27	80		85
				29,751
Industrials 1.9%
	Air Lease Corp.
		3.50%, 01/15/22	98		99
	Aviation Capital Group LLC
		2.88%, 01/20/22	120		118
	Avolon Holdings Funding Ltd.
		5.50%, 01/15/23	198		204
		5.25%, 05/15/24	1,076		1,107
	BOC Aviation Pte Ltd.
		3.79%, (3M USD LIBOR + 1.05%), 05/02/21 (b)	250		251
		3.73%, (3M USD LIBOR + 1.13%), 09/26/23 (b)	200		201
	Bombardier Inc.
		7.88%, 04/15/27	444		457
	Canadian Pacific Railway Co.
		4.50%, 01/15/22 (i)	1,190		1,232
	Delta Air Lines Inc.
		2.88%, 03/13/20	1,980		1,977
	DP World Ltd.
		2.38%, 09/25/26, EUR	200		233

297

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
		4.25%, 09/25/30, GBP	100		138
	Equifax Inc.
		3.55%, (3M USD LIBOR + 0.87%), 08/15/21 (b)	126		125
		3.60%, 08/15/21	44		44
	Fortress Transportation & Infrastructure Investors LLC
		6.75%, 03/15/22	1,028		1,046
		6.50%, 10/01/25	421		415
	Fortune Brands Home & Security Inc.
		3.00%, 06/15/20	664		665
	General Electric Capital Corp.
		5.55%, 01/05/26	520		558
	General Electric Co.
		5.00%, (callable at 100 beginning 01/21/21) (j)	1,565		1,461
	IHS Markit Ltd.
		4.00%, 03/01/26	7		7
	International Lease Finance Corp.
		4.63%, 04/15/21	500		512
		5.88%, 08/15/22	851		911
	Masco Corp.
		5.95%, 03/15/22	690		739
	Park Aerospace Holdings Ltd.
		3.63%, 03/15/21	10		10
		5.25%, 08/15/22	4,054		4,155
		4.50%, 03/15/23	4,325		4,303
	Penske Truck Leasing Co. LP
		3.65%, 07/29/21	2,300		2,331
	PT Pelabuhan Indonesia III
		4.50%, 05/02/23	500		513
	Textron Inc.
		3.25%, (3M USD LIBOR + 0.55%), 11/10/20 (b)	250		249
	Triumph Group Inc.
		4.88%, 04/01/21	194		189
		5.25%, 06/01/22	36		35
	United Technologies Corp.
		3.33%, (3M USD LIBOR + 0.65%), 08/16/21 (b)	110		110
				24,395
Information Technology 2.2%
	Broadcom Corp.
		2.20%, 01/15/21	1,900		1,871
		3.63%, 01/15/24	1,420		1,412
		3.88%, 01/15/27	4,748		4,540
	Broadcom Inc.
		3.13%, 04/15/21 - 10/15/22 (c)	10,100		10,071
	EMC Corp.
		2.65%, 06/01/20	4,905		4,865
	Flex Ltd.
		4.63%, 02/15/20	1,090		1,103
	Micron Technology Inc.
		5.33%, 02/06/29	202		207
	NetApp Inc.
		3.38%, 06/15/21	1,090		1,098
		3.30%, 09/29/24	10		10
	Radiate Holdco LLC
		6.88%, 02/15/23	70		69
	Refinitiv US Holdings Inc.
		4.50%, 05/15/26, EUR	300		340
	Tech Data Corp.
		4.95%, 02/15/27 (i)	920		927
	ViaSat Inc.
		5.63%, 09/15/25 - 04/15/27	1,243		1,198
	Western Digital Corp.
		4.75%, 02/15/26	294		280
				27,991
Materials 0.2%
	Cleveland-Cliffs Inc.
		4.88%, 01/15/24	34		34
	Huntsman International LLC
		4.50%, 05/01/29	72		72
	Incitec Pivot Finance LLC
		6.00%, 12/10/19	30		31
	International Flavors & Fragrances Inc.
		3.40%, 09/25/20	140		141
			Shares/Par¹		Value ($)
	PT Indonesia Asahan Aluminum
		5.23%, 11/15/21	600		624
		5.71%, 11/15/23	500		540
	Starfruit Finco BV
		6.50%, 10/01/26, EUR	100		112
	Vale Overseas Ltd.
		6.25%, 08/10/26 (h)	326		356
		6.88%, 11/21/36	125		143
		6.88%, 11/10/39	81		93
	Yara International ASA
		4.75%, 06/01/28	165		172
				2,318
Real Estate 1.3%
	American Tower Corp.
		3.00%, 06/15/23	88		88
	Boston Properties LP
		3.20%, 01/15/25	35		35
	CBL & Associates LP
		4.60%, 10/15/24	8		6
		5.95%, 12/15/26	117		87
	EPR Properties
		4.75%, 12/15/26	32		33
		4.95%, 04/15/28	90		94
	Equinix Inc.
		2.88%, 03/15/24 - 02/01/26, EUR	2,800		3,237
	Growthpoint Properties International Pty Ltd.
		5.87%, 05/02/23	200		205
	Highwoods Realty LP
		4.13%, 03/15/28	60		61
	Howard Hughes Corp.
		5.38%, 03/15/25	2,721		2,721
	Hunt Cos. Inc.
		6.25%, 02/15/26	28		26
	Kennedy Wilson Europe Real Estate Plc
		3.95%, 06/30/22, GBP	2,795		3,688
		3.25%, 11/12/25, EUR	3,000		3,374
	Kennedy-Wilson Inc.
		5.88%, 04/01/24	84		83
	Life Storage LP
		3.88%, 12/15/27	26		26
	Newmark Group Inc.
		6.13%, 11/15/23 (i)	138		142
	Physicians Realty LP
		3.95%, 01/15/28	56		54
	Plum Creek Timberlands LP
		4.70%, 03/15/21	1,690		1,736
	SL Green Operating Partnership LP
		3.25%, 10/15/22	14		14
	Starwood Property Trust Inc.
		4.75%, 03/15/25	71		71
	STORE Capital Corp.
		4.50%, 03/15/28	48		48
		4.63%, 03/15/29	49		50
	UDR Inc.
		4.63%, 01/10/22	7		7
		3.50%, 01/15/28	25		25
	Vornado Realty LP
		3.50%, 01/15/25	34		34
	Welltower Inc.
		3.95%, 09/01/23	62		64
		4.25%, 04/15/28	93		96
	WeWork Cos. Inc.
		7.88%, 05/01/25	108		99
				16,204
Utilities 0.6%
	Duke Energy Corp.
		3.19%, (3M USD LIBOR + 0.50%), 05/14/21 (b) (c)	228		228
	Pacific Gas & Electric Co.
		0.00%, 08/01/23 (f) (g)	220		204
		0.00%, 10/01/20 - 12/01/46 (f) (g)	6,619		5,976
	Public Service Enterprise Group Inc.
		2.65%, 11/15/22	350		347

298

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Rockpoint Gas Storage Canada Ltd.
		7.00%, 03/31/23	10		10
	San Diego Gas & Electric Co.
		3.75%, 06/01/47	6		6
	Southern California Edison Co.
		3.65%, 03/01/28	10		10
		6.65%, 04/01/29	36		40
		6.00%, 01/15/34	4		5
		5.75%, 04/01/35	16		18
	Southern California Gas Co.
		5.13%, 11/15/40	194		223
	Southern Co.
		2.75%, 06/15/20	30		30
				7,097
	Total Corporate Bonds And Notes (cost $435,229)			432,923
SENIOR LOAN INTERESTS 3.3%
Communication Services 0.2%
	Gray Television Inc.
		Term Loan C, 4.98%, (3M LIBOR + 2.50%), 10/30/25 (b)	100		99
	Intelsat Jackson Holdings SA
		Term Loan B-3, 6.24%, (3M LIBOR + 3.75%), 11/27/23 (b)	2,700		2,657
				2,756
Consumer Discretionary 1.4%
	Aramark Services Inc.
		Term Loan, 4.24%, (3M LIBOR + 1.75%), 03/01/25 (b)	93		92
	Caesars Resort Collection LLC
		1st Lien Term Loan B, 5.25%, (3M LIBOR + 2.75%), 12/23/24 (b)	296		292
	CSC Holdings LLC
		Term Loan B, 4.98%, (3M LIBOR + 2.50%), 01/12/26 (b)	99		97
	Diamond Resorts International Inc.
		Term Loan, 0.00%, (3M LIBOR + 3.75%), 09/02/23 (b) (l)	80		77
		Term Loan, 6.24%, (3M LIBOR + 3.75%), 09/02/23 (b)	638		612
	iHeartCommunications Inc.
		Term Loan, 0.00%, 07/30/19 (f) (g)	1,568		1,116
		Term Loan D, 0.00%, 12/31/19 (f) (g)	7,331		5,212
	Marriott Ownership Resorts Inc.
		Term Loan B, 4.74%, (3M LIBOR + 2.25%), 08/29/25 (b)	100		99
	Neiman Marcus Group Inc.
		Term Loan, 5.73%, (1M LIBOR + 3.25%), 10/25/20 (b)	2,479		2,299
	PetSmart Inc.
		Term Loan B-2, 5.49%, (3M LIBOR + 3.00%), 03/11/22 (b)	417		373
	Univision Communications Inc.
		Term Loan C-5, 5.25%, (3M LIBOR + 2.75%), 03/15/24 (b)	7,493		7,048
	Wyndham Hotels & Resorts Inc.
		Term Loan B, 4.25%, (3M LIBOR + 1.75%), 03/29/25 (b)	99		98
				17,415
Energy 0.0%
	Johnson Controls International Plc
		Term Loan B, 0.00%, (3M LIBOR + 3.50%), 03/13/26 (b) (l)	130		128
	Texas Westmoreland Coal Co.
		Term Loan, 0.00%, (3M LIBOR + 8.25%), 05/21/19 (b) (e) (l)	21		21
		Term Loan, 0.00%, (3M LIBOR + 6.50%), 12/16/20 (b) (l)	104		45
				194
Financials 0.2%
	Altice France SA
		Term Loan B-13, 6.48%, (3M LIBOR + 4.00%), 07/13/26 (b)	399		381
	Dubai World Corp.
		Term Loan, 2.00%, (3M LIBOR + 3.75%), 09/30/22 (b)	1,597		1,485
			Shares/Par¹		Value ($)
	McDermott Technology Americas Inc.
		1st Lien Term Loan, 7.50%, (3M LIBOR + 5.00%), 04/04/25 (b)	259		247
	Unitymedia Finance LLC
		Term Loan, 4.73%, (3M LIBOR + 2.50%), 01/20/26 (b)	100		99
		Term Loan B, 2.75%, (3M EURIBOR + 2.75%), 01/15/27, EUR (b)	200		224
				2,436
Health Care 0.3%
	Community Health Systems Inc.
		Term Loan, 0.00%, (3M LIBOR + 3.25%), 01/27/21 (b) (l)	969		967
	Concordia International Corp.
		Term Loan, 7.99%, (3M LIBOR + 5.50%), 09/06/24 (b)	495		466
	Envision Healthcare Corp.
		1st Lien Term Loan, 6.25%, (3M LIBOR + 3.75%), 09/27/25 (b)	748		699
	Kinetic Concepts Inc.
		Term Loan B, 6.05%, (3M LIBOR + 3.25%), 01/30/24 (b)	1,965		1,952
	Valeant Pharmaceuticals International Inc.
		Term Loan B, 5.23%, (3M LIBOR + 2.75%), 11/26/25 (b)	199		197
				4,281
Industrials 0.2%
	Avolon LLC
		Term Loan B-3, 4.49%, (3M LIBOR + 2.00%), 01/15/25 (b)	142		140
	Beacon Roofing Supply Inc.
		Term Loan, 4.75%, (3M LIBOR + 2.25%), 01/02/25 (b)	30		29
	Pisces Midco Inc.
		Term Loan, 6.55%, (3M LIBOR + 3.75%), 04/12/25 (b)	348		333
	Sequa Corp.
		Term Loan, 7.78%, (3M LIBOR + 5.00%), 11/28/21 (b)	1,995		1,948
		Term Loan, 11.75%, (3M LIBOR + 9.00%), 04/28/22 (b)	141		138
	West Corp.
		Term Loan, 6.63%, (3M LIBOR + 4.00%), 10/03/24 (b)	35		33
				2,621
Information Technology 0.6%
	Ancestry.com Operations Inc.
		1st Lien Term Loan, 5.75%, (1M LIBOR + 3.25%), 10/19/23 (b)	4,293		4,262
	CommScope Inc.
		Term Loan B, 0.00%, (3M LIBOR + 3.25%), 02/07/26 (b) (l)	300		300
	Refinitiv US Holdings Inc.
		Term Loan, 6.25%, (3M LIBOR + 3.75%), 09/12/25 (b)	1,086		1,054
		Term Loan, 4.00%, (3M EURIBOR + 4.00%), 10/01/25, EUR (b)	997		1,113
	SS&C Technologies Holdings Europe SARL
		Term Loan B-4, 4.75%, (3M LIBOR + 2.25%), 02/27/25 (b)	177		176
	SS&C Technologies Inc.
		Term Loan B-3, 4.75%, (3M LIBOR + 2.25%), 02/27/25 (b)	263		261
				7,166
Materials 0.1%
	Axalta Coating Systems US Holdings Inc.
		Term Loan, 4.55%, (1M LIBOR + 1.75%), 06/01/24 (b)	30		29
	Messer Industries GmbH
		Term Loan, 0.00%, (3M LIBOR + 2.50%), 09/19/25 (b) (l)	180		176
	Starfruit Finco BV
		Term Loan B, 5.74%, (3M LIBOR + 3.25%), 09/20/25 (b)	400		394
				599

299

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
Real Estate 0.0%
	Forest City Enterprises LP
		Term Loan B, 6.48%, (3M LIBOR + 4.00%), 10/24/25 (b)	199		200
Sovereign 0.0%
	Tanzania Republic
		Term Loan, 7.74%, (3M LIBOR + 5.20%), 12/10/19 (b) (e)	100		100
Utilities 0.3%
	Pacific Gas & Electric Co.
		Term Loan, 0.00%, (3M LIBOR + 1.00%), 02/22/49 (b) (l)	1,057		910
		Term Loan, 7.50%, (3M LIBOR + 1.00%), 02/22/49 (b)	450		387
	PG&E Corp.
		DIP Term Loan, 0.00%, (3M UNFND + 1.13%), 12/31/20 (b) (l)	2,692		2,692
				3,989
	Total Senior Loan Interests (cost $42,415)			41,757
GOVERNMENT AND AGENCY OBLIGATIONS 30.3%
Mortgage-Backed Securities 14.2%
	Federal National Mortgage Association
		TBA, 3.50%, 05/15/48 (m)	51,800		52,460
		TBA, 4.00%, 05/15/48 (m)	84,300		86,627
		TBA, 3.00%, 06/15/48 (m)	1,000		994
		3.50%, 03/01/48 - 07/01/48	37,743		38,301
				178,382
Municipal 0.0%
	Commonwealth of Puerto Rico
		0.00%, 07/01/23 - 07/01/41 (f) (g)	410		232
Sovereign 3.3%
	Abu Dhabi Government International Bond
		2.50%, 10/11/22	600		594
		3.13%, 10/11/27	600		596
		4.13%, 10/11/47	300		303
	Argentina Bonar Bond
		49.44%, (Argentina Deposit Rates Badlar + 3.25%), 03/01/20, ARS (b)	3,500		83
		44.59%, (Argentina Deposit Rates Badlar + 2.00%), 04/03/22, ARS (b)	67,323		1,505
	Argentina POM Politica Monetaria
		54.47%, (Argentina Central Bank 7 Day Repurchase Rate), 06/21/20, ARS (b)	84,949		2,232
	Argentina Republic Government International Bond
		3.88%, 01/15/22, EUR	330		313
		5.63%, 01/26/22	5,010		4,315
		49.15%, (Argentina Deposit Rates Badlar), 10/04/22, ARS (b)	154		6
		4.63%, 01/11/23	958		784
		3.38%, 01/15/23, EUR	300		268
		5.00%, 01/15/27, EUR	1,400		1,162
		5.25%, 01/15/28, EUR	1,700		1,396
		2.37%, 12/31/33, EUR (n)	3,103		3,009
		7.82%, 12/31/33, EUR	34		33
		2.26%, 12/31/38, EUR (d)	791		500
		2.50%, 12/31/38 (d)	1,002		575
		6.25%, 11/09/47, EUR	100		80
	Bolivarian Republic of Venezuela
		0.00%, 05/07/28 (f) (g) (o)	363		101
	Export Credit Bank of Turkey
		8.25%, 01/24/24	200		196
	Hellenic Republic Government Bond
		4.75%, 04/17/19, EUR	350		393
	Kazakhstan Government International Bond
		2.38%, 11/09/28, EUR	100		116
	Peru Government International Bond
		8.20%, 08/12/26, PEN	300		109
		6.35%, 08/12/28, PEN	491		160
		5.94%, 02/12/29, PEN	4,945		1,569
		6.15%, 08/12/32, PEN	7,249		2,295
	Petroleos de Venezuela SA
		0.00%, 05/16/24 - 04/12/37 (f) (g) (o)	1,590		342
			Shares/Par¹		Value ($)
	Qatar Government International Bond
		3.88%, 04/23/23	800		823
		5.10%, 04/23/48	400		440
	Saudi Arabia Government International Bond
		2.88%, 03/04/23	400		396
		4.00%, 04/17/25	4,300		4,409
		4.63%, 10/04/47	600		592
		5.00%, 04/17/49	900		934
	Serbia International Bond
		4.88%, 02/25/20 (h)	3,400		3,438
	Turkey Government International Bond
		5.63%, 03/30/21	300		296
		7.25%, 12/23/23 (h)	2,400		2,412
		4.63%, 03/31/25, EUR	1,500		1,636
		7.63%, 04/26/29	1,600		1,584
	Venezuela Government International Bond
		0.00%, 12/09/20 - 03/31/38 (f) (g) (o)	5,607		1,557
				41,552
Treasury Inflation Indexed Securities 0.7%
	U.S. Treasury Inflation Indexed Note
		0.75%, 07/15/28 (p)	8,423		8,615
U.S. Treasury Securities 12.1%
	U.S. Treasury Bond
		3.00%, 08/15/48	30		31
	U.S. Treasury Note
		2.75%, 02/15/24 (q)	700		716
		2.50%, 05/15/24	25,500		25,807
		2.00%, 05/31/24 (q)	8,800		8,696
		1.88%, 08/31/24	5,600		5,491
		2.13%, 09/30/24	8,500		8,439
		2.25%, 10/31/24 - 11/15/24	53,400		53,342
		2.50%, 01/31/25 (q)	2,000		2,024
		2.88%, 05/31/25	29,600		30,581
		2.63%, 01/31/26	16,700		17,031
				152,158
	Total Government And Agency Obligations (cost $380,754)			380,939
OTHER EQUITY INTERESTS 0.0%
	T-Mobile USA Inc. Escrow (e) (f) (r)		22		—
	Total Other Equity Interests (cost $0)			—
SHORT TERM INVESTMENTS 16.3%
Discount Notes 15.2%
	Anheuser-Busch InBev NV
		2.72%, 04/24/19 (s)	460		459
	Boston Scientific Corp.
		2.85%, 04/23/19 (s)	1,690		1,687
		2.90%, 05/20/19 (s)	1,050		1,046
		2.95%, 06/17/19 (s)	700		696
	CRH America Finance Inc.
		2.73%, 04/26/19 (s)	340		339
	Federal Home Loan Bank
		2.41%, 04/24/19 (s) (t)	46,100		46,026
		2.40%, 05/08/19 (s) (t)	37,600		37,505
		2.41%, 05/13/19 (s) (t)	9,200		9,174
		2.41%, 05/15/19 (s) (t)	66,700		66,500
		2.43%, 05/22/19 (s) (t)	14,400		14,350
		2.42%, 05/29/19 (s) (t)	5,900		5,878
	General Motors Financial Co. Inc.
		2.98%, 04/24/19 (s)	250		250
		2.98%, 04/26/19 (s)	600		599
	Hitachi Capital America Corp.
		2.70%, 04/25/19 (s)	560		559
	Hyundai Capital America Inc.
		2.71%, 04/23/19 (s)	717		716
		2.75%, 05/01/19 (s)	500		499
	Keurig Dr Pepper Inc.
		2.75%, 05/13/19 (s)	550		548
	Marsh & McLennan Cos. Inc.
		2.73%, 04/22/19 (s)	250		250
	NextEra Energy Capital Holdings Inc.
		2.73%, 05/09/19 (s)	560		558
	Nissan Motor Acceptance Corp.
		2.71%, 04/24/19 (s)	1,130		1,128
		2.71%, 05/01/19 (s)	250		249

300

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Ryder System Inc.
		2.70%, 04/22/19 (s)	250		250
	Sempra Global
		2.74%, 04/26/19 (s)	450		449
	VW Credit Inc.
		2.90%, 07/09/19 (s)	550		546
				190,261
Treasury Securities 1.1%
	Argentina Treasury Bill
		45.90%, 06/11/19, ARS (s)	60,690		1,567
		50.40%, 06/29/19, ARS (s)	26,060		741
		52.41%, 07/30/19, ARS (s)	1,040		29
	Brazil Treasury Bill
		6.09%, 01/01/20, BRL (s)	49,200		11,990
				14,327
	Total Short Term Investments (cost $205,344)			204,588
Total Investments 111.2% (cost $1,402,885)					1,396,849
Total Securities Sold Short (0.2)% (proceeds $2,491)					(2,495)
Other Derivative Instruments 0.1%					1,582
Other Assets and Liabilities, Net (11.1)%					(139,273)
Total Net Assets 100.0%					1,256,663

(a) The Fund had an unfunded commitment at March 31, 2019. See the table of Unfunded Commitments in the Schedules of Investments.

(c) 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 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.

(f) Non-income producing security.

(g) 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 1.8% of the Fund’s net assets.

(h) All or a portion of the security was on loan.

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

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

(k) Convertible security.

(l) This senior loan will settle after March 31, 2019. The reference rate and spread presented will go into effect upon settlement.

(m) All or a portion of the security was purchased on a delayed delivery basis. As of March 31, 2019, the total payable for investments purchased on a delayed delivery basis was $139,417.

(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.

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

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

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

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

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


			Shares/Par¹		Value ($)
SECURITIES SOLD SHORT (0.2%)
GOVERNMENT AND AGENCY OBLIGATIONS (0.2%)
U.S. Treasury Securities (0.2%)
	U.S. Treasury Note
		2.88%, 08/15/28	(2,400)		(2,495)
	Total Government And Agency Obligations (proceeds $2,491)			(2,495)
	Total Securities Sold Short (0.2%) (proceeds $2,491)				(2,495)


Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Air Canada Pass-Through Trust, Series 2017-B-1, 3.70%, 01/15/26	12/08/17	23	22	—
	BAMLL Commercial Mortgage Securities Trust, Series 2019-A-AHT, 0.00%, 03/15/21	03/29/19	7,010	7,010	0.6
	Broadcom Inc., 3.13%, 04/15/21	03/29/19	5,044	5,044	0.4
	Broadcom Inc., 3.13%, 10/15/22	03/29/19	5,027	5,027	0.4
	Daimler Finance North America LLC, 3.40%, 02/22/22	02/20/19	10,285	10,398	0.8
	Daimler Finance North America LLC, 3.54%, 02/22/22	02/20/19	5,100	5,110	0.4
	Duke Energy Corp., 3.19%, 05/14/21	05/14/18	228	228	—
	Frontier Communications Corp., 8.00%, 04/01/27	03/13/19	226	233	—
	Hyundai Capital America Inc., 3.41%, 09/18/20	09/17/18	254	253	—
	NatWest Markets Plc, 3.63%, 09/29/22	03/27/19	3,398	3,404	0.3
	Par Pharmaceutical Inc., 7.50%, 04/01/27	03/15/19	74	75	—
			36,669	36,804	2.9

Unfunded Commitments

301

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


JNL/PIMCO Income Fund — Futures Contracts
Reference Entity	Contracts¹	Expiration	Notional¹			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
Australia Commonwealth Treasury Bond, 10-Year	424	June 2019	AUD	57,543	—			854
U.S. Treasury Note, 10-Year	2,011	June 2019		246,240	(566)			3,564
					(566)			4,418
Short Contracts
Japanese Government Bond, 10-Year	(1)	June 2019	JPY	(152,790)	(2)			(5)
U.K. Long Gilt	(387)	June 2019	GBP	(49,276)	(15)			(1,030)
U.S. Treasury Note, 5-Year	(480)	June 2019		(55,114)	109			(483)
					92			(1,518)


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		—		—
28-Day MEXIBOR (M)	Receiving	7.99	(M)	12/21/27	MXN	100		—		—
28-Day MEXIBOR (M)	Receiving	8.01	(M)	12/21/27	MXN	3,800		1		2
28-Day MEXIBOR (M)	Receiving	7.91	(M)	12/30/27	MXN	200		—		—
28-Day MEXIBOR (M)	Receiving	8.03	(M)	01/31/28	MXN	400		—		—
28-Day MEXIBOR (M)	Receiving	8.05	(M)	01/31/28	MXN	600		—		—
28-Day MEXIBOR (M)	Receiving	7.38	(M)	08/14/37	MXN	600		—		1
28-Day MEXIBOR (M)	Receiving	7.36	(M)	08/21/37	MXN	100		—		—
28-Day MEXIBOR (M)	Paying	7.88	(M)	12/16/22	MXN	600		—		—
28-Day MEXIBOR (M)	Paying	7.87	(M)	12/27/22	MXN	1,700		—		—
28-Day MEXIBOR (M)	Paying	7.88	(M)	12/27/22	MXN	6,700		(1)		(2)
28-Day MEXIBOR (M)	Paying	7.75	(M)	01/05/23	MXN	300		—		—
28-Day MEXIBOR (M)	Paying	7.61	(M)	01/23/23	MXN	1,300		—		—
28-Day MEXIBOR (M)	Paying	7.81	(M)	02/06/23	MXN	600		—		—
28-Day MEXIBOR (M)	Paying	7.82	(M)	02/06/23	MXN	700		—		—
28-Day MEXIBOR (M)	Paying	7.55	(M)	04/18/23	MXN	77,200		(13)		(30)
28-Day MEXIBOR (M)	Paying	7.70	(M)	05/02/23	MXN	9,000		(1)		1
28-Day MEXIBOR (M)	Paying	7.67	(M)	03/05/25	MXN	279,500		(65)		(62)
28-Day MEXIBOR (M)	Paying	7.71	(M)	03/07/25	MXN	50,500		(12)		(12)
28-Day MEXIBOR (M)	Paying	7.72	(M)	03/07/25	MXN	50,200		(12)		(11)
28-Day MEXIBOR (M)	Paying	7.60	(M)	04/14/25	MXN	85,000		(20)		(47)
28-Day MEXIBOR (M)	Paying	7.61	(M)	04/15/25	MXN	20,600		(5)		(11)
28-Day MEXIBOR (M)	Paying	7.15	(M)	06/11/27	MXN	6,200		(2)		(11)
28-Day MEXIBOR (M)	Paying	7.37	(M)	10/11/27	MXN	9,700		(2)		(19)
3M LIBOR (Q)	Receiving	2.50	(S)	12/20/24		1,600		4		(64)
3M LIBOR (Q)	Receiving	2.50	(S)	12/20/24		11,000		26		(391)
3M LIBOR (Q)	Receiving	3.00	(S)	06/19/26		33,700		68		(568)
3M LIBOR (Q)	Receiving	2.25	(S)	06/20/28		2,000		4		(109)
3M LIBOR (Q)	Receiving	2.25	(S)	06/20/28		11,100		21		(668)
3M LIBOR (Q)	Receiving	2.75	(S)	12/20/47		13,000		29		16
3M LIBOR (Q)	Receiving	2.50	(S)	06/20/48		22,600		49		(2,179)
3M LIBOR (Q)	Paying	2.00	(S)	06/20/23		88,100		(163)		2,955
3M LIBOR (Q)	Paying	2.75	(S)	12/19/23		4,700		(10)		190
6M British Bankers' Association Yen LIBOR (S)	Receiving	0.35	(S)	01/18/28	JPY	220,000		(4)		(57)
6M British Bankers' Association Yen LIBOR (S)	Receiving	0.35	(S)	02/08/28	JPY	2,970,000		(54)		(734)
6M British Bankers' Association Yen LIBOR (S)	Receiving	0.30	(S)	02/13/28	JPY	400,000		(7)		(108)
6M British Bankers' Association Yen LIBOR (S)	Receiving	0.35	(S)	02/16/28	JPY	360,000		(7)		(90)
6M British Bankers' Association Yen LIBOR (S)	Receiving	0.30	(S)	03/20/28	JPY	1,890,000		(35)		(481)
6M British Bankers' Association Yen LIBOR (S)	Receiving	0.45	(S)	03/20/29	JPY	16,770,000		(511)		(4,798)
6M EURIBOR (S)	Receiving	1.00	(A)	06/19/29	EUR	4,300		16		(231)
6M GBP LIBOR (S)	Receiving	1.50	(S)	09/18/49	GBP	2,200		22		(133)
								(684)		(7,651)

302

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


JNL/PIMCO Income Fund — Centrally Cleared Credit Default Swap Agreements
Reference Entity²	Fixed Receive/ Pay Rate⁸ (%)	Expiration	Notional^1,7		Value⁶ ($)		Variation Margin Receivable (Payable) ($)		Unrealized Appreciation (Depreciation) ($)
Credit default swap agreements - purchase protection³
CDX.NA.HY.30 (Q)	5.00	06/20/23		1,225		(86)		(3)		2
CDX.NA.HY.31 (Q)	5.00	12/20/23		4,263		(284)		(13)		(58)
						(370)		(16)		(56)
Credit default swap agreements - sell protection⁴
CDX.EM.28 (Q)	1.00	12/20/22		(20,283)		(334)		22		503
CDX.EM.29 (Q)	1.00	06/20/23		(4,100)		(110)		5		(25)
CDX.EM.30 (Q)	1.00	12/20/23		(21,500)		(758)		26		254
CDX.EM.31 (Q)	1.00	06/20/24		(4,800)		(181)		6		(11)
CDX.NA.IG.30 (Q)	1.00	06/20/23		(500)		10		—		3
CDX.NA.IG.31 (Q)	1.00	12/20/23		(31,600)		613		35		374
CDX.NA.IG.32 (Q)	1.00	06/20/24		(700)		13		1		1
Deutsche Bank AG (Q)	1.00	06/20/19		(1,200)		2		—		6
General Electric Co. (Q)	1.00	12/20/20		(100)		1		—		4
General Electric Co. (Q)	1.00	12/20/23		(200)		1		—		10
						(743)		95		1,119

JNL/PIMCO Income Fund — OTC Written Options

Reference Entity

Counterparty

Put/Call

Exercise Price ($)/ Swaption Rate(%)

Expiration

Notional/

Contracts ¹

Value ($)

Credit Default Swaptions¹⁰

CDX.HY.31, 12/20/23

CGM

Put

100.00

04/17/19

8,500,000

—

CDX.HY.31, 12/20/23

CGM

Put

101.00

05/15/19

3,700,000

(4)

CDX.HY.31, 12/20/23

CSI

Put

101.00

04/17/19

1,900,000

—

CDX.HY.31, 12/20/23

CSI

Put

100.00

04/17/19

1,600,000

—

CDX.IG.31, 12/20/23

CGM

Put

1.05

04/17/19

1,800,000

—

CDX.IG.31, 12/20/23

CGM

Put

1.00

04/17/19

1,800,000

—

CDX.IG.31, 12/20/23

CGM

Put

1.10

05/15/19

2,100,000

—

CDX.IG.31, 12/20/23

CGM

Put

1.00

05/15/19

2,200,000

—

CDX.IG.31, 12/20/23

CGM

Put

0.90

06/19/19

14,900,000

(6)

CDX.IG.31, 12/20/23

CSI

Put

0.95

05/15/19

2,900,000

(1)

CDX.IG.31, 12/20/23

CSI

Put

0.90

06/19/19

22,500,000

(9)

CDX.IG.31, 12/20/23

GSC

Put

1.10

04/17/19

5,800,000

—

CDX.IG.31, 12/20/23

GSC

Put

1.15

04/17/19

2,700,000

—

CDX.IG.31, 12/20/23

GSC

Put

1.00

06/19/19

5,800,000

(2)

CDX.IG.31, 12/20/23

GSC

Put

2.40

09/18/19

2,600,000

—

iTraxx Europe Series 30, 12/20/23

GSC

Put

2.40

09/18/19

EUR

2,800,000

—

(22)

303

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019

Forward Foreign Currency Contracts


Purchased/ Sold	Counter-party	Expiration	Notional ¹		Value ($)		Unrealized Appreciation (Depreciation) ($)
ARS/USD	DUB	04/03/19	ARS	26,223		604		(64)
ARS/USD	DUB	04/23/19	ARS	109,048		2,445		(207)
ARS/USD	GSC	07/10/19	ARS	2,453		50		(3)
AUD/USD	CIT	05/15/19	AUD	1,449		1,029		—
EUR/USD	CIT	05/15/19	EUR	1,981		2,230		(26)
EUR/USD	GSC	05/15/19	EUR	599		674		(7)
MXN/USD	CIT	04/15/19	MXN	367,556		18,889		(242)
MXN/USD	CIT	04/15/19	MXN	49,885		2,564		16
MXN/USD	GSC	04/15/19	MXN	3,835		197		(1)
MXN/USD	CIT	05/15/19	MXN	3,835		196		(5)
MXN/USD	GSC	05/15/19	MXN	7,060		361		(8)
MXN/USD	CIT	06/26/19	MXN	311,664		15,832		(176)
MXN/USD	GSC	06/26/19	MXN	2,682		136		(1)
MXN/USD	CIT	08/14/19	MXN	5,578		281		(3)
RUB/USD	GSC	04/05/19	RUB	397,135		6,042		33
RUB/USD	GSC	05/15/19	RUB	565,230		8,544		75
RUB/USD	GSC	06/14/19	RUB	397,135		5,980		(103)
RUB/USD	GSC	06/14/19	RUB	1,042,885		15,704		79
TRY/USD	GSC	06/14/19	TRY	59,798		10,001		(449)
USD/ARS	DUB	04/03/19	ARS	(26,223)		(604)		2
USD/AUD	CIT	05/15/19	AUD	(29,385)		(20,877)		1
USD/BRL	CIT	01/03/20	BRL	(49,200)		(12,303)		418
USD/EUR	CIT	05/15/19	EUR	(91,083)		(102,531)		1,049
USD/EUR	GSC	05/15/19	EUR	(333)		(375)		3
USD/GBP	CIT	05/15/19	GBP	(29,371)		(38,287)		(564)
USD/GBP	CIT	05/15/19	GBP	(1,569)		(2,046)		13
USD/JPY	CIT	05/15/19	JPY	(1,842,500)		(16,685)		87
USD/MXN	CIT	04/15/19	MXN	(315,499)		(16,213)		173
USD/MXN	GSC	04/15/19	MXN	(105,777)		(5,436)		37
USD/MXN	CIT	06/26/19	MXN	(49,885)		(2,534)		(15)
USD/MXN	CIT	06/26/19	MXN	(53,569)		(2,721)		5
USD/MXN	CIT	08/14/19	MXN	(5,578)		(281)		3
USD/NZD	GSC	05/15/19	NZD	(14,224)		(9,692)		22
USD/PEN	CIT	06/04/19	PEN	(2,001)		(601)		4
USD/RUB	GSC	04/05/19	RUB	(397,135)		(6,042)		99
USD/TRY	CIT	04/15/19	TRY	(1,559)		(274)		(5)
USD/TRY	GSC	04/15/19	TRY	(4,747)		(836)		(12)
						(146,579)		228


JNL/PIMCO Income Fund — OTC Credit Default Swap Agreements
Reference Entity²	Counter-party	Implied Credit Spread ⁵ (%)	Fixed Receive/ Pay Rate⁸ (%)	Expiration	Notional ^1,7 ($)		Value⁶ ($)		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)		187		(328)		515
CMBX.NA.AAA.11 (M)	DUB	N/A	0.50	11/18/54		(7,800)		16		(74)		90
CMBX.NA.AAA.11 (M)	GSC	N/A	0.50	11/18/54		(14,300)		29		(78)		107
CMBX.NA.AAA.6 (M)	JPM	N/A	0.50	05/11/63		(11,702)		88		66		22
CMBX.NA.AAA.9 (M)	GSC	N/A	0.50	09/17/58		(24,125)		212		48		164
Deutsche Bank AG (Q)	CGM	2.86	1.00	12/20/23		(2,916)		(242)		(386)		144
Federative Republic of Brazil (Q)	CGM	1.45	1.00	06/20/23		(400)		(7)		(25)		18
Federative Republic of Brazil (Q)	CGM	1.35	1.00	12/20/22		(4,800)		(58)		(158)		100
Federative Republic of Brazil (Q)	CGM	1.76	1.00	06/20/24		(800)		(28)		(27)		(1)
Federative Republic of Brazil (Q)	GSC	1.62	1.00	12/20/23		(700)		(19)		(25)		6
Republic of Argentina (Q)	CGM	7.85	5.00	06/20/23		(45)		(4)		2		(6)
Republic of South Africa (Q)	CGM	1.71	1.00	06/20/23		(1,500)		(41)		(76)		35
Republic of South Africa (Q)	GSC	1.98	1.00	06/20/24		(600)		(28)		(25)		(3)
Russian Federation (Q)	CGM	1.10	1.00	12/20/22		(6,900)		(21)		(20)		(1)
Russian Federation (Q)	DUB	1.16	1.00	06/20/23		(200)		(2)		(6)		4
Russian Federation (Q)	GSC	1.35	1.00	06/20/24		(9,100)		(149)		(147)		(2)
Russian Federation (Q)	GSC	1.27	1.00	12/20/23		(100)		(1)		(2)		1
United Mexican States (Q)	CGM	1.23	1.00	06/20/24		(4,900)		(52)		(86)		34
United Mexican States (Q)	CGM	0.98	1.00	06/20/23		(300)		—		(3)		3
United Mexican States (Q)	DUB	1.12	1.00	12/20/23		(300)		(1)		(6)		5
United Mexican States (Q)	DUB	0.89	1.00	12/20/22		(1,000)		4		1		3
United Mexican States (Q)	GSC	0.98	1.00	06/20/23		(7,200)		9		(55)		64
United Mexican States (Q)	GSC	1.12	1.00	12/20/23		(2,100)		(10)		(40)		30
						(138,288)		(118)		(1,450)		1,332

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

INVESTMENT COMPANIES

iShares iBoxx USD High Yield Corporate Bond ETF (E)

3M LIBOR +0.00% (Q)

CIT

09/20/19

300

—

iShares iBoxx USD High Yield Corporate Bond ETF (E)

3M LIBOR +0.00% (Q)

CIT

09/20/19

400

—

iShares iBoxx USD High Yield Corporate Bond ETF (E)

3M LIBOR +0.00% (Q)

CSI

09/20/19

300

—

iShares iBoxx USD High Yield Corporate Bond ETF (E)

3M LIBOR +0.00% (Q)

CSI

12/20/19

400

—

iShares iBoxx USD High Yield Corporate Bond ETF (E)

3M LIBOR +0.00% (Q)

GSC

09/20/19

21,700

—

981

iShares iBoxx USD High Yield Corporate Bond ETF (E)

3M LIBOR +0.00% (Q)

GSC

09/20/19

6,900

—

iShares iBoxx USD High Yield Corporate Bond ETF (E)

3M LIBOR +0.00% (Q)

GSC

09/20/19

800

—

iShares iBoxx USD High Yield Corporate Bond ETF (E)

3M LIBOR +0.00% (Q)

GSC

06/20/19

21,400

—

1,094

304

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019

JNL/PIMCO Income Fund — OTC Total Return Swap Agreements (continued)

Reference Entity²

Rate Paid/Received by Fund²

Counter-party

Expiration

Notional¹

Premiums Paid (Received) ($)

Unrealized Appreciation (Depreciation) ($)

iShares iBoxx USD High Yield Corporate Bond ETF (E)

3M LIBOR +0.00% (Q)

GSC

09/20/19

7,300

—

355

—

2,574

305

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹	Value ($)
JNL/PIMCO Real Return Fund
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 9.4%
	ACE Securities Corp. Home Equity Loan Trust
		Series 2007-A2B-ASP1, REMIC, 2.69%, (1M USD LIBOR + 0.20%), 03/25/37 (a)	458	278
	Adagio IV CLO DAC
		Series IV-A1R-A, 0.66%, (3M EURIBOR + 0.66%), 10/15/29, EUR (a)	500	560
	Alternative Loan Trust
		Series 2007-1A1-1T1, REMIC, 6.00%, 03/25/37	3,554	2,496
	Atrium XII LLC
		Series AR-12A, 3.59%, (3M USD LIBOR + 0.83%), 04/22/27 (a)	1,900	1,889
	Babson Euro CLO BV
		Series 2015-A1R-1A, 0.51%, (3M EURIBOR + 0.82%), 10/25/29, EUR (a)	600	671
	Banc of America Mortgage Securities Inc.
		Series 2005-2A1-E, REMIC, 4.36%, 06/25/35 (a)	54	53
	BCAP LLC Trust
		Series 2011-5A1-RR5, REMIC, 5.25%, 05/26/22	696	701
		Series 2011-12A1-RR5, REMIC, 4.92%, 03/26/37 (a)	696	690
	Bear Stearns Adjustable Rate Mortgage Trust
		Series 2003-3A2-3, REMIC, 4.91%, 05/25/33 (a)	17	17
		Series 2003-2A1-9, REMIC, 4.68%, 02/25/34 (a)	118	116
		Series 2004-22A1-9, REMIC, 4.71%, 11/25/34 (a)	96	97
		Series 2004-22A1-10, REMIC, 4.43%, 01/25/35 (a)	76	75
		Series 2005-2A1-1, REMIC, 4.38%, 03/25/35 (a)	161	161
	Bear Stearns Alt-A Trust
		Series 2005-24A1-10, REMIC, 4.25%, 01/25/36 (a)	281	274
		Series 2006-21A1-4, REMIC, 3.95%, 08/25/36 (a)	147	134
	Bear Stearns Asset Backed Securities I Trust
		Series 2007-1A1-HE7, REMIC, 3.49%, (1M USD LIBOR + 1.00%), 08/25/37 (a)	360	359
		Series 2005-M2-HE12, REMIC, 2.99%, (1M USD LIBOR + 0.75%), 12/25/35 (a)	288	289
	Bear Stearns Structured Products Inc. Trust
		Series 2007-2A1-R6, REMIC, 3.74%, 12/26/46 (a)	402	366
	Benefit Street Partners CLO VII Ltd.
		Series 2015-A1AR-VIIA, 3.56%, (3M USD LIBOR + 0.78%), 07/18/27 (a)	1,100	1,093
	Black Diamond CLO DAC
		Series 2015-A1R-1A, 0.65%, (3M EURIBOR + 0.65%), 10/03/29, EUR (a)	1,630	1,826
		Series 2015-A2R-1A, 3.86%, (3M USD LIBOR + 1.05%), 10/03/29 (a)	1,060	1,058
	Carlyle Global Market Strategies Euro CLO Ltd.
		Series 2015-AA1R-2A, 0.73%, (3M EURIBOR + 0.73%), 09/21/29, EUR (a)	250	280
	Catamaran CLO Ltd.
		Series 2013-AR-1A, 3.61%, (3M USD LIBOR + 0.85%), 01/27/28 (a)	4,270	4,236
	Chase Mortgage Finance Trust
		Series 2007-5A1-A1, REMIC, 4.17%, 02/25/37 (a)	25	24
	CIFC Funding Ltd.
		Series 2015-AR-2A, 3.57%, (3M USD LIBOR + 0.78%), 04/15/27 (a)	4,550	4,522
	CIT Mortgage Loan Trust
		Series 2007-1A-1, REMIC, 3.84%, (1M USD LIBOR + 1.35%), 08/25/24 (a)	3,266	3,265
		Series 2007-2A3-1, REMIC, 3.94%, (1M USD LIBOR + 1.55%), 09/25/24 (a)	146	146
	Citigroup Mortgage Loan Trust Inc.
		Series 2005-2A2B-3, REMIC, 4.45%, 08/25/35 (a)	113	86
		Series 2005-A2-6, REMIC, 4.24%, (12M US Federal Reserve Cumulative Average CMT + 2.15%), 09/25/35 (a)	22	22
		Series 2005-A1-6, REMIC, 4.68%, (12M US Federal Reserve Cumulative Average CMT + 2.10%), 09/25/35 (a)	18	18
			Shares/Par¹	Value ($)
		Series 2007-A3A-AMC2, REMIC, 2.57%, (1M USD LIBOR + 0.08%), 01/25/37 (a)	69	50
		Series 2007-A3A-AHL3, REMIC, 2.55%, (1M USD LIBOR + 0.06%), 05/25/37 (a)	144	112
		Series 2007-22AA-10, REMIC, 4.27%, 09/25/37 (a)	686	628
		Series 2005-M3-HE4, REMIC, 2.95%, (1M USD LIBOR + 0.46%), 10/25/35 (a)	3,422	3,095
		Series 2006-A1-AMC1, REMIC, 2.63%, (1M USD LIBOR + 0.15%), 09/25/36 (a)	1,758	1,676
		Series 2007-1A1A-AR4, REMIC, 4.65%, 03/25/37 (a)	2,721	2,608
		Series 2015-1A1-2, REMIC, 2.69%, (1M USD LIBOR + 0.20%), 06/25/47 (a)	2,290	2,264
	College Loan Corp. Trust
		Series 2007-A1-2, 3.02%, (3M USD LIBOR + 0.25%), 01/25/24 (a)	800	785
	CoreVest American Finance Trust
		Series 2017-A-1, 2.97%, 07/15/22	610	603
	Countrywide Home Loan Mortgage Pass-Through Trust
		Series 2004-11A1-12, REMIC, 3.92%, 08/25/34 (a)	101	98
		Series 2004-5A-HYB7, REMIC, 4.52%, 11/20/34 (a)	44	44
		Series 2004-2A1-HYB5, REMIC, 4.33%, 04/20/35 (a)	58	56
	Credit Suisse First Boston Mortgage Securities Corp.
		Series 2004-2A1-AR3, REMIC, 4.70%, 04/25/34 (a)	40	40
	Credit Suisse Mortgage Capital Certificates
		Series 2007-1A6A-1, REMIC, 5.86%, 02/25/37 (a)	744	329
	Credit Suisse Mortgage Trust
		Series 2015-2A2-12R, REMIC, 3.01%, 12/03/37 (a)	2,300	2,098
	Credit-Based Asset Servicing and Securitization LLC
		Series 2007-A3-CB6, 2.71%, (1M USD LIBOR + 0.22%), 07/25/37 (a)	3,401	2,335
		Series 2007-A1-CB6, REMIC, 2.61%, (1M USD LIBOR + 0.12%), 07/25/37 (a)	116	79
		Series 2005-M4-CB3, REMIC, 3.54%, (1M USD LIBOR + 1.05%), 08/25/34 (a)	205	200
	CSMC Series
		Series 2015-5A2-3R, REMIC, 2.64%, (1M USD LIBOR + 0.15%), 09/29/36 (a)	2,730	2,606
	CVP Cascade CLO Ltd.
		Series 2013-A1R-CLO1, 3.93%, (3M USD LIBOR + 1.15%), 01/16/26 (a)	604	604
	CWABS Asset-Backed Certificates Trust
		Series 2005-MV3-11, REMIC, 3.02%, (1M USD LIBOR + 0.53%), 01/25/36 (a)	4,100	3,994
		Series 2007-1A1-8, REMIC, 2.68%, (1M USD LIBOR + 0.19%), 02/25/36 (a)	4,882	4,589
	CWALT Inc. Alternative Loan Trust
		Series 2006-A1-HY11, REMIC, 2.61%, (1M USD LIBOR + 0.12%), 06/25/36 (a)	637	600
	Eurosail-UK 2007-3bl Plc
		Series 2007-A3A-3X, 1.79%, (3M GBP LIBOR + 0.95%), 06/13/45, GBP (a)	1,297	1,675
		Series 2007-A3C-3A, 1.79%, (3M GBP LIBOR + 0.95%), 06/13/45, GBP (a)	446	576
	First Franklin Mortgage Loan Trust
		Series 2006-A5-FF10, REMIC, 2.80%, (1M USD LIBOR + 0.31%), 07/25/36 (a)	2,930	2,763
	First NLC Trust
		Series 2007-A1-1, REMIC, 2.56%, (1M USD LIBOR + 0.07%), 08/25/37 (a)	275	173
	Flagship VII Ltd.
		Series 2013-A1R-7A, 3.88%, (3M USD LIBOR + 1.12%), 01/20/26 (a)	1,262	1,262
	GreenPoint Mortgage Funding Trust
		Series 2006-A-A6, REMIC, 2.67%, (1M USD LIBOR + 0.18%), 09/25/46 (a)	492	455
	Grifonas Finance Plc
		Series 1-A, 0.05%, (6M EURIBOR + 0.28%), 08/28/39, EUR (a)	767	765

306

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹	Value ($)
GS Mortgage Securities Trust
	Series 2010-A2-C1, REMIC, 4.59%, 07/10/20	4,300	4,370
GSR Mortgage Loan Trust
	Series 2005-1A1-AR1, REMIC, 4.81%, 01/25/35 (a)	69	69
Halcyon Loan Advisors Funding Ltd.
	Series 2015-AR-1A, 3.70%, (3M USD LIBOR + 0.92%), 04/20/27 (a)	1,800	1,792
Harborview Mortgage Loan Trust
	Series 2004-2A-1, REMIC, 4.65%, 04/19/34 (a)	132	130
HomeBanc Mortgage Trust
	Series 2005-A2-4, REMIC, 3.15%, (1M USD LIBOR + 0.66%), 10/25/35 (a)	223	220
IndyMac INDA Mortgage Loan Trust
	Series 2005-2A1-AR1, REMIC, 4.59%, 11/25/35 (a)	146	144
IndyMac INDX Mortgage Loan Trust
	Series 2005-4A1-AR1, REMIC, 4.25%, 03/25/35 (a)	212	210
	Series 2005-A1-16IP, REMIC, 3.13%, (1M USD LIBOR + 0.64%), 07/25/45 (a)	135	130
Jamestown CLO IV Ltd.
	Series 2014-A1AR-4A, 3.48%, (3M USD LIBOR + 0.69%), 07/15/26 (a)	2,260	2,251
Jamestown CLO V Ltd.
	Series 2014-AR-5A, 3.99%, (3M USD LIBOR + 1.22%), 01/19/27 (a)	5,285	5,285
JPMorgan Mortgage Trust
	Series 2007-1A1-A1, REMIC, 4.44%, 07/25/35 (a)	78	79
	Series 2005-7A1-A6, REMIC, 4.32%, 08/25/35 (a)	156	153
	Series 2005-2A1-A6, REMIC, 4.62%, 08/25/35 (a)	113	113
	Series 2005-4A1-A6, REMIC, 4.40%, 09/25/35 (a)	24	23
	Series 2008-1A1-R2, REMIC, 3.67%, 07/27/37 (a)	406	406
Jubilee CLO BV
	Series 2015-AR-15A, 0.53%, (3M EURIBOR + 0.84%), 07/12/28, EUR (a)	1,000	1,122
Jubilee CLO XVI BV
	Series 2015-A1R-16A, 0.49%, (3M EURIBOR + 0.80%), 12/15/29, EUR (a)	1,840	2,055
KVK CLO Ltd.
	Series 2013-AR-1A, 3.70%, (3M USD LIBOR + 0.90%), 01/14/28 (a)	560	556
Lehman XS Trust
	Series 2007-2A1-15N, REMIC, 2.74%, (1M USD LIBOR + 0.25%), 08/25/47 (a)	1,232	1,169
Long Beach Mortgage Loan Trust
	Series 2006-2A2-7, 2.61%, (1M USD LIBOR + 0.12%), 08/25/36 (a)	523	275
Marathon CLO I Ltd.
	Series 2013-A1R-5A, 3.51%, 11/21/27	1,450	1,437
MASTR Adjustable Rate Mortgages Trust
	Series 2003-2A1-6, REMIC, 4.01%, 12/25/33 (a)	225	218
MASTR Asset Backed Securities Trust
	Series 2005-M1-FRE1, REMIC, 3.24%, (1M USD LIBOR + 0.75%), 10/25/35 (a)	76	73
Merrill Lynch Mortgage Investors Trust
	Series 2003-1A1-A2, REMIC, 4.36%, 02/25/33 (a)	102	98
	Series 2004-2A2-A1, REMIC, 4.54%, 02/25/34 (a)	152	152
Morgan Stanley ABS Capital I Inc. Trust
	Series 2007-A1-HE6, REMIC, 2.55%, (1M USD LIBOR + 0.06%), 05/25/37 (a)	63	56
	Series 2004-M3-NC7, REMIC, 3.46%, (1M USD LIBOR + 0.98%), 07/25/34 (a)	496	491
	Series 2005-M2-HE2, REMIC, 3.15%, (1M USD LIBOR + 0.66%), 01/25/35 (a)	1,338	1,285
MortgageIT Trust
	Series 2004-M2-2, REMIC, 3.49%, (1M USD LIBOR + 1.01%), 12/25/34 (a)	435	424
Navient Student Loan Trust
	Series 2016-A-7A, 3.64%, (1M USD LIBOR + 1.15%), 12/25/28 (a)	2,036	2,054
		Shares/Par¹	Value ($)
NCUA Guaranteed Notes Trust
	Series 2010-1A-R1, REMIC, 2.93%, (1M USD LIBOR + 0.45%), 10/07/20 (a)	676	676
	Series 2010-2A-R3, REMIC, 3.04%, (1M USD LIBOR + 0.56%), 12/08/20 (a)	1,828	1,829
Nomura Home Equity Loan Inc.
	Series 2005-M3-FM1, REMIC, 3.25%, (1M USD LIBOR + 0.77%), 05/25/35 (a)	2,735	2,607
OAKC Mortgage Trust
	Series 2013-A1R-9A, 3.77%, (3M USD LIBOR + 1.01%), 10/20/25 (a)	2,171	2,173
OCP CLO Ltd.
	Series 2015-A1R-8A, 3.62%, (3M USD LIBOR + 0.85%), 04/17/27 (a)	1,300	1,295
	Series 2015-A1R-9A, 3.59%, (3M USD LIBOR + 0.80%), 07/15/27 (a)	2,600	2,584
	Series 2015-A1R-10A, 3.58%, (3M USD LIBOR + 0.82%), 10/26/27 (a)	2,050	2,037
Penta CLO II BV
	Series 2015-AR-2A, 0.79%, (3M EURIBOR + 0.79%), 08/04/28, EUR (a)	1,000	1,122
Provident Funding Mortgage Loan Trust
	Series 2003-A-1, REMIC, 4.43%, 08/25/33 (a)	89	90
RASC Trust
	Series 2005-M2-KS11, REMIC, 3.12%, (1M USD LIBOR + 0.63%), 12/25/35 (a)	500	493
	Series 2006-M1-KS3, REMIC, 2.82%, (1M USD LIBOR + 0.33%), 04/25/36 (a)	1,000	965
	Series 2006-A4-EMX4, REMIC, 2.72%, (1M USD LIBOR + 0.46%), 06/25/36 (a)	6,000	5,733
Residential Asset Mortgage Products Inc.
	Series 2004-MII1-RS2, REMIC, 3.36%, (1M USD LIBOR + 0.87%), 02/25/34 (a)	681	679
Residential Asset Securitization Trust
	Series 2003-A2-A5, REMIC, 5.50%, 06/25/33	20	20
	Series 2006-A5-A10, REMIC, 6.50%, 09/25/36	237	159
Saxon Asset Securities Trust
	Series 2007-1A-3, REMIC, 2.80%, (1M USD LIBOR + 0.31%), 08/25/24 (a)	863	825
Securitized Asset Backed Receivables LLC Trust
	Series 2006-A2C-HE2, REMIC, 2.64%, (1M USD LIBOR + 0.15%), 07/25/36 (a)	488	273
SLM Private Education Loan Trust
	Series 2011-A3-B, 4.73%, (1M USD LIBOR + 2.25%), 05/15/19 (a)	1,150	1,161
	Series 2013-A2A-B, 1.85%, 06/17/30	553	552
SLM Student Loan Trust
	Series 2008-A-9, 4.27%, (3M USD LIBOR + 1.50%), 04/25/23 (a)	1,412	1,428
	Series 2003-A5-2, 0.00%, (3M EURIBOR + 0.26%), 12/15/23, EUR (a)	70	78
	Series 2004-A5-2, 0.00%, (3M EURIBOR + 0.18%), 01/25/24, EUR (a)	818	915
	Series 2003-A5-5, 0.00%, (3M EURIBOR + 0.27%), 06/17/24, EUR (a)	396	443
	Series 2004-A6B-3A, 3.32%, (3M USD LIBOR + 0.55%), 10/25/39 (a)	2,800	2,748
	Series 2007-A3-3, REMIC, 2.81%, (3M USD LIBOR + 0.04%), 04/25/19 (a)	50	50
Small Business Administration Participation Certificates
	5.29%, 12/01/27	259	269
SoFi Professional Loan Program LLC
	Series 2017-A1FX-F, 2.05%, 01/25/21	2,110	2,097
Sound Point CLO IX Ltd.
	Series 2015-AR-2A, 3.64%, (3M USD LIBOR + 0.88%), 07/20/27 (a)	900	897
Sound Point CLO V Ltd.
	Series 2015-AR-8R, 3.65%, (3M USD LIBOR + 0.86%), 04/15/27 (a)	3,300	3,300
Soundview Home Loan Trust
	Series 2007-1A1-OPT1, REMIC, 2.69%, (1M USD LIBOR + 0.20%), 06/25/37 (a)	2,171	1,629
Structured Adjustable Rate Mortgage Loan Trust
	Series 2004-4A1-1, REMIC, 4.57%, 02/25/34 (a)	229	227
	Series 2004-5A-18, REMIC, 4.42%, 12/25/34 (a)	22	22

307

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Structured Asset Mortgage Investments II Trust
		Series 2004-1A1-AR5, REMIC, 3.14%, (1M USD LIBOR + 0.66%), 10/19/34 (a)	16		15
	SWAN Trust
		Series 10-A-1, 3.12%, (ASX Australian Bank Bill Short Term Rates 1M Mid + 1.30%), 04/25/41, AUD (a)	100		71
	TBW Mortgage-Backed Trust
		Series 2006-A6-4, REMIC, 5.97%, 09/25/36 (b)	473		40
	THL Credit Wind River CLO Ltd.
		Series 2015-A1R-2A, 3.66%, 10/15/27	250		249
	Thornburg Mortgage Securities Trust
		Series 2005-A3-1, REMIC, 4.53%, 04/25/45 (a)	173		168
		Series 2006-A2B-4, REMIC, 4.72%, 07/25/36 (a)	176		166
	Towd Point Mortgage Funding Plc
		Series 2019-A1-GR4A, 0.00%, (3M GBP LIBOR + 1.03%), 10/20/51, GBP (a) (c)	7,200		9,365
	Tralee CLO III Ltd.
		Series 2014-AR-3A, 3.79%, (3M USD LIBOR + 1.03%), 10/20/27 (a)	2,600		2,592
	Venture XX CLO Ltd.
		Series 2015-AR-20A, 3.61%, (3M USD LIBOR + 0.82%), 04/15/27 (a)	5,620		5,592
	Venture XXI CLO Ltd.
		Series 2015-AR-21A, 3.67%, (3M USD LIBOR + 0.88%), 07/15/27 (a)	2,200		2,191
	VOLT LXII LLC
		Series 2017-A1-NPL9, 3.13%, 09/25/20 (b)	2,085		2,076
	Vornado DP LLC Trust
		Series 2010-A2FX-VNO, 4.00%, 09/13/20	4,600		4,680
	Voya CLO Ltd.
		Series 2014-A1R-3A, 3.49%, 07/25/26	3,285		3,269
	Washington Mutual Mortgage Pass-Through Certificates Trust
		Series 2003-A5-AR1, REMIC, 4.55%, 03/25/33 (a)	50		50
		Series 2003-A7-AR5, REMIC, 4.13%, 06/25/33 (a)	112		114
		Series 2003-2A-AR9, REMIC, 4.38%, 09/25/33 (a)	105		104
		Series 2005-3A1-AR10, REMIC, 3.65%, 08/25/35 (a)	19		18
		Series 2005-2A1-AR14, REMIC, 4.07%, 12/25/35 (a)	107		105
		Series 2006-1A-AR9, REMIC, 3.40%, (12M US Federal Reserve Cumulative Average CMT + 1.00%), 08/25/46 (a)	2,255		2,086
		Series 2007-1A-OA4, REMIC, 3.17%, (12M US Federal Reserve Cumulative Average CMT + 0.77%), 05/25/47 (a)	320		294
	Wells Fargo Mortgage-Backed Securities Trust
		Series 2004-A1-AA, REMIC, 4.97%, 12/25/34 (a)	81		81
		Series 2006-3A1-AR8, REMIC, 5.00%, 04/25/36 (a)	372		374
	Z Capital Credit Partners CLO Ltd.
		Series 2015-A1R-1A, 3.73%, (3M USD LIBOR + 0.95%), 07/16/27 (a)	3,570		3,552
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $165,853)			166,432
CORPORATE BONDS AND NOTES 9.9%
Communication Services 1.1%
	AT&T Inc.
		3.38%, (3M USD LIBOR + 0.75%), 06/01/21 (a)	6,500		6,530
		3.74%, (3M USD LIBOR + 0.95%), 07/15/21 (a)	4,300		4,344
		5.15%, 02/15/50	1,500		1,536
		5.30%, 08/15/58	500		510
	Charter Communications Operating LLC
		3.58%, 07/23/20	2,120		2,136
	Deutsche Telekom International Finance BV
		1.95%, 09/19/21	2,600		2,539
	Sprint Nextel Corp.
		7.00%, 08/15/20	700		727
	Sprint Spectrum Co. LLC
		3.36%, 09/20/21	625		625
	Telefonica Emisiones SAU
		5.88%, 07/15/19	400		404
			Shares/Par¹		Value ($)
	Time Warner Cable Inc.
		8.25%, 04/01/19	100		100
		5.00%, 02/01/20	200		203
				19,654
Consumer Discretionary 0.3%
	General Motors Co.
		3.54%, (3M USD LIBOR + 0.80%), 08/07/20 (a)	30		30
	McDonald's Corp.
		3.19%, (3M USD LIBOR + 0.43%), 10/28/21 (a)	5,300		5,301
				5,331
Consumer Staples 0.5%
	BAT Capital Corp.
		3.28%, (3M USD LIBOR + 0.59%), 08/14/20 (a)	3,100		3,092
	Constellation Brands Inc.
		2.25%, 11/06/20	800		792
	Danone SA
		2.08%, 11/02/21	2,500		2,453
	Pernod-Ricard SA
		5.75%, 04/07/21	2,500		2,633
				8,970
Energy 0.5%
	Enbridge Inc.
		3.18%, (3M USD LIBOR + 0.40%), 01/10/20 (a)	3,700		3,698
		3.31%, (3M USD LIBOR + 0.70%), 06/15/20 (a)	5,100		5,103
	Regency Energy Partners LP
		5.75%, 09/01/20	100		103
	Sabine Pass Liquefaction LLC
		5.63%, 02/01/21 (b)	100		104
	Spectra Energy Partners LP
		3.30%, (3M USD LIBOR + 0.70%), 06/05/20 (a)	200		200
				9,208
Financials 5.2%
	AerCap Ireland Capital DAC
		3.75%, 05/15/19	500		500
		4.25%, 07/01/20	3,400		3,445
		4.63%, 10/30/20	400		409
	Ally Financial Inc.
		3.75%, 11/18/19	200		201
	Banco Bilbao Vizcaya Argentaria SA
		5.88%, (callable at 100 beginning 09/24/23), EUR (d)	200		218
		6.75%, (callable at 100 beginning 02/18/20), EUR (d)	400		459
	Banco Santander SA
		6.25%, (callable at 100 beginning 09/11/21), EUR (d)	100		115
	Bank of America Corp.
		5.88%, (callable at 100 beginning 03/15/28) (d)	1,160		1,179
	Bank of Ireland
		7.38%, (callable at 100 beginning 06/18/20), EUR (d)	200		236
	Cooperatieve Rabobank U.A.
		5.50%, (callable at 100 beginning 06/29/20), EUR (d) (e)	2,500		2,900
		6.63%, (callable at 100 beginning 06/29/21), EUR (d)	1,200		1,464
	Credit Suisse Group Funding Guernsey Ltd.
		3.80%, 09/15/22	3,900		3,969
	Dell EMC
		4.42%, 06/15/21	4,200		4,311
	Deutsche Bank AG
		4.25%, 10/14/21	7,000		7,028
	Ford Motor Credit Co. LLC
		3.17%, (3M USD LIBOR + 0.43%), 11/02/20 (a)	600		589
	General Electric Capital Corp.
		2.20%, 01/09/20	1,300		1,292
		4.38%, 09/16/20	100		102
		3.10%, 01/09/23	2,300		2,285
	General Motors Financial Co. Inc.
		2.35%, 10/04/19	100		100
		4.06%, (3M USD LIBOR + 1.27%), 10/04/19 (a)	100		100
	Goldman Sachs Group Inc.
		3.81%, (3M USD LIBOR + 1.20%), 09/15/20 (a)	5,800		5,859

308

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Imperial Brands Finance Plc
		2.95%, 07/21/20	1,200		1,197
	ING Bank NV
		2.63%, 12/05/22	2,000		1,996
	John Deere Capital Corp.
		2.90%, (3M USD LIBOR + 0.29%), 06/22/20 (a)	7,000		7,015
	Lloyds Banking Group Plc
		6.38%, (callable at 100 beginning 06/27/20), EUR (d)	600		692
		3.41%, (3M USD LIBOR + 0.80%), 06/21/21 (a)	2,600		2,598
	Macquarie Bank Ltd.
		3.14%, (3M USD LIBOR + 0.35%), 04/04/19 (a)	2,900		2,900
	Mitsubishi UFJ Financial Group Inc.
		4.51%, (3M USD LIBOR + 1.88%), 03/01/21 (a)	1,111		1,139
	National Rural Utilities Cooperative Finance Corp.
		3.18%, (3M USD LIBOR + 0.38%), 06/30/21 (a)	1,000		998
	Nationwide Building Society
		6.88%, GBP (d)	600		782
	Navient Corp.
		5.88%, 03/25/21	200		206
	Petrobras Global Finance BV
		6.13%, 01/17/22	247		262
		5.30%, 01/27/25	106		108
		8.75%, 05/23/26	300		355
		6.00%, 01/27/28	4,939		4,998
		6.63%, 01/16/34, GBP	200		282
	Royal Bank of Scotland Group Plc
		7.50%, (callable at 100 beginning 08/10/20) (d) (e)	1,000		1,019
		8.63%, (callable at 100 beginning 08/15/21) (d) (e)	200		213
		4.15%, (3M USD LIBOR + 1.55%), 06/25/24 (a)	2,000		1,987
		4.52%, 06/25/24 (a) (e)	1,300		1,328
	Springleaf Finance Corp.
		6.00%, 06/01/20	100		103
	State Bank of India
		3.75%, (3M USD LIBOR + 0.95%), 04/06/20 (a)	4,300		4,302
	Toronto-Dominion Bank
		2.25%, 03/15/21	3,000		2,977
	UBS AG
		3.17%, (3M USD LIBOR + 0.58%), 06/08/20 (a)	5,400		5,422
	UniCredit SpA
		7.83%, 12/04/23	9,650		10,697
	Volkswagen Group of America Finance LLC
		2.13%, 05/23/19	1,000		999
		2.45%, 11/20/19	200		199
				91,535
Industrials 0.6%
	Aircastle Ltd.
		5.13%, 03/15/21	2,500		2,579
	Equifax Inc.
		3.60%, 08/15/21	900		907
	International Lease Finance Corp.
		5.88%, 04/01/19	1,400		1,400
		6.25%, 05/15/19	400		401
		8.25%, 12/15/20	500		540
	Ryder System Inc.
		2.45%, 09/03/19	100		100
	Textron Inc.
		3.25%, (3M USD LIBOR + 0.55%), 11/10/20 (a)	3,610		3,599
				9,526
Information Technology 0.5%
	Broadcom Corp.
		2.38%, 01/15/20	2,000		1,989
		3.00%, 01/15/22	200		199
	Hewlett Packard Enterprise Co.
		3.52%, (3M USD LIBOR + 0.72%), 10/05/21 (a)	3,100		3,087
	Microchip Technology Inc.
		3.92%, 06/01/21	3,400		3,430
	VMware Inc.
		3.90%, 08/21/27	200		192
				8,897
			Shares/Par¹		Value ($)
Real Estate 0.2%
	Akelius Residential Property AB
		3.38%, 09/23/20, EUR	100		117
	American Tower Corp.
		2.80%, 06/01/20	200		200
	Unibail-Rodamco SE
		3.55%, (3M USD LIBOR + 0.77%), 04/16/19 (a)	3,500		3,501
				3,818
Utilities 1.0%
	Consolidated Edison Co. of New York Inc.
		3.00%, (3M USD LIBOR + 0.40%), 06/25/21 (a)	700		700
	Dominion Energy Gas Holdings LLC
		3.21%, (3M USD LIBOR + 0.60%), 06/15/21 (a)	2,700		2,701
	Duke Energy Corp.
		3.19%, (3M USD LIBOR + 0.50%), 05/14/21 (a) (c)	5,600		5,603
	NextEra Energy Capital Holdings Inc.
		2.93%, (3M USD LIBOR + 0.32%), 09/03/19 (a)	3,340		3,340
		3.03%, (3M USD LIBOR + 0.40%), 08/21/20 (a)	3,300		3,300
	Sempra Energy
		3.06%, (3M USD LIBOR + 0.45%), 03/15/21 (a)	800		792
	Southern Power Co.
		3.18%, (3M USD LIBOR + 0.55%), 12/20/20 (a)	1,600		1,594
				18,030
	Total Corporate Bonds And Notes (cost $173,462)			174,969
GOVERNMENT AND AGENCY OBLIGATIONS 121.4%
Collateralized Mortgage Obligations 1.0%
	Federal Home Loan Mortgage Corp.
		Series FK-3172, REMIC, 2.93%, (1M USD LIBOR + 0.45%), 08/15/33 (a)	80		80
		Series T-1A1-62, REMIC, 3.60%, (12M US Federal Reserve Cumulative Average CMT + 1.20%), 10/25/44 (a)	238		240
		Series T-1A1-63, REMIC, 3.36%, (12M US Federal Reserve Cumulative Average CMT + 1.20%), 02/25/45 (a)	178		179
		Series WF-4779, REMIC, 2.86%, (1M USD LIBOR + 0.35%), 07/15/44 (a)	2,871		2,863
	Federal National Mortgage Association
		Series 2007-A1-73, REMIC, 2.38%, (1M USD LIBOR + 0.06%), 07/25/37 (a)	88		86
	Federal National Mortgage Association
		Series 2019-FA-5, REMIC, 2.89%, (1M USD LIBOR + 0.40%), 03/25/49 (a)	9,085		9,068
	Government National Mortgage Association
		Series 2017-FB-H10, 3.25%, (1M USD LIBOR + 0.75%), 04/20/67 (a)	2,545		2,591
		Series 2018-FG-H15, REMIC, 3.03%, (1M USD LIBOR + 0.15%), 08/20/68 (a)	3,528		3,471
				18,578
Commercial Mortgage-Backed Securities 0.5%
	Government National Mortgage Association
		Series 2019-FE-20, 2.89%, 02/20/49	8,883		8,866
Mortgage-Backed Securities 9.3%
	Federal Home Loan Mortgage Corp.
		4.51%, (6M USD LIBOR + 1.73%), 07/01/36 (a)	122		126
		4.25%, (12M USD LIBOR + 1.50%), 09/01/36 (a)	111		115
		4.45%, (12M USD LIBOR + 1.68%), 10/01/36 (a)	71		74
		2.93%, (1M USD LIBOR + 0.45%), 09/15/42 (a)	4,696		4,685
	Federal National Mortgage Association
		4.12%, (12M USD LIBOR + 1.31%), 11/01/35 (a)	17		18
		4.75%, (12M USD LIBOR + 1.81%), 03/01/36 (a)	38		40
		4.64%, (12M USD LIBOR + 2.02%), 06/01/36 (a)	15		15
		TBA, 3.50%, 05/15/48 (f)	124,990		126,582
		TBA, 4.00%, 05/15/48 (f)	31,600		32,472
				164,127
Municipal 0.0%
	Tobacco Settlement Finance Authority
		7.47%, 06/01/47	285		284
Sovereign 1.2%
	Argentina Bonar Bond
		49.44%, (Argentina Deposit Rates Badlar + 3.25%), 03/01/20, ARS (a)	200		5

309

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
		44.59%, (Argentina Deposit Rates Badlar + 2.00%), 04/03/22, ARS (a)	14,200		318
	Argentina POM Politica Monetaria
		54.47%, (Argentina Central Bank 7 Day Repurchase Rate), 06/21/20, ARS (a)	125,060		3,286
	Argentina Republic Government International Bond
		49.15%, (Argentina Deposit Rates Badlar), 10/04/22, ARS (a)	500		21
		6.88%, 01/26/27	4,220		3,397
		5.88%, 01/11/28	1,800		1,377
	Autonomous Community of Catalonia, Spain
		4.95%, 02/11/20, EUR	1,800		2,084
	Mexico Bonos
		7.75%, 05/29/31, MXN	3,891		194
	Peru Government International Bond
		5.94%, 02/12/29, PEN	5,100		1,620
		6.15%, 08/12/32, PEN	16,600		5,255
	Qatar Government International Bond
		3.88%, 04/23/23	1,900		1,955
		5.10%, 04/23/48	1,400		1,539
				21,051
Treasury Inflation Indexed Securities 109.4%
	Australia Government Inflation Indexed Bond
		1.25%, 02/21/22, AUD (g)	5,290		4,410
		3.00%, 09/20/25, AUD (g)	8,920		9,130
	Canada Government Real Return Inflation Indexed Bond
		4.25%, 12/01/26, CAD (h)	5,784		5,719
	Corp. Andina de Fomento Inflation Indexed Note
		3.95%, 10/15/21, MXN (h)	12,521		645
	France Government Inflation Indexed Bond
		2.25%, 07/25/20, EUR (h)	9,008		10,743
		2.10%, 07/25/23, EUR (h)	15,225		19,599
		1.85%, 07/25/27, EUR (h)	2,083		2,934
	Italy Buoni Poliennali Del Tesoro Inflation Indexed Note
		1.65%, 04/23/20, EUR (h)	1,013		1,161
		2.35%, 09/15/24, EUR (h)	4,771		5,755
	Japan Government CPI Linked Inflation Indexed Bond
		0.10%, 03/10/28, JPY (h)	884,875		8,328
	New Zealand Government Inflation Indexed Bond
		2.00%, 09/20/25, NZD (g)	14,100		11,233
		3.00%, 09/20/30, NZD (g)	2,500		2,238
	U.S. Treasury Inflation Indexed Bond
		3.38%, 04/15/32 (h)	11,264		15,189
		1.00%, 02/15/48 (h)	23,723		24,257
	U.S. Treasury Inflation Indexed Note
		1.38%, 01/15/20 (f) (h) (i)	51,178		51,602
		1.25%, 07/15/20 (h)	18,422		18,695
		0.63%, 07/15/21 - 04/15/23 (h) (i)	12,154		12,249
		0.13%, 04/15/21 - 04/15/22 (f) (h) (i)	281,443		279,151
		0.13%, 01/15/23 (h) (i)	15,770		15,595
		0.38%, 07/15/23 - 07/15/27 (h)	158,592		158,725
		0.63%, 01/15/24 - 02/15/43 (h)	13,702		13,679
		0.13%, 01/15/22 - 07/15/26 (h)	99,590		98,044
		0.25%, 01/15/25 (h)	40,451		40,040
		2.38%, 01/15/25 (f) (h)	209,279		232,529
		0.63%, 01/15/26 (f) (h)	201,264		203,623
		2.00%, 01/15/26 (f) (h)	115,037		126,954
		0.38%, 01/15/27 (h) (i)	21,612		21,426
		2.38%, 01/15/27 (h)	3,120		3,569
		0.50%, 01/15/28 (h)	49,596		49,503
		1.75%, 01/15/28 (h)	18,485		20,423
		3.63%, 04/15/28 (f) (h)	32,080		40,741
		2.50%, 01/15/29 (f) (h)	26,797		31,772
		3.88%, 04/15/29 (h)	22,583		29,848
		2.13%, 02/15/40 (f) (h)	44,021		54,944
		2.13%, 02/15/41 (h)	6,552		8,223
		0.75%, 07/15/28 - 02/15/45 (h)	48,968		47,887
		1.38%, 02/15/44 (f) (h)	75,160		83,134
			Shares/Par¹		Value ($)
		1.00%, 02/15/46 (h)	46,168		47,099
		0.88%, 01/15/29 - 02/15/47 (h)	56,841		57,129
	United Kingdom Inflation Indexed Bond
		1.88%, 11/22/22, GBP (h)	1,858		2,838
		0.75%, 11/22/47, GBP (h)	1,526		3,909
		0.13%, 03/22/26 - 11/22/65, GBP (h)	35,622		59,175
				1,933,847
U.S. Treasury Securities 0.0%
	U.S. Treasury Bond
		3.00%, 02/15/48	140		145
	Total Government And Agency Obligations (cost $2,129,563)			2,146,898
PREFERRED STOCKS 0.1%
Financials 0.1%
	Wells Fargo & Co. - Series L, 7.50% (d) (e)		—		646
	Total Preferred Stocks (cost $500)			646
SHORT TERM INVESTMENTS 3.1%
Certificates of Deposit 0.6%
	Barclays Plc
		3.17%, (3M USD LIBOR + 0.40%), 10/25/19 (a)	11,000		10,999
Discount Notes 0.2%
	CIMIC Group Ltd.
		3.75%, 04/04/19 (j)	700		700
		4.04%, 07/03/19, AUD (j)	3,000		2,109
				2,809
Treasury Securities 2.3%
	Argentina Treasury Bill
		52.41%, 07/30/19, ARS (j)	12,260		337
	Brazil Treasury Bill
		6.09%, 01/01/20, BRL (j)	31,502		7,677
	Japan Treasury Bill
		-0.27%, 05/13/19, JPY (j)	3,680,000		33,211
				41,225
	Total Short Term Investments (cost $55,815)			55,033
Total Investments 143.9% (cost $2,525,193)					2,543,978
Total Purchased Options 0.2% (cost $2,434)					3,073
Other Derivative Instruments (0.1)%					(1,088)
Other Assets and Liabilities, Net (44.0)%					(777,650)
Total Net Assets 100.0%					1,768,313

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

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

(e) Convertible security.

(f) All or a portion of the security was purchased on a delayed delivery basis. As of March 31, 2019, the total payable for investments purchased on a delayed delivery basis was $1,254,972.

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

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

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

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

310

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Duke Energy Corp., 3.19%, 05/14/21	05/14/18	5,600	5,603	0.3
	Towd Point Mortgage Funding Plc, Series 2019-A1-GR4A, 0.00%, 10/20/51	03/25/19	9,507	9,365	0.5
			15,107	14,968	0.8


JNL/PIMCO Real Return Fund — Futures Contracts
Reference Entity	Contracts¹	Expiration	Notional¹			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
Euro-Bobl	595	June 2019	EUR	78,826	(80)			439
Euro-Bund	1,262	June 2019	EUR	206,962	(347)			3,333
U.S. Treasury Note, 10-Year	35	June 2019		4,293	(10)			55
U.S. Treasury Note, 2-Year	98	June 2019		20,814	(21)			69
Ultra Long Term U.S. Treasury Bond	59	June 2019		9,587	(22)			325
					(480)			4,221
Short Contracts
Australia Commonwealth Treasury Bond, 10-Year	(44)	June 2019	AUD	(5,971)	—			(89)
Australia Commonwealth Treasury Bond, 3-Year	(72)	June 2019	AUD	(8,135)	—			(33)
Euro-BTP	(376)	June 2019	EUR	(47,259)	177			(1,607)
Euro-Buxl	(243)	June 2019	EUR	(44,284)	349			(2,585)
Euro-OAT	(632)	June 2019	EUR	(101,041)	234			(1,993)
Euro-Schatz	(2,093)	June 2019	EUR	(234,111)	35			(282)
Short Term Euro BTP	(1)	June 2019	EUR	(111)	—			—
U.K. Long Gilt	(441)	June 2019	GBP	(56,152)	(17)			(1,173)
U.S. Treasury Long Bond	(549)	June 2019		(80,038)	206			(2,123)
U.S. Treasury Note, 5-Year	(243)	June 2019		(27,888)	55			(259)
Ultra 10-Year U.S. Treasury Note	(436)	June 2019		(56,633)	123			(1,259)
					1,162			(11,403)


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	2.40	(S)	12/07/26		69,600		69		(746)
3M LIBOR (Q)	Receiving	1.75	(S)	12/21/26		36,760		82		2,606
3M LIBOR (Q)	Receiving	3.10	(S)	04/17/28		41,630		6		(981)
3M LIBOR (Q)	Receiving	2.25	(S)	06/20/28		11,200		23		(496)
3M LIBOR (Q)	Receiving	3.13	(S)	09/13/28		39,500		1		(1,038)
3M LIBOR (Q)	Receiving	2.15	(S)	06/19/48		1,050		2		103
3M LIBOR (Q)	Receiving	2.50	(S)	06/20/48		5,620		12		(540)
3M LIBOR (Q)	Receiving	3.00	(S)	12/19/48		8,200		15		(1,177)
3M LIBOR (Q)	Paying	2.25	(S)	12/20/22		23,100		(36)		(65)
3M LIBOR (Q)	Paying	2.00	(S)	06/20/23		59,300		(110)		1,597
3M LIBOR (Q)	Paying	2.68	(S)	10/25/23		18,600		(37)		309
3M LIBOR (Q)	Paying	2.67	(S)	11/19/23		8,000		(16)		132
3M LIBOR (Q)	Paying	2.68	(S)	12/12/23		8,000		(17)		138
3M LIBOR (Q)	Paying	2.50	(S)	12/19/23		14,300		(30)		247
3M LIBOR (Q)	Paying	2.75	(S)	12/19/23		43,800		(87)		1,208
6M British Bankers' Association Yen LIBOR (S)	Receiving	0.30	(S)	03/20/28	JPY	60,000		(1)		(12)
6M British Bankers' Association Yen LIBOR (S)	Receiving	0.45	(S)	03/20/29	JPY	2,640,000		(62)		(745)
6M British Bankers' Association Yen LIBOR (S)	Receiving	1.50	(S)	12/21/45	JPY	50,000		(4)		(40)
6M GBP LIBOR (S)	Receiving	1.50	(S)	09/18/49	GBP	12,070		121		(729)
Federal Funds Effective Rate (A)	Receiving	2.00	(A)	12/15/47		7,600		38		464
Federal Funds Effective Rate (A)	Receiving	2.43	(A)	12/20/47		1,300		7		(38)
Federal Funds Effective Rate (A)	Receiving	2.50	(A)	12/20/47		4,450		24		(200)
France CPI Excluding Tobacco (A)	Receiving	1.00	(A)	04/15/20	EUR	890		—		(3)
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		(49)
France CPI Excluding Tobacco (A)	Receiving	1.03	(A)	03/15/24	EUR	15,100		17		(75)
France CPI Excluding Tobacco (A)	Paying	1.91	(A)	01/15/38	EUR	430		(2)		50
HICP (A)	Paying	1.54	(A)	06/15/23	EUR	8,290		(7)		227
HICP (A)	Paying	1.07	(A)	02/15/24	EUR	9,800		(6)		77
HICP (A)	Paying	1.17	(A)	03/15/24	EUR	15,100		(12)		124
HICP (A)	Paying	1.54	(A)	03/15/28	EUR	2,700		(5)		122
HICP (A)	Paying	1.62	(A)	05/15/28	EUR	4,660		(8)		256
HICP (A)	Paying	1.81	(A)	11/15/38	EUR	2,300		(12)		224

311

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 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) ($)		Unrealized Appreciation (Depreciation) ($)
HICP (A)	Paying	1.80	(A)	11/15/38	EUR	2,660		(14)		251
HICP (A)	Paying	1.57	(A)	03/15/39	EUR	2,200		(9)		68
HICP (A)	Paying	1.95	(A)	03/15/48	EUR	1,600		(12)		241
HICP (A)	Paying	1.95	(A)	11/15/48	EUR	900		(8)		136
HICP (A)	Paying	1.95	(A)	11/15/48	EUR	1,520		(13)		227
U.K. Retail Price Index (A)	Receiving	3.43	(A)	03/15/47	GBP	1,870		(18)		(23)
U.K. Retail Price Index (A)	Paying	3.63	(A)	12/15/28	GBP	2,600		(1)		84
U.K. Retail Price Index (A)	Paying	3.35	(A)	05/15/30	GBP	8,300		4		45
U.K. Retail Price Index (A)	Paying	3.40	(A)	06/15/30	GBP	11,500		6		94
U.K. Retail Price Index (A)	Paying	3.33	(A)	08/15/30	GBP	3,000		2		61
U.K. Retail Price Index (A)	Paying	3.30	(A)	12/15/30	GBP	3,500		2		125
U.K. Retail Price Index (A)	Paying	3.14	(A)	04/15/31	GBP	6,600		5		222
U.K. Retail Price Index (A)	Paying	3.10	(A)	06/15/31	GBP	7,200		7		178
U.K. Retail Price Index (A)	Paying	3.53	(A)	10/15/31	GBP	7,950		8		1
U.K. Retail Price Index (A)	Paying	3.47	(A)	09/15/32	GBP	8,300		11		38
U.K. Retail Price Index (A)	Paying	3.50	(A)	09/15/33	GBP	720		2		1
U.K. Retail Price Index (A)	Paying	3.58	(A)	10/15/33	GBP	1,130		2		34
US CPURNSA (A)	Receiving	1.98	(A)	04/10/19		10,760		—		(47)
US CPURNSA (A)	Receiving	1.93	(A)	05/08/19		5,760		20		—
US CPURNSA (A)	Receiving	1.72	(A)	07/15/20		7,490		5		(7)
US CPURNSA (A)	Receiving	2.17	(A)	07/15/20		10,300		8		(55)
US CPURNSA (A)	Receiving	2.03	(A)	11/23/20		6,700		9		(14)
US CPURNSA (A)	Receiving	2.02	(A)	11/25/20		6,300		8		(12)
US CPURNSA (A)	Receiving	1.88	(A)	03/14/21		2,000		2		(2)
US CPURNSA (A)	Receiving	1.93	(A)	03/18/21		8,300		6		(14)
US CPURNSA (A)	Receiving	1.55	(A)	07/26/21		4,500		5		(57)
US CPURNSA (A)	Receiving	1.60	(A)	09/12/21		3,550		5		(46)
US CPURNSA (A)	Receiving	2.07	(A)	07/15/22		3,500		7		(20)
US CPURNSA (A)	Receiving	2.50	(A)	07/15/22		20,800		50		(252)
US CPURNSA (A)	Receiving	2.21	(A)	02/05/23		19,770		44		(315)
US CPURNSA (A)	Receiving	2.22	(A)	04/13/23		1,490		4		(29)
US CPURNSA (A)	Receiving	2.26	(A)	04/27/23		11,370		28		(248)
US CPURNSA (A)	Receiving	2.26	(A)	05/09/23		3,040		7		(65)
US CPURNSA (A)	Receiving	2.28	(A)	05/10/23		4,650		11		(104)
US CPURNSA (A)	Paying	1.73	(A)	07/26/26		4,500		(14)		109
US CPURNSA (A)	Paying	1.80	(A)	09/12/26		3,550		(11)		89
US CPURNSA (A)	Paying	1.78	(A)	09/15/26		3,100		(10)		78
US CPURNSA (A)	Paying	2.18	(A)	09/20/27		3,570		(12)		39
US CPURNSA (A)	Paying	2.15	(A)	09/25/27		3,500		(12)		26
US CPURNSA (A)	Paying	2.16	(A)	10/17/27		7,900		(26)		67
US CPURNSA (A)	Paying	2.34	(A)	02/05/28		10,040		(32)		291
US CPURNSA (A)	Paying	2.35	(A)	05/09/28		3,040		(10)		106
US CPURNSA (A)	Paying	2.36	(A)	05/09/28		4,570		(15)		163
US CPURNSA (A)	Paying	2.36	(A)	05/10/28		4,650		(15)		167
US CPURNSA (A)	Paying	2.37	(A)	06/06/28		8,700		(28)		305
US CPURNSA (A)	Paying	2.38	(A)	07/09/28		7,900		(27)		290
								(53)		3,172


JNL/PIMCO Real Return Fund — Centrally Cleared Credit Default Swap Agreements
Reference Entity²	Fixed Receive/ Pay Rate⁸ (%)	Expiration	Notional^1,7		Value⁶ ($)		Variation Margin Receivable (Payable) ($)		Unrealized Appreciation (Depreciation) ($)
Credit default swap agreements - purchase protection³
CDX.NA.HY.31 (Q)	5.00	12/20/23		28,322		(1,884)		(89)		(165)
iTraxx Europe Series 26 (Q)	1.00	12/20/21		10,800		(248)		(11)		(72)
iTraxx Europe Series 28 (Q)	1.00	12/20/22		7,200		(179)		(11)		17
						(2,311)		(111)		(220)
Credit default swap agreements - sell protection⁴
Daimler AG (Q)	1.00	12/20/20		(660)		9		—		—
Deutsche Bank AG (Q)	1.00	12/20/19		(300)		1		—		3
General Electric Co. (Q)	1.00	12/20/20		(400)		5		—		16
General Electric Co. (Q)	1.00	12/20/23		(700)		2		—		43
						17		—		62

312

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


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		115	EUR	128.00	05/24/19		—		—
Euro-Bobl		890	EUR	126.00	05/24/19		—		(1)
Euro-Bobl		135	EUR	127.75	05/24/19		—		—
Euro-BTP		44	EUR	153.00	05/24/19		—		—
Euro-BTP		400	EUR	159.00	05/24/19		—		—
Euro-Bund		22	EUR	154.00	05/24/19		—		—
Euro-Bund		123	EUR	153.50	05/24/19		—		—
Euro-Bund		135	EUR	148.00	05/24/19		—		—
Euro-Bund		1,000	EUR	145.00	05/24/19		—		(1)
Euro-OAT		123	EUR	172.00	05/24/19		—		—
Euro-OAT		22	EUR	173.00	05/24/19		—		—
Euro-OAT		280	EUR	175.00	05/24/19		—		—
Euro-Schatz		52	EUR	113.00	05/24/19		—		—
Euro-Schatz		2,000	EUR	114.00	05/24/19		—		(1)
							—		(3)


JNL/PIMCO Real Return Fund — Exchange Traded Purchased Options
Reference Entity	Put/Call		Exercise Price ($)/ Swaption Rate (%)		Expiration	Notional/ Contracts ¹		Value ($)
Exchange Traded Futures Options
10-Year U.S. Treasury Note Future, Expiration June 2019		Put		112.00	05/24/19		171		—
2-Year U.S. Treasury Note Future, Expiration June 2019		Put		104.63	05/24/19		15		—
5-Year U.S. Treasury Note Future, Expiration June 2019		Call		123.75	05/24/19		200		2
U.S. Treasury Long Bond Future, Expiration June 2019		Call		190.00	05/24/19		451		—
Ultra Long Term U.S. Treasury Bond Future, Expiration June 2019		Call		210.00	05/24/19		5		—
									2

JNL/PIMCO Real Return Fund — OTC Purchased Options

Reference Entity

Counterparty

Put/Call

Exercise Price ($)/

Swaption Rate (%)

Expiration

Notional/

Contracts ¹

Value ($)

Interest Rate Swaptions¹⁰

3M LIBOR, 02/21/20

MSC

Call

2.50

02/20/20

116,500,000

907

3M LIBOR, 02/24/20

MSC

Call

2.50

02/21/20

115,000,000

896

3M LIBOR, 03/27/20

MSC

Call

2.25

03/26/20

179,200,000

964

3M LIBOR, 03/30/20

MSC

Call

2.25

03/27/20

56,400,000

304

3,071


JNL/PIMCO Real Return Fund — OTC Written Options
Reference Entity	Counterparty	Put/Call	Exercise Price ($)/ Swaption Rate(%)		Expiration		Notional/ Contracts ¹		Value ($)
Credit Default Swaptions¹⁰
CDX.IG.31, 12/20/23	BNP	Put		1.00		04/17/19		3,700,000		—
CDX.IG.31, 12/20/23	BOA	Put		1.20		05/15/19		4,400,000		—
CDX.IG.31, 12/20/23	CGM	Put		1.05		04/17/19		4,000,000		—
CDX.IG.31, 12/20/23	CGM	Put		1.20		04/17/19		4,700,000		—
CDX.IG.31, 12/20/23	CGM	Put		1.15		04/17/19		5,000,000		—
CDX.IG.31, 12/20/23	CGM	Put		1.10		05/15/19		4,300,000		—
										—
Inflation - Capped/Floor Options
Cap - CPURNSA Index	JPM	Call		4.00		04/22/24		19,400,000		(1)
Cap - CPURNSA Index	JPM	Call		4.00		05/16/24		1,700,000		—
Floor - CPURNSA Index	CIT	Call		0.00		09/29/20		3,100,000		—
Floor - CPURNSA Index	JPM	Call		0.00		03/24/20		21,100,000		(2)
Floor - CPURNSA Index	JPM	Call		0.00		10/02/20		8,600,000		(3)
										(6)
Interest Rate Swaptions¹⁰
3M LIBOR, 02/21/20	MSC	Call		2.52		02/20/20		49,800,000		(890)
3M LIBOR, 02/24/20	MSC	Call		2.53		02/21/20		49,200,000		(889)
3M LIBOR, 03/27/20	MSC	Call		2.34		03/26/20		37,100,000		(492)
3M LIBOR, 03/27/20	MSC	Call		2.34		03/26/20		37,100,000		(499)
3M LIBOR, 03/30/20	MSC	Call		2.36		03/27/20		23,600,000		(329)
										(3,099)

313

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019

JNL/PIMCO Real Return Fund — OTC Written Options (continued)

Reference Entity

Counterparty

Put/Call

Exercise Price ($)/ Swaption Rate(%)

Expiration

Notional/

Contracts ¹

Value ($)

Spread Options

Spread between 10-year and 2-year ICE Swap Rates

MSC

Call

0.00

01/02/20

113,800,000

(33)

Forward Foreign Currency Contracts


Purchased/ Sold	Counter-party	Expiration	Notional ¹		Value ($)		Unrealized Appreciation (Depreciation) ($)
ARS/USD	BNP	04/03/19	ARS	9,505		219		—
ARS/USD	CSI	04/03/19	ARS	2,427		56		(5)
ARS/USD	CSI	04/03/19	ARS	5,791		133		1
ARS/USD	BNP	05/14/19	ARS	27,246		594		(27)
BRL/USD	JPM	04/02/19	BRL	30,040		7,684		(303)
CAD/USD	UBS	04/02/19	CAD	12,416		9,299		50
CNY/USD	CIT	04/15/19	CNY	30,778		4,580		121
CNY/USD	JPM	04/15/19	CNY	307		46		—
COP/USD	BNP	06/11/19	COP	5,686,597		1,777		(39)
COP/USD	CIT	06/11/19	COP	19,619,309		6,131		(154)
GBP/USD	BOA	04/02/19	GBP	1,007		1,310		(28)
GBP/USD	SCB	04/02/19	GBP	55,438		72,108		(1,285)
IDR/USD	SCB	06/19/19	IDR	122,896,522		8,543		(67)
JPY/USD	UBS	04/02/19	JPY	216,200		1,951		(13)
JPY/USD	CIT	05/08/19	JPY	216,200		1,957		(9)
MXN/USD	BOA	04/15/19	MXN	2,198		113		(2)
MXN/USD	CIT	04/15/19	MXN	2,154		111		(1)
MXN/USD	CIT	04/15/19	MXN	3,278		168		—
MXN/USD	CIT	04/24/19	MXN	17,123		879		(7)
MXN/USD	CIT	05/15/19	MXN	5,476		280		(7)
MXN/USD	CIT	06/26/19	MXN	2,154		109		(1)
MXN/USD	CIT	08/14/19	MXN	2,450		123		(1)
NZD/USD	SCB	04/02/19	NZD	18,454		12,563		22
PEN/USD	BNP	04/10/19	PEN	18,421		5,550		2
RUB/USD	MSC	05/15/19	RUB	620,644		9,382		33
USD/ARS	BNP	04/03/19	ARS	(9,505)		(219)		23
USD/ARS	CSI	04/03/19	ARS	(8,218)		(189)		—
USD/ARS	BNP	05/10/19	ARS	(1,287)		(28)		—
USD/ARS	CSI	05/10/19	ARS	(5,791)		(127)		(1)
USD/AUD	ANZ	04/02/19	AUD	(19,215)		(13,640)		83
USD/AUD	MSC	05/03/19	AUD	(19,215)		(13,648)		(14)
USD/AUD	ANZ	07/03/19	AUD	(3,000)		(2,133)		7
USD/BRL	JPM	04/02/19	BRL	(30,040)		(7,684)		(63)
USD/BRL	JPM	01/03/20	BRL	(31,502)		(7,877)		312
USD/CAD	CIT	04/02/19	CAD	(12,416)		(9,299)		143
USD/CAD	UBS	05/03/19	CAD	(12,416)		(9,306)		(51)
USD/CAD	CIT	05/15/19	CAD	(5,010)		(3,756)		37
USD/CNY	CSI	04/15/19	CNY	(31,085)		(4,626)		(195)
USD/EUR	BNP	04/02/19	EUR	(999)		(1,120)		19
USD/EUR	CIT	04/02/19	EUR	(6,141)		(6,887)		58
USD/EUR	JPM	04/02/19	EUR	(54,570)		(61,203)		1,051
USD/EUR	BOA	05/03/19	EUR	(61,710)		(69,393)		240
USD/GBP	BOA	04/02/19	GBP	(1,674)		(2,177)		13
USD/GBP	CIT	04/02/19	GBP	(42,923)		(55,830)		715
USD/GBP	JPM	04/02/19	GBP	(11,848)		(15,411)		340
USD/GBP	SCB	05/03/19	GBP	(55,438)		(72,221)		1,284
USD/JPY	CIT	04/02/19	JPY	(216,200)		(1,951)		9
USD/JPY	BNP	05/13/19	JPY	(3,680,000)		(33,321)		775
USD/KRW	CIT	06/19/19	KRW	(8,883,145)		(7,845)		106
USD/MXN	CIT	04/15/19	MXN	(7,630)		(392)		8
USD/MXN	MLP	06/26/19	MXN	(41,284)		(2,097)		(4)
USD/NZD	SCB	04/02/19	NZD	(18,454)		(12,564)		126
USD/NZD	SCB	05/03/19	NZD	(18,454)		(12,571)		(23)
USD/PEN	BNP	04/10/19	PEN	(18,421)		(5,550)		(26)
USD/PEN	BNP	08/01/19	PEN	(18,420)		(5,524)		(3)
USD/RUB	CIT	05/15/19	RUB	(105,711)		(1,598)		(8)
USD/SGD	ANZ	06/19/19	SGD	(2,656)		(1,963)		3
USD/TWD	SCB	06/19/19	TWD	(271,392)		(8,849)		(14)
						(305,333)		3,230

JNL/PIMCO Real Return Fund — OTC Interest Rate Swap Agreements

Floating Rate Index²

Paying/

Receiving

Floating Rate

Counterparty

Fixed

Rate² (%)

Expiration

Notional ¹

Premiums Paid

(Received) ($)

Unrealized

Appreciation

(Depreciation) ($)

US CPURNSA (A)

Receiving

DUB

2.50

(A)

07/15/22

5,700

129

(706)

US CPURNSA (A)

Receiving

DUB

2.56

(A)

05/08/23

11,800

—

(1,231)

US CPURNSA (A)

Paying

MSC

1.81

(A)

09/20/26

1,400

—

(30)

129

(1,967)


JNL/PIMCO Real Return Fund — OTC Credit Default Swap Agreements
Reference Entity²	Counter-party	Implied Credit Spread ⁵ (%)	Fixed Receive/ Pay Rate⁸ (%)	Expiration	Notional ^1,7 ($)		Value⁶ ($)		Premiums Paid (Received) ($)		Unrealized Appreciation (Depreciation) ($)
Credit default swap agreements - purchase protection³
United Mexican States (Q)	BOA	N/A	1.00	12/20/23		11,900		57		113		(56)
United Mexican States (Q)	CGM	N/A	1.00	12/20/23		5,600		27		48		(21)
						17,500		84		161		(77)
Credit default swap agreements - sell protection⁴
CMBX.NA.AAA.8 (M)	DUB	N/A	0.50	10/17/57		(4,400)		45		(229)		274
CMBX.NA.AAA.8 (M)	MLP	N/A	0.50	10/17/57		(1,000)		10		(70)		80
						(5,400)		55		(299)		354

314

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
JNL/PPM America Floating Rate Income Fund (a)
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 0.5%
	American Express Credit Account Master Trust
		Series 2014-B-1, 2.98%, (1M USD LIBOR + 0.50%), 05/15/19 (b)	2,275		2,276
	Ares LIII CLO Ltd.
		Series 2019-A2-53A, 0.00%, (3M USD LIBOR + 1.65%), 04/24/31 (b)	2,300		2,300
	Ares XXXIX CLO Ltd.
		Series 2016-A2R-39A, 0.00%, (3M USD LIBOR + 1.65%), 04/18/31 (b)	2,000		2,000
	LCM XV LP
		Series 2019-A-2-30, 6.46%, (3M USD LIBOR + 1.60%), 04/20/31 (b)	958		958
	Octagon Investment Partners 41 Ltd.
		Series 2019-A2-2A, 0.00%, (3M USD LIBOR + 1.65%), 04/15/31 (b)	1,333		1,333
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $8,867)			8,867
CORPORATE BONDS AND NOTES 2.9%
Communication Services 0.2%
	AMC Entertainment Holdings Inc.
		6.13%, 05/15/27	1,438		1,300
	Numericable - SFR SA
		7.38%, 05/01/26 (c)	1,490		1,461
	Sprint Corp.
		7.13%, 06/15/24	624		633
	Sprint Spectrum Co. LLC
		3.36%, 09/20/21 (c)	454		454
				3,848
Consumer Discretionary 0.2%
	American Axle & Manufacturing Inc.
		6.50%, 04/01/27	1,675		1,625
	GLP Capital LP
		5.75%, 06/01/28	189		203
	Mohegan Tribal Gaming Authority
		7.88%, 10/15/24 (c)	1,572		1,560
				3,388
Consumer Staples 0.2%
	JBS Investments GmbH
		7.25%, 04/03/24 (c)	1,408		1,455
	Spectrum Brands Inc.
		5.75%, 07/15/25	952		963
				2,418
Energy 0.6%
	Cheniere Corpus Christi Holdings LLC
		5.13%, 06/30/27	1,600		1,678
	Cheniere Energy Partners LP
		5.63%, 10/01/26 (c)	1,544		1,582
	Energy Transfer Operating LP
		5.50%, 06/01/27	1,550		1,681
	Everest Acquisition Finance Inc.
		7.75%, 05/15/26 (c)	2,000		1,633
	Parsley Energy LLC
		5.25%, 08/15/25 (c)	1,550		1,536
	Sabine Pass Liquefaction LLC
		4.20%, 03/15/28	421		425
	Transocean Proteus Ltd.
		6.25%, 12/01/24 (c)	1,580		1,620
				10,155
Financials 0.3%
	Ardagh Packaging Finance Plc
		6.00%, 02/15/25 (c)	1,650		1,648
	Dell EMC
		5.88%, 06/15/21 (c)	1,000		1,018
	GLP Capital LP
		5.30%, 01/15/29	1,436		1,507
	SLM Corp.
		5.50%, 01/25/23	1,263		1,271
				5,444
			Shares/Par¹		Value ($)
Health Care 0.3%
	Community Health Systems Inc.
		8.63%, 01/15/24 (c)	1,000		1,002
	Tenet Healthcare Corp.
		8.13%, 04/01/22	220		237
		6.75%, 06/15/23	1,644		1,693
	Valeant Pharmaceuticals International Inc.
		5.50%, 03/01/23 (c)	1,186		1,193
				4,125
Industrials 0.4%
	Ashtead Capital Inc.
		5.25%, 08/01/26 (c)	1,625		1,662
	Bombardier Inc.
		6.13%, 01/15/23 (c)	1,598		1,619
		7.88%, 04/15/27 (c)	853		878
	Park Aerospace Holdings Ltd.
		5.50%, 02/15/24 (c)	1,550		1,610
				5,769
Information Technology 0.0%
	Sanmina Corp.
		4.38%, 06/01/19 (c)	750		751
Materials 0.5%
	FMG Resources August 2006 Pty Ltd.
		5.13%, 05/15/24 (c)	1,625		1,619
	FXI Holdings Inc.
		7.88%, 11/01/24 (c)	1,875		1,748
	Hexion Inc.
		10.38%, 02/01/22 (c)	1,000		840
	Koppers Inc.
		6.00%, 02/15/25 (c)	645		631
	Olin Corp.
		5.13%, 09/15/27	1,650		1,669
	Silgan Holdings Inc.
		4.75%, 03/15/25	1,000		985
				7,492
Real Estate 0.1%
	Equinix Inc.
		5.38%, 05/15/27	1,600		1,676
Utilities 0.1%
	Calpine Corp.
		5.25%, 06/01/26	1,598		1,592
	Total Corporate Bonds And Notes (cost $47,069)			46,658
SENIOR LOAN INTERESTS 91.6%
Communication Services 5.9%
	CBS Radio Inc.
		Term Loan B, 5.25%, (3M LIBOR + 2.75%), 11/18/24 (b)	6,522		6,333
	CenturyLink Inc.
		Term Loan B, 5.25%, (3M LIBOR + 2.75%), 01/15/25 (b)	5,329		5,219
	Cincinnati Bell Inc.
		Term Loan, 5.75%, (3M LIBOR + 3.25%), 10/02/24 (b)	2,985		2,950
	Cogeco Communications (USA) II LP
		1st Lien Term Loan, 4.87%, (1M LIBOR + 2.38%), 08/11/24 (b)	4,169		4,104
	Consolidated Communications Inc.
		Term Loan B, 5.50%, (1M LIBOR + 3.00%), 09/29/23 (b)	5,454		5,150
	CSC Holdings LLC
		Incremental Term Loan, 4.73%, (3M LIBOR + 2.25%), 01/31/26 (b)	6,000		5,818
	Frontier Communications Corp.
		Term Loan B-1, 6.25%, (3M LIBOR + 3.75%), 05/31/24 (b)	3,056		2,979
	GoodRx Inc.
		1st Lien Term Loan, 5.49%, (3M LIBOR + 3.00%), 10/10/25 (b)	3,142		3,103
	Gray Television Inc.
		Term Loan C, 4.98%, (3M LIBOR + 2.50%), 10/30/25 (b)	1,496		1,478

315

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	GTT Communications Inc.
		Term Loan B, 5.25%, (3M LIBOR + 2.75%), 04/27/25 (b)	4,169		3,919
	Hargray Communications Group Inc.
		Term Loan B, 5.49%, (3M LIBOR + 3.00%), 03/23/24 (b)	1,434		1,412
	Intelsat Jackson Holdings SA
		Term Loan B-3, 6.24%, (3M LIBOR + 3.75%), 11/27/23 (b)	3,268		3,216
	Maxar Technologies Ltd.
		Term Loan B, 5.25%, (3M LIBOR + 2.75%), 07/07/24 (b)	4,683		3,626
	MTN Infrastructure TopCo Inc.
		1st Lien Term Loan B, 5.49%, (3M LIBOR + 3.00%), 10/27/24 (b)	2,906		2,879
	SBA Senior Finance II LLC
		Term Loan B, 4.50%, (3M LIBOR + 2.00%), 03/26/25 (b)	5,572		5,449
	Securus Technologies Holdings Inc.
		1st Lien Term Loan, 7.00%, (3M LIBOR + 4.50%), 06/20/24 (b)	2,933		2,911
	Sprint Communications Inc.
		1st Lien Term Loan B, 5.00%, (3M LIBOR + 2.50%), 02/01/24 (b)	6,429		6,252
	Telesat Canada
		Term Loan B-4, 5.31%, (3M LIBOR + 2.50%), 11/17/23 (b)	6,237		6,142
	Tribune Media Co.
		Term Loan, 5.50%, (3M LIBOR + 3.00%), 12/27/20 (b)	264		264
		Term Loan C, 5.50%, (3M LIBOR + 3.00%), 01/20/24 (b)	4,296		4,288
	Vestcom Parent Holdings Inc.
		1st Lien Term Loan, 6.50%, (3M LIBOR + 4.00%), 12/15/23 (b) (d)	2,686		2,565
		1st Lien Term Loan, 8.50%, (3M PRIME + 3.00%), 12/16/23 (b) (d)	—		—
	Virgin Media Bristol LLC
		Term Loan K, 4.98%, (3M LIBOR + 2.50%), 02/10/26 (b)	6,640		6,564
	Windstream Holdings Inc.
		DIP Term Loan, 0.00%, (3M LIBOR + 2.50%), 03/08/21 (b) (e)	1,736		1,731
	Ziggo Secured Finance Partnership
		Term Loan E, 4.98%, (3M LIBOR + 2.50%), 04/15/25 (b)	6,000		5,838
				94,190
Consumer Discretionary 20.9%
	1011778 B.C. Unltd. Liability Co.
		Term Loan B-3, 4.75%, (3M LIBOR + 2.25%), 02/15/24 (b)	6,972		6,856
	24 Hour Fitness Worldwide Inc.
		Term Loan B, 6.00%, (3M LIBOR + 3.50%), 05/30/25 (b)	1,783		1,779
	24 Hour Fitness Worldwide Inc.
		Term Loan B, 5.99%, (3M LIBOR + 3.50%), 05/30/25 (b)	1,188		1,185
	Allied Universal Holdco LLC
		Term Loan, 6.24%, (3M LIBOR + 3.75%), 07/28/22 (b)	4,344		4,192
	Altra Industrial Motion Corp.
		Term Loan B, 4.49%, (3M LIBOR + 2.00%), 09/26/25 (b)	1,753		1,720
	AMC Entertainment Holdings Inc.
		Term Loan, 4.73%, (1M LIBOR + 2.25%), 04/30/20 (b)	3,475		3,471
		Incremental Term Loan, 4.73%, (3M LIBOR + 2.25%), 12/15/23 (b)	755		754
	American Axle & Manufacturing Inc.
		Term Loan B, 4.74%, (3M LIBOR + 2.25%), 03/10/24 (b)	3,306		3,226
	Bass Pro Group LLC
		Term Loan B, 7.50%, (3M LIBOR + 5.00%), 11/15/23 (b)	5,648		5,513
	Boing US Holdco Inc.
		1st Lien Term Loan, 5.99%, (3M LIBOR + 3.25%), 09/20/24 (b)	3,572		3,559
			Shares/Par¹		Value ($)
	Bombardier Recreational Products Inc.
		Term Loan B, 4.49%, (3M LIBOR + 2.00%), 06/30/23 (b)	2,946		2,876
	Boyd Gaming Corp.
		Term Loan B-3, 4.66%, (3M LIBOR + 2.25%), 09/15/23 (b)	5,355		5,303
	Burlington Coat Factory Warehouse Corp.
		Term Loan B-5, 4.50%, (3M LIBOR + 2.00%), 11/17/24 (b)	1,543		1,528
	Caesars Entertainment Operating Co.
		Term Loan, 4.49%, (3M LIBOR + 2.00%), 04/03/24 (b)	6,336		6,181
	Caesars Resort Collection LLC
		1st Lien Term Loan B, 5.25%, (3M LIBOR + 2.75%), 12/23/24 (b)	11,333		11,171
	Callaway Golf Co.
		Term Loan B, 0.00%, (3M LIBOR + 4.50%), 12/31/25 (b) (e)	535		539
		Term Loan B, 6.99%, (3M LIBOR + 4.50%), 12/31/25 (b)	851		857
	Camelot UK Holdco Ltd.
		Term Loan, 5.74%, (1M LIBOR + 3.25%), 10/03/23 (b)	3,993		3,968
	Charter Communications Operating LLC
		Term Loan B, 4.50%, (3M LIBOR + 2.00%), 04/30/25 (b)	9,767		9,694
	CityCenter Holdings LLC
		Term Loan B, 4.74%, (1M LIBOR + 2.25%), 04/14/24 (b)	7,735		7,588
	Coinamatic Canada Inc.
		1st Lien Term Loan, 5.74%, (3M LIBOR + 3.25%), 05/13/22 (b)	323		311
	Constellis Holdings LLC
		1st Lien Term Loan, 7.74%, (1M LIBOR + 5.00%), 04/17/24 (b) (d)	2,287		2,173
	Core & Main LP
		Term Loan B, 5.63%, (3M LIBOR + 3.00%), 07/19/24 (b)	3,091		3,062
	Creative Artists Agency LLC
		Term Loan B, 5.49%, (1M LIBOR + 3.00%), 02/15/24 (b)	3,007		2,974
		Term Loan B, 7.50%, (1M PRIME + 2.00%), 02/15/24 (b)	3		3
	CSC Holdings LLC
		1st Lien Term Loan, 4.73%, (3M LIBOR + 2.25%), 07/15/25 (b)	4,783		4,641
	Dana Inc.
		Term Loan B, 0.00%, (3M LIBOR + 2.25%), 02/27/26 (b) (d) (e)	3,000		2,970
	Delta 2 (LUX) SARL
		Term Loan, 4.99%, (3M LIBOR + 2.50%), 02/01/24 (b)	7,151		6,877
	DexKo Global Inc.
		Term Loan, 5.99%, (3M LIBOR + 3.50%), 07/24/24 (b)	1,481		1,456
	Dynacast International LLC
		Term Loan B-2, 5.85%, (3M LIBOR + 3.25%), 01/28/22 (b)	2,047		2,009
	Eldorado Resorts LLC
		Term Loan B, 0.00%, (1M LIBOR + 2.25%), 03/15/24 (b) (e)	1,210		1,198
		Term Loan B, 4.88%, (1M LIBOR + 2.25%), 03/15/24 (b)	1,780		1,762
	Equinox Holdings Inc.
		1st Lien Term Loan, 5.50%, (1M LIBOR + 3.00%), 03/08/24 (b)	3,122		3,100
	ESH Hospitality Inc.
		Term Loan B, 4.49%, (3M LIBOR + 2.00%), 08/30/23 (b)	5,338		5,298
	Fitness International LLC
		Term Loan B, 5.74%, (1M LIBOR + 3.25%), 04/13/25 (b)	3,992		3,953
	Four Seasons Hotels Ltd.
		1st Lien Term Loan, 4.49%, (3M LIBOR + 2.00%), 11/30/23 (b)	5,954		5,901
	Golden Nugget Inc.
		Incremental Term Loan B, 5.23%, (3M LIBOR + 2.75%), 09/07/23 (b)	2,660		2,631

316

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹	Value ($)
	Incremental Term Loan B, 5.24%, (3M LIBOR + 2.75%), 10/04/23 (b)	3,350	3,314
Hayward Industries Inc.
	1st Lien Term Loan, 6.00%, (3M LIBOR + 3.50%), 08/04/24 (b)	2,977	2,916
Helix Gen Funding LLC
	Term Loan B, 6.24%, (3M LIBOR + 3.75%), 03/02/24 (b)	2,836	2,722
Hoffmaster Group Inc.
	1st Lien Term Loan, 6.49%, (1M LIBOR + 4.00%), 11/11/23 (b)	1,336	1,330
iHeartCommunications Inc.
	Term Loan D, 0.00%, 12/31/19 (f) (g)	4,500	3,199
Inmar Holdings Inc.
	1st Lien Term Loan, 6.49%, (3M LIBOR + 4.00%), 04/25/24 (b)	4,846	4,620
Interior Logic Group Inc.
	Term Loan B, 6.80%, (1M LIBOR + 4.00%), 05/21/25 (b)	1,254	1,229
International Textile Group Inc.
	1st Lien Term Loan, 7.49%, (3M LIBOR + 5.00%), 04/19/24 (b) (d)	1,325	1,272
Intrawest Resorts Holdings Inc.
	Term Loan B-1, 5.50%, (3M LIBOR + 3.00%), 06/28/24 (b)	3,106	3,086
IRB Holding Corp.
	1st Lien Term Loan, 5.74%, (3M LIBOR + 3.25%), 01/18/25 (b)	6,706	6,530
J. Crew Group Inc.
	Term Loan, 5.96%, (3M LIBOR + 3.22%), 03/05/21 (b)	475	324
	Term Loan, 6.02%, (3M LIBOR + 3.22%), 03/05/21 (b)	2,500	1,705
Jo-Ann Stores Inc.
	Term Loan, 7.76%, (3M LIBOR + 5.00%), 09/29/23 (b)	1,991	1,981
Jostens Inc.
	Term Loan, 0.00%, (3M LIBOR + 5.50%), 12/17/25 (b) (e)	1,500	1,499
Las Vegas Sands LLC
	Term Loan B, 4.25%, (3M LIBOR + 1.75%), 03/27/25 (b)	6,832	6,704
Liberty Cablevision of Puerto Rico LLC
	1st Lien Term Loan, 5.98%, (3M LIBOR + 3.50%), 12/24/21 (b)	1,750	1,731
	2nd Lien Term Loan, 9.23%, (3M LIBOR + 6.75%), 06/23/23 (b) (d)	287	278
Lifetime Brands Inc.
	Term Loan B, 5.99%, (3M LIBOR + 3.50%), 03/13/25 (b)	2,332	2,265
Lions Gate Capital Holdings LLC
	Term Loan B, 4.75%, (3M LIBOR + 2.25%), 03/20/25 (b)	4,109	4,047
LTF Merger Sub Inc.
	Term Loan B, 5.38%, (3M LIBOR + 2.75%), 06/22/22 (b)	5,748	5,673
MA FinanceCo. LLC
	Term Loan B-2, 4.74%, (3M LIBOR + 2.25%), 11/19/21 (b)	2,569	2,504
Marriott Ownership Resorts Inc.
	Term Loan B, 0.00%, (3M LIBOR + 2.25%), 08/09/25 (b) (e)	3,005	2,986
Mavis Tire Express Services Corp.
	Delayed Draw Term Loan, 2.00%, (3M LIBOR + 3.25%), 03/15/25 (b) (d) (h)	91	90
	1st Lien Term Loan, 5.74%, (3M LIBOR + 3.25%), 03/15/25 (b) (d)	3,587	3,488
	Delayed Draw Term Loan, 5.74%, (3M LIBOR + 3.25%), 03/15/25 (b) (d) (h)	20	20
Michaels Stores Inc.
	Term Loan B, 4.99%, (3M LIBOR + 2.50%), 01/01/23 (b)	6,668	6,525
Mohegan Tribal Gaming Authority
	Term Loan B, 6.50%, (3M LIBOR + 4.00%), 10/30/23 (b)	1,053	995
NPC International Inc.
	1st Lien Term Loan, 5.99%, (3M LIBOR + 3.50%), 04/05/24 (b)	1,149	1,027
		Shares/Par¹	Value ($)
	1st Lien Term Loan, 6.13%, (3M LIBOR + 3.50%), 04/05/24 (b)	808	722
Numericable Group SA
	Term Loan B-11, 5.24%, (3M LIBOR + 2.75%), 07/31/25 (b)	5,094	4,731
	Term Loan B-12, 6.17%, (3M LIBOR + 3.69%), 01/31/26 (b)	6,557	6,203
NVA Holdings Inc.
	Term Loan B-3, 5.25%, (3M LIBOR + 2.75%), 01/31/25 (b)	3,257	3,141
Party City Holdings Inc.
	Term Loan B, 5.00%, (3M LIBOR + 2.50%), 08/19/22 (b)	3,040	3,014
Penn National Gaming Inc.
	1st Lien Term Loan B, 4.84%, (3M LIBOR + 2.25%), 08/15/25 (b)	2,693	2,663
Petco Animal Supplies Inc.
	Term Loan B, 5.99%, (3M LIBOR + 3.25%), 01/12/23 (b)	4,480	3,396
PetSmart Inc.
	Term Loan B-2, 5.49%, (3M LIBOR + 3.00%), 03/11/22 (b)	3,285	2,942
Playa Resorts Holding BV
	Term Loan B, 5.25%, (3M LIBOR + 2.75%), 04/07/24 (b)	4,858	4,660
ProQuest LLC
	Term Loan B, 5.74%, (3M LIBOR + 3.25%), 10/24/21 (b)	2,902	2,885
Rodan & Fields LLC
	Term Loan B, 6.48%, (3M LIBOR + 4.00%), 06/07/25 (b) (d)	1,787	1,545
	Term Loan B, 8.50%, (3M PRIME + 3.00%), 06/07/25 (b) (d)	5	4
Sally Holdings LLC
	Term Loan B-2, 4.50%, (3M Fixed + 4.50%), 07/05/24 (b)	2,220	2,148
	Term Loan B-1, 4.75%, (3M LIBOR + 2.25%), 07/05/24 (b)	1,182	1,158
Scientific Games International Inc.
	Term Loan B-5, 5.31%, (3M LIBOR + 2.75%), 08/14/24 (b)	1,398	1,360
	Term Loan B-5, 5.33%, (3M LIBOR + 2.75%), 08/14/24 (b)	5,823	5,665
Serta Simmons Bedding LLC
	1st Lien Term Loan, 5.98%, (3M LIBOR + 3.50%), 10/21/23 (b)	3,660	2,701
	1st Lien Term Loan, 5.99%, (3M LIBOR + 3.50%), 10/21/23 (b)	1,031	761
ServiceMaster Co.
	Term Loan B, 4.99%, (3M LIBOR + 2.50%), 11/08/23 (b)	1,053	1,048
Shutterfly Inc.
	Term Loan B-2, 5.25%, (3M LIBOR + 2.75%), 08/17/24 (b)	2,027	1,992
Sinclair Television Group Inc.
	Term Loan B-2, 0.00%, (3M LIBOR + 2.25%), 01/06/24 (b) (e)	655	647
	Term Loan B-2, 4.75%, (3M LIBOR + 2.25%), 01/06/24 (b)	2,337	2,309
SIWF Holdings Inc.
	1st Lien Term Loan, 6.74%, (3M LIBOR + 4.25%), 05/25/25 (b)	3,451	3,404
Spin Holdco Inc.
	Term Loan B, 6.03%, (3M LIBOR + 3.25%), 11/14/22 (b)	3,664	3,557
SRAM LLC
	Term Loan B, 5.33%, (3M LIBOR + 2.75%), 03/15/24 (b)	1,158	1,152
	Term Loan B, 5.38%, (3M LIBOR + 2.75%), 03/15/24 (b)	1,131	1,125
Staples Inc.
	Term Loan B, 6.49%, (3M LIBOR + 4.00%), 08/15/24 (b)	6,543	6,484
Stars Group Holdings BV
	Incremental Term Loan, 6.10%, (3M LIBOR + 3.50%), 06/29/25 (b)	6,487	6,468

317

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Station Casinos LLC
		Term Loan B, 5.00%, (3M LIBOR + 2.50%), 05/24/23 (b)	8,837		8,736
	Tenneco Inc.
		Term Loan B, 5.24%, (3M LIBOR + 2.75%), 10/01/25 (b)	3,142		2,993
	TI Group Automotive Systems LLC
		Term Loan, 4.99%, (3M LIBOR + 2.50%), 06/25/22 (b)	2,690		2,651
	Trader Corp.
		Term Loan B, 5.49%, (3M LIBOR + 3.00%), 09/28/23 (b)	1,650		1,633
	Truck Hero Inc.
		1st Lien Term Loan, 6.24%, (3M LIBOR + 3.75%), 05/17/24 (b)	3,029		2,916
	TruGreen Ltd. Partnership
		Term Loan, 0.00%, (3M LIBOR + 3.75%), 03/13/26 (b) (e)	1,880		1,882
	UFC Holdings LLC
		1st Lien Term Loan, 5.75%, (3M LIBOR + 3.25%), 07/22/23 (b)	4,093		4,059
	Univision Communications Inc.
		Term Loan C-5, 5.25%, (3M LIBOR + 2.75%), 03/15/24 (b)	4,247		3,995
	USS Ultimate Holdings Inc.
		1st Lien Term Loan, 6.24%, (3M LIBOR + 3.75%), 08/11/24 (b)	1,982		1,964
	Vivid Seats Ltd.
		1st Lien Term Loan, 6.00%, (3M LIBOR + 3.50%), 06/21/24 - 06/27/24 (b)	2,646		2,555
	WASH Multifamily Laundry Systems LLC
		1st Lien Term Loan, 5.74%, (3M LIBOR + 3.25%), 05/15/22 (b)	1,843		1,774
	WideOpenWest Finance LLC
		Term Loan B, 5.74%, (3M LIBOR + 3.25%), 08/19/23 (b)	5,048		4,852
	William Morris Endeavor Entertainment LLC
		1st Lien Term Loan, 5.36%, (3M LIBOR + 2.75%), 05/11/25 (b)	7,804		7,381
	WMG Acquisition Corp.
		Term Loan F, 4.62%, (3M LIBOR + 2.13%), 11/01/23 (b)	3,761		3,675
				335,290
Consumer Staples 4.5%
	8th Avenue Food & Provisions Inc.
		1st Lien Term Loan, 6.24%, (3M LIBOR + 3.75%), 09/19/25 (b)	2,025		2,023
	Albertsons LLC
		Term Loan B-6, 5.48%, (3M LIBOR + 3.00%), 06/22/23 (b)	5,526		5,473
	American Seafoods Group LLC
		1st Lien Term Loan, 5.24%, (3M LIBOR + 2.75%), 07/27/23 (b)	37		37
		1st Lien Term Loan, 5.25%, (3M LIBOR + 2.75%), 07/27/23 (b)	2,426		2,404
	ATS Consolidated Inc.
		1st Lien Term Loan, 6.24%, (3M LIBOR + 3.75%), 02/23/25 (b)	4,511		4,507
	BJ's Wholesale Club Inc.
		1st Lien Term Loan, 5.50%, (3M LIBOR + 3.00%), 01/26/24 (b)	5,846		5,825
	CHG PPC Parent LLC
		Term Loan B, 5.25%, (3M LIBOR + 2.75%), 03/16/25 (b)	2,332		2,292
	Coty Inc.
		Term Loan B, 4.74%, (3M LIBOR + 2.25%), 03/29/25 (b)	4,577		4,423
	Del Monte Foods Inc.
		1st Lien Term Loan, 5.90%, (6M LIBOR + 3.25%), 01/26/21 (b)	1,900		1,495
		2nd Lien Term Loan, 10.15%, (6M LIBOR + 7.25%), 07/26/21 (b)	500		346
	Diamond (BC) BV
		Term Loan, 5.74%, (1M LIBOR + 3.00%), 07/24/24 (b)	3,091		2,963
			Shares/Par¹		Value ($)
	Dole Food Co. Inc.
		Term Loan B, 5.24%, (1M LIBOR + 2.75%), 03/22/24 (b)	2,882		2,742
		Term Loan B, 5.55%, (1M LIBOR + 2.75%), 03/22/24 (b)	45		43
		Term Loan B, 7.25%, (1M PRIME + 1.75%), 03/22/24 (b)	1		1
	Hearthside Food Solutions LLC
		Term Loan B, 6.18%, (3M LIBOR + 3.69%), 05/17/25 (b)	6,299		6,110
	Hostess Brands LLC
		Term Loan, 4.74%, (3M LIBOR + 2.25%), 08/03/23 (b)	1,612		1,564
		Term Loan, 4.99%, (3M LIBOR + 2.25%), 08/03/23 (b)	2,352		2,283
	JBS USA LLC
		Term Loan B, 4.99%, (3M LIBOR + 2.50%), 10/30/22 (b)	821		814
		Term Loan B, 4.98%, (3M LIBOR + 2.50%), 06/30/24 (b)	4,873		4,835
	Portillo's Holdings LLC
		1st Lien Term Loan, 7.30%, (3M LIBOR + 4.50%), 08/01/21 (b) (d)	2,865		2,854
	Post Holdings Inc.
		Incremental Term Loan, 4.49%, (3M LIBOR + 2.00%), 05/24/24 (b)	2,393		2,369
	Sigma Bidco BV
		Term Loan B-2, 5.80%, (3M LIBOR + 3.00%), 03/07/25 (b)	2,978		2,881
	U.S. Foods Inc.
		Term Loan B, 4.49%, (3M LIBOR + 2.00%), 06/27/23 (b)	6,620		6,513
	United Natural Foods Inc.
		Term Loan B, 6.75%, (3M LIBOR + 4.25%), 10/22/25 (b)	5,620		4,828
	Utz Quality Foods LLC
		1st Lien Term Loan, 5.99%, (3M LIBOR + 3.50%), 11/14/24 (b)	2,049		2,041
				71,666
Energy 2.9%
	Arctic LNG Carriers Ltd.
		Term Loan, 6.99%, (3M LIBOR + 4.50%), 04/21/23 (b)	2,093		2,025
	Calpine Corp.
		Term Loan B-9, 0.00%, (3M LIBOR + 2.75%), 03/22/26 (b) (e)	1,660		1,642
	EG Finco Ltd.
		Term Loan, 6.60%, (3M LIBOR + 4.00%), 06/30/25 (b)	5,053		4,929
	EG Group Ltd.
		Term Loan B, 6.60%, (3M LIBOR + 4.00%), 02/01/25 (b)	1,782		1,738
	Emerald Performance Materials LLC
		2nd Lien Term Loan, 10.24%, (1M LIBOR + 7.75%), 07/23/22 (b) (d)	900		880
	Encino Acquisition Partners Holdings LLC
		2nd Lien Term Loan, 9.24%, (3M LIBOR + 6.75%), 09/26/25 (b) (d)	2,578		2,481
	Equitrans Midstream Corp.
		Term Loan B, 0.00%, (3M LIBOR + 4.50%), 12/13/23 (b) (e)	2,300		2,302
		Term Loan B, 7.00%, (3M LIBOR + 4.50%), 12/13/23 (b)	709		710
	HFOTCO LLC
		Term Loan B, 0.00%, (3M LIBOR + 2.75%), 06/19/25 (b) (e)	610		606
		Term Loan B, 5.25%, (3M LIBOR + 2.75%), 06/19/25 (b)	2,382		2,367
	Johnson Controls International Plc
		Term Loan B, 0.00%, (3M LIBOR + 3.50%), 03/13/26 (b) (e)	5,555		5,489
	Lucid Energy Group II LLC
		1st Lien Term Loan, 5.49%, (3M LIBOR + 3.00%), 01/31/25 (b)	2,426		2,291
	Medallion Midland Acquisition LLC
		1st Lien Term Loan, 5.75%, (3M LIBOR + 3.25%), 10/31/24 (b)	3,024		2,941

318

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Natgasoline LLC
		Term Loan B, 0.00%, (3M LIBOR + 3.50%), 10/31/25 (b) (e)	1,500		1,500
		Term Loan B, 6.25%, (3M LIBOR + 3.50%), 10/31/25 (b)	1,496		1,496
	Quicksilver Resources Inc.
		2nd Lien Term Loan, 0.00%, 06/21/19 (d) (f) (g) (h)	3,269		3
	Seadrill Partners Finco LLC
		Term Loan B, 8.80%, (3M LIBOR + 6.00%), 02/12/21 (b)	1,334		1,106
	Summit Midstream Partners Holdings LLC
		Term Loan B, 8.49%, (3M LIBOR + 6.00%), 05/15/22 (b)	1,666		1,649
	TEX Operations Co. LLC
		Term Loan B, 4.49%, (3M LIBOR + 2.00%), 08/04/23 (b)	5,374		5,308
	Traverse Midstream Partners LLC
		Term Loan, 6.50%, (3M LIBOR + 4.00%), 09/22/24 (b)	3,954		3,944
	Ultra Resources Inc.
		1st Lien Term Loan, 6.49%, (3M LIBOR + 4.00%), 04/14/24 (b)	1,790		1,546
				46,953
Financials 10.3%
	Acrisure LLC
		Term Loan B, 6.88%, (3M LIBOR + 4.25%), 11/22/23 (b)	6,976		6,922
	Advisor Group Inc.
		Term Loan , 6.24%, (3M LIBOR + 3.75%), 08/13/25 (b)	3,333		3,333
	AlixPartners LLP
		Term Loan B, 5.25%, (3M LIBOR + 2.75%), 03/28/24 (b)	4,650		4,613
	Alliant Holdings I Inc.
		Term Loan B, 5.23%, (3M LIBOR + 2.75%), 05/07/25 (b)	3,950		3,790
	Altice Financing SA
		Term Loan B, 5.23%, (3M LIBOR + 2.75%), 07/31/25 (b)	2,574		2,449
		1st Lien Term Loan, 5.24%, (3M LIBOR + 2.75%), 01/06/26 (b)	1,201		1,143
	Altice France SA
		Term Loan B-13, 6.48%, (3M LIBOR + 4.00%), 07/13/26 (b)	1,237		1,182
	AmWINS Group Inc.
		Term Loan B, 5.24%, (3M LIBOR + 2.75%), 01/19/24 (b)	3,666		3,610
	AssuredPartners Inc.
		1st Lien Term Loan, 5.75%, (3M LIBOR + 3.25%), 10/22/24 (b)	6,924		6,691
	Asurion LLC
		Term Loan B-4, 5.49%, (3M LIBOR + 3.00%), 08/04/22 (b)	4,533		4,506
		Term Loan B-6, 5.50%, (3M LIBOR + 3.00%), 11/03/23 (b)	3,449		3,430
		2nd Lien Term Loan, 9.00%, (3M LIBOR + 6.50%), 08/04/25 (b)	750		759
	Auris Luxembourg III SARL
		Term Loan B, 0.00%, (3M LIBOR + 3.75%), 07/23/25 (b) (e)	4,250		4,241
	BCP Renaissance Parent LLC
		Term Loan B, 6.24%, (3M LIBOR + 3.50%), 09/20/24 (b)	3,954		3,934
	Belron Finance US LLC
		Term Loan B, 0.00%, (3M LIBOR + 2.50%), 11/19/25 (b) (e)	3,000		2,957
	Cetera Group Inc.
		Term Loan , 6.74%, (3M LIBOR + 4.25%), 08/15/25 (b)	2,653		2,616
	Crown Finance US Inc.
		Term Loan, 5.00%, (3M LIBOR + 2.50%), 02/05/25 (b)	7,356		7,176
	Duff & Phelps Corp.
		Term Loan B, 5.75%, (1M LIBOR + 3.25%), 12/04/24 (b)	3,178		3,108
			Shares/Par¹		Value ($)
	Edelman Financial Group
		1st Lien Term Loan, 6.04%, (3M LIBOR + 3.25%), 06/26/25 (b)	3,212		3,183
	Encapsys LLC
		1st Lien Term Loan, 5.74%, (3M LIBOR + 3.25%), 10/27/24 (b)	1,812		1,771
	First American Payment Systems LP
		Term Loan, 7.39%, (1M LIBOR + 4.75%), 01/02/24 (b)	1,009		1,005
	Garrett LX III SARL
		Term Loan B, 5.11%, (3M LIBOR + 2.50%), 09/22/25 (b)	1,493		1,463
	GTCR Valor Cos. Inc.
		Term Loan B-1, 5.35%, (3M LIBOR + 2.75%), 06/30/23 (b)	2,880		2,854
	HUB International Ltd.
		Term Loan B, 5.38%, (3M LIBOR + 2.75%), 04/25/25 (b)	11		11
		Term Loan B, 5.51%, (3M LIBOR + 2.75%), 04/25/25 (b)	4,548		4,392
	Ineos US Finance LLC
		Term Loan B, 4.50%, (3M LIBOR + 2.00%), 03/31/24 (b)	4,676		4,584
	ION Trading Technologies SARL
		Incremental Term Loan B, 6.65%, (1M LIBOR + 4.00%), 11/21/24 (b)	2,934		2,841
	iStar Inc.
		Term Loan B, 5.23%, (3M LIBOR + 2.75%), 06/30/20 (b)	2,660		2,636
		Term Loan B, 5.24%, (3M LIBOR + 2.75%), 06/30/20 (b)	2,700		2,676
	Jane Street Group LLC
		Term Loan B, 5.50%, (3M LIBOR + 3.00%), 08/25/22 (b)	4,441		4,421
	Level 3 Financing Inc.
		Term Loan B, 4.74%, (3M LIBOR + 2.25%), 02/16/24 (b)	10,750		10,613
	LPL Holdings Inc.
		1st Lien Term Loan B, 4.74%, (3M LIBOR + 2.25%), 09/23/24 (b)	3,200		3,169
	NAB Holdings LLC
		Term Loan, 5.80%, (3M LIBOR + 3.00%), 01/15/25 (b)	2,207		2,135
	NFP Corp.
		Term Loan B, 5.49%, (3M LIBOR + 3.00%), 01/06/24 (b)	5,063		4,873
	PMHC II Inc.
		1st Lien Term Loan, 6.00%, (3M LIBOR + 3.50%), 03/20/25 (b)	521		505
		1st Lien Term Loan, 6.41%, (3M LIBOR + 3.50%), 03/20/25 (b)	393		382
	Sedgwick Claims Management Services Inc.
		Term Loan B, 5.75%, (3M LIBOR + 3.25%), 11/06/25 (b)	6,354		6,212
	SolarWinds Holdings Inc.
		Term Loan B, 5.25%, (3M LIBOR + 2.75%), 02/06/24 (b)	4,199		4,149
	Solera LLC
		Term Loan B, 5.25%, (3M LIBOR + 2.75%), 03/03/23 (b)	4,063		4,025
	Telenet Financing USD LLC
		Term Loan AN, 4.73%, (3M LIBOR + 2.25%), 08/31/26 (b)	4,897		4,786
	TKC Holdings Inc.
		1st Lien Term Loan, 6.25%, (3M LIBOR + 3.75%), 02/08/23 (b)	2,942		2,882
	Travelport Finance Lux SARL
		Term Loan B, 5.18%, (3M LIBOR + 2.50%), 03/16/25 (b)	3,769		3,765
		Term Loan, 0.00%, (3M LIBOR + 5.00%), 03/18/26 (b) (e)	2,820		2,739
	Unitymedia Finance LLC
		Term Loan E, 4.48%, (3M LIBOR + 2.00%), 05/24/23 (b)	2,900		2,863
		Term Loan B, 4.73%, (3M LIBOR + 2.25%), 09/30/25 (b)	2,880		2,847

319

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	UPC Financing Partnership
		Term Loan AR, 4.98%, (3M LIBOR + 2.50%), 01/15/26 (b)	5,247		5,235
	Veritas Bermuda Ltd.
		Term Loan B, 6.99%, (3M LIBOR + 4.50%), 01/27/23 (b)	1,366		1,261
		Term Loan B, 7.30%, (3M LIBOR + 4.50%), 01/27/23 (b)	449		415
	VFH Parent LLC
		Term Loan B, 6.13%, (3M LIBOR + 3.50%), 03/02/26 (b)	4,600		4,606
				165,759
Health Care 11.5%
	Accelerated Health Systems LLC
		Term Loan B, 5.99%, (3M LIBOR + 3.50%), 11/02/25 (b)	607		605
	ADMI Corp.
		Term Loan B, 5.50%, (3M LIBOR + 3.00%), 04/06/24 (b)	2,848		2,814
	Agiliti Health Inc.
		Term Loan, 5.50%, (3M LIBOR + 3.00%), 10/18/25 (b)	2,037		2,029
	Air Methods Corp.
		Term Loan B, 6.10%, (3M LIBOR + 3.50%), 04/12/24 (b)	958		715
	Alliance Healthcare Services Inc.
		Term Loan B, 6.99%, (3M LIBOR + 4.50%), 10/20/23 (b)	2,412		2,380
	Alphabet Holding Co. Inc.
		1st Lien Term Loan, 6.00%, (3M LIBOR + 3.50%), 08/15/24 (b)	2,387		2,210
	Amneal Pharmaceuticals LLC
		Term Loan B, 6.00%, (3M LIBOR + 3.50%), 03/26/25 (b)	8,881		8,847
	ATI Holdings Acquisition Inc.
		Term Loan, 5.99%, (3M LIBOR + 3.50%), 05/10/23 - 05/15/23 (b)	3,507		3,401
	BPA Laboratories Inc.
		1st Lien Term Loan, 8.55%, (3M LIBOR + 5.75%), 04/29/20 (b) (d) (h)	1,028		982
		2nd Lien Term Loan, 10.55%, (3M LIBOR + 7.75%), 04/29/20 (b) (d) (h)	894		822
	Catalent Pharma Solutions Inc.
		Term Loan B, 4.74%, (1M LIBOR + 2.25%), 05/08/21 (b)	3,532		3,512
	CCS-CMGC Holdings, Inc.
		1st Lien Term Loan, 7.99%, (3M LIBOR + 5.50%), 09/25/25 (b) (d)	3,002		2,867
	Change Healthcare Holdings Inc.
		Term Loan B, 5.25%, (3M LIBOR + 2.75%), 02/02/24 - 02/03/24 (b)	7,187		7,087
	CHG Healthcare Services Inc.
		1st Lien Term Loan B, 5.66%, (3M LIBOR + 3.00%), 06/07/23 (b)	1,995		1,982
		1st Lien Term Loan B, 5.74%, (3M LIBOR + 3.00%), 06/07/23 (b)	3,555		3,532
	Civitas Solutions Inc.
		Term Loan B, 6.75%, (3M LIBOR + 4.25%), 03/09/26 (b)	3,560		3,569
		Term Loan C, 6.75%, (3M LIBOR + 4.25%), 03/09/26 (b)	221		222
	Concentra Inc.
		1st Lien Term Loan, 5.24%, (3M LIBOR + 2.75%), 06/01/22 (b)	5,382		5,338
	DaVita Inc.
		Term Loan B, 5.24%, (1M LIBOR + 2.75%), 06/20/21 (b)	2,491		2,487
	Diplomat Pharmacy Inc.
		Term Loan B, 7.00%, (3M LIBOR + 4.50%), 12/31/24 (b)	1,449		1,376
	Endo Luxembourg Finance Co. I SARL
		Term Loan B, 6.75%, (3M LIBOR + 4.25%), 04/12/24 (b)	4,651		4,557
	Envision Healthcare Corp.
		1st Lien Term Loan, 6.25%, (3M LIBOR + 3.75%), 09/27/25 (b)	7,455		6,965
			Shares/Par¹		Value ($)
	Equian LLC
		Term Loan B, 5.75%, (3M LIBOR + 3.25%), 05/20/24 (b)	1,472		1,443
	ExamWorks Group Inc.
		Term Loan, 5.74%, (1M LIBOR + 3.25%), 07/27/23 (b)	3,623		3,603
	Gentiva Health Services Inc.
		1st Lien Term Loan, 6.25%, (3M LIBOR + 3.75%), 06/20/25 (b)	6,416		6,424
	GHX Ultimate Parent Corp.
		1st Lien Term Loan, 6.06%, (3M LIBOR + 3.25%), 06/24/24 (b)	2,908		2,843
	Global Medical Response Inc.
		Term Loan B-1, 5.74%, (3M LIBOR + 3.25%), 04/28/22 (b)	7,093		6,671
	Jaguar Holding Co. II
		Term Loan, 5.00%, (3M LIBOR + 2.50%), 08/18/22 (b)	3,697		3,655
	Kindred Healthcare Inc.
		1st Lien Term Loan, 7.50%, (3M LIBOR + 5.00%), 06/21/25 (b)	2,786		2,723
	Kinetic Concepts Inc.
		Term Loan B, 6.05%, (3M LIBOR + 3.25%), 01/30/24 (b)	2,098		2,084
	MPH Acquisition Holdings LLC
		Term Loan B, 5.35%, (3M LIBOR + 2.75%), 06/07/23 (b)	8,883		8,586
	Ortho-Clinical Diagnostics SA
		Term Loan B, 5.75%, (3M LIBOR + 3.25%), 06/01/25 (b)	5,921		5,696
	Parexel International Corp.
		Term Loan B, 5.25%, (3M LIBOR + 2.75%), 08/06/24 (b)	6,256		6,022
	Phoenix Guarantor Inc.
		Term Loan B, 6.98%, (3M LIBOR + 4.50%), 02/12/26 (b)	3,865		3,801
	Prestige Brands Inc.
		Term Loan B-4, 4.49%, (3M LIBOR + 2.00%), 01/20/24 (b)	2,912		2,877
	Prospect Medical Holdings Inc.
		Term Loan B, 7.99%, (3M LIBOR + 5.50%), 02/12/24 (b)	2,436		2,210
	Radiology Partners Holdings LLC
		1st Lien Term Loan B, 6.87%, (3M LIBOR + 4.75%), 06/28/25 (b)	1,001		1,002
		1st Lien Term Loan B, 7.05%, (3M LIBOR + 4.75%), 06/28/25 (b)	1,001		1,002
		1st Lien Term Loan B, 7.34%, (3M LIBOR + 4.75%), 06/28/25 (b)	299		300
	RadNet Inc.
		Term Loan, 6.53%, (3M LIBOR + 3.75%), 06/30/23 (b)	3,154		3,154
	RegionalCare Hospital Partners Holdings Inc.
		Term Loan B, 6.98%, (3M LIBOR + 4.50%), 11/09/25 (b)	4,988		4,927
	Select Medical Corp.
		Term Loan B, 4.99%, (3M LIBOR + 2.50%), 03/06/25 (b)	5,376		5,349
	Sound Inpatient Physicians
		1st Lien Term Loan, 5.25%, (3M LIBOR + 2.75%), 06/19/25 (b)	4,119		4,062
	Surgery Center Holdings Inc.
		Term Loan B, 5.75%, (3M LIBOR + 3.25%), 06/18/24 (b)	4,116		4,041
	Team Health Holdings Inc.
		1st Lien Term Loan, 5.24%, (3M LIBOR + 2.75%), 01/12/24 (b)	6,014		5,333
	Tivity Health Inc.
		Term Loan A, 6.74%, (3M LIBOR + 4.25%), 03/08/24 (b)	916		907
		Term Loan B, 7.74%, (3M LIBOR + 5.25%), 03/08/26 (b)	933		913
	U.S. Anesthesia Partners Inc.
		Term Loan, 5.49%, (3M LIBOR + 3.00%), 06/16/24 (b)	5,418		5,354
	U.S. Renal Care Inc.
		1st Lien Term Loan, 7.05%, (3M LIBOR + 4.25%), 11/17/22 (b)	2,827		2,822

320

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Valeant Pharmaceuticals International Inc.
		Term Loan B, 5.48%, (3M LIBOR + 3.00%), 05/19/25 (b)	7,538		7,484
	Verscend Holding Corp.
		Term Loan B, 7.00%, (3M LIBOR + 4.50%), 08/08/25 (b)	5,671		5,622
	Vizient Inc.
		Term Loan B-4, 0.00%, (3M LIBOR + 2.75%), 02/13/23 (b) (e)	1,105		1,099
		Term Loan B-4, 5.24%, (3M LIBOR + 2.75%), 02/13/23 (b)	1,892		1,881
	VVC Holding Corp.
		Term Loan B, 7.20%, (3M LIBOR + 4.50%), 01/25/26 (b)	2,760		2,719
				184,908
Industrials 11.9%
	Accudyne Industries LLC
		Term Loan, 5.49%, (3M LIBOR + 3.00%), 08/02/24 (b)	3,216		3,211
	Advanced Disposal Services Inc.
		Term Loan B-3, 4.67%, (3M LIBOR + 2.25%), 11/10/23 (b)	5,123		5,097
	AI Mistral Holdco Ltd.
		Term Loan B, 5.49%, (3M LIBOR + 3.00%), 01/26/24 (b)	3,197		2,978
	Allegiant Travel Co.
		Term Loan B, 7.23%, (3M LIBOR + 4.50%), 01/29/24 (b)	2,894		2,880
	Altra Industrial Motion
		Term Loan B, 0.00%, (3M LIBOR + 2.00%), 09/26/25 (b) (e)	1,260		1,236
	Altran Technologies SA
		Term Loan B, 4.88%, (3M LIBOR + 2.25%), 01/31/25 (b)	1,980		1,942
	American Airlines Inc.
		Term Loan B, 4.49%, (3M LIBOR + 2.00%), 04/28/23 (b)	1,764		1,728
		Incremental Term Loan, 4.48%, (3M LIBOR + 2.00%), 12/14/23 (b)	2,813		2,757
		Term Loan B, 4.24%, (3M LIBOR + 1.75%), 06/11/25 (b)	2,802		2,722
	Avolon LLC
		Term Loan B-3, 4.49%, (3M LIBOR + 2.00%), 01/15/25 (b)	4,448		4,408
	Brand Energy & Infrastructure Services Inc.
		Term Loan, 6.90%, (3M LIBOR + 4.25%), 06/16/24 (b)	1,459		1,394
		Term Loan, 7.01%, (3M LIBOR + 4.25%), 06/16/24 - 06/17/24 (b)	3,179		3,038
	Brickman Group Ltd. LLC
		1st Lien Term Loan B, 5.00%, (3M LIBOR + 2.50%), 08/09/25 - 08/15/25 (b)	3,789		3,759
	Brookfield WEC Holdings Inc.
		1st Lien Term Loan, 6.25%, (3M LIBOR + 3.75%), 07/26/25 (b)	4,885		4,869
	Builders FirstSource Inc.
		Term Loan B, 5.60%, (3M LIBOR + 3.00%), 02/29/24 (b)	3,504		3,385
	Cortes NP Acquisition Corp.
		Term Loan B, 6.63%, (3M LIBOR + 4.00%), 11/30/23 (b)	6,740		6,319
	DAE Aviation Holdings Inc.
		1st Lien Term Loan, 6.24%, (3M LIBOR + 3.75%), 06/25/22 (b)	4,748		4,751
		Term Loan B, 0.00%, (3M LIBOR + 4.00%), 01/22/26 (b) (e)	1,472		1,472
		Term Loan, 0.00%, (3M LIBOR + 4.00%), 01/24/26 (b) (e)	792		791
	DG Investment Intermediate Holdings 2 Inc.
		1st Lien Term Loan, 5.50%, (3M LIBOR + 3.00%), 01/31/25 (b)	2,476		2,392
	Electrical Components International Inc.
		1st Lien Term Loan, 7.05%, (3M LIBOR + 4.25%), 06/22/25 (b)	2,233		2,144
	Element Materials Technology Group US Holdings Inc.
		Term Loan B, 6.30%, (1M LIBOR + 3.50%), 06/28/24 - 06/29/24 (b)	2,681		2,660
			Shares/Par¹		Value ($)
	Engineered Machinery Holdings Inc.
		1st Lien Term Loan, 6.05%, (3M LIBOR + 3.25%), 07/25/24 (b)	2,281		2,198
	EWT Holdings III Corp.
		Term Loan, 5.49%, (1M LIBOR + 3.00%), 12/13/24 (b)	2,318		2,289
	Filtration Group Corp.
		1st Lien Term Loan, 5.50%, (3M LIBOR + 3.00%), 03/27/25 (b)	4,455		4,423
	Gardner Denver Inc.
		Term Loan B, 5.24%, (1M LIBOR + 2.75%), 07/30/24 (b)	4,188		4,181
	Garrett LX III SARL
		Term Loan B, 0.00%, (3M LIBOR + 2.50%), 09/22/25 (b) (e)	1,510		1,481
	Gates Global LLC
		Term Loan B, 5.25%, (3M LIBOR + 2.75%), 04/01/24 (b)	6,464		6,374
	GFL Environmental Inc.
		Term Loan B, 5.49%, (3M LIBOR + 3.00%), 05/11/25 (b)	2,529		2,440
	Harbor Freight Tools USA Inc.
		Term Loan B, 4.99%, (3M LIBOR + 2.50%), 08/16/23 (b)	5,307		5,174
	Hillman Group Inc.
		Term Loan B, 6.80%, (1M LIBOR + 4.00%), 05/16/25 (b)	3,575		3,406
	IBC Capital Ltd.
		1st Lien Term Loan, 6.36%, (3M LIBOR + 3.75%), 09/11/23 (b)	2,260		2,188
	Janus International Group LLC
		1st Lien Term Loan, 5.49%, (3M LIBOR + 3.00%), 02/07/25 (b)	2,876		2,768
	L&W Inc.
		Term Loan B, 6.49%, (1M LIBOR + 4.00%), 05/18/25 (b) (d)	1,697		1,672
	Minimax GmbH & Co. KG
		Term Loan B-1C, 5.49%, (3M LIBOR + 3.00%), 06/18/25 (b)	2,687		2,672
	Navistar Financial Corp.
		Term Loan B, 6.25%, (1M LIBOR + 3.75%), 07/25/25 (b)	3,259		3,250
	Navistar International Corp.
		1st Lien Term Loan B, 6.00%, (3M LIBOR + 3.50%), 11/01/24 (b)	4,109		4,090
	Pelican Products Inc.
		1st Lien Term Loan, 5.98%, (3M LIBOR + 3.50%), 04/18/25 (b)	2,779		2,733
	Pike Corp.
		Term Loan B, 6.00%, (3M LIBOR + 3.50%), 03/13/25 (b)	1,569		1,567
	PODS LLC
		1st Lien Term Loan, 5.24%, (3M LIBOR + 2.75%), 11/21/24 (b)	3,118		3,053
	Prime Security Services Borrower LLC
		1st Lien Term Loan, 5.25%, (3M LIBOR + 2.75%), 05/02/22 (b)	11,818		11,680
	Reece Ltd.
		Term Loan B, 4.81%, (3M LIBOR + 2.00%), 06/01/25 (b)	2,680		2,653
	Rexnord LLC
		Term Loan B, 4.49%, (3M LIBOR + 2.00%), 08/21/24 (b)	4,450		4,402
	Robertshaw US Holding Corp.
		1st Lien Term Loan, 6.00%, (3M LIBOR + 3.50%), 02/14/25 (b)	1,782		1,668
		2nd Lien Term Loan, 10.50%, (3M LIBOR + 8.00%), 02/14/26 (b) (d)	450		389
	Spectrum Holdings III Corp.
		1st Lien Term Loan, 5.74%, (3M LIBOR + 3.25%), 01/26/25 (b)	2,252		2,120
	Tempo Acquisition LLC
		Term Loan, 5.50%, (3M LIBOR + 3.00%), 04/20/24 (b)	6,101		6,038
	Titan Acquisition Ltd.
		Term Loan B, 5.50%, (3M LIBOR + 3.00%), 03/16/25 (b)	7,276		6,753

321

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Trans Union LLC
		Term Loan B-3, 4.49%, (3M LIBOR + 2.00%), 04/09/23 (b)	4,619		4,572
		Term Loan B-4, 4.49%, (3M LIBOR + 2.00%), 06/12/25 (b)	556		548
	TransDigm Inc.
		Term Loan G, 4.99%, (3M LIBOR + 2.50%), 08/22/24 (b)	5,524		5,378
		Term Loan E, 4.99%, (3M LIBOR + 2.50%), 05/14/25 (b)	3,994		3,885
	USI Inc.
		Term Loan, 5.80%, (3M LIBOR + 3.00%), 05/16/24 (b)	3,661		3,545
	USIC Holdings Inc.
		Term Loan B, 5.75%, (3M LIBOR + 3.25%), 12/09/23 (b)	3,115		3,030
	VC GB Holdings Inc.
		1st Lien Term Loan, 5.49%, (3M LIBOR + 3.00%), 02/28/24 (b)	2,207		2,157
	Ventia Deco LLC
		Term Loan B, 6.30%, (3M LIBOR + 3.50%), 05/21/22 (b) (d)	1,648		1,644
	West Corp.
		Term Loan, 6.63%, (3M LIBOR + 4.00%), 10/03/24 (b)	5,931		5,553
	XPO Logistics Inc.
		Term Loan B-1, 0.00%, (3M LIBOR + 2.50%), 02/24/25 (b) (e)	2,055		2,040
		Term Loan B-1, 4.98%, (3M LIBOR + 2.50%), 02/24/25 (b)	940		933
				190,880
Information Technology 12.8%
	Almonde Inc.
		1st Lien Term Loan, 6.10%, (3M LIBOR + 3.50%), 04/26/24 (b)	5,977		5,757
		2nd Lien Term Loan, 9.85%, (3M LIBOR + 7.25%), 04/27/25 (b)	1,940		1,865
	Ancestry.com Operations Inc.
		1st Lien Term Loan, 5.75%, (1M LIBOR + 3.25%), 10/19/23 (b)	5,753		5,712
	Applied Systems Inc.
		1st Lien Term Loan, 5.50%, (3M LIBOR + 3.00%), 09/06/24 (b)	2,133		2,110
	AppLovin Corp.
		Term Loan B, 6.24%, (3M LIBOR + 3.75%), 07/13/26 (b)	2,588		2,575
	Avast Software BV
		Term Loan B, 0.00%, (3M LIBOR + 2.50%), 09/30/23 (b) (e)	1,780		1,776
		Term Loan B, 5.11%, (3M LIBOR + 2.50%), 09/30/23 (b)	921		919
	Avaya Inc.
		Term Loan B, 6.73%, (3M LIBOR + 4.25%), 12/14/24 (b)	2,796		2,781
		Term Loan B, 6.85%, (3M LIBOR + 4.25%), 12/14/24 (b)	1,691		1,682
	Blackhawk Network Holdings Inc.
		1st Lien Term Loan, 5.50%, (3M LIBOR + 3.00%), 05/31/25 (b)	4,064		3,987
	BMC Software Finance Inc.
		Term Loan B, 6.85%, (3M LIBOR + 4.25%), 06/30/25 (b)	5,980		5,849
	Brave Parent Holdings Inc.
		1st Lien Term Loan, 6.49%, (3M LIBOR + 4.00%), 04/17/25 (b)	2,239		2,209
	Cabot Microelectronics Corp.
		Term Loan B, 4.75%, (3M LIBOR + 2.25%), 11/01/25 (b)	1,433		1,427
	Camelot UK Holdco Ltd.
		Term Loan, 5.74%, (1M LIBOR + 3.25%), 10/03/23 (b)	304		302
	CommScope Inc.
		Term Loan B, 0.00%, (3M LIBOR + 3.25%), 02/07/26 (b) (e)	2,982		2,977
	Cvent Inc.
		1st Lien Term Loan, 6.25%, (3M LIBOR + 3.75%), 11/30/24 (b)	2,465		2,410
			Shares/Par¹		Value ($)
	Cypress Intermediate Holdings III Inc.
		1st Lien Term Loan, 5.50%, (1M LIBOR + 3.00%), 03/30/24 (b)	3,228		3,165
	Dell International LLC
		Term Loan B, 4.50%, (3M LIBOR + 2.00%), 09/07/23 (b)	13,005		12,848
	DigiCert Inc.
		Term Loan B-1, 6.49%, (3M LIBOR + 4.00%), 09/19/24 (b)	4,233		4,148
	DTI Holdco Inc.
		Term Loan B, 7.49%, (1M LIBOR + 4.75%), 09/29/23 (b)	2,543		2,378
	Dynatrace LLC
		1st Lien Term Loan, 5.75%, (3M LIBOR + 3.25%), 08/08/25 (b)	2,608		2,595
	Entegris Inc.
		Term Loan B, 0.00%, (3M LIBOR + 2.00%), 11/05/25 (b) (e)	1,500		1,489
	EVO Payments International LLC
		1st Lien Term Loan, 5.73%, (3M LIBOR + 3.25%), 12/22/23 (b)	2,940		2,933
	First Data Corp.
		Term Loan, 4.49%, (1M LIBOR + 2.00%), 07/08/22 - 04/26/24 (b)	14,900		14,853
	Global Tel*Link Corp.
		1st Lien Term Loan, 6.74%, (1M LIBOR + 4.25%), 11/29/25 (b)	1,099		1,091
		2nd Lien Term Loan, 10.74%, (3M LIBOR + 8.25%), 11/29/26 (b)	1,000		977
	GlobalLogic Holdings Inc.
		1st Lien Term Loan, 5.74%, (3M LIBOR + 3.25%), 07/27/25 (b)	2,182		2,171
	Go Daddy Operating Co. LLC
		Term Loan, 4.74%, (3M LIBOR + 2.25%), 02/15/24 (b)	5,152		5,110
	Infor US Inc.
		Term Loan B-6, 5.24%, (3M LIBOR + 2.75%), 02/07/22 (b)	2,579		2,565
	Information Resources Inc.
		1st Lien Term Loan, 7.13%, (3M LIBOR + 4.50%), 11/06/25 (b)	6,354		6,254
	Kronos Inc.
		Term Loan B, 5.74%, (3M LIBOR + 3.00%), 11/01/23 (b)	3,887		3,847
	Lumentum Holdings
		1st Lien Term Loan, 0.00%, (3M LIBOR + 2.50%), 08/07/25 (b) (e)	2,325		2,319
		1st Lien Term Loan, 4.99%, (3M LIBOR + 2.50%), 08/08/25 (b)	673		672
	MA FinanceCo. LLC
		Term Loan B-3, 5.00%, (3M LIBOR + 2.50%), 04/19/24 (b)	836		814
	McAfee LLC
		Term Loan B, 6.24%, (3M LIBOR + 3.75%), 09/30/24 (b)	4,378		4,371
	MH Sub I LLC
		1st Lien Term Loan, 6.24%, (3M LIBOR + 3.75%), 08/09/24 (b)	3,907		3,848
	MKS Instruments Inc.
		Term Loan B-5, 0.00%, (3M LIBOR + 2.25%), 01/18/26 (b) (e)	1,500		1,500
	MLN US HoldCo LLC
		1st Lien Term Loan, 7.00%, (3M LIBOR + 4.50%), 07/13/25 (b)	1,716		1,682
	MYOB Group Ltd.
		Term Loan, 0.00%, (3M LIBOR + 4.00%), 03/08/26 (b) (e)	1,880		1,878
	NaviHealth Inc.
		Term Loan B, 7.48%, (3M LIBOR + 5.00%), 08/01/25 (b)	2,687		2,603
	NeuStar Inc.
		Term Loan B-4, 6.00%, (3M LIBOR + 3.50%), 08/08/24 (b)	2,759		2,654
	ON Semiconductor Corp.
		1st Lien Term Loan B, 4.24%, (3M LIBOR + 1.75%), 03/31/23 (b)	2,606		2,578

322

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	PowerSchool
		Term Loan B, 5.99%, (3M LIBOR + 3.25%), 06/15/25 (b)	2,693		2,609
	Presidio Inc.
		Term Loan B, 5.24%, (3M LIBOR + 2.75%), 02/02/24 (b)	34		33
		Term Loan B, 5.55%, (3M LIBOR + 2.75%), 02/02/24 (b)	2,589		2,552
	PSAV Holdings LLC
		1st Lien Term Loan, 5.74%, (3M LIBOR + 3.25%), 02/23/25 (b)	1,396		1,358
		1st Lien Term Loan, 5.88%, (3M LIBOR + 3.25%), 02/23/25 (b)	725		705
		1st Lien Term Loan, 6.05%, (3M LIBOR + 3.25%), 02/23/25 (b)	778		757
	Rackspace Hosting Inc.
		Incremental 1st Lien Term Loan, 5.74%, (1M LIBOR + 3.00%), 11/03/23 (b)	5,481		5,121
	Radiate Holdco LLC
		1st Lien Term Loan, 5.50%, (3M LIBOR + 3.00%), 12/09/23 (b)	6,389		6,237
	Refinitiv US Holdings Inc.
		Term Loan, 6.25%, (3M LIBOR + 3.75%), 09/12/25 (b)	5,649		5,480
	Riverbed Technology Inc.
		Term Loan, 5.75%, (3M LIBOR + 3.25%), 04/22/22 (b)	2,156		1,954
	Rocket Software Inc.
		Term Loan, 6.74%, (3M LIBOR + 4.25%), 11/20/25 (b)	3,640		3,624
	Seattle Spinco Inc.
		Term Loan B-3, 5.00%, (3M LIBOR + 2.50%), 04/19/24 (b)	5,648		5,496
	Sirius Computer Solutions Inc.
		Term Loan, 6.75%, (3M LIBOR + 4.25%), 10/30/22 (b)	1,453		1,454
	Sophia LP
		Term Loan B, 5.86%, (1M LIBOR + 3.25%), 09/30/22 (b)	4,654		4,618
	SS&C Technologies Holdings Europe SARL
		Term Loan B-4, 4.75%, (3M LIBOR + 2.25%), 02/27/25 (b)	2,943		2,916
	SS&C Technologies Inc.
		Term Loan B-3, 4.75%, (3M LIBOR + 2.25%), 02/27/25 (b)	4,080		4,043
	SurveyMonkey Inc.
		Term Loan B, 6.17%, (3M LIBOR + 3.75%), 10/10/25 (b) (d)	2,066		2,025
	TriTech Software Systems
		Term Loan B, 6.24%, (3M LIBOR + 3.75%), 08/16/25 (b)	2,798		2,753
	VeriFone Inc.
		1st Lien Term Loan, 6.68%, (3M LIBOR + 4.00%), 08/09/25 (b)	5,387		5,299
	Vertafore Inc.
		1st Lien Term Loan, 5.75%, (3M LIBOR + 3.25%), 06/04/25 (b)	2,020		1,981
	Western Digital Corp.
		Term Loan B-4, 4.25%, (3M LIBOR + 1.75%), 04/29/23 (b)	6,342		6,165
	WEX Inc.
		Term Loan B-2, 4.75%, (3M LIBOR + 2.25%), 06/30/24 (b)	2,626		2,598
				205,459
Materials 8.5%
	American Builders & Contractors Supply Co. Inc.
		Term Loan B, 4.49%, (3M LIBOR + 2.00%), 10/31/23 (b)	3,785		3,684
	Avantor Inc.
		1st Lien Term Loan, 6.25%, (3M LIBOR + 3.75%), 09/22/24 (b)	3,716		3,719
	Ball Metalpack Finco LLC
		1st Lien Term Loan B, 6.99%, (3M LIBOR + 4.50%), 07/25/25 (b)	1,700		1,692
	BOYD Corp.
		1st Lien Term Loan, 6.00%, (3M LIBOR + 3.50%), 08/15/25 (b)	3,791		3,642
			Shares/Par¹		Value ($)
	BWAY Holding Co.
		Term Loan B, 6.03%, (3M LIBOR + 3.25%), 04/03/24 (b)	8,636		8,414
	Composite Resins Holding BV
		Term Loan B, 6.98%, (3M LIBOR + 4.25%), 06/27/25 (b) (d)	2,343		2,320
	Consolidated Container Co. LLC
		1st Lien Term Loan, 5.25%, (1M LIBOR + 2.75%), 05/10/24 - 05/22/24 (b)	3,147		3,093
	Cyanco Intermediate Corp.
		Term Loan B, 5.99%, (1M LIBOR + 3.50%), 03/07/25 (b)	1,337		1,318
	Element Solutions
		Term Loan, 4.74%, (3M LIBOR + 2.25%), 11/14/25 (b)	2,421		2,398
	Emerald Performance Materials LLC
		1st Lien Term Loan, 6.00%, (1M LIBOR + 3.50%), 07/23/21 (b)	1,613		1,595
	Ferro Corp.
		Term Loan B-2, 0.00%, (3M LIBOR + 2.25%), 02/14/24 (b) (e)	758		748
		Term Loan B-3, 0.00%, (3M LIBOR + 2.25%), 02/14/24 (b) (e)	742		732
	Flex Acquisition Co. Inc.
		1st Lien Term Loan, 5.63%, (3M LIBOR + 3.00%), 12/15/23 (b)	5,900		5,705
		1st Lien Term Loan, 5.49%, (3M LIBOR + 3.00%), 12/29/23 (b)	15		15
	Flint Group US LLC
		Term Loan B-8, 5.78%, (1M LIBOR + 3.00%), 09/07/21 (b)	980		902
	Gemini HDPE LLC
		Term Loan B, 5.25%, (3M LIBOR + 2.50%), 08/04/24 (b)	3,486		3,437
	GYP Holdings III Corp.
		Term Loan B, 5.25%, (3M LIBOR + 2.75%), 05/15/25 (b)	2,233		2,160
	Houghton International Inc.
		Term Loan B, 5.74%, (1M LIBOR + 3.25%), 12/13/19 (b)	2,156		2,154
		2nd Lien Term Loan, 10.99%, (3M LIBOR + 8.50%), 12/20/20 (b)	1,000		995
	Invictus U.S. LLC
		1st Lien Term Loan, 5.58%, (3M LIBOR + 3.00%), 02/14/25 (b)	2,164		2,141
		2nd Lien Term Loan, 9.24%, (3M LIBOR + 6.75%), 02/15/26 (b) (d)	1,530		1,515
	Israel Chemicals Ltd.
		1st Lien Term Loan, 5.58%, (3M LIBOR + 3.00%), 02/14/25 (b)	64		63
	Klockner-Pentaplast of America Inc.
		Term Loan B-2, 6.75%, (3M LIBOR + 4.25%), 06/30/22 (b)	3,605		3,152
	Kraton Polymers LLC
		Term Loan, 4.99%, (3M LIBOR + 2.50%), 03/03/25 (b)	2,835		2,806
	Messer Industries GmbH
		Term Loan, 0.00%, (3M LIBOR + 2.50%), 09/19/25 (b) (e)	4,152		4,061
	OCI Beaumont LLC
		Term Loan, 6.80%, (3M LIBOR + 4.00%), 02/14/25 (b)	1,782		1,775
	Onex TSG Holdings II Corp.
		1st Lien Term Loan, 6.49%, (3M LIBOR + 4.00%), 07/31/22 (b)	1,734		1,701
	Polymer Additives Inc.
		1st Lien Term Loan, 8.49%, (3M LIBOR + 6.00%), 07/25/25 (b) (d)	1,790		1,593
	PQ Corp.
		Term Loan B, 5.24%, (3M LIBOR + 2.50%), 02/08/25 (b)	3,885		3,836
	Prince Minerals Inc.
		1st Lien Term Loan, 6.15%, (3M LIBOR + 3.50%), 03/20/25 (b)	422		410
		2nd Lien Term Loan, 10.51%, (3M LIBOR + 7.75%), 03/22/26 (b)	250		232

323

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Pro Mach Group Inc.
		Term Loan B, 5.49%, (3M LIBOR + 2.75%), 03/07/25 (b)	2,772		2,676
	Proampac PG Borrower LLC
		1st Lien Term Loan, 5.99%, (3M LIBOR + 3.50%), 11/18/23 (b)	1,611		1,553
		1st Lien Term Loan, 6.19%, (3M LIBOR + 3.50%), 11/18/23 (b)	976		941
		1st Lien Term Loan, 6.24%, (3M LIBOR + 3.50%), 11/18/23 (b)	1,108		1,068
		1st Lien Term Loan, 6.26%, (3M LIBOR + 3.50%), 11/18/23 (b)	725		699
	Quikrete Holdings Inc.
		1st Lien Term Loan, 5.24%, (3M LIBOR + 2.75%), 11/03/23 (b)	6,252		6,094
	Reynolds Group Holdings Inc.
		Term Loan, 5.25%, (3M LIBOR + 2.75%), 02/05/23 (b)	7,357		7,265
	Schenectady International Group Inc.
		1st Lien Term Loan, 7.54%, (3M LIBOR + 4.75%), 08/21/25 (b)	5,458		5,444
	Solenis International LP
		1st Lien Term Loan, 6.63%, (3M LIBOR + 4.00%), 06/26/25 (b)	2,233		2,194
	Starfruit Finco BV
		Term Loan B, 5.74%, (3M LIBOR + 3.25%), 09/20/25 (b)	5,760		5,670
	TricorBraun Holdings Inc.
		1st Lien Term Loan, 6.36%, (3M LIBOR + 3.75%), 11/29/23 (b)	288		286
		1st Lien Term Loan, 6.55%, (3M LIBOR + 3.75%), 11/29/23 (b)	3,242		3,225
	Trident TPI Holdings Inc.
		Term Loan B-1, 5.74%, (3M LIBOR + 3.25%), 10/05/24 (b)	1,807		1,739
	Trinseo Materials Operating SCA
		Term Loan, 4.49%, (3M LIBOR + 2.00%), 09/06/24 (b)	3,103		3,052
	Tronox Blocked Borrower LLC
		Term Loan B, 5.49%, (3M LIBOR + 3.00%), 09/15/24 (b)	1,977		1,967
	Tronox Finance LLC
		Term Loan B, 5.49%, (3M LIBOR + 3.00%), 09/11/24 (b)	4,270		4,248
	Univar Inc.
		Term Loan B, 4.75%, (3M LIBOR + 2.25%), 07/01/24 (b)	7,672		7,576
	Venator Materials Corp.
		Term Loan B, 0.00%, (1M LIBOR + 3.00%), 06/28/24 (b) (e)	1,541		1,518
		Term Loan B, 5.49%, (1M LIBOR + 3.00%), 08/08/24 (b)	1,478		1,455
	Wilsonart LLC
		Term Loan B, 6.06%, (3M LIBOR + 3.25%), 12/19/23 (b)	5,743		5,560
	Zep Inc.
		1st Lien Term Loan, 6.80%, (3M LIBOR + 4.00%), 08/11/24 (b)	788		686
				136,924
Real Estate 1.1%
	Capital Automotive LP
		1st Lien Term Loan, 5.00%, (1M LIBOR + 2.50%), 03/21/24 (b)	2,913		2,881
		2nd Lien Term Loan, 8.50%, (3M LIBOR + 6.00%), 03/21/25 (b)	4,087		4,079
	MGM Growth Properies Operating Partnership LP
		Term Loan B, 4.49%, (3M LIBOR + 2.00%), 04/20/23 (b)	5,492		5,412
	VICI Properties 1 LLC
		Term Loan B, 4.49%, (3M LIBOR + 2.00%), 12/13/24 (b)	4,864		4,772
				17,144
Utilities 1.3%
	Calpine Construction Finance Co. LP
		Term Loan B, 4.99%, (3M LIBOR + 2.50%), 01/15/25 (b)	3,194		3,149
			Shares/Par¹		Value ($)
	Calpine Corp.
		Term Loan B-5, 5.11%, (3M LIBOR + 2.50%), 05/23/22 (b)	4,442		4,394
		Term Loan B-6, 5.31%, (3M LIBOR + 2.50%), 01/15/23 (b)	774		772
	NEP/NCP Holdco Inc.
		1st Lien Term Loan, 5.75%, (3M LIBOR + 3.25%), 10/05/25 (b)	3,591		3,556
	NRG Energy Inc.
		Term Loan B, 4.24%, (3M LIBOR + 1.75%), 06/14/23 (b)	4,443		4,387
	Vistra Energy Corp.
		Lien Term Loan B-3, 4.48%, (3M LIBOR + 2.00%), 12/11/25 (b)	2,707		2,664
		Lien Term Loan B-3, 4.50%, (3M LIBOR + 2.00%), 12/11/25 (b)	965		949
				19,871
	Total Senior Loan Interests (cost $1,510,064)			1,469,044
OTHER EQUITY INTERESTS 0.0%
	Paragon Offshore Ltd. Escrow (d) (f) (i)		8		—
	Total Other Equity Interests (cost $0)			—
COMMON STOCKS 0.2%
Consumer Discretionary 0.0%
	Caesars Entertainment Corp. (f)		27		239
Energy 0.1%
	Contura Energy Inc. (f)		13		739
	Transocean Ltd. (f)		65		562
				1,301
Financials 0.1%
	AFG Holdings Inc. (d) (f) (h)		39		2,155
	Freedom Group Inc. (d) (f) (h)		57		28
				2,183
	Total Common Stocks (cost $6,680)			3,723
WARRANTS 0.0%
	AFG Holdings Inc. (d) (f) (h)		5		35
	Total Warrants (cost $0)			35
INVESTMENT COMPANIES 0.1%
	Eaton Vance Senior Floating-Rate Trust		25		325
	Invesco Senior Income Trust		118		496
	Voya Prime Rate Trust		103		492
	Total Investment Companies (cost $1,352)			1,313
SHORT TERM INVESTMENTS 5.0%
Investment Companies 5.0%
	JNL Government Money Market Fund - Institutional Class, 2.33% (j) (k)		80,146		80,146
	Total Short Term Investments (cost $80,146)			80,146
Total Investments 100.3% (cost $1,654,178)					1,609,786
Other Derivative Instruments 0.0%					40
Other Assets and Liabilities, Net (0.3)%					(5,632)
Total Net Assets 100.0%					1,604,194

(a) The Fund had an unfunded commitment at March 31, 2019. See the table of Unfunded Commitments in the Schedules of Investments.

324

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019

the value and the percentage of net assets of these liquid securities was $27,520 and 1.7%, respectively.

(e) This senior loan will settle after March 31, 2019. The reference rate and spread presented will go into effect upon settlement.

(f) Non-income producing security.

(g) 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) The Sub-Adviser has deemed this security to be illiquid based on procedures approved by the JNL Series Trust's Board of Trustees.

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

(j) Investment in affiliate.

(k) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2019.

Unfunded Commitments


	Unfunded Commitment ($)	Appreciation/ (Depreciation) ($)

GlobalLogic Holdings Inc. – Delayed Draw Term Loan	316	(5)
Mavis Tire Express Services Corp. – Delayed Draw Term Loan^‡	468	(13)
PG&E Corp. – DIP Term Loan	3,746	19
PG&E Corp. – DIP Delayed Draw Term Loan	1,249	6
Phoenix Guarantor Inc. – Delayed Draw Term Loan	347	(1)
	6,126	6


JNL/PPM America Floating Rate Income Fund — Futures Contracts
Reference Entity	Contracts¹	Expiration	Notional¹			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Short Contracts
U.S. Treasury Note, 10-Year	(42)	June 2019		(5,122)	12			(95)
U.S. Treasury Note, 5-Year	(108)	June 2019		(12,371)	24			(138)
Ultra 10-Year U.S. Treasury Note	(13)	June 2019		(1,682)	4			(44)
					40			(277)

325

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
JNL/PPM America High Yield Bond Fund (a)
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 0.5%
	American Airlines Pass-Through Trust
		Series 2013-B-2, 5.60%, 07/15/20 (b)	4,843		4,903
	Continental Airlines Inc. Pass-Through Trust
		Series 2012-B-1, 6.25%, 04/11/20	939		955
		Series 2012-B-2, 5.50%, 10/29/20	1,190		1,206
	Hawaiian Airlines Pass-Through Certificates
		Series 2013-B-1, 4.95%, 01/15/22	3,869		3,891
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $10,841)			10,955
CORPORATE BONDS AND NOTES 85.5%
Communication Services 15.7%
	Altice Luxembourg SA
		8.13%, 02/01/27 (b)	7,600		7,696
	AMC Entertainment Holdings Inc.
		6.13%, 05/15/27 (c)	9,153		8,276
	CB Escrow Corp.
		8.00%, 10/15/25 (b)	8,000		7,326
	CCO Holdings LLC
		5.13%, 02/15/23	5,000		5,088
		5.38%, 05/01/25 (b)	8,000		8,259
		5.13%, 05/01/23 - 05/01/27 (b)	8,500		8,599
		5.88%, 05/01/27 (b)	6,000		6,227
	CenturyLink Inc.
		6.75%, 12/01/23	5,000		5,230
		5.63%, 04/01/25	5,000		4,843
	Charter Communications Operating LLC
		5.38%, 05/01/47	12,500		12,469
	Cincinnati Bell Inc.
		7.00%, 07/15/24 (b) (c)	4,000		3,672
	Clear Channel Worldwide Holdings Inc.
		9.25%, 02/15/24 (b)	2,847		3,011
	CSC Holdings LLC
		5.50%, 04/15/27 (b)	4,267		4,360
		7.50%, 04/01/28 (b)	15,000		16,099
		6.50%, 02/01/29 (b)	4,564		4,860
	DISH DBS Corp.
		5.13%, 05/01/20	3,000		3,019
		5.00%, 03/15/23 (c)	7,000		6,308
	Frontier Communications Corp.
		11.00%, 09/15/25 (c)	9,000		5,928
		8.50%, 04/01/26 (b)	3,502		3,252
		7.88%, 01/15/27	2,000		1,016
		9.00%, 08/15/31 (c)	3,000		1,658
	Gannett Co. Inc.
		4.88%, 09/15/21 (b)	990		996
		5.50%, 09/15/24 (b)	3,000		3,028
	Hughes Satellite Systems Corp.
		5.25%, 08/01/26	2,896		2,874
		6.63%, 08/01/26	2,896		2,847
	iHeartCommunications Inc.
		0.00%, 03/01/21 (d) (e)	10,857		7,672
		0.00%, 03/01/21 (b) (d) (e)	2,143		1,424
	Intelsat Jackson Holdings SA
		5.50%, 08/01/23 (c)	4,603		4,084
		8.50%, 10/15/24 (b)	11,800		11,475
		9.75%, 07/15/25 (b)	5,000		5,080
	Level 3 Communications Inc.
		5.75%, 12/01/22	5,000		5,057
	Live Nation Entertainment Inc.
		5.38%, 06/15/22 (b)	2,425		2,457
		4.88%, 11/01/24 (b)	7,042		7,081
		5.63%, 03/15/26 (b)	2,753		2,838
	MDC Partners Inc.
		6.50%, 05/01/24 (b) (c)	7,046		5,823
	NBCUniversal Enterprise Inc.
		5.25%, (callable at 100 beginning 03/19/21) (b) (f)	7,626		7,759
	Neptune Finco Corp.
		10.88%, 10/15/25 (b)	5,044		5,822
	Netflix Inc.
		5.75%, 03/01/24 (c)	2,000		2,143
			Shares/Par¹		Value ($)
		5.88%, 11/15/28 (b) (c)	8,000		8,451
		6.38%, 05/15/29 (b)	3,866		4,186
	Numericable - SFR SA
		7.38%, 05/01/26 (b)	9,589		9,400
	Numericable Group SA
		6.25%, 05/15/24 (b)	4,425		4,446
	Radiate Holdco LLC
		6.63%, 02/15/25 (b)	2,461		2,368
	Sable International Finance Ltd.
		6.88%, 08/01/22 (b)	1,647		1,715
	Sinclair Television Group Inc.
		5.88%, 03/15/26 (b)	5,000		5,065
		5.13%, 02/15/27 (b)	3,500		3,363
	Sirius XM Radio Inc.
		5.38%, 04/15/25	1,400		1,435
		5.38%, 07/15/26 (b) (c)	9,000		9,182
		5.00%, 08/01/27 (b)	4,000		3,999
	Sprint Capital Corp.
		6.88%, 11/15/28	6,000		5,767
	Sprint Corp.
		7.13%, 06/15/24	15,000		15,205
		7.63%, 02/15/25	3,000		3,061
	Sprint Nextel Corp.
		7.00%, 03/01/20 (b)	4,000		4,115
		6.00%, 11/15/22	4,000		4,037
	Telesat Canada
		8.88%, 11/15/24 (b)	5,591		6,075
	T-Mobile USA Inc.
		4.00%, 04/15/22	2,000		2,023
		6.50%, 01/15/24	5,000		5,194
		6.00%, 04/15/24	2,000		2,084
		5.13%, 04/15/25	5,000		5,121
		5.38%, 04/15/27	2,000		2,070
		4.75%, 02/01/28 (c)	3,001		2,977
	Windstream Services LLC
		0.00%, 08/01/23 (b) (d) (e)	5,398		1,356
	Zayo Group LLC
		6.00%, 04/01/23	9,111		9,229
				327,580
Consumer Discretionary 12.7%
	1011778 B.C. Unltd. Liability Co.
		5.00%, 10/15/25 (b) (c)	10,000		9,890
	24 Hour Holdings III LLC
		8.00%, 06/01/22 (b) (c)	4,000		4,000
	Altice SA
		7.63%, 02/15/25 (b)	6,000		5,271
	American Axle & Manufacturing Inc.
		6.25%, 04/01/25 (c)	2,500		2,430
		6.50%, 04/01/27 (c)	3,000		2,910
	Aramark Services Inc.
		5.13%, 01/15/24	849		873
		4.75%, 06/01/26 (c)	4,571		4,570
		5.00%, 02/01/28 (b)	1,896		1,890
	Beazer Homes USA Inc.
		5.88%, 10/15/27 (c)	2,772		2,418
	Churchill Downs Inc.
		4.75%, 01/15/28 (b)	6,223		5,935
	CRC Escrow Issuer LLC
		5.25%, 10/15/25 (b)	5,000		4,825
	Delphi Jersey Holdings Plc
		5.00%, 10/01/25 (b)	6,189		5,460
	Eagle Intermediate Global Holding BV
		7.50%, 05/01/25 (b)	1,997		1,970
	Fiat Chrysler Automobiles NV
		5.25%, 04/15/23	2,304		2,386
	Gibson Brands Inc.
		0.00%, 08/01/18 (b) (c) (d) (e)	56		46
	GLP Capital LP
		5.38%, 04/15/26	4,000		4,193
		5.75%, 06/01/28	581		625
	Golden Nugget Inc.
		6.75%, 10/15/24 (b)	5,000		5,020
		8.75%, 10/01/25 (b)	4,000		4,199

326

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Hanesbrands Inc.
		4.63%, 05/15/24 (b) (c)	3,000		3,010
	Hilton Domestic Operating Co. Inc.
		4.25%, 09/01/24	6,222		6,218
	Hilton Worldwide Finance LLC
		4.88%, 04/01/27	3,267		3,304
	JC Penney Corp. Inc.
		5.88%, 07/01/23 (b)	6,000		5,065
	KB Home
		7.63%, 05/15/23	5,000		5,441
	KFC Holding Co.
		5.00%, 06/01/24 (b)	363		370
		5.25%, 06/01/26 (b)	3,154		3,186
		4.75%, 06/01/27 (b)	4,182		4,112
	L Brands Inc.
		5.25%, 02/01/28	6,000		5,346
	Lennar Corp.
		4.75%, 11/29/27	7,927		7,944
	M/I Homes Inc.
		6.75%, 01/15/21	8,000		8,114
	Marriott International Inc.
		6.50%, 09/15/26 (b)	7,399		7,756
	Mattamy Group Corp.
		6.50%, 10/01/25 (b)	725		707
	Men's Wearhouse Inc.
		7.00%, 07/01/22 (c)	4,863		4,830
	Mohegan Tribal Gaming Authority
		7.88%, 10/15/24 (b) (c)	5,686		5,643
	National Football League Inc.
		3.31%, 10/05/27 (g) (h)	3,200		3,229
		3.38%, 10/05/27 (g) (h)	1,800		1,826
	National Football League Reciprocal Trust
		3.96%, 10/05/28 (g) (h)	11,800		12,486
	NCL Corp. Ltd.
		4.75%, 12/15/21 (b)	3,251		3,292
	Nemak SAB de CV
		4.75%, 01/23/25 (b)	7,854		7,681
	New Cotai LLC
		10.63%, 08/29/19 (b) (c) (i)	7,243		3,599
	Panther BF Aggregator 2 LP
		6.25%, 05/15/26	2,878		2,936
		8.50%, 05/15/27	5,244		5,261
	PetSmart Inc.
		8.88%, 06/01/25 (b) (c)	8,000		5,975
	Sally Holdings LLC
		5.63%, 12/01/25 (c)	4,500		4,470
	Sands China Ltd.
		5.13%, 08/08/25 (j)	4,901		5,135
		5.40%, 08/08/28 (j)	4,006		4,194
	Schaeffler Verwaltung Zwei GmbH
		4.88%, 09/15/21 (b) (i)	1,600		1,602
		5.25%, 09/15/23 (b) (i)	1,142		1,143
		5.50%, 09/15/26 (b) (i)	5,250		4,996
	Scientific Games International Inc.
		10.00%, 12/01/22	3,000		3,163
		5.00%, 10/15/25 (b)	11,919		11,684
		8.25%, 03/15/26	5,000		5,099
	Sotheby's
		4.88%, 12/15/25 (b)	10,000		9,707
	Stars Group Holdings BV
		7.00%, 07/15/26 (b)	4,092		4,266
	Viking Cruises Ltd.
		5.88%, 09/15/27	5,001		4,863
	VOC Escrow Ltd.
		5.00%, 02/15/28 (b)	5,965		5,812
	William Lyon Homes Inc.
		6.00%, 09/01/23	3,100		2,987
	Williams Scotsman International Inc.
		6.88%, 08/15/23 (b)	2,906		2,905
	Wolverine World Wide Inc.
		5.00%, 09/01/26 (b)	2,571		2,501
	Wyndham Destinations Inc.
		5.40%, 04/01/24 (k)	5,000		5,054
				265,823
			Shares/Par¹		Value ($)
Consumer Staples 3.6%
	Albertsons Cos. LLC
		6.63%, 06/15/24	2,930		2,963
	BAT Capital Corp.
		4.39%, 08/15/37	8,000		7,228
		4.54%, 08/15/47	6,467		5,682
	Cott Holdings Inc.
		5.50%, 04/01/25 (b)	3,452		3,483
	Coty Inc.
		6.50%, 04/15/26 (b) (c)	6,000		5,866
	High Ridge Brands Co.
		8.88%, 03/15/25 (b)	2,995		1,198
	JBS Investments GmbH
		7.25%, 04/03/24 (b) (c)	10,250		10,594
	JBS Investments II GmbH
		7.00%, 01/15/26 (b)	4,963		5,099
	Matterhorn Merger Sub LLC
		8.50%, 06/01/26 (b)	12,000		10,413
	Pilgrim's Pride Corp.
		5.88%, 09/30/27 (b)	6,994		7,046
	Post Holdings Inc.
		5.63%, 01/15/28 (b) (c)	6,000		5,952
	Sigma Holdco BV
		7.88%, 05/15/26 (b)	5,000		4,617
	Spectrum Brands Inc.
		5.75%, 07/15/25	4,762		4,816
				74,957
Energy 12.4%
	American Energy - Woodford LLC
		9.00%, 09/15/22 (b) (g)	5,000		2,150
	Antero Midstream Partners LP
		5.75%, 03/01/27 (b)	5,485		5,567
	Antero Resources Midstream Management LLC
		5.38%, 09/15/24	4,000		4,038
	Ascent Resources Utica Holdings LLC
		7.00%, 11/01/26 (b)	6,494		6,238
	Bruin E&P Partners LLC
		8.88%, 08/01/23 (b)	9,032		8,603
	Callon Petroleum Co.
		6.38%, 07/01/26 (c)	6,000		6,012
	Chaparral Energy Inc.
		8.75%, 07/15/23 (b)	6,704		4,666
	Cheniere Corpus Christi Holdings LLC
		5.88%, 03/31/25	7,065		7,690
		5.13%, 06/30/27	9,752		10,227
	Cheniere Energy Partners LP
		5.25%, 10/01/25	7,000		7,155
		5.63%, 10/01/26 (b)	3,352		3,435
	Chesapeake Energy Corp.
		7.00%, 10/01/24	4,100		4,088
		8.00%, 01/15/25 (c)	2,990		3,051
	CNX Midstream Partners LP
		6.50%, 03/15/26 (b)	6,352		6,145
	Continental Resources Inc.
		4.50%, 04/15/23	6,000		6,213
		3.80%, 06/01/24	2,000		2,019
		4.38%, 01/15/28	3,000		3,085
	Denbury Resources Inc.
		7.50%, 02/15/24 (b) (c)	6,000		5,134
	Diamondback Energy Inc.
		4.75%, 11/01/24 (b)	4,487		4,604
		5.38%, 05/31/25	3,000		3,138
	Energy Transfer Operating LP
		4.25%, 03/15/23	4,397		4,512
		5.88%, 01/15/24	3,500		3,829
		5.50%, 06/01/27	7,193		7,803
		5.25%, 04/15/29	3,749		4,027
		6.25%, 04/15/49	6,940		7,784
	Ensco Plc
		4.50%, 10/01/24	6,623		5,067
		5.20%, 03/15/25 (c)	6,377		4,932
	EP Energy LLC
		8.00%, 11/29/24	3,895		2,161

327

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Extraction Oil & Gas Inc.
		7.38%, 05/15/24 (b)	5,000		4,175
	Hess Infrastructure Partners LP
		5.63%, 02/15/26 (b)	4,364		4,439
	HollyFrontier Corp.
		5.88%, 04/01/26	5,882		6,283
	Nabors Industries Inc.
		5.50%, 01/15/23 (c)	5,000		4,793
		5.75%, 02/01/25	4,990		4,476
	NGPL PipeCo LLC
		4.88%, 08/15/27 (b)	667		679
	Noble Holding International Ltd.
		7.88%, 02/01/26 (b) (c)	8,000		7,451
	Parsley Energy LLC
		5.25%, 08/15/25 (b)	6,000		5,947
	PBF Logistics LP
		6.88%, 05/15/23	7,572		7,719
	Precision Drilling Corp.
		5.25%, 11/15/24	4,000		3,752
		7.13%, 01/15/26 (b)	7,206		7,148
	Sabine Pass Liquefaction LLC
		4.20%, 03/15/28	3,418		3,450
	Shelf Drilling Holdings Ltd.
		8.25%, 02/15/25 (b)	10,002		9,511
	Southwestern Energy Co.
		7.50%, 04/01/26 (c)	5,000		5,118
	SRC Energy Inc.
		6.25%, 12/01/25	3,065		2,740
	Summit Midstream Partners LP
		9.50%, (callable at 104 beginning 12/15/22) (f)	1,667		1,563
	Transocean Inc.
		7.50%, 01/15/26 (b) (c)	3,713		3,666
		7.50%, 04/15/31 (c)	13,899		11,955
	Transocean Poseidon Ltd.
		6.88%, 02/01/27 (b)	2,772		2,883
	Transocean Proteus Ltd.
		6.25%, 12/01/24 (b)	9,600		9,843
	Weatherford International Ltd.
		9.88%, 02/15/24	4,250		3,064
		6.50%, 08/01/36	2,000		1,130
	WildHorse Resource Development Corp.
		6.88%, 02/01/25	4,772		4,818
				259,976
Financials 12.0%
	Acrisure LLC
		7.00%, 11/15/25 (b)	9,655		8,711
	AerCap Ireland Capital DAC
		4.88%, 01/16/24	3,609		3,751
	Ally Financial Inc.
		4.25%, 04/15/21	3,000		3,040
		4.63%, 05/19/22	5,000		5,108
		5.75%, 11/20/25 (c)	10,000		10,636
	Ardagh Packaging Finance Plc
		6.00%, 02/15/25 (b)	8,000		7,988
	Barclays Plc
		4.97%, 05/16/29 (l) (m)	1,262		1,306
	CIT Group Inc.
		4.75%, 02/16/24 (c)	5,415		5,613
		5.25%, 03/07/25	743		791
		6.13%, 03/09/28	784		872
	Citigroup Inc.
		5.90%, (callable at 100 beginning 02/15/23) (c) (f)	4,501		4,585
	CommScope Finance LLC
		6.00%, 03/01/26 (b)	3,794		3,918
	Credit Suisse Group AG
		6.25%, (callable at 100 beginning 12/18/24) (b) (f)	8,520		8,499
	Dana Financing Luxembourg SARL
		6.50%, 06/01/26 (b)	6,000		6,124
	Dell EMC
		5.88%, 06/15/21 (b)	4,272		4,351
		7.13%, 06/15/24 (b)	6,728		7,131
		6.02%, 06/15/26 (b)	5,000		5,378
	Eagle Holding Co. II LLC
		8.38%, 05/15/22 (b) (i)	2,103		2,128
			Shares/Par¹		Value ($)
	Glencore Funding LLC
		4.13%, 03/12/24	3,500		3,535
		4.88%, 03/12/29	3,500		3,526
	GLP Capital LP
		5.30%, 01/15/29	4,416		4,634
	Hexion US Finance Corp.
		6.63%, 04/15/20	5,000		4,175
	HSBC Holdings Plc
		6.38%, (callable at 100 beginning 09/17/24) (f) (m)	5,000		5,075
	Icahn Enterprises LP
		6.38%, 12/15/25	7,903		8,095
	Intelsat Connect Finance SA
		9.50%, 02/15/23 (b) (c)	5,504		4,877
	Jack Ohio Finance LLC
		10.25%, 11/15/22 (b)	5,000		5,381
	James Hardie International Finance DAC
		4.75%, 01/15/25 (b)	941		931
		5.00%, 01/15/28 (b)	3,608		3,439
	JPMorgan Chase & Co.
		5.30%, (callable at 100 beginning 05/01/20) (f)	5,000		5,049
	Level 3 Financing Inc.
		5.13%, 05/01/23	3,000		3,029
		5.38%, 01/15/24	5,000		5,099
		5.25%, 03/15/26	8,000		7,985
	Lions Gate Capital Holdings LLC
		5.88%, 11/01/24 (b)	7,000		7,208
	Lloyds Banking Group Plc
		7.50%, (callable at 100 beginning 09/27/25) (f)	6,634		6,738
	Navient Corp.
		6.75%, 06/15/26	4,383		4,210
	Nexstar Escrow Corp.
		5.63%, 08/01/24 (b) (c)	10,000		10,193
	Nordic Aviation Capital A/S
		5.83%, 03/14/26 (g) (h)	5,000		5,123
	Resideo Funding Inc.
		6.13%, 11/01/26 (b)	1,953		2,016
	SLM Corp.
		5.50%, 01/25/23	5,433		5,466
	Springleaf Finance Corp.
		6.13%, 03/15/24	9,281		9,493
		7.13%, 03/15/26	5,578		5,675
	Synchrony Financial
		4.38%, 03/19/24	1,700		1,725
		5.15%, 03/19/29	2,359		2,402
	Telenet Finance Luxembourg SARL
		5.50%, 03/01/28 (b)	3,800		3,700
	Toll Brothers Finance Corp.
		4.88%, 03/15/27	3,154		3,103
	USA Compression Partners LP
		6.88%, 04/01/26	3,803		3,893
		6.88%, 09/01/27 (b)	7,681		7,831
	Vertiv Intermediate Holding Corp.
		13.00%, 02/15/22 (b) (i)	10,500		10,029
	Washington Mutual Bank
		0.00%, 06/15/11 (d) (e)	1,500		—
	ZF North America Capital Inc.
		4.75%, 04/29/25 (b)	2,722		2,658
	Ziggo Bond Finance BV
		6.00%, 01/15/27 (b)	6,000		5,769
				251,992
Health Care 10.9%
	Bausch Health Cos. Inc.
		5.75%, 08/15/27 (b)	1,585		1,626
	Catalent Pharma Solutions Inc.
		4.88%, 01/15/26 (b)	1,029		1,021
	Centene Corp.
		4.75%, 05/15/22	2,278		2,317
		6.13%, 02/15/24	6,184		6,488
		4.75%, 01/15/25	3,146		3,209
	Centene Escrow I Corp.
		5.38%, 06/01/26 (b)	7,487		7,806
	Community Health Systems Inc.
		8.63%, 01/15/24 (b)	3,030		3,037
		8.00%, 03/15/26 (b)	5,000		4,778

328

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Crimson Merger Sub Inc.
		6.63%, 05/15/22 (b)	10,000		9,474
	Endo Finance LLC
		6.00%, 07/15/23 (b)	3,273		2,511
	HCA Inc.
		4.25%, 10/15/19	2,142		2,153
		6.50%, 02/15/20	1,858		1,911
		5.00%, 03/15/24	6,131		6,495
		5.25%, 06/15/26	12,012		12,884
		5.38%, 09/01/26 (c)	2,694		2,832
		4.50%, 02/15/27	8,000		8,232
		5.63%, 09/01/28	8,788		9,285
		5.88%, 02/01/29	1,718		1,849
	Hologic Inc.
		4.38%, 10/15/25 (b)	5,634		5,608
	Iqvia Ltd.
		5.00%, 10/15/26 (b)	2,375		2,423
	Lifepoint Health Inc.
		9.75%, 12/01/26 (b) (c)	8,000		8,304
	Mednax Inc.
		6.25%, 01/15/27 (b) (c)	9,445		9,541
	MPH Acquisition Holdings LLC
		7.13%, 06/01/24 (b)	6,317		6,299
	Mylan Inc.
		4.55%, 04/15/28	3,729		3,639
		5.20%, 04/15/48	6,000		5,415
	Par Pharmaceutical Inc.
		7.50%, 04/01/27	6,034		6,116
	Prestige Brands Inc.
		6.38%, 03/01/24 (b) (c)	859		875
	Tenet Healthcare Corp.
		4.50%, 04/01/21	4,800		4,872
		8.13%, 04/01/22	6,116		6,586
		6.75%, 06/15/23 (c)	6,000		6,180
		5.13%, 05/01/25 (c)	8,000		8,033
		6.25%, 02/01/27 (b)	4,716		4,902
	Tennessee Merger Sub Inc.
		6.38%, 02/01/25 (b) (c)	8,141		6,619
	Valeant Pharmaceuticals International Inc.
		6.50%, 03/15/22 (b)	975		1,009
		7.00%, 03/15/24 (b)	2,924		3,092
		6.13%, 04/15/25 (b)	25,402		25,166
		5.50%, 11/01/25 (b)	5,014		5,122
		8.50%, 01/31/27 (b)	5,000		5,304
	Verscend Escrow Corp.
		9.75%, 08/15/26 (b)	2,696		2,692
	WellCare Health Plans Inc.
		5.25%, 04/01/25	10,174		10,558
		5.38%, 08/15/26 (b)	2,073		2,170
				228,433
Industrials 6.2%
	ACCO Brands Corp.
		5.25%, 12/15/24 (b)	3,776		3,706
	Advanced Disposal Services Inc.
		5.63%, 11/15/24 (b)	5,000		5,085
	Aircastle Ltd.
		4.13%, 05/01/24	8,285		8,298
	ARD Securities Finance SARL
		8.50%, 01/31/23 (b) (i)	2,183		2,068
	Ashtead Capital Inc.
		4.13%, 08/15/25 (b)	3,386		3,327
		5.25%, 08/01/26 (b)	4,955		5,066
		4.38%, 08/15/27 (b)	3,805		3,679
	Avolon Holdings Funding Ltd.
		5.25%, 05/15/24 (b)	6,000		6,174
	Bombardier Inc.
		5.75%, 03/15/22 (b)	2,000		2,046
		6.13%, 01/15/23 (b)	5,872		5,948
		7.50%, 03/15/25 (b) (c)	8,400		8,664
		7.88%, 04/15/27 (b)	3,199		3,295
	Hertz Corp.
		7.63%, 06/01/22 (b) (c)	7,000		7,171
		5.50%, 10/15/24 (b)	4,727		3,972
			Shares/Par¹		Value ($)
	Navistar International Corp.
		6.63%, 11/01/25 (b)	8,406		8,539
	Park Aerospace Holdings Ltd.
		4.50%, 03/15/23 (b)	7,956		7,916
		5.50%, 02/15/24 (b)	1,044		1,084
	Prime Security Services Borrower LLC
		9.25%, 05/15/23 (b)	3,727		3,917
	Sensata Technologies BV
		5.63%, 11/01/24 (b)	1,364		1,453
	Sensata Technologies Finance Co. Plc
		6.25%, 02/15/26 (b)	3,000		3,180
	Standard Industries Inc.
		4.75%, 01/15/28 (b)	4,042		3,890
	Tempo Acquisition LLC
		6.75%, 06/01/25 (b)	3,642		3,683
	TransDigm Inc.
		6.50%, 05/15/25	4,000		4,042
		6.25%, 03/15/26 (b)	7,805		8,094
	United Rentals North America Inc.
		4.88%, 01/15/28	16,008		15,584
				129,881
Information Technology 3.4%
	Broadcom Inc.
		4.25%, 04/15/26	7,000		6,948
	CommScope Technologies LLC
		5.00%, 03/15/27 (b) (c)	7,400		6,571
	Dell International LLC
		5.30%, 10/01/29 (j)	3,000		3,024
	First Data Corp.
		5.00%, 01/15/24 (b)	7,000		7,185
	NXP BV
		4.13%, 06/01/21 (b)	4,000		4,073
		3.88%, 09/01/22 (b)	5,000		5,071
		4.63%, 06/01/23 (b)	1,724		1,794
	Radiate Holdco LLC
		6.88%, 02/15/23 (b)	4,000		3,960
	Refinitiv US Holdings Inc.
		8.25%, 11/15/26 (b)	7,295		7,173
	Sanmina Corp.
		4.38%, 06/01/19 (b)	8,397		8,409
	ViaSat Inc.
		5.63%, 09/15/25 (b)	8,000		7,660
		5.63%, 04/15/27	1,748		1,786
	Western Digital Corp.
		4.75%, 02/15/26 (c)	7,467		7,122
				70,776
Materials 5.9%
	Anglo American Capital Plc
		4.13%, 09/27/22 (b)	4,601		4,681
		4.88%, 05/14/25 (b)	1,399		1,456
		4.75%, 04/10/27 (b)	3,000		3,067
		4.50%, 03/15/28 (b)	6,807		6,803
	ARD Finance SA
		8.50%, 09/15/23 (i)	3,000		2,994
	Berry Global Inc.
		4.50%, 02/15/26 (b)	3,339		3,170
	Berry Plastics Corp.
		5.13%, 07/15/23	4,000		4,062
	BMC East LLC
		5.50%, 10/01/24 (b)	939		918
	Building Materials Corp. of America
		6.00%, 10/15/25 (b)	3,000		3,138
	BWAY Holding Co.
		7.25%, 04/15/25 (b) (c)	2,000		1,930
	Cemex SAB de CV
		5.70%, 01/11/25 (b)	10,000		10,261
	Chemours Co.
		5.38%, 05/15/27 (c)	4,230		4,207
	FMG Resources August 2006 Pty Ltd.
		4.75%, 05/15/22 (b)	5,379		5,392
		5.13%, 03/15/23 - 05/15/24 (b) (c)	9,784		9,787
	Freeport-McMoRan Inc.
		3.88%, 03/15/23	4,000		3,942
		4.55%, 11/14/24	3,335		3,289

329

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
		5.40%, 11/14/34	8,000		7,291
	FXI Holdings Inc.
		7.88%, 11/01/24 (b)	9,000		8,389
	Hexion Inc.
		10.38%, 02/01/22 (b)	2,300		1,932
	Koppers Inc.
		6.00%, 02/15/25 (b)	2,014		1,969
	NOVA Chemicals Corp.
		4.88%, 06/01/24 (b)	1,154		1,133
		5.25%, 06/01/27 (b)	4,227		4,153
	Olin Corp.
		5.13%, 09/15/27 (c)	6,000		6,068
		5.00%, 02/01/30	2,304		2,257
	Owens-Brockway Glass Container Inc.
		5.38%, 01/15/25 (b)	2,000		2,040
	Reynolds Group Issuer Inc.
		5.13%, 07/15/23 (b)	6,614		6,730
	Silgan Holdings Inc.
		4.75%, 03/15/25 (c)	6,596		6,497
	Teck Resources Ltd.
		8.50%, 06/01/24 (b)	704		755
	Trinseo Materials Operating SCA
		5.38%, 09/01/25 (b)	5,352		5,086
				123,397
Real Estate 1.2%
	Equinix Inc.
		5.38%, 05/15/27	8,387		8,783
	ESH Hospitality Inc.
		5.25%, 05/01/25 (b)	8,419		8,361
	Hospitality Properties Trust
		4.95%, 02/15/27	2,060		2,053
	PulteGroup Inc.
		5.00%, 01/15/27	4,962		4,964
				24,161
Utilities 1.5%
	AES Corp.
		5.50%, 04/15/25	11,041		11,445
		5.13%, 09/01/27 (c)	6,000		6,250
	Calpine Corp.
		5.75%, 01/15/25 (c)	3,250		3,228
		5.25%, 06/01/26	9,986		9,947
				30,870
	Total Corporate Bonds And Notes (cost $1,808,134)			1,787,846
SENIOR LOAN INTERESTS 5.9%
Communication Services 0.7%
	AMC Entertainment Holdings Inc.
		Term Loan B, 0.00%, (3M LIBOR + 3.00%), 03/20/26 (l) (n)	1,089		1,080
	Frontier Communications Corp.
		Term Loan B-1, 6.25%, (3M LIBOR + 3.75%), 05/31/24 (l)	4,618		4,502
	Windstream Holdings Inc.
		DIP Term Loan, 0.00%, (3M LIBOR + 2.50%), 03/08/21 (l) (n)	3,077		3,068
	Windstream Services LLC
		Term Loan B-6, 10.50%, (3M PRIME + 5.00%), 03/29/21 (l)	5,773		5,777
				14,427
Consumer Discretionary 0.8%
	Bass Pro Group LLC
		Term Loan B, 7.50%, (3M LIBOR + 5.00%), 11/15/23 (l)	7,012		6,844
	Liberty Cablevision of Puerto Rico LLC
		1st Lien Term Loan, 5.98%, (3M LIBOR + 3.50%), 12/24/21 (l)	3,200		3,166
		2nd Lien Term Loan, 9.23%, (3M LIBOR + 6.75%), 06/23/23 (g) (l)	677		657
	Stars Group Holdings BV
		Incremental Term Loan, 6.10%, (3M LIBOR + 3.50%), 06/29/25 (l)	2,584		2,576
	UFC Holdings LLC
		2nd Lien Term Loan, 9.99%, (3M LIBOR + 7.50%), 07/26/24 (l)	3,800		3,808
				17,051
			Shares/Par¹		Value ($)
Consumer Staples 0.3%
	BJ's Wholesale Club Inc.
		1st Lien Term Loan, 5.50%, (3M LIBOR + 3.00%), 01/26/24 (l)	5,643		5,623
Energy 0.7%
	Encino Acquisition Partners Holdings LLC
		2nd Lien Term Loan, 9.24%, (3M LIBOR + 6.75%), 09/26/25 (g) (l)	6,867		6,609
	Foresight Energy LLC
		1st Lien Term Loan, 8.38%, (1M LIBOR + 5.75%), 03/16/22 (l)	4,128		4,028
	Johnson Controls International Plc
		Term Loan B, 0.00%, (3M LIBOR + 3.50%), 03/13/26 (l) (n)	2,189		2,163
	Medallion Midland Acquisition LLC
		1st Lien Term Loan, 5.75%, (3M LIBOR + 3.25%), 10/31/24 (l)	2,370		2,305
				15,105
Financials 0.2%
	Acrisure LLC
		Term Loan B, 6.88%, (3M LIBOR + 4.25%), 11/22/23 (l)	3,247		3,222
Health Care 1.2%
	Alphabet Holding Co. Inc.
		1st Lien Term Loan, 6.00%, (3M LIBOR + 3.50%), 08/15/24 (l)	5,384		4,984
		2nd Lien Term Loan, 10.24%, (3M LIBOR + 7.75%), 08/09/25 (l)	5,390		4,359
	Envision Healthcare Corp.
		1st Lien Term Loan, 6.25%, (3M LIBOR + 3.75%), 09/27/25 (l)	9,296		8,684
	RegionalCare Hospital Partners Holdings Inc.
		Term Loan B, 6.98%, (3M LIBOR + 4.50%), 11/09/25 (l)	7,980		7,884
				25,911
Industrials 0.3%
	DAE Aviation Holdings Inc.
		Term Loan B, 0.00%, (3M LIBOR + 4.00%), 01/22/26 (l) (n)	1,801		1,801
		Term Loan, 0.00%, (3M LIBOR + 4.00%), 01/24/26 (l) (n)	969		968
	Tempo Acquisition LLC
		Term Loan, 5.50%, (3M LIBOR + 3.00%), 04/20/24 (l)	3,996		3,955
				6,724
Information Technology 0.8%
	Almonde Inc.
		1st Lien Term Loan, 6.10%, (3M LIBOR + 3.50%), 04/26/24 (l)	3,989		3,842
	Radiate Holdco LLC
		1st Lien Term Loan, 5.50%, (3M LIBOR + 3.00%), 12/09/23 (l)	3,890		3,798
	Refinitiv US Holdings Inc.
		Term Loan, 6.25%, (3M LIBOR + 3.75%), 09/12/25 (l)	3,173		3,078
	SS&C Technologies Holdings Europe SARL
		Term Loan B-4, 4.75%, (3M LIBOR + 2.25%), 02/27/25 (l)	1,163		1,152
	SS&C Technologies Inc.
		Term Loan B-3, 4.75%, (3M LIBOR + 2.25%), 02/27/25 (l)	1,612		1,597
	Verifone Systems Inc.
		1st Lien Term Loan, 0.00%, (3M LIBOR + 4.00%), 08/09/25 (l) (n)	4,000		3,935
				17,402
Materials 0.5%
	BWAY Holding Co.
		Term Loan B, 0.00%, (3M LIBOR + 3.25%), 04/03/24 (b) (l) (n)	7,000		6,820
	Schenectady International Group Inc.
		1st Lien Term Loan, 7.54%, (3M LIBOR + 4.75%), 08/21/25 (l)	4,429		4,417
				11,237

330

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
Real Estate 0.4%
	Communications Sales & Leasing Inc.
		Term Loan B, 0.00%, (1M LIBOR + 5.00%), 10/24/22 (l) (n)	7,980		7,787
	Total Senior Loan Interests (cost $126,997)			124,489
GOVERNMENT AND AGENCY OBLIGATIONS 0.7%
U.S. Treasury Securities 0.7%
	U.S. Treasury Bond
		2.88%, 11/15/46	2,000		2,030
	U.S. Treasury Note
		1.25%, 05/31/19	8,000		7,984
		1.50%, 08/15/26	4,000		3,775
	Total Government And Agency Obligations (cost $13,861)			13,789
OTHER EQUITY INTERESTS 0.0%
	Quicksilver Resources Inc. Escrow (d) (g) (o)		53,443		—
	Quicksilver Resources Inc. Escrow (d) (g) (o)		10,557		—
	T-Mobile USA Inc. Escrow (d) (g) (o)		3,001		—
	T-Mobile USA Inc. Escrow (d) (g) (o)		5,000		—
	T-Mobile USA Inc. Escrow (d) (g) (o)		2,000		—
	T-Mobile USA Inc. Escrow (d) (g) (o)		2,000		—
	T-Mobile USA Inc. Escrow (d) (g) (o)		5,000		—
	T-Mobile USA Inc. Escrow (d) (g) (o)		2,000		—
	Vantage Drilling Co. Escrow (c) (d) (g) (o)		8,119		—
	Total Other Equity Interests (cost $0)			—
COMMON STOCKS 1.4%
Consumer Discretionary 0.2%
	Home Interior Gift Inc. (d) (g)		429		—
	MGM Resorts International		200		5,132
				5,132
Energy 0.3%
	Chaparral Energy Inc. (b) (d)		4		25
	Chaparral Energy Inc. - Class A (c) (d)		427		2,433
	MPLX LP		87		2,868
	Prairie Provident Resources Inc. (b) (d) (g)		224		28
	Titan Energy LLC (d)		75		4
				5,358
Financials 0.4%
	JPMorgan Chase & Co.		90		9,111
Information Technology 0.1%
	EchoStar Corp. - Class A (d)		70		2,552
	New Cotai LLC (d) (g) (h)		—		160
				2,712
Materials 0.3%
	Freeport-McMoRan Inc. - Class B		270		3,480
	Ingevity Corp. (d)		—		2
	LyondellBasell Industries NV - Class A		24		2,058
	WestRock Co.		—		4
				5,544
Real Estate 0.1%
	Outfront Media Inc.		91		2,139
	Total Common Stocks (cost $40,301)			29,996
INVESTMENT COMPANIES 2.6%
	Eaton Vance Senior Floating-Rate Trust		300		3,906
	Invesco Senior Income Trust		805		3,380
	PIMCO Floating Rate Strategy Fund		400		4,116
	SPDR Barclays High Yield Bond ETF		1,181		42,493
	Total Investment Companies (cost $52,554)			53,895
			Shares/Par¹		Value ($)
SHORT TERM INVESTMENTS 8.1%
Investment Companies 3.2%
	JNL Government Money Market Fund - Institutional Class, 2.33% (p) (q)		67,426		67,426
Securities Lending Collateral 4.9%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.43% (p) (q)		101,224		101,224
	Total Short Term Investments (cost $168,650)			168,650
Total Investments 104.7% (cost $2,221,338)					2,189,620
Other Derivative Instruments 0.0%					429
Other Assets and Liabilities, Net (4.7)%					(99,059)
Total Net Assets 100.0%					2,090,990

(a) The Fund had an unfunded commitment at March 31, 2019. See the table of Unfunded Commitments in the Schedules of Investments.

(d) Non-income producing security.

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

(h) The Sub-Adviser has deemed this security to be illiquid based on procedures approved by the JNL Series Trust's Board of Trustees.

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

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

(m) Convertible security.

(n) This senior loan will settle after March 31, 2019. The reference rate and spread presented will go into effect upon settlement.

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

(p) Investment in affiliate.

(q) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2019.

331

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019

Unfunded Commitments


JNL/PPM America High Yield Bond Fund — Futures Contracts
Reference Entity	Contracts¹	Expiration	Notional¹			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Short Contracts
U.S. Treasury Long Bond	(279)	June 2019		(40,584)	105			(1,170)
U.S. Treasury Note, 10-Year	(513)	June 2019		(62,821)	130			(903)
U.S. Treasury Note, 5-Year	(372)	June 2019		(42,663)	84			(425)
Ultra 10-Year U.S. Treasury Note	(393)	June 2019		(50,997)	110			(1,186)
					429			(3,684)

332

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
JNL/PPM America Mid Cap Value Fund
COMMON STOCKS 99.1%
Communication Services 3.5%
	Meredith Corp. (a)	160		8,842
	Viacom Inc. - Class B	420		11,789
			20,631
Consumer Discretionary 16.1%
	American Axle & Manufacturing Holdings Inc. (b)	921		13,184
	Best Buy Co. Inc.	122		8,669
	Foot Locker Inc.	150		9,090
	Helen of Troy Ltd. (b)	114		13,208
	Macy's Inc.	424		10,186
	Newell Brands Inc.	640		9,825
	Penske Automotive Group Inc.	210		9,368
	Royal Caribbean Cruises Ltd.	130		14,901
	Tupperware Brands Corp.	275		7,035
			95,466
Consumer Staples 4.9%
	Campbell Soup Co. (a)	348		13,269
	Ingredion Inc.	167		15,794
			29,063
Energy 8.1%
	Apache Corp.	163		5,667
	Helix Energy Solutions Group Inc. (b)	745		5,893
	National Oilwell Varco Inc.	175		4,662
	Patterson-UTI Energy Inc.	500		7,010
	PBF Energy Inc. - Class A	430		13,390
	Superior Energy Services Inc. (b)	2,500		11,675
			48,297
Financials 22.7%
	Allstate Corp.	131		12,309
	American Financial Group Inc.	150		14,431
	Hartford Financial Services Group Inc.	319		15,866
	Huntington Bancshares Inc.	1,040		13,187
	Janus Henderson Group Plc	640		15,987
	Lincoln National Corp.	250		14,675
	Reinsurance Group of America Inc.	108		15,334
	Sterling Bancorp Inc.	304		5,673
	Synovus Financial Corp.	393		13,503
	TCF Financial Corp.	677		14,007
			134,972
Health Care 6.0%
	Cigna Corp.	48		7,671
	Magellan Health Services Inc. (b)	146		9,651
	McKesson Corp.	116		13,579
	MEDNAX Inc. (b)	186		5,045
			35,946
Industrials 11.0%
	Delta Air Lines Inc.	240		12,396
	Kennametal Inc.	397		14,590
	Spirit Aerosystems Holdings Inc. - Class A	159		14,590
	Terex Corp.	424		13,617
	Textron Inc.	202		10,254
			65,447
Information Technology 10.7%
	Avnet Inc.	340		14,746
	Belden Inc.	256		13,763
	CACI International Inc. - Class A (b)	44		8,009
	Leidos Holdings Inc.	169		10,844
	Semtech Corp. (b)	200		10,182
	Teradyne Inc.	160		6,374
			63,918
Materials 8.9%
	Allegheny Technologies Inc. (a) (b)	240		6,137
	Berry Global Group Inc. (b)	162		8,716
	Huntsman Corp.	410		9,221
	Nucor Corp.	103		5,987
	Reliance Steel & Aluminum Co.	152		13,692
	Steel Dynamics Inc.	252		8,888
			52,641
		Shares/Par¹		Value ($)
Real Estate 1.5%
	Regency Centers Corp.	136		9,179
Utilities 5.7%
	AES Corp.	700		12,656
	Edison International	113		6,997
	PNM Resources Inc.	306		14,472
			34,125
	Total Common Stocks (cost $574,994)		589,685
SHORT TERM INVESTMENTS 1.0%
Investment Companies 0.7%
	JNL Government Money Market Fund - Institutional Class, 2.33% (c) (d)	4,290		4,290
Securities Lending Collateral 0.3%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.43% (c) (d)	1,736		1,736
	Total Short Term Investments (cost $6,026)		6,026
Total Investments 100.1% (cost $581,020)				595,711
Other Assets and Liabilities, Net (0.1)%				(824)
Total Net Assets 100.0%				594,887

(a) All or a portion of the security was on loan.

(b) Non-income producing security.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2019.

333

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
JNL/PPM America Small Cap Value Fund
COMMON STOCKS 99.6%
Communication Services 2.5%
	Meredith Corp. (a)	275		15,213
Consumer Discretionary 15.2%
	American Axle & Manufacturing Holdings Inc. (b)	1,080		15,455
	Helen of Troy Ltd. (b)	134		15,539
	Party City Holdco Inc. (b)	1,020		8,099
	Penske Automotive Group Inc.	360		16,074
	Skechers U.S.A. Inc. - Class A (b)	475		15,965
	Tower International Inc.	640		13,459
	Tupperware Brands Corp.	310		7,930
			92,521
Consumer Staples 3.4%
	Cott Corp.	1,008		14,727
	Ingredion Inc.	64		6,060
			20,787
Energy 10.0%
	Diamond Offshore Drilling Inc. (a) (b)	800		8,392
	Helix Energy Solutions Group Inc. (b)	1,680		13,289
	Patterson-UTI Energy Inc.	814		11,412
	PBF Energy Inc. - Class A	474		14,745
	Superior Energy Services Inc. (b)	2,800		13,076
			60,914
Financials 18.3%
	Axos Financial Inc. (b)	490		14,190
	Banc of California Inc.	1,072		14,836
	Independent Bank Corp.	190		15,392
	Janus Henderson Group Plc	507		12,665
	Renasant Corp.	424		14,352
	Sterling Bancorp Inc.	585		10,889
	Synovus Financial Corp.	410		14,088
	TCF Financial Corp.	719		14,876
			111,288
Health Care 6.3%
	Integer Holdings Corp. (b)	152		11,426
	Magellan Health Services Inc. (b)	238		15,689
	MEDNAX Inc. (b)	280		7,608
	Owens & Minor Inc.	900		3,690
			38,413
Industrials 17.1%
	Aerojet Rocketdyne Holdings Inc. (b)	249		8,836
	Apogee Enterprises Inc.	335		12,559
	GATX Corp.	184		14,052
	Kennametal Inc.	420		15,435
	SkyWest Inc.	290		15,744
	Steelcase Inc. - Class A	585		8,512
	Terex Corp.	470		15,101
	Triumph Group Inc.	715		13,628
			103,867
Information Technology 17.4%
	Belden Inc.	263		14,123
	Benchmark Electronics Inc.	353		9,274
	CACI International Inc. - Class A (b)	83		15,108
	CSG Systems International Inc.	230		9,729
	Electronics for Imaging Inc. (b)	264		7,107
	Photronics Inc. (b)	618		5,841
	Semtech Corp. (b)	225		11,455
	SYNNEX Corp.	114		10,874
	Teradyne Inc.	190		7,570
	Verint Systems Inc. (b)	250		14,965
			106,046
Materials 4.8%
	Allegheny Technologies Inc. (a) (b)	460		11,762
	Olin Corp.	470		10,876
	Reliance Steel & Aluminum Co.	73		6,589
			29,227
Real Estate 2.3%
	Kite Realty Group Trust	895		14,317
		Shares/Par¹		Value ($)
Utilities 2.3%
	PNM Resources Inc.	294		13,918
	Total Common Stocks (cost $639,264)		606,511
SHORT TERM INVESTMENTS 1.1%
Investment Companies 0.1%
	JNL Government Money Market Fund - Institutional Class, 2.33% (c) (d)	604		604
Securities Lending Collateral 1.0%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.43% (c) (d)	6,332		6,332
	Total Short Term Investments (cost $6,936)		6,936
Total Investments 100.7% (cost $646,200)				613,447
Other Assets and Liabilities, Net (0.7)%				(4,323)
Total Net Assets 100.0%				609,124

(a) All or a portion of the security was on loan.

(b) Non-income producing security.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2019.

334

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
JNL/PPM America Total Return Fund (a)
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 15.4%
	American Airlines Pass-Through Trust
		Series 2013-B-2, 5.60%, 07/15/20 (b)	1,226		1,241
		Series 2013-A-2, 4.95%, 01/15/23	857		888
		Series 2016-AA-2, 3.20%, 06/15/28	2,776		2,705
	American Express Credit Account Master Trust
		Series 2014-A-1, 2.85%, (1M USD LIBOR + 0.37%), 05/15/19 (c)	832		832
	American Tower Trust I
		Series 2013-A-2, 3.07%, 03/15/23 (b)	6,596		6,513
	AmeriCredit Automobile Receivables Trust
		Series 2019-A2A-1, 2.93%, 02/18/21	4,078		4,083
		Series 2017-A3-2, 1.98%, 12/20/21	3,723		3,708
	Ascentium Equipment Receivables Trust
		Series 2017-A2-2A, 2.00%, 05/11/20 (b)	1,906		1,902
		Series 2018-A2-1A, 2.92%, 12/10/20 (b)	1,556		1,558
		Series 2017-A3-1A, 2.29%, 06/10/21 (b)	1,039		1,035
		Series 2017-A3-2A, 2.31%, 12/10/21 (b)	1,587		1,574
	Aventura Mall Trust
		Series 2013-A-AVM, REMIC, 3.74%, 12/07/20 (b) (c)	5,060		5,145
	Banc of America Re-REMIC Trust
		Series 2015-B-200P, REMIC, 3.49%, 04/16/25 (b)	1,985		2,003
	BANK 2017-BNK5
		Series 2017-AS-BNK5, REMIC, 3.62%, 06/17/27	2,286		2,318
	Bank of The West Auto Trust
		Series 2017-A2-1, 1.78%, 02/15/21 (b)	834		832
		Series 2017-A3-1, 2.11%, 01/15/23 (b)	3,171		3,146
	BCC Funding XIV LLC
		Series 2018-A2-1A, 2.96%, 06/20/23 (b)	2,219		2,222
	BMW Floorplan Master Owner Trust
		Series 2018-A1-1, 3.15%, 05/17/21 (b)	2,068		2,089
	Capital One Multi-Asset Execution Trust
		Series 2016-A1-A1, 2.93%, (1M USD LIBOR + 0.45%), 04/15/19 (c)	5,714		5,715
	CarMax Auto Owner Trust
		Series 2017-A3-3, 1.97%, 04/15/22	2,307		2,292
	CCG Receivables Trust
		Series 2018-A2-1, 2.50%, 02/14/21 (b)	2,223		2,219
	Chesapeake Funding II LLC
		Series 2019-A1-1A, 2.94%, 05/15/22	4,126		4,138
	Chrysler Capital Auto Receivables Trust
		Series 2016-A3-BA, 1.64%, 07/15/21 (b)	832		830
	CIG Auto Receivables Trust
		Series 2017-A-1A, 2.71%, 05/15/23 (b)	880		878
		Series 2019-A-1A, 3.30%, 08/15/24 (b)	3,397		3,404
	Citibank Credit Card Issuance Trust
		Series 2017-A9-A9, 1.80%, 09/20/19	3,000		2,988
	Citigroup Mortgage Loan Trust Inc.
		Series 2014-A1-J1, REMIC, 3.50%, 08/25/23 (b)	1,712		1,716
	COLT Funding LLC
		Series 2018-A1-1, REMIC, 2.93%, 02/25/48 (b) (c)	552		551
	COLT Mortgage Loan Trust
		Series 2017-A1A-2, REMIC, 2.41%, 10/25/47 (b) (c)	1,036		1,025
	Continental Airlines Inc. Pass-Through Trust
		Series 2012-B-1, 6.25%, 04/11/20	335		341
		Series 2012-A-1, 4.15%, 04/11/24	1,506		1,540
		Series 2012-A-2, 4.00%, 10/29/24	1,330		1,357
	CSMC Trust
		Series 2017-A3-HL2, 3.50%, 09/25/24 (b) (c)	2,481		2,477
		Series 2017-A1-HL1, REMIC, 3.50%, 05/25/39 (b) (c)	4,032		4,025
	Dell Equipment Finance Trust
		Series 2018-A2A-1, 2.97%, 10/22/20 (b)	2,303		2,306
		Series 2017-A3-2, 2.19%, 10/24/22 (b)	1,612		1,606
	Delta Air Lines Pass-Through Trust
		Series 2010-A-2, 4.95%, 05/23/19	28		28
	Engs Commercial Finance Trust
		Series 2018-A1-1A, 2.97%, 02/22/21 (b)	602		602
	Ford Credit Auto Lease Trust
		Series 2019-A2A-A, 2.84%, 08/17/20	9,000		9,009
			Shares/Par¹		Value ($)
	Ford Credit Auto Owner Trust
		Series 2015-C-B, 2.21%, 01/15/21	1,009		1,007
	Foundation Finance Trust
		Series 2017-A-1A, 3.30%, 08/15/22 (b)	1,456		1,453
	Freddie Mac Multifamily Aggregation Risk Transfer
		Series 2017-A-KT01, REMIC, 2.81%, (1M USD LIBOR + 0.32%), 02/25/20 (c)	4,645		4,642
	GLS Auto Receivables Trust
		Series 2019-A-1A, 3.37%, 03/15/21 (b)	3,390		3,395
		Series 2018-A-3A, 3.35%, 08/15/22 (b)	1,509		1,511
	GM Financial Automobile Leasing Trust
		Series 2017-A3-1, 2.06%, 05/20/20	3,106		3,100
		Series 2017-A3-3, 2.01%, 11/20/20	2,328		2,321
		Series 2018-A3-1, 2.61%, 01/20/21	4,375		4,373
	GMF Floorplan Owner Revolving Trust
		Series 2017-A1-1, 2.22%, 01/15/20 (b)	4,899		4,876
	Great American Auto Leasing Inc.
		Series 2019-A2-1, 2.97%, 09/15/20 (b)	3,084		3,091
	GreatAmerica Leasing Receivables Funding LLC
		Series 2017-A3-1, 2.06%, 06/22/20 (b)	665		663
		Series 2018-A3-1, 2.60%, 06/15/21 (b)	1,306		1,304
		Series 2018-A4-1, 2.83%, 06/17/24 (b)	865		865
	GS Mortgage Securities Trust
		Series 2017-B-SLP, REMIC, 3.77%, 10/12/22 (b)	4,077		4,136
	Hilton Grand Vacations Trust
		Series 2017-A-AA, 2.66%, 08/25/23 (b)	1,566		1,554
	John Deere Owner Trust
		Series 2016-A3-B, 1.25%, 06/15/20	462		461
	JPMorgan Mortgage Trust
		Series 2014-A1-5, REMIC, 2.98%, 10/25/26 (b) (c)	1,260		1,260
		Series 2016-2A1-3, REMIC, 3.00%, 01/25/29 (b) (c)	2,293		2,291
		Series 2017-A6-6, REMIC, 3.00%, 03/25/25 (b) (c)	2,689		2,657
	Kubota Credit Owner Trust
		Series 2016-A3-1A, 1.50%, 07/15/20 (b)	900		897
		Series 2018-A2-1A, 2.80%, 02/16/21 (b)	2,834		2,834
	MVW Owner Trust
		Series 2013-A-1A, 2.15%, 04/22/30 (b)	296		294
		Series 2017-A-1A, 2.42%, 12/20/34 (b)	1,625		1,608
	PSMC Trust
		Series 2018-A1-3, REMIC, 4.00%, 02/25/41 (b)	1,619		1,640
	SBA Tower Trust
		Series 2014-C-1, 2.90%, 10/15/44 (b)	2,250		2,247
	Sequoia Mortgage Trust
		Series 2017-A4-3, REMIC, 3.50%, 04/25/24 (b) (c)	945		948
		Series 2019-A4-1, REMIC, 4.00%, 02/25/26 (b)	1,651		1,682
		Series 2018-A1-8, REMIC, 4.00%, 06/25/40 (b) (c)	3,034		3,038
	United Auto Credit Securitization Trust
		Series 2018-A-2, 2.89%, 03/10/21 (b)	917		918
	Verizon Owner Trust
		Series 2016-B-1A, 1.46%, 01/20/21 (b)	440		437
		Series 2016-A-2A, 1.68%, 05/20/21 (b)	2,048		2,041
		Series 2016-B-2A, 2.15%, 05/20/21 (b)	1,133		1,127
		Series 2017-A-2A, 1.92%, 12/20/21 (b)	6,142		6,107
		Series 2017-A1A-3A, 2.06%, 04/20/22 (b)	5,647		5,609
	Volvo Financial Equipment LLC
		Series 2019-A2-1A, 2.90%, 11/15/21 (b)	2,506		2,511
	Wells Fargo Commercial Mortgage Trust
		Series 2017-B-C38, 3.92%, 06/17/27 (c)	1,371		1,383
	Westlake Automobile Receivables Trust
		Series 2018-A2B-1A, 2.73%, (1M USD LIBOR + 0.25%), 07/15/19 (b) (c)	1,295		1,295
		Series 2019-A2A-1A, 3.06%, 10/15/20 (b)	5,348		5,355
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $180,219)			179,772
CORPORATE BONDS AND NOTES 38.4%
Communication Services 2.6%
	AT&T Inc.
		3.78%, (3M USD LIBOR + 1.18%), 06/12/24 (c)	3,900		3,869
		5.25%, 03/01/37	2,030		2,140

335

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Charter Communications Operating LLC
		4.91%, 07/23/25	3,690		3,891
		5.38%, 04/01/38	2,192		2,215
		6.83%, 10/23/55	1,030		1,163
	Comcast Corp.
		4.15%, 10/15/28	2,612		2,753
		4.60%, 10/15/38	3,233		3,470
		3.40%, 07/15/46	1,700		1,507
		4.95%, 10/15/58	1,061		1,174
	Hughes Satellite Systems Corp.
		5.25%, 08/01/26	1,675		1,662
	NBCUniversal Enterprise Inc.
		5.25%, (callable at 100 beginning 03/19/21) (b) (d)	1,589		1,617
	Numericable - SFR SA
		7.38%, 05/01/26 (b)	2,087		2,046
	Sprint Spectrum Co. LLC
		3.36%, 09/20/21 (b)	1,742		1,742
	Vodafone Group Plc
		5.00%, 05/30/38	770		765
				30,014
Consumer Discretionary 1.2%
	A&E Television Networks LLC
		3.11%, 08/22/19 (e) (f)	1,000		1,000
	Fiat Chrysler Automobiles NV
		5.25%, 04/15/23	1,452		1,504
	GLP Capital LP
		5.75%, 06/01/28	343		369
	Leggett & Platt Inc.
		4.40%, 03/15/29	4,300		4,344
	Nemak SAB de CV
		4.75%, 01/23/25 (b)	4,137		4,046
	Schaeffler Verwaltung Zwei GmbH
		4.88%, 09/15/21 (b) (g)	1,100		1,102
		5.50%, 09/15/26 (b) (g)	644		613
	Target Corp.
		3.90%, 11/15/47	1,276		1,263
				14,241
Consumer Staples 2.7%
	Altria Group Inc.
		4.40%, 02/14/26	3,720		3,831
	Anheuser-Busch InBev Worldwide Inc.
		4.75%, 01/23/29	1,084		1,154
		4.90%, 02/01/46 (b)	3,778		3,804
	BAT Capital Corp.
		4.39%, 08/15/37	4,440		4,012
	Conagra Brands Inc.
		4.60%, 11/01/25	1,501		1,576
	JBS Investments GmbH
		7.25%, 04/03/24 (b)	1,959		2,025
	JBS Investments II GmbH
		7.00%, 01/15/26 (b)	1,343		1,380
	Mars Inc.
		3.74%, 10/11/27 (e) (f)	1,200		1,255
		3.95%, 04/01/49	4,386		4,447
	Pilgrim's Pride Corp.
		5.88%, 09/30/27 (b) (h)	1,621		1,633
	Reynolds American Inc.
		5.70%, 08/15/35	975		1,010
		7.00%, 08/04/41	812		906
	Tyson Foods Inc.
		4.00%, 03/01/26	3,360		3,434
		5.10%, 09/28/48	1,356		1,381
				31,848
Energy 4.5%
	Andeavor Logistics LP
		3.50%, 12/01/22	1,149		1,161
		5.20%, 12/01/47	1,116		1,118
	Cheniere Corpus Christi Holdings LLC
		5.88%, 03/31/25	1,158		1,260
		5.13%, 06/30/27	3,280		3,440
	Columbia Pipeline Group Inc.
		5.80%, 06/01/45	933		1,059
			Shares/Par¹		Value ($)
	Continental Resources Inc.
		4.38%, 01/15/28 (h)	2,018		2,075
	Denbury Resources Inc.
		9.00%, 05/15/21 (b)	500		486
	Diamondback Energy Inc.
		4.75%, 11/01/24 (b)	4,412		4,527
	Endeavor Energy Resources LP
		5.50%, 01/30/26 (b)	316		325
		5.75%, 01/30/28 (b)	316		332
	Energy Transfer LP
		5.80%, 06/15/38	1,537		1,632
		6.13%, 12/15/45	500		539
	Energy Transfer Operating LP
		4.25%, 03/15/23	3,982		4,086
		5.50%, 06/01/27	1,725		1,871
		5.25%, 04/15/29	2,100		2,256
		6.25%, 04/15/49	1,001		1,123
	Enterprise Products Operating LLC
		4.15%, 10/16/28	2,130		2,243
		4.80%, 02/01/49	1,926		2,045
	EP Energy LLC
		8.00%, 11/29/24 (b) (h)	2,530		1,403
	Everest Acquisition Finance Inc.
		7.75%, 05/15/26 (b)	825		674
	Marathon Petroleum Corp.
		3.80%, 04/01/28 (b)	761		754
		4.50%, 04/01/48 (b)	881		846
	MPLX LP
		4.00%, 03/15/28	3,065		3,047
	Nabors Industries Inc.
		5.50%, 01/15/23 (h)	441		423
	Petroleos Mexicanos
		2.29%, 02/15/24	1,630		1,607
		6.50%, 01/23/29	1,983		1,960
	Sabine Pass Liquefaction LLC
		5.75%, 05/15/24	1,150		1,266
		5.63%, 03/01/25	241		265
		4.20%, 03/15/28	4,274		4,314
	Transocean Pontus Ltd.
		6.13%, 08/01/25 (b)	441		447
	Transocean Poseidon Ltd.
		6.88%, 02/01/27 (b)	1,026		1,067
	Transocean Proteus Ltd.
		6.25%, 12/01/24 (b)	2,846		2,918
				52,569
Financials 12.4%
	AerCap Ireland Capital DAC
		4.63%, 10/30/20	223		228
		3.50%, 05/26/22	1,110		1,111
		3.65%, 07/21/27	1,724		1,612
	Athene Global Funding
		4.00%, 01/25/22 (b)	4,205		4,311
		3.00%, 07/01/22 (b)	3,098		3,089
	Bank of America Corp.
		6.25%, (callable at 100 beginning 09/05/24) (d)	1,683		1,784
		4.00%, 01/22/25	1,097		1,118
		4.25%, 10/22/26	6,040		6,211
		3.25%, 10/21/27	671		658
	Bayer US Finance II LLC
		4.25%, 12/15/25 (b)	1,662		1,680
		4.38%, 12/15/28 (b)	1,600		1,591
	Capital One Financial Corp.
		3.75%, 03/09/27	2,833		2,789
		3.80%, 01/31/28	1,471		1,453
	Citigroup Inc.
		2.75%, 04/25/22	1,000		996
		4.45%, 09/29/27	6,169		6,341
		3.89%, 01/10/28 (c)	1,375		1,397
	Credit Suisse AG
		6.50%, 08/08/23 (b)	5,986		6,405
	Credit Suisse Group AG
		7.50%, (callable at 100 beginning 12/11/23) (b) (d)	2,448		2,583
		4.21%, 06/12/24 (b)	2,515		2,574
		3.87%, 01/12/29 (b)	1,880		1,844

336

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Danske Bank A/S
		5.38%, 01/12/24 (b)	5,059		5,257
	Dell EMC
		8.35%, 07/15/46 (b)	2,506		3,027
	General Motors Financial Co. Inc.
		4.20%, 03/01/21	1,576		1,598
	Glencore Funding LLC
		3.00%, 10/27/22 (b)	1,300		1,283
		4.88%, 03/12/29	2,850		2,871
	GLP Capital LP
		5.30%, 01/15/29	2,605		2,734
	Goldman Sachs Group Inc.
		2.91%, 07/24/23	1,190		1,176
		4.00%, 03/03/24	1,439		1,483
		4.25%, 10/21/25	2,071		2,121
		3.85%, 01/26/27	717		720
		4.22%, 05/01/29	1,635		1,673
		6.75%, 10/01/37	1,500		1,838
	HSBC Holdings Plc
		6.88%, (callable at 100 beginning 06/01/21) (d) (i)	2,500		2,615
		3.68%, (3M USD LIBOR + 1.00%), 05/18/24 (c)	1,777		1,762
		4.38%, 11/23/26	2,260		2,316
	Icahn Enterprises LP
		6.38%, 12/15/25	1,153		1,181
	James Hardie International Finance DAC
		5.00%, 01/15/28 (b)	1,218		1,161
	JPMorgan Chase & Co.
		5.30%, (callable at 100 beginning 05/01/20) (d)	1,325		1,338
		4.02%, 12/05/24	4,584		4,753
		2.95%, 10/01/26	2,720		2,661
		3.78%, 02/01/28 (c)	1,127		1,148
		4.01%, 04/23/29	1,500		1,540
		4.20%, 07/23/29	899		940
	JPMorgan Chase Bank NA
		3.22%, 03/01/25	2,128		2,127
		3.51%, 01/23/29	1,450		1,439
	Lloyds Banking Group Plc
		7.50%, (callable at 100 beginning 09/27/25) (d)	2,344		2,381
	Metropolitan Life Global Funding I
		3.60%, 01/11/24 (b)	5,267		5,427
	Morgan Stanley
		3.94%, (3M USD LIBOR + 1.18%), 01/20/22 (c)	2,298		2,321
		4.88%, 11/01/22	4,381		4,622
		4.10%, 05/22/23	1,550		1,600
		3.88%, 04/29/24	2,344		2,411
		3.63%, 01/20/27	2,307		2,313
	National Rural Utilities Cooperative Finance Corp.
		4.75%, 04/30/43 (c)	1,071		1,032
	Nordic Aviation Capital A/S
		5.58%, 03/14/24 (e) (f)	3,095		3,143
	Santander UK Group Holdings Plc
		4.80%, 11/15/24	3,680		3,794
	SAP Ireland US-Financial Services Ltd.
		2.82%, 11/15/20 (e) (f)	2,485		2,483
	USA Compression Partners LP
		6.88%, 09/01/27 (b)	1,019		1,039
	Volkswagen Group of America Finance LLC
		4.63%, 11/13/25 (b)	5,700		5,905
	Wells Fargo & Co.
		2.63%, 07/22/22	795		789
		4.48%, 01/16/24	355		374
	Woodside Finance Ltd.
		4.50%, 03/04/29 (b)	2,784		2,837
	Ziggo Secured Finance BV
		5.50%, 01/15/27 (b)	1,500		1,486
				144,494
Health Care 4.1%
	Abbott Laboratories
		4.75%, 11/30/36	1,324		1,491
	Actavis Funding SCS
		4.55%, 03/15/35	1,022		1,004
	Bausch Health Cos. Inc.
		5.75%, 08/15/27 (b)	681		699
			Shares/Par¹		Value ($)
	Becton Dickinson & Co.
		3.36%, 06/06/24	3,850		3,855
	Centene Corp.
		4.75%, 05/15/22	1,684		1,713
		4.75%, 01/15/25	566		577
	Centene Escrow I Corp.
		5.38%, 06/01/26 (b)	2,708		2,823
	CVS Health Corp.
		4.30%, 03/25/28	4,959		5,029
		4.78%, 03/25/38	2,814		2,789
		5.05%, 03/25/48	3,740		3,772
	Express Scripts Holding Co.
		3.40%, 03/01/27	2,645		2,577
	Halfmoon Parent Inc.
		4.38%, 10/15/28 (b)	4,226		4,382
		4.80%, 08/15/38 (b)	1,550		1,593
	Mylan Inc.
		5.20%, 04/15/48	564		509
	Perrigo Finance Plc
		4.90%, 12/15/44	259		219
	Perrigo Finance Unltd. Co.
		4.38%, 03/15/26	500		487
	Pfizer Inc.
		4.00%, 03/15/49	3,800		3,935
	UnitedHealth Group Inc.
		3.75%, 07/15/25	1,018		1,063
		3.10%, 03/15/26	1,000		997
		3.45%, 01/15/27	894		911
	Valeant Pharmaceuticals International Inc.
		6.50%, 03/15/22 (b)	296		306
		5.50%, 03/01/23 - 11/01/25 (b)	900		916
		5.88%, 05/15/23 (b)	141		143
		7.00%, 03/15/24 (b)	889		940
		6.13%, 04/15/25 (b)	1,602		1,587
	WellCare Health Plans Inc.
		5.25%, 04/01/25	2,340		2,428
		5.38%, 08/15/26 (b)	1,112		1,164
				47,909
Industrials 2.5%
	Aircastle Ltd.
		4.40%, 09/25/23	965		979
		4.13%, 05/01/24	1,756		1,759
	Ashtead Capital Inc.
		5.25%, 08/01/26 (b)	3,101		3,171
	Aviation Capital Group LLC
		4.38%, 01/30/24 (b)	2,395		2,441
	Avolon Holdings Funding Ltd.
		5.13%, 10/01/23 (b)	2,300		2,340
	General Electric Co.
		5.00%, (callable at 100 beginning 01/21/21) (d) (f)	9,210		8,600
	General Motors Co.
		5.95%, 04/01/49	708		684
	Johnson Controls International Plc
		5.13%, 09/14/45	1,005		1,051
	Mexico City Airport Trust
		5.50%, 07/31/47 (b)	643		595
	Park Aerospace Holdings Ltd.
		5.25%, 08/15/22 (b)	4,275		4,382
	Union Pacific Corp.
		3.60%, 09/15/37	1,656		1,586
		4.38%, 09/10/38	1,200		1,254
				28,842
Information Technology 1.6%
	Broadcom Corp.
		3.88%, 01/15/27	1,360		1,300
	Broadcom Inc.
		3.63%, 10/15/24	2,900		2,877
		4.25%, 04/15/26	2,900		2,879
	Microsoft Corp.
		3.45%, 08/08/36	2,865		2,896
		3.95%, 08/08/56	2,355		2,460
	NXP BV
		4.13%, 06/01/21 (b)	2,601		2,648

337

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
		4.63%, 06/01/23 (b)	1,293		1,345
	Oracle Corp.
		4.00%, 11/15/47	1,946		1,963
				18,368
Materials 2.0%
	Anglo American Capital Plc
		3.63%, 09/11/24 (b)	1,250		1,239
		4.88%, 05/14/25 (b)	3,035		3,158
		4.75%, 04/10/27 (b)	2,539		2,595
		4.50%, 03/15/28 (b)	1,430		1,429
	CF Industries Inc.
		3.40%, 12/01/21 (b)	3,910		3,914
		4.50%, 12/01/26 (b)	3,928		3,978
	Corning Inc.
		5.85%, 11/15/68 (f)	1,223		1,330
	Freeport-McMoRan Inc.
		4.55%, 11/14/24	3,946		3,891
		5.40%, 11/14/34	1,794		1,635
	Samarco Mineracao SA
		0.00%, 11/01/22 (f) (j) (k) (l)	345		218
		0.00%, 09/26/24 (b) (j) (k)	340		225
				23,612
Real Estate 0.6%
	Boston Properties LP
		2.75%, 10/01/26	810		768
		4.50%, 12/01/28	3,242		3,449
	Crown Castle International Corp.
		2.25%, 09/01/21	1,285		1,263
	ERP Operating LP
		3.50%, 03/01/28	1,375		1,397
				6,877
Utilities 4.2%
	AES Corp.
		4.00%, 03/15/21	5,165		5,230
	Ameren Illinois Co.
		4.50%, 03/15/49	2,365		2,645
	Atlantic City Electric Co.
		3.38%, 09/01/24	3,386		3,419
	Avangrid Inc.
		3.15%, 12/01/24	3,760		3,711
	Basin Electric Power Cooperative
		4.75%, 04/26/47 (b)	2,435		2,604
	Commonwealth Edison Co.
		3.75%, 08/15/47	2,149		2,102
	Electricite de France SA
		4.50%, 09/21/28 (b)	3,900		4,025
	Enel SpA
		8.75%, 09/24/73 (b) (c)	1,472		1,617
	Exelon Corp.
		5.10%, 06/15/45	1,756		1,964
	FirstEnergy Corp.
		3.90%, 07/15/27	4,123		4,187
		4.85%, 07/15/47 (m)	1,518		1,625
	Indiana Michigan Power Co.
		4.25%, 08/15/48	1,619		1,669
	Nevada Power Co.
		3.70%, 05/01/29	3,556		3,681
	Oncor Electric Delivery Co. LLC
		2.95%, 04/01/25	4,550		4,549
	Southern California Edison Co.
		4.13%, 03/01/48	1,101		1,052
	Southern Co.
		2.95%, 07/01/23	4,512		4,496
				48,576
	Total Corporate Bonds And Notes (cost $438,149)			447,350
SENIOR LOAN INTERESTS 2.0%
Communication Services 0.4%
	CenturyLink Inc.
		Term Loan B, 5.25%, (3M LIBOR + 2.75%), 01/15/25 (c)	2,814		2,756
			Shares/Par¹		Value ($)
	Sprint Communications Inc.
		1st Lien Term Loan B, 5.00%, (3M LIBOR + 2.50%), 02/01/24 (c)	2,058		2,001
				4,757
Consumer Discretionary 0.8%
	Charter Communications Operating LLC
		Term Loan B, 4.50%, (3M LIBOR + 2.00%), 04/30/25 (c)	1,499		1,488
	CSC Holdings LLC
		1st Lien Term Loan, 4.73%, (3M LIBOR + 2.25%), 07/15/25 (c)	735		713
	Golden Nugget Inc.
		Incremental Term Loan B, 5.23%, (3M LIBOR + 2.75%), 09/07/23 (c)	895		886
		Incremental Term Loan B, 5.24%, (3M LIBOR + 2.75%), 10/04/23 (c)	1,128		1,116
	Marriott Ownership Resorts Inc.
		Term Loan B, 4.75%, (3M LIBOR + 2.25%), 08/09/25 (c)	3,202		3,182
	UFC Holdings LLC
		1st Lien Term Loan, 5.75%, (3M LIBOR + 3.25%), 07/22/23 (c)	1,463		1,450
				8,835
Consumer Staples 0.3%
	JBS USA LLC
		Term Loan B, 4.99%, (3M LIBOR + 2.50%), 10/30/22 (c)	572		568
		Term Loan B, 4.98%, (3M LIBOR + 2.50%), 06/30/24 (c)	3,398		3,371
				3,939
Energy 0.1%
	TEX Operations Co. LLC
		Term Loan B, 4.49%, (3M LIBOR + 2.00%), 08/04/23 (c)	849		839
	Traverse Midstream Partners LLC
		Term Loan, 6.50%, (3M LIBOR + 4.00%), 09/22/24 (c)	818		816
				1,655
Industrials 0.3%
	Gol LuxCo SA
		1st Lien Term Loan, 6.50%, (3M Fixed + 6.50%), 08/18/20 (c)	3,100		3,108
Materials 0.1%
	BWAY Holding Co.
		Term Loan B, 6.03%, (3M LIBOR + 3.25%), 04/03/24 (c)	1,081		1,053
	Total Senior Loan Interests (cost $23,555)			23,347
GOVERNMENT AND AGENCY OBLIGATIONS 42.9%
Mortgage-Backed Securities 20.8%
	Federal Home Loan Mortgage Corp.
		2.50%, 08/01/31	1,387		1,382
		2.50%, 02/01/32	285		284
		5.00%, 02/01/38 - 11/01/41	2,074		2,239
		4.50%, 03/01/42	2,672		2,835
		3.00%, 08/01/43 - 11/01/46	4,864		4,856
		3.50%, 04/01/42 - 05/01/48	21,871		22,251
		3.00%, 07/01/32 - 09/01/47	19,535		19,491
		4.00%, 10/01/45 - 09/01/48	9,541		9,874
		4.00%, 08/01/46	692		717
		3.50%, 11/01/48 (n)	3,165		3,210
	Federal National Mortgage Association
		2.50%, 01/01/31 - 01/01/32	3,431		3,414
		4.50%, 08/01/40 - 05/01/48	13,725		14,482
		5.00%, 06/01/35 - 05/01/42	2,132		2,297
		3.00%, 09/01/30 - 01/01/47	17,438		17,472
		3.08%, (12M USD LIBOR + 1.58%), 04/01/45 (c)	1,731		1,744
		3.50%, 01/01/46 - 05/01/46	3,124		3,177
		4.50%, 08/01/46	2,940		3,086
		3.00%, 04/01/31 - 11/01/46	4,889		4,881
		3.50%, 05/01/33 - 01/01/48	28,964		29,531
		4.00%, 10/01/44 - 08/01/48	33,300		34,473
		4.00%, 08/01/48 (n)	3,872		3,985
	Government National Mortgage Association
		5.00%, 08/20/41	562		602

338

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
		3.00%, 07/20/45 - 08/20/47	6,868		6,916
		3.50%, 06/20/43 - 05/20/47	19,164		19,614
		3.50%, 08/20/46	3,880		3,972
		3.00%, 12/20/46	2,485		2,500
		4.00%, 05/20/44 - 12/20/47	15,617		16,183
		4.50%, 08/20/48 - 09/20/48	6,898		7,166
				242,634
Municipal 0.1%
	Port Authority of New York & New Jersey
		4.46%, 10/01/62	1,490		1,669
U.S. Treasury Securities 22.0%
	U.S. Treasury Bond
		3.75%, 08/15/41	6,848		8,028
		3.13%, 11/15/41	8,720		9,295
		2.50%, 02/15/45 - 02/15/46	17,568		16,586
		3.00%, 02/15/48	1,390		1,441
	U.S. Treasury Note
		2.00%, 02/15/22	16,586		16,485
		1.88%, 04/30/22	17,630		17,448
		1.63%, 08/31/22 - 05/31/23	46,505		45,462
		2.75%, 02/15/24 (n)	22,514		23,042
		2.50%, 02/15/22 - 05/15/24	17,085		17,282
		2.13%, 05/15/25	7,217		7,145
		2.88%, 07/31/25	15,446		15,967
		1.50%, 08/15/26	14,046		13,256
		2.25%, 11/15/25 - 08/15/27	59,293		58,961
		3.13%, 11/15/28	5,925		6,292
				256,690
	Total Government And Agency Obligations (cost $498,770)			500,993
SHORT TERM INVESTMENTS 2.2%
Investment Companies 1.0%
	JNL Government Money Market Fund - Institutional Class, 2.33% (o) (p)		11,866		11,866
Securities Lending Collateral 1.2%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.43% (o) (p)		14,043		14,043
	Total Short Term Investments (cost $25,909)			25,909
Total Investments 100.9% (cost $1,166,602)					1,177,371
Other Derivative Instruments 0.0%					35
Other Assets and Liabilities, Net (0.9)%					(10,042)
Total Net Assets 100.0%					1,167,364

(a) The Fund had an unfunded commitment at March 31, 2019. See the table of Unfunded Commitments in the Schedules of Investments.

(c) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of March 31, 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 reflects 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) Perpetual security. Next contractual call date presented, if applicable.

(f) The Sub-Adviser has deemed this security to be illiquid based on procedures approved by the JNL Series Trust's Board of Trustees.

(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) All or a portion of the security was on loan.

(i) Convertible security.

(j) Non-income producing security.

(k) Issuer was in bankruptcy and/or was in default relating to principal and/or interest. Partial or no payments were paid on the last interest or dividend date.

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

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

(n) All or a portion of the security was purchased on a delayed delivery basis. As of March 31, 2019, the total payable for investments purchased on a delayed delivery basis was $29,827.

(o) Investment in affiliate.

(p) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2019.

339

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019

Restricted Securities

Initial Acquisition

Cost ($)

Value ($)

Percent of

Net Assets (%)

Samarco Mineracao SA, 0.00%, 11/01/22

10/31/12

343

218

—

Unfunded Commitments


JNL/PPM America Total Return Fund — Futures Contracts
Reference Entity	Contracts¹	Expiration	Notional¹			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
U.S. Treasury Long Bond	450	June 2019		65,674	(169)			1,671
U.S. Treasury Note, 2-Year	12	June 2019		2,557	23			—
U.S. Treasury Note, 5-Year	336	June 2019		38,719	(50)			199
Ultra 10-Year U.S. Treasury Note	117	June 2019		15,231	(33)			305
					(229)			2,175
Short Contracts
U.S. Treasury Note, 10-Year	(962)	June 2019		(117,654)	264			(1,844)
Ultra Long Term U.S. Treasury Bond	(23)	June 2019		(3,826)	9			(38)
					273			(1,882)

JNL/PPM America Total Return Fund — Centrally Cleared Credit Default Swap Agreements

Reference Entity²

Fixed

Receive/

Pay Rate⁸

(%)

Expiration

Notional^1,7

Value⁶ ($)

Variation

Margin

Receivable

(Payable) ($)

Unrealized

Appreciation

(Depreciation) ($)

Credit default swap agreements - purchase protection³

CDX.NA.IG.32 (Q)

1.00

06/20/24

6,000

(108)

(9)

(5)

340

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
JNL/PPM America Value Equity Fund
COMMON STOCKS 99.2%
Communication Services 6.7%
	AT&T Inc.	170		5,331
	Comcast Corp. - Class A	80		3,198
	Viacom Inc. - Class B	168		4,716
			13,245
Consumer Discretionary 9.1%
	Best Buy Co. Inc.	31		2,203
	Foot Locker Inc.	38		2,291
	General Motors Co.	128		4,734
	Macy's Inc.	99		2,379
	Newell Brands Inc.	145		2,224
	Royal Caribbean Cruises Ltd.	37		4,241
			18,072
Consumer Staples 5.2%
	Altria Group Inc.	68		3,905
	Archer-Daniels-Midland Co.	89		3,839
	Campbell Soup Co. (a)	67		2,555
			10,299
Energy 9.6%
	Apache Corp.	133		4,610
	Chevron Corp.	40		4,927
	Halliburton Co.	144		4,207
	National Oilwell Varco Inc.	86		2,291
	Occidental Petroleum Corp.	45		2,979
			19,014
Financials 24.0%
	Allstate Corp.	43		4,050
	Bank of America Corp.	149		4,125
	Citigroup Inc.	69		4,293
	Goldman Sachs Group Inc.	22		4,224
	Hartford Financial Services Group Inc.	105		5,221
	Huntington Bancshares Inc.	215		2,726
	JPMorgan Chase & Co.	42		4,302
	Lincoln National Corp.	81		4,743
	Morgan Stanley	102		4,321
	PNC Financial Services Group Inc.	20		2,416
	Synovus Financial Corp.	94		3,230
	Wells Fargo & Co.	80		3,866
			47,517
Health Care 15.1%
	AbbVie Inc.	62		5,029
	Cigna Corp.	28		4,503
	CVS Health Corp.	64		3,451
	Gilead Sciences Inc.	74		4,811
	McKesson Corp.	36		4,214
	Merck & Co. Inc.	35		2,894
	Pfizer Inc.	119		5,037
			29,939
Industrials 8.6%
	Caterpillar Inc.	29		3,929
	Delta Air Lines Inc.	88		4,545
	Spirit Aerosystems Holdings Inc. - Class A	40		3,707
	Terex Corp.	62		1,979
	Textron Inc.	56		2,827
			16,987
Information Technology 14.3%
	Alliance Data Systems Corp.	16		2,800
	Apple Inc.	28		5,395
	Avnet Inc.	92		3,994
	Cisco Systems Inc.	70		3,768
	Intel Corp.	38		2,041
	International Business Machines Corp.	22		3,076
	Leidos Holdings Inc.	66		4,236
	Microsoft Corp.	26		3,125
			28,435
Materials 3.2%
	Berry Global Group Inc. (b)	59		3,189
	Nucor Corp.	56		3,268
			6,457
		Shares/Par¹		Value ($)
Utilities 3.4%
	AES Corp.	187		3,379
	Vistra Energy Corp.	126		3,293
			6,672
	Total Common Stocks (cost $185,922)		196,637
SHORT TERM INVESTMENTS 0.6%
Investment Companies 0.6%
	JNL Government Money Market Fund - Institutional Class, 2.33% (c) (d)	1,229		1,229
	Total Short Term Investments (cost $1,229)		1,229
Total Investments 99.8% (cost $187,151)				197,866
Other Assets and Liabilities, Net 0.2%				352
Total Net Assets 100.0%				198,218

(a) All or a portion of the security was on loan.

(b) Non-income producing security.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2019.

341

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
JNL/S&P Competitive Advantage Fund
COMMON STOCKS 99.9%
Consumer Discretionary 29.7%
	Best Buy Co. Inc.	1,218		86,529
	Capri Holdings Ltd. (a)	429		19,639
	Gap Inc. (b)	3,124		81,796
	H&R Block Inc. (b)	2,158		51,654
	Nike Inc. - Class B (b)	687		57,890
	Nordstrom Inc. (b)	1,602		71,079
	Ross Stores Inc.	931		86,660
	Starbucks Corp.	582		43,282
	TJX Cos. Inc.	1,667		88,691
	Tractor Supply Co.	931		91,023
	Ulta Beauty Inc. (a)	300		104,780
			783,023
Consumer Staples 5.8%
	Clorox Co.	555		89,128
	Hershey Co.	561		64,472
			153,600
Health Care 5.0%
	Align Technology Inc. (a) (b)	119		33,726
	Mettler-Toledo International Inc. (a)	137		99,055
			132,781
Industrials 22.8%
	3M Co.	282		58,596
	Expeditors International of Washington Inc.	1,156		87,731
	Fastenal Co. (b)	977		62,807
	Huntington Ingalls Industries Inc.	133		27,455
	Illinois Tool Works Inc. (b)	613		88,036
	JB Hunt Transport Services Inc.	258		26,158
	Robert Half International Inc.	1,249		81,365
	Rockwell Automation Inc.	485		85,073
	Rollins Inc. (b)	1,345		55,986
	United Parcel Service Inc. - Class B	252		28,145
			601,352
Information Technology 36.6%
	Accenture Plc - Class A	522		91,936
	Applied Materials Inc.	1,454		57,645
	Automatic Data Processing Inc.	579		92,476
	Citrix Systems Inc.	787		78,460


			Shares/Par¹		Value ($)
	F5 Networks Inc. (a)		489		76,778
	Intuit Inc.		382		99,771
	Jack Henry & Associates Inc.		209		29,048
	Lam Research Corp.		512		91,609
	Mastercard Inc. - Class A		136		31,930
	NetApp Inc. (b)		835		57,867
	Nvidia Corp. (b)		277		49,805
	Paychex Inc.		1,172		93,995
	Skyworks Solutions Inc.		340		28,045
	Texas Instruments Inc.		814		86,351
				965,716
	Total Common Stocks (cost $2,287,836)			2,636,472
SHORT TERM INVESTMENTS 2.5%
Investment Companies 0.1%
	JNL Government Money Market Fund - Institutional Class, 2.33% (c) (d)		2,603		2,603
Securities Lending Collateral 2.4%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.43% (c) (d)		6,320		6,320
	Repurchase Agreement with CIT, 2.92% (Collateralized by various publicly traded equities with a value of $49,500) acquired on 11/29/17, due 07/01/19 at $47,113		45,000		45,000
	Repurchase Agreement with MSC, 2.85% (Collateralized by various publicly traded equities with a value of $13,751) acquired on 03/22/19, due 07/01/19 at $12,600		12,500		12,500
				63,820
Treasury Securities 0.0%
	U.S. Treasury Bill
		2.44%, 06/06/19 (e) (f)	460		458
	Total Short Term Investments (cost $66,881)			66,881
Total Investments 102.4% (cost $2,354,717)					2,703,353
Other Derivative Instruments 0.0%					59
Other Assets and Liabilities, Net (2.4)%					(62,951)
Total Net Assets 100.0%					2,640,461

(a) Non-income producing security.

(b) All or a portion of the security was on loan.

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

June 2019

9,841

342

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
JNL/S&P Dividend Income & Growth Fund
COMMON STOCKS 99.6%
Communication Services 9.6%
	AT&T Inc.		1,617		50,705
	CenturyLink Inc. (a)		2,426		29,092
	Comcast Corp. - Class A		2,501		99,988
	Omnicom Group Inc. (a)		2,020		147,427
	Verizon Communications Inc.		941		55,669
	Walt Disney Co.		851		94,458
				477,339
Consumer Discretionary 7.8%
	Harley-Davidson Inc.		3,666		130,736
	Leggett & Platt Inc. (a)		2,425		102,379
	Nordstrom Inc.		996		44,215
	Target Corp.		1,362		109,329
				386,659
Consumer Staples 9.2%
	Altria Group Inc.		1,784		102,443
	Archer-Daniels-Midland Co.		1,110		47,867
	Coca-Cola Co.		3,192		149,581
	Kimberly-Clark Corp.		1,285		159,225
				459,116
Energy 9.5%
	Exxon Mobil Corp.		1,870		151,129
	Kinder Morgan Inc. (a)		2,903		58,083
	ONEOK Inc.		2,334		162,970
	Valero Energy Corp.		1,208		102,494
				474,676
Financials 8.4%
	Invesco Ltd. (a)		2,132		41,162
	MetLife Inc.		2,179		92,759
	People's United Financial Inc. (a)		8,422		138,462
	Principal Financial Group Inc.		2,849		142,987
				415,370
Health Care 8.4%
	AbbVie Inc.		535		43,136
	Amgen Inc.		493		93,739
	Cardinal Health Inc.		2,768		133,281
	Johnson & Johnson		1,073		149,987
				420,143
Industrials 9.2%
	Cummins Inc.		1,000		157,848
	Eaton Corp. Plc		618		49,780
	PACCAR Inc.		2,258		153,863
	United Parcel Service Inc. - Class B		865		96,697
				458,188
Information Technology 9.2%
	Cisco Systems Inc.		1,039		56,099
	International Business Machines Corp.		1,096		154,704
	Maxim Integrated Products Inc.		866		46,047
			Shares/Par¹		Value ($)
	Paychex Inc. (a)		701		56,249
	QUALCOMM Inc.		748		42,640
	Texas Instruments Inc.		946		100,378
				456,117
Materials 9.1%
	Air Products & Chemicals Inc. (a)		884		168,720
	Linde Plc		317		55,688
	LyondellBasell Industries NV - Class A		456		38,300
	Nucor Corp.		2,436		142,126
	PPG Industries Inc.		421		47,532
				452,366
Real Estate 9.6%
	Kimco Realty Corp. (a)		8,778		162,395
	Ventas Inc.		2,404		153,370
	Welltower Inc. (a)		2,101		163,059
				478,824
Utilities 9.6%
	Consolidated Edison Inc.		1,853		157,150
	Duke Energy Corp.		1,734		156,033
	Southern Co.		3,198		165,285
				478,468
	Total Common Stocks (cost $4,889,881)			4,957,266
SHORT TERM INVESTMENTS 2.6%
Investment Companies 0.2%
	JNL Government Money Market Fund - Institutional Class, 2.33% (b) (c)		6,737		6,737
Securities Lending Collateral 2.4%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.43% (b) (c)		18,476		18,476
	Repurchase Agreement with CIT, 2.92% (Collateralized by various publicly traded equities with a value of $99,000) acquired on 11/29/17, due 07/01/19 at $94,227		90,000		90,000
	Repurchase Agreement with MSC, 2.85% (Collateralized by various publicly traded equities with a value of $13,751) acquired on 03/22/19, due 07/01/19 at $12,600		12,500		12,500
				120,976
Treasury Securities 0.0%
	U.S. Treasury Bill
		2.44%, 06/06/19 (d) (e)	840		836
	Total Short Term Investments (cost $128,549)			128,549
Total Investments 102.2% (cost $5,018,430)					5,085,815
Other Derivative Instruments 0.0%					94
Other Assets and Liabilities, Net (2.2)%					(110,971)
Total Net Assets 100.0%					4,974,938

(a) All or a portion of the security was on loan.

(b) Investment in affiliate.

(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 E-Mini Index

138

June 2019

19,351

230

343

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
JNL/S&P International 5 Fund
COMMON STOCKS 98.9%
Australia 12.1%
	AGL Energy Ltd.	18		281
	AMP Ltd.	162		241
	Aurizon Holdings Ltd.	78		251
	Australia & New Zealand Banking Group Ltd.	14		259
	BHP Group Plc	10		280
	BlueScope Steel Ltd.	29		286
	Coca-Cola Amatil Ltd.	43		266
	Commonwealth Bank of Australia	5		261
	Crown Resorts Ltd.	16		127
	Fortescue Metals Group Ltd.	60		305
	Harvey Norman Holdings Ltd.	49		141
	Insurance Australia Group Ltd.	53		290
	Macquarie Group Ltd.	3		278
	Mirvac Group	136		265
	National Australia Bank Ltd.	16		282
	Qantas Airways Ltd.	67		270
	QBE Insurance Group Ltd.	32		278
	Rio Tinto Ltd.	4		285
	Scentre Group	101		296
	South32 Ltd.	98		258
	Suncorp Group Ltd.	29		282
	Vicinity Centres	143		265
	Wesfarmers Ltd.	12		292
	Westpac Banking Corp. (a)	15		268
			6,307
Belgium 1.8%
	Groupe Bruxelles Lambert SA	2		186
	Solvay SA	3		366
	UCB SA	4		361
			913
Canada 8.8%
	Cameco Corp.	18		212
	Canadian Natural Resources Ltd.	15		423
	Empire Co. Ltd. - Class A	7		141
	Genworth MI Canada Inc.	5		136
	Great-West Lifeco Inc.	12		286
	H&R REIT	12		214
	Imperial Oil Ltd. (a)	16		440
	Manulife Financial Corp.	26		440
	Methanex Corp.	4		210
	Restaurant Brands International Inc.	7		462
	SmartCentres REIT	6		157
	Sun Life Financial Inc. (a)	11		438
	Teck Resources Ltd. - Class B	19		447
	Thomson Reuters Corp.	5		302
	West Fraser Timber Co. Ltd.	6		268
			4,576
Denmark 1.4%
	ISS A/S	9		271
	Novo Nordisk A/S - Class B	8		441
			712
Finland 1.4%
	Stora Enso Oyj - Class R	30		362
	UPM-Kymmene Oyj	13		388
			750
France 7.8%
	AXA SA	16		415
	Capgemini SA	3		419
	Carrefour SA	21		385
	Klepierre	11		373
	Peugeot SA	16		392
	Sanofi SA	5		441
	Schneider Electric SE	5		416
	Sodexo SA	3		376
	Veolia Environnement	19		418
	Vinci SA	4		427
			4,062
		Shares/Par¹		Value ($)
Germany 1.9%
	Deutsche Telekom AG	25		416
	Hochtief AG	1		168
	Muenchener Rueckversicherungs AG	2		415
			999
Hong Kong 1.0%
	ASM Pacific Technology Ltd.	24		265
	HKT Trust	160		257
			522
Ireland 0.5%
	Smurfit Kappa Group Plc	10		267
Israel 0.5%
	First International Bank of Israel Ltd.	2		47
	Israel Corp. Ltd.	—		38
	Plus500 Ltd.	18		180
			265
Italy 3.8%
	A2A SpA	104		190
	Assicurazioni Generali SpA	23		433
	Atlantia SpA	18		456
	Mediobanca SpA	42		441
	Snam Rete Gas SpA	84		434
			1,954
Japan 22.9%
	Aisin Seiki Co. Ltd.	8		268
	Amada Co. Ltd.	28		272
	Ashikaga Holdings Co. Ltd.	55		140
	Bridgestone Corp.	8		324
	Canon Inc.	12		335
	Honda Motor Co. Ltd.	12		319
	ITOCHU Corp.	19		337
	Japan Retail Fund Investment Corp.	—		219
	Japan Tobacco Inc.	13		325
	JFE Holdings Inc.	19		324
	JS Group Corp.	22		287
	JXTG Holdings Inc.	70		319
	KDDI Corp.	14		295
	Kobe Steel Ltd.	37		279
	Marubeni Corp.	46		320
	Mitsubishi Chemical Holdings Corp.	45		318
	Mitsubishi Corp.	12		328
	Mitsubishi Gas Chemical Co. Inc.	14		200
	Mitsubishi Tanabe Pharma Corp.	15		203
	Mitsubishi UFJ Financial Group Inc.	65		320
	Mitsui & Co. Ltd.	21		331
	Mitsui Chemicals Inc.	12		287
	Mixi Inc.	6		141
	Mizuho Financial Group Inc.	213		329
	Nippon Steel Corp.	19		327
	Nissan Motor Co. Ltd. (a)	39		317
	Nomura Real Estate Holdings Inc.	8		152
	NSK Ltd.	32		299
	NTN Corp.	47		138
	NTT DoCoMo Inc.	14		312
	Panasonic Corp.	36		311
	Resona Holdings Inc.	74		319
	Seiko Epson Corp.	20		301
	Sekisui House Ltd.	22		371
	Subaru Corp. NPV	13		301
	Sumitomo Chemical Co. Ltd.	67		310
	Sumitomo Corp.	23		320
	Sumitomo Metal Mining Co. Ltd.	11		334
	Sumitomo Rubber Industries Inc.	17		204
	Tosoh Corp.	20		309
	United Urban Investment Corp.	—		150
	Yamaha Motor Co. Ltd.	16		318
			11,913
Luxembourg 0.4%
	SES SA - FDR	13		210
Netherlands 4.1%
	Koninklijke Ahold NV	16		428
	Koninklijke KPN NV	132		420

344

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Koninklijke Philips Electronics NV		10		427
	Royal Dutch Shell Plc - Class A		13		411
	Unilever NV - CVA		8		445
				2,131
New Zealand 0.3%
	Contact Energy Ltd.		29		138
Norway 1.1%
	Telenor ASA		21		419
	TGS Nopec Geophysical Co. ASA		7		180
				599
Singapore 1.8%
	CapitaLand Ltd.		96		259
	Genting International Plc		324		249
	Mapletree Commercial Trust		95		133
	Singapore Telecommunications Ltd.		122		273
				914
South Korea 0.9%
	CJ O Shopping Co. Ltd.		1		241
	Hyundai Heavy Industries Holdings Co. Ltd.		1		223
				464
Spain 4.6%
	ACS Actividades de Construccion y Servicios SA		9		410
	Aena SME SA		2		422
	Banco Bilbao Vizcaya Argentaria SA		67		385
	CaixaBank SA		116		364
	Red Electrica Corp. SA		19		407
	Repsol SA (a)		24		410
				2,398
Sweden 1.9%
	Castellum AB		10		194
	SKF AB - Class B (a)		22		362
	Telia Co. AB		95		428
				984
Switzerland 3.6%
	LafargeHolcim Ltd.		8		413
	Novartis AG		4		432
	Roche Holding AG		1		180
	Swisscom AG		1		436
	Zurich Insurance Group AG		1		417
				1,878
United Kingdom 16.3%
	Antofagasta Plc		32		402
	Aviva Plc		73		391
			Shares/Par¹		Value ($)
	Babcock International Group Plc		26		168
	Barratt Developments Plc		52		403
	Berkeley Group Holdings Plc		5		251
	Burberry Group Plc		16		408
	Carnival Plc		7		359
	Centrica Plc		243		362
	HSBC Holdings Plc		50		405
	Imperial Brands Plc		12		419
	International Consolidated Airlines Group SA		52		344
	ITV Plc		164		271
	J Sainsbury Plc		133		409
	Land Securities Group Plc		24		280
	Legal & General Group Plc		112		402
	Marks & Spencer Group Plc		117		424
	Mondi Plc		17		369
	Persimmon Plc		13		357
	Rio Tinto Plc		7		407
	RSA Insurance Group Plc		53		350
	Smiths Group Plc		10		181
	St. James's Place Plc		22		297
	Taylor Wimpey Plc		156		357
	Unilever Plc		8		444
				8,460
	Total Common Stocks (cost $52,412)			51,416
SHORT TERM INVESTMENTS 3.5%
Investment Companies 0.3%
	JNL Government Money Market Fund - Institutional Class, 2.33% (b) (c)		154		154
Securities Lending Collateral 3.1%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.43% (b) (c)		1,623		1,623
Treasury Securities 0.1%
	U.S. Treasury Bill
		2.44%, 06/06/19 (d) (e)	30		30
	Total Short Term Investments (cost $1,807)			1,807
Total Investments 102.4% (cost $54,219)					53,223
Other Derivative Instruments 0.0%					1
Other Assets and Liabilities, Net (2.4)%					(1,243)
Total Net Assets 100.0%					51,981

(a) All or a portion of the security was on loan.

(b) Investment in affiliate.

(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 International 5 Fund — Futures Contracts

Reference Entity

Contracts¹

Expiration

Notional¹

Variation

Margin

Receivable

(Payable) ($)

Unrealized

Appreciation

(Depreciation) ($)

Long Contracts

Mini MSCI Emerging EAFE Index

June 2019

370

345

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
JNL/S&P Intrinsic Value Fund
COMMON STOCKS 99.4%
Communication Services 6.0%
	Comcast Corp. - Class A	1,572		62,855
	Omnicom Group Inc.	1,118		81,583
			144,438
Consumer Discretionary 28.0%
	Best Buy Co. Inc.	719		51,068
	Capri Holdings Ltd. (a)	425		19,446
	Foot Locker Inc.	1,135		68,770
	Goodyear Tire & Rubber Co.	2,602		47,219
	H&R Block Inc.	2,000		47,879
	Harley-Davidson Inc.	2,014		71,805
	Kohl's Corp.	1,153		79,286
	Lennar Corp. - Class A	472		23,173
	Limited Brands Inc.	2,042		56,309
	Pulte Homes Inc.	3,026		84,604
	Ralph Lauren Corp. - Class A	490		63,508
	Starbucks Corp.	752		55,928
			668,995
Consumer Staples 6.9%
	Altria Group Inc.	432		24,825
	Hershey Co.	307		35,263
	Tyson Foods Inc. - Class A	485		33,657
	Walgreens Boots Alliance Inc.	1,108		70,096
			163,841
Energy 2.8%
	HollyFrontier Corp.	902		44,422
	Marathon Petroleum Corp.	375		22,446
			66,868
Health Care 16.8%
	AmerisourceBergen Corp.	617		49,067
	Amgen Inc.	274		52,109
	Biogen Inc. (a)	69		16,397
	Cardinal Health Inc.	1,534		73,858
	Celgene Corp. (a)	396		37,348
	Gilead Sciences Inc.	1,155		75,095
	McKesson Corp.	649		75,992
	Mylan NV (a)	789		22,352
			402,218
Industrials 4.2%
	Nielsen Holdings Plc	1,187		28,102


			Shares/Par¹		Value ($)
	Southwest Airlines Co.		929		48,237
	United Parcel Service Inc. - Class B		205		22,952
				99,291
Information Technology 24.7%
	Alliance Data Systems Corp.		130		22,704
	Applied Materials Inc.		766		30,401
	DXC Technology Co.		1,138		73,176
	HP Inc.		3,649		70,896
	International Business Machines Corp.		606		85,457
	Lam Research Corp.		490		87,686
	Seagate Technology		576		27,612
	Western Digital Corp.		1,082		52,013
	Western Union Co.		4,432		81,863
	Xerox Corp.		1,799		57,522
				589,330
Materials 5.0%
	Eastman Chemical Co.		272		20,660
	International Paper Co.		1,115		51,612
	LyondellBasell Industries NV - Class A		274		23,008
	WestRock Co.		606		23,262
				118,542
Real Estate 3.7%
	Kimco Realty Corp.		4,848		89,682
Utilities 1.3%
	NRG Energy Inc.		744		31,594
	Total Common Stocks (cost $2,435,098)			2,374,799
SHORT TERM INVESTMENTS 0.4%
Investment Companies 0.4%
	JNL Government Money Market Fund - Institutional Class, 2.33% (b) (c)		8,814		8,814
Treasury Securities 0.0%
	U.S. Treasury Bill
		2.44%, 06/06/19 (d) (e)	780		777
	Total Short Term Investments (cost $9,591)			9,591
Total Investments 99.8% (cost $2,444,689)					2,384,390
Other Derivative Instruments 0.0%					88
Other Assets and Liabilities, Net 0.2%					3,872
Total Net Assets 100.0%					2,388,350

(a) Non-income producing security.

(b) Investment in affiliate.

(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 Intrinsic Value Fund — Futures Contracts

Reference Entity

Contracts¹

Expiration

Notional¹

Variation

Margin

Receivable

(Payable) ($)

Unrealized

Appreciation

(Depreciation) ($)

Long Contracts

S&P 500 E-Mini Index

105

June 2019

14,686

213

346

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
JNL/S&P Mid 3 Fund
COMMON STOCKS 99.8%
Communication Services 1.3%
	AMC Networks Inc. - Class A (a)		40		2,291
	Cars.com Inc. (a)		33		747
				3,038
Consumer Discretionary 36.9%
	American Eagle Outfitters Inc.		140		3,096
	Bed Bath & Beyond Inc.		346		5,887
	Carter's Inc.		29		2,942
	Cheesecake Factory Inc.		60		2,946
	Cracker Barrel Old Country Store Inc. (b)		18		2,837
	Dana Holding Corp.		134		2,387
	Deckers Outdoor Corp. (a)		39		5,754
	Delphi Technologies Plc		60		1,150
	Dick's Sporting Goods Inc.		243		8,934
	Domino's Pizza Inc.		12		3,021
	Dunkin' Brands Group Inc.		41		3,091
	Gentex Corp.		467		9,651
	Michaels Cos. Inc. (a)		190		2,169
	NVR Inc. (a)		2		6,123
	Papa John's International Inc. (b)		68		3,586
	Six Flags Entertainment Corp.		53		2,601
	Texas Roadhouse Inc.		45		2,794
	Thor Industries Inc.		44		2,751
	Urban Outfitters Inc. (a)		212		6,282
	Weight Watchers International Inc. (a)		182		3,663
	Williams-Sonoma Inc. (b)		99		5,593
				87,258
Consumer Staples 6.5%
	Edgewell Personal Care Co. (a)		30		1,333
	Ingredion Inc.		32		3,008
	Lancaster Colony Corp.		12		1,857
	Sprouts Farmers Market Inc. (a)		249		5,355
	TreeHouse Foods Inc. (a)		61		3,918
				15,471
Energy 2.7%
	EQT Corp.		162		3,363
	Patterson-UTI Energy Inc.		221		3,106
				6,469
Financials 9.1%
	American Financial Group Inc.		28		2,746
	Evercore Inc. - Class A		103		9,360
	Green Dot Corp. - Class A (a)		44		2,681
	Hanover Insurance Group Inc.		16		1,788
	Janus Henderson Group Plc		33		832
	Navient Corp.		109		1,258
	SEI Investments Co.		54		2,817
				21,482
Health Care 3.9%
	Encompass Health Corp.		58		3,401
	Exelixis Inc. (a)		127		3,035
	United Therapeutics Corp. (a)		23		2,652
				9,088
Industrials 8.5%
	Acuity Brands Inc.		23		2,718
	AECOM (a)		60		1,771
	AGCO Corp.		54		3,786
			Shares/Par¹		Value ($)
	Deluxe Corp.		17		725
	Genesee & Wyoming Inc. - Class A (a)		36		3,121
	ITT Inc.		32		1,866
	Landstar System Inc.		25		2,697
	Old Dominion Freight Line Inc.		19		2,728
	Regal-Beloit Corp.		9		754
				20,166
Information Technology 14.0%
	Belden Inc.		21		1,145
	CDK Global Inc.		51		2,975
	Cirrus Logic Inc. (a)		92		3,893
	Cypress Semiconductor Corp.		238		3,557
	j2 Global Inc.		22		1,893
	Leidos Holdings Inc.		57		3,649
	LogMeIn Inc.		83		6,687
	MAXIMUS Inc.		26		1,867
	National Instruments Corp.		57		2,512
	NCR Corp. (a)		47		1,281
	Tech Data Corp. (a)		36		3,684
				33,143
Materials 10.1%
	Chemours Co.		75		2,783
	Domtar Corp.		52		2,582
	Eagle Materials Inc.		38		3,240
	Louisiana-Pacific Corp.		229		5,593
	Olin Corp.		142		3,292
	Scotts Miracle-Gro Co. - Class A		36		2,818
	Steel Dynamics Inc.		99		3,476
				23,784
Real Estate 6.8%
	Brixmor Property Group Inc.		380		6,977
	Highwoods Properties Inc.		41		1,900
	Realogy Holdings Corp. (b)		197		2,248
	Senior Housing Properties Trust		204		2,407
	Tanger Factory Outlet Centers Inc.		123		2,577
				16,109
	Total Common Stocks (cost $245,961)			236,008
SHORT TERM INVESTMENTS 1.9%
Investment Companies 0.2%
	JNL Government Money Market Fund - Institutional Class, 2.33% (c) (d)		395		395
Securities Lending Collateral 1.7%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.43% (c) (d)		4,033		4,033
Treasury Securities 0.0%
	U.S. Treasury Bill
		2.44%, 06/06/19 (e) (f)	60		60
	Total Short Term Investments (cost $4,488)			4,488
Total Investments 101.7% (cost $250,449)					240,496
Other Derivative Instruments 0.0%					2
Other Assets and Liabilities, Net (1.7)%					(4,007)
Total Net Assets 100.0%					236,491

(a) Non-income producing security.

(b) All or a portion of the security was on loan.

(d) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 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 Mid 3 Fund — Futures Contracts

Reference Entity

Contracts¹

Expiration

Notional¹

Variation

Margin

Receivable

(Payable) ($)

Unrealized

Appreciation

(Depreciation) ($)

Long Contracts

S&P MidCap 400 E-Mini Index

June 2019

574

(4)

347

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
JNL/S&P Total Yield Fund
COMMON STOCKS 99.1%
Communication Services 4.3%
	CenturyLink Inc.	1,575		18,883
	DISH Network Corp. - Class A (a)	757		24,002
	Viacom Inc. - Class B	1,633		45,829
			88,714
Consumer Discretionary 21.6%
	Best Buy Co. Inc.	674		47,884
	eBay Inc.	565		20,992
	Foot Locker Inc.	929		56,318
	Kohl's Corp.	323		22,234
	Lennar Corp. - Class A	438		21,484
	Limited Brands Inc.	2,474		68,230
	Macy's Inc.	1,484		35,654
	Newell Brands Inc.	3,457		53,031
	Tapestry Inc.	1,161		37,710
	Target Corp.	596		47,843
	Yum! Brands Inc.	308		30,752
			442,132
Consumer Staples 2.2%
	Molson Coors Brewing Co. - Class B	331		19,742
	Walgreens Boots Alliance Inc.	389		24,595
			44,337
Financials 14.8%
	Ameriprise Financial Inc.	356		45,671
	Capital One Financial Corp.	243		19,824
	Charles Schwab Corp.	456		19,515
	Discover Financial Services	343		24,388
	E*TRADE Financial Corp.	429		19,900
	Franklin Resources Inc.	2,130		70,588
	Loews Corp.	894		42,863
	MetLife Inc.	953		40,563
	State Street Corp.	307		20,221
			303,533
Health Care 7.3%
	Allergan Plc	140		20,448
	Amgen Inc.	349		66,309
	Cardinal Health Inc.	1,296		62,431
			149,188
Industrials 10.3%
	American Airlines Group Inc.	661		21,008
	Dover Corp.	800		75,065
	General Electric Co.	2,069		20,671


			Shares/Par¹		Value ($)
	Johnson Controls International Plc		709		26,185
	Pentair Plc		616		27,407
	Textron Inc.		775		39,252
				209,588
Information Technology 30.0%
	Alliance Data Systems Corp.		121		21,238
	Applied Materials Inc.		1,754		69,571
	Cisco Systems Inc.		1,421		76,719
	Citrix Systems Inc.		199		19,835
	Hewlett Packard Enterprise Co.		1,620		24,991
	HP Inc.		3,097		60,180
	Juniper Networks Inc.		1,701		45,016
	Lam Research Corp.		413		73,873
	NetApp Inc.		648		44,923
	Oracle Corp.		403		21,634
	QUALCOMM Inc.		767		43,756
	Western Digital Corp.		1,321		63,471
	Xerox Corp.		1,489		47,615
				612,822
Materials 4.9%
	CF Industries Holdings Inc.		1,032		42,181
	Sealed Air Corp.		1,264		58,215
				100,396
Real Estate 3.7%
	Kimco Realty Corp.		2,526		46,737
	Ventas Inc.		447		28,534
				75,271
	Total Common Stocks (cost $2,111,341)			2,025,981
SHORT TERM INVESTMENTS 0.7%
Investment Companies 0.6%
	JNL Government Money Market Fund - Institutional Class, 2.33% (b) (c)		12,882		12,882
Treasury Securities 0.1%
	U.S. Treasury Bill
		2.44%, 06/06/19 (d) (e)	865		861
	Total Short Term Investments (cost $13,743)			13,743
Total Investments 99.8% (cost $2,125,084)					2,039,724
Other Derivative Instruments 0.0%					109
Other Assets and Liabilities, Net 0.2%					4,621
Total Net Assets 100.0%					2,044,454

(a) Non-income producing security.

(b) Investment in affiliate.

(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 Total Yield Fund — Futures Contracts

Reference Entity

Contracts¹

Expiration

Notional¹

Variation

Margin

Receivable

(Payable) ($)

Unrealized

Appreciation

(Depreciation) ($)

Long Contracts

S&P 500 E-Mini Index

130

June 2019

18,195

109

251

348

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
JNL/Scout Unconstrained Bond Fund
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 15.2%
	American Airlines Pass-Through Trust
		Series 2013-A-2, 4.95%, 01/15/23	758		786
	Avis Budget Rental Car Funding AESOP LLC
		Series 2014-A-1A, 2.46%, 07/20/19	1,659		1,658
		Series 2019-A-1A, REMIC, 3.45%, 03/20/22	1,480		1,495
	Bank of The West Auto Trust
		Series 2017-A2-1, 1.78%, 02/15/21	2,063		2,059
	Citigroup Commercial Mortgage Trust
		Series 2018-A1-B2, 2.86%, 01/12/23	814		816
	COMM Mortgage Trust
		Series 2012-ASB-CR4, REMIC, 2.44%, 07/15/22	3,308		3,285
		Series 2013-ASB-CR10, REMIC, 3.80%, 04/12/23	547		560
	Continental Airlines Inc. Pass-Through Trust
		Series 2007-A-1, 5.98%, 10/19/23	205		215
	GS Mortgage Securities Trust
		Series 2014-A3-GC22, REMIC, 3.52%, 06/11/21	6,536		6,625
		Series 2013-AAB-GC14, REMIC, 3.82%, 04/10/23	1,993		2,033
	Hertz Vehicle Financing LLC
		Series 2016-A-2A, 2.95%, 03/25/21	2,030		2,020
		Series 2016-A-4A, 2.65%, 07/25/21	1,130		1,116
		Series 2019-A-1A, 3.71%, 03/25/22	2,165		2,190
	Home Equity Loan Trust
		Series 2006-AI3-HSA2, REMIC, 5.55%, 11/25/27 (a)	1,551		765
	JPMorgan Chase Commercial Mortgage Securities Trust
		Series 2012-ASB-LC9, REMIC, 2.44%, 08/17/22	3,167		3,149
	Northwest Airlines Inc.
		Series 2007-A-1, 7.03%, 11/01/19	2,745		2,800
	UBS Commercial Mortgage Trust
		Series 2018-A1-C11, 3.21%, 04/17/23	2,227		2,245
	US Airways Pass-Through Trust
		Series 2010-A-1, 6.25%, 04/22/23	1,491		1,583
		Series 2012-A-1, 5.90%, 10/01/24	4,405		4,768
	Wells Fargo Commercial Mortgage Trust
		Series 2013-ASB-LC12, REMIC, 3.93%, 04/17/23 (a)	4,433		4,543
	WFRBS Commercial Mortgage Trust
		Series 2013-A3-C18, REMIC, 3.65%, 11/18/20	3,290		3,325
		Series 2014-A3-C21, REMIC, 3.43%, 08/17/21	4,435		4,458
		Series 2012-ASB-C10, REMIC, 2.45%, 07/15/22	2,251		2,238
		Series 2013-A3-C13, REMIC, 2.75%, 03/17/23	1,735		1,731
		Series 2013-ASB-C15, REMIC, 3.72%, 05/17/23	1,238		1,262
		Series 2014-A2-LC14, REMIC, 2.86%, 03/15/47	105		105
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $58,117)			57,830
CORPORATE BONDS AND NOTES 25.1%
Consumer Staples 0.9%
	Philip Morris International Inc.
		2.00%, 02/21/20	3,160		3,139
Energy 0.9%
	Energy Transfer Partners LP
		4.05%, 03/15/25	3,460		3,511
Financials 19.3%
	American Express Co.
		2.20%, 10/30/20	3,195		3,171
	American Express Credit Corp.
		2.60%, 09/14/20	4,045		4,038
	Citigroup Inc.
		3.73%, (3M USD LIBOR + 0.95%), 07/24/23 (a)	5,655		5,665
	Daimler Finance North America LLC
		2.30%, 01/06/20 (b)	4,655		4,642
		3.10%, 05/04/20 (b)	5,010		5,020
		3.35%, 05/04/21 (b)	6,280		6,323
	Ford Motor Credit Co. LLC
		2.43%, 06/12/20	4,480		4,416
		3.81%, 10/12/21	2,520		2,494
	General Motors Financial Co. Inc.
		3.55%, 04/09/21	3,040		3,056
			Shares/Par¹		Value ($)
		5.10%, 01/17/24	4,055		4,214
	Goldman Sachs Group Inc.
		2.75%, 09/15/20	1,600		1,598
	JPMorgan Chase & Co.
		2.75%, 06/23/20	1,360		1,361
	MassMutual Global Funding II
		1.95%, 09/22/20 (b)	3,675		3,640
	Metropolitan Life Global Funding I
		3.03%, (3M USD LIBOR + 0.23%), 01/08/21 (a) (b)	3,365		3,360
	Reliance Standard Life Global Funding II
		2.50%, 01/15/20 (b)	3,295		3,280
	UBS Group AG
		2.45%, 12/01/20 (b)	2,330		2,316
	US Bank NA
		3.15%, 04/26/21	5,855		5,914
	Wells Fargo & Co.
		2.55%, 12/07/20	1,817		1,812
		3.97%, (3M USD LIBOR + 1.23%), 10/31/23 (a)	5,565		5,673
		3.75%, 01/24/24	1,145		1,180
				73,173
Health Care 3.4%
	Becton Dickinson & Co.
		2.40%, 06/05/20	3,565		3,544
	CVS Health Corp.
		3.70%, 03/09/23	2,465		2,503
	Halfmoon Parent Inc.
		3.20%, 09/17/20 (b)	6,890		6,923
				12,970
Materials 0.6%
	Sherwin-Williams Co.
		2.25%, 05/15/20	2,315		2,302
	Total Corporate Bonds And Notes (cost $94,429)			95,095
GOVERNMENT AND AGENCY OBLIGATIONS 56.9%
Commercial Mortgage-Backed Securities 0.4%
	Federal Home Loan Mortgage Corp.
		Series A2-KP03, REMIC, 1.78%, 07/25/19	1,439		1,434
Mortgage-Backed Securities 3.4%
	Federal National Mortgage Association
		2.77%, 06/01/23	2,958		2,983
		2.48%, 01/01/27	4,500		4,380
		3.03%, 06/01/27	2,025		2,040
		3.63%, 07/01/28	2,375		2,491
		3.16%, 12/01/31	1,155		1,160
				13,054
U.S. Treasury Securities 53.1%
	U.S. Treasury Bond
		3.00%, 02/15/49 (c)	4,505		4,677
	U.S. Treasury Note
		2.50%, 02/28/21	5,225		5,247
		2.75%, 02/28/25	14,030		14,392
		2.63%, 12/15/21 - 01/31/26	92,960		94,498
		2.25%, 08/15/27 - 11/15/27	40,310		39,936
		2.63%, 02/15/29 (c)	42,175		42,999
				201,749
	Total Government And Agency Obligations (cost $212,586)			216,237
SHORT TERM INVESTMENTS 1.4%
Commercial Paper 1.3%
	Ford Motor Credit Co. LLC
		3.06%, 04/15/19 (d)	4,955		4,948
Investment Companies 0.1%
	JNL Government Money Market Fund - Institutional Class, 2.33% (e) (f)		474		474
	Total Short Term Investments (cost $5,423)			5,422
Total Investments 98.6% (cost $370,555)					374,584
Other Derivative Instruments (0.1)%					(244)
Other Assets and Liabilities, Net 1.5%					5,614
Total Net Assets 100.0%					379,954

349

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019

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 reflects 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 coupon rate represents the yield to maturity.

(e) Investment in affiliate.

(f) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2019.


JNL/Scout Unconstrained Bond Fund — Futures Contracts
Reference Entity	Contracts¹	Expiration	Notional¹			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
U.S. Treasury Note, 10-Year	446	June 2019		54,657	(126)			745
U.S. Treasury Note, 5-Year	906	June 2019		103,861	(205)			1,079
					(331)			1,824
Short Contracts
Euro-Bund	(795)	June 2019	EUR	(129,576)	45			(3,004)


JNL/Scout Unconstrained Bond Fund — Centrally Cleared Credit Default Swap Agreements
Reference Entity²	Fixed Receive/ Pay Rate⁸ (%)	Expiration	Notional^1,7		Value⁶ ($)		Variation Margin Receivable (Payable) ($)		Unrealized Appreciation (Depreciation) ($)
Credit default swap agreements - sell protection⁴
CDX.NA.HY.31 (Q)	5.00	12/20/23		(8,575)		571		27		426
CDX.NA.IG.31 (Q)	1.00	12/20/23		(13,730)		266		15		196
						837		42		622

350

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
JNL/T. Rowe Price Established Growth Fund
COMMON STOCKS 98.4%
Communication Services 17.8%
	Alphabet Inc. - Class A (a)	253		298,106
	Alphabet Inc. - Class C (a)	247		290,330
	Electronic Arts Inc. (a)	774		78,633
	Facebook Inc. - Class A (a)	3,014		502,459
	IAC/InterActiveCorp. (a)	297		62,375
	Netflix Inc. (a)	453		161,557
	Tencent Holdings Ltd.	4,649		214,673
	Walt Disney Co.	1,074		119,254
			1,727,387
Consumer Discretionary 20.5%
	Airbnb Inc. - Class E (a) (b) (c) (d)	85		9,288
	Alibaba Group Holding Ltd. - ADS (a)	1,284		234,264
	Amazon.com Inc. (a)	477		849,393
	Aptiv Plc	1,186		94,248
	Booking Holdings Inc. (a)	71		122,945
	Dollar General Corp.	287		34,273
	Dollar Tree Inc. (a)	766		80,496
	Dollarama Inc.	1,923		51,332
	Ferrari NV (e)	574		76,740
	Las Vegas Sands Corp.	1,109		67,623
	McDonald's Corp.	339		64,356
	MercadoLibre Inc. (a)	50		25,229
	MGM Resorts International	1,688		43,309
	Nike Inc. - Class B	1,282		107,981
	NVR Inc. (a)	14		39,015
	Wynn Resorts Ltd.	711		84,823
			1,985,315
Consumer Staples 1.2%
	Philip Morris International Inc.	1,309		115,715
Financials 4.3%
	Charles Schwab Corp.	2,435		104,116
	Chubb Ltd.	486		68,093
	Intercontinental Exchange Inc.	815		62,024
	Morgan Stanley	1,266		53,434
	S&P Global Inc.	76		15,897
	TD Ameritrade Holding Corp.	2,224		111,153
			414,717
Health Care 14.9%
	Alexion Pharmaceuticals Inc. (a)	390		52,720
	Anthem Inc.	464		133,042
	Becton Dickinson & Co.	725		181,116
	Centene Corp. (a)	1,201		63,745
	Cigna Corp.	649		104,344
	Elanco Animal Health Inc. (a)	129		4,132
	Eli Lilly & Co.	181		23,544
	HCA Inc.	357		46,528
	Humana Inc.	113		30,031
	Intuitive Surgical Inc. (a)	277		158,131
	Stryker Corp.	1,001		197,777
	UnitedHealth Group Inc.	948		234,311
	Vertex Pharmaceuticals Inc. (a)	832		153,068
	WellCare Health Plans Inc. (a)	238		64,320
			1,446,809
Industrials 9.4%
	Boeing Co.	986		375,906
	Equifax Inc.	384		45,461
	Fortive Corp.	1,170		98,111
	Honeywell International Inc.	293		46,611
	Northrop Grumman Systems Corp.	291		78,408
	Roper Industries Inc.	355		121,488
	TransUnion LLC	1,310		87,579
	Wabtec Corp. (e)	772		56,898
			910,462
		Shares/Par¹		Value ($)
Information Technology 27.6%
	Apple Inc.	396		75,269
	ASML Holding NV - ADR	417		78,417
	Fidelity National Information Services Inc.	677		76,536
	Fiserv Inc. (a)	966		85,274
	Intuit Inc.	573		149,883
	Mastercard Inc. - Class A	1,239		291,775
	Microsoft Corp.	4,335		511,246
	Nvidia Corp.	551		99,009
	PayPal Holdings Inc. (a)	1,022		106,112
	Red Hat Inc. (a)	556		101,568
	Salesforce.com Inc. (a)	794		125,724
	ServiceNow Inc. (a)	241		59,469
	Splunk Inc. (a)	592		73,788
	Symantec Corp.	5,579		128,262
	Visa Inc. - Class A	2,193		342,533
	VMware Inc. - Class A	570		102,904
	Workday Inc. - Class A (a)	512		98,693
	Worldpay Inc. - Class A (a)	1,430		162,349
			2,668,811
Materials 0.6%
	DowDuPont Inc.	1,130		60,256
Real Estate 0.5%
	Crown Castle International Corp.	360		46,085
	WeWork Co. - Class A (a) (b) (c) (d)	6		292
			46,377
Utilities 1.6%
	NextEra Energy Inc.	341		65,883
	Sempra Energy	675		84,959
			150,842
	Total Common Stocks (cost $6,958,586)		9,526,691
PREFERRED STOCKS 0.4%
Consumer Discretionary 0.2%
	Airbnb Inc. - Series D (a) (b) (c) (d)	167		18,283
Industrials 0.1%
	Beijing Xiaoju Kuaizhi Co. Ltd. - Series A-17 (a) (b) (c) (d)	246		11,817
Real Estate 0.1%
	WeWork Co. - Series E (a) (b) (c) (d)	152		7,384
	Total Preferred Stocks (cost $18,542)		37,484
SHORT TERM INVESTMENTS 1.1%
Investment Companies 1.1%
	JNL Government Money Market Fund - Institutional Class, 2.33% (f) (g)	521		521
	T. Rowe Price Government Reserve Fund, 2.55% (f) (g)	103,756		103,756
	Total Short Term Investments (cost $104,277)		104,277
Total Investments 99.9% (cost $7,081,405)				9,668,452
Other Assets and Liabilities, Net 0.1%				7,844
Total Net Assets 100.0%				9,676,296

(a) Non-income producing security.

(c) The Sub-Adviser has deemed this security to be illiquid based on procedures approved by the JNL Series Trust's Board of Trustees.

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

(e) All or a portion of the security was on loan.

(f) Investment in affiliate.

(g) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2019.

351

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Airbnb Inc. - Class E	07/14/15	7,889	9,288	0.1
	Airbnb Inc. - Series D	04/16/14	6,792	18,283	0.2
	Beijing Xiaoju Kuaizhi Co. Ltd. - Series A-17	10/20/15	6,753	11,817	0.1
	WeWork Co. - Series E	06/23/15	4,997	7,384	0.1
	WeWork Co. - Class A	06/23/15	198	292	—
			26,629	47,064	0.5

352

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
JNL/T. Rowe Price Managed Volatility Balanced Fund
COMMON STOCKS 58.3%
Communication Services 5.3%
	Activision Blizzard Inc.	3		146
	Alphabet Inc. - Class A (a)	2		1,890
	Alphabet Inc. - Class C (a)	4		4,283
	Altice USA Inc. - Class A	2		43
	AT&T Inc.	14		434
	Baidu.com - Class A - ADR (a)	2		346
	Charter Communications Inc. - Class A (a)	1		176
	Comcast Corp. - Class A	27		1,073
	DISH Network Corp. - Class A (a)	1		41
	Electronic Arts Inc. (a)	6		630
	Facebook Inc. - Class A (a)	34		5,594
	Fox Corp. - Class A (a)	1		23
	Fox Corp. - Class B (a)	3		105
	IAC/InterActiveCorp. (a)	1		291
	KT Corp.	11		256
	Liberty Broadband Corp. - Class C (a)	3		252
	Netflix Inc. (a)	5		1,671
	Nippon Telegraph & Telephone Corp.	35		1,487
	SoftBank Group Corp.	4		428
	Take-Two Interactive Software Inc. (a)	—		25
	Telecom Italia SpA	441		251
	Telefonica Deutschland Holding AG	143		451
	Telefonica SA	47		397
	Telstra Corp. Ltd.	43		102
	Tencent Holdings Ltd.	44		2,013
	VeriSign Inc. (a)	—		80
	Verizon Communications Inc.	37		2,164
	Vodafone Group Plc - ADR	45		809
	Walt Disney Co.	4		409
	Yahoo! Japan Corp.	73		179
	YY Inc. - Class A - ADS (a)	5		455
			26,504
Consumer Discretionary 6.9%
	Aisin Seiki Co. Ltd.	6		218
	Alibaba Group Holding Ltd. - ADS (a)	16		2,932
	Amazon.com Inc. (a)	5		8,847
	Aptiv Plc	8		611
	Autoliv Inc.	5		358
	AutoZone Inc. (a)	—		114
	Bayerische Motoren Werke AG	5		372
	Booking Holdings Inc. (a)	1		1,714
	Burberry Group Plc	23		595
	Burlington Stores Inc. (a)	—		31
	Compass Group Plc	24		552
	Ctrip.com International Ltd. - ADR (a)	2		92
	CyberAgent Inc.	8		314
	Darden Restaurants Inc.	1		83
	Dollar General Corp.	6		750
	Dollar Tree Inc. (a)	7		724
	Domino's Pizza Inc.	—		81
	Eutelsat Communications Group SA	21		367
	Ferrari NV	1		145
	Garrett Motion Inc. (a)	—		5
	Hilton Worldwide Holdings Inc.	6		529
	Home Depot Inc.	3		502
	Honda Motor Co. Ltd.	10		257
	Kering SA	1		621
	Kingfisher Plc	175		537
	Las Vegas Sands Corp.	5		325
	Lojas Renner SA	22		239
	Lowe's Cos. Inc.	2		218
	Magna International Inc.	14		669
	Marriott International Inc. - Class A	4		562
	McDonald's Corp.	8		1,441
	MGM Resorts International	4		107
	Moncler SpA	13		538
	Nike Inc. - Class B	5		450
	Norwegian Cruise Line Holdings Ltd. (a)	2		131
	NVR Inc. (a)	—		152
	O'Reilly Automotive Inc. (a)	1		216
		Shares/Par¹		Value ($)
	Panasonic Corp.	52		445
	Persimmon Plc	17		485
	Restaurant Brands International Inc.	5		323
	Ross Stores Inc.	10		913
	Royal Caribbean Cruises Ltd.	4		447
	Samsonite International SA	101		326
	Sony Corp.	8		324
	Stanley Electric Co. Ltd.	11		304
	Starbucks Corp.	2		150
	Stroer SE & Co. KGaA	5		305
	Sumitomo Rubber Industries Inc.	13		161
	Suzuki Motor Corp.	10		446
	Tesla Inc. (a)	1		183
	TJX Cos. Inc.	4		213
	Toyota Motor Corp.	19		1,096
	Ulta Beauty Inc. (a)	—		165
	Veoneer Inc. - SDR (a)	6		132
	VF Corp.	2		154
	WPP Plc	51		535
	Wynn Resorts Ltd.	1		118
	Yum! Brands Inc.	4		401
	Zalando SE (a)	7		270
			34,295
Consumer Staples 3.5%
	Altria Group Inc.	7		388
	Bunge Ltd.	1		71
	Cal-Maine Foods Inc.	—		10
	Coca-Cola Co.	7		321
	ConAgra Brands Inc.	39		1,086
	Constellation Brands Inc. - Class A	—		72
	Costco Wholesale Corp.	1		321
	Diageo Plc	21		855
	Keurig Dr Pepper Inc.	4		101
	Kimberly-Clark Corp.	2		267
	Kirin Holdings Co. Ltd.	15		351
	Kroger Co.	4		106
	L'Oreal SA	3		905
	Mondelez International Inc. - Class A	7		357
	Nestle SA	30		2,825
	PepsiCo Inc.	6		719
	Philip Morris International Inc.	18		1,568
	Pola Orbis Holdings Inc.	7		227
	Procter & Gamble Co.	6		656
	Sanderson Farms Inc.	—		16
	Seven & I Holdings Co. Ltd.	16		589
	Tyson Foods Inc. - Class A	34		2,384
	Unilever Plc	34		1,944
	Walmart Inc.	7		635
	Wilmar International Ltd.	169		413
			17,187
Energy 2.7%
	Baker Hughes a GE Co. LLC - Class A	—		13
	BP Plc - ADR	18		779
	BP Plc	8		56
	Cabot Oil & Gas Corp.	3		77
	Cairn Energy Plc (a)	4		8
	Centennial Resource Development Inc. - Class A (a)	1		11
	Chevron Corp.	6		779
	Concho Resources Inc.	5		571
	ConocoPhillips Co.	7		492
	Continental Resources Inc. (a)	—		14
	Devon Energy Corp.	—		15
	Diamondback Energy Inc.	—		36
	Dril-Quip Inc. (a)	—		11
	Enbridge Inc.	—		11
	EnCana Corp.	1		9
	EOG Resources Inc.	6		547
	Equinor ASA	25		545
	Exxon Mobil Corp.	14		1,114
	Galp Energia SGPS SA	1		19
	Halliburton Co.	6		174
	Hess Corp.	2		128
	Jagged Peak Energy Inc. (a)	1		8
	Kelt Exploration Ltd. (a)	1		5

353

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
	Koninklijke Vopak NV	—		16
	Kosmos Energy Ltd.	2		14
	Lundin Petroleum AB	—		13
	Magnolia Oil & Gas Corp. - Class A (a)	1		7
	Marathon Petroleum Corp.	4		251
	Meggitt Plc	100		656
	Occidental Petroleum Corp.	13		882
	Phillips 66	—		16
	Pioneer Natural Resources Co.	3		470
	Plains GP Holdings LP - Class A (a)	1		15
	Royal Dutch Shell Plc - Class B - ADR	16		1,049
	Schlumberger Ltd.	4		157
	Seven Generations Energy Ltd. (a)	1		10
	Suncor Energy Inc.	—		13
	Tenaris SA	1		12
	Total SA	28		1,538
	Total SA - ADR	25		1,375
	TransCanada Corp.	27		1,212
	Valero Energy Corp.	—		28
	WorleyParsons Ltd.	39		394
	WPX Energy Inc. (a)	1		9
			13,559
Financials 8.4%
	ABN AMRO Group NV - CVA	28		642
	AIA Group Ltd.	64		643
	Ally Financial Inc.	2		68
	American International Group Inc.	32		1,358
	Ameriprise Financial Inc.	3		374
	Australia & New Zealand Banking Group Ltd.	38		698
	Aviva Plc	88		472
	AXA Equitable Holdings Inc.	8		153
	AXA SA	40		1,011
	Bank of America Corp.	61		1,673
	Barclays Plc - ADR	12		97
	Berkshire Hathaway Inc. - Class B (a)	3		677
	BNP Paribas SA	18		859
	Brookfield Asset Management Inc. - Class A	1		33
	Capital One Financial Corp.	1		106
	CBOE Global Markets Inc.	2		180
	Challenger Financial Services Group Ltd.	79		467
	Charles Schwab Corp.	33		1,415
	Chubb Ltd.	10		1,457
	Citigroup Inc.	12		716
	Close Brothers Group Plc	6		105
	CME Group Inc.	1		103
	CNA Financial Corp.	1		27
	Commerzbank AG (a)	18		139
	Danske Bank A/S	20		354
	DBS Group Holdings Ltd.	40		741
	Direct Line Insurance Group Plc	144		660
	DNB Bank ASA	50		919
	Element Financial Corp.	81		512
	Erste Group Bank AG	6		208
	Fidelity National Financial Inc.	1		35
	Fifth Third Bancorp	41		1,022
	First Republic Bank	3		346
	Franklin Resources Inc.	2		56
	GAM Holding AG	15		47
	Goldman Sachs Group Inc.	—		23
	ING Groep NV	71		857
	Intercontinental Exchange Inc.	18		1,378
	Intesa Sanpaolo SpA	169		413
	JPMorgan Chase & Co.	16		1,625
	KeyCorp	3		46
	KKR & Co. Inc.	2		47
	Lloyds Banking Group Plc	865		700
	Loews Corp.	1		24
	Macquarie Group Ltd.	7		686
	Marsh & McLennan Cos. Inc.	11		1,050
	MetLife Inc.	5		227
	Mitsubishi UFJ Financial Group Inc.	142		703
	Mitsubishi UFJ Lease & Finance Co. Ltd.	53		270
	Moody's Corp.	—		18
	Morgan Stanley	19		799
		Shares/Par¹		Value ($)
	Muenchener Rueckversicherungs AG	4		991
	National Bank of Canada	14		623
	Nordea Bank AB	48		363
	Ping An Insurance Group Co. of China Ltd. - Class H	60		670
	PNC Financial Services Group Inc.	5		637
	Progressive Corp.	3		203
	Prudential Financial Inc.	4		359
	Raymond James Financial Inc.	2		134
	RSA Insurance Group Plc	41		274
	S&P Global Inc.	2		424
	Standard Chartered Plc	54		412
	State Street Corp.	2		100
	Storebrand ASA	72		559
	Sumitomo Mitsui Trust Holdings Inc.	13		449
	Sun Life Financial Inc.	22		834
	Svenska Handelsbanken AB - Class A	64		677
	Synchrony Financial	4		123
	TD Ameritrade Holding Corp.	21		1,054
	Tokio Marine Holdings Inc.	16		794
	U.S. Bancorp	1		45
	United Overseas Bank Ltd.	22		401
	Voya Financial Inc.	3		141
	Wells Fargo & Co.	44		2,138
	Willis Towers Watson Plc	9		1,495
	Zurich Insurance Group AG	2		753
			41,892
Health Care 9.2%
	Abbott Laboratories	5		372
	Agilent Technologies Inc.	7		536
	Alexion Pharmaceuticals Inc. (a)	5		615
	Align Technology Inc. (a)	—		80
	Allergan Plc	1		162
	Amgen Inc.	1		225
	Anthem Inc.	6		1,843
	Astellas Pharma Inc.	68		1,018
	Bayer AG	16		1,020
	Becton Dickinson & Co.	11		2,706
	Biogen Inc. (a)	1		118
	BioMarin Pharmaceutical Inc. (a)	1		57
	Boston Scientific Corp. (a)	12		442
	Celgene Corp. (a)	2		173
	Centene Corp. (a)	8		404
	Cigna Corp.	13		2,095
	Cooper Cos. Inc.	—		70
	CSL Ltd.	2		269
	CVS Health Corp.	16		873
	Danaher Corp.	17		2,215
	Elanco Animal Health Inc. (a)	16		522
	Elekta AB - Class B	35		437
	Eli Lilly & Co.	14		1,789
	Fresenius SE & Co. KGaA	13		749
	Gilead Sciences Inc.	3		191
	GlaxoSmithKline Plc - ADR	23		953
	GN Store Nord A/S	8		356
	HCA Inc.	2		316
	Hologic Inc. (a)	4		190
	Humana Inc.	1		363
	Illumina Inc. (a)	—		7
	Incyte Corp. (a)	—		38
	Intuitive Surgical Inc. (a)	3		1,674
	Johnson & Johnson	8		1,135
	Medtronic Plc	12		1,076
	Merck & Co. Inc.	21		1,747
	Miraca Holdings Inc.	6		156
	Novartis AG	22		2,123
	Novo Nordisk A/S - Class B	7		383
	Pfizer Inc.	77		3,266
	Regeneron Pharmaceuticals Inc. (a)	—		133
	Roche Holding AG	6		1,757
	Sanofi SA	11		992
	Siemens Healthineers AG	8		346
	Stryker Corp.	12		2,286
	Takeda Pharmaceutical Co. Ltd. - ADR	13		266
	Teleflex Inc.	—		63

354

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
	Thermo Fisher Scientific Inc.	9		2,529
	UnitedHealth Group Inc.	10		2,430
	Vertex Pharmaceuticals Inc. (a)	7		1,336
	WellCare Health Plans Inc. (a)	2		439
	Zimmer Biomet Holdings Inc.	3		358
	Zoetis Inc. - Class A	1		84
			45,783
Industrials 5.8%
	ABB Ltd.	33		614
	AGCO Corp.	—		7
	Aker BP ASA (a)	1		5
	Alaska Air Group Inc.	4		210
	ALS Ltd.	2		12
	American Airlines Group Inc.	—		11
	Aurubis AG	—		15
	Beijing Enterprises Holdings Ltd.	50		281
	Bloom Energy Corp. - Class A (a)	—		1
	Boeing Co.	12		4,580
	Canadian Pacific Railway Co.	1		250
	Central Japan Railway Co.	3		604
	Cintas Corp.	—		80
	CK Hutchison Holdings Ltd.	68		715
	CoStar Group Inc. (a)	—		58
	CSX Corp.	4		275
	DCC Plc	6		557
	Delta Air Lines Inc.	5		281
	FedEx Corp.	1		190
	Flowserve Corp.	3		114
	Fortive Corp.	11		909
	Fortune Brands Home & Security Inc.	2		100
	General Electric Co.	157		1,572
	Harris Corp.	4		578
	Honeywell International Inc.	10		1,565
	Hubbell Inc.	1		102
	Illinois Tool Works Inc.	2		220
	Jacobs Engineering Group Inc.	—		11
	JB Hunt Transport Services Inc.	1		107
	Kansas City Southern	1		119
	Knorr-Bremse AG (a)	4		371
	Koninklijke Philips Electronics NV	36		1,459
	L3 Technologies Inc.	—		96
	Legrand SA	6		372
	Melrose Industries Plc	157		375
	Mitsubishi Corp.	21		586
	Mitsubishi Electric Corp.	76		974
	Nielsen Holdings Plc	14		327
	Norfolk Southern Corp.	—		54
	Northrop Grumman Systems Corp.	6		1,507
	PACCAR Inc.	6		407
	Pentair Plc	—		11
	Prysmian SpA	18		343
	Recruit Holdings Co. Ltd.	17		483
	Republic Services Inc.	4		315
	Resideo Technologies Inc. (a)	1		10
	Roper Industries Inc.	4		1,264
	Sandvik AB	1		10
	Schneider Electric SE (a)	—		8
	SembCorp Industries Ltd.	57		108
	Shurgard Self Storage SA (a)	—		12
	Siemens AG	14		1,467
	SMC Corp.	1		414
	Spirit Aerosystems Holdings Inc. - Class A	5		412
	Stanley Black & Decker Inc.	—		54
	Stericycle Inc. (a)	3		185
	Sumitomo Corp.	62		855
	TechnoPro Holdings Inc.	3		161
	Textron Inc.	3		134
	THK Co. Ltd.	22		540
	Toro Co.	—		11
	TransUnion LLC	2		140
	Union Pacific Corp.	1		165
	United Continental Holdings Inc. (a)	6		447
	United Parcel Service Inc. - Class B	2		203
	Valmont Industries Inc.	—		6
		Shares/Par¹		Value ($)
	Wabtec Corp.	1		75
	Wartsila Oyj	1		12
	Waste Connections Inc.	3		229
	Xylem Inc.	1		66
			28,811
Information Technology 10.1%
	Accenture Plc - Class A	2		431
	Amphenol Corp. - Class A	3		247
	Analog Devices Inc.	1		137
	Apple Inc.	12		2,269
	Applied Materials Inc.	4		141
	ASML Holding NV - ADR	1		275
	ASML Holding NV	3		598
	Automatic Data Processing Inc.	1		86
	Broadcom Inc.	7		2,160
	Cisco Systems Inc.	50		2,715
	Cognizant Technology Solutions Corp. - Class A	2		175
	Corning Inc.	11		363
	Fidelity National Information Services Inc.	7		833
	Fiserv Inc. (a)	8		679
	FleetCor Technologies Inc. (a)	2		399
	Global Payments Inc.	8		1,049
	Hamamatsu Photonics KK	7		287
	IHS Markit Ltd. (a)	—		21
	Infosys Ltd. - ADR	24		265
	Intel Corp.	1		79
	Intuit Inc.	6		1,500
	Juniper Networks Inc.	2		62
	Keysight Technologies Inc. (a)	8		699
	KLA-Tencor Corp.	2		195
	Lam Research Corp.	1		202
	Largan Precision Co. Ltd.	2		300
	Marvell Technology Group Ltd.	2		40
	Mastercard Inc. - Class A	11		2,693
	Maxim Integrated Products Inc.	5		258
	Microchip Technology Inc.	3		237
	Micron Technology Inc. (a)	17		714
	Microsoft Corp.	80		9,473
	Motorola Solutions Inc.	4		566
	Murata Manufacturing Co. Ltd.	9		434
	NAVER Corp.	2		195
	NEC Electronics Corp. (a)	34		158
	Nvidia Corp.	7		1,200
	NXP Semiconductors NV	11		989
	Omron Corp.	8		388
	Oracle Corp.	4		192
	PayPal Holdings Inc. (a)	13		1,389
	QUALCOMM Inc.	8		454
	Red Hat Inc. (a)	1		231
	Salesforce.com Inc. (a)	10		1,581
	Samsung Electronics Co. Ltd.	28		1,100
	ServiceNow Inc. (a)	5		1,261
	Splunk Inc. (a)	4		509
	Symantec Corp.	16		359
	Synopsys Inc. (a)	9		1,036
	Taiwan Semiconductor Manufacturing Co. Ltd.	154		1,232
	Telefonaktiebolaget LM Ericsson - Class B	41		380
	Texas Instruments Inc.	10		1,017
	Tokyo Electron Ltd.	4		506
	Visa Inc. - Class A	21		3,292
	VMware Inc. - Class A	4		734
	Workday Inc. - Class A (a)	4		805
	Worldpay Inc. - Class A (a)	6		647
	Xilinx Inc.	2		306
			50,543
Materials 2.7%
	Acerinox SA	1		14
	Air Liquide	5		601
	Air Products & Chemicals Inc.	5		986
	Akzo Nobel NV	—		16
	Alamos Gold Inc. - Class A	2		9
	Alumina Ltd.	17		29
	Amcor Ltd.	40		435
	Anglo American Plc	3		94

355

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
	Antofagasta Plc	38		479
	Aperam SA	1		16
	ArcelorMittal SA	2		39
	Asahi Kasei Corp.	53		551
	Avery Dennison Corp.	1		134
	B2Gold Corp. (a)	10		29
	Ball Corp.	10		588
	Barrick Gold Corp.	5		73
	BASF SE	9		661
	BHP Group Plc	25		608
	BHP Group Plc	16		441
	BlueScope Steel Ltd.	1		13
	Boliden AB	3		75
	Centamin Plc	20		23
	Centerra Gold Inc. (a)	2		11
	CF Industries Holdings Inc.	1		26
	Cia de Minas Buenaventura SA - ADR	1		17
	Covestro AG	6		351
	Croda International Plc	—		27
	Detour Gold Corp. (a)	1		8
	DowDuPont Inc.	18		967
	Evolution Mining Ltd.	22		57
	First Majestic Silver Corp. (a)	3		17
	Fortescue Metals Group Ltd.	8		39
	Fortuna Silver Mines Inc. (a)	5		16
	Franco-Nevada Corp.	2		113
	Freeport-McMoRan Inc. - Class B	4		46
	Glencore Plc	35		144
	Highland Gold Mining Ltd.	4		9
	Hochschild Mining Plc	4		11
	Incitec Pivot Ltd.	4		8
	Independence Group NL	115		397
	International Paper Co.	8		379
	Johnson Matthey Plc	14		562
	Kirkland Lake Gold Inc.	3		93
	Koninklijke Philips NV	—		17
	Linde Plc	2		285
	Lucara Diamond Corp.	4		5
	Lundin Mining Corp.	3		12
	Mondi Plc	—		8
	Nippon Light Metal Holdings Co. Ltd.	4		8
	Nippon Steel Corp.	2		39
	Norsk Hydro ASA	5		19
	Northern Star Resources Ltd.	11		73
	Nucor Corp.	1		75
	Orion Engineered Carbons SA	—		5
	Orora Ltd.	4		9
	Osisko Gold Royalties Ltd.	1		11
	OZ Minerals Ltd.	2		16
	Packaging Corp. of America	3		298
	Petra Diamonds Ltd. (a)	3		1
	POSCO	—		59
	PPG Industries Inc.	2		196
	Quaker Chemical Corp.	—		10
	Regis Resources Ltd.	9		32
	Reliance Steel & Aluminum Co.	—		18
	Rio Tinto Ltd.	4		290
	Rio Tinto Plc	4		225
	RPM International Inc.	2		100
	Salzgitter AG	—		6
	Sandfire Resources NL	—		1
	Sandstorm Gold Ltd. (a)	2		9
	Saracen Mineral Holdings Ltd. (a)	23		48
	Sealed Air Corp.	2		102
	SEMAFO Inc. (a)	5		13
	Sherwin-Williams Co.	1		307
	South32 Ltd.	147		389
	Southern Copper Corp.	1		54
	SSAB AB - Class A	5		17
	Steel Dynamics Inc.	1		28
	Stora Enso Oyj - Class R	36		440
	Sumitomo Metal Mining Co. Ltd.	11		316
	Symrise AG	—		13
	Teck Resources Ltd. - Class B	2		56
	Ternium SA - ADR	—		11
		Shares/Par¹		Value ($)
	Torex Gold Resources Inc. (a)	1		8
	Tosoh Corp.	6		98
	Umicore SA	12		514
	Vale SA	4		52
	Valvoline Inc.	1		22
	Victrex Plc	—		8
	Vidrala SA	—		8
	Voestalpine AG	—		7
	West Fraser Timber Co. Ltd.	—		9
	Yara International ASA	—		14
			13,573
Real Estate 1.5%
	Acadia Realty Trust	2		49
	ADO Properties GmbH	—		24
	Alexander & Baldwin Inc.	1		25
	Alexandria Real Estate Equities Inc.	—		59
	Allied Properties REIT	—		16
	American Campus Communities Inc.	1		54
	American Tower Corp.	1		191
	AvalonBay Communities Inc.	1		251
	Boston Properties Inc.	—		50
	Camden Property Trust	1		77
	Canadian Apartment Properties REIT	1		20
	Capitaland Commercial Trust	10		14
	CapitaMall Trust	12		22
	Charter Hall Retail REIT	4		14
	Concentradora Fibra Danhos SA de CV	8		11
	Crown Castle International Corp.	3		327
	CubeSmart	1		46
	Derwent London Plc	1		28
	Douglas Emmett Inc.	2		92
	Duke Realty Corp.	—		11
	EastGroup Properties Inc.	—		30
	Equity Residential Properties Inc.	4		290
	Essex Property Trust Inc.	—		109
	Federal Realty Investment Trust	—		60
	First Industrial Realty Trust Inc.	—		16
	Gecina SA	—		27
	Goodman Group	3		24
	Great Portland Estates Plc	30		291
	Hang Lung Properties Ltd.	11		27
	Healthcare Realty Trust Inc.	2		55
	Highwoods Properties Inc.	—		20
	Hongkong Land Holdings Ltd.	5		36
	Hoshino Resorts REIT Inc.	—		10
	Host Hotels & Resorts Inc.	2		35
	Hudson Pacific Properties Inc.	1		35
	Hufvudstaden AB - Class A	2		28
	Hysan Development Co. Ltd.	5		27
	Iguatemi Empresa de Shopping Centers SA	1		9
	Inmobiliaria Colonial SA	2		21
	JBG Smith Properties	2		80
	Kilroy Realty Corp.	—		36
	Kimco Realty Corp.	2		31
	Kojamo Oyj	2		18
	Macerich Co.	2		74
	Mitsubishi Estate Co. Ltd.	2		27
	Mitsui Fudosan Co. Ltd.	21		534
	Mitsui Fudosan Logistics Park Inc.	—		22
	National Storage Affiliates Trust	7		9
	Nippon Accommodations Fund Inc.	—		30
	Nippon Prologis REIT Inc.	—		17
	Paramount Group Inc.	1		18
	Pebblebrook Hotel Trust	—		14
	ProLogis Inc.	15		1,109
	PS Business Parks Inc.	—		21
	PSP Swiss Property AG	—		37
	Public Storage	3		624
	Rayonier Inc.	1		19
	Regency Centers Corp.	2		148
	Scentre Group	147		430
	Shaftesbury Plc	2		21
	Simon Property Group Inc.	1		235
	SL Green Realty Corp.	2		184

356

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Sun Hung Kai Properties Ltd.		3		52
	Sunstone Hotel Investors Inc.		3		45
	Terreno Realty Corp		1		53
	Unibail-Rodamco SE		2		327
	Unite Group Plc		1		18
	Urban Edge Properties		2		42
	Ventas Inc.		4		242
	Vornado Realty Trust		2		153
	Weyerhaeuser Co.		17		446
				7,647
Utilities 2.2%
	Alliant Energy Corp.		—		9
	American Electric Power Co. Inc.		—		21
	American Water Works Co. Inc.		2		214
	Atmos Energy Corp.		1		116
	CMS Energy Corp.		—		6
	Duke Energy Corp.		7		658
	E.ON SE		21		234
	Electric Power Development Co. Ltd.		18		426
	Engie SA		52		772
	Entergy Corp.		12		1,136
	Evergy Inc.		10		552
	Eversource Energy		2		137
	National Grid Plc		50		557
	NextEra Energy Inc.		11		2,091
	NiSource Inc.		24		693
	Sempra Energy		16		1,956
	Southern Co.		21		1,061
	SSE Plc		3		41
	Xcel Energy Inc.		—		17
				10,697
	Total Common Stocks (cost $286,627)			290,491
PREFERRED STOCKS 0.2%
Energy 0.0%
	Crestwood Equity Partners LP (b)		9		84
Health Care 0.1%
	Becton Dickinson & Co. - Series A, 6.13%, 05/01/20 (c)		3		158
Industrials 0.0%
	Fortive Corp. - Series A, 5.00%, 07/01/21 (c)		—		111
Materials 0.0%
	Gerdau SA		2		9
	International Flavors & Fragrances Inc. (c)		—		6
				15
Utilities 0.1%
	NextEra Energy Inc. (c)		5		323
	Sempra Energy (c)		1		74
	Sempra Energy (c)		1		148
				545
	Total Preferred Stocks (cost $892)			913
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 2.5%
	AmeriCredit Automobile Receivables Trust
		Series 2017-B-2, 2.40%, 05/18/22	340		338
	ARI Fleet Lease Trust
		Series 2018-A2-A, 2.55%, 10/15/26 (d)	318		318
	Avis Budget Rental Car Funding AESOP LLC
		Series 2017-A-1A, 3.07%, 09/20/22 (d)	415		415
		Series 2018-A-2A, 4.00%, 03/20/24 (d)	395		408
	BlueMountain CLO Ltd.
		Series 2012-AR2-2A, 3.69%, (3M USD LIBOR + 1.05%), 11/20/28 (d) (e)	375		375
	BX Trust
		Series 2018-A-GW, 3.28%, (1M USD LIBOR + 0.80%), 05/15/20 (d) (e)	415		411
	COLT Mortgage Loan Trust
		Series 2019-A1-2, 3.34%, 05/25/49 (d)	175		175
		Series 2019-A3-2, 3.54%, 05/25/49 (d)	200		200
	COMM Mortgage Trust
		Series 2014-C-CR14, REMIC, 4.64%, 01/12/24 (e)	405		411
		Series 2014-B-UBS2, REMIC, 4.70%, 02/12/24	400		416
			Shares/Par¹		Value ($)
	Deephaven Residential Mortgage Trust
		Series 2018-A3-3A, 3.96%, 10/25/22 (d)	571		578
	Driven Brands Funding LLC
		Series 2015-A2-1A, 5.22%, 07/20/22 (d)	363		380
		Series 2019-A2-1A, 4.64%, 04/22/26 (d)	225		225
	Enterprise Fleet Financing LLC
		Series 2017-A3-3, 2.36%, 08/20/21 (d)	420		415
	Ford Credit Auto Owner Trust
		Series 2017-B-1, 2.25%, 05/15/20	415		412
	Freddie Mac Structured Agency Credit Risk Debt Note
		Series 2018-M1-HQA2, REMIC, 3.24%, (1M USD LIBOR + 0.75%), 10/26/48 (d) (e)	320		319
	GMF Floorplan Owner Revolving Trust
		Series 2018-A1-4, 3.50%, 09/15/21 (d)	345		352
	Hardee's Funding LLC
		Series 2018-AI-1A, 4.25%, 06/20/22 (d)	227		229
	Homeward Opportunities Fund I Trust
		Series 2019-A1-1, 3.65%, 01/25/59 (d) (e)	340		340
	JPMorgan Chase Commercial Mortgage Securities Trust
		Series 2016-AS-JP2, REMIC, 3.06%, 07/17/26	435		425
	MetLife Securitization Trust
		Series 2018-A-1A, REMIC, 3.75%, 09/25/29 (d)	337		342
	Mill City Mortgage Loan Trust
		Series 2018-A1-1, 3.25%, 07/25/24 (d)	356		354
	MSCG Trust
		Series 2018-A-SELF, 3.38%, (1M USD LIBOR + 0.90%), 10/15/20 (d) (e)	410		409
	OZLM VIII Ltd.
		Series 2014-A1RR-8A, 3.63%, (3M USD LIBOR + 1.17%), 10/17/29 (d) (e)	375		375
	RETL
		Series 2019-A-RVP, REMIC, 3.63%, (1M USD LIBOR + 1.15%), 03/15/21 (d) (e)	155		155
	Santander Drive Auto Receivables Trust
		Series 2018-A3-4, 3.01%, 05/15/20	100		100
		Series 2018-A3-5, 3.19%, 06/15/20	360		362
		Series 2018-B-4, 3.27%, 01/15/21	200		201
	Sequoia Mortgage Trust
		Series 2018-A11-CH4, 4.00%, 03/25/24 (d)	439		447
	SLIDE Commercial Mortgage Pass-Through Certificates
		Series 2018-B-FUN, 3.73%, (1M USD LIBOR + 1.25%), 06/15/21 (d) (e)	404		404
	Starwood Mortgage Residential Trust
		Series 2018-A1-IMC2, 4.12%, 10/26/48 (d)	266		268
		Series 2019-A1-IMC1, REMIC, 3.47%, 02/25/49 (d)	145		145
	Towd Point Mortgage Trust
		Series 2018-A1A-5, 3.25%, 02/25/25 (d)	346		344
		Series 2017-A1-4, REMIC, 2.75%, 02/25/25 (d) (e)	359		352
	Verizon Owner Trust
		Series 2018-C-A, 3.55%, 12/20/21	300		305
	Verus Securitization Trust
		Series 2019-A1-INV1, 3.40%, 12/25/59 (d) (e)	160		160
	World Omni Automobile Lease Securitization Trust
		Series 2018-A3-B, REMIC, 3.19%, 03/15/21	440		443
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $12,212)			12,308
CORPORATE BONDS AND NOTES 11.8%
Communication Services 1.3%
	AMC Networks Inc.
		5.00%, 04/01/24	45		45
		4.75%, 08/01/25	105		104
	Baidu Inc.
		3.88%, 09/29/23	275		280
	CB Escrow Corp.
		8.00%, 10/15/25 (d)	225		206
	CBS Radio Inc.
		7.25%, 11/01/24 (d)	160		159
	CCO Holdings LLC
		5.75%, 02/15/26 (d)	146		153

357

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	CenturyLink Inc.
		7.50%, 04/01/24	145		154
	Charter Communications Operating LLC
		4.50%, 02/01/24	1,050		1,094
	Clear Channel Worldwide Holdings Inc.
		9.25%, 02/15/24 (d)	290		307
	CSC Holdings LLC
		7.75%, 07/15/25 (d)	125		134
	DISH DBS Corp.
		7.75%, 07/01/26	175		152
	DKT Finance ApS
		9.38%, 06/17/23 (d)	400		430
	Gannett Co. Inc.
		5.50%, 09/15/24 (d)	150		151
	GCI Inc.
		6.88%, 04/15/25	225		235
	Gray Escrow Inc.
		7.00%, 05/15/27 (d)	135		143
	GTT Communications Inc.
		7.88%, 12/31/24 (d)	150		131
	Intelsat Jackson Holdings SA
		8.50%, 10/15/24 (d)	140		136
	Interpublic Group of Cos. Inc.
		3.50%, 10/01/20	35		35
	NBCUniversal Media LLC
		2.88%, 01/15/23	400		401
	Omnicom Group Inc.
		3.65%, 11/01/24	100		101
	Radiate Holdco LLC
		6.63%, 02/15/25 (d)	325		313
	Tencent Holdings Ltd.
		2.99%, 01/19/23 (d)	375		373
	Time Warner Cable Inc.
		6.55%, 05/01/37	425		470
	Verizon Communications Inc.
		5.15%, 09/15/23	625		689
		4.27%, 01/15/36	175		177
				6,573
Consumer Discretionary 1.1%
	Alibaba Group Holding Ltd.
		4.00%, 12/06/37	375		366
	Amazon.com Inc.
		5.20%, 12/03/25	350		397
		3.88%, 08/22/37	225		235
	AmeriGas Partners LP
		5.50%, 05/20/25	190		190
	AutoZone Inc.
		3.13%, 07/15/23	225		226
	Avon International Operations Inc.
		7.88%, 08/15/22 (d)	250		259
	Churchill Downs Inc.
		5.50%, 04/01/27 (d)	150		152
	CRC Escrow Issuer LLC
		5.25%, 10/15/25 (d)	125		121
	Expedia Inc.
		5.00%, 02/15/26	150		159
	Golden Nugget Inc.
		8.75%, 10/01/25 (d)	220		231
	IRB Holding Corp.
		6.75%, 02/15/26 (d)	175		165
	Mattel Inc.
		6.75%, 12/31/25 (d)	150		148
	Men's Wearhouse Inc.
		7.00%, 07/01/22	145		144
	MGM Resorts International
		5.75%, 06/15/25	155		161
	Nissan Motor Acceptance Corp.
		3.65%, 09/21/21 (d)	220		221
	NVA Holdings Inc.
		6.88%, 04/01/26 (d)	200		198
	O'Reilly Automotive Inc.
		3.60%, 09/01/27	150		149
	Party City Holdco Inc.
		6.63%, 08/01/26 (d)	165		164
			Shares/Par¹		Value ($)
	Priceline Group Inc.
		3.60%, 06/01/26	350		356
	QVC Inc.
		4.38%, 03/15/23	330		335
		4.45%, 02/15/25	275		275
	Stars Group Holdings BV
		7.00%, 07/15/26 (d)	150		156
	Weight Watchers International Inc.
		8.63%, 12/01/25 (d)	170		153
	Williams Scotsman International Inc.
		6.88%, 08/15/23 (d)	200		200
				5,161
Consumer Staples 0.2%
	Albertsons Cos. LLC
		7.50%, 03/15/26 (d)	140		144
	BAT Capital Corp.
		2.76%, 08/15/22	225		221
	Danone SA
		2.95%, 11/02/26 (d)	250		240
	Kraft Heinz Foods Co.
		4.00%, 06/15/23	275		283
	Sigma Holdco BV
		7.88%, 05/15/26 (d)	250		231
				1,119
Energy 0.7%
	APT Pipelines Ltd.
		4.25%, 07/15/27 (d)	225		228
	Boardwalk Pipelines LP
		4.45%, 07/15/27	100		98
	Bruin E&P Partners LLC
		8.88%, 08/01/23 (d)	200		191
	Chesapeake Energy Corp.
		8.00%, 06/15/27	145		143
	Concho Resources Inc.
		3.75%, 10/01/27	100		99
	Enbridge Inc.
		4.25%, 12/01/26	275		287
	ENI SpA
		4.00%, 09/12/23 (d)	200		204
	EnLink Midstream Partners LP
		4.85%, 07/15/26	150		149
	Hess Corp.
		4.30%, 04/01/27	150		149
	Hilcorp Energy I LP
		5.00%, 12/01/24 (d)	153		149
	Laredo Petroleum Inc.
		5.63%, 01/15/22	135		123
	Northern Oil & Gas Inc.
		1.00%, 05/15/23 (f)	135		139
	Oasis Petroleum Inc.
		6.25%, 05/01/26 (d)	130		124
	Petroleos Mexicanos
		5.38%, 03/13/22	250		254
	Sunoco LP
		5.50%, 02/15/26	153		152
	Targa Resource Corp.
		6.50%, 07/15/27 (d)	90		97
		6.88%, 01/15/29 (d)	125		136
	Transocean Inc.
		9.00%, 07/15/23 (d)	145		155
	Western Gas Partners LP
		5.45%, 04/01/44	100		96
	Williams Partners LP
		5.10%, 09/15/45	175		180
				3,153
Financials 4.7%
	ABN AMRO Bank NV
		4.75%, 07/28/25 (d)	325		338
	ACE INA Holdings Inc.
		4.35%, 11/03/45	100		109
	Acrisure LLC
		8.13%, 02/15/24 (d)	155		161
	AerCap Ireland Capital DAC
		4.13%, 07/03/23	375		380

358

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	AIA Group Ltd.
		3.13%, 03/13/23	400		400
	Alpha 2 BV
		9.50%, 06/01/23 (d) (f)	200		195
	Ausgrid Finance Pty Ltd.
		3.85%, 05/01/23 (d)	209		213
	Bank of America Corp.
		2.25%, 04/21/20	650		646
		3.82%, 01/20/28 (e)	225		228
	BBVA Bancomer SA
		4.38%, 04/10/24 (d)	275		281
	BPCE SA
		4.00%, 09/12/23 (d)	510		519
	C&W Senior Financing DAC
		7.50%, 10/15/26 (d)	200		206
	Capital One NA
		2.35%, 01/31/20	375		373
	Caterpillar Financial Services Corp.
		3.15%, 09/07/21	500		506
	Citigroup Inc.
		3.40%, 07/23/21	825		836
		3.89%, 01/10/28 (e)	175		178
	Citizens Financial Group Inc.
		2.38%, 07/28/21	700		690
	CommScope Finance LLC
		6.00%, 03/01/26 (d)	85		88
		8.25%, 03/01/27 (d)	225		233
	Credit Acceptance Corp.
		6.63%, 03/15/26 (d)	155		157
	Credit Agricole SA
		3.75%, 04/24/23 (d)	675		683
	Credit Suisse Group AG
		3.00%, 12/14/23 (d) (e)	275		270
	Enel Finance International NV
		4.25%, 09/14/23 (d)	355		363
	General Motors Financial Co. Inc.
		3.20%, 07/06/21	400		398
	Goldman Sachs Group Inc.
		3.85%, 01/26/27	1,050		1,055
	GW Honos Security Corp.
		8.75%, 05/15/25 (d)	80		76
	HLF Financing SARL LLC
		7.25%, 08/15/26 (d)	150		154
	HSBC Holdings Plc
		3.26%, 03/13/23 (e)	525		526
	HUB International Ltd.
		7.00%, 05/01/26 (d)	150		148
	Intercontinental Exchange Inc.
		2.75%, 12/01/20	100		100
	Intesa Sanpaolo SpA
		3.13%, 07/14/22 (d)	475		463
	JPMorgan Chase & Co.
		3.38%, 05/01/23	475		480
		3.63%, 12/01/27	300		298
	JPMorgan Chase Bank NA
		3.88%, 07/24/38 (e)	425		418
	Liberty Mutual Group Inc.
		4.25%, 06/15/23 (d)	100		104
	Lincoln National Corp.
		3.80%, 03/01/28	325		329
	LYB International Finance II BV
		3.50%, 03/02/27	325		313
	Marsh & McLennan Cos. Inc.
		3.30%, 03/14/23	125		127
	Metropolitan Life Global Funding I
		3.45%, 10/09/21 (d)	805		817
	Morgan Stanley
		2.80%, 06/16/20	350		350
		3.13%, 07/27/26	275		268
		3.97%, 07/22/38	475		468
	National Rural Utilities Cooperative Finance Corp.
		2.90%, 03/15/21	475		477
	NiSource Inc.
		3.95%, 03/30/48	150		143
			Shares/Par¹		Value ($)
	Peabody Securities Finance Corp.
		6.38%, 03/31/25 (d)	235		229
	PNC Bank NA
		3.50%, 06/08/23	275		282
	Pricoa Global Funding I
		3.45%, 09/01/23 (d)	600		615
	Royal Bank of Scotland Group Plc
		4.52%, 06/25/24 (c) (e)	375		383
	Santander UK Group Holdings Plc
		3.57%, 01/10/23	450		449
	Shire Acquisitions Investments Ireland Ltd.
		2.88%, 09/23/23	350		346
	Teachers Insurance & Annuity Association of America
		4.27%, 05/15/47 (d)	400		413
	Toronto-Dominion Bank
		3.50%, 07/19/23	525		540
	Toyota Motor Credit Corp.
		2.95%, 04/13/21	675		681
	UBS Group AG
		4.13%, 09/24/25 (d)	375		387
	Volkswagen Group of America Finance LLC
		4.00%, 11/12/21 (d)	305		311
	Voya Financial Inc.
		3.13%, 07/15/24	250		247
	Wells Fargo & Co.
		3.07%, 01/24/23	1,050		1,051
	West Virginia Hospital Finance Authority
		4.92%, 06/01/48	300		329
	Westpac Banking Corp.
		2.15%, 03/06/20	450		448
	Willis North America Inc.
		3.60%, 05/15/24	150		151
		4.50%, 09/15/28	195		203
	Woodside Finance Ltd.
		3.70%, 09/15/26 (d)	475		468
	Ziggo Bond Finance BV
		6.00%, 01/15/27 (d)	300		288
				23,386
Health Care 1.2%
	AbbVie Inc.
		3.20%, 05/14/26	300		292
	Anthem Inc.
		2.50%, 11/21/20	400		398
	Bayer US Finance II LLC
		3.50%, 06/25/21 (d)	200		202
	Becton Dickinson & Co.
		3.70%, 06/06/27	275		274
	Celgene Corp.
		3.55%, 08/15/22	525		536
	Crimson Merger Sub Inc.
		6.63%, 05/15/22 (d)	160		152
	CVS Health Corp.
		3.50%, 07/20/22	475		481
		5.05%, 03/25/48	475		479
	Elanco Animal Health Inc.
		3.91%, 08/27/21 (d)	50		51
	Enterprise Merger Sub Inc.
		8.75%, 10/15/26 (d)	200		178
	Express Scripts Holding Co.
		3.00%, 07/15/23	500		498
	Halfmoon Parent Inc.
		3.75%, 07/15/23 (d)	435		446
	Heartland Dental LLC
		8.50%, 05/01/26 (d)	200		185
	MPH Acquisition Holdings LLC
		7.13%, 06/01/24 (d)	150		150
	Northwell Healthcare Inc.
		3.98%, 11/01/46	175		169
	Par Pharmaceutical Inc.
		7.50%, 04/01/27 (d)	205		208
	Providence St. Joseph Health Obligated Group
		3.93%, 10/01/48	550		554
	Stanford Health Care
		3.80%, 11/15/48	150		151

359

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Tenet Healthcare Corp.
		7.00%, 08/01/25	150		152
	Valeant Pharmaceuticals International Inc.
		5.50%, 11/01/25 (d)	139		142
		9.25%, 04/01/26 (d)	290		318
				6,016
Industrials 0.7%
	Air Lease Corp.
		3.50%, 01/15/22	155		156
	Cloud Crane LLC
		10.13%, 08/01/24 (d)	145		156
	CPG Merger Sub LLC
		8.00%, 10/01/21 (d)	80		80
	CSX Corp.
		3.70%, 11/01/23	350		361
	General Dynamics Corp.
		2.88%, 05/11/20	850		853
	GFL Environmental Inc.
		7.00%, 06/01/26 (d)	180		170
	John Deere Capital Corp.
		2.35%, 01/08/21	275		274
	Lockheed Martin Corp.
		3.55%, 01/15/26	250		258
	New Enterprise Stone & Lime Co. Inc.
		10.13%, 04/01/22 (d)	200		203
	Prime Security Services Borrower LLC
		5.25%, 04/15/24 (d)	135		135
	Republic Services Inc.
		3.38%, 11/15/27	100		101
	Rockwell Collins Inc.
		3.20%, 03/15/24	350		348
	Roper Technologies Inc.
		3.80%, 12/15/26	375		379
	Standard Industries Inc.
		5.00%, 02/15/27 (d)	60		58
	United Rentals North America Inc.
		6.50%, 12/15/26	85		89
				3,621
Information Technology 0.5%
	Amkor Technology Inc.
		6.63%, 09/15/27 (d)	143		145
	Apple Inc.
		1.90%, 02/07/20	425		424
		3.20%, 05/11/27	450		454
	Avnet Inc.
		4.63%, 04/15/26	100		101
	Broadcom Corp.
		3.00%, 01/15/22	625		622
	Hewlett Packard Enterprise Co.
		2.10%, 10/04/19 (d)	125		125
	Microchip Technology Inc.
		3.92%, 06/01/21 (d)	150		151
	Microsoft Corp.
		1.85%, 02/06/20	375		373
		4.20%, 11/03/35	100		110
	NCR Corp.
		6.38%, 12/15/23	145		149
				2,654
Materials 0.4%
	ARD Finance SA
		8.50%, 09/15/23 (f)	325		324
	CVR Partners LP
		9.25%, 06/15/23 (d)	140		147
	First Quantum Minerals Ltd.
		7.50%, 04/01/25 (d)	200		191
	Flex Acquisition Co. Inc.
		6.88%, 01/15/25 (d)	165		158
	Goldcorp Inc.
		3.63%, 06/09/21	175		177
	Kraton Polymers LLC
		7.00%, 04/15/25 (d)	155		157
	Nucor Corp.
		3.95%, 05/01/28	250		260
			Shares/Par¹		Value ($)
	Rio Tinto Finance USA Ltd.
		3.75%, 06/15/25	175		183
	SunCoke Energy Inc.
		7.50%, 06/15/25 (d)	150		152
	Vulcan Materials Co.
		4.50%, 06/15/47	100		90
	Warrior Met Coal Inc.
		8.00%, 11/01/24 (d)	180		188
				2,027
Real Estate 0.5%
	Alexandria Real Estate Equities Inc.
		4.70%, 07/01/30	565		605
	Brixmor Operating Partnership LP
		3.90%, 03/15/27	275		270
	Duke Realty LP
		4.00%, 09/15/28	410		424
	Essex Portfolio LP
		3.38%, 04/15/26	525		521
	Highwoods Realty LP
		3.63%, 01/15/23	125		126
	Iron Mountain Inc.
		5.75%, 08/15/24	150		151
	Kimco Realty Corp.
		3.30%, 02/01/25	150		148
	Realogy Group LLC
		4.88%, 06/01/23 (d)	35		33
	Regency Centers Corp.
		3.60%, 02/01/27	100		99
	Ventas Realty LP
		3.25%, 10/15/26	170		165
				2,542
Utilities 0.5%
	Alabama Power Co.
		3.75%, 03/01/45	150		146
	CenterPoint Energy Inc.
		3.60%, 11/01/21	250		254
	CMS Energy Corp.
		3.00%, 05/15/26	100		98
	Duke Energy Progress LLC
		3.70%, 10/15/46	100		98
	Eversource Energy
		3.30%, 01/15/28	100		99
	Exelon Generation Co. LLC
		2.95%, 01/15/20	225		225
	FirstEnergy Corp.
		4.35%, 01/15/25 (d)	250		260
		7.38%, 11/15/31	225		298
	Georgia Power Co.
		2.00%, 09/08/20	375		371
	Pacific Gas & Electric Co.
		0.00%, 12/01/46 - 12/01/47 (a) (g)	105		84
	State Grid Overseas Investment Ltd.
		3.75%, 05/02/23 (d)	400		411
	Virginia Electric & Power Co.
		4.00%, 01/15/43	275		276
				2,620
	Total Corporate Bonds And Notes (cost $57,869)			58,872
SENIOR LOAN INTERESTS 0.3%
Communication Services 0.1%
	AMC Entertainment Holdings Inc.
		Term Loan B, 0.00%, (3M LIBOR + 3.00%), 03/20/26 (e) (h)	110		109
	Frontier Communications Corp.
		Term Loan B-1, 0.00%, (3M LIBOR + 3.75%), 05/31/24 (e) (h)	80		78
		Term Loan B-1, 6.25%, (3M LIBOR + 3.75%), 05/31/24 (e)	79		77
				264
Consumer Discretionary 0.1%
	Neiman Marcus Group Inc.
		Term Loan, 5.73%, (1M LIBOR + 3.25%), 10/25/20 (e)	95		88

360

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Scientific Games International Inc.
		Term Loan B-5, 0.00%, (3M LIBOR + 2.75%), 08/14/24 (e) (h)	140		136
				224
Energy 0.0%
	Johnson Controls International Plc
		Term Loan B, 0.00%, (3M LIBOR + 3.50%), 03/13/26 (e) (h)	155		153
Health Care 0.1%
	Envision Healthcare Corp.
		1st Lien Term Loan, 6.25%, (3M LIBOR + 3.75%), 09/27/25 (e)	209		196
Industrials 0.0%
	Navistar International Corp.
		1st Lien Term Loan B, 0.00%, (3M LIBOR + 3.50%), 11/01/24 (e) (h)	155		154
Information Technology 0.0%
	Refinitiv US Holdings Inc.
		Term Loan, 6.25%, (3M LIBOR + 3.75%), 09/12/25 (e)	175		169
Materials 0.0%
	BWAY Holding Co.
		Term Loan B, 0.00%, (3M LIBOR + 3.25%), 04/03/24 (e) (h)	165		161
	Total Senior Loan Interests (cost $1,348)			1,321
GOVERNMENT AND AGENCY OBLIGATIONS 16.4%
Collateralized Mortgage Obligations 0.2%
	Federal Home Loan Mortgage Corp.
		Series 2018-M1-DNA3, REMIC, 3.24%, (1M USD LIBOR + 0.75%), 09/25/48 (d) (e)	395		394
		Series FD-4852, REMIC, 2.83%, (1M USD LIBOR + 0.35%), 12/15/48 (e)	592		588
	Government National Mortgage Association
		Series 2018-FE-122, REMIC, 2.79%, 09/20/48	79		78
				1,060
Commercial Mortgage-Backed Securities 0.0%
	Government National Mortgage Association
		Series 2019-FL-21, REMIC, 2.94%, 02/20/49	95		95
		Series 2019-NF-23, REMIC, 2.94%, 02/20/49	75		75
				170
Mortgage-Backed Securities 7.9%
	Federal National Mortgage Association
		2.50%, 01/01/32 - 06/01/32	961		956
		3.00%, 04/01/33 - 11/01/48	6,725		6,725
		TBA, 3.00%, 04/15/33 - 05/15/48 (i)	855		860
		6.00%, 07/01/41	459		517
		5.50%, 05/01/44	1,045		1,147
		3.50%, 05/01/33 - 04/01/48	8,488		8,645
		4.50%, 09/01/46 - 05/01/48	2,374		2,512
		4.00%, 03/01/42 - 03/01/49	5,632		5,861
		4.00%, 12/01/47 (i)	105		109
		3.50%, 07/01/48 (i)	190		193
		5.00%, 08/01/48	225		239
		4.50%, 12/01/48 (i)	128		133
	Government National Mortgage Association
		3.50%, 08/20/42 - 02/20/49	1,956		2,006
		3.00%, 08/20/46	674		678
		3.00%, 09/20/46	2,028		2,040
		5.50%, 05/20/48 - 03/20/49	682		722
		4.50%, 07/20/45 - 12/20/48	1,422		1,482
		5.00%, 05/20/48 - 09/20/48	2,541		2,659
		4.00%, 09/20/45 - 10/20/48	1,689		1,747
				39,231
Municipal 0.4%
	American Municipal Power Inc.
		6.45%, 02/15/44	250		337
	Chicago Transit Authority
		6.90%, 12/01/40	300		394
	Metropolitan Transportation Commission
		6.91%, 10/01/50	235		359
	Municipal Electric Authority of Georgia
		6.66%, 04/01/57	350		421
			Shares/Par¹		Value ($)
	State of California
		7.55%, 04/01/39	240		364
				1,875
Sovereign 0.4%
	Bermuda Government International Bond
		3.72%, 01/25/27 (d)	300		293
	Province of Alberta, Canada
		2.20%, 07/26/22	500		495
	Province of Ontario, Canada
		2.40%, 02/08/22	500		499
	Province of Quebec, Canada
		3.50%, 07/29/20	500		507
	United Mexican States
		4.13%, 01/21/26	300		307
				2,101
Treasury Inflation Indexed Securities 0.3%
	U.S. Treasury Inflation Indexed Note
		1.25%, 07/15/20 (j)	25		25
		1.13%, 01/15/21 (j)	44		45
		0.13%, 04/15/21 - 07/15/26 (j)	281		279
		0.63%, 07/15/21 - 01/15/26 (j)	106		106
		0.25%, 01/15/25 (j)	241		239
		0.38%, 07/15/25 - 07/15/27 (j)	84		83
		0.50%, 01/15/28 (j)	49		49
		1.75%, 01/15/28 (j)	23		25
		2.50%, 01/15/29 (j)	55		65
		2.13%, 02/15/40 - 02/15/41 (j)	91		114
		1.38%, 01/15/20 - 02/15/44 (j)	13		14
		0.75%, 07/15/28 - 02/15/45 (j)	103		104
		1.00%, 02/15/46 - 02/15/49 (j)	45		46
		0.88%, 02/15/47 (j)	25		24
				1,218
U.S. Treasury Securities 7.2%
	U.S. Treasury Bond
		4.50%, 05/15/38 (k)	5,560		7,161
		3.13%, 02/15/43	220		234
		3.00%, 08/15/48 (i)	6,293		6,527
	U.S. Treasury Note
		2.63%, 12/15/21	1,140		1,152
		2.75%, 07/31/23 - 08/31/23	15,240		15,568
		2.38%, 02/29/24	27		27
		2.50%, 02/28/26	30		30
		2.88%, 08/15/28 (i)	5,090		5,294
		3.13%, 11/15/28 (i)	44		46
				36,039
	Total Government And Agency Obligations (cost $79,708)			81,694
INVESTMENT COMPANIES 0.0%
	Altaba Inc. (a)		3		256
	Total Investment Companies (cost $237)			256
SHORT TERM INVESTMENTS 11.1%
Investment Companies 10.4%
	JNL Government Money Market Fund - Institutional Class, 2.33% (l) (m)		7,466		7,466
	T. Rowe Price Government Reserve Fund, 2.55% (l) (m)		44,397		44,397
				51,863
Securities Lending Collateral 0.7%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.43% (l) (m)		3,684		3,684
Treasury Securities 0.0%
	U.S. Treasury Bill
		2.46%, 04/18/19 (n)	37		37
	Total Short Term Investments (cost $55,584)			55,584
Total Investments 100.6% (cost $494,477)					501,439
Other Derivative Instruments 0.1%					528
Other Assets and Liabilities, Net (0.7)%					(3,493)
Total Net Assets 100.0%					498,474

(a) Non-income producing security.

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

(d) The Sub-Adviser has deemed this security, which is exempt from registration under the Securities Act of 1933, as amended, to be liquid based on procedures

361

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019

approved by the JNL Series Trust's Board of Trustees. As of March 31, 2019, the value and the percentage of net assets of these liquid securities was $29,417 and 5.9%, respectively.

(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) 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) This senior loan will settle after March 31, 2019. The reference rate and spread presented will go into effect upon settlement.

(i) All or a portion of the security was purchased on a delayed delivery basis. As of March 31, 2019, the total payable for investments purchased on a delayed delivery basis was $12,676.

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

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

(l) Investment in affiliate.

(m) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2019.

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


JNL/T. Rowe Price Managed Volatility Balanced Fund — Futures Contracts
Reference Entity	Contracts¹	Expiration	Notional¹			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
Mini MSCI Emerging EAFE Index	303	June 2019		27,731	96			545
S&P 500 E-Mini Index	435	June 2019		60,291	365			1,431
					461			1,976
Short Contracts
U.S. Treasury Long Bond	(27)	June 2019		(3,922)	10			(119)
U.S. Treasury Note, 10-Year	(46)	June 2019		(5,636)	13			(78)
U.S. Treasury Note, 2-Year	(17)	June 2019		(3,619)	5			(4)
U.S. Treasury Note, 5-Year	(144)	June 2019		(16,544)	33			(135)
Ultra 10-Year U.S. Treasury Note	(1)	June 2019		(132)	—			—
Ultra Long Term U.S. Treasury Bond	(16)	June 2019		(2,584)	6			(104)
					67			(440)

362

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
JNL/T. Rowe Price Mid-Cap Growth Fund
COMMON STOCKS 93.8%
Communication Services 1.7%
	IAC/InterActiveCorp. (a)	431		90,557
	Zillow Group Inc. - Class A (a)	42		1,440
	Zillow Group Inc. - Class C (a) (b)	186		6,462
			98,459
Consumer Discretionary 14.3%
	Aptiv Plc	704		55,961
	Aramark Corp.	652		19,267
	Burlington Stores Inc. (a)	371		58,128
	Carmax Inc. (a)	280		19,544
	Darden Restaurants Inc.	160		19,435
	Dollar General Corp.	600		71,580
	Dollar Tree Inc. (a)	516		54,201
	Dunkin' Brands Group Inc.	469		35,222
	Ferrari NV (b)	55		7,359
	Frontdoor Inc. (a)	456		15,696
	Hilton Worldwide Holdings Inc.	477		39,643
	Levi Strauss & Co. - Class A (a)	302		7,112
	Marriott International Inc. - Class A	326		40,779
	MGM Resorts International	2,458		63,072
	Michaels Cos. Inc. (a) (b)	558		6,372
	Norwegian Cruise Line Holdings Ltd. (a)	1,594		87,606
	O'Reilly Automotive Inc. (a)	93		36,112
	ServiceMaster Global Holdings Inc. (a)	754		35,212
	Tapestry Inc.	1,957		63,583
	Tiffany & Co.	130		13,722
	Ulta Beauty Inc. (a)	84		29,293
	Vail Resorts Inc.	233		50,631
	Visteon Corp. (a)	234		15,760
			845,290
Consumer Staples 2.9%
	Casey's General Stores Inc.	354		45,585
	ConAgra Brands Inc.	1,326		36,783
	Kroger Co.	839		20,639
	Sprouts Farmers Market Inc. (a)	1,116		24,039
	TreeHouse Foods Inc. (a)	658		42,474
			169,520
Energy 3.0%
	Cabot Oil & Gas Corp.	1,342		35,026
	Centennial Resource Development Inc. - Class A (a) (b)	1,051		9,238
	Concho Resources Inc.	569		63,136
	Continental Resources Inc. (a)	577		25,832
	Pioneer Natural Resources Co.	286		43,552
			176,784
Financials 8.1%
	Assurant Inc.	326		30,974
	Axis Capital Holdings Ltd.	361		19,776
	CBOE Global Markets Inc.	464		44,284
	DocuSign Inc. (a) (b)	280		14,515
	Fidelity National Financial Inc.	1,676		61,258
	Fifth Third Bancorp	929		23,429
	KKR & Co. Inc.	1,246		29,269
	MarketAxess Holdings Inc.	93		22,885
	Oaktree Capital Group LLC - Class A	220		10,923
	Progressive Corp.	280		20,185
	Shopify Inc. - Class A (a)	68		14,050
	SLM Corp.	1,398		13,854
	TD Ameritrade Holding Corp.	1,551		77,535
	Webster Financial Corp.	319		16,164
	Willis Towers Watson Plc	465		81,677
			480,778
Health Care 17.4%
	Acadia Pharmaceuticals Inc. (a)	745		21,836
	Agilent Technologies Inc.	1,315		105,700
	Alkermes Plc (a)	1,118		40,796
	Alnylam Pharmaceuticals Inc. (a)	214		19,998
	Amneal Pharmaceuticals Inc. - Class A (a) (b)	1,362		19,300
	Argenx SE - ADR (a)	93		11,616
	Bruker Corp.	1,765		67,847
		Shares/Par¹		Value ($)
	Catalent Inc. (a)	1,502		60,966
	Cooper Cos. Inc.	421		124,688
	Elanco Animal Health Inc. (a) (b)	1,397		44,817
	Exact Sciences Corp. (a)	279		24,167
	Hologic Inc. (a)	2,390		115,676
	ICU Medical Inc. (a)	103		24,761
	Idexx Laboratories Inc. (a)	73		16,323
	Incyte Corp. (a)	334		28,727
	Iqvia Ltd. (a)	177		25,461
	MEDNAX Inc. (a)	419		11,384
	Perrigo Co. Plc	756		36,409
	Sage Therapeutics Inc. (a)	95		15,110
	Seattle Genetics Inc. (a) (b)	345		25,268
	Teleflex Inc.	485		146,548
	Veeva Systems Inc. - Class A (a)	60		7,612
	West Pharmaceutical Services Inc.	280		30,856
			1,025,866
Industrials 18.2%
	Alaska Air Group Inc.	270		15,152
	Allegion Plc	471		42,724
	BWX Technologies Inc.	610		30,244
	Colfax Corp. (a)	1,188		35,260
	CoStar Group Inc. (a)	93		43,377
	Equifax Inc.	186		22,041
	Fortive Corp.	791		66,357
	Gardner Denver Holdings Inc. (a)	1,655		46,026
	Harris Corp.	656		104,770
	IDEX Corp.	516		78,298
	JB Hunt Transport Services Inc.	372		37,680
	Kansas City Southern	187		21,652
	KAR Auction Services Inc.	326		16,727
	L3 Technologies Inc.	106		21,875
	Roper Industries Inc.	233		79,679
	Sensata Technologies Holding Plc (a)	1,579		71,087
	Textron Inc.	1,935		98,027
	TransUnion LLC	800		53,472
	United Continental Holdings Inc. (a)	370		29,519
	Verisk Analytics Inc.	560		74,480
	Waste Connections Inc.	373		33,044
	Xylem Inc.	704		55,644
			1,077,135
Information Technology 20.6%
	Atlassian Corp. Plc - Class A (a)	371		41,697
	Black Knight Inc. (a)	557		30,357
	Ceridian HCM Holding Inc. (a) (b)	322		16,494
	Cognex Corp.	112		5,696
	Coherent Inc. (a)	113		15,973
	CoreLogic Inc. (a)	1,158		43,147
	Corning Inc.	1,876		62,096
	Entegris Inc.	418		14,918
	Fidelity National Information Services Inc.	371		41,960
	Fiserv Inc. (a)	749		66,122
	FleetCor Technologies Inc. (a)	235		57,949
	Gartner Inc. (a)	185		28,061
	Global Payments Inc.	234		31,946
	Guidewire Software Inc. (a)	28		2,721
	IHS Markit Ltd. (a)	704		38,284
	Keysight Technologies Inc. (a)	1,072		93,478
	Marvell Technology Group Ltd.	2,194		43,639
	Maxim Integrated Products Inc.	707		37,591
	Microchip Technology Inc. (b)	1,406		116,642
	National Instruments Corp.	434		19,252
	Red Hat Inc. (a)	46		8,404
	Skyworks Solutions Inc.	466		38,436
	Splunk Inc. (a)	242		30,153
	SS&C Technologies Holdings Inc.	429		27,323
	Symantec Corp.	1,972		45,336
	Tableau Software Inc. - Class A (a)	318		40,475
	Workday Inc. - Class A (a)	446		86,011
	Worldpay Inc. - Class A (a)	694		78,769
	Xilinx Inc.	418		52,998
			1,215,928
Materials 6.3%
	Air Products & Chemicals Inc.	375		71,610

363

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
	Avery Dennison Corp.	284		32,092
	Ball Corp.	1,741		100,734
	Franco-Nevada Corp. (b)	389		29,194
	Martin Marietta Materials Inc.	145		29,171
	RPM International Inc.	801		46,490
	Sealed Air Corp.	938		43,204
	Valvoline Inc.	1,102		20,453
			372,948
Real Estate 0.0%
	WeWork Co. - Class A (a) (c) (d) (e)	66		3,189
Utilities 1.3%
	Atmos Energy Corp.	208		21,409
	Sempra Energy	430		54,120
			75,529
	Total Common Stocks (cost $4,182,443)		5,541,426
PREFERRED STOCKS 0.2%
Real Estate 0.2%
	WeWork Co. - Series D-2 (a) (c) (d) (e)	122		5,942
	WeWork Co. - Series D-1 (a) (c) (d) (e)	156		7,563
	Total Preferred Stocks (cost $4,627)		13,505
SHORT TERM INVESTMENTS 6.0%
Investment Companies 6.0%
	JNL Government Money Market Fund - Institutional Class, 2.33% (f) (g)	3,203		3,203
		Shares/Par¹		Value ($)
	T. Rowe Price Government Reserve Fund, 2.55% (f) (g)	348,263		348,263
			351,466
Securities Lending Collateral 0.0%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.43% (f) (g)	725		725
	Total Short Term Investments (cost $352,191)		352,191
Total Investments 100.0% (cost $4,539,261)				5,907,122
Other Assets and Liabilities, Net 0.0%				1,416
Total Net Assets 100.0%				5,908,538

(a) Non-income producing security.

(b) All or a portion of the security was on loan.

(d) The Sub-Adviser has deemed this security to be illiquid based on procedures approved by the JNL Series Trust's 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 March 31, 2019.


Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	WeWork Co. - Series D-2	12/10/14	2,036	5,942	0.1
	WeWork Co. - Class A	12/10/14	949	3,189	0.1
	WeWork Co. - Series D-1	12/10/14	2,591	7,563	0.1
			5,576	16,694	0.3

364

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹	Value ($)
JNL/T. Rowe Price Short-Term Bond Fund
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 25.6%
Industrials 0.1%
	American Airlines Inc.
		3.70%, 10/15/25	1,942	1,893
	Allegro CLO Ltd.
		Series 2015-AR-IA, 3.61%, (3M USD LIBOR + 0.84%), 07/26/27 (a) (b)	3,110	3,094
	Ally Auto Receivables Trust
		Series 2016-D-1, 2.84%, 06/17/19	1,035	1,034
		Series 2015-C-2, 2.41%, 01/15/21 (b)	2,985	2,985
		Series 2017-C-2, 2.46%, 09/15/22	395	391
		Series 2017-D-2, 2.93%, 11/15/23	550	545
	Ally Master Owner Trust
		Series 2018-A2-1, 2.70%, 01/15/21	4,600	4,597
		Series 2018-A-4, 3.30%, 07/15/21	2,530	2,560
	AmeriCredit Automobile Receivables Trust
		Series 2015-D-3, 3.34%, 07/08/19	1,840	1,847
		Series 2016-D-3, 2.71%, 08/08/20	2,130	2,122
		Series 2015-D-2, 3.00%, 06/08/21	1,440	1,441
		Series 2016-A3-4, 1.53%, 07/08/21	1,036	1,033
		Series 2014-E-4, 3.66%, 03/08/22	845	845
		Series 2018-A3-3, 3.38%, 03/18/22 (c)	5,820	5,890
		Series 2017-D-3, 3.18%, 04/18/22	3,550	3,557
		Series 2017-D-1, 3.13%, 01/18/23	3,180	3,187
		Series 2017-D-2, 3.42%, 04/18/23	2,290	2,299
		Series 2017-B-3, 2.24%, 06/19/23	1,040	1,031
		Series 2017-C-3, 2.69%, 06/19/23	1,105	1,103
		Series 2014-D-3, REMIC, 3.13%, 10/08/20	2,213	2,213
		Series 2014-E-3, REMIC, 3.72%, 03/08/22 (b)	860	860
	Angel Oak Mortgage Trust I LLC
		Series 2019-A1-2, REMIC, 3.63%, 04/25/23 (a) (b)	2,790	2,789
		Series 2019-M1-2, REMIC, 4.07%, 04/25/23 (a) (b) (d)	1,420	1,420
	ARI Fleet Lease Trust
		Series 2017-A2-A, 1.91%, 04/15/26 (b)	354	353
		Series 2018-A2-A, 2.55%, 10/15/26 (b)	1,955	1,951
	Ascentium Equipment Receivables Trust
		Series 2018-A2-1A, 2.92%, 12/10/20 (b)	1,145	1,146
		Series 2017-A3-1A, 2.29%, 06/10/21 (b)	812	809
	Avis Budget Rental Car Funding AESOP LLC
		Series 2014-A-1A, 2.46%, 07/20/19 (b)	587	586
		Series 2014-A-2A, 2.50%, 02/20/20 (b)	5,485	5,469
		Series 2015-A-1A, 2.50%, 07/20/20 (b)	1,650	1,643
		Series 2015-A-2A, 2.63%, 12/20/20 (b)	850	846
		Series 2016-A-1A, 2.99%, 06/20/21 (b)	2,200	2,203
		Series 2017-A-2A, 2.97%, 03/20/23 (b)	2,130	2,117
		Series 2019-B-1A, REMIC, 3.70%, 03/20/22 (b)	625	630
	Babson CLO Ltd.
		Series 2013-AR-IA, 3.56%, (3M USD LIBOR + 0.80%), 01/20/28 (a) (b)	3,900	3,868
	BAMLL Commercial Mortgage Securities Trust
		Series 2018-A-DSNY, REMIC, 3.33%, (1M USD LIBOR + 0.85%), 09/15/20 (a) (b)	2,400	2,388
	Bayview Mortgage Fund IVC Trust
		Series 2017-A-RT3, 3.50%, 01/28/58 (a) (b)	3,647	3,656
	Bayview Opportunity Master Fund IVA Trust
		Series 2017-A-SPL5, 3.50%, 06/28/57 (a) (b)	3,124	3,133
	Bayview Opportunity Master Fund IVB Trust
		Series 2017-A-SPL4, 3.50%, 01/28/55 (a) (b)	1,134	1,137
	BlueMountain CLO Ltd.
		Series 2015-A1R-2A, 3.71%, (3M USD LIBOR + 0.93%), 07/19/27 (a) (b)	3,770	3,751
	BX Trust
		Series 2017-B-IMC, 3.88%, (1M USD LIBOR + 1.40%), 10/15/19 (a) (b)	3,845	3,822
		Series 2017-D-IMC, 4.73%, (1M USD LIBOR + 2.25%), 10/15/19 (a) (b)	1,210	1,205
		Series 2018-A-IND, 3.23%, (1M USD LIBOR + 0.75%), 10/15/20 (a) (b)	2,040	2,035
	California Republic Auto Receivables Trust
		Series 2015-B-1, 2.51%, 05/15/19	785	784
	Capital Auto Receivables Asset Trust
		Series 2016-A4-2, 1.63%, 07/20/19	985	983
			Shares/Par¹	Value ($)
		Series 2016-A3-3, 1.54%, 08/20/20	31	31
		Series 2018-B-2, 3.48%, 12/21/20 (b)	885	891
		Series 2018-C-2, 3.69%, 02/22/21 (b)	1,130	1,138
		Series 2018-C-1, 3.36%, 06/20/21 (b)	2,280	2,286
		Series 2018-D-1, 3.70%, 06/20/21 (b)	2,235	2,250
		Series 2017-B-1, 2.43%, 05/20/22 (b)	385	383
		Series 2017-C-1, 2.70%, 09/20/22 (b)	620	617
	Carlyle Global Market Strategies CLO Ltd.
		Series 2015-AR-1A, 3.76%, (3M USD LIBOR + 1.00%), 04/20/27 (a) (b)	2,415	2,418
		Series 2015-A1R-3A, 3.76%, (3M USD LIBOR + 1.00%), 07/28/28 (a) (b)	3,805	3,793
	CarMax Auto Owner Trust
		Series 2016-A3-4, 1.40%, 04/15/20	1,606	1,594
		Series 2017-D-1, 3.43%, 01/15/21	3,625	3,635
		Series 2017-C-4, 2.70%, 10/15/21	530	524
		Series 2015-D-4, 3.00%, 05/16/22	600	599
	Chrysler Capital Auto Receivables Trust
		Series 2016-A3-BA, 1.64%, 07/15/21 (b)	285	284
	Citigroup Commercial Mortgage Trust
		Series 2015-A1-GC27, REMIC, 1.35%, 11/13/19	43	43
		Series 2015-A1-P1, REMIC, 1.65%, 04/17/20	402	399
		Series 2015-A1-GC31, REMIC, 1.64%, 07/10/20	626	623
		Series 2015-A1-GC33, REMIC, 1.64%, 08/10/20	699	693
	CLNS Trust
		Series 2017-A-IKPR, 3.29%, (1M USD LIBOR + 0.80%), 06/13/19 (a) (b)	1,395	1,390
	CNH Equipment Trust
		Series 2016-A3-C, 1.44%, 12/15/21	1,239	1,230
		Series 2019-A3-A, 3.01%, 10/15/22	1,500	1,511
		Series 2015-A3-C, REMIC, 1.66%, 11/16/20	432	431
	Cole Park CLO Ltd.
		Series 2015-AR-1A, 3.81%, (3M USD LIBOR + 1.05%), 10/20/28 (a) (b)	3,985	3,978
	COLT Funding LLC
		Series 2018-A1-1, REMIC, 2.93%, 02/25/48 (a) (b)	517	516
		Series 2018-A3-1, REMIC, 3.08%, 02/25/48 (a) (b)	184	184
	COLT Mortgage Loan Trust
		Series 2017-A1-1, 2.61%, 05/27/47 (a) (b)	580	569
		Series 2017-A3-1, 3.07%, 05/27/47 (a) (b)	86	85
		Series 2019-A1-2, 3.34%, 05/25/49 (b)	1,915	1,915
		Series 2017-A1A-2, REMIC, 2.41%, 10/25/47 (a) (b)	1,324	1,310
		Series 2017-A2A-2, REMIC, 2.57%, 10/25/47 (a) (b)	563	559
		Series 2017-A3A-2, REMIC, 2.77%, 10/25/47 (a) (b)	245	245
		Series 2018-A1-2, REMIC, 3.47%, 07/27/48 (a) (b)	2,903	2,919
		Series 2018-A2-2, REMIC, 3.54%, 07/27/48 (a) (b)	1,410	1,418
		Series 2018-A1-4, REMIC, 4.01%, 12/28/48 (b)	2,587	2,620
	COMM Mortgage Trust
		Series 2015-A1-CR25, REMIC, 1.74%, 07/10/20	969	963
		Series 2016-A1-CR28, REMIC, 1.77%, 10/13/20	394	391
		Series 2014-A-TWC, REMIC, 3.35%, (1M USD LIBOR + 0.85%), 02/13/32 (a) (b)	1,280	1,280
	Commercial Mortgage Pass-Through Certificates
		Series 2015-A2-LC23, REMIC, 3.22%, 10/13/20	4,595	4,616
	CSAIL Commercial Mortgage Trust
		Series 2015-A1-C1, REMIC, 1.68%, 10/18/19	90	89
		Series 2015-A1-C3, REMIC, 1.72%, 05/15/20	820	814
		Series 2016-A1-C5, REMIC, 1.75%, 07/17/20	302	300
	Deephaven Residential Mortgage Trust
		Series 2018-A1-1A, 2.98%, 02/25/22 (a) (b)	1,116	1,105
		Series 2018-A1-2A, 3.48%, 06/25/22 (a) (b)	2,015	2,029
		Series 2018-A3-3A, 3.96%, 10/25/22 (b)	231	234
		Series 2017-A1-3A, REMIC, 2.58%, 11/25/21 (a) (b)	1,375	1,369
		Series 2017-A2-3A, REMIC, 2.71%, 11/25/21 (a) (b)	119	118
		Series 2017-A3-3A, REMIC, 2.81%, 11/25/21 (a) (b)	112	111
		Series 2019-A1-1A, REMIC, 3.74%, 03/25/23 (b)	3,412	3,415

365

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹	Value ($)
	Series 2017-A3-1A, REMIC, 3.49%, 10/27/25 (a) (b)	280	279
Diamond Resorts Owner Trust
	Series 2015-A-2, 2.99%, 05/22/28 (b)	320	320
Elara HGV Timeshare Issuer LLC
	Series 2014-A-A, 2.53%, 02/25/27 (b)	294	288
	Series 2017-A-A, 2.69%, 03/25/30 (b)	702	696
Enterprise Fleet Financing LLC
	Series 2016-A2-2, 1.74%, 06/20/19 (b)	288	288
	Series 2017-A2-1, 2.13%, 01/20/20 (b)	460	458
	Series 2017-A2-2, 1.97%, 04/20/20 (b)	652	649
	Series 2017-A2-3, 2.13%, 08/20/20 (b)	2,723	2,708
	Series 2018-A2-1, 2.87%, 02/20/21 (b)	1,568	1,569
	Series 2018-A2-2, 3.14%, 06/20/21 (b)	2,060	2,068
	Series 2017-A3-3, 2.36%, 08/20/21 (b)	955	943
	Series 2019-A2-1, 2.98%, 02/22/22 (b)	1,375	1,380
Fannie Mae Connecticut Avenue Securities
	Series 2017-1M1-C01, 3.79%, (1M USD LIBOR + 1.30%), 01/25/27 (a)	722	724
	Series 2016-2M1-C07, 3.79%, (1M USD LIBOR + 1.30%), 05/25/29 (a)	77	77
	Series 2017-2M1-C02, 3.64%, (1M USD LIBOR + 1.15%), 09/25/29 (a)	1,806	1,808
	Series 2017-2M1-C04, 3.34%, (1M USD LIBOR + 0.85%), 11/26/29 (a)	1,705	1,705
	Series 2017-1M1-C03, REMIC, 3.44%, (1M USD LIBOR + 0.95%), 10/25/29 (a)	2,215	2,218
	Series 2017-1M1-C05, REMIC, 3.04%, (1M USD LIBOR + 0.55%), 01/25/30 (a)	1,926	1,927
	Series 2017-1M1-C06, REMIC, 3.24%, (1M USD LIBOR + 0.75%), 02/25/30 (a)	1,584	1,584
	Series 2017-2M1-C06, REMIC, 3.24%, (1M USD LIBOR + 0.75%), 02/25/30 (a)	680	680
	Series 2018-2M1-C02, REMIC, 3.14%, (1M USD LIBOR + 0.65%), 08/26/30 (a)	627	626
Ford Credit Auto Lease Trust
	Series 2017-A4-A, 2.02%, 06/15/20	915	914
Ford Credit Floorplan Master Owner Trust
	Series 2016-B-3, 1.75%, 07/15/19	1,170	1,165
Freddie Mac Structured Agency Credit Risk Debt Note
	Series 2017-M1-DNA3, REMIC, 3.24%, (1M USD LIBOR + 0.75%), 03/25/30 (a)	2,116	2,115
	Series 2018-M1-HQA2, REMIC, 3.24%, (1M USD LIBOR + 0.75%), 10/26/48 (a) (b)	2,905	2,897
Galaxy XXIX CLO Ltd.
	Series 2018-A-29A, 3.47%, 11/16/26	—	—
Galton Funding Mortgage Trust
	Series 2019-A32-1, 4.00%, 12/25/32 (b)	1,691	1,719
	Series 2018-A33-1, 3.50%, 02/25/33 (a) (b)	1,658	1,643
GM Financial Automobile Leasing Trust
	Series 2017-A4-1, 2.26%, 08/20/20	440	439
	Series 2017-C-3, 2.73%, 09/20/21	780	776
	Series 2018-C-1, 3.11%, 12/20/21	985	983
	Series 2018-C-2, 3.50%, 04/20/22	1,110	1,115
	Series 2018-D-1, 3.37%, 10/20/22	2,450	2,445
GM Financial Consumer Automobile Receivables Trust
	Series 2017-C-3A, 2.52%, 03/16/23 (b)	635	629
GMF Floorplan Owner Revolving Trust
	Series 2016-B-1, 2.41%, 05/15/19 (b)	845	844
	Series 2016-C-1, 2.85%, 05/15/19 (b)	325	325
	Series 2017-B-3, 2.26%, 08/15/19 (b)	805	802
	Series 2017-C-3, 2.46%, 08/15/19 (b)	2,410	2,404
	Series 2017-C-1, 2.97%, 01/15/20 (b)	1,560	1,558
	Series 2017-C-2, 2.63%, 07/15/20 (b)	970	965
	Series 2018-A1-4, 3.50%, 09/15/21 (b)	3,465	3,530
Golub Capital Partners ClO Ltd.
	Series 2018-A1-39A, 3.49%, (3M USD LIBOR + 1.15%), 10/20/28 (a) (b)	2,180	2,172
Great Wolf Trust
	Series 2017-A-WOLF, 3.48%, (1M USD LIBOR + 0.85%), 09/16/19 (a) (b)	1,745	1,741
	Series 2017-C-WOLF, 3.95%, (1M USD LIBOR + 1.32%), 09/16/19 (a) (b)	2,495	2,492
GreatAmerica Leasing Receivables Funding LLC
	Series 2017-A3-1, 2.06%, 06/22/20 (b)	107	106
		Shares/Par¹	Value ($)
	Series 2018-A3-1, 2.60%, 06/15/21 (b)	945	944
GS Mortgage Securities Trust
	Series 2016-A1-GS3, 1.43%, 02/12/21	314	309
	Series 2014-A1-GC24, REMIC, 1.51%, 07/12/19	180	179
	Series 2015-A1-GC28, REMIC, 1.53%, 12/12/19	216	215
	Series 2015-A1-GC32, REMIC, 1.59%, 04/10/20	689	684
	Series 2014-2A1-EB1A, REMIC, 2.46%, 05/25/21 (a) (b)	327	320
	Series 2018-D-FBLU, REMIC, 4.48%, 11/15/20 (b)	800	798
	Series 2018-A-FBLU, REMIC, 3.43%, 11/16/20 (b)	1,525	1,522
Hardee's Funding LLC
	Series 2018-AI-1A, 4.25%, 06/20/22 (b)	2,187	2,210
Hilton Grand Vacations Trust
	Series 2017-A-AA, 2.66%, 08/25/23 (b)	375	372
	Series 2014-A-AA, 1.77%, 11/25/26 (b)	461	456
HLA CLO
	Series 2014-B1-3A, 4.46%, 10/22/25 (b)	1,960	1,956
Homeward Opportunities Fund I Trust
	Series 2019-A1-1, 3.65%, 01/25/59 (a) (b)	3,750	3,750
	Series 2019-A3-1, 3.85%, 01/25/59 (a) (b)	2,390	2,390
	Series 2018-A2-1, REMIC, 3.90%, 06/25/48 (b)	1,557	1,579
Homeward Opportunities Fund I Trust
	Series 2018-A1-1, REMIC, 3.77%, 06/25/48 (b)	1,947	1,967
Hyundai Auto Lease Securitization Trust
	Series 2016-A4-C, 1.65%, 07/15/20 (b)	570	570
Hyundai Auto Receivables Trust
	Series 2017-B-A, 2.38%, 04/17/23	875	869
John Deere Owner Trust
	Series 2016-A3-A, 1.36%, 04/15/20	221	221
JPMBB Commercial Mortgage Securities Trust
	Series 2015-A1-C27, REMIC, 1.41%, 12/17/19	259	258
	Series 2015-A1-C32, REMIC, 1.51%, 04/17/20	134	133
KKR CLO XIII Ltd.
	Series A1R-13, 3.58%, (3M USD LIBOR + 0.80%), 01/16/28 (a) (b)	3,920	3,884
Kubota Credit Owner Trust
	Series 2016-A3-1A, 1.50%, 07/15/20 (b)	248	247
Madison Park Funding XVIII Ltd.
	Series 2015-A1R-18A, 3.95%, (3M USD LIBOR + 1.19%), 10/21/30 (a) (b)	3,635	3,623
Magnetite XVI Ltd.
	Series 2015-AR-16A, 3.58%, (3M USD LIBOR + 0.80%), 01/18/28 (a) (b)	5,120	5,089
MetLife Securitization Trust
	Series 2017-A-1A, REMIC, 3.00%, 06/25/26 (a) (b)	1,339	1,326
Mill City Mortgage Loan Trust
	Series 2016-A1-1, REMIC, 2.50%, 07/25/23 (b)	433	427
	Series 2017-A1-2, REMIC, 2.75%, 01/25/24 (a) (b)	1,806	1,784
Morgan Stanley Bank of America Merrill Lynch Trust
	Series 2014-A1-C19, REMIC, 1.57%, 09/17/19	284	283
	Series 2015-A1-C24, REMIC, 1.71%, 07/15/20	835	829
	Series 2016-A1-C30, REMIC, 1.39%, 07/16/21	554	546
	Series 2014-AS-C15, REMIC, 4.26%, 02/16/24	710	742
	Series 2014-B-C15, REMIC, 4.57%, 03/15/24	255	266
	Series 2014-AS-C18, REMIC, 4.11%, 09/17/24	955	997
Morgan Stanley Capital I Trust
	Series 2017-B-CLS, 3.33%, (1M USD LIBOR + 0.85%), 11/15/19 (a) (b)	1,925	1,913
	Series 2017-C-CLS, 3.48%, (1M USD LIBOR + 1.00%), 11/15/19 (a) (b)	1,545	1,537
	Series 2015-A1-MS1, REMIC, 1.64%, 07/17/20	904	897
MVW Owner Trust
	Series 2014-A-1A, 2.25%, 10/20/24 (b)	498	492
	Series 2013-A-1A, 2.15%, 04/22/30 (b)	144	143
	Series 2015-A-1A, 2.52%, 12/20/32 (b)	1,179	1,168
	Series 2017-A-1A, 2.42%, 12/20/34 (b)	428	423
	Series 2017-B-1A, 2.75%, 12/20/34 (b)	145	143
	Series 2017-C-1A, 2.99%, 12/20/34 (b)	396	389
Navient Private Education Refi Loan Trust
	Series 2018-A1-A, 2.53%, 08/16/21 (b)	1,691	1,687

366

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹	Value ($)
Nelnet Student Loan Trust
	Series 2005-A4-4, 3.00%, (3M USD LIBOR + 0.18%), 03/22/32 (a)	2,062	1,992
Neuberger Berman CLO XIX Ltd.
	Series 2015-A1R2-19A, 3.59%, (3M USD LIBOR + 0.80%), 07/15/27 (a) (b)	3,815	3,791
Neuberger Berman CLO XVI Ltd.
	Series 2017-A-16SA, 3.64%, (3M USD LIBOR + 0.85%), 01/18/28 (a) (b)	2,335	2,328
New Residential Mortgage Loan Trust
	Series 2018-A1-NQM1, 3.99%, 11/25/48 (b)	3,473	3,561
Nissan Auto Lease Trust
	Series 2017-A4-B, 2.17%, 03/16/20	970	965
Nissan Auto Receivables Owner Trust
	Series 2016-A3-A, 1.34%, 10/15/20	507	506
Nissan Master Owner Trust Receivables
	Series 2016-A2-A, 1.54%, 06/17/19	2,265	2,259
OCP CLO Ltd.
	Series 2015-A1R-10A, 3.58%, (3M USD LIBOR + 0.82%), 10/26/27 (a) (b)	3,535	3,513
	Series 2014-A1RR-7A, 3.88%, (3M USD LIBOR + 1.12%), 07/20/29 (a) (b)	6,010	5,973
OZLM VIII Ltd.
	Series 2014-A1RR-8A, 3.63%, (3M USD LIBOR + 1.17%), 10/17/29 (a) (b)	2,515	2,516
Planet Fitness Master Issuer LLC
	Series 2018-A2I-1A, 4.26%, 09/05/22 (b)	2,811	2,891
RETL
	Series 2019-A-RVP, REMIC, 3.63%, (1M USD LIBOR + 1.15%), 03/15/21 (a) (b)	4,200	4,203
Santander Drive Auto Receivables Trust
	Series 2015-E-2, 4.02%, 05/15/19 (b)	1,750	1,757
	Series 2017-B-1, 2.10%, 07/15/19	136	136
	Series 2015-D-4, 3.53%, 10/15/19	1,400	1,405
	Series 2017-C-1, 2.58%, 06/15/20	370	369
	Series 2018-B-4, 3.27%, 01/15/21	1,570	1,577
	Series 2018-B-5, 3.52%, 01/15/21	3,090	3,120
	Series 2015-D-3, 3.49%, 05/17/21	4,725	4,739
	Series 2015-C-5, 2.74%, 12/15/21	685	685
	Series 2015-D-5, 3.65%, 12/15/21	1,405	1,412
	Series 2018-C-1, 2.96%, 02/15/22	630	629
	Series 2016-D-1, 4.02%, 04/15/22	1,035	1,045
	Series 2016-D-3, 2.80%, 08/15/22	1,400	1,399
	Series 2015-E-3, REMIC, 4.50%, 06/15/23 (b)	1,520	1,530
Santander Retail Auto Lease Trust
	Series 2017-C-A, 2.96%, 11/21/22 (b)	820	818
SBA Tower Trust
	Series 2015-C-1, 3.16%, 10/15/20 (b)	855	854
	Series 2017-C-1, 3.17%, 04/15/22 (b)	1,860	1,850
	Series 2018-C-1, 3.45%, 03/15/23 (b)	2,110	2,116
Sequoia Mortgage Trust
	Series 2018-A2-CH4, 4.00%, 09/25/34 (b)	1,721	1,764
	Series 2018-A19-CH4, 4.50%, 09/25/34 (b)	1,121	1,158
	Series 2018-A11-CH1, REMIC, 3.50%, 08/25/23 (a) (b)	2,888	2,890
	Series 2018-A19-CH3, REMIC, 4.50%, 01/25/25 (b)	993	1,025
	Series 2018-A3-CH2, REMIC, 4.00%, 09/25/35 (a) (b)	3,738	3,788
Sierra Receivables Funding Co. LLC
	Series 2015-A-3A, 2.58%, 06/20/23 (b)	172	172
	Series 2017-A-1A, 2.91%, 07/20/24 (b)	300	300
	Series 2014-A-3A, 2.30%, 10/20/31 (b)	295	294
	Series 2015-A-1A, 2.40%, 03/20/32 (b)	971	963
	Series 2015-A-2A, 2.43%, 06/20/32 (b)	524	520
	Series 2016-A-1A, 3.08%, 03/21/33 (b)	557	556
	Series 2016-A-2A, 2.33%, 07/20/33 (b)	359	355
	Series 2019-A-1A, 3.20%, 01/20/36 (b)	1,430	1,436
SLIDE Commercial Mortgage Pass-Through Certificates
	Series 2018-D-FUN, 4.33%, (1M USD LIBOR + 1.85%), 06/15/21 (a) (b)	1,919	1,921
SLM Student Loan Trust
	Series 2007-A4-7, 3.10%, (3M USD LIBOR + 0.33%), 01/25/22 (a)	1,265	1,242
		Shares/Par¹	Value ($)
	Series 2008-A-9, 4.27%, (3M USD LIBOR + 1.50%), 04/25/23 (a)	572	578
	Series 2008-A4-5, 4.47%, (3M USD LIBOR + 1.70%), 07/25/23 (a)	787	795
	Series 2010-A-1, 2.89%, (1M USD LIBOR + 0.40%), 03/25/25 (a)	2,780	2,721
SMB Private Education Loan Trust
	Series 2015-A2B-A, 3.48%, (1M USD LIBOR + 1.00%), 04/15/23 (a) (b)	978	982
	Series 2018-A2B-B, 3.20%, (1M USD LIBOR + 0.72%), 03/15/28 (a) (b)	4,985	4,963
	Series 2014-A3-A, 3.98%, (1M USD LIBOR + 1.50%), 04/15/32 (a) (b)	3,430	3,479
	Series 2016-A2B-C, 3.58%, (1M USD LIBOR + 1.10%), 09/15/34 (a) (b)	3,324	3,348
STACR Trust
	Series 2018-M1-HRP2, REMIC, 3.34%, (1M USD LIBOR + 0.85%), 02/25/47 (a) (b)	860	860
	Series 2018-M2-HRP2, REMIC, 3.74%, (1M USD LIBOR + 1.25%), 02/25/47 (a) (b)	1,725	1,731
Starwood Mortgage Residential Trust
	Series 2019-A1-IMC1, REMIC, 3.47%, 02/25/49 (b)	1,655	1,654
Synchrony Credit Card Master Note Trust
	Series 2015-B-1, 2.64%, 03/15/20	1,580	1,575
	Series 2018-C-1, 3.36%, 03/15/21	1,525	1,522
	Series 2016-C-2, 2.95%, 05/17/21	2,805	2,790
Towd Point Mortgage Trust
	Series 2018-A1-2, 3.25%, 12/25/24 (a) (b)	4,591	4,573
	Series 2018-A1A-5, 3.25%, 02/25/25 (b)	4,314	4,298
	Series 2015-A1B-4, REMIC, 2.75%, 05/25/22 (a) (b)	1,353	1,341
	Series 2015-A1B-5, REMIC, 2.75%, 09/25/22 (a) (b)	1,349	1,336
	Series 2016-A1B-1, REMIC, 2.75%, 04/25/23 (a) (b)	700	694
	Series 2016-A3B-1, REMIC, 3.00%, 08/25/24 (a) (b)	954	949
	Series 2016-A1A-2, REMIC, 2.75%, 12/25/24 (a) (b)	626	618
	Series 2017-A1-2, REMIC, 2.75%, 01/25/23 (a) (b)	1,317	1,298
	Series 2017-A1-1, REMIC, 2.75%, 07/25/23 (a) (b)	2,101	2,068
	Series 2017-A1-6, REMIC, 2.75%, 05/25/24 (a) (b)	5,086	4,993
	Series 2018-A1-1, REMIC, 3.00%, 05/25/24 (a) (b)	798	788
	Series 2017-A1-3, REMIC, 2.75%, 07/25/57 (a) (b)	2,846	2,801
Toyota Auto Receivables Owner Trust
	Series 2019-A4-A, 3.00%, 11/15/22	1,545	1,560
Verizon Owner Trust
	Series 2016-A-2A, 1.68%, 05/20/21 (b)	1,925	1,918
	Series 2016-C-2A, 2.36%, 05/20/21 (b)	1,690	1,681
	Series 2017-C-1A, 2.65%, 09/20/21 (b)	840	837
	Series 2018-C-A, 3.55%, 12/20/21	3,670	3,730
	Series 2017-C-3A, 2.53%, 04/20/22 (b)	2,135	2,116
	Series 2018-C-1A, 3.20%, 09/20/22 (b)	2,340	2,349
Verus Securitization Trust
	Series 2018-A1-1, 2.93%, 02/25/48 (b)	417	415
	Series 2019-A1-INV1, 3.40%, 12/25/59 (a) (b)	1,900	1,899
	Series 2019-M1-INV1, 4.03%, 12/25/59 (a) (b) (d)	495	495
	Series 2018-A1-2, REMIC, 3.68%, 06/01/58 (b)	2,579	2,605
	Series 2018-A2-2, REMIC, 3.78%, 06/01/58 (b)	691	698
	Series 2018-A3-2, REMIC, 3.83%, 06/01/58 (b)	434	438
	Series 2018-A1-3, REMIC, 4.11%, 10/25/58 (b)	3,474	3,526
	Series 2019-A-1-1, REMIC, 3.84%, 02/25/59 (b)	3,614	3,641
Volvo Financial Equipment LLC
	Series 2016-A3-1A, 1.67%, 02/18/20 (b)	70	70
	Series 2017-A-A, 2.98%, 11/16/20 (b)	620	621
Wells Fargo Commercial Mortgage Trust
	Series 2015-A1-SG1, REMIC, 1.57%, 10/18/19	216	215
	Series 2015-A1-C28, REMIC, 1.53%, 02/18/20	133	132
	Series 2015-A2-NXS2, REMIC, 3.02%, 03/17/20	3,900	3,895
	Series 2016-A1-LC24, REMIC, 1.44%, 10/19/20	200	198
	Series 2016-A1-C32, REMIC, 1.58%, 10/19/20	1,600	1,586

367

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	WFRBS Commercial Mortgage Trust
		Series 2012-B-C6, REMIC, 4.70%, 03/17/22	1,975		2,055
	Wheels SPV 2 LLC
		Series 2016-A2-1A, 1.59%, 04/22/19 (b)	23		22
	World Omni Auto Receivables Trust
		Series 2015-A3-B, 1.49%, 12/15/20	175		175
	World Omni Automobile Lease Securitization Trust
		Series 2018-B-A, REMIC, 3.06%, 05/15/23	665		665
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $429,791)			429,097
CORPORATE BONDS AND NOTES 49.7%
Communication Services 3.4%
	America Movil SAB de CV
		5.00%, 10/16/19 - 03/30/20	4,265		4,345
	Axiata SPV 2 Bhd
		3.47%, 11/19/20	1,745		1,751
	Baidu Inc.
		2.75%, 06/09/19	6,415		6,414
	Charter Communications Operating LLC
		3.58%, 07/23/20	3,685		3,713
		4.46%, 07/23/22	3,590		3,713
	Comcast Corp.
		3.70%, 04/15/24	4,160		4,294
	Crown Castle Towers LLC
		3.72%, 07/15/23 (b)	220		225
	Deutsche Telekom International Finance BV
		2.23%, 01/17/20 (b)	3,135		3,118
	Discovery Communications LLC
		2.20%, 09/20/19	1,475		1,469
	Expedia Group Inc.
		5.95%, 08/15/20	785		816
	Fox Corp.
		3.67%, 01/25/22 (b)	670		684
		4.03%, 01/25/24 (b)	785		814
	Interpublic Group of Cos. Inc.
		3.50%, 10/01/20	700		707
	NBCUniversal Media LLC
		5.15%, 04/30/20	3,655		3,746
	Omnicom Group Inc.
		4.45%, 08/15/20	3,845		3,928
	RELX Capital Inc.
		3.50%, 03/16/23	1,380		1,398
	Telefonos de Mexico SAB de CV
		5.50%, 11/15/19	2,285		2,319
	Tencent Holdings Ltd.
		3.38%, 05/02/19 (b)	1,415		1,415
		2.88%, 02/11/20 (b)	3,845		3,846
	Time Warner Cable Inc.
		8.25%, 04/01/19	5,830		5,831
	Vodafone Group Plc
		3.75%, 01/16/24	1,700		1,713
				56,259
Consumer Discretionary 2.5%
	Alibaba Group Holding Ltd.
		2.50%, 11/28/19	6,170		6,164
	AutoZone Inc.
		1.63%, 04/21/19	475		475
	D.R. Horton Inc.
		2.55%, 12/01/20	1,270		1,262
	Dollar Tree Inc.
		3.47%, (3M USD LIBOR + 0.70%), 04/17/20 (a)	2,975		2,976
	eBay Inc.
		2.15%, 06/05/20	2,155		2,136
	GLP Capital LP
		4.88%, 11/01/20	2,455		2,498
	INVISTA Finance LLC
		4.25%, 10/15/19 (b)	5,260		5,281
	JD.com Inc.
		3.13%, 04/29/21	4,075		4,042
	McDonald's Corp.
		3.35%, 04/01/23	1,675		1,709
	Nissan Motor Acceptance Corp.
		1.55%, 09/13/19 (b)	2,095		2,084
		2.15%, 09/28/20 (b)	1,165		1,146
			Shares/Par¹		Value ($)
		3.65%, 09/21/21 (b)	1,340		1,347
	QVC Inc.
		3.13%, 04/01/19	8,569		8,569
	Royal Caribbean Cruises Ltd.
		2.65%, 11/28/20	640		637
	Starbucks Corp.
		2.70%, 06/15/22	1,130		1,129
				41,455
Consumer Staples 2.4%
	Altria Group Inc.
		3.49%, 02/14/22	1,300		1,321
		3.80%, 02/14/24	3,320		3,380
	BAT Capital Corp.
		2.30%, 08/14/20	6,405		6,341
		2.76%, 08/15/22	2,835		2,789
	Campbell Soup Co.
		3.11%, (3M USD LIBOR + 0.50%), 03/16/20 (a)	2,415		2,410
		3.24%, (3M USD LIBOR + 0.63%), 03/15/21 (a)	2,415		2,405
	Conagra Brands Inc.
		3.51%, (3M USD LIBOR + 0.75%), 10/22/20 (a)	1,115		1,118
	Danone SA
		1.69%, 10/30/19 (b)	6,780		6,734
	General Mills Inc.
		3.32%, (3M USD LIBOR + 0.54%), 04/16/21 (a)	4,635		4,626
	Kroger Co.
		1.50%, 09/30/19	1,156		1,150
	Maple Escrow Subsidiary Inc.
		3.55%, 05/25/21 (b)	3,895		3,938
	Molson Coors Brewing Co.
		2.25%, 03/15/20	2,310		2,295
	Reynolds American Inc.
		8.13%, 06/23/19 (e)	1,115		1,127
	Tyson Foods Inc.
		2.25%, 08/23/21	1,545		1,520
				41,154
Energy 3.8%
	BP Capital Markets Plc
		2.32%, 02/13/20	2,516		2,505
	Cenovus Energy Inc.
		5.70%, 10/15/19	3,185		3,225
	China Shenhua Overseas Capital Co. Ltd.
		3.13%, 01/20/20	5,900		5,893
	Columbia Pipeline Group Inc.
		3.30%, 06/01/20	3,350		3,364
	Enable Midstream Partners LP
		2.40%, 05/15/19 (f)	1,510		1,509
	Encana Corp.
		6.50%, 05/15/19	5,060		5,080
	ENI SpA
		4.00%, 09/12/23 (b)	925		946
	EnLink Midstream LLC
		2.70%, 04/01/19	4,105		4,105
	Enterprise Products Operating LLC
		2.55%, 10/15/19	1,425		1,425
		2.80%, 02/15/21	2,455		2,456
		3.50%, 02/01/22	2,590		2,640
	Marathon Oil Corp.
		2.70%, 06/01/20	2,645		2,634
	Petroleos Mexicanos
		8.00%, 05/03/19	3,630		3,645
		5.50%, 01/21/21	370		376
		6.38%, 02/04/21	2,055		2,127
	Phillips 66
		3.25%, (3M USD LIBOR + 0.60%), 02/26/21 (a)	1,700		1,701
	Plains All American Pipeline LP
		2.60%, 12/15/19	870		869
		5.75%, 01/15/20	1,145		1,167
		5.00%, 02/01/21	1,155		1,187
	Sabine Pass Liquefaction LLC
		5.63%, 02/01/21 (f)	2,685		2,790
	Schlumberger Holdings Corp.
		3.75%, 05/01/24 (b)	1,600		1,635
	Valero Energy Corp.
		6.13%, 02/01/20	3,840		3,940

368

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	Williams Partners LP
		5.25%, 03/15/20	6,790		6,935
		3.35%, 08/15/22	1,005		1,012
				63,166
Financials 21.6%
	ABN AMRO Bank NV
		3.21%, (3M USD LIBOR + 0.57%), 08/27/21 (a) (b)	3,795		3,797
	AerCap Ireland Capital DAC
		3.75%, 05/15/19	330		330
		4.63%, 10/30/20	2,360		2,412
		4.45%, 12/16/21	1,285		1,319
		3.95%, 02/01/22	3,350		3,394
	AIA Group Ltd.
		3.15%, (3M USD LIBOR + 0.52%), 09/20/21 (a) (b)	3,020		3,019
	AIG Global Funding
		3.35%, 06/25/21 (b) (c)	1,795		1,807
	American Express Co.
		3.00%, 02/22/21	2,800		2,814
	American Express Credit Corp.
		2.20%, 03/03/20	2,425		2,414
		2.38%, 05/26/20	550		548
	American International Group Inc.
		2.30%, 07/16/19	1,790		1,788
		6.40%, 12/15/20	885		936
	ANZ New Zealand International Ltd.
		2.20%, 07/17/20 (b)	2,130		2,114
		2.75%, 01/22/21 (b)	2,390		2,381
	AON Corp.
		5.00%, 09/30/20	315		325
	Aon Plc
		2.80%, 03/15/21	4,310		4,302
	Banco de Credito del Peru
		2.25%, 10/25/19 (b) (c)	785		781
	Banco Santander Chile
		2.50%, 12/15/20 (b)	4,430		4,397
	Banco Santander SA
		3.92%, (3M USD LIBOR + 1.12%), 04/12/23 (a)	2,200		2,179
	Bank of America Corp.
		2.63%, 04/19/21	2,395		2,389
		3.15%, (3M USD LIBOR + 0.38%), 01/23/22 (a)	2,075		2,067
		3.25%, (3M USD LIBOR + 0.65%), 06/25/22 (a)	2,180		2,181
		2.50%, 10/21/22	1,760		1,737
		3.92%, (3M USD LIBOR + 1.16%), 01/20/23 (a) (c)	4,025		4,071
	Bank of Montreal
		3.26%, (3M USD LIBOR + 0.46%), 04/13/21 (a)	2,505		2,506
	Banque Federative du Credit Mutuel SA
		2.00%, 04/12/19 (b)	1,140		1,140
		2.20%, 07/20/20 (b)	2,430		2,409
	Barclays Bank Plc
		2.65%, 01/11/21	2,290		2,273
	Barclays Plc
		2.75%, 11/08/19	3,480		3,474
		4.41%, (3M USD LIBOR + 1.63%), 01/10/23 (a)	2,605		2,596
	Bayer US Finance II LLC
		3.23%, (3M USD LIBOR + 0.63%), 06/25/21 (a) (b)	2,915		2,889
	BB&T Corp.
		2.15%, 02/01/21	3,035		3,004
	BMW US Capital LLC
		3.21%, (3M USD LIBOR + 0.41%), 04/12/21 (a) (b)	2,655		2,653
		3.19%, (3M USD LIBOR + 0.50%), 08/13/21 (a) (b)	1,955		1,954
	Boral Finance Pty Ltd.
		3.00%, 11/01/22 (b)	350		344
	BPCE SA
		2.50%, 07/15/19	1,515		1,515
		3.88%, (3M USD LIBOR + 1.22%), 05/22/22 (a) (b)	1,600		1,611
	Bunge Ltd. Finance Corp.
		3.50%, 11/24/20 (c)	3,250		3,266
		3.00%, 09/25/22	1,025		1,010
			Shares/Par¹		Value ($)
	Capital One Bank USA NA
		8.80%, 07/15/19	600		610
	Capital One Financial Corp.
		2.50%, 05/12/20	850		847
		2.40%, 10/30/20	1,455		1,447
		3.90%, 01/29/24	1,295		1,323
	Capital One NA
		2.35%, 01/31/20	4,270		4,252
	Caterpillar Financial Services Corp.
		2.89%, (3M USD LIBOR + 0.28%), 09/07/21 (a)	1,425		1,423
		2.95%, 02/25/22	2,665		2,690
	CBOE Holdings Inc.
		1.95%, 06/28/19	1,620		1,617
	Charles Schwab Corp.
		2.96%, (3M USD LIBOR + 0.32%), 05/21/21 (a)	2,350		2,348
	China Overseas Finance VI Ltd.
		4.25%, 05/08/19	3,340		3,343
	Citigroup Inc.
		2.05%, 06/07/19	2,795		2,792
		3.57%, (3M USD LIBOR + 0.79%), 01/10/20 (a)	4,145		4,158
		2.70%, 03/30/21	1,375		1,374
		2.90%, 12/08/21	4,145		4,146
	Citizens Bank NA
		2.45%, 12/04/19	960		957
		2.25%, 03/02/20 - 10/30/20	2,222		2,212
		2.55%, 05/13/21	1,625		1,613
		3.25%, 02/14/22	1,560		1,575
	CNH Industrial Capital LLC
		3.38%, 07/15/19	1,275		1,274
		4.38%, 11/06/20 (c)	4,025		4,096
		3.88%, 10/15/21	3,355		3,394
	CNO Financial Group Inc.
		4.50%, 05/30/20	1,515		1,527
	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
		3.95%, 11/09/22	3,265		3,327
	Credit Agricole SA
		3.80%, (3M USD LIBOR + 1.02%), 04/24/23 (a) (b)	1,605		1,592
	Credit Suisse AG
		5.40%, 01/14/20	750		764
	Credit Suisse Group Funding Guernsey Ltd.
		2.75%, 03/26/20	1,380		1,378
	Daimler Finance North America LLC
		1.75%, 10/30/19 (b)	5,620		5,586
		3.10%, 05/04/20 (b)	1,515		1,518
		2.30%, 02/12/21 (b)	495		489
		3.75%, 11/05/21 (b)	2,390		2,430
	Danske Bank A/S
		2.20%, 03/02/20 (b)	4,185		4,140
	Deutsche Bank AG
		4.03%, (3M USD LIBOR + 1.29%), 02/04/21 (a)	2,205		2,186
	Discover Bank
		7.00%, 04/15/20	5,290		5,502
		3.10%, 06/04/20	1,680		1,683
		3.20%, 08/09/21	570		573
	Eastern Creation II Investment Holdings Ltd.
		2.75%, 09/26/20	3,365		3,344
	EDP Finance BV
		4.90%, 10/01/19 (b)	1,940		1,957
		4.13%, 01/15/20 (b)	1,035		1,045
	Enel Finance International NV
		2.88%, 05/25/22 (b)	3,085		3,034
		4.25%, 09/14/23 (b)	1,525		1,558
	ERAC USA Finance LLC
		2.35%, 10/15/19 (b)	535		534
	First Niagara Financial Group Inc.
		7.25%, 12/15/21	1,290		1,417
	Ford Motor Credit Co. LLC
		2.02%, 05/03/19	2,285		2,282
		2.68%, 01/09/20	4,485		4,465
		2.46%, 03/27/20	1,210		1,200
		3.16%, 08/04/20	1,995		1,980
		2.34%, 11/02/20	1,555		1,519
		3.47%, 04/05/21	1,000		989

369

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	GE Capital International Funding Co.
		2.34%, 11/15/20	8,355		8,249
	General Motors Financial Co. Inc.
		3.20%, 07/13/20	3,720		3,727
		3.65%, (3M USD LIBOR + 0.85%), 04/09/21 (a)	1,775		1,765
	Goldman Sachs Group Inc.
		2.30%, 12/13/19	2,225		2,218
		5.38%, 03/15/20	995		1,018
		6.00%, 06/15/20	305		316
		2.75%, 09/15/20	1,090		1,089
		5.75%, 01/24/22	1,990		2,133
		3.87%, (3M USD LIBOR + 1.11%), 04/26/22 (a)	3,030		3,046
		3.52%, (3M USD LIBOR + 0.78%), 10/31/22 (a)	735		731
	Harley-Davidson Financial Services Inc.
		2.15%, 02/26/20 (b)	1,225		1,216
		3.14%, (3M USD LIBOR + 0.50%), 05/21/20 (a) (b)	1,885		1,885
		3.56%, (3M USD LIBOR + 0.94%), 03/02/21 (a) (b)	2,485		2,488
		4.05%, 02/04/22 (b)	2,380		2,405
	HSBC Bank USA NA
		4.88%, 08/24/20	3,644		3,744
	HSBC Holdings Plc
		3.28%, (3M USD LIBOR + 0.60%), 05/18/21 (a)	2,760		2,758
		3.25%, (3M USD LIBOR + 0.65%), 09/11/21 (a) (g)	1,590		1,588
	HSBC USA Inc.
		2.35%, 03/05/20	2,390		2,382
	Hyundai Capital America Inc.
		2.00%, 07/01/19 (b)	2,290		2,285
	Imperial Brands Finance Plc
		2.95%, 07/21/20 (b)	3,920		3,910
	ING Groep NV
		3.75%, (3M USD LIBOR + 1.15%), 03/29/22 (a)	1,920		1,928
	JPMorgan Chase & Co.
		4.95%, 03/25/20	795		814
		4.40%, 07/22/20	599		613
		4.25%, 10/15/20	935		956
		3.15%, (3M USD LIBOR + 0.55%), 03/09/21 (a)	3,890		3,893
	JPMorgan Chase Bank NA
		2.60%, 02/01/21	1,085		1,083
	KeyBank NA
		3.30%, 02/01/22	1,610		1,637
	Legg Mason Inc.
		2.70%, 07/15/19	635		635
	Lincoln National Corp.
		4.00%, 09/01/23	655		685
	Marsh & McLennan Companies Inc.
		3.50%, 12/29/20	2,025		2,051
		3.88%, 03/15/24	1,905		1,975
	Metropolitan Life Global Funding I
		3.38%, 01/11/22 (b)	2,060		2,091
	Mitsubishi UFJ Financial Group Inc.
		3.41%, (3M USD LIBOR + 0.65%), 07/26/21 (a)	960		962
		3.58%, (3M USD LIBOR + 0.92%), 02/22/22 (a)	2,240		2,257
		3.22%, 03/07/22	2,890		2,911
		3.62%, (3M USD LIBOR + 0.86%), 07/26/23 (a)	1,555		1,559
	Morgan Stanley
		5.50%, 01/26/20 - 07/24/20	1,820		1,878
		3.25%, (3M USD LIBOR + 0.55%), 02/10/21 (a)	3,065		3,066
	New York Life Global Funding
		3.05%, (3M USD LIBOR + 0.32%), 08/06/21 (a) (b)	2,925		2,929
	PNC Bank NA
		2.45%, 11/05/20	2,280		2,271
	Principal Life Global Funding II
		1.50%, 04/18/19 (b)	1,830		1,829
		2.20%, 04/08/20 (b)	3,305		3,290
	Regions Bank
		3.18%, (3M USD LIBOR + 0.38%), 04/01/21 (a)	3,320		3,299
		3.19%, (3M USD LIBOR + 0.50%), 08/13/21 (a)	985		979
	Reinsurance Group of America Inc.
		6.45%, 11/15/19	2,800		2,864
		5.00%, 06/01/21	295		307
			Shares/Par¹		Value ($)
	Royal Bank of Scotland Group Plc
		6.40%, 10/21/19	715		728
	Santander UK Group Holdings Plc
		2.88%, 10/16/20	2,905		2,901
	Santander UK Plc
		2.13%, 11/03/20	1,035		1,023
	Shire Acquisitions Investments Ireland Ltd.
		1.90%, 09/23/19	11,095		11,045
		2.88%, 09/23/23	290		287
	SMBC Aviation Capital Finance DAC
		4.13%, 07/15/23 (b)	446		458
	Solvay Finance America LLC
		3.40%, 12/03/20 (b)	4,305		4,321
	Standard Chartered Plc
		2.10%, 08/19/19 (b)	1,120		1,117
		2.40%, 09/08/19 (b)	590		589
		3.91%, (3M USD LIBOR + 1.15%), 01/20/23 (a) (b)	2,200		2,191
	Sumitomo Mitsui Trust Bank Ltd.
		1.95%, 09/19/19 (b)	1,565		1,558
	SunTrust Bank
		2.59%, 01/29/21	3,700		3,692
	Svenska Handelsbanken AB
		3.35%, 05/24/21	2,610		2,642
	Synchrony Financial
		2.70%, 02/03/20	8,115		8,105
	Syngenta Finance NV
		3.70%, 04/24/20 (b)	2,235		2,243
		3.93%, 04/23/21 (b)	1,375		1,383
	Toronto-Dominion Bank
		3.01%, (3M USD LIBOR + 0.24%), 01/25/21 (a)	3,935		3,934
	Trinity Acquisition Plc
		3.50%, 09/15/21	1,525		1,536
	UBS Group AG
		3.00%, 04/15/21 (b)	5,035		5,033
	UBS Group Funding Switzerland AG
		3.87%, (3M USD LIBOR + 1.22%), 05/23/23 (a) (b)	2,300		2,315
	US Bank NA
		3.08%, (3M USD LIBOR + 0.32%), 04/26/21 (a)	3,690		3,693
	Volkswagen Group of America Finance LLC
		3.88%, 11/13/20 (b)	2,415		2,445
	WEA Finance LLC
		2.70%, 09/17/19 (b)	3,825		3,823
		3.25%, 10/05/20 (b)	805		809
	Wells Fargo & Co.
		2.55%, 12/07/20	230		229
	Wells Fargo Bank NA
		3.33%, 07/23/21	4,575		4,603
				362,074
Health Care 4.3%
	Abbott Laboratories
		2.90%, 11/30/21	2,995		3,007
	AbbVie Inc.
		2.30%, 05/14/21	2,675		2,644
		2.90%, 11/06/22	2,020		2,019
		3.20%, 11/06/22	440		444
	Anthem Inc.
		2.50%, 11/21/20	1,415		1,408
	Baxalta Inc.
		3.60%, 06/23/22	680		683
	Bayer US Finance II LLC
		3.50%, 06/25/21 (b)	1,545		1,557
	Becton Dickinson & Co.
		2.68%, 12/15/19	4,280		4,266
		2.40%, 06/05/20	3,135		3,117
		3.48%, (3M USD LIBOR + 0.88%), 12/29/20 (a)	814		814
	Biogen Inc.
		2.90%, 09/15/20	1,760		1,764
	Celgene Corp.
		2.88%, 08/15/20 - 02/19/21	5,805		5,804
		2.75%, 02/15/23	1,579		1,562
		3.25%, 02/20/23	480		484
		3.63%, 05/15/24	425		431

370

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
	CVS Health Corp.
		3.13%, 03/09/20	1,960		1,966
		3.23%, (3M USD LIBOR + 0.63%), 03/09/20 (a)	1,490		1,493
		3.32%, (3M USD LIBOR + 0.72%), 03/09/21 (a)	1,650		1,653
		3.35%, 03/09/21	3,205		3,231
	Elanco Animal Health Inc.
		3.91%, 08/27/21 (b)	1,620		1,647
		4.27%, 08/28/23 (b)	1,020		1,052
	EMD Finance LLC
		2.40%, 03/19/20 (b)	2,440		2,429
	Express Scripts Holding Co.
		2.25%, 06/15/19	485		485
		3.38%, (3M USD LIBOR + 0.75%), 11/30/20 (a)	3,345		3,355
	Halfmoon Parent Inc.
		3.26%, (3M USD LIBOR + 0.65%), 09/17/21 (a) (b)	1,560		1,554
		3.40%, 09/17/21 (b)	865		874
	HCA Inc.
		4.25%, 10/15/19	820		824
		6.50%, 02/15/20	3,500		3,599
	Humana Inc.
		2.63%, 10/01/19	1,435		1,436
		3.15%, 12/01/22	805		809
		2.90%, 12/15/22	210		209
		3.85%, 10/01/24	150		153
	Johnson & Johnson
		1.95%, 11/10/20	1,170		1,161
	McKesson Corp.
		3.65%, 11/30/20	3,440		3,477
	Medco Health Solutions Inc.
		4.13%, 09/15/20	2,150		2,188
	Perrigo Finance Unltd. Co.
		3.50%, 03/15/21	375		371
	Takeda Pharmaceutical Co. Ltd.
		3.80%, 11/26/20 (b)	2,010		2,039
	Teva Pharmaceutical Finance Netherlands III BV
		1.70%, 07/19/19	5,505		5,469
		2.20%, 07/21/21	205		195
				71,673
Industrials 3.7%
	Air Lease Corp.
		2.13%, 01/15/20	3,540		3,515
		2.50%, 03/01/21	685		678
		3.50%, 01/15/22	1,320		1,332
	Delta Air Lines Inc.
		2.88%, 03/13/20	4,890		4,882
		2.60%, 12/04/20	690		685
		3.80%, 04/19/23	735		741
	Equifax Inc.
		2.30%, 06/01/21	2,500		2,454
		3.55%, (3M USD LIBOR + 0.87%), 08/15/21 (a)	1,440		1,432
		3.60%, 08/15/21	1,350		1,361
	FedEx Corp.
		3.40%, 01/14/22	775		785
	GATX Corp.
		2.50%, 07/30/19	1,670		1,669
		2.60%, 03/30/20 (c)	3,680		3,668
	General Dynamics Corp.
		2.99%, (3M USD LIBOR + 0.29%), 05/11/20 (a)	775		776
		3.08%, (3M USD LIBOR + 0.38%), 05/11/21 (a)	1,300		1,303
	Harris Corp.
		2.70%, 04/27/20	3,840		3,825
	International Lease Finance Corp.
		6.25%, 05/15/19	1,750		1,755
	Kansas City Southern
		2.35%, 05/15/20	4,580		4,549
	Northrop Grumman Corp.
		2.08%, 10/15/20	3,800		3,765
	PACCAR Financial Corp.
		3.10%, 05/10/21	2,990		3,015
	Penske Truck Leasing Co. LP
		2.50%, 06/15/19 (b)	2,635		2,633
		3.05%, 01/09/20 (b)	1,246		1,246
		3.20%, 07/15/20 (b)	440		441
		3.30%, 04/01/21 (b)	2,495		2,505
			Shares/Par¹		Value ($)
		3.65%, 07/29/21 (b)	585		593
	Rockwell Collins Inc.
		1.95%, 07/15/19	1,200		1,197
	Roper Technologies Inc.
		3.00%, 12/15/20	4,140		4,140
		3.65%, 09/15/23	700		715
	Southwest Airlines Co.
		2.75%, 11/06/19	2,205		2,208
	Union Pacific Corp.
		3.20%, 06/08/21	2,870		2,906
	United Technologies Corp.
		3.33%, (3M USD LIBOR + 0.65%), 08/16/21 (a)	1,780		1,779
				62,553
Information Technology 2.3%
	Avnet Inc.
		3.75%, 12/01/21 (e)	1,513		1,528
	Broadcom Corp.
		2.38%, 01/15/20	4,455		4,432
		3.00%, 01/15/22	4,185		4,168
	DXC Technology Co.
		2.88%, 03/27/20	2,565		2,555
		3.58%, (3M USD LIBOR + 0.95%), 03/01/21 (a)	3,704		3,702
	Fidelity National Information Services Inc.
		3.63%, 10/15/20	615		621
		2.25%, 08/15/21	3,130		3,073
	Hewlett Packard Enterprise Co.
		2.10%, 10/04/19 (b)	1,545		1,541
	International Business Machines Corp.
		2.50%, 01/27/22	1,140		1,130
		2.88%, 11/09/22	323		324
	Keysight Technologies Inc.
		3.30%, 10/30/19	8,835		8,857
	Microchip Technology Inc.
		3.92%, 06/01/21 (b)	1,995		2,013
	NXP BV
		4.13%, 06/01/21 (b)	910		927
	Xerox Corp.
		5.63%, 12/15/19	2,915		2,955
				37,826
Materials 2.7%
	Anglo American Capital Plc
		3.75%, 04/10/22 (b)	726		729
		4.13%, 09/27/22 (b)	1,255		1,277
	ArcelorMittal SA
		5.25%, 08/05/20 (e)	7,720		7,923
		5.50%, 03/01/21 (f)	1,050		1,099
	Celulosa Arauco y Constitucion SA
		7.25%, 07/29/19 (c)	2,035		2,060
	CNAC HK Synbridge Co. Ltd.
		3.00%, 07/19/20	1,945		1,936
		4.13%, 03/14/21	1,840		1,865
	DowDuPont Inc.
		3.77%, 11/15/20	2,730		2,776
	Eastman Chemical Co.
		2.70%, 01/15/20	300		300
	International Flavors & Fragrances Inc.
		3.40%, 09/25/20	980		986
	LyondellBasell Industries NV
		6.00%, 11/15/21	1,635		1,747
	Martin Marietta Materials Inc.
		3.13%, (3M USD LIBOR + 0.50%), 12/20/19 (a)	1,525		1,524
		3.31%, (3M USD LIBOR + 0.65%), 05/22/20 (a)	870		868
	Packaging Corp. of America
		2.45%, 12/15/20	1,415		1,405
	Sherwin-Williams Co.
		2.25%, 05/15/20	8,200		8,154
	Southern Copper Corp.
		5.38%, 04/16/20	510		523
	Vale Overseas Ltd.
		4.38%, 01/11/22	3,875		3,949
	Vulcan Materials Co.
		3.21%, (3M USD LIBOR + 0.60%), 06/15/20 (a)	2,080		2,078
		3.28%, (3M USD LIBOR + 0.65%), 03/01/21 (a)	3,900		3,897
				45,096

371

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
Real Estate 0.7%
	American Campus Communities Operating Partnership
		3.35%, 10/01/20	3,090		3,100
	Brixmor Operating Partnership LP
		3.88%, 08/15/22	445		451
	Crown Castle International Corp.
		3.40%, 02/15/21	2,765		2,789
		2.25%, 09/01/21	4,185		4,112
	HCP Inc.
		2.63%, 02/01/20	300		300
	Highwoods Realty LP
		3.63%, 01/15/23	1,315		1,325
	Ventas Realty LP
		3.10%, 01/15/23	460		460
				12,537
Utilities 2.3%
	American Electric Power Co. Inc.
		3.65%, 12/01/21	450		459
	CenterPoint Energy Inc.
		3.60%, 11/01/21	1,115		1,133
	CenterPoint Energy Resources Corp.
		4.50%, 01/15/21	1,645		1,686
	Dominion Energy Inc.
		2.58%, 07/01/20 (f)	1,930		1,921
	Dominion Resources Inc.
		2.96%, 07/01/19 (f)	1,035		1,035
	Duke Energy Corp.
		3.55%, 09/15/21	780		791
	Edison International
		2.13%, 04/15/20	2,911		2,853
		2.40%, 09/15/22	1,370		1,269
	ENN Energy Holdings Ltd.
		3.25%, 10/23/19	1,815		1,813
		6.00%, 05/13/21 (b)	440		462
	Exelon Generation Co. LLC
		5.20%, 10/01/19	287		291
		2.95%, 01/15/20	3,180		3,185
	FirstEnergy Corp.
		2.85%, 07/15/22 (e)	2,300		2,283
	Mississippi Power Co.
		3.26%, (3M USD LIBOR + 0.65%), 03/27/20 (a)	1,140		1,139
	NextEra Energy Capital Holdings Inc.
		2.30%, 04/01/19	1,265		1,265
		3.18%, (3M USD LIBOR + 0.55%), 08/28/21 (a)	3,035		3,031
	PNM Resources Inc.
		3.25%, 03/09/21	2,375		2,373
	San Diego Gas & Electric Co.
		1.91%, 02/01/22	686		672
	Sempra Energy
		1.63%, 10/07/19	775		771
		3.29%, (3M USD LIBOR + 0.50%), 01/15/21 (a)	2,545		2,526
		2.88%, 10/01/22	1,400		1,380
	Southern Co.
		2.35%, 07/01/21	875		865
	State Grid Overseas Investment Ltd.
		2.25%, 05/04/20 (b)	5,995		5,951
				39,154
	Total Corporate Bonds And Notes (cost $831,146)			832,947
GOVERNMENT AND AGENCY OBLIGATIONS 24.4%
Collateralized Mortgage Obligations 2.0%
	Federal Home Loan Mortgage Corp.
		Series 2017-M1-HQA2, 3.29%, (1M USD LIBOR + 0.80%), 12/26/29 (a)	639		639
		Series 2017-M1-HQA3, 3.04%, (1M USD LIBOR + 0.55%), 04/25/30 (a)	300		299
		Series F3-317, 3.00%, (1M USD LIBOR + 0.52%), 11/15/43 (a)	2,682		2,679
		Series 2018-M1-SPI3, 4.17%, 08/25/48 (a) (b)	940		948
		Series 2017-M1-DNA1, REMIC, 3.69%, (1M USD LIBOR + 1.20%), 07/25/29 (a)	951		954
		Series 2017-M1-HQA1, REMIC, 3.69%, (1M USD LIBOR + 1.20%), 08/27/29 (a)	1,534		1,538
			Shares/Par¹		Value ($)
		Series 2017-M1-DNA2, REMIC, 3.69%, (1M USD LIBOR + 1.20%), 10/25/29 (a)	3,347		3,365
		Series 2018-M1-DNA2, REMIC, 3.29%, (1M USD LIBOR + 0.80%), 12/26/30 (a) (b)	4,960		4,951
		Series PA-3713, REMIC, 2.00%, 02/15/40	2,293		2,255
		Series 2017-M1-SC02, REMIC, 3.86%, 05/25/47 (a) (b)	596		595
		Series 2017-M1-SPI1, REMIC, 3.98%, 09/25/47 (a) (b)	253		255
		Series 2018-M1-SPI2, REMIC, 3.82%, 05/25/48 (a) (b)	953		951
		Series 2018-M1-DNA3, REMIC, 3.24%, (1M USD LIBOR + 0.75%), 09/25/48 (a) (b)	1,840		1,837
	Federal National Mortgage Association
		Series 2009-AL-70, REMIC, 5.00%, 08/25/19	3		3
		Series 2019-2M1-R01, REMIC, 3.34%, 01/25/22 (b)	1,650		1,650
		Series 2018-1M1-C03, REMIC, 3.17%, (1M USD LIBOR + 0.68%), 10/25/30 (a)	2,593		2,590
		Series 2018-PC-44, REMIC, 4.00%, 06/25/44	3,605		3,709
		Series 2016-FA-85, REMIC, 2.99%, (1M USD LIBOR + 0.50%), 11/25/46 (a)	2,720		2,710
		Series 2016-FG-85, REMIC, 2.99%, (1M USD LIBOR + 0.50%), 11/25/46 (a)	1,560		1,556
	Government National Mortgage Association
		Series 2018-FE-122, REMIC, 2.79%, 09/20/48	99		98
				33,582
Commercial Mortgage-Backed Securities 0.0%
	Government National Mortgage Association
		Series 2019-FL-21, REMIC, 2.94%, 02/20/49	80		80
		Series 2019-NF-23, REMIC, 2.94%, 02/20/49	65		65
				145
Mortgage-Backed Securities 5.2%
	Federal Home Loan Mortgage Corp.
		5.50%, 10/01/19 - 07/01/20	10		10
		4.50%, 08/01/20	—		—
		5.00%, 12/01/23	338		349
		4.50%, (12M USD LIBOR + 1.75%), 09/01/33 (a)	8		8
		4.51%, (1Y US Treasury Yield Curve Rate Treasury Note Constant Maturity + 2.22%), 09/01/33 (a)	36		37
		4.52%, (1Y US Treasury Yield Curve Rate Treasury Note Constant Maturity + 2.11%), 10/01/34 (a)	20		20
		4.69%, (12M USD LIBOR + 1.90%), 11/01/34 (a)	4		4
		4.73%, (12M USD LIBOR + 1.89%), 11/01/34 (a)	11		12
		4.75%, (1Y US Treasury Yield Curve Rate Treasury Note Constant Maturity + 2.25%), 11/01/34 (a)	28		29
		4.76%, (12M USD LIBOR + 1.90%), 11/01/34 (a)	9		9
		4.68%, (12M USD LIBOR + 1.68%), 01/01/35 (a)	9		10
		4.72%, (12M USD LIBOR + 1.63%), 02/01/35 (a)	17		17
		4.75%, (12M USD LIBOR + 1.63%), 02/01/35 (a)	5		5
		4.75%, (12M USD LIBOR + 1.62%), 02/01/35 (a)	13		14
		4.80%, (12M USD LIBOR + 1.68%), 02/01/35 (a)	14		15
		4.81%, (1Y US Treasury Yield Curve Rate Treasury Note Constant Maturity + 2.11%), 02/01/35 (a)	20		21
		4.98%, (1Y US Treasury Yield Curve Rate Treasury Note Constant Maturity + 2.25%), 02/01/35 (a)	28		29
		4.99%, (12M USD LIBOR + 1.90%), 02/01/35 (a)	16		17
		4.43%, (12M USD LIBOR + 1.75%), 06/01/35 (a)	165		173
		4.74%, (1Y US Treasury Yield Curve Rate Treasury Note Constant Maturity + 2.37%), 09/01/35 (a)	316		333
		6.00%, 09/01/34 - 01/01/38	778		872
		4.42%, (12M USD LIBOR + 1.72%), 10/01/35 (a)	69		72
		4.60%, (12M USD LIBOR + 1.73%), 11/01/35 (a)	49		51
		4.56%, (12M USD LIBOR + 1.62%), 03/01/36 (a)	76		79
	Federal National Mortgage Association
		5.00%, 12/01/19 - 02/01/49	10,732		11,427
		4.50%, 06/01/19 - 09/01/48	11,388		11,924
		3.00%, 03/01/30 - 11/25/47	3,968		3,999
		3.50%, 11/01/26 - 02/01/48	6,731		6,867
		6.50%, 07/01/32 - 12/01/32	397		445
		4.42%, (12M USD LIBOR + 1.62%), 03/01/33 (a)	1		1

372

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
		4.09%, (6M USD LIBOR + 1.41%), 06/01/33 (a)	12		12
		4.37%, (1Y US Treasury Yield Curve Rate Treasury Note Constant Maturity + 2.22%), 06/01/33 (a)	153		159
		4.40%, (1Y US Treasury Yield Curve Rate Treasury Note Constant Maturity + 2.20%), 07/01/33 (a)	9		10
		4.32%, (6M USD LIBOR + 1.82%), 12/01/33 (a)	1		1
		4.72%, (1Y US Treasury Yield Curve Rate Treasury Note Constant Maturity + 2.22%), 12/01/33 (a)	103		108
		4.60%, (1Y US Treasury Yield Curve Rate Treasury Note Constant Maturity + 2.30%), 04/01/34 (a)	3		3
		4.39%, (12M USD LIBOR + 1.56%), 10/01/34 (a)	4		4
		4.22%, (12M USD LIBOR + 1.34%), 11/01/34 (a)	2		2
		4.57%, (12M USD LIBOR + 1.67%), 11/01/34 (a)	41		43
		4.72%, (1Y US Treasury Yield Curve Rate Treasury Note Constant Maturity + 2.36%), 11/01/34 (a)	167		174
		4.58%, (12M USD LIBOR + 1.68%), 12/01/34 (a)	16		16
		4.59%, (12M USD LIBOR + 1.62%), 01/01/35 (a)	7		7
		4.66%, (12M USD LIBOR + 1.54%), 01/01/35 (a)	16		17
		4.69%, (12M USD LIBOR + 1.57%), 01/01/35 (a)	30		31
		4.75%, (12M USD LIBOR + 1.63%), 01/01/35 (a)	26		27
		4.72%, (12M USD LIBOR + 1.64%), 02/01/35 (a)	14		14
		4.85%, (1Y US Treasury Yield Curve Rate Treasury Note Constant Maturity + 2.19%), 02/01/35 (a)	46		48
		3.69%, (12M USD LIBOR + 1.36%), 03/01/35 (a)	13		13
		4.15%, (12M USD LIBOR + 1.81%), 04/01/35 (a)	40		42
		4.18%, (1Y US Treasury Yield Curve Rate Treasury Note Constant Maturity + 1.82%), 04/01/35 (a)	134		139
		4.36%, (12M USD LIBOR + 1.99%), 04/01/35 (a)	147		155
		3.84%, (12M USD LIBOR + 1.40%), 05/01/35 (a)	59		61
		3.90%, (12M USD LIBOR + 1.43%), 05/01/35 (a)	168		175
		3.94%, (12M USD LIBOR + 1.63%), 05/01/35 (a)	20		21
		4.38%, (1Y US Treasury Yield Curve Rate Treasury Note Constant Maturity + 2.30%), 06/01/35 (a)	138		144
		4.43%, (12M USD LIBOR + 1.69%), 06/01/35 (a)	114		119
		4.46%, (12M USD LIBOR + 1.84%), 07/01/35 (a)	97		101
		4.25%, (12M USD LIBOR + 1.60%), 08/01/35 (a)	117		122
		4.27%, (6M USD LIBOR + 1.39%), 08/01/35 (a)	331		341
		4.26%, (12M USD LIBOR + 1.48%), 11/01/35 (a)	164		171
		4.65%, (12M USD LIBOR + 1.69%), 11/01/35 (a)	135		142
		4.69%, (12M USD LIBOR + 1.69%), 02/01/36 (a)	132		138
		4.80%, (1Y US Treasury Yield Curve Rate Treasury Note Constant Maturity + 2.05%), 02/01/36 (a)	215		223
		4.29%, (12M USD LIBOR + 1.74%), 03/01/36 (a)	134		140
		4.77%, (12M USD LIBOR + 1.64%), 03/01/36 (a)	75		78
		5.50%, 01/01/24 - 12/01/39	7,493		8,175
		6.00%, 03/01/34 - 10/01/40	1,585		1,777
		4.00%, 06/01/33 - 07/01/48	5,321		5,500
	Government National Mortgage Association
		5.50%, 07/15/20 - 03/20/48	3,258		3,518
		6.00%, 07/15/36	1,009		1,126
		5.00%, 12/20/34 - 12/20/48	17,531		18,360
		4.50%, 09/20/40	663		701
		3.50%, 03/20/43 - 02/20/48	4,516		4,631
		4.00%, 02/20/48 - 12/20/48	3,246		3,354
				86,992
Municipal 0.2%
	Florida State Board of Administration Finance Corp.
		2.16%, 07/01/19	3,650		3,646
U.S. Government Agency Obligations 6.0%
	Federal Home Loan Bank
		2.63%, 05/28/20 (h)	11,315		11,358
	Federal Home Loan Mortgage Corp.
		1.63%, 09/29/20 (h)	33,260		32,926
	Federal National Mortgage Association
		1.50%, 07/30/20 (h)	30,000		29,669
		1.25%, 08/17/21 (h)	26,125		25,489
				99,442
			Shares/Par¹		Value ($)
U.S. Treasury Securities 11.0%
	U.S. Treasury Note
		2.88%, 10/31/20 - 10/15/21	43,575		44,147
		1.63%, 11/30/20	22,920		22,659
		1.38%, 05/31/21 (i)	49,640		48,709
		2.63%, 12/15/21	31,320		31,643
		2.50%, 01/15/22 - 02/15/22	18,910		19,051
		2.38%, 03/15/22 (j)	18,415		18,504
				184,713
	Total Government And Agency Obligations (cost $408,141)			408,520
SHORT TERM INVESTMENTS 0.4%
Commercial Paper 0.2%
	AT&T Inc.
		2.90%, 05/28/19 (b) (k)	2,290		2,280
Investment Companies 0.0%
	JNL Government Money Market Fund - Institutional Class, 2.33% (l) (m)		551		551
	T. Rowe Price Government Reserve Fund, 2.55% (l) (m)		1		1
				552
Securities Lending Collateral 0.2%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.43% (l) (m)		3,838		3,838
	Total Short Term Investments (cost $6,669)			6,670
Total Investments 100.1% (cost $1,675,747)					1,677,234
Other Derivative Instruments (0.0)%					(377)
Other Assets and Liabilities, Net (0.1)%					(1,418)
Total Net Assets 100.0%					1,675,439

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

(f) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of March 31, 2019.

(g) Convertible security.

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

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

(j) All or a portion of the security was purchased on a delayed delivery basis. As of March 31, 2019, the total payable for investments purchased on a delayed delivery basis was $18,450.

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

(l) Investment in affiliate.

(m) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2019.

373

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


JNL/T. Rowe Price Short-Term Bond Fund — Futures Contracts
Reference Entity	Contracts¹	Expiration	Notional¹			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
U.S. Treasury Note, 2-Year	1,813	June 2019		385,085	(397)			1,254
U.S. Treasury Note, 5-Year	64	June 2019		7,348	(14)			65
					(411)			1,319
Short Contracts
U.S. Treasury Note, 10-Year	(101)	June 2019		(12,369)	28			(177)

Forward Foreign Currency Contract

Purchased/

Sold

Counter-party

Expiration

Notional ¹

Value ($)

Unrealized

Appreciation

(Depreciation) ($)

EUR/USD

HSB

05/24/19

EUR

699

787

(2)

USD/EUR

BNP

05/24/19

EUR

(140)

(158)

USD/EUR

CCI

05/24/19

EUR

(140)

(158)

USD/EUR

SSB

05/24/19

EUR

(279)

(313)

USD/EUR

UBS

05/24/19

EUR

(140)

(158)

—

374

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
JNL/T. Rowe Price Value Fund
COMMON STOCKS 97.9%
Communication Services 4.6%
	AT&T Inc.		20		644
	Comcast Corp. - Class A		356		14,250
	Facebook Inc. - Class A (a)		329		54,891
	Fox Corp. - Class B (a)		200		7,178
	Verizon Communications Inc.		1,953		115,475
	Walt Disney Co.		44		4,875
				197,313
Consumer Discretionary 2.8%
	Dollar Tree Inc. (a)		414		43,455
	Las Vegas Sands Corp.		359		21,886
	McDonald's Corp.		234		44,472
	Ross Stores Inc.		118		11,021
	Wynn Resorts Ltd.		22		2,637
				123,471
Consumer Staples 6.9%
	ConAgra Brands Inc.		1,813		50,299
	PepsiCo Inc.		65		7,953
	Philip Morris International Inc.		722		63,809
	Tyson Foods Inc. - Class A		2,192		152,176
	Walmart Inc.		250		24,370
				298,607
Energy 8.5%
	BP Plc - ADR		1,087		47,522
	Chevron Corp.		266		32,815
	Concho Resources Inc.		244		27,110
	ConocoPhillips Co.		482		32,182
	EOG Resources Inc.		217		20,681
	Occidental Petroleum Corp.		614		40,647
	Pioneer Natural Resources Co.		144		21,959
	Total SA - ADR		1,496		83,231
	TransCanada Corp.		1,413		63,482
				369,629
Financials 15.9%
	American International Group Inc.		1,441		62,043
	Ameriprise Financial Inc.		136		17,484
	Bank of America Corp.		3,351		92,443
	Charles Schwab Corp.		1,100		47,021
	Chubb Ltd.		442		61,863
	Fifth Third Bancorp		1,896		47,815
	First Republic Bank		79		7,960
	Intercontinental Exchange Inc.		619		47,152
	JPMorgan Chase & Co.		408		41,311
	Marsh & McLennan Cos. Inc.		497		46,710
	Morgan Stanley		494		20,853
	PNC Financial Services Group Inc.		281		34,420
	Prudential Financial Inc.		257		23,632
	Wells Fargo & Co.		1,912		92,391
	Willis Towers Watson Plc		248		43,625
				686,723
Health Care 19.2%
	Agilent Technologies Inc.		227		18,262
	Anthem Inc.		108		31,002
	Becton Dickinson & Co.		252		62,870
	Boston Scientific Corp. (a)		804		30,869
	Cigna Corp.		309		49,618
	Cooper Cos. Inc.		7		2,044
	CVS Health Corp.		803		43,327
	Danaher Corp.		635		83,826
	Elanco Animal Health Inc. (a)		732		23,462
	Eli Lilly & Co.		273		35,429
	Hologic Inc. (a)		104		5,030
	Medtronic Plc		686		62,449
	Merck & Co. Inc.		1,046		86,973
	Pfizer Inc.		3,265		138,657
	Stryker Corp.		194		38,240
	Teleflex Inc.		13		3,928
	Thermo Fisher Scientific Inc.		323		88,284
	Zimmer Biomet Holdings Inc.		202		25,744
				830,014
			Shares/Par¹		Value ($)
Industrials 8.4%
	Boeing Co.		213		81,157
	Fortive Corp.		184		15,472
	General Electric Co.		7,922		79,137
	Honeywell International Inc.		288		45,840
	Nielsen Holdings Plc		932		22,071
	Northrop Grumman Systems Corp.		176		47,512
	PACCAR Inc.		92		6,289
	Republic Services Inc.		279		22,406
	Roper Industries Inc.		43		14,598
	Spirit Aerosystems Holdings Inc. - Class A		300		27,450
				361,932
Information Technology 15.9%
	Analog Devices Inc.		61		6,411
	ASML Holding NV - ADR		96		18,090
	Broadcom Inc.		159		47,691
	Cisco Systems Inc.		2,363		127,582
	Corning Inc.		738		24,424
	Fidelity National Information Services Inc.		100		11,299
	Keysight Technologies Inc. (a)		524		45,687
	Micron Technology Inc. (a)		725		29,952
	Microsoft Corp.		1,784		210,358
	Motorola Solutions Inc.		148		20,838
	Nvidia Corp.		135		24,330
	NXP Semiconductors NV		276		24,362
	QUALCOMM Inc.		360		20,520
	Synopsys Inc. (a)		451		51,884
	Texas Instruments Inc.		234		24,824
				688,252
Materials 3.4%
	Air Products & Chemicals Inc.		170		32,540
	Ball Corp.		568		32,893
	DowDuPont Inc.		617		32,900
	International Paper Co.		427		19,744
	Linde Plc		55		9,702
	Packaging Corp. of America		202		20,075
				147,854
Real Estate 3.0%
	Crown Castle International Corp.		147		18,879
	ProLogis Inc.		593		42,638
	Public Storage		136		29,618
	Ventas Inc.		273		17,433
	Weyerhaeuser Co.		751		19,789
				128,357
Utilities 9.3%
	Duke Energy Corp.		413		37,163
	Entergy Corp.		675		64,564
	Evergy Inc.		489		28,406
	NextEra Energy Inc.		527		101,861
	NiSource Inc.		1,004		28,766
	Sempra Energy		680		85,541
	Southern Co.		1,123		58,013
				404,314
	Total Common Stocks (cost $3,951,585)			4,236,466
PREFERRED STOCKS 1.2%
Health Care 0.2%
	Becton Dickinson & Co. - Series A, 6.13%, 05/01/20 (b)		163		10,047
Industrials 0.2%
	Fortive Corp. - Series A, 5.00%, 07/01/21 (b)		7		7,530
Utilities 0.8%
	NextEra Energy Inc. (b)		317		19,617
	Sempra Energy (b)		48		5,152
	Sempra Energy (b)		95		10,075
				34,844
	Total Preferred Stocks (cost $45,447)			52,421
CORPORATE BONDS AND NOTES 0.1%
Utilities 0.1%
	Pacific Gas & Electric Co.
		0.00%, 12/01/46 - 12/01/47 (a) (c)	4,920		3,954
	Total Corporate Bonds And Notes (cost $3,757)			3,954

375

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
SHORT TERM INVESTMENTS 0.9%
Investment Companies 0.9%
	JNL Government Money Market Fund - Institutional Class, 2.33% (d) (e)	2,609		2,609
	T. Rowe Price Government Reserve Fund, 2.55% (d) (e)	38,329		38,329
	Total Short Term Investments (cost $40,938)		40,938
Total Investments 100.1% (cost $4,041,727)				4,333,779
Other Assets and Liabilities, Net (0.1)%				(5,280)
Total Net Assets 100.0%				4,328,499

(a) Non-income producing security.

(b) Convertible security.

(c) 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.

(d) Investment in affiliate.

(e) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2019.

376

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


		Shares/Par¹		Value ($)
JNL/Vanguard Growth ETF Allocation Fund
INVESTMENT COMPANIES 99.9%
	Vanguard Emerging Markets Government Bond ETF	101		7,874
	Vanguard FTSE Developed Markets ETF	1,368		55,921
	Vanguard Global ex-U.S. Real Estate ETF	109		6,478
	Vanguard Growth ETF	158		24,777
	Vanguard Intermediate-Term Corporate Bond ETF - Admiral Shares	110		9,530
	Vanguard Mid-Cap ETF	195		31,399
	Vanguard Mortgage-Backed Securities ETF	421		22,032
	Vanguard MSCI Emerging Markets ETF	854		36,293
	Vanguard REIT ETF	74		6,462
	Vanguard Small-Cap ETF	80		12,262
	Vanguard Total Bond Market ETF	253		20,565
	Vanguard Total Stock Market ETF (a)	374		54,077
	Vanguard Value ETF	245		26,349
	Total Investment Companies (cost $312,472)		314,019
SHORT TERM INVESTMENTS 9.8%
Investment Companies 0.2%
	JNL Government Money Market Fund - Institutional Class, 2.33% (b) (c)	789		789
Securities Lending Collateral 9.6%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.43% (b) (c)	30,103		30,103
	Total Short Term Investments (cost $30,892)		30,892
Total Investments 109.7% (cost $343,364)				344,911
Other Assets and Liabilities, Net (9.7)%				(30,501)
Total Net Assets 100.0%				314,410

(a) All or a portion of the security was on loan.

(b) Investment in affiliate.


JNL/Vanguard Moderate ETF Allocation Fund
INVESTMENT COMPANIES 99.9%
	Vanguard Emerging Markets Government Bond ETF (a)	190		14,902
	Vanguard FTSE Developed Markets ETF	499		20,387
	Vanguard Global ex-U.S. Real Estate ETF	33		1,963
	Vanguard Growth ETF (a)	41		6,344
	Vanguard Intermediate-Term Corporate Bond ETF - Admiral Shares	246		21,332
	Vanguard Mid-Cap ETF	54		8,626
	Vanguard Mortgage-Backed Securities ETF	734		38,424
	Vanguard MSCI Emerging Markets ETF	227		9,633
	Vanguard REIT ETF	23		1,965
	Vanguard Short-Term Inflation-Protected Securities Index ETF	108		5,264
	Vanguard Small-Cap ETF	18		2,806
	Vanguard Total Bond Market ETF	416		33,797
	Vanguard Total Stock Market ETF (a)	132		19,137
	Vanguard Value ETF	70		7,570
	Total Investment Companies (cost $189,848)		192,150
SHORT TERM INVESTMENTS 6.9%
Investment Companies 0.6%
	JNL Government Money Market Fund - Institutional Class, 2.33% (b) (c)	1,236		1,236
Securities Lending Collateral 6.3%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.43% (b) (c)	12,160		12,160
	Total Short Term Investments (cost $13,396)		13,396
Total Investments 106.8% (cost $203,244)				205,546
Other Assets and Liabilities, Net (6.8)%				(13,163)
Total Net Assets 100.0%				192,383

(a) All or a portion of the security was on loan.

(b) Investment in affiliate.


		Shares/Par¹		Value ($)
JNL/Vanguard Moderate Growth ETF Allocation Fund
INVESTMENT COMPANIES 99.8%
	Vanguard Emerging Markets Government Bond ETF (a)	185		14,509
	Vanguard FTSE Developed Markets ETF	934		38,163
	Vanguard Global ex-U.S. Real Estate ETF	71		4,263
	Vanguard Growth ETF (a)	112		17,532
	Vanguard Intermediate-Term Corporate Bond ETF - Admiral Shares	217		18,815
	Vanguard Mid-Cap ETF	128		20,663
	Vanguard Mortgage-Backed Securities ETF	738		38,662
	Vanguard MSCI Emerging Markets ETF	521		22,152
	Vanguard REIT ETF	49		4,252
	Vanguard Short-Term Inflation-Protected Securities Index ETF	85		4,126
	Vanguard Small-Cap ETF	35		5,380
	Vanguard Total Bond Market ETF	385		31,230
	Vanguard Total Stock Market ETF	257		37,133
	Vanguard Value ETF (a)	177		19,040
	Total Investment Companies (cost $273,235)		275,920
SHORT TERM INVESTMENTS 3.2%
Investment Companies 1.6%
	JNL Government Money Market Fund - Institutional Class, 2.33% (b) (c)	4,361		4,361
Securities Lending Collateral 1.6%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.43% (b) (c)	4,450		4,450
	Total Short Term Investments (cost $8,811)		8,811
Total Investments 103.0% (cost $282,046)				284,731
Other Assets and Liabilities, Net (3.0)%				(8,373)
Total Net Assets 100.0%				276,358

(a) All or a portion of the security was on loan.

(b) Investment in affiliate.

377

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
JNL/Westchester Capital Event Driven Fund
COMMON STOCKS 57.8%
Communication Services 3.0%
	CBS Corp. - Class B (a)		129		6,153
	Fox Corp. - Class B (b)		35		1,253
				7,406
Consumer Discretionary 4.7%
	Caesars Entertainment Corp. (a) (b)		646		5,614
	Liberty Expedia Holdings Inc. - Class A (b)		59		2,539
	MGM Resorts International (a)		137		3,510
				11,663
Energy 1.7%
	Columbia Pipeline Group Inc. (b) (c) (d) (e)		134		3,417
	EnCana Corp.		103		749
				4,166
Financials 18.7%
	Big Rock Partners Acquisition Corp. (b)		113		1,168
	Black Ridge Acquisition Corp. (b)		85		867
	Blackstone Group LP (a)		278		9,722
	CF Finance Acquisition Corp. (b)		234		2,382
	ChaSerg Technology Acquisition Corp. - Class A (b)		38		372
	CM Seven Star Acquisition Corp. (b) (f) (g)		247		2,550
	Collier Creek Holdings (b)		36		357
	Genworth Financial Inc. - Class A (b)		25		97
	GigCapital Inc. (b) (f)		302		3,081
	Legacy Acquisition Corp. - Class A (b) (f)		356		3,570
	Modern Media Acquisition Corp. (b)		241		2,495
	Monocle Acquisition Corp. (b)		24		240
	Mudrick Capital Acquisition Corp. - Class A (b)		44		447
	Oaktree Capital Group LLC - Class A		47		2,338
	Pensare Acquisition Corp. (b)		206		2,120
	Pivotal Acquisition Corp. - Class A (b)		60		606
	Pure Acquisition Corp. - Class A (b)		89		893
	Reebonz Holding Ltd. (b)		1		15
	Regalwood Global Energy Ltd. - Class A (b)		240		2,424
	SunTrust Banks Inc.		81		4,789
	Trinity Merger Corp. - Class A (b)		420		4,296
	Vantage Energy Acquisition Corp. - Class A (b)		48		486
	VectoIQ Acquisition Corp. (b)		121		1,210
				46,525
Health Care 3.4%
	Celgene Corp. (b) (f)		71		6,690
	WellCare Health Plans Inc. (b)		7		1,931
				8,621
Industrials 3.2%
	L3 Technologies Inc. (f)		27		5,482
	USG Corp. (f)		61		2,640
				8,122
Information Technology 13.1%
	ARRIS International Plc (b) (f)		80		2,523
	Dell Technologies Inc. - Class C (a) (b)		65		3,821
	First Data Corp. - Class A (b) (f)		621		16,326
	Integrated Device Technology Inc. (b)		14		692
	Mellanox Technologies Ltd. (a) (b)		21		2,462
	Red Hat Inc. (b)		3		500
	Travelport Worldwide Ltd.		12		187
	Versum Materials Inc.		25		1,244
	Worldpay Inc. - Class A (b)		43		4,919
				32,674
Materials 10.0%
	DowDuPont Inc. (a)		139		7,399
	Goldcorp Inc. (f)		921		10,531
	Huntsman Corp. (a) (f)		238		5,362
	SunCoke Energy Partners LP		137		1,701
				24,993
	Total Common Stocks (cost $141,045)			144,170
			Shares/Par¹		Value ($)
PREFERRED STOCKS 3.3%
Financials 2.5%
	Federal Home Loan Mortgage Corp. - Series Z, 8.38%, (callable at 25 beginning 12/31/22) (b) (f) (h) (i)		631		6,334
Real Estate 0.8%
	Colony Capital Inc. (i)		68		1,712
	Pebblebrook Hotel Trust - Series E (i)		7		174
				1,886
	Total Preferred Stocks (cost $6,381)			8,220
RIGHTS 0.1%
	Big Rock Partners Acquisition Corp. (b)		113		33
	Bison Capital Acquisition Corp. (b)		107		37
	Black Ridge Acquisition Corp. (b)		85		30
	CM Seven Star Acquisition Corp. (b)		247		81
	Modern Media Acquisition Corp. (b)		241		53
	Nexstar Broadcasting Inc. (b) (g)		134		14
	Total Rights (cost $266)			248
WARRANTS 0.2%
	Agiliti Inc. (b) (g)		12		6
	Big Rock Partners Acquisition Corp. (b)		57		10
	Bison Capital Acquisition Corp. (b)		53		11
	Black Ridge Acquisition Corp. (b)		85		25
	ChaSerg Technology Acquisition Corp. (b)		19		12
	CM Seven Star Acquisition Corp. (b)		123		21
	Collier Creek Holdings (b)		12		13
	Legacy Acquisition Corp. (b)		356		107
	Modern Media Acquisition Corp. (b)		120		36
	Mudrick Capital Acquisition Corp. (b)		44		23
	Pensare Acquisition Corp. (b)		71		14
	Pure Acquisition Corp. (b)		44		48
	Reebonz Holding Ltd. (b)		51		3
	Regalwood Global Energy Ltd. (b)		80		72
	Trinity Merger Corp. (b)		188		55
	Total Warrants (cost $612)			456
INVESTMENT COMPANIES 6.3%
	Altaba Inc. (b) (f)		40		2,955
	Apollo Senior Floating Rate Fund Inc. (f)		55		820
	Apollo Tactical Income Fund Inc.		35		512
	Ares Dynamic Credit Allocation Fund Inc.		11		159
	BlackRock Debt Strategies Fund Inc.		212		2,272
	BlackRock Floating Rate Income Strategies Fund Inc.		47		590
	Eaton Vance Floating-Rate Income Trust		90		1,188
	First Trust Senior Floating Rate Income Fund II		55		647
	Invesco Dynamic Credit Opportunities Fund		112		1,212
	Invesco Senior Income Trust		304		1,275
	Nuveen Credit Strategies Income Fund		4		28
	Voya Prime Rate Trust		309		1,477
	Western Asset High Income Opportunity Fund Inc. (f)		517		2,496
	Total Investment Companies (cost $15,589)			15,631
CORPORATE BONDS AND NOTES 14.7%
Communication Services 2.1%
	Sinclair Television Group Inc.
		6.13%, 10/01/22	4,672		4,766
	T-Mobile USA Inc.
		6.50%, 01/15/24	406		422
				5,188
Consumer Discretionary 1.1%
	Caesars Entertainment Corp.
		5.00%, 10/01/24 (j)	718		1,022
	Rent-A-Center Inc.
		6.63%, 11/15/20	701		701
		4.75%, 05/01/21	937		918
				2,641
Energy 1.8%
	Enbridge Inc.
		6.00%, 01/15/77 (j) (k)	2,632		2,612
	MEG Energy Corp.
		6.50%, 01/15/25 (l)	2,029		1,999
				4,611

378

JNL Series Trust Sub-Advised Funds (Unaudited)

Schedules of Investments (in thousands)

March 31, 2019


			Shares/Par¹		Value ($)
Financials 4.9%
	Ardagh Packaging Finance Plc
		7.25%, 05/15/24 (l)	5,015		5,283
	Nielsen Finance LLC
		5.00%, 04/15/22 (l)	7,069		6,982
				12,265
Industrials 0.3%
	Multi-Color Corp.
		4.88%, 11/01/25 (l)	636		656
Materials 3.0%
	Arconic Inc.
		5.40%, 04/15/21	1,269		1,309
	Momentive Performance Materials Inc.
		3.88%, 10/24/21	3,262		3,520
	Univar USA Inc.
		6.75%, 07/15/23 (l)	2,598		2,652
				7,481
Utilities 1.5%
	Dynegy Inc.
		5.88%, 06/01/23	1,519		1,555
	GenOn Energy Inc.
		9.39%, (3M USD LIBOR + 6.50%), 12/01/23 (k)	2,350		2,332
				3,887
	Total Corporate Bonds And Notes (cost $36,373)			36,729
SENIOR LOAN INTERESTS 0.9%
Communication Services 0.9%
	Tribune Media Co.
		Term Loan C, 0.00%, (3M LIBOR + 3.00%), 01/20/24 (k) (m)	2,325		2,320
	Total Senior Loan Interests (cost $2,326)			2,320
OTHER EQUITY INTERESTS 0.0%
	Winthrop Realty Trust Escrow (b) (e) (g) (n) (o)		51		31
	Total Other Equity Interests (cost $248)			31
SHORT TERM INVESTMENTS 4.2%
Investment Companies 4.2%
	JNL Government Money Market Fund - Institutional Class, 2.33% (p) (q)		10,343		10,343
	Total Short Term Investments (cost $10,343)			10,343
Total Investments 87.5% (cost $213,183)					218,148
Total Securities Sold Short (21.9)% (proceeds $51,647)					(54,607)
Total Purchased Options 0.3% (cost $1,102)					659
Other Derivative Instruments (1.9)%					(4,707)
Other Assets and Liabilities, Net 36.0%					89,818
Total Net Assets 100.0%					249,311

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

(b) Non-income producing security.

(d) Shares subject to merger appraisal rights.

(e) The Sub-Adviser has deemed this security to be illiquid based on procedures approved by the JNL Series Trust's Board of Trustees.

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

(h) 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 2.5% of the Fund’s net assets.

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

(j) Convertible security.

(k) Security has a variable rate. Interest rates reset periodically. Rate stated was in effect as of March 31, 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 reflects 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) The Sub-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 JNL Series Trust's Board of Trustees. As of March 31, 2019, the value and the percentage of net assets of these liquid securities was $17,572 and 7.0%, respectively.

(m) This senior loan will settle after March 31, 2019. The reference rate and spread presented will go into effect upon settlement.

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

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

(p) Investment in affiliate.

(q) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2019.


			Shares/Par¹		Value ($)
SECURITIES SOLD SHORT (21.9%)
COMMON STOCKS (21.5%)
Communication Services (0.7%)
		Discovery Inc. - Class A	(22)		(591)
		Fox Corp. - Class A	(33)		(1,218)
				(1,809)
Consumer Discretionary (2.4%)
		Alibaba Group Holding Ltd. - ADS	(18)		(3,195)
		Expedia Group Inc.	(24)		(2,892)
				(6,087)
Financials (0.8%)
		BB&T Corp.	(16)		(721)
		Brookfield Asset Management Inc. - Class A	(25)		(1,183)
				(1,904)
Health Care (1.8%)
		Bristol-Myers Squibb Co.	(66)		(3,127)
		Centene Corp.	(24)		(1,285)
				(4,412)
			Shares/Par¹		Value ($)
Industrials (2.2%)
		Harris Corp.	(35)		(5,515)
Information Technology (8.6%)
		Entegris Inc.	(7)		(256)
		Fidelity National Information Services Inc.	(40)		(4,552)
		Fiserv Inc.	(189)		(16,650)
				(21,458)
Materials (4.5%)
		Newmont Mining Corp.	(266)		(9,518)
		SunCoke Energy Inc.	(191)		(1,621)
				(11,139)
Real Estate (0.5%)
		Brookfield Property Partners LP	(58)		(1,184)
	Total Common Stocks (proceeds $50,513)			(53,508)
INVESTMENT COMPANIES (0.4%)
		VanEck Vectors Gold Miners ETF	(49)		(1,099)
	Total Investment Companies (proceeds $1,134)			(1,099)
	Total Securities Sold Short (21.9%) (proceeds $51,647)				(54,607)

379


			Shares/Par¹		Value ($)
JNL/WMC Balanced Fund
COMMON STOCKS 64.9%
Communication Services 6.1%
	Alphabet Inc. - Class A (a)		123		145,334
	AT&T Inc.		1,145		35,903
	Comcast Corp. - Class A		3,261		130,363
	Verizon Communications Inc.		3,053		180,536
				492,136
Consumer Discretionary 3.7%
	Alibaba Group Holding Ltd. - ADS (a)		99		18,142
	Autoliv Inc. (b)		255		18,777
	Expedia Group Inc.		325		38,677
	Hilton Worldwide Holdings Inc.		722		60,014
	Home Depot Inc.		291		55,779
	Lowe's Cos. Inc.		497		54,361
	TJX Cos. Inc.		907		48,257
				294,007
Consumer Staples 3.0%
	Coca-Cola Co.		1,066		49,943
	PepsiCo Inc.		622		76,257
	Philip Morris International Inc.		313		27,672
	Sysco Corp.		722		48,175
	Walmart Inc.		356		34,768
				236,815
Energy 5.8%
	BP Plc - ADR		552		24,142
	Chevron Corp.		1,168		143,864
	ConocoPhillips Co.		611		40,797
	EnCana Corp.		3,169		22,943
	Exxon Mobil Corp.		579		46,776
	Halliburton Co.		186		5,450
	Hess Corp.		1,187		71,467
	Noble Energy Inc.		973		24,066
	Suncor Energy Inc.		1,891		61,331
	Total SA - ADR		463		25,744
				466,580
Financials 12.9%
	American International Group Inc.		1,036		44,615
	Bank of America Corp.		6,429		177,368
	Bank of Nova Scotia (b)		636		33,870
	BlackRock Inc.		111		47,314
	Charles Schwab Corp.		226		9,649
	Chubb Ltd.		796		111,447
	Citigroup Inc.		524		32,612
	Comerica Inc.		129		9,490
	Intercontinental Exchange Inc.		839		63,886
	JPMorgan Chase & Co.		1,707		172,831
	Marsh & McLennan Cos. Inc.		490		46,003
	Northern Trust Corp.		611		55,271
	PNC Financial Services Group Inc.		618		75,776
	Principal Financial Group Inc.		1,006		50,489
	Prudential Financial Inc.		1,127		103,582
				1,034,203
Health Care 9.6%
	Abbott Laboratories		591		47,220
	Agilent Technologies Inc.		578		46,465
	AstraZeneca Plc - ADR		1,448		58,535
	Bristol-Myers Squibb Co.		1,658		79,119
	CVS Health Corp.		870		46,918
	Eli Lilly & Co.		447		57,940
	Medtronic Plc		936		85,270
	Merck & Co. Inc.		1,050		87,287
	Novartis AG - ADR		349		33,584
	Pfizer Inc.		2,573		109,258
	UnitedHealth Group Inc.		302		74,606
	Universal Health Services Inc. - Class B		300		40,168
				766,370
Industrials 5.9%
	Deere & Co.		391		62,573
	Eaton Corp. Plc		408		32,904
	General Dynamics Corp.		364		61,624
			Shares/Par¹		Value ($)
	Johnson Controls International Plc		1,468		54,231
	Lockheed Martin Corp.		152		45,563
	Raytheon Co.		87		15,875
	Union Pacific Corp.		365		61,087
	United Parcel Service Inc. - Class B		552		61,674
	United Technologies Corp.		592		76,264
				471,795
Information Technology 9.1%
	Accenture Plc - Class A		165		29,127
	Apple Inc.		365		69,355
	Cisco Systems Inc.		1,365		73,671
	DXC Technology Co.		613		39,414
	HP Inc.		2,538		49,307
	Intel Corp.		1,573		84,471
	International Business Machines Corp.		220		31,001
	KLA-Tencor Corp.		445		53,150
	Microsoft Corp.		1,965		231,765
	Motorola Solutions Inc.		465		65,304
				726,565
Materials 3.0%
	Ball Corp.		319		18,439
	DowDuPont Inc.		1,078		57,458
	FMC Corp.		523		40,139
	International Paper Co.		1,312		60,707
	Livent Corp. (a)		451		5,535
	PPG Industries Inc.		516		58,261
				240,539
Real Estate 2.1%
	American Tower Corp.		359		70,839
	Equinix Inc.		79		35,868
	Simon Property Group Inc.		355		64,730
				171,437
Utilities 3.7%
	Dominion Energy Inc.		1,019		78,144
	Edison International		681		42,148
	Exelon Corp.		1,159		58,116
	Sempra Energy		583		73,409
	UGI Corp.		779		43,180
				294,997
	Total Common Stocks (cost $4,328,462)			5,195,444
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 4.8%
	AASET Trust
		Series 2018-A-2A, 4.45%, 11/16/25 (c) (d)	4,679		4,742
	ALM VI Ltd.
		Series 2012-A2R3-6A, 4.19%, (3M USD LIBOR + 1.40%), 07/15/26 (d) (e)	6,600		6,539
	Angel Oak Mortgage Trust I LLC
		Series 2019-A1-2, REMIC, 3.63%, 04/25/23 (d) (e)	2,040		2,039
	Angel Oak Mortgage Trust LLC
		Series 2018-A1-3, REMIC, 3.65%, 09/25/22 (d) (e)	7,181		7,243
	Angel Oak Mortgage Trust LLC
		Series 2017-A1-3, 2.71%, 11/25/21 (d) (e)	916		904
	Apidos CLO XXII
		Series 2015-A2A-22A, 4.81%, (3M USD LIBOR + 2.05%), 10/20/27 (d) (e)	5,150		5,150
	Ares XXIX CLO Ltd.
		Series 2014-A1R-1A, 3.96%, (3M USD LIBOR + 1.19%), 04/17/26 (d) (e)	1,106		1,106
	ARI Fleet Lease Trust
		Series 2018-A2-B, 3.22%, 10/15/21 (d)	2,570		2,583
		Series 2017-A2-A, 1.91%, 04/15/26 (d)	422		420
		Series 2018-A2-A, 2.55%, 10/15/26 (d)	2,043		2,040
	Atlas Senior Loan Fund IV Ltd.
		Series 2017-A-8A, 4.08%, (3M USD LIBOR + 1.30%), 01/16/30 (d) (e)	7,830		7,770
	Atlas Senior Loan Fund X Ltd.
		Series 2018-A-10A, 3.88%, (3M USD LIBOR + 1.09%), 01/15/31 (d) (e)	1,380		1,369
	Avery Point IV CLO Ltd.
		Series 2014-AR-1A, 3.87%, (3M USD LIBOR + 1.10%), 04/27/26 (d) (e)	1,323		1,323


		Shares/Par¹	Value ($)
	Series 2014-BR-1A, 4.37%, (3M USD LIBOR + 1.60%), 04/27/26 (d) (e)	4,930	4,930
BAMLL Commercial Mortgage Securities Trust
	Series 2018-A-PARK, 4.09%, 08/10/28 (d)	3,210	3,431
Banc of America Commercial Mortgage Trust
	Series 2015-A4-UBS7, REMIC, 3.71%, 09/17/25	1,145	1,186
Bayview Koitere Fund Trust
	Series 2017-A-RT4, 3.50%, 07/28/57 (d) (e)	3,260	3,273
	Series 2017-A-SPL3, REMIC, 4.00%, 11/28/53 (d) (e)	1,513	1,534
Bayview Opportunity Master Fund IVA Trust
	Series 2017-A-SPL5, 3.50%, 06/28/57 (d) (e)	2,137	2,143
	Series 2017-A-SPL1, REMIC, 4.00%, 10/28/64 (d) (e)	2,005	2,034
Bayview Opportunity Master Fund IVB Trust
	Series 2017-A-SPL4, 3.50%, 01/28/55 (d) (e)	1,561	1,565
BlueMountain CLO Ltd.
	Series 2012-BR2-2A, 4.09%, (3M USD LIBOR + 1.45%), 11/20/28 (d) (e)	4,820	4,780
Canadian Pacer Auto Receivables Trust
	Series 2018-A2A-2A, 3.00%, 07/19/20 (d)	1,558	1,561
	Series 2017-A3-1A, 2.05%, 03/19/21 (d)	1,945	1,938
	Series 2018-A3-2A, 3.27%, 12/19/21 (d)	395	400
CD Commercial Mortgage Trust
	Series 2017-A4-CD4, REMIC, 3.51%, 04/12/27	2,790	2,860
Cent CLO 24 Ltd.
	Series 2015-A2R-24A, 4.44%, (3M USD LIBOR + 1.65%), 10/15/26 (d) (e)	2,185	2,170
Cent CLO Ltd.
	Series 2018-A1-27A, 3.64%, (3M USD LIBOR + 1.15%), 10/25/28 (d) (e)	930	930
Chesapeake Funding II LLC
	Series 2016-A2-1A, 3.63%, (1M USD LIBOR + 1.15%), 05/15/19 (d) (e)	320	320
	Series 2016-A2-2A, 3.48%, (1M USD LIBOR + 1.00%), 09/15/19 (d) (e)	1,139	1,141
	Series 2017-A1-2A, 1.99%, 10/15/20 (d)	2,348	2,332
	Series 2017-A2-2A, 2.93%, (1M USD LIBOR + 0.45%), 10/15/20 (d) (e)	1,602	1,605
	Series 2017-A1-3A, 1.91%, 01/15/21 (d)	2,385	2,363
	Series 2018-A1-2A, 3.23%, 12/15/21 (d)	3,378	3,403
Chrysler Capital Auto Receivables Trust
	Series 2016-C-AA, 3.25%, 06/15/22 (d)	795	797
CIFC Funding Ltd.
	Series 2014-A1-2RA, 3.83%, (3M USD LIBOR + 1.05%), 04/24/30 (d) (e)	3,500	3,466
CNH Equipment Trust
	Series 2015-A3-C, REMIC, 1.66%, 11/16/20	505	504
COLT Funding LLC
	Series 2018-A1-1, REMIC, 2.93%, 02/25/48 (d) (e)	1,767	1,764
COLT Mortgage Loan Trust
	Series 2019-A1-2, 3.34%, 05/25/49 (d)	1,435	1,435
	Series 2018-A1-3, REMIC, 3.69%, 10/26/48 (d)	1,857	1,877
COMM Mortgage Trust
	Series 2012-A4-CR2, REMIC, 3.15%, 07/15/22	885	894
Continental Airlines Inc. Pass-Through Trust
	Series 2007-A-1, 5.98%, 10/19/23	191	201
Credit Suisse Mortgage Trust
	Series 2017-A-LSTK, REMIC, 2.76%, 04/07/21 (d)	6,105	6,084
CSAIL Commercial Mortgage Trust
	Series 2015-A4-C1, REMIC, 3.51%, 01/17/25	2,855	2,924
	Series 2015-A4-C2, REMIC, 3.50%, 04/17/25	5,600	5,731
	Series 2015-A4-C3, REMIC, 3.72%, 08/15/48	5,300	5,486
DB Master Finance LLC
	Series 2019-A2I-1A, 3.79%, 02/20/24 (d) (f)	1,245	1,248
	Series 2019-A2II-1A, 4.02%, 05/20/26 (f) (g) (h)	1,110	1,115
Deephaven Residential Mortgage Trust
	Series 2018-A1-1A, 2.98%, 02/25/22 (d) (e)	1,793	1,775
	Series 2017-A1-3A, REMIC, 2.58%, 11/25/21 (d) (e)	1,002	997
	Series 2017-A1-2A, REMIC, 2.45%, 10/25/22 (d) (e)	1,118	1,098
	Series 2017-A1-1A, REMIC, 2.72%, 10/27/25 (d) (e)	403	398
		Shares/Par¹	Value ($)
Dryden LXXV CLO Ltd.
	Series 2019-B-75A, 4.34%, (3M USD LIBOR + 1.80%), 01/16/29 (d) (e)	4,910	4,907
Enterprise Fleet Financing LLC
	Series 2017-A2-1, 2.13%, 01/20/20 (d)	520	518
	Series 2017-A2-2, 1.97%, 04/20/20 (d)	1,414	1,408
	Series 2017-A2-3, 2.13%, 08/20/20 (d)	2,104	2,093
	Series 2018-A2-1, 2.87%, 02/20/21 (d)	3,119	3,121
	Series 2018-A2-3, 3.38%, 10/20/21 (d)	4,020	4,050
Finance of America Structured Securities Trust
	Series 2018-A-HB1, 3.38%, 09/25/20 (d) (e) (i)	3,075	3,074
First Investors Auto Owner Trust
	Series 2017-A1-1A, 1.69%, 04/15/21 (d)	7	7
	Series 2017-A1-2A, 1.86%, 10/15/21 (d)	217	216
	Series 2017-A1-3A, 2.00%, 03/15/22 (d)	1,378	1,374
	Series 2017-A2-3A, 2.41%, 12/15/22 (d)	1,680	1,674
First National Master Note Trust
	Series 2018-A-1, 2.94%, (1M USD LIBOR + 0.46%), 10/15/21 (e)	7,680	7,655
Ford Credit Floorplan Master Owner Trust
	Series 2013-A-2, 2.09%, 03/15/20 (d)	600	596
FREMF Mortgage Trust
	Series 2013-B-K712, REMIC, 3.36%, 12/25/19 (d) (e)	1,145	1,145
	Series 2013-B-K713, REMIC, 3.15%, 04/25/20 (d) (e)	815	816
	Series 2010-B-K7, REMIC, 5.50%, 04/25/20 (d) (e)	1,975	2,008
	Series 2018-B-K733, REMIC, 4.08%, 09/25/25 (d) (e)	4,015	4,068
Galaxy XIX CLO Ltd.
	Series 2015-A1R-19A, 4.00%, (3M USD LIBOR + 1.22%), 07/24/30 (d) (e)	5,125	5,111
Galaxy XXIII CLO Ltd.
	Series 2017-A-23A, 4.06%, (3M USD LIBOR + 1.28%), 04/24/29 (d) (e)	1,540	1,540
GreatAmerica Leasing Receivables Funding LLC
	Series 2018-A3-1, 2.60%, 06/15/21 (d)	1,655	1,652
	Series 2017-A4-1, 2.36%, 01/20/23 (d)	2,580	2,563
	Series 2018-A4-1, 2.83%, 06/17/24 (d)	1,414	1,414
GS Mortgage Securities Trust
	Series 2015-A3-GS1, REMIC, 3.73%, 11/13/25	4,000	4,144
	Series 2016-A4-GS3, REMIC, 2.85%, 09/14/26	4,000	3,923
GTP Acquisition Partners I LLC
	Series 2015-A-1, 2.35%, 06/15/20 (d)	1,145	1,132
Horizon Aircraft Finance I Ltd.
	Series 2018-A-1, 4.46%, 12/15/25 (d)	245	250
Hyundai Auto Lease Securitization Trust
	Series 2018-A2A-A, 2.55%, 08/17/20 (d)	5,087	5,082
JPMorgan Chase Commercial Mortgage Securities Trust
	Series 2015-A5-JP1, REMIC, 3.91%, 12/17/25	3,290	3,447
KKR CLO 16 Ltd.
	Series A1-16, 4.25%, (3M USD LIBOR + 1.49%), 12/05/24 (d) (e)	3,690	3,685
Madison Park Funding XI Ltd.
	Series 2013-AR-11A, 3.93%, (3M USD LIBOR + 1.16%), 07/23/29 (d) (e)	3,300	3,301
Madison Park Funding XII Ltd.
	Series 2014-AR-12A, 4.02%, (3M USD LIBOR + 1.26%), 07/20/26 (d) (e)	1,225	1,225
Madison Park Funding XIII Ltd.
	Series 2014-AR2-13A, 3.71%, (3M USD LIBOR + 0.95%), 04/19/30 (d) (e)	2,705	2,683
Madison Park Funding XVIII Ltd.
	Series 2015-A1R-18A, 3.95%, (3M USD LIBOR + 1.19%), 10/21/30 (d) (e)	6,530	6,509
Magnetite VII Ltd.
	Series 2012-A1R2-7A, 3.59%, (3M USD LIBOR + 0.80%), 01/18/28 (d) (e)	9,265	9,135
Magnetite XVIII Ltd.
	Series 2016-AR-18A, 3.76%, (3M USD LIBOR + 1.08%), 11/15/28 (d) (e)	5,671	5,658
	Series 2016-BR-18A, 4.18%, (3M USD LIBOR + 1.50%), 11/15/28 (d) (e)	6,315	6,267
MAPS Ltd.
	Series 2019-A-1A, 4.46%, 03/15/26 (d)	560	567


			Shares/Par¹		Value ($)
	Master Credit Card Trust II
		Series 2017-B-1A, 2.56%, 01/21/20 (d)	995		992
		Series 2018-A-1A, 2.98%, (1M USD LIBOR + 0.49%), 01/23/23 (d) (e)	7,450		7,439
	Mercedes-Benz Master Owner Trust
		Series 2017-A-AA, 2.78%, (1M USD LIBOR + 0.30%), 05/15/19 (d) (e)	3,895		3,896
	MetLife Securitization Trust
		Series 2017-A-1A, REMIC, 3.00%, 06/25/26 (d) (e)	2,219		2,197
	Mill City Mortgage Loan Trust
		Series 2017-A1-3, 2.75%, 03/25/24 (d) (e)	2,455		2,420
		Series 2016-A1-1, REMIC, 2.50%, 07/25/23 (d)	610		601
	MMAF Equipment Finance LLC
		Series 2017-A3-B, 2.21%, 10/17/22 (d)	1,875		1,861
		Series 2016-A5-AA, 2.21%, 12/15/32 (d)	1,865		1,834
	Morgan Stanley Bank of America Merrill Lynch Trust
		Series 2015-A4-C20, REMIC, 3.25%, 12/17/24	5,000		5,063
		Series 2015-A4-C22, REMIC, 3.31%, 04/17/25	8,000		8,115
	Nationstar HECM Loan Trust
		Series 2017-A1-2A, 2.04%, 09/25/19 (d) (e) (i)	419		415
		Series 2018-A-1A, 2.76%, 02/25/20 (d) (e) (j)	896		893
	New Residential Mortgage Loan Trust
		Series 2017-A1-3A, REMIC, 4.00%, 04/25/57 (d) (e)	2,741		2,790
	OBP Depositor LLC Trust
		Series 2010-A-OBP, 4.65%, 07/15/20 (d)	495		506
	Octagon Investment Partners XXX Ltd.
		Series 2017-A1-1A, 4.08%, (3M USD LIBOR + 1.32%), 03/17/30 (d) (e)	2,025		2,026
	OneMain Direct Auto Receivables Trust
		Series 2017-A-2A, 2.31%, 12/14/21 (d)	2,247		2,240
		Series 2018-A-1A, 3.43%, 12/16/24 (d)	6,585		6,658
	OneMain Financial Issuance Trust
		Series 2017-A1-1A, 2.37%, 04/14/21 (d)	1,461		1,449
		Series 2016-A-2A, 4.10%, 03/20/28 (d)	169		170
		Series 2016-A-1A, 3.66%, 02/20/29 (d)	980		985
	SBA Tower Trust
		Series 2015-C-1, 3.16%, 10/15/20 (d)	2,045		2,042
		Series 2016-C-1, 2.88%, 07/15/21 (d)	2,130		2,116
		Series 2017-C-1, 3.17%, 04/15/22 (d)	1,725		1,716
		Series 2018-C-1, 3.45%, 03/15/23 (d)	2,595		2,603
		Series 2014-C-1, 2.90%, 10/15/44 (d)	2,125		2,123
	Securitized Term Auto Receivables Trust
		Series 2016-A3-1A, 1.52%, 03/25/20 (d)	316		315
		Series 2017-A3-1A, 1.89%, 08/25/20 (d)	1,122		1,119
		Series 2017-A3-2A, 2.04%, 04/26/21 (d)	1,655		1,647
		Series 2018-A3-2A, 3.33%, 10/25/21 (d)	10,650		10,701
	Seneca Park CLO Ltd.
		Series 2014-AR-1A, 3.89%, (3M USD LIBOR + 1.12%), 07/17/26 (d) (e)	921		922
	SFAVE Commercial Mortgage Securities Trust
		Series 2015-A2B-5AVE, REMIC, 4.14%, 01/08/35 (d)	3,560		3,550
	Shackleton VIII CLO Ltd.
		Series 2015-A1R-8A, 3.70%, 10/20/27 (d)	5,650		5,619
	SoFi Consumer Loan Program Trust
		Series 2018-A1-2, 2.93%, 06/25/20 (d)	1,897		1,895
		Series 2018-A-4, 3.54%, 12/25/21 (d)	6,000		6,027
	Sound Point CLO III Ltd.
		Series 2013-A1-2RA, 3.74%, (3M USD LIBOR + 0.95%), 04/15/29 (d) (e)	5,400		5,347
	Sound Point CLO XV Ltd.
		Series 2017-A-1A, 4.16%, (3M USD LIBOR + 1.39%), 01/23/29 (e)	1,300		1,300
	Springleaf Funding Trust
		Series 2015-A-AA, 3.16%, 05/15/19 (d)	316		316
		Series 2016-A-AA, 2.90%, 03/15/20 (d)	1,794		1,791
		Series 2015-A-BA, 3.48%, 07/15/21 (d)	1,160		1,164
	SPS Servicer Advance Receivables Trust
		Series 2018-AT1-T1, 3.62%, 10/15/20 (d)	2,425		2,441
	Symphony CLO XIV Ltd.
		Series 2014-A2R-14A, 4.08%, (3M USD LIBOR + 1.28%), 07/14/26 (d) (e)	1,808		1,809
			Shares/Par¹		Value ($)
	Thacher Park CLO Ltd.
		Series 2014-AR-1A, 3.92%, (3M USD LIBOR + 1.16%), 10/20/26 (d) (e)	907		908
	Towd Point Mortgage Trust
		Series 2016-A1-3, REMIC, 2.25%, 09/25/22 (d) (e)	1,390		1,365
		Series 2017-A1-2, REMIC, 2.75%, 01/25/23 (d) (e)	860		847
		Series 2017-A1-1, REMIC, 2.75%, 07/25/23 (d) (e)	2,803		2,760
		Series 2018-A1-1, REMIC, 3.00%, 05/25/24 (d) (e)	1,689		1,669
		Series 2017-A1-4, REMIC, 2.75%, 02/25/25 (d) (e)	3,729		3,662
	Trillium Credit Card Trust II
		Series 2018-A-2A, 2.85%, (1M USD LIBOR + 0.35%), 09/28/20 (d) (e)	4,000		3,998
	United Airlines Inc. Pass-Through Trust
		Series 2018-B-1, 4.60%, 03/01/26	599		601
	Vantage Data Centers LLC
		Series 2018-A2-1A, 4.07%, 02/15/23 (d)	2,834		2,877
	Volvo Financial Equipment LLC
		Series 2017-A3-1A, 1.92%, 02/18/20 (d)	1,261		1,255
	Voya CLO Ltd.
		Series 2014-AAR2-1A, 3.77%, (3M USD LIBOR + 0.99%), 04/18/31 (d) (e)	865		851
	Wells Fargo Commercial Mortgage Trust
		Series 2017-A5-C38, 3.45%, 06/17/27	5,400		5,495
		Series 2015-A5-NXS1, REMIC, 3.15%, 04/17/25	1,885		1,898
	Westlake Automobile Receivables Trust
		Series 2018-A2A-1A, 2.24%, 07/15/19 (d)	2,907		2,904
		Series 2018-A2A-3A, 2.98%, 01/18/22 (d)	4,620		4,626
	Wheels SPV 2 LLC
		Series 2016-A2-1A, 1.59%, 04/22/19 (d)	35		35
		Series 2017-A2-1A, 1.88%, 03/20/20 (d)	1,178		1,172
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $381,796)			380,975
CORPORATE BONDS AND NOTES 12.1%
Communication Services 1.1%
	AT&T Inc.
		4.45%, 04/01/24	3,220		3,383
		3.95%, 01/15/25	160		163
		4.13%, 02/17/26	3,300		3,374
		4.90%, 08/15/37	725		734
		4.85%, 03/01/39	4,662		4,691
	British Sky Broadcasting Group Plc
		2.63%, 09/16/19 (d)	1,785		1,785
		3.75%, 09/16/24 (d)	4,090		4,249
	Charter Communications Operating LLC
		5.38%, 05/01/47	795		793
	Comcast Corp.
		3.95%, 10/15/25	4,345		4,546
		5.65%, 06/15/35	165		194
		4.40%, 08/15/35	2,325		2,415
		6.50%, 11/15/35	165		209
		4.60%, 10/15/38	2,225		2,388
		3.97%, 11/01/47	237		230
		4.00%, 11/01/49	285		277
	Cox Communications Inc.
		3.25%, 12/15/22 (d)	1,950		1,963
		4.80%, 02/01/35 (d)	2,695		2,558
		6.45%, 12/01/36 (d)	215		236
		4.60%, 08/15/47 (d)	400		384
	Fox Corp.
		4.03%, 01/25/24 (d)	1,435		1,487
	France Telecom SA
		9.00%, 03/01/31 (c)	2,700		3,906
	Sprint Spectrum Co. LLC
		4.74%, 03/20/25 (d)	8,560		8,656
	Tencent Holdings Ltd.
		3.60%, 01/19/28 (b) (d)	6,030		5,950
	Time Warner Cable Inc.
		8.25%, 04/01/19	695		695
		6.55%, 05/01/37	435		481
		7.30%, 07/01/38	285		335


			Shares/Par¹		Value ($)
		3.00%, 11/01/46 - 01/01/47	107,064		106,725
		3.00%, 09/01/46 - 12/01/47	55,129		54,939
		3.50%, 08/01/47 - 09/01/48	157,184		159,621
		4.00%, 09/01/26 - 11/01/48	825		851
	Federal National Mortgage Association
		2.47%, 05/01/25	2,666		2,640
		2.68%, 05/01/25	5,190		5,188
		2.81%, 07/01/25	6,000		6,034
		2.99%, 10/01/25	1,806		1,834
		3.09%, 10/01/25	874		893
		4.00%, 09/01/26 - 12/01/48	28,130		29,079
		2.49%, 12/01/26	6,189		6,066
		2.89%, 12/01/26	5,678		5,700
		3.00%, 05/01/27 - 02/01/45	14,946		14,937
		7.50%, 09/01/29	5		6
		2.00%, 11/01/31 - 12/01/31	1,807		1,766
		2.50%, 05/01/30 - 01/01/32	4,982		4,958
		TBA, 2.50%, 04/15/33 - 04/15/48 (f)	7,850		7,779
		TBA, 3.00%, 04/15/33 (f)	83,900		84,636
		7.00%, 10/01/33	15		17
		5.50%, 03/01/38	196		214
		6.50%, 10/01/38 - 10/01/39	142		163
		5.00%, 07/01/40	236		254
		4.50%, 09/01/23 - 11/01/44	4,572		4,816
		3.00%, 10/01/46	15,814		15,778
		3.50%, 03/01/26 - 11/01/48	60,714		61,622
		3.50%, 01/01/58 (f)	12,561		12,718
	Government National Mortgage Association
		6.50%, 04/15/26	8		9
		7.00%, 01/15/33 - 05/15/33	12		13
		5.50%, 11/15/32 - 02/15/36	62		68
		6.00%, 02/15/24 - 04/15/40	3,574		4,026
		5.00%, 06/20/33 - 06/15/39	2,499		2,667
		4.50%, 06/15/40 - 05/15/42	853		902
		4.00%, 01/15/41 - 11/20/48	38,288		39,555
		TBA, 4.50%, 04/15/48 (f)	8,325		8,644
				652,085
Municipal 1.0%
	Bay Area Toll Authority
		7.04%, 04/01/50	1,335		2,042
	Chicago Transit Authority
		6.30%, 12/01/21	3,165		3,329
		6.90%, 12/01/40	3,230		4,241
	City of Chicago O'Hare International Airport
		6.85%, 01/01/38	700		721
		6.40%, 01/01/40	440		587
	City of Sacramento, California
		insured by Assured Guaranty Municipal Corp., 5.85%, 08/01/19	1,260		1,271
		insured by Assured Guaranty Municipal Corp., 6.42%, 08/01/23	1,065		1,212
	Grand Parkway Transportation Corp.
		5.18%, 10/01/42	1,555		1,864
	Illinois Municipal Electric Agency
		6.83%, 02/01/35	3,405		4,290
	Illinois State Toll Highway Authority
		6.18%, 01/01/34	565		728
	Kansas Development Finance Authority
		insured by Assured Guaranty Municipal Corp., 5.37%, 05/01/26	3,300		3,568
	Long Island Power Authority
		3.63%, 09/01/22	2,860		2,906
	Metropolitan Transportation Authority
		7.34%, 11/15/39	75		112
		6.09%, 11/15/40	405		522
	Municipal Electric Authority of Georgia
		6.64%, 04/01/57	6,171		6,945
		6.66%, 04/01/57	1,042		1,252
	New Jersey Economic Development Authority
		3.88%, 06/15/19	885		886
	New York State Thruway Authority
		5.88%, 04/01/30	840		1,019
	New York State Urban Development Corp.
		2.10%, 03/15/22	5,915		5,861
			Shares/Par¹		Value ($)
	Oregon School Boards Association
		insured by AMBAC School Board Guaranty, 4.76%, 06/30/28	420		458
	Port Authority of New York & New Jersey
		6.04%, 12/01/29	105		130
	Sales Tax Securitization Corp.
		4.79%, 01/01/48	5,205		5,602
	San Jose Redevelopment Agency Successor Agency
		3.38%, 08/01/34	1,880		1,878
	State of California
		7.35%, 11/01/39	3,170		4,614
		7.63%, 03/01/40	85		129
	State of Connecticut
		2.99%, 01/15/23	7,285		7,304
	State of Illinois
		5.10%, 06/01/33	12,055		11,845
	University of California
		4.60%, 05/15/31	940		1,049
		6.55%, 05/15/48	1,770		2,459
	Utility Debt Securitization Authority
		3.44%, 12/15/25	1,165		1,179
				80,003
Sovereign 0.5%
	Japan Bank for International Cooperation
		2.25%, 02/24/20	4,578		4,568
		2.13%, 06/01/20	3,834		3,817
	Qatar Government International Bond
		2.38%, 06/02/21 (d)	15,435		15,226
		3.88%, 04/23/23 (d)	5,700		5,865
		4.00%, 03/14/29 (d)	3,407		3,513
	Saudi Arabia Government International Bond
		2.38%, 10/26/21 (d)	1,845		1,816
		2.88%, 03/04/23 (d)	5,015		4,966
		4.00%, 04/17/25 (d)	3,390		3,476
				43,247
Treasury Inflation Indexed Securities 0.6%
	U.S. Treasury Inflation Indexed Note
		0.38%, 01/15/27 (n)	19,116		18,952
		0.50%, 01/15/28 (n)	29,573		29,517
				48,469
U.S. Treasury Securities 4.1%
	U.S. Treasury Bond
		2.88%, 05/15/43 - 08/15/45	28,609		29,092
		3.38%, 05/15/44	15,335		16,986
		2.50%, 02/15/45 - 05/15/46	53,200		50,188
		3.00%, 02/15/47 - 08/15/48	31,570		32,760
		2.75%, 08/15/47	15,195		15,015
		2.75%, 11/15/47 (o)	45,559		45,004
		3.13%, 08/15/44 - 05/15/48	11,315		12,021
		3.00%, 02/15/49 (f)	8,800		9,137
	U.S. Treasury Note
		2.13%, 12/31/22	8,800		8,768
		2.63%, 06/30/23	10,065		10,227
		2.88%, 09/30/23 - 08/15/28	74,335		77,050
		2.50%, 03/31/23 - 01/31/24	9,160		9,266
		3.00%, 09/30/25	7,080		7,376
		3.13%, 11/15/28	500		531
		2.63%, 02/15/29 (f)	6,500		6,627
				330,048
	Total Government And Agency Obligations (cost $1,243,726)			1,265,231
SHORT TERM INVESTMENTS 3.2%
Investment Companies 2.7%
	JNL Government Money Market Fund - Institutional Class, 2.33% (p) (q)		215,653		215,653
Securities Lending Collateral 0.1%
	JNL Securities Lending Collateral Fund - Institutional Class, 2.43% (p) (q)		10,504		10,504


			Shares/Par¹		Value ($)
Treasury Securities 0.4%
	U.S. Treasury Bill
		2.42%, 04/11/19 (b) (r)	30,300		30,278
	Total Short Term Investments (cost $256,437)			256,435
Total Investments 100.8% (cost $7,171,756)					8,069,198
Total Forward Sales Commitments 0.0% (proceeds $1,138)					(1,146)
Other Derivative Instruments (0.0)%					(160)
Other Assets and Liabilities, Net (0.8)%					(60,534)
Total Net Assets 100.0%					8,007,358


			Shares/Par¹		Value ($)
FORWARD SALES COMMITMENTS (0.0%)
GOVERNMENT AND AGENCY OBLIGATIONS (0.0%)
Mortgage-Backed Securities (0.0%)
	Federal National Mortgage Association
		TBA, 4.50%, 04/15/48 (a)	(1,100)		(1,146)
	Total Government And Agency Obligations (proceeds $1,138)			(1,146)
	Total Forward Sales Commitments (0.0%) (proceeds $1,138)				(1,146)


JNL/WMC Balanced Fund — Futures Contracts
Reference Entity	Contracts¹	Expiration	Notional¹			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
U.S. Treasury Note, 2-Year	95	June 2019		20,169	(21)			75
U.S. Treasury Note, 5-Year	927	June 2019		106,232	(210)			1,141
					(231)			1,216
Short Contracts
Ultra 10-Year U.S. Treasury Note	(236)	June 2019		(30,647)	67			(690)


			Shares/Par¹		Value ($)
JNL/WMC Government Money Market Fund
GOVERNMENT AND AGENCY OBLIGATIONS 23.6%
U.S. Government Agency Obligations 13.4%
	Federal Farm Credit Bank
		2.57%, (3M US Treasury Bill + 0.15%), 04/12/19 (a) (b)	3,200		3,200
		2.39%, (1D US Federal Funds Rate - 0.03%), 04/25/19 (a) (b)	3,000		3,000
		2.51%, (3M US Treasury Bill + 0.10%), 06/27/19 (a) (b)	14,000		14,000
		2.51%, (3M US Treasury Bill + 0.09%), 07/26/19 (a) (b)	17,675		17,675
		2.41%, (1D US Federal Funds Rate), 08/08/19 (a) (b)	8,175		8,175
		2.52%, (3M US Treasury Bill + 0.10%), 07/03/19 - 09/20/19 (a) (b)	18,720		18,720
		2.50%, (3M US Treasury Bill + 0.08%), 11/01/19 (a) (b)	10,000		10,000
		2.68%, (US SOFR + 0.03%), 02/06/20 (a) (b)	8,600		8,600
		2.58%, (3M US Treasury Bill + 0.16%), 01/19/21 (a) (b)	6,500		6,500
		2.53%, 03/01/21 (b)	10,150		10,150
	Federal Home Loan Bank
		2.63%, (3M USD LIBOR - 0.16%), 07/05/19 (a) (b)	2,285		2,286
		2.72%, (US SOFR + 0.07%), 11/15/19 (a) (b)	13,400		13,400
	Federal Home Loan Mortgage Corp.
		2.68%, (US SOFR + 0.03%), 05/08/19 (a) (b)	9,000		9,000
		1.50%, 01/17/20 (b)	25,969		25,753
	Federal National Mortgage Association
		1.63%, 01/21/20 (b)	16,901		16,775
				167,234
U.S. Treasury Securities 10.2%
	U.S. Treasury Note
		2.49%, (3M US Treasury Bill + 0.07%), 04/30/19 (a)	25,500		25,500
		2.48%, (3M US Treasury Bill + 0.06%), 07/31/19 (a)	16,000		16,000
		2.47%, (3M US Treasury Bill + 0.05%), 10/31/19 (a)	20,000		20,000
		2.54%, (3M US Treasury Bill + 0.12%), 01/31/21 (a)	66,000		65,970
				127,470
	Total Government And Agency Obligations (cost $294,704)			294,704
SHORT TERM INVESTMENTS 58.4%
Discount Notes 32.6%
	Federal Farm Credit Bank
		2.36%, 06/12/19 (b) (c)	7,600		7,564


			Shares/Par¹		Value ($)
		2.56%, 07/19/19 (b) (c)	7,280		7,224
		2.56%, 07/23/19 (b) (c)	7,146		7,089
		2.60%, 08/26/19 (b) (c)	11,650		11,526
		2.61%, 09/09/19 (b) (c)	11,575		11,440
		2.61%, 10/01/19 (b) (c)	9,187		9,065
		2.62%, 10/28/19 (b) (c)	12,500		12,309
		2.63%, 11/04/19 (b) (c)	2,596		2,555
	Federal Home Loan Bank
		2.36%, 04/03/19 (b) (c)	11,206		11,205
		2.43%, 04/05/19 (b) (c)	4,300		4,299
		2.40%, 04/10/19 (b) (c)	13,975		13,967
		2.40%, 04/12/19 (b) (c)	13,000		12,990
		2.43%, 04/22/19 (b) (c)	49,700		49,630
		2.41%, 04/26/19 (b) (c)	13,672		13,649
		2.42%, 05/01/19 (b) (c)	28,497		28,439
		2.41%, 05/09/19 (b) (c)	17,000		16,957
		2.42%, 05/24/19 (b) (c)	1,500		1,495
		2.51%, 06/05/19 (b) (c)	37,000		36,832
		2.42%, 06/13/19 (b) (c)	18,463		18,372
		2.50%, 06/21/19 (b) (c)	19,831		19,719
		2.46%, 07/05/19 (b) (c)	25,450		25,285
		2.48%, 07/10/19 (b) (c)	22,525		22,370
		2.45%, 07/24/19 (b) (c)	3,001		2,978
		2.46%, 08/01/19 (b) (c)	13,071		12,962
		2.44%, 08/02/19 (b) (c)	14,000		13,883
		2.44%, 08/09/19 (b) (c)	14,000		13,877
		2.45%, 08/14/19 (b) (c)	6,650		6,589
		2.52%, 01/24/20 (b) (c)	12,537		12,275
				406,545
Repurchase Agreements 18.4%
	Repurchase Agreements (d)				228,500
Treasury Securities 7.4%
	U.S. Treasury Bill
		2.50%, 04/23/19 (c)	18,500		18,472
		2.44%, 06/20/19 (c)	25,750		25,612
		2.47%, 08/08/19 (c)	20,175		19,999
		2.41%, 08/15/19 (c)	28,300		28,046
				92,129
	Total Short Term Investments (cost $727,174)			727,174
Total Investments 82.0% (cost $1,021,878)					1,021,878
Other Assets and Liabilities, Net 18.0%					223,675
Total Net Assets 100.0%					1,245,553


Repurchase Agreements
Counter-party	Collateral	Collateral Par¹	Collateral Value ($)	Rate (%)	Acquisition Date	Maturity Date	Proceeds at Maturity ($)	Par¹	Value ($)
BCL	U.S. Treasury Note, 2.88%, due 08/15/45	2,002	2,040	2.55	03/29/19	04/01/19	2,000	2,000	2,000
BNP	U.S. Treasury Note, 0.00-2.88%, due 03/26/20-03/31/22	10,458	10,331
	Government National Mortgage Association, 3.00-3.50%, due 03/20/46-07/20/48	382	390
	Federal National Mortgage Association, 3.50-3.54%, due 03/01/44-01/01/48	3,993	4,072
	Federal Home Loan Mortgage Corp., 2.86%, due 02/01/48	2,527	2,547
		17,361	17,340	2.57	03/29/19	04/01/19	17,004	17,000	17,000
BOA	Government National Mortgage Association, 3.73%, due 11/20/68	5,002	5,100	2.55	03/29/19	04/01/19	5,001	5,000	5,000
DUB	U.S. Treasury Note, 0.00%, due 07/11/19	2,773	2,754	2.57	03/29/19	04/01/19	2,701	2,700	2,700
DUB	U.S. Treasury Note, 0.00%, due 07/11/19	4,622	4,590	2.55	03/29/19	04/01/19	4,501	4,500	4,500
GSC	Government National Mortgage Association, 4.00-5.50%, due 10/20/24-06/20/47	3,925	4,080	2.55	03/29/19	04/01/19	4,001	4,000	4,000
GSC	Government National Mortgage Association, 2.50-5.50%, due 02/20/39-05/20/47	50,268	51,000	2.55	03/25/19	04/05/19	50,028	50,000	50,000


Repurchase Agreements (continued)
Counter-party	Collateral	Collateral Par¹	Collateral Value ($)	Rate (%)	Acquisition Date	Maturity Date	Proceeds at Maturity ($)	Par¹	Value ($)
GSC	Government National Mortgage Association, 3.00-4.00%, due 02/20/48-10/20/48	39,774	40,800	2.55	03/27/19	04/03/19	40,020	40,000	40,000
GSC	Government National Mortgage Association, 3.00-5.00%, due 04/20/33-06/15/43	2,288	38,428
	Federal National Mortgage Association, 3.00%, due 07/01/46	37,185	2,372
		39,473	40,800	2.55	03/28/19	04/01/19	40,020	40,000	40,000
JPM	U.S. Treasury Note, 0.00-3.63%, due 03/31/19-02/15/49	53,351	55,692	2.55	03/29/19	04/01/19	54,612	54,600	54,600
RBC	Federal National Mortgage Association, 4.00-4.50%, due 05/01/48-01/01/49	8,588	8,867
	Federal Home Loan Mortgage Corp., 4.50%, due 01/01/49	6	7
		8,595	8,874	2.55	03/29/19	04/01/19	8,702	8,700	8,700
									228,500


		Shares/Par¹		Value ($)
JNL/WMC Value Fund
COMMON STOCKS 98.5%
Communication Services 5.7%
	Comcast Corp. - Class A	908		36,316
	Verizon Communications Inc.	688		40,700
			77,016
Consumer Discretionary 4.8%
	Booking Holdings Inc. (a)	8		13,349
	Hilton Worldwide Holdings Inc.	159		13,198
	Home Depot Inc.	79		15,077
	Qurate Retail Group Inc. - Class A (a)	190		3,039
	Skechers U.S.A. Inc. - Class A (a)	220		7,377
	Tapestry Inc.	397		12,882
			64,922
Consumer Staples 5.4%
	Mondelez International Inc. - Class A	324		16,195
	Philip Morris International Inc.	323		28,531
	Unilever NV - ADR	242		14,082
	US Foods Holding Corp. (a)	378		13,211
			72,019
Energy 10.3%
	Concho Resources Inc.	140		15,506
	EOG Resources Inc.	210		19,975
	Exxon Mobil Corp.	651		52,605
	Noble Energy Inc.	620		15,342
	Occidental Petroleum Corp.	288		19,053
	Pioneer Natural Resources Co.	108		16,497
			138,978
Financials 22.4%
	American International Group Inc.	248		10,695
	Bank of America Corp.	1,521		41,973
	BlackRock Inc.	39		16,492
	Chubb Ltd.	146		20,447
	Citigroup Inc.	495		30,805
	Intact Financial Corp.	184		15,568
	Invesco Ltd.	682		13,165
	JPMorgan Chase & Co.	517		52,328
	M&T Bank Corp.	101		15,859
	Marsh & McLennan Cos. Inc.	174		16,299
	MetLife Inc.	280		11,931
	PNC Financial Services Group Inc.	215		26,382
	Wells Fargo & Co.	599		28,963
			300,907
Health Care 15.6%
	Allergan Plc	90		13,211
	Anthem Inc.	80		22,881
	AstraZeneca Plc - ADR (b)	451		18,228
	Bristol-Myers Squibb Co.	296		14,110
	Eli Lilly & Co.	136		17,686
	Koninklijke Philips Electronics NV - NYRS	391		15,973
	Medtronic Plc	282		25,705
	Merck & Co. Inc.	403		33,537
	Roche Holding AG	72		19,840
		Shares/Par¹		Value ($)
	UnitedHealth Group Inc.	60		14,848
	Zimmer Biomet Holdings Inc.	105		13,402
			209,421
Industrials 9.2%
	Caterpillar Inc.	107		14,428
	Fortune Brands Home & Security Inc.	321		15,277
	Harris Corp.	81		12,914
	Ingersoll-Rand Plc	139		14,986
	Lockheed Martin Corp.	53		15,809
	nVent Electric Plc	549		14,816
	Union Pacific Corp.	86		14,332
	United Technologies Corp.	161		20,760
			123,322
Information Technology 13.5%
	Analog Devices Inc.	175		18,436
	Cisco Systems Inc.	737		39,805
	Intel Corp.	783		42,026
	KLA-Tencor Corp.	104		12,434
	Maxim Integrated Products Inc.	240		12,771
	Micron Technology Inc. (a)	323		13,354
	NetApp Inc.	220		15,222
	Nokia Oyj - ADR	1,898		10,857
	QUALCOMM Inc.	298		17,018
			181,923
Materials 3.6%
	DowDuPont Inc.	394		21,011
	FMC Corp.	195		15,000
	Sealed Air Corp.	279		12,847
			48,858
Real Estate 3.3%
	Brixmor Property Group Inc.	465		8,550
	Crown Castle International Corp.	179		22,915
	Park Hotels & Resorts Inc.	394		12,260
			43,725
Utilities 4.7%
	Dominion Energy Inc.	263		20,128
	Edison International	186		11,532
	Eversource Energy	251		17,796
	Sempra Energy	108		13,609
			63,065
	Total Common Stocks (cost $1,064,750)		1,324,156
SHORT TERM INVESTMENTS 1.4%
Investment Companies 1.4%
	JNL Government Money Market Fund - Institutional Class, 2.33% (c) (d)	19,387		19,387
	Total Short Term Investments (cost $19,387)		19,387
Total Investments 99.9% (cost $1,084,137)				1,343,543
Other Assets and Liabilities, Net 0.1%				1,186
Total Net Assets 100.0%				1,344,729


ARS - Argentine Peso	DOP - Dominican Peso	KRW - Korean Won	SEK - Swedish Krona
AUD - Australian Dollar	EGP - Egyptian Pound	MXN - Mexican Peso	SGD - Singapore Dollar
BRL - Brazilian Real	EUR - European Currency Unit (Euro)	MYR - Malaysian Ringgit	THB - Thai Baht
CAD - Canadian Dollar	GBP - British Pound	NGN - Nigeria Naira	TRY - New Turkish Lira
CHF - Swiss Franc	GHS - Ghanaian Cedi	NOK - Norwegian Krone	TWD - Taiwan Dollar
CLP - Chilean Peso	HKD - Hong Kong Dollar	NZD - New Zealand Dollar	USD - United States Dollar
CNH - Chinese Offshore Yuan	HUF - Hungarian Forint	PEN - Peruvian Nuevo Sol	UYU - Uruguayan Peso
CNY - Chinese Yuan	IDR - Indonesian Rupiah	PHP - Philippine Peso	ZAR - South African Rand
COP - Colombian Peso	ILS - Israeli New Shekel	PLN - Polish Zloty
CZK - Czech Republic Korunas	INR - Indian Rupee	RON - Romanian Leu
DKK - Danish Krone	JPY - Japanese Yen	RUB - Russian Ruble


"-" Amount rounds to less than one thousand or 0.05%	iTraxx - Group of international credit derivative indices monitored by the
ABS - Asset-Backed Security	International Index Company
ADR - American Depositary Receipt	KCBT - Kansas City Board of Trade
ADS - American Depositary Share	JIBAR - South African Johannesburg Interbank Agreed Rate
ASX - Australian Stock Exchange	LIBOR - London Interbank Offered Rate
AU - Australia	LME - London Metal Exchange
BRAZIBOR - Brazil Interbank Offered Rate	MBS - Mortgage-Backed Security
BUBOR - Budapest Interbank Offered Rate	MEXIBOR - Mexico Interbank Offered Rate
CAPE - Cyclically Adjusted Price Earnings	MICEX - Moscow Interbank Currency Exchange Index
CDO - Collateralized Debt Obligation	MSCI - Morgan Stanley Capital International
CDI - Chess Depositary Interest	NASDAQ - National Association of Securities Dealers Automated Quotations
CDX.EM - Credit Default Swap Index - Emerging Markets	NIBOR - Norway Interbank Offered Rate
CDX.NA.HY - Credit Derivatives Index - North American - High Yield	NVDR - Non-Voting Depositary Receipt
CDX.NA.IG - Credit Derivatives Index - North American - Investment Grade	NYRS - New York Registered Share
CLO - Collateralized Loan Obligation	OAO - Russian Open Joint Stock Company
CMBX.NA - Commercial Mortgage-backed Securities Index – North American	OAT - Obligations Assimilables du Tresor
CPURNSA - CPI Urban Consumers Index Non-Seasonally Adjusted	OJSC - Open Joint Stock Company
CVA - Commanditaire Vennootschap op Aandelen	OMX - Option Market Index
DIP - Debtor-in-possession	PRIBOR - Czech Interbank Offered Rate
EAFE - Europe, Australia and Far East	PJSC - Private Joint Stock Co.
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	RTS - Russian Trading System
with a term of 4.5 to 5.5 years	SDR - Swedish Depositary Receipt
Euro-Bund - debt instrument issued by the Federal Republic of Germany	S&P - Standard & Poor's
with a term of 8.5 to 10.5 years	SOFR - Secured Overnight Financing Rate
Euro-Buxl - debt instrument issued by the Federal Republic of Germany	SPDR - Standard & Poor's Depositary Receipt
with a term of 24 to 35 years	SPI - Schedule Performance Index
Euro-BTP - debt instrument issued by the Republic of Italy	STIBOR - Stockholm Interbank Offered Rate
with a term of 2 to 11 years	TBA - To Be Announced (Securities purchased on a delayed delivery basis)
Euro-OAT - debt instrument issued by the Republic of France	TBD - To Be Determined
with a term of 8.5 to 10.5 years	TELBOR - Tel Aviv Interbank Offered Rate
Euro-Schatz - debt instrument issued by the Federal Republic of Germany	UFJ - United Financial of Japan
with a term of 1.75 to 2.25 years	ULSD - Ultra-low sulfur diesel
EU - European Union	US - United States
FDR - Fiduciary Depositary Receipt	WIBOR - Poland Warsaw Interbank Offered Rate
FTSE - Financial Times and the London Stock Exchange	WTI - West Texas Intermediate
FX - Foreign Exchange
GB - United Kingdom
GDR - Global Depositary Receipt
HIBOR - Hong Kong Interbank Offered Rate
HICP - Harmonised Index of Consumer Prices
IBEX - Spanish Exchange Index
ICE - Intercontinental Exchange


ANZ - ANZ Banking Group LTD.	CIT - Citibank, Inc.	RBC - Royal Bank of Canada
BBH - Brown Brothers Harriman & Co.	CSI - Credit Suisse Securities, LLC	RBS - Royal Bank of Scotland
BCL - Barclays Capital Inc.	DUB - Deutsche Bank Alex Brown Inc.	SCB - Standard Chartered Bank
BMO – BMO Capital Markets Corp.	GSC - Goldman Sachs & Co.	SGA - SG Americas Securities LLC
BNP - BNP Paribas Securities	HSB - HSBC Securities Inc.	SGB - Societe Generale Bannon LLC
BOA - Bancamerica Securities/Bank of America NA	JPM - J.P. Morgan Securities Inc.	SSB - State Street Brokerage Services, Inc.
BTI - BTIG LLC	MBL - Macquarie Bank Limited	UBS - UBS Securities, LLC
CCI - Citicorp Securities Inc.	MLP - Merrill Lynch Professional Clearing Corp.
CGM - Citigroup Global Markets	MSC - Morgan Stanley & Co. Inc.
CIB - Canadian Imperial Bank of Commerce	NSI - Nomura Securities International Inc.


JNL Government Money Market Fund	Beginning Amortized Cost/ Value($)	Purchases ($)	Sales Proceeds($)	Dividend Income($)	Ending Amortized Cost/ Value($)	Percentage of Net Assets(%)
JNL/AB Dynamic Asset Allocation Fund	1,068	5,787	6,344	9	511	1.5
JNL/AQR Large Cap Relaxed Constraint Equity Fund	7,287	37,438	37,540	28	7,185	2.0
JNL/AQR Managed Futures Strategy Fund	67,052	17,223	35,363	313	48,912	27.6
JNL/BlackRock Global Allocation Fund	—	41,300	41,300	—	—	—
JNL/BlackRock Global Natural Resources Fund	12,003	44,809	49,771	61	7,041	1.0
JNL/BlackRock Large Cap Select Growth Fund	62,086	144,335	178,083	132	28,338	0.8
JNL/Boston Partners Global Long Short Equity Fund	—	68,813	51,858	84	16,955	4.0
JNL/Causeway International Value Select Fund	34,006	50,325	69,089	148	15,242	1.0
JNL/ClearBridge Large Cap Growth Fund	11,822	71,650	55,020	155	28,452	3.9
JNL/Crescent High Income Fund	29,855	74,823	90,700	142	13,978	2.1
JNL/DFA U.S. Core Equity Fund	2,807	45,661	45,718	22	2,750	0.2
JNL/DoubleLine Core Fixed Income Fund	28,800	228,494	224,973	209	32,321	0.9
JNL/DoubleLine Emerging Markets Fixed Income Fund	—	50,351	49,577	15	774	0.1
JNL/DoubleLine Shiller Enhanced CAPE Fund	23,708	183,176	128,272	168	78,612	4.9
JNL/First State Global Infrastructure Fund	805	124,085	120,074	60	4,816	0.5
JNL/FPA + DoubleLine Flexible Allocation Fund	51,764	151,266	127,539	367	75,491	4.4
JNL/Franklin Templeton Global Fund	27,966	21,413	35,215	144	14,164	1.6
JNL/Franklin Templeton Global Multisector Bond Fund	206,375	168,801	165,087	1,211	210,089	13.5
JNL/Franklin Templeton Income Fund	123,539	153,673	197,474	557	79,738	3.4
JNL/Franklin Templeton International Small Cap Fund	22,477	41,131	20,783	221	42,825	7.0
JNL/Franklin Templeton Mutual Shares Fund	114,091	19,109	51,529	505	81,671	7.9
JNL/Goldman Sachs Core Plus Bond Fund	31,035	127,206	82,600	169	75,641	7.8
JNL/Goldman Sachs Emerging Markets Debt Fund	19,061	37,380	45,917	60	10,524	3.8
JNL/GQG Emerging Markets Equity Fund	2,195	57,066	52,450	52	6,811	1.4
JNL/Harris Oakmark Global Equity Fund	13,545	32,097	37,148	47	8,494	1.0
JNL/Heitman U.S. Focused Real Estate Fund	2,046	22,062	24,108	11	—	—
JNL/Invesco China-India Fund	—	39,999	33,787	21	6,212	1.1
JNL/Invesco Diversified Dividend Fund	40,770	11,248	9,279	225	42,739	7.9
JNL/Invesco Global Real Estate Fund	15,739	45,833	45,327	92	16,245	1.1
JNL/Invesco International Growth Fund	35,488	68,641	45,985	270	58,144	5.1
JNL/Invesco Small Cap Growth Fund	47,923	72,801	105,076	233	15,648	0.8
JNL/JPMorgan Hedged Equity Fund	20,266	41,677	56,249	24	5,694	3.9
JNL/JPMorgan MidCap Growth Fund	11,020	107,099	69,710	208	48,409	2.2
JNL/JPMorgan U.S. Government & Quality Bond Fund	88,813	58,878	98,776	303	48,915	4.6
JNL/Lazard Emerging Markets Fund	14,187	56,278	28,396	211	42,069	5.2
JNL/Loomis Sayles Global Growth Fund	2,468	16,359	16,477	14	2,350	0.9
JNL/Mellon Capital Consumer Staples Sector Fund	837	14,901	15,275	4	463	0.6
JNL/Mellon Capital Emerging Markets Index Fund	7,971	22,911	19,941	71	10,941	0.9
JNL/Mellon Capital European 30 Fund	—	9,102	8,577	2	525	0.1
JNL/Mellon Capital Industrials Sector Fund	183	16,468	16,651	6	—	—
JNL/Mellon Capital Materials Sector Fund	59	1,573	1,632	1	—	—
JNL/Mellon Capital Pacific Rim 30 Fund	765	13,320	13,881	7	204	0.1
JNL/Mellon Capital Real Estate Sector Fund	435	35,748	34,383	11	1,800	1.7
JNL/Mellon Capital S&P 500 Index Fund	134,053	165,315	167,324	630	132,044	1.6
JNL S&P 500 Index Fund	531	6,124	5,971	4	684	1.6
JNL/Mellon Capital S&P 400 MidCap Index Fund	26,130	105,061	98,758	201	32,433	1.1
JNL/Mellon Capital S&P 1500 Growth Index Fund	1,269	8,734	9,923	4	80	0.1
JNL/Mellon Capital S&P 1500 Value Index Fund	864	5,447	6,146	2	165	0.3
JNL/Mellon Capital Small Cap Index Fund	6,214	82,923	79,953	51	9,184	0.4
JNL/Mellon Capital International Index Fund	4,150	22,993	25,310	27	1,833	0.1
JNL/Mellon Capital MSCI KLD 400 Social Index Fund	224	2,549	2,651	1	122	0.3
JNL/Mellon Capital Bond Index Fund	68,101	37,847	50,147	346	55,801	5.0
JNL/Mellon Capital Utilities Sector Fund	1,134	37,372	29,972	14	8,534	3.9
JNL/MFS Mid Cap Value Fund	12,293	52,661	48,116	86	16,838	1.3
JNL/Morningstar Wide Moat Index Fund	7,478	58,763	64,662	12	1,579	0.3
JNL Multi-Manager Alternative Fund	208,940	313,029	263,101	1,374	258,868	22.9
JNL Multi-Manager International Small Cap Fund	6,746	21,264	19,798	24	8,212	3.0
JNL Multi-Manager Mid Cap Fund	18,510	101,216	84,861	141	34,865	3.1
JNL Multi-Manager Small Cap Growth Fund	34,383	186,163	180,154	286	40,392	1.8
JNL Multi-Manager Small Cap Value Fund	26,077	379,530	353,843	325	51,764	4.3


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	341,263	260,497	787	103,756	1.1
JNL/T. Rowe Price Managed Volatility Balanced Fund	42,805	19,653	18,061	265	44,397	8.9
JNL/T. Rowe Price Mid-Cap Growth Fund	302,523	164,468	118,728	1,897	348,263	5.9
JNL/T. Rowe Price Short-Term Bond Fund	2,087	12,950	15,036	5	1	—
JNL/T. Rowe Price Value Fund	28,246	193,923	183,840	76	38,329	0.9


	. Level 1 ($) .		. Level 2 ($) .		. Level 3 ($) .	. Other ¹ ($) .	. Total ($) .
JNL/AB Dynamic Asset Allocation Fund
Assets - Securities
Investment Companies	30,818		—		—	—	30,818
Short Term Investments	2,044		1,995		—	—	4,039
	32,862		1,995		—	—	34,857
Assets - Investments in Other Financial Instruments²
Futures Contracts	96		—		—	—	96
Exchange Traded Purchased Options	12		—		—	—	12
Open Forward Foreign Currency Contracts	—		20		—	—	20
	108		20		—	—	128
Liabilities - Investments in Other Financial Instruments²
Futures Contracts	(111	)	—		—	—	(111	)
Open Forward Foreign Currency Contracts	—		(31	)	—	—	(31	)
	(111	)	(31	)	—	—	(142	)
JNL/AQR Large Cap Relaxed Constraint Equity Fund
Assets - Securities
Common Stocks	448,708		—		—	—	448,708
Short Term Investments	7,185		—		—	—	7,185
	455,893		—		—	—	455,893
Liabilities - Securities
Common Stocks	(104,501	)	—		—	—	(104,501	)
	(104,501	)	—		—	—	(104,501	)
Assets - Investments in Other Financial Instruments²
Futures Contracts	72		—		—	—	72
	72		—		—	—	72
JNL/AQR Managed Futures Strategy Fund
Assets - Securities
Short Term Investments	81,679		82,804		—	—	164,483
	81,679		82,804		—	—	164,483


Valuation Technique	Unobservable Input	Range
Last transaction	Transaction price	N/A


By:		/s/ Mark D. Nerud
		Mark D. Nerud
		Principal Executive Officer

Date:		May 29, 2019



By:		/s/ Daniel W. Koors
		Daniel W. Koors
		Principal Financial Officer

Date:		May 29, 2019


Exhibit 3(a):		Certification of the Principal Executive Officer required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended.

Exhibit 3(b):		Certification of the Principal Financial Officer required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended.