UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

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)

Steven J. Fredricks

Jackson National Asset Management, LLC

225 West Wacker Drive, Suite 1200

Chicago, Illinois 60606

(Name and address of agent for service)

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

Date of Fiscal Year End: December 31

Date of Reporting Period: December 31, 2010

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

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

Item 1. Report to Shareholders

ANNUAL REPORT December 31, 2010 • JNL® Series Trust • JNL Variable Fund LLC This report is for the general information of qualified and non-qualified plan participants, as well as contract/policy owners of the PerspectiveSM, Perspective II®, Perspective AdvisorsSM, Perspective Advisors IISM, PerspectiveSM L Series, Perspective RewardsSM, CuriangardSM, Perspective AdvantageSM, Perspective Focus®, Perspective Investor VULSM, Ultimate Investor® VUL, Jackson AdvisorSM VUL, Defined Strategies®, Fifth Third Perspective, Retirement Latitudes®, PerspectiveSM (New York), Perspective IISM (New York), Perspective Advisors IISM (New York), Perspective L SeriesSM (New York), CuriangardSM (New York), Perspective Advisors (New York), Perspective Focus® (New York), Perspective Investor VUL (New York) and Perspective Rewards® (New York). Not all the portfolios are available in all of the products. Jackson® is the marketing name for Jackson National Life Insurance Company® (Home Office: Lansing, Michigan) and Jackson National Life Insurance Company of New York® (Home Office: Purchase, New York).

Issued by Jackson National Life Insurance Company® 1 Corporate Way, Lansing, MI 48951

1 Corporate Way

Lansing, MI 48951

Toll Free: 1-800-873-5654

IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER DOCUMENTS

Dear Client:

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

We will continue to send one such copy of these general documents unless and until we receive contrary instructions from you. This delivery policy does not apply to account statements, confirmation statements, or other documents reflecting transaction activity, which you will continue to receive individually.

You may choose to receive a separate copy of these general documents at any time by contacting us toll-free at 1-800-873-5654. Once we receive your request, we will start sending you separate copies within 30 days of receipt of your request.

If you would rather receive your prospectus and other documents via e-mail, please register for Jackson’s Green Delivery Program by visiting the www.Jackson.com. Our Go Paperless process is quick and easy for policyholders – just have your policy number available when you register.

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

Variable Products issued by Jackson National Life Insurance Company^® and distributed by Jackson National Life Distributors LLC, member FINRA. 800/873-5654

President’s Letter

Dear Fellow Investor,

Enclosed is the annual report for the JNL Series Trust and JNL Variable Fund LLC for the year ended December 31, 2010, together with Management’s Discussion of Fund Performance for each of the “Funds”   After a volatile first half of the year and a challenging summer, U.S. markets rallied strongly during the last four months of 2010 to deliver double digit annual growth. Market performance was particularly strong during the month of December, when major indices hit two year highs. The Dow Jones Industrial Average finished the year up 14.1%, while the S&P500^® Index rose 15.1% and the Nasdaq Composite Index climbed 18.0%. World markets rallied as well during 2010, with the MSCI World Index up 12.7% (net of dividends). The bond market also had a good year, with the overall market, as measured by the Barclays Capital U.S. Aggregate Bond Index, returning 6.5%, U.S. investment grade corporate bonds, as measured by the Barclays Capital U.S. Corporate Investment Grade Index, returning 9.0% and high-yield bonds, as measured by the Merrill Lynch High Yield Master II Constrained Index, returning 15.1%.

Economic growth in the U.S. moderated during the first half of the year, with the nation’s gross domestic product (“GDP”) expanding at an annualized rate of 3.7% during the first quarter, down from 5.0% during the fourth quarter of 2009. Growth slowed further in the second quarter, when GDP expanded at only a 1.7% annualized rate. The U.S. economy rebounded in the third quarter, with GDP expanding by 2.6%, and the consensus estimate for GDP growth during the fourth quarter was 3.2%.

Despite historically low interest rates and temporary tax credits to encourage buying, the U.S. housing market continued to struggle during 2010. By November, home prices had fallen 26% from their peak in 2006, exceeding the fall in prices that occurred during the Great Depression.¹ Unemployment also remained stubbornly high throughout the year, even though, according to the Bureau of Labor Statistics, the economy added an average of 94,000 jobs per month. By December, the unemployment rate fell to 9.4%, down from 9.9% in December 2009, and 9.8% in November 2010, but the decline was attributed to frustrated job seekers dropping out of the labor market, as the modest increase in jobs throughout the year was not enough to measurably shrink the unemployment rate.

Throughout 2010, the U.S. Federal Reserve (the “Fed”) kept its “Federal Funds Rate” target at the historically low range of 0-0.25%. With economic growth slowing and investors shaken by the market flash crash and the European debt crisis, the Fed decided that more action needed to be taken to ensure continued economic recovery. In August 2010, the Fed announced another round of quantitative easing, consisting of the purchase of $600 billion in Treasury instruments, with the goal of reducing long term interest rates. Interest rates bottomed in the fall when U.S. 2-year Treasury yields fell to a record low of 0.31% and 10-year yields fell to 2.33%, their lowest level of the year. However, as economic indicators improved and equity markets rallied toward the end of the year, the yield curve steepened and long term composite yields reached a six-month high of 4.23% in December.

Near the end of the year, the U.S. Congress passed bills extending current tax rates for most Americans and authorized an extension of un-employment benefits. These measures, along with the Fed’s anticipated bond purchases, are expected to bolster the economy during 2011.

Jackson National Life Insurance Company^® and Jackson National Life Insurance Company of New York^® (collectively, Jackson^®) provide a broad range of 99 investment options across multiple asset classes, capitalizations and styles that you and your representative can use to create a personalized retirement income solution. During 2010, Jackson added one fund from the BlackRock Series Fund, Inc. and six funds from the American Funds Insurance Series^® to its investment lineup. With $3.45 trillion in assets under management, BlackRock is the one of the world’s largest asset managers and now manages the JNL/BlackRock Global Allocation Fund and the JNL/BlackRock Commodity Securities Fund for Jackson. The newly added American Funds Insurance Series portfolios include both domestic and international equity options, plus a global bond fund.

At Jackson, we are dedicated to providing you with the tools and support you need to achieve your financial goals. Thank you for choosing Jackson for your investment needs.

Mark D. Nerud

President and Chief Executive Officer

JNL Series Trust

JNL Variable Fund LLC

¹”Home Price Drops Exceed Great Depression: Zillow,” Reuters, January 11, 2011.

Supplement Dated February 22, 2011

To The Prospectus For

PERSPECTIVE II^®; PERSPECTIVE^SM L SERIES; PERSPECTIVE ADVISORS II^®; RETIREMENT

LATITUDES^SM ; PERSPECTIVE REWARDS^®; FIFTH THIRD PERSPECTIVE; PERSPECTIVE^SM;

PERSPECTIVE FOCUS^®

Issued By JACKSON NATIONAL LIFE INSURANCE COMPANY^®

Through JACKSON NATIONAL SEPARATE ACCOUNT – I

PERSPECTIVE ADVISORS^SM

Issued By JACKSON NATIONAL LIFE INSURANCE COMPANY^®

Through JACKSON NATIONAL SEPARATE ACCOUNT III

PERSPECTIVE INVESTOR VUL^®

ULTIMATE INVESTOR^® VUL

JACKSON ADVISOR^SM VUL

Issued By JACKSON NATIONAL LIFE INSURANCE COMPANY^®

Through JACKSON NATIONAL SEPARATE ACCOUNT IV

PERSPECTIVE ADVANTAGE^SM

Issued By JACKSON NATIONAL LIFE INSURANCE COMPANY^®

Through JACKSON NATIONAL SEPARATE ACCOUNT V

PERSPECTIVE II^®; PERSPECTIVE^SM L SERIES; PERSPECTIVE ADVISORS II^®;

PERSPECTIVE REWARDS^®; PERSPECTIVE^SM; PERSPECTIVE FOCUS^®

Issued By JACKSON NATIONAL LIFE INSURANCE COMPANY OF NEW YORK^®

Through JNLNY SEPARATE ACCOUNT I

PERSPECTIVE ADVISORS^SM

Issued By JACKSON NATIONAL LIFE INSURANCE COMPANY OF NEW YORK^®

Through JNLNY SEPARATE ACCOUNT II

This supplement updates the above-referenced prospectuses. Please read and keep it together with your prospectus for future reference.

Effective February 22, 2011, the Investment Division of the Separate Account investing in the JNL/BlackRock Global Allocation Fund (the “JNL/BlackRock Investment Division”) has temporarily stopped accepting any additional allocations or transfers. All other Investment Divisions of the Separate Account remain available. Transfers include transfers pursuant to Dollar Cost Averaging, Dollar Cost Averaging Plus, Earnings Sweep and Rebalancing program (collectively referred to as “automatic program”) if available under your Contract/Policy.

If you have an automatic program with an allocation to the JNL/BlackRock Investment Division, you must choose a replacement Investment Division by April 22, 2011. All such transfers prior to receipt of your notification will be allocated to the JNL/Select Money Market Investment Division. You may reallocate the Contract/Policy value in the JNL/Select Money Market Investment Division to any other Investment Division. See the prospectus for the Contract/Policy for the Investment Divisions available to you.

If you have an application for a Contract/Policy pending and it includes an allocation to the JNL/BlackRock Investment Division, that allocation will be allocated to the JNL/Select Money Market Investment Division.

Current allocations to the JNL/BlackRock Investment Division will remain invested unless we receive instruction from you. You may continue to make transfers and withdrawals out of the JNL/BlackRock Investment Division in connection with the usual transactions under a Contract/Policy, such as partial withdrawals or withdrawals under a GMWB, if available. However, if you transfer out of the JNL/BlackRock Investment Division you will not be able to transfer back in until after such time as it may be reopened.

The decision to temporarily close the JNL/BlackRock Investment Division in this manner is attributable to the current unavailability of additional shares of the BlackRock Global Allocation Fund, a Master Fund, which is the sole investment of the JNL/BlackRock Global Allocation Fund, a Feeder Fund. We will notify you regarding the future availability of the JNL/BlackRock Investment Division.

	JNL American Funds
	Capital Research and Management Company

JNL/American Funds Blue Chip Income and Growth Fund

Portfolio Manager Commentary: For the period May 1, 2010 through December 31, 2010, the JNL/American Funds Blue Chip Income and Growth Fund underperformed its benchmark by posting a return of 3.90% for Class A shares compared to 6.09% for the S&P 500 Index.

    The Fund seeks both income and capital appreciation through exclusive investment in the American Funds Insurance Series - Blue Chip Income and

Growth Fund Class 1 (“Master Fund”). The performance of the Fund is directly related to the performance of the Master Fund. The financial statements of the Master Fund, including the Schedule of Investments and portfolio manager commentary, are provided separately and should be read in conjunction with the Fund’s financial statements.

Total Return for Class A Shares*

Since Inception                        3.90%

(Inception date May 3, 2010)

Total Return for Class B Shares*

Since Inception                        4.10%

(Inception date May 3, 2010)

JNL/American Funds Global Bond Fund

Portfolio Manager Commentary: For the period May 1, 2010 through December 31, 2010, the JNL/American Funds Global Bond Fund under-performed its benchmark by posting a return of 4.50% for Class A shares compared to 5.90% for the Barclays Capital Global Aggregate Bond Index.

    The Fund seeks a high level of total return through exclusive investment in the American Funds Insurance Series – Global Bond Fund Class 1

(“Master Fund”). The performance of the Fund is directly related to the performance of the Master Fund. The financial statements of the Master Fund, including the Schedule of Investments and portfolio manager commentary, are provided separately and should be read in conjunction with the Fund’s financial statements.

Total Return for Class A Shares*

Since Inception                        4.50%

(Inception date May 3, 2010)

Total Return for Class B Shares*

Since Inception                        4.70%

(Inception date May 3, 2010)

JNL/American Funds Global Small Capitalization Fund

Portfolio Manager Commentary: For the period May 1, 2010 through December 31, 2010, the JNL/American Funds Global Small Capitalization Fund underperformed its benchmarks by posting a return of 11.50% for Class A shares compared to 14.23% for the S&P Global <$3 Billion Index and 11.71% for the MSCI All Country World Small Cap Index.

    The Fund seeks growth of capital over time through exclusive investment

in the American Funds Insurance Series – Global Small Capitalization Fund Class 1 (“Master Fund”). The performance of the Fund is directly related to the performance of the Master Fund. The financial statements of the Master Fund, including the Schedule of Investments and portfolio manager commentary, are provided separately and should be read in conjunction with the Fund’s financial statements.

Total Return for Class A Shares*

Since Inception                        11.50%

(Inception date May 3, 2010)

Total Return for Class B Shares*

Since Inception                        11.60%

(Inception date May 3, 2010)

Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but not do not reflect the deduction of insurance changes.

*The Fund’s investment adviser waived/reimbursed certain expenses of the Fund. Performance results shown reflect the waiver, without which they would have been lower.

	JNL American Funds (continued)
	Capital Research and Management Company

JNL/American Funds Growth-Income Fund

Portfolio Manager Commentary: For the period May 1, 2010 through December 31, 2010, the JNL/American Funds Growth-Income Fund under-performed its benchmark by posting a return of 4.50% for Class A shares compared to 6.09% for the S&P 500 Index.

    The Fund seeks capital appreciation and income through exclusive in-vestment in the American Funds Insurance Series – Growth-Income Fund

Class 1 (“Master Fund”). The performance of the Fund is directly related to the performance of the Master Fund. The financial statements of the Master Fund, including the Schedule of Investments and portfolio manager commentary, are provided separately and should be read in conjunction with the Fund’s financial statements.

Total Return for Class A Shares*

Since Inception                        4.50%

(Inception date May 3, 2010)

Total Return for Class B Shares*

Since Inception                        4.60%

(Inception date May 3, 2010)

JNL/American Funds International Fund

Portfolio Manager Commentary: For the period May 1, 2010 through December 31, 2010, the JNL/American Funds International Fund underperformed its benchmark by posting a return of 8.50% for Class A shares com-pared to 11.20% for the MSCI All Country World ex-USA Index.

    The Fund seeks capital appreciation through exclusive investment in the American Funds Insurance Series – International Fund Class 1 (“Master

Fund”). The performance of the Fund is directly related to the performance of the Master Fund. The financial statements of the Master Fund, including the Schedule of Investments and portfolio manager commentary, are pro-vided separately and should be read in conjunction with the Fund’s financial statements.

Total Return for Class A Shares*

Since Inception                        8.50%

(Inception date May 3, 2010)

Total Return for Class B Shares*

Since Inception                        8.70%

(Inception date May 3, 2010)

JNL/American Funds New World Fund

Portfolio Manager Commentary: For the period May 1, 2010 through December 31, 2010, the JNL/American Funds New World Fund outperformed its benchmark by posting a return of 13.60% for Class A shares compared to 8.90% for the MSCI All Country World Index.

    The Fund seeks capital appreciation through exclusive investment in the American Funds Insurance Series – New World Fund Class 1 (“Master

Fund”). The performance of the Fund is directly related to the performance of the Master Fund. The financial statements of the Master Fund, including the Schedule of Investments and portfolio manager commentary, are pro-vided separately and should be read in conjunction with the Fund’s financial statements.

Total Return for Class A Shares*

Since Inception                        13.60%

(Inception date May 3, 2010)

Total Return for Class B Shares*

Since Inception                        13.70%

(Inception date May 3, 2010)

Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but not do not reflect the deduction of insurance changes.

*The Fund’s investment adviser waived/reimbursed certain expenses of the Fund. Performance results shown reflect the waiver, without which they would have been lower.

	JNL Institutional Funds
	Jackson National Asset Management, LLC

Market Summary: For much of 2010 the capital markets wavered between significant periods of strength and weakness, as many world economies struggled to maintain a consistent pace of growth. The global equity bull market that began in March of 2009 continued into April 2010 until the sovereign debt crisis reached a climax in Europe and fears of a double dip recession dominated in May and June. In the U.S., the uncertainty regarding the midterm congressional elections compounded the market volatility only to evolve to a backdrop of emerging certainty in the closing 3 months of the year. While the sovereign debt crisis required bailouts of Greece and Ireland, bringing some calm to the global markets, the emerging economies generally continued their strong growth, more typical of an economic recovery pattern.     U.S. equity markets rallied to end the year as the S&P 500 Index gained 10.76% for the final quarter, raising the year’s performance 15.06%. For most of the year, the strongest segment of the U.S. equity market was the smaller company Russell 2000 Index that rallied 10 percentage points more than its big cap counterparts for the year. Strength in the economically sensitive small cap companies suggests investors are convinced the economy is on firm footing. As well, except for the second quarter during the double dip recession fears, the most economically sensitive sectors within the S&P 500 Index (consumer discretionary, industrials, materials and energy) led the S&P 500 Index higher. International developed market equities could not keep pace with U.S. stocks for the year, in large part due to the high debt levels in the Euro economies. The return of 7.75% for the popular Morgan Stanley Capital International (“MSCI”) EAFE Index was nearly half that of the U.S. stock market. Emerging stock markets though, whose economies are growing at 2 to 3 times the pace of developed economies, enjoyed strong returns of 18.88% for the year as measured by the MSCI Emerging Market Index.     The global fixed income markets also reflected the ebb and flow of fears during the year with Treasuries fairing best during crisis periods surrounding the European sovereign debt crisis, but lagging during periods of confidence when investors looked to securities with higher return potential. Mostly un-interrupted during the year was the positive momentum in U.S. high yield bonds and emerging market debt as U.S. company balance sheets grew stronger and low debt levels combined with strong emerging country gross domestic product (“GDP”) growth bolstered government bond values. Both sectors achieved double digit returns for 2010 while other U.S. investment grade bonds recorded solid mid single digit returns.     Other less traditional asset classes faired well led by listed private equity and real estate investment trusts (“REITS”), both gaining over 20% in 2010. Commodities and natural resource investments also enjoyed strong momentum along with renewed confidence in the global recovery.

Fund Description: The investment objective of the JNL Institutional Alt 20 Fund, JNL Institutional Alt 35 Fund, JNL Institutional Alt 50 Fund and JNL Institutional Alt 65 Fund (collectively the “JNL Alt Funds”) is long-term growth of capital and income. Each Fund seeks to achieve its objective by investing in Class A shares of a diversified group of affiliated Funds (“Under-lying Funds”). The Underlying Funds in which each Fund may invest are a separate series of JNL Series Trust and the JNL Variable Fund, LLC. Each Fund has a target percentage allocation among the Underlying Funds that are categorized as investing in traditional asset classes and non-traditional asset classes. The Underlying Funds available for investing in traditional asset classes are: JNL/Mellon Capital Management S&P 500 Index Fund, JNL/Mellon Capital Management S&P 400 MidCap Index Fund, JNL/Mellon Capital Management Small Cap Index Fund, JNL/Mellon Capital Management International Index Fund, JNL/Mellon Capital Management Bond Index Fund, JNL/Mellon Capital Management European 30 Fund, JNL/Mellon Capital Management Pacific Rim 30 Fund, JNL/S&P Competitive Advantage Fund, JNL/S&P Dividend Income & Growth Fund, JNL/S&P Intrinsic Value Fund, JNL/S&P Total Yield Fund, JNL/Mellon Capital Management JNL 5 Fund, JNL/Mellon Capital Management Select-Small Cap Fund, JNL/Mellon Capital Management 25 Fund, JNL/Mellon Capital Management S&P^® 24 Fund, JNL/Mellon Capital Management Dow^SM Dividend Fund, JNL/Mellon Capital Management Nasdaq^® 25 Fund, JNL/Mellon Capital Management Value Line^® 30 Fund, JNL/Mellon Capital Management VIP Fund, JNL/Mellon Capital Management JNL Optimized 5 Fund, JNL/Mellon Capital Management S&P^® SMid 60 Fund and JNL/Mellon Capital Management NYSE^® International 25 Fund. The Underlying Funds available for investing in non-traditional asset classes are: JNL/Invesco Global Real Estate Fund, JNL/BlackRock Commodity Securities Fund, JNL/Goldman Sachs U.S. Equity Flex Fund, JNL/Goldman Sachs Emerging Markets Debt Fund, JNL/Ivy As-set Strategy Fund, JNL/Lazard Emerging Markets Fund, JNL/Mellon Capital Management Global Alpha Fund, JNL/PIMCO Real Return Fund, JNL/PPM America High Yield Bond Fund and JNL/Red Rocks Listed Private Equity Fund. The performance and investment objectives of the Underlying Funds are discussed elsewhere in this report.     One Fund change was implemented during the first quarter of 2010 for all four JNL Alt Funds. Following persistent underperformance relative to their benchmarks, the JNL/Mellon Capital Management Select Small-Cap was replaced with the JNL/Mellon Capital Management Small Cap Index Fund. During the fourth quarter, another Fund underwent a subadvisor change, introducing the JNL/BlackRock Commodity Series Fund to replace the JNL/Credit Suisse Commodity Securities Fund. There were no changes to target allocations during the year.

JNL Institutional Alt 20 Fund

Portfolio Manager Commentary: For the year ended December 31, 2010, the JNL Institutional Alt 20 Fund outperformed its benchmark by posting a return of 13.06% for Class A shares compared to 10.77% from a 60/40% blend of the MSCI All Country World Equity Index and the Barclays Capital U.S. Aggregate Bond Index.     The Fund allocates approximately 80% of its assets to Underlying Funds that invest primarily in traditional asset classes, allocating approximately 25% to 35% in fixed income securities, 30% to 40% in U.S. equity securities and 5% to 15% in international securities. In addition, the Fund allocates approximately 20% to Underlying Funds that invest primarily in non-traditional asset classes.     All Underlying Funds in the Fund enjoyed positive returns for the year. The strongest gains were focused in the equity oriented funds as well as a number of the alternative investments. The top performing equity fund for the quarter and year was the JNL/Mellon Capital Management Small Cap Index Fund, up 16.14% and 26.32% in the respective time frames. Tied to the strength in the equity markets was the JNL/Red Rocks Listed Private Equity Fund, gaining 13.97% for the quarter and just over 26.32% for the year. Other less traditional investments like commodities, emerging market debt and emerging equity contributed to strong returns.     The more subdued performance for the year was focused on higher quality bond investments like the JNL/ Mellon Capital Management Bond Index Fund. The fourth quarter in particular weighed on the year’s returns with a modest decline of -1.48%, but still achieved a constructive annual performance of 5.87%.

	JNL Institutional Funds (continued)
	Jackson National Asset Management, LLC

JNL Institutional Alt 35 Fund

Portfolio Manager Commentary: For the year ended December 31, 2010, the JNL Institutional Alt 35 Fund outperformed its benchmark by posting a return of 14.36% for Class A shares compared to 11.31% from a 70/30% blend of the MSCI All Country World Equity Index and the Barclays Capital U.S. Aggregate Bond Index.

    The Fund allocates approximately 65% of its assets to Underlying Funds that invest primarily in traditional asset classes, allocating approximately 20% to 30% in fixed income securities, 25% to 35% in U.S. equity securities and 5% to 15% in international securities. In addition, the Fund allocates approximately 35% to Underlying Funds that invest primarily in the non-traditional asset classes.

    All Underlying Funds in the Fund enjoyed positive returns for the year. The strongest gains were focused in the equity oriented funds as well as a number of the alternative investments. The top performing equity fund for the quarter and year was the JNL/Mellon Capital Management Small Cap Index Fund, up 16.14% and 26.32% in the respective time frames. Tied to the strength in the equity markets was the JNL/Red Rocks Listed Private Equity Fund, gaining 13.97% for the quarter and just over 26.32% for the year. Other less traditional investments like commodities, emerging market debt and emerging equity contributed to strong returns.

    The more subdued performance for the year was focused on higher quality bond investments like the JNL/ Mellon Capital Management Bond Index Fund. The fourth quarter in particular weighed on the year’s returns with a modest decline of -1.48%, but still achieved a constructive annual performance of 5.87%.

JNL Institutional Alt 50 Fund

Portfolio Manager Commentary: For the year ended December 31, 2010, the JNL Institutional Alt 50 Fund outperformed its benchmark by posting a return of 14.90% for Class A shares compared to 11.57% from a 75/25% blend of the MSCI All Country World Equity Index and the Barclays Capital U.S. Aggregate Bond Index.

    The Fund allocates approximately 50% of its assets to Underlying Funds that invest primarily in traditional asset classes, allocating approximately 15% to 25% in fixed income securities, 20% to 30% in U.S. equity securities and 0% to 10% in international securities. In addition, the Fund allocates approximately 50% to Underlying Funds that invest primarily in non-traditional asset classes.

    All Underlying Funds in the Fund enjoyed positive returns for the year. The strongest gains were focused in the equity oriented funds as well as a number of the alternative investments. The top performing equity fund for the quarter and year was the JNL/Mellon Capital Management Small Cap Index Fund, up 16.14% and 26.32% in the respective time frames. Tied to the strength in the equity markets was the JNL/Red Rocks Listed Private Equity Fund, gaining 13.97% for the quarter and just over 26.32% for the year. Other less traditional investments like commodities, emerging market debt and emerging equity contributed to strong returns.

    The more subdued performance for the year was focused on higher quality bond investments like the JNL/ Mellon Capital Management Bond Index Fund. The fourth quarter in particular weighed on the year’s returns with a modest decline of -1.48%, but still achieved a constructive annual performance of 5.87%.

JNL Institutional Alt 65 Fund

Portfolio Manager Commentary: For the year ended December 31, 2010, the JNL Institutional Alt 65 Fund outperformed its benchmark by posting a return of 15.85% for Class A shares compared to 11.81% from an 80/20% blend of the MSCI All Country World Equity Index and the Barclays Capital U.S. Aggregate Bond Index.

    The Fund allocates approximately 35% of its assets to Underlying Funds that invest primarily in traditional asset classes, allocating approximately 0% to 10% in fixed income securities, 15% to 25% in U.S. equity securities and 0% to 10% in international securities. In addition, the Fund allocates approximately 65% to Underlying Funds that invest primarily in non-traditional asset classes.

    All Underlying Funds in the Fund enjoyed positive returns for the year. The strongest gains were focused in the equity oriented

funds as well as a number of the alternative investments. The top performing equity fund for the quarter and year was the JNL/Mellon Capital Management Small Cap Index Fund, up 16.14% and 26.32% in the respective time frames. Tied to the strength in the equity markets was the JNL/Red Rocks Listed Private Equity Fund, gaining 13.97% for the quarter and just over 26.32% for the year. The 15.85% 2010 gain for the Alt 65 Fund was positively influenced by greater exposure to other less traditional investments like commodities, emerging market debt and emerging equity contributed to strong returns.

    The more subdued performance for the year was focused on higher quality bond investments like the JNL/ Mellon Capital Management Bond Index Fund. The fourth quarter in particular weighed on the year’s returns with a modest decline of -1.48%, but still achieved a constructive annual performance of 5.87%.

	JNL Institutional Funds (continued)
	Jackson National Asset Management, LLC

Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but not do not reflect the deduction of insurance changes

	JNL Institutional Funds (continued)
	Jackson National Asset Management, LLC

Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance changes.

	JNL BlackRock Funds
	BlackRock Investment Management, LLC

Market Summary: Commodities were markedly higher for 2010, with the Dow Jones UBS-Commodity Index rising 16.83% for the year. Two of the top three performing commodities during the year were to be found in the Agriculture sector. Cotton, whose prices rallied based in part on rising demand from Asian textile mills and diminishing supply levels, rose 98.16%. Coffee prices increased 66.99% over 2010, due to inclement weather in key markets and existing tight inventory levels causing prices to rise sharply. Silver reached multi-decade highs over the course of 2010, rising 81.83%, benefiting not only from an increase in industrial demand, but also from its usage as a store of value. Natural Gas was the year’s worst performer and one of two commodities to yield a negative return, declining 40.59%. As inventory levels rose, prices fell throughout the year.

Positive sentiment towards growth assets following the announcement

of quantitative easing (“QE2”) underpinned commodity markets over the fourth quarter. Commodity markets were further supported by a return of strong demand and a weakening U.S. dollar. Just as economic growth has shifted from developed to emerging markets, so too has commodities demand growth. In addition, adverse weather conditions continue to support agricultural commodity prices due to the simultaneous occurrence of the El Niño and La Niña weather patterns in 2010.

Energy and resources stocks were among the strongest performing groups in the fourth quarter. Within energy, investors favored higher beta segments, particularly coal and equipment and services, driving individual names and the overall sector higher. The metals and mining subgroup drove returns in materials, led by copper and gold names.

JNL/BlackRock Commodity Securities Fund (formerly, JNL/Credit Suisse Commodity Securities Fund)

Sector Weightings*:

Energy	33.9	%
Commodity Indexed Structured Notes	17.8
Materials	4.9
Industrials	0.1
Warrants	0.0
Short Term Investments	43.3
Total Investments	100.0	%
*Total Investments at December 31, 2010

Portfolio Manager Commentary: For the year ended December 31, 2010, the Fund out-performed its benchmarks by posting a return of 17.44% for Class A shares compared to 15.06% for the S&P 500 Index, 16.83% for the Dow Jones-UBS Commodity Index and 16.20% for the MSCI Natural Resources Index.

The Fund offers a unique way to provide exposure to the energy and natural resources sectors by combining physical commodity exposure through investments in commodity linked notes with investments in energy and natural resource stocks. The Fund’s investments in commodity linked notes contain a return component that is based on the movement of commodity indices. The Fund’s exposure to commodity linked notes may be greater than the value of these investments.

For the period January 1, 2010 through October 10, 2010, the Fund was sub-advised by Credit Suisse Asset Management, LLC. During that time, the Fund underperformed one of its benchmarks by posting a return of 4.04% for Class A shares compared to 6.13% for the S&P 500 Index. The Fund outperformed its other benchmark, the Dow Jones-UBS Commodity Index, which posted a return of 3.85%.

BlackRock Investment Management, LLC replaced Credit Suisse Asset Management, LLC as the Fund’s Sub-Adviser on October 11, 2010. Since BlackRock Investment Management, LLC took over investment responsibilities through the end of 2010, the Fund outperformed its bench-mark by posting a return of 12.88% for Class A shares compared to 12.50% for the Dow Jones-UBS Commodity Index.

For the period during which the Fund was

sub-advised by Credit Suisse Asset Management, LLC: Commodities posted modest gains for the nine month period ending September 30, 2010, with the Dow Jones-UBS Commodity Index up 0.90%. Within the Dow Jones-UBS Commodity Index, precious metals was the top performing commodity sector, gaining 21.56%, due to a surge in performance in the third quarter. The strength of precious metals was a result of a combination of items: the fears of deteriorating flat currencies and the assumptions of further quantitative easing measures by the U.S. Federal Re-serve, as well as Central Banks around the world becoming net purchasers of precious metals. Agriculture, the second best performing sector, gained 10.08% for the period as a result of tightening supply schedules and increased demand from developing economies. Livestock finished higher, rising 7.27% – rising feed prices and the eventual oversupply such circumstances tend to foreshadow did not affect livestock prices during the period. Industrial metals also posted gains, increasing 3.37%, due to increased demand and alleviated fears of a double dip recession. Energy was the worst performing sector during the period. Energy fell 17.59% due mainly to natural gas’s poor performance resulting from plummeting demand and excessive inventory levels. All other commodities within the energy sector also posted negative results. The period’s best individual commodity was cotton, up 34.72%, and the worst performer was natural gas, down -39.22%.

Historically, commodity index returns have tended to exhibit long term positive returns with low correlations to other asset classes, creating potential risk/return benefits within a diversified portfolio. Over the course of the period, developing economies exhibited strong growth, while developed economies have been on the mend, growing at a tepid pace. The latter part of the period resulted in strong gains due to the confluence of increased demand and shrinking supply levels; demand for commodities of all varieties – barring energy – were sought and physical assets were stockpiled. Such bullish sentiments for the asset class were propelled higher by renewed investor confidence coupled with the threat of a

currency war amongst Group of Twenty (“G20”) participants.

For the period during which the Fund was sub-advised by BlackRock Investment Management, LLC: The Dow Jones-UBS Commodity Index rose 15.79% in the fourth quarter and positive performance was seen across all sectors. For the commodity markets, the soft commodity complex was the best performing sector in the fourth quarter, gaining 37.58%, while livestock was the laggard, up only 1.86%. Elsewhere, agriculture posted strong returns, rising 21.17%, precious metals gained 17.35%, industrial metals rose 12.45%, and energy was up 8.55%. The quarter’s best individual commodity was cotton, up 47.04%, and the worst performer was natural gas, down -2.26%.

The natural resources equity segment of the Fund had strong returns in the fourth quarter and outperformed its benchmark. On a relative basis, the Fund’s large underweight to integrated oil and gas names and choice of stocks within this group was the largest contributor to fourth quarter re-turns. The Fund held an average weight of 20% in integrated names, half the weight held in the benchmark. Not owning BP Plc, Total SA and ENI SpA helped returns, as these were some of the lower returning names in the Fund’s bench-mark. Another contributing factor to returns was the Fund’s overweight to equipment and services names, as this higher beta group had strong fourth quarter returns. Lastly, the Fund’s selection among exploration and production names added to returns, as the Fund overweighted a handful of names with strong returns and avoided some of the poor performers. The one exception in this group was the Fund’s position in EOG Re-sources Inc., which cost the Fund some ground after it declined sharply early in November after reporting third quarter losses. The Fund’s cash position created a drag on returns in a strong three month performance period for energy and resources stocks. Also detracting from returns was the Fund’s underweight position in the diversified metals and mining sub group, particularly not owning several strong performing copper names.

	JNL BlackRock Funds (continued)
	BlackRock Investment Management, LLC

JNL/BlackRock Global Allocation Fund

Portfolio Manager Commentary: For the period October 11, 2010 through December 31, 2010, the JNL/BlackRock Global Allocation Fund underperformed some of its benchmarks by posting a return of 3.50% for Class A shares compared to 6.14% for the Financial Times Stock Exchange (“FTSE”) World Index, 4.40% for the FTSE World Index (ex-U.S.) and 8.40% for the S&P 500 Index. The Fund outperformed its other benchmarks, the Bank of America Merrill Lynch Current 5 year U.S. Treasury Index, which returned -3.49%, and the Citigroup Non U.S. Dollar World Government Bond Index, which returned -3.35%.

    The Fund seeks high total investment return through exclusive investment in the BlackRock Series Fund, Inc. - BlackRock Global Allocation Portfolio (“Master Fund”). The performance of the Fund is directly related to the performance of the Master Fund. The financial statements of the Master Fund, including the Schedule of Investments and portfolio manager commentary are provided separately and should be read in conjunction with the Fund’s financial statements.

Total Return for Class A Shares*

Since Inception                   3.50%

(Inception date October 11, 2010)

Total Return for Class B Shares*

Since Inception                   3.50%

(Inception October 11, 2010)

Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but not do not reflect the deduction of insurance changes.

^*The Fund’s investment adviser waived/reimbursed certain expenses of the Fund. Performance results shown reflect the waiver, without which they would have been lower.

	JNL Capital Guardian Funds
	Capital Guardian Trust Company

Market Summary: Stocks overcame an acute sovereign debt crisis in Europe and modest growth in the major developed economies to deliver strong returns for the year. Coming on the heels of good returns in 2009, the gains lifted several major equity indices to levels prevailing before the Lehman Brothers bankruptcy in 2008. Most corporations beat consensus earnings estimates through a combination of cost cutting, financial discipline, inventory management and some revenue growth, which underpinned the equity market’s rise. The U.S. Federal Reserve (“Fed”) signaled in August that it would inject more money into the U.S. markets through the purchase of government debt, giving stocks an additional boost in the fourth quarter.

Emerging markets also racked up strong gains. Even as developed nations struggled, several developing economies continued to gain momentum. China, India, Brazil, Malaysia, Thailand and South Korea raised interest rates to stem inflationary pressures. The higher interest rates and faster

economic growth put upward pressure on several emerging markets’ currencies. China resisted international pressure to devalue the Chinese yuan and continued to register one of the strongest growth rates in the world. Chinese demand propelled commodities higher and lifted profits and share prices of several European luxury goods companies and automakers. Toward year end, economic data improved noticeably in the U.S., Germany and the UK. Cyclical areas of the market, including materials, industrials and consumer related stocks, outpaced other sectors by a significant margin.

Government bond yields fell in the major economies despite the backup in long term rates toward year end. Treasuries rallied for most of the year, bringing bond yields to historic lows before they retreated in the last two months as economic data improved. The Japanese yen strengthened while the euro lost ground against most currencies. The U.S. dollar rose against the euro and the British pound but lost value to most other currencies.

JNL/Capital Guardian Global Balanced Fund

Sector Weightings*:

Government Securities	20.8	%
Financials	12.8
Information Technology	11.4
Consumer Discretionary	8.0
Energy	7.1
Industrials	6.5
Materials	6.4
Health Care	5.5
Consumer Staples	4.8
Telecommunication Services	4.2
U.S. Government Agency Mortgage-Backed Securities	2.7
Utilities	1.8
Rights	0.0
Short Term Investments	8.0
Total Investments	100.0	%

*Total Investments at December 31, 2010

Portfolio Manager Commentary: For the year ended December 31, 2010, the JNL/Capital Guardian Global Balanced Fund underperformed one of its benchmarks by posting a return of 9.01% compared to 12.66% for the MSCI All Country World Index. The Fund outperformed its other benchmark, the Barclays Capital Global Aggregate Bond Index, which returned 5.54%.

The Fund increased its allocation to equities in the second half of the year, which supported returns during that period. For the year, equities had strong returns. Consumer discretionary, information technology and industrials were the largest contributors to stock returns on an absolute basis. Germany’s Siemens AG was among the top contributors, as it benefited from rising exports and improving margins. Among technology stocks, network equipment provider Juniper Networks Inc. (“Juniper”) benefited from its diverse mix of customers and Japan’s SoftBank Corp. saw its market leadership consolidated, helped by its position as the sole provider of Apple Inc.’s (“Apple”) iPhone in Japan. Shares of Apple also rose sharply.

Energy stocks, particularly in the oil services area, made a large contribution to the Fund’s relative results. Schlumberger Ltd. (“Schlumberger”) gained as investors were encouraged by a continued improvement in its profit margins and its progress in integrating recent acquisitions. The decision to not invest in Brazil’s Petròlco Brasileiro SA (“Petrobras”) and to have only a small investment in BP Plc also supported relative results. Financials had mixed results. Investments in select Mexican and Russian banks

made strong gains, but Goldman Sachs Group Inc. (“Goldman Sachs”) delivered flat returns.

During the year, Russia’s Sberbank was one of the major purchases in the Fund. We believe that robust consumer growth and improving credit quality in Russia will continue to support the company’s growth. Among major sales, the investment in L’Oreal SA was significantly reduced as the stock has had a strong run and we believe valuations are no longer that attractive.

Within the bond portion of the Fund, country allocation was positive overall. The underweight stance in the Japanese bond market was supportive. Investment in Mexican bonds worked in the Fund’s favor as the economy started to improve. However, the less than index exposure to the UK was a drag on results. Currency returns were mixed. Low exposure to the Japanese yen was the biggest detractor as it surged against most currencies. An overweight stance on the Australian dollar was supportive and an underweight position in the euro also helped as it weakened amid the debt crisis in parts of the region.

Looking to the new year, the asset allocation team for the Fund has become incrementally more positive on equities.

	JNL Capital Guardian Funds (continued)
	Capital Guardian Trust Company

JNL/Capital Guardian Global Diversified Research Fund

Sector Weightings*:

Financials	15.6	%
Information Technology	15.1
Energy	14.3
Materials	11.7
Consumer Discretionary	8.1
Consumer Staples	7.8
Health Care	7.3
Industrials	6.7
Telecommunication Services	5.7
Utilities	2.2
Short Term Investments	5.5
Total Investments	100.0	%
*Total Investments at December 31, 2010

Portfolio Manager Commentary: For the year ended December 31, 2010, the JNL/Capital Guardian Global Diversified Research Fund underperformed its benchmark by posting a return of 11.77% compared to 12.66% for the MSCI All Country World Index.

The selection of technology stocks was the biggest contributor to Fund gains, especially in the U.S. The sector saw a large divergence in the results of its constituents, and avoiding

most of the disappointments was a positive factor. NetApp Inc. benefited from rising corporate demand for its data storage services. Juniper, because of its diverse mix of customers, was also a strong contributor. The choice of health care stocks helped the Fund. Pharmaceutical company Novo-Nordisk A/S advanced as it delivered strong quarterly sales and raised its annual profit forecast.

Investments in energy and materials also helped the Fund. Energy stocks, particularly in the oil services area, made a large contribution to relative results. Shares of Halliburton Co. benefited from increased spending on energy infrastructure. Among materials stocks, the top contributors were Cliffs Natural Resources Inc. and LG Chem Ltd., which was partly supported by sustained demand for rechargeable batteries.

While Isuzu Motors Ltd. was the top contributor overall, supported by its strong presence in emerging markets, the Fund trimmed shares amid concerns about its valuation. Consumer discretionary stocks as a whole weighed on relative returns as DreamWorks Animation SKG Inc. (“DreamWorks”) declined significantly. Strayer

Education Inc. and other for profit education stocks were hurt by a report from the U.S. Department of Education that could limit federal funding. Several consumer staples companies also weighed on the Fund, including Imperial Tobacco Group Plc and General Mills Inc.

The selection of financials was the largest detractor to Fund returns as the sovereign debt crisis engulfed Europe, although the Fund’s less than benchmark exposure was positive. Shares of major European banks, such as BNP Paribas, fell amid fears about their level of exposure to the most highly indebted countries. In emerging markets, credit tightening measures in China weighed on shares of several large banks, including Industrial & Commercial Bank of China.

Looking to the new year, we see a number of attractive opportunities in technology companies, which should benefit from increased business investment. We believe consumer spending will also increase as personal income rises, boosting prospects for consumer related companies. With this in mind, we have added investments in a number of consumer related companies to the Fund in recent months.

JNL/Capital Guardian U.S. Growth Equity Fund

Sector Weightings*:

Information Technology	25.7	%
Consumer Discretionary	15.5
Energy	12.1
Health Care	11.8
Consumer Staples	6.8
Materials	6.3
Industrials	6.3
Financials	5.2
Telecommunication Services	1.9
Short Term Investments	8.4
Total Investments	100.0	%

*Total Investments at December 31, 2010

Portfolio Manager Commentary: For the year ended December 31, 2010, the JNL/Capital Guardian U.S. Growth Equity Fund underperformed its benchmark by posting a return of 12.67% compared to 16.71% for the Russell 1000^® Growth Index.

Several consumer discretionary stocks hurt returns. DreamWorks, a new position and the largest buy for the Fund in 2010, declined significantly. We remain confident in the company

because it is one of the few independent studios that has consistently produced strong titles.

Stock selection among financials was a negative factor, with Charles Schwab Corp. and Gold-man Sachs among the largest detractors. Stock selection and an underweight position in industrials hampered results, as did stock selection in materials. Vulcan Materials Co. declined as construction spending has taken longer to recover than had been anticipated.

On the positive side, energy stocks were among the largest contributors. An emphasis on equipment and services companies helped results, with shares of Schlumberger and Weatherford International Ltd. climbing by nearly a third. Both of those positions were added to during the year. Independent oil and gas producer Anadarko Petroleum Corp. rose with news of additional oil and natural gas discoveries, the growing view that its liability in the Gulf of Mexico spill would be limited.

Stock selection among information technology companies helped results. The sector saw a large divergence in the results of its constituents,

and avoiding most of the disappointments was a positive factor. Broadcom Corp. provided record earnings thanks to strong demand for its chips for mobile devices. Because of its mix of customers, shares of Juniper rose — but shares of competitor Cisco Systems Inc. declined after it predicted weaker revenue growth. The Fund’s position in Visa Inc. also fell after the Fed proposed a cap on fees banks can charge for debit card transactions and considered giving merchants other options to process transactions.

The largest sells during the year were DaVita Inc. (“DaVita”) and Baxter International Inc. (“Baxter”). Both were eliminated from the Fund. DaVita faces an uncertain influence on revenues from health care reform legislation. Baxter was sold on long term concerns about its plasma business.

Although equities appear reasonably valued, markets have risen quickly in a short period of time — so while the Fund reflects optimism over the long term, we believe caution is merited.

	JNL Capital Guardian Funds (continued)
	Capital Guardian Trust Company

Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance changes.

JNL Eagle Funds Eagle Asset Management, Inc.

Market Summary: Major stock market indices posted strong gains during 2010, extending the rally that began in early March 2009 as investors were encouraged by: early signs of expansion later confirmed by broadening strength in economic data that allayed double dip recession concerns; easing worries over eurozone debt contagion; strong corporate earnings; low inflation and interest rates; positive reaction to Republican midterm election gains; and December’s passage of an $858 billion tax bill that extended Bush era tax cuts for all income brackets with an added 2% reduction in Social Security payroll taxes for 2011 . The stock rally was interrupted by periodic selloffs, however. For example, prices fell in January on concerns regarding the reversal of aggressive global central bank and government fiscal

stimulus programs to ward off deeper recessionary pressures. The selloff extended into February on rising default risks of weaker eurozone countries and global economic concerns, but stock prices rebounded as confidence grew that a debt crisis could be averted. From mid April highs, stocks sold off through early July, weighed down by mounting eurozone sovereign debt concerns and global economic recovery prospects, but recovered into August on strong earnings reports. From late August, when U.S. Federal Reserve (“Fed”) Chairman Ben Bernanke signaled a second round of quantitative easing (“QEII”), stock prices rallied through year end. The S&P 500 Index finished the year up 15.06%. The Russell 2000 Growth Index finished a strong year, up 29.09%, with its best quarter at the end of the year.

JNL/Eagle Core Equity Fund

Sector Weightings*:

Information Technology	24.8	%
Financials	16.8
Health Care	12.5
Energy	11.6
Consumer Discretionary	10.4
Industrials	8.7
Consumer Staples	5.5
Investment Companies	3.1
Telecommunication Services	1.7
Short Term Investments	4.9
Total Investments	100.0	%

*Total Investments at December 31, 2010

Portfolio Manager Commentary: For the year ended December 31, 2010, the JNL/Eagle Core Equity Fund underperformed its benchmark by posting a return of 11.86% for Class A shares compared to 15.06% for the S&P 500 Index.

    The Fund’s performance relative to its benchmark was held back by underperforming sectors including: underweighted financials; overweighted consumer discretionary; market weighted energy; underweighted consumer staples; overweighted information technology; and near market weighted telecommunication services. On the other hand, outperforming sectors included:

utilities due to no allocation to this weak market sector; and overweighted health care. Among the Fund’s strong performers were Macy’s Inc. (“Ma-cy’s”), a chain of mid to high range department stores; Apple Inc. (“Apple”), a manufacturer of electronics and computer software; energy corporation, ConocoPhillips; UnitedHealth Group Inc., a health care products and services provider; and QUALCOMM Inc. (“QUALCOMM”), a wireless telecommunications research and development company. Some of the Fund’s biggest detractors to performance were oil and gas company, BP Plc (“BP”); Applied Materials Inc.(“Applied Material”), a capital equipment producer; financial services company, Bank of America Corp. (“Bank of America”); Staples Inc., an office supply chain store; and Cisco Systems Inc., a manufacturer of consumer electronics.

    Throughout the last fiscal year the Fund made some changes to its portfolio. The most significant purchases included holdings in Apple, QUALCOMM, Union Pacific Corp., Google Inc. and Intel Corp. The most significant sales included holdings in BP, Applied Materials, Bank of America, Macy’s and EOG Resources Inc. The most significant sector weighting changes came from lowering exposure to health care and consumer

discretionary and increasing exposure to information technology, financials and consumer staples.

    With a generally favorable economic backdrop, we expect to show strong relative performance when earnings growth of deep cyclicals moderates, the timing of which is uncertain given the Fed’s extended period of monetary ease due to high unemployment. In addition, emerging markets appear to have accelerated back to previous growth norms and their growth characteristics favor the deepest cyclical businesses. China, in particular, is a wildcard with its economy imbalanced toward investment and exports, the mirror image of most developed countries, which is creating inflation pressures. When its economy slows, we believe the deep cyclicals will experience a sustained decline which we intend to avoid, along with market vulnerability of last year’s momentum driven smaller technology names. In summary, we have the Fund well diversified primarily in very large cap high quality equities where valuations are extremely attractive relative to bonds. We believe the economy will continue to slowly improve, and we remain positioned for economic expansion.

JNL/Eagle SmallCap Equity Fund

Sector Weightings*:

Information Technology	24.3	%
Consumer Discretionary	19.9
Health Care	15.3
Industrials	13.4
Energy	6.8
Materials	5.4
Financials	4.6
Consumer Staples	1.7
Short Term Investments	8.6
Total Investments	100.0	%

*Total Investments at December 31, 2010

Portfolio Manager Commentary: For the year ended December 31, 2010, the JNL/Eagle SmallCap Equity Fund outperformed its benchmark by posting a return of 35.73% for Class A shares compared to 29.09% for the Russell 2000 Growth Index.

    The Fund had very strong absolute and relative returns, finishing ahead of its benchmark in

energy, consumer discretionary, information technology and materials. The top three stocks for the year were Rovi Corp., Riverbed Technology Inc. and TIBCO Software Inc. While the Fund had positive absolute returns across all sectors, financials and industrials were the Fund’s most significant underperforming sectors on a relative basis. The worst performing stocks during the year were FormFactor Inc., Compellent Technologies Inc. and Genoptix Inc.

    The most significant sector weighting changes came from lowering exposure to health care (through the takeout of Psychiatric Solutions Inc. and sells of Eclipsys Corp., Amedisys Inc. and Lincare Holdings Inc.) and increasing exposure to consumer discretionary (through purchases of Gentex Corp., Steven Madden Ltd., Pinnacle Entertainment Inc. and Buffalo Wild Wings Inc.).

    Small cap equities continued the sharp rally that began in late August broadly reflecting a surge in takeover activity; a rebound from overly

pessimistic sentiment earlier in the year; and a capitulation by the Obama administration on effective tax increases. Notably, the rally seemingly began following the Fed announcement of a second round of QEII. We believe the positive benefit to the stock market was an intended consequence of the Fed’s decision. With interest rates already so low, the Fed must believe pushing people out on the risk curve and bringing money back into the equity markets is the only way to improve consumer net worth and confidence.

    Corporate America remains flush with cash; the bar for economic growth has been reset at lower levels; and investor sentiment remains generally pessimistic. With that said, given the strength of the rally, a short term correction, particularly in small caps would not surprise us. However, we believe most major indices should show solid gains for the full year.

JNL Eagle Funds (continued) Eagle Asset Management, Inc.

Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance changes.

JNL Franklin Templeton Funds Templeton Global Advisors Limited

Market Summary: The year under review was characterized by an uneven global economic recovery. Emerging markets led growth, as they were generally unconstrained by the debt overhang burdening western economies and benefited from strong intrinsic demand and significant capital inflows. Developed markets grew at a more subdued pace, underpinned by government sponsored liquidity enhancing measures. U.S. stocks rose as growth exceeded expectations, while European region stocks underperformed where sovereign debt concerns and austerity programs pressured the economic recovery.

    Global equity markets responded favorably to signs of economic recovery. Commodities surged due to near term supply constraints and emerging market demand increases, as well as longer term fears that overly accommodative

monetary policies would ultimately have negative inflationary consequences. The U.S. dollar strengthened relative to the euro but weakened against the Japanese yen. In general, cyclical sectors performed better than traditionally defensive sectors. Health care performed poorly during a period when European governments undertaking fiscal austerity measures considered reducing pharmaceutical industry reimbursements and U.S. politicians debated sweeping health care reforms. Financials underperformed the MSCI World Index, pressured by European sovereign debt risk, capital adequacy concerns and regulatory tightening. Media benefited from rising demand for high speed internet and shifting brand management strategies and an improving advertising cycle. Auto manufacturers rallied due to rising international car demand.

JNL/Franklin Templeton Global Growth Fund

Sector Weightings*:
Information Technology	16.4	%
Consumer Discretionary	16.2
Health Care	14.7
Financials	13.5
Industrials	10.7
Energy	9.9
Telecommunication Services	6.9
Consumer Staples	2.7
Materials	2.0
Short Term Investments	7.0
Total Investments	100.0	%

*Total Investments at December 31, 2010

Portfolio Manager Commentary: For the year ended December 31, 2010, the JNL/Franklin Templeton Global Growth Fund underperformed its benchmark by posting a return of 7.07% for Class A shares compared to 11.76% for the MSCI World Index.

    From a geographic perspective, the Fund’s Asian position contributed to relative performance, particularly India and South Korea, a country that is not in the MSCI World Index. German and Spanish holdings were also leading

contributors. Sector wise, overweighting in consumer discretionary contributed to relative performance, led by the media and automotive industries. The Fund’s underweighting in financials also added to relative returns.

    Key detractors included underweighting and stock selection in the U.S. and overweighting and stock selection in Europe, notably France, Italy and the UK. Overweighting and stock selection in health care hurt relative performance. Stock selection in energy and materials also detracted.

    Major contributors included U.S. cable operators, Comcast Corp. and Time Warner Inc., and content providers, Viacom Inc. and Walt Disney Co. Germany’s Bayerisch Moteren Werke AG and South Korea’s Hyundai Motor Co. performed well. U.S. software manufacturer Oracle Corp. was among the Fund’s leading contributors, but software giant Microsoft Corp. and networking solutions provider Cisco Systems Inc. lost value.

    Among key detractors was French pharmaceuticals manufacturer Sanofi-Aventis SA (“Sanofi-Aventis”), which lagged as investors focused on impending patent expirations and the company’s hostile bid for Genzyme Corp. BP Plc,

the British energy producer at the center of the Gulf of Mexico oil spill, also hindered returns.

    Among our significant purchases were shares of Sanofi-Aventis, Baker Hughes Inc., Bank of America Corp., Halliburton Co. and CVS Caremark Corp. Significant sales included shares of Oracle Corp., El Paso Corp., Accor SA and Harley-Davidson Inc.

    The Fund made few major changes to sector weightings during the year. Financials and consumer staples rose slightly and health care declined.

    At year end, we remain favorable toward the Fund’s holdings in Europe, in our view the world’s cheapest major equity region offering fundamentally strong corporate entities with globally diversified revenues. We also remain positive toward health care in general, which we see as the world’s cheapest sector, despite strengthening corporate fundamentals, significant restructuring potential and advantageous global demographics. In our view, however, materials’ current valuations leave little room for continued outperformance over the Fund’s long term investment horizon.

Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance changes.

JNL Franklin Templeton Funds Franklin Advisers, Inc.

Market Summary: During the year ended December 31, 2010, the U.S. economy advanced unevenly. Domestic equity markets fluctuated as investor confidence shifted with each release of encouraging or discouraging economic, regulatory and political news. Ultimately, stock markets made solid gains for the year. Fixed income markets experienced market volatility similar to that of equity markets as concerns about weak economic data

and potential spillover effects of the European debt crisis affected investor sentiment. U.S. Treasury prices rose as yields fell to very low levels during the year. In addition, healthy equity market performance and an improving economic outlook supported the high yield corporate bond market, which also produced solid results for the year.

JNL/Franklin Templeton Income Fund

Sector Weightings*:

Financials	17.1	%
Energy	15.7
Utilities	11.6
Health Care	9.3
Information Technology	7.3
Consumer Discretionary	5.8
Telecommunication Services	3.6
Industrials	3.6
Materials	3.4
Consumer Staples	1.3
Non-U.S. Government Agency
Asset-Backed Securities	0.6
Government Securities	0.5
Warrants	0.0
Short Term Investments	20.2
Total Investments	100.0	%

*Total Investments at December 31, 2010

Portfolio Manager Commentary: For the year ended December 31, 2010, the JNL/Franklin Templeton Income Fund underperformed one of its benchmarks by posting a return of 12.57% for Class A shares compared to 15.06% for the S&P 500 Index. The Fund outperformed its other benchmark, the Barclays Capital U.S. Aggregate Bond Index, which returned 6.54%.

    In the equity portfolio of the Fund, energy, utilities and financials were among significant contributors to Fund performance, while consumer discretionary hindered results.

    Energy contributors included ConocoPhillips and Exxon Mobil Corp. (“Exxon”). In financials, Citigroup Inc., iStar Financial Inc. and Wells Fargo & Co. helped results. In utilities, Southern Co. performed well. Dex One Corp., in consumer discretionary, was a significant detractor from performance.

    In energy, the Fund added to positions in integrated oil company Exxon and independent oil and gas producers Chesapeake Energy Corp. and SandRidge Energy Inc. The Fund initiated positions in integrated UK oil holding BP Plc and oilfield services companies Schlumberger Ltd. and Baker Hughes Inc. New health care positions were Pfizer Inc. and Swiss company Roche Holding AG. The Fund increased telecommunication services’ international exposure by adding to an existing position in UK company Vodafone Group Plc and initiating a position in Australian company Telstra Corp. Ltd. Sales included Capital One Financial Corp., Ameren Corp. and Devon Energy Corp.

    The Fund increased exposure to several sectors

during the year, with some of the largest increases to energy, health care and telecommunication services. The Fund reduced exposure to financials and utilities.

    In the fixed income portfolio of the Fund, generally, corporate bonds of finance, technology and energy companies were major contributors, while electric utilities detracted from performance.

    Within financials, the Fund significantly increased exposure to second lien secured bonds from bank holding company CIT Group Inc. Within information technology, the Fund added investments across electronic payment company First Data Corp.’s capital structure by purchasing senior secured, senior unsecured and senior subordinated notes.

    The Fund reduced holdings in energy, communications, consumer non cyclical and consumer cyclical and increased holdings in financials and technology.

    We continue to stay focused on opportunities across the capital structure to help maximize income while maintaining prospects for long term capital appreciation from a wide range of securities including fixed income, equity and convertible securities.

Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance changes.

JNL Franklin Templeton Funds Franklin Templeton Institutional, LLC

Market Summary: The year under review was characterized by an uneven global economic recovery. Emerging market regions primarily led growth, as they were generally unconstrained by the debt overhang burdening western economies and benefited from strong intrinsic demand and significant capital inflows. Developed economies grew at a more subdued pace, with demand recovery and asset price reflation heavily underpinned by government sponsored liquidity enhancing measures.

    Global equity markets responded favorably to signs of economic recovery with solid gains. Commodities surged due to near term supply constraints and emerging market demand increases, as well as longer term

fears that overly accommodative monetary policies would ultimately have negative inflationary consequences. The dollar strengthened relative to the euro, which declined as a result of the region’s fiscal crisis, but weakened against the Japanese yen, which hit multi decade highs amid persistent deflationary pressures. Meanwhile U.S. Treasuries and corporate bonds finished the year with gains despite Treasury price declines late in the year. However, critical economic fundamentals such as employment, home prices and credit creation remained substantially depressed at year end, leading many investors to question the true health of the global economy and the sustainability of the recovery.

JNL/Franklin Templeton International Small Cap Growth Fund (formerly, JNL/Capital Guardian International Small Cap Fund)

Sector Weightings*:

Industrials	26.3	%
Consumer Discretionary	21.7
Financials	20.9
Consumer Staples	8.4
Information Technology	6.9
Health Care	2.5
Short Term Investments	13.3
Total Investments	100.0	%
*Total Investments at December 31, 2010

Portfolio Manager Commentary: For the year ended December 31, 2010, the JNL/Franklin Templeton International Small Cap Growth Fund underperformed its benchmark by posting a return of 20.55% compared to 22.04% for the MSCI EAFE Small Cap Index.

    For the period January 1, 2010 through May 2, 2010, the Fund was sub-advised by Capital Guardian Trust Company. During that time, the Fund underperformed its benchmark by posting a return of 2.92% for Class A shares compared to 6.55% for the MSCI EAFE Small Cap Index.

    Franklin Templeton Institutional, LLC replaced Capital Guardian Trust Company as the Fund’s subadviser on May 3, 2010. Since Franklin Templeton Institutional, LLC took over investment responsibilities through the end of 2010, the Fund outperformed its benchmark by posting a return of 17.13% for Class A shares compared to 14.54% for the MSCI EAFE Small Cap Index.

    For the period January 1, 2010 to May 2, 2010, the primary factors that influenced the Fund’s performance relative to its benchmark were the following:

    The Fund’s selection of consumer related stocks hurt relative results as they pulled back after posting sharp gains in the prior quarter. Shares of Australian electronics retailer JB Hi-Fi Ltd. came under pressure after its CEO of 10 years unexpectedly stepped down, even as the company posted strong interim profits. Two Korean firms also weighed on the Fund: Hite Brewery Co. Ltd. (“Hite”) and Hankook Tire Co. Ltd. (“Han-kook”). Hite separated from a larger holding company and the brewery operation now consumes a great deal of working capital, leaving less cashflow

available to trim its debt burden. Shares of Hankook declined amid a strong Korean won and higher natural rubber prices. Elsewhere, the selection of energy stocks that had risen sharply in previous quarters detracted from returns, including SMA Solar Technology SA and Flex LNG Ltd. The Fund’s cash position was also a drag in a rising market. Within information technology, key detractors included Wacom Co. Ltd., Kontron AG and Daiichi Seiko Co. Ltd.

    Stock selection in health care was the largest contributor, primarily due to Japanese medical device makers MANI Inc. and Sysmex Corp. During this period, the Fund managers believed companies in Japan continued to have a jump on Asian competitors in this area by combining various components of technology and science to produce high quality medical devices. Within financials, stock selection positively contributed also due to Japanese companies, including Aozora Bank Ltd. and Credit Saison Co. Ltd. Relative results were additionally helped by the less than index exposure to financials, one of the weaker sectors for the period.

    In materials, Labrador Iron Ore Royalty benefited from higher iron ore prices and strong production and sales volume in the fourth quarter of 2009. The company is an established iron ore producer in North America and its unique structure provides investors with significant leverage to the iron ore market with comparatively low risk. Meanwhile, Iluka Resources Ltd. was another big gainer in the sector.

    For the period May 3, 2010 to December 31, 2010, the primary factors that influenced the Fund’s performance relative to its benchmark were the following:

    Stock selection in finance, commercial services and consumer services contributed to relative performance. Stock selection and overweighting in retail trade and stock selection and underweighting in process industries detracted from performance.

    From a geographic perspective, stock selection in Asia Pacific (ex-Japan) and stock selection and overweighting in the UK helped performance, while stock selection in Europe and Japan hurt performance.

    Significant individual Fund contributors included ARA Asset Management Ltd. (“ARA”), a real estate fund management company; Experian Plc, a global credit reporting agency; and Lancashire Holdings Ltd., an insurance provider. Major detractors included Daibiru Corp., a real estate property company; RHJ International (“RHJ”), a private equity firm; and Carpetright Plc, a flooring retailer.

    Major Fund purchases included McBride Plc, QinetiQ Group Plc, RHJ and Jumbo SA. By year end, the Fund sold some shares of ARA and eliminated positions in Symrise AG, CTS Eventim AG, Wirecard AG, Kuehne & Nagel International AG and SKY Perfect JSAT Holdings Inc.

    By sector, the Fund initiated exposure to distribution services and increased weightings in producer manufacturing, consumer nondurables, electronic technology and consumer durables. The Fund decreased weightings in commercial services, finance, retail trade, consumer services, process industries and transportation

    Geographically, the Fund initiated a small position in emerging markets and increased its UK weighting. The Fund decreased weightings in Europe, Japan, North America and Asia Pacific (ex-Japan).

    During the period, the U.S. dollar depreciated against most foreign currencies, which also helped the Fund’s performance because investments in securities with non U.S. currency exposure gained value as the U.S. dollar fell. However, one cannot expect the same result in future periods.

    At year end, we continue to see opportunities specifically in Europe as we believe this region has some of the most attractive valuations globally. From a sector basis we are finding opportunities in consumer staples and industrials.

JNL Franklin Templeton Funds (continued) Franklin Templeton Institutional, LLC

Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance changes.

JNL Franklin Templeton Funds Franklin Mutual Advisers, LLC

Market Summary: The year under review was characterized by an uneven global economic recovery. Emerging market regions primarily led growth, as they were generally unconstrained by the debt overhang burdening western economies and benefited from strong intrinsic demand and significant capital inflows. Developed economies grew at a more subdued pace, with demand recovery and asset price reflation heavily underpinned by government sponsored liquidity enhancing measures.

    Global equity markets responded favorably to signs of economic recovery with solid gains. Commodities surged due to near term supply constraints and emerging market demand increases, as well as longer term

fears that overly accommodative monetary policies would ultimately have negative inflationary consequences. The dollar strengthened relative to the euro, which declined as a result of the region’s fiscal crisis, but weakened against the Japanese yen, which hit multi-decade highs amid persistent deflationary pressures. Meanwhile U.S. Treasuries and corporate bonds finished the year with gains despite Treasury price declines late in the year. However, critical economic fundamentals such as employment, home prices and credit creation remained substantially depressed at year end, leading many investors to question the true health of the global economy and the sustainability of the recovery.

JNL/Franklin Templeton Mutual Shares Fund

Sector Weightings*:

Consumer Staples	22.2	%
Financials	14.2
Health Care	10.6
Information Technology	9.9
Consumer Discretionary	7.7
Energy	7.2
Materials	5.0
Industrials	4.0
Utilities	3.9
Telecommunication Services	3.2
Other Equity Interests	0.0
Short Term Investments	12.1
Total Investments	100.0	%
*Total Investments at December 31, 2010

Portfolio Manager Commentary: For the year ended December 31, 2010, the JNL/Franklin Templeton Mutual Shares Fund underperformed its benchmark by posting a return of 11.45% for Class A shares compared to 15.06% for the S&P 500 Index.

    During the year, the Fund held currency forwards

to somewhat hedge the currency risk of the Fund’s non-U.S. dollar investments; the hedges aided the Fund’s performance.

    Many Fund investments increased in value. Significant contributors to performance included UK based British American Tobacco, U.S. tobacco company Altria Group Inc. and Germany’s Volkswagen AG.

    Some of the Fund’s investments, however, lost value during 2010. Detractors from Fund performance included Swiss incorporated deepwater drilling contractor Transocean Inc., German utility conglomerate E.ON AG and U.S. based Bank of America Corp.

    Throughout 2010 we moved capital from positions that reached what we considered fair value to new, undervalued opportunities. We found opportunities in pharmaceutical firms Pfizer Inc. and Eli Lilly & Co. We also found some European telecommunications firms attractively valued. The Fund sold shares in Berkshire Hathaway Inc., Siemens AG and Dell Inc.

    Equities remained the core of the Fund,

with sector weights remaining fairly consistent. The largest weight change was an increase in health care exposure. The Fund’s cash position decreased somewhat. Merger and acquisition (“M&A”) activity picked up, but merger arbitrage opportunities were often disappointing, and our weight in M&A investments remained moderate. Distressed debt in 2010 brought few new opportunities. The Fund’s investments in credit often performed well, but overall our exposure to credit declined as the market rallied.

    We are optimistic about the M&A space in 2011, due to ongoing economic and market strength, combined with continuing accumulation of cash on corporate balance sheets and strong corporate earnings. In the distressed debt arena, we believe many leveraged buyouts from 2005 to 2007 appear to have unsustainable capital structures. We approach 2011 with our share of concerns; however, such challenges can help create company specific opportunities for the Fund.

Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance changes.

JNLFranklin Templeton Funds Franklin Advisory Services, LLC

Market Summary: During the year ended December 31, 2010, domestic equity markets fluctuated as investor confidence shifted with each release of encouraging or discouraging economic, regulatory and political news. Ultimately, stock markets made solid gains for the year. Among small cap

stocks, growth outpaced value as investor risk aversion began to subside. As represented by the Russell 2500 Value Index, energy, materials and industrials outperformed, while telecommunication services, utilities and information technology underperformed.

JNL/Franklin Templeton Small Cap Value Fund

Sector Weightings*:

Industrials	28.3	%
Consumer Discretionary	17.6
Financials	13.0
Energy	11.5
Materials	7.4
Health Care	4.5
Information Technology	3.3
Utilities	2.7
Consumer Staples	1.6
Short Term Investments	10.1
Total Investments	100.0	%
*Total Investments at December 31, 2010

Portfolio Manager Commentary: For the year ended December 31, 2010, the JNL/Franklin Templeton Small Cap Value Fund outperformed its benchmark by posting a return of 26.84% for Class A shares compared with 24.82% for the Russell 2500^TM Value Index.

    During the year, all sectors represented in the Fund helped performance, with industrials and

consumer discretionary among the most significant contributors. Other major contributors were financials, materials and energy. Individual holdings that boosted performance were industrials holdings Wabash National Corp., Nordson Corp., Trinity Industries Inc. and Gardner Denver Inc. In consumer discretionary, Autoliv Inc., Gentex Corp. and Group 1 Automotive Inc. helped results. Other contributors included Protective Life Corp., Westlake Chemical Corp. and Rowan Cos. Inc.

    Individual detractors from performance included industrials holdings, Gibraltar Industries Inc. and Granite Construction Inc. (“Granite Construction”). Financials holding American National Insurance Co., energy holding Overseas Shipholding Group Inc. and information technology holding Benchmark Electronics Inc. (“Benchmark Electronics”) also hindered results.

    Significant purchases during the year included new positions in Granite Construction, Lancaster Colony Corp., PNM Resources Inc. and Tower

Group Inc. Other significant purchases included adding to holdings in Benchmark Electronics, Bristow Group Inc., Regis Corp. and Tidewater Inc. Sales during the year included eliminating positions in Airgas Inc., Gerdau AmeriSteel Corp. and Gymboree Corp. Other major sales included reducing holdings in Erie Indemnity Co., Ethan Allen Interiors Inc. and Westlake Chemical Corp.

    We will continue to invest in small cap companies that we believe are selling below their underlying worth. Our strategy is to buy and hold fundamentally sound companies for five years or more on average. We purchase securities at what we consider attractive prices, often when they are out of favor with other investors. We select securities without regard to benchmark comparisons, and we aim for long term results. We are confident that over time the market will provide opportunities for us to execute our strategy with success.

Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but do not reflect the deduction of insurance changes.

JNL Goldman Sachs Funds Goldman Sachs Asset Management, L.P.

Market Summary: For the year, cyclical stocks led returns, as investors focused on the strong growth and demand from outside the developed markets. As a result, consumer discretionary (particularly auto stocks), industrials and materials outperformed. During 2010, the U.S. equity market significantly outperformed the MSCI World Index return of 11.76% , as investors gained confidence in the economic recovery. The Russell 1000 Value Index returned 15.51% during 2010, while the Russell Midcap Value Index returned 24.75% in 2010. Mergers and acquisitions helped boost the market, especially in the mid and small cap spaces. The year was marked by a challenging stock picking environment, as there was a high correlation among stock returns, with relatively small differences between winners and losers. The market was predominantly driven by macro concerns, with 2010 peak correlation among stocks at 82% above the long term average. Particularly in the value space, regulatory uncertainty was most pronounced, comprising over half of the benchmark (healthcare, financials and energy). Additional headwinds included higher yielding stocks meaningfully outperforming despite slower earnings growth and sometimes weaker fundamentals, a phenomenon that was also very prominent in the value space.

    The global economy appears to have regained momentum after a mid-year slowdown that raised concerns about a double dip recession. All spread sectors outperformed Treasuries over the fiscal year. The largest outperforming sectors were commercial mortgage-backed securities (“CMBS”) and high yield bonds posting 15.0% and 9.7% in excess returns, respectively. Treasury yields ended 2010 lower on the year, driven by concerns

in the middle of the year about the global recovery and persistent fears of contagion from peripheral Europe. The two-year Treasury decreased 55 basis points (“bps”) to 0.59% and the 10-year Treasury decreased 55 bps to 3.29%. Short-term rates remained anchored by the U.S. Federal Reserve Board (the “Fed”) who reiterated its commitment to an extended period of low rates.

    Local emerging debt posted a small negative return in the fourth quarter of 2010. The JPMorgan Government Bond Index-Emerging (“GBI-EM”) Markets Global Diversified Index (unhedged, in US dollars) returned -0.39% in the fourth quarter of 2010, including returns of -0.90% from interest rates and 0.51% from currency appreciation versus the U.S. dollar. The U.S. Dollar Index (“DXY”), an indicator of the general international value of the dollar, rose 0.39% and emerging market currencies on JPMorgan’s Emerging Local Markets Plus Index benchmark posted a positive return of 0.4%. On a market value weighted basis, South Africa (+6.26%), Brazil (+4.24%) and Russia (+0.81%) performed best, while Hungary (-5.47%), Turkey (-2.70%) and Colombia (-5.46%) underperformed. The South African rand appreciated on a combination of thin trading, a gold rally in the last week of 2010, and news that the country may be formally invited to join the annual meeting of the Brazil, Russia, India and China (“BRIC”) leaders in 2011. This performance may be at risk, however, from recent inflation prints suggesting possible further rate cuts. Meanwhile, Hungary underperformed on currency depreciation (the Hungarian forint shed 2.4% against the U.S. dollar) as well as peripheral eurozone sovereign risk.

JNL/Goldman Sachs Core Plus Bond Fund

Sector Weightings*:

U.S. Government Agency
Mortgage-Backed Securities	33.4	%
Financials	13.6
Non-U.S. Government Agency
Asset-Backed Securities	9.4
Government Securities	8.5
Energy	1.8
Consumer Discretionary	0.9
Consumer Staples	0.8
Materials	0.7
Telecommunication Services	0.7
Health Care	0.6
Utilities	0.4
Industrials	0.2
Information Technology	0.1
Short Term Investments	28.9
Total Investments	100.0	%

*Total Investments at December 31, 2010

Portfolio Manager Commentary: For the year ended December 31, 2010, the JNL/Gold-man Sachs Core Plus Bond Fund outperformed its benchmark by posting a return of 7.63% for Class A shares compared to 6.54% for the Barclays Capital U.S. Aggregate Bond Index. The primary factors that influenced the Fund’s relative performance were an allocation to riskier assets such as credit sensitive mortgages and corporate bonds.

    Top down strategies contributed to performance in 2010. Duration positioning negatively impacted the Fund’s returns while cross sector positioning positively contributed to performance over the year. The Fund’s duration and yield curve positioning detracted from performance throughout the year. Yields fell for most of the year, reversing in the fourth quarter as 10-year Treasury rates rose 78 bps. Cross sector positioning was a key contributor. The Fund’s strategic and tactical overweight to spread sectors relative to the benchmark was a significant driver of performance. An overweight exposure to credit sensitive mortgages contributed positively to performance as non-agency mortgages posted strong returns in 2010. In addition, an underweight exposure to mortgage-backed securities (“MBS”), primarily during the third quarter, proved beneficial as declining interest rates raised concerns about the potential for a wave of mortgage refinancing.

    The Fund’s bottom up security selection also contributed to performance during the year. The securitized and corporate sectors were the primary contributor to the Fund’s performance. Security selection within the collateralized sector was positive, primarily due to the focus on the most senior tranches of option adjustablerate mortgages (“ARM’s”) and Alt-A collateral. The Fund’s focus on lower quality investment grade corporate

bonds also contributed to returns. Security selection within government/agencies as well as emerging market debt also contributed to excess returns over the year.

    Derivatives are an integral part in the management of the mandate and therefore contributed to performance over the year. Derivatives allow the Fund to manage interest rate, credit and currency risks more effectively by allowing the Fund both to hedge and to apply active investment views with greater versatility and to afford greater risk management precision.

    We anticipate moderate global growth in 2011, with continued improvement in the U.S. Our concerns are focused on the extent of the sell off in U.S. rates and the volume of short euro positions in the marketplace. Within the mortgage sector, we are increasing our overweight bias to agency MBS as valuations cheapened on rising government yields and volatility levels. We still hold a constructive view on non-agency MBS and we believe that valuations are generally attractive. Within the corporate sector, we continue to anticipate a period of slow growth and low inflation, conditions we consider positive for investment grade credit. We are overweight financials and focusing on large property and causality insurers and banks. Within banking, we are focusing on large money center banks.

JNL Goldman Sachs Funds (continued) Goldman Sachs Asset Management, L.P.

JNL/Goldman Sachs Emerging Markets Debt Fund

Sector Weightings*:

Sovereign Securities	59.1	%
Financials	7.0
U.S. Government Securities	1.8
Energy	1.1
Short Term Investments	31.0
Total Investments	100.0	%

*Total Investments at December 31, 2010

Portfolio Manager Commentary: For the year ended December 31, 2010, the JNL/Goldman Sachs Emerging Markets Debt Fund outperformed its benchmark by posting a return of 16.07% for Class A shares compared to 15.67% for the JPMorgan GBI-EM Global Diversified Index.

    The Fund held derivatives during the year. The Fund does not employ derivatives to gain leverage but to gain access to otherwise inaccessible markets or for tax efficiency purposes.

The use of derivatives allow the Fund to manage interest rate, credit and currency risks more effectively by allowing to both hedge and apply active investment views with greater versatility. They also afford greater risk management precision. Derivatives allow the Fund to efficiently access desired markets, hedge unwanted risks and generally manage the spectrum of portfolio risks. Currency forwards are employed to gain currency exposure or hedge non base currency exposures back to base currency. Interest rate swaps and total return swaps may be employed to hedge risk and/or gain exposure to illiquid or high transaction cost local markets.

    Credit linked notes are used to gain local market exposure to otherwise inaccessible cash markets. The Fund uses them as they are the most liquid and cost effective means of managing portfolio risk or gaining local market exposure as part of our security selection process.

    Contributors to performance during the year included the Fund’s overweight to Argentine debt and country and security selection of Colombian local rates. Detractors from performance included country and security selection of Indonesian local rates and currency exposure to the Turkish lira and Thai baht. There were no significant changes to credit quality or weightings during the year.

    Local emerging markets have become more liquid in recent years and the investor base has grown and become more diversified. Emerging market economies have undergone structural changes that promote macroeconomic stability and active debt management. As a result, inflows to local debt funds have become consistent and stem from strategic investors. We think that these trends could potentially be durable and are likely to persist in the future.

JNL/Goldman Sachs Mid Cap Value Fund

Sector Weightings*:

Financials	27.3	%
Consumer Discretionary	11.4
Energy	10.7
Utilities	10.2
Industrials	9.0
Information Technology	6.4
Health Care	5.8
Materials	5.1
Consumer Staples	4.8
Telecommunication Services	3.2
Short Term Investments	6.1
Total Investments	100.0	%

*Total Investments at December 31, 2010

Portfolio Manager Commentary: For the year ended December 31, 2010, the JNL/Goldman Sachs Mid Cap Value Fund underperformed its benchmark by posting a return of 24.40% for Class A shares compared to 24.75% for the Russell MidCap Value Index.

    Information technology and materials were the two top contributing sectors to performance. In contrast, consumer discretionary and energy were the two largest detractors from performance. The Fund’s holdings in NBTY Inc. and McAfee Inc. were the two top contributors to performance. Holdings in Range Resources Corp. and DISH Network Corp. were the top two detractors from performance. During the year, the Fund initiated a position in Lear Corp. and Equity Residential, whereas positions in Whiting Petroleum Corp. and United States Steel Corp. were eliminated.

    We believe there are many reasons to be constructive on the U.S. equity market in 2011. Valuations are compelling on both absolute and relative levels. Companies are exhibiting strong fundamentals, with improving corporate profits and balance sheets. We expect that management teams should be focused on capital redeployment through the forms of mergers and

acquisitions (“M&A”), buybacks and deleveraging of balance sheets, providing further catalysts. Recent government actions have created an environment that is more conducive for businesses to grow. Additionally, we believe that the coming year should be a fertile stock picking environment. The trends that were headwinds for stock picking in 2010 have started to reverse. The market is shifting its focus from the macro to the micro, company specific level, now that valuation and volatility levels have normalized. We expect greater stock level differentiation going forward, especially between high and low quality stocks now trading at comparable valuations; a recent pick up in M&A activity has been contributing to this trend. There has been a reduction of regulatory uncertainty with the passage of financial and health care reform, and with more clarity to be expected on drilling requirements and best practices in energy in 2011.

JNL Goldman Sachs Funds (continued) Goldman Sachs Asset Management, L.P.

JNL/Goldman Sachs U.S. Equity Flex Fund (formerly, JNL/Credit Suisse Long/Short Fund)

Sector Weightings*:

Financials	19.9	%
Information Technology	19.9
Consumer Discretionary	12.7
Energy	11.3
Industrials	9.7
Consumer Staples	8.6
Health Care	8.2
Materials	3.3
Utilities	2.2
Telecommunication Services	-0.1
Short Term Investments	4.3
Total Investments	100.0	%
*Total Investments at December 31, 2010

Portfolio Manager Commentary: For the year ended December 31, 2010, the Fund underperformed its benchmark by posting a return of 8.70% for Class A shares compared to 15.06% for the S&P 500 Index

    For the period January 1, 2010 through October 10, 2010, the Fund was sub-advised by Credit Suisse Asset Management, LLC. During that time, the Fund underperformed its benchmark by posting a return of 0.00% for Class A shares compared to 6.13% for the S&P 500 Index.

    Goldman Sachs Asset Management, L.P. replaced Credit Suisse Asset Management, LLC as the Fund’s Sub-Adviser on October 11, 2010. Since Goldman Sachs Asset Management, L.P. took over investment responsibilities through the end of 2010, the Fund outperformed its benchmarks by posting a return of 8.70% for Class A shares compared to 8.42% for the S&P 500 Index.

    For the period during which the Fund was sub-advised by Credit Suisse Asset Management, LLC, the Fund was based on a quantitative model with multiple signals such as price to equity ratio. These quantitative signals are grouped based on similar characteristics of growth, momentum, etc.,

thus forming a combination of signals known as factors. There are five factors within the Credit Suisse Asset Management, LLC’s Quantitative Equities Model. For the period January 1, 2010 to October 10, 2010, the Fund underperformed despite strong factor performance with four of the five factors posting positive results. Growth continued to perform well, while capital deployment served as the best performing factor for the year. Further outperformance was attributed to value and momentum; profitability was the year’s sole detractor to performance. Despite positive factor performance, quantitative models in particular were challenged by a prolonged period of high correlation and low volatility in 2010. During this period, the opportunity set to find alpha diminished, and transaction costs and risk led to underperformance. The Fund’s U.S. equities model suffered from an environment dominated by macroeconomic news and market movements. As the market oscillated between fears of a double dip recession and potential economic growth, there were less opportunities to identify individual stock outperformance.

    Markets rose on a broad level as double dip recessionary fears were alleviated. Fairly robust economic data reports eased investor concerns about lackluster economic growth prospects and propelled stocks higher during the last month of the period. World equity prices were given a further boost once Fed Reserve Chairman Ben Bernanke’s statements following the September 21st Federal Open Market Committee meeting were released. Market participants cheered the Fed’s perceived anti deflationary policy, viewing the Fed’s market sentiment as one which would invite further quantitative easing measures.

    For the period October 11, 2010 to December 31, 2010, materials and energy were the two top contributing sectors to performance, whereas telecommunication services and consumer

discretionary were the two largest detractors from performance. The Fund’s holdings in Huntsman Corp. and Newfield Exploration Co. were the two top contributors to performance. Holdings in Sprint Nextel Corp. and Boeing Co. were the top two detractors from performance. During the period, positions were initiated in Teva Pharmaceutical Industries and Schlumberger Ltd. and positions in Amgen Inc. and Hanesbrands Inc. were eliminated.

    As the Fund’s current adviser, Goldman Sachs Asset Management, L.P. believes there are many reasons to be constructive on the U.S. equity market in 2011. Valuations are compelling on both absolute and relative levels. Companies are exhibiting strong fundamentals, with improving corporate profits and balance sheets. We expect that management teams should be focused on capital redeployment through the forms of mergers and acquisitions (“M&A”), buybacks and deleveraging of balance sheets, providing further catalysts. Recent government actions have created an environment that is more conducive for businesses to grow. Additionally, we believe that the coming year should be a fertile stock picking environment. The trends that were headwinds for stock picking in 2010 have started to reverse. The market is shifting its focus from the macro to the micro, company specific level, now that valuation and volatility levels have normalized. We expect greater stock level differentiation going forward, especially between high and low quality stocks now trading at comparable valuations; a recent pick up in M&A activity has been contributing to this trend. There has been a reduction of regulatory uncertainty with the passage of financial and health care reform, and with more clarity to be expected on drilling requirements and best practices in energy in 2011.

Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but not do not reflect the deduction of insurance changes.

JNL Goldman Sachs Funds (continued) Goldman Sachs Asset Management, L.P.

Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but not do not reflect the deduction of insurance changes.

JNL Invesco Funds Invesco Advisers, Inc.

Market Summary: Equity markets were choppy during the fiscal year as investors weighed the competing issues of solid corporate profits and soft macroeconomic data. Corporate earnings were largely positive, but often overshadowed by concerns about high unemployment, a lack of consumer spending, soft housing data and the possibility of additional U.S. Federal Reserve (“Fed”) accommodation. After rising through April, the major equity indices sold off precipitously in May as the sovereign debt crisis unfolded in the eurozone while U.S. economic indicators remained weak, prompting fears of a double dip recession. Uncertainty created by the debt crisis combined with subdued employment, consumer spending and housing data added to concerns that the recovery was slowing to a subnormal growth rate. Just as abruptly, however, the markets reversed course and rallied in September and October on modestly better economic news, ending the year with double digit gains. Returns from listed real estate were universally positive during the year, reflecting the current sentiment toward asset classes and equity sectors capable of delivering attractive yields.

    After rallying for much of 2009 on prospects of improving global economic conditions, global equity markets faced headwinds in early 2010.

Notably, several southern European economies, including Greece, Spain, Portugal and Italy, faced solvency concerns amid massive fiscal deficits. But, not all news was bad. Equity markets seemed to shrug off some of the macroeconomic burdens that pulled them into double digit losses in the first half of 2010, ending the year with strong positive gains.

    Looking to Asian markets, the message was pretty simple – growth fundamentals remain stronger here than in the West. Although the Funds’ managers see marginal differences in stock valuations, with slight premiums in some areas, they do not believe it is overly concerning. Emerging markets, the biggest winners in 2010, saw exports slow down during the latter half of the period. The deceleration in exports was offset, however, by strong growth in retail and auto sales, as well as strong housing markets within emerging economies. Turning to Europe, the European Central Bank (“ECB”) remained an interesting foil to the Fed, as ECB officials showed little sign they were willing to provide additional economic stimulus. Instead, they seem to be leaving the heavy global economic lifting to the Fed. As a result, we saw the slide in the euro’s value reverse during the first half of 2010.

JNL/Invesco Global Real Estate Fund (formerly, JNL/AIM Global Real Estate Fund)

Sector Weightings*:
Financials	93.5	%
Consumer Discretionary	0.7
Short Term Investments	5.8
Total Investments	100.0	%
*Total Investments at December 31, 2010

Portfolio Manager Commentary: For the year ended December 31, 2010, the JNL/Invesco Global Real Estate Fund underperformed its benchmark by posting a return of 17.15% for Class A shares compared to 20.40% for the FTSE European Public Real Estate Association/National Association of Real Estate Investment Trusts (“EPRA/NAREIT”) Developed Real Estate Index.

    The Fund underperformance relative to its benchmark, was primarily the result of security selection within U.S. Real Estate Investment

Trusts (“REIT”). Additionally, security selection and an underweight to real estate securities in Sweden and Germany also negatively impacted the Fund’s relative performance. Holdings in Hong Kong also detracted from relative performance. Conversely, the Fund benefited from security selection in real estate securities in Singapore and the Netherlands. Market allocation to France and Australian Listed Property Trusts (“LPT”) were also relative contributors during the year.

    Recent equity offerings and debt refinancing by Simon Property Group Inc. (“Simon Property”), a REIT which offered an attractive portfolio of top tier U.S. regional malls, covered near term debt maturities and provided necessary capital for future acquisition opportunities. Simon Property was among the top contributors to Fund performance

during the year. Conversely, a top detractor to performance included Henderson Land Development Co. Ltd. (“Henderson”), a property development company which experienced lack-luster performance following strong returns during the 2009 calendar year. Henderson focuses on high quality residential and commercial property development in Hong Kong and throughout mainland China.

    At the end of the year and relative to the Fund’s benchmark, the Fund was modestly over-weight in Japan, Hong Kong, Netherlands and China. Conversely, the Fund was underweight in the U.S., Singapore and Canada. Additionally, the Fund no longer held exposure to Germany and Belgium, while its benchmark held modest exposure to these countries.

JNL/Invesco International Growth Fund (formerly, JNL/AIM International Growth Fund)

Sector Weightings*:

Consumer Discretionary	16.9	%
Health Care	13.0
Consumer Staples	12.5
Energy	9.9
Industrials	9.6
Financials	9.0
Information Technology	7.6
Telecommunication Services	5.4
Materials	2.9
Utilities	2.8
Short Term Investments	10.4
Total Investments	100.0	%
*Total Investments at December 31, 2010

Portfolio Manager Commentary: For the year ended December 31, 2010, the JNL/Invesco International Growth Fund outperformed its benchmark by posting a return of 12.31% for Class A shares compared to 12.25% for the MSCI EAFE Growth Index.

    In this environment, the Fund managers continued to construct the Fund’s portfolio on a bottom up basis, selecting stocks on an individual basis. Meaningful outperformance versus the Fund’s benchmark came from health care, financials and consumer discretionary.

    In health care, strong stock selection in the pharmaceuticals industry led to outperformance versus the Fund’s benchmark. Top contributors included Denmark based, leading insulin and diabetes care company Novo-Nordisk A/S, and UK global biopharmaceutical company SHIRE Plc. While in consumer discretionary, particular strength was seen in the media, specialty retail and automobile industries. Top stock level contributors included the world’s largest media company catering to a Spanish speaking audience, Mexican based Grupo Televisa SA, Europe’s leading home improvement retailer, UK based Kingfisher Plc and German auto manufacturer, Bayerische Moteren Werke AG.

    In financials, a meaningful underweight exposure

versus the Fund’s benchmark was a key driver of outperformance. The Fund remains underweight to large European banks, investing more in higher quality, locally geared emerging market banks in China and Brazil.

    In broad geographic terms, the Fund saw meaningful outperformance in Asia. Exposure in emerging Asian markets including Korea, India, the Philippines and Taiwan was the key driver of relative success in this region as emerging markets saw significant gains during the reporting period.

    In contrast, despite delivering double digit gains in materials, the Fund’s continued under-weight exposure was a drag on relative results. The Fund managers question the ability of materials companies to maintain current return levels and are cautious on these companies’ ability to maintain capital discipline. Stock level detractors included French based global insurance giants AXA SA and Australian based QBE Insurance Group Ltd.

JNL Invesco Funds (continued) Invesco Advisers, Inc.

    Stock selection in the Fund was driven by the underlying fundamentals of a company, not any top down macroeconomic views. That being said, the Fund managers belief in the strength of consumer growth outside the U.S. explains the Fund’s overweight exposure to consumer discretionary. Similarly, healthy technology spending over the last several months was supportive of the Fund’s overweight in information technology. The Fund’s overweight exposure in health care came down slightly, however the Fund still remains

overweight in this sector.

    The Fund ended the year with the largest underweight positions in materials, industrials and consumer staples. The Fund’s underweight in financials narrowed over the year as the Fund managers added to select positions in the latter half of the year.

    Following strong market performance in the second half of 2010, investor sentiment rose to the high end of historic norms supported by low interest rates, ample liquidity and improving global

gross domestic product (“GDP”) outlooks versus this time last year. At the same time, the risks of tighter monetary policy in robust emerging market economies and the lingering sovereign debt situation in Europe mean investors should be prepared for volatility. At the close of the reporting period, the Fund managers remained focused on investing according to their fundamentally driven investment process and maintaining their long term investment view.

JNL/Invesco Large Cap Growth Fund (formerly, JNL/AIM Large Cap Growth Fund)

Sector Weightings*:

Information Technology	32.3	%
Consumer Discretionary	13.5
Energy	12.5
Industrials	11.3
Health Care	9.3
Materials	8.7
Financials	4.8
Consumer Staples	2.6
Telecommunication Services	2.2
Short Term Investments	2.8
Total Investments	100.0	%
*Total Investments at December 31, 2010

Portfolio Manager Commentary: For the year ended December 31, 2010, the JNL/Invesco Large Cap Growth Fund outperformed its bench-mark by posting a return of 17.41% for Class A shares compared to 16.71% for the Russell 1000 Growth Index.

    Over the course of the year, the Fund outperformed by the widest margin in information

technology, largely due to stock selection. The leading contributor to performance was Apple Inc. (“Apple”). Apple continued to benefit from strong consumer demand for its innovative technology products, including the iPad tablet computer as well as a new version of the iPhone. Chinese internet services provider Baidu Inc. was also a key contributor to performance.

    The Fund outperformed in industrials driven by stock selection. One of the leading contributors to performance was railroad operator Union Pacific Corp., which continued to benefit from improving volume trends, stronger pricing and operation efficiency.

    Outperformance in consumer discretionary was due to stock selection. Two of the leading contributors to performance were clothing retailer Limited Brands Inc. and casino operator Las Vegas Sands Corp. These companies benefited from improving consumer spending trends.

    The Fund underperformed by the widest margin in financials, driven by stock selection. Several

holdings detracted from performance, including investment banking holding Goldman Sachs Group Inc. The Fund sold this position due to deteriorating fundamentals.

    The Fund also underperformed in materials due to stock selection. One of the weakest performing stocks in this sector was Syngenta AG, a company that produces crop protection products and seeds. The Fund sold this position due to deteriorating fundamentals. Underperformance in the telecommunications sector was due to stock selection and an overweight position.

    At the close of the year, the Fund’s largest overweight positions included materials, energy and telecommunications. The largest absolute weight was in information technology. The Fund’s largest underweight positions included consumer staples and industrials. Sector weights are always a result of the Fund managers’ bottom up fundamental analysis.

JNL/Invesco Small Cap Growth Fund (formerly, JNL/AIM Small Cap Growth Fund)

Sector Weightings*:

Information Technology	26.5	%
Consumer Discretionary	16.0
Industrials	13.1
Health Care	13.1
Energy	7.5
Financials	5.4
Materials	4.0
Consumer Staples	1.7
Telecommunication Services	1.0
Utilities	0.7
Short Term Investments	11.0
Total Investments	100.0	%
*Total Investments at December 31, 2010

Portfolio Manager Commentary: For the year ended December 31, 2010, the JNL/Invesco Small Cap Growth Fund underperformed its benchmark by posting a return of 26.21% for Class A shares compared to 29.09% for the Russell 2000 Growth Index.

    The Fund underperformed by the widest margin in information technology. Much of the

underperformance was a result of not owning several software and semiconductor stocks that had strong performance.

    Underperformance in energy was due to stock selection. Exploration and production holdings Arena Resources Inc. (“Arena Resources”) and Goodrich Petroleum Corp. (“Goodrich Petroleum”) had weak performance given higher exposure to natural gas. While the Fund sold the position in Arena Resources, it continues to own Goodrich Petroleum.

    Underperformance in industrials was also due to stock selection in the commercial and professional services industry group. Environmental services provider EnergySolutions Inc. was one of the leading detractors. This holding was sold due to deteriorating fundamentals. Additionally, some of the underperformance resulted from not owning several transportation holdings that had strong performance.

    The Fund outperformed by the widest margin in consumer discretionary and health care. Outperformance in consumer discretionary was

driven by stock selection in the retailing and automobile and components industry groups. Key contributors to performance included movie subscription service provider Netflix Inc. (“Netflix”). and automotive components supplier TRW Automotive Holdings Corp. (“TRW”) While the Fund continues to own TRW, Netflix was sold due to concerns about high valuation levels.

    Outperformance in health care was driven primarily by stock selection in the pharmaceuticals industry group. Several holdings including Biovail Corp. and OSI Pharmaceuticals Inc. benefited from strong price appreciation following the announcement that they would be acquired. The Fund sold the positions in both stocks, locking in gains for shareholders.

    At the close of the year, the largest overweights versus the Fund’s benchmark included energy, semiconductors, banks and consumer services. The largest underweights included pharmaceuticals/ biotechnology/ life sciences; consumer durables and apparel; real estate; and commercial and professional services.

JNL Invesco Funds (continued) Invesco Advisers, Inc.

Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but not do not reflect the deduction of insurance changes.

JNL Invesco Funds (continued) Invesco Advisers, Inc.

Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but not do not reflect the deduction of insurance changes.

JNL Ivy Asset Strategy Fund Ivy Investment Management Company

Market Summary: Economic conditions have improved dramatically over the last fiscal year. As the economic recovery gained momentum throughout 2010, investors rediscovered their appetite for risk. Stocks and bonds rallied as many economic indicators pointed to continued recovery and increasing stability in the U.S. economy. Investor confidence was further bolstered by stabilization of global credit markets and stronger than expected first and second quarter corporate profits. Optimism waned with the mid-year emergence of the European debt crisis and attendant fears of a double dip recession. That scenario, along with slowing U.S. economic growth and escalating concern about China’s ability to slow the pace of its economy, drove a sharp global correction. The tide seemed to turn in September, however, with slightly stronger economic data and optimism that mid-term elections

may drive more investor friendly changes in Washington. Stocks rallied in the third quarter and received an additional boost when President Obama signed into law a politically divisive tax deal that extended the Bush era tax cuts. As the year wound to a close, the U.S. Federal Reserve began a second phase of quantitative easing. The U.S. markets responded very favorably, as the major indexes posted impressive gains and Wall Street racked up its fourth largest profit for the year. The outlook for global markets in 2011 is also improving as many governments and central banks moved away from fiscal policies and began to work in their own self interests. Nonetheless, serious challenges remain. U.S. unemployment remains high and the housing market continues to struggle.

JNL/Ivy Asset Strategy Fund

Sector Weightings*:

Consumer Discretionary	27.2	%
Information Technology	13.7
Financials	13.3
Precious Metals	11.5
Energy	8.1
Materials	5.7
Industrials	5.6
Consumer Staples	2.7
Telecommunication Services	0.8
Purchased Options	0.7
Health Care	0.2
Short Term Investments	10.5
Total	100.0	%

*Total Investments at December 31, 2010

Portfolio Manager Commentary: For the year ended December 31, 2010, the JNL/Ivy Asset Strategy Fund underperformed its benchmark by posting a return of 9.81% for Class A shares compared to 15.06% for the S&P 500 Index.

    The Fund continues to use gold as a hedge against currency depreciation, which contributed significantly to performance during the year. The Fund also employed forward foreign currency contracts as a defensive hedge to back

the Fund’s base currency, the U.S. dollar. The purpose of this hedging strategy is to insulate the Fund from adverse currency movements. All currency exposures are marked to market daily and therefore the risks of the forwards are the same as the risk of the underlying currency. The Fund also used equity derivatives to help cushion volatility. However, given the strong performance of equities during the year, the derivatives ultimately restrained the Fund’s performance.

    The Fund has little exposure to fixed income products and continues to favor the equity side of the ledger as gross and free cash flow yields and price-to-sales ratios remain very reasonable relative to their fixed income or corporate cousins.

    All sectors contributed to the Fund’s absolute returns. Sectors that contributed the most to absolute performance during the quarter were industrials and consumer discretionary. Top individual holdings in absolute terms included gold bullion and Wynn Resorts Ltd., a Nevada-based operator of high end resorts and casinos. The Fund’s underweight exposure and untimely stock selection in health care detracted the most from performance. The Fund added to it’s energy and technology holdings. It remains geographically diverse,

with sector overweights in technology and consumer durables.

    Looking forward, we are cautiously optimistic. We anticipate global gross domestic product (“GDP”) will be somewhere in the order of 5 to 6%. Broken out, we think China will see 8 to 9% GDP growth, with U.S. GDP reaching 3.5 to 4% during the first part of the year and winding down to 3% by year end. We anticipate the eurozone will likely grow about 1%, with Germany, its strongest economy, continuing to grow at accelerating rates. Here in the U.S., capital spending has returned with some vigor off a pretty low base, and we are seeing signs of company reinvestment that we believe will lead to positive inventory cycles. We think trade will be a positive contributor. Finally, we anticipate that U.S. interest rates will remain on hold, quite possibly through 2012, and the threat of inflation is real for some emerging markets, which will act as a governor on their returns.

Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but not do not reflect the deduction of insurance changes.

JNL JPMorgan Funds J.P. Morgan Investment Management Inc.

Market Summary: Despite a year marred by various economic and political concerns, not to mention considerable market volatility, U.S. stocks managed to post healthy gains in 2010. A struggle between the macro and micro environment was the overriding theme in 2010, pulling the market violently in different directions for much of the year. It wasn’t until the U.S. Federal Reserve’s (the “Fed”) announcement in late August of further quantitative easing, by promising to buy some $600 billion of U.S. Treasuries, that the market began its relatively uninterrupted advance.

    Generally favorable economic data helped drive continued spread contraction in non Treasury sectors. The Fed maintained its stance on interest

rates with a target of 0.00% to 0.25% throughout 2010 and investors continued to venture back into assets that offered more attractive returns.

    Global equity markets were plagued by volatility throughout much of 2010. The sovereign debt crisis in Europe, combined with regulatory and economic uncertainty, weighed constantly on investor confidence. Despite all the gyrations, however, markets ultimately closed the year on a positive note thanks to strong corporate earnings, a resurgence in merger and acquisition activity, evidence of continued economic recovery and indications that policymakers would do what they could to keep the global recovery going.

JNL/JPMorgan International Value Fund

Sector Weightings*:
Financials	24.3	%
Industrials	15.2
Telecommunication Services	10.5
Energy	8.6
Consumer Discretionary	8.0
Information Technology	7.5
Utilities	6.8
Materials	5.9
Health Care	5.5
Consumer Staples	2.4
Short Term Investments	5.3
Total Investments	100.0	%
*Total Investments at December 31, 2010

Portfolio Manager Commentary: For the year ended December 31, 2010, the JNL/JPMorgan International Value Fund outperformed its benchmark by posting a return of 7.58% for Class A shares compared to 3.25% for the MSCI

EAFE Value Index.

    At the sector level, the Fund’s holdings in industrial cyclicals and energy contributed most to performance, while consumer nondurables and health care weighed on returns during the year. Regionally, stock selection in Continental Europe and the United Kingdom benefited results, while Japan and an underweight in the Pacific Rim detracted. Currency forwards did not materially add or subtract value to the Fund due to the small position weightings, but is used for risk management purposes.

    Lanxess AG, the German specialty chemical company, did well on the back of improving economic conditions, strong demand for synthetic rubber, tight cost controls and the operating leverage that usually characterizes many chemical companies. Lafarge SA, the French construction materials company, was a major detractor. Weak earnings and concerns about the company’s $15

billion debt burden – a result of its 2008 takeover of Orascom Construction’s cement operations – weighed on the stock, which was sold during the year.

    The Fund purchased Toyota Motor Corp., Telefonica SA, Allianz SE, AXA SA, QBE Insurance Group Ltd. and KDDI Corp. The Fund sold Toyota Motor Corp., AXA SA, Banco Santander SA, UniCredit SpA, Mitsubishi Corp. and LG Electronics Inc.

    Sector deviations are controlled and any changes in regional weights reflect bottom up stock selection decisions. The Fund lowered its overall weight in financials, but this was a result of stock selection decisions.

    The Fund’s strategy remains unchanged. We continue to focus on identifying the most attractive ‘value’ names within each sector, utilizing the proprietary estimates and forecasts generated by our in house team of research analysts.

JNL/JPMorgan MidCap Growth Fund

Sector Weightings*

Information Technology	26.6	%
Industrials	18.0
Consumer Discretionary	16.8
Health Care	10.8
Financials	9.3
Energy	5.8
Materials	3.2
Telecommunication Services	0.8
Consumer Staples	0.5
Short Term Investments	8.2
Total Investments	100.0	%

*Total Investments at December 31, 2010

Portfolio Manager Commentary: For the year ended December 31, 2010, the JNL/JPMorgan MidCap Growth Fund underperformed its benchmark by posting a return of 25.60% for Class A shares compared to 26.38% for the Russell Midcap Growth Index

    For the year, the market’s performance was widespread as every industry sector posted positive returns, led by the more economically sensitive

consumer discretionary and industrials sectors. Lagging for the year were defensive utilities, and also health care, where the weight of regulatory concerns proved too great to overcome. Stock selection in producer durables and energy contributed to performance. Stock selection in financial services and technology detracted from performance.

    Among the top contributors was Biovail Corp., a specialty pharmaceutical company, which benefitted from the merger announcement with Valeant Pharmaceuticals. Netflix Inc. reported strong quarterly results with positive subscriber retention from a rapid increase in online streaming utilization. Alternatively, Equinix Inc., a global network data center servicer, detracted after lowering its 2010 revenue guidance due to deeper pricing discounts to existing customers. Thoratec Corp., a manufacturer of mechanical supports for the heart, was also a major detractor following an announcement that a competitor’s experimental heart pump showed favorable results in trials, raising concerns that Thoratec could lose market

share.

    Over the year the Fund made some changes to its portfolio. The most significant purchases included holdings in McDonald’s Corp., O’Reilly Automotive, W.W. Grainger Inc., Novo-Nordisk and Union Pacific Corp. The most significant sales included liquidating positions in MasterCard Inc., Visa Inc., Microsoft Corp., Hewlett-Packard and Colgate-Palmolive Co.

    Over the past year, the Fund increased its consumer discretionary and producer durables weightings and decreased those in financial services and consumer staples.

    We continue to have a constructive view on the market and economy as we enter 2011. Gross domestic product (“GDP”) estimates for fourth quarter have risen and 2011 estimates are now being revised upwards. While the average forecast is not calling for robust economic growth, we think it will be enough to continue rebuilding confidence, investments and ultimately job growth.

JNL JPMorgan Funds (continued) J.P. Morgan Investment Management Inc.

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

Sector Weightings*:

U.S. Government Agency
Mortgage-Backed Securities	55.4	%
Government Securities	33.3
Non-U.S. Government Agency ABS	3.5
Financials	0.7
Short Term Investments	7.1
Total Investments	100.0	%

*Total Investments at December 31, 2010

Portfolio Manager Commentary: For the year ended December 31, 2010, the JNL/JPMorgan U.S. Government & Quality Bond Fund outperformed its benchmark by posting a return of 7.34% for Class A Shares compared to 5.52% for the Barclays Capital U.S. Government Bond Index.

    The Fund’s concentration in agency and non-agency mortgage-backed securities (“MBS”) contributed to performance as the benchmark, composed solely of Treasury and agency securities, trailed throughout the year. Security

selection within both sectors also helped drive performance. Asset-backed securities (“ABS”) and commercial mortgage-backed securities (“CMBS”) positions continued to perform well over the year as both sectors posted strong returns over Treasuries.

    Sector weightings remained fairly in line with their positioning at the end of 2009. The non-agency MBS position increased marginally over the year, while the agency collateralized mortgage obligation (“CMO”) allocation decreased marginally. Treasury and agency debt allocations were also slightly higher than at the end of 2009.

    Our baseline scenario continues to be that economic growth will remain tepid. However, recent strength in global production surveys suggests there is upside risk to this forecast, despite eurozone sovereign debt concerns. In the U.S., the average work week and hours worked have paused from their recent pace of increase, suggesting significant hurdles remain before employment increases meaningfully. While job growth

should improve, the unemployment rate is likely to remain elevated above 9.0% through 2011. We also believe that core inflation will remain at the low end of the Fed comfort zone for the next year.

    The Fed’s asset purchase program is not likely to be conditional on a short period of improved economic data. The Fed’s actions will probably continue to be driven by the employment gap, the inflation gap and inflation expectations. To date, the level of inflation expectations have reacted favorably to Fed purchases while the pace of realized inflation has remained disappointing. Even though consumer spending is showing preliminary signs of picking up, our expectation is that consumption will not be sufficient for the Fed to consider ending its purchase program earlier than planned.

    Stronger economic growth in fourth quarter along with the additional fiscal stimulus from the tax cut extension has caused us to revise upward our GDP forecast for 2011 from 2.5 to 3.5%.

JNL JPMorgan Funds (continued) J.P. Morgan Investment Management Inc.

Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but not do not reflect the deduction of insurance changes.

Fund of Funds Jackson National Asset Management, LLC

JNL/Franklin Templeton Founding Strategy Fund

Portfolio Manager Commentary: For the year ended December 31, 2010, the JNL/Franklin Templeton Founding Strategy Fund underperformed its benchmarks by posting a return of 10.39% for Class A shares compared to the 15.06% return for the S&P 500 Index and 11.76% for the MSCI World Index. The investment objective of the Fund is capital appreciation. The Fund seeks to achieve its objective by investing approximately equal allocations in the three following Funds: JNL/Franklin Templeton Income Fund, JNL/Franklin Templeton Global Growth Fund and JNL/Franklin Templeton Mutual Shares Fund (“Underlying Funds”). The Underlying Funds performance

contributed to the results of the Fund proportionally based on relative value to the Fund throughout the year. For the year ended December 31, 2010, the average daily investment in each Underlying Fund was 34.79% for the JNL/Franklin Templeton Income Fund, 33.00% for the JNL/Franklin Templeton Global Growth Fund and 32.21% for the JNL/Franklin Templeton Mutual Shares Fund. The performance and investment objectives of the Underlying Funds are discussed elsewhere in this report.

JNL/Mellon Capital Management 10 x 10 Fund

Portfolio Manager Commentary: For the year ended December 31, 2010, the JNL/Mellon Capital Management 10 x 10 Fund underperformed its benchmark by posting a return of 16.43% for Class A shares compared to 16.93% for the Russell 3000 Index. The investment objective of the Fund is capital appreciation and income. The Fund seeks to achieve its objective by investing in the following Funds: JNL/Mellon Capital Management JNL 5 Fund, JNL/Mellon Capital Management S&P 500 Index Fund, JNL/Mellon Capital Management S&P 400 MidCap Index Fund, JNL/Mellon Capital Management Small Cap Index Fund, JNL/Mellon Capital Management International Index Fund and JNL/Mellon Capital Management Bond Index Fund (“Underlying Funds”). The Underlying Funds performance contributed

to the results of the Fund proportionally based on the relative value to the Fund throughout the year. For the year ended December 31, 2010, the average daily investment in each Underlying Fund was 49.98% for the JNL/Mellon Capital Management JNL 5 Fund, 9.85% for the JNL/Mellon Capital Management S&P 500 Index Fund, 10.40% for the JNL/Mellon Capital Management S&P 400 MidCap Index Fund, 10.29% for the JNL/Mellon Capital Management Small Cap Index Fund, 9.35% for the JNL/Mellon Capital Management International Index Fund and 10.13% for the JNL/Mellon Capital Management Bond Index Fund. The performance and investment objectives of the Underlying Funds are discussed elsewhere in this report.

Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but not do not reflect the deduction of insurance changes.

Fund of Funds (continued) Jackson National Asset Management, LLC

JNL/Mellon Capital Management Index 5 Fund

Portfolio Manager Commentary: For the year ended December 31, 2010, the JNL/Mellon Capital Management Index 5 Fund underperformed its benchmark by posting a return of 15.78% for Class A shares compared to 16.93% for the Russell 3000 Index. The investment objective of the Fund is capital appreciation. The Fund seeks to achieve its objective by investing in the following Funds: JNL/Mellon Capital Management S&P 500 Index Fund, JNL/Mellon Capital Management S&P 400 MidCap Index Fund, JNL/Mellon Capital Management Small Cap Index Fund, JNL/Mellon Capital Management International Index Fund and JNL/Mellon Capital Management Bond Index Fund (“Underlying Funds”). The Underlying Funds performance contributed

to the results of the Fund proportionally based on the relative value to the Fund throughout the year. For the year ended December 31, 2010, the average daily investment in each Underlying Fund was 19.69% the JNL/Mellon Capital Management S&P 500 Index Fund, 20.79% for the JNL/Mellon Capital Management S&P 400 MidCap Index Fund, 20.58% for the JNL/Mellon Capital Management Small Cap Index Fund, 18.70% for the JNL/Mellon Capital Management International Index Fund and 20.24% for the JNL/Mellon Capital Management Bond Index Fund. The performance and investment objectives of each underlying Fund are discussed elsewhere in this report.

JNL/S&P 4 Fund

Portfolio Manager Commentary: For the year ended December 31, 2010, the JNL/S&P 4 Fund underperformed its benchmark by posting a return of 13.79% for Class A shares compared to 15.06% for the S&P 500 Index. The investment objective of the Fund is capital appreciation. The Fund seeks to achieve its objective by investing in the following Funds: JNL/S&P Competitive Advantage Fund, JNL/S&P Dividend Income & Growth Fund, JNL/S&P Intrinsic Value Fund and JNL/S&P Total Yield Fund (“Underlying Funds”). The Underlying Funds performance contributed to the results of

the Fund proportionally based on the relative value to the Fund throughout the year. For the year ended December 31, 2010, the average daily investment in each Underlying Fund was 24.22% for the JNL/S&P Competitive Advantage Fund, 25.37% for the JNL/S&P Dividend Income & Growth Fund, 25.35% for the JNL/S&P Intrinsic Value Fund and 25.06% for the JNL/S&P Total Yield Fund. The performance and investment objectives of each underlying Fund are discussed elsewhere in this report.

Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but not do not reflect the deduction of insurance changes.

JNL Lazard Funds Lazard Asset Management, LLC

Market Summary: The U.S. stock market posted robust returns in 2010 as economic growth continued to slowly improve. Although volatile, particularly in the second quarter, the Russell Midcap Index (“Russell Midcap”) gained 25.48% during the year. As 2010 progressed, the U.S. economy was healing, as gross domestic product (“GDP”) improved, many companies reported strong earnings and cash rich balance sheets, manufacturing expanded, exports reverted to levels seen before the financial crisis and retail sales returned to where they were before the recession began in 2007. In November, the U.S. Federal Reserve Board (the “Fed”) announced a second round of quantitative easing, which can be viewed as a means to increase demand and reduce the risk of deflation. In this round of easing, the Fed will purchase approximately $110 billion in short and long term Treasuries per month through the second quarter of 2011. However, concerns about the economy remain, as the unemployment rate continues to stagnate and home prices remain weak.

    News from abroad also affected the market throughout the year, particularly geopolitical concerns about sovereign debt levels in Europe. Both Greece and Ireland agreed to rescue packages from the European Union and the International Monetary Fund (“IMF”); however, the bailouts have not fully stemmed fears of contagion in other eurozone countries. China raised interest rates twice in the fourth quarter, the first rate increases in nearly three years, which dampened investors’ sentiment.

    Each sector in the Russell Midcap rose this year. Consumer discretionary and industrials, which are generally considered cyclicals, posted the largest gains in the Russell Midcap. Utilities and health care, typically seen as more defensive in nature, posted the lowest returns.

    Despite intermittent periods of optimism, followed by concern about global growth, shares in emerging markets experienced a respectable 2010, largely due to the monetary policies of the world’s central banks. For example, the Fed engaged in another phase of quantitative easing towards year end. Considerable market weakness occurred due to fiscal crises in Greece early in the year and Ireland’s economic troubles in December. Although two countries, Hungary and the Czech Republic, finished lower over the year, all other major developing nations’ markets rose and demonstrated

considerable strength in many cases. Major rises were witnessed in markets such as Thailand, Chile, Colombia and Peru, despite political strife, earthquakes, and global economic instability. The MSCI Emerging Markets Index increased by 18.88% during the year, as shares in Asia considerably outperformed stocks in Eastern Europe or Latin America.

    Across Asia, excellent performance in information technology aided Taiwanese shares, which recorded strong relative price movements in the region. Pakistani stocks rebounded powerfully following the devastating floods in the third quarter. Thai and Malaysian shares finished sharply higher despite ongoing political disharmony in Thailand and due to the prospect of greater capital markets activity, in the form of possible privatizations, in Malaysia. Indonesian and Philippine equities experienced a continuing period of strong performance. Chinese shares, harmed by concerns over real estate prices and industrial production, performed relatively poorly.

    All Latin American markets witnessed significant rises over the year. Argentinean, Chilean and Peruvian shares were the best performers, helped by strong commodity prices and the aftermath of a debt renegotiation in Argentina. Mexican stocks also rose strongly, helped by the improving U.S. economic outlook. Brazilian shares rose by a more modest amount, held back by the record size of Petroleo Brasileiro SA – Petrobras’ secondary offering and despite the election of Dilma Rousseff as president.

    Mixed performance was registered across most of Eastern Europe, the Middle East and Africa. Share prices rose sharply in South Africa and Russia towards year end as commodity prices rose and investor concerns over changes in the taxation treatment of oil in Russia appeared to dissipate. Despite buoyant economic conditions, Turkish stocks experienced considerable profit taking after a period of impressive performance, due to a weaker lira caused by a reduction in money market rates. Hungarian and Czech equities fell, and Polish shares finished modestly higher over the year as the European fiscal crises negatively impacted conditions.

    All sectors in the MSCI Emerging Markets Index finished the year higher. Consumer discretionary, consumer staples, industrials, health care and materials outperformed the MSCI Emerging Markets Index. Utilities, energy and telecommunication services were the weakest performers over the year.

JNL/Lazard Emerging Markets Fund

Sector Weightings*:

Financials	22.2	%
Information Technology	17.6
Materials	15.5
Consumer Staples	10.8
Telecommunication Services	8.8
Industrials	5.1
Consumer Discretionary	5.0
Energy	4.8
Utilities	1.3
Short Term Investments	8.9
Total Investments	100.0	%

*Total Investments at December 31, 2010

Portfolio Manager Commentary: For the year ended December 31, 2010, the JNL/Lazard Emerging Markets Fund outperformed its benchmark by posting a return of 21.91% for Class A

shares compared to 18.88% for the MSCI Emerging Markets Index

    The Fund benefited from positive stock selection in 2010. Top contributors during the year included: HTC Corp., a Taiwanese smart phone designer and manufacturer, performed well on the successful introduction of new products; Souza Cruz SA, a Brazilian tobacco company, benefited from strong operating trends; and Kumba Iron Ore Ltd., a South African iron ore producer, rose on sharply higher iron ore prices. In addition, energy and financials added value as well as Brazil. A lower than benchmark exposure to energy and China helped performance while a higher than benchmark exposure to consumer staples also added value.

    In contrast, a lower than benchmark exposure to Malaysia hurt performance. Stock selection

within telecommunication services, and within Korea, detracted from returns over the year including Hite Brewery Co. Ltd., a Korean beer producer, which experienced profit taking on expectation of lower volumes and concerns over corporate structure. Finally, shares of Redecard SA, a Brazilian credit card operator, declined on disappointing earnings results.

    Despite recent strength, we continue to be reasonably optimistic about emerging markets, especially in the long term. Very considerable investor inflows and corporate issuance somewhat temper our enthusiasm for the immediate term. Therefore, we believe those with long term objective should maintain an exposure in this asset class, especially in more conservative strategies, and to consider adding on weakness.

JNL Lazard Funds (continued) Lazard Asset Management, LLC

JNL/Lazard Mid Cap Equity Fund

Sector Weightings*:
Consumer Discretionary	15.2	%
Financials	14.4
Industrials	13.4
Information Technology	13.1
Energy	10.1
Materials	8.3
Consumer Staples	8.0
Health Care	7.1
Utilities	4.3
Short Term Investments	6.1
Total Investments	100.0	%

*Total Investments at December 31, 2010

Portfolio Manager Commentary: For the year ended December 31, 2010, the JNL/Lazard Mid Cap Equity Fund underperformed its benchmark by posting a return of 23.07% for Class A shares compared to 25.48% for the Russell Mid-Cap^® Index

    Stock selection in materials contributed to performance. Shares of Cliffs Natural Resources

Inc. (“Cliffs”), a coal and iron ore mining company, increased on the back of strong commodity process. Additionally, Cliffs benefited from a strong balance sheet and attractive free cash flow. Stock selection in financials also helped returns. Shares of Ameriprise Financial Inc., a leading financial planning and services firm, gained as the company integrated its acquisition of Columbia Asset Management LLC and margins increased in all divisions. We believe that while the company’s profitability has improved, it still has the ability to further increase. In contrast, stock selection in health care detracted from performance. Shares of Zimmer Holdings Inc. (“Zimmer”), one of the leading players in the orthopedic space, fell on softening demand as persistently high unemployment forced those without medical coverage to delay procedures. However, Zimmer has a strong product portfolio with well known brands in an industry with high barriers to entry. Stock selection in consumer staples also hurt returns. Ralcorp Holdings Inc. (“Ralcorp”), the largest private label

food company in the United States, lagged other consumer staples names on market worries about input cost inflation and the heavier than expected discounting of branded labels. However, we believe that Ralcorp’s profitability will improve as the structural growth of private label industry and pricing trends continue to improve.

    As uncertainty regarding the outlook has decreased through 2010 and as investors have begun to reengage riskier assets such as equities, we see hope for continued good news. We believe the combination of improved visibility, fiscal stimulus, and monetary stimulus is likely to lead to meaningful economic growth in the U.S. in 2011, with potential for strength to be sustained into 2012. While we see strength in aggregate indicators, we expect substantial differentiation in performance amongst and within asset classes and different sectors.

Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but not do not reflect the deduction of insurance changes.

	JNL M&G Funds
	M&G Investment Management Limited

Market Summary: The first half of 2010 was volatile, as investors’ concerns over the euro area sovereign risks led to periods of sharp falls in equity prices, followed by strong rallies. Government debt troubles in Greece escalated during the second quarter, culminating in a $1.2 trillion rescue package from the European Union and the International Monetary Fund in May. How-ever, the improved sentiment towards the peripheral eurozone was short lived and yields on sovereign debt from Ireland, Spain, Portugal and Italy continued to rise. The summer months were characterized by risk aversion as fears mounted that the worldwide economic recovery was losing steam.

This was based on U.S. data showing higher than expected new jobless claims and concerns over a slowdown in China. However, equities broke out of this lull to perform well in the second half of the year thanks to more robust economic figures from the U.S. and the announcement that the U.S. Federal Reserve would restart quantitative easing by purchasing assets worth $600 billion. In addition, quarterly earnings from many companies came out in line or above consensus estimates. Equities rallied towards the year end on the back of heightened recovery expectations, with investors less worried about the eurozone contagion risk and a double dip recession.

JNL/M&G Global Basics Fund

Sector Weightings*:

Materials	32.8	%
Consumer Staples	19.1
Industrials	16.0
Energy	7.9
Consumer Discretionary	7.9
Health Care	2.9
Financials	2.6
Short Term Investments	10.8
Total Investments	100.0	%
*Total Investments at December 31, 2010

Portfolio Manager Commentary: For the year ended December 31, 2010, the JNL/M&G Global Basics Fund outperformed its benchmark by posting a return of 23.19% for Class A shares compared to 12.73% for the FTSE World Index.

The Fund performed well versus its bench-mark during a rollercoaster 12 months characterised by sharp falls and significant gains in global equity markets.

Against this backdrop, stock selection and sector positioning were both positive. Exposure to a number of stocks in the materials and consumer goods – areas where the Fund is significantly overweight – added value. In particular, the rising price of many commodities, including gold, silver, nickel and copper, contributed to the excellent return from miners. These included Australian mineral sands producer Iluka Resources Ltd. and UK listed silver and gold firm Hochschild Mining Plc (“Hochschild Mining”), a new addition during the year.

Gold and precious metals producers were a key focus of Fund management’s investment activity during the year, although the Fund’s gold weighting remains relatively small. Aside from Hochschild Mining, a position in Canadian company Centerra Gold Inc. was also initiated. These are value creating businesses that Fund management believes can produce profitable returns and sustainable production growth over the longer

term, irrespective of volatility in the price of gold. Outside raw materials, Fund management in-vested in a number of other new ideas, including U.S. businesses Fluor Corp., a globally diversified construction firm, and agricultural producer Monsanto Co. The Fund also invested in Boral Ltd., an Australian company that produces bricks, concrete and other building supplies. These are companies that Fund management believes are well positioned to benefit from increasing demand for their goods or services, particularly in less developed parts of the world. Furthermore, they help to illustrate the variety of “global basic” stocks that Fund management believes can add value to the Fund’s performance.

By investing in companies such as these, Fund management believes that the Fund can continue to reap the rewards from an ongoing multi generational shift in economic power from the more developed “West” to faster growing emerging markets in the “East”.

JNL/M&G Global Leaders Fund

Sector Weightings*:

Information Technology	22.0	%
Financials	17.2
Industrials	16.4
Energy	9.1
Materials	7.7
Consumer Staples	7.6
Health Care	7.3
Consumer Discretionary	4.2
Telecommunication Services	3.9
Utilities	1.2
Short Term Investments	3.4
Total Investments	100.0	%
*Total Investments at December 31, 2010

Portfolio Manager Commentary: For the year ended December 31, 2010, the JNL/M&G Global Leaders Fund outperformed its bench-mark by posting a return of 13.13% for Class A shares compared to 12.73% for the FTSE World Index.

The Fund’s outperformance was driven by good stock picking, especially within U.S. companies and oil & gas producers, where holdings in Mariner Energy Inc. (“Mariner”) and Forest Oil Corp. added value. They performed well thanks

to strong production and firmer oil prices. Shares in Mariner also benefited from news that the company would be taken over by rival Apache Corp. An overweight position in industrial goods & services was also helpful with shares in U.S. specialty steel product maker, Timken Co., rising due to a rebound in the automobile industry, one of the company’s main markets.

Conversely, stock selection within personal goods disappointed with a stake in U.S. clothing retailer The Jones Group Inc. detracting on the back of lower than expected results. U.S. tax preparation business H&R Block Inc. (“H&R Block”) came under pressure because of the resignation of its CEO while the company also continued to face difficulties posed by the persistently high U.S. unemployment rate. Both positions were closed.

During the year, Fund management established stakes in U.S. bank Citigroup Inc. (“Citigroup”) and life insurer Principal Financial Group Inc. (“Principal”), which reduced the Fund’s underweight in financials. Fund management expects Citigroup to experience higher returns due to the ongoing reorganization, which includes shedding noncore assets, while Principal

should benefit from its market leading position in bundled retirement plans. The Fund’s overweight in technology was further increased through investments in Hong Kong based China Communications Services Corp. Ltd. and U.S. listed QUALCOMM Inc. On the other hand, the Fund’s overweight in retailers was decreased by closing positions in above mentioned H&R Block, U.S. home improvement chain Home Depot Inc. and French supermarket operator Carrefour SA.

As confidence continues to return to stock markets, Fund management believes that the economic recovery is beginning to take on a self re-enforcing footing. While Fund management is conscious that risks remain, including a negative economic shock that could see a repeat of the risk aversion, Fund management considers this unlikely. As a result, microeconomic considerations should become more significant and thereby support the current downward trend in stock correlations. Ultimately Fund management believes that successful stock picking will be the key driver of returns and remains committed to a disciplined investment process focused on return on capital.

	JNL M&G Funds (continued)
	M&G Investment Management Limited

Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but not do not reflect the deduction of insurance changes.

	JNL Mellon Capital Management Funds
	Mellon Capital Management Corporation

Market Summary: On the heels of a strong fourth quarter, U.S. stocks finished 2010 with double digit returns for the second consecutive year. Stock prices benefited from optimism that economic growth will accelerate and bolster already strong corporate earnings and from the U.S Federal Reserve’s (“Fed”) decision to initiate a second round of quantitative easing. The S&P 500 Index rose 10.8% in the fourth quarter, and 15.1% for 2010. Small-cap stocks outperformed all capitalization sectors during 2010, as the Russell 2000 Index gained 26.9% during 2010, while growth stocks outperformed value. Consumer discretionary and industrials were the best performing sectors in

International markets also gained during 2010, though there was wide dispersion among developed country markets due to euro area sovereign debt concerns and the performance of the U.S. dollar. The U.S. dollar ex-perienced significant volatility during 2010, strengthening when investors searched for safe havens during the euro area sovereign problems and fall-

ing when investors set concerns aside and focused on economic growth. The MSCI EAFE Index returned 7.8% for 2010 in USD terms and 4.8% on a local basis. Outperformers on a local basis included Denmark (40.0%) and Sweden (25.9%). Greece (-41.0%), Spain (-16.5%) and Ireland (-12.4%) underperformed.

Despite a challenging fourth quarter, U.S. fixed income markets produced another solid year of performance. The Fed implemented another round of quantitative easing late in the year to keep interest rates low and stimulate the economy. However, investors sold Treasuries on concerns that adding more liquidity could prove inflationary, causing the 10-year Treasury yield to go from a 12-month low of 2.4% in October to 3.5% in mid December. The yield of the bellwether 10-year Treasury note fell for the entire year, from 3.9% to 3.3% at year end. The Barclays Capital U.S. Aggregate Bond Index gained 6.5% percent for 2010.

JNL/Mellon Capital Management European 30 Fund

Sector Weightings*:

Health Care	25.7	%
Financials	17.4
Telecommunication Services	12.7
Utilities	10.9
Energy	9.1
Industrials	7.9
Consumer Discretionary	6.1
Materials	4.0
Consumer Staples	3.5
Investment Companies	1.7
Short Term Investments	1.0
Total Investments	100.0	%
*Total Investments at December 31, 2010

Portfolio Manager Commentary: For the year ended December 31, 2010, the JNL/Mellon Capital Management European 30 Fund under-

performed its benchmark by posting a return of 2.13% for Class A shares compared to 3.88% for the MSCI Europe Index.

Companies that contributed to the Fund’s performance included: Societe BIC SA, a manufacturer of pens, pencils, lighters, shavers, and correcting fluid, gained as the company’s net sales for nine months were up 7.2% and earnings per share were up 33.9% compared to a year ago. Hannover Rueckversicherung AG (“Hannover”), Germany’s second largest reinsurer, gained during the year as Enstar Group Ltd., a Bermuda based insurance management provider, agreed to buy Clarendon National Insurance Co. from Hannover for $200 million.

Companies that detracted from the Fund’s performance included: Roche Holding AG, developer and manufacturer of pharmaceutical and

diagnostic products, slipped in its market position this year after a U.S. advisory panel urged authorities in July to revoke its label in advanced breast cancer treatment. Sales at the company were also hit by a sharp fall in demand for the influenza vaccination after last year’s swine flu pandemic abated. RWE AG (“RWE”), which generates, distributes, and trades electricity to municipal, industrial, commercial, and residential customers, lost as German prosecutors searched RWE in a raid of 230 offices and homes to investigate 180 million euros ($238 million) of tax evasion linked to emissions trading. In addition, the company is poised to cut dividends and in-vestment because proposed taxes on nuclear reactors will erode utilities’ profits.

JNL/Mellon Capital Management Pacific Rim 30 Fund

Sector Weightings*:
Utilities	19.2	%
Telecommunication Services	18.1
Consumer Staples	15.6
Financials	12.4
Industrials	10.5
Health Care	8.5
Consumer Discretionary	5.3
Investment Companies	3.3
Materials	3.1
Short Term Investments	4.0
Total Investments	100.0	%
*Total Investments at December 31, 2010

Portfolio Manager Commentary: For the year ended December 31, 2010, the JNL/Mellon Capital Management Pacific Rim 30 Fund under

performed its benchmark by posting a return of 12.89% for Class A shares compared to 15.92% for the MSCI Pacific Index.

Companies that contributed to the Fund’s performance included: Hong Kong Aircraft Engineering Co. Ltd. (“HAECO”), Hong Kong’s largest aircraft service company maintaining and over-hauling commercial aircrafts, gained as travel demand rebounded and Swire Pacific Ltd offered HK$9.4 billion ($1.2 billion) to acquire the remaining shares of HAECO. CLP Holdings Ltd., Hong Kong’s largest power producer, gained amidst plans to bid for large coal fired plants in India and to sell shares in its local unit to fund projects to help reduce blackouts in the second most populous nation.

Companies that detracted from the Fund’s

performance included: Suzuken Co., Ltd., a subsidiary of Medca Japan Co. Ltd. which whole-sales and manufactures pharmaceutical products mainly to hospitals and practitioners, lost due to a reduction in the national health insurance drug price standard implemented in April 2010 and policies such as encouraging the use of generic pharmaceutical products to control medical expenses. Esprit Holdings Ltd., a worldwide clothier operating primarily in Europe, Asia Pacific and North America, lost because weaker consumer spending amidst a fragile economic recovery and rising unemployment drove sales down. The stock also fell when the company’s former chair-man, Michael Ying, sold his stake in the company in March.

	JNL Mellon Capital Management Funds (continued)
	Mellon Capital Management Corporation

JNL/Mellon Capital Management S&P 500 Index Fund

Sector Weightings*:
Information Technology	18.4	%
Financials	15.5
Energy	11.7
Industrials	10.7
Health Care	10.6
Consumer Staples	10.4
Consumer Discretionary	10.4
Materials	3.7
Utilities	3.2
Telecommunication Services	3.0
Diversified	0.1
Short Term Investments	2.3
Total Investments	100.0	%
*Total Investments at December 31, 2010

Portfolio Manager Commentary: For the year ended December 31, 2010, the JNL/Mellon

Capital Management S&P 500 Index Fund under-performed its benchmark by posting a return of 14.44% for Class A shares compared to 15.06% for the S&P 500 Index. Fund performance tends to differ from that of the benchmark due to the Fund’s operating and management expenses.

The Fund is an index fund. As such, its port-folio manager is not selecting specific stocks to own, but is trying to match the Fund’s overall stock weightings and characteristics to the S&P 500 Index stock weightings, while minimizing transaction costs.

Companies that contributed to the Fund’s performance included: Cummins Inc., a leading manufacturer of diesel and natural gas engines, gained as a result of the company’s solid position in global markets, especially Latin American and Asia, and amidst reports of improving earnings

and plans to add more workers. Wynn Resorts Ltd., engaged in the development, ownership, and operation of destination casino resorts and an industry leader, gained as a result of a re-bound in Las Vegas and as gambling revenue in the Chinese territory soared.

Companies that detracted from the Fund’s performance included: H&R Block Inc, the biggest U.S. tax preparation firm, fell as the CEO quit and the company lost its financial ability to provide customers with refund loans in 2011. Dean Foods Co., a food and beverage company in the U.S., was down as a result of rising commodity prices and a decline in consumer spending, especially as shoppers opted for cheaper store brands instead of the company’s premium brands.

JNL/Mellon Capital Management S&P 400 MidCap Index Fund

Sector Weightings*:
Financials	18.2	%
Industrials	15.0
Information Technology	14.5
Consumer Discretionary	13.2
Health Care	10.3
Materials	6.3
Energy	5.5
Utilities	5.4
Consumer Staples	3.3
Telecommunication Services	0.7
Short Term Investments	7.6
Total Investments	100.0	%
*Total Investments at December 31, 2010

Portfolio Manager Commentary: For the year ended December 31, 2010, the JNL/Mellon Capital Management S&P 400 MidCap Index Fund underperformed its benchmark by posting

a return of 25.83% for Class A shares compared to 26.64%% for the S&P MidCap 400 Index. Fund performance tends to differ from that of the benchmark due to the Fund’s operating and management expenses.

The Fund is an index fund. As such, its port-folio manager is not selecting specific stocks to own, but is trying to match the Fund’s overall stock weightings and characteristics to the S&P 400 MidCap Index stock weightings, while minimizing transaction costs.

Companies that contributed to the Fund’s performance included: Atmel Corp., engaged in semiconductor integrated circuit products and capacitive touch solutions, was up as the company posted accelerated sales growth resulting from increased demand for chips to power wildly popular touch screens and other computer gear. Chipotle Mexican Grill Inc., engaged in the devel-

opment and operation of fast-casual, fresh Mexican food restaurants in the U.S. and Canada, gained as the recovering economy led to a rally in restaurant stocks. The company experienced accelerated sales growth and increased earnings as higher traffic led to gains in same store sales.

Companies that detracted from the Fund’s performance included: Navigant Consulting Inc., a specialty consulting firm with dispute, investigative, business and economic consulting services, declined as the recession weighing heavily on the consulting industry and when the company posted adjusted earnings missing analyst’s expectations. Comstock Resources Inc., engaged in the acquisition, development, production and exploration of oil and gas properties in the U.S., declined amid struggles to reach their production targets because of the mismanagement of its supply of equipment and drilling teams.

JNL/Mellon Capital Management Small Cap Index Fund

Sector Weightings*:
Financials	18.0	%
Information Technology	16.3
Industrials	13.9
Consumer Discretionary	12.2
Health Care	10.8
Energy	5.6
Materials	5.0
Utilities	2.6
Consumer Staples	2.6
Telecommunication Services	0.8
Warrants	0.0
Short Term Investments	12.2
Total Investments	100.0	%
*Total Investments at December 31, 2010

Portfolio Manager Commentary: For the year ended December 31, 2010, the JNL/Mellon Capital Management Small Cap Index Fund underperformed its benchmark by posting a re-

turn of 26.32% for Class A shares compared to 26.86% for the Russell 2000 Index. Fund performance tends to differ from that of the benchmark due to the Fund’s operating and management expenses.

The Fund is an index fund. As such, its port-folio manager is not selecting specific stocks to own, but is trying to match the Fund’s overall stock weightings and characteristics to the Russell 2000 Index stock weightings, while minimizing transaction costs.

Companies that contributed to the Fund’s performance included: Acme Packet Inc., owning a 62% share of the market for session border controllers (“SBCs”) that enable interactive communications and data services across Internet protocol (“IP”) network borders worldwide, gained as a result of the fast growing market and a widening use of IP networks which are increasingly taking the place of traditional telephone networks

and being used to enable mobile technologies. Entropic Communications Inc. engaged in the de-sign, development, and marketing of systems solutions to enable connected home entertainment, rose in line with the increasing consumer demand for consistently cost effective and high performing video delivery technology.

Companies that detracted from the Fund’s performance included: Affymax Inc., a biopharmaceutical company engaged in the development of drugs for the treatment of serious and life threatening conditions, declined as a result of disappointing clinical results and a negative legal ruling on certain patents associated with the company’s experimental drug to treat anemia. First Bancorp Inc., provider of financial services and products in Puerto Rico, the U.S., and the British Virgin Islands, lost as problem loans mounted and the company continued to report quarterly losses and missed dividends.

	JNL Mellon Capital Management Funds (continued)
	Mellon Capital Management Corporation

JNL/Mellon Capital Management International Index Fund

Sector Weightings*:
Financials	22.0	%
Industrials	11.7
Materials	10.6
Consumer Discretionary	9.7
Consumer Staples	9.3
Health Care	7.5
Energy	7.3
Telecommunication Services	5.0
Utilities	4.7
Information Technology	4.6
Short Term Investments	7.6
Total Investments	100.0	%
*Total Investments at December 31, 2010

Portfolio Manager Commentary: For the year ended December 31, 2010, the JNL/Mellon Capital Management International Index Fund underperformed its benchmark by posting a

return of 6.81% for Class A shares compared to 7.75% for the MSCI EAFE Index. Fund performance tends to differ from that of the benchmark due to the Fund’s operating and management expenses.

    The Fund is an index fund. As such, its port-folio manager is not selecting specific stocks to own, but is trying to match the Fund’s overall stock weightings and characteristics to the MSCI EAFE Index stock weightings, while minimizing transaction costs.

    Companies that contributed to the Fund’s performance included: Orient Overseas International Ltd., a Hong Kong based company that owns and leases container ships, terminals and trans-port logistics, gained as investor sentiment in the global economy and international trade continued to improve. Third quarter revenue grew by 65.5% over the previous year due to increases in ton-

nage and pricing power. Isuzu Motors Ltd., a Japan based manufacturing company that primarily produces commercial vehicles, gained as a significant rebound in earnings surprised analysts in early 2010. The company quickly emerged from the recession and raised guidance and forecasts.

    Companies that detracted from the Fund’s performance included: The National Bank of Greece SA, a Greece based bank that offers a range of financial services, fell as Greek debt woes and concern over further contagion within the eurozone weighed on investor sentiment. Senshu Ikeda Holdings Inc., a holding company that owns and operates The Bank of Ikeda and The Senshu Bank, fell as the company lowered guidance and posted poor earnings as a result of credit related costs, a reversal of deferred assets and uncollectible receivables from a large credit line.

JNL/Mellon Capital Management Bond Index Fund

Sector Weightings*:
Government Securities	39.5	%
U.S. Government Agency
Mortgage-Backed Securities	30.0
Financials	8.7
Non-U.S. Government Agency
Asset-Backed Securities	2.6
Energy	1.8
Consumer Discretionary	1.4
Utilities	1.4
Consumer Staples	1.2
Telecommunication Services	1.2
Health Care	1.1
Industrials	1.1
Materials	1.0
Information Technology	0.7
Short Term Investments	8.3
Total Investments	100.0	%
*Total Investments at December 31, 2010

Portfolio Manager Commentary: For the year ended December 31, 2010, the JNL/Mellon Capital Management Bond Index Fund under-performed its benchmark by posting a return of 5.87% for Class A shares compared to 6.54% for the Barclays Capital U.S. Aggregate Bond Index. Fund performance tends to differ from that of the benchmark due to the Fund’s operating and management expenses.

The Fund is an index fund. As such, its portfolio manager is not selecting specific securities to own, but is trying to match the Fund’s overall weightings and characteristics to the Barclays Capital U.S. Aggregate Bond Index weightings, while minimizing transaction costs.

The investment objective of the Fund is to match the performance of its benchmark. The Fund is constructed utilizing a combination of stratified sampling, characteristics matching, and replication in order to match the key performance driving characteristics of its benchmark.

The performance difference to its benchmark was driven largely by the heavy inflows into the Fund during the year. The Fund grew in assets under management by close to $500 million, finishing the year at slightly over $1.3 billion under management. The inflows generated 9 bps in transaction costs, which detracted from the Fund’s performance. The Fund also had to contest with continued volatility in the fixed income markets in 2010, driven largely by a combination of the European debt crisis and the continued concerns with the U.S. economy. The volatility helped drive Treasury yields lower which also drove the spread tightening across the fixed income sectors throughout the year. The credit sector for example, returned 8.47% for the year, due both to a tightening in treasury yields and corporations holding record cash balances and strong balance sheets.

JNL/Mellon Capital Management Global Alpha Fund

Sector Weightings*:
Short Term Investments**	100.0	%
Total Investments	100.0	%
*Total Investments at December 31, 2010

Portfolio Manager Commentary: For the year ended December 31, 2010, the JNL/Mellon Capital Management Global Alpha Fund out-performed its benchmark by posting a return of 6.00% for Class A shares compared to 0.12% for the Citigroup 1-Month Treasury Bill Index.

    For 2010, the currency and bond allocation component strategies were the main alpha drivers. In the currency component, overweights to the Swedish krona, Swiss franc, and the Australian dollar were the largest alpha producers. Both the Swedish krona and Australian dollar outperformed the U.S. dollar after expectations for more

favorable economic climates in the global economy prompted investors to favor commodity and growth linked currencies, while interest rate hikes by the respective central banks also had positive impact on the currencies. The Swiss franc was another strong performer against the U.S. dollar after benefiting from its safe haven status as the euro tumbled due to sovereign concerns in the peripheral euro area countries. In the bond al-location component, an overweight to the U.S. and the Fund’s position in Japan were the largest alpha contributors. U.S. bonds outperformed for much of the year on flight to quality buying. The Fund’s positioning in Japanese bonds changed with the opportunities. The Fund held an under-weight during much of the year when Japanese bonds underperformed due to concerns about increasing supply and further quantitative easing.

The Fund was also able to capitalize on the rap-idly changing fundamentals by shifting its Japanese bond allocation which contributed alpha. Finally, the equity allocation component added modest alpha. An overweight to the UK and an underweight to Japan were the alpha drivers, while overweights to France and Spain detracted.

For the Fund’s strategy, we employ exchange traded stock and bond futures, which have the full backing of the respective exchange. We also employ over the counter (“OTC”) currency forwards to obtain long/short currency positions. Currency forward contracts are the most liquid and flexible means of obtaining currency exposure because of their customizable contract sizes and maturity dates. We employ derivatives because they have much lower trading costs.

** In general, the Fund uses derivatives as direct substitutites for investment in developed market stock indices, government bonds and currencies. Please refer to the Notes to the Schedules of Investments for the Fund’s derivative investments.

	JNL Mellon Capital Management Funds  (continued)
	Mellon Capital Management Corporation

Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but not do not reflect the deduction of insurance changes.

	JNL Mellon Capital Management Funds (continued)
	Mellon Capital Management Corporation

Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but not do not reflect the deduction of insurance changes.

	JNL Mellon Capital Management Funds (continued)
	Mellon Capital Management Corporation

Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but not do not reflect the deduction of insurance changes.

JNL Oppenheimer Fund OppenheimerFunds, Inc.

Market Summary: During the year, events on the global economic scale unfolded much as expected. There was a two speed recovery, with slow, subpar growth in the developed world and continued rapid growth in the emerging economies. We believe this is likely to persist for some time.

Growth rates in developed economies were hampered by efforts to significantly reduce heavy debt burdens as a result of years of overuse of leverage by both consumers and governments. Consumer debt in the U.S. generally continued to fall. Unemployment figures remained stubbornly high and housing markets in many economies, most significantly in the U. S.,

continued to struggle. Understandably, consumer confidence remained low. To add to the tumult, the eurozone’s debt crisis sent markets sharply lower over the spring and summer.

In contrast, emerging markets continued to witness very strong growth during the year. Indeed, growth was so strong that monetary policy tightened in order to rein in growth to sustainable levels and to keep a lid on inflation. High inflation, particularly in food prices, can put great pressure on economic, political and market stability in developing nations.

JNL/Oppenheimer Global Growth Fund

Sector Weightings*:
Information Technology	27.0	%
Consumer Discretionary	16.6
Financials	14.7
Industrials	13.5
Consumer Staples	7.9
Health Care	6.9
Energy	3.5
Telecommunication Services	2.1
Utilities	0.8
Materials	0.6
Short Term Investments	6.4
Total Investments	100.0	%
*Total Investments at December 31, 2010

Portfolio Manager Commentary: For the year ended December 31, 2010, the JNL/Oppenheimer Global Growth Fund outperformed its benchmark by posting a return of 15.38% for Class A shares compared to 11.76% for the MSCI World Index.

The Fund’s bottom up approach of investing led to overweight positions in information technology and consumer discretionary, where we have consistently found the most companies that have the potential to grow faster over the long term compared to the overall market. These two

sectors were the top two positive contributors to performance this year. Within information technology, the largest contributors were U.S. based companies, Intuit, Inc., Altera Corp. and Juniper Networks Inc.; the Indian business software and outsourcing giant Infosys Technologies Ltd.; and Swedish telecommunications giant, Telefonaktiebolaget LM Ericsson (“Ericsson”). In consumer discretionary, the greatest contributors to performance included French luxury goods group LVMH Moet Hennessy Louis Vuitton SA; cruise and vacation company Carnival Corp.; German automobile manufacturer Bayerische Motoren Werke AG (“BMW”); Spanish company Inditex SA, which is known worldwide for its Zara brand; and the Italian footwear manufacturer Tod’s SpA.

On the negative side, the greatest detractor from performance during the year was materials, where the Fund’s underweight position in the sector hurt performance. Despite the recent run up in some commodity prices, we do not foresee overall prices continuing to rise and, as a consequence, believe most materials stocks to be over-valued. We currently plan to remain underweight this sector. Energy also provided negative results due to investments in Transocean Ltd. (“Trans-ocean”) and Total SA.

At the country level, the U. S. was the strongest performer for the Fund closely followed by Germany. As a result of its exposure to BMW and electronics and electrical engineering company Siemens AG, the Fund outperformed its bench-mark. The Fund’s exposure to Sweden outper-formed with contributions from Ericsson and Assa Abloy AB. Switzerland was the greatest detractor to Fund performance because of poor showings by Credit Suisse Group AG and Transocean.

We believe the Fund is very well positioned at year end, and also believe our long term, thematic based investment process is well suited in the current environment. In our opinion, growth companies will become more valuable in a world where growth is a scarce commodity. We anticipate overall growth, particularly in the developed world, will continue to be subpar in the near term. We do not attempt to double guess the short term, but we are very confident in regard to the long term. Valuations are low by historic standards, particularly when measured against bonds. We are optimistic about the Fund’s holdings given present equity valuations.

Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but not do not reflect the deduction of insurance changes.

JNL PAM Funds

Prudential** Asset Management (Singapore) Limited

Market Summary: The stock markets of Asia ex-Japan climbed sharply for a second consecutive year in 2010 following the global financial crisis of 2008. Generally upbeat perceptions of the U.S. and Chinese economies offset concern about Europe’s debt problems and lifted the region higher in 2010.

The China and India markets posted smaller price gains after their strong rebound in 2009. Both posted steady economic growth where consumption

remained strong. Containing price rises and normalizing interest rate were key issues for both markets in 2010. The Reserve Bank of India raised the policy rate six times, totaling 150 basis points (“bps”), while the Chinese government was under pressure to revalue the Chinese yuan to reflect its economic fundamentals and as a result, the People Bank of China upped its lending rate twice, a total of 50 bps.

JNL/PAM Asia ex-Japan Fund

Sector Weightings*:
Financials	30.0	%
Information Technology	19.5
Industrials	13.0
Energy	8.4
Materials	8.0
Telecommunication Services	6.4
Consumer Staples	3.2
Utilities	2.9
Consumer Discretionary	2.5
Health Care	1.7
Rights	0.0
Warrants	0.0
Short Term Investments	4.4
Total Investments	100.0	%
*Total Investments at December 31, 2010

Portfolio Manager Commentary: For the year ended December 31, 2010, the JNL/PAM Asia ex-Japan Fund underperformed its bench-mark by posting a return of 19.40% for Class A shares compared with 19.62% for the MSCI Asia ex-Japan Index.

Stock selection in financial, energy and consumer discretionary and asset allocation to energy contributed to the Fund’s performance. Stock selection in materials and utilities and a large cash position hurt the Fund. Among markets, China and Singapore were big contributors

to Fund performance. Korea and Hong Kong re-strained the Fund.

AAC Acoustic Technologies Holdings Inc. (“AAC”) and Metropolitan Bank & Trust Co. (“Metro Bank”) were among the larger contributors to the Fund’s performance. Each stock outperformed its domestic market as well as the regional benchmark. We expect Hong Kong listed AAC, a maker of telephone components, to benefit from rising demand for smart phones and tablet computers. In the Philippines, shares in Metro Bank, a commercial bank with a successful and expanding retail business, re-rated to well above long term valuations, in line with those of the banking sector.

In contrast, Shanda Games Ltd. (“Shanda”) and Sino-Ocean Land Holdings Ltd. (“Sino-Ocean”) were among the larger detractors from the Fund’s performance. Each underperformed its domestic market as well as the regional bench-mark. Shanda is a leading distributor in China of online games. Investors punished the stock as consumers turned a cold shoulder to Shanda’s existing line up of games, hurting earnings. We like the company’s position in the industry and believe that Shanda’s new product line will do well. Sino-Ocean is a real estate company active in Beijing. The stock price declined as China’s government worked to cool an overheated property

market. Sino-Ocean, however, has held a leading market share of all the space sold in Beijing since 2004. For these reasons, the Fund continues to hold these securities despite the temporary set-backs.

Among its larger transactions the Fund established new positions in Hyundai Engineering & Construction Co. Ltd. (“Hyundai Engineering”) and Korea Exchange Bank. A stake in Hutchison Whampoa Ltd. (“Hutchison Whampoa”) was also raised. Hyundai Engineering was purchased when the share price was weak. The company is active in petrochemical and refinery work in the Middle East and, in our view, has limited expo-sure to Korea’s weak market in residential property. We believe the assets of Korea Exchange Bank are among the best in that country’s banking industry. Hutchison Whampoa is a Hong Kong conglomerate active globally in ports, telecommunications and real estate.

At year end, China and India were the Fund’s top weighted markets. The Funds sector weights were close to benchmark. The Fund’s top positive bets included Samsung Fire & Marine Insurance Co. Ltd., Hutchison Whampoa and Shinsegae Co. Ltd. We believe Asia ex-Japan economic growth will exceed that of the world’s developed markets in the coming few years, led by China and India.

JNL/PAM China-India Fund

Sector Weightings*:
Financials	30.2	%
Energy	14.6
Information Technology	11.7
Materials	9.3
Consumer Discretionary	8.5
Industrials	4.7
Telecommunication Services	4.6
Health Care	2.8
Consumer Staples	2.8
Utilities	1.5
Short Term Investments	9.3
Total Investments	100.0	%
*Total Investments at December 31, 2010

Portfolio Manager Commentary: For the year ended December 31, 2010, the JNL/PAM China-India Fund outperformed one of its bench-marks by posting a return of 16.93% for Class A Shares, compared to 4.63% for the MSCI

China Index. The Fund underperformed its other benchmark, the MSCI India Index, which returned 20.95%.

Stock selection accounted for the bulk of the excess return. Axis Bank Ltd. (“Axis Bank”) was one of the top contributors to the Fund’s outperformance. Strong earnings expectations boosted AXIS Bank share price. The lack of exposure to China Life Insurance Co. Ltd, which underperformed the market, also lifted the Fund’s overall performance. Robust property sales, de-spite stricter rules, led to Evergrande Real Estate Group Ltd.’s price rise.

The Fund’s position in China Zhongwang Holdings Ltd. (“China Zhongwang”) and BYD Co. Ltd. (“BYD”) hurt performance. Share price of China Zhongwang weakened on fears of a new competitor entering into its market domain. BYD share price fell on slower than expected sell-through of its auto products. However, the

inventory issue resulting from the slower than expected sell-through has since improved. Lack of exposure to certain companies held by the Fund’s benchmark, such as, Tata Consultancy Services and Housing Development Finance Corporation Ltd. also detracted performance.

The Fund exited from Maruti Suzuk India Ltd., GVK Power & Infrastructure Ltd., IVRCL Infra-structures & Projects Ltd., Li Ning Co. Ltd., Bharat Petroleum Corp. Ltd., Tata Steel Ltd., Bharti Airtel Ltd. and China Resources Land Ltd. New names added included Mahindra & Mahindra Financial Services Ltd., a subsidiary of Mahindra & Mahindra Ltd. (“Mahindra & Mahindra”), Evergrande Real Estate Group Ltd., Oil & Natural Gas Corp. Ltd., Tata Motors Ltd., Xingda International Holdings Ltd., Bharat Heavy Electricals Ltd., Mundra Port and Special Economic Zone Ltd. and Mahindra & Mahindra.

**Prudential Asset Management (Singapore) Limited is an indirect, wholly-owned subsidiary of Prudential Plc, a publicly traded company incorporated in the United Kingdom. Prudential Plc is not affiliated in any manner with Prudential Finance Inc., a company who principal place of business is in the United States of America.

JNL PAM Funds (continued)

Prudential** Asset Management (Singapore) Limited

Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but not do not reflect the deduction of insurance changes.

**Prudential Asset Management (Singapore) Limited is an indirect, wholly-owned subsidiary of Prudential Plc, a publicly traded company incorporated in the United Kingdom. Prudential Plc is not affiliated in any manner with Prudential Finance Inc., a company who principal place of business is in the United States of America.

	JNL PIMCO Funds
	Pacific Investment Management Company LLC

Market Summary: At the start of 2010, investors sought the relative safety of U.S. bonds amid concern about sovereign debt risk, especially in Greece and other peripheral eurozone economies as growing budget shortfalls in Greece, Spain and Portugal raised fears that the region might derail the global economy’s recovery from the crisis that began in 2008. Policymakers wrestled with how long to sustain stimulus programs designed to mitigate the global recession but which threatened to undermine public finances or stoke inflation. While the Federal Reserve (“Fed”) kept its main policy rate unchanged, it concluded its $1.25 trillion agency mortgage purchase program in March and also ended the subscription period for purchasing consumer asset-backed securities.

After a steady declining trend throughout 2010, interest rates jumped in the fourth quarter in reaction to increased inflation expectations stemming from the combination of the Fed’s announcement of Quantitative Easing II and a surprise stimulus package involving corporate and individual tax breaks. Fixed income markets gave back some of their gains during the fourth quarter as a consequence.

Most credit sectors also performed well in 2010, driven in part by strengthening economic fundamentals and from the search for yields in excess of the extremely low riskless Treasury rates. Risk appetite accelerated after the announcement of the bailout package for euroland peripheral countries. Prices on asset classes such as commercial mortgage-backed securities and high yield corporate bonds increased significantly throughout the second half of the year.

Treasury Inflation Protected Securities (“TIPS”) gained 6.31% for the entire year as represented by the Barclays Capital U.S. TIPS Index. Over the year, the real yield curve steepened as shorter maturity real yields declined more than long dated yields. Real coupons hurt returns but positive inflation accruals more than compensated despite cyclical disinflationary pressures.

Breakeven inflation levels seesawed during the year, hitting lows in August before widening by year end across all maturities to the levels of the beginning of the year. Shorter maturity TIPS rallied during the latter half of the year largely on the declining strength of the U.S. dollar and its subsequent impact of a rise in commodity prices. Market inflation expectations increased markedly by year end following the tax cut extensions and its positive impact on potential consumer expenditures and negative impact of rising fiscal deficits.

JNL/PIMCO Real Return Fund

Sector Weightings*:
Government Securities**	54.3	%
Financials	15.2
Non-U.S. Government Agency
Asset-Backed Securities	6.2
U.S. Government Agency
Mortgage-Backed Securities	0.9
Energy	0.3
Telecommunication Services	0.2
Materials	0.2
Health Care	0.2
Information Technology	0.2
Consumer Discretionary	0.1
Consumer Staples	0.1
Industrials	0.0
Short Term Investments	22.1
Total Investments	100.0	%
*Total Investments at December 31, 2010

**The Funds weightings in TIPS was 50.9% of total investments, of this amount, 35.4% was invested in delayed delivery “To Be Announced” (“TBA”) and forward sales commitment securities.

Portfolio Manager Commentary: For the year ended December 31, 2010, the JNL/PIMCO Real Return Fund outperformed its benchmark by positing a return of 7.72% for Class A shares compared to 6.31% for the Barclay’s Capital U.S. TIPS Index.

The following is a summary of the positive contributors to the Fund’s performance relative to its benchmark in 2010:

• An overweight to duration, as U.S. interest rates fell.

• A U.S. nominal yield curve position implemented via eurodollar futures, most of which rose in price.

• Positions in bonds of financial companies, which outpaced the broader corporate market.

• Modest holdings of non-agency mortgages amid strong demand for high quality bonds offering incremental yield.

• Exposure to emerging market local bonds, particularly Brazil, primarily obtained through

zero coupon swaps, added to returns on continued investor demand for higher yielding securities.

• Exposure to a select basket of emerging market currencies, focused in Asia; the U.S. dollar continued its decline against most currencies.

Conversely, an underweight to real yields relative to the benchmark detracted from returns as real yields also fell during the period.

During the year, the Fund’s increased its exposure to emerging markets +4%, high yield +2%, governments +2%, mortgage backed +1% and municipals +1%; while reducing exposure to corporates -3% and non U.S government agency asset-backed -1%. Net cash equivalents, including derivatives, moved from a +2% at the beginning of the year to -4% at year end.

Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but not do not reflect the deduction of insurance changes.

	JNL PIMCO Funds (continued)
	Pacific Investment Management Company LLC

JNL/PIMCO Total Return Bond Fund

Sector Weightings*:
Government Securities	37.9	%
U.S. Government Agency
Mortgage-Backed Securities	29.0
Financials	14.7
Non-U.S. Government Agency
Asset-Backed Securities	4.3
Energy	1.8
Utilities	0.7
Telecommunication Services	0.7
Information Technology	0.6
Health Care	0.5
Consumer Staples	0.4
Materials	0.3
Consumer Discretionary	0.3
Industrials	0.1
Short Term Investments	8.7
Total Investments	100.0	%
*Total Investments at December 31, 2010

Portfolio Manager Commentary: For the year ended December 31, 2010, the JNL/PIMCO Total Return Bond Fund outperformed its benchmark by positing a return of 7.57% for Class A shares compared to 6.54% for the Barclays Capital U.S. Aggregate Bond Index.

The following is a summary of the main contributors to the Fund’s performance relative to its benchmark in 2010:

• Tactical duration positioning in the U.S. was negative for the full year performance but was more than offset from interest rate expo- sure in Europe that added to performance as the 10-year Bund yield fell to end the year at 2.96%.

• A curve steepening position in the U.S., implemented via eurodollar futures, added to returns as prices rose across most money market futures contracts during the year.

• An underweight to agency mortgage-backed securities during the early part of the year detracted from returns as this sector outperformed like duration Treasuries. However, an overweight to this sector during the last quarter offset this negative impact.

• An overweight to bonds of financial companies, which outpaced the broader corporate market.

• Modest exposure to high yield bonds added to performance as the sector outperformed like duration

Treasuries amid investor shift to- wards riskier assets.

• An overweight to emerging markets, with an emphasis on local rates in Brazil, primarily obtained through zero coupon swaps, added to returns as rates fell in that country.

• Exposure to a variety of foreign currencies, with an emphasis on the Brazilian real and a basket of Asian currencies, added to returns as these currencies appreciated relative to the U.S. dollar.

• A modest exposure to Build America Bonds detracted from returns as taxable municipal supply spiked in the fourth quarter amid the rush by local governments to tap the federal government subsidy before it expired at the end of this year.

During the year, the Fund increased its expo-sure to, mortgage-backed +20%, governments +11%, emerging markets +8%, high yield +2% and municipals +2%; while reducing exposure to non U.S government agency asset-backed -13% and corporates -2%. Net cash equivalents, including derivatives, moved from a 0% at the be-ginning of the year to -28% at year end.

Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but not do not reflect the deduction of insurance changes.

	JNL PPM America Funds
	PPM America, Inc.

Market Summary: In 2010, the S&P 500 Index increased 15.1%. For each of the calendar quarters (excluding the second quarter when defensive stocks took leadership), the best performing sectors included economically cyclical areas such as consumer discretionary and industrials. For the full year, the best performing sectors included consumer discretionary, industrials and materials while the worst performing sectors included defensive areas including health care and utilities. Given the strong performance in consumer discretionary, it wasn’t surprising that two names in this sector were among the top five S&P 500 Index stock contributors for 2010. The top five stock contributors included Netflix Inc., F5 Networks Inc., Cummins Inc., Wynn Resorts Ltd. and American International Group Inc. The worst five stock contributors for 2010 were Dean Foods Co., H&R Block Inc., Apollo Group Inc., Diamond Offshore Drilling Inc. and PulteGroup Inc. Value based investment styles took an early lead in 2010, and then fell back but slightly outperformed growth based styles for the full year, as the S&P 500/Citigroup

Growth Index returned 15.0% compared to a return of 15.1% for the S&P 500/Citigroup Value Index. Smaller capitalized stocks outperformed larger sized stocks as the smallest 100 companies in the S&P 500 Index increased 26.8%, while the largest 100 companies in the S&P 500 Index increased 12.2% in 2010.

High yield bonds posted a strong fourth quarter and finished the year on strength. As measured by the Merrill Lynch High Yield Master II Constrained Index, total returns for the three months ended December 31, 2010 were 3.1%, bringing the total for the full year to 15.1%. Spreads tightened in the final months of the year as corporate earnings remained mostly positive, economic data showed some stabilization and investor risk appetites increased. While there was a slight setback in November, spreads tightened in the fourth quarter by 85 basis points (“bps”), more than enough to offset the recent rise in interest rates. For the full year, high yield bonds generated total returns comparable to the S&P 500 Index and significantly outperformed U.S. Treasury securities.

JNL/PPM America High Yield Bond Fund

Sector Weightings*:
Consumer Discretionary	18.5	%
Financials	10.5
Energy	8.9
Industrials	8.1
Materials	7.2
Telecommunication Services	6.5
Health Care	5.6
Non-U.S. Government Agency Asset-Backed Securities	3.5
Utilities	3.0
Information Technology	2.6
Consumer Staples	2.5
Investment Companies	0.6
Short Term Investments	22.5
Total Investments	100.0	%
*Total Investments at December 31, 2010

Portfolio Manager Commentary: For the year ended December 31, 2010, the JNL/PPM America High Yield Bond Fund outperformed its benchmark by posting a return

of 15.63% for Class A shares compared to 15.07% for the Bank of America Merrill Lynch High Yield Master II Constrained Index.

Attribution analysis, which compares the Fund’s returns to its benchmark, reflects that investments in energy, electric utility and the airline industry were the largest contributors of positive relative performance. The Fund also held approximately 3% of its assets in commercial mortgage-backed securities and that sector contributed over 85 bps of relative performance. Underweighted positions and unfavorable security selection in banking, insurance and real estate industries detracted from performance relative to the Fund’s benchmark.

The Fund is highly diversified and thus on an individual security basis the sources of out performance came from dozens of different names, each of which contributed 4 to 10 bps individually. Included

in this list for 2010 was Freescale Semiconductor Inc., Delta Air Lines Inc., United Air Lines Inc., Beazer Homes USA Inc., GMAC LLC (now ALLY Bank) and EnergySolutions Inc. Holdings in Stone Container Finance Corp., Dish Network Corp. and RadNet Inc. detracted from relative returns as did the Fund’s avoidance of several distressed names such as istar Financial Inc., Residential Capital LLC and Realogy Corporation, all of which rallied significantly during the year.

Cash balances were the single largest drag on performance and cost the Fund 65 bps of return relative to its benchmark, which of course remains 100% theoretically invested at all times. This drag on performance was offset by strong, steady investor inflows throughout the year with total net assets growing 58% to a level over $900 million at year end.

JNL/PPM America Mid Cap Value Fund

Sector Weightings*:
Industrials	24.7	%
Consumer Discretionary	15.5
Financials	14.0
Information Technology	10.6
Materials	10.1
Energy	8.3
Health Care	6.3
Utilities	4.6
Consumer Staples	2.4
Short Term Investments	3.5
Total Investments	100.0	%
*Total Investments at December 31, 2010

Portfolio Manager Commentary: For the year ended December 31, 2010, the JNL/PPM America Mid Cap Value Fund outperformed its benchmarks by posting a return of 29.58% for Class A shares compared to 24.75% for the Russell Mid Cap Value Index and 25.48% for the Russell Mid Cap Index.

The Fund’s outperformance relative to Russell Mid Cap Value Index can be primarily attributed to individual stock selection. Positive sector selection also favorably influenced relative performance, but the Fund’s sector weights remain the result of the Fund’s bottom up security selection process.

Positive sector influences on relative performance included an overweight in industrials and underweight in utilities. Negative sector influences on relative performance included an over-weight position in technology and an underweight in energy.

Positive security contributors to relative performance included information technology companies, OmniVision Technologies Inc. (“OmniVision Technologies”). and Novell Inc. (“Novell”), as well as consumer staples companies, Corn Products International Inc. and NBTY Inc. (“NBTY”). Stocks that detracted from Fund performance were financials companies, Reinsurance Group of America Inc., and Astoria Financial Corp. and energy companies, Comstock Resources Inc. (“Comstock”) and Hercules Offshore Inc. (“Hercules Offshore”).

Positions added to the Fund during the year included Allstate Corp., Fairchild Semiconductor International Inc. (“Fairchild Semiconductor”), Helix Energy Solutions Group Inc. (“Helix Energy”), LifePoint Hospitals Inc. (“Lifepoint Hospitals”), National Oilwell Varco Inc. (“National Oilwell”), Sketchers U.S.A. Inc. and Teradyne Inc.

(“Teradyne”). A position in Smith International Inc. (“Smith International”) was added and later sold when Schlumberger Ltd. (“Schlumberger”). and Smith International announced a merger in a stock for stock transaction. Several positions were sold in the Fund and included BorgWarner Inc. (“BorgWarner”), Fortune Brands Inc. (“For-tune Brands”), Hercules Offshore, Ingram Micro Inc. (“Ingram Micro”), NBTY, Newfield Exploration Co., Novell, Res-Care Inc. (“Res-Care”), and Towers Watson & Co. (“Towers & Watson”).

Relative to the Russell Mid Cap Value Index, the Fund’s overweight position in financials and materials increased. The Fund’s underweight position in consumer staples increased while the underweight in health care decreased.

Our view is that overall sentiment remains positive towards U.S. equities. We believe the market’s current valuation is attractive and that the Fund is inexpensive relative to the overall market. We continue to favor industrials, consumer discretionary and materials, the Fund’s largest sector overweights, relative to the Russell Mid Cap Value Index, at the end of December. We believe these sectors are still very attractive on a long term basis and offer significant upside potential using our normal 2 to 3 year investment time horizon.

JNL PPM America Funds (continued) PPM America, Inc.

JNL/PPM America Small Cap Value Fund

Sector Weightings*:
Industrials	26.9	%
Consumer Discretionary	19.3
Information Technology	12.8
Financials	10.9
Energy	8.5
Health Care	4.5
Materials	4.1
Consumer Staples	3.5
Utilities	1.4
Short Term Investments	8.1
Total Investments	100.0	%

*Total Investments at December 31, 2010

Portfolio Manager Commentary: For the year ended December 31, 2010, the JNL/PPM America Small Cap Value Fund outperformed its benchmark by posting a return of 27.71% for Class A shares compared to 24.72% for the S&P SmallCap 600/Citigroup Value Index.

    The Fund’s outperformance relative to its benchmark was driven mainly by positive security selection. Positive sector selection also favorably influenced relative performance, but the Fund’s sector

weights remain the result of the Fund’s bottom up security selection process.

    Positive sector influences on relative performance included an overweight in consumer discretionary and energy. Negative sector influences on relative performance included an over-weight position in consumer staples and a slight underweight in telecommunication services.

    Positive security contributors to relative performance included information technology companies, OmniVision Technologies and Novell, as well as consumer staples companies, NBTY and Del Monte Foods Co. (“Del Monte”). Stocks that detracted from Fund performance were energy companies, Comstock and Hercules Offshore, and financials company, SeaBright Insurance Holdings Inc.

    Positions added to the Fund during the year included Fairchild Semiconductor, Helix Energy, Independent Bank Corp., Lifepoint Hospitals, Patterson-UTI Energy Inc.

(“Patterson-UTI Energy”), SYNNEX Corp. and Teradyne. Several positions sold in the Fund included Abercrombie & Fitch Co., BorgWarner, Del Monte, Ingram Micro, NBTY, Res-Care and Towers Watson.

    Relative to its benchmark, the Fund’s significant underweight position in information technology became a modest overweight. The overweight position in consumer staples declined significantly while the overweight position in energy increased.

    Our view is that overall sentiment remains positive towards U.S. equities. We believe the market’s current valuation is attractive and that the Fund is inexpensive relative to the overall market. We continue to favor consumer discretionary and industrials, the Fund’s largest sector overweights, relative to its benchmark, at the end of December. We believe these sectors are still very attractive on a long term basis and offer significant upside potential using our normal 2 to 3 year investment time horizon.

JNL/PPM America Value Equity Fund

Sector Weightings*:
Financials	23.1	%
Information Technology	13.9
Consumer Discretionary	13.0
Industrials	11.1
Energy	10.5
Health Care	9.3
Consumer Staples	7.0
Telecommunication Services	4.4
Materials	4.1
Utilities	2.1
Short Term Investments	1.5
Total Investments	100.0	%

*Total Investments at December 31, 2010

Portfolio Manager Commentary: For the year ended December 31, 2010, the JNL/PPM America Value Equity Fund outperformed its benchmark by posting a return of 17.46% for Class A shares compared to 15.10% for the S&P 500/Citigroup Value Index.

    The Fund’s outperformance relative to its benchmark was driven mainly by positive security selection. Positive sector selection also favorably

influenced relative performance, but the Fund’s sector weights remain the result of the Fund’s bottom up security selection process.

    Positive sector influences on relative performance included an overweight position in consumer discretionary and underweight positions in health care and utilities. Negative sector influences on relative performance included overweight positions in energy and information technology.

    Positive security contributors to relative performance included energy companies, National Oilwell and Smith International, as well as consumer discretionary companies, Royal Caribbean Cruises Ltd. and Macy’s Inc. Positive security selection in industrials company Caterpillar Inc., also helped relative performance. Stocks that detracted from performance were information technology companies, Hewlett-Packard Co. and Microsoft Corp., and financials companies, Morgan Stanley and Goldman Sachs Group Inc.

    Positions added to the Fund during the year included CVS Caremark Corp., National Oilwell, Patterson-UTI Energy, Texas Instruments Inc. and

U.S. Bancorp. Smith International was sold when Schlumberger and Smith International announced a merger in a stock for stock transaction. Several other positions sold in the Fund included Fortune Brands, Ingram Micro and Newfield Exploration Co. Frontier Communications Corp., the result of a corporate action, was also sold.

    Relative to its benchmark, the Fund’s under-weight position in health care went to a modest overweight. The Fund’s underweight position in energy increased substantially while the consumer staples underweight decreased.

    Our view is that overall sentiment remains positive towards U.S. equities. We believe the market’s current valuation is attractive and that the Fund is inexpensive relative to the overall market. We continue to favor information technology and consumer discretionary, the Fund’s largest sector overweights, relative to its benchmark, at the end of December. We believe these sectors are still very attractive on a long term basis and offer significant upside potential using our normal 2 to 3 year investment time horizon.

	JNL PPM America Funds(continued)
	PPM America, Inc.

Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but not do not reflect the deduction of insurance changes.

	JNL PPM America Funds(continued)
	PPM America, Inc.

Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but not do not reflect the deduction of insurance changes.

JNL Red Rocks Fund Red Rocks Capital LLC

Market Summary: In the private equity market, the following occurred in 2010 and continued into the year end: first, the pace of the recovery exceeded our expectations on a macroeconomic level and specifically within the private equity sector, including top line growth expectations; second, the

recovery on multiples paid on private equity transactions exceeded our expectations, due in part to the credit markets showing some stability in 2010; and third, private equity products’ relative and absolute performance when compared to most recognized global benchmarks exceeded expectations.

JNL/Red Rocks Listed Private Equity Fund

Sector Weightings*:
Financials	80.1	%
Diversified	12.9
Industrials	2.1
Information Technology	1.6
Rights	0.1
Short Term Investments	3.2
Total Investments	100.0	%

*Total Investments at December 31, 2010

Portfolio Manager Commentary: For the year ended December 31, 2010, the JNL/Red Rocks Listed Private Equity Fund under-performed its benchmark by posting a return of 26.32% for Class A shares compared to 31.51% for the S&P Listed Private Equity Index.

    The Fund exited six holdings and added nine companies during 2010. The Fund’s low turnover

emphasizes the belief that long term investments in private equity require patience. Additions during the year included Blackstone Group LP, Brookfield Asset Management Inc., Orkla ASA and HBM Bioventures AG. The prospects of these companies are promising and they provide Fund shareholders with additional diversification.

    Contributors to performance for the year included KKR & Co. LP, Conversus Capital LP and Onex Corp. Detractors to performance for the year included GP Investments LTD, IP Group Plc and Dinamia Capital Privado Scr SA.

    The private equity landscape appears well positioned for 2011. Deal activity is on the rise and we anticipate that mergers and acquisitions may have a solid year. Debt is available for transactions with reasonable terms. We see idled cash levels decreasing as deals get completed, including

select deals in the initial public offering market (those smaller in size and with less leverage). Time will tell if some of the larger deals, such as HCA Inc., Toys “R” Us Inc. and Nielsen Finance LLC can be completed.

    Many global challenges still remain, including European sovereign debt, the U.S. housing market, various geopolitical issues and China with its growing pains. We will exercise prudence while examining new names and continually assess current holdings.

    The Fund remains approximately 80% in-vested outside the U.S. Looking to the new year, we continue to evaluate the same attributes: valuation, leverage, the ability to monetize private investments and the ability to find and acquire promising private companies at reasonable prices.

Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but not do not reflect the deduction of insurance changes.

JNL S&P Funds Standard & Poor’s Investment Advisory Services LLC

Market Summary: Performance of capital markets worldwide improved considerably in 2010 although some investment avenues fared better than others. Risk eager investing resumed with a vengeance in the final quarter of 2010 despite setbacks to many such markets in November. The remaining three months of 2010 commenced with investors plainly exhibiting healthy appetites for riskier investment vehicles, but single digit gains earned in October surrendered to renewed risk aversion the next month as many, if not most, risky asset markets turned in disappointingly negative results as investors abandoned them in favor of safer alternatives amid recurrent fears of a default in the eurozone periphery. A surprise to the upside in December, due primarily to another enormous U.S. central bank credit injection, imbued investors with hope before year end.     Steady, material improvement in corporate financial conditions (especially, cash flows) ordinarily would furnish a necessary and sufficient pretext for a sustained, perhaps potent rally in many developed shares markets	around the globe were it not for the protracted re-equilibration of vital macro-economic fundamentals – principally, housing demand, capital spending and employment markets – that might restrain any extension of the year end rally for an extended period. Intermittently upbeat news regarding the American and global economies, however, is scarcely adequate to inspire greater enthusiasm for stocks among investors. Furthermore, the ongoing financial crisis in the eurozone should persist in rankling capital market nerves, de-pressing sentiment now and then until the euro 16 countries come to terms with the root causes of the credit dilemma and resolve it once and for all. Apart from unnerving developments that may arise in the U.S. and Western Europe, it is believed that developing markets are likely to become another source of irritation to the financial markets as a result of which policies they adopt to thwart further currency appreciation and accelerating price pressures threatening them with a loss of competitiveness and, eventually, a slowdown in their economies.
JNL/S&P Managed Conservative Fund
Portfolio Manager Commentary: For the year ended December 31, 2010, the JNL/S&P Managed Conservative Fund outperformed one of its benchmarks by posting a return of 8.70% for Class A shares compared to 6.54% for the Barclays Capital U.S. Aggregate Bond Index. The Fund underperformed its other benchmark, the S&P 500 Index, which posted 15.06%.     The investment objective for the Fund is capital growth and current income.     Among the equity funds contributing to performance in 2010 relative to the S&P 500 Index were allocations to JNL/Invesco Large Cap Growth Fund and JNL/T. Rowe Price Established Growth Fund.     Among the fixed income funds contributing to performance in 2010 relative to the Barclays Capital U.S. Aggregate Bond Index were allocations to	JNL/Goldman Sachs Emerging Markets Debt Fund, JNL/PIMCO Real Return Fund, JNL/Goldman Sachs Core Plus Bond Fund, JNL/PIMCO Total Return Bond Fund and JNL/JPMorgan U.S. Government & Quality Bond Fund.     Among the equity funds that detracted from performance in 2010 relative to the S&P 500 Index were allocations to JNL/JPMorgan International Value Fund, JNL/Capital Guardian Global Diversified Research Fund, JNL/Eagle Core Equity Fund, JNL/Invesco International Growth Fund, JNL/Capital Guardian U.S. Growth Equity Fund and JNL/Select Value Fund.     Among the fixed income funds detracting from performance in 2010 relative to the Barclays Capital U.S. Aggregate Bond Index was the allocation to JNL/T. Rowe Price Short-Term Bond Fund.
JNL/S&P Managed Moderate Fund
Portfolio Manager Commentary: For the year ended December 31, 2010, the JNL/S&P Managed Moderate Fund outperformed one of its benchmarks by posting a return of 11.30% for Class A shares compared to 6.54% for the Barclays Capital U.S. Aggregate Bond Index. The Fund underperformed its other benchmark, the S&P 500 Index, which posted 15.06%.     The investment objective for the Fund is to seek capital growth. Current income is a secondary objective.     Among the equity funds contributing to performance in 2010 relative to the S&P 500 Index were allocations to JNL/T. Rowe Price Mid-Cap Growth Fund, JNL/Goldman Sachs Mid Cap Value Fund, JNL/M&G Global Basics Fund and JNL/Lazard Emerging Markets Fund.     Among the fixed income funds contributing to performance in 2010 relative to the Barclays Capital U.S. Aggregate Bond Index were allocations to	JNL/Goldman Sachs Emerging Markets Debt Fund, JNL/PIMCO Real Return Fund, JNL/Goldman Sachs Core Plus Bond Fund, JNL/PIMCO Total Return Bond Fund and JNL/JPMorgan U.S. Government & Quality Bond Fund.     Among the equity funds that detracted from performance in 2010 relative to the S&P 500 Index were allocations to JNL/JPMorgan International Value Fund, JNL/Capital Guardian Global Diversified Research Fund, JNL/Invesco International Growth Fund, JNL/Capital Guardian U.S. Growth Equity Fund and JNL/Select Value Fund.     Among the fixed income funds detracting from performance in 2010 relative to the Barclays Capital U.S. Aggregate Bond Index was the allocation to JNL/T. Rowe Price Short-Term Bond Fund.
JNL/S&P Managed Moderate Growth Fund
Portfolio Manager Commentary: For the year ended December 31, 2010, the JNL/S&P Managed Moderate Growth Fund outperformed one of its benchmarks by posting a return of 13.18% for Class A shares compared to 6.54% for the Barclays Capital U.S. Aggregate Bond Index. The Fund underperformed its other benchmark, the S&P 500 Index, which posted 15.06%.     The investment objective for the Fund is capital growth and current income.     Among the equity funds contributing to performance in 2010 relative to the S&P 500 Index were allocations to JNL/Eagle SmallCap Equity Fund, JNL/T. Rowe Price Mid-Cap Growth Fund, JNL/Franklin Templeton Small Cap Value Fund, JNL/JPMorgan MidCap Growth Fund, JNL/Goldman Sachs Mid Cap Value Fund, JNL/M&G Global Basics Fund and JNL/Lazard Emerging Markets Fund.	Among the fixed income funds contributing to performance in 2010 relative to the Barclays Capital U.S. Aggregate Bond Index were allocations to JNL/Goldman Sachs Emerging Markets Debt Fund, JNL/PIMCO Real Return Fund, JNL/Goldman Sachs Core Plus Bond Fund, JNL/PIMCO Total Return Bond Fund and JNL/JPMorgan U.S. Government & Quality Bond Fund.     Among the equity funds detracting from performance in 2010 relative to the S&P 500 Index were allocations to JNL/JPMorgan International Value Fund, JNL/Capital Guardian Global Diversified Research Fund, JNL/Invesco International Growth Fund, JNL/Capital Guardian U.S. Growth Equity Fund and JNL/Select Value Fund.     Among the fixed income funds detracting from performance in 2010 relative to the Barclays Capital U.S. Aggregate Bond Index was the allocation to JNL/T. Rowe Price Short-Term Bond Fund.

JNL S&P Funds(continued) Standard & Poor’s Investment Advisory Services LLC

JNL/S&P Managed Growth Fund
Portfolio Manager Commentary: For the year ended December 31, 2010, the JNL/S&P Managed Growth Fund outperformed its benchmarks by posting a return of 16.12% for Class A shares compared to 15.06% for the S&P 500 Index and 6.54% for the Barclays Capital U.S. Aggregate Bond Index.     The investment objective for the Fund is to seek capital growth. Current income is a secondary objective.     Among the equity funds contributing to performance in 2010 relative to the S&P 500 Index were allocations to JNL/Eagle SmallCap Equity Fund, JNL/T. Rowe Price Mid-Cap Growth Fund, JNL/Franklin Templeton Small Cap Value Fund, JNL/JPMorgan MidCap Growth Fund, JNL/Goldman Sachs Mid Cap Value Fund, JNL/M&G Global Basics Fund and JNL/Lazard Emerging Markets Fund.	Among the fixed income funds contributing to performance in 2010 relative to the Barclays Capital U.S. Aggregate Bond Index were allocations to JNL/Goldman Sachs Emerging Markets Debt Fund, JNL/PIMCO Real Return Fund and JNL/PIMCO Total Return Bond Fund.     Among the equity funds detracting from performance in 2010 relative to the S&P 500 Index were JNL/JPMorgan International Value Fund, JNL/Capital Guardian Global Diversified Research Fund, JNL/Eagle Core Equity Fund, JNL/Invesco International Growth Fund, JNL/Capital Guardian U.S. Growth Equity Fund and JNL/Select Value Fund.     No fixed income funds to which allocations were made detracted from performance in 2010 relative to the Barclays Capital U.S. Aggregate Bond Index.
JNL/S&P Managed Aggressive Growth Fund
Portfolio Manager Commentary: For the year ended December 31, 2010, the JNL/S&P Managed Aggressive Growth Fund outperformed its benchmarks by posting a return of 17.09% for Class A shares compared to 15.06% for the S&P 500 Index and 6.54% for the Barclays Capital U.S. Aggregate Bond Index.     The investment objective for the Fund is capital growth.     Among the equity funds contributing to performance in 2010 relative to the S&P 500 Index were allocations to JNL/Eagle SmallCap Equity Fund, JNL/T. Rowe Price Mid-Cap Growth Fund, JNL/Franklin Templeton Small Cap Value Fund, JNL/JPMorgan MidCap Growth Fund, JNL/Goldman Sachs Mid Cap Value Fund, JNL/M&G Global Basics Fund and JNL/Lazard Emerging Markets Fund.	Among the fixed income funds contributing to performance in 2010 relative to the Barclays Capital U.S. Aggregate Bond Index were allocations to JNL/Goldman Sachs Emerging Markets Debt Fund, JNL/PPM America High Yield Bond Fund and JNL/PIMCO Real Return Fund. Among the equity funds detracting to performance in 2010 relative to the S&P 500 Index were allocations to JNL/JPMorgan International Value Fund, JNL/Capital Guardian Global Diversified Research Fund, JNL/Invesco International Growth Fund, JNL/Capital Guardian U.S. Growth Equity Fund and JNL/Select Value Fund.     No fixed income funds to which allocations were made detracted from performance in 2010 relative to the Barclays Capital U.S. Aggregate Bond Index.
JNL/S&P Disciplined Moderate Fund
Portfolio Manager Commentary: For the year ended December 31, 2010, the JNL/S&P Disciplined Moderate Fund outperformed one of its benchmarks by posting a return of 11.10% for Class A shares compared to 6.54% for the Barclays Capital U.S. Aggregate Bond Index. The Fund underperformed its other benchmark, the S&P 500 Index, which posted 15.06%.     The investment objective for the Fund is to seek capital growth. Current income is a secondary objective.     Among the equity funds contributing to performance in 2010 relative to the S&P 500 Index were allocations to JNL/Mellon Capital Management Small Cap Index Fund, JNL/Mellon Capital Management S&P 400 MidCap Index Fund and JNL/Mellon Capital Management 25 Fund.	Among the fixed income funds contributing to performance in 2010 relative to the Barclays Capital U.S. Aggregate Bond Index were allocations to JNL/Goldman Sachs Emerging Markets Debt Fund and JNL/PIMCO Real Return Fund.     Among the equity funds detracting from performance in 2010 relative to the S&P 500 Index were allocations to JNL/Mellon Capital Management International Index Fund and JNL/Mellon Capital Management JNL Optimized 5 Fund.     Among the fixed income funds detracting from performance in 2010 relative to the Barclays Capital U.S. Aggregate Bond Index were allocations to JNL/Mellon Capital Management Bond Index Fund.
JNL/S&P Disciplined Moderate Growth Fund
Portfolio Manager Commentary: For the year ended December 31, 2010, the JNL/S&P Disciplined Moderate Growth Fund outperformed one of its benchmarks by posting a return of 13.29% for Class A shares compared to 6.54% for the Barclays Capital U.S. Aggregate Bond Index. The Fund underperformed its other benchmark, the S&P 500 Index, which posted 15.06%.     The investment objective for the Fund is to seek capital growth and current income.     Among the equity funds contributing to performance in 2010 relative to the S&P 500 Index were allocations to JNL/Mellon Capital Management Small Cap Index Fund, JNL/Mellon Capital Management S&P 400 MidCap Index Fund and JNL/Mellon Capital Management 25 Fund.	Among the fixed income funds contributing to performance in 2010 relative to the Barclays Capital U.S. Aggregate Bond Index were allocations to JNL/Goldman Sachs Emerging Markets Debt Fund and JNL/PIMCO Real Return Fund.     Among the equity funds detracting from performance in 2010 relative to the S&P 500 Index were allocations to JNL/Mellon Capital Management International Index Fund and JNL/Mellon Capital Management JNL Optimized 5 Fund.     Among the fixed income funds detracting from performance in 2010 relative to the Barclays Capital U.S. Aggregate Bond Index were allocations to JNL/Mellon Capital Management Bond Index Fund.

JNL S&P Funds (continued) Standard & Poor’s Investment Advisory Services LLC

JNL/S&P Disciplined Growth Fund

Portfolio Manager Commentary: For the year ended December 31, 2010, the JNL/S&P Disciplined Growth Fund outperformed one of its bench-marks by posting a return of 12.74% for Class A shares compared to 6.54% for the Barclays Capital U.S. Aggregate Bond Index. The Fund underperformed its other benchmark, the S&P 500 Index, which posted 15.06%.     The investment objective for the Fund is capital growth.     Among the equity funds contributing to performance in 2010 relative to the S&P 500 Index were allocations to JNL/Mellon Capital Management Small Cap Index Fund, JNL/Mellon Capital Management S&P 400 MidCap Index Fund and JNL/Mellon Capital Management 25 Fund.     Among the fixed income funds contributing to performance in 2010 relative

to the Barclays Capital U.S. Aggregate Bond Index were allocations to JNL/Goldman Sachs Emerging Markets Debt Fund and JNL/PIMCO Real Return Fund.     Among the equity funds detracting from performance in 2010 relative to the S&P 500 Index were allocations to JNL/Mellon Capital Management International Index Fund and JNL/Mellon Capital Management JNL Optimized 5 Fund.     Among the fixed income funds detracting from performance in 2010 relative to the Barclays Capital U.S. Aggregate Bond Index were allocations to JNL/Mellon Capital Management Bond Index Fund.

Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but not do not reflect the deduction of insurance changes.

JNL S&P Funds (continued) Standard & Poor’s Investment Advisory Services LLC

Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but not do not reflect the deduction of insurance changes.

JNL S&P Funds (continued) Standard & Poor’s Investment Advisory Services LLC

Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but not do not reflect the deduction of insurance changes.

	JNL S&P Funds
	Standard & Poor’s Investment Advisory Services LLC

Market Summary: Performance of capital markets worldwide improved considerably in 2010 although some investment avenues fared better than others. Risk eager investing resumed with a vengeance in the final quarter of last year despite setbacks to many such markets in November. The remaining three months of 2010 commenced with investors plainly exhibiting healthy appetites for riskier investment vehicles, but single digit gains earned in October surrendered to renewed risk aversion the next month as many, if not most, risky asset markets turned in disappointingly negative results as investors abandoned them in favor of safer alternatives amid recurrent fears of a default in the eurozone periphery. A surprise to the upside in December, due primarily to another enormous U.S. central bank credit injection, imbued investors with hope before year end.

Steady, material improvement in corporate financial conditions (especially, cash flows) ordinarily would furnish a necessary and sufficient pretext for a sustained, perhaps potent rally in many developed shares markets around the globe were it not for the protracted re-equilibration of vital macroeconomic fundamentals – principally, housing demand, capital spending and employment markets – that might restrain any extension of the year end rally into 2011. Intermittently upbeat news regarding the American and global economies, however, is scarcely adequate to inspire greater enthusiasm

for stocks among investors. Furthermore, the ongoing financial crisis in the eurozone should persist in rankling capital market nerves, depressing sentiment now and then until the euro 16 countries come to terms with the root causes of the credit dilemma and resolve it once and for all. Apart from unnerving developments that may arise in the U.S. and Western Europe, it is believed that developing markets are likely to become another source of irritation to the financial markets as a result of which policies they adopt to thwart further currency appreciation and accelerating price pressures threatening them with a loss of competitiveness and, eventually, a slowdown in their economies.

We believe that, as the economy moves through the business cycle from recovery to expansion, history indicates that the equity markets could still reward investors for holding shares. Nonetheless, our approach remains focused on seeking to design portfolios with positive exposure to historically favorable alpha factors. We believe this disciplined approach has the potential to generate an overall performance which has limited relationship to traditional equity styles and economic sectors’ performance. Our positioning at the stock selection date emphasized a combination of what we believed to be high quality and value factors.

JNL/S&P Competitive Advantage Fund

Sector Weightings*:
Information Technology	31.8	%
Consumer Discretionary	28.5
Industrials	9.9
Health Care	9.7
Materials	6.9
Financials	3.5
Energy	3.2
Consumer Staples	3.1
Short Term Investments	3.4
Total Investments	100.0	%
*Total Investments at December 31, 2010

Portfolio Manager Commentary: For the year ended December 31, 2010, the JNL/S&P

Competitive Advantage Fund underperformed its benchmark by posting a return of 12.63% for Class A shares compared to 15.06% for the S&P 500 Index.

In relation to the benchmark, the key sectors which detracted from the Fund’s performance were information technology, materials and energy mainly attributed to the negative effects from stock selection. The top contributing sectors were consumer discretionary, health care and industrials, attributed to positive effects from both asset allocation and stock selection.

The top contributors to the performance in 2010 were Family Dollar Stores Inc., Coach Inc. and FMC Technologies Inc. The bottom detractors

to the Fund’s performance in 2010 were Apollo Group Inc., Diamond Offshore Drilling Inc. and Monsanto Co.

The Fund has displayed an average return on invested capital well above that of the S&P 500 Index. Historically, companies with high return on invested capital have shown a tendency to be more resilient to economic recessions and less sensitive to overall corporate earnings growth. Based on since inception performance, the Fund’s returns tend to have a higher correlation with growth than with value stocks. As of year end, the Fund was significantly overweighted in consumer discretionary and technology stocks.

JNL/S&P Dividend Income & Growth Fund

Sector Weightings*:

Energy	9.8	%
Financials	9.7
Telecommunication Services	9.7
Consumer Discretionary	9.5
Health Care	9.5
Materials	9.5
Information Technology	9.4
Industrials	9.3
Utilities	9.2
Consumer Staples	9.1
Short Term Investments	5.3
Total Investments	100.0	%
*Total Investments at December 31, 2010

Portfolio Manager Commentary: For the year ended December 31, 2010, the JNL/S&P Dividend Income & Growth Fund outperformed its benchmark by posting a return of 18.24% for Class A shares compared to 15.06% for the S&P 500 Index.

In relation to the benchmark, the top contributing sectors were financials, utilities and materials, mainly attributed to positive effects from stock selection. The key sectors which detracted from the Fund’s performance were industrials, energy and consumer discretionary, mainly attributed to the negative stock selection effect.

The top contributors to the performance in 2010 were AvalonBay Communities Inc., PPG Industries Inc. and Snap-On Inc. The bottom

detractors to the Fund’s performance in 2010 were Harris Corp., Raytheon Co. and Lockheed Martin Corp.

As of year end, the Fund was comprised of companies with higher than average S&P Credit Ratings and S&P Quality Rankings. The Fund tends to hold large companies with a long history of steady earnings and dividend growth. In addition, this strategy tends to generate an average dividend yield well above that of the S&P 500 Index. Based on since inception performance, the Fund’s returns tend to have a higher correlation with value than with growth stocks. As of year end, the Fund was overweighted in materials, utilities and telecommunications stocks.

	JNL S&P Funds (continued)
	Standard & Poor’s Investment Advisory Services LLC

JNL/S&P Intrinsic Value Fund

Sector Weightings*:

Health Care	34.8	%
Information Technology	19.0
Consumer Discretionary	16.1
Industrials	12.7
Materials	6.4
Telecommunication Services	3.4
Utilities	3.0
Short Term Investments	4.6
Total Investments	100.0	%
*Total Investments at December 31, 2010

Portfolio Manager Commentary: For the year ended December 31, 2010, the JNL/S&P Intrinsic Value Fund underperformed its benchmark

by posting a return of 14.39% for Class A shares compared to 15.06% for the S&P 500 Index.

In relation to the benchmark, the top contributing sectors were consumer staples, consumer discretionary and health care, mainly attributed to positive effects from both asset allocation and stock selection. The key sectors which detracted from the Fund’s performance were industrials, materials and information technology, mainly attributed to the negative stock selection effect.

The top contributors to the performance in 2010 were Limited Brands Inc., Parker-Hannifin Corp. and Hormel Foods Corp. The bottom detractors to the Fund’s performance in 2010 were H&R Block Inc., Masco Corp. and Total System

Services Inc.

As of year end, the Fund was comprised of companies with higher than average free cash flow yield. These companies tend to generate strong cash flow in excess of capital requirements and therefore are more likely to be able to finance growth, provide dividends, withstand earnings contractions and repurchase shares. Based on since inception performance the Fund’s returns tend to have a higher correlation with value than with growth stocks. As of year end, the Fund was overweighted in health care and industrials stocks.

JNL/S&P Total Yield Fund

Sector Weightings*:

Financials	32.6	%
Consumer Discretionary	25.3
Industrials	12.8
Telecommunication Services	6.7
Health Care	6.2
Energy	3.4
Consumer Staples	3.2
Information Technology	3.2
Materials	3.2
Short Term Investments	3.4
Total Investments	100.0	%
*Total Investments at December 31, 2010

Portfolio Manager Commentary: For the year ended December 31, 2010, the JNL/S&P Total Yield Fund underperformed its benchmark by posting a return of 10.08% for Class A shares

compared to 15.06% for the S&P 500 Index.

In relation to the benchmark, the key sectors which detracted from the Fund’s performance were consumer discretionary, consumer staples and financials, mainly attributed to the negative effects from stock selection. The top contributing sectors were information technology, industrials and health care, mainly attributed to positive effects from both asset allocation and stock selection.

    The top contributors to the performance in 2010 were Caterpillar Inc., PACCAR Inc. and Xerox Corp. The bottom detractors to the Fund’s performance in 2010 were Dean Foods Co., PulteGroup Inc. and SUPERVALU Inc.

As of year end, the Fund was comprised of companies with higher than average “total yield”. Total yield is calculated as the sum of the cash

dividend, net cash used for stock repurchases and net cash used to retire debt divided by the company’s market capitalization. As such, total yield is a broad measure of cash flow returned to shareholders and bondholders in the form of dividends, share buybacks or elimination of debt. This strategy seeks companies that are significantly reducing their debt and/or increasing their equity distributions. Based on since inception performance the Fund tends to have a higher correlation with value than with growth stocks. It has also displayed significant volatility during periods of economic duress and uncertainty. As of year end, the Fund was overweighted in financials and consumer discretionary stocks.

Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but not do not reflect the deduction of insurance changes.

	JNL S&P Funds (continued)
	Standard & Poor’s Investment Advisory Services LLC

Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but not do not reflect the deduction of insurance changes.

	JNL Select Funds
	Wellington Management Company, LLP

Market Summary: Global equities were volatile during the year, moving higher early in the year on the back of strong corporate earnings and generally favorable economic data before succumbing in the second quarter to escalating global growth concerns and challenges in Europe. Equity markets rebounded in the third quarter and continued their ascent through the end of the year, as improving optimism about the global economy and a tidal wave of global liquidity outweighed investors’ concerns about sovereign debt troubles in Europe.

Monetary and fiscal policy in the U.S. remained very accommodative

during the year. The U.S. Federal Reserve (“Fed”) continued to hold the Federal Funds Rate in the 0.00% to 0.25% range during the year. In the fourth quarter, the Fed launched a second round of quantitative easing while the Obama administration announced an extension of the Bush era tax cuts. Fixed income markets gained during the year benefiting from tighter spreads and lower government yields. Credit sensitive sectors outperformed as investors sought out riskier assets and concerns over an economic slowdown faded.

JNL/Select Balanced Fund

Sector Weightings*:

Financials	15.8	%
U.S. Government Agency Mortgage-Backed Securities	10.4
Energy	9.3
Information Technology	8.8
Industrials	8.6
Health Care	8.0
Government Securities	7.1
Consumer Discretionary	5.5
Consumer Staples	5.3
Utilities	3.6
Materials	2.8
Telecommunication Services	2.7
Non-U.S. Government Agency Asset-Backed Securities	1.1
Short Term Investments	11.0
Total Investments	100.0	%
*Total Investments at December 31, 2010

Portfolio Manager Commentary: For the year ended December 31, 2010, the JNL/Select Balanced Fund underperformed one of its bench-marks by posting a return of 10.83% for Class A shares compared to 15.06% for the S&P 500 Index. The Fund outperformed its other bench-mark, the Barclays Capital U.S. Aggregate Bond Index, which returned 6.54%.

The equity portfolio outperformed the S&P 500 Index during the year. Strong security selection within materials, industrials and financials contributed most to relative results, but was partially offset by negative stock selection within energy, consumer discretionary and telecommunication services. An overweight allocation

to industrials and an underweight allocation to information technology also contributed positively to performance.

Among the top contributors to relative performance within the equity portfolio were Deere & Co., Continental Airlines Inc. and Baker Hughes Inc. (“Baker Hughes”). Positions in Chevron Corp. (“Chevron”), AT&T Corp. and Comcast Corp. also bolstered absolute performance.

Total SA, Medtronic Inc. and Exelon Corp. were among the largest detractors from relative results within the equity portfolio, while not owning strong performing benchmark stock Apple Inc. also hurt relative results. Owning Bank of America Corp. (“Bank of America”) detracted from absolute performance.

The largest purchases within the equity port-folio during the year were in Exxon Mobil Corp., JP Morgan Chase & Co., Wells Fargo & Co. and Pfizer Inc. The largest sells for the year were the elimination of Texas Instruments Inc. (“Texas Instruments”) and Lockheed Martin Corp., and the trimming of the Fund’s position in Marathon Oil Corp.

During the year, the Fund trimmed exposure to industrials and energy; however, these sectors remain the largest overweight allocations. As of the end of the year, information technology remained the largest underweight allocation, although the underweight was reduced during the year.

The fixed income portfolio underperformed the Barclays Capital U.S. Aggregate Bond Index during the year. Duration and yield curve positioning was the main reason for underperformance.

Allocations to mortgage-backed securities (“MBS”) and commercial mortgage-backed securities (“CMBS”) also hurt results. The fixed income portfolio’s high quality bias within CMBS hurt relative results as riskier assets rallied. The fixed income portfolio benefited from its allocation to credit, specifically in financials and industrials issuers.

There were no significant changes to the fixed income portfolio’s credit quality during the year, and average credit quality remains the same as the previous year end.

During the year, the fixed income portfolio increased its allocation to credit and MBS, while reducing its allocation to U.S. Government and agency securities.

The November election should provide some upside for equity markets, as lower taxes and political gridlock are viewed positively. We see improved supply and demand scenarios in natural gas, regional banking and health care. Within the fixed income portfolio, we think that the U.S. economy will continue its recovery, despite housing and high unemployment remaining head-winds. The Fed will likely maintain its accommodative stance. We expect that short term rates and inflation will remain low; however, the tension between rising growth and excess capacity will drive rates going forward.

As of the end of the year, the Fund was positioned for moderate economic recovery as demand continues to pick up. Therefore, we have an overweight to equities relative to fixed income and cash.

Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but not do not reflect the deduction of insurance changes.

	JNL Select Funds (continued)
	Wellington Management Company, LLP

JNL/Select Value Fund

Sector Weightings*:

Financials	23.0	%
Energy	12.6
Industrials	11.1
Health Care	11.0
Consumer Discretionary	11.0
Information Technology	9.4
Consumer Staples	7.3
Materials	6.1
Utilities	3.0
Telecommunication Services	2.8
Short Term Investments	2.7
Total Investments	100.0	%
*Total Investments at December 31, 2010

Portfolio Manager Commentary: For the year ended December 31, 2010, the JNL/Select Value Fund underperformed its benchmark by posting a return of 13.70% for Class A shares compared to 15.51% for the Russell 1000 Value Index.

Stock selection within energy, consumer staples, information technology and health care detracted most from the Fund’s relative performance during the year; however, this was partially offset by strong stock selection within materials and industrials. An underweight allocation to financials and utilities, and an overweight allocation

to materials contributed to relative results.

Cummins Inc. (“Cummins”), Cliffs Natural Resources Inc. (“Cliffs Natural Resources”) and PACCAR Inc. were the largest contributors to the Fund’s relative performance during the year. Not owning Berkshire Hathaway Inc. also aided relative results. Baker Hughes and Chevron were also strong performers, and helped the Fund’s absolute performance.

Dean Foods Co., Cisco Systems Inc. and Hewlett-Packard Co. were the largest detractors from the Fund’s relative performance during the year. Bank of America and Microsoft Corp. also hurt absolute results.

The largest purchases during the year included new positions in consumer related companies Tyco International Ltd. and Kraft Foods Inc. The Fund also established new positions in financial services firms Marsh & McLennan Cos. Inc., BlackRock Inc. and Credit Suisse Group AG.

The largest sales during the year included Cummins, Cliffs Natural Resources, and Agrium Inc., all of which were eliminated after strong price appreciation. The positions in Texas Instruments and Nestle SA were also eliminated.

The Fund is constructed on a stock by stock basis and as a result, sector weights are a fall out of stock selection. During the year, within

consumer discretionary, the Fund moved from an underweight to an overweight relative to the bench-mark. The Fund also increased its overweight allocations in materials and industrials. The Fund moved from an overweight allocation to an underweight in health care and consumer staples. As of the end of the year, information technology remained the largest overweight sector, and financials and utilities remained the Fund’s largest underweights relative to its benchmark.

Global growth continues to recover, led by emerging markets but with increasing contributions from developed economies. Policy risk remains a key concern, particularly in three areas: Europe (the mechanism for crisis resolution), the U.S. (long term debt reduction contrasted against potential further gridlock) and China (targeted tightening in the face of rising inflationary pressures). In the U.S., growth could surprise to the upside in 2011, with a positive implication for profits, capital spending and jobs. While macroeconomic trends inform our process, buy and sell decisions ultimately are driven by company fundamentals. We continue to focus our efforts on maximizing the Fund’s overall growth and dividend yield while minimizing valuation metrics.

Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but not do not reflect the deduction of insurance changes.

JNL T. Rowe Price Funds T. Rowe Price Associates, Inc.

Market Summary: Against a backdrop of healthy earnings, fortified balance sheets, and low borrowing costs for corporations, major U.S. equity indexes rose strongly in 2010, capping a second consecutive year of strong gains. Stocks produced robust returns through late April, extending the rally that started in March 2009, but fell sharply through early July due in part to a European debt crisis centered in Greece and a sluggish U.S. economic recovery. Equities rebounded briskly starting in late August as the economy showed signs of improvement and the U.S. Federal Reserve (“Fed”) signaled that it would purchase more Treasury securities in an attempt to keep long term interest rates low. The rally, which was supported by late year bipartisan legislation to extend for two years the Bush era tax cuts that were set to expire at the end of 2010, lifted major indexes in late December to their highest levels of the year. As measured by various Russell indexes, growth stocks fared better than value across all market capitalizations, especially among small caps. Despite the correction—traditionally defined as a pullback of at least 10%—in the second quarter, most major indices closed the year more than 85% above their March 2009 bottom.

    In the large cap universe, as measured by the S&P 500 Index, all sectors produced positive returns in 2010. Based on total return data from S&P, consumer discretionary and industrials and business services shares performed best with robust gains. Investors perceived that companies in these sectors could benefit significantly from a stronger economic recovery. Materials and energy stocks also outperformed, lifted by rising commodity prices. For example, gold reached $1,400 per ounce, oil surpassed $90 per barrel, and gasoline averaged $3.00 per gallon nationwide by the end of the year. Telecommunication services, consumer staples, financials and information technology shares produced moderate gains but lagged the broad market. Health care and utilities—two sectors that tend to have low sensitivity to the health of the economy—were flat, as equity investors favored riskier investments. Within the Russell 1000 Value Index, consumer discretionary was the strongest sector for the period, although energy, industrials and business

services, and materials also turned in sizable returns. Traditionally defensive health care and utilities were the weakest performing sectors in the Russell 1000 Value Index. Small and mid cap stocks outperformed large cap shares over the last year. The S&P MidCap 400 Index and the small cap Russell 2000 Index returned 26.64% and 26.85%, respectively, versus 15.06% for the large cap S&P 500 Index.

    All major U.S. fixed income sectors posted positive absolute returns during the year, and spread sectors outperformed duration matched Treasuries. Better economic data, very strong corporate earnings, extraordinary economic stimulus, and positive technical forces outweighed macroeconomic concerns stemming from dysfunctional European sovereign debt markets. Despite steep climbs in credit spreads in May and June related to Greece’s sovereign ballout, spreads in all major sectors tightened during the course of the year. Moreover, the lowest quality segments and most credit sensitive sectors performed best during the year.

    One of the most important drivers supporting resiliency in credit spreads was the powerful technical tailwind that benefited bond markets during the year. Until late in the year, investment flows strongly favored debt securities over equities as most investors desired the relative safety and security of fixed rate debt. Additionally, outside of the corporate sector, the net supply of investment grade securities offering a spread to Treasuries was scarce. Lastly, with Treasury rates near all time lows for much of the year, investors consistently increased spread sector allocations to gain yield. This technical tailwind was evident in the market for commercial mortgage-backed securities (“CMBS”), which produced the best returns of any investment grade sector by far. Despite unimpressive fundamentals attached to commercial real estate, the sector outperformed other investment grade sectors on a consistent basis. The sector has virtually no new supply and demand is strong because there are few, if any, investment grade alternatives providing similar absolute yields.

JNL/T. Rowe Price Established Growth Fund

Sector Weightings*:
Information Technology	30.6	%
Consumer Discretionary	18.5
Industrials	15.0
Energy	8.6
Financials	7.2
Health Care	6.0
Materials	5.3
Telecommunication Services	3.7
Consumer Staples	2.3
Short Term Investments	2.8
Total Investments	100.0	%

*Total Investments at December 31, 2010

Portfolio Manager Commentary: For the year ended December 31, 2010, the JNL/T. Rowe Price Established Growth Fund outperformed its benchmark by posting a return of 16.76% for Class A shares compared to 16.71% for the Russell 1000 Growth Index.

    Favorable stock selection and sector weighting contributed positively to relative performance. Relative to the Fund’s benchmark, results in information technology were the primary contributor to relative performance due to positive stock selection. The Fund’s holdings in computers and peripherals and internet software and services contributed the most, relatively. Additionally, consumer discretionary was a top contributor based on stock selection, specifically in hotels, restaurants and leisure, as wells as, specialty retail. Stock selection and sector underweight also added value in health care. Conversely, financials

was the biggest detractor from relative results, as adverse stock selection, particularly in capital markets, drove sector weakness.

    Significant contributors to the Fund’s performance during the year included Apple Inc., Amazon.com Inc., Baidu.com and Danaher Corp. Significant detractors from performance during the year included Visa Inc., Medco Health Solutions Inc., Nvidia Corp. and Petroleo Brasileiro SA.

    Significant purchases during the year included Google Inc., FedEx Corp., Apple Inc., Corning Inc. and Amazon.com Inc. Significant sales during the year included Medco Health Solutions Inc., Microsoft Corp., Gilead Sciences Inc., Cisco Systems Inc. and Goldman Sachs Group Inc.

    Relative to the Fund’s benchmark, significant relative sector weighting changes from December 31, 2009 to December 31, 2010 included: an increased overweight in consumer discretionary; a change from being underweight to overweight in industrials and business services, as well as a change from an underweight to a slight overweight in materials. Conversely, the Fund substantially decreased sector overweight in financials and also decreased sector underweight to consumer staples; the Fund also shifted from being overweight to underweight in energy.

    We have a modestly positive view of the equities market for the near to medium term. We believe that earnings and cash flow will improve and that as confidence, which is now unduly low, rises, markets should perform well overall. We are particularly focused on exposure to emerging

markets, both directly and through multi nationals that sell to emerging market consumers, since we believe the underlying factors favoring emerging markets will persist. These positives include reduced sovereign debt risk, faster economic and earnings growth, and structural improvements in profitability at many companies. Wages are going up and companies are adding people spurring exceptionally positive increases in consumption growth in large markets such as China and India, as well as in Latin America. While there are downside risks to our core scenario, and short term corrections are always possible, we view an extended reversal of these trends as unlikely. Accordingly, we continue to view these markets as highly attractive sources of stock specific growth ideas.

    There is also a good chance for multiple expansion in U.S. equities, as money that is currently sitting on the sidelines gets reallocated back into stocks. High levels of corporate cash could eventually lead to either capital expenditures or to more shareholder friendly maneuvers like share buybacks or dividends. Consumers are beginning to show more signs of regaining confidence and financial companies have been recapitalized. Though it varies greatly by region, home prices have broadly stabilized and even begun to rebound in certain markets. Unemployment remains persistently high, but some signs have begun to appear that show an improving employment picture. Additionally, there has been an abating mistrust in stocks as global growth

JNL T. Rowe Price Funds (continued) T. Rowe Price Associates, Inc.

JNL/T. Rowe Price Established Growth Fund (continued)

improves and companies’ balance sheets have improved.

    U.S. equities are attractively valued—particularly when compared with bonds—and corporate fundamentals appear very strong. The outcome of the U.S. midterm elections, which resulted in a divided Congress less likely to pass major radical policy initiatives and regulations, and the Fed announcements of additional quantitative easings should increase investor confidence levels. In order to capitalize on what we feel is an improving market environment, we remain focused on

companies in technology, consumer discretionary and also industrials and are strategically underweight in areas that offer less growth potential such as consumer staples and utilities.

    Our core investment philosophy is to buy and hold high quality growth companies, especially those with a competitive advantage in their respective markets—companies that can generate sustainable double digit earnings and cash flow growth by participating in expanding markets, taking market share, or improving profitability faster than sales. We believe those companies

with solid balance sheets, seasoned, shareholder friendly management, and attractive prices will perform strongly regardless of overall economic conditions. Fundamental research is imperative in identifying these securities and it is also helpful in discerning between cyclical and secular growth. Looking forward, our goal is to continually improve the quality of the companies that we own, and we remain vigilant in managing risks relative to the potential return of our holdings.

JNL/T. Rowe Price Mid-Cap Growth Fund

Sector Weightings*:
Information Technology	23.9	%
Industrials	16.6
Health Care	14.6
Consumer Discretionary	13.8
Energy	8.6
Financials	7.3
Materials	1.9
Consumer Staples	1.6
Utilities	1.0
Short Term Investments	10.7
Total Investments	100.0	%

*Total Investments at December 31, 2010

Portfolio Manager Commentary: For the year ended December 31, 2010, the JNL/T. Rowe Price Mid-Cap Growth Fund outperformed its benchmark by posting a return of 27.86% for Class A shares compared to 26.38% for the Russell MidCap Growth Index.

    Overall, favorable stock selection significantly contributed to relative performance while sector weighting also added value. Relative to the Fund’s benchmark, superior stock selection within energy was the primary contributor to relative performance during the period as rising commodity prices bolstered sector returns. Health care was another notable contributor to performance as the Fund’s holdings in health care equipment and supplies and pharmaceuticals companies positively impacted relative returns. Stock selection in consumer discretionary also proved rewarding as holdings in the hotels, restaurant and leisure industry underpinned relative strength. Despite being the only sector in the index to post negative returns, stock selection in utilities proved effective and was further supported by an underweight to the traditionally defensive sector.

Financials was the primary detractor from relative results, as adverse stock selection, particularly in

capital markets, drove sector weakness.

    Significant contributors to the Fund’s performance during the year included Chipotle Mexican Grill Inc., Edwards Lifesciences Corp., AMETEK Inc. and WABCO Holdings Inc. Significant detractors from performance during the year included Human Genome Sciences Inc., Global Payments Inc., Janus Capital Group Inc. and Vertex Pharmaceuticals Inc.

    Significant purchases during the year included Range Resources Corp., Community Health Systems Inc., Nuance Communications Inc. and Solera Holdings Inc. Significant sales during the year included American Tower Corp., Perrigo Co., OSI Pharmaceuticals Inc., Intuitive Surgical Inc. and KeyCorp.

    Relative to the Fund’s benchmark, significant relative sector weighting changes from December 31, 2009 to December 31, 2010, included: increasing the Fund’s sector underweight in consumer discretionary; going from slightly underweight to overweight positions in information technology and utilities, while doing the reverse in telecommunication services holdings by going from slightly overweight to having no exposure to the sector at the end of 2010; and slightly decreasing the Fund’s overweight positions in financials and health care.

    In prior years, we have emphasized the important role central banks must play to intervene when credit becomes too easy and asset prices become inflated—a role former Fed Chairman William McChesney Martin likened to taking “away the punch bowl just when the party gets going.” We worry that, far from following Martin’s advice, his

successors are spiking the punch bowl through the addition of two potent spirits. The first of these is ZIRP, the zero interest rate policy, which is benefiting the largest borrowers—the government, banks, speculators and

large corporations. The policy has been much less favorable for the nation’s savers, particularly senior citizens who rely on income from savings accounts and certificates of deposit. The second spirit has been the new round of quantitative easing (“QE2”), which we view as a polite term for printing money and monetary debasement. As noted above, much of the intoxication from QE2 is occurring overseas—in Asian property markets, for example—as liquidity created by the program quickly flows to where returns are highest. The QE2 policy had led to resentment on the part of trading partners who have been burdened with surging inflation and new asset bubbles.

    To be sure, the party on Wall Street in recent months has been less rollicking than it was at the height of the housing bubble. Mid cap valuations have risen but remain reasonable—and stocks in general appear attractive relative to bonds. Growth shares only modestly outperformed value stocks over the past year and remain relatively attractive, particularly among large caps. Still, we sense that a bit of intoxication is beginning to creep back into our market. Momentum investing has mounted a comeback among a narrow group of high growth stocks, most notably in hot areas such as cloud computing and social media.

    While the Fund has benefited from this enthusiasm, we are intent on remaining the sober ones at the party, focused on companies with durable franchises that are likely to prosper over the long term. Thus, we are trimming positions in which valuations have become stretched and investing in companies that will benefit as the global economy restructures. We remain particularly focused on the U.S. manufacturing renaissance, which we still view as the best way out of our nation’s dependence on debt financed consumption.

JNL T. Rowe Price Funds (continued) T. Rowe Price Associates, Inc.

JNL/T. Rowe Price Short-Term Bond Fund

Sector Weightings*:
U.S. Government Agency
Mortgage-Backed Securities	23.4	%
Financials	20.2
Non-U.S. Government Agency ABS	12.9
Government Securities	8.3
Energy	4.0
Health Care	4.0
Consumer Discretionary	3.9
Consumer Staples	3.7
Utilities	3.3
Telecommunication Services	2.8
Materials	2.3
Information Technology	2.0
Industrials	1.7
Investment Companies	0.3
Short Term Investments	7.2
Total Investments	100.0	%

*Total Investments at December 31, 2010

Portfolio Manager Commentary: For the year ended December 31, 2010, the JNL/T. Rowe Price Short-Term Bond Fund outperformed its benchmark by posting a return of 2.94% for Class A shares compared to 2.80% for the Barclays Capital 1-3 Year Government/Credit Index.

    Sector allocations within the Fund drove relative outperformance against the Fund’s benchmark. The Fund’s overweight to investment grade corporate debt was the most significant contributor to relative returns. The Fund’s non

benchmark exposure to securitized sectors, especially mortgage backed securities (“MBS”), also contributed to outperformance. Lastly, an associated underweight to U.S. Treasury securities also contributed to relative outperformance. Al-most all spread sectors outperformed Treasuries during the year as better economic data and extraordinary amounts economic stimulus caused investors to rotate into riskier sectors.

    The greatest contributor to relative performance was the Fund’s overweight allocation to investment grade corporate bonds. Corporate spreads tightened in response to consistently better than expected corporate earnings and a general improvement in economic data. Strong investor demand for corporate debt allowed companies to build substantial cash positions and issue debt at attractive interest rates. However, security selection within the sector detracted from returns during the year. Higher beta credits outperformed during the year, but the Fund’s holdings, especially in BBB rated corporates, tend to be less speculative with lower beta characteristics.

    Non benchmark exposure to securitized sectors also added to relative returns over the year. Exposure to MBS especially aided relative performance. MBS benefitted from muted refinance rates, low originator supply, and strong demand in the fourth quarter from money managers and banking institutions.

    The Fund’s strategic underweight to Treasuries also contributed to relative returns. This sector posted positive returns for the year but did not perform as well as spread sectors. Almost all spread sectors outperformed Treasuries during the year as better economic data and extraordinary amounts economic stimulus caused investors to rotate into riskier sectors.

    Against its benchmark, the Fund’s strategy typically maintains a strategic overweight to spread sectors at the expense of low risk government related and Treasury sectors. To bring the Fund in line with the strategic target weights of the Fund’s investment strategy, the Fund rotated out of liquid, government related debt and into corporate credit during the course of the year. The Fund was particularly active in the new issue corporate market during the period given liquidity constraints in the secondary market for short term corporate credit. The Fund added to industrial names, which is the largest allocation and overweight within the sector.

    Underweighting government related debt and Treasuries allows the Fund to build a yield advantage against the benchmark and leverage the strength of T. Rowe Price Associates, Inc.’s fundamental research platform.

JNL/T. Rowe Price Value Fund

Sector Weightings*:
Financials	22.7	%
Energy	16.4
Consumer Discretionary	11.1
Information Technology	10.1
Industrials	9.7
Health Care	9.2
Materials	5.8
Utilities	5.7
Consumer Staples	3.7
Telecommunication Services	2.3
Investment Companies	0.4
Short Term Investments	2.9
Total Investments	100.0	%

*Total Investments at December 31, 2010

Portfolio Manager Commentary: For the year ended December 31, 2010, the JNL/T. Rowe Price Value Fund outperformed its benchmark by posting a return of 15.89% for Class A shares compared to 15.51% for the Russell 1000 Value Index.

    During the year of outperformance, sector weight drove relative outperformance, while stock selection detracted slightly. The leading contributor to relative returns versus the Fund’s benchmark was stock selection and an overweight position to consumer discretionary, mostly within the media industry. Media companies typically generate strong cash flows, return cash to shareholders and/or own attractive assets that we feel are undervalued. An overweight position

to energy also aided relative performance, as the sector was particularly strong largely due to the

rising price of oil. Stock selection in industrials and business services and information technology detracted from relative performance.

    Significant contributors to the Fund’s performance during the year included: Liberty Media Corp., Cablevision Systems Corp., Time Warner Cable Inc., Chevron Corp. and Murphy Oil Corp. Significant detractors from performance during the year included: H&R Block Inc., Bank of America Corp., St. Joe Co., NRG Energy Inc. and Total SA.

    Significant purchases during the year included Pfizer Inc., Wells Fargo & Co., Chevron Corp., JPMorgan Chase & Co. and Nexen Inc. Significant sales during the year included Liberty Media Corp. Capital, Fortune Brands Inc., KeyCorp, Wal-Mart Stores Inc. and Ameriprise Financial Inc.

    The largest weighting increase in the Fund was in financials. The Fund was a net purchaser adding to commercial banks and diversified financial services names with strong balance sheets that were more likely to benefit as the economy continues to recover. Energy was one of the best performing sectors for the year, and the Fund was also a net purchaser adding to a basket of names in the oil, gas and consumable fuels industry, favoring names with the ability to find and develop capacity and companies with natural gas exposure as the price of the commodity has lagged.

The Fund was also a net purchaser to utilities as valuations have become more attractive with weakened power demand, low natural gas prices and investors preferring higher growth sectors in the recent market rally. We prefer to invest in a mix of regulated and unregulated utilities with quality assets that operate in attractive markets and like the stable cash flows and higher dividend yields that utilities stocks tend to provide. The weight to consumer discretionary decreased the most since last year. The Fund was a net seller on strength as valuations in this sector have risen in the recent market rally, mostly reducing the Fund’s position to the household durables industry by eliminating positions in Fortune Brands Inc. and Newell Rubbermaid on strength.

    Given strong market performance since the March 2009 bottom and current uncertainty about the future strength of the economic recovery, we believe that equity returns will be generated more by superior stock selection rather than by a broad, thematic approach to investing. We believe that this environment should be positive for the Fund’s performance given T. Rowe Price Associates, Inc.’s in house proprietary research and our fundamental style of investing. Our focus will continue to be on selecting stocks with valuation appeal, sound fundamentals and reasonable balance sheet integrity. As always, we will concentrate our efforts on making sound investment decisions in our ongoing attempt to enhance shareholder value.

JNL T. Rowe Price Funds (continued) T. Rowe Price Associates, Inc.

Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but not do not reflect the deduction of insurance changes.

JNL T. Rowe Price Funds (continued) T. Rowe Price Associates, Inc.

Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance numbers are net of all Fund operating expenses, but not do not reflect the deduction of insurance changes.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
JNL/American Funds Blue Chip Income and Growth Fund
INVESTMENT COMPANIES - 100.0%
American Funds Insurance Series - Blue Chip Income and Growth Fund Class 1		16,117		$    149,079
Total Investment Companies (cost $138,368)				149,079
Total Investments - 100.0% (cost $138,368)				149,079
Other Assets and Liabilities, Net - (0.0%)				(74)
Total Net Assets - 100.0%				$149,005
JNL/American Funds Global Bond Fund
INVESTMENT COMPANIES - 100.0%
American Funds Insurance Series - Global Bond Fund Class 1		8,916		$    105,387
Total Investment Companies (cost $106,562)				105,387
Total Investments - 100.0% (cost $106,562)				105,387
Other Assets and Liabilities, Net - (0.0%)				(46)
Total Net Assets - 100.0%				$105,341
JNL/American Funds Global Small Capitalization Fund
INVESTMENT COMPANIES - 100.0%
American Funds Insurance Series - Global Small Capitalization Fund Class 1		3,737		$    80,981
Total Investment Companies (cost $73,034)				80,981
Total Investments - 100.0% (cost $73,034)				80,981
Other Assets and Liabilities, Net - (0.0%)				(34)
Total Net Assets - 100.0%				$80,947
JNL/American Funds Growth-Income Fund
INVESTMENT COMPANIES - 100.1%
American Funds Insurance Series - Growth-Income Fund Class 1		5,065		$    174,607
Total Investment Companies (cost $161,578)				174,607
Total Investments - 100.1% (cost $161,578)				174,607
Other Assets and Liabilities, Net - (0.1%)				(90)
Total Net Assets - 100.0%				$    174,517

	Shares/Par (p)		Value
JNL/American Funds International Fund
INVESTMENT COMPANIES - 100.1%
American Funds Insurance Series - International Fund Class 1		5,698		$    102,840
Total Investment Companies (cost $95,439)				102,840
Total Investments - 100.1% (cost $95,439)				102,840
Other Assets and Liabilities, Net - (0.1%)				(54)
Total Net Assets - 100.0%				$    102,786
JNL/American Funds New World Fund
INVESTMENT COMPANIES - 100.0%
American Funds Insurance Series - New World Fund Class 1		5,737		$133,548
Total Investment Companies (cost $125,023)				133,548
Total Investments - 100.0% (cost $125,023)				133,548
Other Assets and Liabilities, Net - (0.0%)				(65)
Total Net Assets - 100.0%				$    133,483
JNL Institutional Alt 20 Fund (b)
INVESTMENT COMPANIES - 100.0%
JNL/BlackRock Commodity Securities Fund (2.7%) (a)		2,421		$    26,681
JNL/Goldman Sachs Emerging Markets Debt Fund (1.6%) (a)		886		12,093
JNL/Invesco Global Real Estate Fund (2.9%) (a)		2,264		19,239
JNL/Lazard Emerging Markets Fund (1.0%) (a)		1,094		13,222
JNL/Mellon Capital Management Bond Index Fund (13.4%) (a)		15,260		179,003
JNL/Mellon Capital Management Global Alpha Fund (5.7%) (a)		1,091		11,425
JNL/Mellon Capital Management International Index Fund (6.7%) (a)		5,802		72,407
JNL/Mellon Capital Management Nasdaq 25 Fund (12.3%) (a)		2,230		25,650
JNL/Mellon Capital Management S&P 24 Fund (21.2%) (a)		7,673		77,881
JNL/Mellon Capital Management S&P SMid 60 Fund (12.3%) (a)		4,117		46,642
JNL/Mellon Capital Management Small Cap Index Fund (3.7%) (a)		2,104		26,534
JNL/Mellon Capital Management Value Line 30 Fund (7.4%) (a)		4,593		60,357
JNL/PIMCO Real Return Fund (0.6%) (a)		948		11,435
JNL/PPM America High Yield Bond Fund (1.4%) (a)		1,859		12,397
JNL/Red Rocks Listed Private Equity Fund (3.1%) (a)		2,003		20,169
Total Investment Companies (cost $553,914)				615,135

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Total Investments - 100.0% (cost $553,914)			615,135
Other Assets and Liabilities, Net - (0.0%)			(101)
Total Net Assets - 100.0%			$    615,034
JNL Institutional Alt 35 Fund (b)
INVESTMENT COMPANIES - 100.0%
JNL/BlackRock Commodity Securities Fund (7.6%) (a)		6,874	$    75,754
JNL/Goldman Sachs Emerging Markets Debt Fund (3.4%) (a)		1,888	25,777
JNL/Invesco Global Real Estate Fund (6.9%) (a)		5,374	45,677
JNL/Ivy Asset Strategy Fund (1.8%) (a)		1,508	17,232
JNL/Lazard Emerging Markets Fund (2.0%) (a)		2,342	28,313
JNL/Mellon Capital Management Bond Index Fund (13.7%) (a)		15,546	182,361
JNL/Mellon Capital Management Global Alpha Fund (12.1%) (a)		2,324	24,329
JNL/Mellon Capital Management International Index Fund (8.7%) (a)		7,545	94,166
JNL/Mellon Capital Management Nasdaq 25 Fund (13.0%) (a)		2,373	27,289
JNL/Mellon Capital Management S&P 24 Fund (27.5%) (a)		9,964	101,135
JNL/Mellon Capital Management S&P SMid 60 Fund (15.1%) (a)		5,025	56,937
JNL/Mellon Capital Management Small Cap Index Fund (3.9%) (a)		2,236	28,191
JNL/Mellon Capital Management Value Line 30 Fund (9.3%) (a)		5,784	76,002
JNL/PPM America High Yield Bond Fund (3.9%) (a)		5,298	35,337
JNL/Red Rocks Listed Private Equity Fund (10.4%) (a)		6,663	67,092
Total Investment Companies (cost $783,525)			885,592
Total Investments - 100.0% (cost $783,525)			885,592
Other Assets and Liabilities, Net - (0.0%)			(136)
Total Net Assets - 100.0%			$    885,456
JNL Institutional Alt 50 Fund (b)
INVESTMENT COMPANIES - 100.0%
JNL/BlackRock Commodity Securities Fund (8.0%) (a)		7,288	$    80,309
JNL/Goldman Sachs Emerging Markets Debt Fund (5.5%) (a)		3,058	41,747
JNL/Invesco Global Real Estate Fund (15.0%) (a)		11,708	99,519
JNL/Ivy Asset Strategy Fund (4.3%) (a)		3,659	41,820
JNL/Lazard Emerging Markets Fund (3.3%) (a)		3,773	45,617
JNL/Mellon Capital Management Bond Index Fund (13.1%) (a)		14,829	173,946
JNL/Mellon Capital Management Global Alpha Fund (29.4%) (a)		5,652	59,179
JNL/Mellon Capital Management International Index Fund (8.6%) (a)		7,487	93,444
JNL/Mellon Capital Management Nasdaq 25 Fund (10.5%) (a)		1,918	22,056

	Shares/Par (p)		Value
JNL/Mellon Capital Management S&P 24 Fund (24.3%) (a)		8,789	89,206
JNL/Mellon Capital Management S&P SMid 60 Fund (15.2%) (a)		5,061	57,343
JNL/Mellon Capital Management Small Cap Index Fund (3.2%) (a)		1,808	22,794
JNL/Mellon Capital Management Value Line 30 Fund (8.5%) (a)		5,257	69,074
JNL/PPM America High Yield Bond Fund (4.7%) (a)		6,425	42,852
JNL/Red Rocks Listed Private Equity Fund (21.6%) (a)		13,791	138,877
Total Investment Companies (cost $957,545)			1,077,783
Total Investments - 100.0% (cost$957,545)			1,077,783
Other Assets and Liabilities, Net - (0.0%)			(160)
Total Net Assets - 100.0%			$  1,077,623
JNL Institutional Alt 65 Fund (b)
INVESTMENT COMPANIES - 100.0%
JNL/BlackRock Commodity Securities Fund (6.1%) (a)		5,570	$    61,376
JNL/Goldman Sachs Emerging Markets Debt Fund (4.6%) (a)		2,569	35,065
JNL/Invesco Global Real Estate Fund (12.3%) (a)		9,567	81,316
JNL/Ivy Asset Strategy Fund (4.3%) (a)		3,683	42,102
JNL/Lazard Emerging Markets Fund (2.7%) (a)		3,150	38,085
JNL/Mellon Capital Management Bond Index Fund (4.4%) (a)		5,010	58,766
JNL/Mellon Capital Management Global Alpha Fund (33.1%) (a)		6,353	66,518
JNL/Mellon Capital Management International Index Fund (4.5%) (a)		3,897	48,633
JNL/Mellon Capital Management Nasdaq 25 Fund (7.1%) (a)		1,288	14,811
JNL/Mellon Capital Management S&P 24 Fund (14.2%) (a)		5,155	52,324
JNL/Mellon Capital Management S&P SMid 60 Fund (8.1%) (a)		2,709	30,699
JNL/Mellon Capital Management Small Cap Index Fund (2.1%) (a)		1,215	15,322
JNL/Mellon Capital Management Value Line 30 Fund (3.8%) (a)		2,346	30,821
JNL/PPM America High Yield Bond Fund (2.4%) (a)		3,234	21,572
JNL/Red Rocks Listed Private Equity Fund (20.4%) (a)		13,020	131,114
Total Investment Companies (cost $648,548)			728,524
Total Investments - 100.0% (cost $648,548)			728,524
Other Assets and Liabilities, Net - (0.0% )			(114)
Total Net Assets - 100.0%			$    728,410

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
JNL/BlackRock Commodity Securities Fund * (x)
COMMON STOCKS - 45.9%
ENERGY - 40.1%
Anadarko Petroleum Corp.		125	$9,493
Apache Corp.		162	19,350
Baker Hughes Inc.		97	5,545
Brigham Exploration Co. (c)		197	5,359
Cameron International Corp. (c)		174	8,808
Canadian Natural Resources Ltd.		183	8,181
Chevron Corp.		139	12,648
CNOOC Ltd. - ADR (e)		27	6,343
ConocoPhillips		111	7,560
Crew Energy Inc. (c)		242	4,648
Devon Energy Corp.		165	12,971
Dresser-Rand Group Inc. (c)		182	7,744
Dril-Quip Inc. (c)		76	5,921
EOG Resources Inc.		193	17,682
Exxon Mobil Corp.		178	13,029
FMC Technologies Inc. (c)		138	12,291
Halliburton Co.		176	7,206
Helmerich & Payne Inc.		95	4,610
Hess Corp.		84	6,423
Marathon Oil Corp.		138	5,111
Murphy Oil Corp.		231	17,222
National Oilwell Varco Inc.		225	15,102
Newfield Exploration Co. (c)		67	4,818
Noble Corp.		138	4,934
Noble Energy Inc.		80	6,858
Occidental Petroleum Corp.		132	12,950
Peabody Energy Corp.		121	7,747
Pride International Inc. (c)		133	4,377
Range Resources Corp.		142	6,395
Saipem SpA		117	5,758
Schlumberger Ltd.		133	11,122
Suncor Energy Inc.		325	12,498
Talisman Energy Inc.		579	12,892
Technip SA - ADR		49	4,520
Total SA - ADR		100	5,366
Transocean Ltd. (c)		128	8,899
Whiting Petroleum Corp. (c)		46	5,443
Other Securities			73,193
			401,017
INDUSTRIALS - 0.1%
Other Securities			592
MATERIALS - 5.7%
Eldorado Gold Corp.		406	7,560
Goldcorp Inc.		126	5,821
Newcrest Mining Ltd.		140	5,770
Southern Copper Corp.		136	6,635
Vale SA - ADR (c)		169	5,856
Other Securities			25,866
			57,508
Total Common Stocks (cost $386,991)			459,117
WARRANTS - 0.0%
Other Securities			—
Total Warrants (cost $0)			—

	Shares/Par (p)		Value
COMMODITY INDEXED STRUCTURED NOTES - 21.0%
Bank of America Corp. - Series DJUB, Dow Jones-UBS Commodity Index 2 Month Forward Total Return linked note, 0.17%, 06/07/11 (i) (f)	$	7,000		11,348
Bank of America Corp., Dow Jones-UBS Commodity Index linked note, 0.01%, 08/18/11 (i) (f)		10,000		18,778
Bank of America Corp., Dow Jones-UBS Commodity Index linked note, 0.01%, 10/24/11 (i) (f)		10,000		15,269
BNP Paribas, BNP Paribas Millennium Commodities Long/Short Excess Return Index linked note, 0.02%, 04/15/11 (r) (f) (i)		14,000		27,651
Citigroup, Dow Jones-UBS Commodity Index Total Return linked note, 0.29%, 12/15/11 (f) (i)		28,000		35,600
JP Morgan, Dow Jones-UBS Commodity Index Total Return linked note, 0.26%, 11/17/11 (f) (i)		6,000		7,869
JP Morgan, Dow Jones-UBS Commodity Index Total Return linked note, 0.26%, 12/07/11 (f) (i)		16,000		20,450
Societe Generale, Dow Jones-UBS Commodity Index Total Return linked note, 0.26%, 04/15/11 (i) (r) (f)		10,000		19,192
Societe Generale, Dow Jones-UBS Commodity Index Total Return linked note, 0.26%, 08/19/11 (i) (r) (f)		10,000		18,721
Svensk Exportkredit AB, Dow Jones-UBS Commodity Index 2 Month Forward Total Return linked note, 0.03%, 04/15/11 (i) (f)		12,000		20,033
UBS, Dow Jones-UBS Commodity Index Total Return linked note, 0.26%, 12/30/11 (f) (i)		7,500		10,193
UBS, Dow Jones-UBS Commodity Index Total Return linked note, 0.26%, 01/23/12 (f) (i)		5,000		5,667
Total Commodity Indexed Structured Notes (cost $135,500)				210,771
SHORT TERM INVESTMENTS - 51.1%
Investment Company - 6.3%
JNL Money Market Fund, 0.08% (a) (h)		62,860		62,860
Securities Lending Collateral 17.7%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)		176,969		176,969
Securities Lending Liquidating Fund LLC, 0.66% (a) (h)		698		687
				177,656
Treasury Securities 27.1%
U.S. Treasury Bill
0.13%, 03/24/11 (e)	$	10,000		9,997
0.14%, 03/31/11 (e)		261,050		260,964
				270,961
Total Short Term Investments (cost $511,488)				511,477
Total Investments - 118.0% (cost $1,033,979)				1,181,365
Other Assets and Liabilities, Net - (18.0%)				(180,433)
Total Net Assets - 100.0%			$	1,000,932

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
JNL/BlackRock Global Allocation Fund
INVESTMENT COMPANIES - 100.0%
BlackRock Global Allocation Portfolio (a)		11,523	$	179,646
Total Investment Companies (cost $178,266)				179,646
Total Investments - 100.0% (cost $178,266)				179,646
Other Assets and Liabilities, Net - (0.0% )				(66	)
Total Net Assets - 100.0%			$	179,580
JNL/Capital Guardian Global Balanced Fund * (x)
COMMON STOCKS - 65.3%
CONSUMER DISCRETIONARY - 7.6%
Daimler AG (c)		49	$	3,328
Denso Corp.		64		2,197
GKN Plc		557		1,929
Target Corp.		74		4,426
Other Securities				15,503
				27,383
CONSUMER STAPLES - 4.6%
Danone SA		33		2,103
Procter & Gamble Co.		31		1,988
Other Securities				12,471
				16,562
ENERGY - 7.4%
BG Group Plc		102		2,059
Cameco Corp.		83		3,356
Halliburton Co.		48		1,952
Noble Energy Inc.		26		2,204
Schlumberger Ltd.		27		2,246
Weatherford International Ltd. (c)		93		2,125
Other Securities				12,681
				26,623
FINANCIALS - 11.0%
AIA Group Ltd. (c) (q)		723		2,031
DLF Ltd.		345		2,252
Grupo Financiero Inbursa SA		440		1,932
HSBC Holdings Plc		276		2,808
Sberbank - GDR (e)		6		2,513
Other Securities				28,031
				39,567
HEALTH CARE - 5.2%
Cerner Corp. (c) (e)		21		2,027
Roche Holding AG		22		3,219
Shire Plc		96		2,305
Shire Plc - ADR (e)		4		268
Other Securities				11,011
				18,830
INDUSTRIALS - 6.6%
FedEx Corp.		27		2,521
Siemens AG		32		3,984
Other Securities				17,035
				23,540
INFORMATION TECHNOLOGY - 11.7%
Apple Inc. (c)		7		2,129

	Shares/Par (p)		Value
ASML Holding NV		52		1,998
Google Inc. - Class A (c)		5		2,732
International Business Machines Corp.		16		2,348
Juniper Networks Inc. (c)		127		4,685
Murata Manufacturing Co. Ltd.		27		1,857
Nintendo Co. Ltd.		13		3,649
Oracle Corp.		35		1,105
Oracle Corp. Japan		16		804
Samsung Electronics Co. Ltd.		2		1,795
Samsung Electronics Co. Ltd. - GDR		1		308
Other Securities				18,697
				42,107
MATERIALS - 6.6%
CRH Plc		90		1,874
Monsanto Co.		41		2,876
Syngenta AG		7		1,923
Other Securities				16,833
				23,506
TELECOMMUNICATION SERVICES - 3.7%
American Tower Corp. - Class A (c)		41		2,102
SoftBank Corp.		95		3,276
Other Securities				7,736
				13,114
UTILITIES - 0.9%
Other Securities				3,251
Total Common Stocks (cost $194,712)				234,483
PREFERRED STOCKS - 0.4%
INFORMATION TECHNOLOGY - 0.0%
Other Securities				—
MATERIALS - 0.1%
Other Securities				176
TELECOMMUNICATION SERVICES - 0.1%
Other Securities				305
UTILITIES - 0.2%
Other Securities				839
Total Preferred Stocks (cost $1,059)				1,320
RIGHTS - 0.0%
Other Securities				16
Total Rights (cost $0)				16
CORPORATE BONDS AND NOTES - 5.7%
CONSUMER DISCRETIONARY - 0.7%
Other Securities				2,482
CONSUMER STAPLES - 0.3%
Other Securities				1,287
ENERGY - 0.0%
Other Securities				89
FINANCIALS - 2.4%
Other Securities				8,500
HEALTH CARE - 0.5%
Roche Holdings Inc., 6.00%, 03/01/19 (l) (q)		400		465
Other Securities				1,358
				1,823

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
INDUSTRIALS - 0.2%
Other Securities			624
INFORMATION TECHNOLOGY - 0.2%
Other Securities			614
MATERIALS - 0.1%
Other Securities			326
TELECOMMUNICATION SERVICES - 0.6%
Other Securities			2,338
UTILITIES - 0.7%
Other Securities			2,588
Total Corporate Bonds and Notes (cost $20,419)			20,671
GOVERNMENT AND AGENCY OBLIGATIONS - 24.6%
GOVERNMENT SECURITIES - 21.8%
Sovereign - 16.0%
Bundesrepublic Deutschland, 3.00%, 07/04/20, EUR		3,600	4,835
Canadian Government Bond
4.50%, 06/01/15, CAD		1,750	1,922
4.25%, 06/01/18, CAD		300	329
Denmark Government Bond, 5.00%, 11/15/13, DKK		11,975	2,365
Japan Government Bond
1.10%, 03/21/11, JPY		105,000	1,296
1.70%, 09/20/17, JPY		325,000	4,277
2.30%, 12/20/35, JPY		50,000	655
Korea Treasury Bond, 4.25%, 09/10/14, KRW		2,550,000	2,268
Malaysia Government Bond, 5.09%, 04/30/14, MYR		9,325	3,199
Mexican Bonos
9.50%, 12/18/14, MXN		29,000	2,628
7.75%, 12/14/17, MXN		3,800	327
Poland Government Treasury International Bond
5.75%, 04/25/14, PLN		5,250	1,808
5.25%, 10/25/17, PLN		3,000	990
6.38%, 07/15/19		650	728
Queensland Treasury Corp., 6.00%, 10/14/15, AUD		3,500	3,622
Republic of Deutschland
3.75%, 07/04/13, EUR		250	357
4.25%, 07/04/14, EUR		1,570	2,299
3.25%, 07/04/15, EUR		825	1,172
4.25%, 07/04/18, EUR		2,625	3,881
4.75%, 07/04/34, EUR		950	1,514
4.00%, 01/04/37, EUR		100	145
Sweden Government Bond, 6.75%, 05/05/14, SEK		13,250	2,238
United Kingdom Treasury Bond
2.75%, 01/22/15, GBP		200	320
4.00%, 09/07/16, GBP		400	672
4.50%, 03/07/19, GBP		375	639
5.00%, 03/07/25, GBP		400	700
4.75%, 12/07/38, GBP		350	596
Other Securities			11,620
			57,402
Treasury Inflation Index Securities - 0.5%
U.S. Treasury Inflation Indexed Note, 2.00%, 07/15/14 (n)		1,479	1,599
Other Securities			217
			1,816
U.S. Treasury Securities - 5.3%
U.S. Treasury Bond
5.25%, 02/15/29		1,000	1,147

	Shares/Par (p)		Value
4.38%, 02/15/38		1,650		1,667
U.S. Treasury Note
0.75%, 05/31/12		4,500		4,521
2.75%, 02/28/13		2,650		2,770
4.25%, 08/15/13		5,950		6,478
4.25%, 11/15/13		1,750		1,915
3.50%, 02/15/18		400		421
				18,919
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES - 2.8%
Federal National Mortgage Association - 2.2%
Federal National Mortgage Association
4.00%, 06/01/25		1,894		1,958
3.50%, 12/01/25		1,475		1,489
5.50%, 06/01/38, TBA (g)		1,943		2,080
6.00%, 07/01/38		1,254		1,365
5.00%, 04/01/39		822		865
				7,757
Government National Mortgage Association - 0.6%
Government National Mortgage Association
4.50%, 11/20/39		791		823
4.00%, 01/15/41, TBA (g)		1,500		1,510
				2,333
Total Government and Agency Obligations (cost $85,462)				88,227
SHORT TERM INVESTMENTS - 8.4%
Investment Company - 4.5%
JNL Money Market Fund, 0.08% (a) (h)		16,241		16,241
Securities Lending Collateral 3.9%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)		12,684		12,684
Securities Lending Liquidating Fund LLC, 0.66% (a) (h)		1,207		1,187
				13,871
Total Short Term Investments (cost $30,132)				30,112
Total Investments - 104.4% (cost $331,784)				374,829
Other Assets and Liabilities, Net - (4.4%)				(15,815	)
Total Net Assets - 100.0%			$	359,014
JNL/Capital Guardian Global Diversified Research Fund * (x)
COMMON STOCKS - 96.6%
CONSUMER DISCRETIONARY - 8.3%
Comcast Corp. - Class A		145	$	3,190
Daimler AG (c)		51		3,443
Target Corp.		82		4,913
Other Securities				24,608
				36,154
CONSUMER STAPLES - 8.0%
Coca-Cola Amatil Ltd. (e)		348		3,865
Danone SA		73		4,570
Imperial Tobacco Group Plc		121		3,704
Pernod-Ricard SA		66		6,247
Procter & Gamble Co.		53		3,429

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Other Securities				12,988
				34,803
ENERGY - 14.5%
BG Group Plc		538		10,861
Cairn Energy Plc (c)		475		3,110
Canadian Natural Resources Ltd.		70		3,132
Cenovus Energy Inc.		126		4,214
Chevron Corp.		70		6,415
China Shenhua Energy Co. Ltd. - Class H		922		3,867
Gazprom OAO - ADR		174		4,383
Halliburton Co.		88		3,577
Royal Dutch Shell Plc - Class A		156		5,166
Other Securities				18,765
				63,490
FINANCIALS - 16.0%
AIA Group Ltd. (c) (q)		1,241		3,489
Bank of China Ltd. - Class H		7,530		3,972
Goldman Sachs Group Inc.		23		3,901
HSBC Holdings Plc		385		3,906
Industrial & Commercial Bank of China – Class H		5,235		3,900
Link REIT		1,582		4,914
UBS AG (c)		204		3,347
Wharf Holdings Ltd.		551		4,239
Other Securities				38,273
				69,941
HEALTH CARE - 7.5%
Allergan Inc.		71		4,896
Bayer AG		57		4,214
Novo-Nordisk A/S - Class B		36		4,045
Shire Plc		201		4,828
Other Securities				14,804
				32,787
INDUSTRIALS - 6.9%
Siemens AG		41		5,055
Other Securities				24,938
				29,993
INFORMATION TECHNOLOGY - 15.4%
Apple Inc. (c)		13		4,064
ASML Holding NV		95		3,684
ASML Holding NV - NYS		14		548
Google Inc. - Class A (c)		6		3,445
International Business Machines Corp.		27		3,933
Keyence Corp.		12		3,353
Maxim Integrated Products Inc.		182		4,299
Oracle Corp.		105		3,299
Oracle Corp. Japan		22		1,079
QUALCOMM Inc.		102		5,028
Samsung Electronics Co. Ltd.		2		1,804
Samsung Electronics Co. Ltd. - GDR		9		3,700
Visa Inc. - Class A		55		3,836
Other Securities				25,340
				67,412
MATERIALS - 11.9%
Anglo American Plc		81		4,212
Cliffs Natural Resources Inc.		47		3,690
Inmet Mining Corp.		54		4,218
LG Chem Ltd. - GDR (c) (q)		21		3,600
Newcrest Mining Ltd.		81		3,354
Rio Tinto Plc		54		3,776
Syngenta AG		14		4,163
Xstrata Plc		160		3,760

	Shares/Par (p)		Value
Other Securities				21,458
				52,231
TELECOMMUNICATION SERVICES - 5.8%
American Tower Corp.- Class A (c)		173		8,949
Koninklijke KPN NV		295		4,309
Other Securities				12,314
				25,572
UTILITIES - 2.3%
Other Securities				9,934
Total Common Stocks (cost $351,384)				422,317
CORPORATE BONDS AND NOTES - 0.1%
ENERGY - 0.1%
Other Securities				372
Total Corporate Bonds and Notes (cost $191)				372
SHORT TERM INVESTMENTS - 5.6%
Investment Company - 3.3%
JNL Money Market Fund, 0.08% (a) (h)		14,275		14,275
Securities Lending Collateral 2.3%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)		9,218		9,218
Securities Lending Liquidating Fund LLC, 0.66% (a) (h)		889		874
				10,092
Total Short Term Investments (cost $24,382)				24,367
Total Investments - 102.3% (cost $375,957)				447,056
Other Assets and Liabilities, Net - (2.3%)				(9,848	)
Total Net Assets - 100.0%			$	437,208
JNL/Capital Guardian U.S. Growth Equity Fund
COMMON STOCKS - 94.1%
CONSUMER DISCRETIONARY - 15.9%
Coach Inc.		331	$	18,280
Comcast Corp. - Class A		600		13,173
DreamWorks Animation SKG Inc. - Class A (c)		541		15,943
Lowe’s Cos. Inc.		175		4,399
Scripps Networks Interactive Inc. - Class A		176		9,093
Target Corp.		406		24,401
Tiffany & Co.		296		18,438
Time Warner Cable Inc.		79		5,243
Time Warner Inc.		67		2,160
Urban Outfitters Inc. (c)		451		16,157
Viacom Inc. - Class B		376		14,909
				142,196
CONSUMER STAPLES - 7.0%
Alberto-Culver Co.		108		4,011
Avon Products Inc.		359		10,441
Colgate-Palmolive Co.		67		5,361
General Mills Inc.		151		5,367
PepsiCo Inc.		282		18,449
Philip Morris International Inc.		247		14,457

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Procter & Gamble Co.		65		4,201
				62,287
ENERGY - 12.4%
Anadarko Petroleum Corp.		169		12,886
Baker Hughes Inc.		154		8,827
Cenovus Energy Inc. (e)		191		6,349
Halliburton Co.		261		10,648
Noble Energy Inc.		101		8,729
Schlumberger Ltd.		412		34,360
Transocean Ltd. (c)		59		4,129
Weatherford International Ltd. (c)		1,096		24,996
				110,924
FINANCIALS - 5.4%
Bank of New York Mellon Corp.		122		3,675
Charles Schwab Corp.		1,238		21,175
Goldman Sachs Group Inc.		84		14,109
JPMorgan Chase & Co.		124		5,264
Progressive Corp.		209		4,151
				48,374
HEALTH CARE - 12.2%
Allergan Inc.		209		14,325
Boston Scientific Corp. (c)		1,151		8,710
Celgene Corp. (c)		303		17,925
Cerner Corp. (c) (e)		306		28,962
Medtronic Inc.		335		12,418
Merck & Co. Inc.		81		2,930
Shire Plc - ADR (e)		214		15,496
Teva Pharmaceutical Industries Ltd. - ADR		62		3,232
Universal Health Services Inc. - Class B		110		4,785
				108,783
INDUSTRIALS - 6.4%
Danaher Corp.		215		10,160
Emerson Electric Co.		74		4,219
FedEx Corp.		186		17,300
Illinois Tool Works Inc.		179		9,537
Iron Mountain Inc.		357		8,939
Jacobs Engineering Group Inc. (c)		39		1,765
WW Grainger Inc.		42		5,815
				57,735
INFORMATION TECHNOLOGY - 26.4%
Akamai Technologies Inc. (c)		121		5,712
Apple Inc. (c)		85		27,547
Broadcom Corp. - Class A		310		13,479
Cisco Systems Inc. (c)		870		17,594
eBay Inc. (c)		87		2,427
First Solar Inc. (c) (e)		66		8,589
Google Inc. - Class A (c)		60		35,638
International Business Machines Corp.		29		4,227
Jabil Circuit Inc.		331		6,652
Juniper Networks Inc. (c) (e)		549		20,273
KLA-Tencor Corp.		327		12,627
Maxim Integrated Products Inc.		183		4,322
Nintendo Co. Ltd. - ADR (e)		318		11,557
Oracle Corp.		830		25,991
Paychex Inc.		115		3,551
QUALCOMM Inc.		457		22,632
Visa Inc. - Class A		195		13,710
				236,528
MATERIALS - 6.4%
Allegheny Technologies Inc.		255		14,060
Cliffs Natural Resources Inc.		132		10,313
Ecolab Inc.		132		6,646

	Shares/Par (p)		Value
Monsanto Co.		305		21,219
Vulcan Materials Co. (e)		125		5,527
				57,765
TELECOMMUNICATION SERVICES - 2.0%
American Tower Corp. - Class A (c)		343		17,723
Total Common Stocks (cost $680,127)				842,315
SHORT TERM INVESTMENTS - 8.7%
Investment Company - 6.3%
JNL Money Market Fund, 0.08% (a) (h)		55,757		55,757
Securities Lending Collateral 2.4%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)		20,019		20,019
Securities Lending Liquidating Fund LLC, 0.66% (a) (h)		1,689		1,662
				21,681
Total Short Term Investments (cost $77,465)				77,438
Total Investments - 102.8% (cost $757,592)				919,753
Other Assets and Liabilities, Net - (2.8%)				(24,784	)
Total Net Assets - 100.0%			$	894,969
JNL/Eagle Core Equity Fund
COMMON STOCKS - 94.1%
CONSUMER DISCRETIONARY - 10.6%
Bed Bath & Beyond Inc. (c)		88	$	4,305
Lowe’s Cos. Inc.		288		7,215
Omnicom Group Inc.		96		4,390
Staples Inc.		248		5,650
				21,560
CONSUMER STAPLES - 5.7%
Coca-Cola Co.		63		4,155
PepsiCo Inc.		56		3,685
Wal-Mart Stores Inc.		69		3,714
				11,554
ENERGY - 11.9%
Chevron Corp.		46		4,213
ConocoPhillips		63		4,267
Exxon Mobil Corp.		91		6,631
Schlumberger Ltd.		65		5,466
Valero Energy Corp.		154		3,566
				24,143
FINANCIALS - 17.2%
Annaly Capital Management Inc.		199		3,570
Goldman Sachs Group Inc.		27		4,542
Invesco Ltd.		172		4,140
JPMorgan Chase & Co.		198		8,409
MetLife Inc.		146		6,494
Wells Fargo & Co.		254		7,883
				35,038
HEALTH CARE - 12.8%
Johnson & Johnson		59		3,671
Pfizer Inc.		387		6,769
St. Jude Medical Inc. (c)		167		7,130
UnitedHealth Group Inc.		137		4,939

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par	(p)		Value
Zimmer Holdings Inc. (c)	66			3,525
				26,034
INDUSTRIALS - 8.8%
Boeing Co.	42			2,740
Tyco International Ltd.	170			7,029
Union Pacific Corp.	54			4,965
United Technologies Corp.	42			3,293
				18,027
INFORMATION TECHNOLOGY - 25.4%
Activision Blizzard Inc.	323			4,022
Adobe Systems Inc. (c)	164			5,048
Apple Inc. (c)	19			6,207
Cisco Systems Inc. (c)	96			1,937
EMC Corp. (c)	215			4,914
Google Inc. - Class A (c)	7			4,375
Hewlett-Packard Co.	69			2,898
Intel Corp.	239			5,018
Microsoft Corp.	221			6,164
Oracle Corp.	206			6,463
QUALCOMM Inc.	94			4,660
				51,706
TELECOMMUNICATION SERVICES - 1.7%
Sprint Nextel Corp. (c)	826			3,494
Total Common Stocks (cost $171,016)				191,556
INVESTMENT COMPANIES - 3.2%
Materials Select Sector SPDR Fund (e)	167			6,424
Total Investment Companies (cost $5,442)				6,424
SHORT TERM INVESTMENTS - 5.0%
Investment Company - 4.7%
JNL Money Market Fund, 0.08% (a) (h)	9,525			9,525
Securities Lending Collateral 0.3%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)	714			714
Total Short Term Investments (cost $10,239)				10,239
Total Investments - 102.3% (cost $186,697)				208,219
Other Assets and Liabilities, Net - (2.3%)				(4,691	)
Total Net Assets - 100.0%			$	203,528
JNL/Eagle SmallCap Equity Fund * (x)
COMMON STOCKS - 99.0%
CONSUMER DISCRETIONARY - 21.6%
American Axle & Manufacturing Holdings Inc. (c)	710		$	9,135
ArvinMeritor Inc. (c)	455			9,339
Bally Technologies Inc. (c)	231			9,748
BJ’s Restaurants Inc. (c)	277			9,812
Chico’s FAS Inc.	568			6,834
Genesco Inc. (c)	455			17,059
Gentex Corp.	214			6,326
Pinnacle Entertainment Inc. (c)	419			5,877
Shuffle Master Inc. (c)	928			10,624
Sotheby’s - Class A	165			7,431
Universal Electronics Inc. (c)	296			8,387
Vitamin Shoppe Inc. (c)	401			13,491

	Shares/Par	(p)	Value
Other Securities			13,098
			127,161
CONSUMER STAPLES - 1.9%
Herbalife Ltd.	82		5,624
Other Securities			5,410
			11,034
ENERGY - 7.4%
Cloud Peak Energy Inc. (c)	286		6,641
Lufkin Industries Inc.	291		18,154
Oasis Petroleum Inc. (c)	289		7,827
OYO Geospace Corp. (c)	113		11,150
			43,772
FINANCIALS - 4.9%
Cash America International Inc.	265		9,803
Other Securities			19,330
			29,133
HEALTH CARE - 16.5%
Allscripts Healthcare Solutions Inc. (c)	382		7,352
American Medical Systems Holdings Inc. (c)	404		7,624
BioMarin Pharmaceutical Inc. (c) (e)	218		5,871
Bruker Corp. (c)	384		6,370
MedAssets Inc. (c)	287		5,800
Quality Systems Inc. (e)	123		8,620
Sirona Dental Systems Inc. (c)	188		7,868
Thoratec Corp. (c)	289		8,182
Other Securities			39,801
			97,488
INDUSTRIALS - 14.5%
FTI Consulting Inc. (c)	158		5,889
Geo Group Inc. (c)	451		11,128
GrafTech International Ltd. (c)	591		11,722
JetBlue Airways Corp. (c)	885		5,849
Regal-Beloit Corp.	124		8,279
Triumph Group Inc.	72		6,393
WABCO Holdings Inc. (c)	203		12,381
Waste Connections Inc.	321		8,850
Other Securities			15,256
			85,747
INFORMATION TECHNOLOGY - 26.3%
Ansys Inc. (c)	175		9,090
Coherent Inc. (c)	186		8,399
Compuware Corp. (c)	752		8,778
DTS Inc. (c)	240		11,767
EMS Technologies Inc. (c)	336		6,647
Fortinet Inc. (c) (e)	193		6,244
Informatica Corp. (c) (e)	237		10,426
NetLogic Microsystems Inc. (c)	206		6,483
Nice Systems Ltd. - ADR (c)	185		6,458
Progress Software Corp. (c)	160		6,772
Radiant Systems Inc. (c)	342		6,683
Riverbed Technology Inc. (c)	351		12,342
Rovi Corp. (c)	248		15,409
SuccessFactors Inc. (c)	218		6,306
Teradyne Inc. (c)	421		5,912
TIBCO Software Inc. (c)	548		10,793
Varian Semiconductor Equipment Associates Inc. (c)	163		6,015
Veeco Instruments Inc. (c) (e)	153		6,574
Other Securities			3,978
			155,076

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par	(p)		Value
MATERIALS - 5.9%
Huntsman Corp.	700			10,929
Intrepid Potash Inc. (c) (e)	177			6,611
Texas Industries Inc. (e)	170			7,765
Other Securities				9,323
				34,628
Total Common Stocks (cost $445,505)				584,039
SHORT TERM INVESTMENTS - 9.4%
Investment Company - 3.7%
JNL Money Market Fund, 0.08% (a) (h)	21,944			21,944
Securities Lending Collateral 5.7%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)	31,617			31,617
Securities Lending Liquidating Fund LLC, 0.66% (a) (h)	1,670			1,643
				33,260
Total Short Term Investments (cost $55,231)				55,204
Total Investments - 108.4% (cost $500,736)				639,243
Other Assets and Liabilities, Net - (8.4%)				(49,313	)
Total Net Assets - 100.0%			$	589,930
JNL/Franklin Templeton Founding Strategy Fund (b)
INVESTMENT COMPANIES - 100.0%
JNL/Franklin Templeton Global Growth Fund (72.4%) (a)	42,630		$	344,448
JNL/Franklin Templeton Income Fund (33.8%) (a)	35,519			358,738
JNL/Franklin Templeton Mutual Shares Fund (56.2%) (a)	39,488			334,863
Total Investment Companies (cost $1,098,998)				1,038,049
Total Investments - 100.0% (cost $1,098,998)				1,038,049
Other Assets and Liabilities, Net - (0.0% )				(68	)
Total Net Assets - 100.0%			$	1,037,981
JNL/Franklin Templeton Global Growth Fund * (x)
COMMON STOCKS - 93.8%
CONSUMER DISCRETIONARY - 16.3%
Bayerische Motoren Werke AG	54		$	4,240
Comcast Corp. - Class A	30			670
Comcast Corp. - Special Class A	395			8,213
Hyundai Motor Co. (c)	38			5,793
Kingfisher Plc	1,055			4,334
News Corp. - Class A	497			7,229
Pearson Plc	257			4,038
Time Warner Cable Inc.	69			4,553
Time Warner Inc.	116			3,719
Viacom Inc. - Class B	113			4,475
Vivendi SA	207			5,596
Walt Disney Co.	112			4,194

	Shares/Par	(p)	Value
Other Securities			20,674
			77,728
CONSUMER STAPLES - 2.7%
CVS Caremark Corp.	129		4,473
Nestle SA	78		4,594
Tesco Plc	594		3,937
			13,004
ENERGY - 10.0%
BP Plc (c)	782		5,673
Chevron Corp.	40		3,614
Halliburton Co.	140		5,720
Royal Dutch Shell Plc - Class B	233		7,691
Total SA	116		6,168
Other Securities			18,504
			47,370
FINANCIALS - 13.7%
Aviva Plc	752		4,610
HSBC Holdings Plc (e)	413		4,231
ING Groep NV (c)	427		4,157
KB Financial Group Inc. - ADR (c)	89		4,720
Progressive Corp.	194		3,859
Other Securities			43,515
			65,092
HEALTH CARE - 14.8%
Amgen Inc. (c)	167		9,143
Covidien Plc	125		5,708
GlaxoSmithKline Plc	367		7,095
Medtronic Inc.	99		3,678
Merck & Co. Inc.	149		5,353
Novartis AG	97		5,681
Pfizer Inc.	434		7,599
Roche Holding AG	31		4,610
Sanofi-Aventis SA	135		8,630
Other Securities			12,978
			70,475
INDUSTRIALS - 10.8%
FedEx Corp.	49		4,538
General Electric Co.	279		5,102
Siemens AG	59		7,319
Tyco International Ltd.	146		6,060
United Parcel Service Inc. - Class B	81		5,883
Wolseley Plc (c)	142		4,538
Other Securities			17,784
			51,224
INFORMATION TECHNOLOGY - 16.5%
Accenture Plc - Class A	241		11,676
Cisco Systems Inc. (c)	250		5,063
Microsoft Corp.	359		10,022
Oracle Corp.	386		12,076
Samsung Electronics Co. Ltd. - GDR (q)	19		8,206
SAP AG	92		4,658
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR	408		5,118
Tyco Electronics Ltd.	117		4,130
Other Securities			17,805
			78,754
MATERIALS - 2.0%
CRH Plc	178		3,683
Other Securities			5,750
			9,433

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par	(p)		Value
TELECOMMUNICATION SERVICES - 7.0%
France Telecom SA	250			5,208
Singapore Telecommunications Ltd.	2,869			6,818
Vodafone Group Plc	3,194			8,255
Other Securities				12,851
				33,132
Total Common Stocks (cost $457,426)				446,212
SHORT TERM INVESTMENTS - 7.1%
Investment Company - 6.0%
JNL Money Market Fund, 0.08% (a) (h)	28,349			28,349
Securities Lending Collateral 1.1%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)	4,895			4,895
Securities Lending Liquidating Fund LLC, 0.66% (a) (h)	381			375
				5,270
Total Short Term Investments (cost $33,625)				33,619
Total Investments - 100.9% (cost $491,051)				479,831
Other Assets and Liabilities, Net - (0.9%)				(4,090	)
Total Net Assets - 100.0%			$	475,741
JNL/Franklin Templeton Income Fund * (x)
COMMON STOCKS - 34.5%
CONSUMER DISCRETIONARY - 0.7%
Other Securities			$	7,761
CONSUMER STAPLES - 0.8%
Other Securities				8,631
ENERGY - 6.8%
BP Plc - ADR (c)	150			6,625
Canadian Oil Sands Trust	425			11,306
Chesapeake Energy Corp.	90			2,332
ConocoPhillips	200			13,620
Exxon Mobil Corp.	300			21,936
Other Securities				16,343
				72,162
FINANCIALS - 4.5%
Bank of America Corp.	650			8,671
CIT Group Inc. (c)	50			2,355
Citigroup Inc. (c)	894			4,231
JPMorgan Chase & Co.	200			8,484
Wells Fargo & Co.	325			10,072
Other Securities				13,680
				47,493
HEALTH CARE - 4.8%
Johnson & Johnson	150			9,278
Merck & Co. Inc.	500			18,020
Pfizer Inc.	500			8,755
Roche Holding AG	100			14,659
				50,712
INDUSTRIALS - 0.5%
Other Securities				5,487

	Shares/Par	(p)	Value
INFORMATION TECHNOLOGY - 1.7%
Intel Corp.	350		7,361
Other Securities			10,788
			18,149
MATERIALS - 1.4%
Barrick Gold Corp.	130		6,914
Newmont Mining Corp.	110		6,757
Other Securities			876
			14,547
TELECOMMUNICATION SERVICES - 2.7%
AT&T Inc.	300		8,814
Vodafone Group Plc	3,000		7,755
Other Securities			12,296
			28,865
UTILITIES - 10.6%
American Electric Power Co. Inc.	170		6,117
Dominion Resources Inc.	165		7,049
Duke Energy Corp.	550		9,795
Entergy Corp.	100		7,083
NextEra Energy Inc.	170		8,838
PG&E Corp.	220		10,525
Public Service Enterprise Group Inc.	220		6,998
Sempra Energy	120		6,298
Southern Co.	380		14,527
Xcel Energy Inc.	350		8,242
Other Securities			27,653
			113,125
Total Common Stocks (cost $355,889)			366,932
PREFERRED STOCKS - 4.6%
CONSUMER DISCRETIONARY - 0.3%
Other Securities			3,227
ENERGY - 1.0%
Chesapeake Energy Corp., Convertible Preferred, 5.75% (m) (r)	5		5,030
SandRidge Energy Inc., Convertible Preferred, 7.00% (m) (r)	50		5,947
			10,977
FINANCIALS - 2.8%
Bank of America Corp., Convertible Preferred, 7.25%, Series L (m)	10		9,438
Citigroup Inc., Convertible Preferred, 7.50%	60		8,201
Wells Fargo & Co., Convertible Preferred, 7.50%, Series L (m)	9		8,505
Other Securities			3,638
			29,782
HEALTH CARE - 0.2%
Tenet Healthcare Corp., 7.00%	2		2,197
MATERIALS - 0.2%
Other Securities			1,664
UTILITIES - 0.1%
NextEra Energy Inc., Convertible Preferred, 8.38%	20		993
Total Preferred Stocks (cost $62,625)			48,840

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
WARRANTS - 0.0%
Other Securities				251
Total Warrants (cost $106)				251
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES - 0.7%
Banc of America Large Loan Inc. REMIC, 2.01%, 11/15/13 (i) (r) $		7,478		6,667
Dynegy Roseton Pass Through Trust, 7.67%, 11/08/16 (e)		1,000		940
Total Non-U.S. Government Agency Asset- Backed Securities (cost $7,521)				7,607
CORPORATE BONDS AND NOTES - 52.4%
CONSUMER DISCRETIONARY - 5.7%
Cablevision Systems Corp.
8.63%, 09/15/17		1,000		1,089
7.75%, 04/15/18		3,000		3,142
8.00%, 04/15/20 (e)		3,000		3,210
CCH II LLC, 13.50%, 11/30/16		5,134		6,122
ClubCorp Club Operations Inc., 10.00%, 12/01/18 (r)		5,000		4,750
Clubcorp Club Operations Inc. Term Loan B, 6.00%, 11/23/16 (i)		5,000		5,050
UPC Germany GmbH, 8.13%, 12/01/17 (e) (r)		2,100		2,195
Other Securities				35,350
				60,908
CONSUMER STAPLES - 0.7%
Other Securities				7,014
ENERGY - 10.5%
Calpine Corp., 7.25%, 10/15/17 (r)		1,000		1,000
Calpine Generating Co. LLC, 8.00%, 06/01/16 (r)		1,750		1,859
Chesapeake Energy Corp.
9.50%, 02/15/15 (e)		2,500		2,819
6.50%, 08/15/17 (e)		4,000		4,020
6.88%, 08/15/18		1,600		1,624
7.25%, 12/15/18		5,000		5,175
SandRidge Energy Inc.
3.93%, 04/01/14 (e) (i)		2,000		1,862
9.88%, 05/15/16 (r)		2,600		2,749
8.00%, 06/01/18 (e) (r)		2,500		2,537
8.75%, 01/15/20 (e)		650		668
Texas Competitive Electric Holdings Co. LLC
10.25%, 11/01/15 (e)		18,000		10,170
10.50%, 11/01/16		297		149
15.00%, 04/01/21 (e) (r)		15,255		13,348
Texas Competitive Electric Holdings Co. LLC Term Loan
3.76%, 10/10/14 (i)		2,977		2,302
3.76%, 10/10/14 (i)		1,975		1,532
3.76%, 10/10/14 (i)		4,560		3,537
3.79%, 10/10/14 (i)		282		218
Texas Competitive Electric Holdings Co. LLC Term Loan B-1
3.75%, 10/10/14 (i)		4,987		3,868
3.76%, 10/10/14 (i)		3,000		2,327
3.76%, 10/10/14 (i)		2,486		1,928
Texas Competitive Electric Holdings Co. LLC Term Loan B-2, 3.76%, 10/10/14 (i)		3,979		3,086
Texas Competitive Electric Holdings Co. LLC Term Loan B-3
3.76%, 10/10/14 (i)		1,990		1,540

	Shares/Par (p)		Value
3.76%, 10/10/14 (i)		2,985		2,310
Other Securities				40,399
				111,027
FINANCIALS - 12.6%
Bank of America Corp., 8.13%, (callable at 100 beginning 05/15/18) (m)		1,000		1,008
CEVA Group Plc
8.38%, 12/01/17 (r)		3,400		3,434
11.50%, 04/01/18 (e) (r)		3,600		3,888
CIT Group Inc.
7.00%, 05/01/14 (e)		800		808
7.00%, 05/01/15 (e)		12,000		12,030
7.00%, 05/01/16 (e)		17,000		17,064
7.00%, 05/01/17 (e)		12,000		12,030
Ford Motor Credit Co. LLC
8.00%, 06/01/14 (e)		2,500		2,754
7.00%, 04/15/15		2,000		2,149
12.00%, 05/15/15		3,000		3,774
International Lease Finance Corp.
8.63%, 09/15/15 (e) (r)		700		753
8.75%, 03/15/17 (r)		2,000		2,145
8.88%, 09/01/17 (e)		4,700		5,070
7.13%, 09/01/18 (r)		7,000		7,437
iStar Financial Inc.
0.80%, 10/01/12 (i)		4,500		4,005
8.63%, 06/01/13		5,000		4,650
JPMorgan Chase & Co., 7.90%, (callable at 100 beginning 04/30/18) (m)		11,500		12,224
Petroplus Finance Ltd.
6.75%, 05/01/14 (r)		3,500		3,220
7.00%, 05/01/17 (e) (r)		3,000		2,655
9.38%, 09/15/19 (e) (r)		2,000		1,850
UPC Germany GmbH
8.13%, 12/01/17 (r), EUR		2,750		3,877
9.63%, 12/01/19 (r), EUR		1,500		2,190
Wells Fargo Capital XIII, 7.70%, (callable at 100 beginning 03/26/13) (m)		900		930
Wells Fargo Capital XV, 9.75%, (callable at 100 beginning 09/26/13) (m)		5,000		5,562
Other Securities				18,124
				133,631
HEALTH CARE - 5.8%
HCA Holdings Inc., 7.75%, 05/15/21 (e) (r)		5,000		5,000
HCA Inc.
6.38%, 01/15/15		1,500		1,474
6.50%, 02/15/16		1,500		1,466
9.25%, 11/15/16		3,500		3,734
8.50%, 04/15/19 (e)		6,000		6,570
7.88%, 02/15/20		6,000		6,420
Tenet Healthcare Corp.
9.25%, 02/01/15 (e)		5,000		5,325
9.00%, 05/01/15 (e)		3,500		3,885
10.00%, 05/01/18 (e)		3,500		4,078
8.00%, 08/01/20 (e) (r)		2,600		2,639
Other Securities				21,175
				61,766
INDUSTRIALS - 3.7%
Hertz Corp.
8.88%, 01/01/14		10,000		10,225
10.50%, 01/01/16		1,250		1,319
RBS Global & Rexnord LLC
11.75%, 08/01/16 (e)		1,500		1,609
8.50%, 05/01/18 (e)		4,500		4,781

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Other Securities				21,498
				39,432
INFORMATION TECHNOLOGY - 6.8%
First Data Corp.
9.88%, 09/24/15		318		301
9.88%, 09/24/15 (e)		1,896		1,806
11.25%, 03/31/16 (e)		3,000		2,625
8.25%, 01/15/21 (r)		2,816		2,703
12.63%, 01/15/21 (r)		5,643		5,389
8.75%, 01/15/22 (r) (e)		2,824		2,732
First Data Corp. Term Loan
3.01%, 09/24/14 (i)		158		147
3.01%, 09/24/14 (i)		1,699		1,574
3.01%, 09/24/14 (i)		1,870		1,732
First Data Corp. Term Loan B-1, 3.01%, 09/24/14 (i)		4,987		4,620
First Data Corp. Term Loan B-2, 3.01%, 09/24/14 (i)		4,987		4,620
First Data Corp. Term Loan B-3
3.01%, 09/24/14 (i)		142		131
3.01%, 09/24/14 (i)		1,647		1,526
3.01%, 09/24/14 (i)		79		74
3.01%, 09/24/14 (i)		2,992		2,772
Freescale Semiconductor Inc.
10.13%, 12/15/16 (e)		3,000		3,157
10.13%, 03/15/18 (r)		5,000		5,625
9.25%, 04/15/18 (r)		4,000		4,400
10.75%, 08/01/20 (e) (r)		9,500		10,355
Other Securities				15,646
				71,935
MATERIALS - 2.4%
FMG Resources August 2006 Pty Ltd.
7.00%, 11/01/15 (r)		2,100		2,152
6.88%, 02/01/18 (e) (r)		7,500		7,462
Other Securities				15,619
				25,233
TELECOMMUNICATION SERVICES - 1.5%
Other Securities				16,272
UTILITIES - 2.7%
Calpine Corp.
7.88%, 07/31/20 (r)		800		810
7.50%, 02/15/21 (r)		5,475		5,393
Dynegy Holdings Inc.
7.50%, 06/01/15		11,000		8,305
8.38%, 05/01/16		2,750		2,056
7.75%, 06/01/19		2,000		1,335
Other Securities				10,993
				28,892
Total Corporate Bonds and Notes (cost $537,586)				556,110
GOVERNMENT AND AGENCY OBLIGATIONS - 0.6%
GOVERNMENT SECURITIES - 0.6%
Municipals - 0.6%
State of California
7.95%, 03/01/36		2,500		2,564
7.60%, 11/01/40		3,480		3,624
Total Government and Agency Obligations (cost $6,016)				6,188

	Shares/Par (p)		Value
SHORT TERM INVESTMENTS - 23.5%
Investment Company - 6.4%
JNL Money Market Fund, 0.08% (a) (h)		67,966		67,966
Securities Lending Collateral 17.1%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)		179,145		179,145
Securities Lending Liquidating Fund LLC, 0.66% (a) (h)		2,450		2,410
				181,555
Total Short Term Investments (cost $249,561)				249,521
Total Investments - 116.3% (cost $1,219,304)				1,235,449
Other Assets and Liabilities, Net - (16.3%)				(173,309	)
Total Net Assets - 100.0%			$	1,062,140
JNL/Franklin Templeton International Small Cap Growth Fund
COMMON STOCKS - 94.2%
CONSUMER DISCRETIONARY - 23.6%
Asatsu-DK Inc. (e)		258	$	7,016
Carpetright Plc (e)		826		10,291
Dignity Plc		400		4,488
Headlam Group Plc		804		3,930
JUMBO SA		1,083		7,147
Paddy Power Plc		72		2,939
Sankyo Co. Ltd.		137		7,725
Vitec Group Plc		764		6,965
				50,501
CONSUMER STAPLES - 9.2%
Binggrae Co. Ltd. (c)		64		3,178
C&C Group Plc		32		145
McBride Plc		3,282		9,620
Unihair Co. Ltd. (c)		500		6,692
				19,635
FINANCIALS - 22.7%
ARA Asset Management Ltd.		6,589		7,958
Arch Capital Group Ltd. (c)		61		5,380
Daibiru Corp.		895		7,338
Fairfax Financial Holdings Ltd.		17		6,828
Lancashire Holdings Ltd.		665		5,731
RHJ International (c)		1,179		9,766
Savills Plc		950		5,718
				48,719
HEALTH CARE - 2.7%
Genus Plc		429		5,734
INDUSTRIALS - 28.6%
DCC Plc		218		6,882
De La Rue Plc		611		7,809
Experian Plc		657		8,172
Flughafen Wien AG		67		4,584
HomeServe Plc		916		6,328
Nexans SA		98		7,694
Pfeiffer Vacuum Technology AG		7		866
Prysmian SPA		436		7,428
QinetiQ Group Plc		2,024		4,102
Spirax-Sarco Engineering Plc		135		4,057

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Wavin NV (c)		212		3,234
				61,156
Information Technology - 7.4%
Neopost SA (e)		101		8,828
Rotork Plc		250		7,114
				15,942
Total Common Stocks (cost $179,400)				201,687
Short Term Investments - 14.5%
Investment Company - 3.7%
JNL Money Market Fund, 0.08% (a) (h)		7,881		7,881
Securities Lending Collateral 10.8%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)		22,859		22,859
Securities Lending Liquidating Fund LLC, 0.66% (a) (h)		263		259
				23,118
Total Short Term Investments (cost $31,003)				30,999
Total Investments - 108.7% (cost $210,403)				232,686
Other Assets and Liabilities, Net - (8.7%)				(18,681	)
Total Net Assets - 100.0%			$	214,005
JNL/Franklin Templeton Mutual Shares Fund * (x) (t)
COMMON STOCKS - 86.5%
CONSUMER DISCRETIONARY - 7.6%
British Sky Broadcasting Group Plc		393	$	4,513
Mattel Inc.		175		4,450
News Corp. - Class A		411		5,981
Time Warner Cable Inc.		99		6,519
Time Warner Inc.		204		6,560
Virgin Media Inc. (e)		207		5,642
Other Securities				11,539
				45,204
CONSUMER STAPLES - 22.6%
Altria Group Inc.		414		10,182
British American Tobacco Plc		363		13,925
CVS Caremark Corp.		526		18,301
Dr. Pepper Snapple Group Inc.		153		5,380
General Mills Inc.		128		4,569
Imperial Tobacco Group Plc		327		10,045
Kraft Foods Inc. - Class A		423		13,315
Kroger Co.		320		7,158
Nestle SA		175		10,272
Pernod-Ricard SA (e)		86		8,122
Reynolds American Inc.		159		5,170
Other Securities				28,082
				134,521
ENERGY - 6.7%
Marathon Oil Corp.		259		9,574
Royal Dutch Shell Plc		247		8,151
Transocean Ltd. (c)		113		7,858
Other Securities				14,366
				39,949

	Shares/Par (p)		Value
FINANCIALS - 12.6%
ACE Ltd.		101		6,281
Bank of America Corp.		468		6,242
Barclays Plc		1,180		4,815
Morgan Stanley		245		6,660
PNC Financial Services Group Inc.		115		6,966
Wells Fargo & Co.		281		8,709
White Mountains Insurance Group Ltd.		17		5,751
Other Securities				29,333
				74,757
HEALTH CARE - 10.8%
Alcon Inc. - ADR		27		4,416
Eli Lilly & Co.		263		9,232
Genzyme Corp. (c)		94		6,669
Medtronic Inc.		145		5,369
Pfizer Inc.		570		9,978
Tenet Healthcare Corp. (c)		787		5,262
UnitedHealth Group Inc.		323		11,663
Other Securities				11,708
				64,297
INDUSTRIALS - 4.1%
A P Moller - Maersk A/S - Class B		1		7,107
Orkla ASA		699		6,820
Owens Corning Inc. (c)		140		4,354
Other Securities				6,082
				24,363
INFORMATION TECHNOLOGY - 9.7%
Hewlett-Packard Co.		173		7,276
LSI Corp. (c)		914		5,478
Maxim Integrated Products Inc.		201		4,744
Microsoft Corp.		462		12,887
Motorola Inc. (c)		570		5,169
Motorola Mobility Holdings Inc. (When-issued shares)		(63)		(1,838	)
Xerox Corp.		882		10,156
Other Securities				13,818
				57,690
MATERIALS - 5.2%
International Paper Co.		286		7,803
Linde AG		48		7,355
Weyerhaeuser Co.		499		9,442
Other Securities				5,950
				30,550
TELECOMMUNICATION SERVICES - 3.3%
Telefonica SA		317		7,234
Vodafone Group Plc		3,587		9,271
Other Securities				3,080
				19,585
UTILITIES - 3.9%
E.ON AG		205		6,234
Exelon Corp.		121		5,047
Other Securities				12,120
				23,401
Total Common Stocks (cost $491,475)				514,317
CORPORATE BONDS AND NOTES - 3.1%
CONSUMER DISCRETIONARY - 0.3%
Other Securities				1,579

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
ENERGY - 0.6%
Other Securities				3,686
FINANCIALS - 1.8%
Realogy Corp. Delay Draw Term Loan, 3.26%, 10/10/13 (i)		1,617		1,524
Realogy Corp. Term Loan
1.47%, 10/10/13 (i)		507		478
3.29%, 10/10/13 (i)		3,770		3,554
Realogy Corp. Term Loan A, 13.50%, 10/15/17 (i)		93		102
Other Securities				5,301
				10,959
INFORMATION TECHNOLOGY - 0.4%
Other Securities				2,292
Total Corporate Bonds and Notes (cost $18,606)				18,516
OTHER EQUITY INTERESTS - 0.0%
Other Securities				—
Total Other Equity Interests (cost $19)				—
SHORT TERM INVESTMENTS - 12.3%
Investment Company - 10.5%
JNL Money Market Fund, 0.08% (a) (h)		62,650		62,650
Securities Lending Collateral 1.8%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)		10,775		10,775
Total Short Term Investments (cost $73,425)				73,425
Total Investments - 101.9% (cost $583,525)				606,258
Other Assets and Liabilities, Net - (1.9%)				(11,193)
Total Net Assets - 100.0%			$	595,065
JNL/Franklin Templeton Small Cap Value Fund * (x)
COMMON STOCKS - 93.0%
CONSUMER DISCRETIONARY - 18.2%
Autoliv Inc.		55	$	4,342
Gentex Corp.		150		4,434
Group 1 Automotive Inc. (e)		110		4,594
Men’s Wearhouse Inc.		128		3,205
Regis Corp.		170		2,829
Thor Industries Inc.		159		5,403
Other Securities				28,794
				53,601
CONSUMER STAPLES - 1.7%
Lancaster Colony Corp. (e)		55		3,129
Other Securities				1,913
				5,042
ENERGY - 11.9%
Atwood Oceanics Inc. (c)		95		3,561
Bristow Group Inc. (c)		108		5,095
Oil States International Inc. (c)		57		3,634
Rowan Cos. Inc. (c)		140		4,891
Tidewater Inc.		92		4,953
Unit Corp. (c)		69		3,221

	Shares/Par (p)		Value
Other Securities			9,731
			35,086
FINANCIALS - 13.4%
Aspen Insurance Holdings Ltd.		109	3,108
Montpelier Re Holdings Ltd.		138	2,748
Old Republic International Corp.		265	3,612
Protective Life Corp.		223	5,951
StanCorp Financial Group Inc.		64	2,880
Tower Group Inc.		121	3,098
Validus Holdings Ltd.		97	2,967
Other Securities			15,192
			39,556
HEALTH CARE - 4.6%
Mettler Toledo International Inc. (c)		21	3,100
Pharmaceutical Product Development Inc.		109	2,953
STERIS Corp.		90	3,289
Teleflex Inc.		53	2,830
Other Securities			1,475
			13,647
INDUSTRIALS - 29.3%
ABM Industries Inc.		135	3,556
Astec Industries Inc. (c)		79	2,551
Brady Corp. - Class A		88	2,866
Carlisle Cos. Inc.		81	3,207
Gardner Denver Inc.		52	3,572
Genesee & Wyoming Inc. - Class A (c)		65	3,452
Graco Inc.		88	3,456
Granite Construction Inc.		112	3,067
Kennametal Inc.		93	3,654
Lincoln Electric Holdings Inc.		42	2,739
Mine Safety Appliances Co.		82	2,562
Mueller Industries Inc.		123	4,012
Nordson Corp.		41	3,767
Simpson Manufacturing Co. Inc.		100	3,100
SkyWest Inc.		200	3,118
Trinity Industries Inc. (e)		170	4,518
Universal Forest Products Inc.		101	3,944
Other Securities			29,030
			86,171
INFORMATION TECHNOLOGY - 3.4%
Benchmark Electronics Inc. (c)		251	4,563
Cohu Inc.		156	2,583
Rofin-Sinar Technologies Inc. (c)		82	2,917
			10,063
MATERIALS - 7.7%
Cabot Corp.		74	2,801
Reliance Steel & Aluminum Co.		81	4,160
RPM International Inc.		164	3,627
Steel Dynamics Inc.		222	4,055
Westlake Chemical Corp. (e)		67	2,912
Other Securities			5,051
			22,606
UTILITIES - 2.8%
NV Energy Inc.		265	3,721
Other Securities			4,579
			8,300
Total Common Stocks (cost $225,725)			274,072

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)	Value
SHORT TERM INVESTMENTS - 10.4%
Investment Company - 6.8%
JNL Money Market Fund, 0.08% (a) (h)	20,020		20,020
Securities Lending Collateral 3.6%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)	9,698		9,698
Securities Lending Liquidating Fund LLC, 0.66% (a) (h)	971		954
			10,652
Total Short Term Investments (cost $30,688)			30,672
Total Investments - 103.4% (cost $256,413)			304,744
Other Assets and Liabilities, Net - (3.4%)			(10,144	)
Total Net Assets - 100.0%		$	294,600
JNL/Goldman Sachs Core Plus Bond Fund
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES - 13.2%
Adjustable Rate Mortgage Trust REMIC, 2.88%, 04/25/35 (i)	$      308	$	273
American Home Mortgage Assets REMIC, 1.03%, 02/25/47 (i)	3,414		1,693
Amortizing Residential Collateral Trust REMIC, 2.06%, 08/25/32 (i)	56		25
Arkle Master Issuer Plc, 1.68%, 08/17/13 (i) (r)	4,600		4,594
Asset Backed Securities Corp. Home Equity REMIC, 3.11%, 04/15/33 (i)	44		32
Banc of America Funding Corp. REMIC
5.63%, 06/20/36 (i)	2,008		1,370
5.79%, 10/25/36 (i)	102		96
0.54%, 06/20/47 (i)	1,700		896
Banc of America Mortgage Securities Inc. REMIC, 3.18%, 09/25/35 (i)	1,112		947
BCAP LLC Trust REMIC, 0.90%, 11/25/36 (i)	140		134
Bear Stearns Adjustable Rate Mortgage Trust REMIC
2.61%, 04/25/34 (i)	350		330
3.61%, 11/25/34 (i)	933		911
Bear Stearns Alt-A Trust II REMIC, 5.51%, 09/25/47 (i)	2,802		1,774
Bear Stearns Mortgage Funding Trust REMIC, 0.42%, 12/25/36 (i)	3,224		1,891
Brazos Higher Education Authority Inc., 0.41%, 09/25/23 (i)	4,187		4,163
Brazos Higher Education Authority, Inc., 1.20%, 11/25/22 (f) (i)	5,100		5,088
Carrington Mortgage Loan Trust REMIC, 0.49%, 01/25/34 (i)	83		82
Chase Mortgage Finance Corp. REMIC, 2.90%, 02/25/37 (i)	441		408
CIT Mortgage Loan Trust REMIC
1.71%, 09/25/24 (i) (q)	1,280		685
1.26%, 10/25/37 (i) (q)	529		508
1.51%, 10/25/37 (i) (q)	700		498
Citigroup Mortgage Loan Trust Inc. REMIC, 3.08%, 12/25/35 (i)	1,542		1,015
College Loan Corp. Trust, 1.61%, 03/01/42 (i) (q)	1,000		900
Commercial Mortgage Asset Trust REMIC, 7.35%, 01/17/32	400		437

	Shares/Par (p)	Value
Conseco Financial Corp. REMIC, 7.07%, 01/15/29	154		161
Countrywide Alternative Loan Trust REMIC
1.83%, 09/25/35 (i)	282		185
1.71%, 11/25/47 (i)	4,482		2,475
Countrywide Asset-Backed Certificates REMIC, 1.51%, 06/25/34 (i)	198		56
Countrywide Home Loan Mortgage Pass-Through Trust REMIC
2.83%, 02/19/34 (i)	444		385
3.09%, 11/20/34 (i)	430		369
Credit Suisse Mortgage Capital Certificates REMIC
6.50%, 10/25/21	2,721		2,071
5.54%, 02/15/39 (i)	3,060		3,293
5.47%, 09/15/39	6,000		6,293
Deutsche Bank Alternate Loan Trust REMIC, 2.00%, 08/25/35 (i)	437		345
Downey Savings & Loan Association Mortgage Loan Trust REMIC, 1.25%, 03/19/46 (i)	468		272
Education Funding Capital Trust I, 0.46%, 12/15/22 (i)	1,518		1,506
Educational Secvices of America Inc., 1.14%, 07/25/23 (i)	1,722		1,723
FDIC Structured Sale Guaranteed Notes REMIC, 0.81%, 03/02/48 (i) (q)	798		799
First Horizon Asset Securities Inc. REMIC, 2.77%, 12/25/34 (i)	170		160
First Union National Bank Commercial Mortgage Trust, Interest Only REMIC, 05/17/32 (i) (q)	1,928		65
GMAC Mortgage Corp. Loan Trust REMIC
7.00%, 09/25/37 (i)	307		222
7.00%, 09/25/37 (i)	386		260
Goal Capital Funding Trust, 0.98%, 05/25/48 (i)	1,644		1,638
Granite Mortgages Plc
1.38%, 01/20/44 (i), EUR	1,125		1,409
0.44%, 09/20/44 (i)	320		300
1.16%, 09/20/44 (i), EUR	433		543
Greenwich Capital Commercial Funding Corp. REMIC, 5.44%, 03/10/39 (e)	6,500		6,848
GS Mortgage Securities Corp. II REMIC, 5.81%, 08/10/45 (i) (e)	3,600		3,763
GSMPS Mortgage Loan Trust, 0.49%, 02/25/35 (i) (q)	113		100
GSR Mortgage Loan Trust REMIC, 3.04%, 10/25/35 (i)	620		460
Harborview Mortgage Loan Trust REMIC
0.60%, 06/20/35 (i)	1,175		967
5.20%, 08/19/36 (i)	2,068		1,324
Holmes Master Issuer Plc REMIC, 1.67%, 10/15/54 (i) (r)	2,000		2,000
HSBC Home Equity Loan Trust REMIC, 1.46%, 11/20/36 (i)	1,547		1,428
Impac CMB Trust REMIC, 0.90%, 03/25/35 (i)	160		97
IndyMac Index Mortgage Loan Trust REMIC
0.88%, 06/25/34 (i)	335		216
2.77%, 03/25/35 (i)	614		471
2.64%, 08/25/35 (i)	703		561
0.47%, 05/25/46 (i)	1,055		636
JPMorgan Chase Commercial Mortgage Securities Corp. REMIC, 4.94%, 08/15/42 (i)	7,000		7,418
LB-UBS Commercial Mortgage Trust 6.65%, 11/15/27	3,612		3,621
REMIC, 5.37%, 09/15/39	1,000		1,070
Lehman Mortgage Trust REMIC, 7.25%, 09/25/37	5,149		2,831

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Lehman XS Trust REMIC
0.52%, 02/25/46 (i)		2,201		1,347
1.11%, 09/25/47 (i)		1,577		1,019
Luminent Mortgage Trust REMIC, 0.45%, 05/25/46 (i)		631		360
MASTR Adjustable Rate Mortgages Trust REMIC
3.66%, 10/25/34 (i)		288		241
3.57%, 12/25/34 (i)		92		69
3.13%, 01/25/36 (i)		741		647
1.53%, 12/25/46 (i)		3,969		1,393
MASTR Seasoned Securities Trust REMIC, 4.17%, 10/25/32 (i)		316		284
Merit Securities Corp. REMIC, 1.76%, 09/28/32 (i) (q)		227		204
Merrill Lynch Alternative Note Asset Trust REMIC, 0.45%, 07/25/37 (i)		794		463
Mid-State Trust, 7.34%, 07/01/35		220		230
Morgan Stanley Capital I REMIC, 5.19%, 11/14/42 (i)		1,500		1,615
Morgan Stanley Mortgage Loan Trust REMIC
2.93%, 08/25/34 (i)		177		146
3.30%, 03/25/36 (i)		1,763		1,069
NCUA Guaranteed Notes
0.61%, 12/07/20 (i)		2,500		2,503
REMIC, 0.64%, 11/06/17 (i)		4,812		4,811
REMIC, 2.65%, 01/01/18		4,478		4,360
REMIC, 0.72%, 10/07/20 (i)		2,620		2,617
REMIC, 1.84%, 10/07/20		928		918
Northstar Education Finance Inc., 0.39%, 10/28/26 (i)		465		462
Permanent Master Issuer Plc, 0.86%, 04/15/20, GBP		2,000		3,015
Residential Accredit Loans Inc. REMIC
6.27%, 11/25/37 (i)		4,249		2,122
1.33%, 01/25/46 (i)		1,281		736
Residential Funding Mortgage Securities I Inc. REMIC
3.03%, 08/25/35 (i)		705		532
5.21%, 09/25/35 (i)		945		834
Silverstone Master Issuer PLC, 1.68%, 01/21/55 (i) (r)		4,800		4,805
Structured Adjustable Rate Mortgage Loan Trust REMIC
2.60%, 05/25/34 (i)		630		591
2.72%, 09/25/34 (i)		262		228
2.74%, 11/25/34 (i)		1,248		1,072
Structured Asset Mortgage Investments Inc. REMIC, 2.69%, 08/25/35 (i)		92		77
U.S. Education Loan Trust LLC, 0.43%, 03/01/25 (i)		798		791
Wachovia Bank Commercial Mortgage Trust, 5.77%, 07/15/45 (i)		6,000		6,454
Washington Mutual Mortgage Pass-Through Certificates REMIC
2.71%, 06/25/34 (i)		792		766
2.67%, 12/25/35 (i)		1,072		1,039
5.36%, 09/25/36 (i)		1,416		1,141
0.49%, 04/25/45 (i)		171		143
Wells Fargo Alternative Loan Trust REMIC, 6.20%, 12/25/37 (i)		3,200		2,449
Wells Fargo Mortgage Backed Securities Trust REMIC, 2.90%, 04/25/36 (i)		321		292
Total Non-U.S. Government Agency Asset- Backed Securities (cost $158,686)				138,936

	Shares/Par (p)		Value
CORPORATE BONDS AND NOTES - 27.7%
CONSUMER DISCRETIONARY - 1.3%
Comcast Cable Communications Holdings Inc., 8.38%, 03/15/13		356		405
Comcast Holdings Corp., 10.63%, 07/15/12		875		991
CSC Holdings Inc., 7.63%, 04/01/11		250		253
DirecTV Holdings LLC
5.88%, 10/01/19		825		897
6.35%, 03/15/40		650		684
DISH DBS Corp., 6.63%, 10/01/14		575		597
NBC Universal Inc, 4.38%, 04/01/21 (e) (r)		3,675		3,567
Reed Elsevier Capital Inc., 8.63%, 01/15/19		1,761		2,239
Rensselaer Polytechnic Institute, 5.60%, 09/01/20		2,300		2,372
Whirlpool Corp.
8.00%, 05/01/12 (l)		400		431
8.60%, 05/01/14 (l)		500		577
WPP Finance Co.Ltd., 8.00%, 09/15/14 (l)		778		895
				13,908
CONSUMER STAPLES - 1.1%
Altria Group Inc., 9.70%, 11/10/18 (l)		1,425		1,880
Anheuser-Busch InBev Worldwide Inc.
7.20%, 01/15/14 (r)		850		972
4.13%, 01/15/15 (e)		1,750		1,843
7.75%, 01/15/19 (r)		1,325		1,649
BAT International Finance Plc, 9.50%, 11/15/18 (r)		1,150		1,513
CVS Caremark Corp., 5.75%, 06/01/17		975		1,085
Kraft Foods Inc.
6.13%, 08/23/18		1,125		1,286
6.50%, 02/09/40 (e)		1,025		1,149
				11,377
ENERGY - 2.5%
Anadarko Petroleum Corp., 6.38%, 09/15/17		2,176		2,370
BP Capital Markets Plc, 3.88%, 03/10/15 (e)		1,125		1,160
Canadian Natural Resources Ltd., 5.15%, 02/01/13		900		970
Chesapeake Energy Corp., 6.50%, 08/15/17 (e)		275		276
DCP Midstream LLC, 9.75%, 03/15/19 (r)		1,600		2,068
Dolphin Energy Ltd., 5.89%, 06/15/19 (r)		775		830
El Paso Corp.
7.88%, 06/15/12 (e)		325		342
7.80%, 08/01/31		33		33
7.75%, 01/15/32 (e)		515		512
El Paso Pipeline Partners Operating Co. LLC, 6.50%, 04/01/20		400		420
Energy Transfer Partners LP, 5.95%, 02/01/15		2,000		2,194
Enterprise Products Operating LLC
6.65%, 04/15/18		1,125		1,292
7.03%, 01/15/68 (e)		775		804
Gulf South Pipeline Co., 6.30%, 08/15/17 (r)		1,200		1,350
Nexen Inc., 7.50%, 07/30/39		900		979
Petroleos Mexicanos, 8.00%, 05/03/19		1,940		2,338
Southern Natural Gas Co., 5.90%, 04/01/17 (r)		120		129
Suncor Energy Inc., 6.10%, 06/01/18		1,175		1,351
TransCanada PipeLines Ltd., 6.35%, 05/15/67		1,375		1,358
Transocean Inc.
4.95%, 11/15/15		750		775
6.50%, 11/15/20		2,550		2,707
Williams Cos. Inc., 8.75%, 03/15/32 (e)		1,075		1,315
Williams Partners LP, 5.25%, 03/15/20		1,050		1,088
				26,661

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
FINANCIALS - 19.1%
Achmea Hypotheekbank NV, 3.20%, 11/03/14 (r)		5,700		5,930
Ally Financial Inc., 6.88%, 09/15/11 (e)		3,400		3,488
ANZ National International Ltd., 3.25%, 04/02/12 (e) (r)		6,000		6,173
Australia & New Zealand Banking Group Ltd., 3.20%, 12/15/11 (e) (r)		4,300		4,401
Bank of America Corp.
5.42%, 03/15/17		1,300		1,288
5.63%, 07/01/20 (e)		2,225		2,268
5.88%, 01/05/21 (e)		1,675		1,733
BBVA Bancomer SA, 7.25%, 04/22/20 (r)		2,125		2,248
Bear Stearns Cos. Inc., 7.25%, 02/01/18 (e)		1,475		1,748
BRFkredit AS, 2.05%, 04/15/13 (r)		8,300		8,440
Canadian Imperial Bank of Commerce
2.00%, 02/04/13 (r)		4,100		4,173
2.60%, 07/02/15 (e) (r)		1,400		1,408
Capital One Capital III, 7.69%, 08/15/36 (i)		1,125		1,125
Chubb Corp., 6.38%, 03/29/67		825		860
Cie de Financement Foncier
1.63%, 07/23/12 (e) (r)		3,800		3,818
2.13%, 04/22/13 (r)		800		807
Citigroup Inc.
6.38%, 08/12/14		1,325		1,464
5.00%, 09/15/14		2,475		2,560
5.38%, 08/09/20 (e)		2,525		2,624
Credit Agricole SA, 8.38%, (callable at 100 beginning 10/13/19) (m) (r)		750		771
Credit Suisse New York, 4.38%, 08/05/20		800		785
Danske Bank A/S, 2.50%, 05/10/12 (r)		2,000		2,049
Deutsche Bank AG Credit Linked Note (Egyptian Treasury Bill, 0.00%, 04/05/11, Moody rating N/A) (f) (r), EGP		57,900		9,731
Developer Diversified Realty Corp., 7.50%, 04/01/17		1,250		1,396
Discover Bank, 8.70%, 11/18/19		1,325		1,560
DnB NOR Boligkreditt, 2.10%, 10/14/15 (i) (e) (r)		4,600		4,375
El Paso Performance-Linked Trust, 7.75%, 07/15/11 (q)		1,290		1,321
Endurance Specialty Holdings Ltd., 6.15%, 10/15/15		700		735
ENEL Finance International SA, 5.13%, 10/07/19 (e) (r)		1,300		1,288
Fifth Third Bancorp, 0.39%, 05/17/13 (i)		1,325		1,274
FIH Erhvervsbank A/S, 2.00%, 06/12/13 (r)		3,800		3,863
First Niagara Financial Group Inc., 6.75%, 03/19/20		925		963
Ford Motor Credit Co. LLC, 5.55%, 06/15/11 (e) (i)		600		609
HSBC Bank USA, 4.88%, 08/24/20		1,775		1,764
HSBC Bank USA Credit Linked Note (Nota Do Tesouro Nacional, 6.00%, 08/15/40, Moody rating N/A) (f) (i), BRL		4,840		6,222
HSBC Holdings Plc, 6.80%, 06/01/38		2,650		2,865
ING Bank NV, 2.50%, 01/14/16 (q)		5,100		4,975
International Lease Finance Corp., 8.25%, 12/15/20		1,250		1,288
JPMorgan Chase & Co. 7.90% (callable at 100 beginning 04/30/18) (m)		2,050		2,179
4.40%, 07/22/20		625		615
JPMorgan Chase Capital XX, 6.55%, 09/29/36 (i)		1,650		1,660
Kreditanstalt fuer Wiederaufbau, 3.25%, 02/15/11 (e)		9,100		9,130

	Shares/Par (p)		Value
Landwirtschaftliche Rentenbank, 4.88%, 01/10/14		6,000		6,594
LeasePlan Corp. NV, 3.00%, 05/07/12 (r)		3,400		3,493
Liberty Property LP, 4.75%, 10/01/20		2,350		2,325
Lloyds TSB Bank Plc, 6.50%, 09/14/20 (r)		1,525		1,403
Merrill Lynch & Co. Inc.
6.05%, 05/16/16		1,125		1,159
6.40%, 08/28/17 (e)		700		740
MetLife Capital Trust X, 9.25%, 04/08/38 (r)		500		588
Morgan Stanley
5.75%, 08/31/12		675		722
5.95%, 12/28/17		825		873
6.63%, 04/01/18		2,775		3,010
MUFG Capital Finance 1 Ltd., 6.35%, (callable at 100 beginning 07/25/16) (m)		1,310		1,320
Northwestern Mutual Life Insurance Co., 6.06%, 03/30/40 (e) (r)		2,175		2,402
Panhandle-Plains Higher Education Authority Inc. REMIC, 1.49%, 10/01/35 (i)		3,000		3,023
PNC Bank NA, 6.88%, 04/01/18		975		1,114
PNC Funding Corp., 1.88%, 06/22/11		5,300		5,341
ProLogis, 1.88%, 11/15/37 (e)		1,075		1,063
Prudential Financial Inc.
3.88%, 01/14/15		2,450		2,528
4.50%, 11/15/20 (e)		1,550		1,516
Resona Preferred Global Securities Cayman Ltd., 7.19%, (callable at 100 beginning 07/30/15) (m) (r)		1,525		1,514
Royal Bank of Scotland Group Plc, 1.50%, 03/30/12 (r)		7,500		7,565
Royal Bank of Scotland Plc, 4.88%, 08/25/14 (r)		1,850		1,895
Simon Property Group LP
10.35%, 04/01/19		1,650		2,256
4.38%, 03/01/21 (e)		825		815
Smurfit Kappa Treasury Funding Ltd., 7.50%, 11/20/25		225		208
Sparebanken 1 Boligkreditt, 1.25%, 10/25/13 (e) (r)		8,000		7,946
Stadshypotek AB, 1.45%, 09/30/13 (e) (r)		7,200		7,194
Swedbank AB
3.00%, 12/22/11 (r)		300		307
2.80%, 02/10/12 (r)		4,300		4,392
Transatlantic Holdings Inc., 8.00%, 11/30/39		975		998
UBS AG New Jersey-Credit Linked Note (Federative Republic of Brazil, 6.00%, 01/17/17, Moody rating Ba1) (q), BRL		1,620		443
WEA Finance LLC
7.50%, 06/02/14 (r)		475		539
7.13%, 04/15/18 (r)		900		1,035
Westpac Banking Corp., 1.90%, 12/14/12 (e) (r)		4,900		4,983
Westpac Securities NZ Ltd., 2.50%, 05/25/12 (r)		800		819
ZFS Finance USA Trust I, 5.88%, 05/09/32 (e) (q)		1,225		1,195
				201,292
HEALTH CARE - 0.8%
Boston Scientific Corp.
4.50%, 01/15/15		2,050		2,093
7.00%, 11/15/35 (l)		250		251
Covidien International Finance SA, 4.20%, 06/15/20		1,175		1,175
HCA Inc., 7.88%, 02/15/20		500		535
Hospira Inc., 5.60%, 09/15/40		1,150		1,130
Life Technologies Corp.
6.00%, 03/01/20		1,160		1,242

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
5.00%, 01/15/21		2,425		2,402
				8,828
INDUSTRIALS - 0.3%
General Electric Co., 5.25%, 12/06/17		750		810
TransDigm Inc., 7.75%, 12/15/18 (e) (q)		2,125		2,199
				3,009
INFORMATION TECHNOLOGY - 0.2%
Agilent Technologies Inc., 5.50%, 09/14/15		1,925		2,091
MATERIALS - 1.0%
Anglo American Capital Plc
9.38%, 04/08/14 (r)		414		498
9.38%, 04/08/19 (e) (r)		625		841
ArcelorMittal, 6.13%, 06/01/18 (e)		1,375		1,465
Dow Chemical Co.
7.60%, 05/15/14 (l)		1,625		1,874
5.90%, 02/15/15		750		830
Freeport-McMoRan Copper & Gold Inc., 8.38%, 04/01/17		1,950		2,157
International Paper Co., 7.95%, 06/15/18		625		744
Methanex Corp., 8.75%, 08/15/12		175		184
Radnor Holdings Corp., 11.00%, 04/15/11 (c) (d) (f) (q)		125		—
Teck Resources Ltd., 10.75%, 05/15/19		1,425		1,853
				10,446
TELECOMMUNICATION SERVICES - 0.9%
AT&T Inc., 6.40%, 05/15/38		1,475		1,568
Qwest Communications International Inc., 7.50%, 02/15/14		255		258
Qwest Corp.
8.88%, 03/15/12		125		135
8.38%, 05/01/16		750		889
Sprint Capital Corp., 8.38%, 03/15/12		500		529
Telecom Italia Capital SA
6.20%, 07/18/11		975		1,001
7.00%, 06/04/18		1,175		1,244
6.00%, 09/30/34		925		768
Telemar Norte Leste SA, 5.50%, 10/23/20 (e) (r)		1,000		962
Verizon Communications Inc., 6.40%, 02/15/38 (e)		1,300		1,438
Verizon Wireless Capital LLC, 8.50%, 11/15/18 (e)		575		752
Windstream Corp., 8.63%, 08/01/16		180		189
				9,733
UTILITIES - 0.5%
Arizona Public Service Co., 8.75%, 03/01/19		1,700		2,129
Nevada Power Co., 7.13%, 03/15/19		1,175		1,384
Progress Energy Inc., 7.05%, 03/15/19		1,275		1,513
Puget Sound Energy Inc., 6.97%, 06/01/67		675		664
				5,690
Total Corporate Bonds and Notes (cost $282,885)				293,035
GOVERNMENT AND AGENCY OBLIGATIONS - 60.9%
GOVERNMENT SECURITIES - 11.9%
Federal Home Loan Mortgage Corp. - 0.7% (w)
Federal Home Loan Mortgage Corp., 5.25%, 04/18/16		6,000		6,863
Federal National Mortgage Association - 0.2% (w)
Federal National Mortgage Association, 5.50%, 05/01/38		2,133		2,284

	Shares/Par (p)		Value
Municipals - 1.9%
Connecticut State Health & Educational Facility Authority, 5.00%, 07/01/42		975		987
Missouri Higher Education Loan Authority, 1.23%, 11/26/32 (i)		3,183		3,199
New York State Dormitory Authority, 5.00%, 07/01/40		200		201
Northstar Education Finance Inc. Student Loan Asset-Backed Note, 0.48%, 04/29/19 (i)		6,000		5,928
State of California
7.95%, 03/01/36		1,290		1,323
7.63%, 03/01/40		3,475		3,626
State of California Various Purpose Bond
7.50%, 04/01/34		1,625		1,681
7.55%, 04/01/39		1,325		1,374
State of Illinois, Transit Improvements, GO, 7.35%, 07/01/35		1,525		1,494
				19,813
Sovereign - 3.2%
Brazilian Government International Bond, 4.88%, 01/22/21		2,210		2,254
Farmer Mac Guaranteed Notes Trust, 5.13%, 04/19/17 (r)		2,100		2,285
Mexican Bonos
10.00%, 12/05/24, MXN		32,972		3,328
8.50%, 11/18/38, MXN		14,248		1,228
Peruvian Government International Bond, 5.63%, 11/18/50		290		268
Province of Quebec, Canada, 4.60%, 05/26/15 (e)		1,475		1,619
Qatar Government International Bond
5.15%, 04/09/14		290		311
5.25%, 01/20/20 (r)		4,350		4,589
Republic of Argentina, 2.84%, 12/15/35 (i), EUR		14,840		2,489
Republic of South Africa Government Bond
8.00%, 12/21/18, ZAR		15,720		2,376
6.75%, 03/31/21, ZAR		35,860		4,912
Swedish Housing Finance Corp., 3.13%, 03/23/12 (r)		1,100		1,130
Tennessee Valley Authority
4.38%, 06/15/15		2,400		2,635
5.98%, 04/01/36		1,250		1,445
4.63%, 09/15/60 (e)		800		748
United Mexican States, 6.05%, 01/11/40		1,000		1,022
Venezuela Government International Bond
5.75%, 02/26/16		1,180		832
7.75%, 10/13/19		530		359
9.00%, 05/07/23		80		55
8.25%, 10/13/24		490		319
				34,204
Treasury Inflation Index Securities - 2.4%
U.S. Treasury Inflation Indexed Note
2.38%, 04/15/11 (n) (o)		6,281		6,337
3.00%, 07/15/12 (n)		6,082		6,460
1.25%, 07/15/20 (n)		3,510		3,594
2.38%, 01/15/25 - 01/15/27 (n)		7,695		8,561
				24,952
U.S. Treasury Securities - 3.5%
U.S. Treasury Bond
0.00%,05/15/21 (e) (j)		900		617
0.00%,11/15/21 (j)		1,800		1,197
5.00%, 05/15/37		4,500		5,021
4.25%, 05/15/39 - 11/15/40		20,200		19,879
4.38%, 11/15/39 - 05/15/40		2,400		2,413

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
U.S.Treasury Bond Strip Principal, 0.00%, 05/15/30 (e) (j)		19,500		8,258
				37,385
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES - 49.0%
Federal Home Loan Mortgage Corp. - 9.8%
Federal Home Loan Mortgage Corp.
3.00%, 01/15/26, TBA (g)		1,000		978
5.00%, 12/01/35		208		220
5.50%, 01/01/36 - 01/01/40		8,598		9,175
5.98%, 01/01/37 (i)		888		939
6.00%, 09/01/37 - 11/01/38		3,198		3,536
6.50%, 01/01/38 - 12/01/38		4,542		5,137
4.50%, 09/01/39 - 10/01/39		2,836		2,930
4.00%, 01/15/41, TBA (g)		18,000		17,868
4.50%, 01/15/41, TBA (g)		6,000		6,148
5.00%, 01/15/41, TBA (g)		22,000		23,073
5.50%, 01/15/41, TBA (g)		31,000		33,034
REMIC, 1,156.50%,06/15/21 (q)		—		—
REMIC, 0.00%,09/15/35 (0.00% until LIBOR reaches 7.00%) (i) (q)		163		158
REMIC, 0.00%,04/15/37 (0.00% until LIBOR reaches 6.75%) (i) (q)		29		29
				103,225
Federal National Mortgage Association - 36.2%
Federal National Mortgage Association
5.00%, 03/01/18 - 09/01/40		7,273		7,721
4.50%, 05/01/18 - 11/01/40		6,142		6,392
6.50%, 02/01/19		2		2
6.00%, 09/01/19 - 11/01/38		18,310		19,951
5.50%, 09/01/23 - 10/01/39		16,041		17,227
3.00%, 01/15/26 - 02/15/26 , TBA (g)		49,000		47,848
4.00%, 01/15/26, TBA (g)		23,000		23,686
5.00%, 01/15/26, TBA (g)		18,000		19,097
3.50%, 02/15/26, TBA (g)		44,000		44,179
8.00%, 08/01/29 - 02/01/31		91		105
7.00%, 07/01/32		12		13
2.33%, 11/01/35 (i)		93		95
2.61%, 05/01/36 (i)		553		566
2.75%, 05/01/36 (i)		554		574
2.79%, 08/01/36 (i)		577		596
2.64%, 09/01/36 (i)		573		587
4.00%, 10/01/39 - 01/01/41		45,999		45,808
4.50%, 01/01/40 - 01/15/41 , TBA (g)		83,000		85,192
3.50%, 01/01/41 - 01/01/41		7,000		6,692
5.50%, 01/15/41, TBA (g)		53,000		56,702
REMIC, 10.40%, 04/25/19		1		1
				383,034
Government National Mortgage Association - 3.0%
Government National Mortgage Association
3.95%, 07/15/25		1,100		1,105
6.00%, 06/15/34 - 01/15/39		944		1,051
4.50%, 06/15/39 - 10/15/39		280		294
5.00%, 07/15/39		88		95
3.50%, 01/15/41, TBA (g)		22,000		21,182
5.00%, 01/15/41, TBA (g)		7,000		7,441
4.50%, 02/15/41, TBA (g)		1,000		1,036
				32,204
Total Government and Agency Obligations (cost $639,546)				643,964
COMMON STOCKS - 0.0%
CONSUMER DISCRETIONARY - 0.0%
Home Interior Gift Inc. (c) (f) (q)		491		—

	Shares/Par (p)		Value
MATERIALS - 0.0%
Applied Extrusion Technologies Inc. – Class B (c) (f) (q)		2		—
Total Common Stocks (cost $226)				—
SHORT TERM INVESTMENTS - 40.5%
Investment Company 33.8%
JNL Money Market Fund, 0.08% (a) (h)		356,880		356,880
Securities Lending Collateral 6.7%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)		70,316		70,316
Securities Lending Liquidating Fund LLC, 0.66% (a) (h)		608		597
				70,913
Total Short Term Investments (cost $427,803)				427,793
Total Investments - 142.3% (cost $1,509,146)				1,503,728
Total Forward Sales Commitments - (2.2)% (proceeds $23,214)				(23,595	)
Other Assets and Liabilities, Net - (40.1%) (o)				(423,474	)
Total Net Assets - 100.0%			$	1,056,659
Forward Sales Commitments - 2.2%
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES - 2.2%
Federal National Mortgage Association - 2.2%
Federal National Mortgage Association, 3.50%, 01/15/41 , TBA (g)	$	7,000	$	6,685
Federal National Mortgage Association, 4.00%, 01/15/41 , TBA (g)		17,000		16,910
Total Forward Sales Commitments - 2.2% (proceeds $23,214)			$	23,595
JNL/Goldman Sachs Emerging Markets Debt Fund
CORPORATE BONDS AND NOTES - 7.8%
ENERGY - 1.1%
Gazprom Via Gaz Capital SA
5.09%, 11/29/15 (r)	$	1,510	$	1,544
9.25%, 04/23/19		4,950		6,082
Petroleos de Venezuela SA, 8.50%, 11/02/17		1,150		769
				8,395
FINANCIALS - 6.7%
Barclays Bank Plc-Credit Linked Note (Indonesia Government, 10.00%, 07/15/17, Moody rating Ba2) (f) (q), IDR		82,000,000		10,662
Credit Suisse Nassau-Credit Linked Note (Nota Do Tesouro Nacional, 6.00%, 08/15/40, Moody rating N/A) (f) (q), BRL		2,300		2,958
Deutsche Bank AG-Credit Linked Note (Indonesia Government,10.75%, 5/15/2016, Moody rating Ba2) (f) (q), IDR		20,500,000		2,680
Hongkong & Shanghai Banking Corp.-Credit Linked Note (Indonesia Government, 10.00%, 07/15/17, Moody rating Ba2) (f) (q), IDR		65,000,000		8,624

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Hongkong & Shanghai Banking Corp.-Credit Linked Note (Indonesia Government, 10.75%, 05/15/16, Moody rating Ba2) (f) (q), IDR		91,000,000		11,751
JPMorgan Chase & Co., 6.00%, 10/10/12 (q), PHP		40,000		966
JPMorgan Chase & Co.-Credit Linked Note (Indonesia Government, 10.00%, 07/15/17, Moody rating Ba2) (f) (q), IDR		16,100,000		2,039
JPMorgan Chase & Co.-Credit Linked Note (Indonesia Government, 11.00%, 11/15/20, Moody rating Ba2) (f) (q), IDR		20,000,000		2,780
Red Arrow International Leasing Plc, 8.38%, 06/30/12, RUB		22,726		744
RSHB Capital SA, 7.50%, 03/25/13, RUB		244,200		7,984
				51,188
Total Corporate Bonds and Notes (cost $54,606)				59,583
GOVERNMENT AND AGENCY OBLIGATIONS - 58.3%
GOVERNMENT SECURITIES - 58.3%
Sovereign - 56.6%
Brazil Notas do Tesouro Nacional, 10.00%, 01/01/12 - 01/01/17, BRL		40,482		22,725
Brazil Notas do Tesouro Nacional, 10.00%, 01/01/21, BRL		27,250		14,466
Chile Government International Bond, 5.50%, 08/05/20, CLP		589,500		1,288
Colombia Government International Bond
7.75%, 04/14/21, COP		16,275,000		10,066
9.85%, 06/28/27, COP		17,063,000		12,553
Egypt Government International Bond, 8.75%, 07/18/12, EGP		5,000		858
Hungary Government International Bond
5.50%, 02/12/14 - 02/12/16 , HUF		3,912,000		17,112
8.00%, 02/12/15, HUF		6,686,000		32,314
Indonesia Government Bond
11.00%, 11/15/20, IDR		25,400,000		3,427
10.50%, 08/15/30, IDR		138,800,000		17,029
Malaysia Government Bond
3.74%, 02/27/15, MYR		53,875		17,737
4.38%, 11/29/19, MYR		57,700		19,267
Mexican Bonos
9.00%, 12/20/12, MXN		179,048		15,534
8.00%, 06/11/20, MXN		62,510		5,421
10.00%, 12/05/24 - 11/20/36 , MXN		182,763		18,408
8.50%, 11/18/38, MXN		57,619		4,966
Mexico Cetes, 0.00%, 02/10/11 (j), MXN		162,640		13,106
Nota Do Tesouro Nacional
10.00%, 01/01/14, BRL		10,725		6,118
6.00%, 08/15/40, BRL		14,300		18,383
Peru Government International Bond, 9.91%, 05/05/15, PEN		7,234		3,126
Philippine Government Bond, 4.95%, 01/15/21, PHP		94,000		2,262
Republic of Argentina
2.84%, 12/15/35 (i), EUR		35,700		5,987
3.72%, 12/15/35, ARS		179,420		6,574
Republic of South Africa Government Bond
13.50%, 09/15/15, ZAR		22,500		4,238
8.00%, 12/21/18, ZAR		17,540		2,651
6.75%, 03/31/21, ZAR		233,220		31,945
10.50%, 12/21/26, ZAR		224,460		40,620
Thailand Government Bond
3.63%, 05/22/15, THB		1,101,700		37,142
4.13%, 11/18/16, THB		380,000		13,085

	Shares/Par (p)	Value
Turkey Government Bond 0.00%,08/08/12 (j), TRY	39,250		22,786
11.00%, 08/06/14, TRY	5,775		4,111
Venezuela Government International Bond
7.75%, 10/13/19	570		386
8.25%, 10/13/24	9,720		6,318
			432,009
Treasury Inflation Index Securities - 1.7%
Poland Government Treasury Inflation Indexed Bond, 3.00%, 08/24/16 (n), PLN	37,620		12,906
Total Government and Agency Obligations (cost $429,621)			444,915
SHORT TERM INVESTMENTS - 29.6%
Investment Company 27.7%
JNL Money Market Fund, 0.08% (a) (h)	211,959		211,959
Treasury Securities 1.9%
Bank of Thailand Treasury Bill
0.06%, 08/04/11, THB	127,500		4,175
0.07%, 10/06/11, THB	107,000		3,496
0.07%, 11/03/11, THB	145,000		4,729
0.06%, 04/21/11, THB	60,000		1,979
			14,379
Total Short Term Investments (cost $226,198)			226,338
Total Investments - 95.7% (cost $710,425)			730,836
Other Assets and Liabilities, Net - 4.3% (o)			32,498
Total Net Assets - 100.0%		$	763,334
JNL/Goldman Sachs Mid Cap Value Fund * (x)
COMMON STOCKS - 96.8%
CONSUMER DISCRETIONARY - 11.8%
CBS Corp. - Class B	457	$	8,698
DISH Network Corp. - Class A (c)	368		7,230
Lear Corp. (c)	86		8,474
Liberty Media Corp. - Interactive (c)	396		6,250
Newell Rubbermaid Inc.	326		5,919
TRW Automotive Holdings Corp. (c)	98		5,180
Other Securities			17,819
			59,570
CONSUMER STAPLES - 4.9%
ConAgra Foods Inc.	211		4,769
JM Smucker Co.	120		7,867
Other Securities			12,297
			24,933
ENERGY - 11.0%
Alpha Natural Resources Inc. (c)	99		5,915
Cameron International Corp. (c)	121		6,126
Forest Oil Corp. (c)	219		8,317
Newfield Exploration Co. (c)	194		14,003
QEP Resources Inc.	180		6,552
Range Resources Corp.	100		4,511
Weatherford International Ltd. (c)	357		8,144
Other Securities			2,353
			55,921

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
FINANCIALS - 28.2%
Boston Properties Inc.		61		5,269
Equity Residential		163		8,460
Everest Re Group Ltd.		96		8,126
Fifth Third Bancorp		532		7,806
Genworth Financial Inc. - Class A (c)		409		5,377
Hartford Financial Services Group Inc.		273		7,229
Host Hotels & Resorts Inc.		292		5,223
Invesco Ltd.		313		7,527
Marsh & McLennan Cos. Inc.		196		5,366
MFA Financial Inc.		554		4,523
Principal Financial Group Inc.		331		10,778
SLM Corp. (c)		513		6,463
SunTrust Banks Inc.		258		7,625
Ventas Inc.		102		5,364
WR Berkley Corp.		208		5,705
XL Group Plc		228		4,974
Other Securities				36,658
				142,473
HEALTH CARE - 6.0%
Aetna Inc.		220		6,708
Biogen Idec Inc. (c)		108		7,272
Kinetic Concepts Inc. (c)		114		4,793
Other Securities				11,494
				30,267
INDUSTRIALS - 9.3%
Eaton Corp.		52		5,243
Kansas City Southern (c)		98		4,674
Parker Hannifin Corp.		65		5,575
Pentair Inc.		173		6,309
Other Securities				25,434
				47,235
INFORMATION TECHNOLOGY - 6.6%
Adobe Systems Inc. (c)		164		5,040
BMC Software Inc. (c)		105		4,939
ON Semiconductor Corp. (c)		472		4,667
Other Securities				18,552
				33,198
MATERIALS - 5.2%
Huntsman Corp.		456		7,125
Other Securities				19,330
				26,455
TELECOMMUNICATION SERVICES - 3.3%
CenturyLink Inc.		165		7,623
Sprint Nextel Corp. (c)		1,696		7,175
Other Securities				1,825
				16,623
UTILITIES - 10.5%
CMS Energy Corp.		314		5,835
Northeast Utilities		149		4,762
PPL Corp.		207		5,440
SCANA Corp. (e)		146		5,925
Sempra Energy		96		5,030
Xcel Energy Inc.		348		8,188
Other Securities				18,201
				53,381
Total Common Stocks (cost $414,505)				490,056

	Shares/Par (p)		Value
SHORT TERM INVESTMENTS - 6.3%
Investment Company - 4.6%
JNL Money Market Fund, 0.08% (a) (h)		23,029		23,029
Securities Lending Collateral 1.7%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)		8,112		8,112
Securities Lending Liquidating Fund LLC, 0.66% (a) (h)		672		661
				8,773
Total Short Term Investments (cost $31,813)				31,802
Total Investments - 103.1% (cost $446,318)				521,858
Other Assets and Liabilities, Net - (3.1%)				(15,767)
Total Net Assets - 100.0%			$	506,091
JNL/Goldman Sachs U.S. Equity Flex Fund * (x)
COMMON STOCKS - 126.2%
CONSUMER DISCRETIONARY - 18.9%
CBS Corp. - Class B (o)		105	$	2,008
Comcast Corp. - Class A (o)		117		2,561
DISH Network Corp. - Class A (c) (o)		123		2,413
Ford Motor Co. (c) (o)		106		1,778
General Motors Co. (c) (o)		41		1,525
Guess? Inc.		25		1,174
Johnson Controls Inc.		29		1,105
Lear Corp. (c)		25		2,501
Liberty Media Corp. - Interactive (c) (o)		70		1,108
Newell Rubbermaid Inc. (o)		77		1,396
Target Corp.		24		1,455
Other Securities				2,793
				21,817
CONSUMER STAPLES - 9.5%
General Mills Inc. (o)		72		2,558
PepsiCo Inc. (o)		23		1,534
Procter & Gamble Co. (o)		20		1,305
Unilever NV - NYS (o)		44		1,375
Wal-Mart Stores Inc. (o)		33		1,800
Other Securities				2,442
				11,014
ENERGY - 15.0%
Forest Oil Corp. (c) (o)		51		1,933
Halliburton Co. (o)		33		1,366
Newfield Exploration Co. (c) (o)		56		4,022
Occidental Petroleum Corp. (o)		39		3,803
Range Resources Corp. (o)		43		1,916
Schlumberger Ltd.		22		1,867
Weatherford International Ltd. (c)		81		1,838
Other Securities				538
				17,283
FINANCIALS - 23.2%
AFLAC Inc. (o)		36		2,003
Bank of America Corp. (o)		194		2,595
Bank of New York Mellon Corp. (o)		53		1,614
Franklin Resources Inc.		13		1,401
Invesco Ltd. (o)		62		1,492
JPMorgan Chase & Co. (o)		102		4,322

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Prudential Financial Inc. (o)		37		2,195
State Street Corp.		27		1,266
SunTrust Banks Inc.		44		1,291
Travelers Cos. Inc. (o)		39		2,156
U.S. Bancorp (o)		97		2,624
Other Securities				3,793
				26,752
HEALTH CARE - 13.6%
Baxter International Inc. (o)		59		2,981
Biogen Idec Inc. (c) (o)		38		2,521
Johnson & Johnson (o)		42		2,602
Merck & Co. Inc. (o)		88		3,170
Teva Pharmaceutical Industries Ltd. - ADR (o)		43		2,233
WellPoint Inc. (c)		23		1,312
Other Securities				871
				15,690
INDUSTRIALS - 11.7%
Boeing Co. (o)		40		2,588
Emerson Electric Co. (o)		40		2,264
General Electric Co. (o)		198		3,627
Honeywell International Inc. (o)		77		4,072
Other Securities				975
				13,526
INFORMATION TECHNOLOGY - 24.1%
Adobe Systems Inc. (c) (o)		69		2,123
Apple Inc. (c) (o)		14		4,655
BMC Software Inc. (c) (o)		26		1,242
Cisco Systems Inc. (c) (o)		68		1,383
EMC Corp. (c) (o)		139		3,192
Google Inc. - Class A (c)		6		3,475
Microsoft Corp. (o)		123		3,445
Oracle Corp. (o)		100		3,116
Parametric Technology Corp. (c) (o)		53		1,183
QUALCOMM Inc. (o)		34		1,705
Texas Instruments Inc. (o)		43		1,401
Other Securities				917
				27,837
MATERIALS - 4.4%
Dow Chemical Co. (o)		40		1,353
Freeport-McMoRan Copper & Gold Inc.		12		1,418
Huntsman Corp. (o)		144		2,254
				5,025
TELECOMMUNICATION SERVICES - 2.6%
Sprint Nextel Corp. (c) (o)		588		2,489
Other Securities				555
				3,044
UTILITIES - 3.2%
Entergy Corp.		18		1,264
PG&E Corp.		29		1,370
Other Securities				1,092
				3,726
Total Common Stocks (cost $133,023)				145,714
SHORT TERM INVESTMENTS - 4.3%
Investment Company - 4.3%
JNL Money Market Fund, 0.08% (a) (h)		4,931		4,931
Total Short Term Investments (cost $4,931)				4,931

	Shares/Par (p)		Value
Total Investments - 130.5% (cost $137,954)				150,645
Total Securities Sold Short - (30.5)% (proceeds $32,863)				(35,216)
Other Assets and Liabilities, Net - (0.0% )				(25)
Total Net Assets - 100.0%			$	115,404
Securities Sold Short - 30.5%
COMMON STOCKS - 30.5%
CONSUMER DISCRETIONARY - 6.2%
AutoNation Inc.		21	$	601
Buckle Inc.		12		467
Gentex Corp.		19		558
Genuine Parts Co.		6		295
Gildan Activewear Inc.		11		319
Harman International Industries Inc.		8		373
Hibbett Sports Inc.		10		383
KB Home		23		314
NetFlix Inc.		4		643
New York Times Co. - Class A		150		1,467
Penske Auto Group Inc.		28		495
Pool Corp.		13		283
Starwood Hotels & Resorts Worldwide Inc.		10		609
Toll Brothers Inc.		20		382
				7,189
CONSUMER STAPLES - 0.9%
Campbell Soup Co.		16		544
Kimberly-Clark Corp.		9		553
				1,097
ENERGY - 3.6%
Marathon Oil Corp.		52		1,938
Noble Corp.		32		1,142
Transocean Ltd.		16		1,132
				4,212
FINANCIALS - 3.2%
ACE Ltd.		6		391
eHealth Inc.		37		528
Jefferies Group Inc.		23		619
MetLife Inc.		8		349
T. Rowe Price Group Inc.		10		670
TCF Financial Corp.		73		1,088
Other Securities				44
				3,689
HEALTH CARE - 5.4%
Align Technology Inc.		37		714
AMERIGROUP Corp.		13		577
Bristol-Myers Squibb Co.		31		829
Centene Corp.		23		586
Intuitive Surgical Inc.		2		611
NuVasive Inc.		18		455
Perrigo Co.		14		880
Pfizer Inc.		49		854
Stryker Corp.		13		692
				6,198
INDUSTRIALS - 2.1%
General Dynamics Corp.		5		346
Joy Global Inc.		9		753
Northrop Grumman Corp.		9		568
Precision Castparts Corp.		5		710
				2,377

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
INFORMATION TECHNOLOGY - 4.2%
Novellus Systems Inc.		40		1,299
Red Hat Inc.		28		1,300
SAIC Inc.		43		685
SAP AG - ADR		17		858
Tech Data Corp.		16		709
				4,851
MATERIALS - 1.0%
EI Du Pont de Nemours & Co.		23		1,158
TELECOMMUNICATION SERVICES - 2.8%
Telefonos de Mexico SAB de CV - ADR		58		933
US Cellular Corp.		20		1,006
Verizon Communications Inc.		16		589
Windstream Corp.		49		680
				3,208
UTILITIES - 1.1%
Exelon Corp.		18		737
Piedmont Natural Gas Co. Inc.		18		500
				1,237
Total Securities Sold Short - 30.5% (proceeds $32,863)			$	35,216
JNL/Invesco Global Real Estate Fund * (x)
COMMON STOCKS - 98.3%
CONSUMER DISCRETIONARY - 0.7%
Other Securities			$	5,021
FINANCIALS - 97.6%
Real Estate Investment Trusts - 66.9%
Diversified - REITS - 21.1%
British Land Co. Plc		787		6,437
Corio NV		111		7,151
Digital Realty Trust Inc. (e)		179		9,216
Goodman Group		14,771		9,820
Hammerson Plc		734		4,774
Land Securities Group Plc		795		8,358
Liberty Property Trust		212		6,766
Stockland		3,437		12,654
Unibail-Rodamco SE (c)		66		13,048
Vornado Realty Trust		153		12,745
Other Securities				48,758
				139,727
Industrial - REITS - 2.3%
ProLogis		870		12,562
Other Securities				2,801
				15,363
Office - REITS - 9.5%
Alexandria Real Estate Equities Inc.		80		5,895
Boston Properties Inc.		86		7,366
Highwoods Properties Inc.		169		5,376
Japan Real Estate Investment Corp.		1		7,003
Nippon Building Fund Inc. (e)		—		5,011
SL Green Realty Corp.		96		6,507
Other Securities				25,446
				62,604
Residential - REITS - 7.0%
AvalonBay Communities Inc.		46		5,205
Camden Property Trust		188		10,169
Equity Residential		146		7,597

	Shares/Par (p)		Value
Essex Property Trust Inc. (e)		80		9,178
UDR Inc.		207		4,857
Other Securities				9,477
				46,483
Retail - REITS - 18.4%
CFS Retail Property Trust		4,470		8,047
Kimco Realty Corp.		714		12,877
Link REIT		2,127		6,607
Macerich Co.		199		9,407
Primaris Retail Real Estate Investment Trust		241		4,744
Regency Centers Corp.		221		9,339
RioCan Real Estate Investment Trust		232		5,138
Simon Property Group Inc.		285		28,306
Westfield Group		1,469		14,392
Other Securities				22,782
				121,639
Specialized - REITS - 8.6%
Health Care REIT Inc.		244		11,645
Host Hotels & Resorts Inc.		834		14,907
Nationwide Health Properties Inc.		169		6,147
Senior Housing Properties Trust		290		6,364
Other Securities				17,916
				56,979
Real Estate Management & Development - 30.7%
Real Estate Operating Companies - 25.2%
Agile Property Holdings Ltd.		3,654		5,378
Brookfield Properties Corp.		309		5,457
CapitaLand Ltd.		3,190		9,222
China Overseas Land & Investment Ltd. (e)		4,381		8,105
Hang Lung Properties Ltd.		1,839		8,600
Hongkong Land Holdings Ltd. (e)		1,844		13,314
Hysan Development Co. Ltd.		1,092		5,142
Keppel Land Ltd. (e)		1,579		5,906
Kerry Properties Ltd.		990		5,158
Mitsui Fudosan Co. Ltd.		956		18,999
Sino Land Co.		3,840		7,183
Sumitomo Realty & Development Co. Ltd.		396		9,421
Sun Hung Kai Properties Ltd.		1,888		31,358
Wharf Holdings Ltd.		1,428		10,986
Other Securities				22,402
				166,631
Real Estate Services - 5.5%
Mitsubishi Estate Co. Ltd.		1,062		19,627
Other Securities				16,777
				36,404
Total Common Stocks (cost $577,810)				650,851
SHORT TERM INVESTMENTS - 6.0%
Investment Company - 1.3%
JNL Money Market Fund, 0.08% (a) (h)		8,743		8,743
Securities Lending Collateral - 4.7%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)		29,376		29,376
Securities Lending Liquidating Fund LLC, 0.66% (a) (h)		1,525		1,500
				30,876
Total Short Term Investments (cost $39,644)				39,619
Total Investments - 104.3% (cost $617,454)				690,470
Other Assets and Liabilities, Net - (4.3%)				(28,682	)
Total Net Assets - 100.0%			$	661,788

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
JNL/Invesco International Growth Fund * (x)
COMMON STOCKS - 93.4%
CONSUMER DISCRETIONARY - 17.6%
Adidas AG		112	$	7,378
Bayerische Motoren Werke AG		110		8,635
Compass Group Plc		1,163		10,538
Grupo Televisa SA - ADR (c)		234		6,066
Hyundai Mobis (c)		38		9,398
Puma AG Rudolf Dassler Sport		17		5,554
Reed Elsevier Plc		676		5,710
Yamada Denki Co. Ltd.		93		6,298
Other Securities				44,135
				103,712
CONSUMER STAPLES - 13.0%
Anheuser-Busch InBev NV		164		9,395
British American Tobacco Plc		190		7,312
Imperial Tobacco Group Plc		344		10,562
Koninklijke Ahold NV		432		5,708
Nestle SA		206		12,046
Reckitt Benckiser Group Plc		99		5,445
Tesco Plc		1,176		7,795
Other Securities				18,442
				76,705
ENERGY - 10.3%
BG Group Plc		368		7,438
Canadian Natural Resources Ltd.		122		5,446
Gazprom OAO - ADR		246		6,222
Royal Dutch Shell Plc - B Shares		180		5,923
Suncor Energy Inc.		142		5,484
WorleyParsons Ltd. (e)		292		7,983
Other Securities				22,317
				60,813
FINANCIALS - 9.4%
Banco Bradesco SA - ADR (e)		431		8,744
BNP Paribas		98		6,222
Industrial & Commercial Bank of China		11,144		8,301
Julius Baer Group Ltd.		117		5,462
United Overseas Bank Ltd.		474		6,722
Other Securities				19,651
				55,102
HEALTH CARE - 13.5%
Bayer AG		78		5,768
Cochlear Ltd. (e)		92		7,532
CSL Ltd.		156		5,782
Novartis AG		144		8,474
Novo-Nordisk A/S		92		10,311
Roche Holding AG		80		11,779
Shire Plc		442		10,642
Teva Pharmaceutical Industries Ltd. - ADR		226		11,785
Other Securities				7,617
				79,690
INDUSTRIALS - 10.0%
Fanuc Ltd.		69		10,501
Hutchison Whampoa Ltd.		620		6,381
Keppel Corp. Ltd.		1,100		9,703
Nidec Corp.		127		12,755
TNT NV		209		5,522
Other Securities				14,062
				58,924

	Shares/Par (p)		Value
INFORMATION TECHNOLOGY - 7.9%
Canon Inc. (e)		108		5,522
Infosys Technologies Ltd. - ADR		115		8,717
Keyence Corp.		21		5,938
Taiwan Semiconductor Manufacturing Co. Ltd.		3,319		8,083
Other Securities				18,207
				46,467
MATERIALS - 3.0%
BHP Billiton Ltd. (e)		251		11,624
Syngenta AG		21		6,086
				17,710
TELECOMMUNICATION SERVICES - 5.7%
America Movil SAB de CV - ADR		193		11,038
Philippine Long Distance Telephone Co.		108		6,277
Vodafone Group Plc		3,062		7,916
Other Securities				8,036
				33,267
UTILITIES - 3.0%
Centrica Plc		1,512		7,817
International Power Plc		1,418		9,672
				17,489
Total Common Stocks (cost $471,805)				549,879
SHORT TERM INVESTMENTS - 10.9%
Investment Company - 6.4%
JNL Money Market Fund, 0.08% (a) (h)		37,733		37,733
Securities Lending Collateral 4.5%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)		24,856		24,856
Securities Lending Liquidating Fund LLC, 0.66% (a) (h)		1,479		1,455
				26,311
Total Short Term Investments (cost $64,068)				64,044
Total Investments - 104.3% (cost $535,873)				613,923
Other Assets and Liabilities, Net - (4.3%)				(25,430)
Total Net Assets - 100.0%			$	588,493
JNL/Invesco Large Cap Growth Fund * (x)
COMMON STOCKS - 97.5%
CONSUMER DISCRETIONARY - 13.5%
Amazon.com Inc. (c)		64	$	11,511
Comcast Corp. - Class A		779		17,107
DirecTV - Class A (c)		231		9,227
Ford Motor Co. (c)		487		8,174
Las Vegas Sands Corp. (c)		183		8,423
Limited Brands Inc.		447		13,747
Ross Stores Inc.		124		7,821
Starwood Hotels & Resorts Worldwide Inc.		147		8,948
Other Securities				38,435
				123,393
CONSUMER STAPLES - 2.7%
Mead Johnson Nutrition Co.		261		16,226
Other Securities				7,908
				24,134

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
ENERGY - 12.5%
Cameron International Corp. (c)		203		10,275
EOG Resources Inc.		146		13,301
Halliburton Co.		446		18,213
National Oilwell Varco Inc.		158		10,650
Peabody Energy Corp.		256		16,405
Schlumberger Ltd.		223		18,611
Transocean Ltd. (c)		191		13,242
Weatherford International Ltd. (c)		586		13,366
				114,063
FINANCIALS - 4.8%
Ameriprise Financial Inc.		227		13,089
Franklin Resources Inc.		95		10,515
JPMorgan Chase & Co.		223		9,477
Other Securities				10,487
				43,568
HEALTH CARE - 9.4%
Baxter International Inc.		175		8,881
Covidien Plc		198		9,059
Gilead Sciences Inc. (c)		449		16,279
Hospira Inc. (c)		241		13,408
Other Securities				37,662
				85,289
INDUSTRIALS - 11.4%
CH Robinson Worldwide Inc.		135		10,842
Deere & Co.		135		11,238
Goodrich Corp.		213		18,745
Honeywell International Inc.		174		9,265
Ingersoll-Rand Plc		318		14,952
Union Pacific Corp.		172		15,924
WW Grainger Inc.		64		8,857
Other Securities				13,806
				103,629
INFORMATION TECHNOLOGY - 32.3%
Apple Inc. (c)		213		68,569
Baidu.com - ADR (c)		202		19,534
Broadcom Corp. - Class A		201		8,772
Cisco Systems Inc. (c)		539		10,896
Citrix Systems Inc. (c)		148		10,138
Cognizant Technology Solutions Corp. – Class A (c)		152		11,121
EMC Corp. (c)		917		21,002
Google Inc. - Class A (c)		39		23,166
Oracle Corp.		701		21,931
QUALCOMM Inc.		233		11,535
Rovi Corp. (c)		292		18,109
Salesforce.com Inc. (c)		69		9,062
Visa Inc. - Class A		401		28,188
Xilinx Inc.		310		8,977
Other Securities				23,685
				294,685
MATERIALS - 8.7%
Barrick Gold Corp.		291		15,476
Monsanto Co.		472		32,850
Potash Corp. of Saskatchewan Inc. (c)		156		24,223
Other Securities				7,036
				79,585
TELECOMMUNICATION SERVICES - 2.2%
America Movil SAB de CV - ADR		151		8,655

	Shares/Par (p)		Value
American Tower Corp. - Class A (c)		228		11,773
				20,428
Total Common Stocks (cost $742,746)				888,774
SHORT TERM INVESTMENTS - 2.7%
Investment Company - 2.0%
JNL Money Market Fund, 0.08% (a) (h)		18,815		18,815
Securities Lending Collateral 0.7%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)		5,726		5,726
Securities Lending Liquidating Fund LLC, 0.66% (a) (h)		526		518
				6,244
Total Short Term Investments (cost $25,067)				25,059
Total Investments - 100.2% (cost $767,813)				913,833
Other Assets and Liabilities, Net - (0.2%)				(2,120)
Total Net Assets - 100.0%			$	911,713
JNL/Invesco Small Cap Growth Fund * (x)
COMMON STOCKS - 97.0%
CONSUMER DISCRETIONARY - 17.4%
Dick’s Sporting Goods Inc. (c)		33	$	1,247
DSW Inc. - Class A (c)		30		1,162
Foot Locker Inc.		62		1,215
Group 1 Automotive Inc. (e)		32		1,350
Penn National Gaming Inc. (c)		40		1,402
PF Chang’s China Bistro Inc. (e)		31		1,526
Tenneco Inc. (c)		30		1,240
Tractor Supply Co.		30		1,456
TRW Automotive Holdings Corp. (c)		42		2,212
Williams-Sonoma Inc.		43		1,534
Other Securities				11,829
				26,173
CONSUMER STAPLES - 1.9%
Other Securities				2,869
ENERGY - 8.2%
Carrizo Oil & Gas Inc. (c)		37		1,289
Dresser-Rand Group Inc. (c)		28		1,176
Dril-Quip Inc. (c)		17		1,297
FMC Technologies Inc. (c)		16		1,434
Frontier Oil Corp. (c)		66		1,190
James River Coal Co. (c)		46		1,155
Patterson-UTI Energy Inc.		56		1,205
SandRidge Energy Inc. (c) (e)		175		1,283
Other Securities				2,340
				12,369
FINANCIALS - 5.9%
Affiliated Managers Group Inc. (c)		15		1,473
ProAssurance Corp. (c)		19		1,173
SVB Financial Group (c)		26		1,379
Other Securities				4,921
				8,946
HEALTH CARE - 14.3%
Allscripts Healthcare Solutions Inc. (c)		64		1,238
BioMarin Pharmaceutical Inc. (c)		48		1,281
Chemed Corp.		22		1,414

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Other Securities			17,509
			21,442
INDUSTRIALS - 14.3%
Corrections Corp. of America (c)		48	1,215
CoStar Group Inc. (c) (e)		26	1,524
HUB Group Inc. - Class A (c)		39	1,386
Knight Transportation Inc. (e)		69	1,317
Regal - Beloit Corp.		24	1,604
TransDigm Group Inc. (c)		33	2,349
Wabtec Corp.		26	1,393
WESCO International Inc. (c)		23	1,188
Other Securities			9,469
			21,445
INFORMATION TECHNOLOGY - 28.8%
Ciena Corp. (c) (e)		80	1,694
F5 Networks Inc. (c)		10	1,244
Finisar Corp. (c)		53	1,584
Hittite Microwave Corp. (c) (e)		23	1,376
Informatica Corp. (c) (e)		50	2,182
Lawson Software Inc. (c)		149	1,380
Micros Systems Inc. (c)		30	1,298
Microsemi Corp. (c)		65	1,488
NetGear Inc. (c)		35	1,175
Nice Systems Ltd. - ADR (c)		36	1,246
Polycom Inc. (c)		51	1,971
Quest Software Inc. (c)		55	1,516
SuccessFactors Inc. (c)		51	1,479
Teradyne Inc. (c)		86	1,202
Other Securities			22,547
			43,382
MATERIALS - 4.4%
Grief Inc. - Class A		23	1,439
Intrepid Potash Inc. (c) (e)		33	1,229
Rockwood Holdings Inc. (c)		30	1,183
Other Securities			2,698
			6,549
TELECOMMUNICATION SERVICES - 1.1%
SBA Communications Corp. (c)		39	1,591
UTILITIES - 0.7%
Other Securities			1,101
Total Common Stocks (cost $116,684)			145,867
SHORT TERM INVESTMENTS - 12.0%
Investment Company - 3.0%
JNL Money Market Fund, 0.08% (a) (h)		4,579	4,579
Securities Lending Collateral 9.0%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)		13,000	13,000
Securities Lending Liquidating Fund LLC, 0.66% (a) (h)		463	456
			13,456
Total Short Term Investments (cost $18,042)			18,035
Total Investments - 109.0% (cost $134,726)			163,902
Other Assets and Liabilities, Net - (9.0%)			(13,489)
Total Net Assets - 100.0%			$ 150,413

	Shares/Par (p)		Value
JNL/Ivy Asset Strategy Fund * (x)
COMMON STOCKS - 71.1%
CONSUMER DISCRETIONARY - 22.2%
Bayerische Motoren Werke AG		113	$8,850
CBS Corp. - Class B		411	7,828
Compagnie Financiere Richemont SA		247	14,531
Hyundai Motor Co. (c)		165	25,146
Las Vegas Sands Corp. (c)		151	6,952
Li & Fung Ltd.		1,758	10,200
LVMH Moet Hennessy Louis Vuitton SA		82	13,423
Nike Inc. - Class B		104	8,918
Sands China Ltd. (c) (r)		14,327	31,482
Starwood Hotels & Resorts Worldwide Inc.		355	21,577
Wynn Macau Ltd. (c)		8,389	18,780
Wynn Resorts Ltd.		463	48,084
Other Securities			1,402
			217,173
CONSUMER STAPLES - 2.7%
Hengan International Group Co. Ltd.		666	5,745
Mead Johnson Nutrition Co.		145	9,001
Philip Morris International Inc.		198	11,560
			26,306
ENERGY - 8.0%
ConocoPhillips		311	21,159
Halliburton Co.		504	20,576
Schlumberger Ltd.		235	19,635
SeaDrill Ltd.		356	12,139
Other Securities			4,211
			77,720
FINANCIALS - 13.1%
AIA Group Ltd. (c) (r)		4,234	11,903
Banco Santander Brasil SA - ADR		770	10,473
Banco Santander SA		885	9,426
BOC Hong Kong Holdings Ltd.		2,093	7,121
China Life Insurance Co. Ltd.		1,486	6,070
China Pacific Insurance Group Co. Ltd.		4,230	17,577
Credit Suisse Group AG		115	4,632
Goldman Sachs Group Inc.		29	4,910
HDFC Bank Ltd.		65	3,432
ICICI Bank Ltd.		526	13,465
Itau Unibanco Holding SA - ADR (c)		390	9,373
Standard Chartered Plc		843	22,675
Other Securities			6,838
			127,895
HEALTH CARE - 0.2%
Other Securities			1,703
INDUSTRIALS - 4.9%
Cathay Pacific Airways Ltd. (c)		1,206	3,328
Cummins Inc.		99	10,902
Tata Motors Ltd.		333	9,746
Volvo AB - Class B (c)		566	9,969
Other Securities			13,701
			47,646
INFORMATION TECHNOLOGY - 13.5%
Apple Inc. (c) (o)		97	31,272
ASML Holding NV		172	6,654
Baidu.com - ADR (c)		180	17,385
Cognizant Technology Solutions Corp. – Class A (c)		303	22,236
First Solar Inc. (c)		70	9,058
Juniper Networks Inc. (c)		211	7,779

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
NetApp Inc. (c)		324	17,813
Oracle Corp.		278	8,704
Tencent Holdings Ltd.		435	9,455
Other Securities			1,901
			132,257
MATERIALS - 5.7%
Freeport-McMoRan Copper & Gold Inc.		164	19,683
PTT Chemical PCL - NVDR (c) (r)		1,328	6,474
Rio Tinto Ltd.		71	6,189
Vale SA - ADR (c)		303	10,457
Xstrata Plc		533	12,506
			55,309
TELECOMMUNICATION SERVICES - 0.8%
China Mobile Ltd.		803	7,975
Total Common Stocks (cost $574,321)			693,984
PREFERRED STOCKS - 5.3%
CONSUMER DISCRETIONARY - 4.7%
Volkswagen AG		238	38,776
Volkswagen AG Rights, Convertible Preferred (r)		42	6,853
			45,629
INDUSTRIALS - 0.6%
Volvo (r)		350	6,168
Total Preferred Stocks (cost $34,494)			51,797
OPTIONS - 0.7%
Other Securities			6,638
Total Options (cost $6,529)			6,638
PRECIOUS METALS - 11.3%
Gold Bullion		77,973	110,710
Total Precious Metals (cost $96,856)			110,710
SHORT TERM INVESTMENTS - 10.4%
Investment Company - 10.4%
JNL Money Market Fund, 0.08% (a) (h)		100,979	100,979
Total Short Term Investments (cost $100,979)			100,979
Total Investments - 98.8% (cost $813,179)			964,108
Other Assets and Liabilities, Net - 1.2%			11,737
Total Net Assets - 100.0%			$975,845
JNL/JPMorgan International Value Fund * (x)
COMMON STOCKS - 95.7%
CONSUMER DISCRETIONARY - 6.8%
Daimler AG (c)		101	$6,838
InterContinental Hotels Group Plc		327	6,342
Nissan Motor Co. Ltd.		1,231	11,643
Sodexo SA		89	6,145
Other Securities			10,013
			40,981
CONSUMER STAPLES - 2.5%
Unilever NV		257	8,007

	Shares/Par (p)		Value
Other Securities			7,258
			15,265
ENERGY - 8.8%
BP Plc (c)		1,948	14,136
JX Holdings Inc.		1,034	6,996
Royal Dutch Shell Plc - A Shares		791	26,359
Other Securities			6,069
			53,560
FINANCIALS - 24.9%
Allianz SE		97	11,567
Banco Bilbao Vizcaya Argentaria SA (e)		599	6,107
Barclays Plc		1,868	7,619
BNP Paribas		152	9,656
DnB NOR ASA		602	8,469
Erste Group Bank AG		132	6,216
HSBC Holdings Plc		1,069	10,848
ING Groep NV (c)		1,091	10,614
QBE Insurance Group Ltd.		477	8,853
Societe Generale		110	5,912
Sumitomo Mitsui Financial Group Inc.		438	15,515
Sun Hung Kai Properties Ltd.		356	5,913
Zurich Financial Services AG		38	9,945
Other Securities			34,106
			151,340
HEALTH CARE - 5.7%
Bayer AG		144	10,654
GlaxoSmithKline Plc		527	10,189
Sanofi-Aventis SA		213	13,596
			34,439
INDUSTRIALS - 15.6%
East Japan Railway Co.		90	5,808
Hutchison Whampoa Ltd.		830	8,543
Koninklijke Philips Electronics NV		213	6,527
Mitsubishi Electric Corp.		691	7,220
Mitsui & Co. Ltd.		500	8,229
Orkla ASA		626	6,111
Schneider Electric SA		55	8,291
Siemens AG		97	12,049
Other Securities			32,168
			94,946
INFORMATION TECHNOLOGY- 7.7%
FUJIFILM Holdings Corp.		253	9,116
Fujitsu Ltd.		927	6,423
Nokia Oyj		608	6,302
Ricoh Co. Ltd.		463	6,751
Samsung Electronics Co. Ltd.		9	7,612
Other Securities			10,381
			46,585
MATERIALS - 6.0%
First Quantum Minerals Ltd. (e)		80	8,687
Rhodia SA		278	9,178
Other Securities			18,680
			36,545
TELECOMMUNICATION SERVICES - 10.7%
BT Group Plc		2,478	6,986
KDDI Corp.		1	8,454
Koninklijke KPN NV		456	6,660
Nippon Telegraph & Telephone Corp.		145	6,590
Telefonica SA		623	14,223
Vodafone Group Plc		6,583	17,017

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Other Securities			5,309
			65,239
UTILITIES - 7.0%
Centrica Plc		1,642	8,487
GDF Suez		402	14,428
International Power Plc		853	5,823
National Grid Plc		1,014	8,740
Other Securities			5,268
			42,746
Total Common Stocks (cost $528,248)			581,646
PREFERRED STOCKS - 1.5%
CONSUMER DISCRETIONARY - 1.5%
Volkswagen AG		55	9,019
Total Preferred Stocks (cost $5,333)			9,019
SHORT TERM INVESTMENTS - 5.4%
Investment Company - 1.8%
JNL Money Market Fund, 0.08% (a) (h)		11,098	11,098
Securities Lending Collateral 3.6%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)		20,804	20,804
Securities Lending Liquidating Fund LLC, 0.66% (a) (h)		1,334	1,312
			22,116
Total Short Term Investments (cost $33,236)			33,214
Total Investments - 102.6% (cost $566,817)			623,879
Other Assets and Liabilities, Net - (2.6%)			(15,934)
Total Net Assets - 100.0%			$607,945
JNL/JPMorgan Mid Cap Growth Fund * (x)
COMMON STOCKS - 97.6%
CONSUMER DISCRETIONARY - 17.8%
Coach Inc.		59	$3,280
Dick’s Sporting Goods Inc. (c)		70	2,617
Gentex Corp.		98	2,887
Harley-Davidson Inc.		103	3,564
Harman International Industries Inc. (c)		56	2,574
Lamar Advertising Co. - Class A (c)		100	3,980
Scripps Networks Interactive Inc. - Class A		52	2,675
Sotheby’s - Class A (e)		53	2,385
Starwood Hotels & Resorts Worldwide Inc.		43	2,638
Other Securities			14,819
			41,419
CONSUMER STAPLES - 0.5%
Other Securities			1,229
ENERGY - 6.1%
Cameron International Corp. (c)		60	3,055
Concho Resources Inc. (c)		50	4,366
Forest Oil Corp. (c)		67	2,540
Newfield Exploration Co. (c)		32	2,293
Other Securities			2,009
			14,263

	Shares/Par (p)		Value
FINANCIALS - 9.9%
Invesco Ltd.		120	2,880
Lazard Ltd. - Class A		60	2,382
T. Rowe Price Group Inc.		53	3,443
Other Securities			14,310
			23,015
HEALTH CARE - 11.5%
Alexion Pharmaceuticals Inc. (c)		27	2,183
Brookdale Senior Living Inc. (c)		106	2,272
Coventry Health Care Inc. (c)		103	2,714
DaVita Inc. (c)		41	2,842
Lincare Holdings Inc.		107	2,863
Thoratec Corp. (c)		81	2,297
Valeant Pharmaceuticals International Inc.		159	4,484
Other Securities			7,127
			26,782
INDUSTRIALS - 19.1%
Avis Budget Group Inc. (c) (e)		147	2,287
Carlisle Cos. Inc.		66	2,639
Cummins Inc.		54	5,900
Delta Air Lines Inc. (c)		219	2,763
Goodrich Corp.		35	3,082
Hubbell Inc. - Class B		42	2,538
Precision Castparts Corp.		16	2,184
Rockwell Automation Inc.		42	3,012
Stericycle Inc. (c)		32	2,586
Wabtec Corp. (e)		52	2,724
WW Grainger Inc.		29	3,950
Other Securities			10,770
			44,435
INFORMATION TECHNOLOGY - 28.3%
Agilent Technologies Inc. (c)		102	4,205
Amphenol Corp. - Class A		66	3,487
Broadcom Corp. - Class A		57	2,499
Cognizant Technology Solutions Corp. – Class A (c)		39	2,829
F5 Networks Inc. (c)		25	3,202
Juniper Networks Inc. (c)		73	2,691
Marvell Technology Group Ltd. (c)		173	3,207
Microchip Technology Inc. (e)		68	2,333
Micros Systems Inc. (c)		77	3,395
NetApp Inc. (c)		84	4,622
Red Hat Inc. (c)		50	2,292
Salesforce.com Inc. (c)		21	2,719
Tyco Electronics Ltd.		102	3,604
Varian Semiconductor Equipment Associates Inc. (c)		66	2,455
Other Securities			22,209
			65,749
MATERIALS - 3.5%
Grief Inc. - Class A		38	2,340
Sherwin-Williams Co.		43	3,559
Other Securities			2,097
			7,996
TELECOMMUNICATION SERVICES - 0.9%
Other Securities			2,036
Total Common Stocks (cost $179,851)			226,924
SHORT TERM INVESTMENTS - 8.6%
Investment Company - 2.2%
JNL Money Market Fund, 0.08% (a) (h)		5,111	5,111

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Securities Lending Collateral 6.4%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)		14,378	14,378
Securities Lending Liquidating Fund LLC, 0.66% (a) (h)		663	652
			15,030
Total Short Term Investments (cost $20,152)			20,141
Total Investments - 106.2% (cost $200,003)			247,065
Other Assets and Liabilities, Net - (6.2%)			(14,494)
Total Net Assets - 100.0%			$232,571
JNL/JPMorgan U.S. Government & Quality Bond Fund
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES - 3.6%
ACE Securities Corp. REMIC, 0.39%, 02/25/31 (i)		$389 $	293
AH Mortgage Advance Trust REMIC, 4.21%, 05/10/11 (r)		2,219	2,227
Banc of America Commercial Mortgage Inc. REMIC, 6.41%, 09/11/36 (i) (q)		2,023	2,219
Commercial Mortgage Pass-Through Certificates REMIC, 5.45%, 07/16/34 (q)		2,748	2,760
CompuCredit Acquired Portfolio Voltage Master Trust, 0.43%, 09/15/18 (i) (q)		462	419
Conseco Financial Corp. REMIC, 7.07%, 01/15/29		145	151
Countrywide Alternative Loan Trust REMIC
0.47%, 07/20/46 (i)		1,204	563
0.46%, 12/20/46 (i)		1,433	747
Countrywide Home Equity Loan Trust, 0.55%, 02/15/34 (i)		602	370
Credit Suisse First Boston Mortgage Securities Corp. REMIC, 6.00%, 09/25/34		1,154	1,185
IndyMac Seconds Asset Backed Trust REMIC, 0.39%, 06/25/36 (i)		965	115
LB-UBS Commercial Mortgage Trust REMIC, 5.35%, 11/15/38		2,520	2,664
MASTR Adjustable Rate Mortgages Trust REMIC, 2.61%, 02/25/34 (i)		738	640
Morgan Stanley Mortgage Loan Trust REMIC, 2.79%, 10/25/34 (i)		610	574
NCUA Guaranteed Notes, 1.60%, 02/01/17		2,441	2,391
Nomura Asset Acceptance Corp. REMIC, 6.50%, 03/25/34 (r)		4,754	4,775
Provident Funding Mortgage Loan Trust REMIC, 2.83%, 10/25/35 (i)		498	468
SACO I Inc. REMIC, 0.52%, 06/25/36 (i)		441	141
Structured Asset Mortgage Investments Inc. REMIC, 0.47%, 08/25/36 (i)		1,483	926
Vendee Mortgage Trust REMIC, 6.75%, 02/15/31		2,810	3,086
Wells Fargo Mortgage Backed Securities Trust REMIC
5.50%, 04/25/22		5,319	5,491
6.00%, 06/25/37		911	848
Total Non-U.S. Government Agency Asset-Backed Securities (cost $36,095)			33,053

	Shares/Par (p)		Value
CORPORATE BONDS AND NOTES - 0.7%
FINANCIALS - 0.7%
General Electric Capital Corp., 3.00%, 12/09/11		2,500	2,560
Morgan Stanley, 3.25%, 12/01/11		2,500	2,565
Wells Fargo & Co., 3.00%, 12/09/11 (e)		1,525	1,562
Total Corporate Bonds and Notes (cost $6,522)			6,687
GOVERNMENT AND AGENCY OBLIGATIONS - 91.3%
GOVERNMENT SECURITIES - 34.3%
Federal Farm Credit Bank - 0.9% (w)
Federal Farm Credit Bank, 5.75%, 12/07/28		7,000	8,052
Federal Home Loan Bank - 1.8% (w)
Federal Home Loan Bank
4.88%, 05/17/17 (e)		10,000	11,273
5.25%, 12/11/20		4,500	5,031
			16,304
Federal National Mortgage Association - 2.3% (w)
Federal National Mortgage Association, 0.00%, 10/09/19 - 11/15/20 (j)		33,000	21,117
			21,117
Sovereign - 3.2%
Financing Corp. Fico, 0.00%, 04/05/19 (j)		5,000	3,751
Israel Government AID Bond, 0.00%, 11/01/21 (j)		10,000	6,382
Residual Funding Strip Principal, 0.00%, 10/15/19 (j)		3,800	2,800
Residual Funding Strip Principal, 0.00%, 07/15/20 - 01/15/30 (j)		12,410	7,057
Tennessee Valley Authority Generic Strip, 0.00%, 01/15/21 - 07/15/21 (j)		14,487	9,242
			29,232
Treasury Inflation Index Securities - 2.7%
U.S. Treasury Inflation Indexed Note
1.38%, 07/15/18 (n)		15,214	16,032
2.00%, 01/15/26 (n)		5,708	6,061
2.38%, 01/15/27 (n)		2,180	2,423
			24,516
U.S. Treasury Securities - 23.4%
U.S. Treasury Bond
0.00%,08/15/21 (e) (j)		25,000	16,816
5.25%, 11/15/28 - 02/15/29		30,000	34,391
5.38%, 02/15/31		13,000	15,176
U.S. Treasury Note
4.63%, 02/15/17 (e)		22,000	24,769
4.75%, 08/15/17		17,000	19,278
3.38%, 11/15/19		75,000	76,564
2.63%, 08/15/20		30,000	28,441
			215,435
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES - 57.0%
Federal Home Loan Mortgage Corp. - 21.9%
Federal Home Loan Mortgage Corp.
7.00%, 07/01/11 - 08/01/32		244	278
6.50%, 08/01/13		4	5
8.00%, 07/01/20		18	20
6.00%, 11/01/28		213	234
5.00%, 08/01/33 - 12/01/34		4,995	5,307
5.22%, 12/01/35 (i)		4,237	4,493
5.59%, 01/01/37 (i)		495	522
REMIC, 5.00%, 10/15/17 - 02/15/35		90,171	95,907
REMIC, 4.50%, 06/15/18 - 07/15/34		34,202	36,269
REMIC, 5.50%, 01/15/27 - 07/15/40		47,180	50,929
REMIC, 4.00%, 06/15/36		5,000	4,765

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
REMIC, 6.00%, 07/15/37		2,000	2,187
			200,916
Federal National Mortgage Association - 28.3%
Federal National Mortgage Association
12.50%, 09/20/15 - 01/15/16		3	4
12.00%, 01/01/16 - 01/15/16		20	24
5.00%, 02/01/19 - 12/01/39		32,322	34,394
11.50%, 09/01/19		—	—
10.50%, 08/01/20		4	4
4.00%, 02/01/25 - 09/01/25		26,279	27,167
6.50%, 03/01/26 - 03/01/36		2,293	2,557
7.00%, 05/01/26 - 01/01/30		21	24
8.00%, 07/01/29 - 03/01/31		158	182
6.00%, 02/01/31 - 12/01/36		27,910	30,427
7.50%, 02/01/31		29	33
5.50%, 02/01/35 - 10/01/36		18,629	20,100
REMIC, 5.00%, 05/25/18 - 09/25/39		37,209	39,498
REMIC, 4.00%, 01/25/19 - 04/25/30		28,000	26,950
REMIC, 4.50%, 04/25/23 - 02/25/40		27,826	29,112
REMIC, 3.50%, 07/25/33		2,127	2,198
REMIC, 5.50%, 12/25/34 - 11/25/35		16,337	17,879
REMIC, 11.00%, 02/25/40 (i)		1,148	1,126
REMIC, 7.50%, 12/25/41		10,220	11,548
REMIC, 4.68%, 06/25/43		7,882	8,149
REMIC, 6.00%, 12/25/49		2,953	3,254
Federal National Mortgage Association Strip Principal REMIC, 0.00%, 04/25/36 (j)		6,450	5,558
			260,188
Government National Mortgage Association - 6.8%
Government National Mortgage Association
6.00%, 04/15/29 - 01/15/36		3,516	3,911
REMIC, 6.50%, 06/20/28 - 06/16/31		4,601	4,978
REMIC, 5.00%, 09/20/32 - 11/20/36		10,621	11,346
REMIC, 5.50%, 03/20/33 - 02/16/38		25,903	27,966
REMIC, 6.00%, 12/16/33		3,041	3,237
REMIC, 4.50%, 06/20/39		10,000	10,121
Government National Mortgage Association
Interest Only REMIC
6.50%, 11/20/34		425	25
6.14%, 05/16/38 (i)		8,146	1,221
			62,805
Total Government and Agency Obligations (cost $797,999)			838,565
SHORT TERM INVESTMENTS - 7.3%
Investment Company 3.9%
JNL Money Market Fund, 0.08% (a) (h)		36,257	36,257
Securities Lending Collateral 3.4%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)		26,408	26,408
Securities Lending Liquidating Fund LLC, 0.66% (a) (h)		5,019	4,936
			31,344
Total Short Term Investments (cost $67,683)			67,601
Total Investments - 102.9% (cost $908,299)			945,906
Other Assets and Liabilities, Net - (2.9%)			(27,049)
Total Net Assets - 100.0%			$918,857

	Shares/Par (p)		Value
JNL/Lazard Emerging Markets Fund * (x)
COMMON STOCKS - 93.5%
CONSUMER DISCRETIONARY - 5.2%
Grupo Televisa SA - ADR (c)		710	$18,400
Hyundai Mobis (c)		64	16,118
Truworths International Ltd.		1,412	15,354
Woongjin Coway Co. Ltd. (c)		421	14,950
Other Securities			7,607
			72,429
CONSUMER STAPLES - 11.4%
Fomento Economico Mexicano SAB de CV - ADR		248	13,841
KT&G Corp. (c)		388	22,136
Massmart Holdings Ltd.		589	13,113
Natura Cosmeticos SA (c)		662	19,010
Shoprite Holdings Ltd.		843	12,745
Souza Cruz SA (c)		257	13,978
Tiger Brands Ltd.		474	13,942
Other Securities			49,693
			158,458
ENERGY - 4.4%
Banpu PCL		550	14,359
LUKOIL OAO - ADR		333	18,828
Other Securities			28,139
			61,326
FINANCIALS - 23.4%
Akbank T.A.S.		2,820	15,673
Banco do Brasil SA (c)		2,770	52,436
Bank of India		1,414	14,279
China Construction Bank Corp.		15,768	14,140
Commercial International Bank		1,830	14,941
Korea Life Insurance Co. Ltd.		2,668	18,647
OTP Bank Rt (c) (e)		706	17,038
Punjab National Bank Ltd.		993	27,124
Sanlam Ltd.		4,604	19,515
Shinhan Financial Group Co. Ltd. (c)		894	41,590
Standard Bank Group Ltd.		793	12,954
Turkiye Is Bankasi SA		9,528	33,941
Other Securities			43,367
			325,645
INDUSTRIALS - 5.4%
Murray & Roberts Holdings Ltd.		2,114	12,894
Orascom Construction Industries		379	18,721
Other Securities			42,990
			74,605
INFORMATION TECHNOLOGY - 18.6%
Cielo SA		4,401	35,660
HON HAI Precision Industry Co. Ltd. - GDR		2,565	20,699
MediaTek Inc.		1,590	22,767
Netease.com - ADR (c) (e)		381	13,762
NHN Corp. (c)		134	26,841
Redecard SA		2,523	31,994
Samsung Electronics Co. Ltd.		40	33,212
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR		2,190	27,464
Other Securities			45,325
			257,724
MATERIALS - 14.6%
Cia Siderurgica Nacional SA - ADR (e)		1,250	20,844
First Quantum Minerals Ltd. (e)		223	24,200

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)	Value
Grupo Mexico SAB de CV (c) (e)	5,940	24,333
Jindal Steel & Power Ltd.	920	14,646
Kumba Iron Ore Ltd. (e)	406	26,195
Pretoria Portland Cement Co. Ltd.	2,668	14,156
Uralkali - GDR (e)	541	19,884
Vale SA - ADR (c)	1,359	46,967
Other Securities		11,090
		202,315
TELECOMMUNICATION SERVICES - 9.3%
America Movil SAB de CV - ADR	366	20,958
Mobile Telesystems - ADR	948	19,792
Philippine Long Distance Telephone Co. – ADR (e)	442	25,761
PT Telekomunikasi Indonesia - ADR (e)	760	27,082
Turkcell Iletisim Hizmet AS	4,392	30,009
Other Securities		5,277
		128,879
UTILITIES - 1.2%
Companhia Energetica de Minas Gerais - ADR (e)	981	16,279
Total Common Stocks (cost $1,061,461)		1,297,660
PREFERRED STOCKS - 2.7%
ENERGY - 0.7%
Other Securities		9,548
MATERIALS - 1.8%
Usinas Siderurgicas de Minas Gerais SA, Class A	2,024	23,365
Other Securities		1,362
		24,727
UTILITIES - 0.2%
Other Securities		3,052
Total Preferred Stocks (cost $37,637)		37,327
SHORT TERM INVESTMENTS - 9.3%
Investment Company - 4.3%
JNL Money Market Fund, 0.08% (a) (h)	60,363	60,363
Securities Lending Collateral 5.0%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)	68,109	68,109
Securities Lending Liquidating Fund LLC, 0.66% (a) (h)	1,270	1,249
		69,358
Total Short Term Investments (cost $129,742)		129,721
Total Investments - 105.5% (cost $1,228,840)		1,464,708
Other Assets and Liabilities, Net - (5.5%)		(76,679)
Total Net Assets - 100.0%		$1,388,029
JNL/Lazard Mid Cap Equity Fund * (x)
COMMON STOCKS - 94.9%
CONSUMER DISCRETIONARY - 15.4%
AutoZone Inc. (c)	14	$3,816
Darden Restaurants Inc.	57	2,656
DeVry Inc.	56	2,677
International Game Technology	184	3,250

	Shares/Par (p)	Value
Lear Corp. (c)	33	3,267
Mattel Inc.	162	4,125
Newell Rubbermaid Inc.	295	5,370
Stanley Black & Decker Inc.	32	2,167
TJX Cos. Inc.	49	2,166
Other Securities		3,534
		33,028
CONSUMER STAPLES - 8.1%
Avon Products Inc.	95	2,758
Campbell Soup Co.	77	2,676
Molson Coors Brewing Co. - Class B	119	5,967
Ralcorp Holdings Inc. (c)	70	4,525
Other Securities		1,438
		17,364
ENERGY - 10.2%
Arch Coal Inc.	61	2,146
EQT Corp.	63	2,829
Murphy Oil Corp.	32	2,371
Rowan Cos. Inc. (c)	74	2,587
Tidewater Inc.	48	2,584
Williams Cos. Inc.	113	2,803
Other Securities		6,577
		21,897
FINANCIALS - 14.6%
Ameriprise Financial Inc.	101	5,784
City National Corp.	71	4,326
Fifth Third Bancorp	145	2,129
Invesco Ltd.	145	3,486
Macerich Co.	50	2,354
NYSE Euronext	80	2,386
PartnerRe Ltd.	32	2,539
UDR Inc.	91	2,133
Other Securities		6,090
		31,227
HEALTH CARE - 7.2%
CareFusion Corp. (c)	113	2,909
Hospira Inc. (c)	55	3,035
Life Technologies Corp. (c)	45	2,485
Warner Chilcott Plc - Class A (c)	119	2,687
Zimmer Holdings Inc. (c)	55	2,942
Other Securities		1,451
		15,509
INDUSTRIALS - 13.2%
Corrections Corp. of America (c)	123	3,072
Dover Corp.	124	7,225
Equifax Inc.	115	4,098
Foster Wheeler AG (c)	87	2,996
Parker Hannifin Corp.	40	3,443
Rockwell Collins Inc.	80	4,684
Other Securities		2,674
		28,192
INFORMATION TECHNOLOGY - 13.4%
Analog Devices Inc.	111	4,163
BMC Software Inc. (c)	80	3,771
Ingram Micro Inc. - Class A (c)	218	4,164
Intuit Inc. (c)	44	2,164
Symantec Corp. (c)	171	2,868
Teradyne Inc. (c)	168	2,354
Xilinx Inc.	120	3,472
Other Securities		5,659
		28,615

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
MATERIALS - 8.4%
Ball Corp.		90	6,118
Cliffs Natural Resources Inc.		34	2,629
Compass Minerals International Inc.		39	3,473
Eastman Chemical Co.		28	2,354
Other Securities			3,441
			18,015
UTILITIES - 4.4%
Allegheny Energy Inc.		87	2,109
American Electric Power Co. Inc.		124	4,443
Energen Corp.		60	2,910
			9,462
Total Common Stocks (cost $169,065)			203,309
PREFERRED STOCKS - 0.5%
INDUSTRIALS - 0.5%
Other Securities			1,015
Total Preferred Stocks (cost $1,015)			1,015
SHORT TERM INVESTMENTS - 6.1%
Investment Company - 5.2%
JNL Money Market Fund, 0.08% (a) (h)		11,284	11,284
Securities Lending Collateral 0.9%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)		1,230	1,230
Securities Lending Liquidating Fund LLC, 0.66% (a) (h)		681	670
			1,900
Total Short Term Investments (cost $13,195)			13,184
Total Investments - 101.5% (cost $183,275)			217,508
Other Assets and Liabilities, Net - (1.5%)			(3,279)
Total Net Assets - 100.0%			$214,229
JNL/M&G Global Basics Fund
COMMON STOCKS - 96.9%
CONSUMER DISCRETIONARY - 8.6%
Compagnie des Alpes (e)		47	$1,483
Compagnie Financiere Richemont SA		33	1,936
Hongkong & Shanghai Hotels		2,460	4,216
Starbucks Corp.		143	4,591
Yum! Brands Inc.		94	4,626
			16,852
CONSUMER STAPLES - 20.8%
Agrana Beteiligungs AG		39	4,107
Baron de Ley SA (c)		16	987
Colgate-Palmolive Co.		64	5,168
Corn Products International Inc.		49	2,250
Elizabeth Arden Inc. (c)		68	1,560
HJ Heinz Co.		5	229
Kellogg Co.		2	92
Kerry Group Plc		128	4,274
Kirin Holdings Co. Ltd.		159	2,224
Marico Ltd.		321	860
Nestle SA		44	2,590
Petra Foods Ltd.		176	230

	Shares/Par (p)		Value
Pilgrim’s Pride Corp. (c)		153	1,083
PZ Cussons Plc		709	4,432
Unilever Plc		204	6,245
Wimm-Bill-Dann Foods OJSC - ADR (e)		130	4,299
			40,630
ENERGY - 8.6%
Aquila Resources Ltd. (c) (e)		496	5,000
Chevron Corp.		49	4,503
Equatorial Resources Ltd. (c)		142	503
Nexus Energy Ltd. (c)		1,867	849
Tap Oil Ltd. (c)		259	220
Tullow Oil Plc		295	5,801
			16,876
FINANCIALS - 2.8%
AMMB Holdings Bhd (c)		2,409	5,490
HEALTH CARE - 3.1%
Ansell Ltd.		417	5,403
Genus Plc		27	363
Mesoblast Ltd. (c) (e)		70	333
			6,099
INDUSTRIALS - 17.4%
Acuity Brands Inc. (e)		50	2,907
Aggreko Plc		35	816
All America Latina Logistica SA		172	1,550
DP World Ltd.		3,699	2,330
Fluor Corp.		53	3,538
Fraser and Neave Ltd.		1,764	8,811
G4S Plc		938	3,723
Noble Group Ltd. (e)		3,144	5,317
United Technologies Corp.		42	3,323
Wienerberger AG (c) (e)		84	1,599
			33,914
MATERIALS - 35.6%
AMCOL International Corp.		59	1,826
Anatolia Minerals Development Ltd. (c)		155	1,203
Boral Ltd.		706	3,486
Centerra Gold Inc.		148	2,951
Cudeco Ltd. (c)		171	797
Eramet		16	5,572
Harry Winston Diamond Corp. (c)		72	839
Hochschild Mining Plc		333	3,318
Iluka Resources Ltd. (c)		742	6,934
Imerys SA		83	5,515
Johnson Matthey Plc		15	479
K+S AG		77	5,800
Lonmin Plc (c)		191	5,869
Monsanto Co.		45	3,155
Newmont Mining Corp.		2	123
OZ Minerals Ltd.		707	1,243
Panoramic Resources Ltd. (e)		316	831
Resolute Mining Ltd. (c)		685	1,002
Scotts Miracle-Gro Co. - Class A (e)		71	3,600
SEMAFO Inc. (c)		69	748
Sherritt International Corp. (e)		488	4,154
Sims Metal Management Ltd. (e)		192	4,236
St. Barbara Ltd. (c)		193	402
Symrise AG		168	4,589
Uralkali - GDR		9	336
White Energy Co. Ltd. (c)		186	657
			69,665
Total Common Stocks (cost $149,769)			189,526

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
PREFERRED STOCKS - 0.1%
INDUSTRIALS - 0.1%
Villeroy & Boch AG		26	164
Total Preferred Stocks (cost $189)			164
SHORT TERM INVESTMENTS - 11.8%
Investment Company - 2.9%
JNL Money Market Fund, 0.08% (a) (h)		5,571	5,571
Securities Lending Collateral 8.9%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)		17,479	17,479
Total Short Term Investments (cost $23,050)			23,050
Total Investments - 108.8% (cost $173,008)			212,740
Other Assets and Liabilities, Net - (8.8%)			(17,226)
Total Net Assets - 100.0%			$195,514
JNL/M&G Global Leaders Fund
COMMON STOCKS - 96.3%
CONSUMER DISCRETIONARY - 4.3%
Macy’s Inc.		16	$408
MGM Resorts International (c) (e)		11	164
Orient-Express Hotels Ltd. - Class A (c)		12	157
Time Warner Cable Inc.		8	548
			1,277
CONSUMER STAPLES - 7.8%
Foster’s Group Ltd.		73	424
Heineken Holding NV		5	224
Kerry Group Plc		17	565
Kobayashi Pharmaceutical Co. Ltd.		7	325
Lawson Inc.		6	281
Metro AG		7	515
			2,334
ENERGY - 9.3%
Anadarko Petroleum Corp.		9	701
BP Plc (c)		56	409
Forest Oil Corp. (c)		13	505
Hess Corp.		7	543
Talisman Energy Inc.		28	627
			2,785
FINANCIALS - 17.6%
Citigroup Inc. (c)		151	713
GAM Holding Ltd. (c)		29	478
HSBC Holdings Plc		48	491
ING Groep NV (c)		36	354
JPMorgan Chase & Co.		13	552
Krung Thai Bank PCL		704	403
Principal Financial Group Inc.		14	445
State Bank of India Ltd. - GDR		3	366
UBS AG (c)		27	440
Unum Group		18	443
Wells Fargo & Co.		19	601
			5,286
HEALTH CARE - 7.5%
Astellas Pharma Inc.		17	638
AstraZeneca Plc		8	382

	Shares/Par (p)		Value
Merck & Co. Inc.		14	503
Pfizer Inc.		41	725
			2,248
INDUSTRIALS - 16.9%
ABM Industries Inc.		17	445
AGCO Corp. (c)		11	552
Hutchison Whampoa Ltd.		63	648
ITT Corp.		5	255
Nexans SA		4	302
Norfolk Southern Corp.		7	442
Shanghai Industrial Holdings Ltd. (e)		76	329
Siemens AG		4	497
Spirit Aerosystems Holdings Inc. (c)		14	291
Timken Co.		12	578
UTi Worldwide Inc.		13	284
Vallourec SA		4	425
			5,048
INFORMATION TECHNOLOGY - 19.7%
Atmel Corp. (c)		19	229
eBay Inc. (c)		26	732
Ingram Micro Inc. - Class A (c)		22	410
Konica Minolta Holdings Inc.		41	424
Marvell Technology Group Ltd. (c)		22	408
Microsoft Corp.		29	821
Nomura Research Institute Ltd.		13	291
Parametric Technology Corp. (c)		23	518
QUALCOMM Inc.		14	668
SAP AG		9	436
Yahoo! Inc. (c)		29	486
Yokogawa Electric Corp. (c)		60	477
			5,900
MATERIALS - 7.9%
Anglo American Plc		10	532
Boral Ltd.		106	522
Koninklijke DSM NV		12	670
Sherritt International Corp. (e)		22	186
ThyssenKrupp AG		11	463
			2,373
TELECOMMUNICATION SERVICES - 4.0%
China Communication Services Corp. Ltd. (e)		452	269
SK Telecom Co. Ltd. - ADR (e)		27	499
Vodafone Group Plc		166	428
			1,196
UTILITIES - 1.3%
EDP - Energias do Brasil SA		16	378
Total Common Stocks (cost $24,471)			28,825
PREFERRED STOCKS - 2.8%
INFORMATION TECHNOLOGY - 2.8%
Samsung Electronics Co. Ltd.		1	849
Total Preferred Stocks (cost $592)			849
SHORT TERM INVESTMENTS - 3.5%
Securities Lending Collateral 3.5%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)		1,053	1,053
Total Short Term Investments (cost $1,053)			1,053

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Total Investments - 102.6% (cost $26,116)			30,727
Other Assets and Liabilities, Net - (2.6%)			(789)
Total Net Assets - 100.0%			$ 29,938
JNL/Mellon Capital Management 10 x 10 Fund (b)
INVESTMENT COMPANIES - 100.0%
JNL/Mellon Capital Management Bond Index
Fund (1.8%) (a)		2,009	$23,569
JNL/Mellon Capital Management International Index Fund (2.2%) (a)		1,882	23,489
JNL/Mellon Capital Management JNL 5 Fund (3.7%) (a)		14,937	129,950
JNL/Mellon Capital Management S&P 400 MidCap Index Fund (4.1%) (a)		1,998	27,689
JNL/Mellon Capital Management S&P 500 Index Fund (1.9%) (a)		2,375	25,149
JNL/Mellon Capital Management Small Cap Index Fund (3.9%) (a)		2,198	27,714
Total Investment Companies (cost $226,982)			257,560
Total Investments - 100.0% (cost $226,982)			257,560
Other Assets and Liabilities, Net - (0.0% )			(15)
Total Net Assets - 100.0%			$257,545
JNL/Mellon Capital Management Index 5 Fund (b)
INVESTMENT COMPANIES - 100.0%
JNL/Mellon Capital Management Bond Index Fund (4.6%) (a)		5,235	$61,409
JNL/Mellon Capital Management International Index Fund (5.6%) (a)		4,904	61,204
JNL/Mellon Capital Management S&P 400 MidCap Index Fund (10.8%) (a)		5,205	72,145
JNL/Mellon Capital Management S&P 500 Index Fund (4.9%) (a)		6,188	65,528
JNL/Mellon Capital Management Small Cap Index Fund (10.1%) (a)		5,727	72,213
Total Investment Companies (cost $275,702)			332,499
Total Investments - 100.0% (cost $275,702)			332,499
Other Assets and Liabilities, Net - (0.0% )			(18)
Total Net Assets - 100.0%			$332,481
JNL/Mellon Capital Management European 30 Fund
COMMON STOCKS - 98.0%
CONSUMER DISCRETIONARY - 6.1%
Next Plc		18	$      568
Vivendi SA		21	561
			1,129

	Shares/Par (p)		Value
CONSUMER STAPLES - 3.6%
Colruyt SA		13	653
ENERGY - 9.1%
BP Plc (c)		64	465
Royal Dutch Shell Plc - B Shares		21	700
Total SA		10	509
			1,674
FINANCIALS - 17.5%
CNP Assurances SA		26	461
Hannover Rueckversicherung AG		13	706
Legal & General Group Plc		467	705
Topdanmark A/S (c)		5	605
Zurich Financial Services AG		3	733
			3,210
HEALTH CARE - 25.9%
AstraZeneca Plc		13	602
Celesio AG		24	605
GlaxoSmithKline Plc		29	563
H Lundbeck A/S		34	647
Novartis AG		11	668
Roche Holding AG		4	535
Sanofi-Aventis SA		8	502
Smith & Nephew Plc		60	634
			4,756
INDUSTRIALS - 8.0%
Balfour Beatty Plc		146	710
Societe BIC SA		9	755
			1,465
MATERIALS - 4.0%
Svenska Cellulosa AB		46	733
TELECOMMUNICATION SERVICES - 12.8%
France Telecom SA		25	517
Koninklijke KPN NV		37	533
Mobistar SA		9	586
Swisscom AG		2	713
			2,349
UTILITIES - 11.0%
Enel SpA		107	535
Gas Natural SDG SA (e)		29	442
RWE AG		6	426
Snam Rete Gas SpA		125	621
			2,024
Total Common Stocks (cost $17,982)			17,993
INVESTMENT COMPANIES - 1.8%
Vanguard European ETF		6	318
Total Investment Companies (cost $321)			318
SHORT TERM INVESTMENTS - 1.0%
Investment Company - 0.4%
JNL Money Market Fund, 0.08% (a) (h)		79	79
Securities Lending Collateral 0.6%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)		112	112
Total Short Term Investments (cost $191)			191

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Total Investments - 100.8% (cost $18,494)			18,502
Other Assets and Liabilities, Net - (0.8%)			(143)
Total Net Assets - 100.0%			$18,359
JNL/Mellon Capital Management Pacific Rim 30 Fund
COMMON STOCKS - 96.1%
CONSUMER DISCRETIONARY - 5.5%
Esprit Holdings Ltd.		171	$812
Tabcorp Holdings Ltd.		183	1,333
			2,145
CONSUMER STAPLES - 16.2%
FamilyMart Co. Ltd.		39	1,460
Foster’s Group Ltd.		232	1,345
Metcash Ltd. (e)		285	1,200
Nisshin Seifun Group Inc.		85	1,069
Woolworths Ltd.		46	1,257
			6,331
FINANCIALS - 12.8%
Bank of Yokohama Ltd.		253	1,305
China Bank Ltd.		193	1,252
Hang Seng Bank Ltd.		78	1,274
Stockland		323	1,189
			5,020
HEALTH CARE - 8.9%
Alfresa Holdings Corp.		29	1,282
Chugai Pharmaceutical Co. Ltd. (e)		61	1,124
Suzuken Co. Ltd.		35	1,061
			3,467
INDUSTRIALS - 10.8%
East Japan Railway Co.		18	1,182
Hong Kong Aircraft Engineering Co. Ltd.		88	1,472
Sumitomo Corp.		113	1,591
			4,245
MATERIALS - 3.2%
Sims Metal Management Ltd.		57	1,268
TELECOMMUNICATION SERVICES - 18.8%
KDDI Corp.		—	1,251
Nippon Telegraph & Telephone Corp.		29	1,330
NTT DoCoMo Inc.		1	1,433
Singapore Telecommunications Ltd.		517	1,229
Telecom Corp. of New Zealand Ltd.		626	1,058
Telstra Corp. Ltd.		369	1,053
			7,354
UTILITIES - 19.9%
Cheung Kong Infrastructure Holdings Ltd.		301	1,379
CLP Holdings Ltd.		170	1,376
Hokuriku Electric Power Co.		53	1,294
Hongkong Electric Holdings Ltd.		211	1,327
Tokyo Electric Power Co. Inc.		46	1,117
Tokyo Gas Co. Ltd.		288	1,275
			7,768
Total Common Stocks (cost $35,459)			37,598

	Shares/Par (p)		Value
INVESTMENT COMPANIES - 3.4%
Vanguard Pacific Vipers		23	1,330
Total Investment Companies (cost $1,341)			1,330
SHORT TERM INVESTMENTS - 4.1%
Investment Company - 0.3%
JNL Money Market Fund, 0.08% (a) (h)		134	134
Securities Lending Collateral 3.8%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)		1,475	1,475
Total Short Term Investments (cost $1,609)			1,609
Total Investments - 103.6% (cost $38,409)			40,537
Other Assets and Liabilities, Net - (3.6%)			(1,402)
Total Net Assets - 100.0%			$39,135
JNL/Mellon Capital Management S&P 500 Index Fund * (x)
COMMON STOCKS - 98.6%
CONSUMER DISCRETIONARY - 10.5%
Amazon.com Inc. (c)		41	$7,342
Comcast Corp. - Class A		323	7,097
Ford Motor Co. (c)		433	7,269
Home Depot Inc.		190	6,659
McDonald’s Corp.		122	9,388
Time Warner Cable Inc.		41	2,706
Time Warner Inc.		129	4,136
Walt Disney Co.		219	8,225
Other Securities			88,004
			140,826
CONSUMER STAPLES - 10.5%
Altria Group Inc.		241	5,931
Coca-Cola Co.		269	17,660
Coca-Cola Enterprises Inc.		38	945
CVS Caremark Corp.		157	5,473
Kraft Foods Inc. - Class A		202	6,354
PepsiCo Inc.		184	12,047
Philip Morris International Inc.		210	12,296
Procter & Gamble Co.		324	20,856
Wal-Mart Stores Inc.		227	12,247
Other Securities			47,164
			140,973
ENERGY - 11.8%
Chevron Corp.		232	21,196
ConocoPhillips		170	11,585
Exxon Mobil Corp.		584	42,686
Occidental Petroleum Corp.		94	9,215
Schlumberger Ltd.		158	13,193
Other Securities			60,712
			158,587
FINANCIALS - 15.7%
Bank of America Corp.		1,166	15,558
Bank of New York Mellon Corp. (a)		143	4,327
Berkshire Hathaway Inc. - Class B (c)		200	16,032
Citigroup Inc. (c)		3,360	15,891
Goldman Sachs Group Inc.		60	10,012
JPMorgan Chase & Co.		453	19,204

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
U.S. Bancorp		222	5,980
Wells Fargo & Co.		607	18,813
Other Securities			105,015
			210,832
HEALTH CARE - 10.7%
Abbott Laboratories		179	8,553
Amgen Inc. (c)		109	6,007
Johnson & Johnson		318	19,656
Merck & Co. Inc.		357	12,855
Pfizer Inc.		930	16,283
Other Securities			79,578
			142,932
INDUSTRIALS - 10.8%
3M Co.		82	7,117
Boeing Co.		85	5,559
Caterpillar Inc.		73	6,872
General Electric Co.		1,235	22,582
United Parcel Service Inc. - Class B		115	8,314
United Technologies Corp.		107	8,415
Other Securities			85,962
			144,821
INFORMATION TECHNOLOGY - 18.5%
Apple Inc. (c)		106	34,219
Cisco Systems Inc. (c)		643	13,000
Google Inc. - Class A (c)		29	17,132
Hewlett-Packard Co.		264	11,098
Intel Corp.		643	13,532
International Business Machines Corp.		144	21,120
Microsoft Corp.		872	24,339
Oracle Corp.		448	14,036
QUALCOMM Inc.		186	9,222
Other Securities			90,458
			248,156
MATERIALS - 3.8%
Freeport-McMoRan Copper & Gold Inc.		55	6,552
Other Securities			44,029
			50,581
TELECOMMUNICATION SERVICES - 3.1%
AT&T Inc.		683	20,075
Verizon Communications Inc.		327	11,697
Other Securities			9,281
			41,053
UTILITIES - 3.2%
Other Securities			43,331
Total Common Stocks (cost $1,163,172)			1,322,092
SHORT TERM INVESTMENTS - 2.3%
Investment Company - 1.2%
JNL Money Market Fund, 0.08% (a) (h)		16,641	16,641
Securities Lending Collateral 1.0%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)		11,362	11,362
Securities Lending Liquidating Fund LLC, 0.66% (a) (h)		1,807	1,777
			13,139
Treasury Securities 0.1%
Other Securities			1,295
Total Short Term Investments (cost $31,104)			31,075

	Shares/Par (p)		Value
Total Investments - 100.9% (cost $1,194,276)			1,353,167
Other Assets and Liabilities, Net - (0.9%)			(11,867)
Total Net Assets - 100.0%			$1,341,300
JNL/Mellon Capital Management S&P 400 MidCap Index Fund * (x)
COMMON STOCKS - 98.1%
CONSUMER DISCRETIONARY - 14.0%
Advance Auto Parts Inc.		50	$3,300
BorgWarner Inc. (c)		67	4,882
Chipotle Mexican Grill Inc. - Class A (c)		18	3,904
Dollar Tree Inc. (c)		74	4,166
PetSmart Inc.		70	2,780
Other Securities			74,709
			93,741
CONSUMER STAPLES - 3.5%
Church & Dwight Co. Inc.		42	2,914
Energizer Holdings Inc. (c)		42	3,054
Other Securities			17,785
			23,753
ENERGY - 5.8%
Arch Coal Inc.		96	3,381
Cimarex Energy Co.		50	4,448
Plains Exploration & Production Co. (c)		83	2,674
Pride International Inc. (c)		104	3,442
Other Securities			25,032
			38,977
FINANCIALS - 19.4%
Affiliated Managers Group Inc. (c)		31	3,037
AMB Property Corp.		100	3,169
Everest Re Group Ltd.		32	2,756
Federal Realty Investment Trust		37	2,846
Macerich Co.		77	3,657
MSCI Inc. - Class A (c)		71	2,747
Nationwide Health Properties Inc.		75	2,727
New York Community Bancorp Inc.		258	4,870
SL Green Realty Corp.		46	3,136
Other Securities			100,997
			129,942
HEALTH CARE - 10.9%
Beckman Coulter Inc.		41	3,092
Edwards Lifesciences Corp. (c)		68	5,474
Henry Schein Inc. (c)		55	3,362
Hologic Inc. (c)		154	2,904
Mettler Toledo International Inc. (c)		19	2,946
Perrigo Co.		49	3,120
ResMed Inc. (c) (e)		90	3,108
Vertex Pharmaceuticals Inc. (c)		121	4,222
Other Securities			44,848
			73,076
INDUSTRIALS - 15.9%
AGCO Corp. (c) (e)		55	2,799
AMETEK Inc.		95	3,727
Bucyrus International Inc. - Class A		48	4,296
Donaldson Co. Inc.		45	2,647
Joy Global Inc.		61	5,313
Kansas City Southern (c)		61	2,915
KBR Inc.		89	2,697

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)	Value
Manpower Inc.	48	3,038
Other Securities		79,360
		106,792
INFORMATION TECHNOLOGY - 15.3%
Ansys Inc. (c)	54	2,813
Atmel Corp. (c)	272	3,351
Avnet Inc. (c)	90	2,979
Cree Inc. (c) (e)	64	4,239
Lam Research Corp. (c)	73	3,778
Riverbed Technology Inc. (c)	87	3,069
Rovi Corp. (c)	62	3,870
Skyworks Solutions Inc. (c)	109	3,115
Trimble Navigation Ltd. (c)	71	2,847
Other Securities		72,942
		103,003
MATERIALS - 6.7%
Albemarle Corp.	54	3,032
Lubrizol Corp.	39	4,161
Other Securities		37,654
		44,847
TELECOMMUNICATION SERVICES - 0.8%
Other Securities		5,145
UTILITIES - 5.8%
National Fuel Gas Co.	49	3,201
NSTAR	62	2,595
OGE Energy Corp.	58	2,636
Other Securities		30,261
		38,693
Total Common Stocks (cost $575,619)		657,969
SHORT TERM INVESTMENTS - 8.1%
Investment Company - 1.8%
JNL Money Market Fund, 0.08% (a) (h)	12,073	12,073
Securities Lending Collateral 6.1%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)	38,464	38,464
Securities Lending Liquidating Fund LLC, 0.66% (a) (h)	2,723	2,677
		41,141
Treasury Securities 0.2%
Other Securities		940
Total Short Term Investments (cost $54,199)		54,154
Total Investments - 106.2% (cost $629,818)		712,123
Other Assets and Liabilities, Net - (6.2%)		(41,313)
Total Net Assets - 100.0%		$670,810
JNL/Mellon Capital Management Small Cap Index Fund * (x)
COMMON STOCKS - 97.9%
CONSUMER DISCRETIONARY - 13.6%
Dana Holding Corp. (c)	84	$1,447
Deckers Outdoor Corp. (c)	23	1,847
Polaris Industries Inc.	19	1,458
Sotheby’s - Class A	40	1,807
Tenneco Inc. (c)	35	1,445

	Shares/Par (p)		Value
Warnaco Group Inc. (c)		26	1,434
Other Securities			87,929
			97,367
CONSUMER STAPLES - 2.9%
Other Securities			20,350
ENERGY - 6.3%
Berry Petroleum Co. - Class A (e)		30	1,315
Brigham Exploration Co. (c)		70	1,899
Complete Production Services Inc. (c)		47	1,379
Dril-Quip Inc. (c)		20	1,582
World Fuel Services Corp.		40	1,460
Other Securities			37,198
			44,833
FINANCIALS - 20.1%
American Capital Ltd. (c)		204	1,540
Apollo Investment Corp.		116	1,289
BioMed Realty Trust Inc.		77	1,430
CBL & Associates Properties Inc.		83	1,450
Entertainment Properties Trust		28	1,292
FirstMerit Corp.		64	1,267
Highwoods Properties Inc.		42	1,337
MFA Financial Inc.		164	1,341
National Retail Properties Inc. (e)		50	1,326
Omega Healthcare Investors Inc.		58	1,306
Stifel Financial Corp. (c)		21	1,273
SVB Financial Group (c)		25	1,316
Other Securities			127,244
			143,411
HEALTH CARE - 12.0%
AMERIGROUP Corp. (c)		31	1,363
Onyx Pharmaceuticals Inc. (c)		38	1,388
Salix Pharmaceuticals Ltd. (c)		34	1,606
STERIS Corp.		36	1,298
Other Securities			80,316
			85,971
INDUSTRIALS - 15.4%
Acuity Brands Inc. (e)		26	1,505
Baldor Electric Co.		28	1,734
CLARCOR Inc.		30	1,271
GrafTech International Ltd. (c)		72	1,434
Nordson Corp.		20	1,878
Woodward Governor Co.		37	1,374
Other Securities			101,208
			110,404
INFORMATION TECHNOLOGY - 18.2%
Acme Packet Inc. (c)		26	1,397
ADTRAN Inc.		37	1,353
Ariba Inc. (c)		54	1,269
Finisar Corp. (c) (e)		45	1,347
Jack Henry & Associates Inc.		50	1,459
Parametric Technology Corp. (c)		68	1,533
Rackspace Hosting Inc. (c) (e)		58	1,824
Riverbed Technology Inc. (c)		75	2,649
TIBCO Software Inc. (c)		99	1,959
VeriFone Holdings Inc. (c)		51	1,971
Other Securities			113,297
			130,058
MATERIALS - 5.6%
Coeur d’Alene Mines Corp. (c)		53	1,445
Hecla Mining Co. (c) (e)		151	1,697
Solutia Inc. (c)		73	1,679

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Thompson Creek Metals Co. Inc. (c)		97	1,429
WR Grace & Co. (c)		44	1,532
Other Securities			32,113
			39,895
TELECOMMUNICATION SERVICES - 0.9%
Syniverse Holdings Inc. (c)		42	1,292
Other Securities			5,414
			6,706
UTILITIES - 2.9%
Nicor Inc.		27	1,326
Other Securities			19,551
			20,877
Total Common Stocks (cost $579,620)			699,872
WARRANTS - 0.0%
Other Securities			—
Total Warrants (cost $0)			—
SHORT TERM INVESTMENTS - 13.6%
Investment Company - 1.8%
JNL Money Market Fund, 0.08% (a) (h)		12,878	12,878
Securities Lending Collateral 11.7%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)		79,415	79,415
Securities Lending Liquidating Fund LLC, 0.66% (a) (h)		3,767	3,705
			83,120
Treasury Securities 0.1%
Other Securities			895
Total Short Term Investments (cost $96,955)			96,893
Total Investments - 111.5% (cost $676,575)			796,765
Other Assets and Liabilities, Net - (11.5%)			(81,946)
Total Net Assets - 100.0%	$		714,819
JNL/Mellon Capital Management International Index Fund * (x)
COMMON STOCKS - 96.3%
CONSUMER DISCRETIONARY -9.9%
Daimler AG (c)	87 $		5,882
Honda Motor Co. Ltd. (e)		157	6,177
Toyota Motor Corp.		264	10,408
Other Securities			84,725
			107,192
CONSUMER STAPLES - 9.6%
British American Tobacco Plc		192	7,358
Diageo Plc		241	4,450
Nestle SA		332	19,441
Tesco Plc		771	5,108
Unilever NV		157	4,873
Unilever Plc		123	3,779
Other Securities			59,825
			104,834
ENERGY - 7.6%
BG Group Plc		325	6,558

	Shares/Par (p)		Value
BP Plc (c)		1,801	13,069
ENI SpA		250	5,480
Royal Dutch Shell Plc - A Shares		340	11,331
Royal Dutch Shell Plc - B Shares		259	8,526
Total SA		203	10,734
Other Securities			27,274
			82,972
FINANCIALS - 23.1%
Allianz SE		44	5,182
Australia & New Zealand Banking Group Ltd.		246	5,869
Banco Bilbao Vizcaya Argentaria SA (e)		411	4,186
Banco Santander SA		789	8,409
Barclays Plc		1,100	4,487
BNP Paribas		92	5,854
Commonwealth Bank of Australia (e)		149	7,716
Credit Suisse Group AG		108	4,362
Deutsche Bank AG		90	4,676
HSBC Holdings Plc		1,686	17,120
Mitsubishi UFJ Financial Group Inc.		1,223	6,593
National Australia Bank Ltd.		205	4,968
Prudential plc (a)		245	2,552
Standard Chartered Plc		224	6,022
Sumitomo Mitsui Financial Group Inc.		129	4,575
UBS AG (c)		349	5,738
Westpac Banking Corp.		287	6,518
Other Securities			145,993
			250,820
HEALTH CARE - 7.8%
AstraZeneca Plc		138	6,266
Bayer AG		79	5,857
GlaxoSmithKline Plc		498	9,624
Novartis AG		202	11,905
Novo-Nordisk A/S		40	4,535
Roche Holding AG		67	9,874
Sanofi-Aventis SA		101	6,435
Teva Pharmaceutical Industries Ltd.		90	4,715
Other Securities			26,088
			85,299
INDUSTRIALS - 12.3%
ABB Ltd. (c)		211	4,703
Siemens AG		79	9,821
Other Securities			119,093
			133,617
INFORMATION TECHNOLOGY - 4.8%
Canon Inc. (e)		109	5,594
SAP AG		83	4,190
Other Securities			42,601
			52,385
MATERIALS - 11.1%
Anglo American Plc		127	6,585
BASF SE		88	7,069
BHP Billiton Ltd. (e)		322	14,891
BHP Billiton Plc		212	8,418
Rio Tinto Ltd. (e)		42	3,665
Rio Tinto Plc		139	9,721
Xstrata Plc		198	4,641
Other Securities			66,302
			121,292
TELECOMMUNICATION SERVICES - 5.2%
Telefonica SA		394	8,992
Vodafone Group Plc		5,054	13,065

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Other Securities			34,775
			56,832
UTILITIES - 4.9%
E.ON AG		173	5,267
GDF Suez		119	4,267
Other Securities			43,428
			52,962
Total Common Stocks (cost $1,002,987)			1,048,205
PREFERRED STOCKS - 0.6%
CONSUMER DISCRETIONARY - 0.2%
Other Securities			3,641
CONSUMER STAPLES - 0.1%
Other Securities			1,325
HEALTH CARE - 0.1%
Other Securities			651
INDUSTRIALS - 0.1%
Other Securities			548
TELECOMMUNICATION SERVICES - 0.1%
Other Securities			604
UTILITIES - 0.0%
Other Securities			250
Total Preferred Stocks (cost $5,448)			7,019
OTHER EQUITY INTERESTS - 0.0%
Other Securities			—
Total Other Equity Interests (cost $0)			—
SHORT TERM INVESTMENTS - 8.0%
Investment Company - 2.6%
JNL Money Market Fund, 0.08% (a) (h)		28,075	28,075
Securities Lending Collateral 5.2%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)		54,516	54,516
Securities Lending Liquidating Fund LLC, 0.66% (a) (h)		1,988	1,955
			56,471
Treasury Securities 0.2%
Other Securities			1,709
Total Short Term Investments (cost $86,288)			86,255
Total Investments - 104.9% (cost $1,094,723)			1,141,479
Other Assets and Liabilities, Net - (4.9%)			(53,192)
Total Net Assets - 100.0%			$1,088,287
JNL/Mellon Capital Management Bond Index Fund
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES - 2.8%
Banc of America Commercial Mortgage Inc. REMIC
5.74%, 05/10/45 (i)	$	1,500	$1,642
5.77%, 05/10/45 (i)		550	577
4.89%, 07/10/45		370	380

	Shares/Par (p)		Value
5.45%, 01/15/49		200	208
5.45%, 01/15/49		1,500	1,565
5.48%, 01/15/49 (i)		350	342
Bear Stearns Commercial Mortgage Securities Inc. REMIC
5.72%, 05/11/17 (i)		300	320
5.12%, 02/11/41 (i)		1,150	1,216
5.54%, 10/12/41		1,250	1,346
5.21%, 02/11/44		260	266
Capital One Multi-Asset Execution Trust,
4.70%, 06/15/15		1,000	1,059
Centerpoint Energy Transition Co. LLC
Secured Transition Bond, 5.17%, 08/01/19		741	828
Citibank Credit Card Issuance Trust, 5.30%, 03/15/16		900	1,009
Citigroup Commercial Mortgage Trust REMIC,
5.25%, 04/15/40 (i)		204	212
Citigroup/Deutsche Bank Commercial Mortgage Trust REMIC
5.32%, 03/11/12		1,000	1,037
5.62%, 10/15/48		250	268
5.65%, 10/15/48		500	477
Commercial Mortgage Loan Trust REMIC, 6.01%, 12/10/49 (i)		750	713
Continental Airlines Inc. Pass Through Trust - Class A, 4.75%, 01/12/21		300	300
Credit Suisse First Boston Mortgage Securities Corp. REMIC, 4.94%, 12/15/35		700	735
Credit Suisse Mortgage Capital Certificates REMIC, 5.38%, 02/15/40		250	254
CS First Boston Mortgage Securities Corp. REMIC
5.01%, 01/15/12 (i)		800	850
5.42%, 05/15/36 (i)		350	373
5.10%, 08/15/38 (i)		350	363
Delta Air Lines Pass-Through Trust - Class A,
6.82%, 02/10/24 (i)		406	431
GE Capital Commercial Mortgage Corp.
REMIC, 5.32%, 11/10/45 (i)		200	200
Greenwich Capital Commercial Funding Corp. REMIC
4.57%, 01/10/12		500	511
5.28%, 04/10/37 (i)		1,000	1,009
GS Mortgage Securities Corp. II REMIC
5.56%, 11/10/39		400	424
5.81%, 08/10/45 (e) (i)		850	889
JPMorgan Chase & Co. Commercial Mortgage Securities Inc. REMIC, 5.74%, 05/12/17 (i)		1,000	989
JPMorgan Chase Commercial Mortgage Securities Corp. REMIC
5.17%, 08/12/40 (i)		403	419
5.36%, 06/12/41 (i)		850	909
4.88%, 01/15/42		750	782
4.74%, 07/15/42		500	522
4.78%, 07/15/42		500	505
4.94%, 08/15/42 (i)		278	295
5.42%, 01/15/49 (e)		250	260
5.74%, 02/12/49 (i)		200	212
5.79%, 02/12/51 (i)		521	555
LB-UBS Commercial Mortgage Trust REMIC
3.85%, 05/15/27		138	142
3.97%, 03/15/29		250	255
5.59%, 06/15/31		75	78
4.17%, 05/15/32		165	172
5.66%, 03/15/39 (i)		750	806
5.42%, 02/15/40		330	347
5.87%, 09/15/45 (i)		2,000	2,104

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Merrill Lynch Mortgage Trust REMIC, 5.74%, 08/12/43 (i)		250	269
Merrill Lynch/Countrywide Commercial Mortgage Trust REMIC
5.47%, 02/12/39 (i)		250	260
5.41%, 07/12/46 (i)		200	211
5.17%, 12/12/49		200	207
5.75%, 06/12/50 (i)		532	558
Morgan Stanley Capital I REMIC
5.60%, 06/12/12 (i)		390	405
5.60%, 03/12/17 (i)		400	395
4.80%, 01/13/41		250	262
5.33%, 11/12/41		250	265
5.73%, 10/15/42 (i)		270	296
Nissan Auto Receivables Owner Trust, 5.05%, 11/17/14		750	786
Wachovia Bank Commercial Mortgage Trust REMIC
4.44%, 11/15/34		43	43
5.22%, 01/15/41		100	106
5.31%, 07/15/41 (i)		250	269
4.89%, 10/15/41		200	195
4.90%, 10/15/41 (i)		500	512
5.12%, 07/15/42 (i)		410	440
5.25%, 12/15/43		500	508
5.36%, 12/15/44 (i)		200	187
5.42%, 01/15/45 (i)		350	375
5.99%, 06/15/45 (i)		500	440
5.57%, 10/15/48		250	262
5.31%, 11/15/48		1,082	1,128
Total Non-U.S. Government Agency Asset- Backed Securities (cost $35,291)			37,535
CORPORATE BONDS AND NOTES - 21.1%
CONSUMER DISCRETIONARY - 1.6%
Ace INA Holdings Inc., 5.88%, 06/15/14		500	561
CBS Corp., 5.75%, 04/15/20 (e)		700	744
Comcast Cable Communications Holdings Inc.
8.38%, 03/15/13		357	406
9.46%, 11/15/22		500	692
Comcast Corp.
5.30%, 01/15/14		500	545
6.50%, 01/15/15		50	57
5.15%, 03/01/20 (e)		1,000	1,050
5.65%, 06/15/35		100	97
6.50%, 11/15/35		100	107
6.95%, 08/15/37		100	113
COX Communications Inc., 5.45%, 12/15/14		150	165
Daimler Finance North America LLC
6.50%, 11/15/13		100	113
8.50%, 01/18/31 (e)		550	735
Diageo Capital Plc, 4.83%, 07/15/20 (e)		895	944
DirecTV Holdings LLC
3.55%, 03/15/15 (e)		200	203
4.60%, 02/15/21		200	197
6.00%, 08/15/40 (e)		200	201
Discovery Communications LLC
3.70%, 06/01/15 (e)		100	104
5.63%, 08/15/19		100	110
5.05%, 06/01/20 (e)		200	212
6.35%, 06/01/40		100	108
Fortune Brands Inc., 5.38%, 01/15/16		250	259
Grupo Televisa SA, 6.63%, 03/18/25		100	112
Hasbro Inc., 6.35%, 03/15/40		300	304
Historic TW Inc., 6.63%, 05/15/29		100	110

	Shares/Par (p)		Value
Home Depot Inc.
5.25%, 12/16/13		250	274
5.40%, 03/01/16		500	560
5.88%, 12/16/36		250	260
Johnson Controls Inc., 5.50%, 01/15/16		250	273
Lowe’s Cos. Inc.
4.63%, 04/15/20 (e)		100	105
5.50%, 10/15/35		150	151
5.80%, 04/15/40		100	106
McDonald’s Corp., 5.35%, 03/01/18		300	337
NBC Universal Inc.
2.10%, 04/01/14 (r)		500	499
5.15%, 04/30/20 (r)		200	207
6.40%, 04/30/40 (r)		200	212
News America Inc.
5.30%, 12/15/14		175	193
5.65%, 08/15/20 (e)		300	336
6.20%, 12/15/34		50	53
6.40%, 12/15/35		100	107
6.65%, 11/15/37		500	554
Omnicom Group Inc., 5.90%, 04/15/16		250	279
Reed Elsevier Capital Inc., 8.63%, 01/15/19		500	636
Target Corp.
5.88%, 07/15/16		250	289
7.00%, 07/15/31		100	120
6.50%, 10/15/37		300	350
Thomson Reuters Corp., 6.50%, 07/15/18		500	583
Time Warner Cable Inc.
6.20%, 07/01/13		700	777
5.85%, 05/01/17 (e)		150	167
8.75%, 02/14/19		169	215
6.55%, 05/01/37 (e)		250	268
7.30%, 07/01/38		300	351
6.75%, 06/15/39 (e)		300	331
Time Warner Inc.
3.15%, 07/15/15		200	203
5.88%, 11/15/16		350	395
4.70%, 01/15/21 (e)		200	204
7.63%, 04/15/31		250	304
6.20%, 03/15/40 (e)		400	425
6.10%, 07/15/40 (e)		200	210
Toll Brothers Finance Corp., 4.95%, 03/15/14		50	51
Viacom Inc.
6.25%, 04/30/16		250	285
5.63%, 09/15/19 (e)		500	556
7.88%, 07/30/30		125	148
Walt Disney Co.
6.38%, 03/01/12		500	533
7.00%, 03/01/32		50	61
Yale University, 2.90%, 10/15/14 (e)		300	309
Yum! Brands Inc., 6.88%, 11/15/37 (e)		200	227
			20,753
CONSUMER STAPLES - 1.3%
Altria Group Inc.
8.50%, 11/10/13 (l)		500	592
9.70%, 11/10/18 (l)		500	660
9.25%, 08/06/19 (e) (l)		100	131
9.95%, 11/10/38 (l)		100	141
10.20%, 02/06/39 (l)		100	145
Anheuser-Busch Cos. Inc.
4.95%, 01/15/14 (e)		200	215
5.05%, 10/15/16		100	108
6.45%, 09/01/37		200	229
Anheuser-Busch InBev Worldwide Inc.
3.00%, 10/15/12		100	103
5.38%, 01/15/20 (e)		400	433
Archer-Daniels-Midland Co., 5.45%, 03/15/18		350	389

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Bottling Group LLC, 6.95%, 03/15/14		200	232
Bunge Ltd. Finance Corp., 5.35%, 04/15/14		75	79
Coca-Cola Co., 0.75%, 11/15/13		600	592
ConAgra Foods Inc., 7.00%, 04/15/19		300	346
CVS Caremark Corp.
6.13%, 08/15/16		250	284
5.75%, 06/01/17		500	556
Diageo Investment Corp., 8.00%, 09/15/22		100	125
General Mills Inc.
6.00%, 02/15/12		100	105
5.65%, 09/10/12		500	538
H.J. Heinz Finance Co., 6.75%, 03/15/32		100	110
Kellogg Co.
5.13%, 12/03/12		200	214
4.00%, 12/15/20		400	394
Kimberly-Clark Corp., 5.63%, 02/15/12		250	263
Kraft Foods Inc.
6.25%, 06/01/12		183	196
5.25%, 10/01/13		400	437
4.13%, 02/09/16		100	105
6.13%, 02/01/18		300	343
5.38%, 02/10/20		100	108
6.50%, 11/01/31 (e)		100	111
7.00%, 08/11/37		300	351
6.88%, 02/01/38		150	174
6.88%, 01/26/39		100	117
6.50%, 02/09/40 (e)		100	112
Kroger Co.
5.50%, 02/01/13		100	108
6.40%, 08/15/17		200	230
7.50%, 04/01/31 (e)		150	181
Lorillard Tobacco Co., 8.13%, 06/23/19 (l)		500	556
Pepsi Bottling Group Inc., 7.00%, 03/01/29		75	92
PepsiCo Inc.
5.15%, 05/15/12		300	317
4.65%, 02/15/13		800	861
7.90%, 11/01/18 (e)		55	71
3.13%, 11/01/20		300	282
5.50%, 01/15/40		300	317
Philip Morris International Inc.
6.88%, 03/17/14		500	576
5.65%, 05/16/18		250	282
Procter & Gamble Co.
4.95%, 08/15/14		150	167
5.55%, 03/05/37		100	109
Reynolds American Inc., 7.63%, 06/01/16 (e)		250	291
Safeway Inc.
5.80%, 08/15/12		100	108
6.35%, 08/15/17		500	558
The Proctor And Gamble Co., 4.70%,
02/15/19 (e)		500	541
Wal-Mart Stores Inc.
4.55%, 05/01/13		100	108
2.25%, 07/08/15		300	298
5.80%, 02/15/18		350	402
4.13%, 02/01/19 (e)		300	309
3.63%, 07/08/20		300	292
7.55%, 02/15/30		300	387
6.20%, 04/15/38		300	342
4.88%, 07/08/40		300	286
Walgreen Co., 4.88%, 08/01/13		700	765
			17,874
ENERGY - 1.9%
Alberta Energy Co. Ltd., 7.38%, 11/01/31		100	115
Ameren Energy Generating Co., 7.00%, 04/15/18 (e)		205	202

	Shares/Par (p)		Value
Anadarko Petroleum Corp.
5.95%, 09/15/16		100	107
8.70%, 03/15/19 (e)		500	611
6.45%, 09/15/36		150	150
Apache Corp.
5.25%, 04/15/13		250	272
3.63%, 02/01/21		400	386
BP Capital Markets Plc
5.25%, 11/07/13		400	433
3.13%, 10/01/15		500	500
Burlington Resources Finance Co., 7.20%, 08/15/31		100	119
Canadian Natural Resources Ltd.
5.85%, 02/01/35		150	156
6.25%, 03/15/38 (e)		300	331
Cenovus Energy Inc., 4.50%, 09/15/14		800	857
CenterPoint Energy Resources Corp.
7.88%, 04/01/13		50	57
6.63%, 11/01/37		200	222
Chevron Corp., 3.45%, 03/03/12		800	826
Conoco Funding Co., 7.25%, 10/15/31		75	93
ConocoPhillips
6.65%, 07/15/18		75	90
5.75%, 02/01/19		300	342
6.00%, 01/15/20		300	349
6.50%, 02/01/39		300	357
ConocoPhillips Holding Co., 6.95%, 04/15/29		200	246
Devon Energy Corp., 7.95%, 04/15/32		100	133
Devon Financing Corp. ULC, 7.88%, 09/30/31 (e)		100	132
Enbridge Energy Partners LP, 7.50%, 04/15/38		200	240
Encana Corp., 6.50%, 08/15/34		100	109
Energy Transfer Partners LP
5.95%, 02/01/15		250	274
7.50%, 07/01/38 (e)		200	233
Enterprise Products Operating LLC
4.60%, 08/01/12		425	446
5.60%, 10/15/14		25	28
3.70%, 06/01/15		100	103
5.25%, 01/31/20		300	312
6.88%, 03/01/33		25	28
6.45%, 09/01/40 (e)		100	108
EOG Resources Inc., 4.40%, 06/01/20		200	201
Halliburton Co., 7.45%, 09/15/39		250	321
Hess Corp.
7.30%, 08/15/31		35	42
5.60%, 02/15/41		400	397
Husky Energy Inc., 7.25%, 12/15/19 (e)		500	594
Kinder Morgan Energy Partners LP
5.85%, 09/15/12		225	241
5.00%, 12/15/13		75	81
6.00%, 02/01/17		150	166
6.85%, 02/15/20 (e)		500	573
6.50%, 09/01/39		200	207
Magellan Midstream Partners LP, 4.25%, 02/01/21		300	289
Marathon Oil Corp.
6.13%, 03/15/12		200	211
5.90%, 03/15/18		250	283
Nabors Industries Inc., 6.15%, 02/15/18		300	320
Nexen Inc.
5.20%, 03/10/15		200	212
5.88%, 03/10/35 (e)		50	46
6.40%, 05/15/37		100	97
Noble Energy Inc., 8.25%, 03/01/19		300	375
Noble Holding International Ltd.
3.45%, 08/01/15		200	204
6.20%, 08/01/40		200	214

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Occidental Petroleum Corp., 6.75%, 01/15/12		50	53
ONEOK Partners LP, 6.65%, 10/01/36		150	163
Pemex Project Funding Master Trust
5.75%, 03/01/18		500	535
6.63%, 06/15/35 (e)		150	153
Petro-Canada, 7.00%, 11/15/28		75	83
Petrobras International Finance Co.
6.13%, 10/06/16		100	110
5.88%, 03/01/18		150	160
7.88%, 03/15/19		500	591
6.88%, 01/20/40 (e)		400	420
Petroleos Mexicanos, 5.50%, 01/21/21		500	506
Plains All American Pipeline LP
3.95%, 09/15/15		300	310
6.50%, 05/01/18		100	112
6.70%, 05/15/36		100	104
Rowan Cos. Inc., 7.88%, 08/01/19		300	348
Shell International Finance BV
5.20%, 03/22/17		250	277
4.38%, 03/25/20		300	315
6.38%, 12/15/38		200	237
5.50%, 03/25/40		300	321
Southern Natural Gas Co., 5.90%, 04/01/17 (r)		250	268
Spectra Energy Capital LLC, 8.00%, 10/01/19		250	305
StatoilHydro ASA, 5.25%, 04/15/19		500	557
Suncor Energy Inc.
5.95%, 12/01/34		100	101
6.50%, 06/15/38		300	333
Total Capital SA
3.00%, 06/24/15		400	408
2.30%, 03/15/16 (e)		500	488
TransCanada Pipelines Ltd.
6.50%, 08/15/18		700	826
3.80%, 10/01/20		400	390
6.20%, 10/15/37		100	110
Transocean Inc.
4.95%, 11/15/15		500	517
6.80%, 03/15/38		150	154
Valero Energy Corp.
6.88%, 04/15/12		500	532
7.50%, 04/15/32		100	106
Weatherford International Inc., 6.35%, 06/15/17		250	277
Weatherford International Ltd. Bermuda, 5.13%, 09/15/20		400	398
Williams Cos. Inc., 8.75%, 03/15/32		186	228
Williams Partners LP
3.80%, 02/15/15 (e)		100	103
5.25%, 03/15/20		100	104
6.30%, 04/15/40		200	208
			25,252
FINANCIALS - 9.4%
Aegon NV, 4.75%, 06/01/13		150	157
AFLAC Inc., 8.50%, 05/15/19 (e)		500	618
Allstate Corp.
6.13%, 02/15/12		75	79
6.75%, 05/15/18		300	347
7.45%, 05/16/19		300	364
5.35%, 06/01/33		75	74
5.55%, 05/09/35		100	101
Ally Financial Inc., 2.20%, 12/19/12		500	514
American Express Bank FSB, 5.55%, 10/17/12		1,000	1,070
American Express Centurion Bank, 5.55%, 10/17/12		300	321
American Express Co.
4.88%, 07/15/13		250	267
6.15%, 08/28/17 (e)		250	282
8.15%, 03/19/38		100	135

	Shares/Par (p)		Value
American Express Credit Corp., 2.75%, 09/15/15		500	492
American International Group Inc.
4.25%, 05/15/13		500	517
5.85%, 01/16/18		200	206
6.40%, 12/15/20		500	525
Ameriprise Financial Inc., 7.52%, 06/01/66		250	260
Asian Development Bank
3.63%, 09/05/13		500	532
4.25%, 10/20/14		250	274
5.59%, 07/16/18		400	461
6.38%, 10/01/28		210	245
Assurant Inc., 6.75%, 02/15/34		100	98
AXA SA, 8.60%, 12/15/30 (e)		100	112
Bank of America Corp.
2.10%, 04/30/12		400	408
3.13%, 06/15/12		650	673
4.88%, 09/15/12 (e)		150	157
4.88%, 01/15/13		200	208
4.90%, 05/01/13		200	209
4.75%, 08/15/13		200	208
7.38%, 05/15/14 (e)		200	222
4.50%, 04/01/15		500	508
3.70%, 09/01/15 (e)		600	595
6.50%, 08/01/16		300	326
5.75%, 12/01/17		675	702
5.65%, 05/01/18		1,000	1,022
5.49%, 03/15/19		200	195
Bank of America NA, 6.00%, 10/15/36		250	236
Bank of Nova Scotia
2.38%, 12/17/13		172	177
2.05%, 10/07/15 (e)		500	488
Bank One Corp., 7.63%, 10/15/26		500	597
Barclays Bank Plc
5.45%, 09/12/12		500	536
5.20%, 07/10/14		1,000	1,080
3.90%, 04/07/15 (e)		500	516
BB&T Capital Trust I, 5.85%, 08/18/35		100	93
BB&T Capital Trust II, 6.75%, 06/07/36		150	149
BB&T Corp., 5.20%, 12/23/15		300	323
Bear Stearns Cos. Inc.
5.70%, 11/15/14		200	220
6.40%, 10/02/17		500	570
Berkshire Hathaway Finance Corp.
4.60%, 05/15/13		100	108
4.63%, 10/15/13		250	271
4.85%, 01/15/15		100	109
Berkshire Hathaway Inc., 5.13%, 09/15/12		500	536
BlackRock Inc., 3.50%, 12/10/14		200	207
BNP Paribas LLC, 2.13%, 12/21/12		500	508
Boeing Capital Corp.
5.80%, 01/15/13 (e)		125	136
3.25%, 10/27/14		300	313
Boston Properties LP, 5.63%, 11/15/20		200	213
Camden Property Trust, 5.00%, 06/15/15		100	106
Capital One Bank USA NA, 6.50%, 06/13/13		250	274
Capital One Capital III, 7.69%, 08/15/36 (i)		100	100
Capital One Capital V, 10.25%, 08/15/39		400	428
Capital One Financial Corp., 6.15%, 09/01/16 (e)		250	271
Caterpillar Financial Services Corp.
1.55%, 12/20/13		450	450
4.75%, 02/17/15		100	109
2.75%, 06/24/15		200	203
Caterpillar Inc., 7.30%, 05/01/31		92	116
Chubb Corp., 5.20%, 04/01/13		100	108
Cincinnati Financial Corp., 6.13%, 11/01/34		100	94

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Citigroup Funding Inc.
1.88%, 10/22/12		1,000	1,020
1.88%, 11/15/12		1,000	1,020
Citigroup Inc.
6.00%, 02/21/12 (e)		350	367
2.13%, 04/30/12 (e)		1,000	1,020
5.50%, 04/11/13		500	532
6.50%, 08/19/13		500	549
5.00%, 09/15/14		400	414
6.01%, 01/15/15		500	549
4.75%, 05/19/15		500	524
5.85%, 08/02/16		250	268
5.50%, 02/15/17		350	362
6.00%, 08/15/17		250	271
6.13%, 11/21/17		700	767
6.13%, 05/15/18		400	438
8.50%, 05/22/19		350	434
6.00%, 10/31/33		50	47
8.13%, 07/15/39		600	763
CommonWealth REIT, 6.25%, 08/15/16		500	522
ConocoPhillips Canada Funding Co. I, 5.63%, 10/15/16		300	341
Corp. Andina de Fomento
6.88%, 03/15/12		150	160
3.75%, 01/15/16		200	198
Credit Suisse AG, 5.40%, 01/14/20 (e)		300	306
Credit Suisse New York
5.50%, 05/01/14		1,200	1,316
3.50%, 03/23/15		500	512
Credit Suisse USA Inc.
6.50%, 01/15/12		250	264
5.50%, 08/15/13		450	493
5.13%, 08/15/15 (e)		200	218
7.13%, 07/15/32 (e)		100	120
Deutsche Bank AG London
4.88%, 05/20/13		450	482
3.45%, 03/30/15 (e)		500	512
Deutsche Bank Financial LLC, 5.38%, 03/02/15		250	268
Discover Bank, 7.00%, 04/15/20		300	323
Duke Realty LP, 7.38%, 02/15/15		150	167
Eksportfinans ASA, 3.00%, 11/17/14		500	516
ERP Operating LP
5.25%, 09/15/14		250	273
5.75%, 06/15/17		150	164
European Bank for Reconstruction & Development, 2.75%, 04/20/15 (e)		500	513
European Investment Bank
2.00%, 02/10/12		1,600	1,625
4.63%, 03/21/12		200	210
1.75%, 09/14/12		600	611
1.88%, 06/17/13 (e)		500	509
1.25%, 09/17/13 (e)		500	500
4.63%, 05/15/14		150	165
3.13%, 06/04/14		500	526
2.75%, 03/23/15 (e)		400	412
1.63%, 09/01/15 (e)		600	585
4.88%, 02/16/16		250	279
5.13%, 09/13/16		500	565
5.13%, 05/30/17 (e)		500	564
2.88%, 09/15/20		600	563
Export-Import Bank of Korea
8.13%, 01/21/14		500	572
5.13%, 03/16/15		200	211
Fidelity National Financial Inc., 6.60%, 05/15/17		400	399
Fifth Third Bancorp, 6.25%, 05/01/13		300	325
Fifth Third Capital Trust IV, 6.50%, 04/15/37		200	190
Franklin Resources Inc., 3.13%, 05/20/15		300	306

	Shares/Par (p)		Value
General Electric Capital Corp.
5.88%, 02/15/12		250	263
2.20%, 06/08/12		1,000	1,022
6.00%, 06/15/12		200	214
2.00%, 09/28/12		500	511
5.25%, 10/19/12		400	428
2.63%, 12/28/12		1,000	1,037
2.80%, 01/08/13		200	204
5.45%, 01/15/13 (e)		1,000	1,075
1.88%, 09/16/13		500	500
3.50%, 06/29/15 (e)		500	509
5.00%, 01/08/16 (e)		600	640
5.63%, 09/15/17 (e)		200	219
5.63%, 05/01/18		700	763
5.50%, 01/08/20 (e)		200	214
6.75%, 03/15/32 (e)		850	962
5.88%, 01/14/38		400	415
6.88%, 01/10/39 (e)		800	925
Genworth Financial Inc., 7.70%, 06/15/20		350	370
Goldman Sachs Group Inc.
6.60%, 01/15/12		400	423
3.25%, 06/15/12 (e)		400	415
5.45%, 11/01/12		1,000	1,070
5.25%, 04/01/13 (e)		100	107
4.75%, 07/15/13		275	293
6.00%, 05/01/14 (e)		500	551
5.13%, 01/15/15		200	215
3.70%, 08/01/15		500	509
5.75%, 10/01/16		250	272
6.25%, 09/01/17		200	221
5.95%, 01/18/18		300	325
6.15%, 04/01/18		375	413
7.50%, 02/15/19 (e)		100	117
5.38%, 03/15/20		400	413
5.95%, 01/15/27		250	240
6.13%, 02/15/33 (e)		850	901
6.75%, 10/01/37		200	204
Hartford Financial Services Group Inc.
5.38%, 03/15/17		500	509
6.10%, 10/01/41		75	71
HCP Inc., 6.00%, 01/30/17		150	157
Health Care REIT Inc., 6.13%, 04/15/20		400	421
Hospitality Properties Trust, 5.63%, 03/15/17		500	497
HSBC Bank USA
4.88%, 08/24/20		300	298
7.00%, 01/15/39		340	387
HSBC Finance Capital Trust IX, 5.91%, 11/30/35		250	230
HSBC Finance Corp., 4.75%, 07/15/13 (e)		1,000	1,055
HSBC Holdings Plc
5.25%, 12/12/12		500	532
7.63%, 05/17/32		150	165
6.50%, 05/02/36		150	157
HSBC USA Inc., 5.00%, 09/27/20		500	484
ICICI Bank Ltd., 6.63%, 10/03/12 (r)		200	214
Inter-American Development Bank
4.38%, 09/20/12		500	531
1.75%, 10/22/12		490	500
1.63%, 07/15/13		400	407
5.13%, 09/13/16		250	285
3.88%, 02/14/20		200	210
International Bank for Reconstruction & Development
2.00%, 04/02/12		1,000	1,020
0.80%, 07/13/12		500	502
1.75%, 07/15/13		350	358
2.38%, 05/26/15		200	205
7.63%, 01/19/23		300	411

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
International Business Machines International Group Capital LLC, 5.05%, 10/22/12		300		322
International Lease Finance Corp. 3.00%, 04/22/14		500		527
6.75%, 09/01/16 (r)		300		320
Japan Bank of International Cooperation, 2.13%, 11/05/12		500		509
Jefferies Group Inc.
6.45%, 06/08/27		100		96
6.25%, 01/15/36		500		448
John Deere Capital Corp.
7.00%, 03/15/12		250		268
1.88%, 06/17/13		200		202
5.75%, 09/10/18		500		566
JPMorgan Chase & Co.
6.63%, 03/15/12		100		106
2.20%, 06/15/12		500		512
5.38%, 10/01/12		1,500		1,610
2.13%, 12/26/12		500		514
5.75%, 01/02/13		600		650
4.75%, 03/01/15		250		267
5.15%, 10/01/15		250		264
5.55%, 01/22/17		500		531
6.00%, 01/15/18		700		782
JPMorgan Chase Bank NA, 6.00%, 10/01/17		250		277
JPMorgan Chase Capital XX, 6.55%, 09/29/36 (i)		100		101
JPMorgan Chase Capital XXV, 6.80%, 10/01/37 (e)		600		619
KeyBank NA, 5.80%, 07/01/14		100		107
Korea Development Bank, 5.30%, 01/17/13		800		848
Kreditanstalt fuer Wiederaufbau
2.25%, 04/16/12		1,100		1,122
1.25%, 06/15/12 (e)		500		504
1.88%, 01/14/13 (e)		200		204
3.25%, 03/15/13		250		262
3.50%, 05/16/13		400		422
1.38%, 07/15/13		500		504
4.13%, 10/15/14		650		707
2.75%, 10/21/14 (e)		500		519
2.63%, 03/03/15 (e)		500		514
5.13%, 03/14/16		500		564
4.88%, 01/17/17 (e)		500		558
4.88%, 06/17/19		500		554
2.75%, 09/08/20		500		465
0.00%,06/29/37 (j)		500		133
Landwirtschaftliche Rentenbank
1.88%, 09/24/12		500		508
3.25%, 03/15/13 (e)		500		523
Lincoln National Corp., 8.75%, 07/01/19		500		625
Marsh & McLennan Cos. Inc., 5.75%, 09/15/15		100		108
MBNA Corp., 7.50%, 03/15/12		100		106
Merrill Lynch & Co. Inc.
6.05%, 08/15/12		500		529
5.00%, 01/15/15 (e)		550		573
6.05%, 05/16/16		250		258
6.88%, 04/25/18		650		711
6.75%, 06/01/28		800		805
7.75%, 05/14/38		400		415
MetLife Inc.
5.00%, 11/24/13		100		108
7.72%, 02/15/19		500		614
5.70%, 06/15/35		100		102
6.40%, 12/15/36 (i)		100		94
Morgan Stanley
6.60%, 04/01/12		300		320
1.95%, 06/20/12		400		408
5.75%, 08/31/12		500		535

	Shares/Par (p)		Value
5.25%, 11/02/12 (e)		500		533
4.75%, 04/01/14		450		461
6.00%, 04/28/15		500		541
5.75%, 10/18/16		250		267
5.45%, 01/09/17		350		363
6.63%, 04/01/18		500		542
7.30%, 05/13/19 (e)		300		338
5.63%, 09/23/19		300		306
5.50%, 01/26/20		500		504
7.25%, 04/01/32		25		29
MUFG Capital Finance 1 Ltd., 6.35%, (callable at 100 beginning 07/25/16) (m)		250		252
National City Bank, 4.63%, 05/01/13		100		106
National Rural Utilities Cooperative Finance Corp.
7.25%, 03/01/12		500		536
10.38%, 11/01/18		200		276
8.00%, 03/01/32		150		190
NB Capital Trust II, 7.83%, 12/15/26		100		100
Nomura Holdings Inc, 6.70%, 03/04/20		400		428
Nordic Investment Bank, 3.63%, 06/17/13		600		636
Oesterreichische Kontrollbank AG
4.75%, 10/16/12		650		694
1.75%, 03/11/13 (e)		300		304
PNC Funding Corp.
5.25%, 11/15/15		250		268
6.70%, 06/10/19		500		576
Principal Life Income Funding Trusts, 5.10%, 04/15/14		150		162
ProLogis, 6.25%, 03/15/17		400		417
Prudential Financial Inc.
5.38%, 06/21/20 (e)		200		209
5.75%, 07/15/33 (e)		400		390
5.70%, 12/14/36		250		248
6.63%, 06/21/40 (e)		200		223
Realty Income Corp., 6.75%, 08/15/19		150		170
Royal Bank of Canada, 2.10%, 07/29/13		200		204
Royal Bank of Scotland Group Plc
5.00%, 10/01/14		100		96
6.40%, 10/21/19		200		201
Royal Bank of Scotland Plc
4.88%, 03/16/15		300		307
3.95%, 09/21/15 (e)		500		492
Simon Property Group LP
5.75%, 12/01/15		400		444
5.25%, 12/01/16		250		270
6.75%, 02/01/40		100		114
SLM Corp.
5.00%, 10/01/13		520		521
5.05%, 11/14/14		250		239
8.00%, 03/25/20		100		101
SunTrust Capital VIII, 6.10%, 12/01/66		99		91
Teco Finance Inc., 5.15%, 03/15/20		200		207
Toyota Motor Credit Corp., 3.20%, 06/17/15		500		516
Transatlantic Holdings Inc., 5.75%, 12/14/15		200		210
Travelers Cos. Inc., 6.25%, 06/15/37 (e)		150		167
Travelers Property Casualty Corp., 6.38%,
03/15/33		400		446
UBS AG Stamford
5.88%, 07/15/16		250		269
5.88%, 12/20/17		250		275
4.88%, 08/04/20		500		509
US Bancorp
1.38%, 09/13/13		580		580
2.45%, 07/27/15		800		795
US Bank, 4.80%, 04/15/15		500		539
Validus Holding Ltd., 8.88%, 01/26/40		500		533
Wachovia Bank NA
4.88%, 02/01/15 (e)		200		212

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
6.00%, 11/15/17 (e)		250	277
5.85%, 02/01/37		250	252
6.60%, 01/15/38		300	330
Wachovia Corp.
5.50%, 05/01/13		500	544
5.25%, 08/01/14		250	267
5.63%, 10/15/16		500	544
Wells Fargo & Co.
2.13%, 06/15/12 (e)		300	307
4.95%, 10/16/13 (e)		700	750
5.00%, 11/15/14		200	212
3.63%, 04/15/15 (e)		400	415
5.63%, 12/11/17		300	332
Wells Fargo Bank NA, 4.75%, 02/09/15		250	265
Wells Fargo Financial Inc., 5.50%, 08/01/12		250	267
Westpac Banking Corp.
2.25%, 11/19/12 (e)		300	307
4.20%, 02/27/15		500	525
			124,646
HEALTH CARE - 1.2%
Abbott Laboratories
5.88%, 05/15/16		250	289
6.00%, 04/01/39		550	621
Aetna Inc., 6.63%, 06/15/36		150	165
Amgen Inc.
5.85%, 06/01/17		200	228
6.38%, 06/01/37		400	458
AstraZeneca Plc
5.90%, 09/15/17		250	290
6.45%, 09/15/37		250	297
Baxter International Inc.
4.00%, 03/01/14		500	532
4.63%, 03/15/15		75	82
4.25%, 03/15/20		500	514
Becton Dickinson and Co., 3.25%, 11/12/20		300	282
Bristol-Myers Squibb Co.
5.45%, 05/01/18 (e)		150	170
5.88%, 11/15/36		67	75
Celgene Corp., 3.95%, 10/15/20		300	285
Covidien International Finance SA, 6.00%, 10/15/17		300	341
Eli Lilly & Co.
5.20%, 03/15/17		500	554
5.55%, 03/15/37		100	105
Express Scripts Inc., 5.25%, 06/15/12		200	211
Genentech Inc.
4.75%, 07/15/15		50	55
5.25%, 07/15/35		250	253
GlaxoSmithKline Capital Inc.
4.85%, 05/15/13		375	407
4.38%, 04/15/14		150	162
5.65%, 05/15/18		250	286
5.38%, 04/15/34		150	155
Hospira Inc., 6.05%, 03/30/17		500	560
Humana Inc., 7.20%, 06/15/18 (l)		500	565
Johnson & Johnson
3.80%, 05/15/13		500	531
5.95%, 08/15/37 (e)		250	292
Medtronic Inc., 4.45%, 03/15/20 (e)		700	727
Merck & Co. Inc.
4.75%, 03/01/15		250	275
6.00%, 09/15/17		250	292
6.50%, 12/01/33 (e) (l)		350	418
6.55%, 09/15/37		300	365
Novartis Capital Corp., 4.13%, 02/10/14		800	854
Pfizer Inc. 4.45%, 03/15/12		500	522

	Shares/Par (p)		Value
5.35%, 03/15/15		100	112
6.20%, 03/15/19		500	586
Pharmacia Corp., 6.60%, 12/01/28		50	58
Teva Pharmaceutical Finance LLC, 6.15%, 02/01/36		150	169
Thermo Fisher Scientific Inc., 5.00%, 06/01/15		200	218
UnitedHealth Group Inc.
5.38%, 03/15/16		250	275
6.00%, 02/15/18		400	454
5.80%, 03/15/36		150	152
WellPoint Inc.
5.25%, 01/15/16		300	330
4.35%, 08/15/20		200	198
5.85%, 01/15/36		100	103
5.80%, 08/15/40 (e)		200	204
Wyeth
5.50%, 03/15/13 (l)		100	109
5.50%, 02/15/16		500	566
6.45%, 02/01/24		100	118
5.95%, 04/01/37		250	277
			16,147
INDUSTRIALS - 1.2%
3M Co., 5.70%, 03/15/37		150	164
Boeing Co., 4.88%, 02/15/20		500	538
Browning-Ferris Industries Inc., 7.40%, 09/15/35		95	112
Burlington Northern Santa Fe Corp.
5.90%, 07/01/12		150	160
4.70%, 10/01/19		300	314
6.15%, 05/01/37		100	108
5.75%, 05/01/40		400	414
Canadian National Railway Co., 5.55%, 03/01/19		400	452
Caterpillar Inc.
7.90%, 12/15/18 (e)		500	644
6.05%, 08/15/36		150	170
CSX Corp.
6.30%, 03/15/12		250	265
7.38%, 02/01/19		300	362
6.00%, 10/01/36		200	208
Emerson Electric Co.
4.50%, 05/01/13		414	446
5.00%, 12/15/14		100	111
GE Capital Trust I, 6.38%, 11/15/67		500	494
General Dynamics Corp., 4.25%, 05/15/13		250	269
General Electric Co., 5.00%, 02/01/13		800	855
Honeywell International Inc., 5.00%, 02/15/19		500	547
Ingersoll-Rand Global Holding Co. Ltd., 6.88%, 08/15/18		200	230
Koninklijke Philips Electronics NV, 5.75%, 03/11/18		350	392
Lockheed Martin Corp.
6.15%, 09/01/36		175	190
5.72%, 06/01/40 (e) (r)		200	209
Norfolk Southern Corp.
5.90%, 06/15/19		300	340
7.25%, 02/15/31		75	90
7.05%, 05/01/37		100	119
Northrop Grumman Corp., 5.05%, 08/01/19		210	224
PACCAR Inc., 6.88%, 02/15/14 (e)		700	803
Pitney Bowes Inc., 5.75%, 09/15/17		500	526
Raytheon Co., 3.13%, 10/15/20		500	461
Republic Services Inc., 5.00%, 03/01/20 (e)		300	316
RR Donnelley & Sons Co.
4.95%, 04/01/14		200	205
5.50%, 05/15/15		50	51
Tyco Electronics Group SA, 6.00%, 10/01/12 (l)		300	323

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Tyco International Group SA, 6.00%, 11/15/13		500	555
Union Pacific Corp.
7.00%, 02/01/16		500	589
5.70%, 08/15/18		250	281
6.63%, 02/01/29		25	28
5.78%, 07/15/40		300	302
United Parcel Service Inc.
3.13%, 01/15/21		500	464
6.20%, 01/15/38		350	411
United Technologies Corp.
4.88%, 05/01/15		300	332
6.13%, 02/01/19 (e)		250	292
6.70%, 08/01/28		50	59
5.70%, 04/15/40 (e)		500	545
Waste Management Inc.
6.38%, 11/15/12 (e)		500	545
6.10%, 03/15/18		200	224
			15,739
INFORMATION TECHNOLOGY - 0.7%
Adobe Systems Inc., 4.75%, 02/01/20		300	307
Agilent Technologies Inc., 5.00%, 07/15/20 (e)		200	203
Amphenol Corp., 4.75%, 11/15/14		600	641
Cisco Systems Inc.
2.90%, 11/17/14		500	519
5.50%, 02/22/16		250	285
5.90%, 02/15/39 (e)		250	277
Dell Inc.
4.70%, 04/15/13		200	215
5.40%, 09/10/40 (e)		200	184
EnCana Corp., 6.50%, 02/01/38		300	325
Fiserv Inc., 6.13%, 11/20/12		500	541
Harris Corp., 4.40%, 12/15/20		500	500
Hewlett-Packard Co.
6.50%, 07/01/12		250	271
4.50%, 03/01/13		800	856
International Business Machines Corp.
1.00%, 08/05/13		500	498
5.70%, 09/14/17		300	344
6.50%, 01/15/28		200	235
5.60%, 11/30/39		330	359
Microsoft Corp., 1.63%, 09/25/15		500	488
Oracle Corp.
5.75%, 04/15/18		350	400
3.88%, 07/15/20 (r)		300	298
6.13%, 07/08/39 (e)		300	337
5.38%, 07/15/40 (e) (r)		500	506
Western Union Co., 5.25%, 04/01/20		500	514
Xerox Corp., 6.35%, 05/15/18 (e)		500	564
			9,667
MATERIALS - 1.1%
Agrium Inc., 7.13%, 05/23/36		300	345
Air Products & Chemicals Inc., 4.38%, 08/21/19		400	402
Alcoa Inc.
5.38%, 01/15/13		50	53
5.55%, 02/01/17 (e)		200	208
6.75%, 07/15/18 (e)		300	327
ArcelorMittal
9.85%, 06/01/19		500	632
7.00%, 10/15/39 (l)		200	208
Barrick Gold Corp., 5.95%, 10/15/39		300	318
BHP Billiton Finance USA Ltd.
4.80%, 04/15/13		100	108
5.50%, 04/01/14		100	111
5.25%, 12/15/15		90	100
5.40%, 03/29/17		200	221
CRH America Inc., 6.00%, 09/30/16		250	267

	Shares/Par (p)		Value
Dow Chemical Co.
6.00%, 10/01/12		50	54
7.60%, 05/15/14 (l)		250	288
2.50%, 02/15/16		500	480
8.55%, 05/15/19 (l)		250	313
7.38%, 11/01/29		500	601
Eastman Chemical Co., 3.00%, 12/15/15		500	494
EI Du Pont de Nemours & Co.
4.75%, 11/15/12		100	107
5.60%, 12/15/36 (e)		400	430
4.90%, 01/15/41 (e)		500	488
Freeport-McMoRan Copper & Gold Inc., 8.38%, 04/01/17		700	774
International Paper Co.
7.95%, 06/15/18		150	179
8.70%, 06/15/38		300	378
Lafarge SA, 6.50%, 07/15/16		250	266
Newmont Mining Corp.
5.88%, 04/01/35		50	52
6.25%, 10/01/39		400	435
Nucor Corp., 5.00%, 06/01/13		500	540
Plum Creek Timberlands LP, 4.70%, 03/15/21 (e)		400	381
Potash Corp. of Saskatchewan Inc., 5.25%, 05/15/14		500	547
PPG Industries Inc., 3.60%, 11/15/20		400	372
Praxair Inc.
3.95%, 06/01/13		100	106
5.38%, 11/01/16		500	567
Rio Tinto Alcan Inc.
4.88%, 09/15/12		50	53
6.13%, 12/15/33		425	454
Rio Tinto Finance USA Ltd.
1.88%, 11/02/15		500	481
3.50%, 11/02/20		800	759
RPM International Inc., 6.13%, 10/15/19		200	207
Southern Copper Corp., 7.50%, 07/27/35		150	166
Vale Overseas Ltd.
6.25%, 01/11/16		100	111
6.25%, 01/23/17		150	167
8.25%, 01/17/34		500	622
6.88%, 11/21/36		100	110
			14,282
TELECOMMUNICATION SERVICES - 1.2%
America Movil SAB de CV
3.63%, 03/30/15		200	206
5.00%, 03/30/20 (e)		500	520
6.38%, 03/01/35 (e)		200	219
AT&T Corp., 8.00%, 11/15/31 (l)		17	21
AT&T Inc.
5.88%, 02/01/12		100	105
4.95%, 01/15/13		750	804
5.10%, 09/15/14		550	602
2.50%, 08/15/15		500	498
5.80%, 02/15/19		500	563
6.15%, 09/15/34		350	362
6.30%, 01/15/38		300	317
6.55%, 02/15/39		250	272
5.35%, 09/01/40 (e) (r)		705	663
AT&T Wireless Services Inc, 8.13%, 05/01/12		200	219
BellSouth Capital Funding Corp., 7.88%, 02/15/30		100	121
BellSouth Corp., 5.20%, 09/15/14		100	109
British Telecommunications Plc, 9.88%, 12/15/30 (l)		150	200
CenturyTel Inc., 6.00%, 04/01/17		250	257

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Deutsche Telekom International Finance BV
5.25%, 07/22/13 (e)		200	217
5.75%, 03/23/16 (e)		250	280
8.75%, 06/15/30 (l)		300	403
Embarq Corp., 8.00%, 06/01/36		100	109
France Telecom SA, 8.50%, 03/01/31 (l)		250	340
GTE Corp.
6.84%, 04/15/18		250	283
6.94%, 04/15/28		50	56
Qwest Corp.
8.38%, 05/01/16		500	593
6.50%, 06/01/17		250	271
7.25%, 09/15/25		110	116
Rogers Communications Inc., 6.80%, 08/15/18		500	601
Southwestern Bell Telephone LP, 7.00%, 07/01/15		100	115
Telecom Italia Capital SA
5.25%, 11/15/13		500	521
6.18%, 06/18/14 (e)		300	319
4.95%, 09/30/14		100	102
5.25%, 10/01/15		200	205
6.38%, 11/15/33		50	43
6.00%, 09/30/34		100	83
Telefonica Emisiones SAU
3.73%, 04/27/15		100	99
5.88%, 07/15/19		500	511
5.13%, 04/27/20 (e)		100	96
Telefonica Europe BV, 8.25%, 09/15/30		200	232
Verizon Communications Inc.
5.25%, 04/15/13		200	217
5.55%, 02/15/16		200	224
8.75%, 11/01/18 (e)		350	457
6.35%, 04/01/19 (e)		500	577
5.85%, 09/15/35		350	362
6.90%, 04/15/38		300	350
Verizon Florida LLC, 6.86%, 02/01/28		200	207
Verizon Global Funding Corp., 7.75%, 12/01/30 (e)		200	248
Verizon Wireless Capital LLC
7.38%, 11/15/13		750	869
8.50%, 11/15/18		150	196
Vodafone Group Plc
5.00%, 12/16/13 (e)		150	163
5.38%, 01/30/15		100	110
5.63%, 02/27/17		600	670
7.88%, 02/15/30		200	249
			16,552
UTILITIES - 1.5%
Alabama Power Co., 6.00%, 03/01/39		250	277
Ameren Energy Generating Co., 6.30%, 04/01/20 (e)		150	146
Consolidated Edison Co. of New York Inc.
4.45%, 06/15/20 (e)		200	207
5.30%, 03/01/35		250	244
5.85%, 03/15/36		300	315
5.70%, 06/15/40		200	213
Constellation Energy Group Inc., 7.60%, 04/01/32		150	170
Consumers Energy Co.
5.50%, 08/15/16		25	28
6.70%, 09/15/19		400	477
Detroit Edison Co., 5.60%, 06/15/18		250	271
Dominion Resources Inc.
8.88%, 01/15/19		350	454
7.00%, 06/15/38 (e)		200	241
Duke Energy Carolinas LLC
5.63%, 11/30/12		150	163

	Shares/Par (p)		Value
5.30%, 10/01/15		200	224
5.30%, 02/15/40		300	304
Duke Energy Corp., 6.30%, 02/01/14		700	780
Enersis SA, 7.40%, 12/01/16		150	169
Exelon Corp., 4.90%, 06/15/15		200	213
Exelon Generation Co. LLC
5.35%, 01/15/14		150	162
6.20%, 10/01/17		200	224
5.20%, 10/01/19		500	523
First Energy Solutions Corp., 6.80%, 08/15/39		200	194
FirstEnergy Corp., 7.38%, 11/15/31		425	448
Florida Power & Light Co.
5.63%, 04/01/34		100	105
5.95%, 02/01/38		250	277
Florida Power Corp.
5.65%, 06/15/18		500	565
4.55%, 04/01/20 (e)		300	313
FPL Group Capital Inc., 6.00%, 03/01/19		100	111
Georgia Power Co.
1.30%, 09/15/13		500	501
4.25%, 12/01/19		300	309
Iberdrola USA Inc, 6.75%, 07/15/36 (e)		150	153
Indiana Michigan Power Co., 7.00%, 03/15/19		350	413
Kentucky Utilities Co., 5.13%, 11/01/40 (r)		300	294
LG&E and KU Energy LLC, 3.75%, 11/15/20 (r)		300	286
MidAmerican Energy Co.
5.65%, 07/15/12		100	107
6.75%, 12/30/31		50	58
MidAmerican Energy Holdings Co.
5.88%, 10/01/12		100	108
6.13%, 04/01/36		350	378
National Grid Plc, 6.30%, 08/01/16 (e)		150	171
Nevada Power Co., 7.13%, 03/15/19		250	295
NiSource Finance Corp.
5.40%, 07/15/14		75	82
6.80%, 01/15/19		300	347
Northern States Power Co.
8.00%, 08/28/12		100	111
5.25%, 03/01/18		500	552
Ohio Power Co., 6.00%, 06/01/16		250	281
Oncor Electric Delivery Co.
6.38%, 01/15/15		150	170
7.00%, 09/01/22		150	176
Pacific Gas & Electric Co.
4.80%, 03/01/14		250	269
6.05%, 03/01/34		500	547
PacifiCorp
7.70%, 11/15/31		450	577
5.75%, 04/01/37		150	160
Panhandle Eastern Pipeline Co. LP, 6.20%, 11/01/17		500	533
Progress Energy Inc., 7.75%, 03/01/31		150	188
PSEG Power LLC
2.50%, 04/15/13		300	306
8.63%, 04/15/31 (e)		75	96
Public Service Co. of Colorado, 7.88%, 10/01/12		500	557
Public Service Electric & Gas Co., 5.50%, 03/01/40		200	208
Puget Sound Energy Inc., 5.76%, 10/01/39		200	200
San Diego Gas & Electric Co., 5.35%, 05/15/40		200	204
Scottish Power Ltd., 5.38%, 03/15/15		50	53
Sempra Energy, 6.00%, 02/01/13		250	271
South Carolina Electric & Gas Co., 6.05%, 01/15/38		400	432
Southern California Edison Co.
6.00%, 01/15/34		75	82
5.95%, 02/01/38		400	440

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Southwestern Electric Power Co.
6.45%, 01/15/19		400	439
6.20%, 03/15/40		200	201
TransAlta Corp., 6.50%, 03/15/40		300	306
Union Electric Co., 6.40%, 06/15/17		100	113
Veolia Environnement, 6.00%, 06/01/18		200	224
Virginia Electric & Power Co.
5.95%, 09/15/17		250	287
6.00%, 01/15/36		150	164
			19,467
Total Corporate Bonds and Notes (cost $270,306)			280,379
GOVERNMENT AND AGENCY OBLIGATIONS - 75.1%
GOVERNMENT SECURITIES - 42.7%
Federal Farm Credit Bank - 0.3% (w)
Federal Farm Credit Bank
2.13%, 06/18/12		1,000	1,023
1.88%, 12/07/12		500	512
1.75%, 02/21/13		500	509
3.88%, 10/07/13		500	539
2.12%, 09/08/16		400	386
2.95%, 12/13/18		200	194
			3,163
Federal Home Loan Bank - 1.2% (w)
Federal Home Loan Bank
5.75%, 05/15/12		1,125	1,206
1.13%, 05/18/12		500	504
0.60%, 07/20/12		350	349
0.88%, 08/22/12		1,000	1,005
1.75%, 08/22/12		1,000	1,019
1.63%, 09/26/12 (e)		1,000	1,018
4.50%, 11/15/12		400	428
1.63%, 11/21/12		1,000	1,018
0.55%, 12/03/12		500	499
1.50%, 01/16/13		1,000	1,016
3.88%, 06/14/13 (e)		1,600	1,714
1.88%, 06/21/13		1,000	1,023
4.50%, 09/16/13 (e)		1,000	1,092
3.63%, 10/18/13		1,000	1,068
5.25%, 06/18/14		1,090	1,237
5.00%, 12/21/15		500	559
5.38%, 05/18/16		500	574
4.75%, 12/16/16 (e)		300	335
5.65%, 04/20/22		125	133
5.50%, 07/15/36		400	441
			16,238
Federal Home Loan Mortgage Corp. - 1.9% (w)
Federal Home Loan Mortgage Corp.
5.75%, 01/15/12		1,150	1,212
2.13%, 03/23/12 - 10/29/13		2,250	2,291
5.13%, 07/15/12 - 10/18/16		1,598	1,749
1.13%, 07/27/12 - 01/14/13		1,200	1,209
0.70%, 10/25/12		500	498
4.63%, 10/25/12		300	322
4.50%, 01/15/13 - 04/02/14		2,265	2,457
1.80%, 02/25/13		600	601
1.63%, 04/15/13		500	509
3.50%, 05/29/13		1,400	1,487
1.40%, 07/26/13		500	500
1.15%, 09/03/13		250	249
1.20%, 09/24/13 - 04/28/14		750	745
4.13%, 09/27/13 (e)		2,000	2,167
4.88%, 11/15/13		500	554
1.45%, 02/24/14		250	250
5.05%, 01/26/15		100	112

	Shares/Par (p)		Value
2.88%, 02/09/15		1,000	1,041
4.38%, 07/17/15		300	331
2.25%, 08/12/15		250	250
4.75%, 01/19/16		2,100	2,350
5.25%, 04/18/16		1,000	1,144
3.00%, 07/14/16		250	250
3.75%, 03/27/19 (e)		2,000	2,070
5.00%, 04/29/25		250	252
6.75%, 09/15/29		60	76
6.75%, 03/15/31 (e)		120	154
6.25%, 07/15/32		600	733
6.00%, 04/16/37		100	104
			25,667
Federal National Mortgage Association - 3.0% (w)
Federal National Mortgage Association
2.00%, 01/09/12 - 03/28/16		3,150	3,154
0.88%, 01/12/12 - 11/08/13		1,500	1,498
5.00%, 02/16/12 - 09/01/35		4,054	4,453
6.13%, 03/15/12		1,000	1,067
1.30%, 05/25/12		500	502
1.13%, 07/30/12		1,000	1,009
1.75%, 08/10/12 (e)		1,500	1,528
0.85%, 08/17/12		250	250
4.38%, 09/15/12 - 10/15/15		1,290	1,386
0.70%, 10/19/12		250	249
0.50%, 10/30/12		1,500	1,496
0.55%, 11/01/12		500	498
1.80%, 02/08/13 - 03/15/13		900	905
1.75%, 05/07/13 - 11/17/15		1,750	1,774
1.38%, 07/19/13		300	301
1.50%, 07/19/13 - 09/08/14		1,200	1,195
1.40%, 07/26/13		150	150
1.25%, 07/29/13 - 10/28/14		790	789
1.35%, 08/16/13		250	250
1.00%, 09/20/13 - 04/25/14		2,250	2,240
0.75%, 12/18/13		1,500	1,483
2.75%, 02/05/14 (e)		900	941
2.75%, 03/13/14		2,000	2,090
2.50%, 05/15/14		675	700
1.55%, 08/12/14 - 10/27/15		600	586
4.63%, 10/15/14		550	612
2.63%, 11/20/14		1,000	1,038
3.00%, 02/17/15		112	112
1.63%, 10/26/15 (e)		1,000	975
4.88%, 12/15/16		500	561
0.00%,06/01/17 (j)		1,250	1,015
5.38%, 04/11/22		50	53
5.78%, 06/07/22		250	267
4.00%, 09/30/25		100	95
5.95%, 06/07/27		100	102
6.25%, 05/15/29		525	644
7.13%, 01/15/30		1,270	1,681
7.25%, 05/15/30 (e)		540	727
6.63%, 11/15/30		690	871
6.00%, 04/18/36		200	216
Principal Only, 0.00%,10/09/19 (j)		800	505
			39,968
Municipals - 0.7%
American Municipal Power-Ohio Inc., 7.50%, 02/15/50		400	412
Bay Area Toll Authority, 6.26%, 04/01/49		200	198
Chicago Transit Authority, 6.90%, 12/01/40		500	495
City of New York, 5.97%, 03/01/36		200	197
Commonwealth of Massachusetts, Ad Valorem Property Tax, GO, 4.91%, 05/01/29		300	280
Cook County, Illinois, 6.23%, 11/15/34		200	191

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Dallas Convention Center Hotel Development Corp., 7.09%, 01/01/42		200	201
Dallas County Hospital District, Series C, 5.62%, 08/15/44		300	304
Dallas Independent School District, 6.45%, 02/15/35		300	313
Indianapolis Local Public Improvement Bond Bank, 6.12%, 01/15/40		200	208
Los Angeles Unified School District, 5.75%, 07/01/34		300	280
Los Angeles Unified School District, Ad
Valorem Property Tax, GO, 5.76%, 07/01/29		200	190
Metropolitan Transportation Authority, Transit Revenue, RB
6.55%, 11/15/31		200	196
6.65%, 11/15/39		150	147
Municipal Electric Authority of Georgia, 7.06%, 04/01/57		400	367
New Jersey Economic Development Authority (insured by National Public Finance Guarantee Corp), 7.43%, 02/15/29		200	214
New Jersey State Turnpike Authority, 7.10%, 01/01/41		500	542
New Jersey State Turnpike Authority (insured by AMBAC Assurance Corp.), Series B, 4.25%, 01/01/16		95	98
New Jersey State Turnpike Authority (Prerefunded at 01/01/15, insured by AMBAC Assurance Corp.), Series B, 4.25%, 01/01/16		5	5
New York City Municipal Water Finance Authority, 6.01%, 06/15/42		200	200
New York Dormitory Authority, RB, 5.60%, 03/15/40		200	197
New York, NJ, Port Authority Revenue, 6.04%, 12/01/29		200	199
Ohio State University, College & University Revenue, 4.91%, 06/01/40		400	362
Oregon State Department of Transportation, 5.83%, 11/15/34		300	306
State of California
7.63%, 03/01/40		300	313
7.60%, 11/01/40		300	312
State of California Various Purpose Bond, 7.50%, 04/01/34		500	517
State of Connecticut, 5.09%, 10/01/30		250	236
State of Connecticut, Ad Valorem Property Tax, GO, Series A, 5.85%, 03/15/32		200	205
State of Georgia, GO, Series H, 4.50%, 11/01/25		300	296
State of Illinois, 5.10%, 06/01/33		700	524
State of Texas, 5.52%, 04/01/39		465	473
State of Texas, Series A, 4.68%, 04/01/40		400	364
University of California, 6.55%, 05/15/48		300	293
			9,635
Sovereign - 1.8%
Brazilian Government International Bond
11.00%, 01/11/12 - 08/17/40		615	749
10.50%, 07/14/14		400	509
7.88%, 03/07/15		565	675
5.88%, 01/15/19		200	222
8.88%, 04/15/24		135	186
10.13%, 05/15/27		235	360
7.13%, 01/20/37 (e)		455	543
Canadian Government Bond, 2.38%, 09/10/14		500	516
Chile Government International Bond, 5.50%, 01/15/13		100	108

	Shares/Par (p)		Value
Eksportfinans ASA, 5.00%, 02/14/12		500	524
Export Development Canada
2.38%, 03/19/12		500	511
2.25%, 05/28/15		200	203
Federal Republic of Brazil, 12.25%, 03/06/30 (e)		220	398
Financement-Quebec, 5.00%, 10/25/12 (e)		100	107
Hungary Government International Bond, 4.75%, 02/03/15 (e)		250	244
Hydro Quebec
8.00%, 02/01/13		250	284
7.50%, 04/01/16		100	123
9.40%, 02/01/21		250	358
Israel Government International Bond
4.63%, 06/15/13		75	80
5.50%, 11/09/16		450	510
7.25%, 12/15/28		200	240
Italy Government International Bond
5.63%, 06/15/12		250	263
4.38%, 06/15/13 (e)		500	520
4.50%, 01/21/15		1,000	1,027
6.88%, 09/27/23		450	496
5.38%, 06/15/33		500	470
Japan Finance Corp., 2.88%, 02/02/15 (e)		500	512
Mexico Government International Bond
7.50%, 01/14/12 - 04/08/33 (e)		350	414
6.38%, 01/16/13 (e)		339	370
5.88%, 01/15/14		250	277
6.63%, 03/03/15		93	107
5.63%, 01/15/17		250	276
5.13%, 01/15/20		300	313
8.30%, 08/15/31 (e)		300	396
6.75%, 09/27/34		300	337
Panama Government International Bond, 6.70%, 01/26/36		400	446
Peru Government International Bond
7.13%, 03/30/19 (e)		200	239
8.75%, 11/21/33		200	274
Poland Government Treasury International Bond, 5.00%, 10/19/15 (e)		650	690
Province of British Columbia, Canada, 2.85%, 06/15/15		200	206
Province of Manitoba, Canada
5.00%, 02/15/12		250	262
2.63%, 07/15/15		500	509
Province of New Brunswick, Canada, 5.20%, 02/21/17		250	279
Province of Nova Scotia, Canada
5.75%, 02/27/12		100	106
8.75%, 04/01/22		250	350
Province of Ontario, Canada
1.88%, 11/19/12 (e)		700	713
4.10%, 06/16/14		500	540
4.50%, 02/03/15		100	109
2.70%, 06/16/15		300	305
5.45%, 04/27/16		250	284
4.00%, 10/07/19 (e)		500	514
4.40%, 04/14/20 (e)		200	209
Province of Quebec, Canada
4.60%, 05/26/15		500	549
7.50%, 07/15/23		100	132
7.13%, 02/09/24 (e)		250	320
Republic of Korea
5.13%, 12/07/16		150	161
5.63%, 11/03/25		250	266
Republic of Peru, 6.55%, 03/14/37 (e)		250	274
Republic of South Africa Government Bond 7.38%, 04/25/12		100	108

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
6.50%, 06/02/14		200	225
5.50%, 03/09/20		200	213
Svensk Exportkredit AB, 5.13%, 03/01/17		200	222
Tennessee Valley Authority
5.50%, 07/18/17		1,000	1,152
5.25%, 09/15/39		500	529
United Mexican States, 6.05%, 01/11/40		300	307
			23,721
U.S. Treasury Securities - 33.8%
U.S. Treasury Bond
10.63%, 08/15/15		450	626
7.25%, 05/15/16 - 08/15/22		2,400	3,098
7.50%, 11/15/16 - 11/15/24		1,140	1,524
8.75%, 05/15/17 - 08/15/20		1,555	2,215
8.88%, 08/15/17		780	1,083
9.13%, 05/15/18 (e)		315	451
8.88%, 02/15/19 (e)		590	849
8.13%, 08/15/19 - 05/15/21		3,100	4,350
8.50%, 02/15/20		1,340	1,917
7.88%, 02/15/21		1,420	1,981
8.00%, 11/15/21		2,350	3,324
7.13%, 02/15/23		1,255	1,686
6.25%, 08/15/23 - 05/15/30		2,880	3,662
7.63%, 02/15/25		539	764
6.88%, 08/15/25		410	548
6.00%, 02/15/26		730	903
6.75%, 08/15/26		870	1,155
6.50%, 11/15/26		260	338
6.63%, 02/15/27		545	717
6.38%, 08/15/27		380	489
6.13%, 11/15/27		1,495	1,878
5.50%, 08/15/28		850	1,002
5.25%, 11/15/28 - 02/15/29		1,215	1,393
5.38%, 02/15/31		1,700	1,984
4.50%, 02/15/36 - 08/15/39		6,765	6,965
4.75%, 02/15/37		1,545	1,660
5.00%, 05/15/37		1,450	1,618
4.38%, 02/15/38 - 05/15/40		8,650	8,701
3.50%, 02/15/39		2,300	1,982
4.25%, 05/15/39 - 11/15/40		4,880	4,805
4.63%, 02/15/40		4,355	4,562
3.88%, 08/15/40		3,450	3,178
U.S. Treasury Note
1.13%, 01/15/12 - 06/15/13		6,430	6,487
0.88%, 01/31/12 - 02/29/12		8,500	8,549
4.75%, 01/31/12 - 08/15/17		7,085	7,693
1.38%, 02/15/12 - 05/15/13		32,094	32,547
4.88%, 02/15/12 (e)		1,725	1,811
4.63%, 02/29/12 - 02/15/17		5,645	6,212
1.00%, 03/31/12 - 07/15/13		10,250	10,324
4.50%, 03/31/12 - 05/15/17		7,800	8,600
0.75%, 05/31/12 - 12/15/13		8,500	8,488
1.88%, 06/15/12 - 10/31/17		15,400	15,315
0.63%, 06/30/12 - 12/31/12		10,700	10,725
4.88%, 06/30/12 - 08/15/16		1,920	2,115
1.50%, 07/15/12 - 12/31/13		4,700	4,774
1.75%, 08/15/12 - 07/31/15		13,390	13,599
4.38%, 08/15/12		1,900	2,020
0.38%, 08/31/12 - 10/31/12		9,000	8,979
4.13%, 08/31/12 - 05/15/15		3,490	3,808
4.25%, 09/30/12 - 11/15/17		14,280	15,672
3.88%, 10/31/12 - 05/15/18		3,635	3,890
4.00%, 11/15/12 - 02/15/15		6,130	6,642
0.50%, 11/30/12 (e)		3,000	2,996
3.38%, 11/30/12 - 11/15/19		9,670	10,016
3.63%, 12/31/12 - 02/15/20		14,100	14,750
2.75%, 02/28/13 - 02/15/19		17,240	17,493

	Shares/Par (p)		Value
2.50%, 03/31/13 - 06/30/17		6,665	6,822
3.13%, 04/30/13 - 05/15/19		18,970	19,728
3.50%, 05/31/13 - 05/15/20		9,740	10,112
3.38%, 06/30/13 (e)		1,750	1,863
0.75%, 09/15/13, TBA (g)		3,000	2,990
0.50%, 10/15/13, TBA (g)		3,000	2,966
0.50%, 11/15/13		3,000	2,961
2.00%, 11/30/13		2,570	2,646
2.25%, 05/31/14 - 11/30/17		7,550	7,659
2.63%, 06/30/14 - 08/15/20		20,685	20,983
2.38%, 08/31/14 - 07/31/17		16,600	17,017
2.13%, 11/30/14 - 12/31/15		11,000	11,176
2.50%, 04/30/15, TBA (g)		3,900	4,032
1.25%, 08/31/15		2,800	2,723
1.25%, 09/30/15 (e)		3,000	2,911
1.25%, 10/31/15, TBA (g)		3,000	2,903
1.38%, 11/30/15, TBA (g)		3,000	2,915
5.13%, 05/15/16		860	991
3.25%, 05/31/16 - 03/31/17		9,485	9,946
3.25%, 06/30/16 (e)		2,000	2,109
3.00%, 08/31/16 - 02/28/17		7,500	7,768
4.00%, 08/15/18 (e)		2,200	2,384
3.75%, 11/15/18		4,265	4,537
2.63%, 11/15/20 (e)		4,700	4,433
			449,488
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES - 32.4%
Federal Home Loan Mortgage Corp. - 9.8%
Federal Home Loan Mortgage Corp.
6.50%, 06/01/14 - 03/01/39		4,510	5,014
7.00%, 08/01/15 - 08/01/37		368	415
6.00%, 12/01/16 - 11/01/39		14,647	15,960
4.50%, 01/01/18 - 09/01/40		32,240	33,249
5.50%, 04/01/18 - 10/01/39		22,220	23,788
4.00%, 04/01/19 - 11/01/40		14,273	14,482
5.00%, 07/01/19 - 07/01/40		25,032	26,364
4.00%, 01/15/26 - 01/15/41 , TBA (g)		4,200	4,207
5.00%, 01/15/26 - 08/01/40 , TBA (g)		2,525	2,653
7.50%, 11/01/31 - 04/01/32		187	214
5.81%, 01/01/37 (i)		62	66
6.02%, 01/01/37 (i)		242	260
5.63%, 02/01/37 (i)		335	360
4.50%, 01/15/41, TBA (g)		1,800	1,844
5.50%, 01/15/41, TBA (g)		1,500	1,598
6.50%, 01/15/41, TBA (g)		500	554
			131,028
Federal National Mortgage Association - 16.1%
Federal National Mortgage Association
5.50%, 01/01/14 - 01/01/40		36,787	39,532
6.00%, 01/01/16 - 09/01/39		21,398	23,374
6.50%, 09/01/16 - 12/01/38		6,787	7,584
5.00%, 10/01/17 - 06/01/40		41,128	43,471
4.50%, 02/01/18 - 10/01/40		43,816	45,279
4.00%, 07/01/18 - 12/01/40		25,053	25,292
3.50%, 08/01/25 - 12/01/40		3,191	3,174
4.00%, 01/15/26 - 01/15/41 , TBA (g)		5,100	5,151
5.00%, 01/15/26 - 08/01/40 , TBA (g)		3,500	3,700
7.00%, 02/01/31 - 04/01/39		1,275	1,443
2.79%, 05/01/35 (i)		210	219
2.80%, 05/01/35 (i)		68	71
2.89%, 10/01/35 (i)		356	372
5.39%, 02/01/37 (i)		36	38
5.51%, 02/01/37 (i)		383	405
5.62%, 02/01/37 (i)		248	264
5.57%, 04/01/37 (i)		86	91
5.82%, 04/01/37 (i)		649	688

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
7.50%, 11/01/37		47	54
5.27%, 01/01/38 (i)		733	776
5.67%, 03/01/38 (i)		708	754
6.00%, 12/01/38, TBA (g)		1,000	1,094
4.41%, 07/01/39 (i)		2,114	2,241
3.81%, 12/01/39 (i)		710	743
3.72%, 02/01/40 (i)		1,787	1,865
3.39%, 03/01/40 (i)		926	958
4.21%, 03/01/40 (i)		785	814
3.12%, 06/01/40 (i)		395	403
3.25%, 07/01/40 (i)		957	985
3.56%, 08/01/40 (i)		451	461
4.50%, 01/15/41, TBA (g)		1,700	1,745
5.50%, 01/15/41, TBA (g)		800	856
			213,897
Government National Mortgage Association - 6.5%
Government National Mortgage Association
5.50%, 01/15/24 - 07/15/40		10,951	11,868
4.00%, 08/15/24 - 11/15/40		5,913	6,009
8.00%, 04/15/30		19	23
8.50%, 06/15/30 - 12/15/30		6	7
6.50%, 01/15/32 - 10/15/38		1,811	2,044
6.00%, 05/15/32 - 12/15/39		7,052	7,784
5.00%, 03/15/33 - 07/20/40		22,599	24,103
7.00%, 11/15/36		136	152
4.50%, 03/15/38 - 09/15/40		24,736	25,746
4.50%, 01/15/41, TBA (g)		4,900	5,087
5.00%, 01/15/41, TBA (g)		1,500	1,595
5.50%, 01/15/41, TBA (g)		1,100	1,189
6.00%, 01/15/41, TBA (g)		500	550
6.50%, 01/15/41, TBA (g)		500	563
			86,720
Total Government and Agency Obligations (cost $983,147)			999,525
SHORT TERM INVESTMENTS - 8.9%
Investment Company 3.3%
JNL Money Market Fund, 0.08% (a) (h)		44,153	44,153
Securities Lending Collateral 5.6%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)		70,234	70,234
Securities Lending Liquidating Fund LLC, 0.66% (a) (h)		4,583	4,508
			74,742
Total Short Term Investments (cost $118,970)			118,895
Total Investments - 107.9% (cost $1,407,714)			1,436,334
Other Assets and Liabilities, Net - (7.9%)			(104,770)
Total Net Assets - 100.0%			$1,331,564
JNL/Mellon Capital Management Global Alpha Fund
SHORT TERM INVESTMENTS - 98.7%
Commercial Paper 0.5%
Nordea Bank AB, 0.44%, 01/14/11	$	1,000	$1,000
Federal Home Loan Bank 13.6% (w)
Federal Home Loan Bank
0.09%, 01/14/11		20,300	20,299
0.10%, 01/18/11		1,000	1,000

	Shares/Par (p)		Value
0.02%, 01/24/11		5,000	5,000
0.03%, 01/26/11		1,000	1,000
			27,299
Federal Home Loan Mortgage Corp. 27.1% (w)
Federal Home Loan Mortgage Corp.
0.07%, 01/05/11		13,500	13,500
0.10%, 01/18/11 - 01/28/11		2,500	2,500
0.13%, 01/18/11		6,500	6,500
0.16%, 01/31/11 - 02/14/11		27,100	27,096
0.11%, 03/02/11		5,000	4,999
			54,595
Federal National Mortgage Association 20.9% (w)
Federal National Mortgage Association
0.10%, 01/12/11		1,000	1,000
0.12%, 01/18/11		3,899	3,899
0.13%, 01/18/11 - 01/19/11		14,600	14,599
0.08%, 01/19/11		7,500	7,500
0.15%, 01/26/11		10,000	9,999
0.11%, 02/17/11		5,000	4,999
			41,996
Investment Company 1.8%
JNL Money Market Fund, 0.08% (a) (h)		3,593	3,593
Treasury Securities 34.8%
U.S. Treasury Bill
0.13%, 03/24/11 (o)	$	8,600	8,597
0.13%, 01/13/11		5,580	5,580
0.13%, 02/10/11		11,050	11,048
0.11%, 01/06/11		2,000	2,000
0.16%, 01/20/11		26,720	26,718
0.04%, 01/27/11		12,000	12,000
0.14%, 02/03/11		4,000	3,999
			69,942
Total Short Term Investments (cost $198,424)			198,425
Total Investments - 98.7% (cost $198,424)			198,425
Other Assets and Liabilities, Net - 1.3%			2,689
Total Net Assets - 100.0%			$201,114
JNL/Oppenheimer Global Growth Fund * (x)
COMMON STOCKS - 96.7%
CONSUMER DISCRETIONARY - 16.1%
Bayerische Motoren Werke AG		11	$840
Carnival Corp.		158	7,267
Grupo Televisa SA - ADR (c)		198	5,125
Inditex SA		70	5,221
LVMH Moet Hennessy Louis Vuitton SA		46	7,590
McDonald’s Corp.		83	6,343
Sony Corp.		184	6,581
Tiffany & Co.		121	7,533
Walt Disney Co.		171	6,414
Other Securities			11,753
			64,667
CONSUMER STAPLES - 8.3%
Cia de Bebidas das Americas - ADR		133	4,122
Colgate-Palmolive Co.		69	5,570
Fomento Economico Mexicano SAB de CV (e)		975	5,453
Nestle SA		76	4,464
Unilever Plc		164	5,014

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Wal-Mart Stores Inc.		90	4,861
Other Securities			3,826
			33,310
ENERGY - 3.7%
Technip SA (e)		59	5,458
Total SA		85	4,503
Transocean Ltd. (c)		69	4,812
			14,773
FINANCIALS - 15.4%
AFLAC Inc.		69	3,882
Allianz SE		46	5,446
Banco Bilbao Vizcaya Argentaria SA (e)		389	3,967
Credit Suisse Group AG		214	8,635
Dai-Ichi Life Insurance Co. Ltd.		3	4,805
Goldman Sachs Group Inc.		26	4,308
HSBC Holdings Plc (e)		532	5,452
Investor AB - Class B		201	4,309
UBS AG (c)		315	5,173
Other Securities			16,046
			62,023
HEALTH CARE - 7.2%
Aetna Inc.		149	4,556
WellPoint Inc. (c)		88	4,999
Zimmer Holdings Inc. (c)		78	4,186
Other Securities			15,101
			28,842
INDUSTRIALS - 14.1%
3M Co.		62	5,357
Assa Abloy AB		229	6,458
European Aeronautic Defence & Space Co. NV (c)		205	4,781
Koninklijke Philips Electronics NV		171	5,239
Siemens AG		95	11,826
Other Securities			23,236
			56,897
INFORMATION TECHNOLOGY - 28.3%
Adobe Systems Inc. (c)		156	4,812
Altera Corp.		220	7,845
Corning Inc.		199	3,837
eBay Inc. (c)		364	10,123
Infosys Technologies Ltd.		91	7,032
Intuit Inc. (c)		150	7,407
Juniper Networks Inc. (c) (e)		228	8,432
Keyence Corp.		14	3,983
Maxim Integrated Products Inc.		208	4,922
Microsoft Corp.		243	6,797
Murata Manufacturing Co. Ltd.		77	5,361
SAP AG		134	6,809
Taiwan Semiconductor Manufacturing Co. Ltd.		1,925	4,687
Telefonaktiebolaget LM Ericsson		1,399	16,218
Other Securities			15,434
			113,699
MATERIALS - 0.6%
Other Securities			2,666
TELECOMMUNICATION SERVICES - 2.2%
KDDI Corp.		1	3,887
Vodafone Group Plc		1,531	3,957
Other Securities			969
			8,813

	Shares/Par	(p)	Value
UTILITIES - 0.8%
Other Securities			3,396
Total Common Stocks (cost $342,455)			389,086
PREFERRED STOCKS - 1.3%
CONSUMER DISCRETIONARY - 1.3%
Bayerische Motoren Werke AG	100		5,129
Total Preferred Stocks (cost $3,617)			5,129
SHORT TERM INVESTMENTS - 6.7%
Investment Company - 1.8%
JNL Money Market Fund, 0.08% (a) (h)	7,173		7,173
Securities Lending Collateral 4.9%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)	18,929		18,929
Securities Lending Liquidating Fund LLC, 0.66% (a) (h)	980		964
			19,893
Total Short Term Investments (cost $27,082)			27,066
Total Investments - 104.7% (cost $373,154)			421,281
Other Assets and Liabilities, Net - (4.7%)			(19,029)
Total Net Assets - 100.0%			$    402,252
JNL/PAM Asia ex-Japan Fund * (x)
COMMON STOCKS - 99.2%
CONSUMER DISCRETIONARY - 2.6%
Other Securities			$        3,887
CONSUMER STAPLES - 3.3%
Shinsegae Co. Ltd. (c)	7		3,833
Other Securities			1,195
			5,028
ENERGY - 8.7%
Banpu Public Co. Ltd.	95		2,505
Cairn India Ltd. (c)	249		1,854
China Petroleum & Chemical Corp.	2,546		2,437
China Shenhua Energy Co. Ltd.	411		1,722
CNOOC Ltd.	1,440		3,416
Other Securities			1,239
			13,173
FINANCIALS - 31.1%
AIA Group Ltd. (c)	502		1,410
AMMB Holdings Bhd (c)	1,127		2,568
Bangkok Bank PCL	400		2,025
Bank of China Ltd.	9,372		4,944
China Construction Bank Corp.	3,404		3,053
China Pacific Insurance Group Co. Ltd. (e)	779		3,237
DBS Group Holdings Ltd.	285		3,184
Global Logistic Properties Ltd. (c)	795		1,338
Hana Financial Group Inc.	47		1,800
Hang Seng Bank Ltd.	169		2,780
Henderson Land Development Co. Ltd. (c) (e)	452		3,082
Infrastructure Development Finance Co. Ltd.	505		2,063
Korea Exchange Bank	197		2,040
Metropolitan Bank & Trust Co.	791		1,293
Samsung Fire & Marine Insurance Co. Ltd.	22		4,297

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Sino-Ocean Land Holdings Ltd. (e)		2,272	1,488
Wharf Holdings Ltd.		180	1,384
Yuanta Financial Holding Co. Ltd.		2,567	1,919
Other Securities			3,019
			46,924
HEALTH CARE - 1.8%
Ranbaxy Laboratories Ltd. (c)		203	2,721
INDUSTRIALS - 13.5%
Far Eastern New Century Corp		1,747	2,959
Hutchison Whampoa Ltd.		501	5,157
Hyundai Engineering & Construction Co. Ltd. (c)		55	3,527
SembCorp Industries Ltd.		802	3,212
Tata Motors Ltd.		129	2,262
Other Securities			3,284
			20,401
INFORMATION TECHNOLOGY - 20.2%
AAC Acoustic Technologies Holdings Inc.		1,236	3,300
Acer Inc.		478	1,478
Foxconn Technology Co. Ltd.		676	2,711
HON HAI Precision Industry Co. Ltd.		1,078	4,345
Largan Precision Co. Ltd.		63	1,567
Mphasis Ltd.		167	2,516
Samsung Electronics Co. Ltd.		8	6,508
Shanda Games Ltd. - ADR (c) (e)		256	1,648
Taiwan Semiconductor Manufacturing Co. Ltd.		1,285	3,128
Wistron Corp.		1,060	2,160
Other Securities			1,133
			30,494
MATERIALS - 8.3%
China Shanshui Cement Group Ltd.		3,436	2,454
Hindalco Industries Ltd.		355	1,959
Taiwan Fertilizer Co. Ltd.		392	1,466
Xingda International Holdings Ltd.		1,438	1,554
Other Securities			5,064
			12,497
TELECOMMUNICATION SERVICES - 6.6%
Axiata Group Bhd (c)		1,584	2,438
China Mobile Ltd.		170	1,683
China Unicom Hong Kong Ltd.		2,682	3,836
Telekomunikasi Indonesia Tbk PT		1,725	1,522
Other Securities			454
			9,933
UTILITIES - 3.1%
GVK Power & Infrastructure Ltd. (c)		1,454	1,319
Korea Electric Power Corp. (c)		123	3,266
			4,585
Total Common Stocks (cost $128,635)			149,643
RIGHTS - 0.0%
Metropolitan Bank & Trust Co. (c) (f)		82	42
Total Rights (cost $0)			42
WARRANTS - 0.0%
Henderson Land Development Co. Ltd. (c)		77	18
Total Warrants (cost $0)			18

	Shares/Par (p)		Value
SHORT TERM INVESTMENTS - 4.6%
Investment Company - 1.2%
JNL Money Market Fund, 0.08% (a) (h)		1,752	1,752
Securities Lending Collateral 3.4%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)		5,075	5,075
Securities Lending Liquidating Fund LLC, 0.66% (a) (h)		45	44
			5,119
Total Short Term Investments (cost $6,872)			6,871
Total Investments - 103.8% (cost $135,507)			156,574
Other Assets and Liabilities, Net - (3.8%)			(5,741)
Total Net Assets - 100.0%			$        150,833
JNL/PAM China-India Fund
COMMON STOCKS - 94.7%
CONSUMER DISCRETIONARY - 8.9%
BYD Co. Ltd. (e)		841	$            4,419
Focus Media Holding Ltd. - ADR (c)		489	10,730
GOME Electrical Appliances Holdings Ltd. (c) (e)		8,810	3,174
Mahindra & Mahindra Ltd.		444	7,735
Shenzhou International Group Holdings Ltd.		1,324	1,535
Sun TV Network Ltd.		565	6,642
			34,235
CONSUMER STAPLES - 2.9%
Colgate-Palmolive India Ltd.		325	6,317
ITC Ltd.		1,218	4,759
			11,076
ENERGY - 15.2%
China Petroleum & Chemical Corp. (e)		8,224	7,872
China Shenhua Energy Co. Ltd.		1,845	7,738
CNOOC Ltd.		5,121	12,149
Oil & Natural Gas Corp. Ltd.		233	6,702
Oil India Ltd.		136	4,286
Reliance Industries Ltd.		841	19,914
			58,661
FINANCIALS - 31.5%
Axis Bank Ltd.		111	3,358
Bank of China Ltd.		51,762	27,304
China Pacific Insurance Group Co. Ltd. (e)		2,017	8,383
Evergrande Real Estate Group Ltd.		15,691	7,631
Franshion Properties China Ltd. (e)		13,604	4,095
ICICI Bank Ltd.		577	14,771
Industrial & Commercial Bank of China		20,534	15,296
Infrastructure Development Finance Co. Ltd.		1,912	7,807
LIC Housing Finances Ltd.		1,368	5,979
Mahindra & Mahindra Financial Services Ltd.		507	8,397
Ping an Insurance Group Co. of China Ltd.		780	8,720
Rural Electrification Corp. Ltd.		1,029	6,883
Sino-Ocean Land Holdings Ltd. (e)		4,017	2,630
			121,254
HEALTH CARE - 3.0%
Dr. Reddy’s Laboratories Ltd.		307	11,412

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

		Shares/Par	(p)	Value
INDUSTRIALS - 4.9%
Bharat Heavy Electricals Ltd.		74		3,856
Mundra Port and Special Economic Zone Ltd.		506		1,629
Sinotrans Shipping Ltd. (e)		5,012		1,896
Tata Motors Ltd.		228		6,663
Tata Motors Ltd. - Class A		288		5,054
				19,098
INFORMATION TECHNOLOGY - 12.2%
AAC Acoustic Technologies Holdings Inc.		1,016		2,712
Infosys Technologies Ltd.		288		22,177
Mphasis Ltd.		480		7,220
OnMobile Global Ltd. (c)		295		1,893
Sohu.com Inc. (c)		134		8,489
Travelsky Technology Ltd.		4,250		4,440
				46,931
MATERIALS - 9.7%
China Resources Cement Holdings Ltd. (c)		8,560		6,498
China Zhongwang Holdings Ltd. (e)		9,769		5,442
Fosun International Ltd.		4,755		3,493
Hindalco Industries Ltd.		1,945		10,742
Huabao International Holdings Ltd.		3,160		5,114
Sterlite Industries India Ltd.		497		2,074
Xingda International Holdings Ltd.		3,768		4,072
				37,435
TELECOMMUNICATION SERVICES - 4.8%
China Mobile Ltd.		774		7,687
China Unicom Hong Kong Ltd. (e)		7,675		10,980
				18,667
UTILITIES - 1.6%
GAIL India Ltd.		523		5,997
Total Common Stocks (cost $315,064)				364,766
SHORT TERM INVESTMENTS - 9.7%
Investment Company - 5.3%
JNL Money Market Fund, 0.08% (a) (h)		20,481		20,481
Securities Lending Collateral 4.4%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)		16,822		16,822
Securities Lending Liquidating Fund LLC, 0.66% (a) (h)		55		55
				16,877
Total Short Term Investments (cost $37,358)				37,358
Total Investments - 104.4% (cost $352,422)				402,124
Other Assets and Liabilities, Net - (4.4%)				(16,790)
Total Net Assets - 100.0%				$385,334
JNL/PIMCO Real Return Fund
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES - 10.5%
ACE Securities Corp. REMIC, 0.35%, 06/25/37 (i)	$	163		$159
American General Mortgage Loan Trust REMIC, 5.15%, 03/25/40 (i) (r)		4,107		4,268
American Home Mortgage Assets REMIC, 0.45%, 09/25/46 (i)		4,928		2,708

	Shares/Par	(p)	Value
American Money Management Corp., 0.51%, 05/03/18 (f) (i) (r)	500		470
Aquilae CLO Plc, 1.34%, 01/17/23 (i) (f), EUR	2,366		2,805
ARES CLO Funds, 0.53%, 03/12/18 (f) (i) (r)	1,484		1,398
Arkle Master Issuer Plc 0.37%, 02/17/52 (i) (r)	14,700		14,542
REMIC, 1.43%, 05/17/60 (i) (r)	4,000		3,981
Arran Residential Mortgages Funding Plc, 2.20%, 05/16/47 (f) (r), EUR	800		1,068
Banc of America Commercial Mortgage Inc. REMIC, 5.89%, 07/10/44 (i)	2,000		2,136
Banc of America Large Loan Inc. REMIC 5.64%, 07/17/17 (i) (r)	600		639
5.62%, 06/24/50 (i) (r)	1,100		1,174
Banc of America Large Loans Inc. REMIC, 0.77%, 08/15/29 (i) (r)	1,075		1,000
Banc of America Mortgage Securities Inc. REMIC, 2.87%, 06/25/35 (i)	381		331
Bear Stearns Adjustable Rate Mortgage Trust REMIC 2.75%, 05/25/33 (i)	92		91
3.20%, 02/25/34 (i)	652		580
3.61%, 11/25/34 (i)	653		638
3.14%, 01/25/35 (i)	1,256		1,153
5.00%, 01/25/35 (i)	510		475
2.93%, 03/25/35 (i)	108		103
3.06%, 03/25/35 (i)	739		606
2.33%, 08/25/35 (i)	113		108
2.43%, 08/25/35 (i)	193		182
Bear Stearns Alt-A Trust REMIC 2.81%, 01/25/36 (i)	923		507
2.99%, 08/25/36 (i)	370		190
Bear Stearns Asset Backed Securities Trust REMIC, 1.26%, 08/25/37 (i)	1,085		717
Bear Stearns Commercial Mortgage Securities Inc. Principal Only REMIC, 0.00%, 05/18/11 (f) (j) (r)	2,200		2,185
Bear Stearns Structured Products Inc. REMIC 2.36%, 01/26/36 (i)	1,031		673
5.34%, 12/26/46 (i)	1,053		737
Capital Auto Receivables Asset Trust, 1.71%, 10/15/12 (i)	6,084		6,109
Chase Mortgage Finance Corp. REMIC, 2.90%, 02/25/37 (i)	221		204
Chevy Chase Mortgage Funding Corp. REMIC, 0.39%, 05/25/48 (i) (r)	1,020		464
Citigroup Mortgage Loan Trust Inc. REMIC
2.51%, 08/25/35 (i)	131		123
2.56%, 08/25/35 (i)	176		158
2.93%, 08/25/35 (i)	895		472
0.34%, 01/25/37 (i)	255		201
0.32%, 05/25/37 (i)	353		335
5.87%, 09/25/37 (i)	2,956		2,137
0.32%, 08/25/45 (i)	578		477
College Loan Corp. Trust, 0.54%, 01/25/24 (i)	800		797
Commercial Mortgage Pass Through Certificates REMIC, 3.16%, 11/10/15 (r)	1,697		1,701
Countrywide Asset-Backed Certificates REMIC 0.44%, 09/25/36 (i)	658		557
0.36%, 09/25/37 (i)	278		268
Countrywide Home Loan Mortgage Pass-Through Trust REMIC
2.98%, 08/25/34 (i)	542		396
3.07%, 04/20/35 (i)	658		627
Credit Suisse Mortgage Capital Certificates REMIC
5.38%, 11/15/16 (r)	1,000		1,039
5.86%, 02/25/37 (i)	1,131		657

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par	(p)	Value
5.47%, 09/19/39 (f) (r)	1,400		1,481
Credit-Based Asset Servicing and Securitization LLC REMIC, 0.38%, 07/25/37 (i) (r)	388		348
CS First Boston Mortgage Securities Corp. REMIC, 2.74%, 04/25/34 (i)	676		659
Deutsche Bank Alternate Loan Trust REMIC, 0.35%, 08/25/37 (i)	47		47
Deutsche Mortgage Securities Inc., 1.51%, 06/25/47 (i) (r)	926		924
First Franklin Mortgage Loan Asset Backed Certificates REMIC, 0.31%, 11/25/36 (i)	105		104
First NLC Trust REMIC, 0.33%, 08/25/37 (i) (r)	550		375
Ford Credit Auto Owner Trust, 2.76%, 05/15/13 (i)	6,975		7,055
Gallatin Funding Ltd., 0.54%, 08/15/17 (f) (i) (r)	1,200		1,111
GE Capital Commercial Mortgage Corp. REMIC, 4.71%, 05/10/43	94		94
GMAC Commercial Mortgage Securities Inc. REMIC, 5.24%, 11/10/45 (i)	2,000		2,122
Gracechurch Mortgage Financing Plc, 0.36%, 11/20/56 (i) (r)	446		438
Granite Master Issuer Plc 0.30%, 12/20/54 (i)	1,268		1,178
0.35%, 12/20/54 (i)	275		256
0.36%, 12/20/54 (i)	385		359
Greenwich Capital Commercial Funding Corp. REMIC, 5.44%, 03/10/39 (e)	4,000		4,214
GS Mortgage Securities Corp. REMIC, 4.59%, 08/12/43 (r)	4,300		4,342
GS Mortgage Securities Corp. II 0.35%, 03/06/20 (i) (r)	424		413
0.39%, 03/06/20 (i) (r)	3,100		2,986
GSR Mortgage Loan Trust REMIC, 3.04%, 01/25/35 (i)	526		494
Harborview Mortgage Loan Trust REMIC, 2.86%, 04/19/34 (i)	723		702
HSBC Home Equity Loan Trust REMIC 0.41%, 03/20/36 (i)	1,884		1,765
5.91%, 03/20/36 (i)	870		874
HSI Asset Securitization Corp. REMIC, 0.32%, 05/25/37 (i)	193		189
Indymac Index Mortgage Loan Trust REMIC, 2.82%, 03/25/35 (i)	1,192		1,018
IndyMac Index Mortgage Loan Trust REMIC, 5.06%, 11/25/35 (i)	1,631		1,433
IndyMac Residential Asset Backed Trust REMIC 0.39%, 04/25/37 (i)	143		141
0.34%, 07/25/37 (i)	10		10
JP Morgan Mortgage Trust REMIC
3.10%, 08/25/35 (i)	872		753
3.15%, 08/25/35 (i)	603		530
5.42%, 09/25/35 (i)	245		229
5.54%, 07/27/37 (r)	1,402		1,203
JPMorgan Chase Commercial Mortgage Securities Corp. REMIC, 3.01%, 07/25/35 (i)	556		530
Landmark CDO Ltd., 0.60%, 06/01/17 (f) (i) (q)	4,534		4,253
LB-UBS Commercial Mortgage Trust REMIC, 5.42%, 02/15/40	6,200		6,511
Lehman Brothers Mortgage Loan Trust REMIC, 0.35%, 06/25/37 (i) (r)	458		190
Magnolia Funding Ltd., 3.00%, 04/20/17 (r), EUR	758		1,005
MASTR Adjustable Rate Mortgages Trust REMIC, 2.61%, 12/25/33 (i)	1,311		1,186
MASTR Asset Backed Securities Trust REMIC, 0.34%, 05/25/37 (i)	233		225

	Shares/Par	(p)	Value
Merrill Lynch First Franklin Mortgage Loan Trust REMIC, 0.32%, 07/25/37 (i)	134		133
Merrill Lynch Mortgage Investors Inc. REMIC 2.35%, 02/25/33 (i)	280		262
2.89%, 02/25/34 (i)	605		572
MLCC Mortgage Investors Inc. REMIC, 4.25%, 10/25/35 (i)	832		712
Morgan Stanley Capital I REMIC, 0.32%, 05/25/37 (i)	332		288
Nationstar Home Equity Loan Trust REMIC, 0.32%, 06/25/37 (i)	277		272
Nautique Funding Ltd. - Series 2006-1A, 0.54%, 04/15/20 (f) (i) (r)	481		432
Navigare Funding CLO Ltd., 0.54%, 05/20/19 (f) (i) (r)	500		461
Navigator CDO Ltd., 1.14%, 11/15/15 (f) (i) (r)	992		958
NCUA Guaranteed Notes REMIC
0.72%, 10/07/20 (i)	4,367		4,362
0.82%, 12/08/20 (f) (i)	4,900		4,885
Nelnet Student Loan Trust, 0.99%, 07/25/18 (i)	1,100		1,108
New York Life Investment Management Flatiron CLO Ltd., 0.51%, 08/08/20 (f) (i) (q)	500		464
Provident Funding Mortgage Loan Trust REMIC, 2.77%, 08/25/33 (i)	496		469
RBSCF Trust REMIC, 6.01%, 08/16/17 (i) (r)	1,700		1,816
Residential Asset Mortgage Products Inc. REMIC, 0.34%, 02/25/27 (i)	206		205
Residential Asset Securities Corp. REMIC, 0.37%, 02/25/30 (i)	141		138
Residential Asset Securitization Trust REMIC, 5.50%, 06/25/33	255		259
SLM Student Loan Trust
0.74%, 01/25/17 (i)	3,100		3,104
0.29%, 04/25/17 (i)	89		89
0.40%, 04/25/17 (i)	264		264
1.91%, 12/15/17 (i) (r)	2,306		2,306
1.79%, 04/25/23 (i)	9,581		9,890
1.11%, 10/25/23 (i), EUR	2,700		3,375
REMIC, 0.33%, 04/25/19 (i)	6,300		6,066
STRU BC-1270 FA, 01/28/41 (f)	8,900		8,896
Structured Adjustable Rate Mortgage Loan Trust REMIC, 2.77%, 02/25/34 (i)	951		902
Structured Asset Mortgage Investments Inc. REMIC
0.59%, 10/19/34 (i)	45		41
0.36%, 04/25/37 (i)	64		64
Swan 2010-1, 6.13%, 04/25/41, AUD	807		818
Symphony CLO Ltd., 0.53%, 05/15/19 (f) (i) (q)	2,200		1,993
TBW Mortgage Backed Pass-Through Certificates REMIC, 5.97%, 09/25/36 (i)	485		137
Thornburg Mortgage Securities Trust REMIC
0.36%, 03/25/37 (i)	1,632		1,592
0.36%, 03/25/37 (i)	849		829
Vornado DP LLC, 4.00%, 09/13/20 (r)	4,600		4,460
Wachovia Bank Commercial Mortgage Trust REMIC 0.34%, 06/15/20 (i) (r)	1,026		959
0.35%, 09/15/21 (i) (r)	1,428		1,391
5.09%, 08/15/41 (i)	1,000		1,060
Washington Mutual Alternative Mortgage Pass- Through Certificates REMIC, 5.26%, 12/25/35 (i)	545		489
Washington Mutual Mortgage Pass-Through Certificates REMIC
2.37%, 03/25/33 (i)	184		174
2.70%, 06/25/33 (i)	594		567
2.78%, 09/25/33 (i)	634		637
5.50%, 08/25/35 (i)	618		574

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
1.33%, 08/25/46 (i)		1,639	1,074
1.10%, 05/25/47 (i)		770	508
Wells Fargo Mortgage Backed Securities Trust REMIC 4.97%, 12/25/34 (i)		677	662
3.29%, 04/25/36 (i)		2,349	2,042
Wood Street CLO BV, 1.39%, 03/29/21 (f) (i) (r), EUR		596	733
Total Non-U.S. Government Agency Asset- Backed Securities (cost $190,724)			187,585
CORPORATE BONDS AND NOTES - 27.6%
CONSUMER DISCRETIONARY - 0.1%
Macy’s Retail Holdings Inc., 7.45%, 07/15/17		1,000	1,100
Videotron Ltee, 6.88%, 01/15/14		1,400	1,417
			2,517
CONSUMER STAPLES - 0.1%
Reynolds American Inc., 1.00%, 06/15/11 (i)		700	701
WM Wrigley Jr. Co., 1.68%, 06/28/11 (i) (r)		1,500	1,500
			2,201
ENERGY - 0.5%
Gaz Capital SA, 7.34%, 04/11/13 (r)		300	326
Gazprom Via Gaz Capital SA, 5.09%, 11/29/15 (q)		1,600	1,636
Kinder Morgan Energy Partners LP, 5.70%, 01/05/16		5,000	5,062
Petroleos Mexicanos, 5.50%, 01/21/21		1,200	1,215
			8,239
FINANCIALS - 25.6%
Achmea Hypotheekbank NV, 3.20%,
11/03/14 (r)		4,000	4,162
Ally Financial Inc.
7.25%, 03/02/11 (e)		1,300	1,306
5.38%, 06/06/11		500	503
6.88%, 09/15/11		500	514
1.75%, 10/30/12		8,700	8,854
American Express Bank FSB, 0.39%,
05/29/12 (e) (i)		800	796
American Express Credit Corp., 0.38%,
02/24/12 (i)		1,700	1,695
American International Group Inc.
0.40%, 10/18/11 (i)		1,000	992
5.05%, 10/01/15		1,200	1,232
5.85%, 01/16/18		1,100	1,134
8.25%, 08/15/18		1,000	1,152
8.18%, 05/15/58		4,700	5,005
ANZ National International Ltd.
6.20%, 07/19/13 (r)		2,000	2,202
0.72%, 08/19/14 (i) (r)		2,000	2,014
Australia & New Zealand Banking Group Ltd., 0.58%, 06/18/12 (i) (r)		5,000	5,007
Banco Mercantil del Norte SA, 4.38%, 07/19/15 (e) (r)		3,900	3,958
Banco Santander Brazil SA, 0.00%, 12/28/11 (f) (j) (q)		600	585
Bank of America Corp., 5.38%, 06/15/14		600	631
Bank of Montreal, 2.85%, 06/09/15 (r)		5,500	5,587
Bank of Scotland Plc, 4.88%, 04/15/11		1,400	1,415
Barclays Bank Plc
7.43% (callable at 100 beginning 12/15/17) (m) (r)		200	196
6.05%, 12/04/17 (r)		2,000	2,052
BPCE SA, 2.38%, 10/04/13 (r)		2,700	2,690

	Shares/Par (p)		Value
Citibank NA, 1.38%, 08/10/11		11,100	11,167
Citigroup Funding Inc., 1.88%, 10/22/12 (e)		20,100	20,503
Citigroup Inc.
5.25%, 02/27/12		1,300	1,355
5.30%, 10/17/12 (e)		1,000	1,059
5.50%, 04/11/13		1,200	1,278
0.57%, 11/05/14 (i)		800	761
Commonwealth Bank of Australia
0.71%, 07/12/13 (i) (r)		14,700	14,726
0.80%, 06/25/14 (i) (r)		3,800	3,817
0.58%, 09/17/14 (i) (r)		3,800	3,787
Countrywide Financial Corp., 5.80%, 06/07/12 (e)		7,000	7,365
DanFin Funding Ltd., 0.99%, 07/16/13 (i) (r)		5,800	5,793
Dexia Credit Local
0.95%, 09/23/11 (i) (r)		1,300	1,303
0.70%, 03/05/13 (i) (r)		3,100	3,090
0.77%, 04/29/14 (i) (r)		18,700	18,627
FIH Erhvervsbank A/S, 2.00%, 06/12/13 (r)		800	813
Ford Motor Credit Co. LLC
7.25%, 10/25/11		3,150	3,256
7.80%, 06/01/12		650	691
7.00%, 10/01/13		2,200	2,359
General Electric Capital Corp.
0.30%, 09/21/12 (i)		15,200	15,205
0.30%, 12/21/12 (i)		34,600	34,606
2.63%, 12/28/12		6,700	6,949
Goldman Sachs Group Inc., 0.47%, 02/06/12 (i)		700	699
HSBC Finance Corp.
0.56%, 04/24/12 (e) (i)		3,602	3,585
0.64%, 07/19/12 (i)		1,200	1,191
ING Bank NV
0.92%, 01/13/12 (i) (r)		7,700	7,695
1.61%, 10/18/13 (i) (r)		4,100	4,094
International Lease Finance Corp.
0.63%, 07/01/11 (i)		2,000	1,968
6.38%, 03/25/13		700	718
5.63%, 09/20/13		1,100	1,106
6.63%, 11/15/13		500	511
6.50%, 09/01/14 (r)		1,000	1,060
6.75%, 09/01/16 (r)		900	961
7.13%, 09/01/18 (r)		1,700	1,806
LeasePlan Corp. NV, 3.00%, 05/07/12 (r)		5,300	5,445
Lehman Brothers Holdings Inc.
6.20%, 09/26/14 (c) (d)		200	46
6.88%, 05/02/18 (c) (d)		1,200	297
7.00%, 09/27/27 (c) (d)		100	23
Macquarie Bank Ltd.
2.60%, 01/20/12 (r)		900	917
4.10%, 12/17/13 (e)		27,200	29,196
Marsh & McLennan Cos. Inc., 5.75%, 09/15/15		1,000	1,076
Merrill Lynch & Co. Inc.
0.53%, 06/05/12 (i)		1,000	991
6.05%, 08/15/12 (e)		16,100	17,048
1.76%, 09/27/12 (i), EUR		600	776
5.45%, 07/15/14 (e)		200	210
Metropolitan Life Global Funding I, 1.43%,
09/17/12 (i) (r)		1,100	1,118
Morgan Stanley
1.15%, 12/01/11 (i)		2,000	2,016
0.55%, 01/09/12 (i)		9,700	9,692
1.36%, 03/01/13 (i), EUR		2,100	2,681
2.79%, 05/14/13 (i)		2,600	2,694
0.60%, 01/09/14 (i)		5,300	5,114
0.77%, 10/15/15 (i)		1,000	938
0.74%, 10/18/16 (i)		1,000	924
National Australia Bank Ltd. 5.35%, 06/12/13 (r)		1,700	1,841

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
0.80%, 07/08/14 (i) (r)		1,900	1,920
New York Life Global Funding, 4.65%, 05/09/13 (r)		1,800	1,936
NIBC Bank NV, 2.80%, 12/02/14 (r)		15,100	15,564
Pacific Life Global Funding, 5.15%, 04/15/13 (r)		500	535
Pearson Dollar Finance Plc, 5.70%, 06/01/14 (r)		1,000	1,084
Racers Trust, 0.53%, 07/25/17 (f) (i) (q)		997	978
Royal Bank of Scotland Group Plc, 0.55%, 03/30/12 (i) (r)		18,800	18,789
Royal Bank of Scotland Plc
1.45%, 10/20/11 (r)		15,300	15,386
3.00%, 12/09/11 (r)		1,600	1,633
1.19%, 04/23/12 (i)		400	404
2.70%, 08/23/13 (i)		19,700	20,003
Santander US Debt SA Unipersonal, 1.10%, 03/30/12 (i) (r)		12,700	12,552
SLM Corp.
1.38%, 04/26/11 (i), EUR		400	525
0.52%, 10/25/11 (i)		1,400	1,380
5.38%, 01/15/13		400	408
5.05%, 11/14/14		600	573
Svenska Handelsbanken AB, 1.30%, 09/14/12 (i) (r)		4,300	4,314
TransCapitalInvest Ltd., 7.70%, 08/07/13 (r) (e)		1,500	1,667
UBS AG Stamford
1.38%, 02/23/12 (i)		4,000	4,027
2.25%, 08/12/13		7,100	7,161
Wachovia Corp.
0.42%, 04/23/12 (i)		6,400	6,392
2.06%, 05/01/13 (i)		4,200	4,318
Wells Fargo & Co.
7.98% (callable at 100 beginning
03/15/18) (m)		1,300	1,371
0.49%, 10/28/15 (e) (i)		500	482
Wells Fargo Capital XIII, 7.70%, (callable at 100 beginning 03/26/13) (m)		800	827
Western Corporate Federal Credit Union, 1.75%, 11/02/12		5,400	5,498
Westpac Banking Corp.
3.59%, 08/14/14 (r)		4,400	4,690
0.58%, 09/10/14 (i) (r)		700	701
Westpac Securities NZ Ltd., 2.50%, 05/25/12 (r)		2,700	2,763
			458,510
HEALTH CARE - 0.3%
Amgen Inc., 0.13%, 02/01/11		700	699
HCA Inc., 7.25%, 09/15/20 (e)		4,700	4,912
			5,611
INDUSTRIALS - 0.1%
GATX Financial Corp., 5.80%, 03/01/16		1,000	1,081
INFORMATION TECHNOLOGY - 0.3%
Seagate Technology Inc., 6.38%, 10/01/11		5,000	5,131
MATERIALS - 0.3%
Dow Chemical Co.
2.54%, 08/08/11 (i)		4,000	4,043
4.85%, 08/15/12		1,000	1,054
Rexam Plc, 6.75%, 06/01/13 (r)		700	763
			5,860
TELECOMMUNICATION SERVICES - 0.3%
Telefonica Emisiones SAU, 0.62%, 02/04/13 (i)		4,641	4,559

	Shares/Par	(p)	Value
Verizon Wireless Capital LLC, 3.75%, 05/20/11	1,300		1,316
			5,875
Total Corporate Bonds and Notes (cost $487,930)			495,025
GOVERNMENT AND AGENCY OBLIGATIONS - 93.1%
GOVERNMENT SECURITIES - 91.6%
Federal Home Loan Mortgage Corp. - 1.7% (w)
Federal Home Loan Mortgage Corp., 0.21%, 12/21/11 - 12/29/11 (i)	31,300		31,290
			31,290
Federal National Mortgage Association - 2.3% (w)
Federal National Mortgage Association
0.75%, 12/18/13 (e)	21,300		21,062
1.25%, 03/14/14	7,100		7,060
4.02%, 02/11/15	3,400		3,414
6.00%, 03/09/20	6,700		6,947
5.38%, 04/11/22	1,100		1,160
6.28%, 06/15/27	1,000		1,048
			40,691
Municipals - 0.1%
Illinois Student Assistance Commission, 0.77%, 04/25/17 (i)	1,500		1,497
Tobacco Settlement Authority of West Virgina, 7.47%, 06/01/47	475		329
Tobacco Settlement Financing Corp., 4.75%, 06/01/34	1,000		605
Tobacco Settlement Funding Corp., 5.00%, 06/01/41	200		119
			2,550
Sovereign - 1.7%
Australia Government Bond
3.00%, 09/20/25, AUD	10,800		11,785
2.50%, 09/20/30, AUD	800		789
New South Wales Treasury Corp., 2.75%, 11/20/25, AUD	6,100		6,239
Societe Financement de l’Economie Francaise
2.13%, 01/30/12 (e) (r)	400		406
0.49%, 07/16/12 (i) (r)	10,600		10,616
			29,835
Treasury Inflation Index Securities - 85.8%
Australian Government Treasury Inflation
Indexed Bond, 4.00%, 08/20/20 (s), AUD	1,300		2,151
U.S. Treasury Inflation Indexed Note
2.38%, 04/15/11 (n)	9,366		9,449
3.38%, 01/15/12 (n)	11,578		12,104
2.00%, 04/15/12 (n) (o)	50,226		52,050
3.00%, 07/15/12 (n)	27,065		28,748
0.63%, 04/15/13 (n) (o)	46,253		47,652
1.88%, 07/15/13, TBA (g) (n)	96,394		102,788
2.00%, 01/15/14 - 01/15/26 (n)	50,538		54,321
1.25%, 04/15/14 (e) (n)	41,854		44,016
2.00%, 07/15/14 - 01/15/26, TBA (g) (n)	89,333		95,776
1.63%, 01/15/15 - 01/15/18 , TBA (g) (n)	150,826		161,044
1.63%, 01/15/15 - 01/15/18 (n)	15,021		16,070
1.88%, 07/15/15 (n) (o)	73,425		79,539
2.00%, 01/15/16, TBA (g) (o)	97,209		105,851
2.50%, 07/15/16 - 01/15/29 , TBA (g) (n)	94,025		106,155
2.50%, 07/15/16 - 01/15/29 (n)	977		1,105
2.63%, 07/15/17 (n)	32,186		36,629
1.88%, 07/15/19 (n)	9,833		10,692
1.38%, 01/15/20 - 01/15/20 , TBA (g) (n)	64,255		66,774
1.38%, 01/15/20 (n)	5,542		5,760
1.25%, 07/15/20 - 07/15/20 , TBA (g) (n)	31,900		32,662
2.38%, 01/15/25 - 01/15/27 , TBA (g) (n)	135,222		150,395

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

		Shares/Par	(p)	Value
2.00%, 01/15/26, TBA (g) (n) (o)		13,043		13,849
2.38%, 01/15/27 (n) (o)		50,179		55,765
1.75%, 01/15/28, TBA (g) (n)		48,032		48,895
1.75%, 01/15/28 (n) (o)		647		659
3.63%, 04/15/28, TBA (g) (n)		72,125		93,103
3.63%, 04/15/28 (n) (o)		206		265
3.88%, 04/15/29, TBA (g) (n)		38,589		51,754
2.13%, 02/15/40, TBA (g) (n)		39,188		41,478
2.13%, 02/15/40 (n)		11,920		12,617
				1,540,116
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED
SECURITIES - 1.5%
Federal Home Loan Mortgage Corp. - 0.2%
Federal Home Loan Mortgage Corp.
6.61%, 07/01/36 (i)		651		684
6.32%, 09/01/36 (i)		564		593
6.54%, 10/01/36 (i)		719		760
REMIC, 1.54%, 10/25/44 (i)		763		745
REMIC, 1.54%, 02/25/45 (i)		567		558
				3,340
Federal National Mortgage Association - 0.7%
Federal National Mortgage Association
4.50%, 04/01/23 - 04/01/24		10,939		11,486
2.40%, 11/01/35 (i)		174		180
5.57%, 03/01/36 (i)		380		406
5.86%, 06/01/36 (i)		148		159
REMIC, 5.00%, 02/25/17		234		238
REMIC, 1.06%, 02/25/36 (i)		895		894
REMIC, 0.32%, 07/25/37 (i)		578		571
				13,934
Government National Mortgage Association - 0.5%
Government National Mortgage Association REMIC, 0.56%, 03/20/37 (i)		8,647		8,606
Small Business Administration Participation Certificates - 0.1%
Small Business Administration Participation Certificates, 5.29%, 12/01/27		1,440		1,555
Total Government and Agency Obligations (cost $1,693,074)				1,671,917
PREFERRED STOCKS - 0.0%
FINANCIALS - 0.0%
Wells Fargo & Co., Convertible Preferred, 7.50%, Series L (m)		1		500
Total Preferred Stocks (cost $500)				500
SHORT TERM INVESTMENTS - 37.3%
Certificates of Deposit 0.7%
Barclays Bank Plc, 1.40%, 12/16/11 (i)	$	11,800		11,799
Federal Home Loan Bank 8.5% (w)
Federal Home Loan Bank
0.06%, 01/07/11		135,000		134,999
0.14%, 02/11/11		18,000		17,997
				152,996
Federal Home Loan Mortgage Corp. 7.7% (w)
Federal Home Loan Mortgage Corp.
0.01%, 01/03/11		61,400		61,400
0.12%, 01/24/11		1,200		1,200
0.05%, 01/28/11		3,400		3,400
0.17%, 03/14/11		11,100		11,098
0.21%, 06/06/11 - 06/13/11		60,400		60,358
				137,456

	Shares/Par (p)	Value
Federal National Mortgage Association 13.4% (w)
Federal National Mortgage Association
0.07%, 01/18/11	6,200	6,200
0.12%, 02/01/11	210,800	210,778
0.16%, 03/23/11	23,700	23,695
		240,673
Investment Company 0.0% JNL Money Market Fund, 0.08% (a) (h)	400	400
Securities Lending Collateral 2.3% Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)	41,966	41,966
Treasury Securities 4.7%
Japan Treasury Bill, 01/31/11, JPY	6,710,000	82,637
U.S. Treasury Bill
0.17%, 05/26/11 (o)	$320	320
0.17%, 06/09/11 (o)	610	609
0.18%, 06/16/11 (o)	300	300
		83,866
Total Short Term Investments (cost $669,149)		669,156
Total Investments - 168.5% (cost $3,041,377)		3,024,183
Total Forward Sales Commitments - (0.1)% (proceeds $1,538)		(1,540)
Other Assets and Liabilities, Net - (68.4%) (o)		(1,227,557)
Total Net Assets - 100.0%	$	1,795,086
Forward Sales Commitments - 0.1%
GOVERNMENT AND AGENCY OBLIGATIONS - 0.1%
Treasury Inflation Index Securities - 0.1%
U.S. Treasury Inflation Indexed Note, 1.25%, 07/15/20 (n)	$1,504 $	1,540
Total Forward Sales Commitments - 0.1% (proceeds $1,538)	$	1,540
JNL/PIMCO Total Return Bond Fund
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES - 6.1%
Access Group Inc., 1.59%, 10/27/25 (i)	$7,230 $	7,391
Ally Auto Receivables Trust, 1.32%, 03/15/12 (r)	847	848
American Home Mortgage Investment Trust
REMIC, 2.26%, 02/25/45 (i)	360	321
Amortizing Residential Collateral Trust REMIC, 0.84%, 07/25/32 (i)	15	14
Arran Residential Mortgages Funding Plc
2.20%, 05/16/47 (f) (r), EUR	1,800	2,404
2.40%, 05/16/47, EUR	4,800	6,384
Asset Backed Securities Corp. Home Equity REMIC, 0.54%, 09/25/34 (i)	294	268
Banc of America Commercial Mortgage Inc. REMIC
5.74%, 05/10/45 (i)	2,000	2,190
5.66%, 06/10/49 (i)	2,830	2,905
Banc of America Funding Corp. REMIC,
2.86%, 05/25/35 (i)	507	492
Banc of America Large Loan Inc. REMIC,
2.01%, 11/15/13 (i) (r)	997	889

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Banc of America Mortgage Securities Inc. REMIC
6.50%, 10/25/31		63	64
6.50%, 09/25/33		31	32
Bear Stearns Adjustable Rate Mortgage REMIC
3.52%, 11/25/30 (i)		3	3
3.10%, 02/25/33 (i)		14	13
5.67%, 02/25/33 (i)		16	16
2.85%, 04/25/33 (i)		79	76
3.11%, 01/25/34 (i)		291	278
Bear Stearns Adjustable Rate Mortgage Trust REMIC
3.11%, 11/25/34 (i)		1,560	1,315
3.61%, 11/25/34 (i)		420	410
2.93%, 03/25/35 (i)		3,734	3,562
Bear Stearns Alt-A Trust REMIC
2.88%, 05/25/35 (i)		690	536
2.95%, 09/25/35 (i)		437	332
Bear Stearns Commercial Mortgage Securities Inc. REMIC
5.33%, 02/11/44		300	308
5.47%, 01/12/45 (i)		700	747
Bear Stearns Structured Products Inc. REMIC
2.36%, 01/26/36 (i)		1,289	841
5.34%, 12/26/46 (i)		724	507
Chase Issuance Trust, 1.80%, 09/15/15 (i)		12,800	13,218
Citigroup Mortgage Loan Trust Inc. REMIC
2.68%, 12/25/35 (i)		197	188
0.32%, 08/25/45 (i)		1,444	1,192
Commercial Mortgage Pass-Through Certificates REMIC, 5.31%, 12/10/46		2,100	2,190
Countrywide Alternative Loan Trust REMIC,
0.44%, 05/25/47 (i)		873	504
Countrywide Asset-Backed Certificates REMIC,
0.37%, 09/25/26 (i)		22	22
Countrywide Home Loan Mortgage Pass-Through Trust REMIC
3.12%, 11/25/34 (i)		1,056	850
2.92%, 02/20/35 (i)		1,791	1,550
5.75%, 12/25/35		10,154	9,261
3.02%, 02/20/36 (i)		242	193
Credit Suisse Mortgage Capital Certificates REMIC
5.66%, 03/15/39 (i)		200	210
5.70%, 09/15/40 (i)		7,800	8,008
CS First Boston Mortgage Securities Corp. REMIC, 0.88%, 03/25/32 (i) (r)		24	21
Equity One ABS Inc., 0.82%, 11/25/32 (i)		172	153
First American Alternative Mortgage Securities REMIC, 2.57%, 09/25/35 (i)		528	389
First Horizon Asset Securities Inc. REMIC
2.88%, 10/25/35 (i)		3,341	2,713
5.68%, 02/25/36 (i)		3,999	3,755
GE Capital Commercial Mortgage Corp. REMIC, 4.23%, 12/10/37		329	332
Granite Master Issuer Plc
0.35%, 12/17/54 (i)		3,193	2,971
0.36%, 12/20/54 (i)		18,112	16,854
REMIC, 0.33%, 12/20/54 (i) (r)		1,459	1,357
GreenPoint Mortgage Funding Trust REMIC, 0.34%, 01/25/47 (i)		327	314
Greenwich Capital Commercial Funding Corp. REMIC 5.44%, 03/10/39 (e)		1,000	1,054
4.80%, 08/10/42 (i)		100	106
GS Mortgage Securities Corp. II, 0.35%, 03/06/20 (i) (r)		1,664	1,623
GSR Mortgage Loan Trust REMIC 2.82%, 09/25/35 (i)		2,312	2,206

	Shares/Par (p)		Value
5.19%, 11/25/35 (i)		1,122	1,089
Harborview Mortgage Loan Trust REMIC 0.48%, 05/19/35 (i)		193	125
2.96%, 07/19/35 (i)		896	710
HSBC Home Equity Loan Trust REMIC, 0.55%, 01/20/34 (i)		1,250	1,140
HSI Asset Securitization Corp. REMIC, 0.31%, 12/25/36 (i)		51	50
IndyMac ARM Trust REMIC, 1.96%, 01/25/32 (i)		1	—
IndyMac Index Mortgage Loan Trust REMIC, 2.59%, 01/25/36 (i)		923	571
JPMorgan Chase Commercial Mortgage Securities Corp. REMIC
4.07%, 09/15/20 (r)		4,600	4,374
5.34%, 05/15/47		1,900	1,972
5.44%, 06/12/47		11,300	11,842
5.42%, 01/15/49 (e)		6,400	6,656
5.79%, 02/12/51 (i)		14,500	15,444
5.88%, 02/15/51 (i)		700	741
JPMorgan Mortgage Trust REMIC
5.04%, 02/25/35 (i)		388	388
5.75%, 01/25/36		474	428
Long Beach Mortgage Loan Trust REMIC, 0.54%, 10/25/34 (i)		34	28
MASTR Asset Backed Securities Trust REMIC
0.31%, 01/25/37 (i)		542	172
0.34%, 05/25/37 (i)		266	257
Mellon Residential Funding Corp. REMIC
2.61%, 10/20/29 (i)		193	178
0.74%, 06/15/30 (i)		404	393
Merrill Lynch Mortgage Investors Inc. REMIC
2.46%, 05/25/33 (i)		675	669
0.47%, 02/25/36 (i)		441	338
Merrill Lynch/Countrywide Commercial Mortgage
Trust REMIC
5.96%, 07/12/17 (i)		10,700	11,516
5.49%, 03/12/51 (i)		1,500	1,529
Mid-State Trust REMIC, 8.33%, 04/01/30		9	9
MLCC Mortgage Investors Inc. REMIC
1.26%, 10/25/35 (i)		199	172
0.51%, 11/25/35 (i)		344	307
Morgan Stanley Asset-Backed Securities Capital I REMIC, 0.30%, 01/25/37 (i)		182	176
Morgan Stanley Capital I REMIC
0.32%, 10/15/20 (i) (r)		385	370
5.81%, 12/12/49		100	107
Morgan Stanley Re-REMIC Trust REMIC, 5.81%, 04/12/17 (i) (r)		800	855
Park Place Securities Inc. REMIC, 0.57%, 10/25/34 (i)		299	295
Prime Mortgage Trust REMIC
0.66%, 02/25/19 (i)		10	10
0.66%, 02/25/34 (i)		77	70
Securitized Asset Backed Receivables LLC Trust REMIC, 0.32%, 12/25/36 (i)		344	131
Sequoia Mortgage Trust REMIC, 0.61%, 10/19/26 (i)		82	71
SLM Student Loan Trust
0.59%, 01/25/15 (i)		313	313
0.29%, 10/25/16 (i)		213	213
2.91%, 12/16/19 (i) (r)		1,000	1,000
1.79%, 04/25/23 (i)		10,926	11,278
Structured Asset Mortgage Investments Inc. REMIC
0.92%, 09/19/32 (i)		76	67
0.51%, 07/19/35 (i)		871	808
0.39%, 03/25/37 (i)		1,657	1,012

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par	(p)	Value
Structured Asset Securities Corp. REMIC
2.68%, 02/25/32 (i)	3		2
0.55%, 01/25/33 (i)	10		9
0.31%, 10/25/36 (i)	82		82
Thornburg Mortgage Securities Trust REMIC
0.38%, 08/25/11 (i)	2,130		2,110
0.37%, 12/25/36 (i)	610		602
Vendee Mortgage Trust REMIC, 6.50%, 09/15/24	553		582
Wachovia Bank Commercial Mortgage Trust REMIC
0.34%, 06/15/20 (i) (r)	1,832		1,713
0.35%, 09/15/21 (i) (r)	5,864		5,713
Washington Mutual Mortgage Pass-Through Certificates REMIC
2.20%, 02/25/31 (i)	1		1
1.73%, 08/25/42 (i)	177		160
1.53%, 11/25/42 (i)	100		88
0.55%, 10/25/45 (i)	193		163
Wells Fargo Mortgage Backed Securities Trust REMIC
4.91%, 01/25/35 (i)	1,023		1,028
3.42%, 03/25/36 (i)	975		862
2.90%, 04/25/36 (i)	5,272		4,583
Total Non-U.S. Government Agency Asset- Backed Securities (cost $195,234)			199,952
CORPORATE BONDS AND NOTES - 28.7%
CONSUMER DISCRETIONARY - 0.3%
Comcast Corp.
5.88%, 02/15/18 (e)	400		444
6.45%, 03/15/37 (e)	400		427
Ford Motor Co. Term Loan B, 3.04%, 12/15/13 (i)	3,000		2,999
Princeton University, 5.70%, 03/01/39	4,500		4,831
Target Corp., 5.13%, 01/15/13	3,000		3,247
			11,948
CONSUMER STAPLES - 0.5%
Altria Group Inc., 4.13%, 09/11/15	2,500		2,614
Anheuser-Busch Cos. Inc., 5.50%, 01/15/18	100		110
Campbell Soup Co., 4.50%, 02/15/19	6,800		7,187
Kraft Foods Inc.
2.63%, 05/08/13 (e)	3,000		3,085
6.13%, 02/01/18 (e)	1,400		1,599
6.88%, 02/01/38	600		697
Philip Morris International Inc., 5.65%, 05/16/18 (e)	1,200		1,353
			16,645
ENERGY - 2.6%
Chesapeake Energy Corp., 2.25%, 12/15/38	900		701
El Paso Corp.
8.05%, 10/15/30	600		609
7.80%, 08/01/31	800		796
Gaz Capital SA
6.21%, 11/22/16 (r)	300		318
9.25%, 04/23/19	7,900		9,708
Gazprom - White Nights, 10.50%, 03/25/14	300		359
Gazprom International SA, 7.20%, 02/01/20	116		123
Gazprom OAO, 9.63%, 03/01/13	200		227
Kinder Morgan Energy Partners LP, 5.95%, 02/15/18	6,400		7,048
Korea Hydro & Nuclear Power Co. Ltd., 6.25%, 06/17/14 (r)	3,300		3,622

	Shares/Par	(p)	Value
Odebrecht Drilling Norbe VIII/IX Ltd., 6.35%, 06/30/21 (e) (r)	1,000		1,040
Peabody Energy Corp., 7.88%, 11/01/26	500		543
Petrobras International Finance Co.
5.88%, 03/01/18	1,300		1,384
8.38%, 12/10/18 (e)	700		851
7.88%, 03/15/19	16,800		19,860
Petroleos Mexicanos
8.00%, 05/03/19	6,500		7,832
5.50%, 01/21/21	6,900		6,986
Petroleum Export Ltd. Term Loan B, 5.00%, 12/20/12 (f) (i)	4,900		4,886
Ras Laffan Liquefied Natural Gas Co. Ltd. III, 5.84%, 09/30/27 (r)	500		517
Shell International Finance BV, 5.50%, 03/25/40 (e)	1,300		1,393
Total Capital SA, 4.45%, 06/24/20	1,000		1,037
Transocean Inc.
4.95%, 11/15/15	700		723
1.50%, 12/15/37 (e)	13,900		13,691
			84,254
FINANCIALS - 21.0%
Allstate Life Global Funding Trust, 5.38%, 04/30/13 (e)	1,900		2,069
Ally Financial Inc.
6.88%, 09/15/11	500		513
6.00%, 12/15/11	200		204
6.88%, 08/28/12 (e)	2,400		2,508
7.50%, 12/31/13	10,000		10,725
8.30%, 02/12/15	1,400		1,540
6.25%, 12/01/17 (e) (q)	5,000		5,000
7.50%, 09/15/20 (e) (r)	1,900		1,993
8.00%, 11/01/31 (e)	10,000		10,775
American Express Bank FSB
5.50%, 04/16/13 (r)	2,700		2,910
6.00%, 09/13/17	300		334
American Express Centurion Bank, 6.00%, 09/13/17 (e)	300		334
American Express Co., 7.00%, 03/19/18	2,100		2,446
American General Finance Corp.
0.55%, 12/15/11 (e) (i)	10,300		9,646
4.88%, 07/15/12 (e)	500		471
6.90%, 12/15/17 (e)	1,900		1,534
American General Finance Corp. Term Loan,
7.25%, 04/16/15 (i)	1,000		1,017
American International Group Inc.
4.00%, 09/20/11, EUR	2,500		3,335
5.05%, 10/01/15	200		205
5.85%, 01/16/18	19,700		20,313
8.25%, 08/15/18	10,100		11,636
6.25%, 05/01/36 (e)	6,800		6,527
6.25%, 03/15/37 (i)	800		707
8.18%, 05/15/58 (e)	4,400		4,685
ANZ National International Ltd., 6.20%, 07/19/13 (r)	2,200		2,422
Banco Nac De Desen Econo, 4.13%, 09/15/17 (r), EUR	1,000		1,287
Banco Santander Chile SA, 1.54%, 04/20/12 (i) (r)	4,500		4,498
Bank of America Corp.
4.50%, 04/01/15	3,400		3,456
6.50%, 08/01/16	10,500		11,393
6.00%, 09/01/17	1,700		1,782
5.65%, 05/01/18	9,300		9,502
Bank of America NA
0.58%, 06/15/16 (i)	700		625
6.00%, 10/15/36	600		566

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par	(p)	Value
Bank of China Hong Kong Ltd., 5.55%, 02/11/20 (e) (r)	800		836
Bank of Montreal, 2.85%, 06/09/15 (r)	1,800		1,828
Bank of Nova Scotia, 1.65%, 10/29/15 (r)	2,200		2,103
Barclays Bank Plc 5.93% (callable at 100 beginning 12/15/16) (m) (r)	5,000		4,450
7.43% (callable at 100 beginning 12/15/17) (m) (r)	15,000		14,662
5.45%, 09/12/12	10,700		11,467
5.00%, 09/22/16 (e)	10,600		11,217
6.05%, 12/04/17 (r)	1,600		1,641
Bear Stearns Cos. Inc., 6.95%, 08/10/12	3,500		3,818
BNP Paribas, 5.19%, (callable at 100 beginning 06/29/15) (m) (r)	4,100		3,731
BPCE SA, 2.38%, 10/04/13 (r)	900		897
Cemex 10 Capital SPV Ltd., 6.72%, (callable at 100 beginning 12/31/16) (m) (r)	1,000		698
Citigroup Capital XXI, 8.30%, 12/21/57 (e)	9,800		10,192
Citigroup Inc.
5.50%, 08/27/12	1,500		1,590
5.63%, 08/27/12	1,000		1,049
5.30%, 10/17/12	600		635
5.50%, 04/11/13	13,900		14,801
5.85%, 07/02/13	400		432
5.50%, 10/15/14	10,900		11,744
6.00%, 08/15/17	2,200		2,386
8.50%, 05/22/19 (e)	1,000		1,241
6.13%, 08/25/36	1,700		1,629
Countrywide Financial Corp. 5.13%, 02/17/11, GBP	300		469
5.80%, 06/07/12 (e)	2,300		2,420
Credit Agricole SA, 8.38%, (callable at 100 beginning 10/13/19) (m) (r)	15,500		15,926
Deutsche Bank AG London, 6.00%, 09/01/17	3,000		3,361
Dexia Credit Local 0.95%, 09/23/11 (i) (r)	5,600		5,615
0.77%, 04/29/14 (e) (i) (r)	8,300		8,268
ENEL Finance International SA, 6.25%, 09/15/17 (r)	4,700		5,133
Export-Import Bank of Korea
5.88%, 01/14/15	9,700		10,504
5.13%, 06/29/20	1,400		1,442
FCE Bank Plc, 7.13%, 01/16/12, EUR	4,000		5,479
Fibria Overseas Finance Ltd., 7.50%, 05/04/20 (e) (r)	7,400		7,770
Fifth Third Bancorp, 8.25%, 03/01/38	10,200		11,739
FIH Erhvervsbank A/S, 0.67%, 06/13/13 (i) (r)	31,900		31,868
Ford Motor Credit Co. LLC
7.38%, 02/01/11 (e)	2,400		2,407
7.80%, 06/01/12	500		532
7.50%, 08/01/12	2,800		2,977
7.00%, 10/01/13	500		536
5.63%, 09/15/15	10,000		10,355
Fortis Bank Nederland Holding, 3.00%, 04/17/12, EUR	500		683
Gazprom - White Nights, 10.50%, 03/08/14	1,000		1,197
General Electric Capital Corp.
0.50%, 01/08/16 (e) (i)	100		94
5.50%, 09/15/67 (r), EUR	6,100		7,010
6.38%, 11/15/67	3,200		3,168
GMAC LLC, 6.88%, 08/28/12	100		104
Goldman Sachs Group Inc.
6.88%, 01/15/11 (e)	95		95
1.39%, 05/23/16 (i), EUR	400		482
5.63%, 01/15/17	1,800		1,903
6.25%, 09/01/17 (e)	4,400		4,856
5.95%, 01/18/18 (e)	1,200		1,302

	Shares/Par	(p)	Value
6.15%, 04/01/18	600		661
6.75%, 10/01/37	6,300		6,441
HSBC Holdings Plc
6.50%, 05/02/36	500		522
6.50%, 09/15/37	700		733
ING Bank NV, 1.10%, 03/30/12 (i) (r)	21,700		21,625
International Lease Finance Corp.
4.95%, 02/01/11	725		725
1.43%, 08/15/11 (i), EUR	2,800		3,646
5.55%, 09/05/12 (e)	4,200		4,247
6.75%, 09/01/16 (r)	1,900		2,028
JPMorgan Chase & Co.
7.90% (callable at 100 beginning
04/30/18) (m)	4,200		4,465
1.26%, 09/26/13 (i), EUR	100		130
6.00%, 01/15/18	1,200		1,340
JPMorgan Chase Bank NA, 6.00%, 10/01/17	4,100		4,545
JPMorgan Chase Capital XX, 6.55%, 09/29/36 (i)	300		302
Korea Development Bank, 8.00%, 01/23/14	1,200		1,370
Korea Housing Finance Corp., 4.13%, 12/15/15 (r)	2,900		2,924
LBG Capital No.1 Plc, 8.50%, (callable at 100 beginning 12/17/21) (f) (m)	200		177
LeasePlan Corp. NV, 3.13%, 02/10/12, EUR	3,500		4,769
Lehman Brothers Holdings Inc.
0.00%,11/24/08 (c) (d)	4,800		1,098
0.00%,12/23/08 (c) (d)	200		46
0.00%,04/03/09 (c) (d)	600		137
0.00%,11/10/09 (c) (d)	900		206
0.00%,11/16/09 (c) (d)	400		91
0.00%,04/15/11 (c) (d)	1,100		252
0.00%,07/18/11 (c) (d)	1,100		252
5.63%, 01/24/13 (c) (d)	1,600		392
6.20%, 09/26/14 (c) (d)	1,700		393
6.88%, 05/02/18 (c) (d)	1,000		247
Merrill Lynch & Co. Inc.
6.05%, 08/15/12 (e)	600		635
6.40%, 08/28/17 (e)	1,900		2,009
MetLife Inc., 6.40%, 12/15/36 (i)	500		470
Metropolitan Life Global Funding I, 0.69%, 07/13/11 (i) (r)	14,500		14,516
Morgan Stanley
6.60%, 04/01/12	2,500		2,664
2.79%, 05/14/13 (i)	1,500		1,554
6.25%, 08/28/17	1,200		1,293
5.95%, 12/28/17	1,800		1,904
7.30%, 05/13/19 (e)	200		225
National Australia Bank Ltd., 5.35%, 06/12/13 (r)	1,900		2,058
Nationwide Building Society, 4.65%, 02/25/15 (e) (r)	3,500		3,529
Nationwide Life Global Funding I, 5.45%, 10/02/12 (r)	16,200		16,699
Northern Rock Plc, 5.63%, 06/22/17 (q)	16,000		16,322
Ohio National Financial Services Inc., 6.38%, 04/30/20 (r)	900		937
Pacific LifeCorp., 6.00%, 02/10/20 (r)	900		946
Petroleum Export Ltd., 5.27%, 06/15/11 (r)	35		35
Principal Life Income Funding Trusts, 5.30%, 04/24/13 (e)	1,700		1,840
RBS Capital Trust I, 4.71%, (callable at 100 beginning 07/01/13) (m)	800		522
Resona Bank Ltd., 5.85%, (callable at 100 beginning 04/15/16) (m) (r)	300		300
Royal Bank of Scotland Group Plc, 6.99%, (callable at 100 beginning 10/05/17) (m) (r)	2,100		1,617

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Royal Bank of Scotland Plc
0.69%, 04/08/11 (i) (r)		8,100	8,103
1.45%, 10/20/11 (r)		22,900	23,029
3.00%, 12/09/11 (r)		6,700	6,839
2.63%, 05/11/12 (r)		2,100	2,150
4.88%, 08/25/14 (r)		400	410
3.95%, 09/21/15 (e)		500	492
RZD Capital Ltd., 5.74%, 04/03/17		1,500	1,559
Santander US Debt SA Unipersonal
1.10%, 03/30/12 (i) (r)		13,100	12,948
2.99%, 10/07/13 (r)		8,800	8,549
SLM Corp.
5.40%, 10/25/11		5,324	5,418
5.13%, 08/27/12		500	510
3.13%, 09/17/12, EUR		2,500	3,227
1.36%, 06/17/13 (i), EUR		1,250	1,481
8.45%, 06/15/18 (e)		3,400	3,534
5.63%, 08/01/33 (e)		800	628
State Bank of India, 4.50%, 07/27/15 (e) (r)		2,500	2,556
State Street Capital Trust III, 8.25%, (callable at 100 beginning 03/15/13) (m)		1,700	1,727
State Street Capital Trust IV, 1.30%,
06/15/37 (i)		200	150
Stone Street Trust, 5.90%, 12/15/15 (r)		7,000	7,258
Svenska Handelsbanken AB, 1.30%,
09/14/12 (i) (r)		17,000	17,057
Sydney Airport Finance Co. Pty Ltd., 5.13%, 02/22/21 (l) (r)		500	482
Temasek Financial I Ltd., 4.30%, 10/25/19 (e) (r)		1,800	1,834
TNK-BP Finance SA, 6.13%, 03/20/12 (r)		300	313
TransCapitalInvest Ltd., 8.70%, 08/07/18 (e) (r)		800	990
UBS AG Stamford
1.38%, 02/23/12 (i)		2,600	2,618
5.88%, 12/20/17		1,200	1,320
UBS Preferred Funding Trust V, 6.24%, (callable at 100 beginning 05/15/16) (m)		10,000	9,600
USB Capital IX, 6.19%, (callable at 100 beginning 04/15/11) (m)		200	154
VEB Finance Ltd., 6.90%, 07/09/20 (e) (r)		23,500	24,616
Vnesheconombank Via VEB Finance Ltd., 5.45%, 11/22/17 (q)		1,100	1,097
Wachovia Corp.
0.42%, 10/15/11 (i)		3,200	3,202
5.75%, 02/01/18 (e)		4,300	4,774
Wells Fargo & Co., 7.98%, (callable at 100 beginning 03/15/18) (m)		2,400	2,532
Westpac Banking Corp.
0.77%, 07/16/14 (i) (r)		1,000	1,005
3.59%, 08/14/14 (r)		1,800	1,919
ZFS Finance USA Trust I, 5.88%, 05/09/32 (r)		175	171
			685,791
HEALTH CARE - 0.7%
Amgen Inc., 6.15%, 06/01/18		7,300	8,514
AstraZeneca Plc
5.90%, 09/15/17		600	695
6.45%, 09/15/37		600	712
Novartis Capital Corp., 4.13%, 02/10/14		5,800	6,190
Roche Holdings Inc., 7.00%, 03/01/39 (l) (r)		3,600	4,540
UnitedHealth Group Inc., 4.88%, 02/15/13		1,600	1,703
			22,354
INDUSTRIALS - 0.2%
CSN Islands XI Corp., 6.88%, 09/21/19 (e) (r)		700	756
CSN Resources SA, 6.50%, 07/21/20 (e) (r)		700	738
Noble Group Ltd., 4.88%, 08/05/15 (e) (r)		1,000	1,030

	Shares/Par (p)		Value
Union Pacific Corp., 5.70%, 08/15/18		4,000	4,490
			7,014
INFORMATION TECHNOLOGY - 0.9%
Dell Inc., 4.70%, 04/15/13		3,600	3,865
International Business Machines Corp., 5.70%, 09/14/17		13,200	15,150
Oracle Corp.
4.95%, 04/15/13		4,200	4,576
5.75%, 04/15/18		4,100	4,690
			28,281
MATERIALS - 0.5%
Alcoa Inc., 6.15%, 08/15/20 (e)		2,900	2,978
Corp. Nacional del Cobre de Chile
7.50%, 01/15/19 (r)		1,900	2,313
6.15%, 10/24/36 (e) (r)		200	218
Gerdau Holdings Inc., 5.75%, 01/30/21 (e) (r)		900	902
Nucor Corp., 5.75%, 12/01/17 (e)		2,400	2,704
Rio Tinto Alcan Inc., 4.88%, 09/15/12		4,300	4,545
Rohm & Haas Co., 6.00%, 09/15/17 (e)		900	985
Vale Overseas Ltd.
6.25%, 01/23/17 (e)		300	335
6.88%, 11/21/36		300	330
			15,310
TELECOMMUNICATION SERVICES - 1.0%
AT&T Inc.
4.95%, 01/15/13		2,000	2,143
5.50%, 02/01/18		2,000	2,222
6.30%, 01/15/38		1,400	1,477
Qtel International Finance Ltd.
3.38%, 10/14/16 (r)		300	286
4.75%, 02/16/21 (r)		200	191
Qwest Corp., 7.63%, 06/15/15		800	902
Telecom Italia Capital SA, 0.90%, 07/18/11 (i)		6,900	6,883
TELUS Corp., 8.00%, 06/01/11		2,528	2,597
Verizon Wireless Capital LLC
2.88%, 05/20/11 (i)		4,900	4,949
5.25%, 02/01/12		9,900	10,362
			32,012
UTILITIES - 1.0%
Centrais Eletricas Brasileiras SA, 6.88%, 07/30/19 (r)		5,000	5,650
CMS Energy Corp., 5.05%, 02/15/18		2,300	2,274
Electricite de France SA
5.50%, 01/26/14 (r)		1,600	1,756
6.50%, 01/26/19 (r)		1,600	1,867
6.95%, 01/26/39 (r)		1,600	1,893
Entergy Corp., 3.63%, 09/15/15 (l)		5,200	5,143
Majapahit Holding BV
8.00%, 08/07/19 (e) (r)		2,200	2,571
7.75%, 01/20/20 (r)		5,000	5,763
NRG Energy Inc., 8.25%, 09/01/20 (e) (r)		3,500	3,588
NV Energy Inc., 6.25%, 11/15/20		1,800	1,809
Virginia Electric & Power Co., 6.35%, 11/30/37		200	229
			32,543
Total Corporate Bonds and Notes (cost $892,931)			936,152
GOVERNMENT AND AGENCY OBLIGATIONS - 97.4%
GOVERNMENT SECURITIES - 54.3%
Federal Home Loan Bank - 0.1% (w)
Federal Home Loan Bank, 0.88%, 12/27/13		1,500	1,487

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Federal Home Loan Mortgage Corp. - 2.4% (w)
Federal Home Loan Mortgage Corp.
0.52%, 11/26/12		11,700	11,662
4.50%, 01/15/13 - 01/15/14		13,900	14,992
3.50%, 05/29/13		2,500	2,655
4.13%, 09/27/13		1,000	1,084
0.88%, 10/28/13 (e)		5,100	5,073
4.88%, 11/15/13		3,300	3,658
2.50%, 01/07/14 (e)		4,200	4,368
5.00%, 01/30/14 - 04/18/17		3,600	4,047
2.50%, 04/23/14		6,400	6,631
3.00%, 07/28/14 (e)		3,900	4,105
4.38%, 07/17/15		6,000	6,618
1.75%, 09/10/15		10,600	10,419
5.25%, 04/18/16		600	686
5.50%, 07/18/16		1,800	2,085
			78,083
Federal National Mortgage Association - 7.2% (w)
Federal National Mortgage Association
0.63%, 09/24/12		4,400	4,404
0.50%, 10/30/12		17,400	17,331
1.75%, 02/22/13		3,300	3,370
1.00%, 09/23/13 (e)		19,900	19,870
1.13%, 09/30/13		18,100	18,139
4.63%, 10/15/13 (e)		6,000	6,586
2.88%, 12/11/13		900	946
0.75%, 12/18/13 (e) (o)		74,600	73,767
2.75%, 02/05/14 (e)		3,300	3,448
2.75%, 03/13/14		4,200	4,390
4.13%, 04/15/14		19,800	21,594
2.50%, 05/15/14		4,200	4,358
3.00%, 09/16/14		3,600	3,792
4.63%, 10/15/14		3,900	4,338
4.38%, 10/15/15		3,400	3,742
1.63%, 10/26/15 (e)		36,000	35,088
5.00%, 03/15/16 - 05/11/17		6,000	6,773
4.88%, 12/15/16		300	336
5.38%, 06/12/17 (e)		1,000	1,151
6.00%, 10/01/37 - 06/01/39		2,178	2,370
			235,793
Municipals - 3.0%
Bay Area Toll Authority, Toll Bridge Revenue, RB, Series S1, 7.04%, 04/01/50		3,400	3,438
Buckeye Tobacco Settlement Financing Authority (insured by AMBAC Assurance Corp.), 5.88%, 06/01/30		1,000	724
California Infrastructure & Economic Development Bank, 6.49%, 05/15/49		1,000	993
California State University, 6.43%, 11/01/30		1,400	1,412
Calleguas - Las Virgenes Public Financing Authority, 5.94%, 07/01/40		1,100	1,070
Chicago Transit Authority
6.30%, 12/01/21 - 12/01/21		300	319
6.20%, 12/01/40		1,000	912
6.90%, 12/01/40 - 12/01/40		4,100	4,063
City of North Las Vegas Nevada, Ad Valorem Property Tax, GO, 6.57%, 06/01/40		9,200	8,836
County of Clark NV, 6.82%, 07/01/45		1,600	1,564
Golden State Tobacco Securitization Corp., 5.75%, 06/01/47		6,900	4,638
Illinois Municipal Electric Agency, 6.83%, 02/01/35		1,800	1,861
Irvine Ranch Water District Series B, 6.62%, 05/01/40		16,800	16,847
Los Angeles Unified School District, 6.76%, 07/01/34		3,100	3,211

	Shares/Par (p)	Value
Los Angeles Unified School District (insured by National Public Finance Guarantee Corp), 4.50%, 01/01/28	6,300	5,595
Los Angeles Unified School District Series A-1 (insured by Assured Guaranty Municipal Corp.), 4.50%, 07/01/22	3,600	3,527
New Jersey State Turnpike Authority, 7.41%, 01/01/40	7,800	8,561
New York State Dormitory Authority, 5.05%, 09/15/27	4,700	4,374
North Carolina Turnpike Authority, Series B, 6.70%, 01/01/39	2,000	2,081
Pennsylvania Economic Development Financing Authority, 6.53%, 06/15/39	1,900	1,846
Port Authority of New York & New Jersey, 5.65%, 11/01/40	1,100	1,063
San Diego Tobacco Settlement Revenue Funding Corp., 7.13%, 06/01/32	815	621
State of California, 7.95%, 03/01/36	600	615
State of California Various Purpose Bond
7.50%, 04/01/34	600	621
5.65%, 04/01/39	600	634
7.55%, 04/01/39	600	622
State of Illinois
4.07%, 01/01/14	2,400	2,416
6.90%, 03/01/35	1,000	929
6.73%, 04/01/35	900	826
State of Iowa, 6.75%, 06/01/34	4,100	4,304
State of Texas, 4.75%, 04/01/35	500	485
Texas State Transportation Commission, Highway Revenue Tolls, RB, Series B, 5.18%, 04/01/30	1,000	991
Tobacco Settlement Authority of Iowa, 6.50%, 06/01/23	225	206
Tobacco Settlement Authority of West Virgina, 7.47%, 06/01/47	1,700	1,178
Washington State Convention Center Public Facilities District, 6.79%, 07/01/40	5,600	5,470
Washington State Municipal Bond (insured by National Public Finance Guarantee Corp), 0.00%, 12/01/20 (j)	1,400	930
		97,783
Sovereign - 1.8%
Brazil Notas do Tesouro Nacional, 10.00%, 01/01/12 - 01/01/17, BRL	2,662	1,473
Canada Housing Trust No. 1
2.75%, 12/15/15 (q), CAD	4,000	4,035
3.35%, 12/15/20, CAD	7,000	7,002
Canadian Government Bond
2.50%, 09/01/13, CAD	7,600	7,767
2.00%, 12/01/14, CAD	5,500	5,491
4.50%, 06/01/15, CAD	700	769
3.00%, 12/01/15, CAD	800	826
Export-Import Bank of China, 4.88%, 07/21/15 (r)	200	215
Mexican Bonos, 6.00%, 06/18/15, MXN	24,700	1,983
Panama Government International Bond, 7.25%, 03/15/15	400	462
Province of Ontario, Canada
4.30%, 03/08/17, CAD	1,200	1,284
4.20%, 03/08/18, CAD	300	317
5.50%, 06/02/18, CAD	700	796
4.40%, 06/02/19, CAD	2,400	2,545
4.70%, 06/02/37, CAD	6,100	6,448
4.60%, 06/02/39, CAD	1,700	1,779
Province of Quebec, Canada, 4.50%, 12/01/16, CAD	100	108

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Republic of Korea, 4.38%, 08/10/15		7,200	7,409
Republic of South Africa Government Bond, 5.88%, 05/30/22		100	107
Societe Financement de l’Economie Francaise
2.13%, 05/20/12, EUR		300	407
0.49%, 07/16/12 (i) (r)		2,000	2,003
3.38%, 05/05/14 (r)		4,200	4,423
United Mexican States, 6.05%, 01/11/40		1,500	1,534
			59,183
Treasury Inflation Index Securities - 3.5%
U.S. Treasury Inflation Indexed Note
1.25%, 07/15/20 (n)		10,630	10,885
2.38%, 01/15/25 (n)		10,327	11,491
2.00%, 01/15/26 (n)		17,411	18,487
2.38%, 01/15/27 (n) (o)		15,617	17,356
1.75%, 01/15/28 (n) (o)		39,671	40,384
3.63%, 04/15/28 (n) (o)		270	349
2.50%, 01/15/29 (n)		12,326	13,986
3.88%, 04/15/29 (n)		1,996	2,676
			115,614
U.S. Treasury Securities - 36.3%
U.S. Treasury Note
0.50%, 11/30/12 (e) (o)		356,600	356,140
1.13%, 06/15/13		15,900	16,030
1.00%, 07/15/13		52,700	52,959
0.75%, 08/15/13		30,500	30,438
0.75%, 09/15/13, TBA (g)		102,500	102,172
0.50%, 10/15/13, TBA (g) (o)		319,600	316,030
0.50%, 11/15/13, TBA (g) (o)		28,300	27,935
0.75%, 12/15/13 (e) (o)		233,700	232,039
2.38%, 09/30/14 - 10/31/14		8,100	8,387
2.13%, 11/30/14		12,600	12,907
2.63%, 12/31/14		4,400	4,588
2.50%, 04/30/15, TBA (g)		18,900	19,539
1.88%, 06/30/15 (o)		4,225	4,242
			1,183,406
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED
SECURITIES - 43.1%
Federal Home Loan Mortgage Corp. - 3.6%		41,047	44,531
Federal Home Loan Mortgage Corp.
6.00%, 03/01/16 - 11/01/38
2.78%, 07/01/27 (i)		1	1
7.50%, 03/01/32 (f)		180	179
5.50%, 12/01/36 - 08/15/40		22,637	24,147
4.50%, 09/01/38 - 09/01/40		22,476	23,057
4.50%, 01/15/41, TBA (g)		10,000	10,247
REMIC, 0.41%, 07/15/19 (i)		998	996
REMIC, 2.62%, 08/15/19 (i)		2,342	2,335
REMIC, 7.00%, 05/15/23		262	294
REMIC, 0.71%, 11/15/30 (i)		4	4
REMIC, 4.50%, 03/15/34		8,396	8,320
REMIC, 0.30%, 12/25/36 (i)		1,688	1,678
REMIC, 1.54%, 02/25/45 (i)		91	89
			115,878
Federal National Mortgage Association - 38.8%

	Shares/Par (p)		Value
Federal National Mortgage Association
6.00%, 05/01/16 - 08/01/40		132,606	144,347
5.50%, 04/01/22 - 10/01/39		44,709	47,989
4.00%, 01/15/26 - 01/15/41 , TBA (g)		131,900	131,692
4.50%, 01/15/26 - 01/15/41 , TBA (g)		529,000	544,230
5.50%, 02/15/26 - 01/15/41 , TBA (g)		66,400	71,049
6.50%, 07/01/29 - 03/01/38		4,802	5,343
4.50%, 05/01/34 - 10/01/40		100,249	103,012
2.53%, 01/01/35 (i)		1,726	1,768
5.00%, 03/01/35 - 07/01/40		7,809	8,238
5.50%, 08/01/37 (o)		19,667	21,150
4.00%, 11/01/39 - 09/01/40		3,960	3,945
1.74%, 09/01/40 (i)		10	10
5.00%, 01/15/41, TBA (g)		158,600	166,728
6.00%, 01/15/41, TBA (g)		8,000	8,695
1.54%, 06/01/43 (i)		545	546
REMIC, 5.00%, 02/25/17 - 04/25/33		524	559
REMIC, 2.63%, 05/25/35 (i)		126	130
REMIC, 0.71%, 09/25/35 (i)		4,117	4,111
REMIC, 0.57%, 04/25/37 (i)		2,051	2,052
REMIC, 0.32%, 07/25/37 (i)		1,048	1,034
REMIC, 6.50%, 12/25/42		72	82
REMIC, 0.61%, 03/25/44 (i)		518	500
			1,267,210
Government National Mortgage Association - 0.0%
Government National Mortgage Association
3.38%, 05/20/26 - 05/20/30 (i)		87	89
2.75%, 02/20/32 (i)		66	68
3.00%, 02/20/32 (i)		45	46
6.00%, 01/15/41, TBA (g)		1,000	1,099
			1,302
Small Business Administration Participation Certificates - 0.7%
Small Business Administration Participation Certificates
6.29%, 01/01/21		26	28
5.13%, 09/01/23		49	52
5.52%, 06/01/24		1,010	1,082
5.29%, 12/01/27		864	933
5.16%, 02/01/28		9,990	10,607
5.49%, 03/01/28		9,232	9,925
			22,627
Total Government and Agency Obligations (cost $3,181,117)			3,178,366
PREFERRED STOCKS - 0.1%
CONSUMER DISCRETIONARY - 0.0%
Motors Liquidation Co., 5.25% (c) (d)		128	1,050
FINANCIALS - 0.1%
American International Group Inc., Convertible Preferred		44	384
DG Funding Trust, 0.68%, (callable at 10,000 beginning 09/30/10) (f) (i) (m) (q)		—	3,191
			3,575
Total Preferred Stocks (cost $5,205)			4,625
SHORT TERM INVESTMENTS - 12.5%
Certificates of Deposit 0.5%
Intesa Sanpaolo SpA, 2.38%, 12/21/12	$	15,200	15,255
Investment Company 0.5%
JNL Money Market Fund, 0.08% (a) (h)		15,624	15,624
Securities Lending Collateral 5.8%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)		189,445	189,445
Treasury Securities 5.7%
Japan Treasury Bill
0.11%, 01/24/11, JPY		13,110,000	161,461
0.00%,03/14/11, JPY		660,000	8,127
U.S. Treasury Bill
0.13%, 02/17/11 (o)	$	853	853
0.18%, 06/16/11 (e)		2,000	1,998

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)	Value
0.17%, 06/02/11 (e) (o)	14,557	14,548
		186,987
Total Short Term Investments (cost $405,856)		407,311
Total Investments - 144.8% (cost $4,680,343)		4,726,406
Total Forward Sales Commitments - (1.5)%
(proceeds $50,312)		(49,840)
Other Assets and Liabilities, Net - (43.3%) (o)		(1,412,417)
Total Net Assets - 100.0%		$3,264,149
Forward Sales Commitments - 1.5%
GOVERNMENT AND AGENCY OBLIGATIONS - 1.5%
U.S. Treasury Securities - 1.5%
U.S. Treasury Note, 0.75%, 09/15/13	$50,000	$49,840
Total Forward Sales Commitments - 1.5%
(proceeds $50,312)		$49,840
JNL/PPM America High Yield Bond Fund
NON-U.S. GOVERNMENT AGENCY ASSET - BACKED
SECURITIES - 4.2%
Ahold Lease USA Inc., 7.82%, 01/02/20 (k)	$1,602	$1,853
American Airlines Pass Through Trust, 10.38%, 07/02/19 (e)	1,371	1,618
Banc of America Commercial Mortgage Inc. REMIC 5.68%, 07/10/46	1,305	1,315
5.48%, 01/15/49 (i)	3,000	2,932
Bear Stearns CMBS REMIC, 5.92%,
06/11/50 (i)	359	366
Bear Stearns Commercial Mortgage Securities Inc. REMIC, 5.76%, 09/11/38 (i)	1,000	957
Citigroup Commercial Mortgage Trust REMIC
5.70%, 06/10/17 (i)	1,905	1,890
5.73%, 03/15/49 (i)	2,000	2,073
Citigroup/Deutsche Bank Commercial Mortgage Trust REMIC, 5.69%, 10/15/48	1,000	885
Credit Suisse Mortgage Capital Certificates REMIC
5.54%, 02/15/39 (i)	1,085	1,099
5.54%, 02/15/39 (i)	550	525
5.72%, 06/15/39 (i)	1,000	851
5.34%, 12/15/39	112	111
6.13%, 09/15/40 (i)	2,000	1,115
CW Capital Cobalt Ltd. REMIC
5.82%, 07/15/17 (i)	1,000	704
5.29%, 08/15/48	4,000	2,855
Delta Air Lines Inc. Pass Through Trust, 7.75%, 06/17/21 (e)	1,616	1,789
JP Morgan Chase Commercial Mortgage Securities Corp. REMIC, 6.06%, 08/15/17 (i)	3,684	3,740
JPMorgan Chase & Co. Commercial Mortgage Securities Inc. REMIC, 5.74%, 05/12/17 (i)	1,387	1,372
JPMorgan Chase Commercial Mortgage Securities Corp. REMIC 5.50%, 02/12/17 (i)	2,000	1,734
5.87%, 04/15/45 (i)	4,000	3,630
Merrill Lynch/Countrywide Commercial Mortgage Trust REMIC, 5.91%, 06/12/46 (i)	515	540
Morgan Stanley Capital I REMIC, 5.73%, 10/15/42 (i)	150	155

	Shares/Par (p)	Value
United Air Lines Inc. Pass-Through Trust, 10.40%, 11/01/16 (e)	3,657	4,224
Total Non-U.S. Government Agency Asset-
Backed Securities (cost $29,629)		38,333
CORPORATE BONDS AND NOTES - 87.0%
CONSUMER DISCRETIONARY - 22.2%
Affinion Group Inc., 11.63%, 11/15/15 (r)	4,000	4,150
Allbritton Communications Co., 8.00%, 05/15/18	2,929	2,958
AMC Entertainment Holdings Inc., 9.75%, 12/01/20 (e) (r)	3,429	3,566
Ameristar Casinos Inc., 9.25%, 06/01/14	1,231	1,317
Beazer Homes USA Inc., 9.13%, 05/15/19 (e) (r)	4,909	4,664
Belo Corp.
8.00%, 11/15/16	393	423
7.25%, 09/15/27 (e)	3,000	2,602
Boyd Gaming Corp., 9.13%, 12/01/18 (e) (r)	3,183	3,143
Bresnan Broadband Holdings LLC, 8.00%, 12/15/18 (e) (r)	495	510
Cablevision Systems Corp.
8.63%, 09/15/17	1,000	1,089
7.75%, 04/15/18	512	536
8.00%, 04/15/20 (e)	313	335
CCH II LLC, 13.50%, 11/30/16	1,467	1,749
CCO Holdings LLC
7.88%, 04/30/18 (e)	2,105	2,179
8.13%, 04/30/20 (e)	1,000	1,052
Cequel Communications Holdings I LLC, 8.63%, 11/15/17 (e) (r)	4,433	4,632
CKE Restaurants Inc., 11.38%, 07/15/18 (e)	3,364	3,726
Cooper-Standard Automotive Inc., 8.50%, 05/01/18 (e) (r)	820	869
DISH DBS Corp., 7.88%, 09/01/19	1,538	1,607
Diversey Inc., 8.25%, 11/15/19	767	832
Dollar General Corp., 11.88%, 07/15/17	1,373	1,593
Easton-Bell Sports Inc., 9.75%, 12/01/16	1,400	1,536
Entravision Communications Corp., 8.75%, 08/01/17 (e) (r)	660	696
Ford Motor Co., 7.45%, 07/16/31 (e)	4,000	4,285
Giraffe Acquisition Corp., 9.13%, 12/01/18 (e) (r)	2,000	2,085
Hanesbrands Inc.
8.00%, 12/15/16 (e)	370	397
6.38%, 12/15/20 (r)	1,100	1,045
Harrah’s Operating Co. Inc.
5.38%, 12/15/13	4,500	4,219
10.75%, 02/01/16 (e)	1,000	958
11.25%, 06/01/17 (e)	1,291	1,452
10.00%, 12/15/18 (e)	2,000	1,825
Insight Communications Co. Inc., 9.38%, 07/15/18 (r)	1,333	1,420
Interactive Data Corp., 10.25%, 08/01/18 (r)	730	799
Interpublic Group Cos. Inc., 10.00%, 07/15/17	3,793	4,438
J.C. Penney Co. Inc.
6.88%, 10/15/15	1,000	1,053
5.65%, 06/01/20 (e)	2,488	2,382
6.38%, 10/15/36	511	465
Jarden Corp., 6.13%, 11/15/22 (e)	857	818
Lear Corp.
7.88%, 03/15/18	1,591	1,702
8.13%, 03/15/20 (e)	955	1,039
Lennar Corp., 12.25%, 06/01/17	2,000	2,410
Levi Strauss & Co.
8.88%, 04/01/16 (e)	2,000	2,110

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
7.63%, 05/15/20 (e)		1,812	1,871
Libbey Glass Inc., 10.00%, 02/15/15 (r)		577	620
Live Nation Entertainment Inc., 8.13%, 05/15/18 (e) (r)		574	581
Macy’s Retail Holdings Inc.
6.63%, 04/01/11 (e)		500	506
5.90%, 12/01/16		1,000	1,067
6.65%, 07/15/24		500	495
6.90%, 01/15/32		1,000	998
6.38%, 03/15/37		1,000	980
MCE Finance Ltd., 10.25%, 05/15/18 (e)		3,000	3,439
MDC Partners Inc., 11.00%, 11/01/16		2,279	2,513
Meritage Homes Corp., 6.25%, 03/15/15		2,000	2,010
MGM Resorts International
6.75%, 04/01/13 (e)		2,600	2,584
7.63%, 01/15/17 (e)		925	865
11.13%, 11/15/17		810	932
11.38%, 03/01/18 (e)		2,000	2,170
9.00%, 03/15/20 (e) (r)		329	362
Michaels Stores Inc., 7.75%, 11/01/18 (e) (r)		2,000	1,995
NCL Corp. Ltd., 9.50%, 11/15/18 (r)		920	948
Neiman-Marcus Group Inc., 10.38%, 10/15/15		4,205	4,442
Newsday Secured Term Loan
10.50%, 08/01/13 (q)		2,000	2,142
10.50%, 12/31/49 (q)		808	866
Nielsen Finance LLC
11.50%, 05/01/16		444	513
12.50%,08/01/16 (k)		2,000	2,100
Petco Animal Supplies Inc., 9.25%, 12/01/18 (e) (r)		3,125	3,293
Phillips-Van Heusen Corp., 7.38%, 05/15/20		320	340
Pinnacle Entertainment Inc., 8.75%, 05/15/20 (e)		3,424	3,544
QVC Inc., 7.50%, 10/01/19 (r)		2,649	2,788
Regal Entertainment Group, 9.13%, 08/15/18 (e)		1,104	1,176
Reynolds Group Inc.
7.13%, 04/15/19 (r)		948	965
9.00%, 04/15/19 (r)		1,538	1,594
Royal Caribbean Cruises Ltd., 7.25%, 06/15/16		3,500	3,771
Sally Holdings LLC, 10.50%, 11/15/16 (e)		1,500	1,654
Scientific Games International Inc., 9.25%, 06/15/19 (e)		2,167	2,237
Seminole Indian Tribe of Florida, 7.75%, 10/01/17 (r)		2,583	2,667
ServiceMaster Co., 10.75%, 07/15/15 (e) (r)		3,000	3,210
Sheraton Holding Corp., 7.38%, 11/15/15		1,000	1,125
Shingle Springs Tribal Gaming Authority, 9.38%, 06/15/15 (r)		4,000	2,760
Sinclair Television Group Inc., 8.38%, 10/15/18 (r)		1,739	1,796
Sirius XM Radio Inc.
8.75%, 04/01/15 (r)		3,000	3,247
9.75%, 09/01/15 (e) (r)		1,000	1,122
Standard Pacific Corp.
8.38%, 05/15/18 (r)		2,000	2,000
8.38%, 05/15/18		983	983
8.38%, 01/15/21 (r)		8,000	7,760
Station Casinos Inc.
6.00%, 04/01/12 (c) (d)		90	—
6.50%, 02/01/14 (c) (d)		1,000	—
6.88%, 03/01/16 (c) (d)		2,175	—
7.75%, 08/15/16 (c) (d)		690	—
6.63%, 03/15/18 (c) (d)		50	—
Sun Media Corp., 7.63%, 02/15/13		967	969
Tenneco Inc.
7.75%, 08/15/18 (e) (r)		508	538
6.88%, 12/15/20 (e) (r)		2,211	2,261

	Shares/Par (p)		Value
Ticketmaster Entertainment Inc., 10.75%, 08/01/16		1,125		1,218
TRW Automotive Inc.
7.00%, 03/15/14 (e) (r)		1,500		1,605
8.88%, 12/01/17 (r)		2,000		2,240
Universal City Development Partners Ltd.
8.88%, 11/15/15		842		895
10.88%, 11/15/16		418		457
Univision Communications Inc.
7.88%, 11/01/20 (e) (r)		3,447		3,619
8.50%, 05/15/21 (e) (r)		4,355		4,409
UPC Germany GmbH, 8.13%, 12/01/17 (e) (r)		2,000		2,090
Videotron Ltee, 6.38%, 12/15/15		1,000		1,023
Viking Acquisition Inc., 9.25%, 11/01/18 (r)		2,000		1,985
Virgin Media Inc., 6.50%, 11/15/16		1,000		1,655
Visant Corp., 10.00%, 10/01/17 (e) (r)		4,000		4,250
WMG Holdings Corp., 9.50%, 12/15/14 (e) (k)		1,000		958
Wynn Las Vegas LLC
7.88%, 05/01/20 (e)		2,000		2,140
7.75%, 08/15/20 (e)		3,680		3,984
Yonkers Racing Corp, 11.38%, 07/15/16 (r)		1,196		1,317
				201,310
CONSUMER STAPLES - 2.8%
Altria Group Inc., 10.20%, 02/06/39 (l)		1,000		1,445
Constellation Brands Inc., 7.25%, 05/15/17		1,000		1,059
Del Monte Corp., 7.50%, 10/15/19		833		971
Dole Food Co. Inc., 8.00%, 10/01/16 (r)		345		364
Michael Foods Inc., 9.75%, 07/15/18 (r)		900		983
New Albertson’s Inc.
7.75%, 06/15/26		1,000		770
8.00%, 05/01/31		1,000		750
Pinnacle Foods Finance LLC, 9.25%, 04/01/15		2,000		2,082
Rite Aid Corp.
9.50%, 06/15/17 (e)		1,000		850
10.25%, 10/15/19		2,000		2,078
8.00%, 08/15/20 (e)		3,000		3,124
Smithfields Foods Inc., 10.00%, 07/15/14 (r)		1,605		1,850
Spectrum Brands Inc., 9.50%, 06/15/18 (r)		2,070		2,274
Toys R Us Property Co. I LLC, 10.75%, 07/15/17		3,000		3,420
Tyson Foods Inc., 10.50%, 03/01/14		929		1,099
Yankee Acquisition Corp.
8.50%, 02/15/15		2,000		2,080
9.75%, 02/15/17		250		261
				25,460
ENERGY - 10.8%
Aquilex Holdings LLC, 11.13%, 12/15/16		3,225		3,265
Arch Coal Inc., 7.25%, 10/01/20		1,302		1,374
Chaparral Energy Inc., 9.88%, 10/01/20 (e) (r)		3,636		3,836
Chesapeake Energy Corp., 6.88%, 08/15/18 (e)		1,824		1,851
Cie Generale de Geophysique-Veritas, 9.50%, 05/15/16 (e)		1,500		1,635
Cloud Peak Energy Resources LLC, 8.50%, 12/15/19		3,582		3,922
Concho Resources Inc., 7.00%, 01/15/21		5,000		5,125
Consol Energy Inc.
8.00%, 04/01/17 (r)		718		765
8.25%, 04/01/20 (r)		1,191		1,286
Denbury Resources Inc., 9.75%, 03/01/16		1,251		1,395
El Paso Corp.
8.25%, 02/15/16		320		371
7.80%, 08/01/31		2,460		2,447
7.75%, 01/15/32 (e)		1,430		1,422
El Paso Pipeline Partners Operating Co. LLC, 6.50%, 04/01/20		7,000		7,344

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Enterprise Products Operating LLC
8.38%, 08/01/66 (e)		860	923
7.03%, 01/15/68 (e)		3,700	3,839
Gibson Energy ULC, 10.00%, 01/15/18		2,900	2,943
Hilcorp Energy Co., 8.00%, 02/15/20 (e) (r)		2,000	2,118
Holly Corp., 9.88%, 06/15/17		1,000	1,090
Hornbeck Offshore Services Inc., 8.00%, 09/01/17 (e)		3,000	3,060
Linn Energy LLC
8.63%, 04/15/20 (r)		2,811	3,029
7.75%, 02/01/21 (e) (r)		3,000	3,075
MarkWest Energy Partners LP, 8.75%, 04/15/18		1,517	1,642
Newfield Exploration Co., 6.88%, 02/01/20		3,430	3,610
NXP BV, 9.75%, 08/01/18 (r)		2,000	2,250
Overseas Shipholding Group Inc, 7.50%, 02/15/24		3,000	2,603
Petrohawk Energy Corp.
10.50%, 08/01/14		198	226
7.88%, 06/01/15 (e)		1,000	1,041
PetroHawk Energy Corp., 7.25%, 08/15/18		1,391	1,405
Precision Drilling Corp., 6.63%, 11/15/20 (e) (r)		1,650	1,679
Pride International Inc., 6.88%, 08/15/20		2,970	3,081
QEP Resources Inc., 6.88%, 03/01/21		1,160	1,218
Quicksilver Resources Inc.
11.75%, 01/01/16		1,944	2,265
7.13%, 04/01/16		728	697
Range Resources Corp.
7.50%, 05/15/16		2,000	2,075
7.25%, 05/01/18		294	310
6.75%, 08/01/20		1,494	1,541
SandRidge Energy Inc., 8.75%, 01/15/20 (e)		1,275	1,310
Stone Energy Corp., 8.63%, 02/01/17 (e)		2,658	2,698
Targa Resources Partners LP, 8.25%, 07/01/16		1,000	1,055
Teekay Corp., 8.50%, 01/15/20		459	500
Tesoro Corp.
6.50%, 06/01/17 (e)		2,000	2,005
9.75%, 06/01/19 (e)		378	419
Texas Competitive Electric Holdings Co. LLC
10.25%, 11/01/15 (e)		2,000	1,120
15.00%, 04/01/21 (e) (r)		2,000	1,750
Texas Competitive Electric Holdings Co. LLC
Term Loan, 3.76%, 06/30/11 (i) (q)		3,909	3,026
Valero Energy Corp., 9.38%, 03/15/19		1,767	2,193
			97,834
FINANCIALS - 12.1%
Abengoa Finance SAU, 8.88%, 11/01/17 (r)		6,483	5,997
Ally Financial Inc.
6.88%, 08/28/12 (e)		2,061	2,154
6.75%, 12/01/14		3,000	3,157
8.30%, 02/12/15 (e)		3,688	4,057
8.00%, 11/01/31 (e)		2,000	2,155
American General Finance Corp.
6.50%, 09/15/17		1,000	788
6.90%, 12/15/17		5,000	4,037
American General Finance Corp. Term Loan, 7.25%, 04/16/15 (i) (q)		2,444	2,485
BAC Capital Trust VI, 5.63%, 03/08/35		4,000	3,387
Bank of America Corp., 8.00%, (callable at 100 beginning 01/30/18) (m)		1,500	1,512
Capital One Capital VI, 8.88%, 05/15/40		3,852	4,011
CIT Group Inc., 7.00%, 05/01/17 (e)		7,000	7,017
Citigroup Capital XXI, 8.30%, 12/21/57		2,050	2,132
Citigroup Inc.
5.50%, 02/15/17		1,000	1,035
8.50%, 05/22/19		802	996
CNO Financial Group Inc., 9.00%, 01/15/18 (r)		1,242	1,292

	Shares/Par (p)		Value
Ford Motor Credit Co. LLC
5.55%, 06/15/11 (e) (i)		1,070	1,086
9.88%, 08/10/11		1,045	1,088
3.04%, 01/13/12 (i)		358	361
7.50%, 08/01/12		3,000	3,190
5.63%, 09/15/15		5,000	5,177
8.13%, 01/15/20 (e)		1,053	1,225
Genworth Financial Inc., 8.63%, 12/15/16 (e)		1,416	1,592
International Lease Finance Corp.
5.63%, 09/20/13		1,396	1,403
5.65%, 06/01/14 (e)		4,604	4,569
8.63%, 09/15/15 (e) (r)		2,988	3,212
8.75%, 03/15/17 (r)		6,179	6,627
8.88%, 09/01/17 (e)		4,644	5,010
8.25%, 12/15/20		3,003	3,093
JPMorgan Chase & Co., 7.90%, (callable at 100 beginning 04/30/18) (m)		2,983	3,171
Liberty Mutual Group Inc., 7.80%, 03/15/37 (r)		2,300	2,265
Nielsen Finance LLC, 7.75%, 10/15/18 (e) (r)		3,019	3,125
Petroplus Finance Ltd., 9.38%, 09/15/19 (e) (r)		1,179	1,091
Pinnacle Foods Finance LLC
10.63%, 04/01/17 (e)		1,000	1,070
8.25%, 09/01/17 (e)		2,000	2,045
PNC Preferred Funding Trust III, 8.70%, (callable at 100 beginning 03/15/13) (m) (r)		3,000	3,185
Smurfit Kappa Group Term Loan, 6.75%, 02/10/16 (i) (q)		2,786	2,837
UnumProvident Finance Co. Plc, 6.85%, 11/15/15 (r)		1,000	1,109
Washington Mutual Bank, 6.88%, 06/15/11 (c) (d)		1,500	2
WEA Finance LLC, 6.75%, 09/02/19 (r)		2,694	3,001
Wells Fargo & Co., 7.98%, (callable at 100 beginning 03/15/18) (m)		1,000	1,055
Wells Fargo Capital XIII, 7.70%, (callable at 100 beginning 03/26/13) (m)		2,000	2,068
			109,869
HEALTH CARE - 6.5%
Alere Inc., 8.63%, 10/01/18 (r)		4,174	4,237
American Renal Holdings, 8.38%, 05/15/18 (r)		427	438
Biomet Inc., 10.38%, 10/15/17		2,000	2,185
Community Health Systems Inc., 8.88%, 07/15/15 (e)		2,733	2,870
DaVita Inc., 6.38%, 11/01/18 (e)		1,499	1,491
Endo Pharmaceuticals Holdings Inc., 7.00%, 12/15/20 (r)		1,760	1,795
HCA Inc.
6.25%, 02/15/13		2,234	2,279
5.75%, 03/15/14		3,561	3,508
6.50%, 02/15/16		4,000	3,910
HealthSouth Corp.
10.75%, 06/15/16		2,000	2,155
7.25%, 10/01/18		1,700	1,734
8.13%, 02/15/20 (e)		2,000	2,150
IASIS Health Care LLC, 8.75%, 06/15/14		2,300	2,360
Mylan Inc., 7.88%, 07/15/20 (r)		2,216	2,388
Omnicare Inc., 7.75%, 06/01/20		1,436	1,479
Phibro Animal Health Corp., 9.25%, 07/01/18 (r)		1,400	1,442
RadNet Inc., 10.38%, 04/01/18 (r)		5,000	4,675
Res-Care Inc., 10.75%, 01/15/19 (r)		3,555	3,662
Talecris Biotherapeutics Holdings Corp., 7.75%, 11/15/16		498	540
Tenet Healthcare Corp., 8.00%, 08/01/20 (r) (e)		3,000	3,045
US Oncology Inc., 9.13%, 08/15/17		828	1,020
Valeant Pharmaceuticals International 6.75%, 10/01/17 (r)		812	808

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
6.88%, 12/01/18 (r)		4,356	4,323
Vanguard Health Holding Co. II LLC
8.00%, 02/01/18 (e)		2,679	2,746
8.00%, 02/01/18 (r) (e)		2,000	2,040
			59,280
INDUSTRIALS - 9.8%
ACCO Brands Corp., 10.63%, 03/15/15		469	528
Air Canada, 9.25%, 08/01/15 (r) (e)		3,000	3,150
Aircastle Ltd., 9.75%, 08/01/18 (e)		5,000	5,462
ARAMARK Corp.
3.79%, 02/01/15 (i)		220	215
8.50%, 02/01/15 (e)		1,900	1,986
ArvinMeritor Inc., 10.63%, 03/15/18 (e)		2,500	2,812
BE Aerospace Inc., 8.50%, 07/01/18		1,500	1,643
Bombardier Inc., 7.50%, 03/15/18 (r) (e)		2,730	2,928
Case New Holland Inc., 7.88%, 12/01/17 (r)		3,925	4,288
Delta Air Lines Inc., 12.25%, 03/15/15 (r) (e)		4,963	5,596
Dyncorp International Inc., 10.38%, 07/01/17 (r)		1,619	1,659
EnergySolutions Inc., 10.75%, 08/15/18 (r)		5,150	5,620
FGI Operating Co. Inc., 10.25%, 08/01/15 (e)		571	600
Hertz Corp., 10.50%, 01/01/16		1,500	1,583
International Wire Group Inc., 9.75%, 04/15/15 (r)		3,000	3,135
L-3 Communications Corp.
5.88%, 01/15/15		3,000	3,056
6.38%, 10/15/15		1,000	1,030
Liberty Tire Recycling, 11.00%, 10/01/16 (r)		2,000	2,145
Manitowoc Co. Inc.
9.50%, 02/15/18 (e)		1,429	1,565
8.50%, 11/01/20		1,782	1,893
Masco Corp.
6.13%, 10/03/16 (e)		2,000	2,044
7.13%, 03/15/20 (e)		644	674
Novelis Inc., 8.75%, 12/15/20 (r)		7,000	7,262
Oshkosh Corp., 8.50%, 03/01/20		720	790
Owens Corning, 9.00%, 06/15/19		1,383	1,623
RBS Global & Rexnord LLC, 8.50%, 05/01/18 (e)		3,256	3,459
Spirit Aerosystems Inc., 7.50%, 10/01/17		485	504
Terex Corp., 10.88%, 06/01/16		2,000	2,323
Tower Automotive Holdings USA LLC, 10.63%, 09/01/17 (r) (e)		3,000	3,225
Trans Union LLC, 11.38%, 06/15/18 (r) (e)		2,006	2,287
TransDigm Inc.
7.75%, 07/15/14		1,500	1,560
7.75%, 12/15/18 (r) (e)		2,941	3,044
Trimas Corp., 9.75%, 12/15/17 (e)		2,500	2,737
United Air Lines Inc., 12.00%, 11/01/13 (r)		2,000	2,205
United Rentals North America Inc., 8.38%, 09/15/20 (e)		1,923	1,957
Western Express Inc., 12.50%, 04/15/15 (r)		3,000	2,655
			89,243
INFORMATION TECHNOLOGY - 3.2%
Advanced Micro Devices Inc., 7.75%, 08/01/20 (r)		363	377
First Data Corp.
9.88%, 09/24/15		171	163
10.55%, 09/24/15		235	223
8.25%, 01/15/21 (r)		1,813	1,741
12.63%, 01/15/21 (e) (r)		1,813	1,731
Freescale Semiconductor Inc.
10.13%, 12/15/16 (e)		3,800	4,000
10.75%, 08/01/20 (e) (r)		2,000	2,180
Jabil Circuit Inc., 5.63%, 12/15/20		2,430	2,387
Sanmina-SCI Corp., 8.13%, 03/01/16 (e)		683	690
Seagate HDD Cayman, 7.75%, 12/15/18 (r)		4,734	4,793

	Shares/Par (p)		Value
SunGard Data Systems Inc.
10.25%, 08/15/15 (e)		2,515	2,644
7.38%, 11/15/18 (e) (r)		2,000	2,010
Unisys Corp.
12.75%, 10/15/14 (r)		499	590
14.25%, 09/15/15 (r)		401	478
UPC Holding BV, 9.88%, 04/15/18 (e) (r)		1,573	1,722
Viasat Inc., 8.88%, 09/15/16		628	669
Viasystems Group Inc., 12.00%, 01/15/15 (r)		2,000	2,235
			28,633
MATERIALS - 8.6%
Allegheny Technologies Inc., 9.38%, 06/01/19		1,186	1,386
Ardagh Packaging Finance Plc, 9.13%, 10/15/20 (e) (r)		833	866
Atkore International Inc., 9.88%, 01/01/18 (r)		4,000	4,160
Ball Corp., 5.75%, 05/15/21		410	397
Berry Plastics Corp.
9.50%, 05/15/18 (e)		2,000	2,005
9.75%, 01/15/21 (e) (r)		2,000	1,980
Building Materials Corp. of America
6.88%, 08/15/18 (e) (r)		1,582	1,566
7.00%, 02/15/20 (r)		658	676
7.50%, 03/15/20 (e) (r)		1,172	1,193
BWAY Holdings Co., 10.00%, 06/15/18 (e) (r)		967	1,043
BWAY Parent Co. Inc., 10.13%, 11/01/15 (r)		3,000	3,030
Cemex Finance LLC, 9.50%, 12/14/16 (e) (r)		6,417	6,618
FMG Resources August 2006 Pty Ltd.
7.00%, 11/01/15 (r)		2,193	2,248
6.88%, 02/01/18 (e) (r)		3,934	3,914
Georgia-Pacific LLC
7.13%, 01/15/17 (r)		4,000	4,260
5.40%, 11/01/20 (r)		1,646	1,627
Gerdau Holdings Inc., 7.00%, 01/20/20 (e) (r)		2,020	2,222
Graphic Packaging International Corp., 7.88%, 10/01/18 (e)		475	498
Hanson Ltd., 6.13%, 08/15/16		1,231	1,256
Hexion Specialty Chemicals Inc., 9.20%, 03/15/21 (e)		2,165	1,986
Hexion US Finance Corp.
8.88%, 02/01/18 (e)		1,641	1,754
9.00%, 11/15/20 (r)		2,000	2,115
Huntsman International LLC
7.38%, 01/01/15		2,000	2,045
8.63%, 03/15/20 (e)		769	836
8.63%, 03/15/21 (e) (r)		1,684	1,819
Ineos Finance Plc, 9.00%, 05/15/15 (r)		708	753
Ineos Group Holdings Plc, 8.50%, 02/15/16 (e) (r)		2,000	1,905
LBI Escrow Corp., 8.00%, 11/01/17 (r)		4,683	5,181
Mercer International Inc., 9.50%, 12/01/17 (r)		2,000	2,055
Momentive Performance Materials Inc., 9.00%, 01/15/21 (r)		3,000	3,165
Omnova Solutions Inc., 7.88%, 11/01/18 (e) (r)		3,066	3,089
Owens-Illinois Inc., 7.80%, 05/15/18		2,000	2,125
Plastipak Holdings Inc., 10.63%, 08/15/19 (r)		2,400	2,697
Radnor Holdings Corp., 11.00%, 04/15/11 (c) (d) (f) (q)		100	—
Smurfit Kappa Funding Plc, 7.75%, 04/01/15		575	589
Steel Dynamics Inc., 6.75%, 04/01/15 (e)		2,000	2,025
Stone Container Finance Co., 7.38%, 07/15/14 (c) (d) (f)		1,375	—
Verso Paper Holdings LLC
11.50%, 07/01/14 (e)		2,000	2,195
11.38%, 08/01/16 (e)		1,000	1,002
			78,281

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
TELECOMMUNICATION SERVICES - 7.5%
Buccaneer Merger Sub Inc., 9.13%, 01/15/19 (r)		1,960	2,024
Cincinnati Bell Inc., 8.75%, 03/15/18 (e)		2,312	2,167
Clearwire Communications LLC
12.00%, 12/01/15 (r)		3,488	3,758
12.00%, 12/01/17 (e) (r)		2,667	2,760
Frontier Communications Corp.
8.25%, 04/15/17 (e)		938	1,029
8.13%, 10/01/18 (e)		882	968
7.13%, 03/15/19		620	637
8.50%, 04/15/20		3,244	3,544
Inmarsat Finance Plc, 7.38%, 12/01/17 (r)		781	820
Intelsat Jackson Holding Ltd., 7.25%, 10/15/20 (e) (r)		1,990	2,010
Intelsat Luxembourg SA, 11.25%, 02/04/17		7,500	8,175
ITC Deltacom Inc., 10.50%, 04/01/16		3,000	3,262
Level 3 Financing Inc.
9.25%, 11/01/14		1,000	993
10.00%, 02/01/18		3,000	2,880
Nextel Communications Inc.
6.88%, 10/31/13 (e)		371	372
5.95%, 03/15/14		2,629	2,583
PAETEC Escrow Corp., 9.88%, 12/01/18 (e) (r)		2,000	2,055
Qwest Communications International Inc.
8.00%, 10/01/15		1,188	1,277
7.13%, 04/01/18 (r)		1,844	1,909
Sprint Capital Corp., 6.88%, 11/15/28 (e)		6,665	5,832
Sprint Nextel Corp., 6.00%, 12/01/16		2,654	2,564
Telesat Canada
11.00%, 11/01/15		2,000	2,245
12.50%, 11/01/17 (e)		500	589
Virgin Media Finance Plc
9.50%, 08/15/16 (e)		2,000	2,260
8.38%, 10/15/19 (e)		2,319	2,534
West Corp., 7.88%, 01/15/19 (r) (e)		5,488	5,584
Wind Acquisition Finance SA, 11.75%, 07/15/17 (r)		1,113	1,255
Windstream Corp., 7.75%, 10/15/20 (e)		2,000	2,060
			68,146
UTILITIES - 3.5%
AES Corp.
9.75%, 04/15/16		1,355	1,514
8.00%, 10/15/17		2,000	2,115
Calpine Corp., 7.88%, 07/31/20 (e) (r)		5,000	5,062
CMS Energy Corp., 6.55%, 07/17/17		1,500	1,595
Dynegy Holdings Inc.
7.75%, 06/01/19		3,500	2,336
7.63%, 10/15/26		125	74
Edison Mission Energy
7.75%, 06/15/16 (e)		940	808
7.00%, 05/15/17		1,900	1,506
Energy Future Holdings Corp.
10.88%, 11/01/17 (e)		688	478
11.25%, 11/01/17		703	422
10.00%, 12/01/20		3,380	3,486
GenOn Energy Term Loan B, 6.00%, 09/20/17 (i)		3,190	3,223
GenOn Escrow Corp., 9.88%, 10/15/20 (e) (r)		3,956	3,926
Ipalco Enterprises Inc., 7.25%, 04/01/16 (r)		800	854
NRG Energy Inc., 7.38%, 02/01/16		3,000	3,075
RRI Energy Inc., 7.88%, 06/15/17		1,500	1,454
			31,928
Total Corporate Bonds and Notes (cost $743,547)			789,984

	Shares/Par (p)		Value
COMMON STOCKS - 1.7%
CONSUMER DISCRETIONARY - 0.3%
DISH Network Corp. - Class A (c)		150	2,949
Home Interior Gift Inc. (c) (f) (q)		429	—
			2,949
CONSUMER STAPLES - 0.3%
B&G Foods Inc.		200	2,746
ENERGY - 0.3%
Chesapeake Energy Corp.		14	371
Inergy LP		50	1,962
			2,333
HEALTH CARE - 0.3%
DaVita Inc. (c)		35	2,432
MATERIALS - 0.1%
Applied Extrusion Technologies Inc. - Class B (c) (f) (q)		3	—
Smurfit-Stone Container Corp. (c)		42	1,087
			1,087
TELECOMMUNICATION SERVICES - 0.4%
Manitoba Telecom Services Inc. (q)		1	15
Windstream Corp.		240	3,346
			3,361
Total Common Stocks (cost $13,031)			14,908
PREFERRED STOCKS - 0.7%
FINANCIALS - 0.7%
Ally Financial Inc., 7.00%, (callable at 1000 beginning 12/31/11) (m) (r)		1	958
Citigroup Capital XIII, 7.88%, (callable at 25 on 10/30/15) (m)		191	5,140
Federal Home Loan Mortgage Corp., 8.38%, (callable at 25 beginning 12/31/12), Series Z (c) (d) (m)		50	31
Federal National Mortgage Association, 8.25%, (callable at 25 beginning 05/20/13), Series T (c) (d) (m)		40	21
Federal National Mortgage Association, 8.25%, (callable at 25 beginning 12/31/10), Series S (c) (d) (m)		19	11
Wells Fargo Capital XII, 7.88%, (callable at 25 beginning 03/15/13) (m)		18	483
Total Preferred Stocks (cost $8,412)			6,644
INVESTMENT COMPANIES - 0.7%
Eaton Vance Senior Floating-Rate Trust		100	1,622
Invesco Van Kampen Senior Income Trust		400	1,876
Pimco Floating Rate Strategy Fund		267	2,640
Total Investment Companies (cost $4,606)			6,138
OTHER EQUITY INTERESTS - 0.0%
Wind Acquisition Escrow, 07/23/47 (f) (e) (u)		1,071	—
Wind Acquisition Escrow, 07/23/47 (f) (u)		1,567	—
Total Other Equity Interests (cost $0)			—
SHORT TERM INVESTMENTS - 27.4%
Investment Company 3.9%
JNL Money Market Fund, 0.08% (a) (h)		35,569	35,569

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)	Value
Securities Lending Collateral 23.5%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)	212,212	212,212
Securities Lending Liquidating Fund LLC, 0.66% (a) (h)	1,353	1,331
		213,543
Total Short Term Investments (cost $249,134)		249,112
Total Investments - 121.7% (cost $1,048,359)		1,105,119
Other Assets and Liabilities, Net - (21.7%)		(197,419)
Total Net Assets - 100.0%		$907,700
JNL/PPM America Mid Cap Value Fund
COMMON STOCKS - 99.3%
CONSUMER DISCRETIONARY - 16.0%
Abercrombie & Fitch Co. - Class A	27	$1,550
Bally Technologies Inc. (c)	34	1,443
Liz Claiborne Inc. (c) (e)	114	816
Macy’s Inc.	85	2,155
Newell Rubbermaid Inc.	119	2,162
Royal Caribbean Cruises Ltd. (c)	18	855
Skechers U.S.A. Inc. - Class A (c)	86	1,728
VF Corp.	25	2,129
Viacom Inc. - Class B	24	955
		13,793
CONSUMER STAPLES - 2.5%
Corn Products International Inc.	46	2,121
ENERGY - 8.5%
Comstock Resources Inc. (c)	72	1,768
Helix Energy Solutions Group Inc. (c)	143	1,736
National Oilwell Varco Inc.	26	1,775
Patterson-UTI Energy Inc.	98	2,106
		7,385
FINANCIALS - 14.4%
Allstate Corp.	55	1,741
American Financial Group Inc.	66	2,128
Astoria Financial Corp. (e)	154	2,139
Hartford Financial Services Group Inc.	82	2,167
Lincoln National Corp.	79	2,183
Reinsurance Group of America Inc.	40	2,127
		12,485
HEALTH CARE - 6.4%
CIGNA Corp.	59	2,160
LifePoint Hospitals Inc. (c)	46	1,705
Owens & Minor Inc.	58	1,701
		5,566
INDUSTRIALS - 25.4%
Belden Inc.	23	836
Con-Way Inc.	47	1,719
Esterline Technologies Corp. (c)	32	2,174
GATX Corp.	48	1,690
Goodrich Corp.	25	2,167
Kennametal Inc.	54	2,135
Lincoln Electric Holdings Inc.	32	2,115
SkyWest Inc.	51	801
Spirit Aerosystems Holdings Inc. (c)	104	2,164
Steelcase Inc. - Class A	180	1,899

	Shares/Par (p)		Value
Terex Corp. (c)		68	2,095
Textron Inc.		92	2,165
			21,960
INFORMATION TECHNOLOGY - 10.9%
Avnet Inc. (c)		64	2,127
Computer Sciences Corp.		44	2,168
Fairchild Semiconductor International Inc. (c)		138	2,150
Omnivision Technologies Inc. (c)		28	814
Teradyne Inc. (c)		153	2,145
			9,404
MATERIALS - 10.4%
Allegheny Technologies Inc.		23	1,269
Nucor Corp.		19	815
Olin Corp.		58	1,188
PPG Industries Inc.		22	1,825
Reliance Steel & Aluminum Co.		42	2,141
Steel Dynamics Inc.		94	1,720
			8,958
UTILITIES - 4.8%
Edison International		56	2,162
Westar Energy Inc. (e)		78	1,967
			4,129
Total Common Stocks (cost $76,113)			85,801
SHORT TERM INVESTMENTS - 3.6%
Investment Company - 1.0%
JNL Money Market Fund, 0.08% (a) (h)		864	864
Securities Lending Collateral 2.6%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)		2,262	2,262
Total Short Term Investments (cost $3,126)			3,126
Total Investments - 102.9% (cost $79,239)			88,927
Other Assets and Liabilities, Net - (2.9%)			(2,508)
Total Net Assets - 100.0%			$86,419
JNL/PPM America Small Cap Value Fund
COMMON STOCKS - 99.6%
CONSUMER DISCRETIONARY - 20.9%
Bally Technologies Inc. (c)		40	$1,679
Bob Evans Farms Inc.		51	1,668
Columbia Sportswear Co. (e)		28	1,670
Jakks Pacific Inc. (c)		92	1,675
K-Swiss Inc. - Class A (c)		52	654
Liz Claiborne Inc. (c) (e)		235	1,684
RC2 Corp. (c)		78	1,689
Skechers U.S.A. Inc. - Class A (c) (e)		87	1,740
Superior Industries International Inc. (e)		78	1,655
			14,114
CONSUMER STAPLES - 3.8%
Corn Products International Inc.		20	897
Hain Celestial Group Inc. (c) (e)		61	1,651
			2,548
ENERGY - 9.2%
Comstock Resources Inc. (c)		74	1,805
Helix Energy Solutions Group Inc. (c)		112	1,361

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par	(p)	Value
Hercules Offshore Inc. (c)	443		1,531
Patterson-UTI Energy Inc.	70		1,508
			6,205
FINANCIALS - 11.8%
American Financial Group Inc.	18		578
Astoria Financial Corp. (e)	125		1,732
Delphi Financial Group Inc. - Class A	58		1,678
Independent Bank Corp.	61		1,637
Reinsurance Group of America Inc.	12		618
SeaBright Insurance Holdings Inc.	185		1,709
			7,952
HEALTH CARE - 4.9%
LifePoint Hospitals Inc. (c)	45		1,646
Owens & Minor Inc.	57		1,669
			3,315
INDUSTRIALS - 29.1%
Apogee Enterprises Inc.	127		1,714
Belden Inc.	45		1,642
Con-Way Inc.	47		1,704
Esterline Technologies Corp. (c)	25		1,687
GATX Corp. (e)	48		1,704
GenCorp Inc. (c)	328		1,697
Kennametal Inc.	42		1,657
Lincoln Electric Holdings Inc.	25		1,645
SkyWest Inc.	105		1,634
Spirit Aerosystems Holdings Inc. (c)	49		1,026
Steelcase Inc. - Class A	165		1,739
Terex Corp. (c)	59		1,828
			19,677
INFORMATION TECHNOLOGY - 13.9%
Benchmark Electronics Inc. (c)	94		1,707
Fairchild Semiconductor International Inc. (c)	109		1,698
Novell Inc. (c)	198		1,172
Omnivision Technologies Inc. (c)	50		1,484
SYNNEX Corp. (c)	53		1,666
Teradyne Inc. (c)	120		1,679
			9,406
MATERIALS - 4.5%
Olin Corp.	82		1,674
Reliance Steel & Aluminum Co.	13		649
Steel Dynamics Inc.	37		677
			3,000
UTILITIES - 1.5%
Westar Energy Inc. (e)	40		1,009
Total Common Stocks (cost $59,263)			67,226
SHORT TERM INVESTMENTS - 8.8%
Investment Company - 0.9%
JNL Money Market Fund, 0.08% (a) (h)	634		634
Securities Lending Collateral 7.9%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)	5,332		5,332
Total Short Term Investments (cost $5,966)			5,966
Total Investments - 108.4% (cost $65,229)			73,192
Other Assets and Liabilities, Net - (8.4%)			(5,660)
Total Net Assets - 100.0%			$67,532

	Shares/Par	(p)	Value
JNL/PPM America Value Equity Fund
COMMON STOCKS - 99.8%
CONSUMER DISCRETIONARY - 13.2%
Abercrombie & Fitch Co. - Class A	19		$1,107
Comcast Corp. - Class A	130		2,858
Home Depot Inc.	33		1,164
Macy’s Inc.	70		1,758
Newell Rubbermaid Inc.	108		1,958
Royal Caribbean Cruises Ltd. (c)	27		1,246
VF Corp.	24		2,042
Viacom Inc. - Class B	72		2,856
			14,989
CONSUMER STAPLES - 7.0%
Altria Group Inc.	115		2,829
Archer-Daniels-Midland Co.	85		2,566
CVS Caremark Corp.	36		1,252
Procter & Gamble Co.	21		1,376
			8,023
ENERGY - 10.7%
Apache Corp.	22		2,635
Chevron Corp.	31		2,865
ConocoPhillips	31		2,091
National Oilwell Varco Inc.	26		1,735
Occidental Petroleum Corp.	18		1,746
Patterson-UTI Energy Inc.	50		1,078
			12,150
FINANCIALS - 23.4%
Allstate Corp.	62		1,973
Bank of America Corp.	218		2,906
Goldman Sachs Group Inc.	16		2,657
Hartford Financial Services Group Inc.	111		2,948
JPMorgan Chase & Co.	70		2,969
Lincoln National Corp.	98		2,720
Morgan Stanley	102		2,770
Travelers Cos. Inc.	47		2,602
U.S. Bancorp	84		2,271
Wells Fargo & Co.	91		2,826
			26,642
HEALTH CARE - 9.4%
CIGNA Corp.	78		2,845
Johnson & Johnson	36		2,220
Merck & Co. Inc.	79		2,833
Pfizer Inc.	160		2,803
			10,701
INDUSTRIALS - 11.2%
Caterpillar Inc.	30		2,828
Goodrich Corp.	26		2,281
Lockheed Martin Corp.	36		2,545
Spirit Aerosystems Holdings Inc. (c)	74		1,546
Terex Corp. (c)	43		1,341
Textron Inc. (e)	96		2,260
			12,801
INFORMATION TECHNOLOGY - 14.1%
Avnet Inc. (c)	35		1,160
Computer Sciences Corp.	47		2,336
Hewlett-Packard Co.	69		2,888
Intel Corp.	136		2,864
International Business Machines Corp.	19		2,818
Microsoft Corp.	101		2,828

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)	Value
Texas Instruments Inc.	37	1,186
		16,080
MATERIALS - 4.2%
Allegheny Technologies Inc.	20	1,109
Nucor Corp.	52	2,274
PPG Industries Inc.	16	1,371
		4,754
TELECOMMUNICATION SERVICES - 4.5%
AT&T Inc.	77	2,248
Verizon Communications Inc.	81	2,887
		5,135
UTILITIES - 2.1%
Edison International	63	2,432
Total Common Stocks (cost $87,552)		113,707
SHORT TERM INVESTMENTS - 1.5%
Investment Company - 0.2%
JNL Money Market Fund, 0.08% (a) (h)	233	233
Securities Lending Collateral 1.3%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)	1,201	1,201
Securities Lending Liquidating Fund LLC, 0.66% (a) (h)	254	250
		1,451
Total Short Term Investments (cost $1,688)		1,684
Total Investments - 101.3% (cost $89,240)		115,391
Other Assets and Liabilities, Net - (1.3%)		(1,433)
Total Net Assets - 100.0%		$113,958
JNL/Red Rocks Listed Private Equity Fund
COMMON STOCKS - 96.9%
DIVERSIFIED - 8.2%
Diversified Operations - 8.2%
Ackermans & van Haaren NV	154	$12,858
HAL Trust NV	171	21,504
Wendel Investissement	203	18,701
FINANCIALS - 85.0%
Closed - End Funds - 25.5%
AP Alternative Assets LP	2,040	18,013
ARC Capital Holdings Ltd. (c)	10,710	13,575
Candover Investments Plc (c)	643	6,660
Castle Private Equity Ltd. (c)	335	2,906
Conversus Capital LP (c)	1,509	27,182
Electra Private Equity Plc (c)	899	23,434
Graphite Enterprise Trust Plc	2,160	9,968
HBM BioVentures AG - Class A (c)	292	13,286
HgCapital Trust Plc	856	13,428
Princess Private Equity Holding Ltd. (c) (e)	1,530	13,063
Standard Life European Private Equity Trust Plc	246	536
SVG Capital Plc (c)	6,636	21,809
		163,860
Diversified Financial Services - 23.9%
Blackstone Group LP	1,745	24,692
Brookfield Asset Management Inc. - Class A	414	13,782
GP Investments Ltd. - BDR (c)	2,250	9,962

	Shares/Par	(p)	Value
Intermediate Capital Group Plc	5,090		26,418
KKR & Co. LP	2,932		41,635
Onex Corp.	1,139		34,629
Safeguard Scientifics Inc. (c)	139		2,369
			153,487
Diversified Operations - 4.7%
Leucadia National Corp.	1,040		30,347
Investment Companies - 15.2%
China Merchants China Direct Investments Ltd.	4,820		10,604
DeA Capital SpA (c) (e)	3,214		4,894
Eurazeo	366		27,140
Investor AB	847		18,124
MVC Capital Inc.	550		8,030
Ratos AB Series B	685		25,326
THL Credit Inc. (e)	310		4,028
			98,146
Venture Capital - 15.7%
3i Group Plc	7,385		37,823
Altamir Amboise (c) (e)	1,740		14,928
Deutsche Beteiligungs AG	385		10,848
Dinamia Capital Privado Scr SA	432		5,072
Gimv NV	317		17,313
IP Group Plc (c)	5,398		2,567
Jafco Co. Ltd.	427		12,345
			100,896
INDUSTRIALS - 2.1%
Orkla ASA	1,375		13,412
INFORMATION TECHNOLOGY - 1.6%
Internet Capital Group Inc. (c)	730		10,381
Total Common Stocks (cost $513,004)			623,592
RIGHTS - 0.1%
HgCapital Trust Plc (c)	153		250
Total Rights (cost $0)			250
SHORT TERM INVESTMENTS - 3.2%
Mutual Funds 3.2%
JNL Money Market Fund, 0.08% (a) (h)	20,746		20,746
Securities Lending Collateral - 0.0%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)	65		65
Total Short Term Investments (cost $20,811)			20,811
Total Investments - 100.2% (cost $533,815)			644,653
Other Assets and Liabilities, Net - (0.2%)			(1,368)
Total Net Assets - 100.0%			$643,285
JNL/S&P Managed Conservative Fund (b)
INVESTMENT COMPANIES - 100.0%
JNL/Capital Guardian Global Diversified Research Fund (2.4%) (a)	445		$10,330
JNL/Capital Guardian U.S. Growth Equity Fund (3.8%) (a)	1,588		33,641
JNL/Eagle Core Equity Fund (15.9%) (a)	4,400		32,250
JNL/Goldman Sachs Core Plus Bond Fund (14.3%) (a)	12,448		151,121
JNL/Goldman Sachs Emerging Markets Debt Fund (4.0%) (a)	2,221		30,318

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)	Value
JNL/Invesco International Growth Fund (3.9%) (a)	2,199	22,739
JNL/Invesco Large Cap Growth Fund (3.6%) (a)	2,610	32,864
JNL/JPMorgan International Value Fund (3.5%) (a)	2,789	20,970
JNL/JPMorgan U.S. Government & Quality Bond Fund (11.1%) (a)	7,880	101,966
JNL/PIMCO Real Return Fund (7.2%) (a)	10,693	128,957
JNL/PIMCO Total Return Bond Fund (4.4%) (a)	11,641	143,771
JNL/Select Value Fund (3.3%) (a)	2,163	37,576
JNL/T. Rowe Price Established Growth Fund (2.3%) (a)	1,616	34,298
JNL/T. Rowe Price Value Fund (3.1%) (a)	3,264	35,384
JNL/T. Rowe Short-Term Bond Fund (18.7%) (a)	16,552	163,529
Total Investment Companies (cost $942,351)		979,714
Total Investments - 100.0% (cost $942,351)		979,714
Other Assets and Liabilities, Net - (0.0% )		(146)
Total Net Assets - 100.0%		$979,568
JNL/S&P Managed Moderate Fund (b)
INVESTMENT COMPANIES - 100.0%
JNL/BlackRock Commodity Securities Fund (0.4%) (a)	360	$3,971
JNL/Capital Guardian Global Diversified Research Fund (7.2%) (a)	1,351	31,382
JNL/Capital Guardian U.S. Growth Equity Fund (10.1%) (a)	4,246	89,965
JNL/Franklin Templeton International Small Cap Growth Fund (0.4%) (a)	99	809
JNL/Goldman Sachs Core Plus Bond Fund (16.1%) (a)	14,027	170,288
JNL/Goldman Sachs Emerging Markets Debt Fund (6.6%) (a)	3,717	50,733
JNL/Goldman Sachs Mid Cap Value Fund (8.6%) (a)	4,119	43,664
JNL/Invesco Global Real Estate Fund (0.9%) (a)	728	6,183
JNL/Invesco International Growth Fund (6.0%) (a)	3,415	35,315
JNL/Invesco Large Cap Growth Fund (10.3%) (a)	7,441	93,676
JNL/JPMorgan International Value Fund (5.6%) (a)	4,504	33,867
JNL/JPMorgan U.S. Government & Quality Bond Fund (13.4%) (a)	9,505	122,993
JNL/Lazard Emerging Markets Fund (2.6%) (a)	2,943	35,581
JNL/M&G Global Basics Fund (18.8%) (a)	2,451	36,719
JNL/Mellon Capital Management Oil & Gas Sector Fund (1.1%) (a)	265	7,093
JNL/Oppenheimer Global Growth Fund (1.2%) (a)	460	4,814
JNL/PIMCO Real Return Fund (10.3%) (a)	15,276	184,226
JNL/PIMCO Total Return Bond Fund (5.7%) (a)	15,155	187,168
JNL/Select Value Fund (9.7%) (a)	6,416	111,451
JNL/T. Rowe Price Established Growth Fund (6.0%) (a)	4,268	90,571
JNL/T. Rowe Price Mid-Cap Growth Fund (3.3%) (a)	1,555	46,317
JNL/T. Rowe Price Value Fund (8.0%) (a)	8,399	91,048

	Shares/Par (p)	Value
JNL/T. Rowe Short-Term Bond Fund (21.5%) (a)	18,977	187,495
Total Investment Companies (cost $1,560,485)		1,665,329
Total Investments - 100.0% (cost $1,560,485)		1,665,329
Other Assets and Liabilities, Net - (0.0%)		(231)
Total Net Assets - 100.0%		$1,665,098
JNL/S&P Managed Moderate Growth Fund (b)
INVESTMENT COMPANIES - 100.0%
JNL/BlackRock Commodity Securities Fund (1.3%) (a)	1,195	$13,173
JNL/Capital Guardian Global Diversified Research Fund (9.5%) (a)	1,784	41,432
JNL/Capital Guardian U.S. Growth Equity Fund (19.0%) (a)	8,036	170,274
JNL/Eagle SmallCap Equity Fund (3.8%) (a)	1,018	22,271
JNL/Franklin Templeton International Small Cap Growth Fund (8.8%) (a)	2,295	18,754
JNL/Franklin Templeton Small Cap Value Fund (3.7%) (a)	999	11,013
JNL/Goldman Sachs Core Plus Bond Fund (19.2%) (a)	16,723	203,013
JNL/Goldman Sachs Emerging Markets Debt Fund (11.3%) (a)	6,321	86,288
JNL/Goldman Sachs Mid Cap Value Fund (18.3%) (a)	8,727	92,508
JNL/Invesco Global Real Estate Fund (1.4%) (a)	1,111	9,445
JNL/Invesco International Growth Fund (19.1%) (a)	10,855	112,241
JNL/Invesco Large Cap Growth Fund (23.8%) (a)	17,218	216,768
JNL/JPMorgan International Value Fund (18.7%) (a)	15,098	113,538
JNL/JPMorgan MidCap Growth Fund (4.3%) (a)	498	9,978
JNL/JPMorgan U.S. Government & Quality Bond Fund (16.1%) (a)	11,449	148,154
JNL/Lazard Emerging Markets Fund (6.3%) (a)	7,191	86,943
JNL/M&G Global Basics Fund (21.9%) (a)	2,863	42,886
JNL/Mellon Capital Management Oil & Gas Sector Fund (1.7%) (a)	417	11,147
JNL/Oppenheimer Global Growth Fund (4.9%) (a)	1,894	19,833
JNL/PIMCO Real Return Fund (12.9%) (a)	19,147	230,909
JNL/PIMCO Total Return Bond Fund (5.0%) (a)	13,304	164,304
JNL/Select Value Fund (24.6%) (a)	16,344	283,890
JNL/T. Rowe Price Established Growth Fund (12.5%) (a)	8,910	189,076
JNL/T. Rowe Price Mid-Cap Growth Fund (7.4%) (a)	3,473	103,412
JNL/T. Rowe Price Value Fund (25.3%) (a)	26,545	287,747
JNL/T. Rowe Short-Term Bond Fund (19.8%) (a)	17,468	172,581
Total Investment Companies (cost $2,683,260)		2,861,578

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Total Investments - 100.0% (cost $2,683,260)			2,861,578
Other Assets and Liabilities, Net - (0.0% )			(387)
Total Net Assets - 100.0%			$2,861,191
JNL/S&P Managed Growth Fund (b)
INVESTMENT COMPANIES - 100.0%
JNL/BlackRock Commodity Securities Fund (1.3%) (a)		1,198	$13,198
JNL/Capital Guardian Global Diversified Research Fund (8.3%) (a)		1,569	36,440
JNL/Capital Guardian U.S. Growth Equity Fund (17.1%) (a)		7,200	152,579
JNL/Eagle Core Equity Fund (26.0%) (a)		7,212	52,862
JNL/Eagle SmallCap Equity Fund (13.9%) (a)		3,752	82,088
JNL/Franklin Templeton International Small Cap Growth Fund (11.1%) (a)		2,916	23,823
JNL/Franklin Templeton Small Cap Value Fund (6.5%) (a)		1,740	19,173
JNL/Goldman Sachs Core Plus Bond Fund (3.2%) (a)		2,791	33,882
JNL/Goldman Sachs Emerging Markets Debt Fund (8.4%) (a)		4,696	64,098
JNL/Goldman Sachs Mid Cap Value Fund (14.7%) (a)		7,029	74,512
JNL/Invesco Global Real Estate Fund (3.0%) (a)		2,356	20,028
JNL/Invesco International Growth Fund (15.2%) (a)		8,651	89,457
JNL/Invesco Large Cap Growth Fund (23.4%) (a)		16,913	212,929
JNL/JPMorgan International Value Fund (13.5%) (a)		10,912	82,056
JNL/JPMorgan MidCap Growth Fund (7.6%) (a)		878	17,576
JNL/JPMorgan U.S. Government & Quality Bond Fund (3.1%) (a)		2,187	28,301
JNL/Lazard Emerging Markets Fund (5.4%) (a)		6,166	74,544
JNL/M&G Global Basics Fund (24.0%) (a)		3,132	46,924
JNL/Mellon Capital Management Oil & Gas Sector Fund (1.1%) (a)		267	7,159
JNL/Oppenheimer Global Growth Fund (16.2%) (a)		6,234	65,266
JNL/PIMCO Real Return Fund (6.4%) (a)		9,526	114,888
JNL/PIMCO Total Return Bond Fund (2.4%) (a)		6,333	78,211
JNL/Select Value Fund (19.7%) (a)		13,116	227,817
JNL/T. Rowe Price Established Growth Fund (14.4%) (a)		10,235	217,195
JNL/T. Rowe Price Mid-Cap Growth Fund (7.3%) (a)		3,445	102,607
JNL/T. Rowe Price Value Fund (17.9%) (a)		18,774	203,506
Total Investment Companies (cost $1,974,371)			2,141,119
Total Investments - 100.0% (cost $1,974,371)			2,141,119
Other Assets and Liabilities, Net - (0.0% )			(303)
Total Net Assets - 100.0%			$2,140,816

	Shares/Par (p)	Value
JNL/S&P Managed Aggressive Growth Fund (b)
INVESTMENT COMPANIES - 100.0%
JNL/BlackRock Commodity Securities Fund (0.8%) (a)	747	$8,229
JNL/Capital Guardian Global Diversified Research Fund (3.1%) (a)	581	13,491
JNL/Capital Guardian U.S. Growth Equity Fund (3.2%) (a)	1,341	28,419
JNL/Eagle SmallCap Equity Fund (5.8%) (a)	1,561	34,151
JNL/Franklin Templeton International Small Cap Growth Fund (6.7%) (a)	1,767	14,438
JNL/Franklin Templeton Small Cap Value Fund (4.8%) (a)	1,292	14,242
JNL/Goldman Sachs Emerging Markets Debt Fund (2.0%) (a)	1,140	15,556
JNL/Goldman Sachs Mid Cap Value Fund (7.5%) (a)	3,560	37,735
JNL/Invesco Global Real Estate Fund (1.1%) (a)	832	7,073
JNL/Invesco International Growth Fund (5.8%) (a)	3,309	34,216
JNL/Invesco Large Cap Growth Fund (8.0%) (a)	5,820	73,280
JNL/JPMorgan International Value Fund (5.5%) (a)	4,450	33,468
JNL/JPMorgan MidCap Growth Fund (5.4%) (a)	629	12,600
JNL/Lazard Emerging Markets Fund (2.4%) (a)	2,754	33,291
JNL/M&G Global Basics Fund (12.8%) (a)	1,665	24,946
JNL/Mellon Capital Management Oil & Gas Sector Fund (0.7%) (a)	183	4,886
JNL/Oppenheimer Global Growth Fund (10.0%) (a)	3,844	40,249
JNL/PIMCO Real Return Fund (1.9%) (a)	2,858	34,469
JNL/PPM America High Yield Bond Fund (2.4%) (a)	3,203	21,362
JNL/Select Value Fund (8.5%) (a)	5,621	97,634
JNL/T. Rowe Price Established Growth Fund (5.9%) (a)	4,218	89,499
JNL/T. Rowe Price Mid-Cap Growth Fund (2.9%) (a)	1,371	40,841
JNL/T. Rowe Price Value Fund (6.6%) (a)	6,893	74,718
Total Investment Companies (cost $735,196)		788,793
Total Investments -100.0% (cost $735,196)		788,793
Other Assets and Liabilities, Net - (0.0% )		(129)
Total Net Assets - 100.0%		$788,664
JNL/S&P Disciplined Moderate Fund (b)
INVESTMENT COMPANIES - 100.0%
JNL/Goldman Sachs Emerging Markets Debt Fund (1.3%) (a)	736	$10,042
JNL/Mellon Capital Management Bond Index Fund (5.1%) (a)	5,747	67,419
JNL/Mellon Capital Management International Index Fund (4.8%) (a)	4,212	52,569
JNL/Mellon Capital Management JNL Optimized 5 Fund (3.7%) (a)	2,096	18,638
JNL/Mellon Capital Management S&P 400 MidCap Index Fund (2.0%) (a)	956	13,246

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)	Value
JNL/Mellon Capital Management S&P 500 Index Fund (9.9%) (a)	12,540	132,795
JNL/Mellon Capital Management Small Cap Index Fund (1.5%) (a)	865	10,904
JNL/PIMCO Real Return Fund (2.3%) (a)	3,389	40,876
Total Investment Companies (cost $312,551)		346,489
Total Investments - 100.0% (cost $312,551)		346,489
Other Assets and Liabilities, Net - (0.0% )		(56)
Total Net Assets - 100.0%		$        346,433
JNL/S&P Disciplined Moderate Growth Fund (b)
INVESTMENT COMPANIES - 100.0%
JNL/Goldman Sachs Emerging Markets Debt Fund (1.3%) (a)	741 $	10,111
JNL/Mellon Capital Management 25 Fund (4.0%) (a)	1,754	21,931
JNL/Mellon Capital Management Bond Index Fund (1.4%) (a)	1,584	18,578
JNL/Mellon Capital Management International Index Fund (6.5%) (a)	5,671	70,777
JNL/Mellon Capital Management JNL Optimized 5 Fund (4.7%) (a)	2,625	23,341
JNL/Mellon Capital Management S&P 400 MidCap Index Fund (4.8%) (a)	2,301	31,887
JNL/Mellon Capital Management S&P 500 Index Fund (11.8%) (a)	14,964	158,466
JNL/Mellon Capital Management Small Cap Index Fund (2.3%) (a)	1,303	16,437
JNL/PIMCO Real Return Fund (1.4%) (a)	2,042	24,625
Total Investment Companies (cost $324,940)		376,153
Total Investments - 100.0% (cost $324,940)		376,153
Other Assets and Liabilities, Net - (0.0% )		(61)
Total Net Assets - 100.0%		$        376,092
JNL/S&P Disciplined Growth Fund (b)
INVESTMENT COMPANIES - 100.0%
JNL/Goldman Sachs Emerging Markets Debt Fund (0.4%) (a)	198 $	2,701
JNL/Mellon Capital Management 25 Fund (1.5%) (a)	649	8,112
JNL/Mellon Capital Management Bond Index Fund (0.4%) (a)	465	5,453
JNL/Mellon Capital Management International Index Fund (3.1%) (a)	2,669	33,316
JNL/Mellon Capital Management JNL Optimized 5 Fund (2.4%) (a)	1,324	11,768
JNL/Mellon Capital Management S&P 400 MidCap Index Fund (1.7%) (a)	833	11,553
JNL/Mellon Capital Management S&P 500 Index Fund (4.1%) (a)	5,240	55,487
JNL/Mellon Capital Management Small Cap Index Fund (0.7%) (a)	402	5,069

	Shares/Par (p)	Value
JNL/PIMCO Real Return Fund (0.2%) (a)	335	4,039
Total Investment Companies (cost $117,474)		137,498
Total Investments - 100.0% (cost $117,474)		137,498
Other Assets and Liabilities, Net -(0.0% )		(22)
Total Net Assets - 100.0%		$        137,476
JNL/S&P Competitive Advantage Fund
COMMON STOCKS - 99.8%
CONSUMER DISCRETIONARY - 29.4%
Apollo Group Inc. - Class A (c)	282	$11,122
Best Buy Co. Inc.	222	7,617
DeVry Inc.	223	10,700
Family Dollar Stores Inc.	193	9,574
Gap Inc.	444	9,837
RadioShack Corp.	514	9,512
Ross Stores Inc.	146	9,252
Starbucks Corp.	316	10,144
TJX Cos. Inc.	212	9,414
		87,172
CONSUMER STAPLES - 3.2%
Sysco Corp.	327	9,615
ENERGY - 3.3%
Southwestern Energy Co. (c)	262	9,813
FINANCIALS - 3.6%
Federated Investors Inc. - Class B (e)	404	10,570
HEALTH CARE - 10.0%
Eli Lilly & Co.	285	9,970
Gilead Sciences Inc. (c)	262	9,509
Varian Medical Systems Inc. (c)	145	10,079
		29,558
INDUSTRIALS - 10.3%
Lockheed Martin Corp.	141	9,841
Rockwell Collins Inc.	171	9,953
WW Grainger Inc.	77	10,587
		30,381
INFORMATION TECHNOLOGY - 32.9%
Apple Inc. (c)	31	9,929
Intel Corp.	449	9,451
International Business Machines Corp.	68	9,936
Lexmark International Inc. - Class A (c)	262	9,120
MasterCard Inc. - Class A	40	8,975
Microsoft Corp.	380	10,606
Paychex Inc.	336	10,372
Teradata Corp. (c)	235	9,683
Texas Instruments Inc.	299	9,701
Western Digital Corp. (c)	283	9,605
		97,378
MATERIALS - 7.1%
Ecolab Inc.	200	10,100
Sherwin-Williams Co.	130	10,912
		21,012
Total Common Stocks (cost $279,029)		295,499

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
SHORT TERM INVESTMENTS - 3.5%
Investment Company - 0.2%
JNL Money Market Fund, 0.08% (a) (h)		613		613
Securities Lending Collateral 3.3%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)		9,324		9,324
Securities Lending Liquidating Fund LLC, 0.66% (a) (h)		400		393
				9,717
Total Short Term Investments (cost $10,337)				10,330
Total Investments - 103.3% (cost $289,366)				305,829
Other Assets and Liabilities, Net - (3.3%)				(9,738	)
Total Net Assets - 100.0%			$	296,091
JNL/S&P Dividend Income & Growth Fund
COMMON STOCKS - 99.7%
CONSUMER DISCRETIONARY - 10.0%
Home Depot Inc.		460	$	16,127
McDonald’s Corp.		178		13,627
VF Corp. (e)		168		14,452
				44,206
CONSUMER STAPLES - 9.6%
Clorox Co.		223		14,142
Kimberly-Clark Corp.		223		14,070
Sysco Corp.		476		13,995
				42,207
ENERGY - 10.4%
Chevron Corp.		172		15,661
Exxon Mobil Corp.		200		14,610
Marathon Oil Corp.		415		15,375
				45,646
FINANCIALS - 10.3%
Kimco Realty Corp.		834		15,049
M&T Bank Corp.		181		15,719
Public Storage		143		14,502
				45,270
HEALTH CARE - 10.0%
Bristol-Myers Squibb Co.		551		14,581
Merck & Co. Inc.		403		14,532
Pfizer Inc.		848		14,847
				43,960
INDUSTRIALS - 9.8%
Lockheed Martin Corp.		203		14,193
Pitney Bowes Inc.		633		15,316
Raytheon Co.		299		13,841
				43,350
INFORMATION TECHNOLOGY - 9.9%
Automatic Data Processing Inc.		312		14,432
Intel Corp.		654		13,756
Microsoft Corp.		551		15,391
				43,579
MATERIALS - 9.9%
Air Products & Chemicals Inc.		160		14,570

	Shares/Par (p)		Value
PPG Industries Inc.		177		14,895
Praxair Inc.		151		14,416
				43,881
TELECOMMUNICATION SERVICES - 10.2%
AT&T Inc.		500		14,694
CenturyLink Inc. (e)		323		14,926
Verizon Communications Inc.		434		15,533
				45,153
UTILITIES - 9.6%
Consolidated Edison Inc.		286		14,156
PPL Corp.		547		14,397
Southern Co.		366		14,000
				42,553
Total Common Stocks (cost $402,064)				439,805
SHORT TERM INVESTMENTS - 5.6%
Investment Company - 1.1%
JNL Money Market Fund, 0.08% (a) (h)		5,012		5,012
Securities Lending Collateral 4.5%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)		19,295		19,295
Securities Lending Liquidating Fund LLC, 0.66% (a) (h)		481		473
				19,768
Total Short Term Investments (cost $24,788)				24,780
Total Investments - 105.3% (cost $426,852)				464,585
Other Assets and Liabilities, Net-(5.3%)				(23,493	)
Total Net Assets - 100.0%			$	441,092
JNL/S&P Intrinsic Value Fund
COMMON STOCKS - 100.0%
CONSUMER DISCRETIONARY - 16.9%
GameStop Corp.- Class A (c)		512	$	11,712
H&R Block Inc. (e)		810		9,651
RadioShack Corp.		553		10,221
VF Corp.		123		10,605
Washington Post Co. - Class B (e)		27		11,886
				54,075
HEALTH CARE - 36.5%
Abbott Laboratories		219		10,507
Aetna Inc.		340		10,384
AmerisourceBergen Corp.		327		11,158
Amgen Inc. (c)		194		10,627
Cardinal Health Inc.		283		10,860
CIGNA Corp.		274		10,036
Humana Inc. (c)		180		9,843
Medtronic Inc.		301		11,159
Quest Diagnostics Inc.		205		11,039
UnitedHealth Group Inc.		276		9,964
Zimmer Holdings Inc. (c)		205		10,992
				116,569
INDUSTRIALS - 13.3%
General Dynamics Corp.		154		10,950
L-3 Communications Holdings Inc.		145		10,223
Pitney Bowes Inc.		465		11,239

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Raytheon Co.		221	10,220
			42,632
INFORMATION TECHNOLOGY - 19.9%
Dell Inc. (c)		772	10,454
Fiserv Inc. (c)		184	10,799
Harris Corp.		231	10,444
Microsoft Corp.		405	11,294
Symantec Corp. (c)		607	10,164
Total System Services Inc. (e)		676	10,396
			63,551
MATERIALS - 6.6%
Ball Corp.		155	10,535
MeadWestvaco Corp.		411	10,741
			21,276
TELECOMMUNICATION SERVICES - 3.6%
Verizon Communications Inc.		319	11,399
UTILITIES - 3.2%
Entergy Corp.		143	10,141
Total Common Stocks (cost $314,799)			319,643
SHORT TERM INVESTMENTS - 4.8%
Investment Company - 0.4%
JNL Money Market Fund, 0.08% (a) (h)		1,339	1,339
Securities Lending Collateral 4.4%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)		13,666	13,666
Securities Lending Liquidating Fund LLC, 0.66% (a) (h)		517	509
			14,175
Total Short Term Investments (cost $15,522)			15,514
Total Investments - 104.8% (cost $330,321)			335,157
Other Assets and Liabilities, Net - (4.8%)			(15,440)
Total Net Assets - 100.0%			$319,717
JNL/S&P Total Yield Fund
COMMON STOCKS - 99.9%
CONSUMER DISCRETIONARY - 26.1%
DR Horton Inc.		871	$10,389
Gannett Co. Inc.		667	10,065
Gap Inc.		409	9,066
H&R Block Inc.		695	8,277
Limited Brands Inc.		260	7,986
O’Reilly Automotive Inc. (c)		145	8,783
RadioShack Corp.		474	8,767
Washington Post Co. - Class B (e)		23	10,193
			73,526
CONSUMER STAPLES - 3.3%
SUPERVALU Inc.		968	9,317
ENERGY - 3.5%
ConocoPhillips		145	9,897
FINANCIALS - 33.7%
American Express Co.		200	8,581
Bank of America Corp.		791	10,546
Capital One Financial Corp.		232	9,891

	Shares/Par (p)		Value
Chubb Corp.		153	9,150
Citigroup Inc. (c)		2,060	9,743
Goldman Sachs Group Inc.		55	9,314
JPMorgan Chase & Co.		231	9,818
Legg Mason Inc.		265	9,618
State Street Corp.		200	9,276
Vornado Realty Trust		107	8,935
			94,872
HEALTH CARE - 6.4%
Biogen Idec Inc. (c)		137	9,168
WellPoint Inc. (c)		157	8,923
			18,091
INDUSTRIALS - 13.3%
General Electric Co.		552	10,103
L-3 Communications Holdings Inc.		124	8,768
Northrop Grumman Corp.		142	9,187
Textron Inc.		391	9,247
			37,305
INFORMATION TECHNOLOGY - 3.3%
Fiserv Inc. (c)		158	9,262
MATERIALS - 3.3%
MeadWestvaco Corp.		352	9,211
TELECOMMUNICATION SERVICES - 7.0%
Sprint Nextel Corp. (c)		2,314	9,787
Verizon Communications Inc.		273	9,775
			19,562
Total Common Stocks (cost $271,555)			$    281,043
SHORT TERM INVESTMENTS - 3.6%
Investment Company - 0.2%
JNL Money Market Fund, 0.08% (a) (h)		518	518
Securities Lending Collateral 3.4%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)		8,344	8,344
Securities Lending Liquidating Fund LLC, 0.66% (a) (h)		1,207	1,187
			9,531
Total Short Term Investments (cost $10,069)			10,049
Total Investments - 103.5% (cost $281,624)			291,092
Other Assets and Liabilities, Net - (3.5%)			(9,890)
Total Net Assets - 100.0%			$    281,202
JNL/S&P 4 Fund (b)
INVESTMENT COMPANIES - 100.0%
JNL/S&P Competitive Advantage Fund (70.0%) (a)		19,369	$207,247
JNL/S&P Dividend Income & Growth Fund (48.3%) (a)		21,826	213,020
JNL/S&P Intrinsic Value Fund (65.5%) (a)		21,026	209,632
JNL/S&P Total Yield Fund (76.1%) (a)		21,981	214,095
Total Investment Companies (cost $697,160)			843,994

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Total Investments - 100.0% (cost $697,160)			843,994
Other Assets and Liabilities, Net - (0.0% )			(49)
Total Net Assets - 100.0%			$  843,945
JNL/Select Balanced Fund * (x)
COMMON STOCKS - 66.1%
CONSUMER DISCRETIONARY - 5.1%
Comcast Corp. - Class A		613	$13,462
Lowe’s Cos. Inc.		417	10,466
News Corp. - Class A		673	9,796
Staples Inc.		454	10,342
Other Securities			21,354
			65,420
CONSUMER STAPLES - 5.0%.
CVS Caremark Corp.		235	8,181
PepsiCo Inc.		236	15,385
Philip Morris International Inc.		206	12,034
Procter & Gamble Co.		138	8,877
Unilever NV - NYS		290	9,109
Wal-Mart Stores Inc.		143	7,734
Other Securities			3,408
			64,728
ENERGY - 9.6%
Anadarko Petroleum Corp.		193	14,706
Baker Hughes Inc.		193	11,051
Chevron Corp.		353	32,220
Exxon Mobil Corp.		462	33,745
Occidental Petroleum Corp.		119	11,684
Other Securities			20,680
			124,086
FINANCIALS - 11.5%
ACE Ltd.		227	14,118
Bank of America Corp.		841	11,216
Goldman Sachs Group Inc.		34	5,768
JPMorgan Chase & Co.		614	26,050
MetLife Inc.		330	14,683
PNC Financial Services Group Inc.		195	11,853
Wells Fargo & Co.		1,034	32,056
Other Securities			33,182
			148,926
HEALTH CARE - 8.2%
Cardinal Health Inc.		249	9,528
Eli Lilly & Co.		443	15,537
Johnson & Johnson		258	15,945
Medtronic Inc.		335	12,421
Merck & Co. Inc.		548	19,764
Pfizer Inc.		1,500	26,258
Other Securities			6,858
			106,311
INDUSTRIALS - 8.9%
Cooper Industries Plc		194	11,326
Deere & Co.		133	11,021
General Dynamics Corp.		146	10,360
General Electric Co.		662	12,104
Pentair Inc.		281	10,270
Siemens AG - ADR		82	10,139
United Parcel Service Inc. - Class B		126	9,152

	Shares/Par (p)		Value
Other Securities			40,696
			115,068
INFORMATION TECHNOLOGY - 9.0%
Accenture Plc - Class A		208	10,066
Analog Devices Inc.		230	8,656
Automatic Data Processing Inc.		194	8,997
Cisco Systems Inc. (c)		443	8,956
International Business Machines Corp.		161	23,614
Microsoft Corp.		466	13,013
QUALCOMM Inc.		200	9,883
Other Securities			33,064
			116,249
MATERIALS - 3.1%
Dow Chemical Co.		268	9,143
Other Securities			30,130
			39,273
TELECOMMUNICATION SERVICES - 2.5%
AT&T Inc.		1,105	32,468
UTILITIES - 3.2%
Dominion Resources Inc. (e)		231	9,868
Exelon Corp.		239	9,952
PG&E Corp.		189	9,023
Other Securities			12,538
Total Common Stocks (cost $743,676)			41,381
			853,910
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES - 1.1%
Banc of America Commercial Mortgage Inc. REMIC
5.12%, 07/11/43	$	750	773
5.74%, 05/10/45 (i)		350	383
5.20%, 09/10/47 (i)		1,200	1,289
Bank of America-First Union NB Commercial Mortgage REMIC, 5.46%, 04/11/37		440	445
Bear Stearns Commercial Mortgage Securities Inc. REMIC
5.72%, 09/11/38 (i)		540	589
5.54%, 10/12/41		545	587
Other Securities			10,655
Total Non-U.S. Government Agency Asset-Backed Securities (cost $14,116)			14,721
CORPORATE BONDS AND NOTES - 9.8%
CONSUMER DISCRETIONARY - 0.8%
Comcast Corp.
6.50%, 01/15/17 (e)		750	865
6.55%, 07/01/39		375	408
Lowe’s Cos. Inc., 6.65%, 09/15/37		420	492
Staples Inc., 9.75%, 01/15/14 (l)		335	406
Other Securities			8,695
			10,866
CONSUMER STAPLES - 0.7%
CVS Caremark Corp.
6.13%, 08/15/16		400	454
5.75%, 06/01/17		245	273
PepsiCo Inc., 3.13%, 11/01/20		1,800	1,692
Wal-Mart Stores Inc., 3.63%, 07/08/20		2,300	2,238
Other Securities			4,254
			8,911

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
ENERGY - 0.4%
Occidental Petroleum Corp., 4.10%, 02/01/21		941	956
Other Securities			4,410
			5,366
FINANCIALS - 5.5%
Bank of America Corp.
6.50%, 08/01/16		2,000	2,170
5.42%, 03/15/17		700	694
7.63%, 06/01/19		800	921
General Electric Capital Corp.
3.00%, 12/09/11		5,000	5,120
5.88%, 02/15/12		1,000	1,052
5.90%, 05/13/14		250	277
2.25%, 11/09/15		1,000	961
5.63%, 09/15/17 (e)		1,700	1,864
Goldman Sachs Group Inc.
1.63%, 07/15/11		4,000	4,029
5.35%, 01/15/16		1,700	1,826
5.63%, 01/15/17		1,350	1,428
JPMorgan Chase & Co.
3.70%, 01/20/15		600	621
3.40%, 06/24/15		1,800	1,836
6.30%, 04/23/19		475	541
6.40%, 05/15/38 (e)		425	482
MetLife Global Funding I Inc., 2.50%, 09/29/15 (r)		1,200	1,183
Wachovia Corp.
5.25%, 08/01/14		500	533
5.75%, 06/15/17		1,500	1,661
Wells Fargo & Co., 3.75%, 10/01/14 (e)		575	600
Other Securities			43,538
			71,337
HEALTH CARE - 0.5%
Schering-Plough, 5.30%, 12/01/13 (l)		450	500
Merck & Co. Inc., 4.00%, 06/30/15		370	397
Pfizer Inc., 6.20%, 03/15/19		700	820
Other Securities			4,243
			5,960
INDUSTRIALS - 0.3%
Deere & Co., 4.38%, 10/16/19		185	193
United Parcel Service Inc., 4.88%, 11/15/40 (e)		370	358
Other Securities			3,932
			4,483
INFORMATION TECHNOLOGY - 0.5%
Cisco Systems Inc., 4.45%, 01/15/20		500	524
International Business Machines Corp., 2.00%, 01/05/16		1,300	1,271
Microsoft Corp., 4.50%, 10/01/40 (e)		650	609
Other Securities			3,463
			5,867
MATERIALS - 0.0%
Other Securities			222
TELECOMMUNICATION SERVICES - 0.4%
AT&T Inc.
2.50%, 08/15/15		500	498
6.45%, 06/15/34		480	509
6.80%, 05/15/36		150	166
Other Securities			3,525
			4,698

	Shares/Par (p)		Value
UTILITIES - 0.7%
Other Securities			8,673
Total Corporate Bonds and Notes (cost $123,005)			126,383
GOVERNMENT AND AGENCY OBLIGATIONS - 19.0%
GOVERNMENT SECURITIES - 7.7%
Federal Home Loan Mortgage Corp. - 0.4% (w)
Federal Home Loan Mortgage Corp., 3.50%, 05/29/13		5,000	5,311
MUNICIPALS - 0.7%
Other Securities			9,377
SOVEREIGN - 0.5%
Other Securities			5,981
U.S. TREASURY SECURITIES - 6.1%
U.S. Treasury Bond
4.25%, 05/15/39		1,000	985
4.38%, 11/15/39		2,438	2,451
4.63%, 02/15/40		5,100	5,342
U.S. Treasury Note
0.88%, 04/30/11		6,100	6,114
1.00%, 09/30/11		15,500	15,584
4.50%, 03/31/12 (e)		2,225	2,339
1.38%, 05/15/12		13,000	13,173
4.75%, 05/31/12		2,000	2,122
3.13%, 09/30/13		2,500	2,652
1.88%, 02/28/14		2,000	2,048
1.75%, 07/31/15		7,000	6,978
1.25%, 10/31/15, TBA (g)		5,000	4,839
3.88%, 05/15/18		1,000	1,076
3.63%, 02/15/20		12,915	13,403
			79,106
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES - 11.3%
Federal Home Loan Mortgage Corp. - 2.9%
Federal Home Loan Mortgage Corp.
6.00%, 04/01/17		84	91
6.50%, 11/01/17		34	37
4.50%, 05/01/18		60	63
4.50%, 09/01/18		88	93
4.50%, 11/01/18		57	60
4.50%, 11/01/18		127	134
4.50%, 03/01/19		496	523
7.00%, 11/01/30		98	112
7.00%, 06/01/31		28	32
7.00%, 10/01/32		48	55
6.00%, 07/01/35		225	245
6.00%, 01/01/36		927	1,011
6.00%, 03/01/37		90	98
6.00%, 09/01/37		1,089	1,197
4.50%, 04/01/38		58	59
4.50%, 09/01/38		52	53
4.50%, 02/01/39		712	731
4.50%, 02/01/39		4,843	4,976
4.50%, 03/01/39		2,948	3,024
6.00%, 12/01/39		642	697
6.00%, 12/01/39		155	168
6.00%, 12/01/39		1,158	1,262
4.00%, 01/15/41, TBA (g)		23,500	23,327
			38,048
Federal National Mortgage Association - 8.0%
Federal National Mortgage Association
6.00%, 01/01/18		29	32
4.88%, 09/01/19		99	105
4.21%, 11/01/19		30	30

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
3.74%, 07/01/20		249	246
4.04%, 07/01/20		100	100
4.21%, 07/01/20		249	253
4.21%, 07/01/20		249	253
3.75%, 08/01/20		149	147
3.99%, 08/01/20		249	249
4.03%, 08/01/20		100	100
3.43%, 09/01/20		150	144
3.54%, 09/01/20		25	24
3.55%, 09/01/20		249	242
3.56%, 09/01/20		58	56
3.59%, 09/01/20		130	126
3.61%, 09/01/20		15	15
3.65%, 09/01/20		25	24
3.68%, 09/01/20		56	55
3.68%, 09/01/20		110	108
3.68%, 09/01/20		35	34
3.69%, 09/01/20		50	49
3.70%, 09/01/20		40	39
3.73%, 09/01/20		50	49
3.74%, 09/01/20		25	25
3.81%, 09/01/20		50	49
3.83%, 09/01/20		25	25
3.93%, 09/01/20		199	199
3.50%, 10/01/20		50	48
3.66%, 10/01/20		125	122
3.74%, 10/01/20		50	49
3.50%, 01/15/26, TBA (g)		6,500	6,545
5.00%, 06/01/28		308	324
5.00%, 07/01/28		235	247
7.50%, 09/01/29		29	34
7.00%, 10/01/33		178	203
4.50%, 11/01/33		142	146
4.50%, 12/01/33		265	274
4.50%, 09/01/35		546	564
4.50%, 09/01/35		196	202
6.00%, 11/01/37		626	683
5.50%, 03/01/38		4,434	4,747
5.00%, 04/01/38		7,628	8,026
6.00%, 09/01/38		123	134
5.50%, 11/01/38		2,570	2,752
4.50%, 02/01/39		6,523	6,703
4.50%, 02/01/39		643	661
4.50%, 03/01/39		1,891	1,943
4.50%, 03/01/39		6,110	6,278
5.50%, 06/01/39		1,747	1,874
5.00%, 06/01/40		543	571
5.00%, 06/01/40		562	591
5.00%, 06/01/40		297	312
5.00%, 07/01/40		299	314
5.00%, 07/01/40		1,286	1,353
5.00%, 08/01/40		493	519
3.50%, 01/15/41, TBA (g)		9,500	9,072
5.00%, 01/15/41, TBA (g)		12,000	12,615
5.50%, 01/15/41, TBA (g)		14,000	14,978
6.00%, 01/15/41, TBA (g)		9,000	9,782
6.50%, 01/15/41, TBA (g)		6,500	7,223
			102,667
Government National Mortgage Association - 0.4%
Other Securities			4,968
Total Government and Agency Obligations (cost $244,518)			245,458
SHORT TERM INVESTMENTS - 12.0%
Investment Company - 10.1%
JNL Money Market Fund, 0.08% (a) (h)		130,095	130,095

	Shares/Par (p)		Value
Securities Lending Collateral 1.9%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)		21,829	21,829
Securities Lending Liquidating Fund LLC, 0.66% (a) (h)		2,097	2,062
			23,891
Total Short Term Investments (cost $154,021)			153,986
Total Investments - 108.0% (cost $1,279,336)			1,394,458
Other Assets and Liabilities, Net - (8.0%)			(103,255)
Total Net Assets - 100.0%			$1,291,203
JNL/Select Money Market Fund
CORPORATE BONDS AND NOTES - 4.2%
FINANCIALS - 4.2%
Bank of America Bank Note, 0.30%, 03/08/11	$	8,000	$8,000
Goldman Sachs Group Inc.
5.00%, 01/15/11		4,500	4,508
6.88%, 01/15/11		4,500	4,511
National Australia Bank Ltd., 0.29%, 01/27/11 (i) (r)		7,800	7,800
Wachovia Corp., 5.35%, 03/15/11		2,250	2,273
Wells Fargo & Co., 0.74%, 01/24/11 (i)		3,000	3,001
Total Corporate Bonds and Notes (cost $30,093)			30,093
SHORT TERM INVESTMENTS - 95.8%
Certificates of Deposit 28.0%
Bank of Montreal
0.35%, 10/26/11		10,000	10,000
0.33%, 05/31/11		8,000	8,000
Bank of Nova Scotia
0.79%, 05/12/11 (i)		2,850	2,856
0.35%, 06/27/11		3,700	3,700
0.30%, 02/25/11		9,200	9,200
Barclays Bank Plc
0.76%, 10/25/11		7,500	7,500
0.46%, 02/11/11		7,500	7,500
0.60%, 07/01/11		2,000	2,000
BNP Paribas
0.38%, 04/08/11		5,000	5,000
0.50%, 01/11/11		8,400	8,400
Citibank NA
0.36%, 03/23/11		4,500	4,500
0.28%, 01/10/11		10,100	10,100
0.26%, 02/22/11		3,300	3,300
Credit Agricole SA
0.50%, 03/03/11		5,900	5,900
0.32%, 01/25/11		5,800	5,800
DnB NOR Bank ASA
0.35%, 11/07/11 (i)		4,000	4,000
0.48%, 11/22/11		3,800	3,800
0.35%, 02/16/11		8,200	8,200
Nordea Bank Finland Plc, 0.33%, 02/28/11		8,700	8,700
Rabobank Nederland NV
0.33%, 11/07/11 (i)		4,000	4,000
0.33%, 03/08/11		5,100	5,100
Royal Bank of Canada, 0.26%, 02/24/11		8,800	8,800
Royal Bank of Scotland Plc
0.49%, 03/01/11		7,800	7,800
0.33%, 01/21/11		5,800	5,800
Societe Generale NY, 0.40%, 03/15/11		7,800	7,800

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Svenska Handels NY
0.30%, 04/15/11		7,400		7,400
0.26%, 01/05/11		7,700		7,700
Toronto-Dominion Bank NY
0.33%, 10/28/11 (i)		5,500		5,500
0.32%, 05/24/11		5,900		5,900
UBS AG Stamford
0.53%, 07/15/11		1,500		1,500
0.51%, 11/23/11 (i)		4,700		4,700
0.34%, 03/02/11		9,200		9,200
				199,656
Commercial Paper 21.0%
Bank of America NA
0.30%, 01/11/11		8,000		7,999
0.25%, 01/28/11		4,200		4,199
Cargill Inc.
0.24%, 01/04/11		8,000		8,000
0.24%, 01/11/11		3,000		3,000
Chariot Funding LLC
0.24%, 01/18/11 (r)		4,100		4,099
0.26%, 02/17/11 (r)		4,300		4,298
Ciesco LLC
0.27%, 02/08/11 (r)		5,000		4,999
0.27%, 03/07/11 (r)		5,900		5,897
CRC Funding LLC, 0.30%, 01/10/11 (r)		7,000		6,999
Falcon Asset Securitization Co. LLC
0.25%, 01/04/11 (r)		5,700		5,700
0.23%, 01/13/11 (r)		3,000		3,000
0.25%, 01/19/11 (r)		2,200		2,200
General Electric Capital Corp.
0.26%, 04/04/11		3,000		2,998
0.32%, 06/14/11		14,300		14,279
Johnson & Johnson, 0.15%, 01/04/11 (r)		7,300		7,300
Jupiter Securitization Corp., 0.25%,
01/12/11 (r)		8,000		7,999
Market Street Funding
0.30%, 01/11/11		3,000		3,000
0.27%, 03/04/11 (r)		5,800		5,797
0.29%, 01/10/11 (r)		3,000		3,000
New York Life Capital, 0.24%, 01/06/11		3,000		3,000
Old Line Funding LLC
0.23%, 01/07/11 (r)		4,800		4,800
0.26%, 03/15/11 (r)		4,000		3,998
Procter & Gamble Co., 0.25%, 04/06/11 (r)		6,400		6,396
Toyota Motor Credit Corp.
0.22%, 01/19/11		6,600		6,599
0.31%, 04/01/11 (r)		8,500		8,493
Windmill Funding LLC
0.26%, 01/06/11 (r)		8,600		8,600
0.26%, 01/18/11 (r)		1,900		1,900
0.25%, 01/24/11 (r)		1,300		1,300
				149,849
Federal Home Loan Bank 5.2% (w)
Federal Home Loan Bank
0.34%, 02/16/11		2,200		2,199
0.40%, 12/12/11		15,000		14,999
0.41%, 12/12/11		8,000		8,000
0.45%, 12/16/11 - 12/23/11		11,995		11,995
				37,193
Federal Home Loan Mortgage Corp. 2.1% (w)
Federal Home Loan Mortgage Corp.
0.31%, 01/10/11		2,000		2,000
0.33%, 01/10/11		3,595		3,595
0.37%, 02/18/11		1,000		1,000

	Shares/Par (p)		Value
0.27%, 03/01/11		8,000		7,996
				14,591
Federal National Mortgage Association 2.8% (w)
Federal National Mortgage Association
0.25%, 01/05/11		6,700		6,700
0.33%, 01/18/11		7,700		7,699
0.36%, 02/14/11		5,400		5,397
				19,796
Investment Company 0.0%
JPMorgan Prime Money Market Fund, 0.06% (h)		77		77
Repurchase Agreements 36.7%
Repurchase Agreement with Bank of America Securities, 0.20% (Collateralized by $96,027 Federal Home Loan Mortgage Corp., 5.00%, due 07/01/35, value $96,409, $45,206 Federal National Mortgage Association, 4.50%, due 09/01/40, value $45,371) acquired on 12/31/2010, due 01/03/2011 at $139,002	$	139,000		139,000
Repurchase Agreement with UBS Securities, 0.20% (Collateralized by $125,057 Federal Home Loan Mortgage Corp., 3.50% - 4.00%, due 06/01/25 - 12/01/40, value $125,460) acquired on 12/31/2010, due 01/03/2011 at $123,002		123,000		123,000
				262,000
Total Short Term Investments (cost $683,162)				683,162
Total Investments - 100.0% (cost $713,255)				713,255
Other Assets and Liabilities, Net - (0.0% )				(3	)
Total Net Assets - 100.0%			$	713,252
JNL/Select Value Fund * (x)
COMMON STOCKS - 97.8%
CONSUMER DISCRETIONARY - 11.0%
Comcast Corp. - Class A		814	$	17,891
Home Depot Inc.		357		12,513
Kohl’s Corp. (c)		298		16,166
Mattel Inc.		497		12,636
Stanley Black & Decker Inc.		319		21,298
Target Corp.		234		14,064
Other Securities				32,969
				127,537
CONSUMER STAPLES - 7.3%
CVS Caremark Corp.		438		15,215
Kraft Foods Inc. - Class A		447		14,079
Molson Coors Brewing Co. - Class B		221		11,082
PepsiCo Inc.		195		12,726
Philip Morris International Inc.		225		13,140
Sysco Corp.		453		13,330
Other Securities				5,025
				84,597
ENERGY - 12.7%
Apache Corp.		119		14,141
Baker Hughes Inc.		258		14,750
Chevron Corp.		371		33,845
ConocoPhillips		235		15,990

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Exxon Mobil Corp.		220		16,057
Marathon Oil Corp.		312		11,561
Occidental Petroleum Corp.		255		24,966
Other Securities				14,861
				146,171
FINANCIALS - 23.1%
ACE Ltd.		360		22,410
Bank of America Corp.		1,182		15,761
Bank of New York Mellon Corp.		404		12,196
BlackRock Inc.		68		12,864
Chubb Corp.		233		13,908
Goldman Sachs Group Inc.		117		19,691
JPMorgan Chase & Co.		818		34,683
Marsh & McLennan Cos. Inc.		608		16,623
PNC Financial Services Group Inc.		392		23,820
U.S. Bancorp		423		11,416
Unum Group		512		12,401
Wells Fargo & Co.		1,310		40,600
Other Securities				30,094
				266,467
HEALTH CARE - 11.1%
Amgen Inc. (c)		216		11,842
Baxter International Inc.		224		11,314
Johnson & Johnson		182		11,226
Merck & Co. Inc.		357		12,866
Pfizer Inc.		1,546		27,067
Teva Pharmaceutical Industries Ltd. - ADR (e)		272		14,179
UnitedHealth Group Inc.		350		12,639
Other Securities				27,089
				128,222
INDUSTRIALS - 11.1%
General Electric Co.		1,416		25,902
Illinois Tool Works Inc.		232		12,410
Ingersoll-Rand Plc		435		20,498
Textron Inc. (e)		496		11,721
Tyco International Ltd.		400		16,576
Other Securities				41,305
				128,412
INFORMATION TECHNOLOGY - 9.4%
Analog Devices Inc.		331		12,473
Cisco Systems Inc. (c)		652		13,194
Intel Corp.		729		15,335
Microsoft Corp.		615		17,157
Xilinx Inc. (e)		465		13,484
Other Securities				36,946
				108,589
MATERIALS - 6.2%
Dow Chemical Co.		389		13,263
EI Du Pont de Nemours & Co.		229		11,423
Mosaic Co.		157		11,988
Steel Dynamics Inc.		803		14,693
Other Securities				19,955
				71,322
TELECOMMUNICATION SERVICES - 2.8%
AT&T Inc.		1,104		32,445
UTILITIES - 3.1%
Entergy Corp.		157		11,092
Other Securities				24,191
				35,283
Total Common Stocks (cost $980,095)				1,129,045

	Shares/Par (p)		Value
SHORT TERM INVESTMENTS - 2.7%
Investment Company - 2.3%
JNL Money Market Fund, 0.08% (a) (h)		26,760		26,760
Securities Lending Collateral 0.4%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)		4,560		4,560
Securities Lending Liquidating Fund LLC, 0.66% (a) (h)		344		338
				4,898
Total Short Term Investments (cost $31,664)				31,658
Total Investments - 100.5% (cost $1,011,759)				1,160,703
Other Assets and Liabilities, Net - (0.5%)				(5,378	)
Total Net Assets - 100.0%			$	1,155,325
JNL/T.Rowe Price Established Growth Fund * (x)
COMMON STOCKS - 98.8%
CONSUMER DISCRETIONARY - 18.7%
Amazon.com Inc. (c)		350	$	62,964
Coach Inc.		359		19,856
Marriott International Inc. - Class A		415		17,247
Nike Inc. - Class B		172		14,692
Priceline.com Inc. (c)		34		13,551
Starbucks Corp.		678		21,775
Starwood Hotels & Resorts Worldwide Inc.		205		12,466
Walt Disney Co.		381		14,280
Other Securities				105,274
				282,105
CONSUMER STAPLES - 2.4%
Costco Wholesale Corp.		161		11,604
Other Securities				24,057
				35,661
ENERGY - 8.7%
Cameron International Corp. (c)		240		12,155
EOG Resources Inc.		163		14,909
FMC Technologies Inc. (c)		130		11,532
Occidental Petroleum Corp.		170		16,716
Peabody Energy Corp.		168		10,762
Schlumberger Ltd.		327		27,288
Suncor Energy Inc.		407		15,580
Other Securities				22,820
				131,762
FINANCIALS - 7.3%
American Express Co.		450		19,327
Franklin Resources Inc.		194		21,564
IntercontinentalExchange Inc. (c)		104		12,392
Invesco Ltd.		580		13,947
JPMorgan Chase & Co.		449		19,051
Other Securities				24,529
				110,810
HEALTH CARE - 6.1%
Express Scripts Inc. (c)		498		26,895
McKesson Corp.		215		15,097
Other Securities				49,878
				91,870

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
INDUSTRIALS - 15.2%
3M Co.		157		13,515
Danaher Corp.		951		44,845
Emerson Electric Co.		249		14,247
Expeditors International Washington Inc.		233		12,727
Fastenal Co. (e)		251		15,031
FedEx Corp.		291		27,047
Precision Castparts Corp.		130		18,125
Union Pacific Corp.		154		14,270
United Parcel Service Inc. - Class B		199		14,451
Other Securities				56,361
				230,619
INFORMATION TECHNOLOGY - 31.2%
Accenture Plc - Class A		307		14,896
Apple Inc. (c)		348		112,089
Baidu.com - ADR (c)		292		28,158
Broadcom Corp. - Class A		372		16,201
Corning Inc.		1,043		20,141
Dolby Laboratories Inc. - Class A (c) (e)		222		14,804
eBay Inc. (c)		473		13,155
Google Inc. - Class A (c)		132		78,107
Juniper Networks Inc. (c)		553		20,413
MasterCard Inc. - Class A		78		17,548
QUALCOMM Inc.		614		30,402
Tencent Holdings Ltd.		539		11,712
Visa Inc. - Class A		412		29,018
Other Securities				64,860
				471,504
MATERIALS - 5.4%
BHP Billiton Ltd. (e)		312		14,424
Freeport-McMoRan Copper & Gold Inc.		99		11,913
Praxair Inc.		348		33,204
Other Securities				21,724
				81,265
TELECOMMUNICATION SERVICES - 3.8%
American Tower Corp. - Class A (c)		473		24,411
Crown Castle International Corp. (c)		753		32,996
				57,407
Total Common Stocks (cost $1,155,560)				1,493,003
PREFERRED STOCKS - 0.2%
CONSUMER DISCRETIONARY - 0.2%
Other Securities				3,407
Total Preferred Stocks (cost $3,407)				3,407
SHORT TERM INVESTMENTS - 2.8%
Investment Companies - 1.4%
JNL Money Market Fund, 0.08% (a) (h)		250		250
T. Rowe Price Reserves Investment Fund, 0.27% (a) (h)		21,210		21,210
Securities Lending Collateral 1.4%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)		18,620		18,620
Securities Lending Liquidating Fund LLC, 0.66% (a) (h)		2,778		2,732
				21,351
Total Short Term Investments (cost $42,858)				42,812

	Shares/Par (p)		Value
Total Investments - 101.8% (cost $1,201,825)				1,539,222
Other Assets and Liabilities, Net - (1.8%)				(27,593	)
Total Net Assets - 100.0%			$	1,511,629
JNL/T.Rowe Price Mid-Cap Growth Fund * (x)
COMMON STOCKS - 95.5%
CONSUMER DISCRETIONARY - 14.8%
Cablevision Systems Corp. - Class A		405	$	13,705
Carmax Inc. (c)		499		15,908
Chipotle Mexican Grill Inc. - Class A (c)		83		17,651
Discovery Communications Inc. - Class A (c)		205		8,548
Discovery Communications Inc. - Class C (c)		237		8,696
Dollar General Corp. (c) (e)		538		16,500
Expedia Inc.		549		13,774
Lamar Advertising Co. - Class A (c)		405		16,135
Liberty Media Corp. - Starz (c)		104		6,914
Liberty Media Corp. - Interactive (c)		617		9,730
Marriott International Inc. - Class A		413		17,156
O’Reilly Automotive Inc. (c)		218		13,172
Other Securities				49,709
				207,598
CONSUMER STAPLES - 1.7%
Shoppers Drug Mart Corp. (e)		308		12,245
Whole Foods Market Inc. (c)		241		12,192
				24,437
ENERGY - 9.2%
Consol Energy Inc.		326		15,889
FMC Technologies Inc. (c)		157		13,959
McDermott International Inc. (c)		835		17,276
Range Resources Corp.		309		13,899
Other Securities				67,924
				128,947
FINANCIALS - 7.8%
MSCI Inc. - Class A (c)		329		12,818
Other Securities				96,227
				109,045
HEALTH CARE - 15.6%
Cephalon Inc. (c)		208		12,838
Community Health Systems Inc. (c)		378		14,126
Covance Inc. (c)		277		14,241
CR Bard Inc.		138		12,664
Edwards Lifesciences Corp. (c)		173		13,985
Henry Schein Inc. (c)		224		13,751
Illumina Inc. (c) (e)		193		12,225
Waters Corp. (c)		173		13,444
Other Securities				112,122
				219,396
INDUSTRIALS - 17.7%
AMETEK Inc.		594		23,315
Fastenal Co. (e)		266		15,936
Gardner Denver Inc.		239		16,448
Hertz Global Holdings Inc. (c) (e)		1,104		15,997
IHS Inc. - Class A (c) (e)		242		19,454
Quanta Services Inc. (c)		690		13,745
Robert Half International Inc.		397		12,148
Roper Industries Inc.		241		18,420
WABCO Holdings Inc. (c)		225		13,709

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Other Securities				99,687
				248,859
INFORMATION TECHNOLOGY - 25.6%
Altera Corp.		352		12,524
Dolby Laboratories Inc. - Class A (c) (e)		208		13,874
Factset Research Systems Inc.		139		13,033
Fiserv Inc. (c)		294		17,217
Global Payments Inc.		370		17,098
JDS Uniphase Corp. (c)		1,258		18,216
Juniper Networks Inc. (c)		386		14,251
Nuance Communications Inc. (c)		689		12,526
Red Hat Inc. (c)		320		14,608
Rovi Corp. (c)		242		15,006
Solera Holdings Inc.		276		14,164
Trimble Navigation Ltd. (c)		311		12,418
Western Union Co.		759		14,095
Xilinx Inc.		448		12,983
Other Securities				156,975
				358,988
MATERIALS - 2.1%
Agnico-Eagle Mines Ltd.		237		18,178
Other Securities				10,854
				29,032
UTILITIES - 1.0%
Calpine Corp. (c)		1,103		14,714
Total Common Stocks (cost $1,020,758)				1,341,016
SHORT TERM INVESTMENTS - 11.4%
Investment Companies - 4.7%
JNL Money Market Fund, 0.08% (a) (h)		4,056		4,056
T. Rowe Price Reserves Investment Fund, 0.27% (a) (h)		62,363		62,363
Securities Lending Collateral 6.7%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)		88,427		88,427
Securities Lending Liquidating Fund LLC, 0.66% (a) (h)		5,908		5,811
				94,238
Total Short Term Investments (cost $160,754)				160,657
Total Investments - 106.9% (cost $1,181,512)				1,501,673
Other Assets and Liabilities, Net - (6.9%)				(96,713)
Total Net Assets - 100.0%			$	1,404,961
JNL/T.Rowe Price Short-Term Bond Fund
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES - 12.9%
Ally Auto Receivables Trust
1.45%, 05/15/14	$	1,815	$	1,826
1.38%, 07/15/14		3,119		3,136
American Express Credit Account Master Trust, 5.55%, 01/15/14		875		894
AmeriCredit Automobile Receivables Trust
0.97%, 01/15/13		1,620		1,620
3.72%, 11/17/14		355		366
Banc of America Commercial Mortgage Inc. REMIC
4.63%, 12/10/42		680		710

	Shares/Par (p)		Value
4.62%, 07/10/43		3,200		3,311
Bank of America Auto Trust
0.75%, 06/15/12 (r)		1,166		1,167
1.31%, 07/15/14		3,520		3,548
BCAP LLC Trust REMIC, 0.90%, 11/25/36 (i)		43		41
Cabela’s Master Credit Card Trust
5.26%, 10/15/14 (r)		300		309
1.71%, 01/16/18 (i) (r)		1,700		1,752
CarMax Auto Owner Trust
4.79%, 02/15/13		780		799
1.56%, 07/15/14		1,325		1,335
1.41%, 02/16/15		2,490		2,507
2.04%, 10/15/15		2,420		2,432
3.75%, 12/15/15		660		675
4.88%, 08/15/16		420		430
Chase Issuance Trust, 5.12%, 10/15/14		4,345		4,666
Chrysler Financial Lease Trust REMIC, 1.78%, 06/15/11 (r)		1,492		1,494
Citibank Credit Card Issuance Trust, 0.58%, 10/07/13 (i)		2,350		2,341
CitiFinancial Auto Issuance Trust
2.59%, 10/15/13 (r)		1,538		1,562
3.15%, 08/15/16 (r)		3,690		3,799
CNH Equipment Trust
1.85%, 12/16/13		584		589
1.54%, 07/15/14		2,000		2,016
1.03%, 11/17/14		1,630		1,629
3.00%, 08/17/15		2,445		2,519
Commercial Mortgage Loan Trust REMIC, 6.01%, 09/10/12 (i)		2,451		2,550
CS First Boston Mortgage Securities Corp. REMIC
5.01%, 01/15/12 (i)		1,455		1,546
6.53%, 06/15/34		1,483		1,491
Discover Card Master Trust
1.56%, 12/15/14 (i)		3,500		3,546
0.91%, 09/15/15 (i)		3,090		3,106
Ford Credit Auto Owner Trust
1.51%, 01/15/14		1,990		2,005
0.98%, 10/15/14		2,500		2,507
2.42%, 11/15/14		1,823		1,872
8.14%, 02/15/16 (r)		415		463
Ford Credit Floorplan Master Owner Trust
4.20%, 02/15/17 (r)		438		463
REMIC, 1.50%, 09/15/15		3,700		3,670
GE Capital Credit Card Master Note Trust, 2.21%, 06/15/16		3,770		3,833
GE Equipment Midticket LLC, 0.94%, 07/14/14 (r)		2,710		2,704
GS Auto Loan Trust, 5.48%, 12/15/14		2,715		2,775
Harborview Mortgage Loan Trust REMIC, 5.20%, 08/19/36 (i)		1,241		795
Honda Auto Receivables Owner Trust
1.25%, 10/21/13		1,680		1,689
1.34%, 03/18/14		1,890		1,904
1.98%, 05/23/16		545		555
HSBC Home Equity Loan Trust REMIC, 0.41%, 03/20/36 (i)		1,696		1,588
John Deere Owner Trust, 1.57%, 10/15/13		715		720
JP Morgan Chase Commercial Mortgage Securities Corp. REMIC, 4.68%, 07/15/42		1,225		1,271
JPMorgan Mortgage Trust REMIC, 2.91%, 07/25/35 (i)		402		355
MMAF Equipment Finance LLC, 2.37%, 11/15/13 (r)		1,572		1,589
Morgan Stanley Capital I REMIC
4.99%, 08/13/42		1,565		1,657
6.28%, 01/11/43 (i)		2,430		2,660

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Navistar Financial Corp. Owner Trust, 1.08%, 03/18/14 (r)		1,425		1,423
Nissan Auto Lease Trust, 3.51%, 11/17/14		880		892
Sequoia Mortgage Trust REMIC, 3.75%, 02/25/40 (i)		362		367
Structured Adjustable Rate Mortgage Loan Trust REMIC, 6.00%, 11/25/37 (i)		1,885		974
Structured Asset Securities Corp. REMIC, 2.74%, 09/25/33 (i)		804		670
Thornburg Mortgage Securities Trust REMIC, 0.38%, 07/25/36 (i)		1,547		1,534
Toyota Auto Receivables Owner Trust - Series B, 1.47%, 01/17/17		1,385		1,394
USAA Auto Owner Trust
1.30%, 06/16/14		1,120		1,127
2.14%, 09/15/15		895		913
Volkswagen Auto Loan Enhanced Trust, 0.66%, 05/21/12		967		967
Wachovia Bank Commercial Mortgage Trust REMIC, 4.94%, 04/15/42		670		712
Wells Fargo Mortgage Backed Securities Trust REMIC, 2.91%, 04/25/35 (i)		2,715		2,566
World Financial Network Credit Card Master Trust
3.79%, 05/15/16		570		589
4.66%, 05/15/17		3,640		3,861
Total Non-U.S. Government Agency Asset- Backed Securities (cost $114,259)				112,776
CORPORATE BONDS AND NOTES - 47.8%
CONSUMER DISCRETIONARY - 3.9%
Anglo American Capital Plc, 2.15%, 09/27/13 (r)		2,040		2,058
Comcast Cable Communications Holdings Inc., 6.75%, 01/30/11		2,470		2,482
COX Communications Inc.
6.75%, 03/15/11		2,200		2,226
5.45%, 12/15/14		2,100		2,312
Daimler Finance North America LLC, 7.75%, 01/18/11		2,925		2,934
DirecTV Holdings LLC, 4.75%, 10/01/14		3,735		3,981
Home Depot Inc., 5.20%, 03/01/11		1,370		1,380
Lowe’s Companies Inc., 2.13%, 04/15/16		1,620		1,584
NBC Universal Inc., 2.10%, 04/01/14 (r)		3,010		3,001
Staples Inc.
7.75%, 04/01/11 (l)		2,140		2,174
9.75%, 01/15/14 (l)		1,000		1,212
TCM Sub LLC, 3.55%, 01/15/15 (r)		3,250		3,317
Thomson Reuters Corp., 5.95%, 07/15/13		1,000		1,110
Time Warner Cable Inc., 5.40%, 07/02/12		3,870		4,109
				33,880
CONSUMER STAPLES - 3.7%
Altria Group Inc., 8.50%, 11/10/13 (l)		2,465		2,918
Anheuser-Busch InBev Worldwide Inc.
3.00%, 10/15/12		3,830		3,952
7.20%, 01/15/14 (r)		1,100		1,258
BAT International Finance Plc, 8.13%, 11/15/13 (r)		2,950		3,446
Church & Dwight Co. Inc., 3.35%, 12/15/15		800		803
Coca-Cola Amatil Ltd., 3.25%, 11/02/14 (r)		1,385		1,407
Coca-Cola Bottling Co., 5.00%, 11/15/12		2,000		2,119
Coca-Cola Co., 0.75%, 11/15/13		4,215		4,160
Coca-Cola Enterprises Inc., 1.13%, 11/12/13		2,160		2,139
General Mills Inc., 6.00%, 02/15/12		1,400		1,476
Kraft Foods Inc.
6.25%, 06/01/12		433		463

	Shares/Par (p)		Value
2.63%, 05/08/13		1,130		1,162
Kroger Co.
6.80%, 04/01/11		885		898
6.75%, 04/15/12		625		667
7.50%, 01/15/14		700		807
SABMiller Plc, 6.20%, 07/01/11 (r)		2,090		2,144
Safeway Inc.
6.50%, 03/01/11		300		302
5.80%, 08/15/12		2,080		2,239
				32,360
ENERGY - 4.0%
Canadian Natural Resources Ltd.
5.45%, 10/01/12		565		606
5.15%, 02/01/13		1,620		1,746
CenterPoint Energy Resources Corp., 7.88%, 04/01/13		1,575		1,780
Devon Financing Corp. ULC, 6.88%, 09/30/11		1,800		1,880
Enterprise Products Operating LLC
4.60%, 08/01/12		1,785		1,873
6.38%, 02/01/13		675		736
Korea Hydro & Nuclear Power Co. Ltd., 3.13%, 09/16/15 (r)		1,275		1,236
Marathon Oil Corp., 6.50%, 02/15/14		1,110		1,250
MidAmerican Energy Holdings Co., 5.00%, 02/15/14		1,825		1,962
Nabors Industries Inc., 5.38%, 08/15/12		910		961
Noble Holding International Ltd., 3.45%, 08/01/15		370		378
Occidental Petroleum Corp., 1.45%, 12/13/13		3,300		3,314
Plains All American Pipeline LP, 4.25%, 09/01/12		3,090		3,222
SeaRiver Maritime Inc., 0.00%, 09/01/12 (j)		1,800		1,731
Shell International Finance BV, 1.88%, 03/25/13		2,615		2,654
Texas Gas Transmission LLC, 5.50%, 04/01/13 (r)		2,355		2,532
Transocean Inc., 5.25%, 03/15/13 (e)		2,185		2,304
Weatherford International Inc., 5.95%, 06/15/12		2,965		3,140
Williams Partners LP, 3.80%, 02/15/15		1,496		1,546
				34,851
FINANCIALS - 20.2%
Allstate Corp., 6.13%, 02/15/12		2,400		2,528
American Express Bank FSB, 5.55%, 10/17/12		1,375		1,471
American Express Centurion Bank, 5.55%, 10/17/12		1,500		1,604
American Honda Finance Corp., 2.38%, 03/18/13 (r)		1,260		1,281
ANZ National International Ltd., 2.38%, 12/21/12 (r)		1,515		1,538
Australia & New Zealand Banking Group Ltd., 2.40%, 01/11/13 (r)		730		742
Banco Bradesco SA, 4.10%, 03/23/15 (r)		1,115		1,138
Bank of Nova Scotia
2.25%, 01/22/13		925		944
2.38%, 12/17/13		3,280		3,379
Barclays Bank Plc, 5.20%, 07/10/14		4,385		4,736
BB&T Corp., 3.85%, 07/27/12		2,770		2,882
Bear Stearns Cos. Inc., 6.95%, 08/10/12		2,429		2,650
BPCE SA, 2.38%, 10/04/13 (r)		4,125		4,110
Caterpillar Financial Services Corp., 4.85%, 12/07/12		3,270		3,508
Charles Schwab Corp., 4.95%, 06/01/14		850		924
Citigroup Inc.
5.13%, 02/14/11		155		156
5.50%, 04/11/13		2,150		2,289
5.85%, 07/02/13		1,500		1,619

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
6.38%, 08/12/14		1,000		1,105
Commonwealth Bank of Australia, 2.75%, 10/15/12 (r)		1,170		1,200
Countrywide Home Loans Inc., 4.00%, 03/22/11		1,150		1,158
Credit Suisse New York, 3.45%, 07/02/12		1,275		1,322
Crown Castle Towers LLC, 4.52%, 01/15/15 (r)		1,515		1,574
Deutsche Bank AG London, 5.38%, 10/12/12		3,090		3,321
Enel Finance International SA, 3.88%, 10/07/14 (r)		2,420		2,461
ERAC USA Finance Co.
8.00%, 01/15/11 (r)		1,435		1,439
5.80%, 10/15/12 (r)		3,492		3,744
2.75%, 07/01/13 (r)		1,030		1,048
Fifth Third Bancorp, 6.25%, 05/01/13		2,495		2,704
General Electric Capital Corp.
3.50%, 08/13/12		4,410		4,569
2.00%, 09/28/12		5,200		5,312
3.75%, 11/14/14		800		827
2.25%, 11/09/15		2,200		2,115
Goldman Sachs Group Inc.
3.63%, 08/01/12		2,550		2,632
4.75%, 07/15/13		1,000		1,065
5.25%, 10/15/13		2,375		2,570
HSBC Bank Plc, 1.63%, 08/12/13 (r)		2,005		2,008
HSBC Holdings Plc, 5.25%, 12/12/12		1,640		1,744
Intesa Sanpaolo SpA, 3.63%, 08/12/15 (r)		2,850		2,755
John Deere Capital Corp.
1.05%, 06/10/11 (i)		1,800		1,806
4.95%, 12/17/12		2,610		2,815
JPMorgan Chase & Co.
0.94%, 02/26/13 (i)		2,310		2,320
4.65%, 06/01/14		885		945
KeyCorp, 3.75%, 08/13/15		1,960		1,967
Kilroy Realty LP, 5.00%, 11/03/15		2,045		2,030
Kreditanstalt fuer Wiederaufbau, 4.75%, 05/15/12		4,500		4,748
LeasePlan Corp. NV, 3.00%, 05/07/12 (r)		1,900		1,952
Lloyds TSB Bank Plc., 4.38%, 01/12/15 (r)		1,750		1,750
Merrill Lynch & Co. Inc.
0.49%, 07/25/11 (i)		1,250		1,249
5.45%, 02/05/13		1,530		1,614
MetLife Inc.
5.38%, 12/15/12		995		1,066
1.54%, 08/06/13 (i)		2,220		2,254
Metropolitan Life Global Funding I
2.88%, 09/17/12 (r)		1,000		1,025
2.50%, 01/11/13 (r)		730		746
5.13%, 06/10/14 (r)		500		544
Morgan Stanley
5.05%, 01/21/11		1,925		1,930
5.63%, 01/09/12		3,195		3,336
4.20%, 11/20/14		265		271
National Australia Bank Ltd., 2.35%, 11/16/12 (r)		1,475		1,503
National Rural Utilities Cooperative Finance Corp.
7.25%, 03/01/12		665		713
2.63%, 09/16/12		1,070		1,100
1.13%, 11/01/13		1,235		1,221
New York Life Global Funding, 2.25%, 12/14/12 (r)		2,415		2,474
Nordea Bank AB
2.50%, 11/13/12 (r)		765		782
1.75%, 10/04/13 (r)		2,795		2,781
PACCAR Financial Corp.
1.95%, 12/17/12		1,620		1,650
2.05%, 06/17/13		970		987

	Shares/Par (p)		Value
Principal Financial Group Inc., 7.88%, 05/15/14 (e)		1,500		1,728
Prudential Financial Inc.
3.63%, 09/17/12		3,080		3,197
2.75%, 01/14/13		490		499
Rabobank Nederland NV, 4.20%, 05/13/14 (r)		1,150		1,223
Regions Financial Corp., 5.75%, 06/15/15		1,330		1,302
Royal Bank of Scotland Plc
2.63%, 05/11/12 (r)		5,200		5,323
3.40%, 08/23/13		2,645		2,672
Santander US Debt SA Unipersonal, 2.49%, 01/18/13 (r)		1,800		1,742
Santander US Debt SA Unipersonal, 2.99%, 10/07/13 (r)		2,300		2,234
Simon Property Group LP, 4.20%, 02/01/15		540		565
SLM Corp., 5.13%, 08/27/12 (e)		2,810		2,868
Societe Generale, 2.50%, 01/15/14 (e) (r)		3,110		3,107
Standard Chartered Plc, 3.85%, 04/27/15 (r)		1,840		1,894
U.S. Bank NA, 6.38%, 08/01/11		2,700		2,790
UBS AG Stamford
1.38%, 02/23/12 (i)		1,475		1,485
2.25%, 08/12/13		1,900		1,916
US Bancorp, 2.00%, 06/14/13		1,810		1,837
Ventas Realty LP, 3.13%, 11/30/15		1,220		1,175
Wachovia Capital Trust III, 5.80%, (callable at 100 beginning 03/15/11) (m)		425		369
WEA Finance LLC, 5.40%, 10/01/12 (r)		550		583
Wells Fargo & Co., 5.25%, 10/23/12		1,435		1,538
Westpac Banking Corp., 2.10%, 08/02/13		3,250		3,283
Woodside Finance Ltd.
6.70%, 08/01/11 (r)		300		310
4.50%, 11/10/14 (r)		1,020		1,072
				176,463
HEALTH CARE - 4.0%
AmerisourceBergen Corp., 5.63%, 09/15/12		3,435		3,669
Boston Scientific Corp.
4.25%, 01/12/11		2,555		2,557
4.50%, 01/15/15		1,650		1,685
Cardinal Health Inc.
6.75%, 02/15/11		1,762		1,773
5.50%, 06/15/13		2,265		2,453
Celgene Corp., 2.45%, 10/15/15		1,720		1,671
Express Scripts Inc., 5.25%, 06/15/12		3,455		3,647
Life Technologies Corp.
3.38%, 03/01/13		2,695		2,756
3.50%, 01/15/16		1,910		1,904
Medco Health Solutions Inc., 2.75%, 09/15/15		1,280		1,270
Novartis Capital Corp., 1.90%, 04/24/13		3,000		3,048
Teva Pharmaceutical Finance III LLC, 1.50%, 06/15/12		1,865		1,882
Watson Pharmaceuticals Inc., 5.00%, 08/15/14		1,500		1,612
WellPoint Inc.
5.00%, 01/15/11		2,350		2,354
6.80%, 08/01/12		2,230		2,422
				34,703
INDUSTRIALS - 1.7%
Allied Waste Industries Inc., 5.75%, 02/15/11		2,475		2,487
CSX Corp.
6.30%, 03/15/12		220		233
5.75%, 03/15/13		1,350		1,472
GATX Corp., 4.75%, 10/01/12		1,970		2,064
Northrop Grumman Systems Corp., 7.13%, 02/15/11		2,225		2,241
Republic Services Inc., 6.75%, 08/15/11		875		903
Southwest Airlines Co., 6.50%, 03/01/12		3,805		3,984

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Waste Management Inc., 6.38%, 11/15/12		1,083		1,181
				14,565
INFORMATION TECHNOLOGY - 2.0%
Agilent Technologies Inc., 2.50%, 07/15/13		630		637
Broadcom Corp., 1.50%, 11/01/13 (r)		1,065		1,058
Hewlett Packard Co., 2.25%, 05/27/11		2,500		2,521
International Business Machines Corp., 1.00%, 08/05/13		5,000		4,982
Microsoft Corp., 0.88%, 09/27/13		3,970		3,948
Oracle Corp., 5.00%, 01/15/11		1,000		1,002
Xerox Corp.
5.50%, 05/15/12		2,085		2,202
5.65%, 05/15/13		1,000		1,084
				17,434
MATERIALS - 2.3%
ArcelorMittal, 5.38%, 06/01/13		1,350		1,435
Barrick Gold Corp., 6.13%, 09/15/13		1,750		1,959
BHP Billiton Finance USA Ltd.
5.13%, 03/29/12		655		689
4.80%, 04/15/13		375		406
CRH America Inc., 5.30%, 10/15/13		980		1,052
Dow Chemical Co.
6.00%, 10/01/12		1,451		1,563
2.50%, 02/15/16		2,615		2,511
Lafarge SA, 6.15%, 07/15/11		3,370		3,458
Praxair Inc., 2.13%, 06/14/13		2,425		2,477
Rio Tinto Finance USA Ltd., 8.95%, 05/01/14 (l)		3,905		4,728
				20,278
TELECOMMUNICATION SERVICES - 2.7%
America Movil SAB de CV, 3.63%, 03/30/15 (e)		1,580		1,625
American Tower Corp., 4.63%, 04/01/15		1,605		1,677
AT&T Corp., 7.30%, 11/15/11 (l)		2,500		2,641
Rogers Cable Inc.
6.25%, 06/15/13		1,070		1,189
5.50%, 03/15/14		275		300
Rogers Wireless Communications Inc., 6.38%, 03/01/14		900		1,011
Telecom Italia Capital SA
6.20%, 07/18/11		2,575		2,643
5.25%, 11/15/13		1,500		1,563
Telefonica Emisiones SAU
5.98%, 06/20/11		230		235
5.86%, 02/04/13		415		443
2.58%, 04/26/13		2,590		2,592
Verizon Virginia Inc., 4.63%, 03/15/13		4,870		5,143
Verizon Wireless Capital LLC, 3.75%, 05/20/11		1,125		1,139
Vodafone Group Plc, 5.35%, 02/27/12		1,650		1,730
				23,931
UTILITIES - 3.3%
Abu Dhabi National Energy Co., 5.62%, 10/25/12 (r)		1,625		1,700
Allegheny Energy Supply, 8.25%, 04/15/12 (q)		890		955
Appalachian Power Co., 5.65%, 08/15/12		1,750		1,866
Dominion Resources Inc.
5.70%, 09/17/12		1,020		1,098
2.25%, 09/01/15		1,275		1,257
Duke Energy Corp., 6.30%, 02/01/14		1,575		1,754
Duke Energy Ohio Inc., 2.10%, 06/15/13		745		759
FirstEnergy Corp., 6.45%, 11/15/11		32		33
Florida Gas Transmission Co. LLC, 4.00%, 07/15/15 (r)		640		661
Georgia Power Co., 1.30%, 09/15/13		1,850		1,853
Great Plains Energy Inc., 2.75%, 08/15/13		1,365		1,379

	Shares/Par (p)		Value
Kentucky Utilities Co., 1.63%, 11/01/15 (r)		915		878
Nevada Power Co., 8.25%, 06/01/11		2,015		2,076
NiSource Finance Corp., 6.15%, 03/01/13		1,355		1,478
Northeast Utilities, 5.65%, 06/01/13		2,775		3,015
PPL Energy Supply LLC, 6.40%, 11/01/11		1,200		1,256
Progress Energy Inc., 6.05%, 03/15/14		875		972
PSEG Power LLC
6.95%, 06/01/12		1,020		1,100
2.50%, 04/15/13		2,535		2,586
Southern California Edison Co., 0.69%, 10/21/11 (i)		1,110		1,113
Southern Co., 5.30%, 01/15/12		1,250		1,308
				29,097
Total Corporate Bonds and Notes (cost $412,607)				417,562
GOVERNMENT AND AGENCY OBLIGATIONS - 31.7%
GOVERNMENT SECURITIES - 8.3%
Federal Home Loan Mortgage Corp. - 2.4% (w)
Federal Home Loan Mortgage Corp.
1.75%, 06/15/12 - 09/10/15		11,680		11,554
0.88%, 10/28/13		9,530		9,480
				21,034
Federal National Mortgage Association - 0.4% (w)
Federal National Mortgage Association, 1.00%, 09/23/13		3,015		3,010
Sovereign - 2.1%
Canada Housing Trust, 4.00%, 06/15/12, CAD		6,310		6,559
Kommunalbanken AS, 5.13%, 05/30/12		7,400		7,860
Mexican Bonos, 9.00%, 12/22/11, MXN		48,575		4,099
				18,518
Treasury Inflation Index Securities - 0.7%
U.S. Treasury Inflation Indexed Note
1.88%, 07/15/13 (n)		2,024		2,159
0.50%, 04/15/15 (n)		4,219		4,312
				6,471
U.S. Treasury Securities - 2.7%
U.S. Treasury Note, 1.00%, 07/31/11		23,000		23,102
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES - 23.4%
Federal Home Loan Mortgage Corp. - 3.4%
Federal Home Loan Mortgage Corp.
4.00%, 02/01/14 - 07/01/25		2,013		2,075
5.00%, 10/01/17 - 09/01/38		13,730		14,550
4.50%, 04/01/18 - 08/01/25		2,789		2,925
5.50%, 10/01/19 - 07/01/20		1,738		1,878
2.57%, 09/01/33 (i)		224		233
2.92%, 09/01/33 (i)		35		36
2.37%, 10/01/34 (i)		102		106
2.50%, 11/01/34 (i)		185		192
2.72%, 11/01/34 (i)		63		66
2.90%, 11/01/34 (i)		89		93
2.97%, 11/01/34 (i)		49		51
2.90%, 01/01/35 (i)		100		103
2.48%, 02/01/35 (i)		113		116
2.62%, 02/01/35 (i)		189		198
2.68%, 02/01/35 (i)		56		59
2.69%, 02/01/35 (i)		85		88
2.71%, 02/01/35 (i)		115		120
2.80%, 02/01/35 (i)		113		117
3.05%, 02/01/35 (i)		97		101
2.67%, 06/01/35 (i)		1,101		1,148
2.66%, 09/01/35 (i)		1,054		1,098
2.87%, 10/01/35 (i)		777		812
2.50%, 11/01/35 (i)		568		593

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
2.51%, 03/01/36 (i)		1,013	1,063
REMIC, 5.00%, 10/15/21		1,571	1,666
			29,487
Federal National Mortgage Association - 19.8%
Federal National Mortgage Association
5.50%, 01/01/17 - 12/01/36		15,321	16,459
5.00%, 07/01/19 - 05/01/23		10,489	11,220
4.50%, 06/01/23 - 09/01/25		48,695	51,299
4.00%, 02/01/25 - 11/01/25		44,875	46,440
3.50%, 12/01/25		11,199	11,302
2.52%, 03/01/33 (i)		6	7
2.03%, 06/01/33 (i)		73	75
2.59%, 06/01/33 (i)		802	836
2.61%, 07/01/33 (i)		55	58
2.91%, 09/01/33 (i)		6	6
2.32%, 12/01/33 (i)		2	2
2.54%, 12/01/33 (i)		916	941
2.63%, 04/01/34 (i)		7,146	7,465
2.69%, 04/01/34 (i)		19	20
2.64%, 10/01/34 (i)		31	32
2.59%, 11/01/34 (i)		9	9
2.69%, 11/01/34 (i)		225	235
2.71%, 11/01/34 (i)		1,014	1,062
2.66%, 12/01/34 (i)		94	98
2.63%, 01/01/35 (i)		133	138
2.67%, 01/01/35 - 06/01/35 (i)		772	808
2.76%, 01/01/35 (i)		107	112
2.87%, 01/01/35 (i)		105	109
2.53%, 02/01/35 (i)		342	358
2.79%, 02/01/35 (i)		69	72
2.35%, 03/01/35 (i)		104	107
2.20%, 04/01/35 (i)		759	781
2.81%, 04/01/35 (i)		209	219
2.86%, 04/01/35 (i)		508	534
2.31%, 05/01/35 (i)		866	893
2.46%, 05/01/35 (i)		401	411
2.58%, 05/01/35 - 11/01/35 (i)		685	716
2.68%, 06/01/35 (i)		836	874
2.79%, 07/01/35 (i)		713	747
2.84%, 07/01/35 (i)		867	908
2.13%, 08/01/35 (i)		1,402	1,443
2.58%, 08/01/35 (i)		730	763
2.49%, 11/01/35 (i)		1,076	1,120
2.97%, 02/01/36 (i)		763	798
5.18%, 02/01/36 (i)		1,002	1,046
2.66%, 03/01/36 (i)		850	889
2.68%, 03/01/36 (i)		612	638
6.00%, 01/01/38		1,941	2,112
REMIC, 5.00%, 08/25/19 - 11/25/21		8,490	9,052
			173,214
Government National Mortgage Association - 0.2%
Government National Mortgage Association
7.00%, 12/15/17		1,119	1,187
5.50%, 07/15/20		316	343
			1,530
Total Government and Agency Obligations (cost $273,952)			276,366
INVESTMENT COMPANIES - 0.3%
T. Rowe Price Term Asset-Backed Securities Loan Facility (a) (f) (q)		258	2,543
Total Investment Companies (cost $2,836)			2,543

	Shares/Par (p)		Value
SHORT TERM INVESTMENTS - 7.2%
Certificates of Deposit 0.1%
Intesa Sanpaolo SpA, 2.38%, 12/21/12	$	860	862
Investment Companies - 6.5%
JNL Money Market Fund, 0.08% (a) (h)		6,234	6,234
T. Rowe Price Reserves Investment Fund, 0.27% (a) (h)		50,383	50,383
Securities Lending Collateral 0.6%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)		4,064	4,064
Securities Lending Liquidating Fund LLC, 0.66% (a) (h)		1,189	1,170
			5,234
Total Short Term Investments (cost $62,730)			62,713
Total Investments - 99.9% (cost $866,384)			871,960
Other Assets and Liabilities, Net - 0.1%			1,020
Total Net Assets - 100.0%			$872,980
JNL/T.Rowe Price Value Fund * (x)
COMMON STOCKS - 96.5%
CONSUMER DISCRETIONARY - 11.1%
Cablevision Systems Corp. - Class A		351	$11,885
Discovery Communications Inc. - Class C (c)		335	12,280
Kohl’s Corp. (c)		204	11,107
Time Warner Cable Inc.		193	12,711
Time Warner Inc.		441	14,197
Other Securities			64,490
			126,670
CONSUMER STAPLES - 3.8%
Other Securities			43,057
ENERGY - 16.6%
Baker Hughes Inc.		230	13,171
Chevron Corp.		278	25,386
Consol Energy Inc.		227	11,054
El Paso Corp.		853	11,736
Exxon Mobil Corp.		132	9,659
Murphy Oil Corp.		199	14,806
Nexen Inc.		566	12,952
Peabody Energy Corp.		189	12,073
Royal Dutch Shell Plc - ADR		223	14,919
Schlumberger Ltd.		178	14,871
Spectra Energy Corp.		664	16,598
Other Securities			31,378
			188,603
FINANCIALS - 21.7%
American Express Co.		233	10,005
AON Corp.		289	13,274
Bank of America Corp.		1,061	14,150
CIT Group Inc. (c)		218	10,244
Citigroup Inc. (c)		2,173	10,277
JPMorgan Chase & Co.		585	24,799
Lazard Ltd. - Class A		293	11,578
Moody’s Corp.		497	13,182
Morgan Stanley		416	11,322
Regions Financial Corp.		1,443	10,099
U.S. Bancorp		403	10,880
Wells Fargo & Co.		847	26,255

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Other Securities			80,978
			247,043
HEALTH CARE - 9.3%
Covidien Plc		352	16,086
Johnson & Johnson		171	10,576
Merck & Co. Inc.		362	13,039
Pfizer Inc.		1,851	32,406
Other Securities			34,095
			106,202
INDUSTRIALS - 9.9%
3M Co.		131	11,271
Fluor Corp.		144	9,535
General Electric Co.		1,101	20,143
Honeywell International Inc.		215	11,424
Illinois Tool Works Inc.		229	12,239
Southwest Airlines Co.		1,000	12,981
Other Securities			34,538
			112,131
INFORMATION TECHNOLOGY - 10.2%
Applied Materials Inc.		924	12,984
International Business Machines Corp.		104	15,190
Microsoft Corp.		603	16,825
Texas Instruments Inc.		442	14,375
Tyco Electronics Ltd.		305	10,786
Other Securities			45,719
			115,879
MATERIALS - 5.8%
International Paper Co.		592	16,118
United States Steel Corp. (e)		181	10,568
Weyerhaeuser Co.		677	12,808
Other Securities			26,825
			66,319
TELECOMMUNICATION SERVICES - 2.4%
AT&T Inc.		457	13,429
Other Securities			13,351
			26,780
UTILITIES - 5.7%
AES Corp. (c)		1,061	12,925
Entergy Corp.		145	10,292
NRG Energy Inc. (c)		501	9,789
PPL Corp.		364	9,588
Other Securities			21,836
			64,430
Total Common Stocks (cost $968,869)			1,097,114
PREFERRED STOCKS - 1.3%
Financials - 1.2%
Citigroup Inc., Convertible Preferred, 7.50%		57	7,805
Other Securities			5,869
			13,674
UTILITIES - 0.1%
PPL Corp., Convertible Preferred, 9.50%		27	1,455
Total Preferred Stocks (cost $10,620)			15,129

	Shares/Par (p)		Value
INVESTMENT COMPANIES - 0.4%
T. Rowe Price Institutional Floating Rate Fund (a)		410	4,227
Total Investment Companies (cost $3,698)			4,227
CORPORATE BONDS AND NOTES - 0.2%
CONSUMER DISCRETIONARY - 0.1%
Other Securities			1,162
MATERIALS - 0.1%
United States Steel Corp., 4.00%, 05/15/14 (e)		327	634
Total Corporate Bonds and Notes (cost $1,348)			1,796
SHORT TERM INVESTMENTS - 2.9%
Investment Companies - 1.7%
JNL Money Market Fund, 0.08% (a) (h)		4,638	4,638
T. Rowe Price Reserves Investment Fund, 0.27% (a) (h)		14,447	14,447
Securities Lending Collateral 1.2%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)		12,419	12,419
Securities Lending Liquidating Fund LLC, 0.66% (a) (h)		1,843	1,812
			14,231
Total Short Term Investments (cost $33,347)			33,316
Total Investments - 101.3% (cost $1,017,882)			1,151,582
Other Assets and Liabilities, Net - (1.3%)			(14,806)
Total Net Assets - 100.0%			$1,136,776

See accompanying Notes to the Financial Statements.

JNL Series Trust

Notes to Schedules of Investments (in thousands)

December 31, 2010

(a) Investment in affiliate.

(b) The Fund does not invest in the Underlying Affiliated Funds for the purpose of exercising management or control. At December 31, 2010, the percentage of shares outstanding held by each Fund in the Underlying Affiliated Fund is presented parenthetically in the Schedules of Investments. Percentages reflecting 0.0% represent amounts less than 0.05%.

(c) Non-income producing security.

(d) Issuer was in bankruptcy and/or was in default relating to principal and/or interest.

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

(f) Security fair valued in good faith in accordance with the procedures established by the Trust’s Board of Trustees (“Board”). Good faith fair valued securities may be classified as Level 2 or Level 3 for Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820 “Fair Value Measurements and Disclosures” based on the applicable valuation inputs. See FASB ASC Topic 820 “Fair Value Measurements and Disclosures” in these Notes to the Schedules of Investments.

(g) Investment purchased on a delayed delivery basis. As of December 31, 2010, the total payable for investments purchased on a delayed delivery basis was as follows: JNL/Capital Guardian Global Balanced Fund $2,464; JNL/Goldman Sachs Core Plus Bond Fund $670,588; JNL/Mellon Capital Management Bond Index Fund $61,410; JNL/PIMCO Real Return Fund $1,134,441; JNL/PIMCO Total Return Bond Fund $1,337,924; and JNL/Select Balanced Fund $88,570.

(h) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2010.

(i) Variable rate security. Rate stated was in effect as of December 31, 2010.

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

(k) Security is a “step-up” bond where the coupon may increase or step up at a future date. Rate stated was the coupon as of December 31, 2010.

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

(m) Perpetual maturity security. Interest rate is fixed until the first call date and variable thereafter.

(n) Foreign or U.S. Treasury inflation indexed note, par amount is adjusted for inflation.

(o) All or a portion of the security or cash is pledged or segregated collateral. See Pledged or Segregated Collateral in these Notes to the Schedules of Investments.

(p) Par amounts are listed in United States Dollars unless otherwise noted. Options are quoted in unrounded number of contracts. Gold bullion is quoted in unrounded ounces.

(q) Restricted Security. Restricted as to public resale. Restricted security or Rule 144A or Section 4(2) of the Securities Act of 1933, as amended, provides an exemption from the registration requirements for resale of the security to an institutional investor. See Restricted Securities in these Notes to the Schedules of Investments.

(r) Rule 144A or Section 4(2) liquid security. Rule 144A or Section 4(2) of the Securities Act of 1933, as amended, provides an exemption from the registration requirements for resale of this security to an institutional investor. The sub-adviser deemed this security to be liquid based on procedures approved by the Board. As of December 31, 2010, the value of Rule 144A and Section 4(2) liquid securities was as follows: JNL/BlackRock Commodity Securities Fund, $65,564; JNL/Franklin Templeton Income Fund, $222,828; JNL/Goldman Sachs Core Plus Bond Fund, $139,332; JNL/Goldman Sachs Emerging Markets Debt Fund, $1,544; JNL/Ivy Asset Strategy Fund, $64,378; JNL/JPMorgan U.S. Government & Quality Bond Fund, $7,002; JNL/Mellon Capital Management Bond Index Fund, $3,976; JNL/PIMCO Real Return Fund, $264,167; JNL/PIMCO Total Return Bond Fund, $380,356; JNL/PPM America High Yield Bond Fund, $332,830; JNL/Select Balanced Fund, $23,897; JNL/Select Money Market Fund, $105,072; and JNL/T. Rowe Price Short-Term Bond Fund, $97,504.

(s) Foreign or U.S. Treasury inflation indexed note, par amount is not adjusted for inflation.

(t) The Fund had an unfunded loan commitment at December 31, 2010. See Unfunded Loan Commitments in these Notes to Schedules of Investments.

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

(v) The counterparty for the over-the-counter options transactions were CSI, GSC and MSC.

(w) The securities in this category are a direct debt of the agency and not collateralized by mortgages.

(x) For all items listed as “Other Securities” in this Summary Schedule of Investments, this represents issues not identified as top-fifty unaffiliated holdings in terms of value and issues or issuers not exceeding one percent individually or in aggregate, respectively, as of December 31, 2010. In certain instances, securities for which footnotes listed above may otherwise apply are included in the Other Securities caption.

* A Summary Schedule of Investments is presented for this portfolio. For information on availability of a complete Schedule of Investments, refer to www.jackson.com, www.sec.gov, or call the Shareholder Service Center at 1-800-873-5654.

Currencies:

ARS - Argentine Peso	EUR - European Currency Unit (Euro)	MYR - Malaysian Ringgit	TRY - New Turkish Lira
AUD - Australian Dollar	GBP - British Pound	NOK - Norwegian Krone	TWD - Taiwan Dollar
BRL - Brazilian Real	HKD - Hong Kong Dollar	NZD - New Zealand Dollar	USD - United States Dollar
CAD - Canadian Dollar	HUF - Hungarian Forint	PEN - Peruvian Nuevo Sol	ZAR - South African Rand
CHF - Swiss Franc	IDR - Indonesian Rupiah	PHP - Philippine Peso
CLP - Chilean Peso	ILS - Israeli New Shekels	PLN - Polish Zloty
CNY - Chinese Yuan	INR - Indian Rupee	RUB - Russian Ruble
COP - Colombian Peso	JPY - Japanese Yen	SEK - Swedish Krona
DKK - Danish Krone	KRW - Korean Won	SGD - Singapore Dollar
EGP - Egyptian Pound	MXN - Mexican Peso	THB - Thai Baht

Abbreviations:

“-” Amount rounds to less than one thousand	CDX - Credit Default Swap Index
ABS - Asset Backed Security	CLO - Collateralized Loan Obligation
ADR - American Depositary Receipt	CPI - Consumer Price Index
AMBAC - AMBAC Indemnity Corp.	CPURNSA - CPI Urban Consumers Index Non-Seasonably
ASX - Australian Stock Exchange	Adjusted
BDR - Brazilian Depository Receipt	DAX - Deutscher Aktienindex
CAC - Cotation Assistee en Continu	ETF - Exchange-Traded Fund
CDO - Collateralized Debt Obligation

See accompanying Notes to the Financial Statements.

JNL Series Trust

Notes to Schedules of Investments (in thousands)

December 31, 2010

Abbreviations (continued):
Euro-Bobl - debt instrument issued by the Federal Republic of	RB - Revenue Bond
Germany with a term of 4.5 to 5.5 years	REIT - Real Estate Investment Trust
Euro-Bund - debt instrument issued by the Federal Republic of	REMIC - Real Estate Mortgage Investment Conduit
Germany with a term of 8.5 to 10.5 years	RSP - Risparmio Shares
FDR - Fiduciary Depository Receipt	SDR - Swedish Depository Receipt
FTSE - Financial Times and the London Stock Exchange	SPDR - Standard & Poor’s Depository Receipt
GDR - Global Depository Receipt	SPI - Schedule Performance Index
GO - General Obligation	TBA - To Be Announced (Securities purchased on a delayed
HSCEI - Hang Seng China Enterprises Index	delivery basis)
IBEX - Iberia Index	TSX - Toronto Stock Exchange
KOSPI - Korea Composite Stock Price Index	TAIEX - Taiwan Stock Exchange Capitalization Weighted Stock
LIBOR - London Interbank Offered Rate	Index
MBS - Mortgage Backed Security	virt-x - a cross border recognized investment exchange
MIB - Milano Indice Borsa	VVPR - Voter-Verified Paper Record
NYS - New York Registered Shares

Restricted Securities - Restricted securities are often purchased in private placement transactions and cannot be sold without prior registration unless the sale is pursuant to an exemption under the Securities Exchange Act of 1933, as amended. The following table details restricted securities, including Rule 144A securities that have not been deemed liquid, held by the Funds at December 31, 2010.

	Initial Acquisition Date		Cost		Ending Value		Percent of Net Assets
JNL/BlackRock Commodity Securities Fund
Uranium Energy Corp.		11/02/2010	$	1,243	$	2,209		0.2 %
Uranium Energy Corp. Warrant		10/22/2010		—		—		—
			$	1,243	$	2,209		0.2 %
JNL/Capital Guardian Global Balanced Fund
AES Panama SA, 6.35%, 12/21/16		01/04/2008	$	298	$	322		0.1 %
AIA Group Ltd.		10/25/2010		1,962		2,031		0.6
ASAT Holdings Ltd., 13.00%		07/28/2006		1		—		—
Agricultural Bank of China- Class H		07/09/2010		361		433		0.1
Altegrity Inc., 10.50%, 11/01/15		07/27/2009		158		205		0.1
BNP Paribas		11/28/2007		705		609		0.2
Croatia Government International Bond, 6.75%, 11/05/19		10/30/2009		630		654		0.2
Dominican Republic International Bond, 8.63%, 04/20/27		12/17/2009		158		168		0.1
Dubai Electricity & Water Authority, 6.38%, 10/21/16		10/15/2010		100		97		—
Dubai Electricity & Water Authority, 7.38%, 10/21/20		10/15/2010		125		117		—
E.ON International Finance BV, 5.80%, 04/30/18		01/14/2010		542		565		0.2
Egypt Government International Bond, 5.75%, 04/29/20		11/04/2010		136		129		—
First Data Corp., 8.25%, 01/15/21		12/22/2009		86		96		—
First Data Corp., 8.75%, 01/15/22		12/22/2009		87		96		—
First Data Corp., 12.63%, 01/15/21		12/22/2009		167		192		0.1
Georgia Gulf Corp., 9.00%, 01/15/17		10/11/2010		321		326		0.1
KT&G Corp. - GDR		09/14/2006		118		122		—
LG Chem Ltd. - GDR		09/08/2009		134		276		0.1
Liberty Mutual Group Inc., 7.50%, 08/15/36		08/06/2009		263		348		0.1
Michaels Stores Inc., 7.75%, 11/01/18		12/15/2010		247		249		0.1
Roche Holdings Inc., 6.00%, 03/01/19		05/19/2009		417		465		0.1
Societe Generale, 5.75%, 04/20/16		08/07/2008		144		159		—
Standard Chartered Bank, 6.40%, 09/26/17		12/18/2007		299		321		0.1
TransDigm Inc., 7.75%, 12/15/18		12/02/2010		400		414		0.1
UniCredit SpA		09/09/2009		1,205		764		0.2
			$	9,064	$	9,158		2.6 %
JNL/Capital Guardian Global Diversified Research Fund
AIA Group Ltd.		10/25/2010	$	3,449	$	3,489		0.8 %
BNP Paribas		10/08/2008		1,326		1,609		0.4
LG Chem Ltd. - GDR		12/17/2009		2,024		3,600		0.8
			$	6,799	$	8,698		2.0 %
JNL/Franklin Templeton Global Growth Fund
Samsung Electronics Co. Ltd. - GDR		02/06/2007	$	5,972	$	8,206		1.7 %

See accompanying Notes to the Financial Statements.

JNL Series Trust

Notes to Schedules of Investments (in thousands)

December 31, 2010

Restricted Securities
	Initial Acquisition Date		Cost		Ending Value		Percent of Net Assets
JNL/Franklin Templeton Mutual Shares Fund
Cerberus Capital Management LP		08/06/2007	$	999	$	809		0.1 %
Cerberus Capital Management LP		08/06/2007		999		809		0.1
Cerberus Capital Management LP		08/06/2007		500		405		0.1
Cerberus Capital Management LP, 12.00%, 07/31/14		08/06/2007		780		632		0.1
Cerberus Capital Management LP, 12.00%, 07/31/14		08/06/2007		780		631		0.1
Cerberus Capital Management LP, 12.00%, 07/31/14		08/06/2007		390		316		0.1
Harrah’s Investment LP		11/16/2008		39		16		—
			$	4,487	$	3,618		0.6 %
JNL/Goldman Sachs Emerging Markets Debt Fund
Barclays Bank Plc-Credit Linked Note (Indonesia Government, 10.00%, 07/15/17, Moody rating Ba2)		06/04/2009	$	9,078	$	10,662		1.4 %
Credit Suisse Nassau-Credit Linked Note (Nota Do Tesouro Nacional, 6.00%, 08/15/40, Moody rating N/A)		11/16/2010		2,856		2,958		0.4
Deutsche Bank AG-Credit Linked Note (Indonesia Government,10.75%, 5/15/2016, Moody rating Ba2)		01/26/2010		2,417		2,680		0.4
Hongkong & Shanghai Banking Corp.-Credit Linked Note (Indonesia Government, 10.00%, 07/15/17, Moody rating Ba2)		07/24/2009		7,261		8,624		1.1
Hongkong & Shanghai Banking Corp.-Credit Linked Note (Indonesia Government, 10.75%, 05/15/16, Moody rating Ba2)		11/16/2009		10,417		11,751		1.5
JPMorgan Chase & Co., 6.00%, 10/10/12		08/07/2009		818		966		0.1
JPMorgan Chase & Co.-Credit Linked Note (Indonesia Government, 10.00%, 07/15/17, Moody rating Ba2)		03/08/2010		1,907		2,039		0.3
JPMorgan Chase & Co.-Credit Linked Note (Indonesia Government, 11.00%, 11/15/20, Moody rating Ba2)		04/16/2010		2,632		2,780		0.4
			$	37,386	$	42,460		5.6 %
JNL/Goldman Sachs Core Plus Bond Fund
Applied Extrusion Technologies Inc.- Class B		05/05/2005	$	42	$	—		— %
CIT Mortgage Loan Trust REMIC, 1.26%, 10/25/37		10/11/2007		529		508		0.1
CIT Mortgage Loan Trust REMIC, 1.51%, 10/25/37		10/11/2007		700		498		—
CIT Mortgage Loan Trust REMIC, 1.71%, 09/25/24		10/11/2007		1,280		685		0.1
College Loan Corp. Trust, 1.61%, 03/01/42		08/26/2009		812		900		0.1
El Paso Performance-Linked Trust, 7.75%, 07/15/11		07/13/2006		1,290		1,321		0.1
FDIC Structured Sale Guaranteed Notes REMIC, 0.81%, 03/02/48		03/08/2010		798		799		0.1
Federal Home Loan Mortgage Corp. REMIC, 06/15/21		02/29/2000		—		—		—
Federal Home Loan Mortgage Corp. REMIC, 09/15/35 (0.00% until LIBOR reaches 7.00%)		05/30/2007		153		158		—
Federal Home Loan Mortgage Corp. REMIC, 04/15/37 (0.00% until LIBOR reaches 6.75%)		05/16/2007		30		29		—
First Union National Bank Commercial Mortgage Trust, Interest Only REMIC,1.11%, 05/17/32		01/08/2003		83		65		—
GSMPS Mortgage Loan Trust, 0.49%, 02/25/35		05/08/2006		113		100		—
Home Interior Gift Inc.		02/22/2006		184		—		—
ING Bank NV, 2.50%, 01/14/16		11/18/2010		5,083		4,975		0.5
Merit Securities Corp. REMIC, 1.76%, 09/28/32		12/10/2002		206		204		—
Radnor Holdings Corp., 11.00%, 04/15/11		11/13/2003		126		—		—
TransDigm Inc., 7.75%, 12/15/18		12/02/2010		2,125		2,199		0.2
UBS AG New Jersey-Credit Linked Note (Federative Republic of Brazil, 6.00%, 01/17/17, Moody rating Ba1)		11/28/2007		683		443		—
ZFS Finance USA Trust I, 5.88%, 05/09/32		05/04/2007		1,225		1,195		0.1
			$	15,462	$	14,079		1.3 %
JNL/JPMorgan Mid Cap Growth Fund
Apollo Global Management LLC		11/02/2007	$	2,028	$	587		0.3 %
JNL/JPMorgan U.S. Government & Quality Bond Fund
Banc of America Commercial Mortgage Inc. REMIC, 6.41%, 09/11/36		12/29/2006	$	2,143	$	2,219		0.2 %
Commercial Mortgage Pass-Through Certificates REMIC, 5.45%, 07/16/34		03/20/2003		2,837		2,760		0.3
CompuCredit Acquired Portfolio Voltage Master Trust, 0.43%, 09/15/18		09/18/2006		462		419		0.1
			$	5,442	$	5,398		0.6 %
JNL/Lazard Mid Cap Equity Fund
Better Place		04/23/2010	$	1,015	$	1,015		0.5 %

See accompanying Notes to the Financial Statements.

JNL Series Trust

Notes to Schedules of Investments (in thousands)

December 31, 2010

Restricted Securities
	Initial Acquisition Date		Cost		Ending Value		Percent of Net Assets
JNL/PIMCO Real Return Fund
Banco Santander Brazil SA, 12/28/11		12/21/2010	$	585	$	585		— %
Gazprom Via Gaz Capital SA, 5.09%, 11/29/15		11/18/2010		1,600		1,636		0.1
Landmark CDO Ltd., 0.60%, 06/01/17		10/29/2010		4,291		4,253		0.2
New York Life Investment Management Flatiron CLO Ltd., 0.51%, 08/08/20		08/12/2010		466		464		—
Racers Trust, 0.53%, 07/25/17		06/08/2010		952		978		0.1
Symphony CLO Ltd., 0.53%, 05/15/19		06/28/2010		2,025		1,993		0.1
			$	9,919	$	9,909		0.5 %
JNL/PIMCO Total Return Bond Fund
Ally Financial Inc., 6.25%, 12/01/17		11/16/2010	$	4,931	$	5,000		0.2 %
Canada Housing Trust No. 1, 2.75%, 12/15/15		12/17/2010		3,967		4,035		0.1
DG Funding Trust, 0.68% (callable at 10,000 beginning 09/30/10)		11/10/2003		4,427		3,191		0.1
Northern Rock Plc, 5.63%, 06/22/17		06/08/2009		14,059		16,322		0.5
Vnesheconombank Via VEB Finance Ltd., 5.45%, 11/22/17		11/11/2010		1,100		1,097		—
			$	28,484	$	29,645		0.9 %
JNL/PPM America High Yield Bond Fund
American General Finance Corp. Term Loan, 7.25%, 04/16/15		04/20/2010	$	2,412	$	2,485		0.3 %
Applied Extrusion Technologies Inc.- Class B		05/05/2005		63		—		—
Home Interior Gift Inc.		02/22/2006		174		—		—
Manitoba Telecom Services Inc.		06/10/2005		—		15		—
Newsday Secured Term Loan, 10.50%, 08/01/13		12/03/2009		2,081		2,142		0.2
Newsday Secured Term Loan, 10.50%, 12/31/49		07/15/2008		800		866		0.1
Radnor Holdings Corp., 11.00%, 04/15/11		11/13/2003		100		—		—
Smurfit Kappa Group Term Loan, 6.75%, 02/10/16		02/11/2010		2,760		2,837		0.3
Texas Competitive Electric Holdings Co. LLC Term Loan, 3.76%, 06/30/11		10/30/2008		3,745		3,026		0.3
			$	12,135	$	11,371		1.2 %
JNL/T.Rowe Price Established Growth Fund
Groupon Inc.		12/17/2010	$	3,407	$	3,407		0.2 %
JNL/T.Rowe Price Short-Term Bond Fund
Allegheny Energy Supply, 8.25%, 04/15/12		09/03/2010	$	954	$	955		0.1 %
T. Rowe Price Term Asset-Backed Securities Loan Facility		10/16/2009		2,836		2,543		0.3
			$	3,790	$	3,498		0.4 %

Investments in Affiliates - See Note 6 in the Notes to the Financial Statements for further discussion of investments in affiliates. During the year ended December 31, 2010, certain Funds invested in money market funds, which are managed by Jackson National Asset Management, LLC (“Adviser”) or an affiliate of the Funds. The JNL Money Market Fund is offered as a cash management tool to the Funds and their affiliates and is not available for direct purchase by members of the public. Certain Funds participating in securities lending receive cash collateral, which is invested by the Custodian in the Securities Lending Cash Collateral Fund LLC and the Securities Lending Liquidating Fund LLC, which are affiliates of the Funds’ Adviser. The fair value and par value of the investment in the Securities Lending Cash Collateral Fund LLC and the Securities Lending Liquidating Fund LLC are reported under Securities Lending Collateral in the Schedules of Investments. Income received from the Securities Lending Cash Collateral Fund LLC and the Securities Lending Liquidating Fund LLC is aggregated with income from securities lending when received from the custodian and each Fund’s affiliated income is included in the income from affiliates on the Statements of Operations. The JNL/BlackRock Global Allocation Fund (“BlackRock Feeder Fund”) invests primarily all of its investable assets in the BlackRock Global Allocation Portfolio (“BlackRock Master Fund”). Due to its ownership of more than 5% of the shares of the BlackRock Master Fund, the BlackRock Feeder Fund may be deemed an affiliated person thereof under the Investment Company Act of 1940. The JNL/Mellon Capital Management S&P 500 Index Fund invested in Bank of New York Mellon Corp., the parent company of its sub-adviser. The JNL/Mellon Capital Management International Index Fund invested in Prudential plc, the parent company of Jackson National Life Insurance Company^® and the Funds’ Adviser. Prudential plc is not affiliated in any manner with Prudential Financial Inc., a company whose principal place of business is in the United States of America. The JNL/T. Rowe Price Value Fund invested in the T. Rowe Price Institutional Floating Rate Fund which is an affiliate of the Fund. The JNL/T. Rowe Price Short-Term Bond Fund invested in the T. Rowe Price Term Asset-Backed Securities Loan Facility which is an affiliate of the Fund.

The following table details each Fund’s long-term investments in affiliates held at December 31, 2010.

Fund	Affiliate	Value Beginning of Period		Purchases		Sales Proceeds		Dividend Income		Realized Gain (Loss)			Value End of Period
JNL/BlackRock Global Allocation Fund	BlackRock Global Allocation Portfolio	$	-	$	181,946	$	3,676	$	2,176	$	(3	)	$	179,646
JNL/Mellon Capital Management S&P 500 Index Fund	Bank of New York Mellon Corp.		3,008		1,042		35		45		(2	)		4,327
JNL/Mellon Capital Management International Index Fund	Prudential plc		1,858		595		-		66		-			2,552

See accompanying Notes to the Financial Statements.

JNL Series Trust

Notes to Schedules of Investments (in thousands)

December 31, 2010

Investments in Affiliates
Fund	Affiliate	Value Beginning of Period		Purchases		Sales Proceeds		Dividend Income		Realized Gain (Loss)		Value End of Period
JNL/T. Rowe Price Short-Term Bond Fund	T. Rowe Price Term Asset-Backed Securities Loan Facility	$	1,702	$	6,187	$	5,241	$	840	$	188	$	2.543
JNL/T. Rowe Price Value Fund	T. Rowe Price Institutional Floating Rate Fund		8,104		307		4,432		346		860		4,227

The following table details cash management investments in affiliates held at December 31, 2010. There was no realized gain or loss relating to transactions in these investments during the year ended December 31, 2010.

	JNL Money Market Fund
Fund	Beginning Amortized Cost		Ending Amortized Cost		Dividend   Income
JNL/BlackRock Commodity Securities Fund	$	9,840	$	62,860	$	21
JNL/Capital Guardian Global Balanced Fund		13,868		16,241		6
JNL/Capital Guardian Global Diversified Research Fund		18,355		14,275		8
JNL/Capital Guardian U.S. Growth Equity Fund		14,662		55,757		22
JNL/Eagle Core Equity Fund		4,732		9,525		7
JNL/Eagle SmallCap Equity Fund		3,885		21,944		5
JNL/Franklin Templeton Global Growth Fund		25,086		28,349		15
JNL/Franklin Templeton Income Fund		90,379		67,966		40
JNL/Franklin Templeton International Small Cap Growth Fund		13,149		7,881		6
JNL/Franklin Templeton Mutual Shares Fund		50,580		62,650		28
JNL/Franklin Templeton Small Cap Value Fund		17,414		20,020		10
JNL/Goldman Sachs Core Plus Bond Fund		79,220		356,880		115
JNL/Goldman Sachs Emerging Markets Debt Fund		44,096		211,959		61
JNL/Goldman Sachs Mid Cap Value Fund		12,147		23,029		8
JNL/Goldman Sachs U.S. Equity Flex Fund		4,692		4,931		2
JNL/Invesco International Growth Fund		36,147		37,733		19
JNL/Invesco Large Cap Growth Fund		17,262		18,815		27
JNL/Invesco Global Real Estate Fund		8,814		8,743		6
JNL/Invesco Small Cap Growth Fund		4,526		4,579		2
JNL/Ivy Asset Strategy Fund		29,184		100,979		39
JNL/JPMorgan International Value Fund		14,166		11,098		7
JNL/JPMorgan MidCap Growth Fund		5,286		5,111		3
JNL/JPMorgan U.S. Government & Quality Bond Fund		19,879		36,257		34
JNL/Lazard Emerging Markets Fund		46,043		60,363		32
JNL/Lazard Mid Cap Equity Fund		4,587		11,284		4
JNL/M&G Global Basics Fund		1,114		5,571		3
JNL/M&G Global Leaders Fund		846		-		-
JNL/Mellon Capital Management European 30 Fund		268		79		-
JNL/Mellon Capital Management Pacific Rim 30 Fund		367		134		-
JNL/Mellon Capital Management S&P 500 Index Fund		29,658		16,641		17
JNL/Mellon Capital Management S&P 400 MidCap Index Fund		7,170		12,073		8
JNL/Mellon Capital Management Small Cap Index Fund		14,720		12,878		7
JNL/Mellon Capital Management International Index Fund		15,534		28,075		11
JNL/Mellon Capital Management Bond Index Fund		26,989		44,153		20
JNL/Mellon Capital Management Global Alpha Fund		6,240		3,593		5
JNL/Oppenheimer Global Growth Fund		6,887		7,173		4
JNL/PAM Asia ex-Japan Fund		2,890		1,752		1
JNL/PAM China-India Fund		8,553		20,481		6
JNL/PIMCO Real Return Fund		963		400		3
JNL/PIMCO Total Return Bond Fund		4,480		15,624		11
JNL/PPM America High Yield Bond Fund		27,030		35,569		23
JNL/PPM America Mid Cap Value Fund		381		864		1
JNL/PPM America Small Cap Value Fund		126		634		-
JNL/PPM America Value Equity Fund		702		233		-
JNL/Red Rocks Listed Private Equity Fund		6,305		20,746		6
JNL/S&P Competitive Advantage Fund		648		613		1
JNL/S&P Dividend Income & Growth Fund		1,254		5,012		2
JNL/S&P Intrinsic Value Fund		2,119		1,339		1
JNL/S&P Total Yield Fund		616		518		1
JNL/Select Balanced Fund		39,129		130,095		51
JNL/Select Value Fund		22,516		26,760		14
JNL/T. Rowe Price Established Growth Fund		2,905		250		1
JNL/T. Rowe Price Mid-Cap Growth Fund		4,417		4,056		3
JNL/T. Rowe Price Short-Term Bond Fund		3,374		6,234		4
JNL/T. Rowe Price Value Fund		9,543		4,638		2

See accompanying Notes to the Financial Statements.

JNL Series Trust

Notes to Schedules of Investments (in thousands)

December 31, 2010

Investments in Affiliates

T. Rowe Price Reserves Investment Fund
Fund	Beginning Amortized Cost		Ending Amortized Cost		Dividend     Income
JNL/T. Rowe Price Established Growth Fund	$	5,950	$	21,210	$	30
JNL/T. Rowe Price Mid-Cap Growth Fund		42,725		62,363		143
JNL/T. Rowe Price Short-Term Bond Fund		23,791		50,383		83
JNL/T. Rowe Price Value Fund		16,472		14,447		37

Unfunded Loan Commitments – See Note 3 in the Notes to the Financial Statements for further discussion of unfunded commitments. The following table details unfunded loan commitments at December 31, 2010.

JNL/Franklin Templeton Mutual Shares Fund	Unfunded Commitment
Realogy Corp. Term Loan Revolver, 0.00%, 10/10/13	$	582

FASB ASC Topic 820, “Fair Value Measurements and Disclosure” - This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. Various inputs are used in determining the value of a Fund’s investments under FASB ASC Topic 820 guidance. The inputs are summarized into three broad categories. Level 1 includes valuations based on quoted prices of identical securities in active markets, including valuations for securities listed on a national or foreign stock exchange, investments in mutual funds or securities lending collateral, which are valued as a practical expedient at its daily reported net asset value (“NAV”). Level 2 includes valuations for which all significant inputs are observable, either directly or indirectly. Direct observable inputs include broker quotes, closing prices of similar securities in active markets, closing prices for identical or similar securities in non-active markets or corporate action or reorganization entitlement values. Indirect significant observable inputs include factors such as interest rates, yield curves, prepayment speeds or credit ratings. Level 2 includes valuations for fixed income securities priced by pricing services, broker quotes in active markets, securities subject to corporate actions, securities valued at amortized cost, international equity securities priced by an independent statistical fair value pricing service, swap agreements valued by pricing services, or ADRs and GDRs for which quoted prices in active markets are not available. Level 3 includes valuations based on inputs that are unobservable and significant to the fair value measurement including the Adviser’s own assumptions in determining the fair value of the investment. Inputs used to determine the fair value of Level 3 securities include security specific inputs such as: credit quality, credit rating spreads, issuer news, trading characteristics, call features or maturity; or industry specific inputs such as: trading activity of similar markets or securities, or changes in the security’s underlying index or comparable securities’ models. Level 3 valuations include securities that are priced based on single source broker quotes, where prices may be unavailable due to halted trading, restricted to resale due to market events, newly issued or for which reliable quotes are not available. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Please see Note 2 in the Notes to the Financial Statements for security valuation accounting policies.

FASB ASC Topic 820, “Fair Value Measurements and Disclosure”

The following table summarizes each Fund’s investments in securities and other financial instruments as of December 31, 2010 by valuation level.

	Assets - Securities								Liabilities - Securities
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
JNL/American Funds Blue Chip Income and Growth Fund
Investment Companies	$	149,079	$	–	$	–	$	149,079	$	–	$	–	$	–	$	–
Fund Total	$	149,079	$	–	$	–	$	149,079	$	–	$	–	$	–	$	–
JNL/American Funds Global Bond Fund
Investment Companies	$	105,387	$	–	$	–	$	105,387	$	–	$	–	$	–	$	–
Fund Total	$	105,387	$	–	$	–	$	105,387	$	–	$	–	$	–	$	–
JNL/American Funds Global Small Capitalization Fund
Investment Companies	$	80,981	$	–	$	–	$	80,981	$	–	$	–	$	–	$	–
Fund Total	$	80,981	$	–	$	–	$	80,981	$	–	$	–	$	–	$	–
JNL/American Funds Growth-Income Fund
Investment Companies	$	174,607	$	–	$	–	$	174,607	$	–	$	–	$	–	$	–
Fund Total	$	174,607	$	–	$	–	$	174,607	$	–	$	–	$	–	$	–
JNL/American Funds International Fund
Investment Companies	$	102,840	$	–	$	–	$	102,840	$	–	$	–	$	–	$	–
Fund Total	$	102,840	$	–	$	–	$	102,840	$	–	$	–	$	–	$	–
JNL/American Funds New World Fund
Investment Companies	$	133,548	$	–	$	–	$	133,548	$	–	$	–	$	–	$	–
Fund Total	$	133,548	$	–	$	–	$	133,548	$	–	$	–	$	–	$	–
JNL Institutional Alt 20 Fund
Investment Companies	$	615,135	$	–	$	–	$	615,135	$	–	$	–	$	–	$	–
Fund Total	$	615,135	$	–	$	–	$	615,135	$	–	$	–	$	–	$	–

See accompanying Notes to the Financial Statements.

JNL Series Trust

Notes to Schedules of Investments (in thousands)

December 31, 2010

FASB ASC Topic 820, “Fair Value Measurements and Disclosure”

	Assets - Securities								Liabilities - Securities
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
JNL Institutional Alt 35 Fund
Investment Companies	$	885,592	$	–	$	–	$	885,592	$	–	$	–	$	–	$	–
Fund Total	$	885,592	$	–	$	–	$	885,592	$	–	$	–	$	–	$	–
JNL Institutional Alt 50 Fund
Investment Companies	$	1,077,783	$	–	$	–	$	1,077,783	$	–	$	–	$	–	$	–
Fund Total	$	1,077,783	$	–	$	–	$	1,077,783	$	–	$	–	$	–	$	–
JNL Institutional Alt 65 Fund
Investment Companies	$	728,524	$	–	$	–	$	728,524	$	–	$	–	$	–	$	–
Fund Total	$	728,524	$	–	$	–	$	728,524	$	–	$	–	$	–	$	–
JNL/BlackRock Commodity Securities Fund
Common Stocks	$	453,359	$	5,758	$	–	$	459,117	$	–	$	–	$	–	$	–
Commodity Indexed Structured Notes		–		210,771		–		210,771		–		–		–		–
Short Term Securities		240,516		270,961		–		511,477		–		–		–		–
Fund Total	$	693,875	$	487,490	$	–	$	1,181,365	$	–	$	–	$	–	$	–
JNL/BlackRock Global Allocation Fund
Investment Companies	$	179,646	$	–	$	–	$	179,646	$	–	$	–	$	–	$	–
Fund Total	$	179,646	$	–	$	–	$	179,646	$	–	$	–	$	–	$	–
JNL/Capital Guardian Global Balanced Fund
Common Stocks	$	171,044	$	63,439	$	–	$	234,483	$	–	$	–	$	–	$	–
Preferred Stocks		1,320		–		–		1,320		–		–		–		–
Rights		16		–		–		16		–		–		–		–
Corporate Bonds and Notes		–		20,671		–		20,671		–		–		–		–
Government and Agency Obligations		–		88,227		–		88,227		–		–		–		–
Short Term Securities		30,112		–		–		30,112		–		–		–		–
Fund Total	$	202,492	$	172,337	$	–	$	374,829	$	–	$	–	$	–	$	–
JNL/Capital Guardian Global Diversified Research Fund
Common Stocks	$	333,250	$	89,067	$	–	$	422,317	$	–	$	–	$	–	$	–
Corporate Bonds and Notes		–		372		–		372		–		–		–		–
Short Term Securities		24,367		–		–		24,367		–		–		–		–
Fund Total	$	357,617	$	89,439	$	–	$	447,056	$	–	$	–	$	–	$	–
JNL/Capital Guardian U.S. Growth Equity Fund
Common Stocks	$	842,315	$	–	$	–	$	842,315	$	–	$	–	$	–	$	–
Short Term Securities		77,438		–		–		77,438		–		–		–		–
Fund Total	$	919,753	$	–	$	–	$	919,753	$	–	$	–	$	–	$	–
JNL/Eagle Core Equity Fund
Common Stocks	$	191,556	$	–	$	–	$	191,556	$	–	$	–	$	–	$	–
Investment Companies		6,424		–		–		6,424		–		–		–		–
Short Term Securities		10,239		–		–		10,239		–		–		–		–
Fund Total	$	208,219	$	–	$	–	$	208,219	$	–	$	–	$	–	$	–
JNL/Eagle SmallCap Equity Fund
Common Stocks	$	584,039	$	–	$	–	$	584,039	$	–	$	–	$	–	$	–
Short Term Securities		55,204		–		–		55,204		–		–		–		–
Fund Total	$	639,243	$	–	$	–	$	639,243	$	–	$	–	$	–	$	–
JNL/Franklin Templeton Founding Strategy Fund
Investment Companies	$	1,038,049	$	–	$	–	$	1,038,049	$	–	$	–	$	–	$	–
Fund Total	$	1,038,049	$	–	$	–	$	1,038,049	$	–	$	–	$	–	$	–
JNL/Franklin Templeton Global Growth Fund
Common Stocks	$	361,547	$	84,665	$	–	$	446,212	$	–	$	–	$	–	$	–
Short Term Securities		33,620		–		–		33,619		–		–		–		–
Fund Total	$	395,167	$	84,665	$	–	$	479,831	$	–	$	–	$	–	$	–
JNL/Franklin Templeton Income Fund
Common Stocks	$	349,609	$	17,323	$	–	$	366,932	$	–	$	–	$	–	$	–
Preferred Stocks		13,880		34,960		–		48,840		–		–		–		–
Warrants		251		–		–		251		–		–		–		–
Non-U.S. Government Agency ABS		–		7,607		–		7,607		–		–		–		–
Corporate Bonds and Notes		–		556,103		7		556,110		–		–		–		–
Government and Agency Obligations		–		6,188		–		6,188		–		–		–		–
Short Term Securities		249,521		–		–		249,521		–		–		–		–
Fund Total	$	613,261	$	622,181	$	7	$	1,235,449	$	–	$	–	$	–	$	–
JNL/Franklin Templeton International Small Cap Growth Fund
Common Stocks	$	160,039	$	41,648	$	–	$	201,687	$	–	$	–	$	–	$	–
Short Term Securities		30,999		–		–		30,999		–		–		–		–
Fund Total	$	191,038	$	41,648	$	–	$	232,686	$	–	$	–	$	–	$	–

See accompanying Notes to the Financial Statements.

JNL Series Trust

Notes to Schedules of Investments (in thousands)

December 31, 2010

FASB ASC Topic 820, “Fair Value Measurements and Disclosure”

	Assets - Securities								Liabilities - Securities
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
JNL/Franklin Templeton Mutual Shares Fund
Common Stocks	$	438,991	$	70,748	$	4,578	$	514,317	$	–	$	–	$	–	$	–
Corporate Bonds and Notes1		–		16,937		1,579		18,516		–		(565)		–		(565)
Short Term Securities		73,425		–		–		73,425		–		–		–		–
Fund Total	$	512,416	$	87,685	$	6,157	$	606,258	$	–	$	(565)	$	–	$	(565)
JNL/Franklin Templeton Small Cap Value Fund
Common Stocks	$	274,072	$	–	$	–	$	274,072	$	–	$	–	$	–	$	–
Short Term Securities		30,672		–		–		30,672		–		–		–		–
Fund Total	$	304,744	$	–	$	–	$	304,744	$	–	$	–	$	–	$	–
JNL/Goldman Sachs Core Plus Bond Fund
Non-U.S. Government Agency ABS	$	–	$	133,848	$	5,088	$	138,936	$	–	$	–	$	–	$	–
Corporate Bonds and Notes		–		293,035		–		293,035		–		–		–		–
Government and Agency Obligations		–		643,964		–		643,964		–		(23,595)		–		(23,595)
Short Term Securities		427,793		–		–		427,793		–		–		–		–
Fund Total	$	427,793	$	1,070,847	$	5,088	$	1,503,728	$	–	$	(23,595)	$	–	$	(23,595)
JNL/Goldman Sachs Emerging Markets Debt Fund
Corporate Bonds and Notes	$	–	$	56,903	$	2,680	$	59,583	$	–	$	–	$	–	$	–
Government and Agency Obligations		–		444,915		–		444,915		–		–		–		–
Short Term Securities		211,959		14,379		–		226,338		–		–		–		–
Fund Total	$	211,959	$	516,197	$	2,680	$	730,836	$	–	$	–	$	–	$	–
JNL/Goldman Sachs MidCap Value Fund
Common Stocks	$	490,056	$	–	$	–	$	490,056	$	–	$	–	$	–	$	–
Short Term Securities		31,802		–		–		31,802		–		–		–		–
Fund Total	$	521,858	$	–	$	–	$	521,858	$	–	$	–	$	–	$	–
JNL/Goldman Sachs U.S. Equity Flex Fund
Common Stocks	$	145,714	$	–	$	–	$	145,714	$	(35,216)	$	–	$	–	$	(35,216)
Short Term Securities		4,931		–		–		4,931		–		–		–		–
Fund Total	$	150,645	$	–	$	–	$	150,645	$	(35,216)	$	–	$	–	$	(35,216)
JNL/Invesco Global Real Estate Fund
Common Stocks	$	556,534	$	94,317	$	–	$	650,851	$	–	$	–	$	–	$	–
Short Term Securities		39,619		–		–		39,619		–		–		–		–
Fund Total	$	596,153	$	94,317	$	–	$	690,470	$	–	$	–	$	–	$	–
JNL/Invesco International Growth Fund
Common Stocks	$	377,831	$	172,048	$	–	$	549,879	$	–	$	–	$	–	$	–
Short Term Securities		64,044		–		–		64,044		–		–		–		–
Fund Total	$	441,875	$	172,048	$	–	$	613,923	$	–	$	–	$	–	$	–
JNL/Invesco Large Cap Growth Fund
Common Stocks	$	888,774	$	–	$	–	$	888,774	$	–	$	–	$	–	$	–
Short Term Securities		25,059		–		–		25,059		–		–		–		–
Fund Total	$	913,833	$	–	$	–	$	913,833	$	–	$	–	$	–	$	–
JNL/Invesco Small Cap Growth Fund
Common Stocks	$	145,867	$	–	$	–	$	145,867	$	–	$	–	$	–	$	–
Short Term Securities		18,035		–		–		18,035		–		–		–		–
Fund Total	$	163,902	$	–	$	–	$	163,902	$	–	$	–	$	–	$	–
JNL/Ivy Asset Strategy Fund
Common Stocks	$	605,782	$	88,202	$	–	$	693,984	$	–	$	–	$	–	$	–
Preferred Stocks		13,021		38,776		–		51,797		–		–		–		–
Options Purchased		601		–		6,037		6,638		–		–		–		–
Precious Metals		110,710		–		–		110,710		–		–		–		–
Short Term Securities		100,979		–		–		100,979		–		–		–		–
Fund Total	$	831,093	$	126,978	$	6,037	$	964,108	$	–	$	–	$	–	$	–
JNL/JPMorgan International Value Fund
Common Stocks	$	329,211	$	252,435	$	–	$	581,646	$	–	$	–	$	–	$	–
Preferred Stocks		–		9,019		–		9,019		–		–		–		–
Short Term Securities		33,214		–		–		33,214		–		–		–		–
Fund Total	$	362,425	$	261,454	$	–	$	623,879	$	–	$	–	$	–	$	–
JNL/JPMorgan Mid Cap Growth Fund
Common Stocks	$	226,337	$	–	$	587	$	226,924	$	–	$	–	$	–	$	–
Short Term Securities		20,141		–		–		20,141		–		–		–		–
Fund Total	$	246,478	$	–	$	587	$	247,065	$	–	$	–	$	–	$	–
JNL/JPMorgan U.S. Government & Quality Bond Fund
Non-U.S. Government Agency ABS	$	–	$	33,053	$	–	$	33,053	$	–	$	–	$	–	$	–
Corporate Bonds and Notes		–		6,687		–		6,687		–		–		–		–
Government and Agency Obligations		–		838,565		–		838,565		–		–		–		–
Short Term Securities		67,601		–		–		67,601		–		–		–		–
Fund Total	$	67,601	$	878,305	$	–	$	945,906	$	–	$	–	$	–	$	–

See accompanying Notes to the Financial Statements.

JNL Series Trust

Notes to Schedules of Investments (in thousands)

December 31, 2010

FASB ASC Topic 820, “Fair Value Measurements and Disclosure”

	Assets - Securities								Liabilities - Securities
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
JNL/Lazard Emerging Markets Fund
Common Stocks	$	1,022,578	$	275,082	$	–	$	1,297,660	$	–	$	–	$	–	$	–
Preferred Stocks		37,327		–		–		37,327		–		–		–		–
Short Term Securities		129,721		–		–		129,721		–		–		–		–
Fund Total	$	1,189,626	$	275,082	$	–	$	1,464,708	$	–	$	–	$	–	$	–
JNL/Lazard Mid Cap Equity Fund
Common Stocks	$	203,309	$	–	$	–	$	203,309	$	–	$	–	$	–	$	–
Preferred Stocks		–		–		1,015		1,015		–		–		–		–
Short Term Securities		13,184		–		–		13,184		–		–		–		–
Fund Total	$	216,493	$	–	$	1,015	$	217,508	$	–	$	–	$	–	$	–
JNL/M&G Global Basics Fund
Common Stocks	$	165,300	$	24,226	$	–	$	189,526	$	–	$	–	$	–	$	–
Preferred Stocks		164		–		–		164		–		–		–		–
Short Term Securities		23,050		–		–		23,050		–		–		–		–
Fund Total	$	188,514	$	24,226	$	–	$	212,740	$	–	$	–	$	–	$	–
JNL/M&G Global Leaders Fund
Common Stocks	$	23,156	$	5,669	$	–	$	28,825	$	–	$	–	$	–	$	–
Preferred Stocks		–		849		–		849		–		–		–		–
Short Term Securities		1,053		–		–		1,053		–		–		–		–
Fund Total	$	24,209	$	6,518	$	–	$	30,727	$	–	$	–	$	–	$	–
JNL/Mellon Capital Management 10 x 10 Fund
Investment Companies	$	257,560	$	–	$	–	$	257,560	$	–	$	–	$	–	$	–
Fund Total	$	257,560	$	–	$	–	$	257,560	$	–	$	–	$	–	$	–
JNL/Mellon Capital Management Index 5 Fund
Investment Companies	$	332,499	$	–	$	–	$	332,499	$	–	$	–	$	–	$	–
Fund Total	$	332,499	$	–	$	–	$	332,499	$	–	$	–	$	–	$	–
JNL/Mellon Capital Management European 30 Fund
Common Stocks	$	10,023	$	7,970	$	–	$	17,993	$	–	$	–	$	–	$	–
Investment Companies		318		–		–		318		–		–		–		–
Short Term Securities		191		–		–		191		–		–		–		–
Fund Total	$	10,532	$	7,970	$	–	$	18,502	$	–	$	–	$	–	$	–
JNL/Mellon Capital Management Pacific Rim 30 Fund
Common Stocks	$	18,572	$	19,026	$	–	$	37,598	$	–	$	–	$	–	$	–
Investment Companies		1,330		–		–		1,330		–		–		–		–
Short Term Securities		1,609		–		–		1,609		–		–		–		–
Fund Total	$	21,511	$	19,026	$	–	$	40,537	$	–	$	–	$	–	$	–
JNL/Mellon Capital Management S&P 500 Index Fund
Common Stocks	$	1,322,092	$	–	$	–	$	1,322,092	$	–	$	–	$	–	$	–
Short Term Securities		29,780		1,295		–		31,075		–		–		–		–
Fund Total	$	1,351,872	$	1,295	$	–	$	1,353,167	$	–	$	–	$	–	$	–
JNL/Mellon Capital Management S&P 400 MidCap Index Fund
Common Stocks	$	657,969	$	–	$	–	$	657,969	$	–	$	–	$	–	$	–
Short Term Securities		53,214		940		–		54,154		–		–		–		–
Fund Total	$	711,184	$	940	$	–	$	712,123	$	–	$	–	$	–	$	–
JNL/Mellon Capital Management Small Cap Index Fund
Common Stocks	$	699,827	$	–	$	45	$	699,872	$	–	$	–	$	–	$	–
Short Term Securities		95,998		895		–		96,893		–		–		–		–
Fund Total	$	795,825	$	895	$	45	$	796,765	$	–	$	–	$	–	$	–
JNL/Mellon Capital Management International Index Fund
Common Stocks	$	523,101	$	525,104	$	–	$	1,048,205	$	–	$	–	$	–	$	–
Preferred Stocks		–		7,019		–		7,019		–		–		–		–
Short Term Securities		84,545		1,710		–		86,255		–		–		–		–
Fund Total	$	607,646	$	533,833	$	–	$	1,141,479	$	–	$	–	$	–	$	–
JNL/Mellon Capital Management Bond Index Fund
Non-U.S. Government Agency ABS	$	–	$	37,535	$	–	$	37,535	$	–	$	–	$	–	$	–
Corporate Bonds and Notes		–		280,379		–		280,379		–		–		–		–
Government and Agency Obligations		–		999,525		–		999,525		–		–		–		–
Short Term Securities		118,895		–		–		118,895		–		–		–		–
Fund Total	$	118,895	$	1,317,439	$	–	$	1,436,334	$	–	$	–	$	–	$	–
JNL/Mellon Capital Management Global Alpha Fund
Short Term Securities	$	3,593	$	194,832	$	–	$	198,425	$	–	$	–	$	–	$	–
Fund Total	$	3,593	$	194,832	$	–	$	198,425	$	–	$	–	$	–	$	–
JNL/Oppenheimer Global Growth Fund
Common Stocks	$	242,189	$	146,897	$	–	$	389,086	$	–	$	–	$	–	$	–
Preferred Stocks		–		5,129		–		5,129		–		–		–		–
Short Term Securities		27,066		–		–		27,066		–		–		–		–
Fund Total	$	269,255	$	152,026	$	–	$	421,281	$	–	$	–	$	–	$	–

See accompanying Notes to the Financial Statements.

JNL Series Trust

Notes to Schedules of Investments (in thousands)

December 31, 2010

FASB ASC Topic 820, “Fair Value Measurements and Disclosure”

			Assets - Securities								Liabilities - Securities
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
JNL/PAM Asia ex-Japan Fund
Common Stocks	$	107,976	$	41,667	$	-	$	149,643	$	-	$	-	$	-	$	-
Rights		-		42		-		42		-		-		-		-
Warrants		18		-		-		18		-		-		-		-
Short Term Securities		6,871		-		-		6,871		-		-		-		-
Fund Total	$	114,865	$	41,709	$	-	$	156,574	$	-	$	-	$	-	$	-
JNL/PAM China-India Fund
Common Stocks	$	364,766	$	-	$	-	$	364,766	$	-	$	-	$	-	$	-
Short Term Securities		37,358		-		-		37,358		-		-		-		-
Fund Total	$	402,124	$	-	$	-	$	402,124	$	-	$	-	$	-	$	-
JNL/PIMCO Real Return Fund
Non-U.S. Government Agency ABS	$	-	$	153,991	$	33,594	$	187,585	$	-	$	-	$	-	$	-
Corporate Bonds and Notes		-		493,463		1,562		495,025		-		-		-		-
Government and Agency Obligations		-		1,671,917		-		1,671,917		-		(1,540)		-		(1,540)
Preferred Stocks		500		-		-		500		-		-		-		-
Reverse Repurchase Agreements		-		-		-		-		-		(114,399)				(114,399)
Short Term Securities		42,366		626,790		-		669,156		-		-		-		-
Fund Total	$	42,866	$	2,946,161	$	35,156	$	3,024,183	$	-	$	(115,939)	$	-	$	(115,939)
JNL/PIMCO Total Return Bond Fund
Non-U.S. Government Agency ABS	$	-	$	197,548	$	2,404	$	199,952	$	-	$	-	$	-	$	-
Corporate Bonds and Notes		-		931,089		5,063		936,152		-		-		-		-
Government and Agency Obligations		-		3,178,187		179		3,178,366		-		(49,840)		-		(49,840)
Preferred Stocks		384		1,050		3,191		4,625		-		-		-		-
Reverse Repurchase Agreements		-		-		-		-		-		(110,203)		-		(110,203)
Short Term Securities		205,069		202,242		-		407,311		-		-		-		-
Fund Total	$	205,453	$	4,510,116	$	10,837	$	4,726,406	$	-	$	(160,043)	$	-	$	(160,043)
JNL/PPM America High Yield Bond Fund
Common Stocks	$	14,908	$	-	$	-	$	14,908	$	-	$	-	$	-	$	-
Preferred Stocks		5,686		958		-		6,644		-		-		-		-
Investment Companies		6,138		-		-		6,138		-		-		-		-
Non-U.S. Government Agency ABS		-		38,333		-		38,333		-		-		-		-
Corporate Bonds and Notes		-		789,984		-		789,984		-		-		-		-
Short Term Securities		249,112		-		-		249,112		-		-		-		-
Fund Total	$	275,844	$	829,275	$	-	$	1,105,119	$	-	$	-	$	-	$	-
JNL/PPM America Mid Cap Value Fund
Common Stocks	$	85,801	$	-	$	-	$	85,801	$	-	$	-	$	-	$	-
Short Term Securities		3,126		-		-		3,126		-		-		-		-
Fund Total	$	88,927	$	-	$	-	$	88,927	$	-	$	-	$	-	$	-
JNL/PPM America Small Cap Value Fund
Common Stocks	$	67,226	$	-	$	-	$	67,226	$	-	$	-	$	-	$	-
Short Term Securities		5,966		-		-		5,966		-		-		-		-
Fund Total	$	73,192	$	-	$	-	$	73,192	$	-	$	-	$	-	$	-
JNL/PPM America Value Equity Fund
Common Stocks	$	113,707	$	-	$	-	$	113,707	$	-	$	-	$	-	$	-
Short Term Securities		1,684		-		-		1,684		-		-		-		-
Fund Total	$	115,391	$	-	$	-	$	115,391	$	-	$	-	$	-	$	-
JNL/Red Rocks Listed Private Equity Fund
Common Stocks	$	549,490	$	74,102	$	-	$	623,592	$	-	$	-	$	-	$	-
Rights		250		-		-		250		-		-		-		-
Short Term Securities		20,811		-		-		20,811		-		-		-		-
Fund Total	$	570,551	$	74,102	$	-	$	644,653	$	-	$	-	$	-	$	-
JNL/S&P Managed Conservative Fund
Investment Companies	$	979,714	$	-	$	-	$	979,714	$	-	$	-	$	-	$	-
Fund Total	$	979,714	$	-	$	-	$	979,714	$	-	$	-	$	-	$	-
JNL/S&P Managed Moderate Fund
Investment Companies	$	1,665,329	$	-	$	-	$	1,665,329	$	-	$	-	$	-	$	-
Fund Total	$	1,665,329	$	-	$	-	$	1,665,329	$	-	$	-	$	-	$	-
JNL/S&P Managed Moderate Growth Fund
Investment Companies	$	2,861,578	$	-	$	-	$	2,861,578	$	-	$	-	$	-	$	-
Fund Total	$	2,861,578	$	-	$	-	$	2,861,578	$	-	$	-	$	-	$	-
JNL/S&P Managed Growth Fund
Investment Companies	$	2,141,119	$	-	$	-	$	2,141,119	$	-	$	-	$	-	$	-
Fund Total	$	2,141,119	$	-	$	-	$	2,141,119	$	-	$	-	$	-	$	-
JNL/S&P Managed Aggressive Growth Fund
Investment Companies	$	788,793	$	-	$	-	$	788,793	$	-	$	-	$	-	$	-
Fund Total	$	788,793	$	-	$	-	$	788,793	$	-	$	-	$	-	$	-

See accompanying Notes to the Financial Statements.

JNL Series Trust

Notes to Schedules of Investments (in thousands)

December 31, 2010

FASB ASC Topic 820, “Fair Value Measurements and Disclosure”

	Assets - Securities								Liabilities - Securities
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
JNL/S&P Disciplined Moderate Fund
Investment Companies	$	346,489	$	–	$	–	$	346,489	$	–	$	–	$	–	$	–
Fund Total	$	346,489	$	–	$	–	$	346,489	$	–	$	–	$	–	$	–
JNL/S&P Disciplined Moderate Growth Fund
Investment Companies	$	376,153	$	–	$	–	$	376,153	$	–	$	–	$	–	$	–
Fund Total	$	376,153	$	–	$	–	$	376,153	$	–	$	–	$	–	$	–
JNL/S&P Disciplined Growth Fund
Investment Companies	$	137,498	$	–	$	–	$	137,498	$	–	$	–	$	–	$	–
Fund Total	$	137,498	$	–	$	–	$	137,498	$	–	$	–	$	–	$	–
JNL/S&P Competitive Advantage Fund
Common Stocks	$	295,499	$	–	$	–	$	295,499	$	–	$	–	$	–	$	–
Short Term Securities		10,330		–		–		10,330		–		–		–		–
Fund Total	$	305,829	$	–	$	–	$	305,829	$	–	$	–	$	–	$	–
JNL/S&P Dividend Income & Growth Fund
Common Stocks	$	439,805	$	–	$	–	$	439,805	$	–	$	–	$	–	$	–
Short Term Securities		24,780		–		–		24,780		–		–		–		–
Fund Total	$	464,585	$	–	$	–	$	464,585	$	–	$	–	$	–	$	–
JNL/S&P Intrinsic Value Fund
Common Stocks	$	319,643	$	–	$	–	$	319,643	$	–	$	–	$	–	$	–
Short Term Securities		15,514		–		–		15,514		–		–		–		–
Fund Total	$	335,157	$	–	$	–	$	335,157	$	–	$	–	$	–	$	–
JNL/S&P Total Yield Fund
Common Stocks	$	281,043	$	–	$	–	$	281,043	$	–	$	–	$	–	$	–
Short Term Securities		10,049		–		–		10,049		–		–		–		–
Fund Total	$	291,092	$	–	$	–	$	291,092	$	–	$	–	$	–	$	–
JNL/S&P 4 Fund
Investment Companies	$	843,994	$	–	$	–	$	843,994	$	–	$	–	$	–	$	–
Fund Total	$	843,994	$	–	$	–	$	843,994	$	–	$	–	$	–	$	–
JNL/Select Balanced Fund
Common Stocks	$	853,910	$	–	$	–	$	853,910	$	–	$	–	$	–	$	–
Non-U.S. Government Agency ABS		–		14,721		–		14,721		–		–		–		–
Corporate Bonds and Notes		–		126,383		–		126,383		–		–		–		–
Government and Agency Obligations		–		245,458		–		245,458		–		–		–		–
Short Term Securities		153,986		–		–		153,986		–		–		–		–
Fund Total	$	1,007,896	$	386,562	$	–	$	1,394,458	$	–	$	–	$	–	$	–
JNL/Select Money Market Fund
Corporate Bonds and Notes	$	–	$	30,093	$	–	$	30,093	$	–	$	–	$	–	$	–
Short Term Securities		77		683,085		–		683,162		–		–		–		–
Fund Total	$	77	$	713,178	$	–	$	713,255	$	–	$	–	$	–	$	–
JNL/Select Value Fund
Common Stocks	$	1,129,045	$	–	$	–	$	1,129,045	$	–	$	–	$	–	$	–
Short Term Securities		31,658		–		–		31,658		–		–		–		–
Fund Total	$	1,160,703	$	–	$	–	$	1,160,703	$	–	$	–	$	–	$	–
JNL/T.Rowe Price Established Growth Fund
Common Stocks	$	1,486,911	$	6,092	$	–	$	1,493,003	$	–	$	–	$	–	$	–
Preferred Stocks		–		–		3,407		3,407		–		–		–		–
Short Term Securities		42,812		–		–		42,812		–		–		–		–
Fund Total	$	1,529,723	$	6,092	$	3,407	$	1,539,222	$	–	$	–	$	–	$	–
JNL/T.Rowe Price Mid-Cap Growth Fund
Common Stocks	$	1,341,016	$	–	$	–	$	1,341,016	$	–	$	–	$	–	$	–
Short Term Securities		160,657		–		–		160,657		–		–		–		–
Fund Total	$	1,501,674	$	–	$	–	$	1,501,673	$	–	$	–	$	–	$	–
JNL/T.Rowe Price Short-Term Bond Fund
Non-U.S. Government Agency ABS	$	–	$	112,776	$	–	$	112,776	$	–	$	–	$	–	$	–
Corporate Bonds and Notes		–		417,562		–		417,562		–		–		–		–
Government and Agency Obligations		–		276,366		–		276,366		–		–		–		–
Investment Companies		–		–		2,543		2,543		–		–		–		–
Short Term Securities		61,850		863		–		62,713		–		–		–		–
Fund Total	$	61,850	$	807,567	$	2,543	$	871,960	$	–	$	–	$	–	$	–

See accompanying Notes to the Financial Statements.

JNL Series Trust

Notes to Schedules of Investments (in thousands)

December 31, 2010

FASB ASC Topic 820, “Fair Value Measurements and Disclosure”

Assets - Securities

Liabilities - Securities

Level 1

Level 2

Level 3

Total

Level 1

Level 2

Level 3

Total

JNL/T.Rowe Price Value Fund

Common Stocks

$

1,097,114

$

–

$

–

$

1,097,114

$

–

$

–

$

–

$

–

Preferred Stocks

5,870

9,259

–

15,129

–

–

–

–

Investment Companies

4,227

–

–

4,227

–

–

–

–

Corporate Bonds and Notes

–

1,796

–

1,796

–

–

–

–

Short Term Securities

33,316

–

–

33,316

–

–

–

–

Fund Total

$

1,140,527

$

11,055

$

–

$

1,151,582

$

–

$

–

$

–

$

–

¹Unfunded loan commitments in the JNL/Franklin Templeton Mutual Shares Fund are not reflected in the Schedules of Investments. The unfunded loan commitments and unrealized appreciation on these commitments are included in payable for investment securities purchased and other assets, respectively, in the Statements of Assets and Liabilities.

	Assets - Other Financial Instruments1								Liabilities - Other Financial  Instruments1
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
JNL/Capital Guardian Global Balanced Fund
Open Forward Foreign Currency Contracts	$	-	$	284	$	-	$	284	$	-	$	(147)	$	-	$	(147)
JNL/Franklin Templeton Mutual Shares Fund
Open Forward Foreign Currency Contracts	$	-	$	1,605	$	-	$	1,605	$	-	$	(3,350)	$	-	$	(3,350)
JNL/Goldman Sachs Core Plus Bond Fund
Open Futures Contracts	$	451	$	-	$	-	$	451	$	(1,959)	$	-	$	-	$	(1,959)
Open Forward Foreign Currency Contracts		-		2,020		-		2,020		-		(2,807)		-		(2,807)
Interest Rate Swap Agreements		-		9,619		-		9,619		-		(7,515)		-		(7,515)
Credit Default Swap Agreements		-		149		-		149		-		-		-		-
Fund Total	$	451	$	11,788	$	-	$	12,239	$	(1,959)	$	(10,322)	$	-	$	(12,281)
JNL/Goldman Sachs Emerging Markets Debt Fund
Open Forward Foreign Currency Contracts	$	-	$	9,706	$	-	$	9,706	$	-	$	(10,386)	$	-	$	(10,386)
Interest Rate Swap Agreements		-		5,489		-		5,489		-		(1,425)		-		(1,425)
Total Return Swap Agreements		-		285		-		285		-		(24)		-		(24)
Fund Total	$	-	$	15,480	$	-	$	15,480	$	-	$	(11,835)	$	-	$	(11,835)
JNL/Ivy Asset Strategy Fund
Written Options	$	-	$	-	$	-	$	-	$	(225)	$	-	$	(1,583)	$	(1,808)
Open Forward Foreign Currency Contracts		-		-		-		-		-		(3,797)		-		(3,797)
Total Return Swap Agreements		-		15		-		15		-		(41)		-		(41)
Fund Total	$	-	$	15	$	-	$	15	$	(225)	$	(3,838)	$	(1,583)	$	(5,646)
JNL/JPMorgan International Value Fund
Open Forward Foreign Currency Contracts	$	-	$	5,552	$	-	$	5,552	$	-	$	(1,290)	$	-	$	(1,290)
JNL/Mellon Capital Management S&P 500 Index Fund
Open Futures Contracts	$	104	$	-	$	-	$	104	$	-	$	-	$	-	$	-
JNL/Mellon Capital Management S&P 400 MidCap Index Fund
Open Futures Contracts	$	71	$	-	$	-	$	71	$	-	$	-	$	-	$	-
JNL/Mellon Capital Management Small Cap Index Fund
Open Futures Contracts	$	118	$	-	$	-	$	118	$	-	$	-	$	-	$	-
JNL/Mellon Capital Management International Index Fund
Open Futures Contracts	$	32	$	-	$	-	$	32	$	(237)	$	-	$	-	$	(237)
Open Forward Foreign Currency Contracts		-		921		-		921		-		(452)		-		(452)
Fund Total	$	32	$	921	$	-	$	953	$	(237)	$	(452)	$	-	$	(689)
JNL/Mellon Capital Management Global Alpha Fund
Open Futures Contracts	$	695	$	-	$	-	$	695	$	(2,709)	$	-	$	-	$	(2,709)
Open Forward Foreign Currency Contracts		-		4,209		-		4,209		-		(1,440)		-		(1,440)
Fund Total	$	695	$	4,209	$	-	$	4,904	$	(2,709)	$	(1,440)	$	-	$	(4,149)
JNL/PIMCO Real Return Fund
Written Options	$	-	$	-	$	-	$	-	$	(1,082)	$	(2,736)	$	(985)	$	(4,803)
Open Futures Contracts		238		-		-		238		(43)		-		-		(43)
Open Forward Foreign Currency Contracts		-		1,070		-		1,070		-		(1,294)		-		(1,294)
Interest Rate Swap Agreements		-		1,731		-		1,731		-		(28)		-		(28)
Credit Default Swap Agreements		-		1,689		-		1,689		-		(822)		-		(822)
Fund Total	$	238	$	4,490	$	-	$	4,728	$	(1,125)	$	(4,880)	$	(985)	$	(6,990)
JNL/PIMCO Total Return Bond Fund
Written Options	$	-	$	-	$	-	$	-	$	(656)	$	(6,755)	$	(2,227)	$	(9,638)
Open Futures Contracts		1,055		-		-		1,055		(3,583)		-		-		(3,583)
Open Forward Foreign Currency Contracts		-		4,866		-		4,866		-		(3,345)		-		(3,345)
Interest Rate Swap Agreements		-		3,270		-		3,270		-		(1,176)		-		(1,176)
Credit Default Swap Agreements		-		3,443		-		3,443		-		(209)		-		(209)
Fund Total	$	1,055	$	11,579	$	-	$	12,634	$	(4,239)	$	(11,485)	$	(2,227)	$	(17,951)

¹Investments in other financial instruments are derivative instruments not reflected in the Schedules of Investments and include, but are not limited to forward foreign currency contracts, futures contracts, options written and swap agreements. Options purchased are included in Investments in Securities. All derivatives, except for written options, are reflected at the unrealized appreciation/(depreciation) on the instrument. Written options are reflected at value.

See accompanying Notes to the Financial Statements.

JNL Series Trust

Notes to Schedules of Investments (in thousands)

December 31, 2010

FASB ASC Topic 820, “Fair Value Measurements and Disclosure”
	Assets - Other Financial Instruments1								Liabilities - Other Financial  Instruments1
	Level 1		Level 2		Level 3		Total		Level 1		Level 2			Level 3		Total
JNL/T. Rowe Price Short-Term Bond Fund
Open Forward Foreign Currency Contracts	$	-	$	-	$	-	$	-	$	-	$	(88	)	$	-	$	(88	)

¹Investments in other financial instruments are derivative instruments not reflected in the Schedules of Investments and include, but are not limited to forward foreign currency contracts, futures contracts, options written and swap agreements. Options purchased are included in Investments in Securities. All derivatives, except for written options, are reflected at the unrealized appreciation/(depreciation) on the instrument. Written options are reflected at value.

Significant transfers between Level 1 and Level 2 valuations during the year ended December 31, 2010, related to certain Fund’s using an independent statistical fair value model pricing service to value certain foreign securities as described in Note 2 in the Notes to the Financial Statements. In instances when criteria constituting a significant event exists and foreign investments are valued using an independent statistical fair value pricing service, they are considered Level 2 valuations. In the absence of the existence of such criteria, the same foreign investments are generally valued using market prices from the applicable exchange and are considered Level 1 valuations. Significant event criteria existed as of December 31, 2009 and December 31, 2010, and therefore, certain foreign investments were valued as Level 2 valuations. In addition, securities lending collateral funds which were valued as a Level 2 at December 31, 2009, were valued as a Level 1 at December 31, 2010. There were no significant transfers into or out of Level 3.

The following table is a rollforward of Level 3 investments by category for which significant unobservable inputs were used to determine fair value during the year ended December 31, 2010:

	Balance at Beginning of Period		Transfers Into Level 3 During the Period		Transfers Out of Level 3 During the Period		Total Realized and Change in Unrealized Gain/(Loss)		Purchases		(Sales)		Balance at End of Period		Change In Unrealized Appreciation/ (Depreciation) During the Period For Level 3 Investments held at End of Period2
JNL/Capital Guardian Global Balanced Fund
Government and Agency Obligations	$	147	$	-	$	-	$	28	$	428	$	(603)	$	-	$	-
Fund Total Investments in Securities	$	147	$	-	$	-	$	28	$	428	$	(603)	$	-	$	-
JNL/Franklin Templeton Income Fund
Corporate Bond and Notes	$	-	$	14	$	-	$	(7)	$	-	$	-	$	7	$	(7)
Fund Total Investments in Securities	$	-	$	14	$	-	$	(7)	$	-	$	-	$	7	$	(7)
JNL/Franklin Templeton International Small Cap Growth Fund
Common Stocks	$	12	$	-	$	-	$	59	$	-	$	(71)	$	-	$	-
Fund Total Investments in Securities	$	12	$	-	$	-	$	59	$	-	$	(71)	$	-	$	-
JNL/Franklin Templeton Mutual Shares Fund
Common Stocks	$	965	$	-	$	-	$	1,105	$	2,508	$	-	$	4,578	$	1,118
Corporate Bond and Notes		391		-		-		1,188		-		-		1,579		1,188
Fund Total Investments in Securities	$	1,356	$	-	$	-	$	2,293	$	2,508	$	-	$	6,157	$	2,306
JNL/Goldman Sachs Core Plus Bond Fund
Non-U.S. Government Agency ABS	$	1,762	$	-	$	(1,762)	$	-	$	5,088	$	-	$	5,088	$	-
Corporate Bond and Notes		424		-		(424)		-		-		-		-		-
Government and Agency Obligations		1,216		-		-		(60)		-		(1,156)		-		-
Common Stocks		9		-		-		(9)		-		-		-		-
Fund Total Investments in Securities	$	3,411	$	-	$	(2,186)	$	(69)	$	5,088	$	(1,156)	$	5,088	$	-
JNL/Goldman Sachs Emerging Markets Debt Fund
Corporate Bond and Notes	$	14,512	$	-	$	(9,793)	$	295	$	2,456	$	(4,790)	$	2,680	$	225
Fund Total Investments in Securities	$	14,512	$	-	$	(9,793)	$	295	$	2,456	$	(4,790)	$	2,680	$	225
Investments in Other Financial Instruments1
Total Return Swap Agreements	$	42	$	-	$	-	$	404	$	-	$	-	$	446	$	-
Fund Total Investments in Other Financial Instruments	$	42	$	-	$	-	$	404	$	-	$	-	$	446	$	-
JNL/Ivy Asset Strategy Fund
Options Purchased	$	-	$	-	$	-	$	12	$	6,025	$	-	$	6,037	$	12
Fund Total Investments in Securities	$	-	$	-	$	-	$	12	$	6,025	$	-	$	6,037	$	12
Investments in Other Financial Instruments1
Written Options	$	-	$	-	$	-	$	(333)	$	-	$	(1,250)	$	(1,583)	$	(333)
Fund Total Investments in Other Financial Instruments	$	-	$	-	$	-	$	(333)	$	-	$	(1.250)	$	(1,583)	$	(333)
JNL/JPMorgan MidCap Growth Fund
Common Stocks	$	440	$	-	$	147	$	-	$	-	$	-	$	587	$	147
Fund Total Investments in Securities	$	440	$	-	$	147	$	-	$	-	$	-	$	587	$	147
JNL/JPMorgan U.S. Government & Quality Bond Fund
Non-U.S. Government Agency ABS	$	506	$	-	$	(506)	$	-	$	-	$	-	$	-	$	-
Fund Total Investments in Securities	$	506	$	-	$	(506)	$	-	$	-	$	-	$	-	$	-

See accompanying Notes to the Financial Statements.

JNL Series Trust

Notes to Schedules of Investments (in thousands)

December 31, 2010

FASB ASC Topic 820, “Fair Value Measurements and Disclosure”

	Balance at Beginning of Period		Transfers Into Level 3 During the Period		Transfers Out of Level 3 During the Period		Total Realized and Change in Unrealized Gain/(Loss)		Purchases		(Sales)		Balance at End of Period		Change In Unrealized Appreciation/ (Depreciation) During the Period For Level 3 Investments held at End of Period2
JNL/Lazard Emerging Markets Fund
Common Stocks	$	5,840	$	-	$	(5,840)	$	-	$	-	$	-	$	-	$	-
Fund Total Investments in Securities	$	5,840	$	-	$	(5,840)	$	-	$	-	$	-	$	-	$	-
JNL/Lazard Mid Cap Equity Fund
Preferred Stocks	$	-	$	-	$	-	$	-	$	1,015	$	-	$	1,015	$	-
Fund Total Investments in Securities	$	-	$	-	$	-	$	-	$	1,015	$	-	$	1,015	$	-
JNL/Mellon Capital Management Small Cap Index Fund
Common Stocks	$	-	$	-	$	-	$	20	$	25	$	-	$	45	$	20
Fund Total Investments in Securities	$	-	$	-	$	-	$	20	$	25	$	-	$	45	$	20
JNL/Mellon Capital Management International Index Fund
Common Stocks	$	-	$	7	$	-	$	(7)	$	-	$	-	$	-	$	(7)
Fund Total Investments in Securities	$	-	$	7	$	-	$	(7)	$	-	$	-	$	-	$	(7)
JNL/PIMCO Real Return Fund
Non-U.S. Government Agency ABS	$	-	$	-	$	-	$	(10)	$	33,812	$	(208)	$	33,594	$	(13)
Corporate Bond and Notes		-		-		-		29		1,536		(3)		1,562		29
Government and Agency Obligations		1,995		-		(1,995)		-		-		-		-		-
Fund Total Investments in Securities	$	1,995	$	-	$	(1,995)	$	19	$	35,348	$	(211)	$	35,156	$	16
Investments in Other Financial Instruments1 Written Options	$	-	$	-	$	-	$	(344)	$	-	$	(641)	$	(985)	$	(344)
Fund Total Investments in Other Financial Instruments	$	-	$	-	$	-	$	(344)	$	-	$	(641)	$	(985)	$	(344)
JNL/PIMCO Total Return Bond Fund
Non-U.S. Government Agency ABS	$	-	$	-	$	-	$	(7)	$	2,411	$	-	$	2,404	$	(7)
Corporate Bond and Notes		149		-		-		14		4,900		-		5,063		14
Government and Agency Obligations		183		-		-		(1)		-		(3)		179		(1)
Preferred Stocks		3,709		-		-		(518)		-		-		3,191		(518)
Fund Total Investments in Securities	$	4,041	$	-	$	-	$	(512)	$	7,311	$	(3)	$	10,837	$	(512)
Investments in Other Financial Instruments1 Written Options	$	-	$	-	$	-	$	(773)	$	-	$	(1,454)	$	(2,227)	$	(733)
Fund Total Investments in Other Financial Instruments	$	-	$	-	$	-	$	(773)	$	-	$	(1,454)	$	(2,227)	$	(733)
JNL/PPM America High Yield Bond Fund
Corporate Bond and Notes	$	1,616	$	-	$	-	$	423	$	-	$	(2,039)	$	-	$	-
Common Stocks		10		-		-		(10)		-		-		-		(10)
Fund Total Investments in Securities	$	1,626	$	-	$	-	$	413	$	-	$	(2,039)	$	-	$	(10)
JNL/T. Rowe Price Established Growth Fund
Preferred Stocks	$	-	$	-	$	-	$	-	$	3,407	$	-	$	3,407	$	-
Fund Total Investments in Securities	$	-	$	-	$	-	$	-	$	3,407	$	-	$	3,407	$	-
JNL/T. Rowe Price Short-Term Bond Fund
Non-U.S. Government Agency ABS	$	1,572	$	-	$	(1,572)	$	-	$	-	$	-	$	-	$	-
Investment Companies		1,702		-		-		(105)		6,187		(5,241)		2,543		(274)
Fund Total Investments in Securities	$	3,274	$	-	$	(1,572)	$	(105)	$	6,187	$	(5,241)	$	2,543	$	(274)

¹Investments in other financial instruments are derivative instruments not reflected in the Schedules of Investments and include forward foreign currency contracts, futures contracts, options written and swap agreements. Options purchased are included in Investments in Securities. All derivatives, except for options written are reflected at the unrealized appreciation/(depreciation) on the instrument. Written options are reflected at value.

²The change in unrealized appreciation/(depreciation) for Level 3 investments held at December 31, 2010 is included in net change in unrealized appreciation or depreciation in the Statements of Operations.

See accompanying Notes to the Financial Statements.

JNL Series Trust

Notes to Schedules of Investments (in thousands, except contracts)

December 31, 2010

Schedule of Written Options

	Expiration Date		Exercise Price		Contracts	Value
Exchange-Traded Futures Options
JNL/PIMCO Real Return Fund
Eurodollar Future Call Option		09/19/2011		99.38	479	$	(281)
Eurodollar Future Put Option		09/19/2011		99.38	479		(198)
U.S. 10-year Treasury Note Future Call Option		01/21/2011		129.00	97		(1)
U.S. 10-year Treasury Note Future Call Option		02/18/2011		125.00	388		(167)
U.S. 10-year Treasury Note Future Put Option		01/21/2011		124.00	97		(352)
U.S. 10-year Treasury Note Future Put Option		02/18/2011		115.00	194		(83)
					1,734	$	(1,082)
JNL/PIMCO Total Return Bond Fund
Eurodollar Future Call Option		09/19/2011		99.38	656	$	(385)
Eurodollar Future Put Option		09/19/2011		99.38	656		(271)
					1,312	$	(656)
Index Options
JNL/Ivy Asset Strategy Fund
** Euro Stoxx 50 Index Put Option		02/18/2011		2,450.00	799	$	(174)
** Euro Stoxx 50 Index Put Option		02/18/2011		2,500.00	612		(168)
** Euro Stoxx 50 Index Put Option		02/18/2011		2,550.00	821		(294)
** Euro Stoxx 50 Index Put Option		03/18/2011		2,450.00	824		(336)
** Euro Stoxx 50 Index Put Option		03/18/2011		2,500.00	1,218		(611)
Euro Stoxx 50 Index Put Option		03/18/2011		2,500.00	211		(107)
Euro Stoxx 50 Index Put Option		03/18/2011		2,450.00	284		(118)
					4,769	$	(1,808)
JNL/PIMCO Real Return Fund
CDX.IG-15 5 Year Call Option		06/15/2011		0.80	11	$	(4)
CDX.IG-15 5 Year Call Option		03/16/2011		0.80	22		(4)
CDX.IG-15 5 Year Call Option		01/19/2011		0.80	26		(2)
CDX.IG-15 5 Year Put Option		03/16/2011		1.70	14		—
CDX.IG-15 5 Year Put Option		06/15/2011		1.20	11		(4)
CDX.IG-15 5 Year Put Option		03/16/2011		1.30	22		(2)
CDX.IG-15 5 Year Put Option		06/15/2011		1.20	16		(6)
iTraxx Europe Series 14 Version 1 Call Option		03/16/2011		0.90	34		(8)
iTraxx Europe Series 14 Version 1 Put Option		03/16/2011		1.80	14		(1)
iTraxx Europe Series 14 Version 1 Put Option		03/16/2011		1.60	34		(6)
iTraxx Europe Series 14 Version 1 Put Option		03/16/2011		1.60	16		(3)
iTraxx Europe Series 14 Version 1 Put Option		01/19/2011		1.30	50		(4)
iTraxx Europe Series 14 Version 1 Put Option		01/19/2011		1.30	23		(2)
					293	$	(46)
JNL/PIMCO Total Return Bond Fund
iTraxx Europe Series 14 Version 1 Call Option		03/16/2011		0.90	10	$	(2)
iTraxx Europe Series 14 Version 1 Put Option		03/16/2011		1.60	10		(2)
					20	$	(4)
Inflation Floor
JNL/PIMCO Real Return Fund
Floor - CPURNSA Index Option		03/10/2020		215.95	29	$	(29)
Floor - CPURNSA Index Option		03/12/2020		215.95	46		(46)
Floor - CPURNSA Index Option		10/13/2020		218.01	298		(305)
Floor - CPURNSA Index Option		09/29/2020		217.97	31		(30)
					404	$	(410)
JNL/PIMCO Total Return Bond Fund
Floor - CPURNSA Index Option		09/29/2020		217.97	64	$	(61)
Floor - CPURNSA Index Option		03/10/2020		215.95	19		(19)
Floor - CPURNSA Index Option		03/12/2020		215.95	18		(18)
					101	$	(98)
Interest Rate Swaptions*
JNL/PIMCO Real Return Fund
Call Swaption, 3 month LIBOR versus 1.25% fixed		02/16/2016		N/A	355	$	—

See accompanying Notes to the Financial Statements.

JNL Series Trust

Notes to Schedules of Investments (in thousands, except contracts)

December 31, 2010

Schedule of Written Options

	Expiration Date		Exercise Price		Contracts		Value
Interest Rate Swaptions* (continued)
JNL/PIMCO Real Return Fund (continued)
Call Swaption, 3 month LIBOR versus 1.25% fixed		02/16/2016		N/A		141	$	—
Put Swaption, 3 month LIBOR versus 1.80% fixed		02/16/2016		N/A		355		(827)
Put Swaption, 3 month LIBOR versus 1.80% fixed		02/16/2016		N/A		141		(329)
Put Swaption, 3 month LIBOR versus 3.00% fixed		06/18/2012		N/A		172		(225)
Put Swaption, 3 month LIBOR versus 3.00% fixed		06/18/2012		N/A		587		(768)
Put Swaption, 3 month LIBOR versus 3.00% fixed		06/18/2012		N/A		100		(131)
						1,851	$	(2,280)
JNL/PIMCO Total Return Bond Fund
Put Swaption, 3 month LIBOR versus 10.00% fixed		07/10/2012		N/A		133	$	(3)
Put Swaption, 3 month LIBOR versus 2.25% fixed		09/24/2012		N/A		849		(1,183)
Put Swaption, 3 month LIBOR versus 2.25% fixed		09/24/2012		N/A		41		(57)
Put Swaption, 3 month LIBOR versus 2.25% fixed		09/24/2012		N/A		739		(1,030)
Put Swaption, 3 month LIBOR versus 2.75% fixed		06/18/2012		N/A		828		(1,289)
Put Swaption, 3 month LIBOR versus 3.00% fixed		06/18/2012		N/A		418		(547)
Put Swaption, 3 month LIBOR versus 3.00% fixed		06/18/2012		N/A		705		(922)
Put Swaption, 3 month LIBOR versus 3.00% fixed		06/18/2012		N/A		679		(888)
Put Swaption, 3 month LIBOR versus 3.00% fixed		06/18/2012		N/A		329		(430)
Put Swaption, 3 month LIBOR versus 4.00% fixed		07/13/2011		N/A		84		(153)
Put Swaption, 3 month LIBOR versus 4.00% fixed		07/13/2011		N/A		83		(151)
						4,888	$	(6,653)
Straddle Options
JNL/PIMCO Real Return Fund
** OTC 1- Year vs. 1- Year Forward Volatility Agreement		10/11/2011		N/A		115	$	(93)
** OTC 1- Year vs. 2- Year Forward Volatility Agreement		11/14/2011		N/A		284		(477)
** OTC 1- Year vs. 2- Year Forward Volatility Agreement		10/11/2011		N/A		247		(415)
						646	$	(985)
JNL/PIMCO Total Return Bond Fund
** OTC 1- Year vs. 1- Year Forward Volatility Agreement		10/11/2011		N/A		205	$	(166)
** OTC 1- Year vs. 2- Year Forward Volatility Agreement		11/14/2011		N/A		553		(929)
** OTC 1- Year vs. 2- Year Forward Volatility Agreement		10/11/2011		N/A		673		(1,132)
						1,431	$	(2,227)

* Swaptions are illiquid investments.

** Written options fair valued in good faith in accordance with procedures established by the Board. Fair valued securities may be classified as Level 2 or Level 3 for FASB ASC Topic 820 disclosures based on the applicable valuation inputs. See FASB ASC Topic 820 note in these Notes to the Schedule of Investments.

Summary of Written Options	Contracts		Premiums
JNL/Ivy Asset Strategy Fund
Options outstanding at December 31, 2009		—	$	—
Options written during the period		(37,109,778)		(3,936)
Options closed during the period		37,103,293		1,177
Options expired during the period		1,716		1,325
Options outstanding at December 31, 2010		(4,769)	$	(1,434)
JNL/PIMCO Real Return Fund
Options outstanding at December 31, 2009		(4,321)	$	(1,908)
Options written during the period		(2,657,443)		(7,004)
Options closed during the period		1,656		601
Options expired during the period		2,655,180		5,081
Options outstanding at December 31, 2010		(4,928)	$	(3,230)
JNL/PIMCO Total Return Bond Fund
Options outstanding at December 31, 2009		(12,790)	$	(5,028)
Options written during the period		(46,517)		(13,518)
Options closed during the period		893		328
Options expired during the period		50,662		11,594
Options outstanding at December 31, 2010		(7,752)	$	(6,624)

See accompanying Notes to the Financial Statements.

JNL Series Trust

Notes to Schedules of Investments (in thousands, except contracts)

December 31, 2010

Schedule of Open Futures Contracts

	Expiration	Contracts Long / (Short)		Unrealized Appreciation / (Depreciation)
JNL/Goldman Sachs Core Plus Bond Fund
3-Month Euro Euribor Future	March 2011		(6)	$	(2)
Euro-Bobl Future	March 2011		314		45
Euro-Bund Future	March 2011		204		28
Japanese Government Bond Future, 10-Year	March 2011		(7)		(64)
U.K. Long Gilt Future	March 2011		(3)		—
U.S. Treasury Note Future, 10-Year	March 2011		411		8
U.S. Treasury Note Future, 2-Year	March 2011		67		(32)
U.S. Treasury Note Future, 30-Year	March 2011		242		370
U.S. Treasury Note Future, 5-Year	March 2011		1,116		(1,861)
				$	(1,508)
JNL/Mellon Capital Management Global Alpha Fund
Amsterdam Exchange Index Future	January 2011		104	$	93
ASX SPI 200 Index Future	March 2011		(55)		48
Australia Commonwealth Treasury Bond Future, 10-Year	March 2011		179		174
CAC 40 10 Euro Index Future	January 2011		179		(210)
Canadian Bond Future, 10-Year	March 2011		(102)		(109)
DAX Index Future	March 2011		(18)		46
Euro-Bund Future	March 2011		48		52
FTSE 100 Index Future	March 2011		208		282
FTSE/MIB Index Future	March 2011		35		(60)
Hang Seng Index Future	January 2011		(84)		(242)
IBEX 35 Index Future	January 2011		19		(33)
Japanese Government Bond Future, 10-Year	March 2011		(283)		(404)
S&P 500 E-Mini Index Future	March 2011		(106)		(155)
S&P/TSX 60 Index Future	March 2011		(94)		(172)
Topix Index Future	March 2011		(9)		(19)
U.K. Long Gilt Future	March 2011		(172)		(26)
U.S. Treasury Note Future, 10-Year	March 2011		554		(1,279)
				$	(2,014)
JNL/Mellon Capital Management International Index Fund
ASX SPI 200 Index Future	March 2011		26	$	(27)
Euro Stoxx 50 Index Future	March 2011		296		(210)
FTSE 100 Index Future	March 2011		97		21
Topix Index Future	March 2011		74		11
				$	(205)
JNL/Mellon Capital Management S&P 400 Mid Cap Index Fund
S&P MidCap 400 E-Mini Index Future	March 2011		145	$	71
JNL/Mellon Capital Management S&P 500 Index Fund
S&P 500 E-Mini Index Future	March 2011		301	$	104
JNL/Mellon Capital Management Small Cap Index Fund
Russell 2000 Mini Index Future	March 2011		183	$	118
JNL/PIMCO Real Return Fund
90-Day Eurodollar Future	June 2011		155	$	10
90-Day Eurodollar Future	March 2012		164		(43)
90-Day Eurodollar Future	March 2011		720		228
				$	195
JNL/PIMCO Total Return Bond Fund
90-Day Eurodollar Future	June 2013		28	$	(71)

	Expiration	Contracts Long / (Short)		Unrealized Appreciation / (Depreciation)
JNL/PIMCO Total Return Bond Fund (continued)
90-Day Eurodollar Future	September 2013		98	$	(275	)
90-Day Eurodollar Future	March 2013		161		(387	)
90-Day Eurodollar Future	December 2012		243		(500	)
90-Day Eurodollar Future	September 2011		289		151
90-Day Eurodollar Future	December 2011		477		(71	)
90-Day Eurodollar Future	June 2012		536		(455	)
90-Day Eurodollar Future	September 2013		633		(1,038	)
90-Day Eurodollar Future	March 2012		764		(313	)
90-Day Eurodollar Future	June 2011		1,065		411
90-Day Eurodollar Future	March 2011		3,684		493
LIFFE London Sterling Interest Rate Future, 90-Day	March 2012		53		(33	)
LIFFE London Sterling Interest Rate Future, 90-Day	June 2012		54		(46	)
LIFFE London Sterling Interest Rate Future, 90-Day	September 2012		54		(59	)
LIFFE London Sterling Interest Rate Future, 90-Day	December 2011		55		(22	)
U.S. Treasury Note Future, 5-Year	March 2011		190		(313)
				$	(2,528)

See accompanying Notes to the Financial Statements.

JNL Series Trust

Notes to Schedules of Investments (in thousands)

December 31, 2010

Schedule of Open Forward Foreign Currency Contracts

Purchased/ Sold	Settlement Date		Counter- Party			Notional Amount		Value		Unrealized Gain/ (Loss)
JNL/Capital Guardian Global Balanced Fund
EUR/USD		01/11/2011		BNY	EUR		2,225	$	2,973	$	24
JPY/EUR		01/18/2011		BNY	EUR		(2,300)		(3,074)		80
JPY/USD		01/11/2011		BOA	JPY		763,837		9,409		159
USD/CAD		01/28/2011		BOA	CAD		(137)		(138)		(2)
USD/EUR		01/11/2011		BNY	EUR		(2,225)		(2,973)		(11)
USD/EUR		01/24/2011		BNY	EUR		(3,205)		(4,283)		(65)
USD/HUF		01/28/2011		BNY	HUF		(29,355)		(141)		(3)
USD/JPY		01/11/2011		BOA	JPY		(83,973)		(1,034)		(35)
USD/PLN		01/28/2011		BOA	PLN		(1,347)		(454)		(10)
								$	285	$	137
JNL/Franklin Templeton Mutual Shares Fund
CHF/USD		05/10/2011		DUB	CHF		192	$	206	$	13
CHF/USD		05/10/2011		DUB	CHF		401		430		28
CHF/USD		05/10/2011		DUB	CHF		280		300		14
CHF/USD		05/10/2011		BOA	CHF		318		340		10
CHF/USD		05/10/2011		BOA	CHF		199		213		7
CHF/USD		05/10/2011		SSB	CHF		185		198		—
DKK/USD		01/24/2011		SSB	DKK		466		84		(1)
DKK/USD		01/24/2011		SSB	DKK		456		82		(3)
DKK/USD		01/24/2011		SSB	DKK		900		161		(8)
DKK/USD		01/24/2011		SSB	DKK		305		55		(2)
DKK/USD		01/24/2011		BOA	DKK		1,050		188		(4)
DKK/USD		01/24/2011		SSB	DKK		583		105		3
DKK/USD		01/24/2011		DUB	DKK		700		125		4
DKK/USD		01/24/2011		DUB	DKK		645		116		(1)
EUR/USD		01/18/2011		SSB	EUR		186		249		(10)
EUR/USD		01/18/2011		BOA	EUR		355		474		(22)
EUR/USD		01/18/2011		DUB	EUR		433		579		(22)
EUR/USD		01/18/2011		DUB	EUR		490		655		(25)
EUR/USD		01/18/2011		DUB	EUR		1,431		1,912		(96)
EUR/USD		01/18/2011		DUB	EUR		495		662		(28)
EUR/USD		01/18/2011		BOA	EUR		312		417		(10)
EUR/USD		01/18/2011		BOA	EUR		234		313		(8)
EUR/USD		01/18/2011		DUB	EUR		640		855		(14)
EUR/USD		01/18/2011		BOA	EUR		320		428		(7)
EUR/USD		01/18/2011		DUB	EUR		312		417		(8)
EUR/USD		01/18/2011		SSB	EUR		229		305		(5)
EUR/USD		01/18/2011		BOA	EUR		279		373		(7)
EUR/USD		01/18/2011		BOA	EUR		320		428		(6)
EUR/USD		01/18/2011		SSB	EUR		319		426		(8)
EUR/USD		01/18/2011		DUB	EUR		214		286		(2)
EUR/USD		01/18/2011		SSB	EUR		217		290		(3)
EUR/USD		01/18/2011		BOA	EUR		232		311		(3)
EUR/USD		01/18/2011		BOA	EUR		373		499		(5)
EUR/USD		01/18/2011		DUB	EUR		640		855		(13)
EUR/USD		01/18/2011		BCL	EUR		480		641		(5)
EUR/USD		01/18/2011		BOA	EUR		320		428		(6)
EUR/USD		01/18/2011		DUB	EUR		819		1,094		(12)
EUR/USD		01/18/2011		BOA	EUR		160		214		(3)
EUR/USD		01/18/2011		DUB	EUR		980		1,310		(27)
EUR/USD		01/18/2011		DUB	EUR		137		183		(3)
EUR/USD		01/18/2011		DUB	EUR		1,024		1,369		(27)
EUR/USD		01/18/2011		BOA	EUR		175		234		(5)
EUR/USD		01/18/2011		SSB	EUR		57		76		—
EUR/USD		01/18/2011		DUB	EUR		75		100		2
EUR/USD		01/18/2011		BOA	EUR		198		265		7
EUR/USD		01/18/2011		DUB	EUR		120		160		4
GBP/USD		02/14/2011		DUB	GBP		190		296		(5)
GBP/USD		02/14/2011		BCL	GBP		95		148		(3)
GBP/USD		02/14/2011		BOA	GBP		190		296		(7)

Purchased/ Sold	Settlement Date	Counter- Party		Notional Amount			Value			Unrealized Gain/ (Loss)
JNL/Franklin Templeton Mutual Shares Fund (continued)
NOK/USD	02/16/2011	SSB	NOK		675		$	115		$	—
NOK/USD	02/16/2011	DUB	NOK		609			104			1
NOK/USD	02/16/2011	DUB	NOK		847			145			2
NOK/USD	02/16/2011	DUB	NOK		717			123			1
NOK/USD	02/16/2011	DUB	NOK		699			120			1
NOK/USD	02/16/2011	SSB	NOK		1,184			202			1
NOK/USD	02/16/2011	SSB	NOK		1,177			201			1
NOK/USD	02/16/2011	SSB	NOK		661			113			—
NOK/USD	02/16/2011	DUB	NOK		1,077			184			2
NOK/USD	02/16/2011	DUB	NOK		879			150			6
NOK/USD	02/16/2011	DUB	NOK		2,300			393			24
NOK/USD	02/16/2011	SSB	NOK		800			137			11
USD/CHF	05/10/2011	DUB	CHF		(6,489	)		(6,952	)		(221	)
USD/CHF	05/10/2011	SSB	CHF		(4,060	)		(4,350	)		(140	)
USD/CHF	05/10/2011	DUB	CHF		(216	)		(232	)		(14	)
USD/CHF	05/10/2011	SSB	CHF		(150	)		(161	)		(7	)
USD/DKK	01/24/2011	BOA	DKK		(14,926	)		(2,676	)		(107	)
USD/DKK	01/24/2011	DUB	DKK		(882	)		(158	)		(2	)
USD/DKK	01/24/2011	SSB	DKK		(500	)		(90	)		(5	)
USD/EUR	01/18/2011	DUB	EUR		(217	)		(289	)		6
USD/EUR	01/18/2011	DUB	EUR		(181	)		(241	)		4
USD/EUR	01/18/2011	BOA	EUR		(618	)		(826	)		30
USD/EUR	01/18/2011	DUB	EUR		(219	)		(293	)		1
USD/EUR	01/18/2011	DUB	EUR		(219	)		(293	)		(1	)
USD/EUR	01/18/2011	SSB	EUR		(228	)		(305	)		1
USD/EUR	01/18/2011	SSB	EUR		(20,029	)		(26,764	)		(1,303	)
USD/EUR	01/18/2011	SSB	EUR		(378	)		(505	)		(9	)
USD/EUR	01/18/2011	DUB	EUR		(21,940	)		(29,318	)		(625	)
USD/EUR	01/18/2011	BOA	EUR		(621	)		(829	)		(33	)
USD/EUR	01/18/2011	SSB	EUR		(119	)		(159	)		(4	)
USD/GBP	02/14/2011	DUB	GBP		(210	)		(327	)		12
USD/GBP	02/14/2011	BOA	GBP		(270	)		(421	)		18
USD/GBP	02/14/2011	SSB	GBP		(24,835	)		(38,707	)		1,383
USD/GBP	02/14/2011	DUB	GBP		(181	)		(282	)		5
USD/GBP	02/14/2011	DUB	GBP		(188	)		(293	)		(1	)
USD/GBP	02/14/2011	SSB	GBP		(193	)		(300	)		(4	)
USD/GBP	02/14/2011	SSB	GBP		(193	)		(300	)		1
USD/JPY	04/20/2011	BCL	JPY		(201,784	)		(2,488	)		1
USD/JPY	04/20/2011	DUB	JPY		(10,400	)		(128	)		1
USD/JPY	04/20/2011	DUB	JPY		(6,139	)		(76	)		(1	)
USD/JPY	04/20/2011	DUB	JPY		(4,163	)		(51	)		(1	)
USD/JPY	04/20/2011	DUB	JPY		(6,508	)		(80	)		(2	)
USD/JPY	04/20/2011	BOA	JPY		(3,216	)		(40	)		(1	)
USD/JPY	04/20/2011	DUB	JPY		(7,043	)		(87	)		(2	)
USD/NOK	02/16/2011	SSB	NOK		(1,848	)		(316	)		(5	)
USD/NOK	02/16/2011	BOA	NOK		(1,700	)		(291	)		(1	)
USD/NOK	02/16/2011	DUB	NOK		(1,600	)		(274	)		(3	)
USD/NOK	02/16/2011	DUB	NOK		(35,832	)		(6,128	)		(387	)
USD/NOK	02/16/2011	DUB	NOK		(1,920	)		(328	)		(21	)
USD/NOK	02/16/2011	SSB	NOK		(1,574	)		(269	)		(13	)
USD/NOK	02/16/2011	SSB	NOK		(1,900	)		(325	)		(13	)
							$	(103,814	)	$	(1,745	)
JNL/Goldman Sachs Core Plus Bond Fund
AUD/EUR	03/16/2011	WBC	EUR		(1,319	)	$	(1,762	)	$	58
AUD/USD	03/16/2011	WBC	AUD		2,790			2,828			186
AUD/USD	03/16/2011	WBC	AUD		1,117			1,132			71
AUD/USD	03/16/2011	WBC	AUD		1,861			1,886			116
AUD/USD	03/16/2011	WBC	AUD		1,792			1,817			68
CAD/EUR	03/16/2011	DUB	EUR		(1,644	)		(2,196	)		11
CAD/EUR	03/16/2011	RBS	EUR		(1,346	)		(1,798	)		12

See accompanying Notes to the Financial Statements.

JNL Series Trust

Notes to Schedules of Investments (in thousands)

December 31, 2010

Schedule of Open Forward Foreign Currency Contracts

Purchased/ Sold	Settlement Date		Counter- Party		Notional Amount		Value		Unrealized Gain/ (Loss)
JNL/Goldman Sachs Core Plus Bond Fund (continued)
CAD/EUR		03/16/2011	RBC	EUR		(1,324)	$	(1,769)	$	26
CAD/EUR		03/16/2011	RBC	EUR		(1,320)		(1,763)		19
CAD/USD		03/16/2011	RBC	CAD		1,812		1,819		45
CHF/EUR		03/16/2011	HSB	EUR		(1,368)		(1,828)		97
CHF/EUR		03/16/2011	UBS	EUR		(1,347)		(1,800)		79
CHF/EUR		03/16/2011	RBC	EUR		(2,639)		(3,526)		68
EUR/CAD		03/16/2011	JPM	CAD		(2,191)		(2,201)		(20)
EUR/CAD		03/16/2011	RBC	CAD		(1,768)		(1,776)		(5)
EUR/CHF		03/16/2011	UBS	CHF		(1,763)		(1,887)		(92)
EUR/CHF		03/16/2011	RBS	CHF		(1,752)		(1,875)		(87)
EUR/CHF		03/16/2011	JPM	CHF		(1,705)		(1,825)		(51)
EUR/GBP		03/16/2011	HSB	GBP		(1,123)		(1,749)		41
EUR/GBP		03/16/2011	JPM	GBP		(1,140)		(1,776)		11
EUR/SEK		03/16/2011	CIT	SEK		(12,108)		(1,796)		(22)
EUR/USD		03/16/2011	UBS	EUR		191		255		7
EUR/USD		03/16/2011	JPM	EUR		1,370		1,830		38
EUR/USD		03/16/2011	JPM	EUR		1,092		1,459		23
EUR/USD		03/16/2011	WBC	EUR		1,348		1,801		19
EUR/USD		03/16/2011	HSB	EUR		2,671		3,568		8
EUR/USD		03/16/2011	CIT	EUR		1,339		1,789		(2)
EUR/USD		03/16/2011	RBC	EUR		1,342		1,793		16
EUR/USD		03/16/2011	CSI	EUR		1,333		1,781		11
EUR/USD		03/16/2011	JPM	EUR		2,647		3,536		—
EUR/USD		03/16/2011	CIT	EUR		2,634		3,519		(23)
GBP/EUR		03/16/2011	DUB	EUR		(1,360)		(1,817)		(31)
GBP/EUR		03/16/2011	HSB	EUR		(1,331)		(1,778)		(11)
GBP/USD		01/20/2011	JPM	GBP		1,347		2,099		5
GBP/USD		03/16/2011	MSC	GBP		755		1,177		6
GBP/USD		03/16/2011	RBC	GBP		683		1,064		(6)
GBP/USD		03/16/2011	UBS	GBP		1,135		1,769		(15)
GBP/USD		03/16/2011	WBC	GBP		471		734		(7)
JPY/AUD		03/16/2011	DUB	AUD		(1,086)		(1,101)		(24)
JPY/USD		03/16/2011	UBS	JPY		150,197		1,851		60
JPY/USD		03/16/2011	CSI	JPY		697,008		8,591		96
MXN/USD		01/21/2011	DUB	MXN		16,390		1,326		20
MXN/USD		01/21/2011	CIT	MXN		28,182		2,279		15
NOK/EUR		03/16/2011	JPM	EUR		(2,577)		(3,442)		124
NOK/JPY		03/16/2011	JPM	JPY		(92,070)		(1,135)		(11)
NZD/AUD		03/16/2011	DUB	AUD		(1,795)		(1,819)		1
NZD/USD		03/16/2011	CIT	NZD		1,438		1,114		50
NZD/USD		03/16/2011	DUB	NZD		2,482		1,923		84
SEK/EUR		03/16/2011	BCL	EUR		(652)		(871)		19
SEK/EUR		03/16/2011	HSB	EUR		(1,344)		(1,796)		27
SEK/NOK		03/16/2011	HSB	NOK		(6,665)		(1,138)		(12)
USD/BRL		01/18/2011	RBC	BRL		(529)		(318)		(8)
USD/BRL		01/18/2011	UBS	BRL		(8,700)		(5,223)		(236)
USD/CHF		03/16/2011	UBS	CHF		(4,129)		(4,420)		(309)
USD/CHF		03/16/2011	UBS	CHF		(1,705)		(1,825)		(70)
USD/EUR		03/16/2011	RBS	EUR		(1,368)		(1,828)		(37)
USD/EUR		03/16/2011	UBS	EUR		(1,364)		(1,822)		(33)
USD/EUR		03/16/2011	UBS	EUR		(1,371)		(1,832)		(42)
USD/EUR		03/16/2011	CSI	EUR		(1,357)		(1,813)		(41)
USD/EUR		03/16/2011	JPM	EUR		(1,357)		(1,813)		(31)
USD/EUR		03/16/2011	RBS	EUR		(2,695)		(3,600)		(42)
USD/EUR		03/16/2011	RBC	EUR		(1,355)		(1,810)		(20)
USD/EUR		03/16/2011	CIT	EUR		(1,338)		(1,787)		(16)
USD/EUR		03/16/2011	JPM	EUR		(7,321)		(9,781)		(98)
USD/EUR		03/16/2011	HSB	EUR		(1,315)		(1,757)		(6)
USD/EUR		03/16/2011	JPM	EUR		(7,399)		(9,886)		(206)
USD/GBP		01/20/2011	JPM	GBP		(1,926)		(3,003)		18
USD/JPY		03/16/2011	RBC	JPY		(150,318)		(1,853)		(60)

Purchased/ Sold	Settlement Date	Counter- Party		Notional Amount	Value			Unrealized Gain/ (Loss)
JNL/Goldman Sachs Core Plus Bond Fund (continued)
USD/JPY	03/16/2011	CSI	JPY	(265,955)	$	(3,278	)	$	(98	)
USD/JPY	03/16/2011	UBS	JPY	(147,660)		(1,820	)		(39	)
USD/JPY	03/16/2011	JPM	JPY	(697,008)		(8,591	)		(241	)
USD/MXN	01/21/2011	JPM	MXN	(81,869)		(6,621	)		(1	)
USD/MXN	01/21/2011	DUB	MXN	(15,852)		(1,282	)		(11	)
USD/MXN	01/21/2011	DUB	MXN	(8,572)		(693	)		(2	)
USD/ZAR	01/31/2011	DUB	ZAR	(48,281)		(7,299	)		(276	)
					$	(75,439	)	$	(787	)
JNL/Goldman Sachs Emerging Markets Debt Fund
BRL/USD	01/18/2011	CSI	BRL	9,284	$	5,574		$	139
BRL/USD	01/18/2011	HSB	BRL	3,933		2,361			34
BRL/USD	01/18/2011	HSB	BRL	12,078		7,252			50
BRL/USD	01/18/2011	HSB	BRL	6,403		3,844			115
BRL/USD	01/18/2011	BOA	BRL	3,444		2,068			81
BRL/USD	01/18/2011	HSB	BRL	12,923		7,759			347
BRL/USD	01/18/2011	BCL	BRL	12,960		7,781			369
BRL/USD	01/18/2011	HSB	BRL	22,440		13,473			622
BRL/USD	01/18/2011	UBS	BRL	2,725		1,636			74
CLP/USD	01/18/2011	HSB	CLP	2,048,850		4,373			23
CLP/USD	01/18/2011	RBC	CLP	364,479		778			23
CNY/USD	01/18/2011	MSC	CNY	6,204		941			8
CNY/USD	03/17/2011	UBS	CNY	6,204		941			4
CNY/USD	03/17/2011	RBS	CNY	24,517		3,720			(14	)
CNY/USD	03/17/2011	BCL	CNY	146,096		22,166			450
CNY/USD	03/17/2011	HSB	CNY	68,484		10,391			125
COP/USD	01/18/2011	RBC	COP	24,053,388		12,574			(797	)
IDR/USD	01/18/2011	RBC	IDR	25,984,250		2,878			3
IDR/USD	01/18/2011	BCL	IDR	20,041,680		2,219			2
IDR/USD	01/18/2011	RBC	IDR	33,356,820		3,694			—
IDR/USD	01/18/2011	DUB	IDR	12,645,675		1,400			5
IDR/USD	01/18/2011	BCL	IDR	15,847,101		1,755			1
IDR/USD	01/18/2011	HSB	IDR	27,746,364		3,073			(42	)
IDR/USD	01/18/2011	BCL	IDR	60,365,445		6,685			(26	)
ILS/USD	03/16/2011	JPM	ILS	27,900		7,855			172
INR/USD	01/18/2011	DUB	INR	268,465		5,989			54
INR/USD	01/18/2011	CIT	INR	311,868		6,957			(9	)
INR/USD	01/18/2011	RBC	INR	313,488		6,993			(28	)
INR/USD	01/18/2011	BCL	INR	322,217		7,188			(14	)
INR/USD	01/18/2011	BCL	INR	163,689		3,651			(13	)
INR/USD	01/18/2011	HSB	INR	168,822		3,766			45
INR/USD	01/18/2011	UBS	INR	33,615		750			17
JPY/USD	03/16/2011	RBC	JPY	308,880		3,807			128
KRW/USD	01/18/2011	RBC	KRW	7,726,997		6,803			(74	)
KRW/USD	01/18/2011	RBC	KRW	8,063,691		7,099			(122	)
KRW/USD	01/18/2011	HSB	KRW	11,320,867		9,967			(267	)
KRW/USD	01/18/2011	CIT	KRW	8,135,546		7,163			(166	)
KRW/USD	01/18/2011	BCL	KRW	7,773,859		6,844			(115	)
KRW/USD	01/18/2011	BCL	KRW	2,345,788		2,065			(10	)
MXN/USD	03/16/2011	DUB	MXN	200,948		16,185			184
MXN/USD	03/16/2011	MSC	MXN	275,378		22,179			94
MYR/USD	01/18/2011	MSC	MYR	25,309		8,199			162
MYR/USD	01/18/2011	HSB	MYR	129,498		41,953			436
MYR/USD	01/18/2011	HSB	MYR	40,232		13,034			129
PEN/USD	01/18/2011	DUB	PEN	11,117		3,960			17
PEN/USD	01/18/2011	RBC	PEN	8,719		3,106			(14	)
PEN/USD	01/18/2011	DUB	PEN	5,369		1,912			3
PEN/USD	04/11/2011	HSB	PEN	2,127		755			—
PHP/USD	01/18/2011	HSB	PHP	301,756		6,889			12
PHP/USD	01/18/2011	CIT	PHP	50,280		1,148			(7	)
PHP/USD	01/18/2011	HSB	PHP	302,431		6,904			(203	)

See accompanying Notes to the Financial Statements.

JNL Series Trust

Notes to Schedules of Investments (in thousands)

December 31, 2010

Schedule of Open Forward Foreign Currency Contracts

Purchased/ Sold	Settlement Date	Counter- Party		Notional Amount	Value		Unrealized Gain/(Loss)
JNL/Goldman Sachs Emerging Markets Debt Fund (continued)
PHP/USD	01/18/2011	RBC	PHP	155,328	$	3,546	$(118)
PHP/USD	01/18/2011	MSC	PHP	136,893		3,125	(9)
PHP/USD	01/18/2011	BCL	PHP	47,362		1,081	15
PLN/EUR	03/16/2011	RBC	EUR	(2,759)		(3,686)	52
PLN/USD	03/16/2011	BCL	PLN	162,900		54,778	1,511
PLN/USD	03/16/2011	BCL	PLN	11,009		3,702	119
PLN/USD	03/16/2011	BCL	PLN	15,100		5,078	154
PLN/USD	03/16/2011	DUB	PLN	34,532		11,612	319
RUB/USD	01/18/2011	BCL	RUB	517,000		16,905	(237)
RUB/USD	01/18/2011	CIT	RUB	517,499		16,921	(227)
RUB/USD	01/18/2011	BCL	RUB	110,481		3,612	36
RUB/USD	01/18/2011	HSB	RUB	222,248		7,267	30
RUB/USD	01/18/2011	BCL	RUB	219,663		7,183	(39)
RUB/USD	01/18/2011	CIT	RUB	416,039		13,604	197
RUB/USD	01/18/2011	BCL	RUB	230,887		7,550	93
RUB/USD	01/18/2011	HSB	RUB	115,142		3,765	36
RUB/USD	01/18/2011	RBC	RUB	114,881		3,756	27
RUB/USD	01/18/2011	DUB	RUB	295,284		9,655	218
RUB/USD	01/18/2011	HSB	RUB	114,653		3,749	63
SGD/USD	03/16/2011	HSB	SGD	8,736		6,808	152
SGD/USD	03/16/2011	BOA	SGD	969		755	18
TRY/USD	03/16/2011	HSB	TRY	50,291		32,288	(784)
TRY/USD	03/16/2011	RBC	TRY	2,705		1,736	(49)
TRY/USD	03/16/2011	MSC	TRY	8,883		5,703	(95)
TRY/USD	03/16/2011	HSB	TRY	6,418		4,121	(59)
TRY/USD	03/16/2011	HSB	TRY	7,954		5,106	57
TRY/USD	03/16/2011	HSB	TRY	11,033		7,083	(290)
TRY/USD	03/16/2011	HSB	TRY	6,637		4,261	(173)
TWD/USD	01/18/2011	DUB	TWD	209,810		7,199	322
TWD/USD	01/18/2011	HSB	TWD	211,871		7,270	304
TWD/USD	01/18/2011	DUB	TWD	218,725		7,505	303
TWD/USD	01/18/2011	RBC	TWD	220,396		7,562	235
TWD/USD	01/18/2011	RBC	TWD	213,104		7,312	220
TWD/USD	01/18/2011	MSC	TWD	42,845		1,470	52
TWD/USD	01/18/2011	HSB	TWD	207,873		7,133	422
TWD/USD	04/11/2011	RBC	TWD	337,987		11,624	259
USD/BRL	01/18/2011	BCL	BRL	(12,097)		(7,263)	(242)
USD/BRL	01/18/2011	HSB	BRL	(12,433)		(7,465)	(228)
USD/BRL	01/18/2011	RBC	BRL	(8,745)		(5,251)	(196)
USD/BRL	01/18/2011	RBC	BRL	(6,256)		(3,756)	(92)
USD/BRL	01/18/2011	DUB	BRL	(3,159)		(1,897)	(46)
USD/BRL	01/18/2011	HSB	BRL	(6,408)		(3,848)	(119)
USD/BRL	01/18/2011	RBC	BRL	(6,488)		(3,896)	(132)
USD/BRL	01/18/2011	RBC	BRL	(6,527)		(3,919)	(155)
USD/BRL	01/18/2011	RBC	BRL	(4,714)		(2,830)	(125)
USD/CLP	01/18/2011	DUB	CLP	(735,893)		(1,571)	(50)
USD/CLP	01/18/2011	MLP	CLP	(1,740,797)		(3,715)	(139)
USD/CNY	01/18/2011	UBS	CNY	(6,204)		(941)	(9)
USD/EUR	03/16/2011	BCL	EUR	(2,764)		(3,693)	(11)
USD/EUR	03/16/2011	RBC	EUR	(3,143)		(4,199)	(3)
USD/EUR	03/16/2011	DUB	EUR	(1,377)		(1,840)	2
USD/EUR	03/16/2011	JPM	EUR	(18,589)		(24,835)	(338)
USD/HUF	03/16/2011	BCL	HUF	(3,575,390)		(17,053)	(280)
USD/IDR	01/18/2011	BCL	IDR	(46,989,880)		(5,204)	20
USD/IDR	01/18/2011	HSB	IDR	(17,381,540)		(1,925)	2
USD/INR	01/18/2011	HSB	INR	(340,405)		(7,593)	(122)
USD/INR	01/18/2011	RBC	INR	(262,334)		(5,852)	(34)
USD/INR	01/18/2011	HSB	INR	(164,257)		(3,664)	—
USD/JPY	03/16/2011	HSB	JPY	(305,243)		(3,762)	(76)
USD/JPY	03/16/2011	RBC	JPY	(304,298)		(3,751)	(65)
USD/KRW	01/18/2011	DUB	KRW	(4,147,065)		(3,651)	(24)

Purchased/ Sold	Settlement Date	Counter- Party		Notional Amount			Value			Unrealized Gain/(Loss)
JNL/Goldman Sachs Emerging Markets Debt Fund (continued)
USD/KRW	01/18/2011	RBC	KRW		(11,090,239	)	$	(9,764	)	$114
USD/KRW	01/18/2011	RBC	KRW		(4,101,273	)		(3,611	)	17
USD/KRW	01/18/2011	BCL	KRW		(4,090,962	)		(3,602	)	18
USD/KRW	01/18/2011	BCL	KRW		(5,050,565	)		(4,446	)	57
USD/KRW	01/18/2011	RBC	KRW		(8,424,938	)		(7,417	)	(39)
USD/KRW	01/18/2011	RBC	KRW		(8,461,706	)		(7,450	)	(107)
USD/MXN	02/10/2011	MSC	MXN		(160,978	)		(13,001	)	110
USD/MXN	03/16/2011	RBC	MXN		(30,163	)		(2,429	)	(6)
USD/MXN	03/16/2011	HSB	MXN		(9,209	)		(742	)	(5)
USD/MYR	01/18/2011	HSB	MYR		(11,331	)		(3,671	)	(43)
USD/MYR	01/18/2011	BCL	MYR		(11,307	)		(3,663	)	(43)
USD/MYR	01/18/2011	DUB	MYR		(18,476	)		(5,985	)	(19)
USD/MYR	01/18/2011	BCL	MYR		(11,737	)		(3,802	)	(18)
USD/MYR	01/18/2011	HSB	MYR		(23,231	)		(7,526	)	(140)
USD/MYR	01/18/2011	RBC	MYR		(11,992	)		(3,885	)	(67)
USD/PHP	01/18/2011	DUB	PHP		(78,694	)		(1,797	)	(27)
USD/PHP	01/18/2011	RBC	PHP		(328,759	)		(7,505	)	(93)
USD/PLN	03/16/2011	BCL	PLN		(3,602	)		(1,211	)	(31)
USD/RUB	01/18/2011	HSB	RUB		(222,047	)		(7,260	)	(107)
USD/RUB	01/18/2011	RBC	RUB		(151,124	)		(4,941	)	(77)
USD/RUB	01/18/2011	HSB	RUB		(224,289	)		(7,334	)	(86)
USD/RUB	01/18/2011	DUB	RUB		(232,158	)		(7,591	)	(232)
USD/RUB	01/18/2011	HSB	RUB		(232,400	)		(7,599	)	(213)
USD/TRY	03/16/2011	HSB	TRY		(11,480	)		(7,370	)	(7)
USD/TWD	01/18/2011	RBC	TWD		(337,987	)		(11,597	)	(308)
USD/TWD	01/18/2011	RBC	TWD		(160,664	)		(5,513	)	(241)
USD/TWD	01/18/2011	HSB	TWD		(160,220	)		(5,498	)	(238)
USD/TWD	01/18/2011	RBC	TWD		(110,392	)		(3,788	)	(168)
USD/TWD	01/18/2011	DUB	TWD		(110,592	)		(3,795	)	(167)
USD/TWD	01/18/2011	BCL	TWD		(110,606	)		(3,795	)	(145)
USD/TWD	01/18/2011	HSB	TWD		(110,588	)		(3,795	)	(145)
USD/TWD	01/18/2011	HSB	TWD		(223,576	)		(7,671	)	(293)
USD/ZAR	03/16/2011	RBC	ZAR		(112,925	)		(16,969	)	(795)
ZAR/USD	03/16/2011	RBC	ZAR		25,423			3,820		133
ZAR/USD	03/16/2011	UBS	ZAR		12,486			1,876		52
							$	316,895		$(680)
JNL/Ivy Asset Strategy Fund
CNY/USD	06/28/2012	CIT	CNY		1,610		$	245		$(3)
CNY/USD	06/28/2012	CIT	CNY		4,600			699		(10)
CNY/USD	06/28/2012	CIT	CNY		1,900			289		(3)
CNY/USD	06/28/2012	CIT	CNY		4,490			682		(8)
EUR/USD	03/24/2011	MSC	EUR		6,070			8,109		(223)
EUR/USD	03/24/2011	MSC	EUR		5,430			7,254		(204)
USD/EUR	03/22/2011	MSC	EUR		(8,800	)		(11,757	)	(212)
USD/EUR	03/22/2011	MSC	EUR		(12,300	)		(16,432	)	(261)
USD/EUR	03/24/2011	NSI	EUR		(29,500	)		(39,410	)	(819)
USD/EUR	03/24/2011	MSC	EUR		(11,500	)		(15,363	)	(1,194)
USD/EUR	03/28/2011	GSC	EUR		(31,470	)		(42,041	)	(860)
							$	(107,725	)	$(3,797)
JNL/JPMorgan International Value Fund
AUD/USD	02/28/2011	CSI	AUD		42,388		$	43,051		$1,910
AUD/USD	02/28/2011	UBS	AUD		2,270			2,306		21
CHF/EUR	02/28/2011	RBS	EUR		(2,871	)		(3,836	)	248
CHF/EUR	02/28/2011	BNP	EUR		(6,558	)		(8,762	)	397
CHF/JPY	02/28/2011	CSI	JPY		(676,532	)		(8,338	)	209
EUR/GBP	02/28/2011	SSB	GBP		(1,490	)		(2,322	)	30
EUR/USD	02/28/2011	RBS	EUR		2,484			3,318		(51)
EUR/USD	02/28/2011	BCL	EUR		1,765			2,358		4
EUR/USD	02/28/2011	BCL	EUR		1,968			2,629		30

See accompanying Notes to the Financial Statements.

JNL Series Trust

Notes to Schedules of Investments (in thousands)

December 31, 2010

Schedule of Open Forward Foreign Currency Contracts

Purchased/ Sold	Settlement Date	Counter- Party		Notional Amount		Value		Unrealized Gain/ (Loss)
JNL/JPMorgan International Value Fund (continued)
GBP/EUR	02/28/2011	HSB	EUR		(1,574)	$	(2,103)	$	(25)
GBP/USD	02/28/2011	GSC	GBP		2,091		3,258		(68)
HKD/USD	02/28/2011	SSB	HKD		19,079		2,456		2
JPY/GBP	02/28/2011	DUB	GBP		(862)		(1,343)		14
JPY/USD	02/28/2011	DUB	JPY		2,456,882		30,279		814
SEK/USD	02/28/2011	UBS	SEK		105,180		15,609		420
SGD/CAD	02/28/2011	SSB	CAD		(2,102)		(2,112)		28
SGD/USD	02/28/2011	RBS	SGD		4,238		3,302		63
USD/CAD	02/28/2011	RBS	CAD		(5,400)		(5,425)		(137)
USD/CHF	02/28/2011	RBS	CHF		(4,091)		(4,378)		(234)
USD/EUR	02/28/2011	UBS	EUR		(960)		(1,282)		1
USD/GBP	02/28/2011	MLP	GBP		(34,712)		(54,095)		1,153
USD/GBP	02/28/2011	BCL	GBP		(3,517)		(5,482)		(14)
USD/HKD	02/28/2011	DUB	HKD		(40,481)		(5,210)		11
USD/JPY	02/28/2011	DUB	JPY		(429,395)		(5,292)		(126)
USD/JPY	02/28/2011	SSB	JPY		(408,780)		(5,038)		(122)
USD/JPY	02/28/2011	UBS	JPY		(178,639)		(2,202)		(67)
USD/JPY	02/28/2011	DUB	JPY		(109,806)		(1,353)		(29)
USD/NOK	02/28/2011	UBS	NOK		(38,428)		(6,568)		(220)
						$	(16,575)	$	4,262
JNL/Mellon Capital Management Global Alpha Fund
AUD/USD	03/16/2011	DUB	AUD		8,075	$	8,185	$	321
AUD/USD	03/16/2011	RBS	AUD		7,703		7,808		275
AUD/USD	03/16/2011	UBS	AUD		10,964		11,114		479
AUD/USD	03/16/2011	HSB	AUD		302		306		8
AUD/USD	03/16/2011	UBS	AUD		302		306		7
AUD/USD	03/16/2011	BOA	AUD		302		306		8
AUD/USD	03/16/2011	RBS	AUD		453		459		12
AUD/USD	03/16/2011	DUB	AUD		151		153		4
AUD/USD	03/16/2011	BCL	AUD		243		246		8
AUD/USD	03/16/2011	RBS	AUD		113		115		4
AUD/USD	03/16/2011	HSB	AUD		421		427		14
AUD/USD	03/16/2011	DUB	AUD		522		529		18
AUD/USD	03/16/2011	DUB	AUD		115		116		5
AUD/USD	03/16/2011	UBS	AUD		114		116		4
CAD/USD	03/16/2011	RBS	CAD		10,273		10,316		147
CAD/USD	03/16/2011	BOA	CAD		632		634		9
CAD/USD	03/16/2011	UBS	CAD		505		508		9
CAD/USD	03/16/2011	BCL	CAD		253		254		4
CAD/USD	03/16/2011	HSB	CAD		505		508		9
CAD/USD	03/16/2011	DUB	CAD		632		634		11
CAD/USD	03/16/2011	BCL	CAD		7,439		7,470		121
CAD/USD	03/16/2011	RBS	CAD		509		511		8
CAD/USD	03/16/2011	DUB	CAD		170		170		3
CAD/USD	03/16/2011	HSB	CAD		339		341		4
CAD/USD	03/16/2011	BOA	CAD		339		341		5
CAD/USD	03/16/2011	UBS	CAD		339		341		4
CAD/USD	03/16/2011	BCL	CAD		63		63		1
CAD/USD	03/16/2011	DUB	CAD		135		136		1
CAD/USD	03/16/2011	HSB	CAD		109		109		1
CAD/USD	03/16/2011	DUB	CAD		30		30		—
CAD/USD	03/16/2011	RBS	CAD		29		29		—
CAD/USD	03/16/2011	UBS	CAD		30		30		—
CAD/USD	03/16/2011	UBS	CAD		859		863		21
CAD/USD	03/16/2011	BCL	CAD		2,578		2,589		63
CHF/USD	03/16/2011	RBS	CHF		135		145		8
CHF/USD	03/16/2011	BOA	CHF		949		1,015		54
CHF/USD	03/16/2011	BCL	CHF		235		251		14
CHF/USD	03/16/2011	UBS	CHF		759		812		44
CHF/USD	03/16/2011	HSB	CHF		122		131		7

Purchased/ Sold	Settlement Date	Counter- Party		Notional Amount		Value		Unrealized Gain/ (Loss)
JNL/Mellon Capital Management Global Alpha Fund (continued)
CHF/USD	03/16/2011	HSB	CHF		267	$	286	$	16
CHF/USD	03/16/2011	DUB	CHF		949		1,015		56
CHF/USD	03/16/2011	BCL	CHF		379		406		21
CHF/USD	03/16/2011	UBS	CHF		4,951		5,300		277
CHF/USD	03/16/2011	DUB	CHF		300		322		9
CHF/USD	03/16/2011	RBS	CHF		901		964		27
CHF/USD	03/16/2011	UBS	CHF		601		643		18
CHF/USD	03/16/2011	BOA	CHF		601		643		18
CHF/USD	03/16/2011	HSB	CHF		601		643		18
CHF/USD	03/16/2011	UBS	CHF		270		289		6
CHF/USD	03/16/2011	BCL	CHF		810		867		21
CHF/USD	03/16/2011	UBS	CHF		1,544		1,653		35
CHF/USD	03/16/2011	UBS	CHF		276		295		6
GBP/USD	03/16/2011	BCL	GBP		464		724		(1)
GBP/USD	03/16/2011	HSB	GBP		807		1,257		(2)
GBP/USD	03/16/2011	DUB	GBP		999		1,557		(1)
GBP/USD	03/16/2011	RBS	GBP		216		337		—
GBP/USD	03/16/2011	UBS	GBP		219		341		—
GBP/USD	03/16/2011	DUB	GBP		219		342		1
GBP/USD	03/16/2011	BCL	GBP		3,077		4,795		32
GBP/USD	03/16/2011	UBS	GBP		1,026		1,598		9
GBP/USD	03/16/2011	BCL	GBP		73		113		2
GBP/USD	03/16/2011	BCL	GBP		2,244		3,497		46
GBP/USD	03/16/2011	UBS	GBP		1,199		1,869		31
GBP/USD	03/16/2011	RBS	GBP		680		1,059		18
GBP/USD	03/16/2011	UBS	GBP		736		1,147		15
GBP/USD	03/16/2011	BOA	GBP		3,488		5,435		55
JPY/USD	03/16/2011	DUB	JPY		173,423		2,138		72
JPY/USD	03/16/2011	DUB	JPY		14,678		181		7
JPY/USD	03/16/2011	RBS	JPY		14,483		179		6
JPY/USD	03/16/2011	BCL	JPY		31,079		383		13
JPY/USD	03/16/2011	HSB	JPY		53,972		665		22
JPY/USD	03/16/2011	DUB	JPY		66,859		824		27
JPY/USD	03/16/2011	UBS	JPY		14,639		180		6
JPY/USD	03/16/2011	RBS	JPY		84,935		1,047		30
JPY/USD	03/16/2011	BCL	JPY		56,624		698		21
JPY/USD	03/16/2011	BCL	JPY		404,654		4,988		168
JPY/USD	03/16/2011	HSB	JPY		99,091		1,221		38
JPY/USD	03/16/2011	UBS	JPY		42,468		524		16
NOK/USD	03/16/2011	RBS	NOK		2,821		482		6
NOK/USD	03/16/2011	DUB	NOK		940		161		2
NOK/USD	03/16/2011	BOA	NOK		1,880		321		3
NOK/USD	03/16/2011	UBS	NOK		1,880		321		2
NOK/USD	03/16/2011	HSB	NOK		1,880		321		3
NOK/USD	03/16/2011	UBS	NOK		1,193		204		5
NOK/USD	03/16/2011	BCL	NOK		3,580		611		14
NZD/USD	03/16/2011	UBS	NZD		4,583		3,551		143
NZD/USD	03/16/2011	BCL	NZD		303		235		11
NZD/USD	03/16/2011	DUB	NZD		143		111		6
NZD/USD	03/16/2011	RBS	NZD		141		109		5
NZD/USD	03/16/2011	HSB	NZD		526		408		19
NZD/USD	03/16/2011	DUB	NZD		651		505		23
NZD/USD	03/16/2011	UBS	NZD		143		111		5
SEK/USD	03/16/2011	UBS	SEK		21,786		3,231		61
SEK/USD	03/16/2011	RBS	SEK		24,127		3,578		79
SEK/USD	03/16/2011	BOA	SEK		10,676		1,583		40
SEK/USD	03/16/2011	HSB	SEK		8,541		1,267		37
SEK/USD	03/16/2011	UBS	SEK		8,541		1,267		41
SEK/USD	03/16/2011	BCL	SEK		4,270		633		18
SEK/USD	03/16/2011	DUB	SEK		10,676		1,583		46
SEK/USD	03/16/2011	BCL	SEK		45,004		6,674		178

See accompanying Notes to the Financial Statements.

JNL Series Trust

Notes to Schedules of Investments (in thousands)

December 31, 2010

Schedule of Open Forward Foreign Currency Contracts

Purchased/ Sold	Settlement Date	Counter- Party		Notional Amount			Value			Unrealized Gain/ (Loss)
JNL/Mellon Capital Management Global Alpha Fund (continued)
SEK/USD	03/16/2011	HSB	SEK		2,859		$	424		$	5
SEK/USD	03/16/2011	DUB	SEK		1,430			212			3
SEK/USD	03/16/2011	BOA	SEK		2,859			424			5
SEK/USD	03/16/2011	RBS	SEK		4,289			636			9
SEK/USD	03/16/2011	UBS	SEK		2,859			424			5
SEK/USD	03/16/2011	BCL	SEK		3,745			555			8
SEK/USD	03/16/2011	DUB	SEK		8,055			1,195			17
SEK/USD	03/16/2011	HSB	SEK		6,503			964			13
SEK/USD	03/16/2011	RBS	SEK		1,745			259			4
SEK/USD	03/16/2011	UBS	SEK		1,764			262			4
SEK/USD	03/16/2011	DUB	SEK		1,769			262			5
SEK/USD	03/16/2011	UBS	SEK		5,127			760			10
SEK/USD	03/16/2011	BCL	SEK		15,381			2,281			29
USD/AUD	03/16/2011	UBS	AUD		(387	)		(392	)		(10	)
USD/AUD	03/16/2011	BCL	AUD		(552	)		(560	)		(24	)
USD/AUD	03/16/2011	RBS	AUD		(828	)		(840	)		(35	)
USD/AUD	03/16/2011	UBS	AUD		(414	)		(420	)		(19	)
USD/AUD	03/16/2011	HSB	AUD		(966	)		(980	)		(45	)
USD/AUD	03/16/2011	BCL	AUD		(1,160	)		(1,176	)		(31	)
USD/CHF	03/16/2011	BCL	CHF		(683	)		(731	)		(20	)
USD/CHF	03/16/2011	HSB	CHF		(1,186	)		(1,269	)		(35	)
USD/CHF	03/16/2011	DUB	CHF		(1,469	)		(1,572	)		(43	)
USD/CHF	03/16/2011	UBS	CHF		(322	)		(344	)		(10	)
USD/CHF	03/16/2011	DUB	CHF		(322	)		(345	)		(12	)
USD/CHF	03/16/2011	RBS	CHF		(318	)		(340	)		(11	)
USD/EUR	03/16/2011	UBS	EUR		(215	)		(288	)		(5	)
USD/EUR	03/16/2011	BCL	EUR		(646	)		(863	)		(12	)
USD/EUR	03/16/2011	BCL	EUR		(2,645	)		(3,534	)		(56	)
USD/EUR	03/16/2011	UBS	EUR		(881	)		(1,177	)		(22	)
USD/EUR	03/16/2011	RBS	EUR		(803	)		(1,073	)		(21	)
USD/EUR	03/16/2011	UBS	EUR		(206	)		(275	)		(3	)
USD/EUR	03/16/2011	UBS	EUR		(1,421	)		(1,899	)		(37	)
USD/EUR	03/16/2011	UBS	EUR		(1,137	)		(1,519	)		(17	)
USD/EUR	03/16/2011	BOA	EUR		(4,085	)		(5,457	)		(91	)
USD/EUR	03/16/2011	BOA	EUR		(1,627	)		(2,174	)		(19	)
USD/EUR	03/16/2011	UBS	EUR		(1,645	)		(2,198	)		(18	)
USD/EUR	03/16/2011	UBS	EUR		(1,302	)		(1,739	)		(22	)
USD/EUR	03/16/2011	HSB	EUR		(1,302	)		(1,739	)		(20	)
USD/EUR	03/16/2011	BCL	EUR		(651	)		(869	)		(8	)
USD/EUR	03/16/2011	DUB	EUR		(1,627	)		(2,174	)		(27	)
USD/EUR	03/16/2011	RBS	EUR		(1,769	)		(2,363	)		5
USD/EUR	03/16/2011	UBS	EUR		(1,179	)		(1,575	)		8
USD/EUR	03/16/2011	BOA	EUR		(1,179	)		(1,575	)		9
USD/EUR	03/16/2011	HSB	EUR		(1,179	)		(1,575	)		8
USD/EUR	03/16/2011	DUB	EUR		(590	)		(788	)		1
USD/EUR	03/16/2011	BCL	EUR		(1,218	)		(1,628	)		(7	)
USD/EUR	03/16/2011	DUB	EUR		(2,621	)		(3,502	)		(13	)
USD/EUR	03/16/2011	HSB	EUR		(2,116	)		(2,827	)		(9	)
USD/EUR	03/16/2011	RBS	EUR		(568	)		(758	)		(6	)
USD/EUR	03/16/2011	DUB	EUR		(575	)		(769	)		(8	)
USD/EUR	03/16/2011	UBS	EUR		(574	)		(767	)		(5	)
USD/GBP	03/16/2011	DUB	GBP		(5,805	)		(9,045	)		41
USD/GBP	03/16/2011	RBS	GBP		(10,146	)		(15,810	)		219
USD/GBP	03/16/2011	BCL	GBP		(3,753	)		(5,849	)		81
USD/GBP	03/16/2011	UBS	GBP		(4,836	)		(7,535	)		95
USD/JPY	03/16/2011	UBS	JPY		(38,076	)		(469	)		(13	)
USD/JPY	03/16/2011	BCL	JPY		(114,228	)		(1,408	)		(41	)
USD/JPY	03/16/2011	HSB	JPY		(50,777	)		(626	)		(16	)
USD/JPY	03/16/2011	RBS	JPY		(76,165	)		(939	)		(26	)
USD/JPY	03/16/2011	DUB	JPY		(25,388	)		(313	)		(9	)
USD/JPY	03/16/2011	BOA	JPY		(50,777	)		(626	)		(16	)

Purchased/ Sold	Settlement Date	Counter- Party		Notional Amount		Value		Unrealized Gain/ (Loss)
JNL/Mellon Capital Management Global Alpha Fund (continued)
USD/JPY	03/16/2011	UBS	JPY		(50,777)	$	(626)	$	(15)
USD/NOK	03/16/2011	BOA	NOK		(40,004)		(6,832)		(174)
USD/NOK	03/16/2011	BOA	NOK		(4,058)		(693)		(21)
USD/NOK	03/16/2011	HSB	NOK		(3,246)		(554)		(19)
USD/NOK	03/16/2011	UBS	NOK		(3,246)		(554)		(19)
USD/NOK	03/16/2011	DUB	NOK		(4,058)		(693)		(23)
USD/NOK	03/16/2011	BCL	NOK		(1,623)		(277)		(9)
USD/NOK	03/16/2011	HSB	NOK		(19,704)		(3,365)		(103)
USD/NZD	03/16/2011	BCL	NZD		(2,540)		(1,968)		(90)
USD/NZD	03/16/2011	UBS	NZD		(847)		(656)		(30)
USD/NZD	03/16/2011	RBS	NZD		(368)		(285)		(9)
USD/NZD	03/16/2011	HSB	NZD		(430)		(333)		(13)
USD/NZD	03/16/2011	UBS	NZD		(184)		(143)		(5)
USD/NZD	03/16/2011	BCL	NZD		(246)		(190)		(7)
USD/NZD	03/16/2011	BOA	NZD		(426)		(330)		(11)
USD/NZD	03/16/2011	UBS	NZD		(426)		(330)		(11)
USD/NZD	03/16/2011	DUB	NZD		(213)		(165)		(6)
USD/NZD	03/16/2011	RBS	NZD		(639)		(495)		(18)
USD/NZD	03/16/2011	HSB	NZD		(426)		(330)		(11)
						$	29,254	$	2,769
JNL/Mellon Capital Management International Index Fund
AUD/USD	03/16/2011	CCI	AUD		118	$	120	$	5
AUD/USD	03/16/2011	DUB	AUD		1,264		1,281		57
AUD/USD	03/16/2011	CCI	AUD		1,264		1,281		59
AUD/USD	03/16/2011	DUB	AUD		119		121		4
AUD/USD	03/16/2011	CSI	AUD		358		363		12
AUD/USD	03/16/2011	CCI	AUD		119		121		4
AUD/USD	03/16/2011	CSI	AUD		120		121		5
AUD/USD	03/16/2011	CCI	AUD		238		241		7
AUD/USD	03/16/2011	CCI	AUD		118		120		3
AUD/USD	03/16/2011	CCI	AUD		238		242		6
AUD/USD	03/16/2011	CCI	AUD		478		485		4
AUD/USD	03/16/2011	BOA	AUD		119		121		1
EUR/USD	03/16/2011	CCI	EUR		7,947		10,617		85
EUR/USD	03/16/2011	CCI	EUR		224		300		3
EUR/USD	03/16/2011	CCI	EUR		284		379		4
EUR/USD	03/16/2011	DUB	EUR		57		76		—
EUR/USD	03/16/2011	CSI	EUR		200		267		—
EUR/USD	03/16/2011	CSI	EUR		743		993		1
EUR/USD	03/16/2011	CCI	EUR		398		532		5
EUR/USD	03/16/2011	CSI	EUR		427		570		6
EUR/USD	03/16/2011	CCI	EUR		564		753		11
EUR/USD	03/16/2011	CCI	EUR		511		682		12
EUR/USD	03/16/2011	CCI	EUR		402		537		11
EUR/USD	03/16/2011	CGM	EUR		201		269		6
EUR/USD	03/16/2011	CCI	EUR		658		879		14
EUR/USD	03/16/2011	CCI	EUR		650		868		12
EUR/USD	03/16/2011	CCI	EUR		282		377		6
EUR/USD	03/16/2011	BOA	EUR		341		455		2
EUR/USD	03/16/2011	BOA	EUR		391		523		—
GBP/USD	03/16/2011	CCI	GBP		116		181		(2)
GBP/USD	03/16/2011	BCL	GBP		4,503		7,017		(98)
GBP/USD	03/16/2011	CCI	GBP		232		361		(4)
GBP/USD	03/16/2011	CSI	GBP		176		274		(3)
GBP/USD	03/16/2011	CSI	GBP		468		729		(2)
GBP/USD	03/16/2011	CCI	GBP		352		548		(1)
GBP/USD	03/16/2011	CSI	GBP		234		364		2
GBP/USD	03/16/2011	CCI	GBP		408		636		2
GBP/USD	03/16/2011	CCI	GBP		293		456		3
GBP/USD	03/16/2011	CCI	GBP		354		552		7

See accompanying Notes to the Financial Statements.

JNL Series Trust

Notes to Schedules of Investments (in thousands)

December 31, 2010

Schedule of Open Forward Foreign Currency Contracts

Purchased/ Sold	Settlement Date	Counter- Party		Notional Amount		Value		Unrealized Gain/ (Loss)
JNL/Mellon Capital Management International Index Fund (continued)
GBP/USD	03/16/2011	CGM	GBP		60	$	93	$	1
GBP/USD	03/16/2011	CCI	GBP		893		1,392		17
GBP/USD	03/16/2011	CCI	GBP		179		278		3
GBP/USD	03/16/2011	BOA	GBP		179		279		3
GBP/USD	03/16/2011	BOA	GBP		475		739		3
JPY/USD	03/16/2011	CCI	JPY		35,140		433		15
JPY/USD	03/16/2011	DUB	JPY		223,993		2,761		93
JPY/USD	03/16/2011	BCL	JPY		522,650		6,442		217
JPY/USD	03/16/2011	CCI	JPY		26,685		329		10
JPY/USD	03/16/2011	DUB	JPY		8,880		109		3
JPY/USD	03/16/2011	CSI	JPY		17,920		221		6
JPY/USD	03/16/2011	CSI	JPY		63,105		778		25
JPY/USD	03/16/2011	CCI	JPY		36,080		445		16
JPY/USD	03/16/2011	CSI	JPY		36,120		445		15
JPY/USD	03/16/2011	CCI	JPY		36,080		445		13
JPY/USD	03/16/2011	CCI	JPY		45,000		555		16
JPY/USD	03/16/2011	CGM	JPY		54,330		670		16
JPY/USD	03/16/2011	CCI	JPY		54,120		667		13
JPY/USD	03/16/2011	CCI	JPY		45,250		558		5
JPY/USD	03/16/2011	CCI	JPY		18,090		223		2
JPY/USD	03/16/2011	BOA	JPY		27,270		336		1
USD/AUD	03/16/2011	CCI	AUD		(2,153)		(2,182)		(88)
USD/EUR	03/16/2011	CCI	EUR		(5,859)		(7,827)		(73)
USD/GBP	03/16/2011	CCI	GBP		(3,942)		(6,143)		69
USD/JPY	03/16/2011	CCI	JPY		(500,519)		(6,169)		(181)
						$	30,689	$	469
JNL/PIMCO Real Return Fund
BRL/USD	03/02/2011	CIT	BRL		13,709	$	8,155	$	116
CAD/USD	02/17/2011	DUB	CAD		6,042		6,071		72
CAD/USD	02/17/2011	BNP	CAD		3,161		3,176		30
CAD/USD	02/17/2011	MSC	CAD		3,166		3,181		40
CAD/USD	02/17/2011	BOA	CAD		3,724		3,742		67
CNY/USD	01/10/2011	MSC	CNY		2,722		413		3
CNY/USD	01/10/2011	MSC	CNY		4,848		736		6
CNY/USD	01/10/2011	JPM	CNY		11,360		1,724		21
CNY/USD	01/10/2011	DUB	CNY		7,862		1,193		19
CNY/USD	11/15/2011	JPM	CNY		26,142		3,973		(97)
CNY/USD	02/13/2012	DUB	CNY		26,791		4,071		(65)
EUR/USD	01/25/2011	DUB	EUR		552		738		(30)
EUR/USD	01/25/2011	CIT	EUR		552		738		(29)
INR/USD	03/09/2011	DUB	INR		85,937		1,900		—
INR/USD	03/09/2011	DUB	INR		60,845		1,345		(5)
INR/USD	03/09/2011	CIT	INR		30,648		677		(3)
INR/USD	03/09/2011	CIT	INR		15,600		345		—
INR/USD	03/09/2011	CIT	INR		84,187		1,861		(9)
INR/USD	03/09/2011	DUB	INR		27,420		606		(4)
INR/USD	03/09/2011	JPM	INR		52,744		1,166		(4)
INR/USD	03/09/2011	CIT	INR		11,270		249		(1)
INR/USD	03/09/2011	DUB	INR		10,166		225		—
INR/USD	03/09/2011	CIT	INR		20,363		450		—
INR/USD	03/09/2011	CIT	INR		10,426		230		—
INR/USD	03/09/2011	UBS	INR		10,197		225		—
INR/USD	03/09/2011	CIT	INR		26,268		581		(1)
INR/USD	03/09/2011	JPM	INR		104,905		2,319		29
INR/USD	03/09/2011	BOA	INR		10,084		223		9
INR/USD	03/09/2011	JPM	INR		70,065		1,549		63
INR/USD	03/09/2011	CIT	INR		63,180		1,397		47
INR/USD	03/09/2011	DUB	INR		63,207		1,397		47
KRW/USD	01/19/2011	UBS	KRW		6,319,230		5,563		13
KRW/USD	01/19/2011	DUB	KRW		452,000		398		(2)

Purchased/ Sold	Settlement Date	Counter- Party		Notional Amount		Value		Unrealized Gain/ (Loss)
JNL/PIMCO Real Return Fund (continued)
KRW/USD	01/19/2011	CIT	KRW		565,750	$	498	$	(2)
KRW/USD	01/19/2011	DUB	KRW		1,342,080		1,181		(18)
KRW/USD	05/09/2011	CIT	KRW		823,805		722		(8)
KRW/USD	05/09/2011	DUB	KRW		1,655,220		1,450		(20)
KRW/USD	05/09/2011	CIT	KRW		2,441,930		2,140		(15)
KRW/USD	05/09/2011	CIT	KRW		1,711,000		1,499		(26)
KRW/USD	05/09/2011	CIT	KRW		455,000		399		(1)
KRW/USD	05/09/2011	DUB	KRW		681,900		597		(2)
KRW/USD	05/09/2011	UBS	KRW		227,640		199		(1)
KRW/USD	05/09/2011	CIT	KRW		2,477,200		2,171		(23)
KRW/USD	05/09/2011	JPM	KRW		2,783,400		2,439		(15)
KRW/USD	05/09/2011	CIT	KRW		2,682,857		2,351		(45)
KRW/USD	05/09/2011	JPM	KRW		8,679,060		7,605		111
PHP/USD	02/07/2011	CIT	PHP		11,053		252		2
PHP/USD	02/07/2011	CIT	PHP		28,665		654		5
PHP/USD	02/07/2011	CIT	PHP		30,611		699		(1)
PHP/USD	02/07/2011	CIT	PHP		60,956		1,392		(8)
PHP/USD	02/07/2011	DUB	PHP		21,790		498		(2)
PHP/USD	02/07/2011	CIT	PHP		38,419		877		(6)
PHP/USD	02/07/2011	UBS	PHP		7,142		163		(1)
PHP/USD	02/07/2011	DUB	PHP		11,011		251		(2)
PHP/USD	06/15/2011	CIT	PHP		21,940		500		1
PHP/USD	06/15/2011	CIT	PHP		23,300		531		—
PHP/USD	06/15/2011	DUB	PHP		10,603		241		1
PHP/USD	06/15/2011	CIT	PHP		42,461		967		7
PHP/USD	06/15/2011	JPM	PHP		22,628		515		(1)
PHP/USD	06/15/2011	DUB	PHP		110,386		2,514		(3)
PHP/USD	06/15/2011	CIT	PHP		87,500		1,993		(7)
SGD/USD	02/24/2011	UBS	SGD		2,859		2,228		38
SGD/USD	02/24/2011	UBS	SGD		723		563		10
SGD/USD	02/24/2011	CIT	SGD		2,675		2,085		38
SGD/USD	03/09/2011	DUB	SGD		4,042		3,150		80
USD/AUD	01/28/2011	BOA	AUD		(4,877)		(4,972)		(329)
USD/CNY	01/10/2011	DUB	CNY		(26,791)		(4,065)		(36)
USD/EUR	01/04/2011	JPM	EUR		(388)		(518)		(2)
USD/EUR	01/06/2011	CIT	EUR		(10,667)		(14,254)		194
USD/EUR	01/25/2011	BNP	EUR		(2,280)		(3,047)		(14)
USD/EUR	01/25/2011	BNP	EUR		(3,910)		(5,225)		(52)
USD/EUR	01/25/2011	BNP	EUR		(2,370)		(3,167)		(27)
USD/EUR	01/25/2011	MSC	EUR		(2,340)		(3,127)		(33)
USD/EUR	01/25/2011	BOA	EUR		(2,800)		(3,742)		(59)
USD/EUR	01/25/2011	BNP	EUR		(2,006)		(2,681)		(56)
USD/EUR	01/25/2011	MSC	EUR		(388)		(518)		(5)
USD/GBP	03/21/2011	DUB	GBP		(465)		(725)		1
USD/JPY	01/14/2011	DUB	JPY		(9,187)		(113)		(4)
USD/JPY	01/31/2011	CIT	JPY		(6,710,000)		(82,672)		(96)
USD/KRW	01/19/2011	JPM	KRW		(8,679,060)		(7,641)		(124)
						$	(32,526)	$	(224)
JNL/PIMCO Total Return Bond Fund
AUD/USD	01/28/2011	BOA	AUD		4,891	$	4,986	$	330
AUD/USD	01/28/2011	BNP	AUD		4,100		4,180		126
BRL/USD	03/02/2011	CIT	BRL		83,706		49,793		710
BRL/USD	09/02/2011	BOA	BRL		1,303		754		54
BRL/USD	09/02/2011	MSC	BRL		1,302		754		54
CAD/USD	02/17/2011	DUB	CAD		53,367		53,625		639
CAD/USD	02/17/2011	BOA	CAD		602		605		11
CAD/USD	02/17/2011	BNP	CAD		349		351		8
CNY/USD	11/15/2011	JPM	CNY		22,631		3,439		(78)
CNY/USD	11/15/2011	CIT	CNY		115,099		17,492		(314)
IDR/USD	04/15/2011	MSC	IDR		9,090,000		993		(7)

See accompanying Notes to the Financial Statements.

JNL Series Trust

Notes to Schedules of Investments (in thousands)

December 31, 2010

Schedule of Open Forward Foreign Currency Contracts

Purchased/ Sold	Settlement Date		Counter- Party		Notional Amount	Value		Unrealized Gain/ (Loss)
JNL/PIMCO Total Return Bond Fund (continued)
IDR/USD		04/15/2011	JPM	IDR	25,844,000	$	2,823	$	23
IDR/USD		07/27/2011	JPM	IDR	60,433,400		6,512		(72	)
IDR/USD		07/27/2011	BNP	IDR	23,625,000		2,546		46
INR/USD		01/12/2011	JPM	INR	45,680		1,020		20
INR/USD		01/12/2011	MSC	INR	45,700		1,021		21
INR/USD		01/12/2011	CIT	INR	77,316		1,727		27
INR/USD		05/09/2011	BOA	INR	46,450		1,015		15
INR/USD		05/09/2011	JPM	INR	168,696		3,686		65
JPY/USD		01/14/2011	JPM	JPY	21,041		259		9
JPY/USD		01/14/2011	CIT	JPY	21,041		259		9
JPY/USD		01/14/2011	BNP	JPY	33,040		407		10
JPY/USD		01/14/2011	BNP	JPY	107,660		1,326		47
JPY/USD		01/14/2011	BNP	JPY	356,041		4,386		154
JPY/USD		01/14/2011	BNP	JPY	142,552		1,756		63
JPY/USD		01/14/2011	UBS	JPY	25,125		309		9
JPY/USD		01/14/2011	BNP	JPY	125,831		1,550		49
JPY/USD		01/14/2011	UBS	JPY	67,060		826		17
JPY/USD		01/14/2011	MSC	JPY	223,826		2,757		19
KRW/USD		01/19/2011	MSC	KRW	1,139,100		1,003		3
KRW/USD		01/19/2011	MSC	KRW	790,720		696		(4	)
KRW/USD		01/19/2011	MSC	KRW	565,300		498		(2	)
KRW/USD		01/19/2011	MSC	KRW	1,017,360		896		(4	)
KRW/USD		01/19/2011	MSC	KRW	1,130,250		995		(5	)
KRW/USD		01/19/2011	MSC	KRW	560,125		493		(7	)
KRW/USD		01/19/2011	MSC	KRW	444,176		391		(9	)
KRW/USD		01/19/2011	JPM	KRW	498,896		439		6
KRW/USD		01/19/2011	JPM	KRW	496,600		437		4
KRW/USD		01/19/2011	JPM	KRW	502,666		443		9
KRW/USD		01/19/2011	CIT	KRW	577,050		508		8
KRW/USD		01/19/2011	MSC	KRW	1,035,990		912		12
KRW/USD		01/19/2011	MSC	KRW	460,640		406		6
KRW/USD		01/19/2011	MSC	KRW	575,550		507		7
KRW/USD		01/19/2011	MSC	KRW	576,040		507		7
KRW/USD		01/19/2011	MSC	KRW	1,259,060		1,108		8
KRW/USD		05/09/2011	CIT	KRW	787,000		690		(12	)
KRW/USD		05/09/2011	MSC	KRW	1,010,817		886		(14	)
KRW/USD		05/09/2011	MSC	KRW	1,009,017		884		(16	)
KRW/USD		05/09/2011	CIT	KRW	1,139,100		998		(10	)
KRW/USD		05/09/2011	JPM	KRW	1,280,000		1,122		(7	)
KRW/USD		05/09/2011	CIT	KRW	1,233,773		1,081		(21	)
KRW/USD		05/09/2011	CIT	KRW	448,800		393		(7	)
KRW/USD		05/09/2011	JPM	KRW	446,560		391		(9	)
KRW/USD		05/09/2011	CIT	KRW	447,520		392		(8	)
KRW/USD		05/09/2011	JPM	KRW	445,240		390		(10	)
KRW/USD		05/09/2011	JPM	KRW	449,080		394		(7	)
KRW/USD		05/09/2011	CIT	KRW	447,400		392		(8	)
KRW/USD		05/09/2011	CIT	KRW	445,040		390		(10	)
KRW/USD		05/09/2011	CIT	KRW	450,000		394		(6	)
KRW/USD		05/09/2011	BOA	KRW	569,150		499		(1	)
KRW/USD		05/09/2011	JPM	KRW	568,250		498		(2	)
KRW/USD		05/09/2011	JPM	KRW	914,080		801		1
KRW/USD		05/09/2011	JPM	KRW	454,400		398		(2	)
KRW/USD		05/09/2011	JPM	KRW	340,110		298		(2	)
KRW/USD		05/09/2011	CIT	KRW	342,060		300		—
KRW/USD		05/09/2011	JPM	KRW	463,880		406		6
KRW/USD		05/09/2011	JPM	KRW	11,629,523		10,190		149
KRW/USD		05/09/2011	UBS	KRW	464,600		407		7
MXN/USD		02/22/2011	MSC	MXN	6,350		512		12
MXN/USD		02/22/2011	CIT	MXN	5,077		410		10
MXN/USD		02/22/2011	MSC	MXN	6,347		512		12
MXN/USD		02/22/2011	MSC	MXN	7,615		614		14

Purchased/ Sold	Settlement Date		Counter- Party		Notional Amount		Value		Unrealized Gain/ (Loss)
JNL/PIMCO Total Return Bond Fund (continued)
MXN/USD		02/22/2011	MSC	MXN		7,614	$	614	$	14
MXN/USD		02/22/2011	MSC	MXN		7,505		606		6
MXN/USD		02/22/2011	MSC	MXN		7,511		606		6
MXN/USD		02/22/2011	MSC	MXN		6,252		504		4
MXN/USD		02/22/2011	UBS	MXN		6,303		509		9
MXN/USD		02/22/2011	JPM	MXN		6,300		508		8
MXN/USD		02/22/2011	MSC	MXN		6,292		508		8
MXN/USD		02/22/2011	BOA	MXN		5,033		406		6
MXN/USD		02/22/2011	MSC	MXN		2,486		201		1
MXN/USD		02/22/2011	MSC	MXN		2,486		201		1
MXN/USD		02/22/2011	MSC	MXN		3,714		300		—
MXN/USD		02/22/2011	JPM	MXN		3,709		299		(1	)
MXN/USD		02/22/2011	JPM	MXN		1,280		103		—
MXN/USD		02/22/2011	MSC	MXN		3,692		298		(2	)
MXN/USD		02/22/2011	MSC	MXN		3,712		300		(1	)
MXN/USD		02/22/2011	MSC	MXN		3,700		299		(2	)
MXN/USD		02/22/2011	CIT	MXN		4,922		397		(3	)
MXN/USD		02/22/2011	MSC	MXN		4,944		399		(1	)
MXN/USD		02/22/2011	CIT	MXN		9,854		795		(5	)
MXN/USD		02/22/2011	CIT	MXN		4,958		400		—
MXN/USD		02/22/2011	MSC	MXN		2,494		201		1
MXN/USD		02/22/2011	MSC	MXN		2,495		201		1
MXN/USD		02/22/2011	MSC	MXN		6,242		504		4
MXN/USD		02/22/2011	CIT	MXN		2,477		200		—
MXN/USD		02/22/2011	MSC	MXN		4,956		400		—
MXN/USD		02/22/2011	MSC	MXN		6,203		501		1
MXN/USD		02/22/2011	MSC	MXN		5,013		404		4
MXN/USD		02/22/2011	MSC	MXN		8,806		711		11
MXN/USD		02/22/2011	MSC	MXN		3,771		304		4
MXN/USD		02/22/2011	MSC	MXN		3,772		304		4
MXN/USD		02/22/2011	UBS	MXN		12,474		1,007		7
MXN/USD		02/22/2011	MSC	MXN		16,237		1,310		10
MXN/USD		02/22/2011	UBS	MXN		7,430		600		(1	)
MXN/USD		02/22/2011	MSC	MXN		7,432		600		—
MXN/USD		02/22/2011	BOA	MXN		41,525		3,351		117
MXN/USD		02/22/2011	CIT	MXN		6,089		491		32
MXN/USD		02/22/2011	CIT	MXN		14,348		1,158		58
MXN/USD		02/22/2011	MSC	MXN		5,213		421		21
MXN/USD		02/22/2011	MSC	MXN		7,705		622		22
MXN/USD		02/22/2011	MSC	MXN		7,702		621		21
MXN/USD		02/22/2011	CIT	MXN		12,829		1,035		35
MXN/USD		02/22/2011	DUB	MXN		5,094		411		11
MXN/USD		02/22/2011	UBS	MXN		6,366		514		14
MXN/USD		02/22/2011	MSC	MXN		11,469		925		26
MXN/USD		02/22/2011	MSC	MXN		3,810		307		7
MXN/USD		02/22/2011	MSC	MXN		7,614		614		14
MXN/USD		02/22/2011	CIT	MXN		3,809		307		7
MXN/USD		02/22/2011	JPM	MXN		5,078		410		10
MXN/USD		02/22/2011	MSC	MXN		6,332		511		11
MXN/USD		02/22/2011	MSC	MXN		12,657		1,021		21
MYR/USD		02/07/2011	JPM	MYR		2,160		699		(1	)
MYR/USD		02/07/2011	CIT	MYR		1,610		521		1
MYR/USD		02/07/2011	DUB	MYR		3,440		1,113		4
MYR/USD		02/07/2011	JPM	MYR		5,032		1,628		7
MYR/USD		02/07/2011	JPM	MYR		3,103		1,004		4
PHP/USD		02/07/2011	JPM	PHP		26,118		596		(4	)
PHP/USD		02/07/2011	JPM	PHP		19,093		436		3
PHP/USD		02/07/2011	CIT	PHP		19,110		436		3
PHP/USD		02/07/2011	CIT	PHP		19,123		437		3
PHP/USD		04/15/2011	CIT	PHP		21,375		488		(12	)
PHP/USD		04/15/2011	JPM	PHP		21,340		487		(13	)

See accompanying Notes to the Financial Statements.

JNL Series Trust

Notes to Schedules of Investments (in thousands)

December 31, 2010

Schedule of Open Forward Foreign Currency Contracts

Purchased/ Sold	Settlement Date	Counter- Party		Notional Amount	Value			Unrealized Gain/ (Loss)
JNL/PIMCO Total Return Bond Fund (continued)
PHP/USD	04/15/2011	JPM	PHP	26,250	$	599		$	(1	)
PHP/USD	04/15/2011	CIT	PHP	26,166		597			(3	)
PHP/USD	04/15/2011	BOA	PHP	22,000		502			2
PHP/USD	06/15/2011	CIT	PHP	18,760		427			1
PHP/USD	06/15/2011	CIT	PHP	19,900		453			—
PHP/USD	06/15/2011	JPM	PHP	19,354		441			(1	)
PHP/USD	06/15/2011	DUB	PHP	94,415		2,150			(3	)
PHP/USD	06/15/2011	JPM	PHP	43,200		984			(16	)
PHP/USD	06/15/2011	DUB	PHP	25,926		590			(10	)
PHP/USD	06/15/2011	CIT	PHP	38,430		875			(25	)
PHP/USD	06/15/2011	JPM	PHP	21,770		496			(4	)
PHP/USD	06/15/2011	JPM	PHP	40,320		918			18
PHP/USD	06/15/2011	JPM	PHP	22,460		511			11
PHP/USD	11/15/2011	CIT	PHP	38,790		883			(17	)
PHP/USD	11/15/2011	CIT	PHP	34,716		790			(10	)
PHP/USD	11/15/2011	CIT	PHP	36,975		842			(9	)
PHP/USD	11/15/2011	DUB	PHP	37,443		852			2
PHP/USD	11/15/2011	JPM	PHP	22,050		502			2
PHP/USD	11/15/2011	CIT	PHP	21,945		499			(1	)
PHP/USD	11/15/2011	CIT	PHP	17,820		406			6
PHP/USD	11/15/2011	JPM	PHP	17,748		404			4
PHP/USD	11/15/2011	CIT	PHP	22,105		503			3
SGD/USD	01/14/2011	JPM	SGD	480		374			8
SGD/USD	01/14/2011	JPM	SGD	480		374			7
SGD/USD	01/14/2011	JPM	SGD	484		377			10
SGD/USD	01/14/2011	JPM	SGD	659		513			13
SGD/USD	02/24/2011	MSC	SGD	2,622		2,043			43
SGD/USD	02/24/2011	MSC	SGD	129		100			—
SGD/USD	02/24/2011	CIT	SGD	257		200			—
SGD/USD	03/09/2011	JPM	SGD	514		401			1
SGD/USD	03/09/2011	JPM	SGD	386		301			1
SGD/USD	03/09/2011	JPM	SGD	1,426		1,111			11
SGD/USD	03/09/2011	JPM	SGD	2,103		1,639			38
SGD/USD	03/09/2011	MSC	SGD	1,586		1,236			36
SGD/USD	06/09/2011	DUB	SGD	1,200		935			15
SGD/USD	06/09/2011	DUB	SGD	658		513			7
SGD/USD	06/09/2011	JPM	SGD	1,162		905			5
SGD/USD	06/09/2011	JPM	SGD	773		602			2
SGD/USD	06/09/2011	CIT	SGD	515		401			1
SGD/USD	06/09/2011	CIT	SGD	386		301			1
SGD/USD	06/09/2011	JPM	SGD	450		351			1
SGD/USD	06/09/2011	JPM	SGD	1,820		1,418			18
SGD/USD	06/09/2011	JPM	SGD	905		705			5
SGD/USD	06/09/2011	JPM	SGD	655		510			10
TWD/USD	04/06/2011	DUB	TWD	2,500		86			4
TWD/USD	04/06/2011	BOA	TWD	3,523		121			5
TWD/USD	04/06/2011	JPM	TWD	3,615		124			5
USD/AUD	01/28/2011	BNP	AUD	(20)		(20	)		(1	)
USD/EUR	01/06/2011	CIT	EUR	(29,895)		(39,949	)		498
USD/EUR	01/25/2011	CIT	EUR	(146)		(195	)		7
USD/EUR	01/25/2011	CIT	EUR	(1,156)		(1,545	)		46
USD/EUR	01/25/2011	DUB	EUR	(250)		(334	)		(3	)
USD/EUR	01/25/2011	JPM	EUR	(207)		(277	)		(5	)
USD/EUR	01/25/2011	JPM	EUR	(63)		(84	)		(2	)
USD/EUR	01/25/2011	BNP	EUR	(325)		(434	)		(8	)
USD/EUR	01/25/2011	BNP	EUR	(3,483)		(4,654	)		(90	)
USD/EUR	01/25/2011	BOA	EUR	(63)		(84	)		(1	)
USD/EUR	01/25/2011	JPM	EUR	(800)		(1,069	)		—
USD/EUR	01/25/2011	JPM	EUR	(700)		(935	)		(9	)
USD/EUR	01/25/2011	JPM	EUR	(800)		(1,069	)		(12	)
USD/EUR	01/25/2011	JPM	EUR	(996)		(1,331	)		5

Purchased/ Sold	Settlement Date	Counter- Party		Notional Amount	Value			Unrealized Gain/ (Loss)
JNL/PIMCO Total Return Bond Fund (continued)
USD/EUR	01/25/2011	BNP	EUR	(800)	$	(1,069	)	$	(9)
USD/EUR	01/25/2011	MSC	EUR	(600)		(802	)		(8)
USD/EUR	01/25/2011	BOA	EUR	(1,593)		(2,129	)		(33)
USD/EUR	01/25/2011	BNP	EUR	(300)		(401	)		(7)
USD/EUR	01/25/2011	BNP	EUR	(686)		(917	)		(19)
USD/EUR	01/25/2011	UBS	EUR	(612)		(818	)		(15)
USD/EUR	01/25/2011	MSC	EUR	(499)		(667	)		(5)
USD/GBP	03/21/2011	DUB	GBP	(2,289)		(3,567	)		4
USD/INR	01/12/2011	JPM	INR	(168,696)		(3,767	)		(78)
USD/JPY	01/14/2011	DUB	JPY	(1,518,250)		(18,702	)		(658)
USD/JPY	01/24/2011	JPM	JPY	(6,440,000)		(79,339	)		(543)
USD/JPY	01/24/2011	DUB	JPY	(6,670,000)		(82,172	)		(608)
USD/JPY	03/14/2011	CIT	JPY	(660,000)		(8,135	)		(227)
USD/KRW	01/19/2011	JPM	KRW	(11,629,523)		(10,238	)		(166)
USD/SGD	01/14/2011	JPM	SGD	(2,103)		(1,638	)		(38)
ZAR/USD	01/28/2011	JPM	ZAR	37,406		5,657			226
ZAR/USD	01/28/2011	MSC	ZAR	5,574		843			43
ZAR/USD	01/28/2011	JPM	ZAR	5,578		844			44
ZAR/USD	01/28/2011	JPM	ZAR	8,012		1,212			112
ZAR/USD	04/28/2011	JPM	ZAR	6,970		1,041			41
ZAR/USD	04/28/2011	MSC	ZAR	6,977		1,042			42
ZAR/USD	09/13/2011	MSC	ZAR	2,280		337			37
ZAR/USD	09/13/2011	UBS	ZAR	5,320		787			87
					$	18,389		$	1,521
JNL/T.Rowe Price Short-Term Bond Fund
CNY/USD	12/16/2011	JPM	CNY	55,585	$	8,448		$	(88	)

See accompanying Notes to the Financial Statements.

JNL Series Trust

Notes to Schedules of Investments (in thousands)

December 31, 2010

Schedule of Interest Rate Swap Agreements
Counterparty	Floating Rate Index	Paying/Receiving Floating Rate	Fixed Rate	Expiration Date		Notional Amount1		Unrealized Appreciation / (Depreciation)
JNL/Goldman Sachs Core Plus Bond Fund
BBP	6-Month EURIBOR	Paying	4.26%	04/23/2020	EUR		14,860	$	48
BBP	6-Month EURIBOR	Paying	4.27%	05/12/2020	EUR		3,690		12
BBP	6-Month EURIBOR	Paying	4.27%	05/14/2020	EUR		6,280		21
BBP	6-Month EURIBOR	Receiving	4.09%	04/23/2040	EUR		4,450		(185	)
BBP	6-Month EURIBOR	Receiving	3.94%	05/12/2040	EUR		1,030		(15	)
BBP	6-Month EURIBOR	Receiving	3.94%	05/14/2040	EUR		1,880		(26	)
BBP	British Pound 6-Month LIBOR	Receiving	2.59%	11/03/2015	GBP		5,130		(12	)
BBP	British Pound 6-Month LIBOR	Paying	3.49%	11/03/2020	GBP		8,840		1
BBP	British Pound 6-Month LIBOR	Receiving	3.87%	11/03/2025	GBP		4,450		(22	)
BOA	3-Month LIBOR	Receiving	1.63%	11/05/2014			46,700		851
BOA	3-Month LIBOR	Receiving	2.12%	11/23/2014			40,400		398
BOA	3-Month LIBOR	Paying	2.75%	11/05/2017			39,000		(1,496	)
BOA	3-Month LIBOR	Paying	3.59%	11/23/2019			36,100		(845	)
BOA	3-Month LIBOR	Receiving	3.57%	11/05/2022			10,700		591
BOA	3-Month LIBOR	Receiving	3.16%	02/15/2026			8,600		697
BOA	3-Month LIBOR	Receiving	4.21%	11/23/2027			13,000		355
BOA	3-Month LIBOR	Receiving	3.75%	06/15/2041			4,900		381
CIT	6-Month EURIBOR	Paying	2.10%	11/05/2015	EUR		6,250		(154	)
CIT	6-Month EURIBOR	Paying	4.29%	04/23/2020	EUR		14,850		70
CIT	6-Month EURIBOR	Paying	4.35%	05/14/2020	EUR		9,920		76
CIT	6-Month EURIBOR	Receiving	4.12%	04/23/2040	EUR		4,460		(213	)
CIT	6-Month EURIBOR	Receiving	4.04%	05/14/2040	EUR		2,920		(100	)
CIT	British Pound 6-Month LIBOR	Paying	1.75%	06/15/2014	GBP		7,150		13
CST	3-Month LIBOR	Receiving	4.25%	12/17/2013			160		(6	)
CST	6-Month EURIBOR	Paying	3.76%	08/06/2020	EUR		4,050		(99	)
CST	6-Month EURIBOR	Receiving	3.63%	08/06/2040	EUR		1,100		44
CST	British Pound 6-Month LIBOR	Paying	1.50%	06/15/2013	GBP		3,940		23
CST	British Pound 6-Month LIBOR	Paying	1.75%	06/15/2014	GBP		5,680		(17	)
DUB	3-Month LIBOR	Receiving	1.65%	11/02/2014			94,600		1,681
DUB	3-Month LIBOR	Receiving	1.75%	06/15/2016			23,000		585
DUB	3-Month LIBOR	Paying	2.75%	11/02/2017			79,100		(3,023	)
DUB	3-Month LIBOR	Receiving	2.25%	06/15/2018			11,800		(113	)
DUB	3-Month LIBOR	Receiving	2.51%	10/15/2020			5,500		373
DUB	3-Month LIBOR	Receiving	2.75%	06/15/2021			11,700		(21	)
DUB	3-Month LIBOR	Receiving	2.75%	06/15/2021			11,700		(58	)
DUB	3-Month LIBOR	Receiving	2.75%	06/15/2021			14,900		(100	)
DUB	3-Month LIBOR	Receiving	2.75%	06/15/2021			11,700		9
DUB	3-Month LIBOR	Receiving	3.54%	11/02/2022			21,700		1,242
DUB	3-Month LIBOR	Receiving	3.09%	02/15/2026			8,300		745
DUB	3-Month LIBOR	Paying	3.75%	06/15/2041			4,500		(94	)
DUB	3-Month LIBOR	Receiving	3.75%	06/15/2041			10,000		689
DUB	6-Month EURIBOR	Receiving	2.25%	06/15/2016	EUR		1,290		7
DUB	Brazil Interbank Deposit Rate	Paying	11.45%	01/02/2012	BRL		22,510		(51	)
DUB	Brazil Interbank Deposit Rate	Paying	11.51%	01/02/2012	BRL		56,000		(110	)
DUB	KRW 3-month CD Rate	Paying	2.82%	01/28/2011	KRW		2,437,000		—
DUB	KRW 3-month CD Rate	Paying	3.87%	06/12/2011	KRW		1,400,000		6
DUB	KRW 3-month CD Rate	Paying	3.69%	06/26/2011	KRW		7,020,000		22
DUB	KRW 3-month CD Rate	Paying	3.62%	07/06/2011	KRW		2,923,122		15
DUB	KRW 3-month CD Rate	Paying	3.63%	07/07/2011	KRW		4,883,824		25
JPM	3-Month LIBOR	Paying	3.75%	06/15/2041			5,500		(121	)
JPM	6-Month EURIBOR	Paying	3.65%	08/07/2020	EUR		3,750		(113	)
JPM	6-Month EURIBOR	Paying	3.53%	08/10/2020	EUR		7,570		(279	)
JPM	6-Month EURIBOR	Receiving	3.54%	08/07/2040	EUR		1,030		58
JPM	6-Month EURIBOR	Receiving	3.42%	08/10/2040	EUR		2,070		165
JPM	Brazil Interbank Deposit Rate	Paying	12.26%	01/02/2013	BRL		55,160		28
JPM	Brazil Interbank Deposit Rate	Paying	12.19%	01/02/2013	BRL		12,240		(1	)
JPM	British Pound 6-Month LIBOR	Paying	1.75%	06/15/2014	GBP		1,440		(18	)
JPM	KRW 3-month CD Rate	Paying	2.83%	01/28/2011	KRW		2,369,000		1
JPM	KRW 3-month CD Rate	Paying	3.90%	06/15/2011	KRW		2,300,000		10
JPM	KRW 3-month CD Rate	Paying	3.72%	06/22/2011	KRW		6,700,000		23
JPM	KRW 3-month CD Rate	Paying	3.66%	07/08/2011	KRW		2,322,820		12

See accompanying Notes to the Financial Statements.

JNL Series Trust

Notes to Schedules of Investments (in thousands)

December 31, 2010

Schedule of Interest Rate Swap Agreements
Counterparty	Floating Rate Index	Paying/Receiving Floating Rate		Fixed Rate		Expiration Date			Notional Amount1		Unrealized Appreciation / (Depreciation)
JNL/Goldman Sachs Core Plus Bond Fund (continued)
RBC	3-Month Canadian Bankers Acceptance Rate		Receiving		2.14%		11/03/2015	CAD		7,080	$	124
RBC	3-Month Canadian Bankers Acceptance Rate		Receiving		2.11%		11/04/2015	CAD		10,730		201
RBC	6-Month EURIBOR		Paying		2.12%		11/08/2015	EUR		9,430		(223	)
RBS	British Pound 6-Month LIBOR		Paying		1.50%		06/15/2013	GBP		14,790		17
											$	2,104
JNL/Goldman Sachs Emerging Markets Debt Fund
BOA	3-Month South Africa Johannesburg Interbank Rate		Paying		7.42%		02/13/2012	ZAR		200,000	$	657
BOA	3-Month South Africa Johannesburg Interbank Rate		Paying		7.02%		04/09/2012	ZAR		100,000		292
DUB	3-Month South Africa Johannesburg Interbank Rate		Paying		7.36%		02/01/2012	ZAR		195,300		625
CIT	6-Month Poland Warsaw Interbank Rate		Paying		4.60%		06/28/2012	PLN		75,000		565
DUB	6-Month Poland Warsaw Interbank Rate		Paying		4.89%		03/12/2012	PLN		56,649		605
DUB	6-Month Poland Warsaw Interbank Rate		Paying		4.75%		03/22/2012	PLN		85,000		815
DUB	6-Month Poland Warsaw Interbank Rate		Paying		4.43%		06/14/2012	PLN		29,000		191
DUB	6-Month Poland Warsaw Interbank Rate		Paying		4.41%		06/14/2012	PLN		100,000		645
DUB	6-Month Poland Warsaw Interbank Rate		Paying		4.58%		06/29/2012	PLN		79,810		590
DUB	6-Month Poland Warsaw Interbank Rate		Paying		4.66%		09/28/2012	PLN		157,870		(4	)
CIT	6-Month Sinacofi Chile Interbank Rate		Paying		5.24%		12/15/2014	CLP		3,000,000		(11	)
DUB	6-Month Sinacofi Chile Interbank Rate		Paying		2.65%		03/19/2012	CLP		6,000,000		(256	)
DUB	6-Month Sinacofi Chile Interbank Rate		Paying		4.03%		07/29/2012	CLP		12,050,000		(17	)
DUB	6-Month Sinacofi Chile Interbank Rate		Paying		4.19%		08/20/2012	CLP		4,300,000		(9	)
DUB	6-Month Sinacofi Chile Interbank Rate		Paying		4.15%		08/20/2012	CLP		2,900,000		(12	)
DUB	6-Month Sinacofi Chile Interbank Rate		Paying		4.12%		09/04/2012	CLP		6,733,000		(33	)
DUB	6-Month Sinacofi Chile Interbank Rate		Paying		5.04%		11/18/2014	CLP		1,780,000		(26	)
JPM	6-Month Sinacofi Chile Interbank Rate		Paying		4.95%		04/20/2015	CLP		3,000,000		(80	)
BBP	Brazil Interbank Deposit Rate		Paying		11.34%		01/02/2012	BRL		230,610		(599	)
DUB	Brazil Interbank Deposit Rate		Paying		11.77%		01/02/2012	BRL		150,000		73
DUB	Brazil Interbank Deposit Rate		Paying		11.52%		01/02/2012	BRL		178,100		(342	)
DUB	Brazil Interbank Deposit Rate		Paying		11.51%		01/02/2012	BRL		18,000		(36	)
BOA	Mexican Interbank Rate		Paying		7.48%		12/17/2020	MXN		286,510		257
DUB	Mexican Interbank Rate		Paying		7.56%		12/04/2020	MXN		119,510		174
											$	4,064
JNL/PIMCO Real Return Fund
BCL	Brazil Interbank Deposit Rate		Paying		10.68%		01/02/2012	BRL		5,700	$	(1	)
HSB	Brazil Interbank Deposit Rate		Paying		14.77%		01/02/2012	BRL		300		17
JPM	Brazil Interbank Deposit Rate		Paying		11.25%		01/02/2012	BRL		6,000		(17	)
JPM	Brazil Interbank Deposit Rate		Paying		12.17%		01/02/2013	BRL		28,900		111
MLC	Brazil Interbank Deposit Rate		Paying		12.54%		01/02/2012	BRL		5,000		168
MLC	Brazil Interbank Deposit Rate		Paying		12.54%		01/02/2012	BRL		15,300		474
MLC	Brazil Interbank Deposit Rate		Paying		14.77%		01/02/2012	BRL		1,400		81
MSS	Brazil Interbank Deposit Rate		Paying		11.63%		01/02/2012	BRL		4,300		21
MSS	Brazil Interbank Deposit Rate		Paying		11.60%		01/02/2012	BRL		50,000		363
MSS	Brazil Interbank Deposit Rate		Paying		11.98%		01/02/2013	BRL		7,000		37
UBS	Brazil Interbank Deposit Rate		Paying		12.07%		01/02/2013	BRL		45,300		459
DUB	British Pound Retail Price Index		Paying		3.45%		09/15/2012	GBP		1,000		(10	)
											$	1,703
JNL/PIMCO Total Return Bond Fund
DUB	3-Month Australian Bank Bill		Paying		4.50%		06/15/2011	AUD		20,700	$	(75	)
DUB	3-Month Australian Bank Bill		Paying		4.50%		06/15/2011	AUD		1,800		(9	)
BOA	3-Month LIBOR		Receiving		4.25%		06/15/2041			9,000		(114	)
MSS	3-Month LIBOR		Receiving		4.25%		06/15/2041			6,100		(21	)
MSS	3-Month LIBOR		Receiving		4.25%		06/15/2041			30,200		(573	)
MSS	3-Month LIBOR		Receiving		4.25%		06/15/2041			12,700		(168	)
STA	6-Month Australian Bank Bill		Paying		4.25%		09/15/2011	AUD		15,500		(212	)
BCL	Brazil Interbank Deposit Rate		Paying		10.60%		01/02/2012	BRL		1,500		3
CST	Brazil Interbank Deposit Rate		Paying		12.48%		01/02/2013	BRL		2,000		8
GSB	Brazil Interbank Deposit Rate		Paying		10.84%		01/02/2012	BRL		12,900		60
HSB	Brazil Interbank Deposit Rate		Paying		10.61%		01/02/2012	BRL		1,400		3
HSB	Brazil Interbank Deposit Rate		Paying		14.77%		01/02/2012	BRL		300		16
JPM	Brazil Interbank Deposit Rate		Paying		12.07%		01/02/2013	BRL		6,400		(3	)

See accompanying Notes to the Financial Statements.

JNL Series Trust

Notes to Schedules of Investments (in thousands)

December 31, 2010

Schedule of Interest Rate Swap Agreements

Counterparty

Floating Rate Index

Paying/Receiving Floating Rate

Fixed Rate

Expiration Date

Notional Amount1

Unrealized Appreciation / (Depreciation)

JNL/PIMCO Total Return Bond Fund (continued)

JPM

Brazil Interbank Deposit Rate

Paying

12.17%

01/02/2013

BRL

30,000

$

113

JPM

Brazil Interbank Deposit Rate

Paying

12.17%

01/02/2013

BRL

49,800

198

JPM

Brazil Interbank Deposit Rate

Paying

12.17%

01/02/2013

BRL

2,000

8

JPM

Brazil Interbank Deposit Rate

Paying

12.07%

01/02/2013

BRL

10,800

2

JPM

Brazil Interbank Deposit Rate

Paying

12.20%

01/02/2014

BRL

9,900

84

JPM

Brazil Interbank Deposit Rate

Paying

12.20%

01/02/2014

BRL

6,700

59

MLC

Brazil Interbank Deposit Rate

Paying

11.98%

01/02/2012

BRL

4,700

92

MLC

Brazil Interbank Deposit Rate

Paying

12.54%

01/02/2012

BRL

6,600

236

MLC

Brazil Interbank Deposit Rate

Paying

14.77%

01/02/2012

BRL

500

29

MLC

Brazil Interbank Deposit Rate

Paying

14.77%

01/02/2012

BRL

200

11

MLC

Brazil Interbank Deposit Rate

Paying

11.14%

01/02/2012

BRL

73,100

645

MLC

Brazil Interbank Deposit Rate

Paying

10.99%

01/02/2012

BRL

2,000

8

MLC

Brazil Interbank Deposit Rate

Paying

10.99%

01/02/2012

BRL

4,600

21

MLC

Brazil Interbank Deposit Rate

Paying

10.99%

01/02/2012

BRL

15,000

61

MLC

Brazil Interbank Deposit Rate

Paying

14.77%

01/02/2012

BRL

300

16

MLC

Brazil Interbank Deposit Rate

Paying

11.90%

01/02/2013

BRL

2,700

(1

)

MLC

Brazil Interbank Deposit Rate

Paying

11.90%

01/02/2013

BRL

19,800

120

MLC

Brazil Interbank Deposit Rate

Paying

11.90%

01/02/2013

BRL

6,000

22

MLC

Brazil Interbank Deposit Rate

Paying

11.90%

01/02/2013

BRL

10,400

17

MLC

Brazil Interbank Deposit Rate

Paying

11.90%

01/02/2013

BRL

19,900

8

MSS

Brazil Interbank Deposit Rate

Paying

11.63%

01/02/2012

BRL

3,700

15

MSS

Brazil Interbank Deposit Rate

Paying

11.63%

01/02/2012

BRL

27,600

106

MSS

Brazil Interbank Deposit Rate

Paying

11.63%

01/02/2012

BRL

38,000

135

MSS

Brazil Interbank Deposit Rate

Paying

11.98%

01/02/2013

BRL

10,100

37

MSS

Brazil Interbank Deposit Rate

Paying

12.59%

01/02/2013

BRL

86,800

762

MSS

Brazil Interbank Deposit Rate

Paying

12.59%

01/02/2013

BRL

22,600

110

MSS

Brazil Interbank Deposit Rate

Paying

11.89%

01/02/2014

BRL

6,300

3

MSS

Brazil Interbank Deposit Rate

Paying

11.89%

01/02/2014

BRL

10,500

7

UBS

Brazil Interbank Deposit Rate

Paying

10.58%

01/02/2012

BRL

3,500

22

UBS

Brazil Interbank Deposit Rate

Paying

10.58%

01/02/2012

BRL

1,900

12

JPM

Mexican Interbank Rate

Paying

7.33%

01/28/2015

MXN

73,400

221

$

2,094

¹Notional amount is stated in USD unless otherwise noted.

See accompanying Notes to the Financial Statements.

JNL Series Trust

Notes to Schedules of Investments (in thousands)

December 31, 2010

Schedule of Credit Default Swap Agreements

Counterparty	Reference Obligation	Implied Credit Spread 4			Fixed Received / Pay Rate 6		Expiration Date		Notional Amount 1, 5			Value			Unrealized Appreciation / (Depreciation)
JNL/Goldman Sachs Core Plus Bond Fund
Credit default swap agreements - sell protection2
DUB	CDX.NA.HY.15		4.30	%		5.00%		12/20/2015	$	(12,000	)	$	353		$	25
JPM	CDX.NA.HY.15		4.30	%		5.00%		12/20/2015		(12,000	)		353			7
DUB	Metlife Inc., 5.00%, 06/15/2015		1.44	%		1.00%		03/20/2015		(2,000	)		(35	)		41
DUB	Metlife Inc., 5.00%, 06/15/2015		1.56	%		1.00%		09/20/2015		(1,000	)		(24	)		35
JPM	Prudential Financial Inc., 4.50%, 07/15/2013		1.29	%		1.00%		06/20/2015		(825	)		(10	)		41
									$	(27,825	)	$	637		$	149
JNL/PIMCO Real Return Fund
Credit default swap agreements - sell protection2
DUB	American International Group Inc., 6.25%, 05/01/2036		1.28	%		5.00%		12/20/2013	$	(8,300	)	$	895		$	1,572
DUB	CDX.EM-14		2.00	%		5.00%		12/20/2015		(3,800	)		519			(41	)
MSS	CDX.EM-14		2.00	%		5.00%		12/20/2015		(27,700	)		3,779			(154	)
STA	CDX.EM-14		2.00	%		5.00%		12/20/2015		(2,800	)		382			(15	)
BNP	CDX.NA.IG.15		0.85	%		1.00%		12/20/2015		(5,900	)		41			(9	)
DUB	Federated Republic of Brazil, 12.25%, 03/06/2030		1.40	%		1.00%		06/20/2020		(4,200	)		(135	)		3
JPM	Federated Republic of Brazil, 12.25%, 03/06/2030		1.40	%		1.00%		06/20/2015		(1,600	)		(2	)		15
BOA	French Republic, 4.25%, 04/25/2019		1.00	%		0.25%		06/20/2015		(2,800	)		(90	)		(37	)
BOA	French Republic, 4.25%, 04/25/2019		1.06	%		0.25%		12/20/2015		(2,800	)		(107	)		(50	)
BOA	French Republic, 4.25%, 04/25/2019		1.06	%		0.25%		12/20/2015		(3,900	)		(149	)		(42	)
CIT	French Republic, 4.25%, 04/25/2019		1.06	%		0.25%		12/20/2015		(1,800	)		(69	)		(19	)
DUB	French Republic, 4.25%, 04/25/2019		1.00	%		0.25%		06/20/2015		(1,100	)		(35	)		—
JPM	French Republic, 4.25%, 04/25/2019		1.00	%		0.25%		06/20/2015		(1,700	)		(55	)		4
JPM	French Republic, 4.25%, 04/25/2019		1.06	%		0.25%		12/20/2015		(1,100	)		(42	)		(20	)
DUB	ING N.V., 4.00%, 09/18/2013		1.67	%		1.40%		06/20/2011		(2,700	)		(5	)		(3	)
BOA	Japanese Government Bond, 2.00%, 03/21/2022		0.69	%		1.00%		12/20/2015		(4,800	)		71			(40	)
BOA	Japanese Government Bond, 2.00%, 03/21/2022		0.69	%		1.00%		12/20/2015		(1,600	)		24			(10	)
DUB	Japanese Government Bond, 2.00%, 03/21/2022		0.69	%		1.00%		12/20/2015		(1,700	)		25			(10	)
JPM	Japanese Government Bond, 2.00%, 03/21/2022		0.69	%		1.00%		12/20/2015		(1,600	)		24			(9	)
DUB	Petrobras International Finance Co., 8.38%, 12/10/2018		1.16	%		1.00%		09/20/2012		(500	)		(1	)		5
BOA	Republic of Italy, 6.88%, 09/27/2023		1.56	%		1.00%		06/20/2011		(300	)		(1	)		3
DUB	Republic of Italy, 6.88%, 09/27/2023		2.34	%		1.00%		06/20/2015		(400	)		(22	)		(13	)
DUB	Republic of Italy, 6.88%, 09/27/2023		2.37	%		1.00%		12/20/2015		(4,000	)		(244	)		(106	)
BOA	UK Gilt Treasury Bond, 4.25%, 06/07/2032		0.67	%		1.00%		06/20/2015		(2,900	)		42			5
CST	UK Gilt Treasury Bond, 4.25%, 06/07/2032		0.71	%		1.00%		12/20/2015		(4,500	)		61			(47	)
DUB	UK Gilt Treasury Bond, 4.25%, 06/07/2032		0.67	%		1.00%		06/20/2015		(2,700	)		39			13
DUB	UK Gilt Treasury Bond, 4.25%, 06/07/2032		0.67	%		1.00%		06/20/2015		(1,100	)		16			10
DUB	UK Gilt Treasury Bond, 4.25%, 06/07/2032		0.71	%		1.00%		12/20/2015		(1,700	)		23			(17	)
									$	(100,000	)	$	4,984		$	988
Credit default swap agreements - purchase protection3
CIT	GATX Corp., 5.80%, 03/01/2016		n/a			1.07%		03/20/2016	$	1,000		$	22		$	22
BNP	International Lease Finance Corporation, 6.63%, 11/15/2013		n/a			1.60%		12/20/2013		500			11			10
DUB	Knight, Inc., 6.50%, 09/01/2012		n/a			1.00%		03/20/2016		2,000			79			(10	)
MSC	Knight, Inc., 6.50%, 09/01/2012		n/a			1.00%		03/20/2016		3,000			119			(19	)
DUB	Macy’s Corp., 7.45%, 07/15/2017		n/a			2.10%		09/20/2017		1,000			(36	)		(37	)
DUB	Marsh & McLennan Companies, Inc., 5.75%, 09/15/2015		n/a			0.60%		09/20/2015		1,000			29			27
JPM	Pearson, 5.70%, 06/01/2014		n/a			0.83%		06/20/2014		1,000			(12	)		(12	)
BCL	REXAM PLC, 6.75%, 06/01/2013		n/a			1.45%		06/20/2013		700			(16	)		(16	)
DUB	Seagate Technology HDD Holdings, 6.80%, 10/01/2016		n/a			1.00%		12/20/2011		5,000			(25	)		(86	)
									$	15,200		$	171		$	(121	)
JNL/PIMCO Total Return Bond Fund
Credit default swap agreements - sell protection2
DUB	CDX.EM-12		1.88	%		5.00%		12/20/2014	$	(1,500	)	$	175		$	12
DUB	CDX.EM-13		1.95	%		5.00%		06/20/2015		(12,500	)		1,580			(86	)
MSS	CDX.EM.13		1.95	%		5.00%		06/20/2015		(4,100	)		518			36
BOA	CDX.EM.14		2.00	%		5.00%		12/20/2015		(5,000	)		682			(49	)
CIT	CDX.EM.14		2.00	%		5.00%		12/20/2015		(3,000	)		409			(5	)
DUB	CDX.EM.14		2.00	%		5.00%		12/20/2015		(7,900	)		1,078			77
JPM	CDX.EM.14		2.00	%		5.00%		12/20/2015		(1,700	)		232			8
MSS	CDX.EM.14		2.00	%		5.00%		12/20/2015		(3,300	)		450			33

See accompanying Notes to the Financial Statements.

JNL Series Trust

Notes to Schedules of Investments (in thousands)

December 31, 2010

Schedule of Credit Default Swap Agreements

Counterparty	Reference Obligation	Implied Credit Spread4			Fixed Received / Pay Rate6		Expiration Date		Notional Amount1,5			Value			Unrealized Appreciation / (Depreciation)
JNL/PIMCO Total Return Bond Fund (continued)
Credit default swap agreements - sell protection2 (continued)
STA	CDX.EM.14		2.00	%		5.00%		12/20/2015	$	(2,000	)	$	273		$	(6	)
CIT	CDX.HY-8 35-100%		0.07	%		0.40%		06/20/2012		(963	)		5			5
CIT	CDX.HY-8 35-100%		0.07	%		0.36%		06/20/2012		(4,815	)		20			21
DUB	CDX.HY.15		4.30	%		5.00%		12/20/2015		(26,500	)		780			426
MSS	CDX.HY.15		4.30	%		5.00%		12/20/2015		(5,800	)		171			213
STA	CDX.HY.15		4.30	%		5.00%		12/20/2015		(3,200	)		94			124
DUB	CDX.IG-10 30-100%		0.16	%		0.53%		06/20/2013		(1,350	)		12			12
GSI	CDX.IG-10 30-100%		0.16	%		0.46%		06/20/2013		(1,736	)		13			13
DUB	CDX.IG-9 30-100%		0.10	%		0.71%		12/20/2012		(7,137	)		86			88
GSI	CDX.IG-9 30-100%		0.38	%		0.55%		12/20/2017		(1,447	)		16			16
BNP	CDX.IG.15		0.85	%		1.00%		12/20/2015		(6,500	)		45			41
JPM	CDX.IG.15		0.85	%		1.00%		12/20/2015		(20,300	)		141			98
MSS	CDX.IG.15		0.85	%		1.00%		12/20/2015		(4,800	)		33			25
CIT	CDX.NA.HY.15		4.30	%		5.00%		12/20/2015		(600	)		18			20
CIT	CDX.NA.HY.15		4.30	%		5.00%		12/20/2015		(4,600	)		135			240
JPM	CDX.NA.HY.15		4.30	%		5.00%		12/20/2015		(16,400	)		483			348
BOA	CDX.NA.IG.15		0.85	%		1.00%		12/20/2015		(70,100	)		488			525
CIT	CDX.NA.IG.15		0.85	%		1.00%		12/20/2015		(14,900	)		104			141
DUB	CDX.NA.IG.15		0.85	%		1.00%		12/20/2015		(21,500	)		150			212
STA	CDX.NA.IG.15		0.85	%		1.00%		12/20/2015		(9,200	)		64			(4	)
DUB	Federated Republic of Brazil, 12.25%, 03/06/2030		1.03	%		1.00%		06/20/2015		(500	)		(1	)		4
DUB	Federated Republic of Brazil, 12.25%, 03/06/2030		1.03	%		1.00%		06/20/2015		(2,000	)		(3	)		18
JPM	Federated Republic of Brazil, 12.25%, 03/06/2030		1.06	%		1.00%		09/20/2015		(2,000	)		(5	)		12
MLI	Federated Republic of Brazil, 12.25%, 03/06/2030		1.12	%		1.95%		04/20/2016		(100	)		4			5
MSC	Federated Republic of Brazil, 12.25%, 03/06/2030		1.03	%		1.00%		06/20/2015		(600	)		(1	)		5
STA	Federated Republic of Brazil, 12.25%, 03/06/2030		1.06	%		1.00%		09/20/2015		(1,000	)		(3	)		5
STA	French Republic, 4.25%, 04/25/2019		1.06	%		0.25%		12/20/2015		(2,400	)		(91	)		(43	)
BNP	General Electric Capital Corp., 6.00%, 06/15/2012		0.52	%		0.78%		03/20/2011		(700	)		—			1
BOA	General Electric Capital Corp., 5.63%, 09/15/2017		1.33	%		1.00%		12/20/2015		(2,400	)		(37	)		7
BOA	General Electric Capital Corp., 5.63%, 09/15/2017		1.33	%		1.00%		12/20/2015		(2,400	)		(37	)		6
CIT	General Electric Capital Corp., 5.63%, 09/15/2017		0.52	%		5.00%		06/20/2011		(1,000	)		21			53
CIT	General Electric Capital Corp., 5.63%, 09/15/2017		1.06	%		4.33%		12/20/2013		(800	)		76			77
CIT	General Electric Capital Corp., 5.63%, 09/15/2017		1.06	%		4.80%		12/20/2013		(600	)		65			66
DUB	General Electric Capital Corp., 5.63%, 09/15/2017		0.52	%		1.00%		03/20/2011		(2,000	)		2			14
DUB	General Electric Capital Corp., 6.00%, 06/15/2012		0.52	%		0.80%		06/20/2011		(3,700	)		5			6
DUB	General Electric Capital Corp., 6.00%, 06/15/2012		0.52	%		1.50%		09/20/2011		(300	)		2			2
DUB	General Electric Capital Corp., 5.63%, 09/15/2017		1.06	%		4.90%		12/20/2013		(1,100	)		123			125
DUB	General Electric Capital Corp., 5.63%, 09/15/2017		1.36	%		1.00%		03/20/2016		(100	)		(2	)		4
GSI	General Electric Capital Corp., 5.63%, 09/15/2017		0.52	%		8.00%		03/20/2011		(1,000	)		16			19
MSC	General Electric Capital Corp., 5.63%, 09/15/2017		0.52	%		1.00%		09/20/2011		(1,300	)		5			22
DUB	Japan 20 Year Government Bond, 2.00%, 03/21/2022		0.59	%		1.00%		03/20/2015		(500	)		8			2
JPM	Japan 20 Year Government Bond, 2.00%, 03/21/2022		0.59	%		1.00%		03/20/2015		(900	)		15			3
BNP	Merrill Lynch & Co., 5.00%, 01/15/2015		0.82	%		1.00%		09/20/2011		(1,900	)		3			4
BOA	People’s Republic of China, 4.75%, 10/29/2013		0.61	%		1.00%		06/20/2015		(2,800	)		48			(1	)
BOA	People’s Republic of China, 4.75%, 10/29/2013		0.61	%		1.00%		06/20/2015		(1,000	)		17			(1	)
DUB	Republic of Indonesia, 6.75%, 03/10/2014		1.22	%		1.00%		09/20/2015		(500	)		(5	)		6
MSC	Republic of Panama, 8.88%, 09/30/2027		0.53	%		0.75%		01/20/2012		(200	)		1			1
STA	U.S. Treasury Bond, 4.88%, 08/15/2016		0.38	%		0.25%		09/20/2015		(11,100	)		(90	)		72
DUB	UK Gilt Treasury Bond, 4.25%, 06/07/2032		0.62	%		1.00%		12/20/2014		(700	)		10			4
DUB	UK Gilt Treasury Bond, 4.25%, 06/07/2032		0.67	%		1.00%		06/20/2015		(4,900	)		71			11
JPM	UK Gilt Treasury Bond, 4.25%, 06/07/2032		0.62	%		1.00%		12/20/2014		(200	)		3			2
JPM	UK Gilt Treasury Bond, 4.25%, 06/07/2032		0.64	%		1.00%		03/20/2015		(2,700	)		40			24
JPM	UK Gilt Treasury Bond, 4.25%, 06/07/2032		0.64	%		1.00%		03/20/2015		(1,300	)		19			11
JPM	UK Gilt Treasury Bond, 4.25%, 06/07/2032		0.67	%		1.00%		06/20/2015		(7,900	)		114			18
JPM	UK Gilt Treasury Bond, 4.25%, 06/07/2032		0.71	%		1.00%		12/20/2015		(1,000	)		14			(10	)
MSC	UK Gilt Treasury Bond, 4.25%, 06/07/2032		0.62	%		1.00%		12/20/2014		(300	)		5			2
MSC	UK Gilt Treasury Bond, 4.25%, 06/07/2032		0.67	%		1.00%		06/20/2015		(4,900	)		71			11
BOA	United Mexican States, 7.50%, 04/08/2033		1.08	%		1.00%		09/20/2015		(300	)		(1	)		3
CIT	United Mexican States, 7.50%, 04/08/2033		1.08	%		1.00%		09/20/2015		(700	)		(2	)		7
DUB	United Mexican States, 7.50%, 04/08/2033		1.02	%		1.00%		03/20/2015		(3,600	)		(2	)		77

See accompanying Notes to the Financial Statements.

JNL Series Trust

Notes to Schedules of Investments (in thousands)

December 31, 2010

Schedule of Credit Default Swap Agreements

Counterparty	Reference Obligation	Implied Credit Spread4			Fixed Received/ Pay Rate6			Expiration Date		Notional Amount1,5			Value			Unrealized Appreciation / (Depreciation)
JNL/PIMCO Total Return Bond Fund (continued)
Credit default swap agreements - sell protection 2 (continued)
JPM	United Mexican States, 7.50%, 04/08/2033		1.13	%		0.92	%		03/20/2016	$	(500	)	$	(5	)	$	(4	)
										$	(336,748	)	$	8,728		$	3,234

¹Notional amount is stated in USD unless otherwise noted.

²If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay the buyer of protection an amount equal to the notional amount of the referenced obligation and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap agreement less the recovery value of the reference obligation or underlying securities comprising the referenced index.

³If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the referenced obligation agreement and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap agreement less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

⁴Implied credit spreads, represented in absolute terms, utilized in determining the value of credit default swap agreements on corporate issues, sovereign issues of an emerging market country, credit indices or U.S. municipal issues serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

⁵The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs is limited to the total notional amount which is defined under the terms of each swap agreement.

⁶If the Fund is a buyer of protection, the Fund pays the fixed rate. If the Fund is a seller of protection, the Fund receives the fixed rate.

See accompanying Notes to the Financial Statements.

JNL Series Trust

Notes to Schedules of Investments (in thousands)

December 31, 2010

Schedule of Total Return Swap Agreements

Counterparty	Reference Entity	Paying/ Receiving Reference Entity Total Return	Expiration Date		Notional Amount1		Unrealized Appreciation / (Depreciation)
JNL/Goldman Sachs Emerging Markets Debt Fund
CGM	* Egyptian T-Bill, 0.00%, 02/08/2011	N/A	02/10/2011	EGP		31,000	$	(24	)
DUB	* Egyptian T-Bill, 0.00%, 02/01/2011	N/A	02/01/2011	EGP		73,000		285
							$	261
JNL/Ivy Asset Strategy Fund
GSC	* Brazil Bovespa Index February 2011 Future	N/A	02/17/2011	BRL		—	$	(4	)
GSC	* Brazil Bovespa Index February 2011 Future	N/A	02/17/2011	BRL		—		(37	)
GSC	* Brazil Bovespa Index February 2011 Future	N/A	02/17/2011	BRL		—		4
MSC	* Brazil Bovespa Index February 2011 Future	N/A	02/17/2011	BRL		—		11
							$	(26	)

¹Notional amount is stated in USD unless otherwise noted.

* Swap agreement fair valued in good faith in accordance with procedures established by the Board. Fair valued securities may be classified as Level 2 or Level 3 for FASB ASC Topic 820 disclosures based on the applicable valuation inputs. See FASB ASC Topic 820 note in these Notes to the Schedule of Investments.

Counterparty	Abbreviations
BANCAMERICA SECURITIES/BANK OF AMERICA NA	BOA
BARCLAYS CAPITAL INC.	BCL
BARCLAYS BANK PLC	BBP
BNP PARIBAS SECURITIES	BNP
BNY CAPITAL MARKETS	BNY
CITIBANK, INC.	CIT
CITICORP SECURITIES, INC.	CCI
CITIGROUP GLOBAL MARKETS(FRMRLY SALOMON)	CGM
CREDIT SUISSE INTERNATIONAL	CST
CREDIT SUISSE SECURITIES, LLC	CSI
DEUTSCHE BANK ALEX BROWN INC.	DUB
GOLDMAN SACHS & CO.	GSC
GOLDMAN SACHS BANK USA	GSB
GOLDMAN SACHS INTERNATIONAL	GSI
HSBC SECURITIES, INC.	HSB
J.P. MORGAN	JPM
J.P. MORGAN SECURITIES, INC.	JPM
MERRILL LYNCH CAPITAL SERVICES	MLC
MERRILL LYNCH INTERNATIONAL	MLI
MERRILL LYNCH PROFESSIONAL CLEARING CORP	MLP
MERRILL LYNCH, PIERCE, FENNER, & SMITH	MLP
MORGAN STANLEY & CO., INCORPORATED	MSC
MORGAN STANLEY CAPITAL SERVICES INC.	MSS
NOMURA SECURITIES INTERNATIONAL, INC.	NSI
ROYAL BANK OF CANADA	RBC
ROYAL BANK OF SCOTLAND	RBS
STATE STREET BROKERAGE SERVICES, INC.	SSB
UBS SECURITIES LLC	UBS
UBS AG STAMFORD	STA
WESTPAC BANKING CORPORATION	WBC

See accompanying Notes to the Financial Statements.

JNL Series Trust

Notes to Schedules of Investments (in thousands)

December 31, 2010

Pledged or Segregated Collateral – The following table summarizes cash and securities collateral pledged for futures contracts and reverse repurchase agreements or segregated for securities sold short, swap agreements and delayed delivery securities:

	Futures Contracts				Reverse Repurchase		Securities Sold Short		Swap Agreements				Delayed Delivery		Total Pledged or Segregated
	Pledged Cash		Pledged Securities		Segregated Securities		Segregated Securities		Segregated or Pledged Cash		Segregated Securities		Segregated Securities		Cash and Securities
JNL/Goldman Sachs Core Plus Bond Fund	$	-	$	3,935	$	-	$	-	$	1,174	$	-	$	-	$	5,109
JNL/Goldman Sachs Emerging Markets Debt Fund		-		-		-		-		750		-		-		750
JNL/Goldman Sachs U.S. Equity Flex Fund		-		-		-		107,241		-		-		-		107,241
JNL/Ivy Asset Strategy Fund		-		-		-		-		-		832		-		832
JNL/Mellon Capital Management S&P 500 Index Fund		-		1,295		-		-		-		-		-		1,295
JNL/Mellon Capital Management S&P 400 Mid Cap Index Fund		-		940		-		-		-		-		-		940
JNL/Mellon Capital Management Small Cap Index Fund		-		895		-		-		-		-		-		895
JNL/Mellon Capital Management International Index Fund		-		1,709		-		-		-		-		-		1,709
JNL/Mellon Capital Management Global Alpha Fund		-		8,597		-		-		-		-		-		8,597
JNL/PIMCO Real Return Fund		29		2,576		114,235		-		-		1,749		570		119,159
JNL/PIMCO Total Return Bond Fund		10		6,973		110,305		-		-		1,918		-		119,206

Reverse Repurchase Agreements – The average daily balance of reverse repurchase agreements (in thousands) and the weighted average interest rate for the year ended December 31, 2010 were as follows: JNL/PIMCO Real Return Fund, $140,231, 0.24% and JNL/PIMCO Total Return Bond Fund, $75,254, 0.19%.

At December 31, 2010 reverse repurchase agreements outstanding were as follows:

	Repurchase Amount		Counterparty	Interest Rate		Maturity Date
JNL/PIMCO Real Return Fund	$	57,947	CSI		0.24%		1/28/2011
		56,452	CGM		0.25%		2/28/2011
JNL/PIMCO Total Return Bond Fund		27,840	BNP		0.25%		1/12/2011
		82,363	DUB		0.25%		1/21/2011

See accompanying Notes to the Financial Statements.

JNL Series Trust

Notes to the Schedules of Investments (in thousands)

December 31, 2010

FASB ASC Topic 815, “Derivatives and Hedging” – The following is a summary of the fair valuations of each Fund’s derivative instruments categorized by risk exposure. The derivative instruments outstanding as of December 31, 2010, as disclosed in these Notes to the Schedules of Investments and the amounts of realized and changes in unrealized gains and losses on derivative instruments during the year ended December 31, 2010, as disclosed in the Statements of Operations, serve as indicators of the volume of derivative activity for the Funds. See Note 4 in the Notes to Financial Statements for additional FASB ASC Topic 815 disclosures.

JNL/Goldman Sachs Core Plus Bond Fund

Fair values of derivative instruments on the Statements of Assets and Liabilities as of December 31, 2010:

	Credit Contracts		Equity Contracts			Foreign Exchange Contracts			Interest Rate Contracts			Total				Credit Contracts		Equity Contracts			Foreign Exchange Contracts			Interest Rate Contracts		Total
Assets:															Liabilities:
Forward foreign currency contracts	$	-	$	-		$	2,020		$	-		$	2,020		Forward foreign currency contracts	$	-	$	-		$	2,807		$	-	$	2,807
Swap premiums paid		707		-			-			5,004			5,711		Swap premiums received		162		-			-			1,129		1,291
Unrealized appreciation on swap agreements		149		-			-			9,619			9,768		Unrealized depreciation on swap agreements		-		-			-			7,515		7,515
Variation margin		-		-			-			825			825		Variation margin		-		-			-			3		3
	$	856	$	-		$	2,020		$	15,448		$	18,324			$	162	$	-		$	2,807		$	8,647	$	11,616
The effect of derivative instruments on the Statements of Operations for the year ended December 31, 2010:
Net realized gain (loss) on:															Net change in unrealized appreciation or depreciation on:
Foreign currency related items	$	-	$	-		$	(2,136	)	$	-		$	(2,136	)	Foreign currency related items	$	-	$	-		$	(838	)	$	-	$	(838	)
Futures contracts		-		-			-			5,883			5,883		Futures contracts		-		-			-			629		629
Swap agreements		192		-			-			72			264		Swap agreements		437		-			-			914		1,351
	$	192	$	-		$	(2,136	)	$	5,955		$	4,011			$	437	$	-		$	(838	)	$	1,543	$	1,142
JNL/Goldman Sachs Emerging Markets Debt Fund
Fair values of derivative instruments on the Statements of Assets and Liabilities as of December 31, 2010:
	Credit Contracts		Equity Contracts			Foreign Exchange Contracts			Interest Rate Contracts			Total				Credit Contracts		Equity Contracts			Foreign Exchange Contracts			Interest Rate Contracts		Total
Assets:															Liabilities:
Forward foreign currency contracts	$	-	$	-		$	9,706		$	-		$	9,706		Forward foreign currency contracts	$	-	$	-		$	10,386		$	-	$	10,386
Swap premiums paid		-		-			-			17,509			17,509		Swap premiums received		-		-			-			-		-
Unrealized appreciation on swap agreements		-		-			-			5,774			5,774		Unrealized depreciation on swap agreements		-		-			-			1,449		1,449
	$	-	$	-		$	9,706		$	23,283		$	32,989			$	-	$	-		$	10,386		$	1,449	$	11,835
The effect of derivative instruments on the Statements of Operations for the year ended December 31, 2010:
Net realized gain (loss) on:															Net change in unrealized appreciation or depreciation on:
Foreign currency related items	$	-	$	-		$	4,191		$	-		$	4,191		Foreign currency related items	$	-	$	-		$	(1,723	)	$	-	$	(1,723	)
Swap agreements		-		-			-			(1,048	)		(1,048	)	Swap agreements		-		-			-			4,339		4,339
	$	-	$	-		$	4,191		$	(1,048	)	$	3,143			$	-	$	-		$	(1,723	)	$	4,339	$	2,616
JNL/Ivy Asset Strategy Fund
Fair values of derivative instruments on the Statements of Assets and Liabilities as of December 31, 2010:
	Credit Contracts		Equity Contracts			Foreign Exchange Contracts			Interest Rate Contracts			Total				Credit Contracts		Equity Contracts			Foreign Exchange Contracts			Interest Rate Contracts		Total
Assets:															Liabilities:
Investments - unaffiliated, at value	$	-	$	6,638		$	-		$	-		$	6,638		Options written, at value	$	-	$	1,808		$	-		$	-	$	1,808
Forward foreign currency contracts		-		-			-			-			-		Forward foreign currency contracts		-		-			3,797			-		3,797
Unrealized appreciation on													-		Unrealized depreciation on		-		41			-			-		41
swap agreements		-		15			-			-			15		swap agreements		-		-			-			-		-
Variation margin		-		-			-			-			-		Variation margin	$	-	$	1,849		$	3,797		$	-	$	5,646
	$	-	$	6,653		$	-		$	-		$	6,653
The effect of derivative instruments on the Statements of Operations for the year ended December 31, 2010:
Net realized gain (loss) on:															Net change in unrealized appreciation or depreciation on:
Foreign currency related items	$	-	$	-		$	(2,051	)	$	-		$	(2,051	)	Foreign currency related items	$	-	$	-		$	(3,797	)	$	-	$	(3,797	)
Futures contracts		-		(55,537	)		-			-			(55,537	)	Futures contracts †		-		-			-			-		-
Option contracts		-		(6,668	)		(130	)		-			(6,798	)	Option contracts* †		-		(265	)		-			-		(265	)
Swap agreements		-		524			-			-			524		Swap agreements		-		(24	)		-			-		(24	)
	$	-	$	(61,681	)	$	(2,181	)	$	-		$	(63,862	)		$	-	$	(289	)	$	(3,797	)	$	-	$	(4,086	)
JNL/JPMorgan International Value Fund
Fair values of derivative instruments on the Statements of Assets and Liabilities as of December 31, 2010:
	Credit Contracts		Equity Contracts			Foreign Exchange Contracts			Interest Rate Contracts			Total				Credit Contracts		Equity Contracts			Foreign Exchange Contracts			Interest Rate Contracts		Total
Assets:															Liabilities:
Forward foreign currency contracts	$	-	$	-		$	5,552		$	-		$	5,552		Forward foreign currency contracts	$	-	$	-		$	1,290		$	-	$	1,290
Variation margin		-		-			-			-			-		Variation margin		-		-			-			-		-
	$	-	$	-		$	5,552		$	-		$	5,552			$	-	$	-		$	1,290		$	-	$	1,290
The effect of derivative instruments on the Statements of Operations for the year ended December 31, 2010:
Net realized gain (loss) on:															Net change in unrealized appreciation or depreciation on:
Foreign currency related items	$	-	$	-		$	5,819		$	-		$	5,819		Foreign currency related items	$	-	$	-		$	4,185		$	-	$	4,185
Futures contracts		-		171			-			-			171		Futures contracts		-		56			-			-		56
	$	-	$	171		$	5,819		$	-		$	5,990			$	-	$	56		$	4,185		$	-	$	4,241

† The Fund did not hold any open derivative instruments in this category at December 31, 2009.

* Includes change in unrealized appreciation (depreciation) on purchased and written options. Unrealized appreciation (depreciation) on purchased options is located in net change in unrealized appreciation (depreciation) on investments . in the Statements of Operations. Unrealized appreciation (depreciation) on written options is located in net change in unrealized appreciation (depreciation) on written options contracts on the Statement of Operations.

See accompanying Notes to the Financial Statements.

JNL Series Trust

Notes to the Schedules of Investments (in thousands)

December 31, 2010

FASB ASC Topic 815, “Derivatives and Hedging”

JNL/Mellon Capital Management International Index Fund

Fair values of derivative instruments on the Statements of Assets and Liabilities as of December 31, 2010:

	Credit Contracts			Equity Contracts		Foreign Exchange Contracts			Interest Rate Contracts			Total				Credit Contracts		Equity Contracts			Foreign Exchange Contracts		Interest Rate Contracts			Total
Assets:															Liabilities:
Forward foreign currency contracts	$	-		$	-	$	921		$	-		$	921		Forward foreign currency contracts	$	-	$	-		$	452	$	-		$452
Variation margin		-			-		-			-			-		Variation margin		-		100			-		-		100
	$	-		$	-	$	921		$	-		$	921			$	-	$	100		$	452	$	-		$552
The effect of derivative instruments on the Statements of Operations for the year ended December 31, 2010:
Net realized gain (loss) on:															Net change in unrealized appreciation or depreciation on:
Foreign currency related items	$	-		$	-	$	(219	)	$	-		$	(219	)	Foreign currency related items	$	-	$	-		$	1,060	$	-		$1,060
Futures contracts		-			609		-			-			609		Futures contracts		-		(406	)		-		-		(406)
	$	-		$	609	$	(219	)	$	-		$	390			$	-	$	(406	)	$	1,060	$	-		$654
JNL/Mellon Capital Management Global Alpha Fund
Fair values of derivative instruments on the Statements of Assets and Liabilities as of December 31, 2010:
	Credit Contracts			Equity Contracts		Foreign Exchange Contracts			Interest Rate Contracts			Total				Credit Contracts		Equity Contracts			Foreign Exchange Contracts		Interest Rate Contracts			Total
Assets:															Liabilities:
Forward foreign currency contracts	$	-		$	-	$	4,209		$	-		$	4,209		Forward foreign currency contracts	$	-	$	-		$	1,440	$	-		$1,440
Variation margin		-			111		-			336			447		Variation margin		-		306			-		247		553
	$	-		$	111	$	4,209		$	336		$	4,656			$	-	$	306		$	1,440	$	247		$1,993
The effect of derivative instruments on the Statements of Operations for the year ended December 31, 2010:
Net realized gain (loss) on:															Net change in unrealized appreciation or depreciation on:
Foreign currency related items	$	-		$	-	$	2,847		$	-		$	2,847		Foreign currency related items	$	-	$	-		$	2,929	$	-		$2,929
Futures contracts		-			860		-			4,908			5,768		Futures contracts		-		(451	)		-		(1,142	)	(1,593)
	$	-		$	860	$	2,847		$	4,908		$	8,615			$	-	$	(451	)	$	2,929	$	(1,142	)	$1,336
JNL/PIMCO Real Return Fund
Fair values of derivative instruments on the Statements of Assets and Liabilities as of December 31, 2010:
	Credit Contracts			Equity Contracts		Foreign Exchange Contracts			Interest Rate Contracts			Total				Credit Contracts		Equity Contracts			Foreign Exchange Contracts		Interest Rate Contracts			Total
Assets:															Liabilities:
Investments - unaffiliated, at value	$	-		$	-	$	-		$	-		$	-		Options written, at value	$	46	$	-		$	-	$	4,757		$4,803
Forward foreign currency contracts		-			-		1,070			-			1,070		Forward foreign currency contracts		-		-			1,294		-		1,294
Swap premiums paid		4,923			-		-			327			5,250		Swap premiums received		612		-			-		218		830
Unrealized appreciation on swap agreements		1,689			-		-			1,731			3,420		Unrealized depreciation on swap agreements		822		-			-		28		850
Variation margin		-			-		-			56			56		Variation margin		-		-			-		-		-
	$	6,612		$	-	$	1,070		$	2,114		$	9,796			$	1,480	$	-		$	1,294	$	5,003		$7,777
The effect of derivative instruments on the Statements of Operations for the year ended December 31, 2010:
Net realized gain (loss) on:															Net change in unrealized appreciation or depreciation on:
Foreign currency related items	$	-		$	-	$	(3,447	)	$	-		$	(3,447	)	Foreign currency related items	$	-	$	-		$	62	$	-		$62
Futures contracts		-			-		-			3,162			3,162		Futures contracts		-		-			-		(1,220	)	(1,220)
Written option contracts		78			-		236			4,842			5,156		Written option contracts		72		-			-		(1,687	)	(1,615)
Swap agreements		(483	)		-		-			(5,020	)		(5,503	)	Swap agreements		1,988		-			-		1,125		3,113
	$	(405	)	$	-	$	(3,211	)	$	2,984		$	(632	)		$	2,060	$	-		$	62	$	(1,782	)	$340
JNL/PIMCO Total Return Bond Fund
Fair values of derivative instruments on the Statements of Assets and Liabilities as of December 31, 2010:
	Credit Contracts			Equity Contracts		Foreign Exchange Contracts			Interest Rate Contracts			Total				Credit Contracts		Equity Contracts			Foreign Exchange Contracts		Interest Rate Contracts			Total
Assets:															Liabilities:
Investments - unaffiliated, at value	$	-		$	-	$	-		$	-		$	-		Options written, at value	$	4	$	-		$	-	$	9,634		$9,638
Forward foreign currency contracts		-			-		4,866			-			4,866		Forward foreign currency contracts		-		-			3,345		-		3,345
Swap premiums paid		5,787			-		-			935			6,722		Swap premiums received		419		-			-		214		633
Unrealized appreciation on swap agreements		3,443			-		-			3,270			6,713		Unrealized depreciation on swap agreements		209		-			-		1,176		1,385
Variation margin		-			-		-			812			812		Variation margin		-		-			-		-		-
	$	9,230		$	-	$	4,866		$	5,017		$	19,113			$	632	$	-		$	3,345	$	11,024		$15,001
The effect of derivative instruments on the Statements of Operations for the year ended December 31, 2010:
Net realized gain (loss) on:															Net change in unrealized appreciation or depreciation on:
Foreign currency related items	$	-		$	-	$	(2,679	)	$	-		$	(2,679	)	Foreign currency related items	$	-	$	-		$	110	$	-		$110
Futures contracts		-			-		-			36,193			36,193		Futures contracts		-		-			-		(2,822	)	(2,822)
Written option contracts		86			-		215			10,353			10,654		Written option contracts		6		-			-		(2,795	)	(2,789)
Swap agreements		3,502			-		-			(9,509	)		(6,007	)	Swap agreements		2,345		-			-		5,792		8,137
	$	3,588		$	-	$	(2,464	)	$	37,037		$	38,161			$	2,351	$	-		$	110	$	175		$2,636

See accompanying Notes to the Financial Statements.

JNL Series Trust

Notes to the Schedules of Investments (in thousands)

December 31, 2010

Summary of Investments by Country (as a percentage of total long-term investments)* :

JNL/BlackRock Commodity Securities Fund

JNL/Capital Guardian Global Balanced Fund

JNL/Capital Guardian Global Diversified Research Fund

JNL/Franklin Templeton Global Growth Fund

JNL/Franklin Templeton Income Fund

JNL/Franklin Templeton International Small Cap Growth Fund

JNL/Franklin Templeton Mutual Shares Fund

JNL/Goldman Sachs Core Plus Bond Fund

Argentina

–

%

0.1

%

–

%

–

%

–

%

–

%

–

%

0.2

%

Australia

1.2

2.3

3.2

0.3

1.4

–

–

1.0

Austria

–

0.3

–

0.5

–

2.3

–

–

Barbados

0.4

–

–

–

–

–

–

–

Belgium

–

0.2

–

–

–

4.8

–

–

Bermuda

–

0.3

0.1

–

–

5.5

0.4

–

Brazil

1.6

1.9

1.2

0.7

–

–

–

0.3

Canada

13.3

2.9

4.7

–

2.3

3.4

0.5

1.3

Cayman Islands

–

0.2

–

–

0.2

–

–

0.3

China

0.5

1.6

3.3

0.4

–

–

–

–

Colombia

–

0.1

–

–

–

–

–

–

Croatia

–

0.2

–

–

–

–

–

–

Denmark

–

1.2

1.0

–

–

–

1.8

1.4

Dominican Republic

–

0.1

–

–

–

–

–

–

Egypt

–

–

–

–

–

–

–

–

Finland

–

0.4

1.3

–

–

–

–

–

France

11.3

2.5

4.8

7.3

–

8.2

3.8

0.5

Germany

–

7.7

3.9

5.2

0.8

0.4

3.8

2.4

Greece

0.1

–

–

–

–

3.5

–

–

Hong Kong

0.9

2.3

4.2

1.7

–

–

0.4

–

Hungary

–

0.3

–

–

–

–

–

–

India

–

2.1

0.9

0.7

–

–

–

–

Indonesia

–

0.4

0.3

–

–

–

–

–

Iraq

–

0.1

–

–

–

–

–

–

Ireland

–

0.8

0.4

5.2

–

4.9

–

–

Israel

–

0.2

–

–

–

–

–

–

Italy

0.9

0.8

–

1.9

–

3.7

0.3

0.4

Japan

–

9.8

9.2

2.5

–

14.3

1.4

0.3

Luxembourg

–

0.5

–

–

–

–

–

0.3

Malaysia

–

1.3

0.3

–

–

–

–

–

Mexico

–

1.9

0.3

–

–

–

–

1.0

Netherlands

–

1.9

3.2

4.8

0.1

1.6

1.9

1.4

New Zealand

–

–

–

–

–

–

–

0.7

Norway

–

0.4

0.4

0.6

–

–

1.3

1.2

Panama

–

0.1

–

–

–

–

–

–

Peru

–

–

–

–

–

–

–

–

Poland

–

1.5

–

–

–

–

–

–

Qatar

–

–

–

–

–

–

–

0.5

Russian Federation

–

1.3

1.0

0.5

–

–

–

–

Singapore

–

0.6

0.5

2.0

–

4.0

–

–

South Africa

–

0.9

0.8

–

0.2

–

–

0.7

South Korea

–

2.7

2.1

4.2

–

1.6

–

–

Spain

–

0.2

–

1.2

0.6

–

1.4

–

Sweden

3.0

1.2

0.7

1.0

–

–

–

1.2

Switzerland

0.7

2.6

2.8

8.5

2.3

–

6.1

0.2

Taiwan

–

0.6

0.5

1.1

–

–

–

–

Thailand

–

0.1

–

–

–

–

–

–

Turkey

–

0.2

–

0.5

–

–

–

–

United Arab Emirates

–

0.2

–

–

–

–

–

0.1

United Kingdom

0.3

6.7

11.0

12.2

4.1

41.8

9.4

2.9

United States

65.8

36.2

37.9

37.0

88.0

–

67.5

81.6

Venezuela

–

0.1

–

–

–

–

–

0.1

Total Long-Term Investments

100.0

%

100.0

%

100.0

%

100.0

%

100.0

%

100.0

%

100.0

%

100.0

%

^*The Funds presented in the table are those which had greater than 10% of long-term investments in non-U.S securities at December 31, 2010.

JNL Series Trust

Notes to the Schedules of Investments (in thousands)

December 31, 2010

Summary of Investments by Country (as a percentage of total long-term investments)* :

JNL/Goldman Sachs Emerging Markets Debt Fund

JNL/Invesco Global Real Estate Fund

JNL/Invesco International Growth Fund

JNL/Invesco Large Cap Growth Fund

JNL/Ivy Asset Strategy Fund

JNL/JPMorgan International Value Fund

JNL/Lazard Emerging Markets Fund

JNL/M&G Global Basics Fund

JNL/M&G Global Leaders Fund

Argentina

2.5

%

–

%

–

%

–

%

–

%

–

%

–

%

–

%

–

%

Australia

–

8.9

7.5

–

0.7

1.5

–

16.8

3.2

Austria

–

0.3

–

–

–

1.1

–

3.0

–

Bahamas

0.6

–

–

–

–

–

–

–

–

Belgium

–

–

1.7

–

–

0.9

–

–

–

Bermuda

–

2.0

–

1.7

–

–

–

–

0.5

Brazil

12.2

0.3

2.5

–

3.5

–

21.5

0.8

1.3

Canada

–

3.6

5.5

4.5

–

1.5

1.8

5.2

2.7

Cayman Islands

–

0.8

–

2.2

2.0

–

–

–

–

Chile

0.3

–

–

–

–

–

–

–

–

China

–

–

1.5

–

4.8

–

2.1

–

–

Colombia

4.5

–

–

–

–

–

–

–

–

Denmark

–

–

1.9

–

0.3

–

–

–

–

Egypt

0.2

–

–

–

–

–

3.3

–

–

European Union

–

–

–

–

0.6

–

–

–

–

Finland

–

0.5

–

–

–

2.1

–

–

–

France

–

3.9

5.3

–

1.6

12.2

–

6.6

2.5

Germany

0.5

–

6.9

–

6.3

10.0

–

5.6

6.4

Hong Kong

4.0

14.5

1.8

–

6.2

3.3

0.6

2.2

4.2

Hungary

9.8

–

–

–

–

–

1.3

–

–

India

–

–

2.1

–

3.4

–

5.0

0.5

1.2

Indonesia

6.2

–

–

–

–

–

5.1

–

–

Ireland

–

–

–

1.0

–

–

–

2.3

1.9

Israel

–

–

2.2

0.6

–

–

–

–

–

Italy

–

0.2

–

–

0.1

0.9

–

–

–

Japan

–

12.1

10.2

–

–

20.7

–

1.2

8.2

Luxembourg

1.5

–

–

–

–

0.9

0.8

–

–

Macau

–

–

–

–

5.8

–

–

–

–

Malaysia

7.3

–

–

–

–

–

0.6

2.9

–

Malta

–

–

–

–

–

–

–

–

–

Mexico

11.4

–

3.8

1.0

–

–

7.0

–

–

Netherlands

–

2.2

5.1

–

0.8

9.9

–

–

4.2

Norway

–

–

–

–

1.4

2.5

–

–

–

Pakistan

–

–

–

–

–

–

1.3

–

–

Peru

0.6

–

–

–

–

–

–

–

–

Philippines

0.4

–

1.1

–

–

–

1.9

–

–

Poland

2.6

–

–

–

–

–

–

–

–

Russian Federation

1.7

–

1.1

–

–

–

5.2

2.4

–

Singapore

–

4.4

3.0

–

–

0.9

–

7.6

–

South Africa

15.8

–

–

–

–

0.9

11.7

–

–

South Korea

–

–

2.6

–

2.9

1.3

14.4

–

4.5

Spain

–

–

–

–

1.1

3.4

–

0.5

–

Sweden

–

0.7

1.6

–

1.9

–

–

–

–

Switzerland

–

0.7

8.0

0.3

2.2

2.5

–

2.4

3.1

Taiwan

–

–

2.4

–

–

0.9

7.9

–

–

Thailand

10.0

–

–

–

0.8

–

1.8

–

1.4

Turkey

5.3

–

0.9

–

–

–

6.7

–

–

United Arab Emirates

–

–

–

–

–

–

–

1.2

–

United Kingdom

–

5.5

20.8

–

4.1

22.6

–

16.4

7.6

United States

1.1

39.4

0.5

88.7

49.5

–

–

22.4

47.1

Venezuela

1.5

–

–

–

–

–

–

–

–

Total Long-Term Investments

100.0

%

100.0

%

100.0

%

100.0

%

100.0

%

100.0

%

100.0

%

100.0

%

100.0

%

^* The Funds presented in the table are those which had greater than 10% of long-term investments in non-U.S securities at December 31, 2010.

JNL Series Trust

Notes to the Schedules of Investments (in thousands)

December 31, 2010

Summary of Investments by Country (as a percentage of total long-term investments)* :

JNL/Mellon Capital Management European 30 Fund

JNL/Mellon Capital Management Pacific Rim 30 Fund

JNL/Mellon Capital Management International Index Fund

JNL/Oppenheimer Global Growth Fund

JNL/PAM Asia ex-Japan Fund

JNL/PAM China-India Fund

JNL/PIMCO Real Return Fund

JNL/PIMCO Total Return Bond Fund

Australia

–

%

22.2

%

8.8

%

–

%

–

%

–

%

3.8

%

0.1

%

Austria

–

–

0.3

–

–

–

–

–

Belgium

6.8

–

0.9

–

–

–

–

–

Bermuda

–

–

–

0.9

–

–

–

–

Brazil

–

–

–

2.0

–

–

–

0.8

Canada

–

–

–

–

–

–

0.3

1.2

Cayman Islands

–

–

–

–

–

–

0.2

0.6

Chile

–

–

–

–

–

–

–

0.2

China

–

–

–

–

12.1

30.8

–

–

Cyprus

–

–

–

–

–

–

–

–

Denmark

6.8

–

1.0

–

–

–

0.3

0.7

Egypt

–

–

–

–

–

–

–

–

European Monetary Unit

–

–

–

–

–

–

–

–

European Union

–

–

–

–

–

–

–

0.1

Finland

–

–

1.1

0.9

–

–

–

–

France

18.1

–

9.0

5.1

–

–

1.6

1.1

Germany

9.5

–

8.2

9.3

–

–

–

0.1

Greece

–

–

0.2

–

–

–

–

–

Guernsey

–

–

0.1

–

–

–

–

–

Hong Kong

–

19.6

2.7

–

23.9

19.2

–

–

India

–

–

–

2.3

12.3

50.0

–

0.1

Indonesia

–

–

–

–

3.1

–

–

–

Ireland

–

–

0.2

–

–

–

0.1

0.6

Israel

–

–

0.8

–

–

–

–

–

Italy

6.3

–

2.5

2.3

–

–

–

0.3

Japan

–

48.9

22.0

11.8

–

–

–

–

Jeresy

–

–

0.1

–

–

–

–

–

Luxembourg

–

–

0.5

–

–

–

0.1

–

Macau

–

–

0.1

–

–

–

–

–

Malaysia

–

–

–

–

3.3

–

–

–

Malta

–

–

–

–

–

–

–

–

Mauritius

–

–

–

–

–

–

–

–

Mexico

–

–

–

3.7

–

–

0.2

0.4

Mongolia

–

–

–

–

0.6

–

–

–

Netherlands

6.7

–

4.6

3.2

–

–

1.6

0.9

New Zealand

–

2.7

0.1

–

–

–

0.3

0.1

Norway

–

–

0.9

–

–

–

–

–

Panama

–

–

–

–

–

–

–

–

Philippines

–

–

–

–

0.9

–

–

–

Portugal

–

–

0.3

–

–

–

–

–

Qatar

–

–

–

–

–

–

–

–

Russian Federation

–

–

–

–

–

–

0.1

0.3

Singapore

–

3.2

1.7

–

5.2

–

–

–

South Africa

–

–

–

–

–

–

–

–

South Korea

–

–

–

0.2

21.1

–

–

0.6

Spain

2.4

–

3.3

2.3

–

–

0.7

0.5

Sweden

4.0

–

3.2

6.8

–

–

0.2

0.4

Switzerland

14.5

–

8.1

5.2

–

–

0.5

0.4

Taiwan

–

–

–

2.0

14.5

–

–

–

Thailand

–

–

–

–

3.0

–

–

–

United Kingdom

23.2

–

19.3

4.2

–

–

2.7

3.3

United States

1.7

3.4

–

37.8

–

–

87.3

87.2

Total Long-Term Investments

100.0

%

100.0

%

100.0

%

100.0

%

100.0

%

100.0

%

100.0

%

100.0

%

^* The Funds presented in the table are those which had greater than 10% of long-term investments in non-U.S securities at December 31, 2010.

JNL Series Trust

Notes to the Schedules of Investments

December 31, 2010

Summary of Investments by Country (as a percentage of total long-term investments)* :

	JNL/PPM America High Yield Bond Fund		JNL/Red Rocks Listed Private Equity Fund		JNL/T.Rowe Price Short- Term Bond Fund
Australia		1.1 %		–   %		2.0 %
Belgium		–		4.8		–
Bermuda		1.7		–		0.4
Brazil		0.3		1.6		0.1
Canada		2.7		7.8		2.3
Cayman Islands		1.0		2.2		–
France		0.2		9.7		1.3
Germany		0.2		1.7		1.4
Guernsey		–		9.3		–
Hong Kong		–		1.7		–
Ireland		0.2		–		–
Israel		–		–		0.2
Italy		0.1		0.8		1.2
Japan		–		2.0		–
Luxembourg		0.2		–		0.2
Mexico		0.8		–		0.7
Netherlands		0.5		3.4		0.7
New Zealand		–		–		0.2
Norway		–		2.2		1.0
South Korea		–		–		0.2
Spain		0.7		0.8		0.9
Sweden		–		7.0		0.4
Switzerland		0.1		2.6		1.0
United Arab Emirates		–		–		0.2
United Kingdom		0.9		22.9		3.6
United States		89.3		19.5		82.0
Total Long-Term Investments		100.0 %		100.0 %		100.0 %

^* The Funds presented in the table are those which had greater than 10% of long-term investments in non-U.S securities at December 31, 2010.

JNL Series Trust

Statements of Assets and Liabilities(in thousands, except net asset value per share)

December 31, 2010

	JNL/American Funds Blue Chip Income and Growth Fund			JNL/American Funds Global Bond Fund			JNL/American Funds Global Small Capitalization Fund		JNL/American Funds Growth- Income Fund		JNL/American Funds International Fund		JNL/American Funds New World Fund		JNL Institutional Alt 20 Fund
Assets
Investments - unaffiliated, at value (a) (d)	$	149,079		$	105,387		$	80,981	$	174,607	$	102,840	$	133,548	$	-
Investments - affiliated, at value (b)		-			-			-		-		-		-		615,135
Repurchase agreements (a)		-			-			-		-		-		-		-
Total investments, at value (c)		149,079			105,387			80,981		174,607		102,840		133,548		615,135
Cash		-			-			-		-		-		-		-
Foreign currency (e)		-			-			-		-		-		-		-
Receivable for investments sold		-			-			-		-		-		-		-
Receivable for fund shares sold		1,020			417			328		897		481		685		599
Receivable from adviser		51			45			37		51		42		80		-
Receivable for dividends and interest		-			-			-		-		-		-		-
Receivable for variation margin		-			-			-		-		-		-		-
Receivable for deposits with brokers		-			-			-		-		-		-		-
Receivable for deposits with counterparties		-			-			-		-		-		-		-
Unrealized appreciation on forward foreign currency contracts		-			-			-		-		-		-		-
Unrealized appreciation on swap agreements		-			-			-		-		-		-		-
Swap premiums paid		-			-			-		-		-		-		-
Other assets		-			-			-		-		-		-		-
Total assets		150,150			105,849			81,346		175,555		103,363		134,313		615,734
Liabilities
Cash overdraft		-			-			-		-		-		-		-
Payable for reverse repurchase agreements		-			-			-		-		-		-		-
Payable for advisory fees		79			58			46		89		65		105		72
Payable for administrative fees		17			12			9		19		12		15		25
Payable for 12b-1 fee (Class A)		28			20			16		32		19		25		-
Payable for investment securities purchased		984			374			297		841		453		613		412
Payable for fund shares redeemed		36			43			31		56		28		72		187
Payable for dividends on securities sold short		-			-			-		-		-		-		-
Payable for interest expense and brokerage charges		-			-			-		-		-		-		-
Payable for trustee fees		1			1			-		-		-		-		3
Payable for other expenses		-			-			-		1		-		-		1
Payable for variation margin		-			-			-		-		-		-		-
Payable for deposits from counterparties		-			-			-		-		-		-		-
Investment in securities sold short/forward sales commitments, at value (f)		-			-			-		-		-		-		-
Options written, at value (g)		-			-			-		-		-		-		-
Unrealized depreciation on forward foreign currency contracts		-			-			-		-		-		-		-
Unrealized depreciation on swap agreements		-			-			-		-		-		-		-
Swap premiums received		-			-			-		-		-		-		-
Payable upon return of securities loaned		-			-			-		-		-		-		-
Total liabilities		1,145			508			399		1,038		577		830		700
Net assets	$	149,005		$	105,341		$	80,947	$	174,517	$	102,786	$	133,483	$	615,034
Net assets consist of:
Paid-in capital	$	136,715		$	103,994		$	72,570	$	159,758	$	94,018	$	123,690	$	545,261
Undistributed (excess of distributions over) net investment income		1,893			2,372			419		1,730		1,241		1,268		7,819
Accumulated net realized gain (loss)		(314	)		150			11		-		126		-		733
Net unrealized appreciation (depreciation) on investments and foreign currency		10,711			(1,175	)		7,947		13,029		7,401		8,525		61,221
	$	149,005		$	105,341		$	80,947	$	174,517	$	102,786	$	133,483	$	615,034
Class A
Net assets	$	148,996		$	105,262		$	80,924	$	174,494	$	102,766	$	133,465	$	615,034
Shares outstanding (no par value), unlimited shares authorized		14,341			10,074			7,260		16,703		9,470		11,750		42,940
Net asset value per share	$	10.39		$	10.45		$	11.15	$	10.45	$	10.85	$	11.36	$	14.32
Class B
Net assets	$	9		$	79		$	23	$	23	$	20	$	18		n/a
Shares outstanding (no par value), unlimited shares authorized		1			8			2		2		2		2		n/a
Net asset value per share	$	10.41		$	10.47		$	11.16	$	10.46	$	10.87	$	11.37		n/a
(a)    Investments - unaffiliated, at cost	$	138,368		$	106,562		$	73,034	$	161,578	$	95,439	$	125,023	$	-
(b)    Investments - affiliated, at cost		-			-			-		-		-		-		553,914
(c)    Total investments, at cost	$	138,368		$	106,562		$	73,034	$	161,578	$	95,439	$	125,023	$	553,914
(d)    Including value of securities on loan		-			-			-		-		-		-		-
(e)    Foreign currency cost		-			-			-		-		-		-		-
(f)    Proceeds from securities sold short/forward sales commitments		-			-			-		-		-		-		-
(g)    Premiums from options written		-			-			-		-		-		-		-

See accompanying Notes to Financial Statements.

JNL Series Trust

Statements of Assets and Liabilities(in thousands, except net asset value per share)

December 31, 2010

	JNL Institutional Alt 35 Fund		JNL Institutional Alt 50 Fund		JNL Institutional Alt 65 Fund		JNL/BlackRock Commodity Securities Fund			JNL/BlackRock Global Allocation Fund			JNL/Capital Guardian Global Balanced Fund			JNL/Capital Guardian Global Diversified Research Fund
Assets
Investments - unaffiliated, at value (a) (d)	$	-	$	-	$	-	$	940,849		$	-		$	344,717		$	422,689
Investments - affiliated, at value (b)		885,592		1,077,783		728,524		240,516			179,646			30,112			24,367
Repurchase agreements (a)		-		-		-		-			-			-			-
Total investments, at value (c)		885,592		1,077,783		728,524		1,181,365			179,646			374,829			447,056
Cash		-		-		-		132			-			26			43
Foreign currency (e)		-		-		-		34			-			5			-
Receivable for investments sold		-		-		-		3,509			-			9			-
Receivable for fund shares sold		1,702		2,077		1,186		1,793			2,145			77			449
Receivable from adviser		-		-		-		-			73			-			-
Receivable for dividends and interest		-		-		-		282			-			1,914			535
Receivable for variation margin		-		-		-		-			-			-			-
Receivable for deposits with brokers		-		-		-		-			-			-			-
Receivable for deposits with counterparties		-		-		-		-			-			-			-
Unrealized appreciation on forward foreign currency contracts		-		-		-		-			-			284			-
Unrealized appreciation on swap agreements		-		-		-		-			-			-			-
Swap premiums paid		-		-		-		-			-			-			-
Other assets		-		-		-		-			-			-			-
Total assets		887,294		1,079,860		729,710		1,187,115			181,864			377,144			448,083
Liabilities
Cash overdraft		-		-		-		-			-			-			-
Payable for reverse repurchase agreements		-		-		-		-			-			-			-
Payable for advisory fees		93		108		80		504			100			194			261
Payable for administrative fees		36		44		29		119			17			45			54
Payable for 12b-1 fee (Class A)		-		-		-		159			22			59			73
Payable for investment securities purchased		1,414		1,672		849		7,000			2,055			3,579			55
Payable for fund shares redeemed		288		405		337		719			90			194			306
Payable for dividends on securities sold short		-		-		-		-			-			-			-
Payable for interest expense and brokerage charges		-		-		-		-			-			-			-
Payable for trustee fees		5		6		4		13			-			8			9
Payable for other expenses		2		2		1		2			-			13			10
Payable for variation margin		-		-		-		-			-			-			-
Payable for deposits from counterparties		-		-		-		-			-			-			-
Investment securities sold short/forward sales commitments, at value (f)		-		-		-		-			-			-			-
Options written, at value (g)		-		-		-		-			-			-			-
Unrealized depreciation on forward foreign currency contracts		-		-		-		-			-			147			-
Unrealized depreciation on swap agreements		-		-		-		-			-			-			-
Swap premiums received		-		-		-		-			-			-			-
Return of collateral for securities loaned		-		-		-		177,667			-			13,891			10,107
Total liabilities		1,838		2,237		1,300		186,183			2,284			18,130			10,875
Net assets	$	885,456	$	1,077,623	$	728,410	$	1,000,932		$	179,580		$	359,014		$	437,208
Net assets consist of:
Paid-in capital	$	771,427	$	942,370	$	638,738	$	920,587		$	176,125		$	367,136		$	465,915
Undistributed (excess of distributions over) net investment income		10,500		12,800		7,039		5,979			2,078			3,863			2,921
Accumulated net realized gain (loss)		1,462		2,215		2,657		(73,017	)		(3	)		(55,194	)		(102,735	)
Net unrealized appreciation (depreciation) on investments and foreign currency		102,067		120,238		79,976		147,383			1,380			43,209			71,107
	$	885,456	$	1,077,623	$	728,410	$	1,000,932		$	179,580		$	359,014		$	437,208
Class A
Net assets	$	885,456	$	1,077,623	$	728,410	$	1,000,238		$	179,560		$	358,593		$	436,897
Shares outstanding (no par value), unlimited shares authorized		58,816		69,581		45,336		90,784			17,352			37,658			18,808
Net asset value per share	$	15.05	$	15.49	$	16.07	$	11.02		$	10.35		$	9.52		$	23.23
Class B
Net assets		n/a		n/a		n/a	$	694		$	20		$	421		$	311
Shares outstanding (no par value), unlimited shares authorized		n/a		n/a		n/a		63			2			43			13
Net asset value per share		n/a		n/a		n/a	$	11.06		$	10.35		$	9.75		$	23.40
(a)    Investments - unaffiliated, at cost	$	-	$	-	$	-	$	793,452		$	-		$	301,652		$	351,575
(b)    Investments - affiliated, at cost		783,525		957,545		648,548		240,527			178,266			30,132			24,382
(c)    Total investments, at cost	$	783,525	$	957,545	$	648,548	$	1,033,979		$	178,266		$	331,784		$	375,957
(d)    Including value of securities on loan		-		-		-		177,133			-			13,346			9,714
(e)    Foreign currency cost		-		-		-		35			-			5			-
(f)     Proceeds from securities sold short/forward sales commitments		-		-		-		-			-			-			-
(g)    Premiums from options written		-		-		-		-			-			-			-

See accompanying Notes to Financial Statements.

JNL Series Trust

Statements of Assets and Liabilities(in thousands, except net asset value per share)

December 31, 2010

	JNL/Capital Guardian U.S. Growth Equity Fund			JNL/Eagle Core Equity Fund			JNL/Eagle SmallCap Equity Fund			JNL/Franklin Templeton Founding Strategy Fund			JNL/Franklin Templeton Global Growth Fund			JNL/ Franklin Templeton Income Fund			JNL/Franklin Templeton International Small Cap Growth Fund
Assets
Investments - unaffiliated, at value (a) (d)	$	842,315		$	197,980		$	584,039		$	-		$	446,212		$	985,928		$	201,687
Investments - affiliated, at value (b)		77,438			10,239			55,204			1,038,049			33,619			249,521			30,999
Repurchase agreements (a)		-			-			-			-			-			-			-
Total investments, at value (c)		919,753			208,219			639,243			1,038,049			479,831			1,235,449			232,686
Cash		32			-			-			-			4			95			-
Foreign currency (e)		-			-			-			-			595			11			2,837
Receivable for investments sold		-			-			-			-			-			2,736			251
Receivable for fund shares sold		1,746			342			1,238			1,537			859			1,180			346
Receivable from adviser		-			-			-			-			-			-			-
Receivable for dividends and interest		688			246			136			-			675			9,990			1,749
Receivable for variation margin		-			-			-			-			-			-			-
Receivable for deposits with brokers		-			-			-			-			-			-			-
Receivable for deposits with counterparties		-			-			-			-			-			-			-
Unrealized appreciation on forward foreign currency contracts		-			-			-			-			-			-			-
Unrealized appreciation on swap agreements		-			-			-			-			-			-			-
Swap premiums paid		-			-			-			-			-			-			-
Other assets		-			-			-			-			-			-			-
Total assets		922,219			208,807			640,617			1,039,586			481,964			1,249,461			237,869
Liabilities
Cash overdraft		-			-			-			-			-			-			-
Payable for reverse repurchase agreements		-			-			-			-			-			-			-
Payable for advisory fees		464			105			328			-			282			567			166
Payable for administrative fees		74			17			47			43			59			87			26
Payable for 12b-1 fee (Class A)		147			33			93			-			79			175			35
Payable for investment securities purchased		4,132			4,259			16,352			256			-			3,910			430
Payable for fund shares redeemed		709			145			570			1,281			507			966			81
Payable for dividends on securities sold short		-			-			-			-			-			-			-
Payable for interest expense and brokerage charges		-			-			-			-			-			-			-
Payable for trustee fees		14			5			9			22			10			19			3
Payable for other expenses		2			1			1			3			10			2			1
Payable for variation margin		-			-			-			-			-			-			-
Payable for deposits from counterparties		-			-			-			-			-			-			-
Investment securities sold short/forward sales commitments, at value (f)		-			-			-			-			-			-			-
Options written, at value (g)		-			-			-			-			-			-			-
Unrealized depreciation on forward foreign currency contracts		-			-			-			-			-			-			-
Unrealized depreciation on swap agreements		-			-			-			-			-			-			-
Swap premiums received		-			-			-			-			-			-			-
Return of collateral for securities loaned		21,708			714			33,287			-			5,276			181,595			23,122
Total liabilities		27,250			5,279			50,687			1,605			6,223			187,321			23,864
Net assets	$	894,969		$	203,528		$	589,930		$	1,037,981		$	475,741		$	1,062,140		$	214,005
Net assets consist of:
Paid-in capital	$	837,495		$	196,806		$	476,891		$	1,145,637		$	531,807		$	1,088,551		$	200,503
Undistributed (excess of distributions over) net investment income		1,458			1,252			92			15,748			4,626			49,325			3,211
Accumulated net realized gain (loss)		(106,145	)		(16,052	)		(25,560	)		(62,455	)		(49,492	)		(91,879	)		(12,019	)
Net unrealized appreciation (depreciation) on investments and foreign currency		162,161			21,522			138,507			(60,949	)		(11,200	)		16,143			22,310
	$	894,969		$	203,528		$	589,930		$	1,037,981		$	475,741		$	1,062,140		$	214,005
Class A
Net assets	$	894,742		$	203,409		$	589,399		$	1,037,981		$	475,458		$	1,061,794		$	213,824
Shares outstanding (no par value), unlimited shares authorized		42,215			27,742			26,940			117,604			58,809			105,127			26,181
Net asset value per share	$	21.19		$	7.33		$	21.88		$	8.83		$	8.08		$	10.10		$	8.17
Class B
Net assets	$	227		$	119		$	531			n/a		$	283		$	346		$	181
Shares outstanding (no par value), unlimited shares authorized		11			15			24			n/a			35			36			22
Net asset value per share	$	21.43		$	7.65		$	22.25			n/a		$	8.10		$	9.76		$	8.21
(a)    Investments - unaffiliated, at cost	$	680,127		$	176,458		$	445,505		$	-		$	457,426		$	969,743		$	179,400
(b)    Investments - affiliated, at cost		77,465			10,239			55,231			1,098,998			33,625			249,561			31,003
(c)    Total investments, at cost	$	757,592		$	186,697		$	500,736		$	1,098,998		$	491,051		$	1,219,304		$	210,403
(d)    Including value of securities on loan		21,146			699			32,287			-			5,076			177,233			22,186
(e)    Foreign currency cost		-			-			-			-			583			11			2,804
(f)    Proceeds from securities sold short/forward sales commitments		-			-			-			-			-			-			-
(g)    Premiums from options written		-			-			-			-			-			-			-

See accompanying Notes to Financial Statements.

JNL Series Trust

Statements of Assets and Liabilities(in thousands, except net asset value per share)

December 31, 2010

	JNL/Franklin Templeton Mutual Shares Fund			JNL/Franklin Templeton Small Cap Value Fund			JNL/Goldman Sachs Core Plus Bond Fund			JNL/Goldman Sachs Emerging Markets Debt Fund		JNL/Goldman Sachs Mid Cap Value Fund			JNL/Goldman Sachs U.S. Equity Flex Fund			JNL/Invesco Global Real Estate Fund
Assets
Investments - unaffiliated, at value (a) (d)	$	532,833		$	274,072		$	1,075,935		$	518,877	$	490,056		$	145,714		$	650,851
Investments - affiliated, at value (b)		73,425			30,672			427,793			211,959		31,802			4,931			39,619
Repurchase agreements (a)		-			-			-			-		-			-			-
Total investments, at value (c)		606,258			304,744			1,503,728			730,836		521,858			150,645			690,470
Cash		49			21			-			808		-			-			-
Foreign currency (e)		1,231			-			256			163		-			-			3,305
Receivable for investments sold		4,141			98			342,531			-		-			-			4,829
Receivable for fund shares sold		1,031			724			1,217			1,526		1,054			344			1,180
Receivable from adviser		-			-			-			-		-			-			-
Receivable for dividends and interest		1,051			177			5,417			9,571		734			189			2,415
Receivable for variation margin		-			-			825			-		-			-			-
Receivable for deposits with brokers		-			-			1,014			650		-			-			-
Receivable for deposits with counterparties		-			-			7,580			-		-			-			-
Unrealized appreciation on forward foreign currency contracts		1,605			-			2,020			9,706		-			-			-
Unrealized appreciation on swap agreements		-			-			9,768			5,774		-			-			-
Swap premiums paid		-			-			5,711			17,509		-			-			-
Other assets		17			-			-			-		-			-			-
Total assets		615,383			305,764			1,880,067			776,543		523,646			151,178			702,199
Liabilities
Cash overdraft		-			-			6,378			-		-			-			-
Payable for reverse repurchase agreements		-			-			-			-		-			-			-
Payable for advisory fees		366			200			515			448		294			77			377
Payable for administrative fees		49			24			90			94		41			14			80
Payable for 12b-1 fee (Class A)		99			48			180			125		81			19			107
Payable for investment securities purchased		5,065			-			701,756			-		7,980			214			8,540
Payable for fund shares redeemed		593			217			747			700		366			174			387
Payable for dividends on securities sold short		-			-			-			-		-			35			-
Payable for interest expense and brokerage charges		-			-			-			-		-			23			-
Payable for trustee fees		11			5			24			5		8			2			9
Payable for other expenses		10			1			3			2		1			-			10
Payable for variation margin		-			-			3			-		-			-			-
Payable for deposits from counterparties		-			-			7,580			-		-			-			-
Investment securities sold short/forward sales commitments, at value (f)		-			-			23,595			-		-			35,216			-
Options written, at value (g)		-			-			-			-		-			-			-
Unrealized depreciation on forward foreign currency contracts		3,350			-			2,807			10,386		-			-			-
Unrealized depreciation on swap agreements		-			-			7,515			1,449		-			-			-
Swap premiums received		-			-			1,291			-		-			-			-
Return of collateral for securities loaned		10,775			10,669			70,924			-		8,784			-			30,901
Total liabilities		20,318			11,164			823,408			13,209		17,555			35,774			40,411
Net assets	$	595,065		$	294,600		$	1,056,659		$	763,334	$	506,091		$	115,404		$	661,788
Net assets consist of:
Paid-in capital	$	632,120		$	253,283		$	1,013,728		$	683,668	$	453,493		$	108,790		$	668,455
Undistributed (excess of distributions over) net investment income		18,020			1,111			21,079			35,962		1,353			159			7,115
Accumulated net realized gain (loss)		(76,104	)		(8,125	)		27,666			19,504		(24,295	)		(3,883	)		(86,876	)
Net unrealized appreciation (depreciation) on investments and foreign currency		21,029			48,331			(5,814	)		24,200		75,540			10,338			73,094
	$	595,065		$	294,600		$	1,056,659		$	763,334	$	506,091		$	115,404		$	661,788
Class A
Net assets	$	594,707		$	294,200		$	1,056,413		$	762,892	$	496,550		$	115,234		$	661,172
Shares outstanding (no par value), unlimited shares authorized		70,163			26,700			87,021			55,904		46,840			14,075			77,799
Net asset value per share	$	8.48		$	11.02		$	12.14		$	13.65	$	10.60		$	8.19		$	8.50
Class B
Net assets	$	358		$	400		$	246		$	442	$	9,541		$	170		$	616
Shares outstanding (no par value), unlimited shares authorized		42			36			20			32		899			21			72
Net asset value per share	$	8.52		$	10.98		$	12.30		$	13.70	$	10.61		$	8.24		$	8.57
(a)    Investments - unaffiliated, at cost	$	510,100		$	225,725		$	1,081,343		$	498,466	$	414,505		$	133,023		$	577,810
(b)    Investments - affiliated, at cost		73,425			30,688			427,803			211,959		31,813			4,931			39,644
(c)    Total investments, at cost	$	583,525		$	256,413		$	1,509,146		$	710,425	$	446,318		$	137,954		$	617,454
(d)    Including value of securities on loan		10,536			10,270			69,753			-		8,482			-			29,741
(e)    Foreign currency cost		1,207			-			255			163		-			-			3,250
(f)    Proceeds from securities sold short/forward sales commitments		-			-			23,214			-		-			32,863			-
(g)    Premiums from options written		-			-			-			-		-			-			-

See accompanying Notes to Financial Statements.

JNL Series Trust

Statements of Assets and Liabilities(in thousands, except net asset value per share)

December 31, 2010

Assets	JNL/Invesco International Growth Fund			JNL/Invesco Large Cap Growth Fund			JNL/Invesco Small Cap Growth Fund		JNL/ Ivy Asset Strategy Fund			JNL/JPMorgan International Value Fund			JNL/JPMorgan MidCap Growth Fund			JNL/JPMorgan U.S. Government & Quality Bond Fund
Investments - unaffiliated, at value (a) (d)	$	549,879		$	888,774		$	145,867	$	863,129		$	590,665		$	226,924		$	878,305
Investments - affiliated, at value (b)		64,044			25,059			18,035		100,979			33,214			20,141			67,601
Repurchase agreements (a)		-			-			-		-			-			-			-
Total investments, at value (c)		613,923			913,833			163,902		964,108			623,879			247,065			945,906
Cash		69			-			-		3,224			-			-			-
Foreign currency (e)		246			40			-		3			983			-			-
Receivable for investments sold		63			3,985			639		15,660			-			1,058			387
Receivable for fund shares sold		1,040			1,487			199		2,067			1,107			251			899
Receivable from adviser		-			-			-		-			-			-			-
Receivable for dividends and interest		661			559			37		538			1,093			77			4,424
Receivable for variation margin		-			-			-		-			-			-			-
Receivable for deposits with brokers		-			-			-		-			-			-			-
Receivable for deposits with counterparties		-			-			-		-			-			-			-
Unrealized appreciation on forward foreign currency contracts		-			-			-		-			5,552			-			-
Unrealized appreciation on swap agreements		-			-			-		15			-			-			-
Swap premiums paid		-			-			-		-			-			-			-
Other assets		-			-			-		-			-			-			-
Total assets		616,002			919,904			164,777		985,615			632,614			248,451			951,616
Liabilities
Cash overdraft		-			-			-		-			-			-			-
Payable for reverse repurchase agreements		-			-			-		-			-			-			-
Payable for advisory fees		318			498			105		694			329			136			315
Payable for administrative fees		72			75			12		119			75			19			78
Payable for 12b-1 fee (Class A)		96			151			25		158			101			39			157
Payable for investment securities purchased		187			311			632		1,811			-			401			-
Payable for fund shares redeemed		461			884			124		1,312			688			229			760
Payable for dividends on securities sold short		-			-			-		-			-			-			-
Payable for interest expense and brokerage charges		-			-			-		-			-			-			-
Payable for trustee fees		15			18			3		4			18			6			19
Payable for other expenses		25			2			-		26			30			9			3
Payable for variation margin		-			-			-		-			-			-			-
Payable for deposits from counterparties		-			-			-		-			-			-			-
Investment securities sold short/forward sales commitments, at value (f)		-			-			-		-			-			-			-
Options written, at value (g)		-			-			-		1,808			-			-			-
Unrealized depreciation on forward foreign currency contracts		-			-			-		3,797			1,290			-			-
Unrealized depreciation on swap agreements		-			-			-		41			-			-			-
Swap premiums received		-			-			-		-			-			-			-
Return of collateral for securities loaned		26,335			6,252			13,463		-			22,138			15,041			31,427
Total liabilities		27,509			8,191			14,364		9,770			24,669			15,880			32,759
Net assets	$	588,493		$	911,713		$	150,413	$	975,845		$	607,945		$	232,571		$	918,857
Net assets consist of:
Paid-in capital	$	621,141		$	789,869		$	120,836	$	893,535		$	748,099		$	235,466		$	851,972
Undistributed (excess of distributions over) net investment income		4,486			1,496			32		3,233			14,217			(7	)		30,277
Accumulated net realized gain (loss)		(115,253	)		(25,681	)		369		(67,660	)		(215,786	)		(49,950	)		(999	)
Net unrealized appreciation (depreciation) on investments and foreign currency		78,119			146,029			29,176		146,737			61,415			47,062			37,607
	$	588,493		$	911,713		$	150,413	$	975,845		$	607,945		$	232,571		$	918,857
Class A
Net assets	$	588,008		$	910,935		$	149,999	$	975,565		$	607,358		$	232,386		$	918,334
Shares outstanding (no par value), unlimited shares authorized		56,880			72,333			11,751		85,349			80,719			11,605			70,951
Net asset value per share	$	10.34		$	12.59		$	12.76	$	11.43		$	7.52		$	20.02		$	12.94
Class B
Net assets	$	485		$	778		$	414	$	280		$	587		$	185		$	523
Shares outstanding (no par value), unlimited shares authorized		45			61			32		24			76			9			39
Net asset value per share	$	10.81		$	12.69		$	12.98	$	11.45		$	7.68		$	20.30		$	13.47
(a)    Investments - unaffiliated, at cost	$	471,805		$	742,746		$	116,684	$	712,200		$	533,581		$	179,851		$	840,616
(b)    Investments - affiliated, at cost		64,068			25,067			18,042		100,979			33,236			20,152			67,683
(c)    Total investments, at cost	$	535,873		$	767,813		$	134,726	$	813,179		$	566,817		$	200,003		$	908,299
(d)    Including value of securities on loan		25,394			5,986			13,039		-			21,207			14,631			30,935
(e)    Foreign currency cost		207			39			-		2			901			-			-
(f)    Proceeds from securities sold short/forward sales commitments		-			-			-		-			-			-			-
(g)    Premiums from options written		-			-			-		1,434			-			-			-

See accompanying Notes to Financial Statements.

JNL Series Trust

Statements of Assets and Liabilities(in thousands, except net asset value per share)

December 31, 2010

Assets	JNL/Lazard Emerging Markets Fund			JNL/Lazard Mid Cap Equity Fund			JNL/M&G Global Basics Fund			JNL/M&G Global Leaders Fund			JNL/Mellon Capital Management 10 X 10 Fund			JNL/Mellon Capital Management Index 5 Fund			JNL/Mellon Capital Management European 30 Fund
Investments - unaffiliated, at value (a) (d)	$	1,334,987		$	204,324		$	189,690		$	29,674		$	-		$	-		$	18,311
Investments - affiliated, at value (b)		129,721			13,184			23,050			1,053			257,560			332,499			191
Repurchase agreements (a)		-			-			-			-			-			-			-
Total investments, at value (c)		1,464,708			217,508			212,740			30,727			257,560			332,499			18,502
Cash		-			-			-			-			-			-			-
Foreign currency (e)		1,370			-			144			255			-			-			15
Receivable for investments sold		10,301			508			42			3,924			-			-			-
Receivable for fund shares sold		2,948			275			415			66			446			318			9
Receivable from adviser		-			-			-			-			-			-			-
Receivable for dividends and interest		1,261			108			88			30			-			-			37
Receivable for variation margin		-			-			-			-			-			-			-
Receivable for deposits with brokers		-			-			-			-			-			-			-
Receivable for deposits with counterparties		-			-			-			-			-			-			-
Unrealized appreciation on forward foreign currency contracts		-			-			-			-			-			-			-
Unrealized appreciation on swap agreements		-			-			-			-			-			-			-
Swap premiums paid		-			-			-			-			-			-			-
Other assets		-			-			-			-			-			-			-
Total assets		1,480,588			218,399			213,429			35,002			258,006			332,817			18,563
Liabilities
Cash overdraft		-			-			-			2,824			-			-			-
Payable for reverse repurchase agreements		-			-			-			-			-			-			-
Payable for advisory fees		977			126			134			23			-			-			6
Payable for administrative fees		169			18			24			4			10			14			3
Payable for 12b-1 fee (Class A)		225			35			32			5			-			-			3
Payable for investment securities purchased		20,586			1,865			107			1,133			11			84			75
Payable for fund shares redeemed		1,183			207			112			14			435			234			5
Payable for dividends on securities sold short		-			-			-			-			-			-			-
Payable for interest expense and brokerage charges		-			-			-			-			-			-			-
Payable for trustee fees		16			7			1			-			4			3			-
Payable for other expenses		24			1			26			8			1			1			-
Payable for variation margin		-			-			-			-			-			-			-
Payable for deposits from counterparties		-			-			-			-			-			-			-
Investment securities sold short/forward sales commitments, at value (f)		-			-			-			-			-			-			-
Options written, at value (g)		-			-			-			-			-			-			-
Unrealized depreciation on forward foreign currency contracts		-			-			-			-			-			-			-
Unrealized depreciation on swap agreements		-			-			-			-			-			-			-
Swap premiums received		-			-			-			-			-			-			-
Return of collateral for securities loaned		69,379			1,911			17,479			1,053			-			-			112
Total liabilities		92,559			4,170			17,915			5,064			461			336			204
Net assets	$	1,388,029		$	214,229		$	195,514		$	29,938		$	257,545		$	332,481		$	18,359
Net assets consist of:
Paid-in capital	$	1,174,322		$	248,316		$	156,207		$	24,729		$	250,350		$	284,418		$	17,497
Undistributed (excess of distributions over) net investment income		13,588			1,469			(626	)		(1	)		4,078			4,118			452
Accumulated net realized gain (loss)		(35,645	)		(69,789	)		199			592			(27,461	)		(12,852	)		400
Net unrealized appreciation (depreciation) on investments and foreign currency		235,764			34,233			39,734			4,618			30,578			56,797			10
	$	1,388,029		$	214,229		$	195,514		$	29,938		$	257,545		$	332,481		$	18,359
Class A
Net assets	$	1,386,967		$	214,053		$	195,399		$	29,788		$	257,545		$	332,481		$	18,217
Shares outstanding (no par value), unlimited shares authorized		114,743			18,473			13,043			2,339			31,325			34,563			1,587
Net asset value per share	$	12.09		$	11.59		$	14.98		$	12.73		$	8.22		$	9.62		$	11.48
Class B
Net assets	$	1,062		$	176		$	115		$	150			n/a			n/a		$	142
Shares outstanding (no par value), unlimited shares authorized		88			15			8			12			n/a			n/a			12
Net asset value per share	$	12.14		$	11.68		$	15.02		$	12.75			n/a			n/a		$	11.51
(a)    Investments - unaffiliated, at cost	$	1,099,098		$	170,080		$	149,958		$	25,063		$	-		$	-		$	18,303
(b)    Investments - affiliated, at cost		129,742			13,195			23,050			1,053			226,982			275,702			191
(c)    Total investments, at cost	$	1,228,840		$	183,275		$	173,008		$	26,116		$	226,982		$	275,702		$	18,494
(d)    Including value of securities on loan		66,935			1,876			16,801			1,016			-			-			108
(e)    Foreign currency cost		1,424			-			143			252			-			-			15
(f)    Proceeds from securities sold short/forward sales commitments		-			-			-			-			-			-			-
(g)    Premiums from options written		-			-			-			-			-			-			-

See accompanying Notes to Financial Statements.

JNL Series Trust

Statements of Assets and Liabilities(in thousands, except net asset value per share)

December 31, 2010

Assets	JNL/Mellon Capital Management Pacific Rim 30 Fund		JNL/Mellon Capital Management S&P 500 Index Fund			JNL/Mellon Capital Management S&P 400 MidCap Index Fund		JNL/Mellon Capital Management Small Cap Index Fund			JNL/Mellon Capital Management International Index Fund			JNL/Mellon Capital Management Bond Index Fund			JNL/Mellon Capital Management Global Alpha Fund
Investments - unaffiliated, at value (a) (d)	$	38,928	$	1,319,060		$	658,909	$	700,767		$	1,054,381		$	1,317,439		$	194,832
Investments - affiliated, at value (b)		1,609		34,107			53,214		95,998			87,098			118,895			3,593
Repurchase agreements (a)		-		-			-		-			-			-			-
Total investments, at value (c)		40,537		1,353,167			712,123		796,765			1,141,479			1,436,334			198,425
Cash		-		-			-		14			-			72			-
Foreign currency (e)		87		-			-		-			1,844			-			-
Receivable for investments sold		-		-			-		70			-			54,087			-
Receivable for fund shares sold		43		1,540			589		1,647			1,349			1,839			335
Receivable from adviser		-		-			-		-			-			-			-
Receivable for dividends and interest		104		1,548			518		751			1,427			9,692			1
Receivable for variation margin		-		-			-		-			-			-			447
Receivable for deposits with brokers		-		-			-		-			-			-			-
Receivable for deposits with counterparties		-		-			-		-			-			-			-
Unrealized appreciation on forward foreign currency contracts		-		-			-		-			921			-			4,209
Unrealized appreciation on swap agreements		-		-			-		-			-			-			-
Swap premiums paid		-		-			-		-			-			-			-
Other assets		-		-			-		-			-			-			-
Total assets		40,771		1,356,255			713,230		799,247			1,147,020			1,502,024			203,417
Liabilities
Cash overdraft		-		-			-		-			-			-			-
Payable for reverse repurchase agreements		-		-			-		-			-			-			-
Payable for advisory fees		12		286			155		164			243			293			163
Payable for administrative fees		6		112			56		59			134			110			24
Payable for 12b-1 fee (Class A)		6		222			110		118			175			221			33
Payable for investment securities purchased		101		-			-		-			-			94,203			-
Payable for fund shares redeemed		36		1,114			805		778			1,015			794			89
Payable for dividends on securities sold short		-		-			-		-			-			-			-
Payable for interest expense and brokerage charges		-		-			-		-			-			-			-
Payable for trustee fees		-		30			15		17			21			19			1
Payable for other expenses		-		4			2		17			89			3			-
Payable for variation margin		-		18			91		93			100			-			553
Payable for deposits from counterparties		-		-			-		-			-			-			-
Investment securities sold short/forward sales commitments, at value (f)		-		-			-		-			-			-			-
Options written, at value (g)		-		-			-		-			-			-			-
Unrealized depreciation on forward foreign currency contracts		-		-			-		-			452			-			1,440
Unrealized depreciation on swap agreements		-		-			-		-			-			-			-
Swap premiums received		-		-			-		-			-			-			-
Return of collateral for securities loaned		1,475		13,169			41,186		83,182			56,504			74,817			-
Total liabilities		1,636		14,955			42,420		84,428			58,733			170,460			2,303
Net assets	$	39,135	$	1,341,300		$	670,810	$	714,819		$	1,088,287		$	1,331,564		$	201,114
Net assets consist of:
Paid-in capital	$	34,246	$	1,202,714		$	580,167	$	602,604		$	1,052,427		$	1,295,803		$	193,377
Undistributed (excess of distributions over) net investment income		892		869			3,583		4,923			2,574			9,505			1,170
Accumulated net realized gain (loss)		1,865		(21,278	)		4,684		(13,016	)		(13,802	)		(2,364	)		5,811
Net unrealized appreciation (depreciation) on investments and foreign currency		2,132		158,995			82,376		120,308			47,088			28,620			756
	$	39,135	$	1,341,300		$	670,810	$	714,819		$	1,088,287		$	1,331,564		$	201,114
Class A
Net assets	$	38,944	$	1,328,363		$	664,777	$	709,661		$	1,066,567		$	1,328,699		$	200,918
Shares outstanding (no par value), unlimited shares authorized		3,065		125,468			47,948		56,266			85,487			113,238			19,196
Net asset value per share	$	12.71	$	10.59		$	13.86	$	12.61		$	12.48		$	11.73		$	10.47
Class B
Net assets	$	191	$	12,937		$	6,033	$	5,158		$	21,720		$	2,865		$	196
Shares outstanding (no par value), unlimited shares authorized		15		1,200			429		404			1,688			237			19
Net asset value per share	$	12.75	$	10.78		$	14.05	$	12.75		$	12.87		$	12.08		$	10.49
(a)    Investments - unaffiliated, at cost	$	36,800	$	1,160,029		$	576,559	$	580,515		$	1,007,858		$	1,288,744		$	194,831
(b)    Investments - affiliated, at cost		1,609		34,247			53,259		96,060			86,865			118,970			3,593
(c)    Total investments, at cost	$	38,409	$	1,194,276		$	629,818	$	676,575		$	1,094,723		$	1,407,714		$	198,424
(d)    Including value of securities on loan		1,414		12,818			39,871		80,231			54,231			73,033			-
(e)    Foreign currency cost		86		-			-		-			1,813			-			-
(f)    Proceeds from securities sold short/forward sales commitments		-		-			-		-			-			-			-
(g)    Premiums from options written		-		-			-		-			-			-			-

See accompanying Notes to Financial Statements

JNL Series Trust

Statements of Assets and Liabilities(in thousands, except net asset value per share)

December 31, 2010

Assets	JNL/ Oppenheimer Global Growth Fund			JNL/PAM Asia ex-Japan Fund		JNL/PAM China-India Fund		JNL/PIMCO Real Return Fund			JNL/PIMCO Total Return Bond Fund			JNL/PPM America High Yield Bond Fund			JNL/PPM America Mid Cap Value Fund
Investments - unaffiliated, at value (a) (d)	$	394,215		$	149,703	$	364,766	$	2,981,817		$	4,521,337		$	856,007		$	85,801
Investments - affiliated, at value (b)		27,066			6,871		37,358		42,366			205,069			249,112			3,126
Repurchase agreements (a)		-			-		-		-			-			-			-
Total investments, at value (c)		421,281			156,574		402,124		3,024,183			4,726,406			1,105,119			88,927
Cash		-			-		-		-			-			73			-
Foreign currency (e)		-			177		209		895			3,758			-			-
Receivable for investments sold		600			376		-		74,257			227,326			-			-
Receivable for fund shares sold		586			267		750		2,810			4,660			1,643			472
Receivable from adviser		-			-		-		-			-			-			-
Receivable for dividends and interest		505			6		1		3,643			20,787			15,635			96
Receivable for variation margin		-			-		-		56			812			-			-
Receivable for deposits with brokers		-			-		-		29			10			-			-
Receivable for deposits with counterparties		-			-		-		6,261			9,230			-			-
Unrealized appreciation on forward foreign currency contracts		-			-		-		1,070			4,866			-			-
Unrealized appreciation on swap agreements		-			-		-		3,420			6,713			-			-
Swap premiums paid		-			-		-		5,250			6,722			-			-
Other assets		-			-		-		-			-			-			-
Total assets		422,972			157,400		403,084		3,121,874			5,011,290			1,122,470			89,495
Liabilities
Cash overdraft		3			-		-		3,919			7,987			-			-
Payable for reverse repurchase agreements		-			-		-		114,399			110,203			-			-
Payable for advisory fees		226			111		285		737			1,396			335			50
Payable for administrative fees		50			18		63		151			280			75			7
Payable for 12b-1 fee (Class A)		67			25		63		301			556			148			13
Payable for investment securities purchased		102			1,053		-		1,148,024			1,358,460			-			573
Payable for fund shares redeemed		341			207		424		1,557			4,595			630			170
Payable for dividends on securities sold short		-			-		-		-			-			-			-
Payable for interest expense and brokerage charges		-			-		-		123			7			-			-
Payable for trustee fees		10			2		4		28			60			15			1
Payable for other expenses		12			31		34		5			81			2			-
Payable for variation margin		-			-		-		-			-			-			-
Payable for deposits from counterparties		-			-		-		6,261			9,230			-			-
Investment securities sold short/forward sales commitments, at value (f)		-			-		-		1,540			49,840			-			-
Options written, at value (g)		-			-		-		4,803			9,638			-			-
Unrealized depreciation on forward foreign currency contracts		-			-		-		1,294			3,345			-			-
Unrealized depreciation on swap agreements		-			-		-		850			1,385			-			-
Swap premiums received		-			-		-		830			633			-			-
Return of collateral for securities loaned		19,909			5,120		16,877		41,966			189,445			213,565			2,262
Total liabilities		20,720			6,567		17,750		1,326,788			1,747,141			214,770			3,076
Net assets	$	402,252		$	150,833	$	385,334	$	1,795,086		$	3,264,149		$	907,700		$	86,419
Net assets consist of:
Paid-in capital	$	364,139		$	122,709	$	318,187	$	1,719,601		$	3,220,043		$	897,372		$	77,041
Undistributed (excess of distributions over) net investment income		2,774			357		1,156		21,452			14,311			3,530			144
Accumulated net realized gain (loss)		(12,801	)		6,695		16,288		70,069			(18,076	)		(49,962	)		(454	)
Net unrealized appreciation (depreciation) on investments and foreign currency		48,140			21,072		49,703		(16,036	)		47,871			56,760			9,688
	$	402,252		$	150,833	$	385,334	$	1,795,086		$	3,264,149		$	907,700		$	86,419
Class A
Net assets	$	401,636		$	150,646	$	385,002	$	1,794,823		$	3,248,237		$	900,088		$	86,297
Shares outstanding (no par value), unlimited shares authorized		38,355			15,513		43,123		148,806			262,996			135,030			8,071
Net asset value per share	$	10.47		$	9.71	$	8.93	$	12.06		$	12.35		$	6.67		$	10.69
Class B
Net assets	$	616		$	187	$	332	$	263		$	15,912		$	7,612		$	122
Shares outstanding (no par value), unlimited shares authorized		58			19		37		22			1,214			1,035			11
Net asset value per share	$	10.59		$	9.73	$	8.98	$	12.15		$	13.11		$	7.35		$	10.70
(a)    Investments - unaffiliated, at cost	$	346,072		$	128,635	$	315,064	$	2,999,011		$	4,475,274		$	799,225		$	76,113
(b)    Investments - affiliated, at cost		27,082			6,872		37,358		42,366			205,069			249,134			3,126
(c)    Total investments, at cost	$	373,154		$	135,507	$	352,422	$	3,041,377		$	4,680,343		$	1,048,359		$	79,239
(d)    Including value of securities on loan		19,158			4,897		15,514		41,208			186,454			209,072			2,178
(e)    Foreign currency cost		-			172		208		887			3,681			-			-
(f)    Proceeds from securities sold short/forward sales commitments		-			-		-		1,538			50,312			-			-
(g)    Premiums from options written		-			-		-		3,230			6,624			-			-

See accompanying Notes to Financial Statements

JNL Series Trust

Statements of Assets and Liabilities(in thousands, except net asset value per share)

December 31, 2010

	JNL/PPM America Small Cap Value Fund			JNL/PPM America Value Equity Fund			JNL/Red Rocks Listed Private Equity Fund		JNL/S&P Managed Conservative Fund			JNL/S&P Managed Moderate Fund			JNL/S&P Managed Moderate Growth Fund			JNL/S&P Managed Growth Fund
Assets
Investments-unaffiliated, at value (a) (d)	$	67,226		$	113,707		$	623,842	$	-		$	-		$	-		$	-
Investments-affiliated, at value (b)		5,966			1,684			20,811		979,714			1,665,329			2,861,578			2,141,119
Repurchase agreements (a)		-			-			-		-			-			-			-
Total investments, at value (c)		73,192			115,391			644,653		979,714			1,665,329			2,861,578			2,141,119
Cash		-			-			-		-			-			-			-
Foreign currency (e)		-			-			2,696		-			-			-			-
Receivable for investments sold		-			-			1,632		-			-			-			-
Receivable for fund shares sold		320			40			1,357		1,418			2,071			5,344			3,438
Receivable from adviser		-			-			-		-			-			-			-
Receivable for dividends and interest		70			154			753		-			-			-			-
Receivable for variation margin		-			-			-		-			-			-			-
Receivable for deposits with brokers		-			-			-		-			-			-			-
Receivable for deposits with counterparties		-			-			-		-			-			-			-
Unrealized appreciation on forward foreign currency contracts		-			-			-		-			-			-			-
Unrealized appreciation on swap agreements		-			-			-		-			-			-			-
Swap premiums paid		-			-			-		-			-			-			-
Other assets		-			-			-		-			-			-			-
Total assets		73,582			115,585			651,091		981,132			1,667,400			2,866,922			2,144,557
Liabilities
Cash overdraft		-			-			-		-			-			-			-
Payable for reverse repurchase agreements		-			-			-		-			-			-			-
Payable for advisory fees		40			52			419		87			132			210			162
Payable for administrative fees		5			9			77		41			69			118			88
Payable for 12b-1 fee (Class A)		10			19			103		-			-			-			-
Payable for investment securities purchased		562			-			6,854		556			1,107			3,627			2,028
Payable for fund shares redeemed		100			87			283		862			964			1,717			1,411
Payable for dividends on securities sold short		-			-			-		-			-			-			-
Payable for interest expense and brokerage charges		-			-			-		-			-			-			-
Payable for trustee fees		1			5			4		16			26			52			47
Payable for other expenses		-			-			1		2			4			7			5
Payable for variation margin		-			-			-		-			-			-			-
Payable for deposits from counterparties		-			-			-		-			-			-			-
Investment securities sold short/forward sales commitments, at value (f)		-			-			-		-			-			-			-
Options written, at value (g)		-			-			-		-			-			-			-
Unrealized depreciation on forward foreign currency contracts		-			-			-		-			-			-			-
Unrealized depreciation on swap agreements		-			-			-		-			-			-			-
Swap premiums received		-			-			-		-			-			-			-
Return of collateral for securities loaned		5,332			1,455			65		-			-			-			-
Total liabilities		6,050			1,627			7,806		1,564			2,302			5,731			3,741
Net assets	$	67,532		$	113,958		$	643,285	$	979,568		$	1,665,098		$	2,861,191		$	2,140,816
Net assets consist of:
Paid-in capital	$	61,638		$	214,389		$	518,374	$	955,483		$	1,594,710		$	2,698,878		$	2,037,019
Undistributed (excess of distributions over) net investment income		54			1,298			3,650		9,963			15,493			36,428			17,358
Accumulated net realized gain (loss)		(2,123	)		(127,880	)		10,429		(23,241	)		(49,949	)		(52,433	)		(80,309	)
Net unrealized appreciation (depreciation) on investments and foreign currency		7,963			26,151			110,832		37,363			104,844			178,318			166,748
	$	67,532		$	113,958		$	643,285	$	979,568		$	1,665,098		$	2,861,191		$	2,140,816
Class A
Net assets	$	61,362		$	113,586		$	643,051	$	979,568		$	1,665,098		$	2,861,191		$	2,140,816
Shares outstanding (no par value), unlimited shares authorized		6,060			9,352			63,876		89,019			146,230			242,558			191,534
Net asset value per share	$	10.13		$	12.15		$	10.07	$	11.00		$	11.39		$	11.80		$	11.18
Class B
Net assets	$	6,170		$	372		$	234		n/a			n/a			n/a			n/a
Shares outstanding (no par value), unlimited shares authorized		608			31			23		n/a			n/a			n/a			n/a
Net asset value per share	$	10.15		$	12.19		$	10.10		n/a			n/a			n/a			n/a
(a)    Investments-unaffiliated, at cost	$	59,263		$	87,552		$	513,004	$	-		$	-		$	-		$	-
(b)    Investments-affiliated, at cost		5,966			1,688			20,811		942,351			1,560,485			2,683,260			1,974,371
(c)    Total investments, at cost	$	65,229		$	89,240		$	533,815	$	942,351		$	1,560,485		$	2,683,260		$	1,974,371
(d)    Including value of securities on loan		5,127			1,418			62		-			-			-			-
(e)    Foreign currency cost		-			-			2,670		-			-			-			-
(f)    Proceeds from securities sold short/forward sales commitments		-			-			-		-			-			-			-
(g)    Premiums from options written		-			-			-		-			-			-			-

See accompanying Notes to Financial Statements

JNL Series Trust

Statements of Assets and Liabilities(in thousands, except net asset value per share)

December 31, 2010

	JNL/S&P			JNL/S&P			JNL/S&P
	Managed			Disciplined			Disciplined			JNL/S&P			JNL/S&P		JNL/S&P		JNL/S&P
	Aggressive			Moderate			Moderate			Disciplined			Competitive		Dividend Income		Intrinsic
	Growth Fund			Fund			Growth Fund			Growth Fund			Advantage Fund		& Growth Fund		Value Fund
Assets
Investments-unaffiliated, at value (a) (d)	$	-		$	-		$	-		$	-		$	295,499	$	439,805	$	319,643
Investments-affiliated, at value (b)		788,793			346,489			376,153			137,498			10,330		24,780		15,514
Repurchase agreements (a)		-			-			-			-			-		-		-
Total investments, at value (c)		788,793			346,489			376,153			137,498			305,829		464,585		335,157
Cash		-			-			-			-			-		-		-
Foreign currency (e)		-			-			-			-			-		-		-
Receivable for investments sold		-			-			-			-			-		-		17,205
Receivable for fund shares sold		2,657			161			581			473			219		1,092		264
Receivable from adviser		-			-			-			-			-		-		-
Receivable for dividends and interest		-			-			-			-			252		799		249
Receivable for variation margin		-			-			-			-			-		-		-
Receivable for deposits with brokers		-			-			-			-			-		-		-
Receivable for deposits with counterparties		-			-			-			-			-		-		-
Unrealized appreciation on forward foreign currency contracts		-			-			-			-			-		-		-
Unrealized appreciation on swap agreements		-			-			-			-			-		-		-
Swap premiums paid		-			-			-			-			-		-		-
Other assets		-			-			-						-		-		-
Total assets		791,450			346,650			376,734			137,971			306,300		466,476		352,875
Liabilities
Cash overdraft		-			-			-			-			-		-		-
Payable for reverse repurchase agreements		-			-			-			-			-		-		-
Payable for advisory fees		73			37			40			14			100		143		107
Payable for administrative fees		32			14			16			6			25		36		27
Payable for 12b-1 fee (Class A)		-			-			-			-			50		72		53
Payable for investment securities purchased		2,287			43			452			363			-		4,996		18,392
Payable for fund shares redeemed		370			118			129			110			305		355		390
Payable for dividends on securities sold short		-			-			-			-			-		-		-
Payable for interest expense and brokerage charges		-			-			-			-			-		-		-
Payable for trustee fees		22			4			4			2			4		5		5
Payable for other expenses		2			1			1			-			1		1		1
Payable for variation margin		-			-			-			-			-		-		-
Payable for deposits from counterparties		-			-			-			-			-		-		-
Investment securities sold short/forward sales commitments, at value (f)		-			-			-			-			-		-		-
Options written, at value (g)		-			-			-			-			-		-		-
Unrealized depreciation on forward foreign currency contracts		-			-			-			-			-		-		-
Unrealized depreciation on swap agreements		-			-			-			-			-		-		-
Swap premiums received		-			-			-			-			-		-		-
Return of collateral for securities loaned		-			-			-			-			9,724		19,776		14,183
Total liabilities		2,786			217			642			495			10,209		25,384		33,158
Net assets	$	788,664		$	346,433		$	376,092		$	137,476		$	296,091	$	441,092	$	319,717
Net assets consist of:
Paid-in capital	$	794,840		$	320,011		$	344,508		$	125,459		$	246,701	$	384,804	$	278,152
Undistributed (excess of distributions over) net investment income		5,559			5,554			5,070			1,787			3,572		10,367		4,294
Accumulated net realized gain (loss)		(65,332	)		(13,070	)		(24,699	)		(9,794	)		29,355		8,188		32,435
Net unrealized appreciation (depreciation) on investments and foreign currency		53,597			33,938			51,213			20,024			16,463		37,733		4,836
	$	788,664		$	346,433		$	376,092		$	137,476		$	296,091	$	441,092	$	319,717
Class A
Net assets	$	788,664		$	346,433		$	376,092		$	137,476		$	296,032	$	440,926	$	319,617
Shares outstanding (no par value), unlimited shares authorized		64,825			35,172			41,362			16,135			27,659		45,165		32,074
Net asset value per share	$	12.17		$	9.85		$	9.09		$	8.52		$	10.70	$	9.76	$	9.97
Class B
Net assets		n/a			n/a			n/a			n/a		$	59	$	166	$	100
Shares outstanding (no par value), unlimited shares authorized		n/a			n/a			n/a			n/a			6		17		10
Net asset value per share		n/a			n/a			n/a			n/a		$	10.70	$	9.80	$	10.05
(a)    Investments-unaffiliated, at cost	$	-		$	-		$	-		$	-		$	279,029	$	402,064	$	314,799
(b)    Investments-affiliated, at cost		735,196			312,551			324,940			117,474			10,337		24,788		15,522
(c)    Total investments, at cost	$	735,196		$	312,551		$	324,940		$	117,474		$	289,366	$	426,852	$	330,321
(d)    Including value of securities on loan		-			-			-			-			9,513		19,216		13,924
(e)    Foreign currency cost		-			-			-			-			-		-		-
(f)    Proceeds from securities sold short/forward sales commitments		-			-			-			-			-		-		-
(g)    Premiums from options written		-			-			-			-			-		-		-

See accompanying Notes to Financial Statements

JNL Series Trust

Statements of Assets and Liabilities(in thousands, except net asset value per share)

December 31, 2010

															JNL/T. Rowe			JNL/T. Rowe
	JNL/S&P					JNL/Select			JNL/Select						Price			Price
	Total		JNL/S&P 4			Balanced			Money			JNL/Select			Established			Mid-Cap
	Yield Fund		Fund			Fund			Market Fund			Value Fund			Growth Fund			Growth Fund
Assets
Investments-unaffiliated, at value (a) (d)	$	281,043	$	-		$	1,240,472		$	451,255		$	1,129,045		$	1,496,410		$	1,341,016
Investments-affiliated, at value (b)		10,049		843,994			153,986			-			31,658			42,812			160,657
Repurchase agreements (a)		-		-			-			262,000			-			-			-
Total investments, at value (c)		291,092		843,994			1,394,458			713,255			1,160,703			1,539,222			1,501,673
Cash		-		-			-			-			-			6			-
Foreign currency (e)		-		-			-			-			-			71			-
Receivable for investments sold		7,180		340			5,299			-			-			2,357			53
Receivable for fund shares sold		249		657			2,659			2,547			1,961			3,789			2,726
Receivable from adviser		-		-			-			184			-			-			-
Receivable for dividends and interest		294		-			3,587			476			1,479			815			286
Receivable for variation margin		-		-			-			-			-			-			-
Receivable for deposits with brokers		-		-			-			-			-			-			-
Receivable for deposits with counterparties		-		-			-			-			-			-			-
Unrealized appreciation on forward foreign currency contracts		-		-			-			-			-			-			-
Unrealized appreciation on swap agreements		-		-			-			-			-			-			-
Swap premiums paid		-		-			-			-			-			-			-
Other assets		-		-			-			-			-			-			-
Total assets		298,815		844,991			1,406,003			716,462			1,164,143			1,546,260			1,504,738
Liabilities
Cash overdraft		-		-			-			-			-			-			-
Payable for reverse repurchase agreements		-		-			-			-			-			-			-
Payable for advisory fees		93		-			475			167			460			722			821
Payable for administrative fees		23		35			106			62			95			126			116
Payable for 12b-1 fee (Class A)		46		-			213			123			186			247			226
Payable for investment securities purchased		7,527		-			89,323			-			2,300			10,942			2,905
Payable for fund shares redeemed		368		997			732			2,821			848			1,150			1,344
Payable for dividends on securities sold short		-		-			-			-			-			-			-
Payable for interest expense and brokerage charges		-		-			-			-			-			-			-
Payable for trustee fees		4		12			22			34			22			34			26
Payable for other expenses		1		2			3			3			3			12			4
Payable for variation margin		-		-			-			-			-			-			-
Payable for deposits from counterparties		-		-			-			-			-			-			-
Investment securities sold short/forward sales commitments, at value (f)		-		-			-			-			-			-			-
Options written, at value (g)		-		-			-			-			-			-			-
Unrealized depreciation on forward foreign currency contracts		-		-			-			-			-			-			-
Unrealized depreciation on swap agreements		-		-			-			-			-			-			-
Swap premiums received		-		-			-			-			-			-			-
Return of collateral for securities loaned		9,551		-			23,926			-			4,904			21,398			94,335
Total liabilities		17,613		1,046			114,800			3,210			8,818			34,631			99,777
Net assets	$	281,202	$	843,945		$	1,291,203		$	713,252		$	1,155,325		$	1,511,629		$	1,404,961
Net assets consist of:
Paid-in capital	$	252,957	$	668,838		$	1,177,920		$	713,268		$	1,068,540		$	1,362,023		$	1,090,536
Undistributed (excess of distributions over) net investment income		4,140		45,475			18,303			(24	)		12,301			(35	)		(2,016	)
Accumulated net realized gain (loss)		14,637		(17,202	)		(20,142	)		8			(74,460	)		(187,764	)		(3,720	)
Net unrealized appreciation (depreciation) on investments and foreign currency		9,468		146,834			115,122			-			148,944			337,405			320,161
	$	281,202	$	843,945		$	1,291,203		$	713,252		$	1,155,325		$	1,511,629		$	1,404,961
Class A
Net assets	$	281,137	$	843,945		$	1,290,162		$	706,007		$	1,138,293		$	1,475,748		$	1,366,836
Shares outstanding (no par value), unlimited shares authorized		28,858		77,737			78,451			706,020			65,522			69,532			45,896
Net asset value per share	$	9.74	$	10.86		$	16.45		$	1.00		$	17.37		$	21.22		$	29.78
Class B
Net assets	$	65		n/a		$	1,041		$	7,245		$	17,032		$	35,881		$	38,125
Shares outstanding (no par value), unlimited shares authorized		7		n/a			62			7,245			964			1,671			1,258
Net asset value per share	$	9.76		n/a		$	16.77		$	1.00		$	17.66		$	21.47		$	30.31
(a)    Investments-unaffiliated, at cost	$	271,555	$	-		$	1,125,315		$	713,255		$	980,095		$	1,158,967		$	1,020,758
(b)    Investments-affiliated, at cost		10,069		697,160			154,021			-			31,664			42,858			160,754
(c)    Total investments, at cost	$	281,624	$	697,160		$	1,279,336		$	713,255		$	1,011,759		$	1,201,825		$	1,181,512
(d)    Including value of securities on loan		9,391		-			23,542			-			4,780			20,795			91,489
(e)    Foreign currency cost		-		-			-			-			-			62			-
(f)    Proceeds from securities sold short/forward sales commitments		-		-			-			-			-			-			-
(g)    Premiums from options written		-		-			-			-			-			-			-

See accompanying Notes to Financial Statements

JNL Series Trust

Statements of Assets and Liabilities(in thousands, except net asset value per share)

December 31, 2010

	JNL/T. Rowe Price Short- Term Bond Fund			JNL/T. Rowe Price Value Fund
Assets
Investments-unaffiliated, at value (a) (d)	$	807,566		$	1,114,039
Investments-affiliated, at value (b)		64,394			37,543
Repurchase agreements (a)		-			-
Total investments, at value (c)		871,960			1,151,582
Cash		-			-
Foreign currency (e)		-			-
Receivable for investments sold		39			3,427
Receivable for fund shares sold		1,565			1,883
Receivable from adviser		-			-
Receivable for dividends and interest		6,048			1,133
Receivable for variation margin		-			-
Receivable for deposits with brokers		-			-
Receivable for deposits with counterparties		-			-
Unrealized appreciation on forward foreign currency contracts		-			-
Unrealized appreciation on swap agreements		-			-
Swap premiums paid		-			-
Other assets		-			-
Total assets		879,612			1,158,025
Liabilities
Cash overdraft		28			-
Payable for reverse repurchase agreements		-			-
Payable for advisory fees		302			584
Payable for administrative fees		73			93
Payable for 12b-1 fee (Class A)		145			185
Payable for investment securities purchased		-			5,187
Payable for fund shares redeemed		726			912
Payable for dividends on securities sold short		-			-
Payable for interest expense and brokerage charges		-			-
Payable for trustee fees		14			24
Payable for other expenses		3			2
Payable for variation margin		-			-
Payable for deposits from counterparties		-			-
Investment securities sold short/forward sales commitments, at value (f)		-			-
Options written, at value (g)		-			-
Unrealized depreciation on forward foreign currency contracts		88			-
Unrealized depreciation on swap agreements		-			-
Swap premiums received		-			-
Return of collateral for securities loaned		5,253			14,262
Total liabilities		6,632			21,249
Net assets	$	872,980		$	1,136,776
Net assets consist of:
Paid-in capital	$	875,563		$	1,071,777
Undistributed (excess of distributions over) net investment income		14,163			17,730
Accumulated net realized gain (loss)		(22,234	)		(86,430	)
Net unrealized appreciation (depreciation) on investments and foreign currency		5,488			133,699
	$	872,980		$	1,136,776
Class A
Net assets	$	872,892		$	1,136,182
Shares outstanding (no par value), unlimited shares authorized		88,346			104,856
Net asset value per share	$	9.88		$	10.84
Class B
Net assets	$	88		$	594
Shares outstanding (no par value), unlimited shares authorized		9			53
Net asset value per share	$	9.95		$	11.11
(a)    Investments-unaffiliated, at cost	$	801,678		$	980,838
(b)    Investments-affiliated, at cost		64,706			37,044
(c)    Total investments, at cost	$	866,384		$	1,017,882
(d)    Including value of securities on loan		5,137			13,863
(e)    Foreign currency cost		-			-
(f)    Proceeds from securities sold short/forward sales commitments		-			-

See accompanying Notes to Financial Statements

JNL Series Trust

Statements of Operations(in thousands)

For the Year Ended December 31, 2010

	JNL/American Funds Blue Chip Income and Growth Fund  (b)(c)			JNL/American Funds Global Bond Fund  (b)(c)			JNL/American Funds Global Small Capitalization Fund (b)(c)			JNL/American Funds Growth- Income Fund  (b)(c)			JNL/American Funds International Fund (b)(c)			JNL/American Funds New World Fund  (b)(c)			JNL Institutional Alt 20 Fund
Investment income
Dividends (a)	$	-		$	-		$	-		$	-		$	-		$	-		$	8,175
Dividends received from master fund		2,165			2,560			539			2,055			1,462			1,485			-
Foreign taxes withheld		-			-			-			-			-			-			-
Interest		-			-			-			-			-			-			-
Securities lending		-			-			-			-			-			-			-
Total investment income		2,165			2,560			539			2,055			1,462			1,485			8,175
Expenses
Advisory fees		292			237			162			324			268			350			573
Administrative fees		63			51			33			69			47			50			193
12b-1 fee (Class A)		104			85			54			116			79			83			-
Legal fees		-			-			-			-			-			-			2
Trustee fees		1			1			-			1			-			-			7
License fees		-			-			-			-			-			-			-
Dividends on securities sold short		-			-			-			-			-			-			-
Short holdings borrowing fees		-			-			-			-			-			-			-
Other expenses		-			-			1			-			-			1			4
Total expenses		460			374			250			510			394			484			779
Expense waiver		(188	)		(186	)		(130	)		(185	)		(173	)		(267	)		-
Net expenses		272			188			120			325			221			217			779
Net investment income (loss)		1,893			2,372			419			1,730			1,241			1,268			7,396
Realized and unrealized gain (loss)
Net realized gain (loss) on:
Unaffiliated investments		(314	)		150			11			-			126			-			-
Affiliated investments		-			-			-			-			-			-			532
Distributions from affiliated investment companies		-			-			-			-			-			-			625
Swaps agreements		-			-			-			-			-			-			-
Foreign currency related items		-			-			-			-			-			-			-
Futures contracts		-			-			-			-			-			-			-
Option contracts		-			-			-			-			-			-			-
Investment securities sold short		-			-			-			-			-			-			-
Brokerage commissions recaptured		-			-			-			-			-			-			-
Net change in unrealized appreciation or depreciation on:
Investments		10,711			(1,175	)		7,947			13,029			7,401			8,525			52,224
Swap agreements		-			-			-			-			-			-			-
Foreign currency related items		-			-			-			-			-			-			-
Futures contracts		-			-			-			-			-			-			-
Written option contracts		-			-			-			-			-			-			-
Investment securities sold short		-			-			-			-			-			-			-
Net realized and unrealized gain (loss)		10,397			(1,025	)		7,958			13,029			7,527			8,525			53,381
Net increase in net assets from operations	$	12,290		$	1,347		$	8,377		$	14,759		$	8,768		$	9,793		$	60,777
(a)    Income from affiliated investments	$	-		$	-		$	-		$	-		$	-		$	-		$	8,175

(b) Period from May 3, 2010 (commencement of operations)

(c) The Master Funds for the JNL/American Funds Blue Chip Income and Growth Fund, JNL/American Funds Global Bond Fund, JNL/American Funds Global Small Capitalization Fund, JNL/American Funds Growth-Income Fund, JNL/American Funds International Fund and JNL/American Funds New World Fund are the Class 1 shares of the corresponding American Fund Insurance Series Fund. These financial statements should be read in conjunction with each Master Fund’s shareholder report.

See accompanying Notes to Financial Statements

JNL Series Trust

Statements of Operations(in thousands)

For the Year Ended December 31, 2010

	JNL Institutional Alt 35 Fund		JNL Institutional Alt 50 Fund		JNL Institutional Alt 65 Fund		JNL/BlackRock Commodity Securities Fund			JNL/BlackRock Global Allocation Fund  (b)(c)			JNL/Capital Guardian Global Balanced Fund			JNL/Capital Guardian Global Diversified Research Fund
Investment income
Dividends (a)	$	11,234	$	13,520	$	7,494	$	12,863		$	-		$	4,516		$	7,933
Dividends received from master fund (a)		-		-		-		-			2,176			-			-
Foreign taxes withheld		-		-		-		(556	)		-			(361	)		(603	)
Interest		-		-		-		611			-			3,888			50
Securities lending		-		-		-		310			-			183			294
Total investment income		11,234		13,520		7,494		13,228			2,176			8,226			7,674
Expenses
Advisory fees		798		915		639		4,544			150			2,028			2,660
Administrative fees		283		337		218		1,061			25			468			554
12b-1 fee (Class A)		-		-		-		1,413			33			623			738
Legal fees		2		3		2		4			-			2			2
Trustee fees		11		13		8		17			-			8			9
License fees		-		-		-		-			-			-			-
Dividends on securities sold short		-		-		-		-			-			-			-
Short holdings borrowing fees		-		-		-		-			-			-			-
Other expenses		7		8		5		13			-			30			27
Total expenses		1,101		1,276		872		7,052			208			3,159			3,990
Expense waiver		-		-		-		-			(110	)		-			-
Net expenses		1,101		1,276		872		7,052			98			3,159			3,990
Net investment income (loss)		10,133		12,244		6,622		6,176			2,078			5,067			3,684
Realized and unrealized gain (loss)
Net realized gain (loss) on:
Unaffiliated investments		-		-		-		50,408			-			(1,160	)		3,868
Affiliated investments		1,133		1,672		2,217		-			(3	)		-			-
Distributions from affiliated investment companies		696		1,099		859		-			-			-			-
Swaps agreements		-		-		-		-			-			-			-
Foreign currency related items		-		-		-		(89	)		-			210			38
Futures contracts		-		-		-		-			-			-			-
Option contracts		-		-		-		-			-			-			-
Investment securities sold short		-		-		-		-			-			-			-
Brokerage commissions recaptured		-		-		-		-			-			6			13
Net change in unrealized appreciation or depreciation on:
Investments		84,551		102,316		69,635		80,017			1,380			24,868			36,557
Swap agreements		-		-		-		-			-			-			-
Foreign currency related items		-		-		-		(8	)		-			374			21
Futures contracts		-		-		-		-			-			-			-
Written option contracts		-		-		-		-			-			-			-
Investment securities sold short		-		-		-		-			-			-			-
Net realized and unrealized gain (loss)		86,380		105,087		72,711		130,328			1,377			24,298			40,497
Net increase in net assets from operations	$	96,513	$	117,331	$	79,333	$	136,504		$	3,455		$	29,365		$	44,181
(a)    Income from affiliated investments	$	11,234	$	13,520	$	7,494		331			2,176			189			302

(b) Period from October 11, 2010 (commencement of operations)

(c) The Master Fund for the JNL/BlackRock Global Allocation Fund is the BlackRock Global Allocation Portfolio. These financial statements should be read in conjunction with the Master Fund’s shareholder report.

See accompanying Notes to Financial Statements

JNL Series Trust

Statements of Operations(in thousands)

For the Year Ended December 31, 2010

	JNL/Capital Guardian U.S. Growth Equity Fund			JNL/Eagle Core Equity Fund		JNL/Eagle SmallCap Equity Fund			JNL/Franklin Templeton Founding Strategy Fund			JNL/Franklin Templeton Global Growth Fund			JNL/Franklin Templeton Income Fund			JNL/Franklin Templeton International Small Cap Growth Fund
Investment income
Dividends (a)	$	7,793		$	2,729	$	2,129		$	16,261		$	10,603		$	13,758		$	5,849
Dividends received from master fund		-			-		-			-			-			-			-
Foreign taxes withheld		(50	)		-		(6	)		-			(878	)		(175	)		(390	)
Interest		-			-		-			-			-			39,009			3
Securities lending		358			4		888			-			316			450			156
Total investment income		8,101			2,733		3,011			16,261			10,041			53,042			5,618
Expenses
Advisory fees		4,510			999		2,551			-			2,950			5,687			1,637
Administrative fees		699			158		358			458			611			864			258
12b-1 fee (Class A)		1,397			316		715			-			815			1,728			344
Legal fees		4			1		2			5			2			5			1
Trustee fees		16			3		7			22			10			20			4
License fees		-			-		-			-			-			-			-
Dividends on securities sold short		-			-		-			-			-			-			-
Short holdings borrowing fees		-			-		-			-			-			-			-
Other expenses		11			3		8			16			18			15			4
Total expenses		6,637			1,480		3,641			501			4,406			8,319			2,248
Expense waiver		-			-		-			-			-			-			-
Net expenses		6,637			1,480		3,641			501			4,406			8,319			2,248
Net investment income (loss)		1,464			1,253		(630	)		15,760			5,635			44,723			3,370
Realized and unrealized gain (loss)
Net realized gain (loss) on:
Unaffiliated investments		(1,506	)		1,910		23,997			-			(6,090	)		2,983			14,873
Affiliated investments		-			-		-			(8,814	)		-			-			-
Distributions from affiliated investment companies		-			-		-			-			-			-			-
Swaps agreements		-			-		-			-			-			-			-
Foreign currency related items		-			-		-			-			(123	)		(93	)		(38	)
Futures contracts		-			-		-			-			-			-			-
Option contracts		-			-		-			-			-			-			-
Investment securities sold short		-			-		-			-			-			-			-
Brokerage commissions recaptured		21			20		68			-			9			13			6
Net change in unrealized appreciation or depreciation on:
Investments		98,995			18,111		99,113			87,147			31,741			59,031			14,446
Swap agreements		-			-		-			-			-			-			-
Foreign currency related items		-			-		-			-			25			12			27
Futures contracts		-			-		-			-			-			-			-
Written option contracts		-			-		-			-			-			-			-
Investment securities sold short		-			-		-			-			-			-			-
Net realized and unrealized gain (loss)		97,510			20,041		123,178			78,333			25,562			61,946			29,314
Net increase in net assets from operations	$	98,974		$	21,294	$	122,548		$	94,093		$	31,197		$	106,669		$	32,684
(a)    Income from affiliated investments	$	380		$	11	$	893		$	16,261		$	331		$	490		$	162

See accompanying Notes to Financial Statements

JNL Series Trust

Statements of Operations(in thousands)

For the Year Ended December 31, 2010

	JNL/Franklin Templeton Mutual Shares Fund			JNL/Franklin Templeton Small Cap Value Fund		JNL/Goldman Sachs Core Plus Bond Fund			JNL/Goldman Sachs Emerging Markets Debt Fund			JNL/Goldman Sachs Mid Cap Value Fund		JNL/Goldman Sachs U.S. Equity Flex Fund			JNL/Invesco Global Real Estate Fund
Investment income
Dividends (a)	$	18,623		$	3,617	$	115		$	61		$	5,801	$	2,081		$	16,460
Dividends received from master fund		-			-		-			-			-		-			-
Foreign taxes withheld		(720	)		-		-			(167	)		-		(2	)		(774	)
Interest		2,085			-		30,251			29,823			-		-			6
Securities lending		235			30		94			-			88		-			157
Total investment income		20,223			3,647		30,460			29,717			5,889		2,079			15,849
Expenses
Advisory fees		3,706			1,860		5,473			3,728			2,636		811			3,293
Administrative fees		495			221		950			778			370		152			700
12b-1 fee (Class A)		990			442		1,899			1,036			724		203			933
Legal fees		45			1		5			2			2		1			2
Trustee fees		12			5		22			9			8		2			10
License fees		-			-		-			-			-		-			-
Dividends on securities sold short		-			-		-			-			-		451			-
Short holdings borrowing fees		-			-		-			-			-		281			-
Other expenses		20			4		17			62			6		3			16
Total expenses		5,268			2,533		8,366			5,615			3,746		1,904			4,954
Expense waiver		-			-		-			-			-		-			-
Net expenses		5,268			2,533		8,366			5,615			3,746		1,904			4,954
Net investment income (loss)		14,955			1,114		22,094			24,102			2,143		175			10,895
Realized and unrealized gain (loss)
Net realized gain (loss) on:
Unaffiliated investments		(2,623	)		3,493		21,491			29,456			35,599		7,080			44,560
Affiliated investments		-			-		-			-			-		-			-
Distributions from affiliated investment companies		-			-		-			-			-		-			-
Swaps agreements		-			-		264			(1,048	)		-		-			-
Foreign currency related items		6,052			-		(2,279	)		3,580			-		-			(652	)
Futures contracts		-			-		5,883			-			-		-			-
Option contracts		-			-		-			-			-		-			-
Investment securities sold short		-			-		-			-			-		(4,334	)		-
Brokerage commissions recaptured		-			-		-			-			72		-			89
Net change in unrealized appreciation or depreciation on:
Investments		42,463			49,341		15,652			15,292			48,330		7,436			26,810
Swap agreements		-			-		1,351			4,339			-		-			-
Foreign currency related items		(4,202	)		-		(831	)		(1,585	)		-		-			66
Futures contracts		-			-		629			-			-		-			-
Written option contracts		-			-		-			-			-		-			-
Investment securities sold short		-			-		-			-			-		(985	)		-
Net realized and unrealized gain (loss)		41,690			52,834		42,160			50,034			84,001		9,197			70,873
Net increase in net assets from operations	$	56,645		$	53,948	$	64,254		$	74,136		$	86,144	$	9,372		$	81,768
(a)    Income from affiliated investments	$	263		$	40	$	209		$	61		$	96	$	2		$	163

See accompanying Notes to Financial Statements

JNL Series Trust

Statements of Operations(in thousands)

For the Year Ended December 31, 2010

	JNL/Invesco International Growth Fund			JNL/Invesco Large Cap Growth Fund			JNL/Invesco Small Cap Growth Fund			JNL/ Ivy Asset Strategy Fund			JNL/JPMorgan International Value Fund			JNL/JPMorgan MidCap Growth Fund			JNL/JPMorgan U.S. Government & Quality Bond Fund
Investment income
Dividends (a)	$	11,540		$	8,650		$	698		$	13,221		$	15,382		$	1,446		$	34
Dividends received from master fund		-			-			-			-			-			-			-
Foreign taxes withheld		(1,341	)		(92	)		(7	)		(651	)		(1,795	)		(31	)		-
Interest		-			-			-			-			-			-			35,975
Securities lending		263			57			49			-			637			88			99
Total investment income		10,462			8,615			740			12,570			14,224			1,503			36,108
Expenses
Advisory fees		3,134			4,774			962			5,195			3,420			1,280			3,475
Administrative fees		707			723			113			877			775			183			857
12b-1 fee (Class A)		942			1,445			226			1,169			1,033			365			1,713
Legal fees		3			4			1			2			3			1			4
Trustee fees		11			17			2			10			13			4			20
License fees		-			-			-			-			-			-			-
Dividends on securities sold short		-			-			-			-			-			-			-
Short holdings borrowing fees		-			-			-			-			-			-			-
Other expenses		38			12			2			43			25			12			16
Total expenses		4,835			6,975			1,306			7,296			5,269			1,845			6,085
Expense waiver		-			-			-			-			-			-			-
Net expenses		4,835			6,975			1,306			7,296			5,269			1,845			6,085
Net investment income (loss)		5,627			1,640			(566	)		5,274			8,955			(342	)		30,023
Realized and unrealized gain (loss)
Net realized gain (loss) on:
Unaffiliated investments		(11,671	)		48,763			4,728			(3,392	)		(14,752	)		19,436			1,120
Affiliated investments		-			-			-			-			-			-			-
Distributions from affiliated investment companies		-			-			-			-			-			-			-
Swaps agreements		-			-			-			524			-			-			-
Foreign currency related items		(42	)		(132	)		-			(2,346	)		5,497			-			-
Futures contracts		-			-			-			(55,537	)		171			-			-
Option contracts		-			-			-			(6,798	)		-			-			-
Investment securities sold short		-			-			-			-			-			-			-
Brokerage commissions recaptured		19			129			15			68			-			6			-
Net change in unrealized appreciation or depreciation on:
Investments		65,930			78,990			23,466			147,197			34,611			24,888			23,731
Swap agreements		-			-			-			(24	)		-			-			-
Foreign currency related items		(78	)		6			-			(3,787	)		4,278			(1	)		-
Futures contracts		-			-			-			-			56			-			-
Written option contracts		-			-			-			(374	)		-			-			-
Investment securities sold short		-			-			-			-			-			-			-
Net realized and unrealized gain (loss)		54,158			127,756			28,209			75,531			29,861			44,329			24,851
Net increase in net assets from operations	$	59,785		$	129,396		$	27,643		$	80,805		$	38,816		$	43,987		$	54,874
(a) Income from affiliated investments	$	282		$	84		$	51		$	39		$	644		$	91		$	133

See accompanying Notes to Financial Statements

JNL Series Trust

Statements of Operations(in thousands)

For the Year Ended December 31, 2010

	JNL/Lazard Emerging Markets Fund			JNL/Lazard Mid Cap Equity Fund		JNL/M&G Global Basics Fund			JNL/M&G Global Leaders Fund			JNL/Mellon Capital Management 10 X 10 Fund			JNL/Mellon Capital Management Index 5 Fund			JNL/Mellon Capital Management European 30 Fund
Investment income
Dividends (a)	$	31,103		$	3,275	$	2,028		$	438		$	4,175		$	4,203		$	734
Dividends received from master fund		-			-		-			-			-			-			-
Foreign taxes withheld		(2,574	)		-		(111	)		(31	)		-			-			(99	)
Interest		11			-		-			-			-			-			-
Securities lending		296			16		58			9			-			-			38
Total investment income		28,836			3,291		1,975			416			4,175			4,203			673
Expenses
Advisory fees		8,405			1,274		1,093			192			-			-			57
Administrative fees		1,444			178		193			34			107			129			30
12b-1 fee (Class A)		1,923			356		257			45			-			-			30
Legal fees		5			1		-			-			1			1			-
Trustee fees		21			4		2			1			6			6			1
License fees		-			-		-			-			-			-			-
Dividends on securities sold short		-			-		-			-			-			-			-
Short holdings borrowing fees		-			-		-			-			-			-			-
Other expenses		63			4		28			9			3			4			1
Total expenses		11,861			1,817		1,573			281			117			140			119
Expense waiver		-			-		-			-			-			-			-
Net expenses		11,861			1,817		1,573			281			117			140			119
Net investment income (loss)		16,975			1,474		402			135			4,058			4,063			554
Realized and unrealized gain (loss)
Net realized gain (loss) on:
Unaffiliated investments		59,618			16,234		982			1,097			-			-			576
Affiliated investments		-			-		-			-			(8,160	)		(6,172	)		-
Distributions from affiliated investment companies		-			-		-			-			279			719			-
Swaps agreements		-			-		-			-			-			-			-
Foreign currency related items		(996	)		-		(1	)		(22	)		-			-			(15	)
Futures contracts		-			-		-			-			-			-			-
Option contracts		-			-		-			-			-			-			-
Investment securities sold short		-			-		-			-			-			-			-
Brokerage commissions recaptured		60			48		-			-			-			-			-
Net change in unrealized appreciation or depreciation on:
Investments		123,740			19,532		35,521			2,212			38,610			42,730			(1,058	)
Swap agreements		-			-		-			-			-			-			-
Foreign currency related items		(133	)		-		3			6			-			-			1
Futures contracts		-			-		-			-			-			-			-
Written option contracts		-			-		-			-			-			-			-
Investment securities sold short		-			-		-			-			-			-			-
Net realized and unrealized gain (loss)		182,289			35,814		36,505			3,293			30,729			37,277			(496	)
Net increase in net assets from operations	$	199,264		$	37,288	$	36,907		$	3,428		$	34,787		$	41,340		$	58
(a) Income from affiliated investments	$	328		$	20	$	61		$	9		$	4,175		$	4,203		$	38

See accompanying Notes to Financial Statements

JNL Series Trust

Statements of Operations(in thousands)

For the Year Ended December 31, 2010

	JNL/Mellon Capital Management Pacific Rim 30 Fund			JNL/Mellon Capital Management S&P 500 Index Fund			JNL/Mellon Capital Management S&P 400 MidCap Index Fund		JNL/Mellon Capital Management Small Cap Index Fund			JNL/Mellon Capital Management International Index Fund			JNL/Mellon Capital Management Bond Index Fund		JNL/Mellon Capital Management Global Alpha Fund
Investment income
Dividends (a)	$	1,109		$	22,823		$	6,453	$	7,451		$	26,833		$	59	$	6
Dividends received from master fund		-			-			-		-			-			-		-
Foreign taxes withheld		(46	)		-			-		-			(2,659	)		-		-
Interest		-			2			1		17			8			37,063		187
Securities lending		8			101			284		1,092			988			163		-
Total investment income		1,071			22,926			6,738		8,560			25,170			37,285		193
Expenses
Advisory fees		104			2,851			1,553		1,613			2,405			2,930		1,282
Administrative fees		56			1,098			544		569			1,300			1,086		192
12b-1 fee (Class A)		56			2,173			1,078		1,129			1,695			2,165		256
Legal fees		-			6			3		3			4			5		1
Trustee fees		-			26			13		13			20			24		2
License fees		-			112			59		65			319			-		-
Dividends on securities sold short		-			-			-		-			-			-		-
Short holdings borrowing fees		-			-			-		-			-			-		-
Other expenses		2			18			9		10			15			18		5
Total expenses		218			6,284			3,259		3,402			5,758			6,228		1,738
Expense waiver		-			-			-		-			-			-		-
Net expenses		218			6,284			3,259		3,402			5,758			6,228		1,738
Net investment income (loss)		853			16,642			3,479		5,158			19,412			31,057		(1,545	)
Realized and unrealized gain (loss)
Net realized gain (loss) on:
Unaffiliated investments		1,989			3,134			18,336		7,427			(4,252	)		2,851		-
Affiliated investments		-			(2	)		-		-			-			-		-
Distributions from affiliated investment companies		-			-			-		-			-			-		-
Swaps agreements		-			-			-		-			-			-		-
Foreign currency related items		56			-			-		-			(801	)		-		2,568
Futures contracts		-			4,220			1,796		866			609			-		5,768
Option contracts		-			-			-		-			-			-		-
Investment securities sold short		-			-			-		-			-			-		-
Brokerage commissions recaptured		-			-			-		-			-			-		-
Net change in unrealized appreciation or depreciation on:
Investments		566			139,047			106,277		126,298			57,121			21,145		1
Swap agreements		-			-			-		-			-			-		-
Foreign currency related items		4			-			-		-			1,125			-		2,927
Futures contracts		-			(348	)		16		(510	)		(406	)		-		(1,593	)
Written option contracts		-			-			-		-			-			-		-
Investment securities sold short		-			-			-		-			-			-		-
Net realized and unrealized gain (loss)		2,615			146,051			126,425		134,081			53,396			23,996		9,671
Net increase in net assets from operations	$	3,468		$	162,693		$	129,904	$	139,239		$	72,808		$	55,053	$	8,126
(a) Income from affiliated investments	$	8		$	163		$	292	$	1,099		$	1,065		$	183	$	5

See accompanying Notes to Financial Statements

JNL Series Trust

Statements of Operations(in thousands)

For the Year Ended December 31, 2010

	JNL/ Oppenheimer Global Growth Fund			JNL/PAM Asia ex-Japan Fund			JNL/PAM China-India Fund			JNL/PIMCO Real Return Fund			JNL/PIMCO Total Return Bond Fund			JNL/PPM America High Yield Bond Fund		JNL/PPM America Mid Cap Value Fund
Investment income
Dividends (a)	$	7,097		$	2,110		$	4,696		$	114		$	39		$	979	$	667
Dividends received from master fund		-			-			-			-			-			-		-
Foreign taxes withheld		(658	)		(220	)		(220	)		-			-			-		-
Interest		4			-			-			33,006			82,789			59,312		-
Securities lending		304			18			440			94			438			495		4
Total investment income		6,747			1,908			4,916			33,214			83,266			60,786		671
Expenses
Advisory fees		2,297			1,003			2,467			7,504			14,578			3,215		373
Administrative fees		500			167			548			1,527			2,916			709		50
12b-1 fee (Class A)		665			222			548			3,054			5,799			1,405		99
Legal fees		2			1			1			8			15			4		-
Trustee fees		8			3			6			35			67			16		1
License fees		-			-			-			-			-			-		-
Dividends on securities sold short		-			-			-			-			-			-		-
Interest expense		-			-			-			208			22			-		-
Other expenses		51			66			74			136			80			13		4
Total expenses		3,523			1,462			3,644			12,472			23,477			5,362		527
Expense waiver		-			-			-			-			-			-		-
Net expenses		3,523			1,462			3,644			12,472			23,477			5,362		527
Net investment income (loss)		3,224			446			1,272			20,742			59,789			55,424		144
Realized and unrealized gain (loss)
Net realized gain (loss) on:
Unaffiliated investments		(1,614	)		11,611			18,867			83,850			52,691			24,259		4,625
Affiliated investments		-			-			-			-			-			-		-
Distributions from affiliated investment companies		-			-			-			-			-			-		-
Swaps agreements		-			-			-			(5,503	)		(6,007	)		-		-
Foreign currency related items		39			(82	)		(22	)		(3,200	)		(4,076	)		-		-
Futures contracts		-			-			-			3,162			36,193			-		-
Written option contracts		-			-			-			5,156			10,654			-		-
Investment securities sold short		-			-			-			-			-			-		-
Brokerage commissions recaptured		-			-			-			-			-			-		10
Net change in unrealized appreciation or depreciation on:
Investments		48,718			7,143			17,738			(21	)		39,684			24,915		6,593
Swap agreements		-			-			-			3,113			8,137			-		-
Foreign currency related items		14			5			1			94			175			-		-
Futures contracts		-			-			-			(1,220	)		(2,822	)		-		-
Written option contracts		-			-			-			(1,615	)		(2,789	)		-		-
Investment securities sold short		-			-			-			-			-			-		-
Net realized and unrealized gain (loss)		47,157			18,677			36,584			83,816			131,840			49,174		11,228
Net increase in net assets from operations	$	50,381		$	19,123		$	37,856		$	104,558		$	191,629		$	104,598	$	11,372
(a) Income from affiliated investments	$	308		$	19		$	446		$	97		$	449		$	518	$	5

See accompanying Notes to Financial Statements

JNL Series Trust

Statements of Operations(in thousands)

For the Year Ended December 31, 2010

	JNL/PPM America Small Cap Value Fund		JNL/PPM America Value Equity Fund		JNL/Red Rocks Listed Private Equity Fund			JNL/S&P Managed Conservative Fund			JNL/S&P Managed Moderate Fund			JNL/S&P Managed Moderate Growth Fund			JNL/S&P Managed Growth Fund
Investment income
Dividends (a)	$	577	$	2,152	$	8,116		$	14,574		$	20,302		$	29,038		$	15,361
Dividends received from master fund		-		-		-			-			-			-			-
Foreign taxes withheld		-		-		(743	)		-			-			-			-
Interest		-		-		-			-			-			-			-
Securities lending		6		8		285			-			-			-			-
Total investment income		583		2,160		7,658			14,574			20,302			29,038			15,361
Expenses
Advisory fees		319		553		3,254			885			1,292			2,027			1,624
Administrative fees		43		100		592			397			651			1,111			859
12b-1 fee (Class A)		74		200		788			-			-			-			-
Legal fees		-		1		2			4			7			11			9
Trustee fees		1		2		8			18			29			51			41
License fees		-		-		-			-			-			-			-
Dividends on securities sold short		-		-		-			-			-			-			-
Short holdings borrowing fees		-		-		-			-			-			-			-
Other expenses		2		3		6			12			21			35			28
Total expenses		439		859		4,650			1,316			2,000			3,235			2,561
Expense waiver		-		-		-			-			-			-			-
Net expenses		439		859		4,650			1,316			2,000			3,235			2,561
Net investment income (loss)		144		1,301		3,008			13,258			18,302			25,803			12,800
Realized and unrealized gain (loss)
Net realized gain (loss) on:
Unaffiliated investments		3,962		6,707		18,457			-			-			-			-
Affiliated investments		-		-		-			(950	)		(18,337	)		(17,515	)		(33,823	)
Distributions from affiliated investment companies		-		-		-			9,350			13,158			14,583			7,543
Swaps agreements		-		-		-			-			-			-			-
Foreign currency related items		-		-		(408	)		-			-			-			-
Futures contracts		-		-		-			-			-			-			-
Option contracts		-		-		-			-			-			-			-
Investment securities sold short		-		-		-			-			-			-			-
Brokerage commissions recaptured		13		5		-			-			-			-			-
Net change in unrealized appreciation or depreciation on:
Investments		5,218		8,145		83,649			45,561			133,910			274,473			288,389
Swap agreements		-		-		-			-			-			-			-
Foreign currency related items		-		-		(5	)		-			-			-			-
Futures contracts		-		-		-			-			-			-			-
Written option contracts		-		-		-			-			-			-			-
Investment securities sold short		-		-		-			-			-			-			-
Net realized and unrealized gain (loss)		9,193		14,857		101,693			53,961			128,731			271,541			262,109
Net increase in net assets from operations	$	9,337	$	16,158	$	104,701		$	67,219		$	147,033		$	297,344		$	274,909
(a) Income from affiliated investments	$	6	$	8	$	291		$	14,574		$	20,302		$	29,038		$	15,361

See accompanying Notes to Financial Statements

JNL Series Trust

Statements of Operations(in thousands)

For the Year Ended December 31, 2010

	JNL/S&P Managed Aggressive Growth Fund			JNL/S&P Disciplined Moderate Fund			JNL/S&P Disciplined Moderate Growth Fund			JNL/S&P Disciplined Growth Fund		JNL/S&P Competitive Advantage Fund			JNL/S&P Dividend Income & Growth Fund		JNL/S&P Intrinsic Value Fund
Investment income
Dividends (a)	$	6,056		$	5,249		$	5,144		$	1,897	$	5,375		$	12,634	$	6,273
Dividends received from master fund		-			-			-			-		-			-		-
Foreign taxes withheld		-			-			-			-		-			-		-
Interest		-			-			-			-		-			-		-
Securities lending		-			-			-			-		69			68		15
Total investment income		6,056			5,249			5,144			1,897		5,444			12,702		6,288
Expenses
Advisory fees		772			323			367			130		1,059			1,261		1,129
Administrative fees		326			124			141			50		265			315		282
12b-1 fee (Class A)		-			-			-			-		529			630		565
Legal fees		4			1			1			1		2			1		2
Trustee fees		15			5			7			2		6			7		7
License fees		-			-			-			-		-			-		-
Dividends on securities sold short		-			-			-			-		-			-		-
Short holdings borrowing fees		-			-			-			-		-			-		-
Other expenses		11			4			4			1		9			6		8
Total expenses		1,128			457			520			184		1,870			2,220		1,993
Expense waiver		-			-			-			-		-			-		-
Net expenses		1,128			457			520			184		1,870			2,220		1,993
Net investment income (loss)		4,928			4,792			4,624			1,713		3,574			10,482		4,295
Realized and unrealized gain (loss)
Net realized gain (loss) on:
Unaffiliated investments		-			-			-			-		31,721			17,941		38,315
Affiliated investments		(18,258	)		(7,458	)		(8,225	)		608		-			-		-
Distributions from affiliated investment companies		1,527			1,127			921			234		-			-		-
Swaps agreements		-			-			-			-		-			-		-
Foreign currency related items		-			-			-			-		-			-		-
Futures contracts		-			-			-			-		-			-		-
Option contracts		-			-			-			-		-			-		-
Investment securities sold short		-			-			-			-		-			-		-
Brokerage commissions recaptured		-			-			-			-		-			-		-
Net change in unrealized appreciation or depreciation on:
Investments		120,981			30,788			41,943			11,263		(3,418	)		28,373		(5,059	)
Swap agreements		-			-			-			-		-			-		-
Foreign currency related items		-			-			-			-		-			-		-
Futures contracts		-			-			-			-		-			-		-
Written option contracts		-			-			-			-		-			-		-
Investment securities sold short		-			-			-			-		-			-		-
Net realized and unrealized gain (loss)		104,250			24,457			34,639			12,105		28,303			46,314		33,256
Net increase in net assets from operations	$	109,178		$	29,249		$	39,263		$	13,818	$	31,877		$	56,796	$	37,551
(a) Income from affiliated investments	$	6,056		$	5,249		$	5,144		$	1,897	$	70		$	70	$	16

See accompanying Notes to Financial Statements

JNL Series Trust

Statements of Operations(in thousands)

For the Year Ended December 31, 2010

	JNL/S&P Total Yield Fund			JNL/S&P 4 Fund		JNL/Select Balanced Fund			JNL/Select Money Market Fund			JNL/Select Value Fund			JNL/T. Rowe Price Established Growth Fund			JNL/T. Rowe Price Mid-Cap Growth Fund
Investment income
Dividends (a)	$	5,421		$	6,842	$	15,898		$	-		$	19,671		$	9,275		$	10,210
Dividends received from master fund		-			-		-			-			-			-			-
Foreign taxes withheld		-			-		(187	)		-			(77	)		(119	)		(121	)
Interest		-			-		9,290			2,175			-			-			-
Securities lending		428			-		128			-			28			119			467
Total investment income		5,849			6,842		25,129			2,175			19,622			9,275			10,556
Expenses
Advisory fees		968			-		4,373			2,163			4,521			6,848			7,344
Administrative fees		242			359		967			805			916			1,186			1,038
12b-1 fee (Class A)		484			-		1,932			1,596			1,800			2,307			2,012
Legal fees		1			4		5			6			5			6			5
Trustee fees		6			17		22			27			21			27			24
License fees		-			-		-			-			-			-			-
Dividends on securities sold short		-			-		-			-			-			-			-
Short holdings borrowing fees		-			-		-			-			-			-			-
Other expenses		6			9		14			20			15			40			17
Total expenses		1,707			389		7,313			4,617			7,278			10,414			10,440
Expense waiver		-			-		-			(2,442	)		-			-			-
Net expenses		1,707			389		7,313			2,175			7,278			10,414			10,440
Net investment income (loss)		4,142			6,453		17,816			-			12,344			(1,139	)		116
Realized and unrealized gain (loss)
Net realized gain (loss) on:
Unaffiliated investments		18,842			-		30,005			6			29,517			10,763			53,288
Affiliated investments		-			693		-			-			-			-			-
Distributions from affiliated investment companies		-			40,481		-			-			-			-			-
Swaps agreements		-			-		-			-			-			-			-
Foreign currency related items		-			-		-			-			-			17			(6	)
Futures contracts		-			-		121			-			-			-			-
Option contracts		-			-		-			-			-			-			-
Investment securities sold short		-			-		-			-			-			-			-
Brokerage commissions recaptured		-			-		11			-			30			21			28
Net change in unrealized appreciation or depreciation on:
Investments		(2,417	)		47,764		63,421			-			88,641			199,846			220,626
Swap agreements		-			-		-			-			-			-			-
Foreign currency related items		-			-		-			-			-			6			(1	)
Futures contracts		-			-		-			-			-			-			-
Written option contracts		-			-		-			-			-			-			-
Investment securities sold short		-			-		-			-			-			-			-
Net realized and unrealized gain (loss)		16,425			88,938		93,558			6			118,188			210,653			273,935
Net increase in net assets from operations	$	20,567		$	95,391	$	111,374		$	6		$	130,532		$	209,514		$	274,051
(a) Income from affiliated investments	$	429		$	6,842	$	179		$	-		$	42		$	120		$	470

See accompanying Notes to Financial Statements

JNL Series Trust

Statements of Operations(in thousands)

For the Year Ended December 31, 2010

	JNL/T. Rowe Price Short- Term Bond Fund			JNL/T. Rowe Price Value Fund
Investment income
Dividends (a)	$	983		$	26,350
Dividends received from master fund		-			-
Foreign taxes withheld		-			(290	)
Interest		17,043			39
Securities lending		30			142
Total investment income		18,056			26,241
Expenses
Advisory fees		2,961			5,737
Administrative fees		709			902
12b-1 fee (Class A)		1,417			1,803
Legal fees		3			5
Trustee fees		15			21
License fees		-			-
Dividends on securities sold short		-			-
Short holdings borrowing fees		-			-
Other expenses		12			15
Total expenses		5,117			8,483
Expense waiver		-			-
Net expenses		5,117			8,483
Net investment income (loss)		12,939			17,758
Realized and unrealized gain (loss)
Net realized gain (loss) on:
Unaffiliated investments		(697	)		(511	)
Affiliated investments		188			860
Distributions from affiliated investment companies		-			-
Swaps agreements		-			-
Foreign currency related items		(195	)		(14	)
Futures contracts		-			-
Option contracts		-			-
Investment securities sold short		-			-
Brokerage commissions recaptured		-			25
Net change in unrealized appreciation or depreciation on:
Investments		6,386			127,179
Swap agreements		-			-
Foreign currency related items		(7	)		-
Futures contracts		-			-
Written option contracts		-			-
Investment securities sold short		-			-
Net realized and unrealized gain (loss)		5,675			127,539
Net increase in net assets from operations	$	18,614		$	145,297
(a) Income from affiliated investments	$	957		$	527

See accompanying Notes to Financial Statements

JNL Series Trust

Statement of Cash Flows(in thousands)

For the Year Ended December 31, 2010

	JNL/Goldman Sachs U.S. Equity Flex Fund
Cash flows from operating activities
Net increase in net assets from operations	$	9,372
Adjustments to reconcile net increase in net assets from operations to net cash flow used in operating activities:
Purchase of investment securities		(548,682	)
Proceeds from sales and maturities of investment securities		531,764
Net purchases of short-term investments		(239	)
Proceeds from securities sold short		93,738
Purchases to cover securities sold short		(92,506	)
Decrease in receivable for investments sold		3,794
Decrease in payable for investments purchased		(2,991	)
Increase in receivable for dividends and interest		(75	)
Increase in payable for expenses		24
Increase in payable for dividends on securities sold short		13
Increase in payable for interest expense and brokerage charges		18
Change in unrealized appreciation (depreciation) on investments		(6,451	)
Net realized gain on investments		(2,746	)
Net cash flow from operating activities		(14,967	)
Cash flows from financing activities
Net proceeds from capital share transactions		14,967
Net cash flow from financing activities		14,967
Net increase in cash
Cash at beginning of year		-
Cash at end of year	$	-
Supplemental disclosure of operating activities:
Short holding borrowing fees during the year were $281.
Supplemental disclosure of non-cash financing activities:
Reinvestment of distributions during the year were $671.

See accompanying Notes to Financial Statements

JNL Series Trust

Statements of Changes in Net Assets(in thousands)

For the Year Ended December 31, 2010

Operations	JNL/American Funds Blue Chip Income and Growth Fund (a)			JNL/American Funds Global Bond Fund (a)			JNL/American Funds Global Small Capitalization Fund (a)			JNL/American Funds Growth- Income Fund (a)			JNL/American Funds International Fund (a)			JNL/American Funds New World Fund (a)			JNL Institutional Alt 20 Fund
Net investment income (loss)	$	1,893		$	2,372		$	419		$	1,730		$	1,241		$	1,268		$	7,396
Net realized gain (loss)		(314	)		150			11			-			126			-			1,157
Net change in unrealized appreciation (depreciation)		10,711			(1,175	)		7,947			13,029			7,401			8,525			52,224
Net increase (decrease) in net assets from operations		12,290			1,347			8,377			14,759			8,768			9,793			60,777
Distributions to shareholders
From net investment income
Class A		-			-			-			-			-			-			(2,748	)
Class B		-			-			-			-			-			-
From net realized gains
Class A		-			-			-			-			-			-			(200	)
Class B		-			-			-			-			-			-			-
Total distributions to shareholders		-			-			-			-			-			-			(2,948	)
Share transactions¹
Proceeds from the sale of shares
Class A		150,108			121,279			79,845			171,314			102,299			130,341			405,032
Class B		9			81			22			22			19			17			-
Reinvestment of distributions
Class A		-			-			-			-			-			-			2,948
Class B		-			-			-			-			-			-			-
Cost of shares redeemed
Class A		(13,401	)		(17,364	)		(7,297	)		(11,577	)		(8,300	)		(6,667	)		(50,291	)
Class B		(1	)		(2	)		-			(1	)		-			(1	)		-
Net increase (decrease) in net assets from share transactions		136,715			103,994			72,570			159,758			94,018			123,690			357,689
Net increase (decrease) in net assets		149,005			105,341			80,947			174,517			102,786			133,483			415,518
Net assets beginning of year		-			-			-			-			-			-			199,516
Net assets end of year	$	149,005		$	105,341		$	80,947		$	174,517		$	102,786		$	133,483		$	615,034
Undistributed (excess of distributions over) net investment income	$	1,893		$	2,372		$	419		$	1,730		$	1,241		$	1,268		$	7,819
¹Share transactions
Shares sold
Class A		15,779			11,730			7,976			17,903			10,269			12,377			30,872
Class B		1			8			2			2			2			2			-
Reinvestment of distributions
Class A		-			-			-			-			-			-			209
Class B		-			-			-			-			-			-			-
Shares redeemed
Class A		(1,438	)		(1,656	)		(716	)		(1,200	)		(799	)		(627	)		(3,813	)
Class B		-			-			-			-			-			-			-
Net increase (decrease)
Class A		14,341			10,074			7,260			16,703			9,470			11,750			27,268
Class B		1			8			2			2			2			2			-
Purchase and sales of investment securities
(excluding short-term securities):
Purchase of securities	$	141,889		$	108,845		$	74,385		$	161,578		$	96,547		$	125,023		$	372,986
Proceeds from sales of securities		3,207			2,433			1,362			-			1,233			-			10,155

(a) Period from May 3, 2010 (commencement of operations)

See accompanying Notes to Financial Statements

JNL Series Trust

Statements of Changes in Net Assets(in thousands)

For the Year Ended December 31, 2010

Operations	JNL Institutional Alt 35 Fund			JNL Institutional Alt 50 Fund			JNL Institutional Alt 65 Fund			JNL/ BlackRock Commodity Securities Fund				JNL/ BlackRock Global Allocation Fund (a)			JNL/ Capital Guardian Global Balanced Fund				JNL/ Capital Guardian Global Diversified Research Fund
Net investment income (loss)	$	10,133		$	12,244		$	6,622		$	6,176			$	2,078		$	5,067			$	3,684
Net realized gain (loss)		1,829			2,771			3,076			50,319				(3	)		(944	)			3,919
Net change in unrealized appreciation (depreciation)		84,551			102,316			69,635			80,009				1,380			25,242				36,578
Net increase (decrease) in net assets from operations		96,513			117,331			79,333			136,504				3,455			29,365				44,181
Distributions to shareholders
From net investment income
Class A		(4,331	)		(5,229	)		(3,056	)		(2,641	)			-			(3,456	)			(2,798	)
Class B		-			-			-			(2	)			-			(5	)			(2	)
From net realized gains
Class A		(723	)		(1,476	)		(1,793	)		-				-			-				-
Class B		-			-			-			-				-			-				-
Total distributions to shareholders		(5,054	)		(6,705	)		(4,849	)		(2,643	)			-			(3,461	)			(2,800	)
Share transactions¹
Proceeds from the sale of shares
Class A		563,434			713,332			527,728			513,422				181,274			131,332				211,622
Class B		-			-			-			285				18			62				205
Reinvestment of distributions
Class A		5,054			6,705			4,849			2,641				-			3,456				2,798
Class B		-			-			-			2				-			5				2
Cost of shares redeemed
Class A		(83,007	)		(114,556	)		(108,464	)		(290,691	)			(5,167	)		(81,872	)			(151,444	)
Class B		-			-			-			(234	)			-			(90	)			(262	)
Net increase (decrease) in net assets from share transactions		485,481			605,481			424,113			225,425				176,125			52,893				62,921
Net increase (decrease) in net assets		576,940			716,107			498,597			359,286				179,580			78,797				104,302
Net assets beginning of year		308,516			361,516			229,813			641,646				-			280,217				332,906
Net assets end of year	$	885,456		$	1,077,623		$	728,410		$	1,000,932			$	179,580		$	359,014			$	437,208
Undistributed (excess of distributions over) net investment income	$	10,500		$	12,800		$	7,039		$	5,979			$	2,078		$	3,863			$	2,921
¹Share transactions
Shares sold
Class A		41,230			50,645			36,186			54,520				17,866			14,856				10,087
Class B		-			-			-			31				2			7				9
Reinvestment of distributions
Class A		342			442			309			250				-			370				123
Class B		-			-			-			-				-			-				-
Shares redeemed
Class A		(6,049	)		(8,156	)		(7,614	)		(32,082	)			(514	)		(9,301	)			(7,297	)
Class B		-			-			-			(25	)			-			(10	)			(12	)
Net increase (decrease)
Class A		35,523			42,931			28,881			22,688				17,352			5,925				2,913
Class B		-			-			-			6				2			(3	)			(3	)
Purchase and sales of investment securities (excluding short-term securities):
Purchase of securities	$	505,239		$	626,063		$	448,670		$	655,820		(b)	$	181,946		$	212,461		(c)	$	169,628
Proceeds from sales of securities		13,897			13,842			21,849			652,013		(b)		3,676			159,492		(c)		104,141

(a) Period from October 11, 2010 (commencement of operations)

(b) Amount includes $62,008 and $123,976 of purchases and sales, respectively, of U.S. Government Securities.

(c) Amount includes $24,828 and $20,653 of purchases and sales, respectively, of U.S. Government Securities.

See accompanying Notes to Financial Statements

JNL Series Trust

Statements of Changes in Net Assets(in thousands)

For the Year Ended December 31, 2010

Operations	JNL/ Capital Guardian U.S. Growth Equity Fund			JNL/ Eagle Core Equity Fund			JNL/ Eagle SmallCap Equity Fund			JNL/ Franklin Templeton Founding Strategy Fund			JNL/ Franklin Templeton Global Growth Fund			JNL/ Franklin Templeton Income Fund			JNL/ Franklin Templeton International Small Cap Growth Fund
Net investment income (loss)	$	1,464		$	1,253		$	(630	)	$	15,760		$	5,635		$	44,723		$	3,370
Net realized gain (loss)		(1,485	)		1,930			24,065			(8,814	)		(6,204	)		2,903			14,841
Net change in unrealized appreciation (depreciation)		98,995			18,111			99,113			87,147			31,766			59,043			14,473
Net increase (decrease) in net assets from operations		98,974			21,294			122,548			94,093			31,197			106,669			32,684
Distributions to shareholders
From net investment income
Class A		(1,990	)		(509	)		(679	)		(27,416	)		(5,696	)		(34,996	)		(2,197	)
Class B		(1	)		-			(1	)		-			(4	)		(12	)		(2	)
From net realized gains
Class A		-			-			-			-			-			-			-
Class B		-			-			-			-			-			-			-
Total distributions to shareholders		(1,991	)		(509	)		(680	)		(27,416	)		(5,700	)		(35,008	)		(2,199	)
Share transactions¹					203,409
Proceeds from the sale of shares
Class A		564,155			189,640			361,575			290,256			297,645			579,705			110,117
Class B		52			31			258			-			92			242			91
Reinvestment of distributions
Class A		1,990			509			679			27,416			5,696			34,996			2,197
Class B		1			-			1			-			4			12			2
Cost of shares redeemed
Class A		(323,335	)		(91,706	)		(174,060	)		(185,127	)		(228,869	)		(352,773	)		(72,950	)
Class B		(165	)		(17	)		(87	)		-			(48	)		(327	)		(159	)
Net increase (decrease) in net assets from share transactions		242,698			98,457			188,366			132,545			74,520			261,855			39,298
Net increase (decrease) in net assets		339,681			119,242			310,234			199,222			100,017			333,516			69,783
Net assets beginning of year		555,288			84,286			279,696			838,759			375,724			728,624			144,222
Net assets end of year	$	894,969		$	203,528		$	589,930		$	1,037,981		$	475,741		$	1,062,140		$	214,005
Undistributed (excess of distributions over) net investment income	$	1,458		$	1,252		$	92		$	15,748		$	4,626		$	49,325		$	3,211
¹Share transactions
Shares sold
Class A		29,708			28,500			19,550			34,685			39,433			59,467			15,340
Class B		3			4			14			-			12			26			12
Reinvestment of distributions
Class A		96			71			31			3,151			714			3,513			273
Class B		-			-			-			-			-			2			-
Shares redeemed
Class A		(17,037	)		(13,649	)		(9,950	)		(22,211	)		(30,477	)		(36,219	)		(10,447	)
Class B		(8	)		(3	)		(5	)		-			(6	)		(35	)		(22	)
Net increase (decrease)
Class A		12,767			14,922			9,631			15,625			9,670			26,761			5,166
Class B		(5	)		1			9			-			6			(7	)		(10	)
Purchase and sales of investment securities (excluding short-term securities):
Purchase of securities	$	427,947		$	173,575		$	360,706		$	148,727		$	88,818		$	537,457		$	298,982
Proceeds from sales of securities		224,843			74,804			179,309			27,822			18,899			265,825			258,454

See accompanying Notes to Financial Statements

JNL Series Trust

Statements of Changes in Net Assets(in thousands)

For the Year Ended December 31, 2010

Operations	JNL/ Franklin Templeton Mutual Shares Fund			JNL/Franklin Templeton Small Cap Value Fund			JNL/Goldman Sachs Core Plus Bond Fund				JNL/Goldman Sachs Emerging Markets Debt Fund			JNL/Goldman Sachs Mid Cap Value Fund			JNL/Goldman Sachs U.S. Equity Flex Fund			JNL/Invesco Global Real Estate Fund
Net investment income (loss)	$	14,955		$	1,114		$	22,094			$	24,102		$	2,143		$	175		$	10,895
Net realized gain (loss)		3,429			3,493			25,359				31,988			35,671			2,746			43,997
Net change in unrealized appreciation (depreciation)		38,261			49,341			16,801				18,046			48,330			6,451			26,876
Net increase (decrease) in net assets from operations		56,645			53,948			64,254				74,136			86,144			9,372			81,768
Distributions to shareholders
From net investment income
Class A		(115	)		(1,042	)		(24,868	)			(6,416	)		(2,164	)		(670	)		(22,616	)
Class B		-			(2	)		(6	)			(4	)		(49	)		(1	)		(21	)
From net realized gains
Class A		-			-			(11,209	)			(1,607	)		-			-			-
Class B		-			-			(3	)			(1	)		-			-			-
Total distributions to shareholders		(115	)		(1,044	)		(36,086	)			(8,028	)		(2,213	)		(671	)		(22,637	)
Share transactions¹					1,111
Proceeds from the sale of shares
Class A		357,200			158,344			640,870				741,867			323,668			61,227			396,818
Class B		121			204			88				258			3,381			46			340
Reinvestment of distributions
Class A		115			1,042			36,077				8,023			2,164			670			22,616
Class B		-			2			9				5			49			1			21
Cost of shares redeemed
Class A		(242,673	)		(85,606	)		(431,437	)			(246,113	)		(186,638	)		(45,657	)		(160,271	)
Class B		(82	)		(116	)		(105	)			(57	)		(1,189	)		(37	)		(222	)
Net increase (decrease) in net assets from share transactions		114,681			73,870			245,502				503,983			141,435			16,250			259,302
Net increase (decrease) in net assets		171,211			126,774			273,670				570,091			225,366			24,951			318,433
Net assets beginning of year		423,854			167,826			782,989				193,243			280,725			90,453			343,355
Net assets end of year	$	595,065		$	294,600		$	1,056,659			$	763,334		$	506,091		$	115,404		$	661,788
Undistributed (excess of distributions over) net investment income	$	18,020		$	1,111		$	21,079			$	35,962		$	1,353		$	159		$	7,115
¹Share transactions
Shares sold
Class A		45,295			16,583			51,975				57,956			34,724			8,151			49,969
Class B		15			21			7				20			357			6			44
Reinvestment of distributions
Class A		14			96			3,012				599			209			84			2,768
Class B		-			-			1				-			5			-			3
Shares redeemed
Class A		(30,825	)		(9,202	)		(34,956	)			(18,889	)		(20,229	)		(6,078	)		(20,477	)
Class B		(10	)		(12	)		(9	)			(5	)		(129	)		(4	)		(28	)
Net increase (decrease)
Class A		14,484			7,477			20,031				39,666			14,704			2,157			32,260
Class B		5			9			(1	)			15			233			2			19
Purchase and sales of investment securities (excluding short-term securities):
Purchase of securities	$	256,385		$	88,809		$	9,427,621		(a)	$	977,811		$	439,186		$	641,188		$	567,241
Proceeds from sales of securities		142,778			18,206			9,128,533		(a)		644,211			303,671			625,502			319,836

(a) Amounts include $3,213,974 and $3,286,679 of purchases and sales, respectively, of U.S. Government Securities.

See accompanying Notes to Financial Statements

JNL Series Trust

Statements of Changes in Net Assets(in thousands)

For the Year Ended December 31, 2010

Operations	JNL/Invesco International Growth Fund			JNL/Invesco Large Cap Growth Fund			JNL/Invesco Small Cap Growth Fund			JNL/ Ivy Asset Strategy Fund			JNL/JPMorgan International Value Fund			JNL/JPMorgan MidCap Growth Fund			JNL/JPMorgan U.S. Government & Quality Bond Fund
Net investment income (loss)	$	5,627		$	1,640		$	(566	)	$	5,274		$	8,955		$	(342	)	$	30,023
Net realized gain (loss)		(11,694	)		48,760			4,743			(67,481	)		(9,084	)		19,442			1,120
Net change in unrealized appreciation (depreciation)		65,852			78,996			23,466			143,012			38,945			24,887			23,731
Net increase (decrease) in net assets from operations		59,785			129,396			27,643			80,805			38,816			43,987			54,874
Distributions to shareholders
From net investment income
Class A		(3,869	)		(2,185	)		-			(36	)		(14,917	)		-			(24,715	)
Class B		(4	)		(3	)		-			-			(15	)		-			(15	)
From net realized gains
Class A		-			-			-			(62	)		-			-			-
Class B		-			-			-			-			-			-			-
Total distributions to shareholders		(3,873	)		(2,188	)		-			(98	)		(14,932	)		-			(24,730	)
Share transactions¹
Proceeds from the sale of shares
Class A		333,210			509,847			86,237			889,730			303,457			84,684			699,247
Class B		169			324			221			185			253			112			185
Reinvestment of distributions
Class A		3,869			2,185			-			98			14,917			-			24,715
Class B		4			3			-			-			15			-			15
Cost of shares redeemed
Class A		(236,531	)		(352,339	)		(56,599	)		(191,728	)		(284,010	)		(59,945	)		(528,761	)
Class B		(121	)		(258	)		(39	)		(124	)		(261	)		(71	)		(269	)
Net increase (decrease) in net assets from share transactions		100,600			159,762			29,820			698,161			34,371			24,780			195,132
Net increase (decrease) in net assets		156,512			286,970			57,463			778,868			58,255			68,767			225,276
Net assets beginning of year		431,981			624,743			92,950			196,977			549,690			163,804			693,581
Net assets end of year	$	588,493		$	911,713		$	150,413		$	975,845		$	607,945		$	232,571		$	918,857
Undistributed (excess of distributions over) net investment income	$	4,486		$	1,496		$	32		$	3,233		$	14,217		$	(7	)	$	30,277
¹Share transactions
Shares sold
Class A		35,490			45,676			7,857			84,976			43,412			4,922			53,216
Class B		18			30			20			18			36			6			14
Reinvestment of distributions
Class A		382			177			-			9			2,010			-			1,932
Class B		-			-			-			-			2			-			1
Shares redeemed
Class A		(25,526	)		(31,567	)		(5,285	)		(18,547	)		(41,273	)		(3,583	)		(40,110	)
Class B		(13	)		(23	)		(3	)		(13	)		(37	)		(4	)		(20	)
Net increase (decrease)
Class A		10,346			14,286			2,572			66,438			4,149			1,339			15,038
Class B		5			7			17			5			1			2			(5	)
Purchase and sales of investment securities (excluding short-term securities):
Purchase of securities	$	242,086		$	1,305,364		$	67,792		$	1,045,700		$	389,566		$	174,226		$	258,809		(a	)
Proceeds from sales of securities		139,843			1,151,812			38,248			492,613			356,318			150,280			77,261		(a	)

(a) Amount includes $236,087 and $70,834 of purchases and sales, respectively, of U.S. Government Securities.

See accompanying Notes to Financial Statements

JNL Series Trust

Statements of Changes in Net Assets(in thousands)

For the Year Ended December 31, 2010

Operations	JNL/Lazard Emerging Markets Fund			JNL/Lazard Mid Cap Equity Fund			JNL/M&G Global Basics Fund			JNL/M&G Global Leaders Fund			JNL/Mellon Capital Management 10 X 10 Fund			JNL/Mellon Capital Management Index 5 Fund			JNL/Mellon Capital Management European 30 Fund
Net investment income (loss)	$	16,975		$	1,474		$	402		$	135		$	4,058		$	4,063		$	554
Net realized gain (loss)		58,682			16,282			981			1,075			(7,881	)		(5,453	)		561
Net change in unrealized appreciation (depreciation)		123,607			19,532			35,524			2,218			38,610			42,730			(1,057	)
Net increase (decrease) in net assets from operations		199,264			37,288			36,907			3,428			34,787			41,340			58
Distributions to shareholders
From net investment income
Class A		(5,660	)		(932	)		(1,034	)		(105	)		(4,451	)		(2,898	)		(11	)
Class B		(5	)		(1	)		(1	)		(1	)		-			-			-
From net realized gains
Class A		-			-			(622	)		(339	)		(116	)		(219	)		(84	)
Class B		-			-			-			(1	)		-			-			(1	)
Total distributions to shareholders		(5,665	)		(933	)		(1,657	)		(446	)		(4,567	)		(3,117	)		(96	)
Share transactions¹
Proceeds from the sale of shares
Class A		890,442			93,010			217,316			19,707			76,226			147,178			17,977
Class B		514			61			43			8			-			-			17
Reinvestment of distributions
Class A		5,660			932			1,656			444			4,567			3,117			95
Class B		5			1			1			2			-			-			1
Cost of shares redeemed
Class A		(438,419	)		(80,943	)		(88,510	)		(10,631	)		(47,962	)		(60,988	)		(13,051	)
Class B		(409	)		(84	)		(110	)		(2	)		-			-			(8	)
Net increase (decrease) in net assets from share transactions		457,793			12,977			130,396			9,528			32,831			89,307			5,031
Net increase (decrease) in net assets		651,392			49,332			165,646			12,510			63,051			127,530			4,993
Net assets beginning of year		736,637			164,897			29,868			17,428			194,494			204,951			13,366
Net assets end of year	$	1,388,029		$	214,229		$	195,514		$	29,938		$	257,545		$	332,481		$	18,359
Undistributed (excess of distributions over) net investment income	$	13,588		$	1,469		$	(626	)	$	(1	)	$	4,078		$	4,118		$	452
¹Share transactions
Shares sold
Class A		82,378			9,078			17,502			1,692			10,177			16,864			1,628
Class B		49			5			3			1			-			-			2
Reinvestment of distributions
Class A		482			83			114			36			564			329			8
Class B		-			-			-			-			-			-			-
Shares redeemed
Class A		(42,006	)		(8,106	)		(6,993	)		(905	)		(6,461	)		(7,064	)		(1,220	)
Class B		(39	)		(8	)		(8	)		-			-			-			(1	)
Net increase (decrease)
Class A		40,854			1,055			10,623			823			4,280			10,129			416
Class B		10			(3	)		(5	)		1			-			-			1
Purchase and sales of investment securities (excluding short-term securities):
Purchase of securities	$	665,780		$	148,313		$	146,091		$	20,264		$	49,698		$	115,811		$	21,140
Proceeds from sales of securities		213,623			140,017			21,548			10,324			17,092			24,832			15,656

See accompanying Notes to Financial Statements

JNL Series Trust

Statements of Changes in Net Assets(in thousands)

For the Year Ended December 31, 2010

Operations	JNL/Mellon Capital Management Pacific Rim 30 Fund			JNL/Mellon Capital Management S&P 500 Index Fund			JNL/Mellon Capital Management S&P 400 MidCap Index Fund			JNL/Mellon Capital Management Small Cap Index Fund			JNL/Mellon Capital Management International Index Fund			JNL/Mellon Capital Management Bond Index Fund					JNL/Mellon Capital Management Global Alpha Fund
Net investment income (loss)	$	853		$	16,642		$	3,479		$	5,158		$	19,412		$	31,057				$	(1,545	)
Net realized gain (loss)		2,045			7,352			20,132			8,293			(4,444	)		2,851					8,336
Net change in unrealized appreciation (depreciation)		570			138,699			106,293			125,788			57,840			21,145					1,335
Net increase (decrease) in net assets from operations		3,468			162,693			129,904			139,239			72,808			55,053					8,126
Distributions to shareholders
From net investment income
Class A		-			(16,148	)		(3,900	)		(3,973	)		(18,765	)		(32,959	)				-
Class B		-			(173	)		(41	)		(34	)		(410	)		(76	)				-
From net realized gains
Class A		(5	)		(1,499	)		(5,074	)		-			-			(2,136	)				(43	)
Class B		-			(14	)		(45	)		-			-			(5	)				-
Total distributions to shareholders		(5	)		(17,834	)		(9,060	)		(4,007	)		(19,175	)		(35,176	)				(43	)
Share transactions¹
Proceeds from the sale of shares
Class A		38,421			750,051			310,004			350,676			605,120			896,319					187,156
Class B		45			4,752			2,706			2,939			8,016			1,206					83
Reinvestment of distributions
Class A		5			17,647			8,974			3,973			18,765			35,095					43
Class B		-			187			86			34			410			81					-
Cost of shares redeemed
Class A		(19,549	)		(482,998	)		(243,701	)		(249,623	)		(331,735	)		(415,623	)				(56,629	)
Class B		(11	)		(4,476	)		(2,423	)		(2,777	)		(5,961	)		(1,161	)				(6	)
Net increase (decrease) in net assets from share transactions		18,911			285,163			75,646			105,222			294,615			515,917					130,647
Net increase (decrease) in net assets		22,374			430,022			196,490			240,454			348,248			535,794					138,730
Net assets beginning of year		16,761			911,278			474,320			474,365			740,039			795,770					62,384
Net assets end of year	$	39,135		$	1,341,300		$	670,810		$	714,819		$	1,088,287		$	1,331,564				$	201,114
Undistributed (excess of distributions over) net investment income	$	892		$	869		$	3,583		$	4,923		$	2,574		$	9,505				$	1,170
¹Share transactions
Shares sold
Class A		3,256			77,940			25,510			32,370			52,262			75,467					18,459
Class B		4			490			221			277			655			99					8
Reinvestment of distributions
Class A		-			1,697			659			321			1,525			3,028					4
Class B		-			18			6			2			32			7					-
Shares redeemed
Class A		(1,667	)		(50,160	)		(20,294	)		(23,289	)		(28,959	)		(34,873	)				(5,569	)
Class B		(1	)		(460	)		(200	)		(261	)		(491	)		(95	)				-
Net increase (decrease)
Class A		1,589			29,477			5,875			9,402			24,828			43,622					12,894
Class B		3			48			27			18			196			11					8
Purchase and sales of investment securities (excluding short-term securities):
Purchase of securities	$	41,173		$	324,025		$	132,619		$	185,809		$	289,589		$	1,520,827		(a	)	$	-
Proceeds from sales of securities		21,444			23,426			62,502			77,490			14,276			1,006,541		(a	)		-

(a) Amounts include $979,714 and $578,615 of purchases and sales, respectively, of U.S. Government Securities.

See accompanying Notes to Financial Statements

JNL Series Trust

Statements of Changes in Net Assets(in thousands)

For the Year Ended December 31, 2010

Operations	JNL/ Oppenheimer Global Growth Fund			JNL/PAM Asia ex-Japan Fund			JNL/PAM China-India Fund			JNL/PIMCO Real Return Fund					JNL/PIMCO Total Return Bond Fund					JNL/PPM America High Yield Bond Fund			JNL/PPM America Mid Cap Value Fund
Net investment income (loss)	$	3,224		$	446		$	1,272		$	20,742				$	59,789				$	55,424		$	144
Net realized gain (loss)		(1,575	)		11,529			18,845			83,465					89,455					24,259			4,635
Net change in unrealized appreciation (depreciation)		48,732			7,148			17,739			351					42,385					24,915			6,593
Net increase (decrease) in net assets from operations		50,381			19,123			37,856			104,558					191,629					104,598			11,372
Distributions to shareholders
From net investment income
Class A		(2,816	)		(140	)		-			(23,351	)				(66,700	)				(54,449	)		(2	)
Class B		(5	)		-			-			(4	)				(334	)				(438	)		-
From net realized gains
Class A		-			-			(3,486	)		(33,407	)				(121,072	)				-			-
Class B		-			-			(3	)		(5	)				(561	)				-			-
Total distributions to shareholders		(2,821	)		(140	)		(3,489	)		(56,767	)				(188,667	)				(54,887	)		(2	)
Share transactions¹
Proceeds from the sale of shares
Class A		175,167			108,211			282,213			1,234,087					2,118,433					697,735			102,497
Class B		114			81			274			317					6,025					3,520			78
Reinvestment of distributions
Class A		2,816			140			3,486			56,758					187,772					54,449			2
Class B		5			-			3			9					895					438			-
Cost of shares redeemed
Class A		(113,802	)		(84,935	)		(168,527	)		(733,626	)				(1,409,108	)				(467,766	)		(47,568	)
Class B		(87	)		(57	)		(218	)		(315	)				(5,410	)				(2,889	)		(72	)
Net increase (decrease) in net assets from share transactions		64,213			23,440			117,231			557,230					898,607					285,487			54,937
Net increase (decrease) in net assets		111,773			42,423			151,598			605,021					901,569					335,198			66,307
Net assets beginning of year		290,479			108,410			233,736			1,190,065					2,362,580					572,502			20,112
Net assets end of year	$	402,252		$	150,833		$	385,334		$	1,795,086				$	3,264,149				$	907,700		$	86,419
Undistributed (excess of distributions over) net investment income	$	2,774		$	357		$	1,156		$	21,452				$	14,311				$	3,530		$	144
¹Share transactions
Shares sold
Class A		18,487			12,793			34,097			101,200					164,806					106,216			11,079
Class B		12			9			34			27					448					492			8
Reinvestment of distributions
Class A		273			15			398			4,778					15,442					8,262			-
Class B		-			-			-			1					69					60			-
Shares redeemed
Class A		(12,134	)		(10,596	)		(21,640	)		(60,012	)				(109,862	)				(71,615	)		(5,434	)
Class B		(9	)		(6	)		(28	)		(26	)				(398	)				(406	)		(8	)
Net increase																					-
Class A		6,626			2,212			12,855			45,966					70,386					42,863			5,645
Class B		3			3			6			2					119					146			-
Purchase and sales of investment securities (excluding short-term securities):
Purchase of securities	$	144,405		$	107,162		$	205,917		$	11,650,705		(a	)	$	15,336,618		(b	)	$	708,500		$	90,569
Proceeds from sales of securities		82,498			82,516			105,942			10,943,193		(a	)		12,963,538		(b	)		442,150			35,933

(a) Amounts include $11,159,339 and $10,561,022 of purchases and sales, respectively, of U.S. Government Securities.

(b) Amounts include $7,951,562 and $6,640,461 of purchases and sales, respectively, of U.S. Government Securities.

See accompanying Notes to Financial Statements

JNL Series Trust

Statements of Changes in Net Assets(in thousands)

For the Year Ended December 31, 2010

	JNL/PPM									JNL/S&P			JNL/S&P			JNL/S&P
	America			JNL/PPM			JNL/Red Rocks			Managed			Managed			Managed			JNL/S&P
	Small Cap			America Value			Listed Private			Conservative			Moderate			Moderate			Managed
	Value Fund			Equity Fund			Equity Fund			Fund			Fund			Growth Fund			Growth Fund
Operations
Net investment income (loss)	$	144		$	1,301		$	3,008		$	13,258		$	18,302		$	25,803		$	12,800
Net realized gain (loss)		3,975			6,712			18,049			8,400			(5,179	)		(2,932	)		(26,280	)
Net change in unrealized appreciation (depreciation)		5,218			8,145			83,644			45,561			133,910			274,473			288,389
Net increase (decrease) in net assets from operations		9,337			16,158			104,701			67,219			147,033			297,344			274,909
Distributions to shareholders
From net investment income
Class A		(80	)		(1,221	)		(1,034	)		(20,853	)		(28,187	)		(30,938	)		(17,998	)
Class B		(13	)		(3	)		-			-			-			-			-
From net realized gains
Class A		(2,962	)		-			(3,317	)		-			-			-			-
Class B		(296	)		-			(1	)		-			-			-			-
Total distributions to shareholders		(3,351	)		(1,224	)		(4,352	)		(20,853	)		(28,187	)		(30,938	)		(17,998	)
Share transactions¹
Proceeds from the sale of shares
Class A		70,253			48,836			462,973			537,778			770,760			1,248,698			786,950
Class B		3,747			334			193			-			-			-			-
Reinvestment of distributions
Class A		3,042			1,221			4,351			20,853			28,187			30,938			17,998
Class B		309			3			1			-			-			-			-
Cost of shares redeemed
Class A		(32,810	)		(44,992	)		(148,454	)		(249,387	)		(274,030	)		(459,835	)		(400,802	)
Class B		(2,706	)		(713	)		(157	)		-			-			-			-
Net increase (decrease) in net assets from share transactions		41,835			4,689			318,907			309,244			524,917			819,801			404,146
Net increase (decrease) in net assets		47,821			19,623			419,256			355,610			643,763			1,086,207			661,057
Net assets beginning of year		19,711			94,335			224,029			623,958			1,021,335			1,774,984			1,479,759
Net assets end of year	$	67,532		$	113,958		$	643,285		$	979,568		$	1,665,098		$	2,861,191		$	2,140,816
Undistributed (excess of distributions over) net investment income	$	54		$	1,298		$	3,650		$	9,963		$	15,493		$	36,428		$	17,358
¹Share transactions
Shares sold
Class A		7,561			4,474			52,978			49,885			70,836			113,682			77,548
Class B		408			29			23			-			-			-			-
Reinvestment of distributions
Class A		306			103			443			1,897			2,477			2,624			1,610
Class B		31			-			-			-			-			-			-
Shares redeemed
Class A		(3,701	)		(4,178	)		(17,431	)		(23,102	)		(25,189	)		(42,151	)		(39,951	)
Class B		(290	)		(62	)		(19	)		-			-			-			-
Net increase
Class A		4,166			399			35,990			28,680			48,124			74,155			39,207
Class B		149			(33	)		4			-			-			-			-
Purchase and sales of investment securities (excluding short-term securities):
Purchase of securities	$	66,358		$	41,014		$	391,986		$	423,532		$	642,620		$	1,015,444		$	609,919
Proceeds from sales of securities		27,932			35,725			92,954			71,566			68,078			123,378			119,858

See accompanying Notes to Financial Statements.

JNL Series Trust

Statements of Changes in Net Assets(in thousands)

For the Year Ended December 31, 2010

	JNL/S&P			JNL/S&P			JNL/S&P
	Managed			Disciplined			Disciplined			JNL/S&P			JNL/S&P			JNL/S&P			JNL/S&P
	Aggressive			Moderate			Moderate			Disciplined			Competitive			Dividend Income			Intrinsic
	Growth Fund			Fund			Growth Fund			Growth Fund			Advantage Fund			& Growth Fund			Value Fund
Operations
Net investment income (loss)	$	4,928		$	4,792		$	4,624		$	1,713		$	3,574		$	10,482		$	4,295
Net realized gain (loss)		(16,731	)		(6,331	)		(7,304	)		842			31,721			17,941			38,315
Net change in unrealized appreciation (depreciation)		120,981			30,788			41,943			11,263			(3,418	)		28,373			(5,059	)
Net increase (decrease) in net assets from operations		109,178			29,249			39,263			13,818			31,877			56,796			37,551
Distributions to shareholders
From net investment income
Class A		(4,942	)		(2,774	)		(3,418	)		(1,410	)		(2,218	)		(4,709	)		(2,231	)
Class B		-			-			-			-			(1	)		(2	)		(1	)
From net realized gains
Class A		-			-			-			-			(10,989	)		(16,446	)		(30,955	)
Class B		-			-			-			-			(2	)		(6	)		(10	)
Total distributions to shareholders		(4,942	)		(2,774	)		(3,418	)		(1,410	)		(13,210	)		(21,163	)		(33,197	)
Share transactions¹
Proceeds from the sale of shares
Class A		283,174			222,980			204,344			63,794			185,820			306,563			231,383
Class B		-			-			-			-			19			207			265
Reinvestment of distributions
Class A		4,942			2,774			3,418			1,410			13,207			21,155			33,186
Class B		-			-			-			-			3			8			11
Cost of shares redeemed
Class A		(186,556	)		(74,251	)		(73,880	)		(20,999	)		(176,354	)		(161,792	)		(195,888	)
Class B		-			-			-			-			(16	)		(232	)		(280	)
Net increase (decrease) in net assets from share transactions		101,560			151,503			133,882			44,205			22,679			165,909			68,677
Net increase (decrease) in net assets		205,796			177,978			169,727			56,613			41,346			201,542			73,031
Net assets beginning of year		582,868			168,455			206,365			80,863			254,745			239,550			246,686
Net assets end of year	$	788,664		$	346,433		$	376,092		$	137,476		$	296,091		$	441,092		$	319,717
Undistributed (excess of distributions over) net investment income	$	5,559		$	5,554		$	5,070		$	1,787		$	3,572		$	10,367		$	4,294
¹Share transactions
Shares sold
Class A		25,933			24,318			24,521			8,108			18,201			32,831			22,688
Class B		-			-			-			-			2			23			25
Reinvestment of distributions
Class A		406			286			382			168			1,246			2,206			3,359
Class B		-			-			-			-			-			1			1
Shares redeemed
Class A		(17,261	)		(8,277	)		(9,009	)		(2,719	)		(17,375	)		(17,417	)		(19,275	)
Class B		-			-			-			-			(1	)		(25	)		(27	)
Net increase
Class A		9,078			16,327			15,894			5,557			2,072			17,620			6,772
Class B		-			-			-			-			1			(1	)		(1	)
Purchase and sales of investment securities (excluding short-term securities):
Purchase of securities	$	206,231		$	218,125		$	221,908		$	75,724		$	215,618		$	274,054		$	329,688
Proceeds from sales of securities		69,440			51,077			72,085			27,690			202,188			119,096			288,499

See accompanying Notes to Financial Statements.

JNL Series Trust

Statements of Changes in Net Assets(in thousands)

For the Year Ended December 31, 2010

																JNL/T. Rowe			JNL/T. Rowe
	JNL/S&P						JNL/Select			JNL/Select						Price			Price
	Total			JNL/S&P 4			Balanced			Money			JNL/Select			Established			Mid-Cap
	Yield Fund			Fund			Fund			Market Fund			Value Fund			Growth Fund			Growth Fund
Operations
Net investment income (loss)	$	4,142		$	6,453		$	17,816		$	-		$	12,344		$	(1,139	)	$	116
Net realized gain (loss)		18,842			41,174			30,137			6			29,547			10,801			53,310
Net change in unrealized appreciation (depreciation)		(2,417	)		47,764			63,421			-			88,641			199,852			220,625
Net increase (decrease) in net assets from operations		20,567			95,391			111,374			6			130,532			209,514			274,051
Distributions to shareholders
From net investment income
Class A		(1,966	)		-			(13,924	)		(22	)		(9,433	)		(518	)		(2,006	)
Class B		(1	)		-			(12	)		-			(158	)		(45	)		(104	)
From net realized gains
Class A		(5,597	)		(559	)		-			-			-			-			(26,025	)
Class B		(1	)		-			-			-			-			-			(723	)
Total distributions to shareholders		(7,565	)		(559	)		(13,936	)		(22	)		(9,591	)		(563	)		(28,858	)
Share transactions¹
Proceeds from the sale of shares
Class A		213,276			337,075			649,943			980,495			634,322			790,504			632,488
Class B		94			-			356			5,729			3,298			5,179			7,021
Reinvestment of distributions
Class A		7,563			559			13,924			22			9,433			518			28,031
Class B		2			-			12			-			158			45			827
Cost of shares redeemed
Class A		(165,690	)		(215,926	)		(207,915	)		(1,415,005	)		(386,536	)		(435,469	)		(352,320	)
Class B		(81	)		-			(274	)		(5,754	)		(2,524	)		(4,955	)		(5,545	)
Net increase (decrease) in net assets from share transactions		55,164			121,708			456,046			(434,513	)		258,151			355,822			310,502
Net increase (decrease) in net assets		68,166			216,540			553,484			(434,529	)		379,092			564,773			555,695
Net assets beginning of year		213,036			627,405			737,719			1,147,781			776,233			946,856			849,266
Net assets end of year	$	281,202		$	843,945		$	1,291,203		$	713,252		$	1,155,325		$	1,511,629		$	1,404,961
Undistributed (excess of distributions over) net investment income	$	4,140		$	45,475		$	18,303		$	(24	)	$	12,301		$	(35	)	$	(2,016	)
¹Share transactions
Shares sold
Class A		22,554			33,956			41,987			980,495			39,952			42,408			24,104
Class B		10			-			22			5,729			205			280			271
Reinvestment of distributions
Class A		792			52			862			22			557			25			952
Class B		-			-			1			-			9			2			28
Shares redeemed
Class A		(17,898	)		(21,977	)		(13,478	)		(1,415,005	)		(24,426	)		(23,316	)		(13,670	)
Class B		(9	)		-			(17	)		(5,754	)		(158	)		(266	)		(214	)
Net increase (decrease)
Class A		5,448			12,031			29,371			(434,488	)		16,083			19,117			11,386
Class B		1			-			6			(25	)		56			16			85
Purchase and sales of investment securities (excluding short-term securities):
Purchase of securities	$	261,736		$	238,909		$	1,290,355	(a)	$	87,200	(b)	$	484,374		$	752,527		$	525,172
Proceeds from sales of securities		210,196			70,812			852,952	(a)		92,777	(b)		226,029			405,692			260,525

(a) Amounts include $195,225 and $149,833 of purchases and sales, respectively, of U.S. Government Securities.

(b) Amounts include $56,971 and $68,971 of purchases and sales, respectively, of U.S. Government Securities.

See accompanying Notes to Financial Statements.

JNL Series Trust

Statements of Changes in Net Assets(in thousands)

For the Year Ended December 31, 2010

	JNL/T. Rowe
	Price Short-			JNL/T. Rowe
	Term Bond			Price
	Fund			Value Fund
Operations
Net investment income (loss)	$	12,939		$	17,758
Net realized gain (loss)		(704	)		360
Net change in unrealized appreciation (depreciation)		6,379			127,179
Net increase (decrease) in net assets from operations		18,614			145,297
Distributions to shareholders
From net investment income
Class A		(9,874	)		(9,950	)
Class B		(1	)		(6	)
From net realized gains
Class A		-			-
Class B		-			-
Total distributions to shareholders		(9,875	)		(9,956	)
Share transactions¹
Proceeds from the sale of shares
Class A		777,055			677,873
Class B		181			220
Reinvestment of distributions
Class A		9,874			9,950
Class B		1			6
Cost of shares redeemed
Class A		(407,604	)		(414,580	)
Class B		(309	)		(255	)
Net increase (decrease) in net assets from share transactions		379,198			273,214
Net increase (decrease) in net assets		387,937			408,555
Net assets beginning of year		485,043			728,221
Net assets end of year	$	872,980		$	1,136,776
Undistributed (excess of distributions over) net investment income	$	14,163		$	17,730
¹Share transactions
Shares sold
Class A		78,433			69,177
Class B		18			21
Reinvestment of distributions
Class A		1,003			946
Class B		-			1
Shares redeemed
Class A		(41,040	)		(42,343	)
Class B		(31	)		(26	)
Net increase (decrease)
Class A		38,396			27,780
Class B		(13	)		(4	)
Purchase and sales of investment securities (excluding short-term securities):
Purchase of securities	$	741,122	(a)	$	513,331
Proceeds from sales of securities		384,802	(a)		235,227

(a) Amounts include $210,132 and $87,334 of purchases and sales, respectively, of U.S. Government Securities.

See accompanying Notes to Financial Statements.

JNL Series Trust

Statements of Changes in Net Assets(in thousands)

For the Year Ended December 31, 2009

Operations	JNL Institutional Alt 20 Fund (a)			JNL Institutional Alt 35 Fund (a)			JNL Institutional Alt 50 Fund (a)			JNL Institutional Alt 65 Fund (a)			JNL/BlackRock Commodity Securities Fund			JNL/ Capital Guardian Global Balanced Fund			JNL/ Capital Guardian Global Diversified Research Fund
Net investment income (loss)	$	2,705		$	4,260		$	5,131		$	2,990		$	3,410		$	3,990		$	2,167
Net realized gain (loss)		242			794			1,574			1,857			(98,798	)		(27,982	)		(41,649	)
Net change in unrealized appreciation (depreciation)		8,997			17,516			17,922			10,341			249,014			68,222			109,226
Net increase (decrease) in net assets from operations		11,944			22,570			24,627			15,188			153,626			44,230			69,744
Distributions to shareholders
From net investment income
Class A		-			-			-			-			(4,270	)		(5,555	)		(4,295	)
Class B		-			-			-			-			(4	)		(9	)		(5	)
From net realized gains
Class A		-			-			-			-			-			-			-
Class B		-			-			-			-			-			-			-
Total distributions to shareholders		-			-			-			-			(4,274	)		(5,564	)		(4,300	)
Share transactions¹
Proceeds from the sale of shares
Class A		199,802			298,773			356,850			235,122			438,567			114,399			178,185	(b)
Class B		-			-			-			-			422			235			191	(b)
Proceeds in connection with acquisition
Class A		-			-			-			-			-			-			-
Class B		-			-			-			-			-			-			-
Reinvestment of distributions
Class A		-			-			-			-			4,270			5,555			4,295
Class B		-			-			-			-			4			9			5
Cost of shares redeemed
Class A		(12,230	)		(12,827	)		(19,961	)		(20,497	)		(165,603	)		(62,337	)		(78,384	)
Class B		-			-			-			-			(287	)		(71	)		(98	)
Net increase (decrease) in net assets from share transactions		187,572			285,946			336,889			214,625			277,373			57,790			104,194
Net increase (decrease) in net assets		199,516			308,516			361,516			229,813			426,725			96,456			169,638
Net assets beginning of year		-			-			-			-			214,921			183,761			163,268
Net assets end of year	$	199,516		$	308,516		$	361,516		$	229,813		$	641,646		$	280,217		$	332,906
Undistributed (excess of distributions over) net investment income	$	2,749		$	4,330		$	5,229		$	3,056		$	2,536		$	3,071		$	2,000
¹Share transactions
Shares sold
Class A		16,682			24,301			28,185			17,990			55,480			14,311			9,514
Class B		-			-			-			-			54			28			10
Shares issued in connection with acquisition
Class A		-			-			-			-			-			-			-
Class B		-			-			-			-			-			-			-
Reinvestment of distributions
Class A		-			-			-			-			465			632			208
Class B		-			-			-			-			1			1			-
Shares redeemed
Class A		(1,010	)		(1,008	)		(1,535	)		(1,535	)		(21,863	)		(8,199	)		(4,466	)
Class B		-			-			-			-			(41	)		(8	)		(4	)
Net increase (decrease)
Class A		15,672			23,293			26,650			16,455			34,082			6,744			5,256
Class B		-			-			-			-			14			21			6
Purchase and sales of investment securities (excluding short-term securities):
Purchase of securities	$	192,833		$	298,630		$	360,201		$	238,403		$	553,211	(c)	$	208,334	(d)	$	269,821
Proceeds from sales of securities		2,476			8,298			18,020			20,683			379,145	(c)		158,946	(d)		178,580

(a) Period from April 6, 2009 (commencement of operations)

(b) Amount includes $4,094 for Class A and $4 for Class B received in a class action settlement.

(c) Amount includes $102,657 and $10,067 of purchases and sales, respectively, of U.S. Government Securities.

(d) Amount includes $18,592 and $14,646 of purchases and sales, respectively, of U.S. Government Securities.

See accompanying Notes to Financial Statements.

JNL Series Trust

Statements of Changes in Net Assets(in thousands)

For the Year Ended December 31, 2009

Operations	JNL/Capital Guardian U.S. Growth Equity Fund			JNL/Eagle Core Equity Fund			JNL/Eagle SmallCap Equity Fund			JNL/Franklin Templeton Founding Strategy Fund			JNL/Franklin Templeton Global Growth Fund			JNL/Franklin Templeton Income Fund			JNL/Franklin Templeton International Small Cap Growth Fund
Net investment income (loss)	$	1,987		$	508		$	678		$	27,409		$	4,411		$	35,167		$	525
Net realized gain (loss)		(53,049	)		(4,024	)		(16,530	)		(19,615	)		(20,493	)		(35,898	)		(11,506	)
Net change in unrealized appreciation (depreciation)		164,017			20,688			82,194			172,514			95,128			157,994			42,382
Net increase (decrease) in net assets from operations		112,955			17,172			66,342			180,308			79,046			157,263			31,401
Distributions to shareholders
From net investment income
Class A		(673	)		(841	)		-			(449	)		(5,599	)		(38,686	)		(1,563	)
Class B		(1	)		(1	)		-			-			(3	)		(22	)		(3	)
From net realized gains
Class A		-			-			-			-			-			-			-
Class B		-			-			-			-			-			-			-
Total distributions to shareholders		(674	)		(842	)		-			(449	)		(5,602	)		(38,708	)		(1,566	)
Share transactions¹
Proceeds from the sale of shares
Class A		380,864			49,060			141,233			253,297			136,522			290,493			98,520
Class B		252			30			209			-			105			179			225
Proceeds in connection with acquisition
Class A		-			-			-			-			-			-			-
Class B		-			-			-			-			-			-			-
Reinvestment of distributions
Class A		673			841			-			449			5,599			38,686			1,563
Class B		1			1			-			-			3			22			3
Cost of shares redeemed
Class A		(134,589	)		(24,636	)		(92,166	)		(175,647	)		(76,035	)		(151,675	)		(30,618	)
Class B		(175	)		(122	)		(213	)		-			(90	)		(97	)		(141	)
Net increase (decrease) in net assets from share transactions		247,026			25,174			49,063			78,099			66,104			177,608			69,552
Net increase (decrease) in net assets		359,307			41,504			115,405			257,958			139,548			296,163			99,387
Net assets beginning of year		195,981			42,782			164,291			580,801			236,176			432,461			44,835
Net assets end of year	$	555,288		$	84,286		$	279,696		$	838,759		$	375,724		$	728,624		$	144,222
Undistributed (excess of distributions over) net investment income	$	1,985		$	508		$	676		$	27,404		$	4,814		$	34,982		$	459
¹Share transactions
Shares sold
Class A		23,918			8,449			10,659			35,998			20,526			34,115			16,053
Class B		15			5			15			-			17			21			35
Shares issued in connection with acquisition
Class A		-			-			-			-			-			-			-
Class B		-			-			-			-			-			-			-
Reinvestment of distributions
Class A		36			129			-			55			742			4,196			227
Class B		-			-			-			-			-			2			-
Shares redeemed
Class A		(8,500	)		(4,361	)		(7,124	)		(25,914	)		(11,965	)		(18,406	)		(5,134	)
Class B		(10	)		(18	)		(15	)		-			(14	)		(12	)		(21	)
Net increase (decrease)
Class A		15,454			4,217			3,535			10,139			9,303			19,905			11,146
Class B		5			(13	)		-			-			3			11			14
Purchase and sales of investment securities (excluding short-term securities):
Purchase of securities	$	432,361		$	43,233		$	182,856		$	136,470		$	82,118		$	359,517		$	95,204
Proceeds from sales of securities		183,673			19,574			132,564			31,392			13,688			224,260			35,100

See accompanying Notes to Financial Statements.

JNL Series Trust

Statements of Changes in Net Assets(in thousands)

For the Year Ended December 31, 2009

Operations	JNL/Franklin Templeton Mutual Shares Fund			JNL/Franklin Templeton Small Cap Value Fund			JNL/ Goldman Sachs Core Plus Bond Fund			JNL/Goldman Sachs Emerging Markets Debt Fund			JNL/Goldman Sachs Mid Cap Value Fund			JNL/Goldman Sachs U.S. Equity Flex Fund			JNL/Invesco Global Real Estate Fund
Net investment income (loss)	$	4,574		$	1,043		$	24,995		$	3,389		$	2,446		$	680		$	5,732
Net realized gain (loss)		(40,846	)		(4,734	)		16,409			5,451			(19,531	)		13,712			(12,501	)
Net change in unrealized appreciation (depreciation)		114,677			39,541			42,144			5,514			75,527			5,946			74,282
Net increase (decrease) in net assets from operations		78,405			35,850			83,548			14,354			58,442			20,338			67,513
Distributions to shareholders
From net investment income
Class A		(13,019	)		(1,068	)		(31,680	)		(150	)		(2,397	)		(569	)		(6,177	)
Class B		(9	)		(2	)		(10	)		-			(63	)		(1	)		(8	)
From net realized gains
Class A		-			-			(2,939	)		-			-			-			-
Class B		-			-			(1	)		-			-			-			-
Total distributions to shareholders		(13,028	)		(1,070	)		(34,630	)		(150	)		(2,460	)		(570	)		(6,185	)
Share transactions¹
Proceeds from the sale of shares
Class A		172,726			91,804			339,012			177,813			160,445			108,225			193,414
Class B		183			195			131			113			5,703			49			257
Proceeds in connection with acquisition
Class A		-			-			-			-			-			-			-
Class B		-			-			-			-			-			-			-
Reinvestment of distributions
Class A		13,019			1,068			34,619			150			2,397			569			6,177
Class B		9			2			11			-			63			1			8
Cost of shares redeemed
Class A		(83,452	)		(46,420	)		(204,572	)		(28,066	)		(76,420	)		(80,109	)		(63,093	)
Class B		(119	)		(141	)		(112	)		(41	)		(2,149	)		(22	)		(248	)
Net increase (decrease) in net assets from share transactions		102,366			46,508			169,089			149,969			90,039			28,713			136,515
Net increase (decrease) in net assets		167,743			81,288			218,007			164,173			146,021			48,481			197,843
Net assets beginning of year		256,111			86,538			564,982			29,070			134,704			41,972			145,512
Net assets end of year	$	423,854		$	167,826		$	782,989		$	193,243		$	280,725		$	90,453		$	343,355
Undistributed (excess of distributions over) net investment income	$	(2,614	)	$	1,041		$	24,797		$	5,800		$	1,423		$	670		$	10,130
¹Share transactions
Shares sold
Class A		25,477			12,436			29,330			15,714			22,084			16,819			29,777
Class B		28			26			12			10			931			7			43
Shares issued in connection with acquisition
Class A		-			-			-			-			-			-			-
Class B		-			-			-			-			-			-			-
Reinvestment of distributions
Class A		1,731			124			2,951			13			279			76			833
Class B		1			-			1			-			7			-			1
Shares redeemed
Class A		(12,807	)		(6,499	)		(18,035	)		(2,485	)		(10,893	)		(11,831	)		(10,142	)
Class B		(19	)		(20	)		(10	)		(3	)		(310	)		(4	)		(41	)
Net increase (decrease)
Class A		14,401			6,061			14,246			13,242			11,470			5,064			20,468
Class B		10			6			3			7			628			3			3
Purchase and sales of investment securities (excluding short-term securities):
Purchase of securities	$	235,025		$	39,513		$	4,207,935	(a)	$	171,680		$	287,985		$	623,525		$	261,679
Proceeds from sales of securities		156,534			2,534			4,153,182	(a)		50,095			204,623			599,200			131,270

(a) Amounts include $1,534,531 and $1,568,551 of purchases and sales, respectively, of U.S. Government Securities.

See accompanying Notes to Financial Statements.

JNL Series Trust

Statements of Changes in Net Assets (in thousands)

For the Year Ended December 31, 2009

Operations	JNL/Invesco International Growth Fund			JNL/Invesco Large Cap Growth Fund			JNL/Invesco Small Cap Growth Fund			JNL/ Ivy Asset Strategy Fund (a)			JNL/JPMorgan International Value Fund			JNL/JPMorgan Midcap Growth Fund			JNL/JPMorgan U.S. Government & Quality Bond Fund
Net investment income (loss)	$	4,663		$	2,065		$	(106	)	$	128		$	9,085		$	(297	)	$	25,308
Net realized gain (loss)		(44,638	)		(30,614	)		(598	)		(2,250	)		(59,511	)		(20,432	)		(1,365	)
Net change in unrealized appreciation (depreciation)		136,861			138,511			19,603			3,725			162,738			65,912			(1,382	)
Net increase (decrease) in net assets from operations		96,886			109,962			18,899			1,603			112,312			45,183			22,561
Distributions to shareholders
From net investment income
Class A		(6,883	)		(1,465	)		-			-			(19,862	)		-			(17,134	)
Class B		(7	)		(2	)		-			-			(21	)		-			(14	)
From net realized gains
Class A		-			-			-			-			-			-			-
Class B		-			-			-			-			-			-			-
Total distributions to shareholders		(6,890	)		(1,467	)		-			-			(19,883	)		-			(17,148	)
Share transactions¹
Proceeds from the sale of shares
Class A		197,079	(b)		303,951			59,643			200,801			232,300			58,582			396,612
Class B		1,140	(b)		226			85			201			245			42			940
Proceeds in connection with acquisition
Class A		-			-			-			-			-			-			-
Class B		-			-			-			-			-			-			-
Reinvestment of distributions
Class A		6,883			1,465			-			-			19,862			-			17,134
Class B		7			2			-			-			21			-			14
Cost of shares redeemed
Class A		(112,975	)		(140,475	)		(26,024	)		(5,626	)		(141,732	)		(31,970	)		(406,987	)
Class B		(9,464	)		(151	)		(70	)		(2	)		(272	)		(149	)		(1,291	)
Net increase (decrease) in net assets from share transactions		82,670			165,018			33,634			195,374			110,424			26,505			6,422
Net increase (decrease) in net assets		172,666			273,513			52,533			196,977			202,853			71,688			11,835
Net assets beginning of year		259,315			351,230			40,417			-			346,837			92,116			681,746
Net assets end of year	$	431,981		$	624,743		$	92,950		$	196,977		$	549,690		$	163,804		$	693,581
Undistributed (excess of distributions over) net investment income	$	2,774		$	2,176		$	22		$	26		$	14,697		$	(5	)	$	24,719
¹Share transactions
Shares sold
Class A		24,272			32,611			6,848			19,460			36,818			4,488			31,731
Class B		160			24			9			19			39			3			72
Shares issued in connection with acquisition
Class A		-			-			-			-			-			-			-
Class B		-			-			-			-			-			-			-
Reinvestment of distributions
Class A		752			139			-			-			2,801			-			1,365
Class B		1			-			-			-			3			-			1
Shares redeemed
Class A		(14,817	)		(15,172	)		(3,041	)		(549	)		(23,609	)		(2,468	)		(32,744	)
Class B		(1,458	)		(16	)		(8	)		-			(46	)		(10	)		(100	)
Net increase (decrease)
Class A		10,207			17,578			3,807			18,911			16,010			2,020			352
Class B		(1,297	)		8			1			19			(4	)		(7	)		(27	)
Purchase and sales of investment securities (excluding short-term securities):
Purchase of securities	$	151,135		$	418,014		$	48,533		$	182,298		$	466,877		$	118,248		$	164,578	(c)
Proceeds from sales of securities		72,569			247,349			19,168			12,705			359,692			95,637			82,865	(c)

(a) Period from September 28, 2009 (commencement of operations)

(b) Amount includes $826 for Class A and $1 for Class B received in a class action settlement.

(c) Amounts include $153,207 and $78,280 of purchases and sales, respectively, of U.S. Government Securities.

See accompanying Notes to Financial Statements.

JNL Series Trust

Statements of Changes in Net Assets(in thousands)

For the Year Ended December 31, 2009

Operations	JNL/Lazard Emerging Markets Fund			JNL/Lazard Mid Cap Equity Fund			JNL/M&G Global Basics Fund			JNL/M&G Global Leaders Fund			JNL/Mellon Capital Management 10 X 10 Fund			JNL/Mellon Capital Management Index 5 Fund			JNL/Mellon Capital Management European 30 Fund
Net investment income (loss)	$	8,084		$	1,147		$	61		$	82		$	4,439		$	2,875		$	153
Net realized gain (loss)		(65,568	)		(18,562	)		114			259			(15,556	)		(5,475	)		514
Net change in unrealized appreciation (depreciation)		261,069			62,130			4,861			2,760			47,726			35,129			1,331
Net increase (decrease) in net assets from operations		203,585			44,715			5,036			3,101			36,609			32,529			1,998
Distributions to shareholders
From net investment income
Class A		(9,731	)		(1,100	)		(76	)		(94	)		(6,552	)		(1,700	)		(254	)
Class B		(11	)		(1	)		(1	)		(1	)		-			-			(3	)
From net realized gains
Class A		-			-			(144	)		-			(6,382	)		(1,937	)		(571	)
Class B		-			-			(1	)		-			-			-			(6	)
Total distributions to shareholders		(9,742	)		(1,101	)		(222	)		(95	)		(12,934	)		(3,637	)		(834	)
Share transactions¹
Proceeds from the sale of shares
Class A		481,395			53,958			29,137			11,004			109,190			147,279			14,684
Class B		639			386			152			11			-			-			7
Proceeds in connection with acquisition
Class A		-			-			-			-			-			-			-
Class B		-			-			-			-			-			-			-
Reinvestment of distributions
Class A		9,731			1,100			220			94			12,934			3,637			825
Class B		11			1			2			1			-			-			9
Cost of shares redeemed
Class A		(160,488	)		(59,254	)		(9,114	)		(1,273	)		(51,675	)		(35,266	)		(5,462	)
Class B		(338	)		(2,200	)		(130	)		-			-			-			(2	)
Net increase (decrease) in net assets from share transactions		330,950			(6,009	)		20,267			9,837			70,449			115,650			10,061
Net increase (decrease) in net assets		524,793			37,605			25,081			12,843			94,124			144,542			11,225
Net assets beginning of year		211,844			127,292			4,787			4,585			100,370			60,409			2,141
Net assets end of year	$	736,637		$	164,897		$	29,868		$	17,428		$	194,494		$	204,951		$	13,366
Undistributed (excess of distributions over) net investment income	$	4,989		$	928		$	8		$	(8	)	$	4,449		$	2,895		$	(76	)
1Share transactions
Shares sold
Class A		57,759			6,865			2,712			1,093			16,988			20,008			1,355
Class B		77			57			14			1			-			-			-
Shares issued in connection with acquisition
Class A		-			-			-			-			-			-			-
Class B		-			-			-			-			-			-			-
Reinvestment of distributions
Class A		987			118			18			8			1,814			439			74
Class B		1			-			-			-			-			-			1
Shares redeemed
Class A		(20,848	)		(7,929	)		(868	)		(124	)		(7,975	)		(4,864	)		(497	)
Class B		(40	)		(344	)		(11	)		-			-			-			-
Net increase (decrease)
Class A		37,898			(946	)		1,862			977			10,827			15,583			932
Class B		38			(287	)		3			1			-			-			1
Purchase and sales of investment securities (excluding short-term securities):
Purchase of securities	$	484,878		$	101,301		$	23,880		$	12,217		$	77,320		$	124,183		$	13,012
Proceeds from sales of securities		187,620			107,944			5,358			3,478			15,253			9,065			3,674

See accompanying Notes to Financial Statements.

JNL Series Trust

Statements of Changes in Net Assets(in thousands)

For the Year Ended December 31, 2009

Operations	JNL/Mellon Capital Management Pacific Rim  30 Fund			JNL/Mellon Capital Management S&P 500 Index Fund			JNL/Mellon Capital Management S&P 400 MidCap Index Fund			JNL/Mellon Capital Management Small Cap Index Fund			JNL/Mellon Capital Management International Index Fund			JNL/Mellon Capital Management Bond Index Fund			JNL/Mellon Capital Management Global Alpha Fund (a)
Net investment income (loss)	$	169		$	11,342		$	4,728		$	3,774		$	12,363		$	19,527		$	(151	)
Net realized gain (loss)		573			2,328			(3,695	)		(19,156	)		(447	)		(75	)		3
Net change in unrealized appreciation (depreciation)		1,634			158,392			117,279			120,377			131,672			9,023			(579	)
Net increase (decrease) in net assets from operations		2,376			172,062			118,312			104,995			143,588			28,475			(727	)
Distributions to shareholders
From net investment income
Class A		(195	)		(11,083	)		(4,488	)		(3,292	)		(15,267	)		(19,791	)		-
Class B		(2	)		(149	)		(51	)		(32	)		(411	)		(67	)		-
From net realized gains
Class A		(676	)		-			-			(2,281	)		(48	)		(531	)		-
Class B		(6	)		-			-			(19	)		(1	)		(2	)		-
Total distributions to shareholders		(879	)		(11,232	)		(4,539	)		(5,624	)		(15,727	)		(20,391	)		-
Share transactions¹
Proceeds from the sale of shares
Class A		17,843			419,298			194,952			185,703			372,062			570,482			67,200
Class B		16			4,296			2,561			2,009			12,456			1,618			110
Proceeds in connection with acquisition
Class A		-			94,890			-			63,228			-			-			-
Class B		-			259			-			171			-			-			-
Reinvestment of distributions
Class A		871			11,083			4,488			5,573			15,315			20,322			-
Class B		8			149			51			51			412			69			-
Cost of shares redeemed
Class A		(6,869	)		(240,768	)		(126,638	)		(123,990	)		(158,550	)		(184,946	)		(4,199	)
Class B		(2	)		(4,801	)		(1,906	)		(1,494	)		(5,141	)		(694	)		-
Net increase (decrease) in net assets from share transactions		11,867			284,406			73,508			131,251			236,554			406,851			63,111
Net increase (decrease) in net assets		13,364			445,236			187,281			230,622			364,415			414,935			62,384
Net assets beginning of year		3,397			466,042			287,039			243,743			375,624			380,835			-
Net assets end of year	$	16,761		$	911,278		$	474,320		$	474,365		$	740,039		$	795,770		$	62,384
Undistributed (excess of distributions over) net investment income	$	(18	)	$	619		$	4,045		$	3,772		$	3,094		$	9,215		$	147
¹Share transactions
Shares sold
Class A		1,663			52,379			20,952			22,046			35,696			49,872			6,723
Class B		1			558			289			242			1,348			139			11
Shares issued in connection with acquisition
Class A		-			12,047			-			8,656			-			-			-
Class B		-			33			-			23			-			-			-
Reinvestment of distributions
Class A		77			1,188			400			573			1,301			1,772			-
Class B		1			16			4			5			34			6			-
Shares redeemed
Class A		(608	)		(30,260	)		(14,100	)		(14,694	)		(15,598	)		(16,298	)		(421	)
Class B		-			(618	)		(207	)		(170	)		(536	)		(60	)		-
Net increase (decrease)
Class A		1,132			35,354			7,252			16,581			21,399			35,346			6,302
Class B		2			(11	)		86			100			846			85			11
Purchase and sales of investment securities
(excluding short-term securities):
Purchase of securities	$	15,169		$	302,812		$	119,362		$	173,230		$	246,482		$	922,816	(b)	$	-
Proceeds from sales of securities		4,091			27,617			49,119			57,318			11,057			523,179	(b)		-

(a) Period from September 28, 2009 (commencement of operations)

(b) Amounts include $664,564 and $372,890 of purchases and sales, respectively, of U.S. Government Securities.

See accompanying Notes to Financial Statements.

JNL Series Trust

Statements of Changes in Net Assets(in thousands)

For the Year Ended December 31, 2009

Operations	JNL/ Oppenheimer Global Growth Fund			JNL/PAM Asia ex-Japan Fund			JNL/PAM China-India Fund			JNL/PIMCO Real Return Fund			JNL/PIMCO Total Return Bond Fund			JNL/PPM America High Yield Bond Fund			JNL/PPM America Mid Cap Value Fund
Net investment income (loss)	$	2,523		$	236		$	55		$	23,049		$	70,331		$	32,474		$	86
Net realized gain (loss)		(6,526	)		836			10,363			102,884			62,666			(20,028	)		(549	)
Net change in unrealized appreciation (depreciation)		76,304			18,791			40,790			8,628			107,967			123,546			4,567
Net increase (decrease) in net assets from operations		72,301			19,863			51,208			134,561			240,964			135,992			4,104
Distributions to shareholders
From net investment income
Class A		(3,556	)		(5	)		-			(26,832	)		(52,191	)		(32,079	)		(76	)
Class B		(7	)		-			-			(6	)		(321	)		(315	)		-
From net realized gains
Class A		(14,477	)		-			-			-			(55,522	)		-			-
Class B		(25	)		-			-			-			(322	)		-			-
Total distributions to shareholders		(18,065	)		(5	)		-			(26,838	)		(108,356	)		(32,394	)		(76	)
Share transactions¹
Proceeds from the sale of shares
Class A		102,650			120,875			234,537			819,629			1,301,149			483,716			21,759
Class B		136			62			429			378			5,965			2,730			8
Proceeds in connection with acquisition
Class A		-			-			-			-			-			-			-
Class B		-			-			-			-			-			-			-
Reinvestment of distributions
Class A		18,033			5			-			26,832			107,713			32,079			76
Class B		32			-			-			6			643			315			-
Cost of shares redeemed
Class A		(60,924	)		(40,143	)		(78,162	)		(428,252	)		(517,672	)		(239,406	)		(10,826	)
Class B		(108	)		(31	)		(331	)		(539	)		(3,457	)		(1,820	)		(2	)
Net increase (decrease) in net assets from share transactions		59,819			80,768			156,473			418,054			894,341			277,614			11,015
Net increase (decrease) in net assets		114,055			100,626			207,681			525,777			1,026,949			381,212			15,043
Net assets beginning of year		176,424			7,784			26,055			664,288			1,335,631			191,290			5,069
Net assets end of year	$	290,479		$	108,410		$	233,736		$	1,190,065		$	2,362,580		$	572,502		$	20,112
Undistributed (excess of distributions over) net investment income	$	2,177		$	133		$	(94	)	$	23,571		$	13,156		$	2,997		$	2
¹Share transactions
Shares sold
Class A		12,284			17,242			36,231			74,128			107,536			89,094			3,236
Class B		16			8			62			34			471			474			1
Shares issued in connection with acquisition
Class A		-			-			-			-			-			-			-
Class B		-			-			-			-			-			-			-
Reinvestment of distributions
Class A		1,990			1			-			2,311			8,793			5,275			9
Class B		4			-			-			1			50			47			-
Shares redeemed
Class A		(7,695	)		(5,551	)		(12,099	)		(39,314	)		(43,458	)		(44,372	)		(1,711	)
Class B		(13	)		(4	)		(47	)		(49	)		(274	)		(307	)		-
Net increase																	-
Class A		6,579			11,692			24,132			37,125			72,871			49,997			1,534
Class B		7			4			15			(14	)		247			214			1
Purchase and sales of investment securities (excluding short-term securities):
Purchase of securities	$	83,055		$	97,816		$	224,610		$	10,624,029	(a)	$	10,623,069	(b)	$	433,423		$	20,878
Proceeds from sales of securities		42,623			19,604			75,555			10,682,988	(a)		11,030,293	(b)		168,654			9,967

(a) Amounts include $9,056,244 and $9,110,195 of purchases and sales, respectively, of U.S. Government Securities.

(b) Amounts include $2,653,491 and $2,445,715 of purchases and sales, respectively, of U.S. Government Securities.

See accompanying Notes to Financial Statements.

JNL Series Trust

Statements of Changes in Net Assets(in thousands)

For the Year Ended December 31, 2009

Operations	JNL/PPM America Small Cap Value Fund			JNL/PPM America Value Equity Fund			JNL/Red Rocks Listed Private Equity Fund			JNL/S&P Managed Conservative Fund			JNL/S&P Managed Moderate Fund			JNL/S&P Managed Moderate Growth Fund			JNL/S&P Managed Growth Fund
Net investment income (loss)	$	77		$	1,223		$	844		$	13,360		$	18,568		$	27,055		$	16,028
Net realized gain (loss)		(644	)		(27,858	)		2,887			(15,712	)		(19,997	)		(26,548	)		(37,116	)
Net change in unrealized appreciation (depreciation)		5,025			51,515			30,145			67,729			126,668			273,961			287,667
Net increase (decrease) in net assets from operations		4,458			24,880			33,876			65,377			125,239			274,468			266,579
Distributions to shareholders
From net investment income
Class A		(54	)		(4,058	)		(6,449	)		(10,219	)		(11,077	)		(10,776	)		(23,405	)
Class B		(18	)		(32	)		(4	)		-			-			-			-
From net realized gains
Class A		-			-			(322	)		(5,948	)		(11,102	)		(40,252	)		(44,252	)
Class B		-			-			-			-			-			-			-
Total distributions to shareholders		(72	)		(4,090	)		(6,775	)		(16,167	)		(22,179	)		(51,028	)		(67,657	)
Share transactions¹
Proceeds from the sale of shares
Class A		16,964			34,983			206,438			344,525			466,824			738,915			634,896
Class B		3,701			972			92			-			-			-			-
Proceeds in connection with acquisition
Class A		-			-			-			-			66,649			51,820			45,206
Class B		-			-			-			-			-			-			-
Reinvestment of distributions
Class A		54			4,058			6,771			16,167			22,179			51,028			67,657
Class B		18			32			4			-			-			-			-
Cost of shares redeemed
Class A		(12,638	)		(53,873	)		(31,671	)		(193,370	)		(194,992	)		(288,180	)		(275,722	)
Class B		(1,217	)		(473	)		(37	)		-			-			-			-
Net increase (decrease) in net assets from share transactions		6,882			(14,301	)		181,597			167,322			360,660			553,583			472,037
Net increase (decrease) in net assets		11,268			6,489			208,698			216,532			463,720			777,023			670,959
Net assets beginning of year		8,443			87,846			15,331			407,426			557,615			997,961			808,800
Net assets end of year	$	19,711		$	94,335		$	224,029		$	623,958		$	1,021,335		$	1,774,984		$	1,479,759
Undistributed (excess of distributions over) net investment income	$	3		$	1,221		$	(4,068	)	$	9,756		$	15,205		$	30,911		$	17,970
¹Share transactions
Shares sold
Class A		2,378			4,183			28,778			34,656			47,654			75,284			70,313
Class B		625			110			12			-			-			-			-
Shares issued in connection with acquisition
Class A		-			-			-			-			6,456			4,985			4,691
Class B		-			-			-			-			-			-			-
Reinvestment of distributions
Class A		7			392			844			1,560			2,124			4,823			6,932
Class B		2			3			1			-			-			-			-
Shares redeemed
Class A		(1,824	)		(7,211	)		(4,320	)		(19,474	)		(20,288	)		(30,257	)		(31,437	)
Class B		(182	)		(59	)		(5	)		-			-			-			-
Net increase
Class A		561			(2,636	)		25,302			16,742			35,946			54,835			50,499
Class B		445			54			8			-			-			-			-
Purchase and sales of investment securities (excluding short-term securities):
Purchase of securities	$	21,035		$	46,689		$	203,304		$	195,704		$	379,679		$	563,493		$	450,556
Proceeds from sales of securities		14,201			63,884			30,438			55,830			46,920			60,414			84,540

See accompanying Notes to Financial Statements.

JNL Series Trust

Statements of Changes in Net Assets(in thousands)

For the Year Ended December 31, 2009

	JNL/S&P			JNL/S&P			JNL/S&P
	Managed			Disciplined			Disciplined			JNL/S&P			JNL/S&P			JNL/S&P			JNL/S&P
	Aggressive			Moderate			Moderate			Disciplined			Competitive			Dividend Income			Intrinsic
	Growth Fund			Fund			Growth Fund			Growth Fund			Advantage Fund			& Growth Fund			Value Fund
Operations
Net investment income (loss)	$	4,928		$	2,753		$	3,411		$	1,408		$	2,217		$	4,710		$	2,230
Net realized gain (loss)		(38,676	)		(4,476	)		(14,165	)		(8,221	)		32,235			19,690			59,957
Net change in unrealized appreciation (depreciation)		162,066			21,725			39,827			20,449			28,899			16,445			14,071
Net increase (decrease) in net assets from operations		128,318			20,002			29,073			13,636			63,351			40,845			76,258
Distributions to shareholders
From net investment income
Class A		(11,203	)		(2,845	)		(3,991	)		(1,712	)		(27	)		(57	)		(46	)
Class B		-			-			-			-			-			-			-
From net realized gains
Class A		(17,264	)		(1,066	)		(2,254	)		(992	)		-			-			-
Class B		-			-			-			-			-			-			-
Total distributions to shareholders		(28,467	)		(3,911	)		(6,245	)		(2,704	)		(27	)		(57	)		(46	)
Share transactions¹
Proceeds from the sale of shares
Class A		214,398			117,823			137,951			64,478			203,923			152,566			177,653
Class B		-			-			-			-			245			146			570
Proceeds in connection with acquisition
Class A		-			1,090			570			537			-			-			-
Class B		-			-			-			-			-			-			-
Reinvestment of distributions
Class A		28,467			3,911			6,245			2,704			27			57			46
Class B		-			-			-			-			-			-			-
Cost of shares redeemed
Class A		(174,566	)		(28,522	)		(35,681	)		(23,921	)		(102,965	)		(55,322	)		(103,954	)
Class B		-			-			-			-			(222	)		(134	)		(519	)
Net increase (decrease) in net assets from share transactions		68,299			94,302			109,085			43,798			101,008			97,313			73,796
Net increase (decrease) in net assets		168,150			110,393			131,913			54,730			164,332			138,101			150,008
Net assets beginning of year		414,718			58,062			74,452			26,133			90,413			101,449			96,678
Net assets end of year	$	582,868		$	168,455		$	206,365		$	80,863		$	254,745		$	239,550		$	246,686
Undistributed (excess of distributions over) net investment income	$	4,931		$	2,774		$	3,418		$	1,408		$	2,217		$	4,709		$	2,231
¹Share transactions
Shares sold
Class A		22,539			14,212			18,845			9,454			24,661			21,138			23,337
Class B		-			-			-			-			28			19			65
Shares issued in connection with acquisition
Class A		-			146			89			91			-			-			-
Class B		-			-			-			-			-			-			-
Reinvestment of distributions
Class A		2,709			439			775			357			2			6			5
Class B		-			-			-			-			-			-			-
Shares redeemed
Class A		(18,923	)		(3,471	)		(5,171	)		(3,466	)		(12,186	)		(7,997	)		(13,612	)
Class B		-			-			-			-			(25	)		(18	)		(59	)
Net increase
Class A		6,325			11,326			14,538			6,436			12,477			13,147			9,730
Class B		-			-			-			-			3			1			6
Purchase and sales of investment securities (excluding short-term securities):
Purchase of securities	$	111,737		$	92,161		$	111,220		$	51,010		$	275,870		$	222,148		$	314,981
Proceeds from sales of securities		86,826			11,330			18,692			11,766			173,641			120,973			240,647

See accompanying Notes to Financial Statements.

JNL Series Trust

Statements of Changes in Net Assets(in thousands)

For the Year Ended December 31, 2009

																		JNL/T. Rowe			JNL/T. Rowe
	JNL/S&P						JNL/Select				JNL/Select							Price			Price
	Total			JNL/S&P 4			Balanced				Money				JNL/Select			Established			Mid-Cap
	Yield Fund			Fund			Fund				Market Fund				Value Fund			Growth Fund			Growth Fund
Operations
Net investment income (loss)	$	1,965		$	(131	)	$	13,872			$	2,068			$	9,600		$	849		$	(1,511	)
Net realized gain (loss)		40,287			(10,383	)		(24,563	)			-				(61,202	)		(92,850	)		(16,180	)
Net change in unrealized appreciation (depreciation)		12,192			173,760			116,411				-				187,290			341,595			249,684
Net increase (decrease) in net assets from operations		54,444			163,246			105,720				2,068				135,688			249,594			231,993
Distributions to shareholders
From net investment income
Class A		(33	)		(5,191	)		(15,778	)			(2,055	)			(10,148	)		(2,134	)		-
Class B		-			-			(20	)			(13	)			(206	)		(126	)		-
From net realized gains
Class A		-			(5	)		-				-				-			-			(136	)
Class B		-			-			-				-				-			-			(4	)
From return of capital
Class A		-			-			-				-				-			-			(281	)
Class B		-			-			-				-				-			-			(10	)
Total distributions to shareholders		(33	)		(5,196	)		(15,798	)			(2,068	)			(10,354	)		(2,260	)		(431	)
Share transactions¹
Proceeds from the sale of shares
Class A		147,225			362,194			332,082				1,252,932				304,692			352,768			342,393
Class B		221			-			224				7,934				2,859			4,221			5,066
Proceeds in connection with acquisition
Class A		-			-			-				-				-			-			-
Class B		-			-			-				-				-			-			-
Reinvestment of distributions
Class A		33			5,196			15,778				2,055				10,148			2,134			417
Class B		-			-			20				13				206			126			14
Cost of shares redeemed
Class A		(92,265	)		(163,218	)		(155,903	)			(1,454,529	)			(160,319	)		(258,030	)		(169,644	)
Class B		(278	)		-			(171	)			(7,898	)			(2,388	)		(3,069	)		(3,537	)
Net increase (decrease) in net assets from share transactions		54,936			204,172			192,030				(199,493	)			155,198			98,150			174,709
Net increase (decrease) in net assets		109,347			362,222			281,952				(199,493	)			280,532			345,484			406,271
Net assets beginning of year		103,689			265,183			455,767				1,347,274				495,701			601,372			442,995
Net assets end of year	$	213,036		$	627,405		$	737,719			$	1,147,781			$	776,233		$	946,856		$	849,266
Undistributed (excess of distributions over) net investment income	$	1,965		$	(4	)	$	13,925			$	(3	)		$	9,584		$	539		$	(16	)
¹Share transactions
Shares sold
Class A		19,966			47,871			24,199				1,252,931				22,529			23,009			17,145
Class B		26			-			16				7,934				220			303			275
Shares issued in connection with acquisition
Class A		-			-			-				-				-			-			-
Class B		-			-			-				-				-			-			-
Reinvestment of distributions
Class A		3			547			1,049				2,055				663			120			18
Class B		-			-			1				13				13			7			1
Shares redeemed
Class A		(12,835	)		(21,739	)		(11,687	)			(1,454,531	)			(12,220	)		(18,504	)		(8,891	)
Class B		(34	)		-			(12	)			(7,898	)			(181	)		(208	)		(186	)
Net increase (decrease)
Class A		7,134			26,679			13,561				(199,545	)			10,972			4,625			8,272
Class B		(8	)		-			5				49				52			102			90
Purchase and sales of investment securities (excluding short-term securities):
Purchase of securities	$	247,940		$	249,429		$	586,212		(a)	$	93,844		(b)	$	383,098		$	529,617		$	329,090
Proceeds from sales of securities		191,272			50,560			423,934		(a)		28,355		(b)		234,591			420,991			180,890

(a) Amounts include $129,427 and $76,181 of purchases and sales, respectively, of U.S. Government Securities.

(b) Amounts include $68,035 and $20,000 of purchases and sales, respectively, of U.S. Government Securities.

See accompanying Notes to Financial Statements

JNL Series Trust

Statements of Changes in Net Assets(in thousands)

For the Year Ended December 31, 2009

	JNL/T. Rowe
	Price Short-				JNL/T. Rowe
	Term Bond				Price
	Fund				Value Fund
Operations
Net investment income (loss)	$	9,706			$	9,942
Net realized gain (loss)		(17,146	)			(40,718	)
Net change in unrealized appreciation (depreciation)		33,959				204,680
Net increase (decrease) in net assets from operations		26,519				173,904
Distributions to shareholders
From net investment income
Class A		(13,181	)			(9,641	)
Class B		(6	)			(8	)
From net realized gains
Class A		(4,268	)			-
Class B		(2	)			-
Total distributions to shareholders		(17,457	)			(9,649	)
Share transactions¹
Proceeds from the sale of shares
Class A		329,418				311,003
Class B		197				155
Proceeds in connection with acquisition
Class A		-				-
Class B		-				-
Reinvestment of distributions
Class A		17,449				9,641
Class B		8				8
Cost of shares redeemed
Class A		(166,506	)			(169,622	)
Class B		(44	)			(140	)
Net increase (decrease) in net assets from share transactions		180,522				151,045
Net increase (decrease) in net assets		189,584				315,300
Net assets beginning of year		295,459				412,921
Net assets end of year	$	485,043			$	728,221
Undistributed (excess of distributions over) net investment income	$	9,862			$	9,943
¹Share transactions
Shares sold
Class A		33,669				38,732
Class B		20				19
Shares issued in connection with acquisition
Class A		-				-
Class B		-				-
Reinvestment of distributions
Class A		1,791				1,024
Class B		1				1
Shares redeemed
Class A		(17,057	)			(21,802	)
Class B		(4	)			(17	)
Net increase (decrease)
Class A		18,403				17,954
Class B		17				3
Purchase and sales of investment securities (excluding short-term securities):
Purchase of securities	$	665,800		(a)	$	239,152
Proceeds from sales of securities		500,591		(a)		101,689

(a) Amounts include $277,934 and $262,256 of purchases and sales, respectively, of U.S. Government Securities.

See accompanying Notes to Financial Statements.

JNL Series Trust

Financial Highlights

			Increase (Decrease) from										Distributions from Net Realized Gains on Investment Transactions																		Ratio of Net Investment Income (Loss) to Average Net Assets (c)
	Net Asset Value Beginning of Period		Investment Operations (e)																Supplemental Data								Ratio of Expenses to Average Net Assets (c)
Period Ended			Net Investment Income (Loss)		Net Realized & Unrealized Gains (Losses)			Total from Investment Operations		Distributions from Net Investment Income							Net Asset Value, End of Period		Total Return (b)			Net Assets, End of Period (in thousands)		Portfolio Turnover (d)
JNL/American Funds Blue Chip Income and Growth Fund (h)
Class A
05/03(a) -12/31/2010	$	10.00	$	0.29	$	0.10		$	0.39	$	-		$	-			$	10.39		3.90	%	$	148,996		5	%		0.65	%	(y)		4.51	%	(y)
Class B
05/03(a) -12/31/2010		10.00		0.42		(0.01	)		0.41		-			-				10.41		4.10			9		5			0.40		(y)		6.57		(y)
JNL/American Funds Global Bond Fund (h)
Class A
05/03(a) -12/31/2010		10.00		0.48		(0.03	)		0.45		-			-				10.45		4.50			105,262		5			0.55		(y)		6.97		(y)
Class B
05/03(a) -12/31/2010		10.00		0.63		(0.16	)		0.47		-			-				10.47		4.70			79		5			0.30		(y)		8.98		(y)
JNL/American Funds Global Small Capitalization Fund (h)
Class A
05/03(a) -12/31/2010		10.00		0.13		1.02			1.15		-			-				11.15		11.50			80,924		4			0.55		(y)		1.93		(y)
Class B
05/03(a) -12/31/2010		10.00		0.22		0.94			1.16		-			-				11.16		11.60			23		4			0.30		(y)		3.11		(y)
JNL/American Funds Growth-Income Fund (h)
Class A
05/03(a) -12/31/2010		10.00		0.24		0.21			0.45		-			-				10.45		4.50			174,494		0			0.70		(y)		3.72		(y)
Class B
05/03(a) -12/31/2010		10.00		0.27		0.19			0.46		-			-				10.46		4.60			23		0			0.45		(y)		4.22		(y)
JNL/American Funds International Fund (h)
Class A
05/03(a) -12/31/2010		10.00		0.27		0.58			0.85		-			-				10.85		8.50			102,766		3			0.70		(y)		3.92		(y)
Class B
05/03(a) -12/31/2010		10.00		0.46		0.41			0.87		-			-				10.87		8.70			20		3			0.45		(y)		6.65		(y)
JNL/American Funds New World Fund (h)
Class A
05/03(a) -12/31/2010		10.00		0.27		1.09			1.36		-			-				11.36		13.60			133,465		0			0.65		(y)		3.78		(y)
Class B
05/03(a) -12/31/2010		10.00		0.28		1.09			1.37		-			-				11.37		13.70			18		0			0.40		(y)		3.94		(y)
JNL Alt Institutional Alt 20 Fund (h)
Class A
12/31/2010		12.73		0.25		1.41			1.66		(0.07	)		(0.00	)	(f)		14.32		13.06			615,034		3			0.20				1.91
04/06(a)-12/31/2009		10.00		0.45		2.28			2.73		-			-				12.73		27.30			199,516		3			0.20				4.93
JNL Alt Institutional Alt 35 Fund (h)
Class A
12/31/2010		13.24		0.25		1.65			1.90		(0.08	)		(0.01	)			15.05		14.36			885,456		2			0.20				1.79
04/06(a)-12/31/2009		10.00		0.44		2.80			3.24		-			-				13.24		32.40			308,516		6			0.20				4.72
JNL Alt Institutional Alt 50 Fund (h)
Class A
12/31/2010		13.57		0.26		1.76			2.02		(0.08	)		(0.02	)			15.49		14.90			1,077,623		2			0.20				1.82
04/06(a)-12/31/2009		10.00		0.49		3.08			3.57		-			-				13.57		35.70			361,516		13			0.20				5.06

See accompanying Notes to Financial Statements.

JNL Series Trust

Financial Highlights

	Net Asset Value Beginning of Period		Increase (Decrease) from Investment Operations (e)									Distribu- tions from Net Investment Income			Distribu- tions from Net Realized Gains on Investment Transactions					Supplemental Data											Ratio of Expenses to Average Net Assets (c)				Ratio of Net Investment Income (Loss) to Average Net Assets (c)
Period Ended			Net Investment Income (Loss)			Net Realized & Unrealized Gains (Losses)			Total from Investment Operations									Net Asset Value, End of Period		Total Return (b)				Net Assets, End of Period (in thousands)		Portfolio Turnover (d)
JNL Alt Institutional Alt 65 Fund (h)
Class A
12/31/2010	$	13.97	$	0.22		$	1.99		$	2.21		$	(0.07	)	$	(0.04	)	$	16.07		15.85	%		$	728,410		5	%				0.20	%			1.52	%
04/06(a) - 12/31/2009		10.00		0.47			3.50			3.97			-			-			13.97		39.70				229,813		24					0.20				4.80
JNL/BlackRock Commodity Securities Fund
Class A
12/31/2010		9.41		0.08			1.56			1.64			(0.03	)		-			11.02		17.44				1,000,238		102					1.00				0.87
12/31/2009		6.31		0.07			3.09			3.16			(0.06	)		-			9.41		50.17				641,108		108					1.03				0.88
12/31/2008		13.90		0.20			(7.35	)		(7.15	)		(0.01	)		(0.43	)		6.31		(51.30	)			214,651		71					1.04				1.67
01/16(a) - 12/31/2007		10.00		0.07			3.83			3.90			-			-			13.90		39.00				388,379		51					1.05				0.57
Class B
12/31/2010		9.44		0.11			1.55			1.66			(0.04	)		-			11.06		17.59				694		102					0.80				1.13
12/31/2009		6.33		0.09			3.09			3.18			(0.07	)		-			9.44		50.34				538		108					0.83				1.22
12/31/2008		13.93		0.21			(7.36	)		(7.15	)		(0.02	)		(0.43	)		6.33		(51.18	)			270		71					0.84				1.94
01/16(a) - 12/31/2007		10.00		0.12			3.81			3.93			-			-			13.93		39.30				302		51					0.85				0.96
JNL/BlackRock Global Allocation Fund (h)
Class A
10/11(a) - 12/31/2010		10.00		0.28			0.07			0.35			-			-			10.35		3.50				179,580		5					0.59		(y)		12.50		(y)
Class B
10/11(a) - 12/31/2010		10.00		0.33			0.02			0.35			-			-			10.35		3.50				20		5					0.39		(y)		14.63		(y)
JNL/Capital Guardian Global Balanced Fund
Class A
12/31/2010		8.82		0.14			0.65			0.79			(0.09	)		-			9.52		9.01				358,593		47		(z	)		1.01				1.62
12/31/2009		7.35		0.15			1.50			1.65			(0.18	)		-			8.82		22.48				279,806		78					1.01				1.88
12/31/2008		11.95		0.25			(3.67	)		(3.42	)		(0.12	)		(1.06	)		7.35		(28.29	)			183,572		70					1.01				2.37
12/31/2007		11.92		0.20			0.72			0.92			(0.14	)		(0.75	)		11.95		7.96				197,825		155					0.98				1.60
12/31/2006		11.03		0.18			1.01			1.19			(0.10	)		(0.20	)		11.92		10.79				162,743		62					1.02				1.55
Class B
12/31/2010		9.01		0.16			0.68			0.84			(0.10	)		-			9.75		9.40				421		47		(z	)		0.81				1.82
12/31/2009		7.50		0.17			1.54			1.71			(0.20	)		-			9.01		22.75				411		78					0.81				2.04
12/31/2008		12.17		0.30			(3.78	)		(3.48	)		(0.13	)		(1.06	)		7.50		(28.22	)			189		70					0.81				2.74
12/31/2007		12.07		0.23			0.74			0.97			(0.12	)		(0.75	)		12.17		8.24				290		155					0.78				1.78
12/31/2006		11.14		0.20			1.03			1.23			(0.10	)		(0.20	)		12.07		10.98				166		62					0.82				1.75
JNL/Capital Guardian Global Diversified Research Fund
Class A
12/31/2010		20.92		0.21			2.25			2.46			(0.15	)		-			23.23		11.77				436,897		30					1.08				1.00
12/31/2009		15.33		0.17			5.70			5.87			(0.28	)		-			20.92		38.32		(u)		332,577		85					1.09				0.97
12/31/2008		26.67		0.44			(11.78	)		(11.34	)		-			-			15.33		(42.52	)			163,107		96					1.09				2.04
12/31/2007		22.23		(0.03	)		4.62			4.59			(0.15	)		-			26.67		20.65				232,460		195					1.10				(0.11	)
12/31/2006		19.68		0.07			2.55			2.62			(0.07	)		-			22.23		13.31				160,207		116					1.10				0.35
Class B
12/31/2010		21.05		0.25			2.27			2.52			(0.17	)		-			23.40		12.01				311		30					0.88				1.21
12/31/2009		15.41		0.21			5.74			5.95			(0.31	)		-			21.05		38.63		(u)		329		85					0.89				1.19
12/31/2008		26.75		0.44			(11.78	)		(11.34	)		-			-			15.41		(42.39	)			161		96					0.89				2.05
12/31/2007		22.39		0.01			4.65			4.66			(0.30	)		-			26.75		20.87				133		195					0.90				0.05
12/31/2006		19.76		0.10			2.58			2.68			(0.05	)		-			22.39		13.57				204		116					0.90				0.49

See accompanying Notes to Financial Statements.

JNL Series Trust

Financial Highlights

	Net Asset Value Beginning of Period		Increase (Decrease) from Investment Operations (e)											Distributions from Net Investment Income					Distributions from Net Realized Gains on Investment Transactions							Supplemental Data								Ratio of Expenses to Average Net Assets (c)			Ratio of Net Investment Income (Loss) to Average Net Assets (c)
Period Ended			Net Investment Income (Loss)					Net Realized & Unrealized Gains (Losses)			Total from Investment Operations													Net Asset Value, End of Period		Total Return (b)			Net Assets, End of Period (in thousands)		Portfolio Turnover (d)
JNL/Capital Guardian U.S. Growth Equity Fund
Class A
12/31/2010	$	18.85	$	0.04				$	2.35		$	2.39		$	(0.05	)			$	-				$	21.19		12.67	%	$	894,742		34	%		0.95	%		0.21	%
12/31/2009		13.99		0.09					4.79			4.88			(0.02	)				-					18.85		34.91			554,978		55			0.98			0.57
12/31/2008		23.68		0.06					(9.75	)		(9.69	)		0.00		(f)			-					13.99		(40.92	)		195,824		47			0.99			0.29
12/31/2007		21.58		0.00		(f)			2.10			2.10			-					-					23.68		9.73			226,712		190			1.00			(0.01	)
12/31/2006		20.63		(0.01	)				0.96			0.95			-					-					21.58		4.60			186,424		89			0.99			(0.07	)
Class B
12/31/2010		19.03		0.08					2.39			2.47			(0.07	)				-					21.43		12.96			227		34			0.75			0.40
12/31/2009		14.11		0.12					4.84			4.96			(0.04	)				-					19.03		35.16			310		55			0.78			0.73
12/31/2008		23.88		0.09					(9.84	)		(9.75	)		(0.02	)				-					14.11		(40.81	)		157		47			0.79			0.47
12/31/2007		21.72		0.04					2.12			2.16			-					-					23.88		9.94			210		190			0.80			0.19
12/31/2006		20.71		0.02					0.99			1.01			-					-					21.72		4.88			173		89			0.80			0.12
JNL/Eagle Core Equity Fund
Class A
12/31/2010		6.57		0.05					0.73			0.78			(0.02	)				-					7.33		11.86			203,409		52			0.93			0.79
12/31/2009		4.96		0.05					1.63			1.68			(0.07	)				-					6.57		33.83			84,192		36			0.96			0.84
12/31/2008		14.53		0.16					(5.92	)		(5.76	)		(0.34	)				(3.47	)				4.96		(39.04	)		42,644		57			0.96			1.35
12/31/2007		17.22		0.20					(0.12	)		0.08			(0.35	)				(2.42	)				14.53		0.59			81,088		43			0.94			1.13
12/31/2006		15.33		0.15					1.74			1.89			0.00		(f)			-					17.22		12.35			177,972		109			0.96			0.92
Class B
12/31/2010		6.85		0.06					0.76			0.82			(0.02	)				-					7.65		12.02			119		52			0.73			0.95
12/31/2009		5.16		0.07					1.70			1.77			(0.08	)				-					6.85		34.26			94		36			0.76			1.11
12/31/2008		14.93		0.19					(6.09	)		(5.90	)		(0.40	)				(3.47	)				5.16		(38.93	)		138		57			0.76			1.55
12/31/2007		17.35		0.25					(0.12	)		0.13			(0.13	)				(2.42	)				14.93		0.84			220		43			0.74			1.41
12/31/2006		15.42		0.19					1.74			1.93			0.00		(f)			-					17.35		12.53			175		109			0.76			1.16
JNL/Eagle SmallCap Equity Fund
Class A
12/31/2010		16.14		(0.03	)				5.80			5.77			(0.03	)				-					21.88		35.73			589,399		50			1.02			(0.18	)
12/31/2009		11.91		0.04					4.19			4.23			-					-					16.14		35.52			279,448		67			1.03			0.34
12/31/2008		20.73		(0.04	)				(7.93	)		(7.97	)		-					(0.85	)				11.91		(38.34	)		164,108		69			1.03			(0.25	)
12/31/2007		22.19		(0.11	)				2.65			2.54			-					(4.00	)				20.73		12.14			231,713		81			1.03			(0.45	)
12/31/2006		20.13		(0.15	)				4.17			4.02			-					(1.96	)				22.19		20.03			199,096		68			1.05			(0.67	)
Class B
12/31/2010		16.40		-					5.89			5.89			(0.04	)				-					22.25		35.94			531		50			0.82			0.02
12/31/2009		12.08		0.06					4.26			4.32			-					-					16.40		35.76			248		67			0.83			0.44
12/31/2008		20.96		(0.01	)				(8.02	)		(8.03	)		-					(0.85	)				12.08		(38.20	)		183		69			0.83			(0.03	)
12/31/2007		22.36		(0.06	)				2.66			2.60			-					(4.00	)				20.96		12.32			217		81			0.83			(0.24	)
12/31/2006		20.22		(0.10	)				4.20			4.10			-					(1.96	)				22.36		20.34			245		68			0.85			(0.46	)
JNL/Franklin Templeton Founding Strategy Fund (h)
Class A
12/31/2010		8.22		0.14					0.71			0.85			(0.24	)				-					8.83		10.39			1,037,981		3			0.05			1.72
12/31/2009		6.32		0.29					1.61			1.90			0.00		(f	)		-					8.22		30.13			838,759		5			0.06			4.15
12/31/2008		10.09		0.00		(f	)		(3.66	)		(3.66	)		(0.11	)				0.00		(f	)		6.32		(36.13	)		580,801		14			0.06			(0.02	)
01/16(a) - 12/31/2007		10.00		0.24					(0.15	)		0.09			-					-					10.09		0.90			800,395		9			0.05			2.42

See accompanying Notes to Financial Statements.

JNL Series Trust

Financial Highlights

	Net Asset Value Beginning of Period		Increase (Decrease) from Investment Operations (e)								Distributions from Net Investment Income					Distributions from Net Realized Gains on Investment Transactions							Supplemental Data										Ratio of Expenses to Average Net Assets (c)					Ratio of Net Investment Income (Loss) to Average Net Assets (c)
Period Ended			Net Investment Income (Loss)		Net Realized & Unrealized Gains (Losses)			Total from Investment Operations													Net Asset Value, End of Period		Total Return (b)			Net Assets, End of Period (in thousands)		Portfolio Turnover (d)
JNL/Franklin Templeton Global Growth Fund
Class A
12/31/2010	$	7.64	$	0.10	$	0.44		$	0.54		$	(0.10	)			$	-				$	8.08		7.07	%	$	475,458		5	%				1.08	%				1.38	%
12/31/2009		5.92		0.10		1.74			1.84			(0.12	)				-					7.64		31.06			375,505		5					1.10					1.58
12/31/2008		9.99		0.17		(4.24	)		(4.07	)		0.00		(f	)		0.00		(f	)		5.92		(40.72	)		236,023		11					1.11					2.18
01/16(a) - 12/31/2007		10.00		0.11		(0.05	)		0.06			(0.06	)				(0.01	)				9.99		0.63			318,542		3					1.10					1.15
Class B
12/31/2010		7.65		0.12		0.44			0.56			(0.11	)				-					8.10		7.32			283		5					0.88					1.58
12/31/2009		5.93		0.12		1.73			1.85			(0.13	)				-					7.65		31.21			219		5					0.90					1.85
12/31/2008		9.97		0.20		(4.24	)		(4.04	)		0.00		(f	)		0.00		(f	)		5.93		(40.50	)		153		11					0.91					2.48
01/16(a) - 12/31/2007		10.00		0.16		(0.08	)		0.08			(0.10	)				(0.01	)				9.97		0.82			211		3					0.90					1.58
JNL/Franklin Templeton Income Fund
Class A
12/31/2010		9.29		0.50		0.66			1.16			(0.35	)				-					10.10		12.57			1,061,794		33					0.96					5.17
12/31/2009		7.39		0.55		1.88			2.43			(0.53	)				-					9.29		32.92			728,236		39					1.00					6.51
12/31/2008		10.53		0.66		(3.79	)		(3.13	)		(0.01	)				-					7.39		(29.74	)		432,233		56					1.00					7.05
12/31/2007		10.70		0.60		(0.40	)		0.20			(0.35	)				(0.02	)				10.53		1.85			549,659		21		(i	)		1.02					5.45
05/01(a)-12/31/2006		10.00		0.34		0.64			0.98			(0.26	)				(0.02	)				10.70		9.78			64,653		43					1.10					4.85
Class B
12/31/2010		8.98		0.50		0.64			1.14			(0.36	)				-					9.76		12.79			346		33					0.76					5.37
12/31/2009		7.16		0.55		1.81			2.36			(0.54	)				-					8.98		33.07			388		39					0.80					6.74
12/31/2008		10.17		0.66		(3.66	)		(3.00	)		(0.01	)				-					7.16		(29.51	)		228		56					0.80					7.39
12/31/2007		10.63		0.59		(0.38	)		0.21			(0.65	)				(0.02	)				10.17		1.96			170		21		(i	)		0.83					5.37
05/01(a)-12/31/2006		10.00		0.35		0.65			1.00			(0.35	)				(0.02	)				10.63		10.01			114		43					0.90					5.06
JNL/Franklin Templeton International Small Cap Growth Fund
Class A
12/31/2010		6.85		0.14		1.27			1.41			(0.09	)				-					8.17		20.55			213,824		162					1.30					1.96
12/31/2009		4.53		0.04		2.36			2.40			(0.08	)				-					6.85		52.93			144,004		46					1.31					0.65
12/31/2008		9.87		0.14		(5.47	)		(5.33	)		(0.01	)				-					4.53		(54.00	)		44,755		53					1.31					1.88
12/03(a) - 12/31/2007		10.00		0.00		(0.13	)		(0.13	)		-					-					9.87		(1.30	)		73,063		2					1.30					0.22
Class B
12/31/2010		6.88		0.14		1.28			1.42			(0.09	)				-					8.21		20.70			181		162					1.10					2.01
12/31/2009		4.55		0.05		2.36			2.41			(0.08	)				-					6.88		53.05			218		46					1.11					0.88
12/31/2008		9.88		0.14		(5.46	)		(5.32	)		(0.01	)				-					4.55		(53.84	)		80		53					1.11					2.01
12/03(a) - 12/31/2007		10.00		0.00		(0.12	)		(0.12	)		-					-					9.88		(1.20	)		108		2					1.11					0.43
JNL/Franklin Templeton Mutual Shares Fund
Class A
12/31/2010		7.61		0.24		0.63			0.87			(0.00	)	(f	)		-					8.48		11.45			594,707		33					1.06					3.02
12/31/2009		6.20		0.10		1.55			1.65			(0.24	)				-					7.61		26.74			423,572		61					1.11		(j	)		1.48
12/31/2008		10.02		0.14		(3.94	)		(3.80	)		-					(0.02	)				6.20		(37.90	)		255,941		49					1.08		(j	)		1.67
01/16(a) - 12/31/2007		10.00		0.16		(0.14	)		0.02			-					-					10.02		0.20			344,535		33					1.07		(j	)		1.60
Class B
12/31/2010		7.64		0.26		0.63			0.89			(0.01	)				-					8.52		11.66			358		33					0.86					3.26
12/31/2009		6.22		0.12		1.56			1.68			(0.26	)				-					7.64		27.00			282		61					0.91		(j	)		1.79
12/31/2008		10.03		0.17		(3.96	)		(3.79	)		-					(0.02	)				6.22		(37.76	)		170		49					0.88		(j	)		2.13
01/16(a) - 12/31/2007		10.00		0.13		(0.10	)		0.03			-					-					10.03		0.30			210		33					0.86		(j	)		1.29

See accompanying Notes to Financial Statements.

JNL Series Trust

Financial Highlights

	Net Asset Value Beginning of Period		Increase (Decrease) from Investment Operations (e)								Distributions from Net Investment Income			Distributions from Net Realized Gains on Investment Transactions					Supplemental Data										Ratio of Expenses to Average Net Assets (c)			Ratio of Net Investment Income (Loss) to Average Net Assets (c)
Period Ended			Net Investment Income (Loss)		Net Realized & Unrealized Gains (Losses)			Total from Investment Operations									Net Asset Value, End of Period		Total Return (b)			Net Assets, End of Period (in thousands)		Portfolio Turnover (d)
JNL/Franklin Templeton Small Cap Value Fund
Class A
12/31/2010	$	8.72	$	0.05	$	2.29		$	2.34		$	(0.04	)	$	-		$	11.02		26.84	%	$	294,200		9	%				1.14	%		0.50	%
12/31/2009		6.56		0.07		2.15			2.22			(0.06	)		-			8.72		33.80			167,589		2					1.16			0.89
12/31/2008		11.38		0.11		(3.97	)		(3.86	)		(0.10	)		(0.86	)		6.56		(33.23	)		86,399		14					1.16			1.10
12/31/2007		12.86		0.11		(0.90	)		(0.79	)		(0.09	)		(0.60	)		11.38		(6.14	)		100,289		26					1.16			0.80
12/31/2006		11.03		0.08		1.88			1.96			(0.02	)		(0.11	)		12.86		17.71			130,608		6					1.16			0.67
Class B
12/31/2010		8.68		0.07		2.28			2.35			(0.05	)		-			10.98		27.07			400		9					0.94			0.70
12/31/2009		6.53		0.08		2.14			2.22			(0.07	)		-			8.68		33.96			237		2					0.96			1.09
12/31/2008		11.35		0.13		(3.97	)		(3.84	)		(0.12	)		(0.86	)		6.53		(33.06	)		139		14					0.96			1.33
12/31/2007		12.89		0.13		(0.89	)		(0.76	)		(0.18	)		(0.60	)		11.35		(5.89	)		123		26					0.96			0.96
12/31/2006		11.04		0.11		1.87			1.98			(0.02	)		(0.11	)		12.89		17.93			239		6					0.95			0.88
JNL/Goldman Sachs Core Plus Bond Fund
Class A
12/31/2010		11.68		0.28		0.60			0.88			(0.29	)		(0.13	)		12.14		7.63			1,056,413		977		(k	)		0.88			2.33
12/31/2009		10.71		0.45		1.07			1.52			(0.50	)		(0.05	)		11.68		14.16			782,744		430		(k	)		0.90			3.90
12/31/2008		12.01		0.55		(1.18	)		(0.63	)		(0.48	)		(0.19	)		10.71		(5.17	)		564,785		462					0.90			4.76
12/31/2007		11.60		0.57		0.23			0.80			(0.39	)		-			12.01		6.91			614,033		186		(k	)		0.91			4.79
12/31/2006		11.08		0.54		(0.01	)		0.53			(0.01	)		-			11.60		4.77			460,890		113		(k	)		0.92			4.81
Class B
12/31/2010		11.83		0.32		0.59			0.91			(0.31	)		(0.13	)		12.30		7.75			246		977		(k	)		0.68			2.54
12/31/2009		10.83		0.48		1.09			1.57			(0.52	)		(0.05	)		11.83		14.47			245		430		(k	)		0.70			4.14
12/31/2008		12.13		0.58		(1.19	)		(0.61	)		(0.50	)		(0.19	)		10.83		(4.94	)		197		462					0.70			4.95
12/31/2007		12.05		0.61		0.25			0.86			(0.78	)		-			12.13		7.18			171		186		(k	)		0.71			4.99
12/31/2006		11.49		0.58		(0.01	)		0.57			(0.01	)		-			12.05		4.94			259		113		(k	)		0.72			5.01
JNL/Goldman Sachs Emerging Markets Debt Fund
Class A
12/31/2010		11.89		0.61		1.30			1.91			(0.12	)		(0.03	)		13.65		16.07			762,892		160					1.08			4.65
12/31/2009		9.67		0.44		1.79			2.23			(0.01	)		-			11.89		23.06			193,046		94					1.11			3.89
10/06(a)-12/31/2008		10.00		0.09		(0.42	)		(0.33	)		-			-			9.67		(3.30	)		28,973		44					1.11			3.92
Class B
12/31/2010		11.92		0.65		1.28			1.93			(0.12	)		(0.03	)		13.70		16.22			442		160					0.88			4.95
12/31/2009		9.67		0.47		1.79			2.26			(0.01	)		-			11.92		23.38			197		94					0.91			4.23
10/06(a)-12/31/2008		10.00		0.09		(0.42	)		(0.33	)		-			-			9.67		(3.30	)		97		44					0.91			4.06
JNL/Goldman Sachs Mid Cap Value Fund
Class A
12/31/2010		8.56		0.05		2.04			2.09			(0.05	)		-			10.60		24.40			496,550		85					1.02			0.58
12/31/2009		6.51		0.09		2.04			2.13			(0.08	)		-			8.56		32.65			275,024		113					1.03			1.29
12/31/2008		12.82		0.09		(4.82	)		(4.73	)		(0.11	)		(1.47	)		6.51		(36.09	)		134,460		98					1.04			0.83
12/31/2007		12.96		0.14		0.22			0.36			(0.08	)		(0.42	)		12.82		2.80			169,388		117					1.03			1.01
12/31/2006		11.39		0.11		1.68			1.79			(0.04	)		(0.18	)		12.96		15.73			144,432		47					1.05			0.90
Class B
12/31/2010		8.56		0.07		2.04			2.11			(0.06	)		-			10.61		24.62			9,541		85					0.82			0.76
12/31/2009		6.50		0.11		2.04			2.15			(0.09	)		-			8.56		33.09			5,701		113					0.83			1.55
12/31/2008		12.83		0.12		(4.85	)		(4.73	)		(0.13	)		(1.47	)		6.50		(36.03	)		244		98					0.84			1.11
12/31/2007		12.99		0.16		0.22			0.38			(0.12	)		(0.42	)		12.83		2.97			210		117					0.83			1.16
12/31/2006		11.40		0.13		1.70			1.83			(0.06	)		(0.18	)		12.99		16.06			206		47					0.85			1.09

See accompanying Notes to Financial Statements.

JNL Series Trust

Financial Highlights

	Net Asset Value Beginning of Period		Increase (Decrease) from Investment Operations (e)														Distributions from Net Realized Gains on Investment Transactions					Supplemental Data										Ratio of Expenses to Average Net Assets (c)					Ratio of Net Investment Income (Loss) to Average Net Assets (c)
Period Ended			Net Investment Income (Loss)			Net Realized & Unrealized Gains (Losses)			Total from Investment Operations			Distributions from Net Investment Income								Net Asset Value, End of Period		Total Return (b)					Net Assets, End of Period (in thousands)		Portfolio Turnover (d)
JNL/Goldman Sachs U.S. Equity Flex Fund
Class A
12/31/2010	$	7.58	$	0.01		$	0.65		$	0.66		$	(0.05	)			$	-		$	8.19		8.70	%			$	115,234		639	%		1.88	%	(g	)		0.17	%
12/31/2009		6.11		0.06			1.46			1.52			(0.05	)				-			7.58		24.86					90,306		909			1.54		(g	)		0.98
12/31/2008		10.85		0.09			(4.22	)		(4.13	)		-					(0.61	)		6.11		(37.68	)				41,879		455			1.59		(g	)		0.98
01/16(a) - 12/31/2007		10.00		(0.02	)		0.87			0.85			-					-			10.85		8.50					68,632		240			2.26		(g	)		(0.19	)
Class B
12/31/2010		7.62		0.03			0.65			0.68			(0.06	)				-			8.24		8.92					170		639			1.68		(g	)		0.38
12/31/2009		6.14		0.08			1.46			1.54			(0.06	)				-			7.62		25.07					147		909			1.34		(g	)		1.19
12/31/2008		10.87		0.11			(4.23	)		(4.12	)		-					(0.61	)		6.14		(37.51	)				93		455			1.39		(g	)		1.22
01/16(a) - 12/31/2007		10.00		0.00			0.87			0.87			-					-			10.87		8.70					117		240			2.07		(g	)		(0.01	)
JNL/Invesco Global Real Estate Fund
Class A
12/31/2010		7.53		0.19			1.09			1.28			(0.31	)				-			8.50		17.15					661,172		70			1.06					2.33
12/31/2009		5.79		0.18			1.70			1.88			(0.14	)				-			7.53		32.53					342,951		65			1.07					2.78
12/31/2008		12.44		0.31			(4.96	)		(4.65	)		(0.23	)				(1.77	)		5.79		(35.71	)				145,218		117			1.03					2.78
12/31/2007		15.80		0.20			(2.58	)		(2.38	)		(0.17	)				(0.81	)		12.44		(15.01	)				184,451		76			1.02					1.29
12/31/2006		11.70		0.42			3.84			4.26			(0.05	)				(0.11	)		15.80		36.38					254,557		37			1.02					2.98
Class B
12/31/2010		7.58		0.20			1.10			1.30			(0.31	)				-			8.57		17.37					616		70			0.86					2.51
12/31/2009		5.82		0.19			1.72			1.91			(0.15	)				-			7.58		32.86					404		65			0.87					3.09
12/31/2008		12.52		0.33			(5.00	)		(4.67	)		(0.26	)				(1.77	)		5.82		(35.61	)				294		117			0.83					2.93
12/31/2007		15.83		0.24			(2.60	)		(2.36	)		(0.14	)				(0.81	)		12.52		(14.82	)				368		76			0.82					1.55
12/31/2006		11.72		0.44			3.85			4.29			(0.07	)				(0.11	)		15.83		36.59					378		37			0.82					3.13
JNL/Invesco International Growth Fund
Class A
12/31/2010		9.27		0.11			1.03			1.14			(0.07	)				-			10.34		12.31					588,008		32			1.02					1.19
12/31/2009		6.88		0.12			2.42			2.54			(0.15	)				-			9.27		36.99		(t	)		431,595		27			1.04					1.55
12/31/2008		15.74		0.27			(6.68	)		(6.41	)		(0.06	)				(2.39	)		6.88		(40.94	)				249,897		53			1.03					2.10
12/31/2007		14.55		0.30			1.10			1.40			(0.21	)				-			15.74		9.70					475,302		105			1.03					1.90
12/31/2006		12.03		0.18			2.55			2.73			(0.21	)				-			14.55		22.67					259,811		12			1.06					1.35
Class B
12/31/2010		9.68		0.14			1.07			1.21			(0.08	)				-			10.81		12.52					485		32			0.82					1.43
12/31/2009		7.04		0.01			2.80			2.81			(0.17	)				-			9.68		39.94		(t	)		386		27			0.84					0.10
12/31/2008		15.99		0.29			(6.79	)		(6.50	)		(0.06	)				(2.39	)		7.04		(40.85	)				9,418		53			0.83					2.27
12/31/2007		14.82		0.33			1.14			1.47			(0.30	)				-			15.99		9.96					15,987		105			0.83					2.08
12/31/2006		12.08		0.13			2.64			2.77			(0.03	)				-			14.82		22.97					14,618		12			0.85					0.88
JNL/Invesco Large Cap Growth Fund
Class A
12/31/2010		10.75		0.03			1.84			1.87			(0.03	)				-			12.59		17.41					910,935		169			0.96					0.23
12/31/2009		8.67		0.04			2.07			2.11			(0.03	)				-			10.75		24.29					624,156		57			0.97					0.45
12/31/2008		14.93		0.04			(5.69	)		(5.65	)		(0.02	)				(0.59	)		8.67		(37.66	)				350,826		56			0.97					0.29
12/31/2007		13.49		0.02			2.09			2.11			(0.01	)				(0.66	)		14.93		15.75					525,103		71			0.99					0.17
12/31/2006		12.51		0.02			0.96			0.98			0.00		(f	)		-			13.49		7.86					396,703		90			1.00					0.12
Class B
12/31/2010		10.82		0.05			1.86			1.91			(0.04	)				-			12.69		17.69					778		169			0.76					0.43
12/31/2009		8.72		0.06			2.08			2.14			(0.04	)				-			10.82		24.57					587		57			0.77					0.66
12/31/2008		15.02		0.06			(5.73	)		(5.67	)		(0.04	)				(0.59	)		8.72		(37.55	)				404		56			0.77					0.52
12/31/2007		13.55		0.05			2.11			2.16			(0.03	)				(0.66	)		15.02		16.05					436		71			0.80					0.36
12/31/2006		12.55		0.04			0.97			1.01			(0.01	)				-			13.55		8.07					344		90			0.80					0.32

See accompanying Notes to Financial Statements.

JNL Series Trust

Financial Highlights

	Net Asset Value Beginning of Period		Increase (Decrease) from Investment Operations (e)																Distributions from Net Realized Gains on Investment Transactions					Supplemental Data								Ratio of Expenses to Average Net Assets (c)			Ratio of Net Investment Income (Loss) to Average Net Assets (c)
Period Ended			Net Investment Income (Loss)					Net Realized & Unrealized Gains (Losses)			Total from Investment Operations			Distributions from Net Investment Income								Net Asset Value, End of Period		Total Return (b)			Net Assets, End of Period (in thousands)		Portfolio Turnover (d)
JNL/Invesco Small Cap Growth Fund
Class A
12/31/2010	$	10.11	$	(0.05	)			$	2.70		$	2.65		$	-				$	-		$	12.76		26.21	%	$	149,999		35	%		1.15	%		(0.50	)%
12/31/2009		7.50		(0.02	)				2.63			2.61			-					-			10.11		34.80			92,793		33			1.16			(0.17	)
12/31/2008		14.82		(0.04	)				(5.95	)		(5.99	)		-					(1.33	)		7.50		(39.73	)		40,314		42			1.16			(0.32	)
12/31/2007		14.27		(0.10	)				1.71			1.61			-					(1.06	)		14.82		11.37			73,951		37			1.15			(0.64	)
12/31/2006		13.52		(0.11	)				2.07			1.96			-					(1.21	)		14.27		14.49			53,265		54			1.16			(0.79	)
Class B
12/31/2010		10.26		(0.03	)				2.75			2.72			-					-			12.98		26.51			414		35			0.95			(0.29	)
12/31/2009		7.60		0.00		(f	)		2.66			2.66			-					-			10.26		35.00			157		33			0.96			0.01
12/31/2008		14.95		(0.01	)				(6.01	)		(6.02	)		-					(1.33	)		7.60		(39.58	)		103		42			0.96			(0.10	)
12/31/2007		14.36		(0.07	)				1.72			1.65			-					(1.06	)		14.95		11.58			111		37			0.95			(0.47	)
12/31/2006		13.57		(0.08	)				2.08			2.00			-					(1.21	)		14.36		14.74			215		54			0.96			(0.58	)
JNL/Ivy Asset Strategy Fund
Class A
12/31/2010		10.41		0.09					0.93			1.02			(0.00	)	(f	)		-			11.43		9.81			975,565		96			1.25			0.90
9/28 (a) - 12/31/2009		10.00		0.01					0.40			0.41			-					-			10.41		4.10			196,774		16			1.25			0.52
Class B
12/31/2010		10.41		0.10					0.94			1.04			(0.00	)	(f	)		-			11.45		10.01			280		96			1.05			0.95
9/28 (a) - 12/31/2009		10.00		0.01					0.40			0.41			-					-			10.41		4.10			203		16			1.05			0.47
JNL/JPMorgan International Value Fund
Class A
12/31/2010		7.17		0.12					0.42			0.54			(0.19	)				-			7.52		7.58			607,358		71			1.02			1.73
12/31/2009		5.72		0.14					1.58			1.72			(0.27	)				-			7.17		30.17			549,144		92			1.03			2.24
12/31/2008		14.35		0.38					(6.85	)		(6.47	)		(0.25	)				(1.91	)		5.72		(44.49	)		346,379		90			1.01			3.40
12/31/2007		14.02		0.27					1.36			1.63			(0.17	)				(1.13	)		14.35		11.97			727,077		98			1.01			1.81
12/31/2006		10.94		0.26					3.23			3.49			(0.08	)				(0.33	)		14.02		31.98			485,663		83			1.04			2.09
Class B
12/31/2010		7.31		0.13					0.44			0.57			(0.20	)				-			7.68		7.86			587		71			0.82			1.91
12/31/2009		5.82		0.16					1.62			1.78			(0.29	)				-			7.31		30.60			546		92			0.83			2.51
12/31/2008		14.57		0.39					(6.95	)		(6.56	)		(0.28	)				(1.91	)		5.82		(44.44	)		458		90			0.81			3.55
12/31/2007		14.23		0.31					1.38			1.69			(0.22	)				(1.13	)		14.57		12.23			467		98			0.81			2.01
12/31/2006		11.07		0.28					3.29			3.57			(0.08	)				(0.33	)		14.23		32.27			390		83			0.84			2.14
JNL/JPMorgan MidCap Growth Fund
Class A
12/31/2010		15.94		(0.03	)				4.11			4.08			-					-			20.02		25.60			232,386		84			1.01			(0.19	)
12/31/2009		11.15		(0.03	)				4.82			4.79			-					-			15.94		42.96			163,690		82			1.01			(0.25	)
12/31/2008		20.07		(0.05	)				(8.87	)		(8.92	)		-					-			11.15		(44.44	)		91,958		105			1.02			(0.30	)
12/31/2007		18.59		(0.03	)				1.51			1.48			-					-			20.07		7.96			184,228		184			1.01			(0.16	)
12/31/2006		16.59		(0.01	)				2.01			2.00			-					-			18.59		12.06			221,504		151			1.01			(0.07	)
Class B
12/31/2010		16.13		0.00		(f	)		4.17			4.17			-					-			20.30		25.85			185		84			0.81			0.02
12/31/2009		11.26		(0.01	)				4.88			4.87			-					-			16.13		43.25			114		82			0.81			(0.05	)
12/31/2008		20.22		(0.01	)				(8.95	)		(8.96	)		-					-			11.26		(44.31	)		158		105			0.82			(0.08	)
12/31/2007		18.70		0.01					1.51			1.52			-					-			20.22		8.13			234		184			0.81			0.03
12/31/2006		16.65		0.02					2.03			2.05			-					-			18.70		12.31			163		151			0.81			0.14

See accompanying Notes to Financial Statements.

JNL Series Trust

Financial Highlights

	Net Asset Value Beginning of Period		Increase (Decrease) from Investment Operations (e)														Distributions from Net Realized Gains on Investment Transactions					Supplemental Data										Ratio of Expenses to Average Net Assets (c)			Ratio of Net Investment Income (Loss) to Average Net Assets (c)
Period Ended			Net Investment Income (Loss)					Net Realized & Unrealized Gains (Losses)			Total from Investment Operations			Distributions from Net Investment Income						Net Asset Value, End of Period		Total Return (b)			Net Assets, End of Period (in thousands)		Portfolio Turnover (d)
JNL/JPMorgan U.S. Government & Quality Bond Fund
Class A
12/31/2010	$	12.39	$	0.46				$	0.45		$	0.91		$	(0.36	)	$	-		$	12.94		7.34	%	$	918,334		9	%				0.71	%		3.50	%
12/31/2009		12.25		0.47					(0.01	)		0.46			(0.32	)		-			12.39		3.69			693,017		12					0.73			3.78
12/31/2008		11.74		0.49					0.27			0.76			(0.25	)		-			12.25		6.53			680,849		14					0.76			4.06
12/31/2007		11.43		0.53					0.20			0.73			(0.42	)		-			11.74		6.38			265,662		57		(m	)		0.78			4.51
12/31/2006		11.07		0.46					(0.10	)		0.36			-			-			11.43		3.25			235,088		114		(m	)		0.79			4.16
Class B
12/31/2010		12.88		0.51					0.46			0.97			(0.38	)		-			13.47		7.53			523		9					0.51			3.72
12/31/2009		12.71		0.48					0.02			0.50			(0.33	)		-			12.88		3.92			564		12					0.53			3.71
12/31/2008		12.16		0.51					0.30			0.81			(0.26	)		-			12.71		6.73			897		14					0.56			4.11
12/31/2007		11.89		0.57					0.22			0.79			(0.52	)		-			12.16		6.64			138		57		(m	)		0.58			4.71
12/31/2006		11.50		0.50					(0.11	)		0.39			-			-			11.89		3.39			140		114		(m	)		0.59			4.36
JNL/Lazard Emerging Markets Fund
Class A
12/31/2010		9.96		0.19					1.99			2.18			(0.05	)		-			12.09		21.91			1,386,967		23					1.23			1.76
12/31/2009		5.88		0.16					4.06			4.22			(0.14	)		-			9.96		71.74			735,862		49					1.27			1.98
12/31/2008		14.47		0.38					(7.64	)		(7.26	)		(0.08	)		(1.25	)		5.88		(50.05	)		211,608		64					1.28			3.21
12/31/2007		10.99		0.18					3.32			3.50			(0.02	)		-			14.47		31.81			411,866		53					1.29			1.37
05/01(a)-12/31/2006		10.00		0.10					0.89			0.99			-			-			10.99		9.90			88,626		28					1.35			1.52
Class B
12/31/2010		9.98		0.22					2.00			2.22			(0.06	)		-			12.14		22.24			1,062		23					1.03			2.04
12/31/2009		5.89		0.18					4.06			4.24			(0.15	)		-			9.98		71.96			775		49					1.07			2.13
12/31/2008		14.49		0.37					(7.63	)		(7.26	)		(0.09	)		(1.25	)		5.89		(49.94	)		236		64					1.08			3.28
12/31/2007		11.00		0.21					3.32			3.53			(0.04	)		-			14.49		32.12			347		53					1.09			1.63
05/01(a)-12/31/2006		10.00		0.11					0.89			1.00			-			-			11.00		10.00			150		28					1.16			1.69
JNL/Lazard Mid Cap Equity Fund
Class A
12/31/2010		9.46		0.08					2.10			2.18			(0.05	)		-			11.59		23.07			214,053		82					1.02			0.83
12/31/2009		6.82		0.07					2.63			2.70			(0.06	)		-			9.46		39.65			164,730		79					1.03			0.86
12/31/2008		11.47		0.15					(4.62	)		(4.47	)		(0.13	)		(0.05	)		6.82		(38.96	)		125,184		81					1.02			1.50
12/31/2007		14.08		0.11					(0.50	)		(0.39	)		(0.08	)		(2.14	)		11.47		(2.61	)		243,429		84					1.02			0.71
12/31/2006		13.54		0.07					1.89			1.96			(0.07	)		(1.35	)		14.08		14.56			217,646		70					1.03			0.50
Class B
12/31/2010		9.53		0.10					2.11			2.21			(0.06	)		-			11.68		23.24			176		82					0.82			1.00
12/31/2009		6.90		0.05					2.65			2.70			(0.07	)		-			9.53		39.19			167		79					0.83			0.61
12/31/2008		11.62		0.17					(4.69	)		(4.52	)		(0.15	)		(0.05	)		6.90		(38.88	)		2,108		81					0.82			1.70
12/31/2007		14.23		0.14					(0.51	)		(0.37	)		(0.10	)		(2.14	)		11.62		(2.44	)		3,683		84					0.82			0.92
12/31/2006		13.61		0.10					1.90			2.00			(0.03	)		(1.35	)		14.23		14.77			3,093		70					0.83			0.68
JNL/M&G Global Basics Fund
Class A
12/31/2010		12.27		0.04					2.80			2.84			(0.08	)		(0.05	)		14.98		23.19			195,399		18					1.22			0.31
12/31/2009		8.42		0.05					3.89			3.94			(0.03	)		(0.06	)		12.27		46.88			29,708		43					1.21			0.47
10/06(a)-12/31/2008		10.00		(0.00	)	(f	)		(1.58	)		(1.58	)		-			-			8.42		(15.80	)		4,703		10					1.24			(0.03	)
Class B
12/31/2010		12.30		0.06					2.81			2.87			(0.10	)		(0.05	)		15.02		23.37			115		18					1.02			0.50
12/31/2009		8.43		0.08					3.89			3.97			(0.04	)		(0.06	)		12.30		47.19			160		43					1.01			0.75
10/06(a)-12/31/2008		10.00		0.00		(f	)		(1.57	)		(1.57	)		-			-			8.43		(15.70	)		84		10					1.04			0.17

See accompanying Notes to Financial Statements.

JNL Series Trust

Financial Highlights

	Net Asset Value Beginning of Period		Increase (Decrease) from Investment Operations (e)											Distributions from Net Realized Gains on Investment Transactions							Supplemental Data								Ratio of Expenses to Average Net Assets (c)			Ratio of Net Investment Income (Loss) to Average Net Assets (c)
Period Ended			Net Investment Income (Loss)		Net Realized & Unrealized Gains (Losses)			Total from Investment Operations			Distributions from Net Investment Income								Net Asset Value, End of Period		Total Return (b)			Net Assets, End of Period (in thousands)		Portfolio Turnover (d)
JNL/M&G Global Leaders Fund
Class A
12/31/2010	$	11.41	$	0.07	$	1.42		$	1.49		$	(0.04	)	$	(0.13	)			$	12.73		13.13	%	$	29,788		47	%		1.24	%		0.59	%
12/31/2009		8.35		0.09		3.03			3.12			(0.06	)		-					11.41		37.43			17,302		39			1.21			0.87
10/06(a)-12/31/2008		10.00		0.02		(1.66	)		(1.64	)		(0.01	)		-					8.35		(16.43	)		4,501		34			1.23			0.82
Class B
12/31/2010		11.42		0.10		1.42			1.52			(0.06	)		(0.13	)				12.75		13.36			150		47			1.04			0.84
12/31/2009		8.35		0.12		3.03			3.15			(0.08	)		-					11.42		37.70			126		39			1.01			1.25
10/06(a)-12/31/2008		10.00		0.02		(1.66	)		(1.64	)		(0.01	)		-					8.35		(16.40	)		84		34			1.03			1.03
JNL/Mellon Capital Management 10 X 10 Fund (h)
Class A
12/31/2010		7.19		0.14		1.04			1.18			(0.15	)		(0.00	)	(f	)		8.22		16.43			257,545		8			0.05			1.90
12/31/2009		6.19		0.21		1.31			1.52			(0.26	)		(0.26	)				7.19		24.59			194,494		11			0.06			3.20
12/31/2008		9.92		0.25		(3.85	)		(3.60	)		(0.07	)		(0.06	)				6.19		(36.25	)		100,370		20			0.06			3.11
04/30(a) - 12/31/2007		10.00		0.21		(0.29	)		(0.08	)		-			-					9.92		(0.80	)		57,683		60			0.06			3.14
JNL/Mellon Capital Management Index 5 Fund (h)
Class A
12/31/2010		8.39		0.14		1.19			1.33			(0.09	)		(0.01	)				9.62		15.78			332,481		10			0.05			1.58
12/31/2009		6.83		0.18		1.53			1.71			(0.07	)		(0.08	)				8.39		25.16			204,951		8			0.06			2.43
12/31/2008		10.00		0.30		(3.30	)		(3.00	)		(0.07	)		(0.10	)				6.83		(29.87	)		60,409		23			0.06			3.49
04/30(a) - 12/31/2007		10.00		0.36		(0.36	)		-			-			-					10.00		0.00			29,922		32			0.06			5.34
JNL/Mellon Capital Management European 30 Fund
Class A
12/31/2010		11.30		0.40		(0.16	)		0.24			(0.01	)		(0.05	)				11.48		2.13			18,217		104			0.78			3.63
12/31/2009		8.59		0.29		3.23			3.52			(0.25	)		(0.56	)				11.30		41.03			13,238		65			0.78			2.76
10/06(a)-12/31/2008		10.00		0.04		(1.41	)		(1.37	)		(0.04	)		-					8.59		(13.74	)		2,055		0			0.84			2.26
Class B
12/31/2010		11.31		0.41		(0.15	)		0.26			(0.01	)		(0.05	)				11.51		2.31			142		104			0.58			3.72
12/31/2009		8.59		0.35		3.19			3.54			(0.26	)		(0.56	)				11.31		41.27			128		65			0.58			3.65
10/06(a)-12/31/2008		10.00		0.05		(1.42	)		(1.37	)		(0.04	)		-					8.59		13.71			86		0			0.64			2.45
JNL/Mellon Capital Management Pacific Rim 30 Fund
Class A
12/31/2010		11.26		0.36		1.09			1.45			-			(0.00	)	(f	)		12.71		12.89			38,944		78			0.78			3.03
12/31/2009		9.60		0.21		2.11			2.32			(0.15	)		(0.51	)				11.26		24.15			16,625		47			0.78			1.95
10/06(a)-12/31/2008		10.00		0.02		(0.42	)		(0.40	)		-			-					9.60		(4.00	)		3,299		0			0.82			0.78
Class B
12/31/2010		11.28		0.37		1.10			1.47			-			(0.00	)	(f	)		12.75		13.05			191		78			0.58			3.16
12/31/2009		9.60		0.26		2.09			2.35			(0.16	)		(0.51	)				11.28		24.49			136		47			0.58			2.54
10/06(a)-12/31/2008		10.00		0.02		(0.42	)		(0.40	)		-			-					9.60		(4.00	)		98		0			0.62			0.99
JNL/Mellon Capital Management S&P 500 Index Fund
Class A
12/31/2010		9.38		0.15		1.20			1.35			(0.13	)		(0.01	)				10.59		14.44			1,328,363		2			0.57			1.51
12/31/2009		7.54		0.14		1.82			1.96			(0.12	)		-					9.38		25.97			900,282		4			0.60			1.76
12/31/2008		12.36		0.19		(4.84	)		(4.65	)		(0.17	)		-					7.54		(37.64	)		457,126		7			0.60			1.80
12/31/2007		12.06		0.18		0.40			0.58			(0.16	)		(0.12	)				12.36		4.90			656,286		3			0.59			1.45
12/31/2006		10.68		0.16		1.45			1.61			(0.15	)		(0.08	)				12.06		15.08			559,179		1			0.60			1.42
Class B
12/31/2010		9.54		0.17		1.23			1.40			(0.15	)		(0.01	)				10.78		14.70			12,937		2			0.37			1.71
12/31/2009		7.66		0.16		1.85			2.01			(0.13	)		-					9.54		26.26			10,996		4			0.40			2.02
12/31/2008		12.57		0.21		(4.93	)		(4.72	)		(0.19	)		-					7.66		(37.57	)		8,916		7			0.40			2.01
12/31/2007		12.27		0.21		0.41			0.62			(0.20	)		(0.12	)				12.57		5.14			10,797		3			0.39			1.65
12/31/2006		10.76		0.21		1.44			1.65			(0.06	)		(0.08	)				12.27		15.29			9,547		1			0.40			1.74

See accompanying Notes to Financial Statements.

JNL Series Trust

Financial Highlights

																													Ratio of			Ratio of Net
			Increase (Decrease) from																										Expenses			Investment
			Investment Operations (e)											Distributions from				Net		Supplemental Data									to			Income
Period Ended	Net Asset Value Beginning of Period		Net Investment Income (Loss)		Net Realized & Unrealized Gains (Losses)			Total from Investment Operations			Distributions from Net Investment Income			Net Realized Gains on Investment Transactions				Asset Value, End of Period		Total Return (b)			Net Assets, End of Period (in thousands)		Portfolio Turnover (d)				Average Net Assets (c)			(Loss) to Average Net Assets (c)
JNL/Mellon Capital Management S&P 400 MidCap Index Fund
Class A
12/31/2010	$	11.17	$	0.08	$	2.80		$	2.88		$	(0.08	)	$	(0.11	)		$	13.86		25.83	%	$	664,777		12	%			0.60	%		0.64	%
12/31/2009		8.17		0.13		2.98			3.11			(0.11	)		-				11.17		38.03			469,779		14				0.61			1.35
12/31/2008		14.78		0.17		(5.75	)		(5.58	)		(0.13	)		(0.90	)			8.17		(37.58	)		284,426		30				0.61			1.35
12/31/2007		14.96		0.17		0.93			1.10			(0.05	)		(1.23	)			14.78		7.45			464,641		25				0.60			1.06
12/31/2006		14.21		0.14		1.24			1.38			(0.13	)		(0.50	)			14.96		9.69			381,163		10				0.61			0.97
Class B
12/31/2010		11.30		0.10		2.86			2.96			(0.10	)		(0.11	)			14.05		26.19			6,033		12				0.40			0.84
12/31/2009		8.26		0.14		3.03			3.17			(0.13	)		-				11.30		38.34			4,541		14				0.41			1.55
12/31/2008		14.95		0.20		(5.83	)		(5.63	)		(0.16	)		(0.90	)			8.26		(37.51	)		2,613		30				0.41			1.55
12/31/2007		15.07		0.21		0.94			1.15			(0.04	)		(1.23	)			14.95		7.69			3,470		25				0.40			1.27
12/31/2006		14.22		0.19		1.22			1.41			(0.06	)		(0.50	)			15.07		9.91			2,804		10				0.41			1.26
JNL/Mellon Capital Management Small Cap Index Fund
Class A
12/31/2010		10.04		0.10		2.54			2.64			(0.07	)		-				12.61		26.32			709,661		14				0.60			0.91
12/31/2009		7.97		0.09		2.10			2.19			(0.07	)		(0.05	)			10.04		27.54			470,449		17				0.61			1.08
12/31/2008		13.53		0.11		(4.87	)		(4.76	)		(0.15	)		(0.65	)			7.97		(35.01	)		241,444		29				0.61			0.96
12/31/2007		14.79		0.18		(0.51	)		(0.33	)		(0.04	)		(0.89	)			13.53		(2.11	)		361,126		21				0.60			1.21
12/31/2006		13.44		0.15		2.19			2.34			(0.12	)		(0.87	)			14.79		17.49			339,124		17				0.60			1.02
Class B
12/31/2010		10.14		0.12		2.57			2.69			(0.08	)		-				12.75		26.58			5,158		14				0.40			1.08
12/31/2009		8.05		0.11		2.11			2.22			(0.08	)		(0.05	)			10.14		27.68			3,916		17				0.41			1.30
12/31/2008		13.66		0.14		(4.92	)		(4.78	)		(0.18	)		(0.65	)			8.05		(34.83	)		2,299		29				0.41			1.17
12/31/2007		14.86		0.21		(0.50	)		(0.29	)		(0.02	)		(0.89	)			13.66		(1.84	)		2,771		21				0.40			1.41
12/31/2006		13.42		0.20		2.16			2.36			(0.05	)		(0.87	)			14.86		17.66			2,714		17				0.40			1.33
JNL/Mellon Capital Management International Index Fund
Class A
12/31/2010		11.90		0.26		0.55			0.81			(0.23	)		-				12.48		6.81			1,066,567		2				0.67			2.23
12/31/2009		9.41		0.25		2.50			2.75			(0.26	)		0.00		(f)		11.90		29.28			721,755		2				0.69			2.43
12/31/2008		17.55		0.47		(8.00	)		(7.53	)		(0.30	)		(0.31	)			9.41		(42.92	)		369,368		15				0.65			3.31
12/31/2007		16.54		0.40		1.29			1.69			(0.45	)		(0.23	)			17.55		10.39			645,505		5				0.65			2.23
12/31/2006		13.59		0.32		3.15			3.47			(0.37	)		(0.15	)			16.54		25.58			497,487		2				0.66			2.11
Class B
12/31/2010		12.26		0.30		0.56			0.86			(0.25	)		-				12.87		7.01			21,720		2				0.47			2.48
12/31/2009		9.68		0.30		2.56			2.86			(0.28	)		0.00		(f)		12.26		29.57			18,284		2				0.49			2.83
12/31/2008		18.04		0.52		(8.24	)		(7.72	)		(0.33	)		(0.31	)			9.68		(42.82	)		6,256		15				0.45			3.55
12/31/2007		16.88		0.44		1.32			1.76			(0.37	)		(0.23	)			18.04		10.56			10,527		5				0.45			2.43
12/31/2006		13.60		0.22		3.30			3.52			(0.09	)		(0.15	)			16.88		25.93			5,982		2				0.47			1.40
JNL/Mellon Capital Management Bond Index Fund
Class A
12/31/2010		11.39		0.34		0.32			0.66			(0.30	)		(0.02	)			11.73		5.87			1,328,699		83		(n)		0.57			2.86
12/31/2009		11.07		0.42		0.21			0.63			(0.30	)		(0.01	)			11.39		5.65			793,123		87		(n)		0.60			3.67
12/31/2008		11.16		0.52		(0.10	)		0.42			(0.51	)		-				11.07		3.79			379,239		51		(n)		0.61			4.60
12/31/2007		10.92		0.52		0.18			0.70			(0.46	)		-				11.16		6.43			349,683		45		(n)		0.60			4.68
12/31/2006		10.75		0.48		(0.09	)		0.39			(0.22	)		-				10.92		3.64			247,489		65		(n)		0.61			4.42
Class B
12/31/2010		11.71		0.38		0.34			0.72			(0.33	)		(0.02	)			12.08		6.14			2,865		83		(n)		0.37			3.08
12/31/2009		11.36		0.46		0.21			0.67			(0.31	)		(0.01	)			11.71		5.90			2,647		87		(n)		0.40			3.92
12/31/2008		11.44		0.56		(0.11	)		0.45			(0.53	)		-				11.36		3.98			1,596		51		(n)		0.41			4.81
12/31/2007		11.05		0.55		0.19			0.74			(0.35	)		-				11.44		6.68			906		45		(n)		0.41			4.88
12/31/2006		10.70		0.50		(0.09	)		0.41			(0.06	)		-				11.05		3.85			692		65		(n)		0.41			4.65

See accompanying Notes to Financial Statements.

JNL Series Trust

Financial Highlights

	Net Asset Value Beginning of Period		Increase (Decrease) from Investment Operations (e)																Distributions from Net Realized Gains on Investment Transactions							Supplemental Data										Ratio of Expenses to Average Net Assets (c)			Ratio of Net Investment Income (Loss) to Average Net Assets (c)
Period Ended			Net Investment Income (Loss)					Net Realized & Unrealized Gains (Losses)			Total from Investment Operations			Distributions from Net Investment Income										Net Asset Value, End of Period		Total Return (b)			Net Assets, End of Period (in thousands)		Portfolio Turnover (d)
JNL/Mellon Capital Management Global Alpha Fund
Class A
12/31/2010	$	9.88	$	(0.12	)			$	0.71		$	0.59		$	-				$	(0.00	)	(f	)	$	10.47		6.00	%	$	200,918		0	%				1.36	%		(1.20	)%
9/28(a) - 12/31/2009		10.00		(0.03	)				(0.09	)		(0.12	)		-					-					9.88		(1.20	)		62,275		0					1.35			(1.28	)
Class B
12/31/2010		9.89		(0.10	)				0.70			0.60			-					(0.00	)	(f	)		10.49		6.09			196		0					1.16			(1.01	)
9/28(a) - 12/31/2009		10.00		(0.03	)				(0.08	)		(0.11	)		-					-					9.89		(1.10	)		109		0					1.15			(1.09	)
JNL/Oppenheimer Global Growth Fund
Class A
12/31/2010		9.14		0.09					1.31			1.40			(0.07	)				-					10.47		15.38			401,636		25					1.06			0.97
12/31/2009		7.00		0.10					2.65			2.75			(0.12	)				(0.49	)				9.14		39.42			289,972		21					1.06			1.19
12/31/2008		14.97		0.21					(6.42	)		(6.21	)		(0.17	)				(1.59	)				7.00		(40.86	)		176,084		22					1.06			1.71
12/31/2007		15.25		0.13					0.81			0.94			(0.12	)				(1.10	)				14.97		6.33			372,934		31					1.05			0.79
12/31/2006		13.53		0.08					2.21			2.29			(0.07	)				(0.50	)				15.25		16.96			349,246		30					1.06			0.58
Class B
12/31/2010		9.23		0.11					1.34			1.45			(0.09	)				-					10.59		15.68			616		25					0.86			1.16
12/31/2009		7.07		0.11					2.68			2.79			(0.14	)				(0.49	)				9.23		39.58			507		21					0.86			1.40
12/31/2008		15.11		0.22					(6.46	)		(6.24	)		(0.21	)				(1.59	)				7.07		(40.69	)		340		22					0.86			1.82
12/31/2007		15.35		0.17					0.81			0.98			(0.12	)				(1.10	)				15.11		6.56			397		31					0.85			1.02
12/31/2006		13.57		0.11					2.22			2.33			(0.05	)				(0.50	)				15.35		17.21			386		30					0.86			0.72
JNL/PAM Asia ex-Japan Fund
Class A
12/31/2010		8.14		0.03					1.55			1.58			(0.01	)				-					9.71		19.40			150,646		75					1.31			0.40
12/31/2009		4.80		0.03					3.31			3.34			0.00		(f	)		-					8.14		69.59			108,276		39					1.27			0.46
12/31/2008		9.80		0.12					(5.03	)		(4.91	)		(0.09	)				-					4.80		(50.09	)		7,727		132					1.29			1.66
12/03(a) - 12/31/2007		10.00		(0.01	)				(0.19	)		(0.20	)		-					-					9.80		(2.00	)		11,747		0					1.30			(0.67	)
Class B
12/31/2010		8.15		0.06					1.54			1.60			(0.02	)				-					9.73		19.59			187		75					1.11			0.65
12/31/2009		4.80		0.06					3.29			3.35			0.00		(f	)		-					8.15		69.80			134		39					1.07			0.94
12/31/2008		9.80		0.13					(5.02	)		(4.89	)		(0.11	)				-					4.80		(49.92	)		57		132					1.09			1.73
12/03(a) - 12/31/2007		10.00		0.00					(0.20	)		(0.20	)		-					-					9.80		(2.00	)		98		0					1.10			(0.47	)
JNL/PAM China-India Fund
Class A
12/31/2010		7.71		0.04					1.26			1.30			-					(0.08	)				8.93		16.93			385,002		40					1.33			0.46
12/31/2009		4.23		0.00		(f	)		3.48			3.48			-					-					7.71		82.27			233,497		73					1.33			0.05
12/31/2008		9.98		0.03					(5.78	)		(5.75	)		-					-					4.23		(57.62	)		25,987		188					1.41			0.51
12/03(a) - 12/31/2007		10.00		(0.01	)				(0.01	)		(0.02	)		-					-					9.98		(0.20	)		4,888		0					1.40			(0.93	)
Class B
12/31/2010		7.74		0.04					1.28			1.32			-					(0.08	)				8.98		17.12			332		40					1.13			0.55
12/31/2009		4.24		0.03					3.47			3.50			-					-					7.74		82.55			239		73					1.13			0.40
12/31/2008		9.98		0.03					(5.77	)		(5.74	)		-					-					4.24		(57.52	)		68		188					1.21			0.52
12/03(a) - 12/31/2007		10.00		(0.01	)				(0.01	)		(0.02	)		-					-					9.98		(0.20	)		100		0					1.20			(0.74	)
JNL/PIMCO Real Return Fund
Class A
12/31/2010		11.57		0.17					0.72			0.89			(0.17	)				(0.23	)				12.06		7.72			1,794,823		536					0.82			1.36
12/31/2009		10.10		0.30					1.44			1.74			(0.27	)				-					11.57		17.25			1,189,828		722					0.81			2.69
12/31/2008		11.09		0.39					(0.82	)		(0.43	)		(0.16	)				(0.40	)				10.10		(3.73	)		663,938		2289					0.81			3.44
01/16(a) - 12/31/2007		10.00		0.43					0.66			1.09			-					-					11.09		10.90			397,393		1215		(o	)		0.80			4.27
Class B
12/31/2010		11.64		0.19					0.73			0.92			(0.18	)				(0.23	)				12.15		7.96			263		536					0.62			1.57
12/31/2009		10.13		0.32					1.48			1.80			(0.29	)				-					11.64		17.76			237		722					0.61			2.97
12/31/2008		11.11		0.41					(0.82	)		(0.41	)		(0.17	)				(0.40	)				10.13		(3.57	)		350		2289					0.61			3.63
01/16(a) - 12/31/2007		10.00		0.32					0.79			1.11			-					-					11.11		11.10			126		1215		(o	)		0.60			3.20

See accompanying Notes to Financial Statements.

JNL Series Trust

Financial Highlights

	Net Asset Value Beginning of Period		Increase (Decrease) from Investment Operations (e)													Distributions from Net Realized Gains on Investment Transactions							Supplemental Data										Ratio of Expenses to Average Net Assets (c)			Ratio of Net Investment Income (Loss) to Average Net Assets (c)
Period Ended			Net Investment Income (Loss)		Net Realized & Unrealized Gains (Losses)			Total from Investment Operations			Distributions from Net Investment Income										Net Asset Value, End of Period		Total Return (b)			Net Assets, End of Period (in thousands)		Portfolio Turnover (d)
JNL/PIMCO Total Return Bond Fund
Class A
12/31/2010	$	12.19	$	0.26	$	0.65		$	0.91		$	(0.27	)			$	(0.48	)			$	12.35		7.57	%	$	3,248,237		489	%				0.81	%		2.05	%
12/31/2009		11.07		0.48		1.24			1.72			(0.29	)				(0.31	)				12.19		15.45			2,348,470		177					0.81			4.04
12/31/2008		12.04		0.51		(0.48	)		0.03			(0.53	)				(0.47	)				11.07		0.40			1,325,740		660					0.81			4.22
12/31/2007		11.66		0.54		0.42			0.96			(0.56	)				(0.02	)				12.04		8.25			1,037,811		119		(p	)		0.80			4.54
12/31/2006		11.70		0.50		(0.10	)		0.40			(0.44	)				0.00		(f	)		11.66		3.38			760,176		63		(p	)		0.81			4.20
Class B
12/31/2010		12.89		0.30		0.69			0.99			(0.29	)				(0.48	)				13.11		7.79			15,912		489					0.61			2.24
12/31/2009		11.67		0.53		1.30			1.83			(0.30	)				(0.31	)				12.89		15.66			14,110		177					0.61			4.21
12/31/2008		12.64		0.56		(0.51	)		0.05			(0.55	)				(0.47	)				11.67		0.57			9,891		660					0.61			4.40
12/31/2007		12.22		0.59		0.45			1.04			(0.60	)				(0.02	)				12.64		8.53			8,145		119		(p	)		0.61			4.74
12/31/2006		11.91		0.55		(0.13	)		0.42			(0.11	)				0.00		(f	)		12.22		3.57			6,953		63		(p	)		0.60			4.51
JNL/PPM America High Yield Bond Fund
Class A
12/31/2010		6.15		0.52		0.44			0.96			(0.44	)				-					6.67		15.63			900,088		66					0.76			7.81
12/31/2009		4.46		0.50		1.56			2.06			(0.37	)				-					6.15		46.30			566,513		50					0.78			8.87
12/31/2008		7.43		0.59		(2.93	)		(2.34	)		(0.63	)				-					4.46		(30.75	)		188,010		78					0.79			8.82
12/31/2007		8.22		0.66		(0.75	)		(0.09	)		(0.70	)				-					7.43		(1.10	)		303,282		95					0.78			7.92
12/31/2006		7.95		0.62		0.21			0.83			(0.56	)				-					8.22		10.51			365,753		62					0.80			7.49
Class B
12/31/2010		6.74		0.58		0.48			1.06			(0.45	)				-					7.35		15.76			7,612		66					0.56			8.03
12/31/2009		4.86		0.55		1.71			2.26			(0.38	)				-					6.74		46.58			5,989		50					0.58			9.22
12/31/2008		8.02		0.65		(3.17	)		(2.52	)		(0.64	)				-					4.86		(30.65	)		3,280		78					0.59			9.09
12/31/2007		8.81		0.72		(0.79	)		(0.07	)		(0.72	)				-					8.02		(0.79	)		3,999		95					0.58			8.12
12/31/2006		8.12		0.66		0.21			0.87			(0.18	)				-					8.81		10.72			4,443		62					0.59			7.60
JNL/PPM America Mid Cap Value Fund
Class A
12/31/2010		8.25		0.03		2.41			2.44			(0.00	)	(f	)		-					10.69		29.58			86,297		73					1.06			0.29
12/31/2009		5.62		0.05		2.61			2.66			(0.03	)				-					8.25		47.38			20,020		89					1.06			0.77
03/31(a)-12/31/2008		10.00		0.07		(4.37	)		(4.30	)		(0.08	)				-					5.62		(43.00	)		5,011		154					1.06			1.05
Class B
12/31/2010		8.25		0.04		2.41			2.45			(0.00	)	(f	)		-					10.70		29.70			122		73					0.86			0.43
12/31/2009		5.61		0.06		2.62			2.68			(0.04	)				-					8.25		47.82			92		89					0.86			0.99
03/31(a)-12/31/2008		10.00		0.08		(4.38	)		(4.30	)		(0.09	)				-					5.61		(42.94	)		58		154					0.86			1.28
JNL/PPM America Small Cap Value Fund
Class A
12/31/2010		8.37		0.03		2.28			2.31			(0.01	)				(0.54	)				10.13		27.71			61,362		67					1.06			0.32
12/31/2009		6.27		0.04		2.09			2.13			(0.03	)				-					8.37		33.97			15,861		114					1.06			0.60
03/31(a)-12/31/2008		10.00		0.06		(3.75	)		(3.69	)		(0.04	)				-					6.27		(36.85	)		8,356		66					1.06			1.02
Class B
12/31/2010		8.38		0.04		2.29			2.33			(0.02	)				(0.54	)				10.15		27.91			6,170		67					0.86			0.46
12/31/2009		6.27		0.05		2.10			2.15			(0.04	)				-					8.38		34.30			3,850		114					0.86			0.68
03/31(a)-12/31/2008		10.00		0.07		(3.75	)		(3.68	)		(0.05	)				-					6.27		(36.75	)		87		66					0.86			1.15

See accompanying Notes to Financial Statements.

JNL Series Trust

Financial Highlights

	Net Asset Value Beginning of Period		Increase (Decrease) from Investment Operations (e)													Distributions from Net Realized Gains on Investment Transactions					Supplemental Data								Ratio of Expenses to Average Net Assets (c)			Ratio of Net Investment Income (Loss) to Average Net Assets (c)
Period Ended			Net Investment Income (Loss)		Net Realized & Unrealized Gains (Losses)			Total from Investment Operations			Distributions from Net Investment Income								Net Asset Value, End of Period		Total Return (b)			Net Assets, End of Period (in thousands)		Portfolio Turnover (d)
JNL/PPM America Value Equity Fund
Class A
12/31/2010	$	10.46	$	0.14	$	1.68		$	1.82		$	(0.13	)			$	-		$	12.15		17.46	%	$	113,586		36	%		0.86	%		1.29	%
12/31/2009		7.57		0.14		3.23			3.37			(0.48	)				-			10.46		44.58			93,660		63			0.86			1.65
12/31/2008		19.15		0.35		(9.54	)		(9.19	)		(0.39	)				(2.00	)		7.57		(47.21	)		87,770		96			0.86			2.28
12/31/2007		20.44		0.33		(1.48	)		(1.15	)		(0.14	)				-			19.15		(5.63	)		219,654		86			0.86			1.55
12/31/2006		18.09		0.17		2.19			2.36			(0.01	)				-			20.44		13.03			165,734		145			0.97			0.92
Class B
12/31/2010		10.50		0.15		1.69			1.84			(0.15	)				-			12.19		17.55			372		36			0.66			1.37
12/31/2009		7.62		0.16		3.24			3.40			(0.52	)				-			10.50		44.72			675		63			0.66			1.61
12/31/2008		19.30		0.37		(9.61	)		(9.24	)		(0.44	)				(2.00	)		7.62		(47.07	)		76		96			0.66			2.53
12/31/2007		20.60		0.37		(1.48	)		(1.11	)		(0.19	)				-			19.30		(5.36	)		132		86			0.66			1.75
12/31/2006		18.20		0.22		2.18			2.40			0.00		(f	)		-			20.60		13.21			129		145			0.77			1.14
JNL/Red Rocks Listed Private Equity Fund
Class A
12/31/2010		8.03		0.07		2.04			2.11			(0.02	)				(0.05	)		10.07		26.32			643,051		24			1.18			0.76
12/31/2009		5.91		0.07		2.31			2.38			(0.25	)				(0.01	)		8.03		40.33			223,873		34			1.20			0.92
10/06(a)-12/31/2008		10.00		0.04		(4.10	)		(4.06	)		(0.03	)	(s	)		-			5.91		(40.56	)		15,265		6			1.22			2.55
Class B
12/31/2010		8.04		0.07		2.06			2.13			(0.02	)				(0.05	)		10.10		26.53			234		24			0.98			0.85
12/31/2009		5.91		0.09		2.31			2.40			(0.26	)				(0.01	)		8.04		40.62			156		34			1.00			1.36
10/06(a)-12/31/2008		10.00		0.03		(4.08	)		(4.05	)		(0.04	)	(s	)		-			5.91		(40.54	)		66		6			1.02			1.82
JNL/S&P Managed Conservative Fund (h)
Class A
12/31/2010		10.34		0.18		0.72			0.90			(0.24	)				-			11.00		8.70			979,568		9			0.17			1.67
12/31/2009		9.35		0.26		1.00			1.26			(0.17	)				(0.10	)		10.34		13.53			623,958		11			0.18			2.66
12/31/2008		11.47		0.32		(1.90	)		(1.58	)		(0.39	)				(0.15	)		9.35		(13.75	)		407,426		30			0.19			2.95
12/31/2007		11.29		0.34		0.37			0.71			(0.27	)				(0.26	)		11.47		6.30			264,755		54			0.18			2.92
12/31/2006		10.70		0.20		0.64			0.84			(0.18	)				(0.07	)		11.29		7.85			137,126		39			0.19			1.82
JNL/S&P Managed Moderate Fund (h)
Class A
12/31/2010		10.41		0.15		1.02			1.17			(0.19	)				-			11.39		11.30			1,665,098		5			0.15			1.41
12/31/2009		8.97		0.25		1.43			1.68			(0.12	)				(0.12	)		10.41		18.63			1,021,335		6			0.17			2.57
12/31/2008		12.21		0.26		(2.85	)		(2.59	)		(0.41	)				(0.24	)		8.97		(21.24	)		557,615		28			0.18			2.36
12/31/2007		11.90		0.28		0.64			0.92			(0.29	)				(0.32	)		12.21		7.74			521,470		30			0.19			2.26
12/31/2006		11.04		0.17		0.97			1.14			(0.13	)				(0.15	)		11.90		10.39			314,249		35			0.19			1.44
JNL/S&P Managed Moderate Growth Fund (h)
Class A
12/31/2010		10.54		0.13		1.26			1.39			(0.13	)				-			11.80		13.18			2,861,191		6			0.15			1.16
12/31/2009		8.79		0.21		1.86			2.07			(0.07	)				(0.25	)		10.54		23.46			1,774,984		13			0.16			2.14
12/31/2008		13.20		0.17		(3.80	)		(3.63	)		(0.27	)				(0.51	)		8.79		(27.50	)		997,961		28			0.16			1.45
12/31/2007		13.08		0.19		0.92			1.11			(0.28	)				(0.71	)		13.20		8.65			1,403,279		34			0.16			1.34
12/31/2006		12.13		0.12		1.36			1.48			(0.12	)				(0.41	)		13.08		12.17			1,123,984		29			0.16			0.97
JNL/S&P Managed Growth Fund (h)
Class A
12/31/2010		9.71		0.08		1.49			1.57			(0.10	)				-			11.18		16.12			2,140,816		7			0.15			0.75
12/31/2009		7.94		0.14		2.09			2.23			(0.16	)				(0.30	)		9.71		28.06			1,479,759		8			0.16			1.55
12/31/2008		13.84		0.10		(5.00	)		(4.90	)		(0.07	)				(0.93	)		7.94		(35.36	)		808,800		32			0.16			0.80
12/31/2007		13.62		0.12		1.05			1.17			(0.24	)				(0.71	)		13.84		8.70			1,388,072		34			0.15			0.86
12/31/2006		12.56		0.07		1.71			1.78			(0.07	)				(0.65	)		13.62		14.15			1,246,802		34			0.16			0.53

See accompanying Notes to Financial Statements.

JNL Series Trust

Financial Highlights

	Net Asset Value Beginning of Period		Increase (Decrease) from Investment Operations (e)													Distributions from Net Realized Gains on Investment Transactions							Supplemental Data								Ratio of Expenses to Average Net Assets (c)			Ratio of Net Investment Income (Loss) to Average Net Assets (c)
Period Ended			Net Investment Income (Loss)		Net Realized & Unrealized Gains (Losses)			Total from Investment Operations			Distributions from Net Investment Income										Net Asset Value, End of Period		Total Return (b)			Net Assets, End of Period (in thousands)		Portfolio Turnover (d)
JNL/S&P Managed Aggressive Growth Fund (h)
Class A
12/31/2010	$	10.46	$	0.08	$	1.71		$	1.79		$	(0.08	)			$	-				$	12.17		17.09	%	$	788,664		11	%		0.17	%		0.76	%
12/31/2009		8.39		0.10		2.51			2.61			(0.21	)				(0.33	)				10.46		31.05			582,868		19			0.19			1.07
12/31/2008		14.89		0.06		(5.90	)		(5.84	)		(0.05	)				(0.61	)				8.39		(39.16	)		414,718		42			0.18			0.50
12/31/2007		13.91		0.08		1.19			1.27			(0.24	)				(0.05	)				14.89		9.17			702,285		46			0.17			0.56
12/31/2006		12.80		0.04		1.95			1.99			(0.04	)				(0.84	)				13.91		15.57			672,325		33			0.17			0.28
JNL/S&P Disciplined Moderate Fund (h)
Class A
12/31/2010		8.94		0.18		0.81			0.99			(0.08	)				-					9.85		11.10			346,433		21			0.18			1.93
12/31/2009		7.72		0.23		1.21			1.44			(0.16	)				(0.06	)				8.94		18.67			168,455		12			0.19			2.75
12/31/2008		10.70		0.27		(3.12	)		(2.85	)		(0.09	)				(0.04	)				7.72		(26.60	)		58,062		27			0.19			2.91
01/16(a) - 12/31/2007		10.00		0.48		0.22			0.70			-					-					10.70		7.00			34,588		31			0.18			4.75
JNL/S&P Disciplined Moderate Growth Fund (h)
Class A
12/31/2010		8.10		0.14		0.94			1.08			(0.09	)				-					9.09		13.29			376,092		26			0.18			1.64
12/31/2009		6.81		0.21		1.34			1.55			(0.17	)				(0.09	)				8.10		22.77			206,365		16			0.19			2.78
12/31/2008		10.67		0.23		(3.94	)		(3.71	)		(0.09	)				(0.06	)				6.81		(34.76	)		74,452		29			0.19			2.60
01/16(a) - 12/31/2007		10.00		0.35		0.32			0.67			-					-					10.67		6.70			40,459		31			0.18			3.49
JNL/S&P Disciplined Growth Fund (h)
Class A
12/31/2010		7.64		0.13		0.84			0.97			(0.09	)				-					8.52		12.74			137,476		28			0.18			1.71
12/31/2009		6.31		0.20		1.40			1.60			(0.17	)				(0.10	)				7.64		25.39			80,863		24			0.19			2.87
12/31/2008		10.65		0.22		(4.40	)		(4.18	)		(0.10	)				(0.06	)				6.31		(39.21	)		26,133		48			0.19			2.55
01/16(a) - 12/31/2007		10.00		0.36		0.29			0.65			-					-					10.65		6.50			16,525		28			0.19			3.58
JNL/S&P Competitive Advantage Fund
Class A
12/31/2010		9.95		0.14		1.11			1.25			(0.08	)				(0.42	)				10.70		12.63			296,032		77			0.71			1.35
12/31/2009		6.90		0.11		2.94			3.05			0.00		(f	)		-					9.95		44.22			254,695		101			0.72			1.28
12/31/2008		9.92		0.16		(3.08	)		(2.92	)		(0.10	)				-					6.90		(29.40	)		90,399		97			0.71			1.81
12/03(a) - 12/31/2007		10.00		0.01		(0.08	)		(0.07	)		(0.01	)				-					9.92		(0.74	)		15,294		0			0.70			1.46
Class B
12/31/2010		9.94		0.16		1.12			1.28			(0.10	)				(0.42	)				10.70		12.87			59		77			0.51			1.55
12/31/2009		6.87		0.14		2.93			3.07			0.00		(f	)		-					9.94		44.70			50		101			0.52			1.57
12/31/2008		9.92		0.15		(3.08	)		(2.93	)		(0.12	)				-					6.87		(29.59	)		14		97			0.51			1.61
12/03(a) - 12/31/2007		10.00		0.01		(0.08	)		(0.07	)		(0.01	)				-					9.92		(0.67	)		99		0			0.47			1.93
JNL/S&P Dividend Income & Growth Fund
Class A
12/31/2010		8.69		0.31		1.26			1.57			(0.11	)				(0.39	)				9.76		18.24			440,926		38			0.70			3.33
12/31/2009		7.04		0.23		1.42			1.65			0.00		(f	)		-					8.69		23.47			239,392		84			0.72			3.24
12/31/2008		9.77		0.35		(2.89	)		(2.54	)		(0.19	)				0.00		(f	)		7.04		(25.93	)		101,329		64			0.71			4.47
12/03(a) - 12/31/2007		10.00		0.02		(0.24	)		(0.22	)		(0.01	)				-					9.77		(2.24	)		7,203		0			0.70			2.03
Class B
12/31/2010		8.70		0.33		1.28			1.61			(0.12	)				(0.39	)				9.80		18.65			166		38			0.50			3.57
12/31/2009		7.03		0.25		1.42			1.67			0.00		(f	)		-					8.70		23.79			158		84			0.52			3.40
12/31/2008		9.75		0.36		(2.88	)		(2.52	)		(0.20	)				0.00		(f	)		7.03		(25.79	)		120		64			0.51			4.41
12/03(a) - 12/31/2007		10.00		0.03		(0.26	)		(0.23	)		(0.02	)				-					9.75		(2.28	)		98		0			0.47			3.29

See accompanying Notes to Financial Statements.

JNL Series Trust

Financial Highlights

	Net Asset Value Beginning of Period		Increase (Decrease) from Investment Operations (e)																		Distributions from Net Realized Gains on Investment Transactions							Supplemental Data												Ratio of Expenses to Average Net Assets (c)					Ratio of Net Investment Income (Loss) to Average Net Assets (c)
Period Ended			Net Investment Income (Loss)					Net Realized & Unrealized Gains (Losses)			Total from Investment Operations					Distributions from Net Investment Income										Net Asset Value, End of Period		Total Return (b)					Net Assets, End of Period (in thousands)		Portfolio Turnover (d)
JNL/S&P Intrinsic Value Fund
Class A
12/31/2010	$	9.75	$	0.15				$	1.24		$	1.39				$	(0.08	)			$	(1.09	)			$	9.97		14.39	%			$	319,617		103	%				0.71	%				1.52	%
12/31/2009		6.21		0.11					3.43			3.54					0.00		(f	)		-					9.75		57.04					246,578		151					0.72					1.40
12/31/2008		9.91		0.15					(3.70	)		(3.55	)				(0.09	)				(0.06	)				6.21		(35.84	)				96,643		98					0.71					1.88
12/03(a) - 12/31/2007		10.00		0.02					(0.10	)		(0.08	)				(0.01	)				-					9.91		(0.81	)				18,261		0					0.70					2.06
Class B
12/31/2010		9.80		0.17					1.26			1.43					(0.09	)				(1.09	)				10.05		14.74					100		103					0.51					1.68
12/31/2009		6.21		0.12					3.47			3.59					0.00		(f	)		-					9.80		57.84					108		151					0.52					1.45
12/31/2008		9.91		0.14					(3.68	)		(3.54	)				(0.10	)				(0.06	)				6.21		(35.73	)				35		98					0.51					1.55
12/03(a) - 12/31/2007		10.00		0.02					(0.09	)		(0.07	)				(0.02	)				-					9.91		(0.71	)				99		0					0.48					2.37
JNL/S&P Total Yield Fund
Class A
12/31/2010		9.10		0.16					0.75			0.91					(0.07	)				(0.20	)				9.74		10.08					281,137		88					0.71					1.71
12/31/2009		6.37		0.10					2.63			2.73					0.00		(f	)		-					9.10		42.88					212,981		126					0.72					1.28
12/31/2008		10.07		0.20					(3.79	)		(3.59	)				(0.11	)				0.00		(f	)		6.37		(35.67	)				103,601		115					0.71					2.38
12/03(a) - 12/31/2007		10.00		0.01					0.06			0.07					0.00		(f	)		-					10.07		0.74					9,806		0					0.70					1.26
Class B
12/31/2010		9.11		0.18					0.75			0.93					(0.08	)				(0.20	)				9.76		10.30					65		88					0.51					1.90
12/31/2009		6.37		0.11					2.63			2.74					0.00		(f	)		-					9.11		43.04					55		126					0.52					1.50
12/31/2008		10.07		0.20					(3.78	)		(3.58	)				(0.12	)				0.00		(f	)		6.37		(35.58	)				88		115					0.51					2.35
12/03(a) - 12/31/2007		10.00		0.01					0.07			0.08					(0.01	)				-					10.07		0.81					101		0					0.48					1.64
JNL/S&P 4 Fund (h)
Class A
12/31/2010		9.55		0.09					1.23			1.32					-					(0.01	)				10.86		13.79					843,945		10					0.05					0.90
12/31/2009		6.79		(0.00	)	(f	)		2.84			2.84					(0.08	)				0.00		(f	)		9.55		41.85					627,405		12					0.06					(0.03	)
12/31/2008		9.93		0.21					(3.35	)		(3.14	)				0.00		(f	)		-					6.79		(31.62	)				265,183		15					0.06					2.54
12/03(a) - 12/31/2007		10.00		0.02					(0.09	)		(0.07	)				-					-					9.93		(0.70	)				22,194		0					0.05					2.85
JNL/Select Balanced Fund
Class A
12/31/2010		15.01		0.28					1.34			1.62					(0.18	)				-					16.45		10.83					1,290,162		46		(q	)		0.76					1.84
12/31/2009		12.81		0.34					2.19			2.53					(0.33	)				-					15.01		19.78					736,864		54		(q	)		0.78					2.53
12/31/2008		17.56		0.48					(4.18	)		(3.70	)				(0.39	)				(0.66	)				12.81		(20.79	)				455,105		60		(q	)		0.78					2.98
12/31/2007		17.35		0.48					0.81			1.29					(0.37	)				(0.71	)				17.56		7.49					526,511		41		(q	)		0.78					2.62
12/31/2006		15.75		0.42					1.73			2.15					(0.31	)				(0.24	)				17.35		13.65					439,868		46		(q	)		0.79					2.55
Class B
12/31/2010		15.29		0.32					1.35			1.67					(0.19	)				-					16.77		10.99					1,041		46		(q	)		0.56					2.04
12/31/2009		13.03		0.38					2.24			2.62					(0.36	)				-					15.29		20.08					855		54		(q	)		0.58					2.74
12/31/2008		17.84		0.52					(4.25	)		(3.73	)				(0.42	)				(0.66	)				13.03		(20.62	)				662		60		(q	)		0.58					3.21
12/31/2007		17.39		0.52					0.81			1.33					(0.17	)				(0.71	)				17.84		7.73					665		41		(q	)		0.58					2.83
12/31/2006		15.64		0.45					1.72			2.17					(0.18	)				(0.24	)				17.39		13.89					276		46		(q	)		0.59					2.75
JNL/Select Money Market Fund
Class A
12/31/2010		1.00		0.00		(f	)		-			0.00		(f	)		0.00		(f	)		-					1.00		0.00					706,007		n/a					0.27		(w	)		0.00		(w	)
12/31/2009		1.00		0.00		(f	)		-			0.00		(f	)		0.00		(f	)		-					1.00		0.15		(v	)		1,140,511		n/a					0.47		(w	)		0.16		(w	)
12/31/2008		1.00		0.02					-			0.02					(0.02	)				-					1.00		2.20		(r	)		1,340,054		n/a					0.57					2.08
12/31/2007		1.00		0.05					-			0.05					(0.05	)				-					1.00		4.76					651,204		n/a					0.58					4.63
12/31/2006		1.00		0.04					-			0.04					(0.04	)				-					1.00		4.49					269,095		n/a					0.59					4.42
Class B
12/31/2010		1.00		0.00		(f	)		-			0.00		(f	)		0.00		(f	)		-					1.00		0.00					7,245		n/a					0.27		(w	)		0.00		(w	)
12/31/2009		1.00		0.00		(f	)		-			0.00		(f	)		0.00		(f	)		-					1.00		0.21		(v	)		7,270		n/a					0.37		(w	)		0.24		(w	)
12/31/2008		1.00		0.02					-			0.02					(0.02	)				-					1.00		2.40		(r	)		7,220		n/a					0.37					2.32
12/31/2007		1.00		0.05					-			0.05					(0.05	)				-					1.00		4.97					4,617		n/a					0.38					4.84
12/31/2006		1.00		0.05					-			0.05					(0.05	)				-					1.00		4.70					2,955		n/a					0.39					4.80

See accompanying Notes to Financial Statements.

JNL Series Trust

Financial Highlights

	Net Asset Value Beginning of Period		Increase (Decrease) from Investment Operations (e)																Distributions from Net Realized Gains on Investment Transactions							Supplemental Data										Ratio of Expenses to Average Net Assets (c)			Ratio of Net Investment Income (Loss) to Average Net Assets (c)
Period Ended			Net Investment Income (Loss)					Net Realized & Unrealized Gains (Losses)			Total from Investment Operations			Distributions from Net Investment Income										Net Asset Value, End of Period		Total Return (b)			Net Assets, End of Period (in thousands)		Portfolio Turnover (d)
JNL/Select Value Fund
Class A
12/31/2010	$	15.41	$	0.21				$	1.90		$	2.11		$	(0.15	)			$	-				$	17.37		13.70	%	$	1,138,293		25	%				0.80	%		1.34	%
12/31/2009		12.60		0.22					2.80			3.02			(0.21	)				-					15.41		23.98			762,013		42					0.82			1.64
12/31/2008		19.33		0.32					(6.76	)		(6.44	)		(0.01	)				(0.28	)				12.60		(33.35	)		484,751		54					0.83			1.97
12/31/2007		19.42		0.29					1.22			1.51			(0.26	)				(1.34	)				19.33		7.90			538,410		41					0.83			1.39
12/31/2006		16.90		0.25					3.28			3.53			(0.31	)				(0.70	)				19.42		20.86			481,805		34					0.84			1.37
Class B
12/31/2010		15.65		0.25					1.93			2.18			(0.17	)				-					17.66		13.92			17,032		25					0.60			1.53
12/31/2009		12.79		0.25					2.84			3.09			(0.23	)				-					15.65		24.18			14,220		42					0.62			1.87
12/31/2008		19.57		0.36					(6.85	)		(6.49	)		(0.01	)				(0.28	)				12.79		(33.19	)		10,950		54					0.63			2.13
12/31/2007		19.66		0.33					1.25			1.58			(0.33	)				(1.34	)				19.57		8.13			15,294		41					0.63			1.59
12/31/2006		16.91		0.34					3.22			3.56			(0.11	)				(0.70	)				19.66		21.05			12,976		34					0.64			1.76
JNL/T. Rowe Price Established Growth Fund
Class A
12/31/2010		18.18		(0.02	)				3.07			3.05			(0.01	)				-					21.22		16.76			1,475,748		35					0.88			(0.10	)
12/31/2009		12.70		0.02					5.50			5.52			(0.04	)				-					18.18		43.49			916,445		62					0.91			0.12
12/31/2008		22.49		0.06					(9.69	)		(9.63	)		(0.02	)				(0.14	)				12.70		(42.85	)		581,447		54					0.90			0.30
12/31/2007		21.84		0.09					2.16			2.25			(0.08	)				(1.52	)				22.49		10.12			1,043,708		56					0.88			0.40
12/31/2006		19.44		0.09					2.57			2.66			(0.09	)				(0.17	)				21.84		13.70			750,771		46					0.90			0.46
Class B
12/31/2010		18.37		0.02					3.11			3.13			(0.03	)				-					21.47		17.02			35,881		35					0.68			0.09
12/31/2009		12.83		0.05					5.57			5.62			(0.08	)				-					18.37		43.79			30,411		62					0.71			0.33
12/31/2008		22.69		0.09					(9.79	)		(9.70	)		(0.02	)				(0.14	)				12.83		(42.75	)		19,925		54					0.70			0.50
12/31/2007		22.02		0.15					2.09			2.24			(0.12	)				(1.45	)				22.69		10.31			34,482		56					0.68			0.62
12/31/2006		19.50		0.14					2.58			2.72			(0.03	)				(0.17	)				22.02		13.95			32,185		46					0.70			0.64
JNL/T. Rowe Price Mid-Cap Growth Fund
Class A
12/31/2010		23.79		0.00		(f	)		6.62			6.62			(0.04	)				(0.59	)				29.78		27.86			1,366,836		27					1.01			0.01
12/31/2009		16.20		(0.05	)				7.65			7.60			-					(0.01	)	(x	)		23.79		46.93			820,894		32					1.02			(0.26	)
12/31/2008		30.37		(0.04	)				(12.33	)		(12.37	)		-					(1.80	)				16.20		(40.68	)		425,184		37					1.02			(0.14	)
12/31/2007		29.05		(0.01	)				4.97			4.96			0.00		(f	)		(3.64	)				30.37		17.26			697,484		45					1.02			(0.04	)
12/31/2006		29.64		0.05					1.96			2.01			(0.05	)				(2.55	)				29.05		6.76			625,869		37					1.02			0.16
Class B
12/31/2010		24.19		0.05					6.74			6.79			(0.08	)				(0.59	)				30.31		28.10			38,125		27					0.81			0.17
12/31/2009		16.44		(0.01	)				7.77			7.76			-					(0.01	)	(x	)		24.19		47.22			28,372		32					0.82			(0.05	)
12/31/2008		30.71		0.01					(12.48	)		(12.47	)		-					(1.80	)				16.44		(40.56	)		17,811		37					0.82			0.05
12/31/2007		29.28		0.06					5.01			5.07			0.00		(f	)		(3.64	)				30.71		17.50			29,638		45					0.82			0.18
12/31/2006		29.76		0.03					2.05			2.08			(0.01	)				(2.55	)				29.28		6.97			24,998		37					0.81			0.08
JNL/T. Rowe Price Short-Term Bond Fund
Class A
12/31/2010		9.71		0.18					0.10			0.28			(0.11	)				-					9.88		2.94			872,892		54					0.72			1.83
12/31/2009		9.36		0.25					0.47			0.72			(0.28	)				(0.09	)				9.71		7.64			484,832		102					0.74			2.56
12/31/2008		10.49		0.40					(1.04	)		(0.64	)		(0.45	)				(0.04	)				9.36		(5.97	)		295,409		134					0.74			3.86
12/31/2007		10.31		0.49					0.01			0.50			(0.32	)				-					10.49		4.82			311,237		73		(l	)		0.75			4.62
05/01(a)-12/31/2006		10.00		0.31					0.00			0.31			-					-					10.31		3.10			327,071		109		(l	)		0.74			4.52
Class B
12/31/2010		9.76		0.20					0.11			0.31			(0.12	)				-					9.95		3.22			88		54					0.52			2.03
12/31/2009		9.41		0.26					0.47			0.73			(0.29	)				(0.09	)				9.76		7.74			211		102					0.54			2.57
12/31/2008		10.53		0.42					(1.03	)		(0.61	)		(0.47	)				(0.04	)				9.41		(5.66	)		50		134					0.54			4.05
12/31/2007		10.33		0.50					0.01			0.51			(0.31	)				-					10.53		4.95			118		73		(l	)		0.55			4.74
05/01(a)-12/31/2006		10.00		0.32					0.01			0.33			-					-					10.33		3.30			103		109		(l	)		0.54			4.72

See accompanying Notes to Financial Statements.

JNL Series Trust

Financial Highlights

	Net Asset Value Beginning of Period		Increase (Decrease) from Investment Operations (e)											Distributions from Net Realized Gains on Investment Transactions					Supplemental Data								Ratio of Expenses to Average Net Assets (c)			Ratio of Net Investment Income (Loss) to Average Net Assets (c)
Period Ended			Net Investment Income (Loss)		Net Realized & Unrealized Gains (Losses)			Total from Investment Operations			Distributions from Net Investment Income						Net Asset Value, End of Period		Total Return (b)			Net Assets, End of Period (in thousands)		Portfolio Turnover (d)
JNL/T. Rowe Price Value Fund
Class A
12/31/2010	$	9.44	$	0.19	$	1.31		$	1.50		$	(0.10	)	$	-		$	10.84		15.89	%	$	1,136,182		27	%		0.94	%		1.97	%
12/31/2009		6.98		0.15		2.44			2.59			(0.13	)		-			9.44		37.09			727,672		21			0.96			1.89
12/31/2008		14.65		0.20		(6.20	)		(6.00	)		(0.24	)		(1.43	)		6.98		(40.47	)		412,536		29			0.96			1.65
12/31/2007		15.62		0.26		(0.14	)		0.12			(0.20	)		(0.89	)		14.65		0.85			707,468		33			0.95			1.59
12/31/2006		13.93		0.22		2.57			2.79			(0.13	)		(0.97	)		15.62		20.11			681,711		26			0.96			1.48
Class B
12/31/2010		9.67		0.22		1.33			1.55			(0.11	)		-			11.11		16.04			594		27			0.74			2.19
12/31/2009		7.14		0.17		2.50			2.67			(0.14	)		-			9.67		37.46			549		21			0.76			2.16
12/31/2008		14.95		0.23		(6.34	)		(6.11	)		(0.27	)		(1.43	)		7.14		(40.39	)		385		29			0.76			1.85
12/31/2007		15.83		0.29		(0.14	)		0.15			(0.14	)		(0.89	)		14.95		1.03			641		33			0.75			1.73
12/31/2006		14.03		0.26		2.58			2.84			(0.07	)		(0.97	)		15.83		20.30			391		26			0.76			1.71

(a) Commencement of operations.

(b) Total return assumes reinvestment of all distributions for the period. Total return is not annualized for periods less than one year and does not reflect payment of the expenses that apply to the variable accounts or any annuity charges.

(c) Annualized for periods less than one year.

(d) Not annualized for periods of less than one year. Portfolio turnover rate is based on the Feeder Funds or fund of fund’s purchases or sales of the Master Fund or underlying funds, respectively. Portfolio turnover excludes dollar roll transactions.

(e) Calculated using the average shares method.

(f) Amount represents less than $0.005.

(g) Includes dividend expense and borrowing fees on securities sold short for JNL/Goldman Sachs U.S. Equity Flex Fund of 0.72%, 0.37%, 0.40% and 1.06% for Class A and B shares for the years ended December 31, 2010, 2009, 2008 and 2007, respectively.

(h) Ratios of net investment income and expenses to average net assets do not include the impact of each Master Fund’s and underlying fund’s expenses.

(i) Portfolio turnover including dollar roll transactions for JNL/Franklin Templeton Income Fund was 34% for 2007. The Fund had no dollar roll transactions for periods ending after December 31, 2007.

(j) Includes dividend expense and borrowing fees on securities sold short for JNL/Franklin Templeton Mutual Shares Fund of 0.05%, 0.01% and 0.01% for Class A and B shares for the periods ended December 31, 2009, December 31, 2008 and December 31, 2007, respectively.

(k) Portfolio turnover including dollar roll transactions for JNL/Goldman Sachs Core Plus Bond Fund was 570%, 332%, 484% and 1,137% in 2006, 2007, 2009 and 2010, respectively. The Fund had no dollar roll transactions for year ended December 31, 2008.

(l) Portfolio turnover including dollar roll transactions for JNL/T. Rowe Price Short-Term Bond Fund was 118% and 78% for 2006 and 2007, respectively. The Fund had no dollar roll transactions for periods ending after December 31, 2007.

(m) Portfolio turnover including dollar roll transactions for JNL/JPMorgan U.S. Government & Quality Bond Fund was 524% and 217% in 2006 and 2007, respectively. The Fund had no dollar roll transactions for the periods ending after December 31, 2007.

(n) Portfolio turnover including dollar roll transactions for JNL/Mellon Capital Management Bond Index Fund was 79%, 52%, 52%, 90% and 83% in 2006, 2007, 2008, 2009 and 2010, respectively.

(o) Portfolio turnover including dollar roll transactions for JNL/PIMCO Real Return Fund was 1,340% in 2007. The Fund had no dollar roll transactions for periods ending after December 31, 2007.

(p) Portfolio turnover including dollar roll transactions for JNL/PIMCO Total Return Bond Fund was 271% and 402% in 2006 and 2007, respectively. The Fund had no dollar roll transactions for periods ending after December 31, 2007.

(q) Portfolio turnover including dollar roll transactions for JNL/Select Balanced Fund was 64%, 76%, 76%, 81% and 90% in 2006, 2007, 2008, 2009 and 2010, respectively.

(r) For the year ended December 31, 2008, the Adviser voluntarily contributed capital to the JNL/Select Money Market Fund. The return for Class A and Class B shares without the contribution was 2.00% and 2.18%, respectively.

(s) Distribution amount includes a return of capital distribution which was less than $0.005 per share.

(t) Total return for the JNL/Invesco International Growth Fund includes class action settlement proceeds. The return for Class A and Class B shares without the class action settlement proceeds was 36.63% and 39.63%, respectively.

(u) Total return for the JNL/Capital Guardian Global Diversified Research Fund includes class action settlement proceeds. The return for Class A and Class B shares without the class action settlement proceeds was 36.07% and 36.40%, respectively.

(v) Total return for the JNL/Select Money Market Fund includes class action settlement proceeds. The return for Class A and Class B shares without the class action settlement proceeds was 0.14% and 0.20%, respectively.

(w) For the JNL/Select Money Market Fund, the ratios of expense to average net assets for Class A and Class B shares without the expense waivers were 0.57% and 0.37% and 0.57% and 0.37%, respectively, for the years ended December 31, 2010 and 2009, and the . ratios of net investment income to average net assets for Class A and Class B shares without the waivers were (0.30%) and (0.10%) and 0.06% and 0.24% for the years ended December 31, 2010 and 2009, respectively.

(x) Distribution amount for the JNL/T. Rowe Price Mid-Cap Growth Fund includes a return of capital distribution for Class A and Class B shares of $0.01 and $0.01 per share, respectively, for the year ended December 31, 2009.

(y) For the JNL/American Funds Blue Chip Income and Growth Fund, JNL/American Funds Global Bond Fund, JNL/American Funds Global Small Capitalization Fund, JNL/American Funds Growth-Income Fund, JNL/American Funds International Fund, JNL/American Funds New World Fund, and JNL/BlackRock Global Allocation Fund the ratios of expense to average net assets for Class A and Class B shares without the expense waivers were 1.10% and 0.85%, 1.10% and 0.85%, 1.15%, and 0.90%, 1.10% and 0.85%, 1.25% and 1.00%, 1.45% and 1.20%, and 1.26% and 1.06%, respectively; and the ratios of net income to average net assets for Class A and Class B shares without expense waivers were 4.07% and 6.13%, 6.43% and 8.44%, 1.33% and 2.51%, 3.32% and 3.82%, 3.38% and 6.44%, 2.98% and 3.14%, and 11.84% and 13.96%, respectively.

(z) Portfolio turnover including dollar roll transactions for JNL/Capital Guardian Global Balanced Fund was 52% in 2010.

See accompanying Notes to Financial Statements.

JNL Series Trust

Notes to Financial Statements

December 31, 2010

NOTE 1. ORGANIZATION

The JNL Series Trust (“Trust”) is an open-end management investment company organized under the laws of the state of Massachusetts, by a Declaration of Trust, dated June 1, 1994. The Trust is registered with the U.S. Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended, (“1940 Act”), and its shares are registered under the Securities Act of 1933 (“1933 Act”), as amended. The Trust currently offers shares in seventy-nine (79) separate funds (each a “Fund”, and collectively, “Funds”), each with its own investment objective.

Jackson National Asset Management, LLC (“JNAM” or “Adviser”) is a wholly-owned subsidiary of Jackson National Life Insurance Company^® (“Jackson”) and an indirect wholly owned subsidiary of Prudential plc, a publicly traded company incorporated in the United Kingdom. Prudential plc is not affiliated in any manner with Prudential Financial Inc., a company whose principal place of business is in the United States of America. JNAM serves as investment adviser to each of the Funds. Shares are presently offered to Jackson, Jackson National Life Insurance Company of New York, and affiliated separate accounts to fund the benefits of variable annuity and variable life policies. Shares are also sold to qualified and non-qualified retirement plans as well as certain affiliated “funds of funds”. The Funds offered by the Trust and each Fund’s Adviser/Sub-adviser are:

Adviser/Sub-Adviser: Fund: (Sub-Sub-advisers are in parenthesis)

BlackRock Investment Management, LLC	JNL/BlackRock Commodity Securities Fund and JNL/BlackRock Global Allocation Fund. The JNL/BlackRock Global Allocation Fund utilizes a Master Feeder structure.
Capital Guardian Trust Company	JNL/Capital Guardian Global Balanced Fund, JNL/Capital Guardian Global Diversified Research Fund, JNL/Capital Guardian U.S. Growth Equity Fund
Capital Research and Management Company (Investment Adviser to each Master Fund)	JNL/American Funds Blue Chip Income and Growth Fund, JNL/American Funds Global Bond Fund, JNL/American Funds Global Small Capitalization Fund, JNL/American Funds Growth-Income Fund, JNL/American Funds International Fund, JNL/American Funds New World Fund. These funds are collectively known as “JNL American Funds”. The JNL American Funds each utilize a Master Feeder structure.
Eagle Asset Management, Inc.	JNL/Eagle Core Equity Fund and JNL/Eagle SmallCap Equity Fund
Templeton Global Advisors Limited	JNL/Franklin Templeton Global Growth Fund
Franklin Advisers, Inc.	JNL/Franklin Templeton Income Fund
Franklin Mutual Advisers, LLC	JNL/Franklin Templeton Mutual Shares Fund
Franklin Advisory Services, LLC	JNL/Franklin Templeton Small Cap Value Fund
Franklin Templeton Institutional, LLC	JNL/Franklin Templeton International Small Cap Growth Fund
Goldman Sachs Asset Management, L.P. Goldman Sachs Asset Management International (sub-sub-adviser)	JNL/Goldman Sachs Core Plus Bond Fund (Goldman Sachs Asset Management International), JNL/Goldman Sachs Emerging Markets Debt Fund, JNL/Goldman Sachs Mid Cap Value Fund, JNL/Goldman Sachs U.S. Equity Flex Fund
Invesco Advisers, Inc. Invesco Asset Management Ltd. (sub-sub-adviser)	JNL/Invesco Global Real Estate Fund (Invesco Asset Management Ltd.), JNL/Invesco International Growth Fund, JNL/Invesco Large Cap Growth Fund, JNL/Invesco Small Cap Growth Fund
Ivy Investment Management Company	JNL/Ivy Asset Strategy Fund
JNAM	JNL Institutional Alt 20 Fund, JNL Institutional Alt 35 Fund, JNL Institutional Alt 50 Fund, JNL Institutional Alt 65 Fund; the funds are collectively known as “JNL Institutional Alt Funds”. JNL/Franklin Templeton Founding Strategy Fund, JNL/Mellon Capital Management 10 x 10 Fund, JNL/Mellon Capital Management Index 5 Fund, JNL/S&P 4 Fund. All have a fund of funds structure.
J.P. Morgan Investment Management Inc.	JNL/JPMorgan International Value Fund, JNL/JPMorgan MidCap Growth Fund, JNL/JPMorgan U.S. Government & Quality Bond Fund
Lazard Asset Management, LLC	JNL/Lazard Emerging Markets Fund and JNL/Lazard Mid Cap Equity Fund
M&G Investment Management Limited*	JNL/M&G Global Basics Fund and JNL/M&G Global Leaders Fund
Mellon Capital Management Corporation	JNL/Mellon Capital Management European 30 Fund, JNL/Mellon Capital Management Pacific Rim 30 Fund, JNL/Mellon Capital Management S&P 500 Index Fund, JNL/Mellon Capital Management S&P 400 MidCap Index Fund, JNL/Mellon Capital Management Small Cap Index Fund, JNL/Mellon Capital Management International Index Fund, JNL/Mellon Capital Management Bond Index Fund, JNL/Mellon Capital Management Global Alpha Fund

JNL Series Trust

Notes to Financial Statements

December 31, 2010

Adviser/Sub-Adviser: Fund: (Sub-Sub-advisers are in parenthesis)

OppenheimerFunds, Inc.	JNL/Oppenheimer Global Growth Fund
Pacific Investment Management Company LLC	JNL/PIMCO Real Return Fund and JNL/PIMCO Total Return Bond Fund
PPM America, Inc.*	JNL/PPM America High Yield Bond Fund, JNL/PPM America Mid Cap Value Fund, JNL/PPM America Small Cap Value Fund, JNL/PPM America Value Equity Fund
Prudential Asset Management (Singapore) Limited*	JNL/PAM Asia ex-Japan Fund and JNL/PAM China-India Fund
Red Rocks Capital LLC	JNL/Red Rocks Listed Private Equity Fund
Standard & Poor’s Investment Advisory Services LLC	JNL/S&P Competitive Advantage Fund, JNL/S&P Dividend Income & Growth Fund, JNL/S&P Intrinsic Value Fund, JNL/S&P Total Yield Fund (all co-Sub-Advised by Mellon Capital Management Corporation)
Standard & Poor’s Investment Advisory Services LLC	JNL/S&P Managed Conservative Fund, JNL/S&P Managed Moderate Fund, JNL/S&P Managed Moderate Growth Fund, JNL/S&P Managed Growth Fund, JNL/S&P Managed Aggressive Growth Fund, JNL/S&P Disciplined Moderate Fund, JNL/S&P Disciplined Moderate Growth Fund, JNL/S&P Disciplined Growth Fund. The funds are collectively known as “JNL/S&P Funds” and each utilizes a fund of funds structure which invests in other affiliated underlying funds.
Wellington Management Company, LLP	JNL/Select Balanced Fund, JNL/Select Money Market Fund, JNL/Select Value Fund
T. Rowe Price Associates, Inc.	JNL/T. Rowe Price Established Growth Fund, JNL/T. Rowe Price Mid-Cap Growth Fund, JNL/T. Rowe Price Short-Term Bond Fund, JNL/T. Rowe Price Value Fund

* M&G Investment Management Limited, PPM America, Inc., and Prudential Asset Management (Singapore) Limited are affiliates of JNAM.

The Trust consists of all diversified Funds for purposes of the 1940 Act, with the exception of the following non-diversified Funds: JNL/American Funds Global Bond Fund, JNL/BlackRock Commodity Securities Fund, JNL/BlackRock Global Allocation Fund, JNL Institutional Alt Funds, JNL/Goldman Sachs Emerging Markets Debt Fund, JNL/Lazard Mid Cap Equity Fund, JNL/Mellon Capital Management European 30 Fund, JNL/Mellon Capital Management Pacific Rim 30 Fund, JNL/Mellon Capital Management Global Alpha Fund, JNL/M&G Global Basics Fund, JNL/M&G Global Leaders Fund, JNL/PAM Asia ex-Japan Fund, JNL/PAM China-India Fund, JNL/PIMCO Real Return Fund, JNL/Red Rocks Listed Private Equity Fund, JNL/S&P Funds, JNL/S&P 4 Fund, JNL/S&P Competitive Advantage Fund, JNL/S&P Dividend Income & Growth Fund, JNL/S&P Intrinsic Value Fund and JNL/S&P Total Yield Fund.

Each Fund, except the JNL Institutional Alt Funds, JNL/S&P Funds, JNL/S&P 4 Fund, JNL/Franklin Templeton Founding Strategy Fund, JNL/Mellon Capital Management 10 x 10 Fund and JNL/Mellon Capital Management Index 5 Fund, offers Class A and Class B shares. The two classes differ principally in applicable 12b-1 fees. Shareholders bear the common expenses of each Fund and earn income and realized gains/losses from each Fund pro rata based on the average daily net assets of each class, without discrimination between share classes. Each share class also has different voting rights on matters affecting a single class. No class has preferential dividend rights. Trust level expenses are allocated to the Funds based on the average daily net assets of each Fund.

Each of the JNL American Funds and the JNL/BlackRock Global Allocation Fund operate as a “Feeder Fund” and seeks to achieve its investment objective by investing primarily all its investable assets in a separate mutual fund (“Master Fund”). Each of the JNL American Fund’s Master Fund is a series of American Funds Insurance Series^® (“American Funds”), a registered open-end management investment company, that has the same investment objective as each corresponding Feeder Fund. The JNL/BlackRock Global Allocation Fund’s Master Fund is a series of BlackRock Series Fund, Inc., a registered open-end management investment company, that has the same investment objective as the Feeder Fund. Each Master Fund directly acquires securities and the Feeder Fund investing in the Master Fund acquires an indirect interest in those securities. The Master Funds’ accounting policies are outlined in each Master Fund’s shareholder report. As of December 31, 2010, each American Fund Feeder Fund owned less than 5% in its corresponding Master Fund. The JNL/BlackRock Global Allocation Fund owned 36.2% in its corresponding Master Fund. This report should be read in conjunction with the Master Funds’ shareholder reports, which accompany this report.

Effective May 3, 2010, the Sub-Adviser for JNL/Capital Guardian International Small Cap Fund was changed from Capital Guardian Trust Company to Franklin Templeton Institutional, LLC. The name of the Fund was changed to JNL/Franklin Templeton International Small Cap Growth Fund.

Effective October 11, 2010, the Sub-Adviser for JNL/Credit Suisse Commodity Securities Fund was changed from Credit Suisse Asset Management, LLC to BlackRock Investment Management, LLC and the Sub-Adviser for JNL/Credit Suisse Long/Short Fund was changed from Credit Suisse Asset Management, LLC to Goldman Sachs Asset Management, L.P. The names of the Funds were changed to JNL/BlackRock Commodity Securities Fund and JNL/Goldman Sachs U.S. Equity Flex Fund, respectively. Additionally, effective October 11, 2010; JNL/AIM Global Real Estate Fund, JNL/AIM International Growth Fund, JNL/AIM Large Cap Growth Fund and JNL/AIM Small Cap Growth Fund names were changed to JNL/Invesco Global Real Estate Fund, JNL/Invesco International Growth Fund, JNL/Invesco Large Cap Growth Fund and JNL/Invesco Small Cap Growth Fund, respectively.

JNL Series Trust

Notes to Financial Statements

December 31, 2010

NOTE 2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”).

Security Valuation – The net asset value (“NAV”) of each Fund shall be determined as of the close of trading (generally, 4:00 PM Eastern Time) on each day the New York Stock Exchange (“NYSE”) is open for trading. Stocks traded on an exchange are generally valued at the official closing price of the exchange where the security is principally traded. If there is no official closing price for the security, the security may be valued at the last quoted sale price on the exchange where the security is principally traded or final bid price in the absence of a sale. Stocks not listed on a national or foreign stock exchange may be valued at the closing bid price on the over-the-counter market. Investments in mutual funds are valued at the NAV per share determined as of the close of the NYSE on each valuation date. Each Feeder Fund’s investment in its corresponding Master Fund is valued at the 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 Funds is discussed in the Master Funds’ shareholder reports, which accompany this report. The securities lending collateral funds, which provide daily liquidity, are valued at the daily reported NAV of the funds, as a practical expedient, as of the close of the NYSE on each valuation date. All securities in the JNL/Select Money Market Fund, as permitted by compliance with applicable provisions under Rule 2a-7 under the 1940 Act, and other short-term securities maturing within sixty (60) days are valued at amortized cost, unless it is determined that such practice does not approximate market value. Debt securities are generally valued by independent pricing services approved by the Trust’s Board of Trustees (“Board” or Trustees”). If pricing services are unable to provide valuations, debt securities are valued at the most recent bid quotation or evaluated price, as applicable, obtained from a broker/dealer or widely used quotation system. Commodity-linked structured notes are valued by pricing models using observable inputs. Credit-linked notes are valued at the most recent bid quotation obtained from a broker/dealer. Options and futures contracts traded on a liquid exchange are valued at the last sales price as of the close of business on the local exchange. Options traded on an illiquid exchange or over the counter are valued at the most recent bid quotation obtained from a broker/dealer. Forward foreign currency contracts are valued at the foreign currency exchange rate as of the close of the NYSE, unless the Adviser determines that such markets lack an appropriate level of liquidity at that time. In such instances, the Funds will generally utilize foreign currency exchange rates as of the close of the London Stock Exchange. Non-exchange traded derivatives, such as options and swap agreements, are generally valued by approved pricing services. If the pricing services are unable to provide valuations, non-exchange traded derivatives are valued at the most recent bid quotation or evaluated price, as applicable, obtained from a broker/dealer or by pricing models using observable inputs. Pricing services utilized to value debt and derivatives securities may use various pricing techniques which take into account appropriate factors such as: yield; credit quality; coupon rate; maturity; type of issue; trading characteristics; call features; credit ratings; and other data, as well as broker quotes.

Market quotations may not be readily available for certain investments or it may be determined that a quotation for an investment does not represent market value. In such instances, the investment is valued as determined in good faith using procedures adopted by the Board. Situations that may require an investment to be fair valued may include instances where a security is thinly traded, halted or restricted as to resale. In addition, investments may be fair valued based on the occurrence of a significant event. Significant events may be specific to a particular issuer, such as mergers, restructurings or defaults. Alternatively, significant events may affect an entire market, such as natural disasters, government actions, and significant changes in value of U.S. securities markets. Securities are fair valued based on observable and unobservable inputs, including the Adviser’s own assumptions in determining fair value. Under the procedures adopted by the Board, the Adviser may rely on pricing services or other sources to assist in determining the fair value of an investment. Factors considered to determine fair value may include the correlation with price movement of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading or other market data. The Board has retained an independent statistical fair value pricing service to assist in the fair valuation process for securities traded in foreign markets in order to adjust for possible changes in value that may occur between the close of the foreign exchange and the time at which the NAVs are determined.

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

In January 2010, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2010-06 “Improving Disclosures about Fair Value Measurements”. ASU No. 2010-06 clarifies existing disclosure requirements and mandates additional disclosures regarding fair value measurements. Entities are required to disclose significant transfers into and out of Level 1 and 2 measurements in the fair value hierarchy and the reasons for those transfers. Effective for fiscal years beginning after December 15, 2010, and for interim periods within those fiscal years, entities will need to disclose information about purchases, sales, issuances and settlements of Level 3 securities on a gross basis, rather than as a net number. Please see the Notes to the Schedules of Investments, FASB Accounting Standards Codification (“ASC”) Topic 820, “Fair Value Measurements and Disclosure”, for expanded disclosure of fair value measurements.

Distributions to Shareholders – The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. The JNL/Select Money Market Fund declares dividends daily and pays dividends monthly. For all other Funds, dividends from net investment income are generally declared and paid annually, but may be paid more frequently to avoid excise tax. Distributions of net realized capital gains, if any, will be distributed at least annually, to the extent they exceed available capital loss carry forwards.

Federal Income Taxes – Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to qualify as a regulated investment company (“RIC”) and to distribute substantially all net investment income and net capital gains, if any, to its shareholders and otherwise comply with

JNL Series Trust

Notes to Financial Statements

December 31, 2010

Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. Therefore, no federal income tax provision is required. Under current tax law, interest and dividend income and capital gains paid by the Funds are not currently taxable to shareholders when left to accumulate within a variable annuity contract.

Foreign Taxes - The Funds may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest.

Foreign Currency Translations - The accounting records of each Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars. Purchases and sales of investment securities, income receipts and expense payments are translated into U.S. dollars at the respective exchange rates prevailing on the dates of such transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of foreign securities. Such fluctuations are included in net realized gain or loss on investments and net change in unrealized appreciation or depreciation on investments. Net realized gains and losses on foreign currency related items are considered ordinary income for tax purposes and arise from sales of foreign currencies; currency gains or losses realized between the trade and settlement dates on securities transactions; the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually received or paid; and the realized gains or losses resulting from portfolio and transaction hedges. Net change in unrealized appreciation or depreciation on foreign currency related items arises from changes in the fair value of assets and liabilities, other than investments in securities, at period end resulting from changes in exchange rates.

Guarantees and Indemnifications – Under the Trust’s organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, certain of the Funds’ contracts with service providers contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Funds cannot be determined and the Funds have no historical basis for predicting the likelihood of any such claims.

Security Transactions and Investment Income - Security transactions are recorded on the trade date for financial reporting purposes. Dividend income, net of applicable withholding taxes, is recorded on the ex-dividend date. Interest income, including level-yield amortization of discounts and premiums, is accrued daily. A Fund may place a debt obligation on non-accrual status and reduce related interest income by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured. Realized gains and losses are determined on the specific identification basis.

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

Expenses in Master Funds and Fund of Funds - Because each Feeder Fund invests substantially all of its assets in a Master Fund, the Feeder Fund shareholders bear the fees and expenses of each respective Master Fund in which the Feeder Fund invests. Such expenses are not included in the Statements of Operations, but are incurred indirectly because they are considered in the calculation of the net asset value of the respective master fund. As a result, the Feeder Fund’s actual expenses may be higher than those of other mutual funds that invest directly in securities. A similar situation exists for a fund of funds as it relates to the expenses associated with the investments in underlying funds.

NOTE 3. SECURITIES AND OTHER INVESTMENTS

Securities Lending and Securities Lending Collateral – A Fund may lend securities to certain brokers, dealers or other financial institutions in order to earn additional income. The borrowers and the Funds’ securities lending agent exchange negotiated lender fees and the Funds receive a fee equal to a percentage of the net negotiated lender fees and the net income generated by the securities lending collateral held during each lending transaction. The securities lending agent is authorized to loan securities on behalf of the Funds to approved borrowers and is required to maintain collateral at least equal to the value of the securities loaned based on the previous day’s value of the securities loaned, marked to market daily. Any shortfalls are adjusted the next business day. In the event of bankruptcy or other default of the borrower, a Fund could experience delays in liquidating the loan collateral or recovering the loaned securities and incur expenses related to enforcing its rights. In addition, there could be a decline in the value of the collateral or in the value of the securities loaned while a Fund seeks to enforce its rights thereto and the Fund could experience subnormal levels of income or lack of access to income during that period. The Funds also bear the risk of any deficiency in the amount of collateral available for return to a borrower due to a loss in an approved investment. Each Fund is responsible for returning the full amount of collateral received for a particular loan when the borrower returns the applicable security.

JPMorgan Chase Bank, N.A. (“JPM Chase” or “Custodian”) serves as custodian and securities lending agent to the Trust. The Funds have cash collateral invested in the Securities Lending Cash Collateral Fund LLC and the Securities Lending Liquidating Fund LLC, each a limited liability company sponsored by the Adviser. As the assets in the Securities Lending Liquidating Fund LLC mature or are liquidated, the proceeds are invested in the Securities Lending Cash Collateral Fund LLC. Although the Securities Lending Cash Collateral Fund LLC is not a registered fund under the 1940 Act, and is not a

JNL Series Trust

Notes to Financial Statements

December 31, 2010

“money market fund”, it typically invests in high quality U.S. dollar-denominated instruments that qualify at time of purchase as “eligible securities” within the meaning of Rule 2a-7 under the 1940 Act, which governs money market funds. The Securities Lending Cash Collateral Fund LLC and the Securities Lending Liquidating Fund LLC are only offered to the Funds and JNAM affiliated Funds.

The Securities Lending Cash Collateral Fund LLC’s and the Securities Lending Liquidating Fund LLC’s NAVs are determined as of the close of trading (generally, 4:00 PM Eastern Time) on each day the NYSE is open for trading. Short-term securities in the Securities Lending Cash Collateral Fund LLC and securities maturing within 60 days in Securities Lending Liquidating LLC are valued at amortized cost, unless it is determined that such practice does not approximate market value. Securities that are not valued at amortized cost in the Securities Lending Liquidating Fund LLC are generally valued based on prices furnished by pricing services. If pricing services are unable to provide valuations, debt securities are valued at the most recent bid quotation or evaluated price, as applicable, obtained from a broker/dealer or widely used quotation system.

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

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

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

Unregistered Securities - A Fund may own certain investment securities, which are unregistered and thus restricted to resale. These securities may also be referred to as “private placements”. Unregistered securities may be “illiquid” because there is no readily available market for sale of the securities. Where future dispositions of the securities require registration under the 1933 Act, as amended, the Funds have the right to include those securities in such registration generally without cost to the Funds. The Funds have no right to require registration of unregistered securities.

Repurchase Agreements - A Fund may invest in repurchase agreements. A repurchase agreement involves the purchase of a security by a Fund and a simultaneous agreement by the seller, generally a bank or broker dealer, to repurchase that security back from the Fund at a specified price and date or upon demand. The underlying securities used as collateral for all repurchase agreements are held in safekeeping at the Fund’s Custodian or designated subcustodians under triparty repurchase agreements. The market value of the collateral must be equal to or exceed at all times the total amount of the repurchase obligations, including interest. JNAM monitors that the daily market value of the collateral for the repurchase agreement is in excess of the repurchase agreement. In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of such collateral may decline.

Reverse Repurchase Agreements - A Fund may enter into reverse repurchase agreements. A reverse repurchase agreement involves the sale of a security by a Fund and a simultaneous agreement by the purchaser, generally a bank or broker dealer, to resell that security to the Fund at an agreed-upon price and date. Securities sold under reverse repurchase agreements are reflected as a liability on the Statements of Assets and Liabilities. Interest payments made are recorded as a component of interest expense on the Statements of Operations. A reverse repurchase agreement involves the risk that the value of the security sold by the Fund may decline below the repurchase price of the security. The Fund will segregate assets at the Custodian determined to be liquid or otherwise cover its obligations under reverse repurchase agreements.

JNL Series Trust

Notes to Financial Statements

December 31, 2010

Forward Sales Commitments – A Fund may purchase or sell forward sales commitments. A forward sales commitment involves a Fund entering into a contract to purchase or sell securities for a fixed price at a future date beyond the customary settlement period. The purchase of a forward sales commitment involves the risk of loss if the value of the security to be purchased declines before the settlement date while the sale of a forward sales commitment involves the risk that the value of the securities to be sold may increase before the settlement date. A Fund may dispose of or renegotiate forward sales commitments after they are entered into, and may sell these securities before they are delivered, which may result in capital gain or loss.

Delayed-Delivery Securities - A Fund may purchase or sell securities on a delayed delivery basis, including “To Be Announced” (“TBA”) or “To Be Acquired” securities. These transactions involve a commitment by a Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. In TBA transactions, a Fund commits to purchasing or selling securities for which all specific information is not yet known at the time of the trade, particularly the face amount and maturity date of the underlying securities. When delayed-delivery purchases are outstanding, the Fund is required to have sufficient cash and/or liquid securities to cover its commitments on these transactions. When purchasing a security on a delayed-delivery basis, the Fund assumes the rights of ownership of the security, including the risk of price and yield fluctuations, and considers such fluctuations when determining its NAV. A Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery securities before they are delivered, which may result in a realized gain or loss. When a Fund has sold a security on a delayed delivery basis, the Fund does not participate in future gains or losses with respect to the security. Securities purchased on a TBA basis are not settled until they are delivered to the Fund. In connection with TBA transactions, Funds may maintain a short position related to certain securities. In connection with these transactions, the Fund owns an equal amount of the securities or holds securities convertible (or exchangeable) into an equal amount of the securities, of the same issuer, as the position held short. Master Securities Forward Transaction Agreements (“Master Forward Agreements”) govern the consideration of factors surrounding the settlement of certain purchases and sales made on a delayed-delivery basis by and between the Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination and maintenance of collateral.

Dollar Roll Transactions - A Fund may enter into mortgage dollar rolls in which a Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon and maturity) securities on a specified future date. During the roll period, a Fund foregoes principal and interest paid on the mortgage-backed securities. A Fund is compensated by the interest earned on the cash proceeds of the initial sale and from negotiated fees paid by brokers offered as an inducement to the Fund to “roll over” its purchase commitments. A Fund may only enter into covered rolls. A “covered roll” is a type of dollar roll for which a Fund maintains offsetting positions in cash, U.S. Government securities, or other liquid assets which mature on or before the forward repurchase settlement date of the dollar roll transaction. Dollar roll transactions involve the risk that the market value of the securities sold by a Fund may decline below the repurchase price of those similar securities which the Fund is obligated to purchase or that the return earned by the Fund with the proceeds of a dollar roll may not exceed transaction costs.

Inflation-Indexed Bonds - A Fund may invest in inflation-indexed bonds which are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value which is adjusted for inflation. Any increase in the principal amount of an inflation-indexed bond will be considered interest income, even though investors do not receive principal payments until maturity.

Unfunded Loan Commitments - A Fund may enter into certain credit agreements, all or a portion of which may be unfunded. The Fund is obligated to fund these loan commitments at the borrowers’ discretion. Unfunded loan commitments and funded portions of credit agreements are marked to market daily. Net unrealized appreciation or depreciation on unfunded loan commitments is reflected in other assets and other liabilities in the Statements of Assets and Liabilities and unrealized appreciation or depreciation on investments in the Statements of Operations. Funded portions of credit agreements are presented in the Schedules of Investments.

Securities Sold Short - A Fund may enter into short sales transactions. A short sale is a transaction in which a Fund sells a security it does not own in anticipation of a decline in the market price of the security. Until the security is replaced, the Fund is required to pay amounts equal to any dividend or interest which accrue during the period of the short sale. To borrow the security, the Fund also may be required to pay a premium, which would increase the cost of the security sold. Until a Fund closes its short position or replaces the borrowed security, the Fund will: (a) maintain cash or liquid securities at such a level that the amount so maintained plus any amounts deposited with the broker or segregated at the Custodian as collateral will equal the current value of the security sold short; or (b) otherwise cover the Fund’s short position. The Fund is obligated to deliver securities at the market price at the time the short position is closed. Potential losses from short sales may be unlimited.

Commodity-Linked Structured Notes - A commodity-linked structured note is a debt security that contains a return component based on the movement of a commodity index. These notes typically pay interest on the face value of the instrument and a formula based return tied to a commodity index return. These notes may be issued by U.S. and foreign banks, brokerage firms, insurance companies and other corporations. Performance of the particular commodity index will affect performance of the commodity-linked structured note. Commodity-linked structured notes are often leveraged, increasing the volatility of each note’s value relative to the change in the underlying index. They may be more volatile and less liquid than the underlying linked index and their value may be affected by the performance of commodities as well as other factors including liquidity, quality, maturity and other economic variables. Commodity-linked structured notes may have early redemption features based on advanced notice from the purchaser or automatic redemption triggered by a preset decline in the underlying commodity index. In addition to fluctuating in response to changes in the underlying commodity index, these notes are debt securities of the issuer and will be subject to credit and interest rate risks that typically affect debt securities.

JNL Series Trust

Notes to Financial Statements

December 31, 2010

NOTE 4. FINANCIAL DERIVATIVE INSTRUMENTS

FASB ASC Topic 815, “Derivatives and Hedging” – This standard includes the requirement for enhanced qualitative disclosures about objectives and strategies for using derivative instruments and disclosures regarding credit related contingent features in derivative instruments; as well as requiring quantitative disclosures in the semi-annual and annual financial statements about fair value, realized and unrealized gains and losses and volume of activity for derivative instruments. Information about these instruments is disclosed in the context of each instrument’s primary underlying risk exposure which is categorized as credit, equity price, interest rate and foreign currency exchange rate risk. A tabular disclosure for each derivative instrument by risk category is presented in the Notes to the Schedules of Investments which references the location on the Statements of Assets and Liabilities and the realized and unrealized gain or loss in the Statements of Operations for each derivative instrument. The objectives, strategies and underlying risks for each instrument held by the Funds are discussed in the following paragraphs.

Credit Linked Notes - A Fund may invest in credit linked notes in the normal course of pursuing its investment objective. During the year, JNL/Goldman Sachs Core Plus Bond Fund and JNL/Goldman Sachs Emerging Markets Debt Fund invested in credit linked notes to manage portfolio risk and to gain exposure to certain foreign markets. The value of a credit linked note is based on the price movements of a particular credit, known as a reference credit. Credit linked notes that the Funds invest in are listed instruments that typically provide the same return as the underlying reference credit. Credit linked notes are intended to replicate the economic effects that would apply had a Fund directly purchased the underlying reference credit. The Fund generally will receive a fixed or floating coupon and the note’s par value upon maturity. If a specified credit event occurs, such as default or bankruptcy, the Fund may experience a delay in payment or forego interest. The maximum potential risk of loss is limited to the par amount of the credit linked note plus any accrued interest. The reference credit and its credit rating, for each credit linked note, is presented parenthetically in the Schedules of Investments.

Forward Foreign Currency Contracts - A Fund may be subject to foreign currency exchange rate risk in the normal course of pursuing its investment objective. During the year, these Funds entered into forward foreign currency contracts for the following reasons: JNL/Capital Guardian Global Balanced Fund, JNL/Goldman Sachs Core Plus Bond Fund, JNL Goldman Sachs Emerging Markets Debt Fund, JNL/Ivy Asset Strategy Fund, JNL/PIMCO Real Return Fund and JNL/PIMCO Total Return Bond Fund to minimize foreign currency exposure on portfolio securities denominated in foreign currencies and as part of their overall investment strategy; JNL/Capital Guardian Global Diversified Research Fund to minimize foreign currency exposure on portfolio securities denominated in foreign currencies; JNL/Franklin Templeton Mutual Shares Fund to hedge foreign currency exposure between trade date and settlement date on portfolio security purchases and sales; JNL/JPMorgan International Value Fund to minimize foreign currency exposure on portfolio securities denominated in foreign currencies and to strive to reduce currency deviations from its benchmark as a means of risk management; JNL/Mellon Capital Management International Index Fund to create foreign currency exposure on U.S. dollar cash balances; and JNL/ Mellon Capital Management Global Alpha Fund and JNL/T. Rowe Price Short-Term Bond Fund as part of their overall investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the underlying prices of a Fund’s portfolio securities, but it does establish a rate of currency exchange that can be achieved in the future. The value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked-to-market daily and the change in value is recorded by a Fund as an unrealized gain or loss and as a receivable or payable from forward foreign currency contracts. Upon settlement, or delivery or receipt of the currency, a realized gain or loss is recorded which is equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Forward foreign currency contracts involve market risk in excess of the receivable or payable related to forward foreign currency contracts recorded by the Funds. Although contracts limit the risk of loss due to a decline in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency increase. Additionally, a Fund could be exposed to the risk of a previously hedged position becoming unhedged if the counterparty to a contract is unable to meet the terms of the contract or if the value of the currency changes unfavorably to the value of the offsetting currency.

Futures Contracts - A Fund may be subject to equity price, interest rate and foreign currency exchange rate risk in the normal course of pursuing its investment objective. During the year, these Funds entered into futures contracts for the following reasons: JNL/Ivy Asset Strategy Fund and JNL/ Mellon Capital Management Global Alpha Fund as an efficient means of adjusting overall exposure to certain markets as part of their investment strategy; JNL/JPMorgan International Value Fund to gain exposure to markets for efficient management of cash flows; JNL/Mellon Capital Management S&P 500 Index Fund, JNL/Mellon Capital Management S&P 400 Mid Cap Index Fund, JNL/Mellon Capital Management Small Cap Index Fund and JNL/ Mellon Capital Management International Index Fund to hedge accrued dividends and for efficient management of cash flows; JNL/Goldman Sachs Core Plus Bond Fund, JNL/PIMCO Real Return Fund and JNL/PIMCO Total Return Bond Fund to manage their exposure to or hedge interest rates and as an efficient means of adjusting overall exposure to certain markets as part of its investment strategy; and JNL/Select Balanced Fund to manage its exposure to or hedge interest rates. Upon entering into a futures contract, the Fund is required to deposit with the broker or counterparty an amount of cash or cash equivalents equal to a certain percentage of the contract amount known as the “initial margin”. The Fund receives from or pays to the counterparty an amount of cash equal to the daily fluctuation in the value of the contracts. Such receipts or payments, known as the “variation margin”, are recorded by the Fund until the contracts are terminated at which time realized gains and losses are recognized. Futures contracts involve to varying degrees, risk of loss in excess of the variation margin recorded by the Fund. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by a Fund or the change in the market value of an underlying entity and the prices of the futures contracts and the possibility a Fund may not be able to enter into a closing transaction because of an illiquid market. The Funds may also suffer a loss on futures contacts. With futures, there is minimal counterparty risk to a Fund since future contracts are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the future contracts against default.

Options Transactions – A Fund may be subject to equity price, interest rate and foreign currency exchange rate risk in the normal course of pursuing its investment objective. A Fund may buy and sell (“write”) call and put options on securities, futures, currencies and swaps (“swaptions”) and on inflation

JNL Series Trust

Notes to Financial Statements

December 31, 2010

caps and floors. During the year, JNL/Ivy Asset Strategy Fund used options to manage exposure to or hedge changes in securities prices and foreign currencies and as efficient means of adjusting overall exposure to certain markets as part of its investment strategy. JNL/PIMCO Real Return Fund and JNL/PIMCO Total Return Bond Fund used written options to generate income and used straddle options to take a position on expectations of volatility of the reference entity. Straddle options are written or purchased with premiums to be determined on a future date which are based upon implied volatility parameters at specified terms. The purpose of an inflation cap is to protect the buyer from inflation erosion above a certain rate. An inflation floor can be used to provide downside protection to investments in inflation-linked products.

When a Fund purchases an option, the premium paid by the Fund is recorded as an asset and is subsequently marked-to-market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Premiums paid for purchasing options which are exercised or closed are added to the cost basis of the underlying investment or offset against the proceeds of the underlying investment transaction to determine realized gain or loss. Purchasing call options tends to increase a Fund’s exposure to the underlying instrument. Purchasing put options tends to decrease a Fund’s exposure to the underlying instrument. The risks associated with purchasing options are limited to premiums paid and the failure of the counterparty to honor its obligation under the contract.

When a Fund writes a call or put option or inflation cap or floor, the premium received by the Fund is recorded as a liability and is subsequently marked to market to reflect the current value of the option. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds of the underlying investment transaction or reduce the cost basis of the underlying investment to determine the realized gain or loss. Writing call options tends to decrease a Fund’s exposure to the underlying instrument. Writing put options tends to increase a Fund’s exposure to the underlying instrument. The risk associated with writing an option that is exercised is that an unfavorable change in the price of the security underlying the option could result in a Fund buying the underlying security at a price higher than the current value. There is also the risk a Fund may not be able to enter into a closing transaction because of an illiquid market. Options written by a Fund do not give rise to counterparty credit risk, as they obligate the Fund, not the counterparty, to perform. The maximum potential amount of future payments (undiscounted) that a Fund could be required to make under an inflation cap or floor would be the notional amount times the percentage increase (for an inflation cap) or decrease (for an inflation floor) in inflation determined by the difference between the index’s current value and the value at the time the inflation cap or floor was entered into.

Swap Agreements - Swap agreements are privately negotiated agreements between a Fund and a counterparty to exchange the return generated by one instrument for the return generated by another instrument. Swap agreements are illiquid investments. If a Fund transacts in swap agreements, they are a party to International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements (“ISDA Master Agreements”) with select counterparties. The ISDA Master Agreements govern transactions in over-the-counter derivative and forward foreign currency contracts and maintain provisions for general obligations, representations, agreements, collateral and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to early termination could be material to the financial statements. The amount of collateral exchanged is based on provisions within the ISDA Master Agreements and is determined by the net exposure with the counterparty and is not identified for a specific swap agreement. The Fund’s pledged collateral, which is delivered to counterparties, or segregated collateral, which is at the Custodian, as of December 31, 2010 is included in a table in the Notes to the Schedules of Investments. Collateral received from counterparties is included in deposits with/from counterparties in the Statements of Assets and Liabilities.

Swap agreements are marked-to-market daily and change in value is recorded by a Fund as an unrealized gain or loss. Swap premiums paid or received at the beginning of the measurement period which are recorded by the Fund represent payments made or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions relating to credit spreads, interest rates, currency exchange rates, and other relevant factors as appropriate. These upfront payments are amortized over the life of the swap agreement and recorded as a realized gain or loss upon termination or maturity of the swap agreement. A liquidation payment received or made at the termination of the swap agreement is recorded as a realized gain or loss. Net periodic payments received or paid by a Fund are included as part of realized gain or loss.

Entering into swap agreements involves, to varying degrees, elements of credit and market risk in excess of the unrealized gain or loss recorded by the Fund. Such risks involve the possibility that there will be no liquid market for these agreements, that there may be unfavorable changes in interest rates or value of underlying securities and that the counterparty to the agreements may default on its obligation to perform. In addition, entering into swap agreements involves documentation risk resulting from the possibility that the parties to a swap agreement may disagree as to the meaning of contractual terms in the agreement. The credit risk associated with contracts is reduced by master netting arrangements to the extent that if an event of default occurs, all amounts with the counterparty are terminated and settled on a net basis. A Fund’s overall exposure to credit risk subject to master netting arrangements can change substantially within a short period, as it is affected by each transaction subject to the arrangement.

Interest Rate Swap Agreements - A Fund may be subject to interest rate risk and foreign currency exchange risk in the normal course of pursuing its investment objective. During then year, JNL/Goldman Sachs Core Plus Bond Fund and JNL/Goldman Sachs Emerging Markets Debt Fund entered into interest rate swap agreements to hedge against the risk that the value of their fixed rate bond investments would decrease/increase as interest rates rise/fall; to execute yield curve, swap spread and sovereign relative value trades; and to express views on a country’s interest rates. JNL/PIMCO Real Return Fund and JNL/PIMCO Total Return Bond Fund entered into interest rate swap agreements to manage interest rate and yield curve exposure and as a substitute for investment in physical securities. Interest rate swap agreements involve the exchange by a Fund with another party of their respective

JNL Series Trust

Notes to Financial Statements

December 31, 2010

commitments to pay or receive interest with respect to the notional amount of principal. Forms of interest rate swap agreements may include: interest rate caps, under which, in return for a premium, one party agrees to make payments to the other party to the extent that interest rates exceed a specified rate, or “cap”; interest rate floors, under which, in return for a premium, one party agrees to make payments to the other party to the extent that interest rates fall below a specified rate, or “floor”; interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding certain levels; callable interest rate swaps, under which the counterparty may terminate the swap transaction in whole at zero cost by a predetermined date and time prior to the maturity date; or forward spread locks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark.

A Fund’s maximum risk of loss from counterparty credit risk for an interest rate swap agreement is the discounted net value of the cash flows to be received from or paid to the counterparty over the contract’s remaining life, to the extent this amount is positive. This risk is mitigated by having a master netting arrangement between a Fund and the counterparty and by posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty.

Credit Default Swap Agreements – A Fund may be subject to credit rate risk in the normal course of pursuing its investment objective. Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return if a credit event occurs for the referenced entity, obligation or index. A credit event is defined under the terms of each swap agreement and may include, but is not limited to, underlying entity default, bankruptcy, write-down, principal shortfall, or interest shortfall.

A Fund may use credit default swap agreements on corporate or sovereign issues to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer’s default. If a credit event occurs and cash settlement is not elected, a variety of other deliverable obligations may be delivered in lieu of the specific referenced obligation. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection’s right to choose the deliverable obligation with the lowest value following a credit event).

A Fund may use credit default swap agreements on asset-backed securities to provide a measure of protection against defaults of the referenced obligation or to take an active long or short position with respect to the likelihood of a particular referenced obligation’s default. Unlike credit default swaps on corporate or sovereign issues, deliverable obligations in most instances would be limited to the specific referenced obligation because performance for asset-backed securities can vary across deals. Write-downs, such as prepayments and principal pay downs, or loss events on the underlying mortgage loans will reduce the outstanding principal balance of the referenced obligation. These reductions may be temporary or permanent as defined under the terms of the swap agreement and the notional amount for the swap agreement will be adjusted by corresponding amounts.

A Fund may also use credit default swap agreements to generate income. In such an arrangement, a Fund would write protection on a security or instrument, and receive a premium in return for such protection. Written credit default swaps offer the Fund an opportunity to generate income, but may expose the Fund to risk of loss where there is a credit event.

A Fund may use credit default swap agreements on credit indices to hedge a portfolio of credit default swap agreements or bonds, to protect investors owning bonds against default and to speculate on changes in credit quality. A credit index is a basket of credit instruments or exposures designed to represent a portion of the credit market. These indices consist of reference credits that are considered to be the liquid entities in the credit default swap market based on the index sector. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities and emerging market securities. These components can be determined based upon various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the issuers in the index, and if there is a credit event, the credit event is settled based on that issuer’s weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each issuer has an equal weight in the index.

During the year, these Funds entered into credit default swap agreements for the following reasons: JNL/Goldman Sachs Core Plus Bond Fund to provide a measure of protection against defaults of the issuers, to manage duration at the cross sector level and to manage credit exposure; JNL/PIMCO Total Return Bond Fund to manage credit exposure; and JNL/PIMCO Real Return Fund to manage credit exposure and in combination with cash bonds to (1) take advantage of spread variances between cash bonds and the credit default swap agreement or (2) to hedge the underlying exposure to the cash bonds.

A Fund can be either a seller or buyer of protection when entering into a credit default swap agreement. As a seller of protection, the Fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap if there is no credit event. As a seller, the Fund adds leverage to its portfolio because, in addition to its total net assets, the Fund is subject to investment exposure on the notional amount of the swap. If a Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the

JNL Series Trust

Notes to Financial Statements

December 31, 2010

referenced obligation or underlying securities comprising the referenced index. Until a credit event occurs, recovery values are determined by market makers considering either industry standard recovery rates or entity specific factors and considerations. When a credit event occurs, the recovery value is determined by a facilitated auction, administered by ISDA, whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

Either as a seller of protection or a buyer of protection of a credit default swap agreement, a Fund’s maximum risk of loss from counterparty risk is the fair value of the agreement. This risk is mitigated by having a master netting arrangement between the Fund and the counterparty and by posting collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty. The maximum potential amount of future payments (undiscounted) that a Fund as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of December 31, 2010, for which the Fund is the seller of protection are disclosed in these Notes to the Schedules of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

Total Return Swap Agreements - A Fund may be subject to equity price and interest rate risk in the normal course of pursuing its investment objective. During the year, JNL/Goldman Sachs Emerging Markets Debt Fund entered into total return swap agreements to manage its exposure to or hedge changes in securities prices and as an efficient means of adjusting overall exposure to certain markets as part of its investment strategy. JNL/Ivy Asset Strategy Fund entered into total return swap agreements as an efficient means of adjusting overall exposure to certain markets as part of its investment strategy. Some total return swap agreements involve a commitment to pay periodic interest payments in exchange for a market-linked return based on a security or a basket of securities. To the extent the total return of the security, index or other financial measure underlying the transaction exceeds or falls short of the offsetting interest rate obligation, a Fund will receive a payment from or make a payment to the counterparty. A Fund’s maximum risk of loss from counterparty credit risk for this type of total return swap agreement is the discounted net value of the cash flows to be received from or paid to the counterparty over the contract’s remaining life, to the extent this amount is positive. Other total return swap agreements involve a right to receive the appreciation in value of a specified security, index or other instrument in return for a fee paid to the counterparty, which will typically be an agreed upon rate. To the extent the underlying asset declines in value over the term of the swap, a Fund may also be required to pay the value of that decline to the counterparty. A Fund’s maximum risk of loss from counterparty credit risk for this type of total return swap agreement is the value of the underlying security, index or other financial instrument.

The counterparty credit risk for the total return swap agreement is mitigated by having a master netting arrangement between a Fund and the counterparty and by posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty.

NOTE 5. OTHER INVESTMENT RISKS

Emerging Market Securities Risk – Investing in securities of emerging market countries generally involves greater risk than investing in foreign securities in developed markets. Emerging market countries typically have economic and political systems that are less fully developed and are likely to be less stable than those in more advanced countries. These risks include the potential for government intervention, adverse changes in earnings and business prospects, liquidity, credit and currency risks, and price volatility.

Foreign Securities Risk - Investing in securities of foreign companies and foreign governments generally involves special risks and considerations not typically associated with investing in U.S. companies and the U.S. government. These risks include the potential for revaluation of currencies, different accounting policies, and future adverse political and economic developments. Moreover, securities of many foreign companies and foreign governments and their markets may be less liquid and their prices may be more volatile than those of securities of comparable U.S. companies and the U.S. government.

Market, Credit and Counterparty Risk - In the normal course of business the Funds trade financial instruments and enter into financial transactions where the risk of potential loss exists due to changes in the market (“market risk”) or failure of the other party to a transaction to perform (“credit risk”). Similar to credit risk, the Funds may be exposed to counterparty risk, or the risk that an institution or other entity with which the Funds have unsettled or open transactions will default. For certain derivative contracts, the potential loss could exceed the value of the financial assets recorded in the financial statements. Financial assets, which potentially expose the Funds to credit risk, consist principally of investments and cash due from counterparties (“counterparty risk”). The extent of the Funds’ exposure to credit and counterparty risks in respect to these financial assets is incorporated within their carrying value as recorded in the Funds’ Statements of Assets and Liabilities.

Private Equity Companies Risk - There are inherent risks in investing in private equity companies, which encompass financial institutions or vehicles whose principal business is to invest in and lend capital to privately held companies. Generally, little public information exists for private and thinly traded companies, and there is a risk that investors may not be able to make a fully informed investment decision. In addition, private equity companies are subject to minimal regulation. In addition to the risks associated with the JNL/Red Rocks Listed Private Equity Fund’s direct investments, the Fund is also subject to the underlying risks which affect the listed private equity companies in which the Fund invests. Listed private equity companies are subject to various risks depending on their underlying investments, which could include, but are not limited to, additional liquidity, sector, non-U.S. security, currency, credit, managed portfolio and derivatives risks.

JNL Series Trust

Notes to Financial Statements

December 31, 2010

Real Estate Investment Risk – The JNL/Invesco Global Real Estate Fund concentrates its assets in the real estate industry and an investment in the Fund will be closely linked to the performance of the real estate markets. Property values may fall due to increasing vacancies or declining rents resulting from economic, legal, cultural or technological developments. Many real estate companies, including real estate investment trusts (“REITs”), utilize leverage (and some may be highly leveraged), which increases investment risk and could adversely affect a real estate company’s operations and market value in periods of rising interest rates. The value of a Fund’s investment in REITs may be affected by the management skill of the persons managing the REIT. Because REITs have expenses of their own, the Fund will bear a proportional share of those expenses. Due to the fact that the Fund focuses its investments in REITs and other companies related to the real estate industry, the value of shares may rise and fall more than the value of shares of a fund that invests in a broader range of companies.

Feeder Funds and Fund of Funds Risks - The value of an investment in a Feeder Fund changes with the value of the corresponding Master Fund and its investments. The value of an investment in a fund of funds changes with the values of the corresponding underlying funds and their investments. Each of the Master Fund’s and underlying funds’ shares may be purchased by other investment companies and shareholders. In some cases, a Master Fund or underlying fund may experience large subscriptions or redemptions due to allocation changes or rebalancing. While it is impossible to predict the overall impact of these transactions over time, there could be adverse effects on Fund performance.

NOTE 6. INVESTMENT ADVISORY FEES AND TRANSACTIONS WITH AFFILIATES

Advisory Fee - The Trust has an investment advisory agreement with JNAM, whereby JNAM provides investment management services. Each Fund pays JNAM an annual fee, accrued daily and paid monthly, based on a specified percentage of the average daily net assets of each Fund. A portion of this fee is paid by JNAM to the sub-advisers as compensation for their services. The following is a schedule of the fees each Fund is currently obligated to pay JNAM:

	$0 to			$50M to			$100M to			$150M to			$200M to			$250M to			$300M to			$350M to			$500M to			$750M to			$1.0B to			Over
(M - Millions; B - Billions)	$50M			$100M			$150M			$200M			$250M			$300M			$350M			$500M			$750M			$1.0B			$1.5B			$1.5B
JNL/American Funds Blue Chip Income and Growth Fund		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%		0.65	%		0.65	%
JNL/American Funds Global Bond Fund		0.70			0.70			0.70			0.70			0.70			0.70			0.70			0.70			0.70			0.70			0.65			0.65
JNL/American Funds Global Small Capitalization Fund		0.75			0.75			0.75			0.75			0.75			0.75			0.75			0.75			0.75			0.75			0.70			0.70
JNL/American Funds Growth-Income Fund		0.70			0.70			0.70			0.70			0.70			0.70			0.70			0.70			0.70			0.70			0.65			0.65
JNL/American Funds International Fund		0.85			0.85			0.85			0.85			0.85			0.85			0.85			0.85			0.85			0.85			0.80			0.80
JNL/American Funds New World Fund		1.05			1.05			1.05			1.05			1.05			1.05			1.05			1.05			1.05			1.05			1.00			1.00
JNL Institutional Alt Funds		0.15			0.15			0.15			0.15			0.15			0.15			0.15			0.15			0.10			0.10			0.10			0.10
JNL/BlackRock Commodity Securities Fund		0.70			0.70			0.70			0.70			0.70			0.70			0.60			0.60			0.60			0.60			0.60			0.60
JNL/BlackRock Global Allocation Fund		0.90			0.90			0.90			0.90			0.90			0.90			0.90			0.90			0.90			0.90			0.85			0.85
JNL/Capital Guardian Global Balanced Fund		0.65			0.65			0.65			0.65			0.65			0.65			0.65			0.65			0.60			0.60			0.60			0.60
JNL/Capital Guardian Global Diversified Research Fund		0.75			0.75			0.75			0.70			0.70			0.70			0.70			0.70			0.65			0.60			0.60			0.60
JNL/Capital Guardian U.S. Growth Equity Fund		0.70			0.70			0.70			0.65			0.65			0.65			0.65			0.65			0.60			0.55			0.55			0.55
JNL/Eagle Core Equity Fund		0.65			0.65			0.60			0.60			0.60			0.60			0.55			0.55			0.55			0.55			0.55			0.55
JNL/Eagle SmallCap Equity Fund		0.75			0.75			0.70			0.70			0.70			0.70			0.70			0.70			0.65			0.65			0.65			0.65
JNL/Franklin Templeton Founding Strategy Fund		0.00			0.00			0.00			0.00			0.00			0.00			0.00			0.00			0.00			0.00			0.00			0.00
JNL/Franklin Templeton Global Growth Fund		0.75			0.75			0.75			0.75			0.75			0.75			0.65			0.65			0.60			0.60			0.60			0.60
JNL/Franklin Templeton Income Fund		0.80			0.80			0.75			0.75			0.65			0.65			0.65			0.65			0.60			0.60			0.60			0.60
JNL/Franklin Templeton International Small Cap Growth Fund		0.95			0.95			0.95			0.95			0.95			0.95			0.95			0.95			0.90			0.90			0.90			0.90
JNL/Franklin Templeton Mutual Shares Fund		0.75			0.75			0.75			0.75			0.75			0.75			0.75			0.75			0.70			0.70			0.70			0.70
JNL/Franklin Templeton Small Cap Value Fund		0.85			0.85			0.85			0.85			0.77			0.77			0.77			0.77			0.75			0.75			0.75			0.75
JNL/Goldman Sachs Core Plus Bond Fund		0.60			0.60			0.60			0.60			0.60			0.60			0.60			0.60			0.55			0.55			0.55			0.55
JNL/Goldman Sachs Emerging Markets Debt Fund		0.75			0.75			0.75			0.75			0.70			0.70			0.70			0.70			0.70			0.70			0.70			0.70
JNL/Goldman Sachs Mid Cap Value Fund		0.75			0.75			0.70			0.70			0.70			0.70			0.70			0.70			0.70			0.70			0.70			0.70
JNL/Goldman Sacks U.S. Equity Flex Fund		0.80			0.80			0.80			0.80			0.80			0.80			0.75			0.75			0.75			0.75			0.75			0.75
JNL/Invesco International Growth Fund		0.70			0.70			0.70			0.65			0.65			0.65			0.65			0.65			0.60			0.60			0.60			0.60
JNL/Invesco Large Cap Growth Fund		0.70			0.70			0.70			0.65			0.65			0.65			0.65			0.65			0.65			0.65			0.65			0.65
JNL/Invesco Global Real Estate Fund		0.75			0.70			0.70			0.70			0.70			0.70			0.70			0.70			0.70			0.70			0.70			0.70
JNL/Invesco Small Cap Growth Fund		0.85			0.85			0.85			0.85			0.85			0.85			0.80			0.80			0.80			0.80			0.80			0.80
JNL/Ivy Asset Strategy Fund		0.90			0.90			0.90			0.90			0.90			0.90			0.90			0.90			0.85			0.85			0.85			0.85
JNL/JPMorgan International Value Fund		0.70			0.70			0.70			0.65			0.65			0.65			0.65			0.65			0.60			0.60			0.60			0.60
JNL/JPMorgan MidCap Growth Fund		0.70			0.70			0.70			0.70			0.70			0.65			0.65			0.65			0.65			0.60			0.60			0.55
JNL/JPMorgan U.S. Government & Quality Bond Fund		0.50			0.50			0.50			0.45			0.45			0.45			0.40			0.40			0.35			0.35			0.35			0.35
JNL/Lazard Emerging Markets Fund		1.00			1.00			0.90			0.90			0.90			0.85			0.85			0.85			0.85			0.85			0.85			0.85
JNL/Lazard Mid Cap Equity Fund		0.75			0.70			0.70			0.70			0.70			0.65			0.65			0.65			0.65			0.65			0.65			0.65
JNL/M&G Global Basics Fund		0.85			0.85			0.85			0.85			0.85			0.85			0.85			0.85			0.80			0.80			0.80			0.80
JNL/M&G Global Leaders Fund		0.85			0.85			0.85			0.85			0.85			0.85			0.85			0.85			0.80			0.80			0.80			0.80

JNL Series Trust

Notes to Financial Statements

December 31, 2010

	$0 to			$50M to			$100M to			$150M to			$200M to			$250M to			$300M to			$350M to			$500M to			$750M to			$1.0B to			Over
(M - Millions; B - Billions)	$50M			$100M			$150M			$200M			$250M			$300M			$350M			$500M			$750M			$1.0B			$1.5B			$1.5B
JNL/Mellon Capital Management 10 x 10 Fund		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
JNL/Mellon Capital Management Index 5 Fund		0.00			0.00			0.00			0.00			0.00			0.00			0.00			0.00			0.00			0.00			0.00			0.00
JNL/Mellon Capital Management European 30 Fund		0.37			0.31			0.28			0.28			0.28			0.28			0.28			0.28			0.28			0.28			0.28			0.28
JNL/Mellon Capital Management Pacific Rim 30 Fund		0.37			0.31			0.28			0.28			0.28			0.28			0.28			0.28			0.28			0.28			0.28			0.28
JNL/Mellon Capital Management S&P 500 Index Fund		0.29			0.29			0.29			0.29			0.29			0.29			0.29			0.29			0.24			0.23			0.23			0.23
JNL/Mellon Capital Management S&P 400 MidCap Index Fund		0.29			0.29			0.29			0.29			0.29			0.29			0.29			0.29			0.24			0.23			0.23			0.23
JNL/Mellon Capital Management Small Cap Index Fund		0.29			0.29			0.29			0.29			0.29			0.29			0.29			0.29			0.24			0.23			0.23			0.23
JNL/Mellon Capital Management International Index Fund		0.30	%		0.30	%		0.30	%		0.30	%		0.30	%		0.30	%		0.30	%		0.30	%		0.25	%		0.24	%		0.24	%		0.24	%
JNL/Mellon Capital Management Bond Index Fund		0.30			0.30			0.30			0.30			0.30			0.30			0.30			0.30			0.25			0.24			0.24			0.24
JNL/Mellon Capital Management Global Alpha Fund		1.00			1.00			1.00			1.00			1.00			1.00			1.00			1.00			0.90			0.90			0.90			0.90
JNL/Oppenheimer Global Growth Fund		0.70			0.70			0.70			0.70			0.70			0.70			0.60			0.60			0.60			0.60			0.60			0.60
JNL/PAM Asia ex-Japan Fund		0.90			0.90			0.90			0.90			0.90			0.90			0.90			0.90			0.85			0.85			0.85			0.85
JNL/PAM China-India Fund		0.90			0.90			0.90			0.90			0.90			0.90			0.90			0.90			0.85			0.85			0.85			0.85
JNL/PIMCO Real Return Fund		0.50			0.50			0.50			0.50			0.50			0.50			0.50			0.50			0.50			0.50			0.475			0.475
JNL/PIMCO Total Return Bond Fund		0.50			0.50			0.50			0.50			0.50			0.50			0.50			0.50			0.50			0.50			0.50			0.50
JNL/PPM America High Yield Bond Fund		0.50			0.50			0.50			0.45			0.45			0.45			0.45			0.45			0.425			0.425			0.425			0.425
JNL/PPM America Mid Cap Value Fund		0.75			0.75			0.75			0.75			0.75			0.75			0.75			0.75			0.70			0.70			0.70			0.70
JNL/PPM America Small Cap Value Fund		0.75			0.75			0.75			0.75			0.75			0.75			0.75			0.75			0.70			0.70			0.70			0.70
JNL/PPM America Value Equity Fund		0.55			0.55			0.55			0.55			0.55			0.55			0.50			0.50			0.50			0.50			0.50			0.50
JNL/Red Rocks Listed Private Equity Fund		0.85			0.85			0.85			0.85			0.80			0.80			0.80			0.80			0.80			0.80			0.80			0.80
JNL/S&P Funds		0.13			0.13			0.13			0.13			0.13			0.13			0.13			0.13			0.08			0.08			0.08			0.08
JNL/S&P Competitive Advantage Fund		0.40			0.40			0.40			0.40			0.40			0.40			0.40			0.40			0.35			0.35			0.35			0.35
JNL/S&P Dividend Income & Growth Fund		0.40			0.40			0.40			0.40			0.40			0.40			0.40			0.40			0.35			0.35			0.35			0.35
JNL/S&P Intrinsic Value Fund		0.40			0.40			0.40			0.40			0.40			0.40			0.40			0.40			0.35			0.35			0.35			0.35
JNL/S&P Total Yield Fund		0.40			0.40			0.40			0.40			0.40			0.40			0.40			0.40			0.35			0.35			0.35			0.35
JNL/S&P 4 Fund		0.00			0.00			0.00			0.00			0.00			0.00			0.00			0.00			0.00			0.00			0.00			0.00
JNL/Select Balanced Fund		0.55			0.50			0.50			0.475			0.475			0.475			0.45			0.45			0.425			0.425			0.425			0.425
JNL/Select Money Market Fund		0.28			0.28			0.28			0.28			0.28			0.28			0.28			0.28			0.25			0.25			0.25			0.25
JNL/Select Value Fund		0.55			0.55			0.55			0.55			0.55			0.55			0.50			0.50			0.45			0.45			0.45			0.45
JNL/T. Rowe Price Established Growth Fund		0.65			0.65			0.65			0.60			0.60			0.60			0.60			0.60			0.55			0.55			0.55			0.55
JNL/T. Rowe Price Mid-Cap Growth Fund		0.75			0.75			0.75			0.70			0.70			0.70			0.70			0.70			0.70			0.70			0.70			0.70
JNL/T. Rowe Price Short-Term Bond Fund		0.45			0.45			0.45			0.45			0.45			0.40			0.40			0.40			0.40			0.40			0.40			0.40
JNL/T. Rowe Price Value Fund		0.70			0.70			0.70			0.65			0.65			0.65			0.65			0.65			0.60			0.60			0.60			0.60

Administrative Fee – JNAM also serves as the “Administrator” to the Funds. The Funds pay an administrative fee based on the average daily net assets of each Fund, accrued daily and paid monthly. The JNL Institutional Alt Funds, JNL/Franklin Templeton Founding Strategy Fund, JNL/Mellon Capital Management 10 x 10 Fund, JNL/Mellon Capital Management Index 5 Fund, JNL/S&P 4 Fund and JNL/S&P Funds pay JNAM an annual administrative fee of 0.05%. The JNL American Funds, JNL/BlackRock Commodity Securities Fund, JNL/BlackRock Global Allocation Fund, JNL/Capital Guardian Global Balanced Fund, JNL/Capital Guardian Global Diversified Research Fund, JNL/Franklin Templeton Global Growth Fund, JNL/Franklin Templeton International Small Cap Fund, JNL/Goldman Sachs Emerging Markets Debt Fund, JNL/Goldman Sachs U.S. Equity Flex Fund, JNL/Invesco Global Real Estate Fund, JNL/Invesco International Growth Fund, JNL/Ivy Asset Strategy Fund, JNL/JPMorgan International Value Fund, JNL/Lazard Emerging Markets Fund, JNL/M&G Global Basics Fund, JNL/M&G Global Leaders Fund, JNL/Mellon Capital Management Global Alpha Fund, JNL/Mellon Capital Management International Index Fund, JNL/Oppenheimer Global Growth Fund, JNL/PAM Asia ex-Japan Fund and JNL/Red Rocks Listed Private Equity Fund pay JNAM an annual administration fee of 0.15%. The JNL/Mellon Capital Management European 30 Fund, JNL/Mellon Capital Management Pacific Rim 30 Fund and JNL/PAM China-India Fund pay JNAM an annual administration fee of 0.20%. All other Funds pay JNAM an annual administration fee of 0.10%.

In return for the administrative fee, JNAM provides or procures all necessary administrative functions and services for the operation of the Funds. In addition, JNAM, at its own expense, arranges for legal (except for litigation expenses incurred by the JNL/Franklin Templeton Mutual Shares Fund), audit, fund accounting, transfer agency, custody, printing and mailing, a portion of the Chief Compliance Officer costs, and all other services necessary for the operation of each Fund. Each Fund is responsible for trading expenses including brokerage commissions, interest and taxes, other non-operating expenses, registration fees, licensing costs, directors and officers insurance, the fees and expenses of the disinterested Trustees and independent legal counsel to the disinterested Trustees, and a portion of the costs associated with the Chief Compliance Officer.

JNL Series Trust

Notes to Financial Statements

December 31, 2010

12b-1 Fees - The Funds, except for the JNL Institutional Alt Funds, JNL/Franklin Templeton Founding Strategy Fund, JNL/Mellon Capital Management 10 x 10 Fund, JNL/Mellon Capital Management Index 5 Fund, JNL/S&P 4 Fund and JNL/S&P Funds, adopted a Distribution Plan under the provisions of Rule 12b-1 under the 1940 Act for the purpose of reimbursement of certain distribution and related service expenses from the sale and distribution of each Fund’s Class A shares (through the sale of variable insurance products funded by the Trust). Jackson National Life Distributors LLC (“JNLD”), a wholly-owned subsidiary of Jackson and an affiliate of JNAM, is the principal underwriter of the Funds, with responsibility for promoting sales of their shares. JNLD also is the principal underwriter of the variable insurance products issued by Jackson and its subsidiaries. For all Funds which adopted the Distribution Plan, except for the JNL American Funds, the maximum annual 12b-1 fee allowed shall be 0.20% of the average daily net assets attributable to the Class A shares. For the JNL American Funds, the maximum annual 12b-1 fee allowed shall be 0.25% of the average daily net assets attributable to the Class A shares. Amounts charged pursuant to the Distribution Plan are reflected as 12b-1 fees (Class A) in the Statements of Operations.

Fee Waiver and Expense Reimbursements – Effective October 1, 2009, the Board approved a contractual expense limitation agreement whereby JNAM agreed to waive fees and reimburse expenses of the JNL/Select Money Market Fund to the extent necessary to limit operating expenses of each class of shares of the Fund (excluding brokerage expense, interest, taxes, and extraordinary expenses) to an annual rate as a percentage of average daily net assets equal to or less than the Fund’s net investment income for the period. JNAM may recover previously reimbursed expenses from the Fund for fees waived and reimbursed after October 1, 2009. During the year ended December 31, 2010, the Adviser waived expenses of the Fund in the amount of $2,442 (in thousands). This amount is recorded as expense waiver in the Fund’s Statement of Operations. During the year ended December 31, 2010, JNAM did not recover any previously reimbursed expenses. At December 31, 2010, the amount of potentially recoverable expenses was $1,106 (in thousands) that expires on December 31, 2012 and $2,442 (in thousands) that expires on December 31, 2013.

Effective May 1, 2010, the Board approved a contractual fee waiver agreement whereby JNAM agrees to waive a portion of its advisory fees for the JNL American Funds. The amount of the fee waiver is 0.45% for the JNL/American Funds Blue Chip Income and Growth Fund, 0.55% for the JNL/American Funds Global Bond Fund and the JNL/American Funds International Fund, 0.60% for the JNL/American Funds Global Small Capitalization Fund, 0.40% for the JNL/American Funds Growth-Income Fund and 0.80% for the JNL/American Funds New World Fund. This amount is recorded as expense waiver in the Fund’s Statement of Operations. The agreement remains in effect for as long as the Master Feeder structure is in place.

Effective October 11, 2010, the Board approved a contractual fee waiver agreement whereby JNAM agrees to waive 0.66% of its advisory fees for the JNL/BlackRock Global Allocation Fund. This amount is recorded as expense waiver in the Fund’s Statement of Operations. The agreement remains in effect for as long as the Master Feeder structure is in place.

Affiliated Brokerage Commissions - During the year ended December 31, 2010, the following Funds paid brokerage fees to affiliates of their Fund on the execution of purchases and sales of portfolio investments (in thousands): JNL/BlackRock Commodity Securities Fund $6; JNL/Eagle SmallCap Equity Fund $8; JNL/Goldman Sachs Core Plus Bond Fund $4; JNL/Goldman Sachs Mid Cap Value Fund $42; JNL/Goldman Sachs U.S. Equity Flex Fund $6; JNL/JPMorgan International Value Fund $3; JNL/S&P Dividend Income & Growth Fund $1; and JNL/S&P Intrinsic Value Fund $1.

Deferred Compensation Plan – Effective January 1, 2007, the Funds adopted a Deferred Compensation Plan whereby disinterested Trustees may defer the receipt of all or a portion of their compensation. These deferred amounts, which remain as liabilities of the Funds, shall be treated as if invested and reinvested in shares of one or more affiliated funds at the discretion of the applicable Trustee. These amounts represent general, unsecured liabilities of the Funds and vary according to the total returns of the selected Funds. Prior to January 1, 2007, Trustees were able to defer the receipt of their compensation under a separate plan. Deferred amounts under this plan are credited at a fixed annual rate of return of five percent (5%). Liabilities related to deferred balances are included in payable for trustee fees in the Statements of Assets and Liabilities. Increases or decreases related to the changes in value of deferred balances are included in trustee fees set forth in the Statements of Operations.

Directed Brokerage Commissions - A sub-adviser may allocate a portion of a Fund’s equity security transactions (subject to obtaining best execution of each transaction) through certain designated broker-dealers which will rebate a portion of the brokerage commissions to that Fund. Any amount credited to the Fund is reflected as brokerage commissions recaptured in the Statements of Operations.

Investments in Affiliates - During the year ended December 31, 2010, certain Funds invested in a money market fund which is managed by the Adviser. The JNL Money Market Fund is offered as a cash management tool to the Funds and their affiliates and is not available for direct purchase by members of the public. In addition, the Custodian is an affiliate of the Funds for which J.P. Morgan Investment Management Inc. is the Sub-Adviser. Certain Funds participating in securities lending receive cash collateral, which is invested by the Custodian in the Securities Lending Cash Collateral Fund LLC and the Securities Lending Liquidating Fund LLC, which are affiliates of the Funds’ Adviser. JNAM serves as the Administrator for the Securities Lending Cash Collateral Fund LLC and Securities Lending Liquidating Fund LLC. Furthermore, the JNL Institutional Alt Funds, JNL/Franklin Templeton Founding Strategy Fund, JNL/Mellon Capital Management 10 x 10 Fund, JNL/Mellon Capital Management Index 5 Fund, JNL/S&P 4 Fund and JNL/S&P Funds invested solely in the Class A shares of other affiliated Funds of the Trust and the JNL Variable Fund LLC. The JNL/BlackRock Global Allocation Fund (“BlackRock Feeder Fund”) invests primarily all of its investable assets in the BlackRock Global Allocation Portfolio (“BlackRock Master Fund”). Due to its ownership of more than 5% of the shares of the BlackRock Master Fund, the BlackRock Feeder Fund may be deemed an affiliated person thereof under the 1940 Act. The JNL/Mellon Capital Management International Index Fund invested in Prudential plc, the parent Company of Jackson. Prudential plc is not affiliated in any manner with Prudential Financial Inc., a company whose principal place of business is in the United States of America. The JNL/Mellon Capital Management S&P 500 Index Fund invested in the Bank of New York Mellon Corporation, the parent company of the Fund’s sub-adviser. The JNL/T. Rowe Price Established Growth Fund, JNL/T. Rowe Price Mid-Cap Growth Fund, JNL/T. Rowe Price Short-Term Bond Fund and

JNL Series Trust

Notes to Financial Statements

December 31, 2010

JNL/T. Rowe Price Value Fund invested in T. Rowe Price Reserves Investment Fund, a money market fund managed by the Funds’ Sub-Adviser; JNL/T. Rowe Price Value Fund invested in T. Rowe Price Institutional Floating Rate Fund; and JNL/T. Rowe Price Short-Term Bond Fund invested in T. Rowe Price Term Asset-Backed Opportunity Fund, LLC which are affiliates of each Fund’s sub-adviser. The total value and cost of such affiliated investments is disclosed separately in the Statements of Assets and Liabilities, and the associated income and realized gain (loss) are disclosed separately in the Statements of Operations.

NOTE 7. INCOME TAX MATTERS

The following information is presented on an income tax basis. Differences between amounts for financial statements and federal income tax purposes are primarily due to timing and character differences in recognizing certain gains and losses on investment transactions. Permanent differences between financial statement and federal income tax reporting are reclassified within the capital accounts based on their federal income tax treatment. These reclassifications have no impact on total net assets. Temporary differences do not require reclassification.

To the extent there are differences between the amounts recognized for financial statements and federal income tax purposes that are permanent in nature, such amounts (in thousands) are reclassified within the capital accounts based on their federal income tax treatment as indicated below; temporary differences do not require reclassification. Permanent differences may include but are not limited to the following: expired capital loss carryforwards, foreign currency reclassifications, market discount or paydown reclassifications, reclassifications on the sale of PFIC or REIT securities, net operating losses, accounting treatment of notional principal contracts and distribution adjustments. These reclassifications have no impact on net assets.

	Net Increase (Decrease)
	Undistributed Net Investment Income			Accumulated Net Realized Gain (Loss)			Paid-in Capital
JNL/American Funds Blue Chip Income and Growth Fund	$	–		$	–		$	–
JNL/American Funds Global Bond Fund		–			–			–
JNL/American Funds Global Small Capitalization Fund		–			–			–
JNL/American Funds Growth-Income Fund		–			–			–
JNL/American Funds International Fund		–			–			–
JNL/American Funds New World Fund		–			–			–
JNL Institutional Alt 20 Fund		422			(422	)		–
JNL Institutional Alt 35 Fund		368			(368	)		–
JNL Institutional Alt 50 Fund		556			(556	)		–
JNL Institutional Alt 65 Fund		417			(417	)		–
JNL/BlackRock Commodity Securities Fund		(90	)		90			–
JNL/BlackRock Global Allocation Fund		–			–			–
JNL/Capital Guardian Global Balanced Fund		(814	)		814			–
JNL/Capital Guardian Global Diversified Research Fund		37			67,932			(67,969	)
JNL/Capital Guardian U.S. Growth Equity Fund		–			148,657			(148,657	)
JNL/Eagle Core Equity Fund		–			–			–
JNL/Eagle SmallCap Equity Fund		726			–			(726	)
JNL/Franklin Templeton Founding Strategy Fund		–			–			–
JNL/Franklin Templeton Global Growth Fund		(123	)		123			–
JNL/Franklin Templeton Income Fund		4,628			(4,628	)		–
JNL/Franklin Templeton International Small Cap Growth Fund		1,581			(1,581	)		–
JNL/Franklin Templeton Mutual Shares Fund		5,794			(5,794	)		–
JNL/Franklin Templeton Small Cap Value Fund		–			–			–
JNL/Goldman Sachs Core Plus Bond Fund		(938	)		938			–
JNL/Goldman Sachs Emerging Markets Debt Fund		12,480			(12,480	)		–
JNL/Goldman Sachs Mid Cap Value Fund		–			–			–
JNL/Goldman Sachs U.S. Equity Flex Fund		(15	)		15			–
JNL/Invesco Global Real Estate Fund		8,727			(8,727	)		–
JNL/Invesco International Growth Fund		(42	)		42			–
JNL/Invesco Large Cap Growth Fund		(132	)		132			–
JNL/Invesco Small Cap Growth Fund		576			–			(576	)
JNL/Ivy Asset Strategy Fund		(2,031	)		2,031			–
JNL/JPMorgan International Value Fund		5,497			(5,497	)		–
JNL/JPMorgan Mid Cap Growth Fund		340			102,333			(102,673	)
JNL/JPMorgan U.S. Government & Quality Bond Fund		265			(265	)		–
JNL/Lazard Emerging Markets Fund		(2,711	)		2,711			–
JNL/Lazard Mid Cap Equity Fund		–			–			–
JNL/M&G Global Basics Fund		(1	)		1			–
JNL/M&G Global Leaders Fund		(22	)		22			–

JNL Series Trust

Notes to Financial Statements

December 31, 2010

	Net Increase (Decrease)
	Undistributed Net Investment Income			Accumulated Net Realized Gain (Loss)			Paid-in Capital
JNL/Mellon Capital Management 10 x 10 Fund	$	22		$	(22	)	$	–
JNL/Mellon Capital Management Index 5 Fund		58			(58	)		–
JNL/Mellon Capital Management European 30 Fund		(15	)		15			–
JNL/Mellon Capital Management Pacific Rim 30 Fund		57			(57	)		–
JNL/Mellon Capital Management S&P 500 Index Fund		(71	)		71			–
JNL/Mellon Capital Management S&P 400 MidCap Index Fund		–			–			–
JNL/Mellon Capital Management Small Cap Index Fund		–			–			–
JNL/Mellon Capital Management International Index Fund		(757	)		757			–
JNL/Mellon Capital Management Bond Index Fund		2,268			(2,268	)		–
JNL/Mellon Capital Management Global Alpha Fund		2,568			(2,568	)		–
JNL/Oppenheimer Global Growth Fund		194			(194	)		–
JNL/PAM Asia ex-Japan Fund		(82	)		82			–
JNL/PAM China-India Fund		(22	)		22			–
JNL/PIMCO Real Return Fund		494			(494	)		–
JNL/PIMCO Total Return Bond Fund		5,572			(5,572	)		–
JNL/PPM America High Yield Bond Fund		(4	)		4			–
JNL/PPM America Mid Cap Value Fund		–			–			–
JNL/PPM America Small Cap Value Fund		–			–			–
JNL/PPM America Value Equity Fund		–			–			–
JNL/Red Rocks Listed Private Equity Fund		5,744			(4,579	)		(1,165	)
JNL/S&P Managed Conservative Fund		7,802			(7,802	)		–
JNL/S&P Managed Moderate Fund		10,173			(10,173	)		–
JNL/S&P Managed Moderate Growth Fund		10,652			(10,652	)		–
JNL/S&P Managed Growth Fund		4,586			(4,586	)		–
JNL/S&P Managed Aggressive Growth Fund		642			(642	)		–
JNL/S&P Disciplined Moderate Fund		762			(762	)		–
JNL/S&P Disciplined Moderate Growth Fund		446			(446	)		–
JNL/S&P Disciplined Growth Fund		76			(76	)		–
JNL/S&P Competitive Advantage Fund		–			–			–
JNL/S&P Dividend Income & Growth Fund		(113	)		113			–
JNL/S&P Intrinsic Value Fund		–			–			–
JNL/S&P Total Yield Fund		–			–			–
JNL/S&P 4 Fund		39,026			(39,026	)		–
JNL/Select Balanced Fund		498			(498	)		–
JNL/Select Money Market Fund		1			(1	)		–
JNL/Select Value Fund		(36	)		36			–
JNL/T.Rowe Price Established Growth Fund		1,128			(17	)		(1,111	)
JNL/T.Rowe Price Mid-Cap Growth Fund		(6	)		6			–
JNL/T.Rowe Price Short-Term Bond Fund		1,237			(1,091	)		(146	)
JNL/T.Rowe Price Value Fund		(15	)		15			–

At December 31, 2010, the following Funds had unused capital loss carryovers (in thousands) for U.S. federal income tax purposes, which may be used to offset future net realized capital gains. If not used, the capital loss carryovers will expire as follows:

	Amount		Year(s) of Expiration
JNL/BlackRock Commodity Securities Fund	$	72,793	2017
JNL/Capital Guardian Global Balanced Fund		53,275	2016-2018
JNL/Capital Guardian Global Diversified Research Fund		101,874	2011-2017
JNL/Capital Guardian U.S. Growth Equity Fund		98,571	2011-2018
JNL/Eagle Core Equity Fund		15,160	2016-2017
JNL/Eagle SmallCap Equity Fund		22,664	2017
JNL/Franklin Templeton Founding Strategy Fund		9,243	2016
JNL/Franklin Templeton Global Growth Fund		49,005	2016-2018
JNL/Franklin Templeton Income Fund		91,385	2016-2018
JNL/Franklin Templeton International Small Cap Growth Fund		11,818	2017

JNL Series Trust

Notes to Financial Statements

December 31, 2010

	Amount		Year(s) of Expiration
JNL/Franklin Templeton Mutual Shares Fund	$	69,129	2016-2018
JNL/Franklin Templeton Small Cap Value Fund		7,217	2016-2017
JNL/Goldman Sachs Mid Cap Value Fund		20,552	2017
JNL/Goldman Sachs U.S. Equity Flex Fund		3,065	2016
JNL/Invesco Global Real Estate Fund		72,509	2016-2017
JNL/Invesco International Growth Fund		106,224	2016-2018
JNL/Invesco Large Cap Growth Fund		21,686	2017
JNL/Ivy Asset Strategy Fund		61,100	2018
JNL/JPMorgan International Value Fund		209,058	2016-2018
JNL/JPMorgan Mid Cap Growth Fund		46,370	2011-2017
JNL/JPMorgan U.S. Government & Quality Bond Fund		999	2014-2017
JNL/Lazard Emerging Markets Fund		23,916	2017
JNL/Lazard Mid Cap Equity Fund		67,730	2016-2017
JNL/Mellon Capital Management 10 x 10 Fund		48	2018
JNL/Mellon Capital Management S&P 500 Index Fund		13,020	2011-2016
JNL/Mellon Capital Management Small Cap Index Fund		9,703	2017
JNL/Mellon Capital Management International Index Fund		8,175	2017-2018
JNL/Oppenheimer Global Growth Fund		7,224	2017
JNL/PPM America High Yield Bond Fund		49,935	2016-2017
JNL/PPM America Value Equity Fund		117,407	2016-2017
JNL/S&P Managed Conservative Fund		9,794	2017
JNL/S&P Managed Moderate Fund		31,387	2016-2018
JNL/S&P Managed Moderate Growth Fund		33,642	2015-2018
JNL/S&P Managed Growth Fund		43,750	2016-2018
JNL/S&P Managed Aggressive Growth Fund		32,290	2012-2018
JNL/S&P Disciplined Moderate Fund		3,044	2017-2018
JNL/S&P Disciplined Moderate Growth Fund		8,391	2017-2018
JNL/S&P Disciplined Growth Fund		3,545	2017-2018
JNL/Select Balanced Fund		16,948	2017
JNL/Select Value Fund		71,102	2017
JNL/T.Rowe Price Established Growth Fund		183,910	2016-2017
JNL/T.Rowe Price Short-Term Bond Fund		21,368	2017-2018
JNL/T.Rowe Price Value Fund		78,880	2016-2018

The Regulated Investment Company Modernization Act of 2010 (“Act”) was enacted on December 22, 2010. In general, the provisions of the Act will be effective for the Funds’ fiscal year ending December 31, 2011. Under the Act, a Fund will be permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carry forwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses, and will not be considered exclusively short-term as under previous law. Relevant information regarding the impact of the Act on the Funds will be contained within the Income Tax Matters section of the financial statement notes in the Funds’ Annual Report for the fiscal year ending December 31, 2011.

At December 31, 2010, the following Funds had capital, currency and/or passive foreign investment company (“PFIC”) mark to market losses (in thousands) realized after October 31, 2010 (“Post-October losses”), which were deferred for tax purposes to January 1, 2011.

	Amount
JNL/BlackRock Commodity Securities Fund	$	14
JNL/Capital Guardian Global Balanced Fund		452
JNL/Capital Guardian Global Diversified Research Fund		645
JNL/Eagle SmallCap Equity Fund		280
JNL/Franklin Templeton Global Growth Fund		249
JNL/Franklin Templeton Income Fund		11
JNL/Franklin Templeton International Small Cap Growth Fund		278
JNL/Franklin Templeton Mutual Shares Fund		1,350
JNL/Goldman Sachs Core Plus Bond Fund		12,345
JNL/Goldman Sachs U.S. Equity Flex Fund		19
JNL/Invesco Global Real Estate Fund		170
JNL/Invesco International Growth Fund		1,391
JNL/Ivy Asset Strategy Fund		7,563

JNL Series Trust

Notes to Financial Statements

December 31, 2010

	Amount
JNL/Lazard Emerging Markets Fund	$	537
JNL/M&G Global Basics Fund		20
JNL/M&G Global Leaders Fund		9
JNL/Mellon Capital Management European 30 Fund		12
JNL/Mellon Capital Management Pacific Rim 30 Fund		1
JNL/Mellon Capital Management International Index Fund		2,712
JNL/Mellon Capital Management Bond Index Fund		1,665
JNL/Mellon Capital Management Global Alpha Fund		1,256
JNL/PAM Asia ex-Japan Fund		75
JNL/PAM China-India Fund		8
JNL/PIMCO Real Return Fund		142
JNL/PIMCO Total Return Bond Fund		12,462
JNL/PPM America Mid Cap Value Fund		80
JNL/Red Rocks Listed Private Equity Fund		35
JNL/T.Rowe Price Established Growth Fund		456
JNL/T.Rowe Price Mid-Cap Growth Fund		199
JNL/T.Rowe Price Short-Term Bond Fund		943

As of December 31, 2010, the cost of investments, the components of net unrealized appreciation/(depreciation), undistributed net ordinary income and undistributed net long-term capital gains for U.S. federal income tax purposes (in thousands) were as follows:

		Tax Cost of Investments			Gross Unrealized Appreciation			Gross Unrealized Depreciation				Net Unrealized Appreciation/ (Depreciation)				Undistributed Net Ordinary Income*			Undistributed Net Long-Term Capital Gain
JNL/American Funds Blue Chip Income and Growth Fund	$		138,683	$		10,404	$		(8	)	$		10,396		$		1,893	$		–
JNL/American Funds Global Bond Fund			106,562			906			(2,081	)			(1,175	)			2,522			–
JNL/American Funds Global Small Capitalization Fund			73,092			7,889			–				7,889				487			–
JNL/American Funds Growth-Income Fund			161,578			13,034			(5	)			13,029				1,731			–
JNL/American Funds International Fund			95,439			7,557			(156	)			7,401				1,367			–
JNL/American Funds New World Fund			125,023			8,650			(125	)			8,525				1,268			–
JNL Institutional Alt 20 Fund			553,914			63,609			(2,388	)			61,221				8,314			241
JNL Institutional Alt 35 Fund			783,527			104,387			(2,322	)			102,065				11,093			875
JNL Institutional Alt 50 Fund			957,546			122,934			(2,697	)			120,237				13,247			1,774
JNL Institutional Alt 65 Fund			648,593			81,330			(1,399	)			79,931				7,466			2,279
JNL/BlackRock Commodity Securities Fund			1,034,379			150,363			(3,377	)			146,986				6,182			–
JNL/BlackRock Global Allocation Fund			178,274			1,588			(216	)			1,372				2,083			–
JNL/Capital Guardian Global Balanced Fund			333,291			49,312			(7,774	)			41,538				4,051			–
JNL/Capital Guardian Global Diversified Research Fund			376,187			81,495			(10,626	)			70,869				2,941			–
JNL/Capital Guardian U.S. Growth Equity Fund			765,164			171,689			(17,100	)			154,589				1,470			–
JNL/Eagle Core Equity Fund			187,588			23,479			(2,848	)			20,631				1,254			–
JNL/Eagle SmallCap Equity Fund			503,252			144,392			(8,401	)			135,991				–			–
JNL/Franklin Templeton Founding Strategy Fund			1,152,211			22,095			(136,257	)			(114,162	)			15,769			–
JNL/Franklin Templeton Global Growth Fund			491,321			57,018			(68,508	)			(11,490	)			4,674			–
JNL/Franklin Templeton Income Fund			1,219,762			79,468			(63,781	)			15,687				49,319			–
JNL/Franklin Templeton International Small Cap Growth Fund			210,403			26,208			(3,925	)			22,283				3,322			–
JNL/Franklin Templeton Mutual Shares Fund			589,312			54,802			(37,856	)			16,946				16,469			–
JNL/Franklin Templeton Small Cap Value Fund			257,321			62,605			(15,182	)			47,423				1,116			–
JNL/Goldman Sachs Core Plus Bond Fund			1,509,759			30,333			(36,364	)			(6,031	)			45,634			13,815
JNL/Goldman Sachs Emerging Markets Debt Fund			710,747			30,028			(9,939	)			20,089				59,020			1,334
JNL/Goldman Sachs Mid Cap Value Fund			450,061			75,968			(4,171	)			71,797				1,360			–
JNL/Goldman Sachs U.S. Equity Flex Fund			138,753			13,469			(1,577	)			11,892				161			–
JNL/Invesco Global Real Estate Fund			644,822			53,719			(8,071	)			45,648				20,348			–
JNL/Invesco International Growth Fund			543,554			89,190			(18,821	)			70,369				4,545			–
JNL/Invesco Large Cap Growth Fund			771,809			149,717			(7,693	)			142,024				1,515			–
JNL/Invesco Small Cap Growth Fund			134,836			31,858			(2,792	)			29,066				–			515
JNL/Ivy Asset Strategy Fund			814,833			157,205			(7,930	)			149,275				2,094			–
JNL/JPMorgan International Value Fund			573,542			80,460			(30,123	)			50,337				18,370			–
JNL/JPMorgan Mid Cap Growth Fund			203,583			47,652			(4,170	)			43,482				–			–
JNL/JPMorgan U.S. Government & Quality Bond Fund			908,299			45,279			(7,672	)			37,607				30,296			–

JNL Series Trust

Notes to Financial Statements

December 31, 2010

	Tax Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation/ (Depreciation)			Undistributed Net Ordinary Income*		Undistributed Net Long-Term Capital Gain
JNL/Lazard Emerging Markets Fund	$	1,240,568	$	255,108	$	(30,968	)	$	224,140		$	14,096	$	–
JNL/Lazard Mid Cap Equity Fund		185,335		34,041		(1,868	)		32,173			1,476		–
JNL/M&G Global Basics Fund		174,462		39,284		(1,006	)		38,278			1,049		–
JNL/M&G Global Leaders Fund		26,265		4,783		(321	)		4,462			8		741
JNL/Mellon Capital Management 10 x 10 Fund		254,394		16,073		(12,907	)		3,166			4,082		–
JNL/Mellon Capital Management Index 5 Fund		289,387		44,008		(896	)		43,112			4,123		833
JNL/Mellon Capital Management European 30 Fund		19,218		563		(1,279	)		(716	)		1,567		20
JNL/Mellon Capital Management Pacific Rim 30 Fund		38,748		2,606		(817	)		1,789			2,891		206
JNL/Mellon Capital Management S&P 500 Index Fund		1,204,279		260,851		(111,963	)		148,888			824		1,921
JNL/Mellon Capital Management S&P 400 MidCap Index Fund		633,212		134,540		(55,629	)		78,911			3,598		8,148
JNL/Mellon Capital Management Small Cap Index Fund		679,861		186,679		(69,775	)		116,904			5,029		–
JNL/Mellon Capital Management International Index Fund		1,100,049		172,158		(130,728	)		41,430			5,504		–
JNL/Mellon Capital Management Bond Index Fund		1,408,414		35,807		(7,887	)		27,920			9,526		–
JNL/Mellon Capital Management Global Alpha Fund		198,424		1		–			1			7,411		2,161
JNL/Oppenheimer Global Growth Fund		379,355		64,353		(22,427	)		41,926			3,406		–
JNL/PAM Asia ex-Japan Fund		137,420		22,816		(3,662	)		19,154			6,932		2,110
JNL/PAM China-India Fund		355,079		59,559		(12,514	)		47,045			10,339		9,772
JNL/PIMCO Real Return Fund		3,076,924		3,940		(56,681	)		(52,741	)		118,063		8,649
JNL/PIMCO Total Return Bond Fund		4,693,119		80,842		(47,555	)		33,287			15,310		4,665
JNL/PPM America High Yield Bond Fund		1,048,385		71,683		(14,949	)		56,734			3,543		–
JNL/PPM America Mid Cap Value Fund		80,865		9,639		(1,577	)		8,062			152		1,245
JNL/PPM America Small Cap Value Fund		67,791		7,657		(2,256	)		5,401			375		122
JNL/PPM America Value Equity Fund		99,713		17,877		(2,199	)		15,678			1,302		–
JNL/Red Rocks Listed Private Equity Fund		599,151		51,387		(5,885	)		45,502			70,288		9,191
JNL/S&P Managed Conservative Fund		955,797		45,488		(21,571	)		23,917			9,978		–
JNL/S&P Managed Moderate Fund		1,579,047		127,235		(40,953	)		86,282			15,518		–
JNL/S&P Managed Moderate Growth Fund		2,702,051		268,450		(108,923	)		159,527			36,475		–
JNL/S&P Managed Growth Fund		2,010,931		226,308		(96,120	)		130,188			17,402		–
JNL/S&P Managed Aggressive Growth Fund		768,236		66,798		(46,241	)		20,557			5,576		–
JNL/S&P Disciplined Moderate Fund		322,577		24,991		(1,079	)		23,912			5,555		–
JNL/S&P Disciplined Moderate Growth Fund		341,249		35,344		(440	)		34,904			5,073		–
JNL/S&P Disciplined Growth Fund		123,724		13,875		(101	)		13,774			1,790		–
JNL/S&P Competitive Advantage Fund		291,617		22,283		(8,071	)		14,212			7,792		27,390
JNL/S&P Dividend Income & Growth Fund		429,161		39,762		(4,338	)		35,424			16,173		4,695
JNL/S&P Intrinsic Value Fund		331,794		11,805		(8,442	)		3,363			17,947		20,259
JNL/S&P Total Yield Fund		286,134		13,085		(8,127	)		4,958			9,474		13,817
JNL/S&P 4 Fund		718,571		128,282		(2,859	)		125,423			45,486		4,208
JNL/Select Balanced Fund		1,282,531		130,129		(18,202	)		111,927			18,322		–
JNL/Select Money Market Fund		713,255		–		–			–			15		–
JNL/Select Value Fund		1,015,117		175,226		(29,640	)		145,586			12,322		–
JNL/T.Rowe Price Established Growth Fund		1,205,224		345,020		(11,022	)		333,998			–		–
JNL/T.Rowe Price Mid-Cap Growth Fund		1,188,092		337,020		(23,439	)		313,581			237		829
JNL/T.Rowe Price Short-Term Bond Fund		866,384		10,227		(4,651	)		5,576			14,168		–
JNL/T.Rowe Price Value Fund		1,025,433		176,778		(50,629	)		126,149			17,752		–

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

The tax character of distributions paid (in thousands) during the Funds’ fiscal year ended December 31, 2010 was as follows:

	Net Ordinary Income*		Long-term Capital Gain**
JNL Institutional Alt 20 Fund	$	2,943	$	5
JNL Institutional Alt 35 Fund		5,049		6
JNL Institutional Alt 50 Fund		6,700		5
JNL Institutional Alt 65 Fund		4,847		2
JNL/BlackRock Commodity Securities Fund		2,643		–
JNL/Capital Guardian Global Balanced Fund		3,461		–
JNL/Capital Guardian Global Diversified Research Fund		2,800		–
JNL/Capital Guardian U.S. Growth Equity Fund		1,991		–

JNL Series Trust

Notes to Financial Statements

December 31, 2010

	Net Ordinary Income*		Long-term Capital Gain**
JNL/Eagle Core Equity Fund	$	509	$	–
JNL/Eagle SmallCap Equity Fund		680		–
JNL/Franklin Templeton Founding Strategy Fund		27,416		–
JNL/Franklin Templeton Global Growth Fund		5,699		–
JNL/Franklin Templeton Income Fund		35,008		–
JNL/Franklin Templeton International Small Cap Growth Fund		2,199		–
JNL/Franklin Templeton Mutual Shares Fund		115		–
JNL/Franklin Templeton Small Cap Value Fund		1,044		–
JNL/Goldman Sachs Core Plus Bond Fund		36,086		–
JNL/Goldman Sachs Emerging Markets Debt Fund		7,785		243
JNL/Goldman Sachs Mid Cap Value Fund		2,213		–
JNL/Goldman Sachs U.S. Equity Flex Fund		671		–
JNL/Invesco Global Real Estate Fund		22,637		–
JNL/Invesco International Growth Fund		3,873		–
JNL/Invesco Large Cap Growth Fund		2,188		–
JNL/Ivy Asset Strategy Fund		98		–
JNL/JPMorgan International Value Fund		14,932		–
JNL/JPMorgan U.S. Government & Quality Bond Fund		24,730		–
JNL/Lazard Emerging Markets Fund		5,665		–
JNL/Lazard Mid Cap Equity Fund		933		–
JNL/M&G Global Basics Fund		1,320		337
JNL/M&G Global Leaders Fund		105		341
JNL/Mellon Capital Management 10 x 10 Fund		4,451		116
JNL/Mellon Capital Management Index 5 Fund		2,898		219
JNL/Mellon Capital Management European 30 Fund		96		–
JNL/Mellon Capital Management Pacific Rim 30 Fund		5		–
JNL/Mellon Capital Management S&P 500 Index Fund		16,321		1,513
JNL/Mellon Capital Management S&P 400 MidCap Index Fund		3,941		5,119
JNL/Mellon Capital Management Small Cap Index Fund		4,007		–
JNL/Mellon Capital Management International Index Fund		19,175		–
JNL/Mellon Capital Management Bond Index Fund		34,279		897
JNL/Mellon Capital Management Global Alpha Fund		–		43
JNL/Oppenheimer Global Growth Fund		2,821		–
JNL/PAM Asia ex-Japan Fund		140		–
JNL/PAM China-India Fund		2,466		1,023
JNL/PIMCO Real Return Fund		53,623		3,144
JNL/PIMCO Total Return Bond Fund		158,516		30,151
JNL/PPM America High Yield Bond Fund		54,887		–
JNL/PPM America Mid Cap Value Fund		2		–
JNL/PPM America Small Cap Value Fund		2,009		1,342
JNL/PPM America Value Equity Fund		1,224		–
JNL/Red Rocks Listed Private Equity Fund		2,504		1,848
JNL/S&P Managed Conservative Fund		20,853		–
JNL/S&P Managed Moderate Fund		28,187		–
JNL/S&P Managed Moderate Growth Fund		30,938		–
JNL/S&P Managed Growth Fund		17,998		–
JNL/S&P Managed Aggressive Growth Fund		4,942		–
JNL/S&P Disciplined Moderate Fund		2,774		–
JNL/S&P Disciplined Moderate Growth Fund		3,418		–
JNL/S&P Disciplined Growth Fund		1,410		–
JNL/S&P Competitive Advantage Fund		12,840		370
JNL/S&P Dividend Income & Growth Fund		21,150		13
JNL/S&P Intrinsic Value Fund		33,180		17
JNL/S&P Total Yield Fund		6,019		1,546
JNL/S&P 4 Fund		–		559

JNL Series Trust

Notes to Financial Statements

December 31, 2010

	Net Ordinary Income*		Long-term Capital Gain**
JNL/Select Balanced Fund	$	13,936	$	–
JNL/Select Money Market Fund		22		–
JNL/Select Value Fund		9,591		–
JNL/T.Rowe Price Established Growth Fund		563		–
JNL/T.Rowe Price Mid-Cap Growth Fund		2,110		26,748
JNL/T.Rowe Price Short-Term Bond Fund		9,875		–
JNL/T.Rowe Price Value Fund		9,956		–

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

** The Funds designated as a long-term capital gain dividend, pursuant to the Internal Revenue Code Section 852(b)(3), the amount necessary to reduce earnings and profits of the Funds related to net capital gains to zero for the year ended December 31, 2010.

The tax character of distributions paid (in thousands) during the fiscal year ended December 31, 2009 was as follows:

	Net Ordinary Income*		Long-term Capital Gain
JNL/Capital Guardian Global Balanced Fund	$	5,564	$	–
JNL/Capital Guardian Global Diversified Research Fund		4,300		–
JNL/Capital Guardian U.S. Growth Equity Fund		674		–
JNL/BlackRock Commodity Securities Fund		4,274		–
JNL/Eagle Core Equity Fund		842		–
JNL/Franklin Templeton Founding Strategy Fund		449		–
JNL/Franklin Templeton Global Growth Fund		5,602		–
JNL/Franklin Templeton Income Fund		38,708		–
JNL/Franklin Templeton International Small Cap Growth Fund		1,566		–
JNL/Franklin Templeton Mutual Shares Fund		13,028		–
JNL/Franklin Templeton Small Cap Value Fund		1,070		–
JNL/Goldman Sachs Core Plus Bond Fund		31,690		2,940
JNL/Goldman Sachs Emerging Markets Debt Fund		150		–
JNL/Goldman Sachs Mid Cap Value Fund		2,460		–
JNL/Goldman Sachs U.S. Equity Flex Fund		570		–
JNL/Invesco International Growth Fund		8,057		–
JNL/Invesco Large Cap Growth Fund		1,467		–
JNL/Invesco Global Real Estate Fund		6,185		–
JNL/JPMorgan International Value Fund		19,883		–
JNL/JPMorgan U.S. Government & Quality Bond Fund		17,148		–
JNL/Lazard Emerging Markets Fund		9,742		–
JNL/Lazard Mid Cap Equity Fund		1,101		–
JNL/M&G Global Basics Fund		186		36
JNL/M&G Global Leaders Fund		95		–
JNL/Mellon Capital Management 10 x 10 Fund		6,552		6,382
JNL/Mellon Capital Management Index 5 Fund		1,700		1,937
JNL/Mellon Capital Management European 30 Fund		825		9
JNL/Mellon Capital Management Pacific Rim 30 Fund		868		11
JNL/Mellon Capital Management S&P 500 Index Fund		11,232		–
JNL/Mellon Capital Management S&P 400 MidCap Index Fund		4,539		–
JNL/Mellon Capital Management Small Cap Index Fund		3,324		2,300
JNL/Mellon Capital Management International Index Fund		15,689		49
JNL/Mellon Capital Management Bond Index Fund		20,350		41
JNL/Oppenheimer Global Growth Fund		3,563		14,502
JNL/PAM Asia ex-Japan Fund		5		–
JNL/PIMCO Real Return Fund		26,838		–
JNL/PIMCO Total Return Bond Fund		108,793		4,500
JNL/PPM America High Yield Bond Fund		32,394		–
JNL/PPM America Mid Cap Value Fund		86		–
JNL/PPM America Small Cap Value Fund		77		–
JNL/PPM America Value Equity Fund		4090		–
JNL/Red Rocks Listed Private Equity Fund		6,775		–
JNL/S&P Managed Conservative Fund		10,219		5,948
JNL/S&P Managed Moderate Fund		11,077		11,102
JNL/S&P Managed Moderate Growth Fund		10,776		40,252

JNL Series Trust

Notes to Financial Statements

December 31, 2010

	Net Ordinary Income*		Long-term Capital Gain
JNL/S&P Managed Growth Fund	$	23,405	$	44,252
JNL/S&P Managed Aggressive Growth Fund		11,203		17,264
JNL/S&P Disciplined Moderate Fund		2,845		1,066
JNL/S&P Disciplined Moderate Growth Fund		3,991		2,254
JNL/S&P Disciplined Growth Fund		1,712		992
JNL/S&P Competitive Advantage Fund		27		–
JNL/S&P Dividend Income & Growth Fund		57		–
JNL/S&P Intrinsic Value Fund		46		–
JNL/S&P Total Yield Fund		33		–
JNL/S&P 4 Fund		5,196		–
JNL/Select Balanced Fund		15,798		–
JNL/Select Money Market Fund		2,068		–
JNL/Select Value Fund		10,354		–
JNL/T. Rowe Price Established Growth Fund		2,260		–
JNL/T. Rowe Price Mid-Cap Growth Fund		291		140
JNL/T. Rowe Price Short-Term Bond Fund		13,187		4,270
JNL/T. Rowe Price Value Fund		9,649		–

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

FASB ASC Topic 740 “Income Taxes” provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FASB ASC Topic 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing each Fund’s tax return to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax expense in the current year. FASB ASC Topic 740 requires that management evaluate the tax positions taken in returns for 2007, 2008, 2009 and 2010 which remain subject to examination, by the Internal Revenue Service. These returns are not subject to examination by any other tax jurisdictions. Management completed an evaluation of the Funds’ tax positions and based on that evaluation, determined that no provision for federal income tax was required in the Funds’ financial statements for the year ended December 31, 2010.

NOTE 8. SUBSEQUENT EVENTS

Management has evaluated subsequent events for the Funds through the date the financial statements are issued, and has concluded there are no events that require adjustments to the financial statements.

Effective February 22, 2011, the JNL/BlackRock Global Allocation Fund was closed to new investment. Please refer to the Supplement to the Fund’s prospectus on page 3 of this Annual Report.

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees

JNL Series Trust:

We have audited the accompanying statements of assets and liabilities, including the schedules of investments where applicable, of each series within JNL Series Trust (the “Funds”) as listed in Note 1 of the financial statements as of December 31, 2010, and the related statements of operations for the year or period then ended, the statement of cash flows for the year then ended with respect to JNL/Goldman Sachs U.S. Equity Flex Fund, the statements of changes in net assets for each of the years or periods in the two-year period indicated herein, and the financial highlights for each of the years or periods in the five-year period indicated herein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2010, by correspondence with the custodian and brokers or other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Funds as of December 31, 2010, the results of their operations, JNL/Goldman Sachs U.S. Equity Flex Fund’s cash flows, changes in their net assets and the financial highlights for each of the years or periods indicated herein, in conformity with U.S. generally accepted accounting principles.

/s/ KPMG LLP

February 28, 2011

JNL Series Trust

Additional Disclosures (Unaudited)

December 31, 2010

Disclosure of Fund Expenses

Shareholders incur ongoing costs, which include costs for portfolio management, administrative services, 12b-1 fees (Class A shares of certain Funds) and other operating expenses. Operating expenses such as these are deducted from each Fund's gross income and directly reduce the final investment return. These expenses are expressed as a percentage of the Fund's average net assets; this percentage is known as the Fund's expense ratio. The examples below use the expense ratio and are intended to help the investor understand the ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period. The examples do not reflect the expenses of the variable insurance contracts or the separate account. Total expenses would be higher if these expenses were included.

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

Expenses Using Hypothetical 5% Return. The information in this section can be used to compare each Fund's costs with those of other mutual funds. It assumes that the Fund had an annual 5% return before expenses during the year, but that the expense ratio for the period is unchanged. This example is useful in making comparisons because the SEC requires all mutual funds to make the 5% calculation.

	Expenses Using Actual Fund Return									Expenses Using Hypothetical 5% Return
	Beginning Account Value 7/1/2010		Ending Account Value 12/31/2010		Annualized Expense Ratios			Expenses Paid During Period		Beginning Account Value 7/1/2010		Ending Account Value 12/31/2010		Annualized Expense Ratios			Expenses Paid During Period
JNL/American Funds Blue Chip Income and Growth Fund*
Class A	$	1,000.00	$	1,208.10		0.64	%	$	3.56	$	1,000.00	$	1,021.98		0.64	%	$	3.26
Class B		1,000.00		1,210.50		0.39			2.17		1,000.00		1,023.24		0.39			1.99
JNL/American Funds Global Bond Fund*
Class A		1,000.00		1,057.70		0.55			2.85		1,000.00		1,022.43		0.55			2.80
Class B		1,000.00		1,059.70		0.30			1.56		1,000.00		1,023.69		0.30			1.53
JNL/American Funds Global Small Capitalization Fund*
Class A		1,000.00		1,280.10		0.55			3.16		1,000.00		1,022.43		0.55			2.80
Class B		1,000.00		1,279.80		0.30			1.72		1,000.00		1,023.69		0.30			1.53
JNL/American Funds Growth-Income Fund*
Class A		1,000.00		1,222.20		0.69			3.86		1,000.00		1,021.73		0.69			3.52
Class B		1,000.00		1,223.40		0.44			2.47		1,000.00		1,022.99		0.44			2.24
JNL/American Funds International Fund*
Class A		1,000.00		1,234.40		0.70			3.94		1,000.00		1,021.68		0.70			3.57
Class B		1,000.00		1,235.20		0.45			2.54		1,000.00		1,022.94		0.45			2.29
JNL/American Funds New World Fund*															-
Class A		1,000.00		1,242.90		0.64			3.62		1,000.00		1,021.98		0.64			3.26
Class B		1,000.00		1,244.00		0.39			2.21		1,000.00		1,023.24		0.39			1.99
JNL Institutional Alt 20 Fund
Class A		1,000.00		1,179.70		0.20			1.10		1,000.00		1,024.20		0.20			1.02
JNL Institutional Alt 35 Fund
Class A		1,000.00		1,203.60		0.19			1.06		1,000.00		1,024.25		0.19			0.97
JNL Institutional Alt 50 Fund
Class A		1,000.00		1,206.80		0.19			1.06		1,000.00		1,024.25		0.19			0.97
JNL Institutional Alt 65 Fund
Class A		1,000.00		1,222.40		0.20			1.12		1,000.00		1,024.20		0.20			1.02
JNL/BlackRock Commodity Securities Fund
Class A		1,000.00		1,334.70		0.99			5.83		1,000.00		1,020.21		0.99			5.04
Class B		1,000.00		1,335.80		0.79			4.65		1,000.00		1,021.22		0.79			4.02
JNL/BlackRock Global Allocation Fund*
Class A		1,000.00		1,035.00		0.58			2.98		1,000.00		1,022.28		0.58			2.96
Class B		1,000.00		1,035.00		0.38			1.95		1,000.00		1,023.29		0.38			1.94

JNL Series Trust

Additional Disclosures (Unaudited)

December 31, 2010

Disclosure of Fund Expenses

	Expenses Using Actual Fund Return									Expenses Using Hypothetical 5% Return
	Beginning Account Value 7/1/2010		Ending Account Value 12/31/2010		Annualized Expense Ratios			Expenses Paid During Period		Beginning Account Value 7/1/2010		Ending Account Value 12/31/2010		Annualized Expense Ratios			Expenses Paid During Period
JNL/Capital Guardian Global Balanced Fund
Class A	$	1,000.00	$	1,176.90		1.02	%	$	5.60	$	1,000.00	$	1,020.06		1.02	%	$	5.19
Class B		1,000.00		1,179.00		0.81			4.45		1,000.00		1,021.12		0.81			4.13
JNL/Capital Guardian Global Diversified Research Fund
Class A		1,000.00		1,246.40		1.08			6.12		1,000.00		1,019.76		1.08			5.50
Class B		1,000.00		1,248.10		0.88			4.99		1,000.00		1,020.77		0.88			4.48
JNL/Capital Guardian U.S. Growth Equity Fund
Class A		1,000.00		1,253.00		0.94			5.34		1,000.00		1,020.47		0.94			4.79
Class B		1,000.00		1,254.90		0.74			4.21		1,000.00		1,021.48		0.74			3.77
JNL/Eagle Core Equity Fund
Class A		1,000.00		1,202.80		0.93			5.16		1,000.00		1,020.52		0.93			4.74
Class B		1,000.00		1,202.70		0.73			4.05		1,000.00		1,021.53		0.73			3.72
JNL/Eagle SmallCap Equity Fund
Class A		1,000.00		1,356.50		1.02			6.06		1,000.00		1,020.06		1.02			5.19
Class B		1,000.00		1,356.90		0.82			4.87		1,000.00		1,021.07		0.82			4.18
JNL/Franklin Templeton Founding Strategy Fund
Class A		1,000.00		1,169.30		0.05			0.27		1,000.00		1,024.95		0.05			0.26
JNL/Franklin Templeton Global Growth Fund
Class A		1,000.00		1,215.40		1.08			6.03		1,000.00		1,019.76		1.08			5.50
Class B		1,000.00		1,216.30		0.88			4.92		1,000.00		1,020.77		0.88			4.48
JNL/Franklin Templeton Income Fund
Class A		1,000.00		1,126.90		0.95			5.09		1,000.00		1,020.42		0.95			4.84
Class B		1,000.00		1,127.90		0.75			4.02		1,000.00		1,021.42		0.75			3.82
JNL/Franklin Templeton International Small Cap Growth Fund
Class A		1,000.00		1,272.30		1.30			7.45		1,000.00		1,018.65		1.30			6.61
Class B		1,000.00		1,276.30		1.10			6.31		1,000.00		1,019.66		1.10			5.60
JNL/Franklin Templeton Mutual Shares Fund
Class A		1,000.00		1,171.50		1.06			5.80		1,000.00		1,019.86		1.06			5.40
Class B		1,000.00		1,171.80		0.86			4.71		1,000.00		1,020.87		0.86			4.38
JNL/Franklin Templeton Small Cap Value Fund
Class A		1,000.00		1,312.00		1.13			6.59		1,000.00		1,019.51		1.13			5.75
Class B		1,000.00		1,313.00		0.93			5.42		1,000.00		1,020.52		0.93			4.74
JNL/Goldman Sachs Core Plus Bond Fund
Class A		1,000.00		1,017.90		0.88			4.48		1,000.00		1,020.77		0.88			4.48
Class B		1,000.00		1,018.90		0.68			3.46		1,000.00		1,021.78		0.68			3.47
JNL/Goldman Sachs Emerging Markets Debt Fund
Class A		1,000.00		1,118.40		1.09			5.82		1,000.00		1,019.71		1.09			5.55
Class B		1,000.00		1,119.00		0.89			4.75		1,000.00		1,020.72		0.89			4.53
JNL/Goldman Sachs Mid Cap Value Fund
Class A		1,000.00		1,284.50		1.02			5.87		1,000.00		1,020.06		1.02			5.19
Class B		1,000.00		1,285.30		0.82			4.72		1,000.00		1,021.07		0.82			4.18
JNL/Goldman Sachs U.S. Equity Flex Fund
Class A		1,000.00		1,202.80		2.13			11.83		1,000.00		1,014.47		2.13			10.82
Class B		1,000.00		1,202.80		1.95			10.83		1,000.00		1,015.38		1.95			9.91
JNL/Invesco Global Real Estate Fund													-
Class A		1,000.00		1,245.90		1.06			6.00		1,000.00		1,019.86		1.06			5.40
Class B		1,000.00		1,247.80		0.86			4.87		1,000.00		1,020.87		0.86			4.38

JNL Series Trust

Additional Disclosures (Unaudited)

December 31, 2010

Disclosure of Fund Expenses

	Expenses Using Actual Fund Return									Expenses Using Hypothetical 5% Return
	Beginning Account Value 7/1/2010		Ending Account Value 12/31/2010		Annualized Expense Ratios			Expenses Paid During Period		Beginning Account Value 7/1/2010		Ending Account Value 12/31/2010		Annualized Expense Ratios			Expenses Paid During Period
JNL/Invesco International Growth Fund
Class A	$	1,000.00	$	1,227.70		1.02	%	$	5.73	$	1,000.00	$	1,020.06		1.02	%	$	5.19
Class B		1,000.00		1,229.30		0.82			4.61		1,000.00		1,021.07		0.82			4.18
JNL/Invesco Large Cap Growth Fund
Class A		1,000.00		1,244.70		0.96			5.43		1,000.00		1,020.37		0.96			4.89
Class B		1,000.00		1,246.00		0.76			4.30		1,000.00		1,021.37		0.76			3.87
JNL/Invesco Small Cap Growth Fund
Class A		1,000.00		1,286.30		1.15			6.63		1,000.00		1,019.41		1.15			5.85
Class B		1,000.00		1,287.70		0.95			5.48		1,000.00		1,020.42		0.95			4.84
JNL/Ivy Asset Strategy Fund
Class A		1,000.00		1,180.90		1.23			6.76		1,000.00		1,019.00		1.23			6.26
Class B		1,000.00		1,181.80		1.03			5.66		1,000.00		1,020.01		1.03			5.24
JNL/JPMorgan International Value Fund
Class A		1,000.00		1,283.50		1.02			5.87		1,000.00		1,020.06		1.02			5.19
Class B		1,000.00		1,286.20		0.82			4.73		1,000.00		1,021.07		0.82			4.18
JNL/JPMorgan MidCap Growth Fund
Class A		1,000.00		1,313.60		1.01			5.89		1,000.00		1,020.11		1.01			5.14
Class B		1,000.00		1,314.80		0.81			4.73		1,000.00		1,021.12		0.81			4.13
JNL/JPMorgan U.S. Government and Quality Bond Fund
Class A		1,000.00		1,003.00		0.70			3.53		1,000.00		1,021.68		0.70			3.57
Class B		1,000.00		1,003.60		0.50			2.53		1,000.00		1,022.68		0.50			2.55
JNL/Lazard Emerging Markets Fund
Class A		1,000.00		1,262.20		1.22			6.96		1,000.00		1,019.06		1.22			6.21
Class B		1,000.00		1,264.20		1.02			5.82		1,000.00		1,020.06		1.02			5.19
JNL/Lazard Mid Cap Equity Fund
Class A		1,000.00		1,260.00		1.02			5.81		1,000.00		1,020.06		1.02			5.19
Class B		1,000.00		1,260.20		0.82			4.67		1,000.00		1,021.07		0.82			4.18
JNL/M&G Global Basics Fund
Class A		1,000.00		1,355.60		1.23			7.30		1,000.00		1,019.00		1.23			6.26
Class B		1,000.00		1,356.10		1.03			6.12		1,000.00		1,020.01		1.03			5.24
JNL/M&G Global Leaders Fund
Class A		1,000.00		1,284.40		1.26			7.26		1,000.00		1,018.85		1.26			6.41
Class B		1,000.00		1,285.50		1.06			6.11		1,000.00		1,019.86		1.06			5.40
JNL/Mellon Capital Management 10 x 10 Fund
Class A		1,000.00		1,220.30		0.05			0.28		1,000.00		1,024.95		0.05			0.26
JNL/Mellon Capital Management Index 5 Fund
Class A		1,000.00		1,206.70		0.05			0.28		1,000.00		1,024.95		0.05			0.26
JNL/Mellon Capital Management European 30 Fund
Class A		1,000.00		1,203.50		0.77			4.28		1,000.00		1,021.32		0.77			3.92
Class B		1,000.00		1,204.10		0.57			3.17		1,000.00		1,022.33		0.57			2.91
JNL/Mellon Capital Management Pacific Rim 30 Fund
Class A		1,000.00		1,146.20		0.77			4.17		1,000.00		1,021.32		0.77			3.92
Class B		1,000.00		1,146.70		0.57			3.08		1,000.00		1,022.33		0.57			2.91
JNL/Mellon Capital Management S&P 500 Index Fund
Class A		1,000.00		1,229.60		0.57			3.20		1,000.00		1,022.33		0.57			2.91
Class B		1,000.00		1,229.40		0.37			2.08		1,000.00		1,023.34		0.37			1.89

JNL Series Trust

Additional Disclosures (Unaudited)

December 31, 2010

Disclosure of Fund Expenses

	Expenses Using Actual Fund Return									Expenses Using Hypothetical 5% Return
	Beginning Account Value 7/1/2010		Ending Account Value 12/31/2010		Annualized Expense Ratios			Expenses Paid During Period		Beginning Account Value 7/1/2010		Ending Account Value 12/31/2010		Annualized Expense Ratios			Expenses Paid During Period
JNL/Mellon Capital Management S&P 400 MidCap Index Fund
Class A	$	1,000.00	$	1,280.10		0.60	%	$	3.45	$	1,000.00	$	1,022.18		0.60	%	$	3.06
Class B		1,000.00		1,282.40		0.40			2.30		1,000.00		1,023.19		0.40			2.04
JNL/Mellon Capital Management Small Cap Index Fund
Class A		1,000.00		1,291.50		0.60			3.47		1,000.00		1,022.18		0.60			3.06
Class B		1,000.00		1,292.60		0.40			2.31		1,000.00		1,023.19		0.40			2.04
JNL/Mellon Capital Management International Index Fund
Class A		1,000.00		1,246.10		0.66			3.74		1,000.00		1,021.88		0.66			3.36
Class B		1,000.00		1,248.30		0.46			2.61		1,000.00		1,022.89		0.46			2.35
JNL/Mellon Capital Management Bond Index Fund
Class A		1,000.00		1,007.40		0.57			2.88		1,000.00		1,022.33		0.57			2.91
Class B		1,000.00		1,009.60		0.37			1.87		1,000.00		1,023.34		0.37			1.89
JNL/Mellon Capital Management Global Alpha Fund
Class A		1,000.00		1,047.20		1.35			6.97		1,000.00		1,018.40		1.35			6.87
Class B		1,000.00		1,048.20		1.15			5.94		1,000.00		1,019.41		1.15			5.85
JNL/Oppenheimer Global Growth Fund
Class A		1,000.00		1,249.50		1.05			5.95		1,000.00		1,019.91		1.05			5.35
Class B		1,000.00		1,251.70		0.85			4.82		1,000.00		1,020.92		0.85			4.33
JNL/PAM Asia ex-Japan Fund
Class A		1,000.00		1,287.30		1.30			7.49		1,000.00		1,018.65		1.30			6.61
Class B		1,000.00		1,287.50		1.10			6.34		1,000.00		1,019.66		1.10			5.60
JNL/PAM China-India Fund
Class A		1,000.00		1,186.20		1.33			7.33		1,000.00		1,018.50		1.33			6.77
Class B		1,000.00		1,186.50		1.13			6.23		1,000.00		1,019.51		1.13			5.75
JNL/PIMCO Real Return Fund
Class A		1,000.00		1,023.30		0.78			3.98		1,000.00		1,021.27		0.78			3.97
Class B		1,000.00		1,025.00		0.60			3.06		1,000.00		1,022.18		0.60			3.06
JNL/PIMCO Total Return Bond Fund
Class A		1,000.00		1,018.10		0.81			4.12		1,000.00		1,021.12		0.81			4.13
Class B		1,000.00		1,019.40		0.61			3.10		1,000.00		1,022.13		0.61			3.11
JNL/PPM America High Yield Bond Fund
Class A		1,000.00		1,111.10		0.75			3.99		1,000.00		1,021.42		0.75			3.82
Class B		1,000.00		1,111.40		0.55			2.93		1,000.00		1,022.43		0.55			2.80
JNL/PPM America Mid Cap Value Fund
Class A		1,000.00		1,344.70		1.06			6.26		1,000.00		1,019.86		1.06			5.40
Class B		1,000.00		1,345.90		0.86			5.09		1,000.00		1,020.87		0.86			4.38
JNL/PPM America Small Cap Value Fund
Class A		1,000.00		1,303.60		1.05			6.10		1,000.00		1,019.91		1.05			5.35
Class B		1,000.00		1,305.60		0.85			4.94		1,000.00		1,020.92		0.85			4.33
JNL/PPM America Value Equity Fund
Class A		1,000.00		1,253.70		0.85			4.83		1,000.00		1,020.92		0.85			4.33
Class B		1,000.00		1,254.30		0.65			3.69		1,000.00		1,021.93		0.65			3.31
JNL/Red Rocks Listed Private Equity Fund
Class A		1,000.00		1,343.50		1.17			6.91		1,000.00		1,019.31		1.17			5.96
Class B		1,000.00		1,343.90		0.97			5.73		1,000.00		1,020.32		0.97			4.94
JNL/S&P Managed Conservative Fund
Class A		1,000.00		1,068.40		0.16			0.83		1,000.00		1,024.40		0.16			0.82

JNL Series Trust

Additional Disclosures (Unaudited)

December 31, 2010

Disclosure of Fund Expenses

	Expenses Using Actual Fund Return									Expenses Using Hypothetical 5% Return
	Beginning Account Value 7/1/2010		Ending Account Value 12/31/2010		Annualized Expense Ratios			Expenses Paid During Period		Beginning Account Value 7/1/2010		Ending Account Value 12/31/2010		Annualized Expense Ratios			Expenses Paid During Period
JNL/S&P Managed Moderate Fund
Class A	$	1,000.00	$	1,116.20		0.15	%	$	0.80	$	1,000.00	$	1,024.45		0.15	%	$	0.77
JNL/S&P Managed Moderate Growth Fund
Class A		1,000.00		1,162.70		0.14			0.76		1,000.00		1,024.50		0.14			0.71
JNL/S&P Managed Growth Fund
Class A		1,000.00		1,220.30		0.15			0.84		1,000.00		1,024.45		0.15			0.77
JNL/S&P Managed Aggressive Growth Fund
Class A		1,000.00		1,243.40		0.17			0.96		1,000.00		1,024.35		0.17			0.87
JNL/S&P Disciplined Moderate Fund
Class A		1,000.00		1,156.30		0.18			0.98		1,000.00		1,024.30		0.18			0.92
JNL/S&P Disciplined Moderate Growth Fund
Class A		1,000.00		1,204.20		0.18			1.00		1,000.00		1,024.30		0.18			0.92
JNL/S&P Disciplined Growth Fund
Class A		1,000.00		1,218.30		0.18			1.01		1,000.00		1,024.30		0.18			0.92
JNL/S&P Competitive Advantage Fund
Class A		1,000.00		1,214.10		0.71			3.96		1,000.00		1,021.63		0.71			3.62
Class B		1,000.00		1,215.60		0.51			2.85		1,000.00		1,022.63		0.51			2.60
JNL/S&P Dividend Income & Growth Fund
Class A		1,000.00		1,193.40		0.70			3.87		1,000.00		1,021.68		0.70			3.57
Class B		1,000.00		1,196.10		0.50			2.77		1,000.00		1,022.68		0.50			2.55
JNL/S&P Intrinsic Value Fund
Class A		1,000.00		1,185.20		0.71			3.91		1,000.00		1,021.63		0.71			3.62
Class B		1,000.00		1,186.10		0.50			2.76		1,000.00		1,022.68		0.50			2.55
JNL/S&P Total Yield Fund
Class A		1,000.00		1,177.10		0.71			3.90		1,000.00		1,021.63		0.71			3.62
Class B		1,000.00		1,178.00		0.51			2.80		1,000.00		1,022.63		0.51			2.60
JNL/S&P 4 Fund
Class A		1,000.00		1,192.90		0.05			0.28		1,000.00		1,024.95		0.05			0.26
JNL/Select Balanced Fund
Class A		1,000.00		1,142.50		0.75			4.05		1,000.00		1,021.42		0.75			3.82
Class B		1,000.00		1,144.30		0.55			2.97		1,000.00		1,022.43		0.55			2.80
JNL/Select Money Market Fund
Class A		1,000.00		1,000.00		0.28			1.41		1,000.00		1,023.79		0.28			1.43
Class B		1,000.00		1,000.00		0.28			1.41		1,000.00		1,023.79		0.28			1.43
JNL/Select Value Fund
Class A		1,000.00		1,228.70		0.79			4.44		1,000.00		1,021.22		0.79			4.02
Class B		1,000.00		1,229.60		0.59			3.32		1,000.00		1,022.23		0.59			3.01
JNL/T. Rowe Price Established Growth Fund
Class A		1,000.00		1,268.80		0.87			4.98		1,000.00		1,020.82		0.87			4.43
Class B		1,000.00		1,270.50		0.67			3.83		1,000.00		1,021.83		0.67			3.41
JNL/T. Rowe Price Mid-Cap Growth Fund
Class A		1,000.00		1,285.10		1.01			5.82		1,000.00		1,020.11		1.01			5.14
Class B		1,000.00		1,286.40		0.81			4.67		1,000.00		1,021.12		0.81			4.13
JNL/T. Rowe Price Short-Term Bond Fund
Class A		1,000.00		1,009.60		0.72			3.65		1,000.00		1,021.58		0.72			3.67
Class B		1,000.00		1,010.50		0.52			2.64		1,000.00		1,022.58		0.52			2.65

JNL Series Trust

Additional Disclosures (Unaudited)

December 31, 2010

Disclosure of Fund Expenses

	Expenses Using Actual Fund Return									Expenses Using Hypothetical 5% Return
	Beginning Account Value 7/1/2010		Ending Account Value 12/31/2010		Annualized Expense Ratios			Expenses Paid During Period		Beginning Account Value 7/1/2010		Ending Account Value 12/31/2010		Annualized Expense Ratios			Expenses Paid During Period
JNL/T. Rowe Price Value Fund
Class A	$	1,000.00	$	1,234.80		0.94	%	$	5.29	$	1,000.00	$	1,020.47		0.94	%	$	4.79
Class B		1,000.00		1,234.40		0.74			4.17		1,000.00		1,021.48		0.74			3.77

Expenses paid during the period are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by the number of days in the period, then divided by the number of days in the most recent 12-month period (to reflect the most recent 6-month period).

For Funds with less than 6- month’s operating history, the amounts reported under Expenses Using Hypothetical 5% Return are not comparable to the amounts reported in Expenses Using Actual Fund Return.

* Fund has less than 6-month’s operating history.

Quarterly Portfolio Holdings

The Funds file a complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at www.sec.gov. The Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330. It is also available upon request from the registrant by calling the Fund toll-free at 1-866-255-1935.

Proxy Voting Guidelines

The Board has adopted the proxy voting policy and procedures (“Policy”) of the Funds' Adviser, pursuant to which the Board has delegated proxy voting responsibility to the Adviser, and pursuant to which the Adviser has delegated proxy voting responsibility to each of the Sub-Advisers, except Standard & Poor’s Investment Advisory Services LLC (“SPIAS”), which does not have a proxy voting policy, nor does SPIAS vote proxies. The Trust has adopted each of the Sub-Adviser’s proxy voting policies and procedures (“Procedures”).

The Policy is designed to promote accountability of the company’s management to its shareholders and to align the interests of management with those shareholders. The Sub-Advisers generally review each matter on a case-by-case basis in order to make a determination of how to vote in a manner that best serves the interests of Fund shareholders. The Sub-Advisers may abstain from voting from time to time where it determines that the costs associated with voting a proxy outweigh the benefits derived from exercising the right to vote. In addition, the Sub-Advisers will monitor situations that may result in a conflict of interest in accordance with their Procedures. A description of the policies and procedures used by the Funds to vote proxies relating to the portfolio securities and information on how the Funds voted proxies relating to portfolio securities during the 12 month period ended June 30, 2010 are available (1) without charge, upon request by calling 1-800-873-5654 (Annuity Service Center), 1-800-599-5651 (NY Annuity Service Center) or 1-800-777-7799 (for contracts purchased through a bank or financial institution) or 1-888-464-7779 (for NY contracts purchased through a bank or financial institution), (2) by writing JNL Series Trust, P.O. Box 30314, Lansing, Michigan 48909-7814 (3) on Jackson National Life Insurance Company’s or Jackson National Life Insurance Company of New York’s website at www.jackson.com, and (4) on the Securities and Exchange Commission’s website at www.sec.gov.

TRUSTEES AND OFFICERS OF JNL SERIES TRUST (“TRUST”)

NAME, ADDRESS AND (AGE)	POSITION(S) HELD WITH THE TRUST (LENGTH OF TIME SERVED)	NUMBER  OF PORTFOLIOS IN FUND COMPLEX TO BE OVERSEEN BY TRUSTEE OR OFFICER
Interested Trustee
Mark D. Nerud (44) 1 1 Corporate Way Lansing, MI 48951	Trustee 2 (1/2007 to present) President and Chief Executive Officer (12/2006 to present)	102
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Chief Executive Officer of the Adviser (1/2010 to present); President of the Adviser (1/2007 to present); Chief Financial Officer of the Adviser (11/2000 to 1/2007) and Managing Board Member of the Adviser (11/2000 to 11/2003) (1/2007 to 12/2010); President and CEO of other Investment Companies advised by the Adviser (12/2006 to present); Vice President (8/1997 to 12/2006), Treasurer, Chief Financial Officer of other Investment Companies advised by the Adviser (12/2002 to 12/2006); Vice President – Fund Accounting & Administration of Jackson National Life Insurance Company (1/2000 to 12/2009)
OTHER DIRECTORSHIPS HELD BY TRUSTEE DURING PAST 5 YEARS: None
Disinterested Trustees
Michael Bouchard (54) 1 Corporate Way Lansing, MI 48951	Trustee 2 (12/2003 to present)	102
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Sheriff, Oakland County, Michigan (1/1999 to present)
OTHER DIRECTORSHIPS HELD BY TRUSTEE DURING PAST 5 YEARS: None
William J. Crowley, Jr. (65) 1 Corporate Way Lansing, MI 48951	Trustee 2 (1/2007 to present)	102
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Managing Partner (Baltimore Office) – Arthur Andersen LLP (1995 to 2002); Board Member of various corporate boards (2002 to present) OTHER DIRECTORSHIPS HELD BY TRUSTEE DURING PAST 5 YEARS: Director of Alpha Natural Resources; Director of Foundation Coal Holdings, Inc. (from 12/2004 until 7/2009 when the company was acquired); Director of Bio Veris Corporation (from 5/2003 until 6/2007 when the company was acquired); Director of Provident Bankshares Corporation (from 5/2003 until 5/2009 when the company was acquired)
Dominic D’Annunzio (72) 1 Corporate Way Lansing, MI 48951	Chairman of the Board (2/2004 to present) Trustee 2 (2/2002 to present)	102
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Acting Commissioner of Insurance for the State of Michigan (1/1990 to 5/1990) and (8/1997 to 5/1998)
OTHER DIRECTORSHIPS HELD BY TRUSTEE DURING PAST 5 YEARS: None
Michelle Engler (52) 1 Corporate Way Lansing, MI 48951	Chairman of the Board 3 (1/2011 to present) Trustee 2 (12/2003 to present)	102
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Attorney (1983 to present); First Lady of the State of Michigan (1990 to 2002)
OTHER DIRECTORSHIPS HELD BY TRUSTEE DURING PAST 5 YEARS: Director of Federal Home Loan Mortgage Corporation (2001 to 9/2008)

¹ Mr. Nerud is an “interested person” of the Trust due to his position with Jackson National Asset Management, LLC, the Adviser.

² The interested and disinterested Trustees are elected to serve for an indefinite term.

³ Beginning January 1, 2011, the Chairman shall serve as Chairman for no more than three consecutive years and may not be re-elected as Chairman until at least one year has elapsed since the end of the Chairman’s term. Chairman Engler’s term will lapse at the end of 2013.

NAME, ADDRESS AND (AGE)	POSITION(S) HELD WITH THE TRUST (LENGTH OF TIME SERVED)	NUMBER  OF PORTFOLIOS IN FUND COMPLEX TO BE OVERSEEN BY TRUSTEE OR OFFICER
Disinterested Trustees
James Henry, Ph.D. (72) 1 Corporate Way Lansing, MI 48951	Trustee 2 (1/2007 to present)	102
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Dean Emeritus and Professor of Finance, Eli Broad College of Business and Graduate School of Management at Michigan State University (2001 to July 2009)
OTHER DIRECTORSHIPS HELD BY TRUSTEE DURING PAST 5 YEARS: None
Richard McLellan (68) 1 Corporate Way Lansing, MI 48951	Trustee 2 (12/1994 to present)	102
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Attorney (2010 to present); Senior Counsel, Dykema Gossett PLLC (2007 to 2009); Member, Dykema Gossett PLLC (Law Firm) (1973 to 2007); Senior Counsel, Dykema Gossett PLLC (2007 to present); Adjunct Associate Professor, Michigan State University (2008 to present)
OTHER DIRECTORSHIPS HELD BY TRUSTEE DURING PAST 5 YEARS: Member of the Board of Directors of ITC Holdings Corp. (11/2007 to present)
William R. Rybak (59) 1 Corporate Way Lansing, MI 48951	Trustee 2 (1/2007 to present)	102
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Board Member of various corporate boards (see below) (2002 to present)
OTHER DIRECTORSHIPS HELD BY TRUSTEE DURING PAST 5 YEARS: Member of the Board of Directors of Christian Brothers Investments, Inc. (2010 to present); Chairman of the Board of Trustees of Lewis University (1982 – 2009) and Chair Emeritus (2009 to present); Member of the Board of Directors of Howe Barnes Hoefer Arnett (2001 to present); Member of the Boards of each of the Calamos Mutual Funds (2002 to present) since 2002; Member of the Board of Directors of The PrivateBancorp (2003 to present); Chairman of the Board of Trustees of St. Coletta’s of Illinois (2004 to 2007) and Member of the Board (2000 to 2007)
Patricia A. Woodworth (55) 1 Corporate Way Lansing, MI 48951	Trustee 2 (1/2007 to present)	102
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Vice President, Chief Financial Officer and Chief Operating Officer, The J. Paul Getty Trust (12/2007 to present); Executive Vice President for Finance and Administration, Chief Financial Officer, Art Institute of Chicago (2002 to 11/2007)
OTHER DIRECTORSHIPS HELD BY TRUSTEE DURING PAST 5 YEARS: None
Officers
Danielle A. Bergandine (30) 1 Corporate Way Lansing, MI 48951	Anti-Money Laundering Officer (12/2007 to present)	Not Applicable
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Senior Compliance Analyst of the Adviser (6/2009 to present); Compliance Analyst of the Adviser (08/2006 to 6/2009); Administrative Assistant of the Adviser (12/2005 To 08/2006)
OTHER DIRECTORSHIPS HELD BY TRUSTEE DURING PAST 5 YEARS: NOT APPLICABLE
Karen J. Buiter (45) 1 Corporate Way Lansing, MI 48951	Assistant Treasurer (12/2008 to present)	Not Applicable
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Assistant Vice President – Financial Reporting of the Adviser (4/2008 to present); Assistant Treasurer of other Investment Companies advised by the Adviser (12/2008 to present); Treasurer of Henderson Global Funds (2/2004 to 3/2008)
OTHER DIRECTORSHIPS HELD BY TRUSTEE DURING PAST 5 YEARS: Not Applicable

NAME, ADDRESS AND (AGE)	POSITION(S) HELD WITH THE TRUST (LENGTH OF TIME SERVED)	NUMBER OF  PORTFOLIOS IN FUND COMPLEX TO BE OVERSEEN BY TRUSTEE OR OFFICER
Officers
Kelly L. Crosser (38) 1 Corporate Way Lansing, MI 48951	Assistant Secretary (9/2007 to present)	Not Applicable
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Assistant Secretary of other Investment Companies advised by the Adviser (9/2007 to present); Senior Compliance Analyst of Jackson National Life Insurance Company (4/2007 to present); Mutual Fund Compliance Analyst of Jackson National Life Insurance Company (2/2006 to 4/2007): Senior Paralegal of Jackson National Life Insurance Company (6/2004 to 2/2006)
OTHER DIRECTORSHIPS HELD BY TRUSTEE DURING PAST 5 YEARS: Not Applicable
Steven J. Fredricks (40) 1 Corporate Way Lansing, MI 48951	Chief Compliance Officer (1/2005 to present)	Not Applicable
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Chief Compliance Officer of the Adviser and other Investment Companies advised by the Adviser (1/2005 to present)
OTHER DIRECTORSHIPS HELD BY TRUSTEE DURING PAST 5 YEARS: Not Applicable
Daniel W. Koors (40) 1 Corporate Way Lansing, MI 48951	Vice President, Treasurer and Chief Financial Officer (12/2006 to present)	Not Applicable
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Senior Vice President of the Adviser (1/2009 to present) and Chief Financial Officer of the Adviser (1/2007 to present); Vice President of the Adviser (1/2007 to 12/2008); Vice President, Treasurer and Chief Financial Officer of other Investment Companies advised by the Adviser (12/2006 to present); Assistant Treasurer of other Investment Companies advised by the Adviser (9/2006 to 12/2006); Assistant Vice President – Fund Administration of Jackson National Life Insurance Company (8/2006 to present)
OTHER DIRECTORSHIPS HELD BY TRUSTEE DURING PAST 5 YEARS: Not Applicable
Michael Piszczek (53) 1 Corporate Way Lansing, MI 48951	Vice President (11/2007 to present)	Not Applicable
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Vice President of other Investment Companies advised by the Adviser (11/2007 to present); Assistant Vice President – Tax of the Adviser (11/2007 to present); Assistant Vice President – Nuveen Investments (4/1999 to 8/2007); Assistant Vice President and Assistant Secretary – Nuveen Funds (4/1999 to 8/2007)
OTHER DIRECTORSHIPS HELD BY TRUSTEE DURING PAST 5 YEARS: Not Applicable
Susan S. Rhee (39) 1 Corporate Way Lansing, MI 48951	Vice President, Counsel and Secretary (2/2004 to present)	Not Applicable
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Senior Vice President and General Counsel of the Adviser (1/2010 to present); Chief Legal Officer (7/2004 to 12/2009) and Secretary (11/2000 to present) of the Adviser; Vice President, Counsel, and Secretary of other Investment Companies advised by the Adviser (2/2004 to present); Assistant Vice President of Jackson National Life Insurance Company (8/2003 to 12/2009); Associate General Counsel of Jackson National Life Insurance Company (7/2001 to 12/2009)
OTHER DIRECTORSHIPS HELD BY TRUSTEE DURING PAST 5 YEARS: Not Applicable

The Statement of Additional Information includes additional information about Fund Trustees and may be obtained at no charge by calling 1-800-873-5654 (Annuity and Life Service Center), 1-800-599-5651 (NY Annuity and Life Service Center), 1-800-777-7779 (for contracts purchased through a bank or financial institution) or 1-888-464-7779 (for NY contracts purchased through a bank or financial institution), by writing JNL Series Trust, P.O. Box 30314, Lansing, Michigan 48951 or by visiting www.jackson.com.

TRUSTEES AND OFFICERS OF JNL SERIES TRUST (THE “TRUST”)

The interested Trustee and the Officers of the Trust (other than the Chief Compliance Officer, as described below) or the Adviser do not receive any compensation from the Trust for their services as Trustees or Officers. The following persons, who are disinterested Trustees of the Trust, and the Trust’s Chief Compliance Officer, received from the Trust the compensation amounts indicated for the services as such for the twelve-month period ended December 31, 2010:

TRUSTEE	AGGREGATE  COMPENSATION FROM THE TRUST1	PENSION OR  RETIREMENT BENEFITS ACCRUED AS PART OF TRUST EXPENSES	ESTIMATED  ANNUAL BENEFITS UPON RETIREMENT	TOTAL  COMPENSATION FROM THE TRUST AND FUND COMPLEX
Michael Bouchard	$102,346	$0	$0	$129,0004
William J. Crowley, Jr.	$102,346	$0	$0	$129,0005
Dominic D’Annunzio 3	$126,148	$0	$0	$159,0006
Michelle Engler 9	$102,346	$0	$0	$129,000
James Henry	$102,346	$0	$0	$129,0007
Richard McLellan	$114,247	$0	$0	$144,000
William R. Rybak	$102,346	$0	$0	$129,000
Patricia Woodworth	$114,247	$0	$0	$144,0008
Steven J. Fredricks 2	$155,494	$0	$0	$267,358

¹ The fees paid to the independent Trustees are paid for combined service on the Boards of the Trust, JNL Investors Series Trust and JNL Variable Fund LLC (the “Fund Complex”). The fees are allocated to the Funds and affiliated investment companies on a pro-rata basis based on net assets. The total fees to all the independent Trustees is $1,092,000.

² Mr. Fredricks’ compensation is paid by the Funds for his duties as the Chief Compliance Officer of the Fund Complex. The expense is allocated to the Funds and affiliated investment companies on a pro-rata basis based on net assets.

³ Mr. D’Annunzio was an ex officio (non-voting) member of the Governance Committee during 2010. Therefore, he did not receive any compensation as a member of the Governance Committee.

⁴ Amount includes $6,450 deferred by Mr. Bouchard.

⁵ Amount includes $77,400 deferred by Mr. Crowley.

⁶ Amount includes $79,500 deferred by Mr. D’Annunzio.

⁷ Amount includes $90,300 deferred by Mr. Henry.

⁸ Amount includes $144,000 deferred by Ms. Woodworth.

⁹ Ms. Engler is an ex officio (non-voting) member of the Governance Committee beginning in 2011. Therefore, she will not receive any compensation as a member of the Governance Committee.

JNL SERIES TRUST

(the “Trust”)

APPROVAL OF THE TRUST’S

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS

The Board of Trustees of the Trust (“Board”) oversees the management of each Fund and, as required by law, determines annually whether to approve the Trust’s advisory agreement with Jackson National Asset Management, LLC (“JNAM”) and each Fund’s sub-advisory agreement(s).

At a meeting on September 9-10, 2010, the Board, including all of the Independent Trustees, considered information relating to the amendment to the Trust’s investment advisory and management agreement with JNAM (“Agreement”) and information relating to the approval of an amendment to the investment sub-advisory agreement between JNAM and PPM America, Inc. (“PPM”) to the Trust (together, “Agreements” refers to the Agreement and applicable Sub-Advisory Agreement). In advance of the meeting, independent legal counsel for the Independent Trustees requested that certain information be provided to the Board relating to the Agreements. The Board received, and had the opportunity to review, this and other materials, ask questions and request further information in connection with its consideration. At the conclusion of the Board’s discussion, the Board approved the Agreements through June 30, 2011.

At a meeting on November 22-23, 2010, the Board, including all of the Independent Trustees, considered information relating to the amendment to the Trust’s investment advisory and management agreement with JNAM (“Agreement”) and information relating to the approval of an amendment to the investment advisory agreement between JNAM and the Trust (together, “Agreements” refers to the Agreement and applicable Sub-Advisory Agreement). In advance of the meeting, independent legal counsel for the Independent Trustees requested that certain information be provided to the Board relating to the Agreements. The Board received, and had the opportunity to review, this and other materials, ask questions and request further information in connection with its consideration. At the conclusion of the Board’s discussion, the Board approved the Agreements through June 30, 2011.

In reviewing the Advisory Agreement and considering the information, the Board was advised by outside legal counsel to the Trust, and the Independent Trustees were advised by independent legal counsel. The Board considered the factors it deemed relevant: (1) the nature, quality and extent of the services to be provided, (2) the investment performance of each Fund, (3) its profitability, including an analysis of the cost of providing services and comparative expense information, (4) whether economies of scale may be realized as each Fund grows and whether the fee structure reflects the economies of scale for each Fund’s investors, and (5) other benefits that may accrue to JNAM through its relationship with the Trust. In its deliberations, the Board, in exercising its business judgment did not identify any single factor that alone was responsible for the Board’s decision to approve the Advisory Agreement.

Before approving the Agreements, the Independent Trustees met in executive session with their independent legal counsel to consider the materials provided by JNAM and the terms of the Agreements. Based on its evaluation of those materials, the Board, including the interested and Independent Trustees, concluded that the Agreements are in the best interests of the shareholders of the applicable Fund. In reaching its conclusions, the Board considered the following:

Nature, Quality and Extent of Services

The Board examined the nature, quality and extent of the services to be provided by JNAM and the Sub-Advisers.

For each Fund, the Board considered the services to be provided by JNAM, including but not limited to the oversight of the Sub-Advisers pursuant to the “Manager of Managers” exemption, as well as the provision of recordkeeping and compliance services to the Funds. The Board also took into account that JNAM would monitor the performance of the various organizations that would provide services to the Funds, including the Funds’ distributor, transfer agent, and custodian. With respect to JNAM’s oversight of the Sub-Advisers, the Board noted that JNAM would be responsible for screening and recommending new sub-advisers when appropriate, as well as monitoring and reporting to the Board on the performance and operations of the existing Sub-Advisers. The Board also considered the investment sub-advisory services to be provided by each Sub-Adviser. The Board noted JNAM’s evaluation of the Sub-Advisers, as well as JNAM’s recommendations, based on its review of the Sub-Advisers, to approve the Agreements.

The Board reviewed the qualifications, backgrounds and responsibilities of JNAM’s senior management that would be responsible for oversight of the Funds and the Sub-Adviser, and also reviewed the qualifications, backgrounds and responsibilities of the Sub-Advisers’ portfolio managers who would be responsible for the day-to-day management of each Fund. The Board reviewed information pertaining to JNAM’s and the Sub-Adviser’s organizational structure, senior management, financial stability, investment operations, and other relevant information pertaining to both JNAM and the Sub-Adviser. The Board considered compliance reports about JNAM and the Sub-Adviser from the Funds’ Chief Compliance Officer (“CCO”).

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

Investment Performance of the Funds

The Board considered the performance of the Fund, including how the Fund performed versus the average performance of a group of comparable funds (“peer group”) selected by an independent data service and how the Fund performed versus its primary benchmark (“benchmark”) index. For certain Funds, the Board considered the relevant custom benchmark or relevant blended benchmark. This consideration was based on JNAM’s assertion that the custom or blended benchmark may, in many circumstances, be a more meaningful source of comparative information than a broad-based benchmark index for certain Funds that utilize a specific investment focus. A custom benchmark may not be available for certain periods presented, in which case the Fund was compared to its primary benchmark. The performance reviewed by the Board was for periods ended on December 31, 2009 (unless otherwise noted). When available, the Board considered one-, five-, ten-year, or since inception performance.

New Funds – JNL Series Trust:

JNL/PPM America Floating Rate Income Fund. The Board could not consider the Sub-Adviser’s performance as the Fund has not yet commenced operations. The Board, however, considered the performance of a similarly managed strategy, including how the similarly managed strategy performed versus its primary benchmark (“benchmark”) index. The performance reviewed by the Board was for the one-, three-, five-, and ten-year periods ended on June 30, 2010.

JNL Institutional Alt 100 Fund. The Board could not consider the Fund’s performance as the Fund has not yet commenced operations. The Board did consider the performance of the portfolio manager in managing other Funds.

Costs of Services

The Board reviewed the fees to be paid to JNAM and the Fund’s Sub-Adviser. The Board reviewed fee and expense information as compared to that of comparable funds managed by other advisers. Using information provided by an independent data service, the Board evaluated the Fund’s advisory fees compared to the average advisory fees for other funds similar in size, character and investment strategy (the “peer group”). While the Board also considered the Fund’s sub-advisory fee and compared that to the average sub-advisory fee of the peer group, the Board noted that the Fund’s sub-advisory fee would be paid by JNAM (not the Fund) and, therefore, would be neither a direct shareholder expense nor a direct influence on the Fund’s total expense ratio.

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

New Fund – JNL Series Trust:

JNL/PPM America Floating Rate Income Fund. The Board took into account that the Fund’s advisory fees and total expense ratio are higher than the respective peer group averages. The Board noted that the Fund’s sub-advisory fees are lower than the peer group average. Presently, Lipper does not have a specific classification for floating rate income funds in the variable annuity universe. Many of the Fund’s peers do not invest a significant portion of assets in senior loans. Therefore, it is reasonable that fees and expenses for the Fund are higher than the provided peer group averages and that expense ratios are often higher for floating rate income funds than those of other fixed income funds. The Board concluded that the advisory and sub-advisory fees are in the best interests of the Fund and its potential shareholders in light of the services provided.

JNL Institutional Alt 100 Fund. The Fund’s advisory fee is consistent with the peer group average, and the total expense ratio (excluding underlying Fund expenses) is lower than the Lipper peer group average. The total expense ratio (including underlying Fund expenses) is higher than the peer group average. The Board considered that the expense ratios of each underlying Fund are subject to review and approval by the Board. The Board concluded that approving the advisory fee, as a part of the management agreement, was in the best interests of the Fund and its potential shareholders in light of the services provided.

Economies of Scale

The Board considered whether the Fund’s proposed advisory fee reflects the potential for economies of scale for the benefit of Fund shareholders. Based on information provided by JNAM, the Board noted that the fee arrangement for the Fund contains breakpoints that decrease the fee rate as assets increase. The Board concluded that the advisory fees in some measure share economies of scale with shareholders.

Other Benefits to JNAM and the Sub-Advisers

In evaluating the benefits that may accrue to JNAM through its relationship with the Fund, the Board noted that JNAM and certain of its affiliates would serve the Fund in various capacities, including as adviser, administrator, transfer agent and distributor, and receive compensation from the Fund in connection with providing services to the Fund. The Board noted that each service to be provided to the Funds by JNAM or one of its affiliates would be pursuant to a written agreement, which the Board would evaluate periodically as required by law. Lastly, certain affiliates of JNAM may receive benefits under the federal income tax laws with respect to certain tax deductions and credits.

In evaluating the benefits that may accrue to the Sub-Adviser through its relationship with the Fund, the Board noted that the Sub-Adviser may receive indirect benefits in the form of soft dollar arrangements for portfolio securities trades placed with the Funds’ assets and may also develop additional investment advisory business with JNAM, the Fund or other clients of the sub-adviser as a result of its relationship with the Fund. PPM America, Inc. also serves as Sub-Adviser to the following funds of JNL Series Trust: JNL/PPM America High Yield Bond Fund, JNL/PPM America Mid Cap Value Fund, JNL/PPM America Small Cap Value Fund, JNL/PPM America Value Equity Fund, and of JNL Investors Series Trust, the JNL/PPM America Total Return Fund.

SUPPLEMENT DATED OCTOBER 27, 2010

TO THE SUMMARY PROSPECTUS DATED MAY 1, 2010

SUPPLEMENT DATED OCTOBER 27, 2010

TO THE PROSPECTUS DATED MAY 1, 2010

JNL^® SERIES TRUST

Please note that the changes apply to your variable annuity and/or variable life product(s).

Effective September 27, 2010, in the summary prospectus for the JNL/Lazard Mid Cap Equity Fund, please delete the table entitled “Portfolio Managers” in its entirety and replace it with the following:

Portfolio Managers:
Name:	Joined Management Team In:	Title:
Christopher Blake	1998	Managing Director
Daniel Breslin	2010	Director
Andrew Lacey	1998	Deputy Chairman
Robert A. Failla	2005	Director

Effective October 18, 2010, in the summary prospectus for the JNL/Franklin Templeton Founding Strategy Fund, please delete the table entitled “Portfolio Managers” in its entirety and replace it with the following:

Portfolio Manager:
Name:	Joined Management Team In:	Title:
Saumen Chattapadhyay	2010	Vice President – Investment         Management

Effective October 18, 2010, in the summary prospectus for the JNL/Mellon Capital Management Index 5 Fund, please delete the table entitled “Portfolio Managers” in its entirety and replace it with the following:

Portfolio Manager:
Name:	Joined Management Team In:	Title:
Saumen Chattapadhyay	2010	Vice President – Investment         Management

Effective October 18, 2010, in the summary prospectus for the JNL/Mellon Capital Management 10 x 10 Fund, please delete the table entitled “Portfolio Managers” in its entirety and replace it with the following:

Portfolio Manager:
Name:	Joined Management Team In:	Title:
Saumen Chattapadhyay	2010	Vice President – Investment         Management

Effective October 18, 2010, in the summary prospectus for the JNL/S&P 4 Fund, please delete the table entitled “Portfolio Managers” in its entirety and replace it with the following:

Portfolio Manager:
Name:	Joined Management Team In:	Title:
Saumen Chattapadhyay	2010	Vice President – Investment         Management

Effective September 27, 2010, in the prospectus for the JNL/Lazard Mid Cap Equity Fund, please delete the second paragraph of the section entitled “The Sub-Adviser and Portfolio Management” in its entirety and replace it with the following:

The Fund is managed on a team basis by Christopher Blake, Daniel Breslin, Andrew Lacey, and Robert A. Failla. Mr. Blake has been with Lazard since 1995. Mr. Blake is a Managing Director of Lazard. Mr. Breslin is a Director of Lazard and has been with Lazard since 2002. Mr. Lacey has been with Lazard since 1996. He is a portfolio manager and Deputy Chairman of Lazard. Mr. Lacey and Mr. Blake have shared responsibility for the day-to-day management of the Fund since January 2001 and November 2001, respectively. Mr. Failla is Director and portfolio manager and has been with Lazard since 2003.

Effective October 18, 2010, in the prospectus for the JNL/Franklin Templeton Founding Strategy Fund, please delete the second through fifth paragraphs of the section entitled “The Sub-Adviser and Portfolio Management” in its entirety and replace it with the following:

Saumen Chattopadhyay is Vice President, Investment Management of JNAM as of October 2010. Mr. Chattopadhyay is responsible for reviewing the allocations made to the Fund and the application of the Fund’s investment strategy.

Prior to joining JNAM, Mr. Chattopadhyay was Director of Quantitative Management at Harbor Capital Advisors Inc. (“Harbor Capital”) and Portfolio Manager for Harbor Capital’s Target Retirement Funds from January 2009 to September 2010, and was a Senior Financial Analyst from August 2003 to December 2008. At Harbor Capital, Mr. Chattopadhyay directed asset allocation, manager research and due diligence, performance analytics and portfolio attribution and was a senior member of Harbor Capital’s Investment Committee. Prior to his time at Harbor Capital, Mr. Chattopadhyay was Assistant General Manager at IDBI in Mumbai, India where he launched the IDBI mutual fund, managed project appraisals and investment banking relationships.

Mr. Chattopadhyay holds his Bachelors and Masters in Accounting and Finance from the University of Calcutta and his MBA (Finance) from the University of Toledo. Mr. Chattopadhyay is also a Certified Public Accountant and also has a Fellow Chartered Accountant designation from India.

Effective October 18, 2010, in the prospectus for the JNL/Mellon Capital Management Index 5 Fund, please delete the second through fifth paragraphs of the section entitled “The Sub-Adviser and Portfolio Management” in its entirety and replace it with the following:

Saumen Chattopadhyay is Vice President, Investment Management of JNAM as of October 2010. Mr. Chattopadhyay is responsible for reviewing the allocations made to the Fund and the application of the Fund’s investment strategy.

Prior to joining JNAM, Mr. Chattopadhyay was Director of Quantitative Management at Harbor Capital Advisors Inc. (“Harbor Capital”) and Portfolio Manager for Harbor Capital’s Target Retirement Funds from January 2009 to September 2010, and was a Senior Financial Analyst from August 2003 to December 2008. At Harbor Capital, Mr. Chattopadhyay directed asset allocation, manager research and due diligence, performance analytics and portfolio attribution and was a senior member of Harbor Capital’s Investment Committee. Prior to his time at Harbor Capital, Mr. Chattopadhyay was Assistant General Manager at IDBI in Mumbai, India where he launched the IDBI mutual fund, managed project appraisals and investment banking relationships.

Mr. Chattopadhyay holds his Bachelors and Masters in Accounting and Finance from the University of Calcutta and his MBA (Finance) from the University of Toledo. Mr. Chattopadhyay is also a Certified Public Accountant and also has a Fellow Chartered Accountant designation from India.

Effective October 18, 2010, in the prospectus for the JNL/Mellon Capital Management 10 x 10 Fund, please delete the second through fifth paragraphs of the section entitled “The Sub-Adviser and Portfolio Management” in its entirety and replace it with the following:

Saumen Chattopadhyay is Vice President, Investment Management of JNAM as of October 2010. Mr. Chattopadhyay is responsible for reviewing the allocations made to the Fund and the application of the Fund’s investment strategy.

Prior to joining JNAM, Mr. Chattopadhyay was Director of Quantitative Management at Harbor Capital Advisors Inc. (“Harbor Capital”) and Portfolio Manager for Harbor Capital’s Target Retirement Funds from January 2009 to September 2010, and was a Senior Financial Analyst from August 2003 to December 2008. At Harbor Capital, Mr. Chattopadhyay directed asset allocation, manager research and due diligence, performance analytics and portfolio attribution and was a senior member of Harbor Capital’s Investment Committee. Prior to his time at Harbor Capital, Mr. Chattopadhyay was Assistant General Manager at IDBI in Mumbai, India where he launched the IDBI mutual fund, managed project appraisals and investment banking relationships.

Mr. Chattopadhyay holds his Bachelors and Masters in Accounting and Finance from the University of Calcutta and his MBA (Finance) from the University of Toledo. Mr. Chattopadhyay is also a Certified Public Accountant and also has a Fellow Chartered Accountant designation from India.

Effective October 18, 2010, in the prospectus for the JNL/S&P 4 Fund, please delete the second through fifth paragraphs of the section entitled “The Sub-Adviser and Portfolio Management” in its entirety and replace it with the following:

Saumen Chattopadhyay is Vice President, Investment Management of JNAM as of October 2010. Mr. Chattopadhyay is responsible for reviewing the allocations made to the Fund and the application of the Fund’s investment strategy.

Prior to joining JNAM, Mr. Chattopadhyay was Director of Quantitative Management at Harbor Capital Advisors Inc. (“Harbor Capital”) and Portfolio Manager for Harbor Capital’s Target Retirement Funds from January 2009 to September 2010, and was a Senior Financial Analyst from August 2003 to December 2008. At Harbor Capital, Mr. Chattopadhyay directed asset allocation, manager research and due diligence, performance analytics and portfolio attribution and was a senior member of Harbor Capital’s Investment Committee. Prior to his time at Harbor Capital, Mr. Chattopadhyay was Assistant General Manager at IDBI in Mumbai, India where he launched the IDBI mutual fund, managed project appraisals and investment banking relationships.

Mr. Chattopadhyay holds his Bachelors and Masters in Accounting and Finance from the University of Calcutta and his MBA (Finance) from the University of Toledo. Mr. Chattopadhyay is also a Certified Public Accountant and also has a Fellow Chartered Accountant designation from India.

This Supplement is dated October 27, 2010.

(To be used with JMV2731 10/10, VC4224 10/10, JMV5763 10/10, JMV5763P 10/10, VC5890 10/10, VC5869 10/10, VC5995 10/10, JMV5765 10/10, VC3656 05/10, VC5526 05/10, FVC4224FT 05/10, VC3723 05/10, VC3657 05/10, NMV2731 10/10, NV4224 10/10, NV5869 10/10, NV5890 10/10, NV3174CE 05/10, NV5526 05/10, and NV3784 05/10.)

SUPPLEMENT DATED NOVEMBER 8, 2010

TO THE SUMMARY PROSPECTUS DATED OCTOBER 11, 2010

SUPPLEMENT DATED NOVEMBER 8, 2010

TO THE PROSPECTUS DATED OCTOBER 11, 2010

JNL^® SERIES TRUST

Please note that the changes apply to your variable annuity product(s).

Effective October 1, 2010, in the summary prospectus for the JNL/S&P Managed Conservative Fund, JNL/S&P Managed Moderate Fund, JNL/S&P Managed Moderate Growth Fund, JNL/S&P Managed Growth Fund, JNL/S&P Managed Aggressive Growth Fund, JNL/S&P Disciplined Moderate Fund, JNL/S&P Disciplined Moderate Growth Fund, and JNL/S&P Disciplined Growth Fund, please delete the table entitled “Portfolio Managers” in its entirety and replace it with the following:

Portfolio Managers:
Name:	Joined Management Team In:	Title:
Massimo Santicchia	2008	Vice President
John W. Krey	2003	Senior Portfolio Officer
Michael Carapucci	2010	Portfolio Officer

Effective October 1, 2010, in the prospectus for the JNL/S&P Managed Conservative Fund, JNL/S&P Managed Moderate Fund, JNL/S&P Managed Moderate Growth Fund, JNL/S&P Managed Growth Fund, JNL/S&P Managed Aggressive Growth Fund, JNL/S&P Disciplined Moderate Fund, JNL/S&P Disciplined Moderate Growth Fund, and JNL/S&P Disciplined Growth Fund, please delete the second paragraph of the section entitled “The Sub-Adviser and Portfolio Management” in its entirety and replace it with the following:

Massimo Santicchia, John W. Krey, and Michael Carapucci share the primary responsibility for the development of the investment allocations of each Fund.

Michael Carapucci has been a Portfolio Officer with SPIAS since October 2010. Mr. Carapucci participates in establishing asset allocation strategies and fund recommendations to support multi-manager products. Prior to his appointment, Mr. Carapucci was an Analyst since April 2008 and Statistician since January 2005. Mr. Carapucci was primarily responsible for fund research to support multi-manager products.

Effective September 30, 2010, in the prospectus for the JNL/Select Balanced Fund, please delete the first paragraph of the section entitled “The Sub-Adviser and Portfolio Management” in its entirety and replace it with the following:

The Sub-Adviser and Portfolio Management. The Sub-Adviser to the JNL/Select Balanced Fund is Wellington Management Company, LLP (“Wellington Management”). Wellington Management is a Massachusetts limited liability partnership with principal offices at 280 Congress Street, Boston, Massachusetts 02210. Wellington Management is a professional investment counseling firm which provides investment services to investment companies, employee benefit plans, endowments, foundations, and other institutions. Wellington Management and its predecessor organizations have provided investment advisory services for over 70 years. As of September 30, 2010, Wellington Management had investment management authority with respect to approximately $599 billion in assets.

Effective September 30, 2010, in the prospectus for the JNL/Select Money Market Fund, please delete the first paragraph of the section entitled “The Sub-Adviser” in its entirety and replace it with the following:

The Sub-Adviser. The Sub-Adviser to the JNL/Select Money Market Fund is Wellington Management Company, LLP (“Wellington Management”). Wellington Management is a Massachusetts limited liability partnership with principal offices at 280 Congress Street, Boston, Massachusetts 02210. Wellington Management is a professional investment counseling firm which provides investment services to investment companies, employee benefit plans, endowments, foundations, and other institutions. Wellington Management and its predecessor organizations have provided investment advisory services for over 70 years. As of September 30, 2010, Wellington Management had investment management authority with respect to approximately $599 billion in assets.

Effective September 30, 2010, in the prospectus for the JNL/Select Value Fund, please delete the first paragraph of the section entitled “The Sub-Adviser and Portfolio Management” in its entirety and replace it with the following:

The Sub-Adviser and Portfolio Management. The Sub-Adviser to the JNL/Select Value Fund is Wellington Management Company, LLP (“Wellington Management”). Wellington Management is a Massachusetts limited liability partnership with principal offices at 280 Congress Street, Boston, Massachusetts 02210. Wellington Management is a professional investment counseling firm which provides investment services to investment companies, employee benefit plans, endowments, foundations, and other institutions. Wellington Management and its predecessor organizations have provided investment advisory services for over 70 years. As of September 30, 2010, Wellington Management had investment management authority with respect to approximately $599 billion in assets.

This Supplement is dated November 8, 2010.

(To be used with JMV2731 10/10, VC4224 10/10, JMV5763 10/10, JMV5763P 10/10, VC5890 10/10, VC5869 10/10, NMV2731 10/10, NV4224 10/10, NV5869 10/10, and NV5890 10/10.)

SUPPLEMENT DATED NOVEMBER 8, 2010

TO THE SUMMARY PROSPECTUS DATED MAY 1, 2010

SUPPLEMENT DATED NOVEMBER 8, 2010

TO THE PROSPECTUS DATED MAY 1, 2010

JNL^® SERIES TRUST

Please note that the changes apply to your variable annuity product(s).

Effective October 1, 2010, in the summary prospectus for the JNL/S&P Managed Conservative Fund, JNL/S&P Managed Moderate Fund, JNL/S&P Managed Moderate Growth Fund, JNL/S&P Managed Growth Fund, JNL/S&P Managed Aggressive Growth Fund, JNL/S&P Disciplined Moderate Fund, JNL/S&P Disciplined Moderate Growth Fund, and JNL/S&P Disciplined Growth Fund, please delete the table entitled “Portfolio Managers” in its entirety and replace it with the following:

Portfolio Managers:
Name:	Joined Management Team In:	Title:
Massimo Santicchia	2008	Vice President
John W. Krey	2003	Senior Portfolio Officer
Michael Carapucci	2010	Portfolio Officer

Effective October 1, 2010, in the prospectus for the JNL/S&P Managed Conservative Fund, JNL/S&P Managed Moderate Fund, JNL/S&P Managed Moderate Growth Fund, JNL/S&P Managed Growth Fund, JNL/S&P Managed Aggressive Growth Fund, JNL/S&P Disciplined Moderate Fund, JNL/S&P Disciplined Moderate Growth Fund, and JNL/S&P Disciplined Growth Fund, please delete the second paragraph of the section entitled “The Sub-Adviser and Portfolio Management” in its entirety and replace it with the following:

Massimo Santicchia, John W. Krey, and Michael Carapucci share the primary responsibility for the development of the investment allocations of each Fund.

Michael Carapucci has been a Portfolio Officer with SPIAS since October 2010. Mr. Carapucci participates in establishing asset allocation strategies and fund recommendations to support multi-manager products. Prior to his appointment, Mr. Carapucci was an Analyst since April 2008 and Statistician since January 2005. Mr. Carapucci was primarily responsible for fund research to support multi-manager products.

Effective September 30, 2010, in the prospectus for the JNL/Select Balanced Fund, please delete the first paragraph of the section entitled “The Sub-Adviser and Portfolio Management” in its entirety and replace it with the following:

The Sub-Adviser and Portfolio Management. The Sub-Adviser to the JNL/Select Balanced Fund is Wellington Management Company, LLP (“Wellington Management”). Wellington Management is a Massachusetts limited liability partnership with principal offices at 280 Congress Street, Boston, Massachusetts 02210. Wellington Management is a professional investment counseling firm which provides investment services to investment companies, employee benefit plans, endowments, foundations, and other institutions. Wellington Management and its predecessor organizations have provided investment advisory services for over 70 years. As of September 30, 2010, Wellington Management had investment management authority with respect to approximately $599 billion in assets.

Effective September 30, 2010, in the prospectus for the JNL/Select Money Market Fund, please delete the first paragraph of the section entitled “The Sub-Adviser” in its entirety and replace it with the following:

The Sub-Adviser. The Sub-Adviser to the JNL/Select Money Market Fund is Wellington Management Company, LLP (“Wellington Management”). Wellington Management is a Massachusetts limited liability partnership with principal offices at 280 Congress Street, Boston, Massachusetts 02210. Wellington Management is a professional investment counseling firm which provides investment services to investment companies, employee benefit plans, endowments, foundations, and other institutions. Wellington Management and its predecessor organizations have provided investment advisory services for over 70 years. As of September 30, 2010, Wellington Management had investment management authority with respect to approximately $599 billion in assets.

Effective September 30, 2010, in the prospectus for the JNL/Select Value Fund, please delete the first paragraph of the section entitled “The Sub-Adviser and Portfolio Management” in its entirety and replace it with the following:

The Sub-Adviser and Portfolio Management. The Sub-Adviser to the JNL/Select Value Fund is Wellington Management Company, LLP (“Wellington Management”). Wellington Management is a Massachusetts limited liability partnership with principal offices at 280 Congress Street, Boston, Massachusetts 02210. Wellington Management is a professional investment counseling firm which provides investment services to investment companies, employee benefit plans, endowments, foundations, and other institutions. Wellington Management and its predecessor organizations have provided investment advisory services for over 70 years. As of September 30, 2010, Wellington Management had investment management authority with respect to approximately $599 billion in assets.

This Supplement is dated November 8, 2010.

(To be used with VC3656 05/10, VC5526 05/10, VC3723 05/10, VC3657 05/10, NV3174CE 05/10, NV5526 05/10, and NV3784 05/10.)

SUPPLEMENT DATED NOVEMBER 8, 2010

TO THE SUMMARY PROSPECTUS DATED OCTOBER 11, 2010

SUPPLEMENT DATED NOVEMBER 8, 2010

TO THE PROSPECTUS DATED OCTOBER 11, 2010

JNL^® SERIES TRUST

Please note that the changes apply to your variable annuity product.

On page 2 of the prospectus, please delete the second, third, and fourth paragraphs in their entirety and replace with the following:

The JNL/Franklin Templeton Global Growth Fund, JNL/Franklin Templeton Mutual Shares Fund, JNL/Franklin Templeton Small Cap Value Fund, JNL/Goldman Sachs Mid Cap Value Fund, JNL/Goldman Sachs U.S. Equity Flex Fund, JNL/Invesco Small Cap Growth Fund, JNL/JPMorgan MidCap Growth Fund, JNL/Lazard Mid Cap Equity Fund, and JNL/Oppenheimer Global Growth Fund (each a “Fund”) are available only as an underlying Fund of the JNL/S&P Managed Conservative Fund, JNL/S&P Managed Moderate Fund, JNL/S&P Managed Moderate Growth Fund, JNL/S&P Managed Growth Fund, and JNL/S&P Managed Aggressive Growth Fund.

The JNL/Mellon Capital Management European 30 Fund and the JNL/Mellon Capital Management Pacific Rim 30 Fund (each a “Fund”) are available only as an underlying Fund of the JNL/S&P Managed Conservative Fund, JNL/S&P Managed Moderate Fund, JNL/S&P Managed Moderate Growth Fund, JNL/S&P Managed Growth Fund, JNL/S&P Managed Aggressive Growth Fund, JNL/S&P Disciplined Moderate Fund, JNL/S&P Disciplined Moderate Growth Fund, and JNL/S&P Disciplined Growth Fund.

Effective October 1, 2010, in the summary prospectus for the JNL/S&P Managed Conservative Fund, JNL/S&P Managed Moderate Fund, JNL/S&P Managed Moderate Growth Fund, JNL/S&P Managed Growth Fund, JNL/S&P Managed Aggressive Growth Fund, JNL/S&P Disciplined Moderate Fund, JNL/S&P Disciplined Moderate Growth Fund, and JNL/S&P Disciplined Growth Fund, please delete the table entitled “Portfolio Managers” in its entirety and replace it with the following:

Portfolio Managers:
Name:	Joined Management Team In:	Title:
Massimo Santicchia	2008	Vice President
John W. Krey	2003	Senior Portfolio Officer
Michael Carapucci	2010	Portfolio Officer

Effective October 1, 2010, in the prospectus for the JNL/S&P Managed Conservative Fund, JNL/S&P Managed Moderate Fund, JNL/S&P Managed Moderate Growth Fund, JNL/S&P Managed Growth Fund, JNL/S&P Managed Aggressive Growth Fund, JNL/S&P Disciplined Moderate Fund, JNL/S&P Disciplined Moderate Growth Fund, and JNL/S&P Disciplined Growth Fund, please delete the second paragraph of the section entitled “The Sub-Adviser and Portfolio Management” in its entirety and replace it with the following:

Massimo Santicchia, John W. Krey, and Michael Carapucci share the primary responsibility for the development of the investment allocations of each Fund.

Michael Carapucci has been a Portfolio Officer with SPIAS since October 2010. Mr. Carapucci participates in establishing asset allocation strategies and fund recommendations to support multi-manager products. Prior to his appointment, Mr. Carapucci was an Analyst since April 2008 and Statistician since January 2005. Mr. Carapucci was primarily responsible for fund research to support multi-manager products.

Effective September 30, 2010, in the prospectus for the JNL/Select Balanced Fund, please delete the first paragraph of the section entitled “The Sub-Adviser and Portfolio Management” in its entirety and replace it with the following:

The Sub-Adviser and Portfolio Management. The Sub-Adviser to the JNL/Select Balanced Fund is Wellington Management Company, LLP (“Wellington Management”). Wellington Management is a Massachusetts limited liability partnership with principal offices at 280 Congress Street, Boston, Massachusetts 02210. Wellington Management is a professional investment counseling firm which provides investment services to investment companies, employee benefit plans, endowments, foundations, and other institutions. Wellington Management and its predecessor organizations have provided investment advisory services for over 70 years. As of September 30, 2010, Wellington Management had investment management authority with respect to approximately $599 billion in assets.

Effective September 30, 2010, in the prospectus for the JNL/Select Money Market Fund, please delete the first paragraph of the section entitled “The Sub-Adviser” in its entirety and replace it with the following:

The Sub-Adviser. The Sub-Adviser to the JNL/Select Money Market Fund is Wellington Management Company, LLP (“Wellington Management”). Wellington Management is a Massachusetts limited liability partnership with principal offices at 280 Congress Street, Boston, Massachusetts 02210. Wellington Management is a professional investment counseling firm which provides investment services to investment companies, employee benefit plans, endowments, foundations, and other institutions. Wellington Management and its predecessor organizations have provided investment advisory services for over 70 years. As of September 30, 2010, Wellington Management had investment management authority with respect to approximately $599 billion in assets.

Effective September 30, 2010, in the prospectus for the JNL/Select Value Fund, please delete the first paragraph of the section entitled “The Sub-Adviser and Portfolio Management” in its entirety and replace it with the following:

The Sub-Adviser and Portfolio Management. The Sub-Adviser to the JNL/Select Value Fund is Wellington Management Company, LLP (“Wellington Management”). Wellington Management is a Massachusetts limited liability partnership with principal offices at 280 Congress Street, Boston, Massachusetts 02210. Wellington Management is a professional investment counseling firm which provides investment services to investment companies, employee benefit plans, endowments, foundations, and other institutions. Wellington Management and its predecessor organizations have provided investment advisory services for over 70 years. As of September 30, 2010, Wellington Management had investment management authority with respect to approximately $599 billion in assets.

This Supplement is dated November 8, 2010.

(To be used with JMV5765 10/10.)

SUPPLEMENT DATED NOVEMBER 8, 2010

TO THE SUMMARY PROSPECTUS DATED OCTOBER 11, 2010

SUPPLEMENT DATED NOVEMBER 8, 2010

TO THE PROSPECTUS DATED OCTOBER 11, 2010

JNL^® SERIES TRUST

Please note that the changes apply to your variable annuity product.

On page 2 of the prospectus, please delete the second, third, and fourth paragraphs in their entirety.

Effective October 1, 2010, in the summary prospectus for the JNL/S&P Managed Conservative Fund, JNL/S&P Managed Moderate Fund, JNL/S&P Managed Moderate Growth Fund, JNL/S&P Managed Growth Fund, JNL/S&P Managed Aggressive Growth Fund, JNL/S&P Disciplined Moderate Fund, JNL/S&P Disciplined Moderate Growth Fund, and JNL/S&P Disciplined Growth Fund, please delete the table entitled “Portfolio Managers” in its entirety and replace it with the following:

Portfolio Managers:
Name:	Joined Management Team In:	Title:
Massimo Santicchia	2008	Vice President
John W. Krey	2003	Senior Portfolio Officer
Michael Carapucci	2010	Portfolio Officer

Effective October 1, 2010, in the prospectus for the JNL/S&P Managed Conservative Fund, JNL/S&P Managed Moderate Fund, JNL/S&P Managed Moderate Growth Fund, JNL/S&P Managed Growth Fund, JNL/S&P Managed Aggressive Growth Fund, JNL/S&P Disciplined Moderate Fund, JNL/S&P Disciplined Moderate Growth Fund, and JNL/S&P Disciplined Growth Fund, please delete the second paragraph of the section entitled “The Sub-Adviser and Portfolio Management” in its entirety and replace it with the following:

Massimo Santicchia, John W. Krey, and Michael Carapucci share the primary responsibility for the development of the investment allocations of each Fund.

Michael Carapucci has been a Portfolio Officer with SPIAS since October 2010. Mr. Carapucci participates in establishing asset allocation strategies and fund recommendations to support multi-manager products. Prior to his appointment, Mr. Carapucci was an Analyst since April 2008 and Statistician since January 2005. Mr. Carapucci was primarily responsible for fund research to support multi-manager products.

Effective September 30, 2010, in the prospectus for the JNL/Select Balanced Fund, please delete the first paragraph of the section entitled “The Sub-Adviser and Portfolio Management” in its entirety and replace it with the following:

The Sub-Adviser and Portfolio Management. The Sub-Adviser to the JNL/Select Balanced Fund is Wellington Management Company, LLP (“Wellington Management”). Wellington Management is a Massachusetts limited liability partnership with principal offices at 280 Congress Street, Boston, Massachusetts 02210. Wellington Management is a professional investment counseling firm which provides investment services to investment companies, employee benefit plans, endowments, foundations, and other institutions. Wellington Management and its predecessor organizations have provided investment advisory services for over 70 years. As of September 30, 2010, Wellington Management had investment management authority with respect to approximately $599 billion in assets.

Effective September 30, 2010, in the prospectus for the JNL/Select Money Market Fund, please delete the first paragraph of the section entitled “The Sub-Adviser” in its entirety and replace it with the following:

The Sub-Adviser. The Sub-Adviser to the JNL/Select Money Market Fund is Wellington Management Company, LLP (“Wellington Management”). Wellington Management is a Massachusetts limited liability partnership with principal offices at 280 Congress Street, Boston, Massachusetts 02210. Wellington Management is a professional investment counseling firm which provides investment services to investment companies, employee benefit plans, endowments, foundations, and other institutions. Wellington Management and its predecessor organizations have provided investment advisory services for over 70 years. As of September 30, 2010, Wellington Management had investment management authority with respect to approximately $599 billion in assets.

Effective September 30, 2010, in the prospectus for the JNL/Select Value Fund, please delete the first paragraph of the section entitled “The Sub-Adviser and Portfolio Management” in its entirety and replace it with the following:

The Sub-Adviser and Portfolio Management. The Sub-Adviser to the JNL/Select Value Fund is Wellington Management Company, LLP (“Wellington Management”). Wellington Management is a Massachusetts limited liability partnership with principal offices at 280 Congress Street, Boston, Massachusetts 02210. Wellington Management is a professional investment counseling firm which provides investment services to investment companies, employee benefit plans, endowments, foundations, and other institutions. Wellington Management and its predecessor organizations have provided investment advisory services for over 70 years. As of September 30, 2010, Wellington Management had investment management authority with respect to approximately $599 billion in assets.

This Supplement is dated November 8, 2010.

(To be used with VC5995 10/10.)

SUPPLEMENT DATED NOVEMBER 8, 2010

TO THE PROSPECTUS DATED MAY 1, 2010

JNL^® SERIES TRUST

Please note that the changes apply to your variable life product(s).

Effective September 30, 2010, in the prospectus for the JNL/Select Balanced Fund, please delete the first paragraph of the section entitled “The Sub-Adviser and Portfolio Management” in its entirety and replace it with the following:

The Sub-Adviser and Portfolio Management. The Sub-Adviser to the JNL/Select Balanced Fund is Wellington Management Company, LLP (“Wellington Management”). Wellington Management is a Massachusetts limited liability partnership with principal offices at 280 Congress Street, Boston, Massachusetts 02210. Wellington Management is a professional investment counseling firm which provides investment services to investment companies, employee benefit plans, endowments, foundations, and other institutions. Wellington Management and its predecessor organizations have provided investment advisory services for over 70 years. As of September 30, 2010, Wellington Management had investment management authority with respect to approximately $599 billion in assets.

Effective September 30, 2010, in the prospectus for the JNL/Select Money Market Fund, please delete the first paragraph of the section entitled “The Sub-Adviser” in its entirety and replace it with the following:

The Sub-Adviser. The Sub-Adviser to the JNL/Select Money Market Fund is Wellington Management Company, LLP (“Wellington Management”). Wellington Management is a Massachusetts limited liability partnership with principal offices at 280 Congress Street, Boston, Massachusetts 02210. Wellington Management is a professional investment counseling firm which provides investment services to investment companies, employee benefit plans, endowments, foundations, and other institutions. Wellington Management and its predecessor organizations have provided investment advisory services for over 70 years. As of September 30, 2010, Wellington Management had investment management authority with respect to approximately $599 billion in assets.

Effective September 30, 2010, in the prospectus for the JNL/Select Value Fund, please delete the first paragraph of the section entitled “The Sub-Adviser and Portfolio Management” in its entirety and replace it with the following:

The Sub-Adviser and Portfolio Management. The Sub-Adviser to the JNL/Select Value Fund is Wellington Management Company, LLP (“Wellington Management”). Wellington Management is a Massachusetts limited liability partnership with principal offices at 280 Congress Street, Boston, Massachusetts 02210. Wellington Management is a professional investment counseling firm which provides investment services to investment companies, employee benefit plans, endowments, foundations, and other institutions. Wellington Management and its predecessor organizations have provided investment advisory services for over 70 years. As of September 30, 2010, Wellington Management had investment management authority with respect to approximately $599 billion in assets.

This Supplement is dated November 8, 2010.

(To be used with VC5825 05/10, VC5884 05/10, VC5885 05/10, and NV5825 05/10.)

CMU6436 11/10

SUPPLEMENT DATED NOVEMBER 8, 2010

TO THE SUMMARY PROSPECTUS DATED MAY 1, 2010

SUPPLEMENT DATED NOVEMBER 8, 2010

TO THE PROSPECTUS DATED MAY 1, 2010

JNL^® SERIES TRUST

Please note that the changes apply to your variable annuity product.

Effective September 30, 2010, in the prospectus for the JNL/Select Money Market Fund, please delete the first paragraph of the section entitled “The Sub-Adviser” in its entirety and replace it with the following:

The Sub-Adviser. The Sub-Adviser to the JNL/Select Money Market Fund is Wellington Management Company, LLP (“Wellington Management”). Wellington Management is a Massachusetts limited liability partnership with principal offices at 280 Congress Street, Boston, Massachusetts 02210. Wellington Management is a professional investment counseling firm which provides investment services to investment companies, employee benefit plans, endowments, foundations, and other institutions. Wellington Management and its predecessor organizations have provided investment advisory services for over 70 years. As of September 30, 2010, Wellington Management had investment management authority with respect to approximately $599 billion in assets.

This Supplement is dated November 8, 2010.

(To be used with VC3652 05/10.)

SUPPLEMENT DATED NOVEMBER 8, 2010

TO THE SUMMARY PROSPECTUS DATED MAY 1, 2010

SUPPLEMENT DATED NOVEMBER 8, 2010

TO THE PROSPECTUS DATED MAY 1, 2010

JNL^® SERIES TRUST

Please note that the changes apply to your variable annuity product(s).

Effective October 1, 2010, in the summary prospectus for the JNL/S&P Disciplined Moderate Fund, JNL/S&P Disciplined Moderate Growth Fund, and JNL/S&P Disciplined Growth Fund, please delete the table entitled “Portfolio Managers” in its entirety and replace it with the following:

Portfolio Managers:
Name:	Joined Management Team In:	Title:
Massimo Santicchia	2008	Vice President
John W. Krey	2003	Senior Portfolio Officer
Michael Carapucci	2010	Portfolio Officer

Effective October 1, 2010, in the prospectus for the JNL/S&P Disciplined Moderate Fund, JNL/S&P Disciplined Moderate Growth Fund, and JNL/S&P Disciplined Growth Fund, please delete the second paragraph of the section entitled “The Sub-Adviser and Portfolio Management” in its entirety and replace it with the following:

Massimo Santicchia, John W. Krey, and Michael Carapucci share the primary responsibility for the development of the investment allocations of each Fund.

Michael Carapucci has been a Portfolio Officer with SPIAS since October 2010. Mr. Carapucci participates in establishing asset allocation strategies and fund recommendations to support multi-manager products. Prior to his appointment, Mr. Carapucci was an Analyst since April 2008 and Statistician since January 2005. Mr. Carapucci was primarily responsible for fund research to support multi-manager products.

This Supplement is dated November 8, 2010.

(To be used with VC6016 05/10 and NV6016 05/10.)

SUPPLEMENT DATED NOVEMBER 8, 2010

TO THE SUMMARY PROSPECTUS DATED MAY 1, 2010

SUPPLEMENT DATED NOVEMBER 8, 2010

TO THE PROSPECTUS DATED MAY 1, 2010

JNL^® SERIES TRUST

Please note that the changes apply to your variable annuity product(s).

Effective October 1, 2010, in the summary prospectus for the JNL/S&P Managed Conservative Fund, JNL/S&P Managed Moderate Fund, JNL/S&P Managed Moderate Growth Fund, JNL/S&P Managed Growth Fund, and JNL/S&P Managed Aggressive Growth Fund, please delete the table entitled “Portfolio Managers” in its entirety and replace it with the following:

Portfolio Managers:
Name:	Joined Management Team In:	Title:
Massimo Santicchia	2008	Vice President
John W. Krey	2003	Senior Portfolio Officer
Michael Carapucci	2010	Portfolio Officer

Effective October 1, 2010, in the prospectus for the JNL/S&P Managed Conservative Fund, JNL/S&P Managed Moderate Fund, JNL/S&P Managed Moderate Growth Fund, JNL/S&P Managed Growth Fund, and JNL/S&P Managed Aggressive Growth Fund, please delete the second paragraph of the section entitled “The Sub-Adviser and Portfolio Management” in its entirety and replace it with the following:

Massimo Santicchia, John W. Krey, and Michael Carapucci share the primary responsibility for the development of the investment allocations of each Fund.

Michael Carapucci has been a Portfolio Officer with SPIAS since October 2010. Mr. Carapucci participates in establishing asset allocation strategies and fund recommendations to support multi-manager products. Prior to his appointment, Mr. Carapucci was an Analyst since April 2008 and Statistician since January 2005. Mr. Carapucci was primarily responsible for fund research to support multi-manager products.

Effective September 30, 2010, in the prospectus for the JNL/Select Balanced Fund, please delete the first paragraph of the section entitled “The Sub-Adviser and Portfolio Management” in its entirety and replace it with the following:

The Sub-Adviser and Portfolio Management. The Sub-Adviser to the JNL/Select Balanced Fund is Wellington Management Company, LLP (“Wellington Management”). Wellington Management is a Massachusetts limited liability partnership with principal offices at 280 Congress Street, Boston, Massachusetts 02210. Wellington Management is a professional investment counseling firm which provides investment services to investment companies, employee benefit plans, endowments, foundations, and other institutions. Wellington Management and its predecessor organizations have provided investment advisory services for over 70 years. As of September 30, 2010, Wellington Management had investment management authority with respect to approximately $599 billion in assets.

Effective September 30, 2010, in the prospectus for the JNL/Select Money Market Fund, please delete the first paragraph of the section entitled “The Sub-Adviser” in its entirety and replace it with the following:

The Sub-Adviser. The Sub-Adviser to the JNL/Select Money Market Fund is Wellington Management Company, LLP (“Wellington Management”). Wellington Management is a Massachusetts limited liability partnership with principal offices at 280 Congress Street, Boston, Massachusetts 02210. Wellington Management is a professional investment counseling firm which provides investment services to investment companies, employee benefit plans, endowments, foundations, and other institutions. Wellington Management and its predecessor organizations have provided investment advisory services for over 70 years. As of September 30, 2010, Wellington Management had investment management authority with respect to approximately $599 billion in assets.

Effective September 30, 2010, in the prospectus for the JNL/Select Value Fund, please delete the first paragraph of the section entitled “The Sub-Adviser and Portfolio Management” in its entirety and replace it with the following:

The Sub-Adviser and Portfolio Management. The Sub-Adviser to the JNL/Select Value Fund is Wellington Management Company, LLP (“Wellington Management”). Wellington Management is a Massachusetts limited liability partnership with principal offices at 280 Congress Street, Boston, Massachusetts 02210. Wellington Management is a professional investment counseling firm which provides investment services to investment companies, employee benefit plans, endowments, foundations, and other institutions. Wellington Management and its predecessor organizations have provided investment advisory services for over 70 years. As of September 30, 2010, Wellington Management had investment management authority with respect to approximately $599 billion in assets.

This Supplement is dated November 8, 2010.

(To be used with FVC4224FT 05/10, HR105 05/10 and VC2440 05/10.)

SUPPLEMENT DATED FEBRUARY 1, 2011

TO THE SUMMARY PROSPECTUS DATED OCTOBER 11, 2010

SUPPLEMENT DATED FEBRUARY 1, 2011

TO THE PROSPECTUS DATED OCTOBER 11, 2010

JNL^® SERIES TRUST

Please note that the changes apply to your variable annuity and/or variable life product(s).

In the summary prospectus for the JNL/Eagle SmallCap Equity Fund, please delete the first paragraph of the section entitled “Principal Investment Strategies” in its entirety, and replace it with the following:

Principal Investment Strategies. The Fund seeks to achieve its objective by investing under normal circumstances at least 80% of its assets in equity securities of U.S. companies with market capitalizations in the range of the companies represented by the Russell 2000^®.

In the prospectus for the JNL/Eagle SmallCap Equity Fund, please delete the first paragraph of the section entitled “Principal Investment Strategies” in its entirety, and replace it with the following:

Principal Investment Strategies. The Fund seeks to achieve its objective by investing under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in a diversified portfolio of equity securities of U.S. companies with market capitalizations in the range of the companies represented by the Russell 2000^®. The Sub-Adviser employs a bottom-up approach to identify rapidly growing, under-researched small capitalization companies that appear to be undervalued in relation to their long-term earnings growth rate or asset value. The Sub-Adviser generally invests in companies which have accelerating earnings, reasonable valuations, strong management that participates in the ownership of the company, reasonable debt, and a high or expanding return on equity. The Fund’s equity holdings consist primarily of common stocks, but may also include preferred stocks and investment grade securities convertible into common stocks, and warrants.

This Supplement is dated February 1, 2011.

(To be used with JMV5765 10/10, JMV5765 01/11, VC5995 10/10, VC4224 10/10, JMV5763 10/10, JMV5763P 10/10, VC3656 05/10, VC5526 05/10, VC5869 10/10, VC5890 10/10, JMV2731 10/10, VC3723 05/10, VC3657 05/10, FVC4224FT 05/10, NV3174CE 05/10, NV4224 10/10, NV5526 05/10, NV5869 10/10, NV5890 10/10, NMV2731 10/10, NV3784 05/10, VC5825 05/10, VC5884 05/10, VC5885 05/10, NV5825 05/10, HR105 05/10 and VC2440 05/10.)

JNL Series Trust JNL Variable Fund LLC
	PRSRT STD
	U.S. POSTAGE
	PAID
One Corporate Way	JACKSON NATIONAL
Lansing, MI 48951	ASSET MANAGEMENT
	L.L.C.

Item 2. Code of Ethics.

As of the end of the period covered by this report, the registrant had adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no substantive amendments or any waivers to this code of ethics during the period covered by this report. A copy of this code of ethics is filed as Exhibit 12(a)(1) to this Form N-CSR.

Item 3. Audit Committee Financial Expert.

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

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

Item 4. Principal Accountant Fees and Services.

(a)-(d)

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

KPMG LLP (“KPMG”) was appointed by the Board of Trustees as the independent registered public accounting firm of the registrant for the fiscal years ended December 31, 2009 and December 31, 2010. The following table sets forth aggregate fees billed by KPMG for the respective period for professional services rendered to the registrant.

Fees for Services Rendered to the Registrant by KPMG

Fiscal Year	Audit Fees	Audit- Related Fees	Tax Fees	All Other Fees
2009	$607,173	$22,545	$160,000	$0
2010	$657,625	$18,000	$158,000	$0

The above Audit-Related Fees for 2009 and 2010 are the aggregate fees billed for professional services rendered by KPMG to the registrant for the services provided in connection with the registrant’s Rule 17f-2 security counts.

The above Tax Fees for 2009 and 2010 are the aggregate fees billed for professional services by KPMG to the registrant for tax compliance, tax advice, and tax return review.

Fees for Services Rendered to Adviser Entities by KPMG

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

Fiscal Year	Audit-Related Fees	Tax Fees	All Other Fees
2009	$48,110	$0	$0
2010	$51,129	$18,500	$0

The above Audit-Related Fees are the aggregate fees billed to Adviser Entities for the performance of an internal control review pursuant to Statement of Auditing Standards No. 70 of the adviser and administrator of the registrant.

The above Tax Fees for 2010 are the aggregate fees billed for professional services by KPMG to Adviser Entities for tax compliance, tax advice, and tax return review.

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

(e)(2) 0%

(f) Not applicable.

(g) As detailed in the tables above, the aggregate fees billed for all non-audit fees to the registrant and Adviser Entities for the fiscal year ended December 31, 2009 was $230,655. As detailed in the tables above, the aggregate fees billed for all non-audit fees to the registrant and Adviser Entities for the fiscal year ended December 31, 2010 was $245,629.

(h) For the fiscal years ended December 31, 2009 and December 31, 2010, the Audit Committee of the registrant’s Board of Trustees considered the provision of non-audit services that were rendered to the Adviser Entities that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X and concluded that such services were compatible with maintaining KPMG’s independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments

(a) Below is a Schedule I – Investments in securities of unaffiliated issuers for the JNL/BlackRock Commodity Securities Fund, the JNL/Capital Guardian Global Balanced Fund, the JNL/Capital Guardian Global Diversified Research Fund, the JNL/Eagle SmallCap Equity Fund, the JNL/Franklin Templeton Global Growth Fund, the JNL/Franklin Templeton Income Fund, the JNL/Franklin Templeton Mutual Shares Fund, the JNL/Franklin Templeton Small Cap Value Fund, the JNL/Goldman Sachs Mid Cap Value

Fund, the JNL/Goldman Sachs U.S. Equity Flex Fund, the JNL/Invesco Global Real Estate Fund, the JNL/Invesco International Growth Fund, the JNL/Invesco Large Cap Growth Fund, the JNL/Invesco Small Cap Growth Fund, the JNL/Ivy Asset Strategy Fund, the JNL/JPMorgan International Value Fund, the JNL/JPMorgan MidCap Growth Fund, the JNL/Lazard Emerging Markets Fund, the JNL/Lazard Mid Cap Equity Fund, the JNL/Mellon Capital Management International Index Fund, the JNL/Mellon Capital Management S&P 400 MidCap Index Fund, the JNL/Mellon Capital Management S&P 500 Index Fund, the JNL/Mellon Capital Management Small Cap Index Fund, the JNL/Oppenheimer Global Growth Fund, the JNL/PAM Asia ex-Japan Fund, the JNL/Select Balanced Fund, the JNL/Select Value Fund, the JNL/T.Rowe Price Established Growth Fund, the JNL/T. Rowe Price Mid-Cap Growth Fund, and the JNL/T. Rowe Price Value Fund for which a summary schedule of investments was provided in the Annual Report dated December 31, 2010, pursuant to §210.1212 of Regulation S-X.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
JNL/BlackRock Commodity Securities Fund
COMMON STOCKS - 45.9%
ENERGY - 40.1%
Acergy SA - ADR (e)		65	$    1,585
Anadarko Petroleum Corp.		125	9,493
Apache Corp.		162	19,350
Arch Coal Inc.		30	1,041
Baker Hughes Inc.		97	5,545
Berry Petroleum Co. - Class A		56	2,437
Brigham Exploration Co. (c)		197	5,359
Cabot Oil & Gas Corp. - Class A		92	3,494
Cameron International Corp. (c)		174	8,808
Canadian Natural Resources Ltd.		183	8,181
Carrizo Oil & Gas Inc. (c)		58	2,002
Cenovus Energy Inc.		120	4,027
Chevron Corp.		139	12,648
Cimarex Energy Co.		45	3,944
CNOOC Ltd. - ADR (e)		27	6,343
Coastal Energy Co. (c)		64	387
ConocoPhillips		111	7,560
Consol Energy Inc.		52	2,520
Crew Energy Inc. (c)		242	4,648
Denbury Resources Inc. (c)		46	886
Devon Energy Corp.		165	12,971
Dresser-Rand Group Inc. (c)		182	7,744
Dril-Quip Inc. (c)		76	5,921
EnCana Corp. (e)		119	3,494
EOG Resources Inc.		193	17,682
EQT Corp.		93	4,177
EXCO Resources Inc.		92	1,779
Exxon Mobil Corp.		178	13,029
FMC Technologies Inc. (c)		138	12,291
Forest Oil Corp. (c)		43	1,616
Halliburton Co.		176	7,206
Helmerich & Payne Inc.		95	4,610
Hess Corp.		84	6,423
Husky Energy Inc.		90	2,411
Marathon Oil Corp.		138	5,111
MEG Energy Corp. (c)		43	1,951
Murphy Oil Corp.		231	17,222
Nabors Industries Ltd. (c)		104	2,433
National Oilwell Varco Inc.		225	15,102
Newfield Exploration Co. (c)		67	4,818
Nexen Inc.		93	2,121
Niko Resources Ltd.		19	1,961
Noble Corp.		138	4,934
Noble Energy Inc.		80	6,858
Occidental Petroleum Corp.		132	12,950
Pan Orient Energy Corp. (c)		119	798
Paramount Resources Ltd. - Class A (c)		38	1,224
Peabody Energy Corp.		121	7,747
PetroBakken Energy Ltd. (e)		51	1,118
PetroHawk Energy Corp. (c)		42	760
Petroleo Brasileiro SA - Petrobras - ADR		100	3,794
Pioneer Natural Resources Co.		46	3,992
Pride International Inc. (c)		133	4,377
Progress Energy Resources Corp.		135	1,724
Range Resources Corp.		142	6,395
Rowan Cos. Inc. (c)		48	1,684
Saipem SpA		117	5,758
Schlumberger Ltd.		133	11,122
Southwestern Energy Co. (c)		91	3,400
Suncor Energy Inc.		325	12,498
Talisman Energy Inc.		579	12,892
Technip SA - ADR		49	4,520
Tesco Corp. (c)		81	1,284

	Shares/Par (p)		Value
Total SA - ADR		100	5,366
Transocean Ltd. (c)		128	8,899
Trican Well Service Ltd.		68	1,371
Uranium Energy Corp. (c) (q)		366	2,209
Valero Energy Corp.		68	1,580
Weatherford International Ltd. (c)		116	2,656
Whiting Petroleum Corp. (c)		46	5,443
Williams Cos. Inc.		54	1,333
			401,017
INDUSTRIALS - 0.1%
Aegean Marine Petroleum Network Inc. (e)		57	592
MATERIALS - 5.7%
Aluminum Corp. of China Ltd. - ADR (c) (e)		147	3,357
Barrick Gold Corp.		52	2,759
BHP Billiton Ltd.		56	2,608
EI Du Pont de Nemours & Co.		49	2,442
Eldorado Gold Corp.		406	7,560
Fibria Celulose SA - ADR (c) (e)		67	1,078
First Quantum Minerals Ltd. (e)		39	4,283
Franco-Nevada Corp.		64	2,138
Gammon Gold Inc. (c)		123	1,005
Goldcorp Inc.		126	5,821
HudBay Minerals Inc.		175	3,155
Inmet Mining Corp.		10	818
Newcrest Mining Ltd.		140	5,770
Newmont Mining Corp.		8	484
Praxair Inc.		18	1,739
Southern Copper Corp.		136	6,635
Vale SA - ADR (c)		169	5,856
			57,508
Total Common Stocks (cost $386,991)			459,117
WARRANTS - 0.0%
Uranium Energy Corp. (c) (q) (f)		183	—
Total Warrants (cost $0)			—
COMMODITY INDEXED STRUCTURED NOTES - 21.0%
Bank of America Corp. - Series DJUB, Dow Jones-UBS Commodity Index 2 Month Forward Total Return linked note, 0.17%, 06/07/11 (i) (f)	$	7,000	11,348
Bank of America Corp., Dow Jones-UBS Commodity Index linked note, 0.01%, 08/18/11 (i) (f)		10,000	18,778
Bank of America Corp., Dow Jones-UBS Commodity Index linked note, 0.01%, 10/24/11 (i) (f)		10,000	15,269
BNP Paribas, BNP Paribas Millenium Commodities Long/Short Excess Return Index linked note, 0.02%, 04/15/11 (r) (f) (i)		14,000	27,651
Citigroup, Dow Jones-UBS Commodity Index Total Return linked note, 0.29%, 12/15/11 (f) (i)		28,000	35,600
JP Morgan, Dow Jones-UBS Commodity Index Total Return linked note, 0.26%, 11/17/11 (f) (i)		6,000	7,869
JP Morgan, Dow Jones-UBS Commodity Index Total Return linked note, 0.26%, 12/07/11 (f) (i)		16,000	20,450
Societe Generale, Dow Jones-UBS Commodity Index Total Return linked note, 0.26%, 04/15/11 (i) (r) (f)		10,000	19,192

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

		Shares/Par (p)	Value
Societe Generale, Dow Jones-UBS Commodity Index Total Return linked note, 0.26%, 08/19/11 (i) (r) (f)		10,000	18,721
Svensk Exportkredit AB, Dow Jones-UBS Commodity Index 2 Month Forward Total Return linked note, 0.03%, 04/15/11 (i) (f)		12,000	20,033
UBS, Dow Jones-UBS Commodity Index Total Return linked note, 0.26%, 12/30/11 (f) (i)		7,500	10,193
UBS, Dow Jones-UBS Commodity Index Total Return linked note, 0.26%, 01/23/12 (f) (i)		5,000	5,667
Total Commodity Indexed Structured Notes (cost $135,500)			210,771
SHORT TERM INVESTMENTS - 51.1%
Investment Company - 6.3%
JNL Money Market Fund, 0.08% (a) (h)		62,860	62,860
Securities Lending Collateral 17.7%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)		176,969	176,969
Securities Lending Liquidating Fund LLC, 0.66% (a) (h)		698	687
			177,656
Treasury Securities 27.1%
U.S. Treasury Bill
0.13%, 03/24/11 (e)	$	10,000	9,997
0.14%, 03/31/11 (e)		261,050	260,964
			270,961
Total Short Term Investments (cost $511,488)			511,477
Total Investments - 118.0% (cost $1,033,979)			1,181,365
Other Assets and Liabilities, Net - (18.0%)			(180,433)
Total Net Assets - 100.0%			$1,000,932
JNL/Capital Guardian Global Balanced Fund
COMMON STOCKS - 65.3%
CONSUMER DISCRETIONARY - 7.6%
Adidas AG		10	$656
Anhanguera Educacional Participacoes SA		39	942
Astra International Tbk PT		40	239
Berkeley Group Holdings Plc (c)		12	165
CBS Corp. - Class B		61	1,158
Coach Inc.		11	586
Comcast Corp. - Class A		68	1,485
Daimler AG (c)		49	3,328
Denso Corp.		64	2,197
Discovery Communications Inc. - Class A (c)		24	992
DreamWorks Animation SKG Inc. - Class A (c)		10	280
GKN Plc		557	1,929
Hyundai Mobis (c)		6	1,528
Isuzu Motors Ltd.		55	249
Li & Fung Ltd.		120	696
Li Ning Co. Ltd. (e)		69	145
Lowe’s Cos. Inc.		22	554
Mazda Motor Corp.		49	140
McDonald’s Corp.		3	230
Nike Inc. - Class B		8	709
SES SA - FDR - Class A		69	1,652
Shimamura Co. Ltd.		8	722
Target Corp.		74	4,426
Time Warner Cable Inc.		4	271
Urban Outfitters Inc. (c)		39	1,393

	Shares/Par (p)	Value
Urbi Desarrollos Urbanos SAB DE CV (c) (e)	47	111
Walt Disney Co.	16	600
		27,383
CONSUMER STAPLES - 4.6%
Avon Products Inc.	8	230
Coca-Cola Amatil Ltd.	28	307
Colgate-Palmolive Co.	12	989
Danone SA	33	2,103
General Mills Inc.	6	214
Hypermarcas SA (c)	51	688
Imperial Tobacco Group Plc	16	500
Kraft Foods Inc. - Class A	6	202
KT&G Corp. (c)	1	31
KT&G Corp. - GDR (c) (q)	4	122
L’Oreal SA	3	366
Magnit OJSC - GDR	20	586
Marfrig Frigorificos e Comercio de Alimentos SA	21	193
Nestle SA	22	1,287
Organizacion Soriana SAB de CV	5	15
PepsiCo Inc.	5	294
Pernod-Ricard SA (e)	16	1,480
Philip Morris International Inc.	29	1,703
Procter & Gamble Co.	31	1,988
Tesco Plc	237	1,573
United Spirits Ltd.	52	1,691
		16,562
ENERGY - 7.4%
Anadarko Petroleum Corp.	21	1,630
Baker Hughes Inc.	13	732
BG Group Plc	102	2,059
Cairn Energy Plc (c)	86	564
Cameco Corp.	83	3,356
Canadian Natural Resources Ltd.	7	312
Cenovus Energy Inc.	31	1,021
Chevron Corp.	8	684
China Shenhua Energy Co. Ltd. - Class H	291	1,219
Gazprom OAO - ADR	36	912
Halliburton Co.	48	1,952
Lukoil OAO - ADR	3	154
Noble Energy Inc.	26	2,204
Oil Search Ltd.	30	212
Paladin Energy Ltd. (c)	49	247
Reliance Industries Ltd.	23	553
Repsol YPF SA	27	756
Royal Dutch Shell Plc - Class A	34	1,126
Sasol Ltd.	28	1,477
Schlumberger Ltd.	27	2,246
SeaDrill Ltd.	11	362
TMK OAO - GDR (c)	1	26
Transocean Ltd. (c)	4	263
Ultra Petroleum Corp. (c)	6	287
Uranium One Inc.	30	144
Weatherford International Ltd. (c)	93	2,125
		26,623
FINANCIALS - 11.0%
ACE Ltd.	3	193
Agricultural Bank of China - Class H (c) (e) (q)	863	433
AIA Group Ltd. (c) (q)	723	2,031
Allianz SE	4	416
Allstate Corp.	49	1,565
AON Corp.	8	373
Arthur J Gallagher & Co.	27	776
Azrieli Group (c)	19	532
Banco Bradesco SA - ADR (e)	50	1,007

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par	(p)	Value
Bangkok Bank PCL	45		220
Bank of China Ltd. - Class H	581		306
Bank of New York Mellon Corp.	3		91
Barclays Plc	305		1,243
BNP Paribas (q)	10		609
BOC Hong Kong Holdings Ltd.	85		288
Charles Schwab Corp.	69		1,187
China Life Insurance Co. Ltd.	82		335
China Overseas Land & Investment Ltd. (e)	46		85
CIMB Group Holdings Bhd	356		982
CME Group Inc.	1		225
DBS Group Holdings Ltd.	20		226
DLF Ltd.	345		2,252
First Pacific Co. Ltd.	188		169
Goldman Sachs Group Inc.	8		1,328
Grupo Financiero Inbursa SA	440		1,932
HDFC Bank Ltd.	20		1,028
Housing Development & Infrastructure Ltd. (c)	46		198
HSBC Holdings Plc	276		2,808
ICICI Bank Ltd.	15		387
Industrial & Commercial Bank of China – Class H	1,542		1,148
Intact Financial Corp.	3		148
Itau Unibanco Holding SA - ADR	10		252
JPMorgan Chase & Co.	15		645
Kotak Mahindra Bank Ltd.	11		114
Link REIT	166		516
Lloyds Banking Group Plc (c)	307		315
Mitsui Fudosan Co. Ltd.	89		1,769
MSCI Inc. - Class A (c)	38		1,469
Plum Creek Timber Co. Inc.	12		446
Powszechny Zaklad Ubezpieczen SA	6		757
Progressive Corp.	72		1,425
Sampo Oyj - Class A	28		754
Sberbank - GDR (e)	6		2,513
SinoPac Financial Holdings Co. Ltd.	1,316		607
Swire Pacific Ltd. - Class A	27		444
UBS AG (c)	65		1,065
UniCredit SpA (q)	369		764
Vienna Insurance Group	4		214
Wharf Holdings Ltd.	127		977
			39,567
HEALTH CARE - 5.2%
Allergan Inc.	7		474
Baxter International Inc.	14		709
Bayer AG	20		1,498
Bristol-Myers Squibb Co.	14		371
Celgene Corp. (c)	29		1,733
Cerner Corp. (c) (e)	21		2,027
CSL Ltd.	39		1,444
Medtronic Inc.	22		823
Merck & Co. Inc.	30		1,092
Novo-Nordisk A/S - Class B	16		1,836
Roche Holding AG	22		3,219
Shire Plc	96		2,305
Shire Plc - ADR (e)	4		268
Sysmex Corp.	15		1,031
			18,830
INDUSTRIALS - 6.6%
Adani Enterprises Ltd.	43		630
Andritz AG	9		820
Assa Abloy AB - Class B	46		1,283
China Railway Construction Corp. Ltd. – Class H (c)	472		568
China Railway Group Ltd. - Class H	1,040		751
Cia de Concessoes Rodoviarias	33		932

	Shares/Par	(p)	Value
Danaher Corp.	7		349
DP World Ltd.	190		120
Emerson Electric Co.	24		1,372
Empresas ICA SAB de CV (c) (e)	44		111
Fanuc Ltd.	6		841
FedEx Corp.	27		2,521
Harbin Power Equipment Co. Ltd. (e)	554		874
Hyundai Engineering & Construction Co. Ltd. (c)	12		765
Impulsora del Desarrollo y El Empleo en America Latina SAB de CV (c)	112		159
Jardine Matheson Holdings Ltd.	6		282
Kurita Water Industries Ltd.	41		1,293
Mills Estruturas e Servicos de Engenharia SA (c)	6		76
Mitsui OSK Lines Ltd.	119		806
Norfolk Southern Corp.	29		1,828
Sany Heavy Equipment International Holdings Co. Ltd.	425		627
Siemens AG	32		3,984
SMC Corp.	5		819
Sumitomo Corp.	123		1,729
			23,540
INFORMATION TECHNOLOGY - 11.7%
Akamai Technologies Inc. (c)	19		870
Apple Inc. (c)	7		2,129
ASML Holding NV	52		1,998
Autonomy Corp. Plc (c)	17		392
Broadcom Corp. - Class A	20		871
Canon Inc. (e)	17		883
Cisco Systems Inc. (c)	43		860
Daum Communications Corp. (c)	4		255
Delta Electronics Inc.	200		977
First Solar Inc. (c) (e)	8		1,002
Genpact Ltd. (c)	73		1,102
Google Inc. - Class A (c)	5		2,732
HON HAI Precision Industry Co. Ltd.	17		68
HON HAI Precision Industry Co. Ltd. - GDR	35		282
Hynix Semiconductor Inc. (c)	5		102
Ibiden Co. Ltd.	16		486
International Business Machines Corp.	16		2,348
Juniper Networks Inc. (c)	127		4,685
Keyence Corp.	1		300
KLA-Tencor Corp.	44		1,689
Maxim Integrated Products Inc.	35		831
Microchip Technology Inc. (e)	8		274
Murata Manufacturing Co. Ltd.	27		1,857
Nintendo Co. Ltd.	13		3,649
Oracle Corp.	35		1,105
Oracle Corp. Japan	16		804
QUALCOMM Inc.	36		1,787
Redecard SA	6		74
Samsung Electronics Co. Ltd.	2		1,795
Samsung Electronics Co. Ltd. - GDR	1		308
SAP AG	28		1,442
Suntech Power Holdings Co. Ltd. - ADR (c) (e)	23		186
TDK Corp.	4		277
Trend Micro Inc. (c) (e)	50		1,656
Visa Inc. - Class A	14		950
Yahoo! Japan Corp.	3		1,081
			42,107
MATERIALS - 6.6%
Air Liquide	4		524
Allegheny Technologies Inc.	30		1,677
Alumina Ltd.	442		1,120
Anglo American Plc	10		494

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
AngloGold Ashanti Ltd. (e)		9	437
Barrick Gold Corp.		23	1,219
China Shanshui Cement Group Ltd.		549	392
Cliffs Natural Resources Inc.		10	780
CRH Plc		90	1,874
Evraz Group SA - GDR (c)		5	185
Grupo Mexico SAB de CV (c)		46	186
Harmony Gold Mining Co. Ltd		9	107
Harmony Gold Mining Co. Ltd. - ADR (e)		21	257
HeidelbergCement AG		3	163
Holcim Ltd.		10	749
Indocement Tunggal Prakarsa Tbk PT		9	16
Inmet Mining Corp.		6	493
Ivanhoe Mines Ltd. (c)		12	271
Labrador Iron Ore Royalty Corp.		8	555
Lee & Man Paper Manufacturing Ltd.		738	559
LG Chem Ltd. (c)		4	1,388
LG Chem Ltd. - GDR (c) (q)		2	276
Monsanto Co.		41	2,876
Rio Tinto Plc		6	406
Sappi Ltd. (c)		124	641
Semen Gresik Persero Tbk PT		473	495
Shin-Etsu Chemical Co. Ltd.		3	167
Stora Enso Oyj - Class R		60	621
Sumitomo Chemical Co. Ltd.		287	1,409
Syngenta AG		7	1,923
United Co. RUSAL Plc (c)		144	221
Vale SA - ADR		3	75
Vulcan Materials Co. (e)		11	497
Xstrata Plc		19	453
			23,506
TELECOMMUNICATION SERVICES - 3.7%
America Movil SAB de CV - ADR		3	189
American Tower Corp. - Class A (c)		41	2,102
Bharti Airtel Ltd.		53	428
China Mobile Ltd.		49	487
France Telecom SA		7	156
Koninklijke KPN NV		70	1,016
Magyar Telekom Telecommunications Plc		63	156
Maxis Bhd		252	434
MTN Group Ltd. (c)		13	265
Rostelecom OJSC - ADR		1	35
SK Telecom Co. Ltd.		1	210
SK Telecom Co. Ltd. - ADR		16	304
SoftBank Corp.		95	3,276
Tele Norte Leste Participacoes SA		1	16
Telefonos de Mexico SAB de CV		50	40
Telefonos de Mexico SAB de CV - ADR (e)		48	780
Telekomunikacja Polska SA		150	826
Telstra Corp. Ltd.		98	280
TELUS Corp. (e)		5	235
Verizon Communications Inc.		38	1,345
Vodafone Group Plc		207	534
			13,114
UTILITIES - 0.9%
China Longyuan Power Group Corp. – Class H (c) (e)		236	216
Companhia Energetica de Minas Gerais – ADR (e)		12	202
Edison International		4	162
Electricite de France SA		6	230
GDF Suez		21	739
Hong Kong & China Gas Co. Ltd. (e)		215	507
National Grid Plc		25	215

	Shares/Par (p)		Value
Veolia Environnement		34	980
			3,251
Total Common Stocks (cost $194,712)			234,483
PREFERRED STOCKS - 0.4%
INFORMATION TECHNOLOGY - 0.0%
ASAT Holdings Ltd. (f) (q)		7	—
MATERIALS - 0.1%
Vale SA, Class A		6	176
TELECOMMUNICATION SERVICES - 0.1%
Tele Norte Leste Participacoes SA		21	305
UTILITIES - 0.2%
Cia Energetica de Sao Paulo, Class B		52	839
Total Preferred Stocks (cost $1,059)			1,320
RIGHTS - 0.0%
Ivanhoe Mines Ltd. (c)		12	16
Total Rights (cost $0)			16
CORPORATE BONDS AND NOTES - 5.7%
CONSUMER DISCRETIONARY - 0.7%
Altegrity Inc., 10.50%, 11/01/15 (q)	$	200	205
AMC Entertainment Inc., 8.75%, 06/01/19 (e)		300	320
CCO Holdings LLC, 7.25%, 10/30/17		400	406
Comcast Corp., 5.88%, 02/15/18		250	278
Michaels Stores Inc., 7.75%, 11/01/18 (e) (q)		250	249
Nextel Communications Inc., 7.38%, 08/01/15		300	301
Time Warner Inc., 5.88%, 11/15/16		450	508
Toys R Us Property Co. II LLC, 8.50%, 12/01/17		200	215
			2,482
CONSUMER STAPLES - 0.3%
Anheuser-Busch InBev NV, 8.63%, 01/30/17, EUR		425	722
Imperial Tobacco Finance Plc, 8.38%, 02/17/16, EUR		250	407
Tesco Plc, 5.50%, 01/13/33, GBP		100	158
			1,287
ENERGY - 0.0%
Petrobras International Finance Co., 6.88%, 01/20/40 (e)		85	89
FINANCIALS - 2.4%
Bank of America Corp., 5.75%, 12/01/17		480	500
Barclays Bank Plc, 5.13%, 01/08/20 (e)		285	291
CIT Group Inc., 7.00%, 05/01/15 (e)		400	401
Depfa ACS Bank, 3.25%, 02/15/12, EUR		550	726
Eurohypo AG, 4.50%, 01/21/13, EUR		100	141
Ford Motor Credit Co. LLC, 8.00%, 12/15/16		375	419
Goldman Sachs Group Inc., 5.38%, 03/15/20		300	310
JPMorgan Chase & Co., 4.40%, 07/22/20		325	320
Liberty Mutual Group Inc., 7.50%, 08/15/36 (q)		350	348
Lloyds TSB Bank Plc, 6.38%, 06/17/16, EUR		500	718
Merrill Lynch & Co. Inc., 4.63%, 09/14/18, EUR		250	297
Muenchener Rueckversicherungs AG, 6.75%, 06/21/23, EUR		150	209
Nordea Hypotek AB, 4.00%, 06/18/14, SEK		2,600	394
ProLogis, 7.38%, 10/30/19		600	655
Rodamco Europe Finance BV, 3.75%, 12/12/12, EUR		200	275

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Royal Bank of Scotland Plc
4.38%, 07/13/16, EUR		250		343
6.93%, 04/09/18, EUR		550		695
Societe Generale, 5.75%, 04/20/16 (q)		150		159
Standard Chartered Bank, 6.40%, 09/26/17 (q)		300		321
UBS AG Stamford, 5.88%, 12/20/17		175		192
Westfield Europe Finance Plc.
3.63%, 06/27/12, EUR		400		542
5.50%, 06/27/17, GBP		150		244
				8,500
HEALTH CARE - 0.5%
HCA Inc.
6.38%, 01/15/15		300		295
9.25%, 11/15/16		75		80
Merck & Co Inc., 5.38%, 10/01/14, EUR		350		514
Pfizer Inc., 6.20%, 03/15/19		400		469
Roche Holdings Inc., 6.00%, 03/01/19 (l) (q)		400		465
				1,823
INDUSTRIALS - 0.2%
TransDigm Inc., 7.75%, 12/15/18 (e) (q)		400		414
Volvo AB, 5.00%, 05/31/17, EUR		150		210
				624
INFORMATION TECHNOLOGY - 0.2%
First Data Corp.
9.88%, 09/24/15		23		22
8.25%, 01/15/21 (q)		100		96
12.63%, 01/15/21 (e) (q)		201		192
8.75%, 01/15/22 (e) (q)		100		96
NXP BV, 7.88%, 10/15/14		200		208
				614
MATERIALS - 0.1%
Georgia Gulf Corp., 9.00%, 01/15/17 (q)		300		326
TELECOMMUNICATION SERVICES - 0.6%
AT&T Inc., 2.50%, 08/15/15		600		598
AT&T Wireless Services Inc, 8.13%, 05/01/12		250		273
France Telecom SA, 7.50%, 03/14/11, GBP		150		237
Koninklijke KPN NV, 4.75%, 01/17/17, EUR		200		283
Telecom Italia Finance SA, 7.75%, 01/24/33, EUR		150		212
Telecom Italia SpA, 8.25%, 03/21/16, EUR		150		234
Vodafone Group Plc, 4.75%, 06/14/16, EUR		350		501
				2,338
UTILITIES - 0.7%
Abu Dhabi National Energy Co., 6.17%, 10/25/17		300		316
AES Corp., 7.75%, 10/15/15		125		133
AES Panama SA, 6.35%, 12/21/16 (q)		300		322
Dubai Electricity & Water Authority
6.38%, 10/21/16 (q)		100		97
7.38%, 10/21/20 (q)		125		117
E.ON International Finance BV, 5.80%, 04/30/18 (e) (q)		500		565
Edison Mission Energy, 7.75%, 06/15/16		150		129
National Grid Plc, 6.30%, 08/01/16 (e)		300		342
Veolia Environnement, 5.25%, 06/03/13		525		567
				2,588
Total Corporate Bonds and Notes (cost $20,419)				20,671

	Shares/Par (p)		Value
GOVERNMENT AND AGENCY OBLIGATIONS - 24.6%
GOVERNMENT SECURITIES - 21.8%
Sovereign - 16.0%
Brazil Notas do Tesouro Nacional - Series B, 6.00%, 05/15/17, BRL		580		699
Bundesrepublic Deutschland, 3.00%, 07/04/20, EUR		3,600		4,835
Canadian Government Bond
4.50%, 06/01/15, CAD		1,750		1,922
4.25%, 06/01/18, CAD		300		329
Colombia Government International Bond
12.00%, 10/22/15, COP		231,000		160
9.85%, 06/28/27, COP		285,000		210
Croatia Government International Bond, 6.75%, 11/05/19 (q)		625		654
Denmark Government Bond, 5.00%, 11/15/13, DKK		11,975		2,365
Dominican Republic International Bond, 8.63%, 04/20/27 (q)		150		168
Egypt Government International Bond, 5.75%, 04/29/20 (q)		125		129
France Government Bond, 4.25%, 10/25/23, EUR		300		429
Hungary Government International Bond, 5.50%, 02/12/14, HUF		100,000		452
Indonesia Government Bond
12.50%, 03/15/13, IDR		250,000		31
11.00%, 10/15/14, IDR		65,000		8
9.50%, 06/15/15, IDR		3,000,000		366
10.75%, 05/15/16, IDR		145,000		19
12.80%, 06/15/21, IDR		495,000		74
Italy Buoni Poliennali Del Tesoro
5.00%, 02/01/12, EUR		825		1,132
4.50%, 03/01/19, EUR		350		467
Japan Government Bond
1.10%, 03/21/11, JPY		105,000		1,296
1.70%, 09/20/17, JPY		325,000		4,277
2.30%, 12/20/35, JPY		50,000		655
Korea Treasury Bond, 4.25%, 09/10/14, KRW		2,550,000		2,268
Malaysia Government Bond, 5.09%, 04/30/14, MYR		9,325		3,199
Mexican Bonos
9.50%, 12/18/14, MXN		29,000		2,628
7.75%, 12/14/17, MXN		3,800		327
Netherlands Government Bond, 3.25%, 07/15/15, EUR		1,250		1,765
Norway Government Bond, 6.50%, 05/15/13, NOK		4,750		888
Poland Government Treasury International Bond
5.75%, 04/25/14, PLN		5,250		1,808
5.25%, 10/25/17, PLN		3,000		990
6.38%, 07/15/19		650		728
Queensland Treasury Corp., 6.00%, 10/14/15, AUD		3,500		3,622
Republic of Argentina
8.28%, 12/31/33 (e)		385		358
2.28%, 12/15/35 (e) (i)		515		78
Republic of Deutschland
3.75%, 07/04/13, EUR		250		357
4.25%, 07/04/14 - 07/04/18 , EUR		4,195		6,180
3.25%, 07/04/15, EUR		825		1,172
4.75%, 07/04/34, EUR		950		1,514
4.00%, 01/04/37, EUR		100		145
Republic of Hungary, 6.25%, 01/29/20 (e)		400		387
Republic of Iraq, 5.80%, 01/15/28		500		455
Republic of Turkey, 7.50%, 11/07/19		150		178
Republic of Venezuela, 9.38%, 01/13/34		300		203

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Singapore Government Bond, 3.75%, 09/01/16, SGD		1,950		1,677
Sweden Government Bond, 6.75%, 05/05/14, SEK		13,250		2,238
Thailand Government Bond
5.25%, 05/12/14, THB		1,650		58
3.63%, 05/22/15, THB		4,150		140
Turkey Government International Bond
16.00%, 03/07/12 - 08/28/13 , TRY		350		271
6.75%, 05/30/40		150		164
United Kingdom Treasury Bond
2.75%, 01/22/15, GBP		200		320
4.00%, 09/07/16, GBP		400		672
4.50%, 03/07/19, GBP		375		639
5.00%, 03/07/25, GBP		400		700
4.75%, 12/07/38, GBP		350		596
				57,402
Treasury Inflation Index Securities - 0.5%
Republic of Turkey Treasury Inflation Indexed Note, 10.00%, 02/15/12 (n), TRY		305		217
U.S. Treasury Inflation Indexed Note, 2.00%, 07/15/14 (n)		1,479		1,599
				1,816
U.S. Treasury Securities - 5.3%
U.S. Treasury Bond
5.25%, 02/15/29		1,000		1,147
4.38%, 02/15/38		1,650		1,667
U.S. Treasury Note
0.75%, 05/31/12		4,500		4,521
2.75%, 02/28/13		2,650		2,770
4.25%, 08/15/13 - 11/15/13		7,700		8,393
3.50%, 02/15/18		400		421
				18,919
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES - 2.8%
Federal National Mortgage Association - 2.2%
Federal National Mortgage Association
4.00%, 06/01/25		1,894		1,958
3.50%, 12/01/25		1,475		1,489
5.50%, 06/01/38, TBA (g)		1,943		2,080
6.00%, 07/01/38		1,254		1,365
5.00%, 04/01/39		822		865
				7,757
Government National Mortgage Association - 0.6%
Government National Mortgage Association
4.50%, 11/20/39		791		823
4.00%, 01/15/41, TBA (g)		1,500		1,510
				2,333
Total Government and Agency Obligations (cost $85,462)				88,227
SHORT TERM INVESTMENTS - 8.4%
Investment Company - 4.5%
JNL Money Market Fund, 0.08% (a) (h)		16,241		16,241
Securities Lending Collateral 3.9%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)		12,684		12,684
Securities Lending Liquidating Fund LLC, 0.66% (a) (h)		1,207		1,187
				13,871
Total Short Term Investments (cost $30,132)				30,112

	Shares/Par (p)		Value
Total Investments - 104.4% (cost $331,784)				374,829
Other Assets and Liabilities, Net - (4.4%)				(15,815)
Total Net Assets - 100.0%			$	359,014
JNL/Capital Guardian Global Diversified Research Fund
COMMON STOCKS - 96.6%
CONSUMER DISCRETIONARY - 8.3%
Astra International Tbk PT		187	$	1,127
Comcast Corp. - Class A		145		3,190
Daimler AG (c)		51		3,443
Denso Corp.		64		2,211
Discovery Communications Inc. - Class A (c)		33		1,384
DreamWorks Animation SKG Inc. - Class A (c)		72		2,107
Gannett Co. Inc.		83		1,248
Isuzu Motors Ltd.		338		1,527
Lowe’s Cos. Inc.		102		2,558
Mazda Motor Corp.		633		1,806
McDonald’s Corp.		34		2,641
Nike Inc. - Class B		23		1,990
Shimamura Co. Ltd.		19		1,749
Target Corp.		82		4,913
Time Warner Cable Inc.		37		2,430
Urban Outfitters Inc. (c)		51		1,830
				36,154
CONSUMER STAPLES - 8.0%
Avon Products Inc.		71		2,066
Coca-Cola Amatil Ltd. (e)		348		3,865
Danone SA		73		4,570
General Mills Inc.		77		2,726
Imperial Tobacco Group Plc		121		3,704
Kraft Foods Inc. - Class A		86		2,723
PepsiCo Inc.		43		2,822
Pernod-Ricard SA		66		6,247
Philip Morris International Inc.		45		2,651
Procter & Gamble Co.		53		3,429
				34,803
ENERGY - 14.5%
BG Group Plc		538		10,861
Cairn Energy Plc (c)		475		3,110
Cameco Corp.		63		2,562
Canadian Natural Resources Ltd.		70		3,132
Cenovus Energy Inc.		126		4,214
Chevron Corp.		70		6,415
China Shenhua Energy Co. Ltd. - Class H		922		3,867
Gazprom OAO - ADR		174		4,383
Halliburton Co.		88		3,577
Oil Search Ltd. (e)		288		2,075
Reliance Industries Ltd.		48		1,136
Royal Dutch Shell Plc - Class A		156		5,166
Schlumberger Ltd.		36		2,998
SeaDrill Ltd.		48		1,651
Total SA		42		2,215
Transocean Ltd. (c)		21		1,487
Ultra Petroleum Corp. (c)		45		2,131
Weatherford International Ltd. (c)		110		2,510
				63,490
FINANCIALS - 16.0%
AIA Group Ltd. (c) (q)		1,241		3,489
Allstate Corp.		89		2,831

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
AON Corp.		65		2,977
Bank of China Ltd. - Class H		7,530		3,972
Bank of New York Mellon Corp.		37		1,114
Barclays Plc		548		2,234
BNP Paribas (q)		25		1,609
Charles Schwab Corp.		132		2,255
CIMB Group Holdings Bhd		540		1,489
CME Group Inc. - Class A		8		2,413
DBS Group Holdings Ltd.		177		1,973
DLF Ltd.		125		816
Goldman Sachs Group Inc.		23		3,901
Grupo Financiero Inbursa SA		273		1,199
HSBC Holdings Plc		385		3,906
Industrial & Commercial Bank of China – Class H		5,235		3,900
Intact Financial Corp.		35		1,785
Itau Unibanco Holding SA - ADR		72		1,729
JPMorgan Chase & Co.		54		2,269
Link REIT		1,582		4,914
Lloyds Banking Group Plc (c)		2,662		2,727
Mitsui Fudosan Co. Ltd.		62		1,232
Plum Creek Timber Co. Inc.		25		918
Progressive Corp.		127		2,525
Sampo Oyj		107		2,864
UBS AG (c)		204		3,347
Wells Fargo & Co.		42		1,314
Wharf Holdings Ltd.		551		4,239
				69,941
HEALTH CARE - 7.5%
Allergan Inc.		71		4,896
Bayer AG		57		4,214
Celgene Corp. (c)		43		2,561
Cerner Corp. (c) (e)		31		2,908
CSL Ltd.		67		2,487
Merck & Co. Inc.		74		2,681
Novo-Nordisk A/S - Class B		36		4,045
Roche Holding AG		20		2,881
Shire Plc		201		4,828
Sysmex Corp.		19		1,286
				32,787
INDUSTRIALS - 6.9%
Assa Abloy AB - Class B		101		2,846
China Railway Construction Corp. Ltd. – Class H (c)		938		1,129
China Railway Group Ltd. - Class H		1,715		1,238
Cia de Concessoes Rodoviarias		62		1,752
Danaher Corp.		64		3,019
Emerson Electric Co.		27		1,526
FedEx Corp.		33		3,088
Jardine Matheson Holdings Ltd.		56		2,482
Kurita Water Industries Ltd.		42		1,306
Mitsui OSK Lines Ltd.		444		3,009
Norfolk Southern Corp.		34		2,123
Siemens AG		41		5,055
Sumitomo Corp.		101		1,420
				29,993
INFORMATION TECHNOLOGY - 15.4%
Apple Inc. (c)		13		4,064
ASML Holding NV		95		3,684
ASML Holding NV - NYS		14		548
Autonomy Corp. Plc (c)		72		1,689
Canon Inc. (e)		42		2,157
Cisco Systems Inc. (c)		86		1,744
Delta Electronics Inc.		393		1,921
First Solar Inc. (c) (e)		6		807

	Shares/Par (p)		Value
Google Inc. - Class A (c)		6		3,445
Ibiden Co. Ltd.		45		1,408
International Business Machines Corp.		27		3,933
Juniper Networks Inc. (c)		78		2,869
Keyence Corp.		12		3,353
KLA-Tencor Corp.		34		1,322
Maxim Integrated Products Inc.		182		4,299
Murata Manufacturing Co. Ltd.		30		2,094
Nintendo Co. Ltd.		7		2,131
Oracle Corp.		105		3,299
Oracle Corp. Japan		22		1,079
QUALCOMM Inc.		102		5,028
Samsung Electronics Co. Ltd.		2		1,804
Samsung Electronics Co. Ltd. - GDR		9		3,700
SAP AG		49		2,493
TDK Corp.		41		2,839
Trend Micro Inc. (c) (e)		57		1,866
Visa Inc. - Class A		55		3,836
				67,412
MATERIALS - 11.9%
Air Products & Chemicals Inc.		27		2,410
Allegheny Technologies Inc.		47		2,571
Anglo American Plc		81		4,212
Barrick Gold Corp.		40		2,122
Cliffs Natural Resources Inc.		47		3,690
CRH Plc		78		1,606
HeidelbergCement AG		22		1,352
Holcim Ltd.		18		1,373
Inmet Mining Corp.		54		4,218
LG Chem Ltd. - GDR (c) (q)		21		3,600
Monsanto Co.		16		1,128
Newcrest Mining Ltd.		81		3,354
Rio Tinto Plc		54		3,776
Sappi Ltd. (c)		235		1,214
Shin-Etsu Chemical Co. Ltd.		31		1,671
Stora Enso Oyj - Class R		243		2,501
Sumitomo Chemical Co. Ltd.		406		1,993
Syngenta AG		14		4,163
Vale SA - ADR		50		1,517
Xstrata Plc		160		3,760
				52,231
TELECOMMUNICATION SERVICES - 5.8%
American Tower Corp. - Class A (c)		173		8,949
Bharti Airtel Ltd.		250		2,006
France Telecom SA		97		2,028
Koninklijke KPN NV		295		4,309
MTN Group Ltd. (c)		117		2,387
SoftBank Corp.		78		2,683
Telstra Corp. Ltd.		546		1,557
TELUS Corp. (e)		38		1,653
				25,572
UTILITIES - 2.3%
Edison International		48		1,849
GDF Suez		53		1,912
Hong Kong & China Gas Co. Ltd.		1,073		2,529
National Grid Plc		218		1,880
Veolia Environnement		60		1,764
				9,934
Total Common Stocks (cost $351,384)				422,317

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
CORPORATE BONDS AND NOTES - 0.1%
ENERGY - 0.1%
Seadrill Ltd., 3.63%, 11/08/12	$	300		372
Total Corporate Bonds and Notes (cost $191)				372
SHORT TERM INVESTMENTS - 5.6%
Investment Company - 3.3%
JNL Money Market Fund, 0.08% (a) (h)		14,275		14,275
Securities Lending Collateral 2.3%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)		9,218		9,218
Securities Lending Liquidating Fund LLC, 0.66% (a) (h)		889		874
				10,092
Total Short Term Investments (cost $24,382)				24,367
Total Investments - 102.3% (cost $375,957)				447,056
Other Assets and Liabilities, Net - (2.3%)				(9,848)
Total Net Assets - 100.0%			$	437,208
JNL/Eagle SmallCap Equity Fund
COMMON STOCKS - 99.0%
CONSUMER DISCRETIONARY - 21.6%
American Axle & Manufacturing Holdings Inc. (c)		710	$	9,135
ArvinMeritor Inc. (c)		455		9,339
Bally Technologies Inc. (c)		231		9,748
BJ’s Restaurants Inc. (c)		277		9,812
Buffalo Wild Wings Inc. (c) (e)		86		3,759
Chico’s FAS Inc.		568		6,834
Genesco Inc. (c)		455		17,059
Gentex Corp.		214		6,326
Orient-Express Hotels Ltd. - Class A (c)		318		4,125
Pinnacle Entertainment Inc. (c)		419		5,877
Shuffle Master Inc. (c)		928		10,624
Sotheby’s - Class A		165		7,431
Steven Madden Ltd. (c)		125		5,214
Universal Electronics Inc. (c)		296		8,387
Vitamin Shoppe Inc. (c)		401		13,491
				127,161
CONSUMER STAPLES - 1.9%
Herbalife Ltd.		82		5,624
The Fresh Market Inc. (c)		131		5,410
				11,034
ENERGY - 7.4%
Cloud Peak Energy Inc. (c)		286		6,641
Lufkin Industries Inc.		291		18,154
Oasis Petroleum Inc. (c)		289		7,827
OYO Geospace Corp. (c)		113		11,150
				43,772
FINANCIALS - 4.9%
Cash America International Inc.		265		9,803
Duff & Phelps Corp. - Class A		240		4,038
DuPont Fabros Technology Inc. (e)		105		2,224
MGIC Investment Corp. (c)		338		3,449
optionsXpress Holdings Inc. (c)		192		3,008
Redwood Trust Inc.		297		4,428

	Shares/Par (p)		Value
UMB Financial Corp.		53		2,183
				29,133
HEALTH CARE - 16.5%
Allscripts Healthcare Solutions Inc. (c)		382		7,352
American Medical Systems Holdings Inc. (c)		404		7,624
ArthroCare Corp. (c)		141		4,379
BioMarin Pharmaceutical Inc. (c) (e)		218		5,871
Bruker Corp. (c)		384		6,370
Catalyst Health Solutions Inc. (c)		99		4,599
Centene Corp. (c)		221		5,593
Genoptix Inc. (c)		216		4,116
ICON Plc - ADR (c)		247		5,406
MedAssets Inc. (c)		287		5,800
Quality Systems Inc. (e)		123		8,620
Regeneron Pharmaceuticals Inc. (c)		149		4,881
Salix Pharmaceuticals Ltd. (c)		95		4,468
Seattle Genetics Inc. (c) (e)		241		3,597
Sirona Dental Systems Inc. (c)		188		7,868
Thoratec Corp. (c)		289		8,182
Vital Images Inc. (c)		198		2,762
				97,488
INDUSTRIALS - 14.5%
Atlas Air Worldwide Holdings Inc. (c)		104		5,800
FTI Consulting Inc. (c)		158		5,889
Geo Group Inc. (c)		451		11,128
GrafTech International Ltd. (c)		591		11,722
JetBlue Airways Corp. (c)		885		5,849
Landstar System Inc.		132		5,412
Northwest Pipe Co. (c)		168		4,044
Regal-Beloit Corp.		124		8,279
Triumph Group Inc.		72		6,393
WABCO Holdings Inc. (c)		203		12,381
Waste Connections Inc.		321		8,850
				85,747
INFORMATION TECHNOLOGY - 26.3%
Ansys Inc. (c)		175		9,090
Coherent Inc. (c)		186		8,399
Compuware Corp. (c)		752		8,778
DTS Inc. (c)		240		11,767
EMS Technologies Inc. (c)		336		6,647
Fortinet Inc. (c) (e)		193		6,244
Informatica Corp. (c) (e)		237		10,426
Monster Worldwide Inc. (c)		168		3,978
NetLogic Microsystems Inc. (c)		206		6,483
Nice Systems Ltd. - ADR (c)		185		6,458
Progress Software Corp. (c)		160		6,772
Radiant Systems Inc. (c)		342		6,683
Riverbed Technology Inc. (c)		351		12,342
Rovi Corp. (c)		248		15,409
SuccessFactors Inc. (c)		218		6,306
Teradyne Inc. (c)		421		5,912
TIBCO Software Inc. (c)		548		10,793
Varian Semiconductor Equipment Associates Inc. (c)		163		6,015
Veeco Instruments Inc. (c) (e)		153		6,574
				155,076
MATERIALS - 5.9%
Huntsman Corp.		700		10,929
Intrepid Potash Inc. (c) (e)		177		6,611
RTI International Metals Inc. (c)		171		4,601
Texas Industries Inc. (e)		170		7,765

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Titanium Metals Corp. (c)		275	4,722
			34,628
Total Common Stocks (cost $445,505)			584,039
SHORT TERM INVESTMENTS - 9.4%
Investment Company - 3.7%
JNL Money Market Fund, 0.08% (a) (h)		21,944	21,944
Securities Lending Collateral 5.7%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)		31,617	31,617
Securities Lending Liquidating Fund LLC, 0.66% (a) (h)		1,670	1,643
			33,260
Total Short Term Investments (cost $55,231)			55,204
Total Investments - 108.4% (cost $500,736)			639,243
Other Assets and Liabilities, Net - (8.4%)			(49,313)
Total Net Assets - 100.0%			$  589,930
JNL/Franklin Templeton Global Growth Fund
COMMON STOCKS - 93.8%
CONSUMER DISCRETIONARY - 16.3%
Bayerische Motoren Werke AG		54	$      4,240
Comcast Corp. - Class A		30	670
Comcast Corp. - Special Class A		395	8,213
Compagnie Generale des Etablissements Michelin		40	2,861
Compass Group Plc		194	1,759
Expedia Inc.		75	1,884
Home Depot Inc.		62	2,191
Hyundai Motor Co. (c)		38	5,793
Inditex SA		31	2,340
Kingfisher Plc		1,055	4,334
News Corp. - Class A		497	7,229
Pearson Plc		257	4,038
Reed Elsevier NV		173	2,143
Target Corp.		42	2,497
Time Warner Cable Inc.		69	4,553
Time Warner Inc.		116	3,719
Toyota Motor Corp.		87	3,429
USS Co. Ltd.		19	1,570
Viacom Inc. - Class B		113	4,475
Vivendi SA		207	5,596
Walt Disney Co.		112	4,194
			77,728
CONSUMER STAPLES - 2.7%
CVS Caremark Corp.		129	4,473
Nestle SA		78	4,594
Tesco Plc		594	3,937
			13,004
ENERGY - 10.0%
Baker Hughes Inc.		62	3,567
BG Group Plc		131	2,645
BP Plc (c)		782	5,673
Chesapeake Energy Corp.		40	1,040
Chevron Corp.		40	3,614
ENI SpA		152	3,338
Gazprom OAO - ADR		87	2,187

	Shares/Par (p)		Value
Halliburton Co.		140	5,720
Noble Corp.		40	1,427
Royal Dutch Shell Plc - Class B		233	7,691
SBM Offshore NV		76	1,692
StatoilHydro ASA		110	2,608
Total SA		116	6,168
			47,370
FINANCIALS - 13.7%
ACE Ltd.		50	3,120
AIA Group Ltd. (c)		499	1,402
American Express Co.		80	3,424
Aviva Plc		752	4,610
AXA SA		136	2,267
Bank of America Corp.		163	2,168
Bank of New York Mellon Corp.		68	2,058
Cheung Kong Holdings Ltd.		223	3,440
DBS Group Holdings Ltd.		211	2,354
HSBC Holdings Plc (e)		413	4,231
ICICI Bank Ltd. - ADR		61	3,099
ING Groep NV (c)		427	4,157
Intesa Sanpaolo SpA		791	2,151
JPMorgan Chase & Co.		59	2,491
KB Financial Group Inc. - ADR (c)		89	4,720
Muenchener Rueckversicherungs AG		20	2,988
Progressive Corp.		194	3,859
RenaissanceRe Holdings Ltd.		37	2,384
Swire Pacific Ltd.		156	2,557
Swiss Reinsurance		47	2,535
Torchmark Corp.		20	1,192
UBS AG (c)		66	1,088
UniCredit SpA		1,349	2,797
			65,092
HEALTH CARE - 14.8%
Abbott Laboratories		35	1,699
Amgen Inc. (c)		167	9,143
Biogen Idec Inc. (c)		33	2,206
Bristol-Myers Squibb Co.		62	1,637
Covidien Plc		125	5,708
GlaxoSmithKline Plc		367	7,095
Lonza Group AG		25	2,039
Medtronic Inc.		99	3,678
Merck & Co. Inc.		149	5,353
Merck KGaA		23	1,886
Novartis AG		97	5,681
Pfizer Inc.		434	7,599
Quest Diagnostics Inc.		65	3,511
Roche Holding AG		31	4,610
Sanofi-Aventis SA		135	8,630
			70,475
INDUSTRIALS - 10.8%
Adecco SA		38	2,521
Alstom SA		39	1,875
BAE Systems Plc		367	1,889
Brambles Ltd. (e)		160	1,167
Deutsche Post AG		119	2,009
Embraer SA - ADR		42	1,221
FedEx Corp.		49	4,538
General Electric Co.		279	5,102
Hays Plc		629	1,263
Koninklijke Philips Electronics NV		104	3,185
Randstad Holding NV (c)		50	2,654
Siemens AG		59	7,319
Tyco International Ltd.		146	6,060
United Parcel Service Inc. - Class B		81	5,883

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Wolseley Plc (c)		142	4,538
			51,224
INFORMATION TECHNOLOGY - 16.5%
Accenture Plc - Class A		241	11,676
Brocade Communications Systems Inc. (c)		402	2,128
Cisco Systems Inc. (c)		250	5,063
Dell Inc. (c)		176	2,382
Flextronics International Ltd. (c)		258	2,026
FUJIFILM Holdings Corp.		50	1,801
Konica Minolta Holdings Inc.		154	1,592
Microsoft Corp.		359	10,022
Nintendo Co. Ltd.		10	2,949
Oracle Corp.		386	12,076
Samsung Electronics Co. Ltd. - GDR (q)		19	8,206
SAP AG		92	4,658
Seagate Technology (c)		148	2,224
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR		408	5,118
Telefonaktiebolaget LM Ericsson - Class B		233	2,703
Tyco Electronics Ltd.		117	4,130
			78,754
MATERIALS - 2.0%
Alcoa Inc.		142	2,185
CRH Plc		178	3,683
Svenska Cellulosa AB		113	1,791
Vale SA - ADR (e)		59	1,774
			9,433
TELECOMMUNICATION SERVICES - 7.0%
AT&T Inc.		37	1,101
China Telecom Corp. Ltd. - ADR (e)		34	1,779
France Telecom SA		250	5,208
Singapore Telecommunications Ltd.		2,869	6,818
Sprint Nextel Corp. (c)		539	2,281
Telefonica SA		143	3,266
Telekom Austria AG		160	2,256
Turkcell Iletisim Hizmet AS - ADR		127	2,168
Vodafone Group Plc		3,194	8,255
			33,132
Total Common Stocks (cost $457,426)			446,212
SHORT TERM INVESTMENTS - 7.1%
Investment Company - 6.0%
JNL Money Market Fund, 0.08% (a) (h)		28,349	28,349
Securities Lending Collateral 1.1%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)		4,895	4,895
Securities Lending Liquidating Fund LLC, 0.66% (a) (h)		381	375
			5,270
Total Short Term Investments (cost $33,625)			33,619
Total Investments - 100.9% (cost $491,051)			479,831
Other Assets and Liabilities, Net - (0.9%)			(4,090)
Total Net Assets - 100.0%			$    475,741

	Shares/Par (p)		Value
JNL/Franklin Templeton Income Fund
COMMON STOCKS - 34.5%
CONSUMER DISCRETIONARY - 0.7%
Charter Communications Inc. - Class A (c) (e)		32	$1,239
Comcast Corp. - Class A		150	3,296
Dex One Corp. (c)		106	793
Home Depot Inc.		69	2,433
			7,761
CONSUMER STAPLES - 0.8%
Diageo Plc		150	2,771
PepsiCo Inc.		90	5,860
			8,631
ENERGY - 6.8%
Baker Hughes Inc.		50	2,858
BP Plc - ADR (c)		150	6,625
Callon Petroleum Co. (c) (e)		75	444
Canadian Oil Sands Trust		425	11,306
Chesapeake Energy Corp.		90	2,332
Chevron Corp.		30	2,738
ConocoPhillips		200	13,620
Exxon Mobil Corp.		300	21,936
Schlumberger Ltd.		40	3,340
Spectra Energy Corp.		165	4,113
Weatherford International Ltd. (c)		125	2,850
			72,162
FINANCIALS - 4.5%
Banco Santander SA		250	2,664
Bank of America Corp.		650	8,671
Barclays Plc		150	612
CIT Group Inc. (c)		50	2,355
Citigroup Inc. (c)		894	4,231
HSBC Holdings Plc		300	3,045
JPMorgan Chase & Co.		200	8,484
M&T Bank Corp.		60	5,223
Wells Fargo & Co.		325	10,072
Westfield Retail Trust (c)		813	2,136
			47,493
HEALTH CARE - 4.8%
Johnson & Johnson		150	9,278
Merck & Co. Inc.		500	18,020
Pfizer Inc.		500	8,755
Roche Holding AG		100	14,659
			50,712
INDUSTRIALS - 0.5%
General Electric Co.		300	5,487
INFORMATION TECHNOLOGY - 1.7%
Intel Corp.		350	7,361
Maxim Integrated Products Inc. (e)		200	4,724
Xerox Corp.		300	3,456
Xilinx Inc.		90	2,608
			18,149
MATERIALS - 1.4%
Barrick Gold Corp.		130	6,914
Newmont Mining Corp.		110	6,757
Nucor Corp.		20	876
			14,547
TELECOMMUNICATION SERVICES - 2.7%
AT&T Inc.		300	8,814

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
CenturyLink Inc. (e)		70	3,232
Frontier Communications Corp.		116	1,129
Telstra Corp. Ltd.		900	2,568
Verizon Communications Inc.		150	5,367
Vodafone Group Plc		3,000	7,755
			28,865
UTILITIES - 10.6%
AGL Resources Inc. (e)		100	3,585
American Electric Power Co. Inc.		170	6,117
CenterPoint Energy Inc.		95	1,493
Consolidated Edison Inc.		80	3,966
Dominion Resources Inc.		165	7,049
Duke Energy Corp.		550	9,795
Entergy Corp.		100	7,083
FirstEnergy Corp. (e)		75	2,777
NextEra Energy Inc.		170	8,838
NiSource Inc.		40	705
PG&E Corp.		220	10,525
Pinnacle West Capital Corp.		100	4,145
PPL Corp.		76	1,987
Progress Energy Inc.		125	5,435
Public Service Enterprise Group Inc.		220	6,998
Sempra Energy		120	6,298
Southern Co.		380	14,527
TECO Energy Inc.		200	3,560
Xcel Energy Inc.		350	8,242
			113,125
Total Common Stocks (cost $355,889)			366,932
PREFERRED STOCKS - 4.6%
CONSUMER DISCRETIONARY - 0.3%
General Motors Co., Convertible Preferred, 4.75% (c) (d)		44	2,392
General Motors Corp., 6.25%, Series C (c) (d)		100	835
			3,227
ENERGY - 1.0%
Chesapeake Energy Corp., Convertible Preferred, 5.75% (m) (r)		5	5,030
SandRidge Energy Inc., Convertible Preferred, 7.00% (m) (r)		50	5,947
			10,977
FINANCIALS - 2.8%
Ally Financial Inc., 7.00%, (callable at 1000 beginning 12/31/11) (m) (r)		2	1,745
Bank of America Corp., Convertible Preferred, 7.25%, Series L (m)		10	9,438
Citigroup Inc., Convertible Preferred, 7.50%		60	8,201
Federal Home Loan Mortgage Corp., 8.38%, (callable at 25 beginning 12/31/12), Series Z (c) (d) (m)		186	117
Federal National Mortgage Association, 8.25%, (callable at 25 beginning 12/31/10), Series S (c) (d) (m)		65	36
Federal National Mortgage Association, 5.38%, (callable at 105,000 on 12/03/10) (c) (d) (m)		—	88
Federal National Mortgage Association, 6.75%, (callable at 25 beginning 09/30/10), Series Q (c) (d) (m)		100	55
Federal National Mortgage Association, 7.63%, (callable at 25 beginning 11/21/12), Series R (c) (d) (m)		143	73
Federal National Mortgage Association, Convertible Preferred, 8.75% (c) (d) (m)		91	45

	Shares/Par (p)		Value
FelCor Lodging Trust Inc., Convertible Preferred, 1.95%, Series A (m)		60	1,479
Wells Fargo & Co., Convertible Preferred, 7.50%, Series L (m)		9	8,505
			29,782
HEALTH CARE - 0.2%
Tenet Healthcare Corp., 7.00%		2	2,197
MATERIALS - 0.2%
AngloGold Ashanti Ltd., 6.00% (e)		30	1,664
UTILITIES - 0.1%
NextEra Energy Inc., Convertible Preferred, 8.38%		20	993
Total Preferred Stocks (cost $62,625)			48,840
WARRANTS - 0.0%
Charter Communications Inc. (c)		30	251
Total Warrants (cost $106)			251
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES - 0.7%
Banc of America Large Loan Inc. REMIC, 2.01%, 11/15/13 (i) (r)	$	7,478	6,667
Dynegy Roseton Pass Through Trust, 7.67%, 11/08/16 (e)		1,000	940
Total Non-U.S. Government Agency Asset- Backed Securities (cost $7,521)			7,607
CORPORATE BONDS AND NOTES - 52.4%
CONSUMER DISCRETIONARY - 5.7%
Cablevision Systems Corp.
8.63%, 09/15/17		1,000	1,089
7.75%, 04/15/18		3,000	3,142
8.00%, 04/15/20 (e)		3,000	3,210
CCH II LLC, 13.50%, 11/30/16		5,134	6,122
CCO Holdings LLC, 8.13%, 04/30/20 (e)		3,700	3,894
Cequel Communications Holdings I LLC, 8.63%, 11/15/17 (r)		2,500	2,612
CKE Restaurants Inc., 11.38%, 07/15/18 (e)		1,500	1,661
Clear Channel Worldwide Holdings Inc., 9.25%, 12/15/17 (e)		1,600	1,752
ClubCorp Club Operations Inc., 10.00%, 12/01/18 (r)		5,000	4,750
Clubcorp Club Operations Inc. Term Loan B, 6.00%, 11/23/16 (i)		5,000	5,050
Diversey Holdings Inc., 10.50%, 05/15/20		1,600	1,840
Diversey Inc., 8.25%, 11/15/19		2,500	2,712
Goodyear Tire & Rubber Co., 8.25%, 08/15/20 (e)		2,300	2,381
Harrah’s Operating Co. Inc., 11.25%, 06/01/17		750	844
Interactive Data Corp., 10.25%, 08/01/18 (r)		500	548
KB Home
5.75%, 02/01/14		2,000	2,000
6.25%, 06/15/15		1,300	1,287
MGM Resorts International
6.75%, 04/01/13 (e)		2,900	2,883
10.00%, 11/01/16 (e) (r)		3,000	3,082
Univision Communications Inc., 9.75%, 03/15/15 (e) (r)		2,648	2,860
UPC Germany GmbH, 8.13%, 12/01/17 (e) (r)		2,100	2,195
Visant Corp., 10.00%, 10/01/17 (r)		4,700	4,994
			60,908

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
CONSUMER STAPLES - 0.7%
Dean Foods Co., 9.75%, 12/15/18 (e) (r)		3,900	3,929
JBS USA LLC, 11.63%, 05/01/14 (e)		1,000	1,170
SUPERVALU Inc., 8.00%, 05/01/16 (e)		2,000	1,915
			7,014
ENERGY - 10.5%
Antero Resources Finance Corp., 9.38%, 12/01/17		2,000	2,092
ATP Oil & Gas Corp., 11.88%, 05/01/15 (e) (r)		2,500	2,362
Calpine Corp., 7.25%, 10/15/17 (r)		1,000	1,000
Calpine Generating Co. LLC, 8.00%, 06/01/16 (r)		1,750	1,859
Chesapeake Energy Corp.
9.50%, 02/15/15 (e)		2,500	2,819
6.50%, 08/15/17 (e)		4,000	4,020
6.88%, 08/15/18		1,600	1,624
7.25%, 12/15/18		5,000	5,175
Consol Energy Inc., 8.25%, 04/01/20 (r)		1,600	1,728
Denbury Resources Inc., 8.25%, 02/15/20		397	431
El Paso Corp.
6.50%, 09/15/20 (e) (r)		1,600	1,611
7.75%, 01/15/32 (e)		1,000	995
Energy Transfer Partners LP, 7.50%, 10/15/20 (e)		2,500	2,575
Energy XXI Gulf Coast Inc., 9.25%, 12/15/17 (r)		3,500	3,640
EXCO Resources Inc., 7.50%, 09/15/18		3,500	3,430
Linn Energy LLC, 8.63%, 04/15/20 (r)		3,300	3,556
NXP BV, 9.75%, 08/01/18 (r)		1,200	1,350
Petrohawk Energy Corp.
10.50%, 08/01/14		2,000	2,280
7.88%, 06/01/15 (e)		3,200	3,332
Pioneer Natural Resources Co., 6.88%, 05/01/18		1,400	1,488
Plains Exploration & Production Co., 7.75%, 06/15/15		1,500	1,564
Sabine Pass LNG LP
7.25%, 11/30/13		1,350	1,313
7.50%, 11/30/16		2,500	2,344
SandRidge Energy Inc.
3.93%, 04/01/14 (e) (i)		2,000	1,862
9.88%, 05/15/16 (r)		2,600	2,749
8.00%, 06/01/18 (e) (r)		2,500	2,537
8.75%, 01/15/20 (e)		650	668
SESI LLC, 6.88%, 06/01/14		1,370	1,391
Texas Competitive Electric Holdings Co. LLC
10.25%, 11/01/15 (e)		18,000	10,170
10.50%, 11/01/16		297	149
15.00%, 04/01/21 (e) (r)		15,255	13,348
Texas Competitive Electric Holdings Co. LLC Term Loan
3.76%, 10/10/14 (i)		2,977	2,302
3.76%, 10/10/14 (i)		1,975	1,532
3.76%, 10/10/14 (i)		4,560	3,537
3.79%, 10/10/14 (i)		282	218
Texas Competitive Electric Holdings Co. LLC Term Loan B-1
3.75%, 10/10/14 (i)		4,987	3,868
3.76%, 10/10/14 (i)		3,000	2,327
3.76%, 10/10/14 (i)		2,486	1,928
Texas Competitive Electric Holdings Co. LLC Term Loan B-2, 3.76%, 10/10/14 (i)		3,979	3,086
Texas Competitive Electric Holdings Co. LLC Term Loan B-3
3.76%, 10/10/14 (i)		1,990	1,540
3.76%, 10/10/14 (i)		2,985	2,310

	Shares/Par (p)		Value
W&T Offshore Inc., 8.25%, 06/15/14 (r)		3,000	2,917
			111,027
FINANCIALS - 12.6%
Abengoa Finance SAU, 8.88%, 11/01/17 (r)		3,200	2,960
Ally Financial Inc., 8.00%, 03/15/20		3,500	3,824
Bank of America Corp., 8.13%, (callable at 100 beginning 05/15/18) (m)		1,000	1,008
CapitalSource Inc., 4.00%, 07/15/34 (k)		2,500	2,484
CEVA Group Plc
8.38%, 12/01/17 (r)		3,400	3,434
11.50%, 04/01/18 (e) (r)		3,600	3,888
CIT Group Inc.
7.00%, 05/01/14 (e)		800	808
7.00%, 05/01/15 (e)		12,000	12,030
7.00%, 05/01/16 (e)		17,000	17,064
7.00%, 05/01/17 (e)		12,000	12,030
Felcor Lodging LP, 10.00%, 10/01/14 (e)		1,700	1,904
Ford Motor Credit Co. LLC
8.00%, 06/01/14 (e)		2,500	2,754
7.00%, 04/15/15		2,000	2,149
12.00%, 05/15/15		3,000	3,774
Host Hotels & Resorts LP, 9.00%, 05/15/17 (e)		600	666
Interactive Data Corp. Term Loan, 6.75%, 12/31/17 (i)		1,990	2,019
International Lease Finance Corp.
8.63%, 09/15/15 (e) (r)		700	753
8.75%, 03/15/17 (r)		2,000	2,145
8.88%, 09/01/17 (e)		4,700	5,070
7.13%, 09/01/18 (r)		7,000	7,437
iStar Financial Inc.
0.80%, 10/01/12 (i)		4,500	4,005
8.63%, 06/01/13		5,000	4,650
JPMorgan Chase & Co., 7.90%, (callable at 100 beginning 04/30/18) (m)		11,500	12,224
Liberty Mutual Group Inc., 10.75%, 06/15/58 (r)		2,500	3,025
Petroplus Finance Ltd.
6.75%, 05/01/14 (r)		3,500	3,220
7.00%, 05/01/17 (e) (r)		3,000	2,655
9.38%, 09/15/19 (e) (r)		2,000	1,850
Pinafore LLC, 9.00%, 10/01/18 (e) (r)		700	756
SuperMedia Inc. Escrow Litigation Trust, 0.00%, 12/31/49 (f)		868	7
SuperMedia Inc. Term Loan, 11.00%, 12/31/15 (i)		695	479
UPC Germany GmbH
8.13%, 12/01/17 (r), EUR		2,750	3,877
9.63%, 12/01/19 (r), EUR		1,500	2,190
Wells Fargo Capital XIII, 7.70%, (callable at 100 beginning 03/26/13) (m)		900	930
Wells Fargo Capital XV, 9.75%, (callable at 100 beginning 09/26/13) (m)		5,000	5,562
			133,631
HEALTH CARE - 5.8%
Community Health Systems Inc., 8.88%, 07/15/15 (e)		5,000	5,250
HCA Holdings Inc., 7.75%, 05/15/21 (e) (r)		5,000	5,000
HCA Inc.
6.38%, 01/15/15		1,500	1,474
6.50%, 02/15/16		1,500	1,466
9.25%, 11/15/16		3,500	3,734
8.50%, 04/15/19 (e)		6,000	6,570
7.88%, 02/15/20		6,000	6,420
Mylan Inc., 6.00%, 11/15/18 (e) (r)		5,000	4,912
Quintiles Transnational Corp., 9.50%, 12/30/14 (e) (r)		4,000	4,100

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Tenet Healthcare Corp.
9.25%, 02/01/15 (e)		5,000	5,325
9.00%, 05/01/15 (e)		3,500	3,885
10.00%, 05/01/18 (e)		3,500	4,078
8.00%, 08/01/20 (e) (r)		2,600	2,639
US Oncology Holdings Inc., 6.74%, 03/15/12 (i)		3,097	3,120
Vanguard Health Holding Co. II LLC, 8.00%, 02/01/18 (e)		3,700	3,793
			61,766
INDUSTRIALS - 3.7%
Case New Holland Inc., 7.88%, 12/01/17 (e) (r)		5,000	5,462
Ceridian Corp., 11.25%, 11/15/15 (e)		4,000	3,960
CHC Helicopter SA, 9.25%, 10/15/20 (e) (r)		4,500	4,658
Hertz Corp.
8.88%, 01/01/14		10,000	10,225
10.50%, 01/01/16		1,250	1,319
Manitowoc Co. Inc., 9.50%, 02/15/18 (e)		1,000	1,095
Niska Gas Storage US LLC, 8.88%, 03/15/18 (r)		2,500	2,675
RBS Global & Rexnord LLC
11.75%, 08/01/16 (e)		1,500	1,609
8.50%, 05/01/18 (e)		4,500	4,781
Terex Corp., 8.00%, 11/15/17 (e)		2,000	2,020
United Rentals North America Inc., 8.38%, 09/15/20 (e)		1,600	1,628
			39,432
INFORMATION TECHNOLOGY - 6.8%
Advanced Micro Devices Inc.
6.00%, 05/01/15		477	481
8.13%, 12/15/17		1,000	1,060
CDW LLC
11.00%, 10/12/15		3,000	3,113
12.54%, 10/12/17		2,000	1,980
First Data Corp.
9.88%, 09/24/15		318	301
9.88%, 09/24/15 (e)		1,896	1,806
11.25%, 03/31/16 (e)		3,000	2,625
8.25%, 01/15/21 (r)		2,816	2,703
12.63%, 01/15/21 (r)		5,643	5,389
8.75%, 01/15/22 (r) (e)		2,824	2,732
First Data Corp. Term Loan
3.01%, 09/24/14 (i)		158	147
3.01%, 09/24/14 (i)		1,699	1,574
3.01%, 09/24/14 (i)		1,870	1,732
First Data Corp. Term Loan B-1, 3.01%, 09/24/14 (i)		4,987	4,620
First Data Corp. Term Loan B-2, 3.01%, 09/24/14 (i)		4,987	4,620
First Data Corp. Term Loan B-3
3.01%, 09/24/14 (i)		142	131
3.01%, 09/24/14 (i)		1,647	1,526
3.01%, 09/24/14 (i)		79	74
3.01%, 09/24/14 (i)		2,992	2,772
Freescale Semiconductor Inc.
10.13%, 12/15/16 (e)		3,000	3,157
10.13%, 03/15/18 (r)		5,000	5,625
9.25%, 04/15/18 (r)		4,000	4,400
10.75%, 08/01/20 (e) (r)		9,500	10,355
Sanmina-SCI Corp.
6.75%, 03/01/13 (e)		1,200	1,197
8.13%, 03/01/16 (e)		1,500	1,515
Seagate HDD Cayman, 7.75%, 12/15/18 (r)		1,500	1,519
SunGard Data Systems Inc.
10.63%, 05/15/15 (e)		2,500	2,756

	Shares/Par (p)		Value
7.63%, 11/15/20 (e) (r)		2,000	2,025
			71,935
MATERIALS - 2.4%
Berry Plastics Corp., 9.75%, 01/15/21 (r) (e)		1,000	990
FMG Resources August 2006 Pty Ltd.
7.00%, 11/01/15 (r)		2,100	2,152
6.88%, 02/01/18 (e) (r)		7,500	7,462
Hexion US Finance Corp., 8.88%, 02/01/18 (e)		3,000	3,206
Huntsman International LLC
5.50%, 06/30/16 (e)		1,000	968
8.63%, 03/15/21 (e) (r)		400	432
Ineos Group Holdings Plc, 7.88%, 02/15/16(r), EUR		3,250	3,887
Kerling Plc, 10.63%, 01/28/17 (r), EUR		3,600	5,196
NewPage Corp., 11.38%, 12/31/14 (e)		1,000	940
			25,233
TELECOMMUNICATION SERVICES - 1.5%
Clearwire Communications LLC
12.00%, 12/01/15 (e) (r)		1,500	1,620
12.00%, 12/01/15 (r)		2,500	2,694
12.00%, 12/01/17 (e) (r)		1,500	1,553
Cricket Communications Inc., 7.75%, 10/15/20 (e) (r)		5,500	5,239
Frontier Communications Corp.
8.25%, 04/15/17 (e)		800	878
8.50%, 04/15/20		900	983
Virgin Media Secured Finance Plc, 7.00%, 01/15/18, GBP		2,000	3,305
			16,272
UTILITIES - 2.7%
AES Corp., 8.00%, 10/15/17		450	476
Calpine Corp.
7.88%, 07/31/20 (r)		800	810
7.50%, 02/15/21 (r)		5,475	5,393
Dynegy Holdings Inc.
7.50%, 06/01/15		11,000	8,305
8.38%, 05/01/16		2,750	2,056
7.75%, 06/01/19		2,000	1,335
Energy Future Holdings Corp., 6.55%, 11/15/34		9,000	3,195
Public Service Co. of New Mexico., 7.95%, 05/15/18		2,200	2,472
RRI Energy Inc., 7.88%, 06/15/17		5,000	4,850
			28,892
Total Corporate Bonds and Notes (cost $537,586)			556,110
GOVERNMENT AND AGENCY OBLIGATIONS - 0.6%
GOVERNMENT SECURITIES - 0.6%
Municipals - 0.6%
State of California
7.95%, 03/01/36		2,500	2,564
7.60%, 11/01/40		3,480	3,624
Total Government and Agency Obligations (cost $6,016)			6,188
SHORT TERM INVESTMENTS - 23.5%
Investment Company - 6.4%
JNL Money Market Fund, 0.08% (a) (h)		67,966	67,966
Securities Lending Collateral 17.1%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)		179,145	179,145

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Securities Lending Liquidating Fund LLC, 0.66% (a) (h)		2,450	2,410
			181,555
Total Short Term Investments (cost $249,561)			249,521
Total Investments - 116.3% (cost $1,219,304)			1,235,449
Other Assets and Liabilities, Net - (16.3%)			(173,309)
Total Net Assets - 100.0%			$  1,062,140
JNL/Franklin Templeton Mutual Shares Fund (t)
COMMON STOCKS - 86.5%
CONSUMER DISCRETIONARY - 7.6%
British Sky Broadcasting Group Plc		393	$     4,513
Cerberus Capital Management LP (c) (f) (q)		999	809
Cerberus Capital Management LP (c) (f) (q)		999	809
Cerberus Capital Management LP (c) (f) (q)		500	405
Comcast Corp. - Special Class A		110	2,298
Daimler AG (c)		53	3,611
Harrah’s Investment LP (c) (f) (q)		39	16
Mattel Inc.		175	4,450
News Corp. - Class A		411	5,981
Stanley Black & Decker Inc.		48	3,234
Thomas Cook Group Plc		121	357
Time Warner Cable Inc.		99	6,519
Time Warner Inc.		204	6,560
Virgin Media Inc. (e)		207	5,642
			45,204
CONSUMER STAPLES - 22.6%
Altria Group Inc.		414	10,182
British American Tobacco Plc		363	13,925
Brown-Forman Corp. - Class B		32	2,220
Carlsberg A/S		23	2,271
Carrefour SA		61	2,508
Coca-Cola Enterprises Inc.		119	2,979
CVS Caremark Corp.		526	18,301
Dr. Pepper Snapple Group Inc.		153	5,380
General Mills Inc.		128	4,569
Imperial Tobacco Group Plc		327	10,045
Japan Tobacco Inc.		1	3,837
Kraft Foods Inc. - Class A		423	13,315
Kroger Co.		320	7,158
Lorillard Inc.		34	2,785
Nestle SA		175	10,272
PepsiCo Inc.		63	4,112
Pernod-Ricard SA (e)		86	8,122
Philip Morris International Inc.		67	3,936
Reynolds American Inc.		159	5,170
Wal-Mart Stores Inc.		64	3,434
			134,521
ENERGY - 6.7%
Baker Hughes Inc.		53	3,012
BP Plc (c)		320	2,323
Exterran Holdings Inc. (c) (e)		46	1,100
Marathon Oil Corp.		259	9,574
Noble Energy Inc.		25	2,141
Pride International Inc. (c)		82	2,705
Prime AET&D Holdings No. 1 Pty Ltd. (c) (f)		402	—
Royal Dutch Shell Plc		247	8,151
Total SA		58	3,085

	Shares/Par (p)			Value
Transocean Ltd. (c)		113		7,858
				39,949
FINANCIALS - 12.6%
ACE Ltd.		101		6,281
Alexander’s Inc. (e)		8		3,297
Alleghany Corp. (c)		7		2,228
Bank of America Corp.		468		6,242
Barclays Plc		1,180		4,815
Berkshire Hathaway Inc. - Class B (c)		12		931
Bond Street Holding LLC (c) (f)		39		798
Canary Wharf Group Plc (c) (f)		405		1,756
CNO Financial Group Inc. (c)		97		658
Deutsche Boerse AG		47		3,230
Forestar Group Inc. (c)		62		1,188
Guaranty Bancorp (c)		49		68
Intesa Sanpaolo SpA		581		1,579
Link REIT		679		2,109
Morgan Stanley		245		6,660
Old Republic International Corp.		240		3,270
PNC Financial Services Group Inc.		115		6,966
St. Joe Co. (c) (e)		40		867
UBS AG (c)		225		3,694
Wells Fargo & Co.		281		8,709
White Mountains Insurance Group Ltd.		17		5,751
Zurich Financial Services AG		14		3,660
				74,757
HEALTH CARE - 10.8%
Alcon Inc. - ADR		27		4,416
Amgen Inc. (c)		64		3,487
Boston Scientific Corp. (c)		484		3,662
Community Health Systems Inc. (c)		60		2,235
Coventry Health Care Inc. (c)		7		182
Eli Lilly & Co.		263		9,232
Genzyme Corp. (c)		94		6,669
Medtronic Inc.		145		5,369
Pfizer Inc.		570		9,978
Tenet Healthcare Corp. (c)		787		5,262
UnitedHealth Group Inc.		323		11,663
Zimmer Holdings Inc. (c)		40		2,142
				64,297
INDUSTRIALS - 4.1%
A P Moller - Maersk A/S - Class B		1		7,107
Alstom SA		61		2,913
Federal Signal Corp.		96		655
GenCorp Inc. (c)		59		304
Orkla ASA		699		6,820
Owens Corning Inc. (c)		140		4,354
TNT NV		84		2,210
				24,363
INFORMATION TECHNOLOGY - 9.7%
Hewlett-Packard Co.		173		7,276
LSI Corp. (c)		914		5,478
Maxim Integrated Products Inc.		201		4,744
McAfee Inc. (c)		61		2,831
Microsoft Corp.		462		12,887
Motorola Inc. (c)		570		5,169
Motorola Mobility Holdings Inc. (When-issued shares)		(63	)	(1,838)
Nintendo Co. Ltd.		13		3,709
Symantec Corp. (c)		184		3,080
Tyco Electronics Ltd.		119		4,198
Xerox Corp.		882		10,156
				57,690

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
MATERIALS - 5.2%
Domtar Corp. (e)		37	2,779
International Paper Co.		286	7,803
Linde AG		48	7,355
MeadWestvaco Corp.		117	3,051
ThyssenKrupp AG		3	120
Weyerhaeuser Co.		499	9,442
			30,550
TELECOMMUNICATION SERVICES - 3.3%
Cable & Wireless Communications Plc		1,730	1,309
Cable & Wireless Worldwide Plc		1,730	1,771
Telefonica SA		317	7,234
Vodafone Group Plc		3,587	9,271
			19,585
UTILITIES - 3.9%
Brookfield Infrastructure Partners LP		97	2,032
E.ON AG		205	6,234
Entergy Corp.		35	2,466
Exelon Corp.		121	5,047
GDF Suez		103	3,678
NRG Energy Inc. (c)		202	3,944
			23,401
Total Common Stocks (cost $491,475)			514,317
CORPORATE BONDS AND NOTES - 3.1%
CONSUMER DISCRETIONARY - 0.3%
Cerberus Capital Management LP
12.00%, 07/31/14 (f) (q)	$	780	632
12.00%, 07/31/14 (f) (q)		780	631
12.00%, 07/31/14 (f) (q)		390	316
			1,579
ENERGY - 0.6%
Boston Generating LLC Term Loan, 0.18%, 12/21/13 (i)		41	39
Boston Generating LLC Term Loan B, 6.50%, 12/21/13 (i)		244	233
Boston Generating LLC Term Loan Revolver, 6.50%, 12/21/13 (i)		4	4
Texas Competitive Electric Holdings Co. LLC Delay Draw Term Loan, 3.74%, 10/10/14 (i)		2,073	1,603
Texas Competitive Electric Holdings Co. LLC Term Loan
3.76%, 10/10/14 (i)		1,419	1,101
3.76%, 10/10/14 (i)		223	173
3.76%, 10/10/14 (i)		689	533
			3,686
FINANCIALS - 1.8%
Avaya Inc. Term Loan B-1, 3.03%, 10/26/14 (i)		143	136
CIT Group Inc.
7.00%, 05/01/16 (e)		1,799	1,806
7.00%, 05/01/17 (e)		1,626	1,630
CIT Group Inc. Term Loan
6.25%, 01/20/12 (i)		250	255
6.25%, 01/20/12 (i)		639	653
Realogy Corp. Delay Draw Term Loan, 3.26%, 10/10/13 (i)		1,617	1,524
Realogy Corp. Term Loan
1.47%, 10/10/13 (i)		507	478
3.29%, 10/10/13 (i)		3,770	3,554
Realogy Corp. Term Loan A, 13.50%, 10/15/17 (i)		93	102

	Shares/Par (p)		Value
Smurfit-Stone Container Enterprises Inc. Term Loan, 6.75%, 02/22/16 (i)		805		820
Tropicana Entertainment LLC, 9.63%, 12/15/14 (c) (d)		1,130		1
				10,959
INFORMATION TECHNOLOGY - 0.4%
First Data Corp. Term Loan, 3.00%, 09/24/14 (i)		878		813
First Data Corp. Term Loan B-1, 3.00%, 09/24/14 (i)		1,338		1,239
First Data Corp. Term Loan B-3, 3.00%, 09/24/14 (i)		258		240
				2,292
Total Corporate Bonds and Notes (cost $18,606)				18,516
OTHER EQUITY INTERESTS - 0.0%
Dana Corp. NT Escrow (f) (u)		72		—
Dana Corp. NT Escrow (f) (u)		65		—
Dana Corp. NT Escrow (f) (u)		115		—
Northwest Airlines Corp. Contingent Distribution (f) (u)		725		—
Total Other Equity Interests (cost $19)				—
SHORT TERM INVESTMENTS - 12.3%
Investment Company - 10.5%
JNL Money Market Fund, 0.08% (a) (h)		62,650		62,650
Securities Lending Collateral 1.8%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)		10,775		10,775
Total Short Term Investments (cost $73,425)				73,425
Total Investments - 101.9% (cost $583,525)				606,258
Other Assets and Liabilities, Net - (1.9%)				(11,193	)
Total Net Assets - 100.0%			$	595,065
JNL/Franklin Templeton Small Cap Value Fund
COMMON STOCKS - 93.0%
CONSUMER DISCRETIONARY - 18.2%
Autoliv Inc.		55	$	4,342
Brown Shoe Co. Inc.		178		2,480
Brunswick Corp.		111		2,074
Cato Corp. - Class A		12		334
Christopher & Banks Corp.		125		769
DR Horton Inc.		78		931
Drew Industries Inc. (c)		39		877
Ethan Allen Interiors Inc. (e)		36		710
Fred’s Inc. - Class A (e)		182		2,499
Gentex Corp.		150		4,434
Group 1 Automotive Inc. (e)		110		4,594
Hillenbrand Inc.		74		1,534
Hooker Furniture Corp.		40		561
J.C. Penney Co. Inc.		56		1,809
La-Z-Boy Inc. (c)		254		2,290
M/I Homes Inc. (c)		95		1,461
MDC Holdings Inc.		49		1,398
Men’s Wearhouse Inc.		128		3,205
Pier 1 Imports Inc. (c)		152		1,598

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Regis Corp.		170	2,829
Saks Inc. (c) (e)		146	1,562
Thor Industries Inc.		159	5,403
Tuesday Morning Corp. (c)		166	874
Warnaco Group Inc. (c)		35	1,949
West Marine Inc. (c) (e)		155	1,640
Winnebago Industries Inc. (c)		95	1,444
			53,601
CONSUMER STAPLES - 1.7%
Casey’s General Stores Inc.		45	1,913
Lancaster Colony Corp. (e)		55	3,129
			5,042
ENERGY - 11.9%
Arch Coal Inc.		23	806
Atwood Oceanics Inc. (c)		95	3,561
Bristow Group Inc. (c)		108	5,095
Global Industries Ltd. (c)		337	2,338
Helix Energy Solutions Group Inc. (c)		178	2,155
Oil States International Inc. (c)		57	3,634
Overseas Shipholding Group Inc.		66	2,331
Rowan Cos. Inc. (c)		140	4,891
Teekay Corp.		64	2,101
Tidewater Inc.		92	4,953
Unit Corp. (c)		69	3,221
			35,086
FINANCIALS - 13.4%
American National Insurance Co.		14	1,199
Arthur J Gallagher & Co.		59	1,713
Aspen Insurance Holdings Ltd.		109	3,108
Chemical Financial Corp.		80	1,781
Erie Indemnity Co. - Class A		24	1,545
Hanover Insurance Group Inc.		32	1,504
HCC Insurance Holdings Inc.		49	1,421
Montpelier Re Holdings Ltd.		138	2,748
Old Republic International Corp.		265	3,612
Peoples Bancorp Inc. (e)		33	513
Protective Life Corp.		223	5,951
RLI Corp.		29	1,514
StanCorp Financial Group Inc.		64	2,880
Tower Group Inc.		121	3,098
Transatlantic Holdings Inc.		38	1,941
TrustCo Bank Corp.		325	2,061
Validus Holdings Ltd.		97	2,967
			39,556
HEALTH CARE - 4.6%
Mettler Toledo International Inc. (c)		21	3,100
Pharmaceutical Product Development Inc.		109	2,953
STERIS Corp.		90	3,289
Teleflex Inc.		53	2,830
West Pharmaceutical Services Inc.		36	1,475
			13,647
INDUSTRIALS - 29.3%
ABM Industries Inc.		135	3,556
Administaff Inc.		66	1,922
American Woodmark Corp.		88	2,150
AO Smith Corp.		26	1,005
Apogee Enterprises Inc.		102	1,368
Applied Industrial Technologies Inc.		54	1,754
Astec Industries Inc. (c)		79	2,551
Brady Corp. - Class A		88	2,866
Briggs & Stratton Corp. (e)		103	2,022
Carlisle Cos. Inc.		81	3,207

	Shares/Par (p)		Value
Ceradyne Inc. (c)		75	2,368
CIRCOR International Inc.		30	1,258
CNH Global NV (c)		12	568
EMCOR Group Inc. (c)		68	1,956
Franklin Electric Co. Inc.		49	1,899
Gardner Denver Inc.		52	3,572
Genesee & Wyoming Inc. - Class A (c)		65	3,452
Gibraltar Industries Inc. (c) (e)		179	2,428
Graco Inc.		88	3,456
Granite Construction Inc.		112	3,067
Kennametal Inc.		93	3,654
Lincoln Electric Holdings Inc.		42	2,739
Mine Safety Appliances Co.		82	2,562
Mueller Industries Inc.		123	4,012
Nordson Corp.		41	3,767
Powell Industries Inc. (c)		32	1,039
Roper Industries Inc.		20	1,529
Simpson Manufacturing Co. Inc.		100	3,100
SkyWest Inc.		200	3,118
Timken Co.		21	1,002
Trinity Industries Inc. (e)		170	4,518
Universal Forest Products Inc.		101	3,944
Wabash National Corp. (c)		215	2,548
Watts Water Technologies Inc. - Class A		61	2,214
			86,171
INFORMATION TECHNOLOGY - 3.4%
Benchmark Electronics Inc. (c)		251	4,563
Cohu Inc.		156	2,583
Rofin-Sinar Technologies Inc. (c)		82	2,917
			10,063
MATERIALS - 7.7%
A. Schulman Inc.		6	146
AptarGroup Inc.		47	2,222
Cabot Corp.		74	2,801
Glatfelter		69	852
Reliance Steel & Aluminum Co.		81	4,160
RPM International Inc.		164	3,627
Sensient Technologies Corp.		42	1,539
Steel Dynamics Inc.		222	4,055
United States Steel Corp.		5	292
Westlake Chemical Corp. (e)		67	2,912
			22,606
UTILITIES - 2.8%
Energen Corp.		49	2,365
NV Energy Inc.		265	3,721
PNM Resources Inc.		170	2,214
			8,300
Total Common Stocks (cost $225,725)			274,072
SHORT TERM INVESTMENTS - 10.4%
Investment Company - 6.8%
JNL Money Market Fund, 0.08% (a) (h)		20,020	20,020
Securities Lending Collateral 3.6%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)		9,698	9,698
Securities Lending Liquidating Fund LLC, 0.66% (a) (h)		971	954
			10,652
Total Short Term Investments (cost $30,688)			30,672

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Total Investments - 103.4% (cost $256,413)			304,744
Other Assets and Liabilities, Net - (3.4%)			(10,144)
Total Net Assets - 100.0%			$  294,600
JNL/Goldman Sachs Mid Cap Value Fund
COMMON STOCKS - 96.8%
CONSUMER DISCRETIONARY - 11.8%
CBS Corp. - Class B		457	$8,698
DISH Network Corp. - Class A (c)		368	7,230
Guess? Inc.		79	3,735
Hasbro Inc.		52	2,464
Lear Corp. (c)		86	8,474
Liberty Media Corp. - Interactive (c)		396	6,250
Mohawk Industries Inc. (c)		43	2,460
Newell Rubbermaid Inc.		326	5,919
NVR Inc. (c)		5	3,322
TRW Automotive Holdings Corp. (c)		98	5,180
Urban Outfitters Inc. (c)		62	2,211
Wyndham Worldwide Corp.		121	3,627
			59,570
CONSUMER STAPLES - 4.9%
ConAgra Foods Inc.		211	4,769
Energizer Holdings Inc. (c)		33	2,435
Hansen Natural Corp. (c)		42	2,184
HJ Heinz Co.		89	4,407
JM Smucker Co.		120	7,867
Sara Lee Corp.		187	3,271
			24,933
ENERGY - 11.0%
Alpha Natural Resources Inc. (c)		99	5,915
Cameron International Corp. (c)		121	6,126
Forest Oil Corp. (c)		219	8,317
Key Energy Services Inc. (c)		181	2,353
Newfield Exploration Co. (c)		194	14,003
QEP Resources Inc.		180	6,552
Range Resources Corp.		100	4,511
Weatherford International Ltd. (c)		357	8,144
			55,921
FINANCIALS - 28.2%
Alexandria Real Estate Equities Inc.		54	3,943
Boston Properties Inc.		61	5,269
CIT Group Inc. (c)		31	1,482
Comerica Inc.		73	3,086
Douglas Emmett Inc.		167	2,768
Equity Residential		163	8,460
Everest Re Group Ltd.		96	8,126
Fifth Third Bancorp		532	7,806
First Horizon National Corp. (c)		5	55
First Republic Bank (c)		40	1,152
Genworth Financial Inc. - Class A (c)		409	5,377
Hartford Financial Services Group Inc.		273	7,229
Host Hotels & Resorts Inc.		292	5,223
Invesco Ltd.		313	7,527
Janus Capital Group Inc.		286	3,709
Lazard Ltd. - Class A		83	3,270
Legg Mason Inc.		104	3,784
M&T Bank Corp.		40	3,492
Marsh & McLennan Cos. Inc.		196	5,366
MFA Financial Inc.		554	4,523
Principal Financial Group Inc.		331	10,778

	Shares/Par (p)		Value
Progressive Corp.		129	2,560
SLM Corp. (c)		513	6,463
SunTrust Banks Inc.		258	7,625
Tanger Factory Outlet Centers Inc.		71	3,625
Unum Group		154	3,732
Ventas Inc.		102	5,364
WR Berkley Corp.		208	5,705
XL Group Plc		228	4,974
			142,473
HEALTH CARE - 6.0%
Aetna Inc.		220	6,708
Biogen Idec Inc. (c)		108	7,272
Boston Scientific Corp. (c)		350	2,652
CR Bard Inc.		48	4,441
Hologic Inc. (c)		234	4,401
Kinetic Concepts Inc. (c)		114	4,793
			30,267
INDUSTRIALS - 9.3%
BE Aerospace Inc. (c)		107	3,949
Cooper Industries Plc		64	3,746
Eaton Corp.		52	5,243
JetBlue Airways Corp. (c) (e)		437	2,890
Kansas City Southern (c)		98	4,674
Masco Corp.		291	3,681
Parker Hannifin Corp.		65	5,575
Pentair Inc.		173	6,309
Republic Services Inc. - Class A		130	3,893
Ryder System Inc.		53	2,804
Textron Inc.		189	4,471
			47,235
INFORMATION TECHNOLOGY - 6.6%
Adobe Systems Inc. (c)		164	5,040
Amphenol Corp. - Class A		70	3,711
BMC Software Inc. (c)		105	4,939
Check Point Software Technologies Ltd. (c)		57	2,637
ON Semiconductor Corp. (c)		472	4,667
Parametric Technology Corp. (c)		179	4,042
Polycom Inc. (c)		65	2,531
Quest Software Inc. (c)		55	1,517
VeriFone Holdings Inc. (c)		41	1,584
Xilinx Inc.		87	2,530
			33,198
MATERIALS - 5.2%
Celanese Corp. - Class A		71	2,908
Cliffs Natural Resources Inc.		36	2,786
Huntsman Corp.		456	7,125
Owens-Illinois Inc. (c)		114	3,485
Steel Dynamics Inc.		87	1,587
Stillwater Mining Co. (c)		129	2,745
Temple-Inland Inc.		176	3,743
Thompson Creek Metals Co. Inc. (c) (e)		141	2,076
			26,455
TELECOMMUNICATION SERVICES - 3.3%
CenturyLink Inc.		165	7,623
Clearwire Corp. - Class A (c) (e)		354	1,825
Sprint Nextel Corp. (c)		1,696	7,175
			16,623
UTILITIES - 10.5%
Alliant Energy Corp.		27	993
CMS Energy Corp.		314	5,835
DPL Inc.		55	1,409
Edison International		105	4,056

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
FirstEnergy Corp. (e)		48	1,768
Northeast Utilities		149	4,762
NV Energy Inc.		275	3,858
Pinnacle West Capital Corp.		69	2,860
PPL Corp.		207	5,440
Progress Energy Inc.		45	1,952
SCANA Corp. (e)		146	5,925
Sempra Energy		96	5,030
Westar Energy Inc.		52	1,305
Xcel Energy Inc.		348	8,188
			53,381
Total Common Stocks (cost $414,505)			490,056
SHORT TERM INVESTMENTS - 6.3%
Investment Company - 4.6%
JNL Money Market Fund, 0.08% (a) (h)		23,029	23,029
Securities Lending Collateral 1.7%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)		8,112	8,112
Securities Lending Liquidating Fund LLC, 0.66% (a) (h)		672	661
			8,773
Total Short Term Investments (cost $31,813)			31,802
Total Investments - 103.1% (cost $446,318)			521,858
Other Assets and Liabilities, Net - (3.1%)			(15,767)
Total Net Assets - 100.0%			$  506,091
JNL/Goldman Sachs U.S. Equity Flex Fund
COMMON STOCKS - 126.2%
CONSUMER DISCRETIONARY - 18.9%
CBS Corp. - Class B (o)		105	$2,008
Comcast Corp. - Class A (o)		117	2,561
DISH Network Corp. - Class A (c) (o)		123	2,413
Ford Motor Co. (c) (o)		106	1,778
G-III Apparel Group Ltd. (c)		13	463
General Motors Co. (c) (o)		41	1,525
Guess? Inc.		25	1,174
Johnson Controls Inc.		29	1,105
Jos. A. Bank Clothiers Inc. (c)		18	742
Lear Corp. (c)		25	2,501
Liberty Media Corp. - Interactive (c) (o)		70	1,108
Newell Rubbermaid Inc. (o)		77	1,396
Phillips-Van Heusen Corp.		10	651
Polo Ralph Lauren Corp. - Class A		8	937
Target Corp.		24	1,455
			21,817
CONSUMER STAPLES - 9.5%
Archer-Daniels-Midland Co.		28	840
CVS Caremark Corp.		30	1,052
General Mills Inc. (o)		72	2,558
Hansen Natural Corp. (c)		11	550
PepsiCo Inc. (o)		23	1,534
Procter & Gamble Co. (o)		20	1,305
Unilever NV - NYS (o)		44	1,375
Wal-Mart Stores Inc. (o)		33	1,800
			11,014

	Shares/Par (p)		Value
ENERGY - 15.0%
EOG Resources Inc.		6	538
Forest Oil Corp. (c) (o)		51	1,933
Halliburton Co. (o)		33	1,366
Newfield Exploration Co. (c) (o)		56	4,022
Occidental Petroleum Corp. (o)		39	3,803
Range Resources Corp. (o)		43	1,916
Schlumberger Ltd.		22	1,867
Weatherford International Ltd. (c)		81	1,838
			17,283
FINANCIALS - 23.2%
AFLAC Inc. (o)		36	2,003
Allstate Corp.		33	1,057
American Express Co.		24	1,043
Bank of America Corp. (o)		194	2,595
Bank of New York Mellon Corp. (o)		53	1,614
Franklin Resources Inc.		13	1,401
Hartford Financial Services Group Inc.		39	1,041
Invesco Ltd. (o)		62	1,492
JPMorgan Chase & Co. (o)		102	4,322
MFA Financial Inc. (o)		80	652
Prudential Financial Inc. (o)		37	2,195
State Street Corp.		27	1,266
SunTrust Banks Inc.		44	1,291
Travelers Cos. Inc. (o)		39	2,156
U.S. Bancorp (o)		97	2,624
			26,752
HEALTH CARE - 13.6%
Baxter International Inc. (o)		59	2,981
Biogen Idec Inc. (c) (o)		38	2,521
ICON Plc - ADR (c)		40	871
Johnson & Johnson (o)		42	2,602
Merck & Co. Inc. (o)		88	3,170
Teva Pharmaceutical Industries Ltd. - ADR (o)		43	2,233
WellPoint Inc. (c)		23	1,312
			15,690
INDUSTRIALS - 11.7%
Boeing Co. (o)		40	2,588
Emerson Electric Co. (o)		40	2,264
General Electric Co. (o)		198	3,627
Honeywell International Inc. (o)		77	4,072
Union Pacific Corp.		11	975
			13,526
INFORMATION TECHNOLOGY - 24.1%
Adobe Systems Inc. (c) (o)		69	2,123
Apple Inc. (c) (o)		14	4,655
BMC Software Inc. (c) (o)		26	1,242
Cisco Systems Inc. (c) (o)		68	1,383
EMC Corp. (c) (o)		139	3,192
Google Inc. - Class A (c)		6	3,475
Microsoft Corp. (o)		123	3,445
Oracle Corp. (o)		100	3,116
Parametric Technology Corp. (c) (o)		53	1,183
QUALCOMM Inc. (o)		34	1,705
Texas Instruments Inc. (o)		43	1,401
Xilinx Inc.		32	917
			27,837
MATERIALS - 4.4%
Dow Chemical Co. (o)		40	1,353
Freeport-McMoRan Copper & Gold Inc.		12	1,418
Huntsman Corp. (o)		144	2,254
			5,025

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
TELECOMMUNICATION SERVICES - 2.6%
Clearwire Corp. - Class A (c) (o)		108	555
Sprint Nextel Corp. (c) (o)		588	2,489
			3,044
UTILITIES - 3.2%
American Electric Power Co. Inc.		30	1,092
Entergy Corp.		18	1,264
PG&E Corp.		29	1,370
			3,726
Total Common Stocks (cost $133,023)			145,714
SHORT TERM INVESTMENTS - 4.3%
Investment Company - 4.3%
JNL Money Market Fund, 0.08% (a) (h)		4,931	4,931
Total Short Term Investments (cost $4,931)			4,931
Total Investments - 130.5% (cost $137,954)			150,645
Total Securities Sold Short - (30.5)% (proceeds $32,863)			(35,216)
Other Assets and Liabilities, Net - (0.0% )			(25)
Total Net Assets - 100.0%			$    115,404
Securities Sold Short - 30.5%
COMMON STOCKS - 30.5%
CONSUMER DISCRETIONARY - 6.2%
AutoNation Inc.		21	$            601
Buckle Inc.		12	467
Gentex Corp.		19	558
Genuine Parts Co.		6	295
Gildan Activewear Inc.		11	319
Harman International Industries Inc.		8	373
Hibbett Sports Inc.		10	383
KB Home		23	314
NetFlix Inc.		4	643
New York Times Co. - Class A		150	1,467
Penske Auto Group Inc.		28	495
Pool Corp.		13	283
Starwood Hotels & Resorts Worldwide Inc.		10	609
Toll Brothers Inc.		20	382
			7,189
CONSUMER STAPLES - 0.9%
Campbell Soup Co.		16	544
Kimberly-Clark Corp.		9	553
			1,097
ENERGY - 3.6%
Marathon Oil Corp.		52	1,938
Noble Corp.		32	1,142
Transocean Ltd.		16	1,132
			4,212
FINANCIALS - 3.2%
ACE Ltd.		6	391
eHealth Inc.		37	528
Jefferies Group Inc.		23	619
MetLife Inc.		8	349
Reinsurance Group of America Inc.		1	44
T. Rowe Price Group Inc.		10	670
TCF Financial Corp.		73	1,088
			3,689

	Shares/Par (p)		Value
HEALTH CARE - 5.4%
Align Technology Inc.		37	714
AMERIGROUP Corp.		13	577
Bristol-Myers Squibb Co.		31	829
Centene Corp.		23	586
Intuitive Surgical Inc.		2	611
NuVasive Inc.		18	455
Perrigo Co.		14	880
Pfizer Inc.		49	854
Stryker Corp.		13	692
			6,198
INDUSTRIALS - 2.1%
General Dynamics Corp.		5	346
Joy Global Inc.		9	753
Northrop Grumman Corp.		9	568
Precision Castparts Corp.		5	710
			2,377
INFORMATION TECHNOLOGY - 4.2%
Novellus Systems Inc.		40	1,299
Red Hat Inc.		28	1,300
SAIC Inc.		43	685
SAP AG - ADR		17	858
Tech Data Corp.		16	709
			4,851
MATERIALS - 1.0%
EI Du Pont de Nemours & Co.		23	1,158
TELECOMMUNICATION SERVICES - 2.8%
Telefonos de Mexico SAB de CV - ADR		58	933
US Cellular Corp.		20	1,006
Verizon Communications Inc.		16	589
Windstream Corp.		49	680
			3,208
UTILITIES - 1.1%
Exelon Corp.		18	737
Piedmont Natural Gas Co. Inc.		18	500
			1,237
Total Securities Sold Short - 30.5% (proceeds $32,863)			$    35,216
JNL/Invesco Global Real Estate Fund
COMMON STOCKS - 98.3%
CONSUMER DISCRETIONARY - 0.7%
Marriott International Inc. - Class A		68	$2,829
Starwood Hotels & Resorts Worldwide Inc.		36	2,192
			5,021
FINANCIALS - 97.6%
Real Estate Investment Trusts - 66.9%
Diversified - REITS - 21.1%
BGP Holdings Plc (c) (f)		5,552	—
British Land Co. Plc		787	6,437
CapitaCommercial Trust (e)		2,342	2,737
Cominar Real Estate Investment Trust		137	2,872
Corio NV		111	7,151
Derwent London Plc		177	4,308
Dexus Property Group		5,290	4,301
Digital Realty Trust Inc. (e)		179	9,216
Eurocommercial Properties NV		54	2,487

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Fonciere Des Regions		34	3,295
Goodman Group		14,771	9,820
Hammerson Plc		734	4,774
Kenedix Realty Investment Corp.		1	3,238
Klepierre		109	3,928
Land Securities Group Plc		795	8,358
Liberty Property Trust		212	6,766
Mercialys SA		59	2,212
Morguard Real Estate Investment Trust		131	1,934
Segro Plc		588	2,624
Shaftesbury Plc		351	2,449
Stockland		3,437	12,654
Suntec Real Estate Investment Trust		3,522	4,117
Unibail-Rodamco SE (c)		66	13,048
Vornado Realty Trust		153	12,745
Washington REIT		120	3,728
Wereldhave NV		46	4,528
			139,727
Industrial - REITS - 2.3%
DCT Industrial Trust Inc.		269	1,431
Hansteen Holdings Plc (c)		1,078	1,370
ProLogis		870	12,562
			15,363
Office - REITS - 9.5%
Alexandria Real Estate Equities Inc.		80	5,895
BioMed Realty Trust Inc.		228	4,253
Boston Properties Inc.		86	7,366
Corporate Office Properties Trust		57	2,009
Duke Realty Corp.		33	411
Great Portland Estates Plc		265	1,489
Highwoods Properties Inc.		169	5,376
ING Office Fund (e)		5,736	3,256
Japan Prime Realty Investment Corp.		1	3,456
Japan Real Estate Investment Corp.		1	7,003
Kilroy Realty Corp.		86	3,136
Nippon Building Fund Inc. (e)		—	5,011
Orix JREIT Inc.		—	1,391
Piedmont Office Realty Trust Inc. (e)		147	2,963
SL Green Realty Corp.		96	6,507
Societe Immobiliere de Location pour l’Industrie et le Commerce		25	3,082
			62,604
Residential - REITS - 7.0%
Advance Residence Investment Corp. (c)		1	2,956
AvalonBay Communities Inc.		46	5,205
Camden Property Trust		188	10,169
Equity Residential		146	7,597
Essex Property Trust Inc. (e)		80	9,178
Home Properties Inc.		70	3,873
Mid-America Apartment Communities Inc.		42	2,648
UDR Inc.		207	4,857
			46,483
Retail - REITS - 18.4%
Acadia Realty Trust		161	2,932
CapitaMall Trust		2,522	3,833
CBL & Associates Properties Inc.		186	3,250
CFS Retail Property Trust		4,470	8,047
Charter Hall Retail REIT (e)		509	1,530
Developers Diversified Realty Corp.		66	925
Japan Retail Fund Investment Corp.		1	2,411
Kimco Realty Corp.		714	12,877
Link REIT		2,127	6,607
Macerich Co.		199	9,407
National Retail Properties Inc. (e)		153	4,052
Primaris Retail Real Estate Investment Trust		241	4,744
Regency Centers Corp.		221	9,339

	Shares/Par (p)		Value
RioCan Real Estate Investment Trust		232	5,138
Simon Property Group Inc.		285	28,306
Westfield Group		1,469	14,392
Westfield Retail Trust (c)		1,464	3,849
			121,639
Specialized - REITS - 8.6%
Big Yellow Group Plc		445	2,434
Chartwell Seniors Housing REIT		375	3,081
DiamondRock Hospitality Co. (c)		280	3,365
Health Care REIT Inc.		244	11,645
Hersha Hospitality Trust		231	1,525
Host Hotels & Resorts Inc.		834	14,907
LaSalle Hotel Properties		97	2,548
Nationwide Health Properties Inc.		169	6,147
Omega Healthcare Investors Inc.		55	1,230
Senior Housing Properties Trust		290	6,364
Sovran Self Storage Inc.		69	2,540
Ventas Inc.		23	1,193
			56,979
Real Estate Management & Development - 30.7%
Real Estate Operating Companies - 25.2%
Agile Property Holdings Ltd.		3,654	5,378
Beni Stabili SpA		1,725	1,464
BR Properties SA		35	377
Brookfield Properties Corp.		309	5,457
CapitaLand Ltd.		3,190	9,222
China Overseas Land & Investment Ltd. (e)		4,381	8,105
Global Logistic Properties Ltd. (c)		1,693	2,850
Hang Lung Properties Ltd.		1,839	8,600
Henderson Land Development Co. Ltd. (c) (e)		347	2,366
Hongkong Land Holdings Ltd. (e)		1,844	13,314
Hysan Development Co. Ltd.		1,092	5,142
Keppel Land Ltd. (e)		1,579	5,906
Kerry Properties Ltd.		990	5,158
KWG Property Holding Ltd.		2,534	1,930
Mitsui Fudosan Co. Ltd.		956	18,999
Multiplan Empreendimentos Imobiliarios SA		56	1,254
New World Development Ltd. (c)		1,562	2,934
NTT Urban Development Corp.		3	2,561
Retail Opportunity Investments Corp.		121	1,195
Shimao Property Holdings Ltd. (e)		2,430	3,670
Sino Land Co.		3,840	7,183
Sumitomo Realty & Development Co. Ltd.		396	9,421
Sun Hung Kai Properties Ltd.		1,888	31,358
Unite Group Plc (c)		595	1,801
Wharf Holdings Ltd.		1,428	10,986
			166,631
Real Estate Services - 5.5%
AEON Mall Co. Ltd.		103	2,747
Castellum AB		311	4,236
Conwert Immobilien Invest SE		157	2,256
Mitsubishi Estate Co. Ltd.		1,062	19,627
Sponda OYJ		573	2,977
Swiss Prime Site AG (c)		61	4,561
			36,404
Total Common Stocks (cost $577,810)			650,851
SHORT TERM INVESTMENTS - 6.0%
Investment Company - 1.3%
JNL Money Market Fund, 0.08% (a) (h)		8,743	8,743
Securities Lending Collateral - 4.7%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)		29,376	29,376

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Securities Lending Liquidating Fund LLC, 0.66% (a) (h)		1,525	1,500
			30,876
Total Short Term Investments (cost $39,644)			39,619
Total Investments - 104.3% (cost $617,454)			690,470
Other Assets and Liabilities, Net - (4.3%)			(28,682)
Total Net Assets - 100.0%			$661,788
JNL/Invesco International Growth Fund
COMMON STOCKS - 93.4%
CONSUMER DISCRETIONARY - 17.6%
Adidas AG		112	$    7,378
Bayerische Motoren Werke AG		110	8,635
Compagnie Generale des Etablissements Michelin		38	2,698
Compass Group Plc		1,163	10,538
Denso Corp.		142	4,892
Eutelsat Communications Group SA		95	3,475
Grupo Televisa SA - ADR (c)		234	6,066
Hyundai Mobis (c)		38	9,398
Informa Plc		797	5,064
Kingfisher Plc		1,325	5,443
Li & Fung Ltd.		636	3,690
Next Plc		167	5,138
Publicis Groupe		62	3,217
Puma AG Rudolf Dassler Sport		17	5,554
Reed Elsevier Plc		676	5,710
Toyota Motor Corp.		130	5,114
WPP Plc		439	5,404
Yamada Denki Co. Ltd.		93	6,298
			103,712
CONSUMER STAPLES - 13.0%
Anheuser-Busch InBev NV		164	9,395
British American Tobacco Plc		190	7,312
Danone SA		85	5,369
Fomento Economico Mexicano SAB de CV - ADR		66	3,717
Imperial Tobacco Group Plc		344	10,562
Koninklijke Ahold NV		432	5,708
Nestle SA		206	12,046
Reckitt Benckiser Group Plc		99	5,445
Tesco Plc		1,176	7,795
Unilever NV		174	5,425
Woolworths Ltd.		143	3,931
			76,705
ENERGY - 10.3%
BG Group Plc		368	7,438
Canadian Natural Resources Ltd.		122	5,446
Cenovus Energy Inc.		154	5,171
EnCana Corp. (e)		115	3,377
Gazprom OAO - ADR		246	6,222
Petroleo Brasileiro SA - ADR		153	5,227
Royal Dutch Shell Plc - B Shares		180	5,923
Suncor Energy Inc.		142	5,484
Talisman Energy Inc.		156	3,465
Total SA		96	5,077
WorleyParsons Ltd. (e)		292	7,983
			60,813

	Shares/Par (p)		Value
FINANCIALS - 9.4%
Akbank T.A.S.		875	4,860
AXA SA		184	3,056
Banco Bradesco SA - ADR (e)		431	8,744
BNP Paribas		98	6,222
Fairfax Financial Holdings Ltd.		11	4,528
Industrial & Commercial Bank of China		11,144	8,301
Julius Baer Group Ltd.		117	5,462
Kinnevik Investment AB		138	2,810
QBE Insurance Group Ltd.		237	4,397
United Overseas Bank Ltd.		474	6,722
			55,102
HEALTH CARE - 13.5%
Bayer AG		78	5,768
Cochlear Ltd. (e)		92	7,532
CSL Ltd.		156	5,782
Fresenius Medical Care AG & Co. KGaA		88	5,083
Novartis AG		144	8,474
Novo-Nordisk A/S		92	10,311
Roche Holding AG		80	11,779
Shire Plc		442	10,642
Smith & Nephew Plc		240	2,534
Teva Pharmaceutical Industries Ltd. - ADR		226	11,785
			79,690
INDUSTRIALS - 10.0%
Bharat Heavy Electricals Ltd.		56	2,925
Canadian National Railway Co.		41	2,715
Fanuc Ltd.		69	10,501
Hutchison Whampoa Ltd.		620	6,381
Keppel Corp. Ltd.		1,100	9,703
Komatsu Ltd.		173	5,198
Nidec Corp.		127	12,755
TNT NV		209	5,522
Volvo AB (c)		183	3,224
			58,924
INFORMATION TECHNOLOGY - 7.9%
Canon Inc. (e)		108	5,522
HON HAI Precision Industry Co. Ltd.		1,268	5,109
Infosys Technologies Ltd. - ADR		115	8,717
Keyence Corp.		21	5,938
NHN Corp. (c)		24	4,746
SAP AG		106	5,372
Taiwan Semiconductor Manufacturing Co. Ltd.		3,319	8,083
Telefonaktiebolaget LM Ericsson		257	2,980
			46,467
MATERIALS - 3.0%
BHP Billiton Ltd. (e)		251	11,624
Syngenta AG		21	6,086
			17,710
TELECOMMUNICATION SERVICES - 5.7%
America Movil SAB de CV - ADR		193	11,038
Koninklijke KPN NV		365	5,329
Philippine Long Distance Telephone Co.		108	6,277
VimpelCom Ltd. - ADR		180	2,707
Vodafone Group Plc		3,062	7,916
			33,267
UTILITIES - 3.0%
Centrica Plc		1,512	7,817

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
International Power Plc		1,418	9,672
			17,489
Total Common Stocks (cost $471,805)			549,879
SHORT TERM INVESTMENTS - 10.9%
Investment Company - 6.4%
JNL Money Market Fund, 0.08% (a) (h)		37,733	37,733
Securities Lending Collateral 4.5%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)		24,856	24,856
Securities Lending Liquidating Fund LLC, 0.66% (a) (h)		1,479	1,455
			26,311
Total Short Term Investments (cost $64,068)			64,044
Total Investments - 104.3% (cost $535,873)			613,923
Other Assets and Liabilities, Net - (4.3%)			(25,430)
Total Net Assets - 100.0%			$    588,493
JNL/Invesco Large Cap Growth Fund
COMMON STOCKS - 97.5%
CONSUMER DISCRETIONARY - 13.5%
Amazon.com Inc. (c)		64	$11,511
Comcast Corp. - Class A		779	17,107
DirecTV - Class A (c)		231	9,227
Dollar Tree Inc. (c)		111	6,219
Ford Motor Co. (c)		487	8,174
Las Vegas Sands Corp. (c)		183	8,423
Limited Brands Inc.		447	13,747
McDonald’s Corp.		82	6,308
NetFlix Inc. (c) (e)		38	6,651
Ross Stores Inc.		124	7,821
Starwood Hotels & Resorts Worldwide Inc.		147	8,948
Target Corp.		116	6,960
Tiffany & Co.		86	5,335
Walt Disney Co.		186	6,962
			123,393
CONSUMER STAPLES - 2.7%
Hansen Natural Corp. (c)		52	2,728
Mead Johnson Nutrition Co.		261	16,226
PepsiCo Inc.		79	5,180
			24,134
ENERGY - 12.5%
Cameron International Corp. (c)		203	10,275
EOG Resources Inc.		146	13,301
Halliburton Co.		446	18,213
National Oilwell Varco Inc.		158	10,650
Peabody Energy Corp.		256	16,405
Schlumberger Ltd.		223	18,611
Transocean Ltd. (c)		191	13,242
Weatherford International Ltd. (c)		586	13,366
			114,063
FINANCIALS - 4.8%
American Express Co.		129	5,533
Ameriprise Financial Inc.		227	13,089
Comerica Inc.		117	4,954
Franklin Resources Inc.		95	10,515

	Shares/Par (p)		Value
JPMorgan Chase & Co.		223	9,477
			43,568
HEALTH CARE - 9.4%
Baxter International Inc.		175	8,881
Covidien Plc		198	9,059
Dendreon Corp. (c)		197	6,895
Gilead Sciences Inc. (c)		449	16,279
Hospira Inc. (c)		241	13,408
McKesson Corp.		98	6,925
Medco Health Solutions Inc. (c)		73	4,482
Teva Pharmaceutical Industries Ltd. - ADR		109	5,662
United Therapeutics Corp. (c)		106	6,722
UnitedHealth Group Inc.		193	6,976
			85,289
INDUSTRIALS - 11.4%
CH Robinson Worldwide Inc.		135	10,842
Cummins Inc.		63	6,878
Deere & Co.		135	11,238
Foster Wheeler AG (c)		51	1,765
Goodrich Corp.		213	18,745
Honeywell International Inc.		174	9,265
Ingersoll-Rand Plc		318	14,952
JB Hunt Transport Services Inc.		127	5,163
Union Pacific Corp.		172	15,924
WW Grainger Inc.		64	8,857
			103,629
INFORMATION TECHNOLOGY - 32.3%
Apple Inc. (c)		213	68,569
Baidu.com - ADR (c)		202	19,534
Broadcom Corp. - Class A		201	8,772
Cisco Systems Inc. (c)		539	10,896
Citrix Systems Inc. (c)		148	10,138
Cognizant Technology Solutions Corp. – Class A (c)		152	11,121
EMC Corp. (c)		917	21,002
Google Inc. - Class A (c)		39	23,166
Oracle Corp.		701	21,931
QUALCOMM Inc.		233	11,535
Red Hat Inc. (c)		153	6,979
Rovi Corp. (c)		292	18,109
Salesforce.com Inc. (c)		69	9,062
SanDisk Corp. (c)		143	7,107
Tyco Electronics Ltd.		70	2,477
Visa Inc. - Class A		401	28,188
Western Digital Corp. (c)		210	7,122
Xilinx Inc.		310	8,977
			294,685
MATERIALS - 8.7%
Barrick Gold Corp.		291	15,476
Monsanto Co.		472	32,850
Mosaic Co.		92	7,036
Potash Corp. of Saskatchewan Inc. (c)		156	24,223
			79,585
TELECOMMUNICATION SERVICES - 2.2%
America Movil SAB de CV - ADR		151	8,655
American Tower Corp. - Class A (c)		228	11,773
			20,428
Total Common Stocks (cost $742,746)			888,774

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
SHORT TERM INVESTMENTS - 2.7%
Investment Company - 2.0%
JNL Money Market Fund, 0.08% (a) (h)		18,815	18,815
Securities Lending Collateral 0.7%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)		5,726	5,726
Securities Lending Liquidating Fund LLC, 0.66% (a) (h)		526	518
			6,244
Total Short Term Investments (cost $25,067)			25,059
Total Investments - 100.2% (cost $767,813)			913,833
Other Assets and Liabilities, Net - (0.2%)			(2,120)
Total Net Assets - 100.0%			$    911,713
JNL/Invesco Small Cap Growth Fund
COMMON STOCKS - 97.0%
CONSUMER DISCRETIONARY - 17.4%
Brinker International Inc.		52	$    1,092
Buffalo Wild Wings Inc. (c) (e)		20	891
Choice Hotels International Inc.		27	1,025
Darden Restaurants Inc.		22	1,038
Dick’s Sporting Goods Inc. (c)		33	1,247
DreamWorks Animation SKG Inc. - Class A (c)		25	746
DSW Inc. - Class A (c)		30	1,162
Foot Locker Inc.		62	1,215
Group 1 Automotive Inc. (e)		32	1,350
Jack in the Box Inc. (c)		48	1,022
Maidenform Brands Inc. (c)		35	831
National CineMedia Inc.		53	1,050
Penn National Gaming Inc. (c)		40	1,402
PF Chang’s China Bistro Inc. (e)		31	1,526
Pool Corp.		39	871
Steven Madden Ltd. (c)		27	1,126
Tenneco Inc. (c)		30	1,240
Tractor Supply Co.		30	1,456
TRW Automotive Holdings Corp. (c)		42	2,212
Warnaco Group Inc. (c)		20	1,082
Williams-Sonoma Inc.		43	1,534
WMS Industries Inc. (c)		23	1,055
			26,173
CONSUMER STAPLES - 1.9%
Diamond Foods Inc. (e)		20	1,049
Nu Skin Enterprises Inc. - Class A		36	1,088
Ralcorp Holdings Inc. (c)		11	732
			2,869
ENERGY - 8.2%
Bill Barrett Corp. (c)		25	1,037
Carrizo Oil & Gas Inc. (c)		37	1,289
Dresser-Rand Group Inc. (c)		28	1,176
Dril-Quip Inc. (c)		17	1,297
FMC Technologies Inc. (c)		16	1,434
Frontier Oil Corp. (c)		66	1,190
Goodrich Petroleum Corp. (c) (e)		31	551
James River Coal Co. (c)		46	1,155
Lufkin Industries Inc.		12	752
Patterson-UTI Energy Inc.		56	1,205
SandRidge Energy Inc. (c) (e)		175	1,283
			12,369

	Shares/Par (p)		Value
FINANCIALS - 5.9%
Affiliated Managers Group Inc. (c)		15	1,473
Brown & Brown Inc.		31	747
City National Corp.		18	1,109
Greenhill & Co. Inc.		13	1,096
Huntington Bancshares Inc.		157	1,076
ProAssurance Corp. (c)		19	1,173
Stifel Financial Corp. (c)		14	893
SVB Financial Group (c)		26	1,379
			8,946
HEALTH CARE - 14.3%
Acorda Therapeutics Inc. (c)		30	831
Allscripts Healthcare Solutions Inc. (c)		64	1,238
BioMarin Pharmaceutical Inc. (c)		48	1,281
Chemed Corp.		22	1,414
Health Management Associates Inc. – Class A (c)		108	1,026
Insulet Corp. (c)		43	666
Martek Biosciences Corp. (c) (e)		24	751
Medicis Pharmaceutical Corp. - Class A		39	1,041
Mednax Inc. (c)		16	1,100
Meridian Bioscience Inc.		37	859
Parexel International Corp. (c)		41	869
PerkinElmer Inc.		43	1,099
Perrigo Co.		17	1,091
PSS World Medical Inc. (c)		43	968
Quality Systems Inc. (e)		15	1,071
Sirona Dental Systems Inc. (c)		26	1,102
Techne Corp.		14	933
United Therapeutics Corp. (c)		17	1,058
Valeant Pharmaceuticals International Inc.		36	1,026
VCA Antech Inc. (c)		38	895
Zoll Medical Corp. (c)		30	1,123
			21,442
INDUSTRIALS - 14.3%
Corrections Corp. of America (c)		48	1,215
CoStar Group Inc. (c) (e)		26	1,524
Forward Air Corp.		34	978
Fuel Tech Inc. (c)		50	490
Hexcel Corp. (c)		57	1,029
HUB Group Inc. - Class A (c)		39	1,386
Kaydon Corp.		24	976
Kennametal Inc.		25	995
Knight Transportation Inc. (e)		69	1,317
Lincoln Electric Holdings Inc.		17	1,087
Lindsay Corp. (e)		15	899
Regal-Beloit Corp.		24	1,604
Tetra Tech Inc. (c)		44	1,093
Thomas & Betts Corp. (c)		22	1,048
TransDigm Group Inc. (c)		33	2,349
Wabtec Corp.		26	1,393
Watsco Inc.		14	874
WESCO International Inc. (c)		23	1,188
			21,445
INFORMATION TECHNOLOGY - 28.8%
Advanced Energy Industries Inc. (c)		71	968
Alliance Data Systems Corp. (c) (e)		14	999
Ansys Inc. (c)		22	1,149
Aspen Technology Inc. (c)		78	984
Ciena Corp. (c) (e)		80	1,694
Coherent Inc. (c)		24	1,092
CommVault Systems Inc. (c)		39	1,129
Cymer Inc. (c)		16	706
F5 Networks Inc. (c)		10	1,244

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Fair Isaac Corp.		37	861
Finisar Corp. (c)		53	1,584
Global Payments Inc.		21	982
Harmonic Inc. (c)		119	1,021
Hittite Microwave Corp. (c) (e)		23	1,376
Informatica Corp. (c) (e)		50	2,182
Lawson Software Inc. (c)		149	1,380
Littelfuse Inc.		23	1,097
Micros Systems Inc. (c)		30	1,298
Microsemi Corp. (c)		65	1,488
NetGear Inc. (c)		35	1,175
Nice Systems Ltd. - ADR (c)		36	1,246
ON Semiconductor Corp. (c)		111	1,095
Open Text Corp. (c)		22	1,024
Parametric Technology Corp. (c)		46	1,044
Polycom Inc. (c)		51	1,971
Power Integrations Inc.		24	949
Quest Software Inc. (c)		55	1,516
RF Micro Devices Inc. (c)		153	1,124
Semtech Corp. (c)		49	1,104
SuccessFactors Inc. (c)		51	1,479
Tech Data Corp. (c)		21	917
Teradyne Inc. (c)		86	1,202
ValueClick Inc. (c)		25	404
VistaPrint NV (c)		20	906
Volterra Semiconductor Corp. (c)		43	995
WebMD Health Corp. - Class A (c)		20	1,002
Websense Inc. (c)		49	995
			43,382
MATERIALS - 4.4%
Calgon Carbon Corp. (c)		45	683
Carpenter Technology Corp.		22	897
Grief Inc. - Class A		23	1,439
Intrepid Potash Inc. (c) (e)		33	1,229
Olin Corp.		54	1,118
Rockwood Holdings Inc. (c)		30	1,183
			6,549
TELECOMMUNICATION SERVICES - 1.1%
SBA Communications Corp. (c)		39	1,591
UTILITIES - 0.7%
ITC Holdings Corp.		18	1,101
Total Common Stocks (cost $116,684)			145,867
SHORT TERM INVESTMENTS - 12.0%
Investment Company - 3.0%
JNL Money Market Fund, 0.08% (a) (h)		4,579	4,579
Securities Lending Collateral 9.0%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)		13,000	13,000
Securities Lending Liquidating Fund LLC, 0.66% (a) (h)		463	456
			13,456
Total Short Term Investments (cost $18,042)			18,035
Total Investments - 109.0% (cost $134,726)			163,902
Other Assets and Liabilities, Net - (9.0%)			(13,489)
Total Net Assets - 100.0% $			150,413

	Shares/Par (p)		Value
JNL/Ivy Asset Strategy Fund
COMMON STOCKS - 71.1%
CONSUMER DISCRETIONARY - 22.2%
Bayerische Motoren Werke AG		113	$    8,850
CBS Corp. - Class B		411	7,828
Compagnie Financiere Richemont SA		247	14,531
Hyundai Motor Co. (c)		165	25,146
Las Vegas Sands Corp. (c)		151	6,952
Li & Fung Ltd.		1,758	10,200
Luxottica Group SpA		16	495
LVMH Moet Hennessy Louis Vuitton SA		82	13,423
Nike Inc. - Class B		104	8,918
Sands China Ltd. (c) (r)		14,327	31,482
Shangri-La Asia Ltd.		334	907
Starwood Hotels & Resorts Worldwide Inc.		355	21,577
Wynn Macau Ltd. (c)		8,389	18,780
Wynn Resorts Ltd.		463	48,084
			217,173
CONSUMER STAPLES - 2.7%
Hengan International Group Co. Ltd.		666	5,745
Mead Johnson Nutrition Co.		145	9,001
Philip Morris International Inc.		198	11,560
			26,306
ENERGY - 8.0%
China Coal Energy Co		1,468	2,293
ConocoPhillips		311	21,159
Exxon Mobil Corp.		13	943
Halliburton Co.		504	20,576
National Oilwell Varco Inc.		15	975
Schlumberger Ltd.		235	19,635
SeaDrill Ltd.		356	12,139
			77,720
FINANCIALS - 13.1%
AIA Group Ltd. (c) (r)		4,234	11,903
Banco Santander Brasil SA - ADR		770	10,473
Banco Santander SA		885	9,426
BOC Hong Kong Holdings Ltd.		2,093	7,121
China Life Insurance Co. Ltd.		1,486	6,070
China Pacific Insurance Group Co. Ltd.		4,230	17,577
Chonqing Rural Commercial Bank Co. Ltd. (c)		2,732	1,838
Credit Suisse Group AG		115	4,632
Goldman Sachs Group Inc.		29	4,910
HDFC Bank Ltd.		65	3,432
ICICI Bank Ltd.		526	13,465
Industrial & Commercial Bank of China		748	557
Itau Unibanco Holding SA - ADR (c)		390	9,373
Ping an Insurance Group Co. of China Ltd. (r)		134	1,498
Renhe Commercial Holdings Co. Ltd.		1,520	266
Standard Chartered Plc		843	22,675
State Bank of India Ltd.		43	2,679
			127,895
HEALTH CARE - 0.2%
Allergan Inc.		25	1,703
INDUSTRIALS - 4.9%
A P Moller - Maersk A/S - Class B		—	3,015
Cathay Pacific Airways Ltd. (c)		1,206	3,328
China Railway Construction Corp. Ltd. (c)		1,701	2,048
China Railway Group Ltd.		2,364	1,706
Cummins Inc.		99	10,902
Eaton Corp.		9	954
Honeywell International Inc.		53	2,818
Hutchison Whampoa Ltd.		307	3,160

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Tata Motors Ltd.		333	9,746
Volvo AB - Class B (c)		566	9,969
			47,646
INFORMATION TECHNOLOGY - 13.5%
Apple Inc. (c) (o)		97	31,272
ASML Holding NV		172	6,654
Baidu.com - ADR (c)		180	17,385
Cognizant Technology Solutions Corp. – Class A (c)		303	22,236
First Solar Inc. (c)		70	9,058
Google Inc. - Class A (c)		3	1,901
Juniper Networks Inc. (c)		211	7,779
NetApp Inc. (c)		324	17,813
Oracle Corp.		278	8,704
Tencent Holdings Ltd.		435	9,455
			132,257
MATERIALS - 5.7%
Freeport-McMoRan Copper & Gold Inc.		164	19,683
PTT Chemical PCL - NVDR (c) (r)		1,328	6,474
Rio Tinto Ltd.		71	6,189
Vale SA - ADR (c)		303	10,457
Xstrata Plc		533	12,506
			55,309
TELECOMMUNICATION SERVICES - 0.8%
China Mobile Ltd.		803	7,975
Total Common Stocks (cost $574,321)			693,984
PREFERRED STOCKS - 5.3%
CONSUMER DISCRETIONARY - 4.7%
Volkswagen AG		238	38,776
Volkswagen AG Rights, Convertible Preferred (r)		42	6,853
			45,629
INDUSTRIALS - 0.6%
Volvo (r)		350	6,168
Total Preferred Stocks (cost $34,494)			51,797
PURCHASED OPTIONS - 0.7%
Euro Stoxx 50 Index Put Option, Strike Price EUR 2700, Expiration 02/18/2011 (f) (v)		799	619
Euro Stoxx 50 Index Put Option, Strike Price EUR 2700, Expiration 03/18/2011, 03/18/11		284	317
Euro Stoxx 50 Index Put Option, Strike Price EUR 2700, Expiration 03/18/2011 (f) (v)		824	905
Euro Stoxx 50 Index Put Option, Strike Price EUR 2750, Expiration 02/18/2011 (f) (v)		612	606
Euro Stoxx 50 Index Put Option, Strike Price EUR 2750, Expiration 03/18/2011		211	284
Euro Stoxx 50 Index Put Option, Strike Price EUR 2750, Expiration 03/18/2011 (f) (v)		1,218	1,630
Euro Stoxx 50 Index Put Option, Strike Price EUR 2800, Expiration 02/18/2011 (f) (v)		821	1,036
Hang Seng China Enterprises Index Put Option, Strike Price HKD 12200, Expiration 01/28/2011 (f) (v)		172	142
Hang Seng China Enterprises Index Put Option, Strike Price HKD 12400, Expiration 03/30/2011 (f) (v)		172	499
Hang Seng Index Put Option, Strike Price HKD 22000, Expiration 03/30/2011 (f) (v)		119	382

	Shares/Par (p)		Value
Hang Seng Index Put Option, Strike Price HKD 22400, Expiration 01/28/2011 (f) (v)		167		218
Total Options (cost $6,529)				6,638
PRECIOUS METALS - 11.3%
Gold Bullion		77,973		110,710
Total Precious Metals (cost $96,856)				110,710
SHORT TERM INVESTMENTS - 10.4%
Investment Company - 10.4%
JNL Money Market Fund, 0.08% (a) (h)		100,979		100,979
Total Short Term Investments (cost $100,979)				100,979
Total Investments - 98.8% (cost $813,179)				964,108
Other Assets and Liabilities, Net - 1.2%				11,737
Total Net Assets - 100.0%			$	975,845
JNL/JPMorgan International Value Fund
COMMON STOCKS - 95.7%
CONSUMER DISCRETIONARY - 6.8%
Daimler AG (c)		101	$	6,838
GKN Plc		1,470		5,093
InterContinental Hotels Group Plc		327		6,342
Nissan Motor Co. Ltd.		1,231		11,643
PPR SA		31		4,920
Sodexo SA		89		6,145
				40,981
CONSUMER STAPLES - 2.5%
Japan Tobacco Inc.		1		3,072
Shiseido Co. Ltd.		192		4,186
Unilever NV		257		8,007
				15,265
ENERGY - 8.8%
BP Plc (c)		1,948		14,136
Cairn Energy Plc (c)		452		2,961
JX Holdings Inc.		1,034		6,996
Royal Dutch Shell Plc - A Shares		791		26,359
Tullow Oil Plc		158		3,108
				53,560
FINANCIALS - 24.9%
African Bank Investments Ltd.		923		5,431
Allianz SE		97		11,567
Aviva Plc		820		5,025
Banco Bilbao Vizcaya Argentaria SA (e)		599		6,107
Barclays Plc		1,868		7,619
BNP Paribas		152		9,656
China Merchants Bank Co. Ltd. (e)		2,005		5,061
DnB NOR ASA		602		8,469
Erste Group Bank AG		132		6,216
HSBC Holdings Plc		1,069		10,848
ING Groep NV (c)		1,091		10,614
KBC Groep NV (c)		160		5,460
Lloyds Banking Group Plc (c)		3,540		3,626
Man Group Plc		976		4,504
QBE Insurance Group Ltd.		477		8,853
Societe Generale		110		5,912
Sumitomo Mitsui Financial Group Inc.		438		15,515

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Sun Hung Kai Properties Ltd.		356		5,913
UBS AG (c)		304		4,999
Zurich Financial Services AG		38		9,945
				151,340
HEALTH CARE - 5.7%
Bayer AG		144		10,654
GlaxoSmithKline Plc		527		10,189
Sanofi-Aventis SA		213		13,596
				34,439
INDUSTRIALS - 15.6%
Cookson Group Plc (c)		509		5,226
East Japan Railway Co.		90		5,808
Experian Plc		416		5,172
Hamburger Hafen und Logistik AG (e)		69		3,220
Hutchison Whampoa Ltd.		830		8,543
Koninklijke Philips Electronics NV		213		6,527
Marubeni Corp.		629		4,403
Mitsubishi Electric Corp.		691		7,220
Mitsui & Co. Ltd.		500		8,229
Nippon Express Co. Ltd.		1,001		4,495
Nippon Sheet Glass Co. Ltd.		955		2,561
Orkla ASA		626		6,111
Ruukki Group Oyj (c) (e)		583		1,325
Schneider Electric SA		55		8,291
Siemens AG		97		12,049
Sumitomo Corp.		410		5,766
				94,946
INFORMATION TECHNOLOGY - 7.7%
FUJIFILM Holdings Corp.		253		9,116
Fujitsu Ltd.		927		6,423
HON HAI Precision Industry Co. Ltd.		1,279		5,155
Nintendo Co. Ltd.		18		5,226
Nokia Oyj		608		6,302
Ricoh Co. Ltd.		463		6,751
Samsung Electronics Co. Ltd.		9		7,612
				46,585
MATERIALS - 6.0%
ArcelorMittal		147		5,571
First Quantum Minerals Ltd. (e)		80		8,687
Lanxess AG		72		5,625
Petropavlovsk Plc		152		2,708
Rhodia SA		278		9,178
UPM-Kymmene Oyj		269		4,776
				36,545
TELECOMMUNICATION SERVICES - 10.7%
BT Group Plc		2,478		6,986
KDDI Corp.		1		8,454
Koninklijke KPN NV		456		6,660
Nippon Telegraph & Telephone Corp.		145		6,590
Singapore Telecommunications Ltd.		2,234		5,309
Telefonica SA		623		14,223
Vodafone Group Plc		6,583		17,017
				65,239
UTILITIES - 7.0%
Centrica Plc		1,642		8,487
GDF Suez		402		14,428
International Power Plc		853		5,823
National Grid Plc		1,014		8,740

	Shares/Par (p)		Value
Snam Rete Gas SpA		1,058	5,268
			42,746
Total Common Stocks (cost $528,248)			581,646
PREFERRED STOCKS - 1.5%
CONSUMER DISCRETIONARY - 1.5%
Volkswagen AG		55	9,019
Total Preferred Stocks (cost $5,333)			9,019
SHORT TERM INVESTMENTS - 5.4%
Investment Company - 1.8%
JNL Money Market Fund, 0.08% (a) (h)		11,098	11,098
Securities Lending Collateral 3.6%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)		20,804	20,804
Securities Lending Liquidating Fund LLC, 0.66% (a) (h)		1,334	1,312
			22,116
Total Short Term Investments (cost $33,236)			33,214
Total Investments - 102.6% (cost $566,817)			623,879
Other Assets and Liabilities, Net - (2.6%)			(15,934)
Total Net Assets - 100.0%			$    607,945
JNL/JPMorgan Mid Cap Growth Fund
COMMON STOCKS - 97.6%
CONSUMER DISCRETIONARY - 17.8%
Cheesecake Factory Inc. (c)		50	$        1,530
Coach Inc.		59	3,280
Dick’s Sporting Goods Inc. (c)		70	2,617
Education Management Corp. (c) (e)		88	1,593
Gentex Corp.		98	2,887
Harley-Davidson Inc.		103	3,564
Harman International Industries Inc. (c)		56	2,574
International Game Technology		66	1,168
Lamar Advertising Co. - Class A (c)		100	3,980
MGM Resorts International (c) (e)		126	1,874
NetFlix Inc. (c) (e)		8	1,318
OfficeMax Inc. (c) (e)		118	2,082
Panera Bread Co. - Class A (c)		13	1,306
Polo Ralph Lauren Corp. - Class A		17	1,830
Priceline.com Inc. (c)		5	2,118
Scripps Networks Interactive Inc. - Class A		52	2,675
Sotheby’s - Class A (e)		53	2,385
Starwood Hotels & Resorts Worldwide Inc.		43	2,638
			41,419
CONSUMER STAPLES - 0.5%
Green Mountain Coffee Roasters Inc. (c) (e)		37	1,229
ENERGY - 6.1%
Cameron International Corp. (c)		60	3,055
CARBO Ceramics Inc.		19	2,009
Concho Resources Inc. (c)		50	4,366
Forest Oil Corp. (c)		67	2,540
Newfield Exploration Co. (c)		32	2,293
			14,263

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
FINANCIALS - 9.9%
AON Corp.		44	2,005
Apollo Global Management LLC (c) (q) (f)		73	587
BOK Financial Corp.		39	2,099
Comerica Inc.		49	2,078
HCC Insurance Holdings Inc.		49	1,409
Invesco Ltd.		120	2,880
Lazard Ltd. - Class A		60	2,382
LPL Investment Holdings Inc. (c)		19	698
MSCI Inc. - Class A (c)		51	1,979
Och-Ziff Capital Management Group LLC - Class A		93	1,443
T. Rowe Price Group Inc.		53	3,443
TD Ameritrade Holding Corp.		106	2,012
			23,015
HEALTH CARE - 11.5%
Alexion Pharmaceuticals Inc. (c)		27	2,183
Brookdale Senior Living Inc. (c)		106	2,272
Cerner Corp. (c) (e)		17	1,654
Coventry Health Care Inc. (c)		103	2,714
DaVita Inc. (c)		41	2,842
Humana Inc. (c)		31	1,680
Illumina Inc. (c)		27	1,704
Lincare Holdings Inc.		107	2,863
Sirona Dental Systems Inc. (c)		50	2,089
Thoratec Corp. (c)		81	2,297
Valeant Pharmaceuticals International Inc.		159	4,484
			26,782
INDUSTRIALS - 19.1%
AGCO Corp. (c)		31	1,555
Avis Budget Group Inc. (c) (e)		147	2,287
Carlisle Cos. Inc.		66	2,639
Cummins Inc.		54	5,900
Delta Air Lines Inc. (c)		219	2,763
Goodrich Corp.		35	3,082
Hubbell Inc. - Class B		42	2,538
IHS Inc. - Class A (c)		22	1,745
JB Hunt Transport Services Inc.		36	1,475
Lennox International Inc.		39	1,863
Precision Castparts Corp.		16	2,184
Robert Half International Inc.		69	2,108
Rockwell Automation Inc.		42	3,012
Roper Industries Inc.		26	2,024
Stericycle Inc. (c)		32	2,586
Wabtec Corp. (e)		52	2,724
WW Grainger Inc.		29	3,950
			44,435
INFORMATION TECHNOLOGY - 28.3%
Agilent Technologies Inc. (c)		102	4,205
Alliance Data Systems Corp. (c) (e)		27	1,918
Amdocs Ltd. (c)		52	1,418
Amphenol Corp. - Class A		66	3,487
Autodesk Inc. (c)		46	1,765
Broadcom Corp. - Class A		57	2,499
CGI Group Inc. - Class A (c)		100	1,717
Citrix Systems Inc. (c)		25	1,676
Cognizant Technology Solutions Corp. – Class A (c)		39	2,829
Concur Technologies Inc. (c)		29	1,521
Cree Inc. (c) (e)		30	1,983
Equinix Inc. (c)		17	1,341
F5 Networks Inc. (c)		25	3,202
FleetCor Technologies Inc. (c)		42	1,302
Juniper Networks Inc. (c)		73	2,691

	Shares/Par (p)		Value
Marvell Technology Group Ltd. (c)		173	3,207
MasterCard Inc. - Class A		9	1,997
Microchip Technology Inc. (e)		68	2,333
Micros Systems Inc. (c)		77	3,395
NetApp Inc. (c)		84	4,622
Red Hat Inc. (c)		50	2,292
Riverbed Technology Inc. (c)		48	1,674
Salesforce.com Inc. (c)		21	2,719
Tyco Electronics Ltd.		102	3,604
Varian Semiconductor Equipment Associates Inc. (c)		66	2,455
Western Union Co.		105	1,952
Zebra Technologies Corp. - Class A (c)		51	1,945
			65,749
MATERIALS - 3.5%
Bemis Co. Inc.		64	2,097
Grief Inc. - Class A		38	2,340
Sherwin-Williams Co.		43	3,559
			7,996
TELECOMMUNICATION SERVICES - 0.9%
tw telecom inc. (c)		119	2,036
Total Common Stocks (cost $179,851)			226,924
SHORT TERM INVESTMENTS - 8.6%
Investment Company - 2.2%
JNL Money Market Fund, 0.08% (a) (h)		5,111	5,111
Securities Lending Collateral 6.4%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)		14,378	14,378
Securities Lending Liquidating Fund LLC, 0.66% (a) (h)		663	652
			15,030
Total Short Term Investments (cost $20,152)			20,141
Total Investments - 106.2% (cost $200,003)			247,065
Other Assets and Liabilities, Net - (6.2%)			(14,494)
Total Net Assets - 100.0%			$    232,571
JNL/Lazard Emerging Markets Fund
COMMON STOCKS - 93.5%
CONSUMER DISCRETIONARY - 5.2%
Desarrolladora Homex SAB de CV – ADR (c) (e)		225	$        7,607
Grupo Televisa SA - ADR (c)		710	18,400
Hyundai Mobis (c)		64	16,118
Truworths International Ltd.		1,412	15,354
Woongjin Coway Co. Ltd. (c)		421	14,950
			72,429
CONSUMER STAPLES - 11.4%
British American Tobacco Malaysia Bhd		510	7,441
Cia de Bebidas das Americas - ADR		15	459
Eastern Tobacco		244	5,040
Fomento Economico Mexicano SAB de CV - ADR		248	13,841
Hite Brewery Co. Ltd. (c)		61	6,486
Kimberly-Clark de Mexico SAB de CV		1,396	8,519
KT&G Corp. (c)		388	22,136
Magnit OJSC - GDR		382	11,187

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Massmart Holdings Ltd.		589	13,113
Natura Cosmeticos SA (c)		662	19,010
Oriflame Cosmetics SA - SDR (e)		201	10,561
Shoprite Holdings Ltd.		843	12,745
Souza Cruz SA (c)		257	13,978
Tiger Brands Ltd.		474	13,942
			158,458
ENERGY - 4.4%
Banpu PCL		550	14,359
LUKOIL OAO - ADR		333	18,828
Oil & Gas Development Co. Ltd.		3,538	7,052
Pakistan Petroleum Ltd.		3,917	9,925
Tambang Batubara Bukit Asam Tbk PT		4,390	11,162
			61,326
FINANCIALS - 23.4%
Akbank T.A.S.		2,820	15,673
Banco do Brasil SA (c)		2,770	52,436
Bank Mandiri Persero Tbk PT		12,432	8,940
Bank of India		1,414	14,279
China Construction Bank Corp.		15,768	14,140
Commercial International Bank		1,830	14,941
Kasikornbank PCL		2,347	10,151
KB Financial Group Inc. (c)		225	11,859
Korea Life Insurance Co. Ltd.		2,668	18,647
Nedbank Group Ltd.		628	12,417
OTP Bank Rt (c) (e)		706	17,038
Punjab National Bank Ltd.		993	27,124
Sanlam Ltd.		4,604	19,515
Shinhan Financial Group Co. Ltd. (c)		894	41,590
Standard Bank Group Ltd.		793	12,954
Turkiye Is Bankasi SA		9,528	33,941
			325,645
INDUSTRIALS - 5.4%
Bidvest Group Ltd.		135	3,208
China High Speed Transmission Equipment Group Co. Ltd. (e)		151	234
Cia de Concessoes Rodoviarias		407	11,499
KOC Holding AS		2,092	10,188
Murray & Roberts Holdings Ltd.		2,114	12,894
Orascom Construction Industries		379	18,721
United Tractors Tbk PT		3,740	9,864
Weichai Power Co. Ltd. (c) (e)		1,299	7,997
			74,605
INFORMATION TECHNOLOGY - 18.6%
Advanced Semiconductor Engineering Inc.		10,261	11,878
Cielo SA		4,401	35,660
Delta Electronics Inc.		2,441	11,930
HON HAI Precision Industry Co. Ltd. - GDR		2,565	20,699
HTC Corp.		345	10,653
Infosys Technologies Ltd. - ADR (e)		143	10,864
MediaTek Inc.		1,590	22,767
Netease.com - ADR (c) (e)		381	13,762
NHN Corp. (c)		134	26,841
Redecard SA		2,523	31,994
Samsung Electronics Co. Ltd.		40	33,212
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR		2,190	27,464
			257,724
MATERIALS - 14.6%
Cia Siderurgica Nacional SA - ADR (e)		1,250	20,844
First Quantum Minerals Ltd. (e)		223	24,200
Grupo Mexico SAB de CV (c) (e)		5,940	24,333
Jindal Steel & Power Ltd.		920	14,646

	Shares/Par (p)		Value
Kumba Iron Ore Ltd. (e)		406	26,195
Pretoria Portland Cement Co. Ltd.		2,668	14,156
Semen Gresik Persero Tbk PT		10,280	10,765
Shougang Concord International Enterprises Co. Ltd. (c)		2,238	325
Uralkali - GDR (e)		541	19,884
Vale SA - ADR (c)		1,359	46,967
			202,315
TELECOMMUNICATION SERVICES - 9.3%
America Movil SAB de CV - ADR		366	20,958
Egyptian Co. for Mobile Services		186	5,277
Mobile Telesystems - ADR		948	19,792
Philippine Long Distance Telephone Co. – ADR (e)		442	25,761
PT Telekomunikasi Indonesia - ADR (e)		760	27,082
Turkcell Iletisim Hizmet AS		4,392	30,009
			128,879
UTILITIES - 1.2%
Companhia Energetica de Minas Gerais – ADR (e)		981	16,279
Total Common Stocks (cost $1,061,461)			1,297,660
PREFERRED STOCKS - 2.7%
ENERGY - 0.7%
Ultrapar Participacoes SA		151	9,548
MATERIALS - 1.8%
Usinas Siderurgicas de Minas Gerais SA, Class A		2,024	23,365
Vale Fertilizantes SA		119	1,362
			24,727
UTILITIES - 0.2%
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA		158	3,052
Total Preferred Stocks (cost $37,637)			37,327
SHORT TERM INVESTMENTS - 9.3%
Investment Company - 4.3%
JNL Money Market Fund, 0.08% (a) (h)		60,363	60,363
Securities Lending Collateral 5.0%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)		68,109	68,109
Securities Lending Liquidating Fund LLC, 0.66% (a) (h)		1,270	1,249
			69,358
Total Short Term Investments (cost $129,742)			129,721
Total Investments - 105.5% (cost $1,228,840)			1,464,708
Other Assets and Liabilities, Net - (5.5%)			(76,679)
Total Net Assets - 100.0%			$  1,388,029
JNL/Lazard Mid Cap Equity Fund
COMMON STOCKS - 94.9%
CONSUMER DISCRETIONARY - 15.4%
AutoZone Inc. (c)		14	$          3,816
Big Lots Inc. (c)		52	1,581
Cablevision Systems Corp. - Class A		58	1,953

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Darden Restaurants Inc.		57	2,656
DeVry Inc.		56	2,677
International Game Technology		184	3,250
Lear Corp. (c)		33	3,267
Mattel Inc.		162	4,125
Newell Rubbermaid Inc.		295	5,370
Stanley Black & Decker Inc.		32	2,167
TJX Cos. Inc.		49	2,166
			33,028
CONSUMER STAPLES - 8.1%
Avon Products Inc.		95	2,758
Campbell Soup Co.		77	2,676
McCormick & Co. Inc.		31	1,438
Molson Coors Brewing Co. - Class B		119	5,967
Ralcorp Holdings Inc. (c)		70	4,525
			17,364
ENERGY - 10.2%
Arch Coal Inc.		61	2,146
EQT Corp.		63	2,829
Holly Corp.		43	1,769
Massey Energy Co.		24	1,261
Murphy Oil Corp.		32	2,371
Noble Energy Inc.		21	1,799
Rowan Cos. Inc. (c)		74	2,587
Tidewater Inc.		48	2,584
Valero Energy Corp.		76	1,748
Williams Cos. Inc.		113	2,803
			21,897
FINANCIALS - 14.6%
Ameriprise Financial Inc.		101	5,784
City National Corp.		71	4,326
Digital Realty Trust Inc. (e)		35	1,799
Fifth Third Bancorp		145	2,129
Invesco Ltd.		145	3,486
KeyCorp		170	1,504
LaSalle Hotel Properties		42	1,114
Macerich Co.		50	2,354
NYSE Euronext		80	2,386
PartnerRe Ltd.		32	2,539
Public Storage		17	1,673
UDR Inc.		91	2,133
			31,227
HEALTH CARE - 7.2%
CareFusion Corp. (c)		113	2,909
Hospira Inc. (c)		55	3,035
Laboratory Corp. of America Holdings (c)		17	1,451
Life Technologies Corp. (c)		45	2,485
Warner Chilcott Plc - Class A (c)		119	2,687
Zimmer Holdings Inc. (c)		55	2,942
			15,509
INDUSTRIALS - 13.2%
Corrections Corp. of America (c)		123	3,072
Dover Corp.		124	7,225
Equifax Inc.		115	4,098
Foster Wheeler AG (c)		87	2,996
Harsco Corp.		31	878
Joy Global Inc.		21	1,796
Parker Hannifin Corp.		40	3,443
Rockwell Collins Inc.		80	4,684
			28,192
INFORMATION TECHNOLOGY - 13.4%
Analog Devices Inc.		111	4,163

	Shares/Par (p)		Value
BMC Software Inc. (c)		80	3,771
Ingram Micro Inc. - Class A (c)		218	4,164
Intuit Inc. (c)		44	2,164
NetApp Inc. (c)		15	846
Quest Software Inc. (c)		53	1,465
Seagate Technology (c)		97	1,455
Symantec Corp. (c)		171	2,868
Teradata Corp. (c)		46	1,893
Teradyne Inc. (c)		168	2,354
Xilinx Inc.		120	3,472
			28,615
MATERIALS - 8.4%
Air Products & Chemicals Inc.		20	1,846
Ball Corp.		90	6,118
Cliffs Natural Resources Inc.		34	2,629
Compass Minerals International Inc.		39	3,473
Eastman Chemical Co.		28	2,354
United States Steel Corp.		27	1,595
			18,015
UTILITIES - 4.4%
Allegheny Energy Inc.		87	2,109
American Electric Power Co. Inc.		124	4,443
Energen Corp.		60	2,910
			9,462
Total Common Stocks (cost $169,065)			203,309
PREFERRED STOCKS - 0.5%
INDUSTRIALS - 0.5%
Better Place (f) (q)		338	1,015
Total Preferred Stocks (cost $1,015)			1,015
SHORT TERM INVESTMENTS - 6.1%
Investment Company - 5.2%
JNL Money Market Fund, 0.08% (a) (h)		11,284	11,284
Securities Lending Collateral 0.9%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)		1,230	1,230
Securities Lending Liquidating Fund LLC, 0.66% (a) (h)		681	670
			1,900
Total Short Term Investments (cost $13,195)			13,184
Total Investments - 101.5% (cost $183,275)			217,508
Other Assets and Liabilities, Net - (1.5%)			(3,279)
Total Net Assets - 100.0%			$    214,229
JNL/Mellon Capital Management S&P 500 Index Fund
COMMON STOCKS - 98.6%
CONSUMER DISCRETIONARY - 10.5%
Abercrombie & Fitch Co. - Class A		10	$        564
Amazon.com Inc. (c)		41	7,342
Apollo Group Inc. - Class A (c)		15	573
AutoNation Inc. (c) (e)		8	222
AutoZone Inc. (c)		3	922
Bed Bath & Beyond Inc. (c)		30	1,499

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Best Buy Co. Inc.		40	1,374
Big Lots Inc. (c)		9	263
Cablevision Systems Corp. - Class A		26	876
Carmax Inc. (c)		26	831
Carnival Corp.		50	2,312
CBS Corp. - Class B		79	1,501
Coach Inc.		35	1,946
Comcast Corp. - Class A		323	7,097
Darden Restaurants Inc.		16	756
DeVry Inc.		7	323
DirecTV - Class A (c)		97	3,864
Discovery Communications Inc. - Class A (c)		33	1,377
DR Horton Inc.		32	385
Expedia Inc.		23	586
Family Dollar Stores Inc.		15	744
Ford Motor Co. (c)		433	7,269
Fortune Brands Inc.		17	1,034
GameStop Corp. - Class A (c)		19	434
Gannett Co. Inc.		27	414
Gap Inc.		53	1,179
Genuine Parts Co.		18	945
Goodyear Tire & Rubber Co. (c)		28	334
H&R Block Inc. (e)		38	455
Harley-Davidson Inc.		27	947
Harman International Industries Inc. (c)		8	352
Hasbro Inc.		16	755
Home Depot Inc.		190	6,659
International Game Technology		33	581
Interpublic Group of Cos. Inc. (c)		56	596
J.C. Penney Co. Inc.		27	862
Johnson Controls Inc.		78	2,974
Kohl’s Corp. (c)		36	1,937
Leggett & Platt Inc.		16	364
Lennar Corp. - Class A		18	333
Limited Brands Inc.		30	928
Lowe’s Cos. Inc.		160	4,010
Macy’s Inc.		49	1,233
Marriott International Inc. - Class A		33	1,363
Mattel Inc.		41	1,043
McDonald’s Corp.		122	9,388
McGraw-Hill Cos. Inc.		36	1,329
Meredith Corp. (e)		4	131
NetFlix Inc. (c) (e)		5	820
Newell Rubbermaid Inc.		33	592
News Corp. - Class A		263	3,835
Nike Inc. - Class B		45	3,839
Nordstrom Inc.		19	823
O’Reilly Automotive Inc. (c)		16	968
Omnicom Group Inc.		35	1,596
Polo Ralph Lauren Corp. - Class A		8	851
Priceline.com Inc. (c)		6	2,231
Pulte Homes Inc. (c)		37	279
RadioShack Corp.		15	272
Ross Stores Inc.		14	860
Scripps Networks Interactive Inc. - Class A		10	537
Sears Holdings Corp. (c) (e)		5	392
Stanley Black & Decker Inc.		19	1,277
Staples Inc.		85	1,924
Starbucks Corp.		86	2,769
Starwood Hotels & Resorts Worldwide Inc. (e)		22	1,335
Target Corp.		82	4,933
Tiffany & Co.		15	923
Time Warner Cable Inc.		41	2,706
Time Warner Inc.		129	4,136
TJX Cos. Inc.		47	2,084
Urban Outfitters Inc. (c)		15	541
VF Corp.		10	879
Viacom Inc. - Class B		70	2,784

	Shares/Par (p)		Value
Walt Disney Co.		219	8,225
Washington Post Co. - Class B (e)		1	280
Whirlpool Corp. (e)		8	752
Wyndham Worldwide Corp.		21	630
Wynn Resorts Ltd.		9	894
Yum! Brands Inc.		54	2,653
			140,826
CONSUMER STAPLES - 10.5%
Altria Group Inc.		241	5,931
Archer-Daniels-Midland Co.		74	2,238
Avon Products Inc.		50	1,442
Brown-Forman Corp. - Class B		13	874
Campbell Soup Co.		22	756
Clorox Co.		16	1,000
Coca-Cola Co.		269	17,660
Coca-Cola Enterprises Inc.		38	945
Colgate-Palmolive Co.		57	4,556
ConAgra Foods Inc.		52	1,164
Constellation Brands Inc. - Class A (c)		22	480
Costco Wholesale Corp.		50	3,617
CVS Caremark Corp.		157	5,473
Dean Foods Co. (c)		20	180
Dr. Pepper Snapple Group Inc.		26	929
Estee Lauder Cos. Inc. - Class A		13	1,075
General Mills Inc.		75	2,659
Hershey Co.		19	882
HJ Heinz Co.		37	1,812
Hormel Foods Corp.		8	400
JM Smucker Co.		13	883
Kellogg Co.		30	1,511
Kimberly-Clark Corp.		48	3,017
Kraft Foods Inc. - Class A		202	6,354
Kroger Co.		75	1,672
Lorillard Inc.		18	1,452
McCormick & Co. Inc.		15	719
Mead Johnson Nutrition Co.		24	1,468
Molson Coors Brewing Co. - Class B		18	899
PepsiCo Inc.		184	12,047
Philip Morris International Inc.		210	12,296
Procter & Gamble Co.		324	20,856
Reynolds American Inc.		38	1,244
Safeway Inc.		45	1,011
Sara Lee Corp.		74	1,300
SUPERVALU Inc. (e)		24	228
Sysco Corp.		68	2,012
Tyson Foods Inc. - Class A		36	612
Wal-Mart Stores Inc.		227	12,247
Walgreen Co.		108	4,189
Whole Foods Market Inc. (c)		17	883
			140,973
ENERGY - 11.8%
Anadarko Petroleum Corp.		57	4,360
Apache Corp.		44	5,262
Baker Hughes Inc.		50	2,839
Cabot Oil & Gas Corp. - Class A		12	436
Cameron International Corp. (c)		28	1,395
Chesapeake Energy Corp.		75	1,953
Chevron Corp.		232	21,196
ConocoPhillips		170	11,585
Consol Energy Inc.		26	1,275
Denbury Resources Inc. (c)		45	855
Devon Energy Corp.		51	3,969
Diamond Offshore Drilling Inc. (e)		8	511
El Paso Corp.		79	1,090
EOG Resources Inc.		29	2,678
EQT Corp.		17	769

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Exxon Mobil Corp.		584	42,686
FMC Technologies Inc. (c)		14	1,223
Halliburton Co.		105	4,278
Helmerich & Payne Inc.		12	599
Hess Corp.		34	2,589
Marathon Oil Corp.		82	3,040
Massey Energy Co.		11	593
Murphy Oil Corp.		22	1,654
Nabors Industries Ltd. (c)		33	766
National Oilwell Varco Inc.		49	3,262
Newfield Exploration Co. (c)		15	1,051
Noble Energy Inc.		20	1,741
Occidental Petroleum Corp.		94	9,215
Peabody Energy Corp.		31	1,992
Pioneer Natural Resources Co.		13	1,135
QEP Resources Inc.		20	716
Range Resources Corp.		18	809
Rowan Cos. Inc. (c)		13	440
Schlumberger Ltd.		158	13,193
Southwestern Energy Co. (c)		40	1,500
Spectra Energy Corp.		75	1,875
Sunoco Inc.		14	558
Tesoro Corp. (c)		17	311
Valero Energy Corp.		66	1,515
Williams Cos. Inc.		68	1,673
			158,587
FINANCIALS - 15.7%
ACE Ltd.		39	2,428
AFLAC Inc.		54	3,067
Allstate Corp.		62	1,985
American Express Co.		121	5,208
American International Group Inc. (c) (e)		15	858
Ameriprise Financial Inc.		30	1,703
AON Corp.		38	1,746
Apartment Investment & Management Co. - Class A		13	344
Assurant Inc.		13	516
AvalonBay Communities Inc.		10	1,084
Bank of America Corp.		1,166	15,558
Bank of New York Mellon Corp. (a)		143	4,327
BB&T Corp.		80	2,106
Berkshire Hathaway Inc. - Class B (c)		200	16,032
Boston Properties Inc.		16	1,386
Capital One Financial Corp.		53	2,249
CB Richard Ellis Group Inc. - Class A (c)		33	681
Charles Schwab Corp.		113	1,940
Chubb Corp.		35	2,110
Cincinnati Financial Corp.		19	603
Citigroup Inc. (c)		3,360	15,891
CME Group Inc.		8	2,495
Comerica Inc.		20	863
Discover Financial Services		61	1,137
E*Trade Financial Corp. (c)		22	347
Equity Residential		33	1,702
Federated Investors Inc. - Class B (e)		10	274
Fifth Third Bancorp		92	1,348
First Horizon National Corp. (c)		26	311
Franklin Resources Inc.		17	1,901
Genworth Financial Inc. - Class A (c)		57	745
Goldman Sachs Group Inc.		60	10,012
Hartford Financial Services Group Inc.		51	1,357
HCP Inc.		42	1,550
Health Care REIT Inc.		17	792
Host Hotels & Resorts Inc.		76	1,363
Hudson City Bancorp Inc.		60	767
Huntington Bancshares Inc.		83	569
IntercontinentalExchange Inc. (c)		8	991

	Shares/Par (p)		Value
Invesco Ltd.		54	1,302
Janus Capital Group Inc.		19	246
JPMorgan Chase & Co.		453	19,204
KeyCorp		99	879
Kimco Realty Corp.		47	849
Legg Mason Inc.		19	694
Leucadia National Corp.		23	660
Lincoln National Corp.		36	1,012
Loews Corp.		37	1,452
M&T Bank Corp.		14	1,199
Marsh & McLennan Cos. Inc.		63	1,714
Marshall & Ilsley Corp.		59	405
MetLife Inc.		105	4,646
Moody’s Corp.		23	621
Morgan Stanley		175	4,758
NASDAQ OMX Group Inc. (c)		16	385
Northern Trust Corp.		28	1,552
NYSE Euronext		29	883
People’s United Financial Inc.		44	612
Plum Creek Timber Co. Inc. (e)		19	707
PNC Financial Services Group Inc.		61	3,695
Principal Financial Group Inc.		36	1,173
Progressive Corp.		78	1,542
ProLogis		65	941
Prudential Financial Inc.		56	3,287
Public Storage		16	1,632
Regions Financial Corp.		144	1,009
Simon Property Group Inc.		34	3,369
SLM Corp. (c)		54	674
State Street Corp.		58	2,691
SunTrust Banks Inc.		58	1,708
T. Rowe Price Group Inc.		30	1,938
Torchmark Corp.		9	537
Travelers Cos. Inc.		53	2,966
U.S. Bancorp		222	5,980
Unum Group		37	907
Ventas Inc.		18	930
Vornado Realty Trust		19	1,560
Wells Fargo & Co.		607	18,813
XL Group Plc		40	864
Zions Bancorporation		20	490
			210,832
HEALTH CARE - 10.7%
Abbott Laboratories		179	8,553
Aetna Inc.		48	1,475
Allergan Inc.		36	2,444
AmerisourceBergen Corp. (e)		33	1,116
Amgen Inc. (c)		109	6,007
Baxter International Inc.		68	3,434
Becton Dickinson & Co.		27	2,282
Biogen Idec Inc. (c)		28	1,903
Boston Scientific Corp. (c)		170	1,289
Bristol-Myers Squibb Co.		199	5,266
Cardinal Health Inc.		42	1,603
CareFusion Corp. (c)		25	654
Celgene Corp. (c)		53	3,155
Cephalon Inc. (c)		9	542
Cerner Corp. (c)		8	771
CIGNA Corp.		32	1,174
Coventry Health Care Inc. (c)		16	435
CR Bard Inc.		11	990
DaVita Inc. (c)		12	835
Dentsply International Inc.		17	577
Eli Lilly & Co.		117	4,113
Express Scripts Inc. (c)		61	3,305
Forest Laboratories Inc. (c)		34	1,087
Genzyme Corp. (c)		30	2,117

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Gilead Sciences Inc. (c)		94	3,414
Hospira Inc. (c)		19	1,071
Humana Inc. (c)		19	1,053
Intuitive Surgical Inc. (c)		5	1,169
Johnson & Johnson		318	19,656
Laboratory Corp. of America Holdings (c)		12	1,059
Life Technologies Corp. (c)		21	1,175
McKesson Corp.		29	2,066
Medco Health Solutions Inc. (c)		49	3,015
Medtronic Inc.		125	4,648
Merck & Co. Inc.		357	12,855
Mylan Inc. (c) (e)		50	1,062
Patterson Cos. Inc.		10	321
PerkinElmer Inc.		13	341
Pfizer Inc.		930	16,283
Quest Diagnostics Inc.		17	944
St. Jude Medical Inc. (c)		40	1,690
Stryker Corp.		39	2,085
Tenet Healthcare Corp. (c)		55	370
Thermo Fisher Scientific Inc. (c)		46	2,551
UnitedHealth Group Inc.		128	4,606
Varian Medical Systems Inc. (c)		14	991
Waters Corp. (c)		10	800
Watson Pharmaceuticals Inc. (c)		14	742
WellPoint Inc. (c)		46	2,594
Zimmer Holdings Inc. (c)		23	1,244
			142,932
INDUSTRIALS - 10.8%
3M Co.		82	7,117
Avery Dennison Corp.		13	548
Boeing Co.		85	5,559
Caterpillar Inc.		73	6,872
CH Robinson Worldwide Inc.		19	1,505
Cintas Corp.		15	427
CSX Corp.		44	2,850
Cummins Inc.		23	2,553
Danaher Corp.		62	2,914
Deere & Co.		49	4,082
Dover Corp.		21	1,228
Dun & Bradstreet Corp.		6	463
Eaton Corp.		19	1,970
Emerson Electric Co.		87	4,981
Equifax Inc.		14	498
Expeditors International Washington Inc.		24	1,307
Fastenal Co. (e)		17	1,011
FedEx Corp.		36	3,372
Flowserve Corp.		7	779
Fluor Corp.		20	1,336
General Dynamics Corp.		45	3,164
General Electric Co.		1,235	22,582
Goodrich Corp.		15	1,277
Honeywell International Inc.		90	4,792
Illinois Tool Works Inc.		57	3,042
Ingersoll-Rand Plc		37	1,752
Iron Mountain Inc.		23	578
ITT Corp.		21	1,074
Jacobs Engineering Group Inc. (c)		14	632
L-3 Communications Holdings Inc.		13	917
Lockheed Martin Corp.		35	2,424
Masco Corp.		40	502
Norfolk Southern Corp.		43	2,689
Northrop Grumman Corp.		35	2,255
PACCAR Inc.		42	2,425
Pall Corp.		14	677
Parker Hannifin Corp.		19	1,610
Pitney Bowes Inc.		24	585
Precision Castparts Corp.		16	2,291

	Shares/Par (p)		Value
Quanta Services Inc. (c)		23	465
Raytheon Co.		42	1,960
Republic Services Inc. - Class A		36	1,085
Robert Half International Inc.		16	501
Rockwell Automation Inc.		16	1,155
Rockwell Collins Inc.		18	1,032
Roper Industries Inc.		11	821
RR Donnelley & Sons Co.		22	390
Ryder System Inc.		6	291
Snap-On Inc.		6	343
Southwest Airlines Co.		84	1,088
Stericycle Inc. (c)		10	799
Textron Inc.		32	745
Tyco International Ltd.		57	2,379
Union Pacific Corp.		58	5,348
United Parcel Service Inc. - Class B		115	8,314
United Technologies Corp.		107	8,415
Waste Management Inc.		56	2,060
WW Grainger Inc.		7	990
			144,821
INFORMATION TECHNOLOGY - 18.5%
Adobe Systems Inc. (c)		61	1,875
Advanced Micro Devices Inc. (c)		66	537
Agilent Technologies Inc. (c)		40	1,670
Akamai Technologies Inc. (c)		21	983
Altera Corp.		35	1,245
Amphenol Corp. - Class A		20	1,033
Analog Devices Inc.		35	1,301
Apple Inc. (c)		106	34,219
Applied Materials Inc.		155	2,184
Autodesk Inc. (c)		26	991
Automatic Data Processing Inc.		58	2,690
BMC Software Inc. (c)		21	991
Broadcom Corp. - Class A		52	2,249
CA Inc.		45	1,088
Cisco Systems Inc. (c)		643	13,000
Citrix Systems Inc. (c)		22	1,473
Cognizant Technology Solutions Corp. – Class A (c)		35	2,541
Computer Sciences Corp.		18	887
Compuware Corp. (c)		26	303
Corning Inc.		181	3,489
Dell Inc. (c)		199	2,698
eBay Inc. (c)		133	3,710
Electronic Arts Inc. (c)		38	627
EMC Corp. (c)		238	5,445
F5 Networks Inc. (c)		9	1,154
Fidelity National Information Services Inc.		31	851
First Solar Inc. (c) (e)		6	804
Fiserv Inc. (c)		18	1,035
FLIR Systems Inc. (c)		18	534
Google Inc. - Class A (c)		29	17,132
Harris Corp.		14	652
Hewlett-Packard Co.		264	11,098
Intel Corp.		643	13,532
International Business Machines Corp.		144	21,120
Intuit Inc. (c)		33	1,645
Jabil Circuit Inc.		21	422
JDS Uniphase Corp. (c)		23	338
Juniper Networks Inc. (c) (e)		61	2,247
KLA-Tencor Corp.		20	765
Lexmark International Inc. - Class A (c)		9	321
Linear Technology Corp. (e)		25	875
LSI Corp. (c)		71	426
MasterCard Inc. - Class A		11	2,510
McAfee Inc. (c)		18	830
MEMC Electronic Materials Inc. (c)		26	297

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Microchip Technology Inc. (e)		22		736
Micron Technology Inc. (c)		96		769
Microsoft Corp.		872		24,339
Molex Inc. (e)		15		339
Monster Worldwide Inc. (c)		13		311
Motorola Inc. (c)		269		2,440
National Semiconductor Corp.		26		356
NetApp Inc. (c)		41		2,262
Novell Inc. (c)		40		235
Novellus Systems Inc. (c)		11		364
Nvidia Corp. (c)		66		1,022
Oracle Corp.		448		14,036
Paychex Inc.		36		1,120
QLogic Corp. (c)		13		229
QUALCOMM Inc.		186		9,222
Red Hat Inc. (c)		22		993
SAIC Inc. (c)		33		531
Salesforce.com Inc. (c)		13		1,779
SanDisk Corp. (c)		27		1,330
Symantec Corp. (c)		92		1,547
Tellabs Inc.		43		289
Teradata Corp. (c)		18		760
Teradyne Inc. (c)		18		259
Texas Instruments Inc.		136		4,421
Total System Services Inc.		22		336
VeriSign Inc. (c)		21		676
Visa Inc. - Class A		57		4,010
Western Digital Corp. (c)		27		901
Western Union Co.		77		1,423
Xerox Corp.		160		1,840
Xilinx Inc.		31		902
Yahoo! Inc. (c)		154		2,562
				248,156
MATERIALS - 3.8%
Air Products & Chemicals Inc.		25		2,236
Airgas Inc.		9		551
AK Steel Holding Corp. (e)		11		186
Alcoa Inc.		118		1,820
Allegheny Technologies Inc.		11		634
Ball Corp.		10		691
Bemis Co. Inc.		13		415
CF Industries Holdings Inc.		8		1,120
Cliffs Natural Resources Inc.		16		1,225
Dow Chemical Co.		134		4,563
Eastman Chemical Co.		8		678
Ecolab Inc.		27		1,341
EI Du Pont de Nemours & Co.		105		5,228
FMC Corp.		8		678
Freeport-McMoRan Copper & Gold Inc.		55		6,552
International Flavors & Fragrances Inc.		9		480
International Paper Co.		51		1,378
MeadWestvaco Corp.		19		497
Monsanto Co.		63		4,392
Newmont Mining Corp.		57		3,492
Nucor Corp.		36		1,599
Owens-Illinois Inc. (c)		18		559
PPG Industries Inc.		19		1,618
Praxair Inc.		35		3,380
Sealed Air Corp.		18		471
Sherwin-Williams Co.		11		894
Sigma-Aldrich Corp.		14		937
Titanium Metals Corp. (c)		10		173
United States Steel Corp.		17		971
Vulcan Materials Co. (e)		15		657
Weyerhaeuser Co.		62		1,165
				50,581

	Shares/Par (p)		Value
TELECOMMUNICATION SERVICES - 3.1%
American Tower Corp. - Class A (c)		47		2,410
AT&T Inc.		683		20,075
CenturyLink Inc. (e)		35		1,607
Frontier Communications Corp.		115		1,117
MetroPCS Communications Inc. (c)		31		395
Qwest Communications International Inc.		198		1,507
Sprint Nextel Corp. (c)		345		1,460
Verizon Communications Inc.		327		11,697
Windstream Corp.		56		785
				41,053
UTILITIES - 3.2%
AES Corp. (c)		75		920
Allegheny Energy Inc.		19		457
Ameren Corp.		28		779
American Electric Power Co. Inc.		55		1,994
CenterPoint Energy Inc.		49		763
CMS Energy Corp.		27		498
Consolidated Edison Inc.		33		1,619
Constellation Energy Group Inc.		23		696
Dominion Resources Inc.		67		2,874
DTE Energy Co.		20		885
Duke Energy Corp.		152		2,707
Edison International		38		1,450
Entergy Corp.		22		1,551
Exelon Corp.		76		3,183
FirstEnergy Corp. (e)		35		1,307
Integrys Energy Group Inc. (e)		9		414
NextEra Energy Inc.		48		2,495
Nicor Inc.		5		257
NiSource Inc.		31		541
Northeast Utilities		19		620
NRG Energy Inc. (c)		30		584
Oneok Inc.		12		673
Pepco Holdings Inc. (e)		26		471
PG&E Corp.		45		2,152
Pinnacle West Capital Corp.		12		516
PPL Corp.		56		1,465
Progress Energy Inc.		33		1,448
Public Service Enterprise Group Inc.		59		1,863
SCANA Corp.		13		538
Sempra Energy		29		1,504
Southern Co.		95		3,649
TECO Energy Inc.		23		416
Wisconsin Energy Corp.		13		788
Xcel Energy Inc.		53		1,254
				43,331
Total Common Stocks (cost $1,163,172)				1,322,092
SHORT TERM INVESTMENTS - 2.3%
Investment Company - 1.2%
JNL Money Market Fund, 0.08% (a) (h)		16,641		16,641
Securities Lending Collateral 1.0%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)		11,362		11,362
Securities Lending Liquidating Fund LLC, 0.66% (a) (h)		1,807		1,777
				13,139
Treasury Securities 0.1%
U.S. Treasury Bill, 0.13%, 03/24/11 (o)	$	1,295		1,295
Total Short Term Investments (cost $31,104)				31,075

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Total Investments - 100.9% (cost $1,194,276)				1,353,167
Other Assets and Liabilities, Net - (0.9%)				(11,867)
Total Net Assets - 100.0%			$	1,341,300
JNL/Mellon Capital Management S&P 400 MidCap Index Fund
COMMON STOCKS - 98.1%
CONSUMER DISCRETIONARY - 14.0%
99 Cents Only Stores (c)		27	$	427
Aaron’s Inc.		42		852
Advance Auto Parts Inc.		50		3,300
Aeropostale Inc. (c)		55		1,355
American Eagle Outfitters Inc.		116		1,702
American Greetings Corp. - Class A		23		508
AnnTaylor Stores Corp. (c)		35		955
Bally Technologies Inc. (c)		32		1,346
Barnes & Noble Inc. (e)		22		312
Bob Evans Farms Inc.		17		574
BorgWarner Inc. (c)		67		4,882
Boyd Gaming Corp. (c) (e)		31		332
Brinker International Inc.		54		1,121
Career Education Corp. (c)		38		781
Cheesecake Factory Inc. (c)		35		1,085
Chico’s FAS Inc.		106		1,272
Chipotle Mexican Grill Inc. - Class A (c)		18		3,904
Collective Brands Inc. (c)		39		827
Deckers Outdoor Corp. (c)		23		1,826
Dick’s Sporting Goods Inc. (c)		53		1,975
Dollar Tree Inc. (c)		74		4,166
DreamWorks Animation SKG Inc. - Class A (c)		43		1,256
Dress Barn Inc. (c)		41		1,091
Eastman Kodak Co. (c) (e)		154		825
Foot Locker Inc.		93		1,815
Fossil Inc. (c)		30		2,120
Gentex Corp.		83		2,464
Guess? Inc.		38		1,785
HanesBrands Inc. (c)		57		1,447
Harte-Hanks Inc.		22		284
International Speedway Corp. - Class A		17		439
ITT Educational Services Inc. (c) (e)		15		963
J Crew Group Inc. (c)		38		1,640
John Wiley & Sons Inc. - Class A		28		1,249
KB Home (e)		41		558
Lamar Advertising Co. - Class A (c)		34		1,359
Life Time Fitness Inc. (c) (e)		25		1,032
LKQ Corp. (c)		86		1,950
Matthews International Corp. - Class A (e)		17		590
MDC Holdings Inc.		22		621
Mohawk Industries Inc. (c)		33		1,897
New York Times Co. - Class A (c) (e)		68		663
NVR Inc. (c)		3		2,289
Office Depot Inc. (c)		169		911
Panera Bread Co. - Class A (c)		18		1,786
PetSmart Inc.		70		2,780
Phillips-Van Heusen Corp.		39		2,483
Polaris Industries Inc.		20		1,572
Regis Corp.		33		547
Rent-A-Center Inc.		38		1,233
Ryland Group Inc.		27		468
Saks Inc. (c) (e)		92		986
Scholastic Corp. (e)		15		445
Scientific Games Corp. - Class A (c)		35		348

	Shares/Par (p)		Value
Service Corp. International		140		1,157
Sotheby’s - Class A (e)		40		1,794
Strayer Education Inc. (e)		8		1,228
Thor Industries Inc.		25		863
Timberland Co. - Class A (c)		23		565
Toll Brothers Inc. (c)		86		1,630
Tractor Supply Co.		43		2,100
Tupperware Brands Corp.		38		1,789
Under Armour Inc. - Class A (c) (e)		20		1,105
Warnaco Group Inc. (c)		26		1,457
Wendy’s/Arby’s Group Inc.		184		851
Williams-Sonoma Inc.		63		2,250
WMS Industries Inc. (c)		34		1,554
				93,741
CONSUMER STAPLES - 3.5%
Alberto-Culver Co.		51		1,889
BJ’s Wholesale Club Inc. (c)		32		1,556
Church & Dwight Co. Inc.		42		2,914
Corn Products International Inc.		45		2,066
Energizer Holdings Inc. (c)		42		3,054
Flowers Foods Inc.		43		1,167
Green Mountain Coffee Roasters Inc. (c) (e)		69		2,263
Hansen Natural Corp. (c)		41		2,146
Lancaster Colony Corp.		11		630
Ralcorp Holdings Inc. (c)		33		2,121
Ruddick Corp.		26		942
Smithfield Foods Inc. (c)		99		2,035
Tootsie Roll Industries Inc. (e)		14		416
Universal Corp.		14		554
				23,753
ENERGY - 5.8%
Arch Coal Inc.		96		3,381
Atwood Oceanics Inc. (c)		33		1,248
Bill Barrett Corp. (c)		27		1,093
Cimarex Energy Co.		50		4,448
Comstock Resources Inc. (c)		27		665
Dril-Quip Inc. (c)		20		1,584
Exterran Holdings Inc. (c) (e)		36		867
Forest Oil Corp. (c)		67		2,557
Frontier Oil Corp. (c)		64		1,144
Helix Energy Solutions Group Inc. (c)		64		780
Oceaneering International Inc. (c)		32		2,366
Overseas Shipholding Group Inc.		15		543
Patriot Coal Corp. (c)		46		888
Patterson-UTI Energy Inc.		92		1,973
Plains Exploration & Production Co. (c)		83		2,674
Pride International Inc. (c)		104		3,442
Quicksilver Resources Inc. (c)		67		992
SM Energy Co.		37		2,207
Southern Union Co.		74		1,781
Superior Energy Services Inc. (c)		47		1,640
Tidewater Inc.		31		1,646
Unit Corp. (c)		23		1,058
				38,977
FINANCIALS - 19.4%
Affiliated Managers Group Inc. (c)		31		3,037
Alexandria Real Estate Equities Inc.		33		2,408
AMB Property Corp.		100		3,169
American Financial Group Inc.		47		1,511
Apollo Investment Corp.		116		1,285
Arthur J Gallagher & Co.		63		1,832
Associated Banc-Corp		103		1,559
Astoria Financial Corp.		47		655
BancorpSouth Inc.		42		671
Bank of Hawaii Corp.		29		1,355

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
BRE Properties Inc. - Class A (e)		38	1,658
Brown & Brown Inc.		70	1,665
Camden Property Trust		41	2,202
Cathay General Bancorp		48	801
City National Corp.		28	1,692
Commerce Bancshares Inc.		46	1,831
Corporate Office Properties Trust		40	1,391
Cousins Properties Inc.		64	535
Cullen/Frost Bankers Inc.		36	2,212
Duke Realty Corp.		150	1,868
East West Bancorp Inc.		88	1,720
Eaton Vance Corp. (e)		70	2,125
Equity One Inc. (e)		26	480
Essex Property Trust Inc. (e)		19	2,126
Everest Re Group Ltd.		32	2,756
Federal Realty Investment Trust		37	2,846
Fidelity National Financial Inc. - Class A		135	1,845
First American Financial Corp.		60	892
First Niagara Financial Group Inc.		124	1,738
FirstMerit Corp.		65	1,282
Fulton Financial Corp. (e)		119	1,228
Greenhill & Co. Inc.		15	1,227
Hanover Insurance Group Inc.		27	1,254
HCC Insurance Holdings Inc.		69	1,983
Highwoods Properties Inc.		43	1,358
Hospitality Properties Trust		73	1,691
International Bancshares Corp.		30	608
Jefferies Group Inc. (e)		74	1,958
Jones Lang LaSalle Inc.		25	2,126
Liberty Property Trust		68	2,166
Macerich Co.		77	3,657
Mack-Cali Realty Corp.		47	1,564
Mercury General Corp.		20	877
MSCI Inc. - Class A (c)		71	2,747
Nationwide Health Properties Inc.		75	2,727
New York Community Bancorp Inc.		258	4,870
NewAlliance Bancshares Inc.		60	901
Old Republic International Corp.		151	2,061
Omega Healthcare Investors Inc.		59	1,316
PacWest Bancorp		18	389
Potlatch Corp.		23	745
Prosperity Bancshares Inc.		28	1,101
Protective Life Corp.		51	1,358
Raymond James Financial Inc.		59	1,942
Rayonier Inc.		48	2,513
Realty Income Corp. (e)		70	2,378
Regency Centers Corp.		49	2,055
Reinsurance Group of America Inc.		43	2,336
SEI Investments Co.		87	2,062
Senior Housing Properties Trust		83	1,825
SL Green Realty Corp.		46	3,136
StanCorp Financial Group Inc.		27	1,236
SVB Financial Group (c)		25	1,326
Synovus Financial Corp. (e)		469	1,237
TCF Financial Corp. (e)		76	1,124
Transatlantic Holdings Inc.		38	1,940
Trustmark Corp. (e)		32	806
UDR Inc.		108	2,544
Unitrin Inc.		28	699
Valley National Bancorp		96	1,372
Waddell & Reed Financial Inc. - Class A		51	1,791
Washington Federal Inc.		68	1,144
Webster Financial Corp.		43	855
Weingarten Realty Investors		72	1,701
Westamerica Bancorporation		18	972
WR Berkley Corp.		69	1,889
			129,942

	Shares/Par (p)		Value
HEALTH CARE - 10.9%
Allscripts Healthcare Solutions Inc. (c)		111	2,142
Beckman Coulter Inc.		41	3,092
Bio-Rad Laboratories Inc. - Class A (c)		11	1,157
Charles River Laboratories International Inc. (c)		33	1,190
Community Health Systems Inc. (c)		55	2,055
Covance Inc. (c) (e)		39	1,981
Edwards Lifesciences Corp. (c)		68	5,474
Endo Pharmaceuticals Holdings Inc. (c)		69	2,451
Gen-Probe Inc. (c)		29	1,672
Health Management Associates Inc. – Class A (c)		149	1,422
Health Net Inc. (c)		55	1,508
Henry Schein Inc. (c)		55	3,362
Hill-Rom Holdings Inc.		37	1,476
Hologic Inc. (c)		154	2,904
Idexx Laboratories Inc. (c) (e)		34	2,364
Immucor Inc. (c)		40	795
Kindred Healthcare Inc. (c)		23	415
Kinetic Concepts Inc. (c)		37	1,559
LifePoint Hospitals Inc. (c)		31	1,133
Lincare Holdings Inc.		58	1,557
Masimo Corp. (c)		35	1,023
Medicis Pharmaceutical Corp. - Class A		36	976
Mednax Inc. (c)		28	1,907
Mettler Toledo International Inc. (c)		19	2,946
Omnicare Inc.		67	1,702
Owens & Minor Inc.		38	1,113
Perrigo Co.		49	3,120
Pharmaceutical Product Development Inc.		71	1,917
ResMed Inc. (c) (e)		90	3,108
STERIS Corp.		35	1,283
Techne Corp.		22	1,449
Teleflex Inc.		24	1,280
Thoratec Corp. (c)		35	996
United Therapeutics Corp. (c)		30	1,882
Universal Health Services Inc. - Class B		58	2,508
VCA Antech Inc. (c)		49	1,149
Vertex Pharmaceuticals Inc. (c)		121	4,222
WellCare Health Plans Inc. (c)		26	786
			73,076
INDUSTRIALS - 15.9%
Acuity Brands Inc.		26	1,477
AECOM Technology Corp. (c)		70	1,970
AGCO Corp. (c) (e)		55	2,799
AirTran Holdings Inc. (c)		83	615
Alaska Air Group Inc. (c)		22	1,242
Alexander & Baldwin Inc.		25	994
Alliant Techsystems Inc. (c)		20	1,474
AMETEK Inc.		95	3,727
Baldor Electric Co.		28	1,767
BE Aerospace Inc. (c)		61	2,249
Brink’s Co.		28	761
Bucyrus International Inc. - Class A		48	4,296
Carlisle Cos. Inc.		36	1,442
Clean Harbors Inc. (c)		13	1,104
Con-Way Inc.		33	1,196
Copart Inc. (c)		41	1,520
Corporate Executive Board Co.		21	785
Corrections Corp. of America (c)		66	1,643
Crane Co.		26	1,086
Deluxe Corp.		29	676
Donaldson Co. Inc.		45	2,647
FTI Consulting Inc. (c)		27	993
Gardner Denver Inc.		31	2,145
GATX Corp. (e)		28	983

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Graco Inc.		36	1,405
Granite Construction Inc.		20	536
Harsco Corp.		48	1,357
Herman Miller Inc. (e)		33	827
HNI Corp.		26	800
Hubbell Inc. - Class B		36	2,144
IDEX Corp.		49	1,903
JB Hunt Transport Services Inc.		53	2,152
JetBlue Airways Corp. (c)		115	763
Joy Global Inc.		61	5,313
Kansas City Southern (c)		61	2,915
KBR Inc.		89	2,697
Kennametal Inc.		49	1,925
Kirby Corp. (c)		32	1,403
Korn/Ferry International (c)		27	612
Landstar System Inc.		28	1,160
Lennox International Inc.		27	1,263
Lincoln Electric Holdings Inc.		25	1,640
Manpower Inc.		48	3,038
Mine Safety Appliances Co.		18	551
MSC Industrial Direct Co. - Class A		26	1,714
Navigant Consulting Inc. (c)		29	263
Nordson Corp.		20	1,854
Oshkosh Corp. (c)		54	1,900
Pentair Inc.		59	2,141
Regal-Beloit Corp.		23	1,532
Rollins Inc.		37	721
Shaw Group Inc. (c)		51	1,729
SPX Corp.		30	2,132
Terex Corp. (c)		65	2,009
Thomas & Betts Corp. (c)		31	1,489
Timken Co.		48	2,285
Towers Watson & Co. - Class A		27	1,403
Trinity Industries Inc. (e)		48	1,267
United Rentals Inc. (c)		37	839
URS Corp. (c)		49	2,045
Valmont Industries Inc. (e)		13	1,128
Wabtec Corp. (e)		29	1,508
Waste Connections Inc.		68	1,884
Watsco Inc.		17	1,056
Werner Enterprises Inc. (e)		25	573
Woodward Governor Co.		35	1,325
			106,792
INFORMATION TECHNOLOGY - 15.3%
ACI Worldwide Inc. (c)		19	511
Acxiom Corp. (c)		48	829
ADTRAN Inc.		38	1,359
Advent Software Inc. (c) (e)		9	530
Alliance Data Systems Corp. (c) (e)		31	2,194
Ansys Inc. (c)		54	2,813
AOL Inc. (c)		63	1,505
Arrow Electronics Inc. (c)		69	2,356
Atmel Corp. (c)		272	3,351
Avnet Inc. (c)		90	2,979
Broadridge Financial Solutions Inc.		74	1,630
Cadence Design Systems Inc. (c)		159	1,313
Ciena Corp. (c) (e)		56	1,176
CommScope Inc. (c)		56	1,764
Concur Technologies Inc. (c)		27	1,408
Convergys Corp. (c)		71	932
CoreLogic Inc. (c)		62	1,149
Cree Inc. (c) (e)		64	4,239
Diebold Inc.		39	1,253
Digital River Inc. (c)		24	832
DST Systems Inc.		20	904
Equinix Inc. (c)		27	2,220
Factset Research Systems Inc.		28	2,581

	Shares/Par (p)		Value
Fair Isaac Corp.		23	539
Fairchild Semiconductor International Inc. (c)		74	1,155
Gartner Inc. - Class A (c)		43	1,443
Global Payments Inc.		47	2,187
Informatica Corp. (c) (e)		56	2,454
Ingram Micro Inc. - Class A (c)		93	1,779
Integrated Device Technology Inc. (c)		93	618
International Rectifier Corp. (c)		40	1,189
Intersil Corp. - Class A		74	1,134
Itron Inc. (c)		24	1,333
Jack Henry & Associates Inc.		51	1,484
Lam Research Corp. (c)		73	3,778
Lender Processing Services Inc.		53	1,558
Mantech International Corp. - Class A (c)		13	534
Mentor Graphics Corp. (c)		67	802
Micros Systems Inc. (c)		48	2,099
National Instruments Corp.		35	1,314
NCR Corp. (c)		95	1,456
NeuStar Inc. - Class A (c)		43	1,111
Parametric Technology Corp. (c)		70	1,579
Plantronics Inc.		29	1,065
Polycom Inc. (c)		51	1,978
Quest Software Inc. (c)		34	955
Rackspace Hosting Inc. (c) (e)		58	1,813
RF Micro Devices Inc. (c)		164	1,202
Riverbed Technology Inc. (c)		87	3,069
Rovi Corp. (c)		62	3,870
Semtech Corp. (c)		38	851
Silicon Laboratories Inc. (c)		26	1,201
Skyworks Solutions Inc. (c)		109	3,115
Solera Holdings Inc.		42	2,142
SRA International Inc. - Class A (c)		25	501
Synopsys Inc. (c)		88	2,374
Tech Data Corp. (c)		28	1,225
TIBCO Software Inc. (c)		99	1,955
Trimble Navigation Ltd. (c)		71	2,847
ValueClick Inc. (c)		49	789
Vishay Intertechnology Inc. (c)		95	1,399
Zebra Technologies Corp. - Class A (c)		34	1,278
			103,003
MATERIALS - 6.7%
Albemarle Corp.		54	3,032
AptarGroup Inc.		40	1,896
Ashland Inc.		47	2,382
Cabot Corp.		39	1,464
Carpenter Technology Corp.		26	1,063
Commercial Metals Co.		68	1,133
Compass Minerals International Inc.		19	1,736
Cytec Industries Inc.		29	1,558
Grief Inc. - Class A		19	1,156
Intrepid Potash Inc. (c) (e)		25	946
Louisiana-Pacific Corp. (c)		81	762
Lubrizol Corp.		39	4,161
Martin Marietta Materials Inc. (e)		27	2,494
Minerals Technologies Inc.		11	694
NewMarket Corp.		6	696
Olin Corp.		48	982
Packaging Corp. of America		61	1,576
Reliance Steel & Aluminum Co.		44	2,264
Rock-Tenn Co. - Class A		23	1,250
RPM International Inc.		77	1,694
Scotts Miracle-Gro Co. - Class A		27	1,388
Sensient Technologies Corp.		30	1,090
Silgan Holdings Inc.		29	1,030
Sonoco Products Co.		61	2,058
Steel Dynamics Inc.		129	2,359
Temple-Inland Inc.		64	1,363

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Valspar Corp.		59	2,017
Worthington Industries Inc.		33	603
			44,847
TELECOMMUNICATION SERVICES - 0.8%
Cincinnati Bell Inc. (c)		116	323
Syniverse Holdings Inc. (c)		42	1,289
Telephone & Data Systems Inc.		55	1,999
tw telecom inc. (c)		90	1,534
			5,145
UTILITIES - 5.8%
AGL Resources Inc.		46	1,663
Alliant Energy Corp.		66	2,421
Aqua America Inc.		82	1,838
Atmos Energy Corp.		54	1,677
Black Hills Corp.		24	719
Cleco Corp.		36	1,116
DPL Inc.		71	1,817
Dynegy Inc. (c)		57	321
Energen Corp.		43	2,061
Great Plains Energy Inc.		81	1,564
Hawaiian Electric Industries Inc. (e)		56	1,277
IDACORP Inc.		28	1,040
MDU Resources Group Inc.		112	2,267
National Fuel Gas Co.		49	3,201
NSTAR		62	2,595
NV Energy Inc.		140	1,963
OGE Energy Corp.		58	2,636
PNM Resources Inc.		50	646
Questar Corp.		104	1,807
UGI Corp.		66	2,073
Vectren Corp.		49	1,234
Westar Energy Inc. (e)		66	1,666
WGL Holdings Inc.		31	1,091
			38,693
Total Common Stocks (cost $575,619)			657,969
SHORT TERM INVESTMENTS - 8.1%
Investment Company - 1.8%
JNL Money Market Fund, 0.08% (a) (h)		12,073	12,073
Securities Lending Collateral 6.1%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)		38,464	38,464
Securities Lending Liquidating Fund LLC, 0.66% (a) (h)		2,723	2,677
			41,141
Treasury Securities 0.2%
U.S. Treasury Bill, 0.13%, 03/24/11 (o)	$	940	940
Total Short Term Investments (cost $54,199)			54,154
Total Investments - 106.2% (cost $629,818)			712,123
Other Assets and Liabilities, Net - (6.2%)			(41,313)
Total Net Assets - 100.0%			$670,810
JNL/Mellon Capital Management Small Cap Index Fund
COMMON STOCKS - 97.9%
CONSUMER DISCRETIONARY - 13.6%
1-800-Flowers.com Inc. - Class A (c)		14	$38

	Shares/Par (p)		Value
99 Cents Only Stores (c)		26	421
AFC Enterprises Inc. (c)		15	204
AH Belo Corp. - Class A (c)		14	124
Ambassadors Group Inc.		11	126
America’s Car-Mart Inc. (c)		5	140
American Apparel Inc. (c)		16	26
American Axle & Manufacturing Holdings Inc. (c)		35	453
American Greetings Corp. - Class A		24	535
American Public Education Inc. (c) (e)		10	386
Amerigon Inc. (c)		11	125
Ameristar Casinos Inc.		16	244
AnnTaylor Stores Corp. (c)		35	952
Arbitron Inc.		16	676
Arctic Cat Inc. (c)		9	135
ArvinMeritor Inc. (c)		55	1,138
Asbury Automotive Group Inc. (c)		17	323
Ascent Media Corp. (c)		8	318
Audiovox Corp. - Class A (c)		14	124
Ballantyne Strong Inc. (c)		8	59
Barnes & Noble Inc. (e)		23	320
Beazer Homes USA Inc. (c) (e)		45	245
Bebe Stores Inc.		18	106
Belo Corp. (c)		51	363
Big 5 Sporting Goods Corp.		13	194
Biglari Holdings Inc. (c)		1	351
BJ’s Restaurants Inc. (c)		13	478
Blue Nile Inc. (c) (e)		7	409
Bluegreen Corp. (c)		6	21
Blyth Inc.		4	121
Bob Evans Farms Inc.		18	600
Bon-Ton Stores Inc. (c) (e)		9	117
Books-A-Million Inc. (e)		3	19
Borders Group Inc. (c) (e)		36	32
Boyd Gaming Corp. (c) (e)		33	351
Bravo Brio Restaurant Group Inc. (c)		3	61
Bridgepoint Education Inc. (c) (e)		11	202
Brookfield Homes Corp. (c) (e)		6	56
Brown Shoe Co. Inc.		25	355
Brunswick Corp.		53	1,001
Buckle Inc. (e)		16	592
Buffalo Wild Wings Inc. (c) (e)		11	463
Build-A-Bear Workshop Inc. (c)		13	99
Cabela’s Inc. - Class A (c) (e)		25	534
California Pizza Kitchen Inc. (c)		11	189
Callaway Golf Co. (e)		40	319
Cambium Learning Group Inc. (c)		9	31
Capella Education Co. (c) (e)		10	643
Caribou Coffee Co. Inc. (c)		3	32
Carmike Cinemas Inc. (c)		8	64
Carrol’s Restaurant Group Inc. (c)		5	37
Carter’s Inc. (c)		36	1,055
Casual Male Retail Group Inc. (c)		22	106
Cato Corp. - Class A		17	467
Cavco Industries Inc. (c) (e)		4	177
CEC Entertainment Inc. (c)		12	476
Charming Shoppes Inc. (c)		74	263
Cheesecake Factory Inc. (c)		36	1,114
Cherokee Inc.		5	99
Childrens Place Retail Stores Inc. (c)		15	768
Christopher & Banks Corp.		24	147
Churchill Downs Inc.		7	291
Cinemark Holdings Inc.		33	568
Citi Trends Inc. (c)		9	209
CKX Inc. (c)		35	139
Coinstar Inc. (c) (e)		19	1,076
Coldwater Creek Inc. (c)		32	101
Collective Brands Inc. (c)		38	791

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Columbia Sportswear Co. (e)		7	425
Conn’s Inc. (c) (e)		10	45
Cooper Tire & Rubber Co.		37	873
Core-Mark Holding Co. Inc. (c)		6	230
Corinthian Colleges Inc. (c) (e)		56	294
CPI Corp.		4	79
Cracker Barrel Old Country Store Inc.		14	790
Crocs Inc. (c)		52	887
Crown Media Holdings Inc. - Class A (c) (e)		5	14
CSS Industries Inc.		6	117
Culp Inc. (c)		5	49
Cumulus Media Inc. - Class A (c) (e)		12	50
Dana Holding Corp. (c)		84	1,447
Deckers Outdoor Corp. (c)		23	1,847
Delta Apparel Inc. (c)		3	43
Denny’s Corp. (c)		57	203
Destination Maternity Corp. (c)		3	110
Dex One Corp. (c)		29	218
Dillard’s Inc. - Class A (e)		24	910
DineEquity Inc. (c) (e)		11	530
Domino’s Pizza Inc. (c)		23	366
Dorman Products Inc. (c)		7	239
Dress Barn Inc. (c)		36	947
Drew Industries Inc. (c)		11	258
Drugstore.com Inc. (c) (e)		53	117
DSW Inc. - Class A (c)		9	343
Eastman Kodak Co. (c) (e)		159	853
Einstein Noah Restaurant Group Inc. (c)		2	33
Empire Resorts Inc. (c) (e)		14	14
Entercom Communications Corp. - Class A (c)		13	146
Entravision Communications Corp. – Class A (c)		26	67
Ethan Allen Interiors Inc. (e)		14	272
EW Scripps Co. - Class A (c)		20	206
Exide Technologies (c)		47	438
Express Inc. (c)		9	161
Finish Line - Class A		30	524
Fisher Communications Inc. (c)		4	86
Fred’s Inc. - Class A		23	320
Fuel Systems Solutions Inc. (c)		8	248
Furniture Brands International Inc. (c)		31	159
G-III Apparel Group Ltd. (c)		10	335
Gaiam Inc. - Class A		8	61
Gaylord Entertainment Co. (c)		20	721
Genesco Inc. (c)		14	528
Global Sources Ltd. (c)		11	101
Gordman’s Stores Inc. (c)		2	35
Grand Canyon Education Inc. (c) (e)		19	368
Gray Television Inc. (c)		26	49
Group 1 Automotive Inc. (e)		15	612
Harte-Hanks Inc.		23	294
Haverty Furniture Cos. Inc. (c)		10	133
Helen of Troy Ltd. (c)		18	547
hhgregg Inc. (c) (e)		7	148
Hibbett Sports Inc. (c)		17	618
Hooker Furniture Corp.		5	73
HOT Topic Inc.		27	168
Hovnanian Enterprises Inc. - Class A (c) (e)		32	131
HSN Inc. (c)		23	706
Iconix Brand Group Inc. (c)		44	843
Interval Leisure Group Inc. (c)		24	390
iRobot Corp. (c)		13	312
Isle of Capri Casinos Inc. (c)		8	81
Jack in the Box Inc. (c)		32	681
Jakks Pacific Inc. (c)		17	303
Jamba Inc. (c)		45	103
Jo-Ann Stores Inc. (c)		16	952
Joe’s Jeans Inc. (c) (e)		23	36

	Shares/Par (p)		Value
Johnson Outdoors Inc. - Class A (c)		2	29
Jos. A. Bank Clothiers Inc. (c)		16	641
Journal Communications Inc. - Class A (c)		27	137
K-Swiss Inc. - Class A (c)		15	187
K12 Inc. (c)		15	421
Kenneth Cole Productions Inc. - Class A (c)		5	64
Kid Brands Inc. (c)		7	58
Kirkland’s Inc. (c)		9	128
Knology Inc. (c)		17	268
Krispy Kreme Doughnuts Inc. (c)		35	245
La-Z-Boy Inc. (c) (e)		28	253
LaCrosse Footwear Inc. (e)		3	41
Leapfrog Enterprises Inc. - Class A (c)		24	131
Learning Tree International Inc. (c)		5	47
Lee Enterprises Inc. (c) (e)		24	59
Libbey Inc. (c)		12	184
Life Time Fitness Inc. (c)		25	1,032
Lifetime Brands Inc. (c)		5	70
LIN TV Corp. - Class A (c)		17	89
Lincoln Educational Services Corp.		9	139
Lions Gate Entertainment Corp. (c)		36	238
Lithia Motors Inc. - Class A		14	197
Live Nation Inc. (c)		83	950
Liz Claiborne Inc. (c) (e)		54	386
LodgeNet Interactive Corp. (c)		22	93
Lumber Liquidators Holdings Inc. (c) (e)		14	337
M/I Homes Inc. (c)		11	165
Mac-Gray Corp.		6	91
Maidenform Brands Inc. (c)		14	330
Marcus Corp.		12	156
Marine Products Corp. (c) (e)		5	36
MarineMax Inc. (c)		17	154
Martha Stewart Living Omnimedia Inc. – Class A (c) (e)		19	84
Matthews International Corp. - Class A (e)		17	611
McClatchy Co. - Class A (c) (e)		38	175
McCormick & Schmick’s Seafood Restaurants Inc. (c)		10	87
Media General Inc. - Class A (c) (e)		15	88
Mediacom Communications Corp. - Class A (c)		24	207
Men’s Wearhouse Inc.		31	778
Meritage Homes Corp. (c)		19	419
Midas Inc. (c)		10	82
Modine Manufacturing Co. (c)		26	408
Monarch Casino & Resort Inc. (c)		5	64
Monro Muffler Brake Inc.		18	614
Morgans Hotel Group Co. (c)		13	117
Movado Group Inc. (c)		10	159
Multimedia Games Inc. (c)		14	79
National American University Holdings Inc.		4	31
National CineMedia Inc.		32	628
National Presto Industries Inc.		3	379
New York & Co. Inc. (c)		21	92
Nexstar Broadcasting Group Inc. – Class A (c) (e)		6	34
NutriSystem Inc. (e)		16	335
O’Charley’s Inc. (c)		12	89
OfficeMax Inc. (c)		51	906
Orbitz Worldwide Inc. (c)		13	75
Orient-Express Hotels Ltd. - Class A (c)		60	784
Outdoor Channel Holdings Inc. (c)		6	46
Overstock.com Inc. (c) (e)		9	153
Oxford Industries Inc.		8	193
Pacific Sunwear of California Inc. (c)		39	213
Papa John’s International Inc. (c)		12	330
Peets Coffee & Tea Inc. (c) (e)		7	278
Penske Auto Group Inc. (c)		26	452
PEP Boys-Manny Moe & Jack		32	426

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Perry Ellis International Inc. (c)		6	160
PetMed Express Inc.		13	228
PF Chang’s China Bistro Inc. (e)		14	667
Pier 1 Imports Inc. (c)		62	655
Pinnacle Entertainment Inc. (c)		34	483
Playboy Enterprises Inc. - Class B (c)		12	63
Polaris Industries Inc.		19	1,458
Pool Corp.		29	645
Pre-Paid Legal Services Inc. (c) (e)		5	283
PRIMEDIA Inc.		12	51
Princeton Review Inc. (c)		7	8
Quicksilver Inc. (c)		74	374
Radio One Inc. - Class D (c)		17	19
RC2 Corp. (c)		13	287
ReachLocal Inc. (c) (e)		3	51
Red Lion Hotels Corp. (c)		10	83
Red Robin Gourmet Burgers Inc. (c)		9	187
Regis Corp.		33	551
Rent-A-Center Inc.		39	1,251
Rentrak Corp. (c)		5	148
Retail Ventures Inc. (c)		14	227
RG Barry Corp.		5	50
Ruby Tuesday Inc. (c)		37	486
Rue21 Inc. (c)		9	270
Ruth’s Hospitality Group Inc. (c)		20	94
Ryland Group Inc.		26	437
Saks Inc. (c) (e)		82	874
Sally Beauty Holdings Inc. (c)		56	813
Scholastic Corp. (e)		18	524
Scientific Games Corp. - Class A (c)		38	377
Sealy Corp. (c) (e)		35	103
Select Comfort Corp. (c)		34	306
Shiloh Industries Inc. (c)		3	33
Shoe Carnival Inc. (c)		6	161
Shuffle Master Inc. (c)		31	357
Shutterfly Inc. (c)		16	563
Sinclair Broadcast Group Inc. - Class A (c)		28	229
Skechers U.S.A. Inc. - Class A (c)		20	400
Skyline Corp.		5	133
Smith & Wesson Holding Corp. (c) (e)		32	119
Sonic Automotive Inc. - Class A (c)		25	328
Sonic Corp. (c)		35	350
Sotheby’s - Class A		40	1,807
Spartan Motors Inc.		21	127
Speedway Motorsports Inc.		6	97
Stage Stores Inc.		22	380
Standard Motor Products Inc.		11	149
Standard-Pacific Corp. (c) (e)		68	314
Stein Mart Inc. (c)		15	143
Steiner Leisure Ltd. (c)		8	391
Steinway Musical Instruments Inc. (c)		4	76
Steven Madden Ltd. (c)		14	593
Stewart Enterprises Inc. - Class A (e)		47	312
Stoneridge Inc. (c)		11	167
Sturm Ruger & Co. Inc. (e)		12	178
Summer Infant Inc. (c)		6	44
Superior Industries International Inc.		13	275
SuperMedia Inc. (c) (e)		9	79
Systemax Inc. (c)		5	74
Talbots Inc. (c)		41	349
Tenneco Inc. (c)		35	1,445
Texas Roadhouse Inc. - Class A (c) (e)		34	589
The Jones Group Inc.		53	820
Timberland Co. - Class A (c)		23	575
True Religion Apparel Inc. (c)		16	351
Tuesday Morning Corp. (c)		19	99
U.S. Auto Parts Network Inc. (c)		9	72
Ulta Salon Cosmetics & Fragrance Inc. (c)		19	636

	Shares/Par (p)		Value
Under Armour Inc. - Class A (c) (e)		21	1,160
Unifi Inc. (c)		7	123
Universal Electronics Inc. (c)		9	241
Universal Technical Institute Inc. (c)		13	286
Vail Resorts Inc. (c)		22	1,136
Valassis Communications Inc. (c)		30	972
Value Line Inc.		1	9
Vera Bradley Inc. (c)		6	184
Vitacost.com Inc. (c) (e) (f)		8	45
Vitamin Shoppe Inc. (c)		10	334
Volcom Inc. (c)		11	200
Warnaco Group Inc. (c)		26	1,434
Warner Music Group Corp. (c)		24	135
West Marine Inc. (c)		9	95
Westwood One Inc. (c) (e)		3	26
Wet Seal Inc. - Class A (c)		65	242
Weyco Group Inc.		3	77
Winmark Corp.		1	43
Winnebago Industries Inc. (c)		17	258
Wolverine World Wide Inc.		29	934
World Wrestling Entertainment Inc. – Class A (e)		14	206
Zumiez Inc. (c)		13	341
			97,367
CONSUMER STAPLES - 2.9%
Alico Inc.		2	38
Alliance One International Inc. (c)		57	243
Andersons Inc.		11	390
Arden Group Inc. - Class A		1	46
B&G Foods Inc.		28	380
Boston Beer Co. Inc. - Class A (c)		5	497
Cal-Maine Foods Inc. (e)		8	247
Calavo Growers Inc. (e)		6	138
Casey’s General Stores Inc.		23	971
Central Garden & Pet Co. - Class A (c)		34	336
Chiquita Brands International Inc. (c)		27	381
Coca-Cola Bottling Co. Consolidated		3	143
Darling International Inc. (c)		50	666
Diamond Foods Inc. (e)		13	671
Dole Food Co. Inc. (c) (e)		20	269
Elizabeth Arden Inc. (c)		15	341
Farmer Bros. Co.		3	55
Female Health Co. (e)		7	40
Fresh Del Monte Produce Inc.		24	603
Griffin Land & Nurseries Inc. - Class A		2	49
Hain Celestial Group Inc. (c)		24	643
Harbinger Group Inc. (c)		4	24
Heckmann Corp. (c)		49	246
Imperial Sugar Co. (e)		9	116
Ingles Markets Inc. - Class A		7	142
Inter Parfums Inc.		8	149
J&J Snack Foods Corp.		8	389
John B. Sanfilippo & Son (c)		4	53
Lancaster Colony Corp.		11	640
Lifeway Foods Inc. (c) (e)		2	21
Limoneira Co. (e)		4	125
Medifast Inc. (c) (e)		8	232
MGP Ingredients Inc.		6	65
Nash Finch Co.		7	315
National Beverage Corp. (c)		8	100
Natures Sunshine Products Inc. (c)		4	37
Nu Skin Enterprises Inc. - Class A		29	879
Nutraceutical International Corp. (c)		5	69
Oil-Dri Corp. of America		2	49
Pantry Inc. (c)		13	253
Pilgrim’s Pride Corp. (c)		26	185
Prestige Brands Holdings Inc. (c)		26	312

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
PriceSmart Inc.		10	371
Revlon Inc. - Class A (c)		6	58
Rite Aid Corp. (c)		299	264
Ruddick Corp.		26	974
Sanderson Farms Inc.		14	542
Schiff Nutrition International Inc. (c)		9	82
Seneca Foods Corp. - Class A (c) (e)		5	137
Smart Balance Inc. (c)		35	153
Snyders-Lance Inc.		16	371
Spartan Stores Inc.		13	213
Spectrum Brands Holdings Inc. (c) (e)		11	346
Star Scientific Inc. (c) (e)		63	123
Susser Holdings Corp. (c)		3	48
Synutra International Inc. (c) (e)		10	133
The Fresh Market Inc. (c)		7	289
Tootsie Roll Industries Inc. (e)		14	409
TreeHouse Foods Inc. (c)		20	1,047
United Natural Foods Inc. (c)		28	1,036
Universal Corp.		14	565
USANA Health Sciences Inc. (c)		4	160
Vector Group Ltd. (e)		27	470
Village Super Market Inc. - Class A		4	126
WD-40 Co.		10	384
Weis Markets Inc.		7	279
Winn-Dixie Stores Inc. (c)		31	222
			20,350
ENERGY - 6.3%
Abraxas Petroleum Corp. (c) (e)		36	165
Allis-Chalmers Energy Inc. (c)		24	169
Alon USA Energy Inc. (e)		5	27
Amyris Inc. (c)		—	11
Apco Oil And Gas International Inc. (e)		6	322
Approach Resources Inc. (c)		9	202
ATP Oil & Gas Corp. (c) (e)		27	450
Basic Energy Services Inc. (c)		15	243
Berry Petroleum Co. - Class A (e)		30	1,315
Bill Barrett Corp. (c) (e)		28	1,138
BPZ Resources Inc. (c) (e)		61	292
Brigham Exploration Co. (c)		70	1,899
Bristow Group Inc. (c)		21	1,006
Cal Dive International Inc. (c)		58	327
Callon Petroleum Co. (c) (e)		22	132
CAMAC Energy Inc. (c) (e)		26	51
CARBO Ceramics Inc.		11	1,188
Carrizo Oil & Gas Inc. (c)		19	645
Cheniere Energy Inc. (c) (e)		33	180
Clayton Williams Energy Inc. (c)		4	301
Clean Energy Fuels Corp. (c) (e)		27	372
Cloud Peak Energy Inc. (c)		19	445
Complete Production Services Inc. (c)		47	1,379
Contango Oil & Gas Co. (c)		7	421
Crosstex Energy Inc.		23	200
CVR Energy Inc. (c)		16	250
Dawson Geophysical Co. (c)		4	126
Delek US Holdings Inc.		6	41
Delta Petroleum Corp. (c) (e)		90	68
DHT Holdings Inc. (e)		31	146
Dril-Quip Inc. (c)		20	1,582
Endeavour International Corp. (c) (e)		12	170
Energy Partners Ltd. (c)		18	272
Energy XXI Bermuda Ltd. (c)		41	1,128
Evolution Petroleum Corp. (c) (e)		8	52
FX Energy Inc. (c)		25	151
Gastar Exploration Ltd. (c)		34	144
General Maritime Corp. (e)		43	140
GeoResources Inc. (c)		7	157
Global Geophysical Services Inc. (c)		4	42

	Shares/Par (p)		Value
Global Industries Ltd. (c)		60	414
GMX Resources Inc. (c) (e)		19	104
Golar LNG Ltd.		22	326
Goodrich Petroleum Corp. (c) (e)		14	252
Green Plains Renewable Energy Inc. (c) (e)		11	120
Gulf Island Fabrication Inc.		9	257
Gulfmark Offshore Inc. - Class A (c)		14	436
Gulfport Energy Corp. (c)		16	351
Hallador Energy Co. (c)		2	21
Harvest Natural Resources Inc. (c)		21	250
Helix Energy Solutions Group Inc. (c)		63	768
Hercules Offshore Inc. (c)		63	219
Hornbeck Offshore Services Inc. (c)		13	278
Houston American Energy Corp. (e)		10	175
International Coal Group Inc. (c)		77	594
ION Geophysical Corp. (c)		77	655
Isramco Inc. (c) (e)		—	39
James River Coal Co. (c)		16	407
Key Energy Services Inc. (c)		74	964
Knightsbridge Tankers Ltd. (e)		15	331
Kodiak Oil & Gas Corp. (c) (e)		105	690
L&L Energy Inc. (c) (e)		12	129
Lufkin Industries Inc.		18	1,102
Magnum Hunter Resources Corp. (c)		34	243
Matrix Service Co. (c)		15	180
McMoRan Exploration Co. (c)		56	967
Miller Petroleum Inc. (c)		10	50
Natural Gas Services Group Inc. (c)		8	160
Newpark Resources Inc. (c)		52	319
Nordic American Tanker Shipping Ltd. (e)		28	723
Northern Oil and Gas Inc. (c)		32	865
Oasis Petroleum Inc. (c)		29	779
Overseas Shipholding Group Inc.		15	525
OYO Geospace Corp. (c)		3	260
Panhandle Oil and Gas Inc. - Class A		5	124
Parker Drilling Co. (c)		66	302
Patriot Coal Corp. (c)		45	877
Penn Virginia Corp.		28	468
Petroleum Development Corp. (c)		14	582
PetroQuest Energy Inc. (c)		30	227
PHI Inc. (c)		8	151
Pioneer Drilling Co. (c)		32	286
RAM Energy Resources Inc. (c)		30	55
Rentech Inc. (c)		116	141
Resolute Energy Corp. (c) (e)		23	344
Rex Energy Corp. (c)		20	272
Rex Stores Corp. (c)		4	66
Rosetta Resources Inc. (c)		31	1,175
RPC Inc. (e)		26	462
Scorpio Tankers Inc. (c)		11	107
Seahawk Drilling Inc. (c) (e)		8	70
Ship Finance International Ltd. (e)		26	558
Stone Energy Corp. (c)		26	579
Swift Energy Co. (c)		25	969
Syntroleum Corp. (c)		33	61
T-3 Energy Services Inc. (c)		8	325
Teekay Tankers Ltd. - Class A (e)		20	246
Tesco Corp. (c)		19	302
Tetra Technologies Inc. (c)		46	549
TransAtlantic Petroleum Ltd. (c)		90	301
Union Drilling Inc. (c)		7	48
Uranium Energy Corp. (c) (e)		37	221
USEC Inc. (c)		67	402
VAALCO Energy Inc. (c)		31	223
Vantage Drilling Co. (c)		97	196
Venoco Inc. (c)		12	219
W&T Offshore Inc. (e)		20	357
Warren Resources Inc. (c)		39	178

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Western Refining Inc. (c) (e)		32	338
Willbros Group Inc. (c)		29	290
World Fuel Services Corp.		40	1,460
			44,833
FINANCIALS - 20.1%
1st Source Corp.		8	169
1st United Bancorp Inc. (c)		12	81
Abington Bancorp Inc.		11	129
Acadia Realty Trust		25	450
Advance America Cash Advance Centers Inc.		30	169
Agree Realty Corp.		5	125
Alexander’s Inc.		1	482
Alliance Financial Corp. (e)		3	91
Alterra Capital Holdings Ltd.		58	1,253
American Campus Communities Inc.		38	1,217
American Capital Agency Corp.		30	856
American Capital Ltd. (c)		204	1,540
American Equity Investment Life Holding Co.		33	420
American National Bankshares Inc. (e)		3	63
American Safety Insurance Holdings Ltd. (c)		7	155
Ameris Bancorp (c)		13	138
Amerisafe Inc. (c)		11	185
Ames National Corp. (e)		4	96
AmTrust Financial Services Inc.		12	217
Anworth Mortgage Asset Corp.		69	482
Apollo Commercial Real Estate Finance Inc.		11	185
Apollo Investment Corp.		116	1,289
Argo Group International Holdings Ltd.		19	705
Arlington Asset Investment Corp. - Class A (e)		5	122
Arrow Financial Corp. (e)		5	148
Artio Global Investors Inc.		16	243
Ashford Hospitality Trust Inc. (c)		25	243
Asset Acceptance Capital Corp. (c) (e)		7	39
Associated Estates Realty Corp.		25	384
Asta Funding Inc.		6	46
Astoria Financial Corp. (e)		52	717
Avatar Holdings Inc. (c)		5	96
Baldwin & Lyons Inc. - Class B		4	89
BancFirst Corp.		4	170
Banco Latinoamericano de Comercio Exterior SA - Class E		18	324
Bancorp Inc. (c)		12	123
Bancorp Rhode Island Inc.		2	47
Bank Mutual Corp.		26	126
Bank of Marin Bancorp.		3	94
Bank of the Ozarks Inc.		8	339
BankFinancial Corp.		10	98
Beneficial Mutual Bancorp Inc. (c)		19	166
Berkshire Hills Bancorp Inc.		8	173
BGC Partners Inc. - Class A		31	259
BioMed Realty Trust Inc.		77	1,430
BlackRock Kelso Capital Corp.		43	473
BofI Holding Inc. (c) (e)		4	59
Boston Private Financial Holdings Inc.		47	305
Bridge Bancorp Inc. (e)		3	80
Brookline Bancorp Inc.		34	373
Bryn Mawr Bank Corp.		5	81
Calamos Asset Management Inc. - Class A		12	167
California First National Bancorp.		1	13
Camden National Corp.		4	153
Campus Crest Communities Inc.		13	176
Capital City Bank Group Inc. (e)		5	67
Capital Southwest Corp.		1	145
CapLease Inc.		32	185
Capstead Mortgage Corp.		43	540
Cardinal Financial Corp.		16	189
Cardtronics Inc. (c)		17	299

	Shares/Par (p)		Value
Cash America International Inc.		18	663
Cathay General Bancorp		47	783
CBL & Associates Properties Inc.		83	1,450
Cedar Shopping Centers Inc.		30	188
Center Financial Corp. (c)		24	183
CenterState Banks of Florida Inc.		14	111
Century Bancorp. Inc. - Class A		2	42
Chatham Lodging Trust		5	80
Chemical Financial Corp.		15	334
Chesapeake Lodging Trust		10	179
Citizens & Northern Corp. (e)		6	85
Citizens Inc. - Class A (c) (e)		22	166
Citizens Republic Bancorp Inc. (c)		218	134
City Holdings Co. (e)		9	340
Clifton Savings Bancorp Inc. (e)		5	51
CNA Surety Corp. (c)		10	239
CNB Financial Corp.		6	83
CNO Financial Group Inc. (c)		134	910
CoBiz Financial Inc.		18	111
Cogdell Spencer Inc.		23	136
Cohen & Steers Inc. (e)		11	280
Colonial Properties Trust		46	828
Colony Financial Inc.		9	175
Columbia Banking System Inc.		24	501
Community Bank System Inc. (e)		21	570
Community Trust Bancorp Inc.		8	237
Compass Diversified Holdings		21	379
CompuCredit Holdings Corp. (c) (e)		6	40
Consolidated-Tomoka Land Co. (e)		2	72
Coresite Realty Corp. (c)		6	86
Cousins Properties Inc.		55	457
Cowen Group Inc. - Class A (c)		20	92
Crawford & Co. - Class B (c)		11	38
Credit Acceptance Corp. (c)		4	228
CreXus Investment Corp.		9	120
CVB Financial Corp. (e)		55	473
Cypress Sharpridge Investments Inc.		29	379
Danvers BanCorp Inc.		12	215
DCT Industrial Trust Inc.		122	648
Delphi Financial Group Inc. - Class A		29	830
Diamond Hill Investment Group Inc. (c)		2	115
DiamondRock Hospitality Co. (c)		93	1,116
Dime Community Bancshares Inc.		15	225
Dollar Financial Corp. (c)		15	422
Donegal Group Inc. - Class A		5	76
Doral Financial Corp. (c)		10	14
Duff & Phelps Corp. - Class A		17	293
DuPont Fabros Technology Inc. (e)		24	503
Dynex Capital Inc.		14	149
Eagle Bancorp Inc. (c)		9	129
EastGroup Properties Inc.		16	693
Education Realty Trust Inc.		35	272
eHealth Inc. (c) (e)		14	193
EMC Insurance Group Inc.		3	59
Employer Holdings Inc.		24	416
Encore Bancshares Inc. (c) (e)		4	44
Encore Capital Group Inc. (c)		8	199
Enstar Group Ltd. (c)		4	333
Enterprise Financial Services Corp.		8	85
Entertainment Properties Trust		28	1,292
Epoch Holding Corp.		8	124
Equity Lifestyle Properties Inc.		16	884
Equity One Inc. (e)		22	400
ESB Financial Corp. (e)		5	79
ESSA BanCorp Inc.		8	109
Evercore Partners Inc. - Class A		9	317
Excel Trust Inc.		11	135
Extra Space Storage Inc.		53	916

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
EZCORP Inc. - Class A (c)		27		746
FBL Financial Group Inc. - Class A		8		244
FBR Capital Markets Corp. (c)		28		109
Federal Agricultural Mortgage Corp. – Class C (e)		6		106
FelCor Lodging Trust Inc. (c)		59		414
Fifth Street Finance Corp. (e)		33		399
Financial Engines Inc. (c)		7		137
Financial Institutions Inc.		7		124
First American Financial Corp.		63		937
First Bancorp Inc. (e)		13		195
First Bancorp Inc. Puerto Rico (c) (e)		55		25
First Busey Corp.		25		120
First Cash Financial Services Inc. (c)		18		558
First Commonwealth Financial Corp.		64		453
First Community Bancshares Inc.		9		129
First Financial Bancorp		36		657
First Financial Bankshares Inc. (e)		13		656
First Financial Corp.		7		231
First Financial Holdings Inc.		10		118
First Industrial Realty Trust Inc. (c) (e)		39		345
First Interstate BancSystem Inc.		7		102
First Marblehead Corp. (c)		33		71
First Merchants Corp.		16		139
First Mercury Financial Corp.		9		149
First Midwest Bancorp Inc.		46		530
First of Long Island Corp.		4		122
First Potomac Realty Trust		29		494
First South Bancorp Inc. (c)		4		25
FirstMerit Corp.		64		1,267
Flagstar Bancorp Inc. (c)		25		41
Flagstone Reinsurance Holdings SA		32		398
Flushing Financial Corp.		19		261
FNB Corp.		70		690
Forestar Group Inc. (c)		22		434
Fox Chase Bancorp Inc. (c)		3		31
FPIC Insurance Group Inc. (c)		5		197
Franklin Street Properties Corp.		40		573
GAMCO Investors Inc.		4		214
German American Bancorp Inc.		6		101
Gerova Financial Group Ltd. (c) (e)		1		21
Getty Realty Corp.		13		396
GFI Group Inc.		38		178
Glacier Bancorp Inc. (e)		44		669
Gladstone Capital Corp.		13		151
Gladstone Commercial Corp.		4		71
Gladstone Investment Corp.		11		82
Gleacher & Co. Inc. (c)		42		100
Glimcher Realty Trust		51		431
Global Indemnity Plc (c)		9		178
Golub Capital BDC Inc.		4		68
Government Properties Income Trust		17		443
Great Southern Bancorp Inc. (e)		5		122
Green Bankshares Inc. (c) (e)		6		20
Greenlight Capital Re Ltd. - Class A (c)		17		465
Hallmark Financial Services Inc. (c)		6		58
Hancock Holding Co.		17		590
Hanmi Financial Corp. (c)		63		72
Harleysville Group Inc.		7		260
Harris & Harris Group Inc. (c) (e)		15		66
Hatteras Financial Corp.		27		825
Healthcare Realty Trust Inc.		38		799
Heartland Financial USA Inc.		6		109
Hercules Technology Growth Capital Inc.		20		205
Heritage Financial Corp. (c)		5		71
Heritage Financial Group Inc.		1		10
Hersha Hospitality Trust		81		532
HFF Inc. - Class A (c)		10		99

	Shares/Par (p)		Value
Highwoods Properties Inc.		42		1,337
Hilltop Holdings Inc. (c)		23		227
Home Bancorp Inc. (c)		4		54
Home Bancshares Inc.		13		285
Home Federal Bancorp Inc.		9		107
Home Properties Inc.		23		1,251
Horace Mann Educators Corp.		24		425
Hudson Pacific Properties Inc.		10		150
Hudson Valley Holding Corp.		8		196
IberiaBank Corp.		16		938
Independent Bank Corp. (e)		13		362
Infinity Property & Casualty Corp.		8		466
Inland Real Estate Corp.		44		384
International Assets Holding Corp. (c) (e)		8		185
International Bancshares Corp.		31		616
Invesco Mortgage Capital Inc.		24		520
Investment Technology Group Inc. (c)		25		417
Investors Bancorp Inc. (c)		27		359
Investors Real Estate Trust		44		393
iStar Financial Inc. (c) (e)		58		451
JMP Group Inc.		9		66
Kaiser Federal Financial Group Inc.		1		15
Kansas City Life Insurance Co. (e)		2		71
Kayne Anderson Energy Development Co.		7		121
KBW Inc.		21		591
Kearny Financial Corp.		9		73
Kennedy-Wilson Holdings Inc. (c)		11		111
Kilroy Realty Corp.		33		1,193
Kite Realty Group Trust		36		196
Knight Capital Group Inc. - Class A (c)		57		789
LaBranche & Co. Inc. (c)		26		94
Ladenburg Thalmann Financial Services Inc. (c)		49		57
Lakeland Bancorp Inc. (e)		12		137
Lakeland Financial Corp.		8		180
LaSalle Hotel Properties		42		1,110
Lexington Realty Trust (e)		59		466
Life Partners Holdings Inc. (e)		5		95
LTC Properties Inc.		16		436
Maiden Holdings Ltd.		27		213
Main Street Capital Corp. (e)		10		174
MainSource Financial Group Inc.		12		129
MarketAxess Holdings Inc.		17		354
Marlin Business Services Inc. (c)		5		58
MB Financial Inc.		32		553
MCG Capital Corp.		48		332
Meadowbrook Insurance Group Inc.		33		342
Medallion Financial Corp.		7		59
Medical Properties Trust Inc.		66		713
Merchants Bancshares Inc.		2		58
Meridian Interstate BanCorp Inc. (c)		4		51
Metro Bancorp Inc. (c)		7		81
MF Global Holdings Ltd. (c)		68		570
MFA Financial Inc.		164		1,341
MGIC Investment Corp. (c)		121		1,236
Mid-America Apartment Communities Inc.		19		1,223
Midsouth Bancorp Inc.		5		73
MidWestOne Financial Group Inc. (e)		4		56
Mission West Properties Inc.		12		78
Monmouth Real Estate Investment Corp. - Class A		16		138
Montpelier Re Holdings Ltd.		40		791
MPG Office Trust Inc. (c)		38		105
MVC Capital Inc. (e)		13		194
Nara Bancorp Inc. (c)		24		232
NASB Financial Inc. (c) (e)		2		32
National Bankshares Inc.		4		113
National Financial Partners Corp. (c)		26		347

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
National Health Investors Inc.		14		637
National Interstate Corp.		3		60
National Penn Bancshares Inc.		76		610
National Retail Properties Inc. (e)		50		1,326
National Western Life Insurance Co. - Class A		1		184
Navigators Group Inc. (c)		8		379
NBT Bancorp Inc.		21		503
Nelnet Inc. - Class A		16		379
Netspend Holdings Inc. (c) (e)		13		168
NewAlliance Bancshares Inc.		63		942
Newcastle Investment Corp. (c)		40		268
NewStar Financial Inc. (c)		17		174
NGP Capital Resources Co.		11		105
Northfield Bancorp Inc. (e)		11		145
NorthStar Realty Finance Corp. (e)		41		193
Northwest Bancshares Inc.		68		796
OceanFirst Financial Corp.		8		102
Ocwen Financial Corp. (c)		45		431
Old National Bancorp		50		600
Omega Healthcare Investors Inc.		58		1,306
OmniAmerican Bancorp Inc. (c)		6		83
One Liberty Properties Inc.		5		76
Oppenheimer Holdings Inc. - Class A		6		152
optionsXpress Holdings Inc. (c)		26		405
Oriental Financial Group Inc.		28		345
Oritani Financial Corp.		34		416
Orrstown Financial Services Inc.		5		129
Pacific Continental Corp.		11		109
PacWest Bancorp		19		403
Park National Corp. (e)		8		547
Parkway Properties Inc.		12		212
Peapack Gladstone Financial Corp.		4		54
Pebblebrook Hotel Trust		22		452
PennantPark Investment Corp.		22		269
Penns Woods Bancorp Inc. (e)		2		67
Pennsylvania Real Estate Investment Trust (e)		33		482
Pennymac Mortgage Investment Trust		10		184
Penson Worldwide Inc. (c) (e)		12		59
Peoples Bancorp Inc.		5		76
PHH Corp. (c)		33		763
Phoenix Cos. Inc. (c)		77		197
Pico Holdings Inc. (c)		14		433
Pinnacle Financial Partners Inc. (c)		19		264
Piper Jaffray Cos. (c)		10		342
Platinum Underwriters Holdings Ltd.		25		1,113
PMI Group Inc. (c) (e)		88		292
Porter Bancorp Inc.		1		14
Portfolio Recovery Associates Inc. (c)		10		774
Post Properties Inc.		29		1,041
Potlatch Corp.		24		769
Presidential Life Corp.		12		121
Primerica Inc. (e)		15		356
Primus Guaranty Ltd. (c) (e)		12		59
PrivateBancorp Inc.		33		468
ProAssurance Corp. (c)		18		1,106
Prospect Capital Corp. (e)		49		530
Prosperity Bancshares Inc.		28		1,085
Provident Financial Services Inc.		36		548
Provident New York Bancorp		21		223
PS Business Parks Inc.		11		595
Pzena Investment Management Inc. - Class A		4		29
Radian Group Inc.		82		660
RAIT Financial Trust (c) (e)		60		131
Ramco-Gershenson Properties Trust		24		296
Redwood Trust Inc.		46		691
Renasant Corp. (e)		15		251
Republic Bancorp Inc. - Class A		6		144
Resource Capital Corp.		29		212

	Shares/Par (p)		Value
Retail Opportunity Investments Corp.		26		260
RLI Corp.		11		557
Rockville Financial Inc. (e)		4		47
Rodman & Renshaw Capital Group Inc. (c) (e)		9		23
Roma Financial Corp.		4		45
S&T Bancorp Inc. (e)		14		318
Sabra Healthcare REIT Inc. (c)		15		276
Safeguard Scientifics Inc. (c)		12		201
Safety Insurance Group Inc.		8		363
Sanders Morris Harris Group Inc.		9		64
Sandy Spring Bancorp Inc.		14		263
Saul Centers Inc.		3		156
SCBT Financial Corp.		7		234
SeaBright Insurance Holdings Inc.		13		124
Selective Insurance Group		32		589
Sierra Bancorp (e)		7		78
Signature Bank (c)		24		1,215
Simmons First National Corp. - Class A		11		303
Solar Capital Ltd. (e)		3		75
Southside Bancshares Inc. (e)		9		193
Southwest Bancorp Inc. (c)		12		145
Sovran Self Storage Inc.		17		618
Starwood Property Trust Inc.		28		592
State Auto Financial Corp.		7		117
State Bancorp. Inc.		7		69
StellarOne Corp.		12		178
Sterling Bancorp		17		174
Sterling Bancshares Inc.		56		396
Stewart Information Services Corp.		10		116
Stifel Financial Corp. (c)		21		1,273
Strategic Hotels & Resorts Inc. (c)		82		436
Suffolk Bancorp (e)		5		130
Sun Communities Inc.		11		382
Sunstone Hotel Investors Inc. (c)		70		719
Susquehanna Bancshares Inc.		77		747
SVB Financial Group (c)		25		1,316
SWS Group Inc.		20		100
SY Bancorp Inc. (e)		6		159
Tanger Factory Outlet Centers Inc.		24		1,246
Taylor Capital Group Inc. (c) (e)		5		68
Tejon Ranch Co. (c) (e)		7		197
Terreno Realty Corp (c)		7		119
Territorial Bancorp Inc.		6		127
Teton Advisors Inc. - Class A (c)		—		—
Texas Capital Bancshares Inc. (c)		21		455
THL Credit Inc.		5		63
Thomas Properties Group Inc. (c)		19		80
TICC Capital Corp.		18		207
Tompkins Financial Corp.		5		189
Tower Bancorp Inc.		5		103
Tower Group Inc.		22		570
TowneBank (e)		14		217
TradeStation Group Inc. (c)		25		172
Triangle Capital Corp. (e)		10		185
Trico Bancshares (e)		7		106
TrustCo Bank Corp. (e)		49		313
Trustmark Corp. (e)		38		941
Two Harbors Investment Corp.		14		137
U-Store-It Trust		56		533
UMB Financial Corp.		19		782
UMH Properties Inc.		4		40
Umpqua Holdings Corp.		68		829
Union First Market Bankshares Corp.		11		166
United Bankshares Inc. (e)		23		677
United Community Banks Inc. (c)		67		131
United Financial Bancorp Inc.		9		136
United Fire & Casualty Co.		13		301
Universal Health Realty Income Trust		6		237

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Universal Insurance Holdings Inc.		6	28
Univest Corp. of Pennsylvania (e)		9	179
Urstadt Biddle Properties Inc. - Class A		14	268
ViewPoint Financial Group		9	102
Virginia Commerce Bancorp (c) (e)		11	67
Virtus Investment Partners Inc. (c)		3	139
Walter Investment Management Corp.		15	274
Washington Banking Co.		8	109
Washington REIT		38	1,173
Washington Trust Bancorp Inc. (e)		8	167
Waterstone Financial Inc. (c) (e)		3	11
Webster Financial Corp.		40	788
WesBanco Inc.		14	259
West Bancorp Inc. (c)		8	59
West Coast Bancorp (c) (e)		50	142
Westamerica Bancorporation		17	967
Western Alliance Bancorp (c)		41	302
Westfield Financial Inc.		15	140
Westwood Holdings Group Inc.		4	149
Whitney Holding Corp.		56	794
Wilshire Bancorp Inc. (c) (e)		10	72
Winthrop Realty Trust		14	184
Wintrust Financial Corp. (e)		20	669
World Acceptance Corp. (c) (e)		10	506
WSFS Financial Corp.		3	161
			143,411
HEALTH CARE - 12.0%
Abaxis Inc. (c)		13	339
Abiomed Inc. (c)		19	181
Accelrys Inc. (c)		31	254
Accretive Health Inc. (c) (e)		6	101
Accuray Inc. (c) (e)		28	188
Acorda Therapeutics Inc. (c)		23	628
Acura Pharmaceuticals Inc. (c) (e)		4	12
Aegerion Pharmaceuticals Inc. (c)		4	54
Affymax Inc. (c)		15	99
Affymetrix Inc. (c)		39	197
Air Methods Corp. (c)		7	389
Akorn Inc. (c)		30	182
Albany Molecular Research Inc. (c)		11	62
Alexza Pharmaceuticals Inc. (c) (e)		21	26
Align Technology Inc. (c)		34	669
Alimera Sciences Inc. (c) (e)		4	37
Alkermes Inc. (c)		58	708
Alliance HealthCare Services Inc. (c)		19	79
Allied Healthcare International Inc. (c)		20	50
Allos Therapeutics Inc. (c) (e)		47	217
Almost Family Inc. (c)		5	183
Alnylam Pharmaceuticals Inc. (c) (e)		20	202
Alphatec Holdings Inc. (c)		28	75
AMAG Pharmaceuticals Inc. (c)		12	218
Amedisys Inc. (c) (e)		17	575
America Service Group Inc.		5	82
American Dental Partners Inc. (c)		8	106
American Medical Systems Holdings Inc. (c)		46	859
AMERIGROUP Corp. (c)		31	1,363
AMN Healthcare Services Inc. (c)		28	171
Amsurg Corp. (c)		19	394
Analogic Corp.		8	375
AngioDynamics Inc. (c)		14	217
Antares Pharma Inc. (c) (e)		38	64
Aoxing Pharmaceutical Co. Inc. (c) (e)		13	36
Ardea Biosciences Inc. (c)		7	190
Arena Pharmaceuticals Inc. (c) (e)		65	112
Ariad Pharmaceuticals Inc. (c)		69	352
ArQule Inc. (c)		25	149
Array BioPharma Inc. (c)		26	77

	Shares/Par (p)		Value
ArthroCare Corp. (c)		16	487
Assisted Living Concepts Inc. - Class A (c)		6	195
athenahealth Inc. (c) (e)		20	820
Atrion Corp.		1	164
Auxilium Pharmaceuticals Inc. (c) (e)		24	508
AVANIR Pharmaceuticals - Class A (c) (e)		54	221
AVEO Pharmaceuticals Inc. (c)		5	73
AVI BioPharma Inc. (c) (e)		70	148
Bio-Reference Labs Inc. (c) (e)		13	293
BioCryst Pharmaceuticals Inc. (c) (e)		16	81
Biodel Inc. (c) (e)		10	19
BioMimetic Therapeutics Inc. (c) (e)		11	136
Biosante Pharmaceuticals Inc. (c)		34	56
BioScrip Inc. (c)		21	111
BioSpecifics Technologies Corp. (c) (e)		2	41
Biotime Inc. (c) (e)		11	95
BMP Sunstone Corp. (c)		15	149
Bruker Corp. (c)		42	697
Cadence Pharmaceuticals Inc. (c) (e)		18	135
Caliper Life Sciences Inc. (c)		24	153
Cambrex Corp. (c)		16	84
Cantel Medical Corp.		8	180
Capital Senior Living Corp. (c)		15	102
Caraco Pharmaceutical Laboratories Ltd. (c)		5	23
CardioNet Inc. (c)		16	76
Catalyst Health Solutions Inc. (c)		23	1,063
Celera Corp. (c)		48	303
Celldex Therapeutics Inc. (c) (e)		23	93
Centene Corp. (c)		29	738
Cepheid Inc. (c) (e)		34	782
Cerus Corp. (c) (e)		21	51
Chelsea Therapeutics International Inc. (c)		21	158
Chemed Corp.		14	858
Chindex International Inc. (c) (e)		9	142
Clinical Data Inc. (c) (e)		7	118
Codexis Inc. (c) (e)		6	68
Computer Programs & Systems Inc.		5	252
Conceptus Inc. (c) (e)		17	240
Conmed Corp. (c)		16	435
Continucare Corp. (c)		22	101
Corcept Therapeutics Inc. (c) (e)		14	52
Cornerstone Therapeutics Inc. (c)		3	17
Corvel Corp. (c)		4	195
Cross Country Healthcare Inc. (c)		17	148
CryoLife Inc. (c)		17	91
Cubist Pharmaceuticals Inc. (c)		35	739
Cumberland Pharmaceuticals Inc. (c)		5	29
Curis Inc. (c) (e)		37	72
Cutera Inc. (c)		7	61
Cyberonics Inc. (c)		17	517
Cynosure Inc. - Class A (c)		6	59
Cypress Bioscience Inc. (c)		24	154
Cytokinetics Inc. (c)		25	53
Cytori Therapeutics Inc. (c) (e)		26	137
CytRx Corp. (c)		70	70
Delcath Systems Inc. (c) (e)		27	266
DepoMed Inc. (c)		34	219
DexCom Inc. (c)		34	470
Dionex Corp. (c)		10	1,226
Durect Corp. (c)		47	163
Dyax Corp. (c)		50	107
Dynavax Technologies Inc. (c) (e)		58	186
Dynavox Inc. - Class A (c)		5	26
Emergent BioSolutions Inc. (c)		13	305
Emeritus Corp. (c)		13	258
Endologix Inc. (c) (e)		28	203
Ensign Group Inc.		8	194
Enzo Biochem Inc. (c)		21	110

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Enzon Pharmaceuticals Inc. (c) (e)		31	374
eResearch Technology Inc. (c)		27	196
Eurand NV (c)		10	116
Exact Sciences Corp. (c) (e)		28	167
ExacTech Inc. (c)		4	72
ExamWorks Group Inc. (c)		3	63
Exelixis Inc. (c)		67	551
Five Star Quality Care Inc. (c)		23	162
Furiex Pharmaceuticals Inc. (c)		5	68
Genomic Health Inc. (c) (e)		8	181
Genoptix Inc. (c)		11	214
Gentiva Health Services Inc. (c)		18	477
Geron Corp. (c) (e)		72	372
Greatbatch Inc. (c)		14	349
Haemonetics Corp. (c)		15	938
Halozyme Therapeutics Inc. (c)		44	346
Hanger Orthopedic Group Inc. (c)		15	310
Hansen Medical Inc. (c)		23	34
HealthSouth Corp. (c) (e)		56	1,168
HealthSpring Inc. (c)		35	927
Healthways Inc. (c)		19	207
HeartWare International Inc. (c) (e)		6	495
Hi-Tech Pharmacal Co. Inc. (c) (e)		6	145
HMS Holdings Corp. (c)		16	1,059
ICU Medical Inc. (c)		7	254
Idenix Pharmaceuticals Inc. (c) (e)		19	98
Immucor Inc. (c)		42	839
Immunogen Inc. (c) (e)		41	381
Immunomedics Inc. (c) (e)		43	153
Impax Laboratories Inc. (c)		36	728
Incyte Corp. (c) (e)		52	860
Infinity Pharmaceuticals Inc. (c) (e)		8	47
Inhibitex Inc. (c) (e)		26	69
Inovio Pharmaceuticals Inc. (c)		43	50
Inspire Pharmaceuticals Inc. (c)		33	274
Insulet Corp. (c)		25	386
Integra LifeSciences Holdings Corp. (c)		13	594
InterMune Inc. (c) (e)		28	1,026
Invacare Corp.		17	499
IPC The Hospitalist Co. Inc. (c)		9	361
IRIS International Inc. (c)		8	86
Ironwood Pharmaceuticals Inc. (c)		10	103
Isis Pharmaceuticals Inc. (c)		55	553
Jazz Pharmaceuticals Inc. (c) (e)		8	158
Kendle International Inc. (c)		9	94
Kensey Nash Corp. (c)		5	129
Keryx Biopharmaceuticals Inc. (c) (e)		27	126
Kindred Healthcare Inc. (c)		24	441
Landauer Inc.		5	323
Lannett Co. Inc. (c)		4	25
LCA-Vision Inc. (c) (e)		12	67
Lexicon Pharmaceuticals Inc. (c)		108	155
LHC Group Inc. (c)		9	262
Ligand Pharmaceuticals Inc. (c)		9	79
Luminex Corp. (c)		22	404
Magellan Health Services Inc. (c)		20	951
MAKO Surgical Corp. (c) (e)		18	272
MannKind Corp. (c) (e)		37	295
MAP Pharmaceuticals Inc. (c)		10	170
Martek Biosciences Corp. (c)		20	639
Masimo Corp. (c)		31	910
Maxygen Inc. (c)		17	66
MedAssets Inc. (c)		25	503
MedCath Corp. (c)		14	190
Medical Action Industries Inc. (c)		10	99
Medicines Co. (c)		30	430
Medicis Pharmaceutical Corp. - Class A		36	974
Medidata Solutions Inc. (c)		10	244

	Shares/Par (p)		Value
Medivation Inc. (c) (e)		22	330
MedQuist Inc. (c)		4	34
MELA Sciences Inc. (c) (e)		16	54
Merge Healthcare Inc. (c)		32	118
Meridian Bioscience Inc.		24	547
Merit Medical Systems Inc. (c)		17	264
Metabolix Inc. (c) (e)		17	202
Metropolitan Health Networks Inc. (c) (e)		30	132
Micromet Inc. (c) (e)		53	434
Molina Healthcare Inc. (c)		10	267
Momenta Pharmaceuticals Inc. (c) (e)		26	389
MWI Veterinary Supply Inc. (c)		7	467
Nabi Biopharmaceuticals (c)		28	162
Nanosphere Inc. (c)		7	28
National Healthcare Corp.		5	250
National Research Corp.		1	26
Natus Medical Inc. (c)		16	230
Nektar Therapeutics (c)		56	714
Neogen Corp. (c)		14	556
NeoStem Inc. (c) (e)		14	19
Neuralstem Inc. (c) (e)		23	48
Neurocrine Biosciences Inc. (c)		30	226
NeurogesX Inc. (c) (e)		5	29
Novavax Inc. (c) (e)		51	123
NPS Pharmaceuticals Inc. (c)		41	326
NuVasive Inc. (c) (e)		23	597
NxStage Medical Inc. (c)		15	367
Nymox Pharmaceutical Corp. (c) (e)		10	70
Obagi Medical Products Inc. (c)		9	110
Omeros Corp. (c) (e)		10	83
Omnicell Inc. (c)		18	262
Onyx Pharmaceuticals Inc. (c)		38	1,388
Opko Health Inc. (c) (e)		48	176
Optimer Pharmaceuticals Inc. (c)		22	245
OraSure Technologies Inc. (c)		28	163
Orexigen Therapeutics Inc. (c) (e)		18	148
Orthofix International NV (c)		10	300
Orthovita Inc. (c) (e)		41	82
Osiris Therapeutics Inc. (c) (e)		8	61
Owens & Minor Inc. (e)		37	1,093
Pacific Biosciences of California Inc. (c) (e)		4	63
Pain Therapeutics Inc. (c)		21	139
Palomar Medical Technologies Inc. (c)		13	181
Par Pharmaceutical Cos. Inc. (c)		20	781
Parexel International Corp. (c)		35	734
PDI Inc. (c)		5	50
PDL BioPharma Inc. (c)		84	523
Peregrine Pharmaceuticals Inc. (c) (e)		28	64
Pharmacyclics Inc. (c)		28	168
Pharmasset Inc. (c) (e)		17	756
PharMerica Corp. (c)		18	201
Pozen Inc. (c)		13	90
Progenics Pharmaceuticals Inc. (c)		17	93
Providence Services Corp. (c)		9	142
PSS World Medical Inc. (c)		34	758
PURE Bioscience (c) (e)		19	42
Quality Systems Inc. (e)		11	761
Questcor Pharmaceuticals Inc. (c)		32	473
Quidel Corp. (c) (e)		14	209
RehabCare Group Inc. (c)		15	358
Rigel Pharmaceuticals Inc. (c)		31	232
Rochester Medical Corp. (c)		4	47
RTI Biologics Inc. (c)		33	88
Rural/Metro Corp. (c)		10	150
Salix Pharmaceuticals Ltd. (c)		34	1,606
Sangamo Biosciences Inc. (c) (e)		25	167
Santarus Inc. (c)		37	120
Savient Pharmaceuticals Inc. (c)		41	461

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Sciclone Pharmaceuticals Inc. (c)		27	112
Seattle Genetics Inc. (c) (e)		48	722
Select Medical Holdings Corp. (c)		27	200
Sequenom Inc. (c) (e)		54	435
SIGA Technologies Inc. (c) (e)		20	276
Sirona Dental Systems Inc. (c)		20	847
Skilled Healthcare Group Inc. - Class A (c)		15	136
Solta Medical Inc. (c)		32	97
Somaxon Pharmaceuticals Inc. (c) (e)		15	48
SonoSite Inc. (c)		8	268
Spectranetics Corp. (c)		15	78
Spectrum Pharmaceuticals Inc. (c) (e)		31	216
Staar Surgical Co. (c)		19	114
StemCells Inc. (c) (e)		72	78
Stereotaxis Inc. (c)		15	56
STERIS Corp.		36	1,298
Sucampo Pharmaceuticals Inc. - Class A (c) (e)		4	17
Sun Healthcare Group Inc. (c)		15	190
Sunrise Senior Living Inc. (c)		35	191
SuperGen Inc. (c)		31	82
SurModics Inc. (c)		12	141
Symmetry Medical Inc. (c)		20	186
Syneron Medical Ltd. (c)		23	230
Synovis Life Technologies Inc. (c)		7	114
Synta Pharmaceuticals Corp. (c) (e)		14	84
Targacept Inc. (c)		14	383
Team Health Holdings Inc. (c)		8	128
Theravance Inc. (c)		38	945
TomoTherapy Inc. (c)		31	111
Transcend Services Inc. (c)		6	113
Transcept Pharmaceuticals Inc. (c)		3	21
Triple-S Management Corp. - Class B (c)		12	230
Unilife Corp. (c) (e)		26	138
Universal American Corp. (c)		20	408
US Physical Therapy Inc. (c)		6	122
Vanda Pharmaceuticals Inc. (c)		16	153
Vascular Solutions Inc. (c)		9	107
Vical Inc. (c) (e)		33	67
ViroPharma Inc. (c)		46	798
Vital Images Inc. (c)		9	124
Vivus Inc. (c) (e)		50	466
Volcano Corp. (c)		30	830
WellCare Health Plans Inc. (c)		25	760
West Pharmaceutical Services Inc. (e)		20	812
Wright Medical Group Inc. (c)		22	337
XenoPort Inc. (c)		15	131
Young Innovations Inc.		3	93
Zalicus Inc. (c)		35	56
ZIOPHARM Oncology Inc. (c) (e)		34	159
Zoll Medical Corp. (c)		13	480
			85,971
INDUSTRIALS - 15.4%
3D Systems Corp. (c)		10	327
A123 Systems Inc. (c) (e)		43	406
AAON Inc.		7	201
AAR Corp. (c)		23	627
ABM Industries Inc. (e)		30	788
Acacia Research Corp. (c)		20	523
ACCO Brands Corp. (c)		32	272
Aceto Corp.		16	147
Actuant Corp. - Class A		41	1,089
Acuity Brands Inc. (e)		26	1,505
Administaff Inc.		12	360
Advanced Battery Technologies Inc. (c) (e)		35	136
Advisory Board Co. (c)		9	425
AeroVironment Inc. (c)		9	242
Air Transport Services Group Inc (c)		34	270

	Shares/Par (p)		Value
Aircastle Ltd.		32	330
AirTran Holdings Inc. (c)		81	595
Alamo Group Inc.		3	95
Alaska Air Group Inc. (c)		22	1,219
Albany International Corp. - Class A		16	381
Allegiant Travel Co. (c) (e)		9	450
Altra Holdings Inc. (c)		16	318
AMERCO (c)		5	496
Ameresco Inc. - Class A (c)		7	97
American Railcar Industries Inc. (c)		6	143
American Reprographics Co. (c)		22	167
American Science & Engineering Inc.		5	440
American Superconductor Corp. (c) (e)		30	855
American Woodmark Corp.		5	116
Ameron International Corp.		6	425
Ampco-Pittsburgh Corp.		5	140
AO Smith Corp.		22	836
APAC Customer Services Inc. (c)		20	119
Apogee Enterprises Inc.		16	219
Applied Energetics Inc. (c)		42	35
Applied Industrial Technologies Inc.		26	832
Applied Signal Technology Inc.		8	288
Argan Inc. (c) (e)		3	29
Arkansas Best Corp.		14	397
Astec Industries Inc. (c)		12	390
Astronics Corp. (c)		6	119
Atlas Air Worldwide Holdings Inc. (c)		16	871
Avis Budget Group Inc. (c)		61	947
AZZ Inc.		8	311
Badger Meter Inc.		9	378
Baldor Electric Co.		28	1,734
Baltic Trading Ltd.		12	122
Barnes Group Inc. (e)		29	605
Barrett Business Services Inc.		3	53
Beacon Roofing Supply Inc. (c)		27	475
Belden Inc.		28	1,019
Blount International Inc. (c)		29	453
BlueLinx Holdings Inc. (c)		5	20
Brady Corp. - Class A		29	961
Briggs & Stratton Corp.		29	571
Brink’s Co.		28	744
Broadwind Energy Inc. (c) (e)		71	163
Builders FirstSource Inc. (c) (e)		25	49
CAI International Inc. (c)		7	135
Capstone Turbine Corp. (c)		129	124
Cascade Corp.		6	270
Casella Waste Systems Inc. - Class A (c)		13	95
CBIZ Inc. (c)		22	139
CDI Corp.		8	153
Celadon Group Inc. (c)		12	182
Cenveo Inc. (c)		33	177
Ceradyne Inc. (c)		16	492
Chart Industries Inc. (c)		17	590
CIRCOR International Inc.		10	437
CLARCOR Inc.		30	1,271
Clean Harbors Inc. (c)		14	1,168
Coleman Cable Inc. (c) (e)		4	27
Colfax Corp. (c)		14	264
Columbus Mckinnon Corp. (c)		12	243
Comfort Systems USA Inc.		24	313
Commercial Vehicle Group Inc. (c)		15	251
Consolidated Graphics Inc. (c)		5	255
Corporate Executive Board Co.		21	779
CoStar Group Inc. (c) (e)		12	690
Courier Corp.		6	99
CRA International Inc. (c)		7	155
Cubic Corp.		9	425
Curtiss-Wright Corp. (e)		28	920

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

`	Shares/Par (p)		Value
Deluxe Corp.		30	684
DigitalGlobe Inc. (c)		16	507
Dolan Media Co. (c)		18	255
Dollar Thrifty Automotive Group Inc. (c)		16	778
Douglas Dynamics Inc.		6	94
Ducommun Inc.		6	134
DXP Enterprises Inc. (c)		5	127
Dycom Industries Inc. (c)		21	311
Dynamex Inc. (c)		7	163
Dynamic Materials Corp.		9	198
Eagle Bulk Shipping Inc. (c) (e)		41	204
EMCOR Group Inc. (c)		40	1,157
Encore Wire Corp.		12	291
Ener1 Inc. (c) (e)		37	141
Energy Recovery Inc. (c)		24	87
EnergySolutions Inc.		55	308
EnerNOC Inc. (c) (e)		12	285
EnerSys (c)		29	936
Ennis Inc.		15	256
EnPro Industries Inc. (c)		12	500
ESCO Technologies Inc.		15	581
Esterline Technologies Corp. (c)		18	1,231
Excel Maritime Carriers Ltd. (c) (e)		21	120
Exponent Inc. (c)		8	294
Federal Signal Corp.		40	273
Flow International Corp. (c)		35	145
Force Protection Inc. (c)		45	249
Forward Air Corp.		18	503
Franklin Covey Co. (c)		6	49
Franklin Electric Co. Inc.		14	552
FreightCar America Inc. (c)		7	207
Fuel Tech Inc. (c)		12	117
FuelCell Energy Inc. (c) (e)		60	138
Furmanite Corp. (c)		25	175
G&K Services Inc. - Class A		11	349
Genco Shipping & Trading Ltd. (c) (e)		17	242
GenCorp Inc. (c)		32	165
Generac Holdings Inc. (c)		10	163
Genesee & Wyoming Inc. - Class A (c)		23	1,235
Geo Group Inc. (c)		37	909
GeoEye Inc. (c)		13	557
Gibraltar Industries Inc. (c)		20	266
Global Defense Technology & Systems Inc. (c)		2	38
Gorman-Rupp Co.		7	240
GP Strategies Corp. (c)		11	114
GrafTech International Ltd. (c)		72	1,434
Graham Corp.		7	135
Granite Construction Inc.		20	556
Great Lakes Dredge & Dock Corp.		32	236
Greenbrier Cos. Inc. (c)		11	233
Griffon Corp. (c)		26	335
GT Solar International Inc. (c) (e)		38	347
H&E Equipment Services Inc. (c)		17	198
Hawaiian Holdings Inc. (c)		32	252
Healthcare Services Group Inc. (e)		38	618
Heartland Express Inc.		29	470
HEICO Corp. (e)		17	884
Heidrick & Struggles International Inc.		11	311
Herley Industries Inc. (c)		8	132
Herman Miller Inc. (e)		33	833
Hexcel Corp. (c)		57	1,033
Higher One Holdings Inc. (c) (e)		7	139
Hill International Inc. (c)		12	80
HNI Corp.		27	853
Hoku Corp. (c) (e)		9	24
Horizon Lines Inc. - Class A		21	91
Houston Wire & Cable Co. (e)		12	161
HUB Group Inc. - Class A (c)		23	794

	Shares/Par (p)		Value
Hudson Highland Group Inc. (c)		17	101
Huron Consulting Group Inc. (c)		14	361
ICF International Inc. (c) (e)		11	276
II-VI Inc. (c)		15	692
InnerWorkings Inc. (c)		14	89
Insituform Technologies Inc. - Class A (c)		23	604
Insteel Industries Inc.		12	154
Interface Inc. - Class A		30	475
Interline Brands Inc. (c)		19	425
International Shipholding Corp.		4	104
JetBlue Airways Corp. (c)		147	973
John Bean Technologies Corp.		16	319
Kadant Inc. (c)		8	184
Kaman Corp. - Class A		16	463
Kaydon Corp.		20	808
Kelly Services Inc. - Class A (c)		16	308
Keyw Holding Corp. (c) (e)		1	19
Kforce Inc. (c)		19	310
Kimball International Inc. - Class B		17	118
Knight Transportation Inc.		34	651
Knoll Inc.		27	460
Korn/Ferry International (c)		27	621
Kratos Defense & Security Solutions Inc. (c)		11	149
LaBarge Inc. (c)		6	91
Ladish Co. Inc. (c)		9	452
Lawson Products Inc.		2	53
Layne Christensen Co. (c)		11	388
LB Foster Co. (c)		6	252
LECG Corp. (c)		14	19
Lindsay Corp. (e)		7	440
LMI Aerospace Inc. (c)		6	91
LSI Industries Inc.		9	80
Lydall Inc. (c)		14	110
M&F Worldwide Corp. (c)		6	139
Marten Transport Ltd.		9	195
MasTec Inc. (c)		33	474
McGrath RentCorp		14	380
Met-Pro Corp.		8	91
Metalico Inc. (c) (e)		23	133
Michael Baker Corp. (c)		5	148
Middleby Corp. (c)		10	831
Miller Industries Inc.		6	88
Mine Safety Appliances Co.		15	475
Mistras Group Inc. (c)		8	106
Mobile Mini Inc. (c)		22	441
Moog Inc. - Class A (c)		27	1,087
Mueller Industries Inc.		22	714
Mueller Water Products Inc.		87	363
Multi-Color Corp.		7	133
MYR Group Inc. (c)		11	228
NACCO Industries Inc. - Class A		4	380
Navigant Consulting Inc. (c)		28	262
NCI Building Systems Inc. (c)		13	180
Nordson Corp.		20	1,878
Northwest Pipe Co. (c)		6	152
Old Dominion Freight Line Inc. (c)		25	809
Omega Flex Inc. (c) (e)		1	15
On Assignment Inc. (c)		24	198
Orbital Sciences Corp. (c)		34	589
Orion Marine Group Inc. (c)		17	199
Otter Tail Corp.		21	472
P.A.M. Transportation Services (c)		2	28
Pacer International Inc. (c)		25	173
Park-Ohio Holdings Corp. (c)		4	88
Patriot Transportation Holding Inc. (c)		1	103
PGT Inc. (c) (e)		10	25
Pike Electric Corp. (c)		8	65
Pinnacle Airlines Corp. (c)		10	79

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
PMFG Inc. (c) (e)		9	139
Polypore International Inc. (c)		13	541
Powell Industries Inc. (c)		5	155
PowerSecure International Inc. (c)		12	96
Preformed Line Products Co.		1	58
Primoris Services Corp. (e)		11	104
Quality Distribution Inc. (c)		5	44
Quanex Building Products Corp.		21	407
RailAmerica Inc. (c)		13	171
Raven Industries Inc.		10	455
RBC Bearings Inc. (c)		13	510
Republic Airways Holdings Inc. (c)		28	205
Resources Connection Inc.		27	505
Roadrunner Transportation Systems Inc. (c)		6	82
Robbins & Myers Inc.		16	562
Rollins Inc.		37	739
RSC Holdings Inc. (c)		31	301
Rush Enterprises Inc. - Class A (c)		19	383
Saia Inc. (c)		8	139
SatCon Technology Corp. (c) (e)		71	319
Sauer-Danfoss Inc. (c)		7	196
Schawk Inc. - Class A		7	152
School Specialty Inc. (c)		10	146
Seaboard Corp.		—	366
SeaCube Container Leasing Ltd.		1	20
SFN Group Inc. (c)		30	292
Simpson Manufacturing Co. Inc.		23	705
SkyWest Inc.		34	533
Standard Parking Corp. (c)		8	159
Standard Register Co.		14	46
Standex International Corp.		8	240
Steelcase Inc. - Class A		45	476
Sterling Construction Co. Inc. (c)		10	126
Sun Hydraulics Corp.		7	264
Sykes Enterprises Inc. (c)		25	504
TAL International Group Inc.		10	322
Taser International Inc. (c)		41	194
Team Inc. (c)		12	294
Tecumseh Products Co. - Class A (c)		10	132
Teledyne Technologies Inc. (c)		21	940
Tennant Co.		11	414
Tetra Tech Inc. (c)		37	934
Textainer Group Holdings Ltd.		6	165
Titan International Inc. (e)		20	389
Titan Machinery Inc. (c) (e)		8	159
Tredegar Corp.		15	297
Trex Co. Inc. (c) (e)		10	228
TriMas Corp. (c)		10	198
Triumph Group Inc.		10	901
TrueBlue Inc. (c)		27	480
Tutor Perini Corp. (c) (e)		16	336
Twin Disc Inc.		6	171
Ultrapetrol Ltd. (c) (e)		13	85
UniFirst Corp.		8	439
United Capital Corp. (c)		1	28
United Rentals Inc. (c)		37	832
United Stationers Inc. (c)		15	932
Universal Forest Products Inc.		11	426
Universal Truckload Services Inc. (c)		3	44
UQM Technologies Inc. (c) (e)		19	44
US Airways Group Inc. (c)		95	949
US Ecology Inc.		11	183
USA Truck Inc. (c)		3	45
Viad Corp.		11	292
Vicor Corp.		12	189
Volt Information Sciences Inc. (c)		11	91
VSE Corp.		2	70
Wabash National Corp. (c)		42	492

	Shares/Par (p)		Value
Watsco Inc.		17	1,058
Watts Water Technologies Inc. - Class A		18	653
Werner Enterprises Inc. (e)		25	563
Woodward Governor Co.		37	1,374
Xerium Technologies Inc. (c)		7	104
			110,404
INFORMATION TECHNOLOGY - 18.2%
ACI Worldwide Inc. (c)		20	532
Acme Packet Inc. (c)		26	1,397
Actuate Corp. (c)		28	157
Acxiom Corp. (c)		41	695
ADTRAN Inc.		37	1,353
Advanced Analogic Technologies Inc. (c)		21	85
Advanced Energy Industries Inc. (c)		20	272
Advent Software Inc. (c) (e)		9	546
Agilysys Inc. (c)		11	61
Alpha & Omega Semiconductor Ltd. (c)		3	35
American Software Inc. - Class A		11	73
Amkor Technology Inc. (c) (e)		62	457
Anadigics Inc. (c) (e)		37	253
Anaren Inc. (c)		9	179
Ancestry.com Inc. (c) (e)		12	327
Anixter International Inc. (c)		17	1,012
Applied Micro Circuits Corp. (c)		39	422
Archipelago Learning Inc. (c)		6	62
Ariba Inc. (c)		54	1,269
Arris Group Inc. (c)		77	861
Art Technology Group Inc. (c)		95	566
Aruba Networks Inc. (c) (e)		45	949
Aspen Technology Inc. (c)		36	462
ATMI Inc. (c)		19	388
Aviat Networks Inc. (c)		35	175
Avid Technology Inc. (c)		16	286
Axcelis Technologies Inc. (c)		69	239
AXT Inc. (c)		17	174
Bel Fuse Inc. - Class B		5	130
Benchmark Electronics Inc. (c)		36	658
BigBand Networks Inc. (c)		27	76
Black Box Corp.		10	395
Blackbaud Inc.		26	671
Blackboard Inc. (c) (e)		21	852
Blue Coat Systems Inc. (c)		25	754
Bottomline Technologies Inc. (c)		19	415
Brightpoint Inc. (c)		43	375
BroadSoft Inc. (c)		5	120
Brooks Automation Inc. (c)		40	366
Cabot Microelectronics Corp. (c)		14	597
CACI International Inc. - Class A (c)		18	974
Calix Inc. (c) (e)		4	67
Cass Information Systems Inc.		5	174
Cavium Networks Inc. (c)		27	1,007
CDC Corp. - Class A (c)		18	62
Ceva Inc. (c)		13	268
Checkpoint Systems Inc. (c)		24	497
Ciber Inc. (c)		40	186
Cirrus Logic Inc. (c) (e)		41	660
Cognex Corp.		24	708
Coherent Inc. (c)		15	661
Cohu Inc.		13	218
CommVault Systems Inc. (c)		25	717
Compellent Technologies Inc. (c)		14	390
Computer Task Group Inc. (c)		7	72
comScore Inc. (c)		13	300
Comtech Telecommunications Corp.		17	483
Comverge Inc. (c) (e)		17	120
Concur Technologies Inc. (c)		24	1,256
Conexant Systems Inc. (c)		44	71

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Constant Contact Inc. (c) (e)		17	533
Convio Inc. (c)		3	26
CPI International Inc. (c)		4	80
Cray Inc. (c)		24	170
CSG Systems International Inc. (c)		20	376
CTS Corp.		20	217
Cymer Inc. (c)		17	785
Daktronics Inc.		20	323
DDi Corp.		10	119
DealerTrack Holdings Inc. (c)		24	485
Deltek Inc. (c)		8	61
DemandTec Inc. (c)		12	134
DG FastChannel Inc. (c) (e)		15	420
Dice Holdings Inc. (c)		11	154
Digi International Inc. (c)		14	151
Digimarc Corp. (c)		5	148
Digital River Inc. (c) (e)		24	824
Diodes Inc. (c)		21	558
DSP Group Inc. (c)		15	125
DTS Inc. (c)		10	492
Earthlink Inc.		64	553
Ebix Inc. (c) (e)		16	384
Echelon Corp. (c)		21	215
Echo Global Logistics Inc. (c) (e)		6	69
Electro Rent Corp.		9	146
Electro Scientific Industries Inc. (c)		15	245
Electronics for Imaging Inc. (c)		28	400
EMS Technologies Inc. (c)		10	189
Emulex Corp. (c)		51	597
Energy Conversion Devices Inc. (c) (e)		31	142
Entegris Inc. (c)		80	599
Entropic Communications Inc. (c) (e)		40	478
Envestnet Inc. (c)		6	96
Epicor Software Corp. (c)		27	278
EPIQ Systems Inc.		19	260
ePlus Inc. (c)		2	39
Euronet Worldwide Inc. (c)		29	498
Evergreen Solar Inc. (c) (e)		94	55
Exar Corp. (c) (e)		24	164
ExlService Holdings Inc. (c)		9	195
Extreme Networks (c)		61	187
Fabrinet (c)		7	143
Fair Isaac Corp.		24	565
FalconStor Software Inc. (c) (e)		18	61
FARO Technologies Inc. (c)		9	306
FEI Co. (c)		22	584
Finisar Corp. (c) (e)		45	1,347
FormFactor Inc. (c)		28	249
Forrester Research Inc. (c)		8	296
Fortinet Inc. (c)		25	802
FSI International Inc. (c)		28	125
Gerber Scientific Inc. (c)		19	148
Global Cash Access Holdings Inc. (c)		41	131
Globecomm Systems Inc. (c)		13	133
GSI Commerce Inc. (c)		39	907
GSI Technology Inc. (c)		12	99
Guidance Software Inc. (c)		7	51
Hackett Group Inc. (c) (e)		19	66
Harmonic Inc. (c)		66	564
Heartland Payment Systems Inc.		23	355
Hittite Microwave Corp. (c) (e)		16	1,005
Hughes Communications Inc. (c)		5	222
Hutchinson Technology Inc. (c) (e)		13	47
Hypercom Corp. (c)		29	244
iGate Corp.		13	255
Ikanos Communications Inc. (c) (e)		16	22
Imation Corp. (c)		17	173
Immersion Corp. (c)		20	135

	Shares/Par (p)		Value
Infinera Corp. (c)		51	529
Infospace Inc. (c)		23	191
Insight Enterprises Inc. (c)		28	366
Integral Systems Inc. (c)		10	100
Integrated Device Technology Inc. (c)		94	627
Integrated Silicon Solutions Inc. (c)		19	150
Interactive Intelligence Inc. (c)		8	214
InterDigital Inc. (c) (e)		26	1,081
Intermec Inc. (c)		30	375
Internap Network Services Corp. (c)		32	198
Internet Capital Group Inc. (c)		22	307
Intevac Inc. (c)		14	196
IntraLinks Holdings Inc. (c)		7	133
IPG Photonics Corp. (c) (e)		16	498
Ixia (c)		20	329
IXYS Corp. (c)		15	172
j2 Global Communications Inc. (c)		27	775
Jack Henry & Associates Inc.		50	1,459
JDA Software Group Inc. (c)		26	723
Kenexa Corp. (c)		14	304
Keynote Systems Inc.		7	105
KIT Digital Inc. (c) (e)		17	266
Knot Inc. (c)		19	183
Kopin Corp. (c)		41	173
Kulicke & Soffa Industries Inc. (c)		42	300
KVH Industries Inc. (c)		9	102
L-1 Identity Solutions Inc. (c)		45	534
Lattice Semiconductor Corp. (c)		69	419
Lawson Software Inc. (c)		82	760
Limelight Networks Inc. (c)		29	168
Lionbridge Technologies Inc. (c)		36	133
Liquidity Services Inc. (c)		8	110
Littelfuse Inc.		13	615
LivePerson Inc. (c)		27	303
Local.com Corp. (c) (e)		9	56
LogMeIn Inc. (c)		9	404
LoopNet Inc. (c)		10	106
Loral Space & Communications Inc. (c)		7	500
LTX-Credence Corp. (c)		32	235
Magma Design Automation Inc. (c)		39	195
Manhattan Associates Inc. (c)		14	426
Mantech International Corp. - Class A (c)		13	533
Marchex Inc. - Class B		13	126
Mattson Technology Inc. (c)		34	101
MAXIMUS Inc.		11	695
MaxLinear Inc. - Class A (c) (e)		4	43
Maxwell Technologies Inc. (c) (e)		17	312
Measurement Specialties Inc. (c)		8	247
Mediamind Technologies Inc. (c)		3	47
Mentor Graphics Corp. (c)		62	741
Mercury Computer Systems Inc. (c)		15	270
Meru Networks Inc. (c) (e)		3	45
Methode Electronics Inc.		21	274
Micrel Inc.		31	400
Microsemi Corp. (c)		50	1,143
MicroStrategy Inc. - Class A (c)		5	426
Microvision Inc. (c) (e)		52	97
Mindspeed Technologies Inc. (c) (e)		24	146
MIPS Technologies Inc. - Class A (c)		27	417
MKS Instruments Inc. (c)		29	710
ModusLink Global Solutions Inc. (c)		25	165
MoneyGram International Inc. (c)		60	162
Monolithic Power Systems Inc. (c)		19	320
Monotype Imaging Holdings Inc. (c)		13	143
MoSys Inc. (c) (e)		15	83
Motricity Inc. (c)		4	70
Move Inc. (c)		90	230
MTS Systems Corp. (e)		9	347

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Multi-Fineline Electronix Inc. (c)		6		159
Nanometrics Inc. (c)		10		123
NCI Inc. - Class A (c)		4		100
NetGear Inc. (c)		20		689
NetLogic Microsystems Inc. (c)		38		1,182
NetScout Systems Inc. (c)		18		423
NetSuite Inc. (c) (e)		11		276
Network Engines Inc. (c)		19		29
Network Equipment Technologies Inc. (c) (e)		13		59
Newport Corp. (c)		21		366
NIC Inc. (c)		34		332
Novatel Wireless Inc. (c) (e)		21		199
NVE Corp. (c)		3		186
Occam Networks Inc. (c)		7		58
Oclaro Inc. (c)		30		401
Omnivision Technologies Inc. (c)		33		973
Online Resources Corp. (c)		12		58
OpenTable Inc. (c) (e)		9		646
Openwave Systems Inc. (c)		62		133
Oplink Communications Inc. (c)		12		228
OPNET Technologies Inc.		8		222
Opnext Inc. (c)		13		22
OSI Systems Inc. (c)		10		348
Parametric Technology Corp. (c)		68		1,533
Park Electrochemical Corp.		13		381
PC Connection Inc. (c)		5		41
PC-Tel Inc. (c)		10		63
PDF Solutions Inc. (c)		12		58
Pegasystems Inc. (e)		10		355
Perficient Inc. (c)		13		161
Pericom Semiconductor Corp. (c)		16		174
Photronics Inc. (c)		34		203
Plantronics Inc.		29		1,082
Plexus Corp. (c)		24		740
PLX Technology Inc. (c)		24		85
Power Integrations Inc.		15		592
Power-One Inc. (c) (e)		42		428
Powerwave Technologies Inc. (c) (e)		80		203
Presstek Inc. (c)		15		33
Progress Software Corp. (c)		25		1,075
PROS Holdings Inc. (c)		12		139
Pulse Electronics Corp.		29		153
QAD Inc. - Class A (c)		2		22
QAD Inc. - Class B (c) (e)		1		6
QLIK Technologies Inc. (c)		8		216
Quantum Corp. (c)		131		488
Quest Software Inc. (c)		36		1,003
QuinStreet Inc. (c) (e)		5		100
Rackspace Hosting Inc. (c) (e)		58		1,824
Radiant Systems Inc. (c)		20		390
Radisys Corp. (c)		13		119
RealD Inc. (c) (e)		9		237
RealNetworks Inc. (c)		47		198
RealPage Inc. (c) (e)		9		274
Renaissance Learning Inc.		7		85
RF Micro Devices Inc. (c)		158		1,159
Richardson Electronics Ltd.		11		126
RightNow Technologies Inc. (c) (e)		13		302
Rimage Corp. (c)		4		67
Riverbed Technology Inc. (c)		75		2,649
Rofin-Sinar Technologies Inc. (c)		17		587
Rogers Corp. (c)		10		375
Rosetta Stone Inc. (c)		6		121
Rubicon Technology Inc. (c) (e)		9		183
Rudolph Technologies Inc. (c)		19		155
S1 Corp. (c)		32		217
Saba Software Inc. (c)		15		93
Sanmina-SCI Corp. (c)		46		530

	Shares/Par (p)		Value
Sapient Corp. (c)		62		755
SAVVIS Inc. (c)		22		559
ScanSource Inc. (c)		16		499
SeaChange International Inc. (c)		19		165
Semtech Corp. (c)		37		831
ShoreTel Inc. (c)		29		227
Sigma Designs Inc. (c)		17		244
Silicon Graphics International Corp. (c)		18		161
Silicon Image Inc. (c)		44		325
Smart Modular Technologies WWH Inc. (c)		29		165
Smith Micro Software Inc. (c)		19		300
SolarWinds Inc. (c)		21		406
Sonic Solutions Inc. (c)		24		361
Sonus Networks Inc. (c)		119		318
Sourcefire Inc. (c)		17		430
Spansion Inc. (c)		7		144
Spectrum Control Inc. (c)		8		120
SPS Commerce Inc. (c) (e)		3		40
SRA International Inc. - Class A (c)		25		509
SRS Labs Inc. (c)		5		45
SS&C Technologies Holdings Inc. (c) (e)		7		138
Stamps.com Inc. (c)		6		86
Standard Microsystems Corp. (c)		13		383
STEC Inc. (c) (e)		25		434
Stratasys Inc. (c)		12		404
SuccessFactors Inc. (c)		38		1,096
Super Micro Computer Inc. (c)		16		179
Supertex Inc. (c)		7		160
support.com Inc. (c)		26		166
Sycamore Networks Inc. (c)		11		235
Symmetricom Inc. (c)		27		190
Synaptics Inc. (c)		20		573
Synchronoss Technologies Inc. (c)		13		337
SYNNEX Corp. (c)		14		423
Syntel Inc.		8		370
Take-Two Interactive Software Inc. (c)		42		518
Taleo Corp. - Class A (c)		24		652
TechTarget Inc. (c) (e)		8		65
Tekelec (c)		41		486
TeleCommunication Systems Inc. - Class A (c)		29		138
TeleNav Inc. (c)		4		31
TeleTech Holdings Inc. (c)		18		367
Terremark Worldwide Inc. (c) (e)		34		446
Tessco Technologies Inc.		3		43
Tessera Technologies Inc. (c)		30		662
THQ Inc. (c)		39		236
TIBCO Software Inc. (c)		99		1,959
Tier Technologies Inc. - Class B (c)		8		45
TiVo Inc. (c)		67		576
TNS Inc. (c)		14		299
Travelzoo Inc. (c) (e)		4		151
Trident Microsystems Inc. (c)		49		88
TriQuint Semiconductor Inc. (c)		93		1,092
TTM Technologies Inc. (c)		48		714
Tyler Technologies Inc. (c)		17		354
Ultimate Software Group Inc. (c) (e)		15		721
Ultra Clean Holdings Inc. (c)		16		151
Ultratech Inc. (c)		13		264
Unisys Corp. (c)		25		637
United Online Inc.		52		341
Universal Display Corp. (c) (e)		18		554
UTStarcom Inc. (c) (e)		63		130
ValueClick Inc. (c)		47		758
VASCO Data Security International Inc. (c)		16		134
Veeco Instruments Inc. (c) (e)		24		1,048
VeriFone Holdings Inc. (c)		51		1,971
ViaSat Inc. (c)		20		890
Viasystems Group Inc. (c) (e)		2		46

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
VirnetX Holding Corp. (c)		21	316
Virtusa Corp. (c)		9	142
Vocus Inc. (c) (e)		10	277
Volterra Semiconductor Corp. (c)		15	355
Wave Systems Corp. (c) (e)		43	169
Websense Inc. (c)		26	523
Wright Express Corp. (c)		23	1,075
X-Rite Inc. (c)		19	87
Xyratex Ltd. (c)		18	301
Zixit Corp. (c) (e)		39	166
Zoran Corp. (c)		28	249
Zygo Corp. (c)		9	111
			130,058
MATERIALS - 5.6%
A. Schulman Inc.		19	434
AEP Industries Inc. (c)		3	76
Allied Nevada Gold Corp. (c) (e)		45	1,185
AM Castle & Co. (c)		10	186
AMCOL International Corp.		14	446
American Vanguard Corp.		13	111
Arch Chemicals Inc.		14	517
Balchem Corp.		17	570
Boise Inc. (c)		43	339
Brush Engineered Materials Inc. (c)		12	472
Buckeye Technologies Inc.		24	504
Calgon Carbon Corp. (c)		33	495
Capital Gold Corp. (c)		35	179
Century Aluminum Co. (c)		38	592
Clearwater Paper Corp. (c)		7	513
Coeur d’Alene Mines Corp. (c)		53	1,445
Contango ORE Inc. (c)		1	7
Deltic Timber Corp.		6	357
Ferro Corp. (c)		52	763
General Moly Inc. (c) (e)		42	275
Georgia Gulf Corp. (c)		20	489
Glatfelter		28	341
Globe Specialty Metals Inc.		36	611
Golden Star Resources Ltd. (c)		149	682
Graham Packaging Co. Inc. (c)		9	117
Graphic Packaging Holding Co. (c)		70	274
Hawkins Inc.		5	244
Haynes International Inc.		7	312
HB Fuller Co.		28	580
Headwaters Inc. (c)		37	168
Hecla Mining Co. (c) (e)		151	1,697
Horsehead Holding Corp. (c)		25	327
Innophos Holdings Inc.		13	463
Jaguar Mining Inc. (c) (e)		51	365
Kaiser Aluminum Corp.		9	467
KapStone Paper and Packaging Corp. (c)		23	346
KMG Chemicals Inc.		3	54
Koppers Holdings Inc.		12	434
Kraton Performance Polymers Inc. (c)		6	186
Landec Corp. (c)		16	95
Louisiana-Pacific Corp. (c)		76	714
LSB Industries Inc. (c)		11	257
Metals USA Holdings Corp. (c)		6	94
Minerals Technologies Inc.		11	711
Molycorp Inc. (c) (e)		15	763
Myers Industries Inc.		23	221
Neenah Paper Inc.		10	192
NewMarket Corp.		6	755
NL Industries Inc.		4	40
Noranda Aluminium Holding Corp. (c)		6	90
Olin Corp.		47	954
Olympic Steel Inc.		5	158
OM Group Inc. (c)		18	690

	Shares/Par (p)		Value
Omnova Solutions Inc. (c)		27	225
PolyOne Corp. (c)		55	687
Quaker Chemical Corp.		7	278
Rock-Tenn Co. - Class A		23	1,262
Rockwood Holdings Inc. (c)		31	1,225
RTI International Metals Inc. (c)		18	497
Schweitzer-Mauduit International Inc.		11	669
Senomyx Inc. (c)		21	148
Sensient Technologies Corp.		29	1,072
Silgan Holdings Inc.		32	1,163
Solutia Inc. (c)		73	1,679
Spartech Corp. (c)		18	167
Stepan Co.		5	369
Stillwater Mining Co. (c)		26	556
STR Holdings Inc. (c) (e)		17	341
Texas Industries Inc. (e)		13	573
Thompson Creek Metals Co. Inc. (c)		97	1,429
TPC Group Inc. (c)		4	129
United States Lime & Minerals Inc. (c)		1	59
Universal Stainless & Alloy Products Inc. (c)		4	112
US Energy Corp. Wyoming (c)		14	87
US Gold Corp. (c) (e)		55	444
Verso Paper Corp. (c) (e)		8	27
Wausau Paper Corp.		29	254
Westlake Chemical Corp.		11	490
Worthington Industries Inc.		34	631
WR Grace & Co. (c)		44	1,532
Zep Inc.		12	239
Zoltek Cos. Inc. (c) (e)		17	194
			39,895
TELECOMMUNICATION SERVICES - 0.9%
AboveNet Inc. (c)		14	797
Alaska Communications Systems Group Inc.		25	276
Atlantic Tele-Network Inc.		5	201
Cbeyond Inc. (c)		16	245
Cincinnati Bell Inc. (c)		116	326
Cogent Communications Group Inc. (c)		27	378
Consolidated Communications Holdings Inc.		15	285
FiberTower Corp. (c)		25	110
General Communication Inc. - Class A (c)		25	311
Global Crossing Ltd. (c)		18	237
Globalstar Inc. (c)		37	54
ICO Global Communications Holdings Ltd. - Class A (c) (e)		51	76
IDT Corp. - Class B (e)		8	195
Iridium Communications Inc. (c) (e)		18	151
Neutral Tandem Inc. (c)		21	297
NTELOS Holdings Corp.		17	319
PAETEC Holding Corp. (c)		75	279
Premiere Global Services Inc. (c)		38	261
Shenandoah Telecommunications Co.		14	257
Syniverse Holdings Inc. (c)		42	1,292
USA Mobility Inc.		13	232
Vonage Holdings Corp. (c)		57	127
			6,706
UTILITIES - 2.9%
Allete Inc.		18	668
American DG Energy Inc. (c) (e)		10	28
American States Water Co.		11	374
Artesian Resources Corp. - Class A (e)		3	52
Avista Corp.		32	713
Black Hills Corp.		23	696
Cadiz Inc. (c) (e)		6	75
California Water Service Group		11	428
Central Vermont Public Service Corp.		7	158
CH Energy Group Inc.		9	451

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Chesapeake Utilities Corp.		6	238
Cleco Corp.		37	1,124
Connecticut Water Services Inc.		5	146
Consolidated Water Co. Ltd. (e)		10	88
Dynegy Inc. (c)		63	353
El Paso Electric Co. (c)		26	704
Empire District Electric Co. (e)		24	533
IDACORP Inc.		29	1,071
Laclede Group Inc.		14	499
MGE Energy Inc.		13	573
Middlesex Water Co.		8	154
New Jersey Resources Corp. (e)		24	1,049
Nicor Inc.		27	1,326
Northwest Natural Gas Co.		16	730
NorthWestern Corp.		22	634
Piedmont Natural Gas Co. Inc. (e)		43	1,206
PNM Resources Inc.		50	652
Portland General Electric Co.		45	985
SJW Corp.		8	202
South Jersey Industries Inc.		18	931
Southwest Gas Corp.		27	981
UIL Holdings Corp.		30	892
UniSource Energy Corp.		22	783
Unitil Corp.		7	155
WGL Holdings Inc. (e)		31	1,091
York Water Co. (e)		8	134
			20,877
Total Common Stocks (cost $579,620)			699,872
WARRANTS - 0.0%
Lantronix Inc. (c) (f)			—
Total Warrants (cost $0)			—
SHORT TERM INVESTMENTS - 13.6%
Investment Company - 1.8%
JNL Money Market Fund, 0.08% (a) (h)		12,878	12,878
Securities Lending Collateral 11.7%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)		79,415	79,415
Securities Lending Liquidating Fund LLC, 0.66% (a) (h)		3,767	3,705
			83,120
Treasury Securities 0.1%
U.S. Treasury Bill, 0.13%, 03/24/11 (o)	$	895	895
Total Short Term Investments (cost $96,955)			96,893
Total Investments - 111.5% (cost $676,575)			796,765
Other Assets and Liabilities, Net - (11.5%)			(81,946)
Total Net Assets - 100.0%			$    714,819
JNL/Mellon Capital Management International Index Fund
COMMON STOCKS - 96.3%
CONSUMER DISCRETIONARY - 9.9%
ABC-Mart Inc.		2	$        71
Accor SA		14	612
Adidas AG		20	1,302
Aisin Seiki Co. Ltd.		18	641
Asics Corp.		14	179

	Shares/Par (p)		Value
Autogrill SpA (c)		11	159
Axel Springer AG		1	204
Bayerische Motoren Werke AG		32	2,509
Benesse Holdings Inc.		6	295
Billabong International Ltd. (e)		22	186
Bridgestone Corp. (e)		62	1,192
British Sky Broadcasting Group Plc		108	1,242
Burberry Group Plc		42	733
Canon Marketing Japan Inc.		5	72
Carnival Plc		18	822
Casio Computer Co. Ltd.		20	161
CDON Group AB (c)		5	21
Christian Dior SA		6	889
Compagnie Financiere Richemont SA		50	2,958
Compagnie Generale des Etablissements Michelin		17	1,188
Compass Group Plc		178	1,614
Continental AG (c)		5	356
Crown Ltd. (e)		41	347
Daihatsu Motor Co. Ltd.		18	275
Daimler AG (c)		87	5,882
Dena Co. Ltd.		8	269
Denso Corp.		47	1,619
Dentsu Inc.		17	516
Electrolux AB (e)		23	645
Esprit Holdings Ltd.		107	509
Eutelsat Communications Group SA		9	332
Fairfax Media Ltd. (e)		209	300
Fast Retailing Co. Ltd.		5	809
Fiat SpA (e)		73	1,501
Fuji Heavy Industries Ltd.		54	416
Fuji Media Holdings Inc.		—	25
Genting International Plc (c) (e)		571	974
Gestevision Telecinco SA (e)		18	202
Hakuhodo DY Holdings Inc.		2	119
Harvey Norman Holdings Ltd.		55	166
Hennes & Mauritz AB		98	3,277
Hermes International SCA		2	316
Home Retail Group Plc		76	223
Honda Motor Co. Ltd. (e)		157	6,177
Husqvarna AB		36	303
Inditex SA		21	1,581
InterContinental Hotels Group Plc		27	521
Isetan Mitsukoshi Holdings Ltd.		35	407
Isuzu Motors Ltd.		116	524
ITV Plc (c)		339	370
J. Front Retailing Co. Ltd.		43	235
Jardine Cycle & Carriage Ltd.		10	281
JC Decaux SA (c)		6	177
Jupiter Telecommunications Co. Ltd.		—	216
Kabel Deutschland Holding AG (c)		5	213
Kingfisher Plc		231	949
Koito Manufacturing Co. Ltd.		8	124
Lagardere SCA		11	473
Li & Fung Ltd.		218	1,264
Lifestyle International Holdings Ltd.		48	117
Luxottica Group SpA		11	339
LVMH Moet Hennessy Louis Vuitton SA		24	3,875
M6-Metropole Television SA		5	128
Marks & Spencer Group Plc		155	891
Marui Group Co. Ltd.		25	199
Mazda Motor Corp.		146	417
McDonald’s Holdings Co. Japan Ltd. (e)		6	155
Mediaset SpA		68	410
Mitsubishi Motors Corp. (c) (e)		377	546
Modern Times Group AB - Class B		5	307
Namco Bandai Holdings Inc.		18	191
Next Plc		18	550

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
NGK Spark Plug Co. Ltd.		15	229
NHK Spring Co. Ltd.		15	163
Nikon Corp.		32	640
Nissan Motor Co. Ltd.		240	2,270
Nisshinbo Holdings Inc.		10	109
Nitori Co. Ltd.		4	323
NOK Corp.		9	195
Nokian Renkaat Oyj		10	365
OPAP SA		22	373
Oriental Land Co. Ltd.		5	453
PagesJaunes Groupe SA (e)		10	94
Panasonic Corp.		189	2,672
Pearson Plc		77	1,213
Peugeot SA (c)		14	550
Pirelli & C. SpA (e)		24	193
PPR SA		7	1,149
ProSiebenSat.1 Media AG		8	245
Publicis Groupe		11	592
Puma AG Rudolf Dassler Sport		—	160
Rakuten Inc. (c) (e)		1	560
Reed Elsevier NV		65	799
Reed Elsevier Plc		114	960
Renault SA (c)		18	1,047
Rinnai Corp.		3	195
Sands China Ltd. (c)		227	499
Sankyo Co. Ltd.		5	270
Sanoma Oyj (e)		7	149
Sega Sammy Holdings Inc.		18	336
Sekisui Chemical Co. Ltd.		38	272
Sekisui House Ltd.		56	564
SES SA - FDR		28	673
Shangri-La Asia Ltd.		128	348
Sharp Corp.		95	975
Shimamura Co. Ltd.		2	185
Shimano Inc. (e)		6	319
Singapore Press Holdings Ltd. (e)		147	457
SJM Holdings Ltd. (c)		132	210
SKYCITY Entertainment Group Ltd.		50	127
Societe Television Francaise 1		11	198
Sodexo SA		9	643
Sony Corp.		97	3,458
Stanley Electric Co. Ltd.		14	251
Sumitomo Rubber Industries Inc.		16	165
Suzuki Motor Corp.		33	813
Swatch Group AG		7	1,628
Tabcorp Holdings Ltd.		66	482
Takashimaya Co. Ltd.		25	214
Tatts Group Ltd.		127	336
Thomas Cook Group Plc		86	256
Toho Co. Ltd.		9	144
Toyoda Gosei Co. Ltd.		6	140
Toyota Boshoku Corp.		7	129
Toyota Industries Corp.		17	538
Toyota Motor Corp.		264	10,408
TUI AG (c) (e)		11	159
TUI Travel Plc		46	178
USS Co. Ltd.		2	164
Vivendi SA		119	3,214
Volkswagen AG		3	409
Whitbread Plc		16	460
Wolters Kluwer NV		29	631
WPP Plc		119	1,466
Wynn Macau Ltd. (c)		144	323
Yamada Denki Co. Ltd.		8	556
Yamaha Corp.		13	164
Yamaha Motor Co. Ltd. (c)		26	419

	Shares/Par (p)		Value
Yue Yuen Industrial Holdings Ltd.		68	245
			107,192
CONSUMER STAPLES - 9.6%
AEON Co. Ltd.		55	691
Ajinomoto Co. Inc.		66	686
Anheuser-Busch InBev NV		69	3,972
Anheuser-Busch InBev NV - Strip VVPR (c)		13	—
Aryzta AG (c)		8	367
Asahi Breweries Ltd.		37	704
Associated British Foods Plc		34	623
Beiersdorf AG		10	542
British American Tobacco Plc		192	7,358
Carlsberg A/S		10	1,023
Carrefour SA		58	2,383
Casino Guichard Perrachon SA		5	536
Coca-Cola Amatil Ltd. (e)		54	594
Coca-Cola Hellenic Bottling Co. SA		18	472
Coca-Cola West Co. Ltd.		4	80
Colruyt SA		8	387
Danone SA		56	3,526
Delhaize Group		10	718
Diageo Plc		241	4,450
FamilyMart Co. Ltd.		6	226
Foster’s Group Ltd.		184	1,068
Golden Agri-Resources Ltd.		648	404
Goodman Fielder Ltd.		140	192
Heineken Holding NV		11	467
Heineken NV		25	1,208
Henkel AG & Co. KGaA		12	643
Imperial Tobacco Group Plc		98	3,010
Ito En Ltd.		4	73
J Sainsbury Plc		112	654
Japan Tobacco Inc.		—	1,610
Jeronimo Martins SGPS SA (c)		21	322
Kao Corp.		53	1,411
Kerry Group Plc		13	447
Kesko Oyj		7	309
Kikkoman Corp.		13	145
Kirin Holdings Co. Ltd.		80	1,119
Koninklijke Ahold NV		116	1,526
L’Oreal SA		23	2,566
Lawson Inc.		6	272
Lindt & Spruengli AG		—	354
MEIJI Holdings Co. Ltd.		7	293
Metcash Ltd. (e)		70	296
Metro AG		12	881
Nestle SA		332	19,441
Nippon Meat Packers Inc.		19	248
Nisshin Seifun Group Inc.		18	227
Nissin Foods Holdings Co. Ltd.		6	204
Olam International Ltd.		106	258
Parmalat SpA		174	477
Pernod-Ricard SA (e)		19	1,804
Reckitt Benckiser Group Plc		59	3,262
SABMiller Plc		92	3,220
Sapporo Holdings Ltd. (e)		26	117
Seven & I Holdings Co. Ltd.		73	1,941
Shiseido Co. Ltd.		33	712
Suedzucker AG		7	187
Swedish Match AB		22	633
Tesco Plc		771	5,108
Toyo Suisan Kaisha Ltd.		9	200
Unicharm Corp.		12	480
Unilever NV		157	4,873
Unilever Plc		123	3,779
UNY Co. Ltd.		17	166
Wesfarmers Ltd.		112	3,648

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Wilmar International Ltd. (e)		188		825
WM Morrison Supermarkets Plc		199		830
Woolworths Ltd.		117		3,222
Yakult Honsha Co. Ltd.		9		244
Yamazaki Baking Co. Ltd. (e)		10		120
				104,834
ENERGY - 7.6%
Aker Solutions ASA		15		259
AMEC Plc		32		565
BG Group Plc		325		6,558
BP Plc (c)		1,801		13,069
Cairn Energy Plc (c)		137		897
Caltex Australia Ltd.		12		173
Cie Generale de Geophysique-Veritas (c)		14		429
Cosmo Oil Co. Ltd.		52		170
ENI SpA		250		5,480
Essar Energy Plc (c)		33		303
Fugro NV		6		515
Galp Energia SGPS SA		21		406
Idemitsu Kosan Co. Ltd.		2		203
INPEX Corp.		—		1,191
Japan Petroleum Exploration Co.		3		95
JX Holdings Inc.		213		1,442
Mongolia Energy Co. Ltd. (c)		231		69
Neste Oil Oyj		11		176
OMV AG		14		567
Origin Energy Ltd. (e)		86		1,459
Paladin Energy Ltd. (c) (e)		64		321
Petrofac Ltd.		26		635
Repsol YPF SA (e)		71		1,984
Royal Dutch Shell Plc - A Shares		340		11,331
Royal Dutch Shell Plc - B Shares		259		8,526
Saipem SpA		25		1,223
Santos Ltd.		78		1,050
SBM Offshore NV		17		370
SeaDrill Ltd. (e)		27		912
Showa Shell Sekiyu KK (e)		16		142
StatoilHydro ASA		108		2,565
Technip SA		10		891
Tenaris SA		44		1,087
TonenGeneral Sekiyu KK (e)		26		284
Total SA		203		10,734
Transocean Ltd. (c)		31		2,129
Tullow Oil Plc		84		1,650
Woodside Petroleum Ltd.		60		2,620
WorleyParsons Ltd. (e)		18		492
				82,972
FINANCIALS - 23.1%
3i Group Plc		94		483
77 Bank Ltd.		31		164
Admiral Group Plc		20		462
Aegon NV (c)		153		935
AEON Credit Service Co. Ltd.		7		96
AEON Mall Co. Ltd.		7		188
Ageas		215		492
AIA Group Ltd. (c)		739		2,077
Allianz SE		44		5,182
Alpha Bank AE (c)		47		238
AMP Ltd. (e)		197		1,068
Anglo Irish Bank Corp. Plc (c) (f)		34		—
Aozora Bank Ltd.		67		137
Ascendas Real Estate Investment Trust		159		256
Assicurazioni Generali SpA		113		2,147
ASX Ltd.		16		636
Australia & New Zealand Banking Group Ltd.		246		5,869
Aviva Plc		265		1,626

	Shares/Par (p)		Value
AXA Asia Pacific Holdings Ltd. (e)		99		636
AXA SA		166		2,755
Baloise Holding AG		5		455
Banca Carige SpA (e)		60		126
Banca Monte dei Paschi di Siena SpA (c) (e)		205		235
Banco Bilbao Vizcaya Argentaria SA (e)		411		4,186
Banco Comercial Portugues SA (e)		259		201
Banco de Sabadell SA (e)		101		398
Banco de Valencia SA (c) (e)		19		83
Banco Espirito Santo SA (e)		49		189
Banco Popolare SC (e)		58		265
Banco Popular Espanol SA (e)		82		425
Banco Santander SA		789		8,409
Bank Hapoalim BM (c)		99		515
Bank Leumi Le-Israel BM		114		585
Bank of Cyprus Public Co. Ltd.		81		280
Bank of East Asia Ltd.		144		605
Bank of Kyoto Ltd.		32		302
Bank of Yokohama Ltd.		114		588
Bankinter SA (e)		24		135
Barclays Plc		1,100		4,487
Bendigo and Adelaide Bank Ltd. (e)		36		364
BGP Holdings Plc (c) (f)		479		—
BNP Paribas		92		5,854
BOC Hong Kong Holdings Ltd.		346		1,177
British Land Co. Plc		81		659
Capital Shopping Centres Group		53		344
CapitaLand Ltd.		241		697
CapitaMall Trust		216		328
CapitaMalls Asia Ltd. (e)		139		210
CFS Retail Property Trust		204		367
Cheung Kong Holdings Ltd.		134		2,067
China Bank Ltd.		71		460
Chugoku Bank Ltd.		17		205
Chuo Mitsui Trust Holdings Inc.		89		368
City Developments Ltd.		54		528
CNP Assurances SA		14		256
Commerzbank AG (c) (e)		67		502
Commonwealth Bank of Australia (e)		149		7,716
Corio NV		6		365
Credit Agricole SA		93		1,187
Credit Saison Co. Ltd.		14		220
Credit Suisse Group AG		108		4,362
Criteria CaixaCorp SA (e)		79		420
Dai-Ichi Life Insurance Co. Ltd.		1		1,233
Daito Trust Construction Co. Ltd.		7		472
Daiwa House Industry Co. Ltd.		48		588
Daiwa Securities Group Inc.		160		821
Danske Bank A/S (c)		43		1,108
DBS Group Holdings Ltd.		167		1,858
Delta Lloyd NV (c)		8		161
Deutsche Bank AG		90		4,676
Deutsche Boerse AG		18		1,262
Dexia SA (c)		49		172
Dexus Property Group		471		383
DnB NOR ASA		93		1,306
EFG Eurobank Ergasias SA (c)		33		164
Erste Group Bank AG		19		876
Eurazeo		3		186
Exor SpA		7		221
Fonciere Des Regions (e)		3		268
Fukuoka Financial Group Inc.		68		294
GAM Holding Ltd. (c)		20		326
Gecina SA		2		173
Global Logistic Properties Ltd. (c)		163		275
Goodman Group		613		408
GPT Group		162		487
Groupe Bruxelles Lambert SA		8		652

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Groupe Bruxelles Lambert SA - Strip VVPR (c)		—	—
Gunma Bank Ltd.		41	224
Hachijuni Bank Ltd.		38	214
Hammerson Plc		68	440
Hang Lung Group Ltd.		75	493
Hang Lung Properties Ltd.		239	1,118
Hang Seng Bank Ltd.		73	1,197
Hannover Rueckversicherung AG		6	307
Henderson Land Development Co. Ltd. (c)		102	696
Hiroshima Bank Ltd.		44	187
Hokuhoku Financial Group Inc.		107	217
Hong Kong Exchanges & Clearing Ltd.		99	2,241
Hopewell Holdings Ltd.		47	148
HSBC Holdings Plc		1,686	17,120
Hysan Development Co. Ltd.		54	254
Icade SA (c)		2	234
ICAP Plc		55	460
IMMOFINANZ Immobilien Anlagen AG (c) (e)		95	406
Industrivarden AB		10	174
ING Groep NV (c)		369	3,585
Insurance Australia Group Ltd. (e)		196	778
Intesa Sanpaolo SpA		828	2,223
Investec Plc		47	390
Investor AB		45	954
Israel Discount Bank Ltd. (c)		85	194
Iyo Bank Ltd.		20	160
Japan Prime Realty Investment Corp.		—	221
Japan Real Estate Investment Corp.		—	456
Japan Retail Fund Investment Corp.		—	308
Joyo Bank Ltd.		64	281
Julius Baer Group Ltd.		20	926
KBC Groep NV (c)		15	518
Keppel Land Ltd.		66	247
Kerry Properties Ltd.		64	331
Kinnevik Investment AB		21	432
Klepierre		8	304
Land Securities Group Plc		73	767
Legal & General Group Plc		550	830
Lend Lease Corp. Ltd.		49	435
Link REIT		208	646
Lloyds Banking Group Plc (c)		3,927	4,023
London Stock Exchange Group Plc		15	192
Macquarie Group Ltd.		33	1,240
Man Group Plc		171	787
Mapfre SA		75	208
Matsui Securities Co. Ltd.		8	58
Mediobanca SpA (e)		43	385
Mirvac Group		321	402
Mitsubishi Estate Co. Ltd.		114	2,107
Mitsubishi UFJ Financial Group Inc.		1,223	6,593
Mitsubishi UFJ Lease & Finance Co. Ltd.		6	228
Mitsui Fudosan Co. Ltd.		79	1,570
Mizrahi Tefahot Bank Ltd.		14	156
Mizuho Financial Group Inc.		1,968	3,692
Mizuho Securities Co. Ltd.		48	137
Mizuho Trust & Banking Co. Ltd. (c)		121	125
MS&AD Insurance Group Holdings		51	1,276
Muenchener Rueckversicherungs AG		18	2,750
National Australia Bank Ltd.		205	4,968
National Bank of Greece SA (c)		91	738
Nationale A Portefeuille		2	120
Natixis (c)		81	379
New World Development Ltd. (c)		243	456
Nippon Building Fund Inc.		—	512
Nishi-Nippon City Bank Ltd.		74	224
NKSJ Holdings Inc. (c)		138	1,012
Nomura Holdings Inc.		342	2,167
Nomura Real Estate Holdings Inc.		8	150

	Shares/Par (p)		Value
Nomura Real Estate Office Fund Inc.		—	166
Nordea Bank AB		311	3,385
NTT Urban Development Corp.		—	109
Old Mutual Plc		507	974
ORIX Corp.		10	1,004
Oversea-Chinese Banking Corp. Ltd.		239	1,837
Pargesa Holding SA		2	208
Pohjola Bank Plc		13	162
Prudential plc (a)		245	2,552
QBE Insurance Group Ltd.		98	1,819
Raiffeisen International Bank Holding AG (e)		5	268
Ratos AB Series B		10	381
Resolution Ltd.		132	482
Resona Holdings Inc. (e)		53	318
Royal Bank of Scotland Plc (c)		1,624	989
RSA Insurance Group Plc		318	620
Sampo Oyj		40	1,069
Sapporo Hokuyo Holdings Inc.		28	128
SBI Holdings Inc.		2	277
Schroders Plc		10	287
SCOR SE		16	414
Segro Plc		67	301
Senshu Ikeda Holdings Inc.		56	80
Seven Bank Ltd.		—	131
Shinsei Bank Ltd. (c) (e)		79	103
Shizuoka Bank Ltd.		58	533
Singapore Exchange Ltd. (e)		81	531
Sino Land Co.		235	439
Skandinaviska Enskilda Banken AB		132	1,103
Societe Generale		61	3,284
Sony Financial Holdings Inc.		—	334
Standard Chartered Plc		224	6,022
Standard Life Plc		208	700
Stockland		228	840
Sumitomo Mitsui Financial Group Inc.		129	4,575
Sumitomo Realty & Development Co. Ltd.		34	797
Sumitomo Trust & Banking Co. Ltd.		131	821
Sun Hung Kai Properties Ltd.		136	2,259
Suncorp Group Ltd. (c)		122	1,074
Suruga Bank Ltd.		18	167
Svenska Handelsbanken		47	1,518
Swedbank AB (c)		70	976
Swire Pacific Ltd.		73	1,200
Swiss Life Holding AG (c)		3	421
Swiss Reinsurance		33	1,787
T&D Holdings Inc.		26	665
The Governor & Co. of the Bank of Ireland (c)		307	154
Tokio Marine Holdings Inc.		70	2,080
Tokyo Tatemono Co. Ltd. (e)		43	198
Tokyu Land Corp.		49	245
TrygVesta AS		2	99
UBS AG (c)		349	5,738
Unibail-Rodamco SE (c)		9	1,751
UniCredit SpA		1,300	2,695
Unione di Banche Italiane SCPA		59	515
United Overseas Bank Ltd.		119	1,688
UOL Group Ltd.		45	165
Vienna Insurance Group		4	200
Westfield Group		211	2,072
Westfield Retail Trust (c)		211	556
Westpac Banking Corp.		287	6,518
Wharf Holdings Ltd. (e)		132	1,015
Wheelock & Co. Ltd.		89	360
Wing Hang Bank Ltd.		9	126
Yamaguchi Financial Group Inc.		19	191
Zurich Financial Services AG		14	3,631
			250,820

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
HEALTH CARE - 7.8%
Actelion Ltd. (c)		10	521
Alfresa Holdings Corp.		3	146
Astellas Pharma Inc.		43	1,636
AstraZeneca Plc		138	6,266
Bayer AG		79	5,857
BioMerieux SA		1	116
Celesio AG		8	188
Chugai Pharmaceutical Co. Ltd. (e)		21	384
Cie Generale d’Optique Essilor International SA		20	1,266
Cochlear Ltd. (e)		6	456
Coloplast A/S		2	297
CSL Ltd.		52	1,938
Daiichi Sankyo Co. Ltd.		64	1,395
Dainippon Sumitomo Pharma Co. Ltd.		15	135
Eisai Co. Ltd. (e)		25	892
Elan Corp. Plc (c)		47	262
Fresenius Medical Care AG & Co. KGaA		18	1,042
Fresenius SE		3	241
Getinge AB		18	374
GlaxoSmithKline Plc		498	9,624
Grifols SA (e)		14	194
Hisamitsu Pharmaceutical Co. Inc.		7	282
kyowa Hakko Kirin Co. Ltd.		25	254
Lonza Group AG		5	385
Medipal Holdings Corp.		12	132
Merck KGaA		6	471
Miraca Holdings Inc.		5	189
Mitsubishi Tanabe Pharma Corp.		20	337
Novartis AG		202	11,905
Novo-Nordisk A/S		40	4,535
Olympus Corp.		20	605
Ono Pharmaceutical Co. Ltd.		8	382
Orion Oyj		9	206
Qiagen NV (c) (e)		22	442
Ramsay Health Care Ltd.		11	201
Roche Holding AG		67	9,874
Sanofi-Aventis SA		101	6,435
Santen Pharmaceutical Co. Ltd.		7	243
Shionogi & Co. Ltd.		28	560
Shire Plc		53	1,284
Smith & Nephew Plc		85	897
Sonic Health Care Ltd.		34	402
Sonova Holding AG		4	562
Straumann Holding AG		1	147
Suzuken Co. Ltd.		6	191
Synthes Inc.		6	757
Sysmex Corp.		3	228
Taisho Pharmaceutical Co. Ltd.		14	306
Takeda Pharmaceutical Co. Ltd.		72	3,547
Terumo Corp.		17	925
Teva Pharmaceutical Industries Ltd.		90	4,715
Tsumura & Co.		6	184
UCB SA		9	305
William Demant Holding AS (c)		2	181
			85,299
INDUSTRIALS - 12.3%
A P Moller - Maersk A/S - Class A		—	485
A P Moller - Maersk A/S - Class B		—	1,123
ABB Ltd. (c)		211	4,703
Abertis Infraestructuras SA		27	483
ACS Actividades de Construccion y Servicios SA (e)		13	613
Adecco SA		12	775
Aeroports de Paris		3	200

	Shares/Par (p)		Value
Aggreko Plc		25	580
Air France-KLM (c)		14	249
Alfa Laval AB		32	676
All Nippon Airways Co. Ltd. (c)		75	279
Alstom SA		19	923
Amada Co. Ltd.		33	267
Asahi Glass Co. Ltd.		95	1,105
Asciano Group (c)		292	477
Assa Abloy AB		29	829
Atlantia SpA		22	457
Atlas Copco AB - Class A		64	1,608
Atlas Copco AB - Class B		37	848
Auckland International Airport Ltd.		86	146
Babcock International Group Plc		34	300
BAE Systems Plc		326	1,676
Balfour Beatty Plc		65	316
Bekaert SA (c)		4	448
Bouygues SA		23	974
Brambles Ltd.		139	1,013
Brenntag AG (c)		3	297
Brisa-Auto Estradas de Portugal SA		19	136
British Airways Plc (c) (e)		53	224
Bunzl Plc		32	355
Bureau Veritas SA		5	343
Capita Group Plc		58	633
Cathay Pacific Airways Ltd. (c)		112	309
Central Japan Railway Co.		—	1,195
Chiyoda Corp.		13	129
Cie de Saint-Gobain		38	1,980
Cobham Plc		113	360
ComfortDelgro Corp. Ltd.		181	219
Cosco Corp. Singapore Ltd.		108	180
CSR Ltd. (e)		142	243
Dai Nippon Printing Co. Ltd.		52	705
Daikin Industries Ltd.		23	795
Delek Group Ltd.		—	77
Deutsche Lufthansa AG (c)		21	459
Deutsche Post AG		82	1,388
DSV A/S		20	444
East Japan Railway Co.		33	2,134
Edenred (c)		15	344
Eiffage SA		4	183
Elbit Systems Ltd.		2	93
European Aeronautic Defence & Space Co. NV (c)		38	891
Experian Plc		97	1,213
Fanuc Ltd.		19	2,828
Ferrovial SA		40	402
Finmeccanica SpA		39	447
Firstgroup Plc		43	267
Fomento de Construcciones y Contratas SA (e)		4	113
Fraport AG Frankfurt Airport Services Worldwide		4	235
Fraser and Neave Ltd.		88	437
Fuji Electric Holdings Co. Ltd.		51	158
Furukawa Electric Co. Ltd.		56	251
G4S Plc		137	542
GEA Group AG		15	429
Geberit AG		4	850
Groupe Eurotunnel SA		45	394
GS Yuasa Corp. (e)		37	255
Hankyu Hanshin Holdings Inc.		103	478
Hexagon AB - B Shares (e)		25	544
Hino Motors Ltd.		28	151
Hitachi Construction Machinery Co. Ltd.		9	212
Hochtief AG		4	347
Hutchison Whampoa Ltd.		206	2,120
Iberia Lineas Aereas de Espana (c)		47	200

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
IHI Corp.		130	289
Intertek Group Plc		15	412
Invensys Plc		79	435
ITOCHU Corp.		146	1,473
Japan Steel Works Ltd.		31	323
JGC Corp.		20	433
JS Group Corp.		24	535
JTEKT Corp.		24	276
Kajima Corp.		72	191
Kamigumi Co. Ltd.		23	193
Kawasaki Heavy Industries Ltd.		137	459
Kawasaki Kisen Kaisha Ltd.		67	292
Keihin Electric Express Railway Co. Ltd.		42	370
Keio Corp.		57	388
Keisei Electric Railway Co. Ltd.		24	160
Keppel Corp. Ltd.		120	1,058
Kinden Corp.		10	92
Kintetsu Corp. (e)		147	459
Komatsu Ltd.		92	2,754
Kone Oyj		15	814
Koninklijke Boskalis Westminster NV		7	322
Koninklijke Philips Electronics NV		95	2,911
Koninklijke Vopak NV		6	302
Kubota Corp.		113	1,065
Kuehne & Nagel International AG		5	711
Kurita Water Industries Ltd.		11	342
Legrand SA		14	590
Leighton Holdings Ltd.		13	407
Mabuchi Motor Co. Ltd.		2	118
Makita Corp.		10	411
Man AG		10	1,187
MAp Group		55	169
Marubeni Corp.		157	1,099
Metso Oyj		12	689
Minebea Co. Ltd.		29	182
Mitsubishi Corp.		131	3,521
Mitsubishi Electric Corp.		187	1,954
Mitsubishi Heavy Industries Ltd.		289	1,082
Mitsubishi Logistics Corp.		13	172
Mitsui & Co. Ltd.		168	2,756
Mitsui Engineering & Shipbuilding Co. Ltd. (e)		65	171
Mitsui OSK Lines Ltd.		113	766
MTR Corp.		139	505
Nabtesco Corp.		8	170
Neptune Orient Lines Ltd. (c) (e)		94	160
NGK Insulators Ltd.		24	390
Nidec Corp.		10	1,049
Nippon Express Co. Ltd.		75	337
Nippon Sheet Glass Co. Ltd.		93	249
Nippon Yusen KK		141	621
Noble Group Ltd.		285	482
NSK Ltd.		44	396
NTN Corp.		49	259
NWS Holdings Ltd. (c)		114	173
Obayashi Corp.		65	298
Odakyu Electric Railway Co. Ltd.		61	567
Orient Overseas International Ltd. (c)		18	178
Orkla ASA		71	694
Prysmian SPA		17	285
Qantas Airways Ltd. (c)		104	269
QR National Ltd. (c)		171	481
Randstad Holding NV (c)		11	564
Rolls-Royce Group Plc (c)		175	1,704
Ryanair Holdings Plc (c)		2	9
Safran SA		16	565
Sandvik AB		96	1,864
Scania AB		32	726
Schindler Holding AG		2	217

	Shares/Par (p)		Value
Schneider Electric SA (virt-x)		23	3,500
Secom Co. Ltd.		21	969
Securitas AB		32	378
SembCorp Industries Ltd.		88	352
SembCorp Marine Ltd.		79	332
Serco Group Plc		47	408
SGS SA		1	900
Shimizu Corp.		60	256
Siemens AG		79	9,821
Singapore Airlines Ltd. (e)		53	636
Singapore Technologies Engineering Ltd.		152	405
Skanska AB		38	746
SKF AB		37	1,061
SMC Corp.		5	870
Smiths Group Plc		36	698
Societe BIC SA		2	206
Sojitz Corp.		125	273
Sumitomo Corp.		107	1,502
Sumitomo Electric Industries Ltd.		74	1,018
Sumitomo Heavy Industries Ltd.		50	320
Taisei Corp.		96	224
Thales SA		8	289
THK Co. Ltd.		13	290
TNT NV		37	971
Tobu Railway Co. Ltd. (e)		78	437
Tokyu Corp.		105	480
Toll Holdings Ltd. (e)		61	357
Toppan Printing Co. Ltd.		52	473
TOTO Ltd.		26	188
Toyota Tsusho Corp.		20	354
Transurban Group		123	642
Ushio Inc.		10	194
Vallourec SA		11	1,134
Vestas Wind Systems A/S (c)		19	608
Vinci SA		42	2,309
Volvo AB (c)		133	2,345
Wartsila Oyj		7	561
Weir Group Plc		21	579
West Japan Railway Co.		—	631
Wolseley Plc (c)		27	857
Yamato Holdings Co. Ltd.		39	548
Yangzijiang Shipbuilding Holdings Ltd.		139	207
Zardoya Otis SA		14	201
			133,617
INFORMATION TECHNOLOGY - 4.8%
Advantest Corp.		16	358
Alcatel-Lucent (c)		214	623
Amadeus IT Holding SA (c)		20	427
ARM Holdings Plc		124	818
ASM Pacific Technology Ltd.		18	226
ASML Holding NV		42	1,616
Atos Origin SA (c)		4	202
Autonomy Corp. Plc (c)		21	497
Brother Industries Ltd.		22	322
Canon Inc. (e)		109	5,594
Cap Gemini SA (e)		14	647
Citizen Holdings Co. Ltd.		21	146
Computershare Ltd.		43	479
Dassault Systemes SA		6	428
Elpida Memory Inc. (c) (e)		16	180
Foxconn International Holdings Ltd. (c) (e)		161	113
FUJIFILM Holdings Corp.		45	1,617
Fujitsu Ltd.		177	1,226
Gree Inc.		8	98
Hamamatsu Photonics KK		7	244
Hirose Electric Co. Ltd.		3	326
Hitachi High-Technologies Corp.		7	170

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Hitachi Ltd.		427	2,267
Hoya Corp.		41	987
Ibiden Co. Ltd.		13	405
Indra Sistemas SA		8	142
Infineon Technologies AG (c)		104	975
Itochu Techno-Solutions Corp.		2	79
Keyence Corp.		4	1,126
Konami Corp.		8	178
Konica Minolta Holdings Inc.		43	449
Kyocera Corp.		16	1,605
Logitech International SA (c) (e)		18	335
Mitsumi Electric Co. Ltd.		7	122
Murata Manufacturing Co. Ltd.		19	1,326
NEC Corp.		221	661
Neopost SA (e)		3	273
NICE Systems Ltd. (c)		6	209
Nintendo Co. Ltd.		10	2,803
Nippon Electric Glass Co. Ltd.		33	474
Nokia Oyj		360	3,732
Nomura Research Institute Ltd.		8	187
NTT Data Corp.		—	428
Obic Co. Ltd.		1	121
Omron Corp.		20	522
Oracle Corp. Japan		3	162
Otsuka Corp. (e)		1	95
Renewable Energy Corp. AS (c) (e)		49	151
Ricoh Co. Ltd.		63	919
Rohm Co. Ltd.		10	631
Sage Group Plc		122	521
SAP AG		83	4,190
Seiko Epson Corp.		11	203
Shimadzu Corp.		26	201
Shinko Electric Industries Co. Ltd.		6	68
Square Enix Holdings Co. Ltd.		6	106
STMicroelectronics NV		63	652
Sumco Corp. (c) (e)		10	135
TDK Corp.		12	803
Telefonaktiebolaget LM Ericsson		290	3,361
Tokyo Electron Ltd.		16	1,014
Toshiba Corp.		389	2,111
Trend Micro Inc. (c)		9	299
United Internet AG		11	175
Yahoo! Japan Corp.		1	507
Yaskawa Electric Corp.		19	179
Yokogawa Electric Corp. (c)		18	139
			52,385
MATERIALS - 11.1%
Acerinox SA (c) (e)		9	152
Air Liquide		27	3,444
Air Water Inc.		14	178
Akzo Nobel NV		22	1,366
Alumina Ltd.		219	556
Amcor Ltd. (e)		115	795
Anglo American Plc		127	6,585
Antofagasta Plc		39	970
ArcelorMittal		83	3,137
Asahi Kasei Corp.		119	774
BASF SE		88	7,069
BHP Billiton Ltd. (e)		322	14,891
BHP Billiton Plc		212	8,418
BlueScope Steel Ltd. (e)		167	383
Boliden AB		27	555
Boral Ltd.		69	343
Cimpor Cimentos de Portugal SGPS SA		17	118
CRH Plc		67	1,393
Daicel Chemical Industries Ltd.		28	204
Daido Steel Co. Ltd.		32	187

	Shares/Par (p)		Value
Denki Kagaku Kogyo K K		49	232
Dowa Holdings Co. Ltd.		24	157
Eramet		1	184
Eurasian Natural Resources Corp.		25	406
Fletcher Building Ltd. (e)		58	347
Fortescue Metals Group Ltd. (c)		115	770
Fresnillo Plc		18	457
Givaudan SA		1	879
HeidelbergCement AG		13	844
Hitachi Chemical Co. Ltd.		9	191
Hitachi Metals Ltd.		17	203
Holcim Ltd.		24	1,798
Holmen AB		5	165
Imerys SA		4	255
Incitec Pivot Ltd.		161	653
Israel Chemicals Ltd.		43	732
Israel Corp. Ltd. (c)		—	273
James Hardie Industries SE (c) (e)		38	266
JFE Holdings Inc.		44	1,514
Johnson Matthey Plc		20	632
JSR Corp.		16	293
K+S AG		14	1,061
Kaneka Corp.		25	173
Kansai Paint Co. Ltd.		22	212
Kazakhmys Plc		21	523
Kobe Steel Ltd.		247	624
Koninklijke DSM NV		15	841
Kuraray Co. Ltd.		33	464
Lafarge SA		19	1,176
Lanxess AG		8	643
Linde AG		16	2,480
Lonmin Plc (c)		15	464
MacArthur Coal Ltd.		18	231
Makhteshim-Agan Industries Ltd. (c)		18	93
Maruichi Steel Tube Ltd.		3	72
Mitsubishi Chemical Holdings Corp.		121	819
Mitsubishi Gas Chemical Co. Inc.		35	248
Mitsubishi Materials Corp. (c)		110	350
Mitsui Chemicals Inc.		88	314
Mitsui Mining & Smelting Co. Ltd.		63	207
Newcrest Mining Ltd.		74	3,046
Nippon Paper Group Inc.		11	275
Nippon Steel Corp.		494	1,770
Nissan Chemical Industries Ltd.		15	187
Nisshin Steel Co. Ltd.		62	138
Nitto Denko Corp.		15	718
Norsk Hydro ASA		88	651
Novozymes A/S		4	611
OJI Paper Co. Ltd.		75	362
OneSteel Ltd.		125	332
Orica Ltd. (e)		35	879
Outokumpu Oyj (e)		12	223
OZ Minerals Ltd.		298	524
Randgold Resources Ltd.		8	698
Rautaruukki Oyj (e)		8	195
Rexam Plc		80	413
Rio Tinto Ltd. (e)		42	3,665
Rio Tinto Plc		139	9,721
Salzgitter AG		4	292
Shin-Etsu Chemical Co. Ltd.		40	2,140
Showa Denko KK (e)		131	294
Sika AG		—	402
Sims Metal Management Ltd.		16	360
Solvay SA		6	626
SSAB Svenskt Stal AB - Class A		16	264
Stora Enso Oyj		54	557
Sumitomo Chemical Co. Ltd.		151	741
Sumitomo Metal Industries Ltd.		322	789

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Sumitomo Metal Mining Co. Ltd.		51	888
Svenska Cellulosa AB		55	866
Syngenta AG		9	2,674
Taiyo Nippon Sanso Corp.		22	194
Teijin Ltd.		91	387
ThyssenKrupp AG		32	1,354
Tokuyama Corp.		26	134
Tokyo Steel Manufacturing Co. Ltd.		11	118
Toray Industries Inc.		136	811
Tosoh Corp.		50	162
Toyo Seikan Kaisha Ltd.		15	288
Ube Industries Ltd.		84	252
Umicore		11	574
UPM-Kymmene Oyj		49	865
Vedanta Resources Plc (e)		12	458
Voestalpine AG		11	524
Wacker Chemie AG		2	267
Xstrata Plc		198	4,641
Yamato Kogyo Co. Ltd.		4	120
Yara International ASA		19	1,078
			121,292
TELECOMMUNICATION SERVICES - 5.2%
Belgacom SA		14	473
Bezeq Israeli Telecommunication Corp. Ltd.		174	530
BT Group Plc		750	2,113
Cable & Wireless Worldwide Plc		278	284
Cellcom Israel Ltd.		5	167
Deutsche Telekom AG		273	3,505
Elisa Oyj		13	282
France Telecom SA		178	3,717
Hellenic Telecommunications Organization SA		25	203
Iliad SA (e)		1	155
Inmarsat Plc		43	447
KDDI Corp.		—	1,632
Koninklijke KPN NV		150	2,191
Millicom International Cellular SA - SDR		7	689
Mobistar SA		3	178
Nippon Telegraph & Telephone Corp.		50	2,285
NTT DoCoMo Inc.		1	2,576
Partner Communications Co. Ltd.		9	179
PCCW Ltd.		321	142
Portugal Telecom SGPS SA		54	601
Singapore Telecommunications Ltd.		771	1,831
SoftBank Corp.		78	2,696
StarHub Ltd.		65	133
Swisscom AG		2	1,002
Tele2 AB		30	630
Telecom Corp. of New Zealand Ltd.		200	337
Telecom Italia SpA		914	1,186
Telefonica SA		394	8,992
Telekom Austria AG		30	419
Telenor ASA		79	1,283
TeliaSonera AB		217	1,726
Telstra Corp. Ltd.		415	1,183
Vodafone Group Plc		5,054	13,065
			56,832
UTILITIES - 4.9%
A2A SpA		92	126
Acciona SA (e)		3	185
AGL Energy Ltd.		43	662
Centrica Plc		497	2,570
Cheung Kong Infrastructure Holdings Ltd.		46	211
Chubu Electric Power Co. Inc.		62	1,510
Chugoku Electric Power Co. Inc.		29	582
CLP Holdings Ltd.		182	1,481
Contact Energy Ltd. (c)		25	123

	Shares/Par (p)		Value
E.ON AG		173	5,267
EDP Renovaveis SA (c) (e)		17	97
Electric Power Development Co. Ltd.		12	361
Electricite de France SA		25	1,011
Enagas SA (e)		18	353
Enel Green Power SpA (c)		140	296
Enel SpA		634	3,176
Energias de Portugal SA		189	628
Fortum Oyj		42	1,274
Gas Natural SDG SA (e)		29	451
GDF Suez		119	4,267
Hokkaido Electric Power Co. Inc.		16	333
Hokuriku Electric Power Co.		16	386
Hong Kong & China Gas Co. Ltd.		411	968
Hongkong Electric Holdings Ltd.		133	835
Iberdrola Renovables SA		85	301
Iberdrola SA (e)		400	3,098
International Power Plc		143	975
Kansai Electric Power Co. Inc.		72	1,766
Kyushu Electric Power Co. Inc.		37	833
National Grid Plc		337	2,904
Osaka Gas Co. Ltd.		187	725
Public Power Corp. SA		10	148
Red Electrica Corp. SA		10	463
RWE AG		40	2,703
Scottish & Southern Energy Plc		89	1,709
Severn Trent Plc		23	521
Shikoku Electric Power Co. Inc.		17	511
Snam Rete Gas SpA		135	671
SP AusNet		110	98
Suez Environnement SA		24	504
Terna Rete Elettrica Nazionale SpA		121	510
Toho Gas Co. Ltd.		40	200
Tohoku Electric Power Co. Inc.		42	931
Tokyo Electric Power Co. Inc.		137	3,338
Tokyo Gas Co. Ltd.		244	1,080
United Utilities Group Plc		63	581
Veolia Environnement		33	963
Verbund - Oesterreichische Elektrizitaetswirtschafts AG		7	276
			52,962
Total Common Stocks (cost $1,002,987)			1,048,205
PREFERRED STOCKS - 0.6%
CONSUMER DISCRETIONARY - 0.2%
Bayerische Motoren Werke AG		5	281
Porsche Automobil Holding SE		9	686
Volkswagen AG		16	2,674
			3,641
CONSUMER STAPLES - 0.1%
Henkel AG & Co. KGaA		17	1,041
Lindt & Spruengli AG		—	284
			1,325
HEALTH CARE - 0.1%
Fresenius SE		8	651
INDUSTRIALS - 0.1%
Schindler Holding AG		5	548
TELECOMMUNICATION SERVICES - 0.1%
Telecom Italia SpA - RSP		555	604

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
UTILITIES - 0.0%
RWE AG		4		250
Total Preferred Stocks (cost $5,448)				7,019
OTHER EQUITY INTERESTS - 0.0%
IMMOEAST AG - Escrow Shares (c) (e) (f) (u)		37		—
IMMOFINANZ AG - Escrow Shares (c) (f) (u)		27		—
Total Other Equity Interests (cost $0)				—
SHORT TERM INVESTMENTS - 8.0%
Investment Company - 2.6%
JNL Money Market Fund, 0.08% (a) (h)		28,075		28,075
Securities Lending Collateral 5.2%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)		54,516		54,516
Securities Lending Liquidating Fund LLC, 0.66% (a) (h)		1,988		1,955
				56,471
Treasury Securities 0.2%
U.S. Treasury Bill, 0.13%, 03/24/11 (o)	$	1,710		1,709
Total Short Term Investments (cost $86,288)				86,255
Total Investments - 104.9% (cost $1,094,723)				1,141,479
Other Assets and Liabilities, Net - (4.9%)				(53,192	)
Total Net Assets - 100.0%			$	1,088,287
JNL/Oppenheimer Global Growth Fund
COMMON STOCKS - 96.7%
CONSUMER DISCRETIONARY - 16.1%
Bayerische Motoren Werke AG		11	$	840
Bulgari SpA (e)		248		2,690
Carnival Corp.		158		7,267
Grupo Televisa SA - ADR (c)		198		5,125
Inditex SA		70		5,221
Lottomatica SpA (e)		57		714
LVMH Moet Hennessy Louis Vuitton SA		46		7,590
McDonald’s Corp.		83		6,343
McGraw-Hill Cos. Inc.		40		1,457
Shuffle Master Inc. (c)		91		1,041
Sony Corp.		184		6,581
Tiffany & Co.		121		7,533
Tod’s SpA (e)		39		3,865
Walt Disney Co.		171		6,414
Wire & Wireless India Ltd. (c)		217		59
Zee Entertainment Enterprises Ltd.		573		1,885
Zee Learn Ltd. (c)		68		42
				64,667
CONSUMER STAPLES - 8.3%
Cia de Bebidas das Americas - ADR		133		4,122
Colgate-Palmolive Co.		69		5,570
Fomento Economico Mexicano SAB de CV (e)		975		5,453
Grupo Modelo SAB de CV (e)		489		3,040
Nestle SA		76		4,464
Shinsegae Co. Ltd. (c)		1		786
Unilever Plc		164		5,014
Wal-Mart Stores Inc.		90		4,861
				33,310

	Shares/Par (p)		Value
ENERGY - 3.7%
Technip SA (e)		59		5,458
Total SA		85		4,503
Transocean Ltd. (c)		69		4,812
				14,773
FINANCIALS - 15.4%
3i Group Plc		382		1,955
AFLAC Inc.		69		3,882
Allianz SE		46		5,446
Banco Bilbao Vizcaya Argentaria SA (e)		389		3,967
Credit Suisse Group AG		214		8,635
Dai-Ichi Life Insurance Co. Ltd.		3		4,805
Fidelity National Financial Inc. - Class A		140		1,910
Goldman Sachs Group Inc.		26		4,308
HSBC Holdings Plc (e)		532		5,452
Investor AB - Class B		201		4,309
SLM Corp. (c)		210		2,642
Societe Generale - Class A		47		2,552
Sumitomo Mitsui Financial Group Inc.		92		3,247
UBS AG (c)		315		5,173
XL Group Plc - Class A		171		3,740
				62,023
HEALTH CARE - 7.2%
Aetna Inc.		149		4,556
Amylin Pharmaceuticals Inc. (c)		157		2,312
Basilea Pharmaceutical AG (c)		3		181
Bayer AG		51		3,761
Dendreon Corp. (c)		29		1,014
Gilead Sciences Inc. (c)		34		1,241
Mitsubishi Tanabe Pharma Corp.		113		1,905
Regeneron Pharmaceuticals Inc. (c)		13		436
Roche Holding AG		15		2,143
Theravance Inc. (c) (e)		84		2,108
WellPoint Inc. (c)		88		4,999
Zimmer Holdings Inc. (c)		78		4,186
				28,842
INDUSTRIALS - 14.1%
3M Co.		62		5,357
Assa Abloy AB		229		6,458
Embraer SA - ADR		126		3,719
Emerson Electric Co.		64		3,666
European Aeronautic Defence & Space Co. NV (c)		205		4,781
Fanuc Ltd.		19		2,874
Koninklijke Philips Electronics NV		171		5,239
Lockheed Martin Corp.		23		1,626
Nidec Corp.		25		2,531
Prysmian SPA		98		1,666
Raytheon Co.		35		1,605
Secom Co. Ltd.		58		2,750
Siemens AG		95		11,826
TNT NV		106		2,799
				56,897
INFORMATION TECHNOLOGY - 28.3%
Adobe Systems Inc. (c)		156		4,812
Altera Corp.		220		7,845
Automatic Data Processing Inc.		82		3,795
Corning Inc.		199		3,837
eBay Inc. (c)		364		10,123
Hoya Corp.		150		3,629
Infosys Technologies Ltd.		91		7,032
Intuit Inc. (c)		150		7,407
Juniper Networks Inc. (c) (e)		228		8,432

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Keyence Corp.	14		3,983
Kyocera Corp.	23		2,357
Maxim Integrated Products Inc.	208		4,922
MediaTek Inc.	217		3,113
Microsoft Corp.	243		6,797
Murata Manufacturing Co. Ltd.	77		5,361
Nintendo Co. Ltd.	9		2,540
SAP AG	134		6,809
Taiwan Semiconductor Manufacturing Co. Ltd.	1,925		4,687
Telefonaktiebolaget LM Ericsson	1,399		16,218
			113,699
MATERIALS - 0.6%
Linde AG	18		2,666
TELECOMMUNICATION SERVICES - 2.2%
America Movil SAB de CV - ADR	17		969
KDDI Corp.	1		3,887
Vodafone Group Plc	1,531		3,957
			8,813
UTILITIES - 0.8%
Fortum Oyj	113		3,396
Total Common Stocks (cost $342,455)			389,086
PREFERRED STOCKS - 1.3%
CONSUMER DISCRETIONARY - 1.3%
Bayerische Motoren Werke AG	100		5,129
Total Preferred Stocks (cost $3,617)			5,129
SHORT TERM INVESTMENTS - 6.7%
Investment Company - 1.8%
JNL Money Market Fund, 0.08% (a) (h)	7,173		7,173
Securities Lending Collateral 4.9%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)	18,929		18,929
Securities Lending Liquidating Fund LLC, 0.66% (a) (h)	980		964
			19,893
Total Short Term Investments (cost $27,082)			27,066
Total Investments - 104.7% (cost $373,154)			421,281
Other Assets and Liabilities, Net - (4.7%)			(19,029)
Total Net Assets - 100.0%		$	402,252
JNL/PAM Asia ex-Japan Fund
COMMON STOCKS - 99.2%
CONSUMER DISCRETIONARY - 2.6%
Astra International Tbk PT	134	$	810
Esprit Holdings Ltd. (e)	172		820
Hankook Tire Co. Ltd. (c)	36		1,015
Kangwon Land Inc. (c)	50		1,242
			3,887
CONSUMER STAPLES - 3.3%
Hengan International Group Co. Ltd.	139		1,195
Shinsegae Co. Ltd. (c)	7		3,833
			5,028

	Shares/Par (p)	Value
ENERGY - 8.7%
Banpu Public Co. Ltd.	95	2,505
Cairn India Ltd. (c)	249	1,854
China Petroleum & Chemical Corp.	2,546	2,437
China Shenhua Energy Co. Ltd.	411	1,722
CNOOC Ltd.	1,440	3,416
GS Holdings Corp. (c)	22	1,239
		13,173
FINANCIALS - 31.1%
AIA Group Ltd. (c)	502	1,410
Alam Sutera Realty Tbk PT	32,054	1,047
AMMB Holdings Bhd (c)	1,127	2,568
Bangkok Bank PCL	400	2,025
Bank of China Ltd.	9,372	4,944
Bumi Serpong Damai PT	12,512	1,247
China Construction Bank Corp.	3,404	3,053
China Pacific Insurance Group Co. Ltd. (e)	779	3,237
DBS Group Holdings Ltd.	285	3,184
Global Logistic Properties Ltd. (c)	795	1,338
Hana Financial Group Inc.	47	1,800
Hang Seng Bank Ltd.	169	2,780
Henderson Land Development Co. Ltd. (c) (e)	452	3,082
Infrastructure Development Finance Co. Ltd.	505	2,063
Korea Exchange Bank	197	2,040
Metropolitan Bank & Trust Co.	791	1,293
Rural Electrification Corp. Ltd.	108	725
Samsung Fire & Marine Insurance Co. Ltd.	22	4,297
Sino-Ocean Land Holdings Ltd. (e)	2,272	1,488
Wharf Holdings Ltd.	180	1,384
Yuanta Financial Holding Co. Ltd.	2,567	1,919
		46,924
HEALTH CARE - 1.8%
Ranbaxy Laboratories Ltd. (c)	203	2,721
INDUSTRIALS - 13.5%
Aditya Birla Nuvo Ltd.	18	345
Far Eastern New Century Corp	1,747	2,959
Hutchison Whampoa Ltd.	501	5,157
Hyundai Engineering & Construction Co. Ltd. (c)	55	3,527
IVRCL Infrastructures & Projects Ltd.	451	1,296
S1 Corp. (c)	21	1,060
SembCorp Industries Ltd.	802	3,212
Suzlon Energy Ltd. (c)	476	583
Tata Motors Ltd.	129	2,262
		20,401
INFORMATION TECHNOLOGY - 20.2%
AAC Acoustic Technologies Holdings Inc.	1,236	3,300
Acer Inc.	478	1,478
Foxconn Technology Co. Ltd.	676	2,711
HON HAI Precision Industry Co. Ltd.	1,078	4,345
Largan Precision Co. Ltd.	63	1,567
Mphasis Ltd.	167	2,516
Samsung Electronics Co. Ltd.	8	6,508
Shanda Games Ltd. - ADR (c) (e)	256	1,648
Sohu.com Inc. (c)	18	1,133
Taiwan Semiconductor Manufacturing Co. Ltd.	1,285	3,128
Wistron Corp.	1,060	2,160
		30,494
MATERIALS - 8.3%
China Resources Cement Holdings Ltd. (c)	1,306	991
China Shanshui Cement Group Ltd.	3,436	2,454
Hindalco Industries Ltd.	355	1,959
Huabao International Holdings Ltd.	715	1,157

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Mongolian Mining Corp. (c) (e)		706		823
POSCO Inc.		3		1,286
Sterlite Industries India Ltd.		193		807
Taiwan Fertilizer Co. Ltd.		392		1,466
Xingda International Holdings Ltd.		1,438		1,554
				12,497
TELECOMMUNICATION SERVICES - 6.6%
Axiata Group Bhd (c)		1,584		2,438
China Mobile Ltd.		170		1,683
China Unicom Hong Kong Ltd.		2,682		3,836
KT Corp. (c)		11		454
Telekomunikasi Indonesia Tbk PT		1,725		1,522
				9,933
UTILITIES - 3.1%
GVK Power & Infrastructure Ltd. (c)		1,454		1,319
Korea Electric Power Corp. (c)		123		3,266
				4,585
Total Common Stocks (cost $128,635)				149,643
RIGHTS - 0.0%
Metropolitan Bank & Trust Co. (c) (f)		82		42
Total Rights (cost $0)				42
WARRANTS - 0.0%
Henderson Land Development Co. Ltd. (c)		77		18
Total Warrants (cost $0)				18
SHORT TERM INVESTMENTS - 4.6%
Investment Company - 1.2%
JNL Money Market Fund, 0.08% (a) (h)		1,752		1,752
Securities Lending Collateral 3.4%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)		5,075		5,075
Securities Lending Liquidating Fund LLC, 0.66% (a) (h)		45		44
				5,119
Total Short Term Investments (cost $6,872)				6,871
Total Investments - 103.8% (cost $135,507)				156,574
Other Assets and Liabilities, Net - (3.8%)				(5,741	)
Total Net Assets - 100.0%			$	150,833
JNL/Select Balanced Fund
COMMON STOCKS - 66.1%
CONSUMER DISCRETIONARY - 5.1%
Comcast Corp. - Class A		613	$	13,462
Honda Motor Co. Ltd. - ADR (e)		190		7,493
Johnson Controls Inc.		192		7,335
Lowe’s Cos. Inc.		417		10,466
News Corp. - Class A		673		9,796
Staples Inc.		454		10,342
Time Warner Inc.		203		6,526
				65,420
CONSUMER STAPLES - 5.0%
Colgate-Palmolive Co.		42		3,408

	Shares/Par (p)		Value
CVS Caremark Corp.		235		8,181
PepsiCo Inc.		236		15,385
Philip Morris International Inc.		206		12,034
Procter & Gamble Co.		138		8,877
Unilever NV - NYS		290		9,109
Wal-Mart Stores Inc.		143		7,734
				64,728
ENERGY - 9.6%
Anadarko Petroleum Corp.		193		14,706
Baker Hughes Inc.		193		11,051
Chevron Corp.		353		32,220
Exxon Mobil Corp.		462		33,745
Marathon Oil Corp.		117		4,344
Occidental Petroleum Corp.		119		11,684
Total SA - ADR		152		8,129
Ultra Petroleum Corp. (c)		172		8,207
				124,086
FINANCIALS - 11.5%
ACE Ltd.		227		14,118
Bank of America Corp.		841		11,216
BB&T Corp.		258		6,772
Chubb Corp.		108		6,447
Goldman Sachs Group Inc.		34		5,768
Hartford Financial Services Group Inc.		270		7,163
JPMorgan Chase & Co.		614		26,050
Marsh & McLennan Cos. Inc.		163		4,459
MetLife Inc.		330		14,683
PNC Financial Services Group Inc.		195		11,853
UBS AG (c) (e)		506		8,341
Wells Fargo & Co.		1,034		32,056
				148,926
HEALTH CARE - 8.2%
Bristol-Myers Squibb Co.		259		6,858
Cardinal Health Inc.		249		9,528
Eli Lilly & Co.		443		15,537
Johnson & Johnson		258		15,945
Medtronic Inc.		335		12,421
Merck & Co. Inc.		548		19,764
Pfizer Inc.		1,500		26,258
				106,311
INDUSTRIALS - 8.9%
Avery Dennison Corp.		92		3,908
Cooper Industries Plc		194		11,326
Deere & Co.		133		11,021
FedEx Corp.		91		8,427
General Dynamics Corp.		146		10,360
General Electric Co.		662		12,104
Honeywell International Inc.		85		4,518
Masco Corp.		333		4,216
Northrop Grumman Corp.		97		6,277
Pentair Inc.		281		10,270
Siemens AG - ADR		82		10,139
United Continental Holdings Inc. (c)		256		6,101
United Parcel Service Inc. - Class B		126		9,152
Waste Management Inc.		197		7,249
				115,068
INFORMATION TECHNOLOGY - 9.0%
Accenture Plc - Class A		208		10,066
Analog Devices Inc.		230		8,656
Automatic Data Processing Inc.		194		8,997
Avnet Inc. (c)		186		6,134
Cisco Systems Inc. (c)		443		8,956
Corning Inc.		312		6,035

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
eBay Inc. (c)		188	5,238
Hewlett-Packard Co.		150	6,328
International Business Machines Corp.		161	23,614
Microsoft Corp.		466	13,013
QUALCOMM Inc.		200	9,883
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR		343	4,304
Xilinx Inc.		173	5,025
			116,249
MATERIALS - 3.1%
Agrium Inc.		26	2,422
Barrick Gold Corp.		132	7,025
Dow Chemical Co.		268	9,143
Owens-Illinois Inc. (c)		225	6,905
Rio Tinto Plc - ADR		113	8,090
Temple-Inland Inc.		268	5,688
			39,273
TELECOMMUNICATION SERVICES - 2.5%
AT&T Inc.		1,105	32,468
UTILITIES - 3.2%
Dominion Resources Inc. (e)		231	9,868
Exelon Corp.		239	9,952
PG&E Corp.		189	9,023
PPL Corp.		185	4,875
Xcel Energy Inc.		325	7,663
			41,381
Total Common Stocks (cost $743,676)			853,910
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES - 1.1%
Ally Auto Receivables Trust, 1.35%, 12/15/15	$	275	269
AmeriCredit Automobile Receivables Trust, 3.34%, 04/08/16		455	459
Avis Budget Rental Car Funding AESOP LLC, 2.09%, 04/20/14 (r)		1,375	1,354
Banc of America Commercial Mortgage Inc. REMIC
5.12%, 07/11/43		750	773
5.74%, 05/10/45 (i)		350	383
5.20%, 09/10/47 (i)		1,200	1,289
Bank of America-First Union NB Commercial Mortgage REMIC, 5.46%, 04/11/37		440	445
Bear Stearns Commercial Mortgage Securities Inc. REMIC
5.51%, 04/12/38 (i)		168	183
5.72%, 09/11/38 (i)		540	589
5.20%, 12/11/38		780	824
5.46%, 03/11/39 (i)		915	989
5.54%, 09/11/41		600	644
5.54%, 10/12/41		545	587
CarMax Auto Owner Trust, 4.79%, 02/15/13		500	512
Citibank Credit Card Issuance Trust, 5.65%, 09/20/19		750	853
Continental Airlines Inc. Pass-Through Trust - Class A, 5.98%, 10/19/23 (e)		270	285
Ford Credit Floorplan Master Owner Trust, 1.91%, 12/15/14 (i) (r)		1,000	1,018
GS Mortgage Securities Corp. II REMIC, 4.75%, 07/10/39		900	949
Marriott Vacation Club Trust, 5.36%, 10/20/28 (r)		31	33
Merrill Lynch Mortgage Trust REMIC, 5.05%, 07/12/38 (i)		500	533

	Shares/Par (p)		Value
Morgan Stanley Dean Witter Capital I REMIC, 5.98%, 01/15/39		538	562
OBP Depositor LLC Trust, 4.65%, 07/15/45 (r)		495	505
SBA Tower Trust, 4.25%, 04/15/40 (r)		420	435
Southwest Airlines Co. Pass-Through Trust, 6.15%, 02/01/24 (e)		226	248
Total Non-U.S. Government Agency Asset- Backed Securities (cost $14,116)			14,721
CORPORATE BONDS AND NOTES - 9.8%
CONSUMER DISCRETIONARY - 0.8%
CBS Corp.
5.75%, 04/15/20 (e)		805	855
4.30%, 02/15/21 (e)		25	24
Comcast Corp.
6.50%, 01/15/17 (e)		750	865
6.55%, 07/01/39		375	408
COX Communications Inc., 5.45%, 12/15/14		500	550
Daimler Finance North America LLC
6.50%, 11/15/13		425	481
8.50%, 01/18/31 (e)		300	401
DirecTV Holdings LLC, 3.13%, 02/15/16		900	888
Grupo Televisa SA, 6.63%, 01/15/40		375	406
Lowe’s Cos. Inc., 6.65%, 09/15/37		420	492
NBC Universal Inc., 2.88%, 04/01/16 (r)		1,700	1,661
News America Inc., 5.65%, 08/15/20 (e)		845	948
Staples Inc., 9.75%, 01/15/14 (l)		335	406
Target Corp., 5.38%, 05/01/17		800	896
Time Warner Cable Inc.
5.85%, 05/01/17 (e)		270	301
5.00%, 02/01/20		500	515
Viacom Inc., 6.88%, 04/30/36		670	769
			10,866
CONSUMER STAPLES - 0.7%
Anheuser-Busch InBev Worldwide Inc.
6.88%, 11/15/19 (r)		680	811
5.38%, 01/15/20 (e)		170	184
CVS Caremark Corp.
6.13%, 08/15/16		400	454
5.75%, 06/01/17		245	273
Kellogg Co., 4.00%, 12/15/20 (e)		1,300	1,282
Kraft Foods Inc., 6.25%, 06/01/12		302	323
PepsiCo Inc., 3.13%, 11/01/20		1,800	1,692
SABMiller Plc, 6.50%, 07/15/18 (r)		600	701
Wal-Mart Stores Inc., 3.63%, 07/08/20		2,300	2,238
WM Wrigley Jr. Co., 3.70%, 06/30/14 (r)		925	953
			8,911
ENERGY - 0.4%
BP Capital Markets Plc, 4.75%, 03/10/19		675	696
ConocoPhillips, 4.60%, 01/15/15		500	545
EOG Resources Inc., 5.63%, 06/01/19		190	210
Motiva Enterprises LLC, 5.75%, 01/15/20 (r) (e)		75	84
Occidental Petroleum Corp., 4.10%, 02/01/21		941	956
Shell International Finance BV
3.10%, 06/28/15		400	411
3.25%, 09/22/15		550	565
4.38%, 03/25/20		675	708
StatoilHydro ASA, 5.25%, 04/15/19		215	240
TransCanada Pipelines Ltd., 3.80%, 10/01/20 (e)		975	951
			5,366
FINANCIALS - 5.5%
Ace Capital Trust II, 9.70%, 04/01/30		525	645

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
American Express Centurion Bank, 6.00%, 09/13/17		850		947
American Express Credit Corp., 2.75%, 09/15/15		500		492
American Honda Finance Corp., 2.50%, 09/21/15 (r)		1,000		988
Ameriprise Financial Inc., 5.30%, 03/15/20		170		179
ANZ National International Ltd., 2.38%, 12/21/12 (r)		260		264
ASIF Global Financing XIX, 4.90%, 01/17/13 (r)		500		515
AXA SA, 8.60%, 12/15/30		425		476
Bank of America Corp.
6.50%, 08/01/16		2,000		2,170
5.42%, 03/15/17		700		694
7.63%, 06/01/19		800		921
Bank of New York Mellon Corp.
4.30%, 05/15/14		240		256
5.45%, 05/15/19		500		549
Bank of Nova Scotia, 3.40%, 01/22/15		625		649
Barclays Bank Plc, 6.75%, 05/22/19		320		361
Canadian Imperial Bank of Commerce, 2.35%, 12/11/15		1,300		1,271
Capital One Capital IV, 6.75%, 02/17/37 (e)		250		247
Caterpillar Financial Services Corp. - Series MTN, 2.75%, 06/24/15 (e)		600		609
CDP Financial, 4.40%, 11/25/19 (r)		600		610
Charles Schwab Corp., 4.95%, 06/01/14		190		207
Citigroup Inc.
5.50%, 10/15/14		515		555
4.59%, 12/15/15		535		558
5.85%, 08/02/16		1,300		1,395
8.50%, 05/22/19		400		497
8.13%, 07/15/39		115		146
Comerica Inc., 3.00%, 09/16/15		95		94
Credit Agricole SA, 3.50%, 04/13/15 (r)		740		745
Credit Suisse New York, 3.50%, 03/23/15		345		353
Deutsche Bank AG London, 3.45%, 03/30/15 (e)		500		512
Discover Financial Services, 6.45%, 06/12/17		90		94
Eaton Vance Corp., 6.50%, 10/02/17		160		181
EDP Finance BV, 4.90%, 10/01/19 (r) (e)		390		332
ENEL Finance International SA
5.13%, 10/07/19 (r) (e)		350		347
6.80%, 09/15/37 (r)		235		238
ERP Operating LP, 4.75%, 07/15/20		765		771
Everest Reinsurance Holdings Inc., 5.40%, 10/15/14		215		227
General Electric Capital Corp.
3.00%, 12/09/11		5,000		5,120
5.88%, 02/15/12		1,000		1,052
5.90%, 05/13/14		250		277
2.25%, 11/09/15		1,000		961
5.63%, 09/15/17 (e)		1,700		1,864
Goldman Sachs Group Inc.
1.63%, 07/15/11		4,000		4,029
5.35%, 01/15/16		1,700		1,826
5.63%, 01/15/17		1,350		1,428
Hartford Financial Services Group Inc., 6.10%, 10/01/41		700		661
HCP Inc., 6.00%, 01/30/17		365		382
HSBC Bank Plc, 4.13%, 08/12/20 (r) (e)		900		865
HSBC Bank USA, 5.88%, 11/01/34		250		248
HSBC Finance Corp., 6.38%, 11/27/12		500		542
ING Bank NV, 2.00%, 10/18/13 (r)		1,850		1,828
John Deere Capital Corp., 2.95%, 03/09/15		180		185
JPMorgan Chase & Co.
3.70%, 01/20/15		600		621
3.40%, 06/24/15		1,800		1,836

	Shares/Par (p)	Value
6.30%, 04/23/19	475	541
6.40%, 05/15/38 (e)	425	482
Kimco Realty Corp., 5.78%, 03/15/16	345	375
Kreditanstalt fuer Wiederaufbau, 1.25%, 10/26/15 (e)	2,000	1,912
Liberty Mutual Insurance Co., 7.88%, 10/15/26 (e) (r)	475	497
Liberty Property LP, 6.63%, 10/01/17	225	255
Lloyds TSB Bank Plc., 4.38%, 01/12/15 (r) (e)	625	625
MassMutual Global Funding II, 2.88%, 04/21/14 (r)	172	175
MetLife Global Funding I Inc., 2.50%, 09/29/15 (r)	1,200	1,183
Metropolitan Life Global Funding I, 2.88%, 09/17/12 (r) (e)	600	615
Morgan Stanley
2.00%, 09/22/11	5,000	5,061
6.00%, 05/13/14 (e)	400	432
5.38%, 10/15/15 (e)	170	179
5.45%, 01/09/17	700	726
National Rural Utilities Cooperative Finance Corp., 5.45%, 02/01/18	1,000	1,104
Nomura Holdings Inc., 5.00%, 03/04/15	280	292
Nordea Bank AB, 3.70%, 11/13/14 (r)	345	356
Northern Trust Corp., 3.45%, 11/04/20	490	469
PNC Funding Corp., 5.40%, 06/10/14	525	575
Private Export Funding Corp., 2.25%, 12/15/17	1,985	1,881
Prudential Financial Inc.
5.50%, 03/15/16	425	455
6.00%, 12/01/17 (e)	450	500
Rabobank Nederland NV, 3.20%, 03/11/15 (r)	750	763
Realty Income Corp.
6.75%, 08/15/19	355	401
5.75%, 01/15/21	335	346
Royal Bank of Scotland Plc, 4.88%, 03/16/15	500	511
Simon Property Group LP
4.20%, 02/01/15 (e)	600	627
6.10%, 05/01/16	325	364
Sovereign Bank, 8.75%, 05/30/18	450	491
Standard Chartered Plc, 3.85%, 04/27/15 (r)	265	273
Svenska Handelsbanken AB, 4.88%, 06/10/14 (r)	700	744
U.S. Bank NA, 4.95%, 10/30/14	450	490
US Bancorp, 2.88%, 11/20/14	500	512
Wachovia Corp.
5.25%, 08/01/14	500	533
5.75%, 06/15/17	1,500	1,661
WEA Finance LLC
5.70%, 10/01/16 (r)	100	108
7.13%, 04/15/18 (r) (e)	350	403
Wells Fargo & Co., 3.75%, 10/01/14 (e)	575	600
		71,337
HEALTH CARE - 0.5%
Amgen Inc.
6.15%, 06/01/18	425	496
5.70%, 02/01/19	350	398
Express Scripts Inc., 6.25%, 06/15/14	160	179
Schering-Plough, 5.30%, 12/01/13 (l)	450	500
Merck & Co. Inc., 4.00%, 06/30/15	370	397
Pfizer Inc., 6.20%, 03/15/19	700	820
Roche Holdings Inc., 6.00%, 03/01/19 (l) (r)	750	872
Thermo Fisher Scientific Inc.
3.25%, 11/20/14	140	144
3.20%, 05/01/15	180	184
UnitedHealth Group Inc.
5.50%, 11/15/12	379	406
3.88%, 10/15/20 (e)	600	572

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
WellPoint Inc., 4.35%, 08/15/20		1,000	992
			5,960
INDUSTRIALS -0.3%
Boeing Co., 3.75%, 11/20/16 (e)		860	900
Cargill Inc., 5.60%, 09/15/12 (r) (e)		485	521
Deere & Co., 4.38%, 10/16/19		185	193
Pitney Bowes Inc., 5.75%, 09/15/17		385	405
Raytheon Co., 1.63%, 10/15/15		835	801
Siemens Financieringsmaatschappij NV, 5.75%, 10/17/16 (r)		675	776
Southwest Airlines Co., 5.75%, 12/15/16 (e)		500	529
United Parcel Service Inc., 4.88%, 11/15/40 (e)		370	358
			4,483
INFORMATION TECHNOLOGY -0.5%
Cisco Systems Inc., 4.45%, 01/15/20		500	524
Dell Inc., 5.88%, 06/15/19		460	503
Fiserv Inc., 6.13%, 11/20/12		247	267
Hewlett-Packard Co., 3.75%, 12/01/20 (e)		1,000	978
International Business Machines Corp., 2.00%, 01/05/16		1,300	1,271
Intuit Inc., 5.40%, 03/15/12		550	576
Microsoft Corp., 4.50%, 10/01/40 (e)		650	609
Oracle Corp., 6.13%, 07/08/39 (e)		500	561
Xerox Corp.
8.25%, 05/15/14		345	403
6.75%, 02/01/17 (e)		75	87
6.35%, 05/15/18 (e)		50	56
5.63%, 12/15/19		30	32
			5,867
MATERIALS -0.0%
Agrium Inc., 6.13%, 01/15/41		210	222
TELECOMMUNICATION SERVICES -0.4%
AT&T Inc.
2.50%, 08/15/15		500	498
6.45%, 06/15/34		480	509
6.80%, 05/15/36		150	166
BellSouth Corp., 6.55%, 06/15/34		300	316
BellSouth Telecommunications Inc., 7.00%, 12/01/95		70	72
Deutsche Telekom International Finance BV, 8.75%, 06/15/30 (l)		275	370
France Telecom SA, 4.38%, 07/08/14		230	246
Telecom Italia Capital SA, 5.25%, 10/01/15		675	691
Verizon Global Funding Corp., 7.75%, 12/01/30 (e)		500	620
Verizon Wireless Capital LLC, 5.55%, 02/01/14		500	551
Vodafone Group Plc, 5.45%, 06/10/19 (e)		600	659
			4,698
UTILITIES -0.7%
Abu Dhabi National Energy Co.
5.62%, 10/25/12 (r)		250	262
5.88%, 10/27/16 (r)		195	205
Atmos Energy Corp., 6.35%, 06/15/17		385	424
Consolidated Edison Co. of New York Inc., 5.30%, 12/01/16		250	281
Duke Energy Carolinas LLC, 4.30%, 06/15/20		875	902
Florida Power & Light Co., 5.25%, 02/01/41 (e)		1,465	1,483
Indianapolis Power & Light Co. (insured by AMBAC Assurance Corp.), 6.60%, 06/01/37 (r)		500	546
MidAmerican Energy Co., 5.65%, 07/15/12		500	534
MidAmerican Energy Holdings Co., 6.13%, 04/01/36		350	378

	Shares/Par (p)		Value
Niagara Mohawk Power Corp., 3.55%, 10/01/14 (r)		415	431
Oncor Electric Delivery Co. LLC, 5.25%, 09/30/40 (r) (e)		325	312
Pennsylvania Electric Co., 5.20%, 04/01/20		600	620
PPL Electric Utilities Corp., 6.25%, 05/15/39		60	68
Public Service Co. of Colorado, 5.13%, 06/01/19		500	545
Public Service Electric & Gas Co., 2.70%, 05/01/15		230	232
San Diego Gas & Electric Co.
6.00%, 06/01/39		100	111
5.35%, 05/15/40		800	818
Southern California Edison Co., 5.55%, 01/15/37		500	521
			8,673
Total Corporate Bonds and Notes (cost $123,005)			126,383
GOVERNMENT AND AGENCY OBLIGATIONS -19.0%
GOVERNMENT SECURITIES -7.7%
Federal Home Loan Mortgage Corp. -0.4% (w)
Federal Home Loan Mortgage Corp., 3.50%, 05/29/13		5,000	5,311
Municipals -0.7%
Bay Area Toll Authority, 6.26%, 04/01/49		600	593
Dallas Area Rapid Transit (insured by AMBAC Assurance Corp.), 6.00%, 12/01/44		890	923
Illinois State Toll Highway Municipal Bond, 6.18%, 01/01/34		565	553
Irvine Ranch Water District, 2.61%, 03/15/14		545	553
Los Angeles Unified School District, 5.75%, 07/01/34		800	747
Maryland Transportation Authority, 5.89%, 07/01/43		270	280
Massachusetts School Building Authority, 5.72%, 08/15/39		500	519
New Jersey State Turnpike Authority, 7.41%, 01/01/40		205	225
New York State Thruway Authority, Miscellaneous Revenue, RB, 5.88%, 04/01/30		840	845
New York, NJ, Port Authority Revenue
5.86%, 12/01/24		180	183
6.04%, 12/01/29		105	104
North Texas Tollway Authority, 6.72%, 01/01/49		850	832
Oregon School Boards Association (insured by AMBAC Assurance Corp.), 4.76%, 06/30/28		420	374
Oregon State Department of Transportation, 5.83%, 11/15/34		255	260
San Antonio Texas Electric & Gas, 5.99%, 02/01/39		135	138
State of Utah, Series B, 3.29%, 07/01/20		1,000	936
University of California Build America Bond, 5.77%, 05/15/43		615	579
University of California, Series F, 6.58%, 05/15/49		370	362
University of Missouri, 5.96%, 11/01/39		360	371
			9,377
Sovereign -0.5%
Financing Corp. Fico, 0.00%, 12/06/13 -12/27/13 (j)		495	473
Province of Ontario, Canada, 4.00%, 10/07/19 (e)		550	565
Qatar Government International Bond, 4.00%, 01/20/15 (r)		425	440

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Resolution Funding Corp., 0.00%, 04/15/14 (j)		2,550	2,417
Tennessee Valley Authority, 4.38%, 06/15/15		1,900	2,086
			5,981
U.S. Treasury Securities - 6.1%
U.S. Treasury Bond
4.25%, 05/15/39		1,000	985
4.38%, 11/15/39		2,438	2,451
4.63%, 02/15/40		5,100	5,342
U.S. Treasury Note
0.88%, 04/30/11		6,100	6,114
1.00%, 09/30/11		15,500	15,584
4.50%, 03/31/12 (e)		2,225	2,339
1.38%, 05/15/12		13,000	13,173
4.75%, 05/31/12		2,000	2,122
3.13%, 09/30/13		2,500	2,652
1.88%, 02/28/14		2,000	2,048
1.75%, 07/31/15		7,000	6,978
1.25%, 10/31/15, TBA (g)		5,000	4,839
3.88%, 05/15/18		1,000	1,076
3.63%, 02/15/20		12,915	13,403
			79,106
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES - 11.3%
Federal Home Loan Mortgage Corp. - 2.9%
Federal Home Loan Mortgage Corp.
6.00%, 04/01/17 - 12/01/39		4,370	4,769
6.50%, 11/01/17		34	37
4.50%, 05/01/18 - 03/01/39		9,441	9,716
7.00%, 11/01/30 - 10/01/32		174	199
4.00%, 01/15/41, TBA (g)		23,500	23,327
			38,048
Federal National Mortgage Association - 8.0%
Federal National Mortgage Association
6.00%, 01/01/18 - 09/01/38		778	849
4.88%, 09/01/19		99	105
4.21%, 11/01/19 - 07/01/20		528	536
3.74%, 07/01/20 - 10/01/20		324	320
4.04%, 07/01/20		100	100
3.75%, 08/01/20		149	147
3.99%, 08/01/20		249	249
4.03%, 08/01/20		100	100
3.43%, 09/01/20		150	144
3.54%, 09/01/20		25	24
3.55%, 09/01/20		249	242
3.56%, 09/01/20		58	56
3.59%, 09/01/20		130	126
3.61%, 09/01/20		15	15
3.65%, 09/01/20		25	24
3.68%, 09/01/20 - 09/01/20		201	197
3.69%, 09/01/20		50	49
3.70%, 09/01/20		40	39
3.73%, 09/01/20		50	49
3.81%, 09/01/20		50	49
3.83%, 09/01/20		25	25
3.93%, 09/01/20		199	199
3.50%, 10/01/20		50	48
3.66%, 10/01/20		125	122
3.50%, 01/15/26 - 01/15/41 , TBA (g)		16,000	15,617
5.00%, 06/01/28 - 08/01/40		11,651	12,257
7.50%, 09/01/29		29	34
7.00%, 10/01/33		178	203
4.50%, 11/01/33 - 03/01/39		16,316	16,771
5.50%, 03/01/38 - 06/01/39		8,751	9,373
5.00%, 01/15/41, TBA (g)		12,000	12,615
5.50%, 01/15/41, TBA (g)		14,000	14,978
6.00%, 01/15/41, TBA (g)		9,000	9,782

	Shares/Par (p)		Value
6.50%, 01/15/41, TBA (g)		6,500	7,223
			102,667
Government National Mortgage Association - 0.4%
Government National Mortgage Association
6.50%, 04/15/26		36	41
5.50%, 11/15/32 - 02/15/36		325	352
7.00%, 01/15/33 - 05/15/33		51	58
6.00%, 02/15/33 - 01/15/35		277	306
5.00%, 06/20/33 - 09/15/38		3,915	4,189
REMIC, 7.50%, 09/16/35		19	22
			4,968
Total Government and Agency Obligations (cost $244,518)			245,458
SHORT TERM INVESTMENTS - 12.0%
Investment Company - 10.1%
JNL Money Market Fund, 0.08% (a) (h)		130,095	130,095
Securities Lending Collateral 1.9%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)		21,829	21,829
Securities Lending Liquidating Fund LLC, 0.66% (a) (h)		2,097	2,062
			23,891
Total Short Term Investments (cost $154,021)			153,986
Total Investments - 108.0% (cost $1,279,336)			1,394,458
Other Assets and Liabilities, Net - (8.0%)			(103,255)
Total Net Assets - 100.0%			$1,291,203
JNL/Select Value Fund
COMMON STOCKS - 97.8%
CONSUMER DISCRETIONARY - 11.0%
CBS Corp. - Class B		567	$     10,807
Comcast Corp. - Class A		814	17,891
General Motors Co. (c)		147	5,422
Home Depot Inc.		357	12,513
Kohl’s Corp. (c)		298	16,166
Mattel Inc.		497	12,636
Nordstrom Inc.		140	5,942
Stanley Black & Decker Inc.		319	21,298
Staples Inc.		474	10,798
Target Corp.		234	14,064
			127,537
CONSUMER STAPLES - 7.3%
CVS Caremark Corp.		438	15,215
General Mills Inc.		141	5,025
Kraft Foods Inc. - Class A		447	14,079
Molson Coors Brewing Co. - Class B		221	11,082
PepsiCo Inc.		195	12,726
Philip Morris International Inc.		225	13,140
Sysco Corp.		453	13,330
			84,597
ENERGY - 12.7%
Apache Corp.		119	14,141
Baker Hughes Inc.		258	14,750
Chevron Corp.		371	33,845
ConocoPhillips		235	15,990
EOG Resources Inc.		74	6,728

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Exxon Mobil Corp.		220	16,057
Marathon Oil Corp.		312	11,561
Occidental Petroleum Corp.		255	24,966
Southwestern Energy Co. (c)		217	8,133
			146,171
FINANCIALS - 23.1%
ACE Ltd.		360	22,410
Ameriprise Financial Inc.		156	9,001
Bank of America Corp.		1,182	15,761
Bank of New York Mellon Corp.		404	12,196
BlackRock Inc.		68	12,864
Chubb Corp.		233	13,908
Credit Suisse Group AG - ADR		258	10,426
Goldman Sachs Group Inc.		117	19,691
JPMorgan Chase & Co.		818	34,683
Marsh & McLennan Cos. Inc.		608	16,623
PNC Financial Services Group Inc.		392	23,820
Principal Financial Group Inc.		328	10,667
U.S. Bancorp		423	11,416
Unum Group		512	12,401
Wells Fargo & Co.		1,310	40,600
			266,467
HEALTH CARE - 11.1%
Abbott Laboratories		210	10,037
Amgen Inc. (c)		216	11,842
Baxter International Inc.		224	11,314
Covidien Plc		234	10,675
Johnson & Johnson		182	11,226
Merck & Co. Inc.		357	12,866
Pfizer Inc.		1,546	27,067
Teva Pharmaceutical Industries Ltd. - ADR (e)		272	14,179
UnitedHealth Group Inc.		350	12,639
Zimmer Holdings Inc. (c)		119	6,377
			128,222
INDUSTRIALS - 11.1%
3M Co.		119	10,227
Boeing Co.		153	9,985
General Electric Co.		1,416	25,902
Illinois Tool Works Inc.		232	12,410
Ingersoll-Rand Plc		435	20,498
PACCAR Inc.		180	10,353
Textron Inc. (e)		496	11,721
Tyco International Ltd.		400	16,576
Waste Management Inc.		291	10,740
			128,412
INFORMATION TECHNOLOGY - 9.4%
Analog Devices Inc.		331	12,473
Cisco Systems Inc. (c)		652	13,194
Hewlett-Packard Co.		248	10,454
Intel Corp.		729	15,335
Maxim Integrated Products Inc.		360	8,508
Microsoft Corp.		615	17,157
QUALCOMM Inc.		188	9,299
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR		693	8,685
Xilinx Inc. (e)		465	13,484
			108,589
MATERIALS - 6.2%
CF Industries Holdings Inc.		76	10,204
Dow Chemical Co.		389	13,263
EI Du Pont de Nemours & Co.		229	11,423
Mosaic Co.		157	11,988
Nucor Corp.		108	4,746

	Shares/Par (p)		Value
Rexam Plc - ADR (e)		194	5,005
Steel Dynamics Inc.		803	14,693
			71,322
TELECOMMUNICATION SERVICES - 2.8%
AT&T Inc.		1,104	32,445
UTILITIES - 3.1%
Edison International		249	9,600
Entergy Corp.		157	11,092
NextEra Energy Inc.		96	4,991
Northeast Utilities		301	9,600
			35,283
Total Common Stocks (cost $980,095)			1,129,045
SHORT TERM INVESTMENTS - 2.7%
Investment Company - 2.3%
JNL Money Market Fund, 0.08% (a) (h)		26,760	26,760
Securities Lending Collateral 0.4%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)		4,560	4,560
Securities Lending Liquidating Fund LLC, 0.66% (a) (h)		344	338
			4,898
Total Short Term Investments (cost $31,664)			31,658
Total Investments - 100.5% (cost $1,011,759)			1,160,703
Other Assets and Liabilities, Net - (0.5%)			(5,378)
Total Net Assets - 100.0%			$1,155,325
JNL/T.Rowe Price Established Growth Fund
COMMON STOCKS - 98.8%
CONSUMER DISCRETIONARY - 18.7%
Amazon.com Inc. (c)		350	$62,964
AutoZone Inc. (c)		31	8,450
Carmax Inc. (c)		314	10,023
Carnival Plc		191	8,875
Chipotle Mexican Grill Inc. - Class A (c)		27	5,678
Coach Inc.		359	19,856
Ctrip.com International Ltd. - ADR (c)		204	8,240
Discovery Communications Inc. - Class A (c)		146	6,105
Dollar General Corp. (c)		204	6,266
General Motors Co. (c)		137	5,035
Las Vegas Sands Corp. (c)		180	8,257
Liberty Media Corp. - Interactive (c)		646	10,189
Lowe’s Cos. Inc.		374	9,370
Marriott International Inc. - Class A		415	17,247
MGM Resorts International (c) (e)		203	3,012
NetFlix Inc. (c) (e)		8	1,388
Nike Inc. - Class B		172	14,692
O’Reilly Automotive Inc. (c)		153	9,250
Priceline.com Inc. (c)		34	13,551
Ross Stores Inc.		81	5,136
Starbucks Corp.		678	21,775
Starwood Hotels & Resorts Worldwide Inc.		205	12,466
Walt Disney Co.		381	14,280
			282,105
CONSUMER STAPLES - 2.4%
Colgate-Palmolive Co.		45	3,617
Costco Wholesale Corp.		161	11,604

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
PepsiCo Inc.		152		9,950
Procter & Gamble Co.		163		10,490
				35,661
ENERGY - 8.7%
Cameron International Corp. (c)		240		12,155
EOG Resources Inc.		163		14,909
FMC Technologies Inc. (c)		130		11,532
McDermott International Inc. (c)		286		5,917
Murphy Oil Corp.		133		9,878
Occidental Petroleum Corp.		170		16,716
Peabody Energy Corp.		168		10,762
Petroleo Brasileiro SA - ADR		206		7,025
Schlumberger Ltd.		327		27,288
Suncor Energy Inc.		407		15,580
				131,762
FINANCIALS - 7.3%
American Express Co.		450		19,327
Discover Financial Services		335		6,204
Franklin Resources Inc.		194		21,564
IntercontinentalExchange Inc. (c)		104		12,392
Invesco Ltd.		580		13,947
JPMorgan Chase & Co.		449		19,051
Northern Trust Corp.		171		9,447
U.S. Bancorp		329		8,878
				110,810
HEALTH CARE - 6.1%
Allergan Inc.		141		9,682
Celgene Corp. (c)		136		8,019
Edwards Lifesciences Corp. (c)		94		7,623
Express Scripts Inc. (c)		498		26,895
Human Genome Sciences Inc. (c)		207		4,946
Illumina Inc. (c) (e)		159		10,065
McKesson Corp.		215		15,097
Stryker Corp.		178		9,543
				91,870
INDUSTRIALS - 15.2%
3M Co.		157		13,515
Babcock & Wilcox Co. (c)		116		2,958
Caterpillar Inc.		61		5,713
Cummins Inc.		60		6,546
Danaher Corp.		951		44,845
Deere & Co.		89		7,425
Emerson Electric Co.		249		14,247
Expeditors International Washington Inc.		233		12,727
Fastenal Co. (e)		251		15,031
FedEx Corp.		291		27,047
Joy Global Inc.		70		6,099
PACCAR Inc.		181		10,387
Precision Castparts Corp.		130		18,125
Rockwell Automation Inc.		116		8,353
Union Pacific Corp.		154		14,270
United Parcel Service Inc. - Class B		199		14,451
WW Grainger Inc.		64		8,880
				230,619
INFORMATION TECHNOLOGY - 31.2%
Accenture Plc - Class A		307		14,896
Akamai Technologies Inc. (c)		209		9,815
Apple Inc. (c)		348		112,089
ASML Holding NV		191		7,327
Autodesk Inc. (c)		79		3,005
Autonomy Corp. Plc (c)		112		2,637
Baidu.com - ADR (c)		292		28,158
Broadcom Corp. - Class A		372		16,201

	Shares/Par (p)		Value
Corning Inc.		1,043		20,141
Dolby Laboratories Inc. - Class A (c) (e)		222		14,804
eBay Inc. (c)		473		13,155
EMC Corp. (c)		220		5,047
Google Inc. - Class A (c)		132		78,107
Juniper Networks Inc. (c)		553		20,413
Mail.ru Group Ltd. - GDR (c) (f)		10		342
Marvell Technology Group Ltd. (c)		179		3,317
MasterCard Inc. - Class A		78		17,548
NetApp Inc. (c)		165		9,086
QUALCOMM Inc.		614		30,402
Rovi Corp. (c)		136		8,408
Salesforce.com Inc. (c)		8		1,109
Samsung Electronics Co. Ltd.		7		5,750
Tencent Holdings Ltd.		539		11,712
Visa Inc. - Class A		412		29,018
Western Union Co.		486		9,017
				471,504
MATERIALS - 5.4%
Agnico-Eagle Mines Ltd.		67		5,139
Air Products & Chemicals Inc.		86		7,849
BHP Billiton Ltd. (e)		312		14,424
Freeport-McMoRan Copper & Gold Inc.		99		11,913
Mosaic Co.		114		8,736
Praxair Inc.		348		33,204
				81,265
TELECOMMUNICATION SERVICES - 3.8%
American Tower Corp. - Class A (c)		473		24,411
Crown Castle International Corp. (c)		753		32,996
				57,407
Total Common Stocks (cost $1,155,560)				1,493,003
PREFERRED STOCKS - 0.2%
CONSUMER DISCRETIONARY - 0.2%
Groupon Inc. (f) (q)		108		3,407
Total Preferred Stocks (cost $3,407)				3,407
SHORT TERM INVESTMENTS - 2.8%
Investment Companies - 1.4%
JNL Money Market Fund, 0.08% (a) (h)		250		250
T. Rowe Price Reserves Investment Fund, 0.27% (a) (h)		21,210		21,210
Securities Lending Collateral 1.4%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)		18,620		18,620
Securities Lending Liquidating Fund LLC, 0.66% (a) (h)		2,778		2,732
				21,351
Total Short Term Investments (cost $42,858)				42,812
Total Investments - 101.8% (cost $1,201,825)				1,539,222
Other Assets and Liabilities, Net - (1.8%)				(27,593)
Total Net Assets - 100.0%			$	1,511,629

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
JNL/T.Rowe Price Mid-Cap Growth Fund
COMMON STOCKS - 95.5%
CONSUMER DISCRETIONARY - 14.8%
Bed Bath & Beyond Inc. (c)		141	$	6,930
Cablevision Systems Corp. - Class A		405		13,705
Carmax Inc. (c)		499		15,908
Chipotle Mexican Grill Inc. - Class A (c)		83		17,651
Choice Hotels International Inc.		159		6,085
Coach Inc.		142		7,854
Discovery Communications Inc. - Class A (c)		205		8,548
Discovery Communications Inc. - Class C (c)		237		8,696
Dollar General Corp. (c) (e)		538		16,500
Expedia Inc.		549		13,774
Gaylord Entertainment Co. (c)		74		2,660
Lamar Advertising Co. - Class A (c)		405		16,135
Liberty Media Corp. - Starz (c)		104		6,914
Liberty Media Corp. - Interactive (c)		617		9,730
Madison Square Garden Inc. - Class A (c)		91		2,346
Marriott International Inc. - Class A		413		17,156
O’Reilly Automotive Inc. (c)		218		13,172
Panera Bread Co. - Class A (c)		55		5,567
Starbucks Corp.		208		6,683
Tim Hortons Inc.		150		6,184
Wynn Resorts Ltd.		52		5,400
				207,598
CONSUMER STAPLES - 1.7%
Shoppers Drug Mart Corp. (e)		308		12,245
Whole Foods Market Inc. (c)		241		12,192
				24,437
ENERGY - 9.2%
Alpha Natural Resources Inc. (c)		105		6,303
Atlas Energy Inc. (c)		224		9,849
Consol Energy Inc.		326		15,889
Continental Resources Inc. (c)		122		7,180
EQT Corp.		177		7,950
FMC Technologies Inc. (c)		157		13,959
McDermott International Inc. (c)		835		17,276
Peabody Energy Corp.		136		8,701
Range Resources Corp.		309		13,899
SM Energy Co.		139		8,191
Trican Well Service Ltd.		409		8,285
Ultra Petroleum Corp. (c)		240		11,465
				128,947
FINANCIALS - 7.8%
AON Corp.		241		11,088
CBOE Holdings Inc. (e)		171		3,898
Eaton Vance Corp. (e)		241		7,285
Fifth Third Bancorp		320		4,698
First Republic Bank (c)		18		524
HCC Insurance Holdings Inc.		17		487
Interactive Brokers Group Inc. (c)		168		2,994
IntercontinentalExchange Inc. (c)		79		9,413
LPL Investment Holdings Inc. (c)		25		909
MSCI Inc. - Class A (c)		329		12,818
NYSE Euronext		277		8,304
Popular Inc. (c)		1,440		4,522
Principal Financial Group Inc.		342		11,135
SunTrust Banks Inc.		172		5,076
TCF Financial Corp. (e)		479		7,094
TD Ameritrade Holding Corp.		618		11,736
WR Berkley Corp.		258		7,064
				109,045

	Shares/Par (p)		Value
HEALTH CARE - 15.6%
Alexion Pharmaceuticals Inc. (c)		91		7,330
BioMarin Pharmaceutical Inc. (c)		173		4,659
Bruker Corp. (c)		338		5,611
CareFusion Corp. (c)		449		11,539
Cephalon Inc. (c)		208		12,838
Cerner Corp. (c) (e)		42		3,979
Community Health Systems Inc. (c)		378		14,126
Covance Inc. (c)		277		14,241
CR Bard Inc.		138		12,664
Dentsply International Inc.		346		11,823
Edwards Lifesciences Corp. (c)		173		13,985
Elan Corp. Plc - ADR (c)		492		2,819
Henry Schein Inc. (c)		224		13,751
Human Genome Sciences Inc. (c)		343		8,194
Idexx Laboratories Inc. (c) (e)		138		9,552
Illumina Inc. (c) (e)		193		12,225
Laboratory Corp. of America Holdings (c)		88		7,737
Qiagen NV (c) (e)		405		7,918
Regeneron Pharmaceuticals Inc. (c)		174		5,713
SXC Health Solutions Corp. (c)		65		2,786
Theravance Inc. (c) (e)		204		5,114
Valeant Pharmaceuticals International Inc.		399		11,288
Vertex Pharmaceuticals Inc. (c) (e)		173		6,060
Waters Corp. (c)		173		13,444
				219,396
INDUSTRIALS - 17.7%
A123 Systems Inc. (c) (e)		165		1,574
Alliant Techsystems Inc. (c)		41		3,052
AMETEK Inc.		594		23,315
Babcock & Wilcox Co. (c)		446		11,413
Danaher Corp.		70		3,302
Fastenal Co. (e)		266		15,936
Foster Wheeler AG (c)		138		4,764
Gardner Denver Inc.		239		16,448
Goodrich Corp.		96		8,455
Hertz Global Holdings Inc. (c) (e)		1,104		15,997
IDEX Corp.		309		12,088
IHS Inc. - Class A (c) (e)		242		19,454
Manpower Inc.		144		9,037
MSC Industrial Direct Co. - Class A		121		7,828
Quanta Services Inc. (c)		690		13,745
Robert Half International Inc.		397		12,148
Rockwell Collins Inc.		173		10,079
Roper Industries Inc.		241		18,420
Textron Inc.		449		10,614
UTi Worldwide Inc.		361		7,653
Verisk Analytics Inc. - Class A (c)		217		7,395
WABCO Holdings Inc. (c)		225		13,709
Wabtec Corp.		46		2,433
				248,859
INFORMATION TECHNOLOGY - 25.6%
Akamai Technologies Inc. (c)		102		4,799
Altera Corp.		352		12,524
Atheros Communications Inc. (c)		171		6,142
Autodesk Inc. (c)		139		5,310
Booz Allen Hamilton Holding Corp. – Class A (c)		22		427
Cree Inc. (c) (e)		116		7,643
Dolby Laboratories Inc. - Class A (c) (e)		208		13,874
Electronic Arts Inc. (c)		347		5,684
Equinix Inc. (c)		87		7,070
Factset Research Systems Inc.		139		13,033
First Solar Inc. (c) (e)		42		5,466
Fiserv Inc. (c)		294		17,217

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
FLIR Systems Inc. (c)		356		10,591
Gartner Inc. - Class A (c)		344		11,421
Global Payments Inc.		370		17,098
Intersil Corp. - Class A		381		5,818
JDS Uniphase Corp. (c)		1,258		18,216
Juniper Networks Inc. (c)		386		14,251
Marvell Technology Group Ltd. (c)		379		7,030
McAfee Inc. (c)		218		10,096
MEMC Electronic Materials Inc. (c)		585		6,587
Microchip Technology Inc. (e)		324		11,084
Micros Systems Inc. (c)		207		9,079
National Semiconductor Corp.		690		9,494
Nuance Communications Inc. (c)		689		12,526
Nvidia Corp. (c)		448		6,899
PMC - Sierra Inc. (c)		311		2,672
Rackspace Hosting Inc. (c) (e)		174		5,465
Red Hat Inc. (c)		320		14,608
Rovi Corp. (c)		242		15,006
Silicon Laboratories Inc. (c)		173		7,961
Solera Holdings Inc.		276		14,164
Trimble Navigation Ltd. (c)		311		12,418
Varian Semiconductor Equipment Associates Inc. (c)		242		8,947
WebMD Health Corp. - Class A (c)		25		1,290
Western Union Co.		759		14,095
Xilinx Inc.		448		12,983
				358,988
MATERIALS - 2.1%
Agnico-Eagle Mines Ltd.		237		18,178
Franco-Nevada Corp.		229		7,660
HudBay Minerals Inc.		175		3,194
				29,032
UTILITIES - 1.0%
Calpine Corp. (c)		1,103		14,714
Total Common Stocks (cost $1,020,758)				1,341,016
SHORT TERM INVESTMENTS - 11.4%
Investment Companies - 4.7%
JNL Money Market Fund, 0.08% (a) (h)		4,056		4,056
T. Rowe Price Reserves Investment Fund, 0.27% (a) (h)		62,363		62,363
Securities Lending Collateral 6.7%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)		88,427		88,427
Securities Lending Liquidating Fund LLC, 0.66% (a) (h)		5,908		5,811
				94,238
Total Short Term Investments (cost $160,754)				160,657
Total Investments - 106.9% (cost $1,181,512)				1,501,673
Other Assets and Liabilities, Net - (6.9%)				(96,713)
Total Net Assets - 100.0%			$	1,404,961
JNL/T.Rowe Price Value Fund
COMMON STOCKS - 96.5%
CONSUMER DISCRETIONARY - 11.1%
Bed Bath & Beyond Inc. (c)		131	$	6,429
Cablevision Systems Corp. - Class A		351		11,885
Comcast Corp. - Special Class A		398		8,289

	Shares/Par (p)		Value
Discovery Communications Inc. - Class C (c)		335		12,280
General Motors Co. (c)		254		9,348
H&R Block Inc.		647		7,706
Harley-Davidson Inc.		189		6,559
Home Depot Inc.		184		6,461
International Game Technology		407		7,196
Kohl’s Corp. (c)		204		11,107
Liberty Media Corp. (c)		27		1,810
Liberty Media Corp. - Capital (c)		22		1,364
Lowe’s Cos. Inc.		240		6,024
Madison Square Garden Inc. - Class A (c)		128		3,304
Time Warner Cable Inc.		193		12,711
Time Warner Inc.		441		14,197
				126,670
CONSUMER STAPLES - 3.8%
Avon Products Inc.		187		5,440
Kellogg Co.		128		6,538
Kimberly-Clark Corp.		135		8,511
Kroger Co.		258		5,762
PepsiCo Inc.		84		5,468
Philip Morris International Inc.		114		6,655
Procter & Gamble Co.		73		4,683
				43,057
ENERGY - 16.6%
Alpha Natural Resources Inc. (c)		73		4,352
Baker Hughes Inc.		230		13,171
Chevron Corp.		278		25,386
ConocoPhillips		74		5,033
Consol Energy Inc.		227		11,054
El Paso Corp.		853		11,736
EQT Corp.		200		8,977
Exxon Mobil Corp.		132		9,659
Hess Corp.		90		6,871
Murphy Oil Corp.		199		14,806
Nexen Inc.		566		12,952
Peabody Energy Corp.		189		12,073
Royal Dutch Shell Plc - ADR		223		14,919
Schlumberger Ltd.		178		14,871
Spectra Energy Corp.		664		16,598
Total SA - ADR		115		6,145
				188,603
FINANCIALS - 21.7%
American Express Co.		233		10,005
Ameriprise Financial Inc.		53		3,056
AON Corp.		289		13,274
Bank of America Corp.		1,061		14,150
CIT Group Inc. (c)		218		10,244
Citigroup Inc. (c)		2,173		10,277
Fifth Third Bancorp		132		1,938
First Horizon National Corp. (c)		759		8,938
Goldman Sachs Group Inc.		44		7,449
JPMorgan Chase & Co.		585		24,799
Lazard Ltd. - Class A		293		11,578
Marsh & McLennan Cos. Inc.		254		6,953
Moody’s Corp.		497		13,182
Morgan Stanley		416		11,322
NYSE Euronext		242		7,261
PNC Financial Services Group Inc.		93		5,629
Principal Financial Group Inc.		192		6,248
Regions Financial Corp.		1,443		10,099
SLM Corp. (c)		744		9,368
St. Joe Co. (c) (e)		358		7,831
State Street Corp.		112		5,176
SunTrust Banks Inc.		271		8,011
U.S. Bancorp		403		10,880

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

	Shares/Par (p)		Value
Wells Fargo & Co.		847		26,255
Willis Group Holdings Plc		90		3,120
				247,043
HEALTH CARE - 9.3%
Amgen Inc. (c)		171		9,393
CIGNA Corp.		252		9,253
Covidien Plc		352		16,086
Johnson & Johnson		171		10,576
Medtronic Inc.		188		6,988
Merck & Co. Inc.		362		13,039
Pfizer Inc.		1,851		32,406
WellPoint Inc. (c)		149		8,461
				106,202
INDUSTRIALS - 9.9%
3M Co.		131		11,271
Boeing Co.		42		2,734
Fluor Corp.		144		9,535
General Electric Co.		1,101		20,143
Honeywell International Inc.		215		11,424
Illinois Tool Works Inc.		229		12,239
Lockheed Martin Corp.		50		3,461
Raytheon Co.		130		6,043
Republic Services Inc. - Class A		268		8,014
Southwest Airlines Co.		1,000		12,981
Tyco International Ltd.		101		4,202
Union Pacific Corp.		65		6,014
Waste Management Inc.		110		4,070
				112,131
INFORMATION TECHNOLOGY - 10.2%
Analog Devices Inc.		234		8,807
Applied Materials Inc.		924		12,984
CA Inc.		251		6,144
Dell Inc. (c)		548		7,419
Electronic Arts Inc. (c)		261		4,270
Hewlett-Packard Co.		145		6,083
International Business Machines Corp.		104		15,190
Microsoft Corp.		603		16,825
Motorola Inc. (c)		386		3,501
Texas Instruments Inc.		442		14,375
Tyco Electronics Ltd.		305		10,786
Western Union Co.		511		9,495
				115,879
MATERIALS - 5.8%
Anglo American Plc		156		8,133
Eastman Chemical Co.		33		2,800
International Paper Co.		592		16,118
MeadWestvaco Corp.		182		4,761
Monsanto Co.		115		8,030
United States Steel Corp. (e)		181		10,568
Vulcan Materials Co. (e)		70		3,101
Weyerhaeuser Co.		677		12,808
				66,319
TELECOMMUNICATION SERVICES - 2.4%
AT&T Inc.		457		13,429
CenturyLink Inc. (e)		134		6,168
Qwest Communications International Inc.		184		1,399
Sprint Nextel Corp. (c) (e)		624		2,638
Vodafone Group Plc		1,217		3,146
				26,780
UTILITIES - 5.7%
AES Corp. (c)		1,061		12,925
Allegheny Energy Inc.		147		3,568

	Shares/Par (p)		Value
CenterPoint Energy Inc.		507		7,972
Entergy Corp.		145		10,292
Exelon Corp.		121		5,022
NiSource Inc.		299		5,274
NRG Energy Inc. (c)		501		9,789
PPL Corp.		364		9,588
				64,430
Total Common Stocks (cost $968,869)				1,097,114
PREFERRED STOCKS - 1.3%
FINANCIALS - 1.2%
Citigroup Inc., Convertible Preferred, 7.50%		57		7,805
Fifth Third Bancorp, Convertible Preferred, 8.50%, Series G (m)		40		5,869
				13,674
UTILITIES - 0.1%
PPL Corp., Convertible Preferred, 9.50%		27		1,455
Total Preferred Stocks (cost $10,620)				15,129
INVESTMENT COMPANIES - 0.4%
T. Rowe Price Institutional Floating Rate Fund (a)		410		4,227
Total Investment Companies (cost $3,698)				4,227
CORPORATE BONDS AND NOTES - 0.2%
CONSUMER DISCRETIONARY - 0.1%
International Game Technology, 3.25%, 05/01/14 (e)	$	1,007		1,162
MATERIALS - 0.1%
United States Steel Corp., 4.00%, 05/15/14 (e)		327		634
Total Corporate Bonds and Notes (cost $1,348)				1,796
SHORT TERM INVESTMENTS - 2.9%
Investment Companies - 1.7%
JNL Money Market Fund, 0.08% (a) (h)		4,638		4,638
T. Rowe Price Reserves Investment Fund, 0.27% (a) (h)		14,447		14,447
Securities Lending Collateral 1.2%
Securities Lending Cash Collateral Fund LLC, 0.31% (a) (h)		12,419		12,419
Securities Lending Liquidating Fund LLC, 0.66% (a) (h)		1,843		1,812
				14,231
Total Short Term Investments (cost $33,347)				33,316
Total Investments - 101.3% (cost $1,017,882)				1,151,582
Other Assets and Liabilities, Net - (1.3%)				(14,806)
Total Net Assets - 100.0%			$	1,136,776

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

(a) Investment in affiliate.

(b) The Fund does not invest in the Underlying Affiliated Funds for the purpose of exercising management or control. At December 31, 2010, the percentage of shares outstanding held by each Fund in the Underlying Affiliated Fund is presented parenthetically in the Schedules of Investments. Percentages reflecting 0.0% represent amounts less than 0.05%.

(c) Non-income producing security.

(d) Issuer was in bankruptcy and/or was in default relating to principal and/or interest.

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

(f) Security fair valued in good faith in accordance with the procedures established by the Trust’s Board of Trustees (“Board”). Good faith fair valued securities may be classified as Level 2 or Level 3 for Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820 “Fair Value Measurements and Disclosures” based on the applicable valuation inputs. See FASB ASC Topic 820 “Fair Value Measurements and Disclosures” in these Notes to the Schedules of Investments.

(g) Investment purchased on a delayed delivery basis. As of December 31, 2010, the total payable for investments purchased on a delayed delivery basis was as follows: JNL/Capital Guardian Global Balanced Fund $2,464; JNL/Goldman Sachs Core Plus Bond Fund $670,588; JNL/Mellon Capital Management Bond Index Fund $61,410; JNL/PIMCO Real Return Fund $1,134,441; JNL/PIMCO Total Return Bond Fund $1,337,924; and JNL/Select Balanced Fund $88,570.

(h) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2010.

(i) Variable rate security. Rate stated was in effect as of December 31, 2010.

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

(k) Security is a “step-up” bond where the coupon may increase or step up at a future date. Rate stated was the coupon as of December 31, 2010.

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

(m) Perpetual maturity security. Interest rate is fixed until the first call date and variable thereafter.

(n) Foreign or U.S. Treasury inflation indexed note, par amount is adjusted for inflation.

(o) All or a portion of the security or cash is pledged or segregated collateral. See Pledged or Segregated Collateral in these Notes to the Schedules of Investments.

(p) Par amounts are listed in United States Dollars unless otherwise noted. Options are quoted in unrounded number of contracts. Gold bullion is quoted in unrounded ounces.

(q) Restricted Security. Restricted as to public resale. Restricted security or Rule 144A or Section 4(2) of the Securities Act of 1933, as amended, provides an exemption from the registration requirements for resale of the security to an institutional investor. See Restricted Securities in these Notes to the Schedules of Investments.

(r) Rule 144A or Section 4(2) liquid security. Rule 144A or Section 4(2) of the Securities Act of 1933, as amended, provides an exemption from the registration requirements for resale of this security to an institutional investor. The sub-adviser deemed this security to be liquid based on procedures approved by the Board. As of December 31, 2010, the value of Rule 144A and Section 4(2) liquid securities was as follows: JNL/BlackRock Commodity Securities Fund, $65,564; JNL/Franklin Templeton Income Fund, $222,828; JNL/Goldman Sachs Core Plus Bond Fund, $139,332; JNL/Goldman Sachs Emerging Markets Debt Fund, $1,544; JNL/Ivy Asset Strategy Fund, $64,378; JNL/JPMorgan U.S. Government & Quality Bond Fund, $7,002; JNL/Mellon Capital Management Bond Index Fund, $3,976; JNL/PIMCO Real Return Fund, $264,167; JNL/PIMCO Total Return Bond Fund, $380,356; JNL/PPM America High Yield Bond Fund, $332,830; JNL/Select Balanced Fund, $23,897; JNL/Select Money Market Fund, $105,072; and JNL/T. Rowe Price Short-Term Bond Fund, $97,504.

(s) Foreign or U.S. Treasury inflation indexed note, par amount is not adjusted for inflation.

(t) The Fund had an unfunded loan commitment at December 31, 2010. See Unfunded Loan Commitments in these Notes to Schedules of Investments.

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

(v) The counterparty for the over-the-counter options transactions were CSI, GSC and MSC.

(w) The securities in this category are a direct debt of the agency and not collateralized by mortgages.

(x) For all items listed as “Other Securities” in this Summary Schedule of Investments, this represents issues not identified as top-fifty unaffiliated holdings in terms of value and issues or issuers not exceeding one percent individually or in aggregate, respectively, as of December 31, 2010. In certain instances, securities for which footnotes listed above may otherwise apply are included in the Other Securities caption.

* A Summary Schedule of Investments is presented for this portfolio. For information on availability of a complete Schedule of Investments, refer to www.jackson.com, www.sec.gov, or call the Shareholder Service Center at 1-800-873-5654.

Currencies:

ARS - Argentine Peso	EUR - European Currency Unit (Euro)	MYR - Malaysian Ringgit	TRY - New Turkish Lira
AUD - Australian Dollar	GBP - British Pound	NOK - Norwegian Krone	TWD - Taiwan Dollar
BRL - Brazilian Real	HKD - Hong Kong Dollar	NZD - New Zealand Dollar	USD - United States Dollar
CAD - Canadian Dollar	HUF - Hungarian Forint	PEN - Peruvian Nuevo Sol	ZAR - South African Rand
CHF - Swiss Franc	IDR - Indonesian Rupiah	PHP - Philippine Peso
CLP - Chilean Peso	ILS - Israeli New Shekels	PLN - Polish Zloty
CNY - Chinese Yuan	INR - Indian Rupee	RUB - Russian Ruble
COP - Colombian Peso	JPY - Japanese Yen	SEK - Swedish Krona
DKK - Danish Krone	KRW - Korean Won	SGD - Singapore Dollar
EGP - Egyptian Pound	MXN - Mexican Peso	THB - Thai Baht

Abbreviations:

“-” Amount rounds to less than one thousand	CDX - Credit Default Swap Index
ABS - Asset Backed Security	CLO - Collateralized Loan Obligation
ADR - American Depositary Receipt	CPI - Consumer Price Index
AMBAC - AMBAC Indemnity Corp.	CPURNSA - CPI Urban Consumers Index Non-Seasonably
ASX - Australian Stock Exchange	Adjusted
BDR - Brazilian Depository Receipt	DAX - Deutscher Aktienindex
CAC - Cotation Assistee en Continu	ETF - Exchange-Traded Fund
CDO - Collateralized Debt Obligation

See accompanying Notes to the Financial Statements.

JNL Series Trust

Notes to Schedules of Investments (in thousands)

December 31, 2010

Abbreviations (continued):
Euro-Bobl - debt instrument issued by the Federal Republic of	RB - Revenue Bond
Germany with a term of 4.5 to 5.5 years	REIT - Real Estate Investment Trust
Euro-Bund - debt instrument issued by the Federal Republic of	REMIC - Real Estate Mortgage Investment Conduit
Germany with a term of 8.5 to 10.5 years	RSP - Risparmio Shares
FDR - Fiduciary Depository Receipt	SDR - Swedish Depository Receipt
FTSE - Financial Times and the London Stock Exchange	SPDR - Standard & Poor’s Depository Receipt
GDR - Global Depository Receipt	SPI - Schedule Performance Index
GO - General Obligation	TBA - To Be Announced (Securities purchased on a delayed
HSCEI - Hang Seng China Enterprises Index	delivery basis)
IBEX - Iberia Index	TSX - Toronto Stock Exchange
KOSPI - Korea Composite Stock Price Index	TAIEX - Taiwan Stock Exchange Capitalization Weighted Stock
LIBOR - London Interbank Offered Rate	Index
MBS - Mortgage Backed Security	virt-x - a cross border recognized investment exchange
MIB - Milano Indice Borsa	VVPR - Voter-Verified Paper Record
NYS - New York Registered Shares

Restricted Securities - Restricted securities are often purchased in private placement transactions and cannot be sold without prior registration unless the sale is pursuant to an exemption under the Securities Exchange Act of 1933, as amended. The following table details restricted securities, including Rule 144A securities that have not been deemed liquid, held by the Funds at December 31, 2010.

	Initial Acquisition Date		Cost		Ending Value		Percent of Net Assets
JNL/BlackRock Commodity Securities Fund
Uranium Energy Corp.		11/02/2010	$	1,243	$	2,209		0.2	%
Uranium Energy Corp. Warrant		10/22/2010		—		—		—
			$	1,243	$	2,209		0.2	%
JNL/Capital Guardian Global Balanced Fund
AES Panama SA, 6.35%, 12/21/16		01/04/2008	$	298	$	322		0.1	%
AIA Group Ltd.		10/25/2010		1,962		2,031		0.6
ASAT Holdings Ltd., 13.00%		07/28/2006		1		—		—
Agricultural Bank of China- Class H		07/09/2010		361		433		0.1
Altegrity Inc., 10.50%, 11/01/15		07/27/2009		158		205		0.1
BNP Paribas		11/28/2007		705		609		0.2
Croatia Government International Bond, 6.75%, 11/05/19		10/30/2009		630		654		0.2
Dominican Republic International Bond, 8.63%, 04/20/27		12/17/2009		158		168		0.1
Dubai Electricity & Water Authority, 6.38%, 10/21/16		10/15/2010		100		97		—
Dubai Electricity & Water Authority, 7.38%, 10/21/20		10/15/2010		125		117		—
E.ON International Finance BV, 5.80%, 04/30/18		01/14/2010		542		565		0.2
Egypt Government International Bond, 5.75%, 04/29/20		11/04/2010		136		129		—
First Data Corp., 8.25%, 01/15/21		12/22/2009		86		96		—
First Data Corp., 8.75%, 01/15/22		12/22/2009		87		96		—
First Data Corp., 12.63%, 01/15/21		12/22/2009		167		192		0.1
Georgia Gulf Corp., 9.00%, 01/15/17		10/11/2010		321		326		0.1
KT&G Corp. - GDR		09/14/2006		118		122		—
LG Chem Ltd. - GDR		09/08/2009		134		276		0.1
Liberty Mutual Group Inc., 7.50%, 08/15/36		08/06/2009		263		348		0.1
Michaels Stores Inc., 7.75%, 11/01/18		12/15/2010		247		249		0.1
Roche Holdings Inc., 6.00%, 03/01/19		05/19/2009		417		465		0.1
Societe Generale, 5.75%, 04/20/16		08/07/2008		144		159		—
Standard Chartered Bank, 6.40%, 09/26/17		12/18/2007		299		321		0.1
TransDigm Inc., 7.75%, 12/15/18		12/02/2010		400		414		0.1
UniCredit SpA		09/09/2009		1,205		764		0.2
			$	9,064	$	9,158		2.6	%
JNL/Capital Guardian Global Diversified Research Fund
AIA Group Ltd.		10/25/2010	$	3,449	$	3,489		0.8	%
BNP Paribas		10/08/2008		1,326		1,609		0.4
LG Chem Ltd. - GDR		12/17/2009		2,024		3,600		0.8
			$	6,799	$	8,698		2.0	%
JNL/Franklin Templeton Global Growth Fund
Samsung Electronics Co. Ltd. - GDR		02/06/2007	$	5,972	$	8,206		1.7	%

See accompanying Notes to the Financial Statements.

JNL Series Trust

Notes to Schedules of Investments (in thousands)

December 31, 2010

Restricted Securities

	Initial Acquisition Date		Cost		Ending Value		Percent of         Net Assets
JNL/Franklin Templeton Mutual Shares Fund
Cerberus Capital Management LP		08/06/2007	$	999	$	809		0.1  %
Cerberus Capital Management LP		08/06/2007		999		809		0.1
Cerberus Capital Management LP		08/06/2007		500		405		0.1
Cerberus Capital Management LP, 12.00%, 07/31/14		08/06/2007		780		632		0.1
Cerberus Capital Management LP, 12.00%, 07/31/14		08/06/2007		780		631		0.1
Cerberus Capital Management LP, 12.00%, 07/31/14		08/06/2007		390		316		0.1
Harrah’s Investment LP		11/16/2008		39		16		—
			$	4,487	$	3,618		0.6  %
JNL/JPMorgan Mid Cap Growth Fund
Apollo Global Management LLC		11/02/2007	$	2,028	$	587		0.3  %
JNL/Lazard Mid Cap Equity Fund
Better Place		04/23/2010	$	1,015	$	1,015		0.5  %
JNL/T.Rowe Price Established Growth Fund
Groupon Inc.		12/17/2010	$	3,407	$	3,407		0.2  %

Investments in Affiliates - See Note 6 in the Notes to the Financial Statements for further discussion of investments in affiliates. During the year ended December 31, 2010, certain Funds invested in money market funds, which are managed by Jackson National Asset Management, LLC (“Adviser”) or an affiliate of the Funds. The JNL Money Market Fund is offered as a cash management tool to the Funds and their affiliates and is not available for direct purchase by members of the public. Certain Funds participating in securities lending receive cash collateral, which is invested by the Custodian in the Securities Lending Cash Collateral Fund LLC and the Securities Lending Liquidating Fund LLC, which are affiliates of the Funds’ Adviser. The fair value and par value of the investment in the Securities Lending Cash Collateral Fund LLC and the Securities Lending Liquidating Fund LLC are reported under Securities Lending Collateral in the Schedules of Investments. Income received from the Securities Lending Cash Collateral Fund LLC and the Securities Lending Liquidating Fund LLC is aggregated with income from securities lending when received from the custodian and each Fund’s affiliated income is included in the income from affiliates on the Statements of Operations. The JNL/BlackRock Global Allocation Fund (“BlackRock Feeder Fund”) invests primarily all of its investable assets in the BlackRock Global Allocation Portfolio (“BlackRock Master Fund”). Due to its ownership of more than 5% of the shares of the BlackRock Master Fund, the BlackRock Feeder Fund may be deemed an affiliated person thereof under the Investment Company Act of 1940. The JNL/Mellon Capital Management S&P 500 Index Fund invested in Bank of New York Mellon Corp., the parent company of its sub-adviser. The JNL/Mellon Capital Management International Index Fund invested in Prudential plc, the parent company of Jackson National Life Insurance Company^® and the Funds’ Adviser. Prudential plc is not affiliated in any manner with Prudential Financial Inc., a company whose principal place of business is in the United States of America. The JNL/T. Rowe Price Value Fund invested in the T. Rowe Price Institutional Floating Rate Fund which is an affiliate of the Fund. The JNL/T. Rowe Price Short-Term Bond Fund invested in the T. Rowe Price Term Asset-Backed Securities Loan Facility which is an affiliate of the Fund.

The following table details each Fund’s long-term investments in affiliates held at December 31, 2010.

Fund	Affiliate	Value Beginning of Period		Purchases		Sales Proceeds		Dividend Income		Realized Gain (Loss)			Value End of Period
JNL/Mellon Capital Management S&P 500 Index Fund	Bank of New York Mellon Corp.		3,008		1,042		35		45		(2	)		4,327
JNL/Mellon Capital Management International Index Fund	Prudential plc		1,858		595		—		66		—			2,552
JNL/T. Rowe Price Value Fund	T. Rowe Price Institutional Floating     Rate Fund		8,104		307		4,432		346		860			4,227

The following table details cash management investments in affiliates held at December 31, 2010. There was no realized gain or loss relating to transactions in these investments during the year ended December 31, 2010.

	JNL Money Market Fund
Fund	Beginning Amortized Cost		Ending Amortized Cost		Dividend Income
JNL/BlackRock Commodity Securities Fund	$	9,840	$	62,860	$	21
JNL/Capital Guardian Global Balanced Fund		13,868		16,241		6
JNL/Capital Guardian Global Diversified Research Fund		18,355		14,275		8
JNL/Eagle SmallCap Equity Fund		3,885		21,944		5
JNL/Franklin Templeton Global Growth Fund		25,086		28,349		15
JNL/Franklin Templeton Income Fund		90,379		67,966		40
JNL/Franklin Templeton Mutual Shares Fund		50,580		62,650		28
JNL/Franklin Templeton Small Cap Value Fund		17,414		20,020		10
JNL/Goldman Sachs Mid Cap Value Fund		12,147		23,029		8
JNL/Goldman Sachs U.S. Equity Flex Fund		4,692		4,931		2

See accompanying Notes to the Financial Statements.

JNL Series Trust

Notes to Schedules of Investments (in thousands)

December 31, 2010

Investments in Affiliates

	JNL Money Market Fund
Fund	Beginning Amortized Cost		Ending Amortized Cost		Dividend   Income
JNL/Invesco Global Real Estate Fund	$	8,814	$	8,743	$	6
JNL/Invesco International Growth Fund		36,147		37,733		19
JNL/Invesco Large Cap Growth Fund		17,262		18,815		27
JNL/Invesco Small Cap Growth Fund		4,526		4,579		2
JNL/Ivy Asset Strategy Fund		29,184		100,979		39
JNL/JPMorgan International Value Fund		14,166		11,098		7
JNL/JPMorgan MidCap Growth Fund		5,286		5,111		3
JNL/Lazard Emerging Markets Fund		46,043		60,363		32
JNL/Lazard Mid Cap Equity Fund		4,587		11,284		4
JNL/Mellon Capital Management S&P 500 Index Fund		29,658		16,641		17
JNL/Mellon Capital Management S&P 400 MidCap Index Fund		7,170		12,073		8
JNL/Mellon Capital Management Small Cap Index Fund		14,720		12,878		7
JNL/Mellon Capital Management International Index Fund		15,534		28,075		11
JNL/Mellon Capital Management Bond Index Fund		26,989		44,153		20
JNL/Oppenheimer Global Growth Fund		6,887		7,173		4
JNL/PAM Asia ex-Japan Fund		2,890		1,752		1
JNL/Select Balanced Fund		39,129		130,095		51
JNL/Select Value Fund		22,516		26,760		14
JNL/T. Rowe Price Established Growth Fund		2,905		250		1
JNL/T. Rowe Price Mid-Cap Growth Fund		4,417		4,056		3
JNL/T. Rowe Price Value Fund		9,543		4,638		2

	T. Rowe Price Reserves Investment Fund
Fund	Beginning Amortized Cost		Ending Amortized Cost		Dividend Income
JNL/T. Rowe Price Established Growth Fund	$	5,950	$	21,210	$	30
JNL/T. Rowe Price Mid-Cap Growth Fund		42,725		62,363		143
JNL/T. Rowe Price Value Fund		16,472		14,447		37

Unfunded Loan Commitments – See Note 3 in the Notes to the Financial Statements for further discussion of unfunded commitments. The following table details unfunded loan commitments at December 31, 2010.

JNL/Franklin Templeton Mutual Shares Fund	Unfunded Commitment
Realogy Corp. Term Loan Revolver, 0.00%, 10/10/13	$	582

FASB ASC Topic 820, “Fair Value Measurements and Disclosure” - This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. Various inputs are used in determining the value of a Fund’s investments under FASB ASC Topic 820 guidance. The inputs are summarized into three broad categories. Level 1 includes valuations based on quoted prices of identical securities in active markets, including valuations for securities listed on a national or foreign stock exchange, investments in mutual funds or securities lending collateral, which are valued as a practical expedient at its daily reported net asset value (“NAV”). Level 2 includes valuations for which all significant inputs are observable, either directly or indirectly. Direct observable inputs include broker quotes, closing prices of similar securities in active markets, closing prices for identical or similar securities in non-active markets or corporate action or reorganization entitlement values. Indirect significant observable inputs include factors such as interest rates, yield curves, prepayment speeds or credit ratings. Level 2 includes valuations for fixed income securities priced by pricing services, broker quotes in active markets, securities subject to corporate actions, securities valued at amortized cost, international equity securities priced by an independent statistical fair value pricing service, swap agreements valued by pricing services, or ADRs and GDRs for which quoted prices in active markets are not available. Level 3 includes valuations based on inputs that are unobservable and significant to the fair value measurement including the Adviser’s own assumptions in determining the fair value of the investment. Inputs used to determine the fair value of Level 3 securities include security specific inputs such as: credit quality, credit rating spreads, issuer news, trading characteristics, call features or maturity; or industry specific inputs such as: trading activity of similar markets or securities, or changes in the security’s underlying index or comparable securities’ models. Level 3 valuations include securities that are priced based on single source broker quotes, where prices may be unavailable due to halted trading, restricted to resale due to market events, newly issued or for which reliable quotes are not available. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Please see Note 2 in the Notes to the Financial Statements for security valuation accounting policies.

See accompanying Notes to the Financial Statements.

JNL Series Trust

Notes to Schedules of Investments (in thousands)

December 31, 2010

FASB ASC Topic 820, “Fair Value Measurements and Disclosure”

The following table summarizes each Fund’s investments in securities and other financial instruments as of December 31, 2010 by valuation level.

	Assets - Securities								Liabilities - Securities
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
JNL/BlackRock Commodity Securities Fund
Common Stocks	$	453,359	$	5,758	$	–	$	459,117	$	–	$	–	$	–	$	–
Commodity Indexed Structured Notes		–		210,771		–		210,771		–		–		–		–
Short Term Securities		240,516		270,961		–		511,477		–		–		–		–
Fund Total	$	693,875	$	487,490	$	–	$	1,181,365	$	–	$	–	$	–	$	–
JNL/Capital Guardian Global Balanced Fund
Common Stocks	$	171,044	$	63,439	$	–	$	234,483	$	–	$	–	$	–	$	–
Preferred Stocks		1,320		–		–		1,320		–		–		–		–
Rights		16		–		–		16		–		–		–		–
Corporate Bonds and Notes		–		20,671		–		20,671		–		–		–		–
Government and Agency Obligations		–		88,227		–		88,227		–		–		–		–
Short Term Securities		30,112		–		–		30,112		–		–		–		–
Fund Total	$	202,492	$	172,337	$	–	$	374,829	$	–	$	–	$	–	$	–
JNL/Capital Guardian Global Diversified Research Fund
Common Stocks	$	333,250	$	89,067	$	–	$	422,317	$	–	$	–	$	–	$	–
Corporate Bonds and Notes		–		372		–		372		–		–		–		–
Short Term Securities		24,367		–		–		24,367		–		–		–		–
Fund Total	$	357,617	$	89,439	$	–	$	447,056	$	–	$	–	$	–	$	–
JNL/Eagle SmallCap Equity Fund
Common Stocks	$	584,039	$	–	$	–	$	584,039	$	–	$	–	$	–	$	–
Short Term Securities		55,204		–		–		55,204		–		–		–		–
Fund Total	$	639,243	$	–	$	–	$	639,243	$	–	$	–	$	–	$	–
JNL/Franklin Templeton Global Growth Fund
Common Stocks	$	361,547	$	84,665	$	–	$	446,212	$	–	$	–	$	–	$	–
Short Term Securities		33,620		–		–		33,619		–		–		–		–
Fund Total	$	395,167	$	84,665	$	–	$	479,831	$	–	$	–	$	–	$	–
JNL/Franklin Templeton Income Fund
Common Stocks	$	349,609	$	17,323	$	–	$	366,932	$	–	$	–	$	–	$	–
Preferred Stocks		13,880		34,960		–		48,840		–		–		–		–
Warrants		251		–		–		251		–		–		–		–
Non-U.S. Government Agency ABS		–		7,607		–		7,607		–		–		–		–
Corporate Bonds and Notes		–		556,103		7		556,110		–		–		–		–
Government and Agency Obligations		–		6,188		–		6,188		–		–		–		–
Short Term Securities		249,521		–		–		249,521		–		–		–		–
Fund Total	$	613,261	$	622,181	$	7	$	1,235,449	$	–	$	–	$	–	$	–
JNL/Franklin Templeton Mutual Shares Fund
Common Stocks	$	438,991	$	70,748	$	4,578	$	514,317	$	–	$	–	$	–	$	–
Corporate Bonds and Notes1		–		16,937		1,579		18,516		–		(565)		–		(565)
Short Term Securities		73,425		–		–		73,425		–		–		–		–
Fund Total	$	512,416	$	87,685	$	6,157	$	606,258	$	–	$	(565)	$	–	$	(565)
JNL/Franklin Templeton Small Cap Value Fund
Common Stocks	$	274,072	$	–	$	–	$	274,072	$	–	$	–	$	–	$	–
Short Term Securities		30,672		–		–		30,672		–		–		–		–
Fund Total	$	304,744	$	–	$	–	$	304,744	$	–	$	–	$	–	$	–
JNL/Goldman Sachs MidCap Value Fund
Common Stocks	$	490,056	$	–	$	–	$	490,056	$	–	$	–	$	–	$	–
Short Term Securities		31,802		–		–		31,802		–		–		–		–
Fund Total	$	521,858	$	–	$	–	$	521,858	$	–	$	–	$	–	$	–
JNL/Goldman Sachs U.S. Equity Flex Fund
Common Stocks	$	145,714	$	–	$	–	$	145,714	$	(35,216)	$	–	$	–	$	(35,216)
Short Term Securities		4,931		–		–		4,931		–		–		–		–
Fund Total	$	150,645	$	–	$	–	$	150,645	$	(35,216)	$	–	$	–	$	(35,216)
JNL/Invesco Global Real Estate Fund
Common Stocks	$	556,534	$	94,317	$	–	$	650,851	$	–	$	–	$	–	$	–
Short Term Securities		39,619		–		–		39,619		–		–		–		–
Fund Total	$	596,153	$	94,317	$	–	$	690,470	$	–	$	–	$	–	$	–
JNL/Invesco International Growth Fund
Common Stocks	$	377,831	$	172,048	$	–	$	549,879	$	–	$	–	$	–	$	–
Short Term Securities		64,044		–		–		64,044		–		–		–		–
Fund Total	$	441,875	$	172,048	$	–	$	613,923	$	–	$	–	$	–	$	–
JNL/Invesco Large Cap Growth Fund
Common Stocks	$	888,774	$	–	$	–	$	888,774	$	–	$	–	$	–	$	–
Short Term Securities		25,059		–		–		25,059		–		–		–		–
Fund Total	$	913,833	$	–	$	–	$	913,833	$	–	$	–	$	–	$	–

See accompanying Notes to the Financial Statements.

JNL Series Trust

Notes to Schedules of Investments (in thousands)

December 31, 2010

FASB ASC Topic 820, “Fair Value Measurements and Disclosure”
	Assets - Securities								Liabilities - Securities
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
JNL/Invesco Small Cap Growth Fund
Common Stocks	$	145,867	$	–	$	–	$	145,867	$	–	$	–	$	–	$	–
Short Term Securities		18,035		–		–		18,035		–		–		–		–
Fund Total	$	163,902	$	–	$	–	$	163,902	$	–	$	–	$	–	$	–
JNL/Ivy Asset Strategy Fund
Common Stocks	$	605,782	$	88,202	$	–	$	693,984	$	–	$	–	$	–	$	–
Preferred Stocks		13,021		38,776		–		51,797		–		–		–		–
Options Purchased		601		–		6,037		6,638		–		–		–		–
Precious Metals		110,710		–		–		110,710		–		–		–		–
Short Term Securities		100,979		–		–		100,979		–		–		–		–
Fund Total	$	831,093	$	126,978	$	6,037	$	964,108	$	–	$	–	$	–	$	–
JNL/JPMorgan International Value Fund
Common Stocks	$	329,211	$	252,435	$	–	$	581,646	$	–	$	–	$	–	$	–
Preferred Stocks		–		9,019		–		9,019		–		–		–		–
Short Term Securities		33,214		–		–		33,214		–		–		–		–
Fund Total	$	362,425	$	261,454	$	–	$	623,879	$	–	$	–	$	–	$	–
JNL/JPMorgan Mid Cap Growth Fund
Common Stocks	$	226,337	$	–	$	587	$	226,924	$	–	$	–	$	–	$	–
Short Term Securities		20,141		–		–		20,141		–		–		–		–
Fund Total	$	246,478	$	–	$	587	$	247,065	$	–	$	–	$	–	$	–
JNL/Lazard Emerging Markets Fund
Common Stocks	$	1,022,578	$	275,082	$	–	$	1,297,660	$	–	$	–	$	–	$	–
Preferred Stocks		37,327		–		–		37,327		–		–		–		–
Short Term Securities		129,721		–		–		129,721		–		–		–		–
Fund Total	$	1,189,626	$	275,082	$	–	$	1,464,708	$	–	$	–	$	–	$	–
JNL/Lazard Mid Cap Equity Fund
Common Stocks	$	203,309	$	–	$	–	$	203,309	$	–	$	–	$	–	$	–
Preferred Stocks		–		–		1,015		1,015		–		–		–		–
Short Term Securities		13,184		–		–		13,184		–		–		–		–
Fund Total	$	216,493	$	–	$	1,015	$	217,508	$	–	$	–	$	–	$	–
JNL/Mellon Capital Management S&P 500 Index Fund
Common Stocks	$	1,322,092	$	–	$	–	$	1,322,092	$	–	$	–	$	–	$	–
Short Term Securities		29,780		1,295		–		31,075		–		–		–		–
Fund Total	$	1,351,872	$	1,295	$	–	$	1,353,167	$	–	$	–	$	–	$	–
JNL/Mellon Capital Management S&P 400 MidCap Index Fund
Common Stocks	$	657,969	$	–	$	–	$	657,969	$	–	$	–	$	–	$	–
Short Term Securities		53,214		940		–		54,154		–		–		–		–
Fund Total	$	711,184	$	940	$	–	$	712,123	$	–	$	–	$	–	$	–
JNL/Mellon Capital Management Small Cap Index Fund
Common Stocks	$	699,827	$	–	$	45	$	699,872	$	–	$	–	$	–	$	–
Short Term Securities		95,998		895		–		96,893		–		–		–		–
Fund Total	$	795,825	$	895	$	45	$	796,765	$	–	$	–	$	–	$	–
JNL/Mellon Capital Management International Index Fund
Common Stocks	$	523,101	$	525,104	$	–	$	1,048,205	$	–	$	–	$	–	$	–
Preferred Stocks		–		7,019		–		7,019		–		–		–		–
Short Term Securities		84,545		1,710		–		86,255		–		–		–		–
Fund Total	$	607,646	$	533,833	$	–	$	1,141,479	$	–	$	–	$	–	$	–
JNL/Oppenheimer Global Growth Fund
Common Stocks	$	242,189	$	146,897		–	$	389,086	$	–	$	–	$	–	$	–
Preferred Stocks		–		5,129		–		5,129		–		–		–		–
Short Term Securities		27,066		–		–		27,066		–		–		–		–
Fund Total	$	269,255	$	152,026	$	–	$	421,281	$	–	$	–	$	–	$	–
JNL/PAM Asia ex-Japan Fund
Common Stocks	$	107,976	$	41,667	$	–	$	149,643	$	–	$	–	$	–	$	–
Rights		–		42		–		42		–		–		–		–
Warrants		18		–		–		18		–		–		–		–
Short Term Securities		6,871		–		–		6,871		–		–		–		–
Fund Total	$	114,865	$	41,709	$	–	$	156,574	$	–	$	–	$	–	$	–
JNL/Select Balanced Fund
Common Stocks	$	853,910	$	–	$	–	$	853,910	$	–	$	–	$	–	$	–
Non-U.S. Government Agency ABS		–		14,721		–		14,721		–		–		–		–
Corporate Bonds and Notes		–		126,383		–		126,383		–		–		–		–
Government and Agency Obligations		–		245,458		–		245,458		–		–		–		–
Short Term Securities		153,986		–		–		153,986		–		–		–		–
Fund Total	$	1,007,896	$	386,562	$	–	$	1,394,458	$	–	$	–	$	–	$	–

See accompanying Notes to the Financial Statements.

JNL Series Trust

Notes to Schedules of Investments (in thousands)

December 31, 2010

FASB ASC Topic 820, “Fair Value Measurements and Disclosure”
	Assets - Securities								Liabilities - Securities
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
JNL/Select Value Fund
Common Stocks	$	1,129,045	$	–	$	–	$	1,129,045	$	–	$	–	$	–	$	–
Short Term Securities		31,658		–		–		31,658		–		–		–		–
Fund Total	$	1,160,703	$	–	$	–	$	1,160,703	$	–	$	–	$	–	$	–
JNL/T.Rowe Price Established Growth Fund
Common Stocks	$	1,486,911	$	6,092	$	–	$	1,493,003	$	–	$	–	$	–	$	–
Preferred Stocks		–		–		3,407		3,407		–		–		–		–
Short Term Securities		42,812		–		–		42,812		–		–		–		–
Fund Total	$	1,529,723	$	6,092	$	3,407	$	1,539,222	$	–	$	–	$	–	$	–
JNL/T.Rowe Price Mid-Cap Growth Fund
Common Stocks	$	1,341,016	$	–	$	–	$	1,341,016	$	–	$	–	$	–	$	–
Short Term Securities		160,657		–		–		160,657		–		–		–		–
Fund Total	$	1,501,674	$	–	$	–	$	1,501,673	$	–	$	–	$	–	$	–
JNL/T.Rowe Price Value Fund
Common Stocks	$	1,097,114	$	–	$	–	$	1,097,114	$	–	$	–	$	–	$	–
Preferred Stocks		5,870		9,259		–		15,129		–		–		–		–
Investment Companies		4,227		–		–		4,227		–		–		–		–
Corporate Bonds and Notes		–		1,796		–		1,796		–		–		–		–
Short Term Securities		33,316		–		–		33,316		–		–		–		–
Fund Total	$	1,140,527	$	11,055	$	–	$	1,151,582	$	–	$	–	$	–	$	–

¹Unfunded loan commitments in the JNL/Franklin Templeton Mutual Shares Fund are not reflected in the Schedules of Investments. The unfunded loan commitments and unrealized appreciation on these commitments are included in payable for investment securities purchased and other assets, respectively, in the Statements of Assets and Liabilities.

	Assets - Other Financial Instruments1								Liabilities - Other Financial  Instruments1
	Level 1		Level 2		Level 3		Total		Level 1			Level 2			Level 3			Total
JNL/Capital Guardian Global Balanced Fund
Open Forward Foreign Currency Contracts	$	-	$	284	$	-	$	284	$	-		$	(147	)	$	-		$	(147	)
JNL/Franklin Templeton Mutual Shares Fund
Open Forward Foreign Currency Contracts	$	-	$	1,605	$	-	$	1,605	$	-		$	(3,350	)	$	-		$	(3,350	)
JNL/Ivy Asset Strategy Fund
Written Options	$	-	$	-	$	-	$	-	$	(225	)	$	-		$	(1,583	)	$	(1,808	)
Open Forward Foreign Currency Contracts		-		-		-		-		-			(3,797	)		-			(3,797	)
Total Return Swap Agreements		-		15		-		15		-			(41	)		-			(41	)
Fund Total	$	-	$	15	$	-	$	15	$	(225	)	$	(3,838	)	$	(1,583	)	$	(5,646	)
JNL/JPMorgan International Value Fund
Open Forward Foreign Currency Contracts	$	-	$	5,552	$	-	$	5,552	$	-		$	(1,290	)	$	-		$	(1,290	)
JNL/Mellon Capital Management S&P 500 Index Fund
Open Futures Contracts	$	104	$	-	$	-	$	104	$	-		$	-		$	-		$	-
JNL/Mellon Capital Management S&P 400 MidCap Index Fund
Open Futures Contracts	$	71	$	-	$	-	$	71	$	-		$	-		$	-		$	-
JNL/Mellon Capital Management Small Cap Index Fund
Open Futures Contracts	$	118	$	-	$	-	$	118	$	-		$	-		$	-		$	-
JNL/Mellon Capital Management International Index Fund
Open Futures Contracts	$	32	$	-	$	-	$	32	$	(237	)	$	-		$	-		$	(237	)
Open Forward Foreign Currency Contracts		-		921		-		921		-			(452	)		-			(452	)
Fund Total	$	32	$	921	$	-	$	953	$	(237	)	$	(452	)	$	-		$	(689	)
1Investments in other financial instruments are derivative instruments not reflected in the Schedules of Investments and include, but are not limited to forward foreign currency contracts, futures contracts, options written and swap agreements. Options purchased are included in Investments in Securities. All derivatives, except for written options, are reflected at the unrealized appreciation/(depreciation) on the instrument. Written options are reflected at value.

Significant transfers between Level 1 and Level 2 valuations during the year ended December 31, 2010, related to certain Fund’s using an independent statistical fair value model pricing service to value certain foreign securities as described in Note 2 in the Notes to the Financial Statements. In instances when criteria constituting a significant event exists and foreign investments are valued using an independent statistical fair value pricing service, they are considered Level 2 valuations. In the absence of the existence of such criteria, the same foreign investments are generally valued using market prices from the applicable exchange and are considered Level 1 valuations. Significant event criteria existed as of December 31, 2009 and December 31, 2010, and therefore, certain foreign investments were valued as Level 2 valuations. In addition, securities lending collateral funds which were valued as a Level 2 at December 31, 2009, were valued as a Level 1 at December 31, 2010. There were no significant transfers into or out of Level 3.

The following table is a rollforward of Level 3 investments by category for which significant unobservable inputs were used to determine fair value during the year ended December 31, 2010:

See accompanying Notes to the Financial Statements.

JNL Series Trust

Notes to Schedules of Investments (in thousands)

December 31, 2010

	Balance at Beginning of Period		Transfers Into Level 3 During the Period		Transfers Out of Level 3 During the Period		Total Realized and Change in Unrealized Gain/(Loss)		Purchases		(Sales)		Balance at End of Period		Change In Unrealized Appreciation/ (Depreciation) During the Period For Level 3 Investments held at End of Period2
JNL/Capital Guardian Global Balanced Fund
Government and Agency Obligations	$	147	$	-	$	-	$	28	$	428	$	(603)	$	-	$	-
Fund Total Investments in Securities	$	147	$	-	$	-	$	28	$	428	$	(603)	$	-	$	-
JNL/Franklin Templeton Income Fund
Corporate Bond and Notes	$	-	$	14	$	-	$	(7)	$	-	$	-	$	7	$	(7)
Fund Total Investments in Securities	$	-	$	14	$	-	$	(7)	$	-	$	-	$	7	$	(7)
JNL/Franklin Templeton Mutual Shares Fund
Common Stocks	$	965	$	-	$	-	$	1,105	$	2,508	$	-	$	4,578	$	1,118
Corporate Bond and Notes		391		-		-		1,188		-		-		1,579		1,188
Fund Total Investments in Securities	$	1,356	$	-	$	-	$	2,293	$	2,508	$	-	$	6,157	$	2,306
JNL/Ivy Asset Strategy Fund
Options Purchased	$	-	$	-	$	-	$	12	$	6,025	$	-	$	6,037	$	12
Fund Total Investments in Securities	$	-	$	-	$	-	$	12	$	6,025	$	-	$	6,037	$	12
Investments in Other Financial Instruments1
Written Options	$	-	$	-	$	-	$	(333)	$	-	$	(1,250)	$	(1,583)	$	(333)
Fund Total Investments in Other
Financial Instruments	$	-	$	-	$	-	$	(333)	$	-	$	(1.250)	$	(1,583)	$	(333)
JNL/JPMorgan MidCap Growth Fund
Common Stocks	$	440	$	-	$	147	$	-	$	-	$	-	$	587	$	147
Fund Total Investments in Securities	$	440	$	-	$	147	$	-	$	-	$	-	$	587	$	147
JNL/Lazard Emerging Markets Fund
Common Stocks	$	5,840	$	-	$	(5,840)	$	-	$	-	$	-	$	-	$	-
Fund Total Investments in Securities	$	5,840	$	-	$	(5,840)	$	-	$	-	$	-	$	-	$	-
JNL/Lazard Mid Cap Equity Fund
Preferred Stocks	$	-	$	-	$	-	$	-	$	1,015	$	-	$	1,015	$	-
Fund Total Investments in Securities	$	-	$	-	$	-	$	-	$	1,015	$	-	$	1,015	$	-
JNL/Mellon Capital Management Small Cap Index Fund
Common Stocks	$	-	$	-	$	-	$	20	$	25	$	-	$	45	$	20
Fund Total Investments in Securities	$	-	$	-	$	-	$	20	$	25	$	-	$	45	$	20
JNL/Mellon Capital Management International Index Fund
Common Stocks	$	-	$	7	$	-	$	(7)	$	-	$	-	$	-	$	(7)
Fund Total Investments in Securities	$	-	$	7	$	-	$	(7)	$	-	$	-	$	-	$	(7)
JNL/T. Rowe Price Established Growth Fund
Preferred Stocks	$	-	$	-	$	-	$	-	$	3,407	$	-	$	3,407	$	-
Fund Total Investments in Securities	$	-	$	-	$	-	$	-	$	3,407	$	-	$	3,407	$	-

¹Investments in other financial instruments are derivative instruments not reflected in the Schedules of Investments and include forward foreign currency contracts, futures contracts, options written and swap agreements. Options purchased are included in Investments in Securities. All derivatives, except for options written are reflected at the unrealized appreciation/(depreciation) on the instrument. Written options are reflected at value.

²The change in unrealized appreciation/(depreciation) for Level 3 investments held at December 31, 2010 is included in net change in unrealized appreciation or depreciation in the Statements of Operations.

See accompanying Notes to the Financial Statements.

JNL Series Trust

Notes to Schedules of Investments (in thousands, except contracts)

December 31, 2010

Schedule of Written Options

	Expiration   Date		Exercise Price		Contracts		Value
Index Options
JNL/Ivy Asset Strategy Fund
** Euro Stoxx 50 Index Put Option		02/18/2011		2,450.00		799	$	(174)
** Euro Stoxx 50 Index Put Option		02/18/2011		2,500.00		612		(168)
** Euro Stoxx 50 Index Put Option		02/18/2011		2,550.00		821		(294)
** Euro Stoxx 50 Index Put Option		03/18/2011		2,450.00		824		(336)
** Euro Stoxx 50 Index Put Option		03/18/2011		2,500.00		1,218		(611)
Euro Stoxx 50 Index Put Option		03/18/2011		2,500.00		211		(107)
Euro Stoxx 50 Index Put Option		03/18/2011		2,450.00		284		(118)
						4,769	$	(1,808)

* Swaptions are illiquid investments.

** Written options fair valued in good faith in accordance with procedures established by the Board. Fair valued securities may be classified as Level 2 or Level 3 for FASB ASC Topic 820 disclosures based on the applicable valuation inputs. See FASB ASC Topic 820 note in these Notes to the Schedule of Investments.

Summary of Written Options	Contracts		Premiums
JNL/Ivy Asset Strategy Fund
Options outstanding at December 31, 2009		–	$	–
Options written during the period		(37,109,778)		(3,936)
Options closed during the period		37,103,293		1,177
Options expired during the period		1,716		1,325
Options outstanding at December 31, 2010		(4,769)	$	(1,434)

See accompanying Notes to the Financial Statements.

JNL Series Trust

Notes to Schedules of Investments (in thousands, except contracts)

December 31, 2010

Schedule of Open Futures Contracts

	Expiration		Contracts Long / (Short)		Unrealized Appreciation / (Depreciation)
JNL/Mellon Capital Management International Index Fund
ASX SPI 200 Index Future		March 2011		26	$	(27)
Euro Stoxx 50 Index Future		March 2011		296		(210)
FTSE 100 Index Future		March 2011		97		21
Topix Index Future		March 2011		74		11
					$	(205)
JNL/Mellon Capital Management S&P 400 Mid Cap Index Fund
S&P MidCap 400 E-Mini Index Future		March 2011		145	$	71
JNL/Mellon Capital Management S&P 500 Index Fund
S&P 500 E-Mini Index Future		March 2011		301	$	104
JNL/Mellon Capital Management Small Cap Index Fund
Russell 2000 Mini Index Future		March 2011		183	$	118

See accompanying Notes to the Financial Statements.

JNL Series Trust

Notes to Schedules of Investments (in thousands)

December 31, 2010

Schedule of Open Forward Foreign Currency Contracts

Purchased/     Sold	Settlement Date	Counter- Party			Notional Amount		Value	Unrealized Gain/ (Loss)
JNL/Capital Guardian Global Balanced Fund
EUR/USD	01/11/2011		BNY	EUR	2,225	$    2,973		$    24
JPY/EUR	01/18/2011		BNY	EUR	(2,300)	(3,074)		80
JPY/USD	01/11/2011		BOA	JPY	763,837	9,409		159
USD/CAD	01/28/2011		BOA	CAD	(137)	(138)		(2)
USD/EUR	01/11/2011		BNY	EUR	(2,225)	(2,973)		(11)
USD/EUR	01/24/2011		BNY	EUR	(3,205)	(4,283)		(65)
USD/HUF	01/28/2011		BNY	HUF	(29,355)	(141)		(3)
USD/JPY	01/11/2011		BOA	JPY	(83,973)	(1,034)		(35)
USD/PLN	01/28/2011		BOA	PLN	(1,347)	(454)		(10)
						$    285		$    137
JNL/Franklin Templeton Mutual Shares Fund
CHF/USD	05/10/2011		DUB	CHF	192	$    206		$    13
CHF/USD	05/10/2011		DUB	CHF	401	430		28
CHF/USD	05/10/2011		DUB	CHF	280	300		14
CHF/USD	05/10/2011		BOA	CHF	318	340		10
CHF/USD	05/10/2011		BOA	CHF	199	213		7
CHF/USD	05/10/2011		SSB	CHF	185	198		–
DKK/USD	01/24/2011		SSB	DKK	466	84		(1)
DKK/USD	01/24/2011		SSB	DKK	456	82		(3)
DKK/USD	01/24/2011		SSB	DKK	900	161		(8)
DKK/USD	01/24/2011		SSB	DKK	305	55		(2)
DKK/USD	01/24/2011		BOA	DKK	1,050	188		(4)
DKK/USD	01/24/2011		SSB	DKK	583	105		3
DKK/USD	01/24/2011		DUB	DKK	700	125		4
DKK/USD	01/24/2011		DUB	DKK	645	116		(1)
EUR/USD	01/18/2011		SSB	EUR	186	249		(10)
EUR/USD	01/18/2011		BOA	EUR	355	474		(22)
EUR/USD	01/18/2011		DUB	EUR	433	579		(22)
EUR/USD	01/18/2011		DUB	EUR	490	655		(25)
EUR/USD	01/18/2011		DUB	EUR	1,431	1,912		(96)
EUR/USD	01/18/2011		DUB	EUR	495	662		(28)
EUR/USD	01/18/2011		BOA	EUR	312	417		(10)
EUR/USD	01/18/2011		BOA	EUR	234	313		(8)
EUR/USD	01/18/2011		DUB	EUR	640	855		(14)
EUR/USD	01/18/2011		BOA	EUR	320	428		(7)
EUR/USD	01/18/2011		DUB	EUR	312	417		(8)
EUR/USD	01/18/2011		SSB	EUR	229	305		(5)
EUR/USD	01/18/2011		BOA	EUR	279	373		(7)
EUR/USD	01/18/2011		BOA	EUR	320	428		(6)
EUR/USD	01/18/2011		SSB	EUR	319	426		(8)
EUR/USD	01/18/2011		DUB	EUR	214	286		(2)
EUR/USD	01/18/2011		SSB	EUR	217	290		(3)
EUR/USD	01/18/2011		BOA	EUR	232	311		(3)
EUR/USD	01/18/2011		BOA	EUR	373	499		(5)
EUR/USD	01/18/2011		DUB	EUR	640	855		(13)
EUR/USD	01/18/2011		BCL	EUR	480	641		(5)
EUR/USD	01/18/2011		BOA	EUR	320	428		(6)
EUR/USD	01/18/2011		DUB	EUR	819	1,094		(12)
EUR/USD	01/18/2011		BOA	EUR	160	214		(3)
EUR/USD	01/18/2011		DUB	EUR	980	1,310		(27)
EUR/USD	01/18/2011		DUB	EUR	137	183		(3)
EUR/USD	01/18/2011		DUB	EUR	1,024	1,369		(27)
EUR/USD	01/18/2011		BOA	EUR	175	234		(5)
EUR/USD	01/18/2011		SSB	EUR	57	76		–
EUR/USD	01/18/2011		DUB	EUR	75	100		2
EUR/USD	01/18/2011		BOA	EUR	198	265		7
EUR/USD	01/18/2011		DUB	EUR	120	160		4
GBP/USD	02/14/2011		DUB	GBP	190	296		(5)
GBP/USD	02/14/2011		BCL	GBP	95	148		(3)
GBP/USD	02/14/2011		BOA	GBP	190	296		(7)

Purchased/     Sold	Settlement Date	Counter- Party			Notional Amount	Value				Unrealized Gain/ (Loss)
JNL/Franklin Templeton Mutual Shares Fund (continued)
NOK/USD	02/16/2011		SSB	NOK	675		$	115		$	–
NOK/USD	02/16/2011		DUB	NOK	609			104			1
NOK/USD	02/16/2011		DUB	NOK	847			145			2
NOK/USD	02/16/2011		DUB	NOK	717			123			1
NOK/USD	02/16/2011		DUB	NOK	699			120			1
NOK/USD	02/16/2011		SSB	NOK	1,184			202			1
NOK/USD	02/16/2011		SSB	NOK	1,177			201			1
NOK/USD	02/16/2011		SSB	NOK	661			113			–
NOK/USD	02/16/2011		DUB	NOK	1,077			184			2
NOK/USD	02/16/2011		DUB	NOK	879			150			6
NOK/USD	02/16/2011		DUB	NOK	2,300			393			24
NOK/USD	02/16/2011		SSB	NOK	800			137			11
USD/CHF	05/10/2011		DUB	CHF	(6,489)			(6,952	)		(221	)
USD/CHF	05/10/2011		SSB	CHF	(4,060)			(4,350	)		(140	)
USD/CHF	05/10/2011		DUB	CHF	(216)			(232	)		(14	)
USD/CHF	05/10/2011		SSB	CHF	(150)			(161	)		(7	)
USD/DKK	01/24/2011		BOA	DKK	(14,926)			(2,676	)		(107	)
USD/DKK	01/24/2011		DUB	DKK	(882)			(158	)		(2	)
USD/DKK	01/24/2011		SSB	DKK	(500)			(90	)		(5	)
USD/EUR	01/18/2011		DUB	EUR	(217)			(289	)		6
USD/EUR	01/18/2011		DUB	EUR	(181)			(241	)		4
USD/EUR	01/18/2011		BOA	EUR	(618)			(826	)		30
USD/EUR	01/18/2011		DUB	EUR	(219)			(293	)		1
USD/EUR	01/18/2011		DUB	EUR	(219)			(293	)		(1	)
USD/EUR	01/18/2011		SSB	EUR	(228)			(305	)		1
USD/EUR	01/18/2011		SSB	EUR	(20,029)			(26,764	)		(1,303	)
USD/EUR	01/18/2011		SSB	EUR	(378)			(505	)		(9	)
USD/EUR	01/18/2011		DUB	EUR	(21,940)			(29,318	)		(625	)
USD/EUR	01/18/2011		BOA	EUR	(621)			(829	)		(33	)
USD/EUR	01/18/2011		SSB	EUR	(119)			(159	)		(4	)
USD/GBP	02/14/2011		DUB	GBP	(210)			(327	)		12
USD/GBP	02/14/2011		BOA	GBP	(270)			(421	)		18
USD/GBP	02/14/2011		SSB	GBP	(24,835)			(38,707	)		1,383
USD/GBP	02/14/2011		DUB	GBP	(181)			(282	)		5
USD/GBP	02/14/2011		DUB	GBP	(188)			(293	)		(1	)
USD/GBP	02/14/2011		SSB	GBP	(193)			(300	)		(4	)
USD/GBP	02/14/2011		SSB	GBP	(193)			(300	)		1
USD/JPY	04/20/2011		BCL	JPY	(201,784)			(2,488	)		1
USD/JPY	04/20/2011		DUB	JPY	(10,400)			(128	)		1
USD/JPY	04/20/2011		DUB	JPY	(6,139)			(76	)		(1	)
USD/JPY	04/20/2011		DUB	JPY	(4,163)			(51	)		(1	)
USD/JPY	04/20/2011		DUB	JPY	(6,508)			(80	)		(2	)
USD/JPY	04/20/2011		BOA	JPY	(3,216)			(40	)		(1	)
USD/JPY	04/20/2011		DUB	JPY	(7,043)			(87	)		(2	)
USD/NOK	02/16/2011		SSB	NOK	(1,848)			(316	)		(5	)
USD/NOK	02/16/2011		BOA	NOK	(1,700)			(291	)		(1	)
USD/NOK	02/16/2011		DUB	NOK	(1,600)			(274	)		(3	)
USD/NOK	02/16/2011		DUB	NOK	(35,832)			(6,128	)		(387	)
USD/NOK	02/16/2011		DUB	NOK	(1,920)			(328	)		(21	)
USD/NOK	02/16/2011		SSB	NOK	(1,574)			(269	)		(13	)
USD/NOK	02/16/2011		SSB	NOK	(1,900)			(325	)		(13	)
							$	(103,814	)	$	(1,745	)
JNL/Ivy Asset Strategy Fund
CNY/USD	06/28/2012		CIT	CNY	1,610		$	245		$	(3	)
CNY/USD	06/28/2012		CIT	CNY	4,600			699			(10	)
CNY/USD	06/28/2012		CIT	CNY	1,900			289			(3	)
CNY/USD	06/28/2012		CIT	CNY	4,490			682			(8	)
EUR/USD	03/24/2011		MSC	EUR	6,070			8,109			(223	)
EUR/USD	03/24/2011		MSC	EUR	5,430			7,254			(204	)

See accompanying Notes to the Financial Statements.

JNL Series Trust

Notes to Schedules of Investments (in thousands)

December 31, 2010

Schedule of Open Forward Foreign Currency Contracts

Purchased/ Sold	Settlement Date	Counter- Party		Notional Amount			Value			Unrealized Gain/ (Loss)
JNL/Ivy Asset Strategy Fund (continued)
USD/EUR	03/22/2011	MSC	EUR		(8,800	)	$	(11,757	)	$	(212	)
USD/EUR	03/22/2011	MSC	EUR		(12,300	)		(16,432	)		(261	)
USD/EUR	03/24/2011	NSI	EUR		(29,500	)		(39,410	)		(819	)
USD/EUR	03/24/2011	MSC	EUR		(11,500	)		(15,363	)		(1,194	)
USD/EUR	03/28/2011	GSC	EUR		(31,470	)		(42,041	)		(860	)
							$	(107,725	)	$	(3,797	)
JNL/JPMorgan International Value Fund
AUD/USD	02/28/2011	CSI	AUD		42,388		$	43,051		$	1,910
AUD/USD	02/28/2011	UBS	AUD		2,270			2,306			21
CHF/EUR	02/28/2011	RBS	EUR		(2,871	)		(3,836	)		248
CHF/EUR	02/28/2011	BNP	EUR		(6,558	)		(8,762	)		397
CHF/JPY	02/28/2011	CSI	JPY		(676,532	)		(8,338	)		209
EUR/GBP	02/28/2011	SSB	GBP		(1,490	)		(2,322	)		30
EUR/USD	02/28/2011	RBS	EUR		2,484			3,318			(51	)
EUR/USD	02/28/2011	BCL	EUR		1,765			2,358			4
EUR/USD	02/28/2011	BCL	EUR		1,968			2,629			30
GBP/EUR	02/28/2011	HSB	EUR		(1,574	)		(2,103	)		(25	)
GBP/USD	02/28/2011	GSC	GBP		2,091			3,258			(68	)
HKD/USD	02/28/2011	SSB	HKD		19,079			2,456			2
JPY/GBP	02/28/2011	DUB	GBP		(862	)		(1,343	)		14
JPY/USD	02/28/2011	DUB	JPY		2,456,882			30,279			814
SEK/USD	02/28/2011	UBS	SEK		105,180			15,609			420
SGD/CAD	02/28/2011	SSB	CAD		(2,102	)		(2,112	)		28
SGD/USD	02/28/2011	RBS	SGD		4,238			3,302			63
USD/CAD	02/28/2011	RBS	CAD		(5,400	)		(5,425	)		(137	)
USD/CHF	02/28/2011	RBS	CHF		(4,091	)		(4,378	)		(234	)
USD/EUR	02/28/2011	UBS	EUR		(960	)		(1,282	)		1
USD/GBP	02/28/2011	MLP	GBP		(34,712	)		(54,095	)		1,153
USD/GBP	02/28/2011	BCL	GBP		(3,517	)		(5,482	)		(14	)
USD/HKD	02/28/2011	DUB	HKD		(40,481	)		(5,210	)		11
USD/JPY	02/28/2011	DUB	JPY		(429,395	)		(5,292	)		(126	)
USD/JPY	02/28/2011	SSB	JPY		(408,780	)		(5,038	)		(122	)
USD/JPY	02/28/2011	UBS	JPY		(178,639	)		(2,202	)		(67	)
USD/JPY	02/28/2011	DUB	JPY		(109,806	)		(1,353	)		(29	)
USD/NOK	02/28/2011	UBS	NOK		(38,428	)		(6,568	)		(220	)
							$	(16,575	)	$	4,262
JNL/Mellon Capital Management International Index Fund
AUD/USD	03/16/2011	CCI	AUD		118		$	120		$	5
AUD/USD	03/16/2011	DUB	AUD		1,264			1,281			57
AUD/USD	03/16/2011	CCI	AUD		1,264			1,281			59
AUD/USD	03/16/2011	DUB	AUD		119			121			4
AUD/USD	03/16/2011	CSI	AUD		358			363			12
AUD/USD	03/16/2011	CCI	AUD		119			121			4
AUD/USD	03/16/2011	CSI	AUD		120			121			5
AUD/USD	03/16/2011	CCI	AUD		238			241			7
AUD/USD	03/16/2011	CCI	AUD		118			120			3
AUD/USD	03/16/2011	CCI	AUD		238			242			6
AUD/USD	03/16/2011	CCI	AUD		478			485			4
AUD/USD	03/16/2011	BOA	AUD		119			121			1
EUR/USD	03/16/2011	CCI	EUR		7,947			10,617			85
EUR/USD	03/16/2011	CCI	EUR		224			300			3
EUR/USD	03/16/2011	CCI	EUR		284			379			4
EUR/USD	03/16/2011	DUB	EUR		57			76			—
EUR/USD	03/16/2011	CSI	EUR		200			267			—
EUR/USD	03/16/2011	CSI	EUR		743			993			1
EUR/USD	03/16/2011	CCI	EUR		398			532			5
EUR/USD	03/16/2011	CSI	EUR		427			570			6
EUR/USD	03/16/2011	CCI	EUR		564			753			11
EUR/USD	03/16/2011	CCI	EUR		511			682			12
EUR/USD	03/16/2011	CCI	EUR		402			537			11

Purchased/ Sold	Settlement Date	Counter- Party		Notional Amount			Value			Unrealized Gain/ (Loss)
JNL/Mellon Capital Management International Index Fund (continued)
EUR/USD	03/16/2011	CGM	EUR		201		$	269		$	6
EUR/USD	03/16/2011	CCI	EUR		658			879			14
EUR/USD	03/16/2011	CCI	EUR		650			868			12
EUR/USD	03/16/2011	CCI	EUR		282			377			6
EUR/USD	03/16/2011	BOA	EUR		341			455			2
EUR/USD	03/16/2011	BOA	EUR		391			523			—
GBP/USD	03/16/2011	CCI	GBP		116			181			(2	)
GBP/USD	03/16/2011	BCL	GBP		4,503			7,017			(98	)
GBP/USD	03/16/2011	CCI	GBP		232			361			(4	)
GBP/USD	03/16/2011	CSI	GBP		176			274			(3	)
GBP/USD	03/16/2011	CSI	GBP		468			729			(2	)
GBP/USD	03/16/2011	CCI	GBP		352			548			(1	)
GBP/USD	03/16/2011	CSI	GBP		234			364			2
GBP/USD	03/16/2011	CCI	GBP		408			636			2
GBP/USD	03/16/2011	CCI	GBP		293			456			3
GBP/USD	03/16/2011	CCI	GBP		354			552			7
GBP/USD	03/16/2011	CGM	GBP		60			93			1
GBP/USD	03/16/2011	CCI	GBP		893			1,392			17
GBP/USD	03/16/2011	CCI	GBP		179			278			3
GBP/USD	03/16/2011	BOA	GBP		179			279			3
GBP/USD	03/16/2011	BOA	GBP		475			739			3
JPY/USD	03/16/2011	CCI	JPY		35,140			433			15
JPY/USD	03/16/2011	DUB	JPY		223,993			2,761			93
JPY/USD	03/16/2011	BCL	JPY		522,650			6,442			217
JPY/USD	03/16/2011	CCI	JPY		26,685			329			10
JPY/USD	03/16/2011	DUB	JPY		8,880			109			3
JPY/USD	03/16/2011	CSI	JPY		17,920			221			6
JPY/USD	03/16/2011	CSI	JPY		63,105			778			25
JPY/USD	03/16/2011	CCI	JPY		36,080			445			16
JPY/USD	03/16/2011	CSI	JPY		36,120			445			15
JPY/USD	03/16/2011	CCI	JPY		36,080			445			13
JPY/USD	03/16/2011	CCI	JPY		45,000			555			16
JPY/USD	03/16/2011	CGM	JPY		54,330			670			16
JPY/USD	03/16/2011	CCI	JPY		54,120			667			13
JPY/USD	03/16/2011	CCI	JPY		45,250			558			5
JPY/USD	03/16/2011	CCI	JPY		18,090			223			2
JPY/USD	03/16/2011	BOA	JPY		27,270			336			1
USD/AUD	03/16/2011	CCI	AUD		(2,153	)		(2,182	)		(88	)
USD/EUR	03/16/2011	CCI	EUR		(5,859	)		(7,827	)		(73	)
USD/GBP	03/16/2011	CCI	GBP		(3,942	)		(6,143	)		69
USD/JPY	03/16/2011	CCI	JPY		(500,519	)		(6,169	)		(181	)
							$	30,689		$	469

See accompanying Notes to the Financial Statements.

JNL Series Trust

Notes to Schedules of Investments (in thousands)

December 31, 2010

Schedule of Total Return Swap Agreements

Counterparty	Reference Entity	Paying/ Receiving Reference Entity Total Return		Expiration Date		Notional     Amount1			Unrealized Appreciation / (Depreciation)
JNL/Ivy Asset Strategy Fund
GSC	* Brazil Bovespa Index February 2011 Future		N/A		02/17/2011		BRL	—	$	(4	)
GSC	* Brazil Bovespa Index February 2011 Future		N/A		02/17/2011		BRL	—		(37	)
GSC	* Brazil Bovespa Index February 2011 Future		N/A		02/17/2011		BRL	—		4
MSC	* Brazil Bovespa Index February 2011 Future		N/A		02/17/2011		BRL	—		11
									$	(26	)

¹Notional amount is stated in USD unless otherwise noted.

* Swap agreement fair valued in good faith in accordance with procedures established by the Board. Fair valued securities may be classified as Level 2 or Level 3 for FASB ASC Topic 820 disclosures based on the applicable valuation inputs. See FASB ASC Topic 820 note in these Notes to the Schedule of Investments.

Counterparty	Abbreviations
BANCAMERICA SECURITIES/BANK OF AMERICA NA	BOA
BARCLAYS CAPITAL INC.	BCL
BARCLAYS BANK PLC	BBP
BNP PARIBAS SECURITIES	BNP
BNY CAPITAL MARKETS	BNY
CITIBANK, INC.	CIT
CITICORP SECURITIES, INC.	CCI
CITIGROUP GLOBAL MARKETS(FRMRLY SALOMON)	CGM
CREDIT SUISSE INTERNATIONAL	CST
CREDIT SUISSE SECURITIES, LLC	CSI
DEUTSCHE BANK ALEX BROWN INC.	DUB
GOLDMAN SACHS & CO.	GSC
GOLDMAN SACHS BANK USA	GSB
GOLDMAN SACHS INTERNATIONAL	GSI
HSBC SECURITIES, INC.	HSB
J.P. MORGAN	JPM
J.P. MORGAN SECURITIES, INC.	JPM
MERRILL LYNCH CAPITAL SERVICES	MLC
MERRILL LYNCH INTERNATIONAL	MLI
MERRILL LYNCH PROFESSIONAL CLEARING CORP	MLP
MERRILL LYNCH, PIERCE, FENNER, & SMITH	MLP
MORGAN STANLEY & CO., INCORPORATED	MSC
MORGAN STANLEY CAPITAL SERVICES INC.	MSS
NOMURA SECURITIES INTERNATIONAL, INC.	NSI
ROYAL BANK OF CANADA	RBC
ROYAL BANK OF SCOTLAND	RBS
STATE STREET BROKERAGE SERVICES, INC.	SSB
UBS SECURITIES LLC	UBS
UBS AG STAMFORD	STA
WESTPAC BANKING CORPORATION	WBC

See accompanying Notes to the Financial Statements.

JNL Series Trust

Notes to Schedules of Investments (in thousands)

December 31, 2010

Pledged or Segregated Collateral – The following table summarizes cash and securities collateral pledged for futures contracts and reverse repurchase agreements or segregated for securities sold short, swap agreements and delayed delivery securities:

	Futures Contracts		Reverse Repurchase	Securities Sold Short	Swap Agreements		Delayed Delivery	Total Pledged or Segregated
	Pledged Cash	Pledged Securities	Segregated Securities	Segregated Securities	Segregated or Pledged Cash	Segregated Securities	Segregated Securities	Cash and Securities
JNL/Goldman Sachs U.S. Equity Flex Fund	-	-	-	107,241	-	-	-	107,241
JNL/Ivy Asset Strategy Fund	-	-	-	-	-	832	-	832
JNL/Mellon Capital Management S&P 500 Index Fund	-	1,295	-	-	-	-	-	1,295
JNL/Mellon Capital Management S&P 400 Mid Cap Index Fund	-	940	-	-	-	-	-	940
JNL/Mellon Capital Management Small Cap Index Fund	-	895	-	-	-	-	-	895
JNL/Mellon Capital Management International Index Fund	-	1,709	-	-	-	-	-	1,709

See accompanying Notes to the Financial Statements.

JNL Series Trust

Schedules of Investments (in thousands)

December 31, 2010

FASB ASC Topic 815, “Derivatives and Hedging” – The following is a summary of the fair valuations of each Fund’s derivative instruments categorized by risk exposure. The derivative instruments outstanding as of December 31, 2010, as disclosed in these Notes to the Schedules of Investments and the amounts of realized and changes in unrealized gains and losses on derivative instruments during the year ended December 31, 2010, as disclosed in the Statements of Operations, serve as indicators of the volume of derivative activity for the Funds. See Note 4 in the Notes to Financial Statements for additional FASB ASC Topic 815 disclosures.

JNL/Ivy Asset Strategy Fund

Fair values of derivative instruments on the Statements of Assets and Liabilities as of December 31, 2010:
	Credit Contracts		Equity Contracts			Foreign Exchange Contracts			Interest Rate Contracts		Total				Credit Contracts		Equity Contracts			Foreign Exchange Contracts			Interest Rate Contracts		Total
Assets:														Liabilities:
Investments - unaffiliated, at value		$          -	$	6,638		$	-		$	-	$	6,638		Options written, at value	$	-	$	1,808		$	-		$	-	$	1,808
Forward foreign currency contracts		-		-			-			-		-		Forward foreign currency contracts		-		-			3,797			-		3,797
Unrealized appreciation on swap agreements		-		15			-			-		15		Unrealized depreciation on swap agreements		-		41			-			-		41
Variation margin		-		-			-			-		-		Variation margin		-		-			-			-		-
	$	-	$	6,653		$	-		$	-	$	6,653			$	-	$	1,849		$	3,797		$	-	$	5,646
The effect of derivative instruments on the Statements of Operations for the year ended December 31, 2010:
Net realized gain (loss) on:														Net change in unrealized appreciation or depreciation on:
Foreign currency related items	$	-	$	-		$	(2,051	)	$	-	$	(2,051	)	Foreign currency related items	$	-	$	-		$	(3,797	)	$	-	$	(3,797	)
Futures contracts		-		(55,537	)		-			-		(55,537	)	Futures contracts †		-		-			-			-
Option contracts		-		(6,668	)		(130	)		-		(6,798	)	Option contracts* †		-		(265	)		-			-	$	(265	)
Swap agreements		-		524			-			-		524		Swap agreements		-		(24	)		-			-		(24	)
	$	-	$	(61,681	)	$	(2,181	)	$	-	$	(63,862	)		$	-	$	(289	)	$	(3,797	)	$	-	$	(4,086	)
JNL/JPMorgan International Value Fund Fair values of derivative instruments on the Statements of Assets and Liabilities as of December 31, 2010:
	Credit Contracts		Equity Contracts			Foreign Exchange Contracts			Interest Rate Contracts		Total				Credit Contracts		Equity Contracts			Foreign Exchange Contracts			Interest Rate Contracts		Total
Assets:														Liabilities:
Forward foreign currency contracts	$	-	$	-		$	5,552		$	-	$	5,552		Forward foreign currency contracts	$	-	$	-		$	1,290		$	-	$	1,290
Variation margin		-		-			-			-		-		Variation margin		-		-			-			-		-
	$	-	$	-		$	5,552		$	-	$	5,552			$	-	$	-		$	1,290		$	-	$	1,290
The effect of derivative instruments on the Statements of Operations for the year ended December 31, 2010:
Net realized gain (loss) on:														Net change in unrealized appreciation or depreciation on:
Foreign currency related items	$	-	$	-		$	5,819		$	-	$	5,819		Foreign currency related items	$	-	$	-		$	4,185		$	-	$	4,185
Futures contracts		-		171			-			-		171		Futures contracts		-		56			-			-		56
	$	-	$	171		$	5,819		$	-	$	5,990			$	-	$	56		$	4,185		$	-	$	4,241
JNL/Mellon Capital Management International Index Fund Fair values of derivative instruments on the Statements of Assets and Liabilities as of December 31, 2010:
	Credit Contracts		Equity Contracts			Foreign Exchange Contracts			Interest Rate Contracts		Total				Credit Contracts		Equity Contracts			Foreign Exchange Contracts			Interest Rate Contracts		Total
Assets:														Liabilities:
Forward foreign currency contracts	$	-	$	-		$	921		$	-	$	921		Forward foreign currency contracts	$	-	$	-		$	452		$	-	$	452
Variation margin		-		-			-			-		-		Variation margin		-		100			-			-		100
	$	-	$	-		$	921		$	-	$	921			$	-	$	100		$	452		$	-	$	552
The effect of derivative instruments on the Statements of Operations for the year ended December 31, 2010:
Net realized gain (loss) on:														Net change in unrealized appreciation or depreciation on:
Foreign currency related items	$	-	$	-		$		(219)	$	-	$	(219)		Foreign currency related items	$	-	$	-		$	1,060		$	-	$	1,060
Futures contracts		-		609			-			-		609		Futures contracts		-		(406	)		-			-		(406	)
	$	-	$	609		$		(219)	$	-	$	390			$	-	$	(406	)	$	1,060		$	-	$	654

† The Fund did not hold any open derivative instruments in this category at December 31, 2009.

*Includes change in unrealized appreciation (depreciation) on purchased and written options. Unrealized appreciation (depreciation) on purchased options is located in net change in unrealized appreciation (depreciation) on investments in the Statements of Operations. Unrealized appreciation (depreciation) on written options is located in net change in unrealized appreciation (depreciation) on written options contracts on the Statement of Operations.

See accompanying Notes to the Financial Statements.

JNL Series Trust

Notes to the Schedules of Investments

December 31, 2010

Summary of Investments by Country (as a percentage of total long-term investments)* :

JNL/BlackRock Commodity Securities Fund

JNL/Capital Guardian Global Balanced Fund

JNL/Capital Guardian Global Diversified Research Fund

JNL/Franklin Templeton Global Growth Fund

JNL/Franklin Templeton Income Fund

JNL/Franklin Templeton Mutual Shares Fund

Argentina

–

%

0.1

%

–

%

–

%

–

%

–

%

Australia

1.2

2.3

3.2

0.3

1.4

–

Austria

–

0.3

–

0.5

–

–

Barbados

0.4

–

–

–

–

–

Belgium

–

0.2

–

–

–

–

Bermuda

–

0.3

0.1

–

–

0.4

Brazil

1.6

1.9

1.2

0.7

–

–

Canada

13.3

2.9

4.7

–

2.3

0.5

Cayman Islands

–

0.2

–

–

0.2

–

China

0.5

1.6

3.3

0.4

–

–

Colombia

–

0.1

–

–

–

–

Croatia

–

0.2

–

–

–

–

Denmark

–

1.2

1.0

–

–

1.8

Dominican Republic

–

0.1

–

–

–

–

Egypt

–

–

–

–

–

–

Finland

–

0.4

1.3

–

–

–

France

11.3

2.5

4.8

7.3

–

3.8

Germany

–

7.7

3.9

5.2

0.8

3.8

Greece

0.1

–

–

–

–

–

Hong Kong

0.9

2.3

4.2

1.7

–

0.4

Hungary

–

0.3

–

–

–

–

India

–

2.1

0.9

0.7

–

–

Indonesia

–

0.4

0.3

–

–

–

Iraq

–

0.1

–

–

–

–

Ireland

–

0.8

0.4

5.2

–

–

Israel

–

0.2

–

–

–

–

Italy

0.9

0.8

–

1.9

–

0.3

Japan

–

9.8

9.2

2.5

–

1.4

Luxembourg

–

0.5

–

–

–

–

Malaysia

–

1.3

0.3

–

–

–

Mexico

–

1.9

0.3

–

–

–

Netherlands

–

1.9

3.2

4.8

0.1

1.9

New Zealand

–

–

–

–

–

–

Norway

–

0.4

0.4

0.6

–

1.3

Panama

–

0.1

–

–

–

–

Peru

–

–

–

–

–

–

Poland

–

1.5

–

–

–

–

Qatar

–

–

–

–

–

–

Russian Federation

–

1.3

1.0

0.5

–

–

Singapore

–

0.6

0.5

2.0

–

–

South Africa

–

0.9

0.8

–

0.2

–

South Korea

–

2.7

2.1

4.2

–

–

Spain

–

0.2

–

1.2

0.6

1.4

Sweden

3.0

1.2

0.7

1.0

–

–

Switzerland

0.7

2.6

2.8

8.5

2.3

6.1

Taiwan

–

0.6

0.5

1.1

–

–

Thailand

–

0.1

–

–

–

–

Turkey

–

0.2

–

0.5

–

–

United Arab Emirates

–

0.2

–

–

–

–

United Kingdom

0.3

6.7

11.0

12.2

4.1

9.4

United States

65.8

36.2

37.9

37.0

88.0

67.5

Venezuela

–

0.1

–

–

–

–

Total Long-Term Investments*

100.0

%

100.0

%

100.0

%

100.0

%

100.0

%

100.0

%

JNL Series Trust

Notes to the Schedules of Investments

December 31, 2010

Summary of Investments by Country (as a percentage of total long-term investments)* :

JNL/Invesco Global Real Estate Fund

JNL/Invesco International Growth Fund

JNL/Invesco Large Cap Growth Fund

JNL/Ivy Asset Strategy Fund

JNL/JPMorgan International Value Fund

JNL/Lazard Emerging   Markets Fund

Argentina

–

%

–

%

–

%

–

%

–

%

–

%

Australia

8.9

7.5

–

0.7

1.5

–

Austria

0.3

–

–

–

1.1

–

Bahamas

–

–

–

–

–

–

Belgium

–

1.7

–

–

0.9

–

Bermuda

2.0

–

1.7

–

–

–

Brazil

0.3

2.5

–

3.5

–

21.5

Canada

3.6

5.5

4.5

–

1.5

1.8

Cayman Islands

0.8

–

2.2

2.0

–

–

Chile

–

–

–

–

–

–

China

–

1.5

–

4.8

–

2.1

Colombia

–

–

–

–

–

–

Denmark

–

1.9

–

0.3

–

–

Egypt

–

–

–

–

–

3.3

European Union

–

–

–

0.6

–

–

Finland

0.5

–

–

–

2.1

–

France

3.9

5.3

–

1.6

12.2

–

Germany

–

6.9

–

6.3

10.0

–

Hong Kong

14.5

1.8

–

6.2

3.3

0.6

Hungary

–

–

–

–

–

1.3

India

–

2.1

–

3.4

–

5.0

Indonesia

–

–

–

–

–

5.1

Ireland

–

–

1.0

–

–

–

Israel

–

2.2

0.6

–

–

–

Italy

0.2

–

–

0.1

0.9

–

Japan

12.1

10.2

–

–

20.7

–

Luxembourg

–

–

–

–

0.9

0.8

Macau

–

–

–

5.8

–

–

Malaysia

–

–

–

–

–

0.6

Malta

–

–

–

–

–

–

Mexico

–

3.8

1.0

–

–

7.0

Netherlands

2.2

5.1

–

0.8

9.9

–

Norway

–

–

–

1.4

2.5

–

Pakistan

–

–

–

–

–

1.3

Peru

–

–

–

–

–

–

Philippines

–

1.1

–

–

–

1.9

Poland

–

–

–

–

–

–

Russian Federation

–

1.1

–

–

–

5.2

Singapore

4.4

3.0

–

–

0.9

–

South Africa

–

–

–

–

0.9

11.7

South Korea

–

2.6

–

2.9

1.3

14.4

Spain

–

–

–

1.1

3.4

–

Sweden

0.7

1.6

–

1.9

–

–

Switzerland

0.7

8.0

0.3

2.2

2.5

–

Taiwan

–

2.4

–

–

0.9

7.9

Thailand

–

–

–

0.8

–

1.8

Turkey

–

0.9

–

–

–

6.7

United Arab Emirates

–

–

–

–

–

–

United Kingdom

5.5

20.8

–

4.1

22.6

–

United States

39.4

0.5

88.7

49.5

–

–

Venezuela

–

–

–

–

–

–

Total Long-Term Investments*

100.0

%

100.0

%

100.0

%

100.0

%

100.0

%

100.0

%

JNL Series Trust

Notes to the Schedules of Investments

December 31, 2010

Summary of Investments by Country (as a percentage of total long-term investments)* :

	JNL/Mellon Capital Management International Index Fund			JNL/Oppenheimer Global Growth Fund			JNL/PAM Asia   ex-Japan Fund
Australia		8.8	%		–	%		–	%
Austria		0.3			–			–
Belgium		0.9			–			–
Bermuda		–			0.9			–
Brazil		–			2.0			–
Canada		–			–			–
Cayman Islands		–			–			–
Chile		–			–			–
China		–			–			12.1
Cyprus		–			–			–
Denmark		1.0			–			–
Egypt		–			–			–
European Monetary Unit		–			–			–
European Union		–			–			–
Finland		1.1			0.9			–
France		9.0			5.1			–
Germany		8.2			9.3			–
Greece		0.2			–			–
Guernsey		0.1			–			–
Hong Kong		2.7			–			23.9
India		–			2.3			12.3
Indonesia		–			–			3.1
Ireland		0.2			–			–
Israel		0.8			–			–
Italy		2.5			2.3			–
Japan		22.0			11.8			–
Jeresy		0.1			–			–
Luxembourg		0.5			–			–
Macau		0.1			–			–
Malaysia		–			–			3.3
Malta		–			–			–
Mauritius		–			–			–
Mexico		–			3.7			–
Mongolia		–			–			0.6
Netherlands		4.6			3.2			–
New Zealand		0.1			–			–
Norway		0.9			–			–
Panama		–			–			–
Philippines		–			–			0.9
Portugal		0.3			–			–
Qatar		–			–			–
Russian Federation		–			–			–
Singapore		1.7			–			5.2
South Africa		–			–			–
South Korea		–			0.2			21.1
Spain		3.3			2.3			–
Sweden		3.2			6.8			–
Switzerland		8.1			5.2			–
Taiwan		–			2.0			14.5
Thailand		–			–			3.0
United Kingdom		19.3			4.2			–
United States		–			37.8			–
Total Long-Term Investments*		100.0	%		100.0	%		100.0	%

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees

JNL Series Trust:

We have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the financial statements of JNL/BlackRock Commodity Securities Fund, JNL/Capital Guardian Global Balanced Fund, JNL/Capital Guardian Global Diversified Research Fund, JNL/Eagle SmallCap Equity Fund, JNL/Franklin Templeton Global Growth Fund, JNL/Franklin Templeton Income Fund, JNL/Franklin Templeton Mutual Shares Fund, JNL/Franklin Templeton Small Cap Value Fund, JNL/Goldman Sachs Mid Cap Value Fund, JNL/Goldman Sachs U.S. Equity Flex Fund, JNL/Invesco Global Real Estate Fund, JNL/Invesco International Growth Fund, JNL/Invesco Large Cap Growth Fund, JNL/Invesco Small Cap Growth Fund, JNL/Ivy Asset Strategy Fund, JNL/JPMorgan International Value Fund, JNL/JPMorgan MidCap Growth Fund, JNL/Lazard Emerging Markets Fund, JNL/Lazard Mid Cap Equity Fund, JNL/Mellon Capital Management International Index Fund, JNL/Mellon Capital Management S&P 400 MidCap Index Fund, JNL/Mellon Capital Management S&P 500 Index Fund, JNL/Mellon Capital Management Small Cap Index Fund, JNL/Oppenheimer Global Growth Fund, JNL/PAM Asia ex-Japan Fund, JNL/Select Balanced Fund, JNL/Select Value Fund, JNL/T. Rowe Price Established Growth Fund, JNL/T. Rowe Price Mid-Cap Growth Fund, and JNL/T. Rowe Price Value Fund (the “Funds”) as of and for the year ended December 31, 2010, and have issued our unqualified report thereon dated February 28, 2010 (which report and financial statements are included in Item 1 of this Certified Shareholder Report on Form N-CSR). Our audits included an audit of the Funds’ schedules of investments in securities (the “Schedules”) as of December 31, 2010 appearing in Item 6 of this Form N-CSR. These Schedules are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these Schedules based on our audits.

In our opinion, the Schedules referred to above, when read in conjunction with the financial statements of the Funds referred to above, present fairly, in all material respects, the information set forth therein.

/s/ KPMG LLP

February 28, 2011

(b) Not applicable.

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

Not applicable.

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

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

No material changes have been made.

Item 11. Controls and Procedures.

(a) The registrant maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in the registrant’s filings under the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, is recorded, processed, summarized, and reported within the periods specified in the rules and forms of the U.S. Securities and Exchange Commission. Such information is accumulated and communicated to the registrant’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The registrant’s management, including the principal executive officer and the principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

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

(b) There have been no significant changes in the registrant’s internal controls over financial reporting during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal controls over financial reporting. There have been no significant changes in the registrant’s internal controls or in other factors that could significantly affect the internal controls subsequent to the date of their evaluation in connection with the preparation of this report on Form N-CSR.

Item 12. Exhibits
	(a)	(1) Code of Ethics pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 (as defined in Item 2(b) of Form N-CSR) is attached hereto. (2) The certifications required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are attached hereto. (3) Not applicable.
	(b)	The certification required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, is attached hereto.

SIGNATURES

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

	JNL Series Trust
By:	/s/ Mark D. Nerud
	Mark D. Nerud
	Principal Executive Officer
Date:	March 7, 2011

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

By:	/s/ Mark D. Nerud
	Mark D. Nerud
	Principal Executive Officer
Date:	March 7, 2011

By:	/s/ Daniel W. Koors
	Daniel W. Koors
	Principal Financial Officer
Date:	March 7, 2011

EXHIBIT LIST

Exhibit 12(a)(1)	Registrant’s Code of Ethics pursuant to Section 406 of the Sarbanes-Oxley Act of 2002.
Exhibit 12(a)(2)	Certification of the Principal Executive Officer required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended.
	Certification of the Principal Financial Officer required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended.
Exhibit 12(b)	Certification required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended.