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, 2014

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, 2014

• JNL^® Series Trust

• JNL Variable Fund LLC

This report is for the general information of qualified and nonqualified plan participants, as well as contract/policy owners of the Perspective^SM, Perspective II®, Perspective Advisors^SM, Perspective Advisors II^SM, Perspective L Series, Perspective Rewards®, Curiangard^SM, Perspective Advantage^SM, Perspective Focus®, Perspective Investor VUL®, Ultimate Investor® VUL, Jackson Advisor^SM VUL, Defined Strategies Variable Annuity®, Fifth Third Perspective, Retirement Latitudes®, Elite Access®, Perspective (New York), Perspective II (New York), Perspective Advisors II (New York), Perspective L Series (New York), Curiangard (New York), Perspective Advisors (New York), Perspective Focus (New York), Perspective Investor VUL (New York), Perspective Rewards (New York) and Elite Access (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  

JNL Series Trust and JNL Variable Fund LLC

December 31, 2014

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, 2014, together with Management’s Discussion of Fund Performance for each of the Funds.   After a challenging start to 2014, the U.S. economy showed signs of continued improvement over the course of the year. After contracting by 2.1% in the 1^st quarter due in part to extreme cold weather across much of the nation, U.S. gross domestic product growth accelerated to an annualized rate of 4.6% in the 2^nd quarter and 5.0% in the 3^rd quarter, a pace of growth not seen since 2003. The unemployment rate dropped to six-year lows, falling from 6.7% to 5.6%, while an estimated 242,000 new jobs were added each month. The housing market continued its rebound, albeit at a slower pace of growth than 2013. As a result of the mostly strong U.S. data, consumer confidence increased to levels not seen since 2007. Amid the improvement in the economic landscape in the U.S., the U.S. Federal Reserve (“Fed”) announced the conclusion of its quantitative easing program, better known as QE3.

Against this backdrop, U.S. equities, as measured by the Russell 3000 Index, gained 12.56% while setting new record highs and marking their sixth consecutive year of gains. All major equity sectors were positive for the year, with the exception of energy. The market’s advance was led by large cap equities, as evidenced by the 13.24% return of the Russell 1000 Index, compared with the 4.89% return for the Russell 2000 Index, a proxy for small cap equities. Value and growth equities posted similar gains for the year, as the Russell 3000 Value Index and Russell 3000 Growth Index gained 12.70% and 12.44%, respectively.

Despite the continued growth in the U.S., most international markets were hampered by slowing growth, geopolitical tensions, falling commodity prices and deflation in some areas, including the Eurozone. Growth was also mixed for emerging market countries. China, now the world’s largest economy, once again produced strong economic growth during the year, as real GDP grew by an estimated 7.3%. Meanwhile, Russia suffered from slowing growth and a sharply weaker currency as a result of lower energy prices and economic sanctions from the U.S. and Europe. International equities, as measured by the MSCI All Country World ex-U.S. Index, returned -3.87%, including -2.19% for emerging markets equities and -4.32% for developed market equities. While the index returned 6.05% in local currency terms, international equities were negatively impacted by a stronger U.S. Dollar resulting from stronger growth in the U.S. and increasing policy divergence between the Fed, European Central Bank, and Bank of Japan.

U.S. fixed income securities, as measured by the Barclays U.S. Aggregate Bond Index, enjoyed a surprisingly strong year, returning 5.97%. Despite near consensus expectations of rising interest rates by economists and market participants, long-term Treasury yields fell sharply due to the convergence of several factors, including collapsing yields in Europe, below-expected inflation and increased pension demand. Most sectors within the fixed income markets produced gains during the year, although high yield bonds underperformed due to rising credit concerns which were exacerbated by a sharp drop in oil prices late in the year. Non-U.S. Dollar denominated strategies significantly underperformed as the U.S. Dollar strengthened against most currencies.

Alternative investments, as measured by the Credit Suisse Hedge Fund Index, gained 4.13% during the year. Among the best performing alternative strategies were managed futures, long/short equity and global macro. Among the worst performing strategies were commodities, event-driven, merger arbitrage and short-biased equities.

Looking ahead to 2015, we expect to see divergent paths in economic growth and monetary policy across the globe. The U.S. and UK recoveries should continue to progress, and we expect monetary policies to begin to normalize in those countries, while the Eurozone and Japan are faced with anemic growth and potential for deflation, likely resulting in an expansion of their quantitative easing programs. We also expect dispersion in emerging markets due to differences in economic reforms and challenging conditions for countries more tied to commodity prices that remain under pressure.

These divergent trends in the macro environment could lead to greater volatility in 2015. While that can cause gyrations in returns over the short term, it could also present opportunities for active managers to take advantage of valuation anomalies.

Thank you for choosing Jackson for your investment needs.

Mark D. Nerud

President and Chief Executive Officer

JNL Series Trust

JNL Variable Fund LLC

JNL/American Funds Master Feeder Funds Capital Research and Management Company
(Unaudited)

JNL/American Funds Blue Chip Income and Growth Fund

Portfolio Composition†:
Domestic Equity	100.0	%
Total Investments	100.0	%

†Total Investments as of December 31, 2014

Portfolio Manager Commentary: For the year ended December 31, 2014, JNL/American Funds Blue Chip Income and Growth Fund outperformed its benchmark by posting a return of 14.99% for Class A shares compared to 13.69% for the S&P 500 Index.

The Fund seeks both income exceeding the average yield on U.S. stocks generally and to provide an opportunity for growth of principal consistent with sound common stock investing through exclusive investment in the Class 1 shares of the American Funds Insurance Series^® – Blue Chip Income and Growth Fund^SM (“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.

JNL/American Funds Global Bond Fund

Portfolio Composition†:
Global Fixed Income	100.0	%
Total Investments	100.0	%

†Total Investments as of December 31, 2014

Portfolio Manager Commentary: For the year ended December 31, 2014, JNL/American Funds Global Bond Fund outperformed its benchmark by posting a return of 1.17% for Class A shares compared to 0.59% for the Barclays Global Aggregate Bond Index.

The Fund seeks, over the long term, a high level of total return consistent with prudent investment management through exclusive investment in the Class 1 shares of the American Funds Insurance Series^® – Global Bond Fund^SM (“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.

JNL/American Funds Global Small Capitalization Fund

Portfolio Composition†:
Global Equity	100.0	%
Total Investments	100.0	%

†Total Investments as of December 31, 2014

Portfolio Manager Commentary: For the year ended December 31, 2014, the JNL/American Funds Global Small Capitalization Fund outperformed its benchmark by posting a return of 1.80% for Class A shares compared to 1.78% for the MSCI All Country World Small Cap Index.

The Fund seeks growth of capital over time through exclusive investment in the Class 1 shares of the American Funds Insurance Series – Global Small Capitalization Fund^SM (“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.

JNL/American Funds Growth-Income Fund

Portfolio Composition†:
Domestic Equity	100.0	%
Total Investments	100.0	%

†Total Investments as of December 31, 2014

Portfolio Manager Commentary: For the year ended December 31, 2014, JNL/American Funds Growth-Income Fund underperformed its benchmark by posting a return of 10.19% for Class A shares compared to 13.69% for the S&P 500 Index.

The Fund seeks long term growth of capital and income through exclusive investment in the Class 1 shares of the American Funds Insurance Series^® – Growth Income Fund^SM (“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.

JNL/American Funds Master Feeder Funds (continued) Capital Research and Management Company (Unaudited)

JNL/American Funds International Fund

Portfolio Composition†:
International Equity	100.0	%
Total Investments	100.0	%

†Total Investments as of December 31, 2014

Portfolio Manager Commentary: For the year ended December 31, 2014, JNL/American Funds International Fund outperformed its benchmark by posting a return of -3.04% for Class A shares compared to -3.87% for the MSCI All Country World ex USA Index.

The Fund seeks long term growth of capital through exclusive investment in the Class 1 shares of the American Funds Insurance Series^® – International Fund^SM (“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.

JNL/American Funds New World Fund

Portfolio Composition†:
Emerging Markets Equity	100.0	%
Total Investments	100.0	%

†Total Investments as of December 31, 2014

Portfolio Manager Commentary: For the year ended December 31, 2014, JNL/American Funds New World Fund underperformed its primary benchmark by posting a return of -8.21% for Class A shares compared to 4.17% for the MSCI All Country World Index and underperformed its other benchmark, the MSCI Emerging Markets Index, which returned -2.19%.

The Fund seeks long term capital appreciation through exclusive investment in the Class 1 shares of the American Funds Insurance Series^® – New World Fund^SM (“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.

JNL/American Funds Master Feeder Funds (continued) Capital Research and Management Company
(Unaudited)

JNL/American Funds Blue Chip Income and Growth Fund (Class A)

Average Annual Total Returns* for Class A Shares
1 Year	14.99%
Since Inception	13.06%
(Inception date May 3, 2010)
Average Annual Total Returns* for Class B Shares
1 Year	15.27%
Since Inception	13.29%
(Inception date May 3, 2010)

JNL/American Funds Global Bond Fund (Class A)

Average Annual Total Returns* for Class A Shares
1 Year	1.17%
Since Inception	2.70%
(Inception date May 3, 2010)
Average Annual Total Returns* for Class B Shares
1 Year	1.40%
Since Inception	2.97%
(Inception date May 3, 2010)

JNL/American Funds Global Small Capitalization Fund (Class A)

Average Annual Total Returns* for Class A Shares
1 Year	1.80%
Since Inception	7.14%
(Inception date May 3, 2010)
Average Annual Total Returns* for Class B Shares
1 Year	2.05%
Since Inception	7.36%
(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 do not reflect the deduction of insurance charges.

*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 Master Feeder Funds (continued) Capital Research and Management Company
(Unaudited)

JNL/American Funds Growth-Income Fund (Class A)

Average Annual Total Returns* for Class A Shares
1 Year	10.19%
Since Inception	12.73%
(Inception date May 3, 2010)
Average Annual Total Returns* for Class B Shares
1 Year	10.41%
Since Inception	12.94%
(Inception date May 3, 2010)

JNL/American Funds International Fund (Class A)

Average Annual Total Returns* for Class A Shares
1 Year	-3.04%
Since Inception	5.45%
(Inception date May 3, 2010)
Average Annual Total Returns* for Class B Shares
1 Year	-2.80%
Since Inception	5.69%
(Inception date May 3, 2010)

JNL/American Funds New World Fund (Class A)

Average Annual Total Returns* for Class A Shares
1 Year	-8.21%
Since Inception	3.29%
(Inception date May 3, 2010)
Average Annual Total Returns* for Class B Shares
1 Year	-8.01%
Since Inception	3.51%
(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 do not reflect the deduction of insurance charges.

*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 Alt Funds Jackson National Asset Management, LLC (Unaudited)

Market Summary: After a rough start to 2014 for the U.S. economy and the stock market, the U.S. economy continued to gain momentum during the year, resulting in continued growth, six-year lows in the unemployment rate and the conclusion of its third round of quantitative easing (“QE3”), all of which culminated in strong U.S. equity returns. U.S. equities, as represented by the Russell 3000 Index, gained 12.56% in 2014, marking their sixth consecutive year of gains. Large cap equities significantly outperformed small cap equities, while value and growth equities posted similar returns.

U.S. fixed income securities, as measured by the Barclays U.S. Aggregate Bond Index, had a surprisingly strong year, returning 5.97%. Despite expectations of rising interest rates by many economists and market participants, long term interest rates fell sharply due to low yields worldwide, below-expected inflation, and heightened demand from investors. Most sectors within the fixed income markets were positive during the year, although high yield bonds underperformed due to rising credit concerns. Non-U.S. dollar denominated strategies also significantly underperformed as the dollar strengthened against most currencies.

Despite the continued growth in the U.S., most international markets remained troubled by lack of growth, geopolitical tensions, falling commodity prices, and even deflation in some areas. International equities, as represented by the MSCI All Country World ex USA Index, returned -3.87% during the year, including -2.19% for emerging market equities, as measured by the MSCI Emerging Markets Index, and -4.32%, as measured by the MSCI EAFE + Canada Index for developed market equities. While the MSCI All Country World ex USA Index returned 6.05% in local currency terms, international equities were negatively impacted by a stronger U.S. dollar resulting from stronger growth in the U.S. and increasing policy divergence between central banks.

Alternative investments, as measured by the Credit Suisse Hedge Fund Index, returned 4.13% during the year. Among the best performing alternative strategies were managed futures, long/short equity and global macro. Among the worst performing strategies were commodities, merger arbitrage and short biased equities.

JNL Institutional Alt Funds

Portfolio Manager Commentary: The investment objective of JNL Institutional Alt 20 Fund, JNL Institutional Alt 35 Fund, JNL Institutional Alt 50 Fund and JNL Institutional Alt 65 Fund (collectively “JNL Institutional Alt Funds”) is long term growth of capital and income through investment in other funds. Each Fund seeks to achieve its objective by investing in shares of a diversified group of affiliated Funds (“Underlying Funds”). The Underlying Funds in which each Fund may invest are a separate series of JNL Series Trust, JNL Variable Fund LLC, JNL Investors Series Trust and Curian Variable Series Trust. Each JNL Institutional Alt 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 Schedule of Investments and Financial Statements for the Underlying Funds are available at www.jackson.com or on the SEC’s website at www.sec.gov.

JNL Institutional Alt Funds are structured in order of priority to fulfill three primary roles: navigate a rising rate environment; provide variable exposure to equity beta; and tactical deployment of inflation defense.

During the year, the Funds reduced exposure of some underlying index funds in favor of high conviction, actively managed strategies within the

alternatives, equities, and fixed income asset classes. Several Underlying Funds were reduced or eliminated from the JNL Institutional Alt Funds, including Curian/The Boston Company Multi-Alpha Market Neutral Fund, JNL/Mellon Capital Global Alpha Fund and JNL/Mellon Capital Value Line 30 Fund. Strategic allocations to commodities were further reduced in the absence of inflationary pressures. Within fixed income, the Funds reduced overall interest rate risk in favor of credit risk.

The Funds added positions in newly launched Funds, including JNL/Boston Partners Global Long Short Equity Fund, Curian/Neuberger Berman Risk Balanced Commodity Strategy Fund and JNL/Scout Unconstrained Bond Fund. In addition, the Funds added new exposure to several existing high conviction Funds, including JNL/T. Rowe Price Value Fund and JNL/PPM America Total Return Fund. At year end, the Funds remain roughly neutral to alternatives, equities and fixed income, relative to their blended benchmarks.

JNL Institutional Alt 20 Fund

Portfolio Composition^†:

Domestic Equity	29.8	%
Domestic Fixed Income	21.6
Alternative	19.4
International Equity	13.5
Global Fixed Income	8.7
Emerging Markets Equity	4.4
Global Equity	2.1
International Fixed Income	0.5
Total Investments	100.0	%

†Total Investments as of December 31, 2014

JNL Institutional Alt 20 Fund allocates approximately 80% of its assets to the traditional investment categories creating a “core” component of its portfolio. The Fund then allocates approximately 20% of its assets to non-traditional investment categories creating an “alt” component of its portfolio. Among the traditional investment categories, the Fund typically allocates approximately 20%-40% of its assets in Underlying Funds investing in fixed income securities, 20%-40% of its assets in Underlying Funds investing in U.S. equity securities and 5%-30% of its assets in Underlying Funds investing in international securities.

For the year ended December 31, 2014, JNL Institutional Alt 20 Fund underperformed its primary benchmark by posting a return of 2.21% for Class A shares compared to 5.35% for the Dow Jones Moderate Index. The Fund underperformed its blended benchmark return of 4.77% for the 20% Credit Suisse Hedge Fund Index, 50% MSCI All Country World Index and 30% Barclays U.S. Aggregate Bond Index.

The Fund underperformed its blended benchmark by -256 basis points (“bps”). The Fund’s underperformance was primarily attributable to the performance of the Underlying Funds relative to their respective benchmarks, which detracted a total of -208 bps. The most significant individual detractors were JNL/Mellon Capital S&P 24 Fund (5.18%, -830 bps underperformance), Curian/Franklin Templeton Frontier Markets Fund (-14.98%, -2,182 bps underperformance), JNL/Franklin Templeton Global Growth Fund (-2.36%, -730 bps underperformance) and JNL/Mellon Capital S&P SMid 60 Fund (3.50%, -627 bps underperformance). Also detracting from relative performance were the Fund’s overweight exposures to global bonds, high yield bonds, bank loans, mid-cap equities, small cap equities and commodities, all of which significantly underperformed their broad market indices and detracted -70 bps.

The primary contributors to relative performance were the Fund’s underweight to international equities, along with strong relative performance from Curian/Eaton Vance Global Macro Absolute Return Advantage Fund (4.73%, 470 bps outperformance), JNL/AQR Managed Futures Strategy Fund (9.09%, 906 bps outperformance) and Curian Focused International Equity Fund (-0.94%, 293 bps outperformance).

JNL Institutional Alt 35 Fund

Portfolio Composition^†:

Alternative	34.3	%
Domestic Equity	22.6
Domestic Fixed Income	18.1
International Equity	12.3
Global Fixed Income	6.8
Emerging Markets Equity	3.8
Global Equity	1.8
International Fixed Income	0.3
Total Investments	100.0	%

†Total Investments as of December 31, 2014

JNL Institutional Alt 35 Fund allocates approximately 65% of its assets to the traditional investment categories creating a “core” component of its portfolio. The Fund then allocates

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

approximately 35% of its assets to non-traditional investment categories creating an “alt” component of its portfolio. Among the traditional investment categories, the Fund typically allocates approximately 15%-35% of its assets in Underlying Funds investing in fixed income securities, 15%-35% of its assets in Underlying Funds investing in U.S. equity securities and 5%-25% of its assets in Underlying Funds investing in international securities.

For the year ended December 31, 2014, JNL Institutional Alt 35 Fund underperformed its primary benchmark by posting a return of 1.90% for Class A shares compared to 5.35% for the Dow Jones Moderate Index. The Fund underperformed its blended benchmark return of 4.67% for the 35% Credit Suisse Hedge Fund Index, 40% MSCI All Country World Index and 25% Barclays U.S. Aggregate Bond Index.

The Fund underperformed its blended benchmark by -277 bps. The Fund’s underperformance was primarily attributable to the performance of the Underlying Funds relative to their respective benchmarks, which detracted a total of -175 bps. The most significant individual detractors were JNL/Mellon Capital S&P 24 Fund (5.18%, -830 bps underperformance), Curian/Franklin Templeton Frontier Markets Fund (-14.98%, -2,182 bps underperformance), JNL/Brookfield Global Infrastructure and MLP Fund (7.35%, -828 bps underperformance) and JNL/Franklin Templeton Global Growth Fund (-2.36%, -730 bps underperformance). Also detracting from relative performance were the Fund’s overweight exposures to global bonds, high yield bonds, bank loans, mid-cap equities, small cap equities and commodities, all of which significantly underperformed their broad market indices and detracted -94 bps.

The primary contributors to relative performance were the Fund’s underweight to international equities, along with strong relative performance from Curian/Eaton Vance Global Macro Absolute Return Advantage Fund (4.73%, 470 bps outperformance), JNL/AQR Managed Futures Strategy Fund (9.09%, 906 bps outperformance) and Curian Focused International Equity Fund (-0.94%, 293 bps outperformance).

JNL Institutional Alt 50 Fund

Portfolio Composition^†:

Alternative	49.0	%
Domestic Equity	17.4
Domestic Fixed Income	14.5
International Equity	9.5
Global Fixed Income	5.6
Emerging Markets Equity	2.8
Global Equity	1.1
International Fixed Income	0.1
Total Investments	100.0	%

†Total Investments as of December 31, 2014

JNL Institutional Alt 50 Fund allocates approximately 50% of its assets to the traditional

investment categories creating a “core” component of its portfolio. The Fund then allocates approximately 50% of its assets to non-traditional investment categories creating an “alt” component of its portfolio. Among the traditional investment categories, the Fund typically allocates approximately 10%-30% of its assets in Underlying Funds investing in fixed income securities, 10%-35% of its assets in Underlying Funds investing in U.S. equity securities and 5%-20% of its assets in Underlying Funds investing in international securities.

For the year ended December 31, 2014, JNL Institutional Alt 50 Fund underperformed its primary benchmark by posting a return of 1.86% for Class A shares compared to 5.35% for the Dow Jones Moderate Index. The Fund underperformed its blended benchmark return of 4.57% for the 50% Credit Suisse Hedge Fund Index, 30% MSCI All Country World Index, 20% Barclays U.S. Aggregate Bond Index.

The Fund underperformed its blended benchmark by -271 bps. The Fund’s underperformance was primarily attributable to the performance of the Underlying Funds relative to their respective benchmarks, which detracted a total of -117 bps. The most significant individual detractors were JNL/Mellon Capital S&P 24 Fund (5.18%, -830 bps underperformance), Curian/Franklin Templeton Frontier Markets Fund (-14.98%, -2,182 bps underperformance), JNL/Brookfield Global Infrastructure and MLP Fund (7.35%, -828 bps underperformance) and JNL/Franklin Templeton Global Growth Fund (-2.36%, -730 bps underperformance). Also detracting from relative performance were the Fund’s overweight exposures to global bonds, high yield bonds, bank loans, mid-cap equities, small cap equities and commodities, all of which significantly underperformed their broad market indices and detracted -87 bps.

The primary contributors to relative performance were the Fund’s underweight to international equities, along with strong relative performance from Curian/Eaton Vance Global Macro Absolute Return Advantage Fund (4.73%, 470 bps outperformance), JNL/AQR Managed Futures Strategy Fund (9.09%, 906 bps outperformance), Curian/Van Eck International Gold Fund (-6.13%, 805 bps outperformance) and Curian Focused International Equity Fund (-0.94%, 293 bps outperformance).

JNL Institutional Alt 65 Fund

Portfolio Composition^†:

Alternative	64.6	%
Domestic Equity	13.4
International Equity	8.8
Domestic Fixed Income	7.5
Global Fixed Income	2.6
Emerging Markets Equity	2.0
Global Equity	1.1
Total Investments	100.0	%

†Total Investments as of December 31, 2014

JNL Institutional Alt 65 Fund allocates approximately 35% of its assets to the traditional investment categories creating a “core” component of its portfolio. The Fund then allocates approximately 65% of its assets to non-traditional investment categories creating an “alt” component of its portfolio. Among the traditional investment categories, the Fund typically allocates approximately 5%-20% of its assets in Underlying Funds investing in fixed income securities, 5%-25% of its assets in Underlying Funds investing in U.S. equity securities and 0%-15% of its assets in Underlying Funds investing in international securities.

For the year ended December 31, 2014, JNL Institutional Alt 65 Fund underperformed its primary benchmark by posting a return of 1.64% for Class A shares compared to 5.35% for the Dow Jones Moderate Index. The Fund underperformed its blended benchmark return of 4.37% for the 65% Credit Suisse Hedge Fund Index, 25% MSCI All Country World Index and 10% Barclays U.S. Aggregate Bond Index.

The Fund underperformed its blended benchmark by -273 bps. The Fund’s underperformance was primarily attributable to the performance of the Underlying Funds relative to their respective benchmarks, which detracted a total of -95 bps. The most significant individual detractors were JNL/Mellon Capital S&P 24 Fund (5.18%, -830 bps underperformance), Curian/Franklin Templeton Frontier Markets Fund (-14.98%, -2,182 bps underperformance), JNL/Brookfield Global Infrastructure and MLP Fund (7.35%, -828 bps underperformance) and Curian/Franklin Templeton Natural Resources Fund (-20.60%, -1,083 bps underperformance). Also detracting from relative performance were the Fund’s overweight exposures to global bonds, high yield bonds, bank loans, mid-cap equities, small cap equities and commodities, all of which significantly underperformed their broad market indices and detracted -76 bps.

The primary contributors to relative performance were the Fund’s underweight to international equities, along with strong relative performance from Curian/Eaton Vance Global Macro Absolute Return Advantage Fund (4.73%, 470 bps outperformance), JNL/AQR Managed Futures Strategy Fund (9.09%, 906 bps outperformance), Curian/Van Eck International Gold Fund (-6.13%, 805 bps outperformance) and Curian Focused International Equity Fund (-0.94%, 293 bps outperformance).

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

JNL Institutional Alt 20 Fund (Class A)

¹  20% Credit Suisse Hedge Fund Index, 50% MSCI All Country World Index, 30% Barclays U.S. Aggregate Bond Index

²  Effective April 28, 2014, the Fund changed its primary benchmark from the MSCI All Country World Index to the Dow Jones Moderate Index because the Dow Jones Moderate Index better reflects the Fund’s diversified asset class exposure.

³  Effective April 28, 2014, the Fund changed its blended benchmark from the 60% MSCI All Country World Index, 40% Barclays U.S. Aggregate Bond Index to the 20% Credit Suisse Hedge Fund Index, 50% MSCI All Country World Index, 30% Barclays U.S. Aggregate Bond Index because the new blended benchmark better reflects the Fund’s asset class exposure and risk profile.

Average Annual Total Returns for Class A Shares
1 Year	2.21%
5 Year	7.34%
Since Inception	10.94%
(Inception date April 6, 2009)

JNL Institutional Alt 35 Fund (Class A)

¹  35% Credit Suisse Hedge Fund Index, 40% MSCI All Country World Index, 25% Barclays U.S. Aggregate Bond Index

²  Effective April 28, 2014, the Fund changed its primary benchmark from the MSCI All Country World Index to the Dow Jones Moderate Index because the Dow Jones Moderate Index better reflects the Fund’s diversified asset class exposure.

³  Effective April 28, 2014, the Fund changed its blended benchmark from the 70% MSCI All Country World Index, 30% Barclays U.S. Aggregate Bond Index to the 35% Credit Suisse Hedge Fund Index, 40% MSCI All Country World Index, 25% Barclays U.S. Aggregate Bond Index because the new blended benchmark better reflects the Fund’s asset class exposure and risk profile.

Average Annual Total Returns for Class A Shares
1 Year	1.90%
5 Year	7.01%
Since Inception	11.40%
(Inception date April 6, 2009)

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 charges.

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

JNL Institutional Alt 50 Fund (Class A)

¹  50% Credit Suisse Hedge Fund Index, 30% MSCI All Country World Index, 20% Barclays U.S. Aggregate Bond Index

²  Effective April 28, 2014, the Fund changed its primary benchmark from the MSCI All Country World Index to the Dow Jones Moderate Index because the Dow Jones Moderate Index better reflects the Fund’s diversified asset class exposure.

³  Effective April 28, 2014, the Fund changed its blended benchmark from the 75% MSCI All Country World Index, 25% Barclays U.S. Aggregate Bond Index to the 50% Credit Suisse Hedge Fund Index, 30% MSCI All Country World Index, 20% Barclays U.S. Aggregate Bond Index because the new blended benchmark better reflects the Fund’s asset class exposure and risk profile.

Average Annual Total Returns for Class A Shares
1 Year	1.86%
5 Year	6.43%
Since Inception	11.35%
(Inception date April 6, 2009)

JNL Institutional Alt 65 Fund (Class A)

¹  65% Credit Suisse Hedge Fund Index, 25% MSCI All Country World Index, 10% Barclays U.S. Aggregate Bond Index

²  Effective April 28, 2014, the Fund changed its primary benchmark from the MSCI All Country World Index to the Dow Jones Moderate Index because the Dow Jones Moderate Index better reflects the Fund’s diversified asset class exposure.

³  Effective April 28, 2014, the Fund changed its blended benchmark from the 80% MSCI All Country World Index, 20% Barclays U.S. Aggregate Bond Index to the 65% Credit Suisse Hedge Fund Index, 25% MSCI All Country World Index, 10% Barclays U.S. Aggregate Bond Index because the new blended benchmark better reflects the Fund’s asset class exposure and risk profile.

Average Annual Total Returns for Class A Shares
1 Year	1.64%
5 Year	6.23%
Since Inception	11.73%
(Inception date April 6, 2009)

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 charges.

JNL/American Funds Fund of Funds Jackson National Asset Management, LLC (Unaudited)

JNL/American Funds Fund of Funds

Portfolio Manager Commentary: Each Fund seeks to achieve its objective by investing in Class 1 shares of a diversified group of other Funds (“Underlying Funds”). The Underlying Funds in which each Fund may invest are a part of the American Funds Insurance Series^®. The Schedule of Investments and Financial Statements for the Underlying Funds are available on the SEC’s website at www.sec.gov.

There were no significant allocation changes made during the year. At year end, both the Funds were positioned with a roughly neutral allocation to

equities and fixed income, relative to their blended benchmarks. Within equities, the Funds are positioned with a modest overweight towards domestic large cap equities. In addition, the Funds are positioned with a modest tilt towards growth equities, which is primarily a function of how the Underlying Funds are managed. Within fixed income, the Funds remain overweight to high yield bonds and global bonds.

JNL/American Funds Balanced Allocation Fund

Portfolio Composition^†:

Domestic Equity	32.2	%
Domestic Fixed Income	32.1
Global Equity	17.5
Global Fixed Income	8.0
Emerging Markets Equity	7.4
International Equity	2.8
Total Investments	100.0	%

†Total Investments as of December 31, 2014

The investment objective of JNL/American Funds Balanced Allocation Fund is to seek a balance between current income and growth of capital. The Fund allocates approximately 50% to 80% of its assets to Underlying Funds that invest primarily in equity securities and 20% to 50% to Underlying Funds that invest primarily in fixed income securities.

For the year ended December 31, 2014, JNL/American Funds Balanced Allocation Fund underperformed its primary benchmark by posting a return of 4.26% for Class A shares compared to 5.35% for the Dow Jones Moderate Index. The Fund underperformed its blended benchmark return of 4.96% for the 60% MSCI All Country World Index and 40% Barclays U.S. Aggregate Bond Index.

The Fund underperformed its blended benchmark by -70 bps. The Fund’s underperformance was primarily attributable to the performance of the Underlying Funds relative to their respective benchmarks. Underlying Fund underperformance detracted a total of -143 bps from overall relative performance. The most significant individual detractors were American Funds Insurance Ser-

ies – Growth Fund (8.79%, -490 bps underperformance), American Funds Insurance Series – New World Fund (-8.21%, -602 bps underperformance), and American Funds Insurance Series – Growth-Income Fund (10.19%, -350 bps underperformance). Other detractors include the Fund’s overweight positions in global bonds and high yield bonds, which detracted -78 bps from relative performance.

The primary contributor to relative performance was the Fund’s overweight to large cap domestic equities relative to the blended benchmark. The Fund’s overweight positions in American Funds Insurance Series – Growth Fund, American Funds Insurance Series – Growth-Income Fund, and American Funds Insurance Series – Blue Chip Income & Growth Fund contributed roughly 230 bps to relative performance.

JNL/American Funds Growth Allocation Fund

Portfolio Composition^†:

Domestic Equity	39.4	%
Global Equity	25.4
Domestic Fixed Income	13.4
Emerging Markets Equity	10.4
Global Fixed Income	6.7
International Equity	4.7
Total Investments	100.0	%

†Total Investments as of December 31, 2014

The investment objective of JNL/American Funds Growth Allocation Fund is to seek capital growth with secondary emphasis on current income. The Fund allocates approximately 70% to 100% of its assets to Underlying Funds that invest primarily in equity securities and 0% to

30% to Underlying Funds that invest primarily in fixed income securities.

For the year ended December 31, 2014, JNL/American Funds Growth Allocation Fund underperformed its primary benchmark by posting a return of 4.07% for Class A shares compared to 5.90% for the Dow Jones Moderately Aggressive Index. The Fund underperformed its blended benchmark return of 4.58% for the 80% MSCI All Country World Index and 20% Barclays U.S. Aggregate Bond Index.

The Fund underperformed its blended benchmark by -51 bps. The Fund’s underperformance was primarily attributable to the performance of the Underlying Funds relative to their respective benchmarks. Underlying Fund underperformance detracted a total of -169 bps from overall relative performance. The most significant individual detractors were American Funds Insurance Series – Growth Fund (8.79%, -490 bps underperformance), American Funds Insurance Series – New World Fund (-8.21%, -602 bps underperformance), and American Funds Insurance Series – Growth-Income Fund (10.19%, -350 bps underperformance). Other detractors include the Fund’s overweight positions in global bonds and high yield bonds, which detracted -55 bps from relative performance.

The primary contributor to relative performance was the Fund’s overweight to large cap domestic equities relative to the blended benchmark. The Fund’s overweight positions in American Funds Insurance Series – Growth Fund, American Funds Insurance Series – Growth-Income Fund, and American Funds Insurance Series – Blue Chip Income & Growth Fund contributed roughly 258 bps to relative performance.

JNL/American Funds Fund of Funds (continued) Jackson National Asset Management, LLC (Unaudited)

JNL/American Funds Balanced Allocation Fund (Class A)

¹  60% MSCI All Country World Index, 40% Barclays U.S. Aggregate Bond Index

²  Effective April 28, 2014, the Fund changed its primary benchmark from the Russell 3000 Index to the Dow Jones Moderate Index because the Dow Jones Moderate Index better reflects the Fund’s diversified asset class exposure.

³  Effective April 28, 2014, the Fund changed its blended benchmark from the 40% Russell 3000 Index, 20% MSCI All Country World ex USA Index, 40% Barclays U.S. Aggregate Bond Index to the 60% MSCI All Country World Index, 40% Barclays U.S. Aggregate Bond Index because the new blended benchmark better reflects the Fund’s asset class exposure and risk profile.

Average Annual Total Returns* for Class A Shares
1 Year	4.26%
Since Inception	8.78%
(Inception date April 30, 2012)

JNL/American Funds Growth Allocation Fund (Class A)

¹  80% MSCI All Country World Index, 20% Barclays U.S. Aggregate Bond Index

²  Effective April 28, 2014, the Fund changed its primary benchmark from the Russell 3000 Index to the Dow Jones Moderately Aggressive Index because the Dow Jones Moderately Aggressive Index better reflects the Fund’s diversified asset class exposure.

³  Effective April 28, 2014, the Fund changed its blended benchmark from the 50% Russell 3000 Index, 30% MSCI All Country World ex USA Index, 20% Barclays U.S. Aggregate Bond Index to the 80% MSCI All Country World Index, 20% Barclays U.S. Aggregate Bond Index because the new blended benchmark better reflects the Fund’s asset class exposure and risk profile.

Average Annual Total Returns* for Class A Shares
1 Year	4.07%
Since Inception	10.74%
(Inception date April 30, 2012)

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 charges.

*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 Disciplined Funds Jackson National Asset Management, LLC (Unaudited)

JNL Disciplined Funds

Portfolio Manager Commentary: Each Fund seeks to achieve its investment objective by investing in shares of a diversified group of affiliated Funds (“Underlying Funds”). The Underlying Funds in which each Fund may invest are a part of the JNL Series Trust, JNL Variable Fund LLC, JNL Investors Series Trust and Curian Variable Series Trust. The Schedule of Investments and Financial Statements for the Underlying Funds are available at www.jackson.com or on the SEC’s website at www.sec.gov.

The JNL Disciplined Funds were positioned with a roughly neutral allocation to equities and fixed income, relative to their blended benchmarks. Within equities, the Funds remain modestly overweight to domestic equities and underweight international equities. Within fixed income, the Funds remain underweight to government bonds and overweight to corporate

bonds, bank loans and non-U.S. bonds. During the year, the Fund reduced its overweight to small cap and mid cap equities, while also reducing their overweight exposure to emerging markets equities. Within fixed income, the Funds reduced overall interest rate risk and currency risk in favor of credit risk. The Funds established positions in newly launched Funds, including JNL/S&P International 5 Fund, JNL/S&P Mid 3 Fund and JNL/Scout Unconstrained Bond Fund. The Funds eliminated their exposure to JNL/Goldman Sachs Emerging Markets Debt Fund, JNL/JPMorgan U.S. Government & Quality Bond Fund, and JNL/Mellon Capital Dow Jones U.S. Contrarian Opportunities Index Fund, while also reducing exposure to JNL/PIMCO Total Return Bond Fund.

JNL Disciplined Moderate Fund

Portfolio Composition^†:

Domestic Equity	45.5	%
Domestic Fixed Income	30.7
International Equity	10.2
Global Fixed Income	8.8
Emerging Markets Equity	4.8
Total Investments	100.0	%

†Total Investments as of December 31, 2014

The investment objective for JNL Disciplined Moderate Fund is to seek capital growth. Current income is a secondary objective. The Fund allocates approximately 40% to 80% of its assets to Underlying Funds that invest primarily in equity securities, 20% to 60% to Underlying Funds that invest primarily in fixed income securities and 0% to 20% to Underlying Funds that invest primarily in money market securities.

For the year ended December 31, 2014, JNL Disciplined Moderate Fund performed in line with its primary benchmark by posting a return of 5.35% for Class A shares compared to 5.35% for the Dow Jones Moderate Index. The Fund underperformed its blended benchmark return of 6.58% for the 40% Russell 3000 Index, 20% MSCI All Country World ex USA Index and 40% Barclays U.S. Aggregate Bond Index.

The Fund underperformed its blended benchmark by -123 bps. The Fund’s underperformance was primarily attributable to its overweight exposure to global bonds, high yield bonds, bank loans, mid-cap equities and small cap equities, all of which significantly underperformed their broad market indices and detracted -129 bps from relative performance. Also contributing to the Fund’s underperformance was the underperformance of several Underlying Funds, relative to their respective benchmarks, which detracted a total of -58 bps from relative performance. The most significant individual detractors were JNL/S&P Competitive Advantage Fund (10.06%, -363 bps underperformance), JNL/Scout Unconstrained Bond Fund (-3.80%, -395 bps underperformance), JNL/Mellon Capital International Index Fund -6.08%, -118 bps underperformance) and JNL/PPM America High Yield Bond Fund (0.13%, -238 bps underperformance).

The primary contributors to relative performance were the Fund’s underweight to international equities, which contributed 51 bps to relative performance, along with strong relative performance from JNL/S&P Intrinsic Value Fund (18.04%, 435 bps outperformance), Curian/DoubleLine Total Return Fund (6.49%, 52 bps outperformance), JNL/PPM America Total Return Fund (6.06%, 9 bps outperformance) and JNL/Mellon Capital Pacific Rim 30 Fund (3.21%, 591 bps outperformance).

JNL Disciplined Moderate Growth Fund

Portfolio Composition^†:

Domestic Equity	54.1	%
International Equity	17.5
Domestic Fixed Income	15.2
Emerging Markets Equity	8.7
Global Fixed Income	4.5
Total Investments	100.0	%

†Total Investments as of December 31, 2014

The investment objective for JNL Disciplined Moderate Growth Fund is to seek capital growth and current income. The Fund allocates approximately 60% to 90% of its assets to Underlying Funds that invest primarily in equity securities, 10% to 40% to Underlying Funds that invest primarily in fixed income securities and 0% to 20% to Underlying Funds that invest primarily in money market securities.

For the year ended December 31, 2014, JNL Disciplined Moderate Growth Fund underperformed its primary benchmark by posting a return of 5.06% for Class A shares compared to 5.90% for the Dow Jones Moderately Aggressive Index. The Fund underperformed its blended benchmark return of 6.18% for the 50% Russell 3000 Index, 30% MSCI All Country World ex USA Index and 20% Barclays U.S. Aggregate Bond Index.

The Fund underperformed its blended benchmark by -112 bps. The Fund’s underperformance was primarily attributable to its overweight exposure to global bonds, high yield bonds, bank loans, mid-cap equities and small cap equities, all of which significantly underperformed their broad market indices and detracted -88 bps from relative performance. Also contributing to the Fund’s

underperformance was the underperformance of several Underlying Funds, relative to their respective benchmarks, which detracted a total of -54 bps from relative performance. The most significant individual detractors were JNL/S&P Competitive Advantage Fund (10.06%, -363 bps underperformance), JNL/Mellon Capital International Index Fund (-6.08%, -118 bps underperformance) and JNL/Mellon Capital Emerging Markets Index Fund (-3.69%, -150 bps underperformance).

The primary contributors to relative performance were the Fund’s underweight to international equities, which contributed 36 bps to relative performance, along with strong relative performance from JNL/S&P Intrinsic Value Fund (18.04%, 435 bps outperformance), JNL/Mellon Capital Pacific Rim 30 Fund (3.21%, 591 bps outperformance) and JNL/S&P Mid 3 Fund (14.10%, 477 bps outperformance).

JNL Disciplined Growth Fund

Portfolio Composition^†:

Domestic Equity	57.6	%
International Equity	20.1
Emerging Markets Equity	12.3
Domestic Fixed Income	7.0
Global Fixed Income	3.0
Total Investments	100.0	%

†Total Investments as of December 31, 2014

The investment objective for JNL Disciplined Growth Fund is capital growth. The Fund allocates approximately 70% to 100% of its assets to Underlying Funds that invest primarily in equity securities, 0% to 30% to Underlying Funds that invest primarily in fixed income securities and 0% to 20% to Underlying Funds that invest primarily in money market securities.

For the year ended December 31, 2014, JNL Disciplined Growth Fund underperformed its primary benchmark by posting a return of 4.98% for Class A shares compared to 5.90% for the Dow Jones Moderately Aggressive Index. The Fund underperformed its blended benchmark return of 5.97% for the 55% Russell 3000 Index, 35% MSCI All Country World ex USA Index and 10% Barclays U.S. Aggregate Bond Index.

JNL Disciplined Funds (continued) Jackson National Asset Management, LLC (Unaudited)

The Fund underperformed its blended benchmark by -99 bps. The Fund’s underperformance was primarily attributable to its overweight exposure to mid-cap equities, small cap equities, global bonds, high yield bonds and bank loans, all of which significantly underperformed their broad market indices and detracted -75 bps from relative performance. Also contributing to the Fund’s underperformance was the underperformance of several Underlying

Funds, relative to their respective benchmarks, which detracted a total of -42 bps from relative performance. The most significant individual detractors were JNL/S&P Competitive Advantage Fund (10.06%, -363 bps underperformance), JNL/Mellon Capital International Index Fund (-6.08%, -118 bps underperformance) and JNL/Mellon Capital Emerging Markets Index Fund (-3.69%, -150 bps underperformance).

The primary contributors to relative performance were the Fund’s underweight to international equities, which contributed 26 bps to relative performance, along with strong relative performance from JNL/S&P Intrinsic Value Fund (18.04%, 435 bps outperformance), JNL/Mellon Capital Pacific Rim 30 Fund (3.21%, 591 bps outperformance) and JNL/S&P Mid 3 Fund (14.10%, 477 bps outperformance).

JNL Disciplined Moderate Fund (Class A)

¹  40% Russell 3000 Index, 20% MSCI All Country World ex USA Index, 40% Barclays U.S. Aggregate Bond Index

²  Effective April 28, 2014, the Fund changed its primary benchmark from the Barclays U.S. Aggregate Bond Index to the Dow Jones Moderate Index because the Dow Jones Moderate Index better reflects the Fund’s diversified asset class exposure.

Average Annual Total Returns for Class A Shares
1 Year	5.35%
5 Year	9.36%
Since Inception	4.85%
(Inception date January 16, 2007)
Jackson National Asset Management, LLC assumed portfolio management responsibility on August 29, 2011.

JNL Disciplined Moderate Growth Fund (Class A)

¹  50% Russell 3000 Index, 30% MSCI All Country World Index ex USA Index, 20% Barclays U.S. Aggregate Bond Index

²  Effective April 28, 2014, the Fund changed its primary benchmark from the Barclays U.S. Aggregate Bond Index to the Dow Jones Moderately Aggressive Index because the Dow Jones Moderately Aggressive Index better reflects the Fund’s diversified asset class exposure.

Average Annual Total Returns for Class A Shares
1 Year	5.06%
5 Year	10.58%
Since Inception	4.44%
(Inception date January 16, 2007)
Jackson National Asset Management, LLC assumed portfolio management responsibility on August 29, 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 do not reflect the deduction of insurance charges.

JNL Disciplined Funds (continued) Jackson National Asset Management, LLC (Unaudited)

JNL Disciplined Growth Fund (Class A)

¹  55% Russell 3000 Index, 35% MSCI All Country World ex USA Index, 10% Barclays U.S. Aggregate Bond Index

²  Effective April 28, 2014, the Fund changed its primary benchmark from the Barclays U.S. Aggregate Bond Index to the Dow Jones Moderately Aggressive Index because the Dow Jones Moderately Aggressive Index better reflects the Fund’s diversified asset class exposure.

Average Annual Total Returns for Class A Shares
1 Year	4.98%
5 Year	10.26%
Since Inception	3.58%
(Inception date January 16, 2007)
Jackson National Asset Management, LLC assumed portfolio management responsibility on August 29, 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 do not reflect the deduction of insurance charges.

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

JNL/Franklin Templeton Founding Strategy Fund

Portfolio Composition^†:

Global Equity	66.6	%
Domestic Balanced	33.4
Total Investments	100.0	%

†Total Investments as of December 31, 2014

The investment objective of JNL/Franklin Templeton Founding Strategy Fund is capital appreciation. The Fund seeks to achieve its objective by making approximately equal allocations of its assets and cash flows among the following Underlying Funds: JNL/Franklin Templeton Income Fund – its investment objective is to maximize income while maintaining prospects for capital appreciation; JNL/Franklin Templeton Global Growth Fund – its investment objective is long term capital growth; and JNL/Franklin Templeton Mutual Shares Fund – its investment objective is capital appreciation, which may occasionally be short term, and secondarily, income. The Underlying Funds are a separate series of JNL Series Trust. The Schedules of Investments and Financial Statements for the Underlying Funds are available at www.jackson.com or on the SEC’s website at www.sec.gov.

For the year ended December 31, 2014, JNL/Franklin Templeton Founding Strategy Fund underperformed its primary benchmark by posting a return of 2.67% for Class A shares compared to 5.90% for the Dow Jones Moderately Aggressive Index. The Fund underperformed its blended benchmark return of 4.58% for the 80% MSCI All Country World Index and 20% Barclays U.S. Aggregate Bond Index.

The Fund underperformed its blended benchmark by -191 bps. The Fund’s underperformance was primarily attributable to the performance of the Underlying Funds relative to their respective benchmarks. Manager underperformance detracted a total of -673 bps from overall relative performance. All three of the Underlying Funds underperformed their respective benchmark, including JNL/Franklin Templeton Income Fund (3.19%, -278 bps underperformance), JNL/Franklin Templeton Global Growth Fund (-2.36%, -730 bps underperformance) and JNL/Franklin Templeton Mutual Shares Fund (7.30%, -639 bps underperformance). The Fund’s overweight to domestic equities contributed 338 bps to relative performance.

JNL/Mellon Capital 10 x 10 Fund

Portfolio Composition^†:

Domestic Equity	80.3	%
Domestic Fixed Income	10.0
International Equity	9.7
Total Investments	100.0	%

†Total Investments as of December 31, 2014

The investment objective of JNL/Mellon Capital 10 x 10 Fund is capital appreciation and income. The Fund seeks to achieve its objective by investing in shares of the following Underlying Funds: 50% JNL/Mellon Capital JNL 5 Fund – its investment objective is total return through capital appreciation and dividend income; 10% JNL/Mellon Capital S&P 500 Index Fund – its investment objective is to match the performance of the S&P 500 Index to provide long term capital growth; 10% JNL/Mellon Capital S&P 400 Mid Cap Index Fund – its investment objective is to match the performance of the S&P 400 Mid Cap Index to provide long term capital growth by investing in equity securities of medium capitalization weighted domestic corporations; 10% JNL/Mellon Capital Small Cap Index Fund – its investment objective is to match the performance of the Russell 2000 Index to provide long term growth of capital by investing in equity securities of small to mid-size domestic companies; 10% JNL/Mellon Capital International Index Fund – its investment objective is to match the performance of the MSCI EAFE Index to provide long term capital growth by investing in international equity securities attempting to match the characteristics of each country within the index; and 10% JNL/Mellon Capital Bond Index Fund – its investment objective is to match the performance of the Barclays U.S. Aggregate Bond Index to provide a moderate rate of income by investing in domestic fixed income investments. The Underlying Funds are a separate series of JNL Series Trust and Variable Fund. The Schedules of Investments and Financial Statements for the Underlying Funds are available at www.jackson.com or on the SEC’s website at www.sec.gov.

For the year ended December 31, 2014, JNL/Mellon Capital 10 x 10 Fund underperformed its benchmark by posting a return of 8.26% for Class A shares compared to 12.56% for the Russell 3000 Index.

The Fund underperformed its benchmark by -430 bps. Among the primary contributors to the Fund’s relative underperformance were its overweight positions in fixed income, small cap equities and international equities, which detracted -65 bps, -76 bps and -176 bps, respectively. In addition, the relative underperformance of JNL/Mellon Capital JNL 5 Fund, which returned 11.32% and underperformed its benchmark by -237 bps, detracted -114 bps from relative performance. Each of the underlying index Funds, including JNL/Mellon Capital S&P 500 Index Fund, JNL/Mellon Capital S&P 400 Mid Cap Index Fund, JNL/Mellon Capital Small Cap Index Fund, JNL/Mellon Capital Bond Index Fund and JNL/Mellon Capital International Index Fund, slightly underperformed their respective benchmarks due to fees, detracting a total of 30 bps.

JNL/Mellon Capital Index 5 Fund

Portfolio Composition^†:

Domestic Equity	61.0	%
Domestic Fixed Income	19.7
International Equity	19.3
Total Investments	100.0	%

†Total Investments as of December 31, 2014

The investment objective of JNL/ Mellon Capital Index 5 is capital appreciation. The Fund seeks to achieve its objective by investing in approximately equal allocations in the following Underlying Funds: JNL/Mellon Capital S&P 500 Index Fund – its investment objective is to match the performance of the S&P 500 Index to provide long term capital growth; JNL/Mellon Capital S&P 400 Mid Cap Index Fund – its investment objective is to match the performance of the S&P 400 Mid Cap Index to provide long term capital growth by investing in equity securities of medium capitalization weighted domestic corporations; JNL/Mellon Capital Small Cap Index Fund – its investment objective is to match the performance of the Russell 2000 Index to provide long term growth of capital by investing in equity securities of small to mid-size domestic companies; JNL/Mellon Capital International Index Fund – its investment objective is to match the performance of the MSCI EAFE Index to provide long term capital growth by investing in international equity securities attempting to match the characteristics of each country within the index; and JNL/Mellon Capital Bond Index Fund – its investment objective is to match the performance of the Barclays U.S. Aggregate Bond Index to provide a moderate rate of income by investing in domestic fixed income investments. The Underlying Funds are a separate series of JNL Series Trust. The Schedules of Investments and Financial Statements for the Underlying Funds are available at www.jackson.com or on the SEC’s website at www.sec.gov.

For the year ended December 31, 2014, JNL/Mellon Capital Index 5 Fund underperformed its benchmark by posting a return of 5.30% for Class A shares compared to 12.56% for the Russell 3000 Index.

The Fund underperformed its benchmark by -726 bps. Among the primary contributors to the Fund’s relative underperformance were its overweight positions in fixed income, small cap equities and international equities, which detracted -130 bps, -147 bps, and -355 bps, respectively. Each of the underlying index Funds, including JNL/Mellon Capital S&P 500 Index Fund, JNL/Mellon Capital S&P 400 Mid Cap Index Fund, JNL/Mellon Capital Small Cap Index Fund, JNL/Mellon Capital Bond Index Fund and JNL/Mellon Capital International Index Fund, slightly underperformed their respective benchmarks due to fees, detracting a total of -60 bps.

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

JNL/S&P 4 Fund

Portfolio Composition^†:

Domestic Equity	100.0	%
Total Investments	100.0	%

†Total Investments as of December 31, 2014

The investment objective of JNL/S&P 4 Fund is capital appreciation. The Fund seeks to achieve its objective by investing approximately equal allocations in the following Underlying Funds: JNL/S&P Competitive Advantage Fund – its investment objective is capital appreciation; JNL/S&P Dividend Income & Growth Fund – its investment objective is primarily capital apprecia-

tion with a secondary focus on current income; JNL/S&P Intrinsic Value Fund – its investment objective is capital appreciation; and JNL/S&P Total Yield Fund – its investment objective is capital appreciation. The Underlying Funds are a separate series of JNL Series Trust. The Schedules of Investments and Financial Statements for the Underlying Funds are available at www.jackson.com or on the SEC’s website at www.sec.gov.

For the year ended December 31, 2014, JNL/S&P 4 Fund outperformed its benchmark by posting a return of 14.40% for Class A shares compared to 13.69% for the S&P 500 Index.

The Fund outperformed its benchmark by 71 bps. Contributing to the Fund’s outperformance was the relative outperformance of the Underlying Funds relative to the S&P 500 Index. Three out of the four Underlying Funds outperformed the S&P 500 Index, including JNL/S&P Intrinsic Value Fund (18.04%, 435 bps outperformance), JNL/S&P Total Yield Fund (15.89%, 220 bps outperformance) and JNL/S&P Dividend Income & Growth Fund (13.70%, 1 bp outperformance). The lone detractor from relative performance was JNL/S&P Competitive Advantage Fund (10.06%, -363 bps underperformance).

JNL/Franklin Templeton Founding Strategy Fund (Class A)

¹  80% MSCI All Country World Index, 20% Barclays U.S. Aggregate Bond Index

²  Effective April 28, 2014, the Fund changed its primary benchmark from the S&P 500 Index to the Dow Jones Moderately Aggressive Index because the Dow Jones Moderately Aggressive Index better reflects the Fund’s diversified asset class exposure.

³  Effective April 28, 2014, the Fund changed its benchmark from the MSCI World Index to the 80% MSCI All Country World Index and 20% Barclays U.S. Aggregate Bond Index because the 80% MSCI All Country World Index and 20% Barclays U.S. Aggregate Bond Index better reflects the Fund’s asset class exposure and risk profile.

Average Annual Total Returns for Class A Shares
1 Year	2.67%
5 Year	9.95%
Since Inception	3.82%
(Inception date January 16, 2007)

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 charges.

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

JNL/Mellon Capital 10 x 10 Fund (Class A)

Average Annual Total Returns for Class A Shares
1 Year	8.26%
5 Year	12.82%
Since Inception	4.87%
(Inception date April 30, 2007)

JNL/Mellon Capital Index 5 Fund (Class A)

Average Annual Total Returns for Class A Shares
1 Year	5.30%
5 Year	10.98%
Since Inception	5.22%
(Inception date April 30, 2007)

JNL/S&P 4 Fund (Class A)

Average Annual Total Returns for Class A Shares
1 Year	14.40%
5 Year	18.14%
Since Inception	11.90%
(Inception date December 03, 2007)

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 charges.

JNL/MMRS Funds Milliman Financial Risk Management LLC (Unaudited)

JNL/MMRS Funds

Portfolio Manager Commentary: The investment objective of JNL/MMRS Conservative Fund, JNL/MMRS Growth Fund and JNL/MMRS Moderate Fund (collectively “JNL/MMRS Funds”) is to provide growth of capital while seeking to manage volatility and provide downside protection by investment in other funds. Each Fund seeks to achieve its objective by investing in shares of a diversified group of affiliated Funds (“Underlying Funds”). The Underlying Funds in which each Fund may invest are a part of JNL Series Trust, JNL Variable Fund LLC, JNL Investors Series Trust and Curian Variable Series Trust. The Schedule of Investments and Financial Statements for the Underlying Funds are available at www.jackson.com or on the SEC’s website at www.sec.gov.

JNL/MMRS Funds asset class weights did not change significantly during the period. The Milliman Managed Risk Strategy trades proportionately among each of the Underlying Funds in order to preserve the relative asset class weights.

JNL/MMRS Conservative Fund had no significant allocation changes during the year and maintained approximately 50% allocation to underlying equity funds and 50% allocation to underlying fixed income funds. The JNL/MMRS Moderate Fund underlying equity fund allocation varied between 50% and 74%, and the underlying fixed income fund allocation varied between 26% and 50% during the year. The JNL/MMRS Growth Fund underlying equity fund allocation varied between 54% and 92%, and the underlying fixed income fund allocation varied between 8% and 46%.

At period end, JNL/MMRS Conservative Fund maintained an equal 50% equity and 50% fixed income asset class positioning. JNL/MMRS Moderate Fund’s asset class positioning was 74% to equity and 26% to fixed income. JNL/MMRS Growth Fund’s asset class positioning was 80% to equity and 20% to fixed income.

JNL/MMRS Conservative Fund

Portfolio Composition^†:

Domestic Fixed Income	45.7	%
Domestic Equity	33.6
Emerging Markets Equity	6.3
International Equity	6.2
Global Fixed Income	4.5
Global Equity	3.7
Total Investments	100.0	%

†Total Investments as of December 31, 2014

The Fund invests based on a neutral allocation of 60% of assets to Underlying Funds that invest primarily in fixed income securities and 40% of assets to Underlying Funds that invest primarily in equity securities. As market conditions change, the Fund’s allocation will vary based on the Sub-Adviser’s risk management calculations. Under normal circumstances, the Fund may allocate approximately 50% to 100% of its assets into Underlying Funds that invest primarily in fixed income securities and JNL/T. Rowe Price Short-Term Bond Fund, the risk control fund, and up to 50% of its assets into Underlying Funds that invest primarily in equity securities.

For the period April 28, 2014 through December 31, 2014, JNL/MMRS Conservative Fund outperformed its primary benchmark by posting a return of 4.90% for Class A shares compared to 2.69% for the Dow Jones Moderately Conservative Index. The Fund underperformed its blended benchmark return of 4.96% for the 30% S&P 500 Index, 10% MSCI All Country World ex USA Index and 60% Barclays U.S. Aggregate Bond Index.

The Fund benefited from increased equity exposure relative to its primary benchmark, which resulted in the Fund’s outperformance. Relative to its blended benchmark, the Fund underperformed slightly in part because of diversification among equity indices. The S&P 500 Index was one of the top performing domestic indices during the period. The Fund holds a diversified domestic equity portfolio, including small- and mid-cap funds whose indices lagged relative to

the S&P 500 Index. As a result, the Fund slightly underperformed relative to its blended benchmark.

Both ‘specialty/sector’ funds, JNL/Mellon Capital Consumer Brands Sector Fund and JNL/Mellon Capital Healthcare Sector Fund, returned 14.33% and 20.23%, respectively, during the period. These Funds, along with the actively managed U.S. large cap fund, JNL/S&P Intrinsic Value Fund, which returned 16.40%, were the top performing assets in the Fund in during the period. Together, they comprised approximately 10.0% of the Fund’s assets at December 31, 2014.

International funds during the period detracted from overall performance by posting the only negative returns among the Underlying Funds. JNL/Invesco International Growth Fund and JNL/Mellon Capital Emerging Markets Index Fund returned -1.07% and -3.02%, respectively. These Funds comprised approximately 12.5% of the Fund’s assets at December 31, 2014.

JNL/MMRS Growth Fund

Portfolio Composition^†:

Domestic Equity	55.7	%
Domestic Fixed Income	18.2
Emerging Markets Equity	9.9
International Equity	9.9
Global Equity	4.0
Global Fixed Income	2.3
Total Investments	100.0	%

†Total Investments as of December 31, 2014

The Fund invests based on a neutral allocation of 20% of assets to Underlying Funds that invest primarily in fixed income securities and 80% of assets to Underlying Funds that invest primarily in equity securities. As market conditions change, the Fund’s allocation will vary based on the Sub-Adviser’s risk management calculations. Under normal circumstances, the Fund may allocate approximately 10% to 90% of its assets into Underlying Funds that invest primarily in fixed income securities and JNL/T. Rowe Price Short-Term Bond Fund, the risk con-

trol fund, and 10% to 90% of its assets into Underlying Funds that invest primarily in equity securities. However, depending upon market conditions determined by the Sub-Adviser, such as extreme equity market volatility, the Fund may invest up to 100% of its assets in Underlying Funds that invest primarily in fixed income securities. The Fund may also invest up to 100% of its assets in Underlying Funds that invest primarily in equity securities when the Sub-Adviser determines there are opportunities or market conditions that warrant such an investment.

For the period April 28, 2014 through December 31, 2014, JNL/MMRS Growth Fund underperformed its primary benchmark by posting a return of 4.40% for Class A shares compared to 4.86% for the Dow Jones Moderately Aggressive Index. The Fund underperformed its blended benchmark return of 6.59% for the 60% S&P 500 Index, 20% MSCI All Country World ex USA Index and 20% Barclays U.S. Aggregate Bond Index.

The Fund slightly underperformed relative to its primary benchmark because of the risk management allocation changes during the period. 2014 had several “V”-shaped markets: markets that fell rapidly amid high volatility and then recovered quickly while volatility remained high. These environments can be challenging for a risk management strategy, but it is an expected consequence of the process. In other parts of the period, the Fund was able to recover relative to its primary benchmark by increasing equity exposure during calm markets, such as the period from May to September.

Both ‘specialty/sector’ funds, JNL/Mellon Capital Consumer Brands Sector Fund and JNL/Mellon Capital Healthcare Sector Fund, returned 14.33% and 20.23%, respectively, during the period. These Funds, along with the actively managed U.S. large cap fund, JNL/S&P Intrinsic Value Fund, which returned 16.40%, were the top performing assets in the Fund during the period. Together, they comprised approximately 16.9% of the Fund’s assets at December 31, 2014.

JNL/MMRS Funds (continued) Milliman Financial Risk Management LLC (Unaudited)

International funds during the period detracted from overall performance by posting the only negative returns among the Underlying Funds. JNL/Invesco International Growth Fund and JNL/Mellon Capital Emerging Markets Index Fund returned -1.07% and -3.02%, respectively. These Funds comprised approximately 19.9% of the Fund’s assets at December 31, 2014.

JNL/MMRS Moderate Fund

Portfolio Composition^†:

Domestic Equity	51.7	%
Domestic Fixed Income	23.2
International Equity	12.4
Emerging Markets Equity	6.2
Global Equity	3.7
Global Fixed Income	2.8
Total Investments	100.0	%

†Total Investments as of December 31, 2014

The Fund invests based on a neutral allocation of 40% of assets to Underlying Funds that invest primarily in fixed income securities and 60% of assets to Underlying Funds that invest primarily in equity securities. As market conditions change, the Fund’s allocation will vary

based on the Sub-Adviser’s risk management calculations. Under normal circumstances, the Fund may allocate approximately 25% to 100% of its assets into Underlying Funds that invest primarily in fixed income securities and the JNL/T. Rowe Price Short-Term Bond Fund, the risk control fund, and up to 75% of its assets into Underlying Funds that invest primarily in equity securities.

For the period April 28, 2014 through December 31, 2014, JNL/S&P Managed Moderate Fund outperformed its primary benchmark by posting a return of 4.60% for Class A shares compared to 3.79% for the Dow Jones Moderate Index. The Fund underperformed its blended benchmark return of 5.78% for the 45% S&P 500 Index, 15% MSCI All Country World ex USA Index and 40% Barclays U.S. Aggregate Bond Index.

The Fund benefited from periods of increased equity exposure relative to its primary benchmark, which resulted in the Fund’s outperformance. Relative to its blended benchmark, the Fund underperformed slightly in part because of diversification among equity indices. The S&P

500 Index was one of the top performing domestic indices during the period. The Fund holds a diversified domestic equity portfolio, including small- and mid-cap funds whose indices lagged relative to the S&P 500 Index. As a result, the Fund slightly underperformed relative to its blended benchmark.

Both ‘specialty/sector’ funds, JNL/Mellon Capital Consumer Brands Sector Fund and JNL/Mellon Capital Healthcare Sector Fund, returned 14.33% and 20.23%, respectively, during the period. These Funds, along with the actively managed U.S. large cap fund, JNL/S&P Intrinsic Value Fund, which returned 16.40%, were the top performing assets in the Fund during the period. Together, they comprised approximately 14.8% of the Fund’s assets at December 31, 2014.

International funds during the period detracted from overall performance by posting the only negative returns among the Underlying Funds. JNL/Invesco International Growth Fund and JNL/Mellon Capital Emerging Markets Index Fund returned -1.07% and -3.02%, respectively. These Funds comprised approximately 18.6% of the Fund’s assets at December 31, 2014.

JNL/MMRS Conservative Fund (Class A)

¹  30% S&P 500 Index, 10% MSCI All Country World ex USA Index, 60% Barclays U.S. Aggregate Bond Index

Total Return for Class A Shares
Since Inception	4.90%
(Inception date April 28, 2014)

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 charges.

JNL/MMRS Funds (continued) Milliman Financial Risk Management LLC (Unaudited)

JNL/MMRS Growth Fund (Class A)

¹  60% S&P 500 Index, 20% MSCI All Country World ex USA Index, 20% Barclays U.S. Aggregate Bond Index

Total Return for Class A Shares
Since Inception	4.40%
(Inception date April 28, 2014)

JNL/MMRS Moderate Fund (Class A)

¹  45% S&P 500 Index, 15% MSCI All Country World ex USA Index, 40% Barclays U.S. Aggregate Bond Index

Total Return for Class A Shares
Since Inception	4.60%
(Inception date April 28, 2014)

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 charges.

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

JNL/S&P Funds

Portfolio Manager Commentary: Each Fund seeks to achieve its objective by investing in shares of a diversified group of affiliated Funds (“Underlying Funds”). The Underlying Funds in which each Fund may invest are a part of the JNL Series Trust, JNL Variable Fund LLC, JNL Investors Series Trust and Curian Variable Series Trust. The Schedule of Investments and Financial Statements for the Underlying Funds are available at www.jackson.com or on the SEC’s website at www.sec.gov.

On April 28, 2014, Standard & Poor’s Investment Advisory Services (SPIAS) implemented the following changes to JNL/S&P Funds. Neutrality was instituted between equity and fixed income asset classes by reducing equities one percentage point due to a recent soft patch revealed in several macro-economic factors. SPIAS slightly trimmed emerging markets equities in the two most aggressive profiles to increase exposures to international developed equities. Small cap equities were trimmed to enhance fixed income allocations. Allocations in the intermediate and short term fixed income funds were reduced to initiate allocations in an unconstrained bond fund.

Effective August 25, 2014, SPIAS maintained a bias towards domestic equity over international equity in spite of higher valuations due to the belief that the U.S. has reaccelerated macro-economic growth, which should support further expansion in corporate earnings. By style classification, SPIAS shifted a bias to value over growth in the mid and small cap asset classes. Allocations to intermediate fixed income were trimmed to further enhance allocations in an unconstrained bond fund.

On December 2, 2014, SPIAS remained overweight to domestic versus international equities due to declining economic activity across the Eurozone. Allocations to large-cap value were enhanced at the expense of mid-caps to mitigate some of the recent uptick in market volatility. The overweight allocation to high yield was reduced to neutral across all JNL/S&P Funds, except JNL/S&P Managed Aggressive Growth Fund, in favor of short term debt due to tight spreads and increased risk of downside price volatility as the U.S. rotates into an economic expansion phase.

JNL/S&P Managed Conservative Fund

Portfolio Composition^†:

Domestic Fixed Income	69.1	%
Domestic Equity	16.2
Global Fixed Income	8.0
International Fixed Income	2.8
International Equity	1.9
Alternative	1.1
Emerging Markets Equity	0.9
Total Investments	100.0	%

†Total Investments as of December 31, 2014

The investment objective for JNL/S&P Managed Conservative Fund is capital growth and current income. The Fund allocates approximately 10% to 30% of its assets to Underlying Funds that invest primarily in equity securities, 70% to 90% to Underlying Funds that invest primarily in fixed income securities and 0% to 30% to Underlying Funds that invest primarily in money market securities.

For the year ended December 31, 2014, JNL/S&P Managed Conservative Fund underperformed its primary benchmark by posting a return 3.12% for Class A shares compared to 5.97% for the Barclays U.S. Aggregate Bond Index. The Fund underperformed its blended benchmark return of 6.57% for the 80% Barclays U.S. Aggregate Bond Index, 15% S&P 500 Index and 5% MSCI EAFE Index.

A neutral allocation to fixed income was neither a positive attributor nor a detractor to performance during the 2014 calendar year. The leading fixed income contributors to performance included allocations to JNL/JPMorgan U.S. Government & Quality Bond Fund and Curian/DoubleLine Total Return Fund, while the leading detractors to performance included JNL/Scout Unconstrained Bond Fund, JNL/Goldman Sachs Emerging Markets Debt Fund and JNL/Franklin Templeton Global Multisector Bond Fund.

Overweighting domestic equities during the year was a positive attributor to performance. The leading domestic equity contributors to

performance included allocations to JNL/T. Rowe Price Value Fund, JNL/T. Rowe Price Established Growth Fund and JNL/JPMorgan MidCap Growth Fund. No domestic equity funds were identified as leading detractors to performance.

An underweight allocation to international equities provided the largest positive allocation effect to performance during 2014. None of the international equity funds were recognized as leading contributors to performance. In contrast, JNL/JPMorgan International Value Fund and JNL/Lazard Emerging Markets Fund were among the leading detractors to performance.

JNL/S&P Managed Moderate Fund

Portfolio Composition^†:

Domestic Fixed Income	49.7	%
Domestic Equity	33.1
Global Fixed Income	7.3
International Equity	2.5
International Fixed Income	2.2
Alternative	2.1
Emerging Markets Equity	2.0
Global Equity	1.1
Total Investments	100.0	%

†Total Investments as of December 31, 2014

The investment objective for JNL/S&P Managed Moderate Fund is to seek capital growth. Current income is a secondary objective. The Fund allocates approximately 30% to 50% of its assets to Underlying Funds that invest primarily in equity securities, 50% to 70% to Underlying Funds that invest primarily in fixed income securities and 0% to 25% to Underlying Funds that invest primarily in money market securities.

For the year ended December 31, 2014, JNL/S&P Managed Moderate Fund underperformed its primary benchmark by posting a return of 3.98% for Class A shares compared to 5.97% for the Barclays U.S. Aggregate Bond Index. The Fund underperformed its blended benchmark return of 7.16% for the 60% Barclays U.S. Aggregate Bond Index, 30% S&P 500 Index and 10% MSCI EAFE Index.

A neutral allocation to fixed income was a slight detractor to performance during the 2014 calendar year. The leading fixed income contributors to performance included allocations to Curian/DoubleLine Total Return Fund and JNL/JPMorgan U.S. Government & Quality Bond Fund, while the leading detractors to performance included holdings in JNL/Scout Unconstrained Bond Fund, JNL/Goldman Sachs Emerging Markets Debt Fund and JNL/Franklin Templeton Global Multisector Bond Fund.

Overweighting domestic equities during the year was a positive attributor to performance. The leading domestic equity contributors to performance included allocations to JNL/T. Rowe Price Established Growth Fund, JNL/T. Rowe Price Value Fund and JNL/JPMorgan MidCap Growth Fund. No domestic equity funds were identified as leading detractors to performance.

An underweight allocation to international equities provided the largest positive allocation effect to performance during 2014. None of the international equity funds were recognized as leading contributors to performance. In contrast, JNL/JPMorgan International Value and JNL/Lazard Emerging Markets Fund were among the leading detractors to performance.

A one percentage point allocation to the specialty equity category via JNL/BlackRock Commodity Securities Strategy Fund was a leading detractor to performance.

JNL/S&P Managed Moderate Growth Fund

Portfolio Composition^†:

Domestic Equity	46.7	%
Domestic Fixed Income	32.1
Global Fixed Income	5.4
International Equity	5.3
Alternative	3.4
Emerging Markets Equity	3.1
Global Equity	2.1
International Fixed Income	1.9
Total Investments	100.0	%

†Total Investments as of December 31, 2014

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

The investment objective of JNL/S&P Managed Moderate Growth Fund is capital growth and current income. The Fund allocates approximately 50% to 70% of its assets to Underlying Funds that invest primarily in equity securities, 30% to 50% to Underlying Funds that invest primarily in fixed income securities and 0% to 20% to Underlying Funds that invest primarily in money market securities.

For the year ended December 31, 2014, JNL/S&P Managed Moderate Growth Fund underperformed its primary benchmark by posting a return of 4.51% for Class A shares compared to 13.69% for the S&P 500 Index. The Fund underperformed its blended benchmark return of 7.72% for the 45% S&P 500 Index, 40% Barclays U.S. Aggregate Bond Index and 15% MSCI EAFE Index.

A neutral allocation to fixed income was a slight detractor to performance during the 2014 calendar year. The leading fixed income contributors to performance included allocations to JNL/PIMCO Total Return Bond Fund and Curian/DoubleLine Total Return Fund, while the leading fixed income detractors to performance included holdings in JNL/Goldman Sachs Emerging Markets Debt Fund, JNL/Scout Unconstrained Bond Fund and JNL/Franklin Templeton Global Multisector Bond Fund.

Overweighting domestic equities was a positive attributor to performance. The leading domestic equity contributors to performance included allocations to JNL/T. Rowe Price Established Growth Fund, JNL/T. Rowe Price Value Fund and JNL/WMC Value Fund. JNL/Franklin Templeton Small Cap Value Fund and JNL/Eagle SmallCap Equity Fund were identified as the leading domestic equity detractors to performance during the period.

An underweight allocation to international equities provided the largest positive allocation effect to performance during 2014. Only JNL/Oppenheimer Global Growth Fund was recognized as a leading contributor to international equity performance. In contrast, JNL/Lazard Emerging Markets Fund and JNL/JPMorgan International Value Fund were among the leading detractors to performance.

A one percentage point allocation to the spe- cialty equity category via JNL/BlackRock Commodity Securities Strategy Fund was a leading detractor to performance.

JNL/S&P Managed Growth Fund

Portfolio Composition^†:

Domestic Equity	62.1	%
Domestic Fixed Income	17.3
International Equity	7.0
Global Equity	4.3
Emerging Markets Equity	3.6
Alternative	3.4
International Fixed Income	1.6
Global Fixed Income	0.7
Total Investments	100.0	%

†Total Investments as of December 31, 2014

The investment objective of JNL/S&P Managed Growth Fund is to seek capital growth. Current income is a secondary objective. The Fund allocates approximately 70% to 90% of its assets to Underlying Funds that invest primarily in equity securities, 10% to 30% to Underlying Funds that invest primarily in fixed income securities and 0% to 15% to Underlying Funds that invest primarily in money market securities.

For the year ended December 31, 2014, JNL/S&P Managed Growth Fund underperformed its primary benchmark by posting a return of 5.63% for Class A shares compared to 13.69% for the S&P 500 Index. The Fund underperformed its blended benchmark return of 8.26% for the 60% S&P 500 Index, 20% Barclays U.S. Aggregate Bond Index and 20% MSCI EAFE Index.

A neutral allocation to fixed income was a slight detractor to performance during the 2014 calendar year. The leading fixed income contributors to performance included allocations to JNL/PIMCO Total Return Bond Fund and Curian/DoubleLine Total Return Fund, while the leading fixed income detractors to performance included holdings in JNL/Goldman Sachs Emerging Markets Debt Fund and JNL/Scout Unconstrained Bond Fund.

Overweighting domestic equities was a positive attributor to performance. The leading domestic equity contributors to performance included allocations to JNL/T. Rowe Price Value Fund, JNL/T. Rowe Price Established Growth Fund and JNL/WMC Value Fund. JNL/Franklin Templeton Small Cap Value Fund and JNL/Eagle SmallCap Equity Fund were identified as the leading domestic equity detractors to performance during the period.

An underweight allocation to international equities provided the largest positive allocation

effect to performance during 2014. JNL/Oppenheimer Global Growth Fund and JNL/Invesco International Growth Fund were recognized as leading contributors to international equity performance. In contrast, JNL/Lazard Emerging Markets Fund was among the leading detractors to performance.

A one percentage point allocation to the specialty equity category via JNL/BlackRock Commodity Securities Strategy Fund was among the leading detractors to performance during the year.

JNL/S&P Managed Aggressive Growth Fund

Portfolio Composition^†:

Domestic Equity	70.9	%
International Equity	7.7
Domestic Fixed Income	7.6
Global Equity	5.5
Emerging Markets Equity	3.7
Alternative	2.9
International Fixed Income	1.7
Total Investments	100.0	%

†Total Investments as of December 31, 2014

The investment objective of JNL/S&P Managed Aggressive Growth Fund is capital growth. The Fund allocates approximately 80% to 100% of its assets to Underlying Funds that invest primarily in equity securities, 0% to 20% to Underlying Funds that invest primarily in fixed income securities and 0% to 10% to Underlying Funds that invest primarily in money market securities.

For the year ended December 31, 2014, JNL/S&P Managed Aggressive Growth Fund underperformed its primary benchmark by posting a return of 6.58% for Class A shares compared to 13.69% for the S&P 500 Index. The Fund underperformed its blended benchmark return of 8.05% for the 65% S&P 500 Index, 25% MSCI EAFE Index and 10% Barclays U.S. Aggregate Bond Index.

A neutral allocation to fixed income was a slight detractor to performance during the 2014 calendar year. The leading fixed income contributors to performance included allocations to JNL/PIMCO Total Return Bond Fund and JNL/PPM America Total Return Fund, while the leading fixed income detractors to performance included holdings in JNL/Goldman Sachs Emerging Markets Debt Fund and JNL/Scout Unconstrained Bond Fund.

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

Overweighting domestic equities was a positive attributor to performance. The leading domestic equity contributors to performance included allocations to JNL/T. Rowe Price Value Fund, JNL/T. Rowe Price Established Growth Fund and JNL/WMC Value Fund. JNL/Franklin Templeton Small Cap Value Fund and JNL/Eagle SmallCap Equity Fund were identified as the

leading domestic equity detractors to performance during the period.

An underweight allocation to international equities provided the largest positive allocation effect to performance during 2014. JNL/Oppenheimer Global Growth Fund and JNL/Invesco International Growth Fund were recognized as leading contributors to international

equity performance. In contrast, JNL/Lazard Emerging Markets Fund was identified as a leading detractor to performance.

A one percentage point allocation to the specialty equity category via JNL/BlackRock Commodity Securities Strategy Fund was among the leading detractors to performance during the year.

JNL/S&P Managed Conservative Fund (Class A)

¹  80% Barclays U.S. Aggregate Bond Index, 15% S&P 500 Index, 5% MSCI EAFE Index

Average Annual Total Returns for Class A Shares
1 Year	3.12%
5 Year	5.62%
10 Year	4.35%

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 charges.

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

JNL/S&P Managed Moderate Fund (Class A)

¹  60% Barclays U.S. Aggregate Bond Index, 30% S&P 500 Index, 10% MSCI EAFE Index

Average Annual Total Returns for Class A Shares
1 Year	3.98%
5 Year	7.41%
10 Year	5.25%

JNL/S&P Managed Moderate Growth Fund (Class A)

¹  40% Barclays U.S. Aggregate Bond Index, 45% S&P 500 Index, 15% MSCI EAFE Index

Average Annual Total Returns for Class A Shares
1 Year	4.51%
5 Year	9.00%
10 Year	5.97%

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 charges.

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

JNL/S&P Managed Growth Fund (Class A)

¹  20% Barclays U.S. Aggregate Bond Index, 60% S&P 500 Index, 20% MSCI EAFE Index

Average Annual Total Returns for Class A Shares
1 Year	5.63%
5 Year	10.93%
10 Year	6.37%

JNL/S&P Managed Aggressive Growth Fund (Class A)

¹  10% Barclays U.S. Aggregate Bond Index, 65% S&P 500 Index, 25% MSCI EAFE Index

Average Annual Total Returns for Class A Shares
1 Year	6.58%
5 Year	11.60%
10 Year	6.57%

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 charges.

JNL Series Trust Master Feeder Funds and Fund of Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares		Value
JNL/American Funds Blue Chip Income and Growth Fund
INVESTMENT COMPANIES - 100.0%
DOMESTIC EQUITY - 100.0%
American Funds Insurance Series - Blue Chip Income and Growth Fund - Class 1 (a)		127,687	$	1,875,718
Total Investment Companies (cost $1,431,369)				1,875,718
Total Investments - 100.0% (cost $1,431,369)				1,875,718
Other Assets and Liabilities - Net - (0.0% )				(714	)
Total Net Assets - 100.0%			$	1,875,004
JNL/American Funds Global Bond Fund
INVESTMENT COMPANIES - 100.0%
GLOBAL FIXED INCOME - 100.0%
American Funds Insurance Series - Global Bond Fund - Class 1 (a)		41,999	$	494,325
Total Investment Companies (cost $514,995)				494,325
Total Investments - 100.0% (cost $514,995)				494,325
Other Assets and Liabilities - Net - (0.0% )				(174	)
Total Net Assets - 100.0%			$	494,151
JNL/American Funds Global Small Capitalization Fund
INVESTMENT COMPANIES - 100.0%
GLOBAL EQUITY - 100.0%
American Funds Insurance Series - Global Small Capitalization Fund - Class 1 (a)		15,135	$	394,877
Total Investment Companies (cost $336,704)				394,877
Total Investments - 100.0% (cost $336,704)				394,877
Other Assets and Liabilities - Net - (0.0% )				(136	)
Total Net Assets - 100.0%			$	394,741
JNL/American Funds Growth-Income Fund
INVESTMENT COMPANIES - 100.0%
DOMESTIC EQUITY - 100.0%
American Funds Insurance Series - Growth-Income Fund - Class 1 (a)		46,362	$	2,446,084
Total Investment Companies (cost $1,968,694)				2,446,084
Total Investments - 100.0% (cost $1,968,694)				2,446,084
Other Assets and Liabilities - Net - (0.0% )				(1,081	)
Total Net Assets - 100.0%			$	2,445,003

	Shares		Value
JNL/American Funds International Fund
INVESTMENT COMPANIES - 100.0%
INTERNATIONAL EQUITY - 100.0%
American Funds Insurance Series - International Fund - Class 1 (a)		35,280	$	717,938
Total Investment Companies (cost $658,060)				717,938
Total Investments - 100.0% (cost $658,060)				717,938
Other Assets and Liabilities - Net - (0.0% )				(309	)
Total Net Assets - 100.0%			$	717,629
JNL/American Funds New World Fund
INVESTMENT COMPANIES - 100.0%
EMERGING MARKETS EQUITY - 100.0%
American Funds Insurance Series - New World Fund - Class 1 (a)		35,530	$	736,179
Total Investment Companies (cost $808,309)				736,179
Total Investments - 100.0% (cost $808,309)				736,179
Other Assets and Liabilities - Net - (0.0% )				(322	)
Total Net Assets - 100.0%			$	735,857
JNL Institutional Alt 20 Fund
INVESTMENT COMPANIES - 100.0%
ALTERNATIVE - 19.4%
Curian Long Short Credit Fund (9.0%) (b)		3,291	$	31,923
Curian/AQR Risk Parity Fund (6.2%) (b)		1,032		10,820
Curian/BlackRock Global Long Short Credit Fund (7.6%) (b)		2,847		29,098
Curian/Eaton Vance Global Macro Absolute Return Advantage Fund (9.5%) (b)		4,024		40,121
Curian/Neuberger Berman Currency Fund (11.4%) (b)		2,164		21,921
Curian/Neuberger Berman Risk Balanced Commodity Strategy Fund (9.9%) (b)		2,307		17,859
Curian/Nicholas Convertible Arbitrage Fund (7.5%) (b)		3,216		32,707
Curian/PineBridge Merger Arbitrage Fund (2.9%) (b)		264		2,641
Curian/UBS Global Long Short Fixed Income Opportunities Fund (6.0%) (b)		1,097		10,442
Curian/Van Eck International Gold Fund (1.9%) (b)		356		1,561
JNL/AQR Managed Futures Strategy Fund - Class A (7.4%) (b)		3,690		37,974
JNL/Boston Partners Global Long Short Equity Fund - Class A (7.6%) (b)		2,969		29,275
JNL/Brookfield Global Infrastructure and MLP Fund - Class A (2.2%) (b)		1,853		28,436
JNL/Invesco Global Real Estate Fund - Class A (1.4%) (b)		2,542		27,580
JNL/Red Rocks Listed Private Equity Fund - Class A (2.5%) (b)		1,924		20,985
				343,343
DOMESTIC EQUITY - 29.8%
Curian Focused U.S. Equity Fund (48.8%) (b)		3,562		40,431
Curian/DFA U.S. Micro Cap Fund (21.3%) (b)		1,473		19,850

See accompanying Notes to Financial Statements.

JNL Series Trust Master Feeder Funds and Fund of Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares		Value
JNL/Mellon Capital Nasdaq 25 Fund - Class A (5.8%) (b)		2,755		58,652
JNL/Mellon Capital S&P 24 Fund - Class A (11.6%) (b)		4,592		63,697
JNL/Mellon Capital S&P SMid 60 Fund - Class A (6.0%) (b)		2,299		29,333
JNL/Mellon Capital Small Cap Index Fund - Class A (3.0%) (b)		3,341		58,331
JNL/S&P Competitive Advantage Fund - Class A (3.0%) (b)		4,946		83,536
JNL/S&P Dividend Income & Growth Fund - Class A (1.8%) (b)		5,095		77,806
JNL/T. Rowe Price Value Fund - Class A (2.7%) (b)		5,570		96,026
				527,662
DOMESTIC FIXED INCOME - 21.6%
Curian/DoubleLine Total Return Fund (6.6%) (b)		7,577		80,466
JNL/PIMCO Real Return Fund - Class A (1.7%) (b)		3,146		32,911
JNL/PIMCO Total Return Bond Fund - Class A (0.9%) (b)		3,165		39,911
JNL/PPM America Floating Rate Income Fund - Class A (2.4%) (b)		3,663		39,013
JNL/PPM America High Yield Bond Fund - Class A (2.1%) (b)		8,483		56,416
JNL/PPM America Total Return Bond Fund - Class A (8.1%) (b)		7,462		88,421
JNL/Scout Unconstrained Bond Fund - Class A (6.7%) (b)		4,823		46,395
				383,533
EMERGING MARKETS EQUITY - 4.4%
Curian/Ashmore Emerging Market Small Cap Equity Fund (14.7%) (b)		610		5,658
Curian/Franklin Templeton Frontier Markets Fund (16.4%) (b)		1,247		11,717
JNL/Lazard Emerging Markets Fund - Class A (4.5%) (b)		5,995		59,766
				77,141
GLOBAL EQUITY - 2.1%
JNL/Franklin Templeton Global Growth Fund - Class A (3.1%) (b)		3,398		38,158
GLOBAL FIXED INCOME - 8.7%
JNL/Franklin Templeton Global Multisector Bond Fund - Class A (4.2%) (b)		7,622		87,725
JNL/Neuberger Berman Strategic Income Fund - Class A (10.0%) (b)		6,107		66,507
				154,232
INTERNATIONAL EQUITY - 13.5%
Curian Focused International Equity Fund (27.4%) (b)		6,151		64,100
JNL/Mellon Capital International Index Fund - Class A (7.9%) (b)		13,279		175,145
				239,245

	Shares		Value
INTERNATIONAL FIXED INCOME - 0.5%
JNL/Goldman Sachs Emerging Markets Debt Fund - Class A (1.3%) (b)		799		8,362
Total Investment Companies (cost $1,707,647)				1,771,676
Total Investments - 100.0% (cost $1,707,647)				1,771,676
Other Assets and Liabilities - Net - (0.0% )				(285	)
Total Net Assets - 100.0%			$	1,771,391
JNL Institutional Alt 35 Fund
INVESTMENT COMPANIES - 100.0%
ALTERNATIVE - 34.3%
Curian Long Short Credit Fund (21.1%) (b)		7,717	$	74,853
Curian/AQR Risk Parity Fund (15.3%) (b)		2,561		26,838
Curian/BlackRock Global Long Short Credit Fund (17.8%) (b)		6,659		68,054
Curian/Eaton Vance Global Macro Absolute Return Advantage Fund (21.0%) (b)		8,850		88,237
Curian/Franklin Templeton Natural Resources Fund (10.5%) (b)		994		5,953
Curian/Neuberger Berman Currency Fund (21.6%) (b)		4,099		41,519
Curian/Neuberger Berman Risk Balanced Commodity Strategy Fund (22.4%) (b)		5,216		40,375
Curian/Nicholas Convertible Arbitrage Fund (16.9%) (b)		7,258		73,811
Curian/PineBridge Merger Arbitrage Fund (6.2%) (b)		566		5,667
Curian/UBS Global Long Short Fixed Income Opportunities Fund (16.8%) (b)		3,046		29,002
Curian/Van Eck International Gold Fund (6.3%) (b)		1,175		5,156
JNL/AQR Managed Futures Strategy Fund - Class A (16.7%) (b)		8,396		86,392
JNL/Boston Partners Global Long Short Equity Fund - Class A (15.7%) (b)		6,097		60,117
JNL/Brookfield Global Infrastructure and MLP Fund - Class A (5.9%) (b)		5,066		77,768
JNL/Invesco Global Real Estate Fund - Class A (3.2%) (b)		5,929		64,334
JNL/Red Rocks Listed Private Equity Fund - Class A (6.7%) (b)		5,194		56,661
				804,737
DOMESTIC EQUITY - 22.6%
Curian Focused U.S. Equity Fund (42.8%) (b)		3,122		35,437
Curian/DFA U.S. Micro Cap Fund (19.6%) (b)		1,355		18,265
JNL/Mellon Capital Nasdaq 25 Fund - Class A (6.5%) (b)		3,098		65,965
JNL/Mellon Capital S&P 24 Fund - Class A (12.1%) (b)		4,772		66,192
JNL/Mellon Capital S&P SMid 60 Fund - Class A (5.6%) (b)		2,126		27,129
JNL/Mellon Capital Small Cap Index Fund - Class A (3.5%) (b)		3,879		67,721
JNL/S&P Competitive Advantage Fund - Class A (2.9%) (b)		4,860		82,079
JNL/S&P Dividend Income & Growth Fund - Class A (1.6%) (b)		4,484		68,475
JNL/T. Rowe Price Value Fund - Class A (2.7%) (b)		5,667		97,692
				528,955

See accompanying Notes to Financial Statements.

JNL Series Trust Master Feeder Funds and Fund of Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares		Value
DOMESTIC FIXED INCOME - 18.1%
Curian/DoubleLine Total Return Fund (7.9%) (b)		9,090		96,532
JNL/PIMCO Real Return Fund - Class A (1.3%) (b)		2,485		25,999
JNL/PIMCO Total Return Bond Fund - Class A (0.9%) (b)		3,386		42,697
JNL/PPM America Floating Rate Income Fund - Class A (2.2%) (b)		3,387		36,077
JNL/PPM America High Yield Bond Fund - Class A (2.4%) (b)		9,708		64,557
JNL/PPM America Total Return Bond Fund - Class A (9.9%) (b)		9,161		108,556
JNL/Scout Unconstrained Bond Fund - Class A (7.2%) (b)		5,217		50,184
				424,602
EMERGING MARKETS EQUITY - 3.8%
Curian/Ashmore Emerging Market Small Cap Equity Fund (12.2%) (b)		505		4,680
Curian/Franklin Templeton Frontier Markets Fund (18.6%) (b)		1,413		13,284
JNL/Lazard Emerging Markets Fund - Class A (5.3%) (b)		7,087		70,655
				88,619
GLOBAL EQUITY - 1.8%
JNL/Franklin Templeton Global Growth Fund - Class A (3.5%) (b)		3,777		42,418
GLOBAL FIXED INCOME - 6.8%
JNL/Franklin Templeton Global Multisector Bond Fund - Class A (4.7%) (b)		8,361		96,233
JNL/Neuberger Berman Strategic Income Fund - Class A (9.5%) (b)		5,854		63,756
				159,989
INTERNATIONAL EQUITY - 12.3%
Curian Focused International Equity Fund (31.2%) (b)		7,004		72,983
JNL/Mellon Capital International Index - Class A (9.7%) (b)		16,344		215,580
				288,563
INTERNATIONAL FIXED INCOME - 0.3%
JNL/Goldman Sachs Emerging Markets Debt Fund - Class A (0.9%) (b)		579		6,056
Total Investment Companies (cost $2,257,158)				2,343,939
Total Investments - 100.0% (cost $2,257,158)				2,343,939
Other Assets and Liabilities - Net - (0.0% )				(375	)
Total Net Assets - 100.0%			$	2,343,564
JNL Institutional Alt 50 Fund
INVESTMENT COMPANIES - 100.0%
ALTERNATIVE - 49.0%
Curian Long Short Credit Fund (42.0%) (b)		15,399	$	149,372
Curian/AQR Risk Parity Fund (24.9%) (b)		4,163		43,632
Curian/BlackRock Global Long Short Credit Fund (35.3%) (b)		13,196		134,859
Curian/Eaton Vance Global Macro Absolute Return Advantage Fund (40.8%) (b)		17,180		171,286
Curian/Franklin Templeton Natural Resources Fund (36.3%) (b)		3,443		20,624

	Shares		Value
Curian/Neuberger Berman Currency Fund (45.0%) (b)		8,553		86,636
Curian/Neuberger Berman Risk Balanced Commodity Strategy Fund (33.8%) (b)		7,867		60,888
Curian/Nicholas Convertible Arbitrage Fund (33.8%) (b)		14,493		147,396
Curian/PineBridge Merger Arbitrage Fund (12.7%) (b)		1,169		11,704
Curian/UBS Global Long Short Fixed Income Opportunities Fund (34.6%) (b)		6,292		59,900
Curian/Van Eck International Gold Fund (15.3%) (b)		2,839		12,463
JNL/AQR Managed Futures Strategy Fund - Class A (32.8%) (b)		16,471		169,484
JNL/Boston Partners Global Long Short Equity Fund - Class A (36.8%) (b)		14,309		141,090
JNL/Brookfield Global Infrastructure and MLP Fund - Class A (12.0%) (b)		10,254		157,402
JNL/Invesco Global Real Estate Fund - Class A (6.3%) (b)		11,881		128,909
JNL/Red Rocks Listed Private Equity Fund - Class A (14.0%) (b)		10,851		118,381
				1,614,026
DOMESTIC EQUITY - 17.4%
Curian/DFA U.S. Micro Cap Fund (19.3%) (b)		1,335		17,995
JNL/Mellon Capital Nasdaq 25 Fund - Class A (7.3%) (b)		3,466		73,804
JNL/Mellon Capital S&P 24 Fund - Class A (12.3%) (b)		4,849		67,252
JNL/Mellon Capital S&P SMid 60 Fund - Class A (3.9%) (b)		1,486		18,959
JNL/Mellon Capital Small Cap Index Fund - Class A (3.9%) (b)		4,265		74,462
JNL/S&P Competitive Advantage Fund - Class A (3.5%) (b)		5,771		97,474
JNL/S&P Dividend Income & Growth Fund - Class A (2.2%) (b)		6,256		95,526
JNL/T. Rowe Price Value Fund - Class A (3.6%) (b)		7,445		128,349
				573,821
DOMESTIC FIXED INCOME - 14.5%
Curian/DoubleLine Total Return Fund (9.3%) (b)		10,667		113,279
JNL/PIMCO Real Return Fund - Class A (1.6%) (b)		2,910		30,443
JNL/PIMCO Total Return Bond Fund - Class A (1.0%) (b)		3,533		44,557
JNL/PPM America Floating Rate Income Fund - Class A (2.6%) (b)		3,926		41,817
JNL/PPM America High Yield Bond Fund - Class A (2.7%) (b)		11,005		73,181
JNL/PPM America Total Return Bond Fund - Class A (11.0%) (b)		10,129		120,029
JNL/Scout Unconstrained Bond Fund - Class A (7.9%) (b)		5,688		54,715
				478,021
EMERGING MARKETS EQUITY - 2.8%
Curian/Ashmore Emerging Market Small Cap Equity Fund (17.4%) (b)		721		6,688
Curian/Franklin Templeton Frontier Markets Fund (17.0%) (b)		1,291		12,133
JNL/Lazard Emerging Markets Fund - Class A (5.5%) (b)		7,342		73,200
				92,021

See accompanying Notes to Financial Statements.

JNL Series Trust Master Feeder Funds and Fund of Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares		Value
GLOBAL EQUITY - 1.1%
JNL/Franklin Templeton Global Growth Fund - Class A (3.0%) (b)		3,237		36,353
GLOBAL FIXED INCOME - 5.6%
JNL/Franklin Templeton Global Multisector Bond Fund - Class A (5.2%) (b)		9,405		108,253
JNL/Neuberger Berman Strategic Income Fund - Class A (11.1%) (b)		6,834		74,416
				182,669
INTERNATIONAL EQUITY - 9.5%
Curian Focused International Equity Fund (33.4%) (b)		7,497		78,114
JNL/Mellon Capital International Index - Class A (10.5%) (b)		17,682		233,227
				311,341
INTERNATIONAL FIXED INCOME - 0.1%
JNL/Goldman Sachs Emerging Markets Debt Fund - Class A (0.7%) (b)		440		4,607
Total Investment Companies (cost $3,183,128)				3,292,859
Total Investments - 100.0% (cost $3,183,128)				3,292,859
Other Assets and Liabilities - Net - (0.0% )				(515	)
Total Net Assets - 100.0%			$	3,292,344
JNL Institutional Alt 65 Fund
INVESTMENT COMPANIES - 100.0%
ALTERNATIVE - 64.7%
Curian Long Short Credit Fund (11.8%) (b)		4,322	$	41,921
Curian/AQR Risk Parity Fund (1.6%) (b)		260		2,723
Curian/BlackRock Global Long Short Credit Fund (10.1%) (b)		3,759		38,414
Curian/Eaton Vance Global Macro Absolute Return Advantage Fund (11.3%) (b)		4,765		47,509
Curian/Franklin Templeton Natural Resources Fund (3.3%) (b)		310		1,857
Curian/Neuberger Berman Currency Fund (12.5%) (b)		2,379		24,102
Curian/Neuberger Berman Risk Balanced Commodity Strategy Fund (9.8%) (b)		2,275		17,605
Curian/Nicholas Convertible Arbitrage Fund (8.9%) (b)		3,835		39,004
Curian/PineBridge Merger Arbitrage Fund (2.0%) (b)		184		1,845
Curian/UBS Global Long Short Fixed Income Opportunities Fund (7.7%) (b)		1,402		13,352
Curian/Van Eck International Gold Fund (1.3%) (b)		242		1,061
JNL/AQR Managed Futures Strategy Fund - Class A (8.1%) (b)		4,064		41,814
JNL/Boston Partners Global Long Short Equity Fund - Class A (11.3%) (b)		4,404		43,429
JNL/Brookfield Global Infrastructure and MLP Fund - Class A (3.0%) (b)		2,556		39,241
JNL/Invesco Global Real Estate Fund - Class A (1.6%) (b)		3,089		33,516
JNL/Red Rocks Listed Private Equity Fund - Class A (3.0%) (b)		2,296		25,046
				412,439
DOMESTIC EQUITY - 13.4%
Curian/DFA U.S. Micro Cap Fund (1.0%) (b)		68		910

	Shares		Value
JNL/Mellon Capital Nasdaq 25 Fund - Class A (1.3%) (b)		629		13,396
JNL/Mellon Capital S&P 24 Fund - Class A (0.4%) (b)		143		1,983
JNL/Mellon Capital Small Cap Index Fund - Class A (0.6%) (b)		631		11,024
JNL/S&P Competitive Advantage Fund - Class A (0.7%) (b)		1,111		18,762
JNL/S&P Dividend Income & Growth Fund - Class A (0.4%) (b)		1,122		17,135
JNL/T. Rowe Price Value Fund - Class A (0.6%) (b)		1,307		22,527
				85,737
DOMESTIC FIXED INCOME - 7.5%
Curian/DoubleLine Total Return Fund (0.9%) (b)		1,070		11,361
JNL/PIMCO Real Return Fund - Class A (0.1%) (b)		265		2,775
JNL/PIMCO Total Return Bond Fund - Class A (0.1%) (b)		263		3,322
JNL/PPM America Floating Rate Income Fund - Class A (0.4%) (b)		645		6,866
JNL/PPM America High Yield Bond Fund - Class A (0.3%) (b)		1,271		8,452
JNL/PPM America Total Return Bond Fund - Class A (0.8%) (b)		766		9,082
JNL/Scout Unconstrained Bond Fund - Class A (0.8%) (b)		592		5,696
				47,554
EMERGING MARKETS EQUITY - 2.0%
Curian/Ashmore Emerging Market Small Cap Equity Fund (2.5%) (b)		104		961
JNL/Lazard Emerging Markets Fund - Class A (0.9%) (b)		1,191		11,879
				12,840
GLOBAL EQUITY - 1.0%
JNL/Franklin Templeton Global Growth Fund - Class A (0.5%) (b)		593		6,655
GLOBAL FIXED INCOME - 2.6%
JNL/Franklin Templeton Global Multisector Bond Fund - Class A (0.5%) (b)		972		11,187
JNL/Neuberger Berman Strategic Income Fund - Class A (0.8%) (b)		482		5,247
				16,434
INTERNATIONAL EQUITY - 8.8%
Curian Focused International Equity Fund (6.4%) (b)		1,433		14,935
JNL/Mellon Capital International Index - Class A (1.9%) (b)		3,145		41,475
				56,410
Total Investment Companies (cost $619,033)				638,069
Total Investments - 100.0% (cost $619,033)				638,069
Other Assets and Liabilities - Net - (0.0% )				(129	)
Total Net Assets - 100.0%			$	637,940

See accompanying Notes to Financial Statements.

JNL Series Trust Master Feeder Funds and Fund of Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares		Value
JNL/American Funds Balanced Allocation Fund
INVESTMENT COMPANIES - 100.0%
DOMESTIC EQUITY - 32.2%
American Funds Insurance Series - Blue Chip Income and Growth Fund - Class 1		3,948	$	57,995
American Funds Insurance Series - Growth Fund - Class 1		1,454		116,532
American Funds Insurance Series - Growth-Income Fund - Class 1		1,514		79,876
				254,403
DOMESTIC FIXED INCOME - 32.1%
American Funds Insurance Series - Bond Fund - Class 1		11,476		127,157
American Funds Insurance Series - High-Income Bond Fund - Class 1		7,725		81,418
American Funds Insurance Series - U.S. Government/AAA-Rated Securities Fund - Class 1		3,661		45,392
				253,967
EMERGING MARKETS EQUITY - 7.4%
American Funds Insurance Series - New World Fund - Class 1		2,812		58,258
GLOBAL EQUITY - 17.5%
American Funds Insurance Series - Global Growth and Income Fund - Class 1		2,276		29,093
American Funds Insurance Series - Global Growth Fund - Class 1		2,116		58,144
American Funds Insurance Series - Global Small Capitalization Fund - Class 1		1,965		51,266
				138,503
GLOBAL FIXED INCOME - 8.0%
American Funds Insurance Series - Global Bond Fund - Class 1		5,396		63,506
INTERNATIONAL EQUITY - 2.8%
American Funds Insurance Series - International Fund - Class 1		1,072		21,816
Total Investment Companies (cost $757,061)				790,453
Total Investments - 100.0% (cost $757,061)				790,453
Other Assets and Liabilities - Net - (0.0% )				(331	)
Total Net Assets - 100.0%			$	790,122
JNL/American Funds Growth Allocation Fund
INVESTMENT COMPANIES - 100.0%
DOMESTIC EQUITY - 39.4%
American Funds Insurance Series - Blue Chip Income and Growth Fund - Class 1		4,276	$	62,818
American Funds Insurance Series - Growth Fund - Class 1		1,574		126,146
American Funds Insurance Series - Growth-Income Fund - Class 1		1,431		75,491
				264,455
DOMESTIC FIXED INCOME - 13.4%
American Funds Insurance Series - Bond Fund - Class 1		2,440		27,039

	Shares		Value
American Funds Insurance Series - High-Income Bond Fund - Class 1		4,258		44,883
American Funds Insurance Series - U.S. Government/AAA-Rated Securities Fund - Class 1		1,453		18,016
				89,938
EMERGING MARKETS EQUITY - 10.4%
American Funds Insurance Series - New World Fund - Class 1		3,349		69,396
GLOBAL EQUITY - 25.4%
American Funds Insurance Series - Global Growth and Income Fund - Class 1		2,465		31,506
American Funds Insurance Series - Global Growth Fund - Class 1		2,750		75,564
American Funds Insurance Series - Global Small Capitalization Fund - Class 1		2,429		63,361
				170,431
GLOBAL FIXED INCOME - 6.7%
American Funds Insurance Series - Global Bond Fund - Class 1		3,823		44,996
INTERNATIONAL EQUITY - 4.7%
American Funds Insurance Series - International Fund - Class 1		1,548		31,500
Total Investment Companies (cost $641,282)				670,716
Total Investments - 100.0% (cost $641,282)				670,716
Other Assets and Liabilities - Net - (0.0% )				(282	)
Total Net Assets - 100.0%			$	670,434
JNL Disciplined Moderate Fund
INVESTMENT COMPANIES - 100.0%
DOMESTIC EQUITY - 45.5%
JNL/Mellon Capital 25 Fund - Class A (1.3%) (b)		720	$	12,672
JNL/Mellon Capital S&P 400 Mid Cap Index Fund - Class A (3.8%) (b)		3,769		71,607
JNL/Mellon Capital S&P 500 Index Fund - Class A (3.1%) (b)		7,596		129,975
JNL/Mellon Capital Small Cap Index Fund - Class A (2.8%) (b)		3,039		53,053
JNL/S&P Competitive Advantage Fund - Class A (4.5%) (b)		7,431		125,503
JNL/S&P Dividend Income & Growth Fund - Class A (2.6%) (b)		7,218		110,219
JNL/S&P Intrinsic Value Fund - Class A (2.3%) (b)		3,595		59,502
JNL/S&P Mid 3 Fund - Class A (12.0%) (b)		1,737		19,822
				582,353
DOMESTIC FIXED INCOME - 30.7%
Curian/DoubleLine Total Return Fund (6.5%) (b)		7,523		79,893
JNL/PIMCO Real Return Fund - Class A (3.1%) (b)		5,782		60,479
JNL/PIMCO Total Return Bond Fund - Class A (0.7%) (b)		2,530		31,901
JNL/PPM America Floating Rate Income Fund - Class A (2.2%) (b)		3,322		35,382
JNL/PPM America High Yield Bond Fund - Class A (1.8%) (b)		7,514		49,972

See accompanying Notes to Financial Statements.

JNL Series Trust Master Feeder Funds and Fund of Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares		Value
JNL/PPM America Total Return Bond Fund - Class A (8.7%) (b)		8,072		95,659
JNL/Scout Unconstrained Bond Fund - Class A (5.8%) (b)		4,194		40,342
				393,628
EMERGING MARKETS EQUITY - 4.8%
JNL/Mellon Capital Emerging Markets Index Fund - Class A (7.6%) (b)		6,355		61,513
GLOBAL FIXED INCOME - 8.8%
JNL/Franklin Templeton Global Multisector Bond Fund - Class A (3.9%) (b)		6,959		80,091
JNL/Neuberger Berman Strategic Income Fund - Class A (4.9%) (b)		2,978		32,434
				112,525
INTERNATIONAL EQUITY - 10.2%
JNL/Mellon Capital International Index - Class A (4.2%) (b)		7,029		92,715
JNL/Mellon Capital Pacific Rim 30 Fund - Class A (7.2%) (b)		909		12,427
JNL/S&P International 5 Fund - Class A (20.3%) (b)		2,645		25,016
				130,158
Total Investment Companies (cost $1,180,960)				1,280,177
Total Investments - 100.0% (cost $1,180,960)				1,280,177
Other Assets and Liabilities - Net - (0.0% )				(186	)
Total Net Assets - 100.0%			$	1,279,991
JNL Disciplined Moderate Growth Fund
INVESTMENT COMPANIES - 100.0%
DOMESTIC EQUITY - 54.1%
JNL/Mellon Capital 25 Fund - Class A (2.4%) (b)		1,329	$	23,385
JNL/Mellon Capital S&P 400 Mid Cap Index Fund - Class A (5.9%) (b)		5,879		111,711
JNL/Mellon Capital S&P 500 Index Fund - Class A (3.6%) (b)		8,802		150,600
JNL/Mellon Capital Small Cap Index Fund - Class A (4.7%) (b)		5,128		89,531
JNL/S&P Competitive Advantage Fund - Class A (6.6%) (b)		10,964		185,180
JNL/S&P Dividend Income & Growth Fund - Class A (3.1%) (b)		8,820		134,681
JNL/S&P Intrinsic Value Fund - Class A (4.3%) (b)		6,809		112,689
JNL/S&P Mid 3 Fund - Class A (24.4%) (b)		3,528		40,252
				848,029
DOMESTIC FIXED INCOME - 15.2%
Curian/DoubleLine Total Return Fund (3.9%) (b)		4,431		47,061
JNL/PIMCO Real Return Fund - Class A (1.3%) (b)		2,354		24,625
JNL/PIMCO Total Return Bond Fund - Class A (0.3%) (b)		1,242		15,657
JNL/PPM America Floating Rate Income Fund - Class A (1.3%) (b)		2,030		21,621
JNL/PPM America High Yield Bond Fund - Class A (1.3%) (b)		5,499		36,568
JNL/PPM America Total Return Bond Fund - Class A (5.7%) (b)		5,275		62,505

	Shares		Value
JNL/Scout Unconstrained Bond Fund - Class A (4.4%) (b)		3,198		30,769
				238,806
EMERGING MARKETS EQUITY - 8.7%
JNL/Mellon Capital Emerging Markets Index Fund - Class A (16.8%) (b)		14,013		135,640
GLOBAL FIXED INCOME - 4.5%
JNL/Franklin Templeton Global Multisector Bond Fund - Class A (2.7%) (b)		4,781		55,031
JNL/Neuberger Berman Strategic Income Fund - Class A (2.3%) (b)		1,429		15,560
				70,591
INTERNATIONAL EQUITY - 17.5%
JNL/Mellon Capital International Index - Class A (8.5%) (b)		14,374		189,593
JNL/Mellon Capital Pacific Rim 30 Fund - Class A (13.1%) (b)		1,664		22,751
JNL/S&P International 5 Fund - Class A (49.7%) (b)		6,493		61,418
				273,762
Total Investment Companies (cost $1,433,583)				1,566,828
Total Investments - 100.0% (cost $1,433,583)				1,566,828
Other Assets and Liabilities - Net - (0.0% )				(221	)
Total Net Assets - 100.0%			$	1,566,607
JNL Disciplined Growth Fund
INVESTMENT COMPANIES - 100.0%
DOMESTIC EQUITY - 57.6%
JNL/Mellon Capital 25 Fund - Class A (1.4%) (b)		790	$	13,896
JNL/Mellon Capital S&P 400 Mid Cap Index Fund - Class A (3.2%) (b)		3,151		59,872
JNL/Mellon Capital S&P 500 Index Fund - Class A (1.5%) (b)		3,682		63,005
JNL/Mellon Capital Small Cap Index Fund - Class A (2.4%) (b)		2,665		46,537
JNL/S&P Competitive Advantage Fund - Class A (3.2%) (b)		5,227		88,277
JNL/S&P Dividend Income & Growth Fund - Class A (1.1%) (b)		3,209		48,999
JNL/S&P Intrinsic Value Fund - Class A (2.3%) (b)		3,629		60,053
JNL/S&P Mid 3 Fund - Class A (12.9%) (b)		1,859		21,209
				401,848
DOMESTIC FIXED INCOME - 7.0%
Curian/DoubleLine Total Return Fund (0.9%) (b)		992		10,534
JNL/PPM America Floating Rate Income Fund - Class A (0.4%) (b)		653		6,959
JNL/PPM America High Yield Bond Fund - Class A (0.4%) (b)		1,563		10,391
JNL/PPM America Total Return Bond Fund - Class A (1.3%) (b)		1,183		14,020
JNL/Scout Unconstrained Bond Fund - Class A (1.0%) (b)		723		6,955
				48,859
EMERGING MARKETS EQUITY - 12.3%
JNL/Mellon Capital Emerging Markets Index Fund - Class A (10.7%) (b)		8,871		85,870

See accompanying Notes to Financial Statements.

JNL Series Trust Master Feeder Funds and Fund of Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares		Value
GLOBAL FIXED INCOME - 3.0%
JNL/Franklin Templeton Global Multisector Bond Fund - Class A (0.7%) (b)		1,200		13,816
JNL/Neuberger Berman Strategic Income Fund - Class A (1.0%) (b)		642		6,990
				20,806
INTERNATIONAL EQUITY - 20.1%
JNL/Mellon Capital International Index - Class A (4.1%) (b)		6,992		92,223
JNL/Mellon Capital Pacific Rim 30 Fund - Class A (8.0%) (b)		1,010		13,814
JNL/S&P International 5 Fund - Class A (27.9%) (b)		3,641		34,444
				140,481
Total Investment Companies (cost $648,853)				697,864
Total Investments - 100.0% (cost $648,853)				697,864
Other Assets and Liabilities - Net - (0.0% )				(109	)
Total Net Assets - 100.0%			$	697,755
JNL/Franklin Templeton Founding Strategy Fund
INVESTMENT COMPANIES - 100.0%
DOMESTIC BALANCED - 33.4%
JNL/Franklin Templeton Income Fund - Class A (20.4%) (b)		47,082	$	552,272
GLOBAL EQUITY - 66.6%
JNL/Franklin Templeton Global Growth Fund - Class A (44.9%) (b)		49,010		550,388
JNL/Franklin Templeton Mutual Shares Fund - Class A (45.0%) (b)		45,190		553,125
				1,103,513
Total Investment Companies (cost $1,326,819)				1,655,785
Total Investments - 100.0% (cost $1,326,819)				1,655,785
Other Assets and Liabilities - Net - (0.0% )				(127	)
Total Net Assets - 100.0%			$	1,655,658
JNL/Mellon Capital 10 x 10 Fund
INVESTMENT COMPANIES - 100.0%
DOMESTIC EQUITY - 80.3%
JNL/Mellon Capital JNL 5 Fund - Class A (6.3%) (b)		16,593	$	219,187
JNL/Mellon Capital S&P 400 Mid Cap Index Fund - Class A (2.3%) (b)		2,307		43,826
JNL/Mellon Capital S&P 500 Index Fund - Class A (1.0%) (b)		2,557		43,754
JNL/Mellon Capital Small Cap Index Fund - Class A (2.3%) (b)		2,517		43,951
				350,718
DOMESTIC FIXED INCOME - 10.0%
JNL/Mellon Capital Bond Index Fund - Class A (4.9%) (b)		3,706		43,659

	Shares		Value
INTERNATIONAL EQUITY - 9.7%
JNL/Mellon Capital International Index - Class A (1.9%) (b)		3,220		42,477
Total Investment Companies (cost $302,355)				436,854
Total Investments - 100.0% (cost $302,355)				436,854
Other Assets and Liabilities - Net - (0.0% )				(31	)
Total Net Assets - 100.0%			$	436,823
JNL/Mellon Capital Index 5 Fund
INVESTMENT COMPANIES - 100.0%
DOMESTIC EQUITY - 61.0%
JNL/Mellon Capital S&P 400 Mid Cap Index Fund - Class A (8.0%) (b)		8,027	$	152,520
JNL/Mellon Capital S&P 500 Index Fund - Class A (3.6%) (b)		8,834		151,141
JNL/Mellon Capital Small Cap Index Fund - Class A (8.1%) (b)		8,863		154,746
				458,407
DOMESTIC FIXED INCOME - 19.7%
JNL/Mellon Capital Bond Index Fund - Class A (16.5%) (b)		12,552		147,867
INTERNATIONAL EQUITY - 19.3%
JNL/Mellon Capital International Index - Class A (6.5%) (b)		11,004		145,137
Total Investment Companies (cost $601,889)				751,411
Total Investments - 100.0% (cost $601,889)				751,411
Other Assets and Liabilities - Net - (0.0% )				(50	)
Total Net Assets - 100.0%			$	751,361
JNL/MMRS Conservative Fund
INVESTMENT COMPANIES - 100.0%
DOMESTIC EQUITY - 33.6%
JNL/Eagle SmallCap Equity Fund - Class A (0.0%) (b)		25	$	668
JNL/Invesco Small Cap Growth Fund - Class A (0.1%) (b)		49		1,000
JNL/Mellon Capital 25 Fund - Class A (0.1%) (b)		57		1,000
JNL/Mellon Capital Consumer Brands Sector Fund - Class A (0.1%) (b)		37		668
JNL/Mellon Capital Healthcare Sector Fund - Class A (0.0%) (b)		40		999
JNL/Mellon Capital S&P 24 Fund - Class A (0.2%) (b)		72		997
JNL/S&P Competitive Advantage Fund - Class A (0.0%) (b)		59		1,001
JNL/S&P Dividend Income & Growth Fund - Class A (0.0%) (b)		65		997
JNL/S&P Intrinsic Value Fund - Class A (0.0%) (b)		60		998
JNL/T. Rowe Price Mid-Cap Growth Fund - Class A (0.0%) (b)		17		666
				8,994

See accompanying Notes to Financial Statements.

JNL Series Trust Master Feeder Funds and Fund of Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares		Value
DOMESTIC FIXED INCOME - 45.8%
JNL/Goldman Sachs Core Plus Bond Fund - Class A (0.3%) (b)		244		2,881
JNL/JPMorgan U.S. Government & Quality Bond Fund - Class A (0.2%) (b)		215		2,882
JNL/Mellon Capital Bond Index Fund - Class A (0.3%) (b)		245		2,881
JNL/PIMCO Real Return Fund - Class A (0.1%) (b)		115		1,202
JNL/PIMCO Total Return Bond Fund - Class A (0.1%) (b)		191		2,409
				12,255
EMERGING MARKETS EQUITY - 6.2%
JNL/Mellon Capital Emerging Markets Index Fund - Class A (0.2%) (b)		173		1,674
GLOBAL EQUITY - 3.7%
JNL/Franklin Templeton Mutual Shares Fund - Class A (0.1%) (b)		81		999
GLOBAL FIXED INCOME - 4.5%
JNL/Neuberger Berman Strategic Income Fund - Class A (0.2%) (b)		110		1,198
INTERNATIONAL EQUITY - 6.2%
JNL/Invesco International Growth Fund - Class A (0.1%) (b)		131		1,672
Total Investment Companies (cost $27,428)				26,792
Total Investments - 100.0% (cost $27,428)				26,792
Other Assets and Liabilities - Net - (0.0% )				(8	)
Total Net Assets - 100.0%			$	26,784
JNL/MMRS Growth Fund
INVESTMENT COMPANIES - 100.0%
DOMESTIC EQUITY - 55.7%
JNL/Eagle SmallCap Equity Fund - Class A (0.1%) (b)		32	$	881
JNL/Invesco Small Cap Growth Fund - Class A (0.1%) (b)		43		881
JNL/Mellon Capital 25 Fund - Class A (0.1%) (b)		60		1,057
JNL/Mellon Capital Consumer Brands Sector Fund - Class A (0.1%) (b)		39		706
JNL/Mellon Capital Healthcare Sector Fund - Class A (0.1%) (b)		42		1,057
JNL/Mellon Capital S&P 24 Fund - Class A (0.1%) (b)		51		705
JNL/S&P Competitive Advantage Fund - Class A (0.0%) (b)		73		1,234
JNL/S&P Dividend Income & Growth Fund - Class A (0.0%) (b)		93		1,413
JNL/S&P Intrinsic Value Fund - Class A (0.0%) (b)		75		1,233
JNL/T. Rowe Price Mid-Cap Growth Fund - Class A (0.0%) (b)		18		705
				9,872
DOMESTIC FIXED INCOME - 18.2%
JNL/Goldman Sachs Core Plus Bond Fund - Class A (0.1%) (b)		51		604
JNL/JPMorgan U.S. Government & Quality Bond Fund - Class A (0.1%) (b)		60		806

	Shares		Value
JNL/Mellon Capital Bond Index Fund - Class A (0.1%) (b)		68		805
JNL/PIMCO Real Return Fund - Class A (0.0%) (b)		39		405
JNL/PIMCO Total Return Bond Fund - Class A (0.0%) (b)		48		605
				3,225
EMERGING MARKETS EQUITY - 9.9%
JNL/Mellon Capital Emerging Markets Index Fund - Class A (0.2%) (b)		182		1,766
GLOBAL EQUITY - 4.0%
JNL/Franklin Templeton Mutual Shares Fund - Class A (0.1%) (b)		58		705
GLOBAL FIXED INCOME - 2.3%
JNL/Neuberger Berman Strategic Income Fund - Class A (0.1%) (b)		37		403
INTERNATIONAL EQUITY - 9.9%
JNL/Invesco International Growth Fund - Class A (0.1%) (b)		139		1,765
Total Investment Companies (cost $18,219)				17,736
Total Investments - 100.0% (cost $18,219)				17,736
Other Assets and Liabilities - Net - (0.0% )				(5	)
Total Net Assets - 100.0%			$	17,731
JNL/MMRS Moderate Fund
INVESTMENT COMPANIES - 100.0%
DOMESTIC EQUITY - 51.7%
JNL/Eagle SmallCap Equity Fund - Class A (0.2%) (b)		81	$	2,209
JNL/Invesco Small Cap Growth Fund - Class A (0.2%) (b)		108		2,204
JNL/Mellon Capital 25 Fund - Class A (0.3%) (b)		156		2,750
JNL/Mellon Capital Consumer Brands Sector Fund - Class A (0.3%) (b)		91		1,658
JNL/Mellon Capital Healthcare Sector Fund - Class A (0.1%) (b)		88		2,199
JNL/Mellon Capital S&P 24 Fund - Class A (0.3%) (b)		119		1,648
JNL/S&P Competitive Advantage Fund - Class A (0.1%) (b)		163		2,759
JNL/S&P Dividend Income & Growth Fund - Class A (0.1%) (b)		216		3,290
JNL/S&P Intrinsic Value Fund - Class A (0.1%) (b)		166		2,749
JNL/T. Rowe Price Mid-Cap Growth Fund - Class A (0.1%) (b)		43		1,654
				23,120
DOMESTIC FIXED INCOME - 23.2%
JNL/Goldman Sachs Core Plus Bond Fund - Class A (0.2%) (b)		186		2,196
JNL/JPMorgan U.S. Government & Quality Bond Fund - Class A (0.2%) (b)		188		2,512
JNL/Mellon Capital Bond Index Fund - Class A (0.3%) (b)		213		2,511
JNL/PIMCO Real Return Fund - Class A (0.1%) (b)		121		1,262
JNL/PIMCO Total Return Bond Fund - Class A (0.0%) (b)		149		1,883
				10,364

See accompanying Notes to Financial Statements.

JNL Series Trust Master Feeder Funds and Fund of Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares		Value
EMERGING MARKETS EQUITY - 6.2%
JNL/Mellon Capital Emerging Markets Index Fund - Class A (0.3%) (b)		286		2,770
GLOBAL EQUITY - 3.7%
JNL/Franklin Templeton Mutual Shares Fund - Class A (0.1%) (b)		135		1,653
GLOBAL FIXED INCOME - 2.8%
JNL/Neuberger Berman Strategic Income Fund - Class A (0.2%) (b)		115		1,256
INTERNATIONAL EQUITY - 12.4%
JNL/Invesco International Growth Fund - Class A (0.4%) (b)		435		5,538
Total Investment Companies (cost $45,858)				44,701
Total Investments - 100.0% (cost $45,858)				44,701
Other Assets and Liabilities - Net - (0.0% )				(12	)
Total Net Assets - 100.0%			$	44,689
JNL/S&P 4 Fund
INVESTMENT COMPANIES - 100.0%
DOMESTIC EQUITY - 100.0%
JNL/S&P Competitive Advantage Fund - Class A (44.6%) (b)		73,966	$	1,249,292
JNL/S&P Dividend Income & Growth Fund - Class A (29.0%) (b)		81,370		1,242,516
JNL/S&P Intrinsic Value Fund - Class A (47.2%) (b)		75,152		1,243,757
JNL/S&P Total Yield Fund - Class A (65.1%) (b)		82,837		1,248,360
Total Investment Companies (cost $4,252,612)				4,983,925
Total Investments - 100.0% (cost $4,252,612)				4,983,925
Other Assets and Liabilities - Net - (0.0% )				(275	)
Total Net Assets - 100.0%			$	4,983,650
JNL/S&P Managed Conservative Fund
INVESTMENT COMPANIES - 100.0%
ALTERNATIVE - 1.1%
JNL/Invesco Global Real Estate Fund - Class A (0.9%) (b)		1,621	$	17,587
DOMESTIC EQUITY - 16.2%
JNL/DFA U.S. Core Equity Fund - Class A (5.1%) (b)		3,136		35,716
JNL/Eagle SmallCap Equity Fund - Class A (1.3%) (b)		651		17,742
JNL/Franklin Templeton Small Cap Value Fund - Class A (1.5%) (b)		1,151		17,478
JNL/Goldman Sachs Mid Cap Value Fund - Class A (1.0%) (b)		1,148		13,376
JNL/Invesco Mid Cap Value Fund - Class A (2.1%) (b)		773		12,600
JNL/JPMorgan MidCap Growth Fund - Class A (1.3%) (b)		550		17,576

	Shares		Value
JNL/T. Rowe Price Established Growth Fund - Class A (1.4%) (b)		2,055		68,197
JNL/T. Rowe Price Value Fund - Class A (1.9%) (b)		3,949		68,079
JNL/WMC Value Fund - Class A (1.0%) (b)		723		17,543
				268,307
DOMESTIC FIXED INCOME - 69.1%
Curian/DoubleLine Total Return Fund (9.8%) (b)		11,322		120,236
JNL/Goldman Sachs Core Plus Bond Fund - Class A (5.3%) (b)		4,360		51,498
JNL/JPMorgan U.S. Government & Quality Bond Fund - Class A (12.9%) (b)		12,076		161,704
JNL/PIMCO Real Return Fund - Class A (3.5%) (b)		6,447		67,440
JNL/PIMCO Total Return Bond Fund - Class A (3.0%) (b)		10,928		137,802
JNL/PPM America Floating Rate Income Fund - Class A (2.4%) (b)		3,648		38,849
JNL/PPM America High Yield Bond Fund - Class A (3.6%) (b)		14,892		99,029
JNL/PPM America Low Duration Bond Fund - Class A (16.4%) (b)		10,186		101,967
JNL/PPM America Total Return Bond Fund - Class A (10.6%) (b)		9,782		115,912
JNL/Scout Unconstrained Bond Fund - Class A (12.1%) (b)		8,730		83,981
JNL/T. Rowe Price Short-Term Bond Fund - Class A (9.5%) (b)		17,125		169,021
				1,147,439
EMERGING MARKETS EQUITY - 0.9%
JNL/Lazard Emerging Markets Fund - Class A (1.2%) (b)		1,594		15,892
GLOBAL FIXED INCOME - 8.0%
JNL/Franklin Templeton Global Multisector Bond Fund - Class A (6.4%) (b)		11,482		132,160
INTERNATIONAL EQUITY - 1.9%
JNL/Invesco International Growth Fund - Class A (1.1%) (b)		1,338		17,036
JNL/JPMorgan International Value Fund - Class A (2.3%) (b)		2,068		15,158
				32,194
INTERNATIONAL FIXED INCOME - 2.8%
JNL/Goldman Sachs Emerging Markets Debt Fund - Class A (7.4%) (b)		4,497		47,038
Total Investment Companies (cost $1,652,827)				1,660,617
Total Investments - 100.0% (cost $1,652,827)				1,660,617
Other Assets and Liabilities - Net - (0.0% )				(261	)
Total Net Assets - 100.0%			$	1,660,356
JNL/S&P Managed Moderate Fund
INVESTMENT COMPANIES - 100.0%
ALTERNATIVE - 2.1%
JNL/BlackRock Commodity Securities Strategy Fund - Class A (2.9%) (b)		3,339	$	31,960
JNL/Invesco Global Real Estate Fund - Class A (2.0%) (b)		3,844		41,705
				73,665

See accompanying Notes to Financial Statements.

JNL Series Trust Master Feeder Funds and Fund of Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares		Value
DOMESTIC EQUITY - 33.1%
JNL/BlackRock Large Cap Select Growth Fund - Class A (2.5%) (b)		1,104		31,056
JNL/DFA U.S. Core Equity Fund - Class A (7.9%) (b)		4,812		54,810
JNL/Eagle SmallCap Equity Fund - Class A (2.6%) (b)		1,324		36,101
JNL/Franklin Templeton Small Cap Value Fund - Class A (6.2%) (b)		4,686		71,178
JNL/Goldman Sachs Mid Cap Value Fund - Class A (5.9%) (b)		6,517		75,919
JNL/Invesco Mid Cap Value Fund - Class A (3.8%) (b)		1,365		22,239
JNL/Invesco Small Cap Growth Fund - Class A (3.7%) (b)		1,664		33,951
JNL/JPMorgan MidCap Growth Fund - Class A (7.0%) (b)		2,990		95,542
JNL/T. Rowe Price Established Growth Fund - Class A (6.8%) (b)		10,191		338,227
JNL/T. Rowe Price Value Fund - Class A (7.6%) (b)		15,797		272,348
JNL/WMC Value Fund - Class A (6.1%) (b)		4,608		111,733
				1,143,104
DOMESTIC FIXED INCOME - 49.7%
Curian/DoubleLine Total Return Fund (18.9%) (b)		21,764		231,138
JNL/JPMorgan U.S. Government & Quality Bond Fund - Class A (14.1%) (b)		13,208		176,848
JNL/PIMCO Real Return Fund - Class A (6.9%) (b)		12,789		133,772
JNL/PIMCO Total Return Bond Fund - Class A (5.1%) (b)		18,605		234,608
JNL/PPM America Floating Rate Income Fund - Class A (2.9%) (b)		4,371		46,556
JNL/PPM America High Yield Bond Fund - Class A (6.3%) (b)		26,132		173,777
JNL/PPM America Low Duration Bond Fund - Class A (26.1%) (b)		16,269		162,852
JNL/PPM America Total Return Bond Fund - Class A (16.0%) (b)		14,754		174,832
JNL/Scout Unconstrained Bond Fund - Class A (19.0%) (b)		13,765		132,415
JNL/T. Rowe Price Short-Term Bond Fund - Class A (14.0%) (b)		25,217		248,896
				1,715,694
EMERGING MARKETS EQUITY - 2.0%
JNL/Lazard Emerging Markets Fund - Class A (5.1%) (b)		6,829		68,082
GLOBAL EQUITY - 1.1%
JNL/Oppenheimer Global Growth Fund - Class A (3.0%) (b)		2,571		36,480
GLOBAL FIXED INCOME - 7.3%
JNL/Franklin Templeton Global Multisector Bond Fund - Class A (12.3%) (b)		21,979		252,978
INTERNATIONAL EQUITY - 2.5%
JNL/Invesco International Growth Fund - Class A (3.8%) (b)		4,663		59,363
JNL/JPMorgan International Value Fund - Class A (4.1%) (b)		3,586		26,281
				85,644

	Shares		Value
INTERNATIONAL FIXED INCOME - 2.2%
JNL/Goldman Sachs Emerging Markets Debt Fund - Class A (11.6%) (b)		7,092		74,183
Total Investment Companies (cost $3,292,786)				3,449,830
Total Investments - 100.0% (cost $3,292,786)				3,449,830
Other Assets and Liabilities - Net - (0.0% )				(500	)
Total Net Assets - 100.0%			$	3,449,330
JNL/S&P Managed Moderate Growth Fund
INVESTMENT COMPANIES - 100.0%
ALTERNATIVE - 3.4%
JNL/BlackRock Commodity Securities Strategy Fund - Class A (6.7%) (b)		7,777	$	74,428
JNL/Invesco Global Real Estate Fund - Class A (7.0%) (b)		13,188		143,085
				217,513
DOMESTIC EQUITY - 46.7%
JNL/BlackRock Large Cap Select Growth Fund - Class A (8.9%) (b)		3,939		110,774
JNL/Eagle SmallCap Equity Fund - Class A (4.5%) (b)		2,257		61,551
JNL/Franklin Templeton Small Cap Value Fund - Class A (14.7%) (b)		11,123		168,960
JNL/Goldman Sachs Mid Cap Value Fund - Class A (13.3%) (b)		14,687		171,097
JNL/Invesco Large Cap Growth Fund - Class A (16.7%) (b)		12,405		184,590
JNL/Invesco Mid Cap Value Fund - Class A (14.3%) (b)		5,187		84,490
JNL/Invesco Small Cap Growth Fund - Class A (9.6%) (b)		4,327		88,274
JNL/JPMorgan MidCap Growth Fund - Class A (13.2%) (b)		5,601		178,948
JNL/Morgan Stanley Mid Cap Growth Fund - Class A (31.2%) (b)		5,166		66,904
JNL/PPM America Mid Cap Value Fund - Class A (6.1%) (b)		1,532		23,808
JNL/T. Rowe Price Established Growth Fund - Class A (17.4%) (b)		25,863		858,380
JNL/T. Rowe Price Value Fund - Class A (16.0%) (b)		33,022		569,299
JNL/WMC Value Fund - Class A (21.9%) (b)		16,598		402,511
				2,969,586
DOMESTIC FIXED INCOME - 32.1%
Curian/DoubleLine Total Return Fund (13.9%) (b)		16,008		170,001
JNL/Goldman Sachs Core Plus Bond Fund - Class A (8.3%) (b)		6,807		80,393
JNL/JPMorgan U.S. Government & Quality Bond Fund - Class A (15.3%) (b)		14,348		192,114
JNL/PIMCO Real Return Fund - Class A (6.3%) (b)		11,812		123,556
JNL/PIMCO Total Return Bond Fund - Class A (7.9%) (b)		28,668		361,505
JNL/PPM America Floating Rate Income Fund - Class A (2.5%) (b)		3,828		40,767
JNL/PPM America High Yield Bond Fund - Class A (9.9%) (b)		40,685		270,553
JNL/PPM America Low Duration Bond Fund - Class A (36.1%) (b)		22,457		224,800

See accompanying Notes to Financial Statements.

JNL Series Trust Master Feeder Funds and Fund of Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares		Value
JNL/PPM America Total Return Bond Fund - Class A (17.1%) (b)		15,838		187,682
JNL/Scout Unconstrained Bond Fund - Class A (17.8%) (b)		12,852		123,632
JNL/T. Rowe Price Short-Term Bond Fund - Class A (15.1%) (b)		27,228		268,741
				2,043,744
EMERGING MARKETS EQUITY - 3.1%
JNL/Lazard Emerging Markets Fund - Class A (14.9%) (b)		19,982		199,226
GLOBAL EQUITY - 2.1%
JNL/Oppenheimer Global Growth Fund - Class A (10.8%) (b)		9,367		132,918
GLOBAL FIXED INCOME - 5.4%
JNL/Franklin Templeton Global Multisector Bond Fund - Class A (16.6%) (b)		29,820		343,229
INTERNATIONAL EQUITY - 5.3%
JNL/Invesco International Growth Fund - Class A (17.5%) (b)		21,285		270,957
JNL/JPMorgan International Value Fund - Class A (9.8%) (b)		8,664		63,509
				334,466
INTERNATIONAL FIXED INCOME - 1.9%
JNL/Goldman Sachs Emerging Markets Debt Fund - Class A (19.2%) (b)		11,731		122,703
Total Investment Companies (cost $5,823,343)				6,363,385
Total Investments - 100.0% (cost $5,823,343)				6,363,385
Other Assets and Liabilities - Net - (0.0% )				(900	)
Total Net Assets - 100.0%			$	6,362,485
JNL/S&P Managed Growth Fund
INVESTMENT COMPANIES - 100.0%
ALTERNATIVE - 3.4%
JNL/BlackRock Commodity Securities Strategy Fund - Class A (5.7%) (b)		6,703	$	64,152
JNL/Invesco Global Real Estate Fund - Class A (5.1%) (b)		9,532		103,421
				167,573
DOMESTIC EQUITY - 62.1%
JNL/BlackRock Large Cap Select Growth Fund - Class A (20.9%) (b)		9,245		259,978
JNL/Eagle SmallCap Equity Fund - Class A (3.7%) (b)		1,848		50,393
JNL/Franklin Templeton Small Cap Value Fund - Class A (14.9%) (b)		11,248		170,862
JNL/Goldman Sachs Mid Cap Value Fund - Class A (12.2%) (b)		13,456		156,761
JNL/Invesco Large Cap Growth Fund - Class A (20.6%) (b)		15,343		228,297
JNL/Invesco Mid Cap Value Fund - Class A (17.6%) (b)		6,360		103,601
JNL/Invesco Small Cap Growth Fund - Class A (8.2%) (b)		3,681		75,089
JNL/JPMorgan MidCap Growth Fund - Class A (13.0%) (b)		5,516		176,226
JNL/Morgan Stanley Mid Cap Growth Fund - Class A (18.8%) (b)		3,118		40,383

	Shares		Value
JNL/PPM America Mid Cap Value Fund - Class A (3.5%) (b)		879		13,661
JNL/T. Rowe Price Established Growth Fund - Class A (14.1%) (b)		20,991		696,680
JNL/T. Rowe Price Mid-Cap Growth Fund - Class A (4.6%) (b)		3,651		141,928
JNL/T. Rowe Price Value Fund - Class A (17.1%) (b)		35,315		608,833
JNL/WMC Value Fund - Class A (20.2%) (b)		15,307		371,190
				3,093,882
DOMESTIC FIXED INCOME - 17.3%
Curian/DoubleLine Total Return Fund (8.3%) (b)		9,527		101,182
JNL/JPMorgan U.S. Government & Quality Bond Fund - Class A (3.5%) (b)		3,262		43,683
JNL/PIMCO Real Return Fund - Class A (1.9%) (b)		3,561		37,244
JNL/PIMCO Total Return Bond Fund - Class A (3.6%) (b)		13,142		165,721
JNL/PPM America High Yield Bond Fund - Class A (3.6%) (b)		14,907		99,130
JNL/PPM America Low Duration Bond Fund - Class A (8.2%) (b)		5,121		51,260
JNL/PPM America Total Return Bond Fund - Class A (7.8%) (b)		7,183		85,114
JNL/Scout Unconstrained Bond Fund - Class A (12.5%) (b)		9,010		86,677
JNL/T. Rowe Price Short-Term Bond Fund - Class A (10.8%) (b)		19,471		192,181
				862,192
EMERGING MARKETS EQUITY - 3.6%
JNL/Lazard Emerging Markets Fund - Class A (13.4%) (b)		17,883		178,292
GLOBAL EQUITY - 4.3%
JNL/Oppenheimer Global Growth Fund - Class A (17.4%) (b)		15,153		215,027
GLOBAL FIXED INCOME - 0.7%
JNL/Franklin Templeton Global Multisector Bond Fund - Class A (1.8%) (b)		3,186		36,670
INTERNATIONAL EQUITY - 7.0%
JNL/Invesco International Growth Fund - Class A (18.1%) (b)		21,962		279,570
JNL/JPMorgan International Value Fund - Class A (10.9%) (b)		9,614		70,471
				350,041
INTERNATIONAL FIXED INCOME - 1.6%
JNL/Goldman Sachs Emerging Markets Debt Fund - Class A (12.2%) (b)		7,447		77,899
Total Investment Companies (cost $4,378,773)				4,981,576
Total Investments - 100.0% (cost $4,378,773)				4,981,576
Other Assets and Liabilities - Net - (0.0% )				(708	)
Total Net Assets - 100.0%			$	4,980,868

See accompanying Notes to Financial Statements.

JNL Series Trust Master Feeder Funds and Fund of Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares		Value
JNL/S&P Managed Aggressive Growth Fund
INVESTMENT COMPANIES - 100.0%
ALTERNATIVE - 2.9%
JNL/BlackRock Commodity Securities Strategy Fund - Class A (1.4%) (b)		1,694	$	16,214
JNL/Invesco Global Real Estate Fund - Class A (1.7%) (b)		3,154		34,219
				50,433
DOMESTIC EQUITY - 70.9%
JNL/BlackRock Large Cap Select Growth Fund - Class A (8.3%) (b)		3,665		103,055
JNL/Eagle SmallCap Equity Fund - Class A (1.6%) (b)		799		21,798
JNL/Franklin Templeton Small Cap Value Fund - Class A (5.3%) (b)		3,986		60,540
JNL/Goldman Sachs Mid Cap Value Fund - Class A (4.7%) (b)		5,154		60,048
JNL/Invesco Large Cap Growth Fund - Class A (7.7%) (b)		5,701		84,827
JNL/Invesco Mid Cap Value Fund - Class A (4.5%) (b)		1,625		26,479
JNL/Invesco Small Cap Growth Fund - Class A (3.7%) (b)		1,660		33,874
JNL/JPMorgan MidCap Growth Fund - Class A (4.8%) (b)		2,041		65,223
JNL/Morgan Stanley Mid Cap Growth Fund - Class A (7.0%) (b)		1,151		14,904
JNL/T. Rowe Price Established Growth Fund - Class A (5.5%) (b)		8,176		271,364
JNL/T. Rowe Price Mid-Cap Growth Fund - Class A (2.5%) (b)		1,929		74,967
JNL/T. Rowe Price Value Fund - Class A (7.3%) (b)		15,131		260,859
JNL/WMC Value Fund - Class A (9.4%) (b)		7,142		173,184
				1,251,122
DOMESTIC FIXED INCOME - 7.6%
JNL/PIMCO Total Return Bond Fund - Class A (0.4%) (b)		1,441		18,166
JNL/PPM America High Yield Bond Fund - Class A (1.2%) (b)		4,741		31,530
JNL/PPM America Total Return Bond Fund - Class A (3.0%) (b)		2,797		33,142
JNL/Scout Unconstrained Bond Fund - Class A (2.4%) (b)		1,706		16,411
JNL/T. Rowe Price Short-Term Bond Fund - Class A (2.0%) (b)		3,527		34,815
				134,064
EMERGING MARKETS EQUITY - 3.7%
JNL/Lazard Emerging Markets Fund - Class A (4.9%) (b)		6,604		65,845
GLOBAL EQUITY - 5.5%
JNL/Oppenheimer Global Growth Fund - Class A (7.9%) (b)		6,900		97,903
INTERNATIONAL EQUITY - 7.7%
JNL/Invesco International Growth Fund - Class A (8.3%) (b)		10,110		128,695
JNL/JPMorgan International Value Fund - Class A (1.0%) (b)		886		6,493
				135,188

	Shares		Value
INTERNATIONAL FIXED INCOME - 1.7%
JNL/Goldman Sachs Emerging Markets Debt Fund - Class A (4.8%) (b)		2,930		30,646
Total Investment Companies (cost $1,540,986)				1,765,201
Total Investments - 100.0% (cost $1,540,986)				1,765,201
Other Assets and Liabilities - Net - (0.0% )				(269	)
Total Net Assets - 100.0%			$	1,764,932

(a) Investment in affiliate.

(b) At December 31, 2014, the Fund’s percentage ownership of the underlying affiliated fund is presented parenthetically. The Fund does not invest in the underlying affiliated funds for the purpose of exercising management or control. Percentages reflecting 0.0% represent amounts less than 0.05%.

Abbreviations:

    MLP - Master Limited Partnership

See accompanying Notes to Financial Statements.

JNL Series Trust Master Feeder Funds and Fund of Funds

Statements of Assets and Liabilities (in thousands, except net asset value per share)

December 31, 2014

	JNL/American Funds Blue Chip Income and Growth Fund(d)		JNL/American Funds Global Bond Fund(d)			JNL/American Funds Global Small Capitalization Fund(d)			JNL/American Funds Growth- Income Fund(d)		JNL/American Funds International Fund(d)		JNL/American Funds New World Fund(d)			JNL Institutional Alt 20 Fund
Assets
Investments - unaffiliated, at value (a)	$	–	$	–		$	–		$	–	$	–	$	–		$	–
Investments - affiliated, at value (b)		1,875,718		494,325			394,877			2,446,084		717,938		736,179			1,771,676
Total investments, at value (c)		1,875,718		494,325			394,877			2,446,084		717,938		736,179			1,771,676
Receivable for investments sold		192		195			1,184			–		–		363			398
Receivable for fund shares sold		1,863		111			70			2,487		1,247		271			588
Receivable from adviser		761		232			200			825		366		507			–
Total assets		1,878,534		494,863			396,331			2,449,396		719,551		737,320			1,772,662
Liabilities
Payable for advisory fees		1,073		296			250			1,383		519		665			172
Payable for administrative fees		238		63			50			309		91		95			76
Payable for 12b-1 fee (Class A)		143		37			30			185		54		56			–
Payable for investment securities purchased		–		–			–			1,858		890		–			–
Payable for fund shares redeemed		2,055		306			1,254			629		357		635			986
Payable for trustee fees		18		9			5			24		9		11			33
Payable for other expenses		3		1			1			5		2		1			4
Total liabilities		3,530		712			1,590			4,393		1,922		1,463			1,271
Net assets	$	1,875,004	$	494,151		$	394,741		$	2,445,003	$	717,629	$	735,857		$	1,771,391
Net assets consist of:
Paid-in capital	$	1,377,930	$	505,992		$	327,139		$	1,844,710	$	648,334	$	731,979		$	1,528,572
Undistributed (excess of distributions over) net investment income (loss)		48,358		6,038			(5	)		21,406		7,834		6,803			39,051
Accumulated net realized gain (loss)		4,367		2,791			9,434			101,497		1,583		69,205			139,739
Net unrealized appreciation (depreciation) on investments and foreign currency		444,349		(20,670	)		58,173			477,390		59,878		(72,130	)		64,029
	$	1,875,004	$	494,151		$	394,741		$	2,445,003	$	717,629	$	735,857		$	1,771,391
Class A
Net assets	$	1,874,780	$	493,988		$	394,604		$	2,444,608	$	717,227	$	735,706		$	1,771,391
Shares outstanding (no par value), unlimited shares authorized		110,046		46,681			29,630			144,320		58,171		65,756			109,386
Net asset value per share	$	17.04	$	10.58		$	13.32		$	16.94	$	12.33	$	11.19		$	16.19
Class B
Net assets	$	224	$	163		$	137		$	395	$	402	$	151			N/A
Shares outstanding (no par value), unlimited shares authorized		13		15			10			23		32		13			N/A
Net asset value per share	$	17.14	$	10.65		$	13.39		$	17.03	$	12.41	$	11.25			N/A
(a)    Investments - unaffiliated, at cost	$	–	$	–		$	–		$	–	$	–	$	–		$	–
(b)    Investments - affiliated, at cost		1,431,369		514,995			336,704			1,968,694		658,060		808,309			1,707,647
(c)    Total investments, at cost	$	1,431,369	$	514,995		$	336,704		$	1,968,694	$	658,060	$	808,309		$	1,707,647

(d) The Master Funds for the JNL/American Funds Master Feeder Funds 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 Master Feeder Funds and Fund of Funds

Statements of Assets and Liabilities (in thousands, except net asset value per share)

December 31, 2014

	JNL Institutional Alt 35 Fund		JNL Institutional Alt 50 Fund		JNL Institutional Alt 65 Fund		JNL/American Funds Balanced Allocation Fund		JNL/American Funds Growth Allocation Fund		JNL Disciplined Moderate Fund		JNL Disciplined Moderate Growth Fund
Assets
Investments - unaffiliated, at value (a)	$	–	$	–	$	–	$	790,453	$	670,716	$	–	$	–
Investments - affiliated, at value (b)		2,343,939		3,292,859		638,069		–		–		1,280,177		1,566,828
Total investments, at value (c)		2,343,939		3,292,859		638,069		790,453		670,716		1,280,177		1,566,828
Receivable for investments sold		755		892		736		–		–		–		241
Receivable for fund shares sold		119		703		8		1,218		703		1,112		168
Receivable from adviser		–		–		–		33		28		–		–
Total assets		2,344,813		3,294,454		638,813		791,704		671,447		1,281,289		1,567,237
Liabilities
Payable for advisory fees		221		302		76		199		169		108		127
Payable for administrative fees		100		141		27		100		85		54		66
Payable for 12b-1 fee (Class A)		–		–		–		59		51		–		–
Payable for investment securities purchased		–		–		–		775		411		869		–
Payable for fund shares redeemed		874		1,595		744		442		291		243		409
Payable for trustee fees		48		64		24		5		4		21		24
Payable for other expenses		6		8		2		2		2		3		4
Total liabilities		1,249		2,110		873		1,582		1,013		1,298		630
Net assets	$	2,343,564	$	3,292,344	$	637,940	$	790,122	$	670,434	$	1,279,991	$	1,566,607
Net assets consist of:
Paid-in capital	$	2,045,703	$	2,941,157	$	570,608	$	726,275	$	611,456	$	1,120,472	$	1,338,278
Undistributed (excess of distributions over) net investment income		49,815		68,770		11,784		12,438		9,175		31,986		41,944
Accumulated net realized gain (loss)		161,265		172,686		36,512		18,017		20,369		28,316		53,140
Net unrealized appreciation (depreciation) on investments and foreign currency		86,781		109,731		19,036		33,392		29,434		99,217		133,245
	$	2,343,564	$	3,292,344	$	637,940	$	790,122	$	670,434	$	1,279,991	$	1,566,607
Class A
Net assets	$	2,343,564	$	3,292,344	$	637,940	$	790,122	$	670,434	$	1,279,991	$	1,566,607
Shares outstanding (no par value), unlimited shares authorized		142,398		197,701		40,598		64,077		51,779		107,316		136,049
Net asset value per share	$	16.46	$	16.65	$	15.71	$	12.33	$	12.95	$	11.93	$	11.51
Class B
Net assets		N/A		N/A		N/A		N/A		N/A		N/A		N/A
Shares outstanding (no par value), unlimited shares authorized		N/A		N/A		N/A		N/A		N/A		N/A		N/A
Net asset value per share		N/A		N/A		N/A		N/A		N/A		N/A		N/A
(a)    Investments - unaffiliated, at cost	$	–	$	–	$	–	$	757,061	$	641,282	$	–	$	–
(b)    Investments - affiliated, at cost		2,257,158		3,183,128		619,033		–		–		1,180,960		1,433,583
(c)    Total investments, at cost	$	2,257,158	$	3,183,128	$	619,033	$	757,061	$	641,282	$	1,180,960	$	1,433,583

See accompanying Notes to Financial Statements.

JNL Series Trust Master Feeder Funds and Fund of Funds

Statements of Assets and Liabilities (in thousands, except net asset value per share)

December 31, 2014

	JNL Disciplined Growth Fund		JNL/Franklin Templeton Founding Strategy Fund			JNL/Mellon Capital 10 x 10 Fund			JNL/Mellon Capital Index 5 Fund		JNL/MMRS Conservative Fund			JNL/MMRS Growth Fund			JNL/MMRS Moderate Fund
Assets
Investments - unaffiliated, at value (a)	$	–	$	–		$	–		$	–	$	–		$	–		$	–
Investments - affiliated, at value (b)		697,864		1,655,785			436,854			751,411		26,792			17,736			44,701
Total investments, at value (c)		697,864		1,655,785			436,854			751,411		26,792			17,736			44,701
Receivable for investments sold		–		485			2,773			436		–			–			–
Receivable for fund shares sold		333		450			17			217		19			56			50
Receivable from adviser		–		–			–			–		–			–			–
Total assets		698,197		1,656,720			439,644			752,064		26,811			17,792			44,751
Liabilities
Payable for advisory fees		68		–			–			–		6			4			10
Payable for administrative fees		30		70			18			32		1			1			2
Payable for 12b-1 fee (Class A)		–		–			–			–		–			–			–
Payable for investment securities purchased		197		–			–			–		19			56			18
Payable for fund shares redeemed		135		936			2,790			653		1			–			32
Payable for trustee fees		10		52			12			17		–			–			–
Payable for other expenses		2		4			1			1		–			–			–
Total liabilities		442		1,062			2,821			703		27			61			62
Net assets	$	697,755	$	1,655,658		$	436,823		$	751,361	$	26,784		$	17,731		$	44,689
Net assets consist of:
Paid-in capital	$	598,921	$	1,369,421		$	318,843		$	569,434	$	27,438		$	18,488		$	46,074
Undistributed (excess of distributions over) net investment income		18,767		24,817			8,462			13,953		–			–			–
Accumulated net realized gain (loss)		31,056		(67,546	)		(24,981	)		18,452		(18	)		(274	)		(228	)
Net unrealized appreciation (depreciation) on investments and foreign currency		49,011		328,966			134,499			149,522		(636	)		(483	)		(1,157	)
	$	697,755	$	1,655,658		$	436,823		$	751,361	$	26,784		$	17,731		$	44,689
Class A
Net assets	$	697,755	$	1,655,658		$	436,823		$	751,361	$	26,784		$	17,731		$	44,689
Shares outstanding (no par value), unlimited shares authorized		64,097		138,359			38,368			61,813		2,554			1,698			4,274
Net asset value per share	$	10.89	$	11.97		$	11.39		$	12.16	$	10.49		$	10.44		$	10.46
Class B
Net assets		N/A		N/A			N/A			N/A		N/A			N/A			N/A
Shares outstanding (no par value), unlimited shares authorized		N/A		N/A			N/A			N/A		N/A			N/A			N/A
Net asset value per share		N/A		N/A			N/A			N/A		N/A			N/A			N/A
(a)    Investments - unaffiliated, at cost	$	–	$	–		$	–		$	–	$	–		$	–		$	–
(b)    Investments - affiliated, at cost		648,853		1,326,819			302,355			601,889		27,428			18,219			45,858
(c)    Total investments, at cost	$	648,853	$	1,326,819		$	302,355		$	601,889	$	27,428		$	18,219		$	45,858

See accompanying Notes to Financial Statements.

JNL Series Trust Master Feeder Funds and Fund of Funds

Statements of Assets and Liabilities (in thousands, except net asset value per share)

December 31, 2014

	JNL/S&P 4 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			JNL/S&P Managed Aggressive Growth Fund
Assets
Investments - unaffiliated, at value (a)	$	–	$	–		$	–		$	–		$	–		$	–
Investments - affiliated, at value (b)		4,983,925		1,660,617			3,449,830			6,363,385			4,981,576			1,765,201
Total investments, at value (c)		4,983,925		1,660,617			3,449,830			6,363,385			4,981,576			1,765,201
Receivable for investments sold		–		609			1,228			166			434			119
Receivable for fund shares sold		6,926		748			674			2,096			1,626			606
Receivable from adviser		–		–			–			–			–			–
Total assets		4,990,851		1,661,974			3,451,732			6,365,647			4,983,636			1,765,926
Liabilities
Payable for advisory fees		–		135			257			455			360			141
Payable for administrative fees		209		71			147			271			212			75
Payable for 12b-1 fee (Class A)		–		–			–			–			–			–
Payable for investment securities purchased		2,513		–			–			–			–			–
Payable for fund shares redeemed		4,412		1,357			1,902			2,261			2,060			725
Payable for trustee fees		57		51			88			160			125			48
Payable for other expenses		10		4			8			15			11			5
Total liabilities		7,201		1,618			2,402			3,162			2,768			994
Net assets	$	4,983,650	$	1,660,356		$	3,449,330		$	6,362,485		$	4,980,868		$	1,764,932
Net assets consist of:
Paid-in capital	$	3,711,021	$	1,659,267		$	3,304,475		$	5,850,131		$	4,419,429		$	1,578,481
Undistributed (excess of distributions over) net investment income		306,174		(47	)		(80	)		(143	)		(2,981	)		(1,255	)
Accumulated net realized gain (loss)		235,142		(6,654	)		(12,109	)		(27,545	)		(38,383	)		(36,509	)
Net unrealized appreciation (depreciation) on investments and foreign currency		731,313		7,790			157,044			540,042			602,803			224,215
	$	4,983,650	$	1,660,356		$	3,449,330		$	6,362,485		$	4,980,868		$	1,764,932
Class A
Net assets	$	4,983,650	$	1,660,356		$	3,449,330		$	6,362,485		$	4,980,868		$	1,764,932
Shares outstanding (no par value), unlimited shares authorized		269,795		136,634			259,286			440,874			337,867			103,590
Net asset value per share	$	18.47	$	12.15		$	13.30		$	14.43		$	14.74		$	17.04
Class B
Net assets		N/A		N/A			N/A			N/A			N/A			N/A
Shares outstanding (no par value), unlimited shares authorized		N/A		N/A			N/A			N/A			N/A			N/A
Net asset value per share		N/A		N/A			N/A			N/A			N/A			N/A
(a)    Investments - unaffiliated, at cost	$	–	$	–		$	–		$	–		$	–		$	–
(b)    Investments - affiliated, at cost		4,252,612		1,652,827			3,292,786			5,823,343			4,378,773			1,540,986
(c)    Total investments, at cost	$	4,252,612	$	1,652,827		$	3,292,786		$	5,823,343		$	4,378,773		$	1,540,986

See accompanying Notes to Financial Statements.

JNL Series Trust Master Feeder Funds and Fund of Funds

Statements of Operations (in thousands)

For the Year Ended December 31, 2014

	JNL/American Funds Blue Chip Income and Growth Fund(b)			JNL/American Funds Global Bond Fund(b)			JNL/American Funds Global Small Capitalization Fund(b)			JNL/American Funds Growth- Income Fund(b)			JNL/American Funds International Fund(b)			JNL/American Funds New World Fund(b)			JNL Institutional Alt 20 Fund
Investment income
Dividends (a)	$	–		$	–		$	–		$	–		$	–		$	–		$	25,801
Dividends received from master fund (a)		57,381			8,880			1,345			35,283			12,130			9,888			–
Total investment income		57,381			8,880			1,345			35,283			12,130			9,888			25,801
Expenses
Advisory fees		10,160			3,589			2,892			13,808			5,587			7,674			2,048
Administrative fees		2,229			769			578			3,071			986			1,096			899
12b-1 fees (Class A)		3,715			1,282			964			5,118			1,642			1,827			–
Legal fees		7			3			2			9			4			4			8
Trustee fees		21			7			6			29			12			14			26
Other expenses		16			6			3			20			8			7			21
Total expenses		16,148			5,656			4,445			22,055			8,239			10,622			3,002
Expense waiver		(7,134	)		(2,820	)		(2,314	)		(8,189	)		(3,944	)		(5,847	)		–
Net expenses		9,014			2,836			2,131			13,866			4,295			4,775			3,002
Net investment income (loss)		48,367			6,044			(786	)		21,417			7,835			5,113			22,799
Realized and unrealized gain (loss)
Net realized gain (loss) on:
Unaffiliated investments		–			–			–			–			–			–			–
Affiliated investments		4,487			(878	)		7,831			5,175			1,638			(381	)		116,846
Distributions from unaffiliated investment companies		–			–			–			–			–			–			–
Distributions from affiliated investment companies		–			4,530			1,681			96,324			–			71,324			41,341
Net change in unrealized appreciation (depreciation) on Investments		156,642			(5,846	)		(4,682	)		76,243			(32,090	)		(142,292	)		(141,714	)
Net realized and unrealized gain (loss)		161,129			(2,194	)		4,830			177,742			(30,452	)		(71,349	)		16,473
Net increase (decrease) in net assets from operations	$	209,496		$	3,850		$	4,044		$	199,159		$	(22,617	)	$	(66,236	)	$	39,272
(a)    Income from affiliated investments	$	57,381		$	8,880		$	1,345		$	35,283		$	12,130		$	9,888		$	25,801

(b) The Master Funds for the JNL/American Funds Master Feeder Funds 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 Master Feeder Funds and Fund of Funds

Statements of Operations (in thousands)

For the Year Ended December 31, 2014

	JNL Institutional Alt 35 Fund			JNL Institutional Alt 50 Fund			JNL Institutional Alt 65 Fund			JNL/American Funds Balanced Allocation Fund			JNL/American Funds Growth Allocation Fund			JNL Disciplined Moderate Fund			JNL Disciplined Moderate Growth Fund
Investment income
Dividends (a)	$	33,941		$	46,284		$	8,297		$	16,443		$	12,576		$	19,012		$	21,520
Dividends received from master fund		–			–			–			–			–			–			–
Total investment income		33,941			46,284			8,297			16,443			12,576			19,012			21,520
Expenses
Advisory fees		2,676			3,632			958			1,886			1,619			1,208			1,411
Administrative fees		1,213			1,691			354			943			810			599			725
12b-1 fees (Class A)		–			–			–			1,572			1,349			–			–
Legal fees		11			16			3			3			3			6			7
Trustee fees		36			50			11			9			7			17			21
Other expenses		29			40			9			6			6			13			16
Total expenses		3,965			5,429			1,335			4,419			3,794			1,843			2,180
Expense waiver		–			–			–			(314	)		(270	)		–			–
Net expenses		3,965			5,429			1,335			4,105			3,524			1,843			2,180
Net investment income (loss)		29,976			40,855			6,962			12,338			9,052			17,169			19,340
Realized and unrealized gain (loss)
Net realized gain (loss) on:
Unaffiliated investments		–			–			–			1,553			1,229			–			–
Affiliated investments		133,998			138,752			32,280			–			–			17,526			37,610
Distributions from unaffiliated investment companies		–			–			–			16,664			19,286			–			–
Distributions from affiliated investment companies		52,227			73,987			13,368			–			–			28,086			42,442
Net change in unrealized appreciation (depreciation) on Investments		(171,261	)		(192,610	)		(39,350	)		(6,009	)		(10,252	)		(1,167	)		(26,301	)
Net realized and unrealized gain (loss)		14,964			20,129			6,298			12,208			10,263			44,445			53,751
Net increase (decrease) in net assets from operations	$	44,940		$	60,984		$	13,260		$	24,546		$	19,315		$	61,614		$	73,091
(a)    Income from affiliated investments	$	33,941		$	46,284		$	8,297		$	–		$	–		$	19,012		$	21,520

See accompanying Notes to Financial Statements.

JNL Series Trust Master Feeder Funds and Fund of Funds

Statements of Operations (in thousands)

For the Year Ended December 31, 2014

	JNL Disciplined Growth Fund			JNL/Franklin Templeton Founding Strategy Fund			JNL/Mellon Capital 10 x 10 Fund		JNL/Mellon Capital Index 5 Fund			JNL/MMRS Conservative Fund(b)			JNL/MMRS Growth Fund(b)			JNL/MMRS Moderate Fund(b)
Investment income
Dividends (a)	$	8,929		$	25,747		$	8,473	$	13,604		$	397		$	168		$	447
Dividends received from master fund		–			–			–		–			–			–			–
Total investment income		8,929			25,747			8,473		13,604			397			168			447
Expenses
Advisory fees		762			–			–		–			23			13			35
Administrative fees		320			833			208		370			4			3			6
12b-1 fees (Class A)		–			–			–		–			–			–			–
Legal fees		3			8			2		3			–			–			–
Trustee fees		9			24			6		11			–			–			–
Other expenses		5			19			3		8			1			–			–
Total expenses		1,099			884			219		392			28			16			41
Expense waiver		–			–			–		–			–			–			–
Net expenses		1,099			884			219		392			28			16			41
Net investment income (loss)		7,830			24,863			8,254		13,212			369			152			406
Realized and unrealized gain (loss)
Net realized gain (loss) on:
Unaffiliated investments		–			–			–		–			–			–			–
Affiliated investments		22,968			7,415			12,230		19,250			54			(179	)		(104	)
Distributions from unaffiliated investment companies		–			–			–		–			–			–			–
Distributions from affiliated investment companies		20,719			14,562			2,918		10,051			595			696			1,340
Net change in unrealized appreciation (depreciation) on Investments		(20,176	)		(6,495	)		10,214		(4,974	)		(636	)		(483	)		(1,157	)
Net realized and unrealized gain (loss)		23,511			15,482			25,362		24,327			13			34			79
Net increase (decrease) in net assets from operations	$	31,341		$	40,345		$	33,616	$	37,539		$	382		$	186		$	485
(a)    Income from affiliated investments	$	8,929		$	25,747		$	8,473	$	13,604		$	397		$	168		$	447
(b)    Period from April 28, 2014 (commencement of operations).

See accompanying Notes to Financial Statements.

JNL Series Trust Master Feeder Funds and Fund of Funds

Statements of Operations (in thousands)

For the Year Ended December 31, 2014

	JNL/S&P 4 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			JNL/S&P Managed Aggressive Growth Fund
Investment income
Dividends (a)	$	35,437	$	30,833		$	51,641		$	82,983		$	42,218		$	12,787
Dividends received from master fund		–		–			–			–			–			–
Total investment income		35,437		30,833			51,641			82,983			42,218			12,787
Expenses
Advisory fees		–		1,614			3,002			5,287			4,071			1,600
Administrative fees		1,974		852			1,721			3,148			2,388			844
12b-1 fees (Class A)		–		–			–			–			–			–
Legal fees		18		8			16			30			22			8
Trustee fees		55		25			50			92			70			25
Other expenses		39		21			40			73			56			19
Total expenses		2,086		2,520			4,829			8,630			6,607			2,496
Expense waiver		–		–			–			–			–			–
Net expenses		2,086		2,520			4,829			8,630			6,607			2,496
Net investment income (loss)		33,351		28,313			46,812			74,353			35,611			10,291
Realized and unrealized gain (loss)
Net realized gain (loss) on:
Unaffiliated investments		–		–			–			–			–			–
Affiliated investments		102,044		36,010			79,898			117,108			71,152			53,920
Distributions from unaffiliated investment companies		–		–			–			–			–			–
Distributions from affiliated investment companies		424,007		21,370			87,372			241,029			247,814			98,539
Net change in unrealized appreciation (depreciation) on Investments		5,156		(32,349	)		(80,325	)		(155,256	)		(91,767	)		(54,381	)
Net realized and unrealized gain (loss)		531,207		25,031			86,945			202,881			227,199			98,078
Net increase (decrease) in net assets from operations	$	564,558	$	53,344		$	133,757		$	277,234		$	262,810		$	108,369
(a)    Income from affiliated investments	$	35,437	$	30,833		$	51,641		$	82,983		$	42,218		$	12,787

See accompanying Notes to Financial Statements.

JNL Series Trust Master Feeder Funds and Fund of Funds

Statements of Changes in Net Assets (in thousands)

For the Year Ended December 31, 2014

	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
Operations
Net investment income (loss)	$	48,367		$	6,044		$	(786	)	$	21,417		$	7,835		$	5,113		$	22,799
Net realized gain (loss)		4,487			3,652			9,512			101,499			1,638			70,943			158,187
Net change in unrealized appreciation (depreciation)		156,642			(5,846	)		(4,682	)		76,243			(32,090	)		(142,292	)		(141,714	)
Net increase (decrease) in net assets from operations		209,496			3,850			4,044			199,159			(22,617	)		(66,236	)		39,272
Distributions to shareholders
From net investment income
Class A		(17,064	)		(47	)		(856	)		(13,916	)		(4,993	)		(6,136	)		(30,609	)
Class B		(2	)		–			(1	)		(3	)		(3	)		(2	)		–
From net realized gains
Class A		(3,027	)		(3,877	)		(2,586	)		(16,797	)		(3,107	)		(4,972	)		(18,992	)
Class B		–			(1	)		(1	)		(3	)		(2	)		(1	)		–
Total distributions to shareholders		(20,093	)		(3,925	)		(3,444	)		(30,719	)		(8,105	)		(11,111	)		(49,601	)
Share transactions1
Proceeds from the sale of shares
Class A		670,877			190,882			163,017			923,264			274,003			276,918			244,946
Class B		101			27			41			155			269			38			–
Reinvestment of distributions
Class A		20,091			3,924			3,442			30,713			8,100			11,108			49,601
Class B		2			1			2			6			5			3			–
Cost of shares redeemed
Class A		(219,800	)		(155,772	)		(109,043	)		(322,177	)		(95,915	)		(122,033	)		(285,047	)
Class B		(59	)		(89	)		(39	)		(79	)		(35	)		(52	)		–
Net increase (decrease) in net assets from share transactions		471,212			38,973			57,420			631,882			186,427			165,982			9,500
Net increase (decrease) net assets		660,615			38,898			58,020			800,322			155,705			88,635			(829	)
Net assets beginning of year		1,214,389			455,253			336,721			1,644,681			561,924			647,222			1,772,220
Net assets end of year	$	1,875,004		$	494,151		$	394,741		$	2,445,003		$	717,629		$	735,857		$	1,771,391
Undistributed (excess of distributions over) net investment income	$	48,358		$	6,038		$	(5	)	$	21,406		$	7,834		$	6,803		$	39,051
1 Share transactions
Shares sold
Class A		41,541			17,507			12,030			56,697			21,357			22,566			14,797
Class B		6			2			3			10			21			3			–
Reinvestment of distributions
Class A		1,160			368			261			1,789			637			948			3,034
Shares redeemed
Class A		(13,732	)		(14,346	)		(8,161	)		(19,763	)		(7,502	)		(10,058	)		(17,232	)
Class B		(4	)		(8	)		(3	)		(5	)		(3	)		(4	)		–
Net increase/(decrease)
Class A		28,969			3,529			4,130			38,723			14,492			13,456			599
Class B		2			(6	)		–			5			18			(1	)		–
Purchase and sales of investment securities (excluding short-term securities):
Purchase of securities	$	511,015		$	122,514		$	96,521		$	731,724		$	193,634		$	256,879		$	921,470
Proceeds from sales of securities		11,281			76,876			41,628			12,460			7,398			25,516			897,422

(a) The Master Funds for the JNL/American Funds Master Feeder Funds 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 Master Feeder Funds and Fund of Funds

Statements of Changes in Net Assets (in thousands)

For the Year Ended December 31, 2014

	JNL Institutional Alt 35 Fund			JNL Institutional Alt 50 Fund			JNL Institutional Alt 65 Fund			JNL/American Funds Balanced Allocation Fund			JNL/American Funds Growth Allocation Fund			JNL Disciplined Moderate Fund			JNL Disciplined Moderate Growth Fund
Operations
Net investment income (loss)	$	29,976		$	40,855		$	6,962		$	12,338		$	9,052		$	17,169		$	19,340
Net realized gain (loss)		186,225			212,739			45,648			18,217			20,515			45,612			80,052
Net change in unrealized appreciation (depreciation)		(171,261	)		(192,610	)		(39,350	)		(6,009	)		(10,252	)		(1,167	)		(26,301	)
Net increase (decrease) in net assets from operations		44,940			60,984			13,260			24,546			19,315			61,614			73,091
Distributions to shareholders
From net investment income
Class A		(38,900	)		(50,301	)		(10,308	)		(6,430	)		(4,175	)		(26,603	)		(27,218	)
Class B		–			–			–			–			–			–			–
From net realized gains
Class A		(26,823	)		(38,446	)		(20,124	)		(1,059	)		(1,995	)		(53,770	)		(64,001	)
Class B		–			–			–			–			–			–			–
Total distributions to shareholders		(65,723	)		(88,747	)		(30,432	)		(7,489	)		(6,170	)		(80,373	)		(91,219	)
Share transactions1
Proceeds from the sale of shares
Class A		323,026			552,006			18,536			407,873			371,159			293,542			400,793
Class B		–			–			–			–			–			–			–
Reinvestment of distributions
Class A		65,723			88,747			30,432			7,489			6,170			80,373			91,219
Class B		–			–			–			–			–			–			–
Cost of shares redeemed
Class A		(433,771	)		(632,670	)		(159,453	)		(104,372	)		(93,285	)		(171,711	)		(202,406	)
Class B		–			–			–			–			–			–			–
Net increase (decrease) in net assets from share transactions		(45,022	)		8,083			(110,485	)		310,990			284,044			202,204			289,606
Net increase (decrease) net assets		(65,805	)		(19,680	)		(127,657	)		328,047			297,189			183,445			271,478
Net assets beginning of year		2,409,369			3,312,024			765,597			462,075			373,245			1,096,546			1,295,129
Net assets end of year	$	2,343,564		$	3,292,344		$	637,940		$	790,122		$	670,434		$	1,279,991		$	1,566,607
Undistributed (excess of distributions over) net investment income	$	49,815		$	68,770		$	11,784		$	12,438		$	9,175		$	31,986		$	41,944
1 Share transactions
Shares sold
Class A		19,108			32,259			1,126			33,285			28,875			23,750			33,833
Class B		–			–			–			–			–			–			–
Reinvestment of distributions
Class A		3,954			5,279			1,918			601			470			6,692			7,857
Shares redeemed
Class A		(25,705	)		(37,083	)		(9,687	)		(8,514	)		(7,283	)		(13,902	)		(17,035	)
Class B		–			–			–			–			–			–			–
Net increase/(decrease)
Class A		(2,643	)		455			(6,643	)		25,372			22,062			16,540			24,655
Class B		–			–			–			–			–			–			–
Purchase and sales of investment securities (excluding short-term securities):
Purchase of securities	$	1,132,660		$	1,554,734		$	309,789		$	341,706		$	318,562		$	383,517		$	544,823
Proceeds from sales of securities		1,161,197			1,520,537			430,390			9,061			12,216			216,403			284,615

See accompanying Notes to Financial Statements.

JNL Series Trust Master Feeder Funds and Fund of Funds

Statements of Changes in Net Assets (in thousands)

For the Year Ended December 31, 2014

	JNL Disciplined Growth Fund			JNL/Franklin Templeton Founding Strategy Fund			JNL/Mellon Capital 10 x 10 Fund			JNL/Mellon Capital Index 5 Fund			JNL/MMRS Conservative Fund(a)			JNL/MMRS Growth Fund(a)			JNL/MMRS Moderate Fund(a)
Operations
Net investment income (loss)	$	7,830		$	24,863		$	8,254		$	13,212		$	369		$	152		$	406
Net realized gain (loss)		43,687			21,977			15,148			29,301			649			517			1,236
Net change in unrealized appreciation (depreciation)		(20,176	)		(6,495	)		10,214			(4,974	)		(636	)		(483	)		(1,157	)
Net increase (decrease) in net assets from operations		31,341			40,345			33,616			37,539			382			186			485
Distributions to shareholders
From net investment income
Class A		(10,460	)		(27,118	)		(7,491	)		(10,308	)		–			–			–
Class B		–			–			–			–			–			–			–
From net realized gains
Class A		(22,104	)		–			(14,450	)		(29,911	)		–			–			–
Class B		–			–			–			–			–			–			–
Total distributions to shareholders		(32,564	)		(27,118	)		(21,941	)		(40,219	)		–			–			–
Share transactions1
Proceeds from the sale of shares
Class A		224,302			398,027			87,536			143,374			31,806			19,982			50,659
Class B		–			–			–			–			–			–			–
Reinvestment of distributions
Class A		32,564			27,118			21,941			40,219			–			–			–
Class B		–			–			–			–			–			–			–
Cost of shares redeemed
Class A		(111,746	)		(342,266	)		(78,076	)		(143,861	)		(5,404	)		(2,437	)		(6,455	)
Class B		–			–			–			–			–			–			–
Net increase (decrease) in net assets from share transactions		145,120			82,879			31,401			39,732			26,402			17,545			44,204
Net increase (decrease) net assets		143,897			96,106			43,076			37,052			26,784			17,731			44,689
Net assets beginning of year		553,858			1,559,552			393,747			714,309			–			–			–
Net assets end of year	$	697,755		$	1,655,658		$	436,823		$	751,361		$	26,784		$	17,731		$	44,689
Undistributed (excess of distributions over) net investment income	$	18,767		$	24,817		$	8,462		$	13,953		$	–		$	–		$	–
1 Share transactions
Shares sold
Class A		20,287			32,509			7,764			11,539			3,078			1,930			4,894
Class B		–			–			–			–			–			–			–
Reinvestment of distributions
Class A		2,963			2,239			1,926			3,307			–			–			–
Shares redeemed
Class A		(10,073	)		(27,965	)		(6,900	)		(11,586	)		(524	)		(232	)		(620	)
Class B		–			–			–			–			–			–			–
Net increase/(decrease)
Class A		13,177			6,783			2,790			3,260			2,554			1,698			4,274
Class B		–			–			–			–			–			–			–
Purchase and sales of investment securities (excluding short-term securities):
Purchase of securities	$	287,100		$	154,630		$	48,450		$	77,443		$	30,747		$	28,817		$	58,897
Proceeds from sales of securities		145,975			59,434			27,814			54,662			3,373			10,419			12,934
(a)    Period from April 28, 2014 (commencement of operations).

See accompanying Notes to Financial Statements.

JNL Series Trust Master Feeder Funds and Fund of Funds

Statements of Changes in Net Assets (in thousands)

For the Year Ended December 31, 2014

	JNL/S&P 4 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			JNL/S&P Managed Aggressive Growth Fund
Operations
Net investment income (loss)	$	33,351		$	28,313		$	46,812		$	74,353		$	35,611		$	10,291
Net realized gain (loss)		526,051			57,380			167,270			358,137			318,966			152,459
Net change in unrealized appreciation (depreciation)		5,156			(32,349	)		(80,325	)		(155,256	)		(91,767	)		(54,381	)
Net increase (decrease) in net assets from operations		564,558			53,344			133,757			277,234			262,810			108,369
Distributions to shareholders
From net investment income
Class A		(92,617	)		(4,974	)		(6,925	)		(14,791	)		(25,152	)		(7,891	)
Class B		–			–			–			–			–			–
From net realized gains
Class A		(86,345	)		(18,669	)		(46,457	)		(105,048	)		(106,550	)		(45,185	)
Class B		–			–			–			–			–			–
Total distributions to shareholders		(178,962	)		(23,643	)		(53,382	)		(119,839	)		(131,702	)		(53,076	)
Share transactions1
Proceeds from the sale of shares
Class A		2,187,860			326,268			628,051			1,056,439			961,692			473,830
Class B		–			–			–			–			–			–
Reinvestment of distributions
Class A		178,962			23,643			53,382			119,839			131,702			53,076
Class B		–			–			–			–			–			–
Cost of shares redeemed
Class A		(859,306	)		(435,634	)		(655,352	)		(1,013,240	)		(758,038	)		(396,686	)
Class B		–			–			–			–			–			–
Net increase (decrease) in net assets from share transactions		1,507,516			(85,723	)		26,081			163,038			335,356			130,220
Net increase (decrease) net assets		1,893,112			(56,022	)		106,456			320,433			466,464			185,513
Net assets beginning of year		3,090,538			1,716,378			3,342,874			6,042,052			4,514,404			1,579,419
Net assets end of year	$	4,983,650		$	1,660,356		$	3,449,330		$	6,362,485		$	4,980,868		$	1,764,932
Undistributed (excess of distributions over) net investment income	$	306,174		$	(47	)	$	(80	)	$	(143	)	$	(2,981	)	$	(1,255	)
1 Share transactions
Shares sold
Class A		124,913			26,731			47,243			73,516			65,578			28,046
Class B		–			–			–			–			–			–
Reinvestment of distributions
Class A		9,705			1,935			3,987			8,242			8,869			3,093
Shares redeemed
Class A		(49,201	)		(35,678	)		(49,252	)		(70,322	)		(51,679	)		(23,373	)
Class B		–			–			–			–			–			–
Net increase/(decrease)
Class A		85,417			(7,012	)		1,978			11,436			22,768			7,766
Class B		–			–			–			–			–			–
Purchase and sales of investment securities (excluding short-term securities):
Purchase of securities	$	1,953,469		$	297,685		$	672,249		$	1,108,014		$	1,027,651		$	496,665
Proceeds from sales of securities		167,452			357,369			565,338			749,365			540,492			310,659

See accompanying Notes to Financial Statements.

JNL Series Trust Master Feeder Funds and Fund of Funds

Statements of Changes in Net Assets (in thousands)

For the Year Ended December 31, 2013

	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
Operations
Net investment income (loss)	$	17,063		$	(2,546	)	$	855		$	13,914		$	4,998		$	6,139		$	26,266
Net realized gain (loss)		3,027			6,006			2,587			16,799			3,108			4,973			22,064
Net change in unrealized appreciation (depreciation)		242,550			(17,725	)		61,095			321,350			79,564			48,310			159,544
Net increase (decrease) in net assets from operations		262,640			(14,265	)		64,537			352,063			87,670			59,422			207,874
Distributions to shareholders
From net investment income
Class A		(11,218	)		(9,701	)		(1,871	)		(10,238	)		(3,804	)		(3,060	)		(32,596	)
Class B		(2	)		(5	)		(1	)		(2	)		(1	)		(1	)		–
From net realized gains
Class A		(4,729	)		(2,151	)		(635	)		(1,276	)		(756	)		(1,049	)		(27,405	)
Class B		(1	)		(1	)		–			–			–			–			–
Total distributions to shareholders		(15,950	)		(11,858	)		(2,507	)		(11,516	)		(4,561	)		(4,110	)		(60,001	)
Share transactions1
Proceeds from the sale of shares
Class A		415,370			164,773			127,907			685,757			204,625			241,916			376,247
Class B		46			75			24			102			34			43			–
Reinvestment of distributions
Class A		15,947			11,852			2,506			11,514			4,560			4,109			60,001
Class B		3			6			1			2			1			1			–
Cost of shares redeemed
Class A		(162,529	)		(161,757	)		(61,452	)		(257,566	)		(90,483	)		(118,571	)		(217,791	)
Class B		(41	)		(107	)		(26	)		(51	)		(47	)		(19	)		–
Net increase (decrease) in net assets from share transactions		268,796			14,842			68,960			439,758			118,690			127,479			218,457
Net increase (decrease) net assets		515,486			(11,281	)		130,990			780,305			201,799			182,791			366,330
Net assets beginning of year		698,903			466,534			205,731			864,376			360,125			464,431			1,405,890
Net assets end of year	$	1,214,389		$	455,253		$	336,721		$	1,644,681		$	561,924		$	647,222		$	1,772,220
Undistributed (excess of distributions over) net investment income	$	17,057		$	41		$	853		$	13,908		$	4,995		$	6,135		$	30,358
1 Share transactions
Shares sold
Class A		31,100			15,147			10,692			50,553			17,512			20,861			23,986
Class B		4			7			2			8			3			4			–
Reinvestment of distributions
Class A		1,106			1,125			193			769			367			340			3,778
Class B		–			1			–			–			–			–			–
Shares redeemed
Class A		(12,068	)		(14,922	)		(5,158	)		(18,935	)		(7,807	)		(10,260	)		(13,819	)
Class B		(3	)		(10	)		(2	)		(4	)		(4	)		(2	)		–
Net increase/(decrease)
Class A		20,138			1,350			5,727			32,387			10,072			10,941			13,945
Class B		1			(2	)		–			4			(1	)		2			–
Purchase and sales of investment securities (excluding short-term securities):
Purchase of securities	$	280,424		$	81,783		$	82,958		$	500,272		$	137,656		$	157,990		$	588,223
Proceeds from sales of securities		10,340			75,692			15,605			57,791			18,461			26,016			391,261

(a) The Master Funds for the JNL American Master Feeder Funds 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 Master Feeder Funds and Fund of Funds

Statements of Changes in Net Assets (in thousands)

For the Year Ended December 31, 2013

	JNL Institutional Alt 35 Fund			JNL Institutional Alt 50 Fund			JNL Institutional Alt 65 Fund			JNL/American Funds Balanced Allocation Fund			JNL/American Funds Growth Allocation Fund			JNL Disciplined Moderate Fund			JNL Disciplined Moderate Growth Fund
Operations
Net investment income (loss)	$	33,508		$	43,344		$	8,898		$	6,119		$	4,045		$	15,317		$	15,360
Net realized gain (loss)		30,382			41,734			21,030			1,283			2,110			65,170			76,196
Net change in unrealized appreciation (depreciation)		198,806			219,634			45,479			35,997			36,265			64,591			118,928
Net increase (decrease) in net assets from operations		262,696			304,712			75,407			43,399			42,420			145,078			210,484
Distributions to shareholders
From net investment income
Class A		(37,476	)		(40,698	)		(8,254	)		(2,353	)		(1,323	)		(12,966	)		(12,356	)
Class B		–			–			–			–			–			–			–
From net realized gains
Class A		(42,632	)		(33,152	)		(17,787	)		(212	)		(260	)		(17,651	)		(23,566	)
Class B		–			–			–			–			–			–			–
Total distributions to shareholders		(80,108	)		(73,850	)		(26,041	)		(2,565	)		(1,583	)		(30,617	)		(35,922	)
Share transactions1
Proceeds from the sale of shares
Class A		499,392			806,896			30,222			321,003			269,689			351,914			430,411
Class B		–			–			–			–			–			–			–
Reinvestment of distributions
Class A		80,108			73,850			26,041			2,565			1,583			30,617			35,922
Class B		–			–			–			–			–			–			–
Cost of shares redeemed
Class A		(372,806	)		(598,789	)		(250,927	)		(50,912	)		(43,788	)		(161,500	)		(163,740	)
Class B		–			–			–			–			–			–			–
Net increase (decrease) in net assets from share transactions		206,694			281,957			(194,664	)		272,656			227,484			221,031			302,593
Net increase (decrease) net assets		389,282			512,819			(145,298	)		313,490			268,321			335,492			477,155
Net assets beginning of year		2,020,087			2,799,205			910,895			148,585			104,924			761,054			817,974
Net assets end of year	$	2,409,369		$	3,312,024		$	765,597		$	462,075		$	373,245		$	1,096,546		$	1,295,129
Undistributed (excess of distributions over) net investment income	$	38,302		$	49,143		$	9,900		$	6,429		$	4,175		$	26,589		$	27,202
1 Share transactions
Shares sold
Class A		31,036			49,606			1,893			28,771			23,331			30,571			39,432
Class B		–			–			–			–			–			–			–
Reinvestment of distributions
Class A		4,945			4,500			1,643			219			130			2,584			3,168
Class B		–			–			–			–			–			–			–
Shares redeemed
Class A		(23,055	)		(36,654	)		(15,696	)		(4,544	)		(3,791	)		(14,012	)		(15,005	)
Class B		–			–			–			–			–			–			–
Net increase/(decrease)
Class A		12,926			17,452			(12,160	)		24,446			19,670			19,143			27,595
Class B		–			–			–			–			–			–			–
Purchase and sales of investment securities (excluding short-term securities):
Purchase of securities	$	844,615		$	1,362,872		$	305,890		$	280,331		$	240,148		$	461,138		$	532,453
Proceeds from sales of securities		670,129			1,094,815			514,684			2,732			9,637			233,217			223,713

See accompanying Notes to Financial Statements.

JNL Series Trust Master Feeder Funds and Fund of Funds

Statements of Changes in Net Assets (in thousands)

For the Year Ended December 31, 2013

	JNL Disciplined Growth Fund			JNL/Franklin Templeton Founding Strategy Fund			JNL/Mellon Capital 10 x 10 Fund			JNL/Mellon Capital Index 5 Fund			JNL/S&P 4 Fund			JNL/S&P Managed Conservative Fund			JNL/S&P Managed Moderate Fund
Operations
Net investment income (loss)	$	6,277		$	27,110		$	7,284		$	9,558		$	24,326		$	31,258		$	47,765
Net realized gain (loss)		26,374			(1,021	)		14,692			32,946			159,701			85,772			170,008
Net change in unrealized appreciation (depreciation)		57,272			270,920			63,514			91,270			509,008			(39,678	)		93,817
Net increase (decrease) in net assets from operations		89,923			297,009			85,490			133,774			693,035			77,352			311,590
Distributions to shareholders
From net investment income
Class A		(4,157	)		(28,077	)		(7,375	)		(9,881	)		(16,817	)		(10,471	)		(14,661	)
Class B		–			–			–			–			–			–			–
From net realized gains
Class A		(9,910	)		–			(2,549	)		(10,590	)		(63,183	)		(1,142	)		(6,549	)
Class B		–			–			–			–			–			–			–
Total distributions to shareholders		(14,067	)		(28,077	)		(9,924	)		(20,471	)		(80,000	)		(11,613	)		(21,210	)
Share transactions1
Proceeds from the sale of shares
Class A		229,760			279,603			63,675			150,098			1,611,190			481,551			768,492
Class B		–			–			–			–			–			–			–
Reinvestment of distributions
Class A		14,067			28,077			9,924			20,471			80,000			11,613			21,210
Class B		–			–			–			–			–			–			–
Cost of shares redeemed
Class A		(82,140	)		(243,371	)		(69,602	)		(112,255	)		(498,151	)		(682,553	)		(650,442	)
Class B		–			–			–			–			–			–			–
Net increase (decrease) in net assets from share transactions		161,687			64,309			3,997			58,314			1,193,039			(189,389	)		139,260
Net increase (decrease) net assets		237,543			333,241			79,563			171,617			1,806,074			(123,650	)		429,640
Net assets beginning of year		316,315			1,226,311			314,184			542,692			1,284,464			1,840,028			2,913,234
Net assets end of year	$	553,858		$	1,559,552		$	393,747		$	714,309		$	3,090,538		$	1,716,378		$	3,342,874
Undistributed (excess of distributions over) net investment income	$	10,453		$	27,072		$	7,481		$	10,295		$	92,582		$	4,931		$	6,853
1 Share transactions
Shares sold
Class A		22,563			25,555			6,234			13,203			105,936			41,021			62,029
Class B		–			–			–			–			–			–			–
Reinvestment of distributions
Class A		1,328			2,442			924			1,728			4,920			981			1,661
Class B		–			–			–			–			–			–			–
Shares redeemed
Class A		(8,065	)		(22,355	)		(6,884	)		(9,818	)		(33,536	)		(58,205	)		(52,414	)
Class B		–			–			–			–			–			–			–
Net increase/(decrease)
Class A		15,826			5,642			274			5,113			77,320			(16,203	)		11,276
Class B		–			–			–			–			–			–			–
Purchase and sales of investment securities (excluding short-term securities):
Purchase of securities	$	249,513		$	110,303		$	37,176		$	106,825		$	1,332,091		$	704,914		$	1,285,941
Proceeds from sales of securities		84,848			46,938			32,854			48,688			74,340			848,973			1,044,535

See accompanying Notes to Financial Statements.

JNL Series Trust Master Feeder Funds and Fund of Funds

Statements of Changes in Net Assets (in thousands)

For the Year Ended December 31, 2013

	JNL/S&P Managed Moderate Growth Fund			JNL/S&P Managed Growth Fund			JNL/S&P Managed Aggressive Growth Fund
Operations
Net investment income (loss)	$	76,205		$	43,331		$	13,016
Net realized gain (loss)		311,049			287,949			112,683
Net change in unrealized appreciation (depreciation)		411,877			454,248			175,650
Net increase (decrease) in net assets from operations		799,131			785,528			301,349
Distributions to shareholders
From net investment income
Class A		(27,305	)		(34,757	)		(9,521	)
Class B		–			–			–
From net realized gains
Class A		(18,263	)		(20,284	)		(3,885	)
Class B		–			–			–
Total distributions to shareholders		(45,568	)		(55,041	)		(13,406	)
Share transactions1
Proceeds from the sale of shares
Class A		1,287,220			1,067,135			481,737
Class B		–			–			–
Reinvestment of distributions
Class A		45,568			55,041			13,406
Class B		–			–			–
Cost of shares redeemed
Class A		(844,711	)		(601,595	)		(295,573	)
Class B		–			–			–
Net increase (decrease) in net assets from share transactions		488,077			520,581			199,570
Net increase (decrease) net assets		1,241,640			1,251,068			487,513
Net assets beginning of year		4,800,412			3,263,336			1,091,906
Net assets end of year	$	6,042,052		$	4,514,404		$	1,579,419
Undistributed (excess of distributions over) net investment income	$	14,665		$	25,028		$	7,842
1 Share transactions
Shares sold
Class A		98,065			81,358			32,384
Class B		–			–			–
Reinvestment of distributions
Class A		3,319			3,965			843
Class B		–			–			–
Shares redeemed
Class A		(64,269	)		(45,860	)		(19,997	)
Class B		–			–			–
Net increase/(decrease)
Class A		37,115			39,463			13,230
Class B		–			–			–
Purchase and sales of investment securities (excluding short-term securities):
Purchase of securities	$	1,843,115		$	1,485,419		$	581,550
Proceeds from sales of securities		1,178,641			844,941			329,297

See accompanying Notes to Financial Statements.

JNL Series Trust Master Feeder Funds and Fund of Funds

Financial Highlights

For a Share Outstanding

			Increase (Decrease) from Investment Operations									Distributions from											Supplemental Data					Ratios(a)(b)
Period Ended	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(c)			Net Realized & Unrealized Gains (Losses)			Total from Investment Operations			Net Investment Income			Net Realized Gains on Investment Transactions			Net Asset Value, End of Period		Total Return(d)			Net Assets, End of Period (in thousands)		Portfolio Turnover(e)			Net Expenses to Average Net Assets			Total Expenses to Average Net Assets			Net Investment Income (Loss) to Average Net Assets
JNL/American Funds Blue Chip Income and Growth Fund(f)
Class A
12/31/2014	$	14.98	$	0.52		$	1.73		$	2.25		$	(0.16	)	$	(0.03	)	$	17.04		14.99	%	$	1,874,780		1	%		0.61	%		1.09	%		3.25	%
12/31/2013		11.47		0.24			3.47			3.71			(0.14	)		(0.06	)		14.98		32.43			1,214,231		1			0.63			1.10			1.79
12/31/2012		10.21		0.22			1.15			1.37			(0.10	)		(0.01	)		11.47		13.43			698,789		5			0.65			1.10			1.97
12/31/2011		10.39		0.21			(0.34	)		(0.13	)		(0.05	)		–			10.21		(1.25	)		403,577		4			0.65			1.10			2.05
12/31/2010*		10.00		0.29			0.10			0.39			–			–			10.39		3.90			148,996		5			0.65			1.10			4.51
Class B
12/31/2014		15.05		0.60			1.70			2.30			(0.18	)		(0.03	)		17.14		15.27			224		1			0.36			0.84			3.70
12/31/2013		11.53		0.25			3.49			3.74			(0.16	)		(0.06	)		15.05		32.51			158		1			0.38			0.85			1.83
12/31/2012		10.25		0.25			1.15			1.40			(0.11	)		(0.01	)		11.53		13.69			114		5			0.40			0.85			2.26
12/31/2011		10.41		0.32			(0.43	)		(0.11	)		(0.05	)		–			10.25		(1.03	)		55		4			0.40			0.85			3.12
12/31/2010*		10.00		0.42			(0.01	)		0.41			–			–			10.41		4.10			9		5			0.40			0.85			6.57
JNL/American Funds Global Bond Fund(f)
Class A
12/31/2014		10.54		0.13			(0.01	)		0.12			(0.00	)(g)		(0.08	)		10.58		1.17			493,988		15			0.55			1.10			1.18
12/31/2013		11.15		(0.06	)		(0.27	)		(0.33	)		(0.23	)		(0.05	)		10.54		(2.95	)		455,032		16			0.55			1.10			(0.55	)
12/31/2012		10.82		0.22			0.41			0.63			(0.21	)		(0.09	)		11.15		5.76			466,274		11			0.55			1.10			1.98
12/31/2011		10.45		0.38			0.07			0.45			(0.08	)		(0.00	)(g)		10.82		4.32			339,564		18			0.55			1.10			3.54
12/31/2010*		10.00		0.48			(0.03	)		0.45			–			–			10.45		4.50			105,262		5			0.55			1.10			6.97
Class B
12/31/2014		10.61		0.14			0.01			0.15			(0.03	)		(0.08	)		10.65		1.40			163		15			0.30			0.85			1.31
12/31/2013		11.22		(0.04	)		(0.27	)		(0.31	)		(0.25	)		(0.05	)		10.61		(2.72	)		221		16			0.30			0.85			(0.38	)
12/31/2012		10.86		0.24			0.43			0.67			(0.22	)		(0.09	)		11.22		6.15			260		11			0.30			0.85			2.15
12/31/2011		10.47		0.39			0.08			0.47			(0.08	)		(0.00	)(g)		10.86		4.53			176		18			0.30			0.85			3.58
12/31/2010*		10.00		0.63			(0.16	)		0.47			–			–			10.47		4.70			79		5			0.30			0.85			8.98
JNL/American Funds Global Small Capitalization Fund(f)
Class A
12/31/2014		13.20		(0.03	)		0.27			0.24			(0.03	)		(0.09	)		13.32		1.80			394,604		11			0.55			1.15			(0.20	)
12/31/2013		10.40		0.04			2.86			2.90			(0.07	)		(0.03	)		13.20		27.90			336,588		6			0.55			1.15			0.32
12/31/2012		8.95		0.11			1.49			1.60			(0.07	)		(0.08	)		10.40		17.90			205,624		8			0.55			1.15			1.09
12/31/2011		11.15		0.11			(2.28	)		(2.17	)		(0.03	)		(0.00	)(g)		8.95		(19.43	)		130,159		10			0.55			1.15			1.11
12/31/2010*		10.00		0.13			1.02			1.15			–			–			11.15		11.50			80,924		4			0.55			1.15			1.93
Class B
12/31/2014		13.26		0.01			0.26			0.27			(0.05	)		(0.09	)		13.39		2.05			137		11			0.30			0.90			0.04
12/31/2013		10.45		0.07			2.86			2.93			(0.09	)		(0.03	)		13.26		28.03			133		6			0.30			0.90			0.62
12/31/2012		8.99		0.13			1.49			1.62			(0.08	)		(0.08	)		10.45		18.10			107		8			0.30			0.90			1.30
12/31/2011		11.16		0.12			(2.26	)		(2.14	)		(0.03	)		(0.00	)(g)		8.99		(19.11	)		49		10			0.30			0.90			1.19
12/31/2010*		10.00		0.22			0.94			1.16			–			–			11.16		11.60			23		4			0.30			0.90			3.11
JNL/American Funds Growth-Income Fund(f)
Class A
12/31/2014		15.57		0.17			1.42			1.59			(0.10	)		(0.12	)		16.94		10.19			2,444,608		1			0.68			1.08			1.05
12/31/2013		11.80		0.15			3.73			3.88			(0.10	)		(0.01	)		15.57		32.93			1,644,396		5			0.69			1.09			1.12
12/31/2012		10.17		0.17			1.55			1.72			(0.08	)		(0.01	)		11.80		16.92			864,206		1			0.70			1.10			1.52
12/31/2011		10.45		0.18			(0.42	)		(0.24	)		(0.04	)		–			10.17		(2.30	)		460,263		3			0.70			1.10			1.76
12/31/2010*		10.00		0.24			0.21			0.45			–			–			10.45		4.50			174,494		0			0.70			1.10			3.72
Class B
12/31/2014		15.64		0.20			1.43			1.63			(0.12	)		(0.12	)		17.03		10.41			395		1			0.43			0.83			1.23
12/31/2013		11.85		0.18			3.74			3.92			(0.12	)		(0.01	)		15.64		33.11			285		5			0.44			0.84			1.32
12/31/2012		10.20		0.19			1.56			1.75			(0.09	)		(0.01	)		11.85		17.18			170		1			0.45			0.85			1.71
12/31/2011		10.46		0.22			(0.44	)		(0.22	)		(0.04	)		–			10.20		(2.09	)		92		3			0.45			0.85			2.14
12/31/2010*		10.00		0.27			0.19			0.46			–			–			10.46		4.60			23		0			0.45			0.85			4.22

See accompanying Notes to Financial Statements.

JNL Series Trust Master Feeder Funds and Fund of Funds

Financial Highlights

For a Share Outstanding

			Increase (Decrease) from Investment Operations								Distributions from											Supplemental Data					Ratios(a)(b)
Period Ended	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(c)		Net Realized & Unrealized Gains (Losses)			Total from Investment Operations			Net Investment Income			Net Realized Gains on Investment Transactions			Net Asset Value, End of Period		Total Return(d)			Net Assets, End of Period (in thousands)		Portfolio Turnover(e)			Net Expenses to Average Net Assets			Total Expenses to Average Net Assets			Net Investment Income (Loss) to Average Net Assets
JNL/American Funds International Fund(f)
Class A
12/31/2014	$	12.86	$	0.15	$	(0.53	)	$	(0.38	)	$	(0.09	)	$	(0.06	)	$	12.33		(3.04	)%	$	717,227		1	%		0.65	%		1.25	%		1.19	%
12/31/2013		10.71		0.13		2.13			2.26			(0.09	)		(0.02	)		12.86		21.10			561,746		4			0.67			1.25			1.12
12/31/2012		9.23		0.13		1.48			1.61			(0.11	)		(0.02	)		10.71		17.41			359,964		3			0.70			1.25			1.35
12/31/2011		10.85		0.20		(1.75	)		(1.55	)		(0.06	)		(0.01	)		9.23		(14.38	)		213,058		3			0.70			1.25			1.99
12/31/2010*		10.00		0.27		0.58			0.85			–			–			10.85		8.50			102,766		3			0.70			1.25			3.92
Class B
12/31/2014		12.93		0.19		(0.54	)		(0.35	)		(0.11	)		(0.06	)		12.41		(2.80	)		402		1			0.40			1.00			1.49
12/31/2013		10.77		0.15		2.14			2.29			(0.11	)		(0.02	)		12.93		21.24			178		4			0.42			1.00			1.27
12/31/2012		9.28		0.18		1.45			1.63			(0.12	)		(0.02	)		10.77		17.57			161		3			0.45			1.00			1.82
12/31/2011		10.87		0.25		(1.77	)		(1.52	)		(0.06	)		(0.01	)		9.28		(14.05	)		57		3			0.45			1.00			2.41
12/31/2010*		10.00		0.46		0.41			0.87			–			–			10.87		8.70			20		3			0.45			1.00			6.65
JNL/American Funds New World Fund(f)
Class A
12/31/2014		12.37		0.09		(1.10	)		(1.01	)		(0.09	)		(0.08	)		11.19		(8.21	)		735,706		3			0.65			1.45			0.70
12/31/2013		11.23		0.13		1.09			1.22			(0.06	)		(0.02	)		12.37		10.88			647,045		5			0.65			1.45			1.13
12/31/2012		9.69		0.09		1.59			1.68			(0.10	)		(0.04	)		11.23		17.38			464,295		5			0.65			1.45			0.83
12/31/2011		11.36		0.20		(1.82	)		(1.62	)		(0.05	)		–			9.69		(14.30	)		275,059		7			0.65			1.45			1.91
12/31/2010*		10.00		0.27		1.09			1.36			–			–			11.36		13.60			133,465		0			0.65			1.45			3.78
Class B
12/31/2014		12.43		0.10		(1.08	)		(0.98	)		(0.12	)		(0.08	)		11.25		(8.01	)		151		3			0.40			1.20			0.83
12/31/2013		11.28		0.15		1.10			1.25			(0.08	)		(0.02	)		12.43		11.09			177		5			0.40			1.20			1.32
12/31/2012		9.73		0.11		1.59			1.70			(0.11	)		(0.04	)		11.28		17.55			136		5			0.40			1.20			1.05
12/31/2011		11.37		0.35		(1.94	)		(1.59	)		(0.05	)		–			9.73		(14.00	)		81		7			0.40			1.20			3.34
12/31/2010*		10.00		0.28		1.09			1.37			–			–			11.37		13.70			18		0			0.40			1.20			3.94
JNL Institutional Alt 20 Fund
Class A
12/31/2014		16.29		0.21		0.16			0.37			(0.29	)		(0.18	)		16.19		2.21			1,771,391		50			0.17			0.17			1.27
12/31/2013		14.82		0.26		1.78			2.04			(0.31	)		(0.26	)		16.29		13.88			1,772,220		24			0.17			0.17			1.64
12/31/2012		13.82		0.20		1.33			1.53			(0.21	)		(0.32	)		14.82		11.15			1,405,890		17			0.17			0.17			1.35
12/31/2011		14.32		0.29		(0.66	)		(0.37	)		(0.12	)		(0.01	)		13.82		(2.57	)		910,347		23			0.19			0.19			1.99
12/31/2010		12.73		0.25		1.41			1.66			(0.07	)		(0.00	)(g)		14.32		13.06			615,034		3			0.20			0.20			1.91
JNL Institutional Alt 35 Fund
Class A
12/31/2014		16.61		0.21		0.11			0.32			(0.28	)		(0.19	)		16.46		1.90			2,343,564		47			0.16			0.16			1.24
12/31/2013		15.29		0.24		1.65			1.89			(0.27	)		(0.30	)		16.61		12.46			2,409,369		30			0.16			0.16			1.49
12/31/2012		14.35		0.16		1.46			1.62			(0.25	)		(0.43	)		15.29		11.33			2,020,087		21			0.17			0.17			1.06
12/31/2011		15.05		0.33		(0.90	)		(0.57	)		(0.11	)		(0.02	)		14.35		(3.81	)		1,389,770		29			0.17			0.17			2.17
12/31/2010		13.24		0.25		1.65			1.90			(0.08	)		(0.01	)		15.05		14.36			885,456		2			0.20			0.20			1.79
JNL Institutional Alt 50 Fund
Class A
12/31/2014		16.79		0.21		0.11			0.32			(0.26	)		(0.20	)		16.65		1.86			3,292,344		45			0.16			0.16			1.21
12/31/2013		15.57		0.23		1.37			1.60			(0.21	)		(0.17	)		16.79		10.35			3,312,024		35			0.16			0.16			1.39
12/31/2012		14.65		0.13		1.45			1.58			(0.26	)		(0.40	)		15.57		10.88			2,799,205		27			0.16			0.16			0.83
12/31/2011		15.49		0.39		(1.10	)		(0.71	)		(0.11	)		(0.02	)		14.65		(4.63	)		1,816,781		28			0.17			0.17			2.54
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			0.20			1.82
JNL Institutional Alt 65 Fund
Class A
12/31/2014		16.21		0.16		0.11			0.27			(0.26	)		(0.51	)		15.71		1.64			637,940		44			0.19			0.19			0.98
12/31/2013		15.33		0.17		1.27			1.44			(0.18	)		(0.38	)		16.21		9.50			765,597		37			0.18			0.18			1.06
12/31/2012		15.05		0.06		1.57			1.63			(0.42	)		(0.93	)		15.33		10.95			910,895		37			0.18			0.18			0.36
12/31/2011		16.07		0.33		(1.20	)		(0.87	)		(0.11	)		(0.04	)		15.05		(5.43	)		986,845		40			0.18			0.18			2.06
12/31/2010		13.97		0.22		1.99			2.21			(0.07	)		(0.04	)		16.07		15.85			728,410		5			0.20			0.20			1.52

See accompanying Notes to Financial Statements.

JNL Series Trust Master Feeder Funds and Fund of Funds

Financial Highlights

For a Share Outstanding

			Increase (Decrease) from Investment Operations								Distributions from											Supplemental Data					Ratios(a)(b)
Period Ended	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(c)		Net Realized & Unrealized Gains (Losses)			Total from Investment Operations			Net Investment Income			Net Realized Gains on Investment Transactions			Net Asset Value, End of Period		Total Return(d)			Net Assets, End of Period (in thousands)		Portfolio Turnover(e)			Net Expenses to Average Net Assets			Total Expenses to Average Net Assets			Net Investment Income(Loss) to Average Net Assets
JNL/American Funds Balanced Allocation Fund
Class A
12/31/2014	$	11.94	$	0.24	$	0.27		$	0.51		$	(0.10	)	$	(0.02	)	$	12.33		4.26	%	$	790,122		1	%		0.65	%		0.70	%		1.96	%
12/31/2013		10.42		0.23		1.36			1.59			(0.06	)		(0.01	)		11.94		15.26			462,075		1			0.67			0.70			2.06
12/31/2012*		10.00		0.33		0.09			0.42			–			–			10.42		4.20			148,585		9			0.70			0.70			4.79
JNL/American Funds Growth Allocation Fund
Class A
12/31/2014		12.56		0.22		0.29			0.51			(0.08	)		(0.04	)		12.95		4.07			670,434		2			0.65			0.70			1.68
12/31/2013		10.44		0.22		1.96			2.18			(0.05	)		(0.01	)		12.56		20.86			373,245		4			0.67			0.70			1.88
12/31/2012*		10.00		0.28		0.16			0.44			–			–			10.44		4.40			104,924		11			0.70			0.70			4.15
JNL Disciplined Moderate Fund
Class A
12/31/2014		12.08		0.18		0.48			0.66			(0.27	)		(0.54	)		11.93		5.35			1,279,991		18			0.15			0.15			1.43
12/31/2013		10.62		0.19		1.62			1.81			(0.15	)		(0.20	)		12.08		17.11			1,096,546		25			0.16			0.16			1.63
12/31/2012		9.80		0.15		1.15			1.30			(0.15	)		(0.33	)		10.62		13.30			761,054		25			0.17			0.17			1.43
12/31/2011		9.85		0.16		(0.09	)		0.07			(0.12	)		–			9.80		0.72			462,723		127			0.18			0.18			1.64
12/31/2010		8.94		0.18		0.81			0.99			(0.08	)		–			9.85		11.10			346,433		21			0.18			0.18			1.93
JNL Disciplined Moderate Growth Fund
Class A
12/31/2014		11.63		0.16		0.43			0.59			(0.21	)		(0.50	)		11.51		5.06			1,566,607		20			0.15			0.15			1.33
12/31/2013		9.76		0.16		2.05			2.21			(0.12	)		(0.22	)		11.63		22.68			1,295,129		21			0.16			0.16			1.47
12/31/2012		8.92		0.13		1.13			1.26			(0.12	)		(0.30	)		9.76		14.21			817,974		28			0.17			0.17			1.34
12/31/2011		9.09		0.13		(0.21	)		(0.08	)		(0.09	)		–			8.92		(0.86	)		509,358		101			0.18			0.18			1.40
12/31/2010		8.10		0.14		0.94			1.08			(0.09	)		–			9.09		13.29			376,092		26			0.18			0.18			1.64
JNL Disciplined Growth Fund
Class A
12/31/2014		10.88		0.14		0.40			0.54			(0.17	)		(0.36	)		10.89		4.98			697,755		23			0.17			0.17			1.22
12/31/2013		9.01		0.15		2.01			2.16			(0.09	)		(0.20	)		10.88		24.06			553,858		20			0.18			0.18			1.48
12/31/2012		8.17		0.11		1.08			1.19			(0.10	)		(0.25	)		9.01		14.58			316,315		34			0.18			0.18			1.24
12/31/2011		8.52		0.11		(0.38	)		(0.27	)		(0.08	)		–			8.17		(3.14	)		181,732		109			0.18			0.18			1.24
12/31/2010		7.64		0.13		0.84			0.97			(0.09	)		–			8.52		12.74			137,476		28			0.18			0.18			1.71
JNL/Franklin Templeton Founding Strategy Fund
Class A
12/31/2014		11.85		0.18		0.14			0.32			(0.20	)		–			11.97		2.67			1,655,658		4			0.05			0.05			1.49
12/31/2013		9.74		0.21		2.12			2.33			(0.22	)		–			11.85		23.97			1,559,552		3			0.05			0.05			1.95
12/31/2012		8.58		0.23		1.14			1.37			(0.21	)		–			9.74		15.96			1,226,311		5			0.05			0.05			2.44
12/31/2011		8.83		0.21		(0.33	)		(0.12	)		(0.13	)		–			8.58		(1.36	)		1,065,109		8			0.05			0.05			2.35
12/31/2010		8.22		0.14		0.71			0.85			(0.24	)		–			8.83		10.39			1,037,981		3			0.05			0.05			1.72
JNL/Mellon Capital 10 x 10 Fund
Class A
12/31/2014		11.07		0.23		0.68			0.91			(0.20	)		(0.39	)		11.39		8.26			436,823		7			0.05			0.05			1.99
12/31/2013		8.90		0.21		2.24			2.45			(0.21	)		(0.07	)		11.07		27.70			393,747		9			0.05			0.05			2.07
12/31/2012		7.93		0.21		1.05			1.26			(0.21	)		(0.08	)		8.90		15.96			314,184		10			0.05			0.05			2.40
12/31/2011		8.22		0.21		(0.38	)		(0.17	)		(0.12	)		–			7.93		(2.09	)		276,388		9			0.05			0.05			2.56
12/31/2010		7.19		0.14		1.04			1.18			(0.15	)		(0.00	)(g)		8.22		16.43			257,545		8			0.05			0.05			1.90
JNL/Mellon Capital Index 5 Fund
Class A
12/31/2014		12.20		0.22		0.43			0.65			(0.18	)		(0.51	)		12.16		5.30			751,361		7			0.05			0.05			1.79
12/31/2013		10.16		0.17		2.23			2.40			(0.17	)		(0.19	)		12.20		23.74			714,309		8			0.05			0.05			1.51
12/31/2012		9.31		0.19		1.10			1.29			(0.15	)		(0.29	)		10.16		13.96			542,692		4			0.05			0.05			1.87
12/31/2011		9.62		0.18		(0.38	)		(0.20	)		(0.09	)		(0.02	)		9.31		(2.08	)		423,503		9			0.05			0.05			1.86
12/31/2010		8.39		0.14		1.19			1.33			(0.09	)		(0.01	)		9.62		15.78			332,481		10			0.05			0.05			1.58
JNL/MMRS Conservative Fund
Class A
12/31/2014*		10.00		0.33		0.16			0.49			–			–			10.49		4.90			26,784		32			0.35			0.35			4.75

See accompanying Notes to Financial Statements.

JNL Series Trust Master Feeder Funds and Fund of Funds

Financial Highlights

For a Share Outstanding

			Increase (Decrease) from Investment Operations								Distributions from											Supplemental Data					Ratios(a)(b)
Period Ended	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(c)		Net Realized & Unrealized Gains (Losses)			Total from Investment Operations			Net Investment Income			Net Realized Gains on Investment Transactions			Net Asset Value, End of Period		Total Return(d)			Net Assets, End of Period (in thousands)		Portfolio Turnover(e)			Net Expenses to Average Net Assets			Total Expenses to Average Net Assets			Net Investment Income (Loss) to Average Net Assets
JNL/MMRS Growth Fund
Class A
12/31/2014*	$	10.00	$	0.24	$	0.20		$	0.44		$	–		$	–		$	10.44		4.40	%	$	17,731		166	%		0.36	%		0.36	%		3.44	%
JNL/MMRS Moderate Fund
Class A
12/31/2014*		10.00		0.24		0.22			0.46			–			–			10.46		4.60			44,689		79			0.35			0.35			3.45
JNL/S&P 4 Fund
Class A
12/31/2014		16.76		0.15		2.26			2.41			(0.36	)		(0.34	)		18.47		14.40			4,983,650		4			0.05			0.05			0.84
12/31/2013		12.00		0.18		5.04			5.22			(0.10	)		(0.36	)		16.76		43.63			3,090,538		4			0.05			0.05			1.21
12/31/2012		10.92		0.12		1.64			1.76			(0.22	)		(0.46	)		12.00		16.23			1,284,464		10			0.05			0.05			0.97
12/31/2011		10.86		0.11		0.53			0.64			(0.53	)		(0.05	)		10.92		5.87			1,009,149		13			0.05			0.05			0.97
12/31/2010		9.55		0.09		1.23			1.32			–			(0.01	)		10.86		13.79			843,945		10			0.05			0.05			0.90
JNL/S&P Managed Conservative Fund
Class A
12/31/2014		11.95		0.20		0.18			0.38			(0.04	)		(0.14	)		12.15		3.12			1,660,356		17			0.15			0.15			1.66
12/31/2013		11.51		0.20		0.32			0.52			(0.07	)		(0.01	)		11.95		4.52			1,716,378		39			0.15			0.15			1.73
12/31/2012		10.96		0.17		0.79			0.96			(0.26	)		(0.15	)		11.51		8.77			1,840,028		18			0.15			0.15			1.47
12/31/2011		11.00		0.17		0.17			0.34			(0.23	)		(0.15	)		10.96		3.12			1,298,317		35			0.16			0.16			1.48
12/31/2010		10.34		0.18		0.72			0.90			(0.24	)		–			11.00		8.70			979,568		9			0.17			0.17			1.67
JNL/S&P Managed Moderate Fund
Class A
12/31/2014		12.99		0.18		0.34			0.52			(0.03	)		(0.18	)		13.30		3.98			3,449,330		16			0.14			0.14			1.36
12/31/2013		11.84		0.19		1.05			1.24			(0.06	)		(0.03	)		12.99		10.43			3,342,874		33			0.14			0.14			1.52
12/31/2012		11.18		0.16		1.06			1.22			(0.21	)		(0.35	)		11.84		10.92			2,913,234		30			0.14			0.14			1.30
12/31/2011		11.39		0.14		(0.04	)		0.10			(0.21	)		(0.10	)		11.18		0.84			2,129,486		28			0.15			0.15			1.24
12/31/2010		10.41		0.15		1.02			1.17			(0.19	)		–			11.39		11.30			1,665,098		5			0.15			0.15			1.41
JNL/S&P Managed Moderate Growth Fund
Class A
12/31/2014		14.07		0.17		0.46			0.63			(0.03	)		(0.24	)		14.43		4.51			6,362,485		12			0.14			0.14			1.18
12/31/2013		12.24		0.19		1.74			1.93			(0.06	)		(0.04	)		14.07		15.85			6,042,052		22			0.14			0.14			1.41
12/31/2012		11.27		0.14		1.41			1.55			(0.18	)		(0.40	)		12.24		13.74			4,800,412		34			0.14			0.14			1.15
12/31/2011		11.80		0.14		(0.29	)		(0.15	)		(0.18	)		(0.20	)		11.27		(1.27	)		3,519,718		23			0.14			0.14			1.19
12/31/2010		10.54		0.13		1.26			1.39			(0.13	)		–			11.80		13.18			2,861,191		6			0.15			0.15			1.16
JNL/S&P Managed Growth Fund
Class A
12/31/2014		14.33		0.11		0.70			0.81			(0.08	)		(0.32	)		14.74		5.63			4,980,868		11			0.14			0.14			0.75
12/31/2013		11.84		0.15		2.52			2.67			(0.11	)		(0.07	)		14.33		22.58			4,514,404		22			0.14			0.14			1.12
12/31/2012		10.70		0.12		1.52			1.64			(0.14	)		(0.36	)		11.84		15.34			3,263,336		26			0.14			0.14			1.03
12/31/2011		11.18		0.11		(0.46	)		(0.35	)		(0.08	)		(0.05	)		10.70		(3.14	)		2,482,133		19			0.14			0.14			0.98
12/31/2010		9.71		0.08		1.49			1.57			(0.10	)		–			11.18		16.12			2,140,816		7			0.15			0.15			0.75

See accompanying Notes to Financial Statements.

JNL Series Trust Master Feeder Funds and Fund of Funds

Financial Highlights

For a Share Outstanding

			Increase (Decrease) from Investment Operations								Distributions from											Supplemental Data					Ratios(a)(b)
Period Ended	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(c)		Net Realized & Unrealized Gains (Losses)			Total from Investment Operations			Net Investment Income			Net Realized Gains on Investment Transactions			Net Asset Value, End of Period		Total Return(d)			Net Assets, End of Period (in thousands)		Portfolio Turnover(e)			Net Expenses to Average Net Assets			Total Expenses to Average Net Assets			Net Investment Income (Loss) to Average Net Assets
JNL/S&P Managed Aggressive Growth Fund
Class A
12/31/2014	$	16.48	$	0.10	$	0.99		$	1.09		$	(0.08	)	$	(0.45	)	$	17.04		6.58	%	$	1,764,932		18	%		0.15	%		0.15	%		0.61	%
12/31/2013		13.22		0.15		3.25			3.40			(0.10	)		(0.04	)		16.48		25.77			1,579,419		25			0.15			0.15			0.99
12/31/2012		11.51		0.11		1.71			1.82			(0.11	)		–			13.22		15.84			1,091,906		24			0.16			0.16			0.86
12/31/2011		12.17		0.10		(0.68	)		(0.58	)		(0.08	)		–			11.51		(4.79	)		843,436		20			0.16			0.16			0.84
12/31/2010		10.46		0.08		1.71			1.79			(0.08	)		–			12.17		17.09			788,664		11			0.17			0.17			0.76

* Commencement of operations was as follows: 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 - May 3, 2010; JNL/American Funds Balanced Allocation Fund and JNL/American Funds Growth Allocation Fund - April 30, 2012; JNL/MMRS Conservative Fund, JNL/MMRS Growth Fund and JNL/MMRS Moderate Fund - April 28, 2014.

(a) Annualized for periods less than one year.

(b) Ratios of net investment income and expenses to average net assets do not include the impact of each Master Fund’s and Underlying Funds’ expenses.

(c) Calculated using the average shares method.

(d) Total return assumes reinvestment of all distributions for the period. Total return does not reflect payment of the expenses that apply to the variable accounts or any annuity charges.

(e) Portfolio turnover is not annualized for periods of less than one year. Portfolio turnover rate is based on the Feeder Funds’ or Fund of Funds’ purchases or sales of the Master Fund or Underlying Funds, respectively.

(f) The Master Funds for the JNL American Master Feeder Funds 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.

(g) Amount represents less than $0.005.

See accompanying Notes to Financial Statements.

JNL Series Trust Master Feeder Funds and Fund of Funds

Notes to Financial Statements

December 31, 2014

NOTE 1. ORGANIZATION

The JNL Series Trust (“Trust”) is an open-end management investment company organized under the laws of the Commonwealth 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, as amended, (“1933 Act”). The Trust currently offers shares in ninety-six (96) separate funds, each with its own investment objective. Information in these financial statements pertains to twenty-seven (27) Funds (each a “Fund”, and collectively, “Funds”) offered by the Trust that are listed in the table below.

Jackson National Asset Management, LLC (“JNAM” or “Adviser”), a wholly-owned subsidiary of Jackson National Life Insurance Company^® (“Jackson”), serves as investment adviser to each of the Funds. Jackson 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 Financial Inc., a company whose principal place of business is the United States of America. Shares of each Fund are sold to life insurance company separate accounts to fund the benefits of variable annuity contracts and variable life insurance policies. Shares may also be sold directly to qualified and non-qualified retirement plans and to other affiliated funds. The Funds and each Fund’s Adviser/Sub-Adviser are:

Adviser:	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 and JNL/American Funds New World Fund. The funds are collectively known as “JNL/American Funds Master Feeder Funds”.
JNAM	JNL Institutional Alt 20 Fund, JNL Institutional Alt 35 Fund, JNL Institutional Alt 50 Fund and JNL Institutional Alt 65 Fund, the funds are collectively known as “JNL Institutional Alt Funds”; JNL/American Funds Balanced Allocation Fund and JNL/American Funds Growth Allocation Fund, the funds are collectively known as “JNL/American Funds Fund of Funds”; JNL Disciplined Moderate Fund, JNL Disciplined Moderate Growth Fund and JNL Disciplined Growth Fund, the funds are collectively known as “JNL Disciplined Funds”; JNL/Franklin Templeton Founding Strategy Fund, JNL/Mellon Capital 10 x 10 Fund, JNL/Mellon Capital Index 5 Fund and JNL/S&P 4 Fund.
Milliman Financial Risk Management LLC (Sub-Adivser)	JNL/MMRS Conservative Fund, JNL/MMRS Growth Fund and JNL/MMRS Moderate Fund. The funds are collectively known as “JNL/MMRS Funds”
Standard & Poor’s Investment Advisory Services LLC (Sub-Adviser)	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 funds are collectively known as “JNL/S&P Funds”.

Each Fund, except the JNL/American Funds Master Feeder Funds, operates under a “Fund of Funds” structure, investing substantially all of its assets in other affiliated or unaffiliated Funds (each, an “Underlying Fund,” and, collectively, the “Underlying Funds”). The affiliated Underlying Funds are advised by JNAM or Curian Capital, LLC (“Curian”), a subsidiary of Jackson and an affiliate of JNAM.

Each of the JNL/American Funds Master Feeder Funds operates 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 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. Each Master Fund directly acquires securities and the Feeder Fund, by investing in the Master Fund, acquires an indirect interest in those securities. As of December 31, 2014, the JNL/American Funds Master Feeder Funds owned the following percentage of its corresponding Master Fund: JNL/American Funds Blue Chip Income and Growth Fund – 25.68%, JNL/American Funds Global Bond Fund – 19.09%, JNL/American Funds Global Small Capitalization Fund – 9.38%, JNL/American Funds Growth-Income Fund – 9.61%, JNL/American Funds International Fund – 9.29% and JNL/American Funds New World Fund – 28.40%. The Master Funds’ Schedule of Investments, Financial Statements and accounting policies are outlined in each Master Fund’s annual shareholder report, which accompanies this report. This report should be read in conjunction with the Master Funds’ annual shareholder reports.

The Funds are diversified Funds for purposes of the 1940 Act, with the exception of the following non-diversified Funds: JNL/American Funds Global Bond Fund, JNL Institutional Alt Funds, JNL/American Funds Fund of Funds, JNL Disciplined Funds, JNL/MMRS Funds, JNL/S&P 4 Fund and JNL/S&P Funds.

Each Fund offers Class A shares. The JNL/American Funds Master Feeder Funds also offer 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.

JNL Series Trust Master Feeder Funds and Fund of Funds

Notes to Financial Statements

December 31, 2014

JNL/MMRS Conservative Fund, JNL/MMRS Growth Fund and JNL/MMRS Moderate Fund commenced operations on April 28, 2014. JNL Institutional Alt 65 Fund is currently closed to all new investors.

NOTE 2. SIGNIFICANT ACCOUNTING POLICIES

The Funds are investment companies and follow accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, “Financial Services-Investment Companies”. The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”).

Security Valuation and Fair Value Measurement - Under the Trust’s valuation policy and procedures, the Trust’s Board of Trustees (“Board” or “Trustees”) has delegated the daily operational oversight of the securities valuation function to the JNAM Pricing Committee (“Pricing Committee”), which consists of certain officers of the Trust and JNAM management. The Pricing Committee is responsible for determining fair valuations for any security for which market quotations are not readily available. For those securities fair valued under procedures adopted by the Board, the Pricing Committee reviews and affirms the reasonableness of the fair valuation determinations after considering all relevant information that is reasonably available. The Pricing Committee’s fair valuation determinations are subject to review by the Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined.

The net asset value (“NAV”) of 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. The Fund of Funds’ investments in the Underlying Funds are valued at the daily NAV of the applicable Underlying Fund determined as of the close of the NYSE on each valuation date. Valuation of investments by the Underlying Funds is discussed in the annual shareholder report of the Underlying Funds. Each Feeder Fund’s investment in its corresponding Master Fund is valued at the daily NAV per share of the applicable Master Fund determined as of the close of the NYSE on each valuation date. Valuation of the investments by the Master Fund is discussed in each Master Fund’s annual shareholder report, which accompanies this report.

FASB ASC Topic 820, “Fair Value Measurement” establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. Various inputs are used in determining the value of a Fund’s investments under FASB ASC Topic 820 guidance and are summarized into 3 broad categories. Level 1 includes valuations based on quoted prices of identical securities in active markets, including valuations for investments in mutual funds. Investments in the Underlying Funds and Master Funds are categorized as Level 1 within FASB ASC Topic 820 fair value hierarchy. The Level 1 valuation assets for the Funds can be referenced in the Schedules of Investments. There were no Level 2 or Level 3 investments in these Funds.

Distributions to Shareholders - The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. 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. Capital gains distributions received from the affiliated Master Funds and the affiliated Underlying Funds are recorded as net realized gain from affiliated investments in the Statements of Operations.

Security Transactions and Investment Income - Security transactions are recorded on the trade date for financial reporting purposes. Dividend income is recorded on the ex-dividend date. Realized gains and losses are determined on the specific identification basis.

Expenses - Expenses are recorded on an accrual basis. Expenses of the Trust that are directly attributable to a specific Fund are charged to that Fund. Expenses attributable to a specific class of shares are charged to that class. Other Trust level expenses are allocated to the Funds based on the average daily net assets of each Fund.

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 NAV of the respective Master Fund. As a result, the Feeder Funds’ 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.

Guarantees and Indemnifications - In the normal course of business, the Trust may enter into contracts that contain a variety of representations which provide general indemnifications for certain liabilities. 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. However, since their commencement of operations, the Funds have not had claims or losses pursuant to its contracts and expect the risk of loss to be remote. 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.

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.

JNL Series Trust Master Feeder Funds and Fund of Funds

Notes to Financial Statements

December 31, 2014

NOTE 3. CERTAIN RISKS

Market Risk - In the normal course of business, the Master Funds and Underlying Funds trade financial instruments and enter into financial transactions where the risk of potential loss exists due to changes in the market (“market risk”). The value of securities held by the Master Funds and Underlying Funds may decline in response to certain events, including those directly involving the companies whose securities are owned by a Master Fund or Underlying Fund; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate and price fluctuations.

Credit and Counterparty Risk - In the normal course of business, the Master Funds or Underlying Funds trade financial instruments and enter into financial transactions where the risk of potential loss exists due to failure of the other party to a transaction to perform (“credit risk”). Similar to credit risk, a Master Fund or Underlying Fund may be exposed to the risk that an institution or other entity with which the Master Fund or Underlying Fund has unsettled or open transactions will default (“counterparty risk”). Financial assets, which potentially expose a Master Fund or Underlying Fund to credit risk, consist principally of investments and cash due from counterparties. The potential loss could exceed the value of the financial assets and liabilities recorded in the Master Fund’s or Underlying Fund’s financial statements. A Master Fund or Underlying Fund manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. A Master Fund’s or Underlying Fund’s Adviser and Sub-Advisers attempt to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Master Fund and Underlying Fund restrict their exposure to credit and counterparty losses by entering into master netting agreements with counterparties with whom they undertake a significant volume of transactions. In the event of default, the total market value exposure would be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty. The extent of a Master Fund’s or Underlying Fund’s exposure to credit and counterparty risks in respect to financial assets is incorporated within their carrying value as recorded in each Master Fund’s or Underlying Fund’s Statement of Assets and Liabilities. For certain derivative contracts held by a Master Fund or Underlying Fund, the potential loss could exceed the value of the financial assets recorded in their financial statements.

Underlying Fund Investment Risks - Each Fund’s prospectus includes a discussion of the principal investment risks of the Master Fund or Underlying Fund in which it invests. Additional risks associated with a Master Fund’s or Underlying Fund’s investments are described within the respective Master Fund’s or Underlying Fund’s annual shareholder report.

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 Master Fund’s and Underlying Fund’s shares may be purchased by other investment companies and shareholders. In some cases, the 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 4. INVESTMENT ADVISORY FEES AND TRANSACTIONS WITH AFFILIATES

Advisory and Administrative Fees - The Trust has an investment advisory and management 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-Adviser as compensation for their services.

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. 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, 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 interest and taxes, other non-operating expenses, registration fees, 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.

The following schedule indicates the range of the advisory fee at various net assets levels and the administrative fee each Fund is currently obligated to pay JNAM. For the advisory fee ranges presented, refer to the Trust’s Prospectus for the specific percentage of average daily net assets and break points for each Fund.

	Advisory Fee (m-millions)		Administrative Fee
	$0m to $500m	Over $500m
JNL/American Funds Blue Chip Income and Growth Fund	0.70%	0.70 - 0.65%	0.15%
JNL/American Funds Global Bond Fund	0.70	0.70 - 0.65	0.15
JNL/American Funds Global Small Capitalization Fund	0.75	0.75 - 0.70	0.15
JNL/American Funds Growth-Income Fund	0.70	0.70 - 0.65	0.15
JNL/American Funds International Fund	0.85	0.85 - 0.80	0.15
JNL/American Funds New World Fund	1.05	1.05 - 1.00	0.15
JNL Institutional Alt Funds	0.15	0.10	0.05
JNL/American Funds Fund of Funds	0.30	0.30 - 0.275	0.15
JNL Disciplined Funds	0.13	0.08	0.05
JNL/Franklin Templeton Founding Strategy Fund	0.00	0.00	0.05
JNL/Mellon Capital 10 x 10 Fund	0.00	0.00	0.05
JNL/Mellon Capital Index 5 Fund	0.00	0.00	0.05
JNL/MMRS Funds	0.30	0.30 - 0.25	0.05
JNL/S&P 4 Fund	0.00	0.00	0.05
JNL/S&P Funds	0.13	0.08	0.05

JNL Series Trust Master Feeder Funds and Fund of Funds

Notes to Financial Statements

December 31, 2014

Fee Waiver and Expense Reimbursements - Pursuant to contractual fee waiver agreements, JNAM agreed to waive a portion of its advisory fees for each of the following Funds:

Fund	Advisory Fee Waiver as a Percentage of Average Daily Net Assets
JNL/American Funds Blue Chip Income and Growth Fund	0.48%
JNL/American Funds Global Bond Fund	0.55%
JNL/American Funds Global Small Capitalization Fund	0.60%
JNL/American Funds Growth-Income Fund	0.40%
JNL/American Funds International Fund	0.60%
JNL/American Funds New World Fund	0.80%
JNL/American Funds Balanced Allocation Fund	0.05%
JNL/American Funds Growth Allocation Fund	0.05%

The amount of expenses waived for each Fund during the current year is recorded as expense waiver in each Fund’s Statement of Operations.

Distribution Fees - The JNL/American Funds Master Feeder Funds and JNL/American Funds Fund of 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 annuity insurance products issued by Jackson and its subsidiaries. The maximum annual Rule 12b-1 fee allowed is 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 each Fund’s Statement of Operations.

Deferred Compensation Plan - Effective January 1, 2007, the Funds adopted a Deferred Compensation Plan whereby a disinterested Trustee may defer the receipt of all or a portion of their compensation. These deferred amounts, which remain as liabilities of the Funds, are 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. 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.

Investments in Affiliates - The Fund of Funds invested solely in Class A shares of other affiliated Funds advised by JNAM or Curian. The JNL/American Funds Master Feeder Funds invest primarily all of their investable assets in the respective American Funds Master Fund. Due to their ownership of more than 5% of the shares of the American Funds Master Fund, the JNL/American Funds Master Feeder Funds may be deemed an affiliated person thereof under the 1940 Act. The following table details each Fund’s long term investments in affiliates (in thousands) held during the year ended December 31, 2014.

Affiliate	Value Beginning of Period		Purchases		Sales Proceeds		Distributions from Funds		Realized Gain/Loss from Sales			Value End of Period
JNL/American Funds Blue Chip Income and Growth Fund
American Funds Insurance Series - Blue Chip Income and Growth Fund Class 1	$	1,214,856	$	511,015	$	11,281	$	57,381	$	4,487		$	1,875,718
	$	1,214,856	$	511,015	$	11,281	$	57,381	$	4,487		$	1,875,718
JNL/American Funds Global Bond Fund
American Funds Insurance Series - Global Bond Fund Class 1	$	455,412	$	122,514	$	76,876	$	13,410	$	(878	)	$	494,325
	$	455,412	$	122,514	$	76,876	$	13,410	$	(878	)	$	494,325
JNL/American Funds Global Small Capitalization Fund
American Funds Insurance Series - Global Small Capitalization Fund Class 1	$	336,834	$	96,521	$	41,628	$	3,026	$	7,831		$	394,877
	$	336,834	$	96,521	$	41,628	$	3,026	$	7,831		$	394,877
JNL/American Funds Growth-Income Fund
American Funds Insurance Series - Growth- Income Fund Class 1	$	1,645,403	$	731,724	$	12,460	$	131,607	$	5,175		$	2,446,084
	$	1,645,403	$	731,724	$	12,460	$	131,607	$	5,175		$	2,446,084
JNL/American Funds International Fund
American Funds Insurance Series - International Fund Class 1	$	562,154	$	193,634	$	7,398	$	12,130	$	1,638		$	717,938
	$	562,154	$	193,634	$	7,398	$	12,130	$	1,638		$	717,938

JNL Series Trust Master Feeder Funds and Fund of Funds

Notes to Financial Statements

December 31, 2014

Affiliate	Value Beginning of Period		Purchases		Sales Proceeds		Distributions from Funds		Realized Gain/Loss from Sales			Value End of Period
JNL/American Funds New World Fund
American Funds Insurance Series - New World Fund Class 1	$	647,489	$	256,879	$	25,516	$	81,212	$	(381	)	$	736,179
	$	647,489	$	256,879	$	25,516	$	81,212	$	(381	)	$	736,179
JNL Institutional Alt 20 Fund
Curian Focused International Equity Fund	$	–	$	65,305	$	–	$	9	$	–		$	64,100
Curian Focused U.S. Equity Fund		–		39,958		–		18		–			40,431
Curian Long Short Credit Fund		34,831		1,909		3,314		1,038		65			31,923
Curian/AQR Risk Parity Fund		27,080		1,716		19,898		401		1,523			10,820
Curian/Ashmore Emerging Market Small Cap Equity Fund		–		7,278		1,026		82		(89	)		5,658
Curian/BlackRock Global Long Short Credit Fund		34,433		872		6,555		–		86			29,098
Curian/DFA U.S. Micro Cap Fund		46,057		2,146		26,382		1,631		7,461			19,849
Curian/DoubleLine Total Return Fund		27,688		50,580		689		184		10			80,466
Curian/Eaton Vance Global Macro Absolute Return Advantage Fund		34,410		6,565		2,631		–		(133	)		40,121
Curian/Franklin Templeton Frontier Markets Fund		36,413		2,870		23,784		1,583		4,131			11,717
Curian/Franklin Templeton Natural Resources Fund		10,354		4,248		13,966		362		784			–
Curian/Neuberger Berman Currency Fund		13,513		11,395		3,361		–		(53	)		21,921
Curian/Neuberger Berman Risk Balanced Commodity Strategy Fund		–		22,717		–		–		–			17,859
Curian/Nicholas Convertible Arbitrage Fund		16,991		17,546		306		839		18			32,707
Curian/PineBridge Merger Arbitrage Fund		17,102		737		15,051		–		(60	)		2,641
Curian/The Boston Company Multi Alpha Market Neutral Equity Fund		10,282		438		10,488		–		(284	)		–
Curian/UBS Global Long Short Fixed Income Opportunities Fund		6,836		7,561		3,304		–		(133	)		10,442
Curian/Van Eck International Gold Fund		9,254		1,417		10,398		5		(3,931	)		1,561
JNL/AQR Managed Futures Strategy Fund Class A		35,768		15,635		13,095		3,107		54			37,974
JNL/BlackRock Commodity Securities Strategy Fund Class A		10,344		3,858		15,350		–		2,571			–
JNL/Boston Partners Global Long Short Equity Fund Class A		–		29,630		–		–		–			29,275
JNL/Brookfield Global Infrastructure and MLP Fund Class A		21,724		8,639		2,955		963		1,111			28,437
JNL/Franklin Templeton Global Growth Fund Class A		–		40,666		–		555		–			38,158
JNL/Franklin Templeton Global Multisector Bond Fund Class A		83,144		9,676		1,538		3,198		22			87,725
JNL/Goldman Sachs Emerging Markets Debt Fund Class A		27,607		1,474		20,199		361		(3,816	)		8,362
JNL/Invesco Global Real Estate Fund Class A		20,444		6,291		1,711		1,124		355			27,580
JNL/Lazard Emerging Markets Fund Class A		52,008		13,311		32		2,543		3			59,766
JNL/Mellon Capital Bond Index Fund Class A		245,576		10,553		263,017		–		(5,326	)		–
JNL/Mellon Capital Global Alpha Fund Class A		17,145		527		16,845		–		(1,427	)		–
JNL/Mellon Capital International Index Class A		232,440		9,735		50,439		5,698		10,653			175,145
JNL/Mellon Capital Nasdaq 25 Fund Class A		55,400		3,337		6,181		3,222		3,125			58,652
JNL/Mellon Capital S&P 24 Fund Class A		188,918		10,729		130,931		8,570		44,838			63,697
JNL/Mellon Capital S&P SMid 60 Fund Class A		99,833		3,868		73,327		3,376		19,287			29,333
JNL/Mellon Capital Small Cap Index Fund Class A		54,610		4,165		2,576		573		994			58,331
JNL/Mellon Capital Value Line 30 Fund Class A		110,397		312		118,019		40		30,001			–
JNL/Neuberger Berman Strategic Income Fund Class A		82,394		3,618		22,442		752		970			66,507
JNL/PIMCO Real Return Fund Class A		–		33,257		3		239		–			32,911
JNL/PIMCO Total Return Bond Fund Class A		–		42,133		1,585		1,522		30			39,911
JNL/PPM America Floating Rate Income Fund Class A		27,537		13,781		1,305		990		6			39,013
JNL/PPM America High Yield Bond Fund Class A		55,997		5,903		1,309		4,231		57			56,416
JNL/PPM America Total Return Bond Fund Class A		–		88,248		36		1,454		–			88,421
JNL/Red Rocks Listed Private Equity Fund Class A		25,965		10,828		13,135		2,612		3,932			20,985
JNL/S&P Competitive Advantage Fund Class A		–		83,623		–		6,804		–			83,536
JNL/S&P Dividend Income & Growth Fund Class A		–		77,815		–		3,827		–			77,806
JNL/Scout Unconstrained Bond Fund Class A		–		48,089		5		–		–			46,395

JNL Series Trust Master Feeder Funds and Fund of Funds

Notes to Financial Statements

December 31, 2014

Affiliate	Value Beginning of Period		Purchases		Sales Proceeds		Distributions from Funds		Realized Gain/Loss from Sales			Value End of Period
JNL Institutional Alt 20 Fund (continued)
JNL/T. Rowe Price Value Fund Class A	$	–	$	96,511	$	236	$	5,229	$	11		$	96,026
	$	1,772,495	$	921,470	$	897,422	$	67,142	$	116,846		$	1,771,676
JNL Institutional Alt 35 Fund
Curian Focused International Equity Fund	$	–	$	74,469	$	43	$	11	$	1		$	72,983
Curian Focused U.S. Equity Fund		–		35,049		21		17		–			35,437
Curian Long Short Credit Fund		83,302		3,087		8,015		2,445		156			74,853
Curian/AQR Risk Parity Fund		64,541		4,107		46,380		1,019		3,578			26,838
Curian/Ashmore Emerging Market Small Cap Equity Fund		–		6,228		1,036		68		(88	)		4,680
Curian/BlackRock Global Long Short Credit Fund		82,179		533		15,495		–		201			68,054
Curian/DFA U.S. Micro Cap Fund		50,395		2,199		32,162		1,582		9,018			18,265
Curian/DoubleLine Total Return Fund		27,047		67,216		676		217		19			96,532
Curian/Eaton Vance Global Macro Absolute Return Advantage Fund		81,828		8,553		6,132		–		(309	)		88,237
Curian/Franklin Templeton Frontier Markets Fund		49,762		2,574		34,458		1,943		5,885			13,284
Curian/Franklin Templeton Natural Resources Fund		24,612		11,146		26,624		1,822		2,903			5,953
Curian/Neuberger Berman Currency Fund		32,012		16,529		7,908		–		(124	)		41,519
Curian/Neuberger Berman Risk Balanced Commodity Strategy Fund		–		51,608		38		–		(3	)		40,375
Curian/Nicholas Convertible Arbitrage Fund		40,429		37,345		555		1,897		33			73,811
Curian/PineBridge Merger Arbitrage Fund		40,686		1,733		36,406		–		(149	)		5,667
Curian/The Boston Company Multi Alpha Market Neutral Equity Fund		24,469		979		24,894		–		(737	)		–
Curian/UBS Global Long Short Fixed Income Opportunities Fund		16,211		19,637		5,167		–		(261	)		29,002
Curian/Van Eck International Gold Fund		20,839		4,667		23,356		16		(10,605	)		5,156
JNL/AQR Managed Futures Strategy Fund Class A		84,990		27,331		25,084		6,773		(585	)		86,392
JNL/BlackRock Commodity Securities Strategy Fund Class A		24,626		9,309		36,674		–		6,345			–
JNL/Boston Partners Global Long Short Equity Fund Class A		–		60,696		–		–		–			60,117
JNL/Brookfield Global Infrastructure and MLP Fund Class A		52,217		24,922		1,404		2,631		489			77,768
JNL/Franklin Templeton Global Growth Fund Class A		–		45,213		38		620		–			42,418
JNL/Franklin Templeton Global Multisector Bond Fund Class A		81,603		18,948		388		3,500		7			96,233
JNL/Goldman Sachs Emerging Markets Debt Fund Class A		26,908		1,390		21,959		270		(3,339	)		6,056
JNL/Invesco Global Real Estate Fund Class A		48,639		13,692		4,071		2,632		767			64,334
JNL/Lazard Emerging Markets Fund Class A		70,805		7,460		973		3,012		58			70,655
JNL/Mellon Capital Bond Index Fund Class A		240,371		9,623		256,714		–		(5,224	)		–
JNL/Mellon Capital Global Alpha Fund Class A		40,606		631		39,281		–		(3,462	)		–
JNL/Mellon Capital International Index Class A		318,622		9,319		91,714		7,019		17,496			215,580
JNL/Mellon Capital Nasdaq 25 Fund Class A		63,070		3,737		7,744		3,640		3,804			65,965
JNL/Mellon Capital S&P 24 Fund Class A		206,579		11,705		146,548		9,151		46,416			66,192
JNL/Mellon Capital S&P SMid 60 Fund Class A		111,903		4,101		88,154		3,259		23,163			27,129
JNL/Mellon Capital Small Cap Index Fund Class A		62,215		5,782		2,804		666		1,121			67,721
JNL/Mellon Capital Value Line 30 Fund Class A		113,361		576		121,500		36		31,571			–
JNL/Neuberger Berman Strategic Income Fund Class A		80,868		3,185		23,186		721		1,030			63,756
JNL/PIMCO Real Return Fund Class A		–		26,343		18		189		–			25,999
JNL/PIMCO Total Return Bond Fund Class A		–		43,719		266		1,627		5			42,697
JNL/PPM America Floating Rate Income Fund Class A		27,017		10,471		494		913		1			36,077
JNL/PPM America High Yield Bond Fund Class A		54,894		15,864		1,105		4,842		104			64,557
JNL/PPM America Total Return Bond Fund Class A		–		108,969		568		1,789		7			108,556
JNL/Red Rocks Listed Private Equity Fund Class A		62,131		22,315		20,966		6,658		4,696			56,661
JNL/S&P Competitive Advantage Fund Class A		–		81,683		59		6,535		3			82,079
JNL/S&P Dividend Income & Growth Fund Class A		–		68,280		54		3,445		4			68,475
JNL/Scout Unconstrained Bond Fund Class A		–		51,964		24		–		–			50,184
JNL/T. Rowe Price Value Fund Class A		–		97,773		41		5,203		3			97,692
	$	2,409,737	$	1,132,660	$	1,161,197	$	86,168	$	133,998		$	2,343,939

JNL Series Trust Master Feeder Funds and Fund of Funds

Notes to Financial Statements

December 31, 2014

Affiliate	Value Beginning of Period		Purchases		Sales Proceeds		Distributions from Funds		Realized Gain/Loss from Sales			Value End of Period
JNL Institutional Alt 50 Fund
Curian Focused International Equity Fund	$	–	$	79,485	$	–	$	12	$	–		$	78,114
Curian Long Short Credit Fund		164,398		7,963		16,130		4,788		318			149,372
Curian/AQR Risk Parity Fund		127,944		6,767		100,420		1,634		7,768			43,632
Curian/Ashmore Emerging Market Small Cap Equity Fund		–		9,601		2,086		97		(180	)		6,688
Curian/BlackRock Global Long Short Credit Fund		162,819		1,726		31,334		–		405			134,859
Curian/DFA U.S. Micro Cap Fund		51,855		2,094		33,670		1,567		9,361			17,995
Curian/DoubleLine Total Return Fund		29,134		81,676		706		256		22			113,279
Curian/Eaton Vance Global Macro Absolute Return Advantage Fund		163,023		15,562		15,065		–		(722	)		171,286
Curian/Franklin Templeton Frontier Markets Fund		51,128		2,469		37,183		1,806		6,380			12,133
Curian/Franklin Templeton Natural Resources Fund		48,774		23,225		41,081		5,214		5,332			20,624
Curian/Neuberger Berman Currency Fund		63,832		36,969		15,848		–		(239	)		86,636
Curian/Neuberger Berman Risk Balanced Commodity Strategy Fund		–		77,421		–		–		–			60,888
Curian/Nicholas Convertible Arbitrage Fund		80,386		74,610		781		3,790		46			147,396
Curian/PineBridge Merger Arbitrage Fund		80,803		2,514		70,905		–		(327	)		11,704
Curian/The Boston Company Multi Alpha Market Neutral Equity Fund		48,622		1,312		48,845		–		(1,417	)		–
Curian/UBS Global Long Short Fixed Income Opportunities Fund		32,253		40,731		9,702		–		(492	)		59,900
Curian/Van Eck International Gold Fund		43,323		7,043		42,713		38		(22,962	)		12,463
JNL/AQR Managed Futures Strategy Fund Class A		168,387		49,234		46,211		13,877		(509	)		169,484
JNL/BlackRock Commodity Securities Strategy Fund Class A		48,760		18,242		67,024		–		6,877			–
JNL/Boston Partners Global Long Short Equity Fund Class A		–		142,791		–		–		–			141,090
JNL/Brookfield Global Infrastructure and MLP Fund Class A		102,377		55,365		4,216		5,349		1,523			157,402
JNL/Franklin Templeton Global Growth Fund Class A		–		38,748		–		533		–			36,353
JNL/Franklin Templeton Global Multisector Bond Fund Class A		88,330		24,884		533		3,942		7			108,253
JNL/Goldman Sachs Emerging Markets Debt Fund Class A		28,945		1,417		25,639		207		(3,422	)		4,607
JNL/Invesco Global Real Estate Fund Class A		96,045		29,372		8,531		5,288		1,453			128,909
JNL/Lazard Emerging Markets Fund Class A		64,583		15,558		22		3,121		1			73,200
JNL/Mellon Capital Bond Index Fund Class A		261,311		7,796		276,215		–		(7,017	)		–
JNL/Mellon Capital Global Alpha Fund Class A		81,267		1,175		78,588		–		(6,742	)		–
JNL/Mellon Capital International Index Class A		335,760		10,136		90,332		7,604		12,900			233,227
JNL/Mellon Capital Nasdaq 25 Fund Class A		69,505		4,220		7,648		4,076		3,712			73,804
JNL/Mellon Capital S&P 24 Fund Class A		230,213		11,632		169,105		9,321		52,518			67,252
JNL/Mellon Capital S&P SMid 60 Fund Class A		102,367		2,914		85,967		2,296		24,752			18,959
JNL/Mellon Capital Small Cap Index Fund Class A		68,563		6,100		2,950		732		978			74,462
JNL/Mellon Capital Value Line 30 Fund Class A		120,762		665		129,187		37		39,218			–
JNL/Neuberger Berman Strategic Income Fund Class A		87,615		7,827		24,164		785		1,062			74,416
JNL/PIMCO Real Return Fund Class A		–		30,839		–		222		–			30,443
JNL/PIMCO Total Return Bond Fund Class A		–		46,391		1,058		1,700		18			44,557
JNL/PPM America Floating Rate Income Fund Class A		29,279		13,917		305		1,057		1			41,817
JNL/PPM America High Yield Bond Fund Class A		59,291		20,506		736		5,489		25			73,181
JNL/PPM America Total Return Bond Fund Class A		–		120,964		1,005		1,980		13			120,029
JNL/Red Rocks Listed Private Equity Fund Class A		120,867		46,051		34,632		14,130		8,091			118,381
JNL/S&P Competitive Advantage Fund Class A		–		96,667		–		7,621		–			97,474
JNL/S&P Dividend Income & Growth Fund Class A		–		95,275		–		4,833		–			95,526
JNL/Scout Unconstrained Bond Fund Class A		–		56,635		–		–		–			54,715
JNL/T. Rowe Price Value Fund Class A		–		128,245		–		6,869		–			128,349
	$	3,312,521	$	1,554,734	$	1,520,537	$	120,271	$	138,752		$	3,292,859
JNL Institutional Alt 65 Fund
Curian Focused International Equity Fund	$	–	$	15,501	$	257	$	2	$	(2	)	$	14,935
Curian Long Short Credit Fund		49,702		1,371		7,196		1,371		143			41,921
Curian/AQR Risk Parity Fund		39,255		700		40,361		111		3,076			2,723

JNL Series Trust Master Feeder Funds and Fund of Funds

Notes to Financial Statements

December 31, 2014

Affiliate	Value Beginning of Period		Purchases		Sales Proceeds		Distributions from Funds		Realized Gain/Loss from Sales			Value End of Period
JNL Institutional Alt 65 Fund (continued)
Curian/Ashmore Emerging Market Small Cap Equity Fund	$	–	$	1,614	$	528	$	14	$	(45	)	$	961
Curian/BlackRock Global Long Short Credit Fund		49,523		–		11,600		–		154			38,414
Curian/DFA U.S. Micro Cap Fund		11,688		92		10,485		92		3,002			910
Curian/DoubleLine Total Return Fund		3,399		7,893		301		30		9			11,361
Curian/Eaton Vance Global Macro Absolute Return Advantage Fund		49,583		2,500		6,747		–		(314	)		47,509
Curian/Franklin Templeton Frontier Markets Fund		11,732		152		11,671		152		2,035			–
Curian/Franklin Templeton Natural Resources Fund		14,902		5,992		16,993		971		1,305			1,857
Curian/Neuberger Berman Currency Fund		19,653		11,299		7,341		–		(152	)		24,102
Curian/Neuberger Berman Risk Balanced Commodity Strategy Fund		–		21,908		6		–		–			17,605
Curian/Nicholas Convertible Arbitrage Fund		24,719		17,462		1,407		1,007		91			39,004
Curian/PineBridge Merger Arbitrage Fund		24,748		154		22,859		–		(187	)		1,845
Curian/The Boston Company Multi Alpha Market Neutral Equity Fund		14,859		82		14,625		–		(766	)		–
Curian/UBS Global Long Short Fixed Income Opportunities Fund		9,928		9,994		5,643		–		(264	)		13,352
Curian/Van Eck International Gold Fund		11,880		3,065		16,021		3		(6,458	)		1,061
JNL/AQR Managed Futures Strategy Fund Class A		50,509		21,327		28,831		3,479		(559	)		41,814
JNL/BlackRock Commodity Securities Strategy Fund Class A		15,028		4,886		19,962		–		3,040			–
JNL/Boston Partners Global Long Short Equity Fund Class A		–		44,000		–		–		–			43,429
JNL/Brookfield Global Infrastructure and MLP Fund Class A		30,559		15,314		8,116		1,347		2,086			39,241
JNL/Franklin Templeton Global Growth Fund Class A		–		7,098		2		98		–			6,655
JNL/Franklin Templeton Global Multisector Bond Fund Class A		10,336		3,021		1,708		423		15			11,187
JNL/Goldman Sachs Emerging Markets Debt Fund Class A		3,401		47		3,504		–		(237	)		–
JNL/Invesco Global Real Estate Fund Class A		29,430		6,830		6,216		1,396		923			33,516
JNL/Lazard Emerging Markets Fund Class A		11,425		2,075		493		507		(13	)		11,879
JNL/Mellon Capital Bond Index Fund Class A		30,642		390		31,958		–		(154	)		–
JNL/Mellon Capital Global Alpha Fund Class A		24,698		–		23,578		–		(2,246	)		–
JNL/Mellon Capital International Index Class A		70,329		1,355		26,255		1,355		2,790			41,475
JNL/Mellon Capital Nasdaq 25 Fund Class A		15,648		766		4,620		766		1,922			13,396
JNL/Mellon Capital S&P 24 Fund Class A		31,388		530		29,586		530		7,896			1,983
JNL/Mellon Capital S&P SMid 60 Fund Class A		15,469		72		15,747		72		4,560			–
JNL/Mellon Capital Small Cap Index Fund Class A		11,710		399		1,502		109		314			11,024
JNL/Mellon Capital Value Line 30 Fund Class A		23,464		–		25,097		–		5,213			–
JNL/Neuberger Berman Strategic Income Fund Class A		10,265		1,435		6,775		56		286			5,247
JNL/PIMCO Real Return Fund Class A		–		2,813		–		13		–			2,775
JNL/PIMCO Total Return Bond Fund Class A		–		5,086		1,732		127		31			3,322
JNL/PPM America Floating Rate Income Fund Class A		3,428		4,159		535		177		1			6,866
JNL/PPM America High Yield Bond Fund Class A		6,877		3,175		908		637		35			8,452
JNL/PPM America Total Return Bond Fund Class A		–		9,149		–		149		–			9,082
JNL/Red Rocks Listed Private Equity Fund Class A		35,563		11,139		18,490		3,197		4,717			25,046
JNL/S&P Competitive Advantage Fund Class A		–		18,685		6		1,373		–			18,762
JNL/S&P Dividend Income & Growth Fund Class A		–		17,100		5		810		–			17,135
JNL/Scout Unconstrained Bond Fund Class A		–		5,890		2		–		–			5,696
JNL/T. Rowe Price Value Fund Class A		–		23,269		721		1,291		33			22,527
	$	765,740	$	309,789	$	430,390	$	21,665	$	32,280		$	638,069
JNL Disciplined Moderate Fund
Curian/DoubleLine Total Return Fund	$	53,845	$	23,909	$	1,828	$	215	$	86		$	79,893
JNL/Franklin Templeton Global Multisector Bond Fund Class A		70,787		14,363		1,750		2,884		297			80,091
JNL/Goldman Sachs Emerging Markets Debt Fund Class A		21,597		1,326		23,303		–		(2,674	)		–

JNL Series Trust Master Feeder Funds and Fund of Funds

Notes to Financial Statements

December 31, 2014

Affiliate	Value Beginning of Period		Purchases		Sales Proceeds		Distributions from Funds		Realized Gain/Loss from Sales			Value End of Period
JNL Disciplined Moderate Fund (continued)
JNL/JPMorgan U.S. Government & Quality Bond Fund Class A	$	26,900	$	1,482	$	28,925	$	–	$	(1,466	)	$	–
JNL/Mellon Capital 25 Fund Class A		11,158		2,907		98		1,552		32			12,672
JNL/Mellon Capital Dow Jones U.S. Contrarian Opportunities Index Fund Class A		22,153		724		22,981		–		6,241			–
JNL/Mellon Capital Emerging Markets Index Fund Class A		70,618		14,854		21,254		670		374			61,513
JNL/Mellon Capital International Index Class A		88,745		30,987		18,160		3,004		2,665			92,715
JNL/Mellon Capital Pacific Rim 30 Fund Class A		16,328		2,480		6,756		583		1,596			12,427
JNL/Mellon Capital S&P 400 Mid Cap Index Fund Class A		72,018		10,631		12,562		4,529		3,025			71,607
JNL/Mellon Capital S&P 500 Index Fund Class A		99,776		18,887		1,566		1,613		219			129,975
JNL/Mellon Capital Small Cap Index Fund Class A		55,976		9,102		14,033		523		4,243			53,053
JNL/Neuberger Berman Strategic Income Fund Class A		21,657		15,177		5,053		365		371			32,434
JNL/PIMCO Real Return Fund Class A		37,653		23,180		1,080		437		(288	)		60,479
JNL/PIMCO Total Return Bond Fund Class A		64,766		8,862		42,440		1,214		(710	)		31,901
JNL/PPM America Floating Rate Income Fund Class A		32,539		6,462		2,736		887		75			35,382
JNL/PPM America High Yield Bond Fund Class A		43,678		10,484		285		3,734		24			49,972
JNL/PPM America Total Return Bond Fund Class A		59,538		35,213		1,709		1,570		188			95,659
JNL/S&P Competitive Advantage Fund Class A		88,491		40,563		5,113		11,004		1,796			125,503
JNL/S&P Dividend Income & Growth Fund Class A		87,938		17,320		1,470		6,294		496			110,219
JNL/S&P International 5 Fund Class A		–		26,385		–		–		–			25,016
JNL/S&P Intrinsic Value Fund Class A		50,544		8,006		2,310		6,020		904			59,502
JNL/S&P Mid 3 Fund Class A		–		17,856		503		–		42			19,822
JNL/Scout Unconstrained Bond Fund Class A		–		42,357		488		–		(10	)		40,342
	$	1,096,705	$	383,517	$	216,403	$	47,098	$	17,526		$	1,280,177
JNL Disciplined Moderate Growth Fund
Curian/DoubleLine Total Return Fund	$	31,818	$	13,868	$	987	$	126	$	46		$	47,061
JNL/Franklin Templeton Global Multisector Bond Fund Class A		41,750		16,201		634		1,983		111			55,031
JNL/Goldman Sachs Emerging Markets Debt Fund Class A		12,774		1,013		14,019		–		(1,482	)		–
JNL/JPMorgan U.S. Government & Quality Bond Fund Class A		15,901		1,256		17,478		–		(831	)		–
JNL/Mellon Capital 25 Fund Class A		26,143		6,706		7,013		2,868		2,256			23,385
JNL/Mellon Capital Dow Jones U.S. Contrarian Opportunities Index Fund Class A		39,033		2,075		41,321		–		10,619			–
JNL/Mellon Capital Emerging Markets Index Fund Class A		141,228		32,670		32,347		1,476		510			135,640
JNL/Mellon Capital International Index Class A		156,891		103,491		52,406		6,155		8,445			189,593
JNL/Mellon Capital Pacific Rim 30 Fund Class A		25,709		4,823		8,068		1,069		1,687			22,751
JNL/Mellon Capital S&P 400 Mid Cap Index Fund Class A		124,279		20,996		35,858		7,057		8,681			111,711
JNL/Mellon Capital S&P 500 Index Fund Class A		116,788		20,455		2,053		1,867		336			150,600
JNL/Mellon Capital Small Cap Index Fund Class A		79,215		15,962		9,111		881		2,785			89,531
JNL/Neuberger Berman Strategic Income Fund Class A		12,782		16,734		14,164		175		584			15,560
JNL/PIMCO Real Return Fund Class A		22,270		4,325		2,493		178		(701	)		24,625
JNL/PIMCO Total Return Bond Fund Class A		38,320		6,388		29,558		596		(503	)		15,657
JNL/PPM America Floating Rate Income Fund Class A		19,199		4,708		1,740		543		49			21,621
JNL/PPM America High Yield Bond Fund Class A		26,053		13,919		328		2,735		23			36,568
JNL/PPM America Total Return Bond Fund Class A		35,123		26,906		1,114		1,025		105			62,505
JNL/S&P Competitive Advantage Fund Class A		135,565		54,002		6,494		16,179		2,551			185,180
JNL/S&P Dividend Income & Growth Fund Class A		103,210		25,649		1,909		7,681		675			134,681
JNL/S&P International 5 Fund Class A		–		64,765		–		–		–			61,418
JNL/S&P Intrinsic Value Fund Class A		91,260		19,115		3,884		11,368		1,571			112,689
JNL/S&P Mid 3 Fund Class A		–		36,298		1,067		–		103			40,252
JNL/Scout Unconstrained Bond Fund Class A		–		32,498		569		–		(10	)		30,769
	$	1,295,311	$	544,823	$	284,615	$	63,962	$	37,610		$	1,566,828

JNL Series Trust Master Feeder Funds and Fund of Funds

Notes to Financial Statements

December 31, 2014

Affiliate	Value Beginning of Period		Purchases		Sales Proceeds		Distributions from Funds		Realized Gain/Loss from Sales			Value End of Period
JNL Disciplined Growth Fund
Curian/DoubleLine Total Return Fund	$	5,498	$	5,282	$	729	$	28	$	40		$	10,534
JNL/Franklin Templeton Global Multisector Bond Fund Class A		11,029		3,966		600		494		79			13,816
JNL/Goldman Sachs Emerging Markets Debt Fund Class A		5,508		562		6,173		–		(614	)		–
JNL/Mellon Capital 25 Fund Class A		13,830		4,744		3,225		1,700		1,066			13,896
JNL/Mellon Capital Dow Jones U.S. Contrarian Opportunities Index Fund Class A		22,182		1,872		24,195		–		5,625			–
JNL/Mellon Capital Emerging Markets Index Fund Class A		88,349		27,169		25,686		922		820			85,870
JNL/Mellon Capital International Index Class A		83,708		48,968		31,622		2,981		5,561			92,223
JNL/Mellon Capital Pacific Rim 30 Fund Class A		13,815		3,930		3,937		642		868			13,814
JNL/Mellon Capital S&P 400 Mid Cap Index Fund Class A		60,983		14,352		16,681		3,789		3,849			59,872
JNL/Mellon Capital S&P 500 Index Fund Class A		33,197		25,645		2,063		782		332			63,005
JNL/Mellon Capital Small Cap Index Fund Class A		39,069		10,995		5,229		459		1,416			46,537
JNL/Neuberger Berman Strategic Income Fund Class A		–		7,381		326		78		(1	)		6,990
JNL/PIMCO Total Return Bond Fund Class A		8,259		1,604		10,057		–		(90	)		–
JNL/PPM America Floating Rate Income Fund Class A		2,756		4,729		328		174		8			6,959
JNL/PPM America High Yield Bond Fund Class A		11,059		3,477		3,400		775		232			10,391
JNL/PPM America Total Return Bond Fund Class A		11,003		3,435		894		229		52			14,020
JNL/S&P Competitive Advantage Fund Class A		60,750		30,601		4,288		7,720		1,708			88,277
JNL/S&P Dividend Income & Growth Fund Class A		38,648		9,227		1,857		2,798		600			48,999
JNL/S&P International 5 Fund Class A		–		36,408		87		–		(2	)		34,444
JNL/S&P Intrinsic Value Fund Class A		44,304		15,706		3,313		6,077		1,338			60,053
JNL/S&P Mid 3 Fund Class A		–		19,513		966		–		90			21,209
JNL/Scout Unconstrained Bond Fund Class A		–		7,534		319		–		(9	)		6,955
	$	553,947	$	287,100	$	145,975	$	29,648	$	22,968		$	697,864
JNL/Franklin Templeton Founding Strategy Fund
JNL/Franklin Templeton Global Growth Fund Class A	$	522,259	$	62,800	$	12,331	$	8,093	$	1,258		$	550,388
JNL/Franklin Templeton Income Fund Class A		517,856		52,029		16,501		17,209		1,737			552,272
JNL/Franklin Templeton Mutual Shares Fund Class A		519,553		39,801		30,602		15,007		4,420			553,125
	$	1,559,668	$	154,630	$	59,434	$	40,309	$	7,415		$	1,655,785
JNL/Mellon Capital 10 X 10 Fund
JNL/Mellon Capital Bond Index Fund Class A	$	38,647	$	10,033	$	5,534	$	1,740	$	366		$	43,659
JNL/Mellon Capital International Index Class A		39,595		8,366		1,473		1,379		532			42,477
JNL/Mellon Capital JNL 5 Fund Class A		197,052		15,626		12,165		4,495		6,337			219,187
JNL/Mellon Capital S&P 400 Mid Cap Index Fund Class A		39,465		5,673		2,265		2,794		1,348			43,826
JNL/Mellon Capital S&P 500 Index Fund Class A		39,424		2,188		2,487		545		1,350			43,754
JNL/Mellon Capital Small Cap Index Fund Class A		39,591		6,564		3,890		438		2,297			43,951
	$	393,774	$	48,450	$	27,814	$	11,391	$	12,230		$	436,854
JNL/Mellon Capital Index 5 Fund
JNL/Mellon Capital Bond Index Fund Class A	$	139,879	$	23,921	$	18,050	$	5,893	$	816		$	147,867
JNL/Mellon Capital International Index Class A		144,127		19,102		4,265		4,710		1,837			145,137
JNL/Mellon Capital S&P 400 Mid Cap Index Fund Class A		143,363		13,712		8,200		9,651		4,352			152,520
JNL/Mellon Capital S&P 500 Index Fund Class A		143,073		5,303		13,721		1,875		7,338			151,141
JNL/Mellon Capital Small Cap Index Fund Class A		143,912		15,405		10,426		1,526		4,907			154,746
	$	714,354	$	77,443	$	54,662	$	23,655	$	19,250		$	751,411
JNL/MMRS Conservative Fund
JNL/Eagle SmallCap Equity Fund Class A	$	–	$	778	$	88	$	51	$	1		$	668
JNL/Franklin Templeton Mutual Shares Fund Class A		–		1,135		121		23		–			999
JNL/Goldman Sachs Core Plus Bond Fund Class A		–		3,259		355		51		5			2,881

JNL Series Trust Master Feeder Funds and Fund of Funds

Notes to Financial Statements

December 31, 2014

Affiliate	Value Beginning of Period		Purchases		Sales Proceeds		Distributions from Funds		Realized Gain/Loss from Sales			Value End of Period
JNL/MMRS Conservative Fund (continued)
JNL/Invesco International Growth Fund Class A	$	–	$	1,920	$	199	$	15	$	(7	)	$	1,672
JNL/Invesco Small Cap Growth Fund Class A		–		1,118		132		31		4			1,000
JNL/JPMorgan U.S. Government & Quality Bond Fund Class A		–		3,283		360		77		6			2,882
JNL/Mellon Capital 25 Fund Class A		–		1,230		121		106		–			1,000
JNL/Mellon Capital Bond Index Fund Class A		–		3,317		360		112		5			2,881
JNL/Mellon Capital Consumer Brands Sector Fund Class A		–		737		86		29		2			668
JNL/Mellon Capital Emerging Markets Index Fund Class A		–		2,000		209		16		(1	)		1,674
JNL/Mellon Capital Healthcare Sector Fund Class A		–		1,076		142		12		13			999
JNL/Mellon Capital S&P 24 Fund Class A		–		1,194		136		97		2			997
JNL/Neuberger Berman Strategic Income Fund Class A		–		1,352		146		12		2			1,198
JNL/PIMCO Real Return Fund Class A		–		1,381		150		7		–			1,202
JNL/PIMCO Total Return Bond Fund Class A		–		2,781		302		89		2			2,409
JNL/S&P Competitive Advantage Fund Class A		–		1,140		130		76		6			1,001
JNL/S&P Dividend Income & Growth Fund Class A		–		1,136		126		49		3			997
JNL/S&P Intrinsic Value Fund Class A		–		1,143		125		87		9			998
JNL/T. Rowe Price Mid-Cap Growth Fund Class A		–		767		85		52		2			666
	$	–	$	30,747	$	3,373	$	992	$	54		$	26,792
JNL/MMRS Growth Fund
JNL/Eagle SmallCap Equity Fund Class A	$	–	$	1,285	$	352	$	78	$	(21	)	$	881
JNL/Franklin Templeton Mutual Shares Fund Class A		–		981		259		19		(9	)		705
JNL/Goldman Sachs Core Plus Bond Fund Class A		–		1,471		864		4		(1	)		604
JNL/Invesco International Growth Fund Class A		–		2,440		615		18		(39	)		1,765
JNL/Invesco Small Cap Growth Fund Class A		–		1,234		345		32		(5	)		881
JNL/JPMorgan U.S. Government & Quality Bond Fund Class A		–		1,968		1,153		9		(1	)		806
JNL/Mellon Capital 25 Fund Class A		–		1,588		390		130		(41	)		1,057
JNL/Mellon Capital Bond Index Fund Class A		–		1,989		1,153		31		(1	)		805
JNL/Mellon Capital Consumer Brands Sector Fund Class A		–		966		269		35		(2	)		706
JNL/Mellon Capital Emerging Markets Index Fund Class A		–		2,514		614		19		(52	)		1,766
JNL/Mellon Capital Healthcare Sector Fund Class A		–		1,414		403		14		26			1,057
JNL/Mellon Capital S&P 24 Fund Class A		–		1,035		266		79		(15	)		705
JNL/Neuberger Berman Strategic Income Fund Class A		–		977		577		2		3			403
JNL/PIMCO Real Return Fund Class A		–		988		577		1		(3	)		405
JNL/PIMCO Total Return Bond Fund Class A		–		1,489		865		22		1			605
JNL/S&P Competitive Advantage Fund Class A		–		1,744		465		109		(4	)		1,234
JNL/S&P Dividend Income & Growth Fund Class A		–		1,978		519		81		(11	)		1,413
JNL/S&P Intrinsic Value Fund Class A		–		1,757		466		125		(5	)		1,233
JNL/T. Rowe Price Mid-Cap Growth Fund Class A		–		999		267		56		1			705
	$	–	$	28,817	$	10,419	$	864	$	179		$	17,736
JNL/MMRS Moderate Fund
JNL/Eagle SmallCap Equity Fund Class A	$	–	$	2,687	$	380	$	155	$	(24	)	$	2,209
JNL/Franklin Templeton Mutual Shares Fund Class A		–		1,959		275		35		(11	)		1,653
JNL/Goldman Sachs Core Plus Bond Fund Class A		–		3,603		1,385		36		7			2,196
JNL/Invesco International Growth Fund Class A		–		6,635		923		44		(61	)		5,538
JNL/Invesco Small Cap Growth Fund Class A		–		2,595		387		63		(14	)		2,204
JNL/JPMorgan U.S. Government & Quality Bond Fund Class A		–		4,141		1,589		61		14			2,512
JNL/Mellon Capital 25 Fund Class A		–		3,499		455		268		(25	)		2,750
JNL/Mellon Capital Bond Index Fund Class A		–		4,168		1,585		94		12			2,511
JNL/Mellon Capital Consumer Brands Sector Fund Class A		–		1,917		286		66		(4	)		1,658

JNL Series Trust Master Feeder Funds and Fund of Funds

Notes to Financial Statements

December 31, 2014

Affiliate	Value Beginning of Period		Purchases		Sales Proceeds		Distributions from Funds		Realized Gain/Loss from Sales			Value End of Period
JNL/MMRS Moderate Fund (continued)
JNL/Mellon Capital Emerging Markets Index Fund Class A	$	–	$	3,406	$	454	$	24	$	(15	)	$	2,770
JNL/Mellon Capital Healthcare Sector Fund Class A		–		2,491		389		23		20			2,199
JNL/Mellon Capital S&P 24 Fund Class A		–		2,036		279		146		(7	)		1,648
JNL/Neuberger Berman Strategic Income Fund Class A		–		2,052		790		11		4			1,256
JNL/PIMCO Real Return Fund Class A		–		2,085		789		7		(9	)		1,262
JNL/PIMCO Total Return Bond Fund Class A		–		3,128		1,190		67		5			1,883
JNL/S&P Competitive Advantage Fund Class A		–		3,290		473		192		5			2,759
JNL/S&P Dividend Income & Growth Fund Class A		–		3,904		550		149		(5	)		3,290
JNL/S&P Intrinsic Value Fund Class A		–		3,302		474		220		11			2,749
JNL/T. Rowe Price Mid-Cap Growth Fund Class A		–		1,999		281		126		(7	)		1,654
	$	–	$	58,897	$	12,934	$	1,787	$	104		$	44,701
JNL/S&P 4 Fund
JNL/S&P Competitive Advantage Fund Class A	$	772,678	$	523,733	$	53,108	$	107,074	$	30,985		$	1,249,292
JNL/S&P Dividend Income & Growth Fund Class A		772,677		467,027		55,107		69,459		32,161			1,242,516
JNL/S&P Intrinsic Value Fund Class A		772,677		449,927		31,792		122,833		21,316			1,243,757
JNL/S&P Total Yield Fund Class A		772,678		512,782		27,445		160,078		17,582			1,248,360
	$	3,090,710	$	1,953,469	$	167,452	$	459,444	$	102,044		$	4,983,925
JNL/S&P Managed Conservative Fund
Curian/DoubleLine Total Return Fund	$	54,495	$	60,996	$	–	$	323	$	–		$	120,236
JNL/DFA U.S. Core Equity Fund Class A		39,593		609		7,468		583		3,076			35,716
JNL/Eagle SmallCap Equity Fund Class A		19,374		1,643		2,211		1,561		469			17,742
JNL/Franklin Templeton Global Multisector Bond Fund Class A		130,478		7,126		27		4,808		5			132,160
JNL/Franklin Templeton Small Cap Value Fund Class A		20,158		1,571		2,759		1,526		807			17,478
JNL/Goldman Sachs Core Plus Bond Fund Class A		50,828		1,106		2,097		1,063		(79	)		51,498
JNL/Goldman Sachs Emerging Markets Debt Fund Class A		48,808		2,669		56		1,939		(4	)		47,038
JNL/Goldman Sachs Mid Cap Value Fund Class A		1,857		12,234		–		1,955		–			13,376
JNL/Invesco Global Real Estate Fund Class A		17,425		734		2,405		721		353			17,587
JNL/Invesco International Growth Fund Class A		18,954		202		2,024		178		345			17,036
JNL/Invesco Mid Cap Value Fund Class A		–		12,643		–		281		–			12,600
JNL/JPMorgan International Value Fund Class A		15,519		1,633		–		316		–			15,158
JNL/JPMorgan MidCap Growth Fund Class A		55,020		1,543		42,481		1,316		10,785			17,576
JNL/JPMorgan U.S. Government & Quality Bond Fund Class A		188,812		5,226		36,869		5,107		1,566			161,704
JNL/Lazard Emerging Markets Fund Class A		17,659		745		1,020		678		54			15,892
JNL/PIMCO Real Return Fund Class A		68,212		546		3,115		493		(832	)		67,440
JNL/PIMCO Total Return Bond Fund Class A		255,200		5,366		125,454		5,261		(1,538	)		137,802
JNL/PPM America Floating Rate Income Fund Class A		76,537		1,050		38,107		1,023		3,431			38,849
JNL/PPM America High Yield Bond Fund Class A		90,937		37,016		21,000		7,428		(834	)		99,029
JNL/PPM America Low Duration Bond Fund Class A		87,838		16,148		1,797		992		15			101,967
JNL/PPM America Total Return Bond Fund Class A		118,164		3,463		10,704		1,906		1,045			115,912
JNL/Scout Unconstrained Bond Fund Class A		–		86,690		253		–		(10	)		83,981
JNL/T. Rowe Price Established Growth Fund Class A		59,777		9,596		951		5,751		490			68,197
JNL/T. Rowe Price Short-Term Bond Fund Class A		169,709		2,264		1,761		1,917		(30	)		169,021
JNL/T. Rowe Price Value Fund Class A		66,303		23,839		25,086		4,125		9,387			68,079
JNL/WMC Value Fund Class A		44,984		1,027		29,724		952		7,509			17,543
	$	1,716,641	$	297,685	$	357,369	$	52,203	$	36,010		$	1,660,617
JNL/S&P Managed Moderate Fund
Curian/DoubleLine Total Return Fund	$	116,254	$	105,019	$	–	$	622	$	–		$	231,138
JNL/BlackRock Commodity Securities Strategy Fund Class A		50,480		66		14,171		–		1,791			31,960
JNL/BlackRock Large Cap Select Growth Fund Class A		24,070		6,554		–		2,118		–			31,056
JNL/DFA U.S. Core Equity Fund Class A		37,401		13,777		–		875		–			54,810

JNL Series Trust Master Feeder Funds and Fund of Funds

Notes to Financial Statements

December 31, 2014

Affiliate	Value Beginning of Period		Purchases		Sales Proceeds		Distributions from Funds		Realized Gain/Loss from Sales			Value End of Period
JNL/S&P Managed Moderate Fund (continued)
JNL/Eagle SmallCap Equity Fund Class A	$	48,202	$	6,192	$	15,280	$	3,139	$	2,596		$	36,101
JNL/Franklin Templeton Global Multisector Bond Fund Class A		204,168		59,256		–		9,191		–			252,978
JNL/Franklin Templeton Small Cap Value Fund Class A		72,484		6,279		1,540		6,164		443			71,178
JNL/Goldman Sachs Emerging Markets Debt Fund Class A		106,487		3,124		28,915		3,081		(4,407	)		74,183
JNL/Goldman Sachs Mid Cap Value Fund Class A		116,074		11,397		53,185		11,312		10,176			75,919
JNL/Invesco Global Real Estate Fund Class A		53,323		1,734		18,379		1,713		2,080			41,705
JNL/Invesco International Growth Fund Class A		52,947		7,010		–		613		–			59,363
JNL/Invesco Mid Cap Value Fund Class A		–		22,554		–		491		–			22,239
JNL/Invesco Small Cap Growth Fund Class A		29,464		3,202		–		1,208		–			33,951
JNL/JPMorgan International Value Fund Class A		24,634		5,151		–		545		–			26,281
JNL/JPMorgan MidCap Growth Fund Class A		146,498		8,282		65,451		7,356		17,764			95,542
JNL/JPMorgan U.S. Government & Quality Bond Fund Class A		152,548		22,739		1,773		5,477		13			176,848
JNL/Lazard Emerging Markets Fund Class A		88,151		2,972		16,434		2,903		(329	)		68,082
JNL/Oppenheimer Global Growth Fund Class A		38,094		907		2,366		886		566			36,480
JNL/PIMCO Real Return Fund Class A		116,415		14,597		89		973		(16	)		133,772
JNL/PIMCO Total Return Bond Fund Class A		373,684		9,098		152,065		8,971		(871	)		234,608
JNL/PPM America Floating Rate Income Fund Class A		112,599		1,228		66,828		1,206		6,169			46,556
JNL/PPM America High Yield Bond Fund Class A		145,048		47,956		5,118		13,038		3			173,777
JNL/PPM America Low Duration Bond Fund Class A		126,443		36,903		–		1,583		–			162,852
JNL/PPM America Total Return Bond Fund Class A		176,079		3,121		11,904		2,878		1,204			174,832
JNL/Scout Unconstrained Bond Fund Class A		–		136,550		–		–		–			132,415
JNL/T. Rowe Price Established Growth Fund Class A		354,311		28,897		46,176		28,546		23,577			338,227
JNL/T. Rowe Price Short-Term Bond Fund Class A		251,930		5,518		6,833		2,817		(99	)		248,896
JNL/T. Rowe Price Value Fund Class A		199,374		96,052		32,406		15,257		12,323			272,348
JNL/WMC Value Fund Class A		126,184		6,114		26,425		6,050		6,915			111,733
	$	3,343,346	$	672,249	$	565,338	$	139,013	$	79,898		$	3,449,830
JNL/S&P Managed Moderate Growth Fund
Curian/DoubleLine Total Return Fund	$	96,144	$	66,381	$	–	$	457	$	–		$	170,001
JNL/BlackRock Commodity Securities Strategy Fund Class A		124,810		14		39,837		–		4,111			74,428
JNL/BlackRock Large Cap Select Growth Fund Class A		82,614		26,640		–		7,565		–			110,774
JNL/Eagle SmallCap Equity Fund Class A		157,234		11,931		102,701		5,333		21,511			61,551
JNL/Franklin Templeton Global Multisector Bond Fund Class A		325,712		31,590		–		12,485		–			343,229
JNL/Franklin Templeton Small Cap Value Fund Class A		148,677		57,668		22,393		14,603		6,457			168,960
JNL/Goldman Sachs Core Plus Bond Fund Class A		76,278		1,646		–		1,646		–			80,393
JNL/Goldman Sachs Emerging Markets Debt Fund Class A		144,282		5,089		15,496		5,060		(1,514	)		122,703
JNL/Goldman Sachs Mid Cap Value Fund Class A		185,696		25,170		38,293		25,127		6,575			171,097
JNL/Invesco Global Real Estate Fund Class A		134,912		5,851		11,731		5,822		1,670			143,085
JNL/Invesco International Growth Fund Class A		205,511		71,901		1,738		2,820		478			270,957
JNL/Invesco Large Cap Growth Fund Class A		198,118		73,153		62,723		32,888		13,413			184,590
JNL/Invesco Mid Cap Value Fund Class A		55,629		46,868		21,517		1,910		3,118			84,490
JNL/Invesco Small Cap Growth Fund Class A		93,021		13,800		22,960		3,196		7,013			88,274
JNL/JPMorgan International Value Fund Class A		75,033		1,340		3,928		1,326		160			63,509
JNL/JPMorgan MidCap Growth Fund Class A		245,354		13,685		91,938		13,642		28,465			178,948
JNL/JPMorgan U.S. Government & Quality Bond Fund Class A		160,471		30,837		2,736		5,951		170			192,114
JNL/Lazard Emerging Markets Fund Class A		253,330		8,574		43,580		8,531		(91	)		199,226
JNL/Morgan Stanley Mid Cap Growth Fund Class A		71,884		20,511		24,801		653		1,963			66,904
JNL/Oppenheimer Global Growth Fund Class A		109,575		24,554		–		3,205		–			132,918
JNL/PIMCO Real Return Fund Class A		94,581		27,753		1,068		900		(246	)		123,556
JNL/PIMCO Total Return Bond Fund Class A		471,917		14,688		129,008		13,800		2,881			361,505

JNL Series Trust Master Feeder Funds and Fund of Funds

Notes to Financial Statements

December 31, 2014

Affiliate	Value Beginning of Period		Purchases		Sales Proceeds		Distributions from Funds		Realized Gain/Loss from Sales			Value End of Period
JNL/S&P Managed Moderate Growth Fund (continued)
JNL/PPM America Floating Rate Income Fund Class A	$	50,590	$	1,030	$	10,000	$	1,030	$	941		$	40,767
JNL/PPM America High Yield Bond Fund Class A		241,256		92,678		41,646		20,323		2,816			270,553
JNL/PPM America Low Duration Bond Fund Class A		164,285		61,285		–		2,187		–			224,800
JNL/PPM America Mid Cap Value Fund Class A		21,556		1,362		–		1,362		–			23,808
JNL/PPM America Total Return Bond Fund Class A		156,891		33,520		9,021		3,089		952			187,682
JNL/Scout Unconstrained Bond Fund Class A		–		127,452		–		–		–			123,632
JNL/T. Rowe Price Established Growth Fund Class A		805,337		73,642		18,214		72,315		8,342			858,380
JNL/T. Rowe Price Short-Term Bond Fund Class A		275,398		9,897		14,734		3,048		(10	)		268,741
JNL/T. Rowe Price Value Fund Class A		445,027		105,648		8,233		31,969		3,780			569,299
JNL/WMC Value Fund Class A		371,762		21,856		11,069		21,769		4,153			402,511
	$	6,042,885	$	1,108,014	$	749,365	$	324,012	$	117,108		$	6,363,385
JNL/S&P Managed Growth Fund
Curian/DoubleLine Total Return Fund	$	60,436	$	38,783	$	3,077	$	273	$	146		$	101,182
JNL/BlackRock Commodity Securities Strategy Fund Class A		120,194		5		48,199		–		3,312			64,152
JNL/BlackRock Large Cap Select Growth Fund Class A		193,573		62,935		–		17,721		–			259,978
JNL/Eagle SmallCap Equity Fund Class A		149,830		4,386		101,162		4,381		22,385			50,393
JNL/Franklin Templeton Global Multisector Bond Fund Class A		36,835		1,334		–		1,334		–			36,670
JNL/Franklin Templeton Small Cap Value Fund Class A		121,986		66,175		2,349		14,893		608			170,862
JNL/Goldman Sachs Emerging Markets Debt Fund Class A		71,574		13,656		–		3,194		–			77,899
JNL/Goldman Sachs Mid Cap Value Fund Class A		158,320		37,509		35,516		22,960		11,118			156,761
JNL/Invesco Global Real Estate Fund Class A		94,235		4,205		4,739		4,195		(986	)		103,421
JNL/Invesco International Growth Fund Class A		233,664		48,677		104		2,896		(13	)		279,570
JNL/Invesco Large Cap Growth Fund Class A		193,535		65,805		6,022		40,665		1,982			228,297
JNL/Invesco Mid Cap Value Fund Class A		39,121		63,104		516		2,318		69			103,601
JNL/Invesco Small Cap Growth Fund Class A		58,894		17,951		4,556		2,721		1,270			75,089
JNL/JPMorgan International Value Fund Class A		78,770		1,467		–		1,467		–			70,471
JNL/JPMorgan MidCap Growth Fund Class A		197,731		25,231		53,503		13,333		17,937			176,226
JNL/JPMorgan U.S. Government & Quality Bond Fund Class A		41,444		1,350		–		1,350		–			43,683
JNL/Lazard Emerging Markets Fund Class A		212,239		7,792		24,809		7,596		3,387			178,292
JNL/M&G Global Basics Fund Class A		72,604		–		72,604		–		(5,419	)		–
JNL/Morgan Stanley Mid Cap Growth Fund Class A		50,914		21,488		31,649		393		2,247			40,383
JNL/Oppenheimer Global Growth Fund Class A		130,003		85,970		339		5,177		(35	)		215,027
JNL/PIMCO Real Return Fund Class A		36,057		271		–		271		–			37,244
JNL/PIMCO Total Return Bond Fund Class A		206,821		22,543		65,431		6,328		1,551			165,721
JNL/PPM America High Yield Bond Fund Class A		117,335		39,854		50,313		7,443		(349	)		99,130
JNL/PPM America Low Duration Bond Fund Class A		–		51,813		–		497		–			51,260
JNL/PPM America Mid Cap Value Fund Class A		21,556		781		10,000		781		3,052			13,661
JNL/PPM America Total Return Bond Fund Class A		38,853		45,232		–		1,396		–			85,114
JNL/Scout Unconstrained Bond Fund Class A		–		89,229		–		–		–			86,677
JNL/T. Rowe Price Established Growth Fund Class A		647,582		60,095		8,130		58,628		2,999			696,680
JNL/T. Rowe Price Mid-Cap Growth Fund Class A		125,792		11,522		–		11,522		–			141,928
JNL/T. Rowe Price Short-Term Bond Fund Class A		186,659		10,758		3,882		2,172		(28	)		192,181
JNL/T. Rowe Price Value Fund Class A		478,716		106,945		6,088		34,036		2,711			608,833
JNL/WMC Value Fund Class A		339,758		20,785		7,504		20,091		3,208			371,190
	$	4,515,031	$	1,027,651	$	540,492	$	290,032	$	71,152		$	4,981,576
JNL/S&P Managed Aggressive Growth Fund
JNL/BlackRock Commodity Securities Strategy Fund Class A	$	29,378	$	143	$	11,300	$	–	$	663		$	16,214
JNL/BlackRock Large Cap Select Growth Fund Class A		79,440		26,761		4,692		7,072		280			103,055
JNL/Eagle SmallCap Equity Fund Class A		59,744		4,606		40,705		1,991		8,468			21,798

JNL Series Trust Master Feeder Funds and Fund of Funds

Notes to Financial Statements

December 31, 2014

Affiliate	Value Beginning of Period		Purchases		Sales Proceeds		Distributions from Funds		Realized Gain/Loss from Sales			Value End of Period
JNL/S&P Managed Aggressive Growth Fund (continued)
JNL/Franklin Templeton Small Cap Value Fund Class A	$	53,706	$	22,746	$	11,178	$	5,112	$	3,373		$	60,540
JNL/Goldman Sachs Emerging Markets Debt Fund Class A		26,401		8,165		1,146		1,243		(147	)		30,646
JNL/Goldman Sachs Mid Cap Value Fund Class A		82,367		23,665		46,270		8,860		13,664			60,048
JNL/Invesco Global Real Estate Fund Class A		31,481		1,505		2,008		1,387		251			34,219
JNL/Invesco International Growth Fund Class A		110,832		22,314		3,601		1,322		1,477			128,695
JNL/Invesco Large Cap Growth Fund Class A		78,249		18,189		3,025		15,153		997			84,827
JNL/Invesco Mid Cap Value Fund Class A		–		26,614		–		559		–			26,479
JNL/Invesco Small Cap Growth Fund Class A		27,208		7,132		1,724		1,206		164			33,874
JNL/JPMorgan International Value Fund Class A		7,258		135		–		135		–			6,493
JNL/JPMorgan MidCap Growth Fund Class A		82,740		30,634		51,211		5,153		13,803			65,223
JNL/Lazard Emerging Markets Fund Class A		88,283		3,114		20,258		2,796		2,557			65,845
JNL/M&G Global Basics Fund Class A		30,681		–		30,681		–		(1,976	)		–
JNL/Morgan Stanley Mid Cap Growth Fund Class A		23,551		10,963		19,377		142		1,219			14,904
JNL/Oppenheimer Global Growth Fund Class A		59,302		41,951		3,086		2,352		1,706			97,903
JNL/PIMCO Total Return Bond Fund Class A		47,467		698		30,873		694		(913	)		18,166
JNL/PPM America High Yield Bond Fund Class A		27,486		7,967		1,505		2,353		149			31,530
JNL/PPM America Total Return Bond Fund Class A		–		36,756		3,327		544		48			33,142
JNL/Scout Unconstrained Bond Fund Class A		–		20,261		3,334		–		(34	)		16,411
JNL/T. Rowe Price Established Growth Fund Class A		221,752		56,580		6,104		22,844		1,955			271,364
JNL/T. Rowe Price Mid-Cap Growth Fund Class A		66,444		6,086		–		6,086		–			74,967
JNL/T. Rowe Price Short-Term Bond Fund Class A		26,859		10,474		2,223		396		(19	)		34,815
JNL/T. Rowe Price Value Fund Class A		174,890		81,629		5,834		14,555		3,578			260,859
JNL/WMC Value Fund Class A		144,137		27,577		7,197		9,371		2,657			173,184
	$	1,579,656	$	496,665	$	310,659	$	111,326	$	53,920		$	1,765,201

NOTE 5. BORROWING ARRANGEMENTS

The Trust entered into a Syndicated Credit Agreement (“SCA”) with a group of lenders. The Funds participate in the SCA with other funds managed by JNAM and Curian in a credit facility which is available solely to finance shareholder redemptions or for other temporary or emergency purposes. Effective June 6, 2014, the Funds may borrow up to the lesser of $450,000,000, the amount available under the facility; the limits set for borrowing by the Funds’ prospectuses and the 1940 Act; or an amount prescribed within the SCA. Prior to June 6, 2014, the amount available under the facility was $300,000,000. Interest on borrowings is payable at the Federal Funds Rate plus the amount by which the one month London Interbank Offer Rate (“LIBOR”) exceeds the Federal Funds rate plus 1.00% on an annualized basis. The Funds pay an annual fee of 0.075% of the available commitments and an annual administration fee to JPM Chase. These expenses are allocated to the participating Funds based on each Fund’s net assets as a percentage of the participating Funds’ total net assets and are included in other expenses in each Fund’s Statement of Operations. No amounts were borrowed under the facility during the year.

NOTE 6. INCOME TAX MATTERS

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 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, dividends and capital gains paid by the Funds are not currently taxable to shareholders when left to accumulate within a variable annuity contract or variable life insurance policies.

The following information is presented on an income tax basis (in thousands). 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. Temporary differences do not require reclassification. Permanent differences may include but are not limited to the following: consent dividends and distribution adjustments. These reclassifications have no impact on net assets.

JNL Series Trust Master Feeder Funds and Fund of Funds

Notes to Financial Statements

December 31, 2014

	Net Increase (Decrease)
	Undistributed Net Investment Income			Accumulated Net Realized Gain (Loss)			Paid-in Capital
JNL/American Funds Global Small Capitalization Fund	$	785		$	–		$	(785	)
JNL/American Funds New World Fund		1,693			(1,693	)		–
JNL Institutional Alt 20 Fund		16,503			(16,503	)		–
JNL Institutional Alt 35 Fund		20,437			(20,437	)		–
JNL Institutional Alt 50 Fund		29,073			(29,073	)		–
JNL Institutional Alt 65 Fund		5,230			(5,230	)		–
JNL/American Funds Balanced Allocation Fund		101			(101	)		–
JNL/American Funds Growth Allocation Fund		123			(123	)		–
JNL Disciplined Moderate Fund		14,831			(14,831	)		–
JNL Disciplined Moderate Growth Fund		22,620			(22,620	)		–
JNL Disciplined Growth Fund		10,944			(10,944	)		–
JNL/Mellon Capital 10 x 10 Fund		218			(218	)		–
JNL/Mellon Capital Index 5 Fund		754			(754	)		–
JNL/MMRS Conservative Fund		(369	)		(667	)		1,036
JNL/MMRS Growth Fund		(152	)		(791	)		943
JNL/MMRS Moderate Fund		(406	)		(1,464	)		1,870
JNL/S&P 4 Fund		272,858			(272,858	)		–
JNL/S&P Managed Conservative Fund		(28,317	)		(56,401	)		84,718
JNL/S&P Managed Moderate Fund		(46,820	)		(167,702	)		214,522
JNL/S&P Managed Moderate Growth Fund		(74,370	)		(358,171	)		432,541
JNL/S&P Managed Growth Fund		(38,468	)		(316,785	)		355,253
JNL/S&P Managed Aggressive Growth Fund		(11,497	)		(148,517	)		160,014

At December 31, 2014, the Funds had no net capital loss carryforwards for U.S. federal income tax purposes to offset future net realized capital gains.

At December 31, 2014, the Funds did not elect to defer capital losses realized after October 31, 2014 (“Post-October losses”).

As of December 31, 2014, the cost of investments and the components of net unrealized appreciation/(depreciation) (in thousands) were as follows:

	Tax Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation/ (Depreciation)
JNL/American Funds Blue Chip Income and Growth Fund	$	1,431,488	$	447,512	$	(3,282	)	$	444,230
JNL/American Funds Global Bond Fund		516,312		69		(22,056	)		(21,987	)
JNL/American Funds Global Small Capitalization Fund		336,781		60,237		(2,141	)		58,096
JNL/American Funds Growth-Income Fund		1,968,695		478,878		(1,489	)		477,389
JNL/American Funds International Fund		658,115		68,432		(8,609	)		59,823
JNL/American Funds New World Fund		809,435		3,592		(76,848	)		(73,256	)
JNL Institutional Alt 20 Fund		1,709,558		96,429		(34,311	)		62,118
JNL Institutional Alt 35 Fund		2,261,906		132,554		(50,521	)		82,033
JNL Institutional Alt 50 Fund		3,196,477		172,941		(76,559	)		96,382
JNL Institutional Alt 65 Fund		622,437		29,734		(14,102	)		15,632
JNL/American Funds Balanced Allocation Fund		757,252		50,994		(17,793	)		33,201
JNL/American Funds Growth Allocation Fund		641,437		46,156		(16,877	)		29,279
JNL Disciplined Moderate Fund		1,183,236		120,734		(23,793	)		96,941
JNL Disciplined Moderate Growth Fund		1,436,680		161,611		(31,463	)		130,148
JNL Disciplined Growth Fund		649,603		63,007		(14,746	)		48,261
JNL/Franklin Templeton Founding Strategy Fund		1,396,818		264,491		(5,524	)		258,967
JNL/Mellon Capital 10 x 10 Fund		337,699		100,699		(1,544	)		99,155
JNL/Mellon Capital Index 5 Fund		611,312		144,858		(4,759	)		140,099
JNL/MMRS Conservative Fund		27,446		130		(784	)		(654	)
JNL/MMRS Growth Fund		18,493		84		(841	)		(757	)
JNL/MMRS Moderate Fund		46,086		240		(1,625	)		(1,385	)
JNL/S&P 4 Fund		4,261,440		756,989		(34,504	)		722,485
JNL/S&P Managed Conservative Fund		1,659,480		74,730		(73,593	)		1,137
JNL/S&P Managed Moderate Fund		3,304,896		265,893		(120,959	)		144,934
JNL/S&P Managed Moderate Growth Fund		5,850,889		692,579		(180,083	)		512,496
JNL/S&P Managed Growth Fund		4,420,027		666,495		(104,946	)		561,549
JNL/S&P Managed Aggressive Growth Fund		1,578,708		214,854		(28,361	)		186,493

JNL Series Trust Master Feeder Funds and Fund of Funds

Notes to Financial Statements

December 31, 2014

As of December 31, 2014 the components of distributable taxable earnings for U.S. federal income tax purposes (in thousands) were as follows:

	Undistributed Net Ordinary Income*		Undistributed Net Long-Term Capital Gain		Unrealized Gains (Losses)**			Capital Loss Carryforward
JNL/American Funds Blue Chip Income and Growth Fund	$	48,372	$	4,486	$	444,216		$	–
JNL/American Funds Global Bond Fund		6,047		4,107		(21,995	)		–
JNL/American Funds Global Small Capitalization Fund		–		9,512		58,090			–
JNL/American Funds Growth-Income Fund		21,424		101,498		477,371			–
JNL/American Funds International Fund		7,842		1,638		59,815			–
JNL/American Funds New World Fund		6,812		70,332		(73,266	)		–
JNL Institutional Alt 20 Fund		41,320		139,411		62,088			–
JNL Institutional Alt 35 Fund		54,465		161,405		81,991			–
JNL Institutional Alt 50 Fund		75,835		179,027		96,325			–
JNL Institutional Alt 65 Fund		15,116		36,606		15,610			–
JNL/American Funds Balanced Allocation Fund		12,442		18,208		33,197			–
JNL/American Funds Growth Allocation Fund		9,178		20,523		29,277			–
JNL Disciplined Moderate Fund		32,004		30,592		96,923			–
JNL Disciplined Moderate Growth Fund		42,261		55,940		130,128			–
JNL Disciplined Growth Fund		19,071		31,509		48,254			–
JNL/Franklin Templeton Founding Strategy Fund		24,866		2,454		258,917			–
JNL/Mellon Capital 10 x 10 Fund		8,472		10,363		99,145			–
JNL/Mellon Capital Index 5 Fund		13,967		27,876		140,084			–
JNL/MMRS Conservative Fund		–		–		(654	)		–
JNL/MMRS Growth Fund		–		–		(757	)		–
JNL/MMRS Moderate Fund		–		–		(1,385	)		–
JNL/S&P 4 Fund		306,221		243,969		722,439			–
JNL/S&P Managed Conservative Fund		–		–		1,089			–
JNL/S&P Managed Moderate Fund		–		–		144,855			–
JNL/S&P Managed Moderate Growth Fund		–		–		512,354			–
JNL/S&P Managed Growth Fund		–		–		561,439			–
JNL/S&P Managed Aggressive Growth Fund		–		–		186,451			–

* Undistributed net ordinary income consists of net taxable income derived from dividends, interest and net short-term capital gains, if any.

** Unrealized gains (losses) are adjusted for open wash sale loss deferrals.

The tax character of distributions paid (in thousands) during the Funds’ fiscal year ended December 31, 2014 was as follows:

	Net Ordinary Income*		Long-term Capital Gain**
JNL/American Funds Blue Chip Income and Growth Fund	$	17,066	$	3,027
JNL/American Funds Global Bond Fund		47		3,878
JNL/American Funds Global Small Capitalization Fund		857		2,587
JNL/American Funds Growth-Income Fund		13,920		16,799
JNL/American Funds International Fund		4,997		3,108
JNL/American Funds New World Fund		6,138		4,973
JNL Institutional Alt 20 Fund		30,609		18,992
JNL Institutional Alt 35 Fund		38,900		26,823
JNL Institutional Alt 50 Fund		50,301		38,446
JNL Institutional Alt 65 Fund		10,308		20,124
JNL/American Funds Balanced Allocation Fund		6,432		1,057
JNL/American Funds Growth Allocation Fund		4,668		1,502
JNL Disciplined Moderate Fund		27,927		52,446
JNL Disciplined Moderate Growth Fund		29,378		61,841
JNL Disciplined Growth Fund		11,514		21,050
JNL/Franklin Templeton Founding Strategy Fund		27,118		–
JNL/Mellon Capital 10 x 10 Fund		7,491		14,450
JNL/Mellon Capital Index 5 Fund		10,308		29,911
JNL/MMRS Conservative Fund		612		424
JNL/MMRS Growth Fund		585		358
JNL/MMRS Moderate Fund		942		928
JNL/S&P 4 Fund		92,617		86,345
JNL/S&P Managed Conservative Fund		38,496		69,863
JNL/S&P Managed Moderate Fund		71,813		196,092
JNL/S&P Managed Moderate Growth Fund		133,898		418,482
JNL/S&P Managed Growth Fund		109,838		375,802
JNL/S&P Managed Aggressive Growth Fund		37,813		174,720

* 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, 2014.

The tax character of distributions paid (in thousands) during the Funds’ fiscal year ended December 31, 2013 was as follows:

	Net Ordinary Income *		Long-term Capital Gain
JNL/American Funds Blue Chip Income and Growth Fund	$	11,220	$	4,729
JNL/American Funds Global Bond Fund		9,706		2,152
JNL/American Funds Global Small Capitalization Fund		1,872		635
JNL/American Funds Growth-Income Fund		10,240		1,276

JNL Series Trust Master Feeder Funds and Fund of Funds

Notes to Financial Statements

December 31, 2014

	Net Ordinary Income *		Long-term Capital Gain
JNL/American Funds International Fund	$	3,805	$	757
JNL/American Funds New World Fund		3,061		1,049
JNL Institutional Alt 20 Fund		32,596		27,405
JNL Institutional Alt 35 Fund		37,476		42,632
JNL Institutional Alt 50 Fund		40,698		33,152
JNL Institutional Alt 65 Fund		8,254		17,787
JNL/American Funds Balanced Allocation Fund		2,542		24
JNL/American Funds Growth Allocation Fund		1,575		8
JNL Disciplined Moderate Fund		20,207		10,411
JNL Disciplined Moderate Growth Fund		20,093		15,829
JNL Disciplined Growth Fund		7,986		6,081
JNL/Franklin Templeton Founding Strategy Fund		28,077		–
JNL/Mellon Capital 10 x 10 Fund		7,375		2,549
JNL/Mellon Capital Index 5 Fund		9,881		10,590
JNL/S&P 4 Fund		16,817		63,183
JNL/S&P Managed Conservative Fund		56,017		42,123
JNL/S&P Managed Moderate Fund		90,243		91,200
JNL/S&P Managed Moderate Growth Fund		158,714		152,270
JNL/S&P Managed Growth Fund		99,897		155,217
JNL/S&P Managed Aggressive Growth Fund		31,233		50,136

* 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 result in the Funds recording a tax expense in the current year. FASB ASC Topic 740 requires that management evaluate the tax positions taken in returns for 2011, 2012, 2013 and 2014, which remain subject to examination by the Internal Revenue Service and certain other 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 during the year ended December 31, 2014.

NOTE 7. SUBSEQUENT EVENTS

Management has evaluated subsequent events for the Funds through the date the financial statements are issued and the following events occurred:

At its meeting held January 13, 2015, the Board voted to approve the followings mergers effective after the close of business on April 24, 2015, subject to shareholder approval by the acquired funds.

Acquired Fund*	Acquiring Fund
Curian Guidance – Institutional Alt 65 Fund	JNL Institutional Alt 65 Fund
Curian Dynamic Risk Advantage – Diversified Fund	JNL/MMRS Conservative Fund
Curian Dynamic Risk Advantage – Growth Fund	JNL/MMRS Moderate Fund
Curian Dynamic Risk Advantage – Income Fund	JNL/MMRS Conservative Fund

* The Acquired Funds are separate series of Curian Variable Series Trust and are advised by Curian.

No other events were noted that required adjustments to the financial statements or disclosure in the notes.

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, of each series within JNL Series Trust (the “Funds”) as listed in Note 1 to the financial statements of the JNL Series Trust Master Feeder Funds and Fund of Funds as of December 31, 2014, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the years or periods in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended. 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, 2014, by correspondence with the custodian, transfer agent 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, 2014, the results of their operations, changes in their net assets and the financial highlights for each of the years or periods indicated above, in conformity with U.S. generally accepted accounting principles.

/s/ KPMG LLP

Chicago, Illinois

February 26, 2015

JNL Series Trust Master Feeder Funds and Fund of Funds

Additional Disclosures (Unaudited)

December 31, 2014

Disclosure of Fund Expenses. Shareholders incur ongoing costs, which include costs for portfolio management, administrative services, Rule 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. This section provides information that can be used to compare each Fund’s costs with those of other mutual funds. It assumes that the Fund’s expense ratio for the period is unchanged and assumes an annual 5% return before expenses, which is not the Fund’s actual return. 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 7/1/2014		Ending Account Value 12/31/2014		Annualized Expense Ratios			Expenses Paid During Period		Beginning Account Value 7/1/2014		Ending Account Value 12/31/2014		Annualized Expense Ratios			Expenses Paid During Period
JNL/American Funds Blue Chip Income and Growth Fund
Class A	$	1,000.00	$	1,066.60		0.60	%	$	3.13	$	1,000.00	$	1,022.17		0.60	%	$	3.06
Class B		1,000.00		1,067.50		0.35			1.82		1,000.00		1,023.43		0.35			1.79
JNL/American Funds Global Bond Fund
Class A		1,000.00		958.10		0.55			2.71		1,000.00		1,022.42		0.55			2.80
Class B		1,000.00		959.70		0.30			1.48		1,000.00		1,023.67		0.30			1.53
JNL/American Funds Global Small Capitalization Fund
Class A		1,000.00		952.40		0.55			2.71		1,000.00		1,022.42		0.55			2.80
Class B		1,000.00		953.60		0.30			1.48		1,000.00		1,023.67		0.30			1.53
JNL/American Funds Growth-Income Fund
Class A		1,000.00		1,032.30		0.67			3.43		1,000.00		1,021.80		0.67			3.41
Class B		1,000.00		1,033.40		0.42			2.15		1,000.00		1,023.07		0.42			2.14
JNL/American Funds International Fund
Class A		1,000.00		936.10		0.65			3.17		1,000.00		1,021.91		0.65			3.31
Class B		1,000.00		937.30		0.40			1.95		1,000.00		1,023.18		0.40			2.04
JNL/American Funds New World Fund
Class A		1,000.00		876.80		0.65			3.07		1,000.00		1,021.91		0.65			3.31
Class B		1,000.00		877.50		0.40			1.89		1,000.00		1,023.18		0.40			2.04
JNL Institutional Alt 20 Fund
Class A		1,000.00		977.10		0.17			0.85		1,000.00		1,024.37		0.17			0.87
JNL Institutional Alt 35 Fund
Class A		1,000.00		973.30		0.16			0.80		1,000.00		1,024.38		0.16			0.82
JNL Institutional Alt 50 Fund
Class A		1,000.00		971.20		0.16			0.80		1,000.00		1,024.38		0.16			0.82
JNL Institutional Alt 65 Fund
Class A		1,000.00		968.00		0.19			0.94		1,000.00		1,024.25		0.19			0.97
JNL/American Funds Balanced Allocation Fund
Class A		1,000.00		992.80		0.65			3.26		1,000.00		1,021.92		0.65			3.31
JNL/American Funds Growth Allocation Fund
Class A		1,000.00		988.70		0.65			3.26		1,000.00		1,021.92		0.65			3.31
JNL Disciplined Moderate Fund
Class A		1,000.00		1,006.80		0.15			0.76		1,000.00		1,024.46		0.15			0.77
JNL Disciplined Moderate Growth Fund
Class A		1,000.00		1,003.20		0.15			0.76		1,000.00		1,024.46		0.15			0.77
JNL Disciplined Growth Fund
Class A		1,000.00		1,001.90		0.17			0.86		1,000.00		1,024.37		0.17			0.87
JNL/Franklin Templeton Founding Strategy Fund
Class A		1,000.00		958.70		0.05			0.25		1,000.00		1,024.94		0.05			0.26
JNL/Mellon Capital 10 x 10 Fund
Class A		1,000.00		1,028.70		0.05			0.26		1,000.00		1,024.94		0.05			0.26
JNL/Mellon Capital Index 5 Fund
Class A		1,000.00		1,002.10		0.05			0.25		1,000.00		1,024.94		0.05			0.26
JNL/MMRS Conservative Fund
Class A		1,000.00		1,015.50		0.35			1.78		1,000.00		1,023.43		0.35			1.79

JNL Series Trust Master Feeder Funds and Fund of Funds

Additional Disclosures (Unaudited)

December 31, 2014

	Expenses Using Actual Fund Return									Expenses Using Hypothetical 5% Return
	Beginning Account Value 7/1/2014		Ending Account Value 12/31/2014		Annualized Expense Ratios			Expenses Paid During Period		Beginning Account Value 7/1/2014		Ending Account Value 12/31/2014		Annualized Expense Ratios			Expenses Paid During Period
JNL/MMRS Growth Fund
Class A	$	1,000.00	$	996.20		0.36	%	$	1.81	$	1,000.00	$	1,023.39		0.36	%	$	1.84
JNL/MMRS Moderate Fund
Class A		1,000.00		1,005.80		0.35			1.77		1,000.00		1,023.43		0.35			1.79
JNL/S&P 4 Fund
Class A		1,000.00		1,082.60		0.05			0.26		1,000.00		1,024.94		0.05			0.26
JNL/S&P Managed Conservative Fund
Class A		1,000.00		994.60		0.15			0.75		1,000.00		1,024.46		0.15			0.77
JNL/S&P Managed Moderate Fund
Class A		1,000.00		996.80		0.14			0.70		1,000.00		1,024.50		0.14			0.71
JNL/S&P Managed Moderate Growth Fund
Class A		1,000.00		998.90		0.14			0.71		1,000.00		1,024.50		0.14			0.71
JNL/S&P Managed Growth Fund
Class A		1,000.00		1,005.10		0.14			0.71		1,000.00		1,024.50		0.14			0.71
JNL/S&P Managed Aggressive Growth Fund
Class A		1,000.00		1,011.20		0.15			0.76		1,000.00		1,024.46		0.15			0.77

Expenses paid during the period are equal to the annualized net expense ratio, multiplied by the average account value over the period, then multiplied by 184/365 (to reflect the most recent 6-month period).

Quarterly Portfolio Holdings. The Funds file a complete schedule of portfolio holdings with the 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 Funds toll-free at 1-866-255-1935.

Proxy Voting Policies and Procedures and Proxy Voting Record. A description of the Policy of the Funds’ Adviser (and sub-advisers) used to vote proxies relating to the portfolio securities and how the Funds voted proxies relating to portfolio securities during the 12-month period ended June 30, 2014, 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 1-800-777-7779 (for contracts purchased through a bank or financial institution) or 1-888-464-7779 (for NY contracts purchased through a bank or financial institution), (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 SEC’s website at www.sec.gov.

JNL/AllianceBernstein Fund AllianceBernstein L.P. (Unaudited)

Market Summary: Global economic growth diverged sharply in 2014, with the U.S. economy picking up momentum, even as Europe and China slowed. This divergence became a major catalyst for asset class returns last year. In the stock markets, the U.S. outpaced its international counterparts. The S&P 500 Index returned 13.69% for the year ending not far from its record high, boosted by strong corporate profits. By contrast, the developed international and emerging markets (“EM”) posted full year losses, weighed down by concerns about weak economic growth and capital outflows. This slowing growth abroad helped to push many global bond yields lower. In arguably the surprise of the year, the 10-year U.S. Treasury yield declined 87 basis points, to just 2.17%, from 3.04% at the start of the year. As a result, bond returns were positive: Global bonds increased 7.59% as meas-

ured by Barclays Global Aggregate USD Hedged Index and U.S. taxable bonds returned 5.97% as measured by Barclays Aggregate Bond Index. Longer duration bonds, which are more interest rate sensitive, had even higher returns. Oil prices tumbled 50% from their recent high in July, as rising supply combined with below expected demand. This was a major factor in commodities posting poor results for the full year.

Equity market volatility had another year where it remained below average. However, toward the end of the period, risk rose as investors reacted to a combination of lackluster growth in most of the world outside the U.S. and low and even declining inflation which was prompted by a sharp decline in oil prices.

JNL/AllianceBernstein Dynamic Asset Allocation Fund

Portfolio Composition^†:

Government Securities	10.0	%
Investment Companies††	72.0
Short Term Investments	18.0
Total Investments	100.0	%

 †Total Investments as of December 31, 2014

††In general, the Fund uses derivatives as direct substitutes for investments in ETFs, developed market indices, currencies, corporate and government bonds, emerging market equities and commodities. Please refer to the Notes to Schedule of Investments for the Fund’s derivative investments.

Portfolio Manager Commentary: For the period April 28, 2014 through December 31, 2014, JNL/AllianceBernstein Dynamic Asset Allocation Fund underperformed its primary benchmark by posting a return of 2.77% for Class A shares compared to 3.79% for the Dow Jones Moderate Index. The Fund also underperformed its blended benchmark return of 3.46% for the 70% MSCI World Index and 30% Barclays U.S. Treasury Index.

Throughout the period, the Fund had an overweight in risk assets with global equity, real estate investment trusts (“REIT”) and commodity holdings in excess of benchmark weights;

although the degree and composition of the overweight varied as market conditions changed. This position was supported by our view that easy money policies of central banks would continue to provide liquidity to markets creating conditions with low interest rates and where equity volatility was also likely to remain low. At the same time, strong corporate balance sheets and earnings trends offset slightly rich equity valuations. Through the period, the Fund maintained a regional bias towards developed international equity market, particularly in Europe and Japan, as a result of more favorable valuations. However, the extent and composition of the overweight varied over the period. The Fund’s positions in EM equities and commodities were small throughout the period due to growth concerns around emerging economies and given subdued prospects for inflation. For diversification, the Fund maintained a modest allocation to REITs. The Fund remained underweight bonds through most of the period and held a modest amount of cash at times to further reduce portfolio duration.

The equity overweight slightly added to performance but, within stocks, developed interna-

tional and EM, holdings detracted. Real estate equities also performed strongly. The decision to diversify across other assets classes hurt performance given the strong returns of U.S. equities, REITs and global bonds; allocations to high yield and commodities detracted. An overweight to the U.S. Dollar as a result of currency hedging contributed to performance.

The Fund utilizes a variety of derivative instruments as a component of its overall construction to effectively manage interest rate, credit and currency risk, to hedge positions and to provide efficient exposure. The Fund utilized equity futures, fixed income futures, currency forwards, exchange traded funds & total return swaps for both hedging and investment purposes. Equity options were used for hedging purposes. Credit default swaps & commodity futures were used for investment purposes.

The Fund ended the period with a modest overweight to risk assets concentrated in global equities. The Fund held a small position in EM equities. Within the risk asset allocation, the Fund retained very modest exposures to global REITs for diversification. The Fund was underweight bonds and cash holdings were negligible.

JNL/AllianceBernstein Dynamic Asset Allocation Fund (Class A)

Total Return for Class A Shares
Since Inception	2.77%
(Inception date April 28, 2014)

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 charges.

JNL/AQR Fund AQR Capital Management, LLC (Unaudited)

Market Summary: 2014 was characterized by two themes which dominated market behavior. First, economies across the globe diverged on a fundamental basis, which led to associated divergences in central bank policies. In the U.S., the end to quantitative easing was supported by a strong fundamental backdrop, with economic and employment growth progressing at healthy levels. In Europe and Japan on the other hand, economic growth continued to appear anemic as the year progressed, with Europe battling the risk of deflation and Japan entering a technical recession. While the U.S Federal Reserve reduced its stimulus efforts, the European Central Bank (“ECB”) and Bank of Japan looked to further stimulate their economies and the Bank of England indicated the inflation outlook was benign and weak growth in the Eurozone could delay interest rate increases for the UK. Second, commodity market fundamentals (supply and demand) dominated any individual market’s performance and led to extreme and sustained market sell offs in oil products in the second half of the year.

U.S. oil production reached record levels, leading to the beginning of a negative price trend over the summer months. When the Organization of the Petroleum Exporting Countries (“OPEC”) decided not to cut production, prices fell precipitously throughout the remainder of the year. These two themes were associated with market dynamics. Central bank divergences provided impetus for a strengthening U.S. Dollar, which was a broadly based, significant and sustained trend in the second half of the 2014. Additionally, bond buying by the ECB and Bank of Japan, coupled with the deflationary backdrop resulting from falling oil prices, pushed bond yields lower on a global basis. In particular, European bond markets rallied strongly. Falling oil prices had a negative impact on commodity related currencies, particularly the Russian Ruble and Norwegian Krone against the U.S. Dollar. Stronger U.S. growth provided a generally supportive backdrop for global equity markets, particularly in North America. However, equity markets experienced several reversals throughout the year.

JNL/AQR Managed Futures Strategy Fund

Portfolio Composition^†:

Short Term Investments††	100.0	%
Total Investments	100.0	%

 †Total Investments as of December 31, 2014

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

Portfolio Manager Commentary: For the year ended December 31, 2014, JNL/AQR Managed Futures Strategy Fund outperformed its primary benchmark by posting a return of 9.09% for Class A shares compared to 0.03% for the BofA Merrill Lynch U.S. 3-Month Treasury Bill Index. The Fund underperformed one of its other benchmarks return of 18.37% for the Credit Suisse Managed Futures Hedge Fund Index. The Fund outperformed one of its other benchmarks return of 7.03% for the S&P Diversified Trends Indicator Total Return Index. The Newedge CTA Trend Sub-Index, a peer group index of large trend following managed futures hedge funds, returned 19.67% for the year.

The Fund invests in both long and short futures and currency forward contracts to gain economic exposure to global equity, fixed income, commodity and currency markets. These derivative positions are responsible for substantially all the performance in the Fund. By asset class, commodities contributed 9.0%, fixed income contributed 3.0%, currencies contributed 1.4%, while equities detracted -2.8%.

While we expect that the correlation of this strategy to the equity markets will average close to zero over a full economic cycle, the Fund exhibited a positive average beta during the year and notably became negative twice during the fourth quarter. The Fund’s expected beta to the S&P 500 Index began at +0.43, reached a low of -0.39 during the sharp October correction and ended the year at +0.16. On average, the strategy ran below its stated volatility target as the environment exhibited varying levels of attractiveness for trend following across asset classes.

By asset class, the Fund’s tactical short position in energy commodities drove gains, as the

bear trend which started over the summer progressed to an extreme by the end of the year, with oil seeing an historic sell off following OPEC’s announcement not to cut production. By asset, oil and related products, particularly gas oil, were the Fund’s most important contributors. Trends in fixed income and currencies were also positive contributors, as central banks took divergent paths, with the U.S. Federal Reserve ending quantitative easing, while the Bank of Japan and Bank of England undertook stimulus measures. The net result was a strong bullish trend in the U.S. Dollar against developed and emerging currencies and a continued rally in fixed income. Equities, on the other hand detracted the most. While markets broadly rallied (with some European markets declining however), the path was choppy due to significant reversals throughout the year. By asset, trend following in the UK equity market was the worst detractor, as the market ended the year flat, but experienced significant choppiness along the way.

JNL/AQR Managed Futures Strategy Fund (Class A)

Average Annual Total Returns for Class A Shares
1 Year	9.09%
Since Inception	4.73%
(Inception date August 29, 2011)
Average Annual Total Returns for Class B Shares
1 Year	9.40%
Since Inception	4.95%
(Inception date August 29, 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 do not reflect the deduction of insurance charges.

JNL/BlackRock Funds BlackRock Investment Management, LLC (Unaudited)

Market Summary: Volatility ticked up amid heightened risks in emerging markets, slowing growth in China and softer economic data in the United States, while investors braced for the impact of the U.S. Federal Reserve scaling back on stimulus. Equity markets around the world declined sharply in January. But the sell off was short lived and international equities rebounded in February, particularly in Europe. Signs of a strengthening economic recovery combined with hopes that the European Central Bank (“ECB”) would soon take measures to combat the uncomfortably low level of inflation in the Eurozone, fueled a rally in European stocks. The ECB ultimately took policy action in early June, with a bold move to a negative deposit rate.

However, high valuations and uncertainty around global central bank policies left equities particularly vulnerable to bad news. Consequently, geopolitical risks took a toll on international equity prices as tensions between Russia and Ukraine mounted and the fragmentation of Iraq led to escalating violence and a spike in oil prices during the summer. A ground war in Gaza, the downing of civilian airliners over Malaysia and Scotland’s flirtation with independence from the UK added to global headwinds, causing many investors to retreat from risk assets.

In the latter part of the year, economic growth strengthened in the U.S. while the broader global economy showed signs of slowing. In Europe, most developed economies again struggled with sluggish activity and equity prices were tossed about between investors’ concerns about geopolitical turmoil and hopes for central bank stimulus. The continuation of the Russia-Ukraine conflict and a Russian currency crisis, as well as Greece’s failure to successfully elect a new president, drove volatility higher. In the Eurozone, inflation rates continued to be dangerously low.

Commodities sold off sharply last year as the headwind of ongoing weak and asynchronous global economic growth caught up with the asset class in the third and fourth quarter of 2014. The strong gains from the first part of the year were all but wiped out as Europe remained mired in a deflationary environment and China continued to grapple with slowing economic growth. A resilient cyclical recovery in the U.S. led to the strongest U.S. Dollar in over a year, putting further pressure on commodity market performance. On the supply side, the idiosyncratic fundamental trends that supported the price rally and backdated futures markets earlier this year dissipated throughout the quarter with many commodities seeing improved inventory conditions.

JNL/BlackRock Commodity Securities Strategy Fund

Portfolio Composition^†:

Energy	68.4	%
Materials	6.2
Commodity Indexed Structured Notes††	6.2
Short Term Investments	19.2
Total Investments	100.0	%

  †Total Investments as of December 31, 2014

††The Fund invests in portfolio in commodity indexed structured notes to gain exposure to the Bloomberg Commodity Index.

Portfolio Manager Commentary: For the year ended December 31, 2014, JNL/BlackRock Commodity Securities Strategy Fund outperformed its primary benchmark by posting a return of -14.25% for Class A shares compared to -17.01% for the Bloomberg Commodity Index. The Fund underperformed its blended benchmark return of -8.77% for the 75% MSCI Natural Resources Index and 25% Bloomberg Commodity Index.

Underperformance in the natural resources sleeve was largely due to security selection and an overweight to the exploration & production (“E&P”) industry. Independent upstream names - Range Resources Corp., Whiting Petroleum Corp. and Cabot Oil & Gas Corp. all pulled back as increased supply, soft demand and falling

crude prices boosted speculation of an industry slowdown. Additionally, the sleeve’s allocation to the energy (including drillers) equipment and services industry, specifically Halliburton Co. and Cameron International Corp. both of which service the upstream oil and gas industry were hit hard as the drop in crude oil is expected to slow business as they experience a drop in capital expenditure spending, reduction in rig count, less service demand and pressured margins. Contributing to performance was the Fund’s underweight to the metals & mining industry and the integrated oil & gas industry. Strong stock selection within the oil refining and marketing segment where beneficial as Marathon Petroleum Corp. which in addition to its refining exposure, aided performance through its pipeline segment which relies on transporting volume and is generally not immediately affected by commodity price swings.

With respect to the commodities sleeve energy was the notable underperformer, falling -39.34%. Livestock was the lone positive performer, gaining 11.56% in 2014. Elsewhere, grains and soft commodities declined -9.37% and -10.10%, respectively, while industrial metals and precious metals also fell, -6.87% and -6.71%, respectively. Energy markets saw sharp losses

throughout the year as a combination of soft macroeconomic data and easing supply constraints led to rising inventories and lower oil prices. In agriculture markets, ideal growing conditions for U.S. grains and oil seeds set the stage for a record domestic harvest across several commodities, weighing on prices. Weaker manufacturing and industrial production data led inventory levels higher across several industrial metals. In livestock markets, tight inventory conditions have supported cattle markets. Precious metals continued to face the headwinds of improving economic conditions in the U.S. and a stronger U.S. Dollar. Precious metal exchange traded product assets under management fell to the lowest levels in several years, reflecting the current weak investor demand environment.

We are maintaining holdings in high quality resource companies that we expect will appreciate from current levels, or may be attractive acquisition targets for companies looking to expand their resource base. We continue to favor oil over natural gas; and we prefer E&P companies with exposure to key shale basins which have benefitted from increased production made possible by technological advances in horizontal drilling and hydraulic fracturing.

JNL/BlackRock Global Allocation Fund

Portfolio Composition^†:

Financials	13.8	%
Government Securities	13.2
Health Care	9.6
Information Technology	7.8
Industrials	7.7
Consumer Discretionary	6.7
Energy	5.7
Materials	4.3
Consumer Staples	3.1
Telecommunication Services	2.2

Utilities	2.1
Purchased Options	1.3
Investment Companies	0.7
U.S. Government Agency MBS	0.1
Short Term Investments	21.7
Total Investments	100.0	%

†Total Investments as of December 31, 2014

Portfolio Manager Commentary: For the year ended December 31, 2014, JNL/BlackRock Global Allocation Fund underperformed its pri-

mary benchmark by posting a return of 1.85% for Class A shares compared to 4.77% for the FTSE World Index. The Fund also underperformed its blended benchmark return of 4.17% for the 36% S&P 500 Index, 24% FTSE World ex. U.S. Index, 24% BofA Merrill Lynch Current 5-Year U.S. Treasury Index, 16% Citigroup Non-U.S. Dollar World Government Bond Index.

Within equities, stock selection and an underweight to the U.S., as well as stock selection in Canada and Europe, notably France and Ger-

JNL/BlackRock Funds (continued) BlackRock Investment Management, LLC (Unaudited)

JNL/BlackRock Global Allocation Fund (continued)

many, detracted from performance. Stock selection and an overweight to Japan contributed to performance. From a sector perspective, stock selection and an overweight to materials and industrials as well as stock selection in information technology and financials weighed on returns. An overweight and stock selection in health care was additive. An underweight to fixed income added to returns. Within fixed income, an underweight to Japanese government bonds as well as an overweight to emerging market sovereign bonds contributed to performance. An overweight to gold related securities detracted. An overweight to cash equivalents negatively impacted performance. From a currency perspective, an overweight to the U.S. Dollar positively impacted performance

During the year, the Fund’s overall equity allocation decreased from 69% to 58% of the Fund’s portfolio investments. Within equities, the Fund decreased exposure to the U.S. and Europe and increased exposure to Japan. On a sector basis, the Fund decreased exposure to financials, industrials, information technology, consumer staples, materials, consumer discretionary, tele-

communication services and energy. The Fund’s allocation to fixed income increased from 19% to 22% of the Fund’s portfolio investments. Within fixed income, the Fund increased exposure to corporates and government bonds, notably in Mexico, Australia and Poland. Reflecting the above changes, the Fund’s cash equivalents as a percentage of the Fund’s portfolio investments increased from 12% to 20%.

Compared to its blended benchmark, the Fund was underweight equities (-4%), significantly underweight fixed income (-16%), and overweight cash equivalents (+20%). Within the equity segment, the Fund was overweight Japan and underweight the U.S. Within Europe, the Fund was overweight France and the Netherlands, and underweight the UK and Spain. On a sector basis, the Fund was overweight materials, health care, industrials and energy, and underweight consumer staples, financials, consumer discretionary, information technology and telecommunications services. Within fixed income, the Fund was underweight U.S. Treasuries, European sovereign debt and Japanese government bonds, and overweight government

bonds in Australia, Mexico, Brazil and Poland. In addition, the Fund was overweight corporate and convertible bonds. As for currency exposure, relative to its benchmark, the Fund was overweight the U.S. Dollar, Mexican Peso, Indian Rupee, Singapore Dollar, Brazilian Real, along with smaller overweight positions in select emerging Asian currencies. The Fund was underweight the Euro, Japanese Yen, the Canadian Dollar, the Korean Won and the Taiwan Dollar.

We believe equities, relative to bonds, provide a more compelling opportunity for total return. Within equities, we favor Japan based on attractive valuations. Within fixed income we remain cautious given the low level of absolute yields on developed market government bonds; however we have found opportunities in select corporate and convertible bonds as well as local currency emerging market government bonds. We continue to hold cash in the Fund given our unfavorable view on fixed income and to manage risk within the Fund. In foreign exchange, we remain favorable on the U.S. Dollar, particularly versus major developed market currencies such as the Euro and Japanese Yen.

JNL/BlackRock Large Cap Select Growth Fund

Portfolio Composition^†:

Information Technology	34.4	%
Consumer Discretionary	22.9
Health Care	22.6
Industrials	6.6
Financials	4.6
Consumer Staples	2.9
Energy	2.7
Materials	0.6
Short Term Investments	2.7
Total Investments	100.0	%

†Total Investments as of December 31, 2014

Portfolio Manager Commentary: For the year ended December 31, 2014, JNL/BlackRock Large Cap Select Growth Fund underperformed its benchmark by posting a return of 8.89% for Class A shares compared to 13.05% for the Russell 1000 Growth Index.

The Fund underperformed the Russell 1000 Growth Index during the year as strong results in the second half of 2014 were not enough to offset the weakness experienced in March and April when growth/momentum stocks significantly sold off.

Sector wise, consumer discretionary was the primary detractor from relative performance (internet & catalog retail segment accounting for the majority of the disappointment). Selection weakness in information technology (“IT”) and telecommunication services also weighed on results. Positive performance was attributable primarily to positioning in health care (especially pharmaceuticals).

In stock specifics, the top individual detractor was Japanese internet and telecommunications conglomerate SoftBank Corp. (“SoftBank”), as shares sank on investors’ worries regarding weak results in its Sprint Corp. (“Sprint”) subsidiary (specifically that Softbank would have to supply Sprint with material cash infusions). We exited the position as the magnitude of Sprint’s ongoing cash needs is difficult to quantify. Apple Inc. (“Apple”) also detracted as an underweight early in the year hurt as the stock recorded strong gains following solid earnings reports. We added Apple back to the Fund during the second quarter given increasing confidence around upcoming product cycles, emerging markets penetration and gross margin stabilization.

The largest contributor was Regeneron Pharmaceuticals Inc. Shares climbed after the U.S. Food and Drug Administration approved the macular edema drug Eylea for a second indication. Shares further rose following Sanofi SA’s increased stake in the company, and on positive clinical results for several drugs, including treatments for high cholesterol and atopic dermatitis. We remain confident the company can maintain its high growth trajectory given both continued success with Eylea and a rich pipeline of promising late and early stage products/therapies.

The Fund’s largest sector overweights relative to the benchmark was health care, with select exposure to health care service companies that we believe will be prime beneficiaries in the post reform era. IT is a substantial overweight also driven by our favorable view on internet, payment processing and software as a service companies (“SaaS”) which are harnessing key structural trends (e-commerce, big data, cloud computing and mobility) that we believe will drive earnings growth in the coming years. The Fund’s largest underweight remained consumer staples given extended valuations and inferior growth prospects.

JNL/BlackRock Funds (continued) BlackRock Investment Management, LLC (Unaudited)

JNL/BlackRock Commodity Securities Strategy Fund (Class A)

Average Annual Total Returns for Class A Shares
1 Year	-14.25%
5 Year	0.59%
Since Inception	0.58%
(Inception date January 16, 2007)
Average Annual Total Returns for Class B Shares
1 Year	-14.13%
5 Year	0.79%
Since Inception	0.77%
(Inception date January 16, 2007)
BlackRock Investment Management LLC assumed portfolio management responsibility on October 11, 2010.

JNL/BlackRock Global Allocation Fund (Class A)

¹  Effective April 28, 2014, the Fund changed its primary benchmark from the S&P 500 Index to the FTSE World Index because the FTSE World Index better reflects the Fund’s asset class exposure and risk profile.

Average Annual Total Returns* for Class A Shares
1 Year	1.85%
Since Inception	5.83%
(Inception date October 11, 2010)
Average Annual Total Returns* for Class B Shares
1 Year	2.13%
Since Inception	6.04%
(Inception date 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 charges.

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

JNL/BlackRock Funds (continued) BlackRock Investment Management, LLC (Unaudited)

JNL/BlackRock Large Cap Select Growth Fund (Class A)

Average Annual Total Returns for Class A Shares
1 Year	8.89%
5 Year	13.70%
10 Year	6.17%
Average Annual Total Returns for Class B Shares
1 Year	9.11%
5 Year	14.14%
10 Year	6.48%
BlackRock Investment Management LLC assumed portfolio management responsibility on September 16, 2013.

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 charges.

JNL/Boston Partners Fund Robeco Investment Management, Inc. (Unaudited)

Market Summary: Global markets, as measured by the MSCI World Index, were up modestly during the fourth quarter of 2014, returning 1.01%. Volatility was high as the market experienced steep sell offs on two separate occasions. The retractions were relatively quick, with the first retraction beginning in late September and ending in mid October and the second occurring during the first two weeks of December. The proximate cause of both declines was disappointing economic news from Europe, Japan and China. The U.S. economy continues to remain the sole unquestioned bright spot on the world stage. Predictably, investor fear was soothed and markets rebounded following reassuring comments from the global central banks.

A noteworthy tailwind for consumers and many segments of the market has been the precipitous drop in the price of oil. The cost of oil began its slide in mid summer and fell over -40% during the fourth quarter alone. Both supply and demand have contributed to the decline. On the supply side, the U.S. now produces almost as many barrels per day as Saudi Arabia. At the same time, demand for oil has waned as hopes for a broad global recovery have been replaced with the moribund reality that many parts of the world remain stuck in neutral gear. Of course, not everyone is a winner in such an environment with energy stocks, material stocks and energy exporting countries being the notable losers.

JNL/Boston Partners Global Long Short Equity Fund

Long Investments Portfolio Composition^†:

Financials	21.1	%
Information Technology	15.1
Consumer Discretionary	14.9
Health Care	13.2
Industrials	10.9
Materials	8.7
Energy	6.3
Consumer Staples	5.0
Telecommunication Services	1.2
Short Term Investments	3.6
Total Long Investments	100.0	%

Short Investments Portfolio Composition^†:

Consumer Discretionary	27.5	%
Industrials	14.5
Financials	14.1
Information Technology	12.4
Health Care	9.7
Materials	8.8
Energy	6.7
Consumer Staples	5.2
Telecommunication Services	1.1
Total Short Investments	100.0	%

†Total Long Investments represent 98.7% of net assets and Total Short Investments represent (39.6%) of net assets as of December 31, 2014.

Portfolio Manager Commentary: For the period September 15, 2014 through December 31, 2014, JNL/Boston Partners Global Long Short Equity Fund underperformed its benchmark by posting a return of -1.40% for Class A shares compared to -0.56% for the MSCI World Index.

During this period, the Fund averaged roughly 50% net long exposure to the market. On the long side of the Fund, paper and packaging holdings added to both absolute and relative performance. Fund holdings Packaging Corp. of America, Berry Plastics Group Inc., International Paper Co. and Avery Dennison Corp. all strongly contributed to performance. The Fund’s long financials positions also fared well, as insurers such as, Catlin Group Ltd, Allstate Corp. and ACE Ltd., all experienced strength during the period. Contrarily, while the Fund’s long energy holdings held up better than their index counterparts, they collectively detracted from Fund absolute performance. On the short side of the Fund, the Fund’s energy shorts sold off much more strongly than the index and contributed to absolute performance. However, the fall in energy prices buoyed consumer discretionary shorts, which served to detract from Fund performance. Names where we are short in the retailing space, such as,

CarMax Inc. and Restoration Hardware Holdings Inc., appreciated as the market assumed lower oil means augmented discretionary spending.

From a regional perspective, the Fund’s long U.S. holdings were the strongest contributors to performance, while longs from all other regions detracted during the period. Conversely, UK and U.S. shorts detracted from Fund performance, while Japanese, European, Canadian, and Pacific ex Japan shorts were additive to performance during the period.

Over the course of the period, the Fund trimmed net exposure to health care primarily by selling long positions that had approached their price targets. Net exposure was increased in financials, where we continue to find insurance companies with strong business fundamentals, attractive valuations and positive business momentum. Additionally, we have trimmed net exposure to energy amid continued oil price deterioration, while we have become slightly more net long in information technology where we are finding many companies with strong free cash flow generation that trade at attractive valuations. The Fund continues to be most net long in the U.S., followed by Europe and Japan.

Total Return for Class A Shares
Since Inception	-1.40%
(Inception date September 15, 2014)

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 charges.

JNL/Brookfield Fund Brookfield Investment Management Inc. (Unaudited)

Market Summary: For 2014, the MSCI World Index returned 5.50% with broad divergence in performance across regions and sectors. North America provided the strongest regional performance, returning 12.57% for the year as measured by the MSCI North America Index, while Asia Pacific returned -2.46% as measured by the MSCI Asia Pacific Index and Europe returned -5.68% as measured by the MSCI Europe Index. Among developed markets, the U.S. was clearly the bright spot. In contrast, Japan entered into a recession in April, and the Eurozone continued to struggle with both slow growth and the risk of deflation.

Infrastructure securities performed strongly in 2014, despite the effects of falling oil and natural gas prices on energy infrastructure companies during the second half of the year. For 2014, the Dow Jones Brookfield Global Infrastructure Composite Index returned 15.63%, outperforming the MSCI World Index by more than 1,000 basis points (“bps”). All sectors were positive for the year, led by electricity transmission & distribution (+22.26%), water (+17.87) and communications (+17.72%), all of which outperformed

the broader index. Relative laggards included toll roads (+9.94%), diversified (+5.70%) and ports (+3.43%). Master Limited Partnerships (“MLPs”) were negatively affected by declining commodity prices later in the year, but nevertheless provided a positive return of 4.80%, as measured by the Alerian MLP Total Return Index. (Unless noted otherwise, sector and regional returns are measured by the Dow Jones Brookfield Global Infrastructure Indices.)

Looking forward, we believe that the infrastructure sector offers significant investment opportunities, although there are some headwinds. The outlook for energy infrastructure is less favorable than in past years, as low oil and natural gas prices will reduce the growth rates of energy infrastructure companies. For all other infrastructure sectors, the outlook is generally positive. We believe that continued low rates will be supportive of infrastructure valuations as investors seek higher yielding assets that also offer growth potential.

JNL/Brookfield Global Infrastructure and MLP Fund

Portfolio Composition^†:

Energy	35.3	%
Utilities	27.7
Industrials	16.4
Financials	8.6
Telecommunication Services	2.3
Consumer Discretionary	1.0
Short Term Investments	8.7
Total Investments	100.0	%

†Total Investments as of December 31, 2014

Portfolio Manager Commentary: For the year ended December 31, 2014, JNL/Brookfield Global Infrastructure and MLP Fund underperformed its benchmark by posting a return or 7.35% for Class A shares compared to 15.63% for the Dow Jones Brookfield Global Infrastructure Composite Index.

By sector, the non benchmark rail sector and the ports sector were the largest contributors to relative performance. In addition, stock selection within the midstream sector was a positive relative contributor. In contrast, stock selection within pipelines and toll roads sectors were the leading detractors from relative performance. On a regional basis, all regions detracted from relative performance. Stock selection in Asia Pacific and continental Europe led relative underperformance by region. By country, an underweight position to underperforming Hong Kong was the largest relative contributor. China was the largest relative detractor by country due to an overweight allocation and poor stock selection. Overall macroeconomic weakness in China impacted security performance. By security, non benchmark Chinese pipeline company KunLun Energy Co. Ltd. was the largest relative detractor

in 2014 while Kinder Morgan Energy Partners LP was the strongest relative contributor.

For much of the year, the Fund was positioned to capitalize on increasing global growth and the expectations of gradually rising interest rates. As the price of crude oil fell rapidly in the second half of the year and global growth expectations declined, we changed our outlook and modified Fund positioning. We reduced the Fund’s exposure to energy infrastructure and increased exposure to select companies with more “bond proxy” characteristics. The Fund had been significantly underweight bond proxies for much of the year. Even with these additions, the Fund remains underweight to bond proxies, as we still view many of these companies as expensive. We continue to favor securities that offer a reasonable combination of yield and growth.

JNL/Brookfield Global Infrastructure and MLP Fund (Class A)

Average Annual Total Returns for Class A Shares
1 Year	7.35%
Since Inception	17.34%
(Inception date December 12, 2011)
Average Annual Total Returns for Class B Shares
1 Year	7.53%
Since Inception	17.55%
(Inception date December 12, 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 do not reflect the deduction of insurance charges.

JNL/Capital Guardian Funds Capital Guardian Trust Company (Unaudited)

Market Summary: Global stocks rose for the third year in a row, advancing amid healthy corporate earnings, resurgent merger and acquisition activity and massive central bank stimulus measures. Equity markets in developed regions delivered mixed results, as the positive effects of an accelerating U.S. economy were partially offset by ongoing weakness in Europe and Japan. Emerging markets lagged developed market stocks, hampered by concerns about the end of U.S. quantitative easing, rising geopolitical risk in Russia and weak commodity prices.

Defensive stocks generally outpaced cyclical sectors as shares of utilities and health care companies posted double digit gains. Utilities rose amid higher electricity prices in some markets. Lower interest rates also provided a favorable backdrop for dividend paying stocks. Mergers and acquisitions

activity helped to support share price gains in health care. But energy stocks lost ground, hurt by plunging crude oil prices in the second half of the year. U.S. indices touched a succession of record highs in 2014 as economic activity accelerated during the second half of the year. U.S. gross domestic product growth for the second and third quarters was 4.6% and 5.0%, respectively – the fastest six month pace in more than a decade. Late in the year, declining oil prices provided a boost to consumer spending, but contributed to economic woes in Russia and other oil producing nations. Bonds rallied, generating the best returns since 2011, as interest rates plummeted around the world. The U.S. Dollar posted strong gains, rising against the Euro, the Japanese Yen and most other currencies.

JNL/Capital Guardian Global Balanced Fund

Portfolio Composition^†:

Government Securities	21.7	%
Financials	14.5
Consumer Discretionary	9.8
Information Technology	9.7
Industrials	7.8
Health Care	7.4
Energy	4.4
Telecommunication Services	4.3
U.S. Government Agency MBS	3.4
Materials	2.8
Consumer Staples	2.5
Utilities	1.8
Non-U.S. Government Agency ABS	1.0
Short Term Investments	8.9
Total Investments	100.0	%

†Total Investments as of December 31, 2014

Portfolio Manager Commentary: For the year ended December 31, 2014, JNL/Capital Guardian Global Balanced Fund underperformed its primary benchmark by posting a return of 0.54% for Class A shares compared to 4.17% for the MSCI All Country World Index. The Fund underperformed its blended benchmark return of

2.95% for the 65% MSCI All Country World Index and 35% Barclays Global Aggregate Bond Index.

Among equities, the choice of stocks in consumer discretionary was the biggest drag on relative results. Greek toy retailer JUMBO SA (“JUMBO”) declined amid volatility in that country’s stock market, however, shares of Norwegian Cruise Line Holdings Ltd. buoyed results as falling oil prices helped fuel gains.

Stock selection in information technology weighed on results. The investment in Yandex NV was a significant detractor; continued weakness in the Russian economy hurt the nation’s leading search provider. But on the other hand, shares of Avago Technologies Ltd., the largest contributor to Fund results, rallied amid positive earnings results and higher demand for its cell phone components.

Stock selection in financials was the largest contributor to returns, particularly the investment in PICC Property & Casualty Co. Ltd. Shares of China’s largest non life insurer rose amid an increase in profits due to higher premiums and investment income. Meanwhile, shares of state controlled Sberbank of Russia tumbled as the Russian Ruble depreciated and the Russian

economy faltered amid declining oil prices and international sanctions.

Within the bond portion of the Fund, issuer/bond selection was helpful, as were currency and country allocation. A less than index exposure to the Japanese Yen and the Euro helped as the currencies tumbled versus the U.S. Dollar amid massive quantitative easing and a stronger U.S. economy. On the other hand, a greater than index stance in the Polish Zloty weighed on returns amid broad U.S. Dollar strength. Yield curve positioning and sector allocation were small detractors from relative results.

Heading into 2015, managers have positioned the Fund with a preference for equities over fixed income investments, reflecting their expectation of an improving global economy and a gradual rise in interest rates. Among equities, managers continue to favor select telecommunications services, consumer discretionary and industrials companies. In fixed income, against a backdrop of accommodative policy in Europe and Japan, the Fund has less than index exposures to the Euro and the Japanese Yen, though managers have reduced these underweights.

JNL/Capital Guardian Global Diversified Research Fund

Portfolio Composition^†:

Health Care	15.9	%
Financials	15.6
Information Technology	14.4
Consumer Discretionary	14.2
Industrials	9.6
Energy	6.1
Materials	5.4
Consumer Staples	4.9
Telecommunication Services	4.2
Utilities	1.2
Short Term Investments	8.5
Total Investments	100.0	%

†Total Investments as of December 31, 2014

Portfolio Manager Commentary: For the year ended December 31, 2014, JNL/Capital Guardian Global Diversified Research Fund underperformed its benchmark by posting a return of 2.35% for Class A shares compared to 4.17% for the MSCI All Country World Index.

Investments in consumer discretionary detracted from results, especially Hong Kong listed casino operator Wynn Macau Ltd. (“Wynn Macau”) and Greek retailer JUMBO. Shares of Wynn Macau declined on worries about slowing revenues from high stakes gamblers and JUMBO shares fell amid a weak European economy and renewed fears that Greece might exit the Eurozone.

The Fund held an underweight position in energy, which was a positive factor. However, stocks within energy, including Tullow Oil Plc and Seadrill Ltd., were among the detractors as falling oil prices and a slowing global economy hurt returns. In materials, shares of Brazilian mining firm Vale SA declined as iron ore prices continued to fall.

Investments in health care stocks were helpful on an absolute basis and relative to the index. Biotechnology firm Gilead Sciences Inc. was the largest individual contributor to returns and

shares of biotechnology firms Incyte Corp. and Receptos Inc. rallied amid investor optimism for promising new drugs under development. On the other hand, the investment in Seattle Genetics Inc. detracted as concerns rose about the biotechnology firm’s ability to keep pace with innovative new cancer treatments developed by competitors.

In information technology, shares of Avago Technologies Ltd. gained on higher sales forecasts due to the inclusion of the chipmaker’s components in Apple’s iPhone 6. Communications chipmaker Broadcom Corp. also rose as orders for chips that allow tablets and smartphones to connect to Bluetooth and wireless networks helped boost revenue. Elsewhere, American Tower Corp. was among the top contributors as the cell tower operator beat quarterly earnings expectations and raised full year guidance amid continued increases in mobile data usage.

JNL/Capital Guardian Funds (continued) Capital Guardian Trust Company (Unaudited)

JNL/Capital Guardian Global Diversified Research Fund (continued)

Despite short term worries about the pace of global economic growth, the Fund remains positioned for company specific growth in key industries, including health care and consumer

discretionary. Managers also favor select consumer discretionary companies with strong brands that can benefit from rising incomes around the world. The Fund maintains an under-

weight position in financials, especially in banking, which continues to face several challenges including regulatory pressure and weak economies in Europe and Japan.

JNL/Capital Guardian Global Balanced Fund (Class A)

Average Annual Total Returns for Class A Shares
1 Year	0.54%
5 Year	6.40%
10 Year	4.66%
Average Annual Total Returns for Class B Shares
1 Year	0.71%
5 Year	6.62%
10 Year	4.87%
Capital Guardian Trust Company assumed portfolio management responsibility on December 3, 2007.

JNL/Capital Guardian Global Diversified Research Fund (Class A)

Average Annual Total Returns
for Class A Shares

1 Year	2.35%
5 Year	9.52%
10 Year	5.73%
Average Annual Total Returns for Class B Shares
1 Year	2.53%
5 Year	9.78%
10 Year	5.97%
Capital Guardian Trust Company assumed portfolio management responsibility on December 3, 2007.

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 charges.

JNL/DFA Fund Dimensional Fund Advisors LP (Unaudited)

Market Summary: The U.S. market had positive performance in 2014, outperforming both non-US developed and emerging markets. Using the Russell 3000 Index as a proxy, U.S. markets gained 12.56%, as compared to -4.45% for the MSCI World ex USA IMI Index and -1.79% for the MSCI Emerging Markets IMI Index. Asset class returns within the Russell indexes ranged from 13.45% for large cap value stocks as measured by the Russell 1000 Value Index to 3.15% for microcap value stocks as measured by the Russell Micro Cap Value Index. The strongest performing sectors were real estate investment trusts (“REITs”) and utilities, while energy was the only sector to post a negative return for the year.

Along the market capitalization dimension, large caps, as measured by the Russell 1000 Index, outperformed small caps, as measured by the Russell 2000 Index, by 8.35% for the year.

Value stocks generally outperformed growth stocks among large cap stocks, while underperforming among small and microcaps. Using the

Russell Indexes as proxies, large cap value stocks outperformed growth stocks by 0.40% as measured by the Russell 1000 Value Index and the Russell 1000 Growth Index and the Russell Midcap Value Index outperformed the Russell Midcap Growth Index by 2.85%. Small value stocks underperformed small growth stocks by -1.38% as measured by the Russell 2000 Value Index and the Russell 2000 Growth Index.

Along the profitability dimension, the top quartile of most profitable stocks in the Russell 1000 Index, excluding REITs and utilities, outperformed the bottom quartile of least profitable stocks among large caps. Among small caps in the Russell 2000 Index, excluding REITs and utilities, the most profitable quartile underperformed the least profitable quartile. Profitability is a measure of a company’s current profits, defined as operating income before depreciation and amortization minus interest expense, scaled by book equity.

JNL/DFA U.S. Core Equity Fund

Portfolio Composition^†:

Information Technology	17.6	%
Consumer Discretionary	15.3
Industrials	13.3
Financials	12.9
Health Care	11.4
Energy	8.0
Consumer Staples	7.5
Materials	4.7
Utilities	3.2
Telecommunication Services	2.5
Short Term Investments	3.6
Total Investments	100.0	%

†Total Investments as of December 31, 2014

Portfolio Manager Commentary: The JNL/DFA U.S. Core Equity Fund underperformed its benchmark by posting a return of 9.82% for Class A shares compared to 12.56% for the Russell 3000 Index. The majority of the Fund’s underperformance came from the exclusion of REITs, and decreased exposure to large cap securities.

For the year, REITs outperformed all other sectors in the U.S. markets, with the Dow Jones US Select REIT Index returning 32.00% for the year. As a result, the Fund’s exclusion of REITs from investment contributed to underperformance. REITs are excluded by design

because research shows that over time they tend not to deliver the same premiums as other types of equities.

The Fund’s lesser allocation than the index to large cap stocks also contributed negatively to the Fund’s performance, as mega cap and large cap stocks outperformed small cap and mid cap stocks. As noted in Market Commentary, large cap stocks outperformed small cap stocks by 8.35%. Mid cap and small cap energy stocks had particularly poor performance, significantly underperforming the broader energy sector.

JNL/DFA U.S. Core Equity Fund (Class A)

Average Annual Total Returns* for Class A Shares
1 Year	9.82%
5 Year	13.36%
10 Year	5.96%
Average Annual Total Returns* for Class B Shares
1 Year	10.02%
5 Year	13.57%
10 Year	6.18%
Dimensional Fund Advisors LP assumed portfolio management responsibility on April 30, 2012.

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 charges.

*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/Eagle Fund Eagle Asset Management, Inc. (Unaudited)

Market Summary: For the year, the Russell 2000 Growth Index which was up 5.60% outpaced the Russell 2000 Value Index which was up 4.22%, led by biotech and pharmaceuticals driven performance within health care

(+19.63%) as well as solid returns generated within consumer staples (+14.85%). Energy (-32.17%) was the clear laggard for the year, as oil prices were nearly cut in half over the course of 2014.

JNL/Eagle SmallCap Equity Fund

Portfolio Composition^†:

Health Care	21.1	%
Information Technology	21.0
Consumer Discretionary	15.7
Industrials	13.0
Financials	7.4
Materials	5.3
Consumer Staples	3.6
Energy	3.3
Short Term Investments	9.6
Total Investments	100.0	%

†Total Investments as of December 31, 2014

Portfolio Manager Commentary: For the year ended December 31, 2014, JNL/Eagle SmallCap Equity Fund underperformed its benchmark by posting a return of 2.80% for Class A shares compared to 5.60% for the Russell 2000 Growth Index.

The Fund trailed most notably in healthcare and energy, while finishing ahead in materials and slightly ahead within information technology on a relative basis. The Fund’s top performing

stocks were Centene Corp., JetBlue Airways Corp., Universal Electronics Inc., Receptos Inc. and Cavium Inc. The Fund’s worst performing stocks were Geospace Technologies Corp., Natural Grocers by Vitamin Cottage Inc., Chart Industries Inc., Gulfport Energy Corp. and Cornerstone OnDemand Inc.

The Fund’s most significant sector weighting changes came from increasing exposure to financials (through purchases of MGIC Investment Corp., Enstar Group Ltd. and Fortress Investment Group LLC) and decreasing exposure to energy (through sales of Oasis Petroleum Inc. and Western Refining Inc.).

The Russell 2000 Index rebounded strongly in the fourth quarter to finish the calendar year in positive territory, fueled by continued low interest rates, strong earnings and sharply lower oil prices. We see those same factors aiding a continued advance in the first quarter of 2015. It appears global growth is slowing and the U.S. Federal Reserve will remain accommodative longer than earlier forecast. The domestic

economy looks strong with gross domestic product (“GDP”) forecast to grow about 3%. Given that backdrop, as well as the lack of attractive investment alternatives, we believe equity markets should generally remain strong. If there is weakness, it should be contained to companies with heavy exposure to foreign markets or low oil prices. Small caps have far less foreign exposure and as such should lead the market, at least in early 2015.

Within energy, we prefer companies that hold acreage positions with strong economics in the core of the Utica Shale as well as the Permian Basin.

Within materials and industrials, we favor companies benefitting from lower oil prices and those with significant exposure to the U.S. economy. Scale likely will rule as a strategy for success within healthcare in the Obamacare era. Some of our favorite themes in technology are cyber security and mobility. A strong domestic economy and sharply lower gasoline prices should benefit consumer stocks in early 2015.

JNL/Eagle SmallCap Equity Fund (Class A)

Average Annual Total Returns for Class A Shares
1 Year	2.80%
5 Year	15.15%
10 Year	8.85%
Average Annual Total Returns for Class B Shares
1 Year	3.04%
5 Year	15.38%
10 Year	9.07%

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 charges.

JNL/Eastspring Funds Eastspring Investments (Singapore) Limited (Unaudited)

Market Summary: 2014 proved to be another volatile year for Asian equities. The year started with concerns over a decelerating Chinese economy as the government attempted to rebalance the economy to focus on domestic consumption. As part of its stated reforms, the Chinese government stepped up the enforcement of its anti-corruption campaign. As a result, consumer discretionary names, particularly luxury goods and Macau gaming stocks have suffered as conspicuous consumption on the mainland was reduced.

An accelerating U.S. economy proved bittersweet for the region. While fundamentally positive for Asian exports, Asian stocks were buffeted by concerns over expectations of a rising U.S. Dollar, U.S. Federal Reserve rate hikes and competition for capital flows. Looking at Asia’s large trading partners, the U.S. economy grew over the year, Japan’s waxed and waned,

while European growth started to disappoint expectations. In this environment, Asian exports displayed modest gains.

In the emerging economies of India and Indonesia, pessimism of 2013 gave way to confidence as the market started to price in hopes for reform amid positive outcomes of the countries’ respective national elections. Reform oriented Narendra Modi and Joko Widodo were elected to lead their respective nations. The Indian and Indonesian stock markets ended the year as two of the top performing markets.

A consistent theme over 2014 was weak commodity prices. Initially observed in industrial metal and coal prices, crude oil futures succumbed to deteriorating demand supply imbalances in the middle of the year. Stock markets with a high commodity exposure such as Australia and Malaysia were hard hit.

JNL/Eastspring Investments Asia ex-Japan Fund

Portfolio Composition^†:

Financials	36.1	%
Information Technology	18.4
Consumer Discretionary	10.5
Industrials	8.1
Telecommunication Services	7.2
Energy	7.0
Materials	5.8
Consumer Staples	3.7
Utilities	2.1
Short Term Investments	1.1
Total Investments	100.0	%

†Total Investments as of December 31, 2014

Portfolio Manager Commentary: For the year ended December 31, 2014, JNL/Eastspring Investments Asia ex-Japan Fund outperformed its benchmark by posting a return of 5.66% for

Class A shares compared to 4.81% for the MSCI Asia ex-Japan Index.

Stock selection in financials was a key contributor to the Fund’s relative performance. In contrast, stock selection in consumer staples detracted from the Fund’s relative performance.

Axis Bank Ltd. (“Axis Bank”), a key contributor to the Fund’s performance, is a mid sized Indian private bank. Axis Bank’s shares rallied over the year as positive sentiment post national elections and the lender’s good quarterly results underscored its solid fundamentals. The bank’s capital position remains healthy and stands it in good stead to benefit from an economic recovery in India.

The off benchmark investment in Standard Chartered Plc (“Standard Chartered”) detracted from performance. Standard Chartered has been

a negative contributor due to the market’s concern over the bank’s declining profitability and asset quality. The Fund retains its active weight in the lender on account of attractive relative valuations of its shares relative to the market.

The Fund’s new investments over the year include Sun Hung Kai Properties Ltd., KT Corp. and Housing Development Finance Corp. Investments in Cheung Kong Holdings Ltd., Oil & Natural Gas Corp. Ltd. and ICICI Bank Ltd. were exited in 2014.

At the end of 2014, China and Korea were the Fund’s top overweight markets; Taiwan and Malaysia were the top underweight markets. The Fund’s top positive positions included China Merchants Bank Co. Ltd., KT Corp. and China Merchants Holdings International Co. Ltd.

JNL/Eastspring Investments China-India Fund

Portfolio Composition^†:

Financials	30.7	%
Information Technology	13.6
Energy	13.3
Industrials	9.1
Consumer Discretionary	9.0
Telecommunication Services	7.7
Materials	4.9
Consumer Staples	3.2
Health Care	2.6
Utilities	1.7
Short Term Investments	4.2
Total Investments	100.0	%

†Total Investments as of December 31, 2014

Portfolio Manager Commentary: For the year ended December 31, 2014, JNL/Eastspring Investments China-India Fund outperformed its primary benchmark by posting a return of 11.40% for Class A shares compared to 7.96% for the MSCI China Index. The Fund underperformed its blended benchmark return of 16.02% for the 50%

MSCI China Index and 50% MSCI India Index.

Stock selection in Indian financials and industrials emerged a key contributor to the Fund’s overall relative performance in 2014. Security selection in Indian health care and energy and Chinese consumer discretionary hurt the Fund’s performance the most.

Indian mortgage lender LIC Housing Finances Ltd. (“LIC”) was the top contributor to the Fund in 2014. LIC outperformed the benchmark as shares rose in line with the strength of the financial sector, supported by expectations of further policy easing. The portfolio manager likes the stock for its strong earnings growth, low asset quality risks and attractive valuation.

Wumart Stores Inc. (“Wumart”), a non benchmark Chinese retailer, emerged as a key detractor from the Fund’s relative performance. Shares of the retail chain store operator have been weighed down by the threat of e-commerce, rise in labor cost, low inflation environment and the impact of China’s anti-corruption drive. We

remain positive about Wumart’s leading market share in Beijing. It has a strong free cash flow yield and the stock is trading cheaply versus peers.

The Fund established positions in Housing Development Finance Corp., Coal India Ltd., Adani Ports and Special Economic Zone, Sesa Sterlite Ltd. and China Merchants Holdings International Co. Ltd. in 2014. Positions in Oil India Ltd., Hindalco Industries Ltd., China Shanshui Cement Group Ltd., Ranbaxy Laboratories Ltd. and Ping An Insurance Group Co. of China Ltd. were liquidated during the year.

The Fund has an underweight position in China and India but more so the former than the latter. Consumer discretionary was the sector where the Fund was most overweight while consumer staples was the biggest underweight. China Pacific Insurance Group Co. Ltd. and Tata Motors Ltd. were the top positive positions in 2014.

JNL/Eastspring Funds (continued) Eastspring Investments (Singapore) Limited (Unaudited)

JNL/Eastspring Investments Asia ex-Japan Fund (Class A)

Average Annual Total Returns for Class A Shares
1 Year	5.66%
5 Year	2.74%
Since Inception	-0.73%
(Inception date December 3, 2007)
Average Annual Total Returns for Class B Shares
1 Year	5.98%
5 Year	2.96%
Since Inception	-0.51%
(Inception date December 3, 2007)

JNL/Eastspring Investments China-India Fund (Class A)

Average Annual Total Returns for Class A Shares
1 Year	11.40%
5 Year	2.52%
Since Inception	-1.90%
(Inception date December 3, 2007)
Average Annual Total Returns for Class B Shares
1 Year	11.67%
5 Year	2.73%
Since Inception	-1.70%
(Inception date December 3, 2007)

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 charges.

JNL/Franklin Templeton Funds Templeton Global Advisors Limited (Unaudited)

Market Summary: The global economy grew moderately during 2014. U.S. economic growth accelerated while growth rates in much of the rest of the world declined. The U.S. Federal Reserve ended its asset purchase program in October while keeping interest rates low. The UK economy grew relatively well, but Eurozone economic growth remained subdued. The European Central Bank reduced its main interest rate and implemented an asset purchase program. Japan’s economy entered a recession and the Bank of Japan expanded its stimulus measures. Global developed market stocks advanced overall during the year amid a generally accommodative monetary policy environment and continued strength in corporate earnings.

In several emerging markets (“EM”), economic growth generally moderated. EM stocks overall fell for the year, amid headwinds such as soft domestic demand, weak exports, plummeting crude oil prices, regional geopolitical tensions and concerns about possible U.S. interest rate increases. Many EM currencies depreciated against the U.S. Dollar, leading several central banks to raise interest rates seeking to support their currencies. Several other central banks lowered interest rates to promote economic growth. Gold prices ended the year lower amid benign global inflation and a strong U.S. Dollar.

JNL/Franklin Templeton Global Growth Fund

Portfolio Composition^†:

Financials	20.6	%
Health Care	16.0
Consumer Discretionary	12.2
Energy	10.0
Industrials	9.8
Information Technology	8.0
Telecommunication Services	6.4
Materials	4.3
Consumer Staples	2.9
Short Term Investments	9.8
Total Investments	100.0	%

†Total Investments as of December 31, 2014

Portfolio Manager Commentary: For the year ended December 31, 2014, JNL/Franklin Templeton Global Growth Fund underperformed its benchmark by posting a return of -2.36% for Class A shares compared to 4.94% for the MSCI World Index.

2014 was challenging in global equity markets as an early period of normalization and recovery

gave way to retrenchment and significant divergence between the robust U.S. economy and more anemic international economies. However, the U.S.’s attractive mix of defensive and pro cyclical characteristics came at a cost. The price to book multiple of U.S. stocks relative to global peers neared all time highs at year end and measures of normalized earnings were also elevated. Despite the Fund’s underweighting in the U.S. detracting from relative results, we continued to find selective bottom-up opportunities in this deep and diverse market and stock selection in the U.S. contributed to relative performance.

An overweighting and stock selection in Europe detracted from relative performance as the delicate progress made stabilizing the banking system, enacting necessary budget reforms and preparing for further monetary stimulus failed to meaningfully restore corporate confidence or revive lending activity. Concerns about Europe, along with worries about a slowing China and destabilized Russia, made European equities

cheap on nearly all normalized valuation metrics. Such valuations seemed overly pessimistic for a diverse corporate sector composed of high quality, globally relevant companies with attractive dividend yields and significant scope for earnings recovery.

In terms of sectors, overweighted energy stocks comprised several of the Fund’s biggest laggards. Energy stocks were historically cheap following a period of sustained pressure on sector fundamentals and, most recently, a major oil price correction. As energy companies improved capital allocation and refocused on shareholder returns, we continued to find what we considered were long term bargains in the sector. On the other hand, even weighted consumer discretionary stocks outperformed.

During the year, the U.S. Dollar appreciated against most foreign currencies, which also hurt the Fund’s performance because investments in securities with non U.S. currency exposure lost value as the U.S. Dollar rose.

JNL/Franklin Templeton Global Growth Fund (Class A)

Average Annual Total Returns for Class A Shares
1 Year	-2.36%
5 Year	9.33%
Since Inception	2.54%
(Inception date January 16, 2007)
Average Annual Total Returns for Class B Shares
1 Year	-2.23%
5 Year	9.53%
Since Inception	2.75%
(Inception date January 16, 2007)

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 charges.

JNL/Franklin Templeton Funds Franklin Advisers, Inc. (Unaudited)

Market Summary: The global economy grew moderately during 2014. U.S. economic growth accelerated while growth rates in much of the rest of the world declined. The U.S. Federal Reserve ended its asset purchase program in October while keeping interest rates low. The UK economy grew relatively well, but Eurozone economic growth remained subdued. The European Central Bank reduced its main interest rate and implemented an asset purchase program. Japan’s economy entered a recession and the Bank of Japan expanded its stimulus measures. Global developed market stocks advanced overall during the year amid a generally accommodative monetary policy environment and continued strength in corporate earnings. In several emerging markets (“EM”), economic growth generally moderated. China’s growth moderated during the year, but the country’s economy did

not face a “hard landing” and did not have a major impact on global aggregate demand. EM stocks overall fell for the year, amid headwinds such as soft domestic demand, weak exports, plummeting crude oil prices, regional geopolitical tensions and concerns about possible U.S. interest rate increases. We continued to see differentiation among specific EM economies; some had healthy current account and fiscal balances with strong export driven economies, while others struggled with deficits and economic imbalances. Many EM currencies depreciated against the U.S. Dollar, leading several central banks to raise interest rates seeking to support their currencies. Several other central banks lowered interest rates to promote economic growth. Gold prices ended the year lower amid benign global inflation and a strong U.S. Dollar.

JNL/Franklin Templeton Global Multisector Bond Fund

Portfolio Composition^†:

Government Securities	57.3	%
Financials	6.5
Consumer Discretionary	2.6
Energy	2.0
Telecommunication Services	1.4
Materials	1.1
Health Care	0.9
Industrials	0.8
Utilities	0.4
Consumer Staples	0.4
Information Technology	0.4
Short Term Investments	26.2
Total Investments	100.0	%

†Total Investments as of December 31, 2014

Portfolio Manager Commentary: For the year ended December 31, 2014, JNL/Franklin Templeton Global Multisector Bond Fund underperformed its benchmark by posting a return of -0.45% for Class A shares compared to 0.48% for the Barclays Multiverse Bond Index.

The Fund’s currency exposures contributed to its performance relative to the benchmark, while

interest rate strategies and sovereign and corporate credit positions detracted. As part of the Fund’s investment strategy, we used currency forward contracts to hedge or gain exposure to various currencies. Underweighted, net negative positioning in the Euro and the Japanese Yen, through the use of currency forwards, contributed to relative performance during the year as these currencies depreciated against the U.S. Dollar. However, currency positions in Latin America and Asia ex Japan detracted from relative return, as did certain peripheral European currencies positioned against the Euro. The Fund maintained a short duration position relative to its benchmark. Select underweighted duration exposures in Europe detracted from relative performance, as did underweighted duration exposure in the U.S.

The Fund purchased investment grade and sub investment grade hard currency denominated sovereign debt that typically compensates for greater credit risk by offering higher yields relative to U.S. Treasury and European benchmark bonds. In addition to purchasing global government bonds, the Fund also invested in

credit. Overall, the Fund’s sovereign and corporate credit exposures detracted from relative performance. In particular, the Fund’s overweighted allocation to sub investment grade sovereign credit and high yield corporate credit detracted from relative performance.

The core of our strategy remained seeking to position ourselves to navigate a rising rate environment. Thus, we continued to maintain short portfolio duration while aiming at a negative correlation with U.S. Treasury rates. We also actively sought opportunities that could potentially offer positive real yields without taking undue interest rate risk. We favored countries that we believe have solid underlying fundamentals and policymakers who have been proactive regarding fiscal, monetary and financial policy. We augmented this positioning with select opportunities in emerging markets and with a number of currency strategies.

JNL/Franklin Templeton Income Fund

Portfolio Composition^†:

Energy	17.7	%
Utilities	13.8
Consumer Discretionary	10.4
Materials	9.7
Financials	8.5
Information Technology	7.4
Health Care	6.8
Industrials	6.7
Telecommunication Services	6.6
Consumer Staples	2.6
Short Term Investments	9.8
Total Investments	100.0	%

†Total Investments as of December 31, 2014

Portfolio Manager Commentary: For the year ended December 31, 2014, JNL/Franklin Templeton Income Fund underperformed its primary benchmark by posting a return of 3.19% for Class A Shares compared to 5.97% for the Barclays U.S. Aggregate Bond Index. The Fund also underperformed its blended benchmark

return of 9.85% for the 50% S&P 500 Index and 50% Barclays U.S. Aggregate Bond Index.

During 2014, equities performed well driven by modest earnings growth and U.S. economic and employment growth. Utilities stocks were buoyed by declining long term interest rates and stable returns and growth generated by many electric and multi utilities. Individual utilities contributors included electric and natural gas company PG&E Corp. and integrated utility Duke Energy Corp. Semiconductor giant Intel Corp. largely benefited from improved demand for personal computers. Financials holdings Wells Fargo & Co. and Bank of America Corp. helped results largely because of improved loan growth.

Equity detractors were concentrated in energy and materials due largely to greater supply and reduced demand for commodities. Collapsed crude oil prices weighed on share prices for oil related companies, particularly BP Plc – ADR, Chevron Corp. and Cobalt International Energy Inc., a new holding. Within materials, our holdings

in mining companies such as Rio Tinto Plc – ADR, BHP Billiton Plc and Freeport-McMoRan Copper & Gold Inc. hindered performance.

The primary contributor to fixed income returns was the favorable environment for long term interest rates. The decline in long term interest rates during the year enabled many high yield corporate bonds to generate positive total returns. Communications holdings Charter Communications Inc. and Cablevision Systems Corp. benefited from demand for video and data services and iHeart Communications, Inc. improved its liquidity and financial positioning. Technology positions were led by First Data Corp. and Freescale Semiconductor Inc.

Many fixed income energy companies were hurt by lower commodity prices. Investor concerns regarding the long term viability of highly leveraged producers weighed on Energy XXI Gulf Coast Inc., Samson Investment Co. and Sandridge Energy Inc. Basic industry holdings,

JNL/Franklin Templeton Funds (continued) Franklin Advisers, Inc. (Unaudited)

JNL/Franklin Templeton Income Fund (continued)

particularly those engaged in coal mining, slumped as reduced demand pressured pricing. Among these, Peabody Energy Corp., Alpha

Natural Resources Inc. and Arch Coal Inc. detracted from results.

Although the Fund was more weighted toward equities at year end, the underperformance of fixed income and wider spreads enabled the Fund to purchase corporate bonds, mainly in communications and electric utilities.

JNL/Franklin Templeton Global Multisector Bond Fund (Class A)

Average Annual Total Returns* for Class A Shares
1 Year	-0.45%
Since Inception	6.80%
(Inception date December 12, 2011)
Average Annual Total Returns* for Class B Shares
1 Year	-0.24%
Since Inception	7.01%
(Inception date December 12, 2011)

JNL/Franklin Templeton Income Fund (Class A)

¹  Effective April 28, 2014, the Fund changed its primary benchmark from the S&P 500 Index to the Barclays U.S. Aggregate Bond Index because the Barclays U.S. Aggregate Bond Index better reflects the Fund’s primary investment objective to maximize income while maintaining prospects for capital appreciation.

Average Annual Total Returns for Class A Shares
1 Year	3.19%
5 Year	8.80%
Since Inception	5.51%
(Inception date May 1, 2006)
Average Annual Total Returns for Class B Shares
1 Year	3.37%
5 Year	9.00%
Since Inception	5.72%
(Inception date May 1, 2006)

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 charges.

*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/Franklin Templeton Funds Franklin Templeton Institutional, LLC (Unaudited)

Market Summary: The global economy grew moderately during 2014. U.S. economic growth accelerated while growth rates in much of the rest of the world declined. The U.S. Federal Reserve ended its asset purchase program in October while keeping interest rates low. The UK economy grew relatively well, but Eurozone economic growth remained subdued. The European Central Bank reduced its main interest rate and implemented an asset purchase program. Japan’s economy entered a recession, and the Bank of Japan expanded its stimulus measures. Global developed market stocks advanced overall during the year amid a generally accommodative monetary policy environment and continued strength in corporate earnings.

In several emerging markets (“EM”), economic growth generally moderated. EM stocks overall fell for the year, amid headwinds such as soft domestic demand, weak exports, plummeting crude oil prices, regional geopolitical tensions and concerns about possible U.S. interest rate increases. Many EM currencies depreciated against the U.S. Dollar, leading several central banks to raise interest rates seeking to support their currencies. Several other central banks lowered interest rates to promote economic growth. Gold prices ended the year lower amid benign global inflation and a strong U.S. Dollar.

JNL/Franklin Templeton International Small Cap Growth Fund

Portfolio Composition^†:

Industrials	28.4	%
Financials	23.6
Consumer Discretionary	19.6
Consumer Staples	8.4
Materials	4.6
Information Technology	3.7
Health Care	1.7
Energy	0.9
Utilities	0.1
Investment Companies	0.3
Short Term Investments	8.7
Total Investments	100.0	%

†Total Investments as of December 31, 2014

Portfolio Manager Commentary: For the year ended December 31, 2014, JNL/Franklin Templeton International Small Cap Growth Fund underperformed its benchmark by posting a return of -9.42% for Class A shares compared to -4.95% for the MSCI EAFE Small Cap Index.

Performance relative to the benchmark benefited from the Fund having no energy exposure as that sector underperformed resulting from falling oil prices. A few financials positions con-

tributed to relative performance, including insurers Fairfax Financial Holdings Ltd. (Canada) and Direct Line Insurance Group Plc (“Direct Line”) (U.K.), both of which are not part of the index. Valmet Corp. (“Valmet”), a Finnish technology provider to the energy and paper industries, also boosted performance. In contrast, stock selection and underweightings in industrials and consumer staples hindered relative performance, including positions such as outsourcing and technology consultant Serco Group Plc (“Serco”) (U.K.) and alcoholic beverage producer C&C Group Plc (Ireland). Stock selection in consumer discretionary weighed on performance, including the Fund’s position in French boat manufacturer Beneteau SA.

Exposure to Canada, which is not part of the index, an overweighting in the U.S., no exposure to Australia and Norway, and positioning in Belgium aided relative performance. In contrast, stock selection in Japan and Europe, particularly in the UK, France and Ireland, hurt relative performance. An underweighting in Denmark and no exposure to New Zealand also weighed on relative returns. During the year, the U.S. Dollar

appreciated against most foreign currencies, which also hurt the Fund’s performance because investments in securities with non U.S. currency exposure lost value as the U.S. Dollar rose.

New purchases included Kennedy Wilson Europe Real Estate Plc, a UK listed REIT, and Valmet and Serco, mentioned above. The Fund added to its position in TNT NV, among others. The Fund eliminated its position in JUMBO SA after strong returns and share price appreciation in recent years. The Fund also sold positions in Direct Line, also mentioned above, and in Experian Plc, given concerns about its future growth prospects.

During 2014, we felt Europe’s weakness was likely exacerbated by geopolitical tensions in Russia and Ukraine. We believe stocks in Europe generally have been cheap, corporate earnings have recovery potential and support remains from reforms, monetary easing, a weaker Euro and lower oil prices. Overall, we will seek to use intermittent price weakness for opportunistic bargain hunting across diverse markets for companies we believe offer strong risk/reward profiles over the next five years.

JNL/Franklin Templeton International Small Cap Growth Fund (Class A)

Average Annual Total Returns for Class A Shares
1 Year	-9.42%
5 Year	9.52%
Since Inception	1.27%
(Inception date December 3, 2007)
Average Annual Total Returns for Class B Shares
1 Year	-9.22%
5 Year	9.73%
Since Inception	1.49%
(Inception date December 3, 2007)
Franklin Templeton Institutional, LLC assumed portfolio management responsibility on 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 do not reflect the deduction of insurance charges.

JNL/Franklin Templeton Funds Franklin Mutual Advisers, LLC (Unaudited)

Market Summary: The global economy grew moderately during 2014. U.S. economic growth trends were generally encouraging as economic activity expanded. The U.S. Federal Reserve Board ended its asset purchase program in October while keeping interest rates low. The UK economy grew relatively well, but Eurozone economic growth remained subdued. The European Central Bank reduced its main interest rate and implemented an asset purchase program. Japan’s economy entered a recession and the Bank of Japan expanded its stimulus measures. Global developed market stocks advanced overall during the year amid a generally accommodative monetary policy environment and continued strength in

corporate earnings. In several emerging markets (“EM”), economic growth generally moderated. EM stocks overall fell for the year, amid headwinds such as soft domestic demand, weak exports, plummeting crude oil prices, regional geopolitical tensions and concerns about possible U.S. interest rate increases. Many EM currencies depreciated against the U.S. Dollar, leading several central banks to raise interest rates seeking to support their currencies. Several other central banks lowered interest rates to promote economic growth. Gold prices ended the year lower amid benign global inflation and a strong U.S. Dollar.

JNL/Franklin Templeton Mutual Shares Fund

Portfolio Composition^†:

Financials	19.3	%
Health Care	14.1
Consumer Discretionary	12.8
Information Technology	12.4
Consumer Staples	10.3
Energy	9.2
Materials	4.2
Industrials	4.2
Telecommunication Services	2.9
Utilities	1.7
Government Securities	0.2
Short Term Investments	8.7
Total Investments	100.0	%

†Total Investments as of December 31, 2014

Portfolio Manager Commentary: For the year ended December 31, 2014, JNL/Franklin Templeton Mutual Shares Fund underperformed its benchmark by posting a return of 7.30% for Class A shares compared to 13.69% for the S&P 500 Index.

The Fund follows our distinctive value investment approach, without regard to the benchmark 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 had a positive impact on the Fund’s performance during the year.

Top contributors to Fund performance included technology leader Apple Inc. (Apple), Israel-based Teva Pharmaceutical Industries Ltd. – ADR (“Teva”) and retailer Kroger Co. (“Kroger”). Strong iPhone sales, an enhanced share repurchase program, an increased dividend and a seven for one stock split drove Apple shares higher during the year. Teva shares benefited from the U.S. Supreme Court’s agreement to hear a patent appeal related to the company’s profitable multiple sclerosis drug, Copaxone. The delay in generic competition gave Teva the chance to convert more U.S. patients to its new Copaxone formulation and potentially retain a higher portion of the franchise once the patent expires. Kroger shares gained as the company reported strong quarterly profits and raised its fiscal year 2014 earnings outlook, driven in part by the completion of its Harris Teeter Supermarkets, Inc. acquisition in January.

In contrast, some holdings detracted from Fund performance. Key detractors included Switzerland based offshore drilling company Transocean Ltd. (“Transocean”), copper and gold

miner Freeport-McMoRan Copper & Gold Inc. (“Freeport-McMoRan”) and UK based retailer Tesco Plc (“Tesco”). Transocean shares declined as plunging oil prices in the second half of 2014 led oil companies to push back projects, left several new rigs without contracts and increased potential downtime between jobs for existing rigs. Falling commodity prices, including copper and gold, pressured Freeport-McMoRan shares in 2014. In addition, the Indonesian government’s imposition of a new mining related tax and regulatory policies and reduced production following a fatal accident at Freeport-McMoRan’s Grasberg mine hurt the share price. Tesco shares fell sharply after the company lowered profit guidance for its flagship UK operations, cut its dividend and suspended four senior executives over accounting irregularities.

At year end, equities remained the core of the Fund. At the sector level, weightings in energy, utilities and consumer staples decreased while weightings of health care, consumer discretionary and information technology holdings increased during the year. Consistent with its investment strategy, the Fund maintained some exposure to distressed debt and reorganization securities and merger arbitrage strategies.

JNL/Franklin Templeton Mutual Shares Fund (Class A)

Average Annual Total Returns for Class A Shares
1 Year	7.30%
5 Year	11.62%
Since Inception	4.00%
(Inception date January 16, 2007)
Average Annual Total Returns for Class B Shares
1 Year	7.49%
5 Year	11.86%
Since Inception	4.21%
(Inception date January 16, 2007)

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 charges.

JNL/Franklin Templeton Funds Franklin Advisory Services, LLC (Unaudited)

Market Summary: The U.S. economy continued to grow during 2014, underpinned by manufacturing activity, consumer and business spending, federal defense spending and a narrower trade deficit helped by lower oil imports. Home sales experienced some weakness resulting from reduced inventory, higher mortgage rates and tight credit requirements but began to recover in May as mortgage rates declined. Home prices stayed higher than a year earlier. Retail sales generally improved, supported by job growth and lower gasoline prices in the latter part of 2014. The unemployment rate declined to 5.6% in December 2014 from 6.7% in December 2013. Inflation, as measured by the Consumer Price Index, remained low.

In January 2014, the U.S. Federal Reserve Board (“Fed”) began reducing its bond purchases $10 billion a month and ended the buying in October. The Fed believed underlying economic strength could support ongoing

progress in labor market conditions. The Fed also noted that although inflation might remain low in the near term, the likelihood of inflation running persistently below 2% had diminished. Toward year end, the Fed stated that it could be patient with regard to raising interest rates and that the interest rate might not rise for at least a couple of meetings, possibly implying at least the first two meetings of 2015.

Investor confidence grew during the year as corporate profits rose and the economy generally strengthened. The market endured sell offs when many investors reacted to political instability in certain emerging markets, crisis in Ukraine and the Middle East, weakness in Europe and Japan and moderating economic data in China. U.S. stocks rose overall for the year as the S&P 500 Index and Dow Jones Industrial Average reached all time highs.

JNL/Franklin Templeton Small Cap Value Fund

Portfolio Composition^†:

Industrials	29.8	%
Consumer Discretionary	19.8
Materials	16.6
Financials	10.7
Energy	7.1
Health Care	4.9
Consumer Staples	2.4
Information Technology	1.8
Short Term Investments	6.9
Total Investments	100.0	%

†Total Investments as of December 31, 2014

Portfolio Manager Commentary: For the year ended December 31, 2014, JNL/Franklin Templeton Small Cap Value Fund underperformed its benchmark by posting a return of 0.15% for Class A shares compared to 7.11% for the Russell 2500 Value Index.

The Fund employs bottom-up stock selection and the managers invest without regard to benchmark comparisons.

Stock selection in information technology aided performance relative to the benchmark, while a lack of exposure to income generating sectors, such as utilities and real estate investment trusts detracted. Contributors included Trinity Industries Inc. (“Trinity”), a railcar manufacturer, which benefited from strong demand for crude oil carrying railcars caused by a surge in domestic energy production. Protective Life Corp. (“Protective”), another contributor, was the subject of an all cash takeover by Dai-ichi Life Insurance Company, Ltd. at a 34% premium to Protective’s then share price. In addition, STERIS Corp., a health care sterilization equipment manufacturer and services provider, reported strong sales and adjusted earnings growth driven by increased organic demand and prior acquisitions. Detractors included three energy related companies: Civeo Corp., Unit Corp. and Tidewater Inc. which were negatively impacted by the substantial drop in energy prices since mid 2014.

New positions included Axiall Corp., Maple Leaf Foods Inc., Minerals Technologies Inc. and

GrainCorp Ltd. The Fund added to positions including H.B. Fuller Co., Astec Industries Inc. and Carpenter Technology Corp. The Fund sold Trinity, Protective and Harman International Industries Inc. and reduced positions in Kennametal Inc., EnPro Industries Inc. and Group 1 Automotive Inc., among others. The acquisition of Schawk Inc. (“Schawk”) was announced at a 36% premium to Schawk’s then share price and the Fund sold the position before the deal was completed.

The Fund invests in small cap companies we believe are selling below their underlying worth. Our strategy is to buy and hold fundamentally sound companies for five years or more. 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 aim for long term results. We are confident that over time the market will provide opportunities to execute our strategy with success.

JNL/Franklin Templeton Small Cap Value Fund (Class A)

Average Annual Total Returns for Class A Shares
1 Year	0.15%
5 Year	14.33%
Since Inception	8.12%
(Inception date May 2, 2005)
Average Annual Total Returns for Class B Shares
1 Year	0.36%
5 Year	14.56%
Since Inception	8.33%
(Inception date May 2, 2005)

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 charges.

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

Market Summary: The S&P 500 Index declined 0.25% in December, but finished the fourth quarter up 4.93% and gained 13.69% for the year as a whole. Diverging global economies, strong merger and acquisition (“M&A”) activity, weakening oil prices and declining U.S. interest rates were major themes affecting U.S. equities throughout 2014. The U.S. economic recovery accelerated through the year, particularly compared to other developed markets, which helped fuel U.S. corporate earnings growth and strong equity returns. Furthermore, the decline in unemployment to 5.6% and lower energy prices gave new hope to the potential for a broader consumer recovery. U.S. equity market volatility picked up during the second half of the year from exceptionally low levels mid year, but the S&P 500 Index had no more than three consecutive down days during 2014, a feat not seen since 1928. M&A activity rose to its highest annual level since 2007, largely due to transactions within information technology and health care, which handily outperformed the broader market. Following the unexpected decline in U.S. interest rates, real estate investment trusts (“REITs”) and utilities also outperformed the broader market. Energy sector underperformed during 2014, as concerns over rising U.S. supply and weakening global demand triggered a collapse in U.S. and global crude oil prices.

Market activity in 2014 defied expectations, with a series of unexpected events suppressing yields despite widespread predictions that interest rates would rise as U.S. markets continued to recover from the global recession. A colder than expected winter with inclement weather led to weak first quarter economic data, causing U.S. Treasury yields to fall markedly. The housing market bounced back over the year as the weather improved, with non-agency mortgage backed securities leading a second quarter rally across most fixed income sectors. The year saw about 4% home price appreciation alongside other positive shifts in housing market indicators, suggesting a tempered but stable housing market recovery. Despite this and other strong economic data pointing to the growing health of the U.S. economy, U.S. Treasury yields continued to fall over the year. The Federal Open Market Committee raised the U.S. Federal Reserve’s (“Fed”) interest rate projections through the year as improving labor market and housing data supported a theme of domestic growth. Recent Fed statements suggest interest rate hikes will begin in June or September 2015. In a chaotic year for the

emerging markets (“EM”) space, deescalating tensions between Russia and Ukraine benefited the sector over the first quarter, but renewed conflicts in both Eastern Europe and the Middle East through the end of summer and beginning of fall led the sector to underperform over the subsequent quarters. Volatility surged in October, causing oil prices to drop nearly 50% from their June highs over the remainder of the year. Declining oil prices have been crippling for oil exporters, particularly Venezuela and Russia, but weak oil markets have been a boon to oil importing countries. In an expression of greater consumer spending power, the U.S. saw its annualized third quarter gross domestic product (“GDP”) growth revised upward from 3.9% to 5.0%.

Local EM debt returned -5.72%, as measured by JPMorgan GBI EM Global Diversified Index, in 2014, with currencies once again taking the brunt of the sell off, while rates provided a buffer. The first quarter’s returns were positive as the index returned 1.90%, comprising 0.60% from local rates and 1.30% from currency appreciation versus the U.S. Dollar. Indonesia outperformed driven by significant investment flows and strong currency performance. Russia underperformed amid escalating political tensions and the depreciating Russian Ruble. In the second quarter, the index returned 4.02%, comprising 2.16% from local rates and 1.86% from currency appreciation versus the U.S. Dollar. While EM local currency debt lagged hard currency debt performance, it remained one of the top performing fixed income asset classes. Investor sentiment towards EM improved throughout the first half of the year in a supportive environment for carry trades, characterized by low market volatility and low developed market rates.

In the third quarter, local currency debt was buffeted by a surging U.S. Dollar and declining commodity prices. The latter have suffered in part on the back of the same greenback strength and, in part, on excess supply in various commodities (e.g., wheat, soy, corn). A sell off in U.S. rates over the first half of September – while reversed towards the second half of the month – helped accelerate the U.S. Dollar rally that lasted well into month end. Fourth quarter saw the index return -5.71%, comprising 1.03% from local rates and -6.74% from currency depreciation versus the U.S. Dollar. Performance has been driven by continued foreign exchange depreciation with, in our view, disproportionate focus on the causes of the EM foreign exchange sell off.

JNL/Goldman Sachs Core Plus Bond Fund

Portfolio Composition^†:

Government Securities	36.5	%
U.S. Government Agency MBS	21.6
Financials	11.8
Non-U.S. Government Agency ABS	11.0
Consumer Discretionary	3.8
Telecommunication Services	2.3
Health Care	2.1
Energy	2.1
Consumer Staples	1.9
Industrials	0.8
Materials	0.8
Utilities	0.5
Information Technology	0.3
Short Term Investments	4.5
Total Investments	100.0	%

†Total Investments as of December 31, 2014

Portfolio Manager Commentary: For the year ended December 31, 2014, JNL/Goldman Sachs Core Plus Bond Fund underperformed its benchmark by posting a return of 5.40% for Class A shares compared to 5.97% for the Barclays U.S. Aggregate Bond Index.

Despite economic growth, a short U.S. duration position detracted from results as rates fell

over the year, triggered by periods of extreme weather, geopolitical tensions and market volatility. Our country strategy outperformed over the year, benefiting from a long Europe versus short U.S. trade and long positioning in Europe’s peripherals versus the core. Currency strategies also generated excess returns, driven by shorts in the Swiss Franc, Euro and Russian Ruble. Within cross sector positioning, overweight exposures to corporate credit and non-agency mortgage-backed securities (“MBS”) contributed to returns. Security selection drove overall outperformance, due to excess returns in the securitized sector. Non-agency mortgage asset-backed securities generated a majority of excess returns, with holdings of agency passthroughs and adjustable-rate mortgages further bolstering performance. Selections within corporate credit also added to returns, partly due to underweight exposure to longer dated maturities. Selections of emerging market debt detracted from performance, particularly due to holdings in Russia and an underweight to China. The Fund closed 2014 short U.S. duration, overweight corporate credit and underweight agency MBS.

The Fund held derivatives during the year. Derivatives allow for managing interest rate, credit and currency risks more effectively as part of hedging activity and in applying active investment views. Derivatives can offer greater versatility and efficiency, as well as allow for enhanced precision in risk management. Derivatives were used in several capacities over the year as part of the Fund’s overall investment strategy, including managing duration/yield curve and cross sector positioning.

The global economy appears to be diverging, with the U.S. enjoying strong growth as Europe cuts interest rates and battles low inflation and Japan employs added quantitative easing after realized growth fell short of modest projections. The U.S. saw GDP increase to a 5.0% annual rate during the third quarter, exceeding the expected 3.9% and marking the largest gain in more than a decade. Strong consumer spending has bolstered domestic growth, with oil prices below $50 per barrel increasing household spending power.

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

Portfolio Composition^†:

Government Securities	57.2	%
Credit Linked Structured Notes	10.1
Financials	6.7
Energy	4.7
Utilities	3.7
Industrials	3.1
Telecommunication Services	2.6
Consumer Staples	1.9
Materials	1.4
Consumer Discretionary	1.2
Short Term Investments	7.4
Total Investments	100.0	%

†Total Investments as of December 31, 2014

Portfolio Manager Commentary: For the year ended December 31, 2014, JNL/Goldman Sachs Emerging Markets Debt Fund outperformed its primary benchmark by posting a return of -4.94% for Class A shares compared to -5.72% for the JPMorgan GBI EM Global Diversified Index. The Fund underperformed its blended benchmark return of -3.09% for the 75% JPMorgan GBI EM Global Diversified Index and 25% JPMorgan CEMBI Broad Diversified Index.

Contributors to performance included overweights to Mexican, Colombian and Brazilian local rates over the year. Additionally, active currency positioning in the Euro, which we have used as a funding currency for long emerging

JNL/Goldman Sachs Emerging Markets Debt Fund

market (“EM”) positions contributed to returns, as did our tactical positioning in the Russian Ruble. Detractors included our active interest rate duration positioning. The Fund’s underweight position in the South Korean local rates detracted from results, as did an overweight to the Polish Zloty on the currency side.

Average credit rating of the Fund changed from BBB to BBB-, driven by lower allocations to U.S. Treasuries and cash. Russia entered the year with a 10% weight in the JPMorgan GBI EM Global Diversified Index. Between subsequent reduction to make room for an increased weight for Colombia and the decline in its asset prices, the country was just over 4% of the index at the end of 2014. Colombia has gone from 3.4% of the index at the end of 2013 to roughly 7.4%.

In our view, local debt at a 6.50% yield remains compelling and currencies – without ruling out further volatility in first quarter – have a year to regain composure. We believe some stability in oil prices will be key, even if at lower levels, as it will give the market the requisite breathing room to evaluate the EM landscape.

We are positioned with an overweight in the Turkish Lira and an underweight in the Colombian Peso, both trades driven by impact of lower oil prices. We have also maintained a large overweight in Brazilian local interest rates following the Presidential elections in October.

Additionally, the Fund holds an overweight exposure to the Indian Rupee following Prime Minister Modi’s election victory earlier in the year.

The Fund held derivatives during the year. We do not employ derivatives to gain leverage. The use of derivatives allows us to manage interest rate, credit and currency risks more effectively by allowing us to both hedge and apply active investment views with greater versatility. They also afford greater risk management precision. Derivatives allow us 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 gaining exposure to illiquid or high transaction cost local markets. Credit linked notes and global depositary notes provide means to gain synthetic exposure to local debt issued by emerging market countries, where investing in cash bonds is punitive for foreign investors. Credit default swaps are used to express our view on a credit and to manage credit exposure. Derivatives are used by the Fund 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.

JNL/Goldman Sachs Mid Cap Value Fund

Portfolio Composition^†:

Financials	28.4	%
Consumer Discretionary	14.4
Information Technology	11.4
Industrials	9.0
Health Care	8.7
Utilities	7.1
Consumer Staples	6.3
Materials	5.7
Energy	4.1
Short Term Investments	4.9
Total Investments	100.0	%

†Total Investments as of December 31, 2014

Portfolio Manager Commentary: For the year ended December 31, 2014, JNL/Goldman Sachs Mid Cap Value Fund underperformed its benchmark by posting a return of 13.13% for Class A shares compared to 14.75% for the Russell Midcap Value Index.

For 2014, consumer discretionary and utilities were the two largest detracting sectors from the Fund’s performance, whereas consumer staples

and materials were the two top contributing sectors. Southwestern Energy Co. and Triumph Group Inc. were the two largest detractors from performance. Green Mountain Coffee Roasters Inc. and Kroger Co. were the two top contributors.

During the year we initiated positions in Gap Inc. and CIGNA Corp. and eliminated positions in Agilent Technologies Inc. and Aetna Inc.

As we enter 2015, we continue to believe U.S. equities have further upside potential as the U.S. economy accelerates. While we acknowledge that potential headwinds remain, we ultimately remain constructive on the direction of U.S. equity markets. We are optimistic on the strengthening U.S. housing and employment markets, as well as the potential for a continued recovery in consumer spending. Consumption, which accounts for approximately 70% of U.S. GDP, could benefit from the combination of low energy prices and a strong U.S. Dollar. Furthermore, we believe that an acceleration in earnings growth could continue in the U.S. as the

country is less exposed to weaker segments of the global economy given its lower reliance on exports. We believe stock selection will be increasingly important as companies differentiate themselves on earnings growth and valuation.

Regardless of the market direction, our fundamental, bottom-up stock selection continues to drive our process, rather than headlines or sentiment. We maintain high conviction in the companies that we own and believe they have the potential to outperform relative to the broader market regardless of the growth environment. We continue to focus on undervalued companies that we believe are in control of their own future, such as innovators with differentiated products, companies with low cost structures, or ones that have been investing in their own businesses and are poised to gain market share. We maintain our discipline in identifying companies with strong or improving balance sheets, led by quality management teams, trading at discounted valuations, and remain focused on long term Fund outperformance.

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

JNL/Goldman Sachs U.S. Equity Flex Fund

Long Investments Portfolio Composition^†:

Consumer Discretionary	20.4	%
Information Technology	19.3
Financials	16.0
Health Care	13.7
Consumer Staples	8.6
Industrials	8.1
Energy	6.1
Materials	1.7
Telecommunication Services	1.6
Utilities	1.3
Short Term Investments	3.2
Total Long Investments	100.0	%

Short Investments Portfolio Composition^†:

Consumer Discretionary	23.0	%
Information Technology	22.6
Financials	15.2
Consumer Staples	9.9
Health Care	9.3
Energy	8.1
Industrials	6.5
Utilities	2.7
Materials	1.4
Telecommunication Services	1.3
Total Short Investments	100.0	%

† Total Long Investments represent 125.3% of net assets and Total Short Investments represent (24.1%) of net assets as of December 31, 2014.

Portfolio Manager Commentary: For the year ended December 31, 2014, JNL/Goldman Sachs U.S. Equity Flex Fund outperformed its benchmark by posting a return of 13.93% for Class A shares compared to 13.69% for the S&P 500 Index.

For 2014, health care and consumer staples were the Fund’s two top contributing sectors to performance, whereas consumer discretionary and industrials were the two largest detractors. Green Mountain Coffee Roasters Inc. and Kroger Co. were the two top contributors to performance. Southwestern Energy Co. and SFX Entertainment Inc. were the two largest detractors.

During the year we initiated positions in Medtronic Inc. and Cisco Systems Inc. and eliminated positions in Oracle Corp. and Textron Inc.

As we enter 2015, we continue to believe U.S. equities have further upside potential as the U.S. economy accelerates. While we acknowledge that potential headwinds remain, we ultimately remain constructive on the direction of U.S. equity markets. We are optimistic on the strengthening U.S. housing and employment markets, as well as the potential for a continued recovery in consumer spending. Consumption, which accounts for approximately 70% of U.S. GDP, could benefit from the combination of low energy prices and a strong U.S. Dollar. Furthermore, we believe that an acceleration in earnings growth could continue in the U.S. as the

country is less exposed to weaker segments of the global economy given its lower reliance on exports. We believe stock selection will be increasingly important as companies differentiate themselves on earnings growth and valuation.

Regardless of the market direction, our fundamental, bottom-up stock selection continues to drive our process, rather than headlines or sentiment. We maintain high conviction in the companies that we own and believe they have the potential to outperform relative to the broader market regardless of the growth environment. We continue to focus on undervalued companies that we believe are in control of their own future, such as innovators with differentiated products, companies with low cost structures, or ones that have been investing in their own businesses and are poised to gain market share. We maintain our discipline in identifying companies with strong or improving balance sheets, led by quality management teams, trading at discounted valuations, and remain focused on long term Fund outperformance.

JNL/Goldman Sachs Core Plus Bond Fund (Class A)

Average Annual Total Returns for Class A Shares
1 Year	5.40%
5 Year	5.15%
10 Year	4.81%
Average Annual Total Returns for Class B Shares
1 Year	5.59%
5 Year	5.33%
10 Year	5.02%
Goldman Sachs Asset Management, L.P. assumed portfolio management responsibility on April 30, 2007.

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 charges.

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

JNL/Goldman Sachs Emerging Markets Debt Fund (Class A)

Average Annual Total Returns* for Class A Shares
1 Year	-4.94%
5 Year	3.08%
Since Inception	5.36%
(Inception date October 6, 2008)
Average Annual Total Returns* for Class B Shares
1 Year	-4.73%
5 Year	3.28%
Since Inception	5.56%
(Inception date October 6, 2008)

JNL/Goldman Sachs Mid Cap Value Fund (Class A)

Average Annual Total Returns* for Class A Shares
1 Year	13.13%
5 Year	15.55%
Since Inception	9.32%
(Inception date May 2, 2005)
Average Annual Total Returns* for Class B Shares
1 Year	13.33%
5 Year	15.79%
Since Inception	9.55%
(Inception date May 2, 2005)

JNL/Goldman Sachs U.S. Equity Flex Fund (Class A)

Average Annual Total Returns for Class A Shares
1 Year	13.93%
5 Year	12.18%
Since Inception	5.22%
(Inception date January 16, 2007)
Average Annual Total Returns for Class B Shares
1 Year	14.20%
5 Year	12.40%
Since Inception	5.44%
(Inception date January 16, 2007)
Goldman Sachs Asset Management, L.P. assumed portfolio management responsibility on 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 do not reflect the deduction of insurance charges.

*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/Invesco Funds Invesco Advisers, Inc. (Unaudited)

Market Summary: The continued “good but not great” economic environment and historically low interest rates led U.S. equity markets higher during 2014. The U.S. economy continued along a slow growth path and the U.S. Federal Reserve (“Fed”) continued to reduce monthly purchases of securities (quantitative easing) throughout 2014, finally ending all purchases by October. In the early months of 2014, equity markets turned more volatile, pulling back as investors began to worry that stocks may have risen too far, too fast in 2013. Unusually cold winter weather also impacted consumers and sentiment, but only for a while and corporate earnings bounced back and were generally strong through the year. Stocks rallied through the summer, with the S&P 500 Index surpassing the 2,000 level by the end of August despite upheaval in Ukraine and signs of economic sluggishness in China. As investors wrestled with the evidence that U.S. growth appeared to be on stronger footing than the rest of the world, in mid September the price of oil began a freefall, along with U.S. equities. Despite the unknown economic impact of significantly lower oil prices for an unforeseeable period, equity markets stabilized and recovered even through a subsequent December sell off to end the year on a positive note overall.

While 2014 began on an optimistic note, global equity markets pulled back at various points in reaction to economic and geopolitical concerns. These concerns included worries about potentially negative effects of the Fed reducing the scope of its asset purchase program beginning in early 2014, an Argentine sovereign bond default and Eurozone banking concerns. Global equity markets also fell as geopolitical tensions in Ukraine and the Middle East weakened the outlook for global growth. Advanced economies such as the UK and the U.S. saw a modest but stronger rebound than Europe, where a nascent recovery has stalled. A more supportive monetary policy in the Eurozone may be positive for European equity markets, but we have yet to see evidence of any significant earnings recovery coming through. Meanwhile, the Bank of Japan remained committed to extraordinary monetary stimulus. Equity market performance in emerging mar-

kets was mixed. China continued to face headwinds and struggled to balance structural reforms with its desire to maintain satisfactory growth, while many countries in Asia, including India, Indonesia and the Philippines, experienced strong gains.

Diverging trends in economic growth and monetary policy prospects across the globe became more established in 2014. The U.S. and the UK remain on their generally positive trajectory, with further improvements noted in labor markets and domestic demand. Towards the end of the year, U.S. gross domestic product (“GDP”) growth surpassed expectations, posting the highest level of growth in five years. Conversely, weakness in continental Europe, the return of recessionary conditions in Japan, moderating growth in Australia and concerns over the growth path for China provide evidence of more challenging conditions. The deflationary impact from lower oil prices has offered the Fed scope to suggest that the zero rate for Fed funds will continue for a longer period. U.S. bond yields moved lower and more deliberate guidance from the European Central Bank regarding the prospects for quantitative easing in 2015 had the same effect on European bond yields.

Listed real estate generally outperformed broader equity markets for the year, led by U.S. real estate investment trusts (“REITs”). Fundamental trends in real estate remain generally positive. Investment demand for commercial real estate remains unabatedly strong. In weaker economies, real estate’s long term income appears relatively attractive. In stronger economies, the benefits of GDP growth and limited supply of newly developed assets are reflected in investors’ ability to build positive rental and occupancy growth into their investment underwriting. The increasing availability of debt financing is also boosting private real estate investment markets. In the listed markets, investment demand is demonstrated in continued public offerings and mergers and acquisitions activity, which included new listings in the U.S. and China and further merger activity among the German residential companies.

JNL/Invesco Global Real Estate Fund

Portfolio Composition^†:

Retail – REITS	19.2	%
Diversified – REITS	16.8
Specialized – REITS	16.0
Real Estate Operating Companies	15.6
Office – REITS	11.2
Residential – REITS	8.9
Real Estate Services	4.8
Industrial – REITS	4.0
Short Term Investments	3.5
Total Investments	100.0	%

†Total Investments as of December 31, 2014

Portfolio Manager Commentary: For the year ended December 31, 2014, JNL/Invesco Global Real Estate Fund underperformed its benchmark by posting a return of 15.03% for Class A shares compared to 15.89% for the FTSE EPRA/NAREIT Developed Real Estate Index.

Security selection in the U.S., Hong Kong and Germany were key relative contributors. An overweight in Germany and a lack of exposure in Switzerland and Spain was also beneficial. A minor allocation to cash was the largest relative detractor. Additionally, security selection and

overweight exposure in Japan, security selection in Australia and overweight exposure in Sweden also detracted.

Top contributors included AvalonBay Communities Inc. (“AvalonBay Communities”) and Health Care REIT Inc. (“Health Care”). AvalonBay Communities owns and manages distinctive apartment homes in key coastal U.S. markets and has above average earnings growth prospects. Health Care, a U.S. REIT which focuses on senior housing and medical office buildings, has an above average dividend yield and above average growth prospects relative to peers based on a combination of accretive acquisitions and results from its senior housing platform.

Top detractors were large cap Japanese real estate developer stocks Mitsui Fudosan Co. Ltd. (“Mitsui Fudosan”) and Sumitomo Realty & Development Co. Ltd. (“Sumitomo Realty & Development”). Mitsui Fudosan owns and manages office space throughout prime areas of central Tokyo, is a top tier residential developer with a well located land bank and has a growing retail mall portfolio. Sumitomo Realty &

Development is primarily focused on office buildings and housing and operates in four business segments, including property leasing and management, development and sales, construction and remodeling and real estate brokerage.

Real estate securities valuations currently appear fair by longer term standards, given a relatively attractive yield and solid, fundamentally driven earnings growth prospects. With generally healthy balance sheets and access to multiple sources of investment capital, most listed real estate companies are now focused on generating income or capital value growth. The opportunity to undertake development activity is now available to many companies who have stronger balance sheets and exposure to under supplied real estate markets. Overall, we maintain a bias toward companies with higher quality assets, supply constrained real estate markets, generally lower leveraged balance sheets, and in an environment where risk free rates may continue to modestly rise over the mid term companies with above average earnings growth prospects.

JNL/Invesco Funds (continued) Invesco Advisers, Inc. (Unaudited)

JNL/Invesco International Growth Fund

Portfolio Composition^†:

Consumer Discretionary	23.2	%
Financials	17.2
Information Technology	14.7
Industrials	9.9
Health Care	8.7
Consumer Staples	8.4
Energy	5.1
Materials	3.1
Utilities	0.7
Short Term Investments	9.0
Total Investments	100.0	%

†Total Investments as of December 31, 2014

Portfolio Manager Commentary: For the year ended December 31, 2014, JNL/Invesco International Growth Fund outperformed its benchmark by posting a return of 0.24% for Class A shares compared to -2.65% for the MSCI All Country World ex USA Growth Index.

In this environment, we continued to construct the Fund with a bottom-up approach, selecting stocks on an individual basis. Positive stock selection helped the Fund outperform the benchmark during the year.

At the sector level, stock selection in health care was the leading contributor to relative outperformance versus the benchmark. Specifically, Fund holdings in the pharmaceuticals industry contributed to relative outperformance in the sector. Stock selection and overweight exposure in information technology (“IT”) also contributed to relative performance. Stock selection in financials and stock selection along with underweight exposure to materials contributed to relative performance as well.

In broad geographic terms, Fund exposure in the European and Asia/Pacific regions were the primary driver of relative results due to strong stock selection. Top country level contributors were the UK, Singapore and Ireland. In each country stock selection was the primary driver.

In contrast, Fund holdings in consumer discretionary were the leading detractor from relative performance. Holdings in the auto components and apparel and luxury goods industries hurt relative performance. Fund exposure in consumer staples and utilities also detracted from relative performance.

Geographically, Fund exposure in Hong Kong was the largest detractor from performance versus the benchmark. Fund exposure in Germany and Canada hurt relative performance as well.

As mentioned above, stock selection in the Fund is driven by the underlying fundamentals of each individual company, not by any top-down macroeconomic views. This focus on bottom-up stock selection is the key driver of the Fund’s overall profile. The Fund ended the year with meaningful overweight exposure (relative to the style specific benchmark) to consumer discretionary, IT and health care. While the Fund had meaningful underweight exposure to materials, financials and telecommunication services.

With market volatility likely to continue for some time, our focus remains on ensuring that the Fund is comprised of high quality, reasonably valued companies capable of sustained earnings growth. We believe that this balanced earnings quality valuation focused approach may help deliver attractive returns over the long term.

JNL/Invesco Large Cap Growth Fund

Portfolio Composition^†:

Information Technology	31.4	%
Consumer Discretionary	23.8
Health Care	18.1
Industrials	7.4
Financials	4.9
Energy	4.6
Consumer Staples	3.2
Materials	2.4
Telecommunication Services	0.9
Short Term Investments	3.3
Total Investments	100.0	%

†Total Investments as of December 31, 2014

Portfolio Manager Commentary: For the year ended December 31, 2014, JNL/Invesco Large Cap Growth Fund underperformed its benchmark by posting a return of 8.33% for Class A shares compared to 13.05% for the Russell 1000 Growth Index.

The Fund outperformed its benchmark in a number of sectors due to positive stock selection, especially in consumer discretionary and health care. However, underperformance in telecommunication services and industrials offset the positive effects from other sectors.

In telecommunication services, underperformance resulted from the impact of Sprint Corp., which was the largest detractor from Fund performance during the year. Speculation about a strategic merger had been building enthusiasm in the stock for a while but during the year, merger efforts were put on hold, disappointing investors. Additionally, company management restructured pricing to make it easier for users to understand and offered incentives to attract new subscribers, both of which impacted near term revenues for the company.

In industrials, engineering and construction company Jacobs Engineering Group Inc., reported disappointing mid 2014 results, including the write off of certain European projects they had acquired through the purchase of another company. Fluor Corp., another engineering and construction company also reported growth which disappointed investor expectations and impacted performance.

The Fund outperformed by the widest margin in the consumer discretionary sector driven by positive stock selection. Lowe’s Cos. Inc.

reported continued growth in revenues and earnings through the year as well as a favorable outlook into future growth. DISH Network Corp. (“Dish”) was another solid contributor, benefitting from solid subscriber growth, industry consolidation and growing recognition of the value of Dish’s ‘downlink’ focused spectrum.

In health care, one of strongest contributors to performance was Gilead Sciences Inc. whose launch of Sovaldi as an effective treatment for the Hepatitis C virus was an enormous success. Another contributor during the year was biotechnology company Celgene Corp., which had positive developments in its cancer treatment pipeline and benefitted from favorable resolution to an intellectual property hearing.

Fund positioning at year end included a significant underweight in consumer staples where stock valuations appear elevated relative to growth prospects and more attractive stable growth stocks are available in other sectors, especially through certain consumer discretionary and health care stocks.

JNL/Invesco Funds (continued) Invesco Advisers, Inc. (Unaudited)

JNL/Invesco Mid Cap Value Fund

Portfolio Composition^†:

Financials	25.8	%
Industrials	18.1
Information Technology	12.4
Health Care	11.3
Consumer Discretionary	9.4
Energy	4.4
Materials	4.1
Utilities	3.0
Consumer Staples	2.5
Telecommunication Services	2.3
Short Term Investments	6.7
Total Investments	100.0	%

†Total Investments as of December 31, 2014

Portfolio Manager Commentary: For the year ended December 31, 2014, JNL/Invesco Mid Cap Value Fund underperformed its benchmark by posting a return of 9.25% for Class A shares compared to 14.75% for the Russell Mid Cap Value Index.

Stock selection in consumer discretionary was the largest detractor from the Fund’s relative and absolute return. Performance in the sector was driven primarily by specialty retailers, Ascena Retail Group Inc. (“Ascena”) and Express Inc. Ascena was the largest detractor, as weakness in sales at two of its store chains, Justice and Lane Bryant led to disappointing earnings. Stock selection and an underweight position in financials was another detractor from relative results. Performance was negatively impacted by the Fund’s substantial underexposure to REITs relative to the benchmark. REITs comprise a large portion of the sector within the Index, and these securities had double digit returns, outperforming both the financials sector and the overall Index. Similarly, the Fund’s underweight in utilities detracted from relative returns, as utilities was one of the best performing sectors for the year. However, the sector contained one of the Fund’s top contributors, Edison International.

In the latter half of the year, energy stocks came under pressure due to rapidly falling oil prices; however, despite a negative absolute return, stock selection within the sector was the largest positive contributor to the Fund’s relative performance. Telecommunications services also had a positive impact on performance. Within the sector, tw telecom inc. (“tw telecom”), was the Fund’s top contributor for the year. In June, Level 3 Communications Inc. entered into an agreement to acquire tw telecom at a premium, and as such, tw telecom’s stock rose sharply.

Over the course of the year, we increased exposure to information technology, financials, health care and industrials, and decreased exposure to consumer discretionary, energy, materials and consumer staples. At the end of the year, the Fund’s largest overweights versus the benchmark were in industrials and health care, while the largest underweights were in utilities and financials.

JNL/Invesco Small Cap Growth Fund

Portfolio Composition^†:

Information Technology	25.4	%
Health Care	20.1
Industrials	15.8
Consumer Discretionary	13.2
Financials	6.6
Energy	3.3
Materials	2.9
Telecommunication Services	1.4
Consumer Staples	1.3
Utilities	0.9
Short Term Investments	9.1
Total Investments	100.0	%

†Total Investments as of December 31, 2014

Portfolio Manager Commentary: For the year ended December 31, 2014, JNL/Invesco Small Cap Growth Fund outperformed its benchmark by posting a return of 7.99% for Class A shares compared to 5.60% for the Russell 2000 Growth Index.

The Fund generated a solid positive return during the year, outpacing its benchmark due to positive stock selection across most sectors. The

Fund particularly outperformed in health care, consumer discretionary and industrials. These sectors more than offset underperformance in energy, where the Fund’s modest overweight exposure impacted performance as oil prices plummeted.

The Fund outperformed by the widest margin in health care due primarily to stock selection. InterMune Inc. was the Fund’s largest contributor during the year. During the year, the biotechnology company reported positive clinical trial results which were better than expected and confirmed efficacy of their key lung disease treatment. The stock outperformed on this news and then further appreciated when the company was subsequently acquired for a significant premium. Exact Sciences Corp. also contributed to performance based on the promising outlook for adoption of their non invasive screening tool for colorectal cancer.

The Fund also outperformed in consumer discretionary due to stock selection. Top contributors in this sector included Jack in the Box Inc. which reported strong sales and earnings growth

throughout the year and Domino’s Pizza Inc., which benefitted from its investments in online and mobile technology to increase market share.

In the fall, the impact of unexpected new oil supply and decreased global demand outlooks hit oil markets simultaneously. As the commodity prices tumbled, energy stocks fell and were the worst performing sector of the index by a wide margin. The Fund underperformed in the sector primarily due to a modest overweight to energy stocks, however a few Fund stocks in particular did underperform. Oasis Petroleum Inc. and Laredo Petroleum Holdings Inc. are two exploration and production companies, both of whom are in earlier stages of converting their drilled wells into producing wells, which trailed the broader energy sector.

Positioning generally resembles the small cap growth market and is based on the investment process which keeps the Fund diversified by matching exposure to index industry groups within a moderate range and uses rigorous fundamental research to identify attractive individual stocks.

JNL/Invesco Funds (continued) Invesco Advisers, Inc. (Unaudited)

JNL/Invesco Global Real Estate Fund (Class A)

Average Annual Total Returns for Class A Shares
1 Year	15.03%
5 Year	10.74%
Since Inception	7.01%
(Inception date May 2, 2005)
Average Annual Total Returns for Class B Shares
1 Year	15.34%
5 Year	10.97%
Since Inception	7.23%
(Inception date May 2, 2005)

JNL/Invesco International Growth Fund (Class A)

Average Annual Total Returns for Class A Shares
1 Year	0.24	%
5 Year	7.62	%
10 Year	5.69	%
Average Annual Total Returns for Class B Shares
1 Year	0.49	%
5 Year	7.83	%
10 Year	6.11	%
Invesco Advisers, Inc. assumed portfolio management responsibility on December 3, 2007.

JNL/Invesco Large Cap Growth Fund (Class A)

Average Annual Total Returns for Class A Shares
1 Year	8.33	%
5 Year	13.26	%
10 Year	6.81	%
Average Annual Total Returns for Class B Shares
1 Year	8.50	%
5 Year	13.49	%
10 Year	7.03	%

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 charges.

JNL/Invesco Funds (continued) Invesco Advisers, Inc. (Unaudited)

JNL/Invesco Mid Cap Value Fund (Class A)

Average Annual Total Returns for Class A Shares
1 Year	9.25%
5 Year	12.34%
10 Year	6.35%
Average Annual Total Returns for Class B Shares
1 Year	9.47%
5 Year	12.55%
10 Year	6.49%
Invesco Advisers, Inc. assumed portfolio management responsibility on September 16, 2013.

JNL/Invesco Small Cap Growth Fund (Class A)

Average Annual Total Returns for Class A Shares*
1 Year	7.99	%
5 Year	17.19	%
10 Year	9.52	%
Average Annual Total Returns for Class B Shares*
1 Year	8.21	%
5 Year	17.42	%
10 Year	9.75	%

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 charges.

*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/Ivy Fund Ivy Investment Management Company (Unaudited)

Market Summary: U.S. equities closed a somewhat volatile year with gains after repeatedly reaching record highs in broad market indexes during the year. Global equities in general also finished the year slightly higher. Crude oil prices plunged worldwide late in the year to levels not seen since 2009 on forecasts of reduced global demand along with the Organization of the Petroleum Exporting Countries (“OPEC’s”) unwillingness to cut production. The decline pressured stocks globally and raised concerns that a sustained price tumble could stall economic growth in some regions in the coming year. Interest rates remained at historically low levels during the year. The U.S. Federal Reserve said late in the year that it is likely to hold

rates near zero at least through the first quarter of 2015, noting it would be “patient” in its approach to raising rates. The European Central Bank indicated it would consider additional monetary stimulus to support the Eurozone, but took no action by year end. Central banks in Japan and China also took easing actions to stimulate their economies. U.S. economic indicators continued to show steady growth and remained the leader among developed countries. Economic growth forecasts for Europe were revised lower late in the year and raised concerns especially about countries on the periphery.

JNL/Ivy Asset Strategy Fund

Portfolio Composition^†:

Information Technology	21.2	%
Consumer Discretionary	16.3
Financials	9.0
Precious Metals	7.5
Health Care	7.5
Energy	6.6
Industrials	6.6
Consumer Staples	5.9
Materials	1.7
Short Term Investments	17.7
Total Investments	100.0	%

†Total Investments as of December 31, 2014

Portfolio Manager Commentary: For the year ended December 31, 2014, JNL/Ivy Asset Strategy Fund underperformed its benchmark by posting a return of -4.04% for Class A shares compared to 13.69% for the S&P 500 Index.

The managers began the year with a cautious outlook given the unknown risks of an extended period of monetary policy which resulted in the reflation of asset prices. Based on this outlook, their investment process led them to use the

Fund’s flexibility to begin raising cash in 2013 and continued in 2014. They also maintained an elevated allocation to equities and viewed equity valuations as more attractive than other asset classes. They focused on increasing the Fund’s stock specific risk based on valuation spreads and factors they believed would be rewarded by the markets. This belief led to a significant overweight in consumer discretionary in the year, relative to the benchmark.

Exposure to the China focused gaming and media subsectors along with negative security selection meaningfully detracted from performance in the year. In China, a severe anticorruption campaign and decreased access to liquidity led to significant declines in gaming revenues and negatively affected the stocks. The managers reduced the weighting to the region throughout the year. They continue to believe there are investment opportunities benefitting from an increased number of emerging market consumers with rising incomes and an affinity for global brands, but think the prospects are not as numerous as has been the case historically.

Other detractors from performance compared to the benchmark were higher cash in a rising equity market; exposure to financials, particularly Japanese banks; and the Fund’s investment in gold. The managers believe holding a higher cash allocation in more volatile markets provides opportunities to benefit from mispricing in market corrections. Gold has been a long term holding in the Fund and the managers view it as a hard currency that is desirable in environments of negative real interest rates or rising inflation. Neither of those scenarios has yet developed.

Energy and telecommunications both contributed to performance relative to the benchmark. The Fund was able to outperform the benchmark in both, although both sectors were underweight in the year.

The derivatives usage through the year was relatively low and generally used to opportunistically increase exposure to equities. The contribution to performance from derivatives was virtually flat during the year.

JNL/Ivy Asset Strategy Fund (Class A)

Average Annual Total Returns for Class A Shares
1 Year	-4.04%
5 Year	7.16%
Since Inception	7.62%
(Inception date September 28, 2009)
Average Annual Total Returns for Class B Shares
1 Year	-3.80%
5 Year	7.36%
Since Inception	7.81%
(Inception date September 28, 2009)

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 charges.

JNL/JPMorgan Funds J.P. Morgan Investment Management, Inc. (Unaudited)

Market Summary: Despite a bumpy ride, U.S. equity markets were able to extend their gains in the fourth quarter. The S&P 500 Index fell 5.49% in the quarter’s first two weeks, reaching a low of 1,862.49 on October 15 as investors feared that signs of a sharp reversal in the German economic outlook would increase the likelihood of the Eurozone falling back in recession. November was the strongest month of the quarter as investors focused on another record quarterly earnings season. Volatility again returned in early December as concerns over the fierce decline in crude oil prices, the collapse of Russian equity markets and its currency and increasing political uncertainty in Greece triggered another sell off. Crude oil prices plummeted during the quarter, with crude oil futures falling 41.3%. Currently, there are no real signs that the supply/demand dynamics for crude will change quickly. While U.S. producers have announced lower capital spending plans, oil production is expected to increase into next year. The world’s major oil producing nations, such as Saudi Arabia, Russia and others, are continuing to reiterate their opposition to output reductions.

While investors grapple with deflation worries in Europe, moderating growth in China and skepticism about Japan’s ability to accelerate its economy, the U.S. expansion continues. Economic releases were quite robust in December as November vehicle sales and payroll employment exceeded expectations. The current strength of the U.S. economy was also confirmed as the final estimate of U.S. third quarter gross domestic product was an annualized rate of 5.0%, higher than the second estimate of 3.9%. As the dust settled, large cap stocks as represented by the S&P 500 Index gained 4.93%. Small cap stocks staged an impressive rebound as the Russell 2000 Index rose 9.73%

Investors entered the year with the widely held expectations of higher Treasury yields in 2014. Despite those expectations, longer maturity yields actually declined, helping all U.S. fixed income sectors produce positive total returns in 2014. A combination of lingering doubts about the domestic economy, concern over weaker global growth and a series of geopolitical quasi crises elevated Treasury prices and depressed U.S. yields for most of the year. The spread between two and 10-year Treasuries finished the year at 1.50%, down -116 basis points (“bps”) from the end of 2013. In addition, increasingly accommodative monetary policy from the Bank of Japan

(“BOJ”) and European Central Bank (“ECB”) likely contributed to an 8.2% rise in the U.S. Dollar since June. After an expansion of its balance sheet since 2008 of over $3.5 trillion, the U.S. Federal Reserve (“Fed”) ended its asset purchase program (third round of quantitative easing) and concluded that the costs of further balance sheet expansion outweigh the additional benefits to the broader economy. All told, 2014 was a good year for U.S. Dollar denominated assets. Both bonds and equities generally did well, although key commodities sold off, underscoring market concerns about global growth.

Volatility continued to vex equity markets as 2014 came to a close. In Japan, the BOJ expanded its own bond buying program and the Abe government announced it would delay a second increase in the national sales tax. ECB President Mario Draghi confirmed the bank’s intention to grow its balance sheet and possibly broaden its asset purchase program to include the purchase of government bonds. China cut interest rates. Strong economic numbers and corporate profit data in the U.S. provided additional fuel for the bounce back. The Fed promised to exercise patience in raising interest rates – this despite a surprisingly strong 5% jump in third quarter gross domestic product and the lowest unemployment rate in over six years. A similar scenario appears to be playing out in the UK, where, despite nearly five consecutive years of economic growth and the lowest unemployment rate since late 2008, the Bank of England has kept its base rate unchanged.

Energy performed poorly as new supplies, the Saudis’ refusal to curb production and weaker than expected demand in Asia and Europe caused oil prices to plummet to their lowest level in half a decade. In contrast, consumer discretionary stocks fared well on the back of expectations that lower energy prices would fuel consumer spending.

Emerging markets in aggregate fared only slightly worse than their developed counterparts although there was significant dispersion between markets. China posted a decent gain as monetary authorities cut rates and adopted other measures designed to boost lending in an effort to reinvigorate the economy. In contrast, more commodity dependent economies, such as Russia and Brazil suffered, weighed down by sharp declines of certain commodities, most notably oil and iron ore.

JNL/JPMorgan International Value Fund

Portfolio Composition^†:

Financials	30.8	%
Consumer Discretionary	13.5
Health Care	8.5
Industrials	8.0
Energy	8.0
Telecommunication Services	7.3
Materials	6.4
Consumer Staples	6.1
Information Technology	4.9
Utilities	4.0
Short Term Investments	2.5
Total Investments	100.0	%

†Total Investments as of December 31, 2014

Portfolio Manager Commentary: For the year ended December 31, 2014, JNL/JPMorgan International Value Fund underperformed its benchmark by posting a return of -10.54% for Class A shares compared to -5.39% for the MSCI EAFE Value Index.

Stock selection in telecommunication services and property detracted from relative returns,

while stock selection in transportation services and consumer cyclical and consumer non durable added value. Regionally, the combination of stock selection and an underweight in the Pacific Rim, as well as stock selection in continental Europe had a negative impact. Emerging markets exposure was the only contributor.

At the stock level, Electrolux AB (‘Electrolux”), the Swedish appliance maker, was a strong performer. The company boosted earnings for a third straight quarter. Operating income rose a higher than expected 29% year over year in the third quarter, fuelled by strong demand in the U.S., ongoing cost cuts that are boosting margins in Europe and a better product mix. Electrolux has spent a decade restructuring its business, enabling the company to improve margins and cash flow despite weak demand in Europe. A deal with Home Depot allowed the company to expand its presence in the U.S., taking advantage of the strong U.S. economy. We continue to like the company, which is in the midst of acquir-

ing General Electric’s (“GE”) appliance business, a good fit for Electrolux. The deal would also generate significant synergies and create a $400-$500 million tax shield for the company, and keep GE’s appliance business away from Chinese competitors, which could be negative for industry pricing

On the downside, BG Group Plc (“BG Group”), the UK oil and gas producer, detracted from performance. Energy stocks in general struggled as oil prices fell to their lowest levels in five years. For BG Group, those pressures were exacerbated by ongoing disappointment with the company’s production. BG Group has a highly attractive portfolio of assets, but the pace at which the company developed them has proven frustrating and a major reason the CEO left the company. The long term underlying story for BG Group, however, remains positive. Projects in Brazil and Australia are starting to come online and should boost the company’s bottom line in the coming years.

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

JNL/JPMorgan MidCap Growth Fund

Portfolio Composition^†:

Information Technology	23.1	%
Consumer Discretionary	19.4
Industrials	16.2
Health Care	14.0
Financials	10.3
Energy	4.0
Materials	2.8
Consumer Staples	2.4
Short Term Investments	7.8
Total Investments	100.0	%

†Total Investments as of December 31, 2014

Portfolio Manager Commentary: For the year ended December 31, 2014, JNL/JPMorgan MidCap Growth Fund underperformed its benchmark by posting a return of 11.19% for

Class A shares compared to 11.90% for the Russell Midcap Growth Index.

In the first half of 2014, the Fund outperformed its benchmark; however, this was followed by a more challenging second half for relative returns. For the full year, stock selection in technology and materials and processing were the largest contributors, while stock selection within consumer discretionary and energy detracted. Overweight positions in Delta Air Lines Inc. and Illumina Inc. were top contributors during the year, while overweight positions in Laredo Petroleum Holdings Inc. and GameStop Corp. were top detractors.

We believe the overall outlook for growth, and the Fund remains positive, supported by strengthening company fundamentals. The

Fund maintains exposure to pure secular growth and pro cyclical growth opportunities; however, the areas of the market where we are finding opportunity have changed compared to a year ago. Coming into 2014, the Fund carried overweight exposures to consumer discretionary, financial services and producer durables. The Fund has since reduced exposure to these areas as we have uncovered more attractive opportunities elsewhere. The Fund has incrementally added to exposures in technology, materials and processing and health care as a result. Technology and health care are the two largest overweight exposures in the Fund, while consumer staples and consumer discretionary are the largest underweights.

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

Portfolio Composition^†:

U.S. Government Agency MBS	45.4	%
Government Securities	40.2
Non-U.S. Government Agency ABS	3.5
Financials	2.1
Consumer Staples	0.2
Health Care	0.2
Utilities	0.2
Energy	0.1
Industrials	0.1
Information Technology	0.1
Telecommunication Services	0.1
Short Term Investments	7.8
Total Investments	100.0	%

†Total Investments as of December 31, 2014

Portfolio Manager Commentary: For the year ended December 31, 2014, JNL/JPMorgan U.S. Government & Quality Bond Fund out-

performed its benchmark by posting a return of 5.40% for Class A shares compared to 4.92% for the Barclays U.S. Government Bond Index.

In 2014, the support of accommodative central banks, investors’ appetite for yield and an improving U.S economy drove performance for spread sectors, except for corporate bonds. The Fund’s allocation in the securitized sector was a positive for performance, as the sector outpaced comparable duration Treasuries by 44 bps. Within the securitized sector, the Fund’s allocation in mortgage backed securities (“MBS”), commercial mortgage backed securities (“CMBS”) and asset backed securities (“ABS”) helped performance during the year. The Fund’s slight allocation to corporates was a slight detractor from returns, as the sector trailed duration neutral Treasuries by -48 bps. The Fund’s duration and yield curve positioning was a net negative for performance,

as the Fund ended the year overweight in the belly of the curve (5-10 years), underweight in the 20 plus year bucket, and held a slightly shorter duration posture versus the index.

The Fund’s overweight in spread sectors contributed to performance over the year, as Treasuries trailed most spread sectors, particularly in securitized sectors, such as MBS, CMBS and ABS. The Fund’s shorter duration posture and yield curve weighting relative to index detracted from performance.

At year end, a little less than half of the Fund was invested in residential mortgages. Approximately 28% of the Fund was invested in Treasury securities, with a small portion of this allocation to Treasury inflation protected securities. The Fund had approximately 7% in money markets. The remainder of the Fund was invested in ABS, CMBS and agency debt securities, as well as credit.

JNL/JPMorgan International Value Fund (Class A)

Average Annual Total Returns for Class A Shares
1 Year	-10.54%
5 Year	3.60%
10 Year	4.21%
Average Annual Total Returns for Class B Shares
1 Year	-10.28%
5 Year	3.80%
10 Year	4.44%

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 charges.

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

JNL/JPMorgan MidCap Growth Fund (Class A)

Average Annual Total Returns for Class A Shares
1 Year	11.19%
5 Year	16.76%
10 Year	8.27%
Average Annual Total Returns for Class B Shares
1 Year	11.40%
5 Year	16.79%
10 Year	8.39%
J.P. Morgan Investment Management Inc. assumed portfolio management responsibility on December 3, 2007.

JNL/JPMorgan U.S. Government & Quality Bond Fund (Class A)

Average Annual Total Returns for Class A Shares
1 Year	5.40%
5 Year	4.44%
10 Year	4.44%
Average Annual Total Returns for Class B Shares
1 Year	5.61%
5 Year	4.65%
10 Year	4.64%
J.P. Morgan Investment Management Inc. assumed portfolio management responsibility on April 30, 2007.

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 charges.

JNL/Lazard Fund Lazard Asset Management LLC (Unaudited)

Market Summary: The geopolitical situations in Ukraine and in Greece combined with the effects of weaker commodity prices, and in particular, a collapse in the price of crude oil in the fourth quarter, dominated returns in emerging markets in 2014. The MSCI Emerging Markets Index fell by 2.19%, with markets in eastern Europe sustaining the largest declines, decreasing by almost 37.59% as measured by the MSCI Emerging Markets Eastern Europe Index. A feature of 2014, which also was characteristic of the previous year, was U.S. Dollar strength against many other currencies as the U.S. economy performed strongly and investors anticipated higher U.S. interest rates.

Because of the tense geopolitical situation between the European Union, the United States, and Russia over Ukraine, as well as the fall in crude oil prices, the Russian equity market declined by -48.54% during the year as measured by the MSCI Russia Index. Following Ukrainian President Yanukovich’s decision to flee the country in February, Russia engineered an annexation of Crimea from Ukraine and then supported pro-Russian forces, mostly located in the eastern regions of the country. In July, a commercial jet, mostly filled with European passengers, was shot down as it flew above Ukrainian airspace. This hardened attitudes in Europe towards Russia and caused the European Union to join the United States in imposing several layers of sanctions. Although these issues pressured Russian equities, it took until the fourth quarter for a full panic to occur in the Russian market, caused by sharply lower crude oil prices. Brent crude oil prices sank from approximately $93 to about $58 during the quarter, affecting the Russian Ruble which collapsed from around 39 Rubles per U.S. Dollar to approximately 60 Rubles per U.S. Dollar. Signs of consumer panic occurred as individuals were eager to dollarize deposits and buy durable goods in order to preserve wealth. Other markets in the same proximity, most notably Hungary, where several of the largest companies have eastern European businesses, fell considerably given the regional economic effects. Independently, a surprise election was called by President Samaras in Greece and the market tumbled as the threat of a victory by Syriza, a coalition of the radical left which may pursue an exit from the European Union, concerned investors. Turkey and Egypt were bright spots in 2014. Turkish markets performed well despite an ongoing battle between President Erdogan and the Gulen movement, and because of the economic benefits it

should enjoy from lower prices of crude oil imports. Egyptian equities were aided by less instability following the military takeover and election of General el-Sisi as president. South African shares, despite its commodity-sensitive economy, registered a modestly positive return even with a languishing economy.

Most Latin American equity markets declined during the year as the effects of lower commodity prices, especially oil, were felt. The biggest decline occurred in Colombia due to the country’s large energy company exposure. However, the Brazilian market also suffered, given Petroleo Brasileiro SA – ADR’s large index weight. Chilean stocks fell amid copper and currency weakness earlier in the year. Shares in Mexico were less harmed because of its trade relationship with the United States but still suffered towards year end due to the economy’s high sensitivity to crude oil price tax revenues. Peruvian stocks were the region’s star performer, rising by more than 10.52% as measured MSCI Peru Index, aided by the ongoing resilience of the economy.

Asian markets were the regional exception and generated a positive return during the year, primarily due to the relatively low commodity exposure of the region. Several markets, most notably India and Indonesia, recorded very strong returns due to election victories of popular but credible leaders. Philippine equities also generated strong performance as its economy continued to act positively. Thai stocks finished higher following the military removal of Prime Minister Yingluck Shinawatra after she attempted to pardon her brother, former Prime Minister Thaksin Shinawatra, and despite concerns in December about King Bhumibol Adulyadej’s health. Taiwanese equities were aided by the country’s strong macroeconomic conditions while Chinese shares, despite a slowing economy, were helped towards year end by sharply declining energy prices. Given its energy production role, Malaysian shares performed poorly in 2014, declining by more than 10.66%.

Health care companies were, by far, the best performing sector in 2014. Financials and information technology also had good returns. Materials stocks fell by almost 19.58% as measured by the MSCI Emerging Markets Materials Index and the energy sector collapsed by over 26.81% as measured by MSCI Emerging Markets Energy Index, dwarfing all other sector movements.

JNL/Lazard Emerging Markets Fund

Portfolio Composition^†:

Financials	27.4	%
Information Technology	19.7
Telecommunication Services	8.8
Energy	8.7
Consumer Staples	8.7
Consumer Discretionary	7.3
Industrials	6.6
Materials	4.3
Health Care	0.6
Utilities	0.5
Short Term Investments	7.4
Total Investments	100.0	%

†Total Investments as of December 31, 2014

Portfolio Manager Commentary: For the year ended December 31, 2014, JNL/Lazard Emerging Markets Fund underperformed its benchmark by posting a return of -5.26% for Class A shares compared to -2.19% for the MSCI Emerging Markets Index.

Axis Bank Ltd. and Punjab National Bank, both Indian banks, increased on the back of strong returns and expectation that post the Modi

election win in India, the economy will rebound and thus reduce credit costs for the banking sector and improve returns. Shares of Taiwan Semiconductor Manufacturing Co., a Taiwanese semiconductor company, increased as the company announced impressive sales results. Bank Mandiri Persero Tbk PT, an Indonesian bank, reported good quarterly results. Shares of Telekomunikasi Indonesia PT – ADR, an Indonesian telecommunication services company, performed well on the back of good execution and expectations for an uplift in average revenues per unit and data penetration growth. Stock selection in information technology and materials and in India and Brazil also helped performance. In addition, a higher than index exposure to Indonesia added value.

Stock selection in Russia, hurt performance. A higher than index exposure to Russia significantly detracted from returns. Sberbank of Russia –  ADR performed poorly as plummeting oil prices and severe weakness in the Russian Ruble resulted in significant macroeconomic concerns. Mobile Telesystems OJSC – ADR, a Russian

telecommunication services company, was negatively affected by the collapsing Russian Ruble and from investor concerns regarding the parent company Sistema’s legal battle with the government in relation to dividends earned from its subsidiary Bashneft OAO. Shares of Pacific Rubiales Energy Corp., a Canadian energy company with assets primarily in Colombia and Latin America, declined given the company’s sensitivity to the recent collapse on oil prices. Gazprom OAO –  ADR, a Russian gas company, was negatively affected by the recent plummet in oil prices and the Russian Ruble and from negative Russian sentiment following increased sanctions from the West. Shares of MegaFon OAO – GDR, a Russian telecommunication services company, were also negatively affected by the collapsing Russian Ruble.

We remain bullish on the outlook for emerging markets equities over the short, medium and long term. We believe that valuations are not excessive in all scenarios other than for dropping prices in a global recession.

JNL/Lazard Fund (continued) Lazard Asset Management LLC (Unaudited)

JNL/Lazard Emerging Markets Fund (Class A)

Average Annual Total Returns* for Class A Shares
1 Year	-5.26%
5 Year	2.80%
Since Inception	4.19%
(Inception date May 1, 2006)
Average Annual Total Returns* for Class B Shares
1 Year	-5.02%
5 Year	3.04%
Since Inception	4.40%
(Inception date May 1, 2006)

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 charges.

*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/Mellon Capital Funds Mellon Capital Management Corporation (Unaudited)

Market Summary: U.S. stocks rose for the sixth straight year, with the S&P 500 Index rising 13.69% and closing near record levels. Equities were aided by the strengthening U.S. economy, the liquidity provided by the U.S. Federal Reserve’s (“Fed”) quantitative easing program, and the Fed’s promise to keep interest rates low. Small cap stocks underperformed both mid cap and large cap stocks, with the Russell 2000 Index rising 4.89%. Value stocks outperformed growth at the large and mid cap levels. Nine of ten S&P 500 Index economic sectors rose, led by utilities and health care, while energy fell over -7.79%.

U.S. fixed income markets had a strong year, as the Barclays U.S. Aggregate Bond Index returned 5.97%. The U.S. bond market confounded expectations during 2014 by producing solid gains, led by the long dated Treasury bonds. A measured tapering of the Fed’s quantitative easing pro-

gram combined with promises from the Fed to keep interest rates low for a considerable period helped bond prices rise. The yield of the 30-year U.S. Treasury bond declined from 3.96% at the end of 2013 to 2.75%, while the yield on the 10-year U.S. Treasury note also fell sharply, from 3.04% at the close of 2013 to 2.17% at the end of 2014.

International markets also gained during the year on a local basis as markets were bolstered by central bank stimulus in the Euro area and Japan. The MSCI EAFE Index gained 5.92% on a local basis, but declined -4.90% in U.S. Dollar terms as the U.S. Dollar rallied. On a local basis relative to the MSCI EAFE Index, Denmark (+20.7%) and Belgium (+18.6%) were the best performers, while Japan rose 9.5%. Germany (+2.1%) and France (+2.6%) both underperformed, while the worst performers were Portugal (-29.47%) and Austria (-20.0%).

JNL/Mellon Capital Emerging Markets Index Fund

Portfolio Composition^†:

Financials	28.4	%
Information Technology	17.0
Consumer Discretionary	9.0
Consumer Staples	7.7
Materials	7.6
Energy	7.4
Telecommunication Services	7.2
Industrials	6.5
Utilities	3.2
Health Care	2.1
Short Term Investments	3.9
Total Investments	100.0	%

†Total Investments as of December 31, 2014

Portfolio Manager Commentary: For the year ended December 31, 2014, JNL/Mellon

Capital Emerging Markets Index Fund underperformed its benchmark by posting a return of -3.69% for Class A shares compared to -2.19% for the MSCI Emerging Markets Index. Fund performance tends to differ from that of its benchmark due to the Fund’s operating and management expenses.

The Fund seeks to match the performance and overall characteristics of the MSCI Emerging Markets Index in a risk controlled and cost effective manner. Since the Fund is an index fund, its portfolio manager is not selecting specific securities to own but is trying to match the Fund’s overall weightings to the MSCI Emerging Markets Index weightings, while minimizing transactions costs.

Largest contributors to and detractors from the Fund’s performance: Taiwan Semiconductor Manufacturing Co. Ltd. (+26.0%) and Naspers Ltd. (+25.2%) contributed 0.6% and 0.3%, respectively, to the Fund’s return while Sberbank Russia (-70.3%) and Gazprom OAO (-48.6%) detracted -0.6% and -0.6%, respectively, from the Fund’s return. China (+12.1%) and India (+24.6%) contributed 1.4% and 1.4%, respectively, to the Fund’s return while Russia (-46.4%) and South Korea (-11.1%) detracted -2.7% and -1.6%, respectively, from the Fund’s return. Information technology (+10.1%) and financials (+5.6%) contributed 1.6% and 1.3%, respectively, to the Fund’s return while energy (-26.9%) and materials (-19.6%) detracted -2.8% and -1.7%, respectively, from the Fund’s return.

JNL/Mellon Capital European 30 Fund

Portfolio Composition^†:

Financials	19.1	%
Utilities	19.0
Industrials	12.0
Consumer Staples	10.7
Telecommunication Services	10.4
Consumer Discretionary	10.3
Energy	7.6
Health Care	3.8
Investment Companies	0.2
Short Term Investments	6.9
Total Investments	100.0	%

†Total Investments as of December 31, 2014

Portfolio Manager Commentary: For the year ended December 31, 2014, JNL/Mellon

Capital European 30 Fund outperformed its benchmark by posting a return of -3.40% for Class A shares compared to -6.18% for MSCI Europe Index.

The investment objective of the Fund is to provide capital appreciation. The Fund is a buy and hold strategy which seeks to achieve its objective by investing at least 80% of its assets in the common stock of 30 companies selected from the MSCI Europe Index. The 30 companies are selected annually on the stock selection date which was in January 2014.

Largest contributors to and detractors from the Fund’s performance: Belgacom SA (+22.9%) and Scottish & Southern Energy Plc (+13.3%)

contributed 0.9% and 0.6%, respectively, to the Fund’s return while Tesco Plc (-46.8%) and Lundin Petroleum AB (-25.8%) detracted -1.3% and -0.8%, respectively, from the Fund’s return. Switzerland (+9.8%) and Belgium (+7.1%) contributed 1.2% and 0.5%, respectively, to the Fund’s return while France (-10.9%) and Sweden (-12.5%) detracted -1.2% and -1.1%, respectively, from the Fund’s return. Telecommunication services (+10.3%) and consumer discretionary (+9.0%) contributed 0.9% and 0.8%, respectively, to the Fund’s return while energy (-20.3%) and consumer staples (-15.6%) detracted -2.0% and -1.9%, respectively, from the Fund’s return.

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

JNL/Mellon Capital Pacific Rim 30 Fund

Portfolio Composition^†:

Industrials	26.1	%
Financials	14.9
Utilities	14.1
Consumer Staples	11.3
Telecommunication Services	7.7
Energy	7.4
Materials	5.6
Consumer Discretionary	3.3
Investment Companies	2.2
Short Term Investments	7.4
Total Investments	100.0	%

†Total Investments as of December 31, 2014

Portfolio Manager Commentary: For the year ended December 31, 2014, JNL/Mellon

Capital Pacific Rim 30 Fund outperformed its benchmark by posting a return of 3.21% for Class A shares compared to -2.70% for the MSCI Pacific Index. The investment objective of the Fund is to provide capital appreciation.

The Fund is a buy and hold strategy which seeks to achieve its objective by investing under normal circumstances at least 80% of its assets in the common stock of 30 companies selected from the MSCI Pacific Index. The 30 companies are selected annually on the stock selection date which was in January 2014.

Largest contributors to and detractors from the Fund’s performance: Caltex Australia Ltd. (+62.2%) and PCCW Ltd. (+53.2%) contributed 2.0% and 1.8%, respectively, to the Fund’s return

while Metcash Ltd. (-45.1%) and Nippon Steel Corp. and Sumitomo Corp. (-24.3%) detracted -1.3% and -0.7%, respectively, from the Fund’s return. Hong Kong (+17.5%) and Singapore (+11.8%) contributed 2.8% and 1.8%, respectively, to the Fund’s return while the U.S. (-4.4%), the Fund’s only detractor, detracted -0.1% from the Fund’s return. Energy (+31.7%) and telecommunication services (+33.9%) both contributed 2.04% to the Fund’s return while materials (-1.4%) and utilities (-0.8%) both detracted -0.1% from the Fund’s return.

JNL/Mellon Capital S&P 500 Index Fund

Portfolio Composition^†:

Information Technology	18.5	%
Financials	15.5
Health Care	13.7
Consumer Discretionary	11.5
Industrials	9.9
Consumer Staples	8.9
Energy	7.9
Utilities	3.1
Materials	2.9
Telecommunication Services	2.1
Short Term Investments	6.0
Total Investments	100.0	%

†Total Investments as of December 31, 2014

Portfolio Manager Commentary: For the year ended December 31, 2014, JNL/Mellon Capital S&P 500 Index Fund underperformed its benchmark by posting a return of 13.07% for Class A shares compared to 13.69% for the S&P 500 Index. Fund performance tends to differ from that of its benchmark due to the Fund’s operating and management expenses.

The Fund is constructed to mirror the S&P 500 Index to provide long term capital growth and its investment objective is to match the performance of the index. Since the Fund is an index fund, its portfolio manager is not selecting specific secu-

rities to own but is trying to match the Fund’s overall weightings to the S&P 500 Index weightings, while minimizing transactions costs.

Largest contributors to and detractors from the Fund’s performance: Apple Inc. (+37.7%) and Microsoft Corp. (+24.2%) contributed 1.20% and 0.5%, respectively, to the Fund’s return while Amazon.com Inc. (-22.2%) detracted -0.2% from the Fund’s return. Information technology (+19.9%) and health care (+25.3%) contributed 3.7% and 3.3%, respectively, to the Fund’s return while energy (-7.5%), the only detractor, detracted -0.6% from the Fund’s return.

JNL/Mellon Capital S&P 400 MidCap Index Fund

Portfolio Composition^†:

Financials	21.1	%
Information Technology	16.2
Industrials	14.4
Consumer Discretionary	12.7
Health Care	9.5
Materials	6.8
Utilities	4.5
Energy	3.9
Consumer Staples	3.2
Telecommunication Services	0.1
Short Term Investments	7.6
Total Investments	100.0	%

†Total Investments as of December 31, 2014

Portfolio Manager Commentary: For the year ended December 31, 2014, JNL/Mellon

Capital S&P 400 MidCap Index Fund underperformed its benchmark by posting a return of 9.23% for Class A shares compared to 9.77% for the S&P MidCap 400 Index. Fund performance tends to differ from that of its benchmark due to the Fund’s operating and management expenses.

The Fund is constructed to mirror the S&P MidCap 400 Index to provide long term capital growth by investing in equity securities of medium capitalization weighted domestic corporations and its investment objective is to match the performance of the index. Since the Fund is an index fund, its portfolio manager is not selecting specific securities to own but is trying to match

the Fund’s overall weightings to the S&P 400 MidCap Index weightings, while minimizing transactions costs.

Largest contributors to and detractors from the Fund’s performance: Skyworks Solutions Inc. (+154.6%) and Green Mountain Coffee Roasters Inc. (+52.8%) contributed 0.6% and 0.4%, respectively, to the Fund’s return while 3D Systems Corp. (-64.6%) and Cree Inc. (-48.5%) detracted -0.4% and -0.3%, respectively, from the Fund’s return. Financials (+14.9%) and health care (+23.6%) contributed 3.5% and 2.1%, respectively, to the Fund’s return while energy (-24.6%), the only detractor, detracted -1.3% from the Fund’s return.

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

JNL/Mellon Capital Small Cap Index Fund

Portfolio Composition^†:

Financials	21.5	%
Information Technology	15.3
Health Care	13.0
Industrials	12.7
Consumer Discretionary	12.5
Materials	4.1
Utilities	3.1
Energy	3.1
Consumer Staples	3.0
Telecommunication Services	0.7
Short Term Investments	11.0
Total Investments	100.0	%

†Total Investments as of December 31, 2014

Portfolio Manager Commentary: For the year ended December 31, 2014, JNL/Mellon

Capital Small Cap Index Fund underperformed its benchmark by posting a return of 4.65% for Class A shares compared to 4.89% for the Russell 2000 Index. Fund performance tends to differ from that of its benchmark due to the Fund’s operating and management expenses.

The Fund is constructed to mirror the Russell 2000 Index to provide long term growth of capital by investing in equity securities of small to mid size domestic companies and its investment objective is to match the performance of the index. Since the Fund is an index fund, its portfolio manager is not selecting specific securities to own but is trying to match the Fund’s overall weightings to the Russell 2000 Index weightings, while minimizing transactions costs.

Largest contributors to and detractors from the Fund’s performance: InterMune Inc. (+401.6%) and RF Micro Devices Inc. (+221.5%) contributed 0.4% and 0.2%, respectively, to the Fund’s return while Energy XXI Bermuda Ltd. (-88.0%), Civeo Corp. (-83.9%), and Chart Industries Inc. (-64.2%) all detracted -0.1% from the Fund’s return. Health care (+19.1%) and financials (+9.0%) contributed 2.7% and 2.2%, respectively, to the Fund’s return. There were no sectors that detracted from the Fund’s return.

JNL/Mellon Capital International Index Fund

Portfolio Composition^†:

Financials	24.5	%
Industrials	12.0
Consumer Discretionary	11.7
Health Care	10.5
Consumer Staples	10.4
Materials	7.2
Energy	5.3
Telecommunication Services	4.8
Information Technology	4.6
Utilities	3.7
Short Term Investments	5.3
Total Investments	100.0	%

†Total Investments as of December 31, 2014

Portfolio Manager Commentary: For the year ended December 31, 2014, JNL/Mellon

Capital International Index Fund underperformed its benchmark by posting a return of -6.08% for Class A shares compared to -4.90% for the MSCI EAFE Index. Fund performance tends to differ from that of its benchmark due to the Fund’s operating and management expenses.

The Fund is constructed to mirror the MSCI EAFE Index to provide long term capital growth by investing in international equity securities and attempting to match the characteristics of each country within the index. The Fund’s investment objective is to match the performance of the index. Since the Fund is an index fund, its portfolio manager is not selecting specific securities to own but is trying to match the Fund’s overall weightings to the MSCI EAFE Index weightings, while minimizing transactions costs.

Largest Contributors and detractors from the Fund’s performance: Novartis AG (+16.1%) and AstraZeneca Plc (+20.0%) contributed 0.2% and 0.1%, respectively, to the Fund’s return while BHP Billiton Ltd. (-29.3%) and SoftBank Corp. (-31.3%) both detracted -0.2% from the Fund’s return. Hong Kong (+5.0%) and Israel (+22.8%) both contributed 0.1% to the Fund’s return while Japan (-4.1%) and the UK (-6.1%) both detracted -1.1% from the Fund’s return. Health care (+6.0%) and utilities (+3.8%) contributed 0.5% and 0.1%, respectively, to the Fund’s return while financials (-5.6%) and energy (-18.7%) detracted -1.5% and -1.2%, respectively, from the Fund’s return.

JNL/Mellon Capital Bond Index Fund

Portfolio Composition^†:

Government Securities	39.9	%
U.S. Government Agency MBS	28.6
Financials	9.6
Energy	3.0
Non-U.S. Government Agency ABS	2.3
Health Care	2.2
Consumer Discretionary	2.1
Utilities	1.8
Consumer Staples	1.5
Industrials	1.5
Information Technology	1.3
Telecommunication Services	1.3
Materials	1.1
Short Term Investments	3.8
Total Investments	100.0	%

†Total Investments as of December 31, 2014

Portfolio Manager Commentary: For the year ended December 31, 2014, JNL/Mellon Capital Bond Index Fund underperformed its benchmark by posting a return of 5.61% for Class A shares compared to 5.97% for the Barclays

U.S. Aggregate Bond Index. Fund performance tends to differ from that of its benchmark due to the Fund’s operating and management expenses.

The Fund is constructed utilizing a combination of stratified sampling, characteristics matching and replication in order to match the key performance driving characteristics of the Barclays U.S. Aggregate Bond Index. The Fund’s investment objective is to match the performance of the Barclays U.S. Aggregate Bond Index.

The U.S. bond market confounded expectations during 2014 by producing solid gains, led by the long dated Treasury bonds. A measured tapering of the Fed’s quantitative easing program combined with promises from the Fed to keep interest rates low for a considerable period helped bond prices rise. The U.S. economy picked up steam during 2014. U.S. gross domestic product (“GDP”) growth rebounded from a weak first quarter GDP with two strong quarters; 4.6% annualized growth in the second quarter and 5.0% in the third quarter.

On the monetary policy front, the Fed finally phased out its asset purchase program at the October meeting, though the central bank continues to reinvest principal and interest payments of its current portfolio. At its December meeting, the Federal Open Market Committee also kept the language about leaving interest rates at the current levels for a “considerable time”, and at the same time shifted down the end of 2015 distribution of likely policy rates.

Returns for the year were driven by the decrease in rates across the maturity spectrum. Within the index, excess returns over duration neutral treasuries were positive on all major indices with the exception of the corporate sector. The yield of the 30-year U.S. Treasury bond declined from 3.96% at the end of 2013 to 2.75%, while the yield on the 10-year U.S. Treasury note also fell sharply, from 3.04% at the close of 2013 to 2.17% at the end of 2014. The total return of the long Treasury sector of the index rose 25.07% for the year as measured by Barclays Long U.S. Treasury Index, while the Treasury

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

JNL/Mellon Capital Bond Index Fund (continued)

sector rose 5.05% as measured by the Barclays U.S. Treasury Bond Index. The corporate sector outperformed Treasuries, rising 7.46% as measured by Barclays U.S. Corporate Investment

Grade Index, with long corporates rising 15.73% as measured by Barclays U.S. 10+ Year Corporate Index. Within corporates, utilities rose 11.45%, industrials gained 7.60%, with financials

trailing somewhat with a gain of 6.16%. The securitized sector rose 5.88%, with mortgage backed securities gaining 6.11% as measured by Barclays U.S. Corporate Investment Grade Index.

JNL/Mellon Capital Global Alpha Fund

Portfolio Composition^†:

Purchased Options	6.6	%
Short Term Investments††	93.4
Total Investments	100.0	%

  †Total Investments as of December 31, 2014

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

Portfolio Manager Commentary: For the year ended December 31, 2014, JNL/Mellon Capital Global Alpha Fund underperformed its primary benchmark by posting a return of -1.34% for Class A shares compared to 0.02% for the Citigroup 1-Month Treasury Bill Index. The Fund also underperformed its other benchmark return of 0.79% for the HFRX Absolute Return Index.

The investment objective of the Fund is to seek total return. The Fund normally invests in instruments that provide investment exposure to global equity, bond and currency markets, and in fixed income securities. The Fund’s investments will be focused among the major developed capital markets of the world, such as the United States, Canada, Japan, Australia and Western Europe. The Fund ordinarily invests in at least three countries.

The Fund seeks to achieve investment exposure to global equity, bond and currency markets primarily through long and short positions in futures, options and forward contracts, which should enable the Fund’s portfolio managers to implement investment decisions quickly and cost effectively. The Fund uses futures and options as a substitute for long and short investments in conventional securities and currencies. The Fund also invests in fixed income securities, such as bonds, notes (including structured notes) and money market instruments, to provide exposure to bond markets and for liquidity and income. The Fund also may use such derivatives as part of a hedging strategy or for other purposes related to the management of the Fund.

For 2014, the currency component contributed alpha while the stock/bond component detracted. In the currency component the Fund’s long position in the U.S. Dollar and short positions in the Euro and Swiss Franc were the main driver of the returns. The U.S. Dollar outperformed on the strength of the U.S. economy relative to other developed economies, while further stimulus from the European Central Bank and the Swiss economy falling into a recession hurt the Euro and Franc. The stock/bond component, which consisted of a long position in global equities and

a short position global bonds, was slightly negative as global equities underperformed global bonds. The MSCI World Index (in local terms) rose 9.81% versus a gain of 14.56% for the Citigroup WGBI (5+ local). The cross country equity and bond components were flat. In the cross country bond component gains from a short position in Japan were offset by losses from a short in Germany and a long in the U.S. In the cross country equity component, our short position in UK stocks contributed positive alpha, but the gains were offset from a long position in Germany.

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 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.

JNL/Mellon Capital Dow Jones U.S. Contrarian Opportunities Index Fund

Portfolio Composition^†:

Information Technology	21.9	%
Consumer Discretionary	18.2
Industrials	15.2
Financials	13.4
Health Care	13.0
Energy	5.1
Materials	3.3
Consumer Staples	3.2
Short Term Investments	6.7
Total Investments	100.0	%

 †Total Investments as of December 31, 2014

Portfolio Manager Commentary: For the year ended December 31, 2014, JNL/Mellon Capital Dow Jones U.S. Contrarian Opportunities

Index Fund underperformed its benchmark by posting a return of 6.69% for Class A shares compared to 7.41% for the Dow Jones U.S. Contrarian Opportunities Index. Fund performance tends to differ from that of its benchmark due to the Fund’s operating and management expenses.

The Fund is constructed to mirror the Dow Jones U.S. Contrarian Opportunities Index to systematically measure the performance of stocks that lag behind the broader market in terms of recent performance, but that outrank their peers based on fundamentals and other qualitative criteria. The Fund’s investment objective is to match the performance of the index. Since the Fund is an index fund, its

portfolio manager is not selecting specific securities to own but is trying to match the Fund’s overall weightings to the Dow Jones U.S. Contrarian Opportunities Index weightings, while minimizing transactions costs.

Largest contributors to and detractors from the Fund’s performance: Southwest Airlines Co. (+124.6%) and Strayer Education Inc. (+115.5%) both contributed 0.8% to the Fund’s return while Corinthian Colleges Inc. (-90.6%) and ITT Educational Services Inc. (-74.9%) detracted -0.8% and -0.7%, respectively, from the Fund’s return. Information technology (+13.9%) and health care (+24.1%) contributed 3.8% and 2.8%, respectively, to the Fund’s return while energy (-26.2%) detracted -3.3% from the Fund’s return.

JNL/Mellon Capital Utilities Sector Fund

Portfolio Composition^†:

Utilities	96.1	%
Short Term Investments	3.9
Total Investments	100.0	%

 †Total Investments as of December 31, 2014

Portfolio Manager Commentary: For the year ended December 31, 2014, JNL/Mellon Capital Utilities Sector outperformed its benchmark by posting a return of 26.20% for Class A shares compared to 25.74% for the MSCI USA

IMI Utilities Index. Fund performance tends to differ from that of its benchmark due to the Fund’s operating and management expenses.

The investment objective of the Fund is total return through capital appreciation and dividend

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

JNL/Mellon Capital Utilities Sector Fund (continued)

income. The Fund seeks to achieve its objective by utilizing a replication investment approach, called indexing, which attempts to replicate the investment performance of an index that measures the performance of the utilities sector of the U.S. equity market. Prior to September 15, 2014, the Fund replicated the Dow Jones U.S. Utilities Index, which served as the Fund’s benchmark. Effective September 15, 2014, the Fund changed its benchmark to the MSCI USA IMI Util-

ities Index and began replicating the MSCI USA IMI Utilities Index. For each period, the Fund invested under normal circumstances at least 80% of its assets in the stocks in the respective index in proportion to their market capitalization weighting in that index. Since the Fund is an index fund, its portfolio manager is not selecting specific securities to own but is trying to match the Fund’s overall weightings to the index weightings, while minimizing transactions costs.

Largest contributors to and detractors from the Fund’s performance: Duke Energy Corp. (+21.1%) and NextEra Energy Inc. (+24.1%) contributed 2.1% and 1.8%, respectively, to the Fund’s return while MDU Resources Group Inc. (-23.7%) and AES Corp. (-5.1%) detracted -0.2% and -0.1%, respectively, from the Fund’s return. Utilities (+27.3%) and energy (+8.0%), the only sectors in the Fund, contributed 27.2% and 0.2%, respectively, to the Fund’s return.

JNL/Mellon Capital Emerging Markets Index Fund (Class A)

Average Annual Total Returns* for Class A Shares
1 Year	-3.69%
Since Inception	-0.44%
(Inception date August 29, 2011)
Average Annual Total Returns* for Class B Shares
1 Year	-3.54%
Since Inception	-0.25%
(Inception date August 29, 2011)

JNL/Mellon Capital European 30 Fund (Class A)

Average Annual Total Returns for Class A Shares
1 Year	-3.40%
5 Year	5.34%
Since Inception	7.59%
(Inception date October 6, 2008)
Average Annual Total Returns for Class B Shares
1 Year	-3.26%
5 Year	5.56%
Since Inception	7.80%
(Inception date October 6, 2008)

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 charges.

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

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

JNL/Mellon Capital Pacific Rim 30 Fund (Class A)

Average Annual Total Returns for Class A Shares
1 Year	3.21%
5 Year	7.61%
Since Inception	9.08%
(Inception date October 6, 2008)
Average Annual Total Returns for Class B Shares
1 Year	3.42%
5 Year	7.82%
Since Inception	9.31%
(Inception date October 6, 2008)

JNL/Mellon Capital S&P 500 Index Fund (Class A)

Average Annual Total Returns* for Class A Shares
1 Year	13.07%
5 Year	14.80%
10 Year	7.03%
Average Annual Total Returns* for Class B Shares
1 Year	13.30%
5 Year	15.05%
10 Year	7.25%

JNL/Mellon Capital S&P 400 MidCap Index Fund (Class A)

Average Annual Total Returns for Class A Shares
1 Year	9.23%
5 Year	15.97%
10 Year	9.08%
Average Annual Total Returns for Class B Shares
1 Year	9.50%
5 Year	16.21%
10 Year	9.29%

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 charges.

*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/Mellon Capital Funds (continued) Mellon Capital Management Corporation (Unaudited)

JNL/Mellon Capital Small Cap Index Fund (Class A)

Average Annual Total Returns for Class A Shares
1 Year	4.65%
5 Year	15.20%
10 Year	7.26%
Average Annual Total Returns for Class B Shares
1 Year	4.85%
5 Year	15.41%
10 Year	7.46%

JNL/Mellon Capital International Index Fund (Class A)

Average Annual Total Returns for Class A Shares
1 Year	-6.08%
5 Year	4.75%
10 Year	3.87%
Average Annual Total Returns for Class B Shares
1 Year	-5.82%
5 Year	4.97%
10 Year	4.08%

JNL/Mellon Capital Bond Index Fund (Class A)

Average Annual Total Returns for Class A Shares
1 Year	5.61%
5 Year	3.84%
10 Year	4.05%
Average Annual Total Returns for Class B Shares
1 Year	5.75%
5 Year	4.03%
10 Year	4.25%

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 charges.

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

JNL/Mellon Capital Global Alpha Fund (Class A)

Average Annual Total Returns for Class A Shares*
1 Year	-1.34%
5 Year	0.81%
Since Inception	0.54%
(Inception date September 28, 2009)
Average Annual Total Returns for Class B Shares*
1 Year	-0.96%
5 Year	1.03%
Since Inception	0.77%
(Inception date September 28, 2009)

JNL/Mellon Capital Dow Jones U.S. Contrarian Opportunities Index Fund (Class A)

Average Annual Total Returns for Class A Shares
1 Year	6.69%
Since Inception	16.89%
(Inception date April 30, 2012)
Average Annual Total Returns for Class B Shares
1 Year	6.91%
Since Inception	17.13%
(Inception date April 30, 2012)

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 charges.

*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/Mellon Capital Funds (continued) Mellon Capital Management Corporation (Unaudited)

JNL/Mellon Capital Utilities Sector Fund (Class A)

¹  Effective September 15, 2014, the Fund changed its primary benchmark from the Dow Jones U.S. Utilities Index to the MSCI USA IMI Utilities Index because the MSCI USA IMI Utilities Index provides more diversified equity exposure than the Dow Jones U.S. Utilities Index.

Average Annual Total Returns for Class A Shares
1 Year	26.20%
Since Inception	12.16%
(Inception date April 29, 2013)

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 charges.

JNL/Morgan Stanley Fund Morgan Stanley Investment Management Inc. (Unaudited)

Market Summary: U.S. stocks enjoyed strong performance in 2014. The Russell Mid Cap Growth Index advanced 11.90% for the year, led by gains in health care. Telecommunication services and utilities were the second and third best performing groups in the Russell Mid Cap Growth Index, respectively, but they are also the index’s two smallest sectors and had zero representation in the Fund during the year. Energy was, by far, the weakest performer, down by double digits for the year and the only index sector with a negative return. The Fund had minimal exposure to the energy sector, via a single holding, which was sold during the year. Rather, the Fund’s largest sector representation was in information technology (“IT’), consumer discre-

tionary and health care. In the broad market, IT and consumer discretionary performed nearly in line with the index’s overall return.

A notable event during the year was a widespread sell off in high growth and high valuation multiple stocks that began in March and continued on through April. Generally, we believe the sell off was not due to company specific fundamentals but rather driven by a broad rotation out of such names. Although the share prices of several of the Fund’s holdings (IT stocks, in particular) took a hit during this downturn, these companies’ fundamentals remained largely robust. Overall, we used the sell off as an opportunity to trade up the Fund in quality, and we remain optimistic about the long term outlook for the companies owned.

JNL/Morgan Stanley Mid Cap Growth Fund

Portfolio Composition^†:

Information Technology	30.1	%
Consumer Discretionary	18.3
Health Care	17.7
Industrials	9.2
Consumer Staples	6.7
Financials	2.5
Purchased Options	0.1
Short Term Investments	15.4
Total Investments	100.0	%

†Total Investments as of December 31, 2014

Portfolio Manager Commentary: For the year ended December 31, 2014, JNL/Morgan Stanley Mid Cap Growth Fund underperformed its benchmark by posting a return of -0.40% for Class A shares compared to 11.90% for the Russell Midcap Growth Index.

Overall, stock selection was the key driver of the Fund’s underperformance relative to the index. On a sector basis, the main detractor by far was stock selection in IT. Holdings in internet software and services and in software were especially detrimental (global microblogging platform Twitter Inc. and cyber security firm FireEye Inc. were the two largest detractors in the Fund overall), as these names were negatively affected by the high growth and high multiple sell off during the spring.

To a lesser degree, stock selection in consumer discretionary and industrials also dampened relative results. Within these sectors, holdings in internet and catalog retail, specialty retail, commercial services and machinery lagged.

Positive contributions came from other sectors. Most notably, the Fund’s significant underweight position in energy, the worst performing sector during the year, benefited relative performance.

Health care was another standout during the year. Both an overweight position and stock selection in the sector added to returns. The top two contributors to the Fund’s overall performance during the year were health care names, Illumina Inc., a leader in genetic testing and analysis, and Intuitive Surgical Inc., a surgical robotics systems maker.

As of the end of the year, the Fund’s largest sector weights, which are a result of our bottom-up stock selection process, were IT, health care and consumer discretionary. Conversely, the Fund had no exposure to energy, materials, telecommunication services and utilities.

JNL/Morgan Stanley Mid Cap Growth Fund (Class A)

Average Annual Total Returns for Class A Shares
1 Year	-0.40%
Since Inception	10.80%
(Inception date April 30, 2012)
Average Annual Total Returns for Class B Shares
1 Year	-0.17%
Since Inception	11.03%
(Inception date April 30, 2012)

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 charges.

JNL/Neuberger Berman Fund Neuberger Berman Fixed Income LLC (Unaudited)

Market Summary: When the year began, the overwhelming consensus was for U.S. interest rates to move higher amid a backdrop of improving economic growth. After stumbling early in the year, the economy quickly regained its footing. However, intermediate and longer term yields declined in 2014. This was triggered by a number of factors, including benign inflation, moderating growth overseas, geopolitical issues and overall strong demand. In addition, while the U.S. Federal Reserve (“Fed”) concluded its third round of quantitative easing in October, it vowed to take a measured approach in terms of rates. At its meeting in December, the Fed said,

“Based on its current assessment, the Committee judges that it can be patient in beginning to normalize the stance of monetary policy.”

In a reversal from 2013, the yield curve flattened during the year. For 2014 as a whole, the yield on the two-year U.S. Treasury rose 29 basis points (“bps”), whereas the 10-year U.S. Treasury yield fell 87 bps. Most spread sectors outperformed equal duration U.S. Treasuries for the year. The best absolute performers were longer term government/credit and longer term corporate securities, both of which posted double digit returns. In contrast, local emerging market debt and U.S. Treasury Inflation Protected Securities (“TIPS”) were relative underperformers.

JNL/Neuberger Berman Strategic Income Fund

Portfolio Composition^†:

U.S. Government Agency MBS	21.2	%
Government Securities	19.9
Non-U.S. Government Agency ABS	14.7
Financials	9.5
Consumer Discretionary	4.9
Energy	4.0
Materials	3.3
Telecommunication Services	2.2
Consumer Staples	1.8
Industrials	1.8
Utilities	1.3
Information Technology	1.2
Health Care	0.9
Investment Companies	4.1
Short Term Investments	9.2
Total Investments	100.0	%

†Total Investments as of December 31, 2014

Portfolio Manager Commentary: For the year ended December 31, 2014, JNL/Neuberger Berman Strategic Income Fund underperformed its benchmark by posting a return of 4.90% for Class A shares compared to 5.97% for the Barclays U.S. Aggregate Bond Index.

The largest detractor from performance during the year was the Fund’s duration positioning. In particular, having a duration that was shorter than the benchmark was not rewarded as intermediate and long term rates declined in 2014. The Fund’s high yield corporate bond exposure detracted from performance. After a solid start to the year, the high yield market gave back most of its gains, partially due to the weakness in the energy sector and poor technicals. Elsewhere, an allocation to TIPS was a drag on results as inflation expectations decreased given sharply falling oil prices.

On the upside, the Fund’s allocation to non- agency mortgage-backed securities (“MBS”) was positive for results. They performed well given overall solid demand and dwindling supply. The Fund’s allocation to global developed market sovereigns was beneficial as their rates generally declined during the year. The Fund’s allocations to commercial mortgage-backed securities (“CMBS”), bank loans and emerging market debt were also additive for performance.

The Fund selectively used both credit default swaps and exchange traded funds (“ETFs”) for high yield exposure. These instruments had a positive effect to the total return of the Fund. U.S. Treasury futures were used to manage duration and yield curve and Euro futures were used to adjust non U.S. Dollar exposures. U.S. Treasury futures had a negative impact while Euro futures had a positive impact on performance

JNL/Neuberger Berman Strategic Income Fund (Class A)

Average Annual Total Returns for Class A Shares
1 Year	4.90%
Since Inception	3.79%
(Inception date April 30, 2012)
Average Annual Total Returns for Class B Shares
1 Year	5.14%
Since Inception	4.00%
(Inception date April 30, 2012)

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 charges.

JNL/Oppenheimer Fund Oppenheimer Funds, Inc. (Unaudited)

Market Summary: Global equity markets were choppy for the year. U.S. equities were among the top performing asset classes this year, outperforming foreign equities, including those domiciled in Europe, Japan and emerging markets. In the U.S., the U.S. Federal Reserve (“Fed”) began tapering its most recent quantitative easing (“QE”) program in January 2014 and completed the process (thereby ending the program’s purchases) at the end of October. The Fed reduced its monthly bond purchases in steady $10 billion increments, which helped reduce market volatility and enabled investors to prepare for a post QE market environment. While the U.S. equity market faced volatility early in 2014 due to weak first quarter data partially attributed to cold weather effects across much of the country and again in September, it generally produced positive results and ended the year at record levels. Economic data in the U.S. was positive in the second and third quarters of 2014, with gross domestic product (“GDP”) growing at

4.6% and an estimated 5.0%, respectively. Outside of the U.S., the positive data points that had emerged in Europe in 2013 and early 2014 largely reversed themselves later in the year and the European Central Bank (“ECB”) came under even greater pressure to provide a credible plan to boost growth and avoid deflation. In response, the ECB adopted a number of policies designed to stimulate growth. Emerging markets’ economic growth was mixed, as certain regions like Eastern Europe and the Middle East remained burdened by geopolitical turmoil. Many commodity producing emerging market economies also struggled as prices for most commodities fell. Countries like India and Indonesia have benefited from business-friendly new administrations. While we do not disregard macro events, our main focus tends to be on the microeconomic characteristics of individual companies and their valuations.

JNL/Oppenheimer Global Growth Fund

Portfolio Composition^†:

Information Technology	22.5	%
Financials	17.6
Health Care	16.7
Consumer Discretionary	15.9
Industrials	11.7
Consumer Staples	5.9
Telecommunication Services	1.6
Energy	1.6
Materials	1.5
Rights	0.2
Short Term Investments	4.8
Total Investments	100.0	%

†Total Investments as of December 31, 2014

Portfolio Manager Commentary: For the year ended December 31, 2014, the JNL/Oppenheimer Global Growth Fund underperformed its benchmark by posting a return of 1.91% for Class A shares compared to 4.17% for the MSCI All Country World Index.

Top contributors to performance this year included ICICI Bank Ltd. (“ICICI Bank”), Allergan, Inc. (“Allergan”), and Shire Plc (“Shire”). ICICI

Bank is the largest private sector bank in India, a country where about half the banking sector is state owned. In an environment where the public sector banks are inadequately capitalized for the level of non performing loans on their books and the government’s ability to continually inject new capital is impaired as a result of its financial position, ICICI Bank has the potential to grow faster with less competition. ICICI Bank’s checking and savings deposits are growing and its asset quality can improve with GDP growth as can loan growth. Allergan’s stock price jumped after Actavis Plc announced plans to acquire the company. AbbVie Inc., a U.S. pharmaceuticals company, offered to buy Shire at a significant premium to the share price and the shares rallied.

The most significant detractors from performance this year included Airbus Group NV (“Airbus”), Deutsche Bank AG (Deutsche Bank), and Technip SA (“Technip”). The newest Airbus product, the Airbus A350, is expected to be in commercial service by the first quarter of 2015, however concerns about the near term impact on margins of these developments led to a pullback

in the shares after a strong run of performance. Heightened concerns about the persistence of fines and their increasing magnitude have led to worries about the adequacy of capital at global investment banks in particular. This, combined with low levels of market activity that detracted from profits, led to Deutsche Bank’s underperformance. Technip’s share price has been buffeted by a number of things in the year, including developments in Russia, concerns about the capital spending plans of the major oil companies and lower margin guidance for its subsea segment.

At year end, the Fund had its largest overweight positions in information technology, health care, consumer discretionary and industrials. The Fund had underweight positions in all other sectors of the index. On a country basis, the Fund had its largest overweight positions in Germany, France, Japan and Sweden, with its most significant underweight positions in the U.S., the UK, Canada and Australia.

JNL/Oppenheimer Global Growth Fund (Class A)

Average Annual Total Returns for Class A Shares
1 Year	1.91%
5 Year	10.43%
10 Year	6.71%
Average Annual Total Returns for Class B Shares
1 Year	2.08%
5 Year	10.65%
10 Year	6.93%

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 charges.

JNL/PIMCO Funds Pacific Investment Management Company LLC (Unaudited)

Market Summary: Both uncertainty and volatility increased at the start of 2014 amid geopolitical tensions and weak economic data. An uncharacteristically cold winter took a toll on economic data in the U.S., resulting in a weak first quarter U.S. gross domestic product rate. On the global front, rising geopolitical tensions between Russia and Ukraine led to volatile swings in financial markets.

Despite the weak first quarter, the U.S. Federal Reserve (“Fed”) continued tapering its asset purchases and remained on track to conclude their purchases by year end. The Fed also strengthened its forward guidance on the policy rate. In Fed Chairman Janet Yellen’s first statement in March, the Fed placed greater emphasis on inflation and other “measures of labor market conditions” as more appropriate barometers for determining the timing of the first interest rate hike. In Europe, the European Central Bank announced new easing measures, including a historic negative rate on deposits, policy rate cut and targeted long term refinancing operations.

Improving global economic data in the second quarter, supportive central banks and easing of global political risks led to sizable market gains overall

with the S&P 500 Index hitting an all time high. Global fixed income markets also posted strong returns, benefitting from rate declines across most maturities and investors beginning to embrace the view that policy rates would remain lower than historical norms suggested.

The third quarter was marked by geopolitical tension and diverging markets. Most developed market government yields were led lower by easy central bank policies, while credit market yields backed up. Equity markets were flat to slightly negative around the globe with U.S. equities posting modest gains. U.S. growth became more sure footed, but the Eurozone recovery sputtered and growth decelerated in parts of Asia.

Evidence of global growth divergence was further borne out in the final quarter of 2014, but the most defining event of the quarter was the sharp decline in oil prices and accompanying market volatility. Growth in the U.S. exceeded expectations and handily outpaced its peers in the developed world, especially Japan and Europe, which continued to struggle. The uneven growth and drop in oil led to bouts of market volatility that dissipated quickly but still managed to leave certain risk sectors bruised.

JNL/PIMCO Real Return Fund

Portfolio Composition^†:

Government Securities††	83.2	%
Non-U.S. Government Agency ABS	6.1
Financials	3.0
Telecommunication Services	0.6
U.S. Government Agency MBS	0.5
Energy	0.2
Industrials	0.1
Utilities	0.1
Purchased Options	0.1
Short Term Investments	6.1
Total Investments	100.0	%

  †Total Investments as of December 31, 2014

††The Fund’s weightings in TIPS was 80.2% of total investments.

Portfolio Manager Commentary: For the year ended December 31, 2014, the JNL/PIMCO Real Return Fund underperformed its benchmark by posting a return of 3.29% for Class A shares

compared to 3.64% for the Barclays U.S. TIPS Index.

The investment concentration differences relative to the benchmark included an overweight to U.S. Treasury Inflation Protected Securities (“TIPS”) with out of index exposure to mortgage backed securities (“MBS”), investment grade corporates, high yield, non U.S. developed and emerging markets (“EM”).

A focus away from short to intermediate maturities among TIPS was additive for performance as the real yield curve flattened over the year. However, a defensive posture against longer dated nominal U.S. Treasuries more than offset this positive impact, as long nominal yields fell. An allocation to non-agency MBS, which were supported by limited supply and an ongoing housing recovery, also added to performance. Exposure to EM local rates, especially in Mexico,

added to returns as rates fell for the year in this region. An allocation to Australian interest rates contributed to performance as yields rallied, however this was partially offset by defensive exposure to rates in Japan where rates also fell. Lastly, defensive positioning against the Euro and Japanese Yen contributed to returns as these currencies depreciated versus the U.S. Dollar.

Derivatives were used in the Fund and were instrumental in attaining specific exposures targeted to gain from anticipated market developments. The Fund’s exposure to U.S. interest rates, which was negative for returns, was partly facilitated through the use of interest rate swaps. Although the Fund’s overall EM rate exposure was positive for returns, its exposure to Brazil – implemented partially via zero coupon interest rate swaps – detracted slightly from returns.

JNL/PIMCO Total Return Bond Fund

Portfolio Composition^†:

Government Securities	35.1	%
U.S. Government Agency MBS	21.6
Financials	16.4
Non-U.S. Government Agency ABS	9.0
Consumer Discretionary	2.6
Energy	1.8
Industrials	0.9
Telecommunication Services	0.8
Consumer Staples	0.8
Utilities	0.8
Information Technology	0.3
Materials	0.2
Health Care	0.1
Short Term Investments	9.6
Total Investments	100.0	%

†Total Investments as of December 31, 2014

Portfolio Manager Commentary: For the year ended December 31, 2014, the JNL/PIMCO Total Return Bond Fund underperformed its benchmark by posting a return of 3.98% for

Class A shares compared to 5.97% for the Barclays U.S. Aggregate Bond Index.

The investment concentration differences relative to the benchmark included a slight underweight to MBS, an overweight to EM and an underweight to investment grade credit. The Fund also had out of index exposure to high yield and non-agency MBS.

The Fund’s curve positioning, including a focus on intermediate maturities and an underweight to longer dated issues, was negative for performance as the yield curve flattened over the year. In Europe, an allocation to rates in select developed economies, such as Italy and Spain, contributed to performance as rates fell for the year. An overall underweight to investment grade corporates added to returns as spreads widened. An allocation to non-agency MBS, which were supported by limited supply and an ongoing housing recovery, contributed to performance. Holdings of TIPS detracted from returns as breakeven inflation levels narrowed. Exposure to

Build America Bonds was positive for performance as they outperformed tax exempt municipals for the year; however this was more than offset by exposure to external EM debt, as spreads widened over the year. Lastly, defensive positioning against the Euro and Japanese Yen added to returns as these currencies depreciated versus the U.S. Dollar over the year.

Derivatives were used in the Fund and were instrumental in attaining specific exposures targeted to gain from anticipated market developments. The Fund’s exposure to U.S. interest rates, which was negative for returns, was partly facilitated through the use of interest rate swaps. The overweight to EM local debt, which was flat for relative performance, included exposure to local debt in Brazil that was implemented using zero coupon interest rate swaps. Additionally, exposure to external EM debt was positive for performance and was implemented through use of credit default swaps.

JNL/PIMCO Funds (continued) Pacific Investment Management Company LLC (Unaudited)

JNL/PIMCO Real Return Fund (Class A)

Average Annual Total Returns for Class A Shares
1 Year	3.29%
5 Year	4.14%
Since Inception	5.52%
(Inception date January 16, 2007)
Average Annual Total Returns for Class B Shares
1 Year	3.52%
5 Year	4.35%
Since Inception	5.76%
(Inception date January 16, 2007)

JNL/PIMCO Total Return Bond Fund (Class A)

Average Annual Total Returns for Class A Shares
1 Year	3.98%
5 Year	4.41%
10 Year	5.13%
Average Annual Total Returns for Class B Shares
1 Year	4.27%
5 Year	4.63%
10 Year	5.33%

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 charges.

JNL/PPM America Funds PPM America, Inc. (Unaudited)

Market Summary: Relative to other developed markets, on aggregate, U.S. equities delivered resilient performance in 2014. Broad market benchmarks across all capitalization ranges generated moderate returns and performance was ordered by market capitalization: Large cap outperformed mid and small cap indices. The S&P 500 Index returned 13.69%, the Russell Midcap Index returned 13.22%, and the S&P SmallCap 600 Index returned 5.76%.

U.S. economic recovery continued gaining traction throughout the year. Progress included declining labor market slack, stronger business and consumer spending, increased industrial production and higher U.S. gross domestic product readings. Though inflation remained muted, the U.S. Federal Reserve (“Fed”) acknowledged improving economic conditions and concluded its quantitative easing (“QE”) program. Meanwhile, corporate earnings and cash flow climbed to all time highs. Companies continued to reduce their shares through buybacks, and regular cash dividend payments increased. As U.S. economic fundamentals decoupled from other regions and global energy prices sharply declined, however, market volatility increased in 2014.

Value investing strategies outperformed growth investing strategies across small and mid cap market ranges in 2014. For mid cap stocks, the Russell Midcap Value Index gained 14.75%, and the Russell Midcap Growth Index returned 11.90%. For small cap stocks, the S&P 600 Value Index returned 7.54%, compared to the S&P 600 Growth Index return of 3.85%. For larger stocks, the S&P 500 Value Index returned 12.36%, compared to the S&P 500 Growth Index which return of 14.89%.

Across market capitalization ranges, leading sectors included utilities, health care and information technology and the worst performing sector was energy. The primary driver of energy underperformance was the steep decline in oil prices. A number of themes influenced the broad U.S. equity market environment during the year: Larger stocks generally outperformed smaller stocks, higher yielding stocks generally outperformed lower yielding stocks and lower beta stocks outperformed higher beta stocks.

U.S. fixed income performed resiliently during the year, and in stark contrast with 2013, higher quality credits generally outperformed lower quality segments. For instance, the Barclays U.S. Aggregate Bond Index advanced 5.97%, and the Barclays U.S. Corporate Investment Grade Index gained 7.46%, while the Bank of America (“BofA”) Merrill Lynch U.S. High Yield Master II Index returned 2.51%, and the S&P/LSTA Leveraged Loan Index delivered 1.60%. For most of the year, interest rates drifted lower, aiding higher quality fixed income’s performance. Compared to 2013 year end, five and 10-year U.S. Treasury yields ended -10 basis points (“bps”) and -87 bps lower, respectively.

Slowing global growth, heightened geopolitical tensions, fears of deflation and plummeting oil prices were among the factors that contributed to investors’ demand for the relative safety of U.S. Treasuries. These issues pressured Treasury yields downward despite the conclusion of QE, improving U.S. economic health and the anticipation of an increase in the Fed funds rate in the coming year. However, in December, third quarter GDP was revised upward to 5.0%, the biggest quarterly gain since 2006, reinforcing previous indications of domestic economic improvement and encouraging short term rates upward.

Though low interest rates provided a favorable tailwind for U.S. fixed income assets, corporate bond yields failed to follow Treasury yields lower, resulting in wider credit spreads. Investment grade and high yield corporate credit spreads increased 14 bps and 104 bps, respectively, during the year as measured by Barclays US Credit Index and BofA Merrill Lynch U.S. High Yield Master II Index. High yield spread widening was exacerbated by a structural reduction in market liquidity, which diminished broker dealers’ ability to behave as market makers. While wider spreads reflected investors’ more cautious sentiment toward risk, many credit supportive themes remained prevalent during the year. These included reasonable corporate credit metrics, low borrowing costs and the absence of a material increase in defaults.

JNL/PPM America Floating Rate Income Fund

Portfolio Composition^†:

Consumer Discretionary	29.1	%
Industrials	12.8
Health Care	11.5
Information Technology	10.1
Materials	9.9
Consumer Staples	6.6
Energy	6.3
Telecommunication Services	5.2
Financials	5.0
Utilities	0.9
Short Term Investments	2.6
Total Investments	100.0	%

†Total Investments as of December 31, 2014

Portfolio Manager Commentary: For the year ended December 31, 2014, JNL/PPM America Floating Rate Income Fund underperformed its benchmark by posting a return of 0.12% for Class A shares compared to 1.60% for the S&P/LSTA Leveraged Loan Index.

Lower rated loans generally outperformed higher quality rated loans for 2014. The S&P/

LSTA US CCC Ratings Loan Index returned 6.09% for the year, whereas the S&P/LSTA US BB/B returned 1.52%. The Fund’s underperformance was influenced by its underweight, relative to its index, to CCC+ and below and unrated loans. During the year, falling interest rates resulted in lesser demand for retail loan funds, which consequently led to declining loan prices. This resulted in an unfavorable technical environment for the asset class. Notably, fundamental conditions of issuers within the S&P/LSTA Index remain generally stable. The Fund’s relative performance was positively influenced by its exposure to high yield corporate bonds which was approximately 4% as of December 31, 2014, as high yield bonds outperformed bank loans in 2014.

Attribution analysis on an industry basis shows that the Fund’s underweight positioning to publishing and loan selection within oil & gas and metals/minerals detracted from relative results. Positive influences on performance included an underweight to utilities and positive loan selection

within business equipment and services and insurance.

The Fund continues to emphasize individual credit selection and broad diversification, as market conditions have resulted in more aggressive loan structures, higher leverage multiples and increased new covenant lite issuance throughout most of 2014. At year end, the Fund maintained an overweight to BB and B loans and an underweight to lower quality CCC and defaulted loans. It also pared back its high yield corporate bond allocation to approximately 4% as of December 31, 2014.

Credit fundamentals remained sound and default rates are expected to remain at historically low levels for the next 12-24 months. Additionally, economic improvements can continue to bolster loan issuers’ financial standings and in turn support their ability to continue servicing debt obligations. If investors shift their focus back toward potentially rising interest rates, the technical backdrop for the asset class should improve.

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

JNL/PPM America High Yield Bond Fund

Portfolio Composition^†:

Consumer Discretionary	24.0	%
Energy	15.1
Financials	8.3
Industrials	7.8
Health Care	6.4
Materials	5.9
Telecommunication Services	5.9
Consumer Staples	3.7
Information Technology	3.5
Utilities	1.5
Non-U.S. Government Agency ABS	0.9
Investment Companies	3.0
Short Term Investments	14.0
Total Investments	100.0	%

†Total Investments as of December 31, 2014

Portfolio Manager Commentary: For the year ended December 31, 2014, JNL/PPM America High Yield Bond Fund underperformed its benchmark by posting a return of 0.13% for Class A shares compared to 2.51% for the BofA Merrill Lynch High Yield Master II Constrained Index.

Relative underperformance for the year was primarily driven by fourth quarter results. During the quarter, the asset class faced considerable headwinds, including continued outflows and, as a result of rapidly declining oil prices, significant spread widening in energy. The Fund’s overweight positioning to securities within energy – particularly within the subsectors of exploration and production, oil field equipment and services, and oil refining – was the largest detractor from annual performance relative to the index. Conversely, the Fund’s performance was positively influenced by its overweight positioning to investment grade corporate securities and commercial mortgage backed securities, as higher quality fixed income and spread products generally outperformed lower quality bonds.

The macroeconomic environment should continue supporting high yield bond issuers over the next 12-24 months. We think it’s reasonable to expect growth in the 2-3% range and that such a moderate pace of expansion would be constructive for borrowers’ earnings potential and balance sheet health. Though strengthening

domestic data could potentially convince the Fed to begin raising the Fed funds rate, slow global growth and geopolitical anxieties could continue exerting downward pressure on Treasury yields. Additionally, low default expectations underpin favorable conditions for the asset class. Issuers continued refinancing debt at low interest costs in 2014, helping to keep both actual and expectations for future default rates well below long term averages.

Though the fundamental backdrop is largely constructive, uncertain technical conditions and heightened volatility may persist. We believe that investor flows pose a near term risk for the asset class, as they can result in exaggerated price movements, particularly given the reduction in market liquidity over the past few years. Long term performance results, however, have historically been driven by underlying corporate fundamentals. Taking into consideration these factors, we will continue to focus on maintaining adequate liquidity in the Fund and emphasizing in depth credit research in order to uncover compelling long term opportunities.

JNL/PPM America Mid Cap Value Fund

Portfolio Composition^†:

Financials	18.3	%
Industrials	16.9
Consumer Discretionary	16.2
Information Technology	10.1
Health Care	9.9
Materials	9.3
Energy	8.0
Utilities	4.2
Consumer Staples	2.4
Short Term Investments	4.7
Total Investments	100.0	%

†Total Investments as of December 31, 2014

Portfolio Manager Commentary: For the year ended December 31, 2014, JNL/PPM America Mid Cap Value Fund underperformed its primary benchmark by posting a return of 10.45% for Class A shares compared to 14.75% for the Russell Midcap Value Index. The Fund also underperformed its other benchmark return of 13.22% for the Russell Midcap Index. The Fund ranked in the 43rd percentile of its Morningstar peer group. Underperformance was driven primarily by negative sector allocation

relative to the benchmark. Negative security selection also slightly influenced relative performance.

Positive sector influence on relative performance included an overweight position in health care. Negative sector influences on relative performance included overweights in both energy and industrials and an underweight in utilities. The Fund’s sector weights remain the result of the Fund’s bottom-up security selection process.

Positive security selection influences on relative performance included names in consumer discretionary (Foot Locker Inc., up 38.1% and Royal Caribbean Cruises Ltd., up 76.9%). Negative security selection influences on Fund performance were found in materials (Reliance Steel & Aluminum Co., down -17.6% and Olin Corp., down -18.6%), industrials (Kennametal Inc., down -30.1% and Terex Corp., down -33.2%), and financials (FirstMerit Corp., down -12.1% and Astoria Financial Corp., down -2.2%).

Positions added during the year included SYNNEX Corp., Alere Inc., Helen of Troy Ltd., Health Net Inc. and American Axle & Manufacturing Holdings Inc. Positions sold included Sky-

West Inc., Bally Technologies Inc., and Lincoln Electric Holdings Inc. Now Inc. was sold after being spun off from National Oilwell Varco Inc.

Relative to the benchmark, the Fund’s overweight positions in consumer discretionary, energy and information technology (“IT”) increased during the year, while overweight positions in industrials and materials decreased. The Fund’s underweight position to telecommunication services decreased, whereas the underweight positions in consumer staples, utilities and financials increased. The Fund’s underweight position to health care increased during the year to an overweight position.

The market became more fairly valued, but the Fund remains inexpensive relative to the benchmark on a number of metrics. The Fund maintains overweight positions in consumer discretionary, industrials, energy, materials, IT and health care. The team believes that, viewed through its typical 2-3 year investment time horizon, the Fund’s security positions within these areas are still attractively valued.

JNL/PPM America Small Cap Value Fund

Portfolio Composition^†:

Industrials	23.0	%
Consumer Discretionary	16.5
Financials	12.4
Health Care	11.5
Information Technology	10.7
Energy	7.1
Materials	6.7
Consumer Staples	3.9

Utilities	2.0
Short Term Investments	6.2
Total Investments	100.0	%

†Total Investments as of December 31, 2014

Portfolio Manager Commentary: For the year ended December 31, 2014, JNL/PPM America Small Cap Value Fund underperformed its benchmark by posting a return of 5.85% for

Class A shares compared to 7.54% for the S&P 600 Value Index. The Fund ranked in the 27th percentile of its Morningstar peer group. Underperformance relative to the benchmark was driven by negative sector allocation. Relative performance was positively influenced by favorable security selection.

Positive sector influences on relative performance included overweight positions in health care

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

JNL/PPM America Small Cap Value Fund (continued)

and consumer discretionary. Negative sector influences on relative performance included an overweight position in energy and underweight positions in both utilities and financials. Sector weightings remain the result of the Fund’s bottom-up security selection process.

Positive security selection influences on relative performance included names in consumer discretionary (Foot Locker Inc., up 38.1%), health care (Health Net Inc., up 62.8% and LifePoint Hospitals Inc., up 36.1%), and information technology (OmniVision Technologies Inc., up 51.2% and Fairchild Semiconductor International Inc., up 26.4%). Negative security selection influences on Fund performance were within energy

(Hercules Offshore Inc., down -84.7% and W&T Offshore Inc., down -52.7%), Materials (Olin Corp., down -18.6% and Reliance Steel & Aluminum Co., down -17.6%), and Financials (FirstMerit Corp., down -12.1% and Astoria Financial Corp., down -2.2%).

Positions added to the Fund during the year included Alere Inc., American Axle & Manufacturing Holdings Inc., Health Net Inc., and Helen of Troy Ltd. Positions sold included Lincoln Electric Holdings Inc. and Bally Technologies Inc.

Relative to the index, overweights in consumer discretionary and health care increased, while overweight positions in industrials, energy and consumer staples

decreased. Underweight positioning in financials increased, whereas underweight positions in information technology and utilities decreased. The relative overweight in materials and underweight in telecommunication services were nearly unchanged.

The market became more fairly valued, but the Fund remains inexpensive relative to the benchmark on a number of metrics. It maintains overweight positions in consumer discretionary, health care, industrials, energy, materials, and consumer staples. The team believes that, viewed through its typical 2-3 year investment time horizon, security positions within these areas are still attractively valued.

JNL/PPM America Value Equity Fund

Portfolio Composition^†:

Financials	24.1	%
Information Technology	15.5
Energy	14.2
Consumer Discretionary	12.6
Health Care	10.6
Industrials	7.6
Consumer Staples	5.1
Materials	4.1
Telecommunication Services	2.0
Utilities	1.7
Short Term Investments	2.5
Total Investments	100.0	%

†Total Investments as of December 31, 2014

Portfolio Manager Commentary: For the year ended December 31, 2014, JNL/PPM America Value Equity Fund outperformed its benchmark by posting a return of 12.50% for Class A shares compared to 12.36% for the S&P 500 Value Index. The Fund ranked in the 24th percentile of its Morningstar peer group. The Fund’s outperformance relative to the benchmark was driven primarily by favorable security selection.

Sector allocation also positively influenced relative performance.

Positive sector influences on relative performance included an overweight position in information technology (“IT”). Negative sector influences on relative performance included underweight positions in both utilities and consumer staples. The Fund’s sector weights remain the result of the Fund’s bottom-up security selection process.

Positive security selection influences on relative performance included names in industrials (not holding General Electric Co., down -6.7%, and holding Lockheed Martin Corp., up 33.7%) and IT (Apple Inc., up 40.6%; Applied Materials Inc., up 43.7%; and Hewlett-Packard Co., up 46.0%). Stocks that detracted from performance were found in energy (Diamond Offshore Drilling Inc., down -30.2%, and Apache Corp., down -26.3%).

Positions added to the Fund during the year included Cisco Systems Inc., Gilead Sciences Inc. and Halliburton Co. Positions sold in the Fund included Johnson & Johnson and Texas

Instruments Inc. California Resources Corp. was sold after being spun off of Occidental Petroleum Corp. Now Inc. was sold after being spun off from National Oilwell Varco Inc.

The Fund’s overweight positions in financials and industrials decreased during the year to underweight positions. The overweight in IT and health care increased. The overweight in consumer discretionary and materials decreased slightly. The underweight positions to telecommunication services increased, while the underweight positions to utilities and consumer staples slightly decreased. The Fund’s underweight position to energy increased during the year to a slight overweight position.

The market became more fairly valued, but the Fund remains inexpensive relative to the benchmark on a number of metrics. It maintains overweight positions in IT, consumer discretionary, health care, energy and materials. The team believes, viewed through its typical 2-3 year investment time horizon, that the Fund’s security positions within these areas are still attractively valued.

JNL/PPM America Floating Rate Income Fund (Class A)

Average Annual Total Returns for Class A Shares
1 Year	0.12%
Since Inception	3.22%
(Inception date January 1, 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 do not reflect the deduction of insurance charges.

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

JNL/PPM America High Yield Bond Fund (Class A)

Average Annual Total Returns for Class A Shares
1 Year	0.13%
5 Year	8.89%
10 Year	5.60%
Average Annual Total Returns for Class B Shares
1 Year	0.44%
5 Year	9.13%
10 Year	5.82%

JNL/PPM America Mid Cap Value Fund (Class A)

Average Annual Total Returns* for Class A Shares
1 Year	10.45%
5 Year	16.83%
Since Inception	9.35%
(Inception date March 31, 2008)
Average Annual Total Returns* for Class B Shares
1 Year	10.69%
5 Year	17.04%
Since Inception	9.56%
(Inception date March 31, 2008)

JNL/PPM America Small Cap Value Fund (Class A)

Average Annual Total Returns* for Class A Shares
1 Year	5.85%
5 Year	15.37%
Since Inception	8.45%
(Inception date March 31, 2008)
Average Annual Total Returns* for Class B Shares
1 Year	6.14%
5 Year	15.60%
Since Inception	8.67%
(Inception date March 31, 2008)

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 charges.

*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/PPM America Funds (continued) PPM America, Inc. (Unaudited)

JNL/PPM America Value Equity Fund (Class A)

Average Annual Total Returns for Class A Shares
1 Year	12.50%
5 Year	15.22%
10 Year	5.66%

Average Annual Total Returns for Class B Shares
1 Year	12.74%
5 Year	15.43%
10 Year	5.87%
PPM America, Inc. assumed portfolio management responsibility on January 16, 2007.

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 charges.

JNL/Red Rocks Fund Red Rocks Capital LLC (Unaudited)

Market Summary: The Fund showed a marginal gain for the year and a substantial rebound during the 4th quarter. The markets continue to show an appetite for the underlying holdings of our publicly traded private equity names.

We see a number of potential initial public offerings (“IPOs”) on the horizon in both Europe and in the U.S. Debt remains cheap and available on a global basis. We continue to watch for any core degradation within the Fund holdings in terms of revenue slowdown, margin pressure or lack of operational improvement. At this time we do not see any financial crisis on the horizon. Prospectively, potential negatives include a competitive environment for deals and new capital deployment, global tensions related to falling energy prices and a market that may become overpriced in terms of EBITDA

(earnings before interest, taxes, depreciation and amortization) multiples. During 2014, the Fund was exposed to the Euro and other currencies that negatively impacted its performance. As you may know, our policy since inception has been to not hedge the Fund for currency risk. We believe that this policy has been prudent, to date, and we expect that it will be prudent over the long term.

Within the global private equity investment class, we have observed better financial disclosure, increased global analyst coverage, and significant interest from new clients. We believe that these developments continue to reinforce the desire for a liquid private equity product and suggest to us we are likely to see more private equity names going public in the future.

JNL/Red Rocks Listed Private Equity Fund

Portfolio Composition^†:

Financials	82.2	%
Diversified	12.7
Industrials	3.6
Short Term Investments	1.5
Total Investments	100.0	%

†Total Investments as of December 31, 2014

Portfolio Manager Commentary: For the year ended December 31, 2014, JNL/Red Rocks Listed Private Equity Fund outperformed its benchmark by posting a return of 0.62% for Class A shares compared to -0.14% for the S&P Listed Private Equity Index.

The Fund exited ten holdings and added nine companies during 2014. Diversification continues

to be the cornerstone of how we manage exposure and risk in the Fund. The Fund held 37 holdings in some of the top performing private equity firms/funds around the globe, offering investors broadly diversified private equity exposure by geography, industry and vintage year. We have been pleased with the core holdings of the Fund. Accordingly, Fund turnover continues to stay low.

Contributors to Fund performance included HarbourVest Global Private Equity Ltd., Brookfield Asset Management Inc. and Electra Private Equity Plc. Net detractors from Fund performance for the year included Better Capital PCC Ltd., Wendel Investissement and the Carlyle Group LP.

We see a steady stream of new private investment opportunities for the Fund’s public holdings as sidelined capital continues to be deployed. Additionally, we expect to see a broader reach into the developing markets and into Europe where assets prices have become less expensive than in the U.S. We are alert to potential and significant interest in the energy space given recent commodity price action and we expect to see an ongoing stream of asset realizations (either strategic or as IPOs) as 2015 unfolds. All in all, we believe that 2015 is setting up to be a decent year for private equity and its investors.

JNL/Red Rocks Listed Private Equity Fund (Class A)

Average Annual Total Returns for Class A Shares
1 Year	0.62%
5 Year	13.98%
Since Inception	7.88%
(Inception date October 6, 2008)
Average Annual Total Returns for Class B Shares
1 Year	0.86%
5 Year	14.21%
Since Inception	8.10%
(Inception date October 6, 2008)

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 charges.

JNL/S&P Funds Standard & Poor’s Investment Advisory Services, LLC  (Unaudited)

Market Summary: 2014 was a fairly range bound year from a large cap valuation perspective. The S&P 500 Index traded between 15x and 16.5x forward earnings for the majority of the year. However it extended to new 10 year highs in the last week of 2014 to 16.9x next twelve month expected earnings, according the S&P Capital IQ consensus estimates.

Going into 2015 we are somewhat concerned about valuation premiums for large caps. We see more attractive valuations, taking into account expected earnings growth, in mid caps.

We feel there are two major macroeconomic factors with the potential to affect the U.S. market in 2015: interest rates and international markets attractiveness.

We anticipate an interest rate hike in 2015. Equity markets have frequently retraced a decline in the six months after an interest rate hike. Depending on when the U.S. Federal Reserve raises rates and by how much, we could either be at a low point in the equities markets or well past it at year end.

The second is the relative global attractiveness of the U.S. equity markets versus the rest of the developed world. The U.S. was the leader in 2014 with good earnings growth and a modestly improving economy. If Europe finally recovers or China meets their growth expectations or Abe makes

strides in Japan, these all could dim the U.S. luster and depress domestic valuations.

Overall we have a slightly positive outlook on the U.S. markets, but have some concerns about valuations and earnings growth. These concerns are much stronger than in the prior two years. There is an argument that the U.S. market can maintain its higher valuations than the last ten years due to the relative attractiveness of the U.S. markets versus international but we caution that 2015 may prove to be the year of change.

2014 was a poor year for international markets by many standards. In Europe there were renewed concerns about the collapse of the Euro and the European economy falling into yet another recession. In Asia, China missed growth expectations and Japan continued to struggle with deflation. The Deutsche Bank U.S. Dollar Long Future Index gained 12.22% in 2014 returning to peaks not seen since 2010.

Going into 2015 we are concerned for appreciation in international markets given the potential for continued U.S. Dollar appreciation across several currencies in the developed markets. We also note tempered expectations for earnings growth. We will be closely monitoring economic developments and any measures taken by the European Central Bank, China and Japan to avoid further slides.

JNL/S&P Competitive Advantage Fund

Portfolio Composition^†:

Consumer Discretionary	51.2	%
Industrials	16.1
Information Technology	15.3
Consumer Staples	9.4
Health Care	2.9
Short Term Investments	5.1
Total Investments	100.0	%

†Total Investments as of December 31, 2014

Portfolio Manager Commentary: For the year ended December 31, 2014, JNL/S&P Competitive Advantage Fund underperformed its benchmark by posting a return of 10.06% for Class A shares compared to 13.69% for the S&P 500 Index.

Throughout the year the Fund maintained a significant overweight in consumer discretionary. This overweight has been present in the Fund since 2009 and we continue it heading into 2015. The economic recovery since 2008 has been led

by the U.S. consumer and this Fund has been following that trend. We see potential for consumer spending to rebound in 2015 with lower oil prices and incremental wage growth.

However in 2014 compressed margins weighed heavily on many consumer discretionary companies. Consumers remain price conscious in the face of minimal wage growth and increased health care costs. This sector detracted the most from performance for the year. Less significant overweights in information technology (“IT”) and materials also detracted from performance. All three sectors had meaningful negative stock selection effects and negative total attribution.

A significant underweight in energy contributed positively to relative performance. Strong stock picks and performance in consumer staples and industrials also contributed positively.

Monster Beverage Corp. (+61.7%), Robert Half International Inc. (+41.2%), and Apple Inc. (+40.6%) were the top performers on a total

return basis for the year. Coach Inc. (-30.8%), FMC Corp. (-27.9%) and International Business Machines Corp. (-12.4%) were the three worst performers on a total return basis for the year.

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.

The turnover in names for the 2014 annual rebalance was in line with the historical average. The large overweight in consumer discretionary was further increased to over 40% of the Fund at the time of the annual rebalance. There was a large decrease in materials going from an overweight in the prior year to an underweight. There were also smaller exposure decreases in consumer staples, industrials and IT.

JNL/S&P Dividend Income and Growth Fund

Portfolio Composition^†:

Utilities	10.1	%
Materials	9.8
Industrials	9.8
Consumer Discretionary	9.7
Energy	9.7
Information Technology	9.7
Health Care	9.6
Consumer Staples	9.6
Financials	9.5
Telecommunication Services	9.2
Short Term Investments	3.3
Total Investments	100.0	%

†Total Investments as of December 31, 2014

Portfolio Manager Commentary: For the year ended December 31, 2014, JNL/S&P Dividend

Income and Growth Fund outperformed its benchmark by posting a return of 13.70% for Class A shares compared to 13.69% for the S&P 500 Index.

There were several significant winning and losing sectors that ultimately balanced out the relative performance to the benchmark. On the positive side, there were three sectors with significant positive contributions to relative performance: financials, information technology and utilities. On the negative side, health care and consumer discretionary were the only two sectors with meaningful negative contributions to relative performance.

Intel Corp. (+49.5%), Lockheed Martin Corp. (+33.7%) and Public Service Enterprise Group Inc. (+33.3%) were the top performers on a total

return basis for the year.

Mattel Inc. (-32.1%), Occidental Petroleum Corp. (“Occidental”) (-8.9%) and Chevron Corp. (“Chevron”) (-7.0%) were the three worst performers on a total return basis for the year. Occidental and Chevron, both companies in energy, were negatively affected by plummeting oil prices this year.

The Fund is made 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 a portfolio with an average dividend yield well above that of the S&P 500 Index. The Fund strategy continued its more defensive positioning versus the S&P 500 Index.

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

JNL/S&P Dividend Income and Growth Fund (continued)

It maintained a lower 3-year volatility and attractive Sharpe ratio versus the S&P 500 Index.

No significant changes in sector allocations occurred in the annual rebalance due to the equal

weighting sector structure of the strategy.

JNL/S&P International 5 Fund

Portfolio Composition^†:

Financials	23.3	%
Industrials	17.7
Consumer Discretionary	15.3
Telecommunication Services	11.1
Materials	9.1
Utilities	6.2
Consumer Staples	6.2
Information Technology	3.7
Health Care	3.6
Energy	3.3
Short Term Investments	0.5
Total Investments	100.0	%

†Total Investments as of December 31, 2014

Portfolio Manager Commentary: For the period September 15, 2014 to December 31, 2014, JNL/S&P International 5 Fund outperformed its benchmark by posting a return of -5.40% for Class A shares compared to -6.44% for the S&P Developed ex-U.S. LargeMid Index. International markets struggled for much of the period due to a combination of continued economic weakness and a strong U.S. Dollar. The U.S. Dollar Future Index rose about 7% in the same period.

Japan was the only region with significant negative attribution to relative performance. On the positive side, Western Europe and Canada had meaningful positive attribution to relative performance.

Alimentation Couche-Tard Inc. (+29.7%), Carnival Plc (+18.8%) and Sage Group Plc (+16.8%) were the top three performers on a total return U.S. Dollar basis for the period.

Aker Solutions ASA (-45.0%), WorleyParsons Ltd. (-44.0%) and Metcash Ltd. (-39.2%) were the three worst performers on a total return U.S. Dollar basis for the period.

No significant changes were made to the Fund’s holdings and relative regional weightings during the period.

Total Return for Class A Shares
Since Inception	-5.40%
(Inception date September 15, 2014)

JNL/S&P Intrinsic Value Fund

Portfolio Composition^†:

Information Technology	32.4	%
Consumer Discretionary	23.5
Industrials	15.4
Health Care	12.6
Materials	3.2
Energy	3.2
Consumer Staples	3.2
Telecommunication Services	3.0
Short Term Investments	3.5
Total Investments	100.0	%

†Total Investments as of December 31, 2014

Portfolio Manager Commentary: For the year ended December 31, 2014, JNL/S&P Intrinsic Value Fund outperformed its benchmark by post-

ing a return of 18.04% for Class A shares compared to 13.69% for the S&P 500 Index. 2014 was a strong year for the Fund, yielding the highest performance of the JNL/S&P Funds.

Utilities was the only sector with significant negative attribution to relative performance. On the positive side, industrials, energy and information technology (“IT”) all had meaningful positive attribution to relative performance.

Southwest Airlines Co. (+116.0%) Intel Corp. (+49.5%) and Apple Inc. (40.6%) were the top three performers on a total return basis for the year.

Viacom Inc. (-12.5%), Joy Global Inc. (-7.5%), and CA Inc. (-6.5%) were the three worst performers on a total return basis for the year.

The Fund is made 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.

The turnover in names for the 2014 annual rebalance was in line with the historical average. The only notable changes were small exposures to energy and materials were added while all exposure to utilities was removed. The Fund maintained a large overweight in consumer discretionary and IT.

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

JNL/S&P Mid 3 Fund

Portfolio Composition^†:

Information Technology	25.0	%
Consumer Discretionary	23.4
Financials	14.0
Health Care	9.9
Industrials	9.7
Materials	9.2
Consumer Staples	3.1
Energy	2.3
Utilities	1.9
Short Term Investments	1.5
Total Investments	100.0	%

†Total Investments as of December 31, 2014

Portfolio Manager Commentary: For the period April 28, 2014 to December 31, 2014, JNL/S&P Mid 3 Fund outperformed its benchmark by post-

ing a return of 14.10% for Class A shares compared to 9.33% for the S&P MidCap 400 Index.

Information technology (“IT”), energy, health care and industrials all had meaningful positive attribution to relative performance. There were not any sectors with significant negative attribution to relative performance.

Skyworks Solutions Inc. (+76.9%), United Therapeutics Corp. (+45.5%) and Conversant Inc. (40.2%) were the top three performers on a total return basis for the period.

Cabot Corp. (-23.7%), Tupperware Brands Corp. (-23.6%) and Oil States International Inc. (-23.2%) were the three worst performers on a total return basis for the period.

The Fund is a blend of three independent sub strategies that seek attractive companies based

on free cash flow yields, equity yields and cash flow profitability. These three strategies are then blended to seek appreciation in a variety of market conditions.

The turnover in names for the 2014 rebalances has been in line with expectations. Since inception the notable decreases in sector exposure includes decreases to the overweights of consumer discretionary and IT, and health care going from an overweight to neutral weight. On the positive side the underweights in financials and energy were reduced to smaller underweights and consumer staples went from an underweight to neutral.

JNL/S&P Total Yield Fund

Portfolio Composition^†:

Consumer Discretionary	28.0	%
Information Technology	20.0
Energy	16.2
Industrials	12.9
Financials	10.0
Consumer Staples	9.4
Materials	2.9
Short Term Investments	0.6
Total Investments	100.0	%

†Total Investments as of December 31, 2014

Portfolio Manager Commentary: For the year ended December 31, 2014, JNL/S&P Total Yield Fund outperformed its benchmark by posting a return of 15.89% for Class A shares compared to 13.69% for the S&P 500 Index.

The annual rebalance produced a higher turnover than the strategy’s historical average. Many of the prior year’s companies had price appreciations to such high levels that they no longer met

the total yield requirements and were replaced with new names.

Companies in consumer discretionary, energy, information technology and telecommunication services all had significant contributions to the overall Fund’s outperformance versus the S&P 500 Index. Health care and materials were the only sectors with significant detraction from the relative performance versus the S&P 500 Index.

Hewlett-Packard Co. (46.0%), Molson Coors Brewing Co. (35.7%) and CenturyLink Inc. (+31.7%) were the top three performers. Hess Corp. (-10.0%), Freeport-McMoRan Copper and Gold Inc. (-9.7%) and Joy Global Inc. (-7.5%) had the three most negative total returns.

The Fund is made 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 capital-

ization. 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.

This strategy has displayed higher volatility than the benchmark since inception. With high stock turnover for the annual rebalance there were some significant sector exposure changes in four sectors. The overweight in consumer discretionary was effectively doubled from the prior year. Energy went to a significant overweight from an underweight. The underweight in health care was almost doubled from the prior year. Finally financials went from an overweight to an underweight. Small relative exposure changes occurred in the remaining sectors with the exception of materials that remained exactly the same.

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

JNL/S&P Competitive Advantage Fund (Class A)

Average Annual Total Returns for Class A Shares
1 Year	10.06%
5 Year	17.96%
Since Inception	12.55%
(Inception date December 3, 2007)
Average Annual Total Returns for Class B Shares
1 Year	10.30%
5 Year	18.20%
Since Inception	12.73%
(Inception date December 3, 2007)

JNL/S&P Dividend Income and Growth Fund (Class A)

Average Annual Total Returns for Class A Shares
1 Year	13.70%
5 Year	17.40%
Since Inception	10.24%
(Inception date December 3, 2007)
Average Annual Total Returns for Class B Shares
1 Year	13.89%
5 Year	17.66%
Since Inception	10.48%
(Inception date December 3, 2007)

JNL/S&P Intrinsic Value Fund (Class A)

Average Annual Total Returns for Class A Shares
1 Year	18.04%
5 Year	19.73%
Since Inception	13.56%
(Inception date December 3, 2007)
Average Annual Total Returns for Class B Shares
1 Year	18.23%
5 Year	19.99%
Since Inception	13.86%
(Inception date December 3, 2007)

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 charges.

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

JNL/S&P Mid 3 Fund (Class A)

Total Return for Class A Shares
Since Inception	14.10%
(Inception date April 28, 2014)
Total Return for Class B Shares
Since Inception	14.30%
(Inception date April 28, 2014)

JNL/S&P Total Yield Fund (Class A)

Average Annual Total Returns for Class A Shares
1 Year	15.89%
5 Year	17.40%
Since Inception	10.79%
(Inception date December 3, 2007)
Average Annual Total Returns for Class B Shares
1 Year	16.03%
5 Year	17.62%
Since Inception	10.99%
(Inception date December 3, 2007)

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 charges.

JNL/Scout Fund Scout Investments, Inc. (Unaudited)

Market Summary: A long overdue rise in volatility came to fruition during the fourth quarter as the U.S. Federal Reserve (“Fed”) completed its exit from the massive quantitative easing (“QE”) program. Several other factors influenced market volatility including a slowing global economy, particularly in Europe, as well as news that Greece could exit its bailout prematurely, and fears over potential spread of the Ebola virus in North America and Europe.

As a tax increase began to weigh on economic growth, the Bank of Japan unexpectedly picked up the QE “baton” where the U.S. was leaving off and announced an additional bond purchase of 80 trillion Japanese Yen. The European Central Bank (“ECB”) was not content to be left behind in the global monetary stimulus movement. Mario Draghi vowed additional stimulus, but the ECB to this point has been mostly talk and little action.

Gas prices at the pump fell dramatically at year end. The Organization of the Petroleum Exporting Countries (“OPEC”) nations appear to be

strategically accepting a temporary lower price in an effort to maintain market share and pressure higher cost production to shoulder the burden of supply cuts. Lower commodity prices can have a complex economic impact. Initially, lower prices flow into the manufacturing and transporting of goods creating a disinflationary impact, but the stimulus effect will have a direct and immediate impact to consumers, more than any Fed orchestrated QE stimulus program could hope to accomplish.

The sharp oil price declines significantly impacted the economies and currencies of several countries. The Russian Ruble experienced significant volatility as sanctions for Russian actions in Crimea and Ukraine, along with the declines in crude oil, took a significant toll on Russia’s economy.

All spread sectors underperformed in the period. High yield and investment grade credit were the weakest performers. The U.S. Treasury curve flattened as long term inflation expectations remained modest and the short end of the curve anticipated the Fed raising rates.

JNL/Scout Unconstrained Bond Fund

Portfolio Composition^†:

Government Securities	53.2	%
Financials	28.8
Non-U.S. Government Agency ABS	9.7
U.S. Government Agency MBS	3.4
Energy	1.4
Telecommunication Services	1.0
Consumer Discretionary	0.7
Short Term Investments	1.8
Total Investments	100.0	%

†Total Investments as of December 31, 2014

Portfolio Manager Commentary: For the period April 28, 2014 through December 31, 2014, JNL/Scout Unconstrained Bond Fund underperformed its primary benchmark by posting a return of -3.80% for Class A shares compared to 0.15% for the BofA Merrill Lynch U.S. Dollar 3-Month Libor Constant Maturity Index. The Fund also underperformed its other benchmark return of 3.33% for the Barclays U.S. Aggregate Bond Index.

Macro performance factors were the largest detractors from performance in the period. U.S. Treasury rates 5-year and longer declined and the curve flattened in response to a weakening global economy. The disinflation impact from crude oil price declines drove long term inflation expectations down and put pressure on the long end of the curve during the last few months of the year. This hurt performance as the Fund was positioned with a negative duration focused in the long end of the yield curve. The Fund utilized 10 and 30-year bond futures for macro positioning and this subtracted approximately 375 basis points (“bps”) from performance. The Fund’s positions in the high yield sector were the largest contributor to performance in the fourth quarter due to well timed purchases in October and December. We utilized high yield credit default swaps frequently to gain exposure to this sector and this added approximately 50 bps to performance. Investment grade credit, asset-backed

securities and mortgage-backed securities all modestly contributed to performance.

Despite the drift wider in credit spread sectors during the period, we continue to view them as overvalued. In response, the Fund is positioned defensively which includes an elevated weight in short duration U.S. Treasury securities. Additionally, the Fund’s corporate holdings are in very short and higher quality financials and industrials which we expect to perform well on a relative basis as volatility increases. Although high yield has underperformed recently, particularly following the oil price declines, we continue to believe the sector is overvalued and have only tactically added positions on weakness and have sold into strength. Our overall exposure to this sector has been modest. The Fund is positioned with a negative overall Fund duration. This is in response to unattractive real rates as well as the sizable decline in rates so far this year.

JNL/Scout Unconstrained Bond Fund (Class A)

Total Return for Class A Shares
Since Inception	-3.80%
(Inception date April 28, 2014)

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 charges.

JNL/T. Rowe Price Funds T. Rowe Price Associates, Inc. (Unaudited)

Market Summary: U.S. equities rose in 2014 for the sixth consecutive year, as the economy recovered strongly from a first quarter weather related contraction. Falling long term interest rates since the end of 2013 – despite the U.S. Federal Reserve’s (“Fed”) reduction of asset purchases, solid employment growth, favorable corporate earnings and expanded stimulus measures by major non U.S. central banks were also supportive. Stagnant global growth, heightened geopolitical tensions due to U.S. and European Union sanctions against Russia for its actions in Ukraine and unrest in the Middle East periodically weighed on stock prices, as did concerns that the Fed would soon start raising short term interest rates. However, interest rate reductions in the Eurozone and expectations that the European Central Bank could start buying sovereign debt, as well as aggressive monetary easing in Japan, boosted investor sentiment. Oil prices plunged from early summer highs above $100 per barrel, which accelerated the Organization of Petroleum Exporting Countries’ decision at the end of November to maintain

current production levels. As measured by various Russell indexes, value stocks outperformed growth among large and mid caps, while the opposite was true for small cap shares.

U.S. bond returns were mostly positive, as high quality issues appreciated but lower quality bonds declined. Long term Treasury bonds performed best, as long term interest rates and inflation expectations tumbled with oil prices and as U.S. government bond yields looked appealing versus yields of their Eurozone and Japanese counterparts. Investment grade corporate, mortgage backed and municipal securities also produced solid gains, but asset backed securities trailed. High yield bonds fell as credit spreads – the yield difference between high and low quality bonds with comparable maturities – widened, which indicated growing concerns about borrowers’ ability to service their debt. High yield debt in energy, which is the largest segment in the high yield market, performed worst. Leveraged loans held up better than high yield bonds.

JNL/T. Rowe Price Established Growth Fund

Portfolio Composition^†:

Consumer Discretionary	25.8	%
Information Technology	25.7
Health Care	18.4
Industrials	13.1
Financials	6.3
Energy	2.1
Consumer Staples	2.0
Materials	1.9
Telecommunication Services	0.6
Short Term Investments	4.1
Total Investments	100.0	%

†Total Investments as of December 31, 2014

Portfolio Manager Commentary: For the year ended December 31, 2014, JNL/T. Rowe Price Established Growth Fund underperformed its primary benchmark by posting a return of 8.71% for Class A shares compared to 13.05% for the Russell 1000 Growth Index. The Fund also underperformed its other benchmark return of 13.69% for the S&P 500 Index.

Adverse stock selection hurt relative performance, while effective sector allocation added to

relative results. Consumer discretionary detracted the most from relative returns as unfavorable stock selection drove relative sector weakness (Amazon.com Inc. and Wynn Resorts Ltd. (“Wynn Resorts”)). Adverse stock selection in information technology also hurt relative returns (Apple Inc., Google Inc. and Microsoft Corp.). Conversely, health care contributed the most to relative performance due to both effective stock selection and a favorable overweight to the best performing sector in the index (Bristol Myers Squibb Co. and Vertex Pharmaceuticals Inc.).

The five largest purchases during the year were: Wynn Resorts, American Airlines Group Inc., Alibaba Group and Intuitive Surgical, which were all new to the Fund, and Facebook. The five largest sales during the year were: QUALCOMM Inc., eBay Inc. and PepsiCo Inc., which were all eliminated from the Fund, and Apple Inc. and Gilead Sciences Inc.

At the sector level, the largest increase in weighting during the year was in health care. The most significant decrease was in the Fund’s

weighting in energy. Sector weightings are residual of our bottom-up stock selection process and typically reflect where the portfolio manager is finding compelling growth opportunities at the individual company level rather than through a broader thematic approach.

Overall, we continue to think U.S. stock prices are more likely to move in line with earnings growth rather than through an expansion in valuations. In addition, with the U.S. financial crisis and dramatic policy responses fading into the background, many of the factors that have driven stocks up and down are likely to become less common. Against this slow and steady growth backdrop, we seek high quality companies that can grow faster than expected and whose growth durability is longer than anticipated. In particular, we are seeking out companies demonstrating above average earnings growth with solid management teams and strong financial positions that are reinvesting capital wisely.

JNL/T. Rowe Price Mid-Cap Growth Fund

Portfolio Composition^†:

Industrials	19.8	%
Health Care	19.4
Information Technology	19.0
Consumer Discretionary	13.9
Financials	9.2
Energy	3.4
Consumer Staples	3.4
Materials	3.1
Telecommunication Services	0.7
Utilities	0.1
Short Term Investments	8.0
Total Investments	100.0	%

†Total Investments as of December 31, 2014

Portfolio Manager Commentary: For the year ended December 31, 2014, JNL/T. Rowe Price Mid-Cap Growth Fund outperformed its benchmark by posting a return of 12.83% for Class A

shares compared to 11.90% for the Russell Midcap Growth Index.

Stock selection was strongly positive in consumer discretionary for the year (Carmax Inc., Norwegian Cruise Line Holdings Ltd. and Marriott International Inc.). An overweight position in health care was beneficial, and stock selection also aided relative performance (Puma Biotechnology Inc. and CareFusion Corp.) Conversely, stock selection in industrials and business services detracted for the year (DigitalGlobe Inc.).

The five largest purchases during the year were: Intuitive Surgical Inc., T-Mobile US Inc. and LPL Financial Holdings Inc., which were all new to the Fund, and Altera Corp. and Sprouts Farmers Market Inc. The five largest sales were Rockwood Holdings Inc., Laboratory Corp. of America Holdings and Concur Technologies Inc.,

which were all eliminated from the Fund, and Quanta Services Inc. and Charter Communications Inc.

The Fund’s largest sector weighting is in industrials and business services, where we favor well run companies with exposure to high growth end markets and strong management teams skilled at deploying capital and integrating acquisitions. Sector weightings are residual of our bottom-up stock selection process and typically reflect where the portfolio manager is finding compelling valuation opportunities at the individual company level rather than through a broader thematic approach.

Over the past year, we have noted our growing sense that the investment cycle is nearing a turning point – not surprisingly, given that the current bull market is already somewhat above normal in terms of duration and magnitude

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

JNL/T. Rowe Price Mid-Cap Growth Fund (continued)

compared to its postwar peers. In particular, we are observing that investors are willing to take greater and greater risks in the pursuit of yield or the promise of future earnings. Private buyers, such as hedge funds and private equity groups, have entered the mid cap growth market in droves, driving the valuations of some promising companies sky high as other investors wait for a take out bid. Overall valuations, while not wildly out of line, are somewhat above normal. Earnings growth is slowing, and the modest expansion in profits in 2014 relative to stock prices has further stretched valuations. Recently, the plunge in oil

prices has added another level of uncertainty, as a fundamental change in the price of a key commodity is likely to continue having ripple effects throughout the financial system.

Precisely timing the turn in the market is always thorny, however, and the Fed’s extremely aggressive monetary easing has further complicated the task – even as the policy seems to be gaining less traction. As a result, while we have not dramatically increased cash levels or taken other drastic steps, we have been slowly adopting a more defensive stance in the Fund. For example, we have reduced exposure to highly

volatile biotechnology stocks and redirected it to more stable health care services stocks, and we have taken similar steps in industrials and technology. More generally, we have deepened our already considerable focus on steady growth companies rather than those able to demonstrate a few quarters of rapidly expanding profits or revenues. While no fully invested strategy can protect investors from a significant downturn – and we are not anticipating a repeat of the 2008 sell-off – we believe this careful approach should once again help cushion our shareholders in any decline.

JNL/T. Rowe Price Short-Term Bond Fund

Portfolio Composition^†:

Non-U.S. Government Agency ABS	25.9	%
Financials	18.1
U.S. Government Agency MBS	12.2
Government Securities	11.9
Energy	9.3
Consumer Discretionary	4.9
Industrials	3.5
Health Care	2.5
Utilities	2.2
Consumer Staples	2.2
Telecommunication Services	1.9
Information Technology	1.5
Materials	1.1
Short Term Investments	2.8
Total Investments	100.0	%

†Total Investments as of December 31, 2014

Portfolio Manager Commentary: For the year ended December 31, 2014, JNL/T. Rowe Price Short-Term Bond Fund underperformed its benchmark by posting a return of 0.43% for Class A shares compared to 0.77% for the Barclays 1-3 Year Government/Credit Index.

Yield curve positioning was the primary driver of relative performance as the overweight allocation to the intermediate portion of the curve and modest out of benchmark exposure to longer maturities performed well as the curve flattened over the year. Sector allocation also generated strong relative returns; specifically, an overweight allocation to short dated, investment grade corporate debt, a strategic underweight to U.S. Treasury securities, and out of benchmark exposure to asset backed securities.

Aside from a dramatic drop in Treasury yields mid October, Treasury yields have followed a divergent course throughout 2014. Shorter dated Treasury yields have steadily increased amid anticipation of a rising Fed funds rate, while meaningfully decreasing on longer dated bonds due to global economic weakness and geopolitical uncertainties. As the yield curve flattened, our strategic positioning benefited relative returns, as the Fund is overweight the intermediate part of the curve and has a modest out of benchmark exposure to longer maturities. Given the rise in short term Treasury yields, the Fund’s

Treasury underweight in the front end of the curve was also a meaningful contributor.

The Fund’s overweight allocation to investment grade corporate bonds provided a significant contribution to relative results for the year. Solid demand from duration minded investors looking for incremental yield provided a strong bid for short maturity, high grade corporate bonds. As a result, the Fund’s significant overweight to corporates provided a meaningful contribution to relative results. Security selection within the sector also contributed positively over the year.

The Fund’s out of benchmark allocation to Treasury Inflation Protected Securities (“TIPS”) was a drag on performance. TIPS underperformed as headline inflation turned lower, driven by a strong U.S. Dollar and declining energy prices. Also negatively impacting performance was an allocation to a local denominated Mexican government bond as the U.S. Dollar strengthened relative to the Mexican Peso and the position was unhedged for part of the year.

JNL/T. Rowe Price Value Fund

Portfolio Composition^†:

Financials	22.6	%
Health Care	20.2
Industrials	15.5
Information Technology	8.9
Utilities	8.1
Consumer Staples	7.6
Consumer Discretionary	5.7
Materials	4.3
Energy	4.1
Telecommunication Services	0.4
Short Term Investments	2.6
Total Investments	100.0	%

†Total Investments as of December 31, 2014

Portfolio Manager Commentary: For the year ended December 31, 2014, JNL/T. Rowe Price Value Fund underperformed its benchmark by posting a return of 13.24% for Class A shares compared to 13.45% for the Russell 1000 Value Index.

The leading detractor from relative performance was financials due mostly to stock selection (MetLife Inc. and Barclays Plc). Stock selection in utilities was also detrimental (NRG Energy Inc., AES Corp. and MDU Resources Group Inc.). The leading contributor to relative returns was stock selection in the industrials and business services (American Airlines Group Inc.). An overweight to health care was also beneficial. Stock choices in information technology also supported relative performance (Micron Technology Inc. and NXP Semiconductors NV) though our sector underweight reduced some of the positive effect of stock selection.

The five largest purchases during the year were: General Electric Co., Bank of America Corp., American Airlines Group Inc., Citigroup Inc. and Cisco Systems Inc. The five largest sales during the year were: Phillips 66 and Valero Energy Corp., which were both eliminated

from the Fund, and Johnson & Johnson, Procter & Gamble Co. and U.S. Bancorp.

At the sector level, the largest increase in weighting during the year was in industrials and business services, though we have been selling select positions on strength as valuations have risen. The most significant decrease was in energy, as we believe the glut in global oil supply may cause significant headwinds for many companies in the sector. Sector weightings are residual of our bottom-up stock selection process and typically reflect where the portfolio manager is finding compelling valuation opportunities at the individual company level rather than through a broader thematic approach.

We remain cautious in the near term, as it has been some time since we have seen a meaningful correction, and the market’s appreciation has generally outpaced fundamentals, making valuations a somewhat neutral factor. The

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

JNL/T. Rowe Price Value Fund (continued)

magnitude of the stock market’s climb in the past few years has been a bit surprising, given widespread expectations of higher interest rates and tighter Fed policy in the coming months. However, short term rates remain low, and strong corporate balance sheets and solid earnings

growth reported during the year provide some reassurance that the market can sustain, and even extend, recent gains. Despite the run up in valuations in the large cap universe, we continue to find select companies that are priced below their intrinsic value in a wide range of industries.

We remain focused on our strategy of buying quality companies at attractive prices and maintaining a longer term horizon to allow the market to recognize the value of our holdings.

JNL/T. Rowe Price Established Growth Fund (Class A)

Average Annual Total Returns for Class A Shares
1 Year	8.71%
5 Year	15.63%
10 Year	8.45%
Average Annual Total Returns for Class B Shares
1 Year	8.95%
5 Year	15.87%
10 Year	8.67%

JNL/T. Rowe Price Mid-Cap Growth Fund (Class A)

Average Annual Total Returns for Class A Shares
1 Year	12.83%
5 Year	17.12%
10 Year	10.62%
Average Annual Total Returns for Class B Shares
1 Year	13.07%
5 Year	17.36%
10 Year	10.84%

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 charges.

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

JNL/T. Rowe Price Short-Term Bond Fund (Class A)

Average Annual Total Returns for Class A Shares
1 Year	0.43%
5 Year	1.45%
Since Inception	1.88%
(Inception date May 1, 2006)
Average Annual Total Returns for Class B Shares
1 Year	0.73%
5 Year	1.68%
Since Inception	2.10%
(Inception date May 1, 2006)
T. Rowe Price Associates, Inc. assumed portfolio management responsibility on September 28, 2009.

JNL/T. Rowe Price Value Fund (Class A)

Average Annual Total Returns* for Class A Shares
1 Year	13.24%
5 Year	16.03%
10 Year	8.23%
Average Annual Total Returns* for Class B Shares
1 Year	13.41%
5 Year	16.25%
10 Year	8.45%

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 charges.

*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/WMC Funds Wellington Management Company, LLP (Unaudited)

Market Summary: U.S. equities rose during the year as both the S&P 500 Index and the Russell 1000 Value Index posted gains of 13.69% and 13.45%, respectively. The S&P 500 Index began 2014 with its worst month in nearly two years. Worries about a slowdown in China and general angst surrounding emerging markets overshadowed a fairly benign domestic environment. Despite a myriad of adverse weather influenced economic data, the S&P 500 Index rebounded from January’s pullback and finished February at a new peak. By the end of the second quarter the S&P 500 Index was up 224.39% (on a cumulative basis) from its closing low on March 9, 2009. The second half of the year was also bumpy, with U.S. equities sinking in July, rebounding in August and falling once again around mid September before recovering in October. U.S. equities hit several all time highs toward the end of the year, pulling back slightly on the final trading day of November and into December, led by weakness in the energy sector after the Organization of the Petroleum Exporting Countries’ (“OPEC”) decision to leave production unchanged.

2014 saw expectations of prolonged easing monetary policy by major central banks and a supportive macroeconomic environment to keep rates low and suppress volatility. Early on, emerging markets dominated headlines as economic and political developments sparked risk aversion across global markets, pushing bond prices higher and yields lower amid a flight to quality. During the third quarter, however, persistent geopolitical

risks – tensions between Ukraine and Russia and violence in Iraq – and Chinese slowdown concerns raised questions about the global growth rate, keeping a lid on risk appetites overall. The year was also highlighted by a divergence in central bank policies. The European Central Bank (“ECB”) cut its benchmark lending and deposit rates and announced a host of stimulus measures in an effort to encourage lending and fend off fears of deflation. China’s central bank joined the ECB in boosting liquidity by injecting funds into the nation’s largest banks in an attempt to combat weakening growth. The Bank of Japan preemptively announced incremental monetary easing to counter the risk that “conversion of the deflationary mindset” might be delayed. In contrast, the Bank of England and U.S. Federal Reserve (“Fed”) leaned toward tighter policies. The Fed ended its quantitative easing program as U.S. data largely suggested the economy was on a sustainable growth path. Second quarter gross domestic product (“GDP”) rebounded after the first quarter’s steep contraction. The labor market strengthened as the unemployment rate dropped to a six year low. Housing regained some lost ground after a weak start to the year, though the pace of home price appreciation started to slow after a strong 2013. Inflation pressures were muted overall, alleviating pressure on the Fed to raise rates. The U.S. Treasury curve continued to flatten as markets contemplated policy normalization; short term yields rose while longer term rates declined to near record lows.

JNL/WMC Balanced Fund

Portfolio Composition^†:

Financials	16.7	%
Government Securities	11.4
Health Care	11.4
Information Technology	9.7
U.S. Government Agency MBS	9.1
Industrials	8.4
Energy	6.4
Consumer Discretionary	6.0
Consumer Staples	5.4
Utilities	2.6
Telecommunication Services	2.1
Non-U.S. Government Agency ABS	2.0
Materials	1.5
Short Term Investments	7.3
Total Investments	100.0	%

†Total Investments as of December 31, 2014

Portfolio Manager Commentary: For the year ended December 31, 2014, the JNL/WMC Balanced Fund underperformed its primary benchmark by posting a return of 9.86% for Class A shares compared to 13.69% for the S&P 500 Index. The Fund underperformed its blended benchmark return of 11.00% for the 65% S&P 500 Index and 35% Barclays U.S. Aggregate Bond Index.

The equity portfolio underperformed the S&P 500 Index during the year. Security selection was

the primary detractor from relative performance during the year. Allocation among sectors, a fallout of the bottom-up stock selection process, also detracted from relative performance. Security selection in financials and utilities that detracted from relative performance was partially offset by selection in industrials that contributed positively. An underweight allocation to information technology and overweight to energy detracted from relative performance.

Top detractors from relative performance within the equity portfolio included Apple Inc. (information technology), Mattel Inc. (“Mattel”) (consumer discretionary), as well as an out of benchmark position in Cameco Corp. (energy). Top contributors to relative performance within the equity portfolio included United Continental Holdings Inc. (industrials), Google Inc. (information technology) and not owning Amazon.com Inc. (consumer discretionary). During the year, the Fund eliminated its position in Mattel.

The largest purchases within the equity portfolio during the year were Bristol-Myers Squibb Co. (health care) and United Technologies Corp. (industrials). The largest sells for the year were the elimination of Time Warner Inc. (consumer discretionary) and General Electric Co. (industrials).

During the year, the Fund decreased its overweight position in financials and increased its overweight position in industrials. The overweight position in health care remained relatively unchanged. The Fund also increased its underweight positions in information technology and consumer discretionary.

The fixed income portfolio contributed positively to relative returns, outperforming the Barclays U.S. Aggregate Bond Index during the year. Security selection, the largest contributor to outperformance, was driven by selection within mortgage backed securities and investment grade credit. A modest underweight allocation to investment grade credit and an overweight to asset backed securities (“ABS”) also contributed positively to relative performance. Partially offsetting positive results was the Fund’s duration and yield curve positioning.

There were no significant changes to the fixed income portfolio’s credit quality during the year, as the average credit quality remained Aa2. The Fund is currently positioned with a short duration bias and overweight allocations to investment grade credit and ABS. At the end of the year, the Fund was slightly underweight equities and overweight fixed income.

JNL/WMC Value Fund

Portfolio Composition^†:

Financials	26.8	%
Health Care	13.3
Information Technology	13.3
Consumer Discretionary	11.9
Energy	9.9
Industrials	9.9
Consumer Staples	4.5
Materials	4.5

Utilities	2.7
Telecommunication Services	1.5
Short Term Investments	1.7
Total Investments	100.0	%

†Total Investments as of December 31, 2014

Portfolio Manager Commentary: For the year ended December 31, 2014, the JNL/WMC

Value Fund underperformed its benchmark by posting a return of 11.33% for Class A shares compared to 13.45% for the Russell 1000 Value Index.

Security selection was the primary detractor from relative performance during the year. Stock selection within financials and information technology were the largest detractors from the

JNL/WMC Funds (continued) Wellington Management Company, LLP (Unaudited)

JNL/WMC Value Fund (continued)

Fund’s relative performance. Allocation among sectors, a fallout of the bottom-up stock selection process, also detracted from relative performance due to underweight allocations to utilities and consumer staples. A small cash position in a rising market also detracted from relative performance.

Top detractors from relative performance included Southwestern Energy Co. (energy), an out of benchmark position in Halliburton Co. (energy) and Marathon Oil Corp. (energy). Top

contributors to relative performance included an underweight to Exxon Mobil Co. (energy), an overweight to Covidien Plc (health care) and an out of benchmark position in Lowe’s Cos. Inc. (consumer discretionary). The largest purchases during the year included MetLife Inc. (financials), Marvell Technology Group Ltd. (information technology) and Fortune Brands Home & Security Inc. (industrials). The largest sales during the year were the elimination of Xilinx Inc. (information technology), Philip Morris Interna-

tional Inc. (consumer staples) and Chevron Corp. (energy).

During the year, the Fund’s overweight exposures increased in information technology and materials, while the Fund’s overweight exposure to consumer discretionary declined. The Fund increased its underweight exposure to utilities and consumer staples. At the end of the year, the Fund’s largest overweight exposures were to consumer discretionary and information technology.

JNL/WMC Balanced Fund (Class A)

Average Annual Total Returns for Class A Shares
1 Year	9.86%
5 Year	10.56%
10 Year	7.27%
Average Annual Total Returns for Class B Shares
1 Year	10.11%
5 Year	10.78%
10 Year	7.49%

JNL/WMC Value Fund (Class A)

Average Annual Total Returns* for Class A Shares
1 Year	11.33%
5 Year	13.58%
10 Year	8.22%
Average Annual Total Returns for Class B Shares
1 Year	11.58%
5 Year	13.81%
10 Year	8.43%

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 charges.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
JNL/AllianceBernstein Dynamic Asset Allocation Fund (b)
INVESTMENT COMPANIES - 55.9%
iShares Core MSCI Emerging Markets ETF		21	$	982
iShares Core S&P 500 ETF		13		2,607
iShares International Developed Real Estate ETF (e)		13		390
iShares MSCI All Country Asia ex Japan ETF (e)		4		260
SPDR S&P 500 ETF Trust		11		2,351
Vanguard FTSE Developed Markets ETF		56		2,123
Vanguard Mid-Cap ETF		8		997
Vanguard REIT ETF		5		421
Vanguard Small-Cap ETF (e)		10		1,198
Total Investment Companies (cost $11,307)				11,329
GOVERNMENT AND AGENCY OBLIGATIONS - 7.8%
GOVERNMENT SECURITIES - 7.8%
Treasury Inflation Index Securities - 7.8%
U.S. Treasury Inflation Indexed Note
1.63%, 01/15/18 (n)	$	50		52
0.13%, 04/15/18 - 04/15/19 (n)		606		603
1.38%, 07/15/18 - 01/15/20 (n)		194		204
2.13%, 01/15/19 (n)		51		55
1.88%, 07/15/19 (n)		69		74
1.25%, 07/15/20 (n)		150		158
1.13%, 01/15/21 (n)		213		221
0.63%, 07/15/21 (n)		198		201
Total Government and Agency Obligations (cost $1,594)				1,568
SHORT TERM INVESTMENTS - 13.9%
Investment Companies - 4.8%
JNL Money Market Fund, 0.01% (a) (h)		753		753
JPMorgan U.S. Treasury Plus Money Market Fund, 0.00% (h)		223		223
				976
Securities Lending Collateral - 9.1%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		1,849		1,849
Total Short Term Investments (cost $2,825)				2,825
Total Investments - 77.6% (cost $15,726)				15,722
Other Assets and Liabilities, Net - 22.4%				4,549
Total Net Assets - 100.0%			$	20,271
JNL/AQR Managed Futures Strategy Fund (b)
SHORT TERM INVESTMENTS - 93.7%
Investment Companies - 57.2%
JNL Money Market Fund, 0.01% (a) (h)		92,277	$	92,277
JPMorgan U.S. Treasury Plus Money Market Fund, 0.00% (h)		203,034		203,034
				295,311
Treasury Securities - 36.5%
U.S. Treasury Bill
0.03%, 04/09/15	$	139,450		139,439
0.07%, 05/28/15		7,581		7,579

	Shares/Par (t)		Value
0.08%, 06/04/15		41,800		41,787
				188,805
Total Short Term Investments (cost $484,113)				484,116
Total Investments - 93.7% (cost $484,113)				484,116
Other Assets and Liabilities, Net - 6.3%				32,351
Total Net Assets - 100.0%			$	516,467
JNL/BlackRock Commodity Securities Strategy Fund ** (b)
COMMON STOCKS - 75.7%
ENERGY - 69.4%
Anadarko Petroleum Corp.		323	$	26,630
Apache Corp.		260		16,314
Baker Hughes Inc.		201		11,246
Cabot Oil & Gas Corp. - Class A		742		21,981
Cameron International Corp. (c)		330		16,495
Canadian Natural Resources Ltd.		565		17,463
Carrizo Oil & Gas Inc. (c)		152		6,342
Cenovus Energy Inc.		318		6,569
Chevron Corp.		309		34,654
Cimarex Energy Co.		114		12,098
ConocoPhillips		141		9,731
CONSOL Energy Inc.		152		5,145
Devon Energy Corp.		453		27,741
Dresser-Rand Group Inc. (c)		401		32,783
Dril-Quip Inc. (c)		166		12,723
EOG Resources Inc.		700		64,467
EQT Corp.		237		17,948
Exxon Mobil Corp.		514		47,532
FMC Technologies Inc. (c)		499		23,358
Halliburton Co.		561		22,062
Helmerich & Payne Inc.		228		15,359
Hess Corp.		259		19,099
Husky Energy Inc.		198		4,682
Marathon Oil Corp.		395		11,173
Marathon Petroleum Corp.		184		16,568
Murphy Oil Corp.		129		6,539
Murphy USA Inc. (c)		75		5,184
National Oilwell Varco Inc.		329		21,561
Noble Energy Inc.		361		17,126
Occidental Petroleum Corp.		360		29,003
Phillips 66		135		9,702
Pioneer Natural Resources Co.		138		20,485
Range Resources Corp.		339		18,114
Schlumberger Ltd.		350		29,894
Suncor Energy Inc.		890		28,251
Technip SA - ADR		472		6,982
Total SA - ADR (e)		233		11,924
Valero Energy Corp.		222		10,998
Whiting Petroleum Corp. (c)		229		7,547
Other Securities				53,401
				776,874
MATERIALS - 6.3%
BHP Billiton Ltd.		235		5,554
E.I. du Pont de Nemours & Co.		114		8,442
Eldorado Gold Corp.		1,033		6,294
First Quantum Minerals Ltd.		605		8,593
Franco-Nevada Corp.		162		7,954
Goldcorp Inc.		449		8,315
Praxair Inc.		45		5,832
Southern Copper Corp. (e)		330		9,297

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Other Securities				10,278
				70,559
Total Common Stocks (cost $844,295)				847,433
COMMODITY INDEXED STRUCTURED NOTES - 6.2%
Bank of America Corp., Bloomberg Commodity Index 2 Month Forward Total Return commodity linked note, 0.24%, 10/15/15 (i)		10,500		5,706
Bank of America Corp., Bloomberg Commodity Index 2 Month Forward Total Return commodity linked note, 0.24%, 01/11/16 (i)		24,000		18,048
UBS AG, Bloomberg Commodity Index 2 Month Forward Total Return commodity linked note, 0.24%, 01/11/16 (i)		10,000		8,171
UBS AG, Bloomberg Commodity Index 2 Month Forward Total Return commodity linked note, 0.26%, 01/22/16 (i)		6,000		5,605
UBS AG, Bloomberg Commodity Index 2 Month Forward Total Return commodity linked note, 0.26%, 01/22/16 (i)		10,000		9,570
UBS AG, Bloomberg Commodity Index 2 Month Forward Total Return commodity linked note, 0.26%, 01/25/16 (i)		25,000		22,718
Total Commodity Indexed Structured Notes (cost $85,500)				69,818
SHORT TERM INVESTMENTS - 19.5%
Investment Companies - 1.5%
JNL Money Market Fund, 0.01% (a) (h)		17,205		17,205
Securities Lending Collateral - 2.6%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		28,750		28,750
Treasury Securities - 15.4%
U.S. Treasury Bill
0.02%, 01/08/15	$	34,600		34,600
0.04%, 03/05/15		56,000		55,998
0.07%, 05/14/15		58,400		58,390
0.09%, 06/11/15		23,000		22,993
				171,981
Total Short Term Investments (cost $217,929)				217,936
Total Investments - 101.4% (cost $1,147,724)				1,135,187
Other Assets and Liabilities, Net - (1.4%)				(15,787	)
Total Net Assets - 100.0%			$	1,119,400
JNL/BlackRock Global Allocation Fund ** (b)
COMMON STOCKS - 53.9%
CONSUMER DISCRETIONARY - 5.7%
Fuji Heavy Industries Ltd.		531	$	18,772
Sanrio Co. Ltd. (e)		70		1,727
Other Securities				175,732
				196,231
CONSUMER STAPLES - 3.1%
Nestle SA		207		15,062
Procter & Gamble Co.		223		20,282
Unilever NV - CVA		267		10,436
Unilever Plc		77		3,136
Other Securities				55,128
				104,044
ENERGY - 5.0%
Phillips 66		216		15,494

	Shares/Par (t)		Value
Royal Dutch Shell Plc - ADR		233		15,595
StatoilHydro ASA (e)		896		15,780
Total SA		90		4,634
Total SA - ADR (e)		182		9,306
Other Securities				109,006
				169,815
FINANCIALS - 9.5%
American Express Co.		121		11,259
Bank of America Corp.		946		16,919
Berkshire Hathaway Inc. - Class A (c)		—		4,294
Berkshire Hathaway Inc. - Class B (c)		55		8,201
BNP Paribas		130		7,693
CapitaLand Ltd.		2,859		7,107
Citigroup Inc.		232		12,531
HSBC Holdings Plc		1,145		10,820
JPMorgan Chase & Co.		281		17,562
Sun Hung Kai Properties Ltd.		635		9,621
Wells Fargo & Co.		365		19,983
Other Securities				200,361
				326,351
HEALTH CARE - 8.7%
AbbVie Inc.		227		14,887
Actavis Plc (c)		48		12,460
Merck & Co. Inc.		261		14,806
Mylan Inc. (c)		28		1,566
Pfizer Inc.		510		15,879
Roche Holding AG		72		19,411
Sanofi SA		115		10,456
Sanofi SA - ADR		30		1,381
Other Securities				206,974
				297,820
INDUSTRIALS - 7.7%
General Electric Co.		628		15,871
Mitsui & Co. Ltd.		875		11,722
Siemens AG		111		12,410
Other Securities				223,163
				263,166
INFORMATION TECHNOLOGY - 6.3%
Cisco Systems Inc.		459		12,755
eBay Inc. (c)		196		10,991
Google Inc. - Class A (c)		21		11,387
Google Inc. - Class C (c)		31		16,474
MasterCard Inc. - Class A		158		13,642
Oracle Corp.		354		15,938
Samsung Electronics Co. Ltd.		4		4,761
Twitter Inc. (c)		369		13,227
Visa Inc. - Class A		46		12,038
Other Securities				105,416
				216,629
MATERIALS - 4.3%
Freeport-McMoran Inc. - Class B		639		14,927
Rio Tinto Plc		325		15,004
Syngenta AG		34		10,953
Other Securities				105,864
				146,748
TELECOMMUNICATION SERVICES - 1.6%
Verizon Communications Inc.		289		13,510
Other Securities				42,038
				55,548

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
UTILITIES - 2.0%
Other Securities				69,280
Total Common Stocks (cost $1,782,275)				1,845,632
TRUST PREFERREDS - 0.4%
FINANCIALS - 0.4%
Citigroup Capital XIII, 7.88%, (callable at 25 beginning 10/30/15)		118		3,150
Other Securities				9,235
Total Trust Preferreds (cost $11,903)				12,385
PREFERRED STOCKS - 2.6%
CONSUMER DISCRETIONARY - 0.3%
Other Securities				9,114
CONSUMER STAPLES - 0.1%
Other Securities				1,826
FINANCIALS - 0.7%
HSBC Holdings Plc, 8.00%, (callable at 25 beginning 12/15/15) (m)		70		1,866
Wells Fargo & Co., 7.50% - Series L (m) (v)		1		1,478
Other Securities				20,753
				24,097
HEALTH CARE - 0.0%
Other Securities				1,678
INDUSTRIALS - 0.1%
Other Securities				2,544
INFORMATION TECHNOLOGY - 1.2%
Samsung Electronics Co. Ltd.		7		6,369
Other Securities				35,900
				42,269
MATERIALS - 0.0%
Other Securities				339
TELECOMMUNICATION SERVICES - 0.0%
Other Securities				136
UTILITIES - 0.2%
Other Securities				6,318
Total Preferred Stocks (cost $72,842)				88,321
RIGHTS - 0.0%
Other Securities				180
Total Rights (cost $0)				180
WARRANTS - 0.0%
Sun Hung Kai Properties Ltd. (c)		52		130
Other Securities				279
Total Warrants (cost $0)				409
PURCHASED OPTIONS - 1.3%
Other Securities				45,551
Total Purchased Options (cost $38,799)				45,551
INVESTMENT COMPANIES - 0.7%
iShares Gold Trust Fund (a) (c)		638		7,295
Other Securities				16,864
Total Investment Companies (cost $29,457)				24,159

	Shares/Par (t)		Value
CORPORATE BONDS AND NOTES - 8.2%
CONSUMER DISCRETIONARY - 0.9%
Other Securities				31,167
CONSUMER STAPLES - 0.2%
Other Securities				5,485
ENERGY - 0.9%
Other Securities				30,494
FINANCIALS - 3.6%
Bank of America Corp.
2.00%, 01/11/18		2,499		2,497
1.32%, 03/22/18 (i)		1,376		1,386
2.60%, 01/15/19		1,733		1,746
BNP Paribas SA, 2.40%, 12/12/18		5,279		5,329
CapitaLand Ltd.
2.10%, 11/15/16 (p) (v), SGD		3,500		2,624
2.95%, 06/20/22 (p) (v), SGD		7,000		5,285
1.95%, 10/17/23 (r) (v), SGD		3,000		2,291
Citigroup Inc., 5.95%, (callable at 100 beginning 01/30/23) (m)		1,330		1,310
General Electric Capital Corp. - Series B
6.25% (callable at 100 beginning 12/15/22) (m)		2,600		2,831
5.55%, 05/04/20		1,200		1,379
6.38%, 11/15/67 (i)		1,854		1,988
HSBC Holdings Plc, 6.38%, (callable at 100 beginning 09/17/24) (m)		5,700		5,757
HSBC USA Inc., 1.63%, 01/16/18		1,775		1,768
JPMorgan Chase & Co.
5.15% (callable at 100 beginning 05/01/23) (m)		3,331		3,138
6.10% (callable at 100 beginning 10/01/24) (m)		7,026		7,008
6.13%, 06/27/17		1,338		1,477
Merrill Lynch & Co. Inc., 6.88%, 04/25/18		1,642		1,886
Sun Hung Kai Properties Capital Market Ltd., 4.50%, 02/14/22 (p)		1,100		1,171
Other Securities				72,048
				122,919
HEALTH CARE - 1.2%
Mylan Inc.
3.75%, 09/15/15 (v)		1,799		7,603
2.55%, 03/28/19		2,300		2,291
Other Securities				31,197
				41,091
INDUSTRIALS - 0.2%
Other Securities				7,360
INFORMATION TECHNOLOGY - 0.5%
Twitter Inc., 1.00%, 09/15/21 (r) (v)		1,682		1,465
Other Securities				15,436
				16,901
MATERIALS - 0.1%
Other Securities				3,132
TELECOMMUNICATION SERVICES - 0.6%
Other Securities				20,714
UTILITIES - 0.0%
Other Securities				321
Total Corporate Bonds and Notes (cost $276,250)				279,584

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
GOVERNMENT AND AGENCY OBLIGATIONS - 13.6%
GOVERNMENT SECURITIES - 13.5%
Sovereign - 7.1%
Argentina Bonar Bond
7.00%, 04/17/17		7,063		6,780
8.75%, 05/07/24 (e)		4,246		4,140
Australia Government Bond
5.25%, 03/15/19, AUD		25,562		23,420
2.75%, 10/21/19, AUD		46,821		39,061
Brazil Government International Bond, 4.88%, 01/22/21		1,283		1,363
Brazil Notas do Tesouro Nacional
10.00%, 01/01/17, BRL		13,373		4,792
10.00%, 01/01/21, BRL		11,271		3,830
10.00%, 01/01/25, BRL		20,356		6,705
Indonesia Treasury Bond
7.88%, 04/15/19, IDR		108,180,000		8,789
8.38%, 03/15/24, IDR		27,706,000		2,321
Mexico Bonos
8.00%, 12/07/23, MXN		216,733		16,883
10.00%, 12/05/24, MXN		424,205		37,660
Poland Government Bond
5.25%, 10/25/20, PLN		32,639		10,717
5.75%, 10/25/21, PLN		37,951		13,018
United Kingdom Treasury Bond, 2.25%, 09/07/23 (p), GBP		27,291		44,569
Other Securities				18,016
				242,064
Treasury Inflation Index Securities - 0.5%
Brazil Inflation Indexed Notas do Tesouro Nacional, 6.00%, 05/15/23 (s), BRL		17,831		16,859
U.S. Treasury Securities - 5.9%
U.S. Treasury Note
0.25%, 03/31/15		17,435		17,442
0.25%, 07/31/15		11,989		11,998
1.25%, 10/31/18		18,129		18,010
1.63%, 07/31/19		23,015		23,049
1.63%, 08/31/19		19,416		19,432
2.25%, 04/30/21		25,408		25,924
2.00%, 05/31/21		33,034		33,179
2.38%, 08/15/24		30,278		30,820
2.25%, 11/15/24		24,035		24,197
				204,051
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES - 0.1%
Other Securities				3,428
Total Government and Agency Obligations (cost $484,003)				466,402
OTHER EQUITY INTERESTS - 0.0%
Other Securities				—
Total Other Equity Interests (cost $0)				—
SHORT TERM INVESTMENTS - 22.3%
Securities Lending Collateral - 2.3%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		79,485		79,485
Treasury Securities - 20.0%
Japan Treasury Bill
0.00%, 01/08/15, JPY		680,000		5,677
0.00%, 02/04/15, JPY		700,000		5,844
0.00%, 03/10/15, JPY		370,000		3,089
0.00%, 03/23/15, JPY		700,000		5,844

	Shares/Par (t)		Value
Mexico Cetes
0.20%, 01/22/15, MXN		9,864		6,674
0.20%, 02/05/15, MXN		3,333		2,252
0.20%, 02/19/15, MXN		5,155		3,480
0.20%, 03/05/15, MXN		8,899		6,003
0.20%, 03/19/15, MXN		9,953		6,703
0.20%, 04/01/15, MXN		6,666		4,484
0.20%, 04/16/15, MXN		5,099		3,426
0.20%, 04/30/15, MXN		6,710		4,503
0.20%, 05/28/15, MXN		10,428		6,982
0.20%, 06/11/15, MXN		10,197		6,819
U.S. Treasury Bill
0.01%, 01/02/15	$	16,114		16,114
0.02%, 01/08/15		3,000		3,000
0.02%, 01/29/15		7,000		7,000
0.02%, 02/05/15		21,965		21,965
0.04%, 02/12/15		93,200		93,198
0.02%, 02/19/15		80,396		80,395
0.02%, 02/26/15		55,000		54,999
0.04%, 03/05/15		85,500		85,498
0.02%, 03/12/15		77,500		77,497
0.03%, 03/19/15		25,854		25,853
0.03%, 03/26/15		58,000		57,998
0.04%, 04/02/15		31,500		31,497
0.03%, 04/09/15		15,000		14,999
0.07%, 05/14/15		17,250		17,247
0.07%, 05/21/15		15,100		15,097
0.07%, 05/28/15		3,000		2,999
0.08%, 06/18/15		5,000		4,998
0.12%, 06/25/15		4,000		3,998
				686,132
Total Short Term Investments (cost $770,369)				765,617
Total Investments - 103.0% (cost $3,465,898)				3,528,240
Total Securities Sold Short - (0.1%) (proceeds $4,416)				(4,499	)
Other Assets and Liabilities, Net - (2.9%)				(98,395	)
Total Net Assets - 100.0%			$	3,425,346
SECURITIES SOLD SHORT - 0.1%
COMMON STOCKS - 0.1%
CONSUMER STAPLES - 0.1%
Campbell Soup Co.		16	$	693
Mead Johnson Nutrition Co.		21		2,070
				2,763
INDUSTRIALS - 0.0%
Avery Dennison Corp.		33		1,736
Total Securities Sold Short - 0.1% (proceeds $4,416)			$	4,499
JNL/BlackRock Large Cap Select Growth Fund
COMMON STOCKS - 98.1%
CONSUMER DISCRETIONARY - 23.2%
Delphi Automotive Plc		123	$	8,909
Dollar General Corp. (c)		347		24,531
Home Depot Inc.		131		13,781
Liberty Global Plc - Class A (c)		781		39,195
Lululemon Athletica Inc. (c) (e)		299		16,697
Michael Kors Holdings Ltd. (c)		227		17,044
Netflix Inc. (c)		73		24,808
Starbucks Corp.		259		21,290

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Time Warner Inc.		196		16,771
TripAdvisor Inc. (c)		409		30,573
Twenty-First Century Fox Inc. - Class A		1,193		45,811
Walt Disney Co.		203		19,100
Wynn Resorts Ltd.		69		10,231
				288,741
CONSUMER STAPLES - 2.9%
Constellation Brands Inc. - Class A (c)		76		7,491
CVS Health Corp.		90		8,702
Hershey Co.		98		10,185
Whole Foods Market Inc.		196		9,899
				36,277
ENERGY - 2.8%
Concho Resources Inc. (c)		207		20,657
Pioneer Natural Resources Co.		59		8,801
Range Resources Corp.		93		4,960
				34,418
FINANCIALS - 4.7%
Berkshire Hathaway Inc. (c)		81		12,232
Crown Castle International Corp.		159		12,493
Discover Financial Services		260		17,048
Moody’s Corp.		175		16,755
				58,528
HEALTH CARE - 23.0%
AbbVie Inc.		789		51,606
athenahealth Inc. (c) (e)		69		10,024
Express Scripts Holding Co. (c)		296		25,086
Gilead Sciences Inc. (c)		130		12,299
Humana Inc.		77		11,104
Intuitive Surgical Inc. (c)		17		8,880
Mallinckrodt Plc (c)		103		10,175
Perrigo Co. Plc		159		26,598
Regeneron Pharmaceuticals Inc. (c)		57		23,495
United Therapeutics Corp. (c)		275		35,661
Valeant Pharmaceuticals International Inc. (c)		270		38,639
Vertex Pharmaceuticals Inc. (c)		268		31,835
				285,402
INDUSTRIALS - 6.7%
Precision Castparts Corp.		101		24,402
Spirit Airlines Inc. (c)		299		22,619
Union Pacific Corp.		305		36,321
				83,342
INFORMATION TECHNOLOGY - 34.2%
Alibaba Group Holding Ltd. - ADR (c) (p)		182		18,869
Alliance Data Systems Corp. (c)		103		29,456
Apple Inc.		500		55,172
Baidu.com - ADR (c)		133		30,331
Facebook Inc. - Class A (c)		700		54,619
Google Inc. - Class A (c)		59		31,088
LinkedIn Corp. - Class A (c)		141		32,469
Oracle Corp.		256		11,500
Salesforce.com Inc. (c)		578		34,280
Visa Inc. - Class A		223		58,395
VMware Inc. - Class A (c)		176		14,511
Workday Inc. - Class A (c)		142		11,593
Yahoo! Inc. (c)		851		43,001
				425,284
MATERIALS - 0.6%
Ecolab Inc.		71		7,378
Total Common Stocks (cost $1,062,367)				1,219,370

	Shares/Par (t)		Value
PREFERRED STOCKS - 0.8%
INFORMATION TECHNOLOGY - 0.8%
Palantir Technologies Inc. (f) (p) (q)		1,246		9,994
Total Preferred Stocks (cost $7,639)				9,994
SHORT TERM INVESTMENTS - 2.8%
Investment Companies - 1.3%
JNL Money Market Fund, 0.01% (a) (h)		16,002		16,002
Securities Lending Collateral - 1.5%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		18,306		18,306
Total Short Term Investments (cost $34,308)				34,308
Total Investments - 101.7% (cost $1,104,314)				1,263,672
Other Assets and Liabilities, Net - (1.7%)				(20,973	)
Total Net Assets - 100.0%			$	1,242,699
JNL/Boston Partners Global Long Short Equity Fund
COMMON STOCKS - 95.1%
CONSUMER DISCRETIONARY - 14.7%
Cambian Group Plc (c) (q)		767	$	2,434
Comcast Corp. - Class A (o)		76		4,384
Gap Inc. (o)		87		3,648
Havas SA (c)		311		2,543
Hoshizaki Electric Co. Ltd.		62		2,973
ITV Plc		887		2,958
Lear Corp.		23		2,284
Liberty Global Plc - Class C (c) (o)		227		10,966
Macy’s Inc. (o)		89		5,863
Shenzhou International Group Holdings Ltd.		667		2,198
Swatch Group AG		37		3,237
Tenneco Inc. (c)		59		3,364
Tribune Media Co. - Class A (c) (o)		47		2,801
TS Tech Co. Ltd.		132		3,085
WH Smith Plc		168		3,508
				56,246
CONSUMER STAPLES - 5.0%
CVS Health Corp. (o)		136		13,066
Dairy Crest Group Plc		134		1,035
Greencore Group Plc		739		3,283
Stock Spirits Group Plc		454		1,558
				18,942
ENERGY - 6.2%
Canadian Natural Resources Ltd.		69		2,126
Energen Corp. (o)		37		2,371
EQT Corp. (o)		26		1,952
INPEX Corp.		311		3,461
Marathon Petroleum Corp. (o)		36		3,244
Parsley Energy Inc. - Class A (c) (o)		202		3,225
Phillips 66 (o)		33		2,360
Precision Drilling Corp.		242		1,468
QEP Resources Inc. (o)		71		1,440
Rice Energy Inc. (c) (o)		78		1,626
Viper Energy Partners LP		32		588
				23,861
FINANCIALS - 20.8%
ACE Ltd. (o)		56		6,380
Allstate Corp. (o)		59		4,155
Assicurazioni Generali SpA		183		3,766

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Aurelius AG		159		6,024
Australia & New Zealand Banking Group Ltd.		72		1,885
Berkshire Hathaway Inc. (c) (o)		37		5,589
Capital One Financial Corp. (o)		109		8,991
Cerved Information Solutions SpA (c)		408		2,157
Cheung Kong Holdings Ltd.		282		4,723
Fifth Third Bancorp (o)		425		8,669
HSBC Holdings Plc		433		4,095
JPMorgan Chase & Co. (o)		33		2,070
Muenchener Rueckversicherungs AG		14		2,796
Resona Holdings Inc.		700		3,535
Validus Holdings Ltd. (o)		89		3,705
Wells Fargo & Co. (o)		97		5,319
WR Berkley Corp. (o)		115		5,878
				79,737
HEALTH CARE - 13.0%
Amgen Inc. (o)		25		4,018
Express Scripts Holding Co. (c) (o)		39		3,333
Fresenius SE		97		5,067
Johnson & Johnson (o)		68		7,113
McKesson Corp. (o)		15		3,048
Medtronic Inc. (o)		72		5,182
Novartis AG		52		4,823
Pfizer Inc. (o)		171		5,333
Roche Holding AG		21		5,659
Teva Pharmaceutical Industries Ltd. - ADR (o)		55		3,183
Universal Health Services Inc. - Class B (o)		29		3,212
				49,971
INDUSTRIALS - 10.7%
Avery Dennison Corp. (o)		50		2,573
Berendsen Plc		126		2,154
Crane Co. (o)		72		4,220
Ebara Corp.		626		2,565
Georg Fischer AG		4		2,729
Honeywell International Inc. (o)		67		6,706
Hutchison Whampoa Ltd.		107		1,223
Koninklijke Philips Electronics NV		157		4,539
Norma Group SE		67		3,219
Safran SA		85		5,228
Teleperformance		32		2,173
United Technologies Corp. (o)		33		3,806
				41,135
INFORMATION TECHNOLOGY - 14.9%
Activision Blizzard Inc. (o)		240		4,833
Apple Inc. (o)		97		10,669
Avnet Inc. (o)		67		2,887
Cap Gemini SA		45		3,224
EMC Corp. (o)		95		2,838
MediaTek Inc.		207		3,009
Microsoft Corp. (o)		284		13,177
Pace Micro Technology Plc		210		1,124
Rofin-Sinar Technologies Inc. (c) (o)		148		4,246
Sopra Steria Group		2		143
TE Connectivity Ltd. (o)		76		4,810
Western Digital Corp. (o)		55		6,107
				57,067
MATERIALS - 8.6%
Alent Plc		696		3,480
Barrick Gold Corp.		133		1,432
Berry Plastics Group Inc. (c) (o)		82		2,586
CRH Plc		120		2,879
Glencore Plc		335		1,545
Graphic Packaging Holding Co. (c) (o)		239		3,251
Huntsman Corp. (o)		60		1,358
International Paper Co.		29		1,566

	Shares/Par (t)		Value
Lintec Corp.		142		3,132
Nitto Denko Corp.		66		3,693
Packaging Corp. of America (o)		36		2,833
Smurfit Kappa Group Plc		205		4,601
Stornoway Diamond Corp. (c)		867		396
				32,752
TELECOMMUNICATION SERVICES - 1.2%
Nippon Telegraph & Telephone Corp.		50		2,575
Vodafone Group Plc		558		1,912
				4,487
Total Common Stocks (cost $362,500)				364,198
WARRANTS - 0.0%
Stornoway Diamond Corp. (c) (q)		290		15
Total Warrants (cost $28)				15
SHORT TERM INVESTMENTS - 3.6%
Investment Companies - 3.6%
JNL Money Market Fund, 0.01% (a) (h)		13,790		13,790
Total Short Term Investments (cost $13,790)				13,790
Total Investments - 98.7% (cost $376,318)				378,003
Total Securities Sold Short - (39.6%) (proceeds $149,802)				(151,611	)
Other Assets and Liabilities, Net - 40.9%				156,782
Total Net Assets - 100.0%			$	383,174
SECURITIES SOLD SHORT - 39.6%
COMMON STOCKS - 39.6%
CONSUMER DISCRETIONARY - 10.9%
American Axle & Manufacturing Holdings Inc.		45	$	1,027
Autoliv Inc.		23		2,476
B&M European Value Retail SA		248		1,102
Buffalo Wild Wings Inc.		13		2,312
Carmax Inc.		45		3,014
Crown Resorts Ltd.		180		1,848
Deckers Outdoor Corp.		14		1,318
Dorman Products Inc.		32		1,557
Fast Retailing Co. Ltd.		5		1,747
Galaxy Entertainment Group Ltd.		248		1,378
Geely Automobile Holdings Ltd.		5,360		1,695
Global Brands Group Holding Ltd.		6,596		1,293
Krispy Kreme Doughnuts Inc.		81		1,600
L Brands Inc.		25		2,131
Michael Kors Holdings Ltd.		14		1,047
Monro Muffler Brake Inc.		41		2,351
Netflix Inc.		6		1,903
Ocado Group Plc		420		2,598
Pandora Media Inc.		81		1,451
Restoration Hardware Holdings Inc.		14		1,342
Shutterstock Inc.		19		1,315
Tumi Holdings Inc.		85		2,016
Under Armour Inc. - Class A		20		1,342
Vitamin Shoppe Inc.		39		1,880
				41,743
CONSUMER STAPLES - 2.1%
China Mengniu Dairy Co. Ltd.		258		1,063
Clorox Co.		11		1,127
Mondelez International Inc. - Class A		40		1,436
Monster Beverage Corp.		19		2,106
Snyders-Lance Inc.		33		1,017
United Natural Foods Inc.		14		1,111
				7,860

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
ENERGY - 2.7%
Cabot Oil & Gas Corp.		35		1,033
Concho Resources Inc.		13		1,340
CONSOL Energy Inc.		33		1,112
Continental Resources Inc.		51		1,953
Hess Corp.		18		1,343
Matador Resources Co.		62		1,256
Oil States International Inc.		25		1,240
Ultra Petroleum Corp.		71		936
				10,213
FINANCIALS - 5.6%
Aberdeen Asset Management Plc		222		1,480
Astoria Financial Corp.		157		2,099
DNB ASA		90		1,321
Eaton Vance Corp.		23		936
Greenhill & Co. Inc.		25		1,092
HDFC Bank Ltd. - ADR		22		1,117
Hulic Co. Ltd.		147		1,465
Nordea Bank AB		101		1,164
Northern Trust Corp.		33		2,247
Plum Creek Timber Co. Inc.		22		933
Siam Commercial Bank PCL - NVDR		247		1,360
TSB Banking Group Plc		315		1,363
UMB Financial Corp.		35		1,977
UniCredit SpA		261		1,671
Westamerica Bancorp		22		1,102
				21,327
HEALTH CARE - 3.8%
Alere Inc.		49		1,851
Elekta AB - Class B		204		2,088
GW Pharmaceuticals Plc - ADR		25		1,709
Novo-Nordisk A/S - ADR		49		2,072
Pharmacyclics Inc.		12		1,420
Puma Biotechnology Inc.		5		1,022
ResMed Inc.		25		1,388
Ryman Healthcare Ltd.		227		1,508
William Demant Holding A/S		22		1,641
				14,699
INDUSTRIALS - 5.7%
Canadian Pacific Railway Ltd.		9		1,718
Caterpillar Inc.		14		1,316
Cobham Plc		279		1,403
GEA Group AG		30		1,340
Kansas City Southern		17		2,134
Keppel Corp. Ltd.		241		1,606
Mobile Mini Inc.		40		1,609
NOW Inc.		85		2,182
Proto Labs Inc.		23		1,546
Rollins Inc.		36		1,188
SGS SA		1		2,018
Sun Hydraulics Corp.		39		1,529
Trex Co. Inc.		54		2,319
				21,908
INFORMATION TECHNOLOGY - 4.9%
ASM Pacific Technology Ltd.		116		1,103
Blackbaud Inc.		39		1,667
Dassault Systemes SA		25		1,540
Infosys Technologies Ltd. - ADR		54		1,690
Itron Inc.		52		2,209
National Instruments Corp.		65		2,034
NetSuite Inc.		14		1,486
Rackspace Hosting Inc.		33		1,527
Salesforce.com Inc.		21		1,254
Stratasys Ltd.		17		1,402

	Shares/Par (t)		Value
ViaSat Inc.		26		1,619
Yelp Inc.		22		1,229
				18,760
MATERIALS - 3.5%
Air Products & Chemicals Inc.		16		2,364
AptarGroup Inc.		33		2,177
FP Corp.		56		1,805
Huhtamaki Oyj		73		1,926
Intrepid Potash Inc.		112		1,553
K+S AG		55		1,518
Linde AG		6		1,124
Wausau Paper Corp.		82		930
				13,397
TELECOMMUNICATION SERVICES - 0.4%
Cogent Communications Holdings Inc.		48		1,704
Total Securities Sold Short - 39.6% (proceeds $149,802)			$	151,611
JNL/Brookfield Global Infrastructure and MLP Fund
COMMON STOCKS - 97.9%
AUSTRALIA - 4.0%
Origin Energy Ltd.		2,136	$	20,211
Transurban Group		4,708		32,810
				53,021
BRAZIL - 2.0%
CCR SA		2,008		11,641
Cia de Saneamento Basico do Estado de Sao Paulo - ADR (e)		2,224		13,990
				25,631
CANADA - 13.3%
Enbridge Inc.		1,618		83,199
Inter Pipeline Ltd. (e)		962		29,756
Pembina Pipeline Corp. (e)		558		20,323
TransCanada Corp. (e)		544		26,757
Veresen Inc. (e)		868		13,716
				173,751
CHINA - 2.5%
Beijing Enterprises Holdings Ltd.		1,952		15,264
ENN Energy Holdings Ltd.		3,102		17,547
				32,811
FRANCE - 3.6%
Eutelsat Communications Group SA (e)		417		13,478
GDF Suez		553		12,889
Groupe Eurotunnel SA (q)		1,630		21,045
				47,412
HONG KONG - 1.3%
COSCO Pacific Ltd. (q)		11,791		16,699
ITALY - 4.3%
Atlantia SpA		1,370		31,837
Snam Rete Gas SpA		4,933		24,415
				56,252
JAPAN - 1.9%
Tokyo Gas Co. Ltd.		4,745		25,603
MEXICO - 0.2%
Infraestructura Energetica Nova SAB de CV (e)		570		2,851

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
NETHERLANDS - 1.0%
Koninklijke Vopak NV		251		13,024
SPAIN - 2.3%
Ferrovial SA (e)		1,545		30,550
SWITZERLAND - 1.0%
Flughafen Zuerich AG (q)		20		13,102
UNITED KINGDOM - 8.5%
National Grid Plc		4,453		63,184
Pennon Group Plc (q)		1,374		19,634
Severn Trent Plc		414		12,903
United Utilities Group Plc		1,095		15,548
				111,269
UNITED STATES OF AMERICA - 52.0%
Access Midstream Partners LP		433		23,487
AGL Resources Inc.		249		13,562
American Tower Corp.		785		77,642
American Water Works Co. Inc.		449		23,916
Atlas Pipeline Partners LP		337		9,182
Boardwalk Pipeline Partners, LP		1,119		19,882
CenterPoint Energy Inc.		1,109		25,989
Crestwood Equity Partners LP (e) (q)		1,987		16,097
Crown Castle International Corp.		555		43,647
Energy Transfer Equity LP		457		26,239
Enterprise Products Partners LP		1,041		37,600
EQT Midstream Partners LP		152		13,341
EV Energy Partner LP		492		9,488
ITC Holdings Corp.		344		13,908
Kansas City Southern		133		16,242
Kinder Morgan Inc.		805		34,051
MarkWest Energy Partners LP		310		20,799
NiSource Inc.		377		15,984
Northeast Utilities		386		20,643
Oneok Inc.		280		13,941
PG&E Corp.		258		13,709
SBA Communications Corp. (c)		293		32,497
Sempra Energy		286		31,883
Spectra Energy Corp.		542		19,685
Targa Resources Corp.		137		14,497
Teekay Corp.		413		20,997
UIL Holdings Corp.		157		6,843
Union Pacific Corp.		238		28,401
Williams Cos. Inc.		806		36,212
				680,364
Total Common Stocks (cost $1,217,350)				1,282,340
SHORT TERM INVESTMENTS - 9.3%
Investment Companies - 2.3%
JNL Money Market Fund, 0.01% (a) (h)		29,514		29,514
Securities Lending Collateral - 7.0%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		92,110		92,110
Total Short Term Investments (cost $121,624)				121,624
Total Investments - 107.2% (cost $1,338,974)				1,403,964
Other Assets and Liabilities, Net - (7.2%)				(94,517	)
Total Net Assets - 100.0%			$	1,309,447

	Shares/Par (t)		Value
JNL/Capital Guardian Global Balanced Fund **
COMMON STOCKS - 63.6%
CONSUMER DISCRETIONARY - 10.0%
Daimler AG		45	$	3,718
Denso Corp.		67		3,137
Norwegian Cruise Line Holdings Ltd. (c)		128		5,971
Starbucks Corp.		33		2,683
Other Securities				32,054
				47,563
CONSUMER STAPLES - 2.4%
Pernod-Ricard SA		23		2,595
Other Securities				8,996
				11,591
ENERGY - 3.9%
Chevron Corp.		26		2,917
Enbridge Inc.		47		2,406
Other Securities				13,145
				18,468
FINANCIALS - 13.3%
AIA Group Ltd.		1,282		7,069
CME Group Inc. - Class A		51		4,548
Fairfax Financial Holdings Ltd.		7		3,458
Goldman Sachs Group Inc.		25		4,768
Intercontinental Exchange Inc.		25		5,438
PICC Property & Casualty Co. Ltd. - Class H (e) (p) (q)		2,257		4,356
PNC Financial Services Group Inc.		26		2,345
Wells Fargo & Co.		54		2,982
Other Securities				28,149
				63,113
HEALTH CARE - 7.3%
AmerisourceBergen Corp.		37		3,327
AstraZeneca Plc		37		2,627
Gilead Sciences Inc. (c)		34		3,247
Incyte Corp. (c)		50		3,685
Novo Nordisk A/S		91		3,868
Quest Diagnostics Inc.		42		2,803
Receptos Inc. (c)		24		2,879
Roche Holding AG		14		3,701
Other Securities				8,401
				34,538
INDUSTRIALS - 8.2%
Assa Abloy AB - Class B		51		2,702
Beijing Enterprises Holdings Ltd.		418		3,269
Boeing Co.		28		3,691
Danaher Corp.		40		3,454
Eaton Corp. Plc		85		5,783
Hexcel Corp. (c)		112		4,639
Other Securities				15,060
				38,598
INFORMATION TECHNOLOGY - 10.2%
ASML Holding NV		54		5,869
ASML Holding NV - ADR		2		226
Infosys Ltd.		16		498
Infosys Technologies Ltd. - ADR (e)		99		3,102
Tableau Software Inc. - Class A (c)		52		4,416
Taiwan Semiconductor Manufacturing Co. Ltd.		858		3,780
Yahoo! Japan Corp.		719		2,577
Other Securities				27,570
				48,038

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
MATERIALS - 2.5%
Vale SA - ADR (e)		229		1,877
Other Securities				9,842
				11,719
TELECOMMUNICATION SERVICES - 4.3%
Bharti Airtel Ltd.		605		3,367
China Unicom Hong Kong Ltd.		2,224		2,980
Other Securities				13,930
				20,277
UTILITIES - 1.5%
Fortum Oyj		121		2,628
Other Securities				4,465
				7,093
Total Common Stocks (cost $261,517)				300,998
PREFERRED STOCKS - 0.6%
CONSUMER DISCRETIONARY - 0.1%
Other Securities				251
ENERGY - 0.2%
Other Securities				1,021
INFORMATION TECHNOLOGY - 0.0%
Other Securities				—
MATERIALS - 0.3%
Vale SA - Class A		245		1,771
Total Preferred Stocks (cost $4,710)				3,043
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES - 1.0%
GS Mortgage Securities Trust REMIC, 5.80%, 08/10/45 (i)	$	20		22
WFLD Mortgage Trust, 3.88%, 08/10/31 (p) (q)		30		32
Other Securities				4,796
Total Non-U.S. Government Agency Asset- Backed Securities (cost $4,889)				4,850
CORPORATE BONDS AND NOTES - 4.5%
CONSUMER DISCRETIONARY - 0.2%
Other Securities				1,244
CONSUMER STAPLES - 0.2%
Other Securities				1,018
ENERGY - 0.5%
Chevron Corp., 2.36%, 12/05/22		30		29
Enbridge Inc., 4.50%, 06/10/44		15		13
Other Securities				2,505
				2,547
FINANCIALS - 2.0%
CME Group Inc., 5.30%, 09/15/43		15		18
Goldman Sachs Group Inc.
5.25%, 07/27/21		200		226
4.00%, 03/03/24		280		291
4.80%, 07/08/44		20		21
PNC Financial Services Group Inc., 3.90%, 04/29/24		55		56
Wells Fargo & Co., 3.30%, 09/09/24		200		201
Other Securities				8,593
				9,406

	Shares/Par (t)		Value
HEALTH CARE - 0.6%
Gilead Sciences Inc.
3.70%, 04/01/24		40		42
3.50%, 02/01/25		410		421
4.80%, 04/01/44		20		22
Other Securities				2,315
				2,800
INDUSTRIALS - 0.1%
Other Securities				304
INFORMATION TECHNOLOGY - 0.1%
Other Securities				335
MATERIALS - 0.1%
Other Securities				364
TELECOMMUNICATION SERVICES - 0.3%
Other Securities				1,560
UTILITIES - 0.4%
Other Securities				1,817
Total Corporate Bonds and Notes (cost $21,406)				21,395
GOVERNMENT AND AGENCY OBLIGATIONS - 26.6%
GOVERNMENT SECURITIES - 23.0%
Federal Farm Credit Bank - 0.2% (w)
Other Securities				793
Federal Home Loan Bank - 0.1% (w)
Other Securities				245
Federal Home Loan Mortgage Corp. - 0.5% (w)
Federal Home Loan Mortgage Corp., 1.75%, 09/10/15		2,350		2,374
Federal National Mortgage Association - 0.3% (w)
Federal National Mortgage Association
1.25%, 01/30/17 (e)		505		510
5.00%, 02/13/17		295		321
2.63%, 09/06/24		365		369
7.13%, 01/15/30		50		76
				1,276
Municipals - 0.3%
Other Securities				1,525
Sovereign - 16.4%
Bundesrepublik Deutschland, 2.50%, 07/04/44, EUR		250		385
Federal Republic of Germany
3.00%, 07/04/20, EUR		700		984
2.25%, 09/04/21, EUR		140		193
2.00%, 01/04/22, EUR		1,300		1,770
1.50%, 02/15/23, EUR		350		463
France Government Bond
0.25%, 11/25/15, EUR		620		752
1.00%, 11/25/18, EUR		150		188
0.50%, 11/25/19, EUR		600		738
2.25%, 10/25/22, EUR		800		1,095
2.25%, 05/25/24, EUR		200		275
3.25%, 05/25/45, EUR		480		761
France Government Bond OAT, 1.75%, 11/25/24, EUR		2,250		2,961
Ireland Government Bond
4.50%, 04/18/20, EUR		1,105		1,611
3.90%, 03/20/23, EUR		1,695		2,502
3.40%, 03/18/24, EUR		800		1,147
5.40%, 03/13/25, EUR		100		167
2.40%, 05/15/30, EUR		450		586
Italy Buoni Poliennali Del Tesoro
4.25%, 03/01/20, EUR		600		844
2.15%, 12/15/21, EUR		950		1,206

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
5.50%, 09/01/22, EUR		775		1,204
4.50%, 03/01/24, EUR		970		1,444
4.75%, 09/01/44 (p) (q), EUR		250		392
Japan Government Bond
0.10%, 01/15/16, JPY		25,000		209
0.10%, 05/15/16, JPY		70,000		585
0.20%, 09/20/18, JPY		95,000		799
1.20%, 06/20/21, JPY		246,150		2,205
0.90%, 06/20/22, JPY		50,000		441
0.80%, 06/20/23, JPY		110,000		964
2.20%, 03/20/30, JPY		115,000		1,167
1.70%, 06/20/33, JPY		130,000		1,221
2.00%, 03/20/42, JPY		35,000		344
1.90%, 09/20/42, JPY		9,450		91
1.70%, 03/20/44, JPY		105,000		970
Mexico Bonos
8.00%, 12/17/15, MXN		3,100		219
7.75%, 12/14/17, MXN		6,200		459
8.00%, 06/11/20, MXN		900		69
6.50%, 06/10/21, MXN		19,400		1,381
10.00%, 12/05/24, MXN		24,900		2,211
10.00%, 11/20/36, MXN		5,000		475
8.50%, 11/18/38, MXN		930		78
7.75%, 11/13/42, MXN		500		39
Mexico Government International Bond
5.63%, 01/15/17		182		197
3.63%, 03/15/22		156		159
4.00%, 10/02/23		290		301
3.60%, 01/30/25		200		199
Poland Government Bond
5.25%, 10/25/20, PLN		3,350		1,100
5.75%, 10/25/21, PLN		4,900		1,681
5.75%, 09/23/22, PLN		1,365		477
4.00%, 10/25/23, PLN		590		188
Poland Government International Bond, 5.13%, 04/21/21		165		186
Spain Government Bond
1.40%, 01/31/20, EUR		320		397
5.85%, 01/31/22, EUR		460		733
5.40%, 01/31/23 (p) (q), EUR		900		1,424
2.75%, 10/31/24 (p) (q), EUR		2,365		3,156
5.15%, 10/31/44 (p) (q), EUR		40		69
United Kingdom Treasury Bond
1.00%, 09/07/17, GBP		520		817
1.25%, 07/22/18, GBP		250		394
1.75%, 07/22/19, GBP		850		1,359
2.00%, 07/22/20, GBP		465		750
1.75%, 09/07/22, GBP		750		1,186
2.25%, 09/07/23, GBP		1,150		1,878
5.00%, 03/07/25, GBP		400		813
4.50%, 09/07/34, GBP		220		460
4.25%, 12/07/40, GBP		120		251
3.25%, 01/22/44, GBP		665		1,196
4.25%, 12/07/46, GBP		630		1,365
Other Securities				21,082
				77,413
Treasury Inflation Index Securities - 1.0%
Japan Government Inflation Indexed Bond, 0.10%, 09/10/23 (n), JPY		46,620		410
Mexico Government Inflation Indexed Bond
4.00%, 06/13/19 (n), MXN		527		39
2.00%, 06/09/22 (n), MXN		7,904		526
4.00%, 11/15/40 (n), MXN		527		40
U.S. Treasury Inflation Indexed Note
0.50%, 04/15/15 (n)		137		135
0.38%, 07/15/23 (n)		128		126
0.63%, 01/15/24 (n)		2,178		2,191
0.13%, 07/15/24 (n)		200		193

	Shares/Par (t)		Value
2.38%, 01/15/25 (n)		189		222
0.63%, 02/15/43 (n)		155		146
1.38%, 02/15/44 (n)		805		914
Other Securities				67
				5,009
U.S. Treasury Securities - 4.2%
U.S. Treasury Bond
4.38%, 02/15/38		1,125		1,473
2.88%, 05/15/43		675		691
3.38%, 05/15/44		80		90
3.00%, 11/15/44		75		79
U.S. Treasury Note
0.38%, 08/31/15		340		340
1.38%, 11/30/15		1,550		1,566
1.50%, 07/31/16		350		355
0.88%, 04/30/17		1,475		1,476
0.88%, 08/15/17		350		349
0.63%, 08/31/17		755		748
0.75%, 12/31/17		830		821
1.38%, 06/30/18		400		401
1.50%, 08/31/18		350		352
1.25%, 10/31/18		1,200		1,192
1.63%, 06/30/19		2,625		2,632
1.63%, 07/31/19		200		200
1.63%, 08/31/19		2,685		2,687
1.75%, 09/30/19		775		779
1.50%, 10/31/19		675		671
1.50%, 11/30/19		825		820
2.13%, 08/15/21		200		202
1.75%, 05/15/22		450		442
2.50%, 05/15/24		1,600		1,647
				20,013
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES - 3.6%
Federal Home Loan Mortgage Corp. - 0.4%
Federal Home Loan Mortgage Corp.
1.87%, 11/25/19		40		40
0.80%, 07/25/20 (i)		119		120
2.78%, 09/25/22		41		43
2.52%, 01/25/23		70		70
2.58%, 10/01/42 (i)		573		588
4.00%, 09/01/43		268		288
3.13%, 11/01/44 (i)		25		26
REMIC, 1.32%, 12/25/18		22		22
REMIC, 0.54%, 04/25/20 (i)		204		203
REMIC, 1.58%, 04/25/22		46		46
REMIC, 1.88%, 04/25/22		24		23
REMIC, 2.36%, 07/25/22		25		25
REMIC, 2.68%, 10/25/22		25		25
REMIC, 3.17%, 10/25/24		50		52
				1,571
Federal National Mortgage Association - 3.0%
Federal National Mortgage Association
1.75%, 11/26/19 (e)		600		600
2.50%, 05/01/28		8		8
2.50%, 09/01/28		260		265
4.00%, 05/01/43		87		94
4.00%, 11/01/43		660		713
3.50%, 01/15/45, TBA (g)		5,917		6,165
4.50%, 01/15/45, TBA (g)		2,530		2,746
5.00%, 01/15/45, TBA (g)		200		221
3.50%, 02/15/45, TBA (g)		800		831
4.00%, 02/15/45, TBA (g)		1,090		1,160
4.50%, 02/15/45, TBA (g)		810		878
REMIC, 0.48%, 09/25/15		223		223
REMIC, 2.61%, 03/25/22 (i)		25		25

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
REMIC, 3.37%, 07/25/23 (i)		125		131
REMIC, 3.33%, 10/25/23 (i)		209		220
REMIC, 3.10%, 07/25/24 (i)		45		46
				14,326
Government National Mortgage Association - 0.2%
Other Securities				1,008
Total Government and Agency Obligations (cost $128,733)				125,553
SHORT TERM INVESTMENTS - 9.5%
Investment Companies - 6.3%
JNL Money Market Fund, 0.01% (a) (h)		29,539		29,539
Securities Lending Collateral - 3.2%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		15,217		15,217
Total Short Term Investments (cost $44,756)				44,756
Total Investments - 105.8% (cost $466,011)				500,595
Other Assets and Liabilities, Net - (5.8%)				(27,609	)
Total Net Assets - 100.0%			$	472,986
JNL/Capital Guardian Global Diversified Research Fund **
COMMON STOCKS - 93.7%
ARGENTINA - 0.5%
Other Securities				2,258
AUSTRALIA - 0.8%
Oil Search Ltd.		528		3,386
BRAZIL - 0.2%
Other Securities				997
CANADA - 1.7%
Other Securities				7,072
CHILE - 0.3%
Other Securities				1,379
CHINA - 3.0%
China Unicom Hong Kong Ltd.		2,466		3,305
Other Securities				9,679
				12,984
DENMARK - 1.5%
Novo Nordisk A/S		146		6,196
FINLAND - 1.0%
Sampo Oyj - Class A		89		4,148
FRANCE - 2.2%
Pernod-Ricard SA		32		3,553
Other Securities				5,657
				9,210
GERMANY - 0.6%
Other Securities				2,409
GREECE - 0.5%
Other Securities				2,094
HONG KONG - 3.1%
AIA Group Ltd.		851		4,692
Cheung Kong Infrastructure Holdings Ltd.		541		3,978
Other Securities				4,338
				13,008

	Shares/Par (t)		Value
INDIA - 1.8%
Other Securities				7,557
IRELAND - 1.8%
Accenture Plc - Class A		35		3,099
Eaton Corp. Plc		65		4,383
				7,482
JAPAN - 7.5%
Keyence Corp.		7		3,062
Oracle Corp. Japan		34		1,365
Sumitomo Mitsui Financial Group Inc.		98		3,543
Other Securities				23,952
				31,922
MACAU - 0.6%
Other Securities				2,456
MEXICO - 1.3%
America Movil SAB de CV - ADR		187		4,152
Other Securities				1,573
				5,725
NETHERLANDS - 3.6%
ASML Holding NV		40		4,307
ASML Holding NV - ADR		19		2,070
Koninklijke Philips NV		67		4,080
Other Securities				4,934
				15,391
NORWAY - 0.1%
Other Securities				472
RUSSIAN FEDERATION - 0.5%
Other Securities				2,244
SINGAPORE - 1.7%
Avago Technologies Ltd.		41		4,084
Singapore Telecommunications Ltd.		1,060		3,111
				7,195
SOUTH AFRICA - 0.9%
Other Securities				3,699
SOUTH KOREA - 1.9%
Hyundai Motor Co.		17		2,596
LG Household & Health Care Ltd.		6		3,625
Other Securities				2,068
				8,289
SWEDEN - 2.0%
Assa Abloy AB - Class B		80		4,217
Svenska Handelsbanken AB		94		4,404
				8,621
SWITZERLAND - 5.0%
Julius Baer Group Ltd.		94		4,292
Partners Group Holding AG		12		3,426
Roche Holding AG		17		4,631
Other Securities				8,784
				21,133
TAIWAN - 0.8%
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR		160		3,581
UNITED KINGDOM - 4.7%
Aon Plc - Class A		45		4,258
AstraZeneca Plc		92		6,491
Imperial Tobacco Group Plc		69		3,034

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Other Securities				6,429
				20,212
UNITED STATES OF AMERICA - 44.1%
American Tower Corp.		77		7,631
AmerisourceBergen Corp.		61		5,536
Apple Inc.		54		5,972
BlackRock Inc.		9		3,325
Boeing Co.		27		3,470
Bristol-Myers Squibb Co.		152		8,961
Broadcom Corp. - Class A		100		4,337
Cerner Corp. (c)		52		3,349
Chevron Corp.		36		4,072
CME Group Inc. - Class A		33		2,943
Comcast Corp. - Class A		67		3,910
Danaher Corp.		65		5,554
Delphi Automotive Plc		61		4,407
Gilead Sciences Inc. (c)		64		6,014
Goldman Sachs Group Inc.		18		3,411
Hexcel Corp. (c)		124		5,145
Incyte Corp. (c)		157		11,500
Marsh & McLennan Cos. Inc.		58		3,303
Oracle Corp.		75		3,386
Receptos Inc. (c)		60		7,363
Sirius XM Holdings Inc. (c)		1,237		4,330
Starbucks Corp.		66		5,432
Other Securities				74,563
				187,914
Total Common Stocks (cost $312,143)				399,034
PREFERRED STOCKS - 1.4%
BRAZIL - 1.0%
Vale SA		600		4,338
SOUTH KOREA - 0.4%
Hyundai Motor Co.		15		1,775
Total Preferred Stocks (cost $9,165)				6,113
SHORT TERM INVESTMENTS - 8.9%
Investment Companies - 4.9%
JNL Money Market Fund, 0.01% (a) (h)		20,736		20,736
Securities Lending Collateral - 4.0%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		17,095		17,095
Total Short Term Investments (cost $37,831)				37,831
Total Investments - 104.0% (cost $359,139)				442,978
Other Assets and Liabilities, Net - (4.0%)				(17,177	)
Total Net Assets - 100.0%			$	425,801
JNL/DFA U.S. Core Equity Fund **
COMMON STOCKS - 99.8%
CONSUMER DISCRETIONARY - 15.8%
Amazon.com Inc. (c)		10	$	3,057
Comcast Corp. - Class A		72		4,165
Comcast Corp. - Special Class A (e)		12		670
Home Depot Inc.		42		4,407
McDonald’s Corp.		29		2,719
Walt Disney Co.		33		3,131
Other Securities				91,429
				109,578

	Shares/Par (t)		Value
CONSUMER STAPLES - 7.8%
Altria Group Inc.		60		2,956
Coca-Cola Bottling Co.		1		53
Coca-Cola Co.		101		4,270
Coca-Cola Enterprises Inc.		14		605
CVS Health Corp.		27		2,592
PepsiCo Inc.		46		4,384
Philip Morris International Inc.		32		2,585
Procter & Gamble Co.		53		4,854
Wal-Mart Stores Inc.		40		3,416
Other Securities				28,448
				54,163
ENERGY - 8.2%
Chevron Corp.		40		4,532
ConocoPhillips		38		2,649
EOG Resources Inc.		23		2,150
Exxon Mobil Corp.		125		11,559
Occidental Petroleum Corp.		26		2,064
Schlumberger Ltd.		26		2,213
Other Securities				31,956
				57,123
FINANCIALS - 13.3%
American Express Co.		28		2,622
Bank of America Corp.		148		2,651
Berkshire Hathaway Inc. - Class B (c)		38		5,763
Citigroup Inc.		42		2,292
JPMorgan Chase & Co.		79		4,927
Wells Fargo & Co.		107		5,880
Other Securities				68,253
				92,388
HEALTH CARE - 11.9%
AbbVie Inc.		48		3,157
Amgen Inc.		15		2,434
Celgene Corp. (c)		24		2,725
Gilead Sciences Inc. (c)		48		4,504
Johnson & Johnson		59		6,139
Merck & Co. Inc.		57		3,233
Pfizer Inc.		133		4,146
UnitedHealth Group Inc.		27		2,712
Other Securities				53,064
				82,114
INDUSTRIALS - 13.8%
3M Co.		19		3,086
Boeing Co.		21		2,710
General Electric Co.		140		3,549
Union Pacific Corp.		27		3,215
United Parcel Service Inc. - Class B		21		2,337
Other Securities				80,922
				95,819
INFORMATION TECHNOLOGY - 18.3%
Apple Inc.		157		17,307
Cisco Systems Inc.		111		3,084
Facebook Inc. - Class A (c)		43		3,390
Google Inc. - Class A (c)		4		1,951
Google Inc. - Class C (c)		4		1,988
Hewlett-Packard Co.		75		3,008
Intel Corp.		170		6,165
International Business Machines Corp.		28		4,490
MasterCard Inc. - Class A		30		2,575
Microsoft Corp.		205		9,520
Oracle Corp.		89		3,989
Visa Inc. - Class A		10		2,609

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Other Securities				66,550
				126,626
MATERIALS - 4.8%
Other Securities				33,548
TELECOMMUNICATION SERVICES - 2.6%
AT&T Inc.		225		7,574
Verizon Communications Inc.		128		6,003
Other Securities				4,520
				18,097
UTILITIES - 3.3%
Other Securities				23,133
Total Common Stocks (cost $560,279)				692,589
RIGHTS - 0.0%
Other Securities				5
Total Rights (cost $1)				5
WARRANTS - 0.0%
Other Securities				—
Total Warrants (cost $0)				—
SHORT TERM INVESTMENTS - 3.7%
Investment Companies - 0.4%
JNL Money Market Fund, 0.01% (a) (h)		2,716		2,716
Securities Lending Collateral - 3.3%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		22,776		22,776
Total Short Term Investments (cost $25,492)				25,492
Total Investments - 103.5% (cost $585,772)				718,086
Other Assets and Liabilities, Net - (3.5%)				(24,365	)
Total Net Assets - 100.0%			$	693,721
JNL/Eagle SmallCap Equity Fund **
COMMON STOCKS - 99.9%
CONSUMER DISCRETIONARY - 17.3%
Belmond Ltd. - Class A (c)		1,629	$	20,150
Deckers Outdoor Corp. (c)		154		14,035
Genesco Inc. (c)		582		44,613
HomeAway Inc. (c)		400		11,909
Steven Madden Ltd. (c)		368		11,706
Universal Electronics Inc. (c)		517		33,607
Vitamin Shoppe Inc. (c)		641		31,118
Other Securities				69,019
				236,157
CONSUMER STAPLES - 3.9%
Natural Grocers by Vitamin Cottage Inc. (c) (e)		511		14,383
WhiteWave Foods Co. - Class A (c)		510		17,856
Other Securities				21,203
				53,442
ENERGY - 3.7%
Gulfport Energy Corp. (c)		336		14,014
Rice Energy Inc. (c)		700		14,669
Other Securities				21,507
				50,190
FINANCIALS - 8.1%
Geo Group Inc.		443		17,867
Home Loan Servicing Solutions Ltd. (e)		718		14,017

	Shares/Par (t)		Value
MGIC Investment Corp. (c)		1,272		11,857
Stifel Financial Corp. (c)		359		18,312
UMB Financial Corp.		223		12,715
Other Securities				35,921
				110,689
HEALTH CARE - 23.4%
Acorda Therapeutics Inc. (c)		436		17,812
Centene Corp. (c)		279		29,010
Isis Pharmaceuticals Inc. (c) (e)		188		11,628
MedAssets Inc. (c)		612		12,102
Ophthotech Corp. (c) (e)		294		13,206
Receptos Inc. (c)		124		15,141
Sirona Dental Systems Inc. (c)		153		13,388
Spectranetics Corp. (c)		445		15,383
Team Health Holdings Inc. (c)		255		14,659
Other Securities				175,679
				318,008
INDUSTRIALS - 14.4%
Colfax Corp. (c)		286		14,765
Hexcel Corp. (c)		573		23,790
JetBlue Airways Corp. (c) (e)		1,889		29,961
Landstar System Inc.		208		15,089
Trex Co. Inc. (c)		409		17,422
Waste Connections Inc.		422		18,567
Woodward Governor Co.		254		12,507
Other Securities				64,181
				196,282
INFORMATION TECHNOLOGY - 23.2%
Cavium Inc. (c)		468		28,918
Coherent Inc. (c)		214		12,991
Cornerstone OnDemand Inc. (c) (e)		395		13,895
Demandware Inc. (c)		261		15,034
FireEye Inc. (c) (e)		422		13,342
Fortinet Inc. (c)		506		15,502
Guidewire Software Inc. (c)		257		13,000
Imperva Inc. (c) (e)		426		21,049
IPG Photonics Corp. (c) (e)		265		19,840
Palo Alto Networks Inc. (c)		113		13,886
Qualys Inc. (c)		471		17,787
Trulia Inc. (c) (e)		296		13,628
Ultimate Software Group Inc. (c)		95		13,895
Veeco Instruments Inc. (c)		484		16,890
Other Securities				85,923
				315,580
MATERIALS - 5.9%
Huntsman Corp.		728		16,581
Martin Marietta Materials Inc.		117		12,951
Quaker Chemical Corp.		341		31,405
RTI International Metals Inc. (c) (e)		610		15,401
Other Securities				4,151
				80,489
Total Common Stocks (cost $1,132,538)				1,360,837
SHORT TERM INVESTMENTS - 10.6%
Securities Lending Collateral - 10.6%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		144,926		144,926
Total Short Term Investments (cost $144,926)				144,926
Total Investments - 110.5% (cost $1,277,464)				1,505,763
Other Assets and Liabilities, Net - (10.5%)				(142,692	)
Total Net Assets - 100.0%			$	1,363,071

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
JNL/Eastspring Investments Asia ex-Japan Fund
COMMON STOCKS - 99.0%
CHINA - 28.0%
Bank of China Ltd. - Class H		7,941	$	4,457
Belle International Holdings Ltd. (e)		628		705
China Communications Constructions Co. Ltd. - Class H		1,118		1,339
China Construction Bank Corp. - Class H		6,008		4,908
China Merchants Bank Co. Ltd. - Class H		1,585		3,956
China Merchants Holdings International Co. Ltd.		988		3,319
China Mobile Ltd.		433		5,072
China Pacific Insurance Group Co. Ltd. - Class H (e)		537		2,700
China Resources Power Holdings Co. Ltd.		992		2,530
China Shenhua Energy Co. Ltd. - Class H		630		1,858
Dongfeng Motor Group Co. Ltd. - Class H		1,498		2,095
Huabao International Holdings Ltd.		2,788		2,276
Parkson Retail Group Ltd. (e)		3,298		819
PetroChina Co. Ltd. - Class H		2,604		2,891
Wumart Stores Inc. - Class H (e)		1,022		873
				39,798
HONG KONG - 14.1%
Hang Seng Bank Ltd.		137		2,269
Hengan International Group Co. Ltd.		69		719
Jardine Matheson Holdings Ltd.		48		2,911
Li & Fung Ltd.		1,576		1,475
Longfor Properties Co. Ltd.		1,125		1,442
Sino Land Co.		1,156		1,856
Standard Chartered Plc		178		2,646
Sun Hung Kai Properties Ltd.		275		4,160
Wharf Holdings Ltd.		360		2,584
				20,062
INDIA - 9.3%
Axis Bank Ltd.		271		2,147
Cairn India Ltd.		305		1,160
Housing Development Finance Corp.		174		3,122
Infosys Ltd.		129		4,002
Sesa Sterlite Ltd.		592		1,999
Tata Motors Ltd. - Class A		130		689
				13,119
INDONESIA - 2.6%
Bank Negara Indonesia Persero Tbk PT		3,932		1,926
Bank Rakyat Indonesia Persero Tbk PT		1,325		1,245
Salim Ivomas Pratama Tbk PT		9,384		535
				3,706
MALAYSIA - 2.5%
AMMB Holdings Bhd		831		1,561
Genting Bhd		151		381
Genting Malaysia Bhd		1,416		1,644
				3,586
PHILIPPINES - 0.4%
First Gen Corp.		863		490
SINGAPORE - 7.1%
Asian Pay Television Trust		1,748		1,135
CapitaLand Ltd.		616		1,532
DBS Group Holdings Ltd.		168		2,599
Noble Group Ltd.		3,557		3,034
Singapore Telecommunications Ltd.		581		1,705
				10,005

	Shares/Par (t)		Value
SOUTH KOREA - 20.2%
Hana Financial Group Inc.		76		2,213
Hankook Tire Co. Ltd.		44		2,104
Hyundai Engineering & Construction Co. Ltd.		25		955
Hyundai Motor Co.		25		3,860
KT Corp.		120		3,397
LG Corp.		41		2,268
POSCO Inc.		7		1,734
Samsung Electronics Co. Ltd.		8		9,773
SK Innovation Co. Ltd.		31		2,409
				28,713
TAIWAN - 12.0%
Advanced Semiconductor Engineering Inc.		237		281
Compal Electronics Inc.		2,476		1,729
CTBC Financial Holding Co. Ltd.		3,571		2,310
Hon Hai Precision Industry Co. Ltd.		1,116		3,081
Taiwan Semiconductor Manufacturing Co. Ltd.		1,438		6,334
Uni-President Enterprises Corp.		1,470		2,325
Wistron Corp.		1,136		1,024
				17,084
THAILAND - 2.8%
Bangkok Bank PCL		272		1,617
Charoen Pokphand Foods PCL		938		772
PTT Exploration & Production PCL		484		1,637
				4,026
Total Common Stocks (cost $143,611)				140,589
SHORT TERM INVESTMENTS - 1.1%
Investment Companies - 0.1%
JNL Money Market Fund, 0.01% (a) (h)		172		172
Securities Lending Collateral - 1.0%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		1,424		1,424
Total Short Term Investments (cost $1,596)				1,596
Total Investments - 100.1% (cost $145,207)				142,185
Other Assets and Liabilities, Net - (0.1%)				(201	)
Total Net Assets - 100.0%			$	141,984
JNL/Eastspring Investments China-India Fund
COMMON STOCKS - 96.8%
CHINA - 42.1%
Bank of China Ltd. - Class H		36,257	$	20,350
Belle International Holdings Ltd. (e)		4,371		4,910
China Merchants Bank Co. Ltd.		2,796		6,978
China Merchants Holdings International Co. Ltd.		2,022		6,791
China Mobile Ltd.		620		7,262
China Pacific Insurance Group Co. Ltd. - Class H		3,268		16,441
China Petroleum & Chemical Corp. - Class H		11,098		8,988
China Resources Land Ltd.		2,030		5,335
China Resources Power Holdings Co. Ltd.		2,600		6,632
China Shenhua Energy Co. Ltd. - Class H		2,427		7,162
China Unicom Hong Kong Ltd.		5,241		7,023
CNOOC Ltd.		6,951		9,399
Dongfeng Motor Group Co. Ltd. - Class H		4,882		6,829
Fosun International Ltd. (e)		2,887		3,763
Franshion Properties China Ltd. (e)		27,012		7,709
Huabao International Holdings Ltd.		7,267		5,932

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Industrial & Commercial Bank of China Ltd. - Class H		26,122		19,074
Travelsky Technology Ltd. - Class H		4,200		4,521
Wumart Stores Inc. - Class H (e)		4,400		3,757
Xingda International Holdings Ltd.		6,274		2,233
				161,089
HONG KONG - 4.9%
Guangdong Investment Ltd.		4,364		5,684
Tencent Holdings Ltd.		902		13,057
				18,741
INDIA - 49.8%
Bharat Petroleum Corp. Ltd.		160		1,626
Bharti Airtel Ltd.		717		3,984
Bharti Infratel Ltd.		1,063		5,675
Cairn India Ltd.		1,557		5,933
Coal India Ltd.		1,545		9,361
Container Corp. of India Ltd.		270		5,756
Dr. Reddy’s Laboratories Ltd.		198		10,133
HDFC Bank Ltd.		149		2,240
Housing Development Finance Corp.		614		11,003
ICICI Bank Ltd.		2,030		11,297
Idea Cellular Ltd.		2,325		5,634
Infosys Ltd.		760		23,572
ITC Ltd.		1,479		8,613
Larsen & Toubro Ltd.		468		11,036
LIC Housing Finances Ltd.		959		6,599
Mahindra & Mahindra Financial Services Ltd.		1,114		5,791
Mahindra & Mahindra Ltd.		398		7,746
Mphasis Ltd.		787		4,809
Mundra Port and Special Economic Zone Ltd.		1,565		7,877
Reliance Industries Ltd.		628		8,830
Sesa Sterlite Ltd.		2,120		7,161
Steel Authority of India Ltd.		2,820		3,670
Sun TV Network Ltd.		125		747
Tata Consultancy Services Ltd.		164		6,629
Tata Motors Ltd. - Class A		1,025		5,424
Tata Motors Ltd.		1,166		9,123
				190,269
Total Common Stocks (cost $348,215)				370,099
SHORT TERM INVESTMENTS - 4.3%
Investment Companies - 3.0%
JNL Money Market Fund, 0.01% (a) (h)		11,320		11,320
Securities Lending Collateral - 1.3%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		4,843		4,843
Total Short Term Investments (cost $16,163)				16,163
Total Investments - 101.1% (cost $364,378)				386,262
Other Assets and Liabilities, Net - (1.1%)				(4,147	)
Total Net Assets - 100.0%			$	382,115
JNL/Franklin Templeton Global Growth Fund **
COMMON STOCKS - 95.0%
BRAZIL - 0.5%
Other Securities				6,529
CANADA - 2.1%
Talisman Energy Inc.		3,276		25,661

	Shares/Par (t)		Value
CHINA - 2.0%
Other Securities				24,583
DENMARK - 0.5%
Other Securities				6,023
FRANCE - 8.2%
AXA SA		662		15,251
BNP Paribas		255		15,058
Compagnie Generale des Etablissements Michelin		161		14,576
Credit Agricole SA		976		12,603
Sanofi SA		189		17,222
Total SA		278		14,234
Other Securities				12,065
				101,009
GERMANY - 6.2%
Deutsche Lufthansa AG		1,093		18,105
Merck KGaA		172		16,192
Metro AG (c)		429		13,126
Siemens AG		99		11,151
Other Securities				17,319
				75,893
HONG KONG - 0.8%
Other Securities				9,506
IRELAND - 1.4%
CRH Plc		644		15,479
CRH Plc		48		1,143
				16,622
ISRAEL - 2.0%
Teva Pharmaceutical Industries Ltd. - ADR		435		25,011
ITALY - 2.1%
ENI SpA		677		11,861
UniCredit SpA		2,008		12,862
Other Securities				998
				25,721
JAPAN - 2.6%
Nissan Motor Co. Ltd.		1,358		11,844
Toyota Motor Corp.		188		11,697
Other Securities				8,101
				31,642
NETHERLANDS - 5.3%
Akzo Nobel NV (e)		259		17,919
ING Groep NV - CVA (c)		1,124		14,521
Other Securities				32,115
				64,555
PORTUGAL - 0.7%
Other Securities				8,934
RUSSIAN FEDERATION - 0.8%
Other Securities				9,891
SINGAPORE - 1.8%
Singapore Telecommunications Ltd.		3,809		11,181
Other Securities				10,310
				21,491
SOUTH KOREA - 4.5%
POSCO Inc. - ADR (e)		176		11,246
Samsung Electronics Co. Ltd. - GDR (p)		57		34,448
Other Securities				9,454
				55,148

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
SPAIN - 1.4%
Telefonica SA		1,175		16,873
SWEDEN - 1.7%
Getinge AB - Class B		483		11,005
Other Securities				9,797
				20,802
SWITZERLAND - 3.6%
Credit Suisse Group AG		518		13,020
Roche Holding AG		73		19,879
Swiss Re AG		129		10,770
				43,669
THAILAND - 0.3%
Other Securities				3,258
TURKEY - 1.2%
Turkcell Iletisim Hizmetleri A/S - ADR (c) (e)		1,013		15,315
UNITED KINGDOM - 10.7%
Aviva Plc		1,602		12,037
GlaxoSmithKline Plc		747		16,018
HSBC Holdings Plc		1,860		17,684
Kingfisher Plc		3,180		16,809
Other Securities				68,629
				131,177
UNITED STATES OF AMERICA - 34.6%
American International Group Inc.		368		20,625
Amgen Inc.		148		23,612
Best Buy Co. Inc.		376		14,655
Cisco Systems Inc.		583		16,203
Citigroup Inc.		487		26,369
Comcast Corp. - Special Class A (e)		471		27,091
CVS Health Corp.		160		15,382
Hewlett-Packard Co.		511		20,494
JPMorgan Chase & Co.		268		16,773
Medtronic Inc.		323		23,313
Merck & Co. Inc.		206		11,723
Microsoft Corp.		715		33,222
Morgan Stanley		545		21,138
Pfizer Inc.		602		18,756
SunTrust Banks Inc.		358		15,015
Twenty-First Century Fox Inc. - Class A		396		15,210
United Parcel Service Inc. - Class B		109		12,164
Walt Disney Co.		116		10,972
Other Securities				81,762
				424,479
Total Common Stocks (cost $1,056,124)				1,163,792
SHORT TERM INVESTMENTS - 10.3%
Investment Companies - 4.9%
JNL Money Market Fund, 0.01% (a) (h)		59,972		59,972
Securities Lending Collateral - 5.4%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		66,194		66,194
Total Short Term Investments (cost $126,166)				126,166
Total Investments - 105.3% (cost $1,182,290)				1,289,958
Other Assets and Liabilities, Net - (5.3%)				(64,346	)
Total Net Assets - 100.0%			$	1,225,612

	Shares/Par (t)		Value
JNL/Franklin Templeton Global Multisector Bond Fund **
CORPORATE BONDS AND NOTES - 16.5%
AUSTRALIA - 0.1%
Other Securities				2,332
CANADA - 0.8%
1011778 BC Unltd. Liability Corp., 6.00%, 04/01/22 (r)		2,500		2,563
B2Gold Corp., 3.25%, 10/01/18 (v)		11,440		10,017
Valeant Pharmaceuticals International Inc., 7.50%, 07/15/21 (r)		600		648
Other Securities				2,379
				15,607
CHILE - 0.0%
Other Securities				918
FRANCE - 0.1%
Other Securities				2,232
GERMANY - 0.3%
Faenza GmbH, 8.25%, 08/15/21 (r), EUR		1,500		1,951
Unitymedia KabelBW GmbH, 6.13%, 01/15/25 (r)		3,000		3,098
Other Securities				1,047
				6,096
INDIA - 0.0%
Other Securities				207
ITALY - 0.2%
Wind Acquisition Finance SA
4.75%, 07/15/20 (r)		700		655
7.38%, 04/23/21 (r)		3,000		2,831
				3,486
JAMAICA - 0.2%
Digicel Ltd., 6.00%, 04/15/21 (e) (r)		2,100		1,963
Other Securities				1,326
				3,289
LUXEMBOURG - 0.3%
CHC Helicopter SA, 9.25%, 10/15/20		2,790		2,720
Intelsat Jackson Holdings SA, 5.50%, 08/01/23		1,600		1,590
Other Securities				2,118
				6,428
NETHERLANDS - 0.3%
InterGen NV, 7.00%, 06/30/23 (r)		3,000		2,850
Other Securities				2,664
				5,514
RUSSIAN FEDERATION - 0.5%
Alfa Bank OJSC Via Alfa Bond Issuance Plc
7.88%, 09/25/17 (r)		4,800		4,467
7.75%, 04/28/21 (r)		5,750		4,866
				9,333
SOUTH AFRICA - 0.6%
Edcon Holdings Pty Ltd., 13.38%, 06/30/19 (r), EUR		12,600		5,336
Edcon Pty Ltd.
9.50%, 03/01/18 (e) (r)		1,650		1,287
9.50%, 03/01/18 (e) (r), EUR		7,150		6,792
				13,415

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
SOUTH KOREA - 4.7%
Korea Monetary Stabilization Bond
0.00%,01/13/15 (j), KRW		12,371,700		11,248
2.13%, 10/08/15, KRW		8,591,400		7,819
2.90%, 12/02/15, KRW		14,356,500		13,156
2.80%, 04/02/16, KRW		33,731,020		30,953
2.79%, 06/02/16, KRW		5,063,000		4,651
2.46%, 08/02/16, KRW		16,064,100		14,694
2.22%, 10/02/16, KRW		6,297,100		5,741
2.07%, 12/02/16, KRW		9,779,000		8,891
				97,153
SPAIN - 0.2%
Other Securities				3,969
SWEDEN - 0.1%
Stena AB, 7.00%, 02/01/24 (e) (r)		2,500		2,287
Stena International SA, 5.75%, 03/01/24 (r)		900		846
				3,133
UNITED KINGDOM - 0.5%
Lynx II Corp., 6.38%, 04/15/23 (r)		2,200		2,304
Other Securities				7,542
				9,846
UNITED STATES OF AMERICA - 7.6%
Ally Financial Inc.
7.50% - 8.00%, 12/31/18 - 09/15/20		1,400		1,623
5.13%, 09/30/24		2,100		2,131
Antero Resources Finance Corp., 5.38%, 11/01/21		2,500		2,419
ArcelorMittal, 6.00%, 03/01/21 (l)		2,500		2,600
BMC Software Finance Inc., 8.13%, 07/15/21 (r)		2,500		2,350
Calpine Corp.
5.88% - 7.88%, 01/15/22 - 01/15/24 (r)		2,502		2,718
7.88%, 01/15/23 (p)		90		99
5.75%, 01/15/25 (e)		2,000		2,025
Cemex Finance LLC, 6.00%, 04/01/24 (r)		2,500		2,437
Citigroup Inc., 6.30%, (callable at 100 beginning 05/15/24) (m)		2,400		2,364
Crown Castle International Corp., 5.25%, 01/15/23		2,700		2,754
DaVita HealthCare Partners Inc.
5.75%, 08/15/22		2,700		2,862
5.13%, 07/15/24		400		408
E*TRADE Financial Corp., 6.38%, 11/15/19		2,200		2,332
Energy Transfer Equity LP, 5.88%, 01/15/24		3,000		3,045
Energy Transfer Partners LP, 7.50%, 10/15/20		400		444
Equinix Inc., 5.38%, 04/01/23		3,000		3,000
First Data Corp.
8.25%, 01/15/21 (r)		600		642
11.25%, 01/15/21		130		148
12.63%, 01/15/21		2,200		2,612
Gannett Co. Inc.
5.13%, 07/15/20 (e)		2,600		2,652
5.50%, 09/15/24 (r)		800		802
Goodyear Tire & Rubber Co., 6.50%, 03/01/21		2,500		2,650
HCA Inc.
7.50%, 02/15/22		1,400		1,599
5.88%, 03/15/22		1,800		1,971
Intelsat Jackson Holdings SA, 7.50%, 04/01/21		1,800		1,926
Jaguar Holding Co. I, 9.38%, 10/15/17 (r) (y)		3,100		3,168
JPMorgan Chase & Co.
5.00% (callable at 100 beginning 07/01/19) (m)		2,000		1,957
6.00% (callable at 100 beginning 08/01/23) (m)		1,900		1,876

	Shares/Par (t)		Value
MGM Resorts International
7.50%, 06/01/16		500		528
7.75%, 03/15/22 (e)		2,000		2,215
6.00%, 03/15/23		500		503
Navistar International Corp., 8.25%, 11/01/21 (e)		2,500		2,466
PBF Holding Co. LLC, 8.25%, 02/15/20		2,500		2,512
PVR Partners LP, 6.50%, 05/15/21		2,200		2,222
Regency Energy Partners LP
5.88%, 03/01/22		2,000		1,995
5.00%, 10/01/22		700		662
Reynolds Group Issuer Inc.
9.00%, 04/15/19		3,300		3,415
9.88%, 08/15/19		300		318
Sabine Pass Liquefaction LLC
5.63%, 02/01/21 (k)		2,000		1,965
5.63% - 6.25%, 03/15/22 - 04/15/23		1,700		1,696
Terex Corp., 6.00%, 05/15/21		2,100		2,142
Valeant Pharmaceuticals International Inc.
6.38%, 10/15/20 (r)		1,800		1,881
5.63%, 12/01/21 (r)		200		202
Other Securities				74,317
				156,653
Total Corporate Bonds and Notes (cost $369,710)				339,611
GOVERNMENT AND AGENCY OBLIGATIONS - 57.0%
BRAZIL - 4.4%
Brazil Inflation Indexed Notas do Tesouro Nacional
6.00%, 08/15/18 (s), BRL		13,460		12,618
6.00%, 05/15/19 - 08/15/24 (s), BRL		7,640		7,186
6.00%, 08/15/22 (s), BRL		14,680		13,771
Brazil Letras do Tesouro Nacional
0.00%, 10/01/15 - 10/01/16 (j), BRL		24,990		8,063
0.00%, 01/01/16 (j), BRL		49,640		16,529
0.00%, 01/01/17 (j), BRL		39,820		11,747
0.00%, 01/01/18 (j), BRL		24,150		6,342
Brazil Notas do Tesouro Nacional, 10.00%, 01/01/19 - 01/01/23, BRL		42,060		14,296
				90,552
CANADA - 0.5%
Canada Government Bond
1.00%, 02/01/15, CAD		9,169		7,892
1.50%, 08/01/15, CAD		1,470		1,269
				9,161
ECUADOR - 0.5%
Ecuador Government International Bond, 7.95%, 06/20/24 (r)		12,480		10,670
GHANA - 1.9%
Ghana Government Bond
14.99% - 26.00%, 02/23/15 - 08/21/17 (i), GHS		50,955		15,897
21.00%, 10/26/15 (i), GHS		33,913		10,274
19.04%, 09/24/18 (i), GHS		27,610		7,813
Republic of Ghana, 7.88%, 08/07/23 (r)		4,950		4,579
				38,563
HUNGARY - 7.8%
Hungary Government Bond
5.50% - 7.75%, 08/24/15 - 02/24/17, HUF		106,830		432
6.75%, 11/24/17, HUF		2,208,560		9,431
4.00% - 6.50%, 04/25/18 - 06/24/19, HUF		1,951,330		8,246
5.50%, 12/20/18, HUF		3,534,630		14,790
7.50%, 11/12/20, HUF		2,576,490		12,029
7.00%, 06/24/22, HUF		6,064,170		28,463

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
5.50%, 06/24/25, HUF		5,035,460		22,187
Hungary Government International Bond
4.38%, 07/04/17 (p), EUR		5,000		6,484
5.75%, 06/11/18 (p), EUR		5,500		7,587
5.38%, 02/21/23		27,100		29,200
6.00%, 11/24/23 (e), HUF		4,659,800		21,109
				159,958
ICELAND - 0.2%
Other Securities				3,138
INDIA - 2.0%
India Government Bond
7.16% - 8.35%, 06/03/19 - 05/20/23, INR		924,800		14,547
8.83%, 11/25/23, INR		1,020,400		17,016
8.28%, 09/21/27, INR		123,100		1,993
8.60%, 06/02/28, INR		422,400		7,087
				40,643
IRELAND - 4.5%
Ireland Government Bond
4.50% - 5.90%, 10/18/19 - 04/18/20, EUR		2,183		3,247
5.00%, 10/18/20, EUR		5,846		8,851
5.40%, 03/13/25, EUR		48,111		80,215
				92,313
KENYA - 0.5%
Kenya Government International Bond, 6.88%, 06/24/24 (r)		10,710		11,219
LATVIA - 0.2%
Other Securities				4,948
LITHUANIA - 0.2%
Other Securities				4,699
MALAYSIA - 2.0%
Malaysia Government Bond
3.74%, 02/27/15, MYR		56,875		16,275
3.84%, 08/12/15, MYR		47,115		13,506
4.72%, 09/30/15, MYR		25,658		7,398
3.20%, 10/15/15, MYR		13,890		3,961
				41,140
MEXICO - 3.7%
Mexico Bonos
6.00%, 06/18/15, MXN		313,458		21,528
8.00%, 12/17/15, MXN		222,925		15,777
6.25%, 06/16/16, MXN		508,950		35,786
7.25%, 12/15/16, MXN		19,370		1,400
Mexico Government Inflation Indexed Bond
3.50% - 5.00%, 06/16/16 - 12/14/17 (n), MXN		14,226		1,027
2.50% - 4.00%, 06/13/19 - 12/10/20 (n), MXN		9,105		655
				76,173
PHILIPPINES - 0.5%
Philippine Government Bond
7.00% - 9.13%, 01/27/16 - 09/04/16, PHP		3,220		77
1.63%, 04/25/16, PHP		460,670		10,189
				10,266
POLAND - 3.5%
Poland Government Bond
5.00% - 6.25%, 04/25/15 - 04/25/16, PLN		18,217		5,325
0.00%,07/25/15 (j), PLN		76,495		21,405
0.00%,01/25/16 (j), PLN		105,644		29,286
0.00%,07/25/16 (j), PLN		10,420		2,862
4.75%, 10/25/16, PLN		45,065		13,388
				72,266

	Shares/Par (t)		Value
PORTUGAL - 2.5%
Portugal Government International Bond, 5.13%, 10/15/24 (r)		47,970		50,393
Portugal Obrigacoes do Tesouro OT
4.95%, 10/25/23 (p), EUR		322		460
5.65%, 02/15/24 (p), EUR		805		1,205
				52,058
SERBIA - 3.9%
Republic of Serbia
10.00%, 03/01/15, RSD		104,000		1,040
4.88%, 02/25/20 (r)		4,280		4,273
7.25%, 09/28/21 (r)		14,790		16,566
Serbia Treasury Bond
10.00%, 04/27/15 - 11/08/17, RSD		1,600,320		16,138
10.00%, 09/14/15, RSD		693,100		6,997
10.00%, 07/10/17, RSD		1,306,900		13,114
10.00%, 11/21/18 - 09/11/21, RSD		527,110		4,857
10.00%, 08/21/19, RSD		1,852,570		18,054
				81,039
SINGAPORE - 0.0%
Other Securities				266
SLOVENIA - 1.1%
Slovenia Government International Bond
5.50%, 10/26/22 (r)		9,006		9,985
5.85%, 05/10/23 (r)		11,615		13,133
				23,118
SOUTH KOREA - 7.2%
Korea Monetary Stabilization Bond
2.74%, 02/02/15, KRW		22,958,390		20,899
2.47%, 04/02/15, KRW		31,819,150		28,977
2.76%, 06/02/15, KRW		3,545,700		3,235
2.80%, 08/02/15, KRW		43,504,640		39,741
Korea Treasury Bond
3.00% - 4.50%, 03/10/15 - 12/10/16, KRW		10,406,200		9,601
2.75%, 12/10/15, KRW		23,891,140		21,869
2.75%, 06/10/16, KRW		27,275,600		25,038
				149,360
SRI LANKA - 0.6%
Other Securities				12,800
SWEDEN - 1.3%
Sweden Government Bond, 4.50%, 08/12/15, SEK		204,810		26,967
UKRAINE - 2.4%
Ukraine Government International Bond
6.25% - 6.58%, 06/17/16 - 11/21/16 (r)		1,276		808
9.25%, 07/24/17 (e) (r)		17,880		10,907
6.75%, 11/14/17 (e) (r)		7,360		4,554
7.75%, 09/23/20 (r)		1,357		814
7.95%, 02/23/21 (e) (r)		9,700		5,917
7.80%, 11/28/22 (r)		21,300		12,993
7.50%, 04/17/23 (e) (r)		22,130		13,057
Other Securities				60
				49,110
URUGUAY - 5.6%
Uruguay Government International Inflation Indexed Bond
5.00%, 09/14/18 (n), UYU		37,938		1,591
3.70% - 4.38%, 04/05/27 - 06/26/37 (n), UYU		142,333		5,718
4.38%, 12/15/28 (n), UYU		645,696		26,658
Uruguay Inflation Indexed Notas del Tesoro
2.75% - 4.00%, 06/14/15 - 06/16/16 (n), UYU		214,290		8,657
2.25%, 08/23/17 (n), UYU		991,558		38,394

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
2.50% - 4.00%, 01/27/19 - 09/27/22 (n), UYU		164,674		6,326
4.00%, 05/25/25 (n), UYU		58,568		2,314
Uruguay Notas del Tesoro
10.25% - 11.00%, 03/21/15 - 03/21/17, UYU		325,032		13,135
9.50%, 01/27/16, UYU		193,083		7,933
Other Securities				4,389
				115,115
Total Government and Agency Obligations (cost $1,258,069)				1,175,542
COMMON STOCKS - 0.0%
UNITED KINGDOM - 0.0%
Other Securities				278
Total Common Stocks (cost $466)				278
PREFERRED STOCKS - 0.0%
UNITED KINGDOM - 0.0%
Other Securities				618
Total Preferred Stocks (cost $1,030)				618
SHORT TERM INVESTMENTS - 26.0%
Investment Companies - 6.5%
JNL Money Market Fund, 0.01% (a) (h)		134,062		134,062
Securities Lending Collateral - 3.9%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		80,502		80,502
Treasury Securities - 15.6%
Bank Negara Malaysia Monetary Note
0.80% - 0.96%, 01/08/15 - 11/03/15, MYR		268,575		75,964
0.85%, 03/03/15, MYR		120,570		34,293
0.88%, 08/11/15, MYR		98,830		27,682
Canada Treasury Bill, 0.75% - 0.77%, 02/12/15 - 04/23/15, CAD		17,579		15,110
Mexico Cetes, 0.20% - 0.22%, 03/19/15 - 12/10/15, MXN		94,064		62,946
Monetary Authority of Singapore
0.21% - 0.34%, 01/02/15 - 02/23/15, SGD		33,757		25,468
0.26%, 01/30/15, SGD		26,290		19,840
0.84%, 03/27/15, SGD		31,900		24,044
Monetary Regulation Bill, 0.51% - 0.52%, 06/05/15 - 07/10/15, UYU		5,220		200
Philippine Treasury Bill, 0.03%, 05/06/15 - 12/02/15, PHP		47,120		1,031
Serbia Treasury Bill, 0.08%, 06/25/15 - 07/24/15, RSD		396,090		3,788
Uruguay Treasury Bill, 0.34% - 0.56%, 03/26/15 - 11/03/16, UYU		862,732		32,218
				322,584
Total Short Term Investments (cost $555,859)				537,148
Total Investments - 99.5% (cost $2,185,134)				2,053,197
Other Assets and Liabilities, Net - 0.5%				11,259
Total Net Assets - 100.0%			$	2,064,456
JNL/Franklin Templeton Income Fund **
COMMON STOCKS - 49.0%
CONSUMER DISCRETIONARY - 3.4%
General Motors Co.		704	$	24,580
Target Corp.		587		44,536
Other Securities				23,782
				92,898

	Shares/Par (t)		Value
CONSUMER STAPLES - 0.7%
PepsiCo Inc.		187		17,673
ENERGY - 7.6%
BP Plc - ADR		1,081		41,189
Chevron Corp.		279		31,253
Exxon Mobil Corp.		163		15,032
Royal Dutch Shell Plc - ADR		700		46,865
Other Securities				72,474
				206,813
FINANCIALS - 3.0%
Bank of America Corp.		241		4,315
JPMorgan Chase & Co.		286		17,873
MetLife Inc.		288		15,567
Wells Fargo & Co.		400		21,928
Other Securities				20,554
				80,237
HEALTH CARE - 3.9%
Johnson & Johnson		150		15,685
Merck & Co. Inc.		422		23,954
Pfizer Inc.		1,198		37,321
Other Securities				29,672
				106,632
INDUSTRIALS - 4.3%
General Electric Co.		1,443		36,457
Lockheed Martin Corp.		91		17,505
Other Securities				63,496
				117,458
INFORMATION TECHNOLOGY - 4.3%
Apple Inc.		214		23,566
Cisco Systems Inc.		561		15,610
Intel Corp.		753		27,315
Microsoft Corp.		465		21,609
Other Securities				27,866
				115,966
MATERIALS - 7.1%
BHP Billiton Plc		1,045		22,396
Dow Chemical Co.		775		35,325
E.I. du Pont de Nemours & Co.		353		26,108
LyondellBasell Industries NV - Class A		200		15,878
Rio Tinto Plc - ADR (e)		904		41,624
Other Securities				51,994
				193,325
TELECOMMUNICATION SERVICES - 2.6%
AT&T Inc.		946		31,773
Verizon Communications Inc.		468		21,884
Other Securities				15,916
				69,573
UTILITIES - 12.1%
Dominion Resources Inc.		300		23,085
Duke Energy Corp.		471		39,381
Entergy Corp.		200		17,496
Exelon Corp.		1,138		42,193
NextEra Energy Inc.		233		24,790
PG&E Corp.		680		36,193
Southern Co.		783		38,432
Other Securities				104,757
				326,327
Total Common Stocks (cost $1,167,889)				1,326,902

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
EQUITY LINKED STRUCTURED NOTES - 3.4%
CONSUMER DISCRETIONARY - 0.5%
Morgan Stanley Equity Linked Note (Ford Motor Co.) (r)		800		12,601
CONSUMER STAPLES - 0.3%
Citigroup Inc. Equity Linked Note (Whole Foods Market Inc.) (r)		185		8,197
ENERGY - 1.0%
Barclays Bank Plc Equity Linked Note (Anadarko Petroleum Corp.) (r)		75		6,364
JPMorgan Chase & Co. Equity Linked Note (Andarko Petroleum Corp.) (r)		110		9,084
Other Securities				11,617
				27,065
FINANCIALS - 0.5%
Goldman Sachs Group Inc. Equity Linked Note (Bank of America Corp.) (r)		828		14,703
INFORMATION TECHNOLOGY - 0.9%
Merrill Lynch International & Co. Equity Linked Note (Freescale Semiconductor, Inc.) (r)		360		8,143
Merrill Lynch International & Co. Equity Linked Note (Intel Corp.) (r)		410		14,849
				22,992
MATERIALS - 0.2%
Wells Fargo & Co. Equity Linked Note (Freeport-McMoRan Inc.) (r)		250		6,202
Total Equity Linked Structured Notes (cost $96,277)				91,760
PREFERRED STOCKS - 2.8%
ENERGY - 0.5%
Chesapeake Energy Corp., 5.75% (m) (r) (v)		5		4,607
Other Securities				8,883
				13,490
FINANCIALS - 1.2%
Bank of America Corp., 7.25% - Series L (m) (v)		12		13,804
Morgan Stanley, 6.38%, (callable at 25 beginning 10/15/24) (m)		125		3,164
Wells Fargo & Co., 7.50% - Series L (m) (v)		10		12,150
Other Securities				3,890
				33,008
INDUSTRIALS - 0.1%
Other Securities				1,405
MATERIALS - 0.6%
Alcoa Inc., 5.38% (e)		300		15,135
Other Securities				2,076
				17,211
UTILITIES - 0.4%
Dominion Resources Inc., 6.13% (e) (v)		37		2,190
Dominion Resources Inc., 6.00% (v)		37		2,194
Dominion Resources Inc., 6.38% - Class A		70		3,615
NextEra Energy Inc., 5.89% (v)		48		3,200
				11,199
Total Preferred Stocks (cost $90,227)				76,313
WARRANTS - 0.0%
Other Securities				133
Total Warrants (cost $769)				133

	Shares/Par (t)		Value
CORPORATE BONDS AND NOTES - 39.9%
CONSUMER DISCRETIONARY - 7.1%
Clear Channel Communications Inc.
9.00%, 12/15/19 (e)		2,356		2,321
12.00%, 02/01/21 (e) (y)		1,122		915
9.00%, 03/01/21		16,000		15,680
9.00%, 09/15/22 (e) (r)		7,300		7,154
IHeartCommunications Inc. Term Loan, 6.92%, 01/30/19 (i)		20,000		18,814
Other Securities				147,462
				192,346
CONSUMER STAPLES - 1.8%
JBS USA LLC
8.25%, 02/01/20 (r)		1,700		1,789
7.25%, 06/01/21 (r)		3,700		3,811
7.25%, 06/01/21 (r)		3,500		3,605
5.88%, 07/15/24 (r)		8,500		8,351
Other Securities				30,981
				48,537
ENERGY - 9.5%
Chesapeake Energy Corp.
6.50%, 08/15/17 (e)		4,000		4,260
7.25%, 12/15/18		5,000		5,475
5.75%, 03/15/23		3,500		3,605
Sabine Pass Liquefaction LLC
5.63%, 02/01/21 (k)		7,500		7,369
6.25%, 03/15/22		7,500		7,612
5.75%, 05/15/24		4,300		4,219
Other Securities				223,466
				256,006
FINANCIALS - 4.2%
Bank of America Corp., 8.13%, (callable at 100 beginning 05/15/18) (m)		1,000		1,079
Citigroup Inc.
5.90% (callable at 100 beginning 02/15/23) (m)		6,500		6,338
5.95% (callable at 100 beginning 01/30/23) (m)		7,000		6,895
6.30% (callable at 100 beginning 05/15/24) (m)		10,600		10,441
JPMorgan Chase & Co.
5.00% (callable at 100 beginning 07/01/19) (m)		12,000		11,741
5.15% (callable at 100 beginning 05/01/23) (m)		2,000		1,884
6.10% (callable at 100 beginning 10/01/24) (m)		10,000		9,975
7.90% (callable at 100 beginning 04/30/18) (m)		11,500		12,377
Morgan Stanley, 5.50%, 01/26/20 (e)		5,000		5,626
Wells Fargo & Co., 5.90%, (callable at 100 beginning 06/15/24) (m)		4,700		4,735
Other Securities				43,569
				114,660
HEALTH CARE - 3.2%
HCA Inc.
6.50%, 02/15/20		4,300		4,818
7.50%, 02/15/22		4,100		4,684
4.75%, 05/01/23		2,500		2,544
5.88%, 05/01/23		7,500		7,903
5.00%, 03/15/24		7,000		7,192
5.25%, 04/15/25 (e)		3,000		3,135
Tenet Healthcare Corp.
5.00%, 03/01/19 (r)		1,300		1,302

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
5.50%, 03/01/19 (r)		4,500		4,601
8.00%, 08/01/20		3,404		3,591
4.38%, 10/01/21		9,500		9,429
8.13%, 04/01/22		9,800		10,951
Other Securities				26,850
				87,000
INDUSTRIALS - 2.7%
Other Securities				72,992
INFORMATION TECHNOLOGY - 2.7%
First Data Corp.
8.25%, 01/15/21 (r)		15,914		17,028
12.63%, 01/15/21		11,000		13,063
8.75%, 01/15/22 (r) (y)		3,198		3,438
First Data Corp. Extended Term Loan, 3.67%, 03/24/18 (i)		9,123		8,935
Other Securities				29,075
				71,539
MATERIALS - 2.2%
Cemex Finance LLC
9.38%, 10/12/22 (r)		1,800		2,007
6.00%, 04/01/24 (r)		3,000		2,925
Cemex SAB de CV
9.00%, 01/11/18 (r)		1,288		1,327
3.75%, 03/15/18 (v)		1,525		1,839
5.88%, 03/25/19 (e) (r)		2,000		2,030
7.25%, 01/15/21 (r)		6,000		6,285
Other Securities				43,867
				60,280
TELECOMMUNICATION SERVICES - 4.4%
Sprint Nextel Corp.
9.13%, 03/01/17		3,300		3,630
8.38%, 08/15/17		90		97
9.00%, 11/15/18 (r)		7,500		8,530
7.00%, 08/15/20 (e)		5,000		5,000
11.50%, 11/15/21		7,500		9,019
T-Mobile USA Inc.
6.54%, 04/28/20		6,700		6,918
6.00%, 03/01/23		10,000		10,025
6.63%, 04/01/23		7,500		7,680
Verizon Communications Inc.
5.15%, 09/15/23		3,400		3,754
6.55%, 09/15/43		3,700		4,740
Other Securities				59,157
				118,550
UTILITIES - 2.1%
Calpine Corp.
6.00%, 01/15/22 (r)		2,400		2,556
5.38%, 01/15/23 (e)		7,000		7,070
7.88%, 01/15/23 (r)		2,096		2,311
5.75%, 01/15/25		6,500		6,581
Dynegy Finance I Inc.
6.75%, 11/01/19 (r)		15,000		15,262
7.38%, 11/01/22 (r)		10,000		10,175
Other Securities				13,030
				56,985
Total Corporate Bonds and Notes (cost $1,127,021)				1,078,895
OTHER EQUITY INTERESTS - 0.0%
General Motors Co. (c) (f) (u)		100		1
Other Securities				—
Total Other Equity Interests (cost $14)				1

	Shares/Par (t)		Value
SHORT TERM INVESTMENTS - 10.3%
Investment Companies - 3.0%
JNL Money Market Fund, 0.01% (a) (h)		80,912		80,912
Securities Lending Collateral - 7.3%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		197,127		197,127
Total Short Term Investments (cost $278,039)				278,039
Total Investments - 105.4% (cost $2,760,236)				2,852,043
Other Assets and Liabilities, Net - (5.4%)				(146,650	)
Total Net Assets - 100.0%			$	2,705,393
JNL/Franklin Templeton International Small Cap Growth Fund **
COMMON STOCKS - 95.2%
AUSTRALIA - 0.1%
Other Securities				552
AUSTRIA - 0.2%
Other Securities				1,046
BELGIUM - 2.7%
RHJ International (c) (e)		1,715		9,565
Other Securities				2,382
				11,947
BERMUDA - 2.9%
Arch Capital Group Ltd. (c)		184		10,863
Axis Capital Holdings Ltd.		46		2,345
				13,208
BRAZIL - 0.3%
Other Securities				1,233
CANADA - 5.6%
Fairfax Financial Holdings Ltd.		28		14,672
Other Securities				10,308
				24,980
CHINA - 1.0%
Other Securities				4,559
DENMARK - 1.1%
ISS A/S (c)		173		4,971
FINLAND - 5.3%
Amer Sports Oyj - Class A		140		2,716
Huhtamaki Oyj		119		3,140
Uponor Oyj (e)		658		9,124
Valmet Corp.		735		9,074
				24,054
FRANCE - 4.0%
Beneteau SA (c)		703		9,882
Euler Hermes SA		61		6,287
Other Securities				1,758
				17,927
GERMANY - 2.1%
Gerresheimer AG		49		2,659
Other Securities				6,982
				9,641
GREECE - 0.1%
Other Securities				392

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
HONG KONG - 3.2%
Techtronic Industries Co.		1,070		3,431
VTech Holdings Ltd. (e)		221		3,168
Other Securities				7,697
				14,296
INDIA - 0.1%
Other Securities				566
IRELAND - 9.8%
C&C Group Plc		2,109		9,238
Dalata Hotel Group Plc (c)		834		2,966
Grafton Group Plc		1,472		14,567
Green REIT plc (c)		4,472		6,926
Irish Continental Group Plc		1,664		6,546
Irish Residential Properties REIT Plc (c)		3,000		3,844
				44,087
ITALY - 2.8%
Prysmian SpA		542		9,880
Other Securities				2,587
				12,467
JAPAN - 9.3%
Aderans Holdings Co. Ltd.		801		7,536
Asatsu-DK Inc. (e)		277		6,672
Asics Corp.		141		3,392
Kobayashi Pharmaceutical Co. Ltd. (e)		45		2,589
Sankyo Co. Ltd.		119		4,089
Sumitomo Rubber Industries Inc.		177		2,628
Other Securities				15,102
				42,008
LUXEMBOURG - 0.4%
Other Securities				1,788
NETHERLANDS - 7.0%
Aalberts Industries NV		90		2,652
Arcadis NV		79		2,361
Sligro Food Group NV		306		11,563
TNT NV		1,784		11,895
Other Securities				2,841
				31,312
NORWAY - 0.9%
Other Securities				4,052
PHILIPPINES - 0.6%
Other Securities				2,686
RUSSIAN FEDERATION - 0.0%
Other Securities				180
SINGAPORE - 2.1%
ARA Asset Management Ltd.		4,269		5,465
Straits Trading Co. Ltd. (e)		1,897		4,161
				9,626
SOUTH KOREA - 3.1%
Halla Visteon Climate Control Corp.		57		2,505
Other Securities				11,336
				13,841
SPAIN - 2.9%
Lar Espana Real Estate Socimi SA (c)		375		4,137
Zardoya Otis SA (e)		483		5,352
Other Securities				3,595
				13,084
SWEDEN - 0.6%
Other Securities				2,698

	Shares/Par (t)		Value
SWITZERLAND - 1.1%
Panalpina Welttransport Holding AG (e)		19		2,597
Other Securities				2,286
				4,883
TAIWAN - 1.5%
Giant Manufacturing Co. Ltd.		263		2,324
Other Securities				4,443
				6,767
THAILAND - 0.2%
Other Securities				835
UNITED KINGDOM - 20.5%
Alent Plc		1,968		9,848
Carpetright Plc (c)		1,007		6,285
Greggs Plc		237		2,703
Headlam Group Plc		1,365		9,359
Kennedy Wilson Europe Real Estate Plc		786		12,926
Man Group Plc		1,145		2,849
Michael Page International Plc		1,773		11,304
Morgan Sindall Group Plc		443		4,215
Serco Group Plc (e)		1,398		3,502
Sthree Plc		987		4,538
Vesuvius Plc		1,508		10,430
Other Securities				14,420
				92,379
UNITED STATES OF AMERICA - 3.7%
RenaissanceRe Holdings Ltd.		135		13,085
Other Securities				3,338
				16,423
Total Common Stocks (cost $424,331)				428,488
PREFERRED STOCKS - 0.3%
GERMANY - 0.3%
Other Securities				1,253
Total Preferred Stocks (cost $1,480)				1,253
RIGHTS - 0.0%
SOUTH KOREA - 0.0%
Other Securities				39
Total Rights (cost $0)				39
INVESTMENT COMPANIES - 0.3%
Other Securities				1,294
Total Investment Companies (cost $1,315)				1,294
SHORT TERM INVESTMENTS - 9.2%
Investment Companies - 4.1%
JNL Money Market Fund, 0.01% (a) (h)		18,329		18,329
Securities Lending Collateral - 5.1%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		22,843		22,843
Total Short Term Investments (cost $41,172)				41,172
Total Investments - 105.0% (cost $468,298)				472,246
Other Assets and Liabilities, Net - (5.0%)				(22,478	)
Total Net Assets - 100.0%			$	449,768

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
JNL/Franklin Templeton Mutual Shares Fund **
COMMON STOCKS - 84.6%
CONSUMER DISCRETIONARY - 9.9%
CBS Corp. - Class B		269	$	14,910
General Motors Co.		506		17,659
Reed Elsevier Plc		959		16,376
Time Warner Cable Inc.		136		20,703
Twenty-First Century Fox Inc. - Class B		700		25,838
Other Securities				25,447
				120,933
CONSUMER STAPLES - 10.3%
Altria Group Inc.		312		15,361
British American Tobacco Plc		368		19,946
CVS Health Corp.		125		12,073
Imperial Tobacco Group Plc		287		12,655
Kroger Co.		281		18,040
Lorillard Inc.		306		19,232
PepsiCo Inc.		139		13,103
Other Securities				15,469
				125,879
ENERGY - 8.5%
Apache Corp.		234		14,640
Baker Hughes Inc.		234		13,142
Marathon Oil Corp.		484		13,685
Royal Dutch Shell Plc - Class A		571		19,024
Other Securities				44,329
				104,820
FINANCIALS - 18.7%
ACE Ltd.		151		17,313
Alleghany Corp. (c)		32		14,687
Allstate Corp.		182		12,781
American International Group Inc.		416		23,286
Citigroup Inc.		280		15,147
JPMorgan Chase & Co.		287		17,987
MetLife Inc.		236		12,784
PNC Financial Services Group Inc.		280		25,561
SunTrust Banks Inc.		235		9,827
White Mountains Insurance Group Ltd.		17		10,798
Other Securities				70,083
				230,254
HEALTH CARE - 14.1%
CIGNA Corp.		139		14,335
Eli Lilly & Co.		204		14,058
Hospira Inc. (c)		207		12,700
Medtronic Inc.		546		39,398
Merck & Co. Inc.		607		34,496
Stryker Corp.		155		14,579
Teva Pharmaceutical Industries Ltd. - ADR		513		29,487
Walgreens Boots Alliance Inc.		178		13,573
				172,626
INDUSTRIALS - 4.2%
A P Moller - Maersk A/S - Class B		8		15,156
Huntington Ingalls Industries Inc.		119		13,373
Other Securities				23,422
				51,951
INFORMATION TECHNOLOGY - 12.1%
Apple Inc.		249		27,521
Cisco Systems Inc.		666		18,532
Hewlett-Packard Co.		283		11,356
Microsoft Corp.		790		36,679

	Shares/Par (t)		Value
Symantec Corp.		828		21,237
Xerox Corp.		1,270		17,609
Other Securities				16,149
				149,083
MATERIALS - 4.2%
Freeport-McMoran Inc. - Class B		495		11,558
International Paper Co.		324		17,337
MeadWestvaco Corp.		256		11,372
Other Securities				11,817
				52,084
TELECOMMUNICATION SERVICES - 1.8%
Vodafone Group Plc		4,421		15,157
Other Securities				7,142
				22,299
UTILITIES - 0.8%
NRG Energy Inc.		371		9,991
Total Common Stocks (cost $818,513)				1,039,920
PREFERRED STOCKS - 0.6%
CONSUMER DISCRETIONARY - 0.6%
Other Securities				7,863
Total Preferred Stocks (cost $9,189)				7,863
CORPORATE BONDS AND NOTES - 5.2%
CONSUMER DISCRETIONARY - 2.3%
Clear Channel Communications Inc., 9.00%, 12/15/19 (i)		7,449		7,337
Clear Channel Communications Inc. Term Loan
6.92%, 01/29/16 (i)		4,339		4,082
7.67%, 07/30/19 (i)		1,395		1,327
Clear Channel Communications Inc. Term Loan B, 3.82%, 01/29/16 (i)		33		33
Clear Channel Communications Inc. Term Loan C, 3.82%, 01/29/16 (i)		3		3
Other Securities				15,891
				28,673
ENERGY - 0.7%
Other Securities				8,667
FINANCIALS - 0.0%
Other Securities				—
INFORMATION TECHNOLOGY - 0.3%
Avaya Inc. Term Loan B-6, 6.50%, 03/31/18 (i)		886		871
Other Securities				2,289
				3,160
TELECOMMUNICATION SERVICES - 1.1%
Avaya Inc.
7.00%, 04/01/19 (r)		2,435		2,374
10.50%, 03/01/21 (r)		8,466		7,238
Avaya Inc. Term Loan B-3, 4.67%, 10/26/17 (i)		3,633		3,479
				13,091
UTILITIES - 0.8%
Texas Competitive Electric Holdings Co. LLC, 11.50%, 10/01/20 (d) (r)		4,182		2,959
Texas Competitive Electric Holdings Co. LLC Term Loan, 4.65%, 10/10/17 (d)		11,682		7,540
				10,499
Total Corporate Bonds and Notes (cost $68,416)				64,090

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
GOVERNMENT AND AGENCY OBLIGATIONS - 0.2%
GOVERNMENT SECURITIES - 0.2%
Municipals - 0.2%
Other Securities				2,987
Total Government and Agency Obligations (cost $3,200)				2,987
OTHER EQUITY INTERESTS - 0.6%
Other Securities				6,712
Total Other Equity Interests (cost $7,419)				6,712
SHORT TERM INVESTMENTS - 8.7%
Investment Companies - 7.9%
JNL Money Market Fund, 0.01% (a) (h)		97,087		97,087
Securities Lending Collateral - 0.8%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		9,482		9,482
Total Short Term Investments (cost $106,569)				106,569
Total Investments - 99.9% (cost $1,013,306)				1,228,141
Other Assets and Liabilities, Net - 0.1%				964
Total Net Assets - 100.0%			$	1,229,105
JNL/Franklin Templeton Small Cap Value Fund **
COMMON STOCKS - 94.2%
CONSUMER DISCRETIONARY - 20.1%
Brown Shoe Co. Inc.		655	$	21,068
Brunswick Corp.		221		11,344
Cato Corp. - Class A		325		13,708
Genesco Inc. (c)		264		20,258
Gentex Corp.		380		13,719
Group 1 Automotive Inc.		279		25,022
Hillenbrand Inc.		637		21,983
La-Z-Boy Inc.		996		26,743
Men’s Wearhouse Inc.		389		17,188
Thor Industries Inc.		450		25,164
Other Securities				35,189
				231,386
CONSUMER STAPLES - 2.5%
Maple Leaf Foods Inc.		1,279		21,434
Other Securities				7,042
				28,476
ENERGY - 7.2%
Bristow Group Inc.		309		20,329
Helix Energy Solutions Group Inc. (c)		473		10,253
Oil States International Inc. (c)		236		11,516
Unit Corp. (c)		435		14,827
Other Securities				25,252
				82,177
FINANCIALS - 10.9%
Aspen Insurance Holdings Ltd.		403		17,635
Hanover Insurance Group Inc.		253		18,016
Montpelier Re Holdings Ltd. (e)		264		9,453
Old Republic International Corp.		623		9,115
StanCorp Financial Group Inc.		340		23,759
Other Securities				46,841
				124,819

	Shares/Par (t)		Value
HEALTH CARE - 5.0%
Hill-Rom Holdings Inc.		254		11,578
STERIS Corp. (e)		424		27,466
Teleflex Inc.		102		11,758
Other Securities				6,727
				57,529
INDUSTRIALS - 29.8%
AAR Corp.		651		18,074
Apogee Enterprises Inc.		317		13,419
Astec Industries Inc.		496		19,482
Carlisle Cos. Inc.		160		14,456
EMCOR Group Inc.		500		22,254
EnerSys Inc.		286		17,639
EnPro Industries Inc. (c)		155		9,728
Granite Construction Inc.		622		23,645
Lincoln Electric Holdings Inc.		199		13,735
Lindsay Corp. (e)		159		13,675
McGrath RentCorp		279		9,994
MSA Safety Inc.		287		15,253
Mueller Industries Inc.		540		18,442
Regal-Beloit Corp.		324		24,380
Simpson Manufacturing Co. Inc.		278		9,626
Universal Forest Products Inc.		403		21,440
Wabash National Corp. (c)		1,307		16,149
Other Securities				60,953
				342,344
INFORMATION TECHNOLOGY - 1.8%
Rofin-Sinar Technologies Inc. (c)		314		9,031
Other Securities				11,975
				21,006
MATERIALS - 16.9%
A. Schulman Inc.		473		19,154
Axiall Corp.		567		24,098
Cabot Corp.		349		15,312
Carpenter Technology Corp.		413		20,345
HB Fuller Co.		510		22,710
Minerals Technologies Inc.		224		15,578
RPM International Inc.		337		17,099
Sensient Technologies Corp.		482		29,095
Stepan Co.		250		10,020
Other Securities				20,259
				193,670
Total Common Stocks (cost $882,296)				1,081,407
CORPORATE BONDS AND NOTES - 0.5%
INDUSTRIALS - 0.5%
Unit Corp., 6.63%, 05/15/21		5,942		5,318
Total Corporate Bonds and Notes (cost $5,737)				5,318
SHORT TERM INVESTMENTS - 6.9%
Investment Companies - 5.3%
JNL Money Market Fund, 0.01% (a) (h)		61,372		61,372
Securities Lending Collateral - 1.6%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		18,990		18,990
Total Short Term Investments (cost $80,362)				80,362
Total Investments - 101.6% (cost $968,395)				1,167,087
Other Assets and Liabilities, Net - (1.6%)				(18,587	)
Total Net Assets - 100.0%			$	1,148,500

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
JNL/Goldman Sachs Core Plus Bond Fund **
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES - 12.7%
ACE Securities Corp. Home Equity Loan Trust Series REMIC, 0.33%, 08/25/36 (i)	$	3,030	$	2,382
ACIS CLO Ltd.
0.73%, 10/14/22 (i) (r)		900		881
1.15%, 10/14/22 (i) (r)		6,300		6,177
1.65%, 05/01/26 (i) (r)		2,000		1,976
1.71%, 05/01/26 (i) (r)		5,000		4,894
Aire Valley Mortgages Plc
0.34%, 09/20/66 (i), EUR		78		92
0.38%, 09/20/66 (i), EUR		2,397		2,811
0.50%, 09/20/66 (i), EUR		2,398		2,829
REMIC, 0.47%, 09/20/66 (i) (r)		602		580
BlueMountain CLO Ltd., 0.49%, 03/17/21 (i) (r)		3,062		3,026
Carrington Mortgage Loan Trust REMIC, 0.41%, 03/25/36 (i)		3,000		2,430
Granite Master Issuer Plc
0.24%, 12/29/17 (i)		1,180		1,170
0.31%, 12/20/54 (i)		3,077		3,051
REMIC, 0.24%, 12/20/54 (i) (r)		5,253		5,215
GSAA Home Equity Trust REMIC, 0.40%, 05/25/37 (i)		3,800		2,473
Halcyon Loan Advisors Funding Ltd.
2.23%, 04/28/25 (i) (r)		3,800		3,678
1.79%, 04/18/26 (i) (r)		2,550		2,536
Hildene CLO II Ltd., 1.68%, 07/19/26 (i) (r)		9,350		9,238
ICG U.S. CLO Ltd., 1.50%, 04/20/26 (i) (r)		5,300		5,223
Morgan Stanley Capital I Trust REMIC
5.93%, 11/15/17 (i)		150		143
5.48%, 02/12/44 (i)		200		213
Morgan Stanley Mortgage Loan Trust, 2.62% - 2.83%, 08/25/34 - 03/25/36 (i)		1,290		1,077
OCP CLO Ltd., 0.23%, 04/26/26 (i) (r)		5,800		5,636
OFSI Fund VI Ltd., 1.42%, 03/20/25 (i) (r)		5,700		5,599
OFSI Fund VII Ltd., 1.72%, 10/18/26 (i) (r)		1,300		1,281
Sound Point CLO V Ltd., 2.13%, 04/18/26 (i) (r)		3,800		3,634
THL Credit Wind River CLO Ltd., 1.38%, 04/20/25 (i) (r)		4,800		4,693
Trinitas CLO II Ltd., 1.61%, 07/15/26 (i) (r)		2,500		2,441
WhiteHorse VIII Ltd.
1.73%, 05/01/26 (i) (r)		2,400		2,378
2.28%, 05/01/26 (i) (r)		500		483
York CLO Ltd., 1.79%, 01/22/27 (i) (p) (q)		5,400		5,354
Other Securities				30,232
Total Non-U.S. Government Agency Asset- Backed Securities (cost $125,088)				123,826
CORPORATE BONDS AND NOTES - 29.8%
CONSUMER DISCRETIONARY - 4.3%
21st Century Fox America Inc., 3.70%, 09/15/24 (e) (r)		3,425		3,523
Amazon.com Inc., 3.30%, 12/05/21		2,500		2,534
DIRECTV Holdings LLC
3.80%, 03/15/22		2,250		2,289
4.45%, 04/01/24		3,475		3,636
3.95%, 01/15/25		2,900		2,923
Rensselaer Polytechnic Institute, 5.60%, 09/01/20		2,300		2,625
Time Warner Cable Inc.
7.30%, 07/01/38		2,676		3,690
5.88%, 11/15/40		600		715
5.50%, 09/01/41		3,078		3,576

	Shares/Par (t)		Value
Other Securities				16,718
				42,229
CONSUMER STAPLES - 2.2%
Sysco Corp., 3.50%, 10/02/24		3,600		3,710
Other Securities				17,110
				20,820
ENERGY - 2.4%
Enterprise Products Operating LLC
8.38%, 08/01/66 (i)		2,450		2,631
7.03%, 01/15/68 (i)		1,550		1,700
Kinder Morgan Inc., 5.00%, 02/15/21 (r)		2,750		2,861
Other Securities				16,065
				23,257
FINANCIALS - 13.2%
Bank of America Corp.
4.13%, 01/22/24		2,400		2,520
4.00%, 04/01/24		1,675		1,744
6.25% (callable at 100 beginning 09/05/24) (m)		1,125		1,112
6.50% (callable at 100 beginning 10/23/24) (m)		750		763
Developers Diversified Realty Corp., 7.50%, 04/01/17 (e)		2,170		2,431
Education Realty Operating Partnership LP, 4.60%, 12/01/24		2,875		2,946
ERP Operating LP, 4.63%, 12/15/21		2,575		2,817
HSBC Bank USA Credit Linked Note (Nota Do Tesouro Nacional, 6.00%, 08/15/40, Moody’s rating Baa2), (p) (q), BRL		4,840		4,580
HSBC Holdings Plc, 6.38%, (callable at 100 beginning 09/17/24) (m)		1,050		1,061
ING Bank NV, 4.13%, 11/21/23		2,875		2,921
Intesa Sanpaolo SpA
2.38% - 3.13%, 01/15/16 - 01/13/17		2,800		2,838
3.88%, 01/16/18		3,400		3,540
5.02%, 06/26/24 (r)		1,200		1,165
Merrill Lynch & Co. Inc., 6.05%, 05/16/16		1,125		1,192
Morgan Stanley
3.88%, 04/29/24		1,150		1,180
3.70%, 10/23/24		6,625		6,715
Northern Rock Plc, 5.63%, 06/22/17 (r)		7,100		7,780
PNC Preferred Funding Trust II, 1.46%, (callable at 100 beginning 03/15/17) (e) (m) (r)		2,500		2,350
Stadshypotek AB, 1.88%, 10/02/19 (e) (r)		4,300		4,247
SunTrust Banks Inc., 2.35%, 11/01/18		2,775		2,792
Other Securities				71,649
				128,343
HEALTH CARE - 2.4%
Bayer US Finance LLC, 3.00%, 10/08/21 (r)		2,900		2,924
Forest Laboratories Inc.
4.38%, 02/01/19 (r)		4,074		4,304
5.00%, 12/15/21 (r)		1,700		1,841
HCA Inc., 5.88%, 03/15/22		2,150		2,354
Walgreens Boots Alliance Inc.
2.70%, 11/18/19		2,850		2,865
3.80%, 11/18/24		1,375		1,402
Other Securities				8,047
				23,737
INDUSTRIALS - 0.9%
Penske Truck Leasing Co. LP, 2.88%, 07/17/18 (r)		2,400		2,440
Other Securities				6,312
				8,752

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
INFORMATION TECHNOLOGY - 0.4%
Other Securities				3,867
MATERIALS - 0.9%
Other Securities				8,597
TELECOMMUNICATION SERVICES - 2.6%
Verizon Communications Inc.
2.63%, 02/21/20 (r)		4,200		4,152
5.15%, 09/15/23		8,100		8,944
4.15%, 03/15/24		1,575		1,630
6.55%, 09/15/43		866		1,109
Other Securities				9,194
				25,029
UTILITIES - 0.5%
Other Securities				5,153
Total Corporate Bonds and Notes (cost $285,698)				289,784
GOVERNMENT AND AGENCY OBLIGATIONS - 66.2%
GOVERNMENT SECURITIES - 41.5%
Federal Home Loan Bank - 0.7% (w)
Federal Home Loan Bank
1.88%, 03/13/20		1,400		1,407
3.00%, 09/10/21 (e)		3,200		3,355
3.25%, 06/09/23		2,000		2,115
				6,877
Federal National Mortgage Association - 0.6% (w)
Federal National Mortgage Association
0.38%, 03/16/15		800		800
6.25%, 05/15/29		2,600		3,622
6.63%, 11/15/30		900		1,337
				5,759
Municipals - 1.7%
Commonwealth of Puerto Rico
5.25%, 07/01/23		45		35
5.00% - 6.00%, 07/01/26 - 07/01/41		680		492
8.00%, 07/01/35		3,190		2,779
Northstar Education Finance Inc. Student Loan Asset-Backed Note
1.80%, 04/01/42 (i)		2,300		2,148
2.82% - 3.70%, 04/01/42 (i)		1,350		1,261
Puerto Rico Highways and Transportation Authority (insured by Assured Guaranty Municipal Corp.), 5.25%, 07/01/36		40		41
State of California
7.95%, 03/01/36		1,290		1,595
7.63%, 03/01/40		2,390		3,669
Other Securities				4,135
				16,155
Sovereign - 6.2%
Hashemite Kingdom of Jordan Government Bond, 2.50%, 10/30/20		5,000		5,083
International Finance Corp., 0.88%, 06/15/18		6,900		6,783
Israel Government AID Bond
5.50%, 09/18/23		3,700		4,555
5.50%, 12/04/23 (e)		500		617
5.50%, 04/26/24		1,300		1,612
Italy Buoni Poliennali Del Tesoro
1.15%, 05/15/17, EUR		1,880		2,302
4.50%, 02/01/18, EUR		1,510		2,038
5.00%, 09/01/40, EUR		560		895
Kommunalbanken A/S, 1.00%, 09/26/17 (r)		2,300		2,290
Mexico Bonos
6.50% - 8.00%, 06/10/21 - 12/07/23, MXN		13,348		996
7.50% - 8.50%, 06/03/27 - 05/31/29, MXN		8,653		676

	Shares/Par (t)		Value
Mexico Government International Bond, 4.75%, 03/08/44		2,670		2,783
Spain Government Bond
0.50% - 2.10%, 04/30/17 - 10/31/17, EUR		2,900		3,563
4.50%, 01/31/18, EUR		2,860		3,867
4.40%, 10/31/23 (r), EUR		1,200		1,796
5.15%, 10/31/44 (r), EUR		30		52
Tennessee Valley Authority
4.38%, 06/15/15		2,400		2,443
3.88%, 02/15/21		3,700		4,075
4.63% - 5.98%, 04/01/36 - 09/15/60		2,050		2,657
Other Securities				11,251
				60,334
Treasury Inflation Index Securities - 2.3%
Italy Buoni Poliennali Del Tesoro Inflation Indexed Note, 2.35%, 09/15/19 (n), EUR		2,559		3,343
Spain Government Inflation Indexed Bond, 0.55%, 11/30/19 (n) (r), EUR		1,624		1,979
U.S. Treasury Inflation Indexed Note
0.13%, 01/15/22 (n)		4,301		4,190
0.38%, 07/15/23 (n)		1,938		1,920
0.63%, 01/15/24 (n)		5,230		5,262
2.50%, 01/15/29 (n)		3,041		3,782
1.38%, 02/15/44 (n)		1,936		2,198
				22,674
U.S. Treasury Securities - 30.0%
U.S. Treasury Bond
6.13%, 11/15/27 (o)		21,000		29,882
3.00%, 05/15/42 (o)		7,900		8,309
3.63%, 08/15/43 (o)		36,500		42,950
3.75%, 11/15/43 (o)		11,000		13,231
3.63%, 02/15/44		9,800		11,541
3.38%, 05/15/44		13,200		14,871
3.00%, 11/15/44		9,600		10,089
U.S. Treasury Note
0.25%, 07/31/15		12,000		12,008
0.75%, 01/15/17		26,100		26,118
1.50%, 01/31/19		41,000		41,013
1.63%, 04/30/19		4,100		4,113
1.75%, 09/30/19		13,700		13,777
1.50%, 11/30/19 (e)		15,600		15,498
1.63%, 12/31/19 (e)		19,800		19,771
2.00%, 10/31/21		14,400		14,433
2.13%, 12/31/21 (e)		14,500		14,640
				292,244
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES - 24.7%
Federal Home Loan Mortgage Corp. - 2.6%
Federal Home Loan Mortgage Corp.
3.11%, 02/25/23		1,500		1,556
1.57%, 10/25/24 (i)		296		296
3.00% - 7.00%, 03/01/26 - 03/01/43		13,549		14,845
2.83%, 01/01/37 (i)		618		670
6.00%, 11/01/37 - 03/01/39		102		115
REMIC, 3.03%, 10/25/20 (i)		4,700		4,910
REMIC, 1,156.50%, 06/15/21 (p) (q)		—		—
REMIC, 2.78%, 09/25/22		1,696		1,750
REMIC, 3.46%, 08/25/23 (i)		800		850
REMIC, Interest Only, 5.94%, 11/15/43 (i) (p) (q)		2,062		294
				25,286
Federal National Mortgage Association - 21.7%
Federal National Mortgage Association
2.80%, 03/01/18		2,405		2,489
3.42% - 6.50%, 03/01/18 - 02/01/24		8,544		9,178
4.51%, 06/01/19		4,400		4,760

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
4.38%, 06/01/21		3,348		3,736
1.37%, 07/25/24 (i)		440		436
5.50%, 05/01/25		2,200		2,327
3.00% - 8.00%, 03/01/27 - 07/01/43		51,904		55,462
2.11% - 2.55%, 11/01/35 - 09/01/36 (i)		1,027		1,094
6.00%, 05/01/38		5,448		6,182
6.00%, 10/01/38		1,857		2,108
7.00%, 03/01/39		656		754
5.50%, 12/01/39		2,713		3,069
6.00%, 05/01/41		4,069		4,617
3.50%, 01/15/45, TBA (g)		2,000		2,084
4.00%, 01/15/45, TBA (g)		10,000		10,669
4.50%, 01/15/45, TBA (g)		15,000		16,279
5.00%, 01/15/45, TBA (g)		3,000		3,314
3.50%, 02/15/45, TBA (g)		50,000		51,960
4.00%, 02/15/45, TBA (g)		23,000		24,476
REMIC, 5.00% - 7.00%, 06/25/41 - 10/25/42		4,570		5,151
REMIC, Interest Only, 4.84%, 11/25/40 (i) (p) (q)		3,946		827
				210,972
Government National Mortgage Association - 0.4%
Other Securities				4,237
Total Government and Agency Obligations (cost $623,910)				644,538
COMMON STOCKS - 0.0%
CONSUMER DISCRETIONARY - 0.0%
Other Securities				—
Total Common Stocks (cost $184)				—
SHORT TERM INVESTMENTS - 5.1%
Investment Companies - 0.7%
JNL Money Market Fund, 0.01% (a) (h)		7,145		7,145
Securities Lending Collateral - 4.2%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		41,334		41,334
Treasury Securities - 0.2%
Mexico Cetes, 0.20%, 03/26/15 - 04/01/15, MXN		2,959		1,992
Total Short Term Investments (cost $50,467)				50,471
Total Investments - 113.9% (cost $1,085,347)				1,108,619
Total Forward Sales Commitments - (0.1%) (proceeds $1,001)				(1,011	)
Other Assets and Liabilities, Net - (13.8%)				(133,855	)
Total Net Assets - 100.0%			$	973,753
FORWARD SALES COMMITMENTS - 0.1%
GOVERNMENT AND AGENCY OBLIGATIONS - 0.1%
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES - 0.1%
Federal National Mortgage Association - 0.1%
Federal National Mortgage Association, 3.00%, 01/15/45, TBA (g)	$	1,000	$	1,011
Total Forward Sales Commitments - 0.1% (proceeds $1,001)			$	1,011

	Shares/Par (t)		Value
JNL/Goldman Sachs Emerging Markets Debt Fund **
CORPORATE BONDS AND NOTES - 25.4%
ARGENTINA - 0.3%
Other Securities				1,804
BANGLADESH - 0.2%
Other Securities				883
BRAZIL - 1.5%
Banco do Brasil SA
6.25% (callable at 100 beginning 04/15/24) (m)		2,130		1,555
9.00% (callable at 100 beginning 06/18/24) (e) (m)		1,210		1,125
Banco Santander Brasil SA, 8.00%, 03/18/16 (r), BRL		4,750		1,697
Tupy SA, 6.63%, 07/17/24 (r)		2,340		2,246
Other Securities				2,966
				9,589
CHILE - 2.3%
AES Gener SA
5.25%, 08/15/21 (e)		1,691		1,789
8.38%, 12/18/73 (i) (r)		400		434
GNL Quintero SA, 4.63%, 07/31/29 (r)		3,940		3,988
Sociedad Quimica y Minera de Chile SA
5.50%, 04/21/20 (r)		230		249
3.63%, 04/03/23 (e)		2,670		2,547
Other Securities				5,423
				14,430
CHINA - 2.0%
CITIC Ltd.
6.88%, 01/21/18		670		740
8.63% (callable at 100 beginning 11/22/18) (m)		1,300		1,468
6.38%, 04/10/20		900		1,000
6.63%, 04/15/21		1,140		1,293
6.80%, 01/17/23		4,110		4,733
Other Securities				3,251
				12,485
COLOMBIA - 0.9%
Bancolombia SA, 5.95%, 06/03/21		2,810		3,014
Other Securities				2,841
				5,855
DOMINICAN REPUBLIC - 0.3%
Other Securities				1,803
GUATEMALA - 0.6%
Other Securities				3,858
HONG KONG - 0.8%
Sun Hung Kai Properties Capital Market Ltd.
5.38%, 03/08/17		930		996
4.00%, 11/02/20		1,620		1,674
Other Securities				2,502
				5,172
INDIA - 0.9%
Other Securities				5,940
INDONESIA - 0.1%
Other Securities				538
IRELAND - 0.3%
Other Securities				1,665

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
ISRAEL - 1.1%
Delek & Avner Tamar Bond Ltd.
2.80%, 12/30/16 (r)		2,230		2,234
3.84%, 12/30/18 (r)		2,170		2,212
Israel Electric Corp. Ltd.
5.63%, 06/21/18 (r)		830		877
7.25%, 01/15/19		1,140		1,270
7.75%, 12/15/27		250		302
				6,895
ITALY - 0.6%
Wind Acquisition Finance SA
4.00%, 07/15/20 (r), EUR		270		321
4.75%, 07/15/20 (r)		360		337
7.38%, 04/23/21 (r)		3,480		3,284
				3,942
JAMAICA - 0.5%
Digicel Group Ltd., 8.25%, 09/30/20		3,260		3,162
Other Securities				198
				3,360
KAZAKHSTAN - 1.0%
KazMunaiGaz Finance Sub BV, 11.75%, 01/23/15		6,080		6,114
LUXEMBOURG - 0.6%
Altice Financing SA
7.88%, 12/15/19		960		983
6.50%, 01/15/22 (r)		880		860
Altice Finco SA
9.88%, 12/15/20		430		460
8.13%, 01/15/24 (e) (r)		370		361
Other Securities				1,368
				4,032
MEXICO - 1.8%
America Movil SAB de CV, 6.00%, 06/09/19, MXN		42,240		2,880
Other Securities				8,856
				11,736
NETHERLANDS - 0.0%
Other Securities				194
NIGERIA - 0.1%
Other Securities				850
PARAGUAY - 0.6%
Banco Regional SAECA
8.13%, 01/24/19		406		432
8.13%, 01/24/19 (r)		1,950		2,078
Other Securities				1,297
				3,807
PERU - 1.6%
Abengoa Transmision Sur SA, 6.88%, 04/30/43 (r)		3,130		3,467
Corp. Lindley SA, 6.75%, 11/23/21 (e)		4,735		5,066
Other Securities				1,470
				10,003
PHILIPPINES - 1.2%
Energy Development Corp., 6.50%, 01/20/21 (e)		3,120		3,385
Other Securities				4,433
				7,818
QATAR - 0.3%
Other Securities				1,986

	Shares/Par (t)		Value
RUSSIAN FEDERATION - 1.2%
Lukoil International Finance BV
3.42%, 04/24/18		3,714		3,157
4.56%, 04/24/23		710		568
Other Securities				4,120
				7,845
SINGAPORE - 0.3%
Other Securities				1,990
SOUTH AFRICA - 0.9%
Transnet SOC Ltd.
10.80%, 11/06/23, ZAR		7,000		651
8.90%, 11/14/27, ZAR		47,000		3,810
10.00%, 03/30/29, ZAR		16,500		1,384
				5,845
SOUTH KOREA - 0.1%
Other Securities				810
TAIWAN - 0.3%
Other Securities				1,582
THAILAND - 0.7%
Bank of Thailand, 3.22%, 03/01/16, THB		87,900		2,707
Other Securities				1,477
				4,184
TURKEY - 0.6%
Other Securities				4,027
UKRAINE - 0.1%
Other Securities				741
UNITED ARAB EMIRATES - 1.2%
Dolphin Energy Ltd., 5.50%, 12/15/21		3,790		4,266
Ruwais Power Co. PJSC, 6.00%, 08/31/36 (r)		3,130		3,607
				7,873
VENEZUELA - 0.2%
Other Securities				1,370
VIETNAM - 0.2%
Other Securities				1,204
Total Corporate Bonds and Notes (cost $170,218)				162,230
GOVERNMENT AND AGENCY OBLIGATIONS - 59.1%
ARGENTINA - 0.2%
Other Securities				1,433
BRAZIL - 8.5%
Brazil Inflation Indexed Notas do Tesouro Nacional - Series B
6.00%, 08/15/16 (s), BRL		2,730		2,581
6.00%, 05/15/17 (s), BRL		6,575		6,234
6.00%, 08/15/40 (s), BRL		10,634		9,816
6.00%, 08/15/50 (s), BRL		684		630
Brazil Letras do Tesouro Nacional
0.00%,01/01/16 (j), BRL		6,773		2,255
0.00%,07/01/17 (j), BRL		29,594		8,227
Brazil Notas do Tesouro Nacional
10.00%, 01/01/18, BRL		10,720		3,779
10.00%, 01/01/19, BRL		10,149		3,527
10.00%, 01/01/21, BRL		5,190		1,764
10.00%, 01/01/23, BRL		22,888		7,635
10.00%, 01/01/25, BRL		20,002		6,589
Other Securities				1,106
				54,143

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
CHILE - 0.5%
Chile Government International Bond, 6.00%, 01/01/18, CLP		595,000		1,052
Tesoreria General de la Republica Inflation Indexed Note, 3.00%, 01/01/15 (n), CLP		1,034,338		1,705
Other Securities				771
				3,528
COLOMBIA - 3.2%
Colombia Government International Bond
12.00%, 10/22/15, COP		1,373,000		607
7.75%, 04/14/21, COP		1,138,000		515
4.38%, 03/21/23 (e), COP		102,000		38
Colombia TES
8.00%, 10/28/15, COP		2,039,300		879
11.25%, 10/24/18, COP		242,300		120
7.00%, 05/04/22, COP		31,311,100		13,241
7.50%, 08/26/26, COP		3,835,300		1,614
6.00%, 04/28/28, COP		9,943,200		3,630
				20,644
COSTA RICA - 0.2%
Other Securities				1,478
CROATIA - 0.7%
Croatia Government International Bond, 3.88%, 05/30/22, EUR		3,530		4,379
DOMINICAN REPUBLIC - 1.0%
Dominican Republic International Bond
16.95%, 02/04/22, DOP		79,900		2,317
14.50%, 02/10/23 (r), DOP		39,200		969
14.50%, 02/10/23, DOP		16,200		401
18.50%, 02/04/28 (r), DOP		99,000		2,880
				6,567
HONDURAS - 0.1%
Other Securities				508
HUNGARY - 3.8%
Hungary Government Bond
6.75%, 11/24/17, HUF		96,460		412
4.00%, 04/25/18, HUF		60,500		239
5.50%, 12/20/18, HUF		187,540		785
6.50%, 06/24/19, HUF		999,420		4,365
3.50%, 06/24/20, HUF		1,453,970		5,630
7.50%, 11/12/20, HUF		543,700		2,538
7.00%, 06/24/22, HUF		681,780		3,200
5.50%, 06/24/25, HUF		874,970		3,855
6.75%, 10/22/28, HUF		442,510		2,200
Hungary Government International Bond, 6.00%, 11/24/23, HUF		205,870		933
				24,157
INDONESIA - 0.3%
Other Securities				1,985
MALAYSIA - 4.7%
Malaysia Government Bond
3.74%, 02/27/15, MYR		30,200		8,642
3.26%, 03/01/18, MYR		3,240		911
3.65%, 10/31/19, MYR		11,430		3,242
4.38%, 11/29/19, MYR		3,400		992
3.89%, 07/31/20, MYR		7,460		2,120
4.16%, 07/15/21, MYR		5,600		1,611
4.05%, 09/30/21, MYR		1,630		466
3.42%, 08/15/22, MYR		1,520		415
3.48%, 03/15/23, MYR		4,160		1,136
4.18%, 07/15/24, MYR		22,290		6,398
4.50%, 04/15/30, MYR		14,400		4,147

	Shares/Par (t)		Value
Malaysia Government Investment Issue, 4.44%, 05/22/24, MYR		460		134
				30,214
MEXICO - 5.8%
Mexico Bonos
6.25%, 06/16/16, MXN		33		2
7.75%, 12/14/17, MXN		116,468		8,621
4.75%, 06/14/18, MXN		177,326		11,992
8.00%, 06/11/20, MXN		17,706		1,351
6.50%, 06/10/21, MXN		14,988		1,067
6.50%, 06/09/22, MXN		100,804		7,164
8.00%, 12/07/23, MXN		—		—
10.00%, 12/05/24, MXN		36,713		3,259
7.50%, 06/03/27, MXN		12,238		926
7.75%, 05/29/31, MXN		12,238		942
Mexico Government Inflation Indexed Bond
5.00%, 06/16/16 (n), MXN		21,265		1,531
3.50%, 12/14/17 (n), MXN		2,871		208
				37,063
NIGERIA - 0.1%
Nigeria Government Bond, 16.00%, 06/29/19, NGN		73,000		407
PERU - 1.1%
Peru Government International Bond
5.70%, 08/12/24 (r), PEN		16,062		5,379
8.20%, 08/12/26, PEN		2,851		1,147
6.95%, 08/12/31, PEN		32		11
6.90%, 08/12/37, PEN		1,115		389
6.85%, 02/12/42, PEN		1,049		355
				7,281
POLAND - 4.6%
Poland Government Bond
3.25%, 07/25/19, PLN		11,050		3,271
5.25%, 10/25/20, PLN		5,350		1,756
5.75%, 10/25/21, PLN		21,327		7,316
5.75%, 09/23/22, PLN		9,860		3,449
4.00%, 10/25/23, PLN		24,920		7,926
3.25%, 07/25/25, PLN		18,380		5,541
				29,259
PUERTO RICO - 1.2%
Commonwealth of Puerto Rico
5.25%, 07/01/27		10		7
5.13%, 07/01/31		25		18
5.50%, 07/01/32		30		22
5.63%, 07/01/32		20		15
6.00%, 07/01/34		10		7
8.00%, 07/01/35		3,705		3,228
5.88%, 07/01/36		20		14
5.13%, 07/01/37		20		14
5.25%, 07/01/37		90		64
5.75%, 07/01/38		55		40
5.50%, 07/01/39		285		207
6.00%, 07/01/39		335		246
6.00%, 07/01/39		40		29
5.00%, 07/01/41		85		58
5.75%, 07/01/41		40		29
Puerto Rico Sales Tax Financing Corp.
5.25%, 08/01/27		40		32
5.50%, 08/01/28		435		345
6.13%, 08/01/29		60		49
0.00%,08/01/32 (k)		640		487
0.00%,08/01/33 (k)		200		111
0.00%,08/01/35 (j)		30		5
0.00%,08/01/37 (j)		75		10

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
5.50%, 08/01/37		315		230
5.75%, 08/01/37		340		252
0.00%,08/01/38 (j)		60		8
5.38%, 08/01/38		75		53
5.38%, 08/01/39		240		168
6.00%, 08/01/39		65		49
6.38%, 08/01/39		55		44
5.25%, 08/01/40		30		23
5.25%, 08/01/41		620		432
5.50%, 08/01/42		700		497
6.00%, 08/01/42		635		479
5.00%, 08/01/43		95		63
5.25%, 08/01/43		40		28
Other Securities				379
				7,742
ROMANIA - 1.5%
Romania Government Bond
5.90%, 07/26/17, RON		12,310		3,616
4.75%, 06/24/19, RON		5,810		1,697
5.95%, 06/11/21, RON		12,510		3,893
5.85%, 04/26/23, RON		1,570		491
				9,697
RUSSIAN FEDERATION - 2.8%
Russia Federal Bond
7.60%, 04/14/21, RUB		11,090		130
7.00%, 08/16/23, RUB		247,580		2,731
Russia Foreign Bond
4.50%, 04/04/22		600		531
4.88%, 09/16/23		1,000		891
Russia Government Bond
6.20%, 01/31/18, RUB		90,690		1,172
7.60%, 07/20/22, RUB		131,020		1,499
7.00%, 01/25/23, RUB		146,110		1,617
7.05%, 01/19/28, RUB		385,410		3,981
Russia Government International Bond
7.85%, 03/10/18, RUB		305,000		4,091
7.50%, 03/31/30		92		95
Other Securities				1,007
				17,745
SOUTH AFRICA - 1.7%
South Africa Government Bond
8.00%, 12/21/18, ZAR		6,160		546
10.50%, 12/21/27, ZAR		17,330		1,801
8.25%, 03/31/32, ZAR		47,875		4,018
8.50%, 01/31/37, ZAR		1,810		154
8.75%, 01/31/44, ZAR		17,680		1,526
8.75%, 02/28/49, ZAR		31,350		2,717
				10,762
THAILAND - 5.8%
Thailand Government Bond
3.13%, 12/11/15, THB		36,710		1,127
3.25%, 06/16/17, THB		90,800		2,832
3.88%, 06/13/19, THB		54,810		1,770
3.65%, 12/17/21, THB		466,490		15,123
3.63%, 06/16/23, THB		219,160		7,141
3.58%, 12/17/27, THB		131,500		4,178
3.78%, 06/25/32, THB		20,200		637
Thailand Government Inflation Indexed Bond
1.20%, 07/14/21 (n), THB		121,589		3,538
1.25%, 03/12/28 (n), THB		23,453		639
				36,985
TURKEY - 5.6%
Turkey Government Bond
9.00%, 03/08/17, TRY		9,540		4,184

	Shares/Par (t)		Value
8.30%, 06/20/18, TRY		17,385		7,566
8.80%, 11/14/18, TRY		3,260		1,444
10.40%, 03/27/19, TRY		19,430		9,072
8.50%, 07/10/19, TRY		18,540		8,148
9.50%, 01/12/22, TRY		500		233
7.10%, 03/08/23, TRY		1,640		669
10.40%, 03/20/24, TRY		2,620		1,309
9.00%, 07/24/24, TRY		7,410		3,425
				36,050
UNITED STATES OF AMERICA - 5.5%
U.S. Treasury Bond, 3.00%, 11/15/44		2,400		2,522
U.S. Treasury Note
1.75%, 09/30/19		1,500		1,509
1.50%, 11/30/19 (e) (o)		15,700		15,597
1.63%, 12/31/19		13,100		13,081
2.13%, 12/31/21		2,400		2,423
				35,132
VENEZUELA - 0.2%
Other Securities				997
Total Government and Agency Obligations (cost $426,684)				378,156
CREDIT LINKED STRUCTURED NOTES - 10.3%
COLOMBIA - 2.0%
Citigroup Funding Inc. Credit Linked Note (Colombian Government Bond, 10.00%, 07/24/24, Moody’s rating N/A) (p), COP		1,642,000		853
Citigroup Funding Inc. Credit Linked Note (Colombian Government Bond, 11.00%, 07/24/20, Moody’s rating N/A) (p), COP		4,514,000		2,392
Citigroup Funding Inc. Credit Linked Note (Colombian Government Bond, 11.25%, 10/24/18, Moody’s rating N/A) (r), COP		10,289,000		5,156
Citigroup Funding Inc. Credit Linked Note (Colombian Government Bond, 11.25%, 10/24/18, Moody’s rating N/A) (r), COP		9,263,000		4,642
				13,043
INDONESIA - 7.6%
Barclays Bank Plc Credit Linked Note (Indonesia Government, 10.00%, 07/15/17, Moody’s rating Baa3) (p) (q), IDR		82,000,000		6,981
Deutsche Bank AG Credit Linked Note (Indonesia Government, 10.75%, 05/15/16, Moody’s rating Baa3) (p) (q), IDR		20,500,000		1,732
Deutsche Bank AG Credit Linked Note (Indonesia Government, 7.00%, 05/15/27, Moody’s rating Baa3) (r), IDR		17,900,000		1,322
Deutsche Bank AG Credit Linked Note (Indonesia Government, 8.25%, 06/15/32, Moody’s rating Baa3) (r), IDR		13,600,000		1,085
Deutsche Bank AG Credit Linked Note (Indonesia Government, 8.25%, 07/15/21, Moody’s rating Baa3) (p) (q), IDR		71,400,000		5,888
JPMorgan Chase & Co. Credit Linked Note (Indonesia Government, 10.00%, 07/18/17, Moody’s rating Baa3) (r), IDR		65,000,000		5,535
JPMorgan Chase & Co. Credit Linked Note (Indonesia Government, 10.75%, 05/17/16, Moody’s rating Baa3) (r), IDR		86,000,000		7,254
JPMorgan Chase & Co. Credit Linked Note (Indonesia Government, 6.13%, 05/17/28, Moody’s rating Baa3) (r), IDR		27,187,000		1,836

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
JPMorgan Chase & Co. Credit Linked Note (Indonesia Government, 6.63%, 05/15/33, Moody’s rating Baa3) (r), IDR		46,000,000		3,117
JPMorgan Chase & Co. Credit Linked Note (Indonesia Government, 6.63%, 05/15/33, Moody’s rating Baa3) (r), IDR		2,800,000		190
Standard Chartered Bank Credit Linked Note (Indonesia Government, 9.00%, 03/15/29, Moody’s rating Baa3) (r), IDR		71,238,000		6,164
Standard Chartered Bank Credit Linked Note (Indonesia Government, 9.00%, 03/15/29, Moody’s rating Baa3) (r), IDR		16,646,000		1,440
Standard Chartered Bank Credit Linked Note (Indonesia Government, 9.00%, 03/15/29, Moody’s rating Baa3) (r), IDR		5,254,000		455
Standard Chartered Bank Credit Linked Note (Republic of Indonesia, 6.63%, 05/15/33, Moody’s Rating Baa3) (r), IDR		18,684,000		1,266
Standard Chartered Bank Credit Linked Note (Republic of Indonesia, 8.38%, 03/15/24, Moody’s Rating Baa3) (r), IDR		1,835,000		154
Standard Chartered Bank Credit Linked Note (Republic of Indonesia, 9.00%, 03/15/29, Moody’s Rating Baa3) (r), IDR		9,900,000		857
Standard Chartered Bank Credit Linked Note (Republic of Indonesia, 9.00%, 03/15/29, Moody’s Rating Baa3) (r), IDR		4,261,000		369
Standard Chartered Bank Credit Linked Note (Republic of Indonesia, 9.00%, 03/15/29, Moody’s Rating Baa3) (r), IDR		5,908,000		511
Standard Chartered Bank Credit Linked Note (Republic of Indonesia, 9.00%, 03/15/29, Moody’s Rating Baa3) (r), IDR		26,163,000		2,264
				48,420
NIGERIA - 0.3%
Citigroup Funding Inc. Credit Linked Note (Federal Republic of Nigeria, 10.00%, 07/23/30, Moody’s rating N/A) (r), NGN		276,000		1,071
Citigroup Funding Inc. Credit Linked Note (Federal Republic of Nigeria, 16.00%, 07/03/19, Moody’s rating N/A) (r), NGN		115,000		641
Other Securities				385
				2,097
ZAMBIA - 0.4%
Citigroup Inc. Credit Linked Note (Republic of Zambia, 0.00%, 05/18/15, Moody’s Rating N/A) (j) (r), ZMW		4,160		611
Standard Charter Bank Credit Linked Note (Republic of Zambia, 11.00%, 02/16/19, Moody’s Rating N/A) (r), ZMW		8,290		943
Standard Chartered Bank Credit Linked Note (Republic of Zambia, 11.00%, 09/02/17, Moody’s Rating N/A) (r), ZMW		2,650		335
Standard Chartered Bank Credit Linked Note (Republic of Zambia, 13.00%, 08/29/24, Moody’s Rating N/A) (r), ZMW		3,470		351
				2,240
Total Credit Linked Structured Notes (cost $84,228)				65,800
COMMON STOCKS - 0.0%
HONG KONG - 0.0%
Other Securities				28
Total Common Stocks (cost $0)				28

	Shares/Par (t)		Value
SHORT TERM INVESTMENTS - 7.5%
Securities Lending Collateral - 4.2%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		26,926		26,926
Treasury Securities - 3.3%
Bank Negara Malaysia Monetary Note, 0.86%, 08/04/15, MYR		29,770		8,341
Israel Treasury Bill, 0.12%, 05/06/15, ILS		17,740		4,545
Mexico Cetes
0.20%, 03/12/15, MXN		5,157		3,476
0.20%, 04/01/15, MXN		1,701		1,144
Nigeria Treasury Bill
0.06%, 05/07/15, NGN		108,960		569
0.06%, 06/04/15, NGN		170,080		880
0.06%, 09/03/15, NGN		389,750		1,957
U.S. Treasury Bill, 0.10%, 08/20/15 (o)	$	400		400
				21,312
Total Short Term Investments (cost $50,124)				48,238
Total Investments - 102.3% (cost $731,254)				654,452
Other Assets and Liabilities, Net - (2.3%)				(14,746	)
Total Net Assets - 100.0%			$	639,706
JNL/Goldman Sachs Mid Cap Value Fund **
COMMON STOCKS - 96.1%
CONSUMER DISCRETIONARY - 14.6%
AMC Networks Inc. - Class A (c)		199	$	12,685
Gap Inc.		551		23,183
Liberty Media Corp. - Class A (c)		115		4,039
Liberty Media Corp. - Class C (c)		299		10,490
MGM Resorts International (c)		622		13,288
Mohawk Industries Inc. (c)		80		12,445
Staples Inc.		647		11,719
Starwood Hotels & Resorts Worldwide Inc.		184		14,906
Toll Brothers Inc. (c)		343		11,768
Other Securities				72,701
				187,224
CONSUMER STAPLES - 6.4%
ConAgra Foods Inc.		494		17,906
Energizer Holdings Inc.		110		14,089
Tyson Foods Inc. - Class A		433		17,351
Whole Foods Market Inc.		226		11,385
Other Securities				21,493
				82,224
ENERGY - 4.1%
Chesapeake Energy Corp.		649		12,698
Southwestern Energy Co. (c)		584		15,934
Tesoro Corp.		154		11,442
Other Securities				12,895
				52,969
FINANCIALS - 28.6%
AvalonBay Communities Inc.		100		16,339
Brixmor Property Group Inc.		794		19,718
DDR Corp.		778		14,293
Everest Re Group Ltd.		83		14,100
Fifth Third Bancorp		894		18,224
Huntington Bancshares Inc.		1,684		17,716
Invesco Ltd.		411		16,233
Lincoln National Corp.		402		23,161
M&T Bank Corp. (e)		103		12,878
Navient Corp.		836		18,066

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Principal Financial Group Inc.		374		19,433
Raymond James Financial Inc.		238		13,614
RLJ Lodging Trust		376		12,609
Signature Bank (c)		96		12,122
SLM Corp.		1,379		14,052
Starwood Property Trust Inc.		696		16,182
XL Group Plc		455		15,651
Other Securities				93,407
				367,798
HEALTH CARE - 8.8%
Cardinal Health Inc.		182		14,670
CIGNA Corp.		203		20,893
Endo International Plc (c) (e)		253		18,217
Laboratory Corp. of America Holdings (c)		149		16,069
Zimmer Holdings Inc.		144		16,342
Other Securities				26,600
				112,791
INDUSTRIALS - 9.1%
Alliant Techsystems Inc.		133		15,434
Fortune Brands Home & Security Inc.		262		11,843
Hertz Global Holdings Inc. (c)		621		15,478
Textron Inc.		313		13,199
Triumph Group Inc.		221		14,887
Other Securities				46,263
				117,104
INFORMATION TECHNOLOGY - 11.5%
Maxim Integrated Products Inc.		561		17,871
Xerox Corp.		1,097		15,201
Other Securities				114,831
				147,903
MATERIALS - 5.8%
CF Industries Holdings Inc.		41		11,282
Packaging Corp. of America		164		12,801
Other Securities				49,979
				74,062
UTILITIES - 7.2%
FirstEnergy Corp.		645		25,155
NRG Energy Inc.		415		11,192
PG&E Corp.		325		17,288
Sempra Energy		215		23,888
Other Securities				14,946
				92,469
Total Common Stocks (cost $1,103,241)				1,234,544
RIGHTS - 0.0%
Other Securities				165
Total Rights (cost $0)				165
SHORT TERM INVESTMENTS - 4.9%
Investment Companies - 4.1%
JNL Money Market Fund, 0.01% (a) (h)		52,203		52,203
Securities Lending Collateral - 0.8%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		10,822		10,822
Total Short Term Investments (cost $63,025)				63,025
Total Investments - 101.0% (cost $1,166,266)				1,297,734
Other Assets and Liabilities, Net - (1.0%)				(13,469	)
Total Net Assets - 100.0%			$	1,284,265

	Shares/Par (t)		Value
JNL/Goldman Sachs U.S. Equity Flex Fund **
COMMON STOCKS - 121.3%
CONSUMER DISCRETIONARY - 25.5%
Amazon.com Inc. (c)		13	$	4,177
CBS Corp. - Class B (e)		167		9,248
Comcast Corp. - Class A		90		5,194
Gap Inc.		255		10,747
General Motors Co.		104		3,642
Liberty Global Plc - Class C (c) (e)		133		6,420
MGM Resorts International (c) (e)		169		3,619
Staples Inc. (e)		182		3,303
Starwood Hotels & Resorts Worldwide Inc.		51		4,151
TJX Cos. Inc.		66		4,498
Twenty-First Century Fox Inc. - Class B		117		4,304
Urban Outfitters Inc. (c) (e)		99		3,474
Viacom Inc. - Class B		67		5,051
Yum! Brands Inc.		71		5,163
Other Securities				15,703
				88,694
CONSUMER STAPLES - 10.8%
ConAgra Foods Inc.		149		5,401
Kroger Co.		68		4,336
Mondelez International Inc. - Class A (o)		167		6,049
Tyson Foods Inc. (e)		107		4,280
Whole Foods Market Inc. (e)		75		3,774
Other Securities				13,526
				37,366
ENERGY - 7.7%
Apache Corp. (e) (o)		85		5,356
Devon Energy Corp.		104		6,342
Exxon Mobil Corp.		101		9,299
Southwestern Energy Co. (c) (e)		208		5,686
				26,683
FINANCIALS - 20.1%
Affiliated Managers Group Inc. (c) (o)		16		3,416
AFLAC Inc. (e)		84		5,132
American International Group Inc.		123		6,869
Bank of America Corp. (o)		504		9,021
Blackstone Mortgage Trust Inc. - Class A (e)		142		4,136
Fifth Third Bancorp		195		3,973
Franklin Resources Inc. (e) (o)		71		3,937
Hartford Financial Services Group Inc. (e)		89		3,706
JPMorgan Chase & Co.		114		7,121
Prudential Financial Inc.		92		8,342
Other Securities				14,137
				69,790
HEALTH CARE - 17.1%
Bristol-Myers Squibb Co.		67		3,984
Celgene Corp. (c) (e)		31		3,520
Express Scripts Holding Co. (c) (e)		64		5,422
Medtronic Inc. (e)		127		9,155
Mylan Inc. (c) (o)		111		6,283
Pfizer Inc.		454		14,131
UnitedHealth Group Inc. (o)		33		3,380
Other Securities				13,647
				59,522
INDUSTRIALS - 10.1%
Boeing Co. (e)		52		6,798
General Electric Co.		595		15,045
Hertz Global Holdings Inc. (c)		201		5,024
Other Securities				8,232
				35,099

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
INFORMATION TECHNOLOGY - 24.2%
Apple Inc.		115		12,690
Cisco Systems Inc.		247		6,860
eBay Inc. (c)		77		4,339
EMC Corp.		325		9,664
Google Inc. - Class A (c)		23		12,135
Google Inc. - Class C (c)		4		2,327
Maxim Integrated Products Inc. (o)		135		4,310
Microsoft Corp. (o)		213		9,905
NetApp Inc.		89		3,677
Red Hat Inc. (c)		63		4,339
SAP AG - ADR (e)		70		4,874
Other Securities				9,083
				84,203
MATERIALS - 2.2%
Other Securities				7,628
TELECOMMUNICATION SERVICES - 2.0%
Verizon Communications Inc.		145		6,794
UTILITIES - 1.6%
Other Securities				5,703
Total Common Stocks (cost $379,237)				421,482
SHORT TERM INVESTMENTS - 4.0%
Investment Companies - 4.0%
JNL Money Market Fund, 0.01% (a) (h)		13,962		13,962
Total Short Term Investments (cost $13,962)				13,962
Total Investments - 125.3% (cost $393,199)				435,444
Total Securities Sold Short - (24.1%) (proceeds $80,092)				(83,873	)
Other Assets and Liabilities, Net - (1.2%)				(4,112	)
Total Net Assets - 100.0%			$	347,459
SECURITIES SOLD SHORT - 24.1%
COMMON STOCKS - 24.1%
CONSUMER DISCRETIONARY - 5.5%
Advance Auto Parts Inc.		6	$	891
AutoZone Inc.		2		1,103
Chipotle Mexican Grill Inc. - Class A		2		1,185
Coach Inc.		35		1,328
Garmin Ltd.		15		784
Interpublic Group of Cos. Inc.		30		616
Kohl’s Corp.		25		1,536
Marriott International Inc. - Class A		17		1,324
McDonald’s Corp.		6		539
Meredith Corp.		17		943
O’Reilly Automotive Inc.		6		1,182
Target Corp.		31		2,347
Time Warner Inc.		13		1,111
Walt Disney Co.		21		1,992
Wynn Resorts Ltd.		8		1,233
Zumiez Inc.		30		1,153
				19,267
CONSUMER STAPLES - 2.4%
Archer-Daniels-Midland Co.		30		1,556
Campbell Soup Co.		38		1,686
Clorox Co.		32		3,311
General Mills Inc.		33		1,735
				8,288
ENERGY - 1.9%
Chevron Corp.		11		1,194
Murphy Oil Corp.		22		1,105

	Shares/Par (t)		Value
Phillips 66		36		2,614
Valero Energy Corp.		37		1,843
				6,756
FINANCIALS - 3.7%
ACE Ltd.		7		828
Apartment Investment & Management Co.		26		976
Chubb Corp.		14		1,446
FirstMerit Corp.		95		1,791
Government Properties Income Trust		111		2,553
Janus Capital Group Inc.		139		2,247
People’s United Financial Inc.		92		1,398
Valley National Bancorp		153		1,484
				12,723
HEALTH CARE - 2.3%
AmerisourceBergen Corp.		9		805
Baxter International Inc.		8		566
Edwards Lifesciences Corp.		9		1,171
HCA Holdings Inc.		10		725
Johnson & Johnson		34		3,537
Teva Pharmaceutical Industries Ltd. - ADR		18		1,012
				7,816
INDUSTRIALS - 1.6%
Deere & Co.		10		906
Lockheed Martin Corp.		9		1,648
Northrop Grumman Systems Corp.		10		1,506
Precision Castparts Corp.		6		1,421
				5,481
INFORMATION TECHNOLOGY - 5.4%
Corning Inc.		108		2,483
FactSet Research Systems Inc.		19		2,690
Flextronics International Ltd.		226		2,532
International Business Machines Corp.		14		2,308
Micron Technology Inc.		47		1,641
Paychex Inc.		40		1,839
Texas Instruments Inc.		58		3,116
Total System Services Inc.		68		2,308
				18,917
MATERIALS - 0.3%
Allegheny Technologies Inc.		25		868
Cliffs Natural Resources Inc.		47		338
				1,206
TELECOMMUNICATION SERVICES - 0.3%
CenturyLink Inc.		28		1,128
UTILITIES - 0.7%
Southern Co.		47		2,291
Total Securities Sold Short - 24.1% (proceeds $80,092)			$	83,873
JNL/Invesco Global Real Estate Fund **
COMMON STOCKS - 97.6%
AUSTRALIA - 6.0%
Goodman Group		4,297	$	19,846
Scentre Group (c) (e)		10,549		29,887
Stockland		7,185		24,011
Westfield Corp.		3,140		23,018
Other Securities				25,707
				122,469
AUSTRIA - 0.2%
Other Securities				4,803

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
CANADA - 3.2%
Allied Properties REIT		655		21,118
Canadian REIT		366		14,413
Other Securities				29,477
				65,008
CHINA - 0.2%
Other Securities				4,550
FINLAND - 0.3%
Other Securities				6,455
FRANCE - 3.9%
Unibail-Rodamco SE		212		54,418
Other Securities				24,160
				78,578
GERMANY - 2.0%
Deutsche Wohnen AG		996		23,498
LEG Immobilien AG		226		16,863
				40,361
HONG KONG - 7.5%
Hongkong Land Holdings Ltd.		4,017		27,065
Link REIT		5,627		35,229
Sun Hung Kai Properties Ltd.		3,506		53,117
Other Securities				37,838
				153,249
JAPAN - 11.7%
Mitsubishi Estate Co. Ltd.		2,081		43,849
Mitsui Fudosan Co. Ltd.		2,536		68,004
Sumitomo Realty & Development Co. Ltd.		656		22,349
Other Securities				103,754
				237,956
LUXEMBOURG - 0.8%
Gagfah Sa (c)		702		15,682
MALTA - 0.0%
Other Securities				—
NETHERLANDS - 0.5%
Other Securities				9,865
SINGAPORE - 3.0%
Other Securities				60,753
SWEDEN - 1.0%
Other Securities				21,156
UNITED KINGDOM - 6.1%
Great Portland Estates Plc		1,781		20,319
Hammerson Plc		2,170		20,321
Land Securities Group Plc		2,869		51,575
Other Securities				32,132
				124,347
UNITED STATES OF AMERICA - 51.2%
AvalonBay Communities Inc.		505		82,500
Boston Properties Inc.		414		53,307
Brixmor Property Group Inc.		630		15,659
Brookdale Senior Living Inc. (c)		383		14,035
Cousins Properties Inc.		1,950		22,269
CubeSmart		871		19,227
DDR Corp.		2,571		47,205
Empire State Realty Trust Inc. - Class A		772		13,563
Essex Property Trust Inc.		178		36,823
Federal Realty Investment Trust		267		35,634
General Growth Properties Inc.		1,400		39,383
Health Care REIT Inc.		431		32,587
Healthcare Realty Trust Inc. (e)		830		22,673
Healthcare Trust of America Inc. - Class A		861		23,202

	Shares/Par (t)		Value
Hilton Worldwide Holdings Inc. (c)		798		20,813
Host Hotels & Resorts Inc.		1,091		25,930
Hudson Pacific Properties Inc.		706		21,213
LaSalle Hotel Properties		765		30,964
Mid-America Apartment Communities Inc.		381		28,483
National Health Investors Inc.		205		14,363
National Retail Properties Inc.		605		23,834
Piedmont Office Realty Trust Inc.		807		15,211
ProLogis Inc.		1,527		65,699
Public Storage		250		46,176
Realty Income Corp. (e)		452		21,558
Retail Opportunity Investments Corp.		959		16,107
RLJ Lodging Trust		911		30,546
Simon Property Group Inc.		638		116,106
SL Green Realty Corp.		294		35,000
UDR Inc.		833		25,687
Ventas Inc.		239		17,129
Other Securities				30,825
				1,043,711
Total Common Stocks (cost $1,756,349)				1,988,943
SHORT TERM INVESTMENTS - 3.6%
Investment Companies - 2.0%
JNL Money Market Fund, 0.01% (a) (h)		39,830		39,830
Securities Lending Collateral - 1.6%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		32,096		32,096
Total Short Term Investments (cost $71,926)				71,926
Total Investments - 101.2% (cost $1,828,275)				2,060,869
Other Assets and Liabilities, Net - (1.2%)				(23,692	)
Total Net Assets - 100.0%			$	2,037,177
JNL/Invesco International Growth Fund
COMMON STOCKS - 92.3%
AUSTRALIA - 3.6%
Amcor Ltd.		2,550	$	28,054
Brambles Ltd.		1,949		16,790
CSL Ltd.		162		11,370
				56,214
BELGIUM - 1.5%
Anheuser-Busch InBev NV		209		23,558
BRAZIL - 4.1%
Banco Bradesco SA - ADR (e)		2,140		28,615
BM&F Bovespa SA		5,940		22,011
BRF SA		542		12,927
				63,553
CANADA - 7.2%
Canadian National Railway Co. (e)		215		14,837
Cenovus Energy Inc.		432		8,921
CGI Group Inc. - Class A (c) (e)		685		26,124
EnCana Corp.		994		13,832
Fairfax Financial Holdings Ltd.		32		17,023
Suncor Energy Inc.		980		31,137
				111,874
CHINA - 5.1%
Baidu.com - ADR - Class A (c)		130		29,590
CNOOC Ltd.		4,469		6,043
Great Wall Motor Co. Ltd. - Class H		4,652		26,311

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Industrial & Commercial Bank of China Ltd. - Class H		22,647		16,537
				78,481
DENMARK - 2.1%
Carlsberg A/S - Class B		243		18,629
Novo Nordisk A/S		318		13,445
				32,074
FRANCE - 2.9%
Publicis Groupe SA		401		28,741
Schneider Electric SA		216		15,764
				44,505
GERMANY - 7.6%
Adidas AG		181		12,588
Allianz SE		118		19,494
Deutsche Boerse AG		334		23,723
Deutsche Post AG		376		12,213
ProSiebenSat.1 Media AG		441		18,412
SAP AG		444		30,997
				117,427
HONG KONG - 3.3%
Galaxy Entertainment Group Ltd.		4,068		22,605
Hutchison Whampoa Ltd.		2,455		28,064
				50,669
ISRAEL - 2.3%
Teva Pharmaceutical Industries Ltd. - ADR		616		35,410
JAPAN - 7.6%
Denso Corp.		230		10,734
Fanuc Ltd.		93		15,367
Japan Tobacco Inc.		665		18,297
Keyence Corp.		25		11,166
Komatsu Ltd.		809		17,876
Toyota Motor Corp.		480		29,925
Yahoo! Japan Corp. (e)		4,065		14,570
				117,935
MEXICO - 1.9%
Fomento Economico Mexicano SAB de CV - ADR (c) (e)		107		9,391
Grupo Televisa SAB - GDR		600		20,435
				29,826
NETHERLANDS - 2.4%
Royal Dutch Shell Plc - Class B		595		20,554
Unilever NV - CVA		421		16,469
				37,023
SINGAPORE - 4.8%
Avago Technologies Ltd.		321		32,272
Keppel Corp. Ltd.		2,214		14,759
United Overseas Bank Ltd.		1,444		26,647
				73,678
SOUTH KOREA - 2.7%
Hyundai Mobis		79		16,857
Samsung Electronics Co. Ltd.		20		24,036
				40,893
SPAIN - 1.1%
Amadeus IT Holding SA		411		16,354
SWEDEN - 2.5%
Investor AB - Class B		616		22,381
Telefonaktiebolaget LM Ericsson - Class B		1,340		16,223
				38,604

	Shares/Par (t)		Value
SWITZERLAND - 8.0%
ABB Ltd.		938		19,840
Julius Baer Group Ltd.		378		17,277
Novartis AG		193		17,910
Roche Holding AG		101		27,402
Syngenta AG		63		20,158
UBS Group AG		1,234		21,208
				123,795
TAIWAN - 1.9%
Taiwan Semiconductor Manufacturing Co. Ltd.		6,511		28,686
THAILAND - 1.2%
Kasikornbank PCL - NVDR		2,722		18,824
TURKEY - 1.2%
Akbank T.A.S.		4,982		18,394
UNITED KINGDOM - 17.3%
Aberdeen Asset Management Plc		2,515		16,804
British American Tobacco Plc		598		32,399
Centrica Plc		2,425		10,505
Compass Group Plc		1,426		24,375
Informa Plc		1,527		11,154
Kingfisher Plc		4,059		21,455
Next Plc		129		13,675
Reed Elsevier Plc		1,940		33,143
Shire Plc		207		14,659
Sky Plc		2,783		38,838
Smith & Nephew Plc		924		16,663
WPP Plc		1,623		33,737
				267,407
Total Common Stocks (cost $1,273,387)				1,425,184
SHORT TERM INVESTMENTS - 9.1%
Investment Companies - 7.0%
JNL Money Market Fund, 0.01% (a) (h)		108,738		108,738
Securities Lending Collateral - 2.1%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		31,662		31,662
Total Short Term Investments (cost $140,400)				140,400
Total Investments - 101.4% (cost $1,413,787)				1,565,584
Other Assets and Liabilities, Net - (1.4%)				(20,932	)
Total Net Assets - 100.0%			$	1,544,652
JNL/Invesco Large Cap Growth Fund
COMMON STOCKS - 98.3%
CONSUMER DISCRETIONARY - 24.2%
Amazon.com Inc. (c)		53	$	16,573
Carnival Corp.		618		28,013
Comcast Corp. - Class A		177		10,245
DISH Network Corp. - Class A (c)		584		42,550
Dollar General Corp. (c)		73		5,189
Harman International Industries Inc.		126		13,435
Lowe’s Cos. Inc.		539		37,066
Michael Kors Holdings Ltd. (c)		195		14,652
Priceline Group Inc. (c)		19		21,102
Royal Caribbean Cruises Ltd.		74		6,093
Starbucks Corp.		101		8,276
Time Warner Cable Inc.		210		31,885
Twenty-First Century Fox Inc. - Class A		247		9,484
Walt Disney Co.		72		6,745

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Whirlpool Corp.		82		15,891
				267,199
CONSUMER STAPLES - 3.2%
Anheuser-Busch InBev NV - ADR		70		7,915
Archer-Daniels-Midland Co.		130		6,772
CVS Health Corp.		135		13,034
Monster Beverage Corp. (c)		74		7,978
				35,699
ENERGY - 4.7%
Anadarko Petroleum Corp.		270		22,247
Baker Hughes Inc.		100		5,598
Devon Energy Corp.		102		6,215
Kinder Morgan Inc.		233		9,867
Pioneer Natural Resources Co.		56		8,334
				52,261
FINANCIALS - 4.9%
American Tower Corp.		110		10,880
Ameriprise Financial Inc.		135		17,830
Aon Plc - Class A		85		8,086
Morgan Stanley		462		17,920
				54,716
HEALTH CARE - 18.4%
AbbVie Inc.		219		14,327
Actavis Plc (c)		89		22,947
Alkermes Plc (c) (e)		356		20,861
Amgen Inc.		153		24,307
Biogen Idec Inc. (c)		55		18,684
Bristol-Myers Squibb Co.		182		10,752
Celgene Corp. (c)		335		37,468
Gilead Sciences Inc. (c)		255		24,004
HCA Holdings Inc. (c)		65		4,795
McKesson Corp.		45		9,320
Thermo Fisher Scientific Inc.		89		11,129
Vertex Pharmaceuticals Inc. (c)		38		4,488
				203,082
INDUSTRIALS - 7.6%
Canadian Pacific Railway Ltd. (e)		52		10,016
Danaher Corp.		39		3,310
Flowserve Corp.		177		10,605
Honeywell International Inc.		160		15,989
Quanta Services Inc. (c)		410		11,652
Raytheon Co.		51		5,542
Roper Industries Inc.		57		8,919
Southwest Airlines Co.		244		10,330
Union Pacific Corp.		60		7,205
				83,568
INFORMATION TECHNOLOGY - 31.9%
Activision Blizzard Inc.		138		2,777
Alibaba Group Holding Ltd. - ADR (c)		96		9,935
Alliance Data Systems Corp. (c)		19		5,522
Apple Inc.		434		47,890
Applied Materials Inc.		262		6,539
Baidu.com - ADR (c)		27		6,245
Check Point Software Technologies Ltd. (c)		91		7,142
F5 Networks Inc. (c)		70		9,190
Facebook Inc. - Class A (c)		828		64,587
Google Inc. - Class A (c)		54		28,440
Google Inc. - Class C (c)		23		12,027
MasterCard Inc.		458		39,495
Micron Technology Inc. (c)		530		18,566
NXP Semiconductors NV (c)		314		23,952
Palo Alto Networks Inc. (c)		77		9,403
QUALCOMM Inc.		76		5,634

	Shares/Par (t)		Value
Salesforce.com Inc. (c)		447		26,540
ServiceNow Inc. (c)		261		17,700
Splunk Inc. (c)		101		5,948
VMware Inc. - Class A (c)		69		5,696
				353,228
MATERIALS - 2.4%
Dow Chemical Co.		221		10,099
Martin Marietta Materials Inc.		68		7,550
Monsanto Co.		77		9,203
				26,852
TELECOMMUNICATION SERVICES - 1.0%
Sprint Corp. (c) (e)		2,535		10,521
Total Common Stocks (cost $891,375)				1,087,126
SHORT TERM INVESTMENTS - 3.3%
Investment Companies - 1.7%
JNL Money Market Fund, 0.01% (a) (h)		19,290		19,290
Securities Lending Collateral - 1.6%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		17,694		17,694
Total Short Term Investments (cost $36,984)				36,984
Total Investments - 101.6% (cost $928,359)				1,124,110
Other Assets and Liabilities, Net - (1.6%)				(18,126	)
Total Net Assets - 100.0%			$	1,105,984
JNL/Invesco Mid Cap Value Fund
COMMON STOCKS - 97.5%
CONSUMER DISCRETIONARY - 9.8%
Advance Auto Parts Inc.		82	$	13,034
Ascena Retail Group Inc. (c)		517		6,499
Dana Holding Corp.		591		12,854
Gannett Co. Inc.		234		7,486
Johnson Controls Inc.		368		17,784
				57,657
CONSUMER STAPLES - 2.6%
ConAgra Foods Inc.		428		15,539
ENERGY - 4.6%
Amec Foster Wheeler Plc		705		9,315
Amec Foster Wheeler Plc - ADR (e)		161		2,089
Newfield Exploration Co. (c)		204		5,545
Williams Cos. Inc.		228		10,246
				27,195
FINANCIALS - 27.0%
ACE Ltd.		78		8,953
American Capital Ltd. (c)		736		10,752
Arthur J Gallagher & Co.		185		8,693
BB&T Corp.		359		13,959
Comerica Inc.		310		14,529
FNF Group		434		14,955
Forest City Enterprises Inc. (c)		775		16,511
Marsh & McLennan Cos. Inc.		214		12,264
Northern Trust Corp.		198		13,345
Stifel Financial Corp. (c)		282		14,373
Willis Group Holdings Plc		216		9,680
Wintrust Financial Corp.		276		12,904
Zions Bancorp		286		8,164
				159,082

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
HEALTH CARE - 11.8%
Brookdale Senior Living Inc. (c) (e)		356		13,066
CareFusion Corp. (c)		225		13,347
HealthSouth Corp.		391		15,037
PerkinElmer Inc.		250		10,936
Universal Health Services Inc. - Class B		153		17,033
				69,419
INDUSTRIALS - 18.9%
Babcock & Wilcox Co.		389		11,791
Clean Harbors Inc. (c) (e)		111		5,328
Ingersoll-Rand Plc		225		14,243
Masco Corp.		475		11,968
Owens Corning Inc.		400		14,336
Pentair Plc		194		12,893
Snap-On Inc.		106		14,457
Swift Transporation Co. - Class A (c)		132		3,788
Textron Inc.		350		14,736
UTi Worldwide Inc. (c) (e)		639		7,712
				111,252
INFORMATION TECHNOLOGY - 12.9%
Cadence Design Systems Inc. (c)		716		13,590
Ciena Corp. (c)		714		13,851
Citrix Systems Inc. (c)		290		18,527
Diebold Inc. (e)		112		3,872
NetApp Inc.		241		9,985
Teradata Corp. (c) (e)		372		16,260
				76,084
MATERIALS - 4.4%
Eastman Chemical Co.		172		13,067
WR Grace & Co. (c)		131		12,492
				25,559
TELECOMMUNICATION SERVICES - 2.4%
Level 3 Communications Inc. (c)		285		14,051
UTILITIES - 3.1%
CenterPoint Energy Inc.		231		5,401
Edison International		199		13,003
				18,404
Total Common Stocks (cost $526,105)				574,243
SHORT TERM INVESTMENTS - 7.0%
Investment Companies - 3.1%
JNL Money Market Fund, 0.01% (a) (h)		18,079		18,079
Securities Lending Collateral - 3.9%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		23,278		23,278
Total Short Term Investments (cost $41,357)				41,357
Total Investments - 104.5% (cost $567,462)				615,600
Other Assets and Liabilities, Net - (4.5%)				(26,591	)
Total Net Assets - 100.0%			$	589,009
JNL/Invesco Small Cap Growth Fund **
COMMON STOCKS - 96.9%
CONSUMER DISCRETIONARY - 14.1%
G-III Apparel Group Ltd. (c)		95	$	9,606
Group 1 Automotive Inc.		90		8,048
Jack in the Box Inc.		184		14,687
WABCO Holdings Inc. (c)		81		8,518

	Shares/Par (t)		Value
Other Securities				88,629
				129,488
CONSUMER STAPLES - 1.4%
Lancaster Colony Corp.		84		7,860
Other Securities				5,175
				13,035
ENERGY - 3.5%
Other Securities				32,325
FINANCIALS - 7.0%
American Equity Investment Life Holding Co.		297		8,676
Janus Capital Group Inc. (e)		519		8,374
Stifel Financial Corp. (c)		194		9,877
SVB Financial Group (c)		72		8,344
Other Securities				29,283
				64,554
HEALTH CARE - 21.4%
Alnylam Pharmaceuticals Inc. (c)		81		7,891
Chemed Corp.		88		9,298
Community Health Systems Inc. (c)		167		9,016
DexCom Inc. (c)		164		9,010
Exact Sciences Corp. (c) (e)		424		11,639
HealthSouth Corp.		206		7,929
Incyte Corp. (c)		142		10,385
Nektar Therapeutics (c) (e)		533		8,262
NPS Pharmaceuticals Inc. (c)		216		7,726
NuVasive Inc. (c)		190		8,973
PAREXEL International Corp. (c)		138		7,670
Sirona Dental Systems Inc. (c)		87		7,564
STERIS Corp.		148		9,586
VCI Inc. (c)		251		12,244
Other Securities				69,157
				196,350
INDUSTRIALS - 16.9%
Acuity Brands Inc.		64		9,011
AO Smith Corp.		188		10,602
Corrections Corp. of America		219		7,968
Forward Air Corp.		164		8,283
ITT Corp.		213		8,608
Knight Transportation Inc.		330		11,112
Lincoln Electric Holdings Inc.		130		8,955
Pitney Bowes Inc.		353		8,612
Swift Transporation Co. - Class A (c)		352		10,088
Wabtec Corp.		137		11,916
Watsco Inc.		72		7,742
Other Securities				51,730
				154,627
INFORMATION TECHNOLOGY - 27.1%
Arris Group Inc. (c)		314		9,475
Atmel Corp. (c)		923		7,751
Cavium Inc. (c)		135		8,345
CoStar Group Inc. (c)		70		12,932
Cray Inc. (c) (e)		257		8,858
EPAM Systems Inc. (c)		167		7,994
Guidewire Software Inc. (c)		152		7,676
Manhattan Associates Inc. (c)		446		18,179
MicroStrategy Inc. (c)		49		7,955
QLIK Technologies Inc. (c)		246		7,609
SolarWinds Inc. (c)		155		7,703
SYNNEX Corp.		131		10,260
Other Securities				134,424
				249,161
MATERIALS - 3.1%
Berry Plastics Group Inc. (c)		282		8,885

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
PolyOne Corp.		228		8,647
Other Securities				11,033
				28,565
TELECOMMUNICATION SERVICES - 1.5%
SBA Communications Corp. (c)		120		13,299
UTILITIES - 0.9%
ITC Holdings Corp.		207		8,386
Total Common Stocks (cost $729,945)				889,790
RIGHTS - 0.0%
Community Health Systems Inc. (c)		368		9
Total Rights (cost $24)				9
SHORT TERM INVESTMENTS - 9.7%
Investment Companies - 3.2%
JNL Money Market Fund, 0.01% (a) (h)		29,065		29,065
Securities Lending Collateral - 6.5%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		59,964		59,964
Total Short Term Investments (cost $89,029)				89,029
Total Investments - 106.6% (cost $818,998)				978,828
Other Assets and Liabilities, Net - (6.6%)				(60,651	)
Total Net Assets - 100.0%			$	918,177
JNL/Ivy Asset Strategy Fund ** (b)
COMMON STOCKS - 72.0%
CONSUMER DISCRETIONARY - 13.4%
CBS Corp. - Class B		591	$	32,714
Continental AG		162		34,170
Delta Topco Ltd. (f) (p) (q)		59,271		37,712
Galaxy Entertainment Group Ltd. (e)		21,587		119,953
Home Depot Inc.		413		43,363
L Brands Inc.		361		31,245
Legend Pictures LLC (c) (f) (p) (q) (x)		15		26,862
Media Group Holdings LLC (c) (f) (p) (q) (x)		39,864		65,163
Other Securities				19,506
				410,688
CONSUMER STAPLES - 5.9%
Anheuser-Busch InBev NV		348		39,176
Mead Johnson Nutrition Co.		389		39,090
SABMiller Plc		958		49,926
Wal-Mart Stores Inc.		600		51,485
				179,677
ENERGY - 6.6%
Chevron Corp.		226		25,297
ConocoPhillips		773		53,397
Occidental Petroleum Corp.		487		39,281
Phillips 66		627		44,931
Plains GP Holdings LP - Class A		1,506		38,674
				201,580
FINANCIALS - 8.9%
AIA Group Ltd.		18,072		99,674
American International Group Inc.		734		41,106
Citigroup Inc.		1,036		56,063
MetLife Inc.		754		40,795
Wells Fargo & Co.		637		34,931
				272,569

	Shares/Par (t)		Value
HEALTH CARE - 7.5%
Actavis Plc (c)		161		41,469
Amgen Inc.		278		44,299
Biogen Idec Inc. (c)		107		36,253
Gilead Sciences Inc. (c)		334		31,511
Other Securities				75,119
				228,651
INDUSTRIALS - 6.6%
Boeing Co.		256		33,210
Caterpillar Inc.		552		50,525
Precision Castparts Corp.		167		40,323
Union Pacific Corp.		392		46,651
Other Securities				30,789
				201,498
INFORMATION TECHNOLOGY - 21.3%
Adobe Systems Inc. (c)		578		41,984
Alliance Data Systems Corp. (c)		118		33,611
Apple Inc.		774		85,429
Applied Materials Inc.		2,215		55,205
Baidu.com - ADR - Class A (c)		175		39,826
Cognizant Technology Solutions Corp. - Class A (c)		912		48,002
Intel Corp.		1,065		38,642
Intuit Inc.		488		44,961
Microsoft Corp.		1,732		80,442
Tencent Holdings Ltd.		2,809		40,640
Texas Instruments Inc.		715		38,249
Visa Inc. - Class A (e)		123		32,198
Other Securities				71,711
				650,900
MATERIALS - 1.8%
Dow Chemical Co.		621		28,310
Other Securities				24,952
				53,262
Total Common Stocks (cost $1,915,231)				2,198,825
PREFERRED STOCKS - 0.1%
FINANCIALS - 0.1%
Other Securities				3,030
Total Preferred Stocks (cost $3,000)				3,030
PURCHASED OPTIONS - 0.0%
Other Securities				1,487
Total Purchased Options (cost $2,258)				1,487
CORPORATE BONDS AND NOTES - 2.9%
CONSUMER DISCRETIONARY - 2.9%
Delta Topco Ltd., 10.00%, 11/24/16 (f) (p) (q) (y)		49,706		49,706
Legendary Pictures Funding LLC, 8.00%, 03/15/18 (f) (p) (q)		28,500		28,261
Other Securities				10,984
Total Corporate Bonds and Notes (cost $90,861)				88,951
PRECIOUS METALS - 7.6%
Gold Bullion		195,722		231,504
Total Precious Metals (cost $242,738)				231,504

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
SHORT TERM INVESTMENTS - 17.8%
Commercial Paper - 15.5%
BMW US Capital LLC
0.10%, 01/12/15 (r)	$	20,000		19,999
0.13%, 01/14/15 (r)		15,000		14,999
Caterpillar Financial Services Corp., 0.11%, 01/05/15		10,000		10,000
Ecolab Inc., 0.40%, 01/23/15 (r)		35,000		34,991
Essilor International SA
0.09%, 01/05/15 (r)		10,000		10,000
0.19%, 03/20/15 (r)		35,000		34,984
Intel Corp., 0.14%, 01/14/15		30,000		29,998
Microsoft Corp., 0.07%, 01/12/15 (r)		25,000		24,999
Siemens Capital Co. LLC, 0.15%, 01/13/15 (r)		50,000		49,997
Toronto Dominion Holdings (USA), Inc.
0.12%, 01/09/15 (r)		10,000		10,000
0.12%, 01/13/15 (r)		10,000		10,000
0.15%, 02/09/15 (r)		25,000		24,996
Other Securities				198,984
				473,947
Investment Companies - 1.8%
JNL Money Market Fund, 0.01% (a) (h)		48,228		48,228
Other Securities				5,431
				53,659
Securities Lending Collateral - 0.5%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		15,503		15,503
Total Short Term Investments (cost $543,110)				543,109
Total Investments - 100.4% (cost $2,797,198)				3,066,906
Other Assets and Liabilities, Net - (0.4%)				(11,526	)
Total Net Assets - 100.0%			$	3,055,380
JNL/JPMorgan International Value Fund **
COMMON STOCKS - 97.9%
AUSTRALIA - 3.3%
Australia & New Zealand Banking Group Ltd.		461	$	11,988
Other Securities				9,222
				21,210
BELGIUM - 2.6%
Solvay SA		83		11,260
Other Securities				5,344
				16,604
CANADA - 0.5%
Other Securities				3,335
CHINA - 1.4%
Industrial & Commercial Bank of China Ltd. - Class H		12,240		8,938
DENMARK - 1.0%
Danske Bank A/S		247		6,685
FINLAND - 0.5%
Other Securities				3,351
FRANCE - 14.8%
AXA SA		530		12,213
BNP Paribas		173		10,235
Credit Agricole SA		460		5,940
GDF Suez		533		12,438
Publicis Groupe SA		81		5,818
Renault SA		81		5,919

	Shares/Par (t)		Value
Schneider Electric SA		106		7,732
Sodexo SA		68		6,658
Total SA		225		11,550
Other Securities				17,025
				95,528
GERMANY - 5.7%
Bayer AG		120		16,376
Daimler AG		105		8,743
Deutsche Telekom AG		464		7,423
Other Securities				4,364
				36,906
HONG KONG - 0.9%
Other Securities				5,932
INDIA - 0.6%
Other Securities				3,660
IRELAND - 0.9%
Ryanair Holdings Plc - ADR (c)		84		5,985
ITALY - 4.0%
Assicurazioni Generali SpA		473		9,709
Enel SpA		1,400		6,241
Intesa Sanpaolo SpA		2,105		6,105
Other Securities				3,658
				25,713
JAPAN - 24.1%
Daiwa House Industry Co. Ltd.		440		8,320
Hitachi Ltd.		1,873		13,824
Japan Airlines Co. Ltd.		275		8,154
KDDI Corp.		93		5,811
Mitsubishi UFJ Financial Group Inc.		3,250		17,856
Mitsui Fudosan Co. Ltd.		313		8,393
Seven & I Holdings Co. Ltd.		167		6,011
Sony Corp.		394		8,041
Sumitomo Mitsui Financial Group Inc.		214		7,726
Toyota Motor Corp.		309		19,256
Other Securities				52,621
				156,013
LUXEMBOURG - 0.5%
Other Securities				3,484
MACAU - 0.5%
Other Securities				3,470
NETHERLANDS - 6.6%
ING Groep NV - CVA (c)		727		9,392
Koninklijke KPN NV		2,044		6,454
Royal Dutch Shell Plc - Class A		664		22,148
Other Securities				4,836
				42,830
NORWAY - 1.6%
Other Securities				10,482
SOUTH KOREA - 1.2%
Samsung Electronics Co. Ltd.		6		7,551
SPAIN - 1.6%
Repsol SA		439		8,222
Other Securities				2,057
				10,279
SWEDEN - 1.8%
Electrolux AB		389		11,369
SWITZERLAND - 6.5%
Nestle SA		159		11,564
Roche Holding AG		43		11,691

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Swiss Re AG		74		6,220
Zurich Financial Services AG		40		12,589
				42,064
TAIWAN - 0.6%
Other Securities				3,513
TURKEY - 0.8%
Other Securities				4,843
UNITED KINGDOM - 15.9%
AstraZeneca Plc		189		13,317
Barclays Plc		3,018		11,344
BG Group Plc		428		5,734
British American Tobacco Plc		110		5,934
HSBC Holdings Plc		1,456		13,757
InterContinental Hotels Group Plc		151		6,076
Rio Tinto Plc		203		9,354
SABMiller Plc		127		6,610
Vodafone Group Plc		5,482		18,794
Wolseley Plc		128		7,310
Other Securities				4,885
				103,115
Total Common Stocks (cost $649,172)				632,860
PREFERRED STOCKS - 0.7%
GERMANY - 0.7%
Other Securities				4,455
Total Preferred Stocks (cost $5,970)				4,455
RIGHTS - 0.0%
SPAIN - 0.0%
Repsol SA (c)		439		243
Total Rights (cost $237)				243
SHORT TERM INVESTMENTS - 2.5%
Investment Companies - 1.3%
JNL Money Market Fund, 0.01% (a) (h)		8,508		8,508
Securities Lending Collateral - 1.2%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		7,618		7,618
Total Short Term Investments (cost $16,126)				16,126
Total Investments - 101.1% (cost $671,505)				653,684
Other Assets and Liabilities, Net - (1.1%)				(6,897	)
Total Net Assets - 100.0%			$	646,787
JNL/JPMorgan MidCap Growth Fund **
COMMON STOCKS - 97.2%
CONSUMER DISCRETIONARY - 20.5%
Advance Auto Parts Inc.		97	$	15,418
BorgWarner Inc.		290		15,919
Harley-Davidson Inc.		243		15,996
Hilton Worldwide Holdings Inc. (c)		557		14,530
Michael Kors Holdings Ltd. (c)		316		23,739
Netflix Inc. (c)		53		18,174
Norwegian Cruise Line Holdings Ltd. (c)		274		12,803
Ralph Lauren Corp. - Class A		71		13,063
Tesla Motors Inc. (c) (e)		87		19,238
Ulta Salon Cosmetics & Fragrance Inc. (c)		179		22,845
Urban Outfitters Inc. (c)		459		16,111

	Shares/Par (t)		Value
Other Securities				89,905
				277,741
CONSUMER STAPLES - 2.5%
Monster Beverage Corp. (c)		167		18,062
Sprouts Farmers Market Inc. (c) (e)		460		15,631
				33,693
ENERGY - 4.2%
Concho Resources Inc. (c)		161		16,010
Other Securities				40,608
				56,618
FINANCIALS - 10.8%
Affiliated Managers Group Inc. (c)		133		28,313
CBRE Group Inc. - Class A (c)		850		29,126
East West Bancorp Inc.		343		13,266
Lazard Ltd. - Class A		281		14,064
Moody’s Corp.		190		18,195
Signature Bank (c)		124		15,556
TD Ameritrade Holding Corp.		510		18,262
Other Securities				10,370
				147,152
HEALTH CARE - 14.8%
Brookdale Senior Living Inc. (c)		388		14,235
Envision Healthcare Holdings Inc. (c)		462		16,034
Humana Inc.		130		18,729
Illumina Inc. (c)		157		29,034
Sirona Dental Systems Inc. (c)		175		15,316
Valeant Pharmaceuticals International Inc. (c)		98		13,996
Vertex Pharmaceuticals Inc. (c)		156		18,533
Other Securities				75,284
				201,161
INDUSTRIALS - 17.1%
Acuity Brands Inc.		244		34,163
AO Smith Corp.		246		13,883
Carlisle Cos. Inc.		221		19,961
Delta Air Lines Inc.		592		29,140
Fortune Brands Home & Security Inc.		443		20,050
HD Supply Holdings Inc (c)		710		20,926
Middleby Corp. (c)		146		14,479
Pall Corp.		222		22,509
Stericycle Inc. (c)		124		16,275
Other Securities				41,053
				232,439
INFORMATION TECHNOLOGY - 24.3%
Alliance Data Systems Corp. (c)		85		24,257
Amphenol Corp. - Class A		422		22,719
Applied Materials Inc.		618		15,398
Autodesk Inc. (c)		248		14,871
Avago Technologies Ltd.		222		22,301
CoStar Group Inc. (c)		87		15,939
Dealertrack Technologies Inc. (c)		338		14,968
Electronic Arts Inc. (c)		363		17,052
Lam Research Corp.		208		16,463
NXP Semiconductors NV (c)		254		19,428
SanDisk Corp.		143		13,972
VeriFone Systems Inc. (c)		469		17,432
Other Securities				115,695
				330,495
MATERIALS - 3.0%
Sherwin-Williams Co.		106		27,987

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Other Securities				12,621
				40,608
Total Common Stocks (cost $1,107,048)				1,319,907
SHORT TERM INVESTMENTS - 8.2%
Investment Companies - 2.9%
JNL Money Market Fund, 0.01% (a) (h)		39,739		39,739
Securities Lending Collateral - 5.3%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		72,380		72,380
Total Short Term Investments (cost $112,119)				112,119
Total Investments - 105.4% (cost $1,219,167)				1,432,026
Other Assets and Liabilities, Net - (5.4%)				(73,793	)
Total Net Assets - 100.0%			$	1,358,233
JNL/JPMorgan U.S. Government & Quality Bond Fund
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES - 3.5%
ACE Securities Corp. REMIC, 0.43%, 02/25/31 (i)	$	72	$	67
American Homes For Rent REMIC, 3.79%, 10/17/24		4,986		5,087
BB-UBS Trust REMIC, 2.89%, 06/05/20 (r)		8,000		7,833
Commercial Mortgage Pass-Through Certificates Interest Only REMIC, 1.91%, 08/15/45 (i)		17,403		1,732
Conseco Financial Corp. REMIC, 7.07%, 01/15/29		10		11
Countrywide Alternative Loan Trust REMIC
0.38%, 07/20/46 (i)		646		447
0.36%, 12/20/46 (i)		1,073		813
Countrywide Home Equity Loan Trust, 0.45%, 02/15/34 (i)		289		263
Credit Suisse First Boston Mortgage Securities Corp. REMIC, 6.00%, 09/25/34		743		763
FDIC Structured Sale Guaranteed Notes REMIC, 1.84%, 03/25/17 (i) (r)		73		73
IndyMac Seconds Asset Backed Trust REMIC, 0.43%, 06/25/36 (i) (p) (q)		806		187
LB-UBS Commercial Mortgage Trust REMIC, 5.35%, 10/15/16		2,520		2,680
MASTR Adjustable Rate Mortgages Trust REMIC, 2.24%, 02/25/34 (i)		540		527
Morgan Stanley Capital I Trust REMIC, 4.05%, 06/15/21		1,697		1,803
Morgan Stanley Mortgage Loan Trust REMIC, 2.43%, 10/25/34 (i)		368		365
NCUA Guaranteed Notes Trust REMIC, 1.60%, 10/29/20		921		922
Nomura Asset Acceptance Corp. REMIC, 6.50%, 03/25/34 (r)		3,296		3,363
Provident Funding Mortgage Loan Trust REMIC, 2.41%, 10/25/35 (i)		193		189
Residential Funding Mortgage Securities Inc. Trust REMIC, 5.50%, 02/25/35		1,937		1,937
SACO I Inc. REMIC, 0.43%, 06/25/36 (i) (p) (q)		191		309
Structured Asset Mortgage Investments Inc. REMIC, 0.38%, 08/25/36 (i)		1,063		826
UBS-BAMLL Trust REMIC, 3.66%, 06/10/22 (r)		4,560		4,677
Vendee Mortgage Trust REMIC, 6.75%, 02/15/31		1,819		2,112

	Shares/Par (t)		Value
Wells Fargo Mortgage Backed Securities Trust REMIC, 5.50%, 04/25/22		514		529
Wells Fargo Re-REMIC Trust REMIC, 1.75%, 04/20/17 (f) (r)		2,091		2,091
Wells Fargo-RBS Commercial Mortgage Trust REMIC, 4.38%, 05/15/21 (r)		4,750		5,178
Total Non-U.S. Government Agency Asset-Backed Securities (cost $44,922)				44,784
CORPORATE BONDS AND NOTES - 3.1%
CONSUMER STAPLES - 0.2%
Kimberly-Clark Corp., 2.40%, 03/01/22		700		690
PepsiCo Inc., 3.00%, 08/25/21 (e)		782		806
Procter & Gamble Co., 1.90%, 11/01/19		1,280		1,282
				2,778
ENERGY - 0.1%
Occidental Petroleum Corp., 3.13%, 02/15/22		666		658
Phillips 66, 4.30%, 04/01/22		912		963
				1,621
FINANCIALS - 2.1%
Bank of America Corp., 5.70%, 01/24/22		1,490		1,726
Bank of New York Mellon Corp., 3.55%, 09/23/21		3,850		4,025
Berkshire Hathaway Inc., 3.40%, 01/31/22		1,619		1,686
Citigroup Inc., 4.50%, 01/14/22		3,028		3,309
Credit Suisse, 3.00%, 10/29/21		894		890
Goldman Sachs Group Inc., 5.75%, 01/24/22		840		972
PNC Funding Corp., 2.70%, 09/19/16		1,400		1,438
Toyota Motor Credit Corp., 3.40%, 09/15/21		5,500		5,785
U.S. Bancorp, 3.00%, 03/15/22		1,715		1,732
Wells Fargo & Co., 1.50%, 07/01/15		4,639		4,664
				26,227
HEALTH CARE - 0.2%
Walgreens Boots Alliance Inc., 3.80%, 11/18/24		2,469		2,518
INDUSTRIALS - 0.1%
ABB Finance USA Inc., 2.88%, 05/08/22		571		574
Lockheed Martin Corp., 3.35%, 09/15/21		984		1,019
				1,593
INFORMATION TECHNOLOGY - 0.1%
Intel Corp., 3.30%, 10/01/21		1,279		1,341
TELECOMMUNICATION SERVICES - 0.1%
Nippon Telegraph & Telephone Corp., 1.40%, 07/18/17		1,067		1,064
UTILITIES - 0.2%
Florida Power Corp., 3.10%, 08/15/21		1,203		1,236
Virginia Electric and Power Co., 2.95%, 01/15/22		870		879
				2,115
Total Corporate Bonds and Notes (cost $37,761)				39,257
GOVERNMENT AND AGENCY OBLIGATIONS - 85.2%
GOVERNMENT SECURITIES - 40.1%
Federal Farm Credit Bank - 1.4% (w)
Federal Farm Credit Bank
5.30%, 12/23/24		6,800		8,281
5.75%, 12/07/28		7,000		9,221
				17,502
Federal Home Loan Bank - 1.3% (w)
Federal Home Loan Bank
4.88%, 05/17/17		10,000		10,928

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
5.25%, 12/11/20		4,500		5,321
				16,249
Federal National Mortgage Association - 3.0% (w)
Federal National Mortgage Association, 0.00%, 10/09/19 - 03/23/28 (j)		43,000		37,575
Sovereign - 6.3%
Financing Corp. Fico Principal Strip, 0.00%, 11/30/17 - 04/05/19 (j)		22,800		21,764
Israel Government AID Bond, 0.00%, 09/15/19 - 11/01/21 (j)		30,000		26,737
Province of Saskatchewan Canada, 9.38%, 12/15/20		1,500		2,035
Residual Funding Corp. Principal Strip, 0.00%, 10/15/19 - 01/15/30 (j)		16,210		13,081
Tennessee Valley Authority Generic Strip, 0.00%, 01/15/21 - 07/15/37 (j)		20,487		15,145
				78,762
Treasury Inflation Index Securities - 4.5%
U.S. Treasury Inflation Indexed Note
0.13%, 07/15/24 (n)		10,000		9,645
2.00%, 01/15/26 (n)		6,197		7,109
2.38%, 01/15/27 (n)		2,367		2,836
1.38%, 02/15/44 (n)		32,091		36,444
				56,034
U.S. Treasury Securities - 23.6%
U.S. Treasury Bond
0.00%,08/15/21 (j)		25,000		21,847
5.25%, 11/15/28 - 02/15/29		30,000		40,275
5.38%, 02/15/31		33,000		46,025
U.S. Treasury Note
2.00%, 04/30/16 - 11/15/21		50,000		50,593
4.63%, 02/15/17		22,000		23,794
2.75%, 05/31/17		20,000		20,905
4.75%, 08/15/17		17,000		18,663
3.38%, 11/15/19		25,000		27,086
2.63%, 08/15/20 - 11/15/20		45,000		46,967
				296,155
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES - 45.1%
Federal Home Loan Bank - 0.5%
Federal Home Loan Bank, 5.75%, 06/12/26		5,000		6,416
Federal Home Loan Mortgage Corp. - 20.0%
Federal Home Loan Mortgage Corp.
8.00%, 07/01/20		5		5
6.00%, 11/01/28		77		87
7.00%, 04/01/29 - 08/01/32		100		113
5.00%, 08/01/33 - 12/01/34		1,525		1,697
2.38%, 12/01/35 (i)		1,221		1,305
2.77%, 01/01/37 (i)		155		167
5.50%, 07/01/38		6,234		6,971
4.50%, 10/01/40		1,605		1,742
3.00%, 07/15/42		34,305		34,193
REMIC, 4.50%, 06/15/18 - 07/15/34		24,198		25,962
REMIC, 4.00%, 07/15/23 - 06/15/36		18,402		19,771
REMIC, 5.50%, 01/15/26 - 07/15/40		27,957		30,482
REMIC, 3.50%, 02/15/26 - 01/15/41		51,649		54,452
REMIC, 3.00%, 04/15/31 - 01/15/40		20,114		20,128
REMIC, 5.00%, 12/15/32 - 08/15/39		39,521		42,685
REMIC, 2.00%, 03/15/33		8,639		8,562
REMIC, 6.00%, 07/15/37		2,000		2,209
				250,531
Federal National Mortgage Association - 19.1%
Federal National Mortgage Association
12.00%, 01/01/16 - 01/15/16		1		1
5.00%, 02/01/19 - 11/01/40		25,442		28,461
11.50%, 09/01/19		—		—

	Shares/Par (t)		Value
10.50%, 08/01/20		1		1
3.27%, 01/01/22		9,536		10,056
4.00%, 02/01/25 - 09/01/25		6,129		6,547
6.50%, 03/01/26 - 03/01/36		380		447
7.00%, 05/01/26 - 01/01/30		16		17
8.00%, 11/01/29 - 03/01/31		56		63
6.00%, 02/01/31 - 12/01/36		9,214		10,621
7.50%, 02/01/31		7		8
5.50%, 02/01/35 - 10/01/36		5,645		6,360
REMIC, 5.00%, 05/25/18 - 09/25/39		20,219		21,680
REMIC, 4.00%, 01/25/19 - 05/25/38		71,410		76,014
REMIC, 4.50%, 04/25/23 - 12/25/40		32,016		34,260
REMIC, 3.50%, 01/25/32 - 07/25/33		10,461		10,942
REMIC, 5.50%, 12/25/34 - 11/25/35		3,988		4,449
REMIC, 0.00%,04/25/36 (j)		2,109		1,958
REMIC, 6.00%, 02/25/37 (i)		2,687		2,982
REMIC, 11.21%, 02/25/40 (i)		25		27
REMIC, 7.50%, 12/25/41		5,671		6,420
REMIC, 3.00%, 04/25/42		10,661		10,740
REMIC, 5.75%, 06/25/42		1,387		1,517
REMIC, 4.68%, 06/25/43		3,729		3,992
REMIC, 6.00%, 12/25/49		1,255		1,394
REMIC, Interest Only, 6.38%, 10/25/27 (i)		2,399		57
				239,014
Government National Mortgage Association - 5.5%
Government National Mortgage Association
6.00%, 04/15/29 - 01/15/36		1,502		1,727
REMIC, 4.00%, 09/16/24 - 11/20/38		18,973		19,985
REMIC, 6.50%, 06/20/28 - 06/16/31		2,030		2,273
REMIC, 5.50%, 03/20/33 - 02/16/38		8,165		8,858
REMIC, 6.00%, 12/16/33		2,443		2,705
REMIC, 3.00%, 04/20/39		6,043		6,222
REMIC, 4.50%, 06/20/39		9,804		10,670
REMIC, 5.00%, 05/20/40		12,108		13,835
REMIC, Interest Only, 6.24%, 05/16/38 (i)		3,585		653
REMIC, Interest Only, 5.96%, 07/20/41 (i)		13,488		2,203
				69,131
Total Government and Agency Obligations (cost $1,010,282)				1,067,369
SHORT TERM INVESTMENTS - 7.8%
Investment Companies - 7.7%
JNL Money Market Fund, 0.01% (a) (h)		96,357		96,357
Securities Lending Collateral - 0.1%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		829		829
Total Short Term Investments (cost $97,186)				97,186
Total Investments - 99.6% (cost $1,190,151)				1,248,596
Other Assets and Liabilities, Net - 0.4%				4,549
Total Net Assets - 100.0%			$	1,253,145
JNL/Lazard Emerging Markets Fund **
COMMON STOCKS - 96.5%
ARGENTINA - 1.1%
YPF SA - ADR - Class D		532	$	14,084
BRAZIL - 13.3%
AMBEV SA - ADR		2,826		17,580
Banco do Brasil SA		4,211		37,659
BB Seguridade Participacoes SA		1,752		21,190
Cielo SA		1,505		23,591
Cielo SA - ADR (e)		337		5,299

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Localiza Rent a Car SA		913		12,258
Souza Cruz SA		1,476		10,728
Via Varejo SA (c)		1,187		9,275
Other Securities				39,920
				177,500
CHINA - 16.4%
Baidu.com - ADR - Class A (c)		150		34,289
China Construction Bank Corp. - Class H		55,108		45,011
China Mobile Ltd. - ADR		537		31,577
China Shenhua Energy Co. Ltd. - Class H		4,750		14,015
CNOOC Ltd.		12,094		16,353
Huabao International Holdings Ltd.		13,347		10,895
NetEase.com - ADR		325		32,268
Other Securities				34,059
				218,467
COLOMBIA - 1.2%
Pacific Rubiales Energy Corp.		2,153		13,327
Other Securities				2,815
				16,142
EGYPT - 1.2%
Commercial International Bank Egypt SAE - GDR		2,335		15,350
GREECE - 0.2%
Other Securities				3,049
HONG KONG - 0.3%
Other Securities				3,787
HUNGARY - 0.9%
OTP Bank Plc (e)		835		12,051
INDIA - 8.9%
Axis Bank Ltd.		3,668		29,034
HCL Technologies Ltd.		377		9,522
Punjab National Bank		5,039		17,339
Tata Consultancy Services Ltd.		589		23,866
Other Securities				38,692
				118,453
INDONESIA - 6.4%
Astra International Tbk PT		18,276		10,900
Bank Mandiri Persero Tbk PT		24,991		21,733
Telekomunikasi Indonesia PT - ADR		621		28,085
United Tractors Tbk PT		7,245		10,119
Other Securities				14,218
				85,055
MACAU - 1.4%
Wynn Macau Ltd. (e)		5,502		15,351
Other Securities				2,814
				18,165
MEXICO - 1.9%
Kimberly-Clark de Mexico SAB de CV		4,654		10,123
Other Securities				15,775
				25,898
PAKISTAN - 1.2%
Other Securities				15,841
PERU - 0.2%
Other Securities				3,236
PHILIPPINES - 1.5%
Philippine Long Distance Telephone Co. - ADR		325		20,541
POLAND - 0.2%
Other Securities				2,848

	Shares/Par (t)		Value
RUSSIAN FEDERATION - 6.3%
Gazprom OAO - ADR		3,455		15,906
Mobile Telesystems OJSC - ADR		1,534		11,015
Sberbank of Russia - ADR		4,727		19,143
Other Securities				38,146
				84,210
SOUTH AFRICA - 7.3%
Shoprite Holdings Ltd.		1,124		16,265
Standard Bank Group Ltd.		1,040		12,815
Tiger Brands Ltd. (e)		305		9,656
Other Securities				58,201
				96,937
SOUTH KOREA - 12.4%
Hanwha Life Insurance Co. Ltd.		2,548		19,255
Hyundai Mobis		57		12,271
KB Financial Group Inc.		524		17,147
KT&G Corp.		198		13,780
Samsung Electronics Co. Ltd.		37		44,469
Shinhan Financial Group Co. Ltd.		701		28,192
SK Hynix Inc. (c)		510		21,794
Other Securities				8,363
				165,271
SWEDEN - 0.3%
Other Securities				3,719
TAIWAN - 5.5%
Hon Hai Precision Industry Co. Ltd.		967		2,671
Hon Hai Precision Industry Co. Ltd. - GDR		1,742		9,774
Taiwan Semiconductor Manufacturing Co. Ltd.		3,257		14,349
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR		1,756		39,306
Other Securities				7,149
				73,249
THAILAND - 1.9%
CP ALL PCL		7,755		9,971
Siam Cement PCL		727		9,914
Other Securities				6,115
				26,000
TURKEY - 5.9%
Akbank T.A.S.		2,740		10,117
KOC Holding A/S		2,686		14,204
KOC Holding A/S - ADR		237		6,256
Turkcell Iletisim Hizmetleri A/S (c)		2,071		12,636
Turkcell Iletisim Hizmetleri A/S - ADR (c) (e)		256		3,867
Turkiye Is Bankasi SA - Class C		7,113		20,452
Other Securities				11,749
				79,281
UNITED KINGDOM - 0.6%
Other Securities				7,808
Total Common Stocks (cost $1,367,748)				1,286,942
PREFERRED STOCKS - 0.2%
BRAZIL - 0.2%
Other Securities				2,972
Total Preferred Stocks (cost $5,477)				2,972
SHORT TERM INVESTMENTS - 7.7%
Investment Companies - 3.3%
JNL Money Market Fund, 0.01% (a) (h)		43,972		43,972

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Securities Lending Collateral - 4.4%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		59,238		59,238
Total Short Term Investments (cost $103,210)				103,210
Total Investments - 104.4% (cost $1,476,435)				1,393,124
Other Assets and Liabilities, Net - (4.4%)				(59,201	)
Total Net Assets - 100.0%			$	1,333,923
JNL/Mellon Capital Emerging Markets Index Fund **
COMMON STOCKS - 92.9%
BRAZIL - 5.2%
AMBEV SA		978	$	6,017
Banco Bradesco SA		138		1,787
BRF SA		137		3,265
Petroleo Brasileiro SA		638		2,301
Vale SA		278		2,294
Other Securities				26,484
				42,148
CHILE - 1.3%
Other Securities				10,683
CHINA - 16.8%
Bank of China Ltd. - Class H		16,756		9,405
China Construction Bank Corp. - Class H		15,209		12,422
China Life Insurance Co. Ltd.		684		565
China Life Insurance Co. Ltd. - Class H		1,545		6,055
China Mobile Ltd.		1,285		15,048
China Pacific Insurance Group Co. Ltd. - Class H		556		2,798
China Petroleum & Chemical Corp. - Class H		5,418		4,388
CNOOC Ltd.		3,727		5,039
Industrial & Commercial Bank of China Ltd. - Class H		15,553		11,357
PetroChina Co. Ltd. - Class H		4,405		4,890
Ping An Insurance Group Co. of China Ltd. - Class H		552		5,584
Other Securities				58,192
				135,743
COLOMBIA - 0.5%
Cemex Latam Holdings SA (c)		52		352
Other Securities				3,909
				4,261
CZECH REPUBLIC - 0.2%
Other Securities				1,826
EGYPT - 0.2%
Other Securities				1,883
GREECE - 0.5%
Other Securities				3,774
HONG KONG - 4.8%
Tencent Holdings Ltd.		1,083		15,676
Other Securities				22,738
				38,414
HUNGARY - 0.2%
Other Securities				1,473
INDIA - 7.0%
Housing Development Finance Corp.		310		5,552
Infosys Ltd.		191		5,920

	Shares/Par (t)		Value
ITC Ltd.		482		2,810
Reliance Industries Ltd.		271		3,808
Tata Consultancy Services Ltd.		98		3,970
Other Securities				34,645
				56,705
INDONESIA - 2.7%
Bank Central Asia Tbk PT		2,603		2,761
Other Securities				19,284
				22,045
MALAYSIA - 3.5%
Public Bank Bhd		577		3,013
Other Securities				25,389
				28,402
MEXICO - 4.1%
America Movil SAB de CV - Class L (e)		7,108		7,902
Fomento Economico Mexicano SAB de CV		405		3,592
Grupo Financiero Banorte SAB de CV		534		2,941
Other Securities				18,660
				33,095
PERU - 0.3%
Other Securities				2,631
PHILIPPINES - 1.3%
Other Securities				10,002
POLAND - 1.6%
Other Securities				12,512
QATAR - 0.9%
Other Securities				6,914
RUSSIAN FEDERATION - 2.9%
Gazprom OAO		2,456		5,265
Lukoil OAO		109		3,944
Other Securities				14,332
				23,541
SOUTH AFRICA - 7.8%
FirstRand Ltd.		644		2,798
MTN Group Ltd.		344		6,549
Naspers Ltd. - Class N		83		10,772
Sasol Ltd.		117		4,371
Standard Bank Group Ltd.		257		3,172
Other Securities				35,004
				62,666
SOUTH KOREA - 13.7%
Hyundai Mobis		14		3,057
Hyundai Motor Co.		33		4,968
KB Financial Group Inc.		81		2,652
NHN Corp.		6		3,731
POSCO Inc.		14		3,472
Samsung Electronics Co. Ltd.		23		27,967
Shinhan Financial Group Co. Ltd.		89		3,579
SK Hynix Inc. (c)		120		5,131
Other Securities				56,035
				110,592
TAIWAN - 12.4%
Hon Hai Precision Industry Co. Ltd.		2,604		7,190
MediaTek Inc.		295		4,292
Taiwan Semiconductor Manufacturing Co. Ltd.		5,180		22,818
Other Securities				65,170
				99,470
THAILAND - 2.4%
Kasikornbank PCL		44		305

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Kasikornbank PCL - NVDR		339		2,345
Other Securities				16,680
				19,330
TURKEY - 1.8%
Other Securities				14,375
UNITED ARAB EMIRATES - 0.6%
Other Securities				5,054
UNITED KINGDOM - 0.1%
Other Securities				448
UNITED STATES OF AMERICA - 0.1%
Other Securities				987
Total Common Stocks (cost $776,273)				748,974
PREFERRED STOCKS - 5.6%
BRAZIL - 3.5%
Banco Bradesco SA		441		5,816
Itau Unibanco Holding SA		585		7,609
Petroleo Brasileiro SA		882		3,324
Vale SA		402		2,911
Other Securities				8,905
				28,565
CHILE - 0.1%
Other Securities				776
COLOMBIA - 0.3%
Other Securities				2,141
MEXICO - 0.8%
Cemex SAB de CV (e)		2,496		2,545
Grupo Televisa SAB		539		3,676
				6,221
RUSSIAN FEDERATION - 0.2%
Other Securities				1,515
SOUTH KOREA - 0.7%
Hyundai Motor Co.		8		918
Hyundai Motor Co.		5		624
Samsung Electronics Co. Ltd.		4		3,983
Other Securities				198
				5,723
Total Preferred Stocks (cost $58,702)				44,941
RIGHTS - 0.0%
SOUTH KOREA - 0.0%
Other Securities				6
TAIWAN - 0.0%
Other Securities				8
Total Rights (cost $0)				14
SHORT TERM INVESTMENTS - 4.0%
Investment Companies - 2.3%
JNL Money Market Fund, 0.01% (a) (h)		18,455		18,455
Securities Lending Collateral - 1.6%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		12,781		12,781

	Shares/Par (t)		Value
Treasury Securities - 0.1%
Other Securities				740
Total Short Term Investments (cost $31,976)				31,976
Total Investments - 102.5% (cost $866,951)				825,905
Other Assets and Liabilities, Net - (2.5%)				(19,924	)
Total Net Assets - 100.0%			$	805,981
JNL/Mellon Capital European 30 Fund
COMMON STOCKS - 99.8%
BELGIUM - 7.2%
Belgacom SA (e)		308	$	11,162
Colruyt SA (e)		163		7,573
				18,735
FRANCE - 9.1%
Alstom SA (c)		255		8,221
SCOR SE		256		7,763
Total SA		151		7,743
				23,727
GERMANY - 9.8%
Bayerische Motoren Werke AG		79		8,524
Deutsche Lufthansa AG		429		7,116
Hannover Rueck SE		107		9,688
				25,328
ITALY - 8.9%
ENI SpA		380		6,656
Snam Rete Gas SpA		1,646		8,145
Terna Rete Elettrica Nazionale SpA (e)		1,829		8,309
				23,110
NETHERLANDS - 10.3%
Koninklijke Ahold NV		467		8,292
Koninklijke KPN NV		2,742		8,658
Wolters Kluwer NV		321		9,798
				26,748
PORTUGAL - 3.7%
Energias de Portugal SA		2,475		9,597
SWEDEN - 9.1%
Hexagon AB - Class B		292		8,994
Lundin Petroleum AB (c)		469		6,713
Nordea Bank AB		686		7,942
				23,649
SWITZERLAND - 14.9%
Aryzta AG		118		9,056
Novartis AG		114		10,573
Swisscom AG		17		9,085
Zurich Financial Services AG		32		9,881
				38,595
UNITED KINGDOM - 26.8%
Admiral Group Plc		420		8,609
Aviva Plc		1,240		9,317
BAE Systems Plc		1,271		9,295
Centrica Plc		1,588		6,880
National Grid Plc		695		9,862
Reed Elsevier Plc		611		10,435
Scottish & Southern Energy Plc		407		10,277

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Tesco Plc		1,672		4,875
				69,550
Total Common Stocks (cost $284,028)				259,039
INVESTMENT COMPANIES - 0.3%
Vanguard European ETF		12		624
Total Investment Companies (cost $632)				624
SHORT TERM INVESTMENTS - 7.4%
Investment Companies - 0.2%
JNL Money Market Fund, 0.01% (a) (h)		566		566
Securities Lending Collateral - 7.2%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		18,689		18,689
Total Short Term Investments (cost $19,255)				19,255
Total Investments - 107.5% (cost $303,915)				278,918
Other Assets and Liabilities, Net - (7.5%)				(19,400	)
Total Net Assets - 100.0%			$	259,518
JNL/Mellon Capital Pacific Rim 30 Fund
COMMON STOCKS - 97.2%
AUSTRALIA - 18.3%
AGL Energy Ltd.		410	$	4,475
Caltex Australia Ltd.		315		8,743
Insurance Australia Group Ltd.		1,069		5,430
Metcash Ltd. (e)		1,978		2,980
Toll Holdings Ltd. (e)		1,081		5,148
Woodside Petroleum Ltd.		163		5,036
				31,812
HONG KONG - 18.6%
Cheung Kong Holdings Ltd.		355		5,945
CLP Holdings Ltd.		709		6,140
First Pacific Co. Ltd.		5,084		5,020
NWS Holdings Ltd.		3,633		6,664
PCCW Ltd.		12,473		8,493
				32,262
JAPAN - 46.3%
Air Water Inc.		398		6,304
Aozora Bank Ltd. (e)		1,923		5,953
Central Japan Railway Co.		47		6,999
Marubeni Corp.		763		4,563
Mitsubishi Corp.		285		5,214
Mitsui & Co. Ltd.		393		5,267
Nippon Steel Corp.		1,647		4,086
Osaka Gas Co. Ltd.		1,392		5,199
Resona Holdings Inc.		1,059		5,349
Sojitz Corp. (e)		3,058		4,271
Sumitomo Corp.		439		4,505
Tokyo Electric Power Co. Inc. (c)		1,114		4,532
Tokyo Gas Co. Ltd.		1,117		6,026
Toyo Suisan Kaisha Ltd. (e)		182		5,850
West Japan Railway Co.		127		6,014
				80,132
SINGAPORE - 14.0%
Jardine Cycle & Carriage Ltd. (e)		195		6,247
Olam International Ltd. (e)		4,661		7,108
Singapore Telecommunications Ltd.		1,970		5,783

	Shares/Par (t)		Value
Wilmar International Ltd.		2,076		5,058
				24,196
Total Common Stocks (cost $167,388)				168,402
INVESTMENT COMPANIES - 2.4%
Vanguard MSCI Pacific ETF		73		4,173
Total Investment Companies (cost $4,188)				4,173
SHORT TERM INVESTMENTS - 8.0%
Securities Lending Collateral - 8.0%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		13,792		13,792
Total Short Term Investments (cost $13,792)				13,792
Total Investments - 107.6% (cost $185,368)				186,367
Other Assets and Liabilities, Net - (7.6%)				(13,192	)
Total Net Assets - 100.0%			$	173,175
JNL/Mellon Capital S&P 500 Index Fund **
COMMON STOCKS - 98.4%
CONSUMER DISCRETIONARY - 12.1%
Amazon.com Inc. (c)		85	$	26,499
Comcast Corp. - Class A (e)		582		33,750
Home Depot Inc.		297		31,155
McDonald’s Corp.		221		20,718
Walt Disney Co. (e)		351		33,092
Other Securities				358,060
				503,274
CONSUMER STAPLES - 9.3%
Altria Group Inc.		446		21,955
Coca-Cola Co.		887		37,438
Coca-Cola Enterprises Inc.		55		2,424
CVS Health Corp.		258		24,870
PepsiCo Inc.		337		31,871
Philip Morris International Inc.		350		28,502
Procter & Gamble Co.		608		55,377
Wal-Mart Stores Inc.		354		30,411
Other Securities				154,727
				387,575
ENERGY - 8.2%
Chevron Corp. (e)		426		47,763
ConocoPhillips		277		19,111
Exxon Mobil Corp.		953		88,130
Schlumberger Ltd.		292		24,920
Other Securities				164,346
				344,270
FINANCIALS - 16.3%
American Express Co.		200		18,654
Bank of America Corp.		2,366		42,323
Bank of New York Mellon Corp. (a)		254		10,301
Berkshire Hathaway Inc. - Class B (c)		410		61,604
Citigroup Inc.		681		36,873
JPMorgan Chase & Co.		845		52,856
Wells Fargo & Co.		1,064		58,342
Other Securities				397,089
				678,042
HEALTH CARE - 14.3%
AbbVie Inc.		358		23,446
Amgen Inc.		171		27,251
Bristol-Myers Squibb Co.		373		22,018

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Celgene Corp. (c)		181		20,292
Gilead Sciences Inc. (c)		339		31,938
Johnson & Johnson		630		65,897
Merck & Co. Inc.		642		36,458
Pfizer Inc.		1,424		44,352
UnitedHealth Group Inc.		216		21,858
Other Securities				304,280
				597,790
INDUSTRIALS - 10.3%
3M Co.		145		23,787
Boeing Co.		150		19,524
General Electric Co.		2,259		57,094
Union Pacific Corp.		200		23,860
United Technologies Corp.		191		21,924
Other Securities				284,721
				430,910
INFORMATION TECHNOLOGY - 19.4%
Apple Inc.		1,320		145,719
Cisco Systems Inc.		1,150		31,979
Facebook Inc. - Class A (c)		470		36,695
Google Inc. - Class A (c)		64		34,023
Google Inc. - Class C (c)		64		33,718
Intel Corp.		1,089		39,511
International Business Machines Corp.		208		33,392
MasterCard Inc. - Class A		221		19,036
Microsoft Corp.		1,855		86,153
Oracle Corp.		731		32,893
QUALCOMM Inc.		374		27,835
Visa Inc. - Class A (e)		110		28,957
Other Securities				257,814
				807,725
MATERIALS - 3.1%
Other Securities				128,947
TELECOMMUNICATION SERVICES - 2.2%
AT&T Inc. (e)		1,167		39,193
Verizon Communications Inc.		934		43,671
Other Securities				10,676
				93,540
UTILITIES - 3.2%
Other Securities				133,969
Total Common Stocks (cost $2,910,166)				4,106,042
SHORT TERM INVESTMENTS - 6.3%
Investment Companies - 1.4%
JNL Money Market Fund, 0.01% (a) (h)		58,774		58,774
Securities Lending Collateral - 4.8%
Repurchase Agreement with MLP, 0.45% (collateralized by various publicly traded domestic equities with a value of $126,500) acquired on 12/05/14, due 03/06/15 at $115,131 (q)	$	115,000		115,000
Repurchase Agreement with MSC, 0.43% (collateralized by various publicly traded domestic equities with a value of $66,001) acquired on 12/15/14, due 04/06/15 at $60,080 (q)		60,000		60,000
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		25,925		25,925
				200,925

	Shares/Par (t)		Value
Treasury Securities - 0.1%
Other Securities				3,084
Total Short Term Investments (cost $262,783)				262,783
Total Investments - 104.7% (cost $3,172,949)				4,368,825
Other Assets and Liabilities, Net - (4.7%)				(197,518	)
Total Net Assets - 100.0%			$	4,171,307
JNL/Mellon Capital S&P 400 MidCap Index Fund **
COMMON STOCKS - 98.2%
CONSUMER DISCRETIONARY - 13.4%
Advance Auto Parts Inc.		83	$	13,175
Foot Locker Inc.		162		9,105
HanesBrands Inc.		113		12,664
Jarden Corp. (c)		202		9,693
LKQ Corp. (c)		342		9,629
Polaris Industries Inc. (e)		70		10,565
Signet Jewelers Ltd.		91		11,967
Other Securities				178,136
				254,934
CONSUMER STAPLES - 3.3%
Church & Dwight Co. Inc.		153		12,021
Energizer Holdings Inc.		71		9,085
Other Securities				42,174
				63,280
ENERGY - 4.2%
HollyFrontier Corp.		225		8,443
Other Securities				70,427
				78,870
FINANCIALS - 22.4%
Alleghany Corp. (c)		18		8,517
Arthur J Gallagher & Co.		184		8,642
Duke Realty Corp.		388		7,835
Everest Re Group Ltd.		52		8,827
Federal Realty Investment Trust		77		10,289
Jones Lang LaSalle Inc.		51		7,589
New York Community Bancorp Inc.		502		8,037
Raymond James Financial Inc.		143		8,198
Realty Income Corp. (e)		253		12,092
SL Green Realty Corp.		110		13,073
UDR Inc.		290		8,945
Other Securities				323,281
				425,325
HEALTH CARE - 10.1%
Cooper Cos. Inc.		55		8,909
Cubist Pharmaceuticals Inc. (c)		87		8,735
Endo International Plc (c)		174		12,550
Henry Schein Inc. (c)		96		13,071
Idexx Laboratories Inc. (c)		54		8,052
MEDNAX Inc. (c)		114		7,540
Mettler-Toledo International Inc. (c)		33		9,846
Omnicare Inc.		112		8,144
ResMed Inc. (e)		159		8,891
Salix Pharmaceuticals Ltd. (c)		73		8,334
Other Securities				96,888
				190,960
INDUSTRIALS - 15.3%
Alaska Air Group Inc.		150		8,988
Fortune Brands Home & Security Inc.		180		8,149

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
JB Hunt Transport Services Inc.		105		8,831
Towers Watson & Co. - Class A		80		9,005
Wabtec Corp.		109		9,506
Other Securities				245,319
				289,798
INFORMATION TECHNOLOGY - 17.2%
Ansys Inc. (c)		105		8,622
Equinix Inc.		62		14,144
Gartner Inc. - Class A (c)		101		8,536
RF Micro Devices Inc. (c)		663		10,992
Skyworks Solutions Inc.		217		15,776
Synopsys Inc. (c)		177		7,711
Trimble Navigation Ltd. (c)		296		7,849
Other Securities				253,085
				326,715
MATERIALS - 7.3%
Ashland Inc.		74		8,807
Packaging Corp. of America		112		8,708
Rock-Tenn Co. - Class A		160		9,746
RPM International Inc.		151		7,672
Valspar Corp.		87		7,518
Other Securities				95,054
				137,505
TELECOMMUNICATION SERVICES - 0.2%
Other Securities				2,872
UTILITIES - 4.8%
Alliant Energy Corp.		126		8,363
OGE Energy Corp.		226		8,016
Other Securities				73,858
				90,237
Total Common Stocks (cost $1,413,085)				1,860,496
SHORT TERM INVESTMENTS - 8.0%
Investment Companies - 2.0%
JNL Money Market Fund, 0.01% (a) (h)		38,654		38,654
Securities Lending Collateral - 5.9%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		111,795		111,795
Treasury Securities - 0.1%
Other Securities				2,159
Total Short Term Investments (cost $152,608)				152,608
Total Investments - 106.2% (cost $1,565,693)				2,013,104
Other Assets and Liabilities, Net - (6.2%)				(117,860	)
Total Net Assets - 100.0%			$	1,895,244
JNL/Mellon Capital Small Cap Index Fund **
COMMON STOCKS - 99.0%
CONSUMER DISCRETIONARY - 13.9%
Brunswick Corp.		99	$	5,091
Buffalo Wild Wings Inc. (c)		20		3,643
Dana Holding Corp.		181		3,939
Office Depot Inc. (c)		572		4,902
Tenneco Inc. (c)		65		3,684
Other Securities				244,863
				266,122
CONSUMER STAPLES - 3.3%
Casey’s General Stores Inc.		41		3,714
TreeHouse Foods Inc. (c)		45		3,846

	Shares/Par (t)		Value
United Natural Foods Inc. (c)		54		4,162
Other Securities				51,771
				63,493
ENERGY - 3.4%
Other Securities				65,441
FINANCIALS - 24.0%
CNO Financial Group Inc.		221		3,805
CubeSmart		173		3,824
First American Financial Corp.		114		3,872
Highwoods Properties Inc.		96		4,270
Investors Bancorp Inc.		383		4,303
LaSalle Hotel Properties		119		4,828
Prosperity Bancshares Inc.		75		4,130
RLJ Lodging Trust		142		4,745
Stifel Financial Corp. (c)		70		3,570
Strategic Hotels & Resorts Inc. (c)		285		3,776
Sunstone Hotel Investors Inc.		220		3,626
Other Securities				415,133
				459,882
HEALTH CARE - 14.5%
Cepheid Inc. (c)		75		4,037
DexCom Inc. (c)		80		4,416
HealthSouth Corp.		95		3,658
Isis Pharmaceuticals Inc. (c) (e)		126		7,789
NPS Pharmaceuticals Inc. (c)		114		4,067
Puma Biotechnology Inc. (c) (e)		25		4,707
STERIS Corp.		64		4,131
Team Health Holdings Inc. (c)		75		4,325
WellCare Health Plans Inc. (c)		47		3,848
West Pharmaceutical Services Inc.		76		4,026
Other Securities				232,778
				277,782
INDUSTRIALS - 14.1%
Belden Inc.		47		3,672
CLARCOR Inc.		54		3,609
Curtiss-Wright Corp.		52		3,637
Esterline Technologies Corp. (c)		34		3,733
HEICO Corp. (e)		71		4,295
JetBlue Airways Corp. (c)		266		4,217
Teledyne Technologies Inc. (c)		40		4,126
Other Securities				243,784
				271,073
INFORMATION TECHNOLOGY - 17.0%
Cognex Corp. (c)		94		3,883
FEI Co.		45		4,084
Guidance Software Inc. (c) (e)		17		124
Guidewire Software Inc. (c)		73		3,677
MAXIMUS Inc.		72		3,970
RF Micro Devices Inc. (c)		306		5,083
SS&C Technologies Holdings Inc.		73		4,261
TriQuint Semiconductor Inc. (c)		183		5,054
Tyler Technologies Inc. (c)		35		3,864
Ultimate Software Group Inc. (c)		30		4,456
Verint Systems Inc. (c)		64		3,727
WEX Inc. (c)		41		4,103
Other Securities				280,781
				327,067
MATERIALS - 4.5%
Graphic Packaging Holding Co. (c)		350		4,768
PolyOne Corp.		101		3,815
Other Securities				78,139
				86,722

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
TELECOMMUNICATION SERVICES - 0.8%
Other Securities				15,332
UTILITIES - 3.5%
Dynegy Inc. (c)		131		3,989
Other Securities				63,157
				67,146
Total Common Stocks (cost $1,465,675)				1,900,060
RIGHTS - 0.0%
Other Securities				74
Total Rights (cost $74)				74
WARRANTS - 0.0%
Other Securities				—
Total Warrants (cost $0)				—
OTHER EQUITY INTERESTS - 0.0%
Other Securities				—
Total Other Equity Interests (cost $0)				—
SHORT TERM INVESTMENTS - 12.3%
Investment Company - 0.9%
JNL Money Market Fund, 0.01% (a) (h)		16,803		16,803
Securities Lending Collateral - 11.3%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		216,971		216,971
Treasury Securities - 0.1%
Other Securities				1,000
Total Short Term Investments (cost $234,774)				234,774
Total Investments - 111.3% (cost $1,700,523)				2,134,908
Other Assets and Liabilities, Net - (11.3%)				(217,107	)
Total Net Assets - 100.0%			$	1,917,801
JNL/Mellon Capital International Index Fund **
COMMON STOCKS - 96.2%
AUSTRALIA - 7.2%
Australia & New Zealand Banking Group Ltd.		478	$	12,433
BHP Billiton Ltd.		560		13,230
Commonwealth Bank of Australia		283		19,632
National Australia Bank Ltd.		410		11,174
Rio Tinto Ltd.		75		3,533
Westpac Banking Corp. (e)		542		14,567
Other Securities				86,163
				160,732
AUSTRIA - 0.2%
Other Securities				4,504
BELGIUM - 1.3%
Anheuser-Busch InBev NV		140		15,761
Other Securities				12,374
				28,135
DENMARK - 1.5%
Novo Nordisk A/S		350		14,786
Other Securities				18,177
				32,963

	Shares/Par (t)		Value
FINLAND - 0.9%
Other Securities				19,179
FRANCE - 8.9%
BNP Paribas		184		10,876
Sanofi SA		207		18,851
Total SA		373		19,112
Other Securities				149,833
				198,672
GERMANY - 8.2%
Allianz SE		79		13,163
BASF SE		160		13,419
Bayer AG		144		19,642
Daimler AG		168		13,923
Deutsche Telekom AG		554		8,861
SAP AG		160		11,198
Siemens AG		138		15,499
Other Securities				87,880
				183,585
GUERNSEY - 0.1%
Other Securities				1,399
HONG KONG - 3.0%
AIA Group Ltd.		2,096		11,559
Other Securities				55,858
				67,417
IRELAND - 0.3%
Other Securities				7,809
ISRAEL - 0.6%
Teva Pharmaceutical Industries Ltd.		148		8,512
Other Securities				3,975
				12,487
ITALY - 2.0%
Other Securities				44,611
JAPAN - 20.6%
Honda Motor Co. Ltd.		284		8,317
Mitsubishi UFJ Financial Group Inc.		2,219		12,191
SoftBank Corp.		167		9,952
Toyota Motor Corp.		477		29,749
Other Securities				397,398
				457,607
JERSEY - 0.0%
Other Securities				1,040
LUXEMBOURG - 0.3%
Other Securities				5,860
MACAU - 0.1%
Other Securities				2,775
MALTA - 0.0%
Other Securities				—
NETHERLANDS - 4.6%
ING Groep NV - CVA (c)		670		8,661
Royal Dutch Shell Plc - Class A		686		22,880
Royal Dutch Shell Plc - Class B		425		14,689
Unilever NV - CVA		283		11,088
Other Securities				45,683
				103,001
NEW ZEALAND - 0.2%
Other Securities				3,496
NORWAY - 0.6%
Other Securities				13,743

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
PORTUGAL - 0.1%
Other Securities				3,108
SINGAPORE - 1.5%
Other Securities				33,627
SPAIN - 3.3%
Banco Bilbao Vizcaya Argentaria SA		1,033		9,758
Banco de Sabadell SA		593		1,568
Banco Santander SA		2,140		17,962
Telefonica SA		733		10,524
Other Securities				34,866
				74,678
SWEDEN - 3.0%
Other Securities				66,029
SWITZERLAND - 9.4%
ABB Ltd.		382		8,086
Glencore Plc		1,848		8,530
Nestle SA		563		41,014
Novartis AG		401		37,213
Roche Holding AG		123		33,202
UBS Group AG		635		10,920
Zurich Financial Services AG		26		8,105
Other Securities				61,932
				209,002
UNITED KINGDOM - 18.3%
AstraZeneca Plc		220		15,531
Barclays Plc		2,852		10,723
BHP Billiton Plc		367		7,875
BP Plc		3,214		20,402
British American Tobacco Plc		326		17,688
BT Group Plc		1,420		8,830
Diageo Plc		437		12,525
GlaxoSmithKline Plc		846		18,156
HSBC Holdings Plc		3,326		31,433
Lloyds Banking Group Plc (c)		9,936		11,687
National Grid Plc		649		9,213
Prudential plc (a)		446		10,311
Reckitt Benckiser Group Plc		113		9,160
Rio Tinto Plc		221		10,206
SABMiller Plc		168		8,740
Unilever Plc		223		9,067
Vodafone Group Plc		4,605		15,788
Other Securities				179,109
				406,444
Total Common Stocks (cost $1,966,218)				2,141,903
PREFERRED STOCKS - 0.7%
GERMANY - 0.5%
Other Securities				13,122
ITALY - 0.1%
Other Securities				1,258
SWITZERLAND - 0.1%
Other Securities				1,996
Total Preferred Stocks (cost $12,453)				16,376
RIGHTS - 0.0%
AUSTRALIA - 0.0%
Other Securities				36
FRANCE - 0.0%
Other Securities				190

	Shares/Par (t)		Value
SPAIN - 0.0%
Banco Bilbao Vizcaya Argentaria SA (c)		1,033		99
Other Securities				100
				199
Total Rights (cost $383)				425
OTHER EQUITY INTERESTS - 0.0%
AUSTRIA - 0.0%
Other Securities				—
Total Other Equity Interests (cost $0)				—
SHORT TERM INVESTMENTS - 5.5%
Investment Companies - 2.6%
JNL Money Market Fund, 0.01% (a) (h)		56,715		56,715
Securities Lending Collateral - 2.7%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		60,366		60,366
Treasury Securities - 0.2%
Other Securities				4,069
Total Short Term Investments (cost $121,150)				121,150
Total Investments - 102.4% (cost $2,100,204)				2,279,854
Other Assets and Liabilities, Net - (2.4%)				(54,446	)
Total Net Assets - 100.0%			$	2,225,408
JNL/Mellon Capital Bond Index Fund **
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES - 2.4%
Banc of America Commercial Mortgage Trust REMIC
5.45%, 01/15/17	$	189	$	202
5.76%, 05/10/45 (i)		550		584
Bank of America Credit Card Trust, 5.17%, 06/15/19		900		972
CarMax Auto Owner Trust, 0.80%, 07/16/18		800		799
Centerpoint Energy Transition Co. LLC Secured Transition Bond, 5.17%, 08/01/19		640		673
Citibank Credit Card Issuance Trust, 5.30%, 03/15/16		900		949
Citigroup/Deutsche Bank Commercial Mortgage Trust, 5.62% - 5.65%, 10/15/48		722		767
COMM Mortgage Trust REMIC
2.84%, 03/10/19		400		410
4.26%, 09/10/23		650		711
Commercial Mortgage Trust REMIC, 3.82%, 05/10/24		500		530
GS Mortgage Securities Trust REMIC
3.48%, 11/10/21		750		784
5.56%, 11/10/39		393		416
JPMBB Commercial Mortgage Securities Trust, 3.05% - 4.13%, 04/15/19 - 09/15/23		650		699
JPMorgan Chase Commercial Mortgage Securities Trust REMIC
5.42%, 02/15/17		235		251
5.70% - 5.79%, 04/12/17 - 08/12/17 (i)		721		780
4.94%, 08/15/42 (i)		239		242
LB-UBS Commercial Mortgage Trust REMIC
5.42%, 01/15/17		321		343
5.66%, 03/15/39 (i)		272		282
5.87%, 09/15/45 (i)		752		826
Merrill Lynch Mortgage Trust REMIC, 5.74%, 08/12/43 (i)		223		235

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Morgan Stanley Bank of America Merrill Lynch Trust, 3.74%, 08/15/18 - 07/15/24		1,250		1,297
Morgan Stanley Capital I Trust REMIC
5.59%, 03/12/17 (i)		1,400		1,492
5.33%, 11/12/41		222		235
Nissan Auto Receivables Owner Trust, 1.00%, 01/15/16		1,000		1,003
WF-RBS Commercial Mortgage Trust REMIC, 2.03%, 02/16/18		500		504
Other Securities				5,071
Total Non-U.S. Government Agency Asset- Backed Securities (cost $20,454)				21,057
CORPORATE BONDS AND NOTES - 26.2%
CONSUMER DISCRETIONARY - 2.1%
Other Securities				19,035
CONSUMER STAPLES - 1.5%
Pepsi Bottling Group Inc., 7.00%, 03/01/29		575		793
Other Securities				13,017
				13,810
ENERGY - 3.1%
CenterPoint Energy Resources Corp.
4.50%, 01/15/21		43		47
6.63%, 11/01/37		200		267
Kinder Morgan Energy Partners LP
9.00%, 02/01/19		500		606
3.50%, 09/01/23 (e)		300		285
5.00% - 5.40%, 03/01/43 - 09/01/44		550		536
Petroleos Mexicanos
6.00%, 03/05/20 (e)		500		561
5.50%, 01/21/21		700		758
5.50%, 06/27/44		250		255
5.50%, 06/27/44 (r)		250		255
Other Securities				23,888
				27,458
FINANCIALS - 9.9%
Bank of America Corp.
1.35% - 6.50%, 08/01/16 - 08/25/17		1,500		1,548
2.60% - 5.65%, 05/01/18 - 05/13/21		1,500		1,625
4.20%, 08/26/24		750		764
Bank of America NA, 6.00%, 10/15/36		250		313
Bank of New York Mellon Corp., 3.55%, 09/23/21 (a)		600		627
Citigroup Inc.
1.55% - 6.00%, 07/25/16 - 08/15/17		900		928
4.05% - 8.50%, 05/22/19 - 07/30/22		1,500		1,675
5.50%, 09/13/25		300		332
5.88%, 01/30/42		489		615
European Investment Bank
2.50%, 05/16/16		1,000		1,026
1.75% - 5.13%, 07/15/16 - 05/30/17		1,500		1,571
1.00%, 06/15/18		700		690
1.88%, 03/15/19 (e)		500		505
2.50% - 4.00%, 02/16/21 - 04/15/21		900		970
General Electric Capital Corp.
5.00% - 5.63%, 01/08/16 - 09/15/17		650		702
5.50%, 01/08/20		700		801
4.38%, 09/16/20		550		602
3.45%, 05/15/24		350		362
6.88%, 01/10/39		600		849
6.38%, 11/15/67 (i)		300		322
Goldman Sachs Group Inc.
5.75% - 6.25%, 10/01/16 - 09/01/17		750		824
2.55% - 6.15%, 01/18/18 - 07/27/21		1,750		1,931
6.75%, 10/01/37		650		817

	Shares/Par (t)		Value
6.25%, 02/01/41		400		506
HSBC Finance Corp., 6.68%, 01/15/21		300		356
HSBC Holdings Plc
4.25% - 5.10%, 04/05/21 - 03/14/24		400		439
7.63%, 05/17/32		650		894
6.10%, 01/14/42		300		401
HSBC USA Inc., 1.50%, 11/13/17 (e)		250		250
Inter-American Development Bank
1.13%, 03/15/17		1,000		1,006
1.25%, 01/16/18		300		300
3.88%, 02/14/20		700		771
4.38%, 01/24/44		100		123
International Bank for Reconstruction & Development
0.75% - 2.13%, 03/15/16 - 12/15/16		750		760
0.50%, 05/16/16		700		699
1.38%, 04/10/18		750		755
1.88% - 7.63%, 10/07/19 - 01/19/23		600		722
JPMorgan Chase & Co.
1.35%, 02/15/17		500		500
6.00%, 01/15/18		750		839
6.30%, 04/23/19		500		581
4.40%, 07/22/20		600		650
3.20% - 3.63%, 01/25/23 - 05/13/24		750		756
5.60%, 07/15/41		500		605
JPMorgan Chase Bank NA, 6.00%, 10/01/17		500		555
Kreditanstalt fuer Wiederaufbau
0.50%, 07/15/16		500		499
4.88%, 01/17/17		700		757
1.25%, 02/15/17		1,000		1,009
1.75% - 2.75%, 10/15/19 - 11/20/24		1,100		1,126
2.63%, 01/25/22		700		724
0.00%, 06/29/37 (j)		300		155
Merrill Lynch & Co. Inc.
6.05%, 05/16/16		250		265
6.88%, 04/25/18		550		632
MetLife Inc.
7.72%, 02/15/19		500		606
3.60%, 04/10/24		250		257
5.70%, 06/15/35		100		125
6.40%, 12/15/36 (i)		100		112
Morgan Stanley
1.75% - 5.75%, 02/25/16 - 10/18/16		710		742
6.63%, 04/01/18		500		570
3.75% - 5.75%, 01/25/21 - 02/25/23		700		767
6.38%, 07/24/42		300		398
PNC Funding Corp., 6.70%, 06/10/19		500		592
Wells Fargo & Co.
1.25%, 07/20/16		690		692
1.50% - 4.60%, 01/16/18 - 03/08/22		1,500		1,575
4.10% - 5.38%, 06/03/26 - 11/02/43		450		488
Other Securities				44,028
				88,986
HEALTH CARE - 2.3%
Pfizer Inc.
6.20%, 03/15/19		500		582
4.40%, 05/15/44		250		272
Other Securities				19,965
				20,819
INDUSTRIALS - 1.5%
General Electric Co.
5.25%, 12/06/17		600		666
2.70%, 10/09/22		250		250
United Technologies Corp.
1.80%, 06/01/17		300		304
6.70%, 08/01/28		50		67

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
5.70%, 04/15/40		500		627
Other Securities				11,526
				13,440
INFORMATION TECHNOLOGY - 1.4%
Apple Inc.
1.05%, 05/05/17 (e)		250		251
2.85% - 3.45%, 05/06/21 - 05/06/24		700		726
2.40%, 05/03/23		650		632
International Business Machines Corp.
5.70%, 09/14/17		600		669
1.63%, 05/15/20		300		289
4.00% - 7.00%, 10/30/25 - 06/20/42		400		463
Other Securities				9,428
				12,458
MATERIALS - 1.2%
Other Securities				10,660
TELECOMMUNICATION SERVICES - 1.3%
AT&T Inc.
2.40%, 08/15/16		600		612
2.30%, 03/11/19 (e)		500		499
6.50%, 09/01/37		500		618
4.35%, 06/15/45		500		471
Pacific Bell Telephone Co., 7.13%, 03/15/26		500		637
Rogers Communications Inc., 6.80%, 08/15/18		500		577
Verizon Communications Inc.
2.45% - 5.15%, 09/15/20 - 09/15/23		1,350		1,368
6.40% - 6.90%, 09/15/33 - 04/15/38		650		824
6.00%, 04/01/41		600		707
6.55%, 09/15/43		600		769
Other Securities				4,694
				11,776
UTILITIES - 1.9%
Other Securities				17,014
Total Corporate Bonds and Notes (cost $224,815)				235,456
GOVERNMENT AND AGENCY OBLIGATIONS - 71.8%
GOVERNMENT SECURITIES - 41.1%
Federal Farm Credit Bank - 0.0% (w)
Other Securities				449
Federal Home Loan Bank - 0.7% (w)
Other Securities				6,362
Federal Home Loan Mortgage Corp. - 1.1% (w)
Other Securities				9,769
Federal National Mortgage Association - 1.2% (w)
Federal National Mortgage Association
0.95% - 5.00%, 03/15/16 - 12/28/17		2,900		2,905
1.25%, 01/30/17 (e)		1,000		1,009
0.00%, 06/01/17 (j)		85		83
0.88% - 1.75%, 02/15/18 - 10/29/19		3,950		3,907
6.00% - 7.25%, 05/15/30 - 04/18/36		1,471		2,097
Principal Only, 0.00%, 10/09/19 (j)		680		611
				10,612
Municipals - 1.0%
Other Securities				8,914
Sovereign - 2.5%
Kreditanstalt fuer Wiederaufbau, 0.50%, 04/19/16		600		600
Other Securities				21,788
				22,388
U.S. Treasury Securities - 34.6%
U.S. Treasury Bond
7.25% - 9.25%, 02/15/16 - 08/15/17		3,635		4,151
7.88% - 8.13%, 02/15/21 - 11/15/21		2,216		3,047

	Shares/Par (t)		Value
2.75% - 6.88%, 08/15/25 - 02/15/44		17,382		21,583
4.50%, 02/15/36 (g)		1,626		2,171
4.75%, 02/15/41		1,595		2,230
3.75%, 08/15/41		2,348		2,832
2.88%, 05/15/43		2,000		2,047
3.63%, 08/15/43		2,570		3,024
3.75%, 11/15/43		2,175		2,616
3.38%, 05/15/44		3,150		3,549
3.13%, 08/15/44 (e)		1,730		1,862
3.00%, 11/15/44 (g)		1,300		1,366
U.S. Treasury Note
0.25% - 5.13%, 01/15/16 - 11/30/17		79,812		80,851
2.13%, 02/29/16		2,400		2,449
0.25%, 04/15/16		2,500		2,496
1.50%, 06/30/16		2,560		2,598
1.00%, 08/31/16		2,130		2,145
1.00%, 10/31/16		2,801		2,821
4.63%, 11/15/16		2,002		2,150
0.63% - 1.00%, 12/31/16 - 12/15/17 (g)		2,670		2,666
3.25%, 12/31/16		2,120		2,226
3.13%, 04/30/17		2,205		2,322
0.50% - 0.88%, 07/31/17 - 11/15/17 (e)		3,260		3,232
1.88%, 08/31/17		2,481		2,538
0.63%, 09/30/17		3,000		2,967
0.63%, 11/30/17		2,500		2,467
0.75% - 4.00%, 12/31/17 - 11/15/23		64,293		65,012
2.75%, 12/31/17 (e)		1,990		2,085
0.63%, 04/30/18		2,350		2,302
1.50%, 08/31/18		4,700		4,722
1.25%, 10/31/18		2,600		2,583
1.38% - 2.38%, 11/30/18 - 05/15/22 (g)		10,745		10,751
1.50%, 12/31/18		2,225		2,228
1.50%, 01/31/19		2,295		2,296
1.50%, 02/28/19		3,025		3,026
1.50%, 03/31/19 (e)		2,050		2,049
1.63%, 06/30/19		2,570		2,576
3.63%, 08/15/19		2,250		2,454
3.63%, 02/15/20		3,565		3,909
3.50%, 05/15/20		2,000		2,181
2.63%, 11/15/20		2,168		2,262
2.13%, 01/31/21		3,900		3,956
3.63%, 02/15/21		2,500		2,753
2.13%, 08/15/21 (g)		2,790		2,822
1.63%, 08/15/22		3,098		3,011
1.63%, 11/15/22		2,340		2,269
2.00%, 02/15/23		3,127		3,112
1.75%, 05/15/23		3,420		3,327
2.50%, 08/15/23		2,649		2,732
2.75%, 02/15/24		2,000		2,103
2.50%, 05/15/24		2,840		2,923
2.38%, 08/15/24 (g)		3,070		3,125
2.25%, 11/15/24 (g)		3,855		3,881
				310,856
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES - 30.7%
Federal Home Loan Mortgage Corp. - 8.5%
Other Securities				76,292
Federal National Mortgage Association - 13.7%
Federal National Mortgage Association
5.00% - 6.50%, 04/01/16 - 12/01/17		203		211
2.50% - 6.00%, 01/01/18 - 12/01/24		2,736		2,913
2.00% - 7.50%, 05/01/25 - 02/01/44		99,699		105,713
2.00% - 3.50%, 01/15/30 - 02/15/45, TBA (g)		3,600		3,691
2.18% - 3.75%, 05/01/35 - 11/01/43 (i)		2,116		2,221
3.00%, 08/01/43		2,450		2,480
4.00%, 01/15/45, TBA (g)		4,530		4,833

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
REMIC, 2.51% - 3.46%, 04/25/23 - 01/25/24 (i)		1,058		1,078
				123,140
Government National Mortgage Association - 8.5%
Government National Mortgage Association
4.00%, 12/15/24		221		235
2.50% - 8.50%, 04/20/26 - 09/20/44		55,105		59,164
2.00% - 3.50%, 07/20/40 - 01/20/43 (i)		2,005		2,088
4.00%, 11/20/41		2,805		3,011
3.50%, 05/20/42		1,993		2,095
3.50%, 06/20/42		2,194		2,306
3.00% - 4.00%, 01/15/45 - 02/15/45, TBA (g)		2,700		2,790
3.50%, 01/15/45, TBA (g)		2,100		2,203
4.00%, 01/15/45, TBA (g)		2,100		2,251
				76,143
Total Government and Agency Obligations (cost $629,637)				644,925
SHORT TERM INVESTMENTS - 3.9%
Investment Companies - 1.4%
JNL Money Market Fund, 0.01% (a) (h)		12,764		12,764
Securities Lending Collateral - 2.5%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		22,572		22,572
Total Short Term Investments (cost $35,336)				35,336
Total Investments - 104.3% (cost $910,242)				936,774
Total Forward Sales Commitments - (1.2%) (proceeds $10,824)				(10,835)
Other Assets and Liabilities, Net - (3.1%)				(27,614)
Total Net Assets - 100.0%			$	898,325
FORWARD SALES COMMITMENTS - 1.2%
GOVERNMENT AND AGENCY OBLIGATIONS - 1.2%
U.S. Government Agency Mortgage-Backed Securities - 1.2%
Federal Home Loan Mortgage Corp. - 0.3%
Federal Home Loan Mortgage Corp.
2.50%, 01/15/30, TBA (g)	$	200	$	203
3.00%, 01/15/30, TBA (g)		100		104
3.50%, 01/15/30, TBA (g)		100		106
4.00%, 01/15/30, TBA (g)		100		106
4.50%, 01/15/30, TBA (g)		120		126
5.00%, 01/15/30, TBA (g)		200		210
3.00%, 01/15/45, TBA (g)		300		303
4.50%, 01/15/45, TBA (g)		700		759
5.00%, 01/15/45, TBA (g)		300		331
5.50%, 01/15/45, TBA (g)		200		223
				2,471
Federal National Mortgage Association - 0.3%
Federal National Mortgage Association
3.00%, 01/15/30, TBA (g)		300		312
4.00%, 01/15/30, TBA (g)		200		212
4.50%, 01/15/30, TBA (g)		300		315
3.00%, 01/15/45, TBA (g)		900		910
4.50%, 01/15/45, TBA (g)		800		868
5.00%, 01/15/45, TBA (g)		100		111
5.50%, 01/15/45, TBA (g)		300		336
				3,064
Government National Mortgage Association - 0.6%
Government National Mortgage Association
4.00%, 01/15/45, TBA (g)		200		215
4.50%, 01/15/45, TBA (g)		695		759
4.50%, 01/15/45, TBA (g)		100		109
5.00%, 01/15/45, TBA (g)		1,605		1,768

	Shares/Par (t)		Value
5.00%, 01/15/45, TBA (g)		100		109
5.50%, 01/15/45, TBA (g)		2,095		2,340
				5,300
Total Forward Sales Commitments - 1.2% (proceeds $10,824)			$	10,835
JNL/Mellon Capital Global Alpha Fund
PURCHASED OPTIONS - 6.5%
10-Year U.S. Treasury Note Future Call Option, Strike Price 114, Expiration 02/20/15		225	$	2,883
Total Purchased Options (cost $2,627)				2,883
SHORT TERM INVESTMENTS - 92.1%
Federal Home Loan Bank - 22.3% (w)
Federal Home Loan Bank
0.03%, 01/12/15	$	5,900		5,900
0.09%, 05/06/15		4,000		3,999
				9,899
Federal Home Loan Mortgage Corp. - 19.2% (w)
Federal Home Loan Mortgage Corp.
0.08%, 01/05/15		5,000		5,000
0.07%, 04/20/15		3,500		3,499
				8,499
Federal National Mortgage Association - 21.9% (w)
Federal National Mortgage Association, 0.09%, 01/07/15		9,720		9,720
Investment Company - 6.3%
JNL Money Market Fund, 0.01% (a) (h)		2,787		2,787
Treasury Securities - 22.4%
U.S. Treasury Bill
0.01%, 01/02/15	$	7,350		7,350
0.02%, 03/12/15 (o)		745		745
0.08%, 06/04/15 (o)		1,860		1,859
				9,954
Total Short Term Investments (cost $40,859)				40,859
Total Investments - 98.6% (cost $43,486)				43,742
Other Assets and Liabilities, Net - 1.4%				600
Total Net Assets - 100.0%			$	44,342
JNL/Mellon Capital Dow Jones U.S. Contrarian Opportunities Index Fund **
COMMON STOCKS - 99.9%
CONSUMER DISCRETIONARY - 19.5%
American Public Education Inc. (c)		27	$	992
Apollo Education Group Inc. - Class A (c)		29		1,005
Bed Bath & Beyond Inc. (c)		13		991
Best Buy Co. Inc.		27		1,071
Cablevision Systems Corp. - Class A		43		896
DeVry Education Group Inc.		20		933
Kohl’s Corp.		15		894
Nordstrom Inc.		12		923
Outerwall Inc. (c)		14		1,053
Select Comfort Corp. (c)		38		1,036
Strayer Education Inc. (c)		14		1,054
Zumiez Inc. (c)		27		1,051
Other Securities				8,159
				20,058

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
CONSUMER STAPLES - 3.5%
CVS Health Corp.		10		1,009
Kroger Co.		16		1,046
Medifast Inc. (c)		27		912
Other Securities				602
				3,569
ENERGY - 5.4%
Other Securities				5,571
FINANCIALS - 14.3%
Assured Guaranty Ltd.		36		944
Credit Acceptance Corp. (c)		7		896
Hanover Insurance Group Inc.		13		948
Janus Capital Group Inc. (e)		68		1,103
Navigators Group Inc. (c)		13		951
Selective Insurance Group Inc.		35		939
WR Berkley Corp.		17		896
Other Securities				8,070
				14,747
HEALTH CARE - 13.9%
Anthem Inc.		7		934
CR Bard Inc.		5		898
Edwards Lifesciences Corp. (c)		8		1,076
Express Scripts Holding Co. (c)		11		958
Health Net Inc. (c)		19		1,022
Quest Diagnostics Inc.		13		893
Triple-S Management Corp. (c)		45		1,070
VCI Inc. (c)		22		1,053
Other Securities				6,440
				14,344
INDUSTRIALS - 16.3%
ACCO Brands Corp. (c)		120		1,085
ArcBest Corp.		24		1,111
Blount International Inc. (c)		55		968
CH Robinson Worldwide Inc.		12		896
Comfort Systems USA Inc.		55		936
Heidrick & Struggles International Inc.		42		972
Multi-Color Corp.		20		1,116
Sensata Technologies Holding NV (c)		17		916
Southwest Airlines Co.		28		1,202
Other Securities				7,587
				16,789
INFORMATION TECHNOLOGY - 23.4%
Apple Inc.		8		932
CACI International Inc. - Class A (c)		12		993
Cognizant Technology Solutions Corp. - Class A (c)		18		946
Ebix Inc. (e)		60		1,024
F5 Networks Inc. (c)		7		925
LogMeIn Inc. (c)		19		924
Marvell Technology Group Ltd.		62		894
Omnivision Technologies Inc. (c)		34		897
Oracle Corp.		20		894
Riverbed Technology Inc. (c)		45		908
Sykes Enterprises Inc. (c)		40		940
Other Securities				13,809
				24,086
MATERIALS - 3.6%
Other Securities				3,681
Total Common Stocks (cost $97,889)				102,845

	Shares/Par (t)		Value
SHORT TERM INVESTMENTS - 7.2%
Investment Companies - 0.8%
JNL Money Market Fund, 0.01% (a) (h)		844		844
Securities Lending Collateral - 6.4%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		6,564		6,564
Total Short Term Investments (cost $7,408)				7,408
Total Investments - 107.1% (cost $105,297)				110,253
Other Assets and Liabilities, Net - (7.1%)				(7,346)
Total Net Assets - 100.0%			$	102,907
JNL/Mellon Capital Utilities Sector Fund
COMMON STOCKS - 99.3%
UTILITIES - 99.3%
AES Corp.		43	$	596
AGL Resources Inc.		8		415
Allete Inc.		3		147
Alliant Energy Corp.		7		460
Ameren Corp.		15		702
American Electric Power Co. Inc.		31		1,875
American States Water Co.		2		86
American Water Works Co. Inc.		11		606
Aqua America Inc.		11		300
Atmos Energy Corp.		6		357
Avista Corp.		4		149
Black Hills Corp.		3		144
California Water Service Group		3		72
Calpine Corp. (c)		21		473
CenterPoint Energy Inc.		26		607
Chesapeake Utilities Corp.		1		44
Cleco Corp.		4		212
CMS Energy Corp. (e)		18		609
Connecticut Water Services Inc. (e)		1		22
Consolidated Edison Inc.		18		1,214
Dominion Resources Inc.		37		2,830
DTE Energy Co. (e)		11		968
Duke Energy Corp.		45		3,730
Dynegy Inc. (c)		5		160
Edison International		19		1,272
El Paso Electric Co.		2		99
Empire District Electric Co. (e)		3		78
Entergy Corp.		11		995
Exelon Corp.		54		2,013
FirstEnergy Corp.		26		1,029
Great Plains Energy Inc.		10		278
Hawaiian Electric Industries Inc.		6		215
IDACORP Inc.		3		210
Integrys Energy Group Inc.		5		397
ITC Holdings Corp.		10		397
Laclede Group Inc.		3		140
MDU Resources Group Inc.		12		274
MGE Energy Inc.		2		97
Middlesex Water Co.		1		20
National Fuel Gas Co.		4		313
New Jersey Resources Corp.		3		163
NextEra Energy Inc.		28		2,929
NextEra Energy Partners LP		1		43
NiSource Inc.		20		837
Northeast Utilities		20		1,063
Northwest Natural Gas Co.		2		82
NorthWestern Corp.		3		173
NRG Energy Inc.		21		573

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
NRG Yield Inc. - Class A		2		101
OGE Energy Corp.		12		442
ONE Gas Inc.		3		133
Ormat Technologies Inc. (e)		1		22
Otter Tail Corp.		2		67
Pattern Energy Group Inc. - Class A		2		59
Pepco Holdings Inc.		16		431
PG&E Corp.		30		1,587
Piedmont Natural Gas Co. Inc. (e)		5		190
Pinnacle West Capital Corp.		7		471
PNM Resources Inc.		5		151
Portland General Electric Co.		5		181
PPL Corp.		42		1,526
Public Service Enterprise Group Inc.		32		1,324
Questar Corp.		11		274
SCANA Corp.		9		514
Sempra Energy		15		1,644
SJW Corp.		1		36
South Jersey Industries Inc. (e)		2		127
Southern Co.		57		2,778
Southwest Gas Corp.		3		185
TECO Energy Inc.		15		303
TerraForm Power Inc. - Class A (e)		2		48
UGI Corp.		11		413
UIL Holdings Corp.		3		152
Unitil Corp.		1		38
Vectren Corp.		5		236
Westar Energy Inc.		8		341
WGL Holdings Inc.		3		180
Wisconsin Energy Corp.		14		745
Xcel Energy Inc.		32		1,140
Total Common Stocks (cost $42,421)				46,307
SHORT TERM INVESTMENTS - 4.1%
Investment Company - 1.9%
JNL Money Market Fund, 0.01% (a) (h)		877		877
Securities Lending Collateral - 2.2%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		1,002		1,002
Total Short Term Investments (cost $1,879)				1,879
Total Investments - 103.4% (cost $44,300)				48,186
Other Assets and Liabilities, Net - (3.4%)				(1,569)
Total Net Assets - 100.0%			$	46,617
JNL/Morgan Stanley Mid Cap Growth Fund
COMMON STOCKS - 94.4%
CONSUMER DISCRETIONARY - 20.7%
Chipotle Mexican Grill Inc. (c)		2	$	1,087
Ctrip.com International Ltd. - ADR (c)		39		1,754
Dunkin’ Brands Group Inc.		112		4,771
Groupon Inc. - Class A (c)		180		1,483
Lululemon Athletica Inc. (c)		47		2,646
McGraw-Hill Financial. Inc.		66		5,886
Michael Kors Holdings Ltd. (c)		73		5,500
Pandora Media Inc. (c)		108		1,918
Panera Bread Co. - Class A (c)		29		5,064
Tesla Motors Inc. (c) (e)		34		7,639
TripAdvisor Inc. (c)		30		2,214
Under Armour Inc. - Class A (c)		16		1,119
Zalando SE (c)		46		1,420

	Shares/Par (t)		Value
zulily Inc. - Class A (c) (e)		77		1,791
				44,292
CONSUMER STAPLES - 7.6%
Keurig Green Mountain Inc.		46		6,075
Mead Johnson Nutrition Co.		80		8,021
Monster Beverage Corp. (c)		20		2,125
				16,221
FINANCIALS - 2.9%
LendingClub Corp. (c) (e)		33		823
MSCI Inc. - Class A		112		5,300
				6,123
HEALTH CARE - 20.0%
Alnylam Pharmaceuticals Inc. (c)		12		1,187
athenahealth Inc. (c) (e)		53		7,678
Endo International Plc (c)		83		5,982
Illumina Inc. (c)		65		11,935
Intercept Pharmaceuticals Inc. (c) (e)		2		235
Intuitive Surgical Inc. (c)		20		10,692
Ironwood Pharmaceuticals Inc. - Class A (c)		105		1,610
Pharmacyclics Inc. (c)		6		676
Seattle Genetics Inc. (c)		15		495
Zoetis Inc. - Class A		57		2,449
				42,939
INDUSTRIALS - 10.4%
Colfax Corp. (c)		73		3,753
IHS Inc. - Class A (c)		40		4,604
SolarCity Corp. (c) (e)		21		1,115
Stericycle Inc. (c)		17		2,275
TransDigm Group Inc.		27		5,369
Verisk Analytics Inc. - Class A (c)		83		5,296
				22,412
INFORMATION TECHNOLOGY - 32.8%
3D Systems Corp. (c) (e)		31		1,015
Autohome Inc. - ADR - Class A (c)		51		1,844
FireEye Inc. (c) (e)		119		3,745
FleetCor Technologies Inc. (c)		35		5,261
Flipkart (c) (f) (p) (q)		11		1,277
Gartner Inc. - Class A (c)		62		5,262
LinkedIn Corp. - Class A (c)		47		10,850
MercadoLibre Inc. (e)		12		1,591
NetSuite Inc. (c) (e)		20		2,203
Palantir Technologies Inc. - Series H (c) (f) (p) (q)		22		181
Palantir Technologies Inc. - Series H1 (c) (f) (p) (q)		22		181
Palo Alto Networks Inc. (c)		18		2,255
ServiceNow Inc. (c)		44		3,019
Splunk Inc. (c)		112		6,576
Stratasys Ltd. (c) (e)		11		892
SurveyMonkey Inc. (c) (f)		41		679
Tableau Software Inc. - Class A (c)		16		1,387
Twitter Inc. (c)		199		7,139
Workday Inc. - Class A (c)		79		6,434
Yelp Inc. (c)		19		1,052
Youku Inc. - ADR (c) (e)		105		1,867
Zillow Inc. - Class A (c) (e)		47		4,958
Zynga Inc. - Class A (c)		279		744
				70,412
Total Common Stocks (cost $196,412)				202,399
PREFERRED STOCKS - 1.3%
INFORMATION TECHNOLOGY - 1.3%
Airbnb Inc. (c) (f) (p) (q)		42		2,104

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Dropbox Inc. - Series A-1 (c) (f) (p) (q) (v)		4		86
Dropbox Inc. (c) (f) (p) (q)		25		483
Palantir Technologies Inc. (c) (f) (p) (q)		5		41
Total Preferred Stocks (cost $2,238)				2,714
PURCHASED OPTIONS - 0.1%
Chinese Yuan versus USD Put Option, Strike Price CNY 6.62, Expiration 06/19/15, RBS (p) (q)		47,758,445		81
Chinese Yuan versus USD Put Option, Strike Price CNY 6.65, Expiration 11/23/15, RBS (p) (q)		33,700,681		171
Total Purchased Options (cost $244)				252
SHORT TERM INVESTMENTS - 17.4%
Investment Companies - 4.4%
JNL Money Market Fund, 0.01% (a) (h)		9,385		9,385
Securities Lending Collateral - 13.0%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		27,926		27,926
Total Short Term Investments (cost $37,311)				37,311
Total Investments - 113.2% (cost $236,205)				242,676
Other Assets and Liabilities, Net - (13.2%)				(28,309)
Total Net Assets - 100.0%			$	214,367
JNL/Neuberger Berman Strategic Income Fund **
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES - 20.8%
American Airlines Pass-Through Trust, 4.38%, 10/01/22	$	3,820	$	3,877
Bear Stearns Asset Backed Securities Trust REMIC
0.61%, 05/25/35 (i)		595		555
0.63%, 12/25/35 (i)		1,600		1,325
0.58%, 02/25/36 (i)		910		842
0.59%, 07/25/36 (i)		3,540		3,487
Carrington Mortgage Loan Trust REMIC
1.14%, 05/25/35 (i)		2,605		2,234
0.63%, 06/25/35 (i)		2,140		2,033
0.65%, 10/25/35 (i)		4,100		3,555
0.48%, 01/25/36 (i)		3,300		2,688
0.41%, 03/25/36 (i)		2,400		1,944
0.32%, 05/25/36 (i)		4,327		4,055
Centex Home Equity Loan Trust REMIC, 0.77%, 01/25/34 (i)		5,601		5,153
Citigroup Commercial Mortgage Trust REMIC
Interest Only, 1.28%, 09/10/23 (i)		12,989		863
Interest Only, 1.54%, 11/10/23 (i)		11,387		881
Interest Only, 1.15%, 07/10/47 (i)		10,825		845
Interest Only, 1.10%, 10/10/47 (i)		14,286		1,163
Citigroup Mortgage Loan Trust Inc. REMIC, 0.92%, 05/25/35 (i) (r)		175		170
Citigroup/Deutsche Bank Commercial Mortgage Trust REMIC, 5.32%, 12/11/49		525		556
COMM Mortgage Trust REMIC
Interest Only, 1.42%, 10/10/23 (i)		11,029		936
Interest Only, 1.27%, 04/10/47 (i)		17,089		1,299
Commercial Mortgage Loan Trust REMIC, 6.04%, 09/10/17 (i)		1,496		1,608

	Shares/Par (t)		Value
Commercial Mortgage Pass-Through Certificates REMIC
5.90%, 07/15/17 (i)		1,566		1,684
5.54%, 01/15/49 (i)		290		311
Interest Only, 1.09%, 12/10/47 (i)		13,458		963
Commercial Mortgage Trust REMIC
Interest Only, 0.50%, 01/10/23 (i) (r)		2,500		70
Interest Only, 0.63%, 02/10/23 (i)		2,500		111
Credit Suisse Mortgage Capital Certificates REMIC
5.47%, 08/15/16		928		977
5.70%, 07/15/17 (i)		1,650		1,780
5.70%, 06/15/39 (i)		2,232		2,385
5.38%, 02/15/40		805		853
Fieldstone Mortgage Investment Trust REMIC, 1.29%, 03/25/35 (i)		3,950		3,536
Greenwich Capital Commercial Funding Corp. REMIC
5.44%, 01/10/17		2,005		2,138
5.74%, 08/10/17		2,000		2,167
GS Mortgage Securities Trust REMIC
5.56%, 11/10/39		492		521
Interest Only, 1.29%, 01/10/24 (i)		13,451		1,041
Interest Only, 2.13%, 01/12/45 (i) (r)		955		102
Interest Only, 1.12%, 11/10/47 (i)		15,700		1,252
JPMorgan Chase Commercial Mortgage Securities Trust REMIC
5.44%, 01/12/17		804		855
5.79%, 05/15/17 (i)		300		322
5.88%, 07/15/17 (i)		500		541
5.43%, 12/12/43		500		526
JPMorgan Mortgage Acquisition Trust REMIC
0.32%, 05/25/36 (i)		1,288		1,273
0.41%, 05/25/36 (i)		1,000		915
Morgan Stanley ABS Capital I Inc. Trust REMIC, 1.14%, 07/25/35 (i)		870		769
Morgan Stanley Bank of America Merrill Lynch Trust REMIC
Interest Only, 1.44%, 04/15/23 (i)		1,962		140
Interest Only, 1.26%, 11/15/23 (i)		13,844		1,034
Interest Only, 1.22%, 02/15/24 (i)		13,912		1,041
Interest Only, 1.00%, 10/15/47 (i)		18,778		1,057
Morgan Stanley Dean Witter Capital I Inc. Trust REMIC, 1.29%, 05/25/32 (i)		966		911
Morgan Stanley Home Equity Loan Trust REMIC, 0.45%, 02/25/36 (i)		700		633
Park Place Securities Inc. Asset-Backed Pass-Through Certificates REMIC
1.82%, 12/25/34 (i)		690		657
1.20%, 02/25/35 (i)		1,375		1,280
0.80%, 06/25/35 (i)		2,300		1,968
Popular ABS Mortgage Pass-Through Trust REMIC
0.63%, 09/25/35 (i)		2,000		1,726
0.61%, 11/25/35 (i)		1,741		1,637
RASC Trust REMIC, 0.82%, 07/25/35 (i)		4,700		4,050
Soundview Home Loan Trust REMIC
0.68%, 08/25/35 (i)		740		649
0.34%, 03/25/37 (i)		3,296		3,047
Structured Asset Securities Corp. Mortgage Loan Trust REMIC
0.60%, 05/25/35 (i)		200		193
0.75%, 11/25/35 (i)		3,300		2,774
0.33%, 04/25/36 (i)		5,747		5,425
0.34%, 12/25/36 (i)		940		793

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Other Securities				44,900
Total Non-U.S. Government Agency Asset- Backed Securities (cost $136,847)				139,076
CORPORATE BONDS AND NOTES - 26.2%
CONSUMER DISCRETIONARY - 1.0%
General Motors Co., 5.20%, 04/01/45		3,185		3,360
Other Securities				3,558
				6,918
CONSUMER STAPLES - 1.0%
Other Securities				6,435
ENERGY - 5.1%
Kinder Morgan Energy Partners LP
6.50%, 09/01/39		1,660		1,847
5.50%, 03/01/44		1,840		1,870
5.40%, 09/01/44		920		922
Kinder Morgan Inc., 5.55%, 06/01/45		4,485		4,594
Petroleos de Venezuela SA
5.25%, 04/12/17		1,043		469
9.00%, 11/17/21		400		175
6.00%, 05/16/24		1,600		600
5.50%, 04/12/37		200		69
Petroleos Mexicanos
4.25%, 01/15/25 (r)		150		149
6.50%, 06/02/41		850		975
5.50%, 06/27/44		850		867
6.38%, 01/23/45		142		161
Transocean Inc., 3.80%, 10/15/22 (e) (l)		5,305		4,299
Other Securities				16,825
				33,822
FINANCIALS - 11.3%
Allstate Corp., 5.75%, 08/15/53 (i)		3,280		3,456
Bank of America Corp.
5.13% (callable at 100 beginning 06/17/19) (m)		2,515		2,425
5.20% (callable at 100 beginning 06/01/23) (m)		2,765		2,554
6.25% (callable at 100 beginning 09/05/24) (m)		1,465		1,448
Citigroup Inc.
5.80% (callable at 100 beginning 11/15/19) (m)		2,925		2,925
6.30% (callable at 100 beginning 05/15/24) (m)		1,815		1,788
Corporate Office Properties LP, 3.70%, 06/15/21		4,410		4,391
Credit Suisse Group AG, 6.25%, (callable at 100 beginning 12/18/24) (m) (r)		2,735		2,630
Goldman Sachs Group Inc., 5.70%, (callable at 100 beginning 05/10/19) (e) (m)		3,860		3,904
ING US Inc., 5.65%, 05/15/53 (i)		3,605		3,569
JPMorgan Chase & Co.
5.00% (callable at 100 beginning 07/01/19) (m)		2,940		2,877
6.00% (callable at 100 beginning 08/01/23) (e) (m)		2,655		2,622
M&T Bank Corp., 6.45%, (callable at 100 beginning 02/15/24) (m)		3,565		3,783
Morgan Stanley, 5.45%, (callable at 100 beginning 07/15/19) (m)		3,925		3,932
Omega Healthcare Investors Inc., 4.50%, 01/15/25 (r)		4,580		4,533
Other Securities				28,452
				75,289

	Shares/Par (t)		Value
INDUSTRIALS - 1.2%
Air Lease Corp.
3.88%, 04/01/21 (e)		1,525		1,533
4.25%, 09/15/24		2,995		3,017
Other Securities				3,468
				8,018
INFORMATION TECHNOLOGY - 0.5%
Seagate HDD Cayman, 4.75%, 06/01/23		3,240		3,365
MATERIALS - 3.1%
Barrick Gold Corp., 4.10%, 05/01/23 (e)		6,540		6,365
Freeport-McMoRan Inc., 4.55%, 11/14/24 (e)		7,325		7,113
Other Securities				7,514
				20,992
TELECOMMUNICATION SERVICES - 1.6%
Qwest Corp., 6.75%, 12/01/21		2,980		3,446
Verizon Communications Inc., 6.55%, 09/15/43		4,997		6,402
Other Securities				689
				10,537
UTILITIES - 1.4%
Dominion Resources Inc., 5.75%, 10/01/54 (i)		3,025		3,156
Electricite de France, 5.63%, (callable at 100 beginning 01/22/24) (m) (r)		3,940		4,152
Other Securities				2,015
				9,323
Total Corporate Bonds and Notes (cost $175,818)				174,699
GOVERNMENT AND AGENCY OBLIGATIONS - 49.2%
GOVERNMENT SECURITIES - 25.0%
Federal Home Loan Bank - 0.8% (w)
Federal Home Loan Bank, 5.50%, 07/15/36		4,030		5,527
Federal National Mortgage Association - 0.5% (w)
Federal National Mortgage Association, 1.75%, 09/12/19		2,990		2,992
Sovereign - 13.0%
Hungary Government International Bond
4.13%, 02/19/18		200		207
6.25%, 01/29/20		1,000		1,124
6.38%, 03/29/21		280		320
5.75%, 11/22/23		646		715
7.63%, 03/29/41		1,090		1,449
Italy Buoni Poliennali Del Tesoro
4.50%, 03/01/26, EUR		2,535		3,780
4.00%, 02/01/37, EUR		2,985		4,170
Mexico Bonos, 7.75%, 11/13/42, MXN		80,090		6,249
New Zealand Government Bond, 5.50%, 04/15/23, NZD		3,145		2,771
Russia Government International Bond, 7.50%, 03/31/30		3,118		3,233
South Africa Government Bond, 6.50%, 02/28/41, ZAR		85,025		5,721
South Africa Government International Bond
6.88%, 05/27/19		200		229
5.88%, 09/16/25		1,550		1,746
Spain Government Bond
4.65%, 07/30/25, EUR		5,700		8,793
5.15%, 10/31/44 (r), EUR		4,885		8,452
Other Securities				38,138
				87,097
Treasury Inflation Index Securities - 5.1%
Italy Buoni Poliennali Del Tesoro Inflation Indexed Note, 2.55%, 09/15/41 (n), EUR		3,724		4,989
New Zealand Government Inflation Indexed Bond
2.06%, 09/20/25 (s), NZD		1,535		1,231

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
2.50%, 09/20/35 (s), NZD		1,535		1,227
U.S. Treasury Inflation Indexed Note
2.00%, 01/15/26 (n)		13,757		15,783
1.75%, 01/15/28 (n)		2,873		3,257
3.88%, 04/15/29 (n)		5,098		7,311
				33,798
U.S. Treasury Securities - 5.6%
U.S. Treasury Bond
6.25%, 08/15/23		3,805		5,066
5.50%, 08/15/28		1,520		2,076
3.88%, 08/15/40		910		1,112
U.S. Treasury Note
0.63%, 11/30/17		290		286
3.63%, 08/15/19		7,605		8,294
2.75%, 02/15/24		19,555		20,565
				37,399
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES - 24.2%
Federal Home Loan Mortgage Corp. - 7.0%
Federal Home Loan Mortgage Corp.
4.00%, 01/15/45, TBA (g)		24,565		26,176
4.50%, 01/15/45, TBA (g)		19,340		20,958
				47,134
Federal National Mortgage Association - 17.2%
Federal National Mortgage Association
4.00%, 01/15/45, TBA (g)		53,350		56,920
4.50%, 01/15/45, TBA (g)		46,705		50,687
5.00%, 01/15/45, TBA (g)		6,695		7,396
				115,003
Total Government and Agency Obligations (cost $327,603)				328,950
INVESTMENT COMPANIES - 5.2%
iShares iBoxx High Yield Corporate Bond Fund		212		19,008
SPDR Barclays High Yield Bond ETF (e)		407		15,732
Total Investment Companies (cost $36,057)				34,740
VARIABLE RATE SENIOR LOAN INTERESTS - 12.6% (i)
CONSUMER DISCRETIONARY - 5.0%
Other Securities				33,757
CONSUMER STAPLES - 1.3%
Other Securities				8,550
FINANCIALS - 0.6%
Other Securities				3,990
HEALTH CARE - 1.2%
Other Securities				7,791
INDUSTRIALS - 1.0%
American Airlines Inc. Term Loan B, 3.75%, 06/27/19		1,970		1,946
Other Securities				4,714
				6,660
INFORMATION TECHNOLOGY - 1.0%
Other Securities				6,624
MATERIALS - 1.0%
Other Securities				6,662
TELECOMMUNICATION SERVICES - 1.2%
Other Securities				7,833

	Shares/Par (t)		Value
UTILITIES - 0.3%
Other Securities				1,935
Total Variable Rate Senior Loan Interests (cost $85,316)				83,802
SHORT TERM INVESTMENTS - 11.5%
Investment Companies - 8.3%
JNL Money Market Fund, 0.01% (a) (h)		55,697		55,697
Securities Lending Collateral - 3.2%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		21,591		21,591
Total Short Term Investments (cost $77,288)				77,288
Total Investments - 125.5% (cost $838,929)				838,555
Other Assets and Liabilities, Net - (25.5%)				(170,573)
Total Net Assets - 100.0%			$	667,982
JNL/Oppenheimer Global Growth Fund **
COMMON STOCKS - 96.4%
BRAZIL - 3.2%
Itau Unibanco Holding SA - ADR		845	$	10,990
Other Securities				28,517
				39,507
CHINA - 0.6%
Other Securities				7,704
DENMARK - 0.4%
Other Securities				5,196
FRANCE - 5.1%
Kering SA		105		20,082
LVMH Moet Hennessy Louis Vuitton SA		133		21,089
Technip SA		207		12,301
Other Securities				8,967
				62,439
GERMANY - 8.1%
Allianz SE		129		21,334
Bayer AG		147		19,985
Linde AG		69		12,669
SAP AG		322		22,469
Siemens AG		124		13,910
Other Securities				9,714
				100,081
INDIA - 3.5%
DLF Ltd.		5,489		11,787
ICICI Bank Ltd. - ADR		1,902		21,966
Other Securities				9,447
				43,200
ITALY - 1.4%
Other Securities				17,712
JAPAN - 10.6%
Dai-Ichi Life Insurance Co. Ltd.		972		14,749
KDDI Corp.		322		20,239
Keyence Corp.		43		19,202
Kyocera Corp.		286		13,106
Murata Manufacturing Co. Ltd.		221		24,083
Nidec Corp. (e)		258		16,657
Other Securities				22,327
				130,363

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
MEXICO - 0.8%
Other Securities				9,144
NETHERLANDS - 1.7%
Airbus Group NV		423		20,916
RUSSIAN FEDERATION - 0.3%
Other Securities				3,798
SPAIN - 3.4%
Banco Bilbao Vizcaya Argentaria SA		1,477		13,948
Inditex SA		717		20,451
Other Securities				7,824
				42,223
SWEDEN - 4.2%
Assa Abloy AB - Class B		374		19,761
Telefonaktiebolaget LM Ericsson - Class B		2,650		32,081
				51,842
SWITZERLAND - 5.2%
Credit Suisse Group AG		582		14,618
Nestle SA		173		12,602
Roche Holding AG		55		14,842
UBS Group AG		1,294		22,246
				64,308
UNITED KINGDOM - 2.9%
Unilever Plc		526		21,387
Other Securities				14,802
				36,189
UNITED STATES OF AMERICA - 45.0%
3M Co.		117		19,145
Adobe Systems Inc. (c)		312		22,710
Aetna Inc.		262		23,268
Allergan Inc.		55		11,673
Altera Corp.		636		23,476
Anthem Inc.		183		23,054
Biogen Idec Inc. (c)		33		11,287
Citigroup Inc.		484		26,165
Colgate-Palmolive Co.		364		25,206
eBay Inc. (c)		498		27,939
Facebook Inc. - Class A (c)		246		19,154
Gilead Sciences Inc. (c)		168		15,827
Goldman Sachs Group Inc.		104		20,065
Google Inc. - Class A (c)		33		17,347
Google Inc. - Class C (c)		33		17,208
Intuit Inc.		247		22,797
Maxim Integrated Products Inc.		659		21,009
McGraw-Hill Financial. Inc.		347		30,904
Tiffany & Co.		187		20,029
United Parcel Service Inc. - Class B		146		16,223
Vertex Pharmaceuticals Inc. (c)		144		17,067
Walt Disney Co.		307		28,912
Zimmer Holdings Inc.		131		14,886
Other Securities				79,957
				555,308
Total Common Stocks (cost $979,893)				1,189,930
PREFERRED STOCKS - 1.9%
GERMANY - 1.9%
Bayerische Motoren Werke AG		279		22,791
INDIA - 0.0%
Other Securities				386
Total Preferred Stocks (cost $19,342)				23,177

	Shares/Par (t)		Value
RIGHTS - 0.2%
FRANCE - 0.2%
LVMH Moet Hennessy (c) (f)		133		2,317
ITALY - 0.0%
Other Securities				1
SPAIN - 0.0%
Banco Bilbao Vizcaya Argentaria SA (c)		1,477		141
Other Securities				231
				372
Total Rights (cost $2,615)				2,690
SHORT TERM INVESTMENTS - 5.0%
Investment Companies - 1.5%
JNL Money Market Fund, 0.01% (a) (h)		17,877		17,877
Securities Lending Collateral - 3.5%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		43,589		43,589
Total Short Term Investments (cost $61,466)				61,466
Total Investments - 103.5% (cost $1,063,316)				1,277,263
Other Assets and Liabilities, Net - (3.5%)				(43,024)
Total Net Assets - 100.0%			$	1,234,239
JNL/PIMCO Real Return Fund **
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES - 8.7%
Aquilae CLO Plc, 0.55%, 01/17/23 (i), EUR		967	$	1,164
Arran Residential Mortgages Funding Plc, 1.53%, 11/19/47 (i) (r), EUR		9,604		11,724
Banc of America Commercial Mortgage Trust REMIC
5.55%, 05/10/17 (i)	$	2,900		3,112
5.75%, 07/10/17 (i)		2,255		2,459
5.89%, 07/10/44 (i)		1,867		1,965
Banc of America Mortgage Trust REMIC, 2.68%, 06/25/35 (i)		181		173
BCAP LLC REMIC
5.04%, 04/26/17 (i) (r)		1,301		1,281
5.25%, 05/26/22 (r)		3,174		3,300
Citigroup Mortgage Loan Trust Inc. REMIC
0.23% - 2.56%, 08/25/35 - 05/25/37 (i)		940		747
2.74%, 09/25/37 (i)		1,621		1,444
Commercial Mortgage Pass-Through Certificates REMIC, 3.16%, 11/10/15 (r)		5,270		5,326
Countrywide Asset-Backed Certificates REMIC
0.35% - 0.42%, 10/25/34 - 09/25/36 (i)		290		285
0.35%, 12/25/34 (i)		1,746		1,711
Credit Suisse Mortgage Capital Certificates REMIC
5.46%, 07/16/16 (i) (r)		1,066		1,111
5.38%, 11/15/16 (r)		739		769
5.70%, 06/15/39 (e) (i)		3,220		3,441
DBUBS Mortgage Trust REMIC, 3.39%, 06/10/16 (r)		13,336		13,708
Elm CLO Ltd., 1.64%, 01/17/23 (i) (r)		9,800		9,800
Greenwich Capital Commercial Funding Corp. REMIC, 5.44%, 01/10/17		4,000		4,266
GS Mortgage Securities Trust REMIC, 4.59%, 07/10/20 (r)		4,300		4,738
Hillmark Funding, 0.48%, 05/21/21 (i) (r)		6,953		6,880

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
JPMorgan Chase Commercial Mortgage Securities Trust REMIC, 5.79%, 08/12/17 (i)		4,000		4,336
JPMorgan Mortgage Trust REMIC
2.53% - 5.03%, 07/25/35 - 09/25/35 (i)		1,123		1,109
2.14%, 07/27/37 (i) (r)		834		719
LB-UBS Commercial Mortgage Trust REMIC, 5.42%, 01/15/17		6,022		6,448
Morgan Stanley Capital I Trust REMIC
5.91%, 07/11/17 (i)		3,094		3,365
0.23%, 05/25/37 (i)		123		86
NCUA Guaranteed Notes Trust REMIC
0.61%, 10/07/20 (i)		2,134		2,147
0.72%, 12/08/20 (i)		3,354		3,386
OneMain Financial Issuance Trust, 2.47%, 12/18/17 (f) (r)		9,200		9,236
Penta CLO SA, 0.40%, 06/04/24 (i), EUR		1,883		2,251
People’s Choice Home Loan Securities Trust Series REMIC, 1.02%, 08/25/35 (i)		9,443		7,038
RBSCF Trust REMIC
5.70%, 07/16/17 (i) (r)		4,000		4,277
6.04%, 08/16/17 (i) (r)		1,544		1,633
SLM Student Loan Trust
0.68%, 01/25/17 (i)		181		181
1.73%, 10/25/17 (i)		4,789		4,919
REMIC, 0.27%, 04/25/19 (i)		6,300		6,261
Structured Asset Securities Corp. REMIC, 0.31%, 06/25/37 (i)		1,900		1,821
Symphony CLO III Ltd., 0.47%, 05/15/19 (i) (r)		1,792		1,775
Vornado DP LLC Trust, 4.00%, 09/13/20 (r)		4,600		4,966
Washington Mutual Alternative Mortgage Pass-Through Certificates REMIC, 2.37%, 12/25/35 (i)		262		240
Washington Mutual Mortgage Pass-Through Certificates REMIC
0.88% - 5.14%, 03/25/33 - 05/25/47 (i)		1,365		1,284
1.11%, 08/25/46 (i)		4,424		3,720
Wells Fargo Mortgage Backed Securities Trust REMIC, 2.60% - 2.62%, 12/25/34 - 04/25/36 (i)		1,479		1,442
Other Securities				17,475
Total Non-U.S. Government Agency Asset- Backed Securities (cost $168,416)				169,519
CORPORATE BONDS AND NOTES - 5.8%
ENERGY - 0.3%
Kinder Morgan Finance Co. ULC, 5.70%, 01/05/16		5,000		5,191
Other Securities				369
				5,560
FINANCIALS - 4.2%
Bankia SA
3.50%, 12/14/15, EUR		4,900		6,098
0.29%, 01/25/16 (i), EUR		600		719
4.38%, 02/14/17, EUR		100		129
3.50%, 01/17/19, EUR		2,100		2,742
BNP Paribas SA, 0.54%, 11/07/15 (i)		14,200		14,178
BPCE SA, 0.80%, 11/18/16 (i)		8,100		8,106
BPE Financiaciones SA
2.88%, 05/19/16, EUR		4,100		5,067
2.50%, 02/01/17, EUR		1,600		1,975
China Construction Bank Corp., 1.70%, 04/16/15		8,300		8,324
Citigroup Inc., 0.75%, 05/01/17 (e) (i)		18,700		18,652
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA, 4.00%, 09/10/15, GBP		1,100		1,751
Eksportfinans ASA, 2.38%, 05/25/16		3,200		3,207

	Shares/Par (t)		Value
Greensill Capital, 0.00%, 03/04/15 (f) (j) (p) (q)		5,100		4,960
Intesa Sanpaolo SpA, 3.13%, 01/15/16		2,600		2,642
Wells Fargo & Co., 7.98%, (callable at 100 beginning 03/15/18) (m)		1,300		1,435
Other Securities				1,963
				81,948
INDUSTRIALS - 0.2%
GATX Financial Corp., 5.80%, 03/01/16		1,000		1,053
Hellenic Railways Organization SA, 4.03%, 03/17/17, EUR		2,300		2,257
Other Securities				958
				4,268
TELECOMMUNICATION SERVICES - 0.9%
BellSouth Corp., 4.18%, 04/26/21 (p) (q)		18,000		18,177
UTILITIES - 0.2%
Electricite de France
0.69%, 01/20/17 (i) (r)		2,100		2,106
1.15%, 01/20/17 (r)		600		600
				2,706
Total Corporate Bonds and Notes (cost $115,689)				112,659
GOVERNMENT AND AGENCY OBLIGATIONS - 119.3%
GOVERNMENT SECURITIES - 118.6%
Municipals - 0.1%
Other Securities				979
Sovereign - 4.2%
Australia Government Bond, 5.25%, 03/15/19, AUD		6,600		6,047
Autonomous Community of Catalonia, Spain, 4.95%, 02/11/20, EUR		1,800		2,414
Brazil Notas do Tesouro Nacional, 10.00%, 01/01/25, BRL		8,000		2,635
Hellenic Republic Government International Bond, 4.50%, 07/03/17, JPY		170,000		1,137
Italy Buoni Poliennali Del Tesoro
5.50%, 11/01/22, EUR		500		778
5.00%, 09/01/40, EUR		1,300		2,077
Mexico Bonos, 4.75%, 06/14/18, MXN		41,790		2,826
Mexico Bonos de Proteccion al Ahorro, 3.05%, 01/04/18 (i), MXN		194,700		13,565
Province of Ontario, Canada, 3.45%, 06/02/45, CAD		7,500		6,715
Slovenia Government International Bond, 4.70%, 11/01/16 (r), EUR		3,600		4,661
Spain Government Bond
5.40%, 01/31/23 (r), EUR		16,500		26,111
3.80%, 04/30/24 (r), EUR		8,500		12,305
				81,271
Treasury Inflation Index Securities - 114.3%
Bundesrepublik Deutschland Bundesobligation Inflation Indexed Bond, 0.75%, 04/15/18 (n), EUR		70,416		87,512
France Government Inflation Indexed Bond
0.25%, 07/25/18 (n), EUR		7,598		9,360
0.70%, 07/25/30 (n), EUR		703		920
Italy Buoni Poliennali Del Tesoro Inflation Indexed Note
2.10%, 09/15/16 (n), EUR		2,143		2,649
2.55%, 10/22/16 (n), EUR		2,194		2,742
2.25%, 04/22/17 (n), EUR		7,898		9,870
2.10%, 09/15/17 (n), EUR		2,675		3,364
1.70%, 09/15/18 (n), EUR		4,351		5,463
2.10%, 09/15/21 (n), EUR		12,904		16,873
2.35%, 09/15/24 (n) (r), EUR		24,039		32,337

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
3.10%, 09/15/26 (n), EUR		425		613
2.55%, 09/15/41 (n), EUR		3,480		4,661
Mexican Inflation Indexed Udibonos, 4.00%, 11/08/46 (n), MXN		239,213		18,662
Mexico Government Inflation Indexed Bond, 4.00%, 11/15/40 (n), MXN		24,764		1,901
Mexico Inflation Indexed Udibonos, 4.50%, 12/04/25 (n), MXN		17,915		1,434
New South Wales Treasury Corp. Inflation Indexed Bond
3.35%, 11/20/25 (s), AUD		7,400		8,771
3.05%, 11/20/35 (s), AUD		100		120
New Zealand Government Inflation Indexed Bond
2.06%, 09/20/25 (s), NZD		14,500		11,625
3.06%, 09/20/30 (q) (s), NZD		2,500		2,197
U.S. Treasury Inflation Indexed Note
0.50%, 04/15/15 (n)		29,034		28,643
1.88%, 07/15/15 (n) (o)		11,108		11,138
2.00%, 01/15/16 (g) (n) (o)		40,135		40,718
0.13%, 04/15/16 (g) (n)		142,204		141,715
2.63%, 07/15/17 (n) (o)		3,551		3,807
0.13%, 04/15/19 (g) (n) (o)		135,781		134,402
1.88%, 07/15/19 (g) (n)		21,573		23,172
1.38%, 01/15/20 (g) (n)		107,163		112,546
1.25%, 07/15/20 (g) (n) (o)		103,537		108,771
1.13%, 01/15/21 (g) (n) (o)		35,547		36,980
0.63%, 07/15/21 (n) (o)		189,149		191,794
0.13%, 01/15/22 (g) (n) (o)		179,804		175,168
0.13%, 07/15/22 (g) (n)		142,895		139,401
0.13%, 01/15/23 (g) (n)		90,520		87,670
0.38%, 07/15/23 (g) (n) (o)		44,891		44,450
0.13%, 07/15/24 (g) (n)		37,998		36,650
2.38%, 01/15/25 (g) (n)		135,912		159,781
2.00%, 01/15/26 (g) (n)		83,619		95,934
2.38%, 01/15/27 (g) (n)		93,130		111,618
1.75%, 01/15/28 (g) (n)		20,763		23,542
3.63%, 04/15/28 (n) (o)		9,219		12,698
2.50%, 01/15/29 (g) (n)		57,063		70,968
3.88%, 04/15/29 (g) (n)		56,183		80,566
2.13%, 02/15/40 (g) (n)		31,692		41,193
2.13%, 02/15/41 (n)		867		1,136
1.38%, 02/15/44 (g) (n)		83,845		95,216
Other Securities				715
				2,231,466
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES - 0.7%
Federal Home Loan Mortgage Corp. - 0.7%
Federal Home Loan Mortgage Corp.
1.99% - 2.14%, 07/01/36 - 10/01/36 (i)		835		884
Interest Only, 0.61%, 09/15/42 (i)		9,375		9,446
REMIC, 0.61% - 1.32%, 08/15/33 - 02/25/45 (i)		2,714		2,736
				13,066
Federal National Mortgage Association - 0.0%
Other Securities				433
Small Business Administration Participation Certificates - 0.0%
Other Securities				842
Total Government and Agency Obligations (cost $2,436,157)				2,328,057
PREFERRED STOCKS - 0.0%
FINANCIALS - 0.0%
Wells Fargo & Co., 7.50% - Series L (m) (v)		1		607
Total Preferred Stocks (cost $500)				607

	Shares/Par (t)		Value
PURCHASED OPTIONS - 0.1%
Put Swaption, 3-Month LIBOR versus 2.50% fixed, Expiration 12/11/17, MSS (q)		120		1,504
Other Securities				320
Total Purchased Options (cost $2,226)				1,824
OTHER EQUITY INTERESTS - 0.0%
Other Securities				15
Total Other Equity Interests (cost $0)				15
SHORT TERM INVESTMENTS - 8.6%
Certificates of Deposit - 1.7%
Banco Bilbao Vizcaya Argentaria
0.98%, 10/23/15 (i)	$	18,750		18,729
1.08%, 05/16/16 (i)		8,500		8,492
Other Securities				6,699
				33,920
Securities Lending Collateral - 0.2%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		4,022		4,022
Treasury Securities - 6.7%
Hellenic Republic Treasury Bill
0.00%, 01/09/15, EUR		30,100		36,399
0.00%, 02/06/15, EUR		15,400		18,585
Mexico Cetes
0.20%, 02/12/15, MXN		46,150		31,177
0.20%, 05/14/15, MXN		48,600		32,577
U.S. Treasury Bill, 0.03% - 0.07%, 03/05/15 - 05/28/15 (o)	$	11,873		11,871
				130,609
Total Short Term Investments (cost $175,786)				168,551
Total Investments - 142.5% (cost $2,898,774)				2,781,232
Other Assets and Liabilities, Net - (42.5%)				(829,637)
Total Net Assets - 100.0%			$	1,951,595
JNL/PIMCO Total Return Bond Fund **
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES - 10.1%
Ally Auto Receivables Trust, 0.68%, 06/15/16	$	19,000	$	18,988
Ameriquest Mortgage Securities Inc. REMIC, 0.64%, 10/25/35 (i)		16,700		16,188
Bear Stearns Adjustable Rate Mortgage Trust, 2.35% - 3.01%, 11/25/30 - 03/25/35 (i)		3,196		3,176
Bear Stearns Alt-A Trust REMIC
2.55% - 2.61%, 05/25/35 - 09/25/35 (i)		823		753
5.07%, 09/25/35 (i)		19,363		15,201
Bear Stearns Asset Backed Securities I Trust REMIC, 0.82%, 03/25/35 (i)		9,584		8,923
Bear Stearns Asset Backed Securities Trust, 0.42% - 0.58%, 12/25/35 - 01/25/37 (i)		20,549		17,914
Bear Stearns Commercial Mortgage Securities Trust REMIC, 5.33%, 02/11/17		260		278
Bear Stearns Structured Products Inc. Trust REMIC
2.34% - 2.59%, 01/26/36 - 12/26/46 (i)		1,484		1,177
1.47%, 03/25/37 (i) (p) (q)		2,947		2,700
CIFC Funding Ltd., 1.38%, 08/14/24 (i) (r)		21,000		20,979
Citibank Credit Card Issuance Trust, 4.85%, 03/10/15		48,500		48,908
Citicorp Mortgage Securities Trust REMIC, 6.00%, 02/25/37		2,395		2,448

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Citigroup Mortgage Loan Trust Inc. REMIC
2.67%, 11/25/35 (i)		14,580		12,881
0.23% - 2.54%, 12/25/35 - 05/25/37 (i)		758		663
Commercial Mortgage Pass-Through Certificates REMIC, 2.48%, 04/26/38 (i) (r)		3,700		3,597
Credit Suisse Commercial Mortgage Trust REMIC, 5.30%, 12/15/39		2,927		3,108
CS First Boston Mortgage Securities Corp. REMIC, 0.80%, 03/25/32 (i) (r)		40		37
JPMorgan Chase Commercial Mortgage Securities Trust REMIC
5.42% - 5.44%, 01/12/17 - 02/15/17		7,952		8,483
5.34%, 05/15/47		1,869		1,985
JPMorgan Mortgage Acquisition Trust, 0.41% -0.45%, 05/25/36 - 01/25/37 (i)		13,300		11,000
JPMorgan Mortgage Trust REMIC
2.64%, 02/25/35 (i)		85		83
5.50% - 5.75%, 01/25/36 - 04/25/36		1,339		1,355
Merrill Lynch Mortgage Investors Trust, 0.38% - 2.20%, 05/25/33 - 02/25/36 (i)		17,676		16,748
MLCC Mortgage Investors Inc., 0.42% - 1.16%, 10/25/35 - 11/25/35 (i)		357		338
Morgan Stanley ABS Capital I Inc. Trust REMIC, 0.33%, 04/25/36 (i)		1,674		1,633
Morgan Stanley Dean Witter Capital I REMIC, 1.07%, 07/25/32 (i)		1,911		1,828
Morgan Stanley Re-REMIC Trust REMIC, 5.80%, 04/12/17 (i) (r)		691		741
SpringCastle America Funding LLC, 2.70%, 05/25/23 (r)		21,335		21,305
Wells Fargo Mortgage Backed Securities Trust REMIC, 2.60% - 2.62%, 01/25/35 - 07/25/36 (i)		13,488		13,115
Other Securities				205,000
Total Non-U.S. Government Agency Asset- Backed Securities (cost $443,502)				461,533
CORPORATE BONDS AND NOTES - 27.3%
CONSUMER DISCRETIONARY - 3.0%
Daimler Finance North America LLC
0.83%, 01/09/15 (i) (r)		8,450		8,451
1.65%, 04/10/15 (r)		9,125		9,145
1.30%, 07/31/15 (r)		21,100		21,188
1.88%, 01/11/18 (r)		5,500		5,519
NBCUniversal Media LLC, 3.65%, 04/30/15		29,800		30,106
Time Warner Inc., 3.15%, 07/15/15		15,581		15,800
Viacom Inc., 1.25%, 02/27/15		30,542		30,567
Other Securities				14,506
				135,282
CONSUMER STAPLES - 0.9%
SABMiller Holdings Inc., 1.85%, 01/15/15 (r)		34,935		34,954
Other Securities				5,062
				40,016
ENERGY - 2.0%
Petrobras Global Finance BV
1.85%, 05/20/16 (i)		600		573
2.00% - 3.25%, 05/20/16 - 03/17/17		1,100		1,046
2.60%, 03/17/17 (e) (i)		300		277
Petrobras International Finance Co.
3.50% - 6.13%, 01/27/16 - 02/06/17		2,100		2,044
5.88% - 8.38%, 03/01/18 - 12/10/18 (e)		2,000		2,013
7.88%, 03/15/19		16,800		17,680
Shell International Finance BV, 0.44%, 11/15/16 (i)		9,200		9,203
Statoil ASA, 0.69%, 11/08/18 (i)		29,300		29,344

	Shares/Par (t)		Value
Other Securities				28,562
				90,742
FINANCIALS - 17.9%
Ally Financial Inc.
8.30%, 02/12/15 (e)		26,730		26,871
4.63%, 06/26/15		9,645		9,717
3.50%, 07/18/16		7,220		7,301
5.50%, 02/15/17		16,000		16,800
4.75% - 7.50%, 09/10/18 - 09/15/20		3,344		3,637
American International Group Inc.
5.05%, 10/01/15		100		103
6.25%, 03/15/37 (i)		800		893
8.18%, 05/15/58 (i)		12,100		16,395
Bank of America Corp.
4.50%, 04/01/15		3,400		3,432
6.50%, 08/01/16		8,460		9,116
Bank of America NA
0.70%, 11/14/16 (i)		67,900		67,836
0.65%, 05/08/17 (i)		4,300		4,293
6.00%, 10/15/36		3,200		4,008
Barclays Bank Plc
2.75%, 02/23/15		16,900		16,944
7.63%, 11/21/22		2,800		3,062
7.75%, 04/10/23 (i)		12,800		13,952
Bear Stearns Cos. LLC, 5.30%, 10/30/15		3,200		3,318
CIT Group Inc., 4.75%, 02/15/15 (e) (r)		17,280		17,329
Citigroup Inc.
2.65%, 03/02/15 (e)		4,900		4,915
3.95% - 4.88%, 05/07/15 - 01/10/17		6,000		6,159
4.70%, 05/29/15		32,000		32,522
0.51% - 1.19%, 04/01/16 - 07/25/16 (i)		8,600		8,605
6.13%, 08/25/36		1,300		1,550
Credit Suisse
0.54%, 03/11/16 (i)		15,900		15,894
0.72%, 05/26/17 (i)		9,000		8,989
Export-Import Bank of Korea, 5.88%, 01/14/15		9,700		9,719
Ford Motor Credit Co. LLC
3.88%, 01/15/15		27,000		27,034
2.75% - 12.00%, 04/15/15 - 04/15/16		22,394		22,998
1.01%, 01/17/17 (i)		19,200		19,196
0.76%, 09/08/17 (i)		700		695
Goldman Sachs Group Inc.
3.30%, 05/03/15		16,975		17,114
3.70%, 08/01/15		20,443		20,775
0.86%, 06/04/17 (i)		1,100		1,098
ICICI Bank Ltd., 4.75%, 11/25/16 (r)		13,600		14,213
International Lease Finance Corp., 8.63%, 09/15/15 (k)		29,150		30,389
JPMorgan Chase & Co.
3.15% - 3.70%, 01/20/15 - 07/05/16		8,300		8,356
1.88%, 03/20/15		20,500		20,562
1.10%, 10/15/15		12,362		12,386
1.06%, 05/30/17 (i), GBP		3,700		5,688
6.30%, 04/23/19		6,100		7,086
JPMorgan Chase Bank NA, 6.00%, 10/01/17		4,100		4,551
KBC Bank NV, 8.00%, 01/25/23		10,000		11,200
LBG Capital No.2 Plc
15.00%, 12/21/19 (v), GBP		13,400		28,655
8.88%, 02/07/20 (v), EUR		1,200		1,617
Macquarie Bank Ltd., 6.63%, 04/07/21 (r)		16,100		18,586
Merrill Lynch & Co. Inc., 6.40%, 08/28/17		1,900		2,117
Morgan Stanley, 6.00%, 04/28/15		13,600		13,821
Northern Rock Plc, 5.63%, 06/22/17 (r)		16,000		17,531
SLM Corp.
6.25%, 01/25/16		18,244		18,974
8.45%, 06/15/18		11,002		12,267
5.50%, 01/15/19		100		102

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Wells Fargo & Co.
7.98% (callable at 100 beginning 03/15/18) (m)		20,500		22,627
0.69%, 04/22/19 (i)		1,100		1,098
Wells Fargo Bank NA, 0.38%, 06/02/16 (i)		5,215		5,208
Other Securities				136,447
				815,751
HEALTH CARE - 0.1%
Other Securities				5,819
INDUSTRIALS - 1.0%
Hellenic Railways Organization SA, 4.50%, 12/06/16, JPY		1,298,700		9,736
International Lease Finance Corp.
5.75%, 05/15/16		1,600		1,660
6.75%, 09/01/16 (r)		1,900		2,023
7.13%, 09/01/18 (r)		20,858		23,361
Other Securities				10,797
				47,577
INFORMATION TECHNOLOGY - 0.4%
Xerox Corp., 4.25%, 02/15/15		11,522		11,573
Other Securities				5,504
				17,077
MATERIALS - 0.2%
Other Securities				8,937
TELECOMMUNICATION SERVICES - 0.9%
Verizon Communications Inc.
2.50%, 09/15/16		6,719		6,870
1.99%, 09/14/18 (i)		2,300		2,393
3.00% - 3.65%, 09/14/18 - 11/01/21		10,900		11,264
3.50%, 11/01/24		15,900		15,622
Other Securities				7,071
				43,220
UTILITIES - 0.9%
Dynegy Finance I Inc.
6.75%, 11/01/19 (r)		12,600		12,820
7.38% - 7.63%, 11/01/22 - 11/01/24 (r)		8,100		8,247
Other Securities				18,712
				39,779
Total Corporate Bonds and Notes (cost $1,238,710)				1,244,200
GOVERNMENT AND AGENCY OBLIGATIONS - 63.7%
GOVERNMENT SECURITIES - 39.4%
Federal Home Loan Mortgage Corp. - 3.0% (w)
Federal Home Loan Mortgage Corp.
1.00%, 09/29/17 (o)		18,100		18,063
0.75%, 01/12/18 (o)		94,100		92,757
1.75% - 3.75%, 03/27/19 - 05/30/19		6,300		6,758
1.25%, 10/02/19		20,100		19,665
				137,243
Federal National Mortgage Association - 0.1% (w)
Federal National Mortgage Association
0.88%, 12/20/17		800		791
0.88% - 1.88%, 02/08/18 - 09/18/18		5,000		4,963
				5,754
Municipals - 5.1%
Dallas Convention Center Hotel Development Corp., 7.09%, 01/01/42		13,800		18,546
Irvine Ranch Water District, 6.62%, 05/01/40		16,800		22,361
Los Angeles County Public Works Financing Authority, 7.62%, 08/01/40		9,000		13,132
State of California
7.70%, 11/01/30		100		126

	Shares/Par (t)		Value
7.50%, 04/01/34		7,600		11,298
7.95%, 03/01/36		10,100		12,486
7.55%, 04/01/39		7,900		12,191
7.60%, 11/01/40		16,800		26,214
Other Securities				117,744
				234,098
Sovereign - 10.5%
Bonos Y Oblig Del Estado, 4.20%, 01/31/37, EUR		1,100		1,668
Brazil Letras do Tesouro Nacional
0.00%,10/01/15 (j), BRL		316,500		108,740
0.00%,07/01/18 (j), BRL		20,300		5,025
Brazil Notas do Tesouro Nacional, 10.00%, 01/01/25, BRL		10,900		3,590
Italy Buoni Poliennali Del Tesoro
1.15% - 3.75%, 08/01/15 - 05/15/17, EUR		8,600		10,572
3.00%, 11/01/15, EUR		29,400		36,323
3.75%, 08/01/16, EUR		35,100		44,650
3.75%, 09/01/24, EUR		11,800		16,662
Japan Government Bond, 1.70%, 09/20/44, JPY		2,040,000		18,830
Mexico Bonos
8.00%, 06/11/20, MXN		356,500		27,196
7.75%, 05/29/31, MXN		7,400		570
Province of Ontario, Canada
1.00%, 07/22/16		1,100		1,105
1.60%, 09/21/16		66,200		67,104
3.00% - 5.50%, 06/02/18 - 06/02/22, CAD		16,500		15,583
1.65% - 4.40%, 09/27/19 - 04/14/20 (e)		11,300		12,215
Spain Government Bond
3.30%, 07/30/16, EUR		19,400		24,509
4.25%, 10/31/16, EUR		9,200		11,900
2.10% - 5.50%, 04/30/17 - 07/30/17, EUR		7,200		9,142
4.50%, 01/31/18, EUR		8,600		11,629
4.70%, 07/30/41, EUR		4,800		7,775
5.15%, 10/31/44 (r), EUR		1,100		1,903
Other Securities				39,986
				476,677
Treasury Inflation Index Securities - 15.1%
U.S. Treasury Inflation Indexed Note
1.25%, 07/15/20 (n) (o)		20,032		21,045
1.13%, 01/15/21 (n) (o)		8,575		8,920
0.63%, 07/15/21 (n) (o)		64,754		65,660
0.63%, 07/15/21 (n)		3,476		3,525
0.13%, 01/15/22 (n) (o)		7,868		7,665
0.13%, 07/15/22 (n)		44,913		43,815
0.38%, 07/15/23 (n) (o)		11,427		11,314
2.38%, 01/15/25 (n)		117,774		138,458
2.00%, 01/15/26 (n)		88,404		101,423
2.38%, 01/15/27 (n)		99,252		118,956
1.75%, 01/15/28 (n) (o)		92,368		104,729
3.63% - 3.88%, 04/15/28 - 04/15/29 (n)		1,738		2,475
2.50%, 01/15/29 (n)		47,885		59,553
				687,538
U.S. Treasury Securities - 5.6%
U.S. Treasury Bond
3.13%, 02/15/43		56,400		60,595
3.38% - 3.75%, 11/15/43 - 05/15/44		7,300		8,315
3.63%, 02/15/44		12,400		14,603
3.13%, 08/15/44 (g)		81,500		87,740
3.00%, 11/15/44		32,300		33,945
U.S. Treasury Note
0.63%, 09/30/17 (o)		17,000		16,810
0.75%, 10/31/17 - 12/31/17 (o)		23,100		22,902
2.25%, 11/15/24		10,200		10,269
				255,179

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES - 24.3%
Federal Home Loan Mortgage Corp. - 1.1%
Federal Home Loan Mortgage Corp.
6.00%, 03/01/16 - 08/01/16		1		2
5.50% - 6.00%, 05/01/26 - 08/15/40		17,303		19,488
2.48%, 07/01/27 (i)		1		1
4.50%, 01/15/45, TBA (g)		13,000		14,087
6.00%, 01/15/45, TBA (g)		1,000		1,132
REMIC, 7.00%, 05/15/23		100		111
REMIC, 0.21% - 1.32%, 11/15/30 - 02/25/45 (i)		852		849
REMIC, 3.50% - 4.50%, 03/15/34 - 01/15/42		13,332		14,162
				49,832
Federal National Mortgage Association - 21.9%
Federal National Mortgage Association
4.00% - 6.00%, 02/01/15 - 12/01/17		571		599
2.31% - 6.00%, 03/01/18 - 12/01/24		80,296		84,531
3.16%, 05/01/22		12,882		13,524
2.87% - 6.50%, 01/01/25 - 07/01/42		231,475		256,640
3.50%, 11/01/28		11,012		11,684
3.50% - 4.00%, 01/15/30 - 02/15/30, TBA (g)		10,000		10,567
3.00%, 02/15/30, TBA (g)		42,000		43,562
1.32% - 2.07%, 01/01/35 - 06/01/43 (i)		1,422		1,506
6.00%, 01/01/37		28		31
5.50%, 09/01/40		18,834		21,044
6.00%, 05/01/41		42,149		47,827
3.50%, 01/15/45, TBA (g)		52,000		54,180
4.00%, 01/15/45, TBA (g)		142,000		151,501
4.50%, 01/15/45, TBA (g)		51,000		55,348
5.00%, 01/15/45, TBA (g)		52,000		57,445
5.50%, 01/15/45, TBA (g)		38,000		42,504
6.00%, 01/15/45, TBA (g)		11,000		12,474
4.50%, 02/15/45, TBA (g)		56,000		60,669
5.00%, 02/15/45, TBA (g)		54,000		59,587
REMIC, 5.00% - 6.50%, 04/25/33 - 12/25/42		217		239
REMIC, 0.23% - 2.19%, 05/25/35 - 03/25/44 (i)		10,420		10,501
				995,963
Government National Mortgage Association - 1.0%
Government National Mortgage Association
1.63% - 2.00%, 05/20/26 - 02/20/32 (i)		119		123
5.00%, 02/15/38 - 07/15/41		25,574		28,279
5.00%, 04/15/39		15,747		17,412
				45,814
Small Business Administration Participation Certificates - 0.3%
Other Securities				13,739
Total Government and Agency Obligations (cost $2,889,837)				2,901,837
PREFERRED STOCKS - 0.1%
FINANCIALS - 0.1%
Wells Fargo & Co., 7.50% - Series L (m) (v)		5		6,075
Total Preferred Stocks (cost $6,056)				6,075
TRUST PREFERREDS - 0.4%
FINANCIALS - 0.4%
GMAC Capital Trust I, 8.13%, (callable at 25 beginning 02/15/16)		740		19,521
Total Trust Preferreds (cost $18,500)				19,521

	Shares/Par (t)		Value
OTHER EQUITY INTERESTS - 0.0%
Other Securities				—
Total Other Equity Interests (cost $0)				—
SHORT TERM INVESTMENTS - 10.8%
Certificates of Deposit - 0.8%
Credit Suisse, 0.47%, 03/17/15 (i)	$	3,300		3,300
Other Securities				34,630
				37,930
Commercial Paper - 0.1%
Ford Motor Credit Co. LLC, 0.68%, 04/06/15 (r)		4,800		4,793
Federal Home Loan Bank - 4.9% (w)
Federal Home Loan Bank
0.06% - 0.16%, 01/16/15 - 03/20/15		46,500		46,497
0.06%, 01/21/15		25,100		25,099
0.08%, 01/29/15		51,100		51,097
0.11%, 02/04/15		97,900		97,890
				220,583
Federal Home Loan Mortgage Corp. - 1.9% (w)
Federal Home Loan Mortgage Corp.
0.05% - 0.11%, 02/05/15 - 02/25/15		33,200		33,197
0.14%, 05/14/15		52,100		52,087
				85,284
Federal National Mortgage Association - 0.0% (w)
Federal National Mortgage Association, 0.10%, 03/27/15		400		400
Securities Lending Collateral - 0.8%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		37,769		37,769
Treasury Securities - 2.3%
Mexico Cetes
0.20%, 01/08/15 - 01/22/15, MXN		60,660		41,076
0.20%, 02/05/15, MXN		92,680		62,636
U.S. Treasury Bill, 0.02% - 0.07%, 01/29/15 - 05/21/15 (o)	$	2,440		2,440
				106,151
Total Short Term Investments (cost $506,218)				492,911
Total Investments - 112.4% (cost $5,102,823)				5,126,077
Other Assets and Liabilities, Net - (12.4%)				(566,398)
Total Net Assets - 100.0%			$	4,559,679
JNL/PPM America Floating Rate Income Fund **
CORPORATE BONDS AND NOTES - 4.0%
CONSUMER DISCRETIONARY - 0.9%
MGM Resorts International, 6.75%, 10/01/20	$	804	$	844
Other Securities				13,047
				13,891
CONSUMER STAPLES - 0.3%
HJ Heinz Co., 4.25%, 10/15/20		1,506		1,521
Other Securities				3,909
				5,430
ENERGY - 0.7%
Seadrill Ltd., 6.13%, 09/15/17 (k) (r)		750		664
Other Securities				10,831
				11,495

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
FINANCIALS - 0.2%
Other Securities				3,501
HEALTH CARE - 0.3%
Other Securities				4,556
INDUSTRIALS - 0.5%
Other Securities				8,396
INFORMATION TECHNOLOGY - 0.4%
First Data Corp., 7.38%, 06/15/19 (r)		483		508
Other Securities				5,567
				6,075
MATERIALS - 0.2%
Other Securities				3,456
TELECOMMUNICATION SERVICES - 0.2%
Other Securities				3,105
UTILITIES - 0.3%
Other Securities				4,005
Total Corporate Bonds and Notes (cost $65,847)				63,910
VARIABLE RATE SENIOR LOAN INTERESTS - 90.9% (i)
CONSUMER DISCRETIONARY - 27.4%
Advantage Sales and Marketing Inc. 1st Lien New Term Loan, 4.25%, 07/11/21		6,387		6,309
Advantage Sales and Marketing Inc. Delayed Draw Term Loan, 4.25%, 07/11/21		213		210
Advantage Sales and Marketing, Inc. 2nd Lien Term Loan, 7.50%, 07/10/22		900		888
Aramark Corp. Term Loan
3.25%, 09/21/19		5,820		5,718
3.25%, 02/21/21		1,943		1,908
Citycenter Holdings LLC Term Loan B, 4.25%, 10/09/20		7,199		7,121
Clear Channel Communications Inc. Term Loan, 6.92%, 01/30/19		9,000		8,466
Formula One Holdings Term Loan
4.75%, 07/30/21		8,137		7,926
7.75%, 07/29/22		1,250		1,213
Goodyear Engineered Products 1st Lien Term Loan, 5.25%, 09/06/17		7,334		7,300
Hilton Worldwide Finance LLC Term Loan B-2, 3.50%, 09/23/20		2,622		2,588
Hilton Worldwide Inc. Term Loan B, 3.50%, 09/23/20		5,532		5,460
MGM Resorts International Term Loan B, 3.50%, 12/20/19		8,154		7,924
Neiman Marcus Group Inc. Term Loan, 4.25%, 10/25/20		7,908		7,718
Scientific Games Corp. Term Loan
4.25%, 06/14/20		5,479		5,393
4.25%, 06/14/20		131		128
6.00%, 06/14/20		793		781
6.00%, 06/14/20		5,381		5,297
6.00%, 06/14/20		98		96
ServiceMaster Co LLC Term Loan, 4.25%, 06/27/21		10,970		10,751
Tribune Co. Initial Term Loan, 4.00%, 11/26/20		10,987		10,802
Univision Communications Inc. Incremental Term Loan, 4.00%, 03/01/20		3,719		3,629
Univision Communications Inc. Replacement 1st Lien Term Loan, 4.00%, 03/01/20		11,199		10,936
Ziggo BV Term Loan B-1
3.25%, 01/15/22		260		253
3.25%, 01/15/22		4,547		4,414
Ziggo BV Term Loan B-2, 3.25%, 01/15/22		3,098		3,007

	Shares/Par (t)		Value
Ziggo BV Term Loan B-3, 3.50%, 01/15/22		5,095		4,946
Other Securities				311,003
				442,185
CONSUMER STAPLES - 6.1%
Albertson’s LLC Delayed Draw Term Loan, 4.75%, 03/21/19		3,000		2,977
Albertson’s LLC Term Loan B-2, 4.75%, 05/21/19		3,304		3,279
Albertsons LLC Term Loan B4, 4.50%, 08/10/21		1,500		1,498
ARAMARK Corp. Extended Term Loan, 3.65%, 07/26/16		123		122
ARAMARK Corp. Term Loan, 5.00%, 07/26/16		72		71
BJ’s Wholesale Club Inc. Term Loan B, 4.50%, 11/01/19		7,432		7,281
Dunkin Brands Inc. Term Loan B-4
3.25%, 02/07/21		2,872		2,788
3.25%, 02/07/21		5,454		5,294
HJ Heinz Co. Term Loan B-2, 3.50%, 04/15/20		6,782		6,733
Other Securities				68,847
				98,890
ENERGY - 5.4%
Drillships Financing Holding Inc. Term Loan B-1, 6.00%, 03/31/21		7,161		5,581
Ocean Rig UDW Inc. Term Loan, 5.50%, 07/18/21		2,494		1,995
Seadrill Ltd. Term Loan B, 4.00%, 02/12/21		9,803		7,583
Other Securities				71,567
				86,726
FINANCIALS - 4.7%
Asurion LLC Incremental Term Loan, 4.25%, 06/20/20		4,665		4,502
Asurion LLC Term Loan
5.00%, 05/24/19		6,367		6,275
5.00%, 05/24/19		1,000		985
Capital Automotive LP 2nd Lien Term Loan, 6.00%, 04/25/20		1,250		1,244
Capital Automotive LP Term Loan B, 4.00%, 04/19/19		6,216		6,076
Other Securities				55,886
				74,968
HEALTH CARE - 11.0%
IMS Health Inc. New Term Loan B
3.50%, 03/17/21		3,086		3,009
3.50%, 03/17/21		3,635		3,544
3.50%, 03/17/21		961		937
Multiplan Inc. Term Loan, 3.75%, 03/21/21		11,869		11,519
Onex Carestream Finance LP 1st Lien Term Loan, 5.00%, 06/07/19		5,310		5,277
Onex Carestream Finance LP Term Loan, 9.50%, 12/05/19		1,945		1,928
Par Pharmaceutical Companies Inc. Term Loan, 4.00%, 09/28/19		9,086		8,818
Valeant Pharmaceuticals International Inc. Term Loan
3.50%, 02/13/19		4,719		4,671
3.50%, 12/11/19		853		845
Valeant Pharmaceuticals International Inc. Term Loan B, 3.50%, 07/08/20		2,787		2,757
Other Securities				133,194
				176,499
INDUSTRIALS - 12.0%
Brickman Group Holdings Inc. Term Loan, 4.00%, 12/15/20		8,430		8,169

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
DuPont Performance Coatings Inc. Term Loan, 3.75%, 02/03/20		9,425		9,158
Gardner Denver Inc. Dollar Term Loan, 4.25%, 07/31/20		8,897		8,308
Gates Global LLC US Term Loan, 4.25%, 06/12/21		8,479		8,235
Generac Power Systems Inc. New Term Loan, 3.25%, 05/12/20		7,508		7,264
Hamilton Sundstrand Corp. Term Loan, 4.00%, 12/13/19		9,233		8,561
RBS Global Inc. and Rexnord Corp. Term Loan B, 4.00%, 08/23/20		10,767		10,531
TransDigm Inc. Term Loan C, 3.75%, 02/28/20		9,018		8,844
Other Securities				124,208
				193,278
INFORMATION TECHNOLOGY - 9.4%
Avaya Inc. Term Loan B-6, 6.50%, 03/31/18		4,916		4,834
BMC Software Finance Inc. Term Loan, 5.00%, 08/15/20		10,795		10,478
CDW LLC Incremental Term Loan, 3.25%, 04/24/20		970		939
CDW LLC Term Loan, 3.25%, 04/24/20		10,850		10,501
Dell Inc. Term Loan B, 4.50%, 09/25/20		8,887		8,861
First Data Corp. Extended Term Loan, 4.17%, 03/24/21		4,129		4,064
First Data Corp. Replacement Term Loan, 3.67%, 03/24/18		10,697		10,476
First Data Corp. Term Loan B, 3.67%, 09/24/18		1,000		976
Freescale Semiconductor Inc. Extended Term Loan B, 4.25%, 03/01/20		6,890		6,714
Freescale Semiconductor Inc. Term Loan B-5, 5.00%, 01/15/21		968		964
Other Securities				93,378
				152,185
MATERIALS - 9.4%
Berry Plastics Corp. Term Loan D
3.50%, 02/08/20		5		5
3.50%, 02/15/20		13,792		13,319
FMG Resources Pty Ltd. New Term Loan B, 3.75%, 06/30/19		14,766		13,378
INEOS US Finance LLC New Term Loan, 3.75%, 05/14/18		11,284		10,916
Univar Inc. Term Loan B
0.00%,06/30/17 (z)		—		—
5.00%, 06/30/17		538		519
5.00%, 06/30/17		1,988		1,919
5.00%, 06/30/17		306		295
5.00%, 06/30/17		9,744		9,410
Other Securities				101,401
				151,162
TELECOMMUNICATION SERVICES - 4.9%
Avaya Inc. Term Loan B-3, 4.67%, 10/26/17		2,462		2,358
Intelsat Jackson Holdings SA Term Loan B-2, 3.75%, 06/30/19		9,628		9,471
Level 3 Communications Inc. Term Loan, 4.00%, 01/14/20		10,000		9,912
Telesat Canada US Term Loan B, 3.50%, 03/26/19		7,839		7,717
Other Securities				49,498
				78,956
UTILITIES - 0.6%
Calpine Corp. Term Loan, 4.00%, 04/01/18		3,876		3,828
Calpine Corp. Term Loan B-1, 3.00%, 05/03/20		985		946
Calpine Corp. Term Loan B-2
4.00%, 04/01/18		1,455		1,437

	Shares/Par (t)		Value
3.25%, 01/03/22		985		948
Calpine Corp. Term Loan B-3, 4.00%, 10/05/19		489		482
Other Securities				2,348
				9,989
Total Variable Rate Senior Loan Interests (cost $1,511,736)				1,464,838
SHORT TERM INVESTMENTS - 2.6%
Investment Company - 2.6%
State Street Institutional Liquid Reserves Fund, 0.06% (h)		42,255		42,255
Total Short Term Investments (cost $42,255)				42,255
Total Investments - 97.5% (cost $1,619,838)				1,571,003
Other Assets and Liabilities, Net - 2.5%				40,665
Total Net Assets - 100.0%			$	1,611,668
JNL/PPM America High Yield Bond Fund **
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES - 1.0%
Other Securities				26,258
Total Non-U.S. Government Agency Asset- Backed Securities (cost $25,872)				26,258
CORPORATE BONDS AND NOTES - 81.9%
CONSUMER DISCRETIONARY - 24.7%
Altice SA, 7.75%, 05/15/22 (r)	$	12,204		12,227
AMC Networks Inc., 4.75%, 12/15/22		6,000		5,820
Beazer Homes USA Inc.
5.75%, 06/15/19		6,977		6,698
7.50%, 09/15/21		14,382		14,454
Caesars Entertainment Corp. Term Loan, 9.75%, 01/28/18 (i)		2,239		1,933
Caesars Entertainment Operating Co. Inc., 9.00%, 02/15/20 (e)		10,000		7,400
Caesars Entertainment Resort Properties LLC, 11.00%, 10/01/21 (e) (r)		3,000		2,730
Caesars Growth Properties Holdings LLC 1st Lien Term Loan, 6.25%, 04/10/21 (i)		4,736		4,313
D.R. Horton Inc., 3.75%, 03/01/19		13,367		13,233
Delphi Corp.
6.13%, 05/15/21 (e)		9,098		9,917
5.00%, 02/15/23		3,756		4,009
General Motors Co.
4.88%, 10/02/23		5,000		5,350
4.00%, 04/01/25		10,000		10,025
5.20%, 04/01/45		6,438		6,792
KB Home
7.00%, 12/15/21 (e)		10,943		11,511
7.50%, 09/15/22 (e)		4,421		4,686
MGM Resorts International
11.38%, 03/01/18		2,000		2,370
8.63%, 02/01/19		5,000		5,669
6.75%, 10/01/20 (e)		4,821		5,062
Schaeffler Finance BV, 4.25%, 05/15/21 (r)		8,077		7,875
Schaeffler Holding Finance BV, 6.88%, 08/15/18 (r) (y)		4,865		5,072
Scientific Games International Inc.
6.63%, 05/15/21 (e) (r)		15,000		10,462
10.00%, 12/01/22 (r)		10,000		9,162
Shingle Springs Tribal Gaming Authority, 9.75%, 09/01/21 (r)		11,200		12,544
Sirius XM Radio Inc.
4.63%, 05/15/23 (e) (r)		1,631		1,525

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
6.00%, 07/15/24 (r)		10,753		11,022
Toys R Us Inc., 10.38%, 08/15/17 (e)		8,286		6,587
Unitymedia Hessen GmbH & Co. KG
7.50%, 03/15/19 (r)		1,875		1,969
5.50%, 01/15/23 (r)		1,600		1,672
5.00%, 01/15/25 (r)		10,135		10,160
Visant Corp., 10.00%, 10/01/17 (e)		5,500		4,813
Visant Holding Corp. Term Loan, 7.00%, 08/15/21 (i)		7,840		7,605
WideOpenWest Finance LLC
10.25%, 07/15/19		14,175		14,760
13.38%, 10/15/19		9,475		9,972
Other Securities				429,238
				678,637
CONSUMER STAPLES - 3.6%
HJ Heinz Co., 4.25%, 10/15/20 (e)		12,036		12,156
Other Securities				87,168
				99,324
ENERGY - 15.4%
Caelus Energy Alaska O3 LLC 2nd Lien Term Loan, 8.75%, 04/02/21 (f) (i)		14,200		12,425
Caithness Brookhaven LLC, 6.75%, 07/20/26 (f) (q)		13,253		14,511
California Resources Corp.
5.50%, 09/15/21 (r)		11,599		9,917
6.00%, 11/15/24 (e) (r)		6,896		5,827
Calumet Specialty Products Partners LP
9.63%, 08/01/20 (k)		1,538		1,600
6.50%, 04/15/21 (r)		14,624		13,015
7.63%, 01/15/22		11,000		10,175
Other Securities				355,481
				422,951
FINANCIALS - 7.0%
Ally Financial Inc.
2.75%, 01/30/17		3,000		2,991
4.75%, 09/10/18		7,500		7,762
3.50%, 01/27/19		5,000		4,940
3.75%, 11/18/19		10,000		9,850
7.50%, 09/15/20		3,993		4,682
Barclays Plc, 8.25%, (callable at 100 beginning 12/15/18) (e) (m)		13,000		13,324
HSBC Holdings Plc, 6.38%, (callable at 100 beginning 09/17/24) (m)		14,706		14,853
International Lease Finance Corp.
8.25%, 12/15/20 (e)		3,003		3,619
8.63%, 01/15/22		3,000		3,720
Royal Bank of Scotland Group Plc, 5.13%, 05/28/24		15,337		15,601
Stena AB, 7.00%, 02/01/24 (e) (r)		8,993		8,229
Stena International SA, 5.75%, 03/01/24 (e) (r)		7,500		7,050
Toys R Us Property Co. I LLC Term Loan, 6.00%, 08/21/19 (i)		6,473		6,163
Other Securities				88,113
				190,897
HEALTH CARE - 6.4%
HCA Inc.
6.50%, 02/15/16 (e)		4,000		4,175
3.75%, 03/15/19		3,115		3,119
4.25%, 10/15/19		4,831		4,903
6.50%, 02/15/20		6,571		7,363
7.50%, 02/15/22		3,000		3,428
4.75%, 05/01/23		8,000		8,140
5.88%, 05/01/23		6,000		6,323
5.00%, 03/15/24		1,739		1,787

	Shares/Par (t)		Value
Tenet Healthcare Corp.
5.00%, 03/01/19 (r)		4,800		4,806
6.00%, 10/01/20		2,281		2,449
8.13%, 04/01/22		7,855		8,778
Valeant Pharmaceuticals International Inc.
6.75%, 08/15/18 (r)		3,733		3,971
7.50%, 07/15/21 (r)		12,586		13,593
5.63%, 12/01/21 (r)		4,183		4,214
Other Securities				97,289
				174,338
INDUSTRIALS - 7.5%
Algeco Scotsman Global Finance Plc, 10.75%, 10/15/19 (r)		16,000		13,760
Algeco Scotsman Global Finance Plc Term Loan, 15.75%, 05/10/18 (f) (i) (y)		4,925		4,180
Bombardier Inc.
4.75%, 04/15/19 (r)		6,286		6,310
6.00%, 10/15/22 (e) (r)		11,863		11,982
6.13%, 01/15/23 (e) (r)		2,604		2,656
International Lease Finance Corp., 4.63%, 04/15/21 (e)		9,897		10,070
Meritor Inc.
6.75%, 06/15/21		10,000		10,450
6.25%, 02/15/24		3,828		3,885
Other Securities				141,867
				205,160
INFORMATION TECHNOLOGY - 3.7%
Advanced Micro Devices Inc.
6.75%, 03/01/19		7,500		7,050
7.00%, 07/01/24 (e)		6,688		5,668
ViaSat Inc., 6.88%, 06/15/20		19,319		20,092
Other Securities				68,240
				101,050
MATERIALS - 5.9%
Cemex SAB de CV
6.50%, 12/10/19 (r)		6,791		6,957
7.25%, 01/15/21 (e) (r)		13,228		13,856
5.70%, 01/11/25 (r)		11,719		11,367
Freeport-McMoRan Inc., 5.40%, 11/14/34		11,757		11,462
Rain CII Carbon LLC, 8.25%, 01/15/21 (e) (r)		12,999		13,292
Other Securities				105,879
				162,813
TELECOMMUNICATION SERVICES - 6.4%
Frontier Communications Corp.
8.50%, 04/15/20		5,718		6,376
9.25%, 07/01/21		3,000		3,465
8.75%, 04/15/22		1,295		1,447
6.88%, 01/15/25		5,106		5,106
9.00%, 08/15/31		4,429		4,649
Intelsat Jackson Holdings SA, 6.63%, 12/15/22		15,000		15,412
Intelsat Luxembourg SA, 7.75%, 06/01/21 (e)		8,825		8,847
SES Global Americas Holdings GP, 5.30%, 03/25/44 (r)		10,669		11,944
Sprint Capital Corp.
6.90%, 05/01/19		3,000		3,060
6.88%, 11/15/28		12,266		10,794
Sprint Nextel Corp.
7.00%, 03/01/20 (r)		2,553		2,757
11.50%, 11/15/21		4,000		4,810
6.00%, 11/15/22 (e)		6,000		5,520
T-Mobile USA Inc.
6.13%, 01/15/22		4,549		4,617
6.00%, 03/01/23		5,556		5,570
6.84%, 04/28/23		654		675
6.50%, 01/15/24 (e)		5,000		5,125

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Other Securities				74,195
				174,369
UTILITIES - 1.3%
AES Corp.
8.00%, 10/15/17		244		274
3.23%, 06/01/19 (i)		4,866		4,744
8.00%, 06/01/20		2,000		2,285
7.38%, 07/01/21		3,367		3,805
4.88%, 05/15/23		987		980
5.50%, 03/15/24		3,000		3,044
Other Securities				20,000
				35,132
Total Corporate Bonds and Notes (cost $2,366,022)				2,244,671
COMMON STOCKS - 6.6%
CONSUMER DISCRETIONARY - 1.8%
AMC Networks Inc. - Class A (c)		151		9,648
MGM Resorts International (c)		233		4,990
Other Securities				33,631
				48,269
CONSUMER STAPLES - 0.4%
Other Securities				12,066
ENERGY - 0.9%
Other Securities				24,239
FINANCIALS - 0.9%
Royal Bank of Scotland Group Plc - ADR (c) (e)		700		8,477
Wells Fargo & Co.		100		5,482
Other Securities				10,322
				24,281
HEALTH CARE - 0.7%
Other Securities				19,286
INDUSTRIALS - 0.9%
Other Securities				23,782
INFORMATION TECHNOLOGY - 0.2%
Other Securities				4,979
MATERIALS - 0.6%
Freeport-McMoran Inc. - Class B		270		6,307
Other Securities				11,239
				17,546
TELECOMMUNICATION SERVICES - 0.2%
Intelsat SA (c) (e)		319		5,529
Total Common Stocks (cost $167,066)				179,977
PREFERRED STOCKS - 1.6%
ENERGY - 0.3%
Other Securities				10,010
FINANCIALS - 1.3%
Ally Financial Inc., 7.00%, (callable at 1,000 beginning 02/20/15) (m) (r)		1		1,014
Goldman Sachs Group Inc., 5.50%, (callable at 25 beginning 05/10/23) (m)		768		18,739
Wells Fargo & Co., 6.63%, (callable at 25 beginning 03/15/24) (m)		467		12,955
Other Securities				2,326
				35,034
Total Preferred Stocks (cost $47,681)				45,044

	Shares/Par (t)		Value
INVESTMENT COMPANIES - 3.3%
SPDR Barclays High Yield Bond ETF (e)		2,000		77,220
Other Securities				14,814
Total Investment Companies (cost $91,978)				92,034
OTHER EQUITY INTERESTS - 0.6%
Other Securities				16,672
Total Other Equity Interests (cost $17,520)				16,672
SHORT TERM INVESTMENTS - 15.5%
Investment Companies - 3.8%
JNL Money Market Fund, 0.01% (a) (h)		105,445		105,445
Securities Lending Collateral - 11.7%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		320,537		320,537
Total Short Term Investments (cost $425,982)				425,982
Total Investments - 110.5% (cost $3,142,121)				3,030,638
Other Assets and Liabilities, Net - (10.5%)				(288,787	)
Total Net Assets - 100.0%			$	2,741,851
JNL/PPM America Mid Cap Value Fund
COMMON STOCKS - 99.6%
CONSUMER DISCRETIONARY - 16.9%
American Axle & Manufacturing Holdings Inc. (c)		435	$	9,824
Best Buy Co. Inc.		104		4,034
Foot Locker Inc.		177		9,961
Helen of Troy Ltd. (c)		117		7,612
Macy’s Inc.		151		9,895
Meredith Corp.		144		7,806
Newell Rubbermaid Inc.		209		7,946
Royal Caribbean Cruises Ltd.		65		5,317
Viacom Inc. - Class B		51		3,868
				66,263
CONSUMER STAPLES - 2.5%
Ingredion Inc.		115		9,740
ENERGY - 8.4%
Diamond Offshore Drilling Inc. (e)		247		9,053
Helix Energy Solutions Group Inc. (c)		391		8,474
National Oilwell Varco Inc.		58		3,814
Patterson-UTI Energy Inc.		427		7,087
W&T Offshore Inc. (e)		582		4,269
				32,697
FINANCIALS - 19.1%
Allstate Corp.		112		7,854
American Financial Group Inc.		156		9,454
Astoria Financial Corp.		658		8,795
FirstMerit Corp.		529		9,999
Hartford Financial Services Group Inc.		229		9,526
Janus Capital Group Inc. (e)		607		9,797
Lincoln National Corp.		168		9,694
Reinsurance Group of America Inc.		112		9,770
				74,889
HEALTH CARE - 10.3%
Alere Inc. (c)		168		6,392
CIGNA Corp.		92		9,478
Health Net Inc. (c)		144		7,692
Hill-Rom Holdings Inc.		206		9,411
LifePoint Hospitals Inc. (c)		53		3,818

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Teleflex Inc.		33		3,732
				40,523
INDUSTRIALS - 17.7%
Belden Inc.		109		8,582
Con-Way Inc.		76		3,742
Esterline Technologies Corp. (c)		70		7,678
GATX Corp.		104		5,973
Kennametal Inc.		273		9,778
Spirit Aerosystems Holdings Inc. - Class A (c)		228		9,830
Steelcase Inc. - Class A		428		7,683
Terex Corp.		334		9,312
Textron Inc.		159		6,691
				69,269
INFORMATION TECHNOLOGY - 10.5%
Applied Materials Inc.		319		7,950
Avnet Inc.		218		9,396
Fairchild Semiconductor International Inc. (c)		378		6,382
Omnivision Technologies Inc. (c)		142		3,684
SYNNEX Corp.		55		4,283
Teradyne Inc.		482		9,529
				41,224
MATERIALS - 9.8%
Allegheny Technologies Inc.		114		3,960
Ashland Inc.		49		5,856
Nucor Corp.		73		3,566
Olin Corp.		322		7,332
Reliance Steel & Aluminum Co.		161		9,883
Steel Dynamics Inc.		390		7,691
				38,288
UTILITIES - 4.4%
Edison International		143		9,337
PNM Resources Inc.		265		7,840
				17,177
Total Common Stocks (cost $334,849)				390,070
SHORT TERM INVESTMENTS - 4.9%
Investment Companies - 0.3%
JNL Money Market Fund, 0.01% (a) (h)		1,382		1,382
Securities Lending Collateral - 4.6%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		18,111		18,111
Total Short Term Investments (cost $19,493)				19,493
Total Investments - 104.5% (cost $354,342)				409,563
Other Assets and Liabilities, Net - (4.5%)				(17,770	)
Total Net Assets - 100.0%			$	391,793
JNL/PPM America Small Cap Value Fund
COMMON STOCKS - 99.9%
CONSUMER DISCRETIONARY - 17.6%
American Axle & Manufacturing Holdings Inc. (c)		251	$	5,666
Bob Evans Farms Inc. (e)		97		4,959
Columbia Sportswear Co.		105		4,663
Foot Locker Inc.		60		3,388
Helen of Troy Ltd. (c)		86		5,582
Jakks Pacific Inc. (c) (e)		318		2,160
Meredith Corp.		107		5,829
Skechers U.S.A. Inc. - Class A (c)		41		2,254

	Shares/Par (t)		Value
Superior Industries International Inc.		263		5,209
				39,710
CONSUMER STAPLES - 4.1%
Cott Corp.		748		5,148
Ingredion Inc.		50		4,251
				9,399
ENERGY - 7.6%
Helix Energy Solutions Group Inc. (c)		255		5,525
Hercules Offshore Inc. (c) (e)		2,270		2,270
Patterson-UTI Energy Inc.		319		5,292
W&T Offshore Inc. (e)		546		4,007
				17,094
FINANCIALS - 13.2%
American Financial Group Inc.		68		4,099
Astoria Financial Corp.		419		5,595
FirstMerit Corp.		298		5,622
Independent Bank Corp.		132		5,655
Janus Capital Group Inc.		353		5,700
Reinsurance Group of America Inc.		36		3,137
				29,808
HEALTH CARE - 12.2%
Alere Inc. (c)		150		5,715
Greatbatch Inc. (c)		92		4,541
Health Net Inc. (c)		106		5,674
Hill-Rom Holdings Inc.		122		5,575
LifePoint Hospitals Inc. (c)		46		3,293
Teleflex Inc.		25		2,813
				27,611
INDUSTRIALS - 24.4%
Apogee Enterprises Inc.		54		2,296
Belden Inc.		69		5,438
Con-Way Inc.		114		5,597
Esterline Technologies Corp. (c)		43		4,694
GATX Corp.		101		5,835
GenCorp Inc. (c) (e)		292		5,338
Kennametal Inc.		156		5,565
SkyWest Inc.		363		4,821
Spirit Aerosystems Holdings Inc. - Class A (c)		105		4,515
Steelcase Inc. - Class A		310		5,563
Terex Corp.		199		5,545
				55,207
INFORMATION TECHNOLOGY - 11.4%
Benchmark Electronics Inc. (c)		222		5,653
Fairchild Semiconductor International Inc. (c)		254		4,287
Omnivision Technologies Inc. (c)		170		4,417
SYNNEX Corp.		75		5,839
Teradyne Inc.		277		5,478
				25,674
MATERIALS - 7.2%
Allegheny Technologies Inc.		64		2,215
Olin Corp.		245		5,581
Reliance Steel & Aluminum Co.		79		4,840
Steel Dynamics Inc.		181		3,563
				16,199
UTILITIES - 2.2%
PNM Resources Inc.		165		4,892
Total Common Stocks (cost $210,601)				225,594

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
SHORT TERM INVESTMENTS - 6.5%
Investment Companies - 0.1%
JNL Money Market Fund, 0.01% (a) (h)		342		342
Securities Lending Collateral - 6.4%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		14,475		14,475
Total Short Term Investments (cost $14,817)				14,817
Total Investments - 106.4% (cost $225,418)				240,411
Other Assets and Liabilities, Net - (6.4%)				(14,531	)
Total Net Assets - 100.0%			$	225,880
JNL/PPM America Value Equity Fund
COMMON STOCKS - 99.8%
CONSUMER DISCRETIONARY - 12.9%
Best Buy Co. Inc.		58	$	2,265
Comcast Corp. - Class A		75		4,322
General Motors Co.		163		5,673
Macy’s Inc.		83		5,477
Newell Rubbermaid Inc.		86		3,264
Royal Caribbean Cruises Ltd.		28		2,292
Viacom Inc. - Class B		56		4,206
				27,499
CONSUMER STAPLES - 5.2%
Altria Group Inc.		84		4,114
Archer-Daniels-Midland Co.		93		4,841
CVS Health Corp.		23		2,225
				11,180
ENERGY - 14.5%
Apache Corp.		81		5,064
Chevron Corp.		49		5,519
Diamond Offshore Drilling Inc. (e)		129		4,717
Halliburton Co.		82		3,213
National Oilwell Varco Inc.		73		4,771
Occidental Petroleum Corp.		69		5,562
Patterson-UTI Energy Inc.		134		2,225
				31,071
FINANCIALS - 24.7%
Allstate Corp.		67		4,707
Bank of America Corp.		181		3,238
Goldman Sachs Group Inc.		27		5,311
Hartford Financial Services Group Inc.		127		5,286
JPMorgan Chase & Co.		85		5,307
Lincoln National Corp.		91		5,271
Morgan Stanley		138		5,362
PNC Financial Services Group Inc.		51		4,671
Travelers Cos. Inc.		46		4,880
U.S. Bancorp		79		3,560
Wells Fargo & Co.		96		5,257
				52,850
HEALTH CARE - 10.9%
CIGNA Corp.		51		5,259
Gilead Sciences Inc. (c)		52		4,883
Medtronic Inc.		52		3,725
Merck & Co. Inc.		72		4,095
Pfizer Inc.		168		5,242
				23,204
INDUSTRIALS - 7.8%
Caterpillar Inc.		56		5,135

	Shares/Par (t)		Value
Lockheed Martin Corp.		22		4,256
Spirit Aerosystems Holdings Inc. - Class A (c)		68		2,914
Terex Corp.		76		2,119
Textron Inc.		51		2,130
				16,554
INFORMATION TECHNOLOGY - 15.9%
Apple Inc.		47		5,166
Applied Materials Inc.		174		4,326
Avnet Inc.		57		2,444
Cisco Systems Inc.		192		5,335
Hewlett-Packard Co.		109		4,390
Intel Corp.		143		5,193
International Business Machines Corp.		32		5,134
Microsoft Corp.		44		2,048
				34,036
MATERIALS - 4.2%
Allegheny Technologies Inc.		93		3,247
Ashland Inc.		19		2,228
Nucor Corp.		71		3,492
				8,967
TELECOMMUNICATION SERVICES - 2.0%
AT&T Inc.		128		4,300
UTILITIES - 1.7%
Edison International		57		3,719
Total Common Stocks (cost $169,034)				213,380
SHORT TERM INVESTMENTS - 2.6%
Investment Companies - 0.6%
JNL Money Market Fund, 0.01% (a) (h)		1,275		1,275
Securities Lending Collateral - 2.0%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		4,288		4,288
Total Short Term Investments (cost $5,563)				5,563
Total Investments - 102.4% (cost $174,597)				218,943
Other Assets and Liabilities, Net - (2.4%)				(5,213	)
Total Net Assets - 100.0%			$	213,730
JNL/Red Rocks Listed Private Equity Fund
COMMON STOCKS - 100.0%
DIVERSIFIED - 12.9%
Holding Companies - Diversified - 12.9%
Ackermans & van Haaren NV		230	$	28,417
Leucadia National Corp.		225		5,046
Montauk Energy Holdings LLC (c)		1,644		405
Remgro Ltd.		660		14,446
Schouw & Co.		581		27,278
Wendel Investissement		302		33,841
				109,433
FINANCIALS - 83.5%
Closed - End Funds - 26.2%
Castle Private Equity Ltd.		615		8,878
Electra Private Equity Plc (c)		637		30,063
HarbourVest Global Private Equity Ltd.		4,135		51,339
HBM Healthcare Investments AG - Class A (e)		178		17,419
HgCapital Trust Plc		1,337		22,045
Pantheon International LLC (c)		487		9,616
Pantheon International LLC - Redeemable Shares (c)		641		11,785
Riverstone Energy Ltd. (c) (e)		1,197		16,196

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Standard Life European Private Equity Trust Plc		6,311		21,453
SVG Capital Plc (c)		4,773		32,894
				221,688
Diversified Financial Services - 15.3%
Blackstone Group LP		1,396		47,215
KKR & Co. LP		1,910		44,322
Onex Corp.		662		38,465
				130,002
Investment Companies - 10.1%
Ares Capital Corp.		757		11,810
Ares Management LP		41		700
Capital Southwest Corp. (e)		398		15,105
Grand Parade Investments Ltd. (c)		12,980		7,798
Hosken Consolidated Investments Ltd.		1,329		17,123
Investor AB		915		33,285
				85,821
Real Estate - 3.5%
Brookfield Asset Management Inc. - Class A		593		29,703
Venture Capital - 28.4%
3i Group Plc		5,681		39,612
Altamir Amboise (e)		2,094		26,152
Apollo Global Management LLC - Class A		1,129		26,618
Aurelius AG		1,015		38,409
Carlyle Group LP		1,369		37,648
Eurazeo		609		42,676
IP Group Plc (c)		4,693		14,835
mutares AG		36		3,044
Oakley Capital Investments Ltd. (c)		5,116		12,201
				241,195
INDUSTRIALS - 3.6%
Miscellaneous Manufacturers - 3.6%
Danaher Corp.		232		19,883
Melrose Industries Plc		2,580		10,679
				30,562
Total Common Stocks (cost $668,323)				848,404
SHORT TERM INVESTMENTS - 1.6%
Investment Companies - 0.5%
JNL Money Market Fund, 0.01% (a) (h)		3,796		3,796
Securities Lending Collateral - 1.1%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		9,500		9,500
Total Short Term Investments (cost $13,296)				13,296
Total Investments - 101.6% (cost $681,619)				861,700
Other Assets and Liabilities, Net - (1.6%)				(13,225	)
Total Net Assets - 100.0%			$	848,475
JNL/S&P Competitive Advantage Fund
COMMON STOCKS - 100.0%
CONSUMER DISCRETIONARY - 53.9%
Coach Inc.		2,545	$	95,579
Delphi Automotive Plc		1,260		91,637
Dollar Tree Inc. (c)		1,352		95,163
Fossil Group Inc. (c)		835		92,507
Gap Inc.		2,330		98,107
H&R Block Inc.		2,744		92,413
Home Depot Inc.		929		97,521
Michael Kors Holdings Ltd. (c)		1,253		94,094
Netflix Inc. (c)		269		91,811
O’Reilly Automotive Inc. (c)		506		97,481

	Shares/Par (t)		Value
PetSmart Inc.		1,169		95,001
Ross Stores Inc.		1,019		96,041
Scripps Networks Interactive Inc. (e)		1,179		88,751
Starbucks Corp.		1,136		93,228
TJX Cos. Inc.		1,408		96,581
Tractor Supply Co.		1,202		94,749
				1,510,664
CONSUMER STAPLES - 9.9%
Campbell Soup Co. (e)		2,039		89,703
Estee Lauder Cos. Inc. - Class A		1,246		94,928
Kimberly-Clark Corp.		793		91,571
				276,202
HEALTH CARE - 3.1%
Gilead Sciences Inc. (c)		910		85,752
INDUSTRIALS - 17.0%
Boeing Co.		693		90,126
CH Robinson Worldwide Inc. (e)		1,267		94,878
Fastenal Co. (e)		2,068		98,357
Robert Half International Inc.		1,645		96,059
WW Grainger Inc.		379		96,573
				475,993
INFORMATION TECHNOLOGY - 16.1%
Apple Inc.		798		88,120
International Business Machines Corp.		569		91,239
Intuit Inc.		976		89,980
Linear Technology Corp.		2,021		92,167
Paychex Inc.		1,942		89,670
				451,176
Total Common Stocks (cost $2,603,737)				2,799,787
SHORT TERM INVESTMENTS - 5.4%
Investment Companies - 0.1%
JNL Money Market Fund, 0.01% (a) (h)		2,236		2,236
Securities Lending Collateral - 5.3%
Repurchase Agreement with MLP, 0.45% (collateralized by various publicly traded domestic equities with a value of $49,500) acquired on 12/05/14, due 03/06/15 at $45,051 (q)	$	45,000		45,000
Repurchase Agreement with MSC, 0.43% (collateralized by various publicly traded domestic equities with a value of $22,000) acquired on 12/15/14, due 04/06/15 at $20,027 (q)		20,000		20,000
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		84,037		84,037
				149,037
Total Short Term Investments (cost $151,273)				151,273
Total Investments - 105.4% (cost $2,755,010)				2,951,060
Other Assets and Liabilities, Net - (5.4%)				(150,277	)
Total Net Assets - 100.0%			$	2,800,783

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
JNL/S&P Dividend Income & Growth Fund
COMMON STOCKS - 99.8%
CONSUMER DISCRETIONARY - 10.0%
Mattel Inc.		4,626	$	143,158
McDonald’s Corp.		1,477		138,366
Target Corp.		1,954		148,324
				429,848
CONSUMER STAPLES - 9.9%
Altria Group Inc.		2,812		138,531
General Mills Inc.		2,687		143,308
Sysco Corp.		3,533		140,215
				422,054
ENERGY - 10.0%
Chevron Corp.		1,266		142,010
ConocoPhillips		2,087		144,120
Occidental Petroleum Corp.		1,780		143,496
				429,626
FINANCIALS - 9.8%
HCP Inc.		3,130		137,820
Kimco Realty Corp.		5,544		139,387
Public Storage		763		141,081
				418,288
HEALTH CARE - 10.0%
Baxter International Inc.		1,941		142,243
Eli Lilly & Co.		2,064		142,408
Pfizer Inc.		4,524		140,928
				425,579
INDUSTRIALS - 10.1%
General Electric Co.		5,436		137,364
Lockheed Martin Corp.		744		143,243
Waste Management Inc.		2,931		150,434
				431,041
INFORMATION TECHNOLOGY - 10.0%
Analog Devices Inc.		2,588		143,669
Cisco Systems Inc.		5,152		143,310
International Business Machines Corp.		876		140,479
				427,458
MATERIALS - 10.1%
Air Products & Chemicals Inc.		987		142,286
E.I. du Pont de Nemours & Co.		2,000		147,859
Praxair Inc.		1,109		143,645
				433,790
TELECOMMUNICATION SERVICES - 9.5%
AT&T Inc. (e)		4,034		135,515
CenturyLink Inc. (e)		3,459		136,909
Verizon Communications Inc.		2,827		132,259
				404,683
UTILITIES - 10.4%
Consolidated Edison Inc.		2,227		146,993
Pinnacle West Capital Corp.		2,235		152,650
Southern Co. (e)		2,980		146,372
				446,015
Total Common Stocks (cost $3,933,904)				4,268,382
SHORT TERM INVESTMENTS - 3.4%
Investment Companies - 0.5%
JNL Money Market Fund, 0.01% (a) (h)		22,760		22,760

	Shares/Par (t)		Value
Securities Lending Collateral - 2.9%
Repurchase Agreement with MLP, 0.45% (collateralized by various publicly traded domestic equities with a value of $99,000) acquired on 12/05/14, due 03/06/15 at $90,102 (q)	$	90,000		90,000
Repurchase Agreement with MSC, 0.43% (collateralized by various publicly traded domestic equities with a value of $22,000) acquired on 12/15/14, due 04/06/15 at $20,027 (q)		20,000		20,000
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		12,953		12,953
				122,953
Total Short Term Investments (cost $145,713)				145,713
Total Investments - 103.2% (cost $4,079,617)				4,414,095
Other Assets and Liabilities, Net - (3.2%)				(135,389	)
Total Net Assets - 100.0%			$	4,278,706
JNL/S&P International 5 Fund **
COMMON STOCKS - 99.4%
AUSTRALIA - 8.6%
Other Securities				10,568
BELGIUM - 2.9%
Belgacom SA		36		1,310
KBC Groep NV (c)		23		1,265
Other Securities				973
				3,548
CANADA - 9.6%
BCE Inc.		37		1,674
Magna International Inc.		11		1,181
Manulife Financial Corp.		61		1,168
Sun Life Financial Inc.		32		1,162
Other Securities				6,709
				11,894
DENMARK - 2.5%
Pandora A/S		17		1,386
TDC A/S		140		1,068
Other Securities				577
				3,031
FINLAND - 1.7%
Fortum Oyj		51		1,117
Other Securities				990
				2,107
FRANCE - 5.4%
Orange SA		85		1,452
Suez Environnement SA		69		1,207
Unibail-Rodamco SE		5		1,212
Vinci SA		21		1,126
Vivendi SA		50		1,248
Other Securities				477
				6,722
GERMANY - 3.9%
Deutsche Boerse AG		18		1,276
E.ON SE		68		1,170
Muenchener Rueckversicherungs AG		6		1,271
Siemens AG		10		1,114
				4,831

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
GUERNSEY - 1.1%
Friends Life Group Ltd.		234		1,326
HONG KONG - 1.1%
Other Securities				1,311
IRELAND - 1.9%
CRH Plc		53		1,271
Smurfit Kappa Group Plc		50		1,119
				2,390
ISRAEL - 0.6%
Other Securities				726
ITALY - 1.8%
Atlantia SpA		50		1,157
Pirelli & C. SpA		81		1,090
				2,247
JAPAN - 19.6%
Other Securities				24,160
LUXEMBOURG - 0.4%
OthG Securities				559
NETHERLANDS - 1.7%
Unilever NV - CVA		31		1,200
Other Securities				947
				2,147
NEW ZEALAND - 1.1%
Other Securities				1,409
NORWAY - 2.1%
Telenor ASA		56		1,130
Yara International ASA		26		1,176
Other Securities				339
				2,645
PORTUGAL - 0.8%
Other Securities				958
SINGAPORE - 0.9%
Other Securities				1,107
SOUTH KOREA - 1.8%
Other Securities				2,269
SPAIN - 2.4%
CaixaBank SA		207		1,083
Ferrovial SA		64		1,267
Other Securities				602
				2,952
SWEDEN - 2.5%
Svenska Handelsbanken AB		27		1,274
TeliaSonera AB		178		1,147
Other Securities				615
				3,036
SWITZERLAND - 3.1%
ABB Ltd.		55		1,160
Swiss Re AG		16		1,308
Zurich Financial Services AG		4		1,326
				3,794
UNITED KINGDOM - 21.2%
Admiral Group Plc		64		1,303
AstraZeneca Plc		17		1,199
BAE Systems Plc		172		1,255
BP Plc		165		1,044
British American Tobacco Plc		22		1,170
BT Group Plc		201		1,250

	Shares/Par (t)		Value
Carnival Plc		33		1,490
GKN Plc		225		1,199
Imperial Tobacco Group Plc		29		1,273
Legal & General Group Plc		328		1,268
Old Mutual Plc		391		1,154
Rio Tinto Plc		24		1,112
Rolls-Royce Holdings Plc		76		1,021
Scottish & Southern Energy Plc		54		1,370
Sky Plc		89		1,248
Smith & Nephew Plc		73		1,319
Unilever Plc		29		1,180
WPP Plc		61		1,276
Other Securities				4,059
				26,190
UNITED STATES OF AMERICA - 0.7%
Other Securities				824
Total Common Stocks (cost $130,302)				122,751
SHORT TERM INVESTMENTS - 0.5%
Investment Companies - 0.5%
JNL Money Market Fund, 0.01% (a) (h)		605		605
Total Short Term Investments (cost $605)				605
Total Investments - 99.9% (cost $130,907)				123,356
Other Assets and Liabilities, Net - 0.1%				145
Total Net Assets - 100.0%			$	123,501
JNL/S&P Intrinsic Value Fund
COMMON STOCKS - 99.6%
CONSUMER DISCRETIONARY - 24.3%
Bed Bath & Beyond Inc. (c)		1,183	$	90,136
Expedia Inc.		998		85,197
GameStop Corp. - Class A (e)		2,410		81,448
Kohl’s Corp.		1,508		92,046
Macy’s Inc.		1,373		90,271
Staples Inc.		6,243		113,129
Viacom Inc. - Class B		1,164		87,594
				639,821
CONSUMER STAPLES - 3.3%
Archer-Daniels-Midland Co.		1,654		85,999
ENERGY - 3.3%
Valero Energy Corp.		1,765		87,390
HEALTH CARE - 13.0%
Aetna Inc.		986		87,597
Anthem Inc.		676		84,911
CR Bard Inc.		510		85,018
Pfizer Inc.		2,762		86,022
				343,548
INDUSTRIALS - 15.9%
Caterpillar Inc.		872		79,829
General Dynamics Corp.		604		83,061
Joy Global Inc.		1,717		79,871
L-3 Communications Holdings Inc.		697		87,935
Pitney Bowes Inc.		3,606		87,871
				418,567
INFORMATION TECHNOLOGY - 33.4%
CA Inc.		2,809		85,526
Cisco Systems Inc.		3,144		87,464
Computer Sciences Corp.		1,366		86,119

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Corning Inc.		4,148		95,124
EMC Corp.		2,850		84,762
Hewlett-Packard Co.		2,250		90,284
International Business Machines Corp.		537		86,173
NetApp Inc.		2,067		85,667
Oracle Corp.		2,061		92,705
Xerox Corp.		6,273		86,946
				880,770
MATERIALS - 3.3%
Ball Corp.		1,287		87,759
TELECOMMUNICATION SERVICES - 3.1%
CenturyLink Inc.		2,101		83,142
Total Common Stocks (cost $2,448,589)				2,626,996
SHORT TERM INVESTMENTS - 3.6%
Investment Companies - 0.6%
JNL Money Market Fund, 0.01% (a) (h)		14,921		14,921
Securities Lending Collateral - 3.0%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		79,167		79,167
Total Short Term Investments (cost $94,088)				94,088
Total Investments - 103.2% (cost $2,542,677)				2,721,084
Other Assets and Liabilities, Net - (3.2%)				(84,083	)
Total Net Assets - 100.0%			$	2,637,001
JNL/S&P Mid 3 Fund
COMMON STOCKS - 99.5%
CONSUMER DISCRETIONARY - 23.6%
Apollo Education Group Inc. - Class A (c)		71	$	2,436
Big Lots Inc.		114		4,577
Brinker International Inc.		48		2,796
Cheesecake Factory Inc.		90		4,552
Chico’s FAS Inc.		118		1,907
Deckers Outdoor Corp. (c)		24		2,205
Dick’s Sporting Goods Inc.		47		2,313
Foot Locker Inc.		41		2,286
Guess? Inc.		58		1,227
Lamar Advertising Co.		60		3,204
Panera Bread Co. - Class A (c) (e)		16		2,717
Polaris Industries Inc.		16		2,425
Time Inc.		54		1,318
Tupperware Brands Corp.		79		4,996
				38,959
CONSUMER STAPLES - 3.1%
Church & Dwight Co. Inc.		34		2,691
Ingredion Inc.		29		2,479
				5,170
ENERGY - 2.4%
Oceaneering International Inc.		36		2,146
Oil States International Inc. (c)		36		1,779
				3,925
FINANCIALS - 14.1%
American Financial Group Inc.		22		1,308
Aspen Insurance Holdings Ltd.		21		927
Everest Re Group Ltd.		18		3,116
Federated Investors Inc. - Class B		18		578
Hanover Insurance Group Inc.		8		565
Home Properties Inc.		14		932
Hospitality Properties Trust		43		1,324

	Shares/Par (t)		Value
Mack-Cali Realty Corp.		29		554
Raymond James Financial Inc.		57		3,246
Reinsurance Group of America Inc.		22		1,908
SEI Investments Co.		47		1,865
Waddell & Reed Financial Inc.		115		5,712
WR Berkley Corp.		25		1,281
				23,316
HEALTH CARE - 10.0%
Centene Corp. (c)		23		2,419
Charles River Laboratories International Inc. (c)		22		1,372
Idexx Laboratories Inc. (c)		19		2,787
LifePoint Hospitals Inc. (c)		46		3,327
Omnicare Inc.		37		2,665
Thoratec Corp. (c)		51		1,671
United Therapeutics Corp. (c)		17		2,255
				16,496
INDUSTRIALS - 9.8%
Alaska Air Group Inc.		41		2,473
Copart Inc. (c)		25		914
Deluxe Corp.		9		585
Donaldson Co. Inc.		24		909
Huntington Ingalls Industries Inc.		17		1,928
ITT Corp.		57		2,303
Lincoln Electric Holdings Inc.		36		2,481
Regal-Beloit Corp.		13		956
RR Donnelley & Sons Co.		212		3,559
				16,108
INFORMATION TECHNOLOGY - 25.2%
Advent Software Inc.		18		547
Arris Group Inc. (c)		108		3,248
Atmel Corp. (c)		292		2,448
Cadence Design Systems Inc. (c)		124		2,345
CommVault Systems Inc. (c)		39		2,008
CoreLogic Inc. (c)		19		614
FactSet Research Systems Inc.		18		2,575
Fair Isaac Corp.		23		1,697
Fairchild Semiconductor International Inc. (c)		114		1,916
Gartner Inc. (c)		24		2,060
Jack Henry & Associates Inc.		37		2,289
Leidos Holdings Inc.		23		1,001
Lexmark International Inc.		100		4,141
NeuStar Inc. - Class A (c) (e)		147		4,098
Polycom Inc. (c)		208		2,807
PTC Inc. (c)		33		1,212
RF Micro Devices Inc. (c)		159		2,638
Rovi Corp. (c)		24		534
Skyworks Solutions Inc.		35		2,518
Vishay Intertechnology Inc.		67		953
				41,649
MATERIALS - 9.3%
Albemarle Corp. (e)		93		5,606
Domtar Corp.		62		2,514
NewMarket Corp.		2		914
Rock-Tenn Co. - Class A		56		3,418
Valspar Corp.		29		2,495
Worthington Industries Inc.		14		412
				15,359
UTILITIES - 2.0%
UGI Corp.		85		3,211
Total Common Stocks (cost $156,937)				164,193

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
SHORT TERM INVESTMENTS - 1.5%
Investment Companies - 0.9%
JNL Money Market Fund, 0.01% (a) (h)		1,472		1,472
Securities Lending Collateral - 0.6%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		1,045		1,045
Total Short Term Investments (cost $2,517)				2,517
Total Investments - 101.0% (cost $159,454)				166,710
Other Assets and Liabilities, Net - (1.0%)				(1,719	)
Total Net Assets - 100.0%			$	164,991
JNL/S&P Total Yield Fund
COMMON STOCKS - 99.7%
CONSUMER DISCRETIONARY - 28.1%
Cablevision Systems Corp. - Class A (e)		3,112	$	64,242
CBS Corp.		1,144		63,308
Darden Restaurants Inc. (e)		1,083		63,513
Kohl’s Corp.		1,087		66,365
Staples Inc.		4,502		81,577
Starwood Hotels & Resorts Worldwide Inc.		808		65,516
Urban Outfitters Inc. (c)		2,002		70,332
Viacom Inc. - Class B		843		63,470
				538,323
CONSUMER STAPLES - 9.4%
ConAgra Foods Inc.		1,711		62,087
Mondelez International Inc.		1,599		58,071
Reynolds American Inc.		949		61,003
				181,161
ENERGY - 16.2%
Apache Corp.		980		61,436
Cameron International Corp. (c)		1,257		62,768
Hess Corp.		846		62,427
Marathon Oil Corp.		2,158		61,045
Occidental Petroleum Corp.		787		63,465
				311,141
FINANCIALS - 10.0%
Allstate Corp.		925		64,992
Assurant Inc.		925		63,312
Travelers Cos. Inc.		597		63,152
				191,456
INDUSTRIALS - 13.0%
Boeing Co.		473		61,418
Joy Global Inc.		1,244		57,870
Northrop Grumman Systems Corp.		451		66,435
Pitney Bowes Inc.		2,590		63,114
				248,837
INFORMATION TECHNOLOGY - 20.1%
Computer Sciences Corp.		981		61,851
Corning Inc.		2,991		68,587
Hewlett-Packard Co.		1,616		64,849
Juniper Networks Inc.		2,875		64,159
Linear Technology Corp.		1,376		62,757
Xerox Corp.		4,506		62,449
				384,652

	Shares/Par (t)		Value
MATERIALS - 2.9%
Freeport-McMoran Inc. - Class B		2,388		55,787
Total Common Stocks (cost $1,884,256)				1,911,357
SHORT TERM INVESTMENTS - 0.6%
Investment Companies - 0.2%
JNL Money Market Fund, 0.01% (a) (h)		3,684		3,684
Securities Lending Collateral - 0.4%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		8,765		8,765
Total Short Term Investments (cost $12,449)				12,449
Total Investments - 100.3% (cost $1,896,705)				1,923,806
Other Assets and Liabilities, Net - (0.3%)				(6,225	)
Total Net Assets - 100.0%			$	1,917,581
JNL/Scout Unconstrained Bond Fund
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES - 9.6%
Ally Auto Receivables Trust, 0.68%, 06/15/16	$	2,600	$	2,598
AmeriCredit Automobile Receivables Trust
0.96%, 02/08/15		2,206		2,207
0.61%, 10/10/17		5,680		5,681
Bank of The West Auto Trust, 1.09%, 10/15/17 (r)		5,285		5,286
Chase Issuance Trust, 0.26%, 02/17/15 (i)		6,705		6,705
Countrywide Asset-Backed Certificates REMIC, 0.39%, 10/25/36 (i)		2,158		2,107
CWHEQ Home Equity Loan Trust REMIC, 5.61%, 11/25/36 (i)		305		304
Hertz Vehicle Financing LLC
2.20%, 03/25/15 (r)		1,497		1,501
5.29%, 03/25/15 (r)		3,960		3,982
1.12%, 08/25/16 (r)		3,420		3,412
Home Equity Loan Trust REMIC, 5.55%, 11/25/27 (i)		3,142		2,125
Honda Auto Receivables Owner Trust, 0.88%, 07/15/17		4,405		4,390
Huntington Auto Trust, 0.51%, 12/15/15		3,054		3,053
IndyMac Home Equity Loan Trust, 0.37%, 10/28/36 (i)		2,343		2,296
LB-UBS Commercial Mortgage Trust REMIC, 4.95%, 09/15/30		3,074		3,089
Merrill Lynch Mortgage Trust REMIC, 5.29%, 11/12/37 (i)		3,137		3,197
ML-CFC Commercial Mortgage Trust REMIC, 5.47%, 01/12/16 (i)		2,996		3,096
MSCC Heloc Trust REMIC, 0.27%, 12/25/31 (i)		1,177		1,112
Nissan Auto Receivables Owner Trust, 0.84%, 10/15/16		6,210		6,216
Toyota Auto Receivables Owner Trust, 0.94%, 11/15/16		2,406		2,407
U.S. Airways Pass-Through Trust, 5.90%, 10/01/24		1,610		1,799
Total Non-U.S. Government Agency Asset- Backed Securities (cost $66,819)				66,563
CORPORATE BONDS AND NOTES - 31.6%
CONSUMER DISCRETIONARY - 0.7%
Daimler Finance North America LLC
1.25%, 01/11/16 (r)		1,299		1,303
1.45%, 08/01/16 (r)		2,700		2,712

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Johnson Controls Inc., 1.40%, 11/02/17		1,125		1,115
				5,130
ENERGY - 1.4%
Anadarko Petroleum Corp., 4.50%, 07/15/44		1,600		1,553
Apache Corp., 4.25%, 01/15/44		1,600		1,398
BP Capital Markets Plc, 3.54%, 11/04/24		2,105		2,068
Devon Energy Corp., 4.75%, 05/15/42		2,250		2,265
Ensco Plc, 5.75%, 10/01/44		2,650		2,625
				9,909
FINANCIALS - 28.5%
AIG Global Funding, 1.65%, 12/15/17 (r)		3,395		3,395
Ally Financial Inc.
3.13%, 01/15/16		8,800		8,822
5.50%, 02/15/17		6,600		6,930
American Honda Finance Corp., 1.20%, 07/14/17		3,775		3,762
American International Group Inc., 5.05%, 10/01/15		4,250		4,379
Bank of America Corp.
1.50%, 10/09/15		6,900		6,929
1.25%, 01/11/16		10,300		10,320
2.60%, 01/15/19		3,450		3,477
Barclays Plc, 2.75%, 11/08/19		3,400		3,379
Branch Banking & Trust Co., 1.35%, 10/01/17		3,425		3,407
Citigroup Inc.
4.59%, 12/15/15		5,300		5,477
1.35%, 03/10/17		4,150		4,131
1.55%, 08/14/17		14,250		14,211
1.85%, 11/24/17		6,975		6,967
Ford Motor Credit Co. LLC
4.21%, 04/15/16		8,300		8,593
3.98%, 06/15/16		10,185		10,548
4.25%, 02/03/17		9,312		9,779
2.88%, 10/01/18		5,200		5,291
General Electric Capital Corp.
3.35%, 10/17/16		9,219		9,589
1.25%, 05/15/17		4,575		4,583
Goldman Sachs Group Inc.
3.70%, 08/01/15		1,100		1,118
1.60%, 11/23/15		10,400		10,456
1.43%, 04/30/18 (i)		3,000		3,035
JPMorgan Chase & Co., 3.45%, 03/01/16		14,245		14,624
Manufacturers & Traders Trust Co., 1.40%, 07/25/17		5,405		5,397
Morgan Stanley, 3.80%, 04/29/16		14,050		14,517
New York Life Global Funding, 1.45%, 12/15/17 (r)		2,225		2,219
Prudential Financial Inc.
5.50%, 03/15/16		2,178		2,295
3.00%, 05/12/16		3,800		3,895
Wells Fargo & Co.
1.40%, 09/08/17		4,875		4,871
0.86%, 04/23/18 (i)		1,800		1,803
				198,199
TELECOMMUNICATION SERVICES - 1.0%
Verizon Communications Inc., 1.35%, 06/09/17		6,700		6,671
Total Corporate Bonds and Notes (cost $220,554)				219,909
GOVERNMENT AND AGENCY OBLIGATIONS - 55.9%
GOVERNMENT SECURITIES - 52.6%
U.S. Treasury Securities - 52.6%
U.S. Treasury Note
0.13%, 04/30/15		162,900		162,938
0.50%, 11/30/16		104,000		103,748

	Shares/Par (t)		Value
1.50%, 02/28/19		11,765		11,769
1.63%, 06/30/19 - 07/31/19		87,315		87,507
				365,962
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES - 3.3%
Federal National Mortgage Association - 3.3%
Federal National Mortgage Association REMIC
0.59%, 08/25/15		7,935		7,935
0.56%, 03/25/16		5,985		5,980
1.46%, 04/25/17		4,750		4,785
0.85%, 11/25/17		3,020		3,012
0.45%, 12/25/17 (i)		1,315		1,314
				23,026
Total Government and Agency Obligations (cost $388,600)				388,988
SHORT TERM INVESTMENTS - 1.8%
Investment Companies - 1.8%
JNL Money Market Fund, 0.01% (a) (h)		12,662		12,662
Total Short Term Investments (cost $12,662)				12,662
Total Investments - 98.9% (cost $688,635)				688,122
Other Assets and Liabilities, Net - 1.1%				7,906
Total Net Assets - 100.0%			$	696,028
JNL/T. Rowe Price Established Growth Fund **
COMMON STOCKS - 98.5%
CONSUMER DISCRETIONARY - 26.6%
Amazon.com Inc. (c)		562	$	174,261
AutoZone Inc. (c)		97		60,054
Carmax Inc. (c)		735		48,936
Delphi Automotive Plc		534		38,825
HanesBrands Inc.		355		39,569
Home Depot Inc.		528		55,466
Las Vegas Sands Corp.		734		42,701
Lowe’s Cos. Inc.		1,096		75,432
MGM Resorts International (c)		2,335		49,918
Netflix Inc. (c)		117		40,071
Priceline Group Inc. (c)		132		150,982
Starbucks Corp.		696		57,107
Tesla Motors Inc. (c) (e)		199		44,208
Tractor Supply Co.		693		54,583
Walt Disney Co.		669		63,013
Wynn Resorts Ltd.		467		69,520
Other Securities				252,823
				1,317,469
CONSUMER STAPLES - 2.0%
CVS Health Corp.		571		55,012
Other Securities				45,635
				100,647
ENERGY - 2.2%
Other Securities				109,577
FINANCIALS - 6.5%
American Tower Corp.		759		75,038
Crown Castle International Corp.		984		77,457
Morgan Stanley		1,302		50,518
Other Securities				120,996
				324,009

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
HEALTH CARE - 19.0%
Actavis Plc (c)		218		56,115
Alexion Pharmaceuticals Inc. (c)		366		67,795
Allergan Inc.		271		57,527
Biogen Idec Inc. (c)		309		104,754
Celgene Corp. (c)		613		68,615
Gilead Sciences Inc. (c)		1,160		109,308
Intuitive Surgical Inc. (c)		126		66,382
McKesson Corp.		518		107,444
Regeneron Pharmaceuticals Inc. (c)		96		39,425
UnitedHealth Group Inc.		394		39,799
Valeant Pharmaceuticals International Inc. (c)		510		73,043
Vertex Pharmaceuticals Inc. (c)		304		36,132
Other Securities				112,380
				938,719
INDUSTRIALS - 13.5%
American Airlines Group Inc.		1,995		107,008
Boeing Co.		572		74,375
Danaher Corp.		1,194		102,312
Kansas City Southern		293		35,791
Precision Castparts Corp.		356		85,825
Roper Industries Inc.		332		51,924
United Continental Holdings Inc. (c)		702		46,954
Wabtec Corp.		434		37,667
Other Securities				125,192
				667,048
INFORMATION TECHNOLOGY - 26.1%
Alibaba Group Holding Ltd. - ADR (c)		705		73,238
Apple Inc.		909		100,280
Baidu.com - ADR - Class A (c)		398		90,664
Facebook Inc. - Class A (c)		1,409		109,938
Google Inc. - Class A (c)		252		133,461
Google Inc. - Class C (c)		255		134,337
LinkedIn Corp. (c)		177		40,659
MasterCard Inc. - Class A		1,289		111,078
Salesforce.com Inc. (c)		1,085		64,328
Visa Inc. - Class A		630		165,212
Other Securities				266,602
				1,289,797
MATERIALS - 2.0%
Sherwin-Williams Co.		212		55,870
Other Securities				43,909
				99,779
TELECOMMUNICATION SERVICES - 0.6%
Other Securities				28,833
Total Common Stocks (cost $3,501,044)				4,875,878
PREFERRED STOCKS - 0.5%
INFORMATION TECHNOLOGY - 0.5%
Other Securities				22,908
Total Preferred Stocks (cost $22,435)				22,908
SHORT TERM INVESTMENTS - 4.2%
Investment Companies - 1.2%
JNL Money Market Fund, 0.01% (a) (h)		1,193		1,193
T. Rowe Price Reserves Investment Fund, 0.07% (a) (h)		60,804		60,804
				61,997

	Shares/Par (t)		Value
Securities Lending Collateral - 3.0%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		147,636		147,636
Total Short Term Investments (cost $209,633)				209,633
Total Investments - 103.2% (cost $3,733,112)				5,108,419
Other Assets and Liabilities, Net - (3.2%)				(160,461	)
Total Net Assets - 100.0%			$	4,947,958
JNL/T. Rowe Price Mid-Cap Growth Fund **
COMMON STOCKS - 95.8%
CONSUMER DISCRETIONARY - 14.5%
AutoZone Inc. (c)		64	$	39,623
Carmax Inc. (c)		932		62,052
Marriott International Inc. - Class A		341		26,608
Norwegian Cruise Line Holdings Ltd. (c)		960		44,890
O’Reilly Automotive Inc. (c)		221		42,569
Other Securities				227,079
				442,821
CONSUMER STAPLES - 3.6%
Rite Aid Corp. (c)		3,479		26,162
WhiteWave Foods Co. - Class A (c)		866		30,301
Other Securities				52,726
				109,189
ENERGY - 3.6%
EQT Corp.		443		33,535
Range Resources Corp.		507		27,099
Other Securities				49,294
				109,928
FINANCIALS - 9.4%
CBOE Holdings Inc.		506		32,091
FNF Group		1,264		43,545
HCC Insurance Holdings Inc.		504		26,974
Intercontinental Exchange Inc.		131		28,727
Jones Lang LaSalle Inc.		214		32,085
Progressive Corp.		951		25,667
TD Ameritrade Holding Corp.		886		31,701
Other Securities				67,809
				288,599
HEALTH CARE - 20.3%
Agilent Technologies Inc.		886		36,273
Alkermes Plc (c)		664		38,884
CareFusion Corp. (c)		807		47,887
Cooper Cos. Inc.		233		37,767
Covance Inc. (c)		249		25,856
Dentsply International Inc.		861		45,865
Henry Schein Inc. (c)		253		34,446
Hospira Inc. (c)		626		38,343
Idexx Laboratories Inc. (c)		187		27,727
Intuitive Surgical Inc. (c)		83		43,902
Teleflex Inc.		304		34,905
Universal Health Services Inc. - Class B		253		28,149
Other Securities				179,797
				619,801
INDUSTRIALS - 20.6%
Acuity Brands Inc.		187		26,193
AMETEK Inc.		622		32,736
Babcock & Wilcox Co.		976		29,573
Equifax Inc.		380		30,731
Fastenal Co.		559		26,586

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
IDEX Corp.		558		43,435
IHS Inc. - Class A (c)		404		46,007
JB Hunt Transport Services Inc.		317		26,707
Pall Corp.		528		53,439
Roper Industries Inc.		253		39,557
Sensata Technologies Holding NV (c)		696		36,477
Textron Inc.		1,264		53,227
Verisk Analytics Inc. - Class A (c)		443		28,374
Other Securities				158,312
				631,354
INFORMATION TECHNOLOGY - 19.6%
Altera Corp.		1,264		46,692
FactSet Research Systems Inc. (e)		215		30,261
Fiserv Inc. (c)		884		62,738
Gartner Inc. - Class A (c)		404		34,021
Global Payments Inc.		380		30,677
Motorola Solutions Inc.		597		40,048
Red Hat Inc. (c)		653		45,149
VeriSign Inc. (c) (e)		633		36,081
Other Securities				273,944
				599,611
MATERIALS - 3.3%
Franco-Nevada Corp.		560		27,576
Other Securities				73,050
				100,626
TELECOMMUNICATION SERVICES - 0.8%
Other Securities				23,465
UTILITIES - 0.1%
Other Securities				2,766
Total Common Stocks (cost $2,060,029)				2,928,160
PREFERRED STOCKS - 0.4%
CONSUMER DISCRETIONARY - 0.0%
Other Securities				173
FINANCIALS - 0.2%
Other Securities				4,627
INFORMATION TECHNOLOGY - 0.2%
Other Securities				7,370
Total Preferred Stocks (cost $12,706)				12,170
SHORT TERM INVESTMENTS - 8.3%
Investment Companies - 3.8%
JNL Money Market Fund, 0.01% (a) (h)		526		526
T. Rowe Price Reserves Investment Fund, 0.07% (a) (h)		118,061		118,061
				118,587
Securities Lending Collateral - 4.5%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		137,016		137,016
Total Short Term Investments (cost $255,603)				255,603
Total Investments - 104.5% (cost $2,328,338)				3,195,933
Other Assets and Liabilities, Net - (4.5%)				(138,860	)
Total Net Assets - 100.0%			$	3,057,073

	Shares/Par (t)		Value
JNL/T. Rowe Price Short-Term Bond Fund **
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES - 26.2%
Ally Master Owner Trust
0.96%, 02/15/15 (i)	$	8,000	$	8,004
1.00% - 1.29%, 02/15/16 - 01/15/17		2,645		2,639
Banc of America Commercial Mortgage Trust REMIC
5.45%, 09/10/16		190		199
5.73%, 05/10/45 (i)		6,510		6,778
5.37%, 09/10/45 (i)		3,260		3,342
5.63%, 07/10/46		1,724		1,804
Banc of America Merrill Lynch Commercial Mortgage Inc. REMIC
4.62%, 07/10/43		1,279		1,280
4.67%, 07/10/43		7,804		7,863
Capital Auto Receivables Asset Trust
0.79% - 1.24%, 03/20/16 - 10/20/17		7,775		7,794
1.09%, 03/20/18		6,860		6,859
1.26% - 2.22%, 05/21/18 - 01/22/19		8,805		8,829
Citigroup Commercial Mortgage Trust, 1.20% -1.49%, 12/10/18 - 09/10/19		3,551		3,531
CNH Equipment Trust
0.69%, 08/15/16		6,559		6,558
1.02% - 1.05%, 05/15/18 - 08/15/18		3,600		3,589
Enterprise Fleet Financing LLC
0.68% - 1.06%, 10/20/15 - 12/20/16 (r)		5,232		5,235
1.05%, 08/21/17 (r)		8,135		8,126
GE Dealer Floorplan Master Note Trust
0.57% - 0.62%, 10/20/15 - 10/20/17 (i)		13,515		13,510
0.55%, 07/20/17 (i)		5,835		5,829
GS Mortgage Securities Trust REMIC
5.55%, 12/10/15 (i)		2,845		2,919
1.21% - 1.29%, 04/10/18 - 05/10/19		2,592		2,588
1.51%, 09/10/47		2,605		2,604
Hyundai Auto Lease Securitization Trust
0.77%, 10/17/16 (r)		3,480		3,483
1.26%, 09/17/18 (r)		1,630		1,629
Hyundai Auto Receivables Trust
0.73% - 0.75%, 10/15/16 - 02/15/17		8,205		8,196
3.51%, 11/15/17		6,830		6,991
John Deere Owner Trust, 0.60%, 04/15/16		6,453		6,461
JPMBB Commercial Mortgage Securities Trust, 1.26% - 1.65%, 07/15/18 - 10/15/19		12,003		11,983
JPMorgan Chase Commercial Mortgage Securities Corp. REMIC
1.03%, 10/15/16		108		108
4.68%, 07/15/42		2		2
5.00%, 08/15/42 (i)		2,421		2,457
JPMorgan Chase Commercial Mortgage Securities Trust REMIC
1.27%, 03/15/19		1,524		1,518
5.48%, 12/12/44 (i)		1,474		1,507
JPMorgan Mortgage Trust REMIC, 2.53%, 07/25/35 (i)		194		194
Mercedes-Benz Auto Lease Trust
0.62%, 07/15/16		2,065		2,066
0.72%, 12/17/18		2,155		2,156
Mercedes-Benz Master Owner Trust, 0.79%, 11/16/15 (r)		9,925		9,925
MMAF Equipment Finance LLC, 0.87%, 01/08/19 (r)		6,215		6,191
Morgan Stanley Bank of America Merrill Lynch Trust, 1.25% - 1.69%, 08/15/18 - 09/15/19		10,226		10,216
Morgan Stanley Capital I Trust REMIC
4.99%, 06/13/15		1,463		1,466
5.73%, 07/12/44 (i)		2,368		2,486

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
SBA Tower Trust REMIC
2.93%, 12/15/17 (r)		7,540		7,636
2.24% - 3.60%, 04/16/18 (r)		5,195		5,174
Volkswagen Auto Loan Enhanced Trust
0.56%, 08/21/17		7,611		7,604
1.39%, 05/20/18		4,745		4,704
World Omni Master Owner Trust, 0.51%, 02/16/16 (i) (r)		7,440		7,440
Other Securities				246,062
Total Non-U.S. Government Agency Asset- Backed Securities (cost $471,607)				467,535
CORPORATE BONDS AND NOTES - 47.6%
CONSUMER DISCRETIONARY - 5.0%
DIRECTV Holdings LLC
3.50%, 03/01/16		2,635		2,704
2.40%, 03/15/17		7,345		7,484
1.75%, 01/15/18		3,120		3,100
Thomson Reuters Corp.
0.88%, 05/23/16		6,505		6,473
1.30%, 02/23/17		1,935		1,925
Volkswagen Group of America Finance LLC, 1.25%, 05/23/17 (r)		7,180		7,145
Other Securities				60,013
				88,844
CONSUMER STAPLES - 2.2%
Bunge Ltd. Finance Corp.
5.10%, 07/15/15		1,650		1,686
3.20%, 06/15/17		6,640		6,828
Imperial Tobacco Finance Plc, 2.05%, 02/11/18 (r)		6,995		6,956
Other Securities				23,443
				38,913
ENERGY - 9.4%
Anadarko Petroleum Corp., 6.38%, 09/15/17		6,615		7,355
BG Energy Capital Plc, 2.88%, 10/15/16 (r)		7,300		7,485
Ensco Plc, 3.25%, 03/15/16		7,605		7,745
Murphy Oil Corp., 2.50%, 12/01/17 (l)		6,955		6,914
ONEOK Partners LP
3.25%, 02/01/16		7,010		7,152
3.20%, 09/15/18		270		274
Pioneer Natural Resources Co., 5.88%, 07/15/16		7,238		7,689
TransCanada PipeLines Ltd., 0.94%, 06/30/16 (i)		5,985		6,013
Williams Partners LP, 3.80%, 02/15/15		6,561		6,582
Other Securities				109,518
				166,727
FINANCIALS - 18.3%
American Express Co., 0.82%, 05/22/18 (i)		7,075		7,075
Bank of Tokyo-Mitsubishi UFJ Ltd., 1.55%, 09/09/16 (r)		5,935		5,962
Barclays Bank Plc
5.00%, 09/22/16		2,655		2,830
6.05%, 12/04/17 (r)		6,620		7,290
Citigroup Inc.
1.55%, 08/14/17		8,420		8,397
1.85%, 11/24/17		1,645		1,643
Commonwealth Bank of Australia, 1.13%, 03/13/17		7,745		7,718
Ford Motor Credit Co. LLC
3.00%, 06/12/17		4,470		4,587
1.68%, 09/08/17		7,310		7,252

	Shares/Par (t)		Value
General Electric Capital Corp., 0.95%, 04/02/18 (i)		8,150		8,226
Goldman Sachs Group Inc.
1.60%, 11/23/15		1,078		1,084
6.25%, 09/01/17		8,888		9,890
6.15%, 04/01/18		1,780		1,998
HBOS Plc, 6.75%, 05/21/18 (r)		5,360		5,974
JPMorgan Chase & Co.
0.85%, 02/26/16 (i)		3,195		3,201
2.00%, 08/15/17		8,560		8,642
Morgan Stanley
1.51%, 04/25/18 (i)		5,755		5,847
1.08%, 01/24/19 (i)		10,550		10,571
National Bank of Canada, 1.45%, 11/07/17		8,005		7,938
Nordea Bank AB, 0.88%, 05/13/16 (r)		10,140		10,133
Sumitomo Mitsui Banking Corp., 0.90%, 01/18/16		3,235		3,233
Sumitomo Mitsui Trust Bank Ltd., 1.80%, 03/28/18 (r)		6,520		6,469
Swedbank AB, 1.75%, 03/12/18 (r)		9,235		9,214
Other Securities				181,145
				326,319
HEALTH CARE - 2.5%
AbbVie Inc., 1.20%, 11/06/15		5,940		5,957
Life Technologies Corp.
4.40%, 03/01/15		1,185		1,191
3.50%, 01/15/16		6,030		6,104
Other Securities				31,058
				44,310
INDUSTRIALS - 3.5%
Hutchison Whampoa International 14 Ltd., 1.63%, 10/31/17 (r)		9,175		9,099
Other Securities				54,151
				63,250
INFORMATION TECHNOLOGY - 1.5%
Fiserv Inc., 3.13%, 06/15/16		6,315		6,485
Keysight Technologies Inc., 3.30%, 10/30/19 (r)		7,555		7,506
Other Securities				13,087
				27,078
MATERIALS - 1.2%
Other Securities				20,572
TELECOMMUNICATION SERVICES - 1.8%
American Tower Corp., 4.63%, 04/01/15		9,900		9,989
CC Holdings GS V LLC, 2.38%, 12/15/17		8,750		8,828
Other Securities				13,689
				32,506
UTILITIES - 2.2%
Other Securities				39,114
Total Corporate Bonds and Notes (cost $848,147)				847,633
GOVERNMENT AND AGENCY OBLIGATIONS - 24.4%
GOVERNMENT SECURITIES - 12.1%
Federal Home Loan Mortgage Corp. - 1.4% (w)
Federal Home Loan Mortgage Corp., 0.88%, 10/14/16		25,000		25,100
Federal National Mortgage Association - 1.3% (w)
Federal National Mortgage Association
0.63%, 08/26/16		9,780		9,780
0.88%, 08/28/17 (e)		13,755		13,692
				23,472

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Municipals - 0.4%
Florida Hurricane Catastrophe Fund Finance Corp., 1.30%, 07/01/16		5,300		5,329
Other Securities				1,472
				6,801
Sovereign - 1.8%
Iceland Government International Bond, 4.88%, 06/16/16 (r)		7,510		7,858
Mexico Bonos, 7.75%, 12/14/17, MXN		286,075		21,176
Other Securities				1,910
				30,944
Treasury Inflation Index Securities - 3.4%
U.S. Treasury Inflation Indexed Note
0.50%, 04/15/15 (n)		10,726		10,582
1.88%, 07/15/15 (n)		15,356		15,398
0.13%, 04/15/17 (n)		34,450		34,469
				60,449
U.S. Treasury Securities - 3.8%
U.S. Treasury Note
0.75%, 01/15/17 (e)		12,200		12,209
0.50%, 07/31/17		34,785		34,383
1.00%, 09/15/17 (e)		9,025		9,027
0.88%, 11/15/17		12,590		12,524
				68,143
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES - 12.3%
Federal Home Loan Mortgage Corp. - 2.4%
Federal Home Loan Mortgage Corp.
5.00%, 10/01/17 - 11/01/17		237		248
4.50% - 5.50%, 01/01/18 - 12/01/23		2,690		2,885
1.62%, 09/25/24 (i)		2,981		2,976
1.82%, 10/25/24 (i)		2,273		2,273
4.00% - 6.00%, 08/01/25 - 11/01/37		2,803		3,064
2.23% - 2.52%, 09/01/33 - 03/01/36 (i)		2,614		2,783
REMIC, 1.43%, 08/25/17		5,810		5,842
REMIC, 1.37%, 05/25/19		6,507		6,510
REMIC, 2.06%, 03/25/20		7,902		8,012
REMIC, 5.00%, 10/15/21		201		207
REMIC, 0.61%, 05/15/36 (i)		450		454
REMIC, 0.66%, 08/15/41 (i)		2,337		2,356
REMIC, 0.66%, 07/15/42 (i)		5,693		5,744
				43,354
Federal National Mortgage Association - 7.7%
Federal National Mortgage Association
5.50%, 01/01/17		17		19
4.50% - 5.50%, 03/01/18 - 12/01/24		9,806		10,561
4.50%, 12/01/20		2,663		2,819
4.50%, 12/01/20		1,897		2,008
4.50%, 08/01/24		3,849		4,160
2.12%, 11/25/24 (i)		2,380		2,382
2.27%, 11/25/24 (i)		1,241		1,245
3.50% - 6.00%, 02/01/25 - 07/01/41		28,464		31,091
5.50%, 07/01/25		1,990		2,179
3.50%, 12/01/25		3,111		3,290
3.50%, 01/01/26		2,176		2,302
4.00%, 04/01/26		2,138		2,291
4.50%, 04/01/26		3,575		3,863
3.50%, 11/01/26		3,042		3,228
4.00%, 12/01/26		2,194		2,344
3.50%, 01/01/27		3,432		3,630
1.76% - 2.63%, 03/01/33 - 03/01/36 (i)		9,213		9,818
5.50%, 11/01/35		2,339		2,627
5.50%, 01/01/37		1,719		1,926
5.00%, 05/01/38		3,087		3,420
5.50%, 09/01/38		2,217		2,486
5.50%, 06/01/39		2,367		2,645

	Shares/Par (t)		Value
5.50%, 12/01/39		2,452		2,740
4.00%, 03/01/41		5,134		5,484
4.00%, 10/01/41		8,415		8,989
3.50%, 11/01/44		9,463		9,899
4.50%, 01/15/45, TBA (g)		4,190		4,547
REMIC, 5.00%, 08/25/19 - 11/25/21		1,500		1,562
REMIC, 0.62%, 07/25/42 (i)		4,353		4,367
				137,922
Government National Mortgage Association - 2.2%
Government National Mortgage Association
7.00%, 12/15/17		98		101
5.50%, 07/15/20		106		112
5.00%, 12/20/34 - 02/20/40		1,027		1,140
6.00%, 07/15/36		2,197		2,541
5.00%, 11/20/39		7,686		8,577
4.50%, 09/20/40		1,856		2,038
3.50%, 03/20/43		4,599		4,842
3.50%, 04/20/43		1,836		1,929
3.00%, 10/20/44 (i)		1,190		1,236
3.00%, 11/20/44 (i)		5,358		5,568
REMIC, 0.61%, 07/16/42 (i)		10,055		10,128
				38,212
Total Government and Agency Obligations (cost $432,606)				434,397
SHORT TERM INVESTMENTS - 2.8%
Investment Companies - 1.7%
JNL Money Market Fund, 0.01% (a) (h)		9,997		9,997
T. Rowe Price Reserves Investment Fund, 0.07% (a) (h)		20,961		20,961
				30,958
Securities Lending Collateral - 1.1%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		20,089		20,089
Total Short Term Investments (cost $51,047)				51,047
Total Investments - 101.0% (cost $1,803,407)				1,800,612
Other Assets and Liabilities, Net - (1.0%)				(18,472	)
Total Net Assets - 100.0%			$	1,782,140
JNL/T. Rowe Price Value Fund **
COMMON STOCKS - 99.2%
CONSUMER DISCRETIONARY - 5.8%
Carnival Corp.		941	$	42,656
Comcast Corp. - Special Class A (e)		562		32,375
Lowe’s Cos. Inc.		760		52,315
Viacom Inc.		404		30,393
Other Securities				50,226
				207,965
CONSUMER STAPLES - 7.8%
Bunge Ltd.		399		36,309
Ingredion Inc.		498		42,284
Philip Morris International Inc.		466		37,988
Sysco Corp.		1,013		40,186
Other Securities				120,546
				277,313
ENERGY - 4.2%
Apache Corp.		653		40,942
Other Securities				109,468
				150,410

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
FINANCIALS - 23.0%
Bank of America Corp.		4,412		78,923
Bank of New York Mellon Corp.		854		34,639
Citigroup Inc.		1,554		84,108
JPMorgan Chase & Co.		1,344		84,114
Marsh & McLennan Cos. Inc.		598		34,247
MetLife Inc.		1,468		79,384
Morgan Stanley		1,850		71,760
State Street Corp.		570		44,768
Wells Fargo & Co.		1,031		56,514
Weyerhaeuser Co.		1,733		62,197
Other Securities				188,497
				819,151
HEALTH CARE - 20.6%
AbbVie Inc.		648		42,418
Agilent Technologies Inc.		976		39,945
Anthem Inc.		294		36,972
CIGNA Corp.		468		48,193
Covidien Plc		303		30,950
HCA Holdings Inc. (c)		744		54,585
Hospira Inc. (c)		477		29,210
Medtronic Inc.		403		29,082
Merck & Co. Inc.		1,439		81,721
Novartis AG		306		28,362
Pfizer Inc.		3,116		97,055
Thermo Fisher Scientific Inc.		591		74,097
UnitedHealth Group Inc.		509		51,425
Other Securities				90,409
				734,424
INDUSTRIALS - 15.8%
American Airlines Group Inc.		2,650		142,103
Boeing Co.		579		75,297
Danaher Corp.		359		30,727
General Electric Co.		5,736		144,954
Honeywell International Inc.		601		60,082
United Technologies Corp.		602		69,253
Other Securities				40,598
				563,014
INFORMATION TECHNOLOGY - 9.0%
Cisco Systems Inc.		1,582		44,014
Micron Technology Inc. (c)		1,399		48,983
Texas Instruments Inc.		786		42,002
Xerox Corp.		3,905		54,125
Other Securities				132,462
				321,586
MATERIALS - 4.3%
Celanese Corp. - Class A		686		41,120
Other Securities				114,117
				155,237
TELECOMMUNICATION SERVICES - 0.4%
Other Securities				14,006
UTILITIES - 8.3%
AES Corp.		3,367		46,366
American Electric Power Co. Inc.		637		38,685
Entergy Corp.		332		29,017
Exelon Corp.		1,179		43,714
FirstEnergy Corp.		1,189		46,359
NRG Energy Inc.		1,891		50,953
PG&E Corp.		760		40,447
				295,541
Total Common Stocks (cost $2,938,612)				3,538,647

	Shares/Par (t)		Value
SHORT TERM INVESTMENTS - 2.6%
Investment Companies - 0.8%
JNL Money Market Fund, 0.01% (a) (h)		9,903		9,903
T. Rowe Price Reserves Investment Fund, 0.07% (a) (h)		16,931		16,931
				26,834
Securities Lending Collateral - 1.8%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		65,658		65,658
Total Short Term Investments (cost $92,492)				92,492
Total Investments - 101.8% (cost $3,031,104)				3,631,139
Other Assets and Liabilities, Net - (1.8%)				(64,460	)
Total Net Assets - 100.0%			$	3,566,679
JNL/WMC Balanced Fund **
COMMON STOCKS - 64.2%
CONSUMER DISCRETIONARY - 5.3%
Autoliv Inc. (e)		223	$	23,616
Comcast Corp. - Class A		1,218		70,661
Ford Motor Co.		2,307		35,754
Lowe’s Cos. Inc.		549		37,766
Walt Disney Co.		244		22,938
Other Securities				34,108
				224,843
CONSUMER STAPLES - 4.9%
CVS Health Corp.		593		57,113
Mondelez International Inc.		660		23,985
Procter & Gamble Co.		311		28,313
Wal-Mart Stores Inc.		442		37,918
Other Securities				59,822
				207,151
ENERGY - 6.0%
Anadarko Petroleum Corp.		363		29,932
Chevron Corp.		576		64,647
Exxon Mobil Corp.		688		63,638
Other Securities				95,945
				254,162
FINANCIALS - 13.5%
ACE Ltd.		460		52,789
BlackRock Inc.		116		41,446
Citigroup Inc.		721		38,994
JPMorgan Chase & Co.		1,140		71,316
Marsh & McLennan Cos. Inc.		431		24,690
MetLife Inc.		533		28,823
PNC Financial Services Group Inc.		541		49,311
Principal Financial Group Inc.		581		30,168
Prudential Financial Inc.		572		51,782
Wells Fargo & Co.		2,350		128,835
Other Securities				57,937
				576,091
HEALTH CARE - 10.9%
AstraZeneca Plc - ADR (e)		342		24,060
Bristol-Myers Squibb Co.		696		41,088
Cardinal Health Inc.		535		43,193
Eli Lilly & Co.		624		43,018
Johnson & Johnson		632		66,061
Medtronic Inc.		683		49,313
Merck & Co. Inc.		1,772		100,639
Pfizer Inc.		1,620		50,477

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
UnitedHealth Group Inc.		330		33,320
Other Securities				13,704
				464,873
INDUSTRIALS - 8.5%
Eaton Corp. Plc		359		24,383
Equifax Inc.		379		30,686
Honeywell International Inc.		398		39,750
Nielsen NV		658		29,436
Raytheon Co.		317		34,265
United Parcel Service Inc. - Class B		398		44,204
United Technologies Corp.		295		33,894
Other Securities				123,996
				360,614
INFORMATION TECHNOLOGY - 10.0%
Accenture Plc - Class A		495		44,188
Analog Devices Inc.		429		23,795
Apple Inc.		425		46,904
Cisco Systems Inc.		1,530		42,546
Google Inc. - Class A (c)		57		30,041
Intel Corp.		1,371		49,742
Microsoft Corp.		1,612		74,900
Oracle Corp.		538		24,173
Other Securities				87,574
				423,863
MATERIALS - 1.4%
Dow Chemical Co.		532		24,278
International Paper Co.		504		26,984
Other Securities				9,056
				60,318
TELECOMMUNICATION SERVICES - 1.6%
Verizon Communications Inc.		1,436		67,165
UTILITIES - 2.1%
Ameren Corp.		532		24,535
Other Securities				63,955
				88,490
Total Common Stocks (cost $2,124,529)				2,727,570
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES - 2.1%
JPMorgan Chase Commercial Mortgage Securities Trust REMIC
5.70%, 04/12/17 (i)		2,515		2,699
5.48%, 12/12/44 (i)		195		199
Other Securities				85,796
Total Non-U.S. Government Agency Asset- Backed Securities (cost $88,663)				88,694
CORPORATE BONDS AND NOTES - 9.2%
CONSUMER DISCRETIONARY - 1.0%
Comcast Corp.
6.50%, 01/15/17		750		828
5.65% - 6.55%, 06/15/35 - 07/01/39		705		937
Lowe’s Cos. Inc., 6.65%, 09/15/37		420		584
Other Securities				40,408
				42,757
CONSUMER STAPLES - 0.8%
CVS Caremark Corp.
5.75%, 06/01/17		74		82
4.00%, 12/05/23		2,680		2,836
Mondelez International Inc.
4.00%, 02/01/24		545		570

	Shares/Par (t)		Value
6.50%, 02/09/40		1,000		1,333
Wal-Mart Stores Inc, 3.63%, 07/08/20		2,300		2,456
Other Securities				24,303
				31,580
ENERGY - 0.7%
Other Securities				30,766
FINANCIALS - 3.9%
Citigroup Inc.
4.45% - 5.85%, 12/15/15 - 01/10/17		1,777		1,888
2.50% - 8.50%, 05/15/18 - 01/14/22		4,548		5,013
5.30% - 8.13%, 07/15/39 - 05/06/44		1,335		1,540
JPMorgan Chase & Co.
3.40%, 06/24/15		1,800		1,823
3.25% - 6.30%, 04/23/19 - 05/01/23		3,360		3,508
5.40% - 6.40%, 05/15/38 - 01/06/42		965		1,190
MetLife Inc.
1.90%, 12/15/17 (k)		415		416
4.13% - 4.88%, 08/13/42 - 11/13/43		1,610		1,784
Metropolitan Life Global Funding I
2.50%, 09/29/15 (r)		1,200		1,217
1.50%, 01/10/18 (r)		1,480		1,471
PNC Financial Services Group Inc., 3.90%, 04/29/24		830		844
Prudential Financial Inc.
5.50% - 6.00%, 03/15/16 - 12/01/17		875		952
2.30%, 08/15/18		1,885		1,907
Wells Fargo & Co.
3.50% - 4.48%, 03/08/22 - 01/16/24		2,662		2,790
4.10%, 06/03/26		2,125		2,172
Other Securities				138,326
				166,841
HEALTH CARE - 1.0%
Cardinal Health Inc.
2.40% - 3.50%, 11/15/19 - 11/15/24		2,550		2,543
4.50%, 11/15/44		1,405		1,447
Eli Lilly & Co., 4.65%, 06/15/44		1,205		1,351
Medtronic Inc.
1.38% - 3.63%, 04/01/18 - 03/15/24		1,035		1,042
2.50% - 3.15%, 03/15/20 - 03/15/22 (r)		1,825		1,844
3.50% - 4.63%, 03/15/25 - 03/15/45 (r)		3,200		3,338
Merck & Co. Inc.
2.80%, 05/18/23		940		933
4.15%, 05/18/43		630		670
Pfizer Inc., 6.20%, 03/15/19		700		814
UnitedHealth Group Inc.
2.88% - 3.88%, 10/15/20 - 03/15/22		670		706
4.63%, 11/15/41		1,040		1,119
Other Securities				24,607
				40,414
INDUSTRIALS - 0.3%
United Technologies Corp., 3.10%, 06/01/22		225		230
Other Securities				13,520
				13,750
INFORMATION TECHNOLOGY - 0.2%
Apple Inc.
2.85% - 3.45%, 05/06/21 - 05/06/24		3,435		3,553
4.45%, 05/06/44		210		232
Oracle Corp., 6.13%, 07/08/39		500		649
Other Securities				3,034
				7,468
MATERIALS - 0.1%
Other Securities				6,001

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
TELECOMMUNICATION SERVICES - 0.6%
Verizon Communications Inc.
3.45% - 4.50%, 09/15/20 - 11/01/21		7,945		8,517
4.75% - 6.40%, 09/15/33 - 11/01/41		4,995		6,098
4.86%, 08/21/46 (r)		692		711
Other Securities				8,360
				23,686
UTILITIES - 0.6%
Other Securities				25,123
Total Corporate Bonds and Notes (cost $372,184)				388,386
GOVERNMENT AND AGENCY OBLIGATIONS - 26.2%
GOVERNMENT SECURITIES - 11.9%
Municipals - 0.6%
Other Securities				26,214
Sovereign - 0.1%
Other Securities				6,196
U.S. Treasury Securities - 11.2%
U.S. Treasury Bond
5.38%, 02/15/31		16,700		23,291
2.88%, 05/15/43		27,739		28,393
3.38%, 05/15/44		19,635		22,120
3.13%, 08/15/44 (e)		8,880		9,560
3.00%, 11/15/44		2,000		2,102
U.S. Treasury Note
0.50% - 1.00%, 07/31/16 - 09/30/16		4,800		4,824
0.50%, 08/31/16		93,000		92,931
0.88%, 11/30/16		14,815		14,878
0.63%, 05/31/17		9,320		9,265
0.63%, 08/31/17		66,000		65,345
1.00%, 09/15/17 (e)		14,500		14,503
0.75%, 10/31/17		18,300		18,146
1.38%, 07/31/18		6,000		6,005
1.38%, 09/30/18		4,030		4,025
1.25%, 11/30/18		18,500		18,361
1.75%, 09/30/19		37,405		37,616
2.63%, 11/15/20		9,400		9,808
2.13%, 06/30/21		73,070		73,932
2.25% - 2.75%, 11/15/23 - 11/15/24		7,605		7,787
2.38%, 08/15/24		11,095		11,294
				474,186
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES - 14.3%
Federal Home Loan Mortgage Corp. - 1.7%
Federal Home Loan Mortgage Corp.
6.00% - 6.50%, 04/01/17 - 11/01/17		19		20
4.50%, 05/01/18 - 03/01/19		149		156
4.00% - 7.00%, 09/01/26 - 07/01/41		1,650		1,832
2.50%, 01/15/30, TBA (g)		5,900		5,998
3.00%, 01/15/30, TBA (g)		14,665		15,216
3.00%, 01/15/45, TBA (g)		14,500		14,638
3.50%, 01/15/45, TBA (g)		8,000		8,314
4.00%, 01/15/45, TBA (g)		21,850		23,284
5.50%, 01/15/45, TBA (g)		2,400		2,681
				72,139
Federal National Mortgage Association - 10.2%
Federal National Mortgage Association
4.50% - 6.00%, 01/01/18 - 04/01/24		339		367
3.00% - 7.50%, 03/01/26 - 01/01/45		131,262		142,598
2.00% - 3.00%, 01/15/30 - 01/15/45, TBA (g)		5,600		5,664
2.50%, 01/15/30, TBA (g)		13,800		14,045
3.50%, 01/15/30, TBA (g)		9,300		9,823
4.50%, 06/01/40		12,197		13,246
4.50%, 08/01/40		3,895		4,231

	Shares/Par (t)		Value
4.50%, 03/01/41		3,502		3,799
4.50%, 05/01/41		4,949		5,377
4.50%, 08/01/43		4,099		4,451
4.50%, 09/01/43		7,580		8,243
4.50%, 09/01/43		5,071		5,513
4.50%, 10/01/43		3,450		3,744
4.50%, 10/01/43		8,979		9,745
4.50%, 10/01/43		9,749		10,580
4.50%, 11/01/43		4,492		4,876
4.50%, 11/01/43		4,000		4,359
4.50%, 02/01/44		10,325		11,250
4.50%, 04/01/44		5,976		6,498
4.50%, 04/01/44		5,592		6,067
4.50%, 08/01/44		4,016		4,373
3.00%, 01/15/45, TBA (g)		34,025		34,397
3.50%, 01/15/45, TBA (g)		39,675		41,338
4.00%, 01/15/45, TBA (g)		43,600		46,517
5.00%, 01/15/45, TBA (g)		20,600		22,757
5.50%, 01/15/45, TBA (g)		8,800		9,843
				433,701
Government National Mortgage Association - 2.4%
Government National Mortgage Association
6.00%, 02/15/24		3		3
4.00% - 7.00%, 04/15/26 - 12/20/44		19,458		21,721
5.00%, 06/15/39		3,624		4,008
3.00%, 01/15/45, TBA (g)		13,800		14,104
3.50%, 01/15/45, TBA (g)		38,875		40,790
4.00%, 01/15/45, TBA (g)		6,700		7,186
4.50%, 01/15/45, TBA (g)		9,825		10,733
5.50%, 01/15/45, TBA (g)		3,000		3,349
REMIC, 7.50%, 09/16/35		11		12
				101,906
Total Government and Agency Obligations (cost $1,096,324)				1,114,342
SHORT TERM INVESTMENTS - 7.7%
Federal Home Loan Mortgage Corp. - 1.2% (w)
Federal Home Loan Mortgage Corp., 0.12%, 03/12/15		50,000		49,997
Investment Companies - 4.7%
JNL Money Market Fund, 0.01% (a) (h)		198,600		198,600
Securities Lending Collateral - 1.8%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		77,400		77,400
Total Short Term Investments (cost $325,988)				325,997
Total Investments - 109.4% (cost $4,007,688)				4,644,989
Total Forward Sales Commitments - (4.8%) (proceeds $202,746)				(203,098	)
Other Assets and Liabilities, Net - (4.6%)				(194,982	)
Total Net Assets - 100.0%			$	4,246,909
FORWARD SALES COMMITMENTS - 4.8%
GOVERNMENT AND AGENCY OBLIGATIONS - 4.8%
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES - 4.8%
Federal National Mortgage Association - 4.7%
Federal National Mortgage Association, 4.50%, 01/15/45, TBA (g)	$	183,550	$	199,255

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Government National Mortgage Association - 0.1%
Government National Mortgage Association, 6.00%, 01/15/45, TBA (g)		3,400		3,843
Total Forward Sales Commitments - 4.8% (proceeds $202,746)			$	203,098
JNL/WMC Money Market Fund
CORPORATE BONDS AND NOTES - 13.9%
CONSUMER STAPLES - 0.5%
Coca-Cola Co., 1.50%, 11/15/15	$	5,300	$	5,351
PepsiCo Inc., 0.75%, 03/05/15		1,600		1,601
				6,952
FINANCIALS - 11.5%
American Honda Finance Corp.
0.23%, 06/04/15 (i)		14,000		14,000
0.23%, 10/07/15 (i)		16,000		16,000
BPCE SA, 0.48%, 05/27/15 (i)		13,000		13,000
HSBC USA Inc., 2.38%, 02/13/15		2,000		2,005
John Deere Capital Corp., 0.36%, 06/15/15 (i)		2,250		2,251
JPMorgan Chase & Co., 1.30%, 03/20/15 (i)		6,410		6,422
National Rural Utilities Cooperative Finance Corp., 0.28%, 05/01/15 (i)		13,000		13,000
New York Life Global Funding
0.75%, 07/24/15 (r)		2,000		2,005
0.26%, 10/05/15 (i) (r)		12,000		12,002
0.23%, 10/29/15 (i) (r)		12,000		12,000
Pricoa Global Funding I, 0.50%, 08/19/15 (i) (r)		1,800		1,802
Royal Bank of Canada, 0.46%, 01/06/15 (i)		20,000		20,001
Toronto-Dominion Bank, 0.41%, 05/01/15 (i)		20,900		20,914
Toyota Motor Credit Corp., 0.23%, 01/14/15 (i)		13,000		13,000
				148,402
HEALTH CARE - 0.5%
Genzyme Corp., 3.63%, 06/15/15		6,000		6,089
INFORMATION TECHNOLOGY - 1.4%
Cisco Systems Inc., 0.28%, 09/03/15 (i)		2,700		2,701
International Business Machines Corp.
0.55%, 02/06/15		8,000		8,002
0.75%, 05/11/15		8,000		8,016
				18,719
Total Corporate Bonds and Notes (cost $180,162)				180,162
GOVERNMENT AND AGENCY OBLIGATIONS - 18.2%
GOVERNMENT SECURITIES - 18.2%
Federal Home Loan Bank - 11.1% (w)
Federal Home Loan Bank
0.18%, 01/09/15		17,000		17,000
0.14%, 03/02/15		10,000		10,000
0.11%, 03/06/15 (i)		18,000		18,000
0.16%, 03/12/15		25,000		25,001
0.12%, 04/14/15		10,000		10,000
0.13%, 05/08/15		10,000		10,000
0.13%, 06/04/15 - 08/14/15		38,700		38,688
0.17%, 07/22/15		7,350		7,350
0.20%, 09/25/15		7,000		7,001
				143,040
Federal Home Loan Mortgage Corp. - 2.6% (w)
Federal Home Loan Mortgage Corp.
0.30%, 01/09/15		6,000		6,000
0.50%, 04/17/15		6,000		6,007
0.15%, 07/16/15 (i)		6,500		6,501

	Shares/Par (t)		Value
1.75%, 09/10/15		15,000		15,163
				33,671
Federal National Mortgage Association - 0.7% (w)
Federal National Mortgage Association, 5.00%, 04/15/15		9,177		9,304
Sovereign - 1.8%
Export Development Canada, 0.18%, 01/12/15 (i) (r)		10,000		10,000
Federal Farm Credit Banks, 0.15%, 07/09/15		5,500		5,499
Province of Ontario, Canada, 0.95%, 05/26/15		8,000		8,023
				23,522
U.S. Treasury Securities - 2.0%
U.S. Treasury Note, 0.09%, 01/31/16 (i)		26,000		26,001
Total Government and Agency Obligations (cost $235,538)				235,538
SHORT TERM INVESTMENTS - 54.9%
Certificates of Deposit - 21.1%
Abbey National Treasury Services Plc, 0.37%, 09/04/15 (i)		13,000		13,000
Bank of Montreal, 0.23%, 01/08/15 (i)		5,000		5,000
Bank of Nova Scotia
0.24%, 03/20/15 (i)		10,000		10,000
0.68%, 09/11/15 (i)		1,457		1,461
0.23%, 10/30/15 (i)		21,000		21,000
Barclays Bank Plc, 0.30%, 03/19/15 (i)		12,000		12,000
BNP Paribas, 0.29%, 04/30/15 (i)		13,500		13,500
Canadian Imperial Bank of Commerce, 0.23%, 06/29/15 (i)		10,000		10,000
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
0.23%, 02/23/15 (i)		12,000		12,000
0.28%, 09/18/15 (i)		13,500		13,500
Credit Suisse
0.47%, 03/27/15 (i)		20,000		20,000
0.49%, 05/08/15 (i)		10,000		10,000
0.55%, 08/24/15 (i)		8,000		8,003
Deutsche Bank AG, 0.40%, 01/30/15 (i)		12,500		12,500
Natexis Banque, 0.27%, 04/06/15		15,000		15,000
Nordea Bank Finland Plc, 0.19%, 01/12/15		17,000		17,000
Societe Generale, 0.24%, 01/09/15 (i)		12,000		12,000
Standard Chartered Bank
0.28%, 01/23/15 (i)		8,500		8,500
0.32%, 04/10/15 (i)		8,000		8,000
0.30%, 06/11/15 (i)		21,000		21,000
Svenska Handelsbanken AB, 0.19%, 01/16/15		5,000		5,000
UBS AG
0.30%, 01/20/15 (i)		12,000		12,000
0.25%, 03/04/15		13,000		13,000
				273,464
Commercial Paper - 17.5%
Australia & New Zealand Banking Group Ltd., 0.28%, 04/30/15 (i)		22,000		22,000
BPCE SA, 0.20%, 01/02/15		15,000		15,000
DNB ASA, 0.21%, 01/12/15		15,000		14,999
General Electric Capital Corp.
0.20%, 03/10/15		14,000		13,995
0.22%, 04/17/15		6,000		5,996
HSBC USA Inc.
0.23%, 02/17/15		15,000		14,995
0.23%, 04/03/15		15,000		14,991
JPMorgan Chase & Co., 0.25%, 02/12/15 (r)		12,000		11,996
MetLife Short Term Funding LLC
0.13%, 01/08/15 (r)		20,000		19,999
0.14%, 02/09/15 (r)		15,500		15,498

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Skandinaviska Enskilda Banken AB, 0.21%, 02/06/15 (r)		19,000		18,996
Svenska Handelsbanken AB, 0.21%, 04/14/15		20,000		19,988
Toronto Dominion Holdings (USA), Inc., 0.20%, 01/16/15		14,500		14,499
Westpac Banking, 0.24%, 04/29/15 (i) (r)		23,000		23,002
				225,954
Repurchase Agreements - 16.3%
Repurchase Agreement with BMO, 0.06% (Collateralized by $77 Federal National Mortgage Association, 3.00%, due 10/01/42, value $78, and $534 U.S. Treasury Bill, due 05/28/15, value $534) acquired on 12/31/14, due on 01/02/15 at $600		600		600
Repurchase Agreement with BNP, 0.06% (Collateralized by $7,824 Federal Home Loan Mortgage Corp., 2.50-7.00%, due 08/01/17-10/01/43, value $8,591, and $17,436 Federal National Mortgage Association, 2.00-7.00%, due 11/01/17-12/01/44, value $18,949) acquired on 12/31/14, due on 01/02/15 at $27,000		27,000		27,000
Repurchase Agreement with BOA, 0.07% (Collateralized by $12,123 U.S. Treasury Note, 0.38%, due 06/30/15, value $12,138) acquired on 12/31/14, due on 01/02/15 at $11,900		11,900		11,900
Repurchase Agreement with DUB, 0.12% (Collateralized by $4,659 Government National Mortgage Association, 5.49%, due 04/20/60, value $5,304) acquired on 12/31/14, due on 01/02/15 at $5,200		5,200		5,200
Repurchase Agreement with GSC, 0.07% (Collateralized by $12,308 Federal Home Loan Mortgage Corp., 2.38-8.50%, due 05/01/17-01/01/43, value $13,644, and $21,016 Federal National Mortgage Association, 1.88-7.50%, due 11/01/17-03/01/43 value $23,076) acquired on 12/29/14, due on 01/05/15 at $36,000		36,000		36,000
Repurchase Agreement with GSC, 0.08% (Collateralized by $10,513 Federal Home Loan Mortgage Corp., 3.00-9.00%, 01/01/17-02/01/44, value $11,612, and $12,589 Federal National Mortgage Association, 1.84-10.00%, due 06/01/18-11/01/44, value $13,888) acquired on 12/31/14, due on 01/07/15 at $25,000		25,000		25,000
Repurchase Agreement with GSC, 0.08% (Collateralized by $27,494 U.S. Treasury Note, 0.25-8.88%, due 09/30/15-08/15/17, value $30,600) acquired on 12/31/14, due on 01/07/15 at $30,000		30,000		30,000
Repurchase Agreement with RBC, 0.08% (Collateralized by $49,206 Federal National Mortgage Association, 3.00-4.50%, due 06/01/41-07/01/44, value $51,000) acquired on 12/31/14, due on 01/02/15 at $50,000		50,000		50,000

	Shares/Par (t)		Value
Repurchase Agreement with RBC, 0.09% (Collateralized by $23,798 Federal National Mortgage Association, 4.00%, due 12/01/44, value $25,500) acquired on 12/31/14, due on 01/07/15 at $25,000		25,000		25,000
				210,700
Total Short Term Investments (cost $710,118)				710,118
Total Investments - 87.0% (cost $1,125,818)				1,125,818
Other Assets and Liabilities, Net - 13.0%				167,905
Total Net Assets - 100.0%			$	1,293,723
Portfolio Composition:	Percentage of Total Investments
Government Securities		20.9%
Financials		13.2
Information Technology		1.7
Consumer Staples		0.6
Health Care		0.5
Short Term Investments		63.1
Total Investments		100.0%
JNL/WMC Value Fund
COMMON STOCKS - 98.9%
CONSUMER DISCRETIONARY - 11.9%
AutoZone Inc. (c)		21	$	12,902
CBS Corp. - Class B		305		16,855
Comcast Corp. - Class A		443		25,698
Home Depot Inc.		204		21,400
Interpublic Group of Cos. Inc.		690		14,328
Lowe’s Cos. Inc.		393		27,057
Newell Rubbermaid Inc.		519		19,759
Nordstrom Inc.		212		16,830
Norwegian Cruise Line Holdings Ltd. (c)		176		8,244
Pulte Homes Inc.		856		18,366
PVH Corp.		165		21,087
Thomson Reuters Corp.		408		16,440
				218,966
CONSUMER STAPLES - 4.6%
Anheuser-Busch InBev NV - ADR (e)		187		21,006
CVS Health Corp.		273		26,260
Diageo Plc - ADR		138		15,716
Kraft Foods Group Inc.		333		20,841
				83,823
ENERGY - 10.0%
Anadarko Petroleum Corp.		185		15,275
Chevron Corp.		359		40,315
EOG Resources Inc.		224		20,627
Exxon Mobil Corp.		339		31,297
Halliburton Co.		432		17,002
Marathon Oil Corp.		626		17,701
Occidental Petroleum Corp.		179		14,445
Pioneer Natural Resources Co.		76		11,327
Southwestern Energy Co. (c)		568		15,502
				183,491
FINANCIALS - 27.0%
ACE Ltd.		260		29,849
American International Group Inc.		319		17,845
Ameriprise Financial Inc.		171		22,549
BB&T Corp.		551		21,411
BlackRock Inc.		84		29,863

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Citigroup Inc.		829		44,874
Goldman Sachs Group Inc.		136		26,307
Host Hotels & Resorts Inc.		872		20,730
Intercontinental Exchange Inc.		105		23,012
JPMorgan Chase & Co.		1,032		64,597
Marsh & McLennan Cos. Inc.		444		25,393
MetLife Inc.		451		24,368
Paramount Group Inc. (c)		268		4,973
PNC Financial Services Group Inc.		467		42,630
Principal Financial Group Inc.		278		14,420
Unum Group		291		10,134
Wells Fargo & Co.		1,323		72,515
				495,470
HEALTH CARE - 13.4%
Amgen Inc.		141		22,493
AstraZeneca Plc - ADR (e)		291		20,506
Baxter International Inc.		227		16,640
Bristol-Myers Squibb Co.		153		9,052
Covidien Plc		334		34,129
Johnson & Johnson		172		17,992
Merck & Co. Inc.		837		47,556
Pfizer Inc.		455		14,163
Roche Holding AG		85		22,895
UnitedHealth Group Inc.		331		33,502
Zoetis Inc. - Class A		172		7,401
				246,329
INDUSTRIALS - 9.9%
3M Co.		124		20,394
Eaton Corp. Plc		387		26,304
Fortune Brands Home & Security Inc.		512		23,185
General Electric Co.		1,251		31,602
Illinois Tool Works Inc.		173		16,380
Ingersoll-Rand Plc		264		16,745
Spirit Aerosystems Holdings Inc. - Class A (c)		413		17,772
United Technologies Corp.		259		29,737
				182,119
INFORMATION TECHNOLOGY - 13.4%
Analog Devices Inc.		320		17,744
Cisco Systems Inc.		1,961		54,540
EMC Corp.		1,161		34,521
Intel Corp.		1,118		40,586
Marvell Technology Group Ltd.		1,420		20,584
Maxim Integrated Products Inc.		805		25,657
Microsoft Corp.		586		27,225
Symantec Corp.		984		25,255
				246,112
MATERIALS - 4.5%
Axalta Coating Systems Ltd. (c)		453		11,779
Dow Chemical Co.		443		20,218
E.I. du Pont de Nemours & Co.		165		12,194
International Paper Co.		315		16,851
Nucor Corp.		186		9,127
Steel Dynamics Inc.		657		12,972
				83,141
TELECOMMUNICATION SERVICES - 1.5%
Verizon Communications Inc.		573		26,805
UTILITIES - 2.7%
Edison International		240		15,722
NextEra Energy Inc.		113		11,986
Northeast Utilities (e)		421		22,525
				50,233
Total Common Stocks (cost $1,255,385)				1,816,489

	Shares/Par (t)		Value
SHORT TERM INVESTMENTS - 1.8%
Investment Companies - 1.1%
JNL Money Market Fund, 0.01% (a) (h)		19,057		19,057
Securities Lending Collateral - 0.7%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		13,099		13,099
Total Short Term Investments (cost $32,156)				32,156
Total Investments - 100.7% (cost $1,287,541)				1,848,645
Other Assets and Liabilities, Net - (0.7%)				(12,078	)
Total Net Assets - 100.0%			$	1,836,567

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Notes to Schedules of Investments (in thousands)

December 31, 2014

(a) Investment in affiliate.

(b) Consolidated Schedule of Investments.

(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 approved by the JNL Series Trust’s (“Trust”) 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 Measurement” based on the applicable valuation inputs. See FASB ASC Topic 820 in the Notes to Financial Statements.

(g) All or a portion of the security was purchased or sold on a delayed delivery basis. As of December 31, 2014, the total payable for investments purchased on a delayed delivery basis was as follows: JNL/BlackRock Global Allocation Fund $3,393; JNL/Capital Guardian Global Balanced Fund $11,937; JNL/Goldman Sachs Core Plus Bond Fund $109,728; JNL/Mellon Capital Bond Index Fund $47,974; JNL/Neuberger Berman Strategic Income Fund $161,708; JNL/PIMCO Real Return Fund $1,617,993; JNL/PIMCO Total Return Bond Fund $571,708; JNL/T. Rowe Price Short-Term Bond Fund $4,535; JNL/WMC Balanced Fund $329,310. As of December 31, 2014, the total proceeds for investments sold on a delayed delivery basis were as follows: JNL/Goldman Sachs Core Plus Bond Fund $1,001; JNL/Mellon Capital Bond Index Fund $10,824; JNL/WMC Balanced Fund $202,746.

(h) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2014.

(i) The security or securities in this category have a variable rate. Rate stated was in effect as of December 31, 2014.

(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, 2014.

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

(m) Perpetual security.

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

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

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

(q) The Sub-Adviser has deemed this security to be illiquid based on procedures approved by the Board.

(r) The Sub-Adviser has deemed this security which is exempt from registration under the Securities Act of 1933 (“1933 Act”), as amended, to be liquid based on procedures approved by the Board. As of December 31, 2014, the value and the percentage of net assets of these liquid securities was as follows: JNL/BlackRock Global Allocation Fund - $64,355, 1.9%; JNL/Franklin Templeton Global Multisector Bond Fund - $283,716, 13.7%; JNL/Franklin Templeton Income Fund - $498,312, 18.4%; JNL/Franklin Templeton Mutual Shares Fund - $18,992, 1.5%; JNL/Goldman Sachs Core Plus Bond Fund - $160,024, 16.4%; JNL/Goldman Sachs Emerging Markets Debt Fund - $116,784, 18.3%; JNL/Ivy Asset Strategy Fund - $418,952, 13.7%; JNL/JPMorgan U.S. Government & Quality Bond Fund - $23,215, 1.9%; JNL/Lazard Emerging Markets Fund - $14,335, 1.1%; JNL/Mellon Capital Bond Index Fund - $2,235, 0.2%; JNL/Neuberger Berman Strategic Income Fund - $50,388, 7.5%; JNL/PIMCO Real Return Fund - $164,717, 8.4%; JNL/PIMCO Total Return Bond Fund - $385,145, 8.4%; JNL/PPM America Floating Rate Income Fund - $36,942, 2.3%; JNL/PPM America High Yield Bond Fund - $981,638, 35.8%; JNL/Scout Unconstrained Bond Fund - $23,809, 3.4%; JNL/T. Rowe Price Short-Term Bond Fund - $400,405, 22.5%; JNL/WMC Balanced Fund - $127,834, 3.0%; JNL/WMC Money Market Fund - $127,301, 9.8%

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

(t) Par amounts are listed in USD unless otherwise noted. Options are quoted in unrounded number of contracts. Gold bullion is quoted in unrounded ounces.

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

(v) Convertible security.

(w) The securities in this category are a direct debt of the agency and not collateralized by mortgages.

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

(y) Pay-in-kind security. The coupon interest earned by the security may be paid in cash or additional par.

(z) This variable rate senior loan will settle after December 31, 2014, at which time the interest rate will be determined.

** A Summary Schedule of Investments is presented for this portfolio. 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, 2014. In certain instances, securities for which footnotes listed above may otherwise apply are included in the Other Securities caption. A complete Schedule of Investments is available without charge, upon request, by calling the Annuity Service Center at 1-800-873-5654 or by visiting the Commission’s website, www.sec.gov.

Currencies:

AUD - Australian Dollar BRL - Brazilian Real CAD - Canadian Dollar CHF - Swiss Franc CLP - Chilean Peso CNH - Chinese Offshore Yuan CNY - Chinese Yuan COP - Colombian Peso CRC - Costa Rican Colon CZK - Czech Republic Korunas DOP - Dominican Peso EUR - European Currency Unit (Euro) GBP - British Pound GHS - Ghanaian Cedi HKD - Hong Kong Dollar HUF - Hungarian Forint IDR - Indonesian Rupiah ILS - Israeli New Sheqel INR - Indian Rupee JPY - Japanese Yen KRW - Korean Won LKR - Sri Lankan Rupee MXN - Mexican Peso MYR - Malaysian Ringgit NGN - Nigerian Naira NOK - Norwegian Krone NZD - New Zealand Dollar PEN - Peruvian Nuevo Sol PHP - Philippine Peso PLN - Polish Zloty RON - Romanian New Leu RSD - Serbian Dinar RUB - Russian Ruble SEK - Swedish Krona SGD - Singapore Dollar THB - Thai Baht TRY - New Turkish Lira TWD - Taiwan Dollar USD - United States Dollar UYU - Uruguayan Peso ZAR - South African Rand

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Notes to Schedules of Investments (in thousands)

December 31, 2014

Abbreviations:

“-” Amount rounds to less than one thousand	IBEX - Iberia Index
ABS - Asset Backed Security ADR - American Depositary Receipt	iTraxx - Group of international credit derivative indices monitored by the International Index Company
ASX - Australian Stock Exchange	JSE - Johannesburg Stock Exchange
CAC - Cotation Assistee en Continu	KCBT - Kansas City Board of Trade
CBT - Chicago Board of Trade	KOSPI - Korea Composite Stock Price Index
CDI - Chess Depository Interest	LIBOR - London Interbank Offered Rate
CDO - Collateralized Debt Obligation	LME - London Metal Exchange
CDX.EM - Credit Derivatives Index - Emerging Markets	MIBOR - Mumbai Interbank Offered Rate
CDX.NA.HY - Credit Derivatives Index - North American - High Yield	MIB - Milano Indice Borsa
CDX.NA.IG - Credit Derivatives Index - North American - Investment Grade	MICEX - Moscow Interbank Currency Exchange Index
CIB - CIBC World Markets	MSCI - Morgan Stanley Capital International
CLO - Collateralized Loan Obligation	NASDAQ - National Association of Securities Dealers Automated Quotations
CPURNSA - CPI Urban Consumers Index Non-Seasonally Adjusted	NVDR - Non-Voting Depository Receipt
CNX - CRISIL NSE Index	NYSE - New York Stock Exchange
CVA - Commanditaire Vennootschap op Aandelen	OAT - Obligations Assimilables du Tresor
EAFE - Europe, Australia and Far East	RB - Revenue Bond
ETF - Exchange Traded Fund	RBOB - Reformulated Blendstock for Oxygenate Blending
Euribor - Europe Interbank Offered Rate	REIT - Real Estate Investment Trust
Euro-Bobl - debt instrument issued by the Federal Republic of Germany with a term of 4.5 to 5.5 years	REMIC - Real Estate Mortgage Investment Conduit S&P - Standard & Poor’s
Euro-Bund - debt instrument issued by the Federal Republic of Germany with a term of 8.5 to 10.5 years	SDR - Swedish Depository Receipt SGX - Singapore Exchange
Euro-Buxl - debt instrument issued by the Federal Republic of Germany with a term of 24 to 35 years	SPDR - Standard & Poor’s Depository Receipt SPI - Schedule Performance Index
Euro-BTP - debt instrument issued by the Republic of Italy with a term of 2 to 11 years	TAIEX - Taiwan Capitalization Weighted Stock Index TBA - To Be Announced (Securities purchased on a delayed delivery basis)
Euro-Schatz - debt instrument issued by the Federal Republic of Germany with a term of 1.75 to 2.25 years	TES - Peso Denominated Treasury Bonds UF - Unidad de Fomento
FDR - Fiduciary Depository Receipt	UFJ - United Financial of Japan
FTSE - Financial Times and the London Stock Exchange	ULSD - Ultra-low sulfur diesel
GDR - Global Depository Receipt	WTI - West Texas Intermediate

Counterparty Abbreviations:

BBH - Brown Brothers Harriman & Co.	HSB - HSBC Securities, Inc.
BBP - Barclays Bank Plc	JPM - J.P. Morgan Securities, Inc.
BCL - Barclays Capital Inc.	MLP - Merrill Lynch Professional Clearing Corp.
BMO - BMO Capital Markets Corp.	MSC - Morgan Stanley & Co., Incorporated
BNP - BNP Paribas Securities	MSS - Morgan Stanley Capital Services Inc.
BNY - BNY Capital Markets	RBC - Royal Bank of Canada
BOA - Bancamerica Securities/Bank of America NA	RBS - Royal Bank of Scotland
CCI - Citicorp Securities, Inc.	SCB - Standard Chartered Bank
CGM - Citigroup Global Markets	SGB - Societe Generale Bannon LLC
CIT - Citibank, Inc.	SSB - State Street Brokerage Services, Inc.
CSI - Credit Suisse Securities, LLC	TDS - TD Securities Inc.
DUB - Deutsche Bank Alex Brown Inc.	UBS - UBS Securities LLC
GSC - Goldman Sachs & Co.	WBC - Westpac Banking Corporation
GSI - Goldman Sachs International

Restricted Securities - The Fund invests in securities that are restricted under the 1933 Act or which are subject to legal, contractual, or other agreed upon restrictions on resale. 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 1933 Act. As of December 31, 2014, the following Funds held investments in restricted securities, excluding certain securities exempt from registration under the 1933 Act which are deemed to be liquid, as follows:

	Initial Acquisition Date		Cost		Ending Value		Percent of Net Assets
JNL/BlackRock Commodity Securities Strategy Fund
Uranium Energy Corp.		11/02/2010	$	1,243	$	640		0.1%
JNL/BlackRock Global Allocation Fund
BRT Escrow Corp. SpA Escrow		12/31/2014	$	—	$	—		—%
Bio City Development Co. BV, 8.00%, 07/06/18		08/26/2011		708		321		—
CapitaLand Ltd., 2.10%, 11/15/16		04/16/2012		2,787		2,624		0.1
CapitaLand Ltd., 2.95%, 06/20/22		01/18/2012		5,485		5,285		0.2
Credit Suisse Group Guernsey I Ltd., 7.88%, 02/24/41		01/18/2012		1,811		1,845		0.1
Delta Topco Ltd.		05/03/2012		984		1,371		—
Delta Topco Ltd., 10.00%, 11/24/16		05/03/2012		1,839		1,807		0.1
Dropbox Inc.		01/29/2014		7,795		7,795		0.2

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Notes to Schedules of Investments (in thousands)

December 31, 2014

	Initial Acquisition Date		Cost		Ending Value		Percent of Net Assets
JNL/BlackRock Global Allocation Fund (continued)
Invitae Corp.		10/09/2014	$	1,678	$	1,678		0.1%
Lookout, Inc.		09/22/2014		3,242		3,242		0.1
Mobileye NV		08/15/2013		1,930		10,654		0.3
Olam International Ltd., 6.00%, 10/15/16		01/17/2012		2,466		2,532		0.1
Palantir Technologies Inc.		03/27/2014		3,142		4,110		0.1
Provincia de Buenos Aires, Argentina, 10.88%, 01/26/21		05/15/2014		760		720		—
REI Agro Ltd., 5.50%, 11/13/14		02/08/2012		606		62		—
REI Agro Ltd., 5.50%, 11/13/14		11/13/2011		184		18		—
Sun Hung Kai Properties Capital Market Ltd., 4.50%, 02/14/22		04/04/2012		1,100		1,171		—
TFS Corp. Ltd.		03/18/2013		—		217		—
Telecom Italia Finance SA, 6.13%, 11/15/16		11/11/2013		623		567		—
Telefonica SA, 6.00%, 07/24/17		07/18/2014		1,758		1,616		—
TerraForm Power Inc.		11/24/2014		1,193		1,167		—
Uber Technologies Inc.		06/09/2014		4,702		10,099		0.3
United Kingdom Treasury Bond, 2.25%, 09/07/23		06/16/2014		44,673		44,569		1.3
			$	89,466	$	103,470		3.0%
JNL/BlackRock Large Cap Select Growth Fund
Alibaba Group Holding Ltd. - ADR		04/28/2014	$	12,347	$	18,869		1.5%
Palantir Technologies Inc.		02/10/2014		7,639		9,994		0.8
			$	19,986	$	28,863		2.3%
JNL/Capital Guardian Global Balanced Fund
21st Century Fox America Inc., 3.70%, 09/15/24		09/11/2014	$	25	$	26		—%
21st Century Fox America Inc., 4.75%, 09/15/44		09/11/2014		30		33		—
Altegrity Inc., 13.00%, 07/01/20		07/14/2014		139		58		—
Bayer US Finance LLC, 3.38%, 10/08/24		10/02/2014		198		204		0.1
Belgium Government Bond, 2.60%, 06/22/24		01/28/2014		80		77		—
Bermuda Government International Bond, 4.14%, 01/03/23		11/19/2012		211		202		0.1
Bermuda Government International Bond, 4.85%, 02/06/24		07/31/2013		200		208		0.1
CSMC Trust REMIC, 0.96%, 04/15/16		06/02/2014		100		100		—
Caisse d’Amortissement de la Dette Sociale, 1.13%, 01/30/17		01/23/2014		125		125		—
Dominican Republic International Bond, 7.45%, 04/30/44		11/06/2014		171		164		—
EQTY Mortgage Trust REMIC, 1.01%, 05/08/16		06/09/2014		150		150		—
Electricite de France, 4.88%, 01/22/44		03/27/2014		40		44		—
Enterprise Fleet Financing LLC, 0.87%, 12/20/16		02/12/2014		199		199		0.1
FMG Resources August 2006 Pty Ltd., 6.88%, 04/01/22		10/08/2013		61		50		—
Finland Government Bond, 3.50%, 04/15/21		06/06/2013		738		726		0.2
First Data Corp., 8.25%, 01/15/21		12/22/2009		275		294		0.1
First Quantum Minerals Ltd., 6.75%, 02/15/20		02/25/2014		100		91		—
First Quantum Minerals Ltd., 7.00%, 02/15/21		02/25/2014		101		90		—
Hilton USA Trust REMIC, 2.66%, 11/05/18		11/25/2013		200		200		0.1
Intesa Sanpaolo SpA, 5.02%, 06/26/24		06/20/2014		200		194		—
Italy Buoni Poliennali Del Tesoro, 4.75%, 09/01/44		08/28/2014		400		392		0.1
Medtronic Inc., 2.50%, 03/15/20		12/02/2014		125		125		—
Medtronic Inc., 3.50%, 03/15/25		12/02/2014		500		517		0.1
Medtronic Inc., 4.63%, 03/15/45		12/02/2014		40		43		—
NBCUniversal Enterprise Inc., 1.97%, 04/15/19		03/21/2013		101		99		—
Niagara Mohawk Power Corp., 3.51%, 10/01/24		09/23/2014		40		41		—
Niagara Mohawk Power Corp., 4.28%, 10/01/34		09/23/2014		20		21		—
PICC Property & Casualty Co. Ltd.- Class H		09/05/2013		3,279		4,356		0.9
Portugal Obrigacoes do Tesouro OT, 3.85%, 04/15/21		11/07/2013		24		27		—
Portugal Obrigacoes do Tesouro OT, 5.65%, 02/15/24		11/06/2013		133		127		—
Republic of Ghana, 8.13%, 01/18/26		11/07/2014		199		185		—
Sberbank of Russia - GDR		09/20/2012		622		187		—
Scentre Group Trust, 3.50%, 02/12/25		11/07/2014		104		105		—
Slovenia Government International Bond, 5.85%, 05/10/23		05/03/2013		248		283		0.1
Spain Government Bond, 2.75%, 10/31/24		06/13/2014		3,176		3,156		0.7
Spain Government Bond, 5.15%, 10/31/44		08/28/2014		71		69		—
Spain Government Bond, 5.40%, 01/31/23		02/21/2013		1,456		1,424		0.3
Standard Chartered Plc, 3.85%, 04/27/15		03/17/2011		100		101		—
Trade MAPS 1 Ltd., 0.86%, 12/10/16		01/07/2014		125		125		—
Trade MAPS 1 Ltd., 1.41%, 12/10/16		01/07/2014		100		100		—
Transportadora de Gas del Peru SA, 4.25%, 04/30/28		04/24/2013		200		193		—
Valeant Pharmaceuticals International Inc., 6.38%, 10/15/20		10/15/2012		206		209		0.1
Verizon Communications Inc., 2.63%, 02/21/20		08/28/2014		65		64		—
Verizon Communications Inc., 4.86%, 08/21/46		10/06/2014		103		102		—
Volkswagen Group of America Finance LLC, 2.45%, 11/20/19		11/13/2014		199		201		0.1
WEA Finance LLC, 2.70%, 09/17/19		09/11/2014		200		200		0.1
WEA Finance LLC, 3.75%, 09/17/24		09/11/2014		199		203		0.1

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Notes to Schedules of Investments (in thousands)

December 31, 2014

	Initial Acquisition Date		Cost			Ending Value		Percent of Net Assets
JNL/Capital Guardian Global Balanced Fund(continued)
WFLD Mortgage Trust, 3.88%, 08/10/31		08/08/2014	$	31		$	32		—%
			$	15,409		$	15,922		3.4%
JNL/DFA U.S. Core Equity Fund
Magnum Hunter Resources Corp.		09/12/2013	$	—		$	—		—%
JNL/Franklin Templeton Global Growth Fund
Samsung Electronics Co. Ltd. - GDR		02/06/2007	$	31,016		$	34,448		2.8%
JNL/Franklin Templeton Global Multisector Bond Fund
Calpine Corp., 7.88%, 01/15/23		03/14/2012	$	96		$	99		—%
Hungary Government International Bond, 4.38%, 07/04/17		07/04/2012		5,887			6,484		0.3
Hungary Government International Bond, 5.75%, 06/11/18		06/11/2013		6,520			7,587		0.4
Portugal Obrigacoes do Tesouro OT, 4.95%, 10/25/23		07/14/2014		473			460		—
Portugal Obrigacoes do Tesouro OT, 5.65%, 02/15/24		07/14/2014		1,236			1,205		0.1
			$	14,212		$	15,835		0.8%
JNL/Franklin Templeton Income Fund
First Data Holdings Inc.		06/27/2014	$	6,826		$	7,255		0.3%
SuperMedia Inc. Escrow Litigation Trust		03/04/2010		14			—		—
			$	6,840		$	7,255		0.3%
JNL/Franklin Templeton International Small Cap Growth Fund
X5 Retail Group NV - GDR		11/19/2013	$	290		$	180		—%
JNL/Franklin Templeton Mutual Shares Fund
Canary Wharf Group Plc		02/22/2010	$	1,952		$	3,417		0.3%
Tribune Co. Litigation Interests		02/22/2013		—			—		—
Tropicana Entertainment LLC, 9.63%, 12/15/14		12/14/2007		743			—		—
			$	2,695		$	3,417		0.3%
JNL/Goldman Sachs Core Plus Bond Fund
Federal Home Loan Mortgage Corp. REMIC, 5.94%, 11/15/43		11/27/2013	$	231		$	294		—%
Federal Home Loan Mortgage Corp. REMIC, 1,156.50%, 06/15/21		02/29/2000		—			—		—
Federal National Mortgage Association REMIC, 4.84%, 11/25/40		09/28/2012		(8	)		827		0.1
First Union National Bank Commercial Mortgage Trust, Interest Only REMIC, 1.64%, 05/17/32		01/08/2003		34			6		—
Government National Mortgage Association REMIC, 6.54%, 08/16/43		11/14/2013		189			219		—
HSBC Bank USA Credit Linked Note (Nota Do Tesouro Nacional, 6.00%, 08/15/40)		09/22/2010		5,202			4,580		0.5
Home Interior Gift Inc.		02/22/2006		184			—		—
Macquarie Bank Ltd., 6.63%, 04/07/21		10/27/2014		1,814			1,818		0.2
UBS AG-Credit Linked Note (Federative Republic of Brazil, 6.00%, 01/17/17)		11/28/2007		794			277		—
Ymobile Corp., 8.25%, 04/01/18		10/15/2014		341			340		—
York CLO Ltd., 1.79%, 01/22/27		12/18/2014		5,354			5,354		0.6
			$	14,135		$	13,715		1.4%
JNL/Goldman Sachs Emerging Markets Debt Fund
Barclays Bank Plc Credit Linked Note (Indonesia Government, 10.00%, 07/15/17)		06/04/2009	$	8,802		$	7,295		1.1%
Bumi Capital Pte Ltd., 12.00%, 11/10/16		06/13/2014		59			22		—
Bumi Investment Pte Ltd., 10.75%, 10/06/17		06/13/2014		1,199			516		0.1
Citigroup Funding Inc. Credit Linked Note (Colombian Government Bond, 10.00%, 07/24/24)		08/12/2011		1,053			853		0.1
Citigroup Funding Inc. Credit Linked Note (Colombian Government Bond, 11.00%, 07/24/20)		07/26/2011		2,927			2,392		0.4
Deutsche Bank AG Credit Linked Note (Indonesia Government, 10.75%, 05/15/16)		01/26/2010		2,270			1,755		0.3
Deutsche Bank AG Credit Linked Note (Indonesia Government, 8.25%, 07/15/21)		06/26/2012		8,415			5,888		0.9
Digicel Ltd., 7.00%, 02/15/20		12/18/2013		202			198		—
Peru Enhanced Pass-Through Finance Ltd., 0.00%, 06/02/25		03/20/2013		720			714		0.1
Republic of Costa Rica, 9.20%, 03/27/19		11/20/2012		5			5		—
Republic of Costa Rica, 11.13%, 03/28/18		11/20/2012		1,538			1,473		0.2
Transportadora de Gas del Sur SA, 9.63%, 05/14/20		02/20/2014		5			5		—
Trust F/1401, 6.95%, 01/30/44		01/24/2014		272			309		0.1
			$	27,467		$	21,425		3.3%
JNL/Ivy Asset Strategy Fund
Aston Martin Holdings UK Ltd., 10.25%, 07/15/18		01/24/2014	$	12,131		$	10,985		0.4%
Delta Topco Ltd.		01/23/2012		30,886			37,712		1.3
Delta Topco Ltd., 10.00%, 11/24/16		05/03/2012		50,230			49,705		1.6
Legend Pictures LLC		12/18/2012		27,470			26,862		0.9
Legendary Pictures Funding LLC, 8.00%, 03/15/18		03/13/2013		28,500			28,261		0.9
Media Group Holdings LLC		06/21/2013		67,611			65,163		2.1
			$	216,828		$	218,688		7.2%
JNL/JPMorgan U.S. Government & Quality Bond Fund
IndyMac Seconds Asset Backed Trust REMIC, 0.43%, 06/25/36		05/22/2006	$	806		$	187		—%
SACO I Inc. REMIC, 0.43%, 06/25/36		05/30/2006		191			309		—
			$	997		$	496		—%
JNL/Morgan Stanley Mid Cap Growth Fund
Airbnb Inc.		04/16/2014	$	1,699		$	2,104		1.0%
Chinese Yuan versus USD Put Option, Strike Price CNY 6.62, Expiration 06/19/15		06/20/2014		133			81		—

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Notes to Schedules of Investments (in thousands)

December 31, 2014

	Initial Acquisition Date		Cost		Ending Value		Percent of Net Assets
JNL/Morgan Stanley Mid Cap Growth Fund (continued)
Chinese Yuan versus USD Put Option, Strike Price CNY 6.65, Expiration 11/23/15		11/26/2014	$	111	$	171		0.1%
Dropbox Inc.		01/30/2014		483		483		0.2
Dropbox Inc.- Series A-1		07/19/2012		40		86		—
Flipkart		01/07/2013		245		1,277		0.6
Palantir Technologies Inc. - Series H		10/28/2013		79		181		0.1
Palantir Technologies Inc. - Series H1		10/28/2013		79		181		0.1
Palantir Technologies Inc.		07/20/2012		16		41		—
			$	2,885	$	4,605		2.1%
JNL/PIMCO Real Return Fund
BellSouth Corp., 4.18%, 04/26/21		04/17/2014	$	18,593	$	18,177		0.9%
Greensill Capital, 0.00%, 03/04/15		09/04/2014		5,050		4,960		0.3
			$	23,643	$	23,137		1.2%
JNL/PIMCO Total Return Bond Fund
BPCE SA, 12.50%, callable at 100 beginning 09/30/19		11/21/2014	$	7,597	$	7,560		0.2%
Bear Stearns Structured Products Inc. Trust REMIC, 1.47%, 03/25/37		12/04/2014		2,697		2,700		0.1
Blackstone CQP Holdco LP, 9.30%, 03/31/19		06/26/2014		2,237		2,193		—
General Electric Capital Corp., 3.80%, 06/18/19		07/09/2013		3,770		3,931		0.1
VTB Bank OJSC Via VTB Capital SA, 6.47%, 03/04/15		07/24/2014		4,835		4,767		0.1
Woolworths Ltd., 2.55%, 09/22/15		07/30/2014		5,068		5,062		0.1
			$	26,204	$	26,213		0.6%
JNL/PPM America High Yield Bond Fund
American Airlines Pass-Through Trust, 5.60%, 07/15/20		11/22/2013	$	10,001	$	10,214		0.4%
Delta Air Lines Inc. Pass-Through Trust, 6.38%, 01/02/16		02/08/2011		1,000		1,039		0.1
Jack Cooper Holdings Corp., 9.25%, 06/01/20		01/07/2013		2,991		2,966		0.1
Lone Pine Resources Canada Ltd.- Class A		12/05/2014		1,039		—		—
Lone Pine Resources Inc.- Class A		12/05/2014		1,039		—		—
Lone Pine Resources Inc. Escrow		12/05/2014		1,039		—		—
			$	17,109	$	14,219		0.6%
JNL/T. Rowe Price Established Growth Fund
Airbnb Inc.		04/16/2014	$	6,792	$	8,410		0.2%
Dropbox Inc.		11/11/2014		8,341		8,341		0.2
Flipkart Ltd.		12/17/2014		6,117		6,117		0.1
LivingSocial, Series F		11/18/2011		1,185		40		—
			$	22,435	$	22,908		0.5%
JNL/T. Rowe Price Mid-Cap Growth Fund
Atlassian Corp.		04/10/2014	$	1,628	$	1,933		0.1%
Atlassian Corp.- Class A		04/10/2014		1,246		1,480		0.1
Atlassian Corp.		04/10/2014		1,204		1,429		—
Atlassian Corp.		04/10/2014		608		722		—
Atlassian Corp.- Class A		04/10/2014		346		411		—
Atlassian Corp.- Class A		04/10/2014		239		283		—
Dropbox Inc.- Series A-1		05/02/2012		2,338		4,936		0.2
Dropbox Inc.- Series A		05/02/2012		476		1,005		—
Dropbox Inc.		05/02/2012		383		809		—
LivingSocial		04/01/2011		4,061		173		—
WeWork Co.		12/10/2014		2,591		2,591		0.1
WeWork Co.		12/10/2014		2,036		2,036		0.1
WeWork Co.		12/10/2014		521		521		—
			$	17,677	$	18,329		0.6%

Investments in Affiliates - See Note 8 in the Notes to Financial Statements for discussion of investments in affiliates. The fair value and par value of the investment in the Securities Lending Cash Collateral Fund LLC are reported under Securities Lending Collateral in the Schedules of Investments. Income received from the Securities Lending Cash Collateral Fund LLC is aggregated with income from securities lending when received from the custodian. The following table details cash management investments in affiliates held at December 31, 2014. There was no realized gain or loss relating to transactions in these investments during the year ended December 31, 2014.

	JNL Money Market Fund
Fund	Beginning Amortized Cost		Ending Amortized Cost		Dividend Income
JNL/AllianceBernstein Dynamic Asset Allocation Fund	$	-	$	753	$	1
JNL/AQR Managed Futures Strategy Fund		132,277		92,277		12
JNL/BlackRock Commodity Securities Strategy Fund		15,653		17,205		4
JNL/BlackRock Large Cap Select Growth Fund		8,761		16,002		2
JNL/Boston Partners Global Long Short Equity Fund		-		13,790		3
JNL/Brookfield Global Infrastructure and MLP Fund		16,094		29,514		4
JNL/Capital Guardian Global Balanced Fund		22,308		29,539		6
JNL/Capital Guardian Global Diversified Research Fund		17,268		20,736		2

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Notes to Schedules of Investments (in thousands)

December 31, 2014

	JNL Money Market Fund
Fund	Beginning Amortized Cost		Ending Amortized Cost		Dividend Income
JNL/DFA U.S. Core Equity Fund	$	5,151	$	2,716	$	1
JNL/Eagle SmallCap Equity Fund		6,411		-		2
JNL/Eastspring Investments Asia ex-Japan Fund		2,779		172		-
JNL/Eastspring Investments China-India Fund		7,811		11,320		1
JNL/Franklin Templeton Global Growth Fund		21,661		59,972		6
JNL/Franklin Templeton Global Multisector Bond Fund		178,628		134,062		14
JNL/Franklin Templeton Income Fund		61,934		80,912		14
JNL/Franklin Templeton International Small Cap Growth Fund		18,085		18,329		2
JNL/Franklin Templeton Mutual Shares Fund		75,343		97,087		13
JNL/Franklin Templeton Small Cap Value Fund		104,539		61,372		9
JNL/Goldman Sachs Core Plus Bond Fund		38,620		7,145		5
JNL/Goldman Sachs Emerging Markets Debt Fund		45,975		-		2
JNL/Goldman Sachs Mid Cap Value Fund		11,833		52,203		6
JNL/Goldman Sachs U.S. Equity Flex Fund		5,888		13,962		2
JNL/Invesco Global Real Estate Fund		33,418		39,830		5
JNL/Invesco International Growth Fund		74,016		108,738		15
JNL/Invesco Large Cap Growth Fund		28,550		19,290		2
JNL/Invesco Mid Cap Value Fund		19,741		18,079		3
JNL/Invesco Small Cap Growth Fund		30,008		29,065		3
JNL/Ivy Asset Strategy Fund		31,802		48,228		6
JNL/JPMorgan International Value Fund		10,487		8,508		2
JNL/JPMorgan MidCap Growth Fund		34,575		39,739		4
JNL/JPMorgan U.S. Government & Quality Bond Fund		53,668		96,357		9
JNL/Lazard Emerging Markets Fund		11,937		43,972		4
JNL/Mellon Capital Emerging Markets Index Fund		5,575		18,455		2
JNL/Mellon Capital European 30 Fund		1,673		566		-
JNL/Mellon Capital Pacific Rim 30 Fund		739		-		-
JNL/Mellon Capital S&P 500 Index Fund		76,304		58,774		8
JNL/Mellon Capital S&P 400 MidCap Index Fund		59,904		38,654		6
JNL/Mellon Capital Small Cap Index Fund		49,189		16,803		3
JNL/Mellon Capital International Index Fund		54,033		56,715		6
JNL/Mellon Capital Bond Index Fund		101,105		12,764		4
JNL/Mellon Capital Global Alpha Fund		33,700		2,787		1
JNL/Mellon Capital Dow Jones U.S. Contrarian Opportunities Index Fund		1,418		844		-
JNL/Mellon Capital Utilities Sector Fund		29		877		-
JNL/Morgan Stanley Mid Cap Growth Fund		14,930		9,385		1
JNL/Neuberger Berman Strategic Income Fund		38,906		55,697		7
JNL/Oppenheimer Global Growth Fund		16,102		17,877		2
JNL/PPM America High Yield Bond Fund		76,390		105,445		12
JNL/PPM America Mid Cap Value Fund		2,518		1,382		-
JNL/PPM America Small Cap Value Fund		6,049		342		-
JNL/PPM America Value Equity Fund		926		1,275		-
JNL/Red Rocks Listed Private Equity Fund		6,238		3,796		1
JNL/S&P Competitive Advantage Fund		14,536		2,236		4
JNL/S&P Dividend Income & Growth Fund		10,767		22,760		4
JNL/S&P International 5 Fund		-		605		-
JNL/S&P Intrinsic Value Fund		15,783		14,921		2
JNL/S&P Mid 3 Fund		-		1,472		-
JNL/S&P Total Yield Fund		10,090		3,684		1
JNL/Scout Unconstrained Bond Fund		-		12,662		4
JNL/T. Rowe Price Established Growth Fund		2,001		1,193		-
JNL/T. Rowe Price Mid-Cap Growth Fund		1,000		526		-
JNL/T. Rowe Price Short-Term Bond Fund		8,187		9,997		1
JNL/T. Rowe Price Value Fund		4,492		9,903		-
JNL/WMC Balanced Fund		200,637		198,600		28
JNL/WMC Value Fund		49,376		19,057		3
	T. Rowe Price Reserves Investment Fund
Fund	Beginning Amortized Cost		Ending Amortized Cost		Dividend Income
JNL/T. Rowe Price Established Growth Fund	$	76,729	$	60,804	$	29
JNL/T. Rowe Price Mid-Cap Growth Fund		127,000		118,061		88
JNL/T. Rowe Price Short-Term Bond Fund		65,124		209,610		21
JNL/T. Rowe Price Value Fund		3,849		16,931		18

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Notes to Schedules of Investments (in thousands)

December 31, 2014

The following table details each Fund’s long term investments in affiliates held during the year ended December 31, 2014.

Fund	Affiliate	Value Beginning of Period		Purchases		Sales Proceeds		Dividend/ Interest Income		Realized Gain		Value End of Period
JNL/BlackRock Global Allocation Fund	iShares Gold Trust Fund	$	5,085	$	2,485	$	-	$	-	$	-	$	7,295
JNL/Mellon Capital S&P 500 Index Fund	Bank of New York Mellon Corp.		7,254		1,684		-		149		-		10,301
JNL/Mellon Capital International Index Fund	Prudential plc		9,863		695		590		264		388		10,311
JNL/Mellon Capital Bond Index Fund	Bank of New York Mellon Corp., 2.50%, 01/15/16		516		-		499		9		13		-
JNL/Mellon Capital Bond Index Fund	Bank of New York Mellon Corp., 3.55%, 09/23/21		613		-		-		21		-		627

Summary of Investments by Country (as a percentage of total long-term investments)*:

	JNL/BlackRock Global Allocation Fund			JNL/Capital Guardian Global Balanced Fund			JNL/Ivy Asset Strategy Fund			JNL/Red Rocks Listed Private Equity Fund
Argentina		0.5	%		0.5	%		–	%		–	%
Australia		2.7			0.6			–			–
Belgium		0.1			0.4			1.5			3.4
Bermuda		–			0.2			–			1.4
Brazil		2.1			1.1			–			–
Canada		1.6			1.9			–			8.0
Cayman Islands		–			–			–			–
Chile		0.2			0.3			–			–
China		1.0			2.5			2.2			–
Colombia		0.1			0.3			–			–
Croatia		–			0.1			–			–
Denmark		–			0.9			–			3.2
European Union		0.3			–			–			–
Finland		–			1.0			–			–
France		3.4			2.6			–			12.1
Germany		2.2			3.1			1.4			4.9
Greece		–			0.5			–			–
Hong Kong		0.9			3.4			10.3			–
Hungary		0.1			0.2			–			–
India		0.7			1.8			–			–
Indonesia		0.5			0.2			–			–
Ireland		0.4			2.7			–			–
Israel		0.2			0.2			–			–
Italy		1.0			1.2			–			–
Japan		11.0			8.5			0.7			–
Kazakhstan		0.1			–			–			–
Luxembourg		0.1			0.4			–			–
Macau		–			0.1			–			–
Malaysia		0.3			–			–			–
Mexico		2.4			2.2			–			–
Morocco		–			0.1			–			–
Netherlands		2.8			3.6			1.5			–
New Zealand		0.3			–			–			–
Norway		0.6			0.5			–			–
Peru		–			0.1			–			–
Poland		0.9			0.8			–			–
Portugal		0.1			0.2			–			–
Russian Federation		–			1.0			–			–
Singapore		1.3			0.7			–			–
Slovenia		–			0.1			–			–
South Africa		0.1			0.6			–			4.7
South Korea		0.7			1.5			–			–
Spain		0.4			1.4			–			–
Sweden		0.5			1.6			–			3.9
Switzerland		2.6			3.4			0.5			3.1
Taiwan		0.3			1.2			1.0			–
Thailand		0.2			0.1			–			–
Turkey		0.2			0.1			–			–
United Arab Emirates		0.2			0.2			–			–
United Kingdom		5.9			4.9			6.5			30.7
United States		51.0			41.0			74.4			24.6
Total Long-Term Investments		100.0	%		100.0	%		100.0	%		100.0	%

* The Funds presented in the table are those whose strategies included investment in non-U.S. securities as deemed significant by the Funds’ Adviser.

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Notes to Schedules of Investments (in thousands, except contracts)

December 31, 2014

Schedule of Written Options

	Expiration Date			Exercise Price		Contracts/Notional Contracts		Value
Barrier Option
JNL/BlackRock Global Allocation Fund
Euro Stoxx 50 Index Put Option, DUB		09/21/2018	EUR		2,586.07 / 2,165.83		1,006	$	(393	)
Exchange-Traded Futures Options
JNL/PIMCO Real Return Fund
10-Year U.S. Treasury Note Future Put Option		02/20/2015			126.00		21	$	(12	)
Foreign Currency Options
JNL/PIMCO Real Return Fund
Brazilian Real versus USD Call Option, DUB		07/01/2015	BRL		2.68		5,660,000	$	(345	)
Indian Rupee versus USD Call Option, JPM		03/10/2015	IDR		65.00		14,900,000		(117	)
							20,560,000	$	(462	)
JNL/PIMCO Total Return Bond Fund
Australian Dollar versus USD Call Option, BOA		01/14/2015	AUD		0.90		5,300,000	$	—
Australian Dollar versus USD Call Option, CSI		01/22/2015	AUD		0.89		8,000,000		—
Australian Dollar versus USD Call Option, DUB		01/08/2015	AUD		0.88		5,500,000		—
Australian Dollar versus USD Put Option, BOA		01/14/2015	AUD		0.84		5,300,000		(123	)
Australian Dollar versus USD Put Option, DUB		01/16/2015	AUD		0.86		7,800,000		(302	)
Brazilian Real versus USD Call Option, JPM		01/21/2015	BRL		2.80		4,700,000		(12	)
Brazilian Real versus USD Call Option, JPM		01/23/2015	BRL		2.80		4,800,000		(14	)
Brazilian Real versus USD Call Option, JPM		02/12/2015	BRL		2.90		6,200,000		(19	)
Brazilian Real versus USD Call Option, MSC		01/28/2015	BRL		2.80		5,300,000		(21	)
Brazilian Real versus USD Put Option, JPM		01/21/2015	BRL		2.30		4,700,000		—
Brazilian Real versus USD Put Option, JPM		01/23/2015	BRL		2.30		4,800,000		—
Brazilian Real versus USD Put Option, JPM		02/12/2015	BRL		2.40		6,200,000		(1	)
Brazilian Real versus USD Put Option, MSC		01/28/2015	BRL		2.30		5,300,000		—
Euro versus USD Call Option, BCL		01/20/2015	EUR		1.27		4,000,000		(1	)
Euro versus USD Call Option, BCL		01/20/2015	EUR		1.26		7,900,000		(3	)
Euro versus USD Call Option, CIT		02/13/2015	EUR		1.27		9,100,000		(12	)
Euro versus USD Call Option, DUB		02/10/2015	EUR		1.26		19,500,000		(30	)
Euro versus USD Call Option, DUB		01/27/2015	EUR		1.27		7,900,000		(3	)
Euro versus USD Call Option, DUB		02/18/2015	EUR		1.27		7,800,000		(9	)
Indian Rupee versus USD Call Option, BCL		01/16/2015	INR		63.90		5,200,000		(15	)
Indian Rupee versus USD Call Option, BCL		02/25/2015	INR		64.25		5,300,000		(48	)
Indian Rupee versus USD Call Option, BCL		01/27/2015	INR		63.27		10,200,000		(97	)
Indian Rupee versus USD Call Option, BCL		02/05/2015	INR		63.85		6,100,000		(45	)
Indian Rupee versus USD Call Option, CSI		02/05/2015	INR		64.00		3,400,000		(23	)
Indian Rupee versus USD Call Option, DUB		01/28/2015	INR		63.15		6,300,000		(68	)
Indian Rupee versus USD Call Option, JPM		01/22/2015	INR		63.40		3,800,000		(28	)
Indian Rupee versus USD Call Option, JPM		05/12/2015	INR		65.90		32,100,000		(427	)
Indian Rupee versus USD Call Option, UBS		02/25/2015	INR		64.25		10,300,000		(94	)
Indian Rupee versus USD Put Option, BCL		01/16/2015	INR		60.90		5,200,000		—
Indian Rupee versus USD Put Option, DUB		01/28/2015	INR		60.92		6,300,000		—
Japanese Yen versus USD Put Option, BCL		03/12/2015	JPY		112.00		12,500,000		(76	)
Japanese Yen versus USD Put Option, BNP		01/05/2015	JPY		110.50		5,600,000		—
Japanese Yen versus USD Put Option, BNP		02/09/2015	JPY		111.75		9,400,000		(7	)
Japanese Yen versus USD Put Option, BNP		02/09/2015	JPY		111.50		4,500,000		(3	)
Japanese Yen versus USD Put Option, BNP		01/12/2015	JPY		115.00		10,200,000		(4	)
Japanese Yen versus USD Put Option, BOA		02/18/2019	JPY		80.00		2,500,000		(35	)
Japanese Yen versus USD Put Option, BOA		02/09/2015	JPY		112.00		4,300,000		(3	)
Japanese Yen versus USD Put Option, BOA		05/22/2015	JPY		113.00		21,200,000		(174	)
Japanese Yen versus USD Put Option, CIT		09/30/2015	JPY		99.00		24,100,000		(55	)
Japanese Yen versus USD Put Option, CIT		01/23/2015	JPY		111.90		11,300,000		(3	)
Japanese Yen versus USD Put Option, CIT		05/15/2015	JPY		112.00		3,800,000		(24	)
Japanese Yen versus USD Put Option, CIT		03/13/2015	JPY		112.88		7,200,000		(23	)
Japanese Yen versus USD Put Option, CSI		01/20/2015	JPY		112.00		23,100,000		(5	)
Japanese Yen versus USD Put Option, CSI		05/14/2015	JPY		111.40		5,900,000		(32	)
Japanese Yen versus USD Put Option, DUB		03/25/2015	JPY		112.85		7,200,000		(29	)
Japanese Yen versus USD Put Option, DUB		05/22/2015	JPY		112.50		10,000,000		(74	)
Japanese Yen versus USD Put Option, JPM		11/10/2015	JPY		109.00		10,000,000		(115	)
Japanese Yen versus USD Put Option, JPM		02/13/2015	JPY		112.60		13,700,000		(17	)
Japanese Yen versus USD Put Option, JPM		05/15/2015	JPY		112.00		2,100,000		(13	)

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Notes to Schedules of Investments (in thousands, except contracts)

December 31, 2014

Schedule of Written Options

	Expiration Date			Exercise Price		Contracts/ Notional Contracts		Value
Foreign Currency Options (continued)
JNL/PIMCO Total Return Bond Fund (continued)
Japanese Yen versus USD Put Option, MSC		01/20/2015	JPY		112.00		11,400,000	$	(2	)
Japanese Yen versus USD Put Option, UBS		07/03/2015	JPY		100.00		11,200,000		(12	)
Japanese Yen versus USD Put Option, UBS		01/07/2015	JPY		110.50		7,200,000		—
Japanese Yen versus USD Put Option, UBS		02/09/2015	JPY		112.00		3,600,000		(3	)
Japanese Yen versus USD Put Option, UBS		02/09/2015	JPY		111.50		4,600,000		(3	)
Japanese Yen versus USD Put Option, UBS		01/12/2015	JPY		112.50		7,000,000		(1	)
Japanese Yen versus USD Put Option, UBS		05/12/2015	JPY		110.00		13,300,000		(52	)
Japanese Yen versus USD Put Option, UBS		02/11/2015	JPY		112.50		7,100,000		(7	)
Mexican Peso versus USD Call Option, BOA		01/06/2015	MXN		13.90		6,700,000		(385	)
Mexican Peso versus USD Call Option, BOA		01/28/2015	MXN		14.00		4,800,000		(251	)
Mexican Peso versus USD Call Option, CSI		02/02/2015	MXN		14.50		6,200,000		(140	)
Mexican Peso versus USD Call Option, JPM		02/26/2015	MXN		14.35		18,200,000		(623	)
Mexican Peso versus USD Put Option, BOA		01/28/2015	MXN		13.45		4,800,000		—
							519,000,000	$	(3,566	)
Index Options
JNL/BlackRock Global Allocation Fund
Ibovespa Index Put Option, MSC		02/18/2015	BRL		50,617.48		122	$	(238	)
MSGAJPLL Index Put Option, MSC		12/11/2015			128.68		5,959,595		(410	)
MSGAJPTL Index Put Option, MSC		12/11/2015			137.22		1,538,635		(120	)
Nikkei 225 Index Call Option, CGM		03/13/2015	JPY		19,500.00		133,271		(150	)
Nikkei 225 Index Put Option, CGM		03/13/2015	JPY		15,500.00		133,271		(217	)
Russell 2000 Index Call Option, BOA		02/20/2015			1,255.00		15,175		(171	)
Russell 2000 Index Call Option, DUB		01/16/2015			1,230.00		15,759		(112	)
Russell 2000 Index Put Option, BOA		02/20/2015			1,085.00		15,175		(133	)
Russell 2000 Index Put Option, DUB		01/16/2015			1,050.00		15,759		(23	)
S&P 500 Index Call Option, MSC		02/20/2015			2,155.00		7,511		(43	)
S&P 500 Index Put Option, MSC		02/20/2015			1,935.00		7,511		(147	)
Taiwan Stock Exchange Index Put Option, CIT		09/21/2016	TWD		8,100.70		29,600		(316	)
Tokyo Stock Price Index Call Option, BNP		09/11/2015	JPY		1,660.07		525,544		(76	)
Tokyo Stock Price Index Call Option, BOA		12/11/2015	JPY		1,627.28		1,106,462		(297	)
Tokyo Stock Price Index Call Option, CIT		12/11/2015	JPY		1,600.00		1,160,224		(367	)
Tokyo Stock Price Index Call Option, GSI		06/12/2015	JPY		1,490.61		1,168,522		(377	)
Tokyo Stock Price Index Put Option, BNP		09/11/2015	JPY		1,161.53		525,544		(106	)
Tokyo Stock Price Index Put Option, BOA		09/11/2015	JPY		1,300.00		655,778		(512	)
Tokyo Stock Price Index Put Option, BOA		12/11/2015	JPY		1,171.64		1,106,462		(348	)
Tokyo Stock Price Index Put Option, CIT		12/11/2015	JPY		1,170.00		1,160,224		(361	)
Tokyo Stock Price Index Put Option, GSI		06/12/2015	JPY		1,136.91		1,168,522		(107	)
Tokyo Stock Price Index Put Option, MSC		06/12/2015	JPY		1,187.78		625,366		(90	)
Tokyo Stock Price Index Put Option, MSC		09/11/2015	JPY		1,275.00		538,544		(217	)
							17,612,576	$	(4,938	)
JNL/Ivy Asset Strategy Fund
S&P 500 Index Put Option, BOA		01/16/2015			1,825.00		297	$	(71	)
S&P 500 Index Put Option, JPM		03/19/2015			1,800.00		297		(443	)
							594	$	(514	)
JNL/PIMCO Real Return Fund
iTraxx Europe Main Series 22 Call Option, BNP		01/21/2015			0.60		67	$	(8	)
iTraxx Europe Main Series 22 Call Option, CIT		02/18/2015			0.55		63		(6	)
iTraxx Europe Main Series 22 Call Option, JPM		01/21/2015			0.60		62		(7	)
iTraxx Europe Main Series 22 Call Option, JPM		02/18/2015			0.55		30		(3	)
iTraxx Europe Main Series 22 Call Option, JPM		03/18/2015			0.50		27		(2	)
iTraxx Europe Main Series 22 Put Option, BNP		01/21/2015			0.90		67		(1	)
iTraxx Europe Main Series 22 Put Option, CIT		02/18/2015			0.85		63		(6	)
iTraxx Europe Main Series 22 Put Option, JPM		01/21/2015			1.00		62		—
iTraxx Europe Main Series 22 Put Option, JPM		02/18/2015			0.85		30		(3	)
iTraxx Europe Main Series 22 Put Option, JPM		03/18/2015			0.85		27		(5	)
							498	$	(41	)

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Notes to Schedules of Investments (in thousands, except contracts)

December 31, 2014

Schedule of Written Options

	Expiration Date		Exercise Price		Contracts/ Notional Contracts		Value
Index Options (continued)
JNL/PIMCO Total Return Bond Fund
iTraxx Europe Main Series 22 Call Option, BNP		01/21/2015		0.60		71	$	(8	)
iTraxx Europe Main Series 22 Call Option, CIT		01/21/2015		0.60		137		(16	)
iTraxx Europe Main Series 22 Call Option, CIT		02/18/2015		0.55		238		(23	)
iTraxx Europe Main Series 22 Call Option, JPM		01/21/2015		0.60		66		(8	)
iTraxx Europe Main Series 22 Call Option, JPM		02/18/2015		0.55		93		(9	)
iTraxx Europe Main Series 22 Put Option, BNP		01/21/2015		0.90		71		(1	)
iTraxx Europe Main Series 22 Put Option, CIT		01/21/2015		1.00		49		—
iTraxx Europe Main Series 22 Put Option, CIT		01/21/2015		0.90		88		(1	)
iTraxx Europe Main Series 22 Put Option, CIT		02/18/2015		0.85		238		(23	)
iTraxx Europe Main Series 22 Put Option, JPM		01/21/2015		1.00		66		—
iTraxx Europe Main Series 22 Put Option, JPM		02/18/2015		0.85		93		(9	)
						1,210	$	(98	)
Inflation-Capped/Floor Options
JNL/PIMCO Real Return Fund
Cap-CPURNSA Index Option, JPM		04/22/2024		4.00		194	$	(39	)
Cap-CPURNSA Index Option, JPM		05/16/2024		4.00		17		(4	)
Floor - CPURNSA Index Option, BNP		03/01/2018		0.00		28		(3	)
Floor - CPURNSA Index Option, CIT		09/29/2020		217.97		31		(1	)
Floor - CPURNSA Index Option, DUB		01/22/2018		0.00		37		(6	)
						307	$	(53	)
JNL/PIMCO Total Return Bond Fund
Floor - CPURNSA Index Option, CIT		03/12/2020		215.95		18	$	(1	)
Floor - CPURNSA Index Option, CIT		09/29/2020		217.97		64		(2	)
Floor - CPURNSA Index Option, DUB		03/10/2020		215.95		19		(1	)
						101	$	(4	)
Interest Rate Swaptions
JNL/BlackRock Global Allocation Fund
Call Swaption, 3-Month LIBOR versus 1.47% fixed, DUB		03/31/2015		N/A		103,057,419	$	(133	)
Call Swaption, 3-Month LIBOR versus 2.05% fixed, BOA		02/17/2015		N/A		33,540,167		(57	)
						136,597,586	$	(190	)
JNL/PIMCO Real Return Fund
Call Swaption, 3-Month LIBOR versus 2.30% fixed, MSC		02/18/2015		N/A		687	$	(585	)
Call Swaption, 3-Month LIBOR versus 2.55% fixed, DUB		03/20/2015		N/A		526		(640	)
Call Swaption, 3-Month LIBOR versus 2.75% fixed, JPM		02/18/2015		N/A		47		(40	)
Put Swaption, 3-Month LIBOR versus 2.50% fixed, MSC		12/11/2017		N/A		504		(1,614	)
Put Swaption, 3-Month LIBOR versus 2.75% fixed, JPM		02/18/2015		N/A		47		(3	)
Put Swaption, 3-Month LIBOR versus 2.75% fixed, MSC		02/18/2015		N/A		687		(42	)
						2,498	$	(2,924	)
JNL/PIMCO Total Return Bond Fund
Call Swaption, 6-Month Euribor versus 0.95% fixed, DUB		03/23/2015		N/A		101	$	(191	)
Put Swaption 3-Month LIBOR versus 2.52%, MSC		09/18/2015		N/A		1,477		(993	)
Put Swaption 3-Month LIBOR versus 2.77%, MSC		01/23/2015		N/A		577		—
Put Swaption 3-Month LIBOR versus 2.82%, MSC		01/30/2015		N/A		42		—
Put Swaption 3-Month LIBOR versus 3.25%, MSC		03/02/2015		N/A		107		(8	)
Put Swaption 3-Month LIBOR versus 3.27%, DUB		03/27/2015		N/A		213		(42	)
Put Swaption 3-Month LIBOR versus 3.30%, MSC		01/30/2015		N/A		98		—
Put Swaption 3-Month LIBOR versus 3.32%, MSC		01/16/2015		N/A		190		—
Put Swaption, 3-Month LIBOR versus 2.60% fixed, MSS		09/14/2015		N/A		454		(256	)
Put Swaption, 3-Month LIBOR versus 2.80% fixed, MSS		02/02/2015		N/A		317		(3	)
Put Swaption, 6-Month Euribor versus 1.55% fixed, DUB		03/23/2015		N/A		101		(3	)
						3,677	$	(1,496	)
Options on Securities
JNL/Boston Partners Global Long Short Equity Fund
CVS Caremark Corp. Call Option		01/17/2015		90.00		600	$	(392	)

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Notes to Schedules of Investments (in thousands, except contracts)

December 31, 2014

Schedule of Written Options

	Expiration Date		Exercise Price		Contracts/ Notional Contracts		Value
Options on Securities (continued)
JNL/BlackRock Global Allocation Fund
AbbVie Inc. Call Option, BBP		06/19/2015		65.00		164,400	$	(706	)
Aetna, Inc. Call Option, BBP		06/19/2015		90.00		133,900		(643	)
Anadarko Petroleum Corp. Call Option, BCL		02/20/2015		95.00		137,375		(169	)
Cimarex Energy Co. Call Option, CGM		03/20/2015		130.00		16,397		(33	)
Coach Inc. Put Option, BOA		02/20/2015		42.50		56,733		(301	)
CONSOL Energy Inc. Put Option, BCL		04/17/2015		38.00		82,450		(416	)
CONSOL Energy Inc. Put Option, UBS		04/17/2015		39.00		131,173		(767	)
Delphi Automotive PLC Call Option, MSC		01/16/2015		82.50		8,600		—
Delphi Automotive PLC Put Option, MSC		01/16/2015		65.00		8,600		(2	)
Diamondback Energy Inc. Call Option, GSC		01/17/2015		65.00		32,725		(26	)
Diamondback Energy Inc. Put Option, GSC		01/16/2015		65.00		32,725		(190	)
eBay Inc. Call Option, CGM		01/16/2015		57.50		30,928		(12	)
EOG Resources Inc. Call Option, GSC		04/17/2015		100.00		16,597		(71	)
EOG Resources Inc. Put Option, BCL		04/17/2015		100.00		32,793		(384	)
General Electric Co. Put Option		06/19/2015		23.00		327,132		(177	)
Gilead Sciences Call Option, CIT		01/15/2016		110.00		33,800		(274	)
Gilead Sciences Put Option, CIT		01/15/2016		85.00		33,800		(287	)
Humana Inc. Call Option, GSI		06/19/2015		155.00		80,758		(434	)
Johnson & Johnson Call Option, DUB		07/17/2015		117.50		339,000		(229	)
Lululemon Athletica Inc. Call Option, CGM		03/20/2015		52.50		35,620		(210	)
Marathon Petroleum Corp. Call Option, DUB		04/17/2015		100.00		81,650		(180	)
MetLife Inc. Call Option, GSC		01/15/2016		67.50		267,244		(140	)
Mylan Inc. Call Option, BOA		01/16/2015		55.00		80,750		(154	)
Ocean Rig UDW Inc. Put Option, MSC		03/20/2015		15.00		408		(245	)
Pfizer Inc. Call Option, CGM		01/15/2016		37.50		668,300		(231	)
Procter & Gamble Co. Call Option		01/17/2015		85.00		406		(274	)
Prudential Financial Inc. Call Option, CGM		01/15/2016		105.00		207,438		(664	)
SPDR Gold Trust ETF Call Option, JPM		09/18/2015		140.00		73,000		(67	)
SPDR Gold Trust ETF Put Option, JPM		09/18/2015		108.00		73,000		(314	)
Tesoro Corp. Call Option, CGM		02/20/2015		75.00		47,197		(212	)
The Coca-Cola Co. Call Option		02/20/2015		44.00		384		(17	)
The Coca-Cola Co. Call Option		05/15/2015		45.00		397		(29	)
Transocean Ltd. Put Option, GSC		01/16/2015		32.00		66,195		(910	)
Transocean Ltd. Put Option, GSC		01/16/2015		32.00		132,405		(1,821	)
Transocean Ltd. Put Option, GSI		01/16/2015		38.00		94,481		(1,861	)
UnitedHealth Group Inc. Call Option, BCL		03/20/2015		87.50		32,725		(494	)
						3,561,486	$	(12,944	)
JNL/Ivy Asset Strategy Fund
Dow Chemical Co. Call Option, SGB		01/17/2015		60.00		1,316	$	(1	)
Dow Chemical Co. Put Option, SGB		01/17/2015		47.00		1,316		(216	)
Exxon Mobil Corp. Put Option, DUB		04/17/2015		75.00		841		(56	)
Schlumberger Ltd. Call Option, SGB		02/20/2015		100.00		420		(13	)
Schlumberger Ltd. Call Option, SGB		05/15/2015		105.00		525		(38	)
Schlumberger Ltd. Put Option, SGB		02/20/2015		70.00		420		(21	)
Schlumberger Ltd. Put Option, SGB		05/15/2015		70.00		420		(63	)
						5,258	$	(408	)

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Notes to Schedules of Investments (in thousands, except contracts)

December 31, 2014

Summary of Written Options

	Contracts/ Notional Contracts			Premiums
JNL/Alliance Bernstein Dynamic Asset Allocation Fund
Options outstanding at December 31, 2013		–		$	–
Options written during the year		(3,034	)		39
Options closed during the year		3,034			(39	)
Options outstanding at December 31,2014		–		$	–
JNL/BlackRock Global Allocation Fund
Options outstanding at December 31, 2013		214,190,199		$	4,483
Options written during the year		890,533,298			56,029
Options closed during the year		(944,123,974	)		(40,580	)
Options exercised during the year		(304,483	)		(1,664	)
Options expired during the year		(2,522,386	)		(4,829	)
Options outstanding at December 31, 2014		157,772,654		$	13,439
JNL/Boston Partners Global Long Short Equity Fund
Options outstanding at December 31, 2013		–		$	–
Options written during the year		600			102
Options outstanding at December 31,2014		600		$	102
JNL/Ivy Asset Strategy Fund
Options outstanding at December 31, 2013		9,337		$	1,698
Options written during the year		79,699			18,118
Options closed during the year		(25,238	)		(8,910	)
Options exercised during the year		(2,223	)		(62	)
Options expired during the year		(55,693	)		(8,171	)
Options outstanding at December 31, 2014		5,852		$	2,673
JNL/PIMCO Real Return Fund
Options outstanding at December 31, 2013		14,186		$	4,432
Options written during the year		145,977,941			5,585
Options closed during the year		(19,684,805	)		(795	)
Options expired during the year		(105,743,998	)		(5,472	)
Options outstanding at December 31, 2014		20,563,324		$	3,750
JNL/PIMCO Total Return Fund
Options outstanding at December 31, 2013		8,925		$	2,812
Options written during the year		808,982,070			20,270
Options closed during the year		(289,970,988	)		(9,033	)
Options expired during the year		(15,019	)		(5,706	)
Options outstanding at December 31, 2014		519,004,988		$	8,343

Schedule of Exchange Traded Futures Options

	Expiration Date		Exercise Price		Variation Margin Receivable/ (Payable)		Purchased Contracts		Unrealized (Depreciation)
JNL/Mellon Capital Global Alpha Fund
Euro-Bund Put Option		02/20/2015		EUR 161.00	$	–		111	$	(532	)

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Notes to Schedules of Investments (in thousands, except contracts)

December 31, 2014

Schedule of Open Futures Contracts

	Expiration	Contracts Long/ (Short)			Unrealized Appreciation/ (Depreciation)
JNL/AllianceBernstein Dynamic Asset Allocation Fund
ASX SPI 200 Index Future	March 2015		2		$	1
Australia Commonwealth Treasury Bond Future, 10-Year	March 2015		3			3
Brent Crude Oil Future	March 2015		1			(7	)
Canadian Government Bond Future, 10-Year	March 2015		2			2
Euro STOXX 50 Future	March 2015		35			59
FTSE 100 Index Future	March 2015		7			24
Hang Seng Index Future	January 2015		1			2
Tokyo Price Index Future	March 2015		7			(5	)
U.K. Long Gilt Future	March 2015		1			2
U.S. Treasury Note Future, 10-Year	March 2015		7			3
U.S. Treasury Note Future, 5-Year	March 2015		6			—
Ultra Long Term U.S. Treasury Bond Future	March 2015		3			8
					$	92
JNL/AQR Managed Futures Strategy Fund
3-Month Euro Euribor Interest Rate Future	June 2015		(182	)	$	(15	)
3-Month Euro Euribor Interest Rate Future	September 2015		(7	)		(1	)
3-Month Euro Euribor Interest Rate Future	December 2015		129			14
3-Month Euro Euribor Interest Rate Future	March 2016		271			44
3-Month Euro Euribor Interest Rate Future	June 2016		399			100
3-Month Euro Euribor Interest Rate Future	September 2016		524			103
3-Month Euro Euribor Interest Rate Future	December 2016		518			88
3-Month Euro Swiss Franc Interest Rate Future	June 2015		(73	)		(23	)
3-Month Euro Swiss Franc Interest Rate Future	September 2015		(22	)		(9	)
3-Month Sterling Interest Rate Future	June 2015		540			288
3-Month Sterling Interest Rate Future	September 2015		564			349
3-Month Sterling Interest Rate Future	December 2015		588			385
3-Month Sterling Interest Rate Future	March 2016		607			355
3-Month Sterling Interest Rate Future	June 2016		618			365
3-Month Sterling Interest Rate Future	September 2016		628			386
3-Month Sterling Interest Rate Future	December 2016		641			194
90-Day Eurodollar Future	June 2015		(250	)		(10	)
90-Day Eurodollar Future	September 2015		(10	)		(1	)
90-Day Eurodollar Future	December 2015		72			(13	)
90-Day Eurodollar Future	March 2016		54			(10	)
90-Day Eurodollar Future	June 2016		72			(15	)
90-Day Eurodollar Future	September 2016		121			(34	)
90-Day Eurodollar Future	December 2016		189			(58	)
Amsterdam Exchanges Index Future	January 2015		87			(14	)
ASX SPI 200 Index Future	March 2015		(92	)		(475	)
Australia Commonwealth Treasury Bond Future, 10-Year	March 2015		307			407

	Expiration	Contracts Long/ (Short)			Unrealized Appreciation/ (Depreciation)
JNL/AQR Managed Futures Strategy Fund (continued)
Australia Commonwealth Treasury Bond Future, 3-Year	March 2015		1,531		$	463
Brent Crude Oil Future	February 2015		(155	)		1,902
CAC40 10 Euro Future	January 2015		(48	)		(126	)
Canadian Bank Acceptance Future	March 2015		(14	)		—
Canadian Bank Acceptance Future	June 2015		(131	)		6
Canadian Government Bond Future, 10-Year	March 2015		429			602
Cocoa Future	March 2015		31			20
Cocoa Future	March 2015		(9	)		(5	)
Coffee ‘C’ Future	March 2015		5			(48	)
Copper Future	March 2015		(170	)		380
Cotton No. 2 Future	March 2015		(119	)		(19	)
Dow Jones Industrial Average E-Mini Index Future	March 2015		338			744
Euro STOXX 50 Future	March 2015		60			(18	)
Euro-Bobl Future	March 2015		400			322
Euro-Bund Future	March 2015		169			574
Euro-Buxl Future	March 2015		53			469
Euro-Schatz Future	March 2015		724			41
FTSE 100 Index Future	March 2015		(32	)		(161	)
FTSE/JSE Top 40 Index Future	March 2015		(85	)		(138	)
FTSE/MIB Index Future	March 2015		(11	)		(36	)
Gas Oil Future	February 2015		(231	)		945
German Stock Index Future	March 2015		37			207
Gold 100 Oz. Future	February 2015		(62	)		82
Hang Seng China Enterprises Index Future	January 2015		85			25
Hang Seng Index Future	January 2015		17			(24	)
IBEX 35 Index Future	January 2015		11			17
Japanese Government Bond Future, 10-Year	March 2015		92			638
KCBT Wheat Future	March 2015		11			(29	)
KOSPI 200 Future	March 2015		(131	)		174
Lean Hogs Future	February 2015		(104	)		118
LME Aluminum Future	March 2015		(30	)		70
LME Copper Future	March 2015		(89	)		152
LME Nickel Future	March 2015		(2	)		13
LME Zinc Future	March 2015		(14	)		(11	)
MSCI Taiwan Index Future	January 2015		9			4
NASDAQ 100 E-Mini Future	March 2015		292			357
Natural Gas Future	February 2015		(194	)		1,579
NY Harbor ULSD Future	February 2015		(151	)		1,062
Platinum Future	March 2015		(57	)		(23	)
RBOB Gasoline Future	February 2015		(97	)		677
Russell 2000 Mini Index Future	March 2015		138			166
S&P 500 E-Mini Index Future	March 2015		256			528
S&P MidCap 400 E-Mini Index Future	March 2015		169			351
S&P/Toronto Stock Exchange 60 Index Future	March 2015		38			94
SGX CNX Nifty Index Future	January 2015		334			11
SGX MSCI Singapore Index Future	January 2015		61			22
Silver Future	March 2015		(21	)		35
Soybean Future	March 2015		64			(73	)
Soybean Meal Future	March 2015		74			(73	)
Soybean Oil Future	March 2015		(124	)		(2	)
Sugar #11 (World Markets) Future	March 2015		(1,323	)		2,375
Tokyo Price Index Future	March 2015		177			211

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Notes to Schedules of Investments (in thousands, except contracts)

December 31, 2014

Schedule of Open Futures Contracts

	Expiration	Contracts Long/ (Short)			Unrealized Appreciation/ (Depreciation)
JNL/AQR Managed Futures Strategy Fund (continued)
U.K. Long Gilt Future	March 2015		139		$	548
U.S. Treasury Long Bond Future	March 2015		235			792
U.S. Treasury Note Future, 10-Year	March 2015		517			88
U.S. Treasury Note Future, 2-Year	March 2015		340			(112	)
U.S. Treasury Note Future, 5-Year	March 2015		808			(246	)
WTI Crude Oil Future	February 2015		(21	)		115
					$	18,235
JNL/BlackRock Global Allocation Fund
ASX SPI 200 Index Future	March 2015		4		$	18
CAC40 10 Euro Future	January 2015		(3	)		(1	)
Euro STOXX 50 Future	March 2015		62			2
FTSE 100 Index Future	March 2015		57			199
NASDAQ 100 E-Mini Future	March 2015		15			45
S&P 500 E-Mini Index Future	March 2015		(675	)		(842	)
Tokyo Price Index Future	March 2015		121			(305	)
Yen Denominated Nikkei 225 Future	March 2015		242			139
					$	(745	)
JNL/Goldman Sachs Core Plus Bond Fund
90-Day Eurodollar Future	June 2015		348		$	20
90-Day Eurodollar Future	September 2015		174			21
Canadian Government Bond Future, 10-Year	March 2015		104			241
Euro-Bobl Future	March 2015		36			19
Euro-BTP Future	March 2015		76			157
Euro-Bund Future	March 2015		(51	)		(121	)
Euro-Buxl Future	March 2015		(4	)		(10	)
Euro-OAT Future	March 2015		(28	)		(76	)
Japanese Government Bond Future, 10-Year	March 2015		(25	)		(144	)
U.S. Treasury Long Bond Future	March 2015		(261	)		(611	)
U.S. Treasury Note Future, 10-Year	March 2015		(263	)		(38	)
U.S. Treasury Note Future, 2-Year	March 2015		299			(84	)
U.S. Treasury Note Future, 5-Year	March 2015		95			21
Ultra Long Term U.S. Treasury Bond Future	March 2015		(253	)		(1,470	)
					$	(2,075	)
JNL/Goldman Sachs Emerging Markets Debt Fund
90-Day Eurodollar Future	June 2015		224		$	13
90-Day Eurodollar Future	September 2015		112			13
Euro-Bund Future	March 2015		(16	)		(51	)
U.S. Treasury Long Bond Future	March 2015		33			82
U.S. Treasury Note Future, 10-Year	March 2015		(515	)		(166	)
U.S. Treasury Note Future, 2-Year	March 2015		1			—
U.S. Treasury Note Future, 5-Year	March 2015		(318	)		29
Ultra Long Term U.S. Treasury Bond Future	March 2015		(30	)		(58	)
					$	(138	)
JNL/Mellon Capital Emerging Market Index Fund
Mini MSCI Emerging Markets Index Future	March 2015		265		$	316
JNL/Mellon Capital S&P 500 Index Fund
S&P 500 E-Mini Index Future	March 2015		639		$	58

	Expiration	Contracts Long/ (Short)			Unrealized Appreciation/ (Depreciation)
JNL/Mellon Capital S&P 400 Mid Cap Index Fund
S&P MidCap 400 E-Mini Index Future	March 2015		245		$	293
JNL/Mellon Capital Small Cap Index Fund
Russell 2000 Mini Index Future	March 2015		165		$	632
JNL/Mellon Capital International Index Fund
ASX SPI 200 Index Future	March 2015		69		$	346
Euro STOXX 50 Future	March 2015		544			1,185
FTSE 100 Index Future	March 2015		200			1,078
Tokyo Price Index Future	March 2015		121			(287	)
					$	2,322
JNL/Mellon Capital Global Alpha Fund
Amsterdam Exchanges Index Future	January 2015		37		$	240
ASX SPI 200 Index Future	March 2015		7			38
Australia Commonwealth Treasury Bond Future, 10-Year	March 2015		(36	)		(34	)
CAC40 10 Euro Future	January 2015		18			68
Canadian Government Bond Future, 10-Year	March 2015		31			48
Euro-Bund Future	March 2015		(8	)		—
FTSE 100 Index Future	March 2015		(59	)		(346	)
FTSE/MIB Index Future	March 2015		8			35
German Stock Index Future	March 2015		17			170
Hang Seng Index Future	January 2015		23			28
IBEX 35 Index Future	January 2015		(12	)		(50	)
S&P 500 E-Mini Index Future	March 2015		(85	)		(100	)
S&P/Toronto Stock Exchange 60 Index Future	March 2015		(5	)		(36	)
SGX Japanese Government Bond Future, 10-Year	March 2015		(178	)		(87	)
Tokyo Price Index Future	March 2015		67			(162	)
U.K. Long Gilt Future	March 2015		(3	)		(5	)
U.S. Treasury Note Future, 10-Year	March 2015		48			23
					$	(170	)
JNL/Neuberger Berman Strategic Income Fund
3-Month Euro Euribor Interest Rate Future	December 2015		21		$	2
3-Month Euro-Yen Future	March 2015		58			3
3-Month Euro-Yen Future	June 2015		63			(1	)
3-Month New Zealand Bank Bill Future	December 2015		39			12
90-Day Eurodollar Future	December 2016		106			6
British Pound Future	March 2015		(20	)		13
Euro FX Currency Future	March 2015		(241	)		637
Euro-Buxl Future	March 2015		(90	)		(775	)
Mexican Peso Future	March 2015		(183	)		265
New Zealand Dollar Future	March 2015		(38	)		(22	)
SGX Japanese Government Bond Future, 10-Year	March 2015		(174	)		(126	)
South African Rand Future	March 2015		(131	)		137
U.K. Long Gilt Future	March 2015		52			220
U.S. Treasury Long Bond Future	March 2015		9			34
U.S. Treasury Note Future, 10-Year	March 2015		(1,030	)		(650	)
U.S. Treasury Note Future, 2-Year	March 2015		(120	)		30
U.S. Treasury Note Future, 5-Year	March 2015		(224	)		(37	)

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Notes to Schedules of Investments (in thousands, except contracts)

December 31, 2014

Schedule of Open Futures Contracts

	Expiration	Contracts Long/ (Short)			Unrealized Appreciation/ (Depreciation)
JNL/Neuberger Berman Strategic Income Fund (continued)
Ultra Long Term U.S. Treasury Bond Future	March 2015		(101	)	$	(681	)
					$	(933	)
JNL/PIMCO Real Return Fund
90-Day Eurodollar Future	March 2016		(144	)	$	(4	)
90-Day Eurodollar Future	June 2016		(144	)		(7	)
90-Day Eurodollar Future	September 2016		(144	)		(9	)
90-Day Eurodollar Future	December 2016		(144	)		(10	)
Euro-Bund Future	March 2015		(352	)		(1,205	)
U.S. Treasury Long Bond Future	March 2015		90			29
U.S. Treasury Note Future, 10-Year	March 2015		(630	)		(276	)
					$	(1,482	)
JNL/PIMCO Total Return Bond Fund
3-Month Sterling Interest Rate Future	March 2015		(116	)	$	(44	)
3-Month Sterling Interest Rate Future	June 2015		(156	)		(102	)
3-Month Sterling Interest Rate Future	September 2015		(789	)		(663	)
90-Day Eurodollar Future	June 2015		(1,601	)		(18	)
90-Day Eurodollar Future	September 2015		(1,597	)		30
90-Day Eurodollar Future	December 2015		(853	)		61
90-Day Eurodollar Future	March 2016		(355	)		22
Canadian Government Bond Future, 10-Year	March 2015		(150	)		(345	)
Euro-BTP Future	March 2015		1,469			3,041
Euro-Bund Future	March 2015		(964	)		(3,574	)
U.S. Treasury Long Bond Future	March 2015		4,435			8,789
U.S. Treasury Note Future, 10-Year	March 2015		9,148			4,929
					$	12,126
JNL/PPM America Floating Rate Income Fund
U.S. Treasury Long Bond Future	March 2015		(7	)	$	(28	)
U.S. Treasury Note Future, 10-Year	March 2015		(78	)		(54	)
U.S. Treasury Note Future, 5-Year	March 2015		(62	)		2
					$	(80	)
JNL/PPM America High Yield Bond Fund
U.S. Treasury Long Bond Future	March 2015		(153	)	$	(517	)
U.S. Treasury Note Future, 10-Year	March 2015		(526	)		(323	)
U.S. Treasury Note Future, 5-Year	March 2015		(372	)		36
Ultra Long Term U.S. Treasury Bond Future	March 2015		(215	)		(1,513	)
					$	(2,317	)
JNL/Scout Unconstrained Bond Fund
U.S. Treasury Long Bond Future	March 2015		(1,730	)	$	(6,093	)
U.S. Treasury Note Future, 10-Year	March 2015		(415	)		(283	)
					$	(6,376	)
JNL/T.Rowe Price Short-Term Bond Fund
U.S. Treasury Note Future, 5-Year	March 2015		(29	)	$	(1	)

	Expiration	Contracts Long/ (Short)			Unrealized Appreciation/ (Depreciation)
JNL/WMC Balanced Fund
U.S. Treasury Note Future, 10-Year	March 2015		(157	)	$	46
U.S. Treasury Note Future, 5-Year	March 2015		(355	)		(67	)
					$	(21	)

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Notes to Schedules of Investments (in thousands)

December 31, 2014

Schedule of Open Forward Foreign Currency Contracts

Purchased/ Sold	Settlement Date	Counter- Party		Notional Amount			Value			Unrealized Gain/ (Loss)
JNL/AllianceBernstein Dynamic Asset Allocation Fund
AUD/USD	03/18/2015	JPM	AUD		52		$	42		$	—
AUD/USD	03/18/2015	RBS	AUD		194			158			(7	)
CHF/USD	03/18/2015	JPM	CHF		158			159			(2	)
EUR/USD	03/18/2015	JPM	EUR		890			1,078			(22	)
GBP/USD	03/18/2015	JPM	GBP		144			224			(2	)
JPY/USD	03/18/2015	RBS	JPY		17,827			149			(2	)
JPY/USD	03/18/2015	JPM	JPY		46,564			389			(5	)
SEK/USD	03/18/2015	JPM	SEK		949			122			(4	)
USD/AUD	03/18/2015	JPM	AUD		(225	)		(183	)		8
USD/CHF	03/18/2015	JPM	CHF		(56	)		(56	)		—
USD/EUR	03/18/2015	JPM	EUR		(421	)		(510	)		7
USD/EUR	03/18/2015	CIT	EUR		(276	)		(334	)		9
USD/GBP	03/18/2015	JPM	GBP		(17	)		(27	)		—
USD/GBP	03/18/2015	JPM	GBP		(73	)		(114	)		—
USD/JPY	03/18/2015	JPM	JPY		(5,623	)		(47	)		(1	)
USD/JPY	03/18/2015	JPM	JPY		(30,723	)		(257	)		—
USD/SEK	03/18/2015	JPM	SEK		(197	)		(25	)		—
							$	768		$	(21	)
JNL/AQR Managed Futures Strategy Fund
CAD/USD	03/18/2015	CSI	CAD		14,521		$	12,479		$	(240	)
CHF/USD	03/18/2015	CSI	CHF		41			41			—
COP/USD	03/18/2015	CSI	COP		100,000			42			(1	)
CZK/USD	03/18/2015	CSI	CZK		43,971			1,923			(52	)
EUR/USD	03/18/2015	CSI	EUR		38,583			46,720			(1,241	)
EUR/USD	03/18/2015	RBS	EUR		2			2			—
GBP/USD	03/18/2015	CSI	GBP		6,480			10,095			(59	)
GBP/USD	03/18/2015	CSI	GBP		70			109			—
HKD/USD	03/18/2015	CSI	HKD		1,132			146			—
HUF/USD	03/18/2015	CSI	HUF		1,250,001			4,769			(258	)
IDR/USD	03/18/2015	CSI	IDR		1,172,611			93			—
IDR/USD	03/18/2015	CSI	IDR		327,389			26			—
ILS/USD	03/18/2015	CSI	ILS		2,900			744			14
INR/USD	03/18/2015	CSI	INR		520,000			8,114			(157	)
INR/USD	03/18/2015	CSI	INR		75,000			1,170			2
JPY/USD	03/18/2015	CSI	JPY		7,459,731			62,320			(984	)
KRW/USD	03/18/2015	CSI	KRW		1,600,000			1,451			(5	)
KRW/USD	03/18/2015	CSI	KRW		11,850,000			10,746			37
MXN/USD	03/18/2015	CSI	MXN		25,000			1,687			5
MXN/USD	03/18/2015	CSI	MXN		23,000			1,552			(14	)
MYR/USD	03/18/2015	CSI	MYR		1,700			483			(3	)
NOK/USD	03/18/2015	CSI	NOK		19,057			2,552			(167	)
NZD/USD	03/18/2015	CSI	NZD		49,906			38,658			431
NZD/USD	03/18/2015	CSI	NZD		9,301			7,205			(34	)
PHP/USD	03/18/2015	CSI	PHP		67,000			1,493			1
PHP/USD	03/18/2015	CSI	PHP		165,000			3,676			(5	)
PLN/USD	03/18/2015	CSI	PLN		10,300			2,899			(144	)
RUB/USD	03/18/2015	CSI	RUB		121,001			1,910			(236	)
SEK/USD	03/18/2015	CSI	SEK		41,537			5,329			(246	)
SGD/USD	03/18/2015	CSI	SGD		5,600			4,221			(38	)
TRY/USD	03/18/2015	CSI	TRY		16,299			6,871			(252	)
TWD/USD	03/18/2015	CSI	TWD		76,000			2,407			(36	)
USD/AUD	03/18/2015	CSI	AUD		(42,121	)		(34,211	)		806
USD/AUD	03/18/2015	CSI	AUD		(11,645	)		(9,458	)		(23	)
USD/BRL	03/18/2015	CSI	BRL		(3,600	)		(1,328	)		45
USD/BRL	03/18/2015	CSI	BRL		(1,800	)		(664	)		(15	)
USD/CAD	03/18/2015	CSI	CAD		(20,791	)		(17,868	)		172
USD/CAD	03/18/2015	CSI	CAD		(6,228	)		(5,352	)		(17	)
USD/CHF	03/18/2015	CSI	CHF		(873	)		(879	)		22
USD/CLP	03/18/2015	CSI	CLP		(1,010,000	)		(1,652	)		(17	)
USD/COP	03/18/2015	CSI	COP		(2,400,000	)		(1,006	)		42

Purchased/ Sold	Settlement Date	Counter- Party		Notional Amount			Value			Unrealized Gain/ (Loss)
JNL/AQR Managed Futures Strategy Fund (continued)
USD/CZK	03/18/2015	CSI	CZK		(45,000	)	$	(1,968	)	$	63
USD/EUR	03/18/2015	CSI	EUR		(35,698	)		(43,225	)		831
USD/EUR	03/18/2015	RBS	EUR		(2	)		(2	)		—
USD/GBP	03/18/2015	CSI	GBP		(7,570	)		(11,792	)		41
USD/HUF	03/18/2015	CSI	HUF		(1,550,000	)		(5,913	)		192
USD/IDR	03/18/2015	CSI	IDR		(1,000,000	)		(80	)		(1	)
USD/ILS	03/18/2015	CSI	ILS		(12,300	)		(3,154	)		(42	)
USD/ILS	03/18/2015	CSI	ILS		(8,400	)		(2,154	)		17
USD/INR	03/18/2015	CSI	INR		(150,000	)		(2,341	)		(15	)
USD/INR	03/18/2015	CSI	INR		(9,000	)		(140	)		—
USD/JPY	03/18/2015	CSI	JPY		(11,818,666	)		(105,166	)		897
USD/JPY	03/18/2015	CSI	JPY		(8,207,088	)		(68,562	)		(358	)
USD/KRW	03/18/2015	CSI	KRW		(3,600,000	)		(3,265	)		(41	)
USD/MXN	03/18/2015	CSI	MXN		(200,000	)		(13,494	)		518
USD/MYR	03/18/2015	CSI	MYR		(11,414	)		(3,245	)		75
USD/MYR	03/18/2015	CSI	MYR		(1,186	)		(337	)		(1	)
USD/NOK	03/18/2015	CSI	NOK		(189,353	)		(25,354	)		1,130
USD/NOK	03/18/2015	CSI	NOK		(8,213	)		(1,100	)		(13	)
USD/NZD	03/18/2015	CSI	NZD		(9,784	)		(7,579	)		(79	)
USD/NZD	03/18/2015	CSI	NZD		(439	)		(340	)		—
USD/PHP	03/18/2015	CSI	PHP		(61,659	)		(1,373	)		(1	)
USD/PHP	03/18/2015	CSI	PHP		(182,343	)		(4,063	)		10
USD/PLN	03/18/2015	CSI	PLN		(26,100	)		(7,348	)		196
USD/RUB	03/18/2015	CSI	RUB		(107,000	)		(1,690	)		597
USD/RUB	03/18/2015	CSI	RUB		(14,000	)		(221	)		(29	)
USD/SEK	03/18/2015	CSI	SEK		(361,651	)		(46,405	)		1,372
USD/SGD	03/18/2015	CSI	SGD		(4,700	)		(3,544	)		52
USD/TRY	03/18/2015	CSI	TRY		(6,500	)		(2,739	)		9
USD/TRY	03/18/2015	CSI	TRY		(6,500	)		(2,740	)		(58	)
USD/TWD	03/18/2015	CSI	TWD		(204,000	)		(6,459	)		94
USD/ZAR	03/18/2015	CSI	ZAR		(39,000	)		(3,331	)		(18	)
USD/ZAR	03/18/2015	CSI	ZAR		(26,000	)		(2,221	)		10
ZAR/USD	03/18/2015	CSI	ZAR		82,000			7,005			(169	)
ZAR/USD	03/18/2015	CSI	ZAR		2,000			171			1
							$	(204,654	)	$	2,613
JNL/BlackRock Global Allocation Fund
CLP/USD	09/15/2015	JPM	CLP		2,098,126		$	3,383		$	24
CNY/USD	01/30/2015	DUB	CNY		16,635			2,678			10
CNY/USD	01/30/2015	JPM	CNY		17,462			2,806			13
CNY/USD	01/30/2015	DUB	CNY		27,513			4,420			(23	)
EUR/USD	01/08/2015	BNP	EUR		5,927			7,173			(118	)
GBP/EUR	02/12/2015	DUB	EUR		(6,477	)		(7,841	)		181
GBP/USD	01/15/2015	HSB	GBP		1,987			3,097			(106	)
GBP/USD	01/26/2015	BBH	GBP		3,064			4,774			(17	)
INR/USD	06/26/2015	CSI	INR		400,449			6,130			(151	)
INR/USD	08/05/2015	CSI	INR		217,661			3,309			(51	)
JPY/USD	01/09/2015	BNP	JPY		947,763			7,913			10
JPY/USD	01/15/2015	CSI	JPY		775,359			6,474			(23	)
JPY/USD	01/16/2015	CSI	JPY		1,228,304			10,256			112
JPY/USD	01/22/2015	DUB	JPY		203,257			1,697			(6	)
JPY/USD	01/29/2015	JPM	JPY		1,006,424			8,404			(66	)
JPY/USD	01/30/2015	CSI	JPY		376,275			3,142			20
JPY/USD	02/05/2015	UBS	JPY		943,490			7,879			2
JPY/USD	02/05/2015	CSI	JPY		621,614			5,191			34
JPY/USD	02/06/2015	JPM	JPY		1,078,103			9,003			92
MXN/USD	02/06/2015	UBS	MXN		49,948			3,379			(81	)
USD/AUD	01/16/2015	MSC	AUD		(9,744	)		(7,948	)		672
USD/AUD	01/23/2015	DUB	AUD		(9,600	)		(7,826	)		506
USD/AUD	01/23/2015	MSC	AUD		(4,150	)		(3,383	)		65

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Notes to Schedules of Investments (in thousands)

December 31, 2014

Schedule of Open Forward Foreign Currency Contracts

Purchased/ Sold	Settlement Date	Counter- Party		Notional Amount			Value			Unrealized Gain/ (Loss)
JNL/BlackRock Global Allocation Fund (continued)
USD/AUD	02/06/2015	DUB	AUD		(9,537	)	$	(7,768	)	$	409
USD/BRL	01/16/2015	MSC	BRL		(21,016	)		(7,882	)		264
USD/BRL	02/06/2015	BNP	BRL		(22,679	)		(8,457	)		128
USD/BRL	02/13/2015	DUB	BRL		(6,550	)		(2,438	)		(45	)
USD/CLP	08/24/2015	MSC	CLP		(2,049,853	)		(3,311	)		99
USD/CLP	08/26/2015	UBS	CLP		(2,056,135	)		(3,320	)		99
USD/CLP	09/15/2015	JPM	CLP		(2,098,126	)		(3,383	)		69
USD/CNH	06/09/2015	JPM	CNH		(32,500	)		(5,158	)		11
USD/CNY	01/30/2015	JPM	CNY		(17,463	)		(2,805	)		49
USD/CNY	01/30/2015	DUB	CNY		(44,148	)		(7,094	)		110
USD/EUR	01/08/2015	DUB	EUR		(5,927	)		(7,172	)		373
USD/EUR	01/08/2015	BNP	EUR		(5,927	)		(7,172	)		376
USD/EUR	01/09/2015	BNP	EUR		(6,763	)		(8,184	)		380
USD/EUR	01/09/2015	DUB	EUR		(10,529	)		(12,741	)		595
USD/EUR	01/15/2015	BNP	EUR		(6,722	)		(8,135	)		436
USD/EUR	01/15/2015	UBS	EUR		(6,709	)		(8,119	)		435
USD/EUR	01/22/2015	JPM	EUR		(2,297	)		(2,780	)		74
USD/EUR	01/23/2015	MSC	EUR		(5,674	)		(6,867	)		197
USD/EUR	01/26/2015	BBH	EUR		(643	)		(779	)		20
USD/EUR	01/30/2015	MSC	EUR		(5,910	)		(7,153	)		122
USD/EUR	01/30/2015	UBS	EUR		(5,739	)		(6,947	)		118
USD/EUR	02/05/2015	MSC	EUR		(6,131	)		(7,422	)		191
USD/EUR	02/05/2015	DUB	EUR		(3,627	)		(4,390	)		115
USD/EUR	02/12/2015	DUB	EUR		(9,725	)		(11,772	)		389
USD/EUR	02/12/2015	CSI	EUR		(9,572	)		(11,588	)		388
USD/EUR	02/12/2015	UBS	EUR		(6,106	)		(7,392	)		239
USD/EUR	02/13/2015	CSI	EUR		(6,077	)		(7,357	)		183
USD/EUR	02/13/2015	JPM	EUR		(6,150	)		(7,444	)		191
USD/GBP	01/15/2015	HSB	GBP		(1,987	)		(3,097	)		19
USD/JPY	01/08/2015	CSI	JPY		(1,451,100	)		(12,115	)		894
USD/JPY	01/08/2015	UBS	JPY		(771,819	)		(6,444	)		338
USD/JPY	01/09/2015	BNP	JPY		(947,763	)		(7,913	)		693
USD/JPY	01/09/2015	UBS	JPY		(703,290	)		(5,872	)		267
USD/JPY	01/15/2015	CSI	JPY		(775,359	)		(6,474	)		299
USD/JPY	01/16/2015	CSI	JPY		(1,228,304	)		(10,256	)		1,118
USD/JPY	01/22/2015	DUB	JPY		(680,968	)		(5,686	)		204
USD/JPY	01/22/2015	MSC	JPY		(698,326	)		(5,831	)		203
USD/JPY	01/23/2015	DUB	JPY		(716,147	)		(5,980	)		229
USD/JPY	01/23/2015	JPM	JPY		(686,045	)		(5,728	)		222
USD/JPY	01/29/2015	CSI	JPY		(370,266	)		(3,092	)		83
USD/JPY	01/29/2015	JPM	JPY		(1,006,424	)		(8,404	)		157
USD/JPY	01/30/2015	CSI	JPY		(376,275	)		(3,142	)		2
USD/JPY	01/30/2015	JPM	JPY		(1,402,842	)		(11,714	)		8
USD/JPY	02/04/2015	MSC	JPY		(700,000	)		(5,846	)		23
USD/JPY	02/05/2015	UBS	JPY		(943,490	)		(7,879	)		62
USD/JPY	02/05/2015	CSI	JPY		(621,614	)		(5,191	)		46
USD/JPY	02/06/2015	JPM	JPY		(1,078,103	)		(9,003	)		164
USD/JPY	02/06/2015	BNP	JPY		(766,621	)		(6,402	)		65
USD/JPY	02/12/2015	CSI	JPY		(671,532	)		(5,608	)		122
USD/JPY	02/12/2015	HSB	JPY		(727,516	)		(6,076	)		131
USD/JPY	03/10/2015	HSB	JPY		(370,000	)		(3,091	)		378
USD/JPY	03/23/2015	MSC	JPY		(700,000	)		(5,848	)		23
USD/JPY	05/07/2015	JPM	JPY		(1,669,389	)		(13,955	)		(184	)
USD/KRW	05/05/2015	CSI	KRW		(7,661,291	)		(6,935	)		(86	)
USD/KRW	05/15/2015	DUB	KRW		(9,306,843	)		(8,422	)		44
USD/MXN	01/22/2015	BNP	MXN		(98,637	)		(6,678	)		746
USD/MXN	02/05/2015	CSI	MXN		(33,327	)		(2,255	)		237
USD/MXN	02/06/2015	UBS	MXN		(68,933	)		(4,663	)		376
USD/MXN	02/19/2015	DUB	MXN		(51,545	)		(3,484	)		372
USD/MXN	03/05/2015	HSB	MXN		(88,989	)		(6,009	)		656
USD/MXN	03/19/2015	JPM	MXN		(32,581	)		(2,198	)		183

Purchased/ Sold	Settlement Date	Counter- Party		Notional Amount			Value			Unrealized Gain/ (Loss)
JNL/BlackRock Global Allocation Fund (continued)
USD/MXN	03/19/2015	HSB	MXN		(66,949	)	$	(4,517	)	$	460
USD/MXN	04/01/2015	CSI	MXN		(66,655	)		(4,494	)		373
USD/MXN	04/16/2015	UBS	MXN		(50,986	)		(3,434	)		(17	)
USD/MXN	04/30/2015	JPM	MXN		(67,096	)		(4,515	)		401
USD/MXN	05/28/2015	BNP	MXN		(104,280	)		(7,005	)		105
USD/MXN	06/11/2015	JPM	MXN		(101,971	)		(6,843	)		(30	)
							$	(353,019	)	$	16,500
JNL/Capital Guardian Global Balanced Fund
BRL/USD	01/08/2015	UBS	BRL		2,112		$	794		$	(26	)
EUR/GBP	01/22/2015	UBS	GBP		(300	)		(467	)		(5	)
EUR/GBP	01/14/2015	UBS	GBP		(300	)		(468	)		(4	)
EUR/HUF	01/16/2015	UBS	HUF		(48,080	)		(184	)		(54	)
EUR/JPY	01/07/2015	JPM	JPY		(36,000	)		(301	)		(5	)
EUR/JPY	01/09/2015	BNY	JPY		(73,303	)		(612	)		(7	)
EUR/JPY	01/22/2015	BNY	JPY		(19,055	)		(159	)		(1	)
EUR/NOK	01/14/2015	CSI	NOK		(3,900	)		(523	)		10
EUR/NOK	01/16/2015	JPM	NOK		(2,400	)		(322	)		(1	)
EUR/NOK	01/22/2015	CSI	NOK		(3,900	)		(523	)		(3	)
EUR/PLN	01/20/2015	JPM	PLN		(3,600	)		(1,016	)		15
EUR/SEK	01/14/2015	JPM	SEK		(1,545	)		(198	)		2
EUR/USD	01/07/2015	UBS	EUR		630			762			(19	)
EUR/USD	01/13/2015	BNY	EUR		3,144			3,805			(112	)
EUR/USD	01/16/2015	UBS	EUR		827			1,001			(19	)
EUR/USD	01/20/2015	JPM	EUR		84			101			(3	)
GBP/EUR	01/07/2015	JPM	EUR		(205	)		(248	)		5
GBP/USD	01/20/2015	JPM	GBP		229			356			(4	)
JPY/EUR	01/07/2015	JPM	EUR		(450	)		(544	)		9
JPY/EUR	01/07/2015	CSI	EUR		(275	)		(333	)		6
JPY/EUR	01/09/2015	BNY	EUR		(500	)		(605	)		15
JPY/EUR	01/22/2015	UBS	EUR		(650	)		(787	)		6
JPY/USD	01/07/2015	UBS	JPY		23,628			197			(3	)
JPY/USD	01/07/2015	JPM	JPY		169,921			1,418			(20	)
JPY/USD	01/13/2015	JPM	JPY		646,155			5,394			(90	)
JPY/USD	01/15/2015	UBS	JPY		87,299			729			(21	)
JPY/USD	01/16/2015	UBS	JPY		246,933			2,062			12
JPY/USD	01/16/2015	CSI	JPY		72,304			604			4
JPY/USD	01/16/2015	JPM	JPY		99,052			827			(28	)
JPY/USD	01/20/2015	JPM	JPY		123,556			1,032			(23	)
JPY/USD	01/21/2015	CIT	JPY		65,684			548			(10	)
JPY/USD	01/22/2015	JPM	JPY		92,975			776			(7	)
JPY/USD	01/22/2015	BOA	JPY		83,193			695			(5	)
JPY/USD	01/22/2015	JPM	JPY		804			7			—
KRW/USD	01/08/2015	CIT	KRW		3,326,790			3,026			(48	)
KRW/USD	01/12/2015	JPM	KRW		1,510,251			1,374			8
RUB/USD	01/14/2015	UBS	RUB		3,250			53			2
USD/AUD	01/07/2015	JPM	AUD		(340	)		(277	)		14
USD/BRL	01/08/2015	UBS	BRL		(2,112	)		(794	)		28
USD/BRL	01/09/2015	UBS	BRL		(200	)		(75	)		2
USD/BRL	01/26/2015	UBS	BRL		(225	)		(84	)		(1	)
USD/CAD	01/14/2015	BNY	CAD		(110	)		(95	)		1
USD/COP	01/07/2015	UBS	COP		(455,540	)		(192	)		6
USD/COP	01/09/2015	UBS	COP		(367,125	)		(155	)		4
USD/COP	01/20/2015	UBS	COP		(592,400	)		(249	)		(8	)
USD/EUR	01/07/2015	UBS	EUR		(960	)		(1,161	)		23
USD/EUR	01/07/2015	CIT	EUR		(310	)		(375	)		12
USD/EUR	01/07/2015	JPM	EUR		(1,110	)		(1,343	)		43

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Notes to Schedules of Investments (in thousands)

December 31, 2014

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 (continued)
USD/EUR	01/08/2015	CIT	EUR		(100	)	$	(121	)	$	3
USD/EUR	01/09/2015	BOA	EUR		(500	)		(605	)		10
USD/EUR	01/09/2015	JPM	EUR		(40	)		(48	)		1
USD/EUR	01/13/2015	BNY	EUR		(3,144	)		(3,805	)		68
USD/EUR	01/13/2015	UBS	EUR		(1,303	)		(1,577	)		41
USD/EUR	01/14/2015	CSI	EUR		(225	)		(272	)		6
USD/EUR	01/14/2015	CIT	EUR		(320	)		(387	)		9
USD/EUR	01/16/2015	CIT	EUR		(70	)		(85	)		2
USD/EUR	01/16/2015	JPM	EUR		(250	)		(303	)		8
USD/EUR	01/16/2015	BNY	EUR		(660	)		(799	)		23
USD/EUR	01/22/2015	BOA	EUR		(250	)		(303	)		5
USD/EUR	01/22/2015	JPM	EUR		(140	)		(169	)		3
USD/EUR	01/22/2015	BNY	EUR		(570	)		(690	)		11
USD/EUR	01/22/2015	CSI	EUR		(620	)		(750	)		12
USD/GBP	01/09/2015	BOA	GBP		(250	)		(390	)		—
USD/GBP	01/12/2015	BOA	GBP		(300	)		(468	)		2
USD/GBP	01/14/2015	UBS	GBP		(420	)		(655	)		5
USD/GBP	01/16/2015	BNY	GBP		(760	)		(1,184	)		4
USD/GBP	01/22/2015	BNY	GBP		(130	)		(203	)		1
USD/GBP	01/22/2015	JPM	GBP		(100	)		(156	)		1
USD/IDR	01/09/2015	JPM	IDR		(3,259,300	)		(263	)		1
USD/JPY	01/07/2015	JPM	JPY		(155,055	)		(1,294	)		17
USD/JPY	01/09/2015	BNY	JPY		(811	)		(6	)		—
USD/JPY	01/09/2015	BCL	JPY		(153	)		(1	)		—
USD/JPY	01/13/2015	JPM	JPY		(646,155	)		(5,395	)		(5	)
USD/JPY	01/22/2015	JPM	JPY		(49,579	)		(414	)		(3	)
USD/KRW	01/08/2015	CIT	KRW		(3,326,790	)		(3,026	)		(40	)
USD/KRW	01/12/2015	CIT	KRW		(1,510,251	)		(1,373	)		(8	)
USD/KRW	01/20/2015	CIT	KRW		(211,380	)		(192	)		1
USD/MXN	01/08/2015	CIT	MXN		(950	)		(64	)		3
USD/MXN	01/16/2015	JPM	MXN		(7,425	)		(503	)		10
USD/MXN	01/20/2015	CIT	MXN		(5,420	)		(367	)		1
USD/MXN	01/20/2015	BOA	MXN		(2,800	)		(190	)		—
USD/PLN	01/15/2015	JPM	PLN		(2,850	)		(805	)		41
USD/RUB	01/14/2015	JPM	RUB		(14,075	)		(230	)		28
USD/RUB	01/14/2015	UBS	RUB		(10,125	)		(166	)		13
USD/SEK	01/07/2015	JPM	SEK		(2,740	)		(351	)		18
USD/SEK	01/16/2015	BNY	SEK		(6,800	)		(873	)		29
USD/SEK	01/22/2015	BNY	SEK		(3,800	)		(487	)		7
USD/ZAR	01/08/2015	CIT	ZAR		(675	)		(58	)		2
USD/ZAR	01/20/2015	JPM	ZAR		(2,570	)		(222	)		(2	)
USD/ZAR	01/21/2015	CIT	ZAR		(700	)		(60	)		—
							$	(15,839	)	$	28
JNL/Franklin Templeton Global Multisector Bond Fund
CLP/USD	01/16/2015	DUB	CLP		7,506,474		$	12,352		$	168
CLP/USD	01/20/2015	DUB	CLP		6,542,795			10,761			190
CLP/USD	02/17/2015	JPM	CLP		2,796,030			4,586			(93	)
CLP/USD	05/07/2015	DUB	CLP		2,285,890			3,725			(200	)
EUR/USD	01/09/2015	DUB	EUR		109			132			(16	)
GHS/USD	03/10/2015	BCL	GHS		420			125			(10	)
HUF/EUR	03/19/2015	JPM	EUR		(1,394	)		(1,688	)		9
HUF/EUR	03/19/2015	DUB	EUR		(4,650	)		(5,631	)		30
HUF/EUR	03/20/2015	JPM	EUR		(4,668	)		(5,652	)		10
HUF/EUR	09/23/2015	JPM	EUR		(2,321	)		(2,819	)		(46	)
HUF/EUR	09/25/2015	JPM	EUR		(1,856	)		(2,254	)		(34	)
INR/USD	02/04/2015	JPM	INR		527,153			8,297			(165	)
KRW/USD	05/07/2015	JPM	KRW		4,162,521			3,768			(202	)
KRW/USD	05/08/2015	JPM	KRW		28,282,171			25,600			(1,410	)
KRW/USD	06/17/2015	JPM	KRW		8,201,200			7,415			(518	)
MXN/USD	01/12/2015	CIT	MXN		42,701			2,893			(289	)

Purchased/ Sold	Settlement Date	Counter- Party		Notional Amount			Value			Unrealized Gain/ (Loss)
JNL/Franklin Templeton Global Multisector Bond Fund (continued)
MXN/USD	02/27/2015	CIT	MXN		24,515		$	1,656		$	(195	)
MXN/USD	03/10/2015	HSB	MXN		37,669			2,543			(302	)
MXN/USD	03/13/2015	CIT	MXN		11,983			809			(94	)
MXN/USD	03/17/2015	CIT	MXN		10,111			682			(58	)
MXN/USD	03/24/2015	CIT	MXN		29,534			1,992			(168	)
MXN/USD	04/16/2015	CIT	MXN		7,438			501			(50	)
MXN/USD	05/19/2015	HSB	MXN		567,024			38,109			(4,331	)
MXN/USD	06/08/2015	CIT	MXN		30,581			2,053			(244	)
MXN/USD	06/09/2015	CIT	MXN		30,546			2,050			(253	)
MXN/USD	06/12/2015	CIT	MXN		62,119			4,169			(477	)
MXN/USD	06/15/2015	CIT	MXN		26,697			1,791			(208	)
MXN/USD	06/22/2015	CIT	MXN		475,341			31,878			(3,626	)
MXN/USD	07/10/2015	CIT	MXN		77,766			5,209			(632	)
MXN/USD	08/18/2015	DUB	MXN		42,108			2,813			(335	)
MXN/USD	08/25/2015	DUB	MXN		33,800			2,257			(264	)
MXN/USD	08/28/2015	CIT	MXN		53,626			3,580			(414	)
MXN/USD	10/14/2015	DUB	MXN		91,472			6,087			(602	)
MXN/USD	10/21/2015	DUB	MXN		23,533			1,565			(136	)
MXN/USD	10/22/2015	DUB	MXN		21,637			1,439			(123	)
MXN/USD	10/22/2015	CIT	MXN		75,652			5,031			(432	)
MXN/USD	11/03/2015	CIT	MXN		42,988			2,857			(268	)
MXN/USD	11/30/2015	CIT	MXN		67,415			4,472			(361	)
MXN/USD	12/08/2015	DUB	MXN		84,719			5,616			(255	)
MXN/USD	12/11/2015	CIT	MXN		37,127			2,461			(62	)
MXN/USD	12/18/2015	CIT	MXN		17,800			1,179			7
MYR/USD	01/08/2015	JPM	MYR		9,302			2,660			(116	)
MYR/USD	01/09/2015	JPM	MYR		5,002			1,430			(64	)
MYR/USD	01/12/2015	JPM	MYR		1,499			428			(20	)
MYR/USD	02/09/2015	HSB	MYR		25,190			7,184			(623	)
MYR/USD	02/23/2015	HSB	MYR		8,070			2,299			(103	)
MYR/USD	04/01/2015	DUB	MYR		21,881			6,213			(498	)
MYR/USD	04/02/2015	JPM	MYR		24,139			6,854			(463	)
MYR/USD	05/06/2015	JPM	MYR		32,395			9,177			(539	)
MYR/USD	06/22/2015	HSB	MYR		12,670			3,578			(259	)
MYR/USD	07/01/2015	JPM	MYR		15,270			4,310			(350	)
MYR/USD	07/02/2015	JPM	MYR		10,889			3,073			(252	)
MYR/USD	07/03/2015	DUB	MYR		1,959			553			(46	)
MYR/USD	07/07/2015	DUB	MYR		9,925			2,800			(237	)
MYR/USD	08/06/2015	HSB	MYR		25,190			7,093			(614	)
MYR/USD	10/01/2015	HSB	MYR		25,332			7,109			(464	)
MYR/USD	10/26/2015	HSB	MYR		4,831			1,354			(96	)
MYR/USD	10/26/2015	JPM	MYR		4,768			1,336			(94	)
PHP/USD	06/25/2015	JPM	PHP		86,220			1,913			(44	)
PHP/USD	06/26/2015	DUB	PHP		286,261			6,352			(135	)
PHP/USD	06/29/2015	JPM	PHP		61,070			1,355			(29	)
PHP/USD	06/29/2015	DUB	PHP		91,840			2,038			(9	)
PHP/USD	06/30/2015	DUB	PHP		31,167			691			(17	)
PHP/USD	07/01/2015	JPM	PHP		30,714			681			(21	)
PHP/USD	09/25/2015	JPM	PHP		42,510			940			(6	)
PHP/USD	09/30/2015	DUB	PHP		91,840			2,030			(16	)
PLN/EUR	05/08/2015	DUB	EUR		(9,024	)		(10,933	)		(41	)
PLN/EUR	06/05/2015	DUB	EUR		(4,884	)		(5,918	)		(103	)
PLN/EUR	10/26/2015	DUB	EUR		(22,802	)		(27,704	)		(375	)
PLN/EUR	12/15/2015	DUB	EUR		(8,821	)		(10,728	)		(256	)
PLN/USD	06/30/2015	JPM	PLN		144,178			40,445			(156	)
SGD/USD	03/11/2015	CIT	SGD		3,494			2,634			(132	)
SGD/USD	03/16/2015	DUB	SGD		13,262			10,000			(499	)
SGD/USD	03/24/2015	HSB	SGD		28,648			21,598			(1,054	)
SGD/USD	05/06/2015	DUB	SGD		5,813			4,381			(263	)
SGD/USD	05/29/2015	BCL	SGD		3,552			2,677			(155	)
SGD/USD	06/15/2015	JPM	SGD		21,320			16,061			(189	)

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Notes to Schedules of Investments (in thousands)

December 31, 2014

Schedule of Open Forward Foreign Currency Contracts

Purchased/ Sold	Settlement Date	Counter- Party		Notional Amount			Value			Unrealized Gain/ (Loss)
JNL/Franklin Templeton Global Multisector Bond Fund (continued)
USD/EUR	01/09/2015	DUB	EUR		(800	)	$	(968	)	$	126
USD/EUR	01/16/2015	DUB	EUR		(372	)		(450	)		59
USD/EUR	02/09/2015	DUB	EUR		(1,300	)		(1,574	)		228
USD/EUR	02/23/2015	DUB	EUR		(9,220	)		(11,162	)		1,512
USD/EUR	02/26/2015	BCL	EUR		(14,476	)		(17,526	)		2,362
USD/EUR	02/27/2015	DUB	EUR		(65	)		(79	)		10
USD/EUR	03/09/2015	BCL	EUR		(1,819	)		(2,203	)		297
USD/EUR	03/09/2015	DUB	EUR		(888	)		(1,075	)		151
USD/EUR	03/10/2015	CIT	EUR		(3,541	)		(4,287	)		613
USD/EUR	03/16/2015	JPM	EUR		(11,173	)		(13,529	)		1,955
USD/EUR	03/17/2015	BCL	EUR		(448	)		(542	)		82
USD/EUR	03/17/2015	CIT	EUR		(317	)		(383	)		58
USD/EUR	03/23/2015	BCL	EUR		(281	)		(341	)		51
USD/EUR	03/31/2015	DUB	EUR		(164	)		(199	)		27
USD/EUR	04/02/2015	BCL	EUR		(820	)		(993	)		137
USD/EUR	04/07/2015	DUB	EUR		(522	)		(633	)		89
USD/EUR	04/13/2015	DUB	EUR		(818	)		(991	)		138
USD/EUR	04/16/2015	HSB	EUR		(874	)		(1,059	)		155
USD/EUR	04/22/2015	BCL	EUR		(807	)		(977	)		136
USD/EUR	04/22/2015	JPM	EUR		(13,734	)		(16,636	)		2,365
USD/EUR	04/22/2015	DUB	EUR		(12,922	)		(15,652	)		2,205
USD/EUR	04/30/2015	BCL	EUR		(2,434	)		(2,949	)		426
USD/EUR	04/30/2015	SCB	EUR		(786	)		(952	)		136
USD/EUR	05/05/2015	BCL	EUR		(393	)		(476	)		69
USD/EUR	05/07/2015	DUB	EUR		(1,686	)		(2,042	)		203
USD/EUR	05/12/2015	DUB	EUR		(35,665	)		(43,209	)		6,180
USD/EUR	05/15/2015	DUB	EUR		(9,358	)		(11,338	)		1,486
USD/EUR	05/21/2015	GSC	EUR		(5,730	)		(6,943	)		923
USD/EUR	06/05/2015	DUB	EUR		(6,342	)		(7,686	)		1,002
USD/EUR	06/05/2015	BCL	EUR		(1,689	)		(2,047	)		254
USD/EUR	06/08/2015	DUB	EUR		(5,087	)		(6,165	)		772
USD/EUR	06/18/2015	DUB	EUR		(4,750	)		(5,757	)		701
USD/EUR	06/22/2015	BCL	EUR		(862	)		(1,045	)		128
USD/EUR	06/23/2015	JPM	EUR		(10,970	)		(13,297	)		1,679
USD/EUR	07/03/2015	DUB	EUR		(1,985	)		(2,407	)		316
USD/EUR	07/13/2015	DUB	EUR		(11,313	)		(13,716	)		1,727
USD/EUR	07/15/2015	DUB	EUR		(7,090	)		(8,597	)		1,069
USD/EUR	07/17/2015	DUB	EUR		(487	)		(591	)		73
USD/EUR	07/20/2015	DUB	EUR		(2,593	)		(3,144	)		371
USD/EUR	07/22/2015	DUB	EUR		(553	)		(670	)		79
USD/EUR	07/23/2015	DUB	EUR		(96	)		(116	)		14
USD/EUR	07/27/2015	GSC	EUR		(2,562	)		(3,107	)		349
USD/EUR	07/27/2015	DUB	EUR		(2,660	)		(3,226	)		361
USD/EUR	07/31/2015	JPM	EUR		(786	)		(953	)		103
USD/EUR	08/03/2015	DUB	EUR		(988	)		(1,198	)		127
USD/EUR	08/04/2015	UBS	EUR		(786	)		(953	)		101
USD/EUR	08/04/2015	HSB	EUR		(786	)		(953	)		101
USD/EUR	08/05/2015	BCL	EUR		(393	)		(477	)		52
USD/EUR	08/11/2015	DUB	EUR		(664	)		(805	)		84
USD/EUR	08/21/2015	DUB	EUR		(15,247	)		(18,501	)		1,828
USD/EUR	08/31/2015	DUB	EUR		(5,780	)		(7,015	)		630
USD/EUR	09/02/2015	DUB	EUR		(12,268	)		(14,889	)		1,323
USD/EUR	09/11/2015	DUB	EUR		(1,980	)		(2,403	)		158
USD/EUR	09/24/2015	GSC	EUR		(27,572	)		(33,478	)		2,116
USD/EUR	09/28/2015	CIT	EUR		(643	)		(781	)		48
USD/EUR	09/28/2015	BCL	EUR		(6,705	)		(8,142	)		493
USD/EUR	09/29/2015	JPM	EUR		(27,742	)		(33,688	)		1,766
USD/EUR	09/30/2015	CIT	EUR		(8,981	)		(10,906	)		578
USD/EUR	10/14/2015	JPM	EUR		(56,653	)		(68,816	)		3,572

Purchased/ Sold	Settlement Date	Counter- Party		Notional Amount			Value			Unrealized Gain/ (Loss)
JNL/Franklin Templeton Global Multisector Bond Fund (continued)
USD/EUR	10/14/2015	BCL	EUR		(30,306	)	$	(36,812	)	$	1,899
USD/EUR	10/15/2015	DUB	EUR		(6,400	)		(7,774	)		348
USD/EUR	10/16/2015	BCL	EUR		(21,040	)		(25,558	)		1,278
USD/EUR	10/27/2015	BCL	EUR		(14,200	)		(17,253	)		781
USD/EUR	10/30/2015	DUB	EUR		(3,421	)		(4,157	)		212
USD/EUR	11/05/2015	DUB	EUR		(1,710	)		(2,078	)		67
USD/EUR	11/06/2015	DUB	EUR		(7,361	)		(8,945	)		297
USD/EUR	11/10/2015	DUB	EUR		(27,752	)		(33,728	)		933
USD/EUR	11/12/2015	DUB	EUR		(305	)		(371	)		9
USD/EUR	11/16/2015	DUB	EUR		(8,488	)		(10,316	)		308
USD/EUR	11/19/2015	DUB	EUR		(7,358	)		(8,944	)		279
USD/EUR	12/15/2015	CIT	EUR		(3,384	)		(4,116	)		93
USD/EUR	12/15/2015	BOA	EUR		(4,198	)		(5,106	)		114
USD/EUR	12/17/2015	DUB	EUR		(45,855	)		(55,771	)		1,484
USD/GBP	03/09/2015	DUB	GBP		(1,100	)		(1,714	)		131
USD/GBP	05/07/2015	DUB	GBP		(500	)		(779	)		32
USD/JPY	01/08/2015	GSC	JPY		(234,818	)		(1,960	)		304
USD/JPY	01/15/2015	BCL	JPY		(869,480	)		(7,260	)		1,125
USD/JPY	01/15/2015	JPM	JPY		(565,220	)		(4,719	)		731
USD/JPY	01/16/2015	DUB	JPY		(410,300	)		(3,426	)		544
USD/JPY	01/20/2015	JPM	JPY		(372,560	)		(3,111	)		478
USD/JPY	02/06/2015	JPM	JPY		(926,500	)		(7,737	)		1,439
USD/JPY	02/06/2015	SCB	JPY		(926,730	)		(7,739	)		1,437
USD/JPY	02/09/2015	JPM	JPY		(928,860	)		(7,757	)		1,419
USD/JPY	02/09/2015	BCL	JPY		(926,850	)		(7,740	)		1,435
USD/JPY	02/12/2015	JPM	JPY		(589,145	)		(4,920	)		867
USD/JPY	02/12/2015	HSB	JPY		(589,460	)		(4,923	)		861
USD/JPY	02/13/2015	CIT	JPY		(780,830	)		(6,521	)		1,140
USD/JPY	02/13/2015	JPM	JPY		(391,010	)		(3,265	)		563
USD/JPY	02/17/2015	CIT	JPY		(389,960	)		(3,257	)		565
USD/JPY	02/18/2015	JPM	JPY		(391,200	)		(3,267	)		585
USD/JPY	02/18/2015	GSC	JPY		(391,640	)		(3,271	)		587
USD/JPY	02/25/2015	BCL	JPY		(195,560	)		(1,633	)		276
USD/JPY	02/26/2015	BCL	JPY		(2,019,878	)		(16,871	)		2,880
USD/JPY	02/27/2015	DUB	JPY		(130,803	)		(1,092	)		191
USD/JPY	03/09/2015	BCL	JPY		(474,193	)		(3,961	)		676
USD/JPY	03/19/2015	CIT	JPY		(816,260	)		(6,819	)		1,222
USD/JPY	03/24/2015	DUB	JPY		(405,843	)		(3,391	)		584
USD/JPY	03/25/2015	BCL	JPY		(414,600	)		(3,464	)		595
USD/JPY	04/17/2015	BCL	JPY		(455,770	)		(3,809	)		677
USD/JPY	04/21/2015	JPM	JPY		(273,840	)		(2,289	)		397
USD/JPY	04/22/2015	JPM	JPY		(327,480	)		(2,737	)		475
USD/JPY	05/11/2015	BCL	JPY		(1,983,808	)		(16,584	)		2,983
USD/JPY	05/12/2015	GSC	JPY		(6,664,272	)		(55,710	)		9,880
USD/JPY	05/18/2015	BOA	JPY		(65,995	)		(552	)		98
USD/JPY	05/19/2015	BCL	JPY		(65,975	)		(552	)		98
USD/JPY	05/19/2015	HSB	JPY		(66,028	)		(552	)		98
USD/JPY	05/19/2015	BOA	JPY		(65,796	)		(550	)		100
USD/JPY	05/19/2015	CIT	JPY		(65,897	)		(551	)		99
USD/JPY	06/03/2015	DUB	JPY		(1,693,272	)		(14,159	)		2,530
USD/JPY	06/04/2015	JPM	JPY		(725,016	)		(6,062	)		1,041
USD/JPY	06/09/2015	CIT	JPY		(379,500	)		(3,174	)		542
USD/JPY	06/09/2015	HSB	JPY		(568,300	)		(4,752	)		811
USD/JPY	06/10/2015	HSB	JPY		(646,940	)		(5,410	)		928
USD/JPY	06/10/2015	CIT	JPY		(819,710	)		(6,855	)		1,161
USD/JPY	06/10/2015	BCL	JPY		(607,460	)		(5,080	)		869
USD/JPY	06/11/2015	DUB	JPY		(214,200	)		(1,791	)		306
USD/JPY	06/11/2015	JPM	JPY		(599,390	)		(5,012	)		855
USD/JPY	06/17/2015	JPM	JPY		(252,800	)		(2,114	)		371
USD/JPY	06/22/2015	DUB	JPY		(810,730	)		(6,781	)		1,181

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Notes to Schedules of Investments (in thousands)

December 31, 2014

Schedule of Open Forward Foreign Currency Contracts

Purchased/ Sold	Settlement Date	Counter- Party		Notional Amount			Value			Unrealized Gain/ (Loss)
JNL/Franklin Templeton Global Multisector Bond Fund (continued)
USD/JPY	07/24/2015	CIT	JPY		(465,783	)	$	(3,898	)	$	711
USD/JPY	07/24/2015	JPM	JPY		(718,000	)		(6,009	)		1,092
USD/JPY	07/27/2015	JPM	JPY		(249,900	)		(2,091	)		381
USD/JPY	08/05/2015	CIT	JPY		(725,210	)		(6,071	)		1,017
USD/JPY	08/31/2015	JPM	JPY		(861,218	)		(7,213	)		1,112
USD/JPY	09/18/2015	BCL	JPY		(906,703	)		(7,598	)		907
USD/JPY	09/25/2015	HSB	JPY		(3,680,691	)		(30,847	)		3,139
USD/JPY	09/25/2015	GSC	JPY		(3,676,462	)		(30,811	)		3,136
USD/JPY	10/07/2015	JPM	JPY		(3,263,600	)		(27,359	)		2,769
USD/JPY	10/09/2015	HSB	JPY		(1,623,100	)		(13,607	)		1,457
USD/JPY	10/13/2015	BCL	JPY		(821,800	)		(6,890	)		742
USD/JPY	10/13/2015	DUB	JPY		(810,500	)		(6,795	)		736
USD/JPY	10/19/2015	JPM	JPY		(372,560	)		(3,124	)		401
USD/JPY	10/20/2015	JPM	JPY		(703,680	)		(5,901	)		755
USD/JPY	10/22/2015	BCL	JPY		(312,130	)		(2,617	)		316
USD/JPY	11/12/2015	CIT	JPY		(1,455,357	)		(12,210	)		523
USD/JPY	11/12/2015	JPM	JPY		(611,520	)		(5,131	)		243
USD/JPY	11/16/2015	DUB	JPY		(769,159	)		(6,454	)		252
USD/JPY	12/21/2015	HSB	JPY		(810,570	)		(6,807	)		124
USD/JPY	12/21/2015	DUB	JPY		(809,330	)		(6,796	)		132
USD/JPY	12/22/2015	CIT	JPY		(601,130	)		(5,048	)		43
USD/JPY	12/22/2015	BCL	JPY		(385,340	)		(3,236	)		23
UYU/USD	03/13/2015	CIT	UYU		13,180			535			13
UYU/USD	11/12/2015	CIT	UYU		19,900			757			(5	)
UYU/USD	11/20/2015	CIT	UYU		19,800			752			(3	)
UYU/USD	12/01/2015	CIT	UYU		29,650			1,122			(30	)
							$	(804,273	)	$	93,612
JNL/Franklin Templeton Mutual Shares Fund
CHF/USD	02/12/2015	CSI	CHF		457		$	461		$	(15	)
CHF/USD	02/12/2015	DUB	CHF		435			438			(13	)
CHF/USD	02/12/2015	BOA	CHF		357			359			(9	)
CHF/USD	02/12/2015	SSB	CHF		587			591			(18	)
CHF/USD	02/12/2015	HSB	CHF		11			11			—
EUR/USD	01/20/2015	BOA	EUR		1,015			1,230			(32	)
EUR/USD	01/20/2015	HSB	EUR		346			420			(12	)
EUR/USD	01/20/2015	SSB	EUR		341			412			(12	)
EUR/USD	01/20/2015	DUB	EUR		335			405			(12	)
EUR/USD	01/20/2015	CSI	EUR		105			128			(4	)
GBP/USD	02/19/2015	BOA	GBP		1,668			2,598			(96	)
GBP/USD	02/19/2015	BCL	GBP		561			874			(30	)
GBP/USD	02/19/2015	SSB	GBP		3,380			5,265			(197	)
GBP/USD	02/19/2015	CSI	GBP		55			86			—
GBP/USD	02/19/2015	SSB	GBP		38			59			—
GBP/USD	02/19/2015	HSB	GBP		2,111			3,289			(93	)
GBP/USD	02/19/2015	DUB	GBP		4,387			6,836			(133	)
GBP/USD	02/19/2015	CSI	GBP		2,443			3,809			(123	)
KRW/USD	02/12/2015	HSB	KRW		690,895			628			1
KRW/USD	02/12/2015	HSB	KRW		280,172			255			(1	)
KRW/USD	02/12/2015	BOA	KRW		280,567			255			(7	)
USD/CHF	02/12/2015	DUB	CHF		(175	)		(177	)		12
USD/CHF	02/12/2015	SSB	CHF		(16	)		(16	)		1
USD/CHF	02/12/2015	CSI	CHF		(109	)		(110	)		6
USD/CHF	02/12/2015	HSB	CHF		(27	)		(27	)		—
USD/CHF	02/12/2015	BOA	CHF		(3,107	)		(3,126	)		309
USD/EUR	01/20/2015	SSB	EUR		(1,282	)		(1,551	)		126
USD/EUR	01/20/2015	HSB	EUR		(1,182	)		(1,430	)		118
USD/EUR	01/20/2015	CSI	EUR		(486	)		(588	)		29
USD/EUR	01/20/2015	BCL	EUR		(102	)		(123	)		4
USD/EUR	01/20/2015	DUB	EUR		(678	)		(822	)		47
USD/EUR	01/20/2015	BOA	EUR		(6,857	)		(8,298	)		884

Purchased/ Sold	Settlement Date	Counter- Party		Notional Amount			Value			Unrealized Gain/ (Loss)
JNL/Franklin Templeton Mutual Shares Fund (continued)
USD/EUR	05/18/2015	SSB	EUR		(278	)	$	(337	)	$	11
USD/EUR	05/18/2015	CSI	EUR		(7,625	)		(9,240	)		282
USD/EUR	05/18/2015	HSB	EUR		(873	)		(1,060	)		16
USD/EUR	05/18/2015	BOA	EUR		(7,207	)		(8,732	)		267
USD/EUR	05/18/2015	DUB	EUR		(7,649	)		(9,268	)		284
USD/GBP	02/19/2015	SSB	GBP		(19,877	)		(30,967	)		1,982
USD/GBP	02/19/2015	HSB	GBP		(1,769	)		(2,754	)		35
USD/GBP	02/19/2015	CSI	GBP		(18,757	)		(29,221	)		1,958
USD/GBP	02/19/2015	BOA	GBP		(20,551	)		(32,016	)		2,093
USD/GBP	02/19/2015	DUB	GBP		(910	)		(1,418	)		6
USD/KRW	02/12/2015	BOA	KRW		(3,652,677	)		(3,316	)		205
USD/KRW	02/12/2015	MLP	KRW		(125,205	)		(114	)		5
USD/KRW	02/12/2015	MLP	KRW		(416,675	)		(379	)		(3	)
USD/KRW	02/12/2015	HSB	KRW		(5,548,884	)		(5,039	)		336
USD/KRW	02/12/2015	CSI	KRW		(5,519,069	)		(5,011	)		306
USD/KRW	02/12/2015	HSB	KRW		(472,962	)		(430	)		(4	)
USD/KRW	02/15/2015	BOA	KRW		(120,330	)		(109	)		1
							$	(127,270	)	$	8,510
JNL/Goldman Sachs Core Plus Bond Fund
AUD/USD	03/18/2015	BCL	AUD		1,156		$	939		$	(13	)
AUD/USD	03/18/2015	RBS	AUD		1,176			955			1
AUD/USD	03/18/2015	CIT	AUD		2,143			1,741			(91	)
BRL/USD	01/09/2015	MSC	BRL		1,318			495			14
BRL/USD	01/09/2015	SCB	BRL		1,331			500			19
BRL/USD	01/09/2015	RBC	BRL		2,639			992			31
BRL/USD	01/15/2015	MSC	BRL		2,597			974			16
BRL/USD	01/16/2015	UBS	BRL		768			288			1
BRL/USD	01/16/2015	RBC	BRL		10,265			3,850			22
BRL/USD	01/26/2015	UBS	BRL		1,316			492			9
CAD/CHF	03/18/2015	JPM	CHF		(656	)		(660	)		6
CAD/USD	02/10/2015	WBC	CAD		1,080			929			1
CAD/USD	03/18/2015	RBC	CAD		3,296			2,832			(47	)
CAD/USD	03/18/2015	BCL	CAD		1,117			960			2
CAD/USD	03/18/2015	RBC	CAD		1,119			961			—
CAD/USD	03/18/2015	UBS	CAD		2,950			2,535			(81	)
CAD/USD	03/18/2015	CIT	CAD		2,936			2,523			(79	)
CHF/USD	03/18/2015	BCL	CHF		1,903			1,917			(14	)
CLP/USD	01/09/2015	SCB	CLP		553,895			912			(17	)
CNH/USD	03/18/2015	HSB	CNH		43,453			6,942			22
CNH/USD	03/18/2015	HSB	CNH		12,030			1,922			—
CNH/USD	03/18/2015	BCL	CNH		6,068			969			4
COP/USD	01/09/2015	BOA	COP		2,219,406			934			(19	)
COP/USD	01/09/2015	CSI	COP		437,868			184			(7	)
EUR/GBP	03/18/2015	BCL	GBP		(1,247	)		(1,943	)		(12	)
EUR/HUF	03/18/2015	BOA	HUF		(242,646	)		(926	)		8
EUR/HUF	03/18/2015	DUB	HUF		(143,977	)		(549	)		5
EUR/JPY	03/18/2015	UBS	JPY		(57,445	)		(480	)		(11	)
EUR/JPY	03/18/2015	BNP	JPY		(114,314	)		(955	)		(20	)
EUR/NOK	03/18/2015	JPM	NOK		(3,612	)		(484	)		(17	)
EUR/NOK	03/18/2015	HSB	NOK		(3,560	)		(477	)		(6	)
EUR/NOK	03/18/2015	UBS	NOK		(3,564	)		(477	)		(3	)
EUR/NOK	03/18/2015	DUB	NOK		(3,591	)		(481	)		(1	)
EUR/NOK	03/18/2015	UBS	NOK		(6,682	)		(895	)		30
EUR/NOK	03/18/2015	JPM	NOK		(6,680	)		(894	)		33
EUR/PLN	03/18/2015	BCL	PLN		(3,316	)		(933	)		11
EUR/USD	01/28/2015	JPM	EUR		2,181			2,639			(14	)

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Notes to Schedules of Investments (in thousands)

December 31, 2014

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)
EUR/USD	03/18/2015	BNP	EUR		3,894		$	4,716		$	(83	)
EUR/USD	03/18/2015	RBS	EUR		385			466			(13	)
EUR/USD	03/18/2015	BOA	EUR		1,540			1,864			(54	)
EUR/USD	03/18/2015	DUB	EUR		1,591			1,927			(6	)
EUR/USD	03/18/2015	CIT	EUR		3,841			4,650			(109	)
EUR/USD	03/18/2015	JPM	EUR		773			936			(17	)
EUR/USD	03/18/2015	HSB	EUR		750			908			(16	)
GBP/EUR	03/18/2015	BNP	EUR		(3,113	)		(3,770	)		47
GBP/EUR	03/18/2015	BCL	EUR		(1,552	)		(1,879	)		22
GBP/USD	03/18/2015	SSB	GBP		1,258			1,959			(10	)
HUF/USD	03/18/2015	BNP	HUF		239,590			914			(58	)
HUF/USD	03/18/2015	BCL	HUF		222,246			848			(55	)
HUF/USD	03/18/2015	DUB	HUF		221,776			846			(48	)
IDR/USD	01/20/2015	JPM	IDR		6,285,055			506			27
IDR/USD	01/20/2015	BOA	IDR		5,063,314			408			23
INR/USD	01/12/2015	HSB	INR		27,036			428			(6	)
INR/USD	01/15/2015	RBS	INR		123,093			1,946			(34	)
INR/USD	01/27/2015	RBS	INR		59,384			936			(19	)
INR/USD	01/27/2015	MSC	INR		59,511			938			(15	)
JPY/EUR	03/18/2015	SSB	EUR		(1,551	)		(1,878	)		49
JPY/USD	01/15/2015	JPM	JPY		204,964			1,711			(6	)
JPY/USD	03/18/2015	CIT	JPY		113,489			948			(9	)
JPY/USD	03/18/2015	BNP	JPY		394,954			3,299			(49	)
JPY/USD	03/18/2015	BCL	JPY		112,716			942			(18	)
JPY/USD	03/18/2015	JPM	JPY		114,647			958			(5	)
JPY/USD	03/18/2015	RBC	JPY		114,233			954			(9	)
JPY/USD	03/18/2015	MSC	JPY		112,686			941			(14	)
JPY/USD	03/18/2015	DUB	JPY		114,114			953			—
JPY/USD	03/18/2015	BOA	JPY		57,640			482			6
JPY/USD	03/18/2015	SCB	JPY		57,339			479			3
MXN/USD	03/18/2015	DUB	MXN		21,258			1,435			(3	)
MXN/USD	03/18/2015	DUB	MXN		14,231			960			2
MXN/USD	03/18/2015	RBC	MXN		11,709			790			(41	)
MYR/USD	01/20/2015	BNP	MYR		1,688			482			1
MYR/USD	01/20/2015	BCL	MYR		3,365			961			—
MYR/USD	01/20/2015	HSB	MYR		1,688			482			1
NOK/EUR	03/18/2015	JPM	EUR		(384	)		(465	)		1
NOK/EUR	03/18/2015	MSC	EUR		(384	)		(465	)		28
NOK/EUR	03/18/2015	DUB	EUR		(1,538	)		(1,862	)		70
NOK/EUR	03/18/2015	CIT	EUR		(385	)		(466	)		(9	)
NOK/USD	03/18/2015	JPM	NOK		3,759			503			(48	)
NZD/USD	01/08/2015	WBC	NZD		1,331			1,038			(4	)
NZD/USD	03/18/2015	UBS	NZD		2,466			1,910			11
NZD/USD	03/18/2015	WBC	NZD		1,227			950			2
NZD/USD	03/18/2015	BOA	NZD		1,225			949			—
NZD/USD	03/18/2015	WBC	NZD		1,209			936			(1	)
NZD/USD	03/18/2015	BOA	NZD		1,208			936			(9	)
PLN/EUR	03/18/2015	DUB	EUR		(771	)		(934	)		(26	)
PLN/USD	03/18/2015	DUB	PLN		3,205			902			(53	)
RUB/USD	01/20/2015	MSC	RUB		92,332			1,506			64
RUB/USD	01/26/2015	CSI	RUB		21,828			355			(120	)
TRY/USD	03/18/2015	MLP	TRY		3,094			1,304			(51	)
TRY/USD	03/18/2015	MSC	TRY		2,302			971			(40	)
TRY/USD	03/18/2015	CIT	TRY		2,422			1,021			(44	)
TRY/USD	03/18/2015	SCB	TRY		2,250			948			(42	)
TRY/USD	03/18/2015	RBC	TRY		2,199			927			(35	)
USD/AUD	03/18/2015	BCL	AUD		(2,143	)		(1,740	)		89
USD/AUD	03/18/2015	RBS	AUD		(2,213	)		(1,797	)		81
USD/AUD	03/18/2015	WBC	AUD		(566	)		(460	)		16
USD/AUD	03/18/2015	DUB	AUD		(2,893	)		(2,350	)		26
USD/AUD	03/18/2015	BOA	AUD		(2,278	)		(1,850	)		42

Purchased/ Sold	Settlement Date	Counter- Party		Notional Amount			Value			Unrealized Gain/ (Loss)
JNL/Goldman Sachs Core Plus Bond Fund (continued)
USD/BRL	01/09/2015	UBS	BRL		(2,408	)	$	(905	)	$	30
USD/BRL	01/09/2015	RBC	BRL		(3,618	)		(1,360	)		43
USD/BRL	01/09/2015	MSC	BRL		(1,248	)		(469	)		8
USD/BRL	01/12/2015	RBC	BRL		(1,259	)		(473	)		6
USD/BRL	01/13/2015	HSB	BRL		(1,154	)		(433	)		13
USD/BRL	01/13/2015	UBS	BRL		(1,248	)		(468	)		8
USD/BRL	01/15/2015	JPM	BRL		(2,485	)		(932	)		19
USD/BRL	01/15/2015	CIT	BRL		(1,261	)		(473	)		7
USD/BRL	01/15/2015	MSC	BRL		(1,270	)		(476	)		2
USD/BRL	01/16/2015	UBS	BRL		(3,670	)		(1,377	)		46
USD/BRL	01/16/2015	MSC	BRL		(2,599	)		(975	)		(13	)
USD/BRL	01/23/2015	CIT	BRL		(13,027	)		(4,876	)		222
USD/BRL	01/23/2015	UBS	BRL		(1,288	)		(482	)		1
USD/CAD	03/18/2015	RBC	CAD		(3,804	)		(3,269	)		65
USD/CAD	03/18/2015	CIT	CAD		(1,855	)		(1,594	)		27
USD/CAD	03/18/2015	SSB	CAD		(2,179	)		(1,872	)		35
USD/CAD	03/18/2015	JPM	CAD		(776	)		(667	)		13
USD/CAD	03/18/2015	UBS	CAD		(2,175	)		(1,869	)		41
USD/CAD	03/18/2015	HSB	CAD		(547	)		(470	)		7
USD/CHF	03/18/2015	BNP	CHF		(2,845	)		(2,865	)		78
USD/CHF	03/18/2015	UBS	CHF		(3,190	)		(3,213	)		79
USD/CHF	03/18/2015	SSB	CHF		(2,267	)		(2,283	)		63
USD/CHF	03/18/2015	JPM	CHF		(3,709	)		(3,735	)		73
USD/CHF	03/18/2015	CIT	CHF		(2,897	)		(2,918	)		50
USD/CHF	03/18/2015	BOA	CHF		(2,353	)		(2,370	)		30
USD/CLP	01/09/2015	CSI	CLP		(177,477	)		(292	)		(1	)
USD/CLP	01/09/2015	SCB	CLP		(116,875	)		(192	)		(1	)
USD/CNH	03/18/2015	HSB	CNH		(39,358	)		(6,288	)		40
USD/CNH	03/18/2015	DUB	CNH		(15,914	)		(2,542	)		22
USD/CNH	03/18/2015	BCL	CNH		(11,773	)		(1,881	)		14
USD/CNH	03/18/2015	UBS	CNH		(10,043	)		(1,604	)		12
USD/CNH	03/18/2015	SCB	CNH		(10,532	)		(1,683	)		11
USD/CNH	03/18/2015	SSB	CNH		(9,770	)		(1,561	)		12
USD/COP	01/09/2015	BOA	COP		(1,406,080	)		(591	)		43
USD/COP	01/09/2015	CSI	COP		(1,831,095	)		(770	)		21
USD/EUR	01/28/2015	JPM	EUR		(18,962	)		(22,950	)		484
USD/EUR	01/28/2015	WBC	EUR		(6,209	)		(7,515	)		203
USD/EUR	03/18/2015	BCL	EUR		(750	)		(908	)		25
USD/EUR	03/18/2015	JPM	EUR		(4,416	)		(5,347	)		133
USD/EUR	03/18/2015	BOA	EUR		(2,586	)		(3,131	)		92
USD/EUR	03/18/2015	WBC	EUR		(4,669	)		(5,653	)		103
USD/EUR	03/18/2015	SCB	EUR		(768	)		(930	)		22
USD/EUR	03/18/2015	MSC	EUR		(384	)		(465	)		15
USD/GBP	01/09/2015	CIT	GBP		(2,731	)		(4,257	)		24
USD/GBP	03/18/2015	JPM	GBP		(1,244	)		(1,938	)		(7	)
USD/IDR	01/16/2015	CIT	IDR		(6,020,410	)		(485	)		(7	)
USD/IDR	01/20/2015	DUB	IDR		(6,163,724	)		(496	)		(17	)
USD/IDR	01/20/2015	BOA	IDR		(6,116,351	)		(492	)		(14	)
USD/IDR	01/20/2015	BCL	IDR		(4,948,262	)		(398	)		(14	)
USD/JPY	01/15/2015	CIT	JPY		(207,463	)		(1,732	)		6
USD/JPY	03/18/2015	BNP	JPY		(168,470	)		(1,407	)		24
USD/JPY	03/18/2015	BOA	JPY		(226,780	)		(1,895	)		15
USD/JPY	03/18/2015	RBS	JPY		(226,725	)		(1,895	)		11
USD/JPY	03/18/2015	SSB	JPY		(226,893	)		(1,895	)		15
USD/JPY	03/18/2015	CIT	JPY		(336,954	)		(2,815	)		58
USD/JPY	03/18/2015	JPM	JPY		(113,309	)		(947	)		10
USD/KRW	01/09/2015	SCB	KRW		(530,788	)		(483	)		(7	)
USD/KRW	01/15/2015	SCB	KRW		(1,057,464	)		(961	)		(3	)
USD/MXN	01/20/2015	JPM	MXN		(65,544	)		(4,438	)		191
USD/MXN	03/18/2015	SSB	MXN		(13,682	)		(923	)		30
USD/MXN	03/18/2015	JPM	MXN		(7,047	)		(475	)		5

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Notes to Schedules of Investments (in thousands)

December 31, 2014

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)
USD/MYR	01/09/2015	DUB	MYR		(3,945	)	$	(1,128	)	$	17
USD/MYR	01/09/2015	RBC	MYR		(2,570	)		(735	)		3
USD/MYR	01/09/2015	HSB	MYR		(1,635	)		(468	)		2
USD/MYR	01/09/2015	BCL	MYR		(1,008	)		(288	)		1
USD/NZD	03/18/2015	SCB	NZD		(1,797	)		(1,392	)		6
USD/NZD	03/18/2015	JPM	NZD		(1,887	)		(1,461	)		12
USD/NZD	03/18/2015	WBC	NZD		(2,978	)		(2,307	)		(15	)
USD/NZD	03/18/2015	BOA	NZD		(5,484	)		(4,248	)		(60	)
USD/PHP	01/12/2015	SCB	PHP		(19,128	)		(427	)		(3	)
USD/PHP	01/13/2015	BCL	PHP		(21,382	)		(478	)		(3	)
USD/PLN	03/18/2015	UBS	PLN		(3,790	)		(1,067	)		57
USD/RUB	01/20/2015	MSC	RUB		(35,109	)		(573	)		(18	)
USD/RUB	01/20/2015	MSC	RUB		(22,889	)		(373	)		13
USD/RUB	01/26/2015	CIT	RUB		(25,430	)		(413	)		64
USD/SEK	02/12/2015	UBS	SEK		(11,415	)		(1,464	)		33
USD/SGD	03/18/2015	WBC	SGD		(1,050	)		(792	)		17
USD/SGD	03/18/2015	BCL	SGD		(985	)		(743	)		15
USD/SGD	03/18/2015	DUB	SGD		(985	)		(743	)		13
USD/SGD	03/18/2015	HSB	SGD		(2,525	)		(1,904	)		16
USD/TRY	03/18/2015	HSB	TRY		(1,073	)		(452	)		22
USD/TRY	03/18/2015	MSC	TRY		(4,395	)		(1,853	)		50
USD/TRY	03/18/2015	RBS	TRY		(2,323	)		(979	)		(21	)
USD/TRY	03/18/2015	JPM	TRY		(2,324	)		(980	)		(18	)
USD/ZAR	03/18/2015	DUB	ZAR		(6,211	)		(531	)		20
USD/ZAR	03/18/2015	SCB	ZAR		(5,419	)		(463	)		13
USD/ZAR	03/18/2015	BCL	ZAR		(5,475	)		(468	)		8
USD/ZAR	03/18/2015	JPM	ZAR		(5,551	)		(474	)		2
USD/ZAR	03/18/2015	UBS	ZAR		(5,532	)		(473	)		3
ZAR/USD	03/18/2015	DUB	ZAR		6,486			554			(25	)
ZAR/USD	03/18/2015	SCB	ZAR		4,465			381			(18	)
ZAR/USD	03/18/2015	CIT	ZAR		5,625			481			2
ZAR/USD	03/18/2015	MSC	ZAR		5,682			485			7
ZAR/USD	03/18/2015	UBS	ZAR		5,697			487			6
							$	(92,904	)	$	1,959
JNL/Goldman Sachs Emerging Markets Debt Fund
BRL/USD	01/09/2015	MSC	BRL		4,293		$	1,613		$	46
BRL/USD	01/09/2015	RBC	BRL		8,603			3,233			100
BRL/USD	01/09/2015	SCB	BRL		4,337			1,630			63
BRL/USD	01/15/2015	MSC	BRL		8,609			3,230			54
BRL/USD	01/16/2015	CSI	BRL		3,853			1,445			5
BRL/USD	01/16/2015	RBC	BRL		34,318			12,871			73
BRL/USD	01/23/2015	MSC	BRL		8,503			3,183			(235	)
BRL/USD	01/26/2015	UBS	BRL		4,350			1,627			30
CLP/USD	01/09/2015	SCB	CLP		1,291,253			2,127			(39	)
CLP/USD	01/09/2015	DUB	CLP		340,336			560			9
CNH/USD	03/18/2015	HSB	CNH		142,312			22,736			69
CNH/USD	03/18/2015	BCL	CNH		20,066			3,206			13
CNH/USD	03/18/2015	HSB	CNH		50,893			8,130			(1	)
COP/USD	01/09/2015	BOA	COP		7,720,918			3,248			(69	)
COP/USD	01/09/2015	CSI	COP		1,538,268			647			(24	)
COP/USD	01/23/2015	MLP	COP		4,370,688			1,838			(254	)
COP/USD	01/23/2015	SCB	COP		8,607,421			3,620			(556	)
EUR/HUF	03/18/2015	BOA	HUF		(773,257	)		(2,950	)		25
EUR/HUF	03/18/2015	DUB	HUF		(466,949	)		(1,781	)		17
EUR/PLN	03/18/2015	BCL	PLN		(10,584	)		(2,980	)		35
EUR/USD	03/18/2015	CIT	EUR		1,359			1,646			(52	)
EUR/USD	03/18/2015	CGM	EUR		5,354			6,483			(139	)
EUR/USD	03/18/2015	BOA	EUR		3,440			4,165			(121	)
EUR/USD	03/18/2015	JPM	EUR		1,343			1,626			(30	)
EUR/USD	03/18/2015	BNP	EUR		2,661			3,222			(63	)

Purchased/ Sold	Settlement Date	Counter- Party		Notional Amount			Value			Unrealized Gain/ (Loss)
JNL/Goldman Sachs Emerging Markets Debt Fund (continued)
HUF/USD	03/18/2015	BNP	HUF		849,195		$	3,240		$	(205	)
HUF/USD	03/18/2015	BCL	HUF		814,661			3,108			(200	)
HUF/USD	03/18/2015	DUB	HUF		732,698			2,795			(159	)
IDR/USD	01/20/2015	JPM	IDR		20,836,466			1,678			90
IDR/USD	01/20/2015	BOA	IDR		16,495,245			1,328			75
IDR/USD	01/30/2015	SCB	IDR		72,743,645			5,848			(60	)
IDR/USD	01/30/2015	DUB	IDR		21,440,122			1,723			(24	)
IDR/USD	01/30/2015	JPM	IDR		6,728,851			541			(9	)
IDR/USD	01/30/2015	SCB	IDR		28,446,180			2,286			3
INR/USD	01/12/2015	HSB	INR		296,551			4,691			(71	)
INR/USD	01/15/2015	RBS	INR		217,087			3,432			(60	)
INR/USD	01/27/2015	RBS	INR		208,993			3,295			(66	)
INR/USD	01/27/2015	MSC	INR		211,505			3,335			(52	)
JPY/USD	03/18/2015	CGM	JPY		191,520			1,600			(15	)
JPY/USD	03/18/2015	BCL	JPY		179,994			1,504			(29	)
JPY/USD	03/18/2015	JPM	JPY		185,959			1,553			(9	)
JPY/USD	03/18/2015	BNP	JPY		183,832			1,536			(31	)
KRW/USD	01/30/2015	HSB	KRW		2,484,797			2,258			(96	)
KRW/USD	01/30/2015	WBC	KRW		609,305			554			8
MXN/USD	03/18/2015	DUB	MXN		119,108			8,036			(190	)
MXN/USD	03/18/2015	RBC	MXN		107,659			7,264			(378	)
MXN/USD	03/18/2015	DUB	MXN		47,180			3,183			7
MXN/USD	03/18/2015	MSC	MXN		24,800			1,673			(77	)
MYR/USD	01/09/2015	HSB	MYR		23,527			6,726			(112	)
MYR/USD	01/20/2015	BCL	MYR		9,544			2,726			—
MYR/USD	01/20/2015	BNP	MYR		5,498			1,571			4
MYR/USD	01/20/2015	HSB	MYR		5,498			1,570			3
MYR/USD	01/30/2015	JPM	MYR		17,744			5,064			(320	)
NGN/USD	02/17/2015	SCB	NGN		143,764			734			5
NGN/USD	02/17/2015	SCB	NGN		87,584			447			(8	)
NGN/USD	02/19/2015	SCB	NGN		116,384			593			13
NGN/USD	03/09/2015	SCB	NGN		97,010			484			(15	)
PEN/USD	01/23/2015	CGM	PEN		6,099			2,037			(40	)
PEN/USD	01/23/2015	MSC	PEN		3,075			1,027			(22	)
PHP/USD	01/30/2015	DUB	PHP		65,569			1,464			(1	)
PHP/USD	01/30/2015	HSB	PHP		33,354			745			(1	)
PLN/EUR	03/18/2015	DUB	EUR		(2,681	)		(3,246	)		(90	)
PLN/USD	01/05/2015	HSB	PLN		5,092			1,438			(9	)
PLN/USD	03/18/2015	HSB	PLN		46,432			13,072			(701	)
PLN/USD	03/18/2015	DUB	PLN		32,635			6,030			(335	)
PLN/USD	03/18/2015	MSC	PLN		27,538			7,752			(384	)
RON/USD	03/18/2015	HSB	RON		9,828			2,648			(85	)
RUB/USD	01/20/2015	MSC	RUB		301,017			4,909			210
RUB/USD	01/23/2015	MSC	RUB		37,980			618			(171	)
RUB/USD	01/23/2015	JPM	RUB		241,602			3,932			(634	)
RUB/USD	01/26/2015	CSI	RUB		78,101			1,269			(427	)
RUB/USD	01/26/2015	DUB	RUB		59,842			972			(128	)
TRY/USD	03/18/2015	MLP	TRY		3,951			1,666			(65	)
TRY/USD	03/18/2015	MSC	TRY		1,882			793			(33	)
TRY/USD	03/18/2015	CIT	TRY		1,980			835			(36	)
TRY/USD	03/18/2015	SCB	TRY		3,038			1,280			(34	)
TRY/USD	03/18/2015	BNP	TRY		2,561			1,080			(29	)
TRY/USD	03/18/2015	RBC	TRY		1,113			469			(17	)
USD/BRL	01/09/2015	RBC	BRL		(5,092	)		(1,913	)		60
USD/BRL	01/09/2015	CSI	BRL		(5,354	)		(2,012	)		66
USD/BRL	01/09/2015	MSC	BRL		(4,329	)		(1,627	)		28
USD/BRL	01/12/2015	RBC	BRL		(4,286	)		(1,609	)		20
USD/BRL	01/13/2015	CSI	BRL		(4,300	)		(1,614	)		26
USD/BRL	01/13/2015	HSB	BRL		(34,049	)		(12,781	)		381
USD/BRL	01/15/2015	JPM	BRL		(1,982	)		(744	)		15

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Notes to Schedules of Investments (in thousands)

December 31, 2014

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)
USD/BRL	01/15/2015	CGM	BRL		(3,039	)	$	(1,140	)	$	16
USD/BRL	01/15/2015	MSC	BRL		(4,286	)		(1,608	)		7
USD/BRL	01/16/2015	CSI	BRL		(10,186	)		(3,821	)		123
USD/BRL	01/16/2015	MSC	BRL		(8,362	)		(3,136	)		(41	)
USD/BRL	01/23/2015	CGM	BRL		(20,193	)		(7,558	)		344
USD/BRL	01/23/2015	CSI	BRL		(4,213	)		(1,577	)		3
USD/CLP	01/09/2015	CSI	CLP		(529,455	)		(872	)		(4	)
USD/CLP	01/09/2015	SCB	CLP		(261,898	)		(431	)		(3	)
USD/CLP	01/23/2015	MSC	CLP		(1,361,999	)		(2,239	)		61
USD/CNH	03/18/2015	HSB	CNH		(132,922	)		(21,235	)		133
USD/CNH	03/18/2015	DUB	CNH		(56,826	)		(9,079	)		79
USD/CNH	03/18/2015	BCL	CNH		(42,152	)		(6,734	)		51
USD/CNH	03/18/2015	CSI	CNH		(35,792	)		(5,718	)		44
USD/CNH	03/18/2015	SCB	CNH		(37,537	)		(5,997	)		40
USD/CNH	03/18/2015	SSB	CNH		(34,820	)		(5,563	)		44
USD/COP	01/09/2015	CSI	COP		(553,537	)		(233	)		6
USD/COP	01/09/2015	BOA	COP		(1,912,840	)		(804	)		54
USD/COP	01/09/2015	DUB	COP		(4,626,476	)		(1,947	)		(45	)
USD/COP	01/23/2015	JPM	COP		(14,481,187	)		(6,091	)		905
USD/COP	01/23/2015	DUB	COP		(402,172	)		(169	)		(3	)
USD/COP	01/23/2015	BOA	COP		(873,092	)		(367	)		(6	)
USD/COP	10/06/2015	CSI	COP		(928,068	)		(382	)		60
USD/COP	10/06/2015	DUB	COP		(697,235	)		(287	)		45
USD/EUR	01/28/2015	JPM	EUR		(1,561	)		(1,889	)		40
USD/EUR	03/18/2015	WBC	EUR		(21,403	)		(25,916	)		471
USD/EUR	03/18/2015	BOA	EUR		(1,344	)		(1,627	)		38
USD/EUR	03/18/2015	SCB	EUR		(1,323	)		(1,602	)		38
USD/EUR	03/18/2015	JPM	EUR		(10,186	)		(12,334	)		359
USD/IDR	01/16/2015	CGM	IDR		(20,152,000	)		(1,624	)		(24	)
USD/IDR	01/20/2015	BOA	IDR		(20,277,172	)		(1,633	)		(45	)
USD/IDR	01/20/2015	DUB	IDR		(20,434,225	)		(1,645	)		(57	)
USD/IDR	01/20/2015	BCL	IDR		(15,785,473	)		(1,271	)		(46	)
USD/IDR	01/30/2015	DUB	IDR		(127,373,369	)		(10,238	)		105
USD/IDR	01/30/2015	JPM	IDR		(117,326,065	)		(9,430	)		41
USD/ILS	05/06/2015	CSI	ILS		(9,266	)		(2,377	)		293
USD/ILS	05/06/2015	CGM	ILS		(8,414	)		(2,159	)		238
USD/JPY	03/18/2015	CGM	JPY		(365,227	)		(3,051	)		82
USD/JPY	03/18/2015	JPM	JPY		(193,034	)		(1,613	)		17
USD/JPY	03/18/2015	BNP	JPY		(190,551	)		(1,592	)		23
USD/KRW	01/09/2015	SCB	KRW		(1,845,491	)		(1,679	)		(24	)
USD/KRW	01/15/2015	SCB	KRW		(3,565,355	)		(3,242	)		(12	)
USD/MXN	01/20/2015	JPM	MXN		(11,371	)		(770	)		33
USD/MXN	01/20/2015	BOA	MXN		(21,491	)		(1,455	)		32
USD/MXN	02/19/2015	DUB	MXN		(73,549	)		(4,971	)		74
USD/MXN	03/18/2015	SSB	MXN		(47,520	)		(3,206	)		104
USD/MXN	03/18/2015	JPM	MXN		(22,507	)		(1,519	)		14
USD/MYR	01/09/2015	DUB	MYR		(16,369	)		(4,680	)		72
USD/MYR	01/09/2015	BCL	MYR		(3,506	)		(1,003	)		2
USD/MYR	01/09/2015	RBC	MYR		(9,326	)		(2,666	)		12
USD/MYR	01/09/2015	HSB	MYR		(4,565	)		(1,305	)		5
USD/MYR	01/30/2015	JPM	MYR		(5,818	)		(1,660	)		2
USD/PEN	01/23/2015	BNP	PEN		(6,688	)		(2,234	)		34
USD/PHP	01/12/2015	SCB	PHP		(45,048	)		(1,007	)		(7	)
USD/PHP	01/13/2015	BCL	PHP		(101,928	)		(2,278	)		(13	)
USD/PLN	03/18/2015	DUB	PLN		(25,104	)		(7,068	)		313
USD/PLN	03/18/2015	HSB	PLN		(6,690	)		(1,883	)		12
USD/RON	03/18/2015	HSB	RON		(3,876	)		(1,044	)		3
USD/RUB	01/20/2015	MSC	RUB		(113,778	)		(1,856	)		(59	)
USD/RUB	01/20/2015	MSC	RUB		(75,308	)		(1,228	)		42
USD/RUB	01/23/2015	JPM	RUB		(60,861	)		(991	)		442
USD/RUB	01/23/2015	DUB	RUB		(47,938	)		(780	)		335

Purchased/ Sold	Settlement Date	Counter- Party		Notional Amount			Value			Unrealized Gain/ (Loss)
JNL/Goldman Sachs Emerging Markets Debt Fund (continued)
USD/RUB	01/23/2015	MSC	RUB		(108,727	)	$	(1,770	)	$	147
USD/SGD	03/18/2015	WBC	SGD		(4,524	)		(3,411	)		75
USD/SGD	03/18/2015	BCL	SGD		(4,246	)		(3,201	)		66
USD/SGD	03/18/2015	DUB	SGD		(4,245	)		(3,200	)		54
USD/SGD	03/18/2015	HSB	SGD		(8,062	)		(6,079	)		52
USD/THB	01/30/2015	DUB	THB		(95,474	)		(2,898	)		(10	)
USD/THB	01/30/2015	DUB	THB		(117,465	)		(3,565	)		33
USD/TRY	03/18/2015	BNP	TRY		(2,181	)		(920	)		35
USD/TRY	03/18/2015	RBS	TRY		(696	)		(293	)		11
USD/TRY	03/18/2015	MSC	TRY		(15,221	)		(6,416	)		174
USD/TRY	03/18/2015	JPM	TRY		(7,572	)		(3,192	)		(58	)
USD/TRY	03/18/2015	HSB	TRY		(8,899	)		(3,751	)		181
USD/TRY	03/18/2015	DUB	TRY		(4,743	)		(2,000	)		93
USD/TRY	03/18/2015	RBS	TRY		(7,700	)		(3,246	)		(70	)
USD/ZAR	03/18/2015	SCB	ZAR		(37,696	)		(3,221	)		111
USD/ZAR	03/18/2015	BCL	ZAR		(19,037	)		(1,626	)		29
USD/ZAR	03/18/2015	JPM	ZAR		(12,734	)		(1,088	)		4
USD/ZAR	03/18/2015	CSI	ZAR		(19,061	)		(1,628	)		12
USD/ZAR	03/18/2015	DUB	ZAR		(44,674	)		(3,816	)		69
ZAR/USD	03/18/2015	CSI	ZAR		18,561			1,586			19
ZAR/USD	03/18/2015	DUB	ZAR		136,104			11,627			(541	)
ZAR/USD	03/18/2015	SCB	ZAR		121,593			10,388			(500	)
ZAR/USD	03/18/2015	BCL	ZAR		79,060			6,754			(254	)
ZAR/USD	03/18/2015	CGM	ZAR		19,157			1,637			7
ZAR/USD	03/18/2015	MSC	ZAR		15,512			1,325			20
ZAR/USD	03/18/2015	HSB	ZAR		13,880			1,186			5
ZAR/USD	03/18/2015	DUB	ZAR		9,355			799			2
							$	(36,292	)	$	(790	)
JNL/Invesco Mid Cap Value Fund
USD/GBP	01/09/2015	BNY	GBP		(2,525	)	$	(3,935	)	$	34
USD/GBP	01/09/2015	SSB	GBP		(2,526	)		(3,938	)		35
							$	(7,873	)	$	69
JNL/Ivy Asset Strategy Fund
JPY/USD	01/14/2015	DUB	JPY		2,230,366		$	18,622		$	(100	)
JPY/USD	01/14/2015	DUB	JPY		356,820			2,979			19
USD/JPY	01/14/2015	DUB	JPY		(4,721,627	)		(39,422	)		530
							$	(17,821	)	$	449
JNL/JPMorgan International Value Fund
AUD/USD	02/27/2015	BNP	AUD		40,180		$	32,679		$	(1,803	)
CHF/USD	02/27/2015	HSB	CHF		5,314			5,350			(147	)
EUR/CHF	02/27/2015	UBS	CHF		(3,897	)		(3,923	)		4
EUR/CHF	02/27/2015	CSI	CHF		(1,816	)		(1,828	)		(2	)
EUR/GBP	02/27/2015	GSC	GBP		(1,243	)		(1,937	)		(44	)
EUR/HKD	02/27/2015	HSB	HKD		(9,411	)		(1,213	)		(29	)
EUR/USD	02/27/2015	BNP	EUR		2,649			3,207			(67	)
EUR/USD	02/27/2015	GSC	EUR		2,132			2,581			(66	)
GBP/CHF	02/27/2015	TDS	CHF		(9,060	)		(9,121	)		237
GBP/JPY	02/27/2015	TDS	JPY		(237,404	)		(1,983	)		(5	)
GBP/SEK	02/27/2015	CSI	SEK		(16,978	)		(2,178	)		86
GBP/USD	02/27/2015	CSI	GBP		917			1,428			(9	)
GBP/USD	02/27/2015	BNP	GBP		5,226			8,142			(27	)
GBP/USD	02/27/2015	TDS	GBP		2,206			3,436			(43	)
GBP/USD	02/27/2015	DUB	GBP		2,091			3,257			(35	)
GBP/USD	02/27/2015	MSC	GBP		1,297			2,020			(16	)
HKD/USD	02/27/2015	BNP	HKD		42,948			5,538			1
JPY/AUD	02/27/2015	GSC	AUD		(1,852	)		(1,506	)		35
JPY/EUR	02/27/2015	UBS	EUR		(1,287	)		(1,558	)		9

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Notes to Schedules of Investments (in thousands)

December 31, 2014

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)
JPY/NOK	02/27/2015	GSC	NOK		(11,976	)	$	(1,604	)	$	76
JPY/USD	02/27/2015	GSC	JPY		314,058			2,623			(24	)
JPY/USD	02/27/2015	BCL	JPY		270,765			2,262			(17	)
SEK/USD	02/27/2015	DUB	SEK		66,681			8,555			(381	)
SGD/USD	02/27/2015	DUB	SGD		13,658			10,300			(179	)
USD/AUD	02/27/2015	HSB	AUD		(4,053	)		(3,296	)		178
USD/AUD	02/27/2015	SSB	AUD		(1,769	)		(1,439	)		(4	)
USD/CAD	02/27/2015	UBS	CAD		(2,859	)		(2,458	)		81
USD/CHF	02/27/2015	UBS	CHF		(5,509	)		(5,547	)		141
USD/CHF	02/27/2015	SGB	CHF		(1,526	)		(1,537	)		14
USD/EUR	02/27/2015	SGB	EUR		(6,008	)		(7,274	)		104
USD/EUR	02/27/2015	HSB	EUR		(1,614	)		(1,954	)		50
USD/EUR	02/27/2015	UBS	EUR		(19,288	)		(23,351	)		598
USD/EUR	02/27/2015	MSC	EUR		(2,061	)		(2,495	)		77
USD/HKD	02/27/2015	BNP	HKD		(14,083	)		(1,816	)		—
USD/JPY	02/27/2015	DUB	JPY		(3,882,309	)		(32,426	)		594
USD/NOK	02/27/2015	UBS	NOK		(9,296	)		(1,245	)		120
							$	(20,311	)	$	(493	)
JNL/Mellon Capital International Index Fund
AUD/USD	03/18/2015	WBC	AUD		8,254		$	6,703		$	(86	)
AUD/USD	03/18/2015	RBC	AUD		257			209			—
AUD/USD	03/18/2015	BOA	AUD		268			218			1
AUD/USD	03/18/2015	BCL	AUD		268			218			1
EUR/USD	03/18/2015	JPM	EUR		7,161			8,671			(206	)
EUR/USD	03/18/2015	GSC	EUR		3,868			4,683			(94	)
EUR/USD	03/18/2015	RBS	EUR		4,296			5,202			(117	)
EUR/USD	03/18/2015	RBC	EUR		536			649			(23	)
EUR/USD	03/18/2015	BOA	EUR		191			232			(1	)
EUR/USD	03/18/2015	UBS	EUR		447			541			(5	)
GBP/USD	03/18/2015	HSB	GBP		2,218			3,455			(21	)
GBP/USD	03/18/2015	BOA	GBP		3,327			5,183			(31	)
GBP/USD	03/18/2015	JPM	GBP		5,546			8,638			(54	)
GBP/USD	03/18/2015	UBS	GBP		252			393			(2	)
GBP/USD	03/18/2015	RBC	GBP		368			573			(6	)
GBP/USD	03/18/2015	BCL	GBP		526			820			2
GBP/USD	03/18/2015	UBS	GBP		329			512			1
GBP/USD	03/18/2015	BCL	GBP		195			303			—
JPY/USD	03/18/2015	RBC	JPY		1,403,051			11,721			(111	)
JPY/USD	03/18/2015	BOA	JPY		97,680			816			(7	)
JPY/USD	03/18/2015	BOA	JPY		98,450			822			1
JPY/USD	03/18/2015	UBS	JPY		85,360			713			3
USD/AUD	03/18/2015	RBC	AUD		(406	)		(329	)		(3	)
USD/EUR	03/18/2015	RBC	EUR		(122	)		(147	)		4
USD/EUR	03/18/2015	BOA	EUR		(126	)		(153	)		1
USD/GBP	03/18/2015	RBC	GBP		(125	)		(195	)		2
USD/GBP	03/18/2015	BCL	GBP		(326	)		(508	)		(3	)
							$	59,943		$	(754	)
JNL/Mellon Capital Global Alpha Fund
AUD/USD	03/18/2015	CCI	AUD		217		$	176		$	—
AUD/USD	03/18/2015	BMO	AUD		320			260			—
AUD/USD	03/18/2015	BNP	AUD		427			347			(1	)
AUD/USD	03/18/2015	CCI	AUD		363			295			—
AUD/USD	03/18/2015	BCL	AUD		100			81			—
AUD/USD	03/18/2015	UBS	AUD		621			504			(4	)
CAD/USD	03/18/2015	HSB	CAD		174			150			(2	)
CAD/USD	03/18/2015	CCI	CAD		75			65			—
CAD/USD	03/18/2015	BNP	CAD		150			129			—
CAD/USD	03/18/2015	BMO	CAD		113			97			—
CAD/USD	03/18/2015	CCI	CAD		56			48			(1	)

Purchased/ Sold	Settlement Date	Counter- Party		Notional Amount			Value			Unrealized Gain/ (Loss)
JNL/Mellon Capital Global Alpha Fund (continued)
CAD/USD	03/18/2015	BMO	CAD		184		$	158		$	(2	)
CAD/USD	03/18/2015	UBS	CAD		301			259			(1	)
EUR/USD	03/18/2015	DUB	EUR		650			786			(19	)
EUR/USD	03/18/2015	HSB	EUR		3,012			3,645			(105	)
EUR/USD	03/18/2015	GSC	EUR		728			882			(22	)
EUR/USD	03/18/2015	CCI	EUR		882			1,070			(26	)
EUR/USD	03/18/2015	BMO	EUR		441			535			(13	)
GBP/USD	03/18/2015	CCI	GBP		484			753			(3	)
GBP/USD	03/18/2015	BCL	GBP		132			206			(1	)
JPY/USD	03/18/2015	UBS	JPY		107,619			899			(20	)
JPY/USD	03/18/2015	CCI	JPY		151,811			1,268			(23	)
JPY/USD	03/18/2015	HSB	JPY		132,672			1,108			(23	)
JPY/USD	03/18/2015	BCL	JPY		12,103			101			(1	)
JPY/USD	03/18/2015	RBC	JPY		452,506			3,780			(36	)
JPY/USD	03/18/2015	DUB	JPY		57,215			478			(11	)
NOK/USD	03/18/2015	UBS	NOK		7,168			960			(47	)
NOK/USD	03/18/2015	BMO	NOK		9,495			1,271			(61	)
NOK/USD	03/18/2015	CCI	NOK		10,084			1,350			(50	)
NZD/USD	03/18/2015	BMO	NZD		2,943			2,279			52
NZD/USD	03/18/2015	GSC	NZD		2,648			2,051			49
NZD/USD	03/18/2015	RBC	NZD		2,452			1,899			46
NZD/USD	03/18/2015	CCI	NZD		1,766			1,368			32
NZD/USD	03/18/2015	HSB	NZD		267			207			—
SEK/USD	03/18/2015	CCI	SEK		3,249			417			(7	)
SEK/USD	03/18/2015	BMO	SEK		1,626			209			(4	)
SEK/USD	03/18/2015	BNP	SEK		2,168			278			(6	)
SEK/USD	03/18/2015	BCL	SEK		593			76			(1	)
USD/AUD	03/18/2015	CCI	AUD		(2,625	)		(2,131	)		28
USD/AUD	03/18/2015	GSC	AUD		(375	)		(304	)		3
USD/AUD	03/18/2015	HSB	AUD		(1,215	)		(986	)		17
USD/AUD	03/18/2015	BMO	AUD		(227	)		(184	)		2
USD/CHF	03/18/2015	CCI	CHF		(205	)		(207	)		5
USD/EUR	03/18/2015	RBS	EUR		(2,619	)		(3,172	)		71
USD/EUR	03/18/2015	GSC	EUR		(8,869	)		(10,738	)		241
USD/EUR	03/18/2015	BOA	EUR		(3,829	)		(4,637	)		86
USD/EUR	03/18/2015	DUB	EUR		(105	)		(127	)		4
USD/EUR	03/18/2015	UBS	EUR		(197	)		(238	)		8
USD/EUR	03/18/2015	HSB	EUR		(181	)		(220	)		6
USD/EUR	03/18/2015	CCI	EUR		(1,579	)		(1,911	)		32
USD/EUR	03/18/2015	BCL	EUR		(378	)		(458	)		7
USD/GBP	03/18/2015	HSB	GBP		(1,750	)		(2,726	)		17
USD/GBP	03/18/2015	CCI	GBP		(108	)		(168	)		2
USD/GBP	03/18/2015	GSC	GBP		(89	)		(139	)		1
USD/GBP	03/18/2015	RBS	GBP		(2,029	)		(3,160	)		25
USD/GBP	03/18/2015	DUB	GBP		(574	)		(894	)		6
USD/GBP	03/18/2015	BOA	GBP		(3,546	)		(5,524	)		33
USD/GBP	03/18/2015	BMO	GBP		(54	)		(84	)		—
USD/JPY	03/18/2015	GSC	JPY		(28,398	)		(237	)		2
USD/JPY	03/18/2015	CCI	JPY		(34,422	)		(288	)		2
USD/JPY	03/18/2015	HSB	JPY		(92,078	)		(768	)		11
USD/JPY	03/18/2015	BMO	JPY		(17,211	)		(144	)		1
USD/NOK	03/18/2015	CCI	NOK		(4,681	)		(627	)		6
USD/NOK	03/18/2015	BMO	NOK		(5,165	)		(692	)		5
USD/NOK	03/18/2015	HSB	NOK		(8,351	)		(1,119	)		48
USD/NOK	03/18/2015	GSC	NOK		(1,512	)		(202	)		5
USD/NOK	03/18/2015	UBS	NOK		(2,501	)		(335	)		4
USD/NOK	03/18/2015	DUB	NOK		(3,448	)		(462	)		17
USD/NOK	03/18/2015	BNP	NOK		(5,666	)		(759	)		2
USD/NOK	03/18/2015	HSB	NOK		(3,857	)		(516	)		(1	)
USD/NZD	03/18/2015	UBS	NZD		(551	)		(427	)		(3	)

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Notes to Schedules of Investments (in thousands)

December 31, 2014

Schedule of Open Forward Foreign Currency Contracts

Purchased/ Sold	Settlement Date	Counter- Party		Notional Amount			Value			Unrealized Gain/ (Loss)
JNL/Mellon Capital Global Alpha Fund (continued)
USD/NZD	03/18/2015	CCI	NZD		(4	)	$	(3	)	$	—
USD/NZD	03/18/2015	HSB	NZD		(423	)		(328	)		(3	)
USD/SEK	03/18/2015	CCI	SEK		(11,707	)		(1,502	)		54
							$	(15,972	)	$	433
JNL/PIMCO Real Return Fund
AUD/USD	01/05/2015	UBS	AUD		18,186		$	14,847		$	(25	)
AUD/USD	01/05/2015	BOA	AUD		2,737			2,234			(92	)
BRL/USD	01/05/2015	MSC	BRL		38,051			14,315			(6	)
BRL/USD	01/05/2015	DUB	BRL		6,827			2,568			(85	)
BRL/USD	02/03/2015	BCL	BRL		27,848			10,392			(374	)
BRL/USD	02/03/2015	CSI	BRL		18,551			6,923			(357	)
EUR/USD	01/05/2015	BNP	EUR		14,799			17,908			(541	)
EUR/USD	01/05/2015	CIT	EUR		309,585			374,614			(4,813	)
INR/USD	01/20/2015	CIT	INR		2,427,848			38,337			(581	)
JPY/USD	01/05/2015	BOA	JPY		5,376,955			44,890			55
MXN/USD	02/05/2015	UBS	MXN		189,570			12,824			(1,091	)
MXN/USD	02/05/2015	BCL	MXN		21,727			1,470			(18	)
MYR/USD	01/20/2015	UBS	MYR		40,523			11,575			(916	)
NZD/USD	01/05/2015	MSC	NZD		16,518			12,885			43
PLN/USD	01/30/2015	UBS	PLN		11,643			3,285			(183	)
USD/AUD	01/05/2015	CIT	AUD		(20,923	)		(17,082	)		814
USD/AUD	02/03/2015	UBS	AUD		(18,186	)		(14,815	)		26
USD/BRL	01/05/2015	BNP	BRL		(6,827	)		(2,568	)		59
USD/BRL	01/05/2015	DUB	BRL		(522	)		(197	)		(8	)
USD/BRL	01/05/2015	CSI	BRL		(4,930	)		(1,855	)		(59	)
USD/BRL	01/05/2015	UBS	BRL		(19,100	)		(7,185	)		(250	)
USD/BRL	01/05/2015	MSC	BRL		(13,498	)		(5,078	)		(98	)
USD/BRL	02/03/2015	MSC	BRL		(38,051	)		(14,200	)		—
USD/BRL	07/02/2015	DUB	BRL		(6,827	)		(2,441	)		75
USD/CAD	03/03/2015	CIT	CAD		(7,700	)		(6,619	)		18
USD/EUR	01/05/2015	MSC	EUR		(293,799	)		(355,512	)		9,605
USD/EUR	01/05/2015	BOA	EUR		(10,245	)		(12,397	)		280
USD/EUR	01/05/2015	CIT	EUR		(6,868	)		(8,311	)		186
USD/EUR	01/05/2015	BNP	EUR		(13,472	)		(16,302	)		518
USD/EUR	02/03/2015	CIT	EUR		(309,585	)		(374,733	)		4,800
USD/GBP	02/03/2015	MSC	GBP		(1,587	)		(2,473	)		7
USD/GBP	02/03/2015	UBS	GBP		(709	)		(1,104	)		7
USD/JPY	01/05/2015	CSI	JPY		(3,228,855	)		(26,957	)		329
USD/JPY	01/05/2015	BOA	JPY		(2,148,100	)		(17,934	)		258
USD/JPY	02/03/2015	BOA	JPY		(5,376,955	)		(44,902	)		(56	)
USD/KRW	02/26/2015	BOA	KRW		(7,977,396	)		(7,239	)		81
USD/MXN	02/05/2015	BCL	MXN		(54,030	)		(3,655	)		309
USD/MXN	02/05/2015	JPM	MXN		(280,581	)		(18,981	)		896
USD/MXN	02/05/2015	CIT	MXN		(7,249	)		(490	)		28
USD/MXN	02/05/2015	MSC	MXN		(280,290	)		(18,961	)		862
USD/MXN	02/05/2015	CSI	MXN		(18,836	)		(1,274	)		57
USD/MXN	02/05/2015	DUB	MXN		(8,045	)		(544	)		7
USD/MXN	02/05/2015	BNP	MXN		(118,534	)		(8,019	)		958
USD/MXN	02/12/2015	BNP	MXN		(459,548	)		(31,074	)		325
USD/MXN	05/14/2015	CIT	MXN		(480,459	)		(32,302	)		265
USD/MYR	02/26/2015	UBS	MYR		(40,201	)		(11,448	)		756
USD/NZD	01/05/2015	BOA	NZD		(16,518	)		(12,885	)		(21	)
USD/NZD	02/03/2015	MSC	NZD		(16,518	)		(12,843	)		(38	)
							$	(523,313	)	$	12,012
JNL/PIMCO Total Return Bond Fund
AUD/USD	01/05/2015	CIT	AUD		11,137		$	9,092		$	(428	)
AUD/USD	01/05/2015	CSI	AUD		5,800			4,735			(155	)
AUD/USD	01/05/2015	DUB	AUD		8,100			6,613			(155	)
AUD/USD	01/05/2015	UBS	AUD		29,163			23,809			(71	)

Purchased/ Sold	Settlement Date	Counter- Party		Notional Amount			Value			Unrealized Gain/ (Loss)
JNL/PIMCO Total Return Bond Fund (continued)
BRL/USD	01/05/2015	DUB	BRL		16,142		$	6,073		$	(201	)
BRL/USD	01/05/2015	UBS	BRL		134,000			50,410			(5,529	)
EUR/USD	01/05/2015	BOA	EUR		91,292			110,468			(2,558	)
EUR/USD	01/05/2015	CSI	EUR		18,315			22,162			(611	)
EUR/USD	01/05/2015	DUB	EUR		1,244			1,505			(21	)
EUR/USD	01/05/2015	CIT	EUR		287,072			347,373			(4,821	)
EUR/USD	01/05/2015	BNP	EUR		39,830			48,197			(803	)
EUR/USD	01/05/2015	UBS	EUR		34,274			41,473			(1,136	)
EUR/USD	02/03/2015	JPM	EUR		59,876			72,476			(771	)
EUR/USD	06/15/2015	JPM	EUR		6,751			8,182			(845	)
EUR/USD	06/15/2015	BCL	EUR		7,573			9,178			(941	)
EUR/USD	06/15/2015	CSI	EUR		18,938			22,952			(2,438	)
EUR/USD	06/15/2015	BNP	EUR		6,420			7,781			(825	)
EUR/USD	06/15/2015	CIT	EUR		9,811			11,891			(1,089	)
EUR/USD	06/15/2015	UBS	EUR		2,653			3,215			(281	)
EUR/USD	06/15/2015	BOA	EUR		891			1,080			(84	)
EUR/USD	06/15/2015	DUB	EUR		4,511			5,467			(398	)
EUR/USD	06/13/2016	BOA	EUR		1,754			2,148			(221	)
EUR/USD	06/13/2016	DUB	EUR		10,256			12,560			(1,302	)
JPY/USD	01/05/2015	JPM	JPY		1,645,100			13,734			128
JPY/USD	01/05/2015	BOA	JPY		10,516,500			87,799			(321	)
JPY/USD	01/05/2015	UBS	JPY		7,330,500			61,200			(285	)
JPY/USD	01/05/2015	JPM	JPY		3,614,900			30,180			(399	)
JPY/USD	01/05/2015	CIT	JPY		304,839			2,545			(30	)
JPY/USD	01/05/2015	DUB	JPY		5,498,900			45,908			(470	)
JPY/USD	01/05/2015	BOA	JPY		10,350,661			86,414			105
JPY/USD	02/03/2015	UBS	JPY		486,200			4,060			22
MXN/USD	02/05/2015	CSI	MXN		11,621			786			(63	)
MXN/USD	02/05/2015	CIT	MXN		12,452			842			(69	)
MXN/USD	02/05/2015	JPM	MXN		32,069			2,170			(92	)
MXN/USD	02/05/2015	JPM	MXN		1,857			126			—
MXN/USD	02/05/2015	BCL	MXN		40,202			2,719			(211	)
MXN/USD	02/05/2015	UBS	MXN		2,657			180			(1	)
MXN/USD	02/05/2015	BNP	MXN		287,687			19,462			(2,078	)
USD/AUD	01/05/2015	CIT	AUD		(41,314	)		(33,729	)		1,607
USD/AUD	01/05/2015	BOA	AUD		(12,886	)		(10,520	)		13
USD/AUD	01/05/2015	JPM	AUD		(4,542	)		(3,708	)		11
USD/AUD	02/03/2015	UBS	AUD		(10,283	)		(8,377	)		(59	)
USD/AUD	02/03/2015	BOA	AUD		(9,220	)		(7,510	)		4
USD/AUD	02/03/2015	UBS	AUD		(24,063	)		(19,602	)		34
USD/AUD	02/03/2015	BNP	AUD		(3,983	)		(3,245	)		(6	)
USD/BRL	01/05/2015	BNP	BRL		(16,142	)		(6,073	)		140
USD/BRL	01/05/2015	JPM	BRL		(134,000	)		(50,410	)		7,244
USD/BRL	04/02/2015	JPM	BRL		(13,237	)		(4,858	)		200
USD/BRL	07/02/2015	DUB	BRL		(16,142	)		(5,772	)		178
USD/BRL	10/02/2015	CIT	BRL		(14,500	)		(5,056	)		67
USD/BRL	10/02/2015	BCL	BRL		(21,500	)		(7,498	)		113
USD/BRL	10/02/2015	UBS	BRL		(269,500	)		(93,981	)		9,146
USD/BRL	10/02/2015	BNP	BRL		(11,000	)		(3,836	)		550
USD/BRL	01/05/2016	DUB	BRL		(10,375	)		(3,524	)		76
USD/CAD	03/03/2015	CIT	CAD		(28,165	)		(24,213	)		368
USD/EUR	01/05/2015	BNP	EUR		(5,960	)		(7,212	)		202
USD/EUR	01/05/2015	MSC	EUR		(331,924	)		(401,646	)		10,852
USD/EUR	01/05/2015	CIT	EUR		(32,478	)		(39,300	)		900
USD/EUR	01/05/2015	CSI	EUR		(7,997	)		(9,677	)		273
USD/EUR	01/05/2015	DUB	EUR		(45,232	)		(54,733	)		831
USD/EUR	01/05/2015	BOA	EUR		(18,932	)		(22,909	)		498
USD/EUR	01/05/2015	UBS	EUR		(19,514	)		(23,613	)		699
USD/EUR	01/05/2015	JPM	EUR		(38,224	)		(46,253	)		874
USD/EUR	02/03/2015	UBS	EUR		(13,267	)		(16,059	)		95
USD/EUR	02/03/2015	CIT	EUR		(264,800	)		(320,524	)		4,064

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Notes to Schedules of Investments (in thousands)

December 31, 2014

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)
USD/EUR	02/03/2015	DUB	EUR		(28,234	)	$	(34,175	)	$	235
USD/EUR	06/15/2015	BNP	EUR		(8,240	)		(9,987	)		1,188
USD/EUR	06/15/2015	CSI	EUR		(15,051	)		(18,242	)		2,187
USD/EUR	06/15/2015	BCL	EUR		(10,450	)		(12,665	)		1,532
USD/EUR	06/15/2015	BOA	EUR		(18,329	)		(22,214	)		2,706
USD/EUR	06/15/2015	MSC	EUR		(14,549	)		(17,633	)		2,311
USD/EUR	06/15/2015	CIT	EUR		(10,279	)		(12,458	)		1,594
USD/EUR	08/07/2015	DUB	EUR		(8,500	)		(10,310	)		1,074
USD/EUR	08/07/2015	BOA	EUR		(8,800	)		(10,675	)		1,094
USD/EUR	06/13/2016	BOA	EUR		(44,424	)		(54,405	)		6,352
USD/EUR	06/13/2016	DUB	EUR		(15,830	)		(19,387	)		2,288
USD/EUR	06/27/2016	BCL	EUR		(11,124	)		(13,631	)		1,665
USD/EUR	06/27/2016	BOA	EUR		(10,052	)		(12,317	)		1,523
USD/GBP	02/03/2015	MSC	GBP		(24,702	)		(38,492	)		109
USD/ILS	03/12/2015	JPM	ILS		(7,056	)		(1,809	)		1
USD/ILS	03/12/2015	BOA	ILS		(176,673	)		(45,305	)		(160	)
USD/ILS	03/12/2015	JPM	ILS		(54,389	)		(13,947	)		(83	)
USD/ILS	03/12/2015	BOA	ILS		(31,141	)		(7,986	)		8
USD/ILS	03/12/2015	MSC	ILS		(13,261	)		(3,400	)		(15	)
USD/ILS	03/12/2015	BNP	ILS		(8,595	)		(2,204	)		(5	)
USD/INR	01/20/2015	UBS	INR		(509,242	)		(8,041	)		(44	)
USD/INR	01/20/2015	JPM	INR		(146,607	)		(2,315	)		(16	)
USD/INR	01/23/2015	JPM	INR		(20,856	)		(329	)		(2	)
USD/JPY	01/05/2015	UBS	JPY		(23,999,500	)		(200,363	)		2,609
USD/JPY	01/05/2015	BOA	JPY		(2,196,500	)		(18,338	)		154
USD/JPY	01/05/2015	CIT	JPY		(3,981,600	)		(33,241	)		570
USD/JPY	01/05/2015	DUB	JPY		(1,330,300	)		(11,106	)		128
USD/JPY	01/05/2015	BNP	JPY		(7,753,500	)		(64,731	)		1,210
USD/JPY	02/03/2015	UBS	JPY		(1,530,085	)		(12,778	)		(66	)
USD/JPY	02/03/2015	BOA	JPY		(10,350,661	)		(86,436	)		(108	)
USD/JPY	02/03/2015	CIT	JPY		(1,098,500	)		(9,173	)		(49	)
USD/JPY	08/07/2015	CSI	JPY		(1,412,512	)		(11,825	)		2,075
USD/JPY	08/07/2015	BOA	JPY		(507,406	)		(4,248	)		752
USD/MXN	01/08/2015	UBS	MXN		(443,859	)		(30,079	)		3,632
USD/MXN	01/22/2015	BNP	MXN		(155,656	)		(10,539	)		1,218
USD/MXN	02/05/2015	CIT	MXN		(33,517	)		(2,267	)		190
USD/MXN	02/05/2015	BOA	MXN		(34,359	)		(2,324	)		190
USD/MXN	02/05/2015	MSC	MXN		(315,179	)		(21,321	)		970
USD/MXN	02/05/2015	JPM	MXN		(420,048	)		(28,416	)		217
USD/MXN	02/05/2015	BNP	MXN		(388,942	)		(26,311	)		3,129
USD/MXN	02/05/2015	DUB	MXN		(524,994	)		(35,515	)		4,220
							$	(1,027,811	)	$	56,109
JNL/Scout Unconstrained Bond Fund
AUD/USD	04/08/2015	JPM	AUD		25,650		$	20,798		$	(765	)
BRL/USD	04/06/2015	JPM	BRL		285,770			104,755			(4,030	)
USD/BRL	04/06/2015	JPM	BRL		(163,200	)		(59,824	)		4,664
							$	65,729		$	(131	)
JNL/T.Rowe Price Short-Term Bond Fund
MXN/USD	03/11/2015	CIB	MXN		288,405		$	19,469		$	(261	)
USD/MXN	03/11/2015	BCL	MXN		(288,405	)		(19,469	)		(51	)
							$	—		$	(312	)

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Notes to Schedules of Investments (in thousands)

December 31, 2014

Schedule of Interest Rate Swap Agreements

Over the Counter Interest Rate Swap Agreements

Counterparty	Floating Rate Index	Paying/Receiving Floating Rate	Fixed Rate			Expiration Date		Notional Amount1		Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
JNL/BlackRock Global Allocation Fund
DUB	6-Month Poland Warsaw Interbank Offered Rate	Paying		2.76	%		09/08/2024	PLN	10,676	$	—	$	148
JNL/Franklin Templeton Global Multisector Bond Fund
JPM	3-Month LIBOR	Receiving		3.02	%		08/22/2023		67,670	$	—	$	(5,219	)
JPM	3-Month LIBOR	Receiving		3.85	%		08/22/2043		38,670		—		(9,828	)
										$	—	$	(15,047	)
JNL/Goldman Sachs Core Plus Bond Fund
CIT	Brazil Interbank Deposit Rate	Paying		10.73	%		01/04/2021	BRL	2,860	$	—	$	(43	)
CIT	Korean Won 3-Month Certificate of Deposit	Receiving		3.45	%		08/08/2023	KRW	5,431,490		—		(419	)
CIT	Korean Won 3-Month Certificate of Deposit	Receiving		3.49	%		08/16/2023	KRW	610,090		—		(49	)
CIT	Korean Won 3-Month Certificate of Deposit	Receiving		3.47	%		12/23/2023	KRW	1,925,780		—		(152	)
CIT	Korean Won 3-Month Certificate of Deposit	Receiving		3.47	%		01/07/2024	KRW	336,440		—		(27	)
CIT	Korean Won 3-Month Certificate of Deposit	Receiving		3.48	%		01/10/2024	KRW	287,360		—		(24	)
DUB	Korean Won 3-Month Certificate of Deposit	Paying		2.25	%		10/15/2017	KRW	9,863,860		—		41
DUB	Korean Won 3-Month Certificate of Deposit	Receiving		3.47	%		01/08/2024	KRW	268,260		—		(22	)
JPM	Korean Won 3-Month Certificate of Deposit	Receiving		3.42	%		08/13/2023	KRW	1,600,360		—		(119	)
JPM	Korean Won 3-Month Certificate of Deposit	Receiving		3.56	%		08/19/2023	KRW	768,920		—		(66	)
JPM	Korean Won 3-Month Certificate of Deposit	Receiving		3.47	%		12/23/2023	KRW	919,120		—		(73	)
JPM	Korean Won 3-Month Certificate of Deposit	Receiving		3.47	%		01/06/2024	KRW	537,800		—		(44	)
MSC	Korean Won 3-Month Certificate of Deposit	Paying		2.18	%		10/29/2017	KRW	4,841,110		—		10
MSC	Korean Won 3-Month Certificate of Deposit	Receiving		3.49	%		08/16/2023	KRW	596,300		—		(47	)
MSC	Korean Won 3-Month Certificate of Deposit	Receiving		3.46	%		01/09/2024	KRW	220,430		—		(18	)
CIT	Kuala Lumpur Interbank Offered Rate	Receiving		3.92	%		11/19/2018	MYR	3,800		—		1
CIT	Kuala Lumpur Interbank Offered Rate	Receiving		4.45	%		11/15/2023	MYR	2,400		—		(14	)
DUB	Kuala Lumpur Interbank Offered Rate	Receiving		3.88	%		11/14/2018	MYR	3,430		—		2
DUB	Kuala Lumpur Interbank Offered Rate	Receiving		4.49	%		08/14/2023	MYR	860		—		(6	)
JPM	Kuala Lumpur Interbank Offered Rate	Receiving		3.97	%		12/11/2018	MYR	3,110		—		(1	)
JPM	Kuala Lumpur Interbank Offered Rate	Receiving		4.33	%		09/26/2023	MYR	1,500		—		(5	)
MSC	Kuala Lumpur Interbank Offered Rate	Receiving		3.93	%		11/20/2018	MYR	4,490		—		1
RBS	U.K. Retail Price Index	Receiving		3.10	%		12/11/2024	GBP	2,200		—		(18	)
RBS	U.K. Retail Price Index	Paying		3.35	%		12/11/2029	GBP	2,200		—		66
RBS	U.K. Retail Price Index	Paying		3.56	%		12/11/2039	GBP	1,710		—		122
RBS	U.K. Retail Price Index	Receiving		3.56	%		12/11/2044	GBP	1,710		—		(160	)
										$	—	$	(1,064	)
JNL/Goldman Sachs Emerging Markets Debt Fund
BBP	3-Month South African Johannesburg Interbank Rate	Paying		6.25	%		01/15/2020	ZAR	43,900	$	—	$	(179	)
CIT	3-Month South African Johannesburg Interbank Rate	Paying		6.50	%		05/31/2018	ZAR	29,580		—		(48	)
CIT	3-Month South African Johannesburg Interbank Rate	Paying		6.62	%		05/30/2020	ZAR	31,000		—		(96	)
DUB	3-Month South African Johannesburg Interbank Rate	Paying		6.52	%		05/31/2018	ZAR	23,000		—		(36	)
DUB	3-Month South African Johannesburg Interbank Rate	Paying		6.53	%		05/31/2018	ZAR	29,590		—		(46	)
DUB	3-Month South African Johannesburg Interbank Rate	Paying		7.11	%		06/07/2018	ZAR	28,175		—		(1	)
DUB	3-Month South African Johannesburg Interbank Rate	Paying		7.10	%		06/07/2018	ZAR	45,200		—		(3	)
DUB	3-Month South African Johannesburg Interbank Rate	Paying		6.58	%		11/04/2019	ZAR	70,980		—		(189	)
JPM	3-Month South African Johannesburg Interbank Rate	Paying		7.32	%		02/24/2019	ZAR	90,000		—		28
CIT	Bloomberg Thailand 6-Month Reference Rate	Paying		1.91	%		11/17/2016	THB	58,750		—		1
CIT	Bloomberg Thailand 6-Month Reference Rate	Paying		1.80	%		11/25/2016	THB	121,560		—		(6	)
CIT	Bloomberg Thailand 6-Month Reference Rate	Paying		1.89	%		12/15/2016	THB	181,440		—		—
DUB	Bloomberg Thailand 6-Month Reference Rate	Paying		1.87	%		11/19/2016	THB	142,490		—		(1	)
JPM	Bloomberg Thailand 6-Month Reference Rate	Paying		1.81	%		11/24/2016	THB	38,360		—		(1	)
JPM	Bloomberg Thailand 6-Month Reference Rate	Paying		1.89	%		12/22/2016	THB	196,950		—		(2	)
MSC	Bloomberg Thailand 6-Month Reference Rate	Paying		1.82	%		11/28/2016	THB	82,480		—		(3	)
CGM	Brazil Interbank Deposit Rate	Paying		11.50	%		01/02/2017	BRL	9,210		—		(63	)
CIT	Brazil Interbank Deposit Rate	Receiving		12.64	%		01/04/2016	BRL	28,520		—		(118	)
CIT	Brazil Interbank Deposit Rate	Paying		13.07	%		01/04/2016	BRL	20,540		—		12
CSI	Brazil Interbank Deposit Rate	Paying		13.13	%		01/04/2016	BRL	20,270		—		16
CSI	Brazil Interbank Deposit Rate	Paying		12.58	%		01/02/2017	BRL	12,970		—		(11	)
CSI	Brazil Interbank Deposit Rate	Paying		11.12	%		01/02/2018	BRL	6,120		—		(69	)
DUB	Brazil Interbank Deposit Rate	Paying		11.23	%		01/04/2016	BRL	4,540		—		(23	)
DUB	Brazil Interbank Deposit Rate	Paying		8.28	%		01/04/2016	BRL	19,340		—		(427	)
DUB	Brazil Interbank Deposit Rate	Paying		10.37	%		01/04/2016	BRL	16,960		—		(126	)

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Notes to Schedules of Investments (in thousands)

December 31, 2014

Schedule of Interest Rate Swap Agreements

Over the Counter Interest Rate Swap Agreements

Counterparty	Floating Rate Index	Paying/Receiving Floating Rate	Fixed Rate			Expiration Date		Notional Amount1		Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
JNL/Goldman Sachs Emerging Markets Debt Fund (continued)
DUB	Brazil Interbank Deposit Rate	Paying		10.35	%		01/04/2016	BRL	5,430	$	—	$	(41	)
DUB	Brazil Interbank Deposit Rate	Receiving		12.00	%		01/04/2016	BRL	25,150		—		59
DUB	Brazil Interbank Deposit Rate	Paying		12.84	%		01/02/2017	BRL	23,020		—		1
DUB	Brazil Interbank Deposit Rate	Paying		11.15	%		01/02/2018	BRL	5,510		—		(60	)
DUB	Brazil Interbank Deposit Rate	Paying		12.09	%		01/04/2021	BRL	10,500		—		9
JPM	Brazil Interbank Deposit Rate	Receiving		12.29	%		01/02/2017	BRL	13,430		—		39
MSC	Brazil Interbank Deposit Rate	Receiving		11.41	%		01/04/2021	BRL	5,650		—		37
BOA	Chilean Interbank Rate	Receiving		4.03	%		07/31/2019	CLP	1,142,730		—		(40	)
BOA	Chilean Interbank Rate	Receiving		5.36	%		06/07/2023	CLP	563,340		—		(72	)
CIT	Chilean Interbank Rate	Receiving		5.01	%		09/30/2018	CLP	773,210		—		(79	)
CIT	Chilean Interbank Rate	Receiving		4.65	%		03/13/2019	CLP	472,440		—		(39	)
CSI	Chilean Interbank Rate	Receiving		3.86	%		03/28/2016	CLP	1,844,100		—		(40	)
CSI	Chilean Interbank Rate	Receiving		3.85	%		03/31/2016	CLP	1,495,400		—		(31	)
CSI	Chilean Interbank Rate	Receiving		3.98	%		04/28/2017	CLP	1,804,620		—		(65	)
CSI	Chilean Interbank Rate	Receiving		3.64	%		07/28/2017	CLP	437,060		—		(9	)
CSI	Chilean Interbank Rate	Receiving		4.66	%		03/13/2019	CLP	240,470		—		(20	)
CSI	Chilean Interbank Rate	Receiving		4.54	%		03/26/2019	CLP	139,000		—		(10	)
DUB	Chilean Interbank Rate	Receiving		4.00	%		07/28/2019	CLP	538,830		—		(17	)
MSC	Chilean Interbank Rate	Receiving		4.64	%		03/12/2019	CLP	442,780		—		(36	)
MSC	Chilean Interbank Rate	Receiving		4.42	%		04/09/2019	CLP	1,191,150		—		(77	)
MSC	Chilean Interbank Rate	Receiving		4.35	%		04/15/2019	CLP	394,200		—		(23	)
BOA	Colombian Interbank Rate	Receiving		4.85	%		12/04/2019	COP	526,020		—		4
CIT	Colombian Interbank Rate	Receiving		5.92	%		04/16/2024	COP	1,425,330		—		9
CSI	Colombian Interbank Rate	Receiving		5.11	%		04/15/2019	COP	6,436,410		—		(9	)
CSI	Colombian Interbank Rate	Receiving		5.35	%		06/18/2019	COP	2,630,330		—		(11	)
CSI	Colombian Interbank Rate	Receiving		4.90	%		12/04/2019	COP	512,770		—		3
CSI	Colombian Interbank Rate	Receiving		6.06	%		05/02/2024	COP	980,390		—		3
DUB	Colombian Interbank Rate	Receiving		5.32	%		06/17/2019	COP	1,798,820		—		(7	)
JPM	Colombian Interbank Rate	Receiving		5.19	%		04/22/2019	COP	3,198,610		—		(8	)
JPM	Colombian Interbank Rate	Receiving		4.88	%		12/04/2019	COP	811,500		—		5
MSC	Indian Rupee MIBOR	Paying		7.35	%		12/22/2016	INR	437,690		—		(7	)
BBP	Korean Won 3-Month Certificate of Deposit	Receiving		3.30	%		09/18/2022	KRW	11,385,580		—		(369	)
BCL	Korean Won 3-Month Certificate of Deposit	Receiving		3.14	%		09/23/2024	KRW	5,453,410		—		(95	)
BOA	Korean Won 3-Month Certificate of Deposit	Receiving		3.12	%		08/13/2022	KRW	21,708,000		—		(555	)
BOA	Korean Won 3-Month Certificate of Deposit	Receiving		3.49	%		12/13/2023	KRW	796,350		—		(64	)
BOA	Korean Won 3-Month Certificate of Deposit	Receiving		3.45	%		01/16/2024	KRW	641,470		—		(51	)
CIT	Korean Won 3-Month Certificate of Deposit	Paying		2.88	%		03/07/2017	KRW	10,270,520		—		166
CIT	Korean Won 3-Month Certificate of Deposit	Paying		2.24	%		10/06/2017	KRW	16,891,160		—		58
CIT	Korean Won 3-Month Certificate of Deposit	Paying		2.24	%		10/14/2017	KRW	1,609,170		—		6
CIT	Korean Won 3-Month Certificate of Deposit	Paying		2.17	%		10/28/2017	KRW	5,210,010		—		11
CIT	Korean Won 3-Month Certificate of Deposit	Receiving		3.48	%		01/10/2024	KRW	1,636,690		—		(134	)
CIT	Korean Won 3-Month Certificate of Deposit	Paying		2.94	%		07/11/2024	KRW	5,124,840		—		213
DUB	Korean Won 3-Month Certificate of Deposit	Paying		2.85	%		03/03/2017	KRW	3,631,280		—		57
DUB	Korean Won 3-Month Certificate of Deposit	Paying		2.25	%		10/06/2017	KRW	11,723,370		—		42
DUB	Korean Won 3-Month Certificate of Deposit	Paying		2.25	%		10/13/2017	KRW	7,761,040		—		29
DUB	Korean Won 3-Month Certificate of Deposit	Paying		2.25	%		10/15/2017	KRW	4,527,410		—		19
DUB	Korean Won 3-Month Certificate of Deposit	Paying		2.17	%		10/28/2017	KRW	3,780,820		—		8
DUB	Korean Won 3-Month Certificate of Deposit	Receiving		3.21	%		09/14/2022	KRW	10,012,000		—		(288	)
DUB	Korean Won 3-Month Certificate of Deposit	Receiving		3.32	%		09/18/2022	KRW	11,385,580		—		(378	)
DUB	Korean Won 3-Month Certificate of Deposit	Receiving		3.39	%		01/08/2023	KRW	18,000,000		—		(619	)
DUB	Korean Won 3-Month Certificate of Deposit	Receiving		3.59	%		08/26/2023	KRW	5,236,380		—		(455	)
DUB	Korean Won 3-Month Certificate of Deposit	Paying		3.27	%		04/30/2024	KRW	10,900,000		—		734
HSB	Korean Won 3-Month Certificate of Deposit	Receiving		3.18	%		06/19/2023	KRW	1,813,810		—		(101	)
JPM	Korean Won 3-Month Certificate of Deposit	Receiving		3.22	%		11/29/2022	KRW	8,776,350		—		(247	)
JPM	Korean Won 3-Month Certificate of Deposit	Receiving		3.47	%		12/23/2023	KRW	886,450		—		(70	)
JPM	Korean Won 3-Month Certificate of Deposit	Receiving		3.47	%		01/06/2024	KRW	2,903,290		—		(237	)
JPM	Korean Won 3-Month Certificate of Deposit	Receiving		3.47	%		01/13/2024	KRW	1,520,860		—		(123	)
JPM	Korean Won 3-Month Certificate of Deposit	Receiving		3.45	%		01/15/2024	KRW	1,694,090		—		(135	)
JPM	Korean Won 3-Month Certificate of Deposit	Receiving		3.38	%		01/27/2024	KRW	1,390,320		—		(104	)
JPM	Korean Won 3-Month Certificate of Deposit	Receiving		2.97	%		07/03/2024	KRW	1,362,680		—		(59	)

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Notes to Schedules of Investments (in thousands)

December 31, 2014

Schedule of Interest Rate Swap Agreements

Over the Counter Interest Rate Swap Agreements

Counterparty	Floating Rate Index	Paying/Receiving Floating Rate	Fixed Rate			Expiration Date		Notional Amount1		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
JNL/Goldman Sachs Emerging Markets Debt Fund (continued)
MSC	Korean Won 3-Month Certificate of Deposit	Paying		2.45	%		10/13/2017	KRW	7,880,280	$	—		$	29
MSC	Korean Won 3-Month Certificate of Deposit	Paying		2.25	%		10/13/2017	KRW	1,350,900		—			5
MSC	Korean Won 3-Month Certificate of Deposit	Paying		2.25	%		10/14/2017	KRW	1,475,970		—			5
MSC	Korean Won 3-Month Certificate of Deposit	Paying		2.25	%		10/14/2017	KRW	1,475,970		—			6
MSC	Korean Won 3-Month Certificate of Deposit	Paying		2.17	%		10/28/2017	KRW	1,981,600		—			4
MSC	Korean Won 3-Month Certificate of Deposit	Receiving		3.46	%		01/09/2024	KRW	1,117,450		—			(90	)
MSC	Korean Won 3-Month Certificate of Deposit	Receiving		3.44	%		01/20/2024	KRW	719,175		—			(57	)
BBP	Mexican Interbank Rate	Paying		8.01	%		06/29/2027	MXN	325,250		—			384
BOA	Mexican Interbank Rate	Paying		8.59	%		09/03/2027	MXN	78,980		—			181
DUB	Mexican Interbank Rate	Paying		9.29	%		04/22/2027	MXN	73,030		—			295
DUB	Mexican Interbank Rate	Paying		8.70	%		06/11/2027	MXN	75,500		—			202
JPM	Mexican Interbank Rate	Receiving		5.18	%		10/02/2017	MXN	40,000		—			(44	)
JPM	Mexican Interbank Rate	Receiving		6.15	%		05/28/2024	MXN	15,700		—			(10	)
										$	—		$	(3,754	)
JNL/PIMCO Real Return Fund
BBP	6-Month Australian Bank Bill Short Term Rate	Paying		4.00	%		06/18/2019	AUD	1,400	$	1		$	65
DUB	6-Month Australian Bank Bill Short Term Rate	Paying		4.00	%		06/18/2019	AUD	5,800		7			268
CSI	Brazil Interbank Deposit Rate	Paying		11.68	%		01/04/2021	BRL	18,100		(11	)		(43	)
DUB	Brazil Interbank Deposit Rate	Paying		12.23	%		01/04/2021	BRL	27,700		220			(109	)
DUB	Brazil Interbank Deposit Rate	Paying		11.68	%		01/04/2021	BRL	17,400		(12	)		(40	)
MSS	Brazil Interbank Deposit Rate	Paying		8.22	%		01/02/2017	BRL	31,900		(6	)		(1,071	)
MSS	Brazil Interbank Deposit Rate	Paying		12.23	%		01/04/2021	BRL	3,800		—			15
MSS	Brazil Interbank Deposit Rate	Paying		11.68	%		01/04/2021	BRL	20,700		(10	)		(52	)
UBS	Brazil Interbank Deposit Rate	Paying		10.41	%		01/02/2015	BRL	8,400		5			(5	)
UBS	Brazil Interbank Deposit Rate	Paying		10.91	%		01/02/2017	BRL	44,200		(75	)		(233	)
UBS	Brazil Interbank Deposit Rate	Paying		10.91	%		01/02/2017	BRL	51,400		64			(422	)
UBS	Brazil Interbank Deposit Rate	Paying		8.15	%		01/02/2017	BRL	50,600		(50	)		(1,704	)
BOA	Eurozone HICP	Receiving		0.75	%		12/10/2019	EUR	1,200		1			(14	)
JPM	Eurozone HICP	Receiving		0.70	%		12/15/2018	EUR	2,300		(2	)		(33	)
UBS	Mexican Interbank Rate	Paying		5.63	%		10/11/2021	MXN	170,000		(54	)		(12	)
UBS	Mexican Interbank Rate	Paying		5.63	%		10/11/2021	MXN	42,900		15			(31	)
UBS	Mexican Interbank Rate	Paying		5.68	%		11/09/2021	MXN	121,100		(1	)		(31	)
BNP	U.K. Retail Price Index	Paying		3.13	%		12/15/2024	GBP	2,900		—			37
BNP	U.K. Retail Price Index	Paying		3.17	%		12/15/2024	GBP	7,800		4			159
BOA	U.K. Retail Price Index	Paying		3.50	%		10/15/2044	GBP	1,100		5			65
BOA	U.K. Retail Price Index	Paying		3.50	%		10/15/2044	GBP	1,000		(20	)		83
BOA	U.K. Retail Price Index	Paying		3.55	%		12/11/2044	GBP	1,600		1			143
CIT	U.K. Retail Price Index	Paying		3.50	%		10/15/2044	GBP	400		(14	)		39
CIT	U.K. Retail Price Index	Paying		3.50	%		10/15/2044	GBP	500		(16	)		47
CIT	U.K. Retail Price Index	Paying		3.50	%		10/15/2044	GBP	400		(14	)		40
CSI	U.K. Retail Price Index	Paying		3.10	%		12/11/2024	GBP	5,600		89			(42	)
CSI	U.K. Retail Price Index	Paying		3.53	%		09/23/2044	GBP	1,000		(5	)		88
CSI	U.K. Retail Price Index	Paying		3.53	%		09/23/2044	GBP	1,100		(10	)		101
CSI	U.K. Retail Price Index	Paying		3.50	%		10/15/2044	GBP	2,100		33			100
CSI	U.K. Retail Price Index	Paying		3.50	%		10/15/2044	GBP	600		(20	)		58
CSI	U.K. Retail Price Index	Paying		3.50	%		10/15/2044	GBP	700		(23	)		67
CSI	U.K. Retail Price Index	Paying		3.55	%		11/15/2044	GBP	400		2			35
CSI	U.K. Retail Price Index	Paying		3.55	%		11/15/2044	GBP	400		(1	)		38
CSI	U.K. Retail Price Index	Paying		3.53	%		12/15/2044	GBP	1,500		13			101
CSI	U.K. Retail Price Index	Paying		3.45	%		12/15/2044	GBP	1,200		(4	)		29
JPM	U.K. Retail Price Index	Paying		3.53	%		09/23/2044	GBP	2,500		4			202
MSS	U.K. Retail Price Index	Paying		3.50	%		10/15/2044	GBP	1,000		8			55
MSS	U.K. Retail Price Index	Paying		3.50	%		10/15/2044	GBP	700		(19	)		64
BBP	US CPURNSA	Receiving		1.91	%		04/17/2017		15,400		—			(467	)
BBP	US CPURNSA	Receiving		2.18	%		08/21/2017		22,600		—			(700	)
BBP	US CPURNSA	Receiving		2.18	%		08/21/2017		20,600		(13	)		(625	)
BNP	US CPURNSA	Receiving		1.83	%		11/29/2016		400		—			(9	)
BNP	US CPURNSA	Receiving		2.25	%		07/15/2017		10,200		11			(540	)
BNP	US CPURNSA	Receiving		2.25	%		07/15/2017		5,800		13			(314	)
BNP	US CPURNSA	Receiving		2.50	%		07/15/2022		7,300		130			(757	)

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Notes to Schedules of Investments (in thousands)

December 31, 2014

Schedule of Interest Rate Swap Agreements

Over the Counter Interest Rate Swap Agreements

Counterparty	Floating Rate Index	Paying/Receiving Floating Rate	Fixed Rate			Expiration Date		Notional Amount1			Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
JNL/PIMCO Real Return Fund (continued)
BNP	US CPURNSA	Receiving		2.50	%		07/15/2022			7,300	$	104		$	(731	)
BNP	US CPURNSA	Receiving		2.50	%		07/15/2022			6,200		38			(571	)
CIT	US CPURNSA	Receiving		2.25	%		07/15/2017			16,600		4			(865	)
DUB	US CPURNSA	Receiving		1.94	%		10/07/2016			22,000		—			(598	)
DUB	US CPURNSA	Receiving		1.83	%		11/29/2016			2,000		(1	)		(46	)
DUB	US CPURNSA	Receiving		1.83	%		11/29/2016			3,800		(1	)		(90	)
DUB	US CPURNSA	Receiving		1.83	%		11/29/2016			6,100		—			(145	)
DUB	US CPURNSA	Receiving		1.85	%		11/29/2016			23,700		—			(578	)
DUB	US CPURNSA	Receiving		1.93	%		02/10/2017			30,900		—			(731	)
DUB	US CPURNSA	Receiving		2.32	%		11/16/2017			12,300		—			(672	)
DUB	US CPURNSA	Receiving		2.50	%		07/15/2022			5,700		129			(619	)
DUB	US CPURNSA	Receiving		2.56	%		05/08/2023			11,800		—			(1,014	)
											$	519		$	(12,015	)
JNL/PIMCO Total Return Bond Fund
BNP	Brazil Interbank Deposit Rate	Paying		10.91	%		01/02/2017		BRL	4,200	$	(18	)	$	(11	)
BNP	Brazil Interbank Deposit Rate	Paying		11.47	%		01/02/2017		BRL	173,300		92			(616	)
BNP	Brazil Interbank Deposit Rate	Paying		11.50	%		01/04/2021		BRL	7,200		8			(48	)
BNP	Brazil Interbank Deposit Rate	Paying		11.50	%		01/04/2021		BRL	74,900		127			(538	)
BOA	Brazil Interbank Deposit Rate	Paying		10.77	%		01/02/2017		BRL	1,100		(6	)		(4	)
CIT	Brazil Interbank Deposit Rate	Paying		11.25	%		01/04/2021		BRL	10,500		(107	)		15
CSI	Brazil Interbank Deposit Rate	Paying		13.06	%		01/02/2018		BRL	6,000		10			10
DUB	Brazil Interbank Deposit Rate	Paying		11.47	%		01/02/2017		BRL	119,100		112			(471	)
DUB	Brazil Interbank Deposit Rate	Paying		11.47	%		01/02/2017		BRL	33,900		35			(137	)
DUB	Brazil Interbank Deposit Rate	Paying		12.06	%		01/04/2021		BRL	62,000		60			49
DUB	Brazil Interbank Deposit Rate	Paying		11.25	%		01/04/2021		BRL	10,500		(113	)		21
DUB	Brazil Interbank Deposit Rate	Paying		11.68	%		01/04/2021		BRL	12,200		19			(55	)
DUB	Brazil Interbank Deposit Rate	Paying		11.68	%		01/04/2021		BRL	5,500		(3	)		(13	)
DUB	Brazil Interbank Deposit Rate	Paying		11.50	%		01/04/2021		BRL	87,900		249			(733	)
DUB	Brazil Interbank Deposit Rate	Paying		12.00	%		01/04/2021		BRL	3,500		1			(1	)
JPM	Brazil Interbank Deposit Rate	Paying		11.47	%		01/02/2017		BRL	71,200		76			(291	)
JPM	Brazil Interbank Deposit Rate	Paying		11.47	%		01/02/2017		BRL	18,600		(4	)		(53	)
JPM	Brazil Interbank Deposit Rate	Paying		12.33	%		01/04/2021		BRL	23,500		—			88
MSC	Brazil Interbank Deposit Rate	Paying		12.06	%		01/04/2021		BRL	8,400		13			1
MSS	Brazil Interbank Deposit Rate	Paying		12.56	%		01/04/2021		BRL	4,000		33			1
UBS	Brazil Interbank Deposit Rate	Paying		13.04	%		01/02/2018		BRL	66,000		—			216
UBS	Brazil Interbank Deposit Rate	Paying		13.06	%		01/02/2018		BRL	26,300		48			42
UBS	Brazil Interbank Deposit Rate	Paying		11.25	%		01/04/2021		BRL	21,000		(217	)		34
UBS	Brazil Interbank Deposit Rate	Paying		12.54	%		01/04/2021		BRL	20,700		—			120
BOA	Mexican Interbank Rate	Paying		6.92	%		11/28/2029		MXN	34,200		—			89
CSI	Mexican Interbank Rate	Paying		6.34	%		11/12/2019		MXN	15,100		—			(3	)
DUB	Mexican Interbank Rate	Paying		7.02	%		06/08/2034		MXN	16,200		11			11
DUB	Mexican Interbank Rate	Paying		6.81	%		06/19/2034		MXN	68,000		70			(108	)
MSC	Mexican Interbank Rate	Receiving		3.37	%		03/17/2015		MXN	3,075,000		—			(24	)
UBS	Mexican Interbank Rate	Receiving		3.54	%		08/31/2015		MXN	560,000		—			(7	)
UBS	Mexican Interbank Rate	Paying		5.61	%		07/07/2021		MXN	28,300		(46	)		36
UBS	Mexican Interbank Rate	Paying		5.84	%		09/14/2021		MXN	185,200		40			56
UBS	Mexican Interbank Rate	Paying		5.80	%		12/10/2021		MXN	13,700		—			3
											$	490		$	(2,321	)

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Notes to Schedules of Investments (in thousands)

December 31, 2014

Schedule of Interest Rate Swap Agreements

Centrally Cleared Interest Rate Swap Agreements

Counterparty	Floating Rate Index	Paying/Receiving Floating Rate	Fixed Rate			Expiration Date			Notional Amount1		Unrealized Appreciation/ (Depreciation)
JNL/BlackRock Global Allocation Fund
N/A	3-Month LIBOR	Receiving		1.18	%		02/01/2017			163,940	$	(717	)
N/A	3-Month LIBOR	Receiving		1.02	%		03/11/2017			170,820		111
N/A	3-Month LIBOR	Receiving		1.03	%		03/11/2017			87,580		33
N/A	3-Month LIBOR	Receiving		0.99	%		03/17/2017			170,210		233
N/A	3-Month LIBOR	Paying		2.19	%		02/01/2020			65,580		1,171
N/A	3-Month LIBOR	Paying		1.88	%		03/11/2020			35,630		13
N/A	3-Month LIBOR	Paying		2.39	%		03/11/2025			37,580		153
N/A	3-Month LIBOR	Paying		2.29	%		03/17/2025			37,450		(202	)
N/A	6-Month Australian Bank Bill Short Term Rate	Paying		2.89	%		06/12/2020	AUD		4,258		26
											$	821
JNL/Franklin Templeton Global Multisector Bond Fund
N/A	3-Month LIBOR	Receiving		0.93	%		10/17/2017			104,370	$	846
N/A	3-Month LIBOR	Receiving		2.79	%		03/31/2024			6,980		(327	)
N/A	3-Month LIBOR	Receiving		2.73	%		07/07/2024			73,570		(3,044	)
N/A	3-Month LIBOR	Receiving		3.49	%		03/31/2044			3,320		(555	)
											$	(3,080	)
JNL/Goldman Sachs Core Plus Bond Fund
N/A	3-Month Canada Bankers Acceptance	Paying		4.00	%		12/19/2023	CAD		30,910	$	387
N/A	3-Month Canada Bankers Acceptance	Paying		2.50	%		03/18/2025	CAD		3,500		39
N/A	3-Month LIBOR	Paying		0.75	%		03/19/2016			124,500		344
N/A	3-Month LIBOR	Receiving		2.20	%		08/04/2017			21,000		(10	)
N/A	3-Month LIBOR	Paying		2.00	%		06/18/2019			14,700		133
N/A	3-Month LIBOR	Receiving		2.25	%		03/18/2020			20,100		79
N/A	3-Month LIBOR	Receiving		2.51	%		10/15/2020			5,500		(183	)
N/A	3-Month LIBOR	Paying		3.03	%		08/04/2021			31,200		430
N/A	3-Month LIBOR	Receiving		2.50	%		03/18/2022			56,500		323
N/A	3-Month LIBOR	Paying		4.50	%		12/19/2023			19,880		218
N/A	3-Month LIBOR	Paying		3.00	%		03/18/2025			470		8
N/A	3-Month LIBOR	Receiving		3.41	%		08/04/2026			16,800		(637	)
N/A	3-Month LIBOR	Receiving		3.25	%		03/18/2030			12,800		64
N/A	3-Month LIBOR	Receiving		3.50	%		03/18/2045			3,180		(22	)
N/A	3-Month New Zealand Bank Bill Forward Rate Agreement	Paying		4.50	%		12/17/2019	NZD		5,570		116
N/A	3-Month New Zealand Bank Bill Forward Rate Agreement	Paying		4.50	%		03/18/2025	NZD		3,760		19
N/A	6-Month Australian Bank Bill Short Term Rate	Receiving		3.75	%		12/17/2019	AUD		4,190		(139	)
N/A	6-Month Australian Bank Bill Short Term Rate	Paying		4.50	%		09/17/2024	AUD		5,650		161
N/A	6-Month Australian Bank Bill Short Term Rate	Paying		3.50	%		03/18/2025	AUD		1,320		20
N/A	6-Month Euribor	Receiving		3.25	%		12/19/2023	EUR		6,680		(86	)
N/A	6-Month Euribor	Receiving		2.00	%		12/18/2024	EUR		10,000		(459	)
N/A	6-Month Euribor	Receiving		1.50	%		03/18/2025	EUR		3,500		(84	)
N/A	6-Month Norway Interbank Offered Rate	Receiving		3.50	%		12/18/2024	NOK		95,455		(256	)
N/A	6-Month Swiss Franc LIBOR	Receiving		1.50	%		12/18/2024	CHF		5,250		(52	)
N/A	British Bankers’ Association Yen LIBOR	Paying		1.25	%		12/19/2023	JPY		1,682,385		74
N/A	British Bankers’ Association Yen LIBOR	Paying		0.50	%		03/18/2025	JPY		2,338,475		121
N/A	British Bankers’ Association Yen LIBOR	Receiving		1.65	%		05/09/2025	JPY		3,158,000		(967	)
N/A	British Bankers’ Association Yen LIBOR	Paying		1.88	%		05/09/2027	JPY		1,937,000		990
N/A	British Bankers’ Association Yen LIBOR	Paying		1.50	%		03/18/2045	JPY		605,775		192
N/A	London-Interbank Offered Rate	Receiving		2.25	%		09/12/2017	GBP		7,400		(110	)
N/A	London-Interbank Offered Rate	Paying		2.68	%		09/12/2021	GBP		7,510		545
N/A	London-Interbank Offered Rate	Receiving		3.75	%		12/19/2023	GBP		16,795		(364	)
N/A	London-Interbank Offered Rate	Receiving		3.25	%		09/17/2024	GBP		3,460		(204	)
N/A	London-Interbank Offered Rate	Paying		3.25	%		12/18/2024	GBP		7,600		469
N/A	London-Interbank Offered Rate	Receiving		3.00	%		03/18/2025	GBP		11,440		(469	)
N/A	London-Interbank Offered Rate	Receiving		2.98	%		09/12/2026	GBP		4,070		(563	)
N/A	London-Interbank Offered Rate	Receiving		3.25	%		03/18/2045	GBP		4,840		(508	)
N/A	Stockholm Interbank Offered Rate	Receiving		3.50	%		12/19/2023	SEK		9,465		(17	)
N/A	Stockholm Interbank Offered Rate	Receiving		1.50	%		03/18/2025	SEK		18,940		(30	)
											$	(428	)
JNL/Goldman Sachs Emerging Markets Debt Fund
N/A	3-Month LIBOR	Receiving		1.64	%		03/13/2019			2,500	$	(34	)

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Notes to Schedules of Investments (in thousands)

December 31, 2014

Schedule of Interest Rate Swap Agreements

Centrally Cleared Interest Rate Swap Agreements

Counterparty	Floating Rate Index	Paying/Receiving Floating Rate	Fixed Rate			Expiration Date		Notional Amount1			Unrealized Appreciation/ (Depreciation)
JNL/Goldman Sachs Emerging Markets Debt Fund (continued)
N/A	3-Month LIBOR	Paying		2.00	%		06/18/2019			41,100	$	194
N/A	3-Month LIBOR	Paying		2.25	%		03/18/2020			1,300		(7	)
N/A	3-Month LIBOR	Receiving		2.50	%		03/18/2022			28,100		160
N/A	3-Month LIBOR	Receiving		3.00	%		03/18/2025			6,310		(16	)
N/A	3-Month LIBOR	Receiving		3.25	%		03/18/2030			8,200		53
N/A	3-Month South African Johannesburg Interbank Rate	Paying		7.64	%		06/13/2019		ZAR	38,210		51
N/A	3-Month South African Johannesburg Interbank Rate	Paying		7.28	%		09/05/2019		ZAR	11,760		(1	)
N/A	3-Month South African Johannesburg Interbank Rate	Paying		7.31	%		09/08/2019		ZAR	59,630		1
N/A	3-Month South African Johannesburg Interbank Rate	Receiving		7.89	%		12/18/2024		ZAR	13,610		2
N/A	6-Month Budapest Interbank Offered Rate	Paying		2.18	%		11/13/2016		HUF	704,740		3
N/A	6-Month Budapest Interbank Offered Rate	Paying		2.13	%		11/14/2016		HUF	332,400		—
N/A	6-Month Budapest Interbank Offered Rate	Paying		2.14	%		11/14/2016		HUF	314,070		—
N/A	6-Month Budapest Interbank Offered Rate	Paying		2.11	%		11/21/2016		HUF	1,217,640		—
N/A	6-Month Budapest Interbank Offered Rate	Paying		2.05	%		11/25/2016		HUF	634,790		(3	)
N/A	6-Month Budapest Interbank Offered Rate	Paying		2.07	%		11/26/2016		HUF	770,860		(3	)
N/A	6-Month Budapest Interbank Offered Rate	Paying		2.04	%		11/27/2016		HUF	842,560		(5	)
N/A	6-Month Budapest Interbank Offered Rate	Paying		2.07	%		12/05/2016		HUF	959,260		(4	)
N/A	6-Month Budapest Interbank Offered Rate	Paying		2.10	%		12/09/2016		HUF	815,340		(1	)
N/A	Mexican Interbank Rate	Receiving		5.96	%		11/20/2024		MXN	22,850		18
N/A	Mexican Interbank Rate	Paying		6.21	%		11/26/2024		MXN	13,310		9
N/A	Mexican Interbank Rate	Paying		6.24	%		11/26/2024		MXN	13,310		11
N/A	Mexican Interbank Rate	Paying		6.27	%		11/28/2024		MXN	28,140		27
N/A	Mexican Interbank Rate	Paying		6.24	%		11/28/2024		MXN	17,690		15
N/A	Mexican Interbank Rate	Paying		6.28	%		12/03/2024		MXN	36,360		38
											$	508
JNL/PIMCO Real Return Fund
N/A	3-Month LIBOR	Receiving		3.00	%		12/17/2024			3,400	$	(118	)
N/A	3-Month LIBOR	Receiving		2.75	%		06/19/2043			42,000		(2,988	)
N/A	3-Month LIBOR	Receiving		3.50	%		12/18/2043			7,300		(1,485	)
N/A	6-Month Euribor	Receiving		0.55	%		01/17/2016		EUR	160,800		(871	)
N/A	6-Month Euribor	Receiving		2.00	%		01/29/2024		EUR	3,100		(470	)
N/A	6-Month Euribor	Receiving		1.25	%		03/18/2025		EUR	17,500		(1,015	)
N/A	6-Month Euribor	Receiving		2.00	%		03/18/2045		EUR	17,400		(3,219	)
N/A	London-Interbank Offered Rate	Receiving		2.08	%		12/04/2024		GBP	27,700		(956	)
N/A	London-Interbank Offered Rate	Receiving		2.75	%		03/18/2025		GBP	11,300		(329	)
N/A	Mexican Interbank Rate	Paying		5.56	%		11/11/2021		MXN	9,000		(8	)
N/A	Mexican Interbank Rate	Receiving		5.75	%		12/06/2021		MXN	58,600		23
											$	(11,436	)
JNL/PIMCO Total Return Bond Fund
N/A	3-Month LIBOR	Receiving		0.67	%		04/17/2016			1,054,200	$	(265	)
N/A	3-Month LIBOR	Receiving		1.00	%		04/17/2017			454,500		(354	)
N/A	3-Month LIBOR	Receiving		1.78	%		12/02/2019			258,900		(244	)
N/A	3-Month LIBOR	Receiving		1.80	%		12/03/2019			75,600		(141	)
N/A	3-Month LIBOR	Receiving		1.85	%		12/04/2019			50,400		(214	)
N/A	3-Month LIBOR	Receiving		1.75	%		03/19/2020			62,200		6
N/A	3-Month LIBOR	Receiving		2.55	%		10/16/2024			70,600		(1,738	)
N/A	3-Month LIBOR	Receiving		2.75	%		06/19/2043			83,900		(7,244	)
N/A	3-Month LIBOR	Receiving		3.50	%		12/18/2043			4,400		(911	)
N/A	3-Month LIBOR	Receiving		2.80	%		12/18/2043			178,300		(12,110	)
N/A	6-Month Euribor	Receiving		0.45	%		12/09/2019		EUR	19,900		(116	)
N/A	6-Month Euribor	Receiving		1.25	%		03/18/2025		EUR	29,600		(244	)
N/A	6-Month Euribor	Receiving		2.31	%		10/21/2044		EUR	23,100		(1,985	)
N/A	British Bankers’ Association Yen LIBOR	Receiving		0.50	%		09/17/2021		JPY	7,420,000		(330	)
N/A	Federal Funds Effective Rate	Paying		0.09	%		02/27/2015			254,800		(10	)
N/A	Federal Funds Effective Rate	Paying		1.00	%		10/15/2017			183,100		(999	)
N/A	London-Interbank Offered Rate	Receiving		1.50	%		09/18/2016		GBP	155,700		(1,382	)
N/A	London-Interbank Offered Rate	Receiving		1.59	%		10/05/2016		GBP	84,700		(773	)
N/A	London-Interbank Offered Rate	Receiving		1.88	%		10/05/2017		GBP	34,700		(698	)
N/A	Mexican Interbank Rate	Receiving		3.42	%		06/05/2015		MXN	758,000		(3	)

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Notes to Schedules of Investments (in thousands)

December 31, 2014

Schedule of Interest Rate Swap Agreements

Centrally Cleared 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)
N/A	Mexican Interbank Rate	Receiving		3.61	%		12/18/2015	MXN	700,000	$	40
N/A	Mexican Interbank Rate	Receiving		3.74	%		02/12/2016	MXN	307,000		9
N/A	Mexican Interbank Rate	Paying		5.70	%		01/18/2019	MXN	116,000		(53	)
N/A	Mexican Interbank Rate	Paying		6.32	%		11/12/2019	MXN	23,900		(7	)
N/A	Mexican Interbank Rate	Paying		6.35	%		06/02/2021	MXN	11,900		7
N/A	Mexican Interbank Rate	Paying		5.84	%		09/14/2021	MXN	469,000		218
N/A	Mexican Interbank Rate	Paying		5.92	%		12/08/2021	MXN	29,700		18
N/A	Mexican Interbank Rate	Paying		5.85	%		12/21/2021	MXN	72,900		20
N/A	Mexican Interbank Rate	Paying		5.50	%		09/02/2022	MXN	300		—
N/A	Mexican Interbank Rate	Paying		6.92	%		09/10/2029	MXN	429,400		553
N/A	Mexican Interbank Rate	Paying		6.71	%		09/20/2029	MXN	17,000		4
N/A	Mexican Interbank Rate	Paying		6.41	%		11/07/2029	MXN	94,000		(120	)
N/A	Mexican Interbank Rate	Paying		6.71	%		11/30/2029	MXN	83,000		75
N/A	Mexican Interbank Rate	Paying		7.02	%		06/08/2034	MXN	429,700		80
N/A	Mexican Interbank Rate	Paying		6.81	%		06/19/2034	MXN	471,000		(293	)
										$	(29,204	)

Schedule of Over the Counter Cross-Currency Swap Agreements

Counterparty	Receive Rate	Pay Rate	Expiration Date		Notional Amount Received			Notional Amount Delivered				Unrealized Appreciation/ (Depreciation)
JNL/Goldman Sachs Emerging Markets Debt Fund
CIT	3-Month South African Johannesburg Interbank Rate + 0.38%	3-Month LIBOR		05/13/2024		ZAR	7,150		USD	(690	)	$	(71	)
CIT	Fixed rate of 11.58%	3-Month LIBOR		03/31/2015		TRY	7,690		USD	(3,507	)		97
CIT	Fixed rate of 12.04%	3-Month LIBOR		03/26/2015		TRY	28,920		USD	(12,916	)		712
DUB	3-Month South African Johannesburg Interbank Rate + 0.30%	3-Month LIBOR		05/23/2019		ZAR	11,408		USD	(1,096	)		(107	)
DUB	3-Month South African Johannesburg Interbank Rate + 0.30%	3-Month LIBOR		07/15/2024		ZAR	8,850		USD	(826	)		(54	)
DUB	3-Month South African Johannesburg Interbank Rate + 0.39%	3-Month LIBOR		05/12/2024		ZAR	14,740		USD	(1,418	)		(141	)
DUB	Fixed rate of 11.48%	3-Month LIBOR		03/13/2016		TRY	5,490		USD	(2,465	)		192
DUB	Fixed rate of 8.05%	3-Month LIBOR		12/04/2016		TRY	11,900		USD	(5,339	)		(248	)
DUB	Fixed rate of 8.08%	3-Month LIBOR		12/05/2016		TRY	6,325		USD	(2,830	)		(123	)
MSC	3-Month South African Johannesburg Interbank Rate + 0.30%	3-Month LIBOR		07/17/2024		ZAR	7,920		USD	(742	)		(53	)
MSC	3-Month South African Johannesburg Interbank Rate + 0.30%	3-Month LIBOR		08/12/2024		ZAR	14,750		USD	(1,379	)		(98	)
MSC	3-Month South African Johannesburg Interbank Rate + 0.39%	3-Month LIBOR		05/13/2024		ZAR	14,790		USD	(1,427	)		(145	)
												$	(39	)

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Notes to Schedules of Investments (in thousands)

December 31, 2014

Schedule of Credit Default Swap Agreements

Over the Counter Credit Default Swap Agreements

Counterparty	Reference Obligation	Implied Credit Spread4	Fixed Received/ Pay  Rate7			Expiration Date		Notional Amount1, 6			Value5			Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
JNL/BlackRock Global Allocation Fund
Credit default swap agreements - purchase protection 2
BBP	Transocean Inc., 7.38%, 04/15/2018	N/A		1.00	%		06/20/2019	$	707		$	133		$	17		$	116
BBP	Transocean Inc., 7.38%, 04/15/2018	N/A		1.00	%		06/20/2019		1,130			213			30			183
BBP	Transocean Inc., 7.38%, 04/15/2018	N/A		1.00	%		06/20/2019		473			89			12			77
BBP	Transocean Inc., 7.38%, 04/15/2018	N/A		1.00	%		06/20/2019		1,578			298			40			258
BBP	Transocean Inc., 7.38%, 04/15/2018	N/A		1.00	%		06/20/2019		550			104			18			86
CIT	Transocean Inc., 7.38%, 04/15/2018	N/A		1.00	%		06/20/2019		1,104			209			25			184
JPM	Transocean Inc., 7.38%, 04/15/2018	N/A		1.00	%		06/20/2019		992			187			24			163
JPM	Transocean Inc., 7.38%, 04/15/2018	N/A		1.00	%		06/20/2019		283			54			7			47
								$	6,817		$	1,287		$	173		$	1,114
JNL/Goldman Sachs Core Plus Bond Fund
Credit default swap agreements - purchase protection 2
BOA	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		06/20/2019	$	70		$	—		$	—		$	—
BOA	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		06/20/2019		80			(1	)		(1	)		—
CIT	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		03/20/2019		400			(6	)		(1	)		(5	)
CIT	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		03/20/2019		630			(9	)		(2	)		(7	)
CIT	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		03/20/2019		70			(1	)		—			(1	)
CIT	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		03/20/2019		460			(7	)		(1	)		(6	)
CIT	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		03/20/2019		760			(11	)		(2	)		(9	)
CIT	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		03/20/2019		730			(10	)		(2	)		(8	)
CIT	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		03/20/2019		320			(5	)		(2	)		(3	)
CIT	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		03/20/2019		470			(6	)		(3	)		(3	)
CIT	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		03/20/2019		140			(2	)		(1	)		(1	)
CIT	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		03/20/2019		920			(13	)		(6	)		(7	)
CIT	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		03/20/2019		460			(7	)		(3	)		(4	)
CIT	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		03/20/2019		390			(6	)		(3	)		(3	)
CIT	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		03/20/2019		330			(5	)		(3	)		(2	)
CIT	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		03/20/2019		330			(5	)		(3	)		(2	)
CIT	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		03/20/2019		330			(5	)		(3	)		(2	)
CIT	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		06/20/2019		3,030			(38	)		—			(38	)
CIT	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		06/20/2019		280			(4	)		(2	)		(2	)
CIT	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		06/20/2019		70			—			—			—
CIT	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		06/20/2019		200			(2	)		(1	)		(1	)
CIT	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		06/20/2019		330			(4	)		(2	)		(2	)
CIT	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		06/20/2019		320			(4	)		(1	)		(3	)
CIT	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		06/20/2019		700			(9	)		(4	)		(5	)
CIT	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		06/20/2019		190			(2	)		(1	)		(1	)
CIT	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		06/20/2019		420			(5	)		(3	)		(2	)
CIT	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		06/20/2019		870			(11	)		(6	)		(5	)
CIT	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		06/20/2019		430			(6	)		(3	)		(3	)
CIT	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		06/20/2019		210			(2	)		(1	)		(1	)
CIT	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		06/20/2019		180			(2	)		(2	)		—
CIT	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		06/20/2019		410			(5	)		(4	)		(1	)
CIT	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		06/20/2019		400			(5	)		(5	)		—
CIT	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		06/20/2019		330			(3	)		(5	)		2
JPM	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		03/20/2019		230			(3	)		(1	)		(2	)
JPM	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		03/20/2019		460			(7	)		(2	)		(5	)
JPM	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		06/20/2019		30			—			—			—
JPM	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		06/20/2019		180			(2	)		(1	)		(1	)
								$	16,160		$	(213	)	$	(80	)	$	(133	)
Credit default swap agreements - sell protection 3
BOA	CDX.NA.IG.16	N/A		1.00	%		06/20/2016	$	(425	)	$	5		$	1		$	4
JNL/Goldman Sachs Emerging Markets Debt Fund
Credit default swap agreements - purchase protection 2
BBP	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		03/20/2019	$	270		$	(4	)	$	(1	)	$	(3	)
BBP	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		03/20/2019		540			(8	)		(2	)		(6	)
BBP	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		03/20/2019		170			(2	)		(1	)		(1	)
CIT	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		03/20/2019		1,320			(18	)		(3	)		(15	)

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Notes to Schedules of Investments (in thousands)

December 31, 2014

Schedule of Credit Default Swap Agreements

Over the Counter Credit Default Swap Agreements

Counterparty	Reference Obligation	Implied Credit Spread4	Fixed Received/ Pay  Rate7			Expiration Date		Notional Amount1, 6			Value5			Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
JNL/Goldman Sachs Emerging Markets Debt Fund (continued)
Credit default swap agreements - purchase protection 2 (continued)
CIT	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		03/20/2019	$	130		$	(2	)	$	(1	)	$	(1	)
CIT	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		03/20/2019		850			(12	)		(1	)		(11	)
CIT	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		03/20/2019		1,120			(16	)		(3	)		(13	)
CIT	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		03/20/2019		800			(12	)		(3	)		(9	)
CIT	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		03/20/2019		350			(5	)		(1	)		(4	)
CIT	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		03/20/2019		750			(10	)		(4	)		(6	)
CIT	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		03/20/2019		230			(3	)		(1	)		(2	)
CIT	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		03/20/2019		810			(11	)		(5	)		(6	)
CIT	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		03/20/2019		420			(6	)		(3	)		(3	)
CIT	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		03/20/2019		660			(9	)		(5	)		(4	)
CIT	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		03/20/2019		560			(8	)		(4	)		(4	)
CIT	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		03/20/2019		560			(8	)		(5	)		(3	)
CIT	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		03/20/2019		560			(8	)		(5	)		(3	)
CIT	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		06/20/2019		3,770			(47	)		—			(47	)
CIT	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		06/20/2019		220			(3	)		(1	)		(2	)
CIT	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		06/20/2019		1,040			(13	)		(3	)		(10	)
CIT	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		06/20/2019		920			(11	)		(5	)		(6	)
CIT	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		06/20/2019		230			(3	)		(1	)		(2	)
CIT	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		06/20/2019		340			(4	)		(2	)		(2	)
CIT	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		06/20/2019		560			(7	)		(4	)		(3	)
CIT	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		06/20/2019		660			(8	)		(3	)		(5	)
CIT	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		06/20/2019		1,240			(16	)		(7	)		(9	)
CIT	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		06/20/2019		140			(2	)		(1	)		(1	)
CIT	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		06/20/2019		1,130			(13	)		(7	)		(6	)
CIT	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		06/20/2019		150			(2	)		(1	)		(1	)
CIT	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		06/20/2019		520			(6	)		(5	)		(1	)
CIT	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		06/20/2019		410			(5	)		(4	)		(1	)
CIT	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		06/20/2019		620			(8	)		(8	)		—
CIT	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		06/20/2019		750			(10	)		(12	)		2
JPM	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		03/20/2019		490			(7	)		(2	)		(5	)
JPM	People’s Republic of China, 4.25%, 10/28/2014	N/A		1.00	%		03/20/2019		510			(8	)		(2	)		(6	)
JPM	People’s Republic of China, 4.75%, 10/28/2027	N/A		1.00	%		12/20/2019		3,520			(31	)		(32	)		1
								$	27,320		$	(346	)	$	(148	)	$	(198	)
Credit default swap agreements - sell protection 3
BOA	Republic of Colombia, 10.38%, 01/28/2033	1.36%		1.00	%		12/20/2019	$	(2,670	)	$	(44	)	$	(109	)	$	65
BOA	Russian Federation, 7.50%, 03/31/2030	4.78%		1.00	%		12/20/2019		(440	)		(69	)		(80	)		11
BOA	Russian Federation, 7.50%, 03/31/2030	4.78%		1.00	%		12/20/2019		(330	)		(52	)		(55	)		3
CGM	Russian Federation, 7.50%, 03/31/2030	4.78%		1.00	%		12/20/2019		(3,450	)		(542	)		(438	)		(104	)
								$	(6,890	)	$	(707	)	$	(682	)	$	(25	)
JNL/PIMCO Real Return Fund
Credit default swap agreements - purchase protection 2
CIT	GATX Corp., 5.80%, 03/01/2016	N/A		1.07	%		03/20/2016	$	1,000		$	(12	)	$	—		$	(12	)
DUB	Kinder Morgan Inc., 6.50%, 09/01/2012	N/A		1.00	%		03/20/2016		2,000			(18	)		90			(108	)
MSC	Kinder Morgan Inc., 6.50%, 09/01/2012	N/A		1.00	%		03/20/2016		3,000			(26	)		139			(165	)
DUB	Marsh & McLennan Companies Inc., 5.75%, 09/15/2015	N/A		0.60	%		09/20/2015		1,000			(5	)		—			(5	)
								$	7,000		$	(61	)	$	229		$	(290	)
Credit default swap agreements - sell protection 3
BOA	Federative Republic of Brazil, 12.25%, 03/06/2030	1.68%		1.00	%		03/20/2019	$	(100	)	$	(2	)	$	(5	)	$	3
CIT	Federative Republic of Brazil, 12.25%, 03/06/2030	1.68%		1.00	%		03/20/2019		(3,000	)		(81	)		(151	)		70
JPM	Federative Republic of Brazil, 12.25%, 03/06/2030	1.68%		1.00	%		03/20/2019		(4,100	)		(112	)		(209	)		97
JPM	Federative Republic of Brazil, 12.25%, 03/06/2030	1.86%		1.00	%		09/20/2019		(8,300	)		(314	)		(91	)		(223	)
MSC	Federative Republic of Brazil, 12.25%, 03/06/2030	1.68%		1.00	%		03/20/2019		(100	)		(3	)		(5	)		2
MSC	Hellenic Republic, 2.00%, 02/24/2024	15.64%		1.00	%		06/20/2015		(1,331	)		(86	)		(51	)		(35	)
JPM	HSBC Bank Plc, 4.00%, 01/15/2021	0.37%		1.00	%		06/20/2019		(700	)		20			9			11
BBP	Republic of Indonesia, 6.88%, 03/09/2017	1.52%		1.00	%		12/20/2019		(3,000	)		(71	)		(94	)		23
BOA	Republic of Indonesia, 6.88%, 03/09/2017	1.52%		1.00	%		12/20/2019		(2,900	)		(69	)		(68	)		(1	)
JPM	Republic of Indonesia, 6.88%, 03/09/2017	1.52%		1.00	%		12/20/2019		(2,200	)		(53	)		(52	)		(1	)

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Notes to Schedules of Investments (in thousands)

December 31, 2014

Schedule of Credit Default Swap Agreements

Over the Counter Credit Default Swap Agreements

Counterparty	Reference Obligation	Implied Credit Spread4	Fixed Received/ Pay  Rate7			Expiration Date		Notional Amount1, 6			Value5			Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
JNL/PIMCO Real Return Fund (continued)
Credit default swap agreements - sell protection 3 (continued)
BOA	Republic of South Africa, 5.50%, 03/09/2020	1.83%		1.00	%		12/20/2019	$	(6,200	)	$	(239	)	$	(255	)	$	16
CIT	Republic of South Africa, 5.50%, 03/09/2020	1.83%		1.00	%		12/20/2019		(2,800	)		(108	)		(101	)		(7	)
BOA	Russian Federation, 7.50%, 03/31/2030	4.83%		1.00	%		03/20/2019		(800	)		(111	)		(66	)		(45	)
CIT	Russian Federation, 7.50%, 03/31/2030	4.83%		1.00	%		03/20/2019		(400	)		(56	)		(34	)		(22	)
JPM	Russian Federation, 7.50%, 03/31/2030	4.79%		1.00	%		09/20/2019		(4,600	)		(693	)		(257	)		(436	)
DUB	The Republic of Italy, 6.88%, 09/27/2023	1.07%		1.00	%		03/20/2019		(1,600	)		(4	)		(28	)		24
								$	(42,131	)	$	(1,982	)	$	(1,458	)	$	(524	)
JNL/PIMCO Total Return Bond Fund
Credit default swap agreements - purchase protection 2
BBP	Republic of Venezuela, 9.25%, 09/15/2027	N/A		5.00	%		06/20/2015	$	100		$	19		$	13		$	6
JPM	Republic of Venezuela, 9.25%, 09/15/2027	N/A		5.00	%		06/20/2015		200			39			24			15
								$	300		$	58		$	37		$	21
Credit default swap agreements - sell protection 3
BOA	Berkshire Hathaway Inc., 1.90%, 01/31/2017	0.25%		1.00	%		06/20/2017	$	(14,200	)	$	265		$	323		$	(58	)
DUB	Berkshire Hathaway Inc., 1.90%, 01/31/2017	0.19%		1.00	%		09/20/2016		(2,000	)		28			31			(3	)
BBP	CDX.EM.13	N/A		5.00	%		06/20/2015		(3,290	)		(12	)		200			(212	)
DUB	CDX.EM.13	N/A		5.00	%		06/20/2015		(11,374	)		(41	)		1,513			(1,554	)
MSC	CDX.EM.13	N/A		5.00	%		06/20/2015		(3,854	)		(14	)		456			(470	)
GSI	CDX.NA.IG.9 30-100%	N/A		0.55	%		12/20/2017		(1,447	)		19			—			19
BOA	Citigroup Inc., 6.13%, 05/15/2018	0.33%		1.00	%		09/20/2016		(2,400	)		28			29			(1	)
DUB	Export-Import Bank China, 4.88%, 07/21/2015	0.58%		1.00	%		06/20/2017		(200	)		2			(9	)		11
BOA	Federative Republic of Brazil, 12.25%, 03/06/2030	1.94%		1.00	%		12/20/2019		(37,600	)		(1,621	)		(1,352	)		(269	)
CIT	Federative Republic of Brazil, 12.25%, 03/06/2030	1.00%		1.00	%		03/20/2016		(15,500	)		5			(37	)		42
CIT	Federative Republic of Brazil, 12.25%, 03/06/2030	1.09%		1.00	%		06/20/2016		(4,900	)		(5	)		(2	)		(3	)
DUB	Federative Republic of Brazil, 12.25%, 03/06/2030	0.79%		1.00	%		06/20/2015		(2,000	)		2			(21	)		23
DUB	Federative Republic of Brazil, 12.25%, 03/06/2030	0.79%		1.00	%		06/20/2015		(500	)		1			(4	)		5
DUB	Federative Republic of Brazil, 12.25%, 03/06/2030	1.00%		1.00	%		03/20/2016		(9,100	)		3			(22	)		25
DUB	Federative Republic of Brazil, 12.25%, 03/06/2030	1.09%		1.00	%		06/20/2016		(4,000	)		(4	)		(4	)		—
DUB	Federative Republic of Brazil, 12.25%, 03/06/2030	1.68%		1.00	%		03/20/2019		(600	)		(17	)		(26	)		9
JPM	Federative Republic of Brazil, 12.25%, 03/06/2030	0.79%		1.00	%		09/20/2015		(2,000	)		3			(17	)		20
JPM	Federative Republic of Brazil, 12.25%, 03/06/2030	1.16%		1.00	%		09/20/2016		(1,500	)		(3	)		(7	)		4
MLP	Federative Republic of Brazil, 12.25%, 03/06/2030	1.03%		1.95	%		04/20/2016		(100	)		2			—			2
MSC	Federative Republic of Brazil, 12.25%, 03/06/2030	0.79%		1.00	%		06/20/2015		(600	)		1			(5	)		6
UBS	Federative Republic of Brazil, 12.25%, 03/06/2030	0.79%		1.00	%		09/20/2015		(1,000	)		2			(7	)		9
BBP	General Electric Capital Corp., 5.63%, 09/15/2017	0.36%		1.00	%		09/20/2016		(3,900	)		44			43			1
BOA	General Electric Capital Corp., 5.63%, 09/15/2017	0.29%		1.00	%		12/20/2015		(2,400	)		17			(42	)		59
BOA	General Electric Capital Corp., 5.63%, 09/15/2017	0.29%		1.00	%		12/20/2015		(2,400	)		17			(43	)		60
DUB	General Electric Capital Corp., 5.63%, 09/15/2017	0.26%		1.00	%		09/20/2015		(2,300	)		13			28			(15	)
DUB	General Electric Capital Corp., 5.63%, 09/15/2017	0.31%		1.00	%		03/20/2016		(100	)		1			(6	)		7
MSC	General Electric Capital Corp., 5.63%, 09/15/2017	0.34%		1.00	%		06/20/2016		(100	)		1			—			1
JPM	Goldman Sachs Group Inc., 5.95%, 01/18/2018	0.47%		1.00	%		06/20/2017		(1,000	)		13			15			(2	)
BBP	Italian Republic, 6.88%, 09/27/2023	1.11%		1.00	%		06/20/2019		(800	)		(4	)		(5	)		1
BBP	Italian Republic, 6.88%, 09/27/2023	1.11%		1.00	%		06/20/2019		(800	)		(3	)		(5	)		2
DUB	Italian Republic, 6.88%, 09/27/2023	0.57%		1.00	%		09/20/2016		(26,700	)		203			169			34
DUB	Italian Republic, 6.88%, 09/27/2023	1.11%		1.00	%		06/20/2019		(2,600	)		(12	)		(19	)		7
DUB	Italian Republic, 6.88%, 09/27/2023	0.57%		1.00	%		09/20/2016		(17,700	)		135			116			19
BBP	Italian Republic, 6.88%, 09/27/2023	0.57%		1.00	%		09/20/2016		(12,400	)		95			68			27
DUB	Italian Republic, 6.88%, 09/27/2023	1.16%		1.00	%		09/20/2019		(1,500	)		(10	)		(1	)		(9	)
BBP	Italian Republic, 6.88%, 09/27/2023	1.16%		1.00	%		09/20/2019		(300	)		(2	)		—			(2	)
BNP	Italian Republic, 6.88%, 09/27/2023	0.57%		1.00	%		09/20/2016		(3,000	)		23			32			(9	)
DUB	Italian Republic, 6.88%, 09/27/2023	0.57%		1.00	%		09/20/2016		(2,700	)		21			27			(6	)
BOA	Italian Republic, 6.88%, 09/27/2023	0.57%		1.00	%		09/20/2016		(2,700	)		21			27			(6	)
CGM	iTraxx Europe Subordinated Series 22	N/A		1.00	%		12/20/2019		(8,833	)		(203	)		(239	)		36
MSC	iTraxx Europe Subordinated Series 22	N/A		1.00	%		12/20/2019		(14,158	)		(326	)		(380	)		54
DUB	JPMorgan Chase & Co., 4.75%, 03/01/2015	0.28%		1.00	%		09/20/2016		(3,900	)		50			51			(1	)
MSC	People’s Republic of China, 4.25%, 10/28/2014	0.82%		1.00	%		12/20/2019		(2,400	)		21			15			6
BBP	Petrobras International Finance Co., 8.38%, 12/10/2018	4.41%		1.00	%		12/20/2019		(4,800	)		(688	)		(591	)		(97	)
BNP	Petrobras International Finance Co., 8.38%, 12/10/2018	5.19%		1.00	%		12/20/2015		(500	)		(19	)		(12	)		(7	)

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Notes to Schedules of Investments (in thousands)

December 31, 2014

Schedule of Credit Default Swap Agreements

Over the Counter Credit Default Swap Agreements

Counterparty	Reference Obligation	Implied Credit Spread4	Fixed Received/ Pay  Rate7			Expiration Date		Notional Amount1, 6			Value5			Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
JNL/PIMCO Total Return Bond Fund (continued)
Credit default swap agreements - sell protection 3 (continued)
BNP	Petrobras International Finance Co., 8.38%, 12/10/2018	4.41%		1.00	%		12/20/2019	$	(6,500	)	$	(932	)	$	(706	)	$	(226	)
JPM	Petrobras International Finance Co., 8.38%, 12/10/2018	4.41%		1.00	%		12/20/2019		(1,400	)		37			(34	)		71
JPM	Petrobras International Finance Co., 8.38%, 12/10/2018	4.41%		1.00	%		12/20/2019		(1,200	)		(172	)		(135	)		(37	)
MSC	Petrobras International Finance Co., 8.38%, 12/10/2018	4.41%		1.00	%		12/20/2019		(2,100	)		(301	)		(194	)		(107	)
DUB	Republic of Indonesia, 6.75%, 03/10/2014	0.30%		1.00	%		09/20/2015		(500	)		3			(11	)		14
BBP	Russian Federation, 7.50%, 03/31/2030	5.13%		1.00	%		09/20/2015		(2,200	)		(64	)		(28	)		(36	)
BBP	Russian Federation, 7.50%, 03/31/2030	4.83%		1.00	%		03/20/2019		(8,400	)		(1,166	)		(486	)		(680	)
BBP	Russian Federation, 7.50%, 03/31/2030	4.79%		1.00	%		09/20/2019		(7,000	)		(1,057	)		(411	)		(646	)
BBP	Russian Federation, 7.50%, 03/31/2030	4.78%		1.00	%		12/20/2019		(1,800	)		(282	)		(128	)		(154	)
BOA	Russian Federation, 7.50%, 03/31/2030	4.83%		1.00	%		03/20/2019		(100	)		(14	)		(6	)		(8	)
CIT	Russian Federation, 7.50%, 03/31/2030	5.13%		1.00	%		09/20/2015		(10,200	)		(296	)		(119	)		(177	)
CIT	Russian Federation, 7.50%, 03/31/2030	4.83%		1.00	%		03/20/2019		(7,400	)		(1,028	)		(438	)		(590	)
DUB	Russian Federation, 7.50%, 03/31/2030	5.13%		1.00	%		09/20/2015		(800	)		(23	)		(10	)		(13	)
JPM	Russian Federation, 7.50%, 03/31/2030	4.81%		1.00	%		06/20/2019		(700	)		(101	)		(40	)		(61	)
MSC	Russian Federation, 7.50%, 03/31/2030	4.81%		1.00	%		06/20/2019		(100	)		(15	)		(6	)		(9	)
BBP	Russian Federation, 7.50%, 03/31/2030	5.11%		1.00	%		12/20/2015		(3,600	)		(139	)		(50	)		(89	)
JPM	Russian Federation, 7.50%, 03/31/2030	4.78%		1.00	%		12/20/2019		(2,100	)		(330	)		(197	)		(133	)
BOA	Russian Federation, 7.50%, 03/31/2030	4.78%		1.00	%		12/20/2019		(4,100	)		(644	)		(367	)		(277	)
BBP	Russian Federation, 7.50%, 03/31/2030	4.78%		1.00	%		12/20/2019		(4,200	)		(659	)		(464	)		(195	)
JPM	Russian Federation, 7.50%, 03/31/2030	4.78%		1.00	%		12/20/2019		(1,700	)		(266	)		(205	)		(61	)
CGM	Spanish Government Bond, 5.50%, 07/30/2017	0.78%		1.00	%		09/20/2019		(1,500	)		15			25			(10	)
BOA	Sprint Communications, 8.38%, 08/15/2017	4.56%		5.00	%		12/20/2019		(500	)		10			26			(16	)
CGM	Sprint Communications, 8.38%, 08/15/2017	4.56%		5.00	%		12/20/2019		(200	)		4			10			(6	)
BNP	U.S. Treasury Bond, 4.88%, 08/15/2016	0.10%		0.25	%		03/20/2016		(7,986	)		16			(87	)		103
UBS	U.S. Treasury Bond, 4.88%, 08/15/2016	0.10%		0.25	%		09/20/2015		(13,432	)		16			(161	)		177
BBP	United Mexican States, 5.95%, 03/19/2019	0.70%		1.00	%		03/20/2018		(14,000	)		136			34			102
BBP	United Mexican States, 5.95%, 03/19/2019	1.00%		1.00	%		12/20/2019		(8,900	)		4			53			(49	)
BNP	United Mexican States, 5.95%, 03/19/2019	0.65%		1.00	%		09/20/2017		(400	)		4			(9	)		13
BOA	United Mexican States, 5.95%, 03/19/2019	0.82%		1.00	%		12/20/2018		(1,700	)		13			(3	)		16
BOA	United Mexican States, 5.95%, 03/19/2019	0.95%		1.00	%		09/20/2019		(16,700	)		40			118			(78	)
BOA	United Mexican States, 5.95%, 03/19/2019	1.00%		1.00	%		12/20/2019		(3,700	)		2			26			(24	)
CGM	United Mexican States, 5.95%, 03/19/2019	1.00%		1.00	%		12/20/2019		(9,300	)		4			55			(51	)
CGM	United Mexican States, 5.95%, 03/19/2019	1.00%		1.00	%		12/20/2019		(3,500	)		2			21			(19	)
CIT	United Mexican States, 5.95%, 03/19/2019	0.82%		1.00	%		12/20/2018		(400	)		2			(1	)		3
CSI	United Mexican States, 5.95%, 03/19/2019	1.00%		1.00	%		12/20/2019		(1,300	)		—			8			(8	)
DUB	United Mexican States, 5.95%, 03/19/2019	0.65%		1.00	%		09/20/2017		(3,200	)		31			(43	)		74
JPM	United Mexican States, 5.95%, 03/19/2019	0.82%		1.00	%		12/20/2018		(400	)		3			(1	)		4
JPM	United Mexican States, 5.95%, 03/19/2019	0.95%		1.00	%		09/20/2019		(6,500	)		16			48			(32	)
JPM	United Mexican States, 5.95%, 03/19/2019	0.82%		1.00	%		12/20/2019		(9,300	)		82			62			20
MSC	United Mexican States, 5.95%, 03/19/2019	0.65%		1.00	%		09/20/2017		(2,600	)		25			(36	)		61
BOA	United Mexican States, 7.50%, 04/08/2033	0.37%		1.00	%		09/20/2015		(700	)		3			(1	)		4
CIT	United Mexican States, 7.50%, 04/08/2033	0.37%		1.00	%		09/20/2015		(700	)		3			(9	)		12
DUB	United Mexican States, 7.50%, 04/08/2033	0.37%		1.00	%		03/20/2015		(3,600	)		6			(78	)		84
DUB	United Mexican States, 7.50%, 04/08/2033	0.44%		1.00	%		03/20/2016		(24,200	)		174			(93	)		267
JPM	United Mexican States, 7.50%, 04/08/2033	0.44%		0.92	%		03/20/2016		(500	)		4			—			4
JPM	United Mexican States, 7.50%, 04/08/2033	0.52%		1.00	%		09/20/2016		(900	)		8			5			3
CSI	Verizon Communications, 5.50%, 04/01/2017	0.47%		1.00	%		09/20/2018		(500	)		9			13			(4	)
								$	(438,874	)	$	(8,765	)	$	(3,766	)	$	(4,999	)

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Notes to Schedules of Investments (in thousands)

December 31, 2014

Schedule of Credit Default Swap Agreements

Centrally Cleared Credit Default Swap Agreements

Counterparty	Reference Obligation	Fixed Received/ Pay Rate  7	Expiration Date		Notional Amount 1, 6			Value5			Unrealized Appreciation/ (Depreciation)
JNL/BlackRock Global Allocation Fund
Credit default swap agreements - purchase protection 2
N/A	CDX.NA.HY.23	5.00%		12/20/2019	$	3,936		$	(244	)	$	28
JNL/Goldman Sachs Core Plus Bond Fund
Credit default swap agreements - sell protection 3
N/A	CDX.NA.IG.23	1.00%		12/20/2019	$	(96,375	)	$	1,541		$	(57	)
JNL/Neuberger Berman Strategic Income Fund
Credit default swap agreements - sell protection
N/A	CDX.NA.HY.22	5.00%		06/20/2019	$	(14,751	)	$	1,005		$	(3	)
N/A	CDX.NA.HY.23	5.00%		12/20/2019		(13,000	)		806			129
					$	(27,751	)	$	1,811		$	126
JNL/PIMCO Real Return Fund
Credit default swap agreements - sell protection 3
N/A	CDX.NA.HY.23	5.00%		12/20/2019	$	(12,200	)	$	756		$	(9	)
N/A	iTraxx Europe Series 22	1.00%		12/20/2019		(3,932	)		71			2
N/A	iTraxx Europe Series 22	1.00%		12/20/2024		(17,667	)		(20	)		6
					$	(33,799	)	$	641		$	(1	)
JNL/PIMCO Total Return Bond Fund
Credit default swap agreements - sell protection 3
N/A	iTraxx Europe Senior Series 22	1.00%		12/20/2019	$	(91,480	)	$	1,453		$	402
N/A	iTraxx Europe Series 22	1.00%		12/20/2019		(3,933	)		601			60
					$	(95,413	)	$	2,054		$	462
JNL/Scout Unconstrained Bond Fund
Credit default swap agreements - sell protection 3
N/A	CDX.NA.HY.23	5.00%		12/20/2019	$	(40,220	)	$	2,494		$	298

Schedule of Over the Counter Contracts for Difference

Counterparty	Reference Entity	Financing Fee	Expiration	Contracts (Short)			Notional Amount1			Unrealized Appreciation/ (Depreciation)
JNL/Boston Partners Global Long Short Equity Fund
GSI	Woolworths Ltd.	Australian Dollar Overnight Indexed Swap Rate + 0.50%,	TBD		(72	)		AUD	2,117	$	(82	)
GSI	Konecranes OYJ	Euro Overnight Index Average + 0.40%	TBD		(62	)		EUR	1,428		(55	)
GSI	BASF SE	Euro Overnight Index Average + 0.40%	TBD		(28	)		EUR	1,948		(30	)
GSI	Remy Cointreau SA	Euro Overnight Index Average + 0.40%	TBD		(31	)		EUR	1,750		56
GSI	Pernod Ricard SA	Euro Overnight Index Average + 0.40%	TBD		(14	)		EUR	1,221		(34	)
GSI	Edenred	Euro Overnight Index Average + 0.50%	TBD		(84	)		EUR	1,944		15
GSI	First Financial Bankshares Inc.	Federal Funds Effective Rate + 0.25%	TBD		(78	)			2,278		(54	)
GSI	Bristol-Myers Squibb Co.	Federal Funds Effective Rate + 0.25%	TBD		(49	)			2,145		(73	)
GSI	ConocoPhillips	Federal Funds Effective Rate + 0.25%	TBD		(37	)			2,337		(188	)
GSI	EI du Pont de Nemours & Co.	Federal Funds Effective Rate + 0.25%	TBD		(28	)			1,945		(136	)
GSI	Mattel Inc.	Federal Funds Effective Rate + 0.25%	TBD		(59	)			1,781		(32	)
GSI	Vermilion Energy Inc.	Federal Funds Effective Rate + 0.25%	TBD		(38	)			1,634		(253	)
GSI	Chailease Holding Co. Ltd.	Federal Funds Effective Rate + 4.00%	TBD		(782	)			1,920		(33	)
GSI	Xero Ltd.	New Zealand Dollar Overnight Indexed Swaps+ 7.00%	TBD		(97	)		NZD	1,528		(30	)
GSI	Sembcorp Marine Ltd.	Singapore Swap Offer Rate + 2.87%	TBD		(859	)		SGD	2,530		(206	)
GSI	Diageo Plc	Sterling Overnight Index Average + 0.35%	TBD		(83	)		GBP	1,509		(27	)
GSI	G4S Plc	Sterling Overnight Index Average + 0.40%	TBD		(465	)		GBP	1,267		(41	)
GSI	Rotork Plc	Sterling Overnight Index Average + 0.40%	TBD		(28	)		GBP	648		(5	)
GSI	Smiths Group Plc	Sterling Overnight Index Average + 0.40%	TBD		(80	)		GBP	869		(7	)
GSI	Zoopla Property Group Plc	Sterling Overnight Index Average + 0.40%	TBD		(401	)		GBP	790		3
GSI	EMS-Chemie Holding AG	Swiss Franc Tomorrow Next Index Rate + 0.40%	TBD		(4	)		CHF	1,585		(71	)
										$	(1,283	)

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Notes to Schedules of Investments (in thousands)

December 31, 2014

Schedule of Over the Counter Total Return Swap Agreements

Counterparty	Reference Entity	Rate Paid by Fund	Expiration Date		Notional Amount1				Unrealized Appreciation/ (Depreciation)
JNL/AllianceBernstein Dynamic Asset Allocation Fund
Total return swap agreements – receiving return
BOA	SPDR S&P 500 ETF Trust Fund	1-Month LIBOR + 0.27		06/15/2015			1		$	4
JNL/AQR Managed Futures Strategy Fund
Total return swap agreements – receiving return
BOA	Euro-Schatz Future	N/A		03/10/2015		EUR	48,693		$	91
BOA	Hang Seng China Enterprises Future	N/A		01/30/2015		HKD	30,203			48
BOA	Japanese Government Bond Future, 10-Year	N/A		03/20/2015		JPY	587,796			28
BOA	Soybean Meal Future	N/A		03/20/2015		CHF	21,585			418
BOA	U.S. Treasury Note Future, 2-Year	N/A		04/06/2015			106,577			(121	)
CGM	Soybean Future	N/A		03/17/2015			1,920			(26	)
CGM	Soybean Meal Future	N/A		03/17/2015			2,699			(58	)
CGM	Cocoa Future	N/A		03/17/2015		GBP	626			42
GSC	Euro-Bobl Future	N/A		03/10/2015		EUR	47,365			385
MSC	MSCI Taiwan Index Future	N/A		01/29/2015			5,365			90
MSC	SGX CNX Nifty Index Future	N/A		01/29/2015			4,948			18
MSC	TAIEX Index Future	N/A		01/21/2015		TWD	18,011			17
									$	932
Total return swap agreements – paying return
BCL	RBOB Gasoline Future	N/A		02/26/2015			(4,383	)	$	488
BCL	WTI Crude Oil Future	N/A		02/28/2015			(6,797	)		884
CGM	CBT Wheat Future	N/A		03/17/2015			(304	)		(20	)
CGM	Copper Future	N/A		03/31/2015			(4,118	)		233
CGM	Corn Future	N/A		03/17/2015			(2,150	)		6
CGM	Cotton No. 2 Future	N/A		03/23/2015			(3,961	)		44
CGM	NY Harbor ULSD Future	N/A		02/26/2015			(1,439	)		130
CGM	Platinum Future	N/A		04/30/2015			(6,534	)		(58	)
CGM	Soybean Oil Future	N/A		03/24/2015			(4,906	)		(31	)
MLP	Gold 100 Oz. Future	N/A		02/27/2015			(7,296	)		73
MLP	Lean Hogs Future	N/A		02/18/2015			(753	)		6
MLP	Silver Future	N/A		03/31/2015			(7,527	)		274
									$	2,029
JNL/BlackRock Global Allocation Fund
Total return swap agreements – receiving return
BNP	SGX Nikkei Stock Average Dividend Point Index Future	N/A		03/31/2016		JPY	117,920		$	85
BNP	SGX Nikkei Stock Average Dividend Point Index Future	N/A		03/31/2016		JPY	123,845			109
BNP	SGX Nikkei Stock Average Dividend Point Index Future	N/A		03/31/2017		JPY	119,070			118
BNP	SGX Nikkei Stock Average Dividend Point Index Future	N/A		03/31/2017		JPY	125,325			145
CIT	Siloam International Hospitals Tbk PT	1-Month LIBOR + 0.75		03/18/2015		IDR	995			257
									$	714

¹Notional amount is stated in USD unless otherwise noted.

²If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the referenced obligation agreement and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap agreement less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

³If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay the buyer of protection an amount equal to the notional amount of the referenced obligation and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap agreement less the recovery value of the reference obligation or underlying securities comprising the referenced index.

⁴Implied credit spreads, represented in absolute terms, utilized in determining the value of credit default swap agreements on corporate issues and sovereign issues serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the applicable agreement.

⁵The prices and resulting values for credit default swap agreements on credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

⁶The 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.

⁷If 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.

⁸Payments delivered or received are based on the notional amount.

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Statements of Assets and Liabilities (in thousands, except net asset value per share)

December 31, 2014

	JNL/Alliance Bernstein Dynamic Asset Allocation Fund(h)			JNL/AQR Managed Futures Strategy Fund(h)		JNL/BlackRock Commodity Securities Strategy Fund(h)			JNL/BlackRock Global Allocation Fund(h)		JNL/BlackRock Large Cap Select Growth Fund			JNL/Boston Partners Global Long Short Equity Fund			JNL/Brookfield Global Infrastructure and MLP Fund
Assets
Investments - unaffiliated, at value (a) (d)	$	13,120		$	391,839	$	1,089,232		$	3,441,460	$	1,229,364		$	364,213		$	1,282,340
Investments - affiliated, at value (b)		2,602			92,277		45,955			86,780		34,308			13,790			121,624
Total investments, at value (c)		15,722			484,116		1,135,187			3,528,240		1,263,672			378,003			1,403,964
Cash		579			–		16,737			5,665		130			108,357			455
Foreign currency (e)		24			1,054		65			896		–			41,485			–
Receivable for investments sold		5,424			–		6,367			3,666		–			7,117			–
Receivable for fund shares sold		118			290		901			2,234		404			145			847
Receivable from adviser		–			–		–			–		–			–			–
Receivable for dividends and interest		27			–		745			7,504		451			285			2,392
Receivable for variation margin on financial derivative instruments		10			3,709		–			1,007		–			–			–
Receivable for deposits with brokers and counterparties		259			37,127		–			10,268		–			1,910			–
Unrealized appreciation on forward foreign currency contracts		24			7,682		–			17,580		–			–			–
Unrealized appreciation on OTC swap agreements		4			3,275		–			1,976		–			74			–
OTC swap premiums paid		–			–		–			173		–			–			–
Total assets		22,191			537,253		1,160,002			3,579,209		1,264,657			537,376			1,407,658
Liabilities
Cash overdraft		–			6,878		–			–		–			–			–
Payable for advisory fees		18			407		597			2,078		635			374			866
Payable for administrative fees		2			85		143			437		105			47			165
Payable for 12b-1 fee (Class A)		2			31		68			207		75			23			79
Payable for investment securities purchased		2			–		10,000			16,873		2,215			146			3,110
Payable for fund shares redeemed		1			213		998			2,071		589			84			1,869
Payable for dividends on securities sold short		–			–		–			8		–			96			–
Payable for interest expense and brokerage charges		–			–		–			–		–			63			–
Payable for trustee fees		–			9		43			37		30			1			10
Payable for other expenses		–			1		3			29		3			8			2
Payable for variation margin on financial derivative instruments		1			4,709		–			72		–			–			–
Payable for deposits from counterparties		–			3,070		–			28,383		–			–			–
Deferred foreign capital gains tax liability		–			–		–			139		–			–			–
Investment in securities sold short, at value (f)		–			–		–			4,499		–			151,611			–
Options written, at value (g)		–			–		–			18,465		–			392			–
Unrealized depreciation on forward foreign currency contracts		45			5,069		–			1,080		–			–			–
Unrealized depreciation on OTC swap agreements		–			314		–			–		–			1,357			–
OTC swap premiums received		–			–		–			–		–			–			–
Payable upon return of securities loaned		1,849			–		28,750			79,485		18,306			–			92,110
Total liabilities		1,920			20,786		40,602			153,863		21,958			154,202			98,211
Net assets	$	20,271		$	516,467	$	1,119,400		$	3,425,346	$	1,242,699		$	383,174		$	1,309,447
Net assets consist of:
Paid-in capital	$	20,184		$	479,134	$	1,179,467		$	3,110,847	$	990,430		$	386,784		$	1,193,687
Undistributed (excess of distributions over) net investment income (loss)		(62	)		8,550		2,621			50,730		(26	)		8			14,991
Accumulated net realized gain (loss)		78			4,975		(50,148	)		188,217		92,937			(1,754	)		35,787
Net unrealized appreciation (depreciation) on investments and foreign currency		71			23,808		(12,540	)		75,552		159,358			(1,864	)		64,982
	$	20,271		$	516,467	$	1,119,400		$	3,425,346	$	1,242,699		$	383,174		$	1,309,447
Class A
Net assets	$	20,271		$	516,349	$	1,118,643		$	3,425,119	$	1,242,278		$	383,174		$	1,309,204
Shares outstanding (no par value), unlimited shares authorized		1,993			50,170		116,860			280,079		44,177			38,864			85,315
Net asset value per share	$	10.17		$	10.29	$	9.57		$	12.23	$	28.12		$	9.86		$	15.35
Class B
Net assets		N/A		$	118	$	757		$	227	$	421			N/A		$	243
Shares outstanding (no par value), unlimited shares authorized		N/A			11		78			18		15			N/A			16
Net asset value per share		N/A		$	10.32	$	9.66		$	12.31	$	28.89			N/A		$	15.42
(a)    Investments—unaffiliated, at cost	$	13,124		$	391,836	$	1,101,769		$	3,376,863	$	1,070,006		$	362,528		$	1,217,350
(b)    Investments—affiliated, at cost		2,602			92,277		45,955			89,035		34,308			13,790			121,624
(c)    Total investments, at cost	$	15,726		$	484,113	$	1,147,724		$	3,465,898	$	1,104,314		$	376,318		$	1,338,974
(d)    Including value of securities on loan	$	1,798		$	–	$	27,771		$	75,258	$	17,773		$	–		$	87,809
(e)    Foreign currency, at cost		23			1,058		65			895		–			41,652			–
(f)    Proceeds from securities sold short		–			–		–			4,416		–			149,802			–
(g)    Premiums from options written		–			–		–			13,439		–			102			–
(h)    Consolidated Statement of Assets and Liabilities.

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Statements of Assets and Liabilities (in thousands, except net asset value per share)

December 31, 2014

	JNL/Capital Guardian Global Balanced Fund		JNL/Capital Guardian Global Diversified Research Fund			JNL/DFA U.S. Core Equity Fund		JNL/Eagle SmallCap Equity Fund			JNL/Eastspring Investments Asia ex-Japan Fund			JNL/Eastspring Investments China-India Fund			JNL/Franklin Templeton Global Growth Fund
Assets
Investments - unaffiliated, at value (a) (d)	$	455,839	$	405,147		$	692,594	$	1,360,837		$	140,589		$	370,099		$	1,163,792
Investments - affiliated, at value (b)		44,756		37,831			25,492		144,926			1,596			16,163			126,166
Total investments, at value (c)		500,595		442,978			718,086		1,505,763			142,185			386,262			1,289,958
Cash		16		16			9		2,935			224			–			–
Foreign currency (e)		335		22			–		–			190			1,054			160
Receivable for investments sold		8,768		22			–		289			826			719			580
Receivable for fund shares sold		133		58			510		555			75			490			125
Receivable from adviser		–		–			46		–			–			–			–
Receivable for dividends and interest		1,977		686			703		329			402			–			2,662
Receivable for variation margin on financial derivative instruments		–		–			–		–			–			–			–
Unrealized appreciation on forward foreign currency contracts		719		–			–		–			–			–			–
Unrealized appreciation on OTC swap agreements		–		–			–		–			–			–			–
OTC swap premiums paid		–		–			–		–			–			–			–
Total assets		512,543		443,782			719,354		1,509,871			143,902			388,525			1,293,485
Liabilities
Cash overdraft		–		–			–		–			–			–			–
Payable for advisory fees		264		261			336		773			109			287			676
Payable for administrative fees		60		55			58		114			18			64			157
Payable for 12b-1 fee (Class A)		29		26			42		83			9			23			75
Payable for investment securities purchased		22,990		124			1,921		–			–			–			256
Payable for fund shares redeemed		254		275			486		866			111			188			481
Payable for interest on forward sales commitments		–		–			–		–			–			–			–
Payable for interest expense and brokerage charges		–		–			–		–			–			–			–
Payable for trustee fees		18		17			13		35			5			12			28
Payable for other expenses		12		12			1		3			27			28			6
Payable for variation margin on financial derivative instruments		–		–			–		–			–			–			–
Deferred foreign capital gains tax liability		22		116			–		–			215			965			–
Investment in forward sales commitments, at value (f)		–		–			–		–			–			–			–
Options written, at value (g)		–		–			–		–			–			–			–
Unrealized depreciation on forward foreign currency contracts		691		–			–		–			–			–			–
Unrealized depreciation on OTC swap agreements		–		–			–		–			–			–			–
OTC swap premiums received		–		–			–		–			–			–			–
Payable upon return of securities loaned		15,217		17,095			22,776		144,926			1,424			4,843			66,194
Total liabilities		39,557		17,981			25,633		146,800			1,918			6,410			67,873
Net assets	$	472,986	$	425,801		$	693,721	$	1,363,071		$	141,984		$	382,115		$	1,225,612
Net assets consist of:
Paid-in capital	$	408,444	$	339,247		$	529,414	$	951,514		$	142,869		$	358,989		$	1,064,254
Undistributed (excess of distributions over) net investment income (loss)		3,144		3,831			6,337		(620	)		2,419			2,862			25,733
Accumulated net realized gain (loss)		26,897		(984	)		25,656		183,879			(71	)		(669	)		27,998
Net unrealized appreciation (depreciation) on investments and foreign currency		34,501		83,707			132,314		228,298			(3,233	)		20,933			107,627
	$	472,986	$	425,801		$	693,721	$	1,363,071		$	141,984		$	382,115		$	1,225,612
Class A
Net assets	$	472,427	$	425,397		$	693,371	$	1,361,883		$	141,808		$	381,803		$	1,225,062
Shares outstanding (no par value), unlimited shares authorized		41,967		13,531			60,884		49,941			17,918			48,403			109,106
Net asset value per share	$	11.26	$	31.44		$	11.39	$	27.27		$	7.91		$	7.89		$	11.23
Class B
Net assets	$	559	$	404		$	350	$	1,188		$	176		$	312		$	550
Shares outstanding (no par value), unlimited shares authorized		48		13			29		42			22			39			49
Net asset value per share	$	11.55	$	31.76		$	11.96	$	28.05		$	7.94		$	7.95		$	11.27
(a)    Investments—unaffiliated, at cost	$	421,255	$	321,308		$	560,280	$	1,132,538		$	143,611		$	348,215		$	1,056,124
(b)    Investments—affiliated, at cost		44,756		37,831			25,492		144,926			1,596			16,163			126,166
(c)    Total investments, at cost	$	466,011	$	359,139		$	585,772	$	1,277,464		$	145,207		$	364,378		$	1,182,290
(d)    Including value of securities on loan	$	14,627	$	16,407		$	22,063	$	141,629		$	1,329		$	4,516		$	63,868
(e)    Foreign currency, at cost		334		22			–		–			190			1,054			160
(f)    Proceeds from forward sales commitments		–		–			–		–			–			–			–
(g)    Premiums from options written		–		–			–		–			–			–			–

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Statements of Assets and Liabilities (in thousands, except net asset value per share)

December 31, 2014

	JNL/Franklin Templeton Global Multisector Bond Fund			JNL/Franklin Templeton Income Fund			JNL/Franklin Templeton International Small Cap Growth Fund		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
Assets
Investments - unaffiliated, at value (a) (d)	$	1,838,632		$	2,574,004		$	431,074	$	1,121,572	$	1,086,725	$	1,060,140		$	627,526
Investments - affiliated, at value (b)		214,565			278,039			41,172		106,569		80,362		48,479			26,926
Total investments, at value (c)		2,053,197			2,852,043			472,246		1,228,141		1,167,087		1,108,619			654,452
Cash		1,364			3,692			115		112		–		7,898			1,944
Foreign currency (e)		32,786			13,399			–		1,554		–		55			1,083
Receivable for investments sold		2,026			7,805			18		595		1,237		172,912			417
Receivable for fund shares sold		986			5,044			475		496		824		959			229
Receivable from adviser		21			–			–		–		–		–			5
Receivable for dividends and interest		22,900			23,479			525		2,552		886		6,557			11,185
Receivable for variation margin on financial derivative instruments		–			–			–		–		–		293			68
Receivable for deposits with brokers and counterparties		12,073			–			–		–		–		7,208			5,947
Unrealized appreciation on forward foreign currency contracts		124,852			–			–		9,324		–		4,042			8,248
Unrealized appreciation on OTC swap agreements		–			–			–		–		–		249			3,763
OTC swap premiums paid		–			–			–		–		–		1			–
Total assets		2,250,205			2,905,462			473,379		1,242,774		1,170,034		1,308,793			687,341
Liabilities
Cash overdraft		–			–			–		–		–		–			–
Payable for advisory fees		1,271			1,415			362		754		748		470			393
Payable for administrative fees		264			228			57		104		97		81			83
Payable for 12b-1 fee (Class A)		124			163			27		75		69		58			39
Payable for investment securities purchased		26,202			–			–		1,130		204		286,641			1,438
Payable for fund shares redeemed		1,175			1,071			296		1,276		1,402		398			351
Payable for interest on forward sales commitments		–			–			–		–		–		–			–
Payable for interest expense and brokerage charges		–			–			–		–		–		–			–
Payable for trustee fees		21			59			10		31		21		45			24
Payable for other expenses		11			6			12		3		3		4			7
Payable for variation margin on financial derivative instruments		89			–			–		–		–		616			207
Payable for deposits from counterparties		29,803			–			–		–		–		777			520
Deferred foreign capital gains tax liability		–			–			4		–		–		–			–
Investment in forward sales commitments, at value (f)		–			–			–		–		–		1,011			–
Options written, at value (g)		–			–			–		–		–		–			–
Unrealized depreciation on forward foreign currency contracts		31,240			–			–		814		–		2,083			9,038
Unrealized depreciation on OTC swap agreements		15,047			–			–		–		–		1,442			7,779
OTC swap premiums received		–			–			–		–		–		80			830
Payable upon return of securities loaned		80,502			197,127			22,843		9,482		18,990		41,334			26,926
Total liabilities		185,749			200,069			23,611		13,669		21,534		335,040			47,635
Net assets	$	2,064,456		$	2,705,393		$	449,768	$	1,229,105	$	1,148,500	$	973,753		$	639,706
Net assets consist of:
Paid-in capital	$	2,061,061		$	2,512,471		$	408,180	$	921,935	$	881,952	$	941,751		$	749,716
Undistributed (excess of distributions over) net investment income		55,368			102,920			4,816		31,875		2,831		21,149			(4,000	)
Accumulated net realized gain (loss)		5,227			(937	)		32,833		51,948		65,025		(10,626	)		(24,112	)
Net unrealized appreciation (depreciation) on investments and foreign currency		(57,200	)		90,939			3,939		223,347		198,692		21,479			(81,898	)
	$	2,064,456		$	2,705,393		$	449,768	$	1,229,105	$	1,148,500	$	973,753		$	639,706
Class A
Net assets	$	2,064,144		$	2,704,647		$	449,495	$	1,228,576	$	1,147,989	$	973,327		$	639,536
Shares outstanding (no par value), unlimited shares authorized		179,329			230,642			47,089		100,408		75,584		82,449			61,139
Net asset value per share	$	11.51		$	11.73		$	9.55	$	12.24	$	15.19	$	11.81		$	10.46
Class B
Net assets	$	312		$	746		$	273	$	529	$	511	$	426		$	170
Shares outstanding (no par value), unlimited shares authorized		27			66			28		43		34		36			16
Net asset value per share	$	11.56		$	11.29		$	9.63	$	12.34	$	15.19	$	11.99		$	10.54
(a)    Investments - unaffiliated, at cost	$	1,970,569		$	2,482,197		$	427,126	$	906,737	$	888,033	$	1,036,868		$	704,328
(b)    Investments - affiliated, at cost		214,565			278,039			41,172		106,569		80,362		48,479			26,926
(c)    Total investments, at cost	$	2,185,134		$	2,760,236		$	468,298	$	1,013,306	$	968,395	$	1,085,347		$	731,254
(d)    Including value of securities on loan	$	73,744		$	191,022		$	21,685	$	9,086	$	18,380	$	40,437		$	26,162
(e)    Foreign currency, at cost		32,909			14,188			–		1,551		–		52			1,078
(f)    Proceeds from forward sales commitments		–			–			–		–		–		1,001			–
(g)    Premiums from options written		–			–			–		–		–		–			–

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Statements of Assets and Liabilities (in thousands, except net asset value per share)

December 31, 2014

	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 Mid Cap Value Fund		JNL/Invesco Small Cap Growth Fund
Assets
Investments - unaffiliated, at value (a) (d)	$	1,234,709	$	421,482		$	1,988,943	$	1,425,184		$	1,087,126		$	574,243	$	889,799
Investments - affiliated, at value (b)		63,025		13,962			71,926		140,400			36,984			41,357		89,029
Total investments, at value (c)		1,297,734		435,444			2,060,869		1,565,584			1,124,110			615,600		978,828
Cash		141		–			–		622			–			56		–
Cash received for securities loaned		–		75,710			–		–			–			–		–
Foreign currency (e)		–		–			1,992		5,822			–			–		–
Receivable for investments sold		2,107		–			7,166		3,362			–			361		161
Receivable for fund shares sold		1,349		479			1,467		694			1,616			291		1,187
Receivable from adviser		16		–			–		–			–			–		11
Receivable for dividends and interest		1,806		527			8,927		2,590			448			814		406
Receivable for variation margin on financial derivative instruments		–		–			–		–			–			–		–
Unrealized appreciation on forward foreign currency contracts		–		–			–		–			–			69		–
Unrealized appreciation on OTC swap agreements		–		–			–		–			–			–		–
OTC swap premiums paid		–		–			–		–			–			–		–
Total assets		1,303,153		512,160			2,080,421		1,578,674			1,126,174			617,191		980,593
Liabilities
Cash overdraft		–		–			–		–			–			–		–
Payable for advisory fees		761		227			1,212		815			612			336		631
Payable for administrative fees		108		42			259		197			93			50		77
Payable for 12b-1 fee (Class A)		76		21			124		94			67			36		56
Payable for investment securities purchased		5,019		4,485			7,340		555			1,416			3,931		312
Payable for fund shares redeemed		2,069		225			2,171		647			264			536		1,361
Payable for dividends on securities sold short		–		70			–		–			–			–		–
Payable for interest expense and brokerage charges		–		41			–		–			–			–		–
Payable for trustee fees		30		6			37		35			42			14		13
Payable for other expenses		3		1			5		17			2			1		2
Payable for variation margin on financial derivative instruments		–		–			–		–			–			–		–
Deferred foreign capital gains tax liability		–		–			–		–			–			–		–
Investment in securities sold short, at value (f)		–		83,873			–		–			–			–		–
Options written, at value (g)		–		–			–		–			–			–		–
Unrealized depreciation on forward foreign currency contracts		–		–			–		–			–			–		–
Unrealized depreciation on OTC swap agreements		–		–			–		–			–			–		–
OTC swap premiums received		–		–			–		–			–			–		–
Payable upon return of securities loaned		10,822		75,710			32,096		31,662			17,694			23,278		59,964
Total liabilities		18,888		164,701			43,244		34,022			20,190			28,182		62,416
Net assets	$	1,284,265	$	347,459		$	2,037,177	$	1,544,652		$	1,105,984		$	589,009	$	918,177
Net assets consist of:
Paid-in capital	$	1,123,543	$	284,351		$	1,741,992	$	1,395,809		$	799,865		$	522,925	$	682,022
Undistributed (excess of distributions over) net investment income (loss)		1,484		(6	)		30,150		18,293			(38	)		1,876		(17	)
Accumulated net realized gain (loss)		27,770		24,649			32,476		(21,086	)		110,406			16,003		76,342
Net unrealized appreciation (depreciation) on investments and foreign currency		131,468		38,465			232,559		151,636			195,751			48,205		159,830
	$	1,284,265	$	347,459		$	2,037,177	$	1,544,652		$	1,105,984		$	589,009	$	918,177
Class A
Net assets	$	1,259,794	$	347,215		$	2,036,180	$	1,543,925		$	1,104,740		$	588,730	$	917,464
Shares outstanding (no par value), unlimited shares authorized		108,177		28,817			187,582		121,290			74,252			36,151		44,981
Net asset value per share	$	11.65	$	12.05		$	10.85	$	12.73		$	14.88		$	16.29	$	20.40
Class B
Net assets	$	24,471	$	244		$	997	$	727		$	1,244		$	279	$	713
Shares outstanding (no par value), unlimited shares authorized		2,093		20			91		54			82			17		34
Net asset value per share	$	11.69	$	12.16		$	10.99	$	13.37		$	15.08		$	16.46	$	20.94
(a)    Investments - unaffiliated, at cost	$	1,103,241	$	379,237		$	1,756,349	$	1,273,387		$	891,375		$	526,105	$	729,969
(b)    Investments - affiliated, at cost		63,025		13,962			71,926		140,400			36,984			41,357		89,029
(c)    Total investments, at cost	$	1,166,266	$	393,199		$	1,828,275	$	1,413,787		$	928,359		$	567,462	$	818,998
(d)    Including value of securities on loan	$	10,527	$	73,428		$	30,517	$	30,253		$	17,288		$	22,374	$	57,689
(e)    Foreign currency, at cost		–		–			1,991		5,875			–			–		–
(f)    Proceeds from securities sold short		–		80,092			–		–			–			–		–
(g)    Premiums from options written		–		–			–		–			–			–		–

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Statements of Assets and Liabilities (in thousands, except net asset value per share)

December 31, 2014

	JNL/Ivy Asset Strategy Fund(h)		JNL/JPMorgan International Value Fund			JNL/JPMorgan MidCap Growth Fund			JNL/JPMorgan U.S. Government & Quality Bond Fund			JNL/Lazard Emerging Markets Fund			JNL/Mellon Capital Emerging Markets Index Fund			JNL/Mellon Capital European 30 Fund
Assets
Investments - unaffiliated, at value (a) (d)	$	3,003,175	$	637,558		$	1,319,907		$	1,151,410		$	1,289,914		$	794,669		$	259,663
Investments - affiliated, at value (b)		63,731		16,126			112,119			97,186			103,210			31,236			19,255
Total investments, at value (c)		3,066,906		653,684			1,432,026			1,248,596			1,393,124			825,905			278,918
Cash		660		3			78			17			148			468			–
Foreign currency (e)		–		1,015			–			–			1			4,619			104
Receivable for investments sold		3,837		–			–			17			290			–			482
Receivable for fund shares sold		1,167		202			1,187			1,656			388			574			427
Receivable from adviser		–		–			–			–			8			2			–
Receivable for dividends and interest		7,917		880			197			5,110			2,414			1,522			301
Receivable for variation margin on financial derivative instruments		–		–			–			–			–			17			–
Receivable for deposits with brokers and counterparties		663		–			–			–			–			–			–
Unrealized appreciation on forward foreign currency contracts		549		2,608			–			–			–			–			–
Unrealized appreciation on OTC swap agreements		–		–			–			–			–			–			–
OTC swap premiums paid		–		–			–			–			–			–			–
Total assets		3,081,699		658,392			1,433,488			1,255,396			1,396,373			833,107			280,232
Liabilities
Cash overdraft		–		–			–			–			–			–			–
Payable for advisory fees		2,216		363			734			407			992			260			68
Payable for administrative fees		394		84			115			105			172			102			45
Payable for 12b-1 fee (Class A)		186		40			82			75			81			48			16
Payable for investment securities purchased		3,024		–			–			–			644			13,025			1,116
Payable for fund shares redeemed		2,577		351			1,916			783			926			600			777
Payable for interest on forward sales commitments		–		–			–			–			–			–			–
Payable for interest expense and brokerage charges		–		–			–			–			–			–			–
Payable for trustee fees		55		31			24			49			48			9			2
Payable for other expenses		19		17			4			3			30			68			1
Payable for variation margin on financial derivative instruments		–		–			–			–			–			–			–
Payable for deposits from counterparties		1,323		–			–			–			–			–			–
Deferred foreign capital gains tax liability		–		–			–			–			319			233			–
Investment in forward sales commitments, at value (f)		–		–			–			–			–			–			–
Options written, at value (g)		922		–			–			–			–			–			–
Unrealized depreciation on forward foreign currency contracts		100		3,101			–			–			–			–			–
Unrealized depreciation on OTC swap agreements		–		–			–			–			–			–			–
OTC swap premiums received		–		–			–			–			–			–			–
Payable upon return of securities loaned		15,503		7,618			72,380			829			59,238			12,781			18,689
Total liabilities		26,319		11,605			75,255			2,251			62,450			27,126			20,714
Net assets	$	3,055,380	$	646,787		$	1,358,233		$	1,253,145		$	1,333,923		$	805,981		$	259,518
Net assets consist of:
Paid-in capital	$	2,651,631	$	821,762		$	968,654		$	1,168,277		$	1,391,085		$	848,624		$	268,140
Undistributed (excess of distributions over) net investment income (loss)		15,447		27,632			(230	)		30,762			28,442			13,400			7,667
Accumulated net realized gain (loss)		116,409		(184,209	)		176,950			(4,339	)		(1,976	)		(15,025	)		8,725
Net unrealized appreciation (depreciation) on investments and foreign currency		271,893		(18,398	)		212,859			58,445			(83,628	)		(41,018	)		(25,014	)
	$	3,055,380	$	646,787		$	1,358,233		$	1,253,145		$	1,333,923		$	805,981		$	259,518
Class A
Net assets	$	3,054,663	$	646,006		$	1,357,985		$	1,252,524		$	1,333,382		$	805,897		$	259,340
Shares outstanding (no par value), unlimited shares authorized		223,942		88,101			42,502			93,558			133,689			83,239			20,627
Net asset value per share	$	13.64	$	7.33		$	31.95		$	13.39		$	9.97		$	9.68		$	12.57
Class B
Net assets	$	717	$	781		$	248		$	621		$	541		$	84		$	178
Shares outstanding (no par value), unlimited shares authorized		52		104			8			44			54			9			14
Net asset value per share	$	13.70	$	7.50		$	32.38		$	14.02		$	10.03		$	9.72		$	12.67
(a)    Investments - unaffiliated, at cost	$	2,733,467	$	655,379		$	1,107,048		$	1,092,965		$	1,373,225		$	835,715		$	284,660
(b)    Investments - affiliated, at cost		63,731		16,126			112,119			97,186			103,210			31,236			19,255
(c)    Total investments, at cost	$	2,797,198	$	671,505		$	1,219,167		$	1,190,151		$	1,476,435		$	866,951		$	303,915
(d)    Including value of securities on loan	$	14,961	$	7,299		$	70,806		$	814		$	56,416		$	11,903		$	17,752
(e)    Foreign currency, at cost		–		1,066			–			–			2			4,643			105
(f)    Proceeds from forward sales commitments		–		–			–			–			–			–			–
(g)    Premiums from options written		2,673		–			–			–			–			–			–
(h)    Consolidated Statement of Assets and Liabilities.

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Statements of Assets and Liabilities (in thousands, except net asset value per share)

December 31, 2014

	JNL/Mellon Capital Pacific Rim 30 Fund		JNL/Mellon Capital S&P 500 Index Fund			JNL/Mellon Capital S&P 400 MidCap Index Fund		JNL/Mellon Capital Small Cap Index Fund			JNL/Mellon Capital International Index Fund			JNL/Mellon Capital Bond Index Fund		JNL/Mellon Capital Global Alpha Fund
Assets
Investments - unaffiliated, at value (a) (d)	$	172,575	$	4,273,825		$	1,862,655	$	1,901,134		$	2,152,462		$	900,811	$	40,955
Investments - affiliated, at value (b)		13,792		95,000			150,449		233,774			127,392			35,963		2,787
Total investments, at value (c)		186,367		4,368,825			2,013,104		2,134,908			2,279,854			936,774		43,742
Cash		–		118			–		5			–			104		74
Foreign currency (e)		107		–			–		–			2,279			–		–
Receivable for investments sold		–		–			–		–			–			43,599		–
Receivable for fund shares sold		511		2,871			872		1,170			2,810			2,548		13
Receivable from adviser		–		35			–		–			–			–		9
Receivable for dividends and interest		261		5,478			1,637		2,301			4,011			5,646		–
Receivable for variation margin on financial derivative instruments		–		–			–		2			89			–		186
Unrealized appreciation on forward foreign currency contracts		–		–			–		–			16			–		930
Unrealized appreciation on OTC swap agreements		–		–			–		–			–			–		–
OTC swap premiums paid		–		–			–		–			–			–		–
Total assets		187,246		4,377,327			2,015,613		2,138,386			2,289,059			988,671		44,954
Liabilities
Cash overdraft		111		–			–		–			–			–		–
Payable for advisory fees		46		833			392		398			488			213		38
Payable for administrative fees		29		352			159		161			287			77		6
Payable for 12b-1 fee (Class A)		10		251			114		115			134			53		3
Payable for investment securities purchased		–		–			5,575		357			–			56,076		–
Payable for fund shares redeemed		80		2,394			1,586		2,339			1,415			439		10
Payable for interest on forward sales commitments		–		–			–		–			–			24		–
Payable for interest expense and brokerage charges		–		–			–		–			–			–		–
Payable for trustee fees		3		93			40		63			64			54		9
Payable for other expenses		–		395			187		21			127			3		–
Payable for variation margin on financial derivative instruments		–		777			521		160			–			–		49
Deferred foreign capital gains tax liability		–		–			–		–			–			–		–
Investment in forward sales commitments, at value (f)		–		–			–		–			–			10,835		–
Options written, at value (g)		–		–			–		–			–			–		–
Unrealized depreciation on forward foreign currency contracts		–		–			–		–			770			–		497
Unrealized depreciation on OTC swap agreements		–		–			–		–			–			–		–
OTC swap premiums received		–		–			–		–			–			–		–
Payable upon return of securities loaned		13,792		200,925			111,795		216,971			60,366			22,572		–
Total liabilities		14,071		206,020			120,369		220,585			63,651			90,346		612
Net assets	$	173,175	$	4,171,307		$	1,895,244	$	1,917,801		$	2,225,408		$	898,325	$	44,342
Net assets consist of:
Paid-in capital	$	160,201	$	3,015,003		$	1,434,437	$	1,502,111		$	2,096,314		$	860,927	$	65,825
Undistributed (excess of distributions over) net investment income (loss)		4,756		5,359			4,114		185			(3,991	)		9,311		(442	)
Accumulated net realized gain (loss)		7,222		(44,989	)		8,989		(19,512	)		(47,931	)		1,566		(21,028	)
Net unrealized appreciation (depreciation) on investments and foreign currency		996		1,195,934			447,704		435,017			181,016			26,521		(13	)
	$	173,175	$	4,171,307		$	1,895,244	$	1,917,801		$	2,225,408		$	898,325	$	44,342
Class A
Net assets	$	172,925	$	4,131,640		$	1,878,431	$	1,895,881		$	2,190,126		$	892,848	$	44,201
Shares outstanding (no par value), unlimited shares authorized		12,647		241,439			98,871		108,578			165,985			75,817		4,964
Net asset value per share	$	13.67	$	17.11		$	19.00	$	17.46		$	13.19		$	11.78	$	8.90
Class B
Net assets	$	250	$	39,667		$	16,813	$	21,920		$	35,282		$	5,477	$	141
Shares outstanding (no par value), unlimited shares authorized		18		2,270			870		1,240			2,581			451		16
Net asset value per share	$	13.78	$	17.47		$	19.32	$	17.68		$	13.67		$	12.15	$	8.84
(a)    Investments - unaffiliated, at cost	$	171,576	$	3,080,596		$	1,415,244	$	1,466,749		$	1,977,747		$	874,307	$	40,699
(b)    Investments - affiliated, at cost		13,792		92,353			150,449		233,774			122,457			35,935		2,787
(c)    Total investments, at cost	$	185,368	$	3,172,949		$	1,565,693	$	1,700,523		$	2,100,204		$	910,242	$	43,486
(d)    Including value of securities on loan	$	12,958	$	194,243		$	108,359	$	209,943		$	57,014		$	22,134	$	–
(e)    Foreign currency, at cost		107		–			–		–			2,277			–		–
(f)    Proceeds from forward sales commitments		–		–			–		–			–			10,824		–
(g)    Premiums from options written		–		–			–		–			–			–		–

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Statements of Assets and Liabilities (in thousands, except net asset value per share)

December 31, 2014

	JNL/Mellon Capital Dow Jones U.S. Contrarian Opportunities Index Fund		JNL/Mellon Capital Utilities Sector Fund		JNL/Morgan Stanley Mid Cap Growth Fund		JNL/Neuberger Berman Strategic Income Fund			JNL/ Oppenheimer Global Growth Fund		JNL/ PIMCO Real Return Fund			JNL/ PIMCO Total Return Bond Fund
Assets
Investments - unaffiliated, at value (a) (d)	$	102,845	$	46,307	$	205,365	$	761,267		$	1,215,797	$	2,777,210		$	5,088,308
Investments - affiliated, at value (b)		7,408		1,879		37,311		77,288			61,466		4,022			37,769
Total investments, at value (c)		110,253		48,186		242,676		838,555			1,277,263		2,781,232			5,126,077
Cash		–		–		–		2,330			12		925			6,137
Foreign currency (e)		–		–		4		328			12		2,724			5,415
Receivable for investments sold		–		–		–		–			432		18,575			187,998
Receivable for fund shares sold		73		252		48		4,789			518		585			2,490
Receivable for treasury roll transactions		–		–		–		–			–		781,945			–
Receivable from adviser		–		–		–		–			–		–			–
Receivable for dividends and interest		37		81		32		4,930			927		12,446			32,851
Receivable for variation margin on financial derivative instruments		–		–		–		246			–		75			3,757
Receivable for deposits with brokers and counterparties		–		–		–		4,960			–		1,481			4,105
Unrealized appreciation on forward foreign currency contracts		–		–		–		–			–		21,624			86,425
Unrealized appreciation on OTC swap agreements		–		–		–		–			–		2,145			2,334
OTC swap premiums paid		–		–		–		–			–		1,140			4,697
Total assets		110,363		48,519		242,760		856,138			1,279,164		3,624,897			5,462,286
Liabilities
Cash overdraft		–		–		–		–			–		–			–
Payable for advisory fees		28		12		137		325			663		814			1,926
Payable for administrative fees		12		6		27		83			160		167			388
Payable for 12b-1 fee (Class A)		6		3		13		40			75		117			273
Payable for investment securities purchased		775		876		–		165,714			–		9,088			751,096
Payable for fund shares redeemed		59		1		287		73			352		1,781			2,962
Payable for treasury roll transactions		–		–		–		–			–		1,617,993			9,265
Payable for interest on forward sales commitments		–		–		–		–			–		–			–
Payable for trustee fees		1		–		2		4			33		85			164
Payable for other expenses		11		2		1		2			23		8			41
Payable for variation margin on financial derivative instruments		–		–		–		324			–		444			1,010
Payable for deposits from counterparties		–		–		–		–			–		8,856			44,665
Deferred foreign capital gains tax liability		–		–		–		–			30		–			–
Investment in forward sales commitments, at value (f)		–		–		–		–			–		–			–
Options written, at value (g)		–		–		–		–			–		3,492			5,164
Unrealized depreciation on forward foreign currency contracts		–		–		–		–			–		9,612			30,316
Unrealized depreciation on OTC swap agreements		–		–		–		–			–		14,974			9,633
OTC swap premiums received		–		–		–		–			–		1,849			7,935
Payable upon return of securities loaned		6,564		1,002		27,926		21,591			43,589		4,022			37,769
Total liabilities		7,456		1,902		28,393		188,156			44,925		1,673,302			902,607
Net assets	$	102,907	$	46,617	$	214,367	$	667,982		$	1,234,239	$	1,951,595		$	4,559,679
Net assets consist of:
Paid-in capital	$	77,203	$	41,992	$	198,475	$	646,346		$	975,732	$	2,187,635		$	4,528,740
Undistributed (excess of distributions over) net investment income (loss)		372		589		–		11,267			12,577		47,151			(31,310	)
Accumulated net realized gain (loss)		20,376		150		9,421		11,587			32,046		(152,141	)		3,994
Net unrealized appreciation (depreciation) on investments and foreign currency		4,956		3,886		6,471		(1,218	)		213,884		(131,050	)		58,255
	$	102,907	$	46,617	$	214,367	$	667,982		$	1,234,239	$	1,951,595		$	4,559,679
Class A
Net assets	$	102,737	$	46,617	$	214,231	$	667,837		$	1,233,220	$	1,950,838		$	4,541,679
Shares outstanding (no par value), unlimited shares authorized		8,289		3,934		16,537		61,342			86,920		186,506			360,090
Net asset value per share	$	12.39	$	11.85	$	12.95	$	10.89		$	14.19	$	10.46		$	12.61
Class B
Net assets	$	170		N/A	$	136	$	145		$	1,019	$	757		$	18,000
Shares outstanding (no par value), unlimited shares authorized		14		N/A		10		13			71		72			1,334
Net asset value per share	$	12.43		N/A	$	13.01	$	10.94		$	14.39	$	10.56		$	13.50
(a)    Investments - unaffiliated, at cost	$	97,889	$	42,421	$	198,894	$	761,641		$	1,001,850	$	2,894,752		$	5,065,054
(b)    Investments - affiliated, at cost		7,408		1,879		37,311		77,288			61,466		4,022			37,769
(c)    Total investments, at cost	$	105,297	$	44,300	$	236,205	$	838,929		$	1,063,316	$	2,898,774		$	5,102,823
(d)    Including value of securities on loan	$	6,349	$	967	$	27,391	$	21,085		$	42,070	$	3,922		$	36,840
(e)    Foreign currency, at cost		–		–		4		347			12		2,764			5,285
(f)    Proceeds from forward sales commitments		–		–		–		–			–		–			–
(g)    Premiums from options written		–		–		–		–			–		3,750			8,343

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Statements of Assets and Liabilities (in thousands, except net asset value per share)

December 31, 2014

	JNL/PPM America Floating Rate Income Fund			JNL/PPM America High Yield Bond Fund			JNL/PPM America Mid Cap Value Fund		JNL/PPM America Small Cap Value Fund			JNL/PPM America Value Equity Fund			JNL/Red Rocks Listed Private Equity Fund			JNL/S&P Competitive Advantage Fund
Assets
Investments - unaffiliated, at value (a) (d)	$	1,571,003		$	2,604,656		$	390,070	$	225,594		$	213,380		$	848,404		$	2,864,787
Investments - affiliated, at value (b)		–			425,982			19,493		14,817			5,563			13,296			86,273
Total investments, at value (c)		1,571,003			3,030,638			409,563		240,411			218,943			861,700			2,951,060
Cash		7,952			884			–		–			–			360			–
Foreign currency (e)		–			–			–		–			–			–			–
Receivable for investments sold		37,455			16,510			–		–			–			–			–
Receivable for fund shares sold		1,208			890			387		118			91			244			772
Receivable from adviser		–			–			20		5			–			–			–
Receivable for dividends and interest		8,372			42,323			394		172			316			1,247			264
Receivable for variation margin on financial derivative instruments		–			–			–		–			–			–			–
Receivable for deposits with brokers and counterparties		181			2,055			–		–			–			–			–
Unrealized appreciation on forward foreign currency contracts		–			–			–		–			–			–			–
Unrealized appreciation on OTC swap agreements		–			–			–		–			–			–			–
OTC swap premiums paid		–			–			–		–			–			–			–
Total assets		1,626,171			3,093,300			410,364		240,706			219,350			863,551			2,952,096
Liabilities
Cash overdraft		–			–			–		–			–			–			–
Payable for advisory fees		858			1,008			246		136			99			596			840
Payable for administrative fees		209			233			32		18			18			110			234
Payable for 12b-1 fee (Class A)		97			164			24		13			13			52			169
Payable for investment securities purchased		11,856			25,966			–		–			1,103			988			–
Payable for fund shares redeemed		1,393			3,185			151		181			91			3,791			997
Payable for interest on forward sales commitments		–			–			–		–			–			–			–
Payable for interest expense and brokerage charges		–			–			–		–			–			–			–
Payable for trustee fees		19			60			6		3			8			21			30
Payable for other expenses		42			6			1		–			–			18			6
Payable for variation margin on financial derivative instruments		29			290			–		–			–			–			–
Deferred foreign capital gains tax liability		–			–			–		–			–			–			–
Investment in forward sales commitments, at value (f)		–			–			–		–			–			–			–
Options written, at value (g)		–			–			–		–			–			–			–
Unrealized depreciation on forward foreign currency contracts		–			–			–		–			–			–			–
Unrealized depreciation on OTC swap agreements		–			–			–		–			–			–			–
OTC swap premiums received		–			–			–		–			–			–			–
Payable upon return of securities loaned		–			320,537			18,111		14,475			4,288			9,500			149,037
Total liabilities		14,503			351,449			18,571		14,826			5,620			15,076			151,313
Net assets	$	1,611,668		$	2,741,851		$	391,793	$	225,880		$	213,730		$	848,475		$	2,800,783
Net assets consist of:
Paid-in capital	$	1,602,426		$	2,848,642		$	293,403	$	211,597		$	243,884		$	680,688		$	2,324,673
Undistributed (excess of distributions over) net investment income (loss)		58,713			992			2,583		394			(7	)		(18,841	)		19,627
Accumulated net realized gain (loss)		(557	)		6,017			40,586		(1,104	)		(74,493	)		6,615			260,433
Net unrealized appreciation (depreciation) on investments and foreign currency		(48,914	)		(113,800	)		55,221		14,993			44,346			180,013			196,050
	$	1,611,668		$	2,741,851		$	391,793	$	225,880		$	213,730		$	848,475		$	2,800,783
Class A
Net assets	$	1,611,668		$	2,729,886		$	391,525	$	211,532		$	212,739		$	847,960		$	2,800,241
Shares outstanding (no par value), unlimited shares authorized		151,337			410,240			25,197		18,784			11,017			77,716			165,820
Net asset value per share	$	10.65		$	6.65		$	15.54	$	11.26		$	19.31		$	10.91		$	16.89
Class B
Net assets		N/A		$	11,965		$	268	$	14,348		$	991		$	515		$	542
Shares outstanding (no par value), unlimited shares authorized		N/A			1,579			17		1,269			51			47			32
Net asset value per share		N/A		$	7.58		$	15.61	$	11.31		$	19.38		$	11.01		$	16.97
(a)    Investments - unaffiliated, at cost	$	1,619,838		$	2,716,139		$	334,849	$	210,601		$	169,034		$	668,323		$	2,668,737
(b)    Investments - affiliated, at cost		–			425,982			19,493		14,817			5,563			13,296			86,273
(c)    Total investments, at cost	$	1,619,838		$	3,142,121		$	354,342	$	225,418		$	174,597		$	681,619		$	2,755,010
(d)    Including value of securities on loan	$	–		$	312,789		$	17,221	$	13,484		$	4,030		$	9,279		$	144,077
(e)    Foreign currency, at cost		–			–			–		–			–			–			–
(f)    Proceeds from forward sales commitments		–			–			–		–			–			–			–
(g)    Premiums from options written		–			–			–		–			–			–			–

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Statements of Assets and Liabilities (in thousands, except net asset value per share)

December 31, 2014

	JNL/S&P Dividend Income & Growth Fund		JNL/S&P International 5 Fund			JNL/S&P Intrinsic Value Fund		JNL/S&P Mid 3 Fund		JNL/S&P Total Yield Fund		JNL/Scout Unconstrained Bond Fund			JNL/T. Rowe Price Established Growth Fund
Assets
Investments - unaffiliated, at value (a) (d)	$	4,378,382	$	122,751		$	2,626,996	$	164,193	$	1,911,357	$	675,460		$	4,898,786
Investments - affiliated, at value (b)		35,713		605			94,088		2,517		12,449		12,662			209,633
Total investments, at value (c)		4,414,095		123,356			2,721,084		166,710		1,923,806		688,122			5,108,419
Cash		–		–			–		–		–		487			807
Foreign currency (e)		–		118			–		–		–		–			89
Receivable for investments sold		–		–			–		–		–		–			9,325
Receivable for fund shares sold		5,662		111			9,264		256		1,523		144			2,032
Receivable from adviser		–		–			–		–		–		–			–
Receivable for dividends and interest		8,025		232			2,945		183		3,184		1,985			1,990
Receivable for variation margin on financial derivative instruments		–		–			–		–		–		28			–
Receivable for deposits with brokers and counterparties		–		–			–		–		–		6,530			–
Unrealized appreciation on forward foreign currency contracts		–		–			–		–		–		4,664			–
Unrealized appreciation on OTC swap agreements		–		–			–		–		–		–			–
OTC swap premiums paid		–		–			–		–		–		–			–
Total assets		4,427,782		123,817			2,733,293		167,149		1,928,513		701,960			5,122,662
Liabilities
Cash overdraft		–		–			–		–		–		–			–
Payable for advisory fees		1,280		47			789		67		581		383			2,338
Payable for administrative fees		360		16			219		13		160		88			420
Payable for 12b-1 fee (Class A)		261		8			160		10		116		42			297
Payable for investment securities purchased		19,540		219			13,196		864		–		–			21,168
Payable for fund shares redeemed		4,614		25			2,727		157		1,284		41			2,732
Payable for interest on forward sales commitments		–		–			–		–		–		–			–
Payable for interest expense and brokerage charges		–		–			–		–		–		–			–
Payable for trustee fees		59		–			29		1		22		3			101
Payable for other expenses		9		1			5		1		4		3			12
Payable for variation margin on financial derivative instruments		–		–			–		–		–		577			–
Deferred foreign capital gains tax liability		–		–			–		–		–		–			–
Investment in forward sales commitments, at value (f)		–		–			–		–		–		–			–
Options written, at value (g)		–		–			–		–		–		–			–
Unrealized depreciation on forward foreign currency contracts		–		–			–		–		–		4,795			–
Unrealized depreciation on OTC swap agreements		–		–			–		–		–		–			–
OTC swap premiums received		–		–			–		–		–		–			–
Payable upon return of securities loaned		122,953		–			79,167		1,045		8,765		–			147,636
Total liabilities		149,076		316			96,292		2,158		10,932		5,932			174,704
Net assets	$	4,278,706	$	123,501		$	2,637,001	$	164,991	$	1,917,581	$	696,028		$	4,947,958
Net assets consist of:
Paid-in capital	$	3,617,837	$	130,037		$	2,110,942	$	150,463	$	1,607,132	$	716,980		$	3,508,946
Undistributed (excess of distributions over) net investment income (loss)		97,848		1,021			29,837		699		30,438		155			(93	)
Accumulated net realized gain (loss)		228,542		(3	)		317,815		6,573		252,910		(14,385	)		63,816
Net unrealized appreciation (depreciation) on investments and foreign currency		334,479		(7,554	)		178,407		7,256		27,101		(6,722	)		1,375,289
	$	4,278,706	$	123,501		$	2,637,001	$	164,991	$	1,917,581	$	696,028		$	4,947,958
Class A
Net assets	$	4,277,523	$	123,501		$	2,636,223	$	164,875	$	1,917,060	$	696,028		$	4,884,766
Shares outstanding (no par value), unlimited shares authorized		280,207		13,054			159,322		14,445		127,251		72,336			147,160
Net asset value per share	$	15.27	$	9.46		$	16.55	$	11.41	$	15.07	$	9.62		$	33.19
Class B
Net assets	$	1,183		N/A		$	778	$	116	$	521		N/A		$	63,192
Shares outstanding (no par value), unlimited shares authorized		77		N/A			46		10		34		N/A			1,864
Net asset value per share	$	15.42		N/A		$	16.80	$	11.43	$	15.17		N/A		$	33.90
(a)    Investments - unaffiliated, at cost	$	4,043,904	$	130,302		$	2,448,589	$	156,937	$	1,884,256	$	675,973		$	3,523,479
(b)    Investments - affiliated, at cost		35,713		605			94,088		2,517		12,449		12,662			209,633
(c)    Total investments, at cost	$	4,079,617	$	130,907		$	2,542,677	$	159,454	$	1,896,705	$	688,635		$	3,733,112
(d)    Including value of securities on loan	$	118,118	$	–		$	77,003	$	1,018	$	8,318	$	–		$	144,258
(e)    Foreign currency, at cost		–		118			–		–		–		–			90
(f)    Proceeds from forward sales commitments		–		–			–		–		–		–			–
(g)    Premiums from options written		–		–			–		–		–		–			–

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Statements of Assets and Liabilities (in thousands, except net asset value per share)

December 31, 2014

	JNL/T. Rowe Price Mid-Cap Growth Fund			JNL/T. Rowe Price Short- Term Bond Fund			JNL/T. Rowe Price Value Fund		JNL/WMC Balanced Fund		JNL/WMC Money Market Fund			JNL/WMC Value Fund
Assets
Investments - unaffiliated, at value (a) (d)	$	2,940,330		$	1,749,565		$	3,538,647	$	4,368,989	$	915,118		$	1,816,489
Investments - affiliated, at value (b)		255,603			51,047			92,492		276,000		–			32,156
Repurchase agreements		–			–			–		–		210,700			–
Total investments, at value (c)		3,195,933			1,800,612			3,631,139		4,644,989		1,125,818			1,848,645
Cash		529			216			106		505		175,130			66
Foreign currency (e)		81			–			65		–		–			–
Receivable for investments sold		217			20			382		205,852		13			–
Receivable for fund shares sold		1,522			1,456			952		2,357		3,932			1,063
Receivable from adviser		–			–			15		–		405			–
Receivable for dividends and interest		775			7,320			4,893		10,007		533			2,691
Receivable for variation margin on financial derivative instruments		–			–			–		–		–			–
Unrealized appreciation on forward foreign currency contracts		–			–			–		–		–			–
Unrealized appreciation on OTC swap agreements		–			–			–		–		–			–
OTC swap premiums paid		–			–			–		–		–			–
Total assets		3,199,057			1,809,624			3,637,552		4,863,710		1,305,831			1,852,465
Liabilities
Cash overdraft		–			–			–		–		–			–
Payable for advisory fees		1,809			612			1,821		1,540		287			737
Payable for administrative fees		257			152			299		357		109			157
Payable for 12b-1 fee (Class A)		182			107			217		257		77			110
Payable for investment securities purchased		1,187			4,542			1,009		332,783		8,719			–
Payable for fund shares redeemed		1,454			1,612			1,794		1,188		2,856			1,735
Payable for interest on forward sales commitments		–			–			–		–		–			–
Payable for interest expense and brokerage charges		–			–			–		–		–			–
Payable for trustee fees		72			49			68		80		57			55
Payable for other expenses		7			4			7		8		3			5
Payable for variation margin on financial derivative instruments		–			5			–		90		–			–
Deferred foreign capital gains tax liability		–			–			–		–		–			–
Investment in forward sales commitments, at value (f)		–			–			–		203,098		–			–
Options written, at value (g)		–			–			–		–		–			–
Unrealized depreciation on forward foreign currency contracts		–			312			–		–		–			–
Unrealized depreciation on OTC swap agreements		–			–			–		–		–			–
OTC swap premiums received		–			–			–		–		–			–
Payable upon return of securities loaned		137,016			20,089			65,658		77,400		–			13,099
Total liabilities		141,984			27,484			70,873		616,801		12,108			15,898
Net assets	$	3,057,073		$	1,782,140		$	3,566,679	$	4,246,909	$	1,293,723		$	1,836,567
Net assets consist of:
Paid-in capital	$	2,173,252		$	1,803,786		$	2,628,540	$	3,360,685	$	1,293,759		$	1,234,501
Undistributed (excess of distributions over) net investment income (loss)		(72	)		17,153			32,252		58,798		(42	)		16,727
Accumulated net realized gain (loss)		16,299			(35,689	)		305,856		190,501		6			24,260
Net unrealized appreciation (depreciation) on investments and foreign currency		867,594			(3,110	)		600,031		636,925		–			561,079
	$	3,057,073		$	1,782,140		$	3,566,679	$	4,246,909	$	1,293,723		$	1,836,567
Class A
Net assets	$	2,992,442		$	1,780,915		$	3,565,349	$	4,245,398	$	1,286,438		$	1,804,121
Shares outstanding (no par value), unlimited shares authorized		76,982			180,397			206,818		191,282		1,286,472			74,392
Net asset value per share	$	38.87		$	9.87		$	17.24	$	22.19	$	1.00		$	24.25
Class B
Net assets	$	64,631		$	1,225		$	1,330	$	1,511	$	7,285		$	32,446
Shares outstanding (no par value), unlimited shares authorized		1,613			123			75		66		7,286			1,311
Net asset value per share	$	40.07		$	9.97		$	17.79	$	22.75	$	1.00		$	24.74
(a)    Investments - unaffiliated, at cost	$	2,072,735		$	1,752,360		$	2,938,612	$	3,731,688	$	1,125,818		$	1,255,385
(b)    Investments - affiliated, at cost		255,603			51,047			92,492		276,000		–			32,156
(c)    Total investments, at cost	$	2,328,338		$	1,803,407		$	3,031,104	$	4,007,688	$	1,125,818		$	1,287,541
(d)    Including value of securities on loan	$	133,762		$	19,730		$	63,316	$	75,586	$	–		$	12,738
(e)    Foreign currency, at cost		81			–			65		–		–			–
(f)    Proceeds from forward sales commitments		–			–			–		202,746		–			–
(g)    Premiums from options written		–			–			–		–		–			–

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Statements of Operations (in thousands)

For the Year Ended December 31, 2014

	JNL/Alliance Bernstein Dynamic Asset Allocation Fund(b)(c)			JNL/ AQR Managed Futures Strategy Fund(b)			JNL/BlackRock Commodity Securities Strategy Fund(b)			JNL/BlackRock Global Allocation Fund(b)			JNL/BlackRock Large Cap Select Growth Fund			JNL/Boston Partners Global Long Short Equity Fund(d)			JNL/Brookfield Global Infrastructure and MLP Fund
Investment income
Dividends (a)	$	236		$	12		$	16,769		$	48,209		$	7,977		$	1,677		$	26,247
Foreign taxes withheld		–			–			(89	)		(1,843	)		(12	)		(55	)		(977	)
Net interest (amortization)		(4	)		109			352			22,700			–			–			1
Securities lending (a)		–			–			233			1,367			144			–			690
Total investment income		232			121			17,265			70,433			8,109			1,622			25,961
Expenses
Advisory fees		99			4,208			8,945			23,011			6,841			1,205			8,331
Administrative fees		19			886			2,161			4,823			1,117			151			1,574
12b-1 fees (Class A)		26			886			2,880			6,431			2,232			201			2,098
Licensing fees		–			–			–			–			–			–			–
Legal fees		–			2			7			34			5			1			5
Trustee fees		–			6			22			46			16			1			14
Dividends on securities sold short		–			–			–			78			–			433			–
Interest expense		–			–			–			5			–			281			–
Other expenses		3			22			18			67			12			1			14
Total expenses		147			6,010			14,033			34,495			10,223			2,274			12,036
Expense waiver		–			–			–			–			–			–			–
Net expenses		147			6,010			14,033			34,495			10,223			2,274			12,036
Net investment income (loss)		85			(5,889	)		3,232			35,938			(2,114	)		(652	)		13,925
Realized and unrealized gain (loss)
Net realized gain (loss) on:
Unaffiliated investments		224			1			7,408			192,875	(e)		96,299			(4,868	)		37,211
Affiliated investments		–			–			–			–			–			–			–
Swap agreements		63			9,168			–			94			–			644			–
Foreign currency related items		(149	)		13,888			93			35,317			(264	)		(323	)		(853	)
Futures contracts		80			21,435			–			(17,586	)		–			–			–
Written option contracts		22			–			–			4,523			–			–			–
Investment securities sold short		–			–			–			(118	)		–			2,473			–
Brokerage commissions recaptured		–			–			4			43			3			–			250
Net change in unrealized appreciation (depreciation) on:
Investments		(4	)		(18	)		(188,788	)		(207,330	)(f)		6,381			1,685			(12,908	)
OTC swap agreements		4			624			–			1,903			–			(1,283	)		–
Foreign currency related items		(21	)		(6,778	)		(2	)		12,653			(533	)		(167	)		(14	)
Futures contracts and centrally cleared swap agreements		92			7,360			–			3,092			–			–			–
Written option contracts		–			–			–			(3,589	)		–			(290	)		–
Investment securities sold short		–			–			–			(83	)		–			(1,809	)		–
Net realized and unrealized gain (loss)		311			45,680			(181,285	)		21,794			101,886			(3,938	)		23,686
Net increase (decrease) in net assets from operations	$	396		$	39,791		$	(178,053	)	$	57,732		$	99,772		$	(4,590	)	$	37,611
(a)    Income from affiliated investments	$	1		$	12		$	237		$	1,367		$	146		$	3		$	694
(b)    Consolidated Statement of Operations.
(c)    Period from April 28, 2014 (commencement of operations).
(d)    Period from September 15, 2014 (commencement of operations).
(e)    Net of foreign capital gains taxes.
(f)    Net of deferred foreign capital gains taxes.

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Statements of Operations (in thousands)

For the Year Ended December 31, 2014

	JNL/Capital Guardian Global Balanced Fund			JNL/Capital Guardian Global Diversified Research Fund			JNL/DFA U.S. Core Equity Fund			JNL/Eagle SmallCap Equity Fund			JNL/Eastspring Investments Asia ex-Japan Fund			JNL/Eastspring Investments China-India Fund			JNL/Franklin Templeton Global Growth Fund
Investment income
Dividends (a)	$	7,249		$	8,663		$	10,963		$	7,824		$	4,956		$	10,045		$	38,264
Foreign taxes withheld		(383	)		(454	)		–			(22	)		(422	)		(500	)		(1,523	)
Interest		3,985			–			–			–			–			–			–
Securities lending (a)		298			206			253			2,836			17			34			786
Total investment income		11,149			8,415			11,216			10,638			4,551			9,579			37,527
Expenses
Advisory fees		3,144			3,033			3,565			10,133			1,271			3,222			7,562
Administrative fees		726			634			612			1,512			211			716			1,753
12b-1 fees (Class A)		966			844			1,223			3,023			282			716			2,336
Licensing fees		–			–			–			–			–			–			–
Legal fees		2			2			2			7			1			2			5
Trustee fees		7			6			9			23			2			5			17
Dividends on securities sold short		–			–			–			–			–			–			–
Short holdings borrowing fees		–			–			–			–			–			–			–
Other expenses		19			15			6			25			29			29			16
Total expenses		4,864			4,534			5,417			14,723			1,796			4,690			11,689
Expense waiver		–			–			(506	)		–			–			–			–
Net expenses		4,864			4,534			4,911			14,723			1,796			4,690			11,689
Net investment income (loss)		6,285			3,881			6,305			(4,085	)		2,755			4,889			25,838
Realized and unrealized gain (loss)
Net realized gain (loss) on:
Unaffiliated investments		32,627	(b)		37,764	(b)		25,998			192,030			6,877	(b)		3,250	(b)		28,382
Affiliated investments		–			–			–			–			–			–			–
Swap agreements		–			–			–			–			–			–			–
Foreign currency related items		853			(76	)		–			–			(54	)		(242	)		(84	)
Futures contracts		–			–			(263	)		–			–			–			–
Written option contracts		–			–			–			–			–			–			–
Investment securities sold short		–			–			–			–			–			–			–
Brokerage commissions recaptured		10			9			–			85			–			–			43
Net change in unrealized appreciation (depreciation) on:
Investments		(37,155	)(c)		(31,842	)(c)		26,874			(155,901	)		(2,564	)(c)		29,710	(c)		(92,122	)
OTC swap agreements		–			–			–			–			–			–			–
Foreign currency related items		(25	)		(25	)		–			–			6			14			(65	)
Futures contracts and centrally cleared swap agreements		–			–			–			–			–			–			–
Written option contracts		–			–			–			–			–			–			–
Investment securities sold short		–			–			–			–			–			–			–
Net realized and unrealized gain (loss)		(3,690	)		5,830			52,609			36,214			4,265			32,732			(63,846	)
Net increase (decrease) in net assets from operations	$	2,595		$	9,711		$	58,914		$	32,129		$	7,020		$	37,621		$	(38,008	)
(a)    Income from affiliated investments	$	304		$	208		$	254		$	2,838		$	17		$	35		$	792
(b)    Net of foreign capital gains taxes.
(c)    Net of deferred foreign capital gains taxes.

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Statements of Operations (in thousands)

For the Year Ended December 31, 2014

	JNL/Franklin Templeton Global Multisector Bond Fund			JNL/Franklin Templeton Income Fund			JNL/Franklin Templeton International Small Cap Growth Fund			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
Investment income
Dividends (a)	$	14		$	57,589		$	11,627		$	36,552		$	14,481		$	5		$	2
Foreign taxes withheld		(960	)		(650	)		(836	)		(783	)		(18	)		(1	)		(325	)
Interest		94,136			70,015			–			6,166			43			22,258			42,396
Securities lending (a)		588			1,482			288			190			837			94			93
Total investment income		93,778			128,436			11,079			42,125			15,343			22,356			42,166
Expenses
Advisory fees		14,167			15,918			4,431			8,677			8,375			4,935			5,173
Administrative fees		2,931			2,569			699			1,204			1,082			852			1,087
12b-1 fees (Class A)		3,907			5,138			932			2,407			2,163			1,703			1,449
Licensing fees		–			–			–			–			–			–			–
Legal fees		9			64			2			12			5			4			3
Trustee fees		28			37			7			18			16			12			11
Dividends on securities sold short		–			–			–			–			–			–			–
Short holdings borrowing fees		–			–			–			–			–			–			–
Other expenses		23			29			17			23			13			9			23
Total expenses		21,065			23,755			6,088			12,341			11,654			7,515			7,746
Expense waiver		(250	)		–			–			–			–			–			(81	)
Net expenses		20,815			23,755			6,088			12,341			11,654			7,515			7,665
Net investment income (loss)		72,963			104,681			4,991			29,784			3,689			14,841			34,501
Realized and unrealized gain (loss)
Net realized gain (loss) on:
Unaffiliated investments		(15,994	)(b)		80,189			33,483	(b)		52,765			65,728			6,568			(34,877	)(b)
Affiliated investments		–			–			–			–			–			–			–
Swap agreements		(4,526	)		–			–			–			–			(7,966	)		(8,285	)
Foreign currency related items		26,370			(743	)		(78	)		(6,319	)		(49	)		6,053			(2,687	)
Futures contracts		–			–			–			–			–			1,230			(7,735	)
Written option contracts		–			–			–			–			–			–			–
Investment securities sold short		–			–			–			–			–			–			–
Brokerage commissions recaptured		–			13			–			–			–			–			–
Net change in unrealized appreciation (depreciation) on:
Investments		(149,960	)(c)		(121,435	)		(85,619	)(c)		(8,890	)		(70,460	)		27,829			(10,539	)(c)
OTC swap agreements		(14,483	)		–			–			–			–			(2,267	)		(337	)
Foreign currency related items		76,994			(978	)		(13	)		16,829			–			1,374			(702	)
Futures contracts and centrally cleared swap agreements		(3,080	)		–			–			–			–			(4,607	)		(782	)
Written option contracts		–			–			–			–			–			–			–
Investment securities sold short		–			–			–			–			–			–			–
Net realized and unrealized gain (loss)		(84,679	)		(42,954	)		(52,227	)		54,385			(4,781	)		28,214			(65,944	)
Net increase (decrease) in net assets from operations	$	(11,716	)	$	61,727		$	(47,236	)	$	84,169		$	(1,092	)	$	43,055		$	(31,443	)
(a)    Income from affiliated investments	$	602		$	1,496		$	290		$	203		$	846		$	99		$	95
(b)    Net of foreign capital gains taxes.
(c)    Net of deferred foreign capital gains taxes.

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Statements of Operations (in thousands)

For the Year Ended December 31, 2014

	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 Mid Cap Value Fund			JNL/Invesco Small Cap Growth Fund
Investment income
Dividends (a)	$	20,733		$	5,022		$	50,619		$	38,172		$	7,354		$	6,030		$	7,280
Foreign taxes withheld		(1	)		(9	)		(2,296	)		(2,790	)		(40	)		(33	)		–
Interest		–			–			–			–			–			–			–
Securities lending (a)		54			126			536			640			105			20			735
Total investment income		20,786			5,139			48,859			36,022			7,419			6,017			8,015
Expenses
Advisory fees		8,892			1,906			12,778			8,803			6,658			3,150			6,727
Administrative fees		1,263			358			2,733			2,120			1,012			461			822
12b-1 fees (Class A)		2,482			477			3,642			2,825			2,023			923			1,643
Licensing fees		–			–			–			–			–			–			–
Legal fees		6			1			8			6			5			2			3
Trustee fees		18			3			26			20			15			7			12
Dividends on securities sold short		–			1,399			–			–			–			–			–
Short holdings borrowing fees		–			1,105			–			–			–			–			–
Other expenses		15			5			24			17			13			4			10
Total expenses		12,676			5,254			19,211			13,791			9,726			4,547			9,217
Expense waiver		(191	)		–			–			–			–			–			(125	)
Net expenses		12,485			5,254			19,211			13,791			9,726			4,547			9,092
Net investment income (loss)		8,301			(115	)		29,648			22,231			(2,307	)		1,470			(1,077	)
Realized and unrealized gain (loss)
Net realized gain (loss) on:
Unaffiliated investments		183,517			37,229			47,916			65,881			112,439			15,983			78,712
Affiliated investments		–			–			–			–			–			–			–
Swap agreements		–			–			–			–			–			–			–
Foreign currency related items		–			–			(274	)		(652	)		(9	)		417			–
Futures contracts		–			–			–			–			–			–			–
Written option contracts		–			–			–			–			–			–			–
Investment securities sold short		–			(11,859	)		–			–			–			–			–
Brokerage commissions recaptured		125			18			47			24			53			24			22
Net change in unrealized appreciation (depreciation) on:
Investments		(36,252	)		1,806			168,974			(89,673	)		(34,530	)		19,406			(14,982	)
OTC swap agreements		–			–			–			–			–			–			–
Foreign currency related items		–			–			(24	)		(166	)		–			67			–
Futures contracts and centrally cleared swap agreements		–			–			–			–			–			–			–
Written option contracts		–			–			–			–			–			–			–
Investment securities sold short		–			3,902			–			–			–			–			–
Net realized and unrealized gain (loss)		147,390			31,096			216,639			(24,586	)		77,953			35,897			63,752
Net increase (decrease) in net assets from operations	$	155,691		$	30,981		$	246,287		$	(2,355	)	$	75,646		$	37,367		$	62,675
(a)    Income from affiliated investments	$	60		$	2		$	541		$	655		$	107		$	23		$	738

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Statements of Operations (in thousands)

For the Year Ended December 31, 2014

	JNL/Ivy Asset Strategy Fund(b)			JNL/JPMorgan International Value Fund			JNL/JPMorgan MidCap Growth Fund			JNL/JPMorgan U.S. Government & Quality Bond Fund		JNL/Lazard Emerging Markets Fund			JNL/Mellon Capital Emerging Markets Index Fund			JNL/Mellon Capital European 30 Fund
Investment income
Dividends (a)	$	52,291		$	32,916		$	7,580		$	9	$	50,682		$	22,775		$	9,875
Foreign taxes withheld		(930	)		(1,305	)		(7	)		–		(4,679	)		(2,542	)		(535	)
Interest		10,434			–			–			36,424		–			–			–
Securities lending (a)		769			862			513			11		678			177			285
Total investment income		62,564			32,473			8,086			36,444		46,681			20,410			9,625
Expenses
Advisory fees		26,797			4,438			8,919			4,705		12,820			2,976			771
Administrative fees		4,764			1,028			1,403			1,208		2,223			1,168			508
12b-1 fees (Class A)		6,350			1,369			2,806			2,416		2,962			1,558			508
Licensing fees		–			–			–			–		–			162			–
Legal fees		14			3			6			6		7			4			1
Trustee fees		47			10			21			18		22			11			4
Dividends on securities sold short		–			–			–			–		–			–			–
Short holdings borrowing fees		–			–			–			–		–			–			–
Other expenses		47			24			18			14		62			42			2
Total expenses		38,019			6,872			13,173			8,367		18,096			5,921			1,794
Expense waiver		–			–			–			–		(100	)		(9	)		–
Net expenses		38,019			6,872			13,173			8,367		17,996			5,912			1,794
Net investment income (loss)		24,545			25,601			(5,087	)		28,077		28,685			14,498			7,831
Realized and unrealized gain (loss)
Net realized gain (loss) on:
Unaffiliated investments		130,620			28,509			182,574			1,308		10,833	(c)		(3,247	)(c)		11,738
Affiliated investments		–			–			–			–		–			–			–
Swap agreements		–			–			–			–		–			–			–
Foreign currency related items		6,808			4,297			(1	)		–		(200	)		(330	)		(102	)
Futures contracts		(16,433	)		81			–			–		–			(5	)		–
Written option contracts		7,479			–			–			–		–			–			–
Investment securities sold short		–			–			–			–		–			–			–
Brokerage commissions recaptured		647			8			23			–		24			–			–
Net change in unrealized appreciation (depreciation) on:
Investments		(265,534	)		(131,860	)		(34,235	)		32,989		(109,578	)(d)		(46,294	)(d)		(39,319	)
OTC swap agreements		–			–			–			–		–			–			–
Foreign currency related items		(14,279	)		(196	)		–			–		12			(47	)		(24	)
Futures contracts and centrally cleared swap agreements		(7,207	)		–			–			–		–			260			–
Written option contracts		991			–			–			–		–			–			–
Investment securities sold short		–			–			–			–		–			–			–
Net realized and unrealized gain (loss)		(156,908	)		(99,161	)		148,361			34,297		(98,909	)		(49,663	)		(27,707	)
Net increase (decrease) in net assets from operations	$	(132,363	)	$	(73,560	)	$	143,274		$	62,374	$	(70,224	)	$	(35,165	)	$	(19,876	)
(a)    Income from affiliated investments	$	775		$	864		$	517		$	20	$	682		$	179		$	285
(b)    Consolidated Statement of Operations.
(c)    Net of foreign capital gains taxes.
(d)    Net of deferred foreign capital gains taxes.

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Statements of Operations (in thousands)

For the Year Ended December 31, 2014

	JNL/Mellon Capital Pacific Rim 30 Fund			JNL/Mellon Capital S&P 500 Index Fund			JNL/Mellon Capital S&P 400 MidCap Index Fund			JNL/Mellon Capital Small Cap Index Fund			JNL/Mellon Capital International Index Fund			JNL/Mellon Capital Bond Index Fund		JNL/Mellon Capital Global Alpha Fund
Investment income
Dividends (a)	$	6,153		$	71,333		$	24,715		$	24,481		$	91,481		$	4	$	1
Foreign taxes withheld		(228	)		(17	)		–			(2	)		(4,768	)		–		–
Interest (a)		–			–			–			–			–			30,198		55
Securities lending (a)		120			252			1,354			4,768			1,924			134		–
Total investment income		6,045			71,568			26,069			29,247			88,637			30,336		56
Expenses
Advisory fees		542			8,437			4,360			4,558			5,959			3,194		795
Administrative fees		344			3,549			1,754			1,841			3,521			1,195		119
12b-1 fees (Class A)		344			7,029			3,477			3,639			4,626			2,380		159
Licensing fees		–			709			351			65			421			–		–
Legal fees		1			17			8			9			11			6		–
Trustee fees		2			51			26			27			35			18		2
Dividends on securities sold short		–			–			–			–			–			–		–
Short holdings borrowing fees		–			–			–			–			–			–		–
Other expenses		3			39			20			23			29			18		2
Total expenses		1,236			19,831			9,996			10,162			14,602			6,811		1,077
Expense waiver		–			(355	)		–			–			–			–		(65	)
Net expenses		1,236			19,476			9,996			10,162			14,602			6,811		1,012
Net investment income (loss)		4,809			52,092			16,073			19,085			74,035			23,525		(956	)
Realized and unrealized gain (loss)
Net realized gain (loss) on:
Unaffiliated investments		8,141			29,172			100,247			108,631			11,507			22,275		(3,124	)
Affiliated investments		–			–			–			–			388			13		–
Swap agreements		–			–			–			–			–			–		–
Foreign currency related items		(73	)		(1	)		–			–			(4,565	)		–		(630	)
Futures contracts		–			7,041			5,144			3,222			432			–		(130	)
Written option contracts		–			–			–			–			–			–		–
Investment securities sold short		–			–			–			–			–			–		–
Brokerage commissions recaptured		–			–			–			–			–			–		–
Net change in unrealized appreciation (depreciation) on:
Investments		(7,834	)		359,631			36,039			(44,874	)		(222,037	)		20,722		547
OTC swap agreements		–			–			–			–			–			–		–
Foreign currency related items		(3	)		–			–			–			(882	)		–		(22	)
Futures contracts and centrally cleared swap agreements		–			(1,897	)		(1,335	)		(1,309	)		40			–		(5,388	)
Written option contracts		–			–			–			–			–			–		–
Investment securities sold short		–			–			–			–			–			–		–
Net realized and unrealized gain (loss)		231			393,946			140,095			65,670			(215,117	)		43,010		(8,747	)
Net increase (decrease) in net assets from operations	$	5,040		$	446,038		$	156,168		$	84,755		$	(141,082	)	$	66,535	$	(9,703	)
(a)    Income from affiliated investments	$	120		$	409		$	1,360		$	4,771		$	2,194		$	168	$	1

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Statements of Operations (in thousands)

For the Year Ended December 31, 2014

	JNL/Mellon Capital Dow Jones U.S. Contrarian Opportunities Index Fund			JNL/Mellon Capital Utilities Sector Fund		JNL/Morgan Stanley Mid Cap Growth Fund			JNL/Neuberger Berman Strategic Income Fund			JNL/ Oppenheimer Global Growth Fund			JNL/PIMCO Real Return Fund			JNL/PIMCO Total Return Bond Fund
Investment income
Dividends (a)	$	949		$	734	$	1,256		$	1,512		$	24,323		$	37		$	3,056
Foreign taxes withheld		–			–		(35	)		–			(1,218	)		(8	)		(68	)
Interest		–			–		–			17,908			–			43,796			99,856
Securities lending (a)		211			–		340			280			1,093			14			128
Total investment income		1,160			734		1,561			19,700			24,198			43,839			102,972
Expenses
Advisory fees		365			70		1,898			3,243			7,236			9,580			24,799
Administrative fees		169			31		379			815			1,734			1,964			4,969
12b-1 fees (Class A)		224			41		506			1,087			2,310			3,927			9,901
Licensing fees		25			3		–			–			–			–			–
Legal fees		1			–		2			3			57			9			23
Trustee fees		2			–		4			8			17			28			74
Dividends on securities sold short		–			–		–			–			–			–			–
Interest expense		–			–		–			–			–			1,353			15
Other expenses		2			–		3			6			45			21			70
Total expenses		788			145		2,792			5,162			11,399			16,882			39,851
Expense waiver		–			–		–			–			–			–			–
Net expenses		788			145		2,792			5,162			11,399			16,882			39,851
Net investment income (loss)		372			589		(1,231	)		14,538			12,799			26,957			63,121
Realized and unrealized gain (loss)
Net realized gain (loss) on:
Unaffiliated investments		21,143			264		9,532			14,899			37,825	(b)		94,014			(9,791	)
Affiliated investments		–			–		–			–			–			–			–
Swap agreements		–			–		–			914			–			(3,368	)		4,569
Foreign currency related items		–			–		(11	)		110			(148	)		63,894			71,499
Futures contracts		–			–		–			(4,288	)		–			(2,360	)		25,147
Written option contracts		–			–		–			–			–			6,245			14,452
Investment securities sold short		–			–		–			–			–			–			–
Brokerage commissions recaptured		–			–		14			–			–			–			–
Net change in unrealized appreciation (depreciation) on:
Investments		(15,586	)		3,884		(13,621	)		2,017			(26,815	)(c)		(100,151	)		6,964
OTC swap agreements		–			–		–			(532	)		–			(9,211	)		(7,666	)
Foreign currency related items		–			–		–			(13	)		(58	)		6,799			63,281
Futures contracts and centrally cleared swap agreements		–			–		–			(3,660	)		–			(22,485	)		(37,483	)
Written option contracts		–			–		–			–			–			(1,689	)		3,804
Investment securities sold short		–			–		–			–			–			–			–
Net realized and unrealized gain (loss)		5,557			4,148		(4,086	)		9,447			10,804			31,688			134,776
Net increase (decrease) in net assets from operations	$	5,929		$	4,737	$	(5,317	)	$	23,985		$	23,603		$	58,645		$	197,897
(a)    Income from affiliated investments	$	211		$	–	$	341		$	287		$	1,095		$	14		$	128
(b)    Net of foreign capital gains taxes.
(c)    Net of deferred foreign capital gains taxes.

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Statements of Operations (in thousands)

For the Year Ended December 31, 2014

	JNL/PPM America Floating Rate Income Fund			JNL/PPM America High Yield Bond Fund			JNL/PPM America Mid Cap Value Fund			JNL/PPM America Small Cap Value Fund			JNL/PPM America Value Equity Fund			JNL/Red Rocks Listed Private Equity Fund			JNL/S&P Competitive Advantage Fund
Investment income
Dividends (a)	$	–		$	10,456		$	5,970		$	2,796		$	4,313		$	26,685		$	33,986
Foreign taxes withheld		–			–			–			–			–			(1,299	)		–
Interest		75,819			170,235			–			–			–			–			–
Securities lending (a)		–			2,138			362			136			163			468			178
Total investment income		75,819			182,829			6,332			2,932			4,476			25,854			34,164
Expenses
Advisory fees		10,556			12,507			2,706			1,520			1,058			7,281			7,900
Administrative fees		2,576			2,896			361			202			192			1,346			2,186
12b-1 fees (Class A)		3,435			5,765			721			375			383			1,794			4,370
Licensing fees		–			–			–			–			–			–			–
Legal fees		8			13			2			1			1			12			10
Trustee fees		25			42			5			3			3			13			31
Dividends on securities sold short		–			–			–			–			–			–			–
Short holdings borrowing fees		–			–			–			–			–			–			–
Other expenses		148			39			17			16			4			16			23
Total expenses		16,748			21,262			3,812			2,117			1,641			10,462			14,520
Expense waiver		–			–			(67	)		(13	)		–			–			–
Net expenses		16,748			21,262			3,745			2,104			1,641			10,462			14,520
Net investment income (loss)		59,071			161,567			2,587			828			2,835			15,392			19,644
Realized and unrealized gain (loss)
Net realized gain (loss) on:
Unaffiliated investments		492			49,342			47,782			34,811			21,832			60,123			261,192
Affiliated investments		–			–			–			–			–			–			–
Swap agreements		–			–			–			–			–			–			–
Foreign currency related items		–			–			–			–			–			(99	)		–
Futures contracts		(958	)		(8,017	)		–			–			–			–			–
Written option contracts		–			–			–			–			–			–			–
Investment securities sold short		–			–			–			–			–			–			–
Brokerage commissions recaptured		–			–			23			31			5			–			–
Net change in unrealized appreciation (depreciation) on:
Investments		(55,776	)		(203,868	)		(13,762	)		(24,416	)		(3,415	)		(73,006	)		(27,732	)
OTC swap agreements		–			–			–			–			–			–			–
Foreign currency related items		–			–			–			–			–			(119	)		–
Futures contracts and centrally cleared swap agreements		(519	)		(3,099	)		–			–			–			–			–
Written option contracts		–			–			–			–			–			–			–
Investment securities sold short		–			–			–			–			–			–			–
Net realized and unrealized gain (loss)		(56,761	)		(165,642	)		34,043			10,426			18,422			(13,101	)		233,460
Net increase (decrease) in net assets from operations	$	2,310		$	(4,075	)	$	36,630		$	11,254		$	21,257		$	2,291		$	253,104
(a)    Income from affiliated investments	$	–		$	2,150		$	362		$	136		$	163		$	469		$	182

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Statements of Operations (in thousands)

For the Year Ended December 31, 2014

	JNL/S&P Dividend Income & Growth Fund		JNL/S&P International 5 Fund(c)			JNL/S&P Intrinsic Value Fund		JNL/S&P Mid 3 Fund(b)		JNL/S&P Total Yield Fund			JNL/Scout Unconstrained Bond Fund(b)			JNL/T. Rowe Price Established Growth Fund
Investment income
Dividends (a)	$	121,112	$	1,426		$	43,291	$	1,244	$	40,332		$	4		$	33,364
Foreign taxes withheld		–		(160	)		–		–		–			(2	)		(122	)
Interest		–		–			–		–		–			2,620			–
Securities lending (a)		176		–			13		–		55			–			622
Total investment income		121,288		1,266			43,304		1,244		40,387			2,622			33,864
Expenses
Advisory fees		12,662		159			7,325		364		5,442			2,480			25,627
Administrative fees		3,547		53			2,022		73		1,483			572			4,600
12b-1 fees (Class A)		7,091		71			4,042		146		2,966			763			9,080
Licensing fees		–		–			–		–		–			–			–
Legal fees		16		–			9		1		7			2			22
Trustee fees		50		1			28		1		21			5			67
Dividends on securities sold short		–		–			–		–		–			–			–
Short holdings borrowing fees		–		–			–		–		–			–			–
Other expenses		37		1			24		1		17			5			55
Total expenses		23,403		285			13,450		586		9,936			3,827			39,451
Expense waiver		–		–			–		–		–			–			–
Net expenses		23,403		285			13,450		586		9,936			3,827			39,451
Net investment income (loss)		97,885		981			29,854		658		30,451			(1,205	)		(5,587	)
Realized and unrealized gain (loss)
Net realized gain (loss) on:
Unaffiliated investments		257,053		(3	)		320,471		6,573		254,820			(133	)		481,194
Affiliated investments		–		–			–		–		–			–			–
Swap agreements		–		–			–		–		–			1,202			–
Foreign currency related items		–		(20	)		–		–		–			(283	)		(6	)
Futures contracts		–		–			–		–		–			(15,035	)		–
Written option contracts		–		–			–		–		–			–			–
Investment securities sold short		–		–			–		–		–			–			–
Brokerage commissions recaptured		–		–			–		–		–			–			35
Net change in unrealized appreciation (depreciation) on:
Investments		101,293		(7,551	)		3,198		7,256		(63,699	)		(513	)		(83,954	)
OTC swap agreements		–		–			–		–		–			–			–
Foreign currency related items		–		(3	)		–		–		–			(131	)		(23	)
Futures contracts and centrally cleared swap agreements		–		–			–		–		–			(6,078	)		–
Written option contracts		–		–			–		–		–			–			–
Investment securities sold short		–		–			–		–		–			–			–
Net realized and unrealized gain (loss)		358,346		(7,577	)		323,669		13,829		191,121			(20,971	)		397,246
Net increase (decrease) in net assets from operations	$	456,231	$	(6,596	)	$	353,523	$	14,487	$	221,572		$	(22,176	)	$	391,659
(a)    Income from affiliated investments	$	180	$	–		$	15	$	–	$	56		$	4		$	651
(b)    Period from April 28, 2014 (commencement of operations).
(c)    Period from September 15, 2014 (commencement of operations).

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Statements of Operations (in thousands)

For the Year Ended December 31, 2014

	JNL/T. Rowe Price Mid-Cap Growth Fund			JNL/T. Rowe Price Short- Term Bond Fund			JNL/T. Rowe Price Value Fund			JNL/WMC Balanced Fund			JNL/WMC Money Market Fund			JNL/WMC Value Fund
Investment income
Dividends (a)	$	17,011		$	22		$	57,712		$	59,713		$	–		$	40,216
Foreign taxes withheld		(20	)		–			(168	)		(89	)		–			(173	)
Interest		–			28,174			–			24,152			2,470			–
Securities lending (a)		834			45			827			340			–			146
Total investment income		17,825			28,241			58,371			84, 116			2,470			40,189
Expenses
Advisory fees		19,519			7,085			17,534			16,182			3,620			8,389
Administrative fees		2,778			1,756			2,868			3,745			1,388			1,776
12b-1 fees (Class A)		5,432			3,510			5,734			7,489			2,761			3,490
Licensing fees		–			–			–			–			–			–
Legal fees		13			8			13			17			6			9
Trustee fees		40			25			41			54			20			26
Dividends on securities sold short		–			–			–			–			–			–
Short holdings borrowing fees		–			–			–			–			–			–
Other expenses		30			22			36			46			17			21
Total expenses		27,812			12,406			26,226			27,533			7,812			13,711
Expense waiver		–			–			(175	)		–			(5,342	)		–
Net expenses		27,812			12,406			26,051			27,533			2,470			13,711
Net investment income (loss)		(9,987	)		15,835			32,320			56,583			–			26,478
Realized and unrealized gain (loss)
Net realized gain (loss) on:
Unaffiliated investments		252,637			359			311,252			195,846			15			86,781
Affiliated investments		–			–			–			–			–			–
Swap agreements		–			–			–			141			–			–
Foreign currency related items		(7	)		242			(16	)		(7	)		–			2
Futures contracts		112			(1,015	)		–			457			–			–
Written option contracts		–			–			–			–			–			–
Investment securities sold short		–			–			–			–			–			–
Brokerage commissions recaptured		42			–			51			13			–			4
Net change in unrealized appreciation (depreciation) on:
Investments		97,428			(6,808	)		11,154			102,956			–			78,747
OTC swap agreements		–			–			–			(117	)		–			–
Foreign currency related items		–			(313	)		(4	)		(1	)		–			(33	)
Futures contracts and centrally cleared swap agreements		(81	)		(306	)		–			(21	)		–			–
Written option contracts		–			–			–			–			–			–
Investment securities sold short		–			–			–			–			–			–
Net realized and unrealized gain (loss)		350,131			(7,841	)		322,437			299,267			15			165,501
Net increase (decrease) in net assets from operations	$	340,144		$	7,994		$	354,757		$	355,850		$	15		$	191,979
(a)    Income from affiliated investments	$	922		$	67		$	845		$	368		$	–		$	149

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Statements of Cash Flows (in thousands)

For the Year Ended December 31, 2014

	JNL/Goldman Sachs U.S. Equity Flex Fund			JNL/PIMCO Real Return Fund
Cash flows provided by (used in) operating activities
Net increase in net assets from operations	$	30,981		$	58,645
Adjustments to reconcile net increase in net assets from operations to net cash flow provided by (used in) operating activities:
Purchase of long-term investments		(384,142	)		(3,548,336	)
Proceeds from sales and maturities of long-term investments		232,969			3,338,547
Net (purchases) sales of short-term investments		(8,074	)		1,086,156
Proceeds from securities sold short/forward sales commitments		151,617			7,590
Purchases to cover securities sold short/forward sales commitments		(114,744	)		(2,025	)
Proceeds from class action settlements		40			87
Increase in receivable for investments sold		-			(12,859	)
Increase (decrease) in payable for investments purchased		4,485			(8,550	)
Decrease (increase) in receivable for dividends and interest		(315	)		642
Increase in payable for dividends on securities sold short		12			-
Increase in payable for interest expense and brokerage charges		6			-
Increase in payable for expenses		124			66
Net amortization		-			9,193
Net inflation compensation		-			(17,076	)
Net increase in OTC swap agreements		-			5,907
Net decrease in futures contracts and centrally cleared derivatives		-			(30,965	)
Proceeds from currency transactions		-			64,483
Change in unrealized (appreciation) depreciation on investments, futures contracts, written options, swap agreements and currency		(5,708	)		126,737
Net realized gain on investments, futures contracts, written options, swap agreements and currency		(25,354	)		(158,425	)
Net cash flow provided by (used in) operating activities		(118,103	)		919,817
Cash flows provided by (used in) financing activities
Net proceeds from capital share transactions		118,103			71,387
Net borrowing from secured financing transactions		-			69,724
Net proceeds from secured borrowing transactions		-			(5,767	)
Increase in receivable for treasury roll transactions		-			(781,945	)
Decrease in payable for treasury roll transactions		-			(286,702	)
Decrease in receivable for deposits with brokers and counterparties		-			16,128
Decrease in payable for deposits from counterparties		-			(1,288	)
Net cash flow provided by (used in) financing activities		118,103			(918,463	)
Net increase in cash		-			1,354
Cash at beginning of year		-			2,295
Cash at end of year	$	-		$	3,649
Supplemental disclosure of operating activities:
Short holding borrowing fees during the year	$	1,105		$	-
Interest expense during the year		-			1,353
Supplemental disclosure of non-cash financing activities:
Reinvestment of distributions during the year	$	25,871		$	14,309

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Statements of Changes in Net Assets (in thousands)

For the Year Ended December 31, 2014

	JNL/Alliance Bernstein Dynamic Asset Allocation Fund(a) (b)			JNL/AQR Managed Futures Strategy Fund(a)			JNL/BlackRock Commodity Securities Strategy Fund(a)			JNL/BlackRock Global Allocation Fund(a)			JNL/BlackRock Large Cap Select Growth Fund			JNL/Boston Partners Global Long Short Equity Fund(c)			JNL/Brookfield Global Infrastructure and MLP Fund
Operations
Net investment income (loss)	$	85		$	(5,889	)	$	3,232		$	35,938		$	(2,114	)	$	(652	)	$	13,925
Net realized gain (loss)		240			44,492			7,505			215,148			96,038			(2,074	)		36,608
Net change in unrealized appreciation (depreciation)		71			1,188			(188,790	)		(193,354	)		5,848			(1,864	)		(12,922	)
Net increase (decrease) in net assets from operations		396			39,791			(178,053	)		57,732			99,772			(4,590	)		37,611
Distributions to shareholders
From net investment income
Class A		(135	)		(11,943	)		–			(23,614	)		–			–			(7,001	)
Class B		–			(3	)		–			(2	)		–			–			(1	)
From net realized gains
Class A		(180	)		(30,087	)		–			(72,234	)		(84,617	)		–			(36,878	)
Class B		–			(7	)		–			(5	)		(28	)		–			(7	)
Total distributions to shareholders		(315	)		(42,040	)		–			(95,855	)		(84,645	)		–			(43,887	)
Share transactions1
Proceeds from the sale of shares
Class A		33,365			211,585			460,025			1,139,395			431,599			398,082			826,649
Class B		–			–			171			107			105			–			136
Reinvestment of distributions
Class A		315			42,030			–			95,848			84,617			–			43,879
Class B		–			10			–			7			28			–			8
Cost of shares redeemed
Class A		(13,490	)		(217,722	)		(617,495	)		(519,809	)		(302,495	)		(10,318	)		(229,963	)
Class B		–			–			(199	)		(131	)		(71	)		–			(54	)
Net increase (decrease) in net assets from share transactions		20,190			35,903			(157,498	)		715,417			213,783			387,764			640,655
Net increase (decrease) net assets		20,271			33,654			(335,551	)		677,294			228,910			383,174			634,379
Net assets beginning of year		–			482,813			1,454,951			2,748,052			1,013,789			–			675,068
Net assets end of year	$	20,271		$	516,467		$	1,119,400		$	3,425,346		$	1,242,699		$	383,174		$	1,309,447
Undistributed (excess of distributions over) net investment income (loss)	$	(62	)	$	8,550		$	2,621		$	50,730		$	(26	)	$	8		$	14,991
1 Share transactions
Shares sold
Class A		3,286			21,293			40,593			91,411			15,538			39,910			51,252
Class B		–			–			15			7			4			–			8
Reinvestment of distributions
Class A		31			4,211			–			7,742			3,010			–			2,804
Class B		–			1			–			1			1			–			1
Shares redeemed
Class A		(1,324	)		(22,195	)		(54,029	)		(41,644	)		(10,935	)		(1,046	)		(14,375	)
Class B		–			–			(18	)		(10	)		(2	)		–			(3	)
Net increase/(decrease)
Class A		1,993			3,309			(13,436	)		57,509			7,613			38,864			39,681
Class B		–			1			(3	)		(2	)		3			–			6
Purchase and sales of investment securities (excluding short-term securities):
Purchase of securities	$	24,737	(d)	$	–		$	256,986		$	2,498,392	(e)	$	1,238,257		$	462,925		$	1,251,879
Proceeds from sales of securities		12,077			–			371,738			2,155,060	(e)		1,118,992			95,540			650,532
Securities sold short covers		–			–			–			–			–			112,216			–
Securities sold short proceeds		–			–			–			–			–			264,593			–

(a) Consolidated Statement of Changes in Net Assets.

(b) Period from April 28, 2014 (commencement of operations).

(c) Period from September 15, 2014 (commencement of operations).

(d) Amount includes $1,598 of purchases of U.S. Government Securities.

(e) Amounts include $305,502 and $274,584 of purchases and sales, respectively, of U.S. Government Securities.

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Statements of Changes in Net Assets (in thousands)

For the Year Ended December 31, 2014

	JNL/ Capital Guardian Global Balanced Fund			JNL/ Capital Guardian Global Diversified Research Fund			JNL/DFA U.S. Core Equity Fund			JNL/Eagle SmallCap Equity Fund			JNL/ Eastspring Investments Asia ex- Japan Fund			JNL/ Eastspring Investments China-India Fund			JNL/ Franklin Templeton Global Growth Fund
Operations
Net investment income (loss)	$	6,285		$	3,881		$	6,305		$	(4,085	)	$	2,755		$	4,889		$	25,838
Net realized gain (loss)		33,490			37,697			25,735			192,115			6,823			3,008			28,341
Net change in unrealized appreciation (depreciation)		(37,180	)		(31,867	)		26,874			(155,901	)		(2,558	)		29,724			(92,187	)
Net increase (decrease) in net assets from operations		2,595			9,711			58,914			32,129			7,020			37,621			(38,008	)
Distributions to shareholders
From net investment income
Class A		(4,330	)		(3,256	)		(3,419	)		–			(1,410	)		(3,108	)		(9,761	)
Class B		(6	)		(4	)		(2	)		–			(2	)		(3	)		(5	)
From net realized gains
Class A		–			–			(7,490	)		(118,778	)		–			–			(8,238	)
Class B		–			–			(4	)		(100	)		–			–			(4	)
Total distributions to shareholders		(4,336	)		(3,260	)		(10,915	)		(118,878	)		(1,412	)		(3,111	)		(18,008	)
Share transactions1
Proceeds from the sale of shares
Class A		77,864			69,265			361,967			350,994			66,408			118,887			542,286
Class B		59			38			73			188			24			80			161
Reinvestment of distributions
Class A		4,330			3,256			10,909			118,778			1,410			3,108			17,999
Class B		6			4			6			100			2			3			9
Cost of shares redeemed
Class A		(92,803	)		(73,491	)		(227,891	)		(659,178	)		(66,873	)		(129,410	)		(267,543	)
Class B		(58	)		(61	)		(96	)		(200	)		(22	)		(74	)		(75	)
Net increase (decrease) in net assets from share transactions		(10,602	)		(989	)		144,968			(189,318	)		949			(7,406	)		292,837
Net increase (decrease) net assets		(12,343	)		5,462			192,967			(276,067	)		6,557			27,104			236,821
Net assets beginning of year		485,329			420,339			500,754			1,639,138			135,427			355,011			988,791
Net assets end of year	$	472,986		$	425,801		$	693,721		$	1,363,071		$	141,984		$	382,115		$	1,225,612
Undistributed (excess of distributions over) net investment income (loss)	$	3,144		$	3,831		$	6,337		$	(620	)	$	2,419		$	2,862		$	25,733
1 Share transactions
Shares sold
Class A		6,841			2,217			33,141			12,266			8,355			15,715			45,549
Class B		4			2			6			6			3			10			13
Reinvestment of distributions
Class A		377			102			957			4,427			176			384			1,575
Class B		1			–			–			4			–			–			1
Shares redeemed
Class A		(8,153	)		(2,355	)		(20,687	)		(23,068	)		(8,508	)		(17,369	)		(22,703	)
Class B		(5	)		(2	)		(8	)		(7	)		(3	)		(9	)		(6	)
Net increase/(decrease)
Class A		(935	)		(36	)		13,411			(6,375	)		23			(1,270	)		24,421
Class B		–			–			(2	)		3			–			1			8
Purchase and sales of investment securities (excluding short-term securities):
Purchase of securities	$	292,202	(a)	$	140,466		$	236,612		$	694,028		$	78,874		$	118,513		$	454,195
Proceeds from sales of securities		490,294	(a)		145,427			92,333			1,007,468			75,622			129,969			199,282

(a) Amounts include $45,824 and $233,805 of purchases and sales, respectively, of U.S. Government Securities.

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Statements of Changes in Net Assets (in thousands)

For the Year Ended December 31, 2014

	JNL/Franklin Templeton Global Multisector Bond Fund			JNL/Franklin Templeton Income Fund			JNL/Franklin Templeton International Small Cap Growth Fund			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
Operations
Net investment income (loss)	$	72,963		$	104,681		$	4,991		$	29,784		$	3,689		$	14,841		$	34,501
Net realized gain (loss)		5,850			79,459			33,405			46,446			65,679			5,885			(53,584	)
Net change in unrealized appreciation (depreciation)		(90,529	)		(122,413	)		(85,632	)		7,939			(70,460	)		22,329			(12,360	)
Net increase (decrease) in net assets from operations		(11,716	)		61,727			(47,236	)		84,169			(1,092	)		43,055			(31,443	)
Distributions to shareholders
From net investment income
Class A		(73,193	)		(84,338	)		(3,800	)		(9,162	)		(4,177	)		(19,538	)		(12,024	)
Class B		(12	)		(25	)		(3	)		(5	)		(3	)		(10	)		(4	)
From net realized gains
Class A		(1,507	)		–			(21,704	)		(23,980	)		(95,982	)		–			(14,357	)
Class B		–			–			(13	)		(10	)		(42	)		–			(4	)
Total distributions to shareholders		(74,712	)		(84,363	)		(25,520	)		(33,157	)		(100,204	)		(19,548	)		(26,389	)
Share transactions1
Proceeds from the sale of shares
Class A		663,625			973,630			186,921			270,363			452,024			404,843			172,900
Class B		168			248			85			51			105			188			27
Reinvestment of distributions
Class A		74,700			84,338			25,504			33,142			100,159			19,538			26,381
Class B		12			25			16			15			45			10			8
Cost of shares redeemed
Class A		(340,381	)		(523,055	)		(131,083	)		(245,659	)		(334,808	)		(253,139	)		(297,020	)
Class B		(148	)		(184	)		(74	)		(95	)		(150	)		(164	)		(19	)
Net increase (decrease) in net assets from share transactions		397,976			535,002			81,369			57,817			217,375			171,276			(97,723	)
Net increase (decrease) net assets		311,548			512,366			8,613			108,829			116,079			194,783			(155,555	)
Net assets beginning of year		1,752,908			2,193,027			441,155			1,120,276			1,032,421			778,970			795,261
Net assets end of year	$	2,064,456		$	2,705,393		$	449,768		$	1,229,105		$	1,148,500		$	973,753		$	639,706
Undistributed (excess of distributions over) net investment income	$	55,368		$	102,920		$	4,816		$	31,875		$	2,831		$	21,149		$	(4,000	)
1 Share transactions
Shares sold
Class A		55,086			79,394			17,176			22,303			27,469			34,207			14,969
Class B		13			22			8			5			7			16			2
Reinvestment of distributions
Class A		6,368			7,105			2,657			2,688			6,624			1,657			2,436
Class B		1			2			2			1			3			1			1
Shares redeemed
Class A		(28,303	)		(42,748	)		(12,192	)		(20,139	)		(20,633	)		(21,482	)		(25,667	)
Class B		(12	)		(16	)		(7	)		(8	)		(9	)		(14	)		(2	)
Net increase/(decrease)
Class A		33,151			43,751			7,641			4,852			13,460			14,382			(8,262	)
Class B		2			8			3			(2	)		1			3			1
Purchase and sales of investment securities (excluding short-term securities):
Purchase of securities	$	688,892		$	1,075,203		$	189,696		$	302,173		$	368,951		$	3,019,828	(b)	$	864,781	(c)
Proceeds from sales of securities		398,087	(a)		575,606			128,672			285,310			203,761			2,492,063	(b)		926,349	(c)

(a) Amount includes $3,667 of sales of U.S. Government Securities.

(b) Amounts include $2,686,083 and $2,264,300 of purchases and sales, respectively, of U.S. Government Securities.

(c) Amounts include $72,734 and $98,925 of purchases and sales, respectively, of U.S. Government Securities.

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Statements of Changes in Net Assets (in thousands)

For the Year Ended December 31, 2014

	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 Mid Cap Value Fund			JNL/Invesco Small Cap Growth Fund
Operations
Net investment income (loss)	$	8,301		$	(115	)	$	29,648		$	22,231		$	(2,307	)	$	1,470		$	(1,077	)
Net realized gain (loss)		183,642			25,388			47,689			65,253			112,483			16,424			78,734
Net change in unrealized appreciation (depreciation)		(36,252	)		5,708			168,950			(89,839	)		(34,530	)		19,473			(14,982	)
Net increase (decrease) in net assets from operations		155,691			30,981			246,287			(2,355	)		75,646			37,367			62,675
Distributions to shareholders
From net investment income
Class A		(9,048	)		(149	)		(22,864	)		(15,857	)		(569	)		(1,186	)		–
Class B		(228	)		–			(13	)		(8	)		(3	)		(1	)		–
From net realized gains
Class A		(175,604	)		(25,703	)		(59,255	)		–			(195,006	)		(11,905	)		(32,449	)
Class B		(3,417	)		(19	)		(29	)		–			(219	)		(6	)		(25	)
Total distributions to shareholders		(188,297	)		(25,871	)		(82,161	)		(15,865	)		(195,797	)		(13,098	)		(32,474	)
Share transactions1
Proceeds from the sale of shares
Class A		421,969			199,226			656,059			618,680			350,617			335,184			479,005
Class B		7,322			53			226			157			88			45			158
Reinvestment of distributions
Class A		184,652			25,852			82,119			15,857			195,575			13,091			32,449
Class B		3,645			19			42			8			222			7			25
Cost of shares redeemed
Class A		(456,804	)		(80,870	)		(410,989	)		(301,567	)		(337,710	)		(164,419	)		(355,769	)
Class B		(4,722	)		(41	)		(240	)		(179	)		(184	)		(41	)		(127	)
Net increase (decrease) in net assets from share transactions		156,062			144,239			327,217			332,956			208,608			183,867			155,741
Net increase (decrease) net assets		123,456			149,349			491,343			314,736			88,457			208,136			185,942
Net assets beginning of year		1,160,809			198,110			1,545,834			1,229,916			1,017,527			380,873			732,235
Net assets end of year	$	1,284,265		$	347,459		$	2,037,177		$	1,544,652		$	1,105,984		$	589,009		$	918,177
Undistributed (excess of distributions over) net investment income (loss)	$	1,484		$	(6	)	$	30,150		$	18,293		$	(38	)	$	1,876		$	(17	)
1 Share transactions
Shares sold
Class A		33,247			16,140			61,573			47,518			20,565			20,688			23,917
Class B		575			3			21			11			5			4			7
Reinvestment of distributions
Class A		15,769			2,138			7,583			1,219			13,056			803			1,595
Class B		310			2			4			1			15			–			1
Shares redeemed
Class A		(35,567	)		(6,701	)		(38,676	)		(23,282	)		(20,247	)		(10,302	)		(17,878	)
Class B		(374	)		(3	)		(22	)		(13	)		(11	)		(3	)		(6	)
Net increase/(decrease)
Class A		13,449			11,577			30,480			25,455			13,374			11,189			7,634
Class B		511			2			3			(1	)		9			1			2
Purchase and sales of investment securities (excluding short-term securities):
Purchase of securities	$	1,252,550		$	384,142		$	738,082		$	537,953		$	742,046		$	338,031		$	422,147
Proceeds from sales of securities		1,312,247			232,969			469,492			241,077			734,811			161,654			297,864
Securities sold short covers		–			114,744			–			–			–			–			–
Securities sold short proceeds		–			151,617			–			–			–			–			–

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Statements of Changes in Net Assets (in thousands)

For the Year Ended December 31, 2014

	JNL/Ivy Asset Strategy Fund(a)			JNL/JPMorgan International Value Fund			JNL/JPMorgan MidCap Growth Fund			JNL/JPMorgan U.S. Government & Quality Bond Fund			JNL/ Lazard Emerging Markets Fund			JNL/ Mellon Capital Emerging Markets Index Fund			JNL/ Mellon Capital European 30 Fund
Operations
Net investment income (loss)	$	24,545		$	25,601		$	(5,087	)	$	28,077		$	28,685		$	14,498		$	7,831
Net realized gain (loss)		129,121			32,895			182,596			1,308			10,657			(3,582	)		11,636
Net change in unrealized appreciation (depreciation)		(286,029	)		(132,056	)		(34,235	)		32,989			(109,566	)		(46,081	)		(39,343	)
Net increase (decrease) in net assets from operations		(132,363	)		(73,560	)		143,274			62,374			(70,224	)		(35,165	)		(19,876	)
Distributions to shareholders
From net investment income
Class A		(34,099	)		(13,306	)		–			(38,027	)		(24,326	)		(8,811	)		(3,047	)
Class B		(9	)		(17	)		–			(19	)		(11	)		(1	)		(2	)
From net realized gains
Class A		(152,548	)		–			(101,974	)		–			(32,528	)		–			–
Class B		(35	)		–			(19	)		–			(13	)		–			–
Total distributions to shareholders		(186,691	)		(13,323	)		(101,993	)		(38,046	)		(56,878	)		(8,812	)		(3,049	)
Share transactions1
Proceeds from the sale of shares
Class A		839,775			186,364			581,104			531,499			283,915			500,300			302,438
Class B		146			147			292			868			84			30			57
Reinvestment of distributions
Class A		186,647			13,306			101,974			38,027			56,854			8,811			3,047
Class B		44			17			19			19			24			1			2
Cost of shares redeemed
Class A		(702,533	)		(140,396	)		(654,461	)		(509,977	)		(403,134	)		(379,796	)		(162,289	)
Class B		(311	)		(88	)		(364	)		(877	)		(116	)		(90	)		(51	)
Net increase (decrease) in net assets from share transactions		323,768			59,350			28,564			59,559			(62,373	)		129,256			143,204
Net increase (decrease) net assets		4,714			(27,533	)		69,845			83,887			(189,475	)		85,279			120,279
Net assets beginning of year		3,050,666			674,320			1,288,388			1,169,258			1,523,398			720,702			139,239
Net assets end of year	$	3,055,380		$	646,787		$	1,358,233		$	1,253,145		$	1,333,923		$	805,981		$	259,518
Undistributed (excess of distributions over) net investment income (loss)	$	15,447		$	27,632		$	(230	)	$	30,762		$	28,442		$	13,400		$	7,667
1 Share transactions
Shares sold
Class A		56,648			23,201			17,896			39,279			25,790			48,845			21,952
Class B		10			18			8			60			8			3			4
Reinvestment of distributions
Class A		13,409			1,739			3,191			2,846			5,446			880			234
Class B		3			2			1			1			2			–			–
Shares redeemed
Class A		(47,935	)		(17,447	)		(20,049	)		(37,719	)		(36,329	)		(37,381	)		(12,122	)
Class B		(21	)		(11	)		(11	)		(61	)		(11	)		(9	)		(4	)
Net increase/(decrease)
Class A		22,122			7,493			1,038			4,406			(5,093	)		12,344			10,064
Class B		(8	)		9			(2	)		–			(1	)		(6	)		–
Purchase and sales of investment securities (excluding short-term securities):
Purchase of securities	$	2,123,064		$	530,983		$	922,684		$	173,144	(b)	$	253,517		$	307,647		$	301,004
Proceeds from sales of securities		2,039,620			462,044			996,765			166,218	(b)		378,375			182,712			151,832

(a) Consolidated Statement of Changes in Net Assets.

(b) Amounts include $111,398 and $120,947 of purchases and sales, respectively, of U.S. Government Securities.

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Statements of Changes in Net Assets (in thousands)

For the Year Ended December 31, 2014

	JNL/Mellon Capital Pacific Rim 30 Fund			JNL/Mellon Capital S&P 500 Index Fund			JNL/Mellon Capital S&P 400 MidCap Index Fund			JNL/Mellon Capital Small Cap Index Fund			JNL/Mellon Capital International Index Fund			JNL/Mellon Capital Bond Index Fund			JNL/Mellon Capital Global Alpha Fund
Operations
Net investment income (loss)	$	4,809		$	52,092		$	16,073		$	19,085		$	74,035		$	23,525		$	(956	)
Net realized gain (loss)		8,068			36,212			105,391			111,853			7,762			22,288			(3,884	)
Net change in unrealized appreciation (depreciation)		(7,837	)		357,734			34,704			(46,183	)		(222,879	)		20,722			(4,863	)
Net increase (decrease) in net assets from operations		5,040			446,038			156,168			84,755			(141,082	)		66,535			(9,703	)
Distributions to shareholders
From net investment income
Class A		(4,071	)		(46,392	)		(16,217	)		(18,675	)		(71,066	)		(26,991	)		(4,645	)
Class B		(6	)		(491	)		(173	)		(252	)		(1,159	)		(175	)		(17	)
From net realized gains
Class A		(3,916	)		(4,642	)		(102,370	)		–			–			(8,448	)		–
Class B		(6	)		(43	)		(902	)		–			–			(50	)		–
Total distributions to shareholders		(7,999	)		(51,568	)		(119,662	)		(18,927	)		(72,225	)		(35,664	)		(4,662	)
Share transactions1
Proceeds from the sale of shares
Class A		91,248			1,441,158			636,547			593,661			692,156			459,794			24,876
Class B		17			16,732			9,893			13,406			10,544			1,777			49
Proceeds in connection with acquisition
Class A		–			–			–			–			94,576			–			–
Class B		–			–			–			–			151			–			–
Reinvestment of distributions
Class A		7,987			51,034			118,587			18,675			71,066			35,439			4,645
Class B		12			534			1,075			252			1,159			225			17
Cost of shares redeemed
Class A		(77,068	)		(818,368	)		(551,587	)		(611,390	)		(761,313	)		(1,176,611	)		(202,033	)
Class B		(10	)		(9,345	)		(7,930	)		(12,183	)		(5,818	)		(1,144	)		(12	)
Net increase (decrease) in net assets from share transactions		22,186			681,745			206,585			2,421			102,521			(680,520	)		(172,458	)
Net increase (decrease) net assets		19,227			1,076,215			243,091			68,249			(110,786	)		(649,649	)		(186,823	)
Net assets beginning of year		153,948			3,095,092			1,652,153			1,849,552			2,336,194			1,547,974			231,165
Net assets end of year	$	173,175		$	4,171,307		$	1,895,244		$	1,917,801		$	2,225,408		$	898,325		$	44,342
Undistributed (excess of distributions over) net investment income (loss)	$	4,756		$	5,359		$	4,114		$	185		$	(3,991	)	$	9,311		$	(442	)
1 Share transactions
Shares sold
Class A		6,244			89,295			33,246			35,500			47,982			38,297			2,597
Class B		1			1,027			515			797			708			144			5
Shares issued in connection with acquisition
Class A		–			–			–			–			6,462			–			–
Class B		–			–			–			–			10			–			–
Reinvestment of distributions
Class A		576			2,950			6,209			1,072			5,312			3,024			518
Class B		1			30			55			14			84			19			2
Shares redeemed
Class A		(5,229	)		(50,971	)		(28,906	)		(36,577	)		(52,572	)		(98,353	)		(21,130	)
Class B		(1	)		(567	)		(407	)		(721	)		(394	)		(92	)		(1	)
Net increase/(decrease)
Class A		1,591			41,274			10,549			(5	)		7,184			(57,032	)		(18,015	)
Class B		1			490			163			90			408			71			6
Purchase and sales of investment securities (excluding short-term securities):
Purchase of securities	$	187,684		$	774,252		$	401,388		$	363,964		$	200,242		$	934,747	(a)	$	8,194
Proceeds from sales of securities		168,741			67,496			273,471			323,945			127,526			1,628,035	(a)		8,407

(a) Amounts include $816,406 and $1,306,950 of purchases and sales, respectively, of U.S. Government Securities.

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Statements of Changes in Net Assets (in thousands)

For the Year Ended December 31, 2014

	JNL/Mellon Capital Dow Jones U.S. Contrarian Opportunities Index Fund			JNL/Mellon Capital Utilities Sector Fund			JNL/Morgan Stanley Mid Cap Growth Fund			JNL/Neuberger Berman Strategic Income Fund			JNL/ Oppenheimer Global Growth Fund			JNL/PIMCO Real Return Fund			JNL/PIMCO Total Return Bond Fund
Operations
Net investment income (loss)	$	372		$	589		$	(1,231	)	$	14,538		$	12,799		$	26,957		$	63,121
Net realized gain (loss)		21,143			264			9,535			11,635			37,677			158,425			105,876
Net change in unrealized appreciation (depreciation)		(15,586	)		3,884			(13,621	)		(2,188	)		(26,873	)		(126,737	)		28,900
Net increase (decrease) in net assets from operations		5,929			4,737			(5,317	)		23,985			23,603			58,645			197,897
Distributions to shareholders
From net investment income
Class A		(388	)		(1	)		–			(4,873	)		(6,996	)		(14,302	)		(156,108	)
Class B		(1	)		–			–			(1	)		(7	)		(7	)		(621	)
From net realized gains
Class A		(17,710	)		–			(2,075	)		(2,407	)		(22,777	)		–			(17,070	)
Class B		(30	)		–			(1	)		(1	)		(18	)		–			(63	)
Total distributions to shareholders		(18,129	)		(1	)		(2,076	)		(7,282	)		(29,798	)		(14,309	)		(173,862	)
Share transactions1
Proceeds from the sale of shares
Class A		89,788			47,251			253,656			403,041			308,244			604,154			1,037,725
Class B		8			–			4			23			86			157			2,806
Proceeds in connection with acquisition
Class A		–			–			–			–			168,302			–			–
Class B		–			–			–			–			61			–			–
Reinvestment of distributions
Class A		18,098			1			2,075			7,280			29,773			14,302			173,178
Class B		31			–			1			2			25			7			684
Cost of shares redeemed
Class A		(140,307	)		(8,617	)		(243,527	)		(226,518	)		(254,280	)		(532,613	)		(1,831,850	)
Class B		(39	)		–			–			(4	)		(179	)		(196	)		(5,599	)
Net increase (decrease) in net assets from share transactions		(32,421	)		38,635			12,209			183,824			252,032			85,811			(623,056	)
Net increase (decrease) net assets		(44,621	)		43,371			4,816			200,527			245,837			130,147			(599,021	)
Net assets beginning of year		147,528			3,246			209,551			467,455			988,402			1,821,448			5,158,700
Net assets end of year	$	102,907		$	46,617		$	214,367		$	667,982		$	1,234,239		$	1,951,595		$	4,559,679
Undistributed (excess of distributions over) net investment income (loss)	$	372		$	589		$	–		$	11,267		$	12,577		$	47,151		$	(31,310	)
1 Share transactions
Shares sold
Class A		6,260			4,394			19,381			37,024			21,315			56,917			80,494
Class B		2			–			–			2			6			14			205
Shares issued in connection with acquisition
Class A		–			–			–			–			11,927			–			–
Class B		–			–			–			–			4			–			–
Reinvestment of distributions
Class A		1,470			–			160			666			2,046			1,352			13,788
Class B		2			–			–			–			2			1			51
Shares redeemed
Class A		(9,849	)		(806	)		(18,956	)		(20,870	)		(17,609	)		(50,209	)		(141,805	)
Class B		(3	)		–			–			–			(12	)		(18	)		(407	)
Net increase/(decrease)
Class A		(2,119	)		3,588			585			16,820			17,679			8,060			(47,523	)
Class B		1			–			–			2			–			(3	)		(151	)
Purchase and sales of investment securities (excluding short-term securities):
Purchase of securities	$	183,054		$	41,806		$	180,329		$	807,323	(a)	$	306,901		$	3,547,117	(b)	$	12,531,010	(c)
Proceeds from sales of securities		232,556			2,879			178,963			667,470	(a)		233,289			3,342,328	(b)		13,335,012	(c)

(a) Amounts include $282,498 and $281,741 of purchases and sales, respectively, of U.S. Government Securities.

(b) Amounts include $3,058,112 and $3,021,044 of purchases and sales, respectively, of U.S. Government Securities.

(c) Amounts include $9,841,321 and $11,650,862 of purchases and sales, respectively, of U.S. Government Securities.

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Statements of Changes in Net Assets (in thousands)

For the Year Ended December 31, 2014

	JNL/PPM America Floating Rate Income Fund			JNL/PPM America High Yield Bond Fund			JNL/PPM America Mid Cap Value Fund			JNL/PPM America Small Cap Value Fund			JNL/PPM America Value Equity Fund			JNL/Red Rocks Listed Private Equity Fund			JNL/S&P Competitive Advantage Fund
Operations
Net investment income (loss)	$	59,071		$	161,567		$	2,587		$	828		$	2,835		$	15,392		$	19,644
Net realized gain (loss)		(466	)		41,325			47,805			34,842			21,837			60,024			261,192
Net change in unrealized appreciation (depreciation)		(56,295	)		(206,967	)		(13,762	)		(24,416	)		(3,415	)		(73,125	)		(27,732	)
Net increase (decrease) in net assets from operations		2,310			(4,075	)		36,630			11,254			21,257			2,291			253,104
Distributions to shareholders
From net investment income
Class A		(38,899	)		(161,714	)		(1,859	)		(515	)		(9,629	)		(60,954	)		(7,168	)
Class B		–			(656	)		(2	)		(52	)		(45	)		(36	)		(2	)
From net realized gains
Class A		(2,928	)		(41,948	)		(20,247	)		(30,948	)		–			(34,541	)		(233,284	)
Class B		–			(164	)		(14	)		(2,098	)		–			(20	)		(45	)
Total distributions to shareholders		(41,827	)		(204,482	)		(22,122	)		(33,613	)		(9,674	)		(95,551	)		(240,499	)
Share transactions1
Proceeds from the sale of shares
Class A		848,356			1,517,078			225,865			134,793			96,077			268,771			1,406,186
Class B		–			3,934			59			4,880			652			24			110
Reinvestment of distributions
Class A		41,827			203,662			22,106			31,463			9,629			95,495			240,452
Class B		–			820			16			2,150			45			56			47
Cost of shares redeemed
Class A		(782,106	)		(1,356,063	)		(189,487	)		(132,487	)		(83,782	)		(249,244	)		(579,775	)
Class B		–			(4,358	)		(80	)		(8,379	)		(312	)		(64	)		(93	)
Net increase (decrease) in net assets from share transactions		108,077			365,073			58,479			32,420			22,309			115,038			1,066,927
Net increase (decrease) net assets		68,560			156,516			72,987			10,061			33,892			21,778			1,079,532
Net assets beginning of year		1,543,108			2,585,335			318,806			215,819			179,838			826,697			1,721,251
Net assets end of year	$	1,611,668		$	2,741,851		$	391,793		$	225,880		$	213,730		$	848,475		$	2,800,783
Undistributed (excess of distributions over) net investment income (loss)	$	58,713		$	992		$	2,583		$	394		$	(7	)	$	(18,841	)	$	19,627
1 Share transactions
Shares sold
Class A		77,192			204,812			14,754			10,661			5,006			21,828			83,824
Class B		–			474			4			391			36			2			6
Reinvestment of distributions
Class A		3,891			30,626			1,433			2,797			493			8,793			14,296
Class B		–			108			1			190			2			5			3
Shares redeemed
Class A		(71,250	)		(183,374	)		(12,333	)		(10,570	)		(4,461	)		(20,816	)		(34,621	)
Class B		–			(523	)		(5	)		(663	)		(17	)		(5	)		(5	)
Net increase/(decrease)
Class A		9,833			52,064			3,854			2,888			1,038			9,805			63,499
Class B		–			59			–			(82	)		21			2			4
Purchase and sales of investment securities (excluding short-term securities):
Purchase of securities	$	1,609,216		$	2,055,290		$	206,413		$	140,464		$	78,606		$	346,853		$	2,041,137
Proceeds from sales of securities		1,923,998			1,787,302			167,845			140,520			63,402			302,851			1,190,445

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Statements of Changes in Net Assets (in thousands)

For the Year Ended December 31, 2014

	JNL/S&P Dividend Income & Growth Fund			JNL/S&P International 5 Fund(a)			JNL/S&P Intrinsic Value Fund			JNL/S&P Mid 3 Fund(b)			JNL/S&P Total Yield Fund			JNL/Scout Unconstrained Bond Fund(b)			JNL/T. Rowe Price Established Growth Fund
Operations
Net investment income (loss)	$	97,885		$	981		$	29,854		$	658		$	30,451		$	(1,205	)	$	(5,587	)
Net realized gain (loss)		257,053			(23	)		320,471			6,573			254,820			(14,249	)		481,223
Net change in unrealized appreciation (depreciation)		101,293			(7,554	)		3,198			7,256			(63,699	)		(6,722	)		(83,977	)
Net increase (decrease) in net assets from operations		456,231			(6,596	)		353,523			14,487			221,572			(22,176	)		391,659
Distributions to shareholders
From net investment income
Class A		(51,615	)		–			(16,900	)		–			(14,320	)		–			–
Class B		(15	)		–			(6	)		–			(4	)		–			–
From net realized gains
Class A		(188,657	)		–			(241,440	)		–			(232,448	)		–			(411,771	)
Class B		(52	)		–			(74	)		–			(66	)		–			(5,270	)
Total distributions to shareholders		(240,339	)		–			(258,420	)		–			(246,838	)		–			(417,041	)
Share transactions1
Proceeds from the sale of shares
Class A		1,647,818			135,694			1,182,419			170,425			924,414			850,011			937,628
Class B		182			–			362			101			350			–			7,732
Reinvestment of distributions
Class A		240,272			–			258,340			–			246,768			–			411,771
Class B		67			–			80			–			70			–			5,270
Cost of shares redeemed
Class A		(754,664	)		(5,597	)		(515,881	)		(20,022	)		(395,983	)		(131,807	)		(763,176	)
Class B		(235	)		–			(416	)		–			(427	)		–			(7,926	)
Net increase (decrease) in net assets from share transactions		1,133,440			130,097			924,904			150,504			775,192			718,204			591,299
Net increase (decrease) net assets		1,349,332			123,501			1,020,007			164,991			749,926			696,028			565,917
Net assets beginning of year		2,929,374			–			1,616,994			–			1,167,655			–			4,382,041
Net assets end of year	$	4,278,706		$	123,501		$	2,637,001		$	164,991		$	1,917,581		$	696,028		$	4,947,958
Undistributed (excess of distributions over) net investment income (loss)	$	97,848		$	1,021		$	29,837		$	699		$	30,438		$	155		$	(93	)
1 Share transactions
Shares sold
Class A		108,893			13,645			71,851			16,303			58,321			85,716			27,560
Class B		13			–			20			10			20			–			226
Reinvestment of distributions
Class A		15,694			–			15,600			–			16,462			–			12,380
Class B		4			–			5			–			5			–			155
Shares redeemed
Class A		(50,064	)		(591	)		(31,772	)		(1,858	)		(25,446	)		(13,380	)		(22,494	)
Class B		(15	)		–			(25	)		–			(27	)		–			(231	)
Net increase/(decrease)
Class A		74,523			13,054			55,679			14,445			49,337			72,336			17,446
Class B		2			–			–			10			(2	)		–			150
Purchase and sales of investment securities (excluding short-term securities):
Purchase of securities	$	2,264,982		$	130,388		$	2,129,503		$	255,741		$	2,287,470		$	873,891	(c)	$	1,853,676
Proceeds from sales of securities		1,265,604			–			1,436,238			105,374			1,741,472			196,132	(c)		1,662,131

(a) Period from September 15, 2014 (commencement of operations).

(b) Period from April 28, 2014 (commencement of operations).

(c) Amounts include $558,520 and $172,999 of purchases and sales, respectively, of U.S. Government Securities.

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Statements of Changes in Net Assets (in thousands)

For the Year Ended December 31, 2014

	JNL/T. Rowe Price Mid- Cap Growth Fund			JNL/T. Rowe Price Short- Term Bond Fund			JNL/T. Rowe Price Value Fund			JNL/WMC Balanced Fund			JNL/WMC Money Market Fund			JNL/WMC Value Fund
Operations
Net investment income (loss)	$	(9,987	)	$	15,835		$	32,320		$	56,583		$	–		$	26,478
Net realized gain (loss)		252,784			(414	)		311,287			196,450			15			86,787
Net change in unrealized appreciation (depreciation)		97,347			(7,427	)		11,150			102,817			–			78,714
Net increase (decrease) in net assets from operations		340,144			7,994			354,757			355,850			15			191,979
Distributions to shareholders
From net investment income
Class A		(3,958	)		(20,175	)		(25,703	)		(48,640	)		(6	)		(25,720	)
Class B		(84	)		(16	)		(11	)		(19	)		–			(518	)
From net realized gains
Class A		(239,028	)		–			(172,808	)		(124,547	)		(15	)		(71,864	)
Class B		(5,063	)		–			(63	)		(44	)		–			(1,281	)
Total distributions to shareholders		(248,133	)		(20,191	)		(198,585	)		(173,250	)		(21	)		(99,383	)
Share transactions1
Proceeds from the sale of shares
Class A		651,338			602,840			1,327,880			1,101,044			2,151,606			232,352
Class B		8,904			1,065			182			147			5,484			4,720
Reinvestment of distributions
Class A		242,986			20,175			198,511			173,187			21			97,584
Class B		5,147			16			74			63			–			1,799
Cost of shares redeemed
Class A		(499,587	)		(487,132	)		(545,383	)		(556,786	)		(2,194,169	)		(334,767	)
Class B		(9,198	)		(138	)		(223	)		(178	)		(5,955	)		(3,013	)
Net increase (decrease) in net assets from share transactions		399,590			136,826			981,041			717,477			(43,013	)		(1,325	)
Net increase (decrease) net assets		491,601			124,629			1,137,213			900,077			(43,019	)		91,271
Net assets beginning of year		2,565,472			1,657,511			2,429,466			3,346,832			1,336,742			1,745,296
Net assets end of year	$	3,057,073		$	1,782,140		$	3,566,679		$	4,246,909		$	1,293,723		$	1,836,567
Undistributed (excess of distributions over) net investment income (loss)	$	(72	)	$	17,153		$	32,252		$	58,798		$	(42	)	$	16,727
1 Share transactions
Shares sold
Class A		16,681			60,326			76,808			50,111			2,151,606			9,740
Class B		227			106			11			6			5,484			198
Reinvestment of distributions
Class A		6,205			2,038			11,521			7,773			21			3,977
Class B		127			2			4			3			–			72
Shares redeemed
Class A		(12,850	)		(48,750	)		(32,031	)		(25,376	)		(2,194,169	)		(14,000	)
Class B		(229	)		(14	)		(13	)		(8	)		(5,955	)		(124	)
Net increase/(decrease)
Class A		10,036			13,614			56,298			32,508			(42,542	)		(283	)
Class B		125			94			2			1			(471	)		146
Purchase and sales of investment securities (excluding short-term securities):
Purchase of securities	$	936,021		$	862,974	(a)	$	2,194,457		$	5,265,215	(b)	$	578,791	(c)	$	237,585
Proceeds from sales of securities		784,149			674,553	(a)		1,393,432			4,794,074	(b)		709,686	(c)		285,371

(a) Amounts include $255,556 and $238,314 of purchases and sales, respectively, of U.S. Government Securities.

(b) Amounts include $4,032,420 and $3,977,215 of purchases and sales, respectively, of U.S. Government Securities.

(c) Amounts include $315,905 and $291,959 of purchases and sales, respectively, of U.S. Government Securities.

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Statements of Changes in Net Assets (in thousands)

For the Year Ended December 31, 2013

	JNL/AQR Managed Futures Strategy Fund(a)			JNL/BlackRock Commodity Securities Strategy Fund(a)			JNL/BlackRock Global Allocation Fund(a)			JNL/BlackRock Large Cap Select Growth Fund			JNL/Brookfield Global Infrastructure Fund			JNL/Capital Guardian Global Balanced Fund			JNL/Capital Guardian Global Diversified Research Fund
Operations
Net investment income (loss)	$	(6,928	)	$	1,872		$	16,521		$	(1,424	)	$	8,028		$	5,376		$	3,316
Net realized gain (loss)		37,794			(12,526	)		75,513			86,135			35,442			26,363			16,506
Net change in unrealized appreciation (depreciation)		6,353			146,846			196,077			133,622			56,013			33,074			59,144
Net increase (decrease) in net assets from operations		37,219			136,192			288,111			218,333			99,483			64,813			78,966
Distributions to shareholders
From net investment income
Class A		(16,451	)		(5,457	)		(13,571	)		(213	)		(3,583	)		(7,670	)		(4,743	)
Class B		(4	)		(5	)		(1	)		–			(1	)		(9	)		(5	)
From net realized gains
Class A		(664	)		–			–			(69,079	)		(12,053	)		–			–
Class B		–			–			–			(24	)		(2	)		–			–
Total distributions to shareholders		(17,119	)		(5,462	)		(13,572	)		(69,316	)		(15,639	)		(7,679	)		(4,748	)
Share transactions1
Proceeds from the sale of shares
Class A		201,549			455,992			1,181,545			508,078			406,451			89,696			75,651
Class B		–			215			132			48			88			72			49
Reinvestment of distributions
Class A		17,115			5,457			13,571			69,292			15,636			7,670			4,743
Class B		4			5			1			24			3			9			5
Cost of shares redeemed
Class A		(297,651	)		(597,015	)		(314,656	)		(184,541	)		(129,815	)		(85,451	)		(78,452	)
Class B		–			(203	)		(138	)		(68	)		(152	)		(76	)		(79	)
Net increase (decrease) in net assets from share transactions		(78,983	)		(135,549	)		880,455			392,833			292,211			11,920			1,917
Net increase (decrease) net assets		(58,883	)		(4,819	)		1,154,994			541,850			376,055			69,054			76,135
Net assets beginning of year		541,696			1,459,770			1,593,058			471,939			299,013			416,275			344,204
Net assets end of year	$	482,813		$	1,454,951		$	2,748,052		$	1,013,789		$	675,068		$	485,329		$	420,339
Undistributed (excess of distributions over) net investment income	$	2,536		$	(674	)	$	13,610		$	(514	)	$	9,080		$	3,106		$	3,286
1 Share transactions
Shares sold
Class A		19,705			42,661			101,812			19,257			29,547			8,401			2,671
Class B		–			21			12			2			6			7			2
Reinvestment of distributions
Class A		1,732			498			1,129			2,635			1,111			693			157
Class B		–			–			–			1			–			1			–
Shares redeemed
Class A		(28,777	)		(55,543	)		(27,038	)		(7,249	)		(9,337	)		(8,020	)		(2,791	)
Class B		–			(19	)		(12	)		(3	)		(10	)		(7	)		(3	)
Net increase/(decrease)
Class A		(7,340	)		(12,384	)		75,903			14,643			21,321			1,074			37
Class B		–			2			–			–			(4	)		1			(1	)
Purchase and sales of investment securities (excluding short–term securities):
Purchase of securities	$	–		$	275,890		$	1,759,253	(b)	$	1,095,702		$	592,928		$	427,259	(c)	$	101,091
Proceeds from sales of securities		–			379,891			951,233	(b)		769,347			310,467			426,506	(c)		109,600

(a) Consolidated Statement of Changes in Net Assets.

(b) Amounts include $239,282 and $154,426 of purchases and sales, respectively, of U.S. Government Securities.

(c) Amounts include $223,778 and $225,938 of purchases and sales, respectively, of U.S. Government Securities.

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Statements of Changes in Net Assets (in thousands)

For the Year Ended December 31, 2013

	JNL/DFA U.S. Core Equity Fund			JNL/Eagle SmallCap Equity Fund			JNL/Eastspring Investments Asia ex-Japan Fund			JNL/Eastspring Investments China-India Fund			JNL/Franklin Templeton Global Growth Fund			JNL/Franklin Templeton Global Multisector Bond Fund			JNL/Franklin Templeton Income Fund
Operations
Net investment income (loss)	$	3,475		$	(4,055	)	$	1,566		$	3,807		$	10,009		$	45,463		$	85,239
Net realized gain (loss)		7,728			119,786			(3,569	)		3,147			25,469			19,307			(3,893	)
Net change in unrealized appreciation (depreciation)		89,241			264,686			(8,041	)		(18,398	)		176,253			(18,635	)		167,677
Net increase (decrease) in net assets from operations		100,444			380,417			(10,044	)		(11,444	)		211,731			46,135			249,023
Distributions to shareholders
From net investment income
Class A		(3,547	)		(1,032	)		(1,720	)		(3,281	)		(10,156	)		(37,114	)		(77,436	)
Class B		(3	)		(2	)		(2	)		(3	)		(5	)		(6	)		(25	)
From net realized gains
Class A		(16,832	)		(31,502	)		(1,117	)		–			–			(103	)		–
Class B		(11	)		(22	)		(1	)		–			–			–			–
Total distributions to shareholders		(20,393	)		(32,558	)		(2,840	)		(3,284	)		(10,161	)		(37,223	)		(77,461	)
Share transactions1
Proceeds from the sale of shares
Class A		272,771			562,069			74,141			136,315			244,614			1,166,997			711,341
Class B		75			242			90			109			64			271			162
Proceeds in connection with acquisition
Class A		–			–			–			–			56,597			–			–
Class B		–			–			–			–			20			–			–
Reinvestment of distributions
Class A		20,379			32,534			2,837			3,281			10,156			37,217			77,436
Class B		14			24			3			3			5			6			25
Cost of shares redeemed
Class A		(102,750	)		(576,357	)		(80,929	)		(143,760	)		(182,280	)		(438,043	)		(390,223	)
Class B		(53	)		(271	)		(170	)		(208	)		(93	)		(190	)		(132	)
Net increase (decrease) in net assets from share transactions		190,436			18,241			(4,028	)		(4,260	)		129,083			766,258			398,609
Net increase (decrease) net assets		270,487			366,100			(16,912	)		(18,988	)		330,653			775,170			570,171
Net assets beginning of year		230,267			1,273,038			152,339			373,999			658,138			977,738			1,622,856
Net assets end of year	$	500,754		$	1,639,138		$	135,427		$	355,011		$	988,791		$	1,752,908		$	2,193,027
Undistributed (excess of distributions over) net investment income	$	3,464		$	(1,556	)	$	1,408		$	2,962		$	9,745		$	55,317		$	84,234
1 Share transactions
Shares sold
Class A		27,882			21,378			9,467			19,301			23,591			96,785			62,335
Class B		8			9			12			16			7			23			15
Shares issued in connection with acquisition
Class A		–			–			–			–			5,225			–			–
Class B		–			–			–			–			2			–			–
Reinvestment of distributions
Class A		2,008			1,164			373			459			904			3,151			6,751
Class B		1			1			1			–			–			1			2
Shares redeemed
Class A		(10,639	)		(22,085	)		(10,455	)		(20,705	)		(17,754	)		(36,320	)		(34,231	)
Class B		(5	)		(10	)		(22	)		(30	)		(9	)		(16	)		(12	)
Net increase/(decrease)
Class A		19,251			457			(615	)		(945	)		11,966			63,616			34,855
Class B		4			–			(9	)		(14	)		–			8			5
Purchase and sales of investment securities (excluding short–term securities):
Purchase of securities	$	198,127		$	1,008,927		$	93,376		$	101,187		$	201,047		$	872,140		$	726,184
Proceeds from sales of securities		30,014			1,018,298			99,985			107,497			132,091			244,361	(a)		354,487

(a) Amounts include $24,393 sales of U.S. Government Securities.

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Statements of Changes in Net Assets (in thousands)

For the Year Ended December 31, 2013

	JNL/Franklin Templeton International Small Cap Growth Fund			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
Operations
Net investment income (loss)	$	3,799		$	15,196		$	3,523		$	13,446		$	37,632		$	6,185		$	136
Net realized gain (loss)		21,838			59,264			96,466			(2,760	)		(6,620	)		220,647			26,404
Net change in unrealized appreciation (depreciation)		68,691			164,231			161,932			(21,647	)		(103,145	)		79,906			21,100
Net increase (decrease) in net assets from operations		94,328			238,691			261,921			(10,961	)		(72,133	)		306,738			47,640
Distributions to shareholders
From net investment income
Class A		(3,675	)		(8,775	)		(7,288	)		(23,343	)		(66,859	)		(3,918	)		(288	)
Class B		(3	)		(5	)		(5	)		(12	)		(14	)		(90	)		(1	)
From net realized gains
Class A		(6,152	)		–			(6,025	)		(31,994	)		(27,877	)		(198,035	)		(3,064	)
Class B		(4	)		–			(3	)		(15	)		(6	)		(3,315	)		(3	)
Total distributions to shareholders		(9,834	)		(8,780	)		(13,321	)		(55,364	)		(94,756	)		(205,358	)		(3,356	)
Share transactions1
Proceeds from the sale of shares
Class A		214,630			216,052			439,729			225,701			357,207			330,880			73,093
Class B		93			104			143			119			39			7,963			20
Reinvestment of distributions
Class A		9,827			8,775			13,313			55,337			94,736			201,953			3,352
Class B		7			5			8			27			20			3,405			4
Cost of shares redeemed
Class A		(126,138	)		(163,932	)		(589,249	)		(344,909	)		(442,659	)		(458,646	)		(52,420	)
Class B		(127	)		(137	)		(189	)		(81	)		(114	)		(3,703	)		(147	)
Net increase (decrease) in net assets from share transactions		98,292			60,867			(136,245	)		(63,806	)		9,229			81,852			23,902
Net increase (decrease) net assets		182,786			290,778			112,355			(130,131	)		(157,660	)		183,232			68,186
Net assets beginning of year		258,369			829,498			920,066			909,101			952,921			977,577			129,924
Net assets end of year	$	441,155		$	1,120,276		$	1,032,421		$	778,970		$	795,261		$	1,160,809		$	198,110
Undistributed (excess of distributions over) net investment income	$	3,692		$	17,473		$	3,371		$	17,516		$	8,258		$	2,067		$	144
1 Share transactions
Shares sold
Class A		21,317			20,328			29,911			18,233			25,787			26,022			7,163
Class B		8			10			10			10			3			624			3
Reinvestment of distributions
Class A		917			772			825			4,846			8,303			16,942			303
Class B		1			–			–			2			2			285			–
Shares redeemed
Class A		(12,639	)		(15,515	)		(42,017	)		(28,069	)		(32,182	)		(35,632	)		(5,113	)
Class B		(13	)		(13	)		(14	)		(6	)		(8	)		(281	)		(13	)
Net increase/(decrease)
Class A		9,595			5,585			(11,281	)		(4,990	)		1,908			7,332			2,353
Class B		(4	)		(3	)		(4	)		6			(3	)		628			(10	)
Purchase and sales of investment securities (excluding short–term securities):
Purchase of securities	$	173,520		$	307,396		$	206,432		$	6,525,653	(a)	$	1,348,744	(b)	$	1,276,802		$	230,325
Proceeds from sales of securities		83,806			244,908			370,936			6,682,321	(a)		1,374,315	(b)		1,375,326			214,941
Securities sold short covers		–			–			–			–			–			–			55,903
Securities sold short proceeds		–			–			–			–			–			–			52,482

(a) Amounts include $6,192,259 and $6,229,642 of purchases and sales, respectively, of U.S. Government Securities.

(b) Amounts include $227,274 and $166,134 of purchases and sales, respectively, of U.S. Government Securities.

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Statements of Changes in Net Assets (in thousands)

For the Year Ended December 31, 2013

	JNL/Invesco Global Real Estate Fund			JNL/Invesco International Growth Fund			JNL/Invesco Large Cap Growth Fund			JNL/Invesco Mid Cap Value Fund			JNL/Invesco Small Cap Growth Fund			JNL/Ivy Asset Strategy Fund(a)			JNL/JPMorgan International Value Fund
Operations
Net investment income (loss)	$	23,083		$	12,848		$	567		$	1,208		$	(1,612	)	$	14,852		$	11,600
Net realized gain (loss)		84,204			16,825			198,494			55,450			34,106			195,564			36,059
Net change in unrealized appreciation (depreciation)		(65,525	)		141,732			138,177			17,774			144,176			337,341			65,423
Net increase (decrease) in net assets from operations		41,762			171,405			337,238			74,432			176,670			547,757			113,082
Distributions to shareholders
From net investment income
Class A		(48,172	)		(11,406	)		(3,304	)		(635	)		(701	)		(34,956	)		(20,608	)
Class B		(28	)		(7	)		(7	)		(1	)		(1	)		(11	)		(25	)
From net realized gains
Class A		–			–			(59,818	)		–			(12,584	)		–			–
Class B		–			–			(74	)		–			(11	)		–			–
Total distributions to shareholders		(48,200	)		(11,413	)		(63,203	)		(636	)		(13,297	)		(34,967	)		(20,633	)
Share transactions1
Proceeds from the sale of shares
Class A		671,384			641,752			303,406			167,535			388,899			878,426			167,038
Class B		249			195			125			56			143			439			168
Reinvestment of distributions
Class A		48,172			11,406			63,122			635			13,285			34,956			20,608
Class B		28			7			81			1			12			11			25
Cost of shares redeemed
Class A		(530,560	)		(313,307	)		(619,128	)		(82,059	)		(228,419	)		(420,526	)		(113,085	)
Class B		(309	)		(129	)		(158	)		(52	)		(147	)		(169	)		(103	)
Net increase (decrease) in net assets from share transactions		188,964			339,924			(252,552	)		86,116			173,773			493,137			74,651
Net increase (decrease) net assets		182,526			499,916			21,483			159,912			337,146			1,005,927			167,100
Net assets beginning of year		1,363,308			730,000			996,044			220,961			395,089			2,044,739			507,220
Net assets end of year	$	1,545,834		$	1,229,916		$	1,017,527		$	380,873		$	732,235		$	3,050,666		$	674,320
Undistributed (excess of distributions over) net investment income	$	14,829		$	10,907		$	535		$	1,197		$	(7	)	$	20,606		$	9,235
1 Share transactions
Shares sold
Class A		65,250			54,632			20,766			11,992			22,423			65,309			21,347
Class B		24			15			8			4			8			31			21
Reinvestment of distributions
Class A		4,956			927			3,972			43			707			2,426			2,582
Class B		3			1			5			–			1			1			3
Shares redeemed
Class A		(51,024	)		(26,711	)		(41,530	)		(5,993	)		(13,370	)		(31,159	)		(14,572	)
Class B		(30	)		(11	)		(11	)		(4	)		(9	)		(12	)		(13	)
Net increase/(decrease)
Class A		19,182			28,848			(16,792	)		6,042			9,760			36,576			9,357
Class B		(3	)		5			2			–			–			20			11
Purchase and sales of investment securities (excluding short–term securities):
Purchase of securities	$	974,871		$	508,610		$	872,314		$	497,598		$	296,053		$	1,804,230		$	359,689
Proceeds from sales of securities		801,388			181,049			1,154,805			426,461			158,590			1,720,419			296,425

(a) Consolidated Statement of Changes in Net Assets.

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Statements of Changes in Net Assets (in thousands)

For the Year Ended December 31, 2013

	JNL/JPMorgan MidCap Growth Fund			JNL/JPMorgan U.S. Government & Quality Bond Fund			JNL/Lazard Emerging Markets Fund			JNL/Mellon Capital Emerging Markets Index Fund			JNL/Mellon Capital European 30 Fund			JNL/Mellon Capital Pacific Rim 30 Fund			JNL/Mellon Capital S&P 500 Index Fund
Operations
Net investment income (loss)	$	260		$	33,880		$	24,441		$	8,609		$	1,816		$	3,676		$	33,761
Net realized gain (loss)		107,275			6,113			29,242			(8,162	)		849			6,504			21,430
Net change in unrealized appreciation (depreciation)		204,646			(89,379	)		(66,745	)		(17,837	)		15,009			3,101			553,409
Net increase (decrease) in net assets from operations		312,181			(49,386	)		(13,062	)		(17,390	)		17,674			13,281			608,600
Distributions to shareholders
From net investment income
Class A		(1,745	)		(42,789	)		(22,378	)		(4,543	)		(982	)		(5,142	)		(33,429	)
Class B		(1	)		(22	)		(10	)		(1	)		(1	)		(8	)		(334	)
From net realized gains
Class A		–			–			(27,084	)		–			–			–			(13,049	)
Class B		–			–			(11	)		–			–			–			(115	)
Total distributions to shareholders		(1,746	)		(42,811	)		(49,483	)		(4,544	)		(983	)		(5,150	)		(46,927	)
Share transactions1
Proceeds from the sale of shares
Class A		787,720			426,617			562,670			530,052			120,100			105,107			1,256,567
Class B		66			662			90			151			12			37			8,416
Proceeds in connection with acquisition
Class A		–			–			–			–			–			–			260,176
Class B		–			–			–			–			–			–			1,064
Reinvestment of distributions
Class A		1,745			42,789			49,462			4,543			982			5,142			46,478
Class B		1			22			21			1			1			8			449
Cost of shares redeemed
Class A		(367,724	)		(870,221	)		(436,666	)		(194,504	)		(28,803	)		(64,891	)		(638,783	)
Class B		(79	)		(1,033	)		(240	)		(139	)		(8	)		(81	)		(5,494	)
Net increase (decrease) in net assets from share transactions		421,729			(401,164	)		175,337			340,104			92,284			45,322			928,873
Net increase (decrease) net assets		732,164			(493,361	)		112,792			318,170			108,975			53,453			1,490,546
Net assets beginning of year		556,224			1,662,619			1,410,606			402,532			30,264			100,495			1,604,546
Net assets end of year	$	1,288,388		$	1,169,258		$	1,523,398		$	720,702		$	139,239		$	153,948		$	3,095,092
Undistributed (excess of distributions over) net investment income	$	330		$	38,002		$	24,294		$	8,219		$	2,014		$	3,391		$	247
1 Share transactions
Shares sold
Class A		30,212			30,631			50,699			52,006			9,927			7,417			90,788
Class B		3			45			8			15			2			3			612
Shares issued in connection with acquisition
Class A		–			–			–			–			–			–			18,397
Class B		–			–			–			–			–			–			74
Reinvestment of distributions
Class A		59			3,242			4,588			451			78			375			3,068
Class B		–			2			2			–			–			1			29
Shares redeemed
Class A		(14,193	)		(62,688	)		(39,409	)		(19,276	)		(2,406	)		(4,581	)		(46,330	)
Class B		(3	)		(71	)		(21	)		(13	)		(1	)		(6	)		(398	)
Net increase/(decrease)
Class A		16,078			(28,815	)		15,878			33,181			7,599			3,211			65,923
Class B		–			(24	)		(11	)		2			1			(2	)		317
Purchase and sales of investment securities (excluding short–term securities):
Purchase of securities	$	1,016,224		$	10,135	(a)	$	531,495		$	719,807		$	126,938		$	176,564		$	636,298
Proceeds from sales of securities		627,280			390,590	(a)		372,027			374,827			35,048			133,198			44,866

(a) Amounts include $8,020 and $374,898 of purchases and sales, respectively, of U.S. Government Securities.

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Statements of Changes in Net Assets (in thousands)

For the Year Ended December 31, 2013

	JNL/Mellon Capital S&P 400 MidCap Index Fund			JNL/Mellon Capital Small Cap Index Fund			JNL/Mellon Capital International Index Fund			JNL/Mellon Capital Bond Index Fund			JNL/Mellon Capital Global Alpha Fund			JNL/Mellon Capital Dow Jones U.S. Contrarian Opportunities Index Fund			JNL/Mellon Capital Utilities Sector Fund(a)
Operations
Net investment income (loss)	$	12,287		$	14,468		$	49,924		$	30,334		$	(5,217	)	$	389		$	70
Net realized gain (loss)		53,476			84,843			1,209			(4,433	)		(15,437	)		17,131			(113	)
Net change in unrealized appreciation (depreciation)		297,847			350,704			343,329			(82,650	)		15,749			19,277			2
Net increase (decrease) in net assets from operations		363,610			450,015			394,462			(56,749	)		(4,905	)		36,797			(41	)
Distributions to shareholders
From net investment income
Class A		(11,028	)		(15,454	)		(49,996	)		(33,326	)		–			(593	)		(70	)
Class B		(109	)		(197	)		(730	)		(105	)		–			(1	)		–
From net realized gains
Class A		(45,344	)		(76,233	)		–			(1,243	)		–			–			(1	)
Class B		(369	)		(835	)		–			(4	)		–			–			–
Total distributions to shareholders		(56,850	)		(92,719	)		(50,726	)		(34,678	)		–			(594	)		(71	)
Share transactions1
Proceeds from the sale of shares
Class A		654,590			499,933			561,918			629,473			146,182			98,510			5,630
Class B		7,515			8,728			10,205			1,748			36			40			–
Proceeds in connection with acquisition
Class A		–			278,968			–			–			–			–			–
Class B		–			102			–			–			–			–			–
Reinvestment of distributions
Class A		56,372			91,687			49,996			34,569			–			593			71
Class B		478			1,032			730			109			–			1			–
Cost of shares redeemed
Class A		(353,919	)		(457,652	)		(381,653	)		(856,198	)		(398,626	)		(65,928	)		(2,343	)
Class B		(5,155	)		(5,922	)		(6,320	)		(1,629	)		(148	)		(1	)		–
Net increase (decrease) in net assets from share transactions		359,881			416,876			234,876			(191,928	)		(252,556	)		33,215			3,358
Net increase (decrease) net assets		666,641			774,172			578,612			(283,355	)		(257,461	)		69,418			3,246
Net assets beginning of year		985,512			1,075,380			1,757,582			1,831,329			488,626			78,110			–
Net assets end of year	$	1,652,153		$	1,849,552		$	2,336,194		$	1,547,974		$	231,165		$	147,528		$	3,246
Undistributed (excess of distributions over) net investment income	$	4,431		$	(762	)	$	(1,433	)	$	11,472		$	4,198		$	389		$	1
1 Share transactions
Shares sold
Class A		38,376			32,262			41,852			52,216			14,360			7,901			582
Class B		442			580			740			140			4			3			–
Shares issued in connection with acquisition
Class A		–			17,398			–			–			–			–			–
Class B		–			6			–			–			–			–			–
Reinvestment of distributions
Class A		3,070			5,474			3,511			2,967			–			43			8
Class B		26			61			50			9			–			–			–
Shares redeemed
Class A		(20,724	)		(29,531	)		(28,448	)		(71,793	)		(39,269	)		(5,170	)		(244	)
Class B		(293	)		(374	)		(461	)		(131	)		(15	)		–			–
Net increase/(decrease)
Class A		20,722			25,603			16,915			(16,610	)		(24,909	)		2,774			346
Class B		175			273			329			18			(11	)		3			–
Purchase and sales of investment securities (excluding short–term securities):
Purchase of securities	$	429,614		$	300,726		$	232,722		$	2,819,978	(b)	$	147,157		$	192,018		$	5,567
Proceeds from sales of securities		146,953			243,682			24,814			2,999,181	(b)		139,506			159,203			2,224

(a) Period from April 29, 2013 (commencement of operations).

(b) Amounts include $2,665,309 and $2,817,428 of purchases and sales, respectively, of U.S. Government Securities.

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Statements of Changes in Net Assets (in thousands)

For the Year Ended December 31, 2013

	JNL/Morgan Stanley Mid Cap Growth Fund			JNL/Neuberger Berman Strategic Income Fund			JNL/ Oppenheimer Global Growth Fund			JNL/PIMCO Real Return Fund			JNL/PIMCO Total Return Bond Fund			JNL/PPM America Floating Rate Income Fund			JNL/PPM America High Yield Bond Fund
Operations
Net investment income (loss)	$	(346	)	$	4,889		$	7,063		$	15,007		$	59,506		$	39,529		$	146,511
Net realized gain (loss)		2,894			(830	)		22,817			(246,569	)		(14,088	)		4,452			58,035
Net change in unrealized appreciation (depreciation)		19,801			(490	)		156,793			(13,313	)		(179,409	)		1,265			(15,134	)
Net increase (decrease) in net assets from operations		22,349			3,569			186,673			(244,875	)		(133,991	)		45,246			189,412
Distributions to shareholders
From net investment income
Class A		–			(741	)		(8,197	)		(26,969	)		(64,920	)		(21,743	)		(149,300	)
Class B		–			–			(10	)		(13	)		(273	)		–			(664	)
From net realized gains
Class A		(358	)		(542	)		(332	)		(211,658	)		(7,003	)		–			(54,653	)
Class B		–			–			–			(86	)		(26	)		–			(235	)
Total distributions to shareholders		(358	)		(1,283	)		(8,539	)		(238,726	)		(72,222	)		(21,743	)		(204,852	)
Share transactions1
Proceeds from the sale of shares
Class A		239,315			471,743			312,724			681,413			1,975,714			1,272,242			1,404,514
Class B		–			1			150			338			4,012			–			3,779
Reinvestment of distributions
Class A		358			1,283			8,529			238,627			71,923			21,743			203,953
Class B		–			–			10			99			299			–			899
Cost of shares redeemed
Class A		(69,217	)		(88,894	)		(147,903	)		(1,699,117	)		(2,491,504	)		(433,753	)		(1,213,883	)
Class B		–			(2	)		(177	)		(439	)		(8,425	)		–			(3,939	)
Net increase (decrease) in net assets from share transactions		170,456			384,131			173,333			(779,079	)		(447,981	)		860,232			395,323
Net increase (decrease) net assets		192,447			386,417			351,467			(1,262,680	)		(654,194	)		883,735			379,883
Net assets beginning of year		17,104			81,038			636,935			3,084,128			5,812,894			659,373			2,205,452
Net assets end of year	$	209,551		$	467,455		$	988,402		$	1,821,448		$	5,158,700		$	1,543,108		$	2,585,335
Undistributed (excess of distributions over) net investment income	$	3		$	4,853		$	6,982		$	2,353		$	39,687		$	38,890		$	1,322
1 Share transactions
Shares sold
Class A		19,795			45,225			24,421			54,923			152,526			117,172			187,622
Class B		–			–			11			27			291			–			454
Reinvestment of distributions
Class A		28			123			626			23,258			5,704			2,002			28,445
Class B		–			–			1			10			22			–			111
Shares redeemed
Class A		(5,652	)		(8,504	)		(11,604	)		(138,944	)		(193,867	)		(39,871	)		(162,289	)
Class B		–			–			(14	)		(35	)		(612	)		–			(470	)
Net increase/(decrease)
Class A		14,171			36,844			13,443			(60,763	)		(35,637	)		79,303			53,778
Class B		–			–			(2	)		2			(299	)		–			95
Purchase and sales of investment securities (excluding short–term securities):
Purchase of securities	$	192,146		$	1,485,293	(a)	$	285,829		$	3,169,582	(b)	$	25,783,890	(c)	$	1,468,059		$	2,466,777
Proceeds from sales of securities		29,267			1,011,122	(a)		120,108			4,251,329	(b)		26,146,693	(c)		658,236			2,140,803

(a) Amounts include $1,002,399 and $822,392 of purchases and sales, respectively, of U.S. Government Securities.

(b) Amounts include $2,882,075 and $3,545,872 of purchases and sales, respectively, of U.S. Government Securities.

(c) Amounts include $24,799,914 and $24,690,036 of purchases and sales, respectively, of U.S. Government Securities.

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Statements of Changes in Net Assets (in thousands)

For the Year Ended December 31, 2013

	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			JNL/S&P Competitive Advantage Fund			JNL/S&P Dividend Income & Growth Fund			JNL/S&P Intrinsic Value Fund
Operations
Net investment income (loss)	$	1,859		$	805		$	2,211		$	13,257		$	7,165		$	51,319		$	16,901
Net realized gain (loss)		23,270			15,101			10,593			87,390			235,025			266,369			242,059
Net change in unrealized appreciation (depreciation)		58,231			31,499			37,425			158,357			181,239			179,038			167,446
Net increase (decrease) in net assets from operations		83,360			47,405			50,229			259,004			423,429			496,726			426,406
Distributions to shareholders
From net investment income
Class A		(1,629	)		(608	)		(1,985	)		(62,169	)		(8,391	)		(37,594	)		(12,521	)
Class B		(2	)		(75	)		(7	)		(42	)		(3	)		(15	)		(6	)
From net realized gains
Class A		–			(11,687	)		–			–			(92,527	)		(86,787	)		(62,093	)
Class B		–			(1,034	)		–			–			(25	)		(32	)		(28	)
Total distributions to shareholders		(1,631	)		(13,404	)		(1,992	)		(62,211	)		(100,946	)		(124,428	)		(74,648	)
Share transactions1
Proceeds from the sale of shares
Class A		236,043			151,386			84,740			185,120			839,851			1,178,410			900,392
Class B		42			9,877			572			21			186			347			490
Proceeds in connection with acquisition
Class A		–			–			–			–			–			484,554			–
Class B		–			–			–			–			–			280			–
Reinvestment of distributions
Class A		1,629			12,295			1,985			62,169			100,918			124,381			74,614
Class B		2			1,109			7			42			28			47			34
Cost of shares redeemed
Class A		(154,560	)		(95,344	)		(73,797	)		(302,044	)		(366,547	)		(498,318	)		(409,030	)
Class B		(18	)		(3,238	)		(561	)		(70	)		(392	)		(176	)		(407	)
Net increase (decrease) in net assets from share transactions		83,138			76,085			12,946			(54,762	)		574,044			1,289,525			566,093
Net increase (decrease) net assets		164,867			110,086			61,183			142,031			896,527			1,661,823			917,851
Net assets beginning of year		153,939			105,733			118,655			684,666			824,724			1,267,551			699,143
Net assets end of year	$	318,806		$	215,819		$	179,838		$	826,697		$	1,721,251		$	2,929,374		$	1,616,994
Undistributed (excess of distributions over) net investment income	$	1,857		$	133		$	2,204		$	36,291		$	7,153		$	51,593		$	16,889
1 Share transactions
Shares sold
Class A		18,978			13,226			5,519			16,461			54,655			87,052			64,214
Class B		3			852			37			1			12			26			36
Shares issued in connection with acquisition
Class A		–			–			–			–			–			35,535
Class B		–			–			–			–			–			20
Reinvestment of distributions
Class A		114			996			112			5,364			6,165			8,974			4,961
Class B		–			90			–			4			2			3			2
Shares redeemed
Class A		(12,196	)		(8,488	)		(4,780	)		(27,232	)		(24,231	)		(37,164	)		(29,450	)
Class B		(1	)		(280	)		(35	)		(6	)		(28	)		(13	)		(30	)
Net increase/(decrease)
Class A		6,896			5,734			851			(5,407	)		36,589			94,397			39,725
Class B		2			662			2			(1	)		(14	)		36			8
Purchase and sales of investment securities (excluding short–term securities):
Purchase of securities	$	190,760		$	136,447		$	59,745		$	292,396		$	1,295,915		$	1,861,720		$	1,666,726
Proceeds from sales of securities		108,322			73,624			46,449			359,374			817,999			1,108,121			1,163,449

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Statements of Changes in Net Assets (in thousands)

For the Year Ended December 31, 2013

	JNL/S&P Total Yield Fund			JNL/T. Rowe Price Established Growth Fund			JNL/T. Rowe Price Mid-Cap Growth Fund			JNL/T. Rowe Price Short– Term Bond Fund			JNL/T. Rowe Price Value Fund			JNL/WMC Balanced Fund			JNL/WMC Money Market Fund			JNL/WMC Value Fund
Operations
Net investment income (loss)	$	14,321		$	(5,519	)	$	(8,263	)	$	13,645		$	25,702		$	44,131		$	–		$	25,494
Net realized gain (loss)		234,565			258,372			191,784			1,899			175,144			131,438			16			76,063
Net change in unrealized appreciation (depreciation)		73,095			883,722			478,776			(15,117	)		428,944			323,547			–			308,873
Net increase (decrease) in net assets from operations		321,981			1,136,575			662,297			427			629,790			499,116			16			410,430
Distributions to shareholders
From net investment income
Class A		(9,279	)		(2,641	)		–			(21,288	)		(25,537	)		(42,971	)		(8	)		(28,428	)
Class B		(5	)		(96	)		–			(4	)		(14	)		(19	)		–			(494	)
From net realized gains
Class A		(42,180	)		(149,035	)		(143,809	)		–			(84,208	)		(45,129	)		(6	)		(61,150	)
Class B		(20	)		(1,977	)		(3,181	)		–			(41	)		(18	)		–			(956	)
Total distributions to shareholders		(51,484	)		(153,749	)		(146,990	)		(21,292	)		(109,800	)		(88,137	)		(14	)		(91,028	)
Share transactions1
Proceeds from the sale of shares
Class A		744,468			1,382,038			617,956			1,090,251			890,217			894,598			2,232,828			497,449
Class B		672			5,835			8,492			177			258			266			6,328			3,754
Reinvestment of distributions
Class A		51,459			151,676			143,809			21,288			109,745			88,100			14			89,578
Class B		25			2,073			3,181			4			55			37			–			1,450
Cost of shares redeemed
Class A		(417,842	)		(675,411	)		(486,472	)		(1,452,346	)		(657,008	)		(446,099	)		(2,147,743	)		(445,976	)
Class B		(419	)		(6,780	)		(8,391	)		(90	)		(418	)		(276	)		(6,496	)		(2,554	)
Net increase (decrease) in net assets from share transactions		378,363			859,431			278,575			(340,716	)		342,849			536,626			84,931			143,701
Net increase (decrease) net assets		648,860			1,842,257			793,882			(361,581	)		862,839			947,605			84,933			463,103
Net assets beginning of year		518,795			2,539,784			1,771,590			2,019,092			1,566,627			2,399,227			1,251,809			1,282,193
Net assets end of year	$	1,167,655		$	4,382,041		$	2,565,472		$	1,657,511		$	2,429,466		$	3,346,832		$	1,336,742		$	1,745,296
Undistributed (excess of distributions over) net investment income	$	14,311		$	(75	)	$	(3,787	)	$	20,150		$	25,662		$	48,730		$	(45	)	$	16,505
1 Share transactions
Shares sold
Class A		55,362			48,635			17,922			108,391			61,318			44,598			2,232,828			23,162
Class B		56			209			248			18			17			12			6,328			178
Reinvestment of distributions
Class A		3,549			4,585			3,875			2,142			7,058			4,285			14			3,944
Class B		2			62			84			–			3			2			–			63
Shares redeemed
Class A		(31,041	)		(23,720	)		(14,214	)		(144,491	)		(44,744	)		(22,250	)		(2,147,743	)		(20,523	)
Class B		(34	)		(234	)		(240	)		(9	)		(27	)		(13	)		(6,496	)		(118	)
Net increase/(decrease)
Class A		27,870			29,500			7,583			(33,958	)		23,632			26,633			85,100			6,583
Class B		24			37			92			9			(7	)		1			(168	)		123
Purchase and sales of investment securities (excluding short–term securities):
Purchase of securities	$	1,326,024		$	1,778,083		$	746,962		$	1,087,606	(a)	$	1,062,237		$	8,887,439	(b)	$	764,233	(c)	$	413,573
Proceeds from sales of securities		985,716			1,112,874			682,179			1,305,782	(a)		784,969			8,403,249	(b)		639,119	(c)		352,344

(a) Amounts include $413,608 and $576,443 of purchases and sales, respectively, of U.S. Government Securities.

(b) Amounts include $7,806,190 and $7,604,097 of purchases and sales, respectively, of U.S. Government Securities.

(c) Amounts include $300,457 and $376,985 of purchases and sales, respectively, of U.S. Government Securities.

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Financial Highlights

For a Share Outstanding

			Increase (Decrease) from Investment Operations									Distributions from											Supplemental Data					Ratios(a)
Period Ended	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(b)			Net Realized & Unrealized Gains (Losses)			Total from Investment Operations			Net Investment Income			Net Realized Gains on Investment Transactions			Net Asset Value, End of Period		Total Return(c)			Net Assets, End of Period (in thousands)		Portfolio Turnover(d)			Net Expenses to Average Net Assets			Total Expenses to Average Net Assets			Net Investment Income (Loss) to Average Net Assets
JNL/AllianceBernstein Dynamic Asset Allocation Fund(t)
Class A
12/31/2014*	$	10.00	$	0.04		$	0.24		$	0.28		$	(0.05	)	$	(0.06	)	$	10.17		2.77	%	$	20,271		109	%		1.12	%		1.12	%		0.65	%
JNL/AQR Managed Futures Strategy Fund(e)
Class A
12/31/2014		10.30		(0.13	)		1.04			0.91			(0.26	)		(0.66	)		10.29		9.09			516,349		0			1.36			1.36			(1.33	)
12/31/2013		9.99		(0.14	)		0.83			0.69			(0.37	)		(0.01	)		10.30		7.08			482,706		0			1.35			1.35			(1.32	)
12/31/2012		9.46		(0.12	)		0.65			0.53			–			–			9.99		5.60			541,596		0			1.35			1.35			(1.31	)
12/31/2011*		10.00		(0.04	)		(0.50	)		(0.54	)		–			–			9.46		(5.40	)		459,751		0			1.36			1.36			(1.34	)
Class B
12/31/2014		10.32		(0.11	)		1.05			0.94			(0.28	)		(0.66	)		10.32		9.40			118		0			1.16			1.16			(1.13	)
12/31/2013		10.02		(0.12	)		0.82			0.70			(0.39	)		(0.01	)		10.32		7.19			107		0			1.15			1.15			(1.12	)
12/31/2012		9.47		(0.12	)		0.67			0.55			–			–			10.02		5.81			100		0			1.15			1.15			(1.26	)
12/31/2011*		10.00		(0.04	)		(0.49	)		(0.53	)		–			–			9.47		(5.30	)		95		0			1.16			1.16			(1.14	)
JNL/BlackRock Commodity Securities Strategy Fund(e)
Class A
12/31/2014		11.16		0.03			(1.62	)		(1.59	)		–			–			9.57		(14.25	)		1,118,643		22			0.97			0.97			0.22
12/31/2013		10.23		0.01			0.96			0.97			(0.04	)		–			11.16		9.51			1,454,041		23			0.97			0.97			0.13
12/31/2012		10.15		0.03			0.05			0.08			–			–			10.23		0.79			1,458,953		11			0.98			0.98			0.26
12/31/2011		11.02		(0.02	)		(0.79	)		(0.81	)		(0.06	)		–			10.15		(7.37	)		1,052,317		14			0.98			0.98			(0.21	)
12/31/2010		9.41		0.08			1.56			1.64			(0.03	)		–			11.02		17.44			1,000,238		102			1.00			1.00			0.87
Class B
12/31/2014		11.25		0.05			(1.64	)		(1.59	)		–			–			9.66		(14.13	)		757		22			0.77			0.77			0.43
12/31/2013		10.30		0.04			0.97			1.01			(0.06	)		–			11.25		9.83			910		23			0.77			0.77			0.34
12/31/2012		10.20		0.04			0.06			0.10			–			–			10.30		0.98			817		11			0.78			0.78			0.43
12/31/2011		11.06		(0.00	)		(0.79	)		(0.79	)		(0.07	)		–			10.20		(7.13	)		848		14			0.78			0.78			(0.01	)
12/31/2010		9.44		0.11			1.55			1.66			(0.04	)		–			11.06		17.59			694		102			0.80			0.80			1.13
JNL/BlackRock Global Allocation Fund(f)
Class A
12/31/2014		12.35		0.14			0.10			0.24			(0.09	)		(0.27	)		12.23		1.85			3,425,119		75			1.07	(g)		1.07	(g)		1.12
12/31/2013		10.86		0.09			1.46			1.55			(0.06	)		–			12.35		14.31			2,747,805		54			1.08	(g)		1.08	(g)		0.77
12/31/2012		9.91		0.11			0.84			0.95			–			–			10.86		9.59			1,592,841		49			1.10			1.10			1.03
12/31/2011		10.35		0.01			(0.41	)		(0.40	)		(0.04	)		0.00	(h)		9.91		(3.82	)		513,329		33	(i)		0.81			1.19			0.08
12/31/2010*		10.00		0.28			0.07			0.35			–			–			10.35		3.50			179,580		5			0.59			1.26			12.50
Class B
12/31/2014		12.41		0.17			0.10			0.27			(0.10	)		(0.27	)		12.31		2.13			227		75			0.87	(g)		0.87	(g)		1.33
12/31/2013		10.91		0.12			1.45			1.57			(0.07	)		–			12.41		14.43			247		54			0.88	(g)		0.88	(g)		1.01
12/31/2012		9.94		0.13			0.84			0.97			–			–			10.91		9.76			217		49			0.90			0.90			1.24
12/31/2011		10.35		0.02			(0.38	)		(0.36	)		(0.05	)		0.00	(h)		9.94		(3.53	)		85		33	(i)		0.61			0.99			0.28
12/31/2010*		10.00		0.33			0.02			0.35			–			–			10.35		3.50			20		5			0.39			1.06			14.63
JNL/BlackRock Large Cap Select Growth Fund
Class A
12/31/2014		27.72		(0.05	)		2.51			2.46			–			(2.06	)		28.12		8.89			1,242,278		101			0.92			0.92			(0.19	)
12/31/2013		21.52		(0.06	)		8.34			8.28			(0.01	)		(2.07	)		27.72		38.99	(j)		1,013,437		125			0.95			0.95			(0.23	)
12/31/2012		21.28		0.01			2.22			2.23			(0.04	)		(1.95	)		21.52		10.61			471,670		143			0.97			0.97			0.04
12/31/2011		21.19		0.03			0.13			0.16			(0.07	)		–			21.28		0.75			450,150		40			0.96			0.96			0.13
12/31/2010		18.85		0.04			2.35			2.39			(0.05	)		–			21.19		12.67			894,742		34			0.95			0.95			0.21
Class B
12/31/2014		28.37		0.00			2.58			2.58			–			(2.06	)		28.89		9.11			421		101			0.72			0.72			0.01
12/31/2013		21.96		(0.01	)		8.52			8.51			(0.03	)		(2.07	)		28.37		39.30	(j)		352		125			0.75			0.75			(0.04	)
12/31/2012		21.69		0.06			2.25			2.31			(0.09	)		(1.95	)		21.96		10.81			269		143			0.77			0.77			0.25
12/31/2011		21.43		0.07			0.33			0.40			(0.14	)		–			21.69		1.84			252		40			0.76			0.76			0.32
12/31/2010		19.03		0.08			2.39			2.47			(0.07	)		–			21.43		12.96			227		34			0.75			0.75			0.40

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Financial Highlights

For a Share Outstanding

			Increase (Decrease) from Investment Operations									Distributions from											Supplemental Data					Ratios(a)
Period Ended	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(b)			Net Realized & Unrealized Gains (Losses)			Total from Investment Operations			Net Investment Income			Net Realized Gains on Investment Transactions			Net Asset Value, End of Period		Total Return(c)			Net Assets, End of Period (in thousands)		Portfolio Turnover(d)			Net Expenses to Average Net Assets			Total Expenses to Average Net Assets			Net Investment Income (Loss) to Average Net Assets
JNL/Boston Partners Global Long Short Equity Fund
Class A
12/31/2014*	$	10.00	$	(0.02	)	$	(0.12	)	$	(0.14	)	$	–		$	–		$	9.86		(1.40	)%	$	383,174		80	%		2.26	%		2.26	%		(0.65	)%
JNL/Brookfield Global Infrastructure and MLP Fund
Class A
12/31/2014		14.79		0.21			0.89			1.10			(0.09	)		(0.45	)		15.35		7.35			1,309,204		64			1.15			1.15			1.33
12/31/2013		12.29		0.24			2.62			2.86			(0.08	)		(0.28	)		14.79		23.43			674,917		68			1.15			1.15			1.72
12/31/2012		10.36		0.33			1.60			1.93			(0.00	)(h)		–			12.29		18.67			298,842		79			1.15			1.15			2.90
12/31/2011*		10.00		0.01			0.35			0.36			–			–			10.36		3.60			127,282		0			1.18			1.18			1.96
Class B
12/31/2014		14.84		0.24			0.89			1.13			(0.10	)		(0.45	)		15.42		7.53			243		64			0.95			0.95			1.52
12/31/2013		12.32		0.25			2.64			2.89			(0.09	)		(0.28	)		14.84		23.62			151		68			0.95			0.95			1.85
12/31/2012		10.36		0.35			1.61			1.96			(0.00	)(h)		–			12.32		18.96			171		79			0.95			0.95			3.05
12/31/2011*		10.00		0.01			0.35			0.36			–			–			10.36		3.60			104		0			0.98			0.98			2.16
JNL/Capital Guardian Global Balanced Fund
Class A
12/31/2014		11.30		0.15			(0.09	)		0.06			(0.10	)		–			11.26		0.54			472,427		62	(k)		1.01			1.01			1.30
12/31/2013		9.94		0.13			1.41			1.54			(0.18	)		–			11.30		15.55	(j)		484,776		56	(k)		1.01			1.01			1.20
12/31/2012		8.97		0.17			1.00			1.17			(0.20	)		–			9.94		13.04			415,794		37	(k)		1.01			1.01			1.75
12/31/2011		9.52		0.15			(0.60	)		(0.45	)		(0.10	)		–			8.97		(4.76	)		371,075		46	(k)		1.01			1.01			1.58
12/31/2010		8.82		0.14			0.65			0.79			(0.09	)		–			9.52		9.01			358,593		47	(k)		1.01			1.01			1.62
Class B
12/31/2014		11.59		0.18			(0.10	)		0.08			(0.12	)		–			11.55		0.71			559		62	(k)		0.81			0.81			1.50
12/31/2013		10.19		0.15			1.45			1.60			(0.20	)		–			11.59		15.75	(j)		553		56	(k)		0.81			0.81			1.40
12/31/2012		9.18		0.19			1.04			1.23			(0.22	)		–			10.19		13.38			481		37	(k)		0.81			0.81			1.95
12/31/2011		9.75		0.17			(0.63	)		(0.46	)		(0.11	)		–			9.18		(4.70	)		443		46	(k)		0.81			0.81			1.77
12/31/2010		9.01		0.16			0.68			0.84			(0.10	)		–			9.75		9.40			421		47	(k)		0.81			0.81			1.82
JNL/Capital Guardian Global Diversified Research Fund
Class A
12/31/2014		30.95		0.29			0.44			0.73			(0.24	)		–			31.44		2.35			425,397		34			1.07			1.07			0.92
12/31/2013		25.41		0.25			5.64			5.89			(0.35	)		–			30.95		23.23	(j)		419,923		28			1.07			1.07			0.88
12/31/2012		21.97		0.35			3.38			3.73			(0.29	)		–			25.41		17.02			343,838		32			1.08			1.08			1.47
12/31/2011		23.23		0.27			(1.31	)		(1.04	)		(0.22	)		–			21.97		(4.51	)		299,322		39			1.08			1.08			1.17
12/31/2010		20.92		0.21			2.25			2.46			(0.15	)		–			23.23		11.77			436,897		30			1.08			1.08			1.00
Class B
12/31/2014		31.26		0.35			0.45			0.80			(0.30	)		–			31.76		2.53			404		34			0.87			0.87			1.12
12/31/2013		25.65		0.31			5.70			6.01			(0.40	)		–			31.26		23.48	(j)		416		28			0.87			0.87			1.08
12/31/2012		22.17		0.40			3.42			3.82			(0.34	)		–			25.65		17.28			366		32			0.88			0.88			1.68
12/31/2011		23.40		0.33			(1.29	)		(0.96	)		(0.27	)		–			22.17		(4.12	)		308		39			0.88			0.88			1.41
12/31/2010		21.05		0.25			2.27			2.52			(0.17	)		–			23.40		12.01			311		30			0.88			0.88			1.21
JNL/DFA U.S. Core Equity Fund
Class A
12/31/2014		10.54		0.11			0.93			1.04			(0.06	)		(0.13	)		11.39		9.82			693,371		15			0.80			0.89			1.03
12/31/2013		8.15		0.10			2.75			2.85			(0.08	)		(0.38	)		10.54		35.17			500,412		9			0.80			0.91			1.03
12/31/2012		7.23		0.11			0.88			0.99			(0.07	)		–			8.15		13.70			230,034		113			0.84			0.92			1.34
12/31/2011		7.33		0.06			(0.12	)		(0.06	)		(0.04	)		–			7.23		(0.84	)		242,320		44			0.93			0.93			0.85
12/31/2010		6.57		0.05			0.73			0.78			(0.02	)		–			7.33		11.86			203,409		52			0.93			0.93			0.79
Class B
12/31/2014		11.05		0.14			0.97			1.11			(0.07	)		(0.13	)		11.96		10.02			350		15			0.60			0.69			1.22
12/31/2013		8.52		0.12			2.88			3.00			(0.09	)		(0.38	)		11.05		35.43			342		9			0.60			0.71			1.24
12/31/2012		7.56		0.13			0.92			1.05			(0.09	)		–			8.52		13.85			233		113			0.64			0.72			1.61
12/31/2011		7.65		0.08			(0.12	)		(0.04	)		(0.05	)		–			7.56		(0.55	)		177		44			0.73			0.73			1.10
12/31/2010		6.85		0.06			0.76			0.82			(0.02	)		–			7.65		12.02			119		52			0.73			0.73			0.95

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Financial Highlights

For a Share Outstanding

			Increase (Decrease) from Investment Operations									Distributions from											Supplemental Data					Ratios(a)
Period Ended	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(b)			Net Realized & Unrealized Gains (Losses)			Total from Investment Operations			Net Investment Income			Net Realized Gains on Investment Transactions			Net Asset Value, End of Period		Total Return(c)			Net Assets, End of Period (in thousands)		Portfolio Turnover(d)			Net Expenses to Average Net Assets			Total Expenses to Average Net Assets			Net Investment Income (Loss) to Average Net Assets
JNL/Eagle SmallCap Equity Fund
Class A
12/31/2014	$	29.09	$	(0.08	)	$	0.85		$	0.77		$	–		$	(2.59	)	$	27.27		2.80	%	$	1,361,883		46	%		0.97	%		0.97	%		(0.27	)%
12/31/2013		22.77		(0.07	)		6.99			6.92			(0.02	)		(0.58	)		29.09		30.47	(j)		1,637,979		71			0.97			0.97			(0.28	)
12/31/2012		20.16		0.02			2.76			2.78			–			(0.17	)		22.77		13.83			1,272,126		51			0.98			0.98			0.07
12/31/2011		21.88		(0.11	)		(0.41	)		(0.52	)		–			(1.20	)		20.16		(2.31	)		820,374		39			0.99			0.99			(0.51	)
12/31/2010		16.14		(0.03	)		5.80			5.77			(0.03	)		–			21.88		35.73			589,399		50			1.02			1.02			(0.18	)
Class B
12/31/2014		29.78		(0.02	)		0.88			0.86			–			(2.59	)		28.05		3.04			1,188		46			0.77			0.77			(0.07	)
12/31/2013		23.29		(0.02	)		7.15			7.13			(0.06	)		(0.58	)		29.78		30.69	(j)		1,159		71			0.77			0.77			(0.08	)
12/31/2012		20.57		0.05			2.84			2.89			–			(0.17	)		23.29		14.09			912		51			0.78			0.78			0.23
12/31/2011		22.25		(0.07	)		(0.41	)		(0.48	)		–			(1.20	)		20.57		(2.09	)		638		39			0.79			0.79			(0.31	)
12/31/2010		16.40		0.00			5.89			5.89			(0.04	)		–			22.25		35.94			531		50			0.82			0.82			0.02
JNL/Eastspring Investments Asia ex-Japan Fund
Class A
12/31/2014		7.56		0.15			0.28			0.43			(0.08	)		–			7.91		5.66			141,808		54			1.27			1.27			1.95
12/31/2013		8.22		0.09			(0.59	)		(0.50	)		(0.10	)		(0.06	)		7.56		(6.04	)		135,262		68			1.27			1.27			1.12
12/31/2012		7.05		0.10			1.47			1.57			(0.05	)		(0.35	)		8.22		22.55			152,083		76			1.27			1.27			1.25
12/31/2011		9.71		0.08			(2.10	)		(2.02	)		(0.04	)		(0.60	)		7.05		(21.20	)		108,550		72			1.28			1.28			0.88
12/31/2010		8.14		0.03			1.55			1.58			(0.01	)		–			9.71		19.40			150,646		75			1.31			1.31			0.40
Class B
12/31/2014		7.58		0.17			0.28			0.45			(0.09	)		–			7.94		5.98			176		54			1.07			1.07			2.13
12/31/2013		8.24		0.11			(0.59	)		(0.48	)		(0.12	)		(0.06	)		7.58		(5.84	)		165		68			1.07			1.07			1.35
12/31/2012		7.07		0.11			1.48			1.59			(0.07	)		(0.35	)		8.24		22.72			256		76			1.07			1.07			1.43
12/31/2011		9.73		0.10			(2.11	)		(2.01	)		(0.05	)		(0.60	)		7.07		(21.00	)		150		72			1.08			1.08			1.13
12/31/2010		8.15		0.06			1.54			1.60			(0.02	)		–			9.73		19.59			187		75			1.11			1.11			0.65
JNL/Eastspring Investments China-India Fund
Class A
12/31/2014		7.14		0.10			0.72			0.82			(0.07	)		–			7.89		11.40			381,803		34			1.31			1.31			1.37
12/31/2013		7.38		0.07			(0.24	)		(0.17	)		(0.07	)		–			7.14		(2.35	)		354,740		29			1.31			1.31			1.07
12/31/2012		6.02		0.07			1.34			1.41			(0.05	)		–			7.38		23.48			373,612		24			1.31			1.31			0.99
12/31/2011		8.93		0.06			(2.52	)		(2.46	)		(0.03	)		(0.42	)		6.02		(27.89	)		292,573		20			1.31			1.31			0.76
12/31/2010		7.71		0.04			1.26			1.30			–			(0.08	)		8.93		16.93			385,002		40			1.33			1.33			0.46
Class B
12/31/2014		7.19		0.12			0.72			0.84			(0.08	)		–			7.95		11.67			312		34			1.11			1.11			1.55
12/31/2013		7.43		0.10			(0.26	)		(0.16	)		(0.08	)		–			7.19		(2.14	)		271		29			1.11			1.11			1.40
12/31/2012		6.07		0.08			1.34			1.42			(0.06	)		–			7.43		23.52			387		24			1.11			1.11			1.23
12/31/2011		8.98		0.08			(2.53	)		(2.45	)		(0.04	)		(0.42	)		6.07		(27.61	)		244		20			1.11			1.11			1.01
12/31/2010		7.74		0.04			1.28			1.32			–			(0.08	)		8.98		17.12			332		40			1.13			1.13			0.55
JNL/Franklin Templeton Global Growth Fund
Class A
12/31/2014		11.67		0.26			(0.53	)		(0.27	)		(0.09	)		(0.08	)		11.23		(2.36	)		1,225,062		18			1.00			1.00			2.21
12/31/2013		9.05		0.13			2.61			2.74			(0.12	)		–			11.67		30.35			988,313		17			1.02			1.02			1.26
12/31/2012		7.52		0.15			1.51			1.66			(0.13	)		–			9.05		22.06			657,764		15			1.05			1.05			1.77
12/31/2011		8.08		0.14			(0.63	)		(0.49	)		(0.07	)		–			7.52		(6.08	)		514,730		18			1.06			1.06			1.78
12/31/2010		7.64		0.10			0.44			0.54			(0.10	)		–			8.08		7.07			475,458		5			1.08			1.08			1.38
Class B
12/31/2014		11.71		0.30			(0.55	)		(0.25	)		(0.11	)		(0.08	)		11.27		(2.23	)		550		18			0.80			0.80			2.50
12/31/2013		9.07		0.15			2.63			2.78			(0.14	)		–			11.71		30.66			478		17			0.82			0.82			1.49
12/31/2012		7.53		0.16			1.52			1.68			(0.14	)		–			9.07		22.35			374		15			0.85			0.85			1.99
12/31/2011		8.10		0.16			(0.65	)		(0.49	)		(0.08	)		–			7.53		(6.04	)		293		18			0.86			0.86			2.00
12/31/2010		7.65		0.12			0.44			0.56			(0.11	)		–			8.10		7.32			283		5			0.88			0.88			1.58

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Financial Highlights

For a Share Outstanding

			Increase (Decrease) from Investment Operations								Distributions from											Supplemental Data					Ratios(a)
Period Ended	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(b)		Net Realized & Unrealized Gains (Losses)			Total from Investment Operations			Net Investment Income			Net Realized Gains on Investment Transactions			Net Asset Value, End of Period		Total Return(c)			Net Assets, End of Period (in thousands)		Portfolio Turnover(d)			Net Expenses to Average Net Assets			Total Expenses to Average Net Assets			Net Investment Income (Loss) to Average Net Assets
JNL/Franklin Templeton Global Multisector Bond Fund
Class A
12/31/2014	$	11.99	$	0.45	$	(0.49	)	$	(0.04	)	$	(0.43	)	$	(0.01	)	$	11.51		(0.45	)%	$	2,064,144		28	%		1.07	%		1.08	%		3.73	%
12/31/2013		11.84		0.40		0.01			0.41			(0.26	)		(0.00	)(h)		11.99		3.53			1,752,613		26			1.08			1.09			3.34
12/31/2012		10.07		0.39		1.40			1.79			(0.02	)		(0.00	)(h)		11.84		17.78			977,534		11			1.10			1.10			3.48
12/31/2011*		10.00		0.01		0.06			0.07			–			–			10.07		0.70			239,591		3			1.12			1.12			2.34
Class B
12/31/2014		12.03		0.47		(0.49	)		(0.02	)		(0.44	)		(0.01	)		11.56		(0.24	)		312		28			0.87			0.88			3.93
12/31/2013		11.86		0.42		0.02			0.44			(0.27	)		(0.00	)(h)		12.03		3.75			295		26			0.88			0.89			3.51
12/31/2012		10.07		0.31		1.50			1.81			(0.02	)		(0.00	)(h)		11.86		17.98			204		11			0.90			0.90			2.82
12/31/2011*		10.00		0.01		0.06			0.07			–			–			10.07		0.70			101		3			0.92			0.92			2.52
JNL/Franklin Templeton Income Fund
Class A
12/31/2014		11.73		0.50		(0.12	)		0.38			(0.38	)		–			11.73		3.19			2,704,647		24			0.92			0.92			4.07
12/31/2013		10.67		0.51		0.98			1.49			(0.43	)		–			11.73		14.08			2,192,366		20			0.93			0.93			4.49
12/31/2012		9.94		0.58		0.63			1.21			(0.48	)		–			10.67		12.20			1,622,308		24			0.94			0.94			5.47
12/31/2011		10.10		0.60		(0.35	)		0.25			(0.41	)		–			9.94		2.53			1,254,686		21			0.95			0.95			5.84
12/31/2010		9.29		0.50		0.66			1.16			(0.35	)		–			10.10		12.57			1,061,794		33			0.96			0.96			5.17
Class B
12/31/2014		11.30		0.51		(0.12	)		0.39			(0.40	)		–			11.29		3.37			746		24			0.72			0.72			4.28
12/31/2013		10.29		0.52		0.94			1.46			(0.45	)		–			11.30		14.27			661		20			0.73			0.73			4.69
12/31/2012		9.59		0.58		0.61			1.19			(0.49	)		–			10.29		12.51			548		24			0.74			0.74			5.66
12/31/2011		9.76		0.60		(0.34	)		0.26			(0.43	)		–			9.59		2.66			514		21			0.75			0.75			6.07
12/31/2010		8.98		0.50		0.64			1.14			(0.36	)		–			9.76		12.79			346		33			0.76			0.76			5.37
JNL/Franklin Templeton International Small Cap Growth Fund
Class A
12/31/2014		11.18		0.12		(1.17	)		(1.05	)		(0.09	)		(0.49	)		9.55		(9.42	)		449,495		29			1.31			1.31			1.07
12/31/2013		8.65		0.11		2.68			2.79			(0.10	)		(0.16	)		11.18		32.41			440,868		26			1.30			1.30			1.12
12/31/2012		6.89		0.11		1.76			1.87			(0.11	)		–			8.65		27.26			258,118		32			1.30			1.30			1.46
12/31/2011		8.17		0.11		(1.28	)		(1.17	)		(0.11	)		–			6.89		(14.38	)		219,846		21			1.31			1.31			1.39
12/31/2010		6.85		0.14		1.27			1.41			(0.09	)		–			8.17		20.55			213,824		162			1.30			1.30			1.96
Class B
12/31/2014		11.26		0.14		(1.18	)		(1.04	)		(0.10	)		(0.49	)		9.63		(9.22	)		273		29			1.11			1.11			1.26
12/31/2013		8.70		0.14		2.69			2.83			(0.11	)		(0.16	)		11.26		32.73			287		26			1.10			1.10			1.36
12/31/2012		6.94		0.12		1.77			1.89			(0.13	)		–			8.70		27.30			251		32			1.10			1.10			1.59
12/31/2011		8.21		0.12		(1.27	)		(1.15	)		(0.12	)		–			6.94		(14.05	)		163		21			1.11			1.11			1.54
12/31/2010		6.88		0.14		1.28			1.42			(0.09	)		–			8.21		20.70			181		162			1.10			1.10			2.01
JNL/Franklin Templeton Mutual Shares Fund
Class A
12/31/2014		11.72		0.30		0.55			0.85			(0.09	)		(0.24	)		12.24		7.30			1,228,576		26			1.03			1.03			2.47
12/31/2013		9.21		0.17		2.43			2.60			(0.09	)		–			11.72		28.29			1,119,740		28			1.03			1.03			1.55
12/31/2012		8.22		0.16		0.96			1.12			(0.13	)		–			9.21		13.66			829,053		34			1.04			1.04			1.77
12/31/2011		8.48		0.16		(0.22	)		(0.06	)		(0.20	)		–			8.22		(0.66	)		690,280		37			1.06			1.06			1.85
12/31/2010		7.61		0.24		0.63			0.87			(0.00	)(h)		–			8.48		11.45			594,707		33			1.06			1.06			3.02
Class B
12/31/2014		11.81		0.33		0.55			0.88			(0.11	)		(0.24	)		12.34		7.49			529		26			0.83			0.83			2.70
12/31/2013		9.28		0.19		2.45			2.64			(0.11	)		–			11.81		28.47			536		28			0.83			0.83			1.75
12/31/2012		8.27		0.18		0.98			1.16			(0.15	)		–			9.28		14.01			445		34			0.84			0.84			1.98
12/31/2011		8.52		0.18		(0.22	)		(0.04	)		(0.21	)		–			8.27		(0.40	)		377		37			0.86			0.86			2.05
12/31/2010		7.64		0.26		0.63			0.89			(0.01	)		–			8.52		11.66			358		33			0.86			0.86			3.26

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Financial Highlights

For a Share Outstanding

			Increase (Decrease) from Investment Operations								Distributions from											Supplemental Data					Ratios(a)
Period Ended	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(b)		Net Realized & Unrealized Gains (Losses)			Total from Investment Operations			Net Investment Income			Net Realized Gains on Investment Transactions			Net Asset Value, End of Period		Total Return(c)			Net Assets, End of Period (in thousands)		Portfolio Turnover(d)			Net Expenses to Average Net Assets			Total Expenses to Average Net Assets			Net Investment Income (Loss) to Average Net Assets
JNL/Franklin Templeton Small Cap Value Fund
Class A
12/31/2014	$	16.61	$	0.06	$	(0.04	)	$	0.02		$	(0.06	)	$	(1.38	)	$	15.19		0.15	%	$	1,147,989		20	%		1.08	%		1.08	%		0.34	%
12/31/2013		12.53		0.06		4.24			4.30			(0.12	)		(0.10	)		16.61		34.38			1,031,865		25			1.08			1.08			0.39
12/31/2012		10.69		0.15		1.73			1.88			(0.03	)		(0.01	)		12.53		17.62			919,607		8			1.10			1.10			1.28
12/31/2011		11.02		0.06		(0.36	)		(0.30	)		(0.03	)		–			10.69		(2.73	)		413,671		17			1.12			1.12			0.54
12/31/2010		8.72		0.05		2.29			2.34			(0.04	)		–			11.02		26.84			294,200		9			1.14			1.14			0.50
Class B
12/31/2014		16.60		0.09		(0.03	)		0.06			(0.09	)		(1.38	)		15.19		0.36			511		20			0.88			0.88			0.52
12/31/2013		12.51		0.09		4.24			4.33			(0.14	)		(0.10	)		16.60		34.67			556		25			0.88			0.88			0.60
12/31/2012		10.66		0.16		1.74			1.90			(0.04	)		(0.01	)		12.51		17.87			459		8			0.90			0.90			1.40
12/31/2011		10.98		0.08		(0.36	)		(0.28	)		(0.04	)		–			10.66		(2.54	)		394		17			0.92			0.92			0.72
12/31/2010		8.68		0.07		2.28			2.35			(0.05	)		–			10.98		27.07			400		9			0.94			0.94			0.70
JNL/Goldman Sachs Core Plus Bond Fund
Class A
12/31/2014		11.44		0.21		0.41			0.62			(0.25	)		–			11.81		5.40			973,327		283	(m)		0.88			0.88			1.74
12/31/2013		12.44		0.19		(0.32	)		(0.13	)		(0.37	)		(0.50	)		11.44		(1.05	)		778,592		571	(m)		0.88			0.88			1.58
12/31/2012		12.22		0.20		0.74			0.94			(0.28	)		(0.44	)		12.44		7.76			908,757		843	(m)		0.88			0.88			1.58
12/31/2011		12.14		0.26		0.49			0.75			(0.24	)		(0.43	)		12.22		6.26			995,144		1,078	(m)		0.88			0.88			2.07
12/31/2010		11.68		0.28		0.60			0.88			(0.29	)		(0.13	)		12.14		7.63			1,056,413		977	(m)		0.88			0.88			2.33
Class B
12/31/2014		11.61		0.23		0.42			0.65			(0.27	)		–			11.99		5.59			426		283	(m)		0.68			0.68			1.93
12/31/2013		12.63		0.22		(0.34	)		(0.12	)		(0.40	)		(0.50	)		11.61		(0.93	)		378		571	(m)		0.68			0.68			1.77
12/31/2012		12.40		0.23		0.75			0.98			(0.31	)		(0.44	)		12.63		7.97			344		843	(m)		0.68			0.68			1.82
12/31/2011		12.30		0.29		0.50			0.79			(0.26	)		(0.43	)		12.40		6.52			257		1,078	(m)		0.68			0.68			2.28
12/31/2010		11.83		0.32		0.59			0.91			(0.31	)		(0.13	)		12.30		7.75			246		977	(m)		0.68			0.68			2.54
JNL/Goldman Sachs Emerging Markets Debt Fund
Class A
12/31/2014		11.46		0.55		(1.11	)		(0.56	)		(0.20	)		(0.24	)		10.46		(4.94	)		639,536		130			1.06			1.07			4.76
12/31/2013		14.11		0.57		(1.67	)		(1.10	)		(1.09	)		(0.46	)		11.46		(7.77	)		795,092		160			1.06			1.07			4.19
12/31/2012		12.03		0.67		1.73			2.40			–			(0.32	)		14.11		19.96			952,660		138			1.07			1.07			5.05
12/31/2011		13.65		0.42		(1.03	)		(0.61	)		(0.68	)		(0.33	)		12.03		(4.67	)		782,878		186			1.07			1.07			3.02
12/31/2010		11.89		0.61		1.30			1.91			(0.12	)		(0.03	)		13.65		16.07			762,892		160			1.08			1.08			4.65
Class B
12/31/2014		11.55		0.58		(1.11	)		(0.53	)		(0.24	)		(0.24	)		10.54		(4.73	)		170		130			0.86			0.87			5.00
12/31/2013		14.22		0.60		(1.69	)		(1.09	)		(1.12	)		(0.46	)		11.55		(7.66	)		169		160			0.86			0.87			4.38
12/31/2012		12.09		0.71		1.74			2.45			–			(0.32	)		14.22		20.28			261		138			0.87			0.87			5.34
12/31/2011		13.70		0.45		(1.03	)		(0.58	)		(0.70	)		(0.33	)		12.09		(4.46	)		284		186			0.87			0.87			3.23
12/31/2010		11.92		0.65		1.28			1.93			(0.12	)		(0.03	)		13.70		16.22			442		160			0.88			0.88			4.95
JNL/Goldman Sachs Mid Cap Value Fund
Class A
12/31/2014		12.05		0.08		1.52			1.60			(0.10	)		(1.90	)		11.65		13.13			1,259,794		102			0.99			1.01			0.65
12/31/2013		11.06		0.07		3.52			3.59			(0.05	)		(2.55	)		12.05		32.73			1,141,673		121			1.00			1.01			0.57
12/31/2012		9.56		0.11		1.61			1.72			(0.11	)		(0.11	)		11.06		18.01			967,000		80			1.01			1.01			1.08
12/31/2011		10.60		0.07		(0.77	)		(0.70	)		(0.06	)		(0.28	)(n)		9.56		(6.54	)		725,310		74			1.01			1.01			0.69
12/31/2010		8.56		0.05		2.04			2.09			(0.05	)		–			10.60		24.40			496,550		85			1.02			1.02			0.58
Class B
12/31/2014		12.09		0.11		1.52			1.63			(0.13	)		(1.90	)		11.69		13.33			24,471		102			0.79			0.81			0.86
12/31/2013		11.09		0.10		3.52			3.62			(0.07	)		(2.55	)		12.09		32.90			19,136		121			0.80			0.81			0.80
12/31/2012		9.57		0.14		1.62			1.76			(0.13	)		(0.11	)		11.09		18.43			10,577		80			0.81			0.81			1.35
12/31/2011		10.61		0.09		(0.77	)		(0.68	)		(0.08	)		(0.28	)(n)		9.57		(6.35	)		8,832		74			0.81			0.81			0.83
12/31/2010		8.56		0.07		2.04			2.11			(0.06	)		–			10.61		24.62			9,541		85			0.82			0.82			0.76

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Financial Highlights

For a Share Outstanding

			Increase (Decrease) from Investment Operations									Distributions from											Supplemental Data					Ratios(a)
Period Ended	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(b)			Net Realized & Unrealized Gains (Losses)			Total from Investment Operations			Net Investment Income			Net Realized Gains on Investment Transactions			Net Asset Value, End of Period		Total Return(c)			Net Assets, End of Period (in thousands)		Portfolio Turnover(d)			Net Expenses to Average Net Assets			Total Expenses to Average Net Assets			Net Investment Income (Loss) to Average Net Assets
JNL/Goldman Sachs U.S. Equity Flex Fund
Class A
12/31/2014	$	11.48	$	(0.01	)	$	1.62		$	1.61		$	(0.01	)	$	(1.03	)	$	12.05		13.93	%	$	347,215		108	%		2.20	%(g)		2.20	%(g)		(0.05	)%
12/31/2013		8.71		0.01			2.96			2.97			(0.02	)		(0.18	)		11.48		34.20			197,907		113			1.96	(g)		1.96	(g)		0.08
12/31/2012		7.31		0.02			1.41			1.43			(0.03	)		–			8.71		19.59			129,675		106			2.13	(g)		2.13	(g)		0.24
12/31/2011		8.19		0.03			(0.90	)		(0.87	)		(0.01	)		–			7.31		(10.63	)		98,233		204			2.03	(g)		2.03	(g)		0.45
12/31/2010		7.58		0.01			0.65			0.66			(0.05	)		–			8.19		8.70			115,234		639			1.88	(g)		1.88	(g)		0.17
Class B
12/31/2014		11.56		0.02			1.63			1.65			(0.02	)		(1.03	)		12.16		14.20			244		108			2.00	(g)		2.00	(g)		0.13
12/31/2013		8.77		0.03			2.97			3.00			(0.03	)		(0.18	)		11.56		34.36			203		113			1.76	(g)		1.76	(g)		0.26
12/31/2012		7.36		0.04			1.42			1.46			(0.05	)		–			8.77		19.80			249		106			1.93	(g)		1.93	(g)		0.44
12/31/2011		8.24		0.05			(0.91	)		(0.86	)		(0.02	)		–			7.36		(10.38	)		171		204			1.83	(g)		1.83	(g)		0.68
12/31/2010		7.62		0.03			0.65			0.68			(0.06	)		–			8.24		8.92			170		639			1.68	(g)		1.68	(g)		0.38
JNL/Invesco Global Real Estate Fund
Class A
12/31/2014		9.83		0.17			1.31			1.48			(0.13	)		(0.33	)		10.85		15.03			2,036,180		26			1.05			1.05			1.63
12/31/2013		9.88		0.16			0.11			0.27			(0.32	)		–			9.83		2.76			1,544,958		54			1.05			1.05			1.52
12/31/2012		7.75		0.18			2.01			2.19			(0.06	)		–			9.88		28.31			1,362,397		57			1.05			1.05			2.03
12/31/2011		8.50		0.16			(0.69	)		(0.53	)		(0.22	)		–			7.75		(6.26	)		722,875		59			1.06			1.06			1.87
12/31/2010		7.53		0.19			1.09			1.28			(0.31	)		–			8.50		17.15			661,172		70			1.06			1.06			2.33
Class B
12/31/2014		9.94		0.19			1.33			1.52			(0.14	)		(0.33	)		10.99		15.34			997		26			0.85			0.85			1.80
12/31/2013		9.98		0.18			0.11			0.29			(0.33	)		–			9.94		2.97			876		54			0.85			0.85			1.69
12/31/2012		7.82		0.20			2.03			2.23			(0.07	)		–			9.98		28.58			911		57			0.85			0.85			2.23
12/31/2011		8.57		0.18			(0.70	)		(0.52	)		(0.23	)		–			7.82		(6.10	)		688		59			0.86			0.86			2.08
12/31/2010		7.58		0.20			1.10			1.30			(0.31	)		–			8.57		17.37			616		70			0.86			0.86			2.51
JNL/Invesco International Growth Fund
Class A
12/31/2014		12.83		0.20			(0.17	)		0.03			(0.13	)		–			12.73		0.24			1,543,925		18			0.98			0.98			1.57
12/31/2013		10.89		0.16			1.90			2.06			(0.12	)		–			12.83		18.98			1,229,170		21			0.99			0.99			1.36
12/31/2012		9.56		0.14			1.36			1.50			(0.17	)		–			10.89		15.76			729,434		35			1.00			1.00			1.33
12/31/2011		10.34		0.18			(0.89	)		(0.71	)		(0.07	)		–			9.56		(6.89	)		636,015		24			1.01			1.01			1.80
12/31/2010		9.27		0.11			1.03			1.14			(0.07	)		–			10.34		12.31			588,008		32			1.02			1.02			1.19
Class B
12/31/2014		13.45		0.25			(0.18	)		0.07			(0.15	)		–			13.37		0.49			727		18			0.78			0.78			1.82
12/31/2013		11.41		0.20			1.98			2.18			(0.14	)		–			13.45		19.13			746		21			0.79			0.79			1.60
12/31/2012		10.01		0.16			1.43			1.59			(0.19	)		–			11.41		15.95			566		35			0.80			0.80			1.52
12/31/2011		10.81		0.22			(0.94	)		(0.72	)		(0.08	)		–			10.01		(6.64	)		446		24			0.81			0.81			2.02
12/31/2010		9.68		0.14			1.07			1.21			(0.08	)		–			10.81		12.52			485		32			0.82			0.82			1.43
JNL/Invesco Large Cap Growth Fund
Class A
12/31/2014		16.69		(0.04	)		1.45			1.41			(0.01	)		(3.21	)		14.88		8.33			1,104,740		73			0.96			0.96			(0.23	)
12/31/2013		12.81		0.01			5.00			5.01			(0.06	)		(1.07	)		16.69		39.58			1,016,287		88			0.96			0.96			0.06
12/31/2012		11.73		0.04			1.42			1.46			–			(0.38	)		12.81		12.49			995,127		104			0.96			0.96			0.30
12/31/2011		12.59		(0.04	)		(0.80	)		(0.84	)		(0.02	)		–			11.73		(6.68	)		954,232		112			0.96			0.96			(0.30	)
12/31/2010		10.75		0.03			1.84			1.87			(0.03	)		–			12.59		17.41			910,935		169			0.96			0.96			0.23
Class B
12/31/2014		16.88		(0.00	)		1.45			1.45			(0.04	)		(3.21	)		15.08		8.50			1,244		73			0.76			0.76			(0.03	)
12/31/2013		12.95		0.04			5.06			5.10			(0.10	)		(1.07	)		16.88		39.86			1,240		88			0.76			0.76			0.25
12/31/2012		11.83		0.07			1.43			1.50			–			(0.38	)		12.95		12.73			917		104			0.76			0.76			0.53
12/31/2011		12.69		(0.01	)		(0.81	)		(0.82	)		(0.04	)		–			11.83		(6.49	)		749		112			0.76			0.76			(0.10	)
12/31/2010		10.82		0.05			1.86			1.91			(0.04	)		–			12.69		17.69			778		169			0.76			0.76			0.43

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Financial Highlights

For a Share Outstanding

			Increase (Decrease) from Investment Operations									Distributions from											Supplemental Data					Ratios(a)
Period Ended	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(b)			Net Realized & Unrealized Gains (Losses)			Total from Investment Operations			Net Investment Income			Net Realized Gains on Investment Transactions			Net Asset Value, End of Period		Total Return(c)			Net Assets, End of Period (in thousands)		Portfolio Turnover(d)			Net Expenses to Average Net Assets			Total Expenses to Average Net Assets			Net Investment Income (Loss) to Average Net Assets
JNL/Invesco Mid Cap Value Fund
Class A
12/31/2014	$	15.25	$	0.05		$	1.36		$	1.41		$	(0.03	)	$	(0.34	)	$	16.29		9.25	%	$	588,730		36	%		0.99	%		0.99	%		0.32	%
12/31/2013		11.67		0.06			3.55			3.61			(0.03	)		–			15.25		30.90	(j)		380,623		159			1.01			1.01			0.43
12/31/2012		10.86		0.03			0.81			0.84			(0.03	)		–			11.67		7.74			220,777		113			1.01			1.01			0.26
12/31/2011		11.59		0.03			(0.69	)		(0.66	)		(0.07	)		–			10.86		(5.67	)		223,465		86			1.02			1.02			0.30
12/31/2010		9.46		0.08			2.10			2.18			(0.05	)		–			11.59		23.07			214,053		82			1.02			1.02			0.83
Class B
12/31/2014		15.39		0.08			1.38			1.46			(0.05	)		(0.34	)		16.46		9.47			279		36			0.79			0.79			0.51
12/31/2013		11.77		0.09			3.57			3.66			(0.04	)		–			15.39		31.14	(j)		250		159			0.81			0.81			0.66
12/31/2012		10.96		0.05			0.81			0.86			(0.05	)		–			11.77		7.89			184		113			0.81			0.81			0.46
12/31/2011		11.68		0.06			(0.69	)		(0.63	)		(0.09	)		–			10.96		(5.38	)		192		86			0.82			0.82			0.49
12/31/2010		9.53		0.10			2.11			2.21			(0.06	)		–			11.68		23.24			176		82			0.82			0.82			1.00
JNL/Invesco Small Cap Growth Fund
Class A
12/31/2014		19.59		(0.03	)		1.59			1.56			–			(0.75	)		20.40		7.99			917,464		37			1.11			1.12			(0.13	)
12/31/2013		14.30		(0.05	)		5.71			5.66			(0.02	)		(0.35	)		19.59		39.69			731,601		30			1.12			1.13			(0.30	)
12/31/2012		12.55		0.04			2.17			2.21			–			(0.46	)		14.30		17.68			394,626		39			1.15			1.15			0.26
12/31/2011		12.76		(0.07	)		(0.10	)		(0.17	)		–			(0.04	)		12.55		(1.36	)		178,378		56			1.15			1.15			(0.52	)
12/31/2010		10.11		(0.05	)		2.70			2.65			–			–			12.76		26.21			149,999		35			1.15			1.15			(0.50	)
Class B
12/31/2014		20.05		0.02			1.62			1.64			–			(0.75	)		20.94		8.21			713		37			0.91			0.92			0.08
12/31/2013		14.62		(0.02	)		5.83			5.81			(0.03	)		(0.35	)		20.05		39.88			634		30			0.92			0.93			(0.10	)
12/31/2012		12.79		0.05			2.24			2.29			–			(0.46	)		14.62		17.97			463		39			0.95			0.95			0.35
12/31/2011		12.98		(0.04	)		(0.11	)		(0.15	)		–			(0.04	)		12.79		(1.18	)		408		56			0.95			0.95			(0.33	)
12/31/2010		10.26		(0.03	)		2.75			2.72			–			–			12.98		26.51			414		35			0.95			0.95			(0.29	)
JNL/Ivy Asset Strategy Fund(e)
Class A
12/31/2014		15.11		0.11			(0.70	)		(0.59	)		(0.16	)		(0.72	)		13.64		(4.04	)		3,054,663		79			1.20			1.20			0.77
12/31/2013		12.37		0.08			2.84			2.92			(0.18	)		–			15.11		23.65			3,049,751		82			1.20			1.20			0.60
12/31/2012		10.56		0.23			1.59			1.82			(0.01	)		–			12.37		17.26			2,044,238		57			1.21			1.21			1.98
12/31/2011		11.43		0.04			(0.90	)		(0.86	)		(0.01	)		–			10.56		(7.49	)		1,603,982		60			1.22			1.22			0.34
12/31/2010		10.41		0.09			0.93			1.02			(0.00	)(h)		–			11.43		9.81			975,565		96			1.25			1.25			0.90
Class B
12/31/2014		15.16		0.15			(0.71	)		(0.56	)		(0.18	)		(0.72	)		13.70		(3.80	)		717		79			1.00			1.00			1.01
12/31/2013		12.41		0.10			2.85			2.95			(0.20	)		–			15.16		23.82			915		82			1.00			1.00			0.77
12/31/2012		10.60		0.25			1.59			1.84			(0.03	)		–			12.41		17.36			501		57			1.01			1.01			2.16
12/31/2011		11.45		0.06			(0.89	)		(0.83	)		(0.02	)		–			10.60		(7.24	)		401		60			1.02			1.02			0.53
12/31/2010		10.41		0.10			0.94			1.04			(0.00	)(h)		–			11.45		10.01			280		96			1.05			1.05			0.95
JNL/JPMorgan International Value Fund
Class A
12/31/2014		8.36		0.30			(1.17	)		(0.87	)		(0.16	)		–			7.33		(10.54	)		646,006		69			1.00			1.00			3.73
12/31/2013		7.11		0.16			1.35			1.51			(0.26	)		–			8.36		21.47	(j)		673,512		53			1.01			1.01			2.01
12/31/2012		6.35		0.20			0.88			1.08			(0.32	)		–			7.11		17.16			506,613		63			1.01			1.01			2.95
12/31/2011		7.52		0.21			(1.17	)		(0.96	)		(0.21	)		–			6.35		(12.87	)		586,075		68			1.01			1.01			2.83
12/31/2010		7.17		0.12			0.42			0.54			(0.19	)		–			7.52		7.58			607,358		71			1.02			1.02			1.73
Class B
12/31/2014		8.54		0.33			(1.20	)		(0.87	)		(0.17	)		–			7.50		(10.28	)		781		69			0.80			0.80			3.95
12/31/2013		7.26		0.17			1.39			1.56			(0.28	)		–			8.54		21.66	(j)		808		53			0.81			0.81			2.20
12/31/2012		6.48		0.21			0.91			1.12			(0.34	)		–			7.26		17.42			607		63			0.81			0.81			3.11
12/31/2011		7.68		0.22			(1.20	)		(0.98	)		(0.22	)		–			6.48		(12.84	)		498		68			0.81			0.81			2.96
12/31/2010		7.31		0.13			0.44			0.57			(0.20	)		–			7.68		7.86			587		71			0.82			0.82			1.91

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Financial Highlights

For a Share Outstanding

			Increase (Decrease) from Investment Operations									Distributions from											Supplemental Data					Ratios(a)
Period Ended	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(b)			Net Realized & Unrealized Gains (Losses)			Total from Investment Operations			Net Investment Income			Net Realized Gains on Investment Transactions			Net Asset Value, End of Period		Total Return(c)			Net Assets, End of Period (in thousands)		Portfolio Turnover(d)			Net Expenses to Average Net Assets			Total Expenses to Average Net Assets			Net Investment Income (Loss) to Average Net Assets
JNL/JPMorgan MidCap Growth Fund
Class A
12/31/2014	$	31.06	$	(0.12	)	$	3.60		$	3.48		$	–		$	(2.59	)	$	31.95		11.19	%	$	1,357,985		67	%		0.94	%		0.94	%		(0.36	)%
12/31/2013		21.90		0.01			9.19			9.20			(0.04	)		–			31.06		42.03			1,288,083		71			0.96			0.96			0.03
12/31/2012		18.84		0.07			2.99			3.06			–			–			21.90		16.24			555,997		89			0.97			0.97			0.31
12/31/2011		20.02		(0.03	)		(1.15	)		(1.18	)		–			–			18.84		(5.89	)		439,008		77			0.99			0.99			(0.17	)
12/31/2010		15.94		(0.03	)		4.11			4.08			–			–			20.02		25.60			232,386		84			1.01			1.01			(0.19	)
Class B
12/31/2014		31.39		(0.05	)		3.63			3.58			–			(2.59	)		32.38		11.40			248		67			0.74			0.74			(0.16	)
12/31/2013		22.11		0.06			9.29			9.35			(0.07	)		–			31.39		42.31			305		71			0.76			0.76			0.22
12/31/2012		18.98		0.11			3.02			3.13			–			–			22.11		16.49			227		89			0.77			0.77			0.53
12/31/2011		20.30		(0.00	)		(1.32	)		(1.32	)		–			–			18.98		(6.50	)		187		77			0.79			0.79			(0.00	)
12/31/2010		16.13		0.00			4.17			4.17			–			–			20.30		25.85			185		84			0.81			0.81			0.02
JNL/JPMorgan U.S. Government & Quality Bond Fund
Class A
12/31/2014		13.11		0.31			0.40			0.71			(0.43	)		–			13.39		5.40			1,252,524		15			0.69			0.69			2.32
12/31/2013		14.09		0.34			(0.83	)		(0.49	)		(0.49	)		–			13.11		(3.51	)(j)		1,168,654		1			0.69			0.69			2.44
12/31/2012		13.90		0.37			0.14			0.51			(0.32	)		–			14.09		3.64			1,661,614		9			0.68			0.68			2.63
12/31/2011		12.94		0.43			0.84			1.27			(0.31	)		–			13.90		9.83			1,393,976		12			0.70			0.70			3.19
12/31/2010		12.39		0.46			0.45			0.91			(0.36	)		–			12.94		7.34			918,334		9			0.71			0.71			3.50
Class B
12/31/2014		13.71		0.35			0.42			0.77			(0.46	)		–			14.02		5.61			621		15			0.49			0.49			2.49
12/31/2013		14.72		0.38			(0.87	)		(0.49	)		(0.52	)		–			13.71		(3.33	)(j)		604		1			0.49			0.49			2.65
12/31/2012		14.50		0.42			0.14			0.56			(0.34	)		–			14.72		3.83			1,005		9			0.48			0.48			2.84
12/31/2011		13.47		0.48			0.88			1.36			(0.33	)		–			14.50		10.10			1,323		12			0.50			0.50			3.35
12/31/2010		12.88		0.51			0.46			0.97			(0.38	)		–			13.47		7.53			523		9			0.51			0.51			3.72
JNL/Lazard Emerging Markets Fund
Class A
12/31/2014		10.97		0.22			(0.78	)		(0.56	)		(0.19	)		(0.25	)		9.97		(5.26	)		1,333,382		17			1.21			1.22			1.94
12/31/2013		11.47		0.18			(0.31	)		(0.13	)		(0.17	)		(0.20	)		10.97		(1.10	)		1,522,796		26			1.22			1.23			1.65
12/31/2012		9.83		0.19			1.96			2.15			(0.23	)		(0.28	)		11.47		22.21			1,409,847		31			1.22			1.22			1.76
12/31/2011		12.09		0.25			(2.39	)		(2.14	)		(0.12	)		–			9.83		(17.75	)		1,170,395		25			1.22			1.22			2.27
12/31/2010		9.96		0.19			1.99			2.18			(0.05	)		–			12.09		21.91			1,386,967		23			1.23			1.23			1.76
Class B
12/31/2014		11.03		0.24			(0.78	)		(0.54	)		(0.21	)		(0.25	)		10.03		(5.02	)		541		17			1.01			1.02			2.12
12/31/2013		11.52		0.21			(0.31	)		(0.10	)		(0.19	)		(0.20	)		11.03		(0.83	)		602		26			1.02			1.03			1.84
12/31/2012		9.87		0.22			1.97			2.19			(0.26	)		(0.28	)		11.52		22.46			759		31			1.02			1.02			2.01
12/31/2011		12.14		0.28			(2.41	)		(2.13	)		(0.14	)		–			9.87		(17.63	)		758		25			1.02			1.02			2.46
12/31/2010		9.98		0.22			2.00			2.22			(0.06	)		–			12.14		22.24			1,062		23			1.03			1.03			2.04
JNL/Mellon Capital Emerging Markets Index Fund
Class A
12/31/2014		10.16		0.19			(0.56	)		(0.37	)		(0.11	)		–			9.68		(3.69	)		805,897		24			0.76			0.76			1.86
12/31/2013		10.67		0.16			(0.60	)		(0.44	)		(0.07	)		–			10.16		(4.16	)		720,551		69			0.79			0.79			1.58
12/31/2012		9.08		0.17			1.42			1.59			(0.00	)(h)		–			10.67		17.56			402,390		102			0.79			0.79			1.75
12/31/2011*		10.00		0.03			(0.95	)		(0.92	)		–			–			9.08		(9.20	)		98,562		38			0.84			0.84			1.01
Class B
12/31/2014		10.20		0.20			(0.56	)		(0.36	)		(0.12	)		–			9.72		(3.54	)		84		24			0.56			0.56			1.98
12/31/2013		10.69		0.17			(0.59	)		(0.42	)		(0.07	)		–			10.20		(3.89	)		151		69			0.59			0.59			1.69
12/31/2012		9.08		0.19			1.43			1.62			(0.01	)		–			10.69		17.80			142		102			0.59			0.59			1.95
12/31/2011*		10.00		0.04			(0.96	)		(0.92	)		–			–			9.08		(9.20	)		91		38			0.64			0.64			1.15

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Financial Highlights

For a Share Outstanding

			Increase (Decrease) from Investment Operations								Distributions from											Supplemental Data					Ratios(a)
Period Ended	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(b)		Net Realized & Unrealized Gains (Losses)			Total from Investment Operations			Net Investment Income			Net Realized Gains on Investment Transactions			Net Asset Value, End of Period		Total Return(c)			Net Assets, End of Period (in thousands)		Portfolio Turnover(d)			Net Expenses to Average Net Assets			Total Expenses to Average Net Assets			Net Investment Income (Loss) to Average Net Assets
JNL/Mellon Capital European 30 Fund
Class A
12/31/2014	$	13.16	$	0.42	$	(0.86	)	$	(0.44	)	$	(0.15	)	$	–		$	12.57		(3.40	)%	$	259,340		61	%		0.71	%		0.71	%		3.09	%
12/31/2013		10.16		0.34		2.76			3.10			(0.10	)		–			13.16		30.61			139,057		55			0.75			0.75			2.90
12/31/2012		9.84		0.39		0.45			0.84			(0.36	)		(0.16	)		10.16		8.64			30,128		72			0.77			0.77			3.93
12/31/2011		11.48		0.49		(1.33	)		(0.84	)		(0.23	)		(0.57	)		9.84		(7.35	)		21,311		99			0.78			0.78			4.24
12/31/2010		11.30		0.40		(0.16	)		0.24			(0.01	)		(0.05	)		11.48		2.13			18,217		104			0.78			0.78			3.63
Class B
12/31/2014		13.25		0.47		(0.90	)		(0.43	)		(0.15	)		–			12.67		(3.26	)		178		61			0.51			0.51			3.46
12/31/2013		10.21		0.43		2.72			3.15			(0.11	)		–			13.25		30.91			182		55			0.55			0.55			3.71
12/31/2012		9.88		0.44		0.42			0.86			(0.37	)		(0.16	)		10.21		8.89			136		72			0.57			0.57			4.35
12/31/2011		11.51		0.49		(1.30	)		(0.81	)		(0.25	)		(0.57	)		9.88		(7.12	)		143		99			0.58			0.58			4.24
12/31/2010		11.31		0.41		(0.15	)		0.26			(0.01	)		(0.05	)		11.51		2.31			142		104			0.58			0.58			3.72
JNL/Mellon Capital Pacific Rim 30 Fund
Class A
12/31/2014		13.90		0.41		0.05			0.46			(0.35	)		(0.34	)		13.67		3.21			172,925		99			0.72			0.72			2.79
12/31/2013		12.78		0.38		1.23			1.61			(0.49	)		–			13.90		12.66			153,713		100			0.73			0.73			2.71
12/31/2012		11.88		0.45		0.97			1.42			(0.23	)		(0.29	)		12.78		12.02			100,248		118			0.75			0.75			3.61
12/31/2011		12.71		0.44		(0.67	)		(0.23	)		(0.18	)		(0.42	)		11.88		(1.87	)		81,702		121			0.77			0.77			3.56
12/31/2010		11.26		0.36		1.09			1.45			–			(0.00	)(h)		12.71		12.89			38,944		78			0.78			0.78			3.03
Class B
12/31/2014		14.00		0.44		0.05			0.49			(0.37	)		(0.34	)		13.78		3.42			250		99			0.52			0.52			2.97
12/31/2013		12.85		0.42		1.24			1.66			(0.51	)		–			14.00		12.87			235		100			0.53			0.53			2.98
12/31/2012		11.93		0.48		0.98			1.46			(0.25	)		(0.29	)		12.85		12.34			247		118			0.55			0.55			3.82
12/31/2011		12.75		0.46		(0.67	)		(0.21	)		(0.19	)		(0.42	)		11.93		(1.71	)		170		121			0.57			0.57			3.70
12/31/2010		11.28		0.37		1.10			1.47			–			(0.00	)(h)		12.75		13.05			191		78			0.58			0.58			3.16
JNL/Mellon Capital S&P 500 Index Fund
Class A
12/31/2014		15.32		0.24		1.77			2.01			(0.20	)		(0.02	)		17.11		13.07			4,131,640		2			0.55			0.56			1.47
12/31/2013		11.82		0.21		3.53			3.74			(0.17	)		(0.07	)		15.32		31.64			3,067,267		2			0.56			0.57			1.51
12/31/2012		10.48		0.20		1.41			1.61			(0.18	)		(0.09	)		11.82		15.37			1,586,913		5			0.58			0.58			1.74
12/31/2011		10.59		0.16		0.00			0.16			(0.19	)		(0.08	)		10.48		1.47			1,118,932		16			0.57			0.57			1.49
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			0.57			1.51
Class B
12/31/2014		15.63		0.27		1.81			2.08			(0.22	)		(0.02	)		17.47		13.30			39,667		2			0.35			0.36			1.67
12/31/2013		12.05		0.24		3.60			3.84			(0.19	)		(0.07	)		15.63		31.89			27,825		2			0.36			0.37			1.71
12/31/2012		10.68		0.23		1.43			1.66			(0.20	)		(0.09	)		12.05		15.56			17,633		5			0.38			0.38			1.92
12/31/2011		10.78		0.19		0.00			0.19			(0.21	)		(0.08	)		10.68		1.77			14,110		16			0.37			0.37			1.71
12/31/2010		9.54		0.17		1.23			1.40			(0.15	)		(0.01	)		10.78		14.70			12,937		2			0.37			0.37			1.71
JNL/Mellon Capital S&P 400 MidCap Index Fund
Class A
12/31/2014		18.56		0.18		1.55			1.73			(0.18	)		(1.11	)		19.00		9.23			1,878,431		16			0.57			0.57			0.91
12/31/2013		14.46		0.16		4.60			4.76			(0.13	)		(0.53	)		18.56		32.99	(j)		1,638,827		11			0.58			0.58			0.93
12/31/2012		12.80		0.16		2.05			2.21			(0.15	)		(0.40	)		14.46		17.24			977,712		8			0.59			0.59			1.11
12/31/2011		13.86		0.10		(0.43	)		(0.33	)		(0.09	)		(0.64	)		12.80		(2.14	)		658,163		24			0.59			0.59			0.68
12/31/2010		11.17		0.08		2.80			2.88			(0.08	)		(0.11	)		13.86		25.83			664,777		12			0.60			0.60			0.64
Class B
12/31/2014		18.84		0.22		1.58			1.80			(0.21	)		(1.11	)		19.32		9.50			16,813		16			0.37			0.37			1.12
12/31/2013		14.67		0.19		4.67			4.86			(0.16	)		(0.53	)		18.84		33.19	(j)		13,326		11			0.38			0.38			1.12
12/31/2012		12.98		0.18		2.09			2.27			(0.18	)		(0.40	)		14.67		17.50			7,800		8			0.39			0.39			1.27
12/31/2011		14.05		0.13		(0.44	)		(0.31	)		(0.12	)		(0.64	)		12.98		(1.99	)		6,541		24			0.39			0.39			0.89
12/31/2010		11.30		0.10		2.86			2.96			(0.10	)		(0.11	)		14.05		26.19			6,033		12			0.40			0.40			0.84

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Financial Highlights

For a Share Outstanding

			Increase (Decrease) from Investment Operations									Distributions from											Supplemental Data					Ratios(a)
Period Ended	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(b)			Net Realized & Unrealized Gains (Losses)			Total from Investment Operations			Net Investment Income			Net Realized Gains on Investment Transactions			Net Asset Value, End of Period		Total Return(c)			Net Assets, End of Period (in thousands)		Portfolio Turnover(d)			Net Expenses to Average Net Assets			Total Expenses to Average Net Assets			Net Investment Income (Loss) to Average Net Assets
JNL/Mellon Capital Small Cap Index Fund
Class A
12/31/2014	$	16.85	$	0.17		$	0.61		$	0.78		$	(0.17	)	$	–		$	17.46		4.65	%	$	1,895,881		18	%		0.55	%		0.55	%		1.03	%
12/31/2013		12.82		0.16			4.76			4.92			(0.15	)(p)		(0.74	)		16.85		38.44	(j)		1,829,922		18			0.56			0.56			1.04
12/31/2012		11.56		0.22			1.62			1.84			(0.21	)		(0.37	)		12.82		15.89			1,064,003		17			0.58			0.58			1.76
12/31/2011		12.61		0.10			(0.65	)		(0.55	)		(0.10	)		(0.40	)		11.56		(4.34	)		761,311		15			0.59			0.59			0.83
12/31/2010		10.04		0.10			2.54			2.64			(0.07	)		–			12.61		26.32			709,661		14			0.60			0.60			0.91
Class B
12/31/2014		17.06		0.21			0.62			0.83			(0.21	)		–			17.68		4.85			21,920		18			0.35			0.35			1.24
12/31/2013		12.97		0.19			4.81			5.00			(0.17	)(p)		(0.74	)		17.06		38.64	(j)		19,630		18			0.36			0.36			1.23
12/31/2012		11.69		0.24			1.65			1.89			(0.24	)		(0.37	)		12.97		16.15			11,377		17			0.38			0.38			1.87
12/31/2011		12.75		0.14			(0.68	)		(0.54	)		(0.12	)		(0.40	)		11.69		(4.20	)		10,611		15			0.39			0.39			1.11
12/31/2010		10.14		0.12			2.57			2.69			(0.08	)		–			12.75		26.58			5,158		14			0.40			0.40			1.08
JNL/Mellon Capital International Index Fund
Class A
12/31/2014		14.51		0.46			(1.34	)		(0.88	)		(0.44	)		–			13.19		(6.08	)		2,190,126		6			0.62			0.62			3.15
12/31/2013		12.22		0.33			2.28			2.61			(0.32	)		–			14.51		21.43			2,303,582		1			0.63			0.63			2.48
12/31/2012		10.62		0.33			1.58			1.91			(0.31	)		–			12.22		18.02			1,734,284		2			0.65			0.65			2.93
12/31/2011		12.48		0.35			(1.89	)		(1.54	)		(0.32	)		–			10.62		(12.26	)		1,144,242		5			0.65			0.65			2.91
12/31/2010		11.90		0.26			0.55			0.81			(0.23	)		–			12.48		6.81			1,066,567		2			0.67			0.67			2.23
Class B
12/31/2014		15.01		0.49			(1.36	)		(0.87	)		(0.47	)		–			13.67		(5.82	)		35,282		6			0.42			0.42			3.29
12/31/2013		12.63		0.37			2.36			2.73			(0.35	)		–			15.01		21.64			32,612		1			0.43			0.43			2.69
12/31/2012		10.96		0.38			1.62			2.00			(0.33	)		–			12.63		18.28			23,298		2			0.45			0.45			3.21
12/31/2011		12.87		0.39			(1.95	)		(1.56	)		(0.35	)		–			10.96		(12.09	)		19,988		5			0.45			0.45			3.14
12/31/2010		12.26		0.30			0.56			0.86			(0.25	)		–			12.87		7.01			21,720		2			0.47			0.47			2.48
JNL/Mellon Capital Bond Index Fund
Class A
12/31/2014		11.62		0.24			0.41			0.65			(0.37	)		(0.12	)		11.78		5.61			892,848		78	(o)		0.57			0.57			1.97
12/31/2013		12.22		0.20			(0.53	)		(0.33	)		(0.26	)		(0.01	)		11.62		(2.73	)		1,543,416		69	(o)		0.56			0.56			1.66
12/31/2012		12.11		0.24			0.19			0.43			(0.27	)		(0.05	)		12.22		3.61			1,826,770		63	(o)		0.56			0.56			1.98
12/31/2011		11.73		0.31			0.53			0.84			(0.34	)		(0.12	)		12.11		7.15			1,549,529		94	(o)		0.57			0.57			2.57
12/31/2010		11.39		0.34			0.32			0.66			(0.30	)		(0.02	)		11.73		5.87			1,328,699		83	(o)		0.57			0.57			2.86
Class B
12/31/2014		11.99		0.27			0.42			0.69			(0.41	)		(0.12	)		12.15		5.75			5,477		78	(o)		0.37			0.37			2.18
12/31/2013		12.61		0.23			(0.56	)		(0.33	)		(0.28	)		(0.01	)		11.99		(2.60	)		4,558		69	(o)		0.36			0.36			1.87
12/31/2012		12.48		0.28			0.20			0.48			(0.30	)		(0.05	)		12.61		3.85			4,559		63	(o)		0.36			0.36			2.18
12/31/2011		12.08		0.34			0.55			0.89			(0.37	)		(0.12	)		12.48		7.31			4,345		94	(o)		0.37			0.37			2.75
12/31/2010		11.71		0.38			0.34			0.72			(0.33	)		(0.02	)		12.08		6.14			2,865		83	(o)		0.37			0.37			3.08
JNL/Mellon Capital Global Alpha Fund
Class A
12/31/2014		10.06		(0.12	)		(0.01	)		(0.13	)		(1.03	)		–			8.90		(1.34	)		44,201		0			1.27			1.36			(1.20	)
12/31/2013		10.20		(0.13	)		(0.01	)		(0.14	)		–			–			10.06		(1.37	)		231,062		0			1.35			1.35			(1.31	)
12/31/2012		10.57		(0.14	)		(0.06	)		(0.20	)		–			(0.17	)		10.20		(1.89	)		488,407		0			1.35			1.35			(1.29	)
12/31/2011		10.47		(0.14	)		0.44			0.30			(0.08	)		(0.12	)		10.57		2.88			515,337		0			1.35			1.35			(1.29	)
12/31/2010		9.88		(0.12	)		0.71			0.59			–			(0.00	)(h)		10.47		6.00			200,918		0			1.36			1.36			(1.20	)
Class B
12/31/2014		10.14		(0.09	)		0.00			(0.09	)		(1.21	)		–			8.84		(0.96	)		141		0			0.99			1.15			(0.93	)
12/31/2013		10.26		(0.11	)		(0.01	)		(0.12	)		–			–			10.14		(1.17	)		103		0			1.15			1.15			(1.11	)
12/31/2012		10.62		(0.12	)		(0.07	)		(0.19	)		–			(0.17	)		10.26		(1.78	)		219		0			1.15			1.15			(1.09	)
12/31/2011		10.49		(0.12	)		0.46			0.34			(0.09	)		(0.12	)		10.62		3.22			247		0			1.15			1.15			(1.09	)
12/31/2010		9.89		(0.10	)		0.70			0.60			–			(0.00	)(h)		10.49		6.09			196		0			1.16			1.16			(1.01	)

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Financial Highlights

For a Share Outstanding

			Increase (Decrease) from Investment Operations									Distributions from											Supplemental Data					Ratios(a)
Period Ended	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(b)			Net Realized & Unrealized Gains (Losses)			Total from Investment Operations			Net Investment Income			Net Realized Gains on Investment Transactions			Net Asset Value, End of Period		Total Return(c)			Net Assets, End of Period (in thousands)		Portfolio Turnover(d)			Net Expenses to Average Net Assets			Total Expenses to Average Net Assets			Net Investment Income (Loss) to Average Net Assets
JNL/Mellon Capital Dow Jones U.S. Contrarian Opportunities Index Fund
Class A
12/31/2014	$	14.16	$	0.05		$	0.88		$	0.93		$	(0.06	)	$	(2.64	)	$	12.39		6.69	%	$	102,737		165	%		0.70	%		0.70	%		0.33	%
12/31/2013		10.22		0.04			3.96			4.00			(0.06	)		–			14.16		39.14			147,338		140			0.70			0.70			0.34
12/31/2012*		10.00		0.09			0.13			0.22			–			–			10.22		2.20			78,005		61			0.70			0.70			1.37
Class B
12/31/2014		14.20		0.08			0.88			0.96			(0.09	)		(2.64	)		12.43		6.91			170		165			0.50			0.50			0.55
12/31/2013		10.23		0.07			3.97			4.04			(0.07	)		–			14.20		39.48			190		140			0.50			0.50			0.53
12/31/2012*		10.00		0.10			0.13			0.23			–			–			10.23		2.30			105		61			0.50			0.50			1.50
JNL/Mellon Capital Utilities Sector Fund
Class A
12/31/2014		9.39		0.31			2.15			2.46			(0.00	)(h)		–			11.85		26.20			46,617		14			0.71			0.71			2.87
12/31/2013*		10.00		0.22			(0.62	)		(0.40	)		(0.21	)		(0.00	)(h)		9.39		(3.98	)		3,246		77			0.73			0.73			3.41
JNL/Morgan Stanley Mid Cap Growth Fund
Class A
12/31/2014		13.13		(0.06	)		0.01			(0.05	)		–			(0.13	)		12.95		(0.40	)		214,231		75			1.10			1.10			(0.49	)
12/31/2013		9.55		(0.06	)		3.66			3.60			–			(0.02	)		13.13		37.73			209,418		41			1.10			1.10			(0.48	)
12/31/2012*		10.00		0.04			(0.45	)		(0.41	)		(0.04	)(q)		–			9.55		(4.13	)		17,008		28			1.11			1.11			0.59
Class B
12/31/2014		13.16		(0.04	)		0.02			(0.02	)		–			(0.13	)		13.01		(0.17	)		136		75			0.90			0.90			(0.28	)
12/31/2013		9.55		(0.01	)		3.64			3.63			–			(0.02	)		13.16		38.04			133		41			0.90			0.90			(0.12	)
12/31/2012*		10.00		0.05			(0.45	)		(0.40	)		(0.05	)(q)		–			9.55		(4.05	)		96		28			0.91			0.91			0.86
JNL/Neuberger Berman Strategic Income Fund
Class A
12/31/2014		10.50		0.29			0.22			0.51			(0.08	)		(0.04	)		10.89		4.90			667,837		107	(l)		0.95			0.95			2.68
12/31/2013		10.54		0.24			(0.25	)		(0.01	)		(0.02	)		(0.01	)		10.50		(0.10	)		467,334		106	(l)		0.95			0.95			2.24
12/31/2012*		10.00		0.13			0.41			0.54			–			–			10.54		5.40			80,917		76	(l)		0.95			0.95			1.93
Class B
12/31/2014		10.53		0.31			0.23			0.54			(0.09	)		(0.04	)		10.94		5.14			145		107	(l)		0.75			0.75			2.88
12/31/2013		10.55		0.26			(0.25	)		0.01			(0.02	)		(0.01	)		10.53		0.10			121		106	(l)		0.75			0.75			2.43
12/31/2012*		10.00		0.14			0.41			0.55			–			–			10.55		5.50			121		76	(l)		0.75			0.75			2.09
JNL/Oppenheimer Global Growth Fund
Class A
12/31/2014		14.26		0.16			0.12			0.28			(0.08	)		(0.27	)		14.19		1.91			1,233,220		20			0.99			0.99			1.11
12/31/2013		11.40		0.11			2.87			2.98			(0.12	)		(0.00	)(h)		14.26		26.24			987,372		15			0.99			0.99			0.88
12/31/2012		9.55		0.14			1.82			1.96			(0.11	)		–			11.40		20.54			636,096		34			1.01			1.01			1.33
12/31/2011		10.47		0.13			(0.99	)		(0.86	)		(0.06	)		–			9.55		(8.22	)		546,730		19			1.01			1.01			1.25
12/31/2010		9.14		0.09			1.31			1.40			(0.07	)		–			10.47		15.38			401,636		25			1.06			1.06			0.97
Class B
12/31/2014		14.45		0.19			0.12			0.31			(0.10	)		(0.27	)		14.39		2.08			1,019		20			0.79			0.79			1.30
12/31/2013		11.54		0.14			2.91			3.05			(0.14	)		(0.00	)(h)		14.45		26.52			1,030		15			0.79			0.79			1.12
12/31/2012		9.66		0.16			1.85			2.01			(0.13	)		–			11.54		20.82			839		34			0.81			0.81			1.49
12/31/2011		10.59		0.15			(1.01	)		(0.86	)		(0.07	)		–			9.66		(8.11	)		631		19			0.81			0.81			1.40
12/31/2010		9.23		0.11			1.34			1.45			(0.09	)		–			10.59		15.68			616		25			0.86			0.86			1.16

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Financial Highlights

For a Share Outstanding

			Increase (Decrease) from Investment Operations								Distributions from											Supplemental Data					Ratios(a)
Period Ended	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(b)		Net Realized & Unrealized Gains (Losses)			Total from Investment Operations			Net Investment Income			Net Realized Gains on Investment Transactions			Net Asset Value, End of Period		Total Return(c)			Net Assets, End of Period (in thousands)		Portfolio Turnover(d)			Net Expenses to Average Net Assets			Total Expenses to Average Net Assets			Net Investment Income (Loss) to Average Net Assets
JNL/PIMCO Real Return Fund
Class A
12/31/2014	$	10.20	$	0.15	$	0.19		$	0.34		$	(0.08	)	$	–		$	10.46		3.29	%	$	1,950,838		34	%		0.86	%(g)		0.86	%(g)		1.37
12/31/2013		12.89		0.07		(1.24	)		(1.17	)		(0.17	)		(1.35	)		10.20		(9.13	)		1,820,680		86			0.86	(g)		0.86	(g)		0.61
12/31/2012		12.83		0.13		0.96			1.09			(0.25	)		(0.78	)		12.89		8.43			3,083,176		85			0.85	(g)		0.85	(g)		0.98
12/31/2011		12.06		0.21		1.20			1.41			(0.11	)		(0.53	)		12.83		11.71			2,714,541		443			0.81	(g)		0.81	(g)		1.65
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			0.82			1.36
Class B
12/31/2014		10.30		0.17		0.19			0.36			(0.10	)		–			10.56		3.52			757		34			0.66	(g)		0.66	(g)		1.61
12/31/2013		13.01		0.10		(1.25	)		(1.15	)		(0.21	)		(1.35	)		10.30		(8.88	)		768		86			0.66	(g)		0.66	(g)		0.84
12/31/2012		12.93		0.16		0.97			1.13			(0.27	)		(0.78	)		13.01		8.67			952		85			0.65	(g)		0.65	(g)		1.20
12/31/2011		12.15		0.23		1.20			1.43			(0.12	)		(0.53	)		12.93		11.84			513		443			0.61	(g)		0.61	(g)		1.76
12/31/2010		11.64		0.19		0.73			0.92			(0.18	)		(0.23	)		12.15		7.96			263		536			0.62			0.62			1.57
JNL/PIMCO Total Return Bond Fund
Class A
12/31/2014		12.61		0.16		0.34			0.50			(0.45	)		(0.05	)		12.61		3.98			4,541,679		265			0.80	(g)		0.80	(g)		1.27
12/31/2013		13.06		0.14		(0.41	)		(0.27	)		(0.16	)		(0.02	)		12.61		(2.08	)		5,138,711		421			0.80	(g)		0.80	(g)		1.05
12/31/2012		12.57		0.24		0.76			1.00			(0.25	)		(0.26	)		13.06		8.00			5,788,043		448			0.80	(g)		0.80	(g)		1.79
12/31/2011		12.35		0.30		0.31			0.61			(0.37	)		(0.02	)		12.57		4.91			3,843,292		500			0.80	(g)		0.80	(g)		2.35
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			0.81			2.05
Class B
12/31/2014		13.46		0.20		0.37			0.57			(0.48	)		(0.05	)		13.50		4.27			18,000		265			0.60	(g)		0.60	(g)		1.47
12/31/2013		13.93		0.17		(0.43	)		(0.26	)		(0.19	)		(0.02	)		13.46		(1.92	)		19,989		421			0.60	(g)		0.60	(g)		1.26
12/31/2012		13.37		0.28		0.81			1.09			(0.27	)		(0.26	)		13.93		8.21			24,851		448			0.60	(g)		0.60	(g)		2.00
12/31/2011		13.11		0.34		0.33			0.67			(0.39	)		(0.02	)		13.37		5.12			17,968		500			0.60	(g)		0.60	(g)		2.55
12/31/2010		12.89		0.30		0.69			0.99			(0.29	)		(0.48	)		13.11		7.79			15,912		489			0.61			0.61			2.24
JNL/PPM America Floating Rate Income Fund
Class A
12/31/2014		10.91		0.38		(0.36	)		0.02			(0.26	)		(0.02	)		10.65		0.12			1,611,668		97			0.98			0.98			3.44
12/31/2013		10.60		0.40		0.07			0.47			(0.16	)		–			10.91		4.41			1,543,108		62			0.98			0.98			3.71
12/31/2012		10.07		0.44		0.35			0.79			(0.26	)		–			10.60		7.82			659,373		55			1.00			1.00			4.17
12/31/2011*		10.00		0.36		(0.29	)		0.07			–			–			10.07		0.70			445,716		57			1.00			1.00			3.64
JNL/PPM America High Yield Bond Fund
Class A
12/31/2014		7.18		0.41		(0.40	)		0.01			(0.43	)		(0.11	)		6.65		0.13			2,729,886		64			0.74			0.74			5.58
12/31/2013		7.21		0.46		0.13			0.59			(0.45	)		(0.17	)		7.18		8.20			2,573,016		94			0.74			0.74			6.17
12/31/2012		6.51		0.49		0.60			1.09			(0.39	)		–			7.21		16.75			2,193,974		73			0.74			0.74			6.87
12/31/2011		6.67		0.50		(0.19	)		0.31			(0.47	)		–			6.51		4.67			1,261,007		46			0.75			0.75			7.21
12/31/2010		6.15		0.52		0.44			0.96			(0.44	)		–			6.67		15.63			900,088		66			0.76			0.76			7.81
Class B
12/31/2014		8.10		0.48		(0.45	)		0.03			(0.44	)		(0.11	)		7.58		0.44			11,965		64			0.54			0.54			5.78
12/31/2013		8.05		0.53		0.16			0.69			(0.47	)		(0.17	)		8.10		8.52			12,319		94			0.54			0.54			6.39
12/31/2012		7.23		0.56		0.66			1.22			(0.40	)		–			8.05		16.90			11,478		73			0.54			0.54			7.10
12/31/2011		7.35		0.56		(0.20	)		0.36			(0.48	)		–			7.23		4.96			8,751		46			0.55			0.55			7.41
12/31/2010		6.74		0.58		0.48			1.06			(0.45	)		–			7.35		15.76			7,612		66			0.56			0.56			8.03

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Financial Highlights

For a Share Outstanding

			Increase (Decrease) from Investment Operations								Distributions from											Supplemental Data					Ratios(a)
Period Ended	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(b)		Net Realized & Unrealized Gains (Losses)			Total from Investment Operations			Net Investment Income			Net Realized Gains on Investment Transactions			Net Asset Value, End of Period		Total Return(c)			Net Assets, End of Period (in thousands)		Portfolio Turnover(d)			Net Expenses to Average Net Assets			Total Expenses to Average Net Assets			Net Investment Income (Loss) to Average Net Assets
JNL/PPM America Mid Cap Value Fund
Class A
12/31/2014	$	14.93	$	0.11	$	1.44		$	1.55		$	(0.08	)	$	(0.86	)	$	15.54		10.45	%	$	391,525		47	%		1.04	%		1.06	%		0.72	%
12/31/2013		10.64		0.09		4.28			4.37			(0.08	)		–			14.93		41.08			318,545		43			1.06			1.06			0.73
12/31/2012		9.78		0.11		1.47			1.58			(0.05	)		(0.67	)		10.64		16.43			153,777		71			1.06			1.06			0.99
12/31/2011		10.69		0.05		(0.84	)		(0.79	)		(0.01	)		(0.11	)		9.78		(7.41	)		117,872		68			1.06			1.06			0.48
12/31/2010		8.25		0.03		2.41			2.44			(0.00	)(h)		–			10.69		29.58			86,297		73			1.06			1.06			0.29
Class B
12/31/2014		14.98		0.14		1.45			1.59			(0.10	)		(0.86	)		15.61		10.69			268		47			0.84			0.86			0.90
12/31/2013		10.67		0.12		4.28			4.40			(0.09	)		–			14.98		41.31			261		43			0.86			0.86			0.91
12/31/2012		9.80		0.13		1.48			1.61			(0.07	)		(0.67	)		10.67		16.70			162		71			0.86			0.86			1.18
12/31/2011		10.70		0.07		(0.84	)		(0.77	)		(0.02	)		(0.11	)		9.80		(7.23	)		150		68			0.86			0.86			0.69
12/31/2010		8.25		0.04		2.41			2.45			(0.00	)(h)		–			10.70		29.70			122		73			0.86			0.86			0.43
JNL/PPM America Small Cap Value Fund
Class A
12/31/2014		12.51		0.05		0.68			0.73			(0.03	)		(1.95	)		11.26		5.85			211,532		69			1.05			1.06			0.39
12/31/2013		9.74		0.06		3.56			3.62			(0.04	)		(0.81	)		12.51		37.35			198,874		48			1.06			1.06			0.51
12/31/2012		8.41		0.08		1.57			1.65			(0.09	)		(0.23	)		9.74		19.68			99,004		86			1.06			1.06			0.91
12/31/2011		10.13		0.03		(0.90	)		(0.87	)		(0.02	)		(0.83	)		8.41		(8.02	)		68,493		75			1.06			1.06			0.26
12/31/2010		8.37		0.03		2.28			2.31			(0.01	)		(0.54	)		10.13		27.71			61,362		67			1.06			1.06			0.32
Class B
12/31/2014		12.54		0.07		0.70			0.77			(0.05	)		(1.95	)		11.31		6.14			14,348		69			0.85			0.86			0.58
12/31/2013		9.76		0.08		3.57			3.65			(0.06	)		(0.81	)		12.54		37.56			16,945		48			0.86			0.86			0.72
12/31/2012		8.43		0.10		1.58			1.68			(0.12	)		(0.23	)		9.76		19.93			6,729		86			0.86			0.86			1.10
12/31/2011		10.15		0.05		(0.90	)		(0.85	)		(0.04	)		(0.83	)		8.43		(7.84	)		6,119		75			0.86			0.86			0.46
12/31/2010		8.38		0.04		2.29			2.33			(0.02	)		(0.54	)		10.15		27.91			6,170		67			0.86			0.86			0.46
JNL/PPM America Value Equity Fund
Class A
12/31/2014		17.97		0.28		1.98			2.26			(0.92	)		–			19.31		12.50			212,739		33			0.85			0.85			1.47
12/31/2013		12.96		0.23		4.98			5.21			(0.20	)		–			17.97		40.23	(j)		179,288		31			0.86			0.86			1.45
12/31/2012		11.36		0.21		1.57			1.78			(0.18	)		–			12.96		15.66			118,286		39			0.86			0.86			1.63
12/31/2011		12.15		0.17		(0.82	)		(0.65	)		(0.14	)		–			11.36		(5.26	)		102,336		50			0.86			0.86			1.39
12/31/2010		10.46		0.14		1.68			1.82			(0.13	)		–			12.15		17.46			113,586		36			0.86			0.86			1.29
Class B
12/31/2014		18.05		0.32		1.99			2.31			(0.98	)		–			19.38		12.74			991		33			0.65			0.65			1.69
12/31/2013		13.01		0.26		5.01			5.27			(0.23	)		–			18.05		40.50	(j)		550		31			0.66			0.66			1.63
12/31/2012		11.40		0.23		1.59			1.82			(0.21	)		–			13.01		15.92			369		39			0.66			0.66			1.83
12/31/2011		12.19		0.18		(0.80	)		(0.62	)		(0.17	)		–			11.40		(5.06	)		264		50			0.66			0.66			1.47
12/31/2010		10.50		0.15		1.69			1.84			(0.15	)		–			12.19		17.55			372		36			0.66			0.66			1.37
JNL/Red Rocks Listed Private Equity Fund
Class A
12/31/2014		12.17		0.21		(0.14	)		0.07			(0.85	)		(0.48	)		10.91		0.62			847,960		34			1.17			1.17			1.71
12/31/2013		9.33		0.20		3.64			3.84			(1.00	)		–			12.17		41.66			826,147		40			1.17			1.17			1.80
12/31/2012		7.25		0.15		2.04			2.19			–			(0.11	)		9.33		30.26			684,236		31			1.17			1.17			1.79
12/31/2011		10.07		0.19		(1.96	)		(1.77	)		(0.85	)		(0.20	)		7.25		(17.97	)		602,339		65			1.17			1.17			1.88
12/31/2010		8.03		0.07		2.04			2.11			(0.02	)		(0.05	)		10.07		26.32			643,051		24			1.18			1.18			0.76
Class B
12/31/2014		12.26		0.24		(0.14	)		0.10			(0.87	)		(0.48	)		11.01		0.86			515		34			0.97			0.97			1.92
12/31/2013		9.40		0.22		3.66			3.88			(1.02	)		–			12.26		41.79			550		40			0.97			0.97			1.96
12/31/2012		7.28		0.17		2.06			2.23			–			(0.11	)		9.40		30.69			430		31			0.97			0.97			2.00
12/31/2011		10.10		0.22		(1.98	)		(1.76	)		(0.86	)		(0.20	)		7.28		(17.83	)		402		65			0.97			0.97			2.23
12/31/2010		8.04		0.07		2.06			2.13			(0.02	)		(0.05	)		10.10		26.53			234		24			0.98			0.98			0.85

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Financial Highlights

For a Share Outstanding

			Increase (Decrease) from Investment Operations								Distributions from											Supplemental Data					Ratios(a)
Period Ended	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(b)		Net Realized & Unrealized Gains (Losses)			Total from Investment Operations			Net Investment Income			Net Realized Gains on Investment Transactions			Net Asset Value, End of Period		Total Return(c)			Net Assets, End of Period (in thousands)		Portfolio Turnover(d)			Net Expenses to Average Net Assets			Total Expenses to Average Net Assets			Net Investment Income (Loss) to Average Net Assets
JNL/S&P Competitive Advantage Fund
Class A
12/31/2014	$	16.82	$	0.15	$	1.54		$	1.69		$	(0.05	)	$	(1.57	)	$	16.89		10.06	%	$	2,800,241		54	%		0.66	%		0.66	%		0.90	%
12/31/2013		12.54		0.09		5.27			5.36			(0.09	)		(0.99	)		16.82		42.94			1,720,778		68			0.67			0.67			0.59
12/31/2012		10.95		0.14		1.68			1.82			(0.07	)		(0.16	)		12.54		16.63			824,193		58			0.69			0.69			1.17
12/31/2011		10.70		0.13		0.99			1.12			(0.09	)		(0.78	)		10.95		10.53			534,406		67			0.70			0.70			1.17
12/31/2010		9.95		0.14		1.11			1.25			(0.08	)		(0.42	)		10.70		12.63			296,032		77			0.71			0.71			1.35
Class B
12/31/2014		16.87		0.19		1.54			1.73			(0.06	)		(1.57	)		16.97		10.30			542		54			0.46			0.46			1.11
12/31/2013		12.56		0.12		5.28			5.40			(0.10	)		(0.99	)		16.87		43.23			473		68			0.47			0.47			0.79
12/31/2012		10.95		0.21		1.64			1.85			(0.08	)		(0.16	)		12.56		16.91			531		58			0.49			0.49			1.70
12/31/2011		10.70		0.15		0.98			1.13			(0.10	)		(0.78	)		10.95		10.65			102		67			0.50			0.50			1.38
12/31/2010		9.94		0.16		1.12			1.28			(0.10	)		(0.42	)		10.70		12.87			59		77			0.51			0.51			1.55
JNL/S&P Dividend Income & Growth Fund
Class A
12/31/2014		14.24		0.42		1.53			1.95			(0.20	)		(0.72	)		15.27		13.70			4,277,523		36			0.66			0.66			2.76
12/31/2013		11.39		0.36		3.13			3.49			(0.19	)		(0.45	)		14.24		30.78			2,928,292		57			0.67			0.67			2.66
12/31/2012		10.70		0.38		0.99			1.37			(0.18	)		(0.50	)		11.39		12.81			1,267,104		55			0.67			0.67			3.30
12/31/2011		9.76		0.32		0.89			1.21			(0.13	)		(0.14	)		10.70		12.42			920,551		62			0.69			0.69			3.10
12/31/2010		8.69		0.31		1.26			1.57			(0.11	)		(0.39	)		9.76		18.24			440,926		38			0.70			0.70			3.33
Class B
12/31/2014		14.36		0.45		1.54			1.99			(0.21	)		(0.72	)		15.42		13.89			1,183		36			0.46			0.46			2.96
12/31/2013		11.46		0.39		3.16			3.55			(0.20	)		(0.45	)		14.36		31.14			1,082		57			0.47			0.47			2.85
12/31/2012		10.76		0.41		0.98			1.39			(0.19	)		(0.50	)		11.46		12.93			447		55			0.47			0.47			3.50
12/31/2011		9.80		0.35		0.89			1.24			(0.14	)		(0.14	)		10.76		12.66			341		62			0.49			0.49			3.34
12/31/2010		8.70		0.33		1.28			1.61			(0.12	)		(0.39	)		9.80		18.65			166		38			0.50			0.50			3.57
JNL/S&P International 5 Fund
Class A
12/31/2014*		10.00		0.08		(0.62	)		(0.54	)		–			–			9.46		(5.40	)		123,501		0			0.80			0.80			2.77
JNL/S&P Intrinsic Value Fund
Class A
12/31/2014		15.59		0.24		2.57			2.81			(0.12	)		(1.73	)		16.55		18.04			2,636,223		71			0.67			0.67			1.48
12/31/2013		10.93		0.21		5.22			5.43			(0.13	)		(0.64	)		15.59		49.95			1,616,263		105			0.68			0.68			1.51
12/31/2012		9.90		0.20		1.20			1.40			(0.11	)		(0.26	)		10.93		14.11			698,722		75			0.69			0.69			1.90
12/31/2011		9.97		0.16		0.50			0.66			(0.08	)		(0.65	)		9.90		6.52			568,684		104			0.70			0.70			1.51
12/31/2010		9.75		0.15		1.24			1.39			(0.08	)		(1.09	)		9.97		14.39			319,617		103			0.71			0.71			1.52
Class B
12/31/2014		15.79		0.28		2.60			2.88			(0.14	)		(1.73	)		16.80		18.23			778		71			0.47			0.47			1.67
12/31/2013		11.05		0.24		5.28			5.52			(0.14	)		(0.64	)		15.79		50.26			731		105			0.48			0.48			1.69
12/31/2012		10.00		0.25		1.18			1.43			(0.12	)		(0.26	)		11.05		14.31			421		75			0.49			0.49			2.28
12/31/2011		10.05		0.17		0.52			0.69			(0.09	)		(0.65	)		10.00		6.77			196		104			0.50			0.50			1.62
12/31/2010		9.80		0.17		1.26			1.43			(0.09	)		(1.09	)		10.05		14.74			100		103			0.51			0.51			1.68
JNL/S&P Mid 3 Fund
Class A
12/31/2014*		10.00		0.07		1.34			1.41			–			–			11.41		14.10			164,875		100			0.80			0.80			0.90
Class B
12/31/2014*		10.00		0.07		1.36			1.43			–			–			11.43		14.30			116		100			0.60			0.60			1.03

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Financial Highlights

For a Share Outstanding

			Increase (Decrease) from Investment Operations									Distributions from											Supplemental Data					Ratios(a)
Period Ended	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(b)			Net Realized & Unrealized Gains (Losses)			Total from Investment Operations			Net Investment Income			Net Realized Gains on Investment Transactions			Net Asset Value, End of Period		Total Return(c)			Net Assets, End of Period (in thousands)		Portfolio Turnover(d)			Net Expenses to Average Net Assets			Total Expenses to Average Net Assets			Net Investment Income (Loss) to Average Net Assets
JNL/S&P Total Yield Fund
Class A
12/31/2014	$	14.98	$	0.33		$	2.04		$	2.37		$	(0.13	)	$	(2.15	)	$	15.07		15.89	%	$	1,917,060		117	%		0.67	%		0.67	%		2.05	%
12/31/2013		10.36		0.23			5.10			5.33			(0.13	)		(0.58	)		14.98		51.68			1,167,108		121			0.68			0.68			1.74
12/31/2012		8.66		0.20			1.69			1.89			(0.09	)		(0.10	)		10.36		21.83			518,667		74			0.70			0.70			2.03
12/31/2011		9.74		0.14			(0.66	)		(0.52	)		(0.10	)		(0.46	)		8.66		(5.40	)		368,696		76			0.70			0.70			1.47
12/31/2010		9.10		0.16			0.75			0.91			(0.07	)		(0.20	)		9.74		10.08			281,137		88			0.71			0.71			1.71
Class B
12/31/2014		15.06		0.35			2.06			2.41			(0.15	)		(2.15	)		15.17		16.03			521		117			0.47			0.47			2.21
12/31/2013		10.40		0.27			5.11			5.38			(0.14	)		(0.58	)		15.06		52.00			547		121			0.48			0.48			2.00
12/31/2012		8.68		0.21			1.71			1.92			(0.10	)		(0.10	)		10.40		22.16			128		74			0.50			0.50			2.18
12/31/2011		9.76		0.16			(0.67	)		(0.51	)		(0.11	)		(0.46	)		8.68		(5.27	)		126		76			0.50			0.50			1.66
12/31/2010		9.11		0.18			0.75			0.93			(0.08	)		(0.20	)		9.76		10.30			65		88			0.51			0.51			1.90
JNL/Scout Unconstrained Bond Fund
Class A
12/31/2014*		10.00		(0.02	)		(0.36	)		(0.38	)		–			–			9.62		(3.80	)		696,028		36			1.00			1.00			(0.32	)
JNL/T. Rowe Price Established Growth Fund
Class A
12/31/2014		33.33		(0.04	)		2.95			2.91			–			(3.05	)		33.19		8.71			4,884,766		36			0.86			0.86			(0.12	)
12/31/2013		24.92		(0.05	)		9.68			9.63			(0.02	)		(1.20	)		33.33		38.67			4,323,901		33			0.86			0.86			(0.16	)
12/31/2012		20.97		0.03			3.92			3.95			–			–			24.92		18.84			2,497,336		29			0.87			0.87			0.11
12/31/2011		21.22		(0.02	)		(0.23	)		(0.25	)		–			–			20.97		(1.18	)		1,802,773		28			0.87			0.87			(0.11	)
12/31/2010		18.18		(0.02	)		3.07			3.05			(0.01	)		–			21.22		16.76			1,475,748		35			0.88			0.88			(0.10	)
Class B
12/31/2014		33.91		0.03			3.01			3.04			–			(3.05	)		33.90		8.95			63,192		36			0.66			0.66			0.08
12/31/2013		25.31		0.01			9.85			9.86			(0.06	)		(1.20	)		33.91		38.97			58,140		33			0.66			0.66			0.04
12/31/2012		21.26		0.07			3.98			4.05			–			–			25.31		19.05			42,448		29			0.67			0.67			0.29
12/31/2011		21.47		0.02			(0.23	)		(0.21	)		–			–			21.26		(0.98	)		35,832		28			0.67			0.67			0.08
12/31/2010		18.37		0.02			3.11			3.13			(0.03	)		–			21.47		17.02			35,881		35			0.68			0.68			0.09
JNL/T. Rowe Price Mid-Cap Growth Fund
Class A
12/31/2014		37.47		(0.14	)		4.98			4.84			(0.06	)		(3.38	)		38.87		12.83			2,992,442		30			1.01			1.01			(0.36	)
12/31/2013		29.14		(0.13	)		10.74			10.61			–			(2.28	)		37.47		36.50	(j)		2,508,258		33			1.01			1.01			(0.39	)
12/31/2012		26.86		(0.04	)		3.69			3.65			(0.06	)		(1.31	)		29.14		13.59			1,729,982		33			1.01			1.01			(0.12	)
12/31/2011		29.78		(0.14	)		(0.32	)		(0.46	)		(0.00	)(h)		(2.46	)		26.86		(1.46	)		1,437,209		38			1.01			1.01			(0.47	)
12/31/2010		23.79		0.00			6.62			6.62			(0.04	)		(0.59	)		29.78		27.86			1,366,836		27			1.01			1.01			0.01
Class B
12/31/2014		38.45		(0.06	)		5.12			5.06			(0.06	)		(3.38	)		40.07		13.07			64,631		30			0.81			0.81			(0.16	)
12/31/2013		29.81		(0.07	)		10.99			10.92			–			(2.28	)		38.45		36.72	(j)		57,214		33			0.81			0.81			(0.19	)
12/31/2012		27.44		0.02			3.78			3.80			(0.12	)		(1.31	)		29.81		13.83			41,608		33			0.81			0.81			0.06
12/31/2011		30.31		(0.08	)		(0.32	)		(0.40	)		(0.01	)		(2.46	)		27.44		(1.25	)		38,236		38			0.81			0.81			(0.27	)
12/31/2010		24.19		0.05			6.74			6.79			(0.08	)		(0.59	)		30.31		28.10			38,125		27			0.81			0.81			0.17
JNL/T. Rowe Price Short-Term Bond Fund
Class A
12/31/2014		9.94		0.09			(0.05	)		0.04			(0.11	)		–			9.87		0.43			1,780,915		41			0.71			0.71			0.90
12/31/2013		10.06		0.07			(0.06	)		0.01			(0.13	)		–			9.94		0.10			1,657,217		59			0.70			0.70			0.72
12/31/2012		9.91		0.11			0.13			0.24			(0.09	)		–			10.06		2.44			2,018,886		45			0.71			0.71			1.08
12/31/2011		9.88		0.14			(0.00	)		0.14			(0.11	)		–			9.91		1.38			1,220,682		50			0.72			0.72			1.41
12/31/2010		9.71		0.17			0.11			0.28			(0.11	)		–			9.88		2.94			872,892		54			0.72			0.72			1.67
Class B
12/31/2014		10.03		0.11			(0.04	)		0.07			(0.13	)		–			9.97		0.73			1,225		41			0.51			0.51			1.11
12/31/2013		10.15		0.09			(0.06	)		0.03			(0.15	)		–			10.03		0.28			294		59			0.50			0.50			0.91
12/31/2012		9.99		0.14			0.12			0.26			(0.10	)		–			10.15		2.64			206		45			0.51			0.51			1.36
12/31/2011		9.95		0.16			(0.00	)		0.16			(0.12	)		–			9.99		1.58			284		50			0.52			0.52			1.54
12/31/2010		9.76		0.19			0.12			0.31			(0.12	)		–			9.95		3.22			88		54			0.52			0.52			1.87

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Financial Highlights

For a Share Outstanding

			Increase (Decrease) from Investment Operations								Distributions from											Supplemental Data					Ratios(a)
Period Ended	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(b)		Net Realized & Unrealized Gains (Losses)			Total from Investment Operations			Net Investment Income			Net Realized Gains on Investment Transactions			Net Asset Value, End of Period		Total Return(c)			Net Assets, End of Period (in thousands)		Portfolio Turnover(d)			Net Expenses to Average Net Assets			Total Expenses to Average Net Assets			Net Investment Income (Loss) to Average Net Assets
JNL/T. Rowe Price Value Fund
Class A
12/31/2014	$	16.13	$	0.19	$	1.94		$	2.13		$	(0.13	)	$	(0.89	)	$	17.24		13.24	%	$	3,565,349		49	%		0.91	%		0.91	%		1.13	%
12/31/2013		12.34		0.18		4.38			4.56			(0.18	)		(0.59	)		16.13		37.14			2,428,256		39			0.91			0.92			1.25
12/31/2012		10.47		0.20		1.82			2.02			(0.15	)		–			12.34		19.33			1,565,619		62			0.92			0.93			1.76
12/31/2011		10.84		0.17		(0.39	)		(0.22	)		(0.15	)		–			10.47		(2.07	)		1,305,413		51			0.93			0.93			1.53
12/31/2010		9.44		0.19		1.31			1.50			(0.10	)		–			10.84		15.89			1,136,182		27			0.94			0.94			1.97
Class B
12/31/2014		16.61		0.23		1.99			2.22			(0.15	)		(0.89	)		17.79		13.41			1,330		49			0.71			0.71			1.33
12/31/2013		12.68		0.22		4.50			4.72			(0.20	)		(0.59	)		16.61		37.42			1,210		39			0.71			0.72			1.46
12/31/2012		10.75		0.23		1.87			2.10			(0.17	)		–			12.68		19.58			1,008		62			0.72			0.73			1.96
12/31/2011		11.11		0.19		(0.39	)		(0.20	)		(0.16	)		–			10.75		(1.80	)		731		51			0.73			0.73			1.75
12/31/2010		9.67		0.22		1.33			1.55			(0.11	)		–			11.11		16.04			594		27			0.74			0.74			2.19
JNL/WMC Balanced Fund
Class A
12/31/2014		21.07		0.33		1.75			2.08			(0.27	)		(0.69	)		22.19		9.86			4,245,398		125	(r)		0.74			0.74			1.51
12/31/2013		18.15		0.31		3.18			3.49			(0.28	)		(0.29	)		21.07		19.33			3,345,428		205	(r)		0.74			0.74			1.53
12/31/2012		16.81		0.32		1.37			1.69			(0.22	)		(0.13	)		18.15		10.10			2,398,046		100	(r)		0.74			0.74			1.79
12/31/2011		16.45		0.30		0.24			0.54			(0.18	)		–			16.81		3.27			1,792,691		52	(r)		0.74			0.74			1.81
12/31/2010		15.01		0.28		1.34			1.62			(0.18	)		–			16.45		10.83			1,290,162		46	(r)		0.76			0.76			1.84
Class B
12/31/2014		21.56		0.39		1.79			2.18			(0.30	)		(0.69	)		22.75		10.11			1,511		125	(r)		0.54			0.54			1.71
12/31/2013		18.54		0.35		3.27			3.62			(0.31	)		(0.29	)		21.56		19.62			1,404		205	(r)		0.54			0.54			1.73
12/31/2012		17.16		0.36		1.39			1.75			(0.24	)		(0.13	)		18.54		10.26			1,181		100	(r)		0.54			0.54			1.99
12/31/2011		16.77		0.34		0.25			0.59			(0.20	)		–			17.16		3.50			1,230		52	(r)		0.54			0.54			2.00
12/31/2010		15.29		0.32		1.35			1.67			(0.19	)		–			16.77		10.99			1,041		46	(r)		0.56			0.56			2.04
JNL/WMC Money Market Fund
Class A
12/31/2014		1.00		0.00		0.00			0.00			(0.00	)(h)		(0.00	)(h)		1.00		0.00			1,286,438		N/A			0.18			0.56			0.00	(s)
12/31/2013		1.00		0.00		0.00			0.00			(0.00	)(h)		(0.00	)(h)		1.00		0.00			1,328,987		N/A			0.19			0.57			0.00	(s)
12/31/2012		1.00		0.00		0.00			0.00			(0.00	)(h)		(0.00	)(h)		1.00		0.00			1,243,885		N/A			0.25			0.57			0.00	(s)
12/31/2011		1.00		0.00		0.00			0.00			(0.00	)(h)		(0.00	)(h)		1.00		0.00			1,054,701		N/A			0.23			0.57			0.00	(s)
12/31/2010		1.00		0.00		0.00			0.00			(0.00	)(h)		–			1.00		0.00			706,007		N/A			0.27			0.57			0.00	(s)
Class B
12/31/2014		1.00		0.00		0.00			0.00			(0.00	)(h)		(0.00	)(h)		1.00		0.00			7,285		N/A			0.18			0.36			0.00	(s)
12/31/2013		1.00		0.00		0.00			0.00			(0.00	)(h)		(0.00	)(h)		1.00		0.00			7,755		N/A			0.19			0.37			0.00	(s)
12/31/2012		1.00		0.00		0.00			0.00			(0.00	)(h)		(0.00	)(h)		1.00		0.00			7,924		N/A			0.25			0.37			0.00	(s)
12/31/2011		1.00		0.00		0.00			0.00			(0.00	)(h)		(0.00	)(h)		1.00		0.00			8,547		N/A			0.23			0.37			0.00	(s)
12/31/2010		1.00		0.00		0.00			0.00			(0.00	)(h)		–			1.00		0.00			7,245		N/A			0.27			0.37			0.00	(s)
JNL/WMC Value Fund
Class A
12/31/2014		23.01		0.36		2.26			2.62			(0.36	)		(1.02	)		24.25		11.33			1,804,121		14			0.78			0.78			1.49
12/31/2013		18.54		0.35		5.39			5.74			(0.40	)		(0.87	)		23.01		31.05			1,717,996		23			0.78			0.78			1.63
12/31/2012		16.83		0.37		2.39			2.76			(0.42	)		(0.63	)		18.54		16.35			1,262,528		31			0.78			0.78			2.00
12/31/2011		17.37		0.29		(0.66	)		(0.37	)		(0.17	)		–			16.83		(2.06	)		1,220,027		19			0.79			0.79			1.66
12/31/2010		15.41		0.21		1.90			2.11			(0.15	)		–			17.37		13.70			1,138,293		25			0.80			0.80			1.34
Class B
12/31/2014		23.44		0.41		2.32			2.73			(0.41	)		(1.02	)		24.74		11.58			32,446		14			0.58			0.58			1.69
12/31/2013		18.87		0.41		5.48			5.89			(0.45	)		(0.87	)		23.44		31.27			27,300		23			0.58			0.58			1.84
12/31/2012		17.12		0.42		2.43			2.85			(0.47	)		(0.63	)		18.87		16.59			19,665		31			0.58			0.58			2.20
12/31/2011		17.66		0.33		(0.68	)		(0.35	)		(0.19	)		–			17.12		(1.87	)		17,156		19			0.59			0.59			1.86
12/31/2010		15.65		0.25		1.93			2.18			(0.17	)		–			17.66		13.92			17,032		25			0.60			0.60			1.53

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Financial Statements

For a Share Outstanding

* Commencement of operations was as follows: JNL/AllianceBernstein Dynamic Asset Allocation Fund - April 28, 2014; JNL/AQR Managed Futures Strategy Fund - August 29, 2011; JNL/BlackRock Global Allocation Fund - October 11, 2010; JNL/Boston Partners Global Long Short Equity Fund - September 15, 2014; JNL/Brookfield Global Infrastructure and MLP Fund - December 12, 2011; JNL/Franklin Templeton Global Multisector Bond Fund - December 12, 2011; JNL/Mellon Capital Emerging Markets Index Fund - August 29, 2011; JNL/Mellon Capital Dow Jones U.S. Contrarian Opportunities Index Fund - April 30, 2012; JNL/Mellon Capital Utilities Sector Fund - April 29, 2013; JNL/Morgan Stanley Mid Cap Growth Fund - April 30, 2012; JNL/Neuberger Berman Strategic Income Fund - April 30, 2012; JNL/PPM America Floating Rate Income Fund - January 1, 2011; JNL/S&P International 5 Fund - September 15, 2014; JNL/S&P Mid 3 Fund - April 28, 2014; JNL/Scout Unconstrained Bond Fund - April 28, 2014.

(a) Annualized for periods less than one year.

(b) Calculated using the average shares method.

(c) Total return assumes reinvestment of all distributions for the period. Total return does not reflect payment of the expenses that apply to the variable accounts or any annuity charges.

(d) Portfolio turnover is not annualized for periods of less than one year and excludes dollar roll transactions. Securities sold short are considered long term investments for purposes of calculating portfolio turnover.

(e) Consolidated Financial Statements starting year ended December 31, 2013.

(f) Consolidated Financial Statements starting August 27, 2011. Prior to August 27, 2011, the JNL/BlackRock Global Allocation Fund had a Master-Feeder structure and invested substantially all its assets in a Master Fund. Accordingly, the ratios of net investment income and expenses to average net assets do not include the impact of the Master Fund’s expenses.

(g) The net and total ratios of expenses to average net assets without dividend expenses, borrowing fees on securities sold short or interest expense for the following funds were as follows:

	December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011			December 31, 2010
JNL/BlackRock Global Allocation Fund
Class A		1.07	%		1.08	%		N/A			N/A			N/A
Class B		0.87			0.88			N/A			N/A			N/A
JNL/Boston Partners Global Long Short Equity Fund
Class A		1.55			N/A			N/A			N/A			N/A
JNL/Goldman Sachs U.S. Equity Flex Fund
Class A		1.15			1.15			1.16	%		1.15	%		1.16	%
Class B		0.95			0.95			0.96			0.95			0.96
JNL/PIMCO Real Return Fund
Class A		0.79			0.79			0.79			0.79			N/A
Class B		0.59			0.59			0.59			0.59			N/A
JNL/PIMCO Total Return Bond Fund
Class A		0.80			0.80			0.80			0.80			N/A
Class B		0.60			0.60			0.60			0.60			N/A

(h) Amount represents less than $0.005.

(i) Portfolio turnover for the JNL/BlackRock Global Allocation Fund excludes the liquidation transactions related to the transition from a Master-Feeder structure to a Sub-Advised Fund.

(j) Total return for the Fund includes class action settlement proceeds. The return for Class A and Class B, respectively, without the class action settlement proceeds was as follows: JNL/BlackRock Large Cap Select Growth Fund - 38.94% and 39.26%; JNL/Capital Guardian Global Balanced Fund - 15.44% and 15.65%; JNL/Capital Guardian Global Diversified Research Fund - 23.15% and 23.40%; JNL/Eagle SmallCap Equity Fund - 30.43% and 30.65%; JNL/Invesco Mid Cap Value Fund - 30.82% and 31.05%; JNL/JPMorgan International Value Fund - 21.33% and 21.52%; JNL/JPMorgan U.S. Government & Quality Bond Fund - (3.59)% and (3.40)%; JNL/Mellon Capital S&P 400 Mid Cap Index Fund - 32.92% and 33.12%; JNL/Mellon Capital Small Cap Index Fund - 38.35% and 38.56%; JNL/PPM America Value Equity Fund - 40.15% and 40.42%; JNL/T.Rowe Price Mid-Cap Growth Fund - 36.47% and 36.69%.

(k) Portfolio turnover including dollar roll transactions for JNL/Capital Guardian Global Balanced Fund was 52%, 53%, 86%, 100% and 105% in 2010, 2011, 2012, 2013 and 2014, respectively.

(l) Portfolio turnover including dollar roll transactions for JNL/Neuberger Berman Strategic Income Fund was 246%, 380% and 382% in 2012, 2013 and 2014, respectively.

(m) Portfolio turnover including dollar roll transactions for JNL/Goldman Sachs Core Plus Bond Fund was 1,137%, 1,302%, 1,111%, 748% and 426% in 2010, 2011, 2012, 2013 and 2014, respectively.

(n) Distribution amount for the JNL/Goldman Sachs Mid Cap Value Fund includes a return of capital distribution for Class A and Class B shares of $0.03 and $0.03 per share, respectively, for the year ended December 31, 2011.

(o) Portfolio turnover including dollar roll transactions for JNL/Mellon Capital Bond Index Fund was 83%, 106%, 89%, 156% and 143% in 2010, 2011, 2012, 2013 and 2014, respectively.

(p) Distribution amount for the JNL/Mellon Capital Small Cap Index 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, 2013.

(q) Distribution amount for the JNL/Morgan Stanley 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, 2012.

(r) Portfolio turnover including dollar roll transactions for JNL/WMC Balanced Fund was 90%, 139%, 223%, 283% and 223% in 2010, 2011, 2012, 2013 and 2014, respectively.

(s) The ratios for net income (loss) to average net assets without expense waivers for JNL/WMC Money Market Fund for 2010, 2011, 2012, 2013 and 2014 was (0.30)%, (0.34)%, (0.32)%, (0.38)% and (0.39)%, respectively for Class A and (0.10)%, (0.14)%, (0.12)%, (0.18)% and (0.19)%, respectively for Class B shares.

(t) Consolidated Financial Statements since commencement of operations.

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2014

NOTE 1. ORGANIZATION

The JNL Series Trust (“Trust”) is an open-end management investment company organized under the laws of the Commonwealth 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, as amended, (“1933 Act”). The Trust currently offers shares in ninety-six (96) separate funds, each with its own investment objective. Information in these financial statements pertains to sixty-nine (69) Funds (each a “Fund”, and collectively, “Funds”) offered by the Trust listed in the table below.

Jackson National Asset Management, LLC (“JNAM” or “Adviser”), a wholly-owned subsidiary of Jackson National Life Insurance Company^® (“Jackson”), serves as investment adviser to each of the Funds. Jackson 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 Financial Inc., a company whose principal place of business is the United States of America. Shares of each Fund are sold to life insurance company separate accounts and other registered investment companies to fund the benefits of variable annuity contracts and variable life insurance policies. Shares may also be sold directly to qualified and non-qualified retirement plans and to other affiliated funds. The Funds and each Fund’s Adviser/Sub-Adviser are:

Sub-Adviser:	Fund: (Sub-Sub-Advisers are identified in parenthesis)
AllianceBernstein L.P.	JNL/AllianceBernstein Dynamic Asset Allocation Fund
AQR Capital Management, LLC	JNL/AQR Managed Futures Strategy Fund
BlackRock Investment Management, LLC	JNL/BlackRock Commodity Securities Strategy Fund, JNL/BlackRock Global Allocation Fund, JNL/BlackRock Large Cap Select Growth Fund
Brookfield Investment Management, Inc.	JNL/Brookfield Global Infrastructure and MLP Fund
Capital Guardian Trust Company	JNL/Capital Guardian Global Balanced Fund and JNL/Capital Guardian Global Diversified Research Fund
Dimensional Funds Advisors LP	JNL/DFA U.S. Core Equity Fund
Eagle Asset Management, Inc.	JNL/Eagle SmallCap Equity Fund
Eastspring Investments (Singapore) Limited*	JNL/Eastspring Investments Asia ex-Japan Fund and JNL/Eastspring Investments China-India Fund
Templeton Global Advisors Limited	JNL/Franklin Templeton Global Growth Fund
Franklin Advisers, Inc.	JNL/Franklin Templeton Global Multisector Bond Fund and JNL/Franklin Templeton Income Fund
Franklin Templeton Institutional, LLC	JNL/Franklin Templeton International Small Cap Growth Fund
Franklin Mutual Advisers, LLC	JNL/Franklin Templeton Mutual Shares Fund
Franklin Advisory Services, LLC	JNL/Franklin Templeton Small Cap Value 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 Mid Cap Value Fund, JNL/Invesco Small Cap Growth Fund
Ivy Investment Management Company	JNL/Ivy Asset Strategy Fund
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
Mellon Capital Management Corporation	JNL/Mellon Capital Emerging Markets Index Fund, JNL/Mellon Capital European 30 Fund, JNL/Mellon Capital Pacific Rim 30 Fund, JNL/Mellon Capital S&P 500 Index Fund, JNL/Mellon Capital S&P 400 MidCap Index Fund, JNL/Mellon Capital Small Cap Index Fund, JNL/Mellon Capital International Index Fund, JNL/Mellon Capital Bond Index Fund, JNL/Mellon Capital Global Alpha Fund, JNL/Mellon Capital Dow Jones U.S. Contrarian Opportunities Index Fund, JNL/Mellon Capital Utilities Sector Fund
Morgan Stanley Investment Management Inc.	JNL/Morgan Stanley Mid Cap Growth Fund
Neuberger Berman Fixed Income LLC	JNL/Neuberger Berman Strategic Income Fund
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 Floating Rate Income Fund, JNL/PPM America High Yield Bond Fund, JNL/PPM America Mid Cap Value Fund, JNL/PPM America Small Cap Value Fund, JNL/PPM America Value Equity Fund
Red Rocks Capital LLC	JNL/Red Rocks Listed Private Equity Fund
Robeco Boston Partners	JNL/Boston Partners Global Long Short Equity Fund

JNL Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2014

Sub-Adviser:	Fund: (Sub-Sub-Advisers are identified in parenthesis)
Standard & Poor’s Investment Advisory Services LLC	JNL/S&P Competitive Advantage Fund, JNL/S&P Dividend Income & Growth Fund, JNL/S&P International 5 Fund, JNL/S&P Intrinsic Value Fund, JNL/S&P Mid 3 Fund, JNL/S&P Total Yield Fund (all Co-Sub-Advised by Mellon Capital Management Corporation)
Scout Investments, Inc.	JNL/Scout Unconstrained Bond Fund
T. Rowe Price Associates, Inc.	JNL/T. Rowe Price Established Growth Fund, JNL/T. Rowe Price Mid-Cap Growth Fund (Co-Sub-Advised by Mellon Capital Management Corporation), JNL/T. Rowe Price Short-Term Bond Fund, JNL/T. Rowe Price Value Fund
Wellington Management Company, LLP	JNL/WMC Balanced Fund, JNL/WMC Money Market Fund, JNL/WMC Value Fund

* PPM America, Inc. and Eastspring Investments (Singapore) Limited are affiliates of JNAM.

The Funds are diversified Funds for purposes of the 1940 Act, with the exception of the following non-diversified Funds: JNL/AQR Managed Futures Strategy Fund, JNL/BlackRock Commodity Securities Strategy Fund, JNL/Boston Partners Global Long Short Equity Fund, JNL/Brookfield Global Infrastructure and MLP Fund, JNL/Eastspring Investments Asia ex-Japan Fund, JNL/Eastspring Investments China-India Fund, JNL/Franklin Templeton Global Multisector Bond Fund, JNL/Goldman Sachs Emerging Markets Debt Fund, JNL/Invesco Mid Cap Value Fund, JNL/Mellon Capital European 30 Fund, JNL/Mellon Capital Pacific Rim 30 Fund, JNL/Mellon Capital Global Alpha Fund, JNL/Mellon Capital Utilities Sector Fund, JNL/PIMCO Real Return Fund, JNL/PPM America Floating Rate Income Fund, JNL/Red Rocks Listed Private Equity Fund, JNL/S&P Competitive Advantage Fund, JNL/S&P Dividend Income & Growth Fund, JNL/S&P International 5 Fund, JNL/S&P Intrinsic Value Fund, JNL/S&P Mid 3 Fund and JNL/S&P Total Yield Fund.

Each Fund, except JNL/AllianceBernstein Dynamic Asset Allocation Fund, JNL/Boston Partners Global Long Short Equity Fund, JNL/Mellon Capital Utilities Sector Fund, JNL/PPM America Floating Rate Income Fund, JNL/S&P International 5 Fund and JNL/Scout Unconstrained Bond 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.

JNL/AllianceBernstein Dynamic Asset Allocation Fund, JNL/S&P Mid 3 Fund and JNL/Scout Unconstrained Bond Fund commenced operations April 28, 2014. JNL/Boston Partners Global Long Short Equity Fund and JNL/S&P International 5 Fund commenced operations September 15, 2014.

Effective April 28, 2014 the name of JNL/Brookfield Global Infrastructure Fund was changed to JNL/Brookfield Global Infrastructure and MLP Fund.

NOTE 2. SIGNIFICANT ACCOUNTING POLICIES

The Funds are investment companies and follow accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, “Financial Services-Investment Companies”. The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”).

Security Valuation - Under the Trust’s valuation policy and procedures, the Trust’s Board of Trustees (“Board” or “Trustees”) has delegated the daily operational oversight of the securities valuation function to the JNAM Pricing Committee (“Pricing Committee”), which consists of certain officers of the Trust and JNAM management. The Pricing Committee is responsible for determining fair valuations for any security for which market quotations are not readily available. For those securities fair valued under procedures adopted by the Board, the Pricing Committee reviews and affirms the reasonableness of the fair valuation determinations after considering all relevant information that is reasonably available. The Pricing Committee’s fair valuation determinations are subject to review by the Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined. For fair valuation determinations that are deemed significant, the Board is promptly notified, in detail, of the fair 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 (“OTC”) market. The Adviser 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. Investments in mutual funds are valued at the NAV per share determined as of the close of the NYSE on each valuation date. The Securities Lending Cash Collateral Fund LLC, which provides daily liquidity, is valued at the daily reported NAV of the fund, as a practical expedient, as of the close of the NYSE on each valuation date. All securities in the JNL/WMC Money Market Fund, as permitted by compliance with applicable provisions under Rule 2a-7 under the 1940 Act, and other short-term securities maturing within sixty (60) days are valued at amortized cost, unless it is determined that such practice does not approximate market value. Debt securities are generally valued by independent pricing services approved by the Board. If pricing services are unable to provide valuations, debt securities are valued at the most recent bid quotation for a long position and ask quotation for a short position or an evaluated price, as applicable, obtained from each Fund’s Sub-Adviser, a broker/dealer or widely used quotation system. Term loans are generally valued at the composite bid prices provided by approved pricing services. Commodity-linked structured notes and credit linked notes are valued by approved pricing services. Futures contracts traded on an exchange are

JNL Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2014

generally valued at the exchange’s settlement price. If the settlement price is not available, exchange traded futures are valued at the last sales price as of the close of business on the local exchange. Options traded on an exchange are generally valued at the last traded price as of the close of business on the local exchange. If the last trade is determined to not be representative of fair value, exchange traded options are valued at the last bid. Forward foreign currency contracts are generally valued at the foreign currency exchange rate as of the close of the NYSE. Centrally cleared swap agreements, listed on a multilateral or trade facility platform, such as a registered exchange, are valued by the respective exchange. The exchange determines a daily settlement price via pricing models which use, as appropriate, its members’ actionable levels across complete term structures along with information obtained from external third party price providers. OTC derivatives, including options and swap agreements, are generally valued by approved pricing services. If the pricing services are unable to provide valuations, OTC derivatives are valued at the most recent bid quotation or evaluated price, as applicable, obtained from a broker/dealer or by pricing models using observable inputs. Pricing services utilized to value debt and derivative instruments may use various pricing techniques which take into account appropriate factors such as: yield; credit quality; coupon rate; maturity; type of issue; trading characteristics; call features; credit ratings; broker quotes; and other relevant data.

Market quotations may not be readily available for certain investments or it may be determined that a quotation of an investment does not represent market value. In such instances, the investment is valued as determined in good faith using procedures approved by the Board. Situations that may require an investment to be fair valued may include instances where a security is thinly traded, halted or restricted as to resale. In addition, investments may be fair valued based on the occurrence of a significant event. Significant events may be specific to a particular issuer, such as mergers, restructurings or defaults. Alternatively, significant events may affect an entire market, such as natural disasters, government actions, and significant changes in the value of U.S. securities markets. Securities are fair valued based on observable and unobservable inputs, including the Adviser’s or Pricing Committee’s own assumptions in determining the fair value of an investment. Under the procedures approved by the Board, the Adviser may utilize pricing services or other sources, including each Fund’s Sub-Adviser, 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.

If an investment is valued at a fair value for purposes of calculating a Fund’s NAV, the value may be different from the last quoted price for the investment depending on the source and method used to determine the value. Although there can be no assurance, in general, the fair value of the investment is the amount the owner of such investment might reasonably expect to receive in an orderly transaction between market participants upon its current sale.

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/WMC Money Market Fund declares dividends from net investment income 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.

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. Corporate actions involving foreign securities, including dividends, are recorded when the information becomes available. Income received in lieu of dividends for securities loaned is included in dividends in the Statements of Operations. Interest income, including level-yield amortization of discounts and premiums on debt securities and convertible bonds, 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.

Expenses - Expenses are recorded on an accrual basis. Expenses of the Trust that are directly attributable to a specific Fund are charged to that Fund. Expenses attributable to a specific class of shares are charged to that class. Other Trust level expenses are allocated to the Funds based on the average daily net assets of each Fund.

Foreign Taxes - The Funds may be subject to foreign taxes on income, gains on investments or foreign currency purchases and repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon the current interpretations of tax rules and regulations that exist in the markets in which the Funds invest. When a capital gains tax is determined to apply, a Fund will record an estimated deferred tax liability in an amount that may be payable if the securities were disposed of on the valuation date.

Foreign Currency Translations - The accounting records of each Fund are maintained in U.S. dollars. Each business day, the market values of foreign securities, currency holdings and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars based on current exchange rates. Purchases and sales of investment securities, income receipts and expense payments are translated into U.S. dollars based on 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 and unrealized gain or loss 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 amounts actually received or paid; and the realized gains or losses resulting from portfolio and transaction hedges. Net unrealized gain or loss on foreign currency related items include gains and losses from changes in the value of assets and liabilities, other than investments in securities, resulting from changes in currency exchange rates.

JNL Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2014

Guarantees and Indemnifications - In the normal course of business, the Trust may enter into contracts that contain a variety of representations which provide general indemnifications for certain liabilities. 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. However, since their commencement of operations, the Funds have not had claims or losses pursuant to their contracts and expect the risk of loss to be remote. 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.

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.

Basis of Consolidation - The accompanying financial statements and Schedules of Investments for JNL/AllianceBernstein Dynamic Asset Allocation Fund, JNL/AQR Managed Futures Strategy Fund, JNL/BlackRock Commodity Securities Strategy Fund, JNL/BlackRock Global Allocation Fund and JNL/Ivy Asset Strategy Fund have each been consolidated to include the respective account of JNL/AllianceBernstein Dynamic Asset Allocation Fund Ltd., JNL/AQR Managed Futures Strategy Fund Ltd., JNL/BlackRock Commodity Securities Strategy Fund Ltd., JNL/BlackRock Global Allocation Fund Ltd. and JNL/Ivy Asset Strategy Fund Ltd. (each a “Subsidiary”). Each Subsidiary is a wholly owned Cayman Islands domiciled subsidiary of the respective Fund, which primarily invests in commodity-related instruments and collateral. The Subsidiary allows each Fund to hold commodity-related instruments and meet regulated investment company (“RIC”) tax requirements in pursuit of its investment objectives as outlined in each Fund’s prospectus and statement of additional information. Each Fund is the sole shareholder of the Subsidiary with the intent that it will retain all rights to the Subsidiary. Each Fund may invest up to 25% of its total assets in the Subsidiary, which may invest without limitation in commodity-related instruments and collateral. Intercompany accounts and transactions have been eliminated. Each Subsidiary has the same Sub-Adviser as the Fund and is subject to the same investment policies and restrictions as the Fund. The summary below provides additional information for each Subsidiary.

	JNL/Alliance Bernstein Dynamic Asset Allocation Fund Ltd.			JNL/AQR Managed Futures Strategy Fund Ltd.			JNL/BlackRock Commodity Securities Strategy Fund Ltd.			JNL/BlackRock Global Allocation Fund Ltd.			JNL/Ivy Asset Strategy Fund Ltd.
Date established	March 7, 2014			June 10, 2011			April 23, 2013			June 10, 2011			April 23, 2013
At December 31, 2014
Subsidiary net assets	$	228		$	122,595		$	66,197		$	36,142		$	236,935
Subsidiary percentage of Fund net assets		1.13	%		23.74	%		5.91	%		1.06	%		7.75	%
Net unrealized appreciation (depreciation)	$	(7	)	$	11,230		$	(15,682	)	$	(6,012	)	$	(11,234	)
For the year ended December 31, 2014
Net investment loss	$	(3	)	$	(1,136	)	$	(587	)	$	(329	)	$	(2,491	)
Net realized gain (loss)		(162	)		32,372			(33,995	)		(3,372	)		(15,554	)
Net change in unrealized appreciation (depreciation)		(7	)		7,921			(13,004	)		1,357			(7,336	)
Net increase (decrease) in net assets from operations	$	(172	)	$	39,157		$	(47,586	)	$	(2,344	)	$	(25,381	)

Statement of Cash Flows - GAAP requires entities providing financial statements that report both a financial position and results of operations to also provide a statement of cash flows for each period for which results of operations are provided, but exempts investment companies meeting certain conditions including that the investment company had little or no debt, based on the average debt outstanding during the period, in relation to average total assets and that substantially all the investment company’s investments were carried at Level 1 or Level 2 measurements in accordance with FASB ASC Topic 820. Funds with certain degrees of borrowing activity, typically through the use of securities sold short, transactions characterized as secured borrowing transactions or reverse repurchase agreements, have been determined to be at a level requiring a Statement of Cash Flows.

Recent Accounting Pronouncements - In June 2014, FASB released Accounting Standards Update (“ASU”) 2014-11 “Repurchase-to-Maturity Transactions, Repurchase Financings and Disclosures”. The amendments in this ASU change the accounting for repurchase-to-maturity transactions and linked repurchase financings to secured borrowing accounting, which is consistent with the accounting for other repurchase agreements. The amendments also require two new disclosures. The first disclosure requires an entity to disclose information on transfers accounted for as sales in transactions that are economically similar to repurchase agreements. The second disclosure provides increased transparency about the types of collateral pledged in repurchase agreements and similar transactions accounted for as secured borrowings. ASU 2014-11 is effective for the first interim and annual period beginning on or after December 15, 2014. Management is currently evaluating the impact the ASU may have on the Funds’ financial statements.

NOTE 3. FASB ASC TOPIC 820, “FAIR VALUE MEASUREMENT”

This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. Various inputs are used in determining the value of a Fund’s investments under FASB ASC Topic 820 guidance. The inputs are summarized into three broad categories:

Level 1 includes valuations based on quoted prices of identical securities in active markets, including valuations for securities listed on a national or foreign stock exchange or investments in mutual funds and securities lending collateral, which is valued as a practical expedient at its daily reported NAV.

JNL Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2014

Level 2 includes valuations determined from significant direct or indirect observable inputs. Direct observable inputs include broker quotes, third party prices, closing prices of similar securities in active markets, closing prices for identical or similar securities in non-active markets or corporate action or reorganization entitlement values. Indirect significant observable inputs include factors such as interest rates, yield curves, prepayment speeds or credit ratings. Level 2 includes valuations for fixed income securities, including certain term loans, OTC derivatives, centrally cleared swap agreements, broker quotes in active markets, securities subject to corporate actions, securities valued at amortized cost, international equity securities priced by an independent statistical fair value pricing service, swap agreements valued by pricing services or ADRs and GDRs for which quoted prices in active markets are not available.

Level 3 includes valuations determined from significant unobservable inputs including the Adviser’s own assumptions in determining the fair value of the investment. Inputs used to determine the fair value of Level 3 securities include security specific inputs such as: credit quality, credit rating spreads, issuer news, trading characteristics, call features, maturity or anticipated cash flows; or industry specific inputs such as: trading activity of similar markets or securities, changes in the security’s underlying index or changes in comparable securities’ models. Level 3 valuations include securities that are priced based on single source broker quotes, term loans that do not meet certain liquidity thresholds, where prices may be unavailable due to halted trading, restricted to resale due to market events, private placements, newly issued or investments for which reliable quotes are otherwise not available.

To assess the continuing appropriateness of security valuation, the Adviser regularly compares prior day prices with current day prices, transaction prices and alternative vendor prices. When the comparison results exceed pre-defined thresholds, the Adviser challenges the prices exceeding tolerance levels with the pricing service or broker. To verify Level 3 unobservable inputs, the Adviser uses a variety of techniques as appropriate to substantiate these valuation approaches including a regular review of key inputs and assumptions, transaction back-testing or disposition analysis and review of related market activity.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following table summarizes each Fund’s investments in securities and other financial instruments (in thousands) as of December 31, 2014, by valuation level. For Funds with significant Level 1 and Level 2 investments in common stock, additional detail regarding the sector or country, as applicable, is disclosed.

	Assets - Securities
	Level 1		Level 2		Level 3		Total
JNL/AllianceBernstein Dynamic Asset Allocation Fund
Investment Companies	$	11,329	$	—	$	—	$	11,329
Government and Agency Obligations		—		1,568		—		1,568
Short Term Investments		2,825		—		—		2,825
Fund Total	$	14,154	$	1,568	$	—	$	15,722
JNL/AQR Managed Futures Strategy Fund
Short Term Investments	$	295,311	$	188,805		—		484,116
Fund Total	$	295,311	$	188,805	$	—	$	484,116
JNL/BlackRock Commodity Securities Strategy Fund
Common Stocks	$	836,461	$	10,972	$	—	$	847,433
Commodity Indexed Structured Notes		—		69,818		—		69,818
Short Term Investments		45,955		171,981		—		217,936
Fund Total	$	882,416	$	252,771	$	—	$	1,135,187
JNL/BlackRock Global Allocation Fund
Common Stocks
Consumer Discretionary	$	82,242	$	112,618	$	1,371	$	196,231
Consumer Staples		54,749		49,278		17		104,044
Energy		117,559		52,256		—		169,815
Financials		186,989		139,362		—		326,351
Health Care		217,246		80,574		—		297,820
Industrials		128,591		134,575		—		263,166
Information Technology		164,411		52,218		—		216,629
Materials		65,488		81,260		—		146,748
Telecommunication Services		25,779		29,769		—		55,548
Utilities		44,987		24,293		—		69,280
Trust Preferreds		12,385		—		—		12,385
Preferred Stocks		32,044		29,353		26,924		88,321
Rights		180		—		—		180
Warrants		130		279		—		409
Purchased Options		48		45,503		—		45,551
Investment Companies		24,159		—		—		24,159
Corporate Bonds and Notes		—		272,840		6,744		279,584
Government and Agency Obligations		—		466,402		—		466,402
Other Equity Interests		—		—		—		—
Short Term Investments		79,485		686,132		—		765,617
Fund Total	$	1,236,472	$	2,256,712	$	35,056	$	3,528,240

JNL Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2014

	Assets - Securities
	Level 1		Level 2		Level 3		Total
JNL/BlackRock Large Cap Select Growth Fund
Common Stocks	$	1,219,370	$	—	$	—	$	1,219,370
Preferred Stocks		—		—		9,994		9,994
Short Term Investments		34,308		—		—		34,308
Fund Total	$	1,253,678	$	—	$	9,994	$	1,263,672
JNL/Boston Partners Global Long Short Equity Fund
Common Stocks	$	240,523	$	123,675	$	—	$	364,198
Warrants		15		—		—		15
Short Term Investments		13,790		—		—		13,790
Fund Total	$	254,328	$	123,675	$	—	$	378,003
JNL/Brookfield Global Infrastructure and MLP Fund
Common Stocks	$	882,597	$	399,743	$	—	$	1,282,340
Short Term Investments		121,624		—		—		121,624
Fund Total	$	1,004,221	$	399,743	$	—	$	1,403,964
JNL/Capital Guardian Global Balanced Fund
Common Stocks
Consumer Discretionary	$	26,697	$	20,866	$	—	$	47,563
Consumer Staples		1,334		10,257		—		11,591
Energy		14,190		4,278		—		18,468
Financials		34,271		28,842		—		63,113
Health Care		23,782		10,756		—		34,538
Industrials		23,315		15,283		—		38,598
Information Technology		24,442		23,596		—		48,038
Materials		7,096		4,623		—		11,719
Telecommunication Services		2,881		17,396		—		20,277
Utilities		2,727		4,366		—		7,093
Preferred Stocks		1,771		1,272		—		3,043
Non-U.S. Government Agency ABS		—		4,850		—		4,850
Corporate Bonds and Notes		—		21,395		—		21,395
Government and Agency Obligations		—		125,553		—		125,553
Short Term Investments		44,756		—		—		44,756
Fund Total	$	207,262	$	293,333	$	—	$	500,595
JNL/Capital Guardian Global Diversified Research Fund
Common Stocks
Argentina	$	2,258	$	—	$	—	$	2,258
Australia		—		3,386		—		3,386
Brazil		997		—		—		997
Canada		7,072		—		—		7,072
Chile		1,379		—		—		1,379
China		—		12,984		—		12,984
Denmark		—		6,196		—		6,196
Finland		—		4,148		—		4,148
France		—		9,210		—		9,210
Germany		—		2,409		—		2,409
Greece		—		2,094		—		2,094
Hong Kong		—		13,008		—		13,008
India		2,636		4,921		—		7,557
Ireland		7,482		—		—		7,482
Japan		—		31,922		—		31,922
Macau		—		2,456		—		2,456
Mexico		5,725		—		—		5,725
Netherlands		2,070		13,321		—		15,391
Norway		—		472		—		472
Russian Federation		1,489		755		—		2,244
Singapore		4,084		3,111		—		7,195
South Africa		—		3,699		—		3,699
South Korea		3,625		4,664		—		8,289
Sweden		—		8,621		—		8,621
Switzerland		2,815		18,318		—		21,133
Taiwan		3,581		—		—		3,581
United Kingdom		4,258		15,954		—		20,212
United States of America		187,914		—		—		187,914
Preferred Stocks		4,338		1,775		—		6,113
Short Term Investments		37,831		—		—		37,831
Fund Total	$	279,554	$	163,424	$	—	$	442,978
JNL/DFA U.S. Core Equity Fund
Common Stocks	$	692,589	$	—	$	—	$	692,589
Rights		5		—		—		5
Warrants		—		—		—		—
Short Term Investments		25,492		—		—		25,492
Fund Total	$	718,086	$	—	$	—	$	718,086

JNL Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2014

	Assets - Securities
	Level 1		Level 2		Level 3		Total
JNL/Eagle SmallCap Equity Fund
Common Stocks	$	1,360,837	$	—	$	—	$	1,360,837
Short Term Investments		144,926		—		—		144,926
Fund Total	$	1,505,763	$	—	$	—	$	1,505,763
JNL/Eastspring Investments Asia ex-Japan Fund
Common Stocks	$	4,886	$	135,703	$	—	$	140,589
Short Term Investments		1,596		—		—		1,596
Fund Total	$	6,482	$	135,703	$	—	$	142,185
JNL/Eastspring Investments China-India Fund
Common Stocks	$	30,962	$	339,137	$	—	$	370,099
Short Term Investments		16,163		—		—		16,163
Fund Total	$	47,125	$	339,137	$	—	$	386,262
JNL/Franklin Templeton Global Growth Fund
Common Stocks
Brazil	$	6,529	$	—	$	—	$	6,529
Canada		25,661		—		—		25,661
China		8,551		16,032		—		24,583
Denmark		—		6,023		—		6,023
France		—		101,009		—		101,009
Germany		—		75,893		—		75,893
Hong Kong		—		9,506		—		9,506
Ireland		—		16,622		—		16,622
Israel		25,011		—		—		25,011
Italy		—		25,721		—		25,721
Japan		—		31,642		—		31,642
Netherlands		—		64,555		—		64,555
Portugal		—		8,934		—		8,934
Russian Federation		329		9,562		—		9,891
Singapore		—		21,491		—		21,491
South Korea		20,700		34,448		—		55,148
Spain		—		16,873		—		16,873
Sweden		—		20,802		—		20,802
Switzerland		—		43,669		—		43,669
Thailand		—		3,258		—		3,258
Turkey		15,315		—		—		15,315
United Kingdom		13,087		118,090		—		131,177
United States of America		424,479		—		—		424,479
Short Term Investments		126,166		—		—		126,166
Fund Total	$	665,828	$	624,130	$	—	$	1,289,958
JNL/Franklin Templeton Global Multisector Bond Fund
Corporate Bonds and Notes	$	—	$	339,611	$	—	$	339,611
Government and Agency Obligations		—		1,175,542		—		1,175,542
Common Stocks		—		—		278		278
Preferred Stocks		—		—		618		618
Short Term Investments		214,564		322,584		—		537,148
Fund Total	$	214,564	$	1,837,737	$	896	$	2,053,197
JNL/Franklin Templeton Income Fund
Common Stocks	$	1,249,244	$	68,974	$	8,684	$	1,326,902
Equity Linked Structured Notes		—		91,760		—		91,760
Preferred Stocks		50,655		24,253		1,405		76,313
Warrants		133		—		—		133
Corporate Bonds and Notes		—		1,078,895		—		1,078,895
Other Equity Interests		—		—		1		1
Short Term Investments		278,039		—		—		278,039
Fund Total	$	1,578,071	$	1,263,882	$	10,090	$	2,852,043
JNL/Franklin Templeton International Small Cap Growth Fund
Common Stocks
Australia	$	—	$	552	$	—	$	552
Austria		—		1,046		—		1,046
Belgium		10,483		1,464		—		11,947
Bermuda		13,208		—		—		13,208
Brazil		1,233		—		—		1,233
Canada		24,980		—		—		24,980
China		—		4,559		—		4,559
Denmark		—		4,971		—		4,971
Finland		—		24,054		—		24,054
France		11,640		6,287		—		17,927
Germany		—		9,641		—		9,641
Greece		—		392		—		392
Hong Kong		4,606		9,690		—		14,296
India		—		566		—		566

JNL Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2014

	Assets - Securities
	Level 1		Level 2		Level 3		Total
JNL/Franklin Templeton International Small Cap Growth Fund (continued)
Ireland	$	22,974	$	21,113	$	—	$	44,087
Italy		462		12,005		—		12,467
Japan		—		42,008		—		42,008
Luxembourg		1,788		—		—		1,788
Netherlands		13,756		17,556		—		31,312
Norway		1,256		2,796		—		4,052
Philippines		—		2,686		—		2,686
Russian Federation		—		180		—		180
Singapore		—		9,626		—		9,626
South Korea		—		13,841		—		13,841
Spain		1,651		11,433		—		13,084
Sweden		—		2,698		—		2,698
Switzerland		4,883		—		—		4,883
Taiwan		—		6,767		—		6,767
Thailand		—		835		—		835
United Kingdom		47,211		45,168		—		92,379
United States of America		16,423		—		—		16,423
Preferred Stocks		—		1,253		—		1,253
Rights		—		39		—		39
Investment Companies		1,294		—		—		1,294
Short Term Investments		41,172		—		—		41,172
Fund Total	$	219,020	$	253,226	$	—	$	472,246
JNL/Franklin Templeton Mutual Shares Fund
Common Stocks	$	855,829	$	180,674	$	3,417	$	1,039,920
Preferred Stocks		—		7,863		—		7,863
Corporate Bonds and Notes		—		64,090		—		64,090
Government and Agency Obligations		—		2,987		—		2,987
Other Equity Interests		—		6,712		—		6,712
Short Term Investments		106,569		—		—		106,569
Fund Total	$	962,398	$	262,326	$	3,417	$	1,228,141
JNL/Franklin Templeton Small Cap Value Fund
Common Stocks	$	1,063,278	$	18,129	$	—	$	1,081,407
Corporate Bonds and Notes		—		5,318		—		5,318
Short Term Investments		80,362		—		—		80,362
Fund Total	$	1,143,640	$	23,447	$	—	$	1,167,087
JNL/Goldman Sachs Core Plus Bond Fund
Non-U.S. Government Agency ABS	$	—	$	123,826	$	—	$	123,826
Corporate Bonds and Notes		—		289,507		277		289,784
Government and Agency Obligations		—		644,538		—		644,538
Common Stocks		—		—		—		—
Short Term Investments		48,479		1,992		—		50,471
Fund Total	$	48,479	$	1,059,863	$	277	$	1,108,619
JNL/Goldman Sachs Emerging Markets Debt Fund
Corporate Bonds and Notes	$	—	$	162,230	$	—	$	162,230
Government and Agency Obligations		—		378,156		—		378,156
Credit Linked Structured Notes		—		65,800		—		65,800
Common Stocks		—		—		28		28
Short Term Investments		26,926		21,312		—		48,238
Fund Total	$	26,926	$	627,498	$	28	$	654,452
JNL/Goldman Sachs Mid Cap Value Fund
Common Stocks	$	1,234,544	$	—	$	—	$	1,234,544
Rights		165		—		—		165
Short Term Investments		63,025		—		—		63,025
Fund Total	$	1,297,734	$	—	$	—	$	1,297,734
JNL/Goldman Sachs U.S. Equity Flex Fund
Common Stocks	$	421,482	$	—	$	—	$	421,482
Short Term Investments		13,962		—		—		13,962
Fund Total	$	435,444	$	—	$	—	$	435,444
JNL/Invesco Global Real Estate Fund
Common Stocks
Australia	$	—	$	122,469	$	—	$	122,469
Austria		—		4,803		—		4,803
Canada		65,008		—		—		65,008
China		—		4,550		—		4,550
Finland		—		6,455		—		6,455
France		8,007		70,571		—		78,578
Germany		—		40,361		—		40,361
Hong Kong		35,229		118,020		—		153,249
Japan		—		237,956		—		237,956
Luxembourg		—		15,682		—		15,682

JNL Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2014

	Assets - Securities
	Level 1		Level 2		Level 3		Total
JNL/Invesco Global Real Estate Fund (continued)
Malta	$	—	$	—	$	—	$	—
Netherlands		9,865		—		—		9,865
Singapore		—		60,753		—		60,753
Sweden		—		21,156		—		21,156
United Kingdom		12,879		111,468		—		124,347
United States of America		1,043,711		—		—		1,043,711
Short Term Investments		71,926		—		—		71,926
Fund Total	$	1,246,625	$	814,244	$	—	$	2,060,869
JNL/Invesco International Growth Fund
Common Stocks	$	323,733	$	1,101,451	$	—	$	1,425,184
Short Term Investments		140,400		—		—		140,400
Fund Total	$	464,133	$	1,101,451	$	—	$	1,565,584
JNL/Invesco Large Cap Growth Fund
Common Stocks	$	1,087,126	$	—	$	—	$	1,087,126
Short Term Investments		36,984		—		—		36,984
Fund Total	$	1,124,110	$	—	$	—	$	1,124,110
JNL/Invesco Mid Cap Value Fund
Common Stocks	$	564,928	$	9,315	$	—	$	574,243
Short Term Investments		41,357		—		—		41,357
Fund Total	$	606,285	$	9,315	$	—	$	615,600
JNL/Invesco Small Cap Growth Fund
Common Stocks	$	889,790	$	—	$	—	$	889,790
Rights		9		—		—		9
Short Term Investments		89,029		—		—		89,029
Fund Total	$	978,828	$	—	$	—	$	978,828
JNL/Ivy Asset Strategy Fund
Common Stocks	$	1,629,809	$	439,279	$	129,737	$	2,198,825
Preferred Stocks		—		3,030		—		3,030
Purchased Options		—		1,487		—		1,487
Corporate Bonds and Notes		—		—		88,951		88,951
Precious Metals		231,504		—		—		231,504
Short Term Investments		69,162		473,947		—		543,109
Fund Total	$	1,930,475	$	917,743	$	218,688	$	3,066,906
JNL/JPMorgan International Value Fund
Common Stocks	$	12,980	$	619,880	$	—	$	632,860
Preferred Stocks		—		4,455		—		4,455
Rights		243		—		—		243
Short Term Investments		16,126		—		—		16,126
Fund Total	$	29,349	$	624,335	$	—	$	653,684
JNL/JPMorgan MidCap Growth Fund
Common Stocks	$	1,319,907	$	—	$	—	$	1,319,907
Short Term Investments		112,119		—		—		112,119
Fund Total	$	1,432,026	$	—	$	—	$	1,432,026
JNL/JPMorgan U.S. Government & Quality Bond Fund
Non-U.S. Government Agency ABS	$	—	$	42,693	$	2,091	$	44,784
Corporate Bonds and Notes		—		39,257		—		39,257
Government and Agency Obligations		—		1,067,369		—		1,067,369
Short Term Investments		97,186		—		—		97,186
Fund Total	$	97,186	$	1,149,319	$	2,091	$	1,248,596
JNL/Lazard Emerging Markets Fund
Common Stocks
Argentina	$	14,084	$	—	$	—	$	14,084
Brazil		177,500		—		—		177,500
China		109,029		109,438		—		218,467
Colombia		16,142		—		—		16,142
Egypt		—		15,350		—		15,350
Greece		—		3,049		—		3,049
Hong Kong		—		3,787		—		3,787
Hungary		—		12,051		—		12,051
India		33,567		84,886		—		118,453
Indonesia		28,085		56,970		—		85,055
Macau		—		18,165		—		18,165
Mexico		25,898		—		—		25,898
Pakistan		15,841		—		—		15,841
Peru		3,236		—		—		3,236
Philippines		20,541		—		—		20,541
Poland		—		2,848		—		2,848
Russian Federation		37,816		46,394		—		84,210
South Africa		7,311		89,626		—		96,937
South Korea		—		165,271		—		165,271

JNL Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2014

	Assets - Securities
	Level 1		Level 2		Level 3		Total
JNL/Lazard Emerging Markets Fund (continued)
Sweden	$	—	$	3,719	$	—	$	3,719
Taiwan		49,080		24,169		—		73,249
Thailand		—		26,000		—		26,000
Turkey		10,123		69,158		—		79,281
United Kingdom		—		7,808		—		7,808
Preferred Stocks		2,972		—		—		2,972
Short Term Investments		103,210		—		—		103,210
Fund Total	$	654,435	$	738,689	$	—	$	1,393,124
JNL/Mellon Capital Emerging Markets Index Fund
Common Stocks	$	123,617	$	625,349	$	8	$	748,974
Preferred Stocks		37,703		7,238		—		44,941
Rights		—		14		—		14
Short Term Investments		31,236		740		—		31,976
Fund Total	$	192,556	$	633,341	$	8	$	825,905
JNL/Mellon Capital European 30 Fund
Common Stocks	$	—	$	259,039	$	—	$	259,039
Investment Companies		624		—		—		624
Short Term Investments		19,255		—		—		19,255
Fund Total	$	19,879	$	259,039	$	—	$	278,918
JNL/Mellon Capital Pacific Rim 30 Fund
Common Stocks	$	11,583	$	156,819	$	—	$	168,402
Investment Companies		4,173		—		—		4,173
Short Term Investments		13,792		—		—		13,792
Fund Total	$	29,548	$	156,819	$	—	$	186,367
JNL/Mellon Capital S&P 500 Index Fund
Common Stocks	$	4,106,042	$	—	$	—	$	4,106,042
Short Term Investments		84,699		178,084		—		262,783
Fund Total	$	4,190,741	$	178,084	$	—	$	4,368,825
JNL/Mellon Capital S&P 400 MidCap Index Fund
Common Stocks	$	1,860,496	$	—	$	—	$	1,860,496
Short Term Investments		150,449		2,159		—		152,608
Fund Total	$	2,010,945	$	2,159	$	—	$	2,013,104
JNL/Mellon Capital Small Cap Index Fund
Common Stocks	$	1,899,906	$	154	$	—	$	1,900,060
Rights		—		74		—		74
Warrants		—		—		—		—
Other Equity Interests		—		—		—		—
Short Term Investments		233,774		1,000		—		234,774
Fund Total	$	2,133,680	$	1,228	$	—	$	2,134,908
JNL/Mellon Capital International Index Fund
Common Stocks	$	33,458	$	2,108,445	$	—	$	2,141,903
Preferred Stocks		—		16,376		—		16,376
Rights		199		226		—		425
Short Term Investments		117,081		4,069		—		121,150
Fund Total	$	150,738	$	2,129,116	$	—	$	2,279,854
JNL/Mellon Capital Bond Index Fund
Non-U.S. Government Agency ABS	$	—	$	21,057	$	—	$	21,057
Corporate Bonds and Notes		—		235,456		—		235,456
Government and Agency Obligations		—		644,925		—		644,925
Short Term Investments		35,336		—		—		35,336
Fund Total	$	35,336	$	901,438	$	—	$	936,774
JNL/Mellon Capital Global Alpha Fund
Purchased Options	$	2,883	$	—	$	—	$	2,883
Short Term Investments		2,787		38,072		—		40,859
Fund Total	$	5,670	$	38,072	$	—	$	43,742
JNL/Mellon Capital Dow Jones U.S. Contrarian Opportunities Index Fund
Common Stocks	$	102,845	$	—	$	—	$	102,845
Short Term Investments		7,408		—		—		7,408
Fund Total	$	110,253	$	—	$	—	$	110,253
JNL/Mellon Capital Utilities Sector Fund
Common Stocks	$	46,307	$	—	$	—	$	46,307
Short Term Investments		1,879		—		—		1,879
Fund Total	$	48,186	$	—	$	—	$	48,186
JNL/Morgan Stanley Mid Cap Growth Fund
Common Stocks	$	200,081	$	—	$	2,318	$	202,399
Preferred Stocks		—		—		2,714		2,714
Purchased Options		—		252		—		252
Short Term Investments		37,311		—		—		37,311
Fund Total	$	237,392	$	252	$	5,032	$	242,676

JNL Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2014

	Assets - Securities
	Level 1		Level 2		Level 3		Total
JNL/Neuberger Berman Strategic Income Fund
Non-U.S. Government Agency ABS	$	—	$	139,076	$	—	$	139,076
Corporate Bonds and Notes		—		174,699		—		174,699
Government and Agency Obligations		—		328,950		—		328,950
Investment Companies		34,740		—		—		34,740
Variable Rate Senior Loan Interests		—		83,802		—		83,802
Short Term Investments		77,288		—		—		77,288
Fund Total	$	112,028	$	726,527	$	—	$	838,555
JNL/Oppenheimer Global Growth Fund
Common Stocks
Brazil	$	39,507	$	—	$	—	$	39,507
China		7,704		—		—		7,704
Denmark		—		5,196		—		5,196
France		—		62,439		—		62,439
Germany		—		100,081		—		100,081
India		21,966		21,234		—		43,200
Italy		—		17,712		—		17,712
Japan		—		130,363		—		130,363
Mexico		9,144		—		—		9,144
Netherlands		—		20,916		—		20,916
Russian Federation		3,798		—		—		3,798
Spain		—		42,223		—		42,223
Sweden		—		51,842		—		51,842
Switzerland		22,246		42,062		—		64,308
United Kingdom		1,876		34,313		—		36,189
United States of America		555,308		—		—		555,308
Preferred Stocks		386		22,791		—		23,177
Rights		372		2,318		—		2,690
Short Term Investments		61,466		—		—		61,466
Fund Total	$	723,773	$	553,490	$	—	$	1,277,263
JNL/PIMCO Real Return Fund
Non-U.S. Government Agency ABS	$	—	$	158,624	$	10,895	$	169,519
Corporate Bonds and Notes		—		107,349		5,310		112,659
Government and Agency Obligations		—		2,328,057		—		2,328,057
Preferred Stocks		—		607		—		607
Purchased Options		—		1,824		—		1,824
Other Equity Interests		—		15		—		15
Short Term Investments		4,022		164,529		—		168,551
Fund Total	$	4,022	$	2,761,005	$	16,205	$	2,781,232
JNL/PIMCO Total Return Bond Fund
Non-U.S. Government Agency ABS	$	—	$	461,533	$	—	$	461,533
Corporate Bonds and Notes		—		1,244,200		—		1,244,200
Government and Agency Obligations		—		2,901,837		—		2,901,837
Preferred Stocks		—		6,075		—		6,075
Trust Preferreds		19,521		—		—		19,521
Other Equity Interests		—		—		—		—
Short Term Investments		37,769		455,142		—		492,911
Fund Total	$	57,290	$	5,068,787	$	—	$	5,126,077
JNL/PPM America Floating Rate Income Fund
Corporate Bonds and Notes	$	—	$	63,910	$	—	$	63,910
Variable Rate Senior Loan Interests		—		1,425,404		39,434		1,464,838
Short Term Investments		42,255		—		—		42,255
Fund Total	$	42,255	$	1,489,314	$	39,434	$	1,571,003
JNL/PPM America High Yield Bond Fund
Non-U.S. Government Agency ABS	$	—	$	26,258	$	—	$	26,258
Corporate Bonds and Notes		—		2,204,849		39,822		2,244,671
Common Stocks		179,198		—		779		179,977
Preferred Stocks		44,030		1,014		—		45,044
Investment Companies		92,034		—		—		92,034
Other Equity Interests		—		16,672		—		16,672
Short Term Investments		425,982		—		—		425,982
Fund Total	$	741,244	$	2,248,793	$	40,601	$	3,030,638
JNL/PPM America Mid Cap Value Fund
Common Stocks	$	390,070	$	—	$	—	$	390,070
Short Term Investments		19,493		—		—		19,493
Fund Total	$	409,563	$	—	$	—	$	409,563
JNL/PPM America Small Cap Value Fund
Common Stocks	$	225,594	$	—	$	—	$	225,594
Short Term Investments		14,817		—		—		14,817
Fund Total	$	240,411	$	—	$	—	$	240,411

JNL Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2014

	Assets - Securities
	Level 1		Level 2		Level 3		Total
JNL/PPM America Value Equity Fund
Common Stocks	$	213,380	$	—	$	—	$	213,380
Short Term Investments		5,563		—		—		5,563
Fund Total	$	218,943	$	—	$	—	$	218,943
JNL/Red Rocks Listed Private Equity Fund
Common Stocks
Diversified	$	5,451	$	103,982	$	—	$	109,433
Financials		500,720		207,689		—		708,409
Industrials		19,883		10,679		—		30,562
Short Term Investments		13,296		—		—		13,296
Fund Total	$	539,350	$	322,350	$	—	$	861,700
JNL/S&P Competitive Advantage Fund
Common Stocks	$	2,799,787	$	—	$	—	$	2,799,787
Short Term Investments		86,273		65,000		—		151,273
Fund Total	$	2,886,060	$	65,000	$	—	$	2,951,060
JNL/S&P Dividend Income & Growth Fund
Common Stocks	$	4,268,382	$	—	$	—	$	4,268,382
Short Term Investments		35,713		110,000		—		145,713
Fund Total	$	4,304,095	$	110,000	$	—	$	4,414,095
JNL/S&P International 5 Fund
Common Stocks	$	14,466	$	108,285	$	—	$	122,751
Short Term Investments		605		—		—		605
Fund Total	$	15,071	$	108,285	$	—	$	123,356
JNL/S&P Intrinsic Value Fund
Common Stocks	$	2,626,996	$	—	$	—	$	2,626,996
Short Term Investments		94,088		—		—		94,088
Fund Total	$	2,721,084	$	—	$	—	$	2,721,084
JNL/S&P Mid 3 Fund
Common Stocks	$	164,193	$	—	$	—	$	164,193
Short Term Investments		2,517		—		—		2,517
Fund Total	$	166,710	$	—	$	—	$	166,710
JNL/S&P Total Yield Fund
Common Stocks	$	1,911,357	$	—	$	—	$	1,911,357
Short Term Investments		12,449		—		—		12,449
Fund Total	$	1,923,806	$	—	$	—	$	1,923,806
JNL/Scout Unconstrained Bond Fund
Non-U.S. Government Agency ABS	$	—	$	66,563	$	—	$	66,563
Corporate Bonds and Notes		—		219,909		—		219,909
Government and Agency Obligations		—		388,988		—		388,988
Short Term Investments		12,662		—		—		12,662
Fund Total	$	12,662	$	675,460	$	—	$	688,122
JNL/T. Rowe Price Established Growth Fund
Common Stocks	$	4,778,585	$	97,293	$	—	$	4,875,878
Preferred Stocks		—		—		22,908		22,908
Short Term Investments		209,633		—		—		209,633
Fund Total	$	4,988,218	$	97,293	$	22,908	$	5,108,419
JNL/T. Rowe Price Mid-Cap Growth Fund
Common Stocks	$	2,922,000	$	—	$	6,160	$	2,928,160
Preferred Stocks		—		—		12,170		12,170
Short Term Investments		255,603		—		—		255,603
Fund Total	$	3,177,603	$	—	$	18,330	$	3,195,933
JNL/T. Rowe Price Short-Term Bond Fund
Non-U.S. Government Agency ABS	$	—	$	467,535	$	—	$	467,535
Corporate Bonds and Notes		—		847,633		—		847,633
Government and Agency Obligations		—		434,397		—		434,397
Short Term Investments		51,047		—		—		51,047
Fund Total	$	51,047	$	1,749,565	$	—	$	1,800,612
JNL/T. Rowe Price Value Fund
Common Stocks	$	3,485,559	$	53,088	$	—	$	3,538,647
Short Term Investments		92,492		—		—		92,492
Fund Total	$	3,578,051	$	53,088	$	—	$	3,631,139
JNL/WMC Balanced Fund
Common Stocks	$	2,727,570	$	—	$	—	$	2,727,570
Non-U.S. Government Agency ABS		—		86,826		1,868		88,694
Corporate Bonds and Notes		—		388,386		—		388,386
Government and Agency Obligations		—		1,114,342		—		1,114,342
Short Term Investments		276,000		49,997		—		325,997
Fund Total	$	3,003,570	$	1,639,551	$	1,868	$	4,644,989

JNL Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2014

	Assets - Securities
	Level 1			Level 2			Level 3		Total
JNL/WMC Money Market Fund
Corporate Bonds and Notes	$	—		$	180,162		$	—	$	180,162
Government and Agency Obligations		—			235,538			—		235,538
Short Term Investments		—			710,118			—		710,118
Fund Total	$	—		$	1,125,818		$	—	$	1,125,818
JNL/WMC Value Fund
Common Stocks	$	1,793,594		$	22,895		$	—	$	1,816,489
Short Term Investments		32,156			—			—		32,156
Fund Total	$	1,825,750		$	22,895		$	—	$	1,848,645
	Liabilities - Securities
	Level 1			Level 2			Level 3		Total
JNL/BlackRock Global Allocation Fund
Common Stocks	$	(4,499	)	$	—		$	—	$	(4,499	)
Fund Total	$	(4,499	)	$	—		$	—	$	(4,499	)
JNL/Boston Partners Global Long Short Equity Fund
Common Stocks	$	(114,567	)	$	(37,044	)	$	—	$	(151,611	)
Fund Total	$	(114,567	)	$	(37,044	)	$	—	$	(151,611	)
JNL/Goldman Sachs Core Plus Bond Fund
Government and Agency Obligations	$	—		$	(1,011	)	$	—	$	(1,011	)
Fund Total	$	—		$	(1,011	)	$	—	$	(1,011	)
JNL/Goldman Sachs U.S. Equity Flex Fund
Common Stocks	$	(83,873	)	$	—		$	—	$	(83,873	)
Fund Total	$	(83,873	)	$	—		$	—	$	(83,873	)
JNL/Mellon Capital Bond Index Fund
Government and Agency Obligations	$	—		$	(10,835	)	$	—	$	(10,835	)
Fund Total	$	—		$	(10,835	)	$	—	$	(10,835	)
JNL/WMC Balanced Fund
Government and Agency Obligations	$	—		$	(203,098	)	$	—	$	(203,098	)
Fund Total	$	—		$	(203,098	)	$	—	$	(203,098	)
	Assets - Investments in Other Financial Instruments1
	Level 1			Level 2			Level 3		Total
JNL/AllianceBernstein Dynamic Asset Allocation Fund
Open Futures Contracts	$	104		$	–		$	–	$	104
Open Forward Foreign Currency Contracts		–			24			–		24
OTC Total Return Swap Agreements		–			4			–		4
Fund Total	$	104		$	28		$	–	$	132
JNL/AQR Managed Futures Strategy Fund
Open Futures Contracts	$	20,057		$	–		$	–	$	20,057
Open Forward Foreign Currency Contracts		–			7,682			–		7,682
OTC Total Return Swap Agreements		–			3,275			–		3,275
Fund Total	$	20,057		$	10,957		$	–	$	31,014
JNL/BlackRock Global Allocation Fund
Open Futures Contracts	$	403		$	–		$	–	$	403
Open Forward Foreign Currency Contracts		–			17,580			–		17,580
OTC Interest Rate Swap Agreements		–			148			–		148
Centrally Cleared Interest Rate Swap Agreements		–			1,740			–		1,740
OTC Credit Default Swap Agreements		–			1,114			–		1,114
Centrally Cleared Credit Default Swap Agreements		–			28			–		28
OTC Total Return Swap Agreements		–			714			–		714
Fund Total	$	403		$	21,324		$	–	$	21,727
JNL/Boston Partners Global Long Short Equity Fund
Contracts for Difference	$	–		$	74		$	–	$	74
Fund Total	$	–		$	74		$	–	$	74
JNL/Capital Guardian Global Balanced Fund
Open Forward Foreign Currency Contracts	$	–		$	613		$	–	$	613
Fund Total	$	–		$	613		$	–	$	613
JNL/Franklin Templeton Global Multisector Bond Fund
Open Forward Foreign Currency Contracts	$	–		$	118,861		$	–	$	118,861
Centrally Cleared Interest Rate Swap Agreements		–			846			–		846
Fund Total	$	–		$	119,707		$	–	$	119,707
JNL/Franklin Templeton Mutual Shares Fund
Open Forward Foreign Currency Contracts	$	–		$	9,324		$	–	$	9,324
Fund Total	$	–		$	9,324		$	–	$	9,324

JNL Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2014

	Assets - Investments in Other Financial Instruments1
	Level 1		Level 2		Level 3		Total
JNL/Goldman Sachs Core Plus Bond Fund
Open Futures Contracts	$	479	$	–	$	–	$	479
Open Forward Foreign Currency Contracts		–		3,855		–		3,855
OTC Interest Rate Swap Agreements		–		243		–		243
Centrally Cleared Interest Rate Swap Agreements		–		4,732		–		4,732
OTC Credit Default Swap Agreements		–		6		–		6
Fund Total	$	479	$	8,836	$	–	$	9,315
JNL/Goldman Sachs Emerging Markets Debt Fund
Open Futures Contracts	$	137	$	–	$	–	$	137
Open Forward Foreign Currency Contracts		–		8,171		–		8,171
OTC Interest Rate Swap Agreements		–		2,680		–		2,680
Centrally Cleared Interest Rate Swap Agreements		–		582		–		582
Cross-Currency Swap Agreements		–		1,001		–		1,001
OTC Credit Default Swap Agreements		–		82		–		82
Fund Total	$	137	$	12,516	$	–	$	12,653
JNL/Invesco Mid Cap Value Fund
Open Forward Foreign Currency Contracts	$	–	$	69	$	–	$	69
Fund Total	$	–	$	69	$	–	$	69
JNL/Ivy Asset Strategy Fund
Open Forward Foreign Currency Contracts	$	–	$	549	$	–	$	549
Fund Total	$	–	$	549	$	–	$	549
JNL/JPMorgan International Value Fund
Open Forward Foreign Currency Contracts	$	–	$	2,608	$	–	$	2,608
Fund Total	$	–	$	2,608	$	–	$	2,608
JNL/Mellon Capital Emerging Markets Index Fund
Open Futures Contracts	$	316	$	–	$	–	$	316
Fund Total	$	316	$	–	$	–	$	316
JNL/Mellon Capital S&P 500 Index Fund
Open Futures Contracts	$	58	$	–	$	–	$	58
Fund Total	$	58	$	–	$	–	$	58
JNL/Mellon Capital S&P 400 MidCap Index Fund
Open Futures Contracts	$	293	$	–	$	–	$	293
Fund Total	$	293	$	–	$	–	$	293
JNL/Mellon Capital Small Cap Index Fund
Open Futures Contracts	$	632	$	–	$	–	$	632
Fund Total	$	632	$	–	$	–	$	632
JNL/Mellon Capital International Index Fund
Open Futures Contracts	$	2,609	$	–	$	–	$	2,609
Open Forward Foreign Currency Contracts		–		16		–		16
Fund Total	$	2,609	$	16	$	–	$	2,625
JNL/Mellon Capital Global Alpha Fund
Open Futures Contracts	$	650	$	–	$	–	$	650
Open Forward Foreign Currency Contracts		–		930		–		930
Fund Total	$	650	$	930	$	–	$	1,580
JNL/Neuberger Berman Strategic Income Fund
Open Futures Contracts	$	1,359	$	–	$	–	$	1,359
Centrally Cleared Credit Default Swap Agreements		–		129		–		129
Fund Total	$	1,359	$	129	$	–	$	1,488
JNL/PIMCO Real Return Fund
Open Futures Contracts	$	29	$	–	$	–	$	29
Open Forward Foreign Currency Contracts		–		21,624		–		21,624
OTC Interest Rate Swap Agreements		–		1,899		–		1,899
Centrally Cleared Interest Rate Swap Agreements		–		23		–		23
OTC Credit Default Swap Agreements		–		246		–		246
Centrally Cleared Credit Default Swap Agreements		–		8		–		8
Fund Total	$	29	$	23,800	$	–	$	23,829
JNL/PIMCO Total Return Bond Fund
Open Futures Contracts	$	16,872	$	–	$	–	$	16,872
Open Forward Foreign Currency Contracts		–		86,425		–		86,425
OTC Interest Rate Swap Agreements		–		792		–		792
Centrally Cleared Interest Rate Swap Agreements		–		1,030		–		1,030
OTC Credit Default Swap Agreements		–		1,542		–		1,542
Centrally Cleared Credit Default Swap Agreements		–		462		–		462
Fund Total	$	16,872	$	90,251	$	–	$	107,123
JNL/PPM America Floating Rate Income Fund
Open Futures Contracts	$	2	$	–	$	–	$	2
Fund Total	$	2	$	–	$	–	$	2
JNL/PPM America High Yield Bond Fund
Open Futures Contracts	$	36	$	–	$	–	$	36
Fund Total	$	36	$	–	$	–	$	36

JNL Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2014

	Assets - Investments in Other Financial Instruments1
	Level 1			Level 2			Level 3		Total
JNL/Scout Unconstrained Bond Fund
Open Forward Foreign Currency Contracts	$	–		$	4,664		$	–	$	4,664
Centrally Cleared Credit Default Swap Agreements		–			298			–		298
Fund Total	$	–		$	4,962		$	–	$	4,962
JNL/WMC Balanced Fund
Open Futures Contracts	$	46		$	–		$	–	$	46
Fund Total	$	46		$	–		$	–	$	46
	Liabilities - Investments in Other Financial Instruments1
	Level 1			Level 2			Level 3		Total
JNL/AllianceBernstein Dynamic Asset Allocation Fund
Open Futures Contracts	$	(12	)	$	–		$	–	$	(12	)
Open Forward Foreign Currency Contracts		–			(45	)		–		(45	)
Fund Total	$	(12	)	$	(45	)	$	–	$	(57	)
JNL/AQR Managed Futures Strategy Fund
Open Futures Contracts	$	(1,822	)	$	–		$	–	$	(1,822	)
Open Forward Foreign Currency Contracts		–			(5,069	)		–		(5,069	)
OTC Total Return Swap Agreements		–			(314	)		–		(314	)
Fund Total	$	(1,822	)	$	(5,383	)	$	–	$	(7,205	)
JNL/BlackRock Global Allocation Fund
Written Options	$	(565	)	$	(17,900	)	$	–	$	(18,465	)
Open Futures Contracts		(1,148	)		–			–		(1,148	)
Open Forward Foreign Currency Contracts		–			(1,080	)		–		(1,080	)
Centrally Cleared Interest Rate Swap Agreements		–			(919	)		–		(919	)
Fund Total	$	(1,713	)	$	(19,899	)	$	–	$	(21,612	)
JNL/Boston Partners Global Long Short Equity Fund
Contracts for Differences	$	–		$	(1,357	)	$	–	$	(1,357	)
Written Options		(392	)		–			–		(392	)
Fund Total	$	(392	)	$	(1,357	)	$	–	$	(1,749	)
JNL/Capital Guardian Global Balanced Fund
Open Forward Foreign Currency Contracts	$	–		$	(585	)	$	–	$	(585	)
Fund Total	$	–		$	(585	)	$	–	$	(585	)
JNL/Franklin Templeton Global Multisector Bond Fund
Open Forward Foreign Currency Contracts	$	–		$	(25,249	)	$	–	$	(25,249	)
OTC Interest Rate Swap Agreements		–			(15,047	)		–		(15,047	)
Centrally Cleared Interest Rate Swap Agreements		–			(3,926	)		–		(3,926	)
Fund Total	$	–		$	(44,222	)	$	–	$	(44,222	)
JNL/Franklin Templeton Mutual Shares Fund
Open Forward Foreign Currency Contracts		–			(814	)		–		(814	)
Fund Total	$	–		$	(814	)	$	–	$	(814	)
JNL/Goldman Sachs Core Plus Bond Fund
Open Futures Contracts	$	(2,554	)	$	–		$	–	$	(2,554	)
Open Forward Foreign Currency Contracts		–			(1,896	)		–		(1,896	)
OTC Interest Rate Swap Agreements		–			(1,307	)		–		(1,307	)
Centrally Cleared Interest Rate Swap Agreements		–			(5,160	)		–		(5,160	)
OTC Credit Default Swap Agreements		–			(135	)		–		(135	)
Centrally Cleared Credit Default Swap Agreements		–			(57	)		–		(57	)
Fund Total	$	(2,554	)	$	(8,555	)	$	–	$	(11,109	)
JNL/Goldman Sachs Emerging Markets Debt Fund
Open Futures Contracts	$	(275	)	$	–		$	–	$	(275	)
Open Forward Foreign Currency Contracts		–			(8,961	)		–		(8,961	)
OTC Interest Rate Swap Agreements		–			(6,434	)		–		(6,434	)
Centrally Cleared Interest Rate Swap Agreements		–			(74	)		–		(74	)
Cross-Currency Swap Agreements		–			(1,040	)		–		(1,040	)
OTC Credit Default Swap Agreements		–			(305	)		–		(305	)
Fund Total	$	(275	)	$	(16,814	)	$	–	$	(17,089	)
JNL/Ivy Asset Strategy Fund
Written Options	$	–		$	(922	)	$	–	$	(922	)
Open Forward Foreign Currency Contracts		–			(100	)		–		(100	)
Fund Total	$	–		$	(1,022	)	$	–	$	(1,022	)
JNL/JPMorgan International Value Fund
Open Forward Foreign Currency Contracts	$	–		$	(3,101	)	$	–	$	(3,101	)
Fund Total	$	–		$	(3,101	)	$	–	$	(3,101	)
JNL/Mellon Capital International Index Fund
Open Futures Contracts	$	(287	)	$	–		$	–	$	(287	)
Open Forward Foreign Currency Contracts		–			(770	)		–		(770	)
Fund Total	$	(287	)	$	(770	)	$	–	$	(1,057	)

JNL Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2014

	Liabilities - Investments in Other Financial Instruments1
	Level 1			Level 2			Level 3		Total
JNL/Mellon Capital Global Alpha Fund
Exchange Traded Purchased Options	$	(532	)	$	–		$	–	$	(532	)
Open Futures Contracts		(820	)		–			–		(820	)
Open Forward Foreign Currency Contracts		–			(497	)		–		(497	)
Fund Total	$	(1,352	)	$	(497	)	$	–	$	(1,849	)
JNL/Neuberger Berman Strategic Income Fund
Open Futures Contracts	$	(2,292	)	$	–		$	–	$	(2,292	)
Centrally Cleared Credit Default Swap Agreements		–			(3	)		–		(3	)
Fund Total	$	(2,292	)	$	(3	)	$	–	$	(2,295	)
JNL/PIMCO Real Return Fund
Written Options	$	(12	)	$	(3,480	)	$	–	$	(3,492	)
Open Futures Contracts		(1,511	)		–			–		(1,511	)
Open Forward Foreign Currency Contracts		–			(9,612	)		–		(9,612	)
OTC Interest Rate Swap Agreements		–			(13,914	)		–		(13,914	)
Centrally Cleared Interest Rate Swap Agreements		–			(11,459	)		–		(11,459	)
OTC Credit Default Swap Agreements		–			(1,060	)		–		(1,060	)
Centrally Cleared Credit Default Swap Agreements		–			(9	)		–		(9	)
Fund Total	$	(1,523	)	$	(39,534	)	$	–	$	(41,057	)
JNL/PIMCO Total Return Bond Fund
Written Options	$	–		$	(5,164	)	$	–	$	(5,164	)
Open Futures Contracts		(4,746	)		–			–		(4,746	)
Open Forward Foreign Currency Contracts		–			(30,316	)		–		(30,316	)
OTC Interest Rate Swap Agreements		–			(3,113	)		–		(3,113	)
Centrally Cleared Interest Rate Swap Agreements		–			(30,234	)		–		(30,234	)
OTC Credit Default Swap Agreements		–			(6,520	)		–		(6,520	)
Fund Total	$	(4,746	)	$	(75,347	)	$	–	$	(80,093	)
JNL/PPM America Floating Rate Income Fund
Open Futures Contracts	$	(82	)	$	–		$	–	$	(82	)
Fund Total	$	(82	)	$	–		$	–	$	(82	)
JNL/PPM America High Yield Bond Fund
Open Futures Contracts	$	(2,353	)	$	–		$	–	$	(2,353	)
Fund Total	$	(2,353	)	$	–		$	–	$	(2,353	)
JNL/Scout Unconstrained Bond Fund
Open Futures Contracts	$	(6,376	)	$	–		$	–	$	(6,376	)
Open Forward Foreign Currency Contracts		–			(4,795	)		–		(4,795	)
Fund Total	$	(6,376	)	$	(4,795	)	$	–	$	(11,171	)
JNL/T. Rowe Price Short-Term Bond Fund
Open Futures Contracts	$	(1	)	$	–		$	–	$	(1	)
Open Forward Foreign Currency Contracts		–			(312	)		–		(312	)
Fund Total	$	(1	)	$	(312	)	$	–	$	(313	)
JNL/WMC Balanced Fund
Open Futures Contracts	$	(67	)	$	–		$	–	$	(67	)
Fund Total	$	(67	)	$	–		$	–	$	(67	)

¹All derivatives, except for written options, are reflected at the unrealized appreciation/(depreciation) on the instrument. Written options are reflected at value.

The Funds recognize transfers between levels as of the beginning of the period for financial reporting purposes. The following table summarizes significant transfers (in thousands) between Level 1 and Level 2 valuations for the year ended December 31, 2014

	Transfers out of Level 2 into Level 1 during the Period		Transfers out of Level 1 into Level 2 during the Period
Transfers related to the application of statistical fair value pricing including changes between closing and evaluated pricing
JNL/Capital Guardian Global Diversified Research Fund
Common Stocks	$	-	$	5,564
JNL/Capital Guardian Global Balanced Fund
Common Stocks		5,836		5,615
JNL/Eastspring Investments Asia ex-Japan Fund
Common Stocks		3,624		2,671
JNL/Eastspring Investments China India Fund
Common Stocks		6,465		17,017
JNL/Franklin Templeton International Small Cap Growth Fund
Common Stocks		25,273		66,328
JNL/Invesco Global Real Estate Fund
Common Stocks		28,275		-
JNL/Invesco International Growth Fund
Common Stocks		-		21,421
JNL/Lazard Emerging Markets Fund
Common Stocks		91,907		45,224

JNL Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2014

	Transfers out of Level 2 into Level 1 during the Period		Transfers out of Level 1 into Level 2 during the Period
JNL/Mellon Capital Emerging Markets Index Fund
Common Stocks	$	18,166	$	7,886
JNL/Mellon Capital International Index Fund
Common Stocks		10,802		24,071
JNL/RedRocks Listed Private Equity Fund
Common Stocks		79,981		29,972

The following table is a rollforward of significant Level 3 valuations (in thousands) and transfers by category for which significant unobservable inputs were used to determine fair value during the year ended December 31, 2014:

	Balance at Beginning of Period		Transfers into Level 3 During the Period2		Transfers out of Level 3 During the Period2			Total Realized and Change in Unrealized Gain/(Loss)			Purchases			(Sales)			Balance at End of Period			Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at End of Period1
JNL/BlackRock Large Cap Select Growth Fund
Common Stock	$	-	$	-	$	(11,919	)3	$	-		$	11,919		$	-		$	-		$	-
JNL/Ivy Asset Strategy Fund
Common Stock	$	31,168	$	-	$	-		$	(4,306	)	$	-		$	-		$	26,862	4	$	(4,306	)
Common Stock		37,612		-		-			9,608			-			(9,508	)10		37,712	6		9,608
Common Stock		69,993		-		-			(4,830	)		-			-			65,163	7		(4,830	)
Corporate Bonds and Notes		28,500		-		-			(239	)		-			-			28,261	5		(239	)
Corporate Bonds and Notes		49,006		-		-			(43	)		4,900	8		(4,157	)9		49,706	6		(43	)
Fund Total	$	216,279	$	-	$	-		$	190		$	4,900		$	(13,665	)	$	207,704		$	190
JNL/Morgan Stanley Mid Cap Growth Fund
Preferred Stock	$	-	$	-	$	-		$	405		$	1,699		$	-		$	2,104	11	$	405

¹ Reflects the change in unrealized appreciation/ (depreciation) for Level 3 investments held at December 31, 2014.

² There were no significant transfers between Level 3 and Level 2 valuations during the year ended December 31, 2014, other than those noted.

³ During the period, the valuation of the common stock held in JNL/BlackRock Large Cap Select Growth Fund was transferred from a Level 3 valuation to a Level 1 valuation. The security began to trade on an exchange and is currently valued using the official closing price on the exchange where it is principally traded and considered a Level 1 valuation. When the security was purchased, it was a privately held company and was not publically traded, and the fair value measurement was determined using a recent transaction price and considered a Level 3 valuation.

⁴ The fair value measurements of the common stock held in JNL/Ivy Asset Strategy Fund was determined based on recent transactions and discounted cash flow models. As the company is a privately held company, and is not publicly traded and the company’s quarterly financial statements are not publicly available, this information is considered a significant unobservable input to the fair value. Significant changes to the company’s quarterly earnings before interest, taxes and depreciation/amortization (“EBITDA”), a significant change in the company’s capital structure, a significant change in the assumptions in the cash flow model, significant change in the valuations of comparable public companies or another, similar transaction in the company’s securities could result in a significant decrease or increase to the common stock’s fair value measurements.

Valuation Technique	Unobservable Input	Range
Recent transaction	Transaction price	N/A
Discount cash flow	Weighted average cost of capital	9-11%
Discount cash flow	Cash on cash ratio	1.29-1.49

⁵ The fair value measurements of the corporate bond held in JNL/Ivy Asset Strategy Fund was determined based on the purchase transaction price. As the company is a privately held company, and is not publicly traded and the company’s quarterly financial statements are not publicly available, this information is considered a significant unobservable input to the fair value. Significant changes to the company’s quarterly EBITDA, a significant change in the company’s capital structure, significant change in the valuations of comparable public companies, significant changes in the interest rate spread of comparable corporate bonds indices, or another, similar transaction in the company’s securities could result in a significant decrease or increase to the corporate bond’s fair value measurements.

Valuation Technique	Unobservable Input	Range
Transaction	Transaction price	N/A
Market approach	Interest rate spread	1.78%

⁶ The fair value measurements of the common stock and corporate bond held in JNL/Ivy Asset Strategy Fund were determined based on the midpoint of an enterprise valuation model which considered previous transaction levels, current and forecasted financial results, analysis of budget to actual performance and valuations of comparable public companies. As the company’s quarterly financial statements are not publicly available, this information is considered a significant unobservable input to the fair value. Significant changes to the company’s quarterly EBITDA or forecasted financial results, a significant change in the company’s capital structure, a significant change in the valuations of comparable public companies or another, similar transaction in the company’s securities could result in a significant decrease or increase to the common stock’s and corporate bond’s fair value measurements.

Valuation Technique	Unobservable Input	Range
Income approach	Pro forma run rate EBITDA multiples	21.00-21.50

JNL Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2014

⁷  The fair value measurements of the common stock held in JNL/Ivy Asset Strategy Fund were determined based on recent transactions, liquidation value and a discounted cash flow model. As the company is a privately held company, and is not publicly traded and the company’s quarterly financial statements are not publicly available, this information is considered a significant unobservable input to the fair value. Significant changes to the company’s quarterly EBITDA, a significant change in the company’s capital structure, a significant change in the assumptions in the cash flow model, significant change in the valuations of comparable public companies or another, similar transaction in the company’s securities could result in a significant decrease or increase to the common stock’s fair value measurements.

Valuation Technique	Unobservable Input	Range
Recent transaction	Transaction price	N/A
Liquidation value	Net asset value	$514.9M
Discount cash flow	Weighted average cost of capital	11.8% and 14.0%

⁸ This amount represents interest earned on the corporate bond held in JNL/Ivy Asset Strategy Fund which was paid-in-kind.

⁹ This amount represents a paydown on the corporate bond held in JNL/Ivy Asset Strategy Fund.

¹⁰ This amount represents a return of capital distribution on the common stock held in JNL/Ivy Asset Strategy Fund.

¹¹ The fair value measurements of the preferred stock held in JNL/Morgan Stanley Mid Cap Growth Fund was determined based on a tender offer. As the company is not publicly traded, a significant change in the company’s capital structure, significant change in the valuations of comparable public companies or another, similar transaction in the company’s securities could result in a significant decrease or increase to the preferred stock’s fair value measurements.

Valuation Technique	Unobservable Input	Range
Transaction	Tender offer	$50.41

Significant changes in unobservable valuation inputs to a different amount might result in a significantly higher or lower fair value measurement than the one used in a security’s valuation.

NOTE 4. SECURITIES AND OTHER INVESTMENTS

Securities Lending and Securities Lending Collateral - All Funds, except JNL/PPM America Floating Rate Income Fund and JNL/WMC Money Market Fund participate in agency based securities lending programs. Per the securities lending agreements, the securities lending agent is authorized to loan securities on behalf of the Funds to approved borrowers and is required to maintain collateral. Each Fund receives cash collateral against the loaned securities in an amount equal to at least 100% of the market value of the loaned securities. Collateral is maintained over the life of the loan in an amount not less than 100% of the market value of loaned securities, as determined at the close of fund business each day; any additional collateral required due to changes in security values is delivered to the Fund on the next business day. The Fund receives income from the investment of cash collateral, in addition to lending fees and rebates paid by the borrower. The Fund bears the market risk with respect to the collateral investment and securities loaned. The Fund also bears the risk that the agent may default on its obligations to the Fund. The securities lending agents have agreed to indemnify the Fund in the event of default by a third party borrower.

JPMorgan Chase Bank, N.A. (“JPM Chase”) and State Street Bank and Trust Company (“State Street”) (“Custodians”) serve as securities lending agents to the eligible Funds of the Trust for which they are Custodian. JPM Chase serves as custodian for all Funds except for JNL/PPM America Floating Rate Income Fund and JNL/Goldman Sachs U.S. Equity Flex Fund for which State Street serves as custodian.

For the Funds for which JPM Chase is the securities lending agent, the cash collateral is invested in the Securities Lending Cash Collateral Fund LLC, a limited liability company sponsored by the Adviser. Although the Securities Lending Cash Collateral Fund LLC is not a registered fund under the 1940 Act, and is not a “money market fund”, it typically has daily liquidity and 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 is only offered to the Funds and JNAM affiliated funds. Short-term securities in the Securities Lending Cash Collateral Fund LLC are valued at amortized cost, unless it is determined that such practice does not approximate market value. Each Fund also bears the risk of any deficiency in the amount of collateral available for return to a borrower due to a decline in value of the Securities Lending Cash Collateral Fund LLC. In addition to investing cash collateral in the Securities Lending Cash Collateral Fund LLC, JNL/Mellon Capital S&P 500 Index Fund, JNL/S&P Dividend Income and Growth Fund and JNL/S&P Competitive Advantage Fund may invest cash collateral in repurchase agreements collateralized by equity securities. JPM Chase has agreed to bear the risk of any deficiency in the amount of collateral available for return to a borrower due to a decline in value of the repurchase agreements collateralized by equity securities. For JNL/Goldman Sachs U.S. Equity Flex Fund, the cash collateral is not reinvested.

Cash collateral received from the borrower is recorded in the Statements of Assets and Liabilities as payable upon return of securities loaned. Cash collateral is recorded in the Statement of Assets and Liabilities as Cash collateral for securities lending. Investments acquired with such cash collateral are reported in a manner consistent with other portfolio investments held by each Fund as investment - at value on the Statements of Assets and Liabilities. The value of securities on loan is disclosed under footnote (d) on the Statements of Assets and Liabilities. Each Fund’s net exposure to a borrower is determined by the amount of any excess or shortfall in cash collateral received compared to the value of securities on loan.

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 (“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.

JNL Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2014

Government-related guarantors (i.e., guarantors that 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 created a new secured lending facility, which is available to FNMA and FHLMC as a liquidity backstop and created 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 - Certain Funds may invest in repurchase agreements. In a repurchase agreement, a Fund receives debt or equity securities (collateral) subject to an obligation of the seller to repurchase, and the Fund to resell, the securities at an agreed upon price and date. The underlying securities used as collateral for repurchase agreements may be held in safekeeping by the Fund’s Custodian or designated sub custodians under triparty repurchase agreements. Earnings on collateral and compensation to the seller are based on agreed upon rates between the seller and the Fund. Interest earned on repurchase agreements is recorded as interest income to the Fund. When a repurchase agreement is entered into, a Fund typically receives securities with a value that approximates or exceeds the repurchase price, including any accrued interest earned on the repurchase agreement. The value of such securities will be marked to market daily, and cash or additional securities will be exchanged between the parties with a frequency and in amounts prescribed in 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 - Certain Funds may enter into reverse repurchase agreements. In a reverse repurchase agreement, a Fund delivers to a counterparty a security in exchange for cash with a simultaneous agreement to repurchase the same or substantially the same security at an agreed upon price and date. Cash received in exchange for securities delivered plus accrued interest to be paid by the Fund are reflected as liabilities on the Statements of Assets and Liabilities. Interest paid is recorded as interest expense to the Fund. The Fund receives principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. In periods of increased demand of the security, the Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. A reverse repurchase agreement involves the risk that the value of the security delivered by the Fund may decline below the repurchase price of the security. A Fund will segregate assets determined to be liquid at the Custodian or otherwise cover its obligations under reverse repurchase agreements.

The average daily balance (in thousands) and the weighted average interest rate for reverse repurchase agreements, for the year ended December 31, 2014, were as follows: JNL/PIMCO Real Return Fund, $246,525 and 0.08%, for 75 days outstanding; and JNL/PIMCO Total Return Bond Fund, $20,224 and 0.20%, for 154 days outstanding, respectively. The Funds did not have any reverse repurchase agreements outstanding on December 31, 2014.

Forward Sales Commitments - Certain Funds 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 close these positions before they are delivered, which may result in realized gain or loss.

Delayed-Delivery Securities - Certain Funds 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.

JNL Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2014

Mortgage-Backed Dollar and Treasury Roll Transactions - Certain Funds may sell mortgage-backed or treasury securities and simultaneously contract to repurchase securities at a future date at an agreed upon price. 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. During the period between the sale and repurchase, a Fund forgoes interest and principal 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 dispose of “covered roll” securities after they are entered into and close these positions before their maturity, which may result in a realized gain or loss.

In a mortgage-backed or treasury securities roll transaction, if the repurchased security is determined to be similar, but not substantially the same, the transaction is accounted for as a purchase and sale. Any gains, losses and any income or fees earned are recorded to realized gain or loss. If the repurchased security is determined to be substantially the same, the transaction is accounted for as a secured borrowing, rather than as a purchase and sales transaction. For Funds with significant transactions characterized as secured borrowing transactions, any income or fees earned are recorded to investment income and financing costs associated with the transaction are recorded to interest expense.

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 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.

The average daily balance (in thousands) and the weighted average interest rate for treasury roll transactions, for the year ended December 31, 2014, were as follows: JNL/PIMCO Real Return Fund, $929,087 and 0.14%, for 359 days outstanding; and JNL/PIMCO Total Return Bond Fund, $85,678 and 0.00%, for 55 days outstanding, respectively. At December 31, 2014, JNL/PIMCO Real Return Fund and JNL/PIMCO Total Return Bond Fund had $736 and $5, respectively, of deferred income (in thousands) included in payable for treasury roll transactions on the Statements of Assets and Liabilities.

Inflation-Indexed Bonds - Certain Funds 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.

Senior and Junior Loans - Certain Funds may invest in Senior loans or secured and unsecured subordinated loans, second lien loans and subordinated bridge loans (“Junior loans”) which are purchased or sold on a when-issued or delayed-delivery basis and may be settled a month or more after the trade date. Interest income on these loans is accrued based on the terms of the securities. Senior and Junior loans can be acquired through an agent, by assignment from another holder of the loan, or as a participation interest in another holder’s portion of the loan.

Securities Sold Short - Certain Funds may enter into short sales transactions whereby the Fund sells a security it does not own in anticipation of a decline in the market price of the security. When a Fund engages in a short sale, the Fund borrows the security sold short to make delivery to the buyer. The Fund may have to pay a fee to borrow securities and is often obligated to repay the lender of the securities for any interest or dividends that accrues on the borrowed securities during the period of the loan. Until the Fund closes its short position, the lending broker or agent requires assets in the form of securities or cash to be segregated as collateral, which is marked-to-market daily, to the extent necessary to meet margin requirements or cover the short sale obligation. A Fund is obligated to deliver securities at the market price at the time the short position is closed. If the price of the security sold short increases between the time of the short sale and the time that the Fund replaces the borrowed security, the Fund will incur a capital loss; conversely, if the price declines, the Fund will realize a capital gain. A Fund’s loss on a short sale could theoretically be unlimited in cases where the Fund is unable, for whatever reason, to close out its short position.

Credit Linked Notes - A Fund may use credit linked notes to take positions or manage equity price risk in the normal course of pursuing its investment objective. During the year, JNL/Goldman Sachs Core Plus Bond Fund invested in credit linked notes as a means of risk management and to gain exposure to certain foreign markets and JNL/Goldman Sachs Emerging Markets Debt Fund invested in credit linked notes 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 typically 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, are presented parenthetically in the Schedules of Investments.

Commodity-Linked Structured Notes - A commodity-linked structured note is a debt instrument 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

JNL Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2014

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 instruments.

Master Limited Partnerships - Certain Funds may invest in Master Limited Partnerships (“MLPs”). An MLP is a publicly traded company organized as a limited partnership or limited liability company and treated as a partnership for Federal income tax purposes. The benefit derived from the Fund’s investment in MLPs is largely dependent on the MLPs being treated as partnerships for federal income tax purposes. MLPs may derive income and gains from the exploration, development, mining or production, processing, refining, transportation (including pipelines transporting gas, oil, or products thereof), or the marketing of any mineral or natural resources.

Real Estate Investment Trusts - Certain Funds may invest in Real Estate Investment Trusts (“REITs”). REITs are traded as a stock on major stock exchanges and invests in real estate directly, either through properties or mortgages. REITs typically concentrate on a specific geographic region or property type, receive special tax considerations and are a liquid method of investing in real estate.

NOTE 5. INVESTMENT TRANSACTION AGREEMENTS AND COLLATERAL

Under various agreements, certain investment transactions require collateral to be pledged to/from a Fund and a counterparty or segregated at the custodian. U.S. Treasury Bills and U.S. dollars are generally the preferred forms of collateral, although other forms of high quality or sovereign securities may be used. Securities held by a Fund that are used as collateral are identified as such within the Schedules of Investments. Collateral for OTC financial derivative transactions paid to or received from brokers and counterparties is included in receivable for deposits with brokers and counterparties and due to brokers and counterparties for deposits in the Statements of Assets and Liabilities.

Master Netting Agreements (“Master Agreements”) - Certain Funds are subject to various Master Agreements, which govern the terms of certain transactions and mitigate the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Since different types of financial transactions have different mechanics and are sometimes traded out of different legal entities of a particular counterparty organization, each type of transaction may be covered by a different Master Agreement, potentially resulting in the need for multiple agreements with a single counterparty. A Fund may net exposure and collateralize multiple transaction types governed by the same Master Agreement with the same counterparty and may close out and net its total exposure to a counterparty in the event of a default and/or termination event with respect to all the transactions governed under a single agreement with a counterparty. Each Master Agreement defines whether the Fund is contractually able to net settle daily payments. Additionally, certain circumstances, such as laws of a particular jurisdiction or settlement of amounts due in different currencies, may prohibit or restrict the right of offset as defined in the Master Agreements.

Master Agreements also help limit credit and counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under the Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral) governed under the relevant master agreement with a counterparty in a given account exceeds a specified threshold depending on the counterparty and the type of Master Agreement. A Fund’s overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. The Funds’ Sub-Advisers attempt to limit counterparty risk by only entering into Master Agreements with counterparties which the Sub-Adviser believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. For swap agreements executed with a Derivatives Clearing Organization (“DCO”) in a multilateral or other trade facility platform (“centrally cleared swaps”), counterparty risk is reduced by shifting exposure from the counterparty to the DCO. Additionally, the DCO has broad powers to provide an orderly liquidation in the event of a default.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively “Master Repo Agreements”) - Master Repo Agreements govern repurchase, reverse repurchase and treasury roll transactions between a Fund and select counterparties. The Master Repo Agreements maintain provisions for, among other things, initiation and confirmation, income payments and transfer, events of default, termination, and maintenance of collateral. In the event of default, the total value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty. Securities purchased under repurchase agreements are reflected as an asset on a Fund’s Statement of Assets and Liabilities. The value of repurchase agreements and collateral pledged or received by a counterparty are disclosed in the Schedules of Investments. A Fund’s net exposure to the counterparty is determined by the amount of any excess or shortfall in collateral compared to the value of the repurchase or reverse repurchase agreement.

Master Securities Forward Transaction Agreements (“Master Forward Agreements”) - Master Forward Agreements govern the considerations and factors surrounding the settlement of certain forward-settling transactions, such as delayed-delivery transactions, TBA securities and treasury roll transactions between a 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. Losses may arise due to changes in the value of the underlying securities prior to settlement date, if the counterparty does not perform under the contract’s terms, or if the issuer does not issue the securities due to political, economic or other factors. In the event of default, the unrealized gain or loss will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty. In the ordinary course of business, settlements of transactions are not typically subject to net settlement, except for TBA pools.

JNL Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2014

International Swaps and Derivatives Association Inc. Master Agreements and Credit Support Annexes (“ISDA Master Agreements”) - ISDA Master Agreements govern OTC financial derivative transactions entered into by a Fund’s Sub-Adviser and select counterparties. The ISDA Master Agreements maintain provisions for general obligations, representations, agreements, events of default, termination and maintenance of collateral. Termination includes 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. In the event of default, the total financial derivative value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty. 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 OTC derivative instrument.

Customer Account Agreements - Customer Account Agreements and related addendums govern cleared derivative transactions such as futures, options on futures and centrally cleared derivatives. If a Fund transacts in centrally cleared derivatives, the Sub-Adviser is a party to agreements with (1) a Futures Commissions Merchant (“FCM”) in which the FCM facilitates in the execution of the centrally cleared derivative with the DCO and (2) with an executing broker/swap dealer to agree to the terms of the swap and resolution process in the event the centrally cleared swap is not accepted for clearing by the designated DCO. Cleared derivatives transactions require posting an amount of cash or cash equivalents equal to a certain percentage of the contract amount known as the “initial margin” as determined by each relevant clearing agency and is segregated at an FCM which is registered with the Commodity Futures Trading Commission (“CFTC”) or the applicable regulator. 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 are known as the “variation margin”. Variation margin received may not be netted between futures and centrally cleared derivatives. In the event of default, counterparty risk is significantly reduced as creditors to the FCM do not have claim to the Fund’s assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk.

Prime Brokerage Arrangements and Other Securities Borrowing Agreements - Certain Funds may enter into Prime Brokerage Arrangements or Securities Borrowing Agreements to facilitate execution and/or clearing of listed equity option transactions or short sales of securities between the Fund and select counterparties. The arrangements provide general guidelines surrounding the rights, obligations and other events, including but not limited to, margin, execution and settlement. These arrangements maintain provisions for, among other things, payments, maintenance of collateral, events of default, and termination. Margin and securities delivered as collateral are typically in the possession of the prime broker or lending agent and offset any obligations due to the prime broker or lending agent. In the event of default, the value of securities sold short will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

NOTE 6. FINANCIAL DERIVATIVE INSTRUMENTS

Options Transactions - A Fund may buy and sell (“write”) call and put options on securities, futures, indices, currencies, swap agreements (“swaptions”) and inflation caps and floors. An option is a contract that gives the purchaser of the option, in return for a premium paid, the right to buy a specified underlying instrument from the writer of the option (in the case of a call option), or to sell a specified underlying instrument to the writer of the option (in the case of a put option) at a designated price. The right to exercise is dependent upon the contract terms and can be during the term or at expiration of the option. 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 an 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 or selling the underlying security at a price lower than the current market value. There is also the risk a Fund may not be able to enter into a closing transaction if the market is illiquid. Options written by a Fund do not give rise to counterparty credit risk, as they obligate the Fund, not the counterparty, to perform.

Depending on the exchange on which an exchange traded futures option is traded, premium may be paid/received when purchasing/writing the option or there may be no premium paid/received when purchasing/writing the option. Exchange traded futures options are marked-to-market daily and the change in value is recorded by the Fund as an unrealized gain or loss. Variation margin on these options is recorded by the Fund until the contracts are terminated at which time realized gains and losses are recognized. Exchange traded futures options involve to varying degrees, risk of loss in excess of the variation margin recorded by the Fund.

Swaptions are similar to options on securities except that instead of purchasing the right to buy or sell a security, the writer or purchaser of the swaption is granting or buying the right to enter into a previously agreed upon interest rate or credit default swap agreement. The right to exercise is dependent upon the contract terms and can be during the term or at expiration of the option. Swaptions are illiquid investments. 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. An inflation cap can be used 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. 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.

JNL Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2014

Futures Contracts - A Fund may buy and sell futures on equities, indices, interest rates, commodities and currencies. A futures contract is a standardized contract obligating two parties to exchange a specified asset at an agreed upon price and date. Variation margin is 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 value of the securities held by a Fund or the change in the 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. With futures, counterparty risk to a Fund is reduced since futures contracts are exchange traded and the exchange’s clearinghouse, acting as counterparty to all exchange traded futures, guarantees the futures contracts against default.

Forward Foreign Currency Contracts - 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 investment securities, but it does establish a fixed 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 offsetting currency.

Swap Agreements - Swap agreements are bilaterally negotiated agreements between a Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the OTC market or executed and centrally cleared with a DCO. OTC swaps are typically illiquid investments.

Swap agreements are marked-to-market daily and the change in value is recorded by a Fund as an unrealized gain or loss. For OTC swaps, premiums paid or received at the beginning of the measurement period are recorded as an asset or liability by the Fund and represent payments made or received upon entering into the OTC swap to compensate for differences between the stated terms of the OTC swap and prevailing market conditions relating to credit spreads, interest rates, currency exchange rates and other relevant factors as appropriate. These upfront payments are recorded as a realized gain or loss upon termination or maturity of the OTC swap. For centrally cleared swaps, daily changes in valuation are recorded as a receivable or payable, as appropriate, and received from or paid to the DCO on a daily basis until the contracts are terminated at which time a realized gain or loss is recorded. The use of centrally cleared swaps may require a Fund to commit initial and variation margin that may otherwise not be required under an OTC swap. 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 interest, credit, market and documentation risk in excess of the unrealized gain or loss recorded by a Fund. Such risks include that there is no liquid market for OTC swaps, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreement and that there may be unfavorable changes in interest rates or value of underlying securities. Centrally cleared swaps involve to varying degrees, risk of loss in excess of the variation margin recorded by the Fund.

Interest Rate Swap Agreements - Interest rate swap agreements involve the exchange by a Fund with another party of their respective commitments to pay or receive interest with respect to the notional amount of principal. Forms of interest rate swap agreements that the Funds have entered into may include: fixed-for-floating rate swaps, under which a party agrees to pay a fixed rate in exchange for receiving a floating rate tied to a benchmark; floating-for-fixed rate swaps, under which a party agrees to pay a floating rate in exchange for receiving a fixed rate; 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 the counterparty over the contract’s remaining life, to the extent this amount is positive.

Cross-Currency Swap Agreements - Cross-currency swaps are interest rate swaps in which one party pays a stream of interest payments, either fixed or floating, in exchange for another party’s stream of interest payments, either fixed or floating, based on the notional amounts of two different currencies. The notional amounts are typically determined based on the spot exchange rates at the inception of the trade. Cross-currency swaps may also involve an exchange of notional amounts at the start, during or at expiration of the contract, either at the current spot or another specified rate. A Fund’s maximum risk of loss from counterparty credit risk is generally the aggregate unrealized gain netted against any collateral pledged by the counterparty.

JNL Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2014

Credit Default Swap Agreements - 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. As a seller of protection, a Fund will generally receive from the buyer of protection a premium in return for such protection and/or a fixed rate of income throughout the term of the swap if there is no credit event. A credit event is defined under the terms of each swap agreement and may include, but is not limited to, underlying entity default, bankruptcy, restructuring, write-down, principal shortfall or interest shortfall. As a seller, a 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 or buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either pay to or receive from the buyer or seller of protection an amount prescribed in that particular swap agreement. 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.

A Fund may use credit default swap agreements on corporate or sovereign issues to provide a measure of protection against defaults of an issuer (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 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.

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. 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, 2014, for which a Fund is the seller of protection, are disclosed in the Notes to 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 - 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.

Non-Deliverable Bond Forward Contract - A non-deliverable bond forward contract is a short-term forward agreement between two parties to buy or sell a bond denominated in a non-deliverable foreign currency at a specified price and date. Non-deliverable bond forward contracts are marked-to-market daily and change in value is recorded by a Fund as an unrealized gain or loss. A realized gain or loss is recorded at termination of the contract. The use of these instruments involves the risk that the counterparty to the agreements may default on its obligation to perform. These contracts may be illiquid, and changes in their values may not directly correlate with changes in the value of the underlying security. The maximum amount of potential loss for a non-deliverable bond forward contract is the value of the contract.

JNL Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2014

Contracts for Difference - Contracts for differences (“CFDs”) are privately negotiated contracts between a buyer and seller stipulating that the seller will pay to or receive from the buyer the difference between the nominal value of the underlying instrument at the opening of the contract and that instrument’s value at the end of the contract. The Funds entered into CFDs where the underlying instrument was a specified security. The Fund can take either a short or long position on the underlying instrument. CFDs are marked-to-market daily and change in value is recorded by a Fund as an unrealized gain or loss. A realized gain or loss is recorded at termination of the contract. There is no expiration date to the contract, but a CFD is typically terminated by the buyer. A Fund’s maximum risk of loss from counterparty credit risk for a CFD agreement is the ability for the counterparty to make payments or to otherwise honor its financial obligations under the terms of the contract. If the counterparty is unable to make payments, the value of the contract may be reduced.

FASB ASC Topic 815, “Derivatives and Hedging” and Financial Instruments Eligible for Offset - FASB ASC Topic 815 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 quantitative disclosures in the semi-annual and annual financial statements about fair value, 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, commodity, equity price, interest rate and foreign currency exchange rate risk. The following disclosures include: (1) Objectives and strategies for each Fund’s derivative investments during the year. (2) A summary table (in thousands) of the fair valuations of each Fund’s derivative instruments categorized by risk exposure, which references the location on the Statements of Assets and Liabilities and the realized and unrealized gain or loss on the Statements of Operations for each derivative instrument as of December 31, 2014. Funds which held only one type of derivative during the year are not included in the tables as the location on the Statements of Assets and Liabilities and the realized and unrealized gain loss on the Statements of Operations can be referenced directly on each Fund’s respective statements. (3) A summary table (in thousands) of derivative instruments and certain investments of each Fund, which are subject to master netting agreements or a similar agreement and are eligible for offset in the Statements of Assets and Liabilities as of December 31, 2014. For Funds which held only one type of derivative during the year, amounts eligible for offset are presented gross in the Statements of Assets and Liabilities. Net exposure can be referenced in the assets and liabilities on the Statements of Assets and Liabilities and, if collateral exists, the net exposure is offset by collateral identified in the segregated or pledged collateral table. (4) A table reflecting each Fund’s average monthly derivative volume (in thousands) for the year ended December 31, 2014.

JNL/AllianceBernstein Dynamic Asset Allocation Fund Strategies - The Fund entered into option contracts as a means of risk management and as an efficient means of adjusting overall exposure to certain markets as part of its investment strategy. The Fund entered into futures contracts to obtain exposure to or hedge changes in securities prices and interest rates, to gain exposure to certain markets, to replicate treasury bond positions, as an efficient means of adjusting overall exposure to certain markets as part of its investment strategy, as a substitute for investment in physical securities and as a means of risk management. The Fund entered into forward foreign currency contracts to gain directional exposure to currencies as a part of its overall investment strategy and as a means of risk management. The Fund entered into credit default swap agreements to obtain credit exposure, as a substitute for investment in physical securities and to speculate on changes in credit quality. The Fund entered into total return swap agreements to obtain exposure to or hedge changes in securities prices, as a substitute for investment in physical securities and as an efficient means of adjusting overall exposure to certain markets as a part of its investment strategy.

	Commodity			Credit		Equity			Foreign Exchange			Interest Rate		Total
JNL/AllianceBernstein Dynamic Asset Allocation Fund - Derivative Instruments Categorized by Risk Exposure
Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2014:
Assets:
Variation margin on financial derivative instruments	$	-		$	-	$	5		$	-		$	5	$	10
Forward foreign currency contracts		-			-		-			24			-		24
Unrealized appreciation on OTC swap agreements		-			-		4			-			-		4
	$	-		$	-	$	9		$	24		$	5	$	38
Liabilities:
Variation margin on financial derivative instruments	$	1		$	-	$	-		$	-		$	-	$	1
Forward foreign currency contracts		-			-		-			45			-		45
	$	1		$	-	$	-		$	45		$	-	$	46
The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2014:
Net realized gain (loss) on:
Unaffiliated investments2	$	-		$	-	$	(33	)	$	-		$	-	$	(33	)
Swap agreements		-			38		25			-			-		63
Foreign currency related items		-			-		-			(117	)		-		(117	)
Futures contracts		(162	)		-		114			-			128		80
Written option contracts		-			-		22			-			-		22
	$	(162	)	$	38	$	128		$	(117	)	$	128	$	15
Net change in unrealized appreciation (depreciation) on:
OTC swap agreements	$	-		$	-	$	4		$	-		$	-	$	4
Foreign currency related items		-			-		-			(21	)		-		(21	)
Futures contracts and centrally cleared swap agreements		(7	)		-		81			-			18		92
	$	(7	)	$	-	$	85		$	(21	)	$	18	$	75

JNL Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2014

	Gross Amount Presented in the Statements of Assets and		Financial							Total Collateral7
	Liabilities3		Instruments4			Collateral5		Net Amount6		Cash		Security
JNL/AllianceBernstein Dynamic Asset Allocation Fund - Derivative and Financial Instruments Eligible for Offset
Derivative Assets by Counterparty*
BOA	$	4	$	-		$	-	$	4	$	-	$	-
CIT		9		-			-		9		-		-
JPM		15		(15	)		-		-		-		-
Derivatives eligible for offset	$	28	$	(15	)	$	-	$	13
Derivatives not eligible for offset		10								$	-	$	-
	$	38
Derivative Liabilities by Counterparty*
JPM	$	36	$	(15	)	$	-	$	21	$	-	$	-
RBS		9		-			-		9		-		-
Derivatives eligible for offset	$	45	$	(15	)	$	-	$	30
Derivatives not eligible for offset		1								$	259	$	-
	$	46

	Cost of Options Purchased and Written		Notional Value at Purchase of Futures Contracts		Cost of Forward Foreign Currency Contracts		Notional Amount of Interest Rate Swap Agreements		Notional Amount of Credit Default Swap Agreements		Notional Amount of Total Return Swap Agreements
JNL/AllianceBernstein Dynamic Asset Allocation Fund - Average Derivative Volume1
Average monthly volume	$	11	$	5,873	$	2,892	$	-	$	546	$	144

JNL Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2014

JNL/AQR Managed Futures Strategy Fund Derivative Strategies - The Fund entered into futures contracts to obtain exposure to or hedge changes in securities prices and interest rates, to gain exposure to certain markets, to manage cash flows and to replicate treasury bond positions. The Fund entered into forward foreign currency contracts to gain directional exposure to currencies, to create foreign currency exposure on U.S. dollar cash balances, to minimize foreign currency exposure on investment securities denominated in foreign currencies and as a means of risk management. The Fund entered into total return swap agreements to obtain exposure to or hedge against changes in securities prices and interest rates, as a substitute for investment in physical securities and as an efficient means of adjusting overall exposure to certain markets as part of its investment strategy.

	Commodity			Credit		Equity			Foreign Exchange			Interest Rate		Total
JNL/AQR Managed Futures Strategy Fund - Derivative Instruments Categorized by Risk Exposure
Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2014:
Assets:
Variation margin on financial derivative instruments	$	2,655		$	-	$	185		$	-		$	869	$	3,709
Forward foreign currency contracts		-			-		-			7,682			-		7,682
Unrealized appreciation on OTC swap agreements		2,180			-		591			-			504		3,275
	$	4,835		$	-	$	776		$	7,682		$	1,373	$	14,666
Liabilities:
Variation margin on financial derivative instruments	$	3,276		$	-	$	1,427		$	-		$	6	$	4,709
Forward foreign currency contracts		-			-		-			5,069			-		5,069
Unrealized depreciation on OTC swap agreements		192			-		-			-			122		314
	$	3,468		$	-	$	1,427		$	5,069		$	128	$	10,092
The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2014:
Net realized gain (loss) on:
Swap agreements	$	8,044		$	-	$	(235	)	$	-		$	1,359	$	9,168
Foreign currency related items		-			-		-			14,696			-		14,696
Futures contracts		20,260			-		(2,475	)		-			3,650		21,435
	$	28,304		$	-	$	(2,710	)	$	14,696		$	5,009	$	45,299
Net change in unrealized appreciation (depreciation) on:
OTC swap agreements	$	(420	)	$	-	$	330		$	-		$	714	$	624
Foreign currency related items		-			-		-			(6,762	)		-		(6,762	)
Futures contracts and centrally cleared swap agreements		7,271			-		(6,081	)		-			6,170		7,360
	$	6,851		$	-	$	(5,751	)	$	(6,762	)	$	6,884	$	1,222

	Gross Amount Presented in the Statements of Assets and		Financial								Total Collateral7
	Liabilities3		Instruments4			Collateral5			Net Amount6		Cash		Security
JNL/AQR Managed Futures Strategy Fund - Derivative and Financial Instruments Eligible for Offset
Derivative Assets by Counterparty*
BCL	$	1,372	$	-		$	(230	)	$	1,142	$	230	$	-
BOA		585		(121	)		(464	)		-		810		-
CGM		455		(193	)		-			262		-		-
CSI		7,682		(5,069	)		(2,020	)		593		2,020		-
GSC		385		-			-			385		-		-
MLP		353		-			-			353		-		-
MSC		125		-			-			125		-		-
RBS		-		-			-			-		10		-
Derivatives eligible for offset	$	10,957	$	(5,383	)	$	(2,714	)	$	2,860
Derivatives not eligible for offset		3,709									$	-	$	-
	$	14,666
Derivative Liabilities by Counterparty*
BOA	$	121	$	(121	)	$	-		$	-	$	-	$	-
CGM		193		(193	)		-			-		2,140		-
CSI		5,069		(5,069	)		-			-		-		-
MSC		-		-			-			-		1,820		-
MLP		-		-			-			-		3,980		-
Derivatives eligible for offset	$	5,383	$	(5,383	)	$	-		$	-
Derivatives not eligible for offset		4,709									$	29,187	$	-
	$	10,092

	Cost of Options Purchased and Written		Notional Value at Purchase of Futures Contracts		Cost of Forward Foreign Currency Contracts		Notional Amount of Interest Rate Swap Agreements		Notional Amount of Credit Default Swap Agreements		Notional Amount of Total Return Swap Agreements
JNL/AQR Managed Futures Strategy Fund - Average Derivative Volume1
Average monthly volume	$	-	$	2,184,200	$	2,294,644	$	-	$	-	$	388,422

JNL Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2014

JNL/BlackRock Global Allocation Fund Derivative Strategies - The Fund entered into option contracts to generate income, as a directional investment and as a substitute for investment in physical securities. The Fund entered into futures contracts as a substitute for investment in physical securities, as a means of risk management and for short term cash deployment. The Fund entered into forward foreign currency contracts to hedge foreign currency exposure between trade date and settlement date on investment security purchases and sales, to gain directional exposure to currencies as part of its overall investment strategy and as a means of risk management and hedging. The Fund entered into interest rate swaps as a substitute for investment in physical securities. The Fund entered into credit default swap agreements as a substitute for investment in physical securities and as a means of risk management and hedging. The Fund entered into total return swaps as a substitute for investment in physical securities and for access to certain markets.

	Commodity			Credit			Equity			Foreign Exchange		Interest Rate			Total
JNL/BlackRock Global Allocation Fund - Derivative Instruments Categorized by Risk Exposure
Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2014:
Assets:
Investments – unaffiliated, at value2	$	354		$	-		$	41,168		$	1,473	$	2,556		$	45,551
Variation margin on financial derivative instruments		-			-			845			-		162			1,007
Forward foreign currency contracts		-			-			-			17,580		-			17,580
Unrealized appreciation on OTC swap agreements		-			1,114			714			-		148			1,976
OTC swap premiums paid		-			173			-			-		-			173
	$	354		$	1,287		$	42,727		$	19,053	$	2,866		$	66,287
Liabilities:
Variation margin on financial derivative instruments	$	-		$	3		$	51		$	-	$	18		$	72
Options written, at value		381			-			17,894			-		190			18,465
Forward foreign currency contracts		-			-			-			1,080		-			1,080
	$	381		$	3		$	17,945		$	1,080	$	208		$	19,617
The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2014:
Net realized gain (loss) on:
Unaffiliated investments2	$	(1,081	)	$	-		$	(9,397	)	$	3,113	$	(1,464	)	$	(8,829	)
Swap agreements		-			(148	)		(217	)		-		459			94
Foreign currency related items		-			-			-			39,821		-			39,821
Futures contracts		-			-			(17,586	)		-		-			(17,586	)
Written option contracts		86			-			3,967			39		431			4,523
	$	(995	)	$	(148	)	$	(23,233	)	$	42,973	$	(574	)	$	18,023
Net change in unrealized appreciation (depreciation) on:
Investments2	$	721		$	-		$	(12,120	)	$	1,143	$	(554	)	$	(10,810	)
OTC swap agreements		-			1,114			279			-		510			1,903
Foreign currency related items		-			-			-			12,817		-			12,817
Futures contracts and centrally cleared swap agreements		-			301			1,854			-		937			3,092
Written option contracts		7			-			(3,887	)		-		291			(3,589	)
	$	728		$	1,415		$	(13,874	)	$	13,960	$	1,184		$	3,413

	Gross Amount Presented in the Statements of Assets and		Financial								Total Collateral7
	Liabilities3		Instruments4			Collateral5			Net Amount6		Cash		Security
JNL/BlackRock Global Allocation Fund - Derivative and Financial Instruments Eligible for Offset
Derivative Assets by Counterparty*
BBH	$	20	$	(17	)	$	-		$	3	$	-	$	-
BBP		5,329		(1,349	)		(523	)		3,457		-		-
BCL		-		-			-			-		-		2,385
BNP		3,957		(300	)		(750	)		2,907		750		-
BOA		5,819		(1,973	)		(3,700	)		146		3,700		-
CGM		2,802		(1,729	)		-			1,073		-		-
CIT		7,301		(1,605	)		(5,300	)		396		5,300		-
CSI		4,977		(311	)		(899	)		3,767		-		899
DUB		10,486		(1,220	)		(5,600	)		3,666		5,600		-
GSI		10,210		(2,779	)		(6,400	)		1,031		6,400		-
HSB		1,644		(106	)		-			1,538		-		-
JPM		4,234		(661	)		(1,180	)		2,393		1,180		-
MSC		5,628		(1,512	)		(2,169	)		1,947		2,169		-
UBS		2,652		(865	)		-			1,787		-		-
Derivatives eligible for offset	$	65,059	$	(14,427	)	$	(26,521	)	$	24,111
Derivatives not eligible for offset		1,228									$	-	$	-
	$	66,287

JNL Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2014

	Gross Amount Presented in the Statements of Assets and		Financial							Total Collateral7
	Liabilities3		Instruments4			Collateral5		Net Amount6		Cash		Security
JNL/BlackRock Global Allocation Fund - Derivative and Financial Instruments Eligible for Offset (continued)
Derivative Liabilities by Counterparty*
BBH	$	17	$	(17	)	$	-	$	-	$	-	$	-
BBP		1,349		(1,349	)		-		-		-		-
BCL		1,463		-			-		1,463		-		-
BNP		300		(300	)		-		-		-		-
BOA		1,973		(1,973	)		-		-		-		-
CGM		1,729		(1,729	)		-		-		-		-
CIT		1,605		(1,605	)		-		-		-		-
CSI		311		(311	)		-		-		-		-
DUB		1,220		(1,220	)		-		-		-		-
GSC		3,158		-			-		3,158		-		-
GSI		2,779		(2,779	)		-		-		-		-
HSB		106		(106	)		-		-		-		-
JPM		661		(661	)		-		-		-		-
MSC		1,512		(1,512	)		-		-		-		500
UBS		865		(865	)		-		-		-		-
Derivatives eligible for offset	$	19,048	$	(14,427	)	$	-	$	4,621
Derivatives not eligible for offset		569								$	6,984	$	-
	$	19,617

	Cost of Options Purchased and Written		Notional Value at Purchase of Futures Contracts		Cost of Forward Foreign Currency Contracts		Notional Amount of Interest Rate Swap Agreements		Notional Amount of Credit Default Swap Agreements		Notional Amount of Total Return Swap Agreements
JNL/BlackRock Global Allocation Fund - Average Derivative Volume1
Average monthly volume	$	44,433	$	199,933	$	426,342	$	248,104	$	14,757	$	9,945

JNL Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2014

JNL/Boston Partners Global Long Short Equity Fund - The Fund entered into options contracts to obtain exposure to or hedge changes in security prices and to generate income. The Fund entered into contracts for differences to obtain exposure to or hedge changes in security prices, to gain short exposure and as a substitute for investment in physical securities.

	Credit		Equity			Foreign Exchange		Interest Rate		Total
JNL/Boston Partners Global Long Short Equity Fund - Derivative Instruments Categorized by Risk Exposure
Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2014:
Assets:
Unrealized appreciation on OTC swap agreements	$	-	$	74		$	-	$	-	$	74
Liabilities:
Options written, at value	$	-	$	392		$	-	$	-	$	392
Unrealized depreciation on OTC swap agreements		-		1,357			-		-		1,357
	$	-	$	1,749		$	-	$	-	$	1,749
The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2014:
Net realized gain (loss) on:
Swap agreements	$	-	$	644		$	-	$	-	$	644
Net change in unrealized appreciation (depreciation) on:
OTC swap agreements	$	-	$	(1,283	)	$	-	$	-	$	(1,283	)
Written option contracts		-		(290	)		-		-		(290	)
	$	-	$	(1,573	)	$	-	$	-	$	(1,573	)

	Gross Amount Presented in the Statements of Assets and Liabilities3		Financial Instruments4			Collateral5			Net Amount6
											Total Collateral7
											Cash		Security
JNL/Boston Partners Global Long Short Equity Fund- Derivative and Financial Instruments Eligible for Offset
Derivative Assets by Counterparty*
GSI	$	74	$	(74	)	$	-		$	-	$	-	$	-
Derivatives eligible for offset	$	74	$	(74	)	$	-		$	-
Derivative Liabilities by Counterparty*
GSI	$	1,357	$	(74	)	$	(1,283	)	$	-	$	1,910	$	-
Derivatives eligible for offset	$	1,357	$	(74	)	$	(1,283	)	$	-
Derivatives not eligible for offset		392									$	-	$	-
	$	1,749

	Cost of Options Purchased and Written		Notional Value at Purchase of Futures Contracts		Cost of Forward Foreign Currency Contracts		Notional Amount of Interest Rate Swap Agreements		Notional Amount of Credit Default Swap Agreements		Notional Amount of Contracts for Differences
JNL/Boston Partners Global Long Short Equity Fund - Average Derivative Volume1
Average monthly volume	$	102	$	-	$	-	$	-	$	-	$	24,132

JNL Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2014

JNL/Franklin Templeton Global Multisector Bond Fund Derivative Strategies - The Fund entered into forward foreign currency contracts to gain directional exposure to currencies as part of its overall investment strategy, to create foreign currency exposure in U.S. dollar cash balances, to minimize foreign currency exposure on investment securities denominated in foreign currencies and as a means of risk management and hedging. The Fund entered into interest rate swap agreements to manage duration, to express views on a country’s interest rates, to hedge against the risk that the value of fixed rate bond investments will decrease/increase as interest rates rise/fall and to obtain interest rate and yield curve exposure.

	Credit		Equity		Foreign Exchange		Interest Rate			Total
JNL/Franklin Templeton Global Multisector Bond Fund - Derivative Instruments Categorized by Risk Exposure
Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2014:
Assets:
Forward foreign currency contracts	$	-	$	-	$	124,852	$	-		$	124,852
Liabilities:
Variation margin on financial derivative instruments	$	-	$	-	$	-	$	89		$	89
Forward foreign currency contracts		-		-		31,240		-			31,240
Unrealized depreciation on OTC swap agreements		-		-		-		15,047			15,047
	$	-	$	-	$	31,240	$	15,136		$	46,376
The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2014:
Net realized gain (loss) on:
Swap agreements	$	-	$	-	$	-	$	(4,526	)	$	(4,526	)
Foreign currency related items		-		-		34,001		-			34,001
	$	-	$	-	$	34,001	$	(4,526	)	$	29,475
Net change in unrealized appreciation (depreciation) on:
OTC swap agreements	$	-	$	-	$	-	$	(14,483	)	$	(14,483	)
Foreign currency related items		-		-		77,816		-			77,816
Futures contracts and centrally cleared swap agreements		-		-		-		(3,080	)		(3,080	)
	$	-	$	-	$	77,816	$	(17,563	)	$	60,253

	Gross Amount Presented in the Statements of Assets and Liabilities3		Financial Instruments4			Collateral5			Net Amount6
											Total Collateral7
											Cash		Security
JNL/Franklin Templeton Global Multisector Bond Fund - Derivative and Financial Instruments Eligible for Offset
Derivative Assets by Counterparty*
BCL	$	22,048	$	(165	)	$	(21,883	)	$	-	$	22,059	$	-
BOA		313		-			-			313		-		-
CIT		8,434		(8,004	)		(430	)		-		930		-
DUB		38,572		(9,006	)		-			29,566		-		-
GSC		17,296		-			-			17,296		-		-
HSB		7,675		(7,675	)		-			-		-		-
JPM		28,841		(21,267	)		(6,814	)		760		-		6,814
SCB		1,572		-			-			1,572		-		-
UBS		101		-			-			101		-		-
Derivatives eligible for offset	$	124,852	$	(46,117	)	$	(29,127	)	$	49,608
Derivative Liabilities by Counterparty*
BCL	$	165	$	(165	)	$	-		$	-	$	-	$	-
CIT		8,004		(8,004	)		-			-		-		-
DUB		9,006		(9,006	)		-			-		-		-
HSB		7,845		(7,675	)		-			170		-		-
JPM		21,267		(21,267	)		-			-		-		-
Derivatives eligible for offset	$	46,287	$	(46,117	)	$	-		$	170
Derivatives not eligible for offset		89									$	5,259	$	-
	$	46,376

	Cost of Options Purchased and Written		Notional Value at Purchase of Futures Contracts		Cost of Forward Foreign Currency Contracts		Notional Amount of Interest Rate Swap Agreements		Notional Amount of Credit Default Swap Agreements		Notional Amount of Total Return Swap Agreements
JNL/Franklin Templeton Global Multisector Bond Fund - Average Derivative Volume1
Average monthly volume	$	-	$	-	$	1,609,261	$	172,304	$	-	$	-

JNL Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2014

JNL/Franklin Templeton Mutual Shares Fund Derivative Strategies - The Fund entered into option contracts to obtain exposure to or hedge changes in securities prices and as an efficient means of adjusting overall exposure to certain markets as part of its overall investment strategy. The Fund entered into forward foreign currency contracts to minimize foreign currency exposure on investment securities denominated in foreign currencies and as part of its overall investment strategy.

	Credit		Equity		Foreign Exchange			Interest Rate		Total
JNL/Franklin Templeton Mutual Shares Fund - Derivative Instruments Categorized by Risk Exposure
Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2014:
Assets:
Forward foreign currency contracts	$	-	$	-	$	9,324		$	-	$	9,324
Liabilities:
Forward foreign currency contracts	$	-	$	-	$	814		$	-	$	814
The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2014:
Net realized gain (loss) on:
Foreign currency related items	$	-	$	-	$	(5,529	)	$	-	$	(5,529	)
Net change in unrealized appreciation (depreciation) on:
Investments2	$	-	$	92	$	-		$	-	$	92
Foreign currency related items		-		-		16,844			-		16,844
		-		92		16,844			-		16,936

	Gross Amount Presented in the Statements of Assets and		Financial					Net		Total Collateral7
	Liabilities3		Instruments4			Collateral5		Amount6		Cash		Security
JNL/Franklin Templeton Mutual Shares Fund - Derivative and Financial Instruments Eligible for Offset
Derivative Assets by Counterparty*
BCL	$	4	$	(4	)	$	-	$	-	$	-	$	-
BOA		3,759		(144	)		-		3,615		-		-
CSI		2,581		(142	)		-		2,439		-		-
DUB		349		(158	)		-		191		-		-
HSB		506		(110	)		-		396		-		-
MLP		5		(3	)		-		2		-		-
SSB		2,120		(227	)		-		1,893		-		-
Derivatives eligible for offset	$	9,324	$	(788	)	$	-	$	8,536
Derivative Liabilities by Counterparty*
BCL	$	30	$	(4	)	$	-	$	26	$	-	$	-
BOA		144		(144	)		-		-		-		-
CSI		142		(142	)		-		-		-		-
DUB		158		(158	)		-		-		-		-
HSB		110		(110	)		-		-		-		-
MLP		3		(3	)		-		-		-		-
SSB		227		(227	)		-		-		-		-
Derivatives eligible for offset	$	814	$	(788	)	$	-	$	26

	Cost of Options Purchased and Written		Notional Value at Purchase of Futures Contracts		Cost of Forward Foreign Currency Contracts		Notional Amount of Interest Rate Swap Agreements		Notional Amount of Credit Default Swap Agreements		Notional Amount of Total Return Swap Agreements
JNL/Franklin Templeton Mutual Shares Fund - Average Derivative Volume1
Average monthly volume	$	823	$	-	$	193,749	$	-	$	-	$	-

JNL Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2014

JNL/Goldman Sachs Core Plus Bond Fund Derivative Strategies - The Fund entered into futures contracts to obtain exposure to or hedge changes in interest rates and as an efficient means of adjusting overall exposure to certain markets as part of its investment strategy. The Fund entered into forward foreign currency contracts to minimize foreign currency exposure on investment securities denominated in foreign currencies. The Fund entered into interest rate swap agreements to manage duration and to hedge against the risk that the value of fixed rate bond investments will decrease/increase as interest rates rise/fall. The Fund entered into credit default swap agreements to provide a measure of protection against defaults of issuers and to obtain credit exposure.

	Credit			Equity		Foreign Exchange		Interest Rate			Total
JNL/Goldman Sachs Core Plus Bond Fund - Derivative Instruments Categorized by Risk Exposure
Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2014:
Assets:
Variation margin on financial derivative instruments	$	3		$	-	$	-	$	290		$	293
Forward foreign currency contracts		-			-		4,042		-			4,042
Unrealized appreciation on OTC swap agreements		6			-		-		243			249
OTC swap premiums paid		1			-		-		-			1
	$	10		$	-	$	4,042	$	533		$	4,585
Liabilities:
Variation margin on financial derivative instruments	$	-		$	-	$	-	$	616		$	616
Forward foreign currency contracts		-			-		2,083		-			2,083
Unrealized depreciation on OTC swap agreements		135			-		-		1,307			1,442
OTC swap premiums received		80			-		-		-			80
	$	215		$	-	$	2,083	$	1,923		$	4,221
The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2014:
Net realized gain (loss) on:
Swap agreements	$	1,516		$	-	$	-	$	(9,482	)	$	(7,966	)
Foreign currency related items		-			-		7,075		-			7,075
Futures contracts		-			-		-		1,230			1,230
	$	1,516		$	-	$	7,075	$	(8,252	)	$	339
Net change in unrealized appreciation (depreciation) on:
OTC swap agreements	$	(1,459	)	$	-	$	-	$	(808	)	$	(2,267	)
Foreign currency related items		-			-		1,387		-			1,387
Futures contracts and centrally cleared swap agreements		(95	)		-		-		(4,512	)		(4,607	)
	$	(1,554	)	$	-	$	1,387	$	(5,320	)	$	(5,487	)

	Gross Amount Presented in the Statements of Assets and Liabilities3		Financial Instruments4			Collateral5			Net Amount6
											Total Collateral7
											Cash		Security
JNL/Goldman Sachs Core Plus Bond Fund - Derivative and Financial Instruments Eligible for Offset
Derivative Assets by Counterparty*
BCL	$	241	$	(151	)	$	-		$	90	$	-	$	-
BNP		173		(173	)		-			-		-		-
BOA		283		(175	)		(108	)		-		-		777
CIT		473		(473	)		-			-		-		-
CSI		21		(21	)		-			-		-		-
DUB		251		(241	)		-			10		-		-
HSB		126		(32	)		-			94		-		-
JPM		1,053		(493	)		-			560		-		-
MSC		201		(164	)		-			37		-		-
RBC		170		(131	)		-			39		-		-
RBS		282		(265	)		-			17		-		-
SCB		75		(75	)		-			-		-		-
SSB		204		(10	)		-			194		-		-
UBS		396		(125	)		-			271		-		-
WBC		342		(21	)		-			321		-		-
Derivatives eligible for offset	$	4,291	$	(2,550	)	$	(108	)	$	1,633
Derivatives not eligible for offset		294									$	-	$	-
	$	4,585

JNL Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2014

	Gross Amount Presented in the Statements of Assets and Liabilities3		Financial Instruments4			Collateral5			Net Amount6
											Total Collateral7
											Cash		Security
JNL/Goldman Sachs Core Plus Bond Fund - Derivative and Financial Instruments Eligible for Offset (continued)
Derivative Liabilities by Counterparty*
BCL	$	151	$	(151	)	$	-		$	-	$	-	$	-
BNP		233		(173	)		-			60		-		-
BOA		175		(175	)		-			-		-		-
CIT		1,214		(473	)		(646	)		95		646		-
CSI		127		(21	)		-			106		-		-
DUB		241		(241	)		-			-		-		-
HSB		32		(32	)		-			-		-		-
JPM		493		(493	)		-			-		270		-
MLP		51		-			-			51		-		-
MSC		164		(164	)		-			-		-		-
RBC		131		(131	)		-			-		-		-
RBS		265		(265	)		-			-		-		-
SCB		92		(75	)		-			17		-		-
SSB		10		(10	)		-			-		-		-
UBS		125		(125	)		-			-		-		-
WBC		21		(21	)		-			-		-		-
Derivatives eligible for offset	$	3,525	$	(2,550	)	$	(646	)	$	329
Derivatives not eligible for offset		696									$	5,515	$	2,402
	$	4,221

	Cost of Options Purchased and Written		Notional Value at Purchase of Futures Contracts		Cost of Forward Foreign Currency Contracts		Notional Amount of Interest Rate Swap Agreements		Notional Amount of Credit Default Swap Agreements		Notional Amount of Total Return Swap Agreements
JNL/Goldman Sachs Core Plus Bond Fund - Average Derivative Volume1
Average monthly volume	$	-	$	597,524	$	508,722	$	879,765	$	114,171	$	-

JNL Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2014

JNL/Goldman Sachs Emerging Markets Debt Fund Derivative Strategies - The Fund entered into futures contracts to obtain exposure to or hedge changes in interest rates, to replicate treasury bond positions and as a means of risk management and hedging. The Fund entered into forward foreign currency contracts to gain directional exposure to currencies, to minimize foreign currency exposure on investment securities denominated in foreign currencies, as a means of risk management and hedging and as part of its overall investment strategy. The Fund entered into interest rate swap agreements to manage duration, to execute yield curve, swap spread and sovereign relative value trades, to express views on a country’s interest rates, to hedge against the risk that the value of fixed rate bond investments will decrease/increase as interest rates rise/fall, to obtain interest rate and yield curve exposure and as a substitute for investment in physical securities. The Fund entered into cross-currency swap agreements to gain directional exposure to currencies and to express views on a country’s interest rates. The Fund entered into credit default swap agreements to obtain credit exposure. The Fund entered into non-deliverable bond forward contracts as a substitute for investment in physical securities.

	Credit			Equity		Foreign Exchange			Interest Rate			Total
JNL/Goldman Sachs Emerging Markets Debt Fund - Derivative Instruments Categorized by Risk Exposure
Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2014:
Assets:
Variation margin on financial derivative instruments	$	-		$	-	$	-		$	68		$	68
Forward foreign currency contracts		-			-		8,248			-			8,248
Unrealized appreciation on OTC swap agreements		82			-		1,001			2,680			3,763
	$	82		$	-	$	9,249		$	2,748		$	12,079
Liabilities:
Variation margin on financial derivative instruments	$	-		$	-	$	-		$	207		$	207
Forward foreign currency contracts		-			-		9,038			-			9,038
Unrealized depreciation on OTC swap agreements		305			-		1,040			6,434			7,779
OTC swap premiums received		830			-		-			-			830
	$	1,135		$	-	$	10,078		$	6,641		$	17,854
The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2014:
Net realized gain (loss) on:
Swap agreements	$	(139	)	$	-	$	1,003		$	(9,149	)	$	(8,285	)
Foreign currency related items		-			-		(1,454	)		-			(1,454	)
Futures contracts		-			-		-			(7,735	)		(7,735	)
	$	(139	)	$	-	$	(451	)	$	(16,884	)	$	(17,474	)
Net change in unrealized appreciation (depreciation) on:
OTC swap agreements	$	(223	)	$	-	$	(39	)	$	(75	)	$	(337	)
Foreign currency related items		-			-		(310	)		-			(310	)
Futures contracts and centrally cleared swap agreements		-			-		-			(782	)		(782	)
	$	(223	)	$	-	$	(349	)	$	(857	)	$	(1,429	)

	Gross Amount Presented in the Statements of Assets and Liabilities3		Financial Instruments4			Collateral5			Net Amount6
											Total Collateral7
											Cash		Security
Derivative Assets by Counterparty*
BBP	$	384	$	(384	)	$	-		$	-	$	-	$	-
BCL		242		(242	)		-			-		-		-
BNP		96		(96	)		-			-		-		-
BOA		547		(547	)		-			-		-		-
CGM		687		(384	)		-			303		-		-
CIT		1,287		(859	)		(428	)		-		520		-
CSI		708		(708	)		-			-		-		-
DUB		3,053		(3,053	)		-			-		-		-
HSB		844		(844	)		-			-		-		-
JPM		2,036		(2,036	)		-			-		-		-
MSC		874		(874	)		-			-		-		-
RBC		265		(265	)		-			-		-		-
RBS		11		(11	)		-			-		-		-
SCB		275		(275	)		-			-		-		-
SSB		148		-			-			148		-		-
UBS		-		-			-			-		-		-
WBC		554		-			-			554		-		-
Derivatives eligible for offset	$	12,011	$	(10,578	)	$	(428	)	$	1,005
Derivatives not eligible for offset		68									$	-	$	-
	$	12,079

JNL Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2014

	Gross Amount Presented in the Statements of Assets and Liabilities 3		Financial Instruments 4			Collateral 5			Net Amount 6
											Total Collateral 7
											Cash		Security
JNL/Goldman Sachs Emerging Markets Debt Fund - Derivative and Financial Instruments Eligible for Offset (continued)
Derivative Liabilities by Counterparty*
BBP	$	558	$	(384	)	$	-		$	174	$	-	$	-
BCL		685		(242	)		(301	)		142		301		-
BNP		328		(96	)		-			232		-		-
BOA		1,083		(547	)		(536	)		-		-		557
CGM		384		(384	)		-			-		-		-
CIT		859		(859	)		-			-		-		-
CSI		730		(708	)		(22	)		-		-		310
DUB		5,071		(3,053	)		(1,730	)		288		1,730		-
HSB		1,176		(844	)		-			332		-		-
JPM		2,110		(2,036	)		(74	)		-		930		-
MLP		319		-			-			319		-		-
MSC		1,664		(874	)		(310	)		480		310		-
RBC		395		(265	)		-			130		-		-
RBS		196		(11	)		-			185		-		-
SCB		1,259		(275	)		-			984		-		-
Derivatives eligible for offset	$	16,817	$	(10,578	)	$	(2,973	)	$	3,266
Derivatives not eligible for offset		1,037									$	2,676	$	259
	$	17,854

	Cost of Options Purchased and Written		Notional Value at Purchase of Futures Contracts		Cost of Forward Foreign Currency Contracts		Notional Amount of Interest Rate Swap Agreements		Notional Amount of Credit Default Swap Agreements		Notional Amount of Cross Currency Swap Agreements		Notional Amount of Non - Deliverable Bond Forward Contracts
JNL/Goldman Sachs Emerging Markets Debt Fund - Average Derivative Volume1
Average monthly volume	$	-	$	496,330	$	915,399	$	401,042	$	19,352		41,197	$	870

JNL Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2014

JNL/Ivy Asset Strategy Fund Derivative Strategies - The Fund entered into option contracts to obtain exposure to or hedge changes in securities prices, to generate income, as a directional investment, as a substitute for investment in physical securities, as a means of risk management and hedging, as an efficient means of adjusting overall exposure to certain markets and as part of its overall investment strategy. The Fund entered into futures contracts to obtain exposure to or hedge changes in securities prices, as an efficient means of adjusting overall exposure to certain markets as part of its investment strategy, as a substitute for investment in physical securities, as a means of short-term cash deployment and as a means of risk management and hedging. The Fund entered into forward foreign currency contracts to minimize foreign currency exposure on investment securities denominated in foreign currencies and as a means of risk management and hedging.

	Commodity			Equity			Foreign Exchange			Interest Rate		Total
JNL/Ivy Asset Strategy Fund - Derivative Instruments Categorized by Risk Exposure
Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2014:
Assets:
Investments – unaffiliated, at value2	$	-		$	1,487		$	-		$	-	$	1,487
Forward foreign currency contracts		-			-			549			-		549
	$	-		$	1,487		$	549		$	-	$	2,036
Liabilities:
Options written, at value	$	-		$	922		$	-		$	-	$	922
Forward foreign currency contracts		-			-			100			-		100
	$	-		$	922		$	100		$	-	$	1,022
The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2014:
Net realized gain (loss) on:
Unaffiliated investments2	$	-		$	(6,184	)	$	-		$	-	$	(6,184	)
Foreign currency related items		-			-			1,166			-		1,166
Futures contracts		(16,405	)		(28	)		-			-		(16,433	)
Written option contracts		-			7,479			-			-		7,479
	$	(16,405	)	$	1,267		$	1,166		$	-	$	(13,972	)
Net change in unrealized appreciation (depreciation) on:
Investments2	$	-		$	(2,098	)	$	-		$	-	$	(2,098	)
Foreign currency related items		-			-			(14,264	)		-		(14,264	)
Futures contracts and centrally cleared swap agreements		(7,207	)		-			-			-		(7,207	)
Written option contracts		-			991			-			-		991
	$	(7,207	)	$	(1,107	)	$	(14,264	)	$	-	$	(22,578	)

	Gross Amount Presented in the Statements of Assets and		Financial								Total Collateral7
	Liabilities3		Instruments4			Collateral5			Net Amount6		Cash		Security
JNL/Ivy Asset Strategy Fund - Derivative and Financial Instruments Eligible for Offset
Derivative Assets by Counterparty*
BOA	$	60	$	(60	)	$	-		$	-	$	-	$	-
DUB		768		(156	)		(612	)		-		660		-
JPM		876		(443	)		(433	)		-		-		663
SGB		332		(332	)		-			-		-		-
Derivatives eligible for offset	$	2,036	$	(991	)	$	(1,045	)	$	-
Derivative Liabilities by Counterparty*
BOA	$	71	$	(60	)	$	-		$	11	$	-	$	-
DUB		156		(156	)		-			-		-		-
JPM		443		(443	)		-			-		-		-
SGB		352		(332	)		-			20		-		-
Derivatives eligible for offset	$	1,022	$	(991	)	$	-		$	31

	Cost of Options Purchased and Written		Notional Value at Purchase of Futures Contracts		Cost of Forward Foreign Currency Contracts		Notional Amount of Interest Rate Swap Agreements		Notional Amount of Credit Default Swap Agreements		Notional Amount of Total Return Swap Agreements
JNL/Ivy Asset Strategy Fund - Average Derivative Volume1
Average monthly volume	$	9,720	$	34,926	$	214,930	$	-	$	-	$	-

JNL Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2014

JNL/JPMorgan International Value Fund Derivative Strategies - The Fund entered into futures contracts to gain exposure to certain markets and for efficient management of cash flows. The Fund entered into forward foreign currency contracts to minimize foreign currency exposure on investment securities denominated in foreign currencies, to reduce currency deviations from the benchmark and as a means of risk management.

	Credit		Equity		Foreign Exchange			Interest Rate		Total
JNL/JPMorgan International Value Fund - Derivative Instruments Categorized by Risk Exposure
Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2014:
Assets:
Forward foreign currency contracts†	$	-	$	-	$	2,608		$	-	$	2,608
Liabilities:
Forward foreign currency contracts†	$	-	$	-	$	3,101		$	-	$	3,101
The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2014:
Net realized gain (loss) on:
Foreign currency related items	$	-	$	-	$	4,555		$	-	$	4,555
Futures contracts		-		81		-			-		81
	$	-	$	81	$	4,555		$	-	$	4,636
Net change in unrealized appreciation (depreciation) on:
Foreign currency related items	$	-	$	-	$	(94	)	$	-	$	(94	)

^†  The JNL/JPMorgan International Value Fund’s forward foreign currency contracts are not subject to an enforceable master netting agreement. These amounts are presented gross on the Fund’s Statement of Assets and Liabilities.

	Cost of Options Purchased and Written		Notional Value at Purchase of Futures Contracts		Cost of Forward Foreign Currency Contracts		Notional Amount of Interest Rate Swap Agreements		Notional Amount of Credit Default Swap Agreements		Notional Amount of Total Return Swap Agreements
JNL/JPMorgan International Value Fund - Average Derivative Volume1
Average monthly volume	$	-	$	8,638	$	252,719	$	-	$	-	$	-

JNL Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2014

JNL/Mellon Capital International Index Fund Derivative Strategies - The Fund entered into futures contracts to hedge accrued dividends, to manage cash flows and as a substitute for investment in physical securities. The Fund entered into forward foreign currency contracts to create foreign currency exposure on U.S. dollar cash balances.

	Credit		Equity		Foreign Exchange			Interest Rate		Total
JNL/Mellon Capital International Index Fund - Derivative Instruments Categorized by Risk Exposure
Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2014:
Assets:
Variation margin on financial derivative instruments	$	-	$	89	$	-		$	-	$	89
Forward foreign currency contracts†		-		-		16			-		16
	$	-	$	89	$	16		$	-	$	105
Liabilities:
Forward foreign currency contracts†	$	-	$	-	$	770		$	-	$	770
The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2014:
Net realized gain (loss) on:
Foreign currency related items	$	-	$	-	$	(4,274	)	$	-	$	(4,274	)
Futures contracts		-		432					-		432
	$	-	$	432	$	(4,274	)	$	-	$	(3,842	)
Net change in unrealized appreciation (depreciation) on:
Foreign currency related items	$	-	$	-	$	(577	)	$	-	$	(577	)
Futures contracts and centrally cleared swap agreements		-		40		-			-		40
	$	-	$	40	$	(577	)	$	-	$	(537	)

^†  The JNL/Mellon Capital International Index Fund’s forward foreign currency contracts are not subject to an enforceable master netting agreement. These amounts are presented gross on the Fund’s Statement of Assets and Liabilities.

	Cost of Options Purchased and Written		Notional Value at Purchase of Futures Contracts		Cost of Forward Foreign Currency Contracts		Notional Amount of Interest Rate Swap Agreements		Notional Amount of Credit Default Swap Agreements		Notional Amount of Total Return Swap Agreements
JNL/Mellon Capital International Index Fund - Average Derivative Volume1
Average monthly volume	$	-	$	42,438	$	111,221	$	-	$	-	$	-

JNL Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2014

JNL/Mellon Capital Global Alpha Fund Derivative Strategies - The Fund entered into option contracts as an efficient means of adjusting overall exposure to certain markets as part of its investment strategy. The Fund entered into futures contracts as an efficient means of adjusting overall exposure to certain markets as part of its investment strategy. The Fund entered into forward foreign currency contracts to gain directional exposure to currencies and to create foreign currency exposure in U.S. dollar cash balances.

	Credit		Equity			Foreign Exchange			Interest Rate			Total
JNL/Mellon Capital Global Alpha Fund - Derivative Instruments Categorized by Risk Exposure
Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2014:
Assets:
Investments – unaffiliated, at value2	$	-	$	-		$	-		$	2,883		$	2,883
Variation margin on financial derivative instruments		-		168			-			18			186
Forward foreign currency contracts†		-		-			930			-			930
	$	-	$	168		$	930		$	2,901		$	3,999
Liabilities:
Variation margin on financial derivative instruments	$	-	$	26		$	-		$	23		$	49
Forward foreign currency contracts†		-		-			497			-			497
	$	-	$	26		$	497		$	23		$	546
The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2014:
Net realized gain (loss) on:
Unaffiliated investments2	$	-	$	-		$	-		$	(3,131	)	$	(3,131	)
Foreign currency related items		-		-			(1,058	)		-			(1,058	)
Futures contracts		-		(944	)		-			814			(130	)
	$	-	$	(944	)	$	(1,058	)	$	(2,317	)	$	(4,319	)
Net change in unrealized appreciation (depreciation) on:
Investments2	$	-	$	-		$	-		$	558		$	558
Foreign currency related items		-		-			(22	)		-			(22	)
Futures contracts and centrally cleared swap agreements		-		(2,583	)		-			(2,805	)		(5,388	)
	$	-	$	(2,583	)	$	(22	)	$	(2,247	)	$	(4,852	)

^†  The JNL/Mellon Capital Global Alpha Fund’s forward foreign currency contracts are not subject to an enforceable master netting agreement. These amounts are presented gross on the Fund’s Statement of Assets and Liabilities.

	Cost of Options Purchased and Written		Notional Value at Purchase of Futures Contracts		Cost of Forward Foreign Currency Contracts		Notional Amount of Interest Rate Swap Agreements		Notional Amount of Credit Default Swap Agreements		Notional Amount of Total Return Swap Agreements
JNL/Mellon Capital Global Alpha Fund - Average Derivative Volume1
Average monthly volume	$	3,440	$	174,469	$	424,199	$	-	$	-	$	-

JNL Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2014

JNL/Neuberger Berman Strategic Income Fund Derivative Strategies - The Fund entered into futures contracts to obtain exposure to or hedge changes in interest rates and foreign currency rates. The Fund entered into credit default swaps to obtain credit exposure and as a substitute for investment in physical securities.

	Credit			Equity		Foreign Exchange		Interest Rate			Total
JNL/Neuberger Berman Strategic Income Fund - Derivative Instruments Categorized by Risk Exposure
Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2014:
Assets:
Variation margin on financial derivative instruments9	$	18		$	-	$	173	$	55		$	246
Liabilities:
Variation margin on financial derivative instruments9	$	-		$	-	$	9	$	315		$	324
The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2014:
Net realized gain (loss) on:
Swap agreements	$	914		$	-	$	-	$	-		$	914
Futures contracts		-			-		2,645		(6,933	)		(4,288	)
	$	914		$	-	$	2,645	$	(6,933	)	$	(3,374	)
Net change in unrealized appreciation (depreciation) on:
OTC swap agreements	$	(532	)	$	-	$	-	$	-		$	(532	)
Futures contracts and centrally cleared swap agreements		126			-		991		(4,777	)		(3,660	)
	$	(406	)	$	-	$	991	$	(4,777	)	$	(4,192	)

	Cost of Options Purchased and Written		Notional Value at Purchase of Futures Contracts		Cost of Forward Foreign Currency Contracts		Notional Amount of Interest Rate Swap Agreements		Notional Amount of Credit Default Swap Agreements		Notional Amount of Total Return Swap Agreements
JNL/Neuberger Berman Strategic Income Fund - Average Derivative Volume1
Average monthly volume	$	-	$	314,024	$	-	$	-	$	11,031	$	-

JNL Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2014

JNL/PIMCO Real Return Fund Derivative Strategies - The Fund entered into option contracts to obtain exposure to or hedge changes in interest rates, foreign currencies and inflation and as a substitute for investment in physical securities. The Fund entered into futures contracts to obtain exposure to or hedge changes in interest rates. The Fund entered into forward foreign currency contracts to minimize foreign currency exposure on investment securities denominated in foreign currencies. The Fund entered into interest rate swap agreements to manage duration, to obtain interest rate and yield curve exposure and as a substitute for investment in physical securities. The Fund entered into credit default swap agreements to obtain credit exposure.

	Credit			Equity		Foreign Exchange			Interest Rate			Total
JNL/PIMCO Real Return Fund - Derivative Instruments Categorized by Risk Exposure
Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2014:
Assets:
Investments – unaffiliated, at value2	$	-		$	-	$	-		$	1,824		$	1,824
Variation margin on financial derivative instruments		8			-		-			67			75
Forward foreign currency contracts		-			-		21,624			-			21,624
Unrealized appreciation on OTC swap agreements		246			-		-			1,899			2,145
OTC swap premiums paid		238			-		-			902			1,140
	$	492		$	-	$	21,624		$	4,692		$	26,808
Liabilities:
Variation margin on financial derivative instruments	$	1		$	-	$	-		$	443		$	444
Options written, at value		41			-		462			2,989			3,492
Forward foreign currency contracts		-			-		9,612			-			9,612
Unrealized depreciation on OTC swap agreements		1,060			-		-			13,914			14,974
OTC swap premiums received		1,467			-		-			382			1,849
	$	2,569		$	-	$	10,074		$	17,728		$	30,371
The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2014:
Net realized gain (loss) on:
Unaffiliated investments2	$	-		$	-	$	-		$	(850	)	$	(850	)
Swap agreements		1,559			-		-			(4,926	)		(3,367	)
Foreign currency related items		-			-		79,309			-			79,309
Futures contracts		-			-		-			(2,360	)		(2,360	)
Written option contracts		308			-		1,164			4,773			6,245
	$	1,867		$	-	$	80,473		$	(3,363	)	$	78,977
Net change in unrealized appreciation (depreciation) on:
Investments2	$	-		$	-	$	-		$	(199	)	$	(199	)
OTC swap agreements		(502	)		-		-			(8,709	)		(9,211	)
Foreign currency related items		-			-		7,031			-			7,031
Futures contracts and centrally cleared swap agreements		19			-		-			(22,503	)		(22,484	)
Written option contracts		43			-		(153	)		(1,579	)		(1,689	)
	$	(440	)	$	-	$	6,878		$	(32,990	)	$	(26,552	)

	Gross Amount Presented in the Statements of Assets and Liabilities3		Financial Instruments4			Collateral5			Net Amount6
											Total Collateral7
											Cash		Security
JNL/PIMCO Real Return Fund - Derivative and Financial Instruments Eligible for Offset
Derivative Assets by Counterparty*
BBP	$	88	$	(88	)	$	-		$	-	$	-	$	-
BCL		309		(309	)		-			-		-		-
BNP		2056		(2,056	)		-			-		-		-
BOA		984		(229	)		(520	)		235		520		-
CIT		6,307		(6,307	)		-			-		-		-
CSI		1,003		(501	)		(300	)		202		300		-
DUB		694		(694	)		-			-		-		-
JPM		1,206		(916	)		-			290		-		-
MSC		10,519		(2,583	)		(7,936	)		-		8,036		-
MSS		1,638		(1,123	)		-			515		-		-
UBS		789		(789	)		-			-		-		-
Derivatives eligible for offset	$	25,593	$	(15,595	)	$	(8,756	)	$	1,242
Derivatives not eligible for offset		1,215									$	-	$	-
	$	26,808

JNL Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2014

	Gross Amount Presented in the Statements of Assets and Liabilities3		Financial Instruments4			Collateral5			Net Amount6
											Total Collateral7
											Cash		Security
JNL/PIMCO Real Return Fund - Derivative and Financial Instruments Eligible for Offset (continued)
Derivative Liabilities by Counterparty*
BBP	$	1,792	$	(88	)	$	-		$	1,704	$	-	$	-
BCL		392		(309	)		-			83		-		-
BNP		3,475		(2,056	)		(1,181	)		238		-		1,181
BOA		229		(229	)		-			-		-		-
CIT		6,313		(6,307	)		(6	)		-		-		916
CSI		501		(501	)		-			-		-		-
DUB		5,839		(694	)		(4,965	)		180		-		4,965
JPM		916		(916	)		-			-		-		395
MSC		2,583		(2,583	)		-			-		-		1,782
MSS		1,123		(1,123	)		-			-		-		-
UBS		4,903		(789	)		(4,010	)		104		-		3,980
Derivatives eligible for offset	$	28,066	$	(15,595	)	$	(10,162	)	$	2,309				-
Derivatives not eligible for offset		2,305									$	1,481	$	9,921
	$	30,371

	Gross Amount Presented in the Statements of Assets and Liabilities8		Financial Instruments4			Collateral5			Net Amount8
											Total Collateral7
											Cash		Security
Master Forward Agreement Transaction Assets by Counterparty*
BCL	$	216,817	$	(216,817	)	$	-		$	-	$	-	$	-
GSC		969,951		(969,172	)		-			779		-		-
MSC		425,305		(425,305	)		-			-		-		-
	$	1,612,073	$	(1,611,294	)	$	-		$	779
Master Forward Agreement Transaction Liabilities by Counterparty*
BCL	$	219,138	$	(216,817	)	$	(1,577	)	$	744	$	-	$	1,577
GSC		969,172		(969,172	)		-			-		-		1,462
MSC		429,683		(425,305	)		(4,378	)		-		-		6,275
	$	1,617,993	$	(1,611,294	)	$	(5,955	)	$	744

	Cost of Options Purchased and Written		Notional Value at Purchase of Futures Contracts		Cost of Forward Foreign Currency Contracts		Notional Amount of Interest Rate Swap Agreements		Notional Amount of Credit Default Swap Agreements		Notional Amount of Total Return Swap Agreements
JNL/PIMCO Real Return Fund - Average Derivative Volume1
Average monthly volume	$	2,673	$	263,416	$	1,080,259	$	718,486	$	84,487	$	-

JNL Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2014

JNL/PIMCO Total Return Bond Fund Derivative Strategies - The Fund entered into option contracts to obtain exposure to or hedge changes in interest rates, foreign currencies and inflation and as a substitute for investment in physical securities. The Fund entered into futures contracts to obtain exposure to or hedge changes in interest rates. The Fund entered into forward foreign currency contracts to minimize foreign currency exposure on investment securities denominated in foreign currencies. The Fund entered into interest rate swap agreements to manage duration, to obtain interest rate and yield curve exposure and as a substitute for investment in physical securities. The Fund entered into credit default swap agreements to obtain credit exposure.

	Credit			Equity		Foreign Exchange		Interest Rate			Total
JNL/PIMCO Total Return Bond Fund - Derivative Instruments Categorized by Risk Exposure
Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2014:
Assets:
Variation margin on financial derivative instruments	$	-		$	-	$	-	$	3,757		$	3,757
Forward foreign currency contracts		-			-		86,425		-			86,425
Unrealized appreciation on OTC swap agreements		1,542			-		-		792			2,334
OTC swap premiums paid		3,684			-		-		1,013			4,697
	$	5,226		$	-	$	86,425	$	5,562		$	97,213
Liabilities:
Variation margin on financial derivative instruments	$	45		$	-	$	-	$	965		$	1,010
Options written, at value		98			-		3,566		1,500			5,164
Forward foreign currency contracts		-			-		30,316		-			30,316
Unrealized depreciation on OTC swap agreements		6,520			-		-		3,113			9,633
OTC swap premiums received		7,413			-		-		522			7,935
	$	14,076		$	-	$	33,882	$	6,100		$	54,058
The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2014:
Net realized gain (loss) on:
Swap agreements	$	4,214		$	-	$	-	$	355		$	4,569
Foreign currency related items		-			-		104,085		-			104,085
Futures contracts		-			-		-		25,147			25,147
Written option contracts		140			-		1,412		12,900			14,452
	$	4,354		$	-	$	105,497	$	38,402		$	148,253
Net change in unrealized appreciation (depreciation) on:
OTC swap agreements	$	(5,420	)	$	-	$	-	$	(2,246	)	$	(7,666	)
Foreign currency related items		-			-		63,610		-			63,610
Futures contracts and centrally cleared swap agreements		461			-		-		(37,944	)		(37,483	)
Written option contracts		88			-		1,269		2,447			3,804
	$	(4,871	)	$	-	$	64,879	$	(37,743	)	$	22,265

	Gross Amount Presented in the Statements of Assets and		Financial								Total Collateral7
	Liabilities3		Instruments4			Collateral5			Net Amount6		Cash		Security
JNL/PIMCO Total Return Bond Fund - Derivative and Financial Instruments Eligible for Offset
Derivative Assets by Counterparty*
BBP	$	139	$	(139	)	$	-		$	-	$	-	$	-
BCL		3,310		(1,437	)		-			1,873		-		-
BNP		7,753		(5,195	)		(2,558	)		-		2,960		-
BOA		13,627		(5,164	)		(7,120	)		1,343		7,120		-
CGM		36		(36	)		-			-		-		-
CIT		9,432		(7,439	)		(1,710	)		283		1,710		-
CSI		4,545		(3,482	)		(1,063	)		-		1,210		-
DUB		9,690		(6,418	)		(3,272	)		-		3,920		-
GSI		19		-			-			19		-		-
JPM		8,904		(4,173	)		(4,731	)		-		4,818		-
MLP		2		-			-			2		-		-
MSC		14,371		(1,649	)		(11,872	)		850		11,872		-
MSS		1		(1	)		-			-		-		-
UBS		16,930		(7,651	)		(9,279	)		-		10,300		-
Derivatives eligible for offset	$	88,759	$	(42,784	)	$	(41,605	)	$	4,370
Derivatives not eligible for offset		8,454									$	-	$	-
	$	97,213

JNL Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2014

	Gross Amount Presented in the Statements of Assets and		Financial							Total Collateral7
	Liabilities3		Instruments4			Collateral5		Net Amount6		Cash		Security
JNL/PIMCO Total Return Bond Fund - Derivative and Financial Instruments Eligible for Offset (continued)
Derivative Liabilities by Counterparty*
BBP	$	2,160	$	(139	)	$	-	$	2,021	$	-	$	-
BCL		1,437		(1,437	)		-		-		-		-
BNP		5,195		(5,195	)		-		-		-		-
BOA		5,164		(5,164	)		-		-		-		-
CGM		86		(36	)		-		50		-		-
CIT		7,439		(7,439	)		-		-		-		-
CSI		3,482		(3,482	)		-		-		-		-
DUB		6,418		(6,418	)		-		-		-		-
JPM		4,173		(4,173	)		-		-		-		-
MSC		1,649		(1,649	)		-		-		-		2,008
MSS		259		(1	)		-		258		-		-
UBS		7,651		(7,651	)		-		-		-		-
Derivatives eligible for offset	$	45,113	$	(42,784	)	$	-	$	2,329
Derivatives not eligible for offset		8,945								$	3,819	$	75,920
	$	54,058

	Gross Amount Presented in the Statements of Assets and		Financial								Total Collateral7
	Liabilities8		Instruments4			Collateral5			Net Amount8		Cash		Security
Master Forward Agreement Transaction Assets by Counterparty*
BNP	$	38,851	$	(38,826	)	$	-		$	25	$	-	$	-
BOA		12,474		(12,458	)		-			16		-		-
CGM		54,402		(54,345	)		(57	)		-		-		286
CSI		359,405		(358,862	)		(350	)		193		350		-
GSC		41,674		(41,670	)		-			4		-		-
JPM		36,465		(36,465	)		-			-		53		-
MSC		29,042		(29,028	)		(14	)		-		66		-
	$	572,313	$	(571,654	)	$	(421	)	$	238
Master Forward Agreement Transaction Liabilities by Counterparty*
BNP	$	38,826	$	(38,826	)	$	-		$	-	$	-	$	-
BOA		12,458		(12,458	)		-			-		-		-
CGM		54,345		(54,345	)		-			-		-		-
CSI		358,862		(358,862	)		-			-		-		-
GSC		41,670		(41,670	)		-			-		-		-
JPM		36,519		(36,465	)		-			54		-		-
MSC		29,028		(29,028	)		-			-		-		-
	$	571,708	$	(571,654	)	$	-		$	54

	Cost of Options Purchased and Written		Notional Value at Purchase of Futures Contracts		Cost of Forward Foreign Currency Contracts		Notional Amount of Interest Rate Swap Agreements		Notional Amount of Credit Default Swap Agreements		Notional Amount of Total Return Swap Agreements
JNL/PIMCO Total Return Bond Fund - Average Derivative Volume1
Average monthly volume	$	4,711	$	6,773,711	$	2,022,176	$	2,246,233	$	329,903	$	-

JNL Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2014

JNL/Scout Unconstrained Bond Fund Derivative Strategies - The Fund entered into futures contracts to obtain exposure to or hedge changes in interest rates. The Fund entered into forward foreign currency contracts to gain directional exposure to currencies as part of its overall investment strategy and to create foreign currency exposure in U.S. dollar cash balances. The Fund entered into credit default swap agreements to obtain credit exposure and as a substitute for investment in physical securities.

	Credit		Equity		Foreign Exchange			Interest Rate			Total
JNL/Scout Unconstrained Bond Fund Derivative Strategies - Derivative Instruments Categorized by Risk Exposure
Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2014:
Assets:
Variation margin on financial derivative instruments9	$	28	$	-	$	-		$	-		$	28
Forward foreign currency contracts†		-		-		4,664			-			4,664
	$	28	$	-	$	4,664		$	-		$	4,692
Liabilities:
Variation margin on financial derivative instruments9	$	-	$	-	$	-		$	577		$	577
Forward foreign currency contracts†		-		-		4,795			-			4,795
	$	-	$	-	$	4,795		$	577		$	5,372
The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2014:
Net realized gain (loss) on:
Swap agreements	$	1,202	$	-	$	-		$	-		$	1,202
Foreign currency related items		-		-		555			-			555
Futures contracts		-		-		-			(15,035	)		(15,035	)
	$	1,202	$	-	$	555		$	(15,035	)	$	(13,278	)
Net change in unrealized appreciation (depreciation) on:
Foreign currency related items	$	-	$	-	$	(131	)	$	-		$	(131	)
Futures contracts and centrally cleared swap agreements		298		-		-			(6,376	)		(6,078	)
	$	298	$	-	$	(131	)	$	(6,376	)	$	(6,209	)

^†  The JNL/Scout Unconstrained Bond Fund’s forward foreign currency contracts are subject to an enforceable master netting agreement with one counterparty. These amounts are presented gross on the Fund’s Statement of Assets and Liabilities.

	Cost of Options Purchased and Written		Notional Value at Purchase of Futures Contracts		Cost of Forward Foreign Currency Contracts		Notional Amount of Interest Rate Swap Agreements		Notional Amount of Credit Default Swap Agreements		Notional Amount of Total Return Swap Agreements
JNL/Scout Unconstrained Bond Fund - Average Derivative Volume1
Average monthly volume	$	-	$	225,614	$	182,143	$	-	$	36,058	$	-

JNL Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2014

JNL/T. Rowe Price Short-Term Bond Fund Derivative Strategies - The Fund entered into futures contracts to obtain exposure to or hedge changes in interest rates. The Fund entered into forward foreign currency contracts to minimize foreign currency exposure on investment securities denominated in foreign currencies.

	Credit		Equity		Foreign Exchange			Interest Rate			Total
JNL/T. Rowe Price Short-Term Bond Fund - Derivative Instruments Categorized by Risk Exposure
Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2014:
Liabilities:
Variation margin on financial derivative instruments	$	-	$	-	$	-		$	5		$	5
Forward foreign currency contracts		-		-		312			-			312
	$	-	$	-	$	312		$	5		$	317
The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2014:
Net realized gain (loss) on:
Foreign currency related items	$	-	$	-	$	30		$	-		$	30
Futures contracts		-		-		-			(1,015	)		(1,015	)
	$	-	$	-	$	30		$	(1,015	)	$	(985	)
Net change in unrealized appreciation (depreciation) on:
Foreign currency related items	$	-	$	-	$	(30	)	$	-		$	(30	)
Futures contracts and centrally cleared swap agreements		-		-		-			(306	)		(306	)
	$	-	$	-	$	(30	)	$	(306	)	$	(336	)

	Gross Amount Presented in the Statements of Assets and		Financial						Total Collateral7
	Liabilities3		Instruments4		Collateral5		Net Amount6		Cash		Security
JNL/T. Rowe Price Short-Term Bond Fund - Derivative and Financial Instruments Eligible for Offset
Derivative Liabilities by Counterparty*
BCL	$	51	$	-	$	-	$	51	$	-	$	-
CIB		261		-		-		261		-		-
GSC		-		-		-		-		-		32
Derivatives eligible for offset	$	312	$	-	$	-	$	312
Derivatives not eligible for offset		5							$	-	$	-
	$	317

	Cost of Options Purchased and Written		Notional Value at Purchase of Futures Contracts		Cost of Forward Foreign Currency Contracts		Notional Amount of Interest Rate Swap Agreements		Notional Amount of Credit Default Swap Agreements		Notional Amount of Total Return Swap Agreements
JNL/T.Rowe Price Short-Term Bond Fund - Average Derivative Volume1
Average monthly volume	$	-	$	25,482	$	8,268	$	-	$	-	$	-

JNL Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2014

JNL/WMC Balanced Fund Derivative Strategies - The Fund entered into futures contracts to obtain exposure to or hedge changes in interest rates, as an efficient means of adjusting overall exposure to certain markets as part of its investment strategy and as a means of risk management and hedging. The Fund entered into credit default swap agreements as a substitute for investment in physical securities.

	Credit			Equity		Foreign Exchange		Interest Rate			Total
JNL/WMC Balanced Fund Derivative Strategies - Derivative Instruments Categorized by Risk Exposure
Fair values of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2014:
Assets:
Variation margin on financial derivative instruments9	$	-		$	-	$	-	$	-		$	-
Liabilities:
Variation margin on financial derivative instruments9	$	-		$	-	$	-	$	90		$	90
The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2014:
Net realized gain (loss) on:
Swap agreements	$	141		$	-	$	-	$	-		$	141
Futures contracts		-			-		-		457			457
	$	141		$	-	$	-	$	457		$	598
Net change in unrealized appreciation (depreciation) on:
OTC swap agreements	$	(117	)	$	-	$	-	$	-		$	(117	)
Futures contracts and centrally cleared swap agreements		-			-		-		(21	)		(21	)
	$	(117	)	$	-	$	-	$	(21	)	$	(138	)

	Cost of Options Purchased and Written		Notional Value at Purchase of Futures Contracts		Cost of Forward Foreign Currency Contracts		Notional Amount of Interest Rate Swap Agreements		Notional Amount of Credit Default Swap Agreements		Notional Amount of Total Return Swap Agreements
JNL/WMC Balanced Fund - Average Derivative Volume1
Average monthly volume	$	-	$	16,940	$	-	$	-	$	1,682	$	-

The financial instruments eligible for offset table is presented for the following Fund, which held forward foreign currency contracts with significant exposure to several counterparties which were eligible for offset with each counterparty.

	Gross Amount Presented in the Statement of Assets and		Financial							Total Collateral7
	Liabilities3		Instruments4			Collateral5		Net Amount6		Cash		Security
JNL/Capital Guardian Global Balanced Fund—Derivative and Financial Instruments Eligible for Offset
Derivative Assets by Counterparty*
BNY	$	168	$	(129	)	$	-	$	39	$	-	$	-
BOA		18		(5	)		-		13		-		-
CIT		32		(32	)		-		-		-		-
CSI		62		(28	)		-		34		-		-
JPM		274		(274	)		-		-		-		-
UBS		165		(123	)		-		42		-		-
Derivatives eligible for offset	$	719	$	(591	)	$	-	$	128
Derivative Liabilities by Counterparty*
BNY	$	129	$	(129	)	$	-	$	-	$	-	$	-
BOA		5		(5	)		-		-		-		-
CIT		107		(32	)		-		75		-		-
CSI		28		(28	)		-		-		-		-
JPM		299		(274	)		-		25		-		-
UBS		123		(123	)		-		-		-		-
Derivatives eligible for offset	$	691	$	(591	)	$	-	$	100

¹ The derivative instruments outstanding as of December 31, 2014, as disclosed in the Notes to Schedules of Investments and the amounts of realized and changes in unrealized gains and losses on derivative instruments during the year ended December 31, 2014, as disclosed in the Statements of Operations, also serve as indicators of the derivative volume for the Funds.

² Purchased options market value is reflected in Investments—unaffiliated, at value. Realized gain (loss) and change in unrealized appreciation (depreciation) on purchased options are reflected in realized gain (loss) on unaffiliated investments and change in unrealized appreciation (depreciation) on investments, respectively, in the Statements of Operations.

³ Amounts eligible for offset are presented gross in the Statements of Assets and Liabilities.

⁴ Financial instruments eligible for offset but not offset in the Statements of Assets and Liabilities.

⁵ Cash and security collateral not offset in the Statements of Assets and Liabilities. For derivative assets and liabilities, amounts do not reflect over-collateralization.

⁶ For assets, net amount represents the amount payable by the counterparty to the Fund in the event of default. For liabilities, net amount represents the amount payable by the Fund to the counterparty in the event of default.

⁷ Cash and security collateral pledged or segregated for derivative investments. For assets, amount reflects collateral received from or segregated by the counterparty. For liabilities, amount reflects collateral pledged or segregated by the Fund. Collateral for derivatives not eligible for offset includes amounts pledged for margin purposes.

JNL Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2014

⁸ Investment liabilities and assets include delayed delivery securities and secured borrowings. Liabilities reflect amounts payable to the counterparty for the cost of the investment, assets reflect the market value of the investments. The net amount reflects net unrealized gain or loss offset by any collateral with the counterparty. The net unrealized gain or loss constitutes the amount which is subject to margin or collateral requirements as required under the Master Forward Agreement.

⁹ All derivative assets or liabilities for this Fund are not eligible for offset, and a Derivative and Financial Instruments Eligible for Offset table is not presented for the asset or liability, as applicable.

* Counterparties are defined on page 234 in the Notes to Schedules of Investments.

The derivative strategy for Funds which held only one type of derivative during the period is as follows: JNL/BlackRock Large Cap Select Growth Fund entered into forward foreign currency contracts to minimize foreign currency exposure on investment securities denominated in foreign currencies. JNL/Capital Guardian Global Balanced Fund entered into forward foreign currency contracts to gain directional exposure to currencies, to minimize foreign currency exposure on investment securities denominated in foreign currencies, as a means of risk management and as part of its overall investment strategy. JNL/DFA U.S. Core Equity Fund entered into futures contracts to manage cash flows. JNL/Invesco Mid Cap Value Fund entered into forward foreign currency contracts to minimize foreign currency exposure on investment securities denominated in foreign currencies. JNL/Mellon Capital Emerging Markets Index Fund entered into futures contracts to hedge accrued dividends, to manage cash flows and as a substitute for investment in physical securities. JNL/Mellon Capital S&P 500 Index Fund entered into futures contracts to hedge accrued dividends, to manage cash flows and as a substitute for investment in physical securities. JNL/Mellon Capital S&P 400 Mid Cap Index Fund entered into futures contracts to hedge accrued dividends, to manage cash flows and as a substitute for investment in physical securities. JNL/Mellon Capital Small Cap Index Fund entered into futures contracts to hedge accrued dividends, to manage cash flows and as a substitute for investment in physical securities. JNL/Morgan Stanley Mid Cap Growth Fund entered into options contracts to obtain exposure to or hedge changes in securities prices. JNL/PPM America Floating Rate Income Fund entered into futures contracts to obtain exposure to or hedge changes in interest rates. JNL/PPM America High Yield Bond Fund entered into futures contracts to obtain exposure to or hedge changes in interest rates. JNL/T. Rowe Price Mid-Cap Growth Fund entered into futures contracts as a substitute for investment in physical securities and as a means of short-term cash deployment.

The derivative instruments outstanding as of December 31, 2014, as disclosed in the Notes to Schedules of Investments and the amounts of realized and changes in unrealized gains and losses on derivative instruments during the year ended December 31, 2014, as disclosed in the Statements of Operations, also serve as indicators of the derivative volume for the Funds. For Funds which held only one type of derivative during the year, the average monthly derivative volume (in thousands) is as follows:

	Notional Value at Purchase of Futures Contracts		Cost of Forward Foreign Currency Contracts		Cost of Options Purchased and Written
JNL/BlackRock Large Cap Select Growth Fund	$	–	$	18,510	$	–
JNL/Capital Guardian Global Balanced Fund		–		56,269		–
JNL/Invesco Mid Cap Value Fund		–		4,006		–
JNL/Mellon Capital Emerging Markets Index Fund		18,451		–		–
JNL/Mellon Capital S&P 500 Index Fund		83,232		–		–
JNL/Mellon Capital S&P 400 Mid Cap Index Fund		39,645		–		–
JNL/Mellon Capital Small Cap Index Fund		32,532		–		–
JNL/Morgan Stanley Mid Cap Growth Fund		–		–		262
JNL/PPM America Floating Rate Income Fund		27,105		–		–
JNL/PPM America High Yield Bond Fund		126,982		–		–
JNL/T.Rowe Price Mid-Cap Growth Fund		1,867		–		–

Pledged or Segregated Collateral - The following table summarizes cash and securities collateral pledged (in thousands) for Funds for which collateral exists but was not presented in a Derivative and Financial Instruments Eligible for Offset table:

					Futures Contracts
	Lending Agent/ Prime Broker		Counterparties		Pledged or Segregated Cash		Pledged or Segregated Securities		Securities Sold Short Segregated Securities		Swap Agreements Pledged or Segregated Cash		Total Pledged or Segregated Cash and Securities
JNL/Boston Partners Global Long Short Equity Fund		GSI		N/A	$	-	$	-	$	161,362	$	-	$	161,362
JNL/Goldman Sachs U.S. Equity Flex Fund		SSC		N/A		-		-		17,260		-		17,260
JNL/Mellon Capital Emerging Markets Index Fund		N/A		GSC		-		740		-		-		740
JNL/Mellon Capital S&P 500 Index Fund		N/A		GSC		-		3,084		-		-		3,084
JNL/Mellon Capital S&P 400 Mid Cap Index Fund		N/A		GSC		-		2,159		-		-		2,159
JNL/Mellon Capital Small Cap Index Fund		N/A		GSC		-		1,000		-		-		1,000
JNL/Mellon Capital International Index Fund		N/A		GSC		-		4,070		-		-		4,070
JNL/Mellon Capital Global Alpha Fund		N/A		GSC		-		2,604		-		-		2,604
JNL/Neuberger Berman Strategic Income Fund		N/A		GSC		4,960		-		-		-		4,960
JNL/PPM America Floating Rate Income Fund		N/A		RBS		181		-		-		-		181
JNL/PPM America High Yield Bond Fund		N/A		RBS		2,055		-		-		-		2,055
JNL/Scout Unconstrained Bond Fund		N/A		GSC		1,976		-		-		4,554		6,530

JNL Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2014

NOTE 7. INVESTMENT RISKS AND REGULATORY MATTERS

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.

Sanctioned Securities Risk - Certain Funds may invest in securities issued by companies located in Russia. The U.S. Government and other governments have placed sanctions on Russia. When sanctions are placed on a country, the Fund may experience limitations on its investments including the inability to dispose of securities in that country, the inability to settle securities transactions in that country and the inability to repatriate currency from that country. Investments in sanctioned countries may be volatile, and the Fund and its pricing agent may have difficulty valuing such sanctioned country securities. Investments in sanctioned countries are subject to a number of risks, including, but not limited to, liquidity risk, foreign securities risk and currency risk.

Currency Risk - Investing directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in financial derivatives that provide exposure to foreign currencies, involves the risk that those currencies will decline in value relative to the base currency of a Fund, or, in the case of hedging positions, that a Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, general economics of a country, actions (or inaction) of U.S. governments or banks, foreign governments, central banks or supranational entities such as the International Monetary Fund, the imposition of currency controls or other political developments in the U.S. or abroad.

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”). Bonds and other debt securities are subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. 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. 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. For certain derivative contracts, the potential loss could exceed the value of the financial assets recorded in the financial statements.

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 a Fund’s direct investments, the Fund is also subject to the underlying risks which affect the private equity companies in which the Fund invests. 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.

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 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.

Master Limited Partnership Risk - Investment in MLPs involves some risks that differ from an investment in the common stock of a corporation. Holders of MLPs have limited control on matters affecting the partnership. Investing in MLPs involves certain risks related to investing in the underlying assets of the MLPs and risks associated with pooled investment vehicles. MLPs holding credit-related investments are subject to interest rate risk and the risk of default on payment obligations by debt issuers. MLPs that concentrate in a particular industry or a particular geographic region are subject to risks associated with such industry or region.

Senior and Junior Loan Risk - When a Fund invests in a loan or participation, the Fund is subject to the risk that an intermediate participant between the Fund and the borrower will fail to meet its obligations to the Fund, in addition to the risk that the borrower under the loan may default on its obligations.

JNL Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2014

Senior and Junior loans typically are of below investment grade quality and have below investment grade credit ratings, which ratings are associated with securities having high risk and speculative characteristics. The Fund is also subject to the risk that the agent bank administering the loan may fail to meet its obligations.

Money Market Fund Reform - In July 2014, the SEC voted to amend the rules under the Act applicable to money market funds which are intended to address perceived systematic risks associated with money market funds and to improve transparency for money market fund investors. Funds which do not meet the definitions of a retail money market fund or government money market fund will be required to have a floating NAV. The rules also contemplate the implementation of liquidity fees and redemption gates for non-government money market funds in times of market stress. The SEC also adopted additional diversification, stress-testing and disclosure measures. Additionally, the Financial Stability Oversight Council (“FSOC”), a board of U.S. regulators established by the Dodd-Frank Act, had proposed certain recommendations for money market fund reform. There can be no assurance that there will not be future FSOC action relating to money market funds. The amendments have staggered compliance dates with a majority of these amendments being required on October 14, 2016, two years after the effective date for the rule amendments. The degree to which a money market fund will be impacted by the rule amendments will depend upon the type of fund and type of investors. At this time, management is evaluating the implications of these amendments and their impact to the Fund’s operations and financial statements.

NOTE 8. INVESTMENT ADVISORY FEES AND TRANSACTIONS WITH AFFILIATES

Advisory and Administrative Fees - The Trust has an investment advisory and management 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.

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. 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.

The following schedule indicates the range of the advisory fee at various net assets levels and the administrative fee each Fund is currently obligated to pay JNAM. For the advisory fee ranges presented, refer to the Trust’s Prospectus for the specific percentage of average daily net assets and break points for each Fund.

	Advisory Fee (m-millions)			Administrative
	$0m to $100m	$100m to $500m	Over $500m	Fee
JNL/AllianceBernstein Dynamic Asset Allocation Fund	0.75%	0.75%	0.75 - 0.70%	0.15%
JNL/AQR Managed Futures Strategy Fund	0.95	0.95	0.90 - 0.85	0.20
JNL/BlackRock Commodity Securities Strategy Fund	0.70	0.70 - 0.60	0.60	0.15
JNL/BlackRock Global Allocation Fund	0.75	0.75	0.75 - 0.70	0.15
JNL/BlackRock Large Cap Select Growth Fund	0.70	0.70 - 0.65	0.60 - 0.55	0.10
JNL/Boston Partners Global Long Short Equity Fund	1.20	1.20	1.20 - 1.15	0.15
JNL/Brookfield Global Infrastructure and MLP Fund	0.80	0.80	0.80 - 0.75	0.15
JNL/Capital Guardian Global Balanced Fund	0.65	0.65	0.60	0.15
JNL/Capital Guardian Global Diversified Research Fund	0.75	0.75 - 0.70	0.65 - 0.60	0.15
JNL/DFA U.S. Core Equity Fund	0.65	0.60 - 0.55	0.55	0.10
JNL/Eagle SmallCap Equity Fund	0.75	0.70	0.65	0.10
JNL/Eastspring Investments Asia ex-Japan Fund	0.90	0.90	0.85	0.15
JNL/Eastspring Investments China-India Fund	0.90	0.90	0.85	0.20
JNL/Franklin Templeton Global Growth Fund	0.75	0.75 - 0.65	0.60	0.15
JNL/Franklin Templeton Global Multisector Bond Fund	0.75	0.75	0.75 - 0.65	0.15
JNL/Franklin Templeton Income Fund	0.80	0.75 - 0.65	0.60	0.10
JNL/Franklin Templeton International Small Cap Growth Fund	0.95	0.95	0.90	0.15
JNL/Franklin Templeton Mutual Shares Fund	0.75	0.75	0.70	0.10
JNL/Franklin Templeton Small Cap Value Fund	0.85	0.85 - 0.77	0.75	0.10
JNL/Goldman Sachs Core Plus Bond Fund	0.60	0.60	0.55 - 0.50	0.10
JNL/Goldman Sachs Emerging Markets Debt Fund	0.75	0.75 - 0.70	0.70 - 0.675	0.15
JNL/Goldman Sachs Mid Cap Value Fund	0.75	0.70	0.70	0.10
JNL/Goldman Sacks U.S. Equity Flex Fund	0.80	0.80 - 0.75	0.80 - 0.75	0.15
JNL/Invesco Global Real Estate Fund	0.75 - 0.70	0.70	0.70	0.15
JNL/Invesco International Growth Fund	0.70	0.70 - 0.65	0.60	0.15
JNL/Invesco Large Cap Growth Fund	0.70	0.70 - 0.65	0.65	0.10
JNL/Invesco Mid Cap Value Fund	0.75 - 0.70	0.70 - 0.65	0.65	0.10
JNL/Invesco Small Cap Growth Fund	0.85	0.85 - 0.80	0.80	0.10
JNL/Ivy Asset Strategy Fund	0.90	0.90	0.85 - 0.75	0.15
JNL/JPMorgan International Value Fund	0.70	0.70 - 0.65	0.60	0.15
JNL/JPMorgan MidCap Growth Fund	0.70	0.70 - 0.65	0.65 - 0.55	0.10
JNL/JPMorgan U.S. Government & Quality Bond Fund	0.50	0.50 - 0.40	0.35	0.10
JNL/Lazard Emerging Markets Fund	1.00	0.90 - 0.85	0.85	0.15

JNL Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2014

	Advisory Fee (m-millions)			Administrative
	$0m to $100m	$100m to $500m	Over $500m	Fee
JNL/Mellon Capital Emerging Markets Index Fund	0.40%	0.40%	0.35%	0.15%
JNL/Mellon Capital European 30 Fund	0.37 - 0.31	0.28	0.28	0.20
JNL/Mellon Capital Pacific Rim 30 Fund	0.37 - 0.31	0.28	0.28	0.20
JNL/Mellon Capital S&P 500 Index Fund	0.28	0.28	0.24 - 0.23	0.10
JNL/Mellon Capital S&P 400 MidCap Index Fund	0.29	0.29	0.24 - 0.23	0.10
JNL/Mellon Capital Small Cap Index Fund	0.29	0.29	0.24 - 0.23	0.10
JNL/Mellon Capital International Index Fund	0.30	0.30	0.25 - 0.24	0.15
JNL/Mellon Capital Bond Index Fund	0.30	0.30	0.25 - 0.24	0.10
JNL/Mellon Capital Global Alpha Fund	1.00	1.00	0.90	0.15
JNL/Mellon Capital Dow Jones U.S. Contrarian Opportunities Index Fund	0.325	0.325	0.325 - 0.30	0.15
JNL/Mellon Capital Utilities Sector Fund	0.34 - 0.31	0.28	0.28 - 0.27	0.15
JNL/Morgan Stanley Mid Cap Growth Fund	0.75	0.75	0.75 - 0.70	0.15
JNL/Neuberger Berman Strategic Income Fund	0.60	0.60	0.55 - 0.50	0.15
JNL/Oppenheimer Global Growth Fund	0.70	0.70 - 0.60	0.60	0.15
JNL/PIMCO Real Return Fund	0.50	0.50	0.50 - 0.475	0.10
JNL/PIMCO Total Return Bond Fund	0.50	0.50	0.50 - 0.49	0.10
JNL/PPM America Floating Rate Income Fund	0.65	0.65	0.60	0.15
JNL/PPM America High Yield Bond Fund	0.50	0.50 - 0.45	0.425	0.10
JNL/PPM America Mid Cap Value Fund	0.75	0.75	0.70	0.10
JNL/PPM America Small Cap Value Fund	0.75	0.75	0.70	0.10
JNL/PPM America Value Equity Fund	0.55	0.55 - 0.50	0.50	0.10
JNL/Red Rocks Listed Private Equity Fund	0.85	0.85 - 0.80	0.80	0.15
JNL/S&P Competitive Advantage Fund	0.40	0.40	0.35	0.10
JNL/S&P Dividend Income & Growth Fund	0.40	0.40	0.35	0.10
JNL/S&P International 5 Fund	0.45	0.45	0.45 - 0.40	0.15
JNL/S&P Intrinsic Value Fund	0.40	0.40	0.35	0.10
JNL/S&P Mid 3 Fund	0.50	0.50	0.50 - 0.45	0.10
JNL/S&P Total Yield Fund	0.40	0.40	0.35	0.10
JNL/Scout Unconstrained Bond Fund	0.65	0.65	0.65 - 0.60	0.15
JNL/T. Rowe Price Established Growth Fund	0.65	0.65 - 0.60	0.55	0.10
JNL/T. Rowe Price Mid-Cap Growth Fund	0.75	0.75 - 0.70	0.70	0.10
JNL/T. Rowe Price Short-Term Bond Fund	0.45	0.45 - 0.40	0.40 - 0.375	0.10
JNL/T. Rowe Price Value Fund	0.70	0.70 - 0.65	0.60	0.10
JNL/WMC Balanced Fund	0.55 - 0.50	0.50 - 0.45	0.425	0.10
JNL/WMC Money Market Fund	0.28	0.28	0.25	0.10
JNL/WMC Value Fund	0.55	0.55 - 0.50	0.45	0.10

Fee Waiver and Expense Reimbursements - Pursuant to a contractual expense limitation agreement, JNAM agreed to waive fees and reimburse expenses of the JNL/WMC 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 for a period of three years from the end of the fiscal year in which fees were waived and a reimbursement took place. During the year ended December 31, 2014, JNAM did not recover any previously reimbursed expenses. At December 31, 2014, the amount of potentially recoverable expenses (in thousands) was $3,517 that expires on December 31, 2015, $5,050 that expires on December 31, 2016 and $5,342 that expires on December 31, 2017.

Pursuant to contractual fee waiver agreements, JNAM agreed to waive a portion of its advisory fees for each of the following Funds:

Fund	Advisory Fee Waiver as a Percentage of Average Daily Net Assets
JNL/DFA U.S. Core Equity Fund	Fees greater than 0.50%
JNL/Franklin Templeton Global Multisector Bond Fund	0.025% for net assets between $0 - $1 billion
JNL/Goldman Sachs Emerging Markets Debt Fund	0.025% for net assets between $400 million - $1 billion
JNL/Goldman Sachs Mid Cap Value Fund	0.025% for net assets greater than $500 million
JNL/Invesco Small Cap Growth Fund	0.05% for net assets between $0 - $250 million
JNL/Mellon Capital S&P 500 Index Fund	0.01%
JNL/Mellon Capital Global Alpha Fund	0.10% for net assets greater than $750 million
JNL/T. Rowe Price Value Fund	0.05% for net assets between $150 million and $500 million as long as the net assets for the Fund are above $1 billion

The Adviser agreed to voluntarily waive annual advisory fees of 0.10% on the first $100 million of average daily net assets for the JNL/Lazard Emerging Markets Fund. Effective June 4, 2014, the Adviser agreed to voluntarily waive 0.25% of average daily net assets from $0 to $200 million, 0.20% of average daily net assets over $200 million up to $400 million, 0.15% of average daily net assets over $400 million up to $600 million, 0.10% of average daily net assets over $600 million up to $800 million, and 0.05% of average daily net assets over $800 million up to $900 million for the JNL/Mellon Capital Global Alpha Fund. Effective September 15, 2014, the Adviser agreed to voluntarily waive 0.05% of average daily net assets over $750 million for the JNL/Mellon Capital Emerging Markets Index Fund, 0.10% of average daily net assets over $150 million for the JNL/PPM America Mid Cap Value Fund and 0.10% of average daily net assets over $150 million for the JNL/PPM America Small Cap Value Fund.

JNL Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2014

Except for the JNL/WMC Money Market Fund, none of the waived fees can be recaptured by JNAM. The amount of waived expenses for each Fund is recorded as expense waiver in each Fund’s Statement of Operations.

Distribution Fees - The 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 annuity insurance products issued by Jackson and its subsidiaries. The maximum annual Rule 12b-1 fee allowed is 0.20% of the average daily net assets attributable to the Class A shares.

Affiliated Brokerage Commissions - During the year ended December 31, 2014, the following Funds paid brokerage fees to affiliates for the execution of purchases and sales of portfolio investments (in thousands): JNL/Eagle SmallCap Equity Fund $32; JNL/Goldman Sachs Mid Cap Value Fund $68; JNL/Goldman Sachs U.S. Equity Flex Fund $1; JNL/JPMorgan International Value Fund $11; JNL/Oppenheimer Global Growth Fund $49.

Deferred Compensation Plan - Effective January 1, 2007, the Funds adopted a Deferred Compensation Plan whereby a disinterested Trustee may defer the receipt of all or a portion of their compensation. These deferred amounts, which remain as liabilities of the Funds, are 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. 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, 2014, certain Funds invested in a money market fund which is managed by the Adviser. 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. The Funds sub-advised by T. Rowe Price Associates, Inc. invested in T. Rowe Price Reserves Investment Fund as a cash management tool. Certain Funds participating in securities lending receive cash collateral, which is invested by the Custodian in the Securities Lending Cash Collateral Fund LLC, which is an affiliate of the Funds’ Adviser. JNAM serves as the Administrator for the Securities Lending Cash Collateral Fund LLC. The Custodian is an affiliate of the Funds for which J.P. Morgan Investment Management Inc. is the Sub-Adviser. JNL/BlackRock Global Allocation Fund invested in the iShares Gold Trust Fund, which is an affiliate of the Sub-Adviser. JNL/Mellon Capital International Index Fund invested in Prudential plc. JNAM is a wholly-owned subsidiary of 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. JNL/Mellon Capital S&P 500 Index Fund and JNL/Mellon Capital Bond Index Fund invested in the Bank of New York Mellon Corporation, the parent company 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 9. BORROWING ARRANGEMENTS

The Trust entered into a Syndicated Credit Agreement (“SCA”) with a group of lenders. The Funds, with the exception of JNL/PPM America Floating Rate Income Fund, participate in the SCA with other funds managed by JNAM and Curian Capital, LLC (“Curian”) in a credit facility which is available solely to finance shareholder redemptions or for other temporary or emergency purposes. Effective June 6, 2014, the Funds may borrow up to the lesser of $450,000,000, the amount available under the facility; the limits set for borrowing by the Funds’ prospectuses and the 1940 Act; or an amount prescribed within the SCA. Prior to June 6, 2014, the amount available under the facility was $300,000,000. Interest on borrowings is payable at the Federal Funds Rate plus the amount by which the one month London Interbank Offer Rate (“LIBOR”) exceeds the Federal Funds rate plus 1.00% on an annualized basis. The Funds pay an annual fee of 0.075% of the available commitments and an annual administration fee to JPM Chase. These expenses are allocated to the participating Funds based on each Fund’s net assets as a percentage of the participating Funds’ total net assets and are included in other expenses in each Fund’s Statement of Operations. No amounts were borrowed under the facility during the year.

Effective July 25, 2014, JNL/PPM America Floating Rate Income Fund participates in a $150 million committed, unsecured revolving line of credit facility with State Street Corp. Prior to July 25, 2014, the amount available under the facility was $40 million. Borrowings are to be used solely for temporary or emergency purposes. The Fund may borrow up to the lesser of the amount available under the facility or the limits set for borrowing by the Fund’s prospectus and the 1940 Act. Interest on borrowings are payable at the Federal Funds Rate on the borrowing date plus 1.25% on an annualized basis. The Fund pays an annual commitment fee of 0.10% for this facility. No amounts were borrowed under the facility during the year. The commitment fee is included in other expenses in the Fund’s Statement of Operations.

JNL Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2014

NOTE 10. FUND ACQUISITIONS

The following tables include information (in thousands) relating to acquisitions completed throughout the year. On April 28, 2014, an acquisition was completed by a tax free exchange of Class A and B shares of JNL/M&G Global Basics Fund for Class A and B shares, respectively, of JNL/Oppenheimer Global Growth Fund, pursuant to a plan of reorganization approved by the Board at a meeting held on December 16 and 17, 2013. On September 12, 2014, an acquisition was completed by a tax free exchange of Class A and B shares of JNL/Mellon Capital NYSE International 25 Fund for Class A and B shares, respectively, of JNL/Mellon Capital International Index Fund, pursuant to a plan of reorganization approved by the Board at a meeting held on June 3 and 4, 2014. The purpose of each acquisition was to combine Funds managed by the Adviser with comparable investment objectives and strategies. For financial reporting purposes, shares were issued at NAV based on the fair value of the assets received by the acquiring Funds. However, the cost basis of the investments received from the acquired Funds was carried forward to align ongoing reporting of the acquiring Funds’ realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

		Acquired Fund				Acquiring Fund
Acquired Fund	Acquiring Fund	Net Assets on Acquisition Date		Shares Outstanding on Acquisition Date		Net Assets on Acquisition Date		Shares Outstanding on Acquisition Date		Shares of Acquiring Fund Issued in Exchange
JNL/M&G Global Basics Fund	JNL/Oppenheimer Global Growth Fund
Class A	Class A	$	168,302		12,448	$	994,127		70,475		11,927
Class B	Class B		61		5		986		69		4
JNL/Mellon Capital NYSE International 25 Fund	JNL/Mellon Capital International Index Fund
Class A	Class A	$	94,576		12,631	$	2,382,373		162,693		6,462
Class B	Class B		151		21		36,416		2,400		10

Immediately prior to the reorganization, the cost, market value and unrealized depreciation of investments, undistributed net investment loss, accumulated net realized loss and capital loss carryovers (in thousands) for the acquired funds were as follows:

Acquired Fund	Cost of Investments		Value of Investments		Net Unrealized Depreciation			Undistributed Net Investment Loss			Accumulated Net Realized Loss			Capital Loss Carryovers
JNL/M&G Global Basics Fund	$	148,634	$	148,453	$	(181	)	$	(6	)	$	(182	)	$	–
JNL/Mellon Capital NYSE International 25 Fund		–		–		–			(4	)		(35,229	)		–

Prior to the reorganization, the acquired Funds made distributions from ordinary income and long-term capital gains (in thousands) as follows:

Acquired Fund	Ordinary Income		Long-Term Capital Gains
JNL/M&G Global Basics Fund
Class A	$	3,543	$	460
Class B		1		–
JNL/Mellon Capital NYSE International 25 Fund
Class A		3,128		–
Class B		–		–

Assuming the April 28, 2014 and September 12, 2014 acquisitions had been completed on January 1, 2014, the acquiring Funds’ pro forma results of operations (in thousands) for the year ended December 31, 2014, would have been:

Acquiring Fund	Net Investment Income		Net Realized Gain		Net Change in Unrealized Appreciation/ (Depreciation)			Net Increase/ (Decrease) in Net Assets from Operations
JNL/Mellon Capital International Index Fund	$	75,661	$	25,224	$	(234,064	)	$	(133,179	)
JNL/Oppenheimer Global Growth Fund		12,910		43,574		(32,762	)		23,722

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of net investment income and net realized and unrealized gain (loss) of the acquired Fund that has been included in the respective acquiring Fund’s Statements of Operations since April 28, 2014 and September 12, 2014 for the respective acquisitions.

NOTE 11. INCOME TAX MATTERS

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 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, dividends and capital gains paid by the Funds are not currently taxable to shareholders when left to accumulate within a variable annuity contract or variable life insurance policies.

The following information is presented on an income tax basis (in thousands). 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

JNL Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2014

differences between financial statement and federal income tax reporting are reclassified within the capital accounts based on their federal income tax treatment. Temporary differences do not require reclassification. Permanent differences may include but are not limited to the following: expired capital loss carryforwards, foreign currency reclassifications, premium amortization or paydown reclassifications, reclassifications on the sale of passive foreign investment company (“PFIC”) or REIT securities, net operating losses, accounting treatment of notional principal contracts and partnerships, 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/AllianceBernstein Dynamic Asset Allocation Fund	$	(12	)	$	19		$	(7	)
JNL/AQR Managed Futures Strategy Fund		23,849			(23,849	)		–
JNL/BlackRock Commodity Securities Strategy Fund		63			(63	)		–
JNL/BlackRock Global Allocation Fund		24,798			(24,798	)		–
JNL/BlackRock Large Cap Select Growth Fund		2,602			(2,602	)		–
JNL/Boston Partners Global Long Short Equity Fund		660			320			(980	)
JNL/Brookfield Global Infrastructure and MLP Fund		(1,012	)		1,026			(14	)
JNL/Capital Guardian Global Balanced Fund		(1,911	)		1,911			–
JNL/Capital Guardian Global Diversified Research Fund		(76	)		76			–
JNL/DFA U.S. Core Equity Fund		(11	)		11			–
JNL/Eagle SmallCap Equity Fund		5,021			(5,295	)		274
JNL/Eastspring Investments Asia ex-Japan Fund		(332	)		332			–
JNL/Eastspring Investments China-India Fund		(1,878	)		1,878			–
JNL/Franklin Templeton Global Growth Fund		(84	)		84			–
JNL/Franklin Templeton Global Multisector Bond Fund		293			(293	)		–
JNL/Franklin Templeton Income Fund		224			(224	)		–
JNL/Franklin Templeton International Small Cap Growth Fund		(64	)		64			–
JNL/Franklin Templeton Mutual Shares Fund		(6,215	)		6,215			–
JNL/Franklin Templeton Small Cap Value Fund		(49	)		49			–
JNL/Goldman Sachs Core Plus Bond Fund		8,340			(8,340	)		–
JNL/Goldman Sachs Emerging Markets Debt Fund		(34,731	)		35,361			(630	)
JNL/Goldman Sachs Mid Cap Value Fund		392			(392	)		–
JNL/Goldman Sachs U.S. Equity Flex Fund		114			(114	)		–
JNL/Invesco Global Real Estate Fund		8,550			(8,550	)		–
JNL/Invesco International Growth Fund		1,020			(1,020	)		–
JNL/Invesco Large Cap Growth Fund		2,306			9			(2,315	)
JNL/Invesco Mid Cap Value Fund		396			(396	)		–
JNL/Invesco Small Cap Growth Fund		1,067			(1,067	)		–
JNL/Ivy Asset Strategy Fund		4,404			(4,404	)		–
JNL/JPMorgan International Value Fund		6,119			(6,119	)		–
JNL/JPMorgan MidCap Growth Fund		4,527			(4,527	)		–
JNL/JPMorgan U.S. Government & Quality Bond Fund		2,729			(2,549	)		(180	)
JNL/Lazard Emerging Markets Fund		(200	)		200			–
JNL/Mellon Capital Emerging Markets Index Fund		(505	)		505			–
JNL/Mellon Capital European 30 Fund		871			(871	)		–
JNL/Mellon Capital Pacific Rim 30 Fund		633			(633	)		–
JNL/Mellon Capital S&P 500 Index Fund		(97	)		228			(131	)
JNL/Mellon Capital Small Cap Index Fund		789			(101	)		(688	)
JNL/Mellon Capital International Index Fund		(4,368	)		(30,864	)		35,232
JNL/Mellon Capital Bond Index Fund		1,480			(2,014	)		534
JNL/Mellon Capital Global Alpha Fund		978			620			(1,598	)
JNL/Morgan Stanley Mid Cap Growth Fund		1,228			13			(1,241	)
JNL/Neuberger Berman Strategic Income Fund		(3,250	)		3,250			–
JNL/Oppenheimer Global Growth Fund		(201	)		201			–
JNL/PIMCO Real Return Fund		32,149			(32,149	)		–
JNL/PIMCO Total Return Bond Fund		22,612			(25,899	)		3,287
JNL/PPM America Floating Rate Income Fund		(349	)		349			–
JNL/PPM America High Yield Bond Fund		473			(471	)		(2	)
JNL/PPM America Value Equity Fund		4,628			–			(4,628	)
JNL/Red Rocks Listed Private Equity Fund		(9,534	)		9,534			–
JNL/S&P International 5 Fund		40			20			(60	)
JNL/S&P Mid 3 Fund		41			–			(41	)
JNL/Scout Unconstrained Bond Fund		1,360			(136	)		(1,224	)
JNL/T. Rowe Price Established Growth Fund		5,569			(5,569	)		–
JNL/T. Rowe Price Mid-Cap Growth Fund		17,744			(17,744	)		–
JNL/T. Rowe Price Short-Term Bond Fund		1,359			(1,359	)		–
JNL/T. Rowe Price Value Fund		(16	)		16			–
JNL/WMC Balanced Fund		2,144			(2,144	)		–
JNL/WMC Money Market Fund		9			(9	)		–
JNL/WMC Value Fund		(18	)		18			–

JNL Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2014

At December 31, 2014, the following Funds had capital loss carryforwards (in thousands) available for U.S. federal income tax purposes to offset future net realized capital gains. Details of the capital loss carryforwards are listed in the table below. Capital loss carryforwards with no expiration, if any, must be utilized prior to those with expiration dates.

	Expiring Capital Loss Carryforwards				No Expiration
	Year(s) of Expiration		Amount		Short Term		Long Term		Total
JNL/AQR Managed Futures Strategy Fund		–	$	–	$	9,176	$	2,544	$	11,720
JNL/BlackRock Commodity Securities Strategy Fund		2017		13,799		–		–		13,799
JNL/Boston Partners Global Long Short Equity Fund		–		–		802		–		802
JNL/Capital Guardian Global Diversified Research Fund		2017		983		–		–		983
JNL/Franklin Templeton Income Fund		2018		937		–		–		937
JNL/Goldman Sachs Core Plus Bond Fund		–		–		10,806		1,835		12,641
JNL/Goldman Sachs Emerging Market Debt Fund		–		–		13,535		10,103		23,638
JNL/Invesco International Growth Fund		2017-2018		17,463		–		–		17,463
JNL/JPMorgan International Value Fund		2016-2018		179,781		–		–		179,781
JNL/JPMorgan U.S. Government & Quality Bond Fund		2015-2017		819		1,125		2,395		4,339
JNL/Mellon Capital Emerging Markets Index Fund		–		–		4,760		–		4,760
JNL/Mellon Capital S&P 500 Index Fund		2016		35,365		–		–		35,365
JNL/Mellon Capital Small Cap Index Fund		2016		8,077		–		–		8,077
JNL/Mellon Capital International Index Fund		2015-2018		28,340		4,151		610		33,101
JNL/Mellon Capital Global Alpha Fund		–		–		9,814		11,386		21,200
JNL/PIMCO Real Return Fund		–		–		29,515		–		29,515
JNL/PPM Floating Rate Equity Fund		–		–		–		636		636
JNL/PPM America Value Equity Fund		2016-2017		69,769		–		–		69,769
JNL/S&P International 5 Fund		–		–		3		–		3
JNL/Scout Unconstrained Bond Fund		–		–		7,912		12,848		20,760
JNL/T. Rowe Price Short-Term Bond Fund		2017-2018		21,370		8,648		5,659		35,677

At December 31, 2014, the following Funds had capital, currency and PFIC mark-to-market losses (in thousands) realized after October 31, 2014 (“Post-October losses”), which were deferred for tax purposes to the first day of the following fiscal year, January 1, 2015:

	Amount
JNL/AllianceBernstein Dynamic Asset Allocation Fund	$	79
JNL/Mellon Capital International Index Fund		4,252
JNL/T. Rowe Price Established Growth Fund		6,658
JNL/T. Rowe Price Mid-Cap Growth Fund		3,250

As of December 31, 2014, the cost of investments and the components of net unrealized appreciation/(depreciation) (in thousands) were as follows:

	Tax Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation/ (Depreciation)
JNL/AllianceBernstein Dynamic Asset Allocation Fund	$	15,846	$	242	$	(366	)	$	(124	)
JNL/AQR Managed Futures Strategy Fund		484,701		3		(588	)		(585	)
JNL/BlackRock Commodity Securities Strategy Fund		1,148,669		137,542		(151,024	)		(13,482	)
JNL/BlackRock Global Allocation Fund		3,476,044		491,714		(439,518	)		52,196
JNL/BlackRock Large Cap Select Growth Fund		1,105,388		182,292		(24,008	)		158,284
JNL/Boston Partners Global Long Short Equity Fund		377,277		14,567		(13,841	)		726
JNL/Brookfield Global Infrastructure and MLP Fund		1,345,361		112,272		(53,669	)		58,603
JNL/Capital Guardian Global Balanced Fund		466,124		58,861		(24,390	)		34,471
JNL/Capital Guardian Global Diversified Research Fund		359,139		101,213		(17,374	)		83,839
JNL/DFA U.S. Core Equity Fund		585,864		153,555		(21,333	)		132,222
JNL/Eagle SmallCap Equity Fund		1,281,710		292,776		(68,723	)		224,053
JNL/Eastspring Investments Asia ex-Japan Fund		148,571		12,533		(18,919	)		(6,386	)
JNL/Eastspring Investments China-India Fund		366,306		51,830		(31,874	)		19,956
JNL/Franklin Templeton Global Growth Fund		1,182,711		226,697		(119,450	)		107,247
JNL/Franklin Templeton Global Multisector Bond Fund		2,185,169		45,718		(177,690	)		(131,972	)
JNL/Franklin Templeton Income Fund		2,760,236		290,749		(198,942	)		91,807
JNL/Franklin Templeton International Small Cap Growth Fund		468,824		46,860		(43,438	)		3,422
JNL/Franklin Templeton Mutual Shares Fund		1,013,767		276,542		(62,168	)		214,374
JNL/Franklin Templeton Small Cap Value Fund		969,892		242,837		(45,642	)		197,195
JNL/Goldman Sachs Core Plus Bond Fund		1,085,391		31,591		(8,363	)		23,228
JNL/Goldman Sachs Emerging Markets Debt Fund		731,339		5,307		(82,194	)		(76,887	)
JNL/Goldman Sachs Mid Cap Value Fund		1,171,760		148,537		(22,563	)		125,974
JNL/Goldman Sachs U.S. Equity Flex Fund		402,171		41,505		(8,232	)		33,273
JNL/Invesco Global Real Estate Fund		1,862,503		246,341		(47,975	)		198,366
JNL/Invesco International Growth Fund		1,422,216		222,131		(78,763	)		143,368
JNL/Invesco Large Cap Growth Fund		931,988		214,806		(22,684	)		192,122
JNL/Invesco Mid Cap Value Fund		567,477		64,103		(15,980	)		48,123

JNL Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2014

	Tax Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation/ (Depreciation)
JNL/Invesco Small Cap Growth Fund	$	820,381	$	193,672	$	(35,225	)	$	158,447
JNL/Ivy Asset Strategy Fund		2,796,690		335,065		(64,849	)		270,216
JNL/JPMorgan International Value Fund		676,352		38,007		(60,675	)		(22,668	)
JNL/JPMorgan MidCap Growth Fund		1,222,632		252,374		(42,980	)		209,394
JNL/JPMorgan U.S. Government & Quality Bond Fund		1,190,151		66,323		(7,878	)		58,445
JNL/Lazard Emerging Markets Fund		1,490,362		191,946		(289,184	)		(97,238	)
JNL/Mellon Capital Emerging Markets Index Fund		877,648		84,038		(135,781	)		(51,743	)
JNL/Mellon Capital European 30 Fund		305,319		6,899		(33,300	)		(26,401	)
JNL/Mellon Capital Pacific Rim 30 Fund		185,900		14,318		(13,851	)		467
JNL/Mellon Capital S&P 500 Index Fund		3,182,390		1,240,225		(53,790	)		1,186,435
JNL/Mellon Capital S&P 400 Mid Cap Index Fund		1,572,281		512,317		(71,494	)		440,823
JNL/Mellon Capital Small Cap Index Fund		1,714,422		569,091		(148,605	)		420,486
JNL/Mellon Capital International Index Fund		2,120,387		409,988		(250,521	)		159,467
JNL/Mellon Capital Bond Index Fund		910,759		28,836		(2,821	)		26,015
JNL/Mellon Capital Global Alpha Fund		43,742		1		(1	)		–
JNL/Mellon Capital Dow Jones U.S. Contrarian Opportunities Index Fund		105,825		10,689		(6,261	)		4,428
JNL/Mellon Capital Utilities Sector Fund		44,387		4,102		(303	)		3,799
JNL/Morgan Stanley Mid Cap Growth Fund		236,717		23,135		(17,176	)		5,959
JNL/Neuberger Berman Strategic Income Fund		838,679		10,228		(10,352	)		(124	)
JNL/Oppenheimer Global Growth Fund		1,070,165		262,439		(55,341	)		207,098
JNL/PIMCO Real Return Fund		3,023,145		11,876		(253,789	)		(241,913	)
JNL/PIMCO Total Return Bond Fund		5,102,985		109,071		(85,979	)		23,092
JNL/PPM America Floating Rate Income Fund		1,619,838		1,834		(50,669	)		(48,835	)
JNL/PPM America High Yield Bond Fund		3,143,830		88,429		(201,621	)		(113,192	)
JNL/PPM America Mid Cap Value Fund		359,103		65,505		(15,045	)		50,460
JNL/PPM America Small Cap Value Fund		229,797		23,920		(13,306	)		10,614
JNL/PPM America Value Equity Fund		179,321		46,663		(7,041	)		39,622
JNL/Red Rocks Listed Private Equity Fund		769,271		107,309		(14,880	)		92,429
JNL/S&P Competitive Advantage Fund		2,756,039		254,902		(59,881	)		195,021
JNL/S&P Dividend Income & Growth Fund		4,083,628		402,453		(71,986	)		330,467
JNL/S&P International 5 Fund		130,982		2,224		(9,850	)		(7,626	)
JNL/S&P Intrinsic Value Fund		2,545,804		229,020		(53,740	)		175,280
JNL/S&P Mid 3 Fund		159,748		10,392		(3,430	)		6,962
JNL/S&P Total Yield Fund		1,896,778		70,448		(43,420	)		27,028
JNL/Scout Unconstrained Bond Fund		688,635		650		(1,163	)		(513	)
JNL/T. Rowe Price Established Growth Fund		3,735,660		1,471,655		(98,896	)		1,372,759
JNL/T. Rowe Price Mid-Cap Growth Fund		2,329,979		898,605		(32,651	)		865,954
JNL/T. Rowe Price Short-Term Bond Fund		1,803,407		7,561		(10,356	)		(2,795	)
JNL/T. Rowe Price Value Fund		3,035,282		661,542		(65,685	)		595,857
JNL/WMC Balanced Fund		4,010,829		676,698		(42,538	)		634,160
JNL/WMC Money Market Fund		1,125,818		–		–			–
JNL/WMC Value Fund		1,291,245		574,187		(16,787	)		557,400

As of December 31, 2014, the components of distributable taxable earnings for U.S. federal income tax purposes (in thousands) were as follows:

	Undistributed Net Ordinary Income*		Undistributed Net Long- Term Capital Gain		Unrealized Gains (Losses)**			Capital Loss Carryforward
JNL/AllianceBernstein Dynamic Asset Allocation Fund	$	344	$	53	$	(310	)	$	–
JNL/AQR Managed Futures Strategy Fund		51,503		–		(2,450	)		(11,720	)
JNL/BlackRock Commodity Securities Strategy Fund		3,915		–		(50,183	)		(13,799	)
JNL/BlackRock Global Allocation Fund		114,205		159,402		40,892			–
JNL/BlackRock Large Cap Select Growth Fund		29,107		64,905		158,257			–
JNL/Boston Partners Global Long Short Equity Fund		–		–		(2,808	)		(802	)
JNL/Brookfield Global Infrastructure and MLP Fund		19,502		37,669		58,589			–
JNL/Capital Guardian Global Balanced Fund		3,283		27,207		34,052			–
JNL/Capital Guardian Global Diversified Research Fund		3,680		–		83,857			(983	)
JNL/DFA U.S. Core Equity Fund		6,834		25,121		132,352			–
JNL/Eagle SmallCap Equity Fund		10,201		176,631		224,725			–
JNL/Eastspring Investments Asia ex-Japan Fund		4,017		1,700		(6,602	)		–
JNL/Eastspring Investments China-India Fund		4,132		–		18,994			–
JNL/Franklin Templeton Global Growth Fund		25,758		28,418		107,182			–
JNL/Franklin Templeton Global Multisector Bond Fund		163,874		1,363		(161,842	)		–
JNL/Franklin Templeton Income Fund		102,978		–		90,881			(937	)
JNL/Franklin Templeton International Small Cap Growth Fund		4,847		33,335		3,406			–
JNL/Franklin Templeton Mutual Shares Fund		40,414		52,411		214,345			–
JNL/Franklin Templeton Small Cap Value Fund		3,644		65,728		197,176			–
JNL/Goldman Sachs Core Plus Bond Fund		23,051		–		21,592			(12,641	)
JNL/Goldman Sachs Emerging Markets Debt Fund		–		–		(86,372	)		(23,638	)
JNL/Goldman Sachs Mid Cap Value Fund		6,295		28,001		126,426			–

JNL Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2014

	Undistributed Net Ordinary Income*		Undistributed Net Long- Term Capital Gain		Unrealized Gains (Losses)**			Capital Loss Carryforward
JNL/Goldman Sachs U.S. Equity Flex Fund	$	14,860	$	18,761	$	29,487		$	–
JNL/Invesco Global Real Estate Fund		54,794		38,770		201,621			–
JNL/Invesco International Growth Fund		23,131		–		143,175			(17,463	)
JNL/Invesco Large Cap Growth Fund		–		114,034		192,085			–
JNL/Invesco Mid Cap Value Fund		13,846		4,127		48,111			–
JNL/Invesco Small Cap Growth Fund		17,651		59,996		158,508			–
JNL/Ivy Asset Strategy Fund		20,122		137,437		246,190			–
JNL/JPMorgan International Value Fund		27,770		–		(22,964	)		(179,781	)
JNL/JPMorgan MidCap Growth Fund		22,378		158,553		208,648			–
JNL/JPMorgan U.S. Government & Quality Bond Fund		30,827		–		58,380			(4,339	)
JNL/Lazard Emerging Markets Fund		31,115		9,324		(97,601	)		–
JNL/Mellon Capital Emerging Markets Index Fund		14,157		–		(52,040	)		(4,760	)
JNL/Mellon Capital European 30 Fund		15,396		2,402		(26,420	)		–
JNL/Mellon Capital Pacific Rim 30 Fund		8,005		4,507		462			–
JNL/Mellon Capital S&P 500 Index Fund		5,072		–		1,186,597			(35,365	)
JNL/Mellon Capital S&P 400 MidCap Index Fund		4,557		13,457		442,793			–
JNL/Mellon Capital Small Cap Index Fund		571		–		423,196			(8,077	)
JNL/Mellon Capital International Index Fund		5,993		–		156,202			(33,101	)
JNL/Mellon Capital Bond Index Fund		9,363		2,083		25,952			–
JNL/Mellon Capital Global Alpha Fund		–		–		(283	)		(21,200	)
JNL/Mellon Capital Dow Jones U.S. Contrarian Opportunities Index Fund		11,634		9,643		4,427			–
JNL/Mellon Capital Utilities Sector Fund		717		109		3,799			–
JNL/Morgan Stanley Mid Cap Growth Fund		–		9,934		5,958			–
JNL/Neuberger Berman Strategic Income Fund		22,508		–		(872	)		–
JNL/Oppenheimer Global Growth Fund		12,819		38,677		207,011			–
JNL/PIMCO Real Return Fund		61,929		–		(268,454	)		(29,515	)
JNL/PIMCO Total Return Bond Fund		36,925		25,878		(31,864	)		–
JNL/PPM America Floating Rate Income Fund		58,728		–		(48,850	)		(636	)
JNL/PPM America High Yield Bond Fund		1,414		4,414		(112,619	)		–
JNL/PPM America Mid Cap Value Fund		4,510		43,426		50,454			–
JNL/PPM America Small Cap Value Fund		1,440		2,231		10,612			–
JNL/PPM America Value Equity Fund		–		–		39,615			(69,769	)
JNL/Red Rocks Listed Private Equity Fund		49,869		25,576		92,342			–
JNL/S&P Competitive Advantage Fund		105,692		175,421		194,997			–
JNL/S&P Dividend Income & Growth Fund		152,065		176,974		331,830			–
JNL/S&P International 5 Fund		1,096		–		(7,629	)		(3	)
JNL/S&P Intrinsic Value Fund		190,107		160,696		175,256			–
JNL/S&P Mid 3 Fund		7,564		2		6,962			–
JNL/S&P Total Yield Fund		173,098		110,340		27,011			–
JNL/Scout Unconstrained Bond Fund		–		–		(192	)		(20,760	)
JNL/T. Rowe Price Established Growth Fund		4,375		68,642		1,365,995			–
JNL/T. Rowe Price Mid-Cap Growth Fund		–		21,181		862,640			–
JNL/T. Rowe Price Short-Term Bond Fund		16,885		–		(2,854	)		(35,677	)
JNL/T. Rowe Price Value Fund		50,383		291,962		595,794			–
JNL/WMC Balanced Fund		88,595		163,214		634,415			–
JNL/WMC Money Market Fund		16		–		(52	)		–
JNL/WMC Value Fund		15,994		28,749		557,324			–

* Undistributed net ordinary income consists of net taxable income derived from dividends, interest and net short-term capital gains, if any.

** Unrealized gains (losses) are adjusted for open wash sale loss deferrals; accelerated recognition of unrealized gain/loss on futures, options, and forward contracts; and accelerated recognition of unrealized gain on PFICs. Also adjusted for differences between book and tax realized and unrealized gain/loss on swap contracts.

The tax character of distributions paid (in thousands) during the Funds’ fiscal year ended December 31, 2014 was as follows:

	Net Ordinary Income*		Long-term Capital Gain**
JNL/AllianceBernstein Dynamic Asset Allocation Fund	$	280	$	35
JNL/AQR Managed Futures Strategy Fund		32,786		9,254
JNL/BlackRock Global Allocation Fund		51,178		44,677
JNL/BlackRock Large Cap Select Growth Fund		28,199		56,446
JNL/Brookfield Global Infrastructure and MLP Fund		23,198		20,689
JNL/Capital Guardian Global Balanced Fund		4,336		–
JNL/Capital Guardian Global Diversified Research Fund		3,260		–
JNL/DFA U.S. Core Equity Fund		4,967		5,948
JNL/Eagle SmallCap Equity Fund		–		118,878
JNL/Eastspring Investments Asia ex-Japan Fund		1,412		–
JNL/Eastspring Investments China-India Fund		3,111		–
JNL/Franklin Templeton Global Growth Fund		9,766		8,242
JNL/Franklin Templeton Global Multisector Bond Fund		74,028		684
JNL/Franklin Templeton Income Fund		84,363		–
JNL/Franklin Templeton International Small Cap Growth Fund		5,780		19,740

JNL Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2014

	Net Ordinary Income*		Long-term Capital Gain**
JNL/Franklin Templeton Mutual Shares Fund	$	9,166	$	23,991
JNL/Franklin Templeton Small Cap Value Fund		13,939		86,265
JNL/Goldman Sachs Core Plus Bond Fund		19,548		–
JNL/Goldman Sachs Emerging Markets Debt Fund		15,463		10,926
JNL/Goldman Sachs Mid Cap Value Fund		80,514		107,783
JNL/Goldman Sachs U.S. Equity Flex Fund		14,411		11,460
JNL/Invesco Global Real Estate Fund		22,877		59,284
JNL/Invesco International Growth Fund		15,865		–
JNL/Invesco Large Cap Growth Fund		63,524		132,273
JNL/Invesco Mid Cap Value Fund		1,187		11,911
JNL/Invesco Small Cap Growth Fund		6,004		26,470
JNL/Ivy Asset Strategy Fund		34,108		152,583
JNL/JPMorgan International Value Fund		13,323		–
JNL/JPMorgan MidCap Growth Fund		37,094		64,899
JNL/JPMorgan U.S. Government & Quality Bond Fund		38,046		–
JNL/Lazard Emerging Markets Fund		26,675		30,203
JNL/Mellon Capital Emerging Markets Index Fund		8,812		–
JNL/Mellon Capital European 30 Fund		3,049		–
JNL/Mellon Capital Pacific Rim 30 Fund		5,096		2,903
JNL/Mellon Capital S&P 500 Index Fund		46,883		4,685
JNL/Mellon Capital S&P 400 MidCap Index Fund		25,736		93,926
JNL/Mellon Capital Small Cap Index Fund		18,927		–
JNL/Mellon Capital International Index Fund		72,225		–
JNL/Mellon Capital Bond Index Fund		27,166		8,498
JNL/Mellon Capital Global Alpha Fund		4,662		–
JNL/Mellon Capital Dow Jones U.S. Contrarian Opportunities Index Fund		12,931		5,198
JNL/Mellon Capital Utilities Sector Fund		1		–
JNL/Morgan Stanley Mid Cap Growth Fund		1,592		484
JNL/Neuberger Berman Strategic Income Fund		5,695		1,587
JNL/Oppenheimer Global Growth Fund		7,164		22,634
JNL/PIMCO Real Return Fund		14,309		–
JNL/PIMCO Total Return Bond Fund		156,728		17,134
JNL/PPM America Floating Rate Income Fund		40,127		1,700
JNL/PPM America High Yield Bond Fund		178,927		25,555
JNL/PPM America Mid Cap Value Fund		3,879		18,243
JNL/PPM America Small Cap Value Fund		4,234		29,379
JNL/PPM America Value Equity Fund		9,674		–
JNL/Red Rocks Listed Private Equity Fund		60,990		34,561
JNL/S&P Competitive Advantage Fund		184,987		55,512
JNL/S&P Dividend Income & Growth Fund		130,301		110,038
JNL/S&P Intrinsic Value Fund		170,751		87,669
JNL/S&P Total Yield Fund		165,172		81,666
JNL/T. Rowe Price Established Growth Fund		26,839		390,202
JNL/T. Rowe Price Mid-Cap Growth Fund		10,633		237,500
JNL/T. Rowe Price Short-Term Bond Fund		20,191		–
JNL/T. Rowe Price Value Fund		59,199		139,386
JNL/WMC Balanced Fund		65,718		107,532
JNL/WMC Money Market Fund		21		–
JNL/WMC Value Fund		26,940		72,443

* 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, 2014.

The tax character of distributions paid (in thousands) during the Funds’ fiscal year ended December 31, 2013 was as follows:

	Net Ordinary Income *		Long-term Capital Gain		Return of Capital
JNL/AQR Managed Futures Strategy Fund	$	16,864	$	255	$	–
JNL/BlackRock Commodity Securities Strategy Fund		5,462		–		–
JNL/BlackRock Global Allocation Fund		13,572		–		–
JNL/BlackRock Large Cap Select Growth Fund		26,515		42,801		–
JNL/Brookfield Global Infrastructure Fund		14,526		1,113		–
JNL/Capital Guardian Global Balanced Fund		7,679		–		–
JNL/Capital Guardian Global Diversified Research Fund		4,748		–		–
JNL/DFA U.S. Core Equity Fund		3,549		16,844		–
JNL/Eagle SmallCap Equity Fund		9,234		23,324		–
JNL/Eastspring Investments Asia ex-Japan Fund		1,721		1,119		–
JNL/Eastspring Investments China-India Fund		3,284		–		–
JNL/Franklin Templeton Global Growth Fund		10,161		–		–
JNL/Franklin Templeton Global Multisector Bond Fund		37,223		–		–
JNL/Franklin Templeton Income Fund		77,461		–		–

JNL Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2014

	Net Ordinary Income *		Long-term Capital Gain		Return of Capital
JNL/Franklin Templeton International Small Cap Growth Fund	$	3,678	$	6,156	$	–
JNL/Franklin Templeton Mutual Shares Fund		8,780		–		–
JNL/Franklin Templeton Small Cap Value Fund		7,939		5,382		–
JNL/Goldman Sachs Core Plus Bond Fund		45,596		9,768		–
JNL/Goldman Sachs Emerging Markets Debt Fund		86,246		8,510		–
JNL/Goldman Sachs Mid Cap Value Fund		90,209		115,149		–
JNL/Goldman Sachs U.S. Equity Flex Fund		1,409		1,947		–
JNL/Invesco Global Real Estate Fund		48,200		–		–
JNL/Invesco International Growth Fund		11,413		–		–
JNL/Invesco Large Cap Growth Fund		3,311		59,892		–
JNL/Invesco Mid Cap Value Fund		636		–		–
JNL/Invesco Small Cap Growth Fund		1,737		11,560		–
JNL/Ivy Asset Strategy Fund		34,967		–		–
JNL/JPMorgan International Value Fund		20,633		–		–
JNL/JPMorgan MidCap Growth Fund		1,746		–		–
JNL/JPMorgan U.S. Government & Quality Bond Fund		42,811		–		–
JNL/Lazard Emerging Markets Fund		22,388		27,095		–
JNL/M&G Global Basics Fund		3,824		4,909		–
JNL/Mellon Capital Emerging Markets Index Fund		4,544		–		–
JNL/Mellon Capital European 30 Fund		983		–		–
JNL/Mellon Capital Pacific Rim 30 Fund		5,150		–		–
JNL/Mellon Capital S&P 500 Index Fund		33,912		13,015		–
JNL/Mellon Capital S&P 400 MidCap Index Fund		18,070		38,780		–
JNL/Mellon Capital Small Cap Index Fund		21,499		70,624		596
JNL/Mellon Capital International Index Fund		50,726		–		–
JNL/Mellon Capital Bond Index Fund		33,431		1,247		–
JNL/Mellon Capital Global Alpha Fund		–		–		–
JNL/Mellon Capital Dow Jones U.S. Contrarian Opportunities Index Fund		594		–		–
JNL/Mellon Capital Utilities Sector Fund		71		–		–
JNL/Morgan Stanley Mid Cap Growth Fund		24		334		–
JNL/Neuberger Berman Strategic Income Fund		1,280		3		–
JNL/Oppenheimer Global Growth Fund		8,207		332		–
JNL/PIMCO Real Return Fund		226,521		12,205		–
JNL/PIMCO Total Return Bond Fund		67,377		4,845		–
JNL/PPM America Floating Rate Income Fund		21,743		–		–
JNL/PPM America High Yield Bond Fund		168,348		36,504		–
JNL/PPM America Mid Cap Value Fund		1,631		–		–
JNL/PPM America Small Cap Value Fund		2,896		10,508		–
JNL/PPM America Value Equity Fund		1,992		–		–
JNL/Red Rocks Listed Private Equity Fund		62,211		–		–
JNL/S&P Competitive Advantage Fund		34,692		66,254		–
JNL/S&P Dividend Income & Growth Fund		73,993		50,435		–
JNL/S&P Intrinsic Value Fund		70,401		4,247		–
JNL/S&P Total Yield Fund		39,703		11,781		–
JNL/T. Rowe Price Established Growth Fund		2,737		151,012		–
JNL/T. Rowe Price Mid-Cap Growth Fund		1,677		145,313		–
JNL/T. Rowe Price Short-Term Bond Fund		21,292		–		–
JNL/T. Rowe Price Value Fund		42,850		66,950		–
JNL/WMC Balanced Fund		56,019		32,118		–
JNL/WMCMoney Market Fund		14		–		–
JNL/WMC Value Fund		31,953		59,075		–

* 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 result in the Funds recording a tax expense in the current year. FASB ASC Topic 740 requires that management evaluate the tax positions taken in returns for 2011, 2012, 2013 and 2014, which remain subject to examination by the Internal Revenue Service and certain other 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 during the year ended December 31, 2014.

JNL Series Trust Sub-Advised Funds

Notes to Financial Statements

December 31, 2014

NOTE 12. SUBSEQUENT EVENTS

Management has evaluated subsequent events for the Funds through the date the financial statements are issued and the following events occurred:

Effective January 1, 2015, the Adviser agreed to voluntarily waive annual advisory fees of 0.02% of average daily net assets over $2 billion for the JNL/Invesco International Growth Fund; 0.01% of average daily net assets over $2 billion for the JNL/PIMCO Real Return Fund; and 0.02% of average daily net assets over $1 billion for the JNL/PIMCO Total Return Bond Fund.

At a meeting held January 13, 2015, the Board voted to approve the followings mergers effective after close of business on April 24, 2015, subject to shareholder approval by the acquired funds.

Acquired Fund	Acquiring Fund
JNL/Mellon Capital Global Alpha Fund	JNL/AQR Managed Futures Strategy Fund
Curian/Aberdeen Latin America Fund*	JNL/Lazard Emerging Markets Fund
Curian/Ashmore Emerging Market Small Cap Equity Fund*	JNL/Lazard Emerging Markets Fund
Curian/Baring International Fixed Income Fund*	JNL/Franklin Templeton Global Multisector Bond Fund
Curian/CenterSquare International Real Estate Securities Fund*	JNL/Invesco Global Real Estate Fund
Curian/Schroder Emerging Europe Fund*	JNL/Lazard Emerging Markets Fund

* The Acquired Fund is a separate series of Curian Variable Series Trust and is advised by Curian.

No other events were noted that required adjustments to the financial statements or disclosures in the notes.

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees

JNL Series Trust:

We have audited the accompanying (consolidated, where applicable) statements of assets and liabilities of each series within JNL Series Trust (the “Funds”) as listed in Note 1 to the financial statements of the JNL Series Trust Sub-Advised Funds, including the schedules of investments or summary schedules of investments, where applicable, as of December 31, 2014, and the related statements of operations for the year or periods then ended, the statements of cash flows for the year then ended with respect to JNL/Goldman Sachs U.S. Equity Flex Fund and JNL/PIMCO Real Return Fund, the statements of changes in net assets for each of the years or periods in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended. 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, 2014, by correspondence with the custodian, transfer agents 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 (consolidated, where applicable) and financial highlights referred to above present fairly, in all material respects, the financial position of the Funds as of December 31, 2014, the results of their operations, JNL/Goldman Sachs U.S. Equity Flex Fund’s and JNL/PIMCO Real Return Fund’s cash flows, changes in their net assets and the financial highlights for each of the years or periods indicated above, in conformity with U.S. generally accepted accounting principles.

/s/ KPMG LLP

Chicago, Illinois

February 26, 2015

JNL Series Trust Sub-Advised Funds

Additional Disclosures (Unaudited)

December 31, 2014

Disclosure of Fund Expenses. Shareholders incur ongoing costs, which include costs for portfolio management, administrative services, Rule 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. This section provides information that can be used to compare each Fund’s costs with those of other mutual funds. It assumes that the Fund’s expense ratio for the period is unchanged and assumes an annual 5% return before expenses, which is not the Fund’s actual return. 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 7/1/2014		Ending Account Value 12/31/2014		Annualized Expense Ratios			Expenses Paid During Period†		Beginning Account Value 7/1/2014		Ending Account Value 12/31/2014		Annualized Expense Ratios			Expenses Paid During Period††
JNL/AllianceBernstein Dynamic Asset Allocation Fund
Class A	$	1,000.00	$	991.00		1.12	%	$	5.62	$	1,000.00	$	1,019.58		1.12	%	$	5.70
JNL/AQR Managed Futures Strategy Fund
Class A		1,000.00		1,152.40		1.36			7.38		1,000.00		1,018.36		1.36			6.92
Class B		1,000.00		1,154.40		1.16			6.30		1,000.00		1,019.38		1.16			5.90
JNL/BlackRock Commodity Securities Strategy Fund
Class A		1,000.00		755.90		0.98			4.34		1,000.00		1,020.29		0.98			4.99
Class B		1,000.00		756.50		0.78			3.45		1,000.00		1,021.30		0.78			3.97
JNL/BlackRock Global Allocation Fund
Class A		1,000.00		985.80		1.07			5.36		1,000.00		1,019.83		1.07			5.45
Class B		1,000.00		986.30		0.87			4.36		1,000.00		1,020.84		0.87			4.43
JNL/BlackRock Large Cap Select Growth Fund
Class A		1,000.00		1,081.80		0.91			4.78		1,000.00		1,020.61		0.91			4.63
Class B		1,000.00		1,082.70		0.71			3.73		1,000.00		1,021.62		0.71			3.62
JNL/Boston Partners Global Long Short Equity Fund*
Class A		1,000.00		986.00		2.27			6.61		1,000.00		1,013.79		2.27			11.52
JNL/Brookfield Global Infrastructure and MLP Fund
Class A		1,000.00		929.00		1.14			5.54		1,000.00		1,019.45		1.14			5.80
Class B		1,000.00		929.90		0.94			4.57		1,000.00		1,020.46		0.94			4.79
JNL/Capital Guardian Global Balanced Fund
Class A		1,000.00		971.10		1.01			5.02		1,000.00		1,020.14		1.01			5.14
Class B		1,000.00		971.10		0.81			4.02		1,000.00		1,021.15		0.81			4.13
JNL/Capital Guardian Global Diversified Research Fund
Class A		1,000.00		992.10		1.07			5.37		1,000.00		1,019.79		1.07			5.45
Class B		1,000.00		992.90		0.87			4.37		1,000.00		1,020.80		0.87			4.43
JNL/DFA U.S. Core Equity Fund
Class A		1,000.00		1,032.60		0.80			4.10		1,000.00		1,021.16		0.80			4.08
Class B		1,000.00		1,032.90		0.60			3.07		1,000.00		1,022.16		0.60			3.06
JNL/Eagle SmallCap Equity Fund
Class A		1,000.00		1,008.20		0.98			4.96		1,000.00		1,020.29		0.98			4.99
Class B		1,000.00		1,009.30		0.78			3.95		1,000.00		1,021.30		0.78			3.97
JNL/Eastspring Investments Asia ex-Japan Fund
Class A		1,000.00		982.50		1.27			6.35		1,000.00		1,018.79		1.27			6.46
Class B		1,000.00		983.30		1.07			5.35		1,000.00		1,019.80		1.07			5.45
JNL/Eastspring Investments China-India Fund
Class A		1,000.00		1,041.10		1.31			6.74		1,000.00		1,018.61		1.31			6.67
Class B		1,000.00		1,041.30		1.11			5.71		1,000.00		1,019.62		1.11			5.65
JNL/Franklin Templeton Global Growth Fund
Class A		1,000.00		930.90		1.00			4.87		1,000.00		1,020.18		1.00			5.09
Class B		1,000.00		931.50		0.80			3.89		1,000.00		1,021.19		0.80			4.08
JNL/Franklin Templeton Global Multisector Bond Fund
Class A		1,000.00		972.00		1.06			5.27		1,000.00		1,019.84		1.06			5.40
Class B		1,000.00		973.40		0.86			4.28		1,000.00		1,020.85		0.86			4.38

JNL Series Trust Sub-Advised Funds

Additional Disclosures (Unaudited)

December 31, 2014

	Expenses Using Actual Fund Return									Expenses Using Hypothetical 5% Return
	Beginning Account Value 7/1/2014		Ending Account Value 12/31/2014		Annualized Expense Ratios			Expenses Paid During Period†		Beginning Account Value 7/1/2014		Ending Account Value 12/31/2014		Annualized Expense Ratios			Expenses Paid During Period††
JNL/Franklin Templeton Income Fund
Class A	$	1,000.00	$	951.50		0.92	%	$	4.53	$	1,000.00	$	1,020.55		0.92	%	$	4.69
Class B		1,000.00		951.90		0.72			3.54		1,000.00		1,021.56		0.72			3.67
JNL/Franklin Templeton International Small Cap Growth Fund
Class A		1,000.00		879.80		1.30			6.16		1,000.00		1,018.63		1.30			6.61
Class B		1,000.00		880.40		1.10			5.21		1,000.00		1,019.66		1.10			5.60
JNL/Franklin Templeton Mutual Shares Fund
Class A		1,000.00		994.90		1.03			5.18		1,000.00		1,020.04		1.03			5.24
Class B		1,000.00		995.70		0.83			4.18		1,000.00		1,021.04		0.83			4.23
JNL/Franklin Templeton Small Cap Value Fund
Class A		1,000.00		958.80		1.08			5.33		1,000.00		1,019.78		1.08			5.50
Class B		1,000.00		959.70		0.88			4.35		1,000.00		1,020.79		0.88			4.48
JNL/Goldman Sachs Core Plus Bond Fund
Class A		1,000.00		1,014.90		0.88			4.47		1,000.00		1,020.78		0.88			4.48
Class B		1,000.00		1,015.60		0.68			3.45		1,000.00		1,021.80		0.68			3.47
JNL/Goldman Sachs Emerging Markets Debt Fund
Class A		1,000.00		904.00		1.05			5.04		1,000.00		1,019.91		1.05			5.35
Class B		1,000.00		904.90		0.85			4.08		1,000.00		1,020.90		0.85			4.33
JNL/Goldman Sachs Mid Cap Value Fund
Class A		1,000.00		1,042.30		0.99			5.10		1,000.00		1,020.21		0.99			5.04
Class B		1,000.00		1,042.70		0.79			4.07		1,000.00		1,021.22		0.79			4.02
JNL/Goldman Sachs U.S. Equity Flex Fund
Class A		1,000.00		1,043.80		2.15			11.08		1,000.00		1,014.36		2.15			10.92
Class B		1,000.00		1,044.40		1.95			10.05		1,000.00		1,015.42		1.95			9.91
JNL/Invesco Global Real Estate Fund
Class A		1,000.00		1,028.90		1.05			5.37		1,000.00		1,019.89		1.05			5.35
Class B		1,000.00		1,031.00		0.85			4.35		1,000.00		1,020.90		0.85			4.33
JNL/Invesco International Growth Fund
Class A		1,000.00		944.20		0.97			4.75		1,000.00		1,020.29		0.97			4.94
Class B		1,000.00		945.20		0.77			3.78		1,000.00		1,021.30		0.77			3.92
JNL/Invesco Large Cap Growth Fund
Class A		1,000.00		1,038.50		0.96			4.93		1,000.00		1,020.36		0.96			4.89
Class B		1,000.00		1,040.00		0.76			3.91		1,000.00		1,021.37		0.76			3.87
JNL/Invesco Mid Cap Value Fund
Class A		1,000.00		1,016.50		0.98			4.98		1,000.00		1,020.26		0.98			4.99
Class B		1,000.00		1,017.30		0.78			3.97		1,000.00		1,021.26		0.78			3.97
JNL/Invesco Small Cap Growth Fund
Class A		1,000.00		1,030.50		1.11			5.68		1,000.00		1,019.63		1.11			5.65
Class B		1,000.00		1,031.10		0.91			4.66		1,000.00		1,020.63		0.91			4.63
JNL/Ivy Asset Strategy Fund
Class A		1,000.00		964.70		1.20			5.94		1,000.00		1,019.18		1.20			6.11
Class B		1,000.00		965.80		1.00			4.95		1,000.00		1,020.18		1.00			5.09
JNL/JPMorgan International Value Fund
Class A		1,000.00		883.00		1.00			4.75		1,000.00		1,020.15		1.00			5.09
Class B		1,000.00		883.80		0.80			3.80		1,000.00		1,021.15		0.80			4.08
JNL/JPMorgan MidCap Growth Fund
Class A		1,000.00		1,023.60		0.94			4.79		1,000.00		1,020.48		0.94			4.79
Class B		1,000.00		1,024.50		0.74			3.78		1,000.00		1,021.48		0.74			3.77
JNL/JPMorgan U.S. Government & Quality Bond Fund
Class A		1,000.00		1,019.80		0.69			3.51		1,000.00		1,021.72		0.69			3.52
Class B		1,000.00		1,020.40		0.49			2.50		1,000.00		1,022.73		0.49			2.50
JNL/Lazard Emerging Markets Fund
Class A		1,000.00		876.30		1.21			5.72		1,000.00		1,019.09		1.21			6.16
Class B		1,000.00		877.40		1.01			4.78		1,000.00		1,020.08		1.01			5.14
JNL/Mellon Capital Emerging Markets Index Fund
Class A		1,000.00		913.70		0.76			3.67		1,000.00		1,021.39		0.76			3.87
Class B		1,000.00		914.40		0.56			2.70		1,000.00		1,022.37		0.56			2.85
JNL/Mellon Capital European 30 Fund
Class A		1,000.00		881.60		0.70			3.32		1,000.00		1,021.68		0.70			3.57
Class B		1,000.00		882.80		0.50			2.37		1,000.00		1,022.68		0.50			2.55
JNL/Mellon Capital Pacific Rim 30 Fund
Class A		1,000.00		931.60		0.72			3.51		1,000.00		1,021.59		0.72			3.67
Class B		1,000.00		933.00		0.52			2.53		1,000.00		1,022.60		0.52			2.65

JNL Series Trust Sub-Advised Funds

Additional Disclosures (Unaudited)

December 31, 2014

	Expenses Using Actual Fund Return									Expenses Using Hypothetical 5% Return
	Beginning Account Value 7/1/2014		Ending Account Value 12/31/2014		Annualized Expense Ratios			Expenses Paid During Period†		Beginning Account Value 7/1/2014		Ending Account Value 12/31/2014		Annualized Expense Ratios			Expenses Paid During Period††
JNL/Mellon Capital S&P 500 Index Fund
Class A	$	1,000.00	$	1,058.20		0.55	%	$	2.85	$	1,000.00	$	1,022.43		0.55	%	$	2.80
Class B		1,000.00		1,059.10		0.35			1.82		1,000.00		1,023.44		0.35			1.79
JNL/Mellon Capital S&P 400 MidCap Index Fund
Class A		1,000.00		1,018.80		0.57			2.90		1,000.00		1,022.33		0.57			2.91
Class B		1,000.00		1,020.30		0.37			1.88		1,000.00		1,023.34		0.37			1.89
JNL/Mellon Capital Small Cap Index Fund
Class A		1,000.00		1,015.80		0.55			2.79		1,000.00		1,022.43		0.55			2.80
Class B		1,000.00		1,016.90		0.35			1.78		1,000.00		1,023.44		0.35			1.79
JNL/Mellon Capital International Index Fund
Class A		1,000.00		898.30		0.63			3.01		1,000.00		1,022.05		0.63			3.21
Class B		1,000.00		899.90		0.43			2.06		1,000.00		1,023.06		0.43			2.19
JNL/Mellon Capital Bond Index Fund
Class A		1,000.00		1,017.60		0.58			2.95		1,000.00		1,022.30		0.58			2.96
Class B		1,000.00		1,017.60		0.38			1.93		1,000.00		1,023.31		0.38			1.94
JNL/Mellon Capital Global Alpha Fund
Class A		1,000.00		1,055.90		1.11			5.75		1,000.00		1,019.63		1.11			5.65
Class B		1,000.00		1,057.10		0.91			4.72		1,000.00		1,020.65		0.91			4.63
JNL/Mellon Capital Dow Jones U.S. Contrarian Opportunities Index Fund
Class A		1,000.00		1,004.50		0.70			3.54		1,000.00		1,021.68		0.70			3.57
Class B		1,000.00		1,005.40		0.50			2.53		1,000.00		1,022.68		0.50			2.55
JNL/Mellon Capital Utilities Sector Fund
Class A		1,000.00		1,073.40		0.70			3.66		1,000.00		1,021.68		0.70			3.57
JNL/Morgan Stanley Mid Cap Growth Fund
Class A		1,000.00		999.80		1.10			5.54		1,000.00		1,019.64		1.10			5.60
Class B		1,000.00		1,001.40		0.90			4.54		1,000.00		1,020.66		0.90			4.58
JNL/Neuberger Berman Strategic Income Fund
Class A		1,000.00		1,001.30		0.95			4.79		1,000.00		1,020.43		0.95			4.84
Class B		1,000.00		1,002.90		0.75			3.79		1,000.00		1,021.44		0.75			3.82
JNL/Oppenheimer Global Growth Fund
Class A		1,000.00		975.90		0.98			4.88		1,000.00		1,020.26		0.98			4.99
Class B		1,000.00		977.50		0.78			3.89		1,000.00		1,021.26		0.78			3.97
JNL/PIMCO Real Return Fund
Class A		1,000.00		969.30		0.87			4.32		1,000.00		1,020.80		0.87			4.43
Class B		1,000.00		970.20		0.67			3.33		1,000.00		1,021.80		0.67			3.41
JNL/PIMCO Total Return Bond Fund
Class A		1,000.00		1,009.30		0.80			4.05		1,000.00		1,021.16		0.80			4.08
Class B		1,000.00		1,011.10		0.60			3.04		1,000.00		1,022.16		0.60			3.06
JNL/PPM America Floating Rate Income Fund
Class A		1,000.00		985.90		0.98			4.91		1,000.00		1,020.28		0.98			4.99
JNL/PPM America High Yield Bond Fund
Class A		1,000.00		947.20		0.74			3.63		1,000.00		1,021.50		0.74			3.77
Class B		1,000.00		949.30		0.54			2.65		1,000.00		1,022.51		0.54			2.75
JNL/PPM America Mid Cap Value Fund
Class A		1,000.00		1,037.10		1.02			5.24		1,000.00		1,020.05		1.02			5.19
Class B		1,000.00		1,037.70		0.82			4.21		1,000.00		1,021.06		0.82			4.18
JNL/PPM America Small Cap Value Fund
Class A		1,000.00		1,007.00		1.05			5.31		1,000.00		1,019.89		1.05			5.35
Class B		1,000.00		1,008.30		0.85			4.30		1,000.00		1,020.90		0.85			4.33
JNL/PPM America Value Equity Fund
Class A		1,000.00		1,039.40		0.85			4.37		1,000.00		1,020.90		0.85			4.33
Class B		1,000.00		1,040.40		0.65			3.34		1,000.00		1,021.90		0.65			3.31
JNL/Red Rocks Listed Private Equity Fund
Class A		1,000.00		947.00		1.16			5.69		1,000.00		1,019.34		1.16			5.90
Class B		1,000.00		948.30		0.96			4.71		1,000.00		1,020.35		0.96			4.89
JNL/S&P Competitive Advantage Fund
Class A		1,000.00		1,109.10		0.66			3.51		1,000.00		1,021.86		0.66			3.36
Class B		1,000.00		1,110.30		0.46			2.45		1,000.00		1,022.87		0.46			2.35
JNL/S&P Dividend Income & Growth Fund
Class A		1,000.00		1,047.20		0.66			3.41		1,000.00		1,021.86		0.66			3.36
Class B		1,000.00		1,048.40		0.46			2.38		1,000.00		1,022.87		0.46			2.35
JNL/S&P International 5 Fund*

JNL Series Trust Sub-Advised Funds

Additional Disclosures (Unaudited)

December 31, 2014

	Expenses Using Actual Fund Return									Expenses Using Hypothetical 5% Return
	Beginning Account Value 7/1/2014		Ending Account Value 12/31/2014		Annualized Expense Ratios			Expenses Paid During Period†		Beginning Account Value 7/1/2014		Ending Account Value 12/31/2014		Annualized Expense Ratios			Expenses Paid During Period††
Class A		1,000.00		946.00		0.80			2.28		1,000.00		1,021.15		0.80			4.08
JNL/S&P Intrinsic Value Fund
Class A	$	1,000.00	$	1,114.60		0.66	%	$	3.52	$	1,000.00	$	1,021.86		0.66	%	$	3.36
Class B		1,000.00		1,115.90		0.46			2.45		1,000.00		1,022.87		0.46			2.35
JNL/S&P Mid 3 Fund
Class A		1,000.00		1,067.40		0.80			4.17		1,000.00		1,021.16		0.80			4.08
Class B		1,000.00		1,069.20		0.60			3.13		1,000.00		1,022.16		0.60			3.06
JNL/S&P Total Yield Fund
Class A		1,000.00		1,061.20		0.67			3.48		1,000.00		1,021.84		0.67			3.41
Class B		1,000.00		1,061.60		0.47			2.44		1,000.00		1,022.85		0.47			2.40
JNL/Scout Unconstrained Bond Fund
Class A		1,000.00		970.70		1.00			4.97		1,000.00		1,020.15		1.00			5.09
JNL/T. Rowe Price Established Growth Fund
Class A		1,000.00		1,058.50		0.86			4.46		1,000.00		1,020.87		0.86			4.38
Class B		1,000.00		1,059.80		0.66			3.43		1,000.00		1,021.88		0.66			3.36
JNL/T. Rowe Price Mid-Cap Growth Fund
Class A		1,000.00		1,063.30		1.01			5.25		1,000.00		1,020.14		1.01			5.14
Class B		1,000.00		1,064.30		0.81			4.21		1,000.00		1,021.15		0.81			4.13
JNL/T. Rowe Price Short-Term Bond Fund
Class A		1,000.00		996.20		0.71			3.57		1,000.00		1,021.65		0.71			3.62
Class B		1,000.00		997.40		0.51			2.57		1,000.00		1,022.66		0.51			2.60
JNL/T. Rowe Price Value Fund
Class A		1,000.00		1,037.30		0.91			4.67		1,000.00		1,020.61		0.91			4.63
Class B		1,000.00		1,037.90		0.71			3.65		1,000.00		1,021.62		0.71			3.62
JNL/WMC Balanced Fund
Class A		1,000.00		1,034.80		0.73			3.74		1,000.00		1,021.50		0.73			3.72
Class B		1,000.00		1,036.30		0.53			2.72		1,000.00		1,022.51		0.53			2.70
JNL/WMC Money Market Fund
Class A		1,000.00		1,000.00		0.18			0.91		1,000.00		1,024.29		0.18			0.92
Class B		1,000.00		1,000.00		0.18			0.91		1,000.00		1,024.29		0.18			0.92
JNL/WMC Value Fund
Class A		1,000.00		1,046.90		0.78			4.02		1,000.00		1,021.30		0.78			3.97
Class B		1,000.00		1,047.80		0.58			2.99		1,000.00		1,022.31		0.58			2.96

* Fund has less than 6-month’s operating history. 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.

^†  For Funds with at least 6-month operating history, expenses paid during the period are equal to the annualized net expense ratio, multiplied by the average account value over the period, then multiplied by 184/365 (to reflect the most recent 6-month period). For Funds with less than 6-month’s operating history, expenses paid during the period are equal to the annualized net expenses ratio, multiplied by the average account value over the period since inception, then multiplied by 107/365 (to reflect the period since the Fund’s inception).

^†† Expenses paid during the period are equal to the annualized net expense ratio, multiplied by the average account value over the period, then multiplied by 184/365 (to reflect the most recent 6-month period).

Quarterly Portfolio Holdings. The Funds file a complete schedule of portfolio holdings with the 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 Funds toll-free at 1-866-255-1935.

Proxy Voting Policies and Procedures and Proxy Voting Record. A description of the Policy of the Funds’ Adviser (and sub-advisers) used 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, 2014, 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 1-800-777-7779 (for contracts purchased through a bank or financial institution) or 1-888-464-7779 (for NY contracts purchased through a bank or financial institution), (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 SEC’s website at www.sec.gov.

TRUSTEES AND OFFICERS OF JNL SERIES TRUST (“TRUST”)

NAME, ADDRESS AND (AGE)	POSITION(S) HELD WITH TRUST (LENGTH OF TIME SERVED)	NUMBER OF PORTFOLIOS IN FUND COMPLEX TO BE OVERSEEN BY TRUSTEE OR OFFICER
Interested Trustee
Mark D. Nerud (48) 1 1 Corporate Way Lansing, MI 48951	Trustee 2 (01/2007 to present) President and Chief Executive Officer (12/2006 to present)	118
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Chief Executive Officer of the Adviser (01/2010 to present); President of the Adviser (01/2007 to present); Managing Board Member of Curian Capital, LLC (01/2011 to present) and Curian Clearing LLC (01/2011 to present); Managing Board Member of the Adviser (11/2000 to 11/2003) (01/2007 to 12/2010); President and CEO of other Investment Companies advised by the Adviser (12/2006 to present); President and Chief Executive Officer of other Investment Companies advised by Curian Capital, LLC (08/2014 to present); Vice President – Fund Accounting & Administration of Jackson National Life Insurance Company (01/2000 to 12/2009)
OTHER DIRECTORSHIPS HELD BY TRUSTEE DURING PAST 5 YEARS: None
Independent Trustees
Michael Bouchard (58) 1 Corporate Way Lansing, MI 48951	Trustee 2 (12/2003 to present)	118
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Sheriff, Oakland County, Michigan (01/1999 to present)
OTHER DIRECTORSHIPS HELD BY TRUSTEE DURING PAST 5 YEARS: None
Ellen Carnahan (59) 1 Corporate Way Lansing, MI 48951	Trustee 2 (12/2013 to present)	118
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Principal, Machrie Enterprises LLC (07/07 to present)
OTHER DIRECTORSHIPS HELD BY TRUSTEE DURING PAST 5 YEARS: Director, Integrys Energy Group (05/2003 to present); Governance Committee Member and Chair, Integrys Energy Group (05/2010 to 05/2013); Finance Committee Member, Integrys Energy Group (05/2003 to 2012); Audit Committee Member, Integrys Energy Group (12/2003 to present); Environmental Committee Member, Integrys Energy Group (05/2013 to present)
William J. Crowley, Jr. (69) 1 Corporate Way Lansing, MI 48951	Chair of the Board 3 (01/2014 to present) Trustee 2 (01/2007 to present)	118
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: Director of Alpha Natural Resources (07/2009 to present); Director of Foundation Coal Holdings, Inc. (from 12/2004 until 07/2009 when the company was acquired); Director of Provident Bankshares Corporation (05/2003 until 05/2009 when the company was acquired)
Michelle Engler (56) 1 Corporate Way Lansing, MI 48951	Chair of the Board 3 (01/2011 to 12/2013) Trustee 2 (12/2003 to present)	118
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Attorney (1983 to present)
OTHER DIRECTORSHIPS HELD BY TRUSTEE DURING PAST 5 YEARS: Director of Federal Home Loan Mortgage Corporation (2001 to 9/2008)

TRUSTEES AND OFFICERS OF JNL SERIES TRUST (“TRUST”)

NAME, ADDRESS AND (AGE)	POSITION(S) HELD WITH TRUST (LENGTH OF TIME SERVED)	NUMBER OF PORTFOLIOS IN FUND COMPLEX TO BE OVERSEEN BY TRUSTEE OR OFFICER
Independent Trustees
John Gillespie (61) 1 Corporate Way Lansing, MI 48951	Trustee 2 (12/2013 to present)	118
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Investor, Business Writer and Advisor (2006 to present); Entrepreneur-in-Residence, UCLA Office of Intellectual Property (2013 to present)
OTHER DIRECTORSHIPS HELD BY TRUSTEE DURING PAST 5 YEARS: None
Richard McLellan (72) 1 Corporate Way Lansing, MI 48951	Trustee 2 (12/1994 to present)	118
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Attorney (2010 to present); Adjunct Associate Professor, Michigan State University (2008 to present); Senior Counsel, Dykema Gossett PLLC (2007 to 2009)
OTHER DIRECTORSHIPS HELD BY TRUSTEE DURING PAST 5 YEARS: Member of the Board of Directors of ITC Holdings Corp. (11/2007 to 08/2012)
William R. Rybak (63) 1 Corporate Way Lansing, MI 48951	Trustee 2 (01/2007 to present)	118
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 Investment Services, Inc. (2010 to present); Chair of Audit Committee of Christian Brothers Investments, Inc. (2012 to present); Member of the Board of Trustees of Lewis University (10/2012 to present), Chairman of the Board of Trustees of Lewis University (1982 to 2009) and Chair Emeritus (2009 to present); Member of the Board of Directors of Howe Barnes Hoefer Arnett (2001 to 03/2011); Member of the Boards of each of the Calamos Mutual Funds (2002 to present); Chair of Governance Committee, each of the Calamos Mutual Funds (2004 to present); Member of the Board of Directors of The PrivateBancorp (2003 to present); Chair of Audit Committee of The PrivateBancorp (05/2013 to present); Chair of Business Risk Committee of The PrivateBancorp (2009 to 05/2013)
Edward Wood (58) 1 Corporate Way Lansing, MI 48951	Trustee 2 (12/2013 to present)	118
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Chief Operating Officer, McDonnell Investment Management, LLC (08/2010 to present); Managing Director, Morgan Stanley Investment Management (06/2010 to 01/2011); President & Principal Executive Officer of the Van Kampen Funds, Van Kampen/Morgan Stanley (12/2008 to 05/2010; Chief Administrative Officer, Van Kampen Investments (01/2008 to 05/2010); Chief Operating Officer, Van Kampen Funds Inc. (01/2008 to 05/2010)
OTHER DIRECTORSHIPS HELD BY TRUSTEE DURING PAST 5 YEARS: None
Patricia A. Woodworth (59) 1 Corporate Way Lansing, MI 48951	Trustee 2 (01/2007 to present)	118
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)
OTHER DIRECTORSHIPS HELD BY TRUSTEE DURING PAST 5 YEARS: None

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 independent Trustees are elected to serve for an indefinite term.

³  Beginning January 1, 2011, the Chairperson shall serve as Chairperson for no more than three consecutive years and may not be re-elected as Chairperson until at least one year has elapsed since the end of the Chairperson’s term. Chairperson Crowley’s term will lapse at the end of 2016.

TRUSTEES AND OFFICERS OF JNL SERIES TRUST (“TRUST”)

NAME, ADDRESS AND (AGE)	POSITION(S) HELD WITH TRUST (LENGTH OF TIME SERVED)
Officers
Danielle A. Bergandine (34) 1 Corporate Way Lansing, MI 48951	Anti-Money Laundering Officer (06/2009 to present)
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Senior Compliance Analyst of the Adviser (6/2009 to present); Anti-Money Laundering Officer of other Investment Companies advised by Curian Capital, LLC (10/2011 to present)
Karen J. Buiter (49) 1 Corporate Way Lansing, MI 48951	Assistant Treasurer (12/2008 to present)
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Vice President – Financial Reporting of the Adviser (07/2011 to present); Assistant Vice President – Financial Reporting of the Adviser (04/2008 to 06/2011); Assistant Treasurer of other Investment Companies advised by the Adviser (12/2008 to present); Assistant Treasurer of other Investment Companies advised by Curian Capital, LLC (11/2010 to present)
Kelly L. Crosser (42) 1 Corporate Way Lansing, MI 48951	Assistant Secretary (09/2007 to present)
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Assistant Secretary of other Investment Companies advised by the Adviser (09/2007 to present); Assistant Secretary of other Investment Companies advised by Curian Capital, LLC (11/2010 to present); Senior Compliance Analyst of Jackson National Life Insurance Company (04/2007 to 12/2013); Manager, Jackson National Life Insurance Company (12/2013 to present)
Steven J. Fredricks (44) 1 Corporate Way Lansing, MI 48951	Chief Compliance Officer (01/2005 to present)
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Chief Compliance Officer of the Adviser and other Investment Companies advised by the Adviser (01/2005 to present); Chief Compliance Officer of other Investment Companies advised by Curian Capital, LLC (10/2011 to 05/2012)
William Harding (40) 1 Corporate Way Lansing, MI 48951	Vice President (11/2012 to present)
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Senior Vice President and Chief Investment Officer of the Adviser (07/2014 to present); Vice President of the Adviser (10/2012 to 06/2014); Vice President of Curian Capital, LLC (02/2013 to present);Vice President of other Investment Companies advised by the Adviser (11/2012 to present); Vice President of other Investment Companies advised by Curian Capital, LLC (05/2014 to present); Head of Manager Research, Morningstar Associates (08/2011 to 10/2012); Director of Research, Morningstar Investment Services (01/2007 to 08/2011)
Daniel W. Koors (44) 1 Corporate Way Lansing, MI 48951	Vice President (12/2006 to present)
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Senior Vice President of the Adviser (01/2009 to present) and Chief Operating Officer of the Adviser (04/2011 to present); Chief Financial Officer of the Adviser (01/2007 to 04/2011); Treasurer and Chief Financial Officer of the Trust (12/2006 to 11/2011); Treasurer and Chief Financial Officer (Principal Financial Officer) of other Investment Companies advised by Curian Capital, LLC (11/2010 to present); Vice President of the Adviser (01/2007 to 12/2008); Vice President of other Investment Companies advised by the Adviser (12/2006 to present); Treasurer and Chief Financial Officer of other Investment Companies advised by the Adviser (12/2006 to 11/2011)

TRUSTEES AND OFFICERS OF JNL SERIES TRUST (“TRUST”)

NAME, ADDRESS AND (AGE)	POSITION(S) HELD WITH TRUST  (LENGTH OF TIME SERVED)
Officers
Kristen K. Leeman (39) 1 Corporate Way Lansing, MI 48951	Assistant Secretary (08/2012 to present)
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Assistant Secretary of other Investment Companies advised by the Adviser (06/2012 to present); Regulatory Analyst of Jackson National Life Insurance Company (2/2014 to present); Senior Paralegal of Jackson National Life Insurance Company (03/2006 to 01/2014)
Gerard A. M. Oprins (55) 1 Corporate Way Lansing, MI 48951	Vice President (06/2012 to present) Treasurer and Chief Financial Officer (11/2011 to present)
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Senior Vice President and Chief Financial Officer of the Adviser (04/2011 to present); Vice President of other funds sponsored by Curian Capital, LLC that are in the same group of other investment companies advised by JNAM (03/2012 to present); Business Consultant (2009 to 03/2011)
Michael Piszczek (57) 1 Corporate Way Lansing, MI 48951	Vice President (11/2007 to present)
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Vice President – Tax of the Adviser (07/2011 to present); Assistant Vice President – Tax of the Adviser (11/2007 to 06/2011); Vice President of other Investment Companies advised by the Adviser (11/2007 to present); Vice President of other Investment Companies advised by Curian Capital, LLC (11/2010 to present)
Susan S. Rhee (43) 1 Corporate Way Lansing, MI 48951	Vice President, Counsel and Secretary (02/2004 to present)
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Senior Vice President and General Counsel of the Adviser (01/2010 to present); Chief Legal Officer (07/2004 to 12/2009) and Secretary (11/2000 to present) of the Adviser; Vice President, Counsel (Chief Legal Officer) and Secretary of other Investment Companies advised by Curian Capital, LLC (11/2010 to present); Vice President, Counsel, and Secretary of other Investment Companies advised by the Adviser (02/2004 to present)

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 (“TRUST”)

The interested Trustee and the Officers of the Trust or the Adviser do not receive any compensation from the Trust for their services as Trustees or Officers. The following persons, who are independent Trustees of the Trust, received from the Trust the compensation amounts indicated for the services as such for the 12-month period ended December 31, 2014:

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		$	203,499		$	0		$	0		$	230,000
Ellen Carnahan		$	201,288		$	0		$	0		$	227,500	3
William J. Crowley, Jr. 2		$	234,466		$	0		$	0		$	265,000	4
Michelle Engler		$	192,440		$	0		$	0		$	217,500
John Gillespie		$	190,228		$	0		$	0		$	215,000	5
Richard McLellan		$	194,651		$	0		$	0		$	220,000
William R. Rybak		$	210,135		$	0		$	0		$	237,500
Edward Wood		$	201,288		$	0		$	0		$	227,500	6
Patricia Woodworth		$	190,228		$	0		$	0		$	215,000

¹  The fees paid to the independent Trustees are paid for combined service on the Boards of the Trust, JNL Investors Series Trust, JNL Variable Fund LLC, and JNL Strategic Income 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 are $2,055,000.

² Mr. Crowley is an ex officio member of the Governance Committee. Therefore, he does not receive any compensation as a member of the Governance

Committee.

³  Amount includes $113,750 deferred by Ms. Carnahan.

⁴  Amount includes $212,000 deferred by Mr. Crowley.

⁵  Amount includes $25,625 deferred by Mr. Gillespie.

⁶  Amount includes $227,500 deferred by Mr. Wood.

JNL SERIES TRUST

(“TRUST”)

APPROVAL OF THE TRUST’S

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS

The Board of Trustees of the Trust (“Board”) oversees the management of the Trust and its separate Funds (each a “Fund” and collectively the “Funds”) and, as required by law, determines annually whether to approve the Trust’s advisory agreement (“Advisory Agreement”) with Jackson National Asset Management, LLC (“JNAM”) and each Fund’s Sub-Adviser(s) and certain sub-subadvisers (“Sub-Advisory Agreements” and, collectively with the Advisory Agreement, the “Agreements”).

At meetings on May 12, 2014, June 2-4, 2014 and August 25-27, 2014, the Board, including all of the independent trustees, who are not considered interested persons of the Funds (as defined in the Investment Company Act of 1940, as amended) (the “Independent Trustees”) considered information relating to the continuation of these Agreements. In advance of the meetings, 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 discussions, the Board approved the Agreements through September 30, 2015.

In reviewing the Agreements and considering the information, the Board was advised by outside independent legal counsel. The Board considered the factors it deemed relevant, including: (1) the nature, quality and extent of the services to be provided, (2) the investment performance of each Fund, (3) cost of services of each Fund, (4) profitability data, (5) whether economies of scale may be realized and shared, in some measure, with investors as each Fund grows, and (6) other benefits that may accrue to JNAM or each Sub-Adviser 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 Agreements.

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 numerous factors, including 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 Sub-Advisory Agreements.

The Board reviewed the qualifications, backgrounds and responsibilities of JNAM’s senior management that would be responsible for oversight of the Funds and each 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 each Sub-Adviser’s organizational structure, senior management, financial stability, investment operations, and other relevant information pertaining to both JNAM and each Sub-Adviser. The Board considered compliance reports about JNAM and the Sub-Advisers from the Funds’ Chief Compliance Officer.

Based on the foregoing, the Board concluded that (i) each Fund is likely to continue to benefit from the nature, extent and quality of the services to be provided by JNAM under the Agreement and (ii) each Fund is likely to benefit from the nature, extent and quality of the services to be provided by each Sub-Adviser under the applicable Sub-Advisory Agreement.

Investment Performance of the Funds

The Board considered the performance of each Fund as described in quarterly reports prepared by JNAM. The Board noted that JNAM reviews with the Board on a quarterly basis detailed information about each Fund’s performance results and investment strategies. The Board also considered the performance of each 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, blended benchmark, or custom peer group. This consideration was based on JNAM’s assertion that the custom or blended benchmark or custom peer group is, in some circumstances, a more meaningful source of comparative information than a broad-based benchmark index or peer group for certain Funds that use a limited or unique investment focus or where the peer group may not be a good source of comparative information. The performance reviewed by the Board was for periods ended on December 31, 2013 (unless otherwise noted). When available, the Board considered one-, three-, five- and ten-year performance.

JNL/American Funds Blue Chip Income and Growth Fund. The Board considered that the Fund outperformed its peer group and benchmark for the one-year period, though it underperformed for the three-year period. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreement.

JNL/American Funds Global Bond Fund. The Board considered that the Fund outperformed its peer group and benchmark for the one-year period ending June 30, 2014 and outperformed its benchmark for the three-year period ending June 30, 2014, though it underperformed its peer group and benchmark for the one- and three-year fiscal periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreement.

JNL/American Funds Global Small Capitalization Fund. The Board considered that the Fund outperformed its custom peer group and benchmark for the six-month and one-year periods ending June 30, 2014, though it underperformed its custom peer group and its benchmark for the three-year period. The Board noted that the Fund’s relative performance compared to its custom peer group and benchmark had improved since 2011. The Board further considered JNAM’s assertion that the Fund’s focus on emerging markets caused it to face stylistic headwinds. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreement.

JNL/American Funds Growth-Income Fund. The Board noted that the Fund outperformed its peer group and benchmark for the one-year period and outperformed its peer group for the three-year period. The Board also considered that the Fund underperformed its benchmark for the three-year period. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreement.

JNL/American Funds International Fund. The Board noted that the Fund outperformed its peer group and benchmark for the one- and three-year periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreement.

JNL/American Funds New World Fund. The Board considered that the Fund outperformed its custom peer group for the one- and three-year periods (though it underperformed its benchmark for those same periods). The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreement.

JNL/American Funds Balanced Allocation Fund and JNL/American Funds Growth Allocation Fund. The Board considered that each Fund outperformed its respective custom peer group and blended benchmark for the one-year period. The Board also took into account that each Fund commenced operations in April 2012. The Board noted, therefore, that it would be prudent to allow the team additional time to continue to develop its long-term performance record with the Funds. The Board concluded that it would be in the best interests of each Fund and its shareholders to renew the Agreement.

JNL Institutional Alt 20 Fund. The Board noted the Fund’s unique investment mandate and considered information from JNAM indicating that the Fund is managed in a manner consistent with that mandate. The Board further considered that the Fund outperformed its blended benchmark for the one- and three-year periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreement.

JNL Institutional Alt 35 Fund. The Board noted the Fund’s unique investment mandate and considered information from JNAM indicating that the Fund is managed in a manner consistent with that mandate. The Board further considered that the Fund outperformed its blended benchmark for the one-year period and underperformed its blended benchmark for the three-year period. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreement.

JNL Institutional Alt 50 Fund. The Board noted the Fund’s unique investment mandate and considered information from JNAM indicating that the Fund is managed in a manner consistent with that mandate. The Board further considered that the Fund underperformed its blended benchmark by less than 1% for the one- and three-year periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreement.

JNL Institutional Alt 65 Fund. The Board noted the Fund’s unique investment mandate and considered information from JNAM indicating that the Fund is managed in a manner consistent with that mandate. The Board further considered that the Fund outperformed its blended benchmark for the one-year period ending June 30, 2014, though it underperformed for the three-year period. The Board concluded that it would be in the best interests of each Fund and its shareholders to renew the Agreement.

JNL/AQR Managed Futures Strategy Fund. The Board considered that the Fund outperformed its peer group and benchmark for the one-year period. The Board also took into account that the Fund commenced operations in August 2011. The Board noted, therefore, that it would be prudent to allow the team more time to develop its long-term performance record with the Fund. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/BlackRock Commodity Securities Strategy Fund. The Board considered that the Fund outperformed its blended benchmark and custom peer group for the one-year period. The Board also noted that the Fund underperformed its blended benchmark and custom peer group for the three-year period. The Board further considered that the Fund outperformed its custom peer group over the five-year period (though it underperformed its blended benchmark during that same period). The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/BlackRock Global Allocation Fund. The Board noted that the Fund outperformed its peer group and blended benchmark for the one-year period, but underperformed its peer group and blended benchmark for the three-year period. The Board also considered that the Sub-Adviser began managing the Fund in August 2011 and noted therefore, that it would be prudent to allow the team more time to develop its long-term performance record with the Fund. The Board concluded it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/BlackRock Large Cap Select Growth Fund. The Board considered that the Fund outperformed its benchmark for the one-year period, though it underperformed for the remaining periods. The Board also noted that the Fund outperformed its peer group for the one- and three-year periods, though it underperformed for the remaining periods. The Board considered that the Sub-Adviser began managing the Fund in September 2013 and noted, therefore, that it would be prudent to allow the team time to develop its performance record with the Fund. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/Brookfield Global Infrastructure and MLP Fund. The Board considered that the Fund outperformed its custom peer group and benchmark for the one-year period. The Board also took into account that the Fund was launched in December of 2011. The Board noted, therefore, that it would be prudent to allow the team more time to continue to develop its long-term performance record with the Fund. The Board concluded that it would be in the best interest of the Fund and its shareholders to renew the Agreements.

JNL/Capital Guardian Global Balanced Fund. The Board considered that the Fund outperformed its peer group and blended benchmark for the one- and three-year periods, though it underperformed its peer group and blended benchmark for the five- and ten-year periods. The Board noted that the current Sub-Adviser has been managing the Fund since December 2007 so the Fund’s ten-year record does not owe entirely to the current management team. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/Capital Guardian Global Diversified Research Fund. The Board considered that the Fund outperformed its benchmark for the one-, three- and five-year periods, though it underperformed its benchmark for the ten-year period. The Board also considered that the Fund outperformed its peer group for the three- and five-year periods, though it underperformed its peer group for the one- and ten-year periods. The Board noted that the current Sub-Adviser has been managing the Fund since December 2007 so the Fund’s ten-year record does not owe entirely to the current management team. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/DFA U.S. Core Equity Fund. The Board considered that the Fund outperformed its peer group for the one-, three- and five-year periods (though underperformed its peer group for the ten-year period). The Board also considered that the Fund outperformed its benchmark for the one-year period, though it underperformed its benchmark for the remaining periods. The Board took into account that the current Sub-Adviser began managing the Fund in April 2012. The Board noted, therefore, that it would be prudent to allow the team more time to develop its performance record with the Fund. The Board concluded it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/Eagle SmallCap Equity Fund. The Board took into account that the Fund outperformed its benchmark and peer group for the ten-year period and also outperformed its peer group in each calendar year from 2006 through 2012 (thought it underperformed its benchmark and peer group for the remaining periods). The Board concluded that it would be in the best interests of the Fund and its shareholders, in light of its mid- and longer-term performance, to renew the Agreements.

JNL/Eastspring Investments Asia Ex-Japan Fund. The Board considered that, while the Fund underperformed its benchmark and peer group for all periods, much of the Fund’s relative underperformance resulted from its performance in 2013. The Board further considered the Fund’s performance in each of the prior calendar years, noting that in two of the three years the Fund was closer to or surpassed its benchmark. The Board noted that the Sub-Adviser has made changes to its team and has adjusted its investment process. The Board further noted that the Fund’s year-to-date performance as of June 30, 2014 was in the 32^nd percentile of its peer group and was 110 basis points better than its benchmark. The Board concluded that it would be prudent to allow the Sub-Adviser additional time to continue to improve performance and that it is in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/Eastspring Investments China-India Fund. The Board noted that JNAM recommended comparing the Fund to a custom peer group consisting of funds with significant exposures only to China and/or India. The Board considered that the Fund outperformed the custom peer group for the five-year period, though it underperformed the custom peer group for the one- and three-year periods. The Board took into account that the Fund outperformed its custom peer group for the year-to-date period ending June 30, 2014. The Board also considered that the Fund underperformed its blended benchmark for all periods. The Board concluded it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/Franklin Templeton Founding Strategy Fund. The Board considered that the Fund outperformed its blended benchmark for the one-, three- and five year periods. The Board noted that as the Fund invests equally in only three underlying funds, its investment performance will depend on the performance of the underlying funds, each of whose performance is evaluated by the Board. Given these considerations, the Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreement.

JNL/Franklin Templeton Global Growth Fund. The Board considered that the Fund outperformed its benchmark and peer group for the one-, three- and five-year periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/Franklin Templeton Global Multisector Bond Fund. The Board considered that the Fund outperformed its peer group and benchmark for the one-year period. The Board concluded that it would be in the best interest of the Fund and its shareholders to renew the Agreements.

JNL/Franklin Templeton Income Fund. The Board considered that the Fund outperformed its peer group for the one-, three- and five-year periods. The Board also considered that the Fund’s performance equaled its blended benchmark’s performance for the one-year period and outperformed its blended benchmark for the five-year period (though it underperformed its blended benchmark for the three-year period). The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/Franklin Templeton International Small Cap Growth Fund. The Board noted that the Fund outperformed its benchmark and peer group for the one-, three- and five-year periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/Franklin Templeton Mutual Shares Fund. The Board noted JNAM’s assertion that a custom peer group was more representative of the Fund’s performance given its exposure to international securities. The Board considered that the Fund outperformed its custom peer group for the one-, three- and five-year periods, though it underperformed its benchmark for those periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreement.

JNL/Franklin Templeton Small Cap Value Fund. The Board considered that the Fund outperformed its benchmark for the one-, three- and five-year periods. The Board also considered that the Fund outperformed its peer group for the three- and five-year periods, though it underperformed its peer group for the one-year period. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/Goldman Sachs Core Plus Bond Fund. The Board considered that the Fund outperformed its benchmark and peer group for all periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/Goldman Sachs Emerging Markets Debt Fund. The Board noted that the Fund had outperformed its benchmark for the one-, three- and five-year periods (though it underperformed its custom peer group for those periods). The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/Goldman Sachs Mid Cap Value Fund. The Board considered that, gross of fees, the Fund outperformed its benchmark over the one-year period (though net of fees it underperformed its benchmark and peer group for all periods). The Board further considered that, in 2012 and 2013, the Fund performed within 1% of its benchmark. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/Goldman Sachs U.S. Equity Flex Fund. The Board noted that the Fund outperformed its custom peer group for the one-, three- and five-year periods. The Board also considered that the Fund outperformed its benchmark for the one-year period, though it underperformed its benchmark for the longer periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/Invesco Global Real Estate Fund. The Board noted that the Fund outperformed its peer group for the three-year period and performed in the 56^th percentile of its peer group for the five-year period (though it also underperformed its peer group for the one-year period and its benchmark for all periods). The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/Invesco International Growth Fund. The Board considered that the Fund outperformed its peer group for all periods and outperformed its benchmark for the one-, three- and five-year periods (though it underperformed its benchmark for the ten-year period). The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/Invesco Large Cap Growth Fund. The Board took into account that the Fund outperformed its benchmark and peer group for the one-year period, though it underperformed for the longer periods. The Board further considered recent changes made by the Sub-Adviser to the portfolio management team. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/Invesco Mid Cap Value Fund. The Board considered that the Fund underperformed its peer group and benchmark for all periods. The Board took into account that it had only recently made a change in the Fund’s sub-adviser and that the current Sub-Adviser began managing the Fund in September 2013. The Board noted, therefore, that it would be prudent to allow the team time to develop its performance record with the Fund. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/Invesco Small Cap Growth Fund. The Board considered that the Fund outperformed its peer group for the three-, five- and ten-year periods, though it underperformed its peer group for the one-year period. The Board also considered that the Fund outperformed its benchmark for the three-year period, though it underperformed its benchmark for the one-, five- and ten-year periods. The Board took into account that the Fund outperformed its peer group and benchmark for the year-to-date period ending June 30, 2014. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/Ivy Asset Strategy Fund. The Board considered that the Fund outperformed its peer group for the one- and three-year periods, though it underperformed its benchmark for the one- and three-year periods. Given these considerations, and that the Fund does not yet have a five-year track record, the Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/JPMorgan International Value Fund. The Board considered that the Fund outperformed its peer group for all periods. The Board also considered that the Fund outperformed its benchmark for the ten-year period, though it underperformed its benchmark for the other periods. The Board concluded it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/JPMorgan MidCap Growth Fund. The Board considered that the Fund outperformed its peer group for the one-, three- and five-year periods, though it underperformed for the ten-year period. The Board also considered that the Fund outperformed its benchmark for the one- and three-year periods and underperformed the benchmark for the five- and ten-year periods. The Board considered that JPMorgan has been Sub-Adviser on the strategy since December 2007 so the ten-year record does not owe entirely to the current team. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/JPMorgan U.S. Government & Quality Bond Fund. The Board took into account that the Fund outperformed its peer group and benchmark for the three-, five- and ten-year periods, though it underperformed both for the one-year period. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/Lazard Emerging Markets Fund. The Board took into account that the Fund outperformed its benchmark for the one-, three- and five-year periods. The Board also considered that the Fund outperformed its peer group for the three- and five-year periods (though it underperformed its peer group for the one-year period). The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/Mellon Capital S&P 500 Index Fund. The Board noted that the Fund’s performance, before expenses, was within 0.1% of its benchmark for all time periods (though the Fund underperformed its benchmark for all periods). The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/Mellon Capital S&P 400 MidCap Index Fund. The Board considered that, before expenses, the Fund outperformed its benchmark for all periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/Mellon Capital Small Cap Index Fund. The Board took under consideration that, before expenses, the Fund outperformed its benchmark for all periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/Mellon Capital International Index Fund. The Board took into account that, before expenses, the Fund outperformed its benchmark for the three- and ten-year periods, though it underperformed its benchmark for the one- and five-year periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/Mellon Capital Bond Index Fund. The Board considered that, before expenses, the Fund outperformed its benchmark for the five-year period and that the Fund’s performance, before expenses, was within 0.2% of its benchmark for all periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/Mellon Capital 10 x 10 Fund. The Board noted the Fund’s unique investment mandate and considered information from JNAM indicating that the Fund is managed in a manner consistent with that mandate. The Board considered that the Fund performed in line with its blended benchmark (with the Fund and benchmark, respectively, at 27.7% and 28.0% for the one-year period, 13.2% and 13.7% for the three-year period and 16.0 and 16.4% for the five-year period). The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreement.

JNL/Mellon Capital Index 5 Fund. The Board took into account that the Fund outperformed its blended benchmark for the three-year period and the Fund’s performance equaled its blended benchmark’s performance for the one- and five-year periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreement.

JNL/Mellon Capital European 30 Fund. The Board noted the Fund’s unique investment mandate and considered information from JNAM indicating that the Fund is managed in a manner consistent with that mandate. Further, the Board noted that over its 3-year period, the Fund trailed its custom benchmark by only 8 basis points. The Board also noted that for the year-to-date period ended June 30, 2014, the Fund had outperformed its custom benchmark by 0.1% (though it underperformed that benchmark over the one- and five-year periods). The Board concluded it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/Mellon Capital Pacific Rim 30 Fund. The Board noted the Fund’s unique investment mandate and considered information from JNAM indicating that the Fund is managed in a manner consistent with that mandate. The Board further considered that the Fund underperformed its custom benchmark by less than 1% for each of the one-, three-, and five-year periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/Mellon Capital Global Alpha Fund. The Board noted that the Fund is not managed to beat a benchmark, rather it is managed to provide positive absolute returns for investors. The Board did consider that the Fund underperformed its benchmark and custom peer group for the one- and three-year periods. The Board also noted that the Sub-Adviser has made recent adjustments to its investment process. The Board concluded that it would review strategic alternatives for the Fund and that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/Mellon Capital Emerging Markets Index Fund. The Board considered that the Fund underperformed its benchmark for the one-year period. The Board also noted that the Fund commenced operations in August 2011 and that it would be prudent to allow the team more time to develop its long-term performance record. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/Mellon Capital Dow Jones U.S. Contrarian Opportunities Index Fund. The Board considered that the Fund underperformed its benchmark for the one-year period. The Board also, however, noted that the Fund commenced operations in April 2012 and that it would be prudent to allow the team more time to develop its performance record. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/Mellon Capital Utilities Sector Fund. The Board took into account that the Fund had less than one year of performance data. The Board also noted that the Fund commenced operations in April 2013. The Board noted, therefore, that it would be prudent to allow the team more time to develop its performance record with the Fund. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/Morgan Stanley Mid Cap Growth Fund. The Board considered that the Fund outperformed its peer group and benchmark for the one-year period. The Board also noted that the Fund commenced operations in April 2012 and that it would be prudent to allow the team more time to develop its long-term performance record with the Fund. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/Neuberger Berman Strategic Income Fund. The Board considered that the Fund outperformed its benchmark for the one-year period, though it underperformed its peer group. The Board also noted that the Fund commenced operations in April 2012 and that it would be prudent to allow the team more time to develop its performance record with the Fund. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/Oppenheimer Global Growth Fund. The Board took into account that the Fund outperformed its benchmark and peer group for all periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/PIMCO Real Return Fund. The Board took into account that the Fund outperformed its peer group for the three- and five-year periods (though it underperformed its peer group for the one-year period). The Board also noted that the Fund outperformed its benchmark for the five-year period and underperformed its benchmark for the one- and three-year periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/PIMCO Total Return Bond Fund. The Board noted that the Fund outperformed its benchmark for the three-, five- and ten-year periods, though it underperformed its benchmark for the one-year period. The Board also noted that the Fund outperformed its peer group for the five- and ten-year periods, though it underperformed its peer group for the one- and three-year periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/PPM America Floating Rate Income Fund. The Board considered that the Fund underperformed its peer group and benchmark for the one-year period. The Board took into account that the Fund had only commenced operations in January 2011. The Board noted, therefore, that it would be prudent to allow the team more time to develop its long-term performance record with the Fund. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/PPM America High Yield Bond Fund. The Board considered that the Fund outperformed its peer group for the one-, three- and five-year periods, though it underperformed its peer group for the ten-year period. The Board also noted that the Fund outperformed its benchmark for the one- and three-year periods, though it underperformed its benchmark for the longer periods. The Board noted that PPM became the Sub-Adviser in April 2007 so the ten-year record does not owe entirely to the current team. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/PPM America Mid Cap Value Fund. The Board took into account that the Fund outperformed its peer group for the one-, three- and five-year periods and outperformed its benchmark for the one- and five-year periods (though it underperformed its benchmark for the three-year period). The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/PPM America Small Cap Value Fund. The Board considered that the Fund outperformed its peer group for the one-, three- and five-year periods and outperformed its benchmark for the five-year period (though it underperformed its benchmark for the one- and three-year periods). The Board concluded that it would be in the best interests of each Fund and its shareholders to renew the Agreements.

JNL/PPM America Value Equity Fund. The Board considered that the Fund outperformed its peer group for the one-, three- and five-year periods, though it underperformed its peer group for the ten-year period. The Board also noted that the Fund outperformed its benchmark for the one- and five-year periods and underperformed its benchmark for the three- and ten-year periods. The Board took into account that the current Sub-Adviser has been managing the Fund since January 2007 so the Fund’s ten-year record does not owe entirely to the current management team. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/Red Rocks Listed Private Equity Fund. The Board took into account that the Fund outperformed its custom peer group for all periods and outperformed its benchmark for the one- and three-year periods (though it underperformed its benchmark for the five-year period). The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/WMC Balanced Fund. The Board considered that the Fund outperformed its peer group for the one-, three- and ten-year periods, though it underperformed its peer group for the five-year period. The Board also considered that the Fund outperformed its blended benchmark for the ten-year period, performed in line with its blended benchmark for the one-year period and underperformed its blended benchmark for the three- and five-year periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/WMC Money Market Fund. The Board took into account that the Fund outperformed the peer group for the ten-year period, though it underperformed its peer group for the shorter periods and underperformed its benchmark for all periods. The Board noted that the Fund underperformed its peer group by only two basis points during the one- and three-year periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/WMC Value Fund. The Board noted that the Fund outperformed its peer group and benchmark for the ten-year period. The Board also considered that the Fund performed within 0.2% of its peer group for the one-, three- and five-year periods, though it underperformed its benchmark for those periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/S&P Competitive Advantage Fund. The Board took into account that, before expenses, the Fund outperformed its custom benchmark for the five-year period, though it underperformed its custom benchmark for the shorter periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/S&P Dividend Income & Growth Fund. The Board noted that, before expenses, the Fund performed within 0.4% of its custom benchmark during the one-year period and within 0.2% during the three- and five-year periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/S&P Intrinsic Value Fund. The Board considered that, before expenses, the Fund performed within 0.2% of its custom benchmark for the three- and five-year periods, though it underperformed its custom benchmark by 0.7% for the one-year period. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/S&P Total Yield Fund. The Board noted that the Fund outperformed its custom benchmark for the three- and five-year periods, though it underperformed its custom benchmark for the one-year period. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/S&P 4 Fund. The Board noted the Fund’s unique investment mandate and considered information from JNAM indicating that the Fund is managed in a manner consistent with that mandate. The Board considered that the Fund outperformed the S&P 500 Index for the one-, three- and five-year periods (though it underperformed its custom benchmark for those periods). The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreement.

JNL/S&P Managed Conservative Fund. The Board considered that the Fund outperformed its blended benchmark for the one- and five-year periods, though it underperformed its blended benchmark for the three-year period. The Board also noted that the Fund outperformed its custom peer group for the three-year period, though it underperformed its custom peer group for the one- and five-year periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/S&P Managed Moderate Fund. The Board considered that the Fund outperformed its custom peer group for the one- and three-year periods, though it underperformed its custom peer group for the five-year period. The Board also noted that the Fund outperformed its blended benchmark for the one- and five-year periods, though it underperformed its blended benchmark for the three-year period. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/S&P Managed Moderate Growth Fund. The Board considered that the Fund outperformed its custom peer group for all periods and outperformed its blended benchmark for the five-year period (though it underperformed its blended benchmark for the other periods). The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/S&P Managed Growth Fund. The Board took into account that the Fund outperformed its custom peer group for all periods and outperformed its blended benchmark for the five-year period (though it underperformed its blended benchmark for the other periods). The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/S&P Managed Aggressive Growth Fund. The Board took into account that the Fund outperformed its custom peer group for all periods and outperformed its blended benchmark for the five-year period (though it underperformed its blended benchmark for the other periods). The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/T. Rowe Price Established Growth Fund. The Board considered that the Fund outperformed both its benchmark and peer group for all periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/T. Rowe Price Mid-Cap Growth Fund. The Board took into account that the Fund outperformed its peer group for all periods and outperformed its benchmark for the one-, five-, and ten-year periods (though it underperformed its benchmark for the three-year period). The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/T. Rowe Price Short-Term Bond Fund. The Board considered that the Fund outperformed its benchmark for the three- and five-year periods (though it underperformed for the one-year period). The Board also considered that the Fund underperformed its peer group for those periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL/T. Rowe Price Value Fund. The Board took into account that the Fund outperformed its benchmark and peer group for all periods. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreements.

JNL Disciplined Moderate Fund. The Board considered that the Fund outperformed its blended benchmark and custom peer group for the one- and three-year periods, though it underperformed its blended benchmark and custom peer group for the five-year period. The Board noted that JNAM began managing the Fund in August 2011. The Board concluded, therefore, that it would be prudent to allow the team more time to develop its performance record with the Fund. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreement.

JNL Disciplined Moderate Growth Fund. The Board considered that the Fund outperformed its blended benchmark and custom peer group for the one- and three-year periods, though it underperformed its blended benchmark and custom peer group for the five-year period. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreement.

JNL Disciplined Growth Fund. The Board considered that the Fund outperformed its custom peer group for all periods and outperformed its blended benchmark for the one- and three-year periods, though it underperformed its blended benchmark for the five-year period. The Board concluded that it would be in the best interests of the Fund and its shareholders to renew the Agreement.

Costs of Services

The Board reviewed the fees to be paid to JNAM and each Fund’s Sub-Adviser(s). For each Fund, the Board reviewed fee and expense information as compared to that of comparable funds managed by other advisers, as well as fees charged by each Sub-Adviser to similar clients, if any. The Board also noted that JNAM does not manage any institutional accounts with which Funds’ fees could be compared. Using information provided by an independent data service, the Board evaluated each 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 each Fund’s sub-advisory fee and compared that to the average sub-advisory fee of the peer group, the Board noted that each 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 a Fund’s total expense ratio. For certain Funds, the Board also considered a supplemental peer group provided by an independent data service, as indicated below. This consideration was based on JNAM’s assertion and information provided to the Board suggesting that the supplemental peer group, where presented, provides a more meaningful source of comparative information than the primary peer group.

Further detail considered by the Board regarding the advisory and sub-advisory fees of each Fund is set forth below:

JNL/American Funds Blue Chip Income and Growth Fund. The Board noted JNAM’s assertion that a supplemental peer group also provided a meaningful comparison of Fund expenses. The Board noted that the Fund’s advisory fee is lower than the peer group average (excluding Master Fund expenses) and the Fund’s advisory fee is lower than the supplemental peer group average (including Master Fund expenses). The Board also noted the Fund’s total expenses are lower than the peer group average, excluding Master Fund expenses (including such expenses, the total expenses are higher than the peer group average), though the Fund’s total expenses are higher than the supplemental peer group average (including Master Fund expenses). The Board considered that the Fund has no sub-advisory fee. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

JNL/American Funds Global Bond Fund. The Board noted JNAM’s assertion that a supplemental expense peer group of funds also provided a meaningful comparison of Fund expenses. The Board noted that the Fund’s advisory fee is lower than the peer group average, though its total expenses are higher than the supplemental peer group average, including Master Fund expenses. The Board also considered that the Fund has no sub-advisory fee. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

JNL/American Funds Global Small Capitalization Fund. The Board noted JNAM’s assertion that a supplemental expense peer group of funds provided a more meaningful comparison of Fund expenses in light of the fact that the supplemental peer group uses an investment classification process that is more specific to the Fund’s investment mandate. The Board also noted that while the Fund’s advisory fee is higher than the supplemental peer group average, the Fund’s total expense ratio (including Master Fund expenses) is lower than the supplemental peer group average. The Board considered that the Fund has no sub-advisory fee. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

JNL/American Funds Growth-Income Fund. The Board noted JNAM’s assertion that a supplemental expense peer group of funds provided a more meaningful comparison of Fund expenses in light of the fact that the supplemental peer group is larger and more robust, as the general peer group focused on a limited number of funds within the variable annuity universe. The Board also noted that the Fund’s advisory fee and total expense ratio (including Master Fund expenses) are lower than the supplemental peer group average. The Board considered that the Fund has no sub-advisory fee. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

JNL/American Funds International Fund. The Board noted JNAM’s assertion that a supplemental expense peer group of funds provided a more meaningful comparison of Fund expenses in light of the fact that the supplemental peer group is larger and more robust, as the general peer group focused on a limited number of funds within the variable annuity universe. The Board noted that the Fund’s advisory fee is lower than the supplemental peer group average. The Board also noted that the Fund’s total expense ratio (including Master Fund expenses) is lower than the supplemental peer group average. The Board considered that the Fund has no sub-advisory fee. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

JNL/American Funds New World Fund. The Board noted JNAM’s assertion that a supplemental expense peer group of funds provided a more meaningful comparison of Fund expenses in light of the fact that the supplemental peer group is larger and more robust, as the general peer group focused on a limited number of funds within the variable annuity universe. The Board noted that the Fund’s advisory fee is lower than the supplemental peer group average. The Board also noted that the Fund’s total expense ratio (including Master Fund expenses) is lower than the supplemental peer group average. The Board considered that the Fund has no sub-advisory fee. The Board concluded that the fees are in the best interests of the Fund and its shareholders in light of the services provided.

JNL/American Funds Balanced Allocation Fund. The Board noted JNAM’s assertion that a supplemental expense peer group of funds provided a more meaningful comparison of Fund expenses in light of the fact that the supplemental peer group uses an investment classification process that is more specific to the Fund’s investment mandate and the supplemental peer group is larger and more robust, as the general peer group focused on a limited number of funds within the variable annuity universe. The Board noted that the Fund’s advisory fee is lower than the supplemental peer group average. The Board noted that the total expense ratio (including Master Fund expenses) was lower than the supplemental peer group average. The Board considered that the Fund has no sub-advisory fee. The Board concluded that the advisory fee is in the best interests of the Fund and its shareholders in light of the services provided.

JNL/American Funds Growth Allocation Fund. The Board noted JNAM’s assertion that a supplemental expense peer group of funds provided a more meaningful comparison of Fund expenses in light of the fact that the supplemental peer group uses an investment classification process that is more specific to the Fund’s investment mandate and the supplemental peer group is larger and more robust, as the general peer group focused on a limited number of funds within the variable annuity universe. The Board noted that the Fund’s advisory fee is lower than the supplemental peer group average. The Board noted that the total expense ratio (including Master Fund expenses) was lower than the supplemental peer group average. The Board considered that the Fund has no sub-advisory fee. The Board concluded that the advisory fee is in the best interests of the Fund and its shareholders in light of the services provided.

JNL Institutional Alt 20 Fund, JNL Institutional Alt 35 Fund, JNL Institutional Alt 50 Fund and JNL Institutional Alt 65 Fund. The Board noted that each Fund’s advisory fee and total expense ratio are lower than the peer group average. The Board considered that each Fund has no sub-advisory fee. The Board concluded that the advisory fee is in the best interests of the Fund and its shareholders in light of the services provided.

JNL/AQR Managed Futures Strategy Fund. The Board noted JNAM’s assertion that a supplemental expense peer group of funds provided a more meaningful comparison of Fund expenses in light of the fact that the supplemental peer group uses an investment classification process that is more specific to the Fund’s investment mandate and the supplemental peer group is larger and more robust, as the general peer group focused on a limited number of funds within the variable annuity universe. The Board noted that the Fund’s advisory fee and total expense ratio are lower than the respective supplemental peer group averages (though the sub-advisory fee is higher than the supplemental peer group average). The Board concluded that the advisory and sub-advisory fees are in the best interests of the Fund and its shareholders in light the supplemental peer group expenses and services provided.

JNL/BlackRock Commodity Securities Strategy Fund. The Board took into account that the Fund’s advisory and sub-advisory fees are lower than the respective peer group averages. The Board noted that the Fund’s total expense ratio is lower than the peer group average. The Board concluded that the advisory and sub-advisory fees are in the best interests of the Fund and its shareholders in light of the services provided.

JNL/BlackRock Global Allocation Fund. The Board noted JNAM’s assertion that a supplemental expense peer group of funds provided a more meaningful comparison of Fund expenses in light of the fact that the supplemental peer group comprised World Allocation funds with greater investment mandate similarities to the Fund, as compared to the general peer group, which included portfolios with dissimilar investment strategies. The Board took into account that the Fund’s advisory and sub-advisory fees are lower than the supplemental peer group average, though the Fund’s total expense ratio is 1 basis point higher than the supplemental peer group average. The Board concluded that the Fund’s advisory and sub-advisory fees are in the best interests of the Fund and its shareholders in light of the information considered by the Board and the services provided.

JNL/BlackRock Large Cap Select Growth Fund. The Board took into account that the Fund’s advisory fee, sub-advisory fee and total expense ratio are lower than the peer group average. The Board concluded that the advisory and sub-advisory fees are in the best interests of the Fund and its shareholders in light of the services provided.

JNL/Brookfield Global Infrastructure and MLP Fund. The Board noted JNAM’s assertion that a supplemental expense peer group of funds provided a more meaningful comparison of Fund expenses in light of the fact that the supplemental peer group uses an investment classification process that is more specific to the Fund’s investment mandate and the supplemental peer group is larger and more robust, as the general peer group focused on a limited number of funds within the variable annuity universe. The Board took into account that the Fund’s advisory fee is higher than the supplemental peer group average and the Fund’s sub-advisory fee is lower than the supplemental peer group average. The Board noted that the total expense ratio is lower than the supplemental peer group average. The Board concluded that the advisory fee is in the best interests of the Fund and its shareholders in light of the services provided.

JNL/Capital Guardian Global Balanced Fund and JNL/Capital Guardian Global Diversified Research Fund. The Board considered that each Fund’s advisory fee is lower than the peer group average and sub-advisory fee is higher than the peer group average. The Board noted that each Fund’s total expense ratio is lower than the peer group average. The Board concluded that the advisory and sub-advisory fees are in the best interests of the Fund and its shareholders in light of the services provided.

JNL/DFA U.S. Core Equity Fund. The Board considered that the Fund’s advisory fee and sub-advisory fee are lower than the respective peer group averages. The Board noted that the Fund’s total expense ratio is lower than the peer group average. The Board concluded that the advisory and sub-advisory fees are in the best interests of the Fund and its shareholders in light of the services provided.

JNL/Eagle SmallCap Equity Fund. The Board took into account that the Fund’s advisory fee and sub-advisory fee are lower than the respective peer group averages. The Board noted that the Fund’s total expense ratio is lower than the peer group average. The Board concluded that the advisory and sub-advisory fees are in the best interests of the Fund and its shareholders in light of the services provided.

JNL/Eastspring Investments Asia Ex-Japan Fund. The Board noted JNAM’s assertion that a supplemental expense peer group of funds provided a more meaningful comparison of Fund expenses in light of the fact that the supplemental peer group uses an investment classification process that is more specific to the Fund’s investment mandate and the supplemental peer group is larger and more robust, as the general peer group focused on a limited number of funds within the variable annuity universe. The Board took into account that the Fund’s advisory fee is higher than the supplemental peer group average and the sub-advisory fee is equal to the supplemental peer group average. The Board noted that the Fund’s total expense ratio is lower than supplemental peer group average. The Board concluded that the advisory and sub-advisory fees are in the best interests of the Fund and its shareholders in light of the Fund’s performance compared to its peer group and the services provided.

JNL/Eastspring Investments China-India Fund. The Board noted JNAM’s assertion that a supplemental expense peer group of funds provided a more meaningful comparison of Fund expenses in light of the fact that the funds in the supplemental peer group have more aggregate exposure to China and India and are, therefore, more similar to the Fund. The Board took into account that the Fund’s advisory fee is lower than the supplemental peer group average and the sub-advisory fee is equal to the supplemental peer group average. The Board also noted that the Fund’s total expense ratio is lower than the supplemental peer group average. The Board concluded that the advisory and sub-advisory fees are in the best interests of the Fund and its shareholders in light of the services provided.

JNL/Franklin Templeton Founding Strategy Fund. The Board considered that the Fund has no advisory or sub-advisory fees. The Board noted that the total expense ratio (excluding underlying Fund expenses) is lower than the peer group average and each of the underlying funds is subject to individual oversight by the Board. The Board concluded that the total expenses are in the best interests of the Fund and its shareholders in light of the services provided.

JNL/Franklin Templeton Global Growth Fund. The Board took into account that the Fund’s advisory fee and sub-advisory fee are lower than the respective peer group average. The Board noted that the Fund’s total expense ratio is lower than the peer group average. The Board concluded that the advisory and sub-advisory fees are in the best interests of the Fund and its shareholders in light of the services provided.

JNL/Franklin Templeton Global Multisector Bond Fund. The Board took into account that the Fund’s sub-advisory fee is lower than the peer group average, though its advisory fee as well as its total expense ratio are higher than the respective peer group averages. The Board noted, however, that the Fund outperformed its peer group and benchmark for the one-year period. The Board also noted the new breakpoint to be implemented by JNAM, which will serve to reduce the advisory fee rate. The Board concluded that the advisory and sub-advisory fees are in the best interests of the Fund and its shareholders in light of the information considered by the Board and the services provided.

JNL/Franklin Templeton Income Fund. The Board took into account that the Fund’s advisory fee is lower than the peer group average and sub-advisory fee is higher than the peer group average. The Board noted that the Fund’s total expense ratio is lower than the peer group average. The Board concluded that the advisory and sub-advisory fees are in the best interests of the Fund and its shareholders in light of the services provided.

JNL/Franklin Templeton International Small Cap Growth Fund. The Board noted JNAM’s assertion that a supplemental expense peer group of funds provided a more meaningful comparison of Fund expenses in light of the fact that the supplemental peer group uses an investment classification process that is more specific to the Fund’s investment mandate and the supplemental peer group is larger and more robust, as the general peer group focused on a limited number of funds within the variable annuity universe. The Board took into account that the Fund’s advisory fee is higher than the supplemental peer group average and the sub-advisory fee is lower than the supplemental peer group average. The Board noted that the Fund’s total expense ratio is lower than the supplemental peer group average. The Board noted that the Fund outperformed its peer group and benchmark for all periods. The Board concluded that the advisory and sub-advisory fees are in the best interests of the Fund and its shareholders in light of the services provided.

JNL/Franklin Templeton Mutual Shares Fund. The Board noted JNAM’s assertion that a supplemental expense peer group of funds provided a more meaningful comparison of Fund expenses in light of the fact that the funds in the general peer group lack international stock exposure (which this Fund has). The Board considered that the Fund’s advisory and sub-advisory fees are higher than the supplemental peer group average. The Board noted that the Fund’s total expense ratio is lower than the supplemental peer group average. In considering the Fund’s fees the Board also considered that the Fund outperformed its custom peer group for all periods. The Board concluded that the advisory and sub-advisory fees are in the best interests of the Fund and its shareholders in light of the services provided and the Fund’s performance against its peer group.

JNL/Franklin Templeton Small Cap Value Fund. The Board considered that the Fund’s advisory and sub-advisory fees are higher than the respective peer group averages. The Board noted that the Fund’s total expense ratio is two basis points higher than the peer group average. The Board noted that the Fund outperformed its benchmark for all periods and its peer group for the three- and five-year periods. The Board concluded that the advisory and sub-advisory fees are in the best interests of the Fund and its shareholders in light of the services provided and the Fund’s performance against its peer group.

JNL/Goldman Sachs Core Plus Bond Fund. The Board considered that the Fund’s advisory and sub-advisory fees are higher than the respective peer group averages. The Board noted that the Fund’s total expense ratio is higher than the peer group average. The Board considered that the Fund outperformed its benchmark and peer group for all periods. The Board also noted the new breakpoint to be implemented by JNAM, which will serve to reduce the advisory fee rate. The Board concluded that the advisory and sub-advisory fees are in the best interests of the Fund and its shareholders in light of the services provided and the Fund’s performance against its peer group.

JNL/Goldman Sachs Emerging Markets Debt Fund. The Board noted JNAM’s assertion that a supplemental expense peer group of funds provided a more meaningful comparison of Fund expenses in light of the fact that the supplemental peer group contains only peer funds that focus on emerging markets, where the cost of investing is often higher than in developed markets. The Board took into account that the Fund’s advisory and sub-advisory fees are higher than the respective supplemental peer group averages. The Board noted that the Fund’s total expense ratio is lower than the supplemental peer group average. The Board further considered that the Fund outperformed its benchmark for all periods. The Board concluded that the advisory and sub-advisory fees are in the best interests of the Fund and its shareholders in light of the services provided.

JNL/Goldman Sachs Mid Cap Value Fund. The Board took into account that the Fund’s advisory fee is lower than the peer group average and the Fund’s sub-advisory fee is higher than the peer group average. The Board noted that the Fund’s total expense ratio is lower than the peer group average. The Board concluded that the advisory and sub-advisory fees are in the best interests of the Fund and its shareholders in light of the services provided.

JNL/Goldman Sachs U.S. Equity Flex Fund. The Board noted JNAM’s assertion that a supplemental expense peer group of funds provided a more meaningful comparison of Fund expenses in light of the fact that the supplemental peer group uses an investment classification process that is more specific to the Fund’s investment mandate and the supplemental peer group is larger and more robust, as the general peer group focused on a limited number of funds within the variable annuity universe. The Board considered that the Fund’s advisory fee is higher than the supplemental peer group average. The Board further considered that the Fund’s sub-advisory fee is lower than the supplemental peer group average. The Board noted that the Fund’s total expense ratio is lower than the supplemental peer group average. The Board concluded that the advisory and sub-advisory fees are in the best interests of the Fund and its shareholders in light of the services provided.

JNL/Invesco Global Real Estate Fund. The Board took into account that the Fund’s advisory fee is lower than the peer group average and the sub-advisory fee is equal to the peer group average. The Board noted that the Fund’s total expense ratio is lower than the peer group average. The Board concluded that the advisory and sub-advisory fees are in the best interests of the Fund and its shareholders in light of the services provided.

JNL/Invesco International Growth Fund. The Board considered that the Fund’s advisory and sub-advisory fees are lower than the respective peer group averages. The Board noted that the Fund’s total expense ratio is lower than the peer group average. The Board concluded that the advisory and sub-advisory fees are in the best interests of the Fund and its shareholders in light of the services provided.

JNL/Invesco Large Cap Growth Fund. The Board considered that while the Fund’s advisory and sub-advisory fees are higher than the respective peer group averages, its total expense ratio is equal to the peer group average. The Board concluded that the advisory and sub-advisory fees are in the best interests of the Fund and its shareholders in light of the services provided.

JNL/Invesco Mid Cap Value Fund and JNL/Invesco Small Cap Growth Fund. The Board took into account that the Fund’s advisory fee and total expenses are lower than the respective peer group averages (though the sub-advisory fee is higher). The Board concluded that the advisory and sub-advisory fees are in the best interests of the Fund and its shareholders in light of the services provided.

JNL/Ivy Asset Strategy Fund. The Board noted JNAM’s assertion that a supplemental expense peer group of funds provided a more meaningful comparison of Fund expenses in light of the fact that the supplemental peer group comprised World Allocation funds with greater investment mandate similarities to the Fund, as compared to the general peer group, which included portfolios with dissimilar investment strategies. The Board considered that the Fund’s advisory fee and total expenses are higher than the respective supplemental peer group averages and its sub-advisory fee is equal to the supplemental peer group average. The Board took under consideration, however, that the Fund outperformed its peer group for all periods. The Board also noted the new breakpoint to be implemented by JNAM, which will serve to reduce the advisory fee rate. The Board concluded that the advisory and sub-advisory fees are in the best interests of the Fund and its shareholders in light of the services provided and the Fund’s performance against its peer group.

JNL/JPMorgan International Value Fund, JNL/JPMorgan Midcap Growth Fund, and JNL/JPMorgan U.S. Government & Quality Bond Fund. The Board considered that the Fund’s advisory and sub-advisory fees are lower than the respective peer group averages. The Board noted that the Fund’s total expense ratio is lower than the peer group average. The Board concluded that the advisory and sub-advisory fees are in the best interests of the Fund and its shareholders in light of the services provided.

JNL/Lazard Emerging Markets Fund. The Board took into account that the Fund’s advisory and sub-advisory fees are lower than the respective peer group averages. The Board noted that the Fund’s total expense ratio is lower than the peer group average. The Board concluded that the advisory and sub-advisory fees are in the best interests of the Fund and its shareholders in light of the services provided.

JNL/Mellon Capital S&P 500 Index Fund. The Board considered that, while the Fund’s total expenses are only 8 basis points higher than the peer group average and its advisory fee is only 4 basis points higher than the average. The Fund’s sub-advisory fee is lower than the peer group average. The Board also took under consideration that the Fund, gross of fees, performed within 4 basis points of its benchmark for all periods. The Board concluded that the advisory and sub-advisory fees are in the best interests of the Fund and its shareholders in light of the services provided and the Fund’s performance.

JNL/Mellon Capital S&P 400 MidCap Index Fund, JNL/Mellon Capital Small Cap Index Fund, JNL/Mellon Capital International Index Fund, and JNL/Mellon Capital Dow Jones U.S. Contrarian Opportunities Index Fund. The Board considered that the Fund’s advisory and sub-advisory fees are lower than the respective peer group averages. The Board noted that the Fund’s total expense ratio is lower than the peer group average. The Board concluded that the advisory and sub-advisory fees are in the best interests of the Fund and its shareholders in light of the services provided.

JNL/Mellon Capital Bond Index Fund. The Board considered that the Fund’s advisory fee is higher than the peer group average and the sub-advisory fee is lower than the peer group average. The Board noted that the Fund’s total expense ratio is equal to the peer group average. The Board concluded that the advisory and sub-advisory fees are in the best interests of the Fund and its shareholders in light of the services provided.

JNL/Mellon Capital 10 x 10 Fund and JNL/Mellon Capital Index 5 Fund. The Board took into account that the Fund has no advisory or sub-advisory fees. The Board noted that the Fund’s total expense ratio (excluding underlying Fund expenses) is lower than the peer group average and each of the underlying funds is subject to individual oversight by the Board. The Board concluded that the total expenses are in the best interests of the Fund and its shareholders in light of the services provided.

JNL/Mellon Capital European 30 Fund and JNL/Mellon Capital Pacific Rim 30 Fund. The Board considered that the Fund’s advisory and sub-advisory fees are lower than the respective peer group averages. The Board noted that the Fund’s total expense ratio is lower than the peer group average. The Board concluded that the advisory and sub-advisory fees are in the best interests of the Fund and its shareholders in light of the services provided.

JNL/Mellon Capital Global Alpha Fund. The Board noted JNAM’s assertion that a supplemental expense peer group of funds provided a more appropriate comparison of Fund expenses, in light of the fact that the supplemental peer group comprised World Allocation funds with greater investment mandate similarities to the Fund, as compared to the general peer group, which included portfolios with dissimilar investment strategies. The Board considered that the Fund’s advisory fee is higher than the supplemental peer group average and the sub-advisory fee and total expense ratio are lower than the respective supplemental peer group averages. The Board also took into account the voluntary waiver to be implemented by the Adviser, which will serve to reduce the advisory fee rate. The Board concluded that the advisory and sub-advisory fees are in the best interests of the Fund and its shareholders in light of the information considered by the Board and services provided.

JNL/Mellon Capital Emerging Markets Index Fund. The Board considered that the Fund’s advisory fee is one basis point higher than the peer group average and the sub-advisory fee is lower than the peer group average. The Board noted that the Fund’s total expense ratio is one basis point higher than the peer group average. The Board also noted the new breakpoint to be implemented by JNAM, which will serve to reduce the advisory fee rate. The Board concluded that the advisory and sub-advisory fees are in the best interests of the Fund and its shareholders in light of the services provided.

JNL/Mellon Capital Utilities Sector Fund. The Board considered that the Fund’s advisory fee is equal to the peer group average and the sub-advisory fee is lower than the peer group average. The Board noted that the Fund’s total expense ratio is lower than the peer group average. The Board concluded that the advisory and sub-advisory fees are in the best interests of the Fund and its shareholders in light of the services provided.

JNL/Morgan Stanley Mid Cap Growth Fund. The Board considered that the Fund’s advisory fee is higher than the peer group average and sub-advisory fee is lower than the peer group average. The Board noted that the Fund’s total expense ratio is lower than the peer group average. The Board concluded that the advisory and sub-advisory fees are in the best interests of the Fund and its shareholders in light of the services provided.

JNL/Neuberger Berman Strategic Income Fund. The Board considered that the Fund’s advisory fee is higher than the peer group average and sub-advisory fee is lower than the peer group average. The Board noted that the Fund’s total expense ratio is three basis points higher than the peer group average. The Board also noted the new breakpoint to be implemented by JNAM, which will serve to reduce the advisory fee rate. The Board concluded that the advisory and sub-advisory fees are in the best interests of the Fund and its shareholders in light of the services provided.

JNL/Oppenheimer Global Growth Fund. The Board considered that the Fund’s advisory and sub-advisory fees are lower than the respective peer group averages. The Board noted that the Fund’s total expense ratio is lower than the peer group average. The Board concluded that the advisory and sub-advisory fees are in the best interests of the Fund and its shareholders in light of the services provided.

JNL/PIMCO Real Return Fund. The Board took into account that the Fund’s advisory fee and sub-advisory fee are higher than the respective peer group averages. The Board noted that the Fund’s total expense ratio is higher than the peer group average. The Board noted that the sub-advisory fee paid to PIMCO is consistent with other funds managed by PIMCO. In considering the Fund’s fees, the Board also considered the Fund’s performance. The Board concluded that the advisory and sub-advisory fees are in the best interests of the Fund and its shareholders in light of the services provided and the Fund’s performance.

JNL/PIMCO Total Return Bond Fund. The Board took into account that the Fund’s advisory and sub-advisory fees are higher than the respective peer group averages. The Board noted that the Fund’s total expense ratio is three basis points higher than the peer group average. In considering the Fund’s fees, the Board also considered the Fund’s performance. The Board also noted the new breakpoint to be implemented by JNAM, which will serve to reduce the advisory fee rate. The Board concluded that the advisory and sub-advisory fees are in the best interests of the Fund and its shareholders in light of the services provided.

JNL/PPM America Floating Rate Income Fund. The Board noted JNAM’s assertion that a supplemental expense peer group of funds provided a more appropriate comparison of Fund expenses in light of the fact that the supplemental peer group uses an investment classification process that is more specific to the Fund’s investment mandate and the supplemental peer group is larger and more robust, as the general peer group focused on a limited number of funds within the variable annuity universe. The Board considered that the Fund’s advisory fee is higher than the supplemental peer group average. The Board also took into account that the Fund’s sub-advisory fee and total expense ratio are lower than the respective supplemental peer group averages. The Board concluded that the advisory and sub-advisory fees are in the best interests of the Fund and its shareholders in light of the information considered by the Board and services provided.

JNL/PPM America High Yield Bond Fund and JNL/PPM America Value Equity Fund. The Board considered that the Fund’s advisory and sub-advisory fees are lower than the respective peer group averages. The Board noted that the Fund’s total expense ratio is lower than the peer group average. The Board concluded that the advisory and sub-advisory fees are in the best interests of the Fund and its shareholders in light of the services provided.

JNL/PPM America Mid Cap Value Fund. The Board took into account that the Fund’s advisory fee is higher than the peer group average and the Fund’s sub-advisory fee is lower than the peer group average. The Board noted that the Fund’s total expense ratio is lower than the peer group average. The Board also noted the new breakpoint to be implemented by JNAM, which will serve to reduce the advisory fee rate. The Board concluded that the advisory and sub-advisory fees are in the best interests of the Fund and its shareholders in light of the services provided.

JNL/PPM America Small Cap Value Fund. The Board took into account that the Fund’s advisory fee is equal to the peer group average and the Fund’s sub-advisory fee is lower than the peer group average. The Board noted that the Fund’s total expense ratio is lower than the peer group average. The Board also noted the new breakpoint to be implemented by JNAM, which will serve to reduce the advisory fee rate. The Board concluded that the advisory and sub-advisory fees are in the best interests of the Fund and its shareholders in light of the services provided.

JNL/Red Rocks Listed Private Equity Fund. The Board noted JNAM’s assertion that a supplemental expense peer group of funds provided a more appropriate comparison of Fund expenses in light of the fact that the general peer group has only two other funds. The Board took into account that the Fund’s advisory fee and sub-advisory fee are higher than the respective supplemental peer group averages. The Board noted that the Fund’s total expense ratio is lower than the supplemental peer group average. The Board concluded that the advisory and sub-advisory fees are in the best interests of the Fund and its shareholders in light of the services provided.

JNL/WMC Balanced Fund, JNL/WMC Money Market Fund, and JNL/WMC Value Fund. The Board considered that the Fund’s advisory and sub-advisory fees are lower than the respective peer group averages. The Board noted that the Fund’s total expense ratio is lower than the peer group average. The Board concluded that the advisory and sub-advisory fees are in the best interests of the Fund and its shareholders in light of the services provided.

JNL/S&P Competitive Advantage Fund and JNL/S&P Intrinsic Value Fund. The Board took into account that the Fund’s advisory and sub-advisory fees are higher than the respective peer group averages. The Board noted that the Fund’s total expense ratio is lower than the peer group average. The Board concluded that the advisory and sub-advisory fees are in the best interests of the Fund and its shareholders in light of the services provided.

JNL/S&P Dividend Income & Growth Fund and JNL/S&P Total Yield Fund. The Board considered that the Fund’s advisory fee is lower than the peer group average and the sub-advisory fee is higher than the peer group average. The Board noted that the Fund’s total expense ratio is lower than the peer group average. The Board concluded that the advisory and sub-advisory fees are in the best interests of the Fund and its shareholders in light of the services provided.

JNL/S&P 4 Fund. The Board considered that the Fund has no advisory or sub-advisory fees. The Board noted that the Fund’s total expense ratio is lower than the peer group average. The Board concluded that the total expenses are in the best interests of the Fund and its shareholders in light of the services provided.

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. The Board took into account that the Fund’s advisory and sub-advisory fees are lower than the respective peer group averages. The Board noted that the total expense ratio (excluding underlying Fund expenses) is lower than the peer group average. The Board concluded that the advisory and sub-advisory fees are in the best interests of the Fund and its shareholders in light of the services provided.

JNL Disciplined Growth Fund. The Board took into account that the Fund’s advisory fee is equal to the peer group average. The Board noted that the Fund’s total expense ratio (excluding underlying Fund expenses) is lower than the peer group average and that each of the underlying funds is subject to individual oversight by the Board. The Board considered that the Fund has no sub-advisory fee. The Board concluded that the advisory fee is in the best interests of the Fund and its shareholders in light of the services provided.

JNL Disciplined Moderate Fund and JNL Disciplined Moderate Growth Fund. The Board took into account that the Fund’s advisory fee and total expense ratio (excluding underlying Fund expenses) are lower than the peer group average and that each of the underlying funds is subject to individual oversight by the Board. The Board considered that the Fund has no sub-advisory fee. The Board concluded that the advisory fee is in the best interests of the Fund and its shareholders in light of the services provided.

JNL/T. Rowe Price Established Growth Fund. The Board considered that the Fund’s advisory fee is lower than the peer group average and the Fund’s sub-advisory fee is three basis points higher than the peer group average. The Board noted that the Fund’s total expense ratio is lower than the peer group average. The Board concluded that the advisory and sub-advisory fees are in the best interests of the Fund and its shareholders in light of the services provided.

JNL/T. Rowe Price Mid-Cap Growth Fund. The Board took into account that the Fund’s advisory fee is lower than the peer group average and the Fund’s sub-advisory fee is one basis point higher than the peer group average. The Board noted that the Fund’s total expense ratio is lower than the peer group average. The Board concluded that the advisory and sub-advisory fees are in the best interests of the Fund and its shareholders in light of the services provided.

JNL/T. Rowe Price Short-Term Bond Fund. The Board took into account that the Fund’s advisory fee is lower than the peer group average and the sub-advisory fee is equal to the peer group average. The Board noted that the Fund’s total expense ratio is lower than the peer group average. The Board concluded that the advisory and sub-advisory fees are in the best interests of the Fund and its shareholders in light of the services provided.

JNL/T. Rowe Price Value Fund. The Board considered that the Fund’s advisory fee is equal to the peer group average and the sub-advisory fee is lower than the peer group average. The Board noted that the Fund’s total expense ratio is lower than the peer group average. The Board concluded that the advisory and sub-advisory fees are in the best interests of the Fund and its shareholders in light of the services provided.

Economies of Scale

The Board considered whether each 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 each 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 Funds, the Board noted that JNAM and certain of its affiliates would serve the Funds in various capacities, including as adviser, administrator, transfer agent and distributor, and receive compensation from the Funds in connection with providing services to the Funds. 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. The Board also noted that certain Sub-Advisers would pay for portions of meetings organized by the Funds’ distributor to educate wholesalers about the Fund(s) that each of those Sub-Advisers manage. The Board considered JNAM’s assertion that those meetings would not yield a profit to the Funds’ distributor, Sub-Advisers would not be required to participate in the meetings and recommendations to hire or fire Sub-Advisers would not be influenced by a Sub-Adviser’s willingness to participate in the meetings. In addition, certain affiliates of the Sub-Advisers participate in the sale of funds or insurance contracts and are compensated by the Funds’ distributor for its activities, in addition to payments for marketing and conferences. The Board reviewed the monetary values of these transactions. Lastly, certain affiliates of JNAM may receive benefits under the federal income tax laws with respect to tax deductions and credits.

In evaluating the benefits that may accrue to the Sub-Advisers through their relationship with the Fund(s), the Board noted that each 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 Funds or other clients of the sub-adviser as a result of its relationship with the Fund(s). The Board also considered that in the case of J.P. Morgan Investment Management, Inc. (“JPMorgan”), affiliates serve as the custodian and/or the securities lending agent for the Funds of JNL Series Trust, JNL Variable Fund LLC, JNL Investors Series Trust, and JNL Strategic Income Fund LLC. The Board considered that each service to be provided to the Funds by JPMorgan affiliates are pursuant to a written agreement, which the Board evaluates periodically as required by law. As an affiliate of the Master Funds of the JNL/American Funds, Capital Guardian Trust Company serves as investment sub-adviser to the following funds of JNL Series Trust: JNL/Capital Guardian Global Balanced Fund and JNL/Capital Guardian Global Diversified Research Fund.

JNL SERIES TRUST

(“TRUST”)

APPROVAL OF THE TRUST’S

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS

The Board of Trustees of the Trust (“Board”) oversees the management of the Trust and its separate Funds (each a “Fund” and collectively the “Funds”) and, as required by law, determines whether to approve the Trust’s advisory agreement (“Advisory Agreement”) with Jackson National Asset Management, LLC (“JNAM”) and each Fund’s Sub-Adviser(s) (“Sub-Advisory Agreements” and, collectively with the Advisory Agreement, the “Agreements”).

At meetings on December 3-4, 2014, the Board, including all of the independent trustees, who are not considered interested persons of the Funds (as defined in the Investment Company Act of 1940, as amended) (the “Independent Trustees”) considered information relating to the addition of four new funds to the Advisory Agreement and approval of seven new Sub-Advisory Agreements and amendment of three Sub-Advisory Agreements. In advance of the meetings, 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 discussions, the Board approved the Agreements through September 30, 2016.

In reviewing the Agreements and considering the information, the Board was advised by outside independent legal counsel. The Board considered the factors it deemed relevant, including: (1) the nature, quality and extent of the services to be provided, (2) the investment performance of each Fund, (3) cost of services of each Fund, (4) profitability data, (5) whether economies of scale may be realized and shared, in some measure, with investors as each Fund grows, and (6) other benefits that may accrue to JNAM or each Sub-Adviser 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 Agreements.

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 numerous factors, including 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 Sub-Advisory Agreements.

The Board reviewed the qualifications, backgrounds and responsibilities of JNAM’s senior management that would be responsible for oversight of the Funds and each 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 each Sub-Adviser’s organizational structure, senior management, financial stability, investment operations, and other relevant information pertaining to both JNAM and each Sub-Adviser. The Board considered compliance reports about JNAM and the Sub-Advisers from the Funds’ Chief Compliance Officer.

Based on the foregoing, the Board concluded that (i) each Fund is likely to benefit from the nature, extent and quality of the services to be provided by JNAM under the Agreement and (ii) each Fund is likely to benefit from the nature, extent and quality of the services to be provided by each Sub-Adviser under the applicable Sub-Advisory Agreement.

Investment Performance of the Funds

New Funds:

JNL Multi-Manager Alternative Fund, JNL/Harris Oakmark Global Equity Fund, JNL/Oppenheimer Emerging Markets Innovator Fund and JNL/Westchester Capital Event Driven Fund. The Board took into account that each Fund had not commenced operations and there was no Fund performance data to review. The Board reviewed the performance of certain investment mandates with similar investment strategies of the proposed Sub-Advisers. The Board concluded that it would be in the best interest of each Fund and its potential shareholders to approve the Agreements.

Existing Fund:

JNL/BlackRock Commodity Securities Strategy Fund. The Board considered the proposed addition of BlackRock International Limited as a co-sub-adviser for the Fund. The Board took into account the Adviser’s assertion that this addition would contribute to effective management of the Fund because the portfolio management team was becoming “dually” employed by BlackRock International Limited. The Board concluded that it would be in the best interest of the Fund and its shareholders to approve the Agreements.

Costs of Services

The Board reviewed the fees to be paid to JNAM and each Fund’s Sub-Adviser(s). For each Fund, the Board reviewed fee and expense information as compared to that of comparable funds managed by other advisers, as well as fees charged by each Sub-Adviser to similar clients, if any. The Board also noted that JNAM does not manage any institutional accounts with which Funds’ fees could be compared. Using information provided by an independent data service, the Board evaluated each 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 each Fund’s sub-advisory fee and compared that to the average sub-advisory fee of the peer group, the Board noted that each 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 a Fund’s total expense ratio.

Further detail considered by the Board regarding the advisory and sub-advisory fees of each Fund is set forth below:

New Funds:

JNL Multi-Manager Alternative Fund. The Board considered that the advisory fees are lower than the peer group average, though the sub-advisory fees are higher than the peer group average. The Board also noted that the total expense ratio was below that of the peer group average. The Board concluded that the advisory fees and sub-advisory fees are in the best interests of the Fund and its potential shareholders in light of the services to be provided.

JNL/Harris Oakmark Global Equity Fund and JNL/Oppenheimer Emerging Markets Innovator Fund. The Board considered that each Fund’s advisory fees and sub-advisory fees are higher than their respective peer group averages. The Board also noted, however, that the total expense ratio of each Fund was below that of its peer group average. The Board concluded that the advisory fees and sub-advisory fees are in the best interests of each Fund and its potential shareholders in light of the services to be provided.

JNL/Westchester Capital Event Driven Fund. The Board considered that the advisory fees, sub-advisory fees and total expense ratio are higher than their respective peer group averages. The Board also noted, however, that although the total expense ratio was within five basis points of its peer group average, the total expenses ranked in the 57^th percentile. The Board also noted the Fund’s unique investment strategy and that there was only one additional sub-advised fund in the peer group for comparison. The Board concluded that the advisory fees and sub-advisory fees are in the best interests of the Fund and its potential shareholders in light of the services to be provided.

Existing Fund:

JNL/BlackRock Commodity Securities Strategy Fund. The Board considered that the sub-advisory fee to be paid to BlackRock International Limited would not result in an increase in the Fund’s overall advisory or sub-advisory fees. The Board concluded that the advisory fees and the sub-advisory fees are in the best interests of the Fund and its shareholders in light of the services to be provided.

Economies of Scale

The Board considered whether each 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 each 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 Funds, the Board noted that JNAM and certain of its affiliates would serve the Funds in various capacities, including as adviser, administrator, transfer agent and distributor, and receive compensation from the Funds in connection with providing services to the Funds. 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. The Board also noted that certain Sub-Advisers would pay for portions of meetings organized by the Funds’ distributor to educate wholesalers about the Fund(s) that each of those Sub-Advisers manage. In addition, certain affiliates of the Sub-Advisers may participate in the sale of funds or insurance contracts and are compensated by the Funds’ distributor for its activities, in addition to payments for marketing and conferences. Lastly, certain affiliates of JNAM may receive benefits under the federal income tax laws with respect to tax deductions and credits.

In evaluating the benefits that may accrue to the Sub-Advisers through their relationship with the Fund(s), the Board noted that each 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 Funds or other clients of the sub-adviser as a result of its relationship with the Fund(s).

SUPPLEMENT DATED OCTOBER 6, 2014

TO THE PROSPECTUS DATED APRIL 28, 2014

JNL^® SERIES TRUST

Please note that the changes impact your variable annuity and/or variable life product(s).

Effective September 26, 2014, for the JNL/PIMCO Total Return Bond Fund, please remove all references to William H. Gross.

Effective September 26, 2014, for the JNL/PIMCO Total Return Bond Fund, please delete the table in the section entitled “Portfolio Managers” in its entirety and replace with the following:

Name:	Joined Fund Management Team In:	Title:
Mark R. Kiesel	September 2014	Managing Director & Chief Investment Officer Global Credit, PIMCO
Scott A. Mather	September 2014	Managing Director & Chief Investment Officer U.S. Core Strategies, PIMCO
Mihir P. Worah	September 2014	Managing Director & Chief Investment Officer Return and Asset Allocation, PIMCO

This Supplement is dated October 6, 2014.

(To be used with JMV7698 04/14, VC5869 04/14, JMV7697 04/14, VC5890 04/14, VC5890ML 04/14, VC4224 04/14, JMV8798 04/14, JMV9476 04/14, JMV5763ML 04/14, JMV9476ML 04/14, JMV5763WF 04/14, JMV9476WF 04/14, VC5995 04/14, JMV5765 04/14, JMV2731 04/14, JMV8037 04/14, JMV8037BE 04/14, JMV9476L 04/14, VC5825GW 04/14, VC5885GW 04/14, VC5884GW 04/14, JMV7698NY 04/14, NV5869 04/14, JMV7697NY 04/14, NV5890 04/14, NV4224 04/14, JMV9476NY 04/14, NV4224WF 04/14, JMV9476WFNY 04/14, NMV2731 04/14, JMV8037NY 04/14, JMV8037BENY 04/14, JMV9476LNY 04/14, FVC4224FT 04/14, VC5526 04/14, VC3656 04/14, VC3657 04/14, VC3723 04/14, NV5526 04/14, NV3174GW 04/14, NV3174CEGW 04/14, NV3784 04/14, NV5825GW 04/14, HR105 04/14 and VC2440 04/14.)

CMX13910 10/14

SUPPLEMENT DATED OCTOBER 31, 2014

TO THE PROSPECTUS DATED APRIL 28, 2014

JNL^® SERIES TRUST

Please note that the changes impact your variable annuity and/or variable life product(s).

Effective November 1, 2014, for the JNL/Capital Guardian Global Diversified Research Fund, please remove all references to Patricio Ciarfaglia.

Effective November 1, 2014, for the JNL/Capital Guardian Global Diversified Research Fund under “Portfolio Managers,” please delete the table in its entirety and replace it with the following:

Portfolio Managers:

Name:	Joined Fund Management Team In:	Title:
Bruno Rodrigues	November 2014	Vice President, Capital International, Inc., an Affiliate of Capital Guardian Trust Company

This Supplement is dated October 31, 2014.

(To be used with JMV7698 04/14, VC5869 04/14, JMV7697 04/14, VC5890 04/14, VC5890ML 04/14, VC4224 04/14, JMV8798 04/14, JMV9476 04/14, JMV5763ML 04/14, JMV9476ML 04/14, JMV5763WF 04/14, JMV9476WF 04/14, VC5995 04/14, JMV5765 04/14, JMV2731 04/14, JMV9476L 04/14, VC5825GW 04/14, VC5885GW 04/14, VC5884GW 04/14, JMV7698NY 04/14, NV5869 04/14, JMV7697NY 04/14, NV5890 04/14, NV4224 04/14, JMV9476NY 04/14, NV4224WF 04/14, JMV9476WFNY 04/14, NMV2731 04/14, JMV9476LNY 04/14, FVC4224FT 04/14, VC5526 04/14, VC3656 04/14, VC3657 04/14, VC3723 04/14, NV5526 04/14, NV3174GW 04/14, NV3174CEGW 04/14, NV3784 04/14, NV5825GW 04/14, HR105 04/14 and VC2440 04/14.)

CMX13997 10/14

1

SUPPLEMENT DATED OCTOBER 31, 2014

TO THE PROSPECTUS DATED APRIL 28, 2014

JNL^® SERIES TRUST

Please note that the changes impact your variable annuity and/or variable life product(s).

Effective November 7, 2014, for the JNL/American Funds Global Bond Fund, please remove all references to Marcus B. Linden.

Effective November 7, 2014, for the JNL/ American Funds Global Bond Fund under “Portfolio Managers,” please delete the table in its entirety and replace it with the following:

Name:	Joined Fund Management Team In:	Title:
David A. Daigle	November 2014	Senior Vice President – Capital Fixed Income Investors, CRMC
Mark H. Dalzell	May 2010	Senior Vice President – Capital Fixed Income Investors, CRMC
Thomas H. Hogh	May 2010	Senior Vice President – Capital Fixed Income Investors, Capital Research Company (“CRC”)
Robert H. Neithart	November 2013	Senior Vice President – Capital Fixed Income Investors, CRMC

This Supplement is dated October 31, 2014.

(To be used with JMV7698 04/14, VC5869 04/14, JMV7697 04/14, VC5890 04/14, VC5890ML 04/14, VC4224 04/14, JMV8798 04/14, JMV9476 04/14, JMV5763ML 04/14, JMV9476ML 04/14, JMV5763WF 04/14, JMV9476WF 04/14, VC5995 04/14, JMV5765 04/14, JMV2731 04/14, JMV9476L 04/14, VC5825GW 04/14, VC5885GW 04/14, VC5884GW 04/14, JMV7698NY 04/14, NV5869 04/14, JMV7697NY 04/14, NV5890 04/14, NV4224 04/14, JMV9476NY 04/14, NV4224WF 04/14, JMV9476WFNY 04/14, NMV2731 04/14, JMV9476LNY 04/14, FVC4224FT 04/14, VC5526 04/14, VC3656 04/14, VC3657 04/14, VC3723 04/14, NV5526 04/14, NV3174GW 04/14, NV3174CEGW 04/14, and NV3784 04/14.)

CMX14046 10/14

SUPPLEMENT DATED DECEMBER 31, 2014

TO THE PROSPECTUS DATED APRIL 28, 2014

JNL^® SERIES TRUST

Please note that the changes impact your variable annuity and/or variable life product(s).

Effective January 1, 2015, for the JNL/Lazard Emerging Markets Fund, please remove all references to Erik McKee.

Effective January 1, 2015, for the JNL/Lazard Emerging Markets Fund under “Portfolio Managers,” please delete the table in its entirety and replace it with the following:

Name:	Joined Fund Management Team In:	Title:
John R. Reinsberg	2006	Deputy Chairman
James Donald	2006	Portfolio Manager/Analyst
Rohit Chopra	2007	Portfolio Manager/Analyst
Monika Shrestha	2015	Portfolio Manager/Analyst
Jai Jacob	2011	Portfolio Manager/Analyst
Kevin O’Hare	2011	Portfolio Manager/Analyst
Stephen Marra	2014	Portfolio Manager/Analyst

This Supplement is dated December 31, 2014.

(To be used with JMV7698 04/14, VC5869 04/14, JMV7697 04/14, VC5890 04/14, VC5890ML 04/14, VC4224 04/14, JMV8798 04/14, JMV9476 04/14, JMV5763ML 04/14, JMV9476ML 04/14, JMV5763WF 04/14, JMV9476WF 04/14, VC5995 04/14, JMV5765 04/14, JMV2731 04/14, JMV8037 04/14, JMV8037BE 04/14, JMV9476L 04/14, VC5825GW 04/14, VC5885GW 04/14, VC5884GW 04/14, JMV7698NY 04/14, NV5869 04/14, JMV7697NY 04/14, NV5890 04/14, NV4224 04/14, JMV9476NY 04/14, NV4224WF 04/14, JMV9476WFNY 04/14, NMV2731 04/14, JMV8037NY 04/14, JMV8037BENY 04/14, JMV9476LNY 04/14, FVC4224FT 04/14, VC5526 04/14, VC3656 04/14, VC3657 04/14, VC3723 04/14, NV5526 04/14, NV3174GW 04/14, NV3174CEGW 04/14, NV3784 04/14, NV5825GW 04/14, HR105 04/14 and VC2440 04/14.)

CMX14420 12/14

2

SUPPLEMENT DATED JANUARY 16, 2015

TO THE PROSPECTUS DATED APRIL 28, 2014

JNL^® SERIES TRUST

Please note that the changes impact your variable annuity and/or variable life product(s).

Proposed Reorganization of JNL/Mellon Capital Global Alpha Fund

On January 13, 2015, the Board of Trustees (“Board”) of the JNL Series Trust (“Trust”) approved the reorganization of the JNL/Mellon Capital Global Alpha Fund (“Global Alpha Fund”) into the JNL/AQR Managed Futures Strategy Fund (“Managed Futures Fund”) (the “Reorganization”), each a series of the Trust.

Because applicable legal requirements do not require shareholder approval of the Reorganization and the Board has determined that the Reorganization is in the best interests of the Global Alpha Fund, shareholders are not being asked to vote on the Reorganization. It is expected that the Reorganization will take place on or around April 24, 2015 (“Closing Date”).

Under the terms of the Plan of Reorganization, the Global Alpha Fund’s assets and liabilities will be transferred to the Managed Futures Fund in return for shares of the Managed Futures Fund of equal value as of the Closing Date. These Managed Futures Fund shares will be distributed pro rata to shareholders of the Global Alpha Fund in exchange for their fund shares. Global Alpha Fund shareholders on the Closing Date will thus become shareholders of the Managed Futures Fund and receive shares of Managed Futures Fund with a total net asset value equal to that of their shares of the Global Alpha Fund on the Closing Date. No sales charge, redemption fees or other transaction fees will be imposed in the Reorganization. The Reorganization will not cause any fees or charges under your contract to be greater after the Reorganization than before, and the Reorganization does not alter your rights under your contract or the obligations of the insurance company that issued the contract. The proposed transaction is expected to be tax-free for Contract owners and for the Funds for federal income tax purposes.

The investment objectives, principal investment strategies and risks of the Global Alpha Fund and the Managed Futures Fund are comparable. A full description of the Managed Futures Fund and the terms of the proposed reorganization will be contained in a combined information statement/prospectus, which is expected to be mailed to shareholders of the Global Alpha Fund on or about March 4, 2015.

The foregoing is not an offer to sell, nor a solicitation of an offer to buy, shares of Managed Futures Fund, nor is it a solicitation of any proxy. For more information regarding Managed Futures Fund, or to receive a free copy of an information statement/prospectus relating to the Reorganization (once a registration statement relating to the Reorganization has been filed with the Securities and Exchange Commission (“SEC”) and becomes effective) that contains important information about fees, expenses and risk considerations, please contact us at prospectusrequest@jackson.com. The information statement/prospectus will also be available for free on the SEC’s web site (www.sec.gov). Please read the information statement/prospectus carefully before making any investment decisions.

This Supplement is dated January 16, 2015.

(To be used with JMV7698 04/14, VC5869 04/14, JMV7697 04/14, VC5890 04/14, VC5890ML 04/14, VC4224 04/14, JMV8798 04/14, JMV9476 04/14, JMV5763ML 04/14, JMV9476ML 04/14, JMV5763WF 04/14, JMV9476WF 04/14, JMV5765 09/13, JMV2731 04/14, JMV8037 04/14, JMV8037BE 04/14, JMV9476L 09/13, VC5825GW 04/14, VC5885GW 04/14, VC5884GW 04/14, JMV7697NY 04/14, NV5869 04/14, JMV7698NY 04/14, NV5890 04/14, NV4224 04/14, JMV9476NY 04/14, NV4224WF 04/14, JMV9476WFNY 04/14, NMV2731 04/14, JMV8037NY 04/14, JMV8037BENY 04/14, JMV9476LNY 04/14, FVC4224FT 04/14, VC5526 04/14, VC3656 04/14, VC3657 04/14, VC3723 04/14, NV5526 04/14, NV3174GW 04/14, NV3174CEGW 04/14, NV3784 04/14, NV5825GW 04/14, HR105 04/14 and VC2440 04/14.)

CMX14571 01/15

3

SUPPLEMENT DATED FEBRUARY 9, 2015

TO THE PROSPECTUS DATED APRIL 28, 2014

JNL^® SERIES TRUST

Please note that the changes impact your variable annuity and/or variable life product(s).

Effective January 22, 2015, in the section entitled, “Summary Overview of Each Fund” for the JNL/T. Rowe Price Short-Term Bond Fund under “Portfolio Managers,” please delete the table in its entirety and replace it with the following:

Portfolio Managers:

Name:	Joined Fund Management Team In:	Title:
Michael F. Reinartz	January 2015	Co-Chairman of Investment Advisory Committee
Edward A. Wiese	2009	Co-Chairman of Investment Advisory Committee

This Supplement is dated February 9, 2015.

(To be used with JMV7698 04/14, VC5869 04/14, JMV7697 04/14, VC5890 04/14, VC5890ML 04/14, VC4224 04/14, JMV8798 04/14, JMV9476 04/14, JMV5763ML 04/14, JMV9476ML 04/14, JMV5763WF 04/14, JMV9476WF 04/14, VC5995 04/14, JMV5765 04/14, JMV2731 04/14, JMV8037 04/14, JMV8037BE 04/14, JMV9476L 04/14, VC5825GW 04/14, VC5885GW 04/14, VC5884GW 04/14, JMV7698NY 04/14, NV5869 04/14, JMV7697NY 04/14, NV5890 04/14, NV4224 04/14, JMV9476NY 04/14, NV4224WF 04/14, JMV9476WFNY 04/14, NMV2731 04/14, JMV8037NY 04/14, JMV8037BENY 04/14, JMV9476LNY 04/14, FVC4224FT 04/14, VC5526 04/14, VC3656 04/14, VC3657 04/14, VC3723 04/14, NV5526 04/14, NV3174GW 04/14, NV3174CEGW 04/14, NV3784 04/14, NV5825GW 04/14, HR105 04/14, and VC2440 04/14.)

CMX14673 02/15

SUPPLEMENT DATED FEBRUARY 9, 2015

TO THE PROSPECTUS DATED APRIL 28, 2014

JNL^® SERIES TRUST

Please note that the changes impact your variable annuity and/or variable life product(s).

Effective January 26, 2015, for the JNL/American Funds Global Bond Fund, please remove all references to Mark H. Dalzell.

Effective January 26, 2015, for the JNL/American Funds Global Bond Fund under “Portfolio Managers,” please delete the table in its entirety and replace it with the following:

Name:	Joined Fund Management Team In:	Title:
Mark A. Brett	January 2015	Partner – Capital Fixed Income Investors, CRMC
David A. Daigle	November 2014	Partner – Capital Fixed Income Investors, CRMC
Thomas H. Hogh	May 2010	Partner – Capital Fixed Income Investors, CRMC
Robert H. Neithart	November 2013	Partner – Capital Fixed Income Investors, CRMC

This Supplement is dated February 9, 2015.

(To be used with JMV7698 04/14, VC5869 04/14, JMV7697 04/14, VC5890 04/14, VC5890ML 04/14, VC4224 04/14, JMV8798 04/14, JMV9476 04/14, JMV5763ML 04/14, JMV9476ML 04/14, JMV5763WF 04/14, JMV9476WF 04/14, VC5995 04/14, JMV5765 04/14, JMV2731 04/14, JMV9476L 04/14, VC5825GW 04/14, VC5885GW 04/14, VC5884GW 04/14, JMV7698NY 04/14, NV5869 04/14, JMV7697NY 04/14, NV5890 04/14, NV4224 04/14, JMV9476NY 04/14, NV4224WF 04/14, JMV9476WFNY 04/14, NMV2731 04/14, JMV9476LNY 04/14, FVC4224FT 04/14, VC5526 04/14, VC3656 04/14, VC3657 04/14, VC3723 04/14, NV5526 04/14, NV3174GW 04/14, NV3174CEGW 04/14, and NV3784 04/14.)

CMX14674 02/15

4

JNL Series Trust JNL Variable Fund LLC   One Corporate Way Lansing, MI 48951 PRSRT STD U.S. POSTAGE PAID JACKSON NATIONAL ASSET MANAGEMENT L.L.C.

VADV7338 01/15

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 R. Rybak as an Audit Committee financial expert serving on its Audit Committee. William R. Rybak 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, 2013 and December 31, 2014. 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
2013	$911,524	$22,050	$252,046	$115,873
2014	$1,035,631	$22,710	$375,364	$119,133

The above Audit-Related Fees for 2013 and 2014 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 2013 and 2014 are the aggregate fees billed for professional services by KPMG to the registrant for tax compliance, tax advice, and tax return review.

The above All Other Fees for 2013 and 2014 are the aggregate fees billed for professional services by KPMG to the registrant related to European withholding reclaims.

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
2013	$128,954	$10,000	$0
2014	$134,017	$10,500	$0

The above Audit-Related Fees are the aggregate fees billed to Adviser Entities for the performance of an attestation on the suitability of design and operating effectiveness of control pursuant to Statement on Standards for Attestation Engagements No. 16 of the registrant’s adviser and administrator and an audit of a non-registered affiliated investment company.

The above Tax Fees for 2013 and 2014 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, 2013 was $528,923. 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, 2014 was $661,724.

(h) For the fiscal years ended December 31, 2013 and December 31, 2014, 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 Strategy Fund, the JNL/BlackRock Global Allocation Fund, the JNL/Capital Guardian Global Balanced Fund, the JNL/Capital Guardian Global Diversified Research Fund, the

JNL/DFA U.S. Core Equity Fund, the JNL/Eagle SmallCap Equity Fund, the JNL/Franklin Templeton Global Growth Fund, the JNL/Franklin Templeton Income Fund, the JNL/Franklin Templeton Global Multisector Bond Fund, the JNL/Franklin Templeton International Small Cap Growth Fund, the JNL/Franklin Templeton Mutual Shares Fund, the JNL/Franklin Templeton Small Cap Value Fund, the JNL/Goldman Sachs Core Plus Bond Fund, the JNL/Goldman Sachs Emerging Markets Debt 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 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/Mellon Capital Bond Index Fund, the JNL/Mellon Capital Dow Jones U.S. Contrarian Opportunities Index Fund, the JNL/Mellon Capital Emerging Markets Index Fund, the JNL/Mellon Capital International Index Fund, the JNL/Mellon Capital S&P 400 MidCap Index Fund, the JNL/Mellon Capital S&P 500 Index Fund, the JNL/Mellon Capital Small Cap Index Fund, the JNL/Neuberger Berman Strategic Income Fund, the JNL/Oppenheimer Global Growth Fund, the JNL/PIMCO Real Return Fund, the JNL/PIMCO Total Return Bond Fund, the JNL/PPM America Floating Rate Income Fund, the JNL/PPM America High Yield Bond Fund, the JNL/S&P International 5 Fund, the JNL/T.Rowe Price Established Growth Fund, the JNL/T. Rowe Price Mid-Cap Growth Fund, the JNL/T.Rowe Price Short-Term Bond Fund, the JNL/T. Rowe Price Value Fund, and the JNL/WMC Balanced Fund, for which a summary schedule of investments was provided in the Annual Report dated December 31, 2014 , pursuant to §210.1212 of Regulation S-X.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
JNL/BlackRock Commodity Securities Strategy Fund (b)
COMMON STOCKS - 75.7%
ENERGY - 69.4%
Anadarko Petroleum Corp.		323	$	26,630
Antero Resources Corp. (c) (e)		52		2,126
Apache Corp.		260		16,314
Baker Hughes Inc.		201		11,246
Cabot Oil & Gas Corp. - Class A		742		21,981
California Resources Corp. (c)		144		793
Cameron International Corp. (c)		330		16,495
Canadian Natural Resources Ltd.		565		17,463
Carrizo Oil & Gas Inc. (c)		152		6,342
Cenovus Energy Inc.		318		6,569
Chevron Corp.		309		34,654
Cimarex Energy Co.		114		12,098
CNOOC Ltd. - ADR (e)		28		3,821
ConocoPhillips		141		9,731
CONSOL Energy Inc.		152		5,145
Crew Energy Inc. (c)		586		2,984
Devon Energy Corp.		453		27,741
Dresser-Rand Group Inc. (c)		401		32,783
Dril-Quip Inc. (c)		166		12,723
EnCana Corp.		162		2,255
Ensco Plc - Class A (e)		115		3,445
EOG Resources Inc.		700		64,467
EQT Corp.		237		17,948
Exxon Mobil Corp.		514		47,532
FMC Technologies Inc. (c)		499		23,358
Halliburton Co.		561		22,062
Helmerich & Payne Inc.		228		15,359
Hess Corp.		259		19,099
Husky Energy Inc.		198		4,682
Kosmos Energy Ltd. (c)		418		3,505
Legacy Oil + Gas Inc. (c)		222		412
Marathon Oil Corp.		395		11,173
Marathon Petroleum Corp.		184		16,568
MEG Energy Corp. (c)		102		1,724
Murphy Oil Corp.		129		6,539
Murphy USA Inc. (c)		75		5,184
National Oilwell Varco Inc.		329		21,561
Newfield Exploration Co. (c)		160		4,335
Noble Corp. Plc (e)		217		3,603
Noble Energy Inc.		361		17,126
Occidental Petroleum Corp.		360		29,003
Paramount Resources Ltd. - Class A (c) (e)		51		1,228
Peabody Energy Corp. (e)		273		2,112
Phillips 66		135		9,702
Pioneer Natural Resources Co.		138		20,485
Range Resources Corp.		339		18,114
Rowan Cos. Plc - Class A		166		3,863
Saipem SpA (c) (e)		193		2,023
Schlumberger Ltd.		350		29,894
Southwestern Energy Co. (c)		103		2,808
Suncor Energy Inc.		890		28,251
Surge Energy Inc. (e)		579		1,833
Technip SA - ADR		472		6,982
Total SA - ADR (e)		233		11,924
Trican Well Service Ltd. (e)		180		865
Uranium Energy Corp. (c) (p)		366		640
VAALCO Energy Inc. (c)		463		2,112
Valero Energy Corp.		222		10,998
Weatherford International Plc (c)		218		2,500
Whiting Petroleum Corp. (c)		229		7,547
Williams Cos. Inc.		98		4,414
				776,874

	Shares/Par (t)		Value
MATERIALS - 6.3%
BHP Billiton Ltd.		235		5,554
E.I. du Pont de Nemours & Co.		114		8,442
Eldorado Gold Corp.		1,033		6,294
First Quantum Minerals Ltd.		605		8,593
Franco-Nevada Corp.		162		7,954
Goldcorp Inc.		449		8,315
HudBay Minerals Inc.		338		2,941
Newcrest Mining Ltd. (c)		386		3,395
Newmont Mining Corp.		75		1,420
Praxair Inc.		45		5,832
Southern Copper Corp. (e)		330		9,297
Vale SA - ADR (e)		308		2,522
				70,559
Total Common Stocks (cost $844,295)				847,433
COMMODITY INDEXED STRUCTURED NOTES - 6.2%
Bank of America Corp., Bloomberg Commodity Index 2 Month Forward Total Return commodity linked note, 0.24%, 10/15/15 (i)	$	10,500		5,706
Bank of America Corp., Bloomberg Commodity Index 2 Month Forward Total Return commodity linked note, 0.24%, 01/11/16 (i)		24,000		18,048
UBS AG, Bloomberg Commodity Index 2 Month Forward Total Return commodity linked note, 0.24%, 01/11/16 (i)		10,000		8,171
UBS AG, Bloomberg Commodity Index 2 Month Forward Total Return commodity linked note, 0.26%, 01/22/16 (i)		6,000		5,605
UBS AG, Bloomberg Commodity Index 2 Month Forward Total Return commodity linked note, 0.26%, 01/22/16 (i)		10,000		9,570
UBS AG, Bloomberg Commodity Index 2 Month Forward Total Return commodity linked note, 0.26%, 01/25/16 (i)		25,000		22,718
Total Commodity Indexed Structured Notes (cost $85,500)				69,818
SHORT TERM INVESTMENTS - 19.5%
Investment Companies - 1.5%
JNL Money Market Fund, 0.01% (a) (h)		17,205		17,205
Securities Lending Collateral - 2.6%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		28,750		28,750
Treasury Securities - 15.4%
U.S. Treasury Bill
0.02%, 01/08/15	$	34,600		34,600
0.04%, 03/05/15		56,000		55,998
0.07%, 05/14/15		58,400		58,390
0.09%, 06/11/15		23,000		22,993
				171,981
Total Short Term Investments (cost $217,929)				217,936
Total Investments - 101.4% (cost $1,147,724)				1,135,187
Other Assets and Liabilities, Net - (1.4%)				(15,787	)
Total Net Assets - 100.0%			$	1,119,400
JNL/BlackRock Global Allocation Fund (b)
COMMON STOCKS - 53.9%
CONSUMER DISCRETIONARY - 5.7%
Aisin Seiki Co. Ltd.		91	$	3,259
Alpine Electronics Inc.		13		215

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Amazon.com Inc. (c)		26		7,986
Autobacs Seven Co. Ltd. (e)		11		149
Bayerische Motoren Werke AG		32		3,427
BorgWarner Inc.		69		3,788
Bridgestone Corp.		212		7,356
Canon Marketing Japan Inc.		10		163
Cheng Shin Rubber Industry Co. Ltd.		604		1,417
Coach Inc.		235		8,820
Comcast Corp. - Class A		171		9,933
Daihatsu Motor Co. Ltd.		8		110
Delphi Automotive Plc		66		4,804
Delta Topco Ltd. (f) (p) (q)		2,155		1,371
Dena Co. Ltd. (e)		132		1,582
Denso Corp.		207		9,666
DISH Network Corp. - Class A (c)		49		3,552
Dongfeng Motor Group Co. Ltd. - Class H		481		673
Ford Motor Co.		584		9,049
Fuji Heavy Industries Ltd.		531		18,772
Futaba Industrial Co. Ltd. (e)		104		487
Guinness Peat Group Plc (c)		214		75
Haier Electronics Group Co. Ltd.		458		1,084
Honda Motor Co. Ltd.		187		5,475
Hyundai Motor Co.		23		3,579
Hyundai Wia Corp.		9		1,443
Isuzu Motors Ltd.		200		2,436
Kohl’s Corp.		10		597
Koito Manufacturing Co. Ltd.		22		679
Lear Corp.		9		907
Liberty Broadband Corp. (c)		31		1,567
Liberty Broadband Corp. (c)		63		3,147
Liberty Media Corp. - Class A (c)		94		3,316
Liberty Media Corp. - Class C (c)		204		7,138
Lowe’s Cos. Inc.		9		619
Lululemon Athletica Inc. (c) (e)		36		1,987
LVMH Moet Hennessy Louis Vuitton SA		19		3,035
Macy’s Inc.		9		612
Manchester United Plc - Class A (c)		80		1,279
Maruti Suzuki India Ltd.		41		2,158
McDonald’s Corp.		84		7,871
MRV Engenharia e Participacoes SA		185		522
Namco Bandai Holdings Inc.		25		525
Nikon Corp. (e)		108		1,436
NOS SGPS		254		1,597
RAI Way SpA (c)		449		1,732
Rinnai Corp.		32		2,150
RTL Group SA		10		1,000
Ryohin Keikaku Co. Ltd.		12		1,516
Sanrio Co. Ltd. (e)		70		1,727
SeaWorld Entertainment Inc.		55		980
Sega Sammy Holdings Inc.		99		1,268
Shimamura Co. Ltd. (e)		4		302
Sony Corp.		83		1,700
Stanley Electric Co. Ltd.		14		296
Suzuki Motor Corp.		279		8,361
Time Warner Cable Inc.		5		755
Toyota Industries Corp.		171		8,774
Toyota Motor Corp.		121		7,522
TV Asahi Holdings Corp.		10		156
Viacom Inc. - Class B		7		492
Volkswagen AG		1		260
Wyndham Worldwide Corp.		8		714
Yamada Denki Co. Ltd. (e)		1,304		4,373
Yamaha Corp.		34		500
Yulon Motor Co. Ltd.		745		1,091
Zhongsheng Group Holdings Ltd. (e)		1,000		899
				196,231

	Shares/Par (t)		Value
CONSUMER STAPLES - 3.1%
Ajinomoto Co. Inc.		90		1,675
Anheuser-Busch InBev NV		12		1,360
Archer-Daniels-Midland Co.		14		734
Beiersdorf AG		46		3,757
Chaoda Modern Agriculture Holdings Ltd. (c) (f) (q)		604		17
Coca-Cola Co.		233		9,847
Colgate-Palmolive Co.		67		4,627
Constellation Brands Inc. - Class A (c)		8		798
Cosan Ltd. - Class A		260		2,017
CVS Health Corp.		9		873
Danone SA		27		1,764
Diageo Plc		29		840
Diageo Plc - ADR		38		4,286
Energizer Holdings Inc.		5		602
FamilyMart Co. Ltd. (e)		16		614
Hypermarcas SA (c)		357		2,234
Kimberly-Clark Corp.		24		2,785
Kirin Holdings Co. Ltd. (e)		96		1,193
Kroger Co.		14		912
L’Oreal SA		11		1,825
Nestle SA		207		15,062
Philip Morris International Inc.		25		2,062
Procter & Gamble Co.		223		20,282
Remy Cointreau SA		42		2,813
SABMiller Plc		62		3,231
SLC Agricola SA		124		660
Suntory Beverage & Food Ltd.		46		1,572
The Fresh Market Inc. (c) (e)		49		2,030
Unilever NV - CVA		267		10,436
Unilever Plc		77		3,136
				104,044
ENERGY - 5.0%
Anadarko Petroleum Corp.		126		10,375
Antero Midstream Partners LP (c)		84		2,322
Athabasca Oil Corp. (c) (e)		507		1,130
BG Group Plc		185		2,478
Cameco Corp.		268		4,395
Chevron Corp.		13		1,473
Cimarex Energy Co.		16		1,738
CONSOL Energy Inc.		138		4,665
Diamondback Energy Inc. (c)		105		6,268
Eclipse Resources Corp. (c)		133		938
EOG Resources Inc.		17		1,554
EQT Corp.		21		1,603
Gulfport Energy Corp. (c)		87		3,651
Helmerich & Payne Inc.		8		514
INPEX Corp.		601		6,686
KazMunaiGas Exploration Production JSC - GDR		124		1,797
Lundin Petroleum AB (c)		597		8,550
Marathon Oil Corp.		15		428
Marathon Petroleum Corp.		9		778
Oasis Petroleum Inc. (c) (e)		67		1,105
Ocean Rig UDW Inc.		79		733
Oceaneering International Inc.		136		8,013
Oil & Natural Gas Corp. Ltd.		682		3,668
Ophir Energy Plc (c)		1,246		2,737
Parsley Energy Inc. - Class A (c)		34		539
Petroleo Brasileiro SA - Petrobras - ADR (e)		316		2,306
Phillips 66		216		15,494
Pioneer Natural Resources Co.		19		2,827
Royal Dutch Shell Plc - ADR		233		15,595
SBM Offshore NV (c) (e)		657		7,723
StatoilHydro ASA (e)		896		15,780

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Stone Energy Corp. (c)		102		1,716
Suncor Energy Inc.		20		626
Talisman Energy Inc.		144		1,130
Tesoro Corp.		47		3,509
Total SA		90		4,634
Total SA - ADR (e)		182		9,306
TransCanada Corp. (e)		209		10,255
Valero Energy Corp.		16		776
				169,815
FINANCIALS - 9.5%
ACE Ltd.		6		721
AIA Group Ltd.		558		3,080
Allianz SE		23		3,820
Allstate Corp.		36		2,549
American Capital Agency Corp.		44		963
American Express Co.		121		11,259
American International Group Inc.		123		6,864
American Tower Corp.		35		3,459
Ameriprise Financial Inc.		6		728
AXA SA		201		4,636
Axis Bank Ltd.		106		835
Axis Capital Holdings Ltd.		11		575
Banco Bilbao Vizcaya Argentaria SA		370		3,496
Bank of America Corp.		946		16,919
Bank of New York Mellon Corp.		89		3,591
Bank of Yokohama Ltd.		98		532
Berkshire Hathaway Inc. - Class A (c)		—		4,294
Berkshire Hathaway Inc. - Class B (c)		55		8,201
BNP Paribas		130		7,693
BR Malls Participacoes SA		336		2,080
Capital One Financial Corp.		66		5,472
CapitaLand Ltd.		2,859		7,107
Charles Schwab Corp.		116		3,488
China Bank Ltd.		83		544
China Overseas Land & Investment Ltd.		1,516		4,485
Chubb Corp.		5		496
Chuo Mitsui Trust Holdings Inc.		332		1,272
Citigroup Inc.		232		12,531
CNA Financial Corp.		14		552
Commonwealth Bank of Australia		48		3,365
Crown Castle International Corp.		47		3,661
Cyrela Brazil Realty SA		140		584
Daikyo Inc.		165		255
Daito Trust Construction Co. Ltd.		20		2,223
Deutsche Bank AG		156		4,671
Deutsche Boerse AG		25		1,767
Discover Financial Services		94		6,165
Fibra Uno Administracion SA de CV		1,425		4,200
Fifth Third Bancorp		118		2,401
Fukuoka Financial Group Inc.		337		1,737
Global Logistic Properties Ltd.		2,853		5,319
Goldman Sachs Group Inc.		22		4,206
HDFC Bank Ltd.		75		1,125
HSBC Holdings Plc		1,145		10,820
ICICI Bank Ltd.		141		787
ING Groep NV - CVA (c)		374		4,836
Intesa Sanpaolo SpA		1,665		4,830
JPMorgan Chase & Co.		281		17,562
Kotak Mahindra Bank Ltd.		44		880
Legal & General Group Plc		461		1,780
Lincoln National Corp.		19		1,069
Lloyds Banking Group Plc (c)		2,764		3,251
Marsh & McLennan Cos. Inc.		74		4,211
MetLife Inc.		66		3,595
Mitsubishi UFJ Financial Group Inc.		1,456		7,999
MS&AD Insurance Group Holdings		98		2,330
Nomura Real Estate Holdings Inc.		92		1,581

	Shares/Par (t)		Value
Prudential Financial Inc.		27		2,456
Regions Financial Corp.		422		4,457
Reinsurance Group of America Inc.		8		665
RHJ International (c)		26		144
RHJ International - ADR (c)		5		29
Shizuoka Bank Ltd.		56		512
Societe Generale		36		1,495
Sompo Japan Nipponkoa Holdings		86		2,163
Sony Financial Holdings Inc.		156		2,302
St. Joe Co. (c) (e)		301		5,544
Sumitomo Mitsui Financial Group Inc.		206		7,447
Sun Hung Kai Properties Ltd.		635		9,621
Svenska Handelsbanken AB - Class A		35		1,644
TF Administradora Industrial S de RL de CV		1,291		2,702
Tokio Marine Holdings Inc.		205		6,655
Toronto-Dominion Bank NY		60		2,852
U.S. Bancorp		132		5,948
UBS Group AG		433		7,446
UniCredit SpA		268		1,716
Wells Fargo & Co.		365		19,983
Westpac Banking Corp.		78		2,089
Wharf Holdings Ltd.		793		5,693
XL Group Plc		70		2,396
Yes Bank Ltd.		77		940
				326,351
HEALTH CARE - 8.7%
AbbVie Inc.		227		14,887
Actavis Plc (c)		48		12,460
Aetna Inc.		78		6,970
Agilent Technologies Inc.		110		4,507
Al Noor Hospitals Group Plc		159		2,461
Alexion Pharmaceuticals Inc. (c)		19		3,538
Allergan Inc.		21		4,564
AmerisourceBergen Corp.		8		747
Amgen Inc.		61		9,676
Anthem Inc.		6		782
Astellas Pharma Inc.		137		1,910
AstraZeneca Plc		102		7,172
AstraZeneca Plc - ADR		26		1,862
Bangkok Dusit Medical Services PCL		5,413		2,820
Becton Dickinson & Co.		5		657
Biogen Idec Inc. (c)		14		4,615
Bristol-Myers Squibb Co.		83		4,907
Bumrungrad Hospital PCL		385		1,644
Cardinal Health Inc.		10		808
CareFusion Corp. (c)		13		773
Catalent Inc. (c)		103		2,877
Catamaran Corp. (c)		59		3,058
Celgene Corp. (c)		57		6,391
CR Bard Inc.		4		658
Eli Lilly & Co.		16		1,087
Envision Healthcare Holdings Inc. (c)		108		3,731
Fresenius SE		26		1,330
Getinge AB - Class B		115		2,614
Gilead Sciences Inc. (c)		39		3,630
HCA Holdings Inc. (c)		108		7,905
Healthscope Ltd. (c) (e)		1,925		4,253
HealthSouth Corp.		43		1,660
Humana Inc.		32		4,646
IHH Healthcare Bhd		2,844		3,917
Life Healthcare Group Holdings Ltd.		473		1,746
McKesson Corp.		49		10,111
Medtronic Inc.		77		5,527
Merck & Co. Inc.		261		14,806
Mesoblast Ltd. (c) (e)		278		989
Mettler-Toledo International Inc. (c)		4		1,142
Mindray Medical International Ltd. - ADR (e)		81		2,148

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Mylan Inc. (c)		28		1,566
NMC Health Plc		270		1,938
Novartis AG		81		7,558
Otsuka Holdings Co. Ltd.		70		2,093
PerkinElmer Inc.		62		2,729
Perrigo Co. Plc		21		3,483
Pfizer Inc.		510		15,879
Raffles Medical Group Ltd.		457		1,340
Regeneron Pharmaceuticals Inc. (c)		3		1,414
Roche Holding AG		72		19,411
Sanofi SA		115		10,456
Sanofi SA - ADR		30		1,381
Sawai Pharmaceutical Co. Ltd.		9		517
Ship Healthcare Holdings Inc.		44		994
Shire Plc		91		6,427
Siloam International Hospitals Tbk PT (c)		1,690		1,870
Sino Biopharmaceutical		2,072		1,867
Sinopharm Group Co. Ltd. - Class H		431		1,516
Spire Healthcare Group Plc (c)		606		3,591
Tenet Healthcare Corp. (c)		54		2,753
Teva Pharmaceutical Industries Ltd. - ADR		110		6,331
Thermo Fisher Scientific Inc.		68		8,545
UnitedHealth Group Inc.		69		6,952
Veeva Systems Inc. - Class A (c)		206		5,448
Vertex Pharmaceuticals Inc. (c)		40		4,768
Waters Corp. (c)		21		2,402
Zimmer Holdings Inc.		23		2,605
				297,820
INDUSTRIALS - 7.7%
3M Co.		4		622
Airbus Group NV		169		8,363
Beijing Enterprises Holdings Ltd.		764		5,978
Boeing Co.		4		566
Bouygues SA		22		778
Canadian National Railway Co.		72		4,992
Cie de Saint-Gobain		75		3,169
Cintas Corp.		9		706
Colfax Corp. (c) (e)		132		6,824
CSX Corp.		111		4,033
Cummins India Ltd.		340		4,693
Daikin Industries Ltd.		59		3,809
Danaher Corp.		36		3,057
Deutsche Post AG		54		1,757
Dover Corp.		8		607
East Japan Railway Co.		126		9,482
Eaton Corp. Plc		96		6,557
Ei Towers SpA (c)		82		4,085
Fanuc Ltd.		13		2,127
Fastenal Co.		76		3,613
FedEx Corp.		26		4,469
General Dynamics Corp.		6		875
General Electric Co.		628		15,871
GS Yuasa Corp. (e)		188		799
Haitian International Holdings Ltd.		738		1,547
IHI Corp.		538		2,725
Japan Airlines Co. Ltd.		240		7,122
JB Hunt Transport Services Inc.		63		5,296
JGC Corp.		108		2,223
Kamigumi Co. Ltd.		19		169
Keppel Corp. Ltd.		868		5,786
Kinden Corp.		19		192
Komatsu Ltd.		75		1,665
Koninklijke Philips Electronics NV		56		1,622
Kubota Corp.		126		1,827
L-3 Communications Holdings Inc.		6		737
Mabuchi Motor Co. Ltd.		9		365
Maeda Road Construction Co. Ltd.		10		148

	Shares/Par (t)		Value
Mitsubishi Corp.		300		5,481
Mitsubishi Electric Corp.		409		4,858
Mitsubishi Heavy Industries Ltd.		570		3,146
Mitsui & Co. Ltd.		875		11,722
Nabtesco Corp. (e)		25		602
Nippon Express Co. Ltd.		110		557
Northrop Grumman Systems Corp.		7		986
Novorossiysk Commercial Sea Port PJSC - GDR		70		138
Okumura Corp.		376		1,698
PACCAR Inc.		51		3,496
Parker Hannifin Corp.		5		628
Precision Castparts Corp.		34		8,091
Qualicorp SA (c)		191		1,997
Raytheon Co.		8		902
Rockwell Automation Inc.		71		7,945
Safran SA		174		10,719
Samsung Heavy Industries Co. Ltd.		59		1,060
Schneider Electric SA		58		4,260
Schneider Electric SA		9		655
Seino Holdings Corp.		29		292
Siemens AG		111		12,410
SMC Corp.		5		1,206
Sohgo Security Services Co. Ltd.		14		331
Stanley Black & Decker Inc.		64		6,188
Sumitomo Corp.		298		3,059
Sumitomo Electric Industries Ltd.		179		2,229
THK Co. Ltd.		14		334
Toda Corp.		404		1,591
Ubisoft Entertainment SA (c)		103		1,881
Union Pacific Corp.		75		8,898
United Continental Holdings Inc. (c)		128		8,566
United Parcel Service Inc. - Class B		96		10,684
United Technologies Corp.		63		7,300
				263,166
INFORMATION TECHNOLOGY - 6.3%
Accenture Plc - Class A		7		659
Activision Blizzard Inc.		387		7,808
Adobe Systems Inc. (c)		10		727
Alliance Data Systems Corp. (c)		2		669
Amdocs Ltd.		13		628
Apple Inc.		10		1,108
Atos Origin SA		64		5,063
Avnet Inc.		13		581
Check Point Software Technologies Ltd. (c)		9		707
Cisco Systems Inc.		459		12,755
Computer Sciences Corp.		13		808
eBay Inc. (c)		196		10,991
Electronic Arts Inc. (c)		52		2,463
Facebook Inc. - Class A (c)		68		5,302
Fidelity National Information Services Inc.		13		818
Google Inc. - Class A (c)		21		11,387
Google Inc. - Class C (c)		31		16,474
Gree Inc. (e)		278		1,676
GungHo Online Entertainment Inc. (e)		235		849
Harris Corp.		8		591
Hitachi High-Technologies Corp.		15		417
Hitachi Ltd.		1,022		7,541
Hoya Corp.		99		3,338
Infineon Technologies AG		53		562
International Business Machines Corp.		28		4,449
Intuit Inc.		8		704
Keyence Corp.		2		891
Keysight Technologies Inc. (c)		19		658
KLA-Tencor Corp.		20		1,388
Kyocera Corp.		64		2,919
MasterCard Inc. - Class A		158		13,642

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Microsoft Corp.		198		9,186
Motorola Solutions Inc.		9		590
Murata Manufacturing Co. Ltd.		25		2,761
NEC Corp.		927		2,694
Nexon Co. Ltd.		74		688
Nintendo Co. Ltd.		45		4,686
Omron Corp.		27		1,212
Oracle Corp.		354		15,938
QUALCOMM Inc.		62		4,609
Rohm Co. Ltd.		86		5,158
Samsung Electronics Co. Ltd.		4		4,761
Samsung SDI Co.		7		715
SAP AG		44		3,083
Seagate Technology		11		731
Sina Corp. (c)		126		4,727
Taiwan Semiconductor Manufacturing Co. Ltd.		623		2,745
TE Connectivity Ltd.		12		782
Trend Micro Inc.		17		459
Twitter Inc. (c)		369		13,227
Visa Inc. - Class A		46		12,038
VMware Inc. - Class A (c)		19		1,576
Western Digital Corp.		11		1,194
Worldline SA (c)		232		4,496
				216,629
MATERIALS - 4.3%
Akzo Nobel NV		69		4,765
Antofagasta Plc		785		9,151
Arkema SA		39		2,609
Asahi Kasei Corp.		397		3,623
Barrick Gold Corp.		284		3,052
BASF SE		15		1,294
BHP Billiton Plc		178		3,813
CF Industries Holdings Inc.		2		643
Constellium NV - Class A (c)		237		3,887
Crown Holdings Inc. (c)		73		3,729
Dow Chemical Co.		20		896
Eldorado Gold Corp.		270		1,645
First Quantum Minerals Ltd.		603		8,565
FMC Corp.		79		4,528
Freeport-McMoran Inc. - Class B		639		14,927
Goldcorp Inc.		340		6,290
Hitachi Chemical Co. Ltd.		138		2,443
International Paper Co.		14		724
JSR Corp.		164		2,813
Koninklijke Philips NV		63		3,838
Kuraray Co. Ltd.		198		2,254
Linde AG		14		2,649
LyondellBasell Industries NV		32		2,523
Nitto Denko Corp.		100		5,593
Platinum Group Metals Ltd. (c) (e)		1,292		611
Potash Corp. of Saskatchewan Inc.		41		1,442
PPG Industries Inc.		5		1,060
Rio Tinto Plc		325		15,004
Sealed Air Corp.		90		3,814
Shin-Etsu Chemical Co. Ltd.		136		8,841
Southern Copper Corp.		254		7,152
Syngenta AG		34		10,953
Ube Industries Ltd. (e)		1,088		1,617
				146,748
TELECOMMUNICATION SERVICES - 1.6%
America Movil SAB de CV - ADR - Class L (e)		120		2,656
AT&T Inc.		175		5,870
Axiata Group Bhd		1,537		3,093
BT Group Plc		506		3,150
Deutsche Telekom AG		185		2,960
Far EasTone Telecommunications Co. Ltd.		464		1,070

	Shares/Par (t)		Value
KDDI Corp.		63		3,958
Nippon Telegraph & Telephone Corp.		49		2,523
NTT DoCoMo Inc.		44		636
Oi SA - ADR (c) (e)		110		352
Orange SA		91		1,550
Singapore Telecommunications Ltd.		1,490		4,375
Swisscom AG		1		756
Taiwan Mobile Co. Ltd.		322		1,065
TDC A/S		102		776
Telecom Italia SpA (c)		1,126		1,201
Telekom Malaysia Bhd		686		1,348
Verizon Communications Inc.		289		13,510
Vodafone Group Plc		692		2,373
Vodafone Group Plc - ADR		68		2,326
				55,548
UTILITIES - 2.0%
AES Corp.		228		3,139
American Electric Power Co. Inc.		86		5,208
American Water Works Co. Inc.		64		3,386
Calpine Corp. (c)		206		4,567
CenterPoint Energy Inc.		104		2,448
Chubu Electric Power Co. Inc. (c)		99		1,163
Dominion Resources Inc.		65		5,029
Duke Energy Corp.		8		703
Enel SpA		705		3,141
Exelon Corp.		36		1,346
FirstEnergy Corp.		19		743
Gas Natural SDG SA		63		1,591
GDF Suez		187		4,366
National Grid Plc		296		4,194
NextEra Energy Inc.		53		5,613
NextEra Energy Partners LP		23		787
NRG Energy Inc.		143		3,857
NRG Yield Inc. - Class A		23		1,074
PPL Corp.		49		1,786
RWE AG		35		1,083
Sempra Energy		43		4,825
Snam Rete Gas SpA		354		1,752
Terna Rete Elettrica Nazionale SpA		189		857
TerraForm Power Inc. - Class A (e)		15		476
Tokyo Gas Co. Ltd.		1,139		6,146
				69,280
Total Common Stocks (cost $1,782,275)				1,845,632
TRUST PREFERREDS - 0.4%
FINANCIALS - 0.4%
Citigroup Capital XIII, 7.88%, (callable at 25 beginning 10/30/15)		118		3,150
GMAC Capital Trust I, 8.13%, (callable at 25 beginning 02/15/16)		147		3,868
RBS Capital Funding Trust V, 5.90%, (callable at 25 beginning 02/20/15) (m)		97		2,368
RBS Capital Funding Trust VII - Series G, 6.08%, (callable at 25 beginning 02/20/15) (e) (m)		123		2,999
Total Trust Preferreds (cost $11,903)				12,385
PREFERRED STOCKS - 2.6%
CONSUMER DISCRETIONARY - 0.3%
Grupo Televisa SAB		146		996
Volkswagen AG		37		8,118
				9,114

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
CONSUMER STAPLES - 0.1%
Cia Brasileira de Distribuicao Grupo Pao de Acucar		49		1,826
FINANCIALS - 0.7%
American Tower Corp., 5.25%, 05/15/17 (v)		13		1,538
Crown Castle International Corp., 4.50%, 11/01/16 (v)		39		4,038
Federal National Mortgage Association - Series S, 8.25%, (callable at 25 beginning 12/31/15) (c) (d) (e) (m)		187		723
Forestar Group Inc., 6.00%, 12/15/16		70		1,431
Health Care REIT Inc., 6.50% (m) (v)		59		3,866
HSBC Holdings Plc, 8.00%, (callable at 25 beginning 12/15/15) (m)		70		1,866
Itau Unibanco Holding SA		172		2,238
Royal Bank of Scotland Group Plc - ADR - Series M, 6.40%, (callable at 25 beginning 02/20/15) (m)		53		1,311
Royal Bank of Scotland Group Plc - ADR - Series Q, 6.75%, (callable at 25 beginning 02/20/15) (m)		45		1,146
Royal Bank of Scotland Group Plc - ADR - Series T, 7.25%, (callable at 25 beginning 02/20/15) (m)		67		1,700
U.S. Bancorp, 6.50%, (callable at 25 beginning 01/15/22) (e) (m)		63		1,862
U.S. Bancorp - Series G, 6.00%, (callable at 25 beginning 04/15/17) (e) (m)		33		900
Wells Fargo & Co., 7.50% - Series L (m) (v)		1		1,478
				24,097
HEALTH CARE - 0.0%
Invitae Corp. (f) (p) (q)		839		1,678
INDUSTRIALS - 0.1%
Stanley Black & Decker Inc., 6.25%, 11/17/16 (e)		10		1,130
United Technologies Corp., 7.50%, 08/01/15 (e)		23		1,414
				2,544
INFORMATION TECHNOLOGY - 1.2%
Dropbox Inc. (f) (p) (q)		408		7,795
Lookout, Inc. (f) (p) (q)		284		3,242
Mobileye NV (f) (p) (q)		277		10,654
Palantir Technologies Inc. (f) (p) (q)		512		4,110
Samsung Electronics Co. Ltd.		7		6,369
Uber Technologies Inc. (f) (p) (q)		76		10,099
				42,269
MATERIALS - 0.0%
Cliffs Natural Resources Inc. - Class A, 7.00%, 02/01/16		51		339
TELECOMMUNICATION SERVICES - 0.0%
Telecom Italia SpA		162		136
UTILITIES - 0.2%
Dominion Resources Inc. - Class A, 6.38%, 07/01/17		35		1,794
NextEra Energy Inc., 5.60%, 06/01/15		49		3,357
TerraForm Power Inc. (f) (p) (q)		40		1,167
				6,318
Total Preferred Stocks (cost $72,842)				88,321
RIGHTS - 0.0%
Liberty Broadband Corp. (c)		19		180

	Shares/Par (t)		Value
LVMH Moet Hennessy (c) (f)		—		—
Total Rights (cost $0)				180
WARRANTS - 0.0%
Sun Hung Kai Properties Ltd. (c)		52		130
TFS Corp. Ltd. (c) (f)		105		62
TFS Corp. Ltd. (c) (f) (p)		370		217
Total Warrants (cost $0)				409
PURCHASED OPTIONS - 1.3%
AbbVie Call Option, Strike Price 55, Expiration 06/19/15, BBP		164		1,858
Aetna, Inc. Call Option, Strike Price 80, Expiration 06/19/15, BBP		134		1,492
Anadarko Petroleum Corp. Call Option, Strike Price 85, Expiration 02/20/15, BBP		134		557
Anadarko Petroleum Corp. Call Option, Strike Price 85, Expiration 02/20/15, CIT		37		153
Anadarko Petroleum Corp. Call Option, Strike Price 95, Expiration 02/20/15, DUB		137		169
Apache Corp. Call Option, Strike Price 110, Expiration 01/16/15, CIT		48		—
Bank of America Corp. Call Option, Strike Price 20, Expiration 01/15/16, GSI		264		222
Call Swaption, 3-Month LIBOR versus 1.24% fixed, Expiration 02/19/2015, CSI		10,240		56
Call Swaption, 3-Month LIBOR versus 1.65% fixed, Expiration 03/09/15, DUB		202,600		504
Call Swaption, 3-Month LIBOR versus 1.67% fixed, Expiration 03/31/15, DUB		171,673		574
Call Swaption, 3-Month LIBOR versus 1.73% fixed, Expiration 03/19/15, GSI		101,701		392
Call Swaption, 3-Month LIBOR versus 1.75% fixed, Expiration 03/19/15, GSI		67,279		289
Call Swaption, 3-Month LIBOR versus 2.25% fixed, Expiration 02/17/15, DUB		61,655		398
Call Swaption, 3-Month LIBOR versus 2.30% fixed, Expiration 02/17/15, BOA		33,540		283
CBOE Volatility Index Put Option, Strike Price 16, Expiration 02/18/15, MSC		34		42
Citigroup Inc. Call Option, Strike Price 70, Expiration 01/15/16, GSI		182		136
Coach Inc. Call Option, Strike Price 60, Expiration 02/20/15, BOA		57		—
Coca-Cola Co. Call Option, Strike Price 45, Expiration 01/16/15, DUB		226		11
Coca-Cola Co. Call Option, Strike Price 45, Expiration 01/17/15		1		5
Consol Energy Inc. Put Option, Strike Price 38, Expiration 04/17/15, UBS		82		416
Delphi Automotive Plc Call Option, Strike Price 72.50, Expiration 01/16/15, MSC		9		12
Devon Energy Corp. Call Option, Strike Price 75, Expiration 04/17/15, BBP		66		53
Devon Energy Corp. Call Option, Strike Price 75, Expiration 04/17/15, CIT		66		53
Electronic Arts Inc. Call Option, Strike Price 37, Expiration 01/16/15, CIT		77		784
EQT Corp. Call Option, Strike Price 100, Expiration 03/20/15, CIT		41		14
EQT Corp. Call Option, Strike Price 100, Expiration 03/20/15, DUB		52		18
Euro Stoxx 50 Price Index Call Option, Strike Price EUR 3,293.01, Expiration 12/16/16, GSI		5		1,123

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Euro Stoxx 50 Price Index Call Option, Strike Price EUR 3,325.00, Expiration 12/18/15, JPM		2		349
Euro Stoxx 50 Price Index Call Option, Strike Price EUR 3,426.55, Expiration 09/21/18, DUB		1		228
Euro Stoxx 50 Price Index Call Option, Strike Price EUR 3,450.00, Expiration 03/17/17, MSC		2		409
Euro Stoxx 50 Price Index Call Option, Strike Price EUR 3,500.00, Expiration 03/16/18, GSI		2		392
Euro Stoxx 50 Price Index Call Option, Strike Price EUR 3,500.00, Expiration 06/16/17, CIT		2		327
Euro Stoxx 50 Price Index Call Option, Strike Price EUR 3,500.00, Expiration 12/15/17, BBP		2		497
Euro Stoxx 50 Price Index Call Option, Strike Price EUR 3,600.00, Expiration 06/15/18, UBS		1		157
Euro Stoxx 50 Price Index Call Option, Strike Price EUR 3,600.00, Expiration 09/15/17, BOA		2		319
Euro versus USD Call Option, Strike Price 1.24, Expiration 03/03/15, DUB		50,083		274
Euro versus USD Put Option, Strike Price 1.20, Expiration 02/19/15, MSC		16,703		167
Euro versus USD Put Option, Strike Price 1.20, Expiration 03/05/15, JPM		19,041		220
Euro versus USD Put Option, Strike Price 1.23, Expiration 03/26/15, DUB		16,980		153
Euro versus USD Put Option, Strike Price 1.268, Expiration 02/19/15, CSI		19,877		22
Gilead Sciences Call Option, Strike Price 95, Expiration 01/15/16, CIT		34		466
Google Inc. Call Option, Strike Price 600, Expiration 01/16/15, DUB		6		1
Hewlett-Packard Co. Call Option, Strike Price 41, Expiration 02/20/15, UBS		16		14
Humana Inc. Call Option, Strike Price 125, Expiration 06/19/15, GSI		81		1,800
IBM Corp. Call Option, Stike Price 182, Expiration 01/15/16, BBP		33		152
IBM Corp. Call Option, Stike Price 182, Expiration 01/15/16, DUB		33		152
Ibovespa Index Put Option, Strike Price 55,443.54, Expiration 02/18/15, MSC		—		646
Japanese Yen versus USD Call Option, Strike Price 125, Expiration 04/30/15, JPM		58,460		636
Johnson & Johnson Call Option, Strike Price 110, Expiration 07/17/15, DUB		339		753
JPMorgan Chase & Co. Call Option, Strike Price 75, Expiration 01/15/16, GSI		165		145
Marathon Petroleum Corp. Call Option, Strike Price 100, Expiration 04/17/15, GSI		82		180
Marathon Petroleum Corp. Call Option, Strike Price 90, Expiration 04/17/15, CIT		33		199
Marathon Petroleum Corp. Call Option, Strike Price 90, Expiration 04/17/15, DUB		66		400
MetLife Inc. Call Option, Strike Price 57.50, Expiration 01/15/16, GSI		267		788
MSGAJPLL Index Call Option, Stike Price 131.28, Expiration 12/11/2015, MSC		5,960		442
MSGAJPTL Index Call Option, Strike Price 139.99, Expiration 12/11/2015, MSC		1,539		115
Mylan Laboratories Inc. Call Option, Strike Price 47, Expiration 01/16/15, BOA		81		768

	Shares/Par (t)		Value
Mylan Laboratories Inc. Call Option, Strike Price 47, Expiration 01/16/15, DUB		61		585
Mylan Laboratories Inc. Call Option, Strike Price 55, Expiration 01/16/15, GSI		81		170
Nikkei 225 Index Call Option, Strike Price JPY 18,000, Expiration 03/13/15, CGM		133		573
Oracle Corp. Call Option, Strike Price 42, Expiration 01/16/15, DUB		42		131
Pfizer Inc. Call Option, Strike Price 33, Expiration 01/15/16, CIT		668		794
Phillips 66 Call Option, Stike Price 75, Expiration 05/15/15, CIT		83		322
Phillips 66 Call Option, Stike Price 75, Expiration 05/15/15, DUB		16		64
Phillips 66 Call Option, Stike Price 75, Expiration 05/15/15, UBS		33		129
Prudential Financial Inc. Call Option, Strike Price 90, Expiration 01/15/16, CIT		207		1,691
Put Swaption, 6-Month Japanese Yen LIBOR versus 1.07% fixed, Expiration 04/04/18, DUB		489,328		20
Put Swaption, 6-Month Japanese Yen LIBOR versus 1.25% fixed, Expiration 07/29/16, DUB		865,360		26
Put Swaption, 6-Month Japanese Yen LIBOR versus 1.35% fixed, Expiration 01/25/16, GSI		1,283,894		10
Put Swaption, 6-Month Japanese Yen LIBOR versus 1.35% fixed, Expiration 01/25/16, GSI		609,700		5
Russell 2000 Index Put Option, Strike Price 1,150, Expiration 01/16/15, DUB		16		98
Russell 2000 Index Put Option, Strike Price 1,165, Expiration 02/20/15, BOA		15		342
S&P 500 Index Put Option, Strike Price 2,050, Expiration 02/20/15, MSC		8		280
Siemens AG Call Option, Strike Price 150, Expiration 01/16/15, DUB		80		105
SPDR Gold Shares Trust Call Option, Strike Price 120, Expiration 09/18/15, JPM		73		303
SPDR Gold Shares Trust Call Option, Strike Price 133.44, Expiration 03/20/15, JPM		40		8
SPDR Gold Shares Trust Call Option, Strike Price 135, Expiration 06/19/15		1		43
Stoxx Europe 600 Index Call Option, Strike Price EUR 347.97, Expiration 12/16/16, CSI		16		477
Stoxx Europe 600 Index Call Option, Strike Price EUR 348.12, Expiration 09/16/16, JPM		19		529
Stoxx Europe 600 Index Call Option, Strike Price EUR 355.61, Expiration 03/18/17, CSI		18		511
Stoxx Europe 600 Index Call Option, Strike Price EUR 372.06, Expiration 09/15/17, JPM		14		321
Taiwan Stock Exchange Index Call Option, Strike Price TWD 9,000.77, Expiration 09/21/16, CIT		30		536
The Goldman Sachs Group, Inc. Call Option, Strike Price 220, Expiration 01/15/16, DUB		25		174
Tokyo Stock Exchange Price Index Call Option, Strike Price JPY 1,161.53, Expiration 09/11/15, MSC		526		135
Tokyo Stock Exchange Price Index Call Option, Strike Price JPY 1,288.50, Expiration 06/12/15, GSI		1,169		1,493
Tokyo Stock Exchange Price Index Call Option, Strike Price JPY 1,314.84, Expiration 12/11/15, BOA		1,106		1,505
Tokyo Stock Exchange Price Index Call Option, Strike Price JPY 1,325, Expiration 12/11/15, CIT		1,160		1,521

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Tokyo Stock Exchange Price Index Call Option, Strike Price JPY 1,344.04, Expiration 09/11/15, BOA		656		741
Tokyo Stock Exchange Price Index Call Option, Strike Price JPY 1,346.15, Expiration 06/12/15, MSC		625		599
Tokyo Stock Exchange Price Index Call Option, Strike Price JPY 1,350, Expiration 03/13/15, MSC		955		813
Tokyo Stock Exchange Price Index Call Option, Strike Price JPY 1,357.29, Expiration 09/11/15, BNP		526		561
Tokyo Stock Exchange Price Index Call Option, Strike Price JPY 1,660.07, Expiration 09/11/15, MSC		526		109
Transocean Ltd. Put Option, Strike Price 26, Expiration 05/15/15, CGM		264		2,229
Transocean Ltd. Put Option, Strike Price 36, Expiration 01/16/15, DUB		52		944
Transocean Ltd. Put Option, Strike Price 37, Expiration 01/16/15, GSI		157		2,926
Transocean Ltd. Put Option, Strike Price 38, Expiration 01/16/15, BOA		94		1,861
Visa Inc. Call Option, Strike Price 220, Expiration 01/16/15, DUB		21		943
Wells Fargo & Co. Call Option, Strike Price 60, Expiration 01/15/16, GSI		83		139
Total Purchased Options (cost $38,799)				45,551
INVESTMENT COMPANIES - 0.7%
ETFS Gold Trust (c)		16		1,813
ETFS Physical Palladium Trust (c)		24		1,846
ETFS Platinum Trust (c)		20		2,354
iShares Gold Trust Fund (a) (c)		638		7,295
SPDR Gold Trust (c)		96		10,851
Total Investment Companies (cost $29,457)				24,159
CORPORATE BONDS AND NOTES - 8.2%
CONSUMER DISCRETIONARY - 0.9%
Best Buy Co. Inc., 5.00%, 08/01/18 (e)	$	1,754		1,814
Cablevision Systems Corp., 5.88%, 09/15/22 (e)		1,103		1,117
Charter Communications Term Loan, 4.25%, 08/12/21 (i)		2,105		2,117
Delta Topco Ltd., 10.00%, 11/24/16 (f) (p) (q) (y)		1,807		1,807
Deutsche Rastatten Grupp GmbH Term Loan, 3.33%, 12/10/18 (i), EUR		1,304		1,569
Deutsche Rastatten Grupp IV GmbH Term Loan, 3.58%, 12/10/19 (i), EUR		526		635
General Motors Financial Co. Inc., 3.50%, 07/10/19		2,777		2,836
Hilton Worldwide Inc. Term Loan B, 3.50%, 09/23/20 (i)		7,714		7,614
NBCUniversal Enterprise Inc., 5.25%, (callable at 100 beginning 03/19/21) (m) (r)		1,000		1,037
Unitymedia Hessen GmbH & Co. KG, 5.50%, 01/15/23 (r)		800		836
Univision Communications Inc. Replacement 1st Lien Term Loan, 4.00%, 03/01/20 (i)		4,950		4,833
Volkswagen International Finance NV, 5.50%, 11/09/15 (r) (v), EUR		3,700		4,952
				31,167
CONSUMER STAPLES - 0.2%
Anheuser-Busch InBev Worldwide Inc., 1.38%, 07/15/17		1,129		1,128

	Shares/Par (t)		Value
BAT International Finance Plc, 2.13%, 06/07/17 (r)		1,725		1,741
Celestial Nutrifoods Ltd., 0.00%, 06/12/11 (c) (d) (f) (q) (v), SGD		400		3
China Milk Products Group Ltd., 0.00%, 01/05/12 (c) (d) (f) (q) (v)		100		1
Olam International Ltd., 6.00%, 10/15/16 (p) (v)		2,400		2,532
REI Agro Ltd.
5.50%, 11/13/14 (c) (d) (f) (p) (q) (v)		185		18
5.50%, 11/13/14 (c) (d) (f) (p) (q) (v)		628		62
				5,485
ENERGY - 0.9%
Bumi Investment Pte Ltd., 10.75%, 10/06/17 (d) (r)		801		178
Chesapeake Energy Corp., 3.48%, 04/15/19 (i)		1,737		1,702
Cobalt International Energy Inc.
2.63%, 12/01/19 (v)		3,992		2,410
3.13%, 05/15/24 (v)		4,991		3,353
Drillships Financing Holding Inc. Term Loan B-1, 6.00%, 03/31/21 (i)		1,588		1,238
Fieldwood Energy LLC 2nd Lien Term Loan, 8.38%, 09/24/20 (i)		1,760		1,278
Ocean Rig UDW Inc. Term Loan, 5.50%, 07/18/21 (i)		2,144		1,716
Petrobras Global Finance BV
2.37%, 01/15/19 (i)		4,949		4,390
6.25%, 03/17/24		2,350		2,236
Petrobras International Finance Co., 5.38%, 01/27/21		1,024		949
Reliance Holdings USA Inc.
4.50%, 10/19/20 (r)		1,275		1,332
5.40%, 02/14/22 (r)		500		542
Sabine Pass Liquefaction LLC, 5.63%, 04/15/23		1,291		1,262
Seadrill Ltd. Term Loan B, 4.00%, 02/12/21 (i)		5,794		4,482
YPF SA
8.88%, 12/19/18 (e) (r)		2,007		2,075
8.75%, 04/04/24 (r)		1,329		1,351
				30,494
FINANCIALS - 3.6%
Ally Financial Inc.
2.75%, 01/30/17		2,655		2,647
3.50%, 01/27/19		1,906		1,883
American Tower Corp., 3.40%, 02/15/19		719		732
AP One Channel Center Owner LP Term Loan, 6.40%, 07/19/19 (f) (i) (q)		1,310		1,310
Banco Del Estado De Chile, 2.03%, 04/02/15		1,350		1,355
Banco Santander Chile, 2.11%, 06/07/18 (i) (r)		2,250		2,278
Bank of America Corp.
2.00%, 01/11/18		2,499		2,497
1.32%, 03/22/18 (i)		1,376		1,386
2.60%, 01/15/19		1,733		1,746
BNP Paribas SA, 2.40%, 12/12/18		5,279		5,329
Capital One Bank USA NA, 2.15%, 11/21/18		1,870		1,860
CapitaLand Ltd.
2.10%, 11/15/16 (p) (v), SGD		3,500		2,624
2.95%, 06/20/22 (p) (v), SGD		7,000		5,285
1.95%, 10/17/23 (r) (v), SGD		3,000		2,291
CIT Group Inc., 4.75%, 02/15/15 (r)		1,929		1,934
Citigroup Inc., 5.95%, (callable at 100 beginning 01/30/23) (m)		1,330		1,310
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA, 3.95%, 11/09/22		873		889
Credit Suisse Group Guernsey I Ltd., 7.88%, 02/24/41 (p) (v)		1,741		1,845

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Dana Gas Sukuk Ltd.
7.00%, 10/31/17 (r) (v)		5,127		4,512
9.00%, 10/31/17 (r)		2,266		2,039
Deutsche Bank Capital Funding Trust VII, 5.63%, (callable at 100 beginning 01/19/16) (e) (m) (r)		698		711
Export-Import Bank of Korea, 2.88%, 09/17/18		1,297		1,331
Ford Motor Credit Co. LLC
1.72%, 12/06/17		4,859		4,824
2.38%, 01/16/18		1,613		1,622
5.00%, 05/15/18		2,231		2,424
Forest City Enterprises Inc., 4.25%, 08/15/18 (v)		1,830		2,089
General Electric Capital Corp. - Series B
6.25% (callable at 100 beginning 12/15/22) (m)		2,600		2,831
5.55%, 05/04/20		1,200		1,379
6.38%, 11/15/67 (i)		1,854		1,988
Goldman Sachs Group Inc., 5.70%, (callable at 100 beginning 05/10/19) (m)		2,964		2,998
HSBC Holdings Plc, 6.38%, (callable at 100 beginning 09/17/24) (m)		5,700		5,757
HSBC USA Inc., 1.63%, 01/16/18		1,775		1,768
Hyundai Capital America, 2.13%, 10/02/17 (r)		966		971
Intesa Sanpaolo SpA
3.13%, 01/15/16		418		425
3.88%, 01/16/18		941		980
3.88%, 01/15/19		4,258		4,409
JPMorgan Chase & Co.
5.15% (callable at 100 beginning 05/01/23) (m)		3,331		3,138
6.10% (callable at 100 beginning 10/01/24) (m)		7,026		7,008
6.13%, 06/27/17		1,338		1,477
Lloyds Bank Plc
13.00% (callable at 100 beginning 01/22/29) (m), GBP		2,575		6,837
2.30%, 11/27/18		754		761
Merrill Lynch & Co. Inc., 6.88%, 04/25/18		1,642		1,886
Morgan Stanley
5.45% (callable at 100 beginning 07/15/19) (m)		2,167		2,171
7.30%, 05/13/19		1,051		1,247
Sheridan Production Partners II LP Term Loan, 4.25%, 12/02/20 (f) (i) (q)		3,358		2,653
Sheridan Production Partners II LP Term Loan A, 4.25%, 12/02/20 (f) (i) (q)		467		369
Sheridan Production Partners II LP Term Loan M, 4.25%, 12/02/20 (f) (i) (q)		174		138
State Bank of India, 3.62%, 04/17/19 (r)		2,456		2,491
Sumitomo Mitsui Banking Corp., 2.45%, 01/10/19 (e)		2,205		2,215
Sun Hung Kai Properties Capital Market Ltd., 4.50%, 02/14/22 (p)		1,100		1,171
Synchrony Financial, 3.75%, 08/15/21		1,660		1,696
Trust F/1401, 5.25%, 12/15/24 (r)		1,774		1,827
UBS AG, 2.38%, 08/14/19		1,636		1,636
USB Capital IX, 3.50%, (callable at 100 beginning 11/10/14) (i) (m)		2,409		1,939
				122,919
HEALTH CARE - 1.2%
Bio City Development Co. BV, 8.00%, 07/06/18 (c) (d) (f) (p) (q) (v)		600		321
BioMarin Pharmaceutical Inc.
0.75%, 10/15/18 (v)		630		741
1.50%, 10/15/20 (e) (v)		675		827

	Shares/Par (t)		Value
Brookdale Senior Living Inc., 2.75%, 06/15/18 (v)		365		497
Cubist Pharmaceuticals Inc., 2.50%, 11/01/17 (v)		1,096		3,797
Forest Laboratories Inc.
4.38%, 02/01/19 (r)		2,150		2,271
5.00%, 12/15/21 (r)		1,475		1,597
Gilead Sciences Inc., 1.63%, 05/01/16 (v)		1,461		6,047
Grifols Worldwide Operations USA Inc. Term Loan, 3.17%, 03/03/21 (i)		7,172		7,065
Mallinckrodt International Finance S.A. Term Loan B, 3.25%, 02/24/21 (i)		827		810
Medtronic Inc., 3.15%, 03/15/22 (r)		3,625		3,683
Mylan Inc.
3.75%, 09/15/15 (v)		1,799		7,603
2.55%, 03/28/19		2,300		2,291
WellPoint Inc., 2.75%, 10/15/42 (v)		2,057		3,541
				41,091
INDUSTRIALS - 0.2%
Hutchison Whampoa International 11 Ltd., 3.50%, 01/13/17 (r)		1,709		1,771
Inversiones Alsacia SA, 8.00%, 12/31/18 (r)		1,854		1,334
Odebrecht Finance Ltd., 4.38%, 04/25/25 (r)		1,795		1,539
Suzlon Energy Ltd., 3.25%, 07/16/19 (k) (r) (v)		2,061		1,869
Viterra Inc., 5.95%, 08/01/20 (r)		767		847
				7,360
INFORMATION TECHNOLOGY - 0.5%
Alibaba Group Holding Ltd.
3.13%, 11/28/21 (r)		2,075		2,050
3.60%, 11/28/24 (r)		3,190		3,164
Intel Corp., 3.25%, 08/01/39 (v)		1,098		1,909
salesforce.com inc., 0.25%, 04/01/18 (e) (v)		1,886		2,149
Sina Corp., 1.00%, 12/01/18 (v)		1,694		1,562
SunGard Data Systems Inc., 7.38%, 11/15/18 (e)		551		573
Take-Two Interactive Software Inc., 1.75%, 12/01/16 (v)		1,882		2,846
Twitter Inc., 1.00%, 09/15/21 (r) (v)		1,682		1,465
Xerox Corp., 6.35%, 05/15/18		1,046		1,183
				16,901
MATERIALS - 0.1%
Constellium NV
7.00%, 01/15/23 (r), EUR		1,189		1,372
8.00%, 01/15/23 (r)		345		343
Crown Cork & Seal Co. Inc., 7.50%, 12/15/96		68		64
TFS Corp. Ltd., 11.00%, 07/15/18 (e) (r)		1,284		1,353
				3,132
TELECOMMUNICATION SERVICES - 0.6%
AT&T Inc., 2.38%, 11/27/18 (e)		4,712		4,749
Colombia Telecomunicaciones SA ESP, 5.38%, 09/27/22 (r)		982		957
Hughes Satellite Systems Corp., 7.63%, 06/15/21		449		494
Intelsat Jackson Holdings SA, 7.50%, 04/01/21		2,175		2,327
Telecom Italia Finance SA
6.13%, 11/15/16 (p) (v), EUR		400		567
6.13%, 11/15/16 (r) (v), EUR		2,000		2,836
Telecom Italia SpA, 5.30%, 05/30/24 (r)		2,513		2,544
Telefonica Participaciones SAU, 4.90%, 09/25/17, EUR		3,800		4,624
Telefonica SA, 6.00%, 07/24/17 (p) (v), EUR		1,300		1,616
				20,714

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
UTILITIES - 0.0%
Empresa Distribuidora Y Comercializadora Norte, 9.75%, 10/25/22 (r)		370		259
Obsidian Natural Gas Trust Term Loan, 7.00%, 11/02/15 (f) (i) (q)		63		62
				321
Total Corporate Bonds and Notes (cost $276,250)				279,584
GOVERNMENT AND AGENCY OBLIGATIONS - 13.6%
GOVERNMENT SECURITIES - 13.5%
Sovereign - 7.1%
Argentina Bonar Bond
7.00%, 04/17/17		7,063		6,780
8.75%, 05/07/24 (e)		4,246		4,140
Australia Government Bond
5.25%, 03/15/19, AUD		25,562		23,420
2.75%, 10/21/19, AUD		46,821		39,061
Brazil Government International Bond, 4.88%, 01/22/21		1,283		1,363
Brazil Notas do Tesouro Nacional, 10.00%, 01/01/17 - 01/01/25, BRL		45,000		15,327
Hungary Government International Bond
4.75%, 02/03/15		807		810
4.13%, 02/19/18		2,354		2,441
Indonesia Treasury Bond
7.88%, 04/15/19, IDR		108,180,000		8,789
8.38%, 03/15/24, IDR		27,706,000		2,321
Mexico Bonos
8.00%, 12/07/23, MXN		216,733		16,883
10.00%, 12/05/24, MXN		424,205		37,660
New Zealand Government Bond, 5.00%, 03/15/19, NZD		10,105		8,322
Poland Government Bond
5.25%, 10/25/20, PLN		32,639		10,717
5.75%, 10/25/21, PLN		37,951		13,018
Provincia de Buenos Aires, Argentina, 10.88%, 01/26/21 (p)		791		720
Republic of Colombia, 7.38%, 01/27/17		1,061		1,175
Turkey Government International Bond, 6.75%, 04/03/18		4,088		4,548
United Kingdom Treasury Bond, 2.25%, 09/07/23 (p), GBP		27,291		44,569
				242,064
Treasury Inflation Index Securities - 0.5%
Brazil Inflation Indexed Notas do Tesouro Nacional, 6.00%, 05/15/23, (s) BRL		17,831		16,859
U.S. Treasury Securities - 5.9%
U.S. Treasury Note
0.25%, 03/31/15 - 07/31/15		29,424		29,440
1.25%, 10/31/18		18,129		18,010
1.63%, 07/31/19 - 08/31/19		42,431		42,481
2.25%, 04/30/21 - 11/15/24		49,443		50,121
2.00%, 05/31/21		33,034		33,179
2.38%, 08/15/24		30,278		30,820
				204,051
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES - 0.1%
Federal National Mortgage Association, 3.00%, 01/15/45, TBA (g)		3,391		3,428
Total Government and Agency Obligations (cost $484,003)				466,402

	Shares/Par (t)		Value
OTHER EQUITY INTERESTS - 0.0%
BRT Escrow Corp. SpA Escrow (f) (p) (q) (u)		2,360		—
Total Other Equity Interests (cost $0)				—
SHORT TERM INVESTMENTS - 22.3%
Securities Lending Collateral - 2.3%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		79,485		79,485
Treasury Securities - 20.0%
Japan Treasury Bill
0.00%, 01/08/15, JPY		680,000		5,677
0.00%, 02/04/15, JPY		700,000		5,844
0.00%, 03/10/15, JPY		370,000		3,089
0.00%, 03/23/15, JPY		700,000		5,844
Mexico Cetes
0.20%, 01/22/15, MXN		9,864		6,674
0.20%, 02/05/15, MXN		3,333		2,252
0.20%, 02/19/15, MXN		5,155		3,480
0.20%, 03/05/15, MXN		8,899		6,003
0.20%, 03/19/15, MXN		9,953		6,703
0.20%, 04/01/15, MXN		6,666		4,484
0.20%, 04/16/15, MXN		5,099		3,426
0.20%, 04/30/15, MXN		6,710		4,503
0.20%, 05/28/15, MXN		10,428		6,982
0.20%, 06/11/15, MXN		10,197		6,819
U.S. Treasury Bill
0.01%, 01/02/15	$	16,114		16,114
0.02%, 01/08/15		3,000		3,000
0.02%, 01/29/15		7,000		7,000
0.02%, 02/05/15		21,965		21,965
0.04%, 02/12/15		93,200		93,198
0.02%, 02/19/15		80,396		80,395
0.02%, 02/26/15		55,000		54,999
0.04%, 03/05/15		85,500		85,498
0.02%, 03/12/15		77,500		77,497
0.03%, 03/19/15		25,854		25,853
0.03%, 03/26/15		58,000		57,998
0.04%, 04/02/15		31,500		31,497
0.03%, 04/09/15		15,000		14,999
0.07%, 05/14/15		17,250		17,247
0.07%, 05/21/15		15,100		15,097
0.07%, 05/28/15		3,000		2,999
0.08%, 06/18/15		5,000		4,998
0.12%, 06/25/15		4,000		3,998
				686,132
Total Short Term Investments (cost $770,369)				765,617
Total Investments - 103.0% (cost $3,465,898)				3,528,240
Total Securities Sold Short - (0.1%) (proceeds $4,416)				(4,499	)
Other Assets and Liabilities, Net - (2.9%)				(98,395)
Total Net Assets - 100.0%			$	3,425,346
SECURITIES SOLD SHORT - 0.1%
COMMON STOCKS - 0.1%
CONSUMER STAPLES - 0.1%
Campbell Soup Co.		16	$	693
Mead Johnson Nutrition Co.		21		2,070
				2,763
INDUSTRIALS - 0.0%
Avery Dennison Corp.		33		1,736
Total Securities Sold Short - 0.1% (proceeds $4,416)			$	4,499

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
JNL/Capital Guardian Global Balanced Fund
COMMON STOCKS - 63.6%
CONSUMER DISCRETIONARY - 10.0%
Amazon.com Inc. (c)		1	$	435
Arcos Dorados Holdings Inc. - Class A (e)		96		519
Bayerische Motoren Werke AG		17		1,801
Cie Financiere Richemont SA		19		1,722
Coach Inc.		14		526
Comcast Corp. - Class A		10		598
Daimler AG		45		3,718
Darden Restaurants Inc.		7		405
Delphi Automotive Plc		32		2,313
Denso Corp.		67		3,137
Discovery Communications Inc. - Class A (c)		5		165
Discovery Communications Inc. - Class C (c)		5		162
DreamWorks Animation SKG Inc. - Class A (c) (e)		22		485
Exedy Corp.		17		407
Fast Retailing Co. Ltd.		1		437
Gannett Co. Inc.		31		980
Great Wall Motor Co. Ltd.		54		305
Grupo Sanborns SA de CV - Class B-1 (e)		1,129		1,758
Home Depot Inc.		6		651
Hyundai Mobis		4		920
Hyundai Motor Co.		10		1,512
JUMBO SA		205		2,080
Lennar Corp. - Class A		7		291
Liberty Global Plc - Class A (c)		20		999
Lululemon Athletica Inc. (c) (e)		11		591
Minth Group Ltd.		334		689
Mr Price Group Ltd.		6		124
Naspers Ltd. - Class N		5		586
Newell Rubbermaid Inc.		24		907
Nike Inc. - Class B		4		365
Norwegian Cruise Line Holdings Ltd. (c)		128		5,971
Rinnai Corp.		12		813
Ross Stores Inc.		8		716
Shimano Inc.		12		1,567
Sirius XM Holdings Inc. (c)		602		2,108
Starbucks Corp.		33		2,683
Stella International Holdings Ltd.		330		872
Swatch Group AG		1		44
Swatch Group AG		1		654
Tiffany & Co.		20		2,153
Wynn Macau Ltd. (e)		141		394
				47,563
CONSUMER STAPLES - 2.4%
Ajinomoto Co. Inc.		24		450
China Mengniu Dairy Co. Ltd.		74		305
Cosmos Pharmaceutical Corp.		6		833
Danone SA		9		579
Hypermarcas SA (c)		38		236
Imperial Tobacco Group Plc		7		306
L’Oreal SA		2		298
LG Household & Health Care Ltd.		2		1,098
Nestle SA		12		882
Pernod-Ricard SA		23		2,595
Shoprite Holdings Ltd.		77		1,117
Unicharm Corp.		40		964
Unilever NV - CVA		40		1,554
Unilever Plc		9		374
				11,591
ENERGY - 3.9%
Amec Foster Wheeler Plc		27		350
Cameco Corp.		6		102

	Shares/Par (t)		Value
Canadian Natural Resources Ltd.		11		331
Cenovus Energy Inc.		19		382
Chevron Corp.		26		2,917
Cobalt International Energy Inc. (c)		47		420
ConocoPhillips		10		711
Enbridge Inc.		47		2,406
Ensco Plc - Class A		10		290
EOG Resources Inc.		6		589
Halliburton Co.		4		138
Lukoil OAO - ADR		28		1,097
Noble Energy Inc.		46		2,187
Oil Search Ltd.		127		813
PTT PCL		62		609
Rosneft OAO - GDR		195		679
Royal Dutch Shell Plc - Class B		13		449
Schlumberger Ltd.		15		1,311
SeaDrill Ltd. (e)		24		281
Surgutneftegas OAO - ADR		121		625
YPF SA - ADR - Class D		67		1,781
				18,468
FINANCIALS - 13.3%
Aberdeen Asset Management Plc		53		351
ACE Ltd.		16		1,820
AFLAC Inc.		7		452
AIA Group Ltd.		1,282		7,069
American Tower Corp.		19		1,878
Aon Plc - Class A		15		1,385
Bank of China Ltd. - Class H		634		356
BlackRock Inc.		1		461
China Pacific Insurance Group Co. Ltd.		324		1,630
Chuo Mitsui Trust Holdings Inc.		211		808
CME Group Inc. - Class A		51		4,548
Deutsche Wohnen AG		100		2,353
Fairfax Financial Holdings Ltd.		7		3,458
Goldman Sachs Group Inc.		25		4,768
Grupo BTG Pactual		67		708
HSBC Holdings Plc		10		95
HSBC Holdings Plc		23		221
ICICI Bank Ltd.		69		386
Industrial & Commercial Bank of China Ltd. - Class H		1,070		781
Intercontinental Exchange Inc.		25		5,438
JPMorgan Chase & Co.		12		763
Julius Baer Group Ltd.		37		1,699
Lloyds Banking Group Plc (c)		789		928
Marsh & McLennan Cos. Inc.		22		1,276
PacWest Bancorp		8		373
Partners Group Holding AG		8		2,287
PICC Property & Casualty Co. Ltd. - Class H (e) (p) (q)		2,257		4,356
Ping An Insurance Group Co. of China Ltd. - Class H		113		1,139
PNC Financial Services Group Inc.		26		2,345
Sampo Oyj - Class A		26		1,199
Sberbank of Russia - ADR		153		619
Sberbank of Russia - GDR (p) (q)		51		187
Sumitomo Mitsui Financial Group Inc.		27		973
Svenska Handelsbanken AB - Class A		43		2,024
Umpqua Holdings Corp.		59		997
Wells Fargo & Co.		54		2,982
				63,113
HEALTH CARE - 7.3%
AbbVie Inc.		21		1,355
Agios Pharmaceuticals Inc. (c) (e)		11		1,221
AmerisourceBergen Corp.		37		3,327
AstraZeneca Plc		37		2,627

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Bristol-Myers Squibb Co.		30		1,771
Cerner Corp. (c)		17		1,073
Gilead Sciences Inc. (c)		34		3,247
Humana Inc.		5		646
Incyte Corp. (c)		50		3,685
Merck & Co. Inc.		10		557
Novo Nordisk A/S		91		3,868
Quest Diagnostics Inc.		42		2,803
Receptos Inc. (c)		24		2,879
Roche Holding AG		14		3,701
Shandong Weigao Group Medical Polymer Co. Ltd. - Class H		642		518
Ship Healthcare Holdings Inc.		25		560
St. Jude Medical Inc.		11		700
				34,538
INDUSTRIALS - 8.2%
Assa Abloy AB - Class B		51		2,702
Beijing Enterprises Holdings Ltd.		418		3,269
Boeing Co.		28		3,691
Caterpillar Inc.		5		412
CCR SA		32		184
Danaher Corp.		40		3,454
Eaton Corp. Plc		85		5,783
Fanuc Ltd.		4		643
Fujitec Co. Ltd. (e)		45		478
Hexcel Corp. (c)		112		4,639
IDEX Corp.		14		1,121
Iron Mountain Inc.		11		431
Jardine Matheson Holdings Ltd.		7		413
Kawasaki Heavy Industries Ltd.		467		2,124
Kubota Corp.		20		290
Marubeni Corp.		253		1,514
Meggitt Plc		29		236
Michael Page International Plc		71		455
Nielsen Holdings NV		50		2,219
Safran SA		13		810
Schneider Electric SA		5		359
SMC Corp.		4		1,101
Towers Watson & Co.		4		453
Waste Connections Inc.		21		928
Yamato Holdings Co. Ltd.		45		889
				38,598
INFORMATION TECHNOLOGY - 10.2%
Accenture Plc - Class A		4		357
Apple Inc.		21		2,296
ARM Holdings Plc		63		962
ASML Holding NV		54		5,869
ASML Holding NV - ADR		2		226
Avago Technologies Ltd.		16		1,650
Broadcom Corp. - Class A		25		1,070
Daum Kakao Corp.		13		1,429
Delta Electronics Inc.		96		567
Freescale Semiconductor Ltd. (c) (e)		29		737
Gemalto NV (e)		28		2,323
Genpact Ltd. (c)		21		390
Google Inc. - Class A (c)		1		767
Google Inc. - Class C (c)		2		1,095
Hamamatsu Photonics KK		27		1,281
Infosys Ltd.		16		498
Infosys Technologies Ltd. - ADR (e)		99		3,102
Jabil Circuit Inc.		65		1,428
Keyence Corp.		2		1,053
Murata Manufacturing Co. Ltd.		7		807
NetApp Inc.		51		2,114
Oracle Corp.		24		1,084
Oracle Corp. Japan		18		725

	Shares/Par (t)		Value
QUALCOMM Inc.		9		639
Quanta Computer Inc.		413		1,029
Tableau Software Inc. - Class A (c)		52		4,416
Taiwan Semiconductor Manufacturing Co. Ltd.		858		3,780
Texas Instruments Inc.		10		508
Trend Micro Inc. (e)		25		696
VeriSign Inc. (c) (e)		18		1,037
Visa Inc. - Class A		2		420
Yahoo! Japan Corp.		719		2,577
Yandex NV - Class A (c)		62		1,106
				48,038
MATERIALS - 2.5%
Allegheny Technologies Inc.		5		177
Celanese Corp. - Class A		10		576
First Quantum Minerals Ltd.		20		282
Glencore Plc		119		547
Holcim Ltd.		21		1,525
Koninklijke Philips NV		37		2,283
Monsanto Co.		13		1,517
Mosaic Co.		20		931
Praxair Inc.		13		1,736
Rio Tinto Plc		6		268
Vale SA - ADR (e)		229		1,877
				11,719
TELECOMMUNICATION SERVICES - 4.3%
America Movil SAB de CV - ADR		72		1,597
Bharti Airtel Ltd.		605		3,367
China Unicom Hong Kong Ltd.		2,224		2,980
Deutsche Telekom AG		137		2,195
HKT Trust		871		1,135
KDDI Corp.		33		2,073
LG Telecom Ltd.		169		1,767
Singapore Telecommunications Ltd.		496		1,456
SoftBank Corp.		32		1,929
Swisscom AG		1		510
Verizon Communications Inc.		3		149
Vodafone Group Plc		326		1,119
				20,277
UTILITIES - 1.5%
AES Corp.		127		1,746
Cheung Kong Infrastructure Holdings Ltd.		127		934
Energias de Portugal SA		207		804
Enersis SA - ADR		61		981
Fortum Oyj		121		2,628
				7,093
Total Common Stocks (cost $261,517)				300,998
PREFERRED STOCKS - 0.6%
CONSUMER DISCRETIONARY - 0.1%
Hyundai Motor Co.		2		251
ENERGY - 0.2%
Surgutneftegas OAO		2,145		1,021
INFORMATION TECHNOLOGY - 0.0%
ASAT Holdings Ltd. (f) (q)		7		—
MATERIALS - 0.3%
Vale SA - Class A		245		1,771
Total Preferred Stocks (cost $4,710)				3,043
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES - 1.0%
Ally Master Owner Trust, 1.29%, 01/15/17	$	125		125

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
AmeriCredit Automobile Receivables Trust
0.72%, 08/08/16		70		70
1.27%, 08/08/17		10		10
Appalachian Consumer Rate Relief Funding LLC, 3.77%, 08/01/28		100		107
BA Credit Card Trust, 0.54%, 01/15/19 (i)		125		125
Banc of America Commercial Mortgage Trust REMIC
6.24%, 12/10/17 (i)		58		64
5.89%, 07/10/44 (i)		33		34
Bear Stearns Commercial Mortgage Securities Trust REMIC, 5.71%, 09/11/17 (i)		20		22
CarMax Auto Owner Trust, 0.79%, 10/15/18		35		35
Citibank Credit Card Issuance Trust
1.02%, 02/22/17		100		100
2.15%, 07/15/19		275		275
Citigroup Commercial Mortgage Trust REMIC
1.20%, 12/10/18		89		88
5.43%, 10/15/49		100		106
COMM Mortgage Trust REMIC, 5.29%, 12/10/16		24		25
Commercial Mortgage Pass-Through Certificates REMIC
1.30%, 12/10/18		163		162
5.61%, 01/15/49 (i)		45		48
Commercial Mortgage Trust REMIC
5.82%, 06/10/16 (i)		87		91
5.43%, 01/10/17		98		106
5.80%, 07/10/17 (i)		7		8
5.87%, 08/10/17 (i)		25		27
Credit Suisse Commercial Mortgage Trust REMIC
5.46%, 09/15/16		99		104
5.70%, 06/15/39 (i)		37		40
Credit Suisse Mortgage Capital Certificates REMIC, 5.70%, 07/15/17 (i)		50		54
CSMC Trust REMIC, 0.96%, 04/15/16 (i) (p) (q)		100		100
Enterprise Fleet Financing LLC, 0.87%, 12/20/16 (p) (q)		199		199
EQTY Mortgage Trust REMIC, 1.01%, 05/08/16 (i) (p) (q)		150		150
Fifth Third Auto Trust, 0.68%, 01/16/17		85		85
Ford Credit Auto Owner Trust, 0.79%, 05/15/18		95		95
Greenwich Capital Commercial Funding Corp. REMIC, 5.44%, 01/10/17		50		53
GS Mortgage Securities Trust REMIC, 5.80%, 08/10/45 (i)		20		22
Hilton USA Trust REMIC, 2.66%, 11/05/18 (p) (q)		200		200
Honda Auto Receivables Owner Trust, 0.67%, 02/21/17		100		100
JPMorgan Chase Commercial Mortgage Securities Trust REMIC
5.81%, 05/12/16 (i)		9		10
5.43%, 01/12/17 (i)		100		107
5.44%, 03/15/17		102		109
5.70%, 05/12/17 (i)		132		143
5.85%, 07/15/17		38		42
5.72%, 11/15/17		25		27
5.81%, 06/12/43 (i)		25		27
5.55%, 05/12/45		198		209
LB Commercial Mortgage Trust REMIC, 5.86%, 07/15/44 (i)		25		27
LB-UBS Commercial Mortgage Trust REMIC
5.64%, 03/15/39 (i)		60		62
5.43%, 02/15/40		57		61
5.49%, 02/15/40		225		237
6.16%, 09/15/45 (i)		25		28

	Shares/Par (t)		Value
Merrill Lynch/Countrywide Commercial Mortgage Trust REMIC, 5.88%, 07/12/17 (i)		25		27
Mississippi Higher Education Assistance Corp., 0.85%, 07/25/27 (i)		156		156
Morgan Stanley Capital I Trust REMIC
5.32%, 12/15/16		152		161
5.65%, 06/11/17 (i)		22		24
Trade MAPS 1 Ltd.
0.86%, 12/10/16 (i) (p) (q)		125		125
1.41%, 12/10/16 (i) (p) (q)		100		100
Volkswagen Auto Lease Trust, 0.80%, 04/20/17		50		50
Wachovia Bank Commercial Mortgage Trust REMIC
5.72%, 04/15/16 (i)		96		100
5.75%, 07/15/16 (i)		51		54
5.50%, 04/15/47		25		27
5.59%, 04/15/47 (i)		20		21
5.72%, 06/15/49 (i)		50		54
WFLD Mortgage Trust, 3.88%, 08/10/31 (p) (q)		30		32
Total Non-U.S. Government Agency Asset- Backed Securities (cost $4,889)				4,850
CORPORATE BONDS AND NOTES - 4.5%
CONSUMER DISCRETIONARY - 0.2%
21st Century Fox America Inc.
3.70%, 09/15/24 (p) (q)		25		26
4.75%, 09/15/44 (p) (q)		30		33
Comcast Corp.
5.88%, 02/15/18		250		281
4.65%, 07/15/42		100		109
DISH DBS Corp., 4.25%, 04/01/18		75		77
Hilton Worldwide Finance LLC, 5.63%, 10/15/21		125		131
Home Depot Inc., 4.40%, 03/15/45		70		77
NBCUniversal Enterprise Inc., 1.97%, 04/15/19 (p) (q)		100		99
Thomson Reuters Corp.
4.30%, 11/23/23		60		64
5.65%, 11/23/43		40		46
Viacom Inc., 2.75%, 12/15/19		100		100
Volkswagen Group of America Finance LLC, 2.45%, 11/20/19 (p) (q)		200		201
				1,244
CONSUMER STAPLES - 0.2%
Altria Group Inc., 2.63%, 01/14/20		100		100
Anheuser-Busch InBev NV, 8.63%, 01/30/17, EUR		250		354
ConAgra Foods Inc.
1.30%, 01/25/16		30		30
3.20%, 01/25/23		22		21
CVS Caremark Corp., 2.25%, 08/12/19		35		35
Imperial Tobacco Finance Plc, 8.38%, 02/17/16, EUR		250		329
Reynolds American Inc.
4.85%, 09/15/23		10		11
6.15%, 09/15/43		5		6
Reynolds Group Issuer Inc., 7.88%, 08/15/19		125		132
				1,018
ENERGY - 0.5%
Anadarko Petroleum Corp., 3.45%, 07/15/24		25		24
CenterPoint Energy Resources Corp., 4.50%, 01/15/21		60		66
Chevron Corp., 2.36%, 12/05/22		30		29
Devon Energy Corp., 3.25%, 05/15/22		35		34

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Diamond Offshore Drilling Inc., 4.88%, 11/01/43		35		30
Enbridge Energy Partners LP, 5.20%, 03/15/20		120		131
Enbridge Inc., 4.50%, 06/10/44		15		13
EnLink Midstream Partners LP, 4.40%, 04/01/24		30		30
Enterprise Products Operating LLC, 5.10%, 02/15/45		20		22
Kinder Morgan Energy Partners LP
3.50%, 03/01/21		40		39
3.50%, 09/01/23 (e)		50		48
4.25%, 09/01/24		30		30
5.50%, 03/01/44		20		20
Kinder Morgan Inc., 4.30%, 06/01/25		290		291
PDC Energy Inc., 7.75%, 10/15/22		100		95
Petroleos Mexicanos
3.50%, 07/18/18		35		35
8.00%, 05/03/19		100		118
4.88%, 01/24/22		200		210
6.50%, 06/02/41		55		63
Statoil ASA
1.20%, 01/17/18		35		35
5.25%, 04/15/19		30		34
3.70%, 03/01/24		75		78
Total Capital International SA, 1.55%, 06/28/17		40		40
TransCanada Pipelines Ltd., 6.50%, 08/15/18		475		539
Transocean Inc., 5.05%, 12/15/16 (l)		50		50
Transportadora de Gas del Peru SA, 4.25%, 04/30/28 (p) (q)		200		193
Williams Partners LP
5.25%, 03/15/20		175		190
4.30%, 03/04/24		60		60
				2,547
FINANCIALS - 2.0%
ACE INA Holdings Inc., 3.35%, 05/15/24		40		40
Alexandria Real Estate Equities Inc., 2.75%, 01/15/20		40		40
American Campus Communities Operating Partnership LP, 3.75%, 04/15/23		50		50
AvalonBay Communities Inc., 2.85%, 03/15/23		35		34
Bank of America Corp., 4.00%, 04/01/24		80		83
Barclays Bank Plc, 6.63%, 03/30/22, EUR		300		468
BBVA Subordinated Capital SAU, 3.50%, 04/11/24, EUR		100		125
Berkshire Hathaway Finance Corp., 3.00%, 05/15/22		275		279
BPCE SA, 4.63%, 07/18/23, EUR		100		141
CaixaBank SA, 5.00%, 11/14/23, EUR		400		519
CIT Group Inc., 4.25%, 08/15/17		150		153
Citigroup Inc., 3.75%, 06/16/24		65		67
CME Group Inc., 5.30%, 09/15/43		15		18
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA, 3.88%, 07/25/23, EUR		250		345
Corporate Office Properties LP, 3.60%, 05/15/23		15		14
Credit Suisse, 3.00%, 10/29/21		250		249
Developers Diversified Realty Corp., 4.75%, 04/15/18		40		43
ERP Operating LP, 4.63%, 12/15/21		40		44
European Investment Bank, 4.63%, 04/15/20, EUR		1,050		1,566
General Electric Capital European Funding, 5.38%, 01/23/20, EUR		500		749
Goldman Sachs Group Inc.
5.25%, 07/27/21		200		226
4.00%, 03/03/24		280		291
4.80%, 07/08/44		20		21

	Shares/Par (t)		Value
Hospitality Properties Trust, 4.50%, 06/15/23		30		31
HSBC Holdings Plc, 4.25%, 03/14/24		200		208
Intesa Sanpaolo SpA, 5.02%, 06/26/24 (p) (q)		200		194
JPMorgan Chase & Co.
3.25%, 09/23/22		180		181
3.63%, 05/13/24		40		41
3.88%, 09/10/24		45		45
Landwirtschaftliche Rentenbank, 1.75%, 04/15/19		130		131
Lloyds Bank Plc
6.50%, 03/24/20, EUR		420		626
7.63%, 04/22/25, GBP		40		80
Merrill Lynch & Co. Inc., 4.63%, 09/14/18, EUR		250		339
Morgan Stanley
3.88%, 04/29/24		45		46
3.70%, 10/23/24		20		20
NN Group NV, 4.63%, 04/08/44 (i), EUR		100		128
PNC Financial Services Group Inc., 3.90%, 04/29/24		55		56
Private Export Funding Corp., 3.55%, 01/15/24		195		207
Royal Bank of Scotland Plc, 4.38%, 07/13/16, EUR		250		322
Scentre Group Trust, 3.50%, 02/12/25 (p) (q)		105		105
Standard Chartered Plc, 3.85%, 04/27/15 (p) (q)		100		101
Svenska Handelsbanken AB, 2.66%, 01/15/24, EUR		140		177
Toys R Us Property Co. II LLC, 8.50%, 12/01/17 (e)		200		199
WEA Finance LLC
2.70%, 09/17/19 (p) (q)		200		200
3.75%, 09/17/24 (p) (q)		200		203
Wells Fargo & Co., 3.30%, 09/09/24		200		201
				9,406
HEALTH CARE - 0.6%
AbbVie Inc.
2.90%, 11/06/22		40		39
4.40%, 11/06/42		20		21
Baxter International Inc., 1.85%, 06/15/18		140		139
Bayer US Finance LLC, 3.38%, 10/08/24 (p) (q)		200		204
Becton Dickinson and Co.
2.68%, 12/15/19		80		81
3.73%, 12/15/24		185		190
4.69%, 12/15/44		40		43
Celgene Corp.
3.63%, 05/15/24		40		41
4.63%, 05/15/44		40		42
Gilead Sciences Inc.
3.70%, 04/01/24		40		42
3.50%, 02/01/25		410		421
4.80%, 04/01/44		20		22
HCA Inc., 6.38%, 01/15/15		175		175
Kinetic Concepts Inc., 12.50%, 11/01/19		200		221
McKesson Corp.
3.80%, 03/15/24		40		41
4.88%, 03/15/44		20		22
Medtronic Inc.
2.50%, 03/15/20 (p) (q)		125		125
3.50%, 03/15/25 (p) (q)		505		517
4.63%, 03/15/45 (p) (q)		40		43
Novartis Capital Corp., 3.40%, 05/06/24		60		62
Pfizer Inc., 3.40%, 05/15/24		50		52
Thermo Fisher Scientific Inc., 4.15%, 02/01/24		45		48
Valeant Pharmaceuticals International Inc., 6.38%, 10/15/20 (p) (q)		200		209
				2,800

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
INDUSTRIALS - 0.1%
Altegrity Inc., 13.00%, 07/01/20 (p) (q) (y)		132		58
Burlington Northern Santa Fe LLC, 3.40%, 09/01/24		45		46
Volvo AB, 5.00%, 05/31/17, EUR		150		200
				304
INFORMATION TECHNOLOGY - 0.1%
First Data Corp., 8.25%, 01/15/21 (p) (q)		275		294
Oracle Corp., 3.40%, 07/08/24		40		41
				335
MATERIALS - 0.1%
ArcelorMittal, 6.75%, 02/25/22 (l)		125		133
First Quantum Minerals Ltd.
6.75%, 02/15/20 (p) (q)		100		91
7.00%, 02/15/21 (p) (q)		100		90
FMG Resources August 2006 Pty Ltd., 6.88%, 04/01/22 (e) (p) (q)		60		50
				364
TELECOMMUNICATION SERVICES - 0.3%
Frontier Communications Corp., 9.25%, 07/01/21		200		231
NII Capital Corp., 7.63%, 04/01/21 (q)		175		32
Orange SA, 5.50%, 02/06/44		35		41
Sprint Nextel Corp., 7.00%, 08/15/20 (e)		100		100
T-Mobile USA Inc., 6.63%, 04/01/23		125		128
Verizon Communications Inc.
2.63%, 02/21/20 (p) (q)		65		64
5.15%, 09/15/23		340		375
3.50%, 11/01/24		430		423
6.55%, 09/15/43		50		64
4.86%, 08/21/46 (p) (q)		99		102
				1,560
UTILITIES - 0.4%
Abu Dhabi National Energy Co., 6.17%, 10/25/17		650		721
AES Corp.
7.75%, 10/15/15		25		26
8.00%, 10/15/17		25		28
American Electric Power Co. Inc., 1.65%, 12/15/17		80		80
CMS Energy Corp., 4.70%, 03/31/43		53		57
Electricite de France
4.88%, 01/22/44 (e) (p) (q)		40		44
6.00%, 01/23/14, GBP		100		211
Jersey Central Power & Light Co., 5.63%, 05/01/16		95		100
MidAmerican Energy Co., 4.40%, 10/15/44		16		18
National Grid Plc, 6.30%, 08/01/16		100		108
Niagara Mohawk Power Corp.
3.51%, 10/01/24 (p) (q)		40		41
4.28%, 10/01/34 (p) (q)		20		21
Pacific Gas & Electric Co., 3.85%, 11/15/23		50		52
Pennsylvania Electric Co., 6.05%, 09/01/17		25		28
PG&E Corp., 2.40%, 03/01/19		40		40
Progress Energy Inc.
7.05%, 03/15/19		50		59
7.75%, 03/01/31		20		29
Puget Energy Inc., 6.00%, 09/01/21		33		39
Southaven Combined Cycle Generation LLC, 3.85%, 08/15/33		48		51
Tampa Electric Co., 4.35%, 05/15/44		60		64
				1,817
Total Corporate Bonds and Notes (cost $21,406)				21,395

	Shares/Par (t)		Value
GOVERNMENT AND AGENCY OBLIGATIONS - 26.6%
GOVERNMENT SECURITIES - 23.0%
Federal Farm Credit Bank - 0.2% (w)
Federal Farm Credit Bank
0.22%, 02/27/17 (i)		292		293
0.21%, 04/17/17 (i)		500		500
				793
Federal Home Loan Bank - 0.1% (w)
Federal Home Loan Bank, 3.38%, 09/08/23		230		245
Federal Home Loan Mortgage Corp. - 0.5% (w)
Federal Home Loan Mortgage Corp., 1.75%, 09/10/15		2,350		2,374
Federal National Mortgage Association - 0.3% (w)
Federal National Mortgage Association
1.25%, 01/30/17 (e)		505		510
5.00%, 02/13/17		295		321
2.63%, 09/06/24		365		369
7.13%, 01/15/30		50		76
				1,276
Municipals - 0.3%
Connecticut Housing Finance Authority, 4.00%, 11/15/44		215		235
Maryland Community Development Administration, 2.86%, 09/01/40		135		137
Massachusetts Housing Finance Agency, 4.00%, 12/01/43		20		22
Minnesota Housing Finance Agency
3.00%, 07/01/31		30		31
4.00%, 07/01/38		380		414
2.35%, 03/01/43		46		44
Nebraska Investment Finance Authority
3.00%, 03/01/43		40		41
4.50%, 09/01/43		45		47
South Carolina State Housing Finance & Development, 4.00%, 07/01/41		75		82
South Dakota Housing Development Authority, 4.00%, 05/01/34		25		26
State of California
7.55%, 04/01/39		100		154
7.60%, 11/01/40		105		164
Tennessee Housing Development Agency, 4.00%, 07/01/43		25		27
Utility Debt Securitization Authority, 2.04%, 06/15/21		100		101
				1,525
Sovereign - 16.4%
Argentina Bonar Bond, 7.00%, 04/17/17		200		192
Australia Government Bond, 5.50%, 04/21/23, AUD		350		346
Belgium Government Bond
3.00%, 09/28/19, EUR		480		659
2.25%, 06/22/23, EUR		400		547
2.60%, 06/22/24 (p) (q), EUR		55		77
3.75%, 06/22/45, EUR		200		344
Bermuda Government International Bond
4.14%, 01/03/23 (p) (q)		200		202
4.85%, 02/06/24 (p) (q)		200		208
Brazil Letras do Tesouro Nacional, 10.00%, 01/01/18, BRL		510		180
Bundesrepublik Deutschland, 2.50%, 07/04/44, EUR		250		385
Caisse d’Amortissement de la Dette Sociale, 1.13%, 01/30/17 (p) (q)		125		125
Canada Government Bond
4.25%, 06/01/18, CAD		300		285
1.75%, 03/01/19, CAD		260		228

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
3.25%, 06/01/21, CAD		300		286
2.75%, 06/01/22, CAD		170		158
Chile Government International Bond, 3.88%, 08/05/20		150		161
Colombia Government International Bond, 4.38%, 07/12/21		200		211
Colombia TES
5.00%, 11/21/18, COP		1,196,600		488
10.00%, 07/24/24, COP		350,000		176
6.00%, 04/28/28, COP		1,599,600		584
Croatia Government International Bond, 6.38%, 03/24/21		200		218
Dominican Republic International Bond, 7.45%, 04/30/44 (p) (q)		150		164
Federal Republic of Germany
3.00%, 07/04/20, EUR		700		984
2.25%, 09/04/21, EUR		140		193
2.00%, 01/04/22, EUR		1,300		1,770
1.50%, 02/15/23, EUR		350		463
Finland Government Bond, 3.50%, 04/15/21 (p) (q), EUR		500		726
France Government Bond
0.25%, 11/25/15, EUR		620		752
1.00%, 11/25/18, EUR		150		188
0.50%, 11/25/19, EUR		600		738
2.25%, 10/25/22 - 05/25/24, EUR		1,000		1,370
3.25%, 05/25/45, EUR		480		761
France Government Bond OAT, 1.75%, 11/25/24, EUR		2,250		2,961
Hashemite Kingdom of Jordan Government Bond, 2.50%, 10/30/20		200		203
Hellenic Republic Government Bond, 2.00%, 02/24/23 - 02/24/42 (k), EUR		400		255
Hungary Government Bond
7.00%, 06/24/22, HUF		54,830		257
5.50%, 06/24/25, HUF		25,160		111
Hungary Government International Bond, 6.25%, 01/29/20		270		303
India Government Bond, 8.83%, 11/25/23, INR		50,000		834
Indonesia Government International Bond
5.88%, 03/13/20		265		293
7.75%, 01/17/38		100		131
Indonesia Treasury Bond
7.88%, 04/15/19, IDR		699,000		57
9.00%, 03/15/29, IDR		1,600,000		138
8.38%, 03/15/34, IDR		5,900,000		480
Ireland Government Bond
4.50%, 04/18/20, EUR		1,105		1,611
3.90%, 03/20/23, EUR		1,695		2,502
3.40%, 03/18/24, EUR		800		1,147
5.40%, 03/13/25, EUR		100		167
2.40%, 05/15/30, EUR		450		586
Israel Government Bond, 4.25%, 03/31/23, ILS		2,380		727
Italy Buoni Poliennali Del Tesoro
4.25%, 03/01/20, EUR		600		844
2.15%, 12/15/21, EUR		950		1,206
5.50%, 09/01/22, EUR		775		1,204
4.50%, 03/01/24, EUR		970		1,444
4.75%, 09/01/44 (p) (q), EUR		250		392
Ivory Coast Government International Bond, 5.75%, 12/31/32		200		191
Japan Government Bond
0.10%, 01/15/16 - 05/15/16, JPY		95,000		794
0.20%, 09/20/18, JPY		95,000		799
1.20%, 06/20/21, JPY		246,150		2,205
0.90%, 06/20/22, JPY		50,000		441
0.80%, 06/20/23, JPY		110,000		964
2.20%, 03/20/30, JPY		115,000		1,167

	Shares/Par (t)		Value
1.70%, 06/20/33 - 03/20/44, JPY		235,000		2,191
2.00%, 03/20/42, JPY		35,000		344
1.90%, 09/20/42, JPY		9,450		91
Kenya Government International Bond, 6.88%, 06/24/24		200		210
Malaysia Government Bond, 3.89%, 07/31/20, MYR		600		170
Mexico Bonos
8.00%, 12/17/15 - 06/11/20, MXN		4,000		288
7.75%, 12/14/17 - 11/13/42, MXN		6,700		498
6.50%, 06/10/21, MXN		19,400		1,381
10.00%, 12/05/24 - 11/20/36, MXN		29,900		2,686
8.50%, 11/18/38, MXN		930		78
Mexico Government International Bond
5.63%, 01/15/17		182		197
3.63%, 03/15/22		156		159
4.00%, 10/02/23		290		301
3.60%, 01/30/25		200		199
Morocco Government International Bond, 4.25%, 12/11/22		250		253
Netherlands Government Bond
4.00%, 07/15/19, EUR		600		856
2.25%, 07/15/22, EUR		770		1,059
Nigeria Government International Bond, 6.38%, 07/12/23		200		197
Norway Government Bond
4.25%, 05/19/17, NOK		1,600		232
4.50%, 05/22/19, NOK		1,630		251
3.75%, 05/25/21, NOK		1,130		175
3.00%, 03/14/24, NOK		7,200		1,087
Overseas Private Investment Corp.
0.00%,11/18/15 (j)		33		33
3.49%, 12/20/29 (q)		25		26
Panama Government International Bond, 8.88%, 09/30/27		75		109
Peru Government International Bond, 8.75%, 11/21/33		50		78
Philippine Government International Bond, 9.88%, 01/15/19		100		131
Poland Government Bond
5.25%, 10/25/20, PLN		3,350		1,100
5.75%, 10/25/21 - 09/23/22, PLN		6,265		2,158
4.00%, 10/25/23, PLN		590		188
Poland Government International Bond, 5.13%, 04/21/21		165		186
Portugal Obrigacoes do Tesouro OT
3.85%, 04/15/21 (p) (q), EUR		20		27
5.65%, 02/15/24 (p) (q), EUR		85		127
Queensland Treasury Corp., 5.75%, 07/22/24, AUD		885		877
Republic of Ghana, 8.13%, 01/18/26 (e) (p) (q)		200		185
Russia Government Bond
6.20%, 01/31/18, RUB		26,650		344
7.50%, 03/15/18, RUB		2,900		39
Russia Government International Bond, 5.00%, 04/29/20		100		93
Slovenia Government International Bond, 5.85%, 05/10/23 (p) (q)		250		283
South Africa Government Bond
7.75%, 02/28/23, ZAR		6,575		566
6.50%, 02/28/41, ZAR		5,725		385
Spain Government Bond
1.40%, 01/31/20, EUR		320		397
5.85%, 01/31/22, EUR		460		733
5.40%, 01/31/23 (p) (q), EUR		900		1,424
2.75%, 10/31/24 (p) (q), EUR		2,365		3,156
5.15%, 10/31/44 (p) (q), EUR		40		69

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Sweden Government Bond
3.50%, 06/01/22, SEK		4,345		673
1.50%, 11/13/23, SEK		10,450		1,419
Tennessee Valley Authority
3.88%, 02/15/21		100		110
3.50%, 12/15/42		112		110
Turkey Government Bond, 6.30%, 02/14/18, TRY		150		62
Turkey Government International Bond, 6.75%, 05/30/40		150		185
United Kingdom Treasury Bond
1.00%, 09/07/17, GBP		520		817
1.25%, 07/22/18, GBP		250		394
1.75%, 07/22/19 - 09/07/22, GBP		1,600		2,545
2.00%, 07/22/20, GBP		465		750
2.25%, 09/07/23, GBP		1,150		1,878
5.00%, 03/07/25, GBP		400		813
4.50%, 09/07/34, GBP		220		460
4.25%, 12/07/40 - 12/07/46, GBP		750		1,616
3.25%, 01/22/44, GBP		665		1,196
Zambia Government International Bond, 5.38%, 09/20/22		200		185
				77,413
Treasury Inflation Index Securities - 1.0%
Japan Government Inflation Indexed Bond, 0.10%, 09/10/23 (n), JPY		46,620		410
Mexico Government Inflation Indexed Bond
4.00%, 06/13/19 - 11/15/40 (n), MXN		1,054		79
2.00%, 06/09/22 (n), MXN		7,904		526
U.S. Treasury Inflation Indexed Note
0.50%, 04/15/15 (n)		137		135
0.38%, 07/15/23 (n)		128		126
0.63%, 01/15/24 - 02/15/43 (n)		2,333		2,337
0.13%, 07/15/24 (n)		200		193
2.38%, 01/15/25 (n)		189		222
1.38%, 02/15/44 (n)		805		914
Uruguay Government International Inflation Indexed Bond, 3.70%, 06/26/37 (n), UYU		1,799		67
				5,009
U.S. Treasury Securities - 4.2%
U.S. Treasury Bond
4.38%, 02/15/38		1,125		1,473
2.88%, 05/15/43		675		691
3.38%, 05/15/44		80		90
3.00%, 11/15/44		75		79
U.S. Treasury Note
0.38%, 08/31/15		340		340
1.38%, 11/30/15 - 06/30/18		1,950		1,967
1.50%, 07/31/16 - 11/30/19		2,200		2,198
0.88%, 04/30/17 - 08/15/17		1,825		1,825
0.63%, 08/31/17		755		748
0.75%, 12/31/17		830		821
1.25%, 10/31/18		1,200		1,192
1.63%, 06/30/19 - 08/31/19		5,510		5,519
1.75%, 09/30/19 - 05/15/22		1,225		1,221
2.13%, 08/15/21		200		202
2.50%, 05/15/24		1,600		1,647
				20,013
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED     SECURITIES - 3.6%
Federal Home Loan Mortgage Corp. - 0.4%
Federal Home Loan Mortgage Corp.
1.87%, 11/25/19		40		40
0.80%, 07/25/20 (i)		119		120
2.78%, 09/25/22		41		43
2.52%, 01/25/23		70		70

	Shares/Par (t)		Value
2.58%, 10/01/42 (i)		573		588
4.00%, 09/01/43		268		288
3.13%, 11/01/44 (i)		25		26
REMIC, 1.32%, 12/25/18		22		22
REMIC, 0.54%, 04/25/20 (i)		204		203
REMIC, 1.58%, 04/25/22		46		46
REMIC, 1.88%, 04/25/22		24		23
REMIC, 2.36%, 07/25/22		25		25
REMIC, 2.68%, 10/25/22		25		25
REMIC, 3.17%, 10/25/24		50		52
				1,571
Federal National Mortgage Association - 3.0%
Federal National Mortgage Association
1.75%, 11/26/19 (e)		600		600
2.50%, 05/01/28 - 09/01/28		268		273
4.00%, 05/01/43 - 11/01/43		747		807
3.50%, 01/15/45 - 02/15/45, TBA (g)		6,717		6,996
4.50%, 01/15/45 - 02/15/45, TBA (g)		3,340		3,624
5.00%, 01/15/45, TBA (g)		200		221
4.00%, 02/15/45, TBA (g)		1,090		1,160
REMIC, 0.48%, 09/25/15		223		223
REMIC, 2.61%, 03/25/22 (i)		25		25
REMIC, 3.37%, 07/25/23 (i)		125		131
REMIC, 3.33%, 10/25/23 (i)		209		220
REMIC, 3.10%, 07/25/24 (i)		45		46
				14,326
Government National Mortgage Association - 0.2%
Government National Mortgage Association, 4.00%, 09/20/44 - 12/20/44		938		1,008
Total Government and Agency Obligations (cost $128,733)				125,553
SHORT TERM INVESTMENTS - 9.5%
Investment Companies - 6.3%
JNL Money Market Fund, 0.01% (a) (h)		29,539		29,539
Securities Lending Collateral - 3.2%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		15,217		15,217
Total Short Term Investments (cost $44,756)				44,756
Total Investments - 105.8% (cost $466,011)				500,595
Other Assets and Liabilities, Net - (5.8%)				(27,609	)
Total Net Assets - 100.0%			$	472,986
JNL/Capital Guardian Global Diversified     Research Fund
COMMON STOCKS - 93.7%
ARGENTINA - 0.5%
YPF SA - ADR (e)		85	$	2,258
AUSTRALIA - 0.8%
Oil Search Ltd.		528		3,386
BRAZIL - 0.2%
CCR SA		172		997
CANADA - 1.7%
Cameco Corp.		44		718
Canadian Natural Resources Ltd.		74		2,288
Cenovus Energy Inc.		111		2,296
First Quantum Minerals Ltd.		125		1,770
				7,072

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
CHILE - 0.3%
Enersis SA - ADR		86		1,379
CHINA - 3.0%
Bank of China Ltd. - Class H		4,025		2,259
China Mengniu Dairy Co. Ltd.		278		1,145
China Pacific Insurance Group Co. Ltd.		444		2,234
China Unicom Hong Kong Ltd.		2,466		3,305
Great Wall Motor Co. Ltd.		377		2,132
Industrial & Commercial Bank of China Ltd. - Class H		2,615		1,909
				12,984
DENMARK - 1.5%
Novo Nordisk A/S		146		6,196
FINLAND - 1.0%
Sampo Oyj - Class A		89		4,148
FRANCE - 2.2%
Danone SA		26		1,684
L’Oreal SA		12		2,020
Pernod-Ricard SA		32		3,553
Safran SA		32		1,953
				9,210
GERMANY - 0.6%
Daimler AG		29		2,409
GREECE - 0.5%
JUMBO SA		206		2,094
HONG KONG - 3.1%
AIA Group Ltd.		851		4,692
Cheung Kong Infrastructure Holdings Ltd.		541		3,978
Jardine Matheson Holdings Ltd.		39		2,382
Minth Group Ltd.		948		1,956
				13,008
INDIA - 1.8%
Bharti Airtel Ltd.		436		2,422
ICICI Bank Ltd.		449		2,499
Infosys Technologies Ltd. - ADR (e)		84		2,636
				7,557
IRELAND - 1.8%
Accenture Plc - Class A		35		3,099
Eaton Corp. Plc		65		4,383
				7,482
JAPAN - 7.5%
Cosmos Pharmaceutical Corp.		10		1,421
Denso Corp.		41		1,911
Exedy Corp.		48		1,160
Fujitec Co. Ltd. (e)		96		1,019
Hamamatsu Photonics KK		44		2,090
Kawasaki Heavy Industries Ltd.		410		1,865
KDDI Corp.		38		2,362
Keyence Corp.		7		3,062
Kubota Corp.		145		2,105
Marubeni Corp.		179		1,071
Murata Manufacturing Co. Ltd.		16		1,691
Oracle Corp. Japan		34		1,365
Rinnai Corp.		10		638
Ship Healthcare Holdings Inc.		29		649
SoftBank Corp.		37		2,214
Sumitomo Mitsui Financial Group Inc.		98		3,543
Sysmex Corp.		44		1,971
Trend Micro Inc. (e)		65		1,785
				31,922

	Shares/Par (t)		Value
MACAU - 0.6%
Wynn Macau Ltd. (e)		880		2,456
MEXICO - 1.3%
America Movil SAB de CV - ADR		187		4,152
Grupo Sanborns SA de CV - Class B-1 (e)		1,010		1,573
				5,725
NETHERLANDS - 3.6%
ASML Holding NV		40		4,307
ASML Holding NV - ADR		19		2,070
Fugro NV - CVA (e)		26		531
Gemalto NV (e)		20		1,649
Koninklijke Philips NV		67		4,080
Unilever NV - CVA		70		2,754
				15,391
NORWAY - 0.1%
SeaDrill Ltd. (e)		41		472
RUSSIAN FEDERATION - 0.5%
Rosneft OAO - GDR		217		755
Surgutneftegas OAO - ADR		289		1,489
				2,244
SINGAPORE - 1.7%
Avago Technologies Ltd.		41		4,084
Singapore Telecommunications Ltd.		1,060		3,111
				7,195
SOUTH AFRICA - 0.9%
Mr Price Group Ltd.		71		1,441
Shoprite Holdings Ltd.		156		2,258
				3,699
SOUTH KOREA - 1.9%
Daum Kakao Corp.		8		914
Hyundai Motor Co.		17		2,596
LG Household & Health Care Ltd.		6		3,625
LG Telecom Ltd.		111		1,154
				8,289
SWEDEN - 2.0%
Assa Abloy AB - Class B		80		4,217
Svenska Handelsbanken AB		94		4,404
				8,621
SWITZERLAND - 5.0%
ACE Ltd.		22		2,527
Cie Financiere Richemont SA		23		2,035
Holcim Ltd.		39		2,799
Julius Baer Group Ltd.		94		4,292
Partners Group Holding AG		12		3,426
Roche Holding AG		17		4,631
Swatch Group AG - Class B		3		1,135
Swatch Group AG		3		288
				21,133
TAIWAN - 0.8%
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR		160		3,581
UNITED KINGDOM - 4.7%
Amec Foster Wheeler Plc		67		889
Aon Plc - Class A		45		4,258
ARM Holdings Plc		156		2,393
AstraZeneca Plc		92		6,491
Imperial Tobacco Group Plc		69		3,034
Michael Page International Plc		223		1,419

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Rio Tinto Plc		37		1,728
				20,212
UNITED STATES OF AMERICA - 44.1%
Agios Pharmaceuticals Inc. (c) (e)		12		1,356
Allegheny Technologies Inc.		32		1,123
Amazon.com Inc. (c)		9		2,700
American Tower Corp.		77		7,631
AmerisourceBergen Corp.		61		5,536
Apple Inc.		54		5,972
BlackRock Inc.		9		3,325
Boeing Co.		27		3,470
Bristol-Myers Squibb Co.		152		8,961
Broadcom Corp. - Class A		100		4,337
Celanese Corp. - Class A		19		1,157
Cerner Corp. (c)		52		3,349
Chevron Corp.		36		4,072
CME Group Inc. - Class A		33		2,943
Cobalt International Energy Inc. (c)		59		522
Comcast Corp. - Class A		67		3,910
ConocoPhillips		21		1,464
Danaher Corp.		65		5,554
Delphi Automotive Plc		61		4,407
Discovery Communications Inc. - Class A (c)		23		792
Discovery Communications Inc. - Class C (c)		23		776
DreamWorks Animation SKG Inc. - Class A (c) (e)		48		1,081
EOG Resources Inc.		24		2,210
Freescale Semiconductor Ltd. (c) (e)		88		2,218
Gannett Co. Inc.		57		1,833
Gilead Sciences Inc. (c)		64		6,014
Goldman Sachs Group Inc.		18		3,411
Google Inc. - Class C (c)		4		2,263
Halliburton Co.		34		1,349
Hexcel Corp. (c)		124		5,145
Home Depot Inc.		24		2,509
Humana Inc.		16		2,341
IDEX Corp.		37		2,880
Incyte Corp. (c)		157		11,500
Intercontinental Exchange Inc.		11		2,303
Jabil Circuit Inc.		82		1,786
Lululemon Athletica Inc. (c) (e)		29		1,640
Marsh & McLennan Cos. Inc.		58		3,303
Monsanto Co.		11		1,338
Mosaic Co.		63		2,867
NetApp Inc.		57		2,354
Nielsen Holdings NV		46		2,067
Nike Inc. - Class B		25		2,365
Norwegian Cruise Line Holdings Ltd. (c)		60		2,820
Oracle Corp.		75		3,386
PNC Financial Services Group Inc.		24		2,226
Praxair Inc.		22		2,837
Quest Diagnostics Inc.		25		1,676
Receptos Inc. (c)		60		7,363
Ross Stores Inc.		27		2,573
Schlumberger Ltd.		26		2,229
Sirius XM Holdings Inc. (c)		1,237		4,330
St. Jude Medical Inc.		34		2,212
Starbucks Corp.		66		5,432
Tableau Software Inc. - Class A (c)		20		1,721
Umpqua Holdings Corp.		97		1,650
VeriSign Inc. (c) (e)		40		2,269
Visa Inc. - Class A		10		2,648
Waste Connections Inc.		48		2,089
Wells Fargo & Co.		42		2,319
				187,914
Total Common Stocks (cost $312,143)				399,034

	Shares/Par (t)		Value
PREFERRED STOCKS - 1.4%
BRAZIL - 1.0%
Vale SA		600		4,338
SOUTH KOREA - 0.4%
Hyundai Motor Co.		15		1,775
Total Preferred Stocks (cost $9,165)				6,113
SHORT TERM INVESTMENTS - 8.9%
Investment Companies - 4.9%
JNL Money Market Fund, 0.01% (a) (h)		20,736		20,736
Securities Lending Collateral - 4.0%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		17,095		17,095
Total Short Term Investments (cost $37,831)				37,831
Total Investments - 104.0% (cost $359,139)				442,978
Other Assets and Liabilities, Net - (4.0%)				(17,177	)
Total Net Assets - 100.0%			$	425,801
JNL/DFA U.S. Core Equity Fund
COMMON STOCKS - 99.8%
CONSUMER DISCRETIONARY - 15.8%
1-800-Flowers.com Inc. - Class A (c)		2	$	13
Aaron’s Inc.		6		175
Abercrombie & Fitch Co. - Class A (e)		4		126
Advance Auto Parts Inc.		3		453
Aeropostale Inc. (c) (e)		3		7
AH Belo Corp.		3		29
Allison Transmission Holdings Inc.		15		495
Amazon.com Inc. (c)		10		3,057
AMC Networks Inc. - Class A (c)		4		258
America’s Car-Mart Inc. (c)		1		52
American Axle & Manufacturing Holdings Inc. (c)		5		103
American Eagle Outfitters Inc.		12		167
American Public Education Inc. (c)		1		29
Ann Inc. (c)		5		179
Apollo Education Group Inc. - Class A (c)		9		321
Arctic Cat Inc.		1		32
Asbury Automotive Group Inc. (c)		3		207
Ascena Retail Group Inc. (c)		10		130
Ascent Capital Group Inc. - Class A (c)		1		48
Autoliv Inc.		4		379
AutoNation Inc. (c)		8		494
AutoZone Inc. (c)		1		495
Barnes & Noble Inc. (c)		5		118
Bassett Furniture Industries Inc.		1		10
Bebe Stores Inc. (e)		9		19
Bed Bath & Beyond Inc. (c)		11		802
Belmond Ltd. - Class A (c)		8		103
Best Buy Co. Inc.		25		959
Big 5 Sporting Goods Corp.		2		35
Big Lots Inc.		4		145
Biglari Holdings Inc. (c)		—		32
BJ’s Restaurants Inc. (c)		2		109
Bloomin’ Brands Inc. (c)		10		241
Blue Nile Inc. (c)		1		22
Bob Evans Farms Inc. (e)		2		98
BorgWarner Inc.		8		442
Bravo Brio Restaurant Group Inc. (c)		1		14
Bridgepoint Education Inc. (c)		3		39
Bright Horizons Family Solutions Inc. (c)		1		41

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Brinker International Inc. (e)		4		205
Brown Shoe Co. Inc.		3		93
Brunswick Corp.		6		309
Buckle Inc. (e)		1		71
Buffalo Wild Wings Inc. (c)		1		267
Build-A-Bear Workshop Inc. (c)		1		22
Cabela’s Inc. - Class A (c) (e)		4		198
Cablevision Systems Corp. - Class A (e)		15		305
Callaway Golf Co.		8		58
Capella Education Co.		1		81
Career Education Corp. (c)		4		28
Carmax Inc. (c)		8		504
Carmike Cinemas Inc. (c)		2		42
Carnival Corp.		5		210
Carriage Services Inc.		1		13
Carrol’s Restaurant Group Inc. (c)		1		8
Carter’s Inc.		5		454
Cato Corp. - Class A		2		97
Cavco Industries Inc. (c)		1		40
CBS Corp. - Class A		—		11
CBS Corp. - Class B		12		667
Charles & Colvard Ltd. (c)		2		4
Charter Communications Inc. - Class A (c)		4		746
Cheesecake Factory Inc.		5		256
Cherokee Inc.		1		14
Chico’s FAS Inc.		11		175
Childrens Place Retail Stores Inc.		1		74
Chipotle Mexican Grill Inc. - Class A (c)		1		685
Choice Hotels International Inc.		4		219
Christopher & Banks Corp. (c)		1		8
Churchill Downs Inc.		1		118
Chuy’s Holdings Inc. (c)		1		16
Cimpress NV (c) (e)		1		90
Cinemark Holdings Inc.		9		329
Citi Trends Inc. (c)		1		33
Clear Channel Outdoor Holdings Inc.		2		19
ClubCorp Holdings Inc.		—		7
Coach Inc.		10		373
Columbia Sportswear Co.		3		152
Comcast Corp. - Class A		72		4,165
Comcast Corp. - Special Class A (e)		12		670
Conn’s Inc. (c) (e)		2		45
Cooper Tire & Rubber Co.		5		159
Cooper-Standard Holding Inc. (c)		—		7
Core-Mark Holding Co. Inc.		2		99
Cracker Barrel Old Country Store Inc. (e)		2		324
Crocs Inc. (c)		6		72
CSS Industries Inc.		—		11
CST Brands Inc.		8		332
Culp Inc. (e)		1		13
Cumulus Media Inc. - Class A (c)		16		68
D.R. Horton Inc.		14		365
Dana Holding Corp.		16		355
Darden Restaurants Inc.		6		352
Deckers Outdoor Corp. (c)		2		184
Del Frisco’s Restaurant Group Inc. (c)		1		31
Delphi Automotive Plc		8		574
Denny’s Corp. (c)		3		32
Destination Maternity Corp.		1		14
Destination XL Group Inc. (c)		2		12
DeVry Education Group Inc.		5		244
Diamond Resorts International Inc. (c)		—		1
Dick’s Sporting Goods Inc.		4		188
Dillard’s Inc. - Class A		3		417
DineEquity Inc.		2		177
DIRECTV (c)		8		710
Discovery Communications Inc. - Class A (c)		2		83
Discovery Communications Inc. - Class C (c)		5		169

	Shares/Par (t)		Value
DISH Network Corp. (c)		6		470
Dollar General Corp. (c)		8		532
Dollar Tree Inc. (c)		8		598
Domino’s Pizza Inc.		4		368
Dorman Products Inc. (c) (e)		2		111
DreamWorks Animation SKG Inc. - Class A (c) (e)		6		142
Drew Industries Inc.		2		115
DSW Inc. - Class A		5		196
Dunkin’ Brands Group Inc.		10		434
Entercom Communications Corp. - Class A (c)		3		33
Entravision Communications Corp.		3		19
Escalade Inc. (e)		1		14
Ethan Allen Interiors Inc.		2		51
EVINE Live Inc. (c)		1		7
EW Scripps Co. - Class A (c)		3		72
Expedia Inc.		4		331
Express Inc. (c)		6		83
Family Dollar Stores Inc.		4		291
Famous Dave’s Of America Inc. (c) (e)		—		3
Federal-Mogul Corp. (c)		6		97
Fiesta Restaurant Group Inc. (c)		1		81
Finish Line Inc. - Class A		4		100
Five Below Inc. (c)		3		118
Flexsteel Industries Inc.		—		7
Foot Locker Inc.		9		511
Ford Motor Co.		111		1,715
Fossil Group Inc. (c)		5		554
Fred’s Inc. - Class A		1		25
FTD Cos. Inc. (c)		2		75
Fuel Systems Solutions Inc. (c) (e)		1		10
G-III Apparel Group Ltd. (c)		1		140
Gaiam Inc. - Class A (c)		—		1
GameStop Corp. - Class A (e)		10		351
Gannett Co. Inc.		10		310
Gap Inc.		15		647
Garmin Ltd. (e)		6		302
General Motors Co.		28		995
Genesco Inc. (c)		2		146
Gentex Corp.		10		345
Gentherm Inc. (c)		3		110
Genuine Parts Co.		5		501
GNC Holdings Inc. - Class A		9		409
Goodyear Tire & Rubber Co.		13		380
Graham Holdings Co.		—		259
Grand Canyon Education Inc. (c)		4		200
Gray Television Inc. (c)		6		65
Group 1 Automotive Inc.		2		180
Groupon Inc. - Class A (c)		13		108
Guess? Inc.		5		100
H&R Block Inc.		11		383
HanesBrands Inc.		4		419
Harley-Davidson Inc.		8		523
Harman International Industries Inc.		2		183
Harte-Hanks Inc.		4		33
Hasbro Inc.		5		255
Haverty Furniture Cos. Inc.		2		34
Helen of Troy Ltd. (c)		2		126
hhgregg Inc. (c) (e)		1		7
Hibbett Sports Inc. (c)		1		35
Hillenbrand Inc.		5		178
Home Depot Inc.		42		4,407
HomeAway Inc. (c)		3		87
Hovnanian Enterprises Inc. (c) (e)		7		29
HSN Inc.		3		206
Hyatt Hotels Corp. (c)		1		88
Iconix Brand Group Inc. (c)		2		76
Ignite Restaurant Group Inc. (c)		1		7

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
International Game Technology		13		227
International Speedway Corp. - Class A		2		62
Interpublic Group of Cos. Inc.		18		370
Interval Leisure Group Inc.		3		69
iRobot Corp. (c) (e)		1		27
Isle of Capri Casinos Inc. (c)		1		9
J.C. Penney Co. Inc. (c) (e)		19		121
Jack in the Box Inc.		3		276
Jamba Inc. (c)		1		9
John Wiley & Sons Inc. - Class A		4		209
John Wiley & Sons Inc. - Class B		—		6
Johnson Controls Inc.		16		780
Journal Communications Inc. - Class A (c)		3		30
K12 Inc. (c)		4		45
Kate Spade & Co. (c)		2		71
KB Home (e)		4		58
Kirkland’s Inc. (c)		2		35
Kohl’s Corp.		17		1,061
Kona Grill Inc. (c)		1		21
Krispy Kreme Doughnuts Inc. (c)		3		61
L Brands Inc.		8		667
La-Z-Boy Inc.		4		96
Lakeland Industries Inc. (c) (e)		—		1
Lands’ End Inc. (c)		2		81
Las Vegas Sands Corp.		10		610
Leapfrog Enterprises Inc. - Class A (c)		5		23
Lear Corp.		5		519
Leggett & Platt Inc.		8		327
Lennar Corp. - Class A		7		318
Libbey Inc. (c)		3		84
Liberty Broadband Corp. - Class A (c)		1		34
Liberty Broadband Corp. - Class C (c)		2		87
Liberty Global Plc - Class A (c)		5		246
Liberty Global Plc - Class C (c)		17		811
Liberty Interactive Corp. - Class A (c)		24		716
Liberty Media Corp. - Class A (c)		3		96
Liberty Media Corp. - Class C (c)		7		245
Liberty Tax Inc. - Class A (c)		—		15
Liberty TripAdvisor Holdings Inc. - Class A (c) (e)		6		149
Liberty Ventures - Class A (c)		8		312
Life Time Fitness Inc. (c) (e)		3		176
Lifetime Brands Inc. (e)		1		19
Lions Gate Entertainment Corp. (e)		7		232
Lithia Motors Inc. - Class A		2		179
Live Nation Inc. (c)		13		341
LKQ Corp. (c)		11		299
Lowe’s Cos. Inc.		30		2,034
Luby’s Inc. (c)		1		6
Lululemon Athletica Inc. (c) (e)		3		179
Lumber Liquidators Holdings Inc. (c) (e)		1		66
M/I Homes Inc. (c)		2		41
Macy’s Inc.		10		661
Madison Square Garden Inc. - Class A (c)		5		340
Marcus Corp.		1		17
Marine Products Corp. (e)		1		10
MarineMax Inc. (c)		1		28
Marriott International Inc. - Class A		7		564
Marriott Vacations Worldwide Corp.		2		181
Mattel Inc.		12		356
Matthews International Corp.		2		121
Mattress Firm Holding Corp. (c) (e)		1		66
McClatchy Co. - Class A (c)		6		21
McDonald’s Corp.		29		2,719
McGraw-Hill Financial. Inc.		8		725
MDC Holdings Inc. (e)		4		109
Media General Inc. (c) (e)		—		6
Men’s Wearhouse Inc.		4		185

	Shares/Par (t)		Value
Meredith Corp.		3		141
Meritage Homes Corp. (c)		3		108
MGM Resorts International (c)		26		545
Michael Kors Holdings Ltd. (c)		7		563
Modine Manufacturing Co. (c)		4		60
Mohawk Industries Inc. (c)		3		473
Monarch Casino & Resort Inc. (c)		1		12
Monro Muffler Brake Inc.		2		121
Morningstar Inc.		2		155
Motorcar Parts of America Inc. (c)		1		19
Movado Group Inc.		1		31
National CineMedia Inc.		4		63
Nautilus Inc. (c)		3		51
Netflix Inc. (c)		1		250
New York & Co. Inc. (c) (e)		5		13
New York Times Co. - Class A (e)		10		131
Newell Rubbermaid Inc.		9		353
News Corp. - Class A (c)		8		126
News Corp. - Class B (c)		4		55
Nexstar Broadcasting Group Inc. - Class A (e)		2		109
Nike Inc. - Class B		17		1,630
Nordstrom Inc.		8		621
Norwegian Cruise Line Holdings Ltd. (c)		6		266
NutriSystem Inc.		2		33
NVR Inc. (c)		—		383
O’Reilly Automotive Inc. (c)		4		805
Office Depot Inc. (c)		40		345
Omnicom Group Inc.		11		814
Orbitz Worldwide Inc. (c)		7		54
Outerwall Inc. (c)		1		98
Overstock.com Inc. (c)		1		12
Oxford Industries Inc.		1		50
Pandora Media Inc. (c) (e)		4		63
Panera Bread Co. - Class A (c)		2		277
Papa John’s International Inc.		3		163
Penn National Gaming Inc. (c) (e)		5		75
Penske Auto Group Inc.		7		366
Pep Boys-Manny Moe & Jack (c)		2		22
Perry Ellis International Inc. (c)		1		13
PetSmart Inc.		4		329
Pier 1 Imports Inc.		6		97
Polaris Industries Inc. (e)		3		427
Pool Corp.		2		158
Popeyes Louisiana Kitchen Inc. (c)		1		75
Priceline Group Inc. (c)		1		1,483
Pulte Homes Inc.		10		209
PVH Corp.		3		424
Quicksilver Inc. (c) (e)		7		16
Ralph Lauren Corp. - Class A		2		371
RCI Hospitality Holdings Inc. (c)		1		8
Red Lion Hotels Corp. (c)		1		4
Red Robin Gourmet Burgers Inc. (c)		1		62
Regal Entertainment Group - Class A (e)		9		187
Regis Corp. (c)		2		36
Rent-A-Center Inc.		4		159
Restoration Hardware Holdings Inc. (c) (e)		2		187
Rocky Brands Inc.		1		8
Ross Stores Inc.		9		812
Royal Caribbean Cruises Ltd.		11		881
Ruby Tuesday Inc. (c)		4		27
Ruth’s Hospitality Group Inc.		3		47
Ryland Group Inc.		3		112
Sally Beauty Holdings Inc. (c)		10		322
Scholastic Corp.		—		1
Scientific Games Corp. (c) (e)		6		73
Scripps Networks Interactive Inc. - Class A		4		299
Sears Holdings Corp. (c) (e)		5		178
SeaWorld Entertainment Inc.		1		23

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Select Comfort Corp. (c)		5		141
Service Corp. International		17		387
Shiloh Industries Inc. (c) (e)		1		13
Shoe Carnival Inc.		1		33
Shutterfly Inc. (c)		1		52
Shutterstock Inc. (c) (e)		1		72
Signet Jewelers Ltd.		3		334
Sinclair Broadcast Group Inc. - Class A (e)		7		196
Sirius XM Holdings Inc. (c)		127		446
Six Flags Entertainment Corp.		5		237
Sizmek Inc. (c) (e)		3		19
Skechers U.S.A. Inc. - Class A (c)		3		140
Skullcandy Inc. (c)		2		14
Smith & Wesson Holding Corp. (c) (e)		3		27
Sonic Automotive Inc.		4		118
Sonic Corp.		4		107
Sotheby’s		4		180
Spartan Motors Inc.		2		8
Speedway Motorsports Inc.		3		57
Stage Stores Inc.		3		59
Standard Motor Products Inc.		2		84
Standard-Pacific Corp. (c)		16		120
Staples Inc.		25		457
Starbucks Corp.		22		1,838
Starwood Hotels & Resorts Worldwide Inc.		6		488
Starz - Class A (c) (e)		6		171
Stein Mart Inc.		3		42
Steiner Leisure Ltd. (c)		1		40
Steven Madden Ltd. (c)		4		141
Stoneridge Inc. (c)		3		40
Strattec Security Corp. (e)		—		8
Strayer Education Inc. (c)		1		51
Sturm Ruger & Co. Inc. (e)		—		14
Superior Industries International Inc.		1		26
Systemax Inc. (c) (e)		2		23
Target Corp.		18		1,382
Taylor Morrison Home Corp. - Class A (c)		1		28
Tempur Sealy International Inc. (c)		4		214
Tenneco Inc. (c)		4		248
Tesla Motors Inc. (c) (e)		1		263
Texas Roadhouse Inc.		5		172
Thor Industries Inc.		4		196
Tiffany & Co.		3		315
Tile Shop Holdings Inc. (c) (e)		—		2
Time Inc. (e)		3		64
Time Warner Cable Inc.		6		973
Time Warner Inc.		21		1,780
TJX Cos. Inc.		20		1,384
Toll Brothers Inc. (c)		11		383
Tower International Inc. (c)		2		44
Town Sports International Holdings Inc.		2		10
Tractor Supply Co.		5		429
TRI Pointe Homes Inc. (c)		—		7
TripAdvisor Inc. (c)		4		291
TRW Automotive Holdings Corp. (c)		8		781
Tumi Holdings Inc. (c)		3		69
Tupperware Brands Corp.		3		167
Twenty-First Century Fox Inc. - Class A		24		923
Twenty-First Century Fox Inc. - Class B		7		266
Ulta Salon Cosmetics & Fragrance Inc. (c)		2		310
Under Armour Inc. - Class A (c)		4		304
Unifi Inc. (c)		—		12
Universal Electronics Inc. (c)		2		111
Universal Technical Institute Inc.		2		16
Urban Outfitters Inc. (c)		11		390
Vail Resorts Inc.		2		225
VF Corp.		8		579
Viacom Inc. - Class A		—		8

	Shares/Par (t)		Value
Viacom Inc. - Class B		9		703
Visteon Corp. (c)		4		461
Vitamin Shoppe Inc. (c)		2		100
VOXX International Corp. - Class A (c)		2		17
WABCO Holdings Inc. (c)		5		541
Walt Disney Co.		33		3,131
Weight Watchers International Inc. (c) (e)		1		25
Wendy’s Co.		26		238
West Marine Inc. (c)		2		27
Weyco Group Inc.		1		15
Whirlpool Corp.		5		1,065
William Lyon Homes - Class A (c)		1		21
Williams-Sonoma Inc.		4		331
Winmark Corp.		—		22
Winnebago Industries Inc.		2		46
Wolverine World Wide Inc. (e)		7		209
Wyndham Worldwide Corp.		6		554
Wynn Resorts Ltd.		2		268
Yum! Brands Inc.		12		908
Zagg Inc. (c)		—		3
Zumiez Inc. (c)		2		75
				109,578
CONSUMER STAPLES - 7.8%
Alico Inc. (e)		—		15
Alliance One International Inc. (c)		5		8
Altria Group Inc.		60		2,956
Andersons Inc.		2		115
Archer-Daniels-Midland Co.		15		790
Avon Products Inc.		12		111
B&G Foods Inc.		5		145
Boston Beer Co. Inc. (c) (e)		—		116
Boulder Brands Inc. (c)		4		45
Brown-Forman Corp. - Class A		1		66
Brown-Forman Corp. - Class B		4		390
Bunge Ltd.		6		512
Cal-Maine Foods Inc. (e)		3		125
Calavo Growers Inc.		1		47
Campbell Soup Co.		13		562
Casey’s General Stores Inc.		4		374
Central Garden & Pet Co. (c)		1		4
Central Garden & Pet Co. - Class A (c)		3		26
Chefs’ Warehouse Inc. (c) (e)		1		21
Chiquita Brands International Inc. (c)		3		45
Church & Dwight Co. Inc.		5		364
Clorox Co.		5		551
Coca-Cola Bottling Co.		1		53
Coca-Cola Co.		101		4,270
Coca-Cola Enterprises Inc.		14		605
Colgate-Palmolive Co.		21		1,440
ConAgra Foods Inc.		21		766
Constellation Brands Inc. - Class A (c)		6		635
Constellation Brands Inc. - Class B (c)		—		1
Costco Wholesale Corp.		9		1,343
Craft Brewers Alliance Inc. (c)		1		11
CVS Health Corp.		27		2,592
Darling Ingredients Inc. (c)		10		179
Dean Foods Co. (e)		7		136
Diamond Foods Inc. (c)		2		42
Dr. Pepper Snapple Group Inc.		10		693
Energizer Holdings Inc.		3		388
Estee Lauder Cos. Inc.		6		465
Farmer Bros. Co. (c)		1		21
Flowers Foods Inc.		14		266
Fresh Del Monte Produce Inc. (e)		5		151
General Mills Inc.		17		905
Hain Celestial Group Inc. (c)		3		157
Herbalife Ltd. (e)		2		87

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Hershey Co.		4		418
Hormel Foods Corp.		5		280
Ingles Markets Inc. - Class A		1		37
Ingredion Inc.		6		524
Inter Parfums Inc.		2		47
Inventure Foods Inc. (c) (e)		1		14
J&J Snack Foods Corp.		1		98
JM Smucker Co.		5		464
John B. Sanfilippo & Son Inc.		—		19
Kellogg Co.		7		458
Keurig Green Mountain Inc.		4		592
Kimberly-Clark Corp.		10		1,127
Kraft Foods Group Inc.		16		1,024
Kroger Co.		18		1,142
Lancaster Colony Corp.		2		214
Limoneira Co. (e)		1		27
Lorillard Inc.		7		430
Mannatech Inc. (c)		—		8
McCormick & Co. Inc.		3		219
Mead Johnson Nutrition Co.		7		696
Medifast Inc. (c)		1		40
MGP Ingredients Inc.		—		8
Molson Coors Brewing Co. - Class B		8		566
Mondelez International Inc. - Class A		22		787
Monster Beverage Corp. (c)		7		767
National Beverage Corp. (c)		2		41
Natural Grocers by Vitamin Cottage Inc. (c) (e)		—		1
Nu Skin Enterprises Inc. (e)		1		53
Nutraceutical International Corp. (c) (e)		1		23
Oil-Dri Corp. of America		—		3
Omega Protein Corp. (c)		1		15
Orchids Paper Products Co.		1		16
Pantry Inc. (c)		2		72
PepsiCo Inc.		46		4,384
Philip Morris International Inc.		32		2,585
Pilgrim’s Pride Corp. (c) (e)		8		250
Pinnacle Foods Inc.		6		227
Post Holdings Inc. (c) (e)		4		152
Prestige Brands Holdings Inc. (c)		3		109
PriceSmart Inc.		2		172
Procter & Gamble Co.		53		4,854
Revlon Inc. - Class A (c) (e)		3		94
Reynolds American Inc.		7		470
Rite Aid Corp. (c)		24		179
Safeway Inc.		14		477
Sanderson Farms Inc. (e)		2		175
Seneca Foods Corp. (c) (e)		—		11
Snyders-Lance Inc.		5		161
SpartanNash Co.		3		76
Spectrum Brands Holdings Inc.		4		338
Sprouts Farmers Market Inc. (c) (e)		6		195
SUPERVALU Inc. (c)		17		166
Sysco Corp.		13		519
The Fresh Market Inc. (c) (e)		2		62
Tootsie Roll Industries Inc. (e)		2		52
TreeHouse Foods Inc. (c)		3		266
Tyson Foods Inc.		16		633
United Natural Foods Inc. (c)		3		229
Universal Corp. (e)		1		48
USANA Health Sciences Inc. (c)		1		51
Vector Group Ltd.		2		51
Village Super Market Inc. - Class A (e)		—		8
Wal-Mart Stores Inc.		40		3,416
WD-40 Co.		1		107
Weis Markets Inc.		2		91
WhiteWave Foods Co. - Class A (c)		9		320
Whole Foods Market Inc.		8		411
				54,163

	Shares/Par (t)		Value
ENERGY - 8.2%
Adams Resources & Energy Inc.		—		12
Alon USA Energy Inc.		6		70
Alpha Natural Resources Inc. (c) (e)		12		20
Anadarko Petroleum Corp.		17		1,437
Apache Corp.		10		646
Atwood Oceanics Inc.		4		123
Baker Hughes Inc.		9		482
Basic Energy Services Inc. (c)		4		28
Bill Barrett Corp. (c) (e)		3		33
Bonanza Creek Energy Inc. (c)		4		104
Bristow Group Inc.		2		99
C&J Energy Services Inc. (c)		4		49
Cabot Oil & Gas Corp. - Class A		24		709
California Resources Corp. (c)		11		59
Callon Petroleum Co. (c)		3		15
Cameron International Corp. (c)		10		508
CARBO Ceramics Inc. (e)		1		48
Carrizo Oil & Gas Inc. (c)		4		161
Cheniere Energy Inc. (c)		7		461
Chesapeake Energy Corp.		49		953
Chevron Corp.		40		4,532
Cimarex Energy Co.		6		679
Clayton Williams Energy Inc. (c)		1		83
Cloud Peak Energy Inc. (c)		5		46
Cobalt International Energy Inc. (c)		8		69
Comstock Resources Inc. (e)		2		16
Concho Resources Inc. (c)		7		675
ConocoPhillips		38		2,649
CONSOL Energy Inc.		6		211
Contango Oil & Gas Co. (c)		1		33
Continental Resources Inc. (c) (e)		3		130
Core Laboratories NV		2		193
CVR Energy Inc. (e)		4		145
Delek US Holdings Inc.		5		123
Denbury Resources Inc. (e)		24		194
Devon Energy Corp.		11		646
DHT Holdings Inc.		3		23
Diamond Offshore Drilling Inc. (e)		9		340
Diamondback Energy Inc. (c)		3		156
Dresser-Rand Group Inc. (c)		5		401
Dril-Quip Inc. (c)		2		153
Emerald Oil Inc. (c) (e)		2		3
Energen Corp.		5		305
Energy XXI Ltd. (e)		6		20
EnLink Midstream LLC		6		211
EOG Resources Inc.		23		2,150
EQT Corp.		4		275
Era Group Inc. (c)		2		33
Evolution Petroleum Corp. (e)		1		4
Exterran Holdings Inc.		6		188
Exxon Mobil Corp.		125		11,559
FMC Technologies Inc. (c)		9		430
Forum Energy Technologies Inc. (c)		6		118
GasLog Ltd. (e)		4		83
Gastar Exploration Inc. (c)		6		15
Geospace Technologies Corp. (c)		1		19
Goodrich Petroleum Corp. (c) (e)		2		8
Green Plains Inc.		3		71
Gulf Island Fabrication Inc.		1		17
Gulfmark Offshore Inc. - Class A		2		52
Gulfport Energy Corp. (c)		4		183
Halcon Resources Corp. (c) (e)		20		35
Halliburton Co.		21		834
Helix Energy Solutions Group Inc. (c)		10		210
Helmerich & Payne Inc.		5		366
Hercules Offshore Inc. (c) (e)		6		6

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Hess Corp.		6		457
HKN Inc. (c)		—		1
HollyFrontier Corp.		8		312
Hornbeck Offshore Services Inc. (c)		2		57
ION Geophysical Corp. (c)		12		33
Key Energy Services Inc. (c)		13		22
Kinder Morgan Inc.		36		1,542
Knightsbridge Shipping Ltd. (e)		3		12
Kosmos Energy Ltd. (c)		19		161
Laredo Petroleum Holdings Inc. (c) (e)		5		51
LinnCo LLC (e)		8		79
Marathon Oil Corp.		22		608
Marathon Petroleum Corp.		10		886
Matador Resources Co. (c)		5		98
Matrix Service Co. (c)		2		42
McDermott International Inc. (c) (e)		4		12
Miller Energy Resources Inc. (c) (e)		—		—
Mitcham Industries Inc. (c)		1		4
Murphy Oil Corp.		8		399
Murphy USA Inc. (c)		5		316
Nabors Industries Ltd.		19		247
National Oilwell Varco Inc.		10		660
Natural Gas Services Group Inc. (c)		1		20
Newfield Exploration Co. (c)		13		350
Newpark Resources Inc. (c)		7		69
Noble Corp. Plc		10		169
Noble Energy Inc.		9		415
Northern Oil and Gas Inc. (c) (e)		4		25
Oasis Petroleum Inc. (c)		10		167
Occidental Petroleum Corp.		26		2,064
Oceaneering International Inc.		5		289
Oil States International Inc. (c)		6		274
Pacific Drilling SA (c)		2		8
Panhandle Oil and Gas Inc. - Class A (e)		2		36
Paragon Offshore Plc (e)		4		11
Parker Drilling Co. (c)		10		31
Patterson-UTI Energy Inc.		13		209
PBF Energy Inc. - Class A		7		176
PDC Energy Inc. (c)		2		99
Peabody Energy Corp. (e)		17		132
Penn Virginia Corp. (c) (e)		7		49
PetroQuest Energy Inc. (c)		7		27
PHI Inc. (c)		—		3
PHI Inc. (c)		1		41
Phillips 66		7		511
Pioneer Energy Services Corp. (c)		2		13
Pioneer Natural Resources Co.		2		308
QEP Resources Inc.		18		357
Range Resources Corp.		5		293
Renewable Energy Group Inc. (c)		3		32
Rentech Inc. (c)		2		3
Rex Energy Corp. (c) (e)		5		25
RigNet Inc. (c)		1		34
Rosetta Resources Inc. (c)		5		115
Rowan Cos. Plc - Class A		6		150
RPC Inc.		14		188
SandRidge Energy Inc. (c) (e)		45		81
Schlumberger Ltd.		26		2,213
Scorpio Tankers Inc.		12		103
SEACOR Holdings Inc. (c)		2		117
SemGroup Corp. - Class A		3		177
Seventy Seven Energy Inc. (c)		2		12
Ship Finance International Ltd.		5		71
SM Energy Co.		7		262
Southwestern Energy Co. (c)		31		842
Spectra Energy Corp.		13		482
Stone Energy Corp. (c)		5		78
Superior Energy Services Inc.		9		186

	Shares/Par (t)		Value
Synergy Resources Corp. (c)		4		55
Targa Resources Corp.		3		266
Teekay Corp.		5		268
Tesco Corp.		3		41
Tesoro Corp.		9		701
Tetra Technologies Inc. (c)		6		39
TGC Industries Inc. (c)		1		2
Tidewater Inc.		4		124
Transocean Ltd. (e)		16		290
Triangle Petroleum Corp. (c) (e)		6		30
Ultra Petroleum Corp. (c) (e)		8		111
Unit Corp. (c)		3		117
VAALCO Energy Inc. (c)		5		23
Valero Energy Corp.		14		669
W&T Offshore Inc. (e)		5		39
Warren Resources Inc. (c)		6		9
Weatherford International Plc (c)		37		419
Western Refining Inc.		10		380
Westmoreland Coal Co. (c)		1		40
Whiting Petroleum Corp. (c)		13		431
Willbros Group Inc. (c)		6		37
Williams Cos. Inc.		14		635
World Fuel Services Corp. (e)		5		218
WPX Energy Inc. (c)		13		154
				57,123
FINANCIALS - 13.3%
1st Source Corp.		2		56
ACE Ltd.		5		528
Actua Corp. (c)		3		53
Affiliated Managers Group Inc. (c)		2		373
AFLAC Inc.		9		567
Alexander & Baldwin Inc.		4		147
Alleghany Corp. (c)		—		218
Allied World Assurance Co. Holdings Ltd.		6		230
Allstate Corp.		10		734
Altisource Portfolio Solutions SA (c) (e)		1		30
Ambac Financial Group Inc. (c)		2		48
American Equity Investment Life Holding Co.		6		189
American Express Co.		28		2,622
American Financial Group Inc.		5		333
American International Group Inc.		19		1,064
American National Insurance Co.		1		162
Ameriprise Financial Inc.		4		557
Ameris Bancorp		2		45
Amerisafe Inc.		1		47
AmTrust Financial Services Inc. (e)		6		320
Aon Plc - Class A		5		502
Arch Capital Group Ltd. (c)		4		237
Argo Group International Holdings Ltd.		1		37
Arrow Financial Corp.		—		1
Arthur J Gallagher & Co.		4		192
Artisan Partners Asset Management Inc. - Class A		1		65
Aspen Insurance Holdings Ltd.		4		185
Associated Bancorp		11		212
Assurant Inc.		4		289
Assured Guaranty Ltd.		12		303
Astoria Financial Corp.		8		104
Atlanticus Holdings Corp. (c)		1		2
AV Homes Inc. (c)		1		9
Axis Capital Holdings Ltd.		6		319
Baldwin & Lyons Inc. - Class B		1		13
BancFirst Corp.		1		70
Bancorp Inc. (c)		2		23
BancorpSouth Inc.		8		186
Bank Mutual Corp.		4		29
Bank of America Corp.		148		2,651

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Bank of Hawaii Corp.		3		178
Bank of New York Mellon Corp.		26		1,060
Bank of the Ozarks Inc.		4		158
BankUnited Inc.		6		180
Banner Corp.		2		67
BB&T Corp.		9		350
BBCN Bancorp Inc.		7		98
Beneficial Mutual Bancorp Inc. (c) (e)		5		61
Berkshire Hathaway Inc. - Class B (c)		38		5,763
Berkshire Hills Bancorp Inc.		2		54
BGC Partners Inc.		21		195
BlackRock Inc.		2		674
BofI Holding Inc. (c) (e)		1		47
BOK Financial Corp.		3		209
Boston Private Financial Holdings Inc.		7		90
Brookline Bancorp Inc.		7		65
Brown & Brown Inc.		10		335
Bryn Mawr Bank Corp.		1		47
C&F Financial Corp.		—		2
Calamos Asset Management Inc. - Class A		2		21
Camden National Corp. (e)		—		16
Capital Bank Financial Corp. (c)		—		4
Capital City Bank Group Inc.		1		11
Capital One Financial Corp.		12		950
Capitol Federal Financial Inc.		11		145
Cardinal Financial Corp.		2		39
CareTrust REIT Inc.		2		25
Cascade Bancorp (c)		1		6
Cash America International Inc.		2		55
Cathay General Bancorp		6		154
CBOE Holdings Inc.		5		333
CBRE Group Inc. - Class A (c)		12		401
CenterState Banks of Florida Inc.		3		31
Central Pacific Financial Corp.		3		54
Charles Schwab Corp.		16		487
Chemical Financial Corp.		2		70
Chubb Corp.		3		311
Cincinnati Financial Corp.		5		257
CIT Group Inc.		5		227
Citigroup Inc.		42		2,292
Citizens Inc. - Class A (c) (e)		4		28
City Holdings Co.		1		49
City National Corp.		3		269
Clifton Bancorp Inc.		1		18
CME Group Inc.		4		359
CNA Financial Corp.		2		58
CNB Financial Corp. (e)		1		20
CNO Financial Group Inc.		12		198
CoBiz Financial Inc.		3		38
Cohen & Steers Inc. (e)		1		34
Columbia Banking System Inc.		4		112
Comerica Inc.		5		218
Commerce Bancshares Inc.		7		301
Community Bank System Inc.		3		114
Community Trust Bancorp Inc.		2		59
ConnectOne Bancorp Inc.		1		25
Consolidated-Tomoka Land Co.		—		24
Consumer Portfolio Services Inc. (c) (e)		—		—
Cowen Group Inc. - Class A (c)		9		43
Crawford & Co. (e)		1		15
Credit Acceptance Corp. (c)		2		250
Cullen/Frost Bankers Inc.		4		269
Customers Bancorp Inc. (c)		1		24
CVB Financial Corp.		9		141
Diamond Hill Investment Group Inc.		—		14
Dime Community Bancshares Inc.		3		52
Discover Financial Services		15		965
Donegal Group Inc. - Class A		2		26

	Shares/Par (t)		Value
Doral Financial Corp. (c)		1		2
E*TRADE Financial Corp. (c)		7		181
Eagle Bancorp Inc. (c)		—		3
East West Bancorp Inc.		10		402
Eaton Vance Corp.		7		297
EMC Insurance Group Inc.		1		39
Employer Holdings Inc.		3		62
Endurance Specialty Holdings Ltd.		4		227
Enova International Inc. (c)		2		40
Enstar Group Ltd. (c)		1		184
Enterprise Financial Services Corp.		1		28
Erie Indemnity Co. - Class A		4		358
ESSA BanCorp Inc.		1		12
EverBank Financial Corp.		2		44
Evercore Partners Inc.		2		119
Everest Re Group Ltd.		2		362
EZCorp Inc. (c) (e)		4		47
Farmers Capital Bank Corp. (c)		1		14
FBL Financial Group Inc. - Class A		1		81
Federal Agricultural Mortgage Corp. - Class C		1		27
Federated Investors Inc. - Class B (e)		9		285
Federated National Holding Co.		1		17
FNF Group		7		251
Fifth Third Bancorp		31		634
Financial Engines Inc. (e)		2		59
Financial Institutions Inc.		1		22
First American Financial Corp.		7		221
First Bancorp Inc.		1		9
First Bancorp Inc. (c)		15		86
First Busey Corp.		6		37
First Cash Financial Services Inc. (c)		2		100
First Citizens BancShares Inc. - Class A		1		140
First Commonwealth Financial Corp.		7		67
First Community Bancshares Inc.		1		13
First Defiance Financial Corp.		—		12
First Financial Bancorp		4		82
First Financial Bankshares Inc. (e)		2		72
First Financial Corp.		1		34
First Financial Northwest Inc.		1		10
First Horizon National Corp.		14		189
First Interstate BancSystem Inc. - Class A		2		43
First Merchants Corp.		3		70
First Midwest Bancorp Inc.		7		111
First Niagara Financial Group Inc.		22		181
First Republic Bank		6		296
FirstMerit Corp.		10		185
Flagstar Bancorp Inc. (c)		2		36
Flushing Financial Corp.		2		47
FNB Corp.		13		173
Forest City Enterprises Inc. (c)		12		246
Forestar Group Inc. (c)		2		35
Fox Chase Bancorp Inc.		1		10
Franklin Resources Inc.		8		426
Fulton Financial Corp.		15		188
FXCM Inc. - Class A (e)		2		35
Gain Capital Holdings Inc. (e)		4		34
GAMCO Investors Inc.		1		57
Genworth Financial Inc. (c)		13		109
Geo Group Inc.		4		145
German American Bancorp Inc.		1		18
GFI Group Inc.		8		46
Glacier Bancorp Inc.		5		144
Global Indemnity Plc (c)		1		20
Goldman Sachs Group Inc.		8		1,603
Great Southern Bancorp Inc. (e)		1		40
Green Dot Corp. (c)		3		55
Greenhill & Co. Inc.		1		34
Greenlight Capital Re Ltd. - Class A (c)		2		69

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Hallmark Financial Services Inc. (c)		2		26
Hancock Holding Co.		6		175
Hanmi Financial Corp.		2		53
Hanover Insurance Group Inc.		4		260
Hartford Financial Services Group Inc.		19		799
HCC Insurance Holdings Inc.		6		311
HCI Group Inc. (e)		1		52
Heartland Financial USA Inc.		1		38
Heritage Commerce Corp. (e)		1		10
Heritage Financial Corp.		2		35
HFF Inc. - Class A		2		82
Hilltop Holdings Inc. (c)		7		145
Home Bancshares Inc.		4		123
HomeStreet Inc.		1		14
HomeTrust Bancshares Inc. (c)		—		—
Horace Mann Educators Corp.		3		97
Horizon BanCorp (e)		1		13
Howard Hughes Corp. (c)		2		320
Hudson City Bancorp Inc.		25		253
Hudson Valley Holding Corp.		1		37
Huntington Bancshares Inc.		34		355
IberiaBank Corp.		3		169
Imperial Holdings Inc. (c) (e)		2		10
Independent Bank Corp.		2		73
Interactive Brokers Group Inc.		5		158
Intercontinental Exchange Inc.		2		361
International Bancshares Corp.		5		134
INTL FCStone Inc. (c)		1		29
Invesco Ltd.		18		721
Investment Technology Group Inc. (c)		3		65
Investors Bancorp Inc.		21		241
Janus Capital Group Inc. (e)		15		243
JMP Group Inc.		2		12
Jones Lang LaSalle Inc.		2		353
JPMorgan Chase & Co.		79		4,927
KCG Holdings Inc. - Class A (c)		1		15
Kearny Financial Corp. (c)		2		30
Kemper Corp.		4		156
Kennedy-Wilson Holdings Inc.		6		156
KeyCorp		23		326
Ladenburg Thalmann Financial Services Inc. (c)		7		27
Lakeland Bancorp Inc.		2		26
Lakeland Financial Corp.		1		52
Legg Mason Inc.		7		376
Leucadia National Corp.		9		206
Lincoln National Corp.		8		456
Loews Corp.		11		447
LPL Financial Holdings Inc.		9		383
M&T Bank Corp.		4		475
Macatawa Bank Corp.		1		3
Maiden Holdings Ltd.		5		67
MainSource Financial Group Inc.		1		26
Manning & Napier Inc. - Class A		1		15
Markel Corp. (c)		1		429
MarketAxess Holdings Inc.		2		143
Marlin Business Services Inc.		1		21
Marsh & McLennan Cos. Inc.		10		598
MB Financial Inc.		5		180
MBIA Inc. (c)		11		104
Meadowbrook Insurance Group Inc.		4		37
Mercantile Bank Corp.		1		13
Merchants Bancshares Inc. (e)		—		4
Mercury General Corp.		4		225
Meridian Bancorp Inc. (c)		2		27
Meta Financial Group Inc. (e)		—		4
MetLife Inc.		13		701
Metro Bancorp Inc. (c)		—		8

	Shares/Par (t)		Value
MGIC Investment Corp. (c)		10		93
Midsouth Bancorp Inc.		1		10
Montpelier Re Holdings Ltd.		3		104
Moody’s Corp.		8		811
Morgan Stanley		20		778
MSCI Inc.		8		356
NASDAQ OMX Group Inc.		4		212
National Bank Holdings Corp. - Class A		2		33
National Interstate Corp.		1		40
National Penn Bancshares Inc.		11		114
Nationstar Mortgage Holdings Inc. (c) (e)		2		70
Navient Corp.		23		501
Navigators Group Inc. (c)		1		77
NBT Bancorp Inc.		3		79
Nelnet Inc. - Class A		3		122
New York Community Bancorp Inc.		11		184
NewBridge Bancorp (c)		1		12
NewStar Financial Inc. (c)		2		29
Northern Trust Corp.		8		511
Northfield Bancorp Inc.		4		58
NorthStar Asset Management Group Inc.		4		86
Northwest Bancshares Inc.		8		99
OceanFirst Financial Corp.		1		14
Ocwen Financial Corp. (c) (e)		4		54
OFG Bancorp (e)		4		68
Old National Bancorp		9		129
Old Republic International Corp.		16		234
OneBeacon Insurance Group Ltd. - Class A		2		34
Oppenheimer Holdings Inc.		—		7
Oritani Financial Corp.		3		49
Pacific Continental Corp.		1		11
PacWest Bancorp		6		277
Park National Corp. (e)		1		44
Park Sterling Corp.		4		29
PartnerRe Ltd.		4		401
PennyMac Financial Services Inc. - Class A (c)		1		12
People’s United Financial Inc. (e)		19		292
Peoples Bancorp Inc.		1		26
PHH Corp. (c)		4		91
Pico Holdings Inc. (c)		2		29
Pinnacle Financial Partners Inc.		3		108
Piper Jaffray Cos. (c)		1		52
Platinum Underwriters Holdings Ltd.		2		139
PNC Financial Services Group Inc.		7		640
Popular Inc. (c)		7		222
PRA Group Inc. (c) (e)		4		217
Preferred Bank (e)		1		17
Primerica Inc.		5		244
Principal Financial Group Inc.		14		728
PrivateBancorp Inc.		6		209
ProAssurance Corp.		4		178
Progressive Corp.		33		897
Prosperity Bancshares Inc.		4		236
Protective Life Corp.		5		349
Provident Financial Holdings Inc.		—		6
Provident Financial Services Inc.		5		82
Prudential Financial Inc.		6		562
Radian Group Inc.		6		97
Raymond James Financial Inc.		6		326
RCS Capital Corp. - Class A (e)		2		20
Realogy Holdings Corp. (c)		13		563
Regional Management Corp. (c) (e)		—		8
Regions Financial Corp.		38		405
Reinsurance Group of America Inc.		4		363
RenaissanceRe Holdings Ltd. (e)		3		283
Renasant Corp.		2		64
Republic Bancorp Inc. - Class A		1		20
Resource America Inc. - Class A (e)		1		8

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
RLI Corp.		3		138
S&T Bancorp Inc. (e)		2		62
Safety Insurance Group Inc. (e)		2		149
Sandy Spring Bancorp Inc.		2		42
Seacoast Banking Corp. of Florida (c)		—		5
SEI Investments Co.		8		324
Selective Insurance Group Inc.		5		131
Sierra Bancorp		1		11
Signature Bank (c)		2		282
Simmons First National Corp. - Class A		1		56
Simplicity Bancorp Inc.		—		7
SLM Corp.		42		430
South State Corp.		2		111
Southside Bancshares Inc.		2		50
Southwest Bancorp Inc.		2		29
St. Joe Co. (c)		3		55
StanCorp Financial Group Inc.		3		229
State Auto Financial Corp.		3		68
State Street Corp.		6		444
Sterling Bancorp		6		87
Stewart Information Services Corp.		2		64
Stifel Financial Corp. (c)		4		206
Stock Yards Bancorp Inc. (e)		1		27
Suffolk Bancorp		1		32
Sun Bancorp Inc. (c)		1		17
SunTrust Banks Inc.		6		270
Susquehanna Bancshares Inc.		14		194
SVB Financial Group (c)		4		486
Symetra Financial Corp.		8		177
Synovus Financial Corp.		8		227
T. Rowe Price Group Inc.		6		551
TCF Financial Corp.		14		226
TD Ameritrade Holding Corp.		15		541
Tejon Ranch Co. (c)		1		27
Territorial Bancorp Inc. (e)		1		24
Texas Capital Bancshares Inc. (c)		2		131
TFS Financial Corp.		12		185
Tompkins Financial Corp. (e)		1		62
Torchmark Corp.		4		194
TowneBank (e)		1		20
Travelers Cos. Inc.		12		1,234
Tree.com Inc. (c) (e)		—		13
Trico Bancshares		1		32
TrustCo Bank Corp.		7		54
Trustmark Corp.		5		134
U.S. Bancorp		38		1,716
UMB Financial Corp.		3		190
Umpqua Holdings Corp.		14		231
Union Bankshares Corp.		3		73
United Bankshares Inc.		5		186
United Community Banks Inc.		4		75
United Community Financial Corp.		3		17
United Financial Bancorp Inc.		3		46
United Fire Group Inc.		1		36
Universal Insurance Holdings Inc.		4		76
Univest Corp. of Pennsylvania		1		26
Unum Group		7		242
Validus Holdings Ltd.		6		258
Valley National Bancorp (e)		7		68
ViewPoint Financial Group Inc.		3		70
Virtus Investment Partners Inc.		1		102
Voya Financial Inc.		7		282
Waddell & Reed Financial Inc.		4		216
Walker & Dunlop Inc. (c)		1		19
Washington Federal Inc.		9		200
Washington Trust Bancorp Inc.		1		39
Waterstone Financial Inc.		2		24
Webster Financial Corp.		7		235

	Shares/Par (t)		Value
Wells Fargo & Co.		107		5,880
WesBanco Inc.		2		72
West Bancorp Inc.		1		14
Westamerica Bancorp (e)		2		78
Western Alliance Bancorp (c)		5		142
Westwood Holdings Group Inc.		1		49
White Mountains Insurance Group Ltd.		—		163
Willis Group Holdings Plc		6		282
Wilshire Bancorp Inc.		8		81
Wintrust Financial Corp.		4		164
WisdomTree Investments Inc. (e)		7		116
World Acceptance Corp. (c) (e)		1		40
WR Berkley Corp.		7		334
WSFS Financial Corp.		1		47
XL Group Plc		9		321
Yadkin Financial Corp. (c)		1		15
Zions Bancorp		12		350
				92,388
HEALTH CARE - 11.9%
Abbott Laboratories		21		943
AbbVie Inc.		48		3,157
Acadia HealthCare Co. Inc. (c)		3		178
ACADIA Pharmaceuticals Inc. (c) (e)		2		60
Accuray Inc. (c) (e)		1		8
Actavis Plc (c)		4		1,072
Addus HomeCare Corp. (c)		1		27
Aetna Inc.		10		872
Affymetrix Inc. (c) (e)		8		77
Agilent Technologies Inc.		12		495
Agios Pharmaceuticals Inc. (c) (e)		1		80
Air Methods Corp. (c) (e)		4		179
Akorn Inc. (c) (e)		4		159
Albany Molecular Research Inc. (c) (e)		3		41
Alere Inc. (c)		5		191
Alexion Pharmaceuticals Inc. (c)		3		629
Align Technology Inc. (c)		3		173
Alkermes Plc (c)		2		105
Allergan Inc.		5		1,105
Alliance HealthCare Services Inc. (c)		1		15
Allscripts-Misys Healthcare Solutions Inc. (c)		12		150
Almost Family Inc. (c)		1		17
Alnylam Pharmaceuticals Inc. (c)		1		131
Amedisys Inc. (c)		4		106
AmerisourceBergen Corp.		8		695
Amgen Inc.		15		2,434
AMN Healthcare Services Inc. (c)		3		52
Amsurg Corp. (c)		4		232
Analogic Corp.		1		54
AngioDynamics Inc. (c)		3		52
Anika Therapeutics Inc. (c)		1		49
Anthem Inc.		7		863
athenahealth Inc. (c) (e)		1		158
Atrion Corp.		—		21
Auxilium Pharmaceuticals Inc. (c) (e)		2		81
Baxter International Inc.		14		1,004
Becton Dickinson & Co.		4		589
Bio-Rad Laboratories Inc. - Class A (c)		1		173
Bio-Reference Labs Inc. (c) (e)		2		51
Bio-Techne Corp.		2		169
BioDelivery Sciences International Inc. (c) (e)		—		—
Biogen Idec Inc. (c)		5		1,735
BioMarin Pharmaceutical Inc. (c)		2		151
BioScrip Inc. (c)		5		38
BioTelemetry Inc. (c)		—		4
Boston Scientific Corp. (c)		56		738
Bristol-Myers Squibb Co.		22		1,270
Brookdale Senior Living Inc. (c)		6		220

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Bruker Corp. (c)		7		138
Cambrex Corp. (c)		3		61
Cantel Medical Corp.		3		112
Capital Senior Living Corp. (c)		2		43
Cardinal Health Inc.		7		598
CareFusion Corp. (c)		10		599
Celgene Corp. (c)		24		2,725
Centene Corp. (c)		3		302
Cepheid Inc. (c)		1		76
Cerner Corp. (c)		5		327
Charles River Laboratories International Inc. (c)		4		251
Chemed Corp.		1		74
CIGNA Corp.		7		755
Community Health Systems Inc. (c)		12		647
Computer Programs & Systems Inc. (e)		1		45
Conmed Corp.		2		74
Cooper Cos. Inc.		2		266
Corvel Corp. (c)		1		48
Covance Inc. (c)		2		244
Covidien Plc		7		754
CR Bard Inc.		3		425
Cross Country Healthcare Inc. (c)		2		21
CryoLife Inc.		1		14
Cubist Pharmaceuticals Inc. (c)		2		216
Cumberland Pharmaceuticals Inc. (c)		1		5
Cyberonics Inc. (c)		1		78
Cynosure Inc. - Class A (c)		1		31
DaVita HealthCare Partners Inc. (c)		10		776
Dentsply International Inc.		6		295
DepoMed Inc. (c)		4		62
DexCom Inc. (c)		1		73
Edwards Lifesciences Corp. (c)		4		560
Eli Lilly & Co.		20		1,396
Emergent BioSolutions Inc. (c)		2		55
Endo International Plc (c)		3		190
Ensign Group Inc.		2		80
Envision Healthcare Holdings Inc. (c)		6		202
ExacTech Inc. (c)		1		12
ExamWorks Group Inc. (c)		3		107
Express Scripts Holding Co. (c)		15		1,282
Five Star Quality Care Inc. (c)		2		9
Gentiva Health Services Inc. (c)		1		21
Gilead Sciences Inc. (c)		48		4,504
Globus Medical Inc. - Class A (c)		4		101
Greatbatch Inc. (c)		1		69
Haemonetics Corp. (c)		3		103
Halyard Health Inc. (c)		1		55
Hanger Orthopedic Group Inc. (c)		2		50
Harvard Apparatus Regenerative Technology Inc. (c)		—		—
Harvard Bioscience Inc. (c)		—		1
HCA Holdings Inc. (c)		6		451
Health Net Inc. (c)		6		301
HealthSouth Corp.		6		249
Healthways Inc. (c)		2		40
Henry Schein Inc. (c)		3		393
Hill-Rom Holdings Inc.		4		195
HMS Holdings Corp. (c)		4		86
Hologic Inc. (c)		15		404
Hospira Inc. (c)		8		491
Humana Inc.		5		689
ICU Medical Inc. (c)		1		90
Idexx Laboratories Inc. (c)		2		345
Illumina Inc. (c)		3		502
Impax Laboratories Inc. (c)		5		155
Incyte Corp. (c)		4		311
Insys Therapeutics Inc. (c) (e)		1		35
Integra LifeSciences Holdings Corp. (c)		2		100

	Shares/Par (t)		Value
Intuitive Surgical Inc. (c)		1		370
Invacare Corp.		2		35
IPC The Hospitalist Co. Inc. (c)		1		48
Isis Pharmaceuticals Inc. (c) (e)		2		123
Jazz Pharmaceuticals Plc (c)		2		334
Johnson & Johnson		59		6,139
Kindred Healthcare Inc.		5		98
Laboratory Corp. of America Holdings (c)		4		485
Landauer Inc.		—		9
Lannett Co. Inc. (c)		3		137
LHC Group Inc. (c)		1		41
LifePoint Hospitals Inc. (c)		3		201
Ligand Pharmaceuticals Inc. (c) (e)		1		45
Luminex Corp. (c)		1		26
Magellan Health Services Inc. (c)		2		137
Mallinckrodt Plc (c)		4		374
Masimo Corp. (c)		3		78
McKesson Corp.		4		900
MedAssets Inc. (c)		4		87
Medicines Co. (c)		4		101
Medivation Inc. (c)		3		287
MEDNAX Inc. (c)		5		350
Medtronic Inc.		19		1,372
Merck & Co. Inc.		57		3,233
Merge Healthcare Inc. (c)		4		13
Meridian Bioscience Inc.		3		43
Merit Medical Systems Inc. (c)		3		49
Mettler-Toledo International Inc. (c)		1		328
Molina Healthcare Inc. (c)		3		145
Momenta Pharmaceuticals Inc. (c)		1		6
MWI Veterinary Supply Inc. (c)		1		119
Mylan Inc. (c)		11		636
Myriad Genetics Inc. (c) (e)		6		193
National Healthcare Corp. (e)		1		45
National Research Corp. - Class A (e)		1		8
National Research Corp. - Class B		—		4
Natus Medical Inc. (c)		2		80
NPS Pharmaceuticals Inc. (c)		1		44
Omnicare Inc.		4		265
Omnicell Inc. (c)		2		80
Opko Health Inc. (c) (e)		15		146
Orthofix International NV (c)		1		33
Owens & Minor Inc.		4		156
Pacific Biosciences of California Inc. (c)		2		12
Pacira Pharmaceuticals Inc. (c)		1		62
PAREXEL International Corp. (c)		5		305
Patterson Cos. Inc.		4		209
PDI Inc. (c) (e)		1		1
PDL BioPharma Inc. (e)		6		45
PerkinElmer Inc.		7		324
Pernix Therapeutics Holdings (c)		2		15
Perrigo Co. Plc		2		338
Pfizer Inc.		133		4,146
Pharmacyclics Inc. (c) (e)		1		134
PharMerica Corp. (c)		3		53
Providence Services Corp. (c)		1		49
Puma Biotechnology Inc. (c) (e)		1		97
Quality Systems Inc.		3		42
Quest Diagnostics Inc.		10		664
Quidel Corp. (c) (e)		—		12
Quintiles Transnational Holdings Inc. (c)		3		157
RadNet Inc. (c)		2		21
Receptos Inc. (c)		1		73
Regeneron Pharmaceuticals Inc. (c)		2		697
Repligen Corp. (c)		3		55
ResMed Inc. (e)		3		180
Rigel Pharmaceuticals Inc. (c)		6		15
RTI Surgical Inc. (c)		3		14

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Sagent Pharmaceuticals Inc. (c)		1		23
Salix Pharmaceuticals Ltd. (c)		2		234
Sciclone Pharmaceuticals Inc. (c)		6		50
Seattle Genetics Inc. (c) (e)		2		67
Select Medical Holdings Corp.		10		151
Sirona Dental Systems Inc. (c)		2		215
St. Jude Medical Inc.		8		522
STERIS Corp.		3		195
Stryker Corp.		5		427
Sucampo Pharmaceuticals Inc. (c) (e)		1		17
SurModics Inc. (c)		1		18
Symmetry Surgical Inc. (c)		1		6
Taro Pharmaceutical Industries Ltd. (c)		3		375
Team Health Holdings Inc. (c)		5		275
Teleflex Inc.		3		321
Tenet Healthcare Corp. (c)		6		297
Theravance Biopharma Inc. (c) (e)		1		15
Thermo Fisher Scientific Inc.		5		675
Thoratec Corp. (c)		4		128
Tornier BV (c)		3		73
Triple-S Management Corp. - Class B (c)		2		49
United Therapeutics Corp. (c)		4		473
UnitedHealth Group Inc.		27		2,712
Universal American Corp. (c)		6		53
Universal Health Services Inc. - Class B		6		665
US Physical Therapy Inc.		1		35
Utah Medical Products Inc.		—		12
Varian Medical Systems Inc. (c)		3		282
Vascular Solutions Inc. (c)		1		27
VCI Inc. (c)		6		311
Vertex Pharmaceuticals Inc. (c)		4		440
Vical Inc. (c)		—		—
Walgreens Boots Alliance Inc.		13		991
Waters Corp. (c)		2		226
WellCare Health Plans Inc. (c)		3		226
West Pharmaceutical Services Inc.		3		170
Zimmer Holdings Inc.		5		534
Zoetis Inc. - Class A		26		1,129
				82,114
INDUSTRIALS - 13.8%
3M Co.		19		3,086
AAON Inc.		3		75
AAR Corp.		3		87
ABM Industries Inc.		5		130
Acacia Research Corp. (e)		2		30
ACCO Brands Corp. (c)		8		75
Accuride Corp. (c)		1		6
Aceto Corp.		3		66
Actuant Corp. - Class A		5		131
Acuity Brands Inc.		2		317
ADT Corp. (e)		15		558
Advisory Board Co. (c)		1		49
AECOM Technology Corp. (c)		9		281
Aegion Corp. (c)		3		62
AeroVironment Inc. (c)		2		53
AGCO Corp. (e)		7		324
Air Lease Corp. - Class A		7		251
Air Transport Services Group Inc. (c)		5		44
Alamo Group Inc.		1		50
Alaska Air Group Inc.		12		697
Albany International Corp.		2		82
Allegiant Travel Co.		2		239
Alliant Techsystems Inc.		2		256
Allied Motion Technologies Inc. (e)		1		20
Altra Holdings Inc.		2		51
Amerco Inc.		2		491
Ameresco Inc. - Class A (c)		1		4

	Shares/Par (t)		Value
American Airlines Group Inc.		21		1,111
American Railcar Industries Inc. (e)		1		48
American Science & Engineering Inc. (e)		—		16
American Woodmark Corp. (c)		1		40
AMETEK Inc.		8		439
AO Smith Corp.		4		214
Apogee Enterprises Inc.		2		72
Applied Industrial Technologies Inc.		3		124
ARC Document Solutions Inc. (c)		4		44
ArcBest Corp.		2		88
Argan Inc.		1		37
Armstrong World Industries Inc. (c)		4		181
Astec Industries Inc.		2		60
Astronics Corp. (c)		1		60
Astronics Corp. - Class B (c)		—		15
Atlas Air Worldwide Holdings Inc. (c)		2		107
Avery Dennison Corp.		8		428
Avis Budget Group Inc. (c)		11		724
AZZ Inc.		1		70
B/E Aerospace Inc. (c)		3		196
Babcock & Wilcox Co.		10		312
Baltic Trading Ltd.		3		8
Barnes Group Inc.		4		146
Barrett Business Services Inc. (e)		—		11
Beacon Roofing Supply Inc. (c)		4		110
Belden Inc.		2		142
Blount International Inc. (c)		5		82
Boeing Co.		21		2,710
Brady Corp.		3		90
Breeze-Eastern Corp. (c)		—		4
Briggs & Stratton Corp.		3		71
Brink’s Co.		3		74
Builders FirstSource Inc. (c)		5		36
CAI International Inc. (c)		1		17
Carlisle Cos. Inc.		5		418
Casella Waste Systems Inc. - Class A (c)		1		4
Caterpillar Inc.		15		1,389
CBIZ Inc. (c)		4		30
CDI Corp.		1		26
Celadon Group Inc.		2		47
CH Robinson Worldwide Inc.		8		586
Chart Industries Inc. (c)		2		51
Chicago Bridge & Iron Co. NV		4		157
Cintas Corp.		5		370
CIRCOR International Inc.		1		72
Civeo Corp.		8		33
CLARCOR Inc.		3		176
Clean Harbors Inc. (c) (e)		5		251
Colfax Corp. (c) (e)		3		165
Columbus Mckinnon Corp.		2		45
Comfort Systems USA Inc.		3		56
Commercial Vehicle Group Inc. (c)		2		11
Con-Way Inc.		5		268
Copa Holdings SA - Class A		3		291
Copart Inc. (c)		9		336
Corporate Executive Board Co.		2		161
Courier Corp.		1		7
Covanta Holding Corp.		11		252
Covenant Transportation Group Inc. - Class A (c)		1		26
Covisint Corp. (c)		1		3
Crane Co.		3		191
CSX Corp.		35		1,263
Cubic Corp.		2		81
Cummins Inc.		3		484
Curtiss-Wright Corp.		3		241
Danaher Corp.		13		1,139
Deere & Co.		11		955

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Delta Air Lines Inc.		28		1,390
Deluxe Corp.		5		319
DigitalGlobe Inc. (c)		5		148
Donaldson Co. Inc.		11		422
Douglas Dynamics Inc.		2		36
Dover Corp.		8		560
Ducommun Inc. (c)		1		18
Dun & Bradstreet Corp.		2		287
DXP Enterprises Inc. (c)		1		46
Dycom Industries Inc. (c)		4		127
Dynamic Materials Corp.		1		10
Eaton Corp. Plc		6		426
Echo Global Logistics Inc. (c)		1		29
EMCOR Group Inc.		5		201
Emerson Electric Co.		20		1,221
Encore Capital Group Inc. (c) (e)		2		87
Encore Wire Corp.		2		60
Energy Recovery Inc. (c)		1		6
EnerNOC Inc. (c) (e)		2		31
EnerSys Inc.		3		208
Engility Holdings Inc. (c)		1		57
Ennis Inc.		2		31
EnPro Industries Inc. (c)		1		89
Equifax Inc.		5		400
ESCO Technologies Inc.		2		68
Esterline Technologies Corp. (c)		2		220
Exelis Inc.		15		262
Expeditors International of Washington Inc.		5		239
Exponent Inc.		1		70
Fastenal Co.		10		455
Federal Signal Corp.		4		56
FedEx Corp.		9		1,615
Flowserve Corp.		4		247
Fluor Corp.		7		412
Fortune Brands Home & Security Inc.		6		274
Forward Air Corp.		2		99
Franklin Covey Co. (c)		1		12
Franklin Electric Co. Inc.		3		120
FreightCar America Inc. (e)		1		28
FTI Consulting Inc. (c)		3		123
Fuel Tech Inc. (c)		1		5
Furmanite Corp. (c)		2		16
G&K Services Inc. - Class A		1		99
GATX Corp.		3		163
Generac Holdings Inc. (c) (e)		3		151
General Cable Corp.		3		47
General Dynamics Corp.		6		761
General Electric Co.		140		3,549
Genesee & Wyoming Inc. - Class A (c)		3		279
Gibraltar Industries Inc. (c)		2		27
Global Brass & Copper Holdings Inc.		—		1
Global Power Equipment Group Inc.		—		6
Gorman-Rupp Co.		1		45
GP Strategies Corp. (c) (e)		1		48
Graco Inc.		4		286
GrafTech International Ltd. (c)		10		49
Graham Corp.		—		12
Granite Construction Inc.		2		89
Great Lakes Dredge & Dock Corp. (c)		4		37
Greenbrier Cos. Inc. (e)		3		163
Griffon Corp. (e)		4		48
H&E Equipment Services Inc.		2		69
Hardinge Inc.		1		18
Harsco Corp.		8		147
Hawaiian Holdings Inc. (c) (e)		5		128
HD Supply Holdings Inc (c)		13		391
Healthcare Services Group Inc.		1		27
Heartland Express Inc.		9		235

	Shares/Par (t)		Value
HEICO Corp. (e)		2		100
HEICO Corp.		3		123
Heidrick & Struggles International Inc.		1		34
Hertz Global Holdings Inc. (c)		39		961
Hexcel Corp. (c)		6		257
Hill International Inc. (c) (e)		4		15
HNI Corp.		4		186
Honeywell International Inc.		14		1,409
Houston Wire & Cable Co.		1		11
HUB Group Inc. (c)		3		100
Hubbell Inc. - Class A		—		11
Hubbell Inc. - Class B		2		206
Hudson Global Inc. (c)		1		2
Huntington Ingalls Industries Inc.		5		549
Hurco Cos. Inc.		—		11
Huron Consulting Group Inc. (c)		2		140
Hyster-Yale Materials Handling Inc. - Class A		1		59
ICF International Inc. (c)		1		57
IDEX Corp.		5		395
IHS Inc. - Class A (c)		2		230
II-VI Inc. (c)		4		60
Illinois Tool Works Inc.		9		820
Ingersoll-Rand Plc		11		715
InnerWorkings Inc. (c)		1		6
Insperity Inc.		2		62
Insteel Industries Inc.		2		42
Integrated Electrical Services Inc. (c)		—		—
Interface Inc.		3		54
Intersections Inc. (e)		1		2
Iron Mountain Inc.		18		712
ITT Corp.		5		194
Jacobs Engineering Group Inc. (c)		3		156
JB Hunt Transport Services Inc.		5		381
JetBlue Airways Corp. (c) (e)		26		411
John Bean Technologies Corp.		2		59
Joy Global Inc.		8		367
Kaman Corp. (e)		2		83
Kansas City Southern		4		541
KAR Auction Services Inc.		10		347
KBR Inc.		7		127
Kelly Services Inc. - Class A		3		51
Kennametal Inc.		5		170
Kforce Inc.		3		61
Kimball International Inc. - Class B		2		22
Kirby Corp. (c)		4		356
KLX Inc. (c)		1		56
Knight Transportation Inc.		7		225
Knoll Inc.		3		65
Korn/Ferry International (c)		3		85
Kratos Defense & Security Solutions Inc. (c)		6		29
L-3 Communications Holdings Inc.		4		467
Landstar System Inc.		3		199
Layne Christensen Co. (c) (e)		—		5
LB Foster Co.		1		48
Lennox International Inc. (e)		3		278
Lincoln Electric Holdings Inc.		6		394
Lindsay Corp. (e)		—		34
LMI Aerospace Inc. (c)		1		13
Lockheed Martin Corp.		8		1,568
LSI Industries Inc.		1		5
Lydall Inc. (c) (e)		—		1
Manitowoc Co. Inc.		9		207
Manpower Inc.		6		383
Marten Transport Ltd.		2		45
Masco Corp.		13		327
MasTec Inc. (c)		6		129
Matson Inc.		4		125
McGrath RentCorp		2		67

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Meritor Inc. (c)		8		115
Middleby Corp. (c)		4		375
Miller Industries Inc. (e)		1		12
Mistras Group Inc. (c)		2		28
Mobile Mini Inc.		3		138
Moog Inc. (c)		2		185
MRC Global Inc. (c)		7		103
MSA Safety Inc.		2		107
MSC Industrial Direct Co.		3		252
Mueller Industries Inc.		3		115
Mueller Water Products Inc. - Class A		11		112
Multi-Color Corp.		1		67
MYR Group Inc. (c)		2		44
NACCO Industries Inc. - Class A		1		30
National Presto Industries Inc. (e)		—		17
Navigant Consulting Inc. (c)		4		64
Nielsen NV		15		674
NL Industries Inc.		1		8
NN Inc.		1		17
Nordson Corp.		5		406
Norfolk Southern Corp.		9		963
Nortek Inc. (c)		1		67
Northrop Grumman Systems Corp.		5		707
Northwest Pipe Co. (c)		1		30
NOW Inc. (c) (e)		4		99
Old Dominion Freight Line Inc. (c)		7		505
On Assignment Inc. (c)		4		123
Orbital Sciences Corp. (c)		5		135
Orion Marine Group Inc. (c)		2		17
Oshkosh Corp.		5		265
Owens Corning Inc.		7		267
P.A.M. Transportation Services (c)		1		32
PACCAR Inc.		11		716
Pall Corp.		3		273
Park-Ohio Holdings Corp.		1		62
Parker Hannifin Corp.		4		577
Patrick Industries Inc. (c)		2		67
Pentair Plc		8		532
Performant Financial Corp. (c)		4		24
PGT Inc. (c)		3		34
Pitney Bowes Inc.		12		301
Polypore International Inc. (c) (e)		2		104
Powell Industries Inc.		1		34
PowerSecure International Inc. (c)		1		14
Precision Castparts Corp.		2		566
Preformed Line Products Co.		—		10
Primoris Services Corp.		4		93
Proto Labs Inc. (c) (e)		1		43
Quad/Graphics Inc. - Class A		2		34
Quality Distribution Inc. (c)		2		24
Quanex Building Products Corp.		3		53
Quanta Services Inc. (c)		6		157
Raven Industries Inc.		2		61
Raytheon Co.		7		732
RBC Bearings Inc.		1		88
Regal-Beloit Corp.		2		180
Republic Airways Holdings Inc. (c)		3		40
Republic Services Inc. - Class A		18		729
Resources Connection Inc.		3		53
Rexnord Corp. (c)		9		263
Roadrunner Transportation Systems Inc. (c)		3		74
Robert Half International Inc.		6		363
Rockwell Automation Inc.		5		566
Rockwell Collins Inc.		5		441
Rollins Inc.		9		289
Roper Industries Inc.		3		456
RPX Corp. (c)		4		59
RR Donnelley & Sons Co.		19		324

	Shares/Par (t)		Value
Rush Enterprises Inc. - Class A (c)		3		83
Ryder System Inc.		6		542
Saia Inc. (c)		2		113
Sensata Technologies Holding NV (c)		6		294
SIFCO Industries Inc.		—		4
Simpson Manufacturing Co. Inc.		3		116
SkyWest Inc.		2		22
SL Industries Inc. (c)		—		4
Snap-On Inc.		2		320
SolarCity Corp. (c) (e)		2		96
Southwest Airlines Co.		34		1,445
SP Plus Corp. (c)		1		13
Sparton Corp. (c)		—		10
Spirit Aerosystems Holdings Inc. -Class A (c)		7		319
Spirit Airlines Inc. (c)		6		453
SPX Corp.		2		187
Standex International Corp.		1		46
Stanley Black & Decker Inc.		7		699
Steelcase Inc. - Class A		7		120
Stericycle Inc. (c)		3		356
Sun Hydraulics Corp.		2		70
Supreme Industries Inc. - Class A		2		12
Swift Transporation Co. - Class A (c)		9		246
TAL International Group Inc. (e)		3		118
Taser International Inc. (c) (e)		2		61
Team Inc. (c)		1		52
Teledyne Technologies Inc. (c)		3		276
Tennant Co.		1		89
Terex Corp.		7		186
Tetra Tech Inc.		5		136
Textainer Group Holdings Ltd.		3		91
Textron Inc.		15		647
Thermon Group Holdings Inc. (c)		2		49
Timken Co.		6		271
Titan International Inc. (e)		4		37
Toro Co.		3		221
Towers Watson & Co.		3		331
TransDigm Group Inc.		2		432
TRC Cos. Inc. (c)		1		6
Trex Co. Inc. (c)		2		68
TriMas Corp. (c)		3		84
Trinity Industries Inc.		12		349
Triumph Group Inc.		3		228
TrueBlue Inc. (c)		3		62
Tutor Perini Corp. (c)		4		96
Twin Disc Inc.		1		24
Tyco International Plc		11		485
Ultralife Corp. (c)		—		1
UniFirst Corp.		1		158
Union Pacific Corp.		27		3,215
United Continental Holdings Inc. (c)		19		1,271
United Parcel Service Inc. - Class B		21		2,337
United Rentals Inc. (c)		6		593
United Stationers Inc. (e)		3		143
United Technologies Corp.		11		1,299
Universal Forest Products Inc.		1		74
Universal Truckload Services Inc.		1		19
US Ecology Inc. (e)		2		61
USA Truck Inc. (c) (e)		1		18
USG Corp. (c) (e)		7		199
UTi Worldwide Inc. (c)		7		89
Valmont Industries Inc. (e)		2		268
Vectrus Inc. (c)		1		23
Verisk Analytics Inc. (c)		6		412
Veritiv Corp. (c) (e)		—		10
Viad Corp.		1		35
Vicor Corp. (c)		1		17
VSE Corp.		—		26

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Wabash National Corp. (c)		5		63
Wabtec Corp.		3		241
Waste Connections Inc.		9		387
Waste Management Inc.		13		642
Watsco Inc.		2		244
Watts Water Technologies Inc. - Class A		2		115
Werner Enterprises Inc.		6		174
WESCO Aircraft Holdings Inc. (c)		1		10
WESCO International Inc. (c)		3		265
West Corp.		2		80
Woodward Governor Co.		5		225
WW Grainger Inc.		2		583
Xerium Technologies Inc. (c)		—		5
XPO Logistics Inc. (c) (e)		1		37
Xylem Inc.		5		182
YRC Worldwide Inc. (c)		1		12
				95,819
INFORMATION TECHNOLOGY - 18.3%
3D Systems Corp. (c) (e)		3		89
Accenture Plc - Class A		18		1,648
ACI Worldwide Inc. (c)		10		199
Activision Blizzard Inc.		33		672
Actuate Corp. (c)		1		9
Acxiom Corp. (c)		5		101
Adobe Systems Inc. (c)		5		332
ADTRAN Inc.		4		86
Advanced Energy Industries Inc. (c)		2		48
Advanced Micro Devices Inc. (c) (e)		36		97
Advent Software Inc.		5		144
Agilysys Inc. (c) (e)		1		10
Akamai Technologies Inc. (c)		5		303
Alliance Data Systems Corp. (c)		3		777
Alpha & Omega Semiconductor Ltd. (c)		1		10
Altera Corp.		5		199
Amdocs Ltd.		6		296
American Software Inc.		1		11
Amkor Technology Inc. (c)		15		105
Amphenol Corp. - Class A		11		607
Analog Devices Inc.		5		303
Anixter International Inc.		2		180
Ansys Inc. (c)		2		188
AOL Inc. (c)		5		221
Apple Inc.		157		17,307
Applied Materials Inc.		19		481
Arris Group Inc. (c)		12		363
Arrow Electronics Inc. (c)		7		418
Aspen Technology Inc. (c)		5		167
Atmel Corp. (c)		12		97
Audience Inc. (c) (e)		1		3
Autodesk Inc. (c)		3		163
Automatic Data Processing Inc.		12		981
Avago Technologies Ltd.		6		597
AVG Technologies NV (c)		4		72
Avid Technology Inc. (c)		1		20
Avnet Inc.		8		359
AVX Corp.		9		121
Axcelis Technologies Inc. (c)		3		7
Badger Meter Inc.		1		65
Bankrate Inc. (c)		6		74
Bel Fuse Inc. - Class B		1		14
Benchmark Electronics Inc. (c)		2		46
Black Box Corp.		—		5
Blackbaud Inc.		3		126
Blackhawk Network Holdings Inc. - Class B (c)		3		99
Blucora Inc. (c)		4		48
Booz Allen Hamilton Holding Corp. -Class A		8		221
Broadcom Corp. - Class A		9		404

	Shares/Par (t)		Value
Broadridge Financial Solutions Inc.		12		550
Brocade Communications Systems Inc.		30		351
Brooks Automation Inc.		5		63
CA Inc.		26		795
Cabot Microelectronics Corp. (c)		2		74
CACI International Inc. - Class A (c)		2		170
Cadence Design Systems Inc. (c)		15		278
CalAmp Corp. (c) (e)		2		32
Calix Inc. (c)		4		44
Carbonite Inc. (c)		2		35
Cardtronics Inc. (c)		4		142
Cascade Microtech Inc. (c) (e)		1		18
Cass Information Systems Inc.		1		32
CDK Global Inc.		3		142
CDW Corp.		10		364
Ceva Inc. (c)		2		29
Checkpoint Systems Inc. (c)		4		50
Ciber Inc. (c)		5		19
Ciena Corp. (c)		7		133
Cirrus Logic Inc. (c)		3		73
Cisco Systems Inc.		111		3,084
Citrix Systems Inc. (c)		5		297
Clearfield Inc. (c) (e)		1		7
Cognex Corp. (c)		5		191
Cognizant Technology Solutions Corp. - Class A (c)		12		622
Coherent Inc. (c)		1		73
Cohu Inc.		1		18
Communications Systems Inc.		1		14
CommVault Systems Inc. (c)		2		98
Computer Sciences Corp.		13		789
Computer Task Group Inc.		1		7
Comtech Telecommunications Corp.		1		32
Comverse Inc. (c)		1		23
Constant Contact Inc. (c)		2		68
Convergys Corp.		6		130
CoreLogic Inc. (c)		6		190
Corning Inc.		16		372
CoStar Group Inc. (c)		1		165
Cray Inc. (c)		1		48
Cree Inc. (c) (e)		4		121
CSG Systems International Inc.		4		90
CTS Corp.		2		27
Daktronics Inc.		2		24
Datalink Corp. (c) (e)		1		10
Dealertrack Technologies Inc. (c)		3		142
Demand Media Inc. (c)		1		5
Dice Holdings Inc. (c)		5		46
Diebold Inc.		1		32
Digi International Inc. (c) (e)		1		11
Digimarc Corp. (e)		—		5
Digital River Inc. (c)		3		72
Diodes Inc. (c)		4		108
Dolby Laboratories Inc. - Class A		3		148
Dot Hill Systems Corp. (c)		1		4
DSP Group Inc. (c) (e)		1		11
DST Systems Inc.		4		351
DTS Inc. (c)		1		29
EarthLink Holdings Corp.		9		40
eBay Inc. (c)		17		935
EchoStar Corp. - Class A (c)		3		138
Electro Rent Corp.		1		20
Electro Scientific Industries Inc.		—		1
Electronic Arts Inc. (c)		10		460
Electronics for Imaging Inc. (c)		2		91
Ellie Mae Inc. (c) (e)		—		16
EMC Corp.		48		1,438
Emulex Corp. (c)		7		39

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Entegris Inc. (c)		9		113
Entropic Communications Inc. (c) (e)		4		11
Envestnet Inc. (c)		—		13
EPAM Systems Inc. (c)		2		109
EPIQ Systems Inc.		2		42
ePlus Inc. (c)		—		33
Equinix Inc.		1		255
Euronet Worldwide Inc. (c)		3		176
Exar Corp. (c)		3		35
ExlService Holdings Inc. (c)		1		38
F5 Networks Inc. (c)		2		298
Fabrinet (c)		2		31
Facebook Inc. - Class A (c)		43		3,390
FactSet Research Systems Inc. (e)		3		363
Fair Isaac Corp.		3		193
Fairchild Semiconductor International Inc. (c)		10		161
FARO Technologies Inc. (c)		1		48
FEI Co.		1		119
Fidelity National Information Services Inc.		17		1,047
Finisar Corp. (c) (e)		6		125
First Solar Inc. (c)		4		162
Fiserv Inc. (c)		11		798
FleetCor Technologies Inc. (c)		3		444
FLIR Systems Inc.		6		199
FormFactor Inc. (c)		4		32
Forrester Research Inc.		1		45
Fortinet Inc. (c)		5		156
Freescale Semiconductor Ltd. (c) (e)		4		103
Frequency Electronics Inc. (c)		1		11
Gartner Inc. - Class A (c)		3		274
Genpact Ltd. (c)		14		268
Global Cash Access Holdings Inc. (c)		5		37
Global Payments Inc.		7		539
Globalscape Inc.		1		1
Google Inc. - Class A (c)		4		1,951
Google Inc. - Class C (c)		4		1,988
GSI Group Inc. (c)		2		31
GSI Technology Inc. (c)		1		4
GTT Communications Inc. (c)		1		16
Guidewire Software Inc. (c)		2		105
Hackett Group Inc.		3		23
Harmonic Inc. (c)		8		53
Harris Corp.		4		275
Heartland Payment Systems Inc.		2		125
Hewlett-Packard Co.		75		3,008
Higher One Holdings Inc. (c)		3		11
IAC/InterActiveCorp.		5		333
IEC Electronics Corp. (c)		—		2
iGate Corp. (c)		4		148
Imation Corp. (c)		2		7
Infinera Corp. (c) (e)		8		118
Informatica Corp. (c)		3		116
Ingram Micro Inc. - Class A (c)		10		272
Inphi Corp. (c)		—		6
Insight Enterprises Inc. (c)		4		98
Integrated Device Technology Inc. (c)		12		245
Integrated Silicon Solutions Inc.		1		22
Intel Corp.		170		6,165
InterDigital Inc.		3		158
Internap Corp. (c)		3		27
International Business Machines Corp.		28		4,490
International Rectifier Corp. (c)		5		208
Intersil Corp. - Class A		8		116
Intevac Inc. (c) (e)		1		8
IntraLinks Holdings Inc. (c)		6		71
Intuit Inc.		7		683
IPG Photonics Corp. (c) (e)		3		262
Itron Inc. (c)		3		131

	Shares/Par (t)		Value
Ixia (c)		5		57
IXYS Corp.		3		38
j2 Global Inc.		3		188
Jabil Circuit Inc.		16		354
Jack Henry & Associates Inc.		7		419
JDS Uniphase Corp. (c)		13		181
Juniper Networks Inc.		11		248
Kemet Corp. (c)		2		7
Key Tronic Corp. (c)		—		3
Keysight Technologies Inc. (c)		2		76
Kimball Electronics Inc. (c)		2		22
KLA-Tencor Corp.		5		374
Knowles Corp. (c) (e)		3		74
Kopin Corp. (c) (e)		4		13
Kulicke & Soffa Industries Inc. (c)		7		103
KVH Industries Inc. (c)		1		8
Lam Research Corp.		8		617
Lattice Semiconductor Corp. (c)		7		46
Leidos Holdings Inc.		5		212
Lexmark International Inc.		6		229
Limelight Networks Inc. (c)		7		20
Linear Technology Corp.		9		421
LinkedIn Corp. - Class A (c)		2		377
Lionbridge Technologies Inc. (c)		6		34
Littelfuse Inc.		1		111
LoJack Corp. (c)		1		2
M/A-COM Technology Solutions Holdings Inc. (c)		1		34
Magnachip Semiconductor Corp. (c)		2		32
Manhattan Associates Inc. (c)		5		215
Mantech International Corp. - Class A		2		48
Marvell Technology Group Ltd.		13		192
MasterCard Inc. - Class A		30		2,575
Mattson Technology Inc. (c)		—		—
Maxim Integrated Products Inc.		9		277
MAXIMUS Inc.		6		319
MaxLinear Inc. (c)		1		9
Maxwell Technologies Inc. (c) (e)		3		29
Mentor Graphics Corp.		8		168
Mercury Systems Inc. (c)		3		43
Mesa Laboratories Inc. (e)		—		15
Methode Electronics Inc.		3		91
Micrel Inc.		2		22
Microchip Technology Inc. (e)		7		312
Micron Technology Inc. (c)		37		1,305
Microsemi Corp. (c)		6		184
Microsoft Corp.		205		9,520
MKS Instruments Inc.		4		155
MoneyGram International Inc. (c)		2		16
Monolithic Power Systems Inc.		1		66
Monotype Imaging Holdings Inc.		2		51
Monster Worldwide Inc. (c)		6		30
Motorola Solutions Inc.		5		364
MTS Systems Corp.		1		100
Nanometrics Inc. (c)		1		22
National Instruments Corp.		6		199
NCR Corp. (c)		12		352
NeoPhotonics Corp. (c)		1		5
NetApp Inc.		13		531
NetGear Inc. (c)		3		91
NetScout Systems Inc. (c)		2		88
NetSuite Inc. (c) (e)		1		74
NeuStar Inc. - Class A (c) (e)		3		87
Newport Corp. (c)		2		41
NIC Inc.		2		36
Novatel Wireless Inc. (c) (e)		3		8
Nuance Communications Inc. (c)		19		277
Nvidia Corp.		23		470

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Omnivision Technologies Inc. (c)		5		125
ON Semiconductor Corp. (c)		28		286
Oracle Corp.		89		3,989
OSI Systems Inc. (c)		1		90
Palo Alto Networks Inc. (c)		1		155
Park Electrochemical Corp.		1		32
Paychex Inc.		15		674
PC Connection Inc.		2		45
PCM Inc. (c)		1		10
PDF Solutions Inc. (c)		1		12
Pegasystems Inc.		3		58
Perceptron Inc.		1		11
Perficient Inc. (c)		3		47
Pericom Semiconductor Corp. (c)		1		10
Photronics Inc. (c)		2		17
Plantronics Inc.		3		133
Plexus Corp. (c)		3		118
PMC - Sierra Inc. (c)		7		62
Polycom Inc. (c)		5		70
Power Integrations Inc.		1		36
PRG-Schultz International Inc. (c)		1		5
Procera Networks Inc. (c) (e)		1		8
Progress Software Corp. (c)		3		92
PTC Inc. (c)		8		290
QAD Inc. - Class A		1		16
QLogic Corp. (c)		5		67
QUALCOMM Inc.		25		1,885
QuinStreet Inc. (c)		2		10
Rackspace Hosting Inc. (c)		10		463
Rambus Inc. (c)		7		83
RealNetworks Inc. (c)		2		14
RealPage Inc. (c)		1		20
Red Hat Inc. (c)		3		235
Reis Inc.		1		16
RF Micro Devices Inc. (c)		14		239
Richardson Electronics Ltd.		1		6
Rightside Group Ltd. (c)		1		6
Riverbed Technology Inc. (c)		8		166
Rofin-Sinar Technologies Inc. (c)		2		61
Rogers Corp. (c)		1		94
Rosetta Stone Inc. (c)		2		16
Rovi Corp. (c)		7		161
Rudolph Technologies Inc. (c)		2		25
Salesforce.com Inc. (c)		5		318
SanDisk Corp.		5		485
Sanmina Corp. (c)		7		172
Sapient Corp. (c)		9		228
ScanSource Inc. (c)		2		78
Science Applications International Corp.		3		170
SeaChange International Inc. (c)		2		14
Seagate Technology		12		770
Semtech Corp. (c)		1		30
ServiceNow Inc. (c)		1		101
ShoreTel Inc. (c)		4		26
Sigma Designs Inc. (c)		2		18
Silicon Image Inc. (c)		7		38
Silicon Laboratories Inc. (c)		2		109
Skyworks Solutions Inc.		12		867
SolarWinds Inc. (c)		2		100
Solera Holdings Inc.		5		280
Spansion Inc. (c)		3		93
Splunk Inc. (c)		1		83
SS&C Technologies Holdings Inc.		4		258
Stamps.com Inc. (c)		1		36
Stratasys Ltd. (c) (e)		3		251
SunEdison Inc. (c) (e)		14		268
SunPower Corp. (c) (e)		5		139
Super Micro Computer Inc. (c)		3		119

	Shares/Par (t)		Value
support.com Inc. (c)		4		9
Sykes Enterprises Inc. (c)		3		73
Symantec Corp.		34		865
Synaptics Inc. (c)		3		176
Synchronoss Technologies Inc. (c)		2		95
SYNNEX Corp.		3		245
Synopsys Inc. (c)		4		175
Syntel Inc. (c)		6		270
Tableau Software Inc. - Class A (c)		1		76
Take-Two Interactive Software Inc. (c)		10		278
TE Connectivity Ltd.		10		615
Tech Data Corp. (c)		3		207
TechTarget Inc. (c)		1		8
TeleCommunication Systems Inc. - Class A (c)		4		11
TeleNav Inc. (c)		2		14
TeleTech Holdings Inc. (c)		3		77
Teradata Corp. (c)		7		302
Teradyne Inc.		13		263
Tessco Technologies Inc.		1		18
Tessera Technologies Inc.		4		149
Texas Instruments Inc.		27		1,423
TiVo Inc. (c)		2		19
Total System Services Inc.		9		309
Transact Technologies Inc.		—		1
Travelzoo Inc. (c)		—		3
Trimble Navigation Ltd. (c)		7		185
TriQuint Semiconductor Inc. (c)		14		374
TTM Technologies Inc. (c)		5		39
Twitter Inc. (c)		3		102
Tyler Technologies Inc. (c)		2		169
Ubiquiti Networks Inc.		2		53
Ultimate Software Group Inc. (c)		1		179
Ultra Clean Holdings Inc. (c)		2		17
Ultratech Inc. (c)		2		33
Unisys Corp. (c)		3		83
United Online Inc (c)		2		22
Vantiv Inc. - Class A (c)		9		309
VASCO Data Security International Inc. (c) (e)		—		4
Veeco Instruments Inc. (c)		3		98
VeriFone Systems Inc. (c)		6		224
Verint Systems Inc. (c)		3		170
VeriSign Inc. (c) (e)		3		171
ViaSat Inc. (c) (e)		2		119
Viasystems Group Inc. (c)		1		23
Virtusa Corp. (c)		1		48
Visa Inc. - Class A		10		2,609
Vishay Intertechnology Inc.		11		156
Vishay Precision Group Inc. (c)		1		12
VMware Inc. - Class A (c)		1		107
Web.com Group Inc. (c)		1		26
WebMD Health Corp. (c) (e)		1		42
Westell Technologies Inc. (c)		3		5
Western Digital Corp.		10		1,131
Western Union Co.		20		355
WEX Inc. (c)		3		260
Workday Inc. - Class A (c)		1		103
Xcerra Corp. (c)		—		3
Xerox Corp.		58		808
Xilinx Inc.		6		263
XO Group Inc. (c)		2		33
Yahoo! Inc. (c)		12		603
Yelp Inc. - Class A (c)		1		51
Zebra Technologies Corp. - Class A (c)		2		179
Zillow Inc. - Class A (c) (e)		1		78
Zixit Corp. (c)		3		12
Zynga Inc. - Class A (c)		44		117
				126,626

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
MATERIALS - 4.8%
A. Schulman Inc.		2		73
AEP Industries Inc. (c)		1		29
Air Products & Chemicals Inc.		4		577
Airgas Inc.		4		513
Albemarle Corp. (e)		5		327
Alcoa Inc.		48		755
Allegheny Technologies Inc.		7		242
American Vanguard Corp. (e)		2		20
AptarGroup Inc.		4		282
Ashland Inc.		4		432
Axiall Corp.		5		210
Balchem Corp.		2		106
Ball Corp.		6		412
Bemis Co. Inc.		7		331
Berry Plastics Group Inc. (c)		7		224
Boise Cascade Co. (c)		3		93
Cabot Corp.		4		171
Calgon Carbon Corp. (c)		4		73
Carpenter Technology Corp.		4		188
Celanese Corp.		9		525
Century Aluminum Co. (c)		7		167
CF Industries Holdings Inc.		4		1,177
Chemtura Corp. (c) (e)		7		181
Clearwater Paper Corp. (c)		1		100
Cliffs Natural Resources Inc. (e)		10		71
Coeur d’Alene Mines Corp. (c)		4		20
Commercial Metals Co.		9		145
Compass Minerals International Inc.		3		283
Core Molding Technologies Inc. (c)		1		11
Crown Holdings Inc. (c)		6		281
Cytec Industries Inc.		5		243
Deltic Timber Corp.		—		27
Domtar Corp.		4		163
Dow Chemical Co.		31		1,427
E.I. du Pont de Nemours & Co.		18		1,325
Eagle Materials Inc.		3		198
Eastman Chemical Co.		12		895
Ecolab Inc.		5		518
Ferro Corp. (c)		8		109
Flotek Industries Inc. (c) (e)		3		64
FMC Corp.		5		279
Freeport-McMoran Inc. - Class B		37		861
FutureFuel Corp.		3		39
Globe Specialty Metals Inc.		3		55
Graphic Packaging Holding Co. (c)		32		434
Greif Inc. - Class A		1		71
Greif Inc. - Class B (e)		1		26
Hawkins Inc. (e)		1		31
Haynes International Inc.		1		34
HB Fuller Co.		4		162
Headwaters Inc. (c)		4		61
Hecla Mining Co.		14		40
Horsehead Holding Corp. (c) (e)		4		70
Huntsman Corp.		23		528
Innophos Holdings Inc.		1		87
Innospec Inc.		1		58
International Flavors & Fragrances Inc.		3		260
International Paper Co.		14		745
Intrepid Potash Inc. (c) (e)		2		22
Kaiser Aluminum Corp.		1		64
KapStone Paper and Packaging Corp.		9		272
KMG Chemicals Inc.		1		13
Koppers Holdings Inc.		1		33
Kraton Performance Polymers Inc. (c)		2		40
Kronos Worldwide Inc.		3		44
Landec Corp. (c)		2		27

	Shares/Par (t)		Value
Louisiana-Pacific Corp. (c) (e)		11		178
LSB Industries Inc. (c)		2		47
LyondellBasell Industries NV - Class A		14		1,115
Martin Marietta Materials Inc.		2		199
Materion Corp.		2		56
MeadWestvaco Corp.		8		377
Mercer International Inc. (c)		4		46
Minerals Technologies Inc.		3		201
Monsanto Co.		14		1,706
Mosaic Co.		9		401
Myers Industries Inc. (e)		3		53
Neenah Paper Inc.		1		78
NewMarket Corp.		1		338
Newmont Mining Corp.		17		323
Noranda Aluminium Holding Corp.		5		18
Nucor Corp.		16		763
Olin Corp.		6		132
Olympic Steel Inc.		1		10
OM Group Inc.		2		45
Omnova Solutions Inc. (c)		3		27
Owens-Illinois Inc. (c)		14		385
P.H. Glatfelter Co.		3		80
Packaging Corp. of America		5		360
Penford Corp. (c)		1		24
PolyOne Corp.		7		281
PPG Industries Inc.		3		766
Praxair Inc.		8		1,094
Quaker Chemical Corp.		1		66
Reliance Steel & Aluminum Co.		5		290
Resolute Forest Products (c)		6		97
Rock-Tenn Co. - Class A		7		441
Rockwood Holdings Inc.		5		362
Royal Gold Inc.		4		247
RPM International Inc.		5		233
RTI International Metals Inc. (c) (e)		1		30
Schnitzer Steel Industries Inc. - Class A (e)		2		42
Schweitzer-Mauduit International Inc.		2		88
Scotts Miracle-Gro Co. - Class A		6		362
Sealed Air Corp.		8		322
Sensient Technologies Corp.		3		181
Sherwin-Williams Co.		2		634
Sigma-Aldrich Corp.		3		441
Silgan Holdings Inc.		6		304
Sonoco Products Co.		8		353
Southern Copper Corp.		6		156
Steel Dynamics Inc.		17		337
Stepan Co.		1		40
Stillwater Mining Co. (c)		6		90
SunCoke Energy Inc.		5		98
TimkenSteel Corp.		3		110
Trecora Resources (c)		1		16
Tredegar Corp.		—		4
Tronox Ltd. - Class A		4		101
United States Lime & Minerals Inc. (e)		—		22
United States Steel Corp.		9		246
Universal Stainless & Alloy Products Inc. (c)		1		18
US Silica Holdings Inc.		3		82
Valspar Corp.		3		285
Vulcan Materials Co.		5		357
Wausau Paper Corp. (e)		3		33
Westlake Chemical Corp.		3		212
Worthington Industries Inc.		4		111
WR Grace & Co. (c)		3		261
Zep Inc.		2		29
				33,548

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
TELECOMMUNICATION SERVICES - 2.6%
8x8 Inc. (c)		1		6
Alaska Communications Systems Group Inc. (c)		3		5
AT&T Inc.		225		7,574
Atlantic Tele-Network Inc.		1		77
Boingo Wireless Inc. (c)		1		6
CenturyLink Inc.		19		768
Cincinnati Bell Inc. (c)		17		53
Cogent Communications Holdings Inc.		3		101
Consolidated Communications Holdings Inc. (e)		4		102
Frontier Communications Corp. (e)		94		628
General Communication Inc. - Class A (c)		3		47
Hawaiian Telcom Holdco Inc. (c)		—		11
HC2 Holdings Inc. (c)		1		5
IDT Corp. - Class B		2		42
Inteliquent Inc.		3		62
Intelsat SA (c) (e)		2		29
Level 3 Communications Inc. (c)		15		756
Lumos Networks Corp. (e)		2		40
NTELOS Holdings Corp.		1		6
ORBCOMM Inc. (c)		3		23
Premiere Global Services Inc. (c)		3		33
Safeguard Scientifics Inc. (c)		2		36
SBA Communications Corp. (c)		6		611
Shenandoah Telecommunications Co.		2		68
Spok Holdings Inc.		1		19
Sprint Corp. (c) (e)		10		40
T-Mobile US Inc. (c)		6		162
Telephone & Data Systems Inc.		7		186
US Cellular Corp. (c) (e)		1		57
Verizon Communications Inc.		128		6,003
Vonage Holdings Corp. (c)		15		58
Windstream Holdings Inc. (e)		59		483
				18,097
UTILITIES - 3.3%
AES Corp.		18		251
AGL Resources Inc.		3		187
Allete Inc.		3		169
Alliant Energy Corp.		3		195
Ameren Corp.		6		280
American Electric Power Co. Inc.		10		590
American States Water Co.		3		109
American Water Works Co. Inc.		4		237
Aqua America Inc.		12		324
Atmos Energy Corp.		7		374
Avista Corp.		5		165
Black Hills Corp.		3		168
California Water Service Group		3		83
Calpine Corp. (c)		29		638
CenterPoint Energy Inc.		11		247
Chesapeake Utilities Corp.		1		52
Cleco Corp.		4		229
CMS Energy Corp.		8		286
Connecticut Water Services Inc.		1		25
Consolidated Edison Inc.		8		512
Consolidated Water Co. Ltd. (e)		2		20
Delta Natural Gas Co. Inc.		—		2
Dominion Resources Inc.		12		903
DTE Energy Co.		4		388
Duke Energy Corp.		14		1,184
Dynegy Inc. (c)		5		137
Edison International		7		473
El Paso Electric Co.		3		119
Empire District Electric Co. (e)		3		86
Entergy Corp.		5		450
Exelon Corp.		17		647
FirstEnergy Corp.		12		462

	Shares/Par (t)		Value
Genie Energy Ltd. - Class B		2		12
Great Plains Energy Inc.		10		296
Hawaiian Electric Industries Inc. (e)		6		204
IDACORP Inc.		3		225
Integrys Energy Group Inc.		5		409
ITC Holdings Corp.		9		367
Laclede Group Inc.		3		159
MDU Resources Group Inc.		8		197
MGE Energy Inc.		2		113
Middlesex Water Co.		1		27
National Fuel Gas Co.		6		392
New Jersey Resources Corp.		3		176
NextEra Energy Inc.		9		921
NiSource Inc.		9		384
Northeast Utilities		8		451
Northwest Natural Gas Co. (e)		2		95
NorthWestern Corp.		3		146
NRG Energy Inc.		9		239
NRG Yield Inc. - Class A		2		101
OGE Energy Corp.		5		175
ONE Gas Inc.		3		138
Oneok Inc.		10		504
Ormat Technologies Inc. (e)		3		77
Otter Tail Corp. (e)		2		72
Pepco Holdings Inc.		5		140
PG&E Corp.		9		469
Piedmont Natural Gas Co. Inc.		5		214
Pinnacle West Capital Corp.		3		184
PNM Resources Inc.		5		162
Portland General Electric Co.		5		203
PPL Corp.		13		459
Public Service Enterprise Group Inc.		10		422
Questar Corp.		11		282
SCANA Corp.		3		204
Sempra Energy		5		524
SJW Corp.		1		45
South Jersey Industries Inc. (e)		2		132
Southern Co.		18		889
Southwest Gas Corp.		3		203
TECO Energy Inc.		16		324
UGI Corp.		15		568
UIL Holdings Corp.		4		165
Unitil Corp.		1		32
Vectren Corp.		6		262
Westar Energy Inc.		9		362
WGL Holdings Inc.		4		194
Wisconsin Energy Corp.		6		292
Xcel Energy Inc.		14		518
York Water Co.		1		12
				23,133
Total Common Stocks (cost $560,279)				692,589
RIGHTS - 0.0%
Community Health Systems Inc. (c)		8		—
Liberty Broadband Corp. (c)		—		5
Providence Services Corp. (c) (f)		1		—
Total Rights (cost $1)				5
WARRANTS - 0.0%
Magnum Hunter Resources Corp. (c) (e) (f) (p) (q)		1		—
Total Warrants (cost $0)				—
SHORT TERM INVESTMENTS - 3.7%
Investment Companies - 0.4%
JNL Money Market Fund, 0.01% (a) (h)		2,716		2,716

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Securities Lending Collateral - 3.3%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		22,776		22,776
Total Short Term Investments (cost $25,492)				25,492
Total Investments - 103.5% (cost $585,772)				718,086
Other Assets and Liabilities, Net - (3.5%)				(24,365	)
Total Net Assets - 100.0%			$	693,721
JNL/Eagle SmallCap Equity Fund
COMMON STOCKS - 99.9%
CONSUMER DISCRETIONARY - 17.3%
Belmond Ltd. - Class A (c)		1,629	$	20,150
Bright Horizons Family Solutions Inc. (c)		148		6,947
Buffalo Wild Wings Inc. (c)		57		10,337
Chuy’s Holdings Inc. (c)		285		5,597
Cracker Barrel Old Country Store Inc. (e)		25		3,521
Deckers Outdoor Corp. (c)		154		14,035
Genesco Inc. (c)		582		44,613
Grand Canyon Education Inc. (c)		154		7,195
HomeAway Inc. (c)		400		11,909
iRobot Corp. (c) (e)		172		5,978
KB Home (e)		419		6,941
Sotheby’s - Class A		103		4,467
Steven Madden Ltd. (c)		368		11,706
Universal Electronics Inc. (c)		517		33,607
Vince Holding Corp. (c) (e)		263		6,867
Vitamin Shoppe Inc. (c)		641		31,118
WABCO Holdings Inc. (c)		107		11,169
				236,157
CONSUMER STAPLES - 3.9%
Casey’s General Stores Inc.		66		5,989
Natural Grocers by Vitamin Cottage Inc. (c) (e)		511		14,383
The Fresh Market Inc. (c) (e)		91		3,750
United Natural Foods Inc. (c)		148		11,464
WhiteWave Foods Co. - Class A (c)		510		17,856
				53,442
ENERGY - 3.7%
Diamondback Energy Inc. (c)		96		5,712
Geospace Technologies Corp. (c) (e)		285		7,551
Gulfport Energy Corp. (c)		336		14,014
Rice Energy Inc. (c)		700		14,669
RSP Permian Inc. (c)		328		8,244
				50,190
FINANCIALS - 8.1%
Enstar Group Ltd. (c)		54		8,320
Fortress Investment Group LLC - Class A		1,020		8,179
FXCM Inc. - Class A (e)		519		8,605
Geo Group Inc.		443		17,867
Home Loan Servicing Solutions Ltd. (e)		718		14,017
MGIC Investment Corp. (c)		1,272		11,857
PRA Group Inc. (c) (e)		88		5,104
Stifel Financial Corp. (c)		359		18,312
Two Harbors Investment Corp.		570		5,713
UMB Financial Corp.		223		12,715
				110,689
HEALTH CARE - 23.4%
Acadia HealthCare Co. Inc. (c)		100		6,117
Acorda Therapeutics Inc. (c)		436		17,812
Air Methods Corp. (c) (e)		251		11,060
Akebia Therapeutics Inc. (c) (e)		293		3,414

	Shares/Par (t)		Value
Align Technology Inc. (c)		113		6,312
Anacor Pharmaceuticals Inc. (c) (e)		313		10,106
Celladon Corp. (c)		214		4,185
Centene Corp. (c)		279		29,010
Chimerix Inc. (c)		203		8,190
Cooper Cos. Inc.		69		11,257
CTI BioPharma Corp. (c) (e)		2,611		6,163
Cyberonics Inc. (c)		113		6,298
Enanta Pharmaceuticals Inc. (c)		121		6,153
Endologix Inc. (c)		510		7,797
ExamWorks Group Inc. (c)		182		7,568
HMS Holdings Corp. (c) (e)		314		6,642
Isis Pharmaceuticals Inc. (c) (e)		188		11,628
Keryx Biopharmaceuticals Inc. (c) (e)		399		5,648
MedAssets Inc. (c)		612		12,102
Medidata Solutions Inc. (c)		178		8,508
Natus Medical Inc. (c)		284		10,225
NPS Pharmaceuticals Inc. (c)		229		8,190
Ophthotech Corp. (c) (e)		294		13,206
Pacira Pharmaceuticals Inc. (c)		83		7,326
PAREXEL International Corp. (c)		167		9,262
Portola Pharmaceuticals Inc. (c) (e)		211		5,982
Puma Biotechnology Inc. (c) (e)		23		4,299
Receptos Inc. (c)		124		15,141
Seattle Genetics Inc. (c) (e)		167		5,355
Sirona Dental Systems Inc. (c)		153		13,388
Spectranetics Corp. (c)		445		15,383
Team Health Holdings Inc. (c)		255		14,659
Theravance Biopharma Inc. (c) (e)		159		2,371
Thoratec Corp. (c)		223		7,251
				318,008
INDUSTRIALS - 14.4%
Advisory Board Co. (c)		117		5,723
Chart Industries Inc. (c)		141		4,831
Colfax Corp. (c)		286		14,765
EMCOR Group Inc.		191		8,506
Hexcel Corp. (c)		573		23,790
JetBlue Airways Corp. (c) (e)		1,889		29,961
Landstar System Inc.		208		15,089
Northwest Pipe Co. (c)		371		11,179
Paylocity Holding Corp. (c)		252		6,578
PGT Inc. (c)		451		4,346
Proto Labs Inc. (c) (e)		93		6,269
Quality Distribution Inc. (c)		576		6,131
Thermon Group Holdings Inc. (c)		439		10,618
Trex Co. Inc. (c)		409		17,422
Waste Connections Inc.		422		18,567
Woodward Governor Co.		254		12,507
				196,282
INFORMATION TECHNOLOGY - 23.2%
Aruba Networks Inc. (c)		296		5,372
Aspen Technology Inc. (c)		299		10,484
Cavium Inc. (c)		468		28,918
Coherent Inc. (c)		214		12,991
Cornerstone OnDemand Inc. (c) (e)		395		13,895
Demandware Inc. (c)		261		15,034
E2open Inc. (c) (e)		562		5,397
FireEye Inc. (c) (e)		422		13,342
Fortinet Inc. (c)		506		15,502
Guidewire Software Inc. (c)		257		13,000
Imperva Inc. (c) (e)		426		21,049
IPG Photonics Corp. (c) (e)		265		19,840
Kulicke & Soffa Industries Inc. (c)		400		5,790
Manhattan Associates Inc. (c)		159		6,483
Palo Alto Networks Inc. (c)		113		13,886
PTC Inc. (c)		262		9,600

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Qualys Inc. (c)		471		17,787
RF Micro Devices Inc. (c)		591		9,811
Tableau Software Inc. - Class A (c)		117		9,914
Teradyne Inc.		401		7,944
Trulia Inc. (c) (e)		296		13,628
Ultimate Software Group Inc. (c)		95		13,895
Varonis Systems Inc. (c) (e)		209		6,860
Veeco Instruments Inc. (c)		484		16,890
WebMD Health Corp. - Class A (c) (e)		209		8,268
				315,580
MATERIALS - 5.9%
Chemtura Corp. (c) (e)		168		4,151
Huntsman Corp.		728		16,581
Martin Marietta Materials Inc.		117		12,951
Quaker Chemical Corp.		341		31,405
RTI International Metals Inc. (c) (e)		610		15,401
				80,489
Total Common Stocks (cost $1,132,538)				1,360,837
SHORT TERM INVESTMENTS - 10.6%
Securities Lending Collateral - 10.6%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		144,926		144,926
Total Short Term Investments (cost $144,926)				144,926
Total Investments - 110.5% (cost $1,277,464)				1,505,763
Other Assets and Liabilities, Net - (10.5%)				(142,692	)
Total Net Assets - 100.0%			$	1,363,071
JNL/Franklin Templeton Global Growth Fund
COMMON STOCKS - 95.0%
BRAZIL - 0.5%
Petroleo Brasileiro SA - ADR (e)		861	$	6,529
CANADA - 2.1%
Talisman Energy Inc.		3,276		25,661
CHINA - 2.0%
China Mobile Ltd.		446		5,224
China Shenhua Energy Co. Ltd. - Class H		3,240		9,560
China Telecom Corp. Ltd. - ADR - Class H (e)		146		8,551
Dongfang Electric Corp. Ltd. - Class H		681		1,248
				24,583
DENMARK - 0.5%
FLSmidth & Co. A/S		137		6,023
FRANCE - 8.2%
AXA SA		662		15,251
BNP Paribas		255		15,058
Compagnie Generale des Etablissements Michelin		161		14,576
Credit Agricole SA		976		12,603
Orange SA		282		4,792
Sanofi SA		189		17,222
Technip SA		39		2,339
Total SA		278		14,234
Vivendi SA		198		4,934
				101,009
GERMANY - 6.2%
Commerzbank AG (c)		326		4,277
Deutsche Lufthansa AG		1,093		18,105
Merck KGaA		172		16,192

	Shares/Par (t)		Value
Metro AG (c)		429		13,126
Muenchener Rueckversicherungs AG		31		6,145
SAP AG		99		6,897
Siemens AG		99		11,151
				75,893
HONG KONG - 0.8%
Kunlun Energy Co. Ltd.		10,073		9,506
IRELAND - 1.4%
CRH Plc		644		15,479
CRH Plc		48		1,143
				16,622
ISRAEL - 2.0%
Teva Pharmaceutical Industries Ltd. - ADR		435		25,011
ITALY - 2.1%
ENI SpA		677		11,861
Saipem SpA (c) (e)		95		998
UniCredit SpA		2,008		12,862
				25,721
JAPAN - 2.6%
Konica Minolta Holdings Inc.		744		8,101
Nissan Motor Co. Ltd.		1,358		11,844
Toyota Motor Corp.		188		11,697
				31,642
NETHERLANDS - 5.3%
Akzo Nobel NV (e)		259		17,919
ING Groep NV - CVA (c)		1,124		14,521
Koninklijke Philips Electronics NV		310		8,990
NN Group NV (c)		164		4,890
Qiagen NV (c)		213		4,969
Royal Dutch Shell Plc - Class B		238		8,221
TNT NV		757		5,045
				64,555
PORTUGAL - 0.7%
Galp Energia SGPS SA		880		8,934
RUSSIAN FEDERATION - 0.8%
MMC Norilsk Nickel - ADR		669		9,562
Mobile Telesystems OJSC - ADR		46		329
				9,891
SINGAPORE - 1.8%
DBS Group Holdings Ltd.		666		10,310
Singapore Telecommunications Ltd.		3,809		11,181
				21,491
SOUTH KOREA - 4.5%
KB Financial Group Inc. - ADR (e)		290		9,454
POSCO Inc. - ADR (e)		176		11,246
Samsung Electronics Co. Ltd. - GDR (p)		57		34,448
				55,148
SPAIN - 1.4%
Telefonica SA		1,175		16,873
SWEDEN - 1.7%
Getinge AB - Class B		483		11,005
Telefonaktiebolaget LM Ericsson - Class B		809		9,797
				20,802
SWITZERLAND - 3.6%
Credit Suisse Group AG		518		13,020
Roche Holding AG		73		19,879
Swiss Re AG		129		10,770
				43,669

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
THAILAND - 0.3%
Bangkok Bank PCL - NVDR		555		3,258
TURKEY - 1.2%
Turkcell Iletisim Hizmetleri A/S - ADR (c) (e)		1,013		15,315
UNITED KINGDOM - 10.7%
Aviva Plc		1,602		12,037
BAE Systems Plc		857		6,265
BP Plc		1,407		8,931
GlaxoSmithKline Plc		747		16,018
HSBC Holdings Plc		1,860		17,684
International Consolidated Airlines Group SA (c)		1,389		10,457
Kingfisher Plc		3,180		16,809
Marks & Spencer Group Plc		643		4,760
Noble Corp. Plc (e)		600		9,941
Serco Group Plc (e)		1,256		3,146
Sky Plc		452		6,315
Tesco Plc		3,219		9,384
Vodafone Group Plc		2,750		9,430
				131,177
UNITED STATES OF AMERICA - 34.6%
Actavis Plc (c)		38		9,779
American International Group Inc.		368		20,625
Amgen Inc.		148		23,612
Baker Hughes Inc.		92		5,175
Best Buy Co. Inc.		376		14,655
Capital One Financial Corp.		38		3,126
Chevron Corp.		59		6,578
Cisco Systems Inc.		583		16,203
Citigroup Inc.		487		26,369
Comcast Corp. - Special Class A (e)		471		27,091
CVS Health Corp.		160		15,382
Flextronics International Ltd. (c)		278		3,107
Gilead Sciences Inc. (c)		33		3,145
Hewlett-Packard Co.		511		20,494
JPMorgan Chase & Co.		268		16,773
Medtronic Inc.		323		23,313
Merck & Co. Inc.		206		11,723
Microsoft Corp.		715		33,222
Morgan Stanley		545		21,138
Navistar International Corp. (c)		273		9,136
News Corp. - Class A (c)		347		5,451
Oracle Corp.		123		5,531
Paragon Offshore Plc (e)		112		311
Pfizer Inc.		602		18,756
SunTrust Banks Inc.		358		15,015
Target Corp.		113		8,604
Twenty-First Century Fox Inc. - Class A		396		15,210
United Parcel Service Inc. - Class B		109		12,164
Verizon Communications Inc.		133		6,204
Viacom Inc. - Class B		122		9,163
Walgreens Boots Alliance Inc.		85		6,452
Walt Disney Co.		116		10,972
				424,479
Total Common Stocks (cost $1,056,124)				1,163,792
SHORT TERM INVESTMENTS - 10.3%
Investment Companies - 4.9%
JNL Money Market Fund, 0.01% (a) (h)		59,972		59,972

	Shares/Par (t)		Value
Securities Lending Collateral - 5.4%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		66,194		66,194
Total Short Term Investments (cost $126,166)				126,166
Total Investments - 105.3% (cost $1,182,290)				1,289,958
Other Assets and Liabilities, Net - (5.3%)				(64,346	)
Total Net Assets - 100.0%			$	1,225,612
JNL/Franklin Templeton Global Multisector Bond Fund
CORPORATE BONDS AND NOTES - 16.5%
AUSTRALIA - 0.1%
Barminco Finance Pty Ltd., 9.00%, 06/01/18 (e) (r)	$	1,300	$	1,183
FMG Resources August 2006 Pty Ltd.
6.00%, 04/01/17 (e) (r)		400		383
6.88%, 02/01/18 (e) (r)		844		766
				2,332
CANADA - 0.8%
1011778 BC Unltd. Liability Corp., 6.00%, 04/01/22 (r)		2,500		2,563
B2Gold Corp., 3.25%, 10/01/18 (v)		11,440		10,017
First Quantum Minerals Ltd.
6.75%, 02/15/20 (r)		1,318		1,193
7.00%, 02/15/21 (r)		1,318		1,186
Valeant Pharmaceuticals International Inc., 7.50%, 07/15/21 (r)		600		648
				15,607
CHILE - 0.0%
VTR Finance BV, 6.88%, 01/15/24 (r)		900		918
FRANCE - 0.1%
CGG SA, 6.88%, 01/15/22 (e)		1,000		760
Cie Generale de Geophysique - Veritas, 6.50%, 06/01/21		1,900		1,444
Compagnie Generale de Geophysique SA, 7.75%, 05/15/17 (e)		33		28
				2,232
GERMANY - 0.3%
Faenza GmbH, 8.25%, 08/15/21 (r), EUR		1,500		1,951
Unitymedia Hessen GmbH & Co. KG, 5.75%, 01/15/23 (r), EUR		800		1,047
Unitymedia KabelBW GmbH, 6.13%, 01/15/25 (r)		3,000		3,098
				6,096
INDIA - 0.0%
Novelis Inc., 8.38%, 12/15/17		200		207
ITALY - 0.2%
Wind Acquisition Finance SA
4.75%, 07/15/20 (r)		700		655
7.38%, 04/23/21 (r)		3,000		2,831
				3,486
JAMAICA - 0.2%
Digicel Group Ltd.
8.25%, 09/30/20 (r)		600		582
7.13%, 04/01/22 (r)		800		744
Digicel Ltd., 6.00%, 04/15/21 (e) (r)		2,100		1,963
				3,289

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
LUXEMBOURG - 0.3%
CHC Helicopter SA, 9.25%, 10/15/20		2,790		2,720
INEOS Group Holdings SA
6.50%, 08/15/18 (e) (r), EUR		1,000		1,188
5.75%, 02/15/19 (r), EUR		800		930
Intelsat Jackson Holdings SA, 5.50%, 08/01/23		1,600		1,590
				6,428
NETHERLANDS - 0.3%
InterGen NV, 7.00%, 06/30/23 (r)		3,000		2,850
UPC Holding BV, 6.75%, 03/15/23 (r), EUR		700		924
UPCB Finance VI Ltd., 6.88%, 01/15/22 (r)		1,600		1,740
				5,514
RUSSIAN FEDERATION - 0.5%
Alfa Bank OJSC Via Alfa Bond Issuance Plc
7.88%, 09/25/17 (r)		4,800		4,467
7.75%, 04/28/21 (r)		5,750		4,866
				9,333
SOUTH AFRICA - 0.6%
Edcon Holdings Pty Ltd., 13.38%, 06/30/19 (r), EUR		12,600		5,336
Edcon Pty Ltd.
9.50%, 03/01/18 (e) (r)		1,650		1,287
9.50%, 03/01/18 (e) (r), EUR		7,150		6,792
				13,415
SOUTH KOREA - 4.7%
Korea Monetary Stabilization Bond
0.00%, 01/13/15 (j), KRW		12,371,700		11,248
2.13%, 10/08/15, KRW		8,591,400		7,819
2.90%, 12/02/15, KRW		14,356,500		13,156
2.80%, 04/02/16, KRW		33,731,020		30,953
2.79%, 06/02/16, KRW		5,063,000		4,651
2.46%, 08/02/16, KRW		16,064,100		14,694
2.22%, 10/02/16, KRW		6,297,100		5,741
2.07%, 12/02/16, KRW		9,779,000		8,891
				97,153
SPAIN - 0.2%
Abengoa Finance SAU
8.88%, 11/01/17 (r)		1,600		1,520
7.75%, 02/01/20 (e) (r)		1,500		1,324
Grifols Worldwide Operations Ltd., 5.25%, 04/01/22 (r)		1,100		1,125
				3,969
SWEDEN - 0.1%
Stena AB, 7.00%, 02/01/24 (e) (r)		2,500		2,287
Stena International SA, 5.75%, 03/01/24 (r)		900		846
				3,133
UNITED KINGDOM - 0.5%
Algeco Scotsman Global Finance Plc, 8.50%, 10/15/18 (e) (r)		1,100		1,062
Lynx II Corp., 6.38%, 04/15/23 (r)		2,200		2,304
New Look Bondco I Plc, 8.75%, 05/14/18 (r), GBP		1,100		1,798
Royal Bank of Scotland Group Plc
6.93%, 04/09/18, EUR		600		836
6.13%, 12/15/22		600		653
5.13%, 05/28/24		1,300		1,322
Virgin Media Finance Plc, 6.38%, 10/15/24 (r), GBP		500		838
Virgin Media Secured Finance Plc, 5.50%, 01/15/25 (r)		1,000		1,033
				9,846

	Shares/Par (t)		Value
UNITED STATES OF AMERICA - 7.6%
Ally Financial Inc.
8.00%, 12/31/18		500		568
7.50%, 09/15/20		900		1,055
5.13%, 09/30/24		2,100		2,131
Amsurg Corp., 5.63%, 07/15/22 (r)		1,300		1,332
Antero Resources Finance Corp., 5.38%, 11/01/21		2,500		2,419
ArcelorMittal, 6.00%, 03/01/21 (l)		2,500		2,600
BMC Software Finance Inc., 8.13%, 07/15/21 (r)		2,500		2,350
Caesars Entertainment Operating Co. Inc.
11.25%, 06/01/17		600		440
9.00%, 02/15/20 (e)		1,100		814
California Resources Corp.
5.50%, 09/15/21 (r)		1,000		855
6.00%, 11/15/24 (r)		1,000		845
Calpine Corp.
6.00%, 01/15/22 (r)		200		213
7.88%, 01/15/23 (r)		1,402		1,546
7.88%, 01/15/23 (p)		90		99
5.88%, 01/15/24 (r)		900		959
5.75%, 01/15/25 (e)		2,000		2,025
CCO Holdings LLC
8.13%, 04/30/20		600		632
5.25%, 09/30/22		1,400		1,396
CCOH Safari LLC, 5.75%, 12/01/24		1,500		1,517
Cemex Finance LLC, 6.00%, 04/01/24 (r)		2,500		2,437
Chaparral Energy Inc.
8.25%, 09/01/21		1,500		1,020
7.63%, 11/15/22		1,400		917
Chesapeake Energy Corp.
6.63%, 08/15/20		1,000		1,062
6.13%, 02/15/21		1,500		1,575
CIT Group Inc.
6.63%, 04/01/18 (r)		500		543
5.38%, 05/15/20		100		106
5.00%, 08/15/22		1,000		1,027
5.00%, 08/01/23		1,000		1,027
Citigroup Inc., 6.30%, (callable at 100 beginning 05/15/24) (m)		2,400		2,364
Clayton Williams Energy Inc., 7.75%, 04/01/19		1,800		1,530
Clear Channel Communications Inc.
9.00%, 03/01/21		1,600		1,568
9.00%, 09/15/22 (e) (r)		1,800		1,764
Clear Channel Worldwide Holdings Inc.
7.63%, 03/15/20		300		316
6.50%, 11/15/22		1,000		1,030
Community Health Systems Inc.
8.00%, 11/15/19		500		534
7.13%, 07/15/20		1,300		1,386
Consol Energy Inc., 6.38%, 03/01/21		700		700
CONSOL Energy Inc., 5.88%, 04/15/22 (r)		1,600		1,488
Crown Castle International Corp., 5.25%, 01/15/23		2,700		2,754
DaVita HealthCare Partners Inc.
5.75%, 08/15/22		2,700		2,862
5.13%, 07/15/24		400		408
Del Monte Corp., 7.63%, 02/15/19		1,039		1,021
DISH DBS Corp.
5.88%, 07/15/22		900		923
5.00%, 03/15/23		700		677
E*TRADE Financial Corp., 6.38%, 11/15/19		2,200		2,332
Echostar DBS Corp., 7.13%, 02/01/16		400		421
Energy Transfer Equity LP, 5.88%, 01/15/24		3,000		3,045
Energy Transfer Partners LP, 7.50%, 10/15/20		400		444

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Energy XXI Gulf Coast Inc.
9.25%, 12/15/17 (e)		600		390
7.75%, 06/15/19		1,200		714
Equinix Inc., 5.38%, 04/01/23		3,000		3,000
First Data Corp.
8.25%, 01/15/21 (r)		600		642
11.25%, 01/15/21		130		148
12.63%, 01/15/21		2,200		2,612
Ford Motor Credit Co. LLC, 5.88%, 08/02/21		400		463
Frontier Communications Corp.
8.50%, 04/15/20		100		112
8.75%, 04/15/22		1,400		1,564
7.13%, 01/15/23		1,000		1,017
7.63%, 04/15/24		100		103
7.88%, 01/15/27		100		100
Gannett Co. Inc.
5.13%, 07/15/20 (e)		2,600		2,652
5.50%, 09/15/24 (r)		800		802
Goodyear Tire & Rubber Co., 6.50%, 03/01/21		2,500		2,650
Halcon Resources Corp.
9.75%, 07/15/20		900		675
8.88%, 05/15/21 (e)		1,600		1,204
9.25%, 02/15/22 (e)		600		443
HCA Holdings Inc., 7.75%, 05/15/21		500		534
HCA Inc.
7.50%, 02/15/22		1,400		1,599
5.88%, 03/15/22		1,800		1,971
Intelsat Jackson Holdings SA, 7.50%, 04/01/21		1,800		1,926
inVentiv Health Inc., 9.00%, 01/15/18 (r)		300		306
Jaguar Holding Co. I, 9.38%, 10/15/17 (r) (y)		3,100		3,168
Jarden Corp., 6.13%, 11/15/22		400		418
JBS USA LLC
8.25%, 02/01/20 (r)		1,100		1,158
7.25%, 06/01/21 (r)		700		721
5.88%, 07/15/24 (r)		1,700		1,670
JPMorgan Chase & Co.
5.00% (callable at 100 beginning 07/01/19) (m)		2,000		1,957
6.00% (callable at 100 beginning 08/01/23)(m)		1,900		1,876
Linn Energy LLC
6.25%, 11/01/19		500		423
7.75%, 02/01/21		1,200		1,011
6.50%, 09/15/21 (e)		1,300		1,053
MGM Resorts International
7.50%, 06/01/16		500		528
7.75%, 03/15/22 (e)		2,000		2,215
6.00%, 03/15/23		500		503
Midstates Petroleum Co. Inc., 9.25%, 06/01/21 (e)		2,200		1,100
Navistar International Corp., 8.25%, 11/01/21 (e)		2,500		2,466
Novelis Inc., 8.75%, 12/15/20		1,300		1,378
Offshore Group Investment Ltd.
7.50%, 11/01/19		2,100		1,564
7.13%, 04/01/23		100		71
PBF Holding Co. LLC, 8.25%, 02/15/20		2,500		2,512
Penn Virginia Corp., 8.50%, 05/01/20		800		640
Pinnacle Entertainment Inc.
8.75%, 05/15/20		400		421
6.38%, 08/01/21		100		103
7.75%, 04/01/22		1,600		1,664
PVR Partners LP, 6.50%, 05/15/21		2,200		2,222
Quicksilver Resources Inc., 9.13%, 08/15/19 (e)		1,500		375
Regency Energy Partners LP
5.88%, 03/01/22		2,000		1,995
5.00%, 10/01/22		700		662

	Shares/Par (t)		Value
Reynolds Group Issuer Inc.
9.00%, 04/15/19		3,300		3,415
9.88%, 08/15/19		300		318
Sabine Pass Liquefaction LLC
5.63%, 02/01/21 (k)		2,000		1,965
6.25%, 03/15/22		900		914
5.63%, 04/15/23		800		782
Samson Investment Co., 9.75%, 02/15/20		3,000		1,243
Sirius XM Radio Inc., 6.00%, 07/15/24 (r)		1,700		1,742
SLM Corp.
8.45%, 06/15/18		1,400		1,561
5.50%, 01/15/19		900		920
4.88%, 06/17/19		800		802
Sprint Corp., 7.13%, 06/15/24		600		558
Sprint Nextel Corp.
9.00%, 11/15/18 (r)		1,300		1,479
7.00%, 03/01/20 (r)		100		108
6.00%, 11/15/22		1,600		1,472
Sun Merger Sub Inc., 5.88%, 08/01/21 (e) (r)		500		510
T-Mobile USA Inc.
6.54%, 04/28/20		1,600		1,652
6.13%, 01/15/22		200		203
6.50%, 01/15/24		400		410
6.38%, 03/01/25		1,600		1,626
Tenet Healthcare Corp.
5.00%, 03/01/19 (r)		800		801
5.50%, 03/01/19 (e) (r)		1,400		1,431
8.13%, 04/01/22		1,400		1,564
Terex Corp., 6.00%, 05/15/21		2,100		2,142
Texas Competitive Electric Holdings Co. LLC, 11.50%, 10/01/20 (d) (r)		1,600		1,132
TransDigm Inc.
6.00%, 07/15/22		1,000		997
6.50%, 07/15/24		500		503
Univision Communications Inc.
6.88%, 05/15/19 (r)		500		521
6.75%, 09/15/22 (r)		1,085		1,161
5.13%, 05/15/23 (r)		1,000		1,010
Valeant Pharmaceuticals International Inc.
6.38%, 10/15/20 (r)		1,800		1,881
5.63%, 12/01/21 (r)		200		202
Visant Corp., 10.00%, 10/01/17		1,200		1,050
				156,653
Total Corporate Bonds and Notes (cost $369,710)				339,611
GOVERNMENT AND AGENCY OBLIGATIONS - 57.0%
BRAZIL - 4.4%
Brazil Inflation Indexed Notas do Tesouro Nacional, 6.00%, 08/15/18 - 08/15/24 (s), BRL		35,780		33,575
Brazil Letras do Tesouro Nacional, 0.00%, 10/01/15 - 01/01/18 (j), BRL		138,600		42,681
Brazil Notas do Tesouro Nacional, 10.00%, 01/01/19 - 01/01/23, BRL		42,060		14,296
				90,552
CANADA - 0.5%
Canada Government Bond
1.00%, 02/01/15, CAD		9,169		7,892
1.50%, 08/01/15, CAD		1,470		1,269
				9,161
ECUADOR - 0.5%
Ecuador Government International Bond, 7.95%, 06/20/24 (r)		12,480		10,670

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
GHANA - 1.9%
Ghana Government Bond
14.99%, 02/23/15 (i), GHS		5,520		1,694
24.00%, 05/25/15 (i), GHS		17,482		5,422
21.00%, 10/26/15 (i), GHS		33,913		10,274
16.90%, 03/07/16 (i), GHS		780		228
19.24%, 05/30/16 (i), GHS		5,475		1,608
23.00%, 02/13/17 - 08/21/17) (i), GHS		11,278		3,535
25.48%, 04/24/17 (i), GHS		410		134
24.44%, 05/29/17 (i), GHS		5,490		1,765
26.00%, 06/05/17 (i), GHS		1,750		578
25.40%, 07/31/17 (i), GHS		2,770		933
19.04%, 09/24/18 (i), GHS		27,610		7,813
Republic of Ghana, 7.88%, 08/07/23 (r)		4,950		4,579
				38,563
HUNGARY - 7.8%
Hungary Government Bond
7.75%, 08/24/15, HUF		42,700		170
5.50%, 12/22/16 - 06/24/25, HUF		8,629,190		37,218
6.75%, 02/24/17 - 11/24/17, HUF		2,213,590		9,452
4.00%, 04/25/18, HUF		666,900		2,636
6.50%, 06/24/19, HUF		1,284,430		5,610
7.50%, 11/12/20, HUF		2,576,490		12,029
7.00%, 06/24/22, HUF		6,064,170		28,463
Hungary Government International Bond
4.38%, 07/04/17 (p), EUR		5,000		6,484
5.75%, 06/11/18 (p), EUR		5,500		7,587
5.38%, 02/21/23		27,100		29,200
6.00%, 11/24/23 (e), HUF		4,659,800		21,109
				159,958
ICELAND - 0.2%
Iceland Government International Bond, 5.88%, 05/11/22 (r)		2,800		3,138
INDIA - 2.0%
India Government Bond
7.28%, 06/03/19, INR		15,800		244
7.80%, 05/03/20, INR		407,300		6,382
8.12%, 12/10/20, INR		305,900		4,857
8.35%, 05/14/22, INR		120,200		1,940
7.16%, 05/20/23, INR		75,600		1,124
8.83%, 11/25/23, INR		1,020,400		17,016
8.28%, 09/21/27, INR		123,100		1,993
8.60%, 06/02/28, INR		422,400		7,087
				40,643
IRELAND - 4.5%
Ireland Government Bond
5.90%, 10/18/19, EUR		1,007		1,532
4.50%, 04/18/20, EUR		1,176		1,715
5.00%, 10/18/20, EUR		5,846		8,851
5.40%, 03/13/25, EUR		48,111		80,215
				92,313
KENYA - 0.5%
Kenya Government International Bond, 6.88%, 06/24/24 (r)		10,710		11,219
LATVIA - 0.2%
Republic of Latvia
5.25%, 02/22/17 (e) (r)		2,000		2,148
5.25%, 06/16/21 (r)		2,500		2,800
				4,948
LITHUANIA - 0.2%
Lithuania Government International Bond, 6.13%, 03/09/21 (r)		4,040		4,699

	Shares/Par (t)		Value
MALAYSIA - 2.0%
Malaysia Government Bond
3.74%, 02/27/15, MYR		56,875		16,275
3.84%, 08/12/15, MYR		47,115		13,506
4.72%, 09/30/15, MYR		25,658		7,398
3.20%, 10/15/15, MYR		13,890		3,961
				41,140
MEXICO - 3.7%
Mexico Bonos
6.00%, 06/18/15, MXN		313,458		21,528
8.00%, 12/17/15, MXN		222,925		15,777
6.25%, 06/16/16, MXN		508,950		35,786
7.25%, 12/15/16, MXN		19,370		1,400
Mexico Government Inflation Indexed Bond
5.00%, 06/16/16 (n), MXN		6,950		501
3.50%, 12/14/17 (n), MXN		7,276		526
4.00%, 06/13/19 (n), MXN		5,074		375
2.50%, 12/10/20 (n), MXN		4,031		280
				76,173
PHILIPPINES - 0.5%
Philippine Government Bond
7.00%, 01/27/16, PHP		2,100		49
1.63%, 04/25/16, PHP		460,670		10,189
9.13%, 09/04/16, PHP		1,120		28
				10,266
POLAND - 3.5%
Poland Government Bond
5.50%, 04/25/15, PLN		3,333		953
0.00%, 07/25/15 - 07/25/16 (j), PLN		192,559		53,553
6.25%, 10/24/15, PLN		1,664		486
5.00%, 04/25/16, PLN		13,220		3,886
4.75%, 10/25/16, PLN		45,065		13,388
				72,266
PORTUGAL - 2.5%
Portugal Government International Bond, 5.13%, 10/15/24 (r)		47,970		50,393
Portugal Obrigacoes do Tesouro OT
4.95%, 10/25/23 (p), EUR		322		460
5.65%, 02/15/24 (p), EUR		805		1,205
				52,058
SERBIA - 3.9%
Republic of Serbia
10.00%, 03/01/15, RSD		104,000		1,040
4.88%, 02/25/20 (r)		4,280		4,273
7.25%, 09/28/21 (r)		14,790		16,566
Serbia Treasury Bond, 10.00%, 04/27/15 - 09/11/21, RSD		5,980,000		59,160
				81,039
SINGAPORE - 0.0%
Singapore Government Bond, 1.13%, 04/01/16, SGD		350		266
SLOVENIA - 1.1%
Slovenia Government International Bond
5.50%, 10/26/22 (r)		9,006		9,985
5.85%, 05/10/23 (r)		11,615		13,133
				23,118
SOUTH KOREA - 7.2%
Korea Monetary Stabilization Bond
2.74%, 02/02/15, KRW		22,958,390		20,899
2.47%, 04/02/15, KRW		31,819,150		28,977
2.76%, 06/02/15, KRW		3,545,700		3,235

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
2.80%, 08/02/15, KRW		43,504,640		39,741
Korea Treasury Bond
4.50%, 03/10/15, KRW		256,400		234
3.25%, 06/10/15, KRW		1,946,700		1,780
4.00%, 09/10/15 - 03/10/16, KRW		1,861,100		1,720
2.75%, 12/10/15 - 06/10/16, KRW		51,166,740		46,907
3.00%, 12/10/16, KRW		6,342,000		5,867
				149,360
SRI LANKA - 0.6%
Sri Lanka Government Bond
11.00%, 09/01/15, LKR		30,100		238
8.50%, 11/01/15 - 07/15/18, LKR		402,780		3,194
8.00%, 06/01/16 - 11/15/18, LKR		522,290		4,048
5.80%, 01/15/17 - 07/15/17, LKR		268,300		1,992
7.50%, 08/15/18, LKR		18,260		140
10.60%, 07/01/19 - 09/15/19, LKR		71,290		613
9.00%, 05/01/21, LKR		296,620		2,447
11.20%, 07/01/22, LKR		14,160		128
				12,800
SWEDEN - 1.3%
Sweden Government Bond, 4.50%, 08/12/15, SEK		204,810		26,967
UKRAINE - 2.4%
Financing of Infrastructural Projects State Enterprise, 8.38%, 11/03/17 (r)		100		60
Ukraine Government International Bond
6.25%, 06/17/16 (r)		580		376
6.58%, 11/21/16 (r)		696		432
9.25%, 07/24/17 (e) (r)		17,880		10,907
6.75%, 11/14/17 (e) (r)		7,360		4,554
7.75%, 09/23/20 (r)		1,357		814
7.95%, 02/23/21 (e) (r)		9,700		5,917
7.80%, 11/28/22 (r)		21,300		12,993
7.50%, 04/17/23 (e) (r)		22,130		13,057
				49,110
URUGUAY - 5.6%
Uruguay Government International Inflation Indexed Bond
5.00%, 09/14/18 (n), UYU		37,938		1,591
4.25%, 04/05/27 (n), UYU		68,649		2,782
4.38%, 12/15/28 - 12/15/28 (n), UYU		682,134		28,151
4.00%, 07/10/30 (n), UYU		27,610		1,085
3.70%, 06/26/37 (n), UYU		9,636		358
Uruguay Inflation Indexed Letras De Regulacion Monetaria En UI, 0.00%, 03/26/15 (j) (n), UYU		5,980		243
Uruguay Inflation Indexed Notas del Tesoro
4.00%, 06/14/15 - 05/25/25 (n), UYU		316,604		12,788
2.75%, 06/16/16 (n), UYU		91,554		3,624
4.25%, 01/05/17 (n), UYU		72,907		2,963
2.25%, 08/23/17 (n), UYU		991,558		38,394
3.25%, 01/27/19 (n), UYU		270		10
2.50%, 09/27/22 (n), UYU		57,951		2,058
Uruguay Notas del Tesoro
10.50%, 03/21/15, UYU		152,454		6,208
10.25%, 08/22/15, UYU		137,428		5,568
9.50%, 01/27/16, UYU		193,083		7,933
11.00%, 03/21/17, UYU		35,150		1,359
				115,115
Total Government and Agency Obligations (cost $1,258,069)				1,175,542

	Shares/Par (t)		Value
COMMON STOCKS - 0.0%
UNITED KINGDOM - 0.0%
CEVA Holdings LLC (c) (f)		—		278
Total Common Stocks (cost $466)				278
PREFERRED STOCKS - 0.0%
UNITED KINGDOM - 0.0%
CEVA Holdings LLC (f) (v)		—		16
CEVA Holdings LLC (f) (v)		1		602
Total Preferred Stocks (cost $1,030)				618
SHORT TERM INVESTMENTS - 26.0%
Investment Companies - 6.5%
JNL Money Market Fund, 0.01% (a) (h)		134,062		134,062
Securities Lending Collateral - 3.9%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		80,502		80,502
Treasury Securities - 15.6%
Bank Negara Malaysia Monetary Note
0.91%, 01/08/15, MYR		14,845		4,243
0.90%, 01/20/15, MYR		25,425		7,259
0.92%, 01/22/15, MYR		12,350		3,526
0.80%, 01/29/15, MYR		4,315		1,231
0.96%, 02/10/15, MYR		5,220		1,487
0.86%, 02/17/15, MYR		28,040		7,984
0.85%, 03/03/15, MYR		120,570		34,293
0.95%, 03/05/15, MYR		20		6
0.81%, 03/12/15, MYR		3,560		1,012
0.92%, 03/24/15, MYR		3,210		911
0.90%, 04/07/15, MYR		2,160		612
0.81%, 04/16/15, MYR		5,410		1,532
0.93%, 04/23/15, MYR		19,290		5,461
0.82%, 04/28/15, MYR		45,000		12,733
0.83%, 05/05/15, MYR		60		17
0.87%, 05/19/15, MYR		11,030		3,115
0.95%, 05/28/15, MYR		16,500		4,655
0.94%, 06/04/15, MYR		6,020		1,697
0.86%, 07/16/15, MYR		25,420		7,138
0.86%, 08/04/15, MYR		1,230		345
0.88%, 08/11/15, MYR		98,830		27,682
0.89%, 08/18/15, MYR		1,150		322
0.93%, 09/08/15, MYR		3,760		1,050
0.89%, 09/22/15, MYR		3,190		890
0.89%, 10/01/15, MYR		25,780		7,185
0.91%, 10/27/15, MYR		1,850		514
0.91%, 11/03/15, MYR		3,740		1,039
Canada Treasury Bill
0.75%, 02/12/15, CAD		11,514		9,900
0.75%, 03/12/15, CAD		4,720		4,056
0.77%, 04/23/15, CAD		1,345		1,154
Mexico Cetes
0.20%, 03/19/15, MXN		9,985		6,724
0.20%, 04/01/15, MXN		27,667		18,613
0.20%, 04/16/15, MXN		7,769		5,220
0.20%, 05/28/15, MXN		2,977		1,993
0.20%, 06/11/15, MXN		20,114		13,450
0.20%, 06/25/15, MXN		7,929		5,294
0.20%, 07/23/15, MXN		2,574		1,715
0.21%, 09/17/15, MXN		2,759		1,829
0.21%, 10/01/15, MXN		4,697		3,110
0.21%, 11/12/15, MXN		2,478		1,634
0.22%, 12/10/15, MXN		5,115		3,364
Monetary Authority of Singapore
0.23%, 01/02/15, SGD		6,330		4,779
0.21%, 01/09/15, SGD		8,080		6,099

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
0.23%, 01/20/15, SGD		940		709
0.26%, 01/30/15, SGD		26,290		19,840
0.32%, 02/13/15, SGD		570		430
0.34%, 02/23/15, SGD		17,837		13,451
0.84%, 03/27/15, SGD		31,900		24,044
Monetary Regulation Bill
0.52%, 06/05/15, UYU		600		23
0.51%, 07/10/15, UYU		4,620		177
Philippine Treasury Bill
0.03%, 05/06/15, PHP		630		14
0.03%, 06/03/15, PHP		950		21
0.03%, 07/08/15, PHP		4,440		97
0.03%, 09/02/15, PHP		36,270		793
0.03%, 10/07/15, PHP		2,320		51
0.03%, 11/04/15, PHP		720		16
0.03%, 12/02/15, PHP		1,790		39
Serbia Treasury Bill
0.08%, 06/25/15, RSD		69,450		668
0.08%, 07/24/15, RSD		326,640		3,120
Uruguay Treasury Bill
0.42%, 03/26/15, UYU		61,594		2,454
0.56%, 05/04/15, UYU		46,723		1,836
0.34%, 05/14/15, UYU		55,575		2,174
0.38%, 07/02/15, UYU		20,958		805
0.49%, 08/20/15, UYU		448,321		16,931
0.50%, 10/08/15, UYU		10,510		390
0.51%, 10/23/15, UYU		750		28
0.48%, 11/26/15, UYU		14,930		545
0.49%, 01/14/16, UYU		87,975		3,157
0.50%, 04/21/16, UYU		37,335		1,294
0.49%, 06/09/16, UYU		670		23
0.47%, 07/28/16, UYU		60,861		2,037
0.48%, 09/15/16, UYU		7,590		252
0.48%, 11/03/16, UYU		8,940		292
				322,584
Total Short Term Investments (cost $555,859)				537,148
Total Investments - 99.5% (cost $2,185,134)				2,053,197
Other Assets and Liabilities, Net - 0.5%				11,259
Total Net Assets - 100.0%			$	2,064,456
JNL/Franklin Templeton Income Fund
COMMON STOCKS - 49.0%
CONSUMER DISCRETIONARY - 3.4%
Dex Media Inc. (c) (e)		21	$	191
Fiat Chrysler Automobiles NV (c) (e)		50		5,375
Ford Motor Co.		800		12,400
General Motors Co.		704		24,580
Las Vegas Sands Corp.		100		5,816
Target Corp.		587		44,536
				92,898
CONSUMER STAPLES - 0.7%
PepsiCo Inc.		187		17,673
ENERGY - 7.6%
BP Plc - ADR		1,081		41,189
Canadian Oil Sands Ltd.		563		5,053
Chevron Corp.		279		31,253
Devon Energy Corp.		115		7,039
ENI SpA		280		4,908
Exxon Mobil Corp.		163		15,032
Halliburton Co.		100		3,933
HollyFrontier Corp.		165		6,173

	Shares/Par (t)		Value
Occidental Petroleum Corp.		75		6,046
Royal Dutch Shell Plc - ADR		700		46,865
Schlumberger Ltd.		100		8,541
Spectra Energy Corp.		300		10,905
Total SA - ADR		262		13,409
Williams Cos. Inc.		144		6,467
				206,813
FINANCIALS - 3.0%
Bank of America Corp.		241		4,315
Commonwealth Bank of Australia		82		5,683
HSBC Holdings Plc		750		7,087
JPMorgan Chase & Co.		286		17,873
MetLife Inc.		288		15,567
Royal Bank of Canada		113		7,784
Wells Fargo & Co.		400		21,928
				80,237
HEALTH CARE - 3.9%
Eli Lilly & Co.		130		8,976
Johnson & Johnson		150		15,685
Merck & Co. Inc.		422		23,954
Pfizer Inc.		1,198		37,321
Roche Holding AG		34		9,293
Sanofi SA - ADR		250		11,403
				106,632
INDUSTRIALS - 4.3%
Boeing Co.		85		11,061
CEVA Holdings LLC (c) (f)		2		1,429
Deere & Co.		146		12,881
General Electric Co.		1,443		36,457
Lockheed Martin Corp.		91		17,505
Raytheon Co.		100		10,817
Republic Services Inc. - Class A		294		11,849
United Technologies Corp.		25		2,875
Waste Management Inc.		245		12,584
				117,458
INFORMATION TECHNOLOGY - 4.3%
Apple Inc.		214		23,566
Cisco Systems Inc.		561		15,610
First Data Holdings Inc. (c) (f) (p) (q)		1,706		7,255
Intel Corp.		753		27,315
Microsoft Corp.		465		21,609
Texas Instruments Inc.		252		13,446
Xilinx Inc.		166		7,165
				115,966
MATERIALS - 7.1%
Agrium Inc. (e)		135		12,787
Barrick Gold Corp.		337		3,621
BASF SE		100		8,388
BHP Billiton Plc		1,045		22,396
Dow Chemical Co.		775		35,325
E.I. du Pont de Nemours & Co.		353		26,108
Freeport-McMoran Inc. - Class B		500		11,680
Goldcorp Inc.		345		6,388
LyondellBasell Industries NV - Class A		200		15,878
Mosaic Co.		200		9,130
Rio Tinto Plc - ADR (e)		904		41,624
				193,325
TELECOMMUNICATION SERVICES - 2.6%
AT&T Inc.		946		31,773
CenturyLink Inc.		150		5,937
Telstra Corp. Ltd.		900		4,369
Verizon Communications Inc.		468		21,884
Vodafone Group Plc		1,636		5,610
				69,573

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
UTILITIES - 12.1%
AGL Resources Inc.		100		5,451
American Electric Power Co. Inc.		200		12,144
Dominion Resources Inc.		300		23,085
Duke Energy Corp.		471		39,381
Dynegy Inc. (c)		413		12,521
Entergy Corp.		200		17,496
Exelon Corp.		1,138		42,193
FirstEnergy Corp.		250		9,748
HK Electric Investments Ltd. (r)		1,878		1,240
NextEra Energy Inc.		233		24,790
PG&E Corp.		680		36,193
Pinnacle West Capital Corp.		100		6,831
PPL Corp.		404		14,666
Public Service Enterprise Group Inc.		300		12,423
Sempra Energy		117		13,063
Southern Co.		783		38,432
TECO Energy Inc.		200		4,098
Xcel Energy Inc.		350		12,572
				326,327
Total Common Stocks (cost $1,167,889)				1,326,902
EQUITY LINKED STRUCTURED NOTES - 3.4%
CONSUMER DISCRETIONARY - 0.5%
Morgan Stanley Equity Linked Note (Ford Motor Co.) (r)		800		12,601
CONSUMER STAPLES - 0.3%
Citigroup Inc. Equity Linked Note (Whole Foods Market Inc.) (r)		185		8,197
ENERGY - 1.0%
Barclays Bank Plc Equity Linked Note (Anadarko Petroleum Corp.) (r)		75		6,364
Citigroup Inc. Equity Linked Note (Cabot Oil & Gas Corp.) (r)		245		7,292
Credit Suisse AG Equity Linked Note (Baker Hughes Inc.) (r)		80		4,325
JPMorgan Chase & Co. Equity Linked Note (Andarko Petroleum Corp.) (r)		110		9,084
				27,065
FINANCIALS - 0.5%
Goldman Sachs Group Inc. Equity Linked Note (Bank of America Corp.) (r)		828		14,703
INFORMATION TECHNOLOGY - 0.9%
Merrill Lynch International & Co. Equity Linked Note (Freescale Semiconductor, Inc.) (r)		360		8,143
Merrill Lynch International & Co. Equity Linked Note (Intel Corp.) (r)		410		14,849
				22,992
MATERIALS - 0.2%
Wells Fargo & Co. Equity Linked Note (Freeport-McMoRan Inc.) (r)		250		6,202
Total Equity Linked Structured Notes (cost $96,277)				91,760
PREFERRED STOCKS - 2.8%
ENERGY - 0.5%
Chesapeake Energy Corp., 5.75% (m) (r) (v)		5		4,607
Halcon Resources Corp., 5.75% (m) (v)		5		2,000
Sanchez Energy Corp., 4.88% (m) (v)		50		1,413
Sanchez Energy Corp., 6.50% (m) (v)		80		2,714
SandRidge Energy Inc., 7.00% (m) (v)		50		2,756
				13,490

	Shares/Par (t)		Value
FINANCIALS - 1.2%
Bank of America Corp., 7.25% - Series L (m) (v)		12		13,804
Federal Home Loan Mortgage Corp., 8.38%, (callable at 25 beginning 12/31/17) - Series Z (c) (d) (m)		186		733
Federal National Mortgage Association, 5.38%, (callable at 105,000 beginning 02/23/15) (c) (d) (m) (v)		—		613
Federal National Mortgage Association, 6.75%, (callable at 25 beginning 02/23/15) - Series Q (c) (d) (m)		92		275
Federal National Mortgage Association, 7.63%, (callable at 25 beginning 02/23/15) - Series R (c) (d) (m)		143		486
Federal National Mortgage Association, 8.25%, (callable at 25 beginning 12/31/15) - Series S (c) (d) (e) (i) (m)		65		251
FelCor Lodging Trust Inc., 1.95% - Series A (m) (v)		60		1,532
Morgan Stanley, 6.38%, (callable at 25 beginning 10/15/24) (m)		125		3,164
Wells Fargo & Co., 7.50% - Series L (m) (v)		10		12,150
				33,008
INDUSTRIALS - 0.1%
CEVA Holdings LLC (f)		—		50
CEVA Holdings LLC (f)		2		1,355
				1,405
MATERIALS - 0.6%
Alcoa Inc., 5.38% (e)		300		15,135
ArcelorMittal, 6.00% (e) (v)		120		2,076
				17,211
UTILITIES - 0.4%
Dominion Resources Inc., 6.13% (e) (v)		37		2,190
Dominion Resources Inc., 6.00% (v)		37		2,194
Dominion Resources Inc., 6.38% - Class A		70		3,615
NextEra Energy Inc., 5.89% (v)		48		3,200
				11,199
Total Preferred Stocks (cost $90,227)				76,313
WARRANTS - 0.0%
Dynegy Inc. (c)		33		133
Total Warrants (cost $769)				133
CORPORATE BONDS AND NOTES - 39.9%
CONSUMER DISCRETIONARY - 7.1%
1011778 BC Unltd. Liability Corp., 6.00%, 04/01/22 (r)	$	5,000		5,125
24 Hour Holdings III LLC, 8.00%, 06/01/22 (e) (r)		6,100		4,880
Academy Ltd., 9.25%, 08/01/19 (e) (r)		1,800		1,890
Altice SA, 7.75%, 05/15/22 (r)		1,500		1,503
Cablevision Systems Corp.
8.63%, 09/15/17		1,000		1,113
7.75%, 04/15/18 (e)		3,000		3,300
CBS Outdoor Americas Capital LLC
5.25%, 02/15/22 (r)		200		202
5.63%, 02/15/24 (r)		200		201
CCO Holdings LLC
7.38%, 06/01/20		3,500		3,710
6.50%, 04/30/21		3,000		3,150
5.75%, 01/15/24		5,000		5,050

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Chrysler Group LLC
8.00%, 06/15/19		6,000		6,307
8.25%, 06/15/21		7,400		8,195
Clear Channel Communications Inc.
9.00%, 12/15/19 (e)		2,356		2,321
12.00%, 02/01/21 (e) (y)		1,122		915
9.00%, 03/01/21		16,000		15,680
9.00%, 09/15/22 (e) (r)		7,300		7,154
Clear Channel Worldwide Holdings Inc., 7.63%, 03/15/20		4,375		4,605
CSC Holdings LLC, 6.75%, 11/15/21		5,400		5,967
Cumulus Media Holdings Inc., 7.75%, 05/01/19 (e)		2,500		2,525
DISH DBS Corp.
5.00%, 03/15/23		4,000		3,870
5.88%, 11/15/24 (r)		5,500		5,527
Dollar General Corp., 3.25%, 04/15/23 (e)		4,250		3,869
Goodyear Tire & Rubber Co.
8.25%, 08/15/20		1,100		1,166
6.50%, 03/01/21		6,300		6,678
HD Supply Inc., 5.25%, 12/15/21 (r)		3,500		3,561
IHeartCommunications Inc. Term Loan, 6.92%, 01/30/19 (i)		20,000		18,814
KB Home
7.00%, 12/15/21		5,300		5,575
7.50%, 09/15/22 (e)		2,000		2,120
MGM Resorts International
10.00%, 11/01/16		3,000		3,338
8.63%, 02/01/19		2,200		2,494
5.25%, 03/31/20		2,500		2,481
6.75%, 10/01/20		800		840
Nielsen Finance LLC, 5.00%, 04/15/22 (r)		6,100		6,130
Numericable Group SA, 6.00%, 05/15/22 (r)		6,000		6,033
Regal Entertainment Group, 5.75%, 03/15/22		6,000		5,730
Shea Homes LP, 8.63%, 05/15/19		3,900		4,095
Sirius XM Radio Inc., 6.00%, 07/15/24 (r)		4,900		5,022
SuperMedia Inc. Term Loan, 11.60%, 03/31/19 (i)		188		150
Univision Communications Inc.
6.88%, 05/15/19 (r)		5,000		5,206
5.13%, 05/15/23 (r)		5,000		5,050
Visant Corp., 10.00%, 10/01/17		4,700		4,112
Volkswagen International Finance NV, 5.50%, 11/09/15 (r) (v), EUR		5,000		6,692
				192,346
CONSUMER STAPLES - 1.8%
Albertsons Holdings LLC, 7.75%, 10/15/22 (r)		2,500		2,563
Alliance One International Inc., 9.88%, 07/15/21 (e)		5,000		4,462
Cott Beverages Inc., 6.75%, 01/01/20 (r)		3,400		3,400
JBS USA LLC
8.25%, 02/01/20 (r)		1,700		1,789
7.25%, 06/01/21 (r)		3,700		3,811
7.25%, 06/01/21 (r)		3,500		3,605
5.88%, 07/15/24 (r)		8,500		8,351
Reynolds Group Issuer Inc.
7.88%, 08/15/19		1,400		1,475
9.88%, 08/15/19		4,100		4,346
5.75%, 10/15/20		1,900		1,948
8.25%, 02/15/21 (k)		600		615
U.S. Foods Inc., 8.50%, 06/30/19		2,500		2,650
U.S. Foods Inc. Term Loan, 4.50%, 03/31/19 (i)		4,925		4,887
WhiteWave Foods Co., 5.38%, 10/01/22		4,500		4,635
				48,537

	Shares/Par (t)		Value
ENERGY - 9.5%
Alpha Natural Resources Inc.
7.50%, 08/01/20 (e) (r)		2,300		1,449
6.25%, 06/01/21		3,200		896
American Energy - Woodford LLC, 9.00%, 09/15/22 (r)		5,000		3,200
American Energy Permian Holdings LLC, 8.00%, 05/01/22 (r) (y)		1,500		1,275
Antero Resources Finance Corp., 5.38%, 11/01/21		1,800		1,742
Arch Coal Inc.
7.00%, 06/15/19		2,500		738
7.25%, 06/15/21		7,800		2,272
Bill Barrett Corp.
7.63%, 10/01/19 (e)		1,000		910
7.00%, 10/15/22 (e)		5,000		4,025
BreitBurn Energy Partners LP, 7.88%, 04/15/22		4,000		3,090
California Resources Corp.
5.50%, 09/15/21 (r)		4,200		3,591
6.00%, 11/15/24 (e) (r)		2,500		2,113
CGG SA, 6.88%, 01/15/22 (e)		5,000		3,800
Chesapeake Energy Corp.
6.50%, 08/15/17 (e)		4,000		4,260
7.25%, 12/15/18		5,000		5,475
5.75%, 03/15/23		3,500		3,605
Cie Generale de Geophysique - Veritas, 6.50%, 06/01/21 (e)		3,200		2,432
Cobalt International Energy Inc., 3.13%, 05/15/24 (e) (v)		20,000		13,437
Consol Energy Inc., 8.25%, 04/01/20		1,600		1,660
CONSOL Energy Inc., 5.88%, 04/15/22 (r)		8,100		7,533
Denbury Resources Inc.
5.50%, 05/01/22		4,800		4,392
4.63%, 07/15/23		5,000		4,337
Drillships Financing Holding Inc. Term Loan B-1, 6.00%, 03/31/21 (i)		7,443		5,801
El Paso LLC, 7.75%, 01/15/32		1,000		1,230
Energy XXI Gulf Coast Inc.
9.25%, 12/15/17 (e)		4,000		2,600
7.75%, 06/15/19		3,250		1,934
6.88%, 03/15/24 (e) (r)		8,400		4,536
EnQuest Plc, 7.00%, 04/15/22 (r)		6,200		3,844
EP Energy LLC, 9.38%, 05/01/20		5,000		5,050
EXCO Resources Inc., 7.50%, 09/15/18		3,500		2,675
Fieldwood Energy LLC 2nd Lien Term Loan, 8.38%, 09/24/20 (i)		7,500		5,447
Gibson Energy Inc., 6.75%, 07/15/21 (r)		4,000		3,990
Halcon Resources Corp.
9.75%, 07/15/20		4,500		3,375
9.25%, 02/15/22 (e)		2,900		2,139
Hercules Offshore Inc., 6.75%, 04/01/22 (e) (r)		2,500		1,075
Kinder Morgan Inc.
5.00%, 02/15/21 (r)		1,600		1,665
5.63%, 11/15/23 (e) (r)		3,300		3,532
Linn Energy LLC, 8.63%, 04/15/20		3,300		2,871
Magnum Hunter Resources Corp., 9.75%, 05/15/20		2,500		1,975
Memorial Production Partners LP, 6.88%, 08/01/22 (r)		5,000		3,800
Midstates Petroleum Co. Inc.
10.75%, 10/01/20 (e)		2,000		1,060
9.25%, 06/01/21 (e)		1,500		750
NGL Energy Partners LP
5.13%, 07/15/19 (r)		2,100		2,016
6.88%, 10/15/21 (e) (r)		10,000		9,850
NGPL PipeCo LLC, 7.12%, 12/15/17 (e) (r)		5,000		4,912

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
NGPL PipeCo LLC Term Loan, 6.75%, 09/15/17 (i)		4,792		4,642
Niska Gas Storage Canada ULC, 6.50%, 04/01/19 (e) (r)		2,500		1,881
Ocean Rig UDW Inc., 7.25%, 04/01/19 (r)		2,500		1,750
Offshore Group Investment Ltd., 7.50%, 11/01/19 (e)		3,000		2,235
Paragon Offshore Ltd., 7.25%, 08/15/24 (e) (r)		5,000		3,000
Peabody Energy Corp., 6.25%, 11/15/21 (e)		3,000		2,565
Penn Virginia Corp., 8.50%, 05/01/20 (e)		2,500		2,000
PetroQuest Energy Inc., 10.00%, 09/01/17		5,000		4,375
Quicksilver Resources Inc. 2nd Lien Term Loan, 7.00%, 06/12/19 (i)		10,000		7,520
Regency Energy Partners LP, 5.88%, 03/01/22		600		599
Rex Energy Corp., 6.25%, 08/01/22 (r)		5,000		3,725
Rice Energy Inc., 6.25%, 05/01/22 (e) (r)		2,000		1,860
Sabine Pass Liquefaction LLC
5.63%, 02/01/21 (k)		7,500		7,369
6.25%, 03/15/22		7,500		7,612
5.75%, 05/15/24		4,300		4,219
Sabine Pass LNG LP
7.50%, 11/30/16		2,500		2,600
6.50%, 11/01/20		2,500		2,525
Samson Investment Co., 9.75%, 02/15/20		4,400		1,823
Sanchez Energy Corp.
7.75%, 06/15/21 (e)		5,500		5,115
6.13%, 01/15/23 (r)		3,100		2,604
SandRidge Energy Inc.
8.75%, 01/15/20		2,000		1,350
7.50%, 03/15/21 (e)		4,400		2,816
7.50%, 02/15/23 (e)		1,800		1,134
Stone Energy Corp., 7.50%, 11/15/22		1,500		1,290
Transocean Inc., 6.50%, 11/15/20 (e)		2,500		2,371
Ultra Petroleum Corp., 6.13%, 10/01/24 (r)		5,800		4,988
W&T Offshore Inc., 8.50%, 06/15/19		8,000		5,240
Walter Energy Inc.
9.50%, 10/15/19 (e) (r)		2,500		1,900
9.88%, 12/15/20		3,850		770
Walter Energy Inc. Term Loan, 7.25%, 04/01/18 (i)		10,000		7,728
Williams Cos. Inc., 3.70%, 01/15/23		4,500		4,041
				256,006
FINANCIALS - 4.2%
Abengoa Finance SAU, 8.88%, 11/01/17 (r)		3,200		3,040
Bank of America Corp., 8.13%, (callable at 100 beginning 05/15/18) (m)		1,000		1,079
CIT Group Inc., 5.00%, 08/01/23		2,000		2,055
Citigroup Inc.
5.90% (callable at 100 beginning 02/15/23) (m)		6,500		6,338
5.95% (callable at 100 beginning 01/30/23) (m)		7,000		6,895
6.30% (callable at 100 beginning 05/15/24) (m)		10,600		10,441
International Lease Finance Corp.
8.75%, 03/15/17 (k)		2,000		2,215
8.88%, 09/01/17		4,700		5,299
iStar Financial Inc., 5.00%, 07/01/19		6,000		5,820
JPMorgan Chase & Co.
5.00% (callable at 100 beginning 07/01/19) (m)		12,000		11,741
5.15% (callable at 100 beginning 05/01/23) (m)		2,000		1,884
6.10% (callable at 100 beginning 10/01/24) (m)		10,000		9,975
7.90% (callable at 100 beginning 04/30/18) (m)		11,500		12,377

	Shares/Par (t)		Value
Morgan Stanley, 5.50%, 01/26/20 (e)		5,000		5,626
NRG Yield Operating LLC, 5.38%, 08/15/24 (r)		3,300		3,350
OneMain Financial Holdings Inc.
6.75%, 12/15/19 (r)		5,000		5,100
7.25%, 12/15/21 (r)		5,000		5,125
Royal Bank of Scotland Group Plc, 5.13%, 05/28/24		5,200		5,289
Stena AB, 7.00%, 02/01/24 (e) (r)		900		824
Stena International SA, 5.75%, 03/01/24 (r)		5,800		5,452
Wells Fargo & Co., 5.90%, (callable at 100 beginning 06/15/24) (m)		4,700		4,735
				114,660
HEALTH CARE - 3.2%
Alere Inc.
7.25%, 07/01/18		3,800		3,952
6.50%, 06/15/20		3,300		3,317
Amsurg Corp., 5.63%, 07/15/22 (r)		2,800		2,870
Community Health Systems Inc.
5.13%, 08/01/21		800		830
6.88%, 02/01/22		2,000		2,119
DaVita HealthCare Partners Inc., 5.13%, 07/15/24		3,600		3,672
HCA Inc.
6.50%, 02/15/20		4,300		4,818
7.50%, 02/15/22		4,100		4,684
4.75%, 05/01/23		2,500		2,544
5.88%, 05/01/23		7,500		7,903
5.00%, 03/15/24		7,000		7,192
5.25%, 04/15/25 (e)		3,000		3,135
Tenet Healthcare Corp.
5.00%, 03/01/19 (r)		1,300		1,302
5.50%, 03/01/19 (r)		4,500		4,601
8.00%, 08/01/20		3,404		3,591
4.38%, 10/01/21		9,500		9,429
8.13%, 04/01/22		9,800		10,951
Valeant Pharmaceuticals International Inc.
6.38%, 10/15/20 (r)		3,600		3,762
7.50%, 07/15/21 (r)		3,900		4,212
5.63%, 12/01/21 (r)		2,100		2,116
				87,000
INDUSTRIALS - 2.7%
Abengoa Greenfield SA, 6.50%, 10/01/19 (r)		5,000		4,275
ADT Corp., 4.13%, 06/15/23 (e)		2,200		1,991
Algeco Scotsman Global Finance Plc, 8.50%, 10/15/18 (e) (r)		2,500		2,413
Belden Inc., 5.50%, 09/01/22 (r)		5,000		4,963
Bombardier Inc.
6.00%, 10/15/22 (r)		5,000		5,050
6.13%, 01/15/23 (e) (r)		5,600		5,712
BWAY Holding Co., 9.13%, 08/15/21 (r)		5,000		5,000
CEVA Group Plc Term Loan
6.50%, 03/12/21 (i)		1,961		1,823
6.50%, 03/12/21 (i)		1,355		1,260
CEVA Logisitics Term Loan
6.50%, 03/18/21 (i)		245		228
6.50%, 03/18/21 (i)		1,421		1,322
CHC Helicopter SA, 9.25%, 10/15/20		3,150		3,071
Dynacast International LLC, 9.25%, 07/15/19		3,500		3,754
Hertz Corp., 6.75%, 04/15/19		1,100		1,133
Jaguar Holding Co. I, 9.38%, 10/15/17 (r) (y)		3,100		3,168
Laureate Education Inc., 9.25%, 09/01/19 (e) (r)		2,500		2,575
Navistar International Corp., 8.25%, 11/01/21 (e)		4,700		4,635
Navistar International Corp. Term Loan B, 5.75%, 08/15/17 (i)		2,488		2,469

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
TransDigm Inc.
6.00%, 07/15/22		2,700		2,693
6.50%, 07/15/24		2,700		2,714
United Rentals North America Inc.
8.38%, 09/15/20 (e)		6,600		7,078
5.75%, 11/15/24		5,500		5,665
				72,992
INFORMATION TECHNOLOGY - 2.7%
BMC Software Finance Inc., 8.13%, 07/15/21 (r)		6,000		5,640
Boxer Parent Co. Inc., 9.00%, 10/15/19 (r) (y)		2,000		1,700
CDW LLC, 8.50%, 04/01/19 (e)		2,996		3,157
First Data Corp.
8.25%, 01/15/21 (r)		15,914		17,028
12.63%, 01/15/21		11,000		13,063
8.75%, 01/15/22 (r) (y)		3,198		3,438
First Data Corp. Extended Term Loan, 3.67%, 03/24/18 (i)		9,123		8,935
Freescale Semiconductor Inc.
8.05%, 02/01/20 (e)		3,487		3,679
10.75%, 08/01/20		7,786		8,506
Infor US Inc., 9.38%, 04/01/19		1,600		1,712
SRA International Inc., 11.00%, 10/01/19 (e)		900		956
SRA International Inc. Term Loan, 6.50%, 07/07/18 (i)		3,735		3,725
				71,539
MATERIALS - 2.2%
AngloGold Ashanti Holdings Plc, 8.50%, 07/30/20 (e)		2,000		2,100
Ardagh Packaging Finance Plc
6.25%, 01/31/19 (r)		1,400		1,369
6.75%, 01/31/21 (e) (r)		1,500		1,493
6.00%, 06/30/21 (e) (r)		5,000		4,775
Cemex Finance LLC
9.38%, 10/12/22 (r)		1,800		2,007
6.00%, 04/01/24 (r)		3,000		2,925
Cemex SAB de CV
9.00%, 01/11/18 (r)		1,288		1,327
3.75%, 03/15/18 (v)		1,525		1,839
5.88%, 03/25/19 (e) (r)		2,000		2,030
7.25%, 01/15/21 (r)		6,000		6,285
Consolidated Minerals Ltd., 8.00%, 05/15/20 (e) (r)		2,000		1,489
First Quantum Minerals Ltd.
6.75%, 02/15/20 (r)		2,070		1,873
7.00%, 02/15/21 (r)		2,070		1,863
7.25%, 05/15/22 (r)		4,000		3,600
FMG Resources August 2006 Pty Ltd.
6.88%, 02/01/18 (e) (r)		1,111		1,008
8.25%, 11/01/19 (e) (r)		2,750		2,502
HudBay Minerals Inc.
9.50%, 10/01/20		3,000		2,910
9.50%, 10/01/20 (r)		5,000		4,850
Ineos Finance Plc, 8.38%, 02/15/19 (r)		1,700		1,806
INEOS Group Holdings SA
5.75%, 02/15/19 (r), EUR		2,800		3,253
5.88%, 02/15/19 (e) (r)		1,900		1,800
Kerling Plc, 10.63%, 02/01/17 (e) (r), EUR		3,600		4,401
Molycorp Inc., 10.00%, 06/01/20 (e)		5,000		2,775
				60,280
TELECOMMUNICATION SERVICES - 4.4%
CenturyLink Inc., 6.75%, 12/01/23 (e)		800		876
CommScope Holding Co. Inc., 6.63%, 06/01/20 (r) (y)		2,200		2,266
CommScope Inc., 5.50%, 06/15/24 (r)		5,000		4,925

	Shares/Par (t)		Value
Frontier Communications Corp.
8.50%, 04/15/20		900		1,004
9.25%, 07/01/21		3,000		3,465
7.13%, 01/15/23		2,200		2,239
Inmarsat Finance Plc, 4.88%, 05/15/22 (r)		5,000		4,950
Intelsat Jackson Holdings SA, 5.50%, 08/01/23 (e)		6,000		5,963
Sprint Corp.
7.88%, 09/15/23		9,400		9,280
7.13%, 06/15/24		5,500		5,115
Sprint Nextel Corp.
9.13%, 03/01/17		3,300		3,630
8.38%, 08/15/17		90		97
9.00%, 11/15/18 (r)		7,500		8,530
7.00%, 08/15/20 (e)		5,000		5,000
11.50%, 11/15/21		7,500		9,019
T-Mobile USA Inc.
6.54%, 04/28/20		6,700		6,918
6.00%, 03/01/23		10,000		10,025
6.63%, 04/01/23		7,500		7,680
Telecom Italia SpA, 5.30%, 05/30/24 (r)		5,000		5,063
Verizon Communications Inc.
5.15%, 09/15/23		3,400		3,754
6.55%, 09/15/43		3,700		4,740
Virgin Media Secured Finance Plc, 5.50%, 01/15/25 (e) (r)		9,000		9,292
Wind Acquisition Finance SA, 7.38%, 04/23/21 (r)		5,000		4,719
				118,550
UTILITIES - 2.1%
AES Corp.
4.88%, 05/15/23		1,000		993
5.50%, 03/15/24 (e)		2,500		2,537
Calpine Corp.
6.00%, 01/15/22 (r)		2,400		2,556
5.38%, 01/15/23 (e)		7,000		7,070
7.88%, 01/15/23 (r)		2,096		2,311
5.75%, 01/15/25		6,500		6,581
Dynegy Finance I Inc.
6.75%, 11/01/19 (r)		15,000		15,262
7.38%, 11/01/22 (r)		10,000		10,175
InterGen NV, 7.00%, 06/30/23 (r)		10,000		9,500
				56,985
Total Corporate Bonds and Notes (cost $1,127,021)				1,078,895
OTHER EQUITY INTERESTS - 0.0%
General Motors Co. (c) (f) (u)		100		1
SuperMedia Inc. Escrow Litigation Trust (c) (f) (p) (q) (u)		868		—
Total Other Equity Interests (cost $14)				1
SHORT TERM INVESTMENTS - 10.3%
Investment Companies - 3.0%
JNL Money Market Fund, 0.01% (a) (h)		80,912		80,912
Securities Lending Collateral - 7.3%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		197,127		197,127
Total Short Term Investments (cost $278,039)				278,039
Total Investments - 105.4% (cost $2,760,236)				2,852,043
Other Assets and Liabilities, Net - (5.4%)				(146,650	)
Total Net Assets - 100.0%			$	2,705,393

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
JNL/Franklin Templeton International Small Cap Growth Fund
COMMON STOCKS - 95.2%
AUSTRALIA - 0.1%
Iluka Resources Ltd.		115	$	552
AUSTRIA - 0.2%
Wienerberger AG		76		1,046
BELGIUM - 2.7%
Barco NV (e)		21		1,464
Ontex Group NV (c)		32		918
RHJ International (c) (e)		1,715		9,565
				11,947
BERMUDA - 2.9%
Arch Capital Group Ltd. (c)		184		10,863
Axis Capital Holdings Ltd.		46		2,345
				13,208
BRAZIL - 0.3%
Cia de Saneamento de Minas Gerais		44		419
Grendene SA		142		814
				1,233
CANADA - 5.6%
AGF Management Ltd. (e)		116		851
Canaccord Genuity Group Inc.		115		770
Dorel Industries Inc.		50		1,715
Enerflex Ltd.		55		782
Ensign Energy Services Inc.		57		502
Fairfax Financial Holdings Ltd.		28		14,672
Genworth MI Canada Inc.		44		1,388
HudBay Minerals Inc.		214		1,862
Major Drilling Group International Inc.		257		1,265
Mullen Group Ltd. (e)		45		831
Trican Well Service Ltd. (e)		71		342
				24,980
CHINA - 1.0%
AAC Technologies Holdings Inc. (e)		211		1,122
China ZhengTong Auto Services Holdings Ltd.		2,322		1,029
Kingdee International Software Group Co. Ltd. (c) (e)		5,596		1,651
SinoMedia Holding Ltd.		1,353		757
				4,559
DENMARK - 1.1%
ISS A/S (c)		173		4,971
FINLAND - 5.3%
Amer Sports Oyj - Class A		140		2,716
Huhtamaki Oyj		119		3,140
Uponor Oyj (e)		658		9,124
Valmet Corp.		735		9,074
				24,054
FRANCE - 4.0%
Beneteau SA (c)		703		9,882
Euler Hermes SA		61		6,287
IPSOS (e)		61		1,758
				17,927
GERMANY - 2.1%
DMG Mori Seiki AG		63		1,786
Gerresheimer AG		49		2,659
Kloeckner & Co. SE (c)		139		1,491
Leoni AG		25		1,480

	Shares/Par (t)		Value
Rational AG		7		2,225
				9,641
GREECE - 0.1%
JUMBO SA		39		392
HONG KONG - 3.2%
Luk Fook Holdings International Ltd.		439		1,646
Shenguan Holdings Group Ltd.		2,678		883
Sitoy Group Holdings Ltd.		1,458		1,178
Stella International Holdings Ltd.		544		1,438
Techtronic Industries Co.		1,070		3,431
Value Partners Group Ltd.		2,007		1,675
VTech Holdings Ltd. (e)		221		3,168
Yingde Gases		1,254		877
				14,296
INDIA - 0.1%
Jain Irrigation Systems Ltd.		514		566
IRELAND - 9.8%
C&C Group Plc		2,109		9,238
Dalata Hotel Group Plc (c)		834		2,966
Grafton Group Plc		1,472		14,567
Green REIT plc (c)		4,472		6,926
Irish Continental Group Plc		1,664		6,546
Irish Residential Properties REIT Plc (c)		3,000		3,844
				44,087
ITALY - 2.8%
Amplifon SpA		78		462
Azimut Holding SpA		9		190
MARR SpA		48		860
Prysmian SpA		542		9,880
Sorin SpA (c)		462		1,075
				12,467
JAPAN - 9.3%
Aderans Holdings Co. Ltd.		801		7,536
Asahi Co. Ltd. (e)		85		780
Asatsu-DK Inc. (e)		277		6,672
Asics Corp.		141		3,392
Capcom Co. Ltd.		42		623
Daibiru Corp.		86		811
Descente Ltd.		120		1,166
en-japan Inc.		13		211
Keihin Corp.		76		1,125
Kobayashi Pharmaceutical Co. Ltd. (e)		45		2,589
Meitec Corp.		77		2,273
Nissin Kogyo Co. Ltd.		35		483
Sankyo Co. Ltd.		119		4,089
Seria Co. Ltd.		11		356
Shinko Plantech Co. Ltd.		88		617
Square Enix Holdings Co. Ltd.		70		1,435
Sumitomo Rubber Industries Inc.		177		2,628
Tokai Rika Co. Ltd.		55		1,161
Tsugami Corp.		157		835
Tsumura & Co. (e)		90		1,984
Unipres Corp.		76		1,242
				42,008
LUXEMBOURG - 0.4%
Grand City Properties SA (c) (e)		121		1,788
NETHERLANDS - 7.0%
Aalberts Industries NV		90		2,652
Accell Group		68		1,127
Arcadis NV		79		2,361
Beter Bed Holding NV		51		1,066
Sligro Food Group NV		306		11,563

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
TNT NV		1,784		11,895
USG People NV		58		648
				31,312
NORWAY - 0.9%
Ekornes ASA		99		1,256
Schibsted ASA (e)		30		1,892
Tomra Systems ASA		118		904
				4,052
PHILIPPINES - 0.6%
Metropolitan Bank & Trust Co.		323		595
Vista Land & Lifescapes Inc.		13,007		2,091
				2,686
RUSSIAN FEDERATION - 0.0%
X5 Retail Group NV - GDR (c) (p)		15		180
SINGAPORE - 2.1%
ARA Asset Management Ltd.		4,269		5,465
Straits Trading Co. Ltd. (e)		1,897		4,161
				9,626
SOUTH KOREA - 3.1%
Binggrae Co. Ltd.		16		1,096
BS Financial Group Inc.		162		2,134
Daum Kakao Corp.		6		645
DGB Financial Group Inc.		173		1,783
Halla Visteon Climate Control Corp.		57		2,505
Hyundai Mipo Dockyard Co. Ltd.		6		404
KIWOOM Securities Co. Ltd.		11		465
Korea Investment Holdings Co. Ltd.		29		1,269
Sindoh Co. Ltd.		25		1,567
Youngone Corp.		41		1,973
				13,841
SPAIN - 2.9%
Construcciones y Auxiliar de Ferrocarriles SA (e)		5		1,651
Lar Espana Real Estate Socimi SA (c)		375		4,137
Melia Hotels International SA (e)		61		653
Tecnicas Reunidas SA		30		1,291
Zardoya Otis SA (e)		483		5,352
				13,084
SWEDEN - 0.6%
Bulten AB (e)		79		678
Duni AB		87		1,291
Oriflame Cosmetics SA - SDR		53		729
				2,698
SWITZERLAND - 1.1%
Logitech International SA (e)		39		527
Panalpina Welttransport Holding AG (e)		19		2,597
Vontobel Holding AG		47		1,759
				4,883
TAIWAN - 1.5%
D-Link Corp.		1,485		865
Giant Manufacturing Co. Ltd.		263		2,324
Simplo Technology Co. Ltd.		467		2,302
Tripod Technology Corp.		654		1,276
				6,767
THAILAND - 0.2%
LPN Development PCL		1,260		835
UNITED KINGDOM - 20.5%
Alent Plc		1,968		9,848
Bellway Plc		33		1,003
Berendsen Plc		72		1,232

	Shares/Par (t)		Value
Bovis Homes Group Plc		52		714
Carpetright Plc (c)		1,007		6,285
Debenhams Plc		1,328		1,549
Devro Plc		313		1,476
Dignity Plc		25		753
Greggs Plc		237		2,703
Headlam Group Plc		1,365		9,359
HomeServe Plc		23		119
Keller Group Plc		141		1,924
Kennedy Wilson Europe Real Estate Plc		786		12,926
Laird Plc		229		1,103
Man Group Plc		1,145		2,849
Michael Page International Plc		1,773		11,304
Morgan Sindall Group Plc		443		4,215
Serco Group Plc (e)		1,398		3,502
SIG Plc		836		2,261
Sthree Plc		987		4,538
United Business Media Ltd.		216		1,612
Vectura Group Plc (c)		339		674
Vesuvius Plc		1,508		10,430
				92,379
UNITED STATES OF AMERICA - 3.7%
Flextronics International Ltd. (c)		104		1,167
RenaissanceRe Holdings Ltd.		135		13,085
Steiner Leisure Ltd. (c)		47		2,171
				16,423
Total Common Stocks (cost $424,331)				428,488
PREFERRED STOCKS - 0.3%
GERMANY - 0.3%
Draegerwerk AG & Co. KGaA (e)		12		1,253
Total Preferred Stocks (cost $1,480)				1,253
RIGHTS - 0.0%
SOUTH KOREA - 0.0%
DGB Financial Group Inc. (c) (f)		36		39
Total Rights (cost $0)				39
INVESTMENT COMPANIES - 0.3%
iShares MSCI EAFE Small-Cap ETF (e)		28		1,294
Total Investment Companies (cost $1,315)				1,294
SHORT TERM INVESTMENTS - 9.2%
Investment Companies - 4.1%
JNL Money Market Fund, 0.01% (a) (h)		18,329		18,329
Securities Lending Collateral - 5.1%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		22,843		22,843
Total Short Term Investments (cost $41,172)				41,172
Total Investments - 105.0% (cost $468,298)				472,246
Other Assets and Liabilities, Net - (5.0%)				(22,478	)
Total Net Assets - 100.0%			$	449,768

JNL/Franklin Templeton Mutual Shares Fund
COMMON STOCKS - 84.6%
CONSUMER DISCRETIONARY - 9.9%
CBS Corp. - Class B	269	$	14,910
Cengage Learning Holdings II LP (c)	53		1,173
Comcast Corp. - Special Class A (e)	67		3,836

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
General Motors Co.		506		17,659
Kohl’s Corp.		94		5,746
Reed Elsevier Plc		959		16,376
Time Warner Cable Inc.		136		20,703
Time Warner Inc.		115		9,806
Tribune Media Co. - Class A (c)		51		3,048
Tribune Media Co. - Class B (c)		23		1,361
Tribune Publishing Co.		21		477
Twenty-First Century Fox Inc. - Class B		700		25,838
				120,933
CONSUMER STAPLES - 10.3%
Altria Group Inc.		312		15,361
Avon Products Inc.		592		5,557
British American Tobacco Plc		368		19,946
Coca-Cola Enterprises Inc.		40		1,764
CVS Health Corp.		125		12,073
Energizer Holdings Inc.		15		1,886
Imperial Tobacco Group Plc		287		12,655
Kroger Co.		281		18,040
Lorillard Inc.		306		19,232
PepsiCo Inc.		139		13,103
Philip Morris International Inc.		77		6,262
				125,879
ENERGY - 8.5%
Anadarko Petroleum Corp.		68		5,620
Apache Corp.		234		14,640
Baker Hughes Inc.		234		13,142
BG Group Plc		435		5,816
BP Plc		1,283		8,143
CONSOL Energy Inc.		196		6,629
Ensco Plc - Class A		41		1,222
Marathon Oil Corp.		484		13,685
Murphy Oil Corp.		131		6,625
Royal Dutch Shell Plc - Class A		571		19,024
Talisman Energy Inc.		41		323
Talisman Energy Inc.		676		5,293
Transocean Ltd. (e)		254		4,658
				104,820
FINANCIALS - 18.7%
ACE Ltd.		151		17,313
Alexander’s Inc. (e)		8		3,497
Alleghany Corp. (c)		32		14,687
Allstate Corp.		182		12,781
Ally Financial Inc. (c)		257		6,070
American International Group Inc.		416		23,286
Barclays Plc		1,683		6,329
Canary Wharf Group Plc (c) (f) (p) (q)		405		3,417
CIT Group Inc.		150		7,162
Citigroup Inc.		280		15,147
Citizens Financial Group Inc.		147		3,647
Columbia Banking System Inc.		63		1,747
Credit Suisse Group AG		215		5,393
FCB Financial Holdings Inc. - Class A (c)		41		1,002
Forestar Group Inc. (c)		37		569
Guaranty Bancorp (e)		10		140
ING Groep NV - CVA (c)		555		7,171
JPMorgan Chase & Co.		287		17,987
KB Financial Group Inc.		134		4,395
MetLife Inc.		236		12,784
PNC Financial Services Group Inc.		280		25,561
Societe Generale - Class A		40		1,695
SunTrust Banks Inc.		235		9,827
Wells Fargo & Co.		175		9,576
White Mountains Insurance Group Ltd.		17		10,798

	Shares/Par (t)		Value
Zurich Financial Services AG		26		8,273
				230,254
HEALTH CARE - 14.1%
CIGNA Corp.		139		14,335
Eli Lilly & Co.		204		14,058
Hospira Inc. (c)		207		12,700
Medtronic Inc.		546		39,398
Merck & Co. Inc.		607		34,496
Stryker Corp.		155		14,579
Teva Pharmaceutical Industries Ltd. - ADR		513		29,487
Walgreens Boots Alliance Inc.		178		13,573
				172,626
INDUSTRIALS - 4.2%
A P Moller - Maersk A/S - Class B		8		15,156
B/E Aerospace Inc. (c)		112		6,492
Caterpillar Inc.		76		6,962
CNH Industrial NV		764		6,185
Federal Signal Corp.		96		1,475
Huntington Ingalls Industries Inc.		119		13,373
KLX Inc. (c)		56		2,308
				51,951
INFORMATION TECHNOLOGY - 12.1%
Apple Inc.		249		27,521
CA Inc.		240		7,321
Cisco Systems Inc.		666		18,532
Hewlett-Packard Co.		283		11,356
Microsoft Corp.		790		36,679
Samsung Electronics Co. Ltd.		7		8,828
Symantec Corp.		828		21,237
Xerox Corp.		1,270		17,609
				149,083
MATERIALS - 4.2%
Anglo American Plc		164		3,026
Freeport-McMoran Inc. - Class B		495		11,558
International Paper Co.		324		17,337
MeadWestvaco Corp.		256		11,372
ThyssenKrupp AG (c)		345		8,791
				52,084
TELECOMMUNICATION SERVICES - 1.8%
Koninklijke KPN NV		2,262		7,142
Vodafone Group Plc		4,421		15,157
				22,299
UTILITIES - 0.8%
NRG Energy Inc.		371		9,991
Total Common Stocks (cost $818,513)				1,039,920
PREFERRED STOCKS - 0.6%
CONSUMER DISCRETIONARY - 0.6%
Volkswagen AG		35		7,863
Total Preferred Stocks (cost $9,189)				7,863
CORPORATE BONDS AND NOTES - 5.2%
CONSUMER DISCRETIONARY - 2.3%
Caesars Entertainment Corp. Term Loan, 9.75%, 01/28/18 (i)	$	2,238		1,932
Caesars Entertainment Operating Co. 1st Lien Term Loan B
5.95%, 01/28/18 (i)		618		538
6.99%, 01/28/18 (i)		2,947		2,570
Cengage Learning Acquisitions Inc. Term Loan, 7.00%, 02/20/20 (i)		328		324

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Clear Channel Communications Inc., 9.00%, 12/15/19 (i)		7,449		7,337
Clear Channel Communications Inc. Term Loan
6.92%, 01/29/16 (i)		4,339		4,082
7.67%, 07/30/19 (i)		1,395		1,327
Clear Channel Communications Inc. Term Loan B, 3.82%, 01/29/16 (i)		33		33
Clear Channel Communications Inc. Term Loan C, 3.82%, 01/29/16 (i)		3		3
JC Penney Corp. Inc. Term Loan, 6.00%, 05/22/18 (i)		5,258		5,148
Toys R Us Term Loan
8.25%, 10/15/19 (i)		616		607
9.75%, 03/15/20 (i)		5,199		4,772
				28,673
ENERGY - 0.7%
NGPL PipeCo LLC
7.12%, 12/15/17 (r)		1,969		1,935
9.63%, 06/01/19 (r)		2,922		2,929
NGPL PipeCo LLC Term Loan, 6.75%, 09/15/17 (i)		159		154
Walter Energy Inc.
9.50%, 10/15/19 (r)		1,503		1,142
11.00%, 04/01/20 (r) (y)		1,277		415
Walter Energy Inc. Term Loan, 7.25%, 04/01/18 (i)		2,707		2,092
				8,667
FINANCIALS - 0.0%
Tropicana Entertainment LLC, 0.00%, 12/15/14 (c) (d) (f) (p) (q)		1,130		—
INFORMATION TECHNOLOGY - 0.3%
Avaya Inc. Term Loan B-6, 6.50%, 03/31/18 (i)		886		871
First Data Corp., 11.75%, 08/15/21		1,995		2,289
				3,160
TELECOMMUNICATION SERVICES - 1.1%
Avaya Inc.
7.00%, 04/01/19 (r)		2,435		2,374
10.50%, 03/01/21 (r)		8,466		7,238
Avaya Inc. Term Loan B-3, 4.67%, 10/26/17 (i)		3,633		3,479
				13,091
UTILITIES - 0.8%
Texas Competitive Electric Holdings Co. LLC, 11.50%, 10/01/20 (d) (r)		4,182		2,959
Texas Competitive Electric Holdings Co. LLC Term Loan, 4.65%, 10/10/17 (d)		11,682		7,540
				10,499
Total Corporate Bonds and Notes (cost $68,416)				64,090
GOVERNMENT AND AGENCY OBLIGATIONS - 0.2%
GOVERNMENT SECURITIES - 0.2%
Municipals - 0.2%
Commonwealth of Puerto Rico, 8.00%, 07/01/35		3,428		2,987
Total Government and Agency Obligations (cost $3,200)				2,987
OTHER EQUITY INTERESTS - 0.6%
Lehman Brothers Holdings Inc. Bankruptcy Claims (c) (u)		27,190		6,712
Tribune Co. Litigation Interests (c) (f) (p) (q) (u)		67		—
Total Other Equity Interests (cost $7,419)				6,712

	Shares/Par (t)		Value
SHORT TERM INVESTMENTS - 8.7%
Investment Companies - 7.9%
JNL Money Market Fund, 0.01% (a) (h)		97,087		97,087
Securities Lending Collateral - 0.8%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		9,482		9,482
Total Short Term Investments (cost $106,569)				106,569
Total Investments - 99.9% (cost $1,013,306)				1,228,141
Other Assets and Liabilities, Net - 0.1%				964
Total Net Assets - 100.0%			$	1,229,105
JNL/Franklin Templeton Small Cap Value Fund
COMMON STOCKS - 94.2%
CONSUMER DISCRETIONARY - 20.1%
Brown Shoe Co. Inc.		655	$	21,068
Brunswick Corp.		221		11,344
Cato Corp. - Class A		325		13,708
Drew Industries Inc.		166		8,452
Genesco Inc. (c)		264		20,258
Gentex Corp.		380		13,719
Group 1 Automotive Inc.		279		25,022
Helen of Troy Ltd. (c)		13		865
Hillenbrand Inc.		637		21,983
Hooker Furniture Corp.		40		682
La-Z-Boy Inc.		996		26,743
M/I Homes Inc. (c)		372		8,539
Men’s Wearhouse Inc.		389		17,188
Pep Boys-Manny Moe & Jack (c)		612		6,013
Thor Industries Inc.		450		25,164
West Marine Inc. (c)		406		5,247
Winnebago Industries Inc.		248		5,391
				231,386
CONSUMER STAPLES - 2.5%
GrainCorp Ltd. - Class A (e)		1,050		7,042
Maple Leaf Foods Inc.		1,279		21,434
				28,476
ENERGY - 7.2%
Bristow Group Inc.		309		20,329
Energen Corp.		133		8,499
Helix Energy Solutions Group Inc. (c)		473		10,253
Hunting Plc		530		4,360
Oil States International Inc. (c)		236		11,516
Rowan Cos. Plc - Class A		321		7,476
Tidewater Inc.		152		4,917
Unit Corp. (c)		435		14,827
				82,177
FINANCIALS - 10.9%
Arthur J Gallagher & Co.		86		4,025
Aspen Insurance Holdings Ltd.		403		17,635
Assurant Inc.		41		2,778
Chemical Financial Corp.		265		8,120
EverBank Financial Corp.		274		5,224
Excel Trust Inc.		9		118
Hanover Insurance Group Inc.		253		18,016
HCC Insurance Holdings Inc.		117		6,278
Montpelier Re Holdings Ltd. (e)		264		9,453
OFG Bancorp (e)		164		2,722
Old Republic International Corp.		623		9,115
Peoples Bancorp Inc.		87		2,256

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
StanCorp Financial Group Inc.		340		23,759
TrustCo Bank Corp.		1,017		7,381
Validus Holdings Ltd.		191		7,939
				124,819
HEALTH CARE - 5.0%
Gerresheimer AG		124		6,727
Hill-Rom Holdings Inc.		254		11,578
STERIS Corp. (e)		424		27,466
Teleflex Inc.		102		11,758
				57,529
INDUSTRIALS - 29.8%
AAR Corp.		651		18,074
Apogee Enterprises Inc.		317		13,419
Applied Industrial Technologies Inc.		183		8,357
Astec Industries Inc.		496		19,482
Briggs & Stratton Corp. (e)		300		6,124
Carlisle Cos. Inc.		160		14,456
Civeo Corp.		419		1,720
EMCOR Group Inc.		500		22,254
EnerSys Inc.		286		17,639
EnPro Industries Inc. (c)		155		9,728
Franklin Electric Co. Inc.		226		8,463
Genesee & Wyoming Inc. - Class A (c)		87		7,850
Gibraltar Industries Inc. (c)		365		5,935
Granite Construction Inc.		622		23,645
Kennametal Inc.		169		6,048
Lincoln Electric Holdings Inc.		199		13,735
Lindsay Corp. (e)		159		13,675
McGrath RentCorp		279		9,994
MSA Safety Inc.		287		15,253
Mueller Industries Inc.		540		18,442
Powell Industries Inc.		144		7,072
Regal-Beloit Corp.		324		24,380
Simpson Manufacturing Co. Inc.		278		9,626
SkyWest Inc.		549		7,291
Universal Forest Products Inc.		403		21,440
Wabash National Corp. (c)		1,307		16,149
Watts Water Technologies Inc. - Class A		33		2,093
				342,344
INFORMATION TECHNOLOGY - 1.8%
Cohu Inc.		390		4,641
Ingram Micro Inc. - Class A (c)		241		6,650
Multi-Fineline Electronix Inc. (c)		61		684
Rofin-Sinar Technologies Inc. (c)		314		9,031
				21,006
MATERIALS - 16.9%
A. Schulman Inc.		473		19,154
Allegheny Technologies Inc.		90		3,129
AptarGroup Inc.		51		3,429
Axiall Corp.		567		24,098
Cabot Corp.		349		15,312
Carpenter Technology Corp.		413		20,345
HB Fuller Co.		510		22,710
Minerals Technologies Inc.		224		15,578
Reliance Steel & Aluminum Co.		90		5,527
RPM International Inc.		337		17,099
Sensient Technologies Corp.		482		29,095
Steel Dynamics Inc.		414		8,174
Stepan Co.		250		10,020
				193,670
Total Common Stocks (cost $882,296)				1,081,407

	Shares/Par (t)		Value
CORPORATE BONDS AND NOTES - 0.5%
INDUSTRIALS - 0.5%
Unit Corp., 6.63%, 05/15/21	$	5,942		5,318
Total Corporate Bonds and Notes (cost $5,737)				5,318
SHORT TERM INVESTMENTS - 6.9%
Investment Companies - 5.3%
JNL Money Market Fund, 0.01% (a) (h)		61,372		61,372
Securities Lending Collateral - 1.6%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		18,990		18,990
Total Short Term Investments (cost $80,362)				80,362
Total Investments - 101.6% (cost $968,395)				1,167,087
Other Assets and Liabilities, Net - (1.6%)				(18,587	)
Total Net Assets - 100.0%			$	1,148,500
JNL/Goldman Sachs Core Plus Bond Fund
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES - 12.7%
ACE Securities Corp. Home Equity Loan Trust Series REMIC, 0.33%, 08/25/36 (i)	$	3,030	$	2,382
ACIS CLO Ltd.
0.73%, 10/14/22 (i) (r)		900		881
1.15%, 10/14/22 (i) (r)		6,300		6,177
1.65%, 05/01/26 (i) (r)		2,000		1,976
1.71%, 05/01/26 (i) (r)		5,000		4,894
Adjustable Rate Mortgage Trust REMIC, 2.63%, 04/25/35 (i)		190		189
Aire Valley Mortgages Plc
0.34%, 09/20/66 (i), EUR		78		92
0.38%, 09/20/66 (i), EUR		2,397		2,811
0.50%, 09/20/66 (i), EUR		2,398		2,829
REMIC, 0.47%, 09/20/66 (i) (r)		602		580
Amortizing Residential Collateral Trust REMIC, 1.97%, 08/25/32 (i)		53		38
Asset Backed Securities Corp. Home Equity REMIC, 3.01%, 04/15/33 (i)		20		19
B&M CLO Ltd., 3.03%, 04/16/26 (i) (r)		2,300		2,169
Banc of America Commercial Mortgage Inc. REMIC, 5.62%, 04/10/49 (i)		600		648
Banc of America Funding Corp. REMIC, 5.79%, 10/25/36 (i)		49		40
Banc of America Mortgage Securities Inc. REMIC, 2.69%, 09/25/35 (i)		558		513
BlueMountain CLO Ltd., 0.49%, 03/17/21 (i) (r)		3,062		3,026
Brentwood CLO Corp., 0.50%, 02/01/22 (i) (r)		1,853		1,825
Carrington Mortgage Loan Trust REMIC, 0.41%, 03/25/36 (i)		3,000		2,430
Citigroup Mortgage Loan Trust Inc. REMIC, 0.55%, 12/25/35 (i)		906		791
Conseco Financial Corp. REMIC, 7.07%, 01/15/29		11		11
Countrywide Alternative Loan Trust REMIC, 1.61%, 09/25/35 (i)		193		177
Countrywide Asset-Backed Certificates REMIC, 2.04%, 06/25/34 (i)		100		89
Countrywide Home Loan Mortgage Pass-Through Trust REMIC, 2.51%, 02/19/34 (i)		258		251
Deutsche Bank Alternate Loan Trust REMIC, 1.81%, 08/25/35 (i)		190		151
Educational Services of America Inc., 1.08%, 07/25/23 (i) (r)		624		624

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Eurosail PRIME-UK Plc, 0.96%, 09/13/45 (i), GBP		623		925
First Union National Bank Commercial Mortgage Trust, Interest Only REMIC, 1.64%, 05/17/32 (i) (p) (q)		474		6
FREMF Mortgage Trust REMIC, 4.07%, 09/25/25 (i) (r)		2,350		2,243
GCO Education Loan Funding Trust, 0.36%, 05/25/25 (i)		2,223		2,189
GMAC Mortgage Corp. Loan Trust REMIC
7.00%, 09/25/37 (i)		137		137
7.00%, 09/25/37 (i)		218		228
Granite Master Issuer Plc
0.24%, 12/29/17 (i)		1,180		1,170
0.31%, 12/20/54 (i)		3,077		3,051
REMIC, 0.24%, 12/20/54 (i) (r)		5,253		5,215
Granite Mortgages Plc, 0.94%, 01/20/44 (i), GBP		175		272
GSAA Home Equity Trust REMIC, 0.40%, 05/25/37 (i)		3,800		2,473
GSMPS Mortgage Loan Trust, 0.63%, 02/25/35 (i) (r)		48		45
GSR Mortgage Loan Trust REMIC, 2.77%, 10/25/35 (i)		300		265
Halcyon Loan Advisors Funding Ltd.
2.23%, 04/28/25 (i) (r)		3,800		3,678
1.79%, 04/18/26 (i) (r)		2,550		2,536
Hildene CLO II Ltd., 1.68%, 07/19/26 (i) (r)		9,350		9,238
ICG U.S. CLO Ltd., 1.50%, 04/20/26 (i) (r)		5,300		5,223
Impac CMB Trust REMIC, 0.81%, 03/25/35 (i)		97		83
Leek Finance Number Eighteen Plc
0.34%, 09/21/38 (i), EUR		142		179
0.51%, 09/21/38 (i)		1,281		1,331
Leek Finance Number Seventeen Plc
0.36%, 12/21/37 (i), EUR		282		359
0.84%, 12/21/37 (i), GBP		125		205
Lehman XS Trust REMIC, 1.02%, 03/25/16 (i)		1,059		845
Luminent Mortgage Trust REMIC, 0.35%, 12/25/36 (i)		2,945		2,300
MASTR Adjustable Rate Mortgages Trust REMIC
7.05%, 10/25/34 (i)		204		191
3.21%, 12/25/34 (i)		63		61
1.31%, 12/25/46 (i)		2,139		1,707
MASTR Seasoned Securities Trust REMIC, 3.28%, 10/25/32 (i)		179		175
Mid-State Trust, 7.34%, 07/01/35		140		150
Morgan Stanley Capital I Trust REMIC
5.93%, 11/15/17 (i)		150		143
5.48%, 02/12/44 (i)		200		213
Morgan Stanley Mortgage Loan Trust REMIC
2.62%, 08/25/34 (i)		100		98
2.83%, 03/25/36 (i)		1,190		979
NCUA Guaranteed Notes Trust REMIC
3.00%, 06/12/19		1,900		1,994
1.84%, 10/07/20		120		120
OCP CLO Ltd., 0.23%, 04/26/26 (i) (r)		5,800		5,636
OFSI Fund VI Ltd., 1.42%, 03/20/25 (i) (r)		5,700		5,599
OFSI Fund VII Ltd., 1.72%, 10/18/26 (i) (r)		1,300		1,281
Panhandle-Plains Higher Education Authority Inc. REMIC, 1.37%, 01/01/24 (i)		1,548		1,574
Quadrivio Finance Srl, 0.59%, 07/25/60 (i), EUR		976		1,180
Red River CLO Ltd., 0.50%, 07/27/18 (i) (r)		1,788		1,777
Residential Accredit Loans Inc. Trust REMIC, 1.11%, 01/25/46 (i)		932		662
Sail Net Interest Margin Notes
7.75%, 04/27/33 (r)		6		—
5.50%, 03/27/34 (r)		45		28

	Shares/Par (t)		Value
Sound Point CLO V Ltd., 2.13%, 04/18/26 (i) (r)		3,800		3,634
Structured Asset Mortgage Investments Inc. REMIC, 2.52%, 08/25/35 (i)		81		80
THL Credit Wind River CLO Ltd., 1.38%, 04/20/25 (i) (r)		4,800		4,693
Thrones Plc, 2.06%, 07/20/44 (i), GBP		578		910
Trinitas CLO II Ltd., 1.61%, 07/15/26 (i) (r)		2,500		2,441
Washington Mutual Mortgage Pass-Through Certificates REMIC, 2.37%, 06/25/34 (i)		372		375
Wells Fargo Mortgage Backed Securities Trust REMIC, 2.60%, 04/25/36 (i)		103		101
WhiteHorse VIII Ltd.
1.73%, 05/01/26 (i) (r)		2,400		2,378
2.28%, 05/01/26 (i) (r)		500		483
York CLO Ltd., 1.79%, 01/22/27 (i) (p) (q)		5,400		5,354
Total Non-U.S. Government Agency Asset- Backed Securities (cost $125,088)				123,826
CORPORATE BONDS AND NOTES - 29.8%
CONSUMER DISCRETIONARY - 4.3%
21st Century Fox America Inc., 3.70%, 09/15/24 (e) (r)		3,425		3,523
Amazon.com Inc., 3.30%, 12/05/21		2,500		2,534
CCO Holdings LLC, 7.00%, 01/15/19		900		934
CCOH Safari LLC
5.50%, 12/01/22		150		152
5.75%, 12/01/24		850		860
Chrysler Group LLC, 8.00%, 06/15/19		1,350		1,419
DIRECTV Holdings LLC
3.80%, 03/15/22		2,250		2,289
4.45%, 04/01/24		3,475		3,636
3.95%, 01/15/25		2,900		2,923
General Motors Financial Co. Inc., 3.50%, 07/10/19		1,025		1,047
Glencore Funding LLC, 2.50%, 01/15/19 (e) (r)		1,975		1,945
MDC Holdings Inc.
5.63%, 02/01/20		1,250		1,303
5.50%, 01/15/24		775		750
6.00%, 01/15/43		975		809
MGM Resorts International, 6.63%, 12/15/21		1,400		1,470
NBCUniversal Media LLC, 4.38%, 04/01/21		1,600		1,760
Nielsen Finance LLC, 4.50%, 10/01/20		1,900		1,909
Rensselaer Polytechnic Institute, 5.60%, 09/01/20		2,300		2,625
Sally Holdings LLC, 6.88%, 11/15/19		450		478
Time Warner Cable Inc.
7.30%, 07/01/38		2,676		3,690
5.88%, 11/15/40		600		715
5.50%, 09/01/41		3,078		3,576
Videotron Ltd., 5.00%, 07/15/22		1,850		1,882
				42,229
CONSUMER STAPLES - 2.2%
Avon Products Inc., 5.10%, 03/15/20 (l)		2,150		1,951
Constellation Brands Inc.
3.75%, 05/01/21		150		149
4.25%, 05/01/23		2,325		2,308
CVS Caremark Corp.
4.13%, 05/15/21		999		1,083
3.38%, 08/12/24		2,050		2,070
Kimberly-Clark Corp., 3.70%, 06/01/43		2,175		2,113
Pernod-Ricard SA, 4.45%, 01/15/22 (r)		1,900		2,034
Reynolds Group Inc., 7.13%, 04/15/19		200		207
Reynolds Group Issuer Inc.
7.88%, 08/15/19		100		105
5.75%, 10/15/20		2,275		2,332
SABMiller Holdings Inc., 4.95%, 01/15/42 (r)		625		704

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Suntory Holdings Ltd., 2.55%, 09/29/19 (r)		2,050		2,054
Sysco Corp., 3.50%, 10/02/24		3,600		3,710
				20,820
ENERGY - 2.4%
Anadarko Petroleum Corp., 6.45%, 09/15/36		1,050		1,262
ConocoPhillips Co.
3.35%, 11/15/24		825		834
4.15%, 11/15/34		825		847
Enterprise Products Operating LLC
8.38%, 08/01/66 (i)		2,450		2,631
7.03%, 01/15/68 (i)		1,550		1,700
Gazprom Neft OAO Via GPN Capital SA, 6.00%, 11/27/23 (r)		230		183
Kinder Morgan Inc., 5.00%, 02/15/21 (r)		2,750		2,861
Nexen Inc., 6.40%, 05/15/37		675		841
Pacific Rubiales Energy Corp., 5.38%, 01/26/19 (e) (r)		166		143
Petrobras Global Finance BV
4.88%, 03/17/20		1,250		1,169
6.25%, 03/17/24		260		247
Petroleos de Venezuela SA
6.00%, 05/16/24		440		165
6.00%, 11/15/26		310		113
5.38%, 04/12/27		140		49
5.50%, 04/12/37		30		10
Petroleos Mexicanos
3.50%, 07/18/18		330		334
6.00%, 03/05/20		271		304
6.38%, 01/23/45		750		849
PTTEP Canada International Finance Ltd., 5.69%, 04/05/21 (r)		1,020		1,134
Shell International Finance BV, 4.55%, 08/12/43		825		903
TransCanada PipeLines Ltd., 6.35%, 05/15/67 (i)		1,375		1,334
Transocean Inc., 6.50%, 11/15/20 (e)		1,150		1,091
Transportadora de Gas Internacional SA ESP, 5.70%, 03/20/22		600		630
Weatherford International Ltd., 9.63%, 03/01/19		1,475		1,749
Williams Partners LP, 3.90%, 01/15/25 (e)		1,950		1,874
				23,257
FINANCIALS - 13.2%
Abbey National Treasury Services Plc, 4.00%, 04/27/16		2,075		2,151
AerCap Aviation Solutions BV, 6.38%, 05/30/17		200		212
American Campus Communities Operating Partnership LP, 3.75%, 04/15/23		2,000		1,997
American Express Co., 6.80%, 09/01/66 (i)		2,175		2,278
American International Group Inc., 4.50%, 07/16/44		525		555
American Tower Corp., 3.40%, 02/15/19		825		840
ARC Properties Operating Partnership LP, 3.00%, 02/06/19 (e)		2,310		2,137
Australia & New Zealand Banking Group Ltd., 4.50%, 03/19/24 (e) (r)		1,150		1,174
Bank of America Corp.
4.13%, 01/22/24		2,400		2,520
4.00%, 04/01/24		1,675		1,744
6.25% (callable at 100 beginning 09/05/24) (m)		1,125		1,112
6.50% (callable at 100 beginning 10/23/24) (m)		750		763
Bank of Montreal, 2.85%, 06/09/15 (r)		2,200		2,222
Bank of Nova Scotia, 1.65%, 10/29/15 (r)		600		605
Bank of Scotland Plc, 5.25%, 02/21/17 (r)		300		326
Barclays Bank Plc, 2.50%, 02/20/19		1,775		1,799

	Shares/Par (t)		Value
Barclays Plc, 4.38%, 09/11/24		525		506
Brazil Minas SPE via State of Minas Gerais, 5.33%, 02/15/28		1,901		1,877
Canadian Imperial Bank of Commerce, 2.60%, 07/02/15 (r)		1,200		1,212
Citigroup Inc.
6.30% (callable at 100 beginning 05/15/24) (m)		1,025		1,010
6.13%, 11/21/17		1,010		1,126
3.38%, 03/01/23		1,500		1,513
Compass Bank
1.85%, 09/29/17		850		846
2.75%, 09/29/19		925		926
5.50%, 04/01/20		1,200		1,306
Credit Suisse AG, 6.50%, 08/08/23 (r)		1,100		1,208
Credit Suisse Group AG
6.25% (callable at 100 beginning 12/18/24) (m) (r)		825		793
7.50% (callable at 100 beginning 12/11/23) (e) (m) (r)		1,275		1,326
Developers Diversified Realty Corp., 7.50%, 04/01/17 (e)		2,170		2,431
Discover Bank, 8.70%, 11/18/19		551		681
Discover Financial Services, 3.85%, 11/21/22		1,499		1,525
Education Realty Operating Partnership LP, 4.60%, 12/01/24		2,875		2,946
ERP Operating LP, 4.63%, 12/15/21		2,575		2,817
First Niagara Financial Group Inc., 6.75%, 03/19/20		925		1,018
Ford Motor Credit Co. LLC
5.00%, 05/15/18		1,200		1,304
5.88%, 08/02/21		750		868
General Electric Capital Corp.
8.50%, 04/06/18, MXN		2,000		150
5.88%, 01/14/38		900		1,139
Geo Maquinaria., 9.63%, 05/02/21 (d) (r)		270		18
HCP Inc., 6.00%, 01/30/17		1,375		1,500
Healthcare Realty Trust Inc., 6.50%, 01/17/17		1,725		1,884
HSBC Bank USA Credit Linked Note (Nota Do Tesouro Nacional, 6.00%, 08/15/40, Moody’s rating Baa2) (p) (q), BRL		4,840		4,580
HSBC Holdings Plc, 6.38%, (callable at 100 beginning 09/17/24) (m)		1,050		1,061
ING Bank NV, 4.13%, 11/21/23		2,875		2,921
Inter-American Development Bank
1.00%, 02/27/18		1,700		1,650
7.00%, 06/15/25		1,500		2,068
6.75%, 07/15/27		1,200		1,699
Intesa Sanpaolo SpA
3.13%, 01/15/16		1,825		1,854
2.38%, 01/13/17		975		984
3.88%, 01/16/18		3,400		3,540
5.02%, 06/26/24 (r)		1,200		1,165
Liberty Property LP, 4.75%, 10/01/20		1,500		1,616
Macquarie Bank Ltd.
2.60%, 06/24/19 (r)		175		176
6.63%, 04/07/21 (p) (q)		1,575		1,818
Merrill Lynch & Co. Inc., 6.05%, 05/16/16		1,125		1,192
Mizuho Corporate Bank Ltd., 2.55%, 03/17/17 (r)		2,125		2,167
Morgan Stanley
3.88%, 04/29/24		1,150		1,180
3.70%, 10/23/24		6,625		6,715
MUFG Capital Finance 1 Ltd., 6.35%, (callable at 100 beginning 07/25/16) (i) (m)		1,310		1,395
Northern Rock Plc, 5.63%, 06/22/17 (r)		7,100		7,780
Northwestern Mutual Life Insurance Co., 6.06%, 03/30/40 (r)		1,375		1,785

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
PNC Preferred Funding Trust II, 1.46%, (callable at 100 beginning 03/15/17) (e) (m) (r)		2,500		2,350
Regions Financial Corp., 5.75%, 06/15/15		1,225		1,250
Resona Preferred Global Securities Cayman Ltd., 7.19%, (callable at 100 beginning 07/30/15) (m) (r)		1,525		1,571
Royal Bank of Scotland Group Plc
2.55%, 09/18/15		2,175		2,197
9.50%, 03/16/22		700		795
6.00%, 12/19/23		675		731
Santander Holdings USA Inc., 4.63%, 04/19/16		715		745
Senior Housing Properties Trust, 3.25%, 05/01/19		1,100		1,107
Sovereign Bank, 8.75%, 05/30/18		700		834
Stadshypotek AB, 1.88%, 10/02/19 (e) (r)		4,300		4,247
Sumitomo Mitsui Financial Group Inc., 4.44%, 04/02/24 (r)		2,200		2,278
SunTrust Banks Inc., 2.35%, 11/01/18		2,775		2,792
Synchrony Financial, 3.00%, 08/15/19		1,525		1,542
Teachers Insurance & Annuity Association of America, 4.90%, 09/15/44 (r)		1,440		1,605
Trust F/1401, 5.25%, 12/15/24 (r)		470		484
UBS AG-Credit Linked Note (Federative Republic of Brazil, 6.00%, 01/17/17, Moody’s rating Baa2) (f) (p) (q), BRL		1,620		277
WEA Finance LLC, 3.75%, 09/17/24 (r)		1,800		1,827
				128,343
HEALTH CARE - 2.4%
Actavis Funding SCS, 4.85%, 06/15/44		2,300		2,334
Bayer US Finance LLC, 3.00%, 10/08/21 (r)		2,900		2,924
Becton Dickinson and Co., 2.68%, 12/15/19		1,850		1,874
Community Health Systems Inc., 8.00%, 11/15/19		350		374
Express Scripts Holding Co., 2.65%, 02/15/17		1,300		1,329
Forest Laboratories Inc.
4.38%, 02/01/19 (r)		4,074		4,304
5.00%, 12/15/21 (r)		1,700		1,841
HCA Holdings Inc., 7.75%, 05/15/21		225		240
HCA Inc., 5.88%, 03/15/22		2,150		2,354
Medtronic Inc.
2.50%, 03/15/20 (r)		675		677
3.15%, 03/15/22 (r)		1,200		1,219
Walgreens Boots Alliance Inc.
2.70%, 11/18/19		2,850		2,865
3.80%, 11/18/24		1,375		1,402
				23,737
INDUSTRIALS - 0.9%
CITIC Ltd., 6.80%, 01/17/23		700		806
GE Capital Trust I, 6.38%, 11/15/67 (i)		1,374		1,480
General Electric Co., 3.50%, 10/02/18		2,055		2,096
International Lease Finance Corp.
6.75%, 09/01/16 (r)		550		586
7.13%, 09/01/18 (r)		1,200		1,344
Penske Truck Leasing Co. LP, 2.88%, 07/17/18 (r)		2,400		2,440
				8,752
INFORMATION TECHNOLOGY - 0.4%
Hewlett-Packard Co.
3.00%, 09/15/16		1,675		1,720
2.60%, 09/15/17		1,100		1,121
2.75%, 01/14/19		1,025		1,026
				3,867
MATERIALS - 0.9%
Alcoa Inc., 5.13%, 10/01/24		1,300		1,378

	Shares/Par (t)		Value
Eastman Chemical Co., 3.80%, 03/15/25 (e)		1,975		2,010
Ecolab Inc., 5.50%, 12/08/41		775		933
Freeport-McMoRan Inc., 5.40%, 11/14/34		2,125		2,072
LyondellBasell Industries NV, 5.00%, 04/15/19		525		572
Sappi Papier Holding GmbH
7.75%, 07/15/17 (r)		1,200		1,284
8.38%, 06/15/19 (r)		325		348
				8,597
TELECOMMUNICATION SERVICES - 2.6%
America Movil SAB de CV, 6.00%, 06/09/19, MXN		9,650		658
AT&T Inc., 2.95%, 05/15/16		1,750		1,795
Crown Castle International Corp., 5.25%, 01/15/23		2,275		2,321
Frontier Communications Corp., 8.50%, 04/15/20		1,825		2,035
Level 3 Financing Inc.
9.38%, 04/01/19		250		264
8.13%, 07/01/19		100		106
SoftBank Corp., 4.50%, 04/15/20 (r)		1,700		1,675
Verizon Communications Inc.
2.63%, 02/21/20 (r)		4,200		4,152
5.15%, 09/15/23		8,100		8,944
4.15%, 03/15/24		1,575		1,630
6.55%, 09/15/43		866		1,109
Ymobile Corp., 8.25%, 04/01/18 (p) (q)		325		340
				25,029
UTILITIES - 0.5%
Arizona Public Service Co., 8.75%, 03/01/19		1,700		2,138
Consumers Energy Co, 3.95%, 05/15/43		2,125		2,193
Puget Sound Energy Inc., 6.97%, 06/01/67 (i)		800		822
				5,153
Total Corporate Bonds and Notes (cost $285,698)				289,784
GOVERNMENT AND AGENCY OBLIGATIONS - 66.2%
GOVERNMENT SECURITIES - 41.5%
Federal Home Loan Bank - 0.7% (w)
Federal Home Loan Bank
1.88%, 03/13/20		1,400		1,407
3.00%, 09/10/21 (e)		3,200		3,355
3.25%, 06/09/23		2,000		2,115
				6,877
Federal National Mortgage Association - 0.6% (w)
Federal National Mortgage Association
0.38%, 03/16/15		800		800
6.25%, 05/15/29		2,600		3,622
6.63%, 11/15/30		900		1,337
				5,759
Municipals - 1.7%
American Municipal Power Inc. - Series E, 6.27%, 02/15/50		875		1,120
Commonwealth of Puerto Rico
5.25%, 07/01/23 - 07/01/37		85		63
5.50%, 07/01/26 - 07/01/39		335		248
5.13%, 07/01/31		10		7
5.63%, 07/01/32		10		7
5.38%, 07/01/33		140		100
5.00%, 07/01/34 - 07/01/41		75		51
6.00%, 07/01/34 - 07/01/39		30		22
8.00%, 07/01/35		3,190		2,779
5.88%, 07/01/36		10		7
5.75%, 07/01/38 - 07/01/41		30		22
Northstar Education Finance Inc. Student Loan Asset-Backed Note
1.80%, 04/01/42 (i)		2,300		2,148

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
2.82%, 04/01/42 (i)		650		607
3.70%, 04/01/42 (i)		700		654
Puerto Rico Commonwealth Aqueduct & Sewer Authority
5.00%, 07/01/33		50		34
5.75%, 07/01/37		45		32
6.00%, 07/01/38 - 07/01/44		140		99
Puerto Rico Highways and Transportation Authority (insured by Assured Guaranty Municipal Corp.), 5.25%, 07/01/36		40		41
Puerto Rico Sales Tax Financing Corp.
5.25%, 08/01/27 - 08/01/43		1,205		840
5.50%, 08/01/28 - 08/01/42		1,135		824
6.13%, 08/01/29		25		21
0.00%, 08/01/32 - 08/01/33 (k)		360		259
0.00%, 08/01/33 - 08/01/38 (j)		470		85
5.00%, 08/01/35 - 08/01/43		215		144
5.75%, 08/01/37		300		223
5.38%, 08/01/38 - 08/01/39		325		227
6.00%, 08/01/39 - 08/01/42		285		215
6.38%, 08/01/39		15		12
State of California
7.95%, 03/01/36		1,290		1,595
7.63%, 03/01/40		2,390		3,669
				16,155
Sovereign - 6.2%
Argentina Republic Government International Bond, 0.00%, 12/15/35 (e) (i)		5,832		429
Brazil Government International Bond, 4.25%, 01/07/25 (e)		690		690
Chile Government International Bond, 3.63%, 10/30/42		800		726
Colombia Government International Bond, 4.00%, 02/26/24		425		435
Costa Rica Government International Bond, 7.00%, 04/04/44		500		490
Croatia Government International Bond
5.50%, 04/04/23		200		207
6.00%, 01/26/24		200		215
Dominican Republic International Bond
14.50%, 02/10/23, DOP		1,200		30
8.63%, 04/20/27		396		464
7.45%, 04/30/44 (r)		1,400		1,531
Hashemite Kingdom of Jordan Government Bond, 2.50%, 10/30/20		5,000		5,083
Indonesia Government International Bond, 5.38%, 10/17/23		200		218
International Finance Corp., 0.88%, 06/15/18		6,900		6,783
Israel Government AID Bond
5.50%, 09/18/23 - 04/26/24		5,000		6,167
5.50%, 12/04/23 (e)		500		617
Italy Buoni Poliennali Del Tesoro
1.15%, 05/15/17, EUR		1,880		2,302
4.50%, 02/01/18, EUR		1,510		2,038
5.00%, 09/01/40, EUR		560		895
Kommunalbanken A/S, 1.00%, 09/26/17 (r)		2,300		2,290
Mexico Bonos
6.50%, 06/10/21, MXN		6,507		463
8.00%, 12/07/23, MXN		6,841		533
7.50%, 06/03/27, MXN		5,200		393
8.50%, 05/31/29, MXN		3,453		283
Mexico Government International Bond, 4.75%, 03/08/44		2,670		2,783
Panama Government International Bond, 9.38%, 04/01/29		90		137
Province of Quebec, Canada, 4.60%, 05/26/15		1,475		1,500
Republic of Honduras, 8.75%, 12/16/20 (r)		370		409
Russia Foreign Bond, 4.88%, 09/16/23		200		178

	Shares/Par (t)		Value
Russia Government International Bond, 7.50%, 03/31/30		616		638
Spain Government Bond
2.10%, 04/30/17, EUR		1,290		1,619
0.50%, 10/31/17, EUR		1,610		1,944
4.50%, 01/31/18, EUR		2,860		3,867
4.40%, 10/31/23 (r), EUR		1,200		1,796
5.15%, 10/31/44 (r), EUR		30		52
Tennessee Valley Authority
4.38%, 06/15/15		2,400		2,443
3.88%, 02/15/21		3,700		4,075
5.98%, 04/01/36		1,250		1,748
4.63%, 09/15/60		800		909
Turkey Government International Bond
5.63%, 03/30/21		590		648
6.25%, 09/26/22		1,740		1,986
Venezuela Government International Bond
9.00%, 05/07/23		60		26
8.25%, 10/13/24		240		104
7.65%, 04/21/25		170		72
9.25%, 09/15/27 - 05/07/28		250		110
7.00%, 03/31/38		20		8
				60,334
Treasury Inflation Index Securities - 2.3%
Italy Buoni Poliennali Del Tesoro Inflation Indexed Note, 2.35%, 09/15/19 (n), EUR		2,559		3,343
Spain Government Inflation Indexed Bond, 0.55%, 11/30/19 (n) (r), EUR		1,624		1,979
U.S. Treasury Inflation Indexed Note
0.13%, 01/15/22 (n)		4,301		4,190
0.38%, 07/15/23 (n)		1,938		1,920
0.63%, 01/15/24 (n)		5,230		5,262
2.50%, 01/15/29 (n)		3,041		3,782
1.38%, 02/15/44 (n)		1,936		2,198
				22,674
U.S. Treasury Securities - 30.0%
U.S. Treasury Bond
6.13%, 11/15/27 (o)		21,000		29,882
3.00%, 05/15/42 (o)		7,900		8,309
3.63%, 08/15/43 (o)		36,500		42,950
3.75%, 11/15/43 (o)		11,000		13,231
3.63%, 02/15/44		9,800		11,541
3.38%, 05/15/44		13,200		14,871
3.00%, 11/15/44		9,600		10,089
U.S. Treasury Note
0.25%, 07/31/15		12,000		12,008
0.75%, 01/15/17		26,100		26,118
1.50%, 01/31/19		41,000		41,013
1.63%, 04/30/19		4,100		4,113
1.75%, 09/30/19		13,700		13,777
1.50%, 11/30/19 (e)		15,600		15,498
1.63%, 12/31/19 (e)		19,800		19,771
2.00%, 10/31/21		14,400		14,433
2.13%, 12/31/21 (e)		14,500		14,640
				292,244
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES - 24.7%
Federal Home Loan Mortgage Corp. - 2.6%
Federal Home Loan Mortgage Corp.
3.11%, 02/25/23		1,500		1,556
1.57%, 10/25/24 (i)		296		296
5.00%, 03/01/26 - 06/01/41		3,626		4,020
5.50%, 04/01/28 - 02/01/39		1,950		2,189
3.00%, 03/01/32 - 03/01/43		3,935		3,988
2.83%, 01/01/37 (i)		618		670
6.00%, 08/01/37 - 05/01/40		1,702		1,919

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
6.50%, 01/01/38 - 12/01/38		1,328		1,579
7.00%, 02/01/39		1,103		1,257
4.50%, 11/01/40		7		8
REMIC, 3.03%, 10/25/20 (i)		4,700		4,910
REMIC, 1,156.50%, 06/15/21 (p) (q)		—		—
REMIC, 2.78%, 09/25/22		1,696		1,750
REMIC, 3.46%, 08/25/23 (i)		800		850
REMIC, Interest Only, 5.94%, 11/15/43 (i) (p) (q)		2,062		294
				25,286
Federal National Mortgage Association - 21.7%
Federal National Mortgage Association
2.80%, 03/01/18		2,405		2,489
5.00%, 03/01/18 - 10/01/41		4,115		4,526
3.74%, 05/01/18		1,424		1,515
3.84%, 05/01/18		1,790		1,909
4.50%, 08/01/18 - 08/01/41		9,971		10,862
6.50%, 02/01/19		—		1
4.51%, 06/01/19		4,400		4,760
3.42%, 10/01/20		1,119		1,191
3.63%, 12/01/20		802		866
4.38%, 06/01/21		3,348		3,736
3.83%, 07/01/21		1,591		1,727
5.50%, 09/01/23 - 12/01/39		5,774		6,352
6.00%, 01/01/24 - 05/01/41		25,818		29,310
1.37%, 07/25/24 (i)		440		436
8.00%, 08/01/29 - 01/01/31		43		49
7.00%, 07/01/32 - 03/01/39		661		759
2.11%, 11/01/35 (i)		38		41
2.35%, 05/01/36 (i)		278		296
2.52%, 05/01/36 (i)		252		268
2.55%, 08/01/36 (i)		225		240
2.44%, 09/01/36 (i)		234		249
4.00%, 08/01/39 - 09/01/39		36		39
3.00%, 08/01/42 - 07/01/43		24,247		24,591
3.50%, 01/15/45 - 02/15/45, TBA (g)		52,000		54,044
4.00%, 01/15/45 - 02/15/45, TBA (g)		33,000		35,145
4.50%, 01/15/45, TBA (g)		15,000		16,279
5.00%, 01/15/45, TBA (g)		3,000		3,314
REMIC, 5.00%, 06/25/41 - 10/25/41		3,075		3,434
REMIC, 7.00%, 07/25/42 - 10/25/42		1,495		1,717
REMIC, Interest Only, 4.84%, 11/25/40 (i) (p) (q)		3,946		827
				210,972
Government National Mortgage Association - 0.4%
Government National Mortgage Association
3.95%, 07/15/25		762		815
6.00%, 06/15/34 - 11/15/38		90		102
5.00%, 06/15/40 - 05/15/41		1,806		2,000
5.00%, 01/15/45, TBA (g)		1,000		1,101
REMIC, Interest Only, 6.54%, 08/16/43 (i) (p) (q)		1,373		219
				4,237
Total Government and Agency Obligations (cost $623,910)				644,538
COMMON STOCKS - 0.0%
CONSUMER DISCRETIONARY - 0.0%
Home Interior Gift Inc. (c) (f) (p) (q)		491		—
Total Common Stocks (cost $184)				—
SHORT TERM INVESTMENTS - 5.1%
Investment Companies - 0.7%
JNL Money Market Fund, 0.01% (a) (h)		7,145		7,145

	Shares/Par (t)		Value
Securities Lending Collateral - 4.2%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		41,334		41,334
Treasury Securities - 0.2%
Mexico Cetes
0.20%, 03/26/15, MXN		849		572
0.20%, 04/01/15, MXN		2,110		1,420
				1,992
Total Short Term Investments (cost $50,467)				50,471
Total Investments - 113.9% (cost $1,085,347)				1,108,619
Total Forward Sales Commitments - (0.1%) (proceeds $1,001)				(1,011	)
Other Assets and Liabilities, Net - (13.8%)				(133,855	)
Total Net Assets - 100.0%			$	973,753
FORWARD SALES COMMITMENTS - 0.1%
GOVERNMENT AND AGENCY OBLIGATIONS - 0.1%
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES - 0.1%
Federal National Mortgage Association - 0.1%
Federal National Mortgage Association, 3.00%, 01/15/45, TBA (g)	$	1,000	$	1,011
Total Forward Sales Commitments - 0.1% (proceeds $1,001)			$	1,011
JNL/Goldman Sachs Emerging Markets Debt Fund
CORPORATE BONDS AND NOTES - 25.4%
ARGENTINA - 0.3%
Arcos Dorados Holdings Inc., 6.63%, 09/27/23 (e) (r)	$	1,845	$	1,799
Transportadora de Gas del Sur SA, 9.63%, 05/14/20 (p) (q)		5		5
				1,804
BANGLADESH - 0.2%
Banglalink Digital Communications Ltd., 8.63%, 05/06/19 (r)		890		883
BRAZIL - 1.5%
Banco do Brasil SA
6.25% (callable at 100 beginning 04/15/24) (m)		2,130		1,555
9.00% (callable at 100 beginning 06/18/24) (e) (m)		1,210		1,125
Banco do Estado do Rio Grande do Sul SA, 7.38%, 02/02/22 (r)		1,670		1,698
Banco Santander Brasil SA, 8.00%, 03/18/16 (r), BRL		4,750		1,697
Brazil Minas SPE via State of Minas Gerais, 5.33%, 02/15/28		910		899
Schahin II Finance Co SPV Ltd., 5.88%, 09/25/22		459		369
Tupy SA, 6.63%, 07/17/24 (r)		2,340		2,246
				9,589
CHILE - 2.3%
AES Gener SA
5.25%, 08/15/21 (e)		1,691		1,789
8.38%, 12/18/73 (i) (r)		400		434
Corpbanca SA, 3.88%, 09/22/19 (r)		2,165		2,171
E.CL SA, 5.63%, 01/15/21 (e)		1,270		1,371

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Embotelladora Andina SA, 5.00%, 10/01/23 (r)		810		846
Empresa de Transporte de Pasajeros Metro SA, 4.75%, 02/04/24 (r)		200		210
Empresa Electrica Angamos SA, 4.88%, 05/25/29 (e) (r)		840		825
GNL Quintero SA, 4.63%, 07/31/29 (r)		3,940		3,988
Sociedad Quimica y Minera de Chile SA
5.50%, 04/21/20 (r)		230		249
3.63%, 04/03/23 (e)		2,670		2,547
				14,430
CHINA - 2.0%
CITIC Ltd.
6.88%, 01/21/18		670		740
8.63% (callable at 100 beginning 11/22/18) (m)		1,300		1,468
6.38%, 04/10/20		900		1,000
6.63%, 04/15/21		1,140		1,293
6.80%, 01/17/23		4,110		4,733
Golden Eagle Retail Group Ltd., 4.63%, 05/21/23		600		554
Kaisa Group Holdings Ltd., 9.00%, 06/06/19		400		252
Logan Property Holdings Co. Ltd., 11.25%, 06/04/19		200		199
Soho China Ltd., 7.13%, 11/07/22 (e)		860		850
Studio City Finance Ltd., 8.50%, 12/01/20 (e) (r)		1,000		1,050
Sunac China Holdings Ltd., 9.38%, 04/05/18		340		346
				12,485
COLOMBIA - 0.9%
Banco de Bogota SA, 5.00%, 01/15/17		330		343
Bancolombia SA, 5.95%, 06/03/21		2,810		3,014
Empresas Publicas de Medellin ESP, 7.63%, 07/29/19		710		834
Pacific Rubiales Energy Corp.
5.13%, 03/28/23 (r)		498		392
5.63%, 01/19/25 (e) (r)		440		338
Transportadora de Gas Internacional SA ESP, 5.70%, 03/20/22		890		934
				5,855
DOMINICAN REPUBLIC - 0.3%
Aeropuertos Dominicanos Siglo XXI SA, 9.25%, 11/13/19		1,868		1,803
GUATEMALA - 0.6%
Agromercantil Senior Trust, 6.25%, 04/10/19 (r)		970		982
Central American Bottling Corp.
6.75%, 02/09/22 (e)		1,510		1,597
6.75%, 02/09/22 (r)		70		74
Comcel Trust, 6.88%, 02/06/24 (r)		1,150		1,205
				3,858
HONG KONG - 0.8%
Metropolitan Light International Ltd., 5.25%, 01/17/18		920		919
New Cotai LLC, 10.63%, 05/01/19 (r) (y)		556		579
Sun Hung Kai Properties Capital Market Ltd.
5.38%, 03/08/17		930		996
4.00%, 11/02/20		1,620		1,674
Wharf Finance Ltd., 4.63%, 02/08/17 (e)		960		1,004
				5,172
INDIA - 0.9%
Greenko Dutch BV, 8.00%, 08/01/19 (r)		1,280		1,123
ICICI Bank Ltd., 6.38%, 04/30/22 (i)		840		863
Reliance Holdings USA Inc., 5.40%, 02/14/22		1,236		1,339
Rolta Americas LLC, 8.88%, 07/24/19		200		172

	Shares/Par (t)		Value
State Bank of India, 6.44%, (callable at 100 beginning 05/15/17) (m)		1,380		1,378
Vedanta Resources Jersey Ltd., 5.50%, 07/13/16 (v)		1,100		1,065
				5,940
INDONESIA - 0.1%
Bumi Capital Pte Ltd., 12.00%, 11/10/16 (d) (p) (q)		100		22
Bumi Investment Pte Ltd., 10.75%, 10/06/17 (d) (p) (q)		2,320		516
				538
IRELAND - 0.3%
Mobile Telesystems OJSC via MTS International Fund, 5.00%, 05/30/23		910		719
Phosagro OAO via Phosagro Bond Funding Ltd., 4.20%, 02/13/18		1,100		946
				1,665
ISRAEL - 1.1%
Delek & Avner Tamar Bond Ltd.
2.80%, 12/30/16 (r)		2,230		2,234
3.84%, 12/30/18 (r)		2,170		2,212
Israel Electric Corp. Ltd.
5.63%, 06/21/18 (r)		830		877
7.25%, 01/15/19		1,140		1,270
7.75%, 12/15/27		250		302
				6,895
ITALY - 0.6%
Wind Acquisition Finance SA
4.00%, 07/15/20 (r), EUR		270		321
4.75%, 07/15/20 (r)		360		337
7.38%, 04/23/21 (r)		3,480		3,284
				3,942
JAMAICA - 0.5%
Digicel Group Ltd., 8.25%, 09/30/20		3,260		3,162
Digicel Ltd., 7.00%, 02/15/20 (p) (q)		200		198
				3,360
KAZAKHSTAN - 1.0%
KazMunaiGaz Finance Sub BV, 11.75%, 01/23/15		6,080		6,114
LUXEMBOURG - 0.6%
Altice Financing SA
7.88%, 12/15/19		960		983
6.50%, 01/15/22 (r)		880		860
Altice Finco SA
9.88%, 12/15/20		430		460
8.13%, 01/15/24 (e) (r)		370		361
Millicom International Cellular SA, 4.75%, 05/22/20 (r)		790		744
Telefonica Celular del Paraguay SA, 6.75%, 12/13/22		600		624
				4,032
MEXICO - 1.8%
America Movil SAB de CV, 6.00%, 06/09/19, MXN		42,240		2,880
Cemex Finance LLC, 5.25%, 04/01/21 (e) (r), EUR		886		1,086
Cemex SAB de CV, 4.75%, 01/11/22 (e) (r), EUR		340		403
Gruma SAB de CV, 4.88%, 12/01/24 (e) (r)		1,300		1,345
Grupo Cementos de Chihuahua SAB de CV, 8.13%, 02/08/20 (r)		250		264
Grupo Televisa SAB, 6.00%, 05/15/18		1,974		2,193

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Metalsa SA de CV, 4.90%, 04/24/23 (r)		985		882
Pemex Finance Ltd., 10.61%, 08/15/17		488		543
Sixsigma Networks Mexico SA de CV, 8.25%, 11/07/21 (r)		790		801
Trust F/1401
5.25%, 12/15/24 (r)		1,000		1,030
6.95%, 01/30/44 (p) (q)		280		309
				11,736
NETHERLANDS- 0.0%
Indosat Palapa Co. BV, 7.38%, 07/29/20		184		194
NIGERIA - 0.1%
Helios Towers Finance Netherlands BV, 8.38%, 07/15/19		944		850
PARAGUAY - 0.6%
Banco Continental SAECA, 8.88%, 10/15/17		1,235		1,297
Banco Regional SAECA
8.13%, 01/24/19		406		432
8.13%, 01/24/19 (r)		1,950		2,078
				3,807
PERU - 1.6%
Abengoa Transmision Sur SA, 6.88%, 04/30/43 (r)		3,130		3,467
Corp. Lindley SA, 6.75%, 11/23/21 (e)		4,735		5,066
Peru Enhanced Pass-Through Finance Ltd.
0.00%,05/31/18 (j)		384		364
0.00%,06/02/25 (j) (p) (q)		1,007		714
SAN Miguel Industrias Pet SA, 7.75%, 11/06/20 (r)		370		392
				10,003
PHILIPPINES - 1.2%
Alliance Global Group Inc., 6.50%, 08/18/17		1,500		1,605
Energy Development Corp., 6.50%, 01/20/21 (e)		3,120		3,385
San Miguel Corp., 4.88%, 04/26/23 (e)		1,139		1,058
SM Investments Corp., 5.50%, 10/13/17		480		503
SMC Global Power Holdings Corp., 7.50%, (callable at 100 beginning 11/07/19) (m)		1,250		1,267
				7,818
QATAR - 0.3%
Ras Laffan Liquefied Natural Gas Co. Ltd. III, 5.30%, 09/30/20		1,852		1,986
RUSSIAN FEDERATION - 1.2%
EDC Finance Ltd., 4.88%, 04/17/20 (r)		580		374
Gazprom Neft OAO Via GPN Capital SA
4.38%, 09/19/22		1,679		1,225
6.00%, 11/27/23 (r)		850		676
6.00%, 11/27/23		360		286
Lukoil International Finance BV
3.42%, 04/24/18		3,714		3,157
4.56%, 04/24/23		710		568
Phosagro OAO via Phosagro Bond Funding Ltd., 4.20%, 02/13/18 (e) (r)		230		198
Sibur Securities Ltd., 3.91%, 01/31/18 (r)		1,680		1,361
				7,845
SINGAPORE - 0.3%
Olam International Ltd.
6.00%, 10/15/16 (v)		400		422
6.75%, 01/29/18		1,100		1,136
7.50%, 08/12/20		390		432
				1,990

	Shares/Par (t)		Value
SOUTH AFRICA - 0.9%
Transnet SOC Ltd.
10.80%, 11/06/23, ZAR		7,000		651
8.90%, 11/14/27, ZAR		47,000		3,810
10.00%, 03/30/29, ZAR		16,500		1,384
				5,845
SOUTH KOREA- 0.1%
SK E&S Co. Ltd., 4.88%, (callable at 100 beginning 11/26/19) (m)		850		810
TAIWAN - 0.3%
CTBC Bank Co. Ltd., 5.63%, (callable at 100 beginning 03/17/15) (m)		1,580		1,582
THAILAND - 0.7%
Bank of Thailand, 3.22%, 03/01/16, THB		87,900		2,707
PTT Exploration & Production PCL, 4.88%, (callable at 100 beginning 06/18/19) (m) (r)		560		552
PTTEP Canada International Finance Ltd., 5.69%, 04/05/21		832		925
				4,184
TURKEY - 0.6%
Anadolu Efes Biracilik Ve Malt Sanayii A/S, 3.38%, 11/01/22		1,200		1,101
Arcelik AS, 5.00%, 04/03/23		480		462
Global Liman Isletmeleri, 8.13%, 11/14/21 (r)		1,010		894
Turkiye Vakiflar Bankasi Tao, 3.75%, 04/15/18 (r)		1,590		1,570
				4,027
UKRAINE- 0.1%
MHP SA, 8.25%, 04/02/20		1,090		741
UNITED ARAB EMIRATES - 1.2%
Dolphin Energy Ltd., 5.50%, 12/15/21		3,790		4,266
Ruwais Power Co. PJSC, 6.00%, 08/31/36 (r)		3,130		3,607
				7,873
VENEZUELA - 0.2%
Petroleos de Venezuela SA
6.00%, 05/16/24		2,100		788
6.00%, 11/15/26		1,030		376
5.38%, 04/12/27		500		175
5.50%, 04/12/37		90		31
				1,370
VIETNAM - 0.2%
Debt and Asset Trading Corp., 1.00%, 10/10/25		2,190		1,204
Total Corporate Bonds and Notes (cost $170,218)				162,230
GOVERNMENT AND AGENCY OBLIGATIONS - 59.1%
ARGENTINA - 0.2%
Argentina Republic Government International Bond, 0.00%, 12/15/35 (e) (i)		19,500		1,433
BRAZIL - 8.5%
Brazil Inflation Indexed Notas do Tesouro Nacional, 6.00%, 08/15/16 - 08/15/50 (s), BRL		20,623		19,261
Brazil Letras do Tesouro Nacional, 0.00%, 01/01/16 - 07/01/17 (j), BRL		36,367		10,482
Brazil Minas SPE via State of Minas Gerais, 5.33%, 02/15/28 (r)		1,120		1,106
Brazil Notas do Tesouro Nacional, 10.00%, 01/01/18 - 01/01/25, BRL		68,949		23,294
				54,143

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
CHILE - 0.5%
Chile Government International Bond, 6.00%, 01/01/18, CLP		595,000		1,052
Inflation Indexed Bonos del Banco Central de Chile en UF, 3.00%, 03/01/22 (n), CLP		418,661		771
Tesoreria General de la Republica Inflation Indexed Note, 3.00%, 01/01/15 (n), CLP		1,034,338		1,705
				3,528
COLOMBIA - 3.2%
Colombia Government International Bond
12.00%, 10/22/15, COP		1,373,000		607
7.75%, 04/14/21, COP		1,138,000		515
4.38%, 03/21/23 (e), COP		102,000		38
Colombia TES
8.00%, 10/28/15, COP		2,039,300		879
11.25%, 10/24/18, COP		242,300		120
7.00%, 05/04/22, COP		31,311,100		13,241
7.50%, 08/26/26, COP		3,835,300		1,614
6.00%, 04/28/28, COP		9,943,200		3,630
				20,644
COSTA RICA - 0.2%
Republic of Costa Rica
11.13%, 03/28/18 (p) (q), CRC		753,500		1,473
9.20%, 03/27/19 (p) (q), CRC		2,750		5
				1,478
CROATIA - 0.7%
Croatia Government International Bond, 3.88%, 05/30/22, EUR		3,530		4,379
DOMINICAN REPUBLIC - 1.0%
Dominican Republic International Bond
16.95%, 02/04/22, DOP		79,900		2,317
14.50%, 02/10/23 (r), DOP		39,200		969
14.50%, 02/10/23, DOP		16,200		401
18.50%, 02/04/28 (r), DOP		99,000		2,880
				6,567
HONDURAS- 0.1%
Republic of Honduras, 8.75%, 12/16/20 (r)		460		508
HUNGARY - 3.8%
Hungary Government Bond
6.75%, 11/24/17 - 10/22/28, HUF		538,970		2,612
4.00%, 04/25/18, HUF		60,500		239
5.50%, 12/20/18 - 06/24/25, HUF		1,062,510		4,640
6.50%, 06/24/19, HUF		999,420		4,365
3.50%, 06/24/20, HUF		1,453,970		5,630
7.50%, 11/12/20, HUF		543,700		2,538
7.00%, 06/24/22, HUF		681,780		3,200
Hungary Government International Bond, 6.00%, 11/24/23, HUF		205,870		933
				24,157
INDONESIA - 0.3%
Indonesia Treasury Bond, 6.13%, 05/15/28, IDR		3,000		—
Perusahaan Penerbit SBSN Indonesia, 4.35%, 09/10/24 (e) (r)		1,980		1,985
				1,985
MALAYSIA - 4.7%
Malaysia Government Bond
3.74%, 02/27/15, MYR		30,200		8,642
3.26%, 03/01/18, MYR		3,240		911
3.65%, 10/31/19, MYR		11,430		3,242
4.38%, 11/29/19, MYR		3,400		992
3.89%, 07/31/20, MYR		7,460		2,120

	Shares/Par (t)		Value
4.16%, 07/15/21, MYR		5,600		1,611
4.05%, 09/30/21, MYR		1,630		466
3.42%, 08/15/22, MYR		1,520		415
3.48%, 03/15/23, MYR		4,160		1,136
4.18%, 07/15/24, MYR		22,290		6,398
4.50%, 04/15/30, MYR		14,400		4,147
Malaysia Government Investment Issue, 4.44%, 05/22/24, MYR		460		134
				30,214
MEXICO - 5.8%
Mexico Bonos
6.25%, 06/16/16, MXN		33		2
7.75%, 12/14/17 - 05/29/31, MXN		128,706		9,563
4.75%, 06/14/18, MXN		177,326		11,992
8.00%, 06/11/20 - 12/07/23, MXN		17,706		1,351
6.50%, 06/10/21 - 06/09/22, MXN		115,792		8,231
10.00%, 12/05/24, MXN		36,713		3,259
7.50%, 06/03/27, MXN		12,238		926
Mexico Government Inflation Indexed Bond
5.00%, 06/16/16 (n), MXN		21,265		1,531
3.50%, 12/14/17 (n), MXN		2,871		208
				37,063
NIGERIA - 0.1%
Nigeria Government Bond, 16.00%, 06/29/19, NGN		73,000		407
PERU - 1.1%
Peru Government International Bond
5.70%, 08/12/24 (r), PEN		16,062		5,379
8.20%, 08/12/26, PEN		2,851		1,147
6.95%, 08/12/31, PEN		32		11
6.90%, 08/12/37, PEN		1,115		389
6.85%, 02/12/42, PEN		1,049		355
				7,281
POLAND - 4.6%
Poland Government Bond
3.25%, 07/25/19 - 07/25/25, PLN		29,430		8,812
5.25%, 10/25/20, PLN		5,350		1,756
5.75%, 10/25/21 - 09/23/22, PLN		31,187		10,765
4.00%, 10/25/23, PLN		24,920		7,926
				29,259
PUERTO RICO - 1.2%
Commonwealth of Puerto Rico
5.25%, 07/01/27 - 07/01/37		100		71
5.13%, 07/01/31 - 07/01/37		45		32
5.50%, 07/01/32 - 07/01/39		315		229
5.63%, 07/01/32		20		15
6.00%, 07/01/34 - 07/01/39		385		282
8.00%, 07/01/35		3,705		3,228
5.88%, 07/01/36		20		14
5.75%, 07/01/38 - 07/01/41		95		69
5.00%, 07/01/41		85		58
Puerto Rico Commonwealth Aqueduct & Sewer Authority
5.00%, 07/01/33		65		45
5.75%, 07/01/37		140		100
6.00%, 07/01/38 - 07/01/44		330		234
Puerto Rico Sales Tax Financing Corp.
5.25%, 08/01/27 - 08/01/43		730		515
5.50%, 08/01/28 - 08/01/42		1,450		1,072
6.13%, 08/01/29		60		49
0.00%, 08/01/32 - 08/01/33 (k)		840		598
0.00%, 08/01/35 - 08/01/38 (j)		165		23
5.75%, 08/01/37		340		252
5.38%, 08/01/38 - 08/01/39		315		221

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
6.00%, 08/01/39 - 08/01/42		700		528
6.38%, 08/01/39		55		44
5.00%, 08/01/43		95		63
				7,742
ROMANIA - 1.5%
Romania Government Bond
5.90%, 07/26/17, RON		12,310		3,616
4.75%, 06/24/19, RON		5,810		1,697
5.95%, 06/11/21, RON		12,510		3,893
5.85%, 04/26/23, RON		1,570		491
				9,697
RUSSIAN FEDERATION - 2.8%
AHML Finance Ltd., 7.75%, 02/13/18 (r), RUB		90,600		1,007
Russia Federal Bond
7.60%, 04/14/21, RUB		11,090		130
7.00%, 08/16/23, RUB		247,580		2,731
Russia Foreign Bond
4.50%, 04/04/22		600		531
4.88%, 09/16/23		1,000		891
Russia Government Bond
6.20%, 01/31/18, RUB		90,690		1,172
7.60%, 07/20/22, RUB		131,020		1,499
7.00%, 01/25/23, RUB		146,110		1,617
7.05%, 01/19/28, RUB		385,410		3,981
Russia Government International Bond
7.85%, 03/10/18, RUB		305,000		4,091
7.50%, 03/31/30		92		95
				17,745
SOUTH AFRICA - 1.7%
South Africa Government Bond
8.00%, 12/21/18, ZAR		6,160		546
10.50%, 12/21/27, ZAR		17,330		1,801
8.25%, 03/31/32, ZAR		47,875		4,018
8.50%, 01/31/37, ZAR		1,810		154
8.75%, 01/31/44 - 02/28/49, ZAR		49,030		4,243
				10,762
THAILAND - 5.8%
Thailand Government Bond
3.13%, 12/11/15, THB		36,710		1,127
3.25%, 06/16/17, THB		90,800		2,832
3.88%, 06/13/19, THB		54,810		1,770
3.65%, 12/17/21, THB		466,490		15,123
3.63%, 06/16/23, THB		219,160		7,141
3.58%, 12/17/27, THB		131,500		4,178
3.78%, 06/25/32, THB		20,200		637
Thailand Government Inflation Indexed Bond
1.20%, 07/14/21 (n), THB		121,589		3,538
1.25%, 03/12/28 (n), THB		23,453		639
				36,985
TURKEY - 5.6%
Turkey Government Bond
9.00%, 03/08/17 - 07/24/24, TRY		16,950		7,609
8.30%, 06/20/18, TRY		17,385		7,566
8.80%, 11/14/18, TRY		3,260		1,444
10.40%, 03/27/19 - 03/20/24, TRY		22,050		10,381
8.50%, 07/10/19, TRY		18,540		8,148
9.50%, 01/12/22, TRY		500		233
7.10%, 03/08/23, TRY		1,640		669
				36,050
UNITED STATES OF AMERICA - 5.5%
U.S. Treasury Bond, 3.00%, 11/15/44		2,400		2,522
U.S. Treasury Note
1.75%, 09/30/19		1,500		1,509

	Shares/Par (t)		Value
1.50%, 11/30/19 (e) (o)		15,700		15,597
1.63%, 12/31/19		13,100		13,081
2.13%, 12/31/21		2,400		2,423
				35,132
VENEZUELA - 0.2%
Venezuela Government International Bond
7.75%, 10/13/19		610		271
9.00%, 05/07/23		190		83
8.25%, 10/13/24		720		313
7.65%, 04/21/25		190		81
9.25%, 05/07/28		540		237
7.00%, 03/31/38		30		12
				997
Total Government and Agency Obligations (cost $426,684)				378,156
CREDIT LINKED STRUCTURED NOTES - 10.3%
COLOMBIA - 2.0%
Citigroup Funding Inc. Credit Linked Note (Colombian Government Bond, 10.00%, 07/24/24, Moody’s rating N/A) (p), COP		1,642,000		853
Citigroup Funding Inc. Credit Linked Note (Colombian Government Bond, 11.00%, 07/24/20, Moody’s rating N/A) (p), COP		4,514,000		2,392
Citigroup Funding Inc. Credit Linked Note (Colombian Government Bond, 11.25%, 10/24/18, Moody’s rating N/A) (r), COP		10,289,000		5,156
Citigroup Funding Inc. Credit Linked Note (Colombian Government Bond, 11.25%, 10/24/18, Moody’s rating N/A) (r), COP		9,263,000		4,642
				13,043
INDONESIA - 7.6%
Barclays Bank Plc Credit Linked Note (Indonesia Government, 10.00%, 07/15/17, Moody’s rating Baa3) (p) (q), IDR		82,000,000		6,981
Deutsche Bank AG Credit Linked Note (Indonesia Government, 10.75%, 05/15/16, Moody’s rating Baa3) (p) (q), IDR		20,500,000		1,732
Deutsche Bank AG Credit Linked Note (Indonesia Government, 7.00%, 05/15/27, Moody’s rating Baa3) (r), IDR		17,900,000		1,322
Deutsche Bank AG Credit Linked Note (Indonesia Government, 8.25%, 06/15/32, Moody’s rating Baa3) (r), IDR		13,600,000		1,085
Deutsche Bank AG Credit Linked Note (Indonesia Government, 8.25%, 07/15/21, Moody’s rating Baa3) (p) (q), IDR		71,400,000		5,888
JPMorgan Chase & Co. Credit Linked Note (Indonesia Government, 10.00%, 07/18/17, Moody’s rating Baa3) (r), IDR		65,000,000		5,535
JPMorgan Chase & Co. Credit Linked Note (Indonesia Government, 10.75%, 05/17/16, Moody’s rating Baa3) (r), IDR		86,000,000		7,254
JPMorgan Chase & Co. Credit Linked Note (Indonesia Government, 6.13%, 05/17/28, Moody’s rating Baa3) (r), IDR		27,187,000		1,836
JPMorgan Chase & Co. Credit Linked Note (Indonesia Government, 6.63%, 05/15/33, Moody’s rating Baa3) (r), IDR		46,000,000		3,117
JPMorgan Chase & Co. Credit Linked Note (Indonesia Government, 6.63%, 05/15/33, Moody’s rating Baa3) (r), IDR		2,800,000		190
Standard Chartered Bank Credit Linked Note (Indonesia Government, 9.00%, 03/15/29, Moody’s rating Baa3) (r), IDR		71,238,000		6,164

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Standard Chartered Bank Credit Linked Note (Indonesia Government, 9.00%, 03/15/29, Moody’s rating Baa3) (r), IDR		16,646,000		1,440
Standard Chartered Bank Credit Linked Note (Indonesia Government, 9.00%, 03/15/29, Moody’s rating Baa3) (r), IDR		5,254,000		455
Standard Chartered Bank Credit Linked Note (Republic of Indonesia, 6.63%, 05/15/33, Moody’s Rating Baa3) (r), IDR		18,684,000		1,266
Standard Chartered Bank Credit Linked Note (Republic of Indonesia, 8.38%, 03/15/24, Moody’s Rating Baa3) (r), IDR		1,835,000		154
Standard Chartered Bank Credit Linked Note (Republic of Indonesia, 9.00%, 03/15/29, Moody’s Rating Baa3) (r), IDR		9,900,000		857
Standard Chartered Bank Credit Linked Note (Republic of Indonesia, 9.00%, 03/15/29, Moody’s Rating Baa3) (r), IDR		4,261,000		369
Standard Chartered Bank Credit Linked Note (Republic of Indonesia, 9.00%, 03/15/29, Moody’s Rating Baa3) (r), IDR		5,908,000		511
Standard Chartered Bank Credit Linked Note (Republic of Indonesia, 9.00%, 03/15/29, Moody’s Rating Baa3) (r), IDR		26,163,000		2,264
				48,420
NIGERIA - 0.3%
Citigroup Funding Inc. Credit Linked Note (Federal Republic of Nigeria, 10.00%, 07/23/30, Moody’s rating N/A) (r), NGN		276,000		1,071
Citigroup Funding Inc. Credit Linked Note (Federal Republic of Nigeria, 16.00%, 07/03/19, Moody’s rating N/A) (r), NGN		115,000		641
HSBC Bank Credit Linked Note (Federal Republic of Nigeria, 7.00%, 10/23/19, Moody’s rating N/A) (r), NGN		97,580		385
				2,097
ZAMBIA - 0.4%
Citigroup Inc. Credit Linked Note (Republic of Zambia, 0.00%, 05/18/15, Moody’s Rating N/A) (j) (r), ZMW		4,160		611
Standard Charter Bank Credit Linked Note (Republic of Zambia, 11.00%, 02/16/19, Moody’s Rating N/A) (r), ZMW		8,290		943
Standard Chartered Bank Credit Linked Note (Republic of Zambia, 11.00%, 09/02/17, Moody’s Rating N/A) (r), ZMW		2,650		335
Standard Chartered Bank Credit Linked Note (Republic of Zambia, 13.00%, 08/29/24, Moody’s Rating N/A), (r), ZMW		3,470		351
				2,240
Total Credit Linked Structured Notes (cost $84,228)				65,800
COMMON STOCKS - 0.0%
Hong Kong - 0.0%
New Cotai LLC (c) (f)		—		28
Total Common Stocks (cost $0)				28
SHORT TERM INVESTMENTS - 7.5%
Securities Lending Collateral - 4.2%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		26,926		26,926
Treasury Securities - 3.3%
Bank Negara Malaysia Monetary Note, 0.86%, 08/04/15, MYR		29,770		8,341

	Shares/Par (t)		Value
Israel Treasury Bill, 0.12%, 05/06/15, ILS		17,740		4,545
Mexico Cetes
0.20%, 03/12/15, MXN		5,157		3,476
0.20%, 04/01/15, MXN		1,701		1,144
Nigeria Treasury Bill
0.06%, 05/07/15, NGN		108,960		569
0.06%, 06/04/15, NGN		170,080		880
0.06%, 09/03/15, NGN		389,750		1,957
U.S. Treasury Bill, 0.10%, 08/20/15 (o)	$	400		400
				21,312
Total Short Term Investments (cost $50,124)				48,238
Total Investments - 102.3% (cost $731,254)				654,452
Other Assets and Liabilities, Net - (2.3%)				(14,746	)
Total Net Assets - 100.0%			$	639,706
JNL/Goldman Sachs Mid Cap Value Fund
COMMON STOCKS - 96.1%
CONSUMER DISCRETIONARY - 14.6%
AMC Networks Inc. - Class A (c)		199	$	12,685
American Axle & Manufacturing Holdings Inc. (c)		12		268
CST Brands Inc.		11		488
Dollar Tree Inc. (c)		8		570
Expedia Inc.		81		6,930
Fossil Group Inc. (c)		74		8,216
Gannett Co. Inc.		22		691
Gap Inc.		551		23,183
Gildan Activewear Inc. (e)		10		582
GNC Holdings Inc. - Class A		148		6,964
HanesBrands Inc.		7		779
HSN Inc.		3		217
Jack in the Box Inc.		7		545
Jarden Corp. (c)		12		551
Krispy Kreme Doughnuts Inc. (c) (e)		27		540
Lear Corp.		6		572
Lennar Corp. - Class A		12		518
Liberty Broadband Corp. - Class A (c)		28		1,417
Liberty Broadband Corp. - Class C (c)		59		2,923
Liberty Interactive Corp. - Interactive Class A (c)		322		9,462
Liberty Media Corp. - Class A (c)		115		4,039
Liberty Media Corp. - Class C (c)		299		10,490
Liberty Ventures - Class A (c)		4		160
Lithia Motors Inc. - Class A		5		467
Live Nation Inc. (c)		27		708
Madison Square Garden Inc. - Class A (c)		6		481
Meritage Homes Corp. (c)		9		321
MGM Resorts International (c)		622		13,288
Mohawk Industries Inc. (c)		80		12,445
Office Depot Inc. (c)		15		129
Pandora Media Inc. (c) (e)		370		6,605
PVH Corp.		60		7,713
Scripps Networks Interactive Inc.		67		5,018
Staples Inc.		647		11,719
Starwood Hotels & Resorts Worldwide Inc.		184		14,906
Toll Brothers Inc. (c)		343		11,768
Urban Outfitters Inc. (c)		229		8,046
Vail Resorts Inc.		4		353
Visteon Corp. (c)		4		467
				187,224

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
CONSUMER STAPLES - 6.4%
ConAgra Foods Inc.		494		17,906
Energizer Holdings Inc.		110		14,089
Hain Celestial Group Inc. (c)		7		415
Hormel Foods Corp.		11		550
Kroger Co.		152		9,769
Molson Coors Brewing Co.		124		9,215
Pinnacle Foods Inc.		11		406
Rite Aid Corp. (c)		47		354
Spectrum Brands Holdings Inc.		8		784
Tyson Foods Inc. - Class A		433		17,351
Whole Foods Market Inc.		226		11,385
				82,224
ENERGY - 4.1%
Chesapeake Energy Corp.		649		12,698
Cimarex Energy Co.		59		6,247
Eclipse Resources Corp. (c)		19		137
Energen Corp.		16		1,007
Laredo Petroleum Holdings Inc. (c) (e)		23		237
Oil States International Inc. (c)		81		3,953
QEP Resources Inc.		18		354
Rice Energy Inc. (c)		26		541
SM Energy Co.		11		419
Southwestern Energy Co. (c)		584		15,934
Tesoro Corp.		154		11,442
				52,969
FINANCIALS - 28.6%
Allied World Assurance Co. Holdings Ltd.		21		794
American Campus Communities Inc.		13		535
American Equity Investment Life Holding Co.		24		695
Ares Capital Corp.		10		159
Arthur J Gallagher & Co.		227		10,707
AvalonBay Communities Inc.		100		16,339
BancorpSouth Inc.		20		455
Bank of Hawaii Corp.		3		190
Bank of the Ozarks Inc.		17		656
BankUnited Inc.		15		436
Brixmor Property Group Inc.		794		19,718
Brown & Brown Inc.		11		370
CBL & Associates Properties Inc.		49		956
CNO Financial Group Inc.		46		787
Cullen/Frost Bankers Inc.		9		664
DDR Corp.		778		14,293
E*TRADE Financial Corp. (c)		31		755
East West Bancorp Inc.		18		711
Empire State Realty Trust Inc. - Class A		43		756
Endurance Specialty Holdings Ltd.		10		590
Everest Re Group Ltd.		83		14,100
Fifth Third Bancorp		894		18,224
First Cash Financial Services Inc. (c)		4		232
Genworth Financial Inc. - Class A (c)		407		3,461
Glacier Bancorp Inc.		13		354
Hanover Insurance Group Inc.		3		212
HCC Insurance Holdings Inc.		13		720
Highwoods Properties Inc.		23		1,034
Huntington Bancshares Inc.		1,684		17,716
Invesco Ltd.		411		16,233
Kennedy-Wilson Holdings Inc.		12		305
Lincoln National Corp.		402		23,161
M&T Bank Corp. (e)		103		12,878
MarketAxess Holdings Inc.		4		270
NASDAQ OMX Group Inc.		211		10,108
National Health Investors Inc.		8		527
Navient Corp.		836		18,066
OM Asset Management Plc (c)		20		317
PacWest Bancorp		18		830
Pebblebrook Hotel Trust		27		1,216
Post Properties Inc.		19		1,105

	Shares/Par (t)		Value
Principal Financial Group Inc.		374		19,433
PrivateBancorp Inc.		21		685
ProAssurance Corp.		8		365
Prosperity Bancshares Inc.		9		518
Protective Life Corp.		5		380
PS Business Parks Inc.		6		490
Radian Group Inc.		40		665
Raymond James Financial Inc.		238		13,614
RLJ Lodging Trust		376		12,609
Signature Bank (c)		96		12,122
SLM Corp.		1,379		14,052
Starwood Property Trust Inc.		696		16,182
Stifel Financial Corp. (c)		11		550
Strategic Hotels & Resorts Inc. (c)		50		663
Taubman Centers Inc.		114		8,710
Texas Capital Bancshares Inc. (c)		6		302
Torchmark Corp.		14		776
UMB Financial Corp.		9		509
Unum Group		234		8,176
Validus Holdings Ltd.		238		9,886
Voya Financial Inc.		260		11,005
Webster Financial Corp.		18		573
WR Berkley Corp.		12		612
XL Group Plc		455		15,651
Zions Bancorp		268		7,635
				367,798
HEALTH CARE - 8.8%
Allscripts-Misys Healthcare Solutions Inc. (c)		554		7,078
Cardinal Health Inc.		182		14,670
Catalent Inc. (c)		13		369
CIGNA Corp.		203		20,893
Endo International Plc (c) (e)		253		18,217
Envision Healthcare Holdings Inc. (c)		187		6,496
HealthSouth Corp.		16		598
Laboratory Corp. of America Holdings (c)		149		16,069
Mylan Inc. (c)		196		11,062
PerkinElmer Inc.		6		264
Tenet Healthcare Corp. (c)		6		280
TESARO Inc. (c) (e)		4		163
Tornier BV (c) (e)		11		290
Zimmer Holdings Inc.		144		16,342
				112,791
INDUSTRIALS - 9.1%
Actuant Corp. - Class A		12		317
Alliant Techsystems Inc.		133		15,434
AO Smith Corp.		6		345
Armstrong World Industries Inc. (c)		183		9,344
Belden Inc.		5		399
Carlisle Cos. Inc.		14		1,240
Curtiss-Wright Corp.		4		278
Dun & Bradstreet Corp.		36		4,355
Esterline Technologies Corp. (c)		10		1,105
Fortune Brands Home & Security Inc.		262		11,843
Graco Inc.		4		284
Hertz Global Holdings Inc. (c)		621		15,478
Hubbell Inc. - Class B		4		428
Kansas City Southern		81		9,907
Kennametal Inc.		11		397
Lincoln Electric Holdings Inc.		6		406
Pall Corp.		6		583
Quanta Services Inc. (c)		13		366
Sensata Technologies Holding NV (c)		8		418
Terex Corp.		320		8,930
Textron Inc.		313		13,199
Timken Co.		9		383
Triumph Group Inc.		221		14,887

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
United Continental Holdings Inc. (c)		76		5,108
Waste Connections Inc.		9		410
WESCO International Inc. (c) (e)		10		728
Xylem Inc.		14		532
				117,104
INFORMATION TECHNOLOGY - 11.5%
Altera Corp.		299		11,042
Analog Devices Inc.		143		7,961
Anixter International Inc.		6		495
AOL Inc. (c)		146		6,741
Atmel Corp. (c)		1,115		9,364
Avnet Inc.		12		511
Broadcom Corp.		191		8,279
Brocade Communications Systems Inc.		899		10,643
Check Point Software Technologies Ltd. (c) (e)		112		8,828
Citrix Systems Inc. (c)		134		8,575
Cypress Semiconductor Corp. (e)		26		366
IAC/InterActiveCorp.		13		767
Informatica Corp. (c)		192		7,340
Ingram Micro Inc. - Class A (c)		20		550
Intersil Corp. - Class A		23		340
JDS Uniphase Corp. (c)		42		576
Juniper Networks Inc.		439		9,792
Keysight Technologies Inc. (c)		107		3,616
Maxim Integrated Products Inc.		561		17,871
NetApp Inc.		204		8,468
PTC Inc. (c)		14		524
Red Hat Inc. (c)		101		6,951
Semtech Corp. (c)		11		304
SS&C Technologies Holdings Inc.		7		392
Synopsys Inc. (c)		13		581
Teradyne Inc.		21		421
Vantiv Inc. - Class A (c)		9		299
Verint Systems Inc. (c)		7		426
Vishay Intertechnology Inc. (e)		31		435
Xerox Corp.		1,097		15,201
Zebra Technologies Corp. (c)		3		244
				147,903
MATERIALS - 5.8%
AK Steel Holding Corp. (c) (e)		29		171
Ashland Inc.		2		210
Axalta Coating Systems Ltd. (c)		319		8,305
Carpenter Technology Corp.		174		8,579
Celanese Corp. - Class A		153		9,187
CF Industries Holdings Inc.		41		11,282
MeadWestvaco Corp.		18		817
Methanex Corp.		7		321
NewMarket Corp.		—		117
Packaging Corp. of America		164		12,801
PolyOne Corp.		8		322
Reliance Steel & Aluminum Co.		89		5,468
Royal Gold Inc.		3		188
RPM International Inc.		12		596
TimkenSteel Corp.		149		5,514
United States Steel Corp. (e)		9		229
Valspar Corp.		111		9,578
WR Grace & Co. (c)		4		377
				74,062
UTILITIES - 7.2%
Atmos Energy Corp.		15		857
CMS Energy Corp.		25		869
FirstEnergy Corp.		645		25,155
IDACORP Inc.		9		599
NRG Energy Inc.		415		11,192
OGE Energy Corp.		18		640

	Shares/Par (t)		Value
PG&E Corp.		325		17,288
Pinnacle West Capital Corp.		9		589
Questar Corp.		31		792
SCANA Corp. (e)		154		9,320
Sempra Energy		215		23,888
Vectren Corp.		12		554
Westar Energy Inc.		18		726
				92,469
Total Common Stocks (cost $1,103,241)				1,234,544
RIGHTS - 0.0%
Liberty Broadband Corp. (c) (e)		17		165
Total Rights (cost $0)				165
SHORT TERM INVESTMENTS - 4.9%
Investment Companies - 4.1%
JNL Money Market Fund, 0.01% (a) (h)		52,203		52,203
Securities Lending Collateral - 0.8%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		10,822		10,822
Total Short Term Investments (cost $63,025)				63,025
Total Investments - 101.0% (cost $1,166,266)				1,297,734
Other Assets and Liabilities, Net - (1.0%)				(13,469	)
Total Net Assets - 100.0%			$	1,284,265
JNL/Goldman Sachs U.S. Equity Flex Fund
COMMON STOCKS - 121.3%
CONSUMER DISCRETIONARY - 25.5%
Amazon.com Inc. (c)		13	$	4,177
CBS Corp. - Class B (e)		167		9,248
Comcast Corp. - Class A		90		5,194
Expedia Inc. (e)		36		3,049
Fossil Group Inc. (c)		30		3,295
Gap Inc.		255		10,747
General Motors Co.		104		3,642
GNC Holdings Inc. - Class A		50		2,325
Liberty Global Plc - Class C (c) (e)		133		6,420
MGM Resorts International (c) (e)		169		3,619
Mohawk Industries Inc. (c) (o)		16		2,415
PVH Corp.		22		2,856
SFX Entertainment Inc. (c) (e)		389		1,763
Staples Inc. (e)		182		3,303
Starwood Hotels & Resorts Worldwide Inc.		51		4,151
TJX Cos. Inc.		66		4,498
Twenty-First Century Fox Inc. - Class B		117		4,304
Urban Outfitters Inc. (c) (e)		99		3,474
Viacom Inc. - Class B		67		5,051
Yum! Brands Inc.		71		5,163
				88,694
CONSUMER STAPLES - 10.8%
Anheuser-Busch InBev NV - ADR		16		1,752
ConAgra Foods Inc.		149		5,401
Constellation Brands Inc. - Class A (c)		28		2,714
Energizer Holdings Inc.		15		1,961
JM Smucker Co. (e)		18		1,798
Kroger Co.		68		4,336
Molson Coors Brewing Co. (o)		30		2,242
Mondelez International Inc. - Class A (o)		167		6,049
Procter & Gamble Co.		34		3,059
Tyson Foods Inc. (e)		107		4,280

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Whole Foods Market Inc. (e)		75		3,774
				37,366
ENERGY - 7.7%
Apache Corp. (e) (o)		85		5,356
Devon Energy Corp.		104		6,342
Exxon Mobil Corp.		101		9,299
Southwestern Energy Co. (c) (e)		208		5,686
				26,683
FINANCIALS - 20.1%
Affiliated Managers Group Inc. (c) (o)		16		3,416
AFLAC Inc. (e)		84		5,132
American International Group Inc.		123		6,869
Ameriprise Financial Inc.		24		3,181
AvalonBay Communities Inc.		12		1,973
Bank of America Corp. (o)		504		9,021
Blackstone Mortgage Trust Inc. - Class A (e)		142		4,136
Capital One Financial Corp.		25		2,067
Fifth Third Bancorp		195		3,973
Franklin Resources Inc. (e) (o)		71		3,937
Hartford Financial Services Group Inc. (e)		89		3,706
JPMorgan Chase & Co.		114		7,121
Navient Corp. (o)		124		2,673
Prudential Financial Inc.		92		8,342
SunTrust Banks Inc. (e)		41		1,736
Travelers Cos. Inc. (e)		24		2,507
				69,790
HEALTH CARE - 17.1%
Actavis Plc (c) (e)		12		3,146
Amgen Inc.		19		2,972
Bristol-Myers Squibb Co.		67		3,984
Celgene Corp. (c) (e)		31		3,520
Eli Lilly & Co.		17		1,183
Express Scripts Holding Co. (c) (e)		64		5,422
Gilead Sciences Inc. (c)		26		2,413
Medtronic Inc. (e)		127		9,155
Merck & Co. Inc. (o)		38		2,148
Mylan Inc. (c) (o)		111		6,283
Pfizer Inc.		454		14,131
UnitedHealth Group Inc. (o)		33		3,380
Vertex Pharmaceuticals Inc. (c)		15		1,785
				59,522
INDUSTRIALS - 10.1%
Boeing Co. (e)		52		6,798
General Electric Co.		595		15,045
Hertz Global Holdings Inc. (c)		201		5,024
Timken Co. (e)		44		1,876
United Parcel Service Inc. - Class B (e)		28		3,095
Waste Management Inc. (e)		64		3,261
				35,099
INFORMATION TECHNOLOGY - 24.2%
Activision Blizzard Inc.		143		2,889
Adobe Systems Inc. (c)		44		3,180
Apple Inc.		115		12,690
Cisco Systems Inc.		247		6,860
eBay Inc. (c)		77		4,339
EMC Corp.		325		9,664
Google Inc. - Class A (c)		23		12,135
Google Inc. - Class C (c)		4		2,327
Maxim Integrated Products Inc. (o)		135		4,310
Microsoft Corp. (o)		213		9,905
NetApp Inc.		89		3,677
Red Hat Inc. (c)		63		4,339
SAP AG - ADR (e)		70		4,874

	Shares/Par (t)		Value
Vantiv Inc. - Class A (c)		89		3,014
				84,203
MATERIALS - 2.2%
Carpenter Technology Corp. (e)		62		3,050
Eastman Chemical Co. (e)		30		2,300
TimkenSteel Corp.		62		2,278
				7,628
TELECOMMUNICATION SERVICES - 2.0%
Verizon Communications Inc.		145		6,794
UTILITIES - 1.6%
FirstEnergy Corp. (e)		39		1,531
NextEra Energy Inc. (e)		16		1,654
PG&E Corp. (e)		47		2,518
				5,703
Total Common Stocks (cost $379,237)				421,482
SHORT TERM INVESTMENTS - 4.0%
Investment Companies - 4.0%
JNL Money Market Fund, 0.01% (a) (h)		13,962		13,962
Total Short Term Investments (cost $13,962)				13,962
Total Investments - 125.3% (cost $393,199)				435,444
Total Securities Sold Short - (24.1%) (proceeds $80,092)				(83,873	)
Other Assets and Liabilities, Net - (1.2%)				(4,112	)
Total Net Assets - 100.0%			$	347,459
SECURITIES SOLD SHORT - 24.1%
COMMON STOCKS - 24.1%
CONSUMER DISCRETIONARY - 5.5%
Advance Auto Parts Inc.		6	$	891
AutoZone Inc.		2		1,103
Chipotle Mexican Grill Inc. - Class A		2		1,185
Coach Inc.		35		1,328
Garmin Ltd.		15		784
Interpublic Group of Cos. Inc.		30		616
Kohl’s Corp.		25		1,536
Marriott International Inc. - Class A		17		1,324
McDonald’s Corp.		6		539
Meredith Corp.		17		943
O’Reilly Automotive Inc.		6		1,182
Target Corp.		31		2,347
Time Warner Inc.		13		1,111
Walt Disney Co.		21		1,992
Wynn Resorts Ltd.		8		1,233
Zumiez Inc.		30		1,153
				19,267
CONSUMER STAPLES - 2.4%
Archer-Daniels-Midland Co.		30		1,556
Campbell Soup Co.		38		1,686
Clorox Co.		32		3,311
General Mills Inc.		33		1,735
				8,288
ENERGY - 1.9%
Chevron Corp.		11		1,194
Murphy Oil Corp.		22		1,105
Phillips 66		36		2,614
Valero Energy Corp.		37		1,843
				6,756

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
FINANCIALS - 3.7%
ACE Ltd.		7		828
Apartment Investment & Management Co.		26		976
Chubb Corp.		14		1,446
FirstMerit Corp.		95		1,791
Government Properties Income Trust		111		2,553
Janus Capital Group Inc.		139		2,247
People’s United Financial Inc.		92		1,398
Valley National Bancorp		153		1,484
				12,723
HEALTH CARE - 2.3%
AmerisourceBergen Corp.		9		805
Baxter International Inc.		8		566
Edwards Lifesciences Corp.		9		1,171
HCA Holdings Inc.		10		725
Johnson & Johnson		34		3,537
Teva Pharmaceutical Industries Ltd. - ADR		18		1,012
				7,816
INDUSTRIALS - 1.6%
Deere & Co.		10		906
Lockheed Martin Corp.		9		1,648
Northrop Grumman Systems Corp.		10		1,506
Precision Castparts Corp.		6		1,421
				5,481
INFORMATION TECHNOLOGY - 5.4%
Corning Inc.		108		2,483
FactSet Research Systems Inc.		19		2,690
Flextronics International Ltd.		226		2,532
International Business Machines Corp.		14		2,308
Micron Technology Inc.		47		1,641
Paychex Inc.		40		1,839
Texas Instruments Inc.		58		3,116
Total System Services Inc.		68		2,308
				18,917
MATERIALS - 0.3%
Allegheny Technologies Inc.		25		868
Cliffs Natural Resources Inc.		47		338
				1,206
TELECOMMUNICATION SERVICES - 0.3%
CenturyLink Inc.		28		1,128
UTILITIES - 0.7%
Southern Co.		47		2,291
Total Securities Sold Short - 24.1% (proceeds $80,092)			$	83,873
JNL/Invesco Global Real Estate Fund
COMMON STOCKS - 97.6%
AUSTRALIA - 6.0%
Dexus Property Group		2,175	$	12,312
Federation Centres Ltd.		5,753		13,395
Goodman Group		4,297		19,846
Scentre Group (c) (e)		10,549		29,887
Stockland		7,185		24,011
Westfield Corp.		3,140		23,018
				122,469
AUSTRIA - 0.2%
Conwert Immobilien Invest SE (e)		407		4,803
CANADA - 3.2%
Allied Properties REIT		655		21,118
Boardwalk REIT (e)		165		8,729
Canadian REIT		366		14,413

	Shares/Par (t)		Value
Chartwell Retirement Residences		708		7,255
H&R REIT		721		13,493
				65,008
CHINA - 0.2%
China Overseas Land & Investment Ltd.		1,538		4,550
FINLAND - 0.3%
Sponda Oyj		1,483		6,455
FRANCE - 3.9%
Gecina SA		55		6,812
Icade SA		85		6,774
Klepierre		60		2,567
Mercialys SA		359		8,007
Unibail-Rodamco SE		212		54,418
				78,578
GERMANY - 2.0%
Deutsche Wohnen AG		996		23,498
LEG Immobilien AG		226		16,863
				40,361
HONG KONG - 7.5%
Henderson Land Development Co. Ltd. (e)		1,497		10,405
Hongkong Land Holdings Ltd.		4,017		27,065
Hysan Development Co. Ltd.		1,532		6,799
Kerry Properties Ltd.		1,122		4,046
Link REIT		5,627		35,229
New World Development Ltd.		8,733		10,026
Sun Hung Kai Properties Ltd.		3,506		53,117
Wharf Holdings Ltd.		914		6,562
				153,249
JAPAN - 11.7%
Activia Properties Inc.		1		11,269
Hulic Reit Inc.		3		4,098
Japan Hotel REIT Investment Corp.		13		8,572
Japan Logistics Fund Inc.		3		7,179
Japan Prime Realty Investment Corp. (e)		4		12,251
Japan Real Estate Investment Corp. (e)		1		3,411
Japan Retail Fund Investment Corp.		6		11,727
Kenedix Realty Investment Corp.		2		12,588
Mitsubishi Estate Co. Ltd.		2,081		43,849
Mitsui Fudosan Co. Ltd.		2,536		68,004
Mori Hills REIT Investment Corp.		6		8,888
Nippon Prologis REIT Inc.		5		10,520
Nomura Real Estate Office Fund Inc.		—		1,309
Sumitomo Realty & Development Co. Ltd.		656		22,349
Tokyu Fudosan Holdings Corp		784		5,441
United Urban Investment Corp.		4		6,501
				237,956
LUXEMBOURG - 0.8%
Gagfah Sa (c)		702		15,682
MALTA - 0.0%
BGP Holdings Plc (c) (f) (q)		5,552		—
NETHERLANDS - 0.5%
Wereldhave NV		143		9,865
SINGAPORE - 3.0%
Ascendas REIT		4,512		8,093
CapitaCommercial Trust		9,870		13,031
CapitaLand Ltd.		5,323		13,235
CapitaMall Trust		2,520		3,869
Global Logistic Properties Ltd. (e)		7,246		13,509
Keppel Land Ltd.		1,986		5,116
Suntec REIT		2,636		3,900
				60,753

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
SWEDEN - 1.0%
Castellum AB		719		11,203
Fabege AB		333		4,271
Wihlborgs Fastigheter AB		311		5,682
				21,156
UNITED KINGDOM - 6.1%
Big Yellow Group Plc		654		6,163
Derwent London Plc		280		13,090
Great Portland Estates Plc		1,781		20,319
Hammerson Plc		2,170		20,321
Land Securities Group Plc		2,869		51,575
Quintain Estates & Development Plc (c)		2,757		4,093
Unite Group Plc		1,212		8,786
				124,347
UNITED STATES OF AMERICA - 51.2%
AvalonBay Communities Inc.		505		82,500
Boston Properties Inc.		414		53,307
Brixmor Property Group Inc.		630		15,659
Brookdale Senior Living Inc. (c)		383		14,035
Cousins Properties Inc.		1,950		22,269
CubeSmart		871		19,227
DDR Corp.		2,571		47,205
EastGroup Properties Inc.		152		9,637
Empire State Realty Trust Inc. - Class A		772		13,563
Essex Property Trust Inc.		178		36,823
Federal Realty Investment Trust		267		35,634
General Growth Properties Inc.		1,400		39,383
Health Care REIT Inc.		431		32,587
Healthcare Realty Trust Inc. (e)		830		22,673
Healthcare Trust of America Inc. - Class A		861		23,202
Hilton Worldwide Holdings Inc. (c)		798		20,813
Host Hotels & Resorts Inc.		1,091		25,930
Hudson Pacific Properties Inc.		706		21,213
Kilroy Realty Corp.		106		7,294
LaSalle Hotel Properties		765		30,964
Mid-America Apartment Communities Inc.		381		28,483
National Health Investors Inc.		205		14,363
National Retail Properties Inc.		605		23,834
Paramount Group Inc. (c)		434		8,061
Piedmont Office Realty Trust Inc.		807		15,211
ProLogis Inc.		1,527		65,699
Public Storage		250		46,176
Realty Income Corp. (e)		452		21,558
Retail Opportunity Investments Corp.		959		16,107
RLJ Lodging Trust		911		30,546
Simon Property Group Inc.		638		116,106
SL Green Realty Corp.		294		35,000
UDR Inc.		833		25,687
Ventas Inc.		239		17,129
Washington Prime Group Inc.		339		5,833
				1,043,711
Total Common Stocks (cost $1,756,349)				1,988,943
SHORT TERM INVESTMENTS - 3.6%
Investment Companies - 2.0%
JNL Money Market Fund, 0.01% (a) (h)		39,830		39,830

	Shares/Par (t)		Value
Securities Lending Collateral - 1.6%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		32,096		32,096
Total Short Term Investments (cost $71,926)				71,926
Total Investments - 101.2% (cost $1,828,275)				2,060,869
Other Assets and Liabilities, Net - (1.2%)				(23,692	)
Total Net Assets - 100.0%			$	2,037,177
JNL/Invesco Small Cap Growth Fund
COMMON STOCKS - 96.9%
CONSUMER DISCRETIONARY - 14.1%
Ann Inc. (c)		165	$	6,031
BJ’s Restaurants Inc. (c)		145		7,279
Brunswick Corp.		139		7,145
Cheesecake Factory Inc.		134		6,728
Choice Hotels International Inc.		126		7,053
Domino’s Pizza Inc.		70		6,591
DSW Inc. - Class A		190		7,090
Five Below Inc. (c)		153		6,247
G-III Apparel Group Ltd. (c)		95		9,606
Group 1 Automotive Inc.		90		8,048
HomeAway Inc. (c)		190		5,655
Jack in the Box Inc.		184		14,687
Pool Corp.		109		6,932
Sinclair Broadcast Group Inc. - Class A (e)		218		5,957
Standard-Pacific Corp. (c)		833		6,072
Steven Madden Ltd. (c)		178		5,678
Vitamin Shoppe Inc. (c)		86		4,171
WABCO Holdings Inc. (c)		81		8,518
				129,488
CONSUMER STAPLES - 1.4%
B&G Foods Inc.		173		5,175
Lancaster Colony Corp.		84		7,860
				13,035
ENERGY - 3.5%
Atwood Oceanics Inc.		103		2,916
Dril-Quip Inc. (c)		74		5,681
Energen Corp.		99		6,318
Laredo Petroleum Holdings Inc. (c) (e)		235		2,433
Oasis Petroleum Inc. (c)		176		2,904
Patterson-UTI Energy Inc.		151		2,497
SemGroup Corp. - Class A		80		5,487
Ultra Petroleum Corp. (c) (e)		311		4,089
				32,325
FINANCIALS - 7.0%
Affiliated Managers Group Inc. (c)		30		6,385
American Equity Investment Life Holding Co.		297		8,676
Greenhill & Co. Inc. (e)		90		3,937
Hancock Holding Co.		199		6,122
Home Bancshares Inc.		196		6,319
Janus Capital Group Inc. (e)		519		8,374
Stifel Financial Corp. (c)		194		9,877
SVB Financial Group (c)		72		8,344
UMB Financial Corp.		115		6,520
				64,554
HEALTH CARE - 21.4%
Alnylam Pharmaceuticals Inc. (c)		81		7,891
Bio-Techne Corp.		77		7,071
Catalent Inc. (c)		6		179
Chemed Corp.		88		9,298

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Community Health Systems Inc. (c)		167		9,016
DexCom Inc. (c)		164		9,010
Envision Healthcare Holdings Inc. (c)		192		6,672
Exact Sciences Corp. (c) (e)		424		11,639
HealthSouth Corp.		206		7,929
HMS Holdings Corp. (c) (e)		138		2,911
Incyte Corp. (c)		142		10,385
Insulet Corp. (c)		148		6,805
Jazz Pharmaceuticals Plc (c)		41		6,663
Nektar Therapeutics (c) (e)		533		8,262
NPS Pharmaceuticals Inc. (c)		216		7,726
NuVasive Inc. (c)		190		8,973
Pacira Pharmaceuticals Inc. (c) (e)		63		5,597
PAREXEL International Corp. (c)		138		7,670
PerkinElmer Inc.		143		6,255
Repligen Corp. (c)		154		3,055
Salix Pharmaceuticals Ltd. (c)		64		7,340
Seattle Genetics Inc. (c) (e)		154		4,943
Select Medical Holdings Corp.		490		7,060
Sirona Dental Systems Inc. (c)		87		7,564
STERIS Corp.		148		9,586
Thoratec Corp. (c)		142		4,606
VCI Inc. (c)		251		12,244
				196,350
INDUSTRIALS - 16.9%
Acuity Brands Inc.		64		9,011
AO Smith Corp.		188		10,602
Corrections Corp. of America		219		7,968
Crane Co.		103		6,068
Forward Air Corp.		164		8,283
Hexcel Corp. (c)		153		6,344
ITT Corp.		213		8,608
Kirby Corp. (c)		86		6,940
Knight Transportation Inc.		330		11,112
Lincoln Electric Holdings Inc.		130		8,955
MasTec Inc. (c)		195		4,414
Old Dominion Freight Line Inc. (c)		15		1,126
Pitney Bowes Inc.		353		8,612
Steelcase Inc. - Class A		410		7,363
Swift Transporation Co. - Class A (c)		352		10,088
Tetra Tech Inc.		218		5,808
TransDigm Group Inc.		36		7,103
Wabtec Corp.		137		11,916
Watsco Inc.		72		7,742
WESCO International Inc. (c) (e)		86		6,564
				154,627
INFORMATION TECHNOLOGY - 27.1%
Arris Group Inc. (c)		314		9,475
Aspen Technology Inc. (c)		189		6,604
Atmel Corp. (c)		923		7,751
Booz Allen Hamilton Holding Corp.		266		7,051
Cadence Design Systems Inc. (c)		397		7,526
Cavium Inc. (c)		135		8,345
Cognex Corp. (c)		166		6,870
CommVault Systems Inc. (c)		82		4,249
CoStar Group Inc. (c)		70		12,932
Cray Inc. (c) (e)		257		8,858
Dealertrack Technologies Inc. (c)		168		7,435
Envestnet Inc. (c)		133		6,526
EPAM Systems Inc. (c)		167		7,994
Finisar Corp. (c) (e)		250		4,855
Guidewire Software Inc. (c)		152		7,676
Interactive Intelligence Group (c) (e)		122		5,866
IPG Photonics Corp. (c) (e)		73		5,445
Manhattan Associates Inc. (c)		446		18,179
Mentor Graphics Corp.		308		6,741

	Shares/Par (t)		Value
MicroStrategy Inc. (c)		49		7,955
MKS Instruments Inc.		156		5,705
Monolithic Power Systems Inc.		150		7,456
National Instruments Corp.		183		5,685
NetScout Systems Inc. (c)		96		3,526
Power Integrations Inc.		138		7,134
QLIK Technologies Inc. (c)		246		7,609
Qualys Inc. (c)		194		7,307
Silicon Laboratories Inc. (c)		141		6,709
SolarWinds Inc. (c)		155		7,703
SYNNEX Corp.		131		10,260
Teradyne Inc.		369		7,305
Ultimate Software Group Inc. (c)		51		7,515
Verint Systems Inc. (c)		119		6,914
				249,161
MATERIALS - 3.1%
Berry Plastics Group Inc. (c)		282		8,885
Carpenter Technology Corp.		100		4,900
Martin Marietta Materials Inc.		56		6,133
PolyOne Corp.		228		8,647
				28,565
TELECOMMUNICATION SERVICES - 1.5%
SBA Communications Corp. (c)		120		13,299
UTILITIES - 0.9%
ITC Holdings Corp.		207		8,386
Total Common Stocks (cost $729,945)				889,790
RIGHTS - 0.0%
Community Health Systems Inc. (c)		368		9
Total Rights (cost $24)				9
SHORT TERM INVESTMENTS - 9.7%
Investment Companies - 3.2%
JNL Money Market Fund, 0.01% (a) (h)		29,065		29,065
Securities Lending Collateral - 6.5%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		59,964		59,964
Total Short Term Investments (cost $89,029)				89,029
Total Investments - 106.6% (cost $818,998)				978,828
Other Assets and Liabilities, Net - (6.6%)				(60,651	)
Total Net Assets - 100.0%			$	918,177
JNL/Ivy Asset Strategy Fund (b)
COMMON STOCKS - 72.0%
CONSUMER DISCRETIONARY - 13.4%
CBS Corp. - Class B		591	$	32,714
Continental AG		162		34,170
Delta Topco Ltd. (f) (p) (q)		59,271		37,712
Galaxy Entertainment Group Ltd. (e)		21,587		119,953
Home Depot Inc.		413		43,363
L Brands Inc.		361		31,245
Legend Pictures LLC (c) (f) (p) (q) (x)		15		26,862
Media Group Holdings LLC (c) (f) (p) (q) (x)		39,864		65,163
Twenty-First Century Fox Inc. - Class A		508		19,506
				410,688
CONSUMER STAPLES - 5.9%
Anheuser-Busch InBev NV		348		39,176
Mead Johnson Nutrition Co.		389		39,090
SABMiller Plc		958		49,926

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Wal-Mart Stores Inc.		600		51,485
				179,677
ENERGY - 6.6%
Chevron Corp.		226		25,297
ConocoPhillips		773		53,397
Occidental Petroleum Corp.		487		39,281
Phillips 66		627		44,931
Plains GP Holdings LP - Class A		1,506		38,674
				201,580
FINANCIALS - 8.9%
AIA Group Ltd.		18,072		99,674
American International Group Inc.		734		41,106
Citigroup Inc.		1,036		56,063
MetLife Inc.		754		40,795
Wells Fargo & Co.		637		34,931
				272,569
HEALTH CARE - 7.5%
Actavis Plc (c)		161		41,469
Amgen Inc.		278		44,299
Biogen Idec Inc. (c)		107		36,253
Bristol-Myers Squibb Co.		359		21,162
Gilead Sciences Inc. (c)		334		31,511
GlaxoSmithKline Plc - ADR		385		16,464
Humana Inc.		165		23,756
Roche Holding AG		51		13,737
				228,651
INDUSTRIALS - 6.6%
Boeing Co.		256		33,210
Caterpillar Inc.		552		50,525
Japan Airlines Co. Ltd.		593		17,579
Lockheed Martin Corp.		69		13,210
Precision Castparts Corp.		167		40,323
Union Pacific Corp.		392		46,651
				201,498
INFORMATION TECHNOLOGY - 21.3%
Adobe Systems Inc. (c)		578		41,984
Alibaba Group Holding Ltd. - ADR (c) (e)		140		14,500
Alliance Data Systems Corp. (c)		118		33,611
Apple Inc.		774		85,429
Applied Materials Inc.		2,215		55,205
ASML Holding NV - ADR		111		11,980
Baidu.com - ADR - Class A (c)		175		39,826
Cognizant Technology Solutions Corp. - Class A (c)		912		48,002
Intel Corp.		1,065		38,642
Intuit Inc.		488		44,961
Micron Technology Inc. (c)		594		20,807
Microsoft Corp.		1,732		80,442
Taiwan Semiconductor Manufacturing Co. Ltd.		5,544		24,424
Tencent Holdings Ltd.		2,809		40,640
Texas Instruments Inc.		715		38,249
Visa Inc. - Class A (e)		123		32,198
				650,900
MATERIALS - 1.8%
Dow Chemical Co.		621		28,310
LyondellBasell Industries NV - Class A		314		24,952
				53,262
Total Common Stocks (cost $1,915,231)				2,198,825

	Shares/Par (t)		Value
PREFERRED STOCKS - 0.1%
FINANCIALS - 0.1%
WMI Holdings Corp. (q) (v)		3		3,030
Total Preferred Stocks (cost $3,000)				3,030
PURCHASED OPTIONS - 0.0%
Apple Inc. Call Option, Strike Price 130, Expiration 01/16/15, DUB		236		1
Apple Inc. Call Option, Strike Price 135, Expiration 02/20/15, DUB		236		7
Exxon Mobil Corp. Call Option, Strike Price 95, Expiration 04/17/2015, DUB		841		211
S&P 500 Index Call Option, Strike Price 2,175, Expiration 01/16/15, BOA		1,485		60
S&P 500 Index Call Option, Strike Price 2,200, Expiration 03/19/15, JPM		1,485		876
Schlumberger Ltd. Call Option, Strike Price 87.50, Expiration 02/20/15, SGB		420		124
Schlumberger Ltd. Call Option, Strike Price 90, Expiration 05/15/15, SGB		525		207
The Dow Chemical Co. Call Option, Strike Price 55, Expiration 01/17/15, SGB		1,316		1
Total Purchased Options (cost $2,258)				1,487
CORPORATE BONDS AND NOTES - 2.9%
CONSUMER DISCRETIONARY - 2.9%
Aston Martin Holdings UK Ltd., 10.25%, 07/15/18 (f) (p) (q) (y)	$	12,131		10,984
Delta Topco Ltd., 10.00%, 11/24/16 (f) (p) (q) (y)		49,706		49,706
Legendary Pictures Funding LLC, 8.00%, 03/15/18 (f) (p) (q)		28,500		28,261
Total Corporate Bonds and Notes (cost $90,861)				88,951
PRECIOUS METALS - 7.6%
Gold Bullion		195,722		231,504
Total Precious Metals (cost $242,738)				231,504
SHORT TERM INVESTMENTS - 17.8%
Commercial Paper - 15.5%
Air Products & Chemicals Inc., 0.12%, 01/05/15 (r)	$	15,000		15,000
Army & Air Force Exchange Service, 0.12%, 01/26/15 (r)		17,000		16,999
BHP Billiton Finance USA Ltd., 0.11%, 01/09/15 (r)		10,000		10,000
BMW US Capital LLC
0.10%, 01/12/15 (r)		20,000		19,999
0.13%, 01/14/15 (r)		15,000		14,999
Borgwarner Inc., 0.36%, 01/16/15 (r)		10,000		9,999
Campbell Soup Co.
0.36%, 01/12/15 (r)		12,000		11,999
0.36%, 01/27/15 (r)		5,000		4,999
Caterpillar Financial Services Corp., 0.11%, 01/05/15		10,000		10,000
Coca-Cola Co., 0.14%, 01/26/15 (r)		15,000		14,999
Corporacion Andina de Fomento, 0.14%, 01/26/15 (r)		20,000		19,998
Danaher Corp., 0.12%, 01/12/15 (r)		25,000		24,999
Ecolab Inc., 0.40%, 01/23/15 (r)		35,000		34,991
Emerson Electric Co., 0.18%, 01/26/15 (r)		20,000		19,997
Essilor International SA
0.09%, 01/05/15 (r)		10,000		10,000
0.19%, 03/20/15 (r)		35,000		34,984

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Harley-Davidson Funding Corp., 0.24%, 01/20/15 (r)		5,000		4,999
Intel Corp., 0.14%, 01/14/15		30,000		29,998
JM Smucker Co., 0.30%, 01/14/15 (r)		10,000		9,999
John Deere Credit Ltd., 0.11%, 01/15/15 (r)		10,000		10,000
Microsoft Corp., 0.07%, 01/12/15 (r)		25,000		24,999
Siemens Capital Co. LLC, 0.15%, 01/13/15 (r)		50,000		49,997
St. Jude Medical, Inc., 0.22%, 01/06/15 (r)		10,000		10,000
Toronto Dominion Holdings (USA), Inc.
0.12%, 01/09/15 (r)		10,000		10,000
0.12%, 01/13/15 (r)		10,000		10,000
0.15%, 02/09/15 (r)		25,000		24,996
Virginia Electric and Power Co., 0.34%, 01/22/15		15,000		14,997
				473,947
Investment Companies - 1.8%
JNL Money Market Fund, 0.01% (a) (h)		48,228		48,228
JPMorgan U.S. Treasury Plus Money Market Fund, 0.00% (h)		5,431		5,431
				53,659
Securities Lending Collateral - 0.5%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		15,503		15,503
Total Short Term Investments (cost $543,110)				543,109
Total Investments - 100.4% (cost $2,797,198)				3,066,906
Other Assets and Liabilities, Net - (0.4%)				(11,526	)
Total Net Assets - 100.0%			$	3,055,380
JNL/JPMorgan International Value Fund
COMMON STOCKS - 97.9%
AUSTRALIA - 3.3%
Australia & New Zealand Banking Group Ltd.		461	$	11,988
Goodman Group		1,049		4,847
Oil Search Ltd.		682		4,375
				21,210
BELGIUM - 2.6%
KBC Groep NV (c)		96		5,344
Solvay SA		83		11,260
				16,604
CANADA - 0.5%
First Quantum Minerals Ltd.		235		3,335
CHINA - 1.4%
Industrial & Commercial Bank of China Ltd. - Class H		12,240		8,938
DENMARK - 1.0%
Danske Bank A/S		247		6,685
FINLAND - 0.5%
UPM-Kymmene Oyj		204		3,351
FRANCE - 14.8%
AXA SA		530		12,213
BNP Paribas		173		10,235
Cie de Saint-Gobain		78		3,298
Credit Agricole SA		460		5,940
GDF Suez		533		12,438
Lafarge SA		75		5,239
Publicis Groupe SA		81		5,818
Renault SA		81		5,919
Sanofi SA		59		5,392
Schneider Electric SA		106		7,732

	Shares/Par (t)		Value
Sodexo SA		68		6,658
Suez Environnement SA		178		3,096
Total SA		225		11,550
				95,528
GERMANY - 5.7%
Bayer AG		120		16,376
Daimler AG		105		8,743
Deutsche Telekom AG		464		7,423
E.ON SE		255		4,364
				36,906
HONG KONG - 0.9%
Hutchison Whampoa Ltd.		257		2,938
Wharf Holdings Ltd.		417		2,994
				5,932
INDIA - 0.6%
Infosys Technologies Ltd. - ADR (e)		116		3,660
IRELAND - 0.9%
Ryanair Holdings Plc - ADR (c)		84		5,985
ITALY - 4.0%
Assicurazioni Generali SpA		473		9,709
Enel SpA		1,400		6,241
Intesa Sanpaolo SpA		2,105		6,105
Telecom Italia SpA (c) (e)		3,430		3,658
				25,713
JAPAN - 24.1%
Daikin Industries Ltd.		51		3,270
Daiwa House Industry Co. Ltd.		440		8,320
Hitachi Ltd.		1,873		13,824
Japan Airlines Co. Ltd.		275		8,154
Japan Tobacco Inc.		157		4,313
KDDI Corp.		93		5,811
Mazda Motor Corp.		190		4,556
Mitsubishi UFJ Financial Group Inc.		3,250		17,856
Mitsui & Co. Ltd.		360		4,820
Mitsui Fudosan Co. Ltd.		313		8,393
NH Foods Ltd.		235		5,141
Nippon Telegraph & Telephone Corp.		105		5,384
Nomura Holdings Inc.		839		4,749
ORIX Corp.		346		4,351
Otsuka Holdings Co. Ltd.		138		4,149
Ricoh Co. Ltd.		371		3,753
Seven & I Holdings Co. Ltd.		167		6,011
Sony Corp.		394		8,041
Sumitomo Mitsui Financial Group Inc.		214		7,726
Toyota Motor Corp.		309		19,256
Yamaha Motor Co. Ltd.		196		3,925
Yamato Holdings Co. Ltd. (e)		213		4,210
				156,013
LUXEMBOURG - 0.5%
ArcelorMittal		318		3,484
MACAU - 0.5%
Sands China Ltd.		713		3,470
NETHERLANDS - 6.6%
Airbus Group NV		98		4,836
ING Groep NV - CVA (c)		727		9,392
Koninklijke KPN NV		2,044		6,454
Royal Dutch Shell Plc - Class A		664		22,148
				42,830

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
NORWAY - 1.6%
DNB ASA		333		4,915
Norsk Hydro ASA		988		5,567
				10,482
SOUTH KOREA - 1.2%
Samsung Electronics Co. Ltd.		6		7,551
SPAIN - 1.6%
Banco Popular Espanol SA		413		2,057
Repsol SA		439		8,222
				10,279
SWEDEN - 1.8%
Electrolux AB		389		11,369
SWITZERLAND - 6.5%
Nestle SA		159		11,564
Roche Holding AG		43		11,691
Swiss Re AG		74		6,220
Zurich Financial Services AG		40		12,589
				42,064
TAIWAN - 0.6%
Asustek Computer Inc.		322		3,513
TURKEY - 0.8%
Turkiye Garanti Bankasi A/S		1,206		4,843
UNITED KINGDOM - 15.9%
AstraZeneca Plc		189		13,317
Barclays Plc		3,018		11,344
BG Group Plc		428		5,734
British American Tobacco Plc		110		5,934
HSBC Holdings Plc		1,456		13,757
InterContinental Hotels Group Plc		151		6,076
Rio Tinto Plc		203		9,354
SABMiller Plc		127		6,610
Shire Plc		69		4,885
Vodafone Group Plc		5,482		18,794
Wolseley Plc		128		7,310
				103,115
Total Common Stocks (cost $649,172)				632,860
PREFERRED STOCKS - 0.7%
GERMANY - 0.7%
Porsche Automobil Holding SE		55		4,455
Total Preferred Stocks (cost $5,970)				4,455
RIGHTS - 0.0%
SPAIN - 0.0%
Repsol SA (c)		439		243
Total Rights (cost $237)				243
SHORT TERM INVESTMENTS - 2.5%
Investment Companies - 1.3%
JNL Money Market Fund, 0.01% (a) (h)		8,508		8,508
Securities Lending Collateral - 1.2%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		7,618		7,618
Total Short Term Investments (cost $16,126)				16,126
Total Investments - 101.1% (cost $671,505)				653,684
Other Assets and Liabilities, Net - (1.1%)				(6,897	)
Total Net Assets - 100.0%			$	646,787

	Shares/Par (t)		Value
JNL/JPMorgan MidCap Growth Fund
COMMON STOCKS - 97.2%
CONSUMER DISCRETIONARY - 20.5%
Advance Auto Parts Inc.		97	$	15,418
Big Lots Inc.		187		7,480
BorgWarner Inc.		290		15,919
Chipotle Mexican Grill Inc. - Class A (c)		17		11,568
GameStop Corp. - Class A (e)		308		10,424
GNC Holdings Inc. - Class A		212		9,970
Harley-Davidson Inc.		243		15,996
Hilton Worldwide Holdings Inc. (c)		557		14,530
Michael Kors Holdings Ltd. (c)		316		23,739
Mohawk Industries Inc. (c)		75		11,636
Netflix Inc. (c)		53		18,174
Norwegian Cruise Line Holdings Ltd. (c)		274		12,803
Panera Bread Co. - Class A (c) (e)		69		12,114
Ralph Lauren Corp. - Class A		71		13,063
Tesla Motors Inc. (c) (e)		87		19,238
Toll Brothers Inc. (c)		309		10,603
TripAdvisor Inc. (c)		84		6,234
Ulta Salon Cosmetics & Fragrance Inc. (c)		179		22,845
Urban Outfitters Inc. (c)		459		16,111
Williams-Sonoma Inc.		131		9,876
				277,741
CONSUMER STAPLES - 2.5%
Monster Beverage Corp. (c)		167		18,062
Sprouts Farmers Market Inc. (c) (e)		460		15,631
				33,693
ENERGY - 4.2%
Antero Resources Corp. (c) (e)		155		6,306
Concho Resources Inc. (c)		161		16,010
Dril-Quip Inc. (c)		109		8,341
Laredo Petroleum Holdings Inc. (c) (e)		465		4,810
Plains All American Pipeline LP		225		11,557
Range Resources Corp.		180		9,594
				56,618
FINANCIALS - 10.8%
Affiliated Managers Group Inc. (c)		133		28,313
Blackstone Group LP		307		10,370
CBRE Group Inc. - Class A (c)		850		29,126
East West Bancorp Inc.		343		13,266
Lazard Ltd. - Class A		281		14,064
Moody’s Corp.		190		18,195
Signature Bank (c)		124		15,556
TD Ameritrade Holding Corp.		510		18,262
				147,152
HEALTH CARE - 14.8%
Acadia HealthCare Co. Inc. (c)		172		10,522
Alexion Pharmaceuticals Inc. (c)		55		10,084
Brookdale Senior Living Inc. (c)		388		14,235
Envision Healthcare Holdings Inc. (c)		462		16,034
Humana Inc.		130		18,729
Illumina Inc. (c)		157		29,034
Insulet Corp. (c)		214		9,848
Jazz Pharmaceuticals Plc (c)		65		10,692
Perrigo Co. Plc		63		10,448
Premier Inc. - Class A (c)		281		9,425
Receptos Inc. (c)		66		8,122
Sirona Dental Systems Inc. (c)		175		15,316
Valeant Pharmaceuticals International Inc. (c)		98		13,996
Veeva Systems Inc. - Class A (c)		233		6,143
Vertex Pharmaceuticals Inc. (c)		156		18,533
				201,161

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
INDUSTRIALS - 17.1%
Acuity Brands Inc.		244		34,163
AO Smith Corp.		246		13,883
Canadian Pacific Railway Ltd. (e)		49		9,423
Carlisle Cos. Inc.		221		19,961
Delta Air Lines Inc.		592		29,140
Fortune Brands Home & Security Inc.		443		20,050
HD Supply Holdings Inc (c)		710		20,926
Kirby Corp. (c)		133		10,746
Landstar System Inc.		135		9,799
Middleby Corp. (c)		146		14,479
Pall Corp.		222		22,509
Stericycle Inc. (c)		124		16,275
Watsco Inc.		104		11,085
				232,439
INFORMATION TECHNOLOGY - 24.3%
Alliance Data Systems Corp. (c)		85		24,257
Amphenol Corp. - Class A		422		22,719
Applied Materials Inc.		618		15,398
Arista Networks Inc. (c) (e)		119		7,206
Aruba Networks Inc. (c)		309		5,610
Autodesk Inc. (c)		248		14,871
Avago Technologies Ltd.		222		22,301
Ciena Corp. (c)		507		9,835
CoStar Group Inc. (c)		87		15,939
Dealertrack Technologies Inc. (c)		338		14,968
Electronic Arts Inc. (c)		363		17,052
Gartner Inc. (c)		145		12,185
Guidewire Software Inc. (c)		220		11,159
Lam Research Corp.		208		16,463
Mobileye NV (c) (e)		157		6,352
NetSuite Inc. (c) (e)		82		8,952
NXP Semiconductors NV (c)		254		19,428
Palo Alto Networks Inc. (c)		97		11,877
SanDisk Corp.		143		13,972
ServiceNow Inc. (c)		179		12,132
Tableau Software Inc. - Class A (c)		111		9,408
Twitter Inc. (c)		321		11,529
VeriFone Systems Inc. (c)		469		17,432
Workday Inc. - Class A (c) (e)		116		9,450
				330,495
MATERIALS - 3.0%
Eagle Materials Inc.		166		12,621
Sherwin-Williams Co.		106		27,987
				40,608
Total Common Stocks (cost $1,107,048)				1,319,907
SHORT TERM INVESTMENTS - 8.2%
Investment Companies - 2.9%
JNL Money Market Fund, 0.01% (a) (h)		39,739		39,739
Securities Lending Collateral - 5.3%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		72,380		72,380
Total Short Term Investments (cost $112,119)				112,119
Total Investments - 105.4% (cost $1,219,167)				1,432,026
Other Assets and Liabilities, Net - (5.4%)				(73,793	)
Total Net Assets - 100.0%			$	1,358,233

	Shares/Par (t)		Value
JNL/Lazard Emerging Markets Fund
COMMON STOCKS - 96.5%
ARGENTINA - 1.1%
YPF SA - ADR - Class D		532	$	14,084
BRAZIL - 13.3%
AMBEV SA - ADR		2,826		17,580
Banco do Brasil SA		4,211		37,659
BB Seguridade Participacoes SA		1,752		21,190
CCR SA		1,556		9,022
Cielo SA		1,505		23,591
Cielo SA - ADR (e)		337		5,299
Companhia Energetica de Minas Gerais - ADR (e)		1,482		7,367
Estacio Participacoes SA		463		4,146
Localiza Rent a Car SA		913		12,258
Natura Cosmeticos SA		705		8,452
Petroleo Brasileiro SA - ADR		306		2,316
Souza Cruz SA		1,476		10,728
Vale SA - ADR (e)		826		6,758
Vale SA - ADR Preferred (e)		256		1,859
Via Varejo SA (c)		1,187		9,275
				177,500
CHINA - 16.4%
AAC Technologies Holdings Inc. (e)		671		3,569
Agricultural Bank of China - Class H		12,144		6,108
Anhui Conch Cement Co. Ltd. - Class H (e)		1,160		4,295
Baidu.com - ADR - Class A (c)		150		34,289
China Construction Bank Corp. - Class H		55,108		45,011
China Mobile Ltd. - ADR		537		31,577
China Oilfield Services Ltd. - Class H		808		1,395
China Shenhua Energy Co. Ltd. - Class H		4,750		14,015
China State Construction International Holdings Ltd.		3,636		5,085
CNOOC Ltd.		12,094		16,353
Huabao International Holdings Ltd.		13,347		10,895
NetEase.com - ADR		325		32,268
Ping An Insurance Group Co. of China Ltd. - Class H		550		5,564
Weichai Power Co. Ltd. - Class H		1,919		8,043
				218,467
COLOMBIA - 1.2%
BanColombia SA - ADR (e)		59		2,815
Pacific Rubiales Energy Corp.		2,153		13,327
				16,142
EGYPT - 1.2%
Commercial International Bank Egypt SAE - GDR		2,335		15,350
GREECE - 0.2%
Piraeus Bank SA (c)		2,802		3,049
HONG KONG - 0.3%
Techtronic Industries Co.		1,181		3,787
HUNGARY - 0.9%
OTP Bank Plc (e)		835		12,051
INDIA - 8.9%
Aurobindo Pharma Ltd.		250		4,491
Axis Bank Ltd.		3,668		29,034
Bajaj Auto Ltd.		164		6,320
Bank of India		166		788
Bharat Heavy Electricals Ltd.		2,133		8,910
HCL Technologies Ltd.		377		9,522
Hero Honda Motors Ltd.		93		4,557

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
ICICI Bank Ltd. - ADR		437		5,050
Jindal Steel & Power Ltd.		380		910
Punjab National Bank		5,039		17,339
Reliance Industries Ltd.		214		3,015
Tata Consultancy Services Ltd.		589		23,866
Tata Motors Ltd. - ADR (e)		110		4,651
				118,453
INDONESIA - 6.4%
Astra International Tbk PT		18,276		10,900
Bank Mandiri Persero Tbk PT		24,991		21,733
Bank Rakyat Indonesia Persero Tbk PT		6,407		6,022
PT Semen Indonesia		6,278		8,196
Telekomunikasi Indonesia PT - ADR		621		28,085
United Tractors Tbk PT		7,245		10,119
				85,055
MACAU - 1.4%
Sands China Ltd.		578		2,814
Wynn Macau Ltd. (e)		5,502		15,351
				18,165
MEXICO - 1.9%
Genomma Lab Internacional SAB de CV - Class B (c)		1,924		3,658
Grupo Financiero Banorte SAB de CV		521		2,865
Grupo Mexico SAB de CV		3,188		9,252
Kimberly-Clark de Mexico SAB de CV		4,654		10,123
				25,898
PAKISTAN - 1.2%
Oil & Gas Development Co. Ltd.		3,264		6,685
Pakistan Petroleum Ltd.		5,214		9,156
				15,841
PERU - 0.2%
Credicorp Ltd.		20		3,236
PHILIPPINES - 1.5%
Philippine Long Distance Telephone Co. - ADR		325		20,541
POLAND - 0.2%
Eurocash SA		266		2,848
RUSSIAN FEDERATION - 6.3%
Eurasia Drilling Co. Ltd. - GDR		301		5,366
Gazprom OAO - ADR		3,455		15,906
Lukoil OAO - ADR		213		8,417
Magnit PJSC - GDR (r)		147		6,649
MegaFon OAO - GDR (r)		564		7,686
Mobile Telesystems OJSC - ADR		1,534		11,015
NovaTek OAO - GDR		49		3,854
Sberbank of Russia - ADR		4,727		19,143
TMK OAO - GDR		331		778
X5 Retail Group NV - GDR (c)		256		3,104
Yandex NV - Class A (c)		128		2,292
				84,210
SOUTH AFRICA - 7.3%
Bidvest Group Ltd.		340		8,896
Imperial Holdings Ltd.		528		8,404
Nedbank Group Ltd. (e)		426		9,121
PPC Ltd. (e)		3,075		7,311
Sanlam Ltd.		1,282		7,715
Shoprite Holdings Ltd.		1,124		16,265
Standard Bank Group Ltd.		1,040		12,815
Tiger Brands Ltd. (e)		305		9,656
Vodacom Group Ltd. (e)		699		7,733
Woolworths Holdings Ltd.		1,360		9,021
				96,937

	Shares/Par (t)		Value
SOUTH KOREA - 12.4%
Hanwha Life Insurance Co. Ltd.		2,548		19,255
Hyundai Mobis		57		12,271
KB Financial Group Inc.		524		17,147
KT&G Corp.		198		13,780
Samsung Electronics Co. Ltd.		37		44,469
Shinhan Financial Group Co. Ltd.		701		28,192
SK Hynix Inc. (c)		510		21,794
Woongjin Coway Co. Ltd.		110		8,363
				165,271
SWEDEN - 0.3%
Oriflame Cosmetics SA - SDR		268		3,719
TAIWAN - 5.5%
Catcher Technology Co. Ltd.		459		3,544
Hon Hai Precision Industry Co. Ltd.		967		2,671
Hon Hai Precision Industry Co. Ltd. - GDR		1,742		9,774
MediaTek Inc.		248		3,605
Taiwan Semiconductor Manufacturing Co. Ltd.		3,257		14,349
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR		1,756		39,306
				73,249
THAILAND - 1.9%
CP ALL PCL		7,755		9,971
PTT Exploration & Production PCL		1,806		6,115
Siam Cement PCL		727		9,914
				26,000
TURKEY - 5.9%
Akbank T.A.S.		2,740		10,117
Aselsan Elektronik Sanayi Ve Ticaret A/S		600		3,078
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S		2,171		2,568
Ford Otomotiv Sanayi A/S		191		2,662
KOC Holding A/S		2,686		14,204
KOC Holding A/S - ADR		237		6,256
TAV Havalimanlari Holding A/S		422		3,441
Turkcell Iletisim Hizmetleri A/S (c)		2,071		12,636
Turkcell Iletisim Hizmetleri A/S - ADR (c) (e)		256		3,867
Turkiye Is Bankasi SA - Class C		7,113		20,452
				79,281
UNITED KINGDOM - 0.6%
British American Tobacco Plc		422		7,808
Total Common Stocks (cost $1,367,748)				1,286,942
PREFERRED STOCKS - 0.2%
BRAZIL - 0.2%
Marcopolo SA		2,373		2,972
Total Preferred Stocks (cost $5,477)				2,972
SHORT TERM INVESTMENTS - 7.7%
Investment Companies - 3.3%
JNL Money Market Fund, 0.01% (a) (h)		43,972		43,972
Securities Lending Collateral - 4.4%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		59,238		59,238
Total Short Term Investments (cost $103,210)				103,210
Total Investments - 104.4% (cost $1,476,435)				1,393,124
Other Assets and Liabilities, Net - (4.4%)				(59,201	)
Total Net Assets - 100.0%			$	1,333,923

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
JNL/Mellon Capital Emerging Markets Index Fund
COMMON STOCKS - 92.9%
BRAZIL - 5.2%
AMBEV SA		978	$	6,017
B2W Compania Global Do Varejo (c)		22		187
Banco Bradesco SA		138		1,787
Banco do Brasil SA		185		1,655
Banco Santander Brasil SA		89		448
BB Seguridade Participacoes SA		153		1,850
BM&F Bovespa SA		365		1,354
BR Malls Participacoes SA		88		543
BRF SA		137		3,265
CCR SA		178		1,030
Centrais Eletricas Brasileiras SA		61		133
CETIP SA - Mercados Organizados		48		587
Cia de Saneamento Basico do Estado de Sao Paulo		83		534
Cia Siderurgica Nacional SA		124		261
Cielo SA		145		2,279
Cosan SA Industria e Comercio		30		325
CPFL Energia SA		55		381
Cyrela Brazil Realty SA		55		228
Duratex SA		61		185
EcoRodovias Infraestrutura e Logistica SA		50		202
EDP - Energias do Brasil SA		47		159
Empresa Brasileira de Aeronautica SA		135		1,244
Estacio Participacoes SA		60		540
Fibria Celulose SA (c)		54		662
Hypermarcas SA (c)		68		428
JBS SA		142		597
Klabin SA		110		604
Kroton Educacional SA		288		1,678
Localiza Rent a Car SA		31		418
Lojas Americanas SA		30		149
Lojas Renner SA		28		808
M Dias Branco SA		8		274
Multiplan Empreendimentos Imobiliarios SA		19		336
Natura Cosmeticos SA		32		383
Odontoprev SA		47		173
Petroleo Brasileiro SA		638		2,301
Porto Seguro SA		21		244
Qualicorp SA (c)		39		405
Raia Drogasil SA		40		377
Souza Cruz SA		90		656
Sul America SA		28		137
Tim Participacoes SA		176		780
Totvs SA		28		366
Tractebel Energia SA		34		426
Transmissora Alianca de Energia Eletrica SA		16		113
Ultrapar Participacoes SA		74		1,439
Vale SA		278		2,294
Via Varejo SA (c)		21		166
WEG SA		64		740
				42,148
CHILE - 1.3%
AES Gener SA		463		246
Aguas Andinas SA - Class A		479		277
Banco de Chile		5,475		634
Banco de Credito e Inversiones		6		304
Banco Santander Chile		13,157		658
CAP SA		13		58
Cencosud SA		281		702
Cia Cervecerias Unidas SA		29		272
Colbun SA		1,462		389

	Shares/Par (t)		Value
Corpbanca		24,414		293
Empresa Nacional de Electricidad SA		692		1,050
Empresas CMPC SA		246		614
Empresas COPEC SA		95		1,073
Enersis SA		4,252		1,393
ENTEL Chile SA		30		298
Latam Airlines Group SA (c)		70		809
S.A.C.I. Falabella		217		1,457
Vina Concha y Toro SA		80		156
				10,683
CHINA - 16.8%
AAC Technologies Holdings Inc. (e)		144		763
Agricultural Bank of China - Class H		4,490		2,258
Air China Ltd. - Class H		332		269
Aluminum Corp. of China Ltd. - Class H (c)		964		446
Anhui Conch Cement Co. Ltd. - Class H (e)		255		944
AviChina Industry & Technology Co. Ltd. - Class H		444		272
Bank of China Ltd. - Class H		16,756		9,405
Bank of Communications Co. Ltd. - Class H		1,772		1,648
Beijing Capital International Airport Co. Ltd. - Class H		332		265
Beijing Enterprises Holdings Ltd.		111		868
Beijing Enterprises Water Group Ltd.		910		615
Belle International Holdings Ltd.		951		1,068
Brilliance China Automotive Holdings Ltd. (e)		616		986
BYD Co. Ltd. - Class H (e)		126		484
China Agri-Industries Holdings Ltd.		362		149
China Citic Bank - Class H		1,690		1,347
China Coal Energy Co. - Class H (e)		894		559
China Communication Services Corp. Ltd. - Class H		410		192
China Communications Constructions Co. Ltd. - Class H		1,005		1,203
China Construction Bank Corp. - Class H		15,209		12,422
China COSCO Holdings Co. Ltd. - Class H (e) (c)		566		278
China Everbright International Ltd.		494		729
China Everbright Ltd.		174		412
China Gas Holdings Ltd.		417		653
China Huishan Dairy Holdings Co. Ltd. (e)		1,374		238
China International Marine Containers Group Co. Ltd. - Class H		89		197
China Life Insurance Co. Ltd.		684		565
China Life Insurance Co. Ltd. - Class H		1,545		6,055
China Longyuan Power Group Corp. - Class H		637		657
China Mengniu Dairy Co. Ltd.		277		1,139
China Merchants Bank Co. Ltd. - Class H		969		2,418
China Merchants Holdings International Co. Ltd.		243		815
China Minsheng Banking Corp. Ltd. - Class H		1,257		1,643
China Mobile Ltd.		1,285		15,048
China National Building Material Co. Ltd. - Class H (e)		634		612
China Oilfield Services Ltd. - Class H		370		639
China Overseas Land & Investment Ltd.		842		2,492
China Pacific Insurance Group Co. Ltd. - Class H		556		2,798
China Petroleum & Chemical Corp. - Class H		5,418		4,388
China Railway Construction Corp. Ltd. - Class H		464		589
China Railway Group Ltd. - Class H		933		763
China Resources Cement Holdings Ltd.		354		228
China Resources Enterprise Ltd.		232		485
China Resources Gas Group Ltd.		170		439
China Resources Land Ltd.		447		1,175
China Resources Power Holdings Co. Ltd.		393		1,003

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
China Shenhua Energy Co. Ltd. - Class H		716		2,114
China Shipping Container Lines Co. Ltd. - Class H (c)		713		224
China State Construction International Holdings Ltd.		386		540
China Taiping Insurance Holdings Co. Ltd. (c)		241		684
China Telecom Corp. Ltd. - Class H		2,990		1,734
China Unicom Hong Kong Ltd.		1,259		1,687
Chongqing Changan Automobile Co. Ltd. - Class B		174		395
Chongqing Rural Commercial Bank - Class H (e)		516		320
CITIC Securities Co. Ltd. - Class H		237		884
CNOOC Ltd.		3,727		5,039
Country Garden Holdings Co.		1,125		449
CSR Corp. Ltd. - Class H (e)		445		599
Datang International Power Generation Co. Ltd. - Class H		518		280
Dongfeng Motor Group Co. Ltd. - Class H		584		817
ENN Energy Holdings Ltd.		154		873
Far East Horizon Ltd.		263		260
Fosun International Ltd. (e)		367		478
Franshion Properties China Ltd.		1,038		296
Great Wall Motor Co. Ltd. - Class H		213		1,202
Guangzhou Automobile Group Co. Ltd. - Class H		526		476
Guangzhou R&F Properties Co. Ltd. - Class H (e)		187		227
Haitian International Holdings Ltd.		144		302
Huaneng Power International Inc. - Class H		770		1,041
Industrial & Commercial Bank of China Ltd. - Class H		15,553		11,357
Inner Mongolia Yitai Coal Co. Ltd. - Class B		212		304
Jiangsu Expressway Co. Ltd. - Class H		309		368
Jiangxi Copper Co. Ltd. - Class H		255		435
PetroChina Co. Ltd. - Class H		4,405		4,890
Ping An Insurance Group Co. of China Ltd. - Class H		552		5,584
Shandong Weigao Group Medical Polymer Co. Ltd.		390		315
Shanghai Electric Group Co. Ltd. - Class H		526		279
Shanghai Industrial Holdings Ltd.		101		302
Shanghai Pharmaceuticals Holding Co. Ltd. - Class H		118		266
Shenzhou International Group Holdings Ltd.		102		336
Sihuan Pharmaceutical Holdings Group Ltd.		778		518
Sinopec Shanghai Petrochemical Co. Ltd. - Class H		786		229
Sinopharm Group Co. Ltd. - Class H		244		860
Soho China Ltd.		330		232
Sun Art Retail Group Ltd. (e)		533		529
Tingyi Cayman Islands Holding Corp.		401		911
Tsingtao Brewery Co. Ltd. - Class H		70		472
Want Want China Holdings Ltd.		1,281		1,684
Weichai Power Co. Ltd. - Class H		93		392
Yanzhou Coal Mining Co. Ltd. - Class H (e)		402		341
Zhejiang Expressway Co. Ltd. - Class H		342		396
Zhuzhou CSR Times Electric Co. Ltd. - Class H		113		659
Zijin Mining Group Co. Ltd.		1,058		299
ZTE Corp. - Class H		112		243
				135,743
COLOMBIA - 0.5%
Almacenes Exito SA		39		483
Cementos Argos SA		83		355
Cemex Latam Holdings SA (c)		52		352
Corp. Financiera Colombiana SA		19		327
Ecopetrol SA		1,004		879

	Shares/Par (t)		Value
Grupo Argos SA		62		532
Grupo de Inversiones Suramericana SA		51		856
Interconexion Electrica SA		70		256
Isagen SA ESP		177		221
				4,261
CZECH REPUBLIC - 0.2%
02 Czech Republic A/S		19		198
CEZ A/S		35		902
Komercni Banka A/S		4		726
				1,826
EGYPT - 0.2%
Commercial International Bank		179		1,220
Global Telecom Holding SAE (c)		471		265
Talaat Moustafa Group		209		285
Telecom Egypt Co.		68		113
				1,883
GREECE - 0.5%
Alpha Bank AE (c)		727		409
Eurobank Ergasias SA (c)		1,556		348
Folli Follie SA		9		285
Hellenic Telecommunications Organization SA (c)		46		506
JUMBO SA		18		185
National Bank of Greece SA (c)		362		636
OPAP SA		53		568
Piraeus Bank SA (c)		441		480
Public Power Corp. SA (c)		21		136
Titan Cement Co. SA		10		221
				3,774
HONG KONG - 4.8%
Alibaba Health Information Technology Ltd. (c)		528		344
Alibaba Pictures Group Ltd. (c)		950		168
Anta Sports Products Ltd.		220		387
BBMG Corp. - Class H		182		151
CGN Power Co. Ltd. (c)		1,039		451
China Cinda Asset Management Co. Ltd. - Class H (c)		1,161		562
China Everbright Bank Co. Ltd. - Class H		464		252
China Galaxy Securities Co. Ltd. - Class H (e)		359		447
China Medical System Holdings Ltd.		206		339
China South City Holdings Ltd.		428		194
China Vanke Co. Ltd. - Class H (c)		305		675
Citic Pacific Ltd.		483		823
COSCO Pacific Ltd.		398		564
CSPC Pharmaceutical Group Ltd.		576		506
Evergrande Real Estate Group Ltd. (e)		1,208		487
GCL New Energy Holdings (c) (e)		1,900		441
Geely Automobile Holdings Ltd.		1,045		330
GOME Electrical Appliances Holdings Ltd. (e)		2,262		331
Guangdong Investment Ltd.		568		740
Haier Electronics Group Co. Ltd.		214		506
Haitong Securities Co. Ltd. - Class H (e)		287		717
Hanergy Thin Film Power Group Ltd. (e)		2,568		931
Hengan International Group Co. Ltd.		149		1,558
Huadian Power International Corp. Ltd.		310		269
Intime Retail Group Co. Ltd.		223		161
Kingboard Chemical Holdings Ltd.		190		319
Kingsoft Corp Ltd. (e)		136		268
Kunlun Energy Co. Ltd.		656		619
Lee & Man Paper Manufacturing Ltd.		343		192
Lenovo Group Ltd. (e)		1,438		1,878
Longfor Properties Co. Ltd.		247		317
New China Life Insurance Co. Ltd. - Class H		175		878
New World China Land Ltd.		478		284
Nine Dragons Paper Holdings Ltd.		286		249

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
People’s Insurance Co. Group of China Ltd. - Class H		1,419		659
PICC Property & Casualty Co. Ltd. - Class H		729		1,407
Semiconductor Manufacturing International Corp. (c)		4,905		448
Shanghai Fosun Pharmaceutical Group Co. Ltd. - Class H		69		245
Shimao Property Holdings Ltd.		267		590
Shui On Land Ltd. (e)		608		143
Sino Biopharmaceutical		644		580
Sino-Ocean Land Holdings Ltd. (e)		674		380
Sinopec Engineering Group Co. Ltd. - Class H (e)		274		184
Sinotrans Ltd. - Class H		357		236
Tencent Holdings Ltd.		1,083		15,676
Uni-President China Holdings Ltd.		202		186
Yuexiu Property Co. Ltd.		1,788		342
				38,414
HUNGARY - 0.2%
MOL Hungarian Oil and Gas Plc		11		463
OTP Bank Plc (e)		43		624
Richter Gedeon Nyrt		29		386
				1,473
INDIA - 7.0%
ACC Ltd.		5		114
Adani Enterprises Ltd.		26		200
Aditya Birla Nuvo Ltd.		8		201
Ambuja Cements Ltd.		163		588
Apollo Hospitals Enterprise Ltd.		18		317
Asian Paints Ltd.		65		769
Aurobindo Pharma Ltd.		29		513
Bajaj Auto Ltd.		16		631
Bharat Heavy Electricals Ltd.		108		453
Bharat Petroleum Corp. Ltd.		32		328
Bharti Airtel Ltd.		127		708
Cairn India Ltd.		87		332
Cipla Ltd.		81		802
Coal India Ltd.		99		597
Dabur India Ltd.		136		501
Divi’s Laboratories Ltd.		12		317
DLF Ltd.		87		188
Dr. Reddy’s Laboratories Ltd.		24		1,224
GAIL India Ltd.		81		569
GlaxoSmithKline Consumer Healthcare Ltd.		2		149
Godrej Consumer Products Ltd.		22		340
HCL Technologies Ltd.		54		1,376
Hero Honda Motors Ltd.		8		393
Hindalco Industries Ltd.		245		608
Hindustan Unilever Ltd.		159		1,908
Housing Development Finance Corp.		310		5,552
ICICI Bank Ltd.		225		1,252
Idea Cellular Ltd.		227		551
Infosys Ltd.		191		5,920
ITC Ltd.		482		2,810
Jindal Steel & Power Ltd.		65		156
JSW Steel Ltd.		19		316
Larsen & Toubro Ltd.		68		1,597
LIC Housing Finances Ltd.		65		446
Mahindra & Mahindra Financial Services Ltd.		47		242
Mahindra & Mahindra Ltd.		69		1,345
Motherson Sumi Systems Ltd.		45		324
Mundra Port and Special Economic Zone Ltd.		104		524
Nestle India Ltd.		5		463
NTPC Ltd.		337		765
Oil & Natural Gas Corp. Ltd.		166		895
Oil India Ltd.		31		282

	Shares/Par (t)		Value
Piramal Healthcare Ltd.		14		183
Power Finance Corp. Ltd.		60		287
Ranbaxy Laboratories Ltd. (c)		24		238
Reliance Communications Ltd. (c)		178		224
Reliance Industries Ltd.		271		3,808
Reliance Infrastructure Ltd.		18		144
Rural Electrification Corp. Ltd.		54		285
Sesa Sterlite Ltd.		236		796
Shriram Transport Finance Co. Ltd.		32		553
Siemens Ltd.		15		213
State Bank of India		306		1,503
Sun Pharmaceutical Industries Ltd.		152		1,987
Tata Consultancy Services Ltd.		98		3,970
Tata Motors Ltd.		156		1,223
Tata Power Co. Ltd.		234		303
Tata Steel Ltd.		68		427
Tech Mahindra Ltd.		11		453
Ultratech Cement Ltd.		7		316
United Breweries Ltd.		10		133
United Spirits Ltd. (c)		8		367
Wipro Ltd.		125		1,083
Zee Entertainment Enterprises Ltd.		107		643
				56,705
INDONESIA - 2.7%
Adaro Energy Tbk PT		2,729		228
Astra Agro Lestari Tbk PT		70		137
Astra International Tbk PT		4,354		2,596
Bank Central Asia Tbk PT		2,603		2,761
Bank Danamon Indonesia Tbk PT - Class A		651		237
Bank Mandiri Persero Tbk PT		2,055		1,787
Bank Negara Indonesia Persero Tbk PT		1,594		781
Bank Rakyat Indonesia Persero Tbk PT		2,356		2,215
Bumi Serpong Damai PT		1,416		205
Charoen Pokphand Indonesia Tbk PT		1,706		519
Global Mediacom Tbk PT		1,395		160
Gudang Garam Tbk PT		94		458
Indo Tambangraya Megah Tbk PT		83		103
Indocement Tunggal Prakarsa Tbk PT		353		713
Indofood CBP Sukses Makmur Tbk PT		224		236
Indofood Sukses Makmur Tbk PT		962		524
Jasa Marga Persero Tbk PT		366		208
Kalbe Farma Tbk PT		4,299		634
Lippo Karawaci Tbk PT		3,760		309
Matahari Department Store Tbk PT		393		473
Media Nusantara Citra Tbk PT		1,272		260
Perusahaan Gas Negara PT		2,261		1,094
PT Semen Indonesia		593		774
Surya Citra Media Tbk PT		740		209
Tambang Batubara Bukit Asam Tbk PT		120		120
Telekomunikasi Indonesia Persero Tbk PT - Class B		10,600		2,436
Tower Bersama Infrastructure Tbk PT		437		342
Unilever Indonesia Tbk PT		319		826
United Tractors Tbk PT		357		499
XL Axiata Tbk PT		512		201
				22,045
MALAYSIA - 3.5%
AirAsia Bhd		199		155
Alliance Financial Group Bhd		265		356
AMMB Holdings Bhd		316		593
Astro Malaysia Holdings Bhd		384		332
Axiata Group Bhd		524		1,055
Berjaya Sports Toto Bhd		109		109
Bumi Armada Bhd		377		118
Bumiputra-Commerce Holdings Bhd		1,082		1,718
Dialog Group Bhd		642		275

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
DiGi.Com Bhd		661		1,164
Felda Global Ventures Holdings Bhd		253		158
Gamuda Bhd		400		573
Genting Bhd		416		1,054
Genting Malaysia Bhd		644		748
Genting Plantations Bhd		46		131
Hong Leong Bank Bhd		106		424
Hong Leong Financial Group Bhd		57		267
IHH Healthcare Bhd		526		725
IJM Corp. Bhd		279		525
IOI Corp. Bhd		627		861
IOI Properties Group Sdn Bhd		299		206
Kuala Lumpur Kepong Bhd		113		734
Lafarge Malaysia Bhd		74		207
Malayan Banking Bhd		963		2,521
Malaysia Airports Holdings Bhd		123		239
Maxis Bhd		401		783
MISC Bhd		255		527
Petronas Chemicals Group Bhd		569		884
Petronas Dagangan Bhd		45		219
Petronas Gas Bhd		141		896
PPB Group Bhd		98		399
Public Bank Bhd		577		3,013
RHB Capital Bhd		124		269
Sapurakencana Petroleum Bhd		741		490
Sime Darby Bhd		639		1,682
Telekom Malaysia Bhd		267		524
Tenaga Nasional Bhd		583		2,294
UEM Sunrise Bhd		267		107
UMW Holdings Bhd		133		417
YTL Corp. Bhd		1,016		462
YTL Power International Bhd		445		188
				28,402
MEXICO - 4.1%
Alfa SAB de CV - Class A		627		1,399
America Movil SAB de CV - Class L (e)		7,108		7,902
Arca Continental SAB de CV		86		543
Coca-Cola Femsa SAB de CV - Class L		91		784
Controladora Comercial Mexicana SAB de CV - Class C		99		348
El Puerto de Liverpool SAB de CV - Class C		34		345
Fibra Uno Administracion SA de CV		476		1,401
Fomento Economico Mexicano SAB de CV		405		3,592
Genomma Lab Internacional SAB de CV - Class B (c)		142		270
Gentera SAB de CV		211		424
Gruma SAB de CV - Class B		36		381
Grupo Aeroportuario del PacifiCo SAB de CV - Class B		66		416
Grupo Aeroportuario del Sureste SAB de CV - Class B		48		632
Grupo Bimbo SAB de CV - Class A (c)		338		933
Grupo Carso SAB de CV		121		593
Grupo Comercial Chedraui SA de CV - Class B		60		173
Grupo Financiero Banorte SAB de CV		534		2,941
Grupo Financiero Inbursa SAB de CV		469		1,209
Grupo Financiero Santander Mexico SAB de CV - Class B		415		867
Grupo Lala SAB de CV		143		276
Grupo Mexico SAB de CV		805		2,335
Industrias Penoles SAB de CV		26		515
Kimberly-Clark de Mexico SAB de CV		321		697
Mexichem SAB de CV (c)		198		603
Minera Frisco SAB de CV - Class A-1 (e) (c)		130		189
OHL Mexico SAB de CV (c)		142		263
Promotora y Operadora de Infraestructura SAB de CV (c)		59		713

	Shares/Par (t)		Value
Wal-Mart de Mexico SAB de CV - Class V		1,093		2,351
				33,095
PERU - 0.3%
Cia de Minas Buenaventura SA - ADR		35		331
Credicorp Ltd.		14		2,300
				2,631
PHILIPPINES - 1.3%
Aboitiz Equity Ventures Inc.		450		526
Aboitiz Power Corp.		368		349
Alliance Global Group Inc.		366		183
Ayala Corp.		40		619
Ayala Land Inc.		1,529		1,140
Bank of the Philippine Islands		139		290
BDO Unibank Inc.		356		870
DMCI Holdings Inc.		987		345
Energy Development Corp.		1,613		293
Globe Telecom Inc.		7		268
International Container Terminal Services Inc.		88		224
JG Summit Holdings Inc.		543		795
Jollibee Foods Corp.		98		469
Megaworld Corp.		1,967		203
Metro Pacific Investments Corp.		1,818		186
Metropolitan Bank & Trust Co.		43		80
Philippine Long Distance Telephone Co.		21		1,333
SM Investments Corp.		34		614
SM Prime Holdings Inc.		1,209		458
Universal Robina Corp.		174		757
				10,002
POLAND - 1.6%
Alior Bank SA (c)		11		236
Bank Handlowy w Warszawie SA		7		217
Bank Millennium SA		80		187
Bank Pekao SA		27		1,340
Bank Zachodni WBK SA		8		831
CCC SA		6		240
Cyfrowy Polsat SA		43		284
Enea SA		43		186
Energa SA		35		229
Eurocash SA		17		186
Getin Noble Bank SA (c)		188		116
Grupa Lotos SA - Class A (c)		22		161
KGHM Polska Miedz SA		29		877
LPP SA		—		416
Mbank		3		486
Orange Polska Spolka Akcyjna		122		286
PGE SA		177		936
Polski Koncern Naftowy Orlen SA		67		914
Polskie Gornictwo Naftowe i Gazownictwo SA		339		423
Powszechna Kasa Oszczednosci Bank Polski SA		181		1,820
Powszechny Zaklad Ubezpieczen SA		11		1,548
Synthos SA		89		103
Tauron Polska Energia SA		189		268
Zaklady Azotowe w Tarnowie-Moscicach SA		12		222
				12,512
QATAR - 0.9%
Barwa Real Estate Co.		25		285
Commercial Bank of Qatar QSC		13		246
Doha Bank QSC		11		166
Gulf International Services OSC		10		255
Industries Qatar QSC		31		1,393
Masraf Al Rayan		75		898
Qatar Electricity & Water Co.		6		322
Qatar Islamic Bank SAQ		11		305
Qatar National Bank		37		2,172

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Qatar Telecom Qtel QSC		17		557
Vodafone Qatar		71		315
				6,914
RUSSIAN FEDERATION - 2.9%
Alrosa AO		402		408
Gazprom OAO		2,456		5,265
Lukoil OAO		109		3,944
Magnit PJSC - GDR		54		2,456
MegaFon OAO - GDR		19		258
MMC Norilsk Nickel OJSC		12		1,592
Mobile Telesystems OJSC - ADR		103		738
Moscow Exchange MICEX-RTS OAO		247		238
NovaTek OAO - GDR		19		1,490
Rosneft OAO		235		749
Rostelecom OJSC		182		256
RusHydro JSC		20,352		177
Sberbank of Russia		2,291		2,010
Severstal PAO		41		334
Sistema JSFC - GDR		35		184
Surgutneftegas OAO		1,558		602
Tatneft OAO		283		1,058
Uralkali OJSC		276		572
VTB Bank OJSC		1,109,305		1,210
				23,541
SOUTH AFRICA - 7.8%
African Bank Investments Ltd. (f)		281		8
African Rainbow Minerals Ltd.		20		202
Anglo Platinum Ltd. (c)		10		295
AngloGold Ashanti Ltd. (c)		84		729
Aspen Pharmacare Holdings Ltd.		67		2,328
Assore Ltd.		6		80
Barclays Africa Group Ltd.		70		1,096
Barloworld Ltd.		40		332
Bidvest Group Ltd.		70		1,821
Brait SA (c)		63		426
Coronation Fund Managers Ltd.		50		493
Discover Ltd.		70		667
Exxaro Resources Ltd. (e)		32		284
FirstRand Ltd.		644		2,798
Foschini Ltd.		45		514
Gold Fields Ltd.		179		809
Growthpoint Properties Ltd.		438		1,041
Impala Platinum Holdings Ltd. (c)		120		784
Imperial Holdings Ltd.		40		633
Investec Ltd.		45		381
Kumba Iron Ore Ltd.		12		254
Liberty Holdings Ltd.		28		301
Life Healthcare Group Holdings Ltd.		197		727
Massmart Holdings Ltd. (e)		21		258
Mediclinic International Ltd.		81		704
MMI Holdings Ltd.		203		527
Mr Price Group Ltd.		50		1,006
MTN Group Ltd.		344		6,549
Nampak Ltd.		132		499
Naspers Ltd. - Class N		83		10,772
Nedbank Group Ltd. (e)		43		919
Netcare Ltd.		192		627
Pick n Pay Stores Ltd.		49		221
PPC Ltd.		99		235
Redefine Properties Ltd.		686		634
Remgro Ltd.		102		2,221
Resilient Property Income Fund Ltd.		59		432
RMB Holdings Ltd.		149		821
RMI Holdings		126		445
Sanlam Ltd.		387		2,326
Sappi Ltd. (c)		98		356

	Shares/Par (t)		Value
Sasol Ltd.		117		4,371
Shoprite Holdings Ltd.		99		1,435
Spar Group Ltd.		31		435
Standard Bank Group Ltd.		257		3,172
Steinhoff International Holdings Ltd.		446		2,281
Telkom SA Ltd. (c)		43		256
Tiger Brands Ltd. (e)		35		1,115
Truworths International Ltd.		87		576
Tsogo Sun Holdings Ltd.		123		308
Vodacom Group Ltd.		78		866
Woolworths Holdings Ltd.		195		1,296
				62,666
SOUTH KOREA - 13.7%
Amorepacific Corp.		1		1,330
AMOREPACIFIC Group		1		526
BS Financial Group Inc.		40		524
Celltrion Inc. (c)		13		459
Cheil Worldwide Inc. (c)		16		244
CJ CheilJedang Corp.		2		479
CJ Corp.		3		390
CJ Korea Express Co. Ltd. (c)		1		244
Daelim Industrial Co. Ltd.		6		331
Daewoo Engineering & Construction Co. Ltd. (c)		24		128
Daewoo International Corp.		9		249
Daewoo Securities Co. Ltd. (c)		42		368
Daewoo Shipbuilding & Marine Engineering Co. Ltd.		21		359
Daum Kakao Corp.		5		582
DGB Financial Group Inc.		26		270
Dongbu Insurance Co. Ltd.		8		407
Doosan Corp.		2		144
Doosan Heavy Industries and Construction Co. Ltd.		13		268
Doosan Infracore Co. Ltd. (c)		24		214
E-Mart Co. Ltd.		4		803
GS Engineering & Construction Corp. (c)		10		199
GS Holdings Corp.		11		410
Halla Visteon Climate Control Corp.		8		356
Hana Financial Group Inc.		62		1,785
Hankook Tire Co. Ltd.		15		718
Hanwha Chem Corp.		23		239
Hanwha Corp.		12		329
Hanwha Life Insurance Co. Ltd.		40		305
Hite Jinro Co. Ltd.		6		136
Hotel Shilla Co. Ltd.		7		562
Hyosung Corp.		4		274
Hyundai Department Store Co. Ltd.		3		319
Hyundai Development Co.		13		441
Hyundai Engineering & Construction Co. Ltd.		15		582
Hyundai Glovis Co. Ltd.		3		717
Hyundai Heavy Industries Co. Ltd.		8		873
Hyundai Marine & Fire Insurance Co. Ltd.		12		281
Hyundai Merchant Marine Co. Ltd. (c)		12		107
Hyundai Mipo Dockyard Co. Ltd.		2		128
Hyundai Mobis		14		3,057
Hyundai Motor Co.		33		4,968
Hyundai Steel Co.		14		821
Hyundai Wia Corp.		3		534
Industrial Bank of Korea		53		679
Kangwon Land Inc.		24		674
KB Financial Group Inc.		81		2,652
KCC Corp.		1		608
KEPCO Plant Service & Engineering Co. Ltd.		4		286
Kia Motors Corp.		55		2,620
Korea Aerospace Industries Ltd.		10		351
Korea Electric Power Corp.		54		2,064

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Korea Gas Corp. (c)		7		322
Korea Investment Holdings Co. Ltd.		8		337
Korea Kumho Petrochemical		3		211
Korea Zinc Co. Ltd.		2		664
Korean Air Lines Co. Ltd. (c)		8		333
KT Corp. - ADR (e)		27		378
KT&G Corp.		23		1,600
LG Chem Ltd.		10		1,654
LG Corp.		20		1,095
LG Display Co. Ltd. (c)		47		1,440
LG Electronics Inc.		24		1,265
LG Household & Health Care Ltd.		2		1,157
LG Innotek Co. Ltd. (c)		2		254
LG Telecom Ltd.		41		424
Lotte Chemical		3		416
Lotte Confectionery Co. Ltd.		—		206
Lotte Shopping Co. Ltd.		2		574
LS Corp.		3		168
LS Industrial Systems Co. Ltd.		3		182
Mirae Asset Securities Co. Ltd.		4		174
NCSoft Corp.		3		567
NHN Corp.		6		3,731
OCI Co. Ltd. (c)		3		232
Orion Corp.		1		742
Paradise Co. Ltd.		8		171
POSCO Inc.		14		3,472
S-Oil Corp.		9		380
S1 Corp.		4		278
Samsung C&T Corp.		27		1,495
Samsung Card Co. Ltd.		7		264
Samsung Electro-Mechanics Co. Ltd.		13		630
Samsung Electronics Co. Ltd.		23		27,967
Samsung Engineering Co. Ltd. (c)		5		187
Samsung Fire & Marine Insurance Co. Ltd.		7		1,850
Samsung Heavy Industries Co. Ltd.		34		605
Samsung Life Insurance Co. Ltd.		12		1,290
Samsung SDI Co.		12		1,269
Samsung SDS Co. Ltd. (c)		6		1,469
Samsung Securities Co. Ltd.		12		476
Shinhan Financial Group Co. Ltd.		89		3,579
Shinsegae Co. Ltd.		1		198
SK C&C Co. Ltd.		4		798
SK Holdings Co. Ltd.		5		800
SK Hynix Inc. (c)		120		5,131
SK Innovation Co. Ltd.		13		1,034
SK Networks Co. Ltd. (c)		22		180
SK Telecom Co. Ltd.		2		490
Woongjin Coway Co. Ltd.		11		835
Woori Bank (c)		65		588
Woori Investment & Securities Co. Ltd.		37		343
Yuhan Corp.		2		293
				110,592
TAIWAN - 12.4%
Acer Inc. (c)		459		308
Advanced Semiconductor Engineering Inc.		1,369		1,626
Advantech Co. Ltd.		68		500
Asia Cement Corp.		539		664
Asia Pacific Telecom Co. Ltd.		424		233
Asustek Computer Inc.		149		1,626
AU Optronics Corp.		1,826		927
Catcher Technology Co. Ltd.		137		1,054
Cathay Financial Holding Co. Ltd.		1,737		2,566
Chailease Holding Co. Ltd.		208		515
Chang Hwa Commercial Bank		1,037		593
Cheng Shin Rubber Industry Co. Ltd.		366		860
Chicony Electronics Co. Ltd.		121		338
China Airlines Ltd. (c)		499		228

	Shares/Par (t)		Value
China Development Financial Holding Corp.		2,869		912
China Motor Corp.		88		78
China Steel Corp.		2,566		2,128
Chunghwa Telecom Co. Ltd.		773		2,291
Clevo Co.		81		125
Compal Electronics Inc.		883		617
CTBC Financial Holding Co. Ltd.		2,741		1,773
CTCI Corp.		108		172
Delta Electronics Inc.		386		2,281
E. Sun Financial Holding Co. Ltd.		1,405		871
Eclat Textile Co. Ltd.		30		303
Epistar Corp.		238		471
Eva Airways Corp. (c)		322		224
Evergreen Marine Corp. Taiwan Ltd. (c)		363		256
Far Eastern Department Stores Co. Ltd.		167		148
Far Eastern New Century Corp.		619		612
Far EasTone Telecommunications Co. Ltd.		336		774
Farglory Land Development Co. Ltd.		78		93
First Financial Holding Co. Ltd.		1,564		917
Formosa Chemicals & Fibre Corp.		714		1,504
Formosa International Hotels Corp.		6		67
Formosa Petrochemical Corp.		237		514
Formosa Plastics Corp.		854		1,945
Formosa Taffeta Co. Ltd.		142		140
Foxconn Technology Co. Ltd.		178		477
Fubon Financial Holding Co. Ltd.		1,430		2,276
Giant Manufacturing Co. Ltd.		56		495
Hermes Microvision Inc.		8		400
Highwealth Construction Corp.		155		310
Hiwin Technologies Corp.		43		360
Hon Hai Precision Industry Co. Ltd.		2,604		7,190
Hotai Motor Co. Ltd.		54		808
HTC Corp. (c)		138		616
Hua Nan Financial Holdings Co. Ltd.		1,191		666
Innolux Corp.		1,723		833
Inotera Memories Inc. (c)		432		678
Inventec Corp.		409		273
Kinsus Interconnect Technology Corp.		45		149
Largan Precision Co. Ltd.		20		1,497
Lite-On Technology Corp.		443		506
MediaTek Inc.		295		4,292
Mega Financial Holdings Co. Ltd.		2,031		1,567
Merida Industry Co. Ltd.		39		262
Nan Ya Plastics Corp.		1,033		2,130
Novatek Microelectronics Corp.		121		674
Pegatron Corp.		325		743
Phison Electronics Corp.		24		165
Pou Chen Corp.		457		551
Powertech Technology Inc.		164		280
President Chain Store Corp.		118		911
Quanta Computer Inc.		581		1,448
Radiant Opto-Electronics Corp.		100		318
Realtek Semiconductor Corp.		95		315
Ruentex Development Co. Ltd.		169		268
Ruentex Industries Ltd.		132		277
ScinoPharm Taiwan Ltd.		45		80
Shin Kong Financial Holding Co. Ltd.		1,462		414
Siliconware Precision Industries Co.		623		939
Simplo Technology Co. Ltd.		58		284
SinoPac Financial Holdings Co. Ltd.		1,669		684
Standard Foods Corp.		55		121
Synnex Technology International Corp.		231		335
Taishin Financial Holding Co. Ltd.		1,546		635
Taiwan Business Bank (c)		604		175
Taiwan Cement Corp.		687		939
Taiwan Cooperative Financial Holding		1,257		646
Taiwan Fertilizer Co. Ltd.		193		340
Taiwan Glass Industrial Corp.		206		161

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Taiwan Mobile Co. Ltd.		365		1,206
Taiwan Semiconductor Manufacturing Co. Ltd.		5,180		22,818
Teco Electric and Machinery Co. Ltd.		423		400
TPK Holding Co. Ltd.		42		249
Transcend Information Inc.		28		87
TSRC Corp.		108		116
U-Ming Marine Transport Corp.		88		138
Uni-President Enterprises Corp.		995		1,574
Unimicron Technology Corp.		232		176
United Microelectronics Corp.		2,600		1,207
Vanguard International Semiconductor Corp.		158		259
Walsin Lihwa Corp. (c)		601		188
Wistron Corp.		509		459
WPG Holdings Co. Ltd.		383		445
Yang Ming Marine Transport Corp. (c)		200		106
Yuanta Financial Holding Co. Ltd.		1,788		867
Yulon Motor Co. Ltd.		164		240
Zhen Ding Technology Holding Ltd.		73		193
				99,470
THAILAND - 2.4%
Advanced Info Service PCL		48		366
Advanced Info Service PCL - NVDR		176		1,336
Airports of Thailand PCL - NVDR		96		817
Bangkok Bank PCL		32		190
Bangkok Bank PCL - NVDR		88		518
Bangkok Dusit Medical Services PCL - NVDR		642		334
Banpu PCL		78		58
Banpu PCL - NVDR		194		146
BEC World PCL		73		113
BEC World PCL - NVDR		166		257
BTS Group Holdings PCL - NVDR		1,160		338
Bumrungrad Hospital PCL		88		374
Central Pattana PCL - NVDR		284		389
Charoen Pokphand Foods PCL		227		187
Charoen Pokphand Foods PCL - NVDR		280		230
CP ALL PCL		360		463
CP ALL PCL - NVDR		581		747
Delta Electronics Thailand PCL		126		270
Energy Absolute PCL		265		200
Glow Energy PCL		42		114
Glow Energy PCL - NVDR		66		176
Home Product Center PCL - NVDR		821		205
Indorama Ventures PCL		100		61
Indorama Ventures PCL - NVDR		147		90
IRPC PCL		813		75
IRPC PCL - NVDR		1,302		121
Kasikornbank PCL		44		305
Kasikornbank PCL - NVDR		339		2,345
Krung Thai Bank PCL - Class F		61		42
Krung Thai Bank PCL		244		168
Krung Thai Bank PCL - NVDR		373		256
Minor International PCL - NVDR		285		280
PTT Exploration & Production PCL		83		282
PTT Exploration & Production PCL - NVDR		222		752
PTT Global Chemical PCL		119		185
PTT Global Chemical PCL - NVDR		202		313
PTT PCL		67		659
PTT PCL - NVDR		139		1,360
Siam Cement PCL		4		56
Siam Cement PCL - NVDR		75		1,024
Siam Commercial Bank PCL		89		487
Siam Commercial Bank PCL - NVDR		243		1,340
Thai Oil PCL		78		99
Thai Oil PCL - NVDR		79		100
Thai Union Frozen Products PCL		104		284
TMB Bank PCL - NVDR		2,362		209

	Shares/Par (t)		Value
True Corp PCL - NVDR (c)		1,826		609
				19,330
TURKEY - 1.8%
Akbank T.A.S.		364		1,344
Anadolu Efes Biracilik Ve Malt Sanayii A/S (c)		38		372
Arcelik A/S		49		315
BIM Birlesik Magazalar A/S		46		980
Coca-Cola Icecek A/S		19		416
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S		376		444
Enka Insaat ve Sanayi A/S		89		200
Eregli Demir ve Celik Fabrikalari TAS		320		609
Ford Otomotiv Sanayi A/S		11		158
Haci Omer Sabanci Holding A/S		205		890
KOC Holding A/S		122		643
Petkim Petrokimya Holding AS		51		86
TAV Havalimanlari Holding A/S		29		235
Tofas Turk Otomobil Fabrikasi A/S		20		138
Tupras Turkiye Petrol Rafinerileri A/S		25		587
Turk Hava Yollari (c)		110		452
Turk Telekomunikasyon A/S		129		402
Turkcell Iletisim Hizmetleri A/S (c)		183		1,119
Turkiye Garanti Bankasi A/S		511		2,051
Turkiye Halk Bankasi A/S		132		780
Turkiye Is Bankasi SA - Class C		332		954
Turkiye Sise ve Cam Fabrikalari A/S		87		135
Turkiye Vakiflar Bankasi Tao		160		333
Ulker Biskuvi Sanayi A/S		35		277
Yapi ve Kredi Bankasi A/S		219		455
				14,375
UNITED ARAB EMIRATES - 0.6%
Abu Dhabi Commercial Bank PJSC		245		462
Aldar Properties PJSC		659		464
Arabtec Holding Co. (c)		245		189
DP World Ltd.		34		702
Dubai Financial Market		343		182
Dubai Islamic Bank PJSC		196		359
Emaar Properties PJSC		788		1,519
First Gulf Bank PJSC		152		699
National Bank of Abu Dhabi PJSC		127		478
				5,054
UNITED KINGDOM - 0.1%
British American Tobacco Plc		24		448
UNITED STATES OF AMERICA - 0.1%
Southern Copper Corp.		35		987
Total Common Stocks (cost $776,273)				748,974
PREFERRED STOCKS - 5.6%
BRAZIL - 3.5%
AES Tiete SA		16		109
Banco Bradesco SA		441		5,816
Banco do Estado do Rio Grande do Sul		37		200
Bradespar SA		42		226
Braskem SA		30		196
Centrais Eletricas Brasileiras SA		33		100
Cia Brasileira de Distribuicao Grupo Pao de Acucar		28		1,044
Cia Energetica de Minas Gerais		153		757
Cia Energetica de Sao Paulo		38		384
Cia Paranaense de Energia		21		277
Gerdau SA		177		636
Itau Unibanco Holding SA		585		7,609
Itausa - Investimentos Itau SA		674		2,382
Lojas Americanas SA		104		674
Metalurgica Gerdau SA		50		213

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Oi SA		50		161
Petroleo Brasileiro SA		882		3,324
Suzano Papel e Celulose SA		81		344
Telefonica Brasil SA		61		1,072
Usinas Siderurgicas de Minas Gerais SA - Class A		68		130
Vale SA		402		2,911
				28,565
CHILE - 0.1%
Embotelladora Andina SA - Class B		86		242
Sociedad Quimica y Minera de Chile SA		22		534
				776
COLOMBIA - 0.3%
Banco Davivienda SA		18		214
Bancolombia SA		86		1,034
Grupo Argos SA		24		203
Grupo Aval Acciones y Valores		776		418
Grupo de Inversiones Suramericana SA		16		272
				2,141
MEXICO - 0.8%
Cemex SAB de CV (e)		2,496		2,545
Grupo Televisa SAB		539		3,676
				6,221
RUSSIAN FEDERATION - 0.2%
AK Transneft OAO		—		721
Sberbank of Russia		191		115
Surgutneftegas OAO		1,427		679
				1,515
SOUTH KOREA - 0.7%
Hyundai Motor Co.		8		918
Hyundai Motor Co.		5		624
LG Chem Ltd.		2		198
Samsung Electronics Co. Ltd.		4		3,983
				5,723
Total Preferred Stocks (cost $58,702)				44,941
RIGHTS - 0.0%
SOUTH KOREA - 0.0%
DGB Financial Group Inc. (c) (f)		5		6
TAIWAN - 0.0%
EVA Airways Corp. (c) (f)		47		8
Total Rights (cost $0)				14
SHORT TERM INVESTMENTS - 4.0%
Investment Companies - 2.3%
JNL Money Market Fund, 0.01% (a) (h)		18,455		18,455
Securities Lending Collateral - 1.6%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		12,781		12,781
Treasury Securities - 0.1%
U.S. Treasury Bill
0.02%, 03/12/15 (o)	$	170		170
0.08%, 06/04/15 (o)		570		570
				740
Total Short Term Investments (cost $31,976)				31,976

	Shares/Par (t)		Value
Total Investments - 102.5% (cost $866,951)				825,905
Other Assets and Liabilities, Net - (2.5%)				(19,924	)
Total Net Assets - 100.0%			$	805,981
JNL/Mellon Capital S&P 500 Index Fund
COMMON STOCKS - 98.4%
CONSUMER DISCRETIONARY - 12.1%
Amazon.com Inc. (c)		85	$	26,499
AutoNation Inc. (c)		14		871
AutoZone Inc. (c)		7		4,572
Bed Bath & Beyond Inc. (c)		42		3,196
Best Buy Co. Inc.		65		2,533
BorgWarner Inc.		50		2,739
Cablevision Systems Corp. - Class A (e)		47		962
Carmax Inc. (c)		48		3,224
Carnival Corp.		101		4,575
CBS Corp. - Class B		109		6,038
Chipotle Mexican Grill Inc. - Class A (c)		7		4,722
Coach Inc.		60		2,266
Comcast Corp. - Class A (e)		582		33,750
D.R. Horton Inc.		73		1,851
Darden Restaurants Inc. (e)		28		1,613
Delphi Automotive Plc		67		4,851
DIRECTV (c)		112		9,719
Discovery Communications Inc. - Class A (c)		34		1,185
Discovery Communications Inc. - Class C (c)		60		2,036
Dollar General Corp. (c)		68		4,787
Dollar Tree Inc. (c)		48		3,359
Expedia Inc.		23		1,995
Family Dollar Stores Inc.		20		1,593
Ford Motor Co.		868		13,448
Fossil Group Inc. (c)		11		1,219
GameStop Corp. - Class A (e)		25		848
Gannett Co. Inc.		49		1,551
Gap Inc.		58		2,439
Garmin Ltd. (e)		27		1,427
General Motors Co.		301		10,512
Genuine Parts Co.		33		3,561
Goodyear Tire & Rubber Co.		64		1,821
H&R Block Inc.		62		2,079
Harley-Davidson Inc.		48		3,171
Harman International Industries Inc.		15		1,551
Hasbro Inc.		24		1,346
Home Depot Inc.		297		31,155
Interpublic Group of Cos. Inc.		90		1,868
Johnson Controls Inc.		151		7,306
Kohl’s Corp.		46		2,812
L Brands Inc.		55		4,722
Leggett & Platt Inc. (e)		30		1,296
Lennar Corp. - Class A		40		1,786
Lowe’s Cos. Inc.		219		15,086
Macy’s Inc.		78		5,130
Marriott International Inc. - Class A		50		3,880
Mattel Inc.		74		2,296
McDonald’s Corp.		221		20,718
McGraw-Hill Financial. Inc.		61		5,450
Michael Kors Holdings Ltd. (c)		46		3,434
Mohawk Industries Inc. (c)		13		2,029
Netflix Inc. (c)		13		4,503
Newell Rubbermaid Inc.		64		2,450
News Corp. - Class A (c)		112		1,760
Nike Inc. - Class B		158		15,194
Nordstrom Inc.		31		2,475
O’Reilly Automotive Inc. (c)		24		4,550
Omnicom Group Inc.		57		4,432
PetSmart Inc.		22		1,771

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Priceline Group Inc. (c)		12		13,318
Pulte Homes Inc.		73		1,558
PVH Corp.		18		2,274
Ralph Lauren Corp. - Class A		13		2,436
Ross Stores Inc.		47		4,434
Royal Caribbean Cruises Ltd.		37		3,076
Scripps Networks Interactive Inc. - Class A (e)		24		1,796
Staples Inc.		143		2,592
Starbucks Corp.		169		13,889
Starwood Hotels & Resorts Worldwide Inc.		42		3,385
Target Corp.		143		10,862
Tiffany & Co.		24		2,592
Time Warner Cable Inc.		63		9,579
Time Warner Inc.		189		16,141
TJX Cos. Inc.		155		10,662
Tractor Supply Co.		30		2,389
TripAdvisor Inc. (c)		24		1,807
Twenty-First Century Fox Inc. - Class A		422		16,226
Under Armour Inc. - Class A (c)		36		2,440
Urban Outfitters Inc. (c)		23		821
VF Corp.		78		5,855
Viacom Inc. - Class B		86		6,439
Walt Disney Co. (e)		351		33,092
Whirlpool Corp.		17		3,308
Wyndham Worldwide Corp.		28		2,433
Wynn Resorts Ltd.		18		2,678
Yum! Brands Inc.		99		7,180
				503,274
CONSUMER STAPLES - 9.3%
Altria Group Inc.		446		21,955
Archer-Daniels-Midland Co.		146		7,583
Avon Products Inc.		94		885
Brown-Forman Corp. - Class B		35		3,095
Campbell Soup Co.		39		1,705
Clorox Co.		28		2,958
Coca-Cola Co.		887		37,438
Coca-Cola Enterprises Inc.		55		2,424
Colgate-Palmolive Co.		194		13,413
ConAgra Foods Inc.		94		3,423
Constellation Brands Inc. - Class A (c)		38		3,697
Costco Wholesale Corp.		99		13,966
CVS Health Corp.		258		24,870
Dr. Pepper Snapple Group Inc.		43		3,067
Estee Lauder Cos. Inc. - Class A		51		3,881
General Mills Inc.		139		7,403
Hershey Co.		34		3,542
Hormel Foods Corp.		29		1,496
JM Smucker Co.		23		2,325
Kellogg Co.		57		3,753
Keurig Green Mountain Inc.		28		3,666
Kimberly-Clark Corp.		84		9,739
Kraft Foods Group Inc.		132		8,275
Kroger Co.		110		7,063
Lorillard Inc.		81		5,077
McCormick & Co. Inc. (e)		29		2,143
Mead Johnson Nutrition Co.		46		4,593
Molson Coors Brewing Co. - Class B		35		2,579
Mondelez International Inc. - Class A		376		13,665
Monster Beverage Corp. (c)		32		3,496
PepsiCo Inc.		337		31,871
Philip Morris International Inc.		350		28,502
Procter & Gamble Co.		608		55,377
Reynolds American Inc.		68		4,385
Safeway Inc.		55		1,938
Sysco Corp. (e)		132		5,232
Tyson Foods Inc. - Class A		65		2,609
Wal-Mart Stores Inc.		354		30,411

	Shares/Par (t)		Value
Whole Foods Market Inc.		81		4,075
				387,575
ENERGY - 8.2%
Anadarko Petroleum Corp.		113		9,318
Apache Corp.		87		5,472
Baker Hughes Inc.		96		5,391
Cabot Oil & Gas Corp. - Class A		94		2,779
Cameron International Corp. (c)		48		2,387
Chesapeake Energy Corp.		112		2,184
Chevron Corp. (e)		426		47,763
Cimarex Energy Co.		19		1,972
ConocoPhillips		277		19,111
CONSOL Energy Inc.		52		1,747
Denbury Resources Inc. (e)		78		638
Devon Energy Corp.		86		5,281
Diamond Offshore Drilling Inc. (e)		15		544
Ensco Plc - Class A		50		1,506
EOG Resources Inc.		122		11,267
EQT Corp.		34		2,592
Exxon Mobil Corp.		953		88,130
FMC Technologies Inc. (c)		51		2,394
Halliburton Co.		191		7,496
Helmerich & Payne Inc.		24		1,628
Hess Corp.		59		4,374
Kinder Morgan Inc. (e)		380		16,062
Marathon Oil Corp.		153		4,342
Marathon Petroleum Corp.		64		5,749
Murphy Oil Corp.		39		1,959
Nabors Industries Ltd.		62		805
National Oilwell Varco Inc.		95		6,221
Newfield Exploration Co. (c)		29		793
Noble Corp. Plc (e)		55		913
Noble Energy Inc.		80		3,786
Occidental Petroleum Corp.		175		14,089
Phillips 66		127		9,088
Pioneer Natural Resources Co.		33		4,967
QEP Resources Inc.		38		768
Range Resources Corp.		37		1,993
Schlumberger Ltd.		292		24,920
Southwestern Energy Co. (c)		80		2,183
Spectra Energy Corp.		151		5,482
Tesoro Corp.		29		2,128
Transocean Ltd. (e)		77		1,415
Valero Energy Corp.		118		5,817
Williams Cos. Inc.		152		6,816
				344,270
FINANCIALS - 16.3%
ACE Ltd.		75		8,652
Affiliated Managers Group Inc. (c)		12		2,625
AFLAC Inc.		103		6,290
Allstate Corp.		95		6,652
American Express Co.		200		18,654
American International Group Inc.		315		17,668
American Tower Corp.		89		8,800
Ameriprise Financial Inc.		43		5,667
Aon Plc - Class A		64		6,105
Apartment Investment & Management Co. - Class A		31		1,162
Assurant Inc.		17		1,155
AvalonBay Communities Inc.		29		4,772
Bank of America Corp.		2,366		42,323
Bank of New York Mellon Corp. (a)		254		10,301
BB&T Corp.		161		6,246
Berkshire Hathaway Inc. - Class B (c)		410		61,604
BlackRock Inc.		29		10,230
Boston Properties Inc.		34		4,387

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Capital One Financial Corp.		127		10,465
CBRE Group Inc. - Class A (c)		63		2,169
Charles Schwab Corp.		261		7,892
Chubb Corp.		55		5,692
Cincinnati Financial Corp.		32		1,675
Citigroup Inc.		681		36,873
CME Group Inc.		70		6,209
Comerica Inc.		39		1,826
Crown Castle International Corp.		74		5,839
Discover Financial Services		104		6,825
E*TRADE Financial Corp. (c)		65		1,588
Equity Residential (e)		81		5,792
Essex Property Trust Inc.		14		2,953
Fifth Third Bancorp		195		3,977
Franklin Resources Inc.		88		4,882
General Growth Properties Inc.		139		3,908
Genworth Financial Inc. - Class A (c)		114		970
Goldman Sachs Group Inc.		92		17,817
Hartford Financial Services Group Inc.		98		4,083
HCP Inc.		104		4,557
Health Care REIT Inc. (e)		72		5,465
Host Hotels & Resorts Inc.		169		4,018
Hudson City Bancorp Inc.		106		1,068
Huntington Bancshares Inc.		177		1,863
Intercontinental Exchange Inc.		26		5,597
Invesco Ltd.		95		3,772
JPMorgan Chase & Co.		845		52,856
KeyCorp		198		2,749
Kimco Realty Corp.		90		2,257
Legg Mason Inc.		22		1,179
Leucadia National Corp.		68		1,528
Lincoln National Corp.		60		3,464
Loews Corp.		66		2,780
M&T Bank Corp.		30		3,737
Macerich Co.		31		2,569
Marsh & McLennan Cos. Inc.		122		6,970
MetLife Inc.		255		13,809
Moody’s Corp.		42		3,984
Morgan Stanley		341		13,222
NASDAQ OMX Group Inc.		26		1,226
Navient Corp.		95		2,059
Northern Trust Corp.		49		3,299
People’s United Financial Inc. (e)		70		1,067
Plum Creek Timber Co. Inc.		38		1,643
PNC Financial Services Group Inc.		120		10,938
Principal Financial Group Inc.		60		3,091
Progressive Corp.		119		3,212
ProLogis Inc.		113		4,859
Prudential Financial Inc.		104		9,400
Public Storage		33		6,027
Regions Financial Corp.		322		3,398
Simon Property Group Inc.		70		12,808
State Street Corp.		97		7,581
SunTrust Banks Inc.		119		4,985
T. Rowe Price Group Inc.		59		5,084
Torchmark Corp.		29		1,580
Travelers Cos. Inc.		76		8,065
U.S. Bancorp		407		18,311
Unum Group		56		1,938
Ventas Inc. (e)		65		4,696
Vornado Realty Trust		39		4,645
Wells Fargo & Co.		1,064		58,342
Weyerhaeuser Co.		119		4,256
XL Group Plc		60		2,079
Zions Bancorp		45		1,281
				678,042

	Shares/Par (t)		Value
HEALTH CARE - 14.3%
Abbott Laboratories		341		15,342
AbbVie Inc.		358		23,446
Actavis Plc (c) (e)		59		15,239
Aetna Inc.		80		7,136
Agilent Technologies Inc.		74		3,015
Alexion Pharmaceuticals Inc. (c)		44		8,183
Allergan Inc.		67		14,217
AmerisourceBergen Corp.		47		4,236
Amgen Inc.		171		27,251
Anthem Inc.		62		7,738
Baxter International Inc.		120		8,808
Becton Dickinson & Co.		43		6,006
Biogen Idec Inc. (c)		53		17,957
Boston Scientific Corp. (c)		291		3,861
Bristol-Myers Squibb Co.		373		22,018
Cardinal Health Inc.		76		6,121
CareFusion Corp. (c)		46		2,703
Celgene Corp. (c)		181		20,292
Cerner Corp. (c)		68		4,402
CIGNA Corp.		61		6,233
Covidien Plc		102		10,403
CR Bard Inc.		17		2,846
DaVita HealthCare Partners Inc. (c)		38		2,899
Dentsply International Inc.		30		1,611
Edwards Lifesciences Corp. (c)		23		2,986
Eli Lilly & Co.		219		15,106
Express Scripts Holding Co. (c)		167		14,161
Gilead Sciences Inc. (c)		339		31,938
Hospira Inc. (c)		37		2,286
Humana Inc.		34		4,853
Intuitive Surgical Inc. (c)		9		4,511
Johnson & Johnson		630		65,897
Laboratory Corp. of America Holdings (c)		19		2,027
Mallinckrodt Plc (c)		25		2,507
McKesson Corp.		52		10,706
Medtronic Inc. (e)		220		15,860
Merck & Co. Inc.		642		36,458
Mylan Inc. (c)		85		4,791
Patterson Cos. Inc.		18		869
PerkinElmer Inc.		24		1,051
Perrigo Co. Plc		32		5,274
Pfizer Inc.		1,424		44,352
Quest Diagnostics Inc.		32		2,140
Regeneron Pharmaceuticals Inc. (c)		17		6,804
St. Jude Medical Inc.		63		4,106
Stryker Corp.		67		6,282
Tenet Healthcare Corp. (c)		22		1,113
Thermo Fisher Scientific Inc.		89		11,172
UnitedHealth Group Inc.		216		21,858
Universal Health Services Inc. - Class B		20		2,259
Varian Medical Systems Inc. (c)		23		1,968
Vertex Pharmaceuticals Inc. (c)		54		6,363
Walgreens Boots Alliance Inc.		196		14,927
Waters Corp. (c)		18		2,084
Zimmer Holdings Inc.		38		4,316
Zoetis Inc. - Class A		112		4,802
				597,790
INDUSTRIALS - 10.3%
3M Co.		145		23,787
ADT Corp. (e)		45		1,618
Allegion Plc		20		1,103
AMETEK Inc.		53		2,795
Avery Dennison Corp.		22		1,136
Boeing Co.		150		19,524
Caterpillar Inc.		136		12,492

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
CH Robinson Worldwide Inc.		34		2,563
Cintas Corp.		22		1,726
CSX Corp.		225		8,136
Cummins Inc.		39		5,570
Danaher Corp.		137		11,773
Deere & Co.		81		7,127
Delta Air Lines Inc.		191		9,392
Dover Corp.		37		2,634
Dun & Bradstreet Corp.		8		1,016
Eaton Corp. Plc		107		7,243
Emerson Electric Co.		158		9,723
Equifax Inc.		27		2,219
Expeditors International of Washington Inc.		43		1,932
Fastenal Co. (e)		61		2,908
FedEx Corp.		60		10,355
Flowserve Corp.		30		1,794
Fluor Corp.		35		2,128
General Dynamics Corp.		71		9,814
General Electric Co.		2,259		57,094
Honeywell International Inc.		175		17,526
Illinois Tool Works Inc.		82		7,768
Ingersoll-Rand Plc		59		3,743
Iron Mountain Inc.		40		1,528
Jacobs Engineering Group Inc. (c)		30		1,331
Joy Global Inc.		22		1,040
Kansas City Southern		24		2,905
L-3 Communications Holdings Inc.		19		2,383
Lockheed Martin Corp.		60		11,618
Masco Corp.		75		1,894
Nielsen NV		72		3,241
Norfolk Southern Corp.		70		7,640
Northrop Grumman Systems Corp.		46		6,721
PACCAR Inc.		80		5,437
Pall Corp.		24		2,467
Parker Hannifin Corp.		33		4,287
Pentair Plc		44		2,904
Pitney Bowes Inc.		45		1,101
Precision Castparts Corp.		32		7,741
Quanta Services Inc. (c)		50		1,429
Raytheon Co.		71		7,637
Republic Services Inc. - Class A		60		2,396
Robert Half International Inc.		30		1,731
Rockwell Automation Inc.		31		3,494
Rockwell Collins Inc.		30		2,564
Roper Industries Inc.		23		3,547
Ryder System Inc.		11		1,063
Snap-On Inc.		12		1,690
Southwest Airlines Co.		153		6,486
Stanley Black & Decker Inc.		35		3,332
Stericycle Inc. (c)		19		2,441
Textron Inc.		61		2,588
Tyco International Plc		95		4,152
Union Pacific Corp.		200		23,860
United Parcel Service Inc. - Class B		158		17,523
United Rentals Inc. (c)		22		2,271
United Technologies Corp.		191		21,924
Waste Management Inc.		97		4,980
WW Grainger Inc.		13		3,421
Xylem Inc.		40		1,504
				430,910
INFORMATION TECHNOLOGY - 19.4%
Accenture Plc - Class A		143		12,741
Adobe Systems Inc. (c)		106		7,733
Akamai Technologies Inc. (c)		40		2,529
Alliance Data Systems Corp. (c)		14		4,095
Altera Corp.		69		2,545
Amphenol Corp. - Class A		69		3,704

	Shares/Par (t)		Value
Analog Devices Inc.		70		3,859
Apple Inc.		1,320		145,719
Applied Materials Inc.		273		6,813
Autodesk Inc. (c)		51		3,039
Automatic Data Processing Inc.		108		9,021
Avago Technologies Ltd.		56		5,598
Broadcom Corp. - Class A		125		5,411
CA Inc.		71		2,174
Cisco Systems Inc.		1,150		31,979
Citrix Systems Inc. (c)		40		2,531
Cognizant Technology Solutions Corp. - Class A (c)		137		7,197
Computer Sciences Corp.		31		1,976
Corning Inc.		291		6,681
eBay Inc. (c)		253		14,224
Electronic Arts Inc. (c)		70		3,284
EMC Corp.		457		13,606
F5 Networks Inc. (c)		16		2,148
Facebook Inc. - Class A (c)		470		36,695
Fidelity National Information Services Inc.		63		3,920
First Solar Inc. (c)		15		691
Fiserv Inc. (c)		57		4,037
FLIR Systems Inc.		30		980
Google Inc. - Class A (c)		64		34,023
Google Inc. - Class C (c)		64		33,718
Harris Corp.		23		1,651
Hewlett-Packard Co.		423		16,987
Intel Corp.		1,089		39,511
International Business Machines Corp.		208		33,392
Intuit Inc.		63		5,849
Juniper Networks Inc.		92		2,044
KLA-Tencor Corp.		36		2,527
Lam Research Corp.		36		2,834
Linear Technology Corp.		51		2,316
MasterCard Inc. - Class A		221		19,036
Microchip Technology Inc. (e)		45		2,018
Micron Technology Inc. (c)		239		8,376
Microsoft Corp.		1,855		86,153
Motorola Solutions Inc.		50		3,355
NetApp Inc.		71		2,928
Nvidia Corp.		116		2,333
Oracle Corp.		731		32,893
Paychex Inc.		73		3,374
QUALCOMM Inc.		374		27,835
Red Hat Inc. (c)		41		2,843
Salesforce.com Inc. (c)		132		7,812
SanDisk Corp.		51		4,950
Seagate Technology		73		4,840
Symantec Corp.		154		3,964
TE Connectivity Ltd.		90		5,678
Teradata Corp. (c)		35		1,538
Texas Instruments Inc.		238		12,731
Total System Services Inc.		35		1,174
VeriSign Inc. (c) (e)		28		1,586
Visa Inc. - Class A (e)		110		28,957
Western Digital Corp.		49		5,418
Western Union Co. (e)		120		2,148
Xerox Corp.		243		3,368
Xilinx Inc.		60		2,599
Yahoo! Inc. (c)		199		10,036
				807,725
MATERIALS - 3.1%
Air Products & Chemicals Inc.		43		6,234
Airgas Inc.		14		1,613
Alcoa Inc.		266		4,198
Allegheny Technologies Inc.		23		813
Ball Corp.		31		2,127

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
CF Industries Holdings Inc.		11		3,061
Dow Chemical Co.		253		11,533
E.I. du Pont de Nemours & Co.		204		15,097
Eastman Chemical Co.		33		2,529
Ecolab Inc.		61		6,367
FMC Corp.		29		1,632
Freeport-McMoran Inc. - Class B		230		5,375
International Flavors & Fragrances Inc.		17		1,751
International Paper Co.		97		5,173
LyondellBasell Industries NV - Class A		94		7,426
Martin Marietta Materials Inc.		14		1,500
MeadWestvaco Corp.		37		1,647
Monsanto Co.		108		12,956
Mosaic Co.		74		3,359
Newmont Mining Corp.		107		2,027
Nucor Corp.		71		3,484
Owens-Illinois Inc. (c)		35		947
PPG Industries Inc.		31		7,149
Praxair Inc.		65		8,439
Sealed Air Corp.		47		1,996
Sherwin-Williams Co.		19		4,964
Sigma-Aldrich Corp.		26		3,572
Vulcan Materials Co.		30		1,978
				128,947
TELECOMMUNICATION SERVICES - 2.2%
AT&T Inc. (e)		1,167		39,193
CenturyLink Inc.		130		5,134
Frontier Communications Corp. (e)		214		1,426
Level 3 Communications Inc. (c)		62		3,072
Verizon Communications Inc.		934		43,671
Windstream Holdings Inc. (e)		127		1,044
				93,540
UTILITIES - 3.2%
AES Corp.		143		1,966
AGL Resources Inc.		25		1,375
Ameren Corp.		55		2,520
American Electric Power Co. Inc.		110		6,677
CenterPoint Energy Inc.		93		2,177
CMS Energy Corp.		62		2,146
Consolidated Edison Inc.		65		4,313
Dominion Resources Inc.		130		10,003
DTE Energy Co.		40		3,421
Duke Energy Corp.		158		13,212
Edison International		74		4,829
Entergy Corp.		40		3,505
Exelon Corp.		193		7,153
FirstEnergy Corp.		95		3,714
Integrys Energy Group Inc.		17		1,323
NextEra Energy Inc.		98		10,386
NiSource Inc.		68		2,884
Northeast Utilities		72		3,838
NRG Energy Inc.		75		2,028
Oneok Inc.		47		2,358
Pepco Holdings Inc.		53		1,434
PG&E Corp.		107		5,673
Pinnacle West Capital Corp.		23		1,591
PPL Corp.		149		5,417
Public Service Enterprise Group Inc.		113		4,669
SCANA Corp.		33		1,976
Sempra Energy		51		5,722
Southern Co. (e)		202		9,925
TECO Energy Inc.		52		1,061
Wisconsin Energy Corp.		49		2,605

	Shares/Par (t)		Value
Xcel Energy Inc.		113		4,068
				133,969
Total Common Stocks (cost $2,910,166)				4,106,042
SHORT TERM INVESTMENTS - 6.3%
Investment Companies - 1.4%
JNL Money Market Fund, 0.01% (a) (h)		58,774		58,774
Securities Lending Collateral - 4.8%
Repurchase Agreement with MLP, 0.45% (collateralized by various publicly traded domestic equities with a value of $126,500) acquired on 12/05/14, due 03/06/15 at $115,131 (q)	$	115,000		115,000
Repurchase Agreement with MSC, 0.43% (collateralized by various publicly traded domestic equities with a value of $66,001) acquired on 12/15/14, due 04/06/15 at $60,080 (q)		60,000		60,000
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		25,925		25,925
				200,925
Treasury Securities - 0.1%
U.S. Treasury Bill
0.02%, 03/12/15 (o)		460		460
0.08%, 06/04/15 (o)		2,625		2,624
				3,084
Total Short Term Investments (cost $262,783)				262,783
Total Investments - 104.7% (cost $3,172,949)				4,368,825
Other Assets and Liabilities, Net - (4.7%)				(197,518	)
Total Net Assets - 100.0%			$	4,171,307
JNL/Mellon Capital S&P 400 MidCap Index Fund
COMMON STOCKS - 98.2%
CONSUMER DISCRETIONARY - 13.4%
Aaron’s Inc.		74	$	2,256
Abercrombie & Fitch Co. - Class A (e)		82		2,347
Advance Auto Parts Inc.		83		13,175
AMC Networks Inc. - Class A (c)		68		4,306
American Eagle Outfitters Inc.		197		2,740
Ann Inc. (c)		53		1,947
Apollo Education Group Inc. - Class A (c)		111		3,771
Ascena Retail Group Inc. (c)		148		1,860
Big Lots Inc.		63		2,509
Brinker International Inc.		73		4,297
Brunswick Corp.		105		5,407
Cabela’s Inc. - Class A (c) (e)		53		2,817
Carter’s Inc.		60		5,235
Cheesecake Factory Inc.		53		2,651
Chico’s FAS Inc.		172		2,794
Cinemark Holdings Inc.		117		4,164
CST Brands Inc.		88		3,845
Deckers Outdoor Corp. (c)		40		3,600
DeVry Education Group Inc.		65		3,096
Dick’s Sporting Goods Inc.		113		5,617
Domino’s Pizza Inc.		62		5,867
DreamWorks Animation SKG Inc. - Class A (c)		80		1,786
Foot Locker Inc.		162		9,105
Gentex Corp.		166		5,995
Graham Holdings Co.		5		4,322
Guess? Inc.		72		1,527

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
HanesBrands Inc.		113		12,664
HSN Inc.		37		2,828
International Game Technology		281		4,847
International Speedway Corp. - Class A		32		1,016
J.C. Penney Co. Inc. (c) (e)		343		2,222
Jarden Corp. (c)		202		9,693
John Wiley & Sons Inc. - Class A		53		3,136
Kate Spade & Co. (c)		144		4,604
KB Home (e)		101		1,669
Lamar Advertising Co.		90		4,845
Life Time Fitness Inc. (c) (e)		42		2,403
Live Nation Inc. (c)		164		4,290
LKQ Corp. (c)		342		9,629
MDC Holdings Inc. (e)		46		1,204
Meredith Corp.		41		2,238
New York Times Co. - Class A (e)		144		1,909
NVR Inc. (c)		4		5,665
Office Depot Inc. (c)		551		4,725
Panera Bread Co. - Class A (c)		29		5,147
Polaris Industries Inc. (e)		70		10,565
Rent-A-Center Inc.		62		2,243
Service Corp. International		237		5,381
Signet Jewelers Ltd.		91		11,967
Sotheby’s - Class A		70		3,031
Tempur Sealy International Inc. (c)		69		3,806
Thor Industries Inc.		53		2,944
Time Inc. (e)		125		3,078
Toll Brothers Inc. (c)		184		6,315
Tupperware Brands Corp.		57		3,615
Wendy’s Co.		313		2,824
Williams-Sonoma Inc.		98		7,395
				254,934
CONSUMER STAPLES - 3.3%
Church & Dwight Co. Inc.		153		12,021
Dean Foods Co. (e)		104		2,019
Energizer Holdings Inc.		71		9,085
Flowers Foods Inc.		210		4,022
Hain Celestial Group Inc. (c)		114		6,643
Ingredion Inc.		82		6,966
Lancaster Colony Corp.		22		2,033
Post Holdings Inc. (c) (e)		50		2,104
SUPERVALU Inc. (c)		234		2,270
Tootsie Roll Industries Inc. (e)		25		751
TreeHouse Foods Inc. (c)		48		4,087
United Natural Foods Inc. (c)		56		4,369
WhiteWave Foods Co. - Class A (c)		197		6,910
				63,280
ENERGY - 4.2%
Atwood Oceanics Inc.		68		1,929
California Resources Corp. (c)		354		1,953
CARBO Ceramics Inc. (e)		22		887
Dresser-Rand Group Inc. (c)		87		7,109
Dril-Quip Inc. (c)		45		3,490
Energen Corp.		83		5,313
Gulfport Energy Corp. (c)		97		4,050
Helix Energy Solutions Group Inc. (c)		112		2,424
HollyFrontier Corp.		225		8,443
Murphy USA Inc. (c)		49		3,398
Oceaneering International Inc.		120		7,049
Oil States International Inc. (c)		61		3,007
Patterson-UTI Energy Inc.		166		2,760
Peabody Energy Corp. (e)		303		2,345
Rosetta Resources Inc. (c)		70		1,555
Rowan Cos. Plc - Class A		141		3,282
SM Energy Co.		76		2,938
Superior Energy Services Inc.		177		3,573

	Shares/Par (t)		Value
Tidewater Inc.		56		1,822
Unit Corp. (c)		52		1,787
Western Refining Inc.		85		3,210
World Fuel Services Corp.		82		3,859
WPX Energy Inc. (c)		231		2,687
				78,870
FINANCIALS - 22.4%
Alexander & Baldwin Inc.		51		2,019
Alexandria Real Estate Equities Inc.		81		7,222
Alleghany Corp. (c)		18		8,517
American Campus Communities Inc.		119		4,935
American Financial Group Inc.		85		5,166
Arthur J Gallagher & Co.		184		8,642
Aspen Insurance Holdings Ltd.		71		3,117
Associated Bancorp		174		3,236
Astoria Financial Corp.		96		1,284
BancorpSouth Inc.		97		2,191
Bank of Hawaii Corp.		51		3,024
BioMed Realty Trust Inc.		222		4,781
Brown & Brown Inc.		135		4,439
Camden Property Trust		98		7,258
Cathay General Bancorp		83		2,134
CBOE Holdings Inc.		97		6,132
City National Corp.		54		4,398
Commerce Bancshares Inc.		95		4,151
Corporate Office Properties Trust (e)		105		2,976
Cullen/Frost Bankers Inc.		62		4,400
Duke Realty Corp.		388		7,835
East West Bancorp Inc.		163		6,307
Eaton Vance Corp.		135		5,523
Equity One Inc.		87		2,199
Everest Re Group Ltd.		52		8,827
Extra Space Storage Inc.		125		7,334
Federal Realty Investment Trust		77		10,289
Federated Investors Inc. - Class B (e)		109		3,574
First American Financial Corp.		122		4,128
First Horizon National Corp.		270		3,663
First Niagara Financial Group Inc.		403		3,395
FirstMerit Corp.		188		3,554
Fulton Financial Corp.		213		2,631
Hancock Holding Co.		92		2,818
Hanover Insurance Group Inc.		50		3,574
HCC Insurance Holdings Inc.		111		5,917
Highwoods Properties Inc.		103		4,541
Home Properties Inc.		65		4,268
Hospitality Properties Trust		170		5,277
International Bancshares Corp.		65		1,719
Janus Capital Group Inc. (e)		168		2,705
Jones Lang LaSalle Inc.		51		7,589
Kemper Corp.		57		2,051
Kilroy Realty Corp.		95		6,540
LaSalle Hotel Properties		127		5,142
Liberty Property Trust		168		6,313
Mack-Cali Realty Corp.		96		1,828
Mercury General Corp.		42		2,397
Mid-America Apartment Communities Inc.		85		6,363
MSCI Inc. - Class A		128		6,075
National Retail Properties Inc.		150		5,909
New York Community Bancorp Inc.		502		8,037
Old Republic International Corp.		276		4,038
Omega Healthcare Investors Inc. (e)		145		5,655
PacWest Bancorp		109		4,956
Potlatch Corp.		47		1,972
Primerica Inc.		62		3,379
Prosperity Bancshares Inc.		68		3,780
Protective Life Corp.		90		6,237
Raymond James Financial Inc.		143		8,198

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Rayonier Inc.		144		4,012
Realty Income Corp. (e)		253		12,092
Regency Centers Corp.		106		6,767
Reinsurance Group of America Inc.		78		6,803
RenaissanceRe Holdings Ltd.		44		4,286
SEI Investments Co.		149		5,961
Senior Housing Properties Trust		231		5,118
Signature Bank (c)		57		7,215
SL Green Realty Corp.		110		13,073
SLM Corp.		480		4,893
StanCorp Financial Group Inc.		48		3,357
SVB Financial Group (c)		58		6,696
Synovus Financial Corp.		158		4,284
Tanger Factory Outlet Centers Inc.		109		4,032
Taubman Centers Inc.		72		5,494
TCF Financial Corp.		190		3,023
Trustmark Corp.		78		1,921
UDR Inc.		290		8,945
Umpqua Holdings Corp.		248		4,217
Valley National Bancorp (e)		249		2,422
Waddell & Reed Financial Inc. - Class A		97		4,822
Washington Federal Inc.		114		2,526
Washington Prime Group Inc.		176		3,034
Webster Financial Corp.		103		3,341
Weingarten Realty Investors		128		4,466
WR Berkley Corp.		116		5,966
				425,325
HEALTH CARE - 10.1%
Align Technology Inc. (c)		83		4,627
Allscripts-Misys Healthcare Solutions Inc. (c)		192		2,454
Bio-Rad Laboratories Inc. - Class A (c)		23		2,811
Bio-Techne Corp.		42		3,871
Centene Corp. (c)		67		6,921
Charles River Laboratories International Inc. (c)		54		3,411
Community Health Systems Inc. (c)		131		7,074
Cooper Cos. Inc.		55		8,909
Covance Inc. (c)		64		6,684
Cubist Pharmaceuticals Inc. (c)		87		8,735
Endo International Plc (c)		174		12,550
Halyard Health Inc. (c)		53		2,416
Health Net Inc. (c)		89		4,763
Henry Schein Inc. (c)		96		13,071
Hill-Rom Holdings Inc.		65		2,978
HMS Holdings Corp. (c)		101		2,139
Hologic Inc. (c)		280		7,476
Idexx Laboratories Inc. (c)		54		8,052
LifePoint Hospitals Inc. (c)		51		3,692
MEDNAX Inc. (c)		114		7,540
Mettler-Toledo International Inc. (c)		33		9,846
Omnicare Inc.		112		8,144
Owens & Minor Inc.		70		2,467
ResMed Inc. (e)		159		8,891
Salix Pharmaceuticals Ltd. (c)		73		8,334
Sirona Dental Systems Inc. (c)		63		5,497
STERIS Corp.		67		4,377
Teleflex Inc.		47		5,400
Thoratec Corp. (c)		65		2,100
United Therapeutics Corp. (c)		54		6,946
VCI Inc. (c)		96		4,684
WellCare Health Plans Inc. (c)		50		4,100
				190,960
INDUSTRIALS - 15.3%
Acuity Brands Inc.		49		6,873
AECOM Technology Corp. (c)		175		5,311
AGCO Corp. (e)		96		4,325
Alaska Air Group Inc.		150		8,988

	Shares/Par (t)		Value
Alliant Techsystems Inc.		36		4,211
AO Smith Corp.		86		4,829
B/E Aerospace Inc. (c)		120		6,937
Belden Inc.		49		3,846
Carlisle Cos. Inc.		73		6,568
CLARCOR Inc.		58		3,854
Clean Harbors Inc. (c) (e)		63		3,017
Con-Way Inc.		65		3,216
Copart Inc. (c)		128		4,657
Corporate Executive Board Co.		38		2,756
Corrections Corp. of America		132		4,811
Crane Co.		56		3,302
Deluxe Corp.		56		3,499
Donaldson Co. Inc.		146		5,639
Esterline Technologies Corp. (c)		36		3,970
Exelis Inc.		212		3,711
Fortune Brands Home & Security Inc.		180		8,149
FTI Consulting Inc. (c)		46		1,795
GATX Corp.		51		2,953
Genesee & Wyoming Inc. - Class A (c)		58		5,210
Graco Inc.		68		5,455
Granite Construction Inc.		42		1,605
Harsco Corp.		91		1,726
Herman Miller Inc.		69		2,022
HNI Corp.		50		2,549
Hubbell Inc. - Class B		62		6,613
Huntington Ingalls Industries Inc.		56		6,275
IDEX Corp.		91		7,048
ITT Corp.		104		4,218
JB Hunt Transport Services Inc.		105		8,831
JetBlue Airways Corp. (c) (e)		278		4,415
KBR Inc.		166		2,805
Kennametal Inc.		88		3,161
Kirby Corp. (c)		65		5,222
KLX Inc. (c)		60		2,466
Landstar System Inc.		51		3,680
Lennox International Inc. (e)		50		4,795
Lincoln Electric Holdings Inc.		89		6,126
Manpower Inc.		90		6,160
MSA Safety Inc.		36		1,932
MSC Industrial Direct Co. - Class A (e)		58		4,717
Nordson Corp.		68		5,271
NOW Inc. (c) (e)		122		3,135
Old Dominion Freight Line Inc. (c)		78		6,056
Oshkosh Corp.		91		4,419
Regal-Beloit Corp.		51		3,865
Rollins Inc.		74		2,460
RR Donnelley & Sons Co.		227		3,820
SPX Corp.		47		4,038
Terex Corp.		124		3,451
Timken Co.		86		3,673
Towers Watson & Co. - Class A		80		9,005
Trinity Industries Inc.		178		4,976
Triumph Group Inc.		59		3,941
Valmont Industries Inc. (e)		28		3,558
Wabtec Corp.		109		9,506
Waste Connections Inc.		141		6,191
Watsco Inc.		31		3,319
Werner Enterprises Inc.		51		1,585
Woodward Governor Co.		67		3,281
				289,798
INFORMATION TECHNOLOGY - 17.2%
3D Systems Corp. (c) (e)		118		3,866
ACI Worldwide Inc. (c)		132		2,658
Acxiom Corp. (c)		87		1,765
Advanced Micro Devices Inc. (c) (e)		738		1,972
Advent Software Inc.		50		1,542

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Ansys Inc. (c)		105		8,622
AOL Inc. (c)		90		4,153
Arris Group Inc. (c)		149		4,508
Arrow Electronics Inc. (c)		112		6,475
Atmel Corp. (c)		475		3,988
Avnet Inc.		157		6,759
Broadridge Financial Solutions Inc.		137		6,331
Cadence Design Systems Inc. (c)		333		6,318
CDK Global Inc.		182		7,421
Ciena Corp. (c)		119		2,310
Cognex Corp. (c)		99		4,089
CommVault Systems Inc. (c)		50		2,574
Convergys Corp.		112		2,286
CoreLogic Inc. (c)		105		3,307
Cree Inc. (c) (e)		138		4,460
Cypress Semiconductor Corp. (e)		167		2,378
Diebold Inc.		74		2,559
DST Systems Inc.		34		3,165
Equinix Inc.		62		14,144
FactSet Research Systems Inc. (e)		44		6,258
Fair Isaac Corp.		37		2,658
Fairchild Semiconductor International Inc. (c)		138		2,336
FEI Co.		47		4,264
Fortinet Inc. (c)		157		4,798
Gartner Inc. - Class A (c)		101		8,536
Global Payments Inc.		77		6,228
Informatica Corp. (c)		125		4,762
Ingram Micro Inc. - Class A (c)		176		4,858
Integrated Device Technology Inc. (c)		169		3,304
InterDigital Inc.		42		2,238
International Rectifier Corp. (c)		82		3,259
Intersil Corp. - Class A		147		2,131
IPG Photonics Corp. (c) (e)		40		3,022
Itron Inc. (c)		46		1,938
Jabil Circuit Inc.		221		4,823
Jack Henry & Associates Inc.		93		5,802
JDS Uniphase Corp. (c)		267		3,670
Keysight Technologies Inc. (c)		189		6,384
Knowles Corp. (c) (e)		97		2,279
Leidos Holdings Inc.		72		3,129
Lexmark International Inc. - Class A		71		2,928
Mentor Graphics Corp.		111		2,432
National Instruments Corp.		114		3,555
NCR Corp. (c)		191		5,556
NeuStar Inc. - Class A (c) (e)		63		1,751
Plantronics Inc.		48		2,542
Polycom Inc. (c)		152		2,052
PTC Inc. (c)		133		4,863
Rackspace Hosting Inc. (c)		135		6,323
RF Micro Devices Inc. (c)		663		10,992
Riverbed Technology Inc. (c)		177		3,617
Rovi Corp. (c)		107		2,418
Science Applications International Corp.		47		2,344
Semtech Corp. (c)		76		2,088
Silicon Laboratories Inc. (c)		45		2,152
Skyworks Solutions Inc.		217		15,776
SolarWinds Inc. (c)		75		3,718
Solera Holdings Inc.		78		3,996
SunEdison Inc. (c) (e)		285		5,552
Synopsys Inc. (c)		177		7,711
Tech Data Corp. (c)		43		2,709
Teradyne Inc.		246		4,876
Trimble Navigation Ltd. (c)		296		7,849
Tyler Technologies Inc. (c)		37		4,092
Ultimate Software Group Inc. (c)		32		4,720
VeriFone Systems Inc. (c)		129		4,785
Vishay Intertechnology Inc.		154		2,182
WEX Inc. (c)		44		4,363

	Shares/Par (t)		Value
Zebra Technologies Corp. - Class A (c)		57		4,446
				326,715
MATERIALS - 7.3%
Albemarle Corp. (e)		90		5,430
AptarGroup Inc.		74		4,958
Ashland Inc.		74		8,807
Bemis Co. Inc.		113		5,127
Cabot Corp.		73		3,211
Carpenter Technology Corp.		60		2,973
Cliffs Natural Resources Inc. (e)		171		1,220
Commercial Metals Co.		136		2,215
Compass Minerals International Inc.		38		3,316
Cytec Industries Inc.		82		3,768
Domtar Corp.		73		2,921
Eagle Materials Inc.		57		4,325
Greif Inc. - Class A		38		1,813
Louisiana-Pacific Corp. (c) (e)		162		2,689
Minerals Technologies Inc.		39		2,732
NewMarket Corp.		12		4,909
Olin Corp.		91		2,062
Packaging Corp. of America		112		8,708
PolyOne Corp.		104		3,935
Reliance Steel & Aluminum Co.		88		5,408
Rock-Tenn Co. - Class A		160		9,746
Royal Gold Inc.		74		4,647
RPM International Inc.		151		7,672
Scotts Miracle-Gro Co. - Class A		51		3,165
Sensient Technologies Corp.		57		3,410
Silgan Holdings Inc.		49		2,611
Sonoco Products Co.		116		5,060
Steel Dynamics Inc.		273		5,394
TimkenSteel Corp.		43		1,594
United States Steel Corp.		164		4,384
Valspar Corp.		87		7,518
Worthington Industries Inc.		59		1,777
				137,505
TELECOMMUNICATION SERVICES - 0.2%
Telephone & Data Systems Inc.		114		2,872
UTILITIES - 4.8%
Alliant Energy Corp.		126		8,363
Aqua America Inc.		201		5,373
Atmos Energy Corp.		114		6,344
Black Hills Corp.		51		2,694
Cleco Corp.		69		3,747
Great Plains Energy Inc.		175		4,981
Hawaiian Electric Industries Inc. (e)		115		3,836
IDACORP Inc.		57		3,786
MDU Resources Group Inc.		221		5,187
National Fuel Gas Co.		95		6,631
OGE Energy Corp.		226		8,016
ONE Gas Inc.		60		2,457
PNM Resources Inc.		90		2,674
Questar Corp.		199		5,042
UGI Corp.		196		7,445
Vectren Corp.		94		4,340
Westar Energy Inc.		149		6,132
WGL Holdings Inc.		58		3,189
				90,237
Total Common Stocks (cost $1,413,085)				1,860,496
SHORT TERM INVESTMENTS - 8.0%
Investment Companies - 2.0%
JNL Money Market Fund, 0.01% (a) (h)		38,654		38,654

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Securities Lending Collateral - 5.9%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		111,795		111,795
Treasury Securities - 0.1%
U.S. Treasury Bill, 0.08%, 06/04/15 (o)	$	2,160		2,159
Total Short Term Investments (cost $152,608)				152,608
Total Investments - 106.2% (cost $1,565,693)				2,013,104
Other Assets and Liabilities, Net - (6.2%)				(117,860	)
Total Net Assets - 100.0%			$	1,895,244
JNL/Mellon Capital Small Cap Index Fund
COMMON STOCKS - 99.0%
CONSUMER DISCRETIONARY - 13.9%
1-800-Flowers.com Inc. - Class A (c)		26	$	210
2U Inc. (c) (e)		10		205
Aeropostale Inc. (c) (e)		82		190
AH Belo Corp. - Class A		22		229
AMC Entertainment Holdings Inc. - Class A		23		605
America’s Car-Mart Inc. (c)		9		487
American Axle & Manufacturing Holdings Inc. (c)		72		1,618
American Eagle Outfitters Inc.		213		2,961
American Public Education Inc. (c)		19		710
Ann Inc. (c)		51		1,867
Arctic Cat Inc.		14		483
Asbury Automotive Group Inc. (c)		33		2,479
Ascent Capital Group Inc. (c)		15		820
Barnes & Noble Inc. (c)		44		1,028
Beazer Homes USA Inc. (c)		31		592
Bebe Stores Inc. (e)		41		90
Belmond Ltd. - Class A (c)		105		1,297
Big 5 Sporting Goods Corp.		23		337
Biglari Holdings Inc. (c)		2		730
BJ’s Restaurants Inc. (c)		23		1,176
Black Diamond Inc. (c)		26		226
Bloomin’ Brands Inc. (c)		85		2,109
Blue Nile Inc. (c)		13		464
Bob Evans Farms Inc. (e)		26		1,348
Bon-Ton Stores Inc. (e)		13		98
Boot Barn Holdings Inc. (c)		6		102
Boyd Gaming Corp. (c)		82		1,050
Bravo Brio Restaurant Group Inc. (c)		22		310
Bridgepoint Education Inc. (c)		14		158
Bright Horizons Family Solutions Inc. (c)		34		1,599
Brown Shoe Co. Inc.		47		1,497
Brunswick Corp.		99		5,091
Buckle Inc. (e)		30		1,566
Buffalo Wild Wings Inc. (c)		20		3,643
Build-A-Bear Workshop Inc. (c)		13		257
Burlington Stores Inc. (c)		32		1,503
Caesars Acquisition Co. - Class A (c)		46		479
Caesars Entertainment Corp. (c) (e)		54		850
Callaway Golf Co.		84		648
Capella Education Co.		12		931
Career Education Corp. (c)		72		498
Carmike Cinemas Inc. (c)		26		689
Carriage Services Inc.		16		334
Carrol’s Restaurant Group Inc. (c)		37		285
Cato Corp. - Class A		29		1,216
Cavco Industries Inc. (c)		9		741
Central European Media Entertainment Ltd. - Class A (c) (e)		84		270
Century Communities Inc. (c) (e)		6		102

	Shares/Par (t)		Value
Cheesecake Factory Inc.		53		2,678
Childrens Place Retail Stores Inc.		24		1,342
Christopher & Banks Corp. (c)		45		255
Churchill Downs Inc.		14		1,365
Chuy’s Holdings Inc. (c)		18		350
Cimpress NV (c) (e)		35		2,654
Citi Trends Inc. (c)		19		469
ClubCorp Holdings Inc.		22		388
Collectors Universe Inc.		7		150
Columbia Sportswear Co.		31		1,361
Conn’s Inc. (c) (e)		29		547
Container Store Group Inc. (c) (e)		18		348
Cooper Tire & Rubber Co.		63		2,171
Cooper-Standard Holding Inc. (c)		15		891
Core-Mark Holding Co. Inc.		25		1,568
Coupons.com Inc. (c) (e)		12		218
Cracker Barrel Old Country Store Inc. (e)		20		2,863
Crocs Inc. (c)		93		1,166
Crown Media Holdings Inc. - Class A (c)		31		108
CSS Industries Inc.		10		289
Culp Inc. (e)		8		179
Cumulus Media Inc. - Class A (c)		166		700
Daily Journal Corp. (c) (e)		1		303
Dana Holding Corp.		181		3,939
Dave & Buster’s Entertainment Inc. (c)		7		179
Del Frisco’s Restaurant Group Inc. (c)		25		584
Denny’s Corp. (c)		95		975
Destination Maternity Corp.		14		224
Destination XL Group Inc. (c)		33		178
Dex Media Inc. (c) (e)		13		115
Diamond Resorts International Inc. (c)		37		1,027
DineEquity Inc.		18		1,874
Dixie Group Inc. - Class A (c) (e)		16		142
Dorman Products Inc. (c) (e)		30		1,446
Drew Industries Inc.		25		1,282
El Pollo Loco Holdings Inc. (c) (e)		8		169
Empire Resorts Inc. (c) (e)		16		123
Entercom Communications Corp. - Class A (c)		28		341
Entravision Communications Corp. - Class A		62		405
Eros International Plc (c) (e)		26		544
Escalade Inc. (e)		10		155
Ethan Allen Interiors Inc.		27		842
EVINE Live Inc. (c)		49		320
EW Scripps Co. - Class A (c)		34		766
Express Inc. (c)		93		1,365
Famous Dave’s Of America Inc. (c) (e)		5		128
Federal-Mogul Corp. (c)		30		488
Fiesta Restaurant Group Inc. (c)		28		1,721
Finish Line Inc. - Class A		51		1,251
Five Below Inc. (c) (e)		60		2,437
Flexsteel Industries Inc. (e)		5		165
Fox Factory Holding Corp. (c)		10		164
Francesca’s Holdings Corp. (c)		45		753
Fred’s Inc. - Class A		40		700
Freshpet Inc. (c) (e)		12		198
FTD Cos. Inc. (c)		21		742
Fuel Systems Solutions Inc. (c) (e)		14		155
G-III Apparel Group Ltd. (c)		20		2,060
Gaiam Inc. - Class A (c)		16		112
Genesco Inc. (c)		26		1,974
Gentherm Inc. (c)		38		1,377
Global Sources Ltd. (c)		18		117
Grand Canyon Education Inc. (c)		51		2,393
Gray Television Inc. (c)		57		634
Group 1 Automotive Inc.		26		2,310
Guess? Inc.		68		1,435
Habit Restaurants Inc. - Class A (c) (e)		6		180
Harte-Hanks Inc.		48		375

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Haverty Furniture Cos. Inc.		22		485
Helen of Troy Ltd. (c)		31		1,992
Hemisphere Media Group Inc. - Class A (c) (e)		8		102
hhgregg Inc. (c) (e)		12		89
Hibbett Sports Inc. (c)		28		1,338
Hillenbrand Inc.		69		2,384
Houghton Mifflin Harcourt Co. (c)		116		2,403
Hovnanian Enterprises Inc. - Class A (c) (e)		124		512
HSN Inc.		35		2,688
Iconix Brand Group Inc. (c)		53		1,791
Ignite Restaurant Group Inc. (c)		9		71
Installed Building Products Inc. (c)		9		168
International Speedway Corp. - Class A		31		970
Interval Leisure Group Inc.		43		905
Intrawest Resorts Holdings Inc. (c) (e)		12		142
iRobot Corp. (c) (e)		32		1,109
Isle of Capri Casinos Inc. (c)		21		173
ITT Educational Services Inc. (c) (e)		26		247
Jack in the Box Inc.		43		3,419
Jakks Pacific Inc. (c) (e)		21		144
Jamba Inc. (c)		17		253
Johnson Outdoors Inc. - Class A		4		140
Journal Communications Inc. - Class A (c)		50		572
K12 Inc. (c)		36		430
KB Home (e)		89		1,478
Kirkland’s Inc. (c)		16		377
Krispy Kreme Doughnuts Inc. (c)		69		1,372
La Quinta Holdings Inc. (c)		50		1,093
La-Z-Boy Inc.		57		1,539
Lands’ End Inc. (c)		19		1,001
Leapfrog Enterprises Inc. - Class A (c)		66		313
Lee Enterprises Inc. (c) (e)		55		204
LGI Homes Inc. (c) (e)		15		223
Libbey Inc. (c)		22		687
Liberty Tax Inc. - Class A (c) (e)		4		144
Life Time Fitness Inc. (c)		44		2,483
LifeLock Inc. (c)		85		1,575
Lifetime Brands Inc.		11		190
Lithia Motors Inc. - Class A		25		2,183
Lumber Liquidators Holdings Inc. (c) (e)		29		1,939
M/I Homes Inc. (c)		25		571
Malibu Boats Inc. - Class A (c)		9		174
Marcus Corp.		19		354
Marine Products Corp.		6		48
MarineMax Inc. (c)		27		534
Marriott Vacations Worldwide Corp.		29		2,140
Martha Stewart Living Omnimedia Inc. - Class A (c)		27		116
Matthews International Corp. - Class A		32		1,561
Mattress Firm Holding Corp. (c)		17		971
McClatchy Co. - Class A (c)		61		201
MDC Holdings Inc. (e)		43		1,134
MDC Partners Inc.		48		1,080
Media General Inc. (c) (e)		56		942
Men’s Wearhouse Inc.		51		2,259
Meredith Corp.		38		2,080
Meritage Homes Corp. (c)		42		1,529
Modine Manufacturing Co. (c)		52		703
Monarch Casino & Resort Inc. (c)		9		146
Monro Muffler Brake Inc.		34		1,942
Morgans Hotel Group Co. (c)		30		237
Motorcar Parts of America Inc. (c)		19		588
Movado Group Inc.		19		553
Nathan’s Famous Inc. (c) (e)		3		279
National CineMedia Inc.		65		931
Nautilus Inc. (c)		36		543
New Home Co. Inc. (c)		10		143
New Media Investment Group Inc.		39		913

	Shares/Par (t)		Value
New York & Co. Inc. (c) (e)		25		66
New York Times Co. - Class A (e)		147		1,944
Nexstar Broadcasting Group Inc. - Class A		32		1,681
Noodles & Co. - Class A (c) (e)		11		298
NutriSystem Inc.		32		625
Office Depot Inc. (c)		572		4,902
Orbitz Worldwide Inc. (c)		54		441
Outerwall Inc. (c)		20		1,534
Overstock.com Inc. (c)		12		298
Oxford Industries Inc.		15		840
Pacific Sunwear of California Inc. (c) (e)		41		89
Papa John’s International Inc.		34		1,888
Papa Murphy’s Holdings Inc. (c)		11		122
Penn National Gaming Inc. (c)		88		1,201
Pep Boys-Manny Moe & Jack (c)		58		572
Perry Ellis International Inc. (c)		15		377
PetMed Express Inc. (e)		20		288
Pier 1 Imports Inc.		100		1,544
Pinnacle Entertainment Inc. (c) (e)		66		1,468
Pool Corp.		48		3,054
Popeyes Louisiana Kitchen Inc. (c)		25		1,420
Potbelly Corp. (c) (e)		16		201
Quicksilver Inc. (c) (e)		145		321
Radio One Inc. - Class D (c)		24		40
ReachLocal Inc. (c) (e)		9		30
Reading International Inc. - Class A (c)		22		297
Red Robin Gourmet Burgers Inc. (c)		16		1,196
Regis Corp. (c)		47		782
Remy International Inc. (e)		33		693
Rent-A-Center Inc.		58		2,113
Rentrak Corp. (c)		11		773
Restoration Hardware Holdings Inc. (c) (e)		33		3,193
RetailMeNot Inc. (c) (e)		32		464
Ruby Tuesday Inc. (c)		63		433
Ruth’s Hospitality Group Inc.		37		557
Ryland Group Inc.		50		1,938
Saga Communications Inc. - Class A (e)		4		174
Salem Communications Corp. - Class A (e)		16		127
Scholastic Corp.		28		1,012
Scientific Games Corp. - Class A (c) (e)		53		670
Sears Hometown and Outlet Stores Inc. (c)		15		200
Select Comfort Corp. (c)		58		1,566
Sequential Brands Group Inc. (c) (e)		17		228
SFX Entertainment Inc. (c) (e)		46		208
Shiloh Industries Inc. (c)		8		126
Shoe Carnival Inc.		17		433
Shutterfly Inc. (c)		43		1,773
Shutterstock Inc. (c) (e)		17		1,168
Sinclair Broadcast Group Inc. - Class A (e)		74		2,037
Sizmek Inc. (c) (e)		28		172
Skechers U.S.A. Inc. - Class A (c)		42		2,343
Skullcandy Inc. (c)		25		231
Smith & Wesson Holding Corp. (c) (e)		60		565
Sonic Automotive Inc. - Class A		44		1,195
Sonic Corp.		58		1,579
Sotheby’s - Class A		65		2,813
Spartan Motors Inc.		33		172
Speedway Motorsports Inc.		11		247
Sportsman’s Warehouse Holdings Inc. (c)		10		72
Stage Stores Inc.		36		741
Standard Motor Products Inc.		22		827
Standard-Pacific Corp. (c)		154		1,126
Stein Mart Inc.		31		457
Steiner Leisure Ltd. (c)		15		704
Steven Madden Ltd. (c)		62		1,979
Stoneridge Inc. (c)		29		373
Strattec Security Corp. (e)		4		295
Strayer Education Inc. (c)		12		899

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Sturm Ruger & Co. Inc. (e)		21		732
Superior Industries International Inc.		26		516
Systemax Inc. (c)		13		179
Tenneco Inc. (c)		65		3,684
Texas Roadhouse Inc. - Class A		74		2,505
Tile Shop Holdings Inc. (c) (e)		29		261
Tilly’s Inc. - Class A (c)		10		97
Time Inc. (e)		118		2,893
Tower International Inc. (c)		21		544
Townsquare Media Inc. (c)		9		122
Travelport Worldwide Ltd. (e)		29		523
TRI Pointe Homes Inc. (c)		156		2,379
Tuesday Morning Corp. (c) (e)		49		1,054
Tumi Holdings Inc. (c)		54		1,286
UCP Inc - Class A (c)		8		86
Unifi Inc. (c)		17		500
Universal Electronics Inc. (c)		18		1,160
Universal Technical Institute Inc.		24		236
Vail Resorts Inc.		39		3,520
Vera Bradley Inc. (c) (e)		24		484
Vince Holding Corp. (c)		12		314
Vitamin Shoppe Inc. (c)		33		1,611
VOXX International Corp. - Class A (c)		21		188
Wayfair Inc. - Class A (c) (e)		12		243
WCI Communities Inc. (c) (e)		12		240
Weight Watchers International Inc. (c) (e)		31		775
West Marine Inc. (c)		17		217
Weyco Group Inc.		7		194
William Lyon Homes - Class A (c)		19		375
Winmark Corp.		3		235
Winnebago Industries Inc.		31		674
Wolverine World Wide Inc. (e)		109		3,223
World Wrestling Entertainment Inc. - Class A (e)		33		402
Zoe’s Kitchen Inc. (c) (e)		6		177
Zumiez Inc. (c)		23		893
				266,122
CONSUMER STAPLES - 3.3%
22nd Century Group Inc. (c)		43		71
Alico Inc. (e)		3		160
Alliance One International Inc. (c)		98		154
Andersons Inc.		30		1,616
B&G Foods Inc.		57		1,717
Boston Beer Co. Inc. - Class A (c) (e)		9		2,602
Boulder Brands Inc. (c)		68		747
Cal-Maine Foods Inc. (e)		33		1,281
Calavo Growers Inc.		15		719
Casey’s General Stores Inc.		41		3,714
Central Garden & Pet Co. - Class A (c)		50		481
Chefs’ Warehouse Inc. (c) (e)		17		400
Chiquita Brands International Inc. (c)		51		736
Coca-Cola Bottling Co.		5		464
Craft Brewers Alliance Inc. (c)		12		166
Darling Ingredients Inc. (c)		176		3,191
Dean Foods Co. (e)		99		1,920
Diamond Foods Inc. (c)		23		656
Elizabeth Arden Inc. (c) (e)		29		620
Fairway Group Holdings Corp. - Class A (c) (e)		17		54
Farmer Bros. Co. (c)		7		215
Female Health Co. (e)		21		84
Fresh Del Monte Produce Inc. (e)		39		1,295
Harbinger Group Inc. (c)		93		1,310
IGI Laboratories Inc. (c)		38		332
Ingles Markets Inc. - Class A		14		502
Inter Parfums Inc.		18		494
Inventure Foods Inc. (c) (e)		18		225
J&J Snack Foods Corp.		16		1,779

	Shares/Par (t)		Value
John B. Sanfilippo & Son Inc.		8		372
Lancaster Colony Corp.		20		1,879
Liberator Medical Holdings Inc.		33		95
Lifeway Foods Inc. (c)		5		99
Limoneira Co. (e)		13		332
Medifast Inc. (c)		14		455
National Beverage Corp. (c)		13		305
Natural Grocers by Vitamin Cottage Inc. (c)		10		284
Nature’s Sunshine Products Inc.		10		151
Nutraceutical International Corp. (c) (e)		11		228
Oil-Dri Corp. of America		6		192
Omega Protein Corp. (c)		25		268
Orchids Paper Products Co.		9		250
Pantry Inc. (c)		24		898
Post Holdings Inc. (c) (e)		47		1,966
Prestige Brands Holdings Inc. (c)		57		1,981
PriceSmart Inc.		20		1,821
Revlon Inc. - Class A (c)		13		454
Roundy’s Inc. (c) (e)		29		142
Sanderson Farms Inc. (e)		25		2,099
Seneca Foods Corp. - Class A (c) (e)		8		223
Smart & Final Stores Inc. (c)		13		205
Snyders-Lance Inc.		52		1,587
SpartanNash Co.		39		1,032
SUPERVALU Inc. (c)		219		2,128
Synutra International Inc. (c) (e)		22		136
The Fresh Market Inc. (c) (e)		47		1,947
Tootsie Roll Industries Inc. (e)		21		637
TreeHouse Foods Inc. (c)		45		3,846
United Natural Foods Inc. (c)		54		4,162
Universal Corp.		26		1,124
USANA Health Sciences Inc. (c)		7		675
Vector Group Ltd.		80		1,715
Village Super Market Inc. - Class A (e)		7		202
WD-40 Co.		16		1,359
Weis Markets Inc.		11		539
				63,493
ENERGY - 3.4%
Abraxas Petroleum Corp. (c)		95		279
Adams Resources & Energy Inc.		3		139
Alon USA Energy Inc.		30		383
Alpha Natural Resources Inc. (c) (e)		248		414
American Eagle Energy Corp. (c) (e)		32		20
Amyris Inc. (c) (e)		24		50
Apco Oil And Gas International Inc. (c)		11		160
Approach Resources Inc. (c) (e)		42		266
Arch Coal Inc. (e)		241		429
Ardmore Shipping Corp.		18		220
Basic Energy Services Inc. (c)		34		236
Bill Barrett Corp. (c)		53		607
Bonanza Creek Energy Inc. (c)		35		835
BPZ Resources Inc. (c) (e)		134		39
Bristow Group Inc.		39		2,570
C&J Energy Services Inc. (c)		49		642
Callon Petroleum Co. (c)		59		319
CARBO Ceramics Inc. (e)		21		842
Carrizo Oil & Gas Inc. (c)		50		2,080
CHC Group Ltd. (c)		39		126
Clayton Williams Energy Inc. (c)		7		422
Clean Energy Fuels Corp. (c) (e)		77		387
Cloud Peak Energy Inc. (c)		65		597
Comstock Resources Inc. (e)		52		355
Contango Oil & Gas Co. (c)		18		539
Dawson Geophysical Co.		10		116
Delek US Holdings Inc.		65		1,784
DHT Holdings Inc.		98		714
Diamondback Energy Inc. (c)		46		2,748

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Dorian LPG Ltd. (c)		7		103
Eclipse Resources Corp. (c)		31		220
Emerald Oil Inc. (c) (e)		63		76
Energy XXI Ltd. (e)		99		323
Era Group Inc. (c)		21		439
Evolution Petroleum Corp. (e)		20		147
EXCO Resources Inc. (e)		162		352
Exterran Holdings Inc.		63		2,042
FMSA Holdings Inc. (c) (e)		24		168
Forum Energy Technologies Inc. (c)		66		1,365
Frontline Ltd. (c) (e)		70		175
FX Energy Inc. (c) (e)		67		103
GasLog Ltd. (e)		44		901
Gastar Exploration Inc. (c)		86		207
Geospace Technologies Corp. (c)		14		374
Glori Energy Inc. (c) (e)		13		53
Goodrich Petroleum Corp. (c) (e)		35		154
Green Plains Inc.		41		1,028
Gulf Island Fabrication Inc.		16		318
Gulfmark Offshore Inc. - Class A (e)		30		735
Halcon Resources Corp. (c) (e)		277		492
Hallador Energy Co.		6		71
Harvest Natural Resources Inc. (c) (e)		44		79
Helix Energy Solutions Group Inc. (c)		116		2,512
Hercules Offshore Inc. (c) (e)		166		166
Hornbeck Offshore Services Inc. (c)		38		956
Independence Contract Drilling Inc. (c)		11		56
ION Geophysical Corp. (c)		146		401
Isramco Inc. (c) (e)		1		134
Jones Energy Inc. - Class A (c) (e)		12		134
Key Energy Services Inc. (c)		141		235
Knightsbridge Shipping Ltd. (e)		31		138
Magnum Hunter Resources Corp. (c) (e)		211		661
Matador Resources Co. (c)		78		1,571
Matrix Service Co. (c)		27		614
McDermott International Inc. (c) (e)		266		773
Midstates Petroleum Co. Inc. (c) (e)		39		59
Miller Energy Resources Inc. (c) (e)		33		42
Mitcham Industries Inc. (c)		16		93
Natural Gas Services Group Inc. (c)		14		323
Navios Maritime Acq Corp.		84		303
Newpark Resources Inc. (c)		95		902
Nordic American Offshore Ltd. (e)		19		231
Nordic American Tankers Ltd. (e)		97		977
North Atlantic Drilling Ltd. (e)		79		128
Northern Oil and Gas Inc. (c) (e)		65		368
Nuverra Environmental Solutions Inc. (c)		16		87
Pacific Ethanol Inc. (c)		25		261
Panhandle Oil and Gas Inc. - Class A		15		342
Parker Drilling Co. (c)		131		403
Parsley Energy Inc. - Class A (c)		56		900
PDC Energy Inc. (c)		39		1,598
Penn Virginia Corp. (c) (e)		69		464
PetroQuest Energy Inc. (c)		66		248
PHI Inc. (c)		14		526
Pioneer Energy Services Corp. (c)		70		390
Profire Energy Inc. (c) (e)		15		34
Quicksilver Resources Inc. (c) (e)		144		29
Renewable Energy Group Inc. (c)		36		351
Rentech Inc. (c)		235		296
Resolute Energy Corp. (c) (e)		74		98
Rex Energy Corp. (c) (e)		51		262
Rex Stores Corp. (c)		7		447
RigNet Inc. (c)		13		533
Ring Energy Inc. (c)		19		199
Rosetta Resources Inc. (c)		67		1,486
RSP Permian Inc. (c) (e)		25		635
Sanchez Energy Corp. (c) (e)		54		502

	Shares/Par (t)		Value
Scorpio Tankers Inc.		184		1,600
SEACOR Holdings Inc. (c)		20		1,479
SemGroup Corp. - Class A		46		3,133
Ship Finance International Ltd.		63		895
Solazyme Inc. (c) (e)		80		205
Stone Energy Corp. (c)		59		1,000
Swift Energy Co. (c) (e)		45		183
Synergy Resources Corp. (c)		70		880
Teekay Tankers Ltd. - Class A		75		380
Tesco Corp.		37		471
Tetra Technologies Inc. (c)		89		593
TransAtlantic Petroleum Ltd. (c) (e)		23		124
Triangle Petroleum Corp. (c) (e)		80		383
VAALCO Energy Inc. (c)		53		244
Vantage Drilling Co. (c)		226		111
Vertex Energy Inc. (c) (e)		12		52
Vivint Solar Inc. (c) (e)		20		184
W&T Offshore Inc. (e)		38		280
Warren Resources Inc. (c)		73		117
Western Refining Inc.		58		2,207
Westmoreland Coal Co. (c)		16		527
Willbros Group Inc. (c)		45		282
				65,441
FINANCIALS - 24.0%
1st Source Corp.		17		581
Acadia Realty Trust		69		2,195
Actua Corp. (c)		43		795
AG Mortgage Investment Trust Inc.		31		579
Agree Realty Corp.		19		575
Alexander & Baldwin Inc.		54		2,106
Alexander’s Inc.		2		1,006
Altisource Asset Management Corp. (c)		2		492
Altisource Portfolio Solutions SA (c) (e)		15		501
Altisource Residential Corp. - Class B		63		1,228
Ambac Financial Group Inc. (c)		49		1,190
American Assets Trust Inc.		40		1,580
American Capital Mortgage Investment Corp.		55		1,029
American Equity Investment Life Holding Co.		79		2,307
American National Bankshares Inc. (e)		9		216
American Realty Capital Healthcare Trust Inc.		180		2,143
American Residential Properties Inc. (c)		33		587
Ameris Bancorp		27		685
Amerisafe Inc.		20		853
Ames National Corp. (e)		9		231
AmREIT Inc. - Class B (e)		22		590
AmTrust Financial Services Inc. (e)		32		1,803
Anchor BanCorp Wisconsin Inc. (c) (e)		6		220
Anworth Mortgage Asset Corp. (e)		122		642
Apollo Commercial Real Estate Finance Inc. (e)		48		777
Apollo Residential Mortgage Inc.		33		525
Ares Commercial Real Estate Corp.		30		344
Argo Group International Holdings Ltd.		28		1,550
Arlington Asset Investment Corp. - Class A (e)		25		671
Armada Hoffler Properties Inc. (e)		31		296
ARMOUR Residential REIT Inc.		381		1,402
Arrow Financial Corp.		11		307
Ashford Hospitality Prime Inc.		27		458
Ashford Hospitality Trust Inc.		79		824
Ashford Inc. (c)		1		85
Associated Estates Realty Corp.		61		1,425
Astoria Financial Corp.		97		1,293
Atlas Financial Holdings Inc. (c) (e)		12		195
AV Homes Inc. (c)		15		216
Aviv REIT Inc.		21		710
Baldwin & Lyons Inc. - Class B		10		271
Banc of California Inc.		31		361
BancFirst Corp.		8		493

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Banco Latinoamericano de Comercio Exterior SA - Class E (e)		32		973
Bancorp Inc. (c)		36		392
BancorpSouth Inc.		104		2,344
Bank Mutual Corp.		55		380
Bank of Kentucky Financial Corp.		8		374
Bank of Marin Bancorp		7		361
Bank of the Ozarks Inc.		85		3,225
BankFinancial Corp.		19		230
Banner Corp.		22		926
BBCN Bancorp Inc.		87		1,245
BBX Capital Corp. - Class A (c)		11		177
Beneficial Mutual Bancorp Inc. (c)		33		400
Berkshire Hills Bancorp Inc.		27		732
BGC Partners Inc. - Class A		193		1,763
Blue Hills Bancorp Inc. (c)		29		399
BNC Bancorp		21		363
BofI Holding Inc. (c) (e)		15		1,171
Boston Private Financial Holdings Inc.		88		1,182
Bridge Bancorp Inc.		13		350
Bridge Capital Holdings (c)		12		271
Brookline Bancorp Inc.		78		781
Bryn Mawr Bank Corp.		15		479
Calamos Asset Management Inc. - Class A		17		223
Camden National Corp.		9		347
Campus Crest Communities Inc.		71		516
Capital Bank Financial Corp. - Class A (c)		27		728
Capital City Bank Group Inc.		12		183
Capitol Federal Financial Inc.		153		1,951
Capstead Mortgage Corp. (e)		105		1,287
Cardinal Financial Corp.		34		672
CareTrust REIT Inc.		22		267
Cascade Bancorp (c)		28		145
Cash America International Inc.		30		679
CatchMark Timber Trust Inc. - Class A		23		262
Cathay General Bancorp		86		2,201
Cedar Shopping Centers Inc.		82		599
CenterState Banks of Florida Inc.		37		447
Central Pacific Financial Corp.		19		400
Century Bancorp Inc. - Class A		3		118
Chambers Street Properties		254		2,046
Charter Financial Corp. (e)		22		257
Chatham Lodging Trust		36		1,041
Chemical Financial Corp.		37		1,119
Chesapeake Lodging Trust		58		2,169
CIFC Corp. (e)		8		63
Citizens & Northern Corp. (e)		15		300
Citizens Inc. - Class A (c) (e)		49		374
City Holdings Co.		17		798
Clifton Bancorp Inc.		28		374
CNB Financial Corp.		17		309
CNO Financial Group Inc.		221		3,805
CoBiz Financial Inc.		36		472
Cohen & Steers Inc. (e)		21		867
Colony Financial Inc.		115		2,728
Columbia Banking System Inc.		61		1,690
Community Bank System Inc.		44		1,666
Community Trust Bancorp Inc.		17		628
CommunityOne Bancorp (c)		8		92
ConnectOne Bancorp Inc.		23		445
Consolidated-Tomoka Land Co.		5		257
Consumer Portfolio Services Inc. (c) (e)		23		170
CorEnergy Infrastructure Trust Inc. (e)		48		314
Coresite Realty Corp.		23		898
Cousins Properties Inc.		235		2,679
Cowen Group Inc. - Class A (c)		132		635
Crawford & Co. - Class B		26		271
Credit Acceptance Corp. (c)		7		948

	Shares/Par (t)		Value
CU Bancorp (c)		9		190
CubeSmart		173		3,824
Customers Bancorp Inc. (c)		27		525
CVB Financial Corp.		112		1,799
CyrusOne Inc.		35		954
CYS Investments Inc.		171		1,495
DCT Industrial Trust Inc.		88		3,131
Diamond Hill Investment Group Inc.		3		446
DiamondRock Hospitality Co.		209		3,107
Dime Community Bancshares Inc.		37		609
Donegal Group Inc. - Class A		7		115
DuPont Fabros Technology Inc.		68		2,256
Dynex Capital Inc. (e)		57		471
Eagle Bancorp Inc. (c)		28		992
EastGroup Properties Inc.		34		2,180
Education Realty Trust Inc.		49		1,803
eHealth Inc. (c)		21		518
EMC Insurance Group Inc.		5		163
Empire State Realty Trust Inc. - Class A		97		1,711
Employer Holdings Inc.		35		829
Enova International Inc. (c)		27		611
Enstar Group Ltd. (c)		9		1,396
Enterprise Bancorp Inc. (e)		7		176
Enterprise Financial Services Corp.		23		450
EPR Properties		61		3,519
Equity One Inc.		68		1,715
ESB Financial Corp. (e)		15		276
Essent Group Ltd. (c)		47		1,221
EverBank Financial Corp.		101		1,916
Evercore Partners Inc. - Class A		35		1,849
Excel Trust Inc.		65		866
EZCorp Inc. - Class A (c) (e)		52		615
FBL Financial Group Inc. - Class A		10		582
FBR & Co. (c)		10		251
FCB Financial Holdings Inc. - Class A (c)		9		210
Federal Agricultural Mortgage Corp. - Class C		12		355
Federated National Holding Co.		16		388
FelCor Lodging Trust Inc.		137		1,481
Fidelity & Guaranty Life		13		305
Fidelity Southern Corp.		17		274
Financial Engines Inc. (e)		57		2,069
Financial Institutions Inc.		16		396
First American Financial Corp.		114		3,872
First Bancorp Inc. (c)		110		643
First Bancorp Inc.		23		421
First Bancorp Inc. (e)		11		192
First Busey Corp.		82		534
First Business Financial Services Inc. (e)		4		196
First Cash Financial Services Inc. (c)		31		1,719
First Citizens BancShares Inc. - Class A		8		2,034
First Commonwealth Financial Corp.		103		951
First Community Bancshares Inc.		21		338
First Connecticut Bancorp Inc.		17		284
First Defiance Financial Corp.		12		403
First Financial Bancorp		64		1,184
First Financial Bankshares Inc. (e)		69		2,054
First Financial Corp.		13		452
First Financial Northwest Inc. (e)		15		177
First Industrial Realty Trust Inc.		117		2,410
First Interstate BancSystem Inc. - Class A		20		547
First Merchants Corp.		37		851
First Midwest Bancorp Inc.		80		1,374
First NBC Bank Holding Co. (c)		15		540
First of Long Island Corp.		14		383
First Potomac Realty Trust		65		804
FirstMerit Corp.		179		3,385
Flagstar Bancorp Inc. (c)		22		344
Flushing Financial Corp.		34		685

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
FNB Corp.		185		2,462
Forestar Group Inc. (c)		36		551
Fox Chase Bancorp Inc.		11		191
Franklin Financial Corp. (c)		10		219
Franklin Street Properties Corp.		99		1,210
FRP Holdings Inc. (c) (e)		6		250
FXCM Inc. - Class A (e)		48		798
Gain Capital Holdings Inc.		25		221
GAMCO Investors Inc.		7		650
Geo Group Inc.		77		3,128
German American Bancorp Inc.		14		440
Getty Realty Corp.		28		511
GFI Group Inc.		89		484
Glacier Bancorp Inc.		82		2,275
Gladstone Commercial Corp.		19		330
Glimcher Realty Trust		156		2,147
Global Indemnity Plc (c)		10		280
Government Properties Income Trust		72		1,663
Gramercy Property Trust Inc.		193		1,334
Great Southern Bancorp Inc. (e)		10		405
Great Western Bancorp Inc. (c)		18		406
Green Bancorp Inc. (c)		5		58
Green Dot Corp. - Class A (c)		33		675
Greenhill & Co. Inc. (e)		30		1,314
Greenlight Capital Re Ltd. - Class A (c)		32		1,043
Guaranty Bancorp		13		194
Hallmark Financial Services Inc. (c)		18		219
Hampton Roads Bankshares Inc. (c)		30		50
Hancock Holding Co.		88		2,694
Hanmi Financial Corp.		35		768
Hannon Armstrong Sustainable Infrastructure Capital Inc.		26		365
Hatteras Financial Corp.		103		1,892
HCI Group Inc. (e)		10		453
Healthcare Realty Trust Inc.		105		2,864
Heartland Financial USA Inc.		17		450
Heritage Commerce Corp. (e)		19		170
Heritage Financial Corp.		34		596
Heritage Insurance Holdings Inc. (c) (e)		7		136
Heritage Oaks BanCorp		20		172
Hersha Hospitality Trust		214		1,505
HFF Inc. - Class A		36		1,279
Highwoods Properties Inc.		96		4,270
Hilltop Holdings Inc. (c)		75		1,487
Home Bancshares Inc.		60		1,920
Home Loan Servicing Solutions Ltd.		76		1,483
HomeStreet Inc.		15		259
HomeTrust Bancshares Inc. (c)		21		355
Horace Mann Educators Corp.		44		1,445
Horizon BanCorp (e)		11		299
Hudson Pacific Properties Inc.		58		1,753
Hudson Valley Holding Corp.		15		402
IberiaBank Corp.		35		2,241
Independence Holding Co. (e)		6		78
Independent Bank Corp.		24		308
Independent Bank Corp.		25		1,072
Independent Bank Group Inc. (e)		10		371
Infinity Property & Casualty Corp.		13		983
Inland Real Estate Corp.		97		1,060
International Bancshares Corp.		58		1,552
INTL FCStone Inc. (c)		16		333
Invesco Mortgage Capital Inc.		131		2,030
Investment Technology Group Inc. (c)		41		848
Investors Bancorp Inc.		383		4,303
Investors Real Estate Trust		125		1,022
iStar Financial Inc. (c)		93		1,274
Janus Capital Group Inc. (e)		159		2,569
JG Wentworth Co. - Class A (c) (e)		15		163

	Shares/Par (t)		Value
Kansas City Life Insurance Co.		5		226
KCG Holdings Inc. - Class A (c)		46		538
Kearny Financial Corp. (c)		17		239
Kemper Corp.		51		1,851
Kennedy-Wilson Holdings Inc.		79		2,001
Kite Realty Group Trust		35		1,002
Ladder Capital Corp. - Class A (c)		17		328
Ladenburg Thalmann Financial Services Inc. (c)		103		409
Lakeland Bancorp Inc.		39		461
Lakeland Financial Corp.		17		740
LaSalle Hotel Properties		119		4,828
Lexington Realty Trust		219		2,405
LTC Properties Inc.		37		1,603
Macatawa Bank Corp.		21		114
Mack-Cali Realty Corp.		98		1,864
Maiden Holdings Ltd.		55		698
MainSource Financial Group Inc.		23		486
Manning & Napier Inc. - Class A		13		183
Marcus & Millichap Inc. (c)		10		318
MarketAxess Holdings Inc.		40		2,885
Marlin Business Services Inc.		10		198
MB Financial Inc.		71		2,344
Meadowbrook Insurance Group Inc. (e)		57		480
Medical Properties Trust Inc.		188		2,590
Medley Management Inc. - Class A		6		85
Mercantile Bank Corp.		18		370
Merchants Bancshares Inc.		6		171
Meridian Bancorp Inc. (c)		24		271
Meta Financial Group Inc.		7		259
Metro Bancorp Inc. (c)		14		370
MGIC Investment Corp. (c)		362		3,371
Midsouth Bancorp Inc.		10		181
MidWestOne Financial Group Inc.		7		199
Moelis & Co. - Class A		7		262
Monmouth Real Estate Investment Corp. - Class A (e)		59		653
Montpelier Re Holdings Ltd.		39		1,412
National Bank Holdings Corp. - Class A		40		778
National Bankshares Inc. (e)		8		236
National General Holdings Corp.		40		746
National Health Investors Inc.		40		2,787
National Interstate Corp.		6		187
National Penn Bancshares Inc.		137		1,447
National Western Life Insurance Co. - Class A		3		680
Navigators Group Inc. (c)		11		832
NBT Bancorp Inc.		48		1,263
Nelnet Inc. - Class A		22		1,031
New Residential Investment Corp.		152		1,935
New York Mortgage Trust Inc. (e)		112		861
New York REIT Inc.		179		1,897
NewBridge Bancorp (c)		36		311
NewStar Financial Inc. (c)		27		350
Nicholas Financial Inc. (c) (e)		13		187
NMI Holdings Inc. - Class A (c) (e)		51		469
Northfield Bancorp Inc.		56		825
Northrim BanCorp Inc.		8		212
Northwest Bancshares Inc.		105		1,319
OceanFirst Financial Corp.		14		242
OFG Bancorp (e)		51		842
Old Line Bancshares Inc.		9		138
Old National Bancorp		130		1,933
OM Asset Management Plc (c)		23		381
One Liberty Properties Inc. (e)		12		279
OneBeacon Insurance Group Ltd. - Class A		24		391
Oppenheimer Holdings Inc. - Class A		13		293
Opus Bank (c)		5		148
Oritani Financial Corp.		47		728

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Owens Realty Mortgage Inc.		11		163
Pacific Continental Corp.		19		263
Pacific Premier Bancorp Inc. (c)		20		341
Palmetto Bancshares Inc (e)		4		65
Park National Corp. (e)		14		1,260
Park Sterling Corp.		45		331
Parkway Properties Inc.		84		1,537
Peapack Gladstone Financial Corp.		13		250
Pebblebrook Hotel Trust		76		3,487
Penns Woods Bancorp Inc. (e)		6		289
Pennsylvania REIT		73		1,709
PennyMac Financial Services Inc. - Class A (c)		15		255
Pennymac Mortgage Investment Trust		79		1,664
Peoples Bancorp Inc.		16		413
Peoples Financial Services Corp. (e)		8		381
PHH Corp. (c)		55		1,314
Phoenix Cos. Inc. (c)		6		394
Physicians Realty Trust		50		831
Pico Holdings Inc. (c)		23		441
Pinnacle Financial Partners Inc.		39		1,560
Piper Jaffray Cos. (c)		17		1,008
Platinum Underwriters Holdings Ltd.		26		1,936
Potlatch Corp.		43		1,812
PRA Group Inc. (c)		53		3,096
Preferred Bank		11		311
Primerica Inc.		58		3,164
PrivateBancorp Inc.		76		2,548
Prosperity Bancshares Inc.		75		4,130
Provident Financial Services Inc.		65		1,182
PS Business Parks Inc.		21		1,650
Pzena Investment Management Inc. - Class A		11		103
QTS Realty Trust Inc. - Class A		12		408
Radian Group Inc.		205		3,434
RAIT Financial Trust		88		675
Ramco-Gershenson Properties Trust		82		1,536
RCS Capital Corp. - Class A (e)		10		120
RE/MAX Holdings Inc. - Class A		12		415
Redwood Trust Inc. (e)		89		1,754
Regional Management Corp. (c) (e)		11		179
Renasant Corp. (e)		35		1,002
Republic Bancorp Inc. - Class A		11		280
Republic First Bancorp Inc. (c)		32		120
Resource America Inc. - Class A		13		122
Resource Capital Corp.		132		667
Retail Opportunity Investments Corp.		96		1,605
Rexford Industrial Realty Inc.		48		754
RLI Corp.		47		2,336
RLJ Lodging Trust		142		4,745
Rouse Properties Inc. (e)		39		721
Ryman Hospitality Properties Inc. (e)		47		2,500
S&T Bancorp Inc.		33		980
Sabra Healthcare REIT Inc.		57		1,740
Safety Insurance Group Inc.		14		903
Sandy Spring Bancorp Inc.		29		746
Saul Centers Inc.		11		635
Seacoast Banking Corp. of Florida (c)		23		319
Select Income REIT		39		944
Selective Insurance Group Inc.		61		1,648
ServisFirst Bancshares Inc.		2		62
Sierra Bancorp		14		253
Silver Bay Realty Trust Corp.		40		661
Silvercrest Asset Management Group Inc. - Class A		6		91
Simmons First National Corp. - Class A		18		749
South State Corp.		26		1,725
Southside Bancshares Inc.		27		768
Southwest Bancorp Inc.		23		391
Sovran Self Storage Inc.		36		3,114

	Shares/Par (t)		Value
Springleaf Holdings Inc. (c)		27		992
Square 1 Financial Inc. - Class A (c)		6		150
St. Joe Co. (c)		70		1,290
STAG Industrial Inc.		63		1,536
Starwood Waypoint Residential Trust (e)		44		1,150
State Auto Financial Corp.		17		382
State Bank Financial Corp.		36		712
State National Cos. Inc. (e)		25		304
Sterling Bancorp		92		1,319
Stewart Information Services Corp.		23		864
Stifel Financial Corp. (c)		70		3,570
Stock Yards Bancorp Inc.		16		525
Stonegate Bank		10		304
Stonegate Mortgage Corp. (c)		15		178
STORE Capital Corp.		31		662
Strategic Hotels & Resorts Inc. (c)		285		3,776
Suffolk Bancorp		12		271
Summit Hotel Properties Inc.		91		1,129
Sun Bancorp Inc. (c)		8		147
Sun Communities Inc.		51		3,098
Sunstone Hotel Investors Inc.		220		3,626
Susquehanna Bancshares Inc.		200		2,686
SWS Group Inc. (c)		37		252
Symetra Financial Corp.		80		1,855
Talmer Bancorp Inc.		20		276
Tejon Ranch Co. (c)		14		410
Terreno Realty Corp.		45		934
Territorial Bancorp Inc.		8		175
Texas Capital Bancshares Inc. (c)		49		2,655
Third Point Reinsurance Ltd. (c)		59		854
Tiptree Financial Inc. - Class A (c) (e)		8		67
Tompkins Financial Corp.		16		875
TowneBank (e)		30		450
Trade Street Residential Inc. (e)		19		149
Tree.com Inc. (c) (e)		6		291
Trico Bancshares		24		587
Tristate Capital Holdings Inc. (c)		23		233
Triumph Bancorp Inc. (c) (e)		7		101
TrustCo Bank Corp.		105		760
Trustmark Corp.		72		1,765
UMB Financial Corp.		41		2,360
UMH Properties Inc.		22		211
Umpqua Holdings Corp.		178		3,025
Union Bankshares Corp.		52		1,241
United Bankshares Inc.		74		2,758
United Community Banks Inc.		53		1,003
United Community Financial Corp.		51		276
United Financial Bancorp Inc.		59		851
United Fire Group Inc.		23		670
United Insurance Holdings Corp.		17		371
Universal Health Realty Income Trust		12		595
Universal Insurance Holdings Inc.		33		673
Univest Corp. of Pennsylvania		16		330
Urstadt Biddle Properties Inc. - Class A		25		556
Valley National Bancorp (e)		241		2,344
ViewPoint Financial Group Inc.		44		1,050
Virtus Investment Partners Inc.		8		1,336
Walker & Dunlop Inc. (c)		19		330
Walter Investment Management Corp. (c) (e)		39		647
Washington Federal Inc.		108		2,390
Washington REIT		71		1,971
Washington Trust Bancorp Inc.		16		652
Waterstone Financial Inc.		35		463
Webster Financial Corp.		97		3,169
WesBanco Inc.		29		997
West Bancorp Inc.		19		329
Westamerica Bancorp (e)		28		1,375
Western Alliance Bancorp (c)		81		2,242

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Western Asset Mortgage Capital Corp. (e)		43		629
Westwood Holdings Group Inc.		8		488
Whitestone REIT (e)		24		370
Wilshire Bancorp Inc.		77		784
Wintrust Financial Corp.		51		2,394
WisdomTree Investments Inc. (e)		119		1,862
World Acceptance Corp. (c) (e)		8		636
WSFS Financial Corp.		9		725
Yadkin Financial Corp. (c)		24		463
				459,882
HEALTH CARE - 14.5%
AAC Holdings Inc. (c)		6		172
Abaxis Inc. (e)		25		1,423
Abiomed Inc. (c) (e)		44		1,666
Acadia HealthCare Co. Inc. (c)		46		2,793
ACADIA Pharmaceuticals Inc. (c) (e)		84		2,667
Accelerate Diagnostics Inc. (c) (e)		24		452
Acceleron Pharma Inc. (c) (e)		17		664
Accuray Inc. (c) (e)		84		637
AcelRx Pharmaceuticals Inc (c) (e)		23		156
Achaogen Inc. (c)		7		95
Achillion Pharmaceuticals Inc. (c) (e)		106		1,295
Acorda Therapeutics Inc. (c)		46		1,882
Actinium Pharmaceuticals Inc. (c) (e)		21		121
Adamas Pharmaceuticals Inc. (c) (e)		3		51
Addus HomeCare Corp. (c)		9		211
Adeptus Health Inc. (c) (e)		6		218
Aegerion Pharmaceuticals Inc. (c)		32		678
Aerie Pharmaceuticals Inc. (c)		13		366
Affymetrix Inc. (c)		80		785
Agenus Inc. (c) (e)		64		255
Agios Pharmaceuticals Inc. (c) (e)		16		1,750
Air Methods Corp. (c) (e)		42		1,861
Akebia Therapeutics Inc. (c)		8		93
Akorn Inc. (c) (e)		66		2,406
Albany Molecular Research Inc. (c) (e)		27		433
Alder Biopharmaceuticals Inc. (c) (e)		8		237
Alimera Sciences Inc. (c) (e)		26		144
Alliance HealthCare Services Inc. (c)		4		92
Almost Family Inc. (c)		9		258
AMAG Pharmaceuticals Inc. (c)		25		1,050
Amedisys Inc. (c)		28		833
AMN Healthcare Services Inc. (c)		50		988
Amphastar Pharmaceuticals Inc. (c) (e)		10		111
Ampio Pharmaceuticals Inc. (c) (e)		36		123
Amsurg Corp. (c)		47		2,549
Anacor Pharmaceuticals Inc. (c)		35		1,122
Analogic Corp.		13		1,136
AngioDynamics Inc. (c)		28		535
ANI Pharmaceuticals Inc. (c)		7		394
Anika Therapeutics Inc. (c)		15		623
Antares Pharma Inc. (c) (e)		124		318
Applied Genetic Technologies Corp. (c)		5		104
Aratana Therapeutics Inc. (c)		34		600
Ardelyx Inc. (c)		6		110
Arena Pharmaceuticals Inc. (c) (e)		244		846
Ariad Pharmaceuticals Inc. (c) (e)		184		1,263
Array BioPharma Inc. (c)		129		611
Arrowhead Research Corp. (c) (e)		53		389
Atara Biotherapeutics Inc. (c)		6		149
AtriCure Inc. (c)		29		579
Atrion Corp.		2		600
Auspex Pharmaceuticals Inc. (c)		9		464
Auxilium Pharmaceuticals Inc. (c) (e)		56		1,910
Avalanche Biotechnologies Inc. (c) (e)		7		385
AVANIR Pharmaceuticals - Class A (c)		206		3,491
Bio-Path Holdings Inc. (c) (e)		76		201

	Shares/Par (t)		Value
Bio-Reference Labs Inc. (c)		27		868
BioCryst Pharmaceuticals Inc. (c)		79		959
BioDelivery Sciences International Inc. (c)		44		532
BioScrip Inc. (c)		79		555
BioSpecifics Technologies Corp. (c)		4		148
BioTelemetry Inc. (c)		27		274
Biotime Inc. (c) (e)		64		240
Bluebird Bio Inc. (c)		23		2,117
Calithera Biosciences Inc. (c) (e)		8		157
Cambrex Corp. (c)		34		732
Cantel Medical Corp.		36		1,554
Capital Senior Living Corp. (c)		31		782
Cara Therapeutics Inc. (c)		6		59
Cardiovascular Systems Inc. (c)		31		932
Castlight Health Inc. - Class B (c)		13		157
Catalent Inc. (c)		54		1,513
Celldex Therapeutics Inc. (c) (e)		95		1,739
Cellular Dynamics International Inc. (c)		10		66
Cempra Inc. (c)		23		544
Cepheid Inc. (c)		75		4,037
Cerus Corp. (c) (e)		70		440
Chemed Corp.		19		1,977
ChemoCentryx Inc. (c) (e)		33		224
Chimerix Inc. (c)		32		1,291
Civitas Solutions Inc. (c) (e)		11		193
Clovis Oncology Inc. (c) (e)		27		1,529
Coherus Biosciences Inc. (c)		7		108
Computer Programs & Systems Inc. (e)		12		737
Conmed Corp.		29		1,306
Corcept Therapeutics Inc. (c) (e)		48		145
Corvel Corp. (c)		13		466
Cross Country Healthcare Inc. (c)		35		431
CryoLife Inc.		32		366
CTI BioPharma Corp. (c) (e)		135		319
Cyberonics Inc. (c)		29		1,595
Cynosure Inc. - Class A (c)		25		696
Cytokinetics Inc (c)		38		304
Cytori Therapeutics Inc. (c) (e)		64		31
CytRx Corp. (c) (e)		58		158
DepoMed Inc. (c)		64		1,032
Derma Sciences Inc. (c) (e)		25		237
Dermira Inc. (c)		8		137
DexCom Inc. (c)		80		4,416
Dicerna Pharmaceuticals Inc. (c)		4		63
Diplomat Pharmacy Inc. (c)		15		407
Dyax Corp. (c)		144		2,029
Dynavax Technologies Corp. (c) (e)		28		472
Egalet Corp. (c)		5		31
Eleven Biotherapeutics Inc. (c) (e)		5		59
Emergent BioSolutions Inc. (c)		30		819
Enanta Pharmaceuticals Inc. (c)		11		542
Endocyte Inc. (c)		38		239
Endologix Inc. (c)		69		1,053
Ensign Group Inc.		22		981
Enzo Biochem Inc. (c)		35		157
Epizyme Inc. (c)		13		252
Esperion Therapeutics Inc. (c)		8		311
Exact Sciences Corp. (c) (e)		90		2,481
ExacTech Inc. (c)		9		218
ExamWorks Group Inc. (c)		38		1,601
Exelixis Inc. (c) (e)		206		297
FibroGen Inc. (c)		9		247
Five Prime Therapeutics Inc. (c)		18		487
Five Star Quality Care Inc. (c)		43		180
Flexion Therapeutics Inc. (c)		5		100
Fluidigm Corp. (c)		31		1,061
Foundation Medicine Inc. (c) (e)		15		323
Galectin Therapeutics Inc. (c) (e)		19		64

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Galena Biopharma Inc. (c) (e)		118		177
GenMark Diagnostics Inc. (c) (e)		42		566
Genocea Biosciences Inc. (c) (e)		4		30
Genomic Health Inc. (c) (e)		18		586
Gentiva Health Services Inc. (c)		35		675
Geron Corp. (c) (e)		167		542
Globus Medical Inc. - Class A (c)		70		1,654
Greatbatch Inc. (c)		27		1,331
Haemonetics Corp. (c)		57		2,145
Halozyme Therapeutics Inc. (c) (e)		115		1,114
Hanger Orthopedic Group Inc. (c)		38		831
HealthEquity Inc. (c)		11		275
HealthSouth Corp.		95		3,658
HealthStream Inc. (c)		22		657
Healthways Inc. (c)		34		667
HeartWare International Inc. (c) (e)		18		1,344
Heron Therapeutics Inc. (c) (e)		30		306
HMS Holdings Corp. (c)		94		1,994
Horizon Pharma Plc (c) (e)		69		888
Hyperion Therapeutics Inc. (c)		14		343
ICU Medical Inc. (c)		15		1,205
Idera Pharmaceuticals Inc. (c) (e)		62		275
Immune Design Corp. (c)		6		194
Immunogen Inc. (c) (e)		95		579
Immunomedics Inc. (c) (e)		83		398
Impax Laboratories Inc. (c)		75		2,363
INC Research Holdings Inc. - Class A (c)		9		232
Infinity Pharmaceuticals Inc. (c)		50		843
Inogen Inc. (c)		6		175
Inovio Pharmaceuticals Inc. (c) (e)		68		623
Insmed Inc. (c)		52		805
Insulet Corp. (c)		59		2,722
Insys Therapeutics Inc. (c) (e)		12		489
Integra LifeSciences Holdings Corp. (c)		28		1,505
Intersect ENT Inc. (c) (e)		6		112
Intra-Cellular Therapies Inc. (c) (e)		17		307
Intrexon Corp. (c) (e)		37		1,012
Invacare Corp.		37		612
IPC The Hospitalist Co. Inc. (c)		19		872
Ironwood Pharmaceuticals Inc. - Class A (c)		127		1,940
Isis Pharmaceuticals Inc. (c) (e)		126		7,789
K2M Group Holdings Inc. (c) (e)		9		187
Karyopharm Therapeutics Inc. (c) (e)		15		577
Keryx Biopharmaceuticals Inc. (c) (e)		101		1,430
Kindred Biosciences Inc. (c) (e)		9		71
Kindred Healthcare Inc.		75		1,357
Kite Pharma Inc. (c) (e)		9		514
KYTHERA Biopharmaceuticals Inc. (c) (e)		18		634
Landauer Inc.		10		338
Lannett Co. Inc. (c)		27		1,162
LDR Holding Corp. (c)		17		563
Lexicon Pharmaceuticals Inc. (c) (e)		249		227
LHC Group Inc. (c)		14		429
Ligand Pharmaceuticals Inc. (c) (e)		22		1,170
Luminex Corp. (c)		41		775
MacroGenics Inc. (c)		21		722
Magellan Health Services Inc. (c)		30		1,826
MannKind Corp. (c) (e)		253		1,318
Masimo Corp. (c)		48		1,269
MedAssets Inc. (c)		65		1,285
Medicines Co. (c)		72		1,987
Medidata Solutions Inc. (c)		59		2,820
Merge Healthcare Inc. (c)		89		317
Meridian Bioscience Inc.		47		771
Merit Medical Systems Inc. (c)		47		808
Merrimack Pharmaceuticals Inc. (c) (e)		103		1,163
MiMedx Group Inc. (c) (e)		104		1,195
Mirati Therapeutics Inc. (c) (e)		7		138

	Shares/Par (t)		Value
Molina Healthcare Inc. (c)		32		1,716
Momenta Pharmaceuticals Inc. (c)		52		628
MWI Veterinary Supply Inc. (c)		14		2,372
NanoString Technologies Inc. (c)		10		146
NanoViricides Inc. (c)		42		113
National Healthcare Corp.		11		669
National Research Corp. - Class A		9		127
Natus Medical Inc. (c)		34		1,242
Navidea Biopharmaceuticals Inc. (c) (e)		194		367
Nektar Therapeutics (c)		135		2,093
Neogen Corp. (c)		40		1,995
NeoStem Inc. (c) (e)		25		93
Neuralstem Inc. (c) (e)		70		190
Neurocrine Biosciences Inc. (c)		84		1,881
Nevro Corp. (c)		8		302
NewLink Genetics Corp. (c) (e)		22		888
Northwest Biotherapeutics Inc. (c) (e)		36		193
Novavax Inc. (c) (e)		252		1,496
NPS Pharmaceuticals Inc. (c)		114		4,067
NuVasive Inc. (c)		50		2,339
NxStage Medical Inc. (c)		66		1,183
Ocular Therapeutix Inc. (c)		6		140
Ohr Pharmaceutical Inc. (c) (e)		22		182
Omeros Corp. (c) (e)		38		936
Omnicell Inc. (c)		39		1,291
OncoMed Pharmaceuticals Inc. (c)		13		284
Oncothyreon Inc. (c)		73		139
Ophthotech Corp. (c)		15		652
Opko Health Inc. (c) (e)		218		2,173
OraSure Technologies Inc. (c)		58		593
Orexigen Therapeutics Inc. (c) (e)		140		851
Organovo Holdings Inc. (c) (e)		64		461
Orthofix International NV (c)		19		564
Osiris Therapeutics Inc. (c) (e)		18		292
Otonomy Inc. (c)		7		248
OvaScience Inc. (c) (e)		16		727
Owens & Minor Inc.		67		2,358
Oxford Immunotec Global Plc (c)		14		187
Pacific Biosciences of California Inc. (c)		67		524
Pacira Pharmaceuticals Inc. (c)		38		3,379
Pain Therapeutics Inc. (c)		39		80
PAREXEL International Corp. (c)		61		3,377
PDL BioPharma Inc. (e)		171		1,320
Peregrine Pharmaceuticals Inc. (c) (e)		196		272
Pernix Therapeutics Holdings (c)		35		326
PharMerica Corp. (c)		33		692
Phibro Animal Health Corp. - Class A		15		470
PhotoMedex Inc. (c) (e)		14		21
Portola Pharmaceuticals Inc. (c)		45		1,278
Pozen Inc. (c)		33		263
PRA Health Sciences Inc. (c)		19		458
Progenics Pharmaceuticals Inc. (c) (e)		71		537
Prothena Corp. Plc (c)		28		584
Providence Services Corp. (c)		12		440
PTC Therapeutics Inc. (c)		26		1,337
Puma Biotechnology Inc. (c) (e)		25		4,707
Quality Systems Inc.		53		822
Quidel Corp. (c)		32		922
Radius Health Inc. (c) (e)		7		282
RadNet Inc. (c)		34		288
Raptor Pharmaceutical Corp. (c) (e)		68		711
Receptos Inc. (c)		23		2,846
Regado Biosciences Inc. (c) (e)		16		15
Regulus Therapeutics Inc. (c) (e)		16		262
Relypsa Inc. (c) (e)		17		538
Repligen Corp. (c)		33		660
Repros Therapeutics Inc. (c) (e)		24		238
Retrophin Inc. (c) (e)		21		255

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Revance Therapeutics Inc. (c)		8		128
Rigel Pharmaceuticals Inc. (c)		92		208
Rockwell Medical Technologies Inc. (c) (e)		44		453
RTI Surgical Inc. (c)		58		300
Sage Therapeutics Inc. (c) (e)		6		217
Sagent Pharmaceuticals Inc. (c)		25		621
Sangamo Biosciences Inc. (c)		75		1,134
Sarepta Therapeutics Inc. (c) (e)		42		610
Sciclone Pharmaceuticals Inc. (c)		55		481
Select Medical Holdings Corp.		88		1,261
Sequenom Inc. (c) (e)		130		482
Sientra Inc. (c)		6		94
Skilled Healthcare Group Inc. - Class A (c)		31		264
Spectranetics Corp. (c)		44		1,538
Spectrum Pharmaceuticals Inc. (c) (e)		66		457
Staar Surgical Co. (c)		42		381
Stemline Therapeutics Inc. (c)		10		176
STERIS Corp.		64		4,131
Sucampo Pharmaceuticals Inc. - Class A (c) (e)		15		214
Sunesis Pharmaceuticals Inc. (c) (e)		52		133
Supernus Pharmaceuticals Inc. (c)		31		255
Surgical Care Affiliates Inc. (c)		15		490
SurModics Inc. (c)		17		365
Symmetry Surgical Inc. (c)		11		83
Synageva BioPharma Corp. (c) (e)		23		2,141
Synergy Pharmaceuticals Inc. (c) (e)		91		278
Synta Pharmaceuticals Corp. (c)		60		158
T2 Biosystems Inc. (c) (e)		6		119
Tandem Diabetes Care Inc. (c) (e)		10		122
Team Health Holdings Inc. (c)		75		4,325
TESARO Inc. (c)		20		754
Tetraphase Pharmaceuticals Inc (c)		30		1,172
TG Therapeutics Inc. (c) (e)		29		456
TherapeuticsMD Inc. (c) (e)		124		550
Theravance Biopharma Inc. (c) (e)		24		357
Theravance Inc. (e)		91		1,294
Thoratec Corp. (c)		61		1,965
Threshold Pharmaceuticals Inc. (c) (e)		47		151
Tokai Pharmaceuticals Inc. (c) (e)		6		84
Tornier BV (c)		37		955
TransEnterix Inc. (c) (e)		29		85
Triple-S Management Corp. - Class B (c)		28		676
TriVascular Technologies Inc. (c) (e)		8		95
Trupanion Inc. (c) (e)		13		92
Ultragenyx Pharmaceutical Inc. (c)		7		319
Unilife Corp. (c) (e)		112		374
Universal American Corp. (c)		44		410
US Physical Therapy Inc.		14		573
Utah Medical Products Inc.		4		251
Vanda Pharmaceuticals Inc. (c) (e)		37		535
Vascular Solutions Inc. (c)		20		531
Veracyte Inc. (c) (e)		7		68
Verastem Inc. (c) (e)		23		215
Versartis Inc. (c) (e)		7		158
Vitae Pharmaceuticals Inc. (c)		5		90
Vital Therapies Inc. (c)		5		131
Vivus Inc. (c) (e)		96		277
Vocera Communications Inc. (c)		22		228
Volcano Corp. (c)		58		1,036
WellCare Health Plans Inc. (c)		47		3,848
West Pharmaceutical Services Inc.		76		4,026
Wright Medical Group Inc. (c)		53		1,417
Xencor Inc. (c)		16		258
XenoPort Inc. (c)		59		518
XOMA Corp. (c) (e)		89		318
Zafgen Inc. (c) (e)		7		220
Zeltiq Aesthetics Inc. (c)		30		851
ZIOPHARM Oncology Inc. (c) (e)		95		481

	Shares/Par (t)		Value
Zogenix Inc. (c) (e)		115		158
ZS Pharma Inc. (c) (e)		7		294
				277,782
INDUSTRIALS - 14.1%
AAON Inc.		47		1,042
AAR Corp.		44		1,210
ABM Industries Inc.		61		1,755
Acacia Research Corp. (e)		56		948
ACCO Brands Corp. (c)		127		1,147
Accuride Corp. (c)		49		213
Aceto Corp.		31		666
Actuant Corp. - Class A		70		1,895
Advanced Drainage Systems Inc.		16		362
Advisory Board Co. (c)		40		1,974
Aegion Corp. (c)		41		755
AeroVironment Inc. (c)		21		566
Air Transport Services Group Inc. (c)		57		487
Aircastle Ltd.		69		1,474
Alamo Group Inc.		8		377
Albany International Corp. - Class A		32		1,200
Allegiant Travel Co.		15		2,262
Altra Holdings Inc.		30		846
Ameresco Inc. - Class A (c)		19		131
American Railcar Industries Inc. (e)		10		535
American Science & Engineering Inc.		9		473
American Woodmark Corp. (c)		14		569
Ampco-Pittsburgh Corp.		9		169
Apogee Enterprises Inc.		31		1,302
Applied Industrial Technologies Inc.		45		2,030
ARC Document Solutions Inc. (c)		47		485
ARC Group Worldwide Inc. (c) (e)		3		31
ArcBest Corp.		28		1,305
Argan Inc.		13		452
Astec Industries Inc.		20		793
Astronics Corp. (c)		21		1,134
Atlas Air Worldwide Holdings Inc. (c)		27		1,328
AZZ Inc.		28		1,310
Baltic Trading Ltd.		51		127
Barnes Group Inc.		59		2,171
Barracuda Networks Inc. (c)		8		296
Barrett Business Services Inc. (e)		7		201
Beacon Roofing Supply Inc. (c)		54		1,512
Belden Inc.		47		3,672
Benefitfocus Inc. (c) (e)		5		175
Blount International Inc. (c)		52		921
Brady Corp. - Class A		52		1,418
Briggs & Stratton Corp.		50		1,019
Brink’s Co.		54		1,311
Builders FirstSource Inc. (c)		51		350
CAI International Inc. (c)		19		448
Capstone Turbine Corp. (c) (e)		345		255
Casella Waste Systems Inc. - Class A (c)		47		192
CBIZ Inc. (c)		48		412
CDI Corp.		13		236
Ceco Environmental Corp. (e)		21		332
Celadon Group Inc.		23		515
Cenveo Inc. (c) (e)		69		145
Chart Industries Inc. (c)		33		1,116
Chase Corp.		6		233
Chegg Inc. (c) (e)		76		522
CIRCOR International Inc.		19		1,158
Civeo Corp.		100		410
CLARCOR Inc.		54		3,609
Columbus Mckinnon Corp.		20		568
Comfort Systems USA Inc.		41		698
Commercial Vehicle Group Inc. (c)		25		163
Continental Building Products Inc. (c)		15		263

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Control4 Corp. (c) (e)		12		182
Corporate Executive Board Co.		36		2,624
Covisint Corp. (c)		40		107
CRA International Inc. (c)		12		352
Cubic Corp.		22		1,181
Curtiss-Wright Corp.		52		3,637
Cvent Inc. (c)		19		516
Deluxe Corp.		53		3,327
DigitalGlobe Inc. (c)		83		2,570
Douglas Dynamics Inc.		23		485
Ducommun Inc. (c)		12		306
DXP Enterprises Inc. (c)		14		689
Dycom Industries Inc. (c)		37		1,314
Dynamic Materials Corp.		14		217
Echo Global Logistics Inc. (c)		25		724
EMCOR Group Inc.		72		3,196
Encore Capital Group Inc. (c) (e)		27		1,216
Encore Wire Corp.		23		847
Endurance International Group Holdings Inc. (c) (e)		32		584
Energy Recovery Inc. (c) (e)		46		245
EnerNOC Inc. (c)		30		456
EnerSys Inc.		50		3,091
Engility Holdings Inc. (c)		19		805
Ennis Inc.		29		396
Enphase Energy Inc. (c) (e)		22		319
EnPro Industries Inc. (c)		24		1,533
Erickson Inc. (c) (e)		3		28
ESCO Technologies Inc.		29		1,073
Esterline Technologies Corp. (c)		34		3,733
ExOne Co. (c) (e)		10		175
Exponent Inc.		14		1,153
Federal Signal Corp.		66		1,018
Forward Air Corp.		33		1,665
Franklin Covey Co. (c)		14		267
Franklin Electric Co. Inc.		52		1,941
FreightCar America Inc.		14		369
FTI Consulting Inc. (c)		45		1,744
FuelCell Energy Inc. (c) (e)		268		413
Furmanite Corp. (c)		39		305
G&K Services Inc. - Class A		21		1,517
GenCorp Inc. (c) (e)		64		1,168
Generac Holdings Inc. (c) (e)		74		3,439
General Cable Corp.		52		774
General Finance Corp. (c) (e)		12		115
Gibraltar Industries Inc. (c)		31		512
Gigamon Inc. (c) (e)		25		442
Global Brass & Copper Holdings Inc.		22		290
Global Power Equipment Group Inc.		19		267
Gogo Inc. (c) (e)		62		1,032
Gorman-Rupp Co.		21		663
GP Strategies Corp. (c)		13		453
GrafTech International Ltd. (c)		131		665
Graham Corp.		11		325
Granite Construction Inc.		42		1,615
Great Lakes Dredge & Dock Corp. (c)		61		518
Greenbrier Cos. Inc. (e)		29		1,572
Griffon Corp.		41		542
H&E Equipment Services Inc.		35		976
Harsco Corp.		86		1,622
Hawaiian Holdings Inc. (c)		48		1,258
Healthcare Services Group Inc.		77		2,390
Heartland Express Inc.		58		1,554
HEICO Corp. (e)		71		4,295
Heidrick & Struggles International Inc.		18		422
Heritage-Crystal Clean Inc. (c)		11		132
Herman Miller Inc.		65		1,921
Hill International Inc. (c) (e)		25		96

	Shares/Par (t)		Value
HNI Corp.		49		2,486
Houston Wire & Cable Co.		17		209
HUB Group Inc. - Class A (c)		40		1,509
Hurco Cos. Inc.		7		249
Huron Consulting Group Inc. (c)		25		1,741
Hyster-Yale Materials Handling Inc. - Class A		11		803
ICF International Inc. (c)		22		885
II-VI Inc. (c)		58		792
InnerWorkings Inc. (c)		38		293
Insperity Inc.		26		865
Insteel Industries Inc.		21		484
Interface Inc.		71		1,161
International Shipholding Corp. (e)		7		108
JetBlue Airways Corp. (c)		266		4,217
John Bean Technologies Corp.		32		1,050
Kadant Inc.		13		540
Kaman Corp. - Class A (e)		31		1,224
Kelly Services Inc. - Class A		30		503
Keyw Holding Corp. (c) (e)		36		372
Kforce Inc.		27		646
Kimball International Inc. - Class B		37		336
Knight Transportation Inc.		66		2,218
Knoll Inc.		51		1,073
Korn/Ferry International (c)		53		1,534
Kratos Defense & Security Solutions Inc. (c)		49		248
Layne Christensen Co. (c) (e)		22		213
LB Foster Co.		11		513
Lindsay Corp. (e)		13		1,100
LMI Aerospace Inc. (c) (e)		14		192
LSI Industries Inc.		20		137
Lydall Inc. (c) (e)		18		577
Manitex International Inc. (c) (e)		17		212
Marten Transport Ltd.		26		577
Masonite International Corp. (c) (e)		33		1,998
MasTec Inc. (c)		72		1,630
Matson Inc.		47		1,615
McGrath RentCorp		28		995
Meritor Inc. (c)		105		1,589
Miller Industries Inc. (e)		11		237
Mistras Group Inc. (c)		18		331
Mobile Mini Inc.		51		2,083
Moog Inc. - Class A (c)		45		3,303
MSA Safety Inc.		32		1,685
Mueller Industries Inc.		60		2,063
Mueller Water Products Inc. - Class A		173		1,768
Multi-Color Corp.		14		762
MYR Group Inc. (c)		22		598
NACCO Industries Inc. - Class A		5		285
National Presto Industries Inc. (e)		5		316
Navigant Consulting Inc. (c)		52		807
Navios Maritime Holdings Inc.		81		332
NCI Building Systems Inc. (c)		30		548
Neff Corp. (c)		10		114
NL Industries Inc.		7		58
NN Inc.		17		355
Norcraft Cos. Inc. (c)		8		148
Nortek Inc. (c)		10		802
Northwest Pipe Co. (c)		11		345
Omega Flex Inc.		1		37
On Assignment Inc. (c)		60		1,991
Orbital Sciences Corp. (c)		64		1,728
Orion Marine Group Inc. (c)		28		306
P.A.M. Transportation Services (c) (e)		3		177
Park-Ohio Holdings Corp.		10		638
Patrick Industries Inc. (c)		9		417
Paylocity Holding Corp. (c)		9		222
Pendrell Corp. (c)		184		254
Performant Financial Corp. (c)		36		237

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
PGT Inc. (c)		50		479
Plug Power Inc. (c) (e)		187		561
Ply Gem Holdings Inc. (c)		26		359
Polypore International Inc. (c) (e)		50		2,330
Powell Industries Inc.		10		495
Power Solutions International Inc. (c) (e)		5		241
PowerSecure International Inc. (c)		25		286
Preformed Line Products Co.		3		165
Primoris Services Corp.		40		925
Proto Labs Inc. (c) (e)		25		1,682
Quad/Graphics Inc. - Class A		31		719
Quality Distribution Inc. (c)		29		306
Quanex Building Products Corp.		41		762
Quest Resource Holding Corp. (c) (e)		13		19
Raven Industries Inc.		40		996
RBC Bearings Inc.		26		1,663
Republic Airways Holdings Inc. (c)		54		785
Resources Connection Inc.		42		689
Revolution Lighting Technologies Inc (c) (e)		26		35
Rexnord Corp. (c)		83		2,331
Roadrunner Transportation Systems Inc. (c)		29		683
Rocket Fuel Inc. (c) (e)		19		305
RPX Corp. (c)		56		765
Rush Enterprises Inc. - Class A (c)		37		1,175
Safe Bulkers Inc.		40		155
Saia Inc. (c)		26		1,442
Scorpio Bulkers Inc. (c)		145		286
Seaboard Corp. (c) (e)		—		1,272
SIFCO Industries Inc.		3		78
Simpson Manufacturing Co. Inc.		46		1,575
SkyWest Inc.		54		717
SP Plus Corp. (c)		15		387
Sparton Corp. (c)		13		356
Standex International Corp.		14		1,084
Steelcase Inc. - Class A		88		1,582
Sterling Construction Co. Inc. (c)		24		156
Stock Building Supply Holdings Inc. (c)		15		233
Sun Hydraulics Corp.		24		960
Swift Transporation Co. - Class A (c)		91		2,607
TAL International Group Inc. (e)		36		1,579
Taser International Inc. (c) (e)		56		1,493
TCP International Holdings Ltd. (c)		11		65
Team Inc. (c)		21		862
Teledyne Technologies Inc. (c)		40		4,126
Tennant Co.		20		1,456
Tetra Tech Inc.		69		1,849
Textainer Group Holdings Ltd. (e)		24		833
Textura Corp. (c) (e)		19		547
Thermon Group Holdings Inc. (c)		34		818
Titan International Inc. (e)		47		503
Titan Machinery Inc. (c) (e)		20		273
Tremor Video Inc. (c) (e)		37		107
Trex Co. Inc. (c)		36		1,513
TriMas Corp. (c)		48		1,504
TriNet Group Inc. (c)		16		500
TrueBlue Inc. (c)		46		1,022
Tutor Perini Corp. (c)		41		984
Twin Disc Inc.		9		188
Ultrapetrol Ltd. (c)		19		40
UniFirst Corp.		16		1,911
United Stationers Inc.		42		1,772
Universal Forest Products Inc.		22		1,160
Universal Truckload Services Inc.		5		155
US Ecology Inc.		23		925
USA Truck Inc. (c) (e)		7		186
UTi Worldwide Inc. (c)		102		1,228
Viad Corp.		21		563
Vicor Corp. (c)		16		188

	Shares/Par (t)		Value
Virgin America Inc. (c)		15		643
VSE Corp. (e)		4		271
Wabash National Corp. (c)		78		959
WageWorks Inc. (c)		37		2,411
Watsco Inc.		28		3,010
Watts Water Technologies Inc. - Class A		31		1,939
Werner Enterprises Inc.		48		1,486
WESCO Aircraft Holdings Inc. (c)		55		775
West Corp.		43		1,411
Wix.com Ltd. (c) (e)		14		304
Woodward Governor Co.		71		3,489
Xerium Technologies Inc. (c)		14		225
XPO Logistics Inc. (c) (e)		58		2,363
YRC Worldwide Inc. (c)		34		761
YuMe Inc. (c) (e)		27		137
				271,073
INFORMATION TECHNOLOGY - 17.0%
A10 Networks Inc. (c)		13		56
ACI Worldwide Inc. (c)		121		2,449
Actuate Corp. (c)		47		313
Acxiom Corp. (c)		85		1,725
ADTRAN Inc.		60		1,314
Advanced Energy Industries Inc. (c)		43		1,026
Advent Software Inc.		57		1,739
Aerohive Networks Inc. (c)		10		47
Agilysys Inc. (c)		15		191
Alliance Fiber Optic Products Inc.		14		196
Alpha & Omega Semiconductor Ltd. (c)		27		243
Ambarella Inc. (c) (e)		32		1,619
Amber Road Inc. (c)		9		93
American Software Inc. - Class A		26		240
Amkor Technology Inc. (c)		90		641
Angie’s List Inc. (c) (e)		44		275
Anixter International Inc.		29		2,560
Applied Micro Circuits Corp. (c) (e)		83		542
Applied Optoelectronics Inc. (c) (e)		15		171
Aruba Networks Inc. (c)		116		2,109
Aspen Technology Inc. (c)		98		3,445
Audience Inc. (c) (e)		15		66
AVG Technologies NV (c)		37		723
Axcelis Technologies Inc. (c)		132		339
Badger Meter Inc.		16		933
Bankrate Inc. (c)		71		877
Bazaarvoice Inc. (c) (e)		53		423
Bel Fuse Inc. - Class B		10		284
Benchmark Electronics Inc. (c)		58		1,463
Black Box Corp.		18		435
Blackbaud Inc.		50		2,154
Blackhawk Network Holdings Inc. - Class A (c) (e)		56		2,184
Blucora Inc. (c)		46		641
Borderfree Inc. (c)		6		54
Bottomline Technologies Inc. (c)		41		1,048
Brightcove Inc. (c) (e)		32		246
BroadSoft Inc. (c)		32		932
Brooks Automation Inc.		70		889
Cabot Microelectronics Corp. (c)		26		1,218
CACI International Inc. - Class A (c)		26		2,223
CalAmp Corp. (c) (e)		39		708
Calix Inc. (c)		44		440
Callidus Software Inc. (c)		52		845
Carbonite Inc. (c)		19		269
Cardtronics Inc. (c)		47		1,830
Care.com Inc. (c)		7		60
Cascade Microtech Inc. (c)		13		194
Cass Information Systems Inc.		13		698
Cavium Inc. (c)		56		3,490

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Ceva Inc. (c)		25		453
ChannelAdvisor Corp. (c) (e)		21		461
Checkpoint Systems Inc. (c)		45		624
Ciber Inc. (c)		76		269
Ciena Corp. (c)		116		2,249
Cinedigm Corp. (c) (e)		79		128
Cirrus Logic Inc. (c)		68		1,594
Clearfield Inc. (c) (e)		12		145
Cognex Corp. (c)		94		3,883
Coherent Inc. (c)		27		1,653
Cohu Inc.		29		347
CommVault Systems Inc. (c)		52		2,668
Computer Task Group Inc.		18		169
comScore Inc. (c)		38		1,762
Comtech Telecommunications Corp.		16		491
Comverse Inc. (c)		25		462
Constant Contact Inc. (c)		34		1,244
Convergys Corp.		108		2,205
Cornerstone OnDemand Inc. (c) (e)		56		1,986
Cray Inc. (c) (e)		45		1,539
CSG Systems International Inc.		38		959
CTS Corp.		36		635
CUI Global Inc. (c) (e)		21		159
Cyan Inc. (c) (e)		29		73
Cypress Semiconductor Corp. (e)		168		2,395
Daktronics Inc.		41		514
Datalink Corp. (c)		22		283
Dealertrack Technologies Inc. (c)		57		2,530
Demand Media Inc. (c)		8		49
Demandware Inc. (c)		33		1,908
Dice Holdings Inc. (c)		46		458
Digi International Inc. (c) (e)		31		290
Digimarc Corp. (e)		6		174
Digital River Inc. (c)		34		832
Diodes Inc. (c)		38		1,047
Dot Hill Systems Corp. (c) (e)		62		273
DSP Group Inc. (c)		21		228
DTS Inc. (c)		17		535
E2open Inc. (c) (e)		24		235
EarthLink Holdings Corp.		107		471
Eastman Kodak Co. (c)		18		390
Ebix Inc. (e)		35		595
Electro Rent Corp.		16		221
Electro Scientific Industries Inc.		24		190
Electronics for Imaging Inc. (c)		50		2,134
Ellie Mae Inc. (c)		31		1,247
Emulex Corp. (c)		71		405
Entegris Inc. (c)		149		1,971
Entropic Communications Inc. (c) (e)		101		256
Envestnet Inc. (c)		38		1,849
EPAM Systems Inc. (c)		39		1,876
EPIQ Systems Inc.		35		604
ePlus Inc. (c)		5		414
Euronet Worldwide Inc. (c)		54		2,986
EVERTEC Inc.		73		1,608
Everyday Health Inc. (c)		8		113
Exar Corp. (c)		39		402
ExlService Holdings Inc. (c)		36		1,030
Extreme Networks (c)		106		375
Fabrinet (c)		37		659
Fair Isaac Corp.		34		2,485
Fairchild Semiconductor International Inc. (c)		133		2,244
FARO Technologies Inc. (c)		19		1,173
FEI Co.		45		4,084
Finisar Corp. (c)		107		2,074
Five9 Inc. (c) (e)		12		56
FleetMatics Group Plc (c) (e)		41		1,468
FormFactor Inc. (c)		61		525

	Shares/Par (t)		Value
Forrester Research Inc.		12		460
Global Cash Access Holdings Inc. (c)		69		493
Global Eagle Entertainment Inc. (c) (e)		40		549
Globant SA (c)		7		109
Glu Mobile Inc. (c) (e)		95		372
GrubHub Inc. (c)		9		330
GSI Group Inc. (c)		36		530
GTT Communications Inc. (c)		15		194
Guidance Software Inc. (c) (e)		17		124
Guidewire Software Inc. (c)		73		3,677
Hackett Group Inc.		26		229
Harmonic Inc. (c)		101		711
Heartland Payment Systems Inc.		38		2,063
Higher One Holdings Inc. (c)		30		125
HubSpot Inc. (c) (e)		6		187
iGate Corp. (c)		41		1,608
Immersion Corp. (c)		32		298
Imperva Inc. (c)		25		1,221
Imprivata Inc. (c)		6		80
Infinera Corp. (c)		131		1,923
Infoblox Inc. (c)		59		1,196
Information Services Group Inc. (c) (e)		34		143
Inphi Corp. (c)		36		663
Insight Enterprises Inc. (c)		46		1,184
Integrated Device Technology Inc. (c)		142		2,792
Integrated Silicon Solutions Inc.		32		534
Interactive Intelligence Group (c)		17		837
InterDigital Inc.		40		2,120
Internap Corp. (c)		60		481
International Rectifier Corp. (c)		76		3,035
Intersil Corp. - Class A		137		1,976
Intevac Inc. (c) (e)		25		192
IntraLinks Holdings Inc. (c)		42		495
InvenSense Inc. (c) (e)		75		1,222
Itron Inc. (c)		42		1,774
Ixia (c)		64		722
IXYS Corp.		28		351
j2 Global Inc.		51		3,147
Jive Software Inc. (c)		43		262
Kemet Corp. (c)		45		188
Kimball Electronics Inc. (c)		28		332
Kofax Ltd. (c) (e)		75		530
Kopin Corp. (c) (e)		79		284
KVH Industries Inc. (c)		18		229
Lattice Semiconductor Corp. (c)		127		873
Limelight Networks Inc. (c)		54		151
Lionbridge Technologies Inc. (c)		68		392
Liquidity Services Inc. (c) (e)		26		211
Littelfuse Inc.		24		2,317
LivePerson Inc. (c)		56		795
LogMeIn Inc. (c)		27		1,325
Loral Space & Communications Inc. (c)		14		1,084
Luxoft Holding Inc. - Class A (c)		8		318
M/A-COM Technology Solutions Holdings Inc. (c)		13		394
Manhattan Associates Inc. (c)		81		3,297
Mantech International Corp. - Class A		26		789
Marchex Inc. - Class B		29		131
Marin Software Inc. (c)		27		230
Marketo Inc. (c)		26		865
Mavenir Systems Inc. (c)		10		136
MAXIMUS Inc.		72		3,970
MaxLinear Inc. - Class A (c)		30		224
Maxwell Technologies Inc. (c) (e)		30		276
Mentor Graphics Corp.		103		2,259
Mercury Systems Inc. (c)		37		516
Mesa Laboratories Inc. (e)		3		257
Methode Electronics Inc.		42		1,522

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Micrel Inc.		51		741
Microsemi Corp. (c)		101		2,876
MicroStrategy Inc. - Class A (c)		10		1,613
Millennial Media Inc. (c) (e)		78		126
MKS Instruments Inc.		57		2,089
MobileIron Inc. (c)		13		127
MODEL N Inc. (c)		20		215
ModusLink Global Solutions Inc. (c) (e)		47		178
MoneyGram International Inc. (c)		31		279
Monolithic Power Systems Inc.		41		2,048
Monotype Imaging Holdings Inc.		42		1,209
Monster Worldwide Inc. (c)		94		432
MTS Systems Corp.		16		1,213
Multi-Fineline Electronix Inc. (c)		8		84
Nanometrics Inc. (c)		26		440
NetGear Inc. (c)		39		1,385
NetScout Systems Inc. (c)		39		1,413
NeuStar Inc. - Class A (c) (e)		61		1,703
Newport Corp. (c)		43		818
NIC Inc.		73		1,308
Nimble Storage Inc. (c) (e)		9		259
Numerex Corp. - Class A (c) (e)		17		189
NVE Corp. (c)		6		412
Oclaro Inc. (c)		97		172
Omnivision Technologies Inc. (c)		62		1,612
OPOWER Inc. (c) (e)		8		112
OSI Systems Inc. (c)		21		1,505
Park City Group Inc. (c) (e)		10		90
Park Electrochemical Corp.		23		578
ParkerVision Inc. (c) (e)		101		92
Paycom Software Inc. (c)		7		174
PC Connection Inc.		11		272
PDF Solutions Inc. (c)		32		480
Pegasystems Inc.		38		791
Perficient Inc. (c)		38		713
Pericom Semiconductor Corp. (c)		23		317
Photronics Inc. (c)		70		579
Plantronics Inc.		47		2,466
Plexus Corp. (c)		37		1,538
PMC - Sierra Inc. (c)		186		1,700
Polycom Inc. (c)		152		2,056
Power Integrations Inc.		32		1,677
PRG-Schultz International Inc. (c)		28		160
Procera Networks Inc. (c) (e)		21		148
Progress Software Corp. (c)		54		1,467
Proofpoint Inc. (c)		41		1,971
PROS Holdings Inc. (c)		26		701
Q2 Holdings Inc. (c)		10		189
QAD Inc. - Class A		6		136
QLIK Technologies Inc. (c)		96		2,954
QLogic Corp. (c)		98		1,301
Qualys Inc. (c)		21		800
Quantum Corp. (c) (e)		241		424
QuickLogic Corp. (c)		57		178
QuinStreet Inc. (c)		36		217
Rally Software Development Corp. (c)		26		295
Rambus Inc. (c)		121		1,337
RealD Inc. (c)		46		543
RealNetworks Inc. (c)		28		199
RealPage Inc. (c)		55		1,207
Reis Inc.		10		270
RF Micro Devices Inc. (c)		306		5,083
Rightside Group Ltd. (c)		8		54
Rofin-Sinar Technologies Inc. (c)		31		900
Rogers Corp. (c)		19		1,572
Rosetta Stone Inc. (c)		22		219
Rubicon Project Inc. (c)		8		130
Rubicon Technology Inc. (c) (e)		22		99

	Shares/Par (t)		Value
Ruckus Wireless Inc. (c)		68		819
Rudolph Technologies Inc. (c)		37		378
Sanmina Corp. (c)		90		2,110
Sapiens International Corp. NV (c)		22		162
Sapient Corp. (c)		123		3,070
ScanSource Inc. (c)		31		1,229
Science Applications International Corp.		43		2,121
SciQuest Inc. (c)		28		402
SeaChange International Inc. (c)		34		216
Semtech Corp. (c)		72		1,992
ServiceSource International Inc. (c)		84		393
ShoreTel Inc. (c)		66		485
Silicon Graphics International Corp. (c) (e)		35		400
Silicon Image Inc. (c)		86		477
Silicon Laboratories Inc. (c)		48		2,278
Silver Spring Networks Inc. (c) (e)		36		302
Sonus Networks Inc. (c)		259		1,027
Spansion Inc. (c)		64		2,181
Speed Commerce Inc. (c) (e)		55		170
SPS Commerce Inc. (c)		17		957
SS&C Technologies Holdings Inc.		73		4,261
Stamps.com Inc. (c)		16		773
Super Micro Computer Inc. (c)		38		1,338
Sykes Enterprises Inc. (c)		43		1,009
Synaptics Inc. (c)		38		2,642
Synchronoss Technologies Inc. (c)		39		1,628
SYNNEX Corp.		30		2,370
Syntel Inc. (c)		34		1,519
Take-Two Interactive Software Inc. (c)		90		2,515
Tangoe Inc. (c)		41		533
TechTarget Inc. (c)		21		235
TeleCommunication Systems Inc. - Class A (c)		42		131
TeleNav Inc. (c)		29		194
TeleTech Holdings Inc. (c)		19		445
Tessco Technologies Inc.		7		199
Tessera Technologies Inc.		57		2,031
TiVo Inc. (c)		111		1,310
Travelzoo Inc. (c)		8		96
TriQuint Semiconductor Inc. (c)		183		5,054
TrueCar Inc. (c) (e)		8		181
Trulia Inc. (c) (e)		39		1,805
TTM Technologies Inc. (c)		58		437
TubeMogul Inc. (c) (e)		6		128
Tyler Technologies Inc. (c)		35		3,864
Ubiquiti Networks Inc. (e)		33		981
Ultimate Software Group Inc. (c)		30		4,456
Ultra Clean Holdings Inc. (c)		28		263
Ultratech Inc. (c)		31		584
Unisys Corp. (c)		54		1,591
Universal Display Corp. (c) (e)		45		1,255
Unwired Planet Inc. (c)		97		97
Varonis Systems Inc. (c) (e)		6		190
VASCO Data Security International Inc. (c) (e)		33		933
Veeco Instruments Inc. (c)		44		1,532
Verint Systems Inc. (c)		64		3,727
ViaSat Inc. (c) (e)		44		2,782
Viasystems Group Inc. (c)		2		39
Violin Memory Inc. (c) (e)		83		397
VirnetX Holding Corp. (c) (e)		44		239
Virtusa Corp. (c)		28		1,146
Vishay Precision Group Inc. (c)		13		222
Vitesse Semiconductor Corp. (c) (e)		70		265
Vringo Inc. (c) (e)		82		45
Web.com Group Inc. (c)		55		1,040
WebMD Health Corp. - Class A (c) (e)		43		1,694
WEX Inc. (c)		41		4,103
Xcerra Corp. (c)		55		505
XO Group Inc. (c)		30		553

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Xoom Corp. (c) (e)		32		557
Yodlee Inc. (c)		7		83
Zendesk Inc. (c)		12		282
Zixit Corp. (c)		63		226
				327,067
MATERIALS - 4.5%
A. Schulman Inc.		31		1,263
Advanced Emissions Solutions Inc. (c)		25		566
AEP Industries Inc. (c)		5		286
AK Steel Holding Corp. (c) (e)		187		1,113
Allied Nevada Gold Corp. (c) (e)		124		108
AM Castle & Co. (c) (e)		20		160
American Vanguard Corp. (e)		30		343
Axiall Corp.		75		3,172
Balchem Corp.		34		2,233
Berry Plastics Group Inc. (c)		96		3,027
Boise Cascade Co. (c)		44		1,619
Calgon Carbon Corp. (c)		59		1,233
Century Aluminum Co. (c)		56		1,377
Chemtura Corp. (c) (e)		92		2,270
Clearwater Paper Corp. (c)		22		1,495
Coeur d’Alene Mines Corp. (c) (e)		107		548
Commercial Metals Co.		128		2,081
Deltic Timber Corp.		12		843
Ferro Corp. (c)		80		1,033
Flotek Industries Inc. (c)		57		1,068
FutureFuel Corp.		24		311
Globe Specialty Metals Inc.		71		1,218
Gold Resource Corp.		38		127
Graphic Packaging Holding Co. (c)		350		4,768
Handy & Harman Ltd. (c)		4		167
Hawkins Inc.		11		465
Haynes International Inc.		13		620
HB Fuller Co.		53		2,378
Headwaters Inc. (c)		80		1,199
Hecla Mining Co.		376		1,048
Horsehead Holding Corp. (c) (e)		57		909
Innophos Holdings Inc.		24		1,408
Innospec Inc.		27		1,135
Intrepid Potash Inc. (c) (e)		62		862
Kaiser Aluminum Corp.		19		1,376
KapStone Paper and Packaging Corp.		90		2,644
KMG Chemicals Inc.		12		250
Koppers Holdings Inc.		24		611
Kraton Performance Polymers Inc. (c)		36		741
Kronos Worldwide Inc.		21		277
Landec Corp. (c)		29		406
Louisiana-Pacific Corp. (c) (e)		152		2,525
LSB Industries Inc. (c)		21		658
Marrone Bio Innovations Inc. (c) (e)		6		20
Materion Corp.		23		804
Minerals Technologies Inc.		37		2,604
Molycorp Inc. (c) (e)		227		200
Myers Industries Inc.		31		544
Neenah Paper Inc.		18		1,055
Noranda Aluminium Holding Corp.		50		175
Olin Corp.		84		1,918
Olympic Steel Inc.		9		165
OM Group Inc.		35		1,045
Omnova Solutions Inc. (c)		48		387
P.H. Glatfelter Co.		47		1,203
PolyOne Corp.		101		3,815
Quaker Chemical Corp.		14		1,282
Resolute Forest Products (c)		70		1,227
RTI International Metals Inc. (c)		33		828
Ryerson Holding Corp. (c)		11		113
Schnitzer Steel Industries Inc. - Class A (e)		28		642

	Shares/Par (t)		Value
Schweitzer-Mauduit International Inc.		32		1,374
Senomyx Inc. (c) (e)		43		260
Sensient Technologies Corp.		53		3,186
Stepan Co.		21		829
Stillwater Mining Co. (c)		128		1,889
SunCoke Energy Inc.		71		1,380
Trecora Resources (c)		22		320
Tredegar Corp.		27		606
Trinseo SA (c) (e)		12		207
Tronox Ltd. - Class A		68		1,623
UFP Technologies Inc. (c)		5		121
United States Lime & Minerals Inc. (e)		2		132
Universal Stainless & Alloy Products Inc. (c)		8		206
US Concrete Inc. (c) (e)		16		459
US Silica Holdings Inc. (e)		59		1,518
Walter Industries Inc.		65		90
Wausau Paper Corp.		45		514
Worthington Industries Inc.		55		1,651
Zep Inc.		26		389
				86,722
TELECOMMUNICATION SERVICES - 0.8%
8x8 Inc. (c)		99		906
Atlantic Tele-Network Inc.		10		681
Boingo Wireless Inc. (c)		31		236
Cincinnati Bell Inc. (c)		228		726
Cogent Communications Holdings Inc.		50		1,759
Consolidated Communications Holdings Inc. (e)		53		1,481
Fairpoint Communications Inc. (c)		25		356
General Communication Inc. - Class A (c)		41		570
Globalstar Inc. (c) (e)		310		852
Hawaiian Telcom Holdco Inc. (c) (e)		10		288
IDT Corp. - Class B		18		358
inContact Inc. (c)		69		608
Inteliquent Inc.		37		720
Intelsat SA (c) (e)		28		483
Iridium Communications Inc. (c) (e)		85		831
Leap Wireless International Inc. (c) (f)		61		154
Lumos Networks Corp.		22		373
magicJack VocalTec Ltd. (c) (e)		22		181
NTELOS Holdings Corp. (e)		18		73
ORBCOMM Inc. (c)		58		376
Premiere Global Services Inc. (c)		49		526
RingCentral Inc. - Class A (c)		29		431
Safeguard Scientifics Inc. (c)		22		431
Shenandoah Telecommunications Co.		25		782
Spok Holdings Inc.		23		397
Vonage Holdings Corp. (c)		198		753
				15,332
UTILITIES - 3.5%
Abengoa Yield Plc (e)		32		872
Allete Inc.		48		2,625
American States Water Co.		42		1,593
Artesian Resources Corp. - Class A		8		185
Atlantic Power Corp.		130		351
Avista Corp.		65		2,299
Black Hills Corp.		48		2,522
California Water Service Group		51		1,255
Chesapeake Utilities Corp.		15		762
Cleco Corp.		64		3,518
Connecticut Water Services Inc.		12		446
Dynegy Inc. (c)		131		3,989
El Paso Electric Co.		43		1,722
Empire District Electric Co. (e)		46		1,355
IDACORP Inc.		54		3,558
Laclede Group Inc.		46		2,443

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
MGE Energy Inc.		37		1,686
Middlesex Water Co.		18		416
New Jersey Resources Corp.		46		2,790
Northwest Natural Gas Co. (e)		30		1,474
NorthWestern Corp.		50		2,807
NRG Yield Inc. - Class A		25		1,187
ONE Gas Inc.		55		2,281
Ormat Technologies Inc. (e)		19		527
Otter Tail Corp.		40		1,232
Pattern Energy Group Inc. - Class A (e)		44		1,084
Piedmont Natural Gas Co. Inc.		83		3,280
PNM Resources Inc.		87		2,578
Portland General Electric Co.		83		3,158
SJW Corp.		17		559
South Jersey Industries Inc.		36		2,140
Southwest Gas Corp.		50		3,085
Spark Energy Inc. - Class A		4		58
TerraForm Power Inc. - Class A (e)		24		736
UIL Holdings Corp.		62		2,683
Unitil Corp.		14		511
WGL Holdings Inc.		56		3,082
York Water Co. (e)		13		297
				67,146
Total Common Stocks (cost $1,465,675)				1,900,060
RIGHTS - 0.0%
Furiex Pharmaceuticals Inc. (c) (f)		8		74
Providence Services Corp. (c) (f)		12		—
Trius Therapeutics Inc. (c) (f)		8		—
Total Rights (cost $74)				74
WARRANTS - 0.0%
Magnum Hunter Resources Corp. (c) (e) (f)		19		—
Total Warrants (cost $0)				—
OTHER EQUITY INTERESTS - 0.0%
Gerber Scientific Inc. (c) (e) (f) (u)		19		—
Total Other Equity Interests (cost $0)				—
SHORT TERM INVESTMENTS - 12.3%
Investment Company - 0.9%
JNL Money Market Fund, 0.01% (a) (h)		16,803		16,803
Securities Lending Collateral - 11.3%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		216,971		216,971
Treasury Securities - 0.1%
U.S. Treasury Bill
0.02%, 03/12/15 (o)	$	660		660
0.08%, 06/04/15 (o)		340		340
				1,000
Total Short Term Investments (cost $234,774)				234,774
Total Investments - 111.3% (cost $1,700,523)				2,134,908
Other Assets and Liabilities, Net - (11.3%)				(217,107	)
Total Net Assets - 100.0%			$	1,917,801
JNL/Mellon Capital International Index Fund
COMMON STOCKS - 96.2%
AUSTRALIA - 7.2%
AGL Energy Ltd.		117	$	1,276
ALS Ltd.		67		292
Alumina Ltd. (c)		442		638

	Shares/Par (t)		Value
Amcor Ltd.		216		2,381
AMP Ltd.		508		2,264
APA Group		152		917
Asciano Group		161		790
ASX Ltd.		33		986
Aurizon Holdings Ltd.		372		1,394
AusNet Services (e)		350		378
Australia & New Zealand Banking Group Ltd.		478		12,433
Bank of Queensland Ltd.		68		667
Bendigo and Adelaide Bank Ltd. (e)		78		814
BHP Billiton Ltd.		560		13,230
Boral Ltd.		150		645
Brambles Ltd.		272		2,344
Caltex Australia Ltd.		26		716
Coca-Cola Amatil Ltd.		100		754
Cochlear Ltd. (e)		9		591
Commonwealth Bank of Australia		283		19,632
Computershare Ltd.		84		804
Crown Resorts Ltd.		67		692
CSL Ltd.		83		5,831
Dexus Property Group		152		858
Federation Centres Ltd.		265		616
Flight Centre Travel Group Ltd. (e)		10		276
Fortescue Metals Group Ltd. (e)		269		590
Goodman Group		303		1,399
GPT Group		315		1,116
Harvey Norman Holdings Ltd. (e)		87		237
Healthscope Ltd. (c)		191		421
Iluka Resources Ltd.		72		343
Incitec Pivot Ltd.		310		801
Insurance Australia Group Ltd.		412		2,090
Leighton Holdings Ltd.		18		331
Lend Lease Corp. Ltd.		102		1,358
Macquarie Group Ltd.		50		2,343
Medibank Private Ltd. (c)		481		945
Metcash Ltd. (e)		144		217
Mirvac Group		627		907
National Australia Bank Ltd.		410		11,174
Newcrest Mining Ltd. (c)		141		1,245
Novion Property Group		379		651
Orica Ltd. (e)		64		979
Origin Energy Ltd.		190		1,796
Qantas Airways Ltd. (c)		165		320
QBE Insurance Group Ltd.		237		2,153
Ramsay Health Care Ltd. (e)		25		1,136
REA Group Ltd.		9		315
Rio Tinto Ltd.		75		3,533
Santos Ltd. (e)		169		1,128
Scentre Group (c)		916		2,596
Seek Ltd.		58		809
Sonic Health Care Ltd.		71		1,066
Stockland		399		1,334
Suncorp Group Ltd.		222		2,531
Sydney Airport		194		741
Tabcorp Holdings Ltd.		142		478
Tatts Group Ltd.		275		773
Telstra Corp. Ltd.		772		3,747
Toll Holdings Ltd.		117		557
TPG Telecom Ltd.		48		261
Transurban Group		319		2,226
Treasury Wine Estates Ltd.		113		436
Wesfarmers Ltd.		195		6,608
Westfield Corp.		339		2,483
Westpac Banking Corp. (e)		542		14,567
Woodside Petroleum Ltd.		132		4,068
Woolworths Ltd. (e)		218		5,425
WorleyParsons Ltd.		34		279
				160,732

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
AUSTRIA - 0.2%
Andritz AG		14		756
Erste Group Bank AG		49		1,138
IMMOFINANZ AG (c)		170		429
OMV AG		27		725
Raiffeisen International Bank Holding AG		20		310
Vienna Insurance Group AG Wiener Versicherung Gruppe		7		330
Voestalpine AG		21		816
				4,504
BELGIUM - 1.3%
Ageas		41		1,445
Anheuser-Busch InBev NV		140		15,761
Belgacom SA (e)		27		985
Colruyt SA (e)		13		628
Delhaize Group		19		1,373
Groupe Bruxelles Lambert SA		15		1,250
Groupe Bruxelles Lambert SA VVPR Strip (c) (f)		—		—
KBC Groep NV (c)		43		2,399
Solvay SA		10		1,414
Telenet Group Holding NV (c)		8		466
UCB SA		22		1,691
Umicore		18		723
				28,135
DENMARK - 1.5%
A P Moller - Maersk A/S - Class A		1		1,290
A P Moller - Maersk A/S - Class B		1		2,514
Carlsberg A/S - Class B		19		1,471
Coloplast A/S		20		1,686
Danske Bank A/S		113		3,055
DSV A/S		32		987
ISS A/S (c)		16		451
Novo Nordisk A/S		350		14,786
Novozymes A/S - Class B		41		1,720
Pandora A/S		21		1,714
TDC A/S		147		1,124
TrygVesta A/S		4		419
Vestas Wind Systems A/S (c)		41		1,486
William Demant Holding A/S (c)		3		260
				32,963
FINLAND - 0.9%
Elisa Oyj		24		645
Fortum Oyj		76		1,647
Kone Oyj - Class B (e)		56		2,535
Metso Oyj		19		558
Neste Oil Oyj		19		472
Nokia Oyj		649		5,133
Nokian Renkaat Oyj (e)		20		492
Orion Oyj - Class B		17		530
Sampo Oyj - Class A		77		3,614
Stora Enso Oyj		96		855
UPM-Kymmene Oyj		93		1,527
Wartsila Oyj Abp (e)		26		1,171
				19,179
FRANCE - 8.9%
Accor SA		31		1,413
Aeroports de Paris		5		665
Air Liquide		60		7,396
Alcatel-Lucent (c)		498		1,783
Alstom SA (c)		37		1,179
Arkema SA		11		712
Atos Origin SA		14		1,104
AXA SA		315		7,269

	Shares/Par (t)		Value
BNP Paribas		184		10,876
Bollore SA (e)		94		426
Bouygues SA		29		1,064
Bureau Veritas SA		41		908
Cap Gemini SA		25		1,816
Carrefour SA		109		3,314
Casino Guichard Perrachon SA		10		909
Christian Dior SA		9		1,604
Cie de Saint-Gobain		79		3,344
Cie Generale d’Optique Essilor International SA		35		3,928
CNP Assurances SA		28		489
Compagnie Generale des Etablissements Michelin		33		2,994
Credit Agricole SA		172		2,221
Danone SA		100		6,568
Dassault Systemes SA		23		1,407
Edenred		35		981
Electricite de France SA		44		1,220
Eurazeo		7		510
Eutelsat Communications Group SA		26		836
Fonciere Des Regions		5		494
GDF Suez		251		5,856
Gecina SA		5		611
Groupe Eurotunnel SA		82		1,064
Hermes International SCA (e)		4		1,445
Icade SA		7		555
Iliad SA		4		1,066
Imerys SA		7		490
JC Decaux SA		12		424
Kering SA		13		2,504
Klepierre (e)		18		761
L’Oreal SA		44		7,304
Lafarge SA		33		2,338
Lagardere SCA		20		512
Legrand SA		46		2,394
LVMH Moet Hennessy Louis Vuitton SA		49		7,695
Natixis		164		1,084
Numericable SFR (c)		17		842
Orange SA		328		5,578
Pernod-Ricard SA		37		4,082
Peugeot SA (c)		68		838
Publicis Groupe SA		32		2,286
Remy Cointreau SA (e)		4		268
Renault SA		33		2,406
Rexel SA		47		835
Safran SA		48		2,965
Sanofi SA		207		18,851
Schneider Electric SA		91		6,593
SCOR SE		27		804
Societe BIC SA		5		624
Societe Generale		125		5,229
Sodexo SA		16		1,594
Suez Environnement SA		47		822
Technip SA		18		1,064
Thales SA		16		852
Total SA		373		19,112
Unibail-Rodamco SE		17		4,410
Valeo SA		14		1,696
Vallourec SA		19		523
Veolia Environnement (e)		76		1,345
Vinci SA		84		4,573
Vivendi SA		210		5,219
Wendel SA		6		653
Zodiac Aerospace (e)		32		1,075
				198,672

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
GERMANY - 8.2%
Adidas AG		37		2,566
Allianz SE		79		13,163
Axel Springer SE		8		475
BASF SE		160		13,419
Bayer AG		144		19,642
Bayerische Motoren Werke AG		57		6,201
Beiersdorf AG		17		1,413
Brenntag AG		27		1,494
Celesio AG		8		268
Commerzbank AG (c)		172		2,255
Continental AG		19		4,011
Daimler AG		168		13,923
Deutsche Annington Immobilien SE		41		1,405
Deutsche Bank AG		240		7,177
Deutsche Boerse AG		34		2,441
Deutsche Lufthansa AG		39		647
Deutsche Post AG		168		5,445
Deutsche Telekom AG		554		8,861
Deutsche Wohnen AG		51		1,205
E.ON SE		347		5,934
Fraport AG Frankfurt Airport Services Worldwide		7		398
Fresenius Medical Care AG & Co. KGaA		37		2,777
Fresenius SE		67		3,460
GEA Group AG		31		1,368
Hannover Rueck SE		10		905
HeidelbergCement AG		26		1,811
Henkel AG & Co. KGaA		21		1,995
Hugo Boss AG		7		896
Infineon Technologies AG		197		2,084
K+S AG		31		857
Kabel Deutschland Holding AG (c)		4		495
Lanxess AG		17		787
Linde AG		32		5,933
Man SE		7		741
Merck KGaA		23		2,177
Metro AG (c)		28		865
Muenchener Rueckversicherungs AG		30		5,972
OSRAM Licht AG (c)		15		596
ProSiebenSat.1 Media AG		38		1,582
RTL Group SA		6		601
RWE AG		87		2,681
SAP AG		160		11,198
Siemens AG		138		15,499
Symrise AG		21		1,258
Telefonica Deutschland Holding AG		111		590
ThyssenKrupp AG (c)		78		1,977
United Internet AG		22		978
Volkswagen AG		5		1,159
				183,585
GUERNSEY - 0.1%
Friends Life Group Ltd.		246		1,399
HONG KONG - 3.0%
AIA Group Ltd.		2,096		11,559
ASM Pacific Technology Ltd.		44		414
Bank of East Asia Ltd.		217		870
BOC Hong Kong Holdings Ltd.		662		2,207
Cathay Pacific Airways Ltd. (e)		174		379
Cheung Kong Holdings Ltd.		246		4,120
Cheung Kong Infrastructure Holdings Ltd.		108		794
CLP Holdings Ltd.		332		2,874
Experian Plc		171		2,884
First Pacific Co. Ltd.		410		404
Galaxy Entertainment Group Ltd.		401		2,228
Hang Lung Properties Ltd.		389		1,085

	Shares/Par (t)		Value
Hang Seng Bank Ltd.		137		2,274
Henderson Land Development Co. Ltd.		183		1,275
HKT Trust		504		657
Hong Kong & China Gas Co. Ltd.		1,103		2,513
Hong Kong Exchanges & Clearing Ltd.		192		4,234
Hongkong Electric Holdings Ltd.		244		2,354
Hutchison Whampoa Ltd.		369		4,218
Hysan Development Co. Ltd.		110		488
Kerry Properties Ltd.		109		392
Li & Fung Ltd.		1,012		947
Link REIT		397		2,482
MGM China Holdings Ltd.		175		442
MTR Corp.		269		1,101
New World Development Ltd.		907		1,041
NWS Holdings Ltd.		291		534
PCCW Ltd.		772		526
Shangri-La Asia Ltd.		256		351
Sino Land Co.		499		801
SJM Holdings Ltd.		328		519
Sun Hung Kai Properties Ltd.		283		4,288
Swire Pacific Ltd.		108		1,396
Swire Properties Ltd.		199		586
Techtronic Industries Co.		236		757
WH Group Ltd. (c)		620		355
Wharf Holdings Ltd.		265		1,906
Wheelock & Co. Ltd.		154		715
Yue Yuen Industrial Holdings Ltd.		124		447
				67,417
IRELAND - 0.3%
Anglo Irish Bank Corp. Plc (c) (f)		34		—
CRH Plc		129		3,110
James Hardie Industries SE - CDI		83		885
Kerry Group Plc		28		1,913
Ryanair Holdings Plc (c)		2		22
The Governor & Co. of the Bank of Ireland (c)		5,007		1,879
				7,809
ISRAEL - 0.6%
Bank Hapoalim BM		178		838
Bank Leumi Le-Israel BM (c)		247		845
Bezeq Israeli Telecommunication Corp. Ltd.		343		609
Delek Group Ltd.		1		227
Israel Chemicals Ltd.		75		539
Israel Corp. Ltd. (c)		1		261
Mizrahi Tefahot Bank Ltd. (c)		19		200
NICE Systems Ltd.		9		456
Teva Pharmaceutical Industries Ltd.		148		8,512
				12,487
ITALY - 2.0%
Assicurazioni Generali SpA		206		4,235
Atlantia SpA		72		1,681
Banca Monte dei Paschi di Siena SpA (c)		758		431
Banco Popolare SC (c)		63		762
CNH Industrial NV		173		1,398
Enel Green Power SpA		300		628
Enel SpA		1,142		5,089
ENI SpA		443		7,752
Exor SpA		19		766
Finmeccanica SpA (c)		76		704
Intesa Sanpaolo SpA		2,018		5,854
Luxottica Group SpA		29		1,612
Mediobanca SpA		112		913
Pirelli & C. SpA		43		582
Prysmian SpA		34		613
Saipem SpA (c) (e)		47		494
Snam Rete Gas SpA		347		1,718

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Telecom Italia SpA (c) (e)		1,722		1,837
Terna Rete Elettrica Nazionale SpA		262		1,192
UniCredit SpA		766		4,905
Unione di Banche Italiane SCPA		144		1,030
UnipolSai SpA		154		415
				44,611
JAPAN - 20.6%
ABC-Mart Inc. (e)		4		198
Acom Co. Ltd. (c) (e)		59		181
Advantest Corp.		32		394
AEON Co. Ltd. (e)		117		1,176
AEON Credit Service Co. Ltd. (e)		19		380
AEON Mall Co. Ltd.		20		357
Air Water Inc.		23		364
Aisin Seiki Co. Ltd.		35		1,250
Ajinomoto Co. Inc.		102		1,899
Alfresa Holdings Corp.		33		401
Amada Co. Ltd.		65		557
ANA Holdings Inc. (e)		214		529
Aozora Bank Ltd. (e)		212		655
Asahi Breweries Ltd.		66		2,048
Asahi Glass Co. Ltd. (e)		187		910
Asahi Kasei Corp.		218		1,989
Asics Corp. (e)		29		703
Astellas Pharma Inc.		372		5,179
Bank of Kyoto Ltd.		61		510
Bank of Yokohama Ltd.		200		1,086
Benesse Corp.		13		386
Bridgestone Corp.		115		3,988
Brother Industries Ltd.		43		770
Calbee Inc.		14		468
Canon Inc. (e)		197		6,252
Casio Computer Co. Ltd. (e)		34		520
Central Japan Railway Co.		25		3,732
China Bank Ltd.		124		813
Chiyoda Corp.		32		265
Chubu Electric Power Co. Inc. (c)		118		1,391
Chugai Pharmaceutical Co. Ltd.		41		1,009
Chugoku Bank Ltd.		26		354
Chugoku Electric Power Co. Inc.		51		668
Chuo Mitsui Trust Holdings Inc.		578		2,214
Citizen Holdings Co. Ltd.		54		416
COLOPL Inc. (e)		8		189
Credit Saison Co. Ltd.		28		521
Dai Nippon Printing Co. Ltd.		105		946
Dai-Ichi Life Insurance Co. Ltd.		187		2,840
Daicel Chemical Industries Ltd.		44		514
Daihatsu Motor Co. Ltd. (e)		34		444
Daiichi Sankyo Co. Ltd.		109		1,525
Daikin Industries Ltd.		41		2,629
Dainippon Sumitomo Pharma Co. Ltd.		28		268
Daito Trust Construction Co. Ltd.		13		1,497
Daiwa House Industry Co. Ltd.		103		1,946
Daiwa Securities Group Inc.		290		2,271
Denso Corp.		86		4,004
Dentsu Inc.		38		1,598
Don Quijote Holdings Co. Ltd.		10		674
East Japan Railway Co.		58		4,378
Eisai Co. Ltd. (e)		43		1,663
Electric Power Development Co. Ltd.		19		649
FamilyMart Co. Ltd. (e)		12		441
Fanuc Ltd.		33		5,474
Fast Retailing Co. Ltd.		9		3,421
Fuji Electric Holdings Co. Ltd.		86		343
Fuji Heavy Industries Ltd.		104		3,694
FUJIFILM Holdings Corp.		83		2,523
Fujitsu Ltd.		324		1,727

	Shares/Par (t)		Value
Fukuoka Financial Group Inc.		129		665
GungHo Online Entertainment Inc.		60		219
Gunma Bank Ltd.		67		435
Hachijuni Bank Ltd.		71		458
Hakuhodo DY Holdings Inc.		36		341
Hamamatsu Photonics KK		13		600
Hankyu Hanshin Holdings Inc.		213		1,143
Hikari Tsushin Inc.		3		176
Hino Motors Ltd.		44		579
Hirose Electric Co. Ltd.		5		592
Hiroshima Bank Ltd.		97		462
Hisamitsu Pharmaceutical Co. Inc. (e)		10		322
Hitachi Chemical Co. Ltd. (e)		15		268
Hitachi Construction Machinery Co. Ltd.		16		347
Hitachi High-Technologies Corp.		9		264
Hitachi Ltd.		839		6,192
Hitachi Metals Ltd.		41		697
Hokuhoku Financial Group Inc.		232		468
Hokuriku Electric Power Co.		26		327
Honda Motor Co. Ltd.		284		8,317
Hoya Corp.		78		2,632
Hulic Co. Ltd.		44		442
Ibiden Co. Ltd.		24		347
Idemitsu Kosan Co. Ltd.		16		272
IHI Corp.		247		1,251
Iida Group Holdings Co. Ltd.		31		383
INPEX Corp.		150		1,672
Isetan Mitsukoshi Holdings Ltd.		55		682
Isuzu Motors Ltd.		108		1,315
ITOCHU Corp.		267		2,849
Itochu Techno-Solutions Corp.		3		120
Iyo Bank Ltd.		49		531
J. Front Retailing Co. Ltd.		43		493
Japan Airlines Co. Ltd.		21		634
Japan Display Inc. (c) (e)		62		189
Japan Exchange Group Inc.		48		1,126
Japan Prime Realty Investment Corp.		—		518
Japan Real Estate Investment Corp.		—		1,060
Japan Retail Fund Investment Corp.		—		864
Japan Tobacco Inc.		191		5,254
JFE Holdings Inc.		86		1,924
JGC Corp.		36		741
Joyo Bank Ltd.		108		535
JSR Corp.		30		510
JTEKT Corp. (e)		34		571
JX Holdings Inc.		402		1,566
Kajima Corp.		156		642
Kakaku.com Inc (e)		24		343
Kamigumi Co. Ltd.		48		428
Kaneka Corp.		42		225
Kansai Electric Power Co. Inc. (c)		130		1,240
Kansai Paint Co. Ltd.		42		651
Kao Corp.		89		3,514
Kawasaki Heavy Industries Ltd.		239		1,087
KDDI Corp.		101		6,352
Keihan Electric Railway Co. Ltd. (e)		86		460
Keihin Electric Express Railway Co. Ltd. (e)		79		585
Keio Corp.		96		691
Keisei Electric Railway Co. Ltd. (e)		50		608
Keyence Corp.		8		3,589
Kikkoman Corp. (e)		26		637
Kintetsu Corp. (e)		312		1,026
Kirin Holdings Co. Ltd. (e)		140		1,741
Kobe Steel Ltd.		528		909
Koito Manufacturing Co. Ltd.		15		459
Komatsu Ltd.		161		3,566
Konami Corp. (e)		20		374
Konica Minolta Holdings Inc.		83		904

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Kubota Corp.		198		2,874
Kuraray Co. Ltd.		56		640
Kurita Water Industries Ltd.		17		357
Kyocera Corp.		57		2,595
Kyowa Hakko Kirin Co. Ltd.		40		374
Kyushu Electric Power Co. Inc. (c)		80		801
Lawson Inc.		11		677
LIXIL Group Corp.		44		934
M3 Inc.		37		616
Mabuchi Motor Co. Ltd.		8		302
Makita Corp.		21		924
Marubeni Corp.		295		1,765
Marui Group Co. Ltd.		45		409
Maruichi Steel Tube Ltd.		7		155
Mazda Motor Corp.		96		2,310
McDonald’s Holdings Co. Japan Ltd. (e)		10		221
Medipal Holdings Corp.		21		250
MEIJI Holdings Co. Ltd.		11		1,001
Minebea Co. Ltd. (e)		54		797
Miraca Holdings Inc.		11		478
Mitsubishi Chemical Holdings Corp.		251		1,217
Mitsubishi Corp.		243		4,455
Mitsubishi Electric Corp.		342		4,062
Mitsubishi Estate Co. Ltd.		217		4,570
Mitsubishi Gas Chemical Co. Inc.		72		361
Mitsubishi Heavy Industries Ltd.		538		2,969
Mitsubishi Logistics Corp.		20		291
Mitsubishi Materials Corp.		198		657
Mitsubishi Motors Corp.		110		1,006
Mitsubishi Tanabe Pharma Corp.		42		610
Mitsubishi UFJ Financial Group Inc.		2,219		12,191
Mitsubishi UFJ Lease & Finance Co. Ltd.		78		367
Mitsui & Co. Ltd.		296		3,958
Mitsui Chemicals Inc.		128		363
Mitsui Fudosan Co. Ltd.		162		4,344
Mitsui OSK Lines Ltd.		188		557
Mixi Inc. (e)		6		232
Mizuho Financial Group Inc.		4,004		6,712
MS&AD Insurance Group Holdings		91		2,145
Murata Manufacturing Co. Ltd.		36		3,917
Nabtesco Corp. (e)		20		483
Nagoya Railroad Co. Ltd.		144		536
Namco Bandai Holdings Inc.		33		699
NEC Corp.		477		1,386
Nexon Co. Ltd.		17		154
NGK Insulators Ltd.		45		922
NGK Spark Plug Co. Ltd.		32		972
NH Foods Ltd.		29		634
NHK Spring Co. Ltd.		31		270
Nidec Corp. (e)		35		2,248
Nikon Corp. (e)		61		809
Nintendo Co. Ltd.		19		1,972
Nippon Building Fund Inc.		—		1,225
Nippon Electric Glass Co. Ltd.		57		256
Nippon Express Co. Ltd.		142		720
Nippon Paint Holdings Co. Ltd. (e)		28		811
Nippon Prologis REIT Inc.		—		575
Nippon Steel Corp.		1,344		3,334
Nippon Telegraph & Telephone Corp.		65		3,315
Nippon Yusen KK		268		757
Nissan Motor Co. Ltd.		430		3,749
Nisshin Seifun Group Inc.		42		403
Nissin Foods Holdings Co. Ltd.		11		534
Nitori Co. Ltd. (e)		12		661
Nitto Denko Corp.		28		1,548
NOK Corp.		16		397
Nomura Holdings Inc.		641		3,628
Nomura Real Estate Holdings Inc.		21		366

	Shares/Par (t)		Value
Nomura Research Institute Ltd.		19		572
NSK Ltd.		87		1,027
NTT Data Corp.		22		812
NTT DoCoMo Inc.		264		3,850
NTT Urban Development Corp.		19		191
Obayashi Corp.		109		703
Odakyu Electric Railway Co. Ltd.		112		992
Oji Holdings Corp.		136		487
Olympus Corp. (c)		41		1,426
Omron Corp.		35		1,561
Ono Pharmaceutical Co. Ltd.		15		1,346
Oracle Corp. Japan		6		228
Oriental Land Co. Ltd.		9		2,052
ORIX Corp.		228		2,870
Osaka Gas Co. Ltd.		325		1,214
Otsuka Corp.		9		295
Otsuka Holdings Co. Ltd.		67		2,009
Panasonic Corp.		390		4,593
Park24 Co. Ltd.		15		213
Rakuten Inc.		139		1,934
Recruit Holdings Co. Ltd. (c)		25		718
Resona Holdings Inc.		383		1,933
Ricoh Co. Ltd.		124		1,253
Rinnai Corp.		6		430
Rohm Co. Ltd.		17		1,036
Sankyo Co. Ltd.		9		309
Sanrio Co. Ltd. (e)		10		250
Santen Pharmaceutical Co. Ltd.		13		716
SBI Holdings Inc.		34		376
Secom Co. Ltd.		38		2,160
Sega Sammy Holdings Inc.		33		418
Seibu Holdings Inc. (e)		18		371
Seiko Epson Corp.		24		1,004
Sekisui Chemical Co. Ltd.		79		950
Sekisui House Ltd.		98		1,289
Seven & I Holdings Co. Ltd.		130		4,693
Seven Bank Ltd.		97		405
Sharp Corp. (c) (e)		263		582
Shikoku Electric Power Co. Inc. (c) (e)		32		387
Shimadzu Corp.		44		448
Shimamura Co. Ltd. (e)		4		345
Shimano Inc.		14		1,865
Shimizu Corp.		111		754
Shin-Etsu Chemical Co. Ltd.		71		4,622
Shinsei Bank Ltd.		288		501
Shionogi & Co. Ltd.		53		1,372
Shiseido Co. Ltd. (e)		66		931
Shizuoka Bank Ltd.		99		905
Showa Shell Sekiyu KK (e)		29		288
SMC Corp.		10		2,491
SoftBank Corp.		167		9,952
Sompo Japan Nipponkoa Holdings		59		1,477
Sony Corp.		180		3,680
Sony Financial Holdings Inc.		32		474
Stanley Electric Co. Ltd.		26		557
Sumitomo Chemical Co. Ltd.		253		996
Sumitomo Corp.		197		2,018
Sumitomo Electric Industries Ltd.		129		1,610
Sumitomo Heavy Industries Ltd.		110		592
Sumitomo Metal Mining Co. Ltd.		95		1,417
Sumitomo Mitsui Financial Group Inc.		221		7,997
Sumitomo Realty & Development Co. Ltd.		64		2,163
Sumitomo Rubber Industries Inc.		31		455
Suntory Beverage & Food Ltd.		24		833
Suruga Bank Ltd.		34		625
Suzuken Co. Ltd.		13		352
Suzuki Motor Corp.		62		1,870
Sysmex Corp.		24		1,080

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
T&D Holdings Inc.		105		1,258
Taiheiyo Cement Corp.		199		624
Taisei Corp.		172		976
Taisho Pharmaceutical Holdings Co. Ltd.		6		360
Taiyo Nippon Sanso Corp. (e)		36		396
Takashimaya Co. Ltd.		53		423
Takeda Pharmaceutical Co. Ltd.		137		5,672
TDK Corp.		23		1,343
Teijin Ltd.		142		377
Terumo Corp. (e)		55		1,253
THK Co. Ltd.		18		440
Tobu Railway Co. Ltd.		171		731
Toho Co. Ltd.		17		390
Toho Gas Co. Ltd.		84		411
Tohoku Electric Power Co. Inc.		75		876
Tokio Marine Holdings Inc.		123		3,983
Tokyo Electric Power Co. Inc. (c)		242		984
Tokyo Electron Ltd. (e)		29		2,229
Tokyo Gas Co. Ltd. (e)		410		2,212
Tokyo Tatemono Co. Ltd.		73		531
Tokyu Corp.		206		1,276
Tokyu Fudosan Holdings Corp		92		640
TonenGeneral Sekiyu KK (e)		57		487
Toppan Printing Co. Ltd.		97		630
Toray Industries Inc.		250		1,998
Toshiba Corp.		714		3,011
TOTO Ltd.		53		617
Toyo Seikan Group Holdings Ltd.		30		371
Toyo Suisan Kaisha Ltd.		16		515
Toyoda Gosei Co. Ltd.		9		183
Toyota Industries Corp.		29		1,481
Toyota Motor Corp.		477		29,749
Toyota Tsusho Corp.		36		829
Trend Micro Inc.		19		520
Unicharm Corp.		64		1,524
United Urban Investment Corp.		—		647
USS Co. Ltd.		40		610
West Japan Railway Co.		30		1,414
Yahoo! Japan Corp.		265		950
Yakult Honsha Co. Ltd.		15		771
Yamada Denki Co. Ltd. (e)		139		467
Yamaguchi Financial Group Inc.		31		319
Yamaha Corp.		33		479
Yamaha Motor Co. Ltd.		50		998
Yamato Holdings Co. Ltd.		62		1,225
Yamato Kogyo Co. Ltd.		6		168
Yamazaki Baking Co. Ltd. (e)		15		185
Yaskawa Electric Corp.		41		524
Yokogawa Electric Corp.		39		430
Yokohama Rubber Co Ltd.		43		392
				457,607
JERSEY - 0.0%
Randgold Resources Ltd.		15		1,040
LUXEMBOURG - 0.3%
ArcelorMittal		172		1,880
Millicom International Cellular SA - SDR		12		874
SES SA - FDR		53		1,888
Tenaris SA		81		1,218
				5,860
MACAU - 0.1%
Sands China Ltd.		416		2,024
Wynn Macau Ltd. (e)		269		751
				2,775
MALTA - 0.0%
BGP Holdings Plc (c) (f)		479		—

	Shares/Par (t)		Value
NETHERLANDS - 4.6%
Aegon NV		311		2,338
Airbus Group NV		102		5,041
Akzo Nobel NV (e)		42		2,873
Altice SA (c)		16		1,274
ASML Holding NV		62		6,698
Corio NV		12		565
Delta Lloyd NV		35		763
Gemalto NV (e)		14		1,142
Heineken Holding NV		18		1,125
Heineken NV		40		2,819
ING Groep NV - CVA (c)		670		8,661
Koninklijke Ahold NV		165		2,938
Koninklijke Boskalis Westminster NV		16		886
Koninklijke KPN NV		546		1,725
Koninklijke Philips Electronics NV		168		4,872
Koninklijke Philips NV		29		1,796
Koninklijke Vopak NV		12		632
NN Group NV (c)		21		619
OCI (c)		14		469
Qiagen NV (c)		40		929
Randstad Holding NV		22		1,080
Reed Elsevier NV		120		2,869
Royal Dutch Shell Plc - Class A		686		22,880
Royal Dutch Shell Plc - Class B		425		14,689
TNT NV		85		567
Unilever NV - CVA		283		11,088
Wolters Kluwer NV		54		1,663
				103,001
NEW ZEALAND - 0.2%
Auckland International Airport Ltd. (e)		174		573
Contact Energy Ltd. (e)		56		277
Fletcher Building Ltd. (e)		128		827
Meridian Energy Ltd. (e)		213		292
Mighty River Power Ltd.		119		275
Ryman Healthcare Ltd.		61		403
Spark New Zealand Ltd. (e)		350		849
				3,496
NORWAY - 0.6%
DNB ASA		168		2,483
Gjensidige Forsikring ASA		37		597
Norsk Hydro ASA		247		1,393
Orkla ASA		142		968
SeaDrill Ltd. (e)		65		756
StatoilHydro ASA (e)		193		3,405
Telenor ASA		133		2,686
Yara International ASA		33		1,455
				13,743
PORTUGAL - 0.1%
Banco Comercial Portugues SA (c) (e)		5,693		447
Banco Espirito Santo SA (c) (f)		413		—
Energias de Portugal SA		405		1,571
Galp Energia SGPS SA		65		658
Jeronimo Martins SGPS SA		43		432
				3,108
SINGAPORE - 1.5%
Ascendas REIT		366		656
CapitaCommercial Trust		383		506
CapitaLand Ltd.		432		1,074
CapitaMall Trust		467		717
City Developments Ltd. (e)		66		509
ComfortDelGro Corp. Ltd.		333		652
DBS Group Holdings Ltd.		297		4,590
Genting International Plc (e)		1,083		878

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Global Logistic Properties Ltd.		537		1,002
Golden Agri-Resources Ltd.		1,187		411
Hutchison Port Holdings Trust (e)		1,066		733
Jardine Cycle & Carriage Ltd. (e)		18		572
Keppel Corp. Ltd.		253		1,687
Keppel Land Ltd.		132		340
Noble Group Ltd.		737		629
Oversea-Chinese Banking Corp. Ltd.		502		3,949
SembCorp Industries Ltd.		158		529
SembCorp Marine Ltd. (e)		152		374
Singapore Airlines Ltd.		102		893
Singapore Exchange Ltd.		133		782
Singapore Press Holdings Ltd. (e)		267		848
Singapore Technologies Engineering Ltd.		279		714
Singapore Telecommunications Ltd.		1,379		4,046
StarHub Ltd.		90		281
Suntec REIT		402		595
United Overseas Bank Ltd.		220		4,060
UOL Group Ltd.		95		494
Wilmar International Ltd.		345		841
Yangzijiang Shipbuilding Holdings Ltd.		293		265
				33,627
SPAIN - 3.3%
Abertis Infraestructuras SA - Class A		73		1,454
ACS Actividades de Construccion y Servicios SA		31		1,085
Amadeus IT Holding SA		74		2,948
Banco Bilbao Vizcaya Argentaria SA		1,033		9,758
Banco de Sabadell SA		593		1,568
Banco Popular Espanol SA		308		1,535
Banco Santander SA		2,140		17,962
Bankia SA (c)		806		1,196
Bankinter SA		114		917
CaixaBank SA		397		2,081
Distribuidora Internacional de Alimentacion SA		115		781
Enagas SA		38		1,183
Ferrovial SA (e)		76		1,506
Gas Natural SDG SA		61		1,529
Grifols SA		27		1,095
Iberdrola SA		904		6,092
Inditex SA		189		5,394
Mapfre SA		183		618
Red Electrica Corp. SA (e)		20		1,729
Repsol SA		180		3,376
Telefonica SA		733		10,524
Zardoya Otis SA (e)		31		347
				74,678
SWEDEN - 3.0%
Alfa Laval AB		55		1,038
Assa Abloy AB - Class B		58		3,038
Atlas Copco AB - Class A		119		3,315
Atlas Copco AB - Class B		67		1,704
Boliden AB		45		723
Electrolux AB - Class B		40		1,182
Elekta AB - Class B (e)		70		718
Getinge AB - Class B		37		851
Hennes & Mauritz AB - Class B		165		6,847
Hexagon AB - Class B		47		1,441
Husqvarna AB - Class B		81		595
ICA Gruppen AB		13		510
Industrivarden AB - Class C		23		399
Investor AB - Class B		81		2,947
Kinnevik Investment AB - Class B		43		1,403
Lundin Petroleum AB (c) (e)		37		536
Nordea Bank AB		527		6,102
Sandvik AB		190		1,845

	Shares/Par (t)		Value
Securitas AB - Class B		55		669
Skandinaviska Enskilda Banken AB - Class A		262		3,327
Skanska AB - Class B		69		1,479
SKF AB - Class B		71		1,495
Svenska Cellulosa AB - Class B		104		2,245
Svenska Handelsbanken AB - Class A		86		4,036
Swedbank AB - Class A		156		3,881
Swedish Match AB		36		1,127
Tele2 AB - Class B		53		647
Telefonaktiebolaget LM Ericsson - Class B		528		6,395
TeliaSonera AB		410		2,636
Volvo AB - Class B		269		2,898
				66,029
SWITZERLAND - 9.4%
ABB Ltd.		382		8,086
Actelion Ltd.		18		2,111
Adecco SA		30		2,045
Aryzta AG		16		1,219
Baloise Holding AG		9		1,131
Barry Callebaut AG		—		409
Cie Financiere Richemont SA		91		8,042
Credit Suisse Group AG		263		6,613
EMS-Chemie Holding AG		2		616
Geberit AG		6		2,191
Givaudan SA		2		2,847
Glencore Plc		1,848		8,530
Holcim Ltd.		41		2,907
Julius Baer Group Ltd.		38		1,743
Kuehne & Nagel International AG		10		1,332
Lindt & Spruengli AG		—		1,039
Lonza Group AG		9		1,001
Nestle SA		563		41,014
Novartis AG		401		37,213
Pargesa Holding SA		6		460
Partners Group Holding AG		3		846
Roche Holding AG		123		33,202
Schindler Holding AG		4		534
SGS SA		1		1,956
Sika AG		—		1,162
Sonova Holding AG		10		1,449
STMicroelectronics NV		119		885
Sulzer AG		4		420
Swatch Group AG		5		2,431
Swatch Group AG		9		800
Swiss Life Holding AG		6		1,352
Swiss Prime Site AG		10		765
Swiss Re AG		61		5,109
Swisscom AG		4		2,186
Syngenta AG		16		5,192
Transocean Ltd. (e)		62		1,139
UBS Group AG		635		10,920
Zurich Financial Services AG		26		8,105
				209,002
UNITED KINGDOM - 18.3%
3i Group Plc		180		1,257
Aberdeen Asset Management Plc		164		1,095
Admiral Group Plc		35		714
Aggreko Plc		45		1,041
Amec Foster Wheeler Plc		68		894
Anglo American Plc		242		4,481
Antofagasta Plc		71		823
ARM Holdings Plc		243		3,736
Ashtead Group Plc		85		1,514
Associated British Foods Plc		63		3,097
AstraZeneca Plc		220		15,531
Aviva Plc		521		3,917

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Babcock International Group Plc		44		717
BAE Systems Plc		546		3,997
Barclays Plc		2,852		10,723
BG Group Plc		593		7,940
BHP Billiton Plc		367		7,875
BP Plc		3,214		20,402
British American Tobacco Plc		326		17,688
British Land Co. Plc		166		2,003
BT Group Plc		1,420		8,830
Bunzl Plc		60		1,647
Burberry Group Plc		76		1,922
Capita Group Plc		118		1,976
Capital Shopping Centres Group (e)		147		761
Carnival Plc		32		1,451
Centrica Plc		872		3,778
Cobham Plc		211		1,061
Coca-Cola HBC AG		38		717
Compass Group Plc		291		4,969
Croda International Plc		25		1,048
Diageo Plc		437		12,525
Direct Line Insurance Group Plc		262		1,184
Dixons Carphone Plc		172		1,238
easyJet Plc		28		721
Fiat Chrysler Automobiles NV (c)		164		1,903
Fresnillo Plc		39		458
G4S Plc		271		1,168
GKN Plc		288		1,534
GlaxoSmithKline Plc		846		18,156
Hammerson Plc		132		1,240
Hargreaves Lansdown Plc		44		696
HSBC Holdings Plc		3,326		31,433
ICAP Plc		102		714
IMI Plc		46		908
Imperial Tobacco Group Plc		166		7,315
Inmarsat Plc		76		948
InterContinental Hotels Group Plc		40		1,614
International Consolidated Airlines Group SA (c)		177		1,320
Intertek Group Plc		28		1,009
Investec Plc		91		763
ITV Plc		657		2,191
J Sainsbury Plc (e)		219		835
Johnson Matthey Plc		35		1,860
Kingfisher Plc		423		2,234
Land Securities Group Plc		140		2,519
Legal & General Group Plc		1,047		4,043
Lloyds Banking Group Plc (c)		9,936		11,687
London Stock Exchange Group Plc		38		1,299
Marks & Spencer Group Plc		289		2,138
Meggitt Plc		137		1,104
Melrose Industries Plc		184		763
Merlin Entertainments Plc		86		531
National Grid Plc		649		9,213
Next Plc		27		2,833
Old Mutual Plc		871		2,568
Pearson Plc		145		2,684
Persimmon Plc		52		1,267
Petrofac Ltd. (e)		43		469
Prudential plc (a)		446		10,311
Reckitt Benckiser Group Plc		113		9,160
Reed Elsevier Plc		198		3,379
Rexam Plc		130		913
Rio Tinto Plc		221		10,206
Rolls-Royce Holdings Plc		326		4,377
Royal Bank of Scotland Group Plc (c)		434		2,642
Royal Mail Plc		121		805
RSA Insurance Group Plc (c)		175		1,181
SABMiller Plc		168		8,740

	Shares/Par (t)		Value
Sage Group Plc		193		1,393
Schroders Plc		23		965
Scottish & Southern Energy Plc		171		4,316
Segro Plc		131		751
Severn Trent Plc		42		1,324
Shire Plc		102		7,257
Sky Plc		177		2,475
Smith & Nephew Plc		153		2,768
Smiths Group Plc		68		1,156
Sports Direct International Plc (c)		46		509
Standard Chartered Plc		429		6,414
Standard Life Plc		423		2,621
Subsea 7 SA		46		473
Tate & Lyle Plc		89		830
Tesco Plc		1,406		4,101
Travis Perkins Plc		42		1,207
TUI AG (c)		47		779
TUI AG (c)		32		511
Tullow Oil Plc		157		1,012
Unilever Plc		223		9,067
United Utilities Group Plc		118		1,680
Vodafone Group Plc		4,605		15,788
Weir Group Plc		38		1,083
Whitbread Plc		31		2,301
William Hill Plc		147		828
WM Morrison Supermarkets Plc (e)		352		1,005
Wolseley Plc		46		2,648
WPP Plc		230		4,778
				406,444
Total Common Stocks (cost $1,966,218)				2,141,903
PREFERRED STOCKS - 0.7%
GERMANY - 0.5%
Bayerische Motoren Werke AG		9		742
Fuchs Petrolub AG		13		509
Henkel AG & Co. KGaA		32		3,401
Porsche Automobil Holding SE		27		2,202
Volkswagen AG		28		6,268
				13,122
ITALY - 0.1%
Intesa Sanpaolo SpA		160		395
Telecom Italia SpA		1,032		863
				1,258
SWITZERLAND - 0.1%
Lindt & Spruengli AG		—		845
Schindler Holding AG		8		1,151
				1,996
Total Preferred Stocks (cost $12,453)				16,376
RIGHTS - 0.0%
AUSTRALIA - 0.0%
APA Group - Class A (c) (f)		51		36
FRANCE - 0.0%
Christian Dior SA (c) (f)		9		139
Christian Dior SA - Class A (c) (f)		9		50
LVMH Moet Hennessy (c) (f)		—		1
				190
SPAIN - 0.0%
Banco Bilbao Vizcaya Argentaria SA (c)		1,033		99

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Repsol SA (c)		180		100
				199
Total Rights (cost $383)				425
OTHER EQUITY INTERESTS - 0.0%
AUSTRIA - 0.0%
IMMOEAST AG (c) (f) (u)		37		—
IMMOFINANZ AG (c) (f) (u)		27		—
Total Other Equity Interests (cost $0)				—
SHORT TERM INVESTMENTS - 5.5%
Investment Companies - 2.6%
JNL Money Market Fund, 0.01% (a) (h)		56,715		56,715
Securities Lending Collateral - 2.7%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		60,366		60,366
Treasury Securities - 0.2%
U.S. Treasury Bill
0.02%, 03/12/15 (o)	$	3,065		3,065
0.08%, 06/04/15 (o)		1,005		1,004
				4,069
Total Short Term Investments (cost $121,150)				121,150
Total Investments - 102.4% (cost $2,100,204)				2,279,854
Other Assets and Liabilities, Net - (2.4%)				(54,446	)
Total Net Assets - 100.0%			$	2,225,408
JNL/Mellon Capital Bond Index Fund
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES - 2.4%
Ally Auto Receivables Trust, 0.59%, 11/16/15	$	447	$	447
Banc of America Commercial Mortgage Trust REMIC
5.45%, 01/15/17		189		202
5.76%, 05/10/45 (i)		550		584
Bank of America Credit Card Trust, 5.17%, 06/15/19		900		972
Bear Stearns Commercial Mortgage Securities Trust REMIC
5.54%, 09/12/16		235		248
5.71%, 05/11/17 (i)		300		324
4.87%, 09/11/42		515		522
Capital One Multi-Asset Execution Trust, 5.05%, 02/16/16		500		523
CarMax Auto Owner Trust, 0.80%, 07/16/18		800		799
Centerpoint Energy Transition Co. LLC Secured Transition Bond, 5.17%, 08/01/19		640		673
Citibank Credit Card Issuance Trust, 5.30%, 03/15/16		900		949
Citigroup/Deutsche Bank Commercial Mortgage Trust REMIC
5.62%, 10/15/48		222		233
5.65%, 10/15/48		500		534
Cobalt Commercial Mortage-Backed Securities Trust REMIC, 5.22%, 08/15/48		225		237
COMM Mortgage Trust REMIC
2.84%, 03/10/19		400		410
4.26%, 09/10/23		650		711
Commercial Mortgage Trust REMIC, 3.82%, 05/10/24		500		530
Credit Suisse Mortgage Capital Certificates REMIC, 5.38%, 02/15/40		203		216

	Shares/Par (t)		Value
Delta Air Lines Pass-Through Trust, 6.82%, 08/10/22 (i)		315		364
GS Mortgage Securities Trust REMIC
3.48%, 11/10/21		750		784
5.56%, 11/10/39		393		416
JPMBB Commercial Mortgage Securities Trust REMIC
3.05%, 04/15/19		150		155
4.13%, 09/15/23		500		544
JPMorgan Chase Commercial Mortgage Securities Trust REMIC
5.42%, 02/15/17		235		251
5.70%, 04/12/17 (i)		200		215
5.79%, 08/12/17 (i)		521		565
4.94%, 08/15/42 (i)		239		242
LB-UBS Commercial Mortgage Trust REMIC
5.42%, 01/15/17		321		343
5.66%, 03/15/39 (i)		272		282
5.87%, 09/15/45 (i)		752		826
Merrill Lynch Mortgage Trust REMIC, 5.74%, 08/12/43 (i)		223		235
Merrill Lynch/Countrywide Commercial Mortgage Trust REMIC
5.41%, 08/12/16 (i)		186		195
5.17%, 11/12/16		189		200
Morgan Stanley Bank of America Merrill Lynch Trust REMIC
3.09%, 08/15/18		500		520
2.86%, 09/15/22		250		250
3.74%, 07/15/24		500		527
Morgan Stanley Capital I Trust REMIC
5.59%, 03/12/17 (i)		1,400		1,492
5.33%, 11/12/41		222		235
Nissan Auto Receivables Owner Trust, 1.00%, 01/15/16		1,000		1,003
UBS-Barclays Commercial Mortgage Trust REMIC
3.09%, 09/10/22		350		355
2.85%, 12/10/22		500		498
United Air Lines Inc. Pass-Through Trust, 4.30%, 08/15/25		250		259
United Airlines Pass-Through Trust, 3.75%, 09/03/26		200		202
US Airways Pass-Through Trust, 3.95%, 11/15/25		243		249
Wachovia Bank Commercial Mortgage Trust REMIC, 5.57%, 10/15/48		219		232
WF-RBS Commercial Mortgage Trust REMIC, 2.03%, 02/16/18		500		504
Total Non-U.S. Government Agency Asset- Backed Securities (cost $20,454)				21,057
CORPORATE BONDS AND NOTES - 26.2%
CONSUMER DISCRETIONARY - 2.1%
Amazon.com Inc.
2.60%, 12/05/19		300		303
2.50%, 11/29/22		200		189
American Honda Finance Corp., 1.55%, 12/11/17		500		502
AutoNation, Inc., 6.75%, 04/15/18		200		224
Carnival Corp., 3.95%, 10/15/20		200		210
CBS Corp.
5.63%, 09/15/19		500		562
4.85%, 07/01/42		150		152
Comcast Corp.
5.90%, 03/15/16		350		371
5.70%, 05/15/18		200		225

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
6.50%, 11/15/35		100		134
6.95%, 08/15/37		250		352
4.75%, 03/01/44		300		334
DIRECTV Holdings LLC
2.40%, 03/15/17		500		510
6.35%, 03/15/40		300		348
Discovery Communications LLC
5.63%, 08/15/19		100		112
5.05%, 06/01/20		200		220
6.35%, 06/01/40		100		119
Dollar General Corp., 3.25%, 04/15/23 (e)		250		228
Ford Motor Co.
7.45%, 07/16/31		300		407
4.75%, 01/15/43		300		317
Gap Inc., 5.95%, 04/12/21		300		341
Grupo Televisa SAB, 6.63%, 03/18/25		100		122
Hasbro Inc., 6.35%, 03/15/40		300		367
Home Depot Inc.
5.40%, 03/01/16		500		527
2.00%, 06/15/19		300		301
5.88%, 12/16/36		250		327
Interpublic Group of Cos. Inc., 4.20%, 04/15/24		250		256
Johnson Controls Inc., 3.75%, 12/01/21		250		258
Kohl’s Corp., 4.00%, 11/01/21 (e)		300		312
Lowe’s Cos. Inc.
4.63%, 04/15/20		100		110
5.50%, 10/15/35		150		183
5.80%, 04/15/40		300		380
Macy’s Retail Holdings Inc.
6.65%, 07/15/24		200		248
6.90%, 04/01/29		250		318
Marriott International Inc., 3.13%, 10/15/21		300		302
Mattel Inc., 2.35%, 05/06/19		200		199
McDonald’s Corp.
5.35%, 03/01/18		300		333
6.30%, 03/01/38		200		263
NBCUniversal Media LLC
5.15%, 04/30/20		200		227
6.40%, 04/30/40		250		335
News America Inc.
4.50%, 02/15/21		400		438
6.20%, 12/15/34		50		64
6.15%, 02/15/41		300		382
NIKE Inc, 2.25%, 05/01/23		200		194
Nordstrom Inc., 4.00%, 10/15/21		225		241
Omnicom Group Inc., 5.90%, 04/15/16		250		265
Target Corp.
5.88%, 07/15/16		250		269
2.30%, 06/26/19 (e)		200		202
Thomson Reuters Corp., 6.50%, 07/15/18 (e)		200		227
Time Warner Cable Inc.
5.85%, 05/01/17		150		164
8.75%, 02/14/19		169		209
7.30%, 07/01/38		300		414
6.75%, 06/15/39		300		392
Time Warner Inc.
5.88%, 11/15/16		350		380
3.40%, 06/15/22 (e)		500		505
7.63%, 04/15/31		200		279
6.10%, 07/15/40		200		244
TJX Cos. Inc., 2.75%, 06/15/21		200		201
Toyota Motor Credit Corp.
1.13%, 05/16/17		250		249
2.13%, 07/18/19		200		201
Viacom Inc.
3.88%, 04/01/24		250		251
7.88%, 07/30/30		125		175
4.38%, 03/15/43		300		276

	Shares/Par (t)		Value
Walt Disney Co.
1.10%, 12/01/17		350		348
2.75%, 08/16/21		300		305
7.00%, 03/01/32		50		72
Wyndham Worldwide Corp., 3.90%, 03/01/23		500		493
Yum! Brands Inc., 6.88%, 11/15/37		52		67
				19,035
CONSUMER STAPLES - 1.5%
Altria Group Inc.
2.85%, 08/09/22		500		486
9.95%, 11/10/38 (l)		33		56
4.50%, 05/02/43		200		201
Anheuser-Busch InBev Finance Inc., 1.25%, 01/17/18		300		297
Anheuser-Busch InBev Worldwide Inc.
1.38%, 07/15/17		200		200
4.38%, 02/15/21		200		218
2.50%, 07/15/22		300		292
3.75%, 07/15/42		300		282
Archer-Daniels-Midland Co., 5.38%, 09/15/35		200		242
Beam Inc., 5.38%, 01/15/16		45		47
Campbell Soup Co., 4.25%, 04/15/21		300		324
Clorox Co., 3.80%, 11/15/21		250		267
Coca-Cola Co., 3.15%, 11/15/20		300		314
Coca-Cola Femsa SAB de CV, 3.88%, 11/26/23		200		210
ConAgra Foods Inc.
7.00%, 04/15/19		235		274
3.25%, 09/15/22		300		295
CVS Caremark Corp.
5.75%, 06/01/17		151		167
4.13%, 05/15/21		400		434
Diageo Capital Plc, 4.83%, 07/15/20		100		111
Diageo Investment Corp., 8.00%, 09/15/22		100		132
General Mills Inc., 3.65%, 02/15/24		303		314
Kellogg Co.
4.45%, 05/30/16		350		368
4.00%, 12/15/20		127		136
Kimberly-Clark Corp.
7.50%, 11/01/18		250		300
1.90%, 05/22/19		200		199
Kraft Foods Group Inc.
6.13%, 08/23/18		221		253
5.00%, 06/04/42		200		220
Kroger Co.
6.40%, 08/15/17		200		224
6.15%, 01/15/20		200		231
7.50%, 04/01/31		150		203
Lorillard Tobacco Co., 8.13%, 06/23/19 (l)		250		303
Mead Johnson Nutrition Co., 4.60%, 06/01/44		200		210
Mondelez International Inc.
4.13%, 02/09/16		100		104
2.25%, 02/01/19		200		199
6.50%, 02/09/40		243		324
Pepsi Bottling Group Inc., 7.00%, 03/01/29		575		793
PepsiCo Inc., 7.90%, 11/01/18		300		365
Philip Morris International Inc.
1.13%, 08/21/17		500		498
2.90%, 11/15/21		300		304
4.38%, 11/15/41		300		310
Procter & Gamble Co.
2.30%, 02/06/22		500		496
5.55%, 03/05/37		100		129
Reynolds American Inc., 4.85%, 09/15/23		150		161
Tyson Foods Inc., 5.15%, 08/15/44 (e)		200		225
Wal-Mart Stores Inc.
2.80%, 04/15/16		400		410

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
4.13%, 02/01/19		300		327
4.25%, 04/15/21		400		442
6.20%, 04/15/38		300		402
4.88%, 07/08/40		300		347
4.30%, 04/22/44		150		164
				13,810
ENERGY - 3.1%
Anadarko Petroleum Corp., 6.45%, 09/15/36		250		300
Apache Corp.
3.63%, 02/01/21 (e)		400		404
4.75%, 04/15/43		200		188
Baker Hughes Inc., 5.13%, 09/15/40		200		219
Boardwalk Pipelines LP, 3.38%, 02/01/23		200		182
BP Capital Markets Plc
1.85%, 05/05/17 (e)		400		403
3.81%, 02/10/24		500		503
Burlington Resources Finance Co., 7.20%, 08/15/31		100		138
Cameron International Corp., 5.13%, 12/15/43		175		175
Canadian Natural Resources Ltd.
5.85%, 02/01/35		150		164
6.25%, 03/15/38		300		334
Cenovus Energy Inc.
5.70%, 10/15/19		200		220
4.45%, 09/15/42		250		216
CenterPoint Energy Resources Corp.
4.50%, 01/15/21		43		47
6.63%, 11/01/37		200		267
Chevron Corp.
1.72%, 06/24/18		300		302
3.19%, 06/24/23		500		509
CNOOC Finance 2013 Ltd.
1.13%, 05/09/16		300		299
3.00%, 05/09/23		300		284
4.25%, 05/09/43		300		294
Conoco Funding Co., 7.25%, 10/15/31		75		105
ConocoPhillips
6.65%, 07/15/18		75		87
6.00%, 01/15/20		300		349
ConocoPhillips Holding Co., 6.95%, 04/15/29		200		266
Continental Resources Inc., 4.50%, 04/15/23		350		333
Devon Financing Corp. ULC, 7.88%, 09/30/31		100		136
Ecopetrol SA, 4.13%, 01/16/25		250		238
Enable Midstream Partners LP, 3.90%, 05/15/24 (r)		200		193
Enbridge Energy Partners LP, 7.50%, 04/15/38		200		245
Encana Corp.
3.90%, 11/15/21 (e)		400		394
6.50%, 08/15/34		100		109
Energy Transfer Partners LP
9.70%, 03/15/19		222		279
7.50%, 07/01/38		200		248
6.50%, 02/01/42		150		172
Enterprise Products Operating LLC
5.25%, 01/31/20		300		332
6.88%, 03/01/33		25		32
6.45%, 09/01/40		100		123
4.45%, 02/15/43		300		296
4.95%, 10/15/54		300		307
EOG Resources Inc.
2.50%, 02/01/16 (e)		200		204
2.63%, 03/15/23 (e)		200		192
Exxon Mobil Corp., 0.92%, 03/15/17		500		499
Halliburton Co., 7.45%, 09/15/39		250		351
Hess Corp.
7.30%, 08/15/31		35		43
5.60%, 02/15/41		400		429

	Shares/Par (t)		Value
Kerr-McGee Corp., 6.95%, 07/01/24		230		281
Kinder Morgan Energy Partners LP
9.00%, 02/01/19		500		606
3.50%, 09/01/23 (e)		300		285
5.00%, 03/01/43		300		285
5.40%, 09/01/44		250		251
Magellan Midstream Partners LP, 4.25%, 02/01/21		300		324
Marathon Oil Corp., 5.90%, 03/15/18		300		333
Nabors Industries Inc., 6.15%, 02/15/18		300		312
Nexen Inc., 5.88%, 03/10/35		50		59
Noble Holding International Ltd., 2.50%, 03/15/17		400		383
Occidental Petroleum Corp., 2.50%, 02/01/16		400		407
ONEOK Partners LP
3.38%, 10/01/22		250		231
6.65%, 10/01/36		150		173
Pemex Project Funding Master Trust, 6.63%, 06/15/35		150		173
Petro-Canada, 7.00%, 11/15/28		75		98
Petrobras Global Finance BV
4.38%, 05/20/23 (e)		500		430
7.25%, 03/17/44		500		494
Petrobras International Finance Co.
6.13%, 10/06/16		100		100
5.88%, 03/01/18		150		146
7.88%, 03/15/19		500		526
Petroleos Mexicanos
6.00%, 03/05/20 (e)		500		561
5.50%, 01/21/21		700		758
5.50%, 06/27/44		250		255
5.50%, 06/27/44 (r)		250		255
Pioneer Natural Resources Co., 3.95%, 07/15/22		200		198
Plains All American Pipeline LP
6.50%, 05/01/18		100		113
6.70%, 05/15/36		100		124
4.30%, 01/31/43		200		188
Pride International Inc., 6.88%, 08/15/20		400		449
Rowan Cos. Inc., 4.88%, 06/01/22		200		195
Shell International Finance BV
5.20%, 03/22/17		250		271
2.00%, 11/15/18		400		403
4.38%, 03/25/20		300		329
6.38%, 12/15/38		200		269
Southern Natural Gas Co., 5.90%, 04/01/17 (e) (k) (r)		250		269
Spectra Energy Capital LLC, 8.00%, 10/01/19		250		303
Statoil ASA
3.15%, 01/23/22		200		202
3.70%, 03/01/24		200		207
3.95%, 05/15/43		300		293
Suncor Energy Inc., 6.50%, 06/15/38		300		369
Sunoco Logistics Partners Operations LP, 3.45%, 01/15/23		300		288
Talisman Energy Inc., 6.25%, 02/01/38		300		305
Total Capital Canada Ltd., 2.75%, 07/15/23		300		291
Total Capital International SA
0.75%, 01/25/16		300		300
1.00%, 01/10/17		145		144
Total Capital SA, 2.30%, 03/15/16		250		255
TransCanada Pipelines Ltd.
6.50%, 08/15/18		200		227
3.80%, 10/01/20 (e)		400		411
6.20%, 10/15/37		100		118
5.00%, 10/16/43		150		157
Transocean Inc., 6.80%, 03/15/38 (e)		150		129
Valero Energy Corp., 9.38%, 03/15/19		250		312

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Weatherford International Inc., 6.35%, 06/15/17		250		267
Western Gas Partners LP, 2.60%, 08/15/18		250		251
Williams Cos. Inc., 8.75%, 03/15/32 (k)		116		135
Williams Partners LP
5.25%, 03/15/20		300		326
6.30%, 04/15/40		200		224
				27,458
FINANCIALS - 9.9%
Abbey National Treasury Services Plc, 3.05%, 08/23/18		400		414
ACE INA Holdings Inc., 2.70%, 03/13/23		500		485
AFLAC Inc., 8.50%, 05/15/19 (e)		250		312
Alexandria Real Estate Equities Inc., 4.50%, 07/30/29 (e)		250		256
American Express Co.
6.15%, 08/28/17		450		501
7.00%, 03/19/18		480		555
American Express Credit Corp., 2.25%, 08/15/19		300		300
American International Group Inc.
5.60%, 10/18/16		200		215
5.85%, 01/16/18		150		168
6.40%, 12/15/20		195		233
4.88%, 06/01/22		200		225
4.13%, 02/15/24		150		160
4.50%, 07/16/44		150		158
8.18%, 05/15/58 (i)		150		203
American Tower Corp., 3.50%, 01/31/23		500		483
Ameriprise Financial Inc., 7.52%, 06/01/66 (i)		250		267
Aon Plc, 4.45%, 05/24/43		300		299
Arch Capital Group U.S. Inc., 5.14%, 11/01/43		150		167
Asian Development Bank
2.50%, 03/15/16		200		205
5.59%, 07/16/18		400		452
6.38%, 10/01/28		210		284
Associated Banc-Corp., 4.25%, 01/15/25		200		201
Assurant Inc., 6.75%, 02/15/34		100		123
Australia & New Zealand Banking Group Ltd.
1.25%, 01/10/17		300		300
1.25%, 06/13/17		300		299
AvalonBay Communities Inc.
3.63%, 10/01/20		200		208
2.85%, 03/15/23		200		194
AXA SA, 8.60%, 12/15/30		100		136
Bank of America Corp.
6.50%, 08/01/16		400		431
5.63%, 10/14/16		250		268
1.35%, 11/21/16		400		399
1.70%, 08/25/17		450		450
5.65%, 05/01/18		500		555
2.60%, 01/15/19		400		403
5.49%, 03/15/19		200		221
5.00%, 05/13/21		400		446
4.20%, 08/26/24		750		764
Bank of America NA, 6.00%, 10/15/36		250		313
Bank of Montreal, 2.50%, 01/11/17		500		512
Bank of New York Mellon Corp., 3.55%, 09/23/21 (a)		600		627
Bank of Nova Scotia, 1.30%, 07/21/17		500		498
Barclays Bank Plc, 5.13%, 01/08/20		500		561
BB&T Corp., 1.60%, 08/15/17		500		500
Berkshire Hathaway Finance Corp.
1.60%, 05/15/17 (e)		300		303
4.25%, 01/15/21 (e)		300		330
4.30%, 05/15/43		200		212
BioMed Realty LP, 2.63%, 05/01/19		200		200
BlackRock Inc., 3.38%, 06/01/22		200		206

	Shares/Par (t)		Value
BNP Paribas SA
2.70%, 08/20/18		500		511
5.00%, 01/15/21		400		452
Boston Properties LP, 3.80%, 02/01/24		250		257
BPCE SA
1.61%, 07/25/17		200		200
4.00%, 04/15/24		200		209
Brandywine Operating Partnership LP, 3.95%, 02/15/23		250		252
Capital One Bank USA NA, 2.30%, 06/05/19		500		496
Capital One Financial Corp., 3.50%, 06/15/23		550		556
Caterpillar Financial Services Corp.
1.63%, 06/01/17		400		404
7.15%, 02/15/19		200		239
Charles Schwab Corp., 2.20%, 07/25/18		250		253
Cincinnati Financial Corp., 6.13%, 11/01/34		100		120
Citigroup Inc.
1.70%, 07/25/16		300		302
1.55%, 08/14/17		350		349
6.00%, 08/15/17		250		277
8.50%, 05/22/19		300		374
5.38%, 08/09/20		300		341
4.50%, 01/14/22		500		546
4.05%, 07/30/22		400		414
5.50%, 09/13/25		300		332
5.88%, 01/30/42		489		615
Citizens Bank NA, 2.45%, 12/04/19		500		497
CNA Financial Corp., 5.75%, 08/15/21		200		228
Comerica Inc., 2.13%, 05/23/19		150		149
Commonwealth Bank of Australia, 1.40%, 09/08/17		300		298
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
3.38%, 01/19/17		250		261
2.25%, 01/14/19		500		504
Corp. Andina de Fomento, 3.75%, 01/15/16		200		205
Council Of Europe Development Bank, 1.50%, 02/22/17		500		506
Credit Suisse, 3.63%, 09/09/24		500		509
Credit Suisse USA Inc., 5.38%, 03/02/16 (e)		500		526
DDR Corp., 4.63%, 07/15/22		300		320
Deutsche Bank AG, 6.00%, 09/01/17		500		555
Discover Bank
7.00%, 04/15/20		300		354
4.25%, 03/13/26		200		207
Duke Realty LP, 3.88%, 10/15/22		200		206
ERP Operating LP
5.75%, 06/15/17		150		165
2.38%, 07/01/19		300		299
Essex Portfolio LP, 3.88%, 05/01/24		200		204
European Bank for Reconstruction & Development
2.50%, 03/15/16		200		205
1.00%, 02/16/17		200		201
1.75%, 06/14/19 (e)		500		501
European Investment Bank
2.50%, 05/16/16		1,000		1,026
2.13%, 07/15/16		500		512
1.75%, 03/15/17		500		510
5.13%, 05/30/17		500		549
1.00%, 06/15/18		700		690
1.88%, 03/15/19 (e)		500		505
4.00%, 02/16/21		500		559
2.50%, 04/15/21		400		411
Export-Import Bank of Korea
4.00%, 01/11/17		300		314
2.38%, 08/12/19		200		200

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Federal Realty Investment Trust, 4.50%, 12/01/44		100		104
Fifth Third Bancorp, 8.25%, 03/01/38		300		451
First Republic Bank, 2.38%, 06/17/19		300		301
FMS Wertmanagement AoeR, 0.63%, 04/18/16		250		250
Ford Motor Credit Co. LLC
3.98%, 06/15/16		300		311
4.25%, 02/03/17		300		315
5.00%, 05/15/18		300		326
FS Investment Corp., 4.00%, 07/15/19		250		249
General Electric Capital Corp.
5.00%, 01/08/16		300		313
5.63%, 09/15/17		350		389
5.50%, 01/08/20		700		801
4.38%, 09/16/20		550		602
3.45%, 05/15/24		350		362
6.88%, 01/10/39		600		849
6.38%, 11/15/67 (i)		300		322
Goldman Sachs Group Inc.
5.75%, 10/01/16		250		268
6.25%, 09/01/17		500		556
5.95%, 01/18/18		300		333
6.15%, 04/01/18		300		337
2.55%, 10/23/19		250		249
5.38%, 03/15/20		400		448
5.25%, 07/27/21		500		564
6.75%, 10/01/37		650		817
6.25%, 02/01/41		400		506
Hartford Financial Services Group Inc.
5.38%, 03/15/17		200		216
6.10%, 10/01/41		75		94
HCP Inc.
6.00%, 01/30/17		150		164
5.38%, 02/01/21		300		335
Health Care REIT Inc., 6.13%, 04/15/20 (e)		400		460
Hospitality Properties Trust, 5.63%, 03/15/17		250		268
HSBC Finance Corp., 6.68%, 01/15/21		300		356
HSBC Holdings Plc
5.10%, 04/05/21		250		283
4.25%, 03/14/24		150		156
7.63%, 05/17/32		650		894
6.10%, 01/14/42		300		401
HSBC USA Inc., 1.50%, 11/13/17 (e)		250		250
Inter-American Development Bank
1.13%, 03/15/17		1,000		1,006
1.25%, 01/16/18		300		300
3.88%, 02/14/20		700		771
4.38%, 01/24/44		100		123
IntercontinentalExchange Group Inc., 4.00%, 10/15/23		300		316
International Bank for Reconstruction & Development
2.13%, 03/15/16		500		510
0.50%, 05/16/16		700		699
0.75%, 12/15/16		250		250
1.38%, 04/10/18		750		755
1.88%, 10/07/19		300		303
7.63%, 01/19/23		300		419
International Finance Corp., 2.13%, 11/17/17		500		512
Intesa Sanpaolo SpA, 3.13%, 01/15/16		400		406
Jefferies Group Inc., 5.13%, 04/13/18		250		264
John Deere Capital Corp.
2.25%, 06/07/16		400		409
1.20%, 10/10/17 (e)		250		249
JPMorgan Chase & Co.
1.35%, 02/15/17		500		500
6.00%, 01/15/18		750		839
6.30%, 04/23/19		500		581

	Shares/Par (t)		Value
4.40%, 07/22/20		600		650
3.20%, 01/25/23		500		500
3.63%, 05/13/24		250		256
5.60%, 07/15/41		500		605
JPMorgan Chase Bank NA, 6.00%, 10/01/17		500		555
KeyCorp, 2.30%, 12/13/18		400		401
Korea Development Bank, 3.25%, 03/09/16		500		512
Korea Finance Corp., 2.88%, 08/22/18		250		256
Kreditanstalt fuer Wiederaufbau
0.50%, 07/15/16		500		499
4.88%, 01/17/17		700		757
1.25%, 02/15/17		1,000		1,009
1.75%, 10/15/19		300		300
2.75%, 09/08/20		500		522
2.63%, 01/25/22		700		724
2.50%, 11/20/24		300		304
0.00%, 06/29/37 (j)		300		155
Landwirtschaftliche Rentenbank
2.50%, 02/15/16		200		205
5.13%, 02/01/17		500		544
Lincoln National Corp., 4.00%, 09/01/23		500		519
Lloyds Bank Plc, 6.38%, 01/21/21		200		240
Markel Corp., 5.00%, 03/30/43		150		159
Marsh & McLennan Cos. Inc., 2.35%, 09/10/19		250		250
Merrill Lynch & Co. Inc.
6.05%, 05/16/16		250		265
6.88%, 04/25/18		550		632
MetLife Inc.
7.72%, 02/15/19		500		606
3.60%, 04/10/24		250		257
5.70%, 06/15/35		100		125
6.40%, 12/15/36 (i)		100		112
Mid-America Apartments LP, 4.30%, 10/15/23		200		210
Moody’s Corp., 2.75%, 07/15/19		350		353
Morgan Stanley
1.75%, 02/25/16		300		302
5.75%, 10/18/16		410		440
6.63%, 04/01/18		500		570
5.75%, 01/25/21		400		459
3.75%, 02/25/23		300		308
6.38%, 07/24/42		300		398
National Rural Utilities Cooperative Finance Corp., 10.38%, 11/01/18		200		261
Nomura Holdings Inc, 6.70%, 03/04/20 (e)		400		473
Northern Trust Corp., 3.95%, 10/30/25		250		260
Omega Healthcare Investors Inc., 4.95%, 04/01/24		250		260
PartnerRe Finance B LLC, 5.50%, 06/01/20		90		101
PNC Bank NA, 4.20%, 11/01/25		300		317
PNC Funding Corp., 6.70%, 06/10/19		500		592
Progressive Corp., 4.35%, 04/25/44		200		217
Prudential Financial Inc.
5.75%, 07/15/33		150		183
4.60%, 05/15/44		150		158
Realty Income Corp., 4.13%, 10/15/26		250		255
Royal Bank of Canada
2.88%, 04/19/16		200		205
1.25%, 06/16/17		300		299
2.15%, 03/15/19		250		251
Royal Bank of Scotland Plc
6.40%, 10/21/19		200		232
6.13%, 01/11/21		300		354
Simon Property Group LP
3.38%, 03/15/22		400		412
6.75%, 02/01/40		100		139
State Street Corp., 3.10%, 05/15/23		500		493
Sumitomo Mitsui Banking Corp., 3.40%, 07/11/24		500		509

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
SunTrust Bank, 1.35%, 02/15/17		500		500
Svensk Exportkredit AB, 1.88%, 06/17/19		250		251
Svenska Handelsbanken AB, 2.25%, 06/17/19		300		302
Synchrony Financial, 4.25%, 08/15/24		250		257
Toyota Motor Credit Corp., 4.25%, 01/11/21		400		439
Travelers Property Casualty Corp., 6.38%, 03/15/33		200		267
Trinity Acquisition Plc, 4.63%, 08/15/23		350		363
U.S. Bancorp
4.13%, 05/24/21		400		437
2.95%, 07/15/22		400		394
U.S. Bank NA, 1.10%, 01/30/17		200		200
UBS AG
5.88%, 07/15/16		250		268
5.88%, 12/20/17		146		163
4.88%, 08/04/20		391		435
Union Bank NA, 5.95%, 05/11/16		500		530
Ventas Realty LP, 4.00%, 04/30/19		250		265
Wachovia Bank NA, 6.00%, 11/15/17		250		280
Wells Fargo & Co.
1.25%, 07/20/16		690		692
1.50%, 01/16/18		500		497
4.60%, 04/01/21		500		556
3.50%, 03/08/22		500		522
4.10%, 06/03/26		200		204
5.38%, 11/02/43		250		284
Westpac Banking Corp.
1.20%, 05/19/17		250		249
1.50%, 12/01/17		200		200
4.88%, 11/19/19		400		446
Weyerhaeuser Co., 7.38%, 03/15/32		200		266
				88,986
HEALTH CARE - 2.3%
Abbott Laboratories, 5.13%, 04/01/19		250		280
AbbVie Inc.
2.00%, 11/06/18		400		399
2.90%, 11/06/22		400		394
Actavis Funding SCS, 2.45%, 06/15/19		300		295
Aetna Inc.
1.50%, 11/15/17		200		198
3.50%, 11/15/24		200		203
6.63%, 06/15/36		150		200
4.13%, 11/15/42		200		201
Agilent Technologies Inc., 5.00%, 07/15/20		200		218
AmerisourceBergen Corp., 1.15%, 05/15/17		250		248
Amgen Inc.
1.25%, 05/22/17		250		248
5.85%, 06/01/17		300		330
3.63%, 05/22/24		250		254
5.15%, 11/15/41		400		451
AstraZeneca Plc
5.90%, 09/15/17		250		280
6.45%, 09/15/37		250		337
Baxter International Inc.
4.25%, 03/15/20		200		215
4.50%, 06/15/43		250		268
Becton Dickinson and Co.
1.80%, 12/15/17		350		351
3.25%, 11/12/20		100		102
Bristol-Myers Squibb Co.
2.00%, 08/01/22		300		285
5.88%, 11/15/36		67		86
Cardinal Health Inc., 1.70%, 03/15/18		400		397
Celgene Corp.
3.95%, 10/15/20		300		317
4.63%, 05/15/44		250		259
Cigna Corp., 4.00%, 02/15/22		500		527

	Shares/Par (t)		Value
Covidien International Finance SA, 6.00%, 10/15/17		300		336
Dignity Health, 3.81%, 11/01/24		300		309
Eli Lilly & Co.
5.20%, 03/15/17		100		109
5.55%, 03/15/37		100		121
Express Scripts Holding Co., 3.50%, 06/15/24		300		299
Gilead Sciences Inc.
4.40%, 12/01/21		200		221
4.80%, 04/01/44		400		444
GlaxoSmithKline Capital Inc.
5.65%, 05/15/18		200		225
2.80%, 03/18/23		500		494
Howard Hughes Medical Institute, 3.50%, 09/01/23		250		261
Humana Inc., 4.95%, 10/01/44		200		213
Johnson & Johnson
5.95%, 08/15/37		250		339
4.50%, 12/05/43		100		115
Laboratory Corp. of America Holdings, 2.20%, 08/23/17		250		252
McKesson Corp.
5.70%, 03/01/17		100		109
2.85%, 03/15/23		500		478
Medco Health Solutions Inc., 7.13%, 03/15/18 (l)		200		231
Medtronic Inc.
4.45%, 03/15/20		400		439
4.38%, 03/15/35 (r)		500		530
4.63%, 03/15/45 (r)		350		379
Merck & Co. Inc.
2.40%, 09/15/22		400		390
3.60%, 09/15/42		200		193
Mylan Inc., 4.20%, 11/29/23		400		415
Novartis Capital Corp., 4.40%, 05/06/44		200		224
Novartis Securities Investment Ltd., 5.13%, 02/10/19		500		561
Pfizer Inc.
6.20%, 03/15/19		500		582
4.40%, 05/15/44		250		272
Pharmacia Corp., 6.60%, 12/01/28 (k)		50		66
Quest Diagnostic Inc., 4.70%, 04/01/21		200		217
Sanofi SA, 2.63%, 03/29/16		500		512
St. Jude Medical Inc., 4.75%, 04/15/43		200		212
Stryker Corp., 4.10%, 04/01/43		200		201
Teva Pharmaceutical Finance LLC
2.25%, 03/18/20		200		196
6.15%, 02/01/36		150		186
Thermo Fisher Scientific Inc.
3.20%, 03/01/16		300		307
5.30%, 02/01/44		200		230
UnitedHealth Group Inc.
5.38%, 03/15/16		250		264
6.00%, 02/15/18		150		169
4.70%, 02/15/21		400		450
5.80%, 03/15/36		150		186
Walgreens Boots Alliance Inc.
1.75%, 11/17/17		200		201
3.80%, 11/18/24		200		204
4.50%, 11/18/34		200		208
WellPoint Inc.
3.30%, 01/15/23		300		300
4.65%, 01/15/43		200		208
Wyeth LLC, 5.95%, 04/01/37		250		321
Zoetis Inc., 1.88%, 02/01/18		300		297
				20,819

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
INDUSTRIALS - 1.5%
3M Co.
2.00%, 06/26/22		250		242
5.70%, 03/15/37		150		195
Air Lease Corp, 3.38%, 01/15/19 (e)		400		405
Boeing Co., 4.88%, 02/15/20		500		564
Burlington Northern Santa Fe LLC
3.05%, 09/01/22		500		503
6.15%, 05/01/37		100		132
5.75%, 05/01/40		400		494
Canadian National Railway Co., 5.55%, 03/01/19		200		227
Caterpillar Inc.
3.90%, 05/27/21		300		325
4.30%, 05/15/44		300		320
CSX Corp.
7.38%, 02/01/19 (e)		300		359
3.70%, 11/01/23		200		210
Dover Corp., 5.38%, 03/01/41		150		187
Eaton Corp.
1.50%, 11/02/17		300		298
4.15%, 11/02/42		100		99
Emerson Electric Co., 2.63%, 02/15/23		360		355
FedEx Corp., 3.88%, 08/01/42		200		193
GATX Corp., 4.75%, 06/15/22		350		385
General Electric Co.
5.25%, 12/06/17		600		666
2.70%, 10/09/22		250		250
Honeywell International Inc., 5.38%, 03/01/41		300		375
Ingersoll-Rand Global Holding Co. Ltd., 6.88%, 08/15/18		200		232
Koninklijke Philips Electronics NV, 5.75%, 03/11/18		350		389
L-3 Communications Corp., 4.95%, 02/15/21		500		544
Lockheed Martin Corp., 4.07%, 12/15/42		243		245
Massachusetts Institute of Technology, 4.68%, 07/01/14		250		289
Norfolk Southern Corp.
5.90%, 06/15/19		300		344
2.90%, 02/15/23		79		78
3.85%, 01/15/24		200		210
4.84%, 10/01/41		224		249
Northrop Grumman Systems Corp., 5.05%, 08/01/19		210		233
Pitney Bowes Inc., 5.75%, 09/15/17		76		83
Precision Castparts Corp., 2.50%, 01/15/23		300		289
Raytheon Co., 3.13%, 10/15/20		500		516
Republic Services Inc., 6.20%, 03/01/40		300		388
Roper Industries Inc., 1.85%, 11/15/17		300		300
Union Pacific Corp., 4.82%, 02/01/44		332		379
United Parcel Service Inc., 6.20%, 01/15/38		350		466
United Technologies Corp.
1.80%, 06/01/17		300		304
6.70%, 08/01/28		50		67
5.70%, 04/15/40		500		627
Waste Management Inc.
6.10%, 03/15/18		200		226
2.90%, 09/15/22		200		198
				13,440
INFORMATION TECHNOLOGY - 1.4%
Alibaba Group Holding Ltd., 4.50%, 11/28/34 (r)		300		308
Apple Inc.
1.05%, 05/05/17 (e)		250		251
2.85%, 05/06/21		300		307
2.40%, 05/03/23		650		632

	Shares/Par (t)		Value
3.45%, 05/06/24		400		419
Baidu Inc., 2.75%, 06/09/19		400		398
CA Inc., 4.50%, 08/15/23		400		419
Cisco Systems Inc.
5.50%, 02/22/16		250		264
4.45%, 01/15/20		300		330
5.90%, 02/15/39		250		315
Computer Sciences Corp., 4.45%, 09/15/22		300		307
eBay Inc., 1.35%, 07/15/17		200		198
EMC Corp., 1.88%, 06/01/18		500		498
Fidelity National Information Services Inc., 3.50%, 04/15/23		200		199
Harris Corp., 4.40%, 12/15/20		250		267
Hewlett-Packard Co.
3.00%, 09/15/16		500		514
4.30%, 06/01/21		200		211
4.05%, 09/15/22		300		305
Intel Corp.
2.70%, 12/15/22		200		199
4.25%, 12/15/42		400		412
International Business Machines Corp.
5.70%, 09/14/17		600		669
1.63%, 05/15/20		300		289
7.00%, 10/30/25		200		264
4.00%, 06/20/42		200		199
Jabil Circuit Inc., 4.70%, 09/15/22		300		299
Keysight Technologies Inc., 4.55%, 10/30/24 (r)		300		300
MasterCard Inc., 2.00%, 04/01/19		300		298
Microsoft Corp.
0.88%, 11/15/17		500		495
3.00%, 10/01/20		300		313
5.30%, 02/08/41		200		245
Oracle Corp.
5.75%, 04/15/18		350		396
3.88%, 07/15/20		300		322
3.63%, 07/15/23		400		420
4.50%, 07/08/44 (e)		200		217
Texas Instruments Inc., 1.65%, 08/03/19		200		195
Western Union Co., 5.25%, 04/01/20		200		219
Xerox Corp., 6.35%, 05/15/18		500		565
				12,458
MATERIALS - 1.2%
Airgas Inc., 2.38%, 02/15/20		250		246
Albemarle Corp., 5.45%, 12/01/44		150		161
Barrick Gold Corp.
6.95%, 04/01/19		350		399
5.95%, 10/15/39		300		287
BHP Billiton Finance USA Ltd.
1.63%, 02/24/17		500		504
5.40%, 03/29/17		200		218
4.13%, 02/24/42		250		244
CF Industries Inc
3.45%, 06/01/23		250		244
4.95%, 06/01/43		250		251
CRH America Inc., 6.00%, 09/30/16		250		269
Dow Chemical Co.
8.55%, 05/15/19 (l)		197		245
5.25%, 11/15/41		200		216
4.63%, 10/01/44		250		253
E.I. du Pont de Nemours & Co.
4.25%, 04/01/21		300		328
2.80%, 02/15/23		200		197
4.90%, 01/15/41		150		164
Eastman Chemical Co.
3.80%, 03/15/25 (e)		250		254
4.65%, 10/15/44		200		205
Ecolab Inc., 5.50%, 12/08/41		150		181

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Freeport-McMoRan Copper & Gold Inc.
3.55%, 03/01/22		500		473
5.45%, 03/15/43		300		284
Goldcorp Inc., 3.63%, 06/09/21		300		300
LyondellBasell Industries NV, 5.00%, 04/15/19		250		273
MeadWestvaco Corp., 7.38%, 09/01/19		250		295
Methanex Corp., 3.25%, 12/15/19		200		198
Newmont Mining Corp.
3.50%, 03/15/22 (e)		500		470
5.88%, 04/01/35		50		49
Nucor Corp., 6.40%, 12/01/37		300		371
Packaging Corp. of America, 4.50%, 11/01/23		200		209
Plum Creek Timberlands LP, 4.70%, 03/15/21		200		217
Praxair Inc., 2.20%, 08/15/22		300		287
Rio Tinto Finance USA Plc
2.00%, 03/22/17 (e)		300		304
3.50%, 03/22/22		500		500
RPM International Inc., 6.13%, 10/15/19		200		227
Sigma-Aldrich Corp., 3.38%, 11/01/20		230		238
Southern Copper Corp., 7.50%, 07/27/35		150		169
Teck Resources Ltd., 4.50%, 01/15/21		250		244
Vale Overseas Ltd.
6.25%, 01/11/16		100		104
6.25%, 01/23/17		150		160
6.88%, 11/21/36		400		422
				10,660
TELECOMMUNICATION SERVICES - 1.3%
America Movil SAB de CV
2.38%, 09/08/16		500		507
6.38%, 03/01/35 (e)		200		246
4.38%, 07/16/42		200		192
AT&T Inc.
2.40%, 08/15/16		600		612
2.30%, 03/11/19 (e)		500		499
6.50%, 09/01/37		500		618
4.35%, 06/15/45		500		471
British Telecommunications Plc, 9.63%, 12/15/30 (l)		250		392
Deutsche Telekom International Finance BV
5.75%, 03/23/16		250		264
8.75%, 06/15/30 (l)		300		443
Embarq Corp., 8.00%, 06/01/36		200		223
France Telecom SA, 5.38%, 01/13/42		100		114
GTE Corp.
6.84%, 04/15/18		250		288
6.94%, 04/15/28		50		63
Orange SA, 2.75%, 02/06/19		250		255
Pacific Bell Telephone Co., 7.13%, 03/15/26		500		637
Qwest Corp., 7.25%, 09/15/25		110		131
Rogers Communications Inc., 6.80%, 08/15/18		500		577
Telefonica Emisiones SAU, 5.13%, 04/27/20		350		387
Telefonica Europe BV, 8.25%, 09/15/30		200		278
Verizon Communications Inc.
4.50%, 09/15/20		100		109
3.45%, 03/15/21		500		511
2.45%, 11/01/22		500		472
5.15%, 09/15/23		250		276
6.40%, 09/15/33		350		431
6.90%, 04/15/38		300		393
6.00%, 04/01/41		600		707
6.55%, 09/15/43		600		769
Verizon Florida LLC, 6.86%, 02/01/28		200		241
Vodafone Group Plc
1.50%, 02/19/18		400		393
7.88%, 02/15/30		200		277
				11,776

	Shares/Par (t)		Value
UTILITIES - 1.9%
Alabama Power Co., 6.00%, 03/01/39		250		329
Ameren Illinois Co., 3.25%, 03/01/25		250		254
Appalachian Power Co., 6.70%, 08/15/37		200		267
Arizona Public Service Co.
3.35%, 06/15/24		100		103
4.50%, 04/01/42 (e)		100		106
Atmos Energy Corp., 4.13%, 10/15/44		300		311
Cleveland Electric Illuminating Co., 5.95%, 12/15/36		250		291
Connecticut Light & Power Co., 5.50%, 02/01/19		360		408
Consolidated Edison Co. of New York Inc.
5.50%, 12/01/39		300		360
5.70%, 06/15/40		100		127
Consumers Energy Co., 3.13%, 08/31/24		250		251
Detroit Edison Co., 5.60%, 06/15/18		250		283
Dominion Gas Holdings LLC, 3.55%, 11/01/23		200		204
Dominion Resources Inc.
2.50%, 12/01/19		200		201
4.45%, 03/15/21		200		217
7.00%, 06/15/38		200		269
DTE Electric Co., 3.38%, 03/01/25		200		205
Duke Energy Carolinas LLC
7.00%, 11/15/18		100		119
5.30%, 02/15/40		300		372
Duke Energy Indiana Inc., 6.12%, 10/15/35		250		322
Entergy Arkansas Inc., 3.75%, 02/15/21		400		425
Exelon Generation Co. LLC, 6.20%, 10/01/17		200		222
First Energy Solutions Corp., 6.80%, 08/15/39		200		215
Florida Power & Light Co.
5.63%, 04/01/34		100		124
5.13%, 06/01/41		200		244
Florida Power Corp., 4.55%, 04/01/20		300		330
Georgia Power Co.
3.00%, 04/15/16		250		257
4.25%, 12/01/19		300		329
Great Plains Energy Inc., 4.85%, 06/01/21 (e)		250		274
Hydro Quebec
7.50%, 04/01/16		100		108
9.40%, 02/01/21		250		341
Iberdrola International BV, 6.75%, 07/15/36		150		191
Interstate Power & Light Co., 3.25%, 12/01/24		300		305
Kentucky Utilities Co., 5.13%, 11/01/40		300		360
LG&E and KU Energy LLC, 3.75%, 11/15/20		300		313
MidAmerican Energy Co.
3.50%, 10/15/24		200		207
6.75%, 12/30/31		50		70
National Grid Plc, 6.30%, 08/01/16		150		162
NextEra Energy Capital Holdings Inc.
6.00%, 03/01/19		100		114
2.40%, 09/15/19		300		300
NiSource Finance Corp.
4.45%, 12/01/21		100		108
5.95%, 06/15/41		250		312
Northern States Power Co., 5.25%, 03/01/18		350		387
NorthWestern Corp., 4.18%, 11/15/44		150		159
Ohio Power Co., 6.00%, 06/01/16		500		534
Oncor Electric Delivery Co. LLC
7.00%, 09/01/22		150		190
5.25%, 09/30/40		200		244
Pacific Gas & Electric Co.
6.05%, 03/01/34		200		255
4.45%, 04/15/42		400		422
PacifiCorp
2.95%, 06/01/23		300		299
6.25%, 10/15/37		200		271

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
PECO Energy Co., 4.15%, 10/01/44		250		266
Piedmont Natural Gas Co. Inc., 4.10%, 09/18/34		250		268
Progress Energy Inc., 7.75%, 03/01/31		300		434
PSEG Power LLC
2.75%, 09/15/16		250		256
8.63%, 04/15/31		75		110
Public Service Electric & Gas Co., 5.50%, 03/01/40		200		258
Puget Sound Energy Inc., 5.76%, 10/01/39		200		260
San Diego Gas & Electric Co., 5.35%, 05/15/40		200		248
Sempra Energy, 9.80%, 02/15/19		300		385
South Carolina Electric & Gas Co., 4.50%, 06/01/64		100		108
Southern California Edison Co.
6.00%, 01/15/34		75		97
4.05%, 03/15/42		200		208
Southern California Gas Co., 4.45%, 03/15/44		150		168
Teco Finance Inc., 5.15%, 03/15/20		200		223
Union Electric Co., 6.40%, 06/15/17		100		111
Virginia Electric and Power Co.
5.95%, 09/15/17		250		279
4.45%, 02/15/44		100		109
Wisconsin Power & Light Co., 4.10%, 10/15/44		150		155
				17,014
Total Corporate Bonds and Notes (cost $224,815)				235,456
GOVERNMENT AND AGENCY OBLIGATIONS - 71.8%
GOVERNMENT SECURITIES - 41.1%
Federal Farm Credit Bank - 0.0% (w)
Federal Farm Credit Bank, 0.54%, 11/07/16		450		449
Federal Home Loan Bank - 0.7% (w)
Federal Home Loan Bank
0.37%, 02/01/16		1,000		1,000
5.38%, 05/18/16		500		533
4.75%, 12/16/16		300		325
4.88%, 05/17/17		900		984
1.00%, 06/21/17		800		801
5.00%, 11/17/17		355		395
1.25%, 02/28/18		515		514
2.00%, 09/14/18		500		511
1.63%, 06/14/19		250		249
4.13%, 03/13/20		450		501
5.50%, 07/15/36		400		549
				6,362
Federal Home Loan Mortgage Corp. - 1.1% (w)
Federal Home Loan Mortgage Corp.
4.75%, 01/19/16		206		216
0.50%, 01/28/16		300		300
5.25%, 04/18/16		100		106
0.75%, 10/05/16		500		500
5.13%, 10/18/16 - 11/17/17		1,420		1,560
1.00%, 03/08/17		1,000		1,003
1.25%, 05/12/17		250		252
5.50%, 08/23/17		350		391
1.03%, 11/28/17		500		497
0.88%, 03/07/18		800		791
1.20%, 06/12/18		350		346
3.75%, 03/27/19		480		522
1.25%, 08/01/19 (e)		250		245
1.40%, 08/22/19		500		493
1.38%, 05/01/20 (e)		800		780
2.38%, 01/13/22		500		505
3.06%, 06/14/28		120		116
6.75%, 09/15/29 - 03/15/31		180		269

	Shares/Par (t)		Value
6.25%, 07/15/32		600		877
				9,769
Federal National Mortgage Association - 1.2% (w)
Federal National Mortgage Association
5.00%, 03/15/16		400		422
1.25%, 01/30/17 (e)		1,000		1,009
0.00%, 06/01/17 (j)		85		83
0.95%, 08/23/17		1,000		994
1.07%, 09/27/17		750		745
1.00%, 12/28/17 - 04/30/18		2,335		2,310
1.13%, 03/28/18		415		411
0.88%, 05/21/18		1,000		983
1.75%, 09/12/19		700		700
1.55%, 10/29/19		250		247
7.25%, 05/15/30		540		840
6.63%, 11/15/30		631		937
6.00%, 04/18/36		300		320
Principal Only, 0.00%, 10/09/19 (j)		680		611
				10,612
Municipals - 1.0%
American Municipal Power-Ohio Inc., 7.50%, 02/15/50		200		297
Bay Area Toll Authority, 6.26%, 04/01/49		200		282
Chicago Transit Authority, 6.90%, 12/01/40		200		253
City of Houston TX Utility System Revenue, 3.83%, 05/15/28		250		268
City of New York, 5.97%, 03/01/36		200		254
City of San Francisco Public Utilities Commission, 6.00%, 11/01/40		200		257
Commonwealth of Massachusetts, Ad Valorem Property Tax, 4.91%, 05/01/29		300		346
Cook County, Illinois, 6.23%, 11/15/34		100		109
Dallas Convention Center Hotel Development Corp., 7.09%, 01/01/42		200		269
Dallas County Hospital District, 5.62%, 08/15/44		300		386
Dallas Independent School District, 6.45%, 02/15/35		300		359
Florida Hurricane Catastrophe Fund Finance Corp., 2.11%, 07/01/18		400		403
Los Angeles Department of Water & Power, 5.72%, 07/01/39		245		310
Los Angeles Unified School District, Ad Valorem Property Tax, 5.76%, 07/01/29		200		247
Metropolitan Transportation Authority, 6.65%, 11/15/39		290		393
Municipal Electric Authority of Georgia, 7.06%, 04/01/57		200		244
New Jersey Economic Development Authority (insured by National Public Finance Guarantee Corp.), 7.43%, 02/15/29		200		255
New Jersey State Turnpike Authority, 7.10%, 01/01/41		250		363
New Jersey State Turnpike Authority (insured by AMBAC Financial Group Corp.), 4.25%, 01/01/16		5		5
New York City Municipal Water Finance Authority, 6.01%, 06/15/42		235		319
Ohio State University, College & University Revenue, 4.91%, 06/01/40		200		241
Port Authority of New York & New Jersey, GO, 6.04%, 12/01/29		200		253
State of California
5.75%, 03/01/17		250		275
7.60%, 11/01/40		400		624
State of Connecticut, 5.09%, 10/01/30		250		285
State of Georgia, 4.50%, 11/01/25		300		337

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
State of Illinois, 5.10%, 06/01/33		300		298
State of Illinois, Transit Improvements, 7.35%, 07/01/35		400		470
State of Texas, 5.52%, 04/01/39		200		264
University of California, 1.80%, 07/01/19		250		248
				8,914
Sovereign - 2.5%
African Development Bank
1.25%, 09/02/16		250		252
0.75%, 10/18/16		130		130
Asian Development Bank, 1.13%, 03/15/17		500		503
Brazil Government International Bond
6.00%, 01/17/17 (e)		300		323
8.88%, 04/15/24 (e)		200		269
10.13%, 05/15/27		535		819
Chile Government International Bond, 3.88%, 08/05/20 (e)		300		322
Colombia Government International Bond
8.13%, 05/21/24		400		531
7.38%, 09/18/37 (e)		400		539
Export Development Canada, 1.75%, 08/19/19		500		501
Federal Republic of Brazil, 12.25%, 03/06/30		220		403
International Finance Corp., 0.50%, 05/16/16		500		499
Israel Government AID Bond, 5.50%, 04/26/24		142		176
Israel Government International Bond, 4.00%, 06/30/22 (e)		500		542
Italy Government International Bond
6.88%, 09/27/23		450		568
5.38%, 06/15/33		200		239
Japan Bank for International Cooperation, 1.13%, 07/19/17		500		499
Japan Finance Corp., 2.50%, 05/18/16		500		512
Japan Finance Organization for Municipalities, 4.00%, 01/13/21 (e)		300		331
Kreditanstalt fuer Wiederaufbau, 0.50%, 04/19/16		600		600
Mexico Government International Bond
5.63%, 01/15/17		500		542
3.50%, 01/21/21		750		766
8.30%, 08/15/31		300		451
4.75%, 03/08/44		556		580
Nordic Investment Bank, 5.00%, 02/01/17 (e)		300		325
Oesterreichische Kontrollbank AG, 4.88%, 02/16/16		200		209
Panama Government International Bond
5.20%, 01/30/20		200		221
6.70%, 01/26/36		400		517
Peru Government International Bond
8.38%, 05/03/16		500		549
6.55%, 03/14/37 (e)		250		324
Philippine Government International Bond
6.50%, 01/20/20 (e)		400		480
9.50%, 02/02/30		400		649
Poland Government International Bond, 5.00%, 03/23/22		500		560
Province of British Columbia, Canada
1.20%, 04/25/17		300		301
6.50%, 01/15/26		70		94
Province of Manitoba, Canada, 3.05%, 05/14/24		350		363
Province of Nova Scotia, Canada, 8.75%, 04/01/22		250		341
Province of Ontario, Canada
4.95%, 11/28/16		300		323
3.15%, 12/15/17 (e)		300		315
1.20%, 02/14/18		500		496
3.20%, 05/16/24		300		313

	Shares/Par (t)		Value
Province of Quebec, Canada
7.50%, 07/15/23		100		135
7.13%, 02/09/24		250		332
2.88%, 10/16/24		300		303
Republic of Korea, 5.63%, 11/03/25		250		311
South Africa Government International Bond
5.50%, 03/09/20		200		219
4.67%, 01/17/24 (e)		200		207
5.38%, 07/24/44		250		264
Svensk Exportkredit AB, 5.13%, 03/01/17		200		218
Tennessee Valley Authority
5.50%, 07/18/17		250		278
5.38%, 04/01/56		300		394
Turkey Government International Bond
7.00%, 09/26/16		300		325
3.25%, 03/23/23 (e)		900		854
8.00%, 02/14/34		400		548
4.88%, 04/16/43		300		299
6.63%, 02/17/45		200		245
Uruguay Government International Bond, 4.13%, 11/20/45 (e)		200		179
				22,388
U.S. Treasury Securities - 34.6%
U.S. Treasury Bond
9.25%, 02/15/16		567		623
7.25%, 05/15/16		1,014		1,107
7.50%, 11/15/16		520		586
8.75%, 05/15/17		634		751
8.88%, 08/15/17		900		1,084
7.88%, 02/15/21		806		1,088
8.13%, 08/15/21		800		1,111
8.00%, 11/15/21		610		848
6.88%, 08/15/25		1,030		1,488
6.00%, 02/15/26		620		850
6.63%, 02/15/27		395		576
5.25%, 02/15/29		1,150		1,547
6.25%, 05/15/30		90		135
5.38%, 02/15/31		1,174		1,637
4.50%, 02/15/36 (g)		1,626		2,171
4.75%, 02/15/37 - 02/15/41		2,805		3,901
4.50%, 08/15/39		404		539
4.38%, 11/15/39 - 05/15/41		3,335		4,391
4.63%, 02/15/40		109		148
3.88%, 08/15/40		29		35
4.25%, 11/15/40		834		1,080
3.75%, 08/15/41 - 11/15/43		4,523		5,448
3.13%, 02/15/42 - 02/15/43		2,569		2,763
3.00%, 05/15/42		375		394
2.75%, 08/15/42 - 11/15/42		2,538		2,539
2.88%, 05/15/43		2,000		2,047
3.63%, 08/15/43 - 02/15/44		4,090		4,814
3.38%, 05/15/44		3,150		3,549
3.13%, 08/15/44 (e)		1,730		1,862
3.00%, 11/15/44 (g)		1,300		1,366
U.S. Treasury Note
0.38%, 01/15/16 - 10/31/16		11,810		11,806
2.00%, 01/31/16 - 02/15/23		15,777		15,857
4.50%, 02/15/16		1,263		1,321
2.13%, 02/29/16 - 09/30/21		8,965		9,101
2.63%, 02/29/16 - 11/15/20		6,673		6,931
2.25%, 03/31/16 - 07/31/21		5,145		5,266
2.38%, 03/31/16 - 06/30/18		1,973		2,041
0.25%, 04/15/16 - 05/15/16		3,500		3,494
5.13%, 05/15/16		239		254
1.75%, 05/31/16 - 05/15/23		5,220		5,159
0.50%, 06/15/16 - 09/30/16		6,280		6,278
1.50%, 06/30/16 - 11/30/19		20,775		20,847
3.25%, 06/30/16 - 03/31/17		5,881		6,160

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
0.63%, 07/15/16 - 04/30/18		18,300		18,168
4.88%, 08/15/16		717		767
1.00%, 08/31/16 - 11/30/19		12,441		12,436
3.00%, 08/31/16 - 09/30/16		1,603		1,669
0.88%, 09/15/16 - 01/31/18		19,184		19,188
3.13%, 10/31/16 - 05/15/21		5,343		5,642
4.63%, 11/15/16 - 02/15/17		3,211		3,458
2.75%, 11/30/16 - 02/15/24		5,074		5,328
0.63%, 12/31/16 (g)		1,370		1,369
0.75%, 01/15/17 - 03/31/18		5,850		5,789
2.50%, 06/30/17 - 05/15/24		6,489		6,694
0.50%, 07/31/17 (e)		1,760		1,740
1.88%, 08/31/17 - 11/30/21		4,463		4,551
0.88%, 11/15/17 (e)		1,500		1,492
4.25%, 11/15/17		1,452		1,582
1.00%, 12/15/17 (g)		1,300		1,297
2.75%, 12/31/17 (e)		1,990		2,085
3.50%, 02/15/18 - 05/15/20		3,520		3,809
2.88%, 03/31/18		1,624		1,708
3.88%, 05/15/18		600		652
1.38%, 06/30/18 - 05/31/20		10,514		10,469
4.00%, 08/15/18		270		296
1.25%, 10/31/18 - 10/31/19		5,687		5,636
3.75%, 11/15/18		1,500		1,634
1.38%, 11/30/18 (g)		2,000		1,995
1.50%, 03/31/19 (e)		2,050		2,049
1.63%, 03/31/19 - 11/15/22		14,458		14,321
3.63%, 08/15/19 - 02/15/21		8,315		9,116
3.38%, 11/15/19		850		921
1.63%, 12/31/19 (g)		1,775		1,772
1.13%, 03/31/20		1,460		1,418
1.75%, 10/31/20 - 05/15/22 (g)		4,000		3,956
2.38%, 12/31/20 - 08/15/24 (g)		4,570		4,669
2.13%, 08/15/21 - 12/31/21 (g)		4,260		4,306
2.25%, 11/15/24 (g)		3,855		3,881
				310,856
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED     SECURITIES - 30.7%
Federal Home Loan Mortgage Corp. - 8.5%
Federal Home Loan Mortgage Corp.
7.00%, 08/01/15 - 11/01/16		8		8
2.00%, 08/25/16, TBA (g)		1,700		1,738
4.50%, 01/01/18 - 04/01/44		8,695		9,458
5.00%, 05/01/18 - 07/01/41		5,146		5,673
4.00%, 04/01/19 - 02/01/44		11,636		12,428
3.50%, 10/01/25 - 08/01/44		12,669		13,229
3.00%, 01/01/27 - 10/01/43		14,224		14,517
2.50%, 08/01/27 - 01/01/43		4,787		4,871
6.50%, 07/01/28 - 03/01/39		541		624
2.00%, 01/01/29		688		687
6.00%, 02/01/29 - 05/01/40		1,771		2,011
5.50%, 10/01/32 - 02/01/40		2,976		3,341
6.21%, 01/01/37 (i)		17		18
3.50%, 01/15/45 - 02/15/45, TBA (g)		1,400		1,453
4.00%, 01/15/45 - 02/15/45, TBA (g)		2,200		2,343
REMIC, 2.08%, 12/25/19		380		386
REMIC, 4.19%, 12/25/20 (i)		600		661
REMIC, 3.87%, 04/25/21		1,000		1,088
REMIC, 2.87%, 12/25/21		360		371
REMIC, 3.02%, 02/25/23		281		293
REMIC, 3.31%, 05/25/23 (i)		550		578
REMIC, 3.06%, 07/25/23 (i)		500		516
				76,292
Federal National Mortgage Association - 13.7%
Federal National Mortgage Association
5.50%, 04/01/16 - 09/01/41		4,774		5,355
6.50%, 09/01/16 - 12/01/38		990		1,144

	Shares/Par (t)		Value
6.00%, 11/01/16 - 09/01/39		3,093		3,504
5.00%, 10/01/17 - 08/01/41		7,058		7,822
4.50%, 02/01/18 - 12/01/43		13,872		15,075
4.00%, 07/01/18 - 05/01/42		20,348		21,751
3.50%, 07/01/21 - 02/01/44		23,074		24,156
2.50%, 12/01/21 - 08/01/43		5,587		5,668
3.00%, 11/01/26 - 08/01/43		25,459		25,993
2.00%, 09/01/28 - 09/01/28		692		690
2.00%, 01/15/30, TBA (g)		300		299
2.50%, 01/15/30, TBA (g)		1,900		1,934
3.50%, 02/15/30 - 02/15/45, TBA (g)		1,400		1,458
7.00%, 02/01/31 - 02/01/38		132		150
2.19%, 05/01/35 (i)		63		67
2.45%, 05/01/35 (i)		36		38
7.50%, 11/01/37		9		9
2.25%, 01/01/38 (i)		273		294
3.75%, 07/01/39 (i)		465		497
3.12%, 06/01/40 (i)		97		105
3.58%, 08/01/40 (i)		129		137
2.81%, 01/01/41 (i)		184		193
3.54%, 05/01/41 (i)		180		191
2.43%, 10/01/42 (i)		87		88
2.18%, 05/01/43 (i)		351		354
2.72%, 11/01/43 (i)		251		257
4.00%, 01/15/45, TBA (g)		4,530		4,833
REMIC, 2.51%, 04/25/23 (i)		658		657
REMIC, 3.46%, 01/25/24 (i)		400		421
				123,140
Government National Mortgage Association - 8.5%
Government National Mortgage Association
4.00%, 12/15/24 - 09/20/44		12,208		13,126
4.50%, 04/20/26 - 04/20/44		10,900		11,982
3.50%, 05/15/26 - 04/20/43		15,375		16,164
3.00%, 04/15/27 - 03/20/44		10,665		10,942
2.50%, 09/20/27 - 07/20/43		1,045		1,057
8.00%, 04/15/30		8		8
8.50%, 06/15/30 - 12/15/30		4		5
5.50%, 12/15/31 - 04/20/43		4,228		4,749
6.00%, 05/15/32 - 12/20/40		759		872
5.00%, 03/15/33 - 08/20/41		7,077		7,850
6.50%, 07/15/38		49		56
3.50%, 07/20/40 - 03/20/41 (i)		583		612
3.00%, 01/20/41 - 07/20/42 (i)		1,163		1,212
2.00%, 01/20/43 (i)		259		264
3.00%, 01/15/45 - 02/15/45, TBA (g)		1,800		1,839
3.50%, 01/15/45 - 02/15/45, TBA (g)		2,600		2,726
4.00%, 01/15/45 - 02/15/45, TBA (g)		2,500		2,679
				76,143
Total Government and Agency Obligations (cost $629,637)				644,925
SHORT TERM INVESTMENTS - 3.9%
Investment Companies - 1.4%
JNL Money Market Fund, 0.01% (a) (h)		12,764		12,764
Securities Lending Collateral - 2.5%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		22,572		22,572
Total Short Term Investments (cost $35,336)				35,336
Total Investments - 104.3% (cost $910,242)				936,774
Total Forward Sales Commitments - (1.2%) (proceeds $10,824)				(10,835	)
Other Assets and Liabilities, Net - (3.1%)				(27,614	)
Total Net Assets - 100.0%			$	898,325

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
FORWARD SALES COMMITMENTS - 1.2%
GOVERNMENT AND AGENCY OBLIGATIONS - 1.2%
U.S. Government Agency Mortgage-Backed Securities - 1.2%
Federal Home Loan Mortgage Corp. - 0.3%
Federal Home Loan Mortgage Corp.
2.50%, 01/15/30, TBA (g)	$	200	$	203
3.00%, 01/15/30 - 01/15/45, TBA (g)		400		407
3.50%, 01/15/30, TBA (g)		100		106
4.00%, 01/15/30, TBA (g)		100		106
4.50%, 01/15/30 - 01/15/45, TBA (g)		820		885
5.00%, 01/15/30 - 01/15/45, TBA (g)		500		541
5.50%, 01/15/45, TBA (g)		200		223
				2,471
Federal National Mortgage Association - 0.3%
Federal National Mortgage Association
3.00%, 01/15/30 - 01/15/45, TBA (g)		1,200		1,222
4.00%, 01/15/30, TBA (g)		200		212
4.50%, 01/15/30 - 01/15/45, TBA (g)		1,100		1,183
5.00%, 01/15/45, TBA (g)		100		111
5.50%, 01/15/45, TBA (g)		300		336
				3,064
Government National Mortgage Association - 0.6%
Government National Mortgage Association
4.00%, 01/15/45, TBA (g)		200		215
4.50%, 01/15/45, TBA (g)		795		868
5.00%, 01/15/45, TBA (g)		1,705		1,877
5.50%, 01/15/45, TBA (g)		2,095		2,340
				5,300
Total Forward Sales Commitments - 1.2% (proceeds $10,824)			$	10,835
JNL/Mellon Capital Dow Jones U.S.     Contrarian Opportunities Index Fund
COMMON STOCKS - 99.9%
CONSUMER DISCRETIONARY - 19.5%
American Public Education Inc. (c)		27	$	992
Apollo Education Group Inc. - Class A (c)		29		1,005
Bed Bath & Beyond Inc. (c)		13		991
Best Buy Co. Inc.		27		1,071
Big Lots Inc.		18		714
BorgWarner Inc.		13		723
Cablevision Systems Corp. - Class A		43		896
DeVry Education Group Inc.		20		933
DIRECTV (c)		10		828
Finish Line Inc. - Class A		28		692
Genesco Inc. (c)		10		772
Grand Canyon Education Inc. (c)		19		889
K12 Inc. (c)		36		426
Kohl’s Corp.		15		894
Nordstrom Inc.		12		923
Outerwall Inc. (c)		14		1,053
Select Comfort Corp. (c)		38		1,036
Steven Madden Ltd. (c)		24		762
Strayer Education Inc. (c)		14		1,054
Tempur Sealy International Inc. (c)		14		788
Tenneco Inc. (c)		13		720
WABCO Holdings Inc. (c)		8		845
Zumiez Inc. (c)		27		1,051
				20,058
CONSUMER STAPLES - 3.5%
CVS Health Corp.		10		1,009

	Shares/Par (t)		Value
Herbalife Ltd. (e)		16		602
Kroger Co.		16		1,046
Medifast Inc. (c)		27		912
				3,569
ENERGY - 5.4%
Baker Hughes Inc.		12		658
Basic Energy Services Inc. (c)		33		231
Cameron International Corp. (c)		11		562
FMC Technologies Inc. (c)		13		624
Halliburton Co.		12		467
Helmerich & Payne Inc.		8		529
Northern Oil and Gas Inc. (c) (e)		49		277
Patterson-UTI Energy Inc.		24		390
Pioneer Energy Services Corp. (c)		53		295
Schlumberger Ltd.		7		637
SM Energy Co.		10		381
Warren Resources Inc. (c)		134		215
Whiting Petroleum Corp. (c)		9		305
				5,571
FINANCIALS - 14.3%
Alleghany Corp. (c)		2		879
Assured Guaranty Ltd.		36		944
Cash America International Inc.		18		406
Credit Acceptance Corp. (c)		7		896
Employer Holdings Inc.		38		882
First Cash Financial Services Inc. (c)		14		765
Franklin Resources Inc.		15		826
Hanover Insurance Group Inc.		13		948
INTL FCStone Inc. (c)		42		856
Janus Capital Group Inc. (e)		68		1,103
Maiden Holdings Ltd.		68		873
Navigators Group Inc. (c)		13		951
PRA Group Inc. (c) (e)		14		808
Selective Insurance Group Inc.		35		939
Stifel Financial Corp. (c)		17		883
T. Rowe Price Group Inc.		10		892
WR Berkley Corp.		17		896
				14,747
HEALTH CARE - 13.9%
Amsurg Corp. (c)		16		871
Anthem Inc.		7		934
Chemed Corp.		8		841
Computer Programs & Systems Inc. (e)		13		768
CR Bard Inc.		5		898
Edwards Lifesciences Corp. (c)		8		1,076
Express Scripts Holding Co. (c)		11		958
Health Net Inc. (c)		19		1,022
HealthSouth Corp.		20		781
IPC The Hospitalist Co. Inc. (c)		16		746
Laboratory Corp. of America Holdings (c)		8		835
Magellan Health Services Inc. (c)		14		870
Myriad Genetics Inc. (c) (e)		21		728
Quest Diagnostics Inc.		13		893
Triple-S Management Corp. (c)		45		1,070
VCI Inc. (c)		22		1,053
				14,344
INDUSTRIALS - 16.3%
ACCO Brands Corp. (c)		120		1,085
Aegion Corp. (c)		34		639
ArcBest Corp.		24		1,111
Blount International Inc. (c)		55		968
CH Robinson Worldwide Inc.		12		896
Comfort Systems USA Inc.		55		936
Cummins Inc.		6		816
Greenbrier Cos. Inc. (e)		13		696

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Heidrick & Struggles International Inc.		42		972
Joy Global Inc.		14		628
Korn/Ferry International (c)		28		796
LB Foster Co.		16		779
Manpower Inc.		11		723
Multi-Color Corp.		20		1,116
MYR Group Inc. (c)		33		892
RPX Corp. (c)		53		737
Sensata Technologies Holding NV (c)		17		916
Southwest Airlines Co.		28		1,202
Stericycle Inc. (c)		7		881
				16,789
INFORMATION TECHNOLOGY - 23.4%
Apple Inc.		8		932
Arrow Electronics Inc. (c)		14		800
Avnet Inc.		20		840
CACI International Inc. - Class A (c)		12		993
Cirrus Logic Inc. (c) (e)		36		840
Citrix Systems Inc. (c)		12		742
Cognizant Technology Solutions Corp. - Class A (c)		18		946
Diodes Inc. (c)		30		831
Ebix Inc. (e)		60		1,024
EMC Corp.		28		821
F5 Networks Inc. (c)		7		925
International Business Machines Corp.		4		696
Jabil Circuit Inc.		40		878
LogMeIn Inc. (c)		19		924
Marvell Technology Group Ltd.		62		894
NCR Corp. (c)		26		762
NeuStar Inc. - Class A (c) (e)		29		811
Omnivision Technologies Inc. (c)		34		897
Oracle Corp.		20		894
Polycom Inc. (c)		61		819
Riverbed Technology Inc. (c)		45		908
SanDisk Corp.		9		861
Sykes Enterprises Inc. (c)		40		940
Synchronoss Technologies Inc. (c)		21		874
TeleTech Holdings Inc. (c)		29		683
Western Digital Corp.		8		859
Western Union Co. (e)		47		846
Xerox Corp.		61		846
				24,086
MATERIALS - 3.6%
Ball Corp.		13		864
Cabot Corp.		15		672
CF Industries Holdings Inc.		3		891
Freeport-McMoran Inc. - Class B		22		517
Kaiser Aluminum Corp.		10		737
				3,681
Total Common Stocks (cost $97,889)				102,845
SHORT TERM INVESTMENTS - 7.2%
Investment Companies - 0.8%
JNL Money Market Fund, 0.01% (a) (h)		844		844

	Shares/Par (t)		Value
Securities Lending Collateral - 6.4%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		6,564		6,564
Total Short Term Investments (cost $7,408)				7,408
Total Investments - 107.1% (cost $105,297)				110,253
Other Assets and Liabilities, Net - (7.1%)				(7,346	)
Total Net Assets - 100.0%			$	102,907
JNL/Neuberger Berman Strategic Income Fund
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES - 20.8%
Accredited Mortgage Loan Trust REMIC
0.49%, 12/25/35 (i)	$	152	$	145
0.45%, 04/25/36 (i)		2,380		1,998
Aegis Asset Backed Securities Trust REMIC, 0.72%, 03/25/35 (i)		645		581
American Airlines Pass-Through Trust, 4.38%, 10/01/22		3,820		3,877
Ameriquest Mortgage Securities Inc. Asset-Backed Pass-Through Certificates REMIC, 3.02%, 09/25/33 (i)		552		524
Argent Securities Inc. Asset-Backed Pass-Through Certificates REMIC, 1.07%, 10/25/34 (i)		748		695
Asset Backed Securities Corp. Home Equity REMIC, 0.37%, 01/25/36 (i)		106		101
Asset-Backed Pass-Through Certificates REMIC, 0.86%, 04/25/34 (i)		382		377
Banc of America Commercial Mortgage Trust REMIC
5.36%, 10/10/45		250		262
5.41%, 09/10/47		1,575		1,648
Bear Stearns Asset Backed Securities Trust REMIC
0.61%, 05/25/35 (i)		595		555
0.63%, 12/25/35 (i)		1,600		1,325
0.58%, 02/25/36 (i)		910		842
0.59%, 07/25/36 (i)		3,540		3,487
Carrington Mortgage Loan Trust REMIC
1.14%, 05/25/35 (i)		2,605		2,234
0.63%, 06/25/35 (i)		2,140		2,033
0.65%, 10/25/35 (i)		4,100		3,555
0.48%, 01/25/36 (i)		3,300		2,688
0.41%, 03/25/36 (i)		2,400		1,944
0.32%, 05/25/36 (i)		4,327		4,055
Centex Home Equity Loan Trust REMIC, 0.77%, 01/25/34 (i)		5,601		5,153
Citigroup Commercial Mortgage Trust REMIC
Interest Only, 1.28%, 09/10/23 (i)		12,989		863
Interest Only, 1.54%, 11/10/23 (i)		11,387		881
Interest Only, 1.15%, 07/10/47 (i)		10,825		845
Interest Only, 1.10%, 10/10/47 (i)		14,286		1,163
Citigroup Mortgage Loan Trust Inc. REMIC, 0.92%, 05/25/35 (i) (r)		175		170
Citigroup/Deutsche Bank Commercial Mortgage Trust REMIC, 5.32%, 12/11/49		525		556
Cobalt Commercial Mortage-Backed Securities Trust REMIC
5.77%, 06/15/17 (i)		1,678		1,821
5.48%, 04/15/47 (i)		1,711		1,831
5.22%, 08/15/48		450		474

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
COMM Mortgage Trust REMIC
Interest Only, 1.42%, 10/10/23 (i)		11,029		936
Interest Only, 1.27%, 04/10/47 (i)		17,089		1,299
Commercial Mortgage Loan Trust REMIC, 6.04%, 09/10/17 (i)		1,496		1,608
Commercial Mortgage Pass-Through Certificates REMIC
5.90%, 07/15/17 (i)		1,566		1,684
5.54%, 01/15/49 (i)		290		311
Interest Only, 1.09%, 12/10/47 (i)		13,458		963
Commercial Mortgage Trust REMIC
Interest Only, 0.50%, 01/10/23 (i) (r)		2,500		70
Interest Only, 0.63%, 02/10/23 (i)		2,500		111
Countrywide Asset-Backed Certificates REMIC, 0.37%, 04/25/36 (i)		391		352
Credit Suisse Mortgage Capital Certificates REMIC
5.47%, 08/15/16		928		977
5.70%, 07/15/17 (i)		1,650		1,780
5.70%, 06/15/39 (i)		2,232		2,385
5.38%, 02/15/40		805		853
Ellington Loan Acquisition Trust REMIC, 1.27%, 05/25/37 (i) (r)		3,067		2,739
EquiFirst Mortgage Loan Trust REMIC
1.29%, 09/25/33 (i)		964		944
0.65%, 04/25/35 (i)		908		766
Fieldstone Mortgage Investment Trust REMIC, 1.29%, 03/25/35 (i)		3,950		3,536
First Franklin Mortgage Loan Trust REMIC, 0.90%, 12/25/34 (i)		136		129
Greenwich Capital Commercial Funding Corp. REMIC
5.44%, 01/10/17		2,005		2,138
5.74%, 08/10/17		2,000		2,167
GS Mortgage Securities Trust REMIC
5.56%, 11/10/39		492		521
Interest Only, 1.29%, 01/10/24 (i)		13,451		1,041
Interest Only, 2.13%, 01/12/45 (i) (r)		955		102
Interest Only, 1.12%, 11/10/47 (i)		15,700		1,252
Home Equity Mortgage Loan Asset-Backed Trust REMIC, 0.66%, 08/25/35 (i)		1,639		1,488
Home Equity Mortgage Trust REMIC, 1.77%, 02/25/35 (i)		392		369
HSI Asset Securitization Corp. Trust REMIC, 0.47%, 12/25/35 (i)		2,640		2,326
JPMorgan Chase Commercial Mortgage Securities Trust REMIC
5.44%, 01/12/17		804		855
5.79%, 05/15/17 (i)		300		322
5.88%, 07/15/17 (i)		500		541
5.43%, 12/12/43		500		526
JPMorgan Mortgage Acquisition Trust REMIC
0.32%, 05/25/36 (i)		1,288		1,273
0.41%, 05/25/36 (i)		1,000		915
LB-UBS Commercial Mortgage Trust REMIC
5.42%, 01/15/17		583		624
5.86%, 07/15/40 (i)		117		124
Long Beach Mortgage Loan Trust REMIC, 1.04%, 02/25/35 (i)		1,655		1,501
MASTR Asset Backed Securities Trust REMIC, 0.46%, 01/25/36 (i)		2,240		2,023
Merrill Lynch/Countrywide Commercial Mortgage Trust REMIC, 5.38%, 08/12/48		1,578		1,677
ML-CFC Commercial Mortgage Trust REMIC, 5.74%, 06/12/50 (i)		1,250		1,350
Morgan Stanley ABS Capital I Inc. Trust REMIC, 1.14%, 07/25/35 (i)		870		769

	Shares/Par (t)		Value
Morgan Stanley Bank of America Merrill Lynch Trust REMIC
Interest Only, 1.44%, 04/15/23 (i)		1,962		140
Interest Only, 1.26%, 11/15/23 (i)		13,844		1,034
Interest Only, 1.22%, 02/15/24 (i)		13,912		1,041
Interest Only, 1.00%, 10/15/47 (i)		18,778		1,057
Morgan Stanley Dean Witter Capital I Inc. Trust REMIC, 1.29%, 05/25/32 (i)		966		911
Morgan Stanley Home Equity Loan Trust REMIC, 0.45%, 02/25/36 (i)		700		633
Park Place Securities Inc. Asset-Backed Pass-Through Certificates REMIC
1.82%, 12/25/34 (i)		690		657
1.20%, 02/25/35 (i)		1,375		1,280
0.80%, 06/25/35 (i)		2,300		1,968
People’s Choice Home Loan Securities Trust Series REMIC, 0.43%, 12/25/35 (i)		3,171		2,798
Popular ABS Mortgage Pass-Through Trust REMIC
0.63%, 09/25/35 (i)		2,000		1,726
0.61%, 11/25/35 (i)		1,741		1,637
RAMP Trust REMIC
0.73%, 05/25/35 (i)		2,880		2,519
0.57%, 03/25/36 (i)		2,450		2,198
RASC Trust REMIC, 0.82%, 07/25/35 (i)		4,700		4,050
Renaissance Home Equity Loan Trust REMIC, 0.50%, 05/25/35 (i)		596		515
Residential Asset Securitization Trust REMIC, 0.85%, 03/25/33 (i)		146		130
Securitized Asset Backed Receivables LLC Trust REMIC, 0.78%, 01/25/35 (i)		870		809
Soundview Home Loan Trust REMIC
0.68%, 08/25/35 (i)		740		649
0.34%, 03/25/37 (i)		3,296		3,047
Structured Asset Investment Loan Trust REMIC
1.29%, 06/25/33 (i)		250		239
0.97%, 07/25/34 (i)		852		806
0.83%, 04/25/35 (i)		980		907
Structured Asset Securities Corp. Mortgage Loan Trust REMIC
0.60%, 05/25/35 (i)		200		193
0.75%, 11/25/35 (i)		3,300		2,774
0.33%, 04/25/36 (i)		5,747		5,425
0.34%, 12/25/36 (i)		940		793
UBS Commercial Mortgage Trust Interest Only REMIC, 2.29%, 05/10/45 (i) (r)		8,309		973
UBS-Barclays Commercial Mortgage Trust REMIC
Interest Only, 2.13%, 06/10/22 (i) (r)		2,404		264
Interest Only, 1.85%, 12/10/45 (i) (r)		1,707		175
Wachovia Bank Commercial Mortgage Trust REMIC, 5.72%, 06/15/49 (i)		2,860		3,071
Wells Fargo Commercial Mortgage Trust REMIC, 1.29%, 04/15/19		1,130		1,126
Wells Fargo-RBS Commercial Mortgage Trust REMIC
Interest Only, 1.49%, 03/15/45 (i) (r)		2,264		164
Interest Only, 2.21%, 11/17/45 (i) (r)		767		86
Interest Only, 1.20%, 08/15/47 (i)		15,649		1,251
Total Non-U.S. Government Agency Asset- Backed Securities (cost $136,847)				139,076
CORPORATE BONDS AND NOTES - 26.2%
CONSUMER DISCRETIONARY - 1.0%
Amazon.com Inc., 4.95%, 12/05/44		1,065		1,101
Columbus International Inc., 7.38%, 03/30/21 (r)		283		294

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
DIRECTV Holdings LLC, 3.95%, 01/15/25		1,950		1,966
El Puerto de Liverpool SAB de CV, 3.95%, 10/02/24 (r)		200		197
General Motors Co., 5.20%, 04/01/45		3,185		3,360
				6,918
CONSUMER STAPLES - 1.0%
Altria Group Inc., 5.38%, 01/31/44		95		108
BRF SA, 4.75%, 05/22/24 (r)		1,990		1,933
Grupo Bimbo SAB de CV, 4.88%, 06/27/44 (r)		1,730		1,740
Marfrig Holding Europe BV
8.38%, 05/09/18		450		443
6.88%, 06/24/19 (r)		200		186
Marfrig Overseas Ltd., 9.50%, 05/04/20 (r)		250		253
Minerva Luxembourg SA, 7.75%, 01/31/23		580		568
Reynolds American Inc., 4.75%, 11/01/42		1,240		1,204
				6,435
ENERGY - 5.1%
Apache Corp., 4.75%, 04/15/43		2,550		2,391
CNOOC Curtis Funding No. 1 Pty Ltd., 4.50%, 10/03/23 (r)		400		421
CNOOC Nexen Finance 2014 ULC, 4.25%, 04/30/24		256		265
Ecopetrol SA, 5.88%, 05/28/45		1,231		1,139
Empresa Nacional del Petroleo
5.25%, 08/10/20		300		317
4.38%, 10/30/24 (r)		200		196
Energy Transfer Partners LP, 6.50%, 02/01/42		1,755		2,017
Fermaca Enterprises S de RL de CV, 6.38%, 03/30/38 (r)		200		203
Genel Energy Finance Plc, 7.50%, 05/14/19		200		168
Intergas Finance BV, 6.38%, 05/14/17		400		408
KazMunaiGaz Finance Sub BV
11.75%, 01/23/15		100		101
9.13%, 07/02/18		500		547
KazMunayGas National Co. JSC
7.00%, 05/05/20		500		520
4.88%, 05/07/25 (r)		200		179
5.75%, 04/30/43		1,090		916
Kinder Morgan Energy Partners LP
6.50%, 09/01/39		1,660		1,847
5.50%, 03/01/44		1,840		1,870
5.40%, 09/01/44		920		922
Kinder Morgan Inc., 5.55%, 06/01/45		4,485		4,594
Noble Energy Inc., 5.05%, 11/15/44		2,095		2,071
Offshore Drilling Holding SA, 8.38%, 09/20/20		600		522
Pacific Rubiales Energy Corp., 5.63%, 01/19/25 (r)		678		520
Pertamina Persero PT
5.63%, 05/20/43		650		611
6.45%, 05/30/44 (r)		541		565
Petroleos de Venezuela SA
5.25%, 04/12/17		1,043		469
9.00%, 11/17/21		400		175
6.00%, 05/16/24		1,600		600
5.50%, 04/12/37		200		69
Petroleos Mexicanos
4.25%, 01/15/25 (r)		150		149
6.50%, 06/02/41		850		975
5.50%, 06/27/44		850		867
6.38%, 01/23/45		142		161
Sinopec Group Overseas Development 2012 Ltd., 3.90%, 05/17/22		600		610
Sinopec Group Overseas Development 2013 Ltd., 4.38%, 10/17/23 (r)		600		628
Sinopec Group Overseas Development Ltd., 4.38%, 04/10/24 (r)		400		420

	Shares/Par (t)		Value
State Oil Co. of the Azerbaijan Republic, 4.75%, 03/13/23		1,130		1,090
Transocean Inc., 3.80%, 10/15/22 (e) (l)		5,305		4,299
				33,822
FINANCIALS - 11.3%
Allstate Corp., 5.75%, 08/15/53 (i)		3,280		3,456
American Express Co., 5.20%, (callable at 100 beginning 11/15/19) (m)		2,980		3,027
Ares Capital Corp., 3.88%, 01/15/20		2,935		2,927
Bank of America Corp.
5.13% (callable at 100 beginning 06/17/19) (m)		2,515		2,425
5.20% (callable at 100 beginning 06/01/23) (m)		2,765		2,554
6.25% (callable at 100 beginning 09/05/24) (m)		1,465		1,448
BBVA Bancomer SA, 4.38%, 04/10/24 (r)		422		424
Citigroup Inc.
5.80% (callable at 100 beginning 11/15/19) (m)		2,925		2,925
6.30% (callable at 100 beginning 05/15/24) (m)		1,815		1,788
Comcel Trust, 6.88%, 02/06/24 (r)		600		629
Corp. Financiera de Desarrollo SA, 5.25%, 07/15/29 (r)		408		414
Corporate Office Properties LP, 3.70%, 06/15/21		4,410		4,391
Credit Suisse Group AG, 6.25%, (callable at 100 beginning 12/18/24) (m) (r)		2,735		2,630
Education Realty Operating Partnership LP, 4.60%, 12/01/24		2,975		3,049
Entertainment Properties Trust, 5.75%, 08/15/22		2,025		2,212
Export Credit Bank of Turkey, 5.00%, 09/23/21 (r)		700		713
General Electric Capital Corp., 5.25%, (callable at 100 beginning 06/15/23) (m)		2,615		2,617
Goldman Sachs Group Inc., 5.70%, (callable at 100 beginning 05/10/19) (e) (m)		3,860		3,904
HSBC Holdings Plc, 5.63%, (callable at 100 beginning 01/17/20) (m)		2,030		2,037
ING US Inc., 5.65%, 05/15/53 (i)		3,605		3,569
International Bank of Azerbaijan OJSC, 5.63%, 06/11/19		400		376
Jefferies Group LLC, 6.50%, 01/20/43		1,460		1,489
JPMorgan Chase & Co.
5.00% (callable at 100 beginning 07/01/19) (m)		2,940		2,877
6.00% (callable at 100 beginning 08/01/23) (e) (m)		2,655		2,622
M&T Bank Corp., 6.45%, (callable at 100 beginning 02/15/24) (m)		3,565		3,783
Magyar Export-Import Bank Zrt., 4.00%, 01/30/20 (r)		242		240
Morgan Stanley, 5.45%, (callable at 100 beginning 07/15/19) (m)		3,925		3,932
Omega Healthcare Investors Inc., 4.50%, 01/15/25 (r)		4,580		4,533
Power Sector Assets & Liabilities Management Corp., 7.39%, 12/02/24		200		261
Prudential Financial Inc., 5.20%, 03/15/44 (e) (i)		2,275		2,252
Rio Oil Finance Trust, 6.25%, 07/06/24 (r)		633		605
Royal Bank of Scotland Plc, 1.88%, 03/31/17		2,115		2,113
Sistema JSFC via Sistema International Funding SA, 6.95%, 05/17/19		540		373

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Societe Generale SA, 6.00%, (callable at 100 beginning 01/27/20) (m) (r)		1,735		1,579
TC Ziraat Bankasi A/S, 4.25%, 07/03/19 (r)		381		381
Trust F/1401, 5.25%, 12/15/24 (r)		200		206
Vnesheconombank Via VEB Finance Plc
6.90%, 07/09/20		300		240
6.03%, 07/05/22		380		288
				75,289
INDUSTRIALS - 1.2%
Air Lease Corp.
3.88%, 04/01/21 (e)		1,525		1,533
4.25%, 09/15/24		2,995		3,017
CITIC Ltd.
8.63% (callable at 100 beginning 11/22/18) (m)		200		226
6.80%, 01/17/23		250		288
Kazakhstan Temir Zholy Finance BV, 6.95%, 07/10/42		200		193
Russian Railways via RZD Capital Plc, 5.74%, 04/03/17		400		377
Trinity Industries Inc., 4.55%, 10/01/24		2,455		2,384
				8,018
INFORMATION TECHNOLOGY - 0.5%
Seagate HDD Cayman, 4.75%, 06/01/23		3,240		3,365
MATERIALS - 3.1%
Albemarle Corp., 4.15%, 12/01/24		1,590		1,615
ArcelorMittal, 5.75%, 08/05/20 (l)		2,870		2,977
Barrick Gold Corp., 4.10%, 05/01/23 (e)		6,540		6,365
Cemex Espana Luxembourg, 9.88%, 04/30/19		150		165
Cemex SAB de CV, 7.25%, 01/15/21 (r)		350		367
Codelco, 6.15%, 10/24/36		200		238
Corp Nacional del Cobre de Chile, 5.63%, 09/21/35		360		404
Freeport-McMoRan Inc., 4.55%, 11/14/24 (e)		7,325		7,113
Mexichem SAB de CV, 5.88%, 09/17/44 (r)		1,850		1,748
				20,992
TELECOMMUNICATION SERVICES - 1.6%
Qwest Corp., 6.75%, 12/01/21		2,980		3,446
Sixsigma Networks Mexico SA de CV, 8.25%, 11/07/21 (r)		200		203
Verizon Communications Inc., 6.55%, 09/15/43		4,997		6,402
VimpelCom Holdings BV, 7.50%, 03/01/22		600		486
				10,537
UTILITIES - 1.4%
Abengoa Transmision Sur SA, 6.88%, 04/30/43 (r)		200		221
Comision Federal de Electricidad, 4.88%, 01/15/24 (r)		375		392
Dominion Resources Inc., 5.75%, 10/01/54 (i)		3,025		3,156
Electricite de France, 5.63%, (callable at 100 beginning 01/22/24) (m) (r)		3,940		4,152
Empresa Electrica Angamos SA, 4.88%, 05/25/29 (r)		200		196
Eskom Holdings SOC Ltd., 6.75%, 08/06/23		350		363
Hrvatska Elektroprivreda, 6.00%, 11/09/17		200		209
Majapahit Holding BV
7.25%, 06/28/17		200		220
7.88%, 06/29/37		100		117
State Grid Overseas Investment Ltd., 4.13%, 05/07/24 (r)		282		297
				9,323
Total Corporate Bonds and Notes (cost $175,818)				174,699

	Shares/Par (t)		Value
GOVERNMENT AND AGENCY OBLIGATIONS - 49.2%
GOVERNMENT SECURITIES - 25.0%
Federal Home Loan Bank - 0.8% (w)
Federal Home Loan Bank, 5.50%, 07/15/36		4,030		5,527
Federal National Mortgage Association - 0.5% (w)
Federal National Mortgage Association, 1.75%, 09/12/19		2,990		2,992
Sovereign - 13.0%
Bahrain Government International Bond, 6.00%, 09/19/44 (r)		224		212
Banco Nacional de Desenvolvimento Economico e Social
4.00%, 04/14/19 (r)		200		197
5.50%, 07/12/20		100		103
Belize Government International Bond, 5.00%, 02/20/38 (k)		1,138		814
Bermuda Government International Bond, 4.85%, 02/06/24 (r)		600		624
Bolivia Government International Bond
5.95%, 08/22/23		750		787
5.95%, 08/22/23 (r)		900		945
Brazil Government International Bond
8.25%, 01/20/34		100		137
7.13%, 01/20/37		1,200		1,521
5.63%, 01/07/41		150		162
Colombia Government International Bond
8.13%, 05/21/24		1,040		1,381
7.38%, 09/18/37		400		539
5.63%, 02/26/44		350		394
Croatia Government International Bond
6.25%, 04/27/17		1,100		1,167
6.75%, 11/05/19		400		438
6.63%, 07/14/20		200		219
6.00%, 01/26/24 (r)		460		496
Development Bank of Mongolia LLC, 5.75%, 03/21/17		400		384
Dominican Republic International Bond
6.60%, 01/28/24 (r)		200		213
7.45%, 04/30/44 (r)		188		206
7.45%, 04/30/44		100		109
Egypt Government International Bond, 6.88%, 04/30/40		500		514
El Salvador Government International Bond, 6.38%, 01/18/27 (r)		207		208
Federal Democratic Republic of Ethiopia, 6.63%, 12/11/24 (r)		239		233
Hungary Government International Bond
4.13%, 02/19/18		200		207
6.25%, 01/29/20		1,000		1,124
6.38%, 03/29/21		280		320
5.75%, 11/22/23		646		715
7.63%, 03/29/41		1,090		1,449
Indonesia Government International Bond
11.63%, 03/04/19		350		462
5.88%, 03/13/20		650		720
8.50%, 10/12/35		710		987
7.75%, 01/17/38		300		393
4.63%, 04/15/43		300		278
Italy Buoni Poliennali Del Tesoro
4.50%, 03/01/26, EUR		2,535		3,780
4.00%, 02/01/37, EUR		2,985		4,170
Ivory Coast Government International Bond
5.38%, 07/23/24 (r)		400		382
7.77%, 12/31/32		1,950		1,862
Jamaica Government International Bond, 7.63%, 07/09/25		303		317

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Kazakhstan Government International Bond, 3.88%, 10/14/24 (r)		276		258
Kenya Government International Bond, 6.88%, 06/24/24 (r)		722		756
Mexico Bonos, 7.75%, 11/13/42, MXN		80,090		6,249
Mongolia Government International Bond, 5.13%, 12/05/22		800		688
Morocco Government International Bond, 5.50%, 12/11/42		500		515
New Zealand Government Bond, 5.50%, 04/15/23, NZD		3,145		2,771
Nigeria Government International Bond
5.13%, 07/12/18		200		198
6.75%, 01/28/21		200		206
Pakistan Government International Bond
7.25%, 04/15/19 (r)		200		203
8.25%, 04/15/24		850		873
Panama Government International Bond
4.00%, 09/22/24		200		206
6.70%, 01/26/36		480		620
Philippine Government International Bond, 9.50%, 02/02/30		588		954
Republic of Azerbaijan International Bond, 4.75%, 03/18/24		300		295
Republic of Ghana
7.88%, 08/07/23		450		416
8.13%, 01/18/26 (r)		428		396
Republic of Iraq, 5.80%, 01/15/28		1,558		1,301
Republic of Latvia, 2.75%, 01/12/20		250		246
Republic of Paraguay, 6.10%, 08/11/44 (r)		566		603
Republic of Serbia
7.25%, 09/28/21		400		448
6.75%, 11/01/24 (k)		223		224
Republic of Turkey
7.50%, 07/14/17		800		893
6.88%, 03/17/36		140		173
Romania Government International Bond
6.75%, 02/07/22		650		782
6.13%, 01/22/44 (r)		332		402
Russia Government International Bond, 7.50%, 03/31/30		3,118		3,233
Senegal Government International Bond, 6.25%, 07/30/24 (r)		600		572
Slovenia Government International Bond
4.13%, 02/18/19 (r)		240		251
5.25%, 02/18/24 (r)		1,240		1,362
South Africa Government Bond, 6.50%, 02/28/41, ZAR		85,025		5,721
South Africa Government International Bond
6.88%, 05/27/19		200		229
5.88%, 09/16/25		1,550		1,746
Spain Government Bond
4.65%, 07/30/25, EUR		5,700		8,793
5.15%, 10/31/44 (r), EUR		4,885		8,452
Sri Lanka Government International Bond, 5.13%, 04/11/19 (r)		400		403
Turkey Government International Bond
7.38%, 02/05/25		759		944
11.88%, 01/15/30		100		177
6.63%, 02/17/45		500		614
Ukraine Government International Bond, 9.25%, 07/24/17		680		415
Ukreximbank Via Biz Finance Plc, 8.75%, 01/22/18		500		285
United Kingdom Treasury Bond, 1.75%, 09/07/22, GBP		1,290		2,039
Uruguay Government International Bond, 7.63%, 03/21/36		200		272

	Shares/Par (t)		Value
Venezuela Government International Bond
5.75%, 02/26/16		200		125
8.25%, 10/13/24		500		218
9.25%, 05/07/28		1,250		549
9.38%, 01/13/34		650		282
Vietnam Government International Bond
6.75%, 01/29/20		100		112
4.80%, 11/19/24 (r)		200		206
Zambia Government International Bond, 8.50%, 04/14/24 (r)		230		252
				87,097
Treasury Inflation Index Securities - 5.1%
Italy Buoni Poliennali Del Tesoro Inflation Indexed Note, 2.55%, 09/15/41 (n), EUR		3,724		4,989
New Zealand Government Inflation Indexed Bond
2.06%, 09/20/25 (s), NZD		1,535		1,231
2.50%, 09/20/35 (s), NZD		1,535		1,227
U.S. Treasury Inflation Indexed Note
2.00%, 01/15/26 (n)		13,757		15,783
1.75%, 01/15/28 (n)		2,873		3,257
3.88%, 04/15/29 (n)		5,098		7,311
				33,798
U.S. Treasury Securities - 5.6%
U.S. Treasury Bond
6.25%, 08/15/23		3,805		5,066
5.50%, 08/15/28		1,520		2,076
3.88%, 08/15/40		910		1,112
U.S. Treasury Note
0.63%, 11/30/17		290		286
3.63%, 08/15/19		7,605		8,294
2.75%, 02/15/24		19,555		20,565
				37,399
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES - 24.2%
Federal Home Loan Mortgage Corp. - 7.0%
Federal Home Loan Mortgage Corp.
4.00%, 01/15/45, TBA (g)		24,565		26,176
4.50%, 01/15/45, TBA (g)		19,340		20,958
				47,134
Federal National Mortgage Association - 17.2%
Federal National Mortgage Association
4.00%, 01/15/45, TBA (g)		53,350		56,920
4.50%, 01/15/45, TBA (g)		46,705		50,687
5.00%, 01/15/45, TBA (g)		6,695		7,396
				115,003
Total Government and Agency Obligations (cost $327,603)		328,950
INVESTMENT COMPANIES - 5.2%
iShares iBoxx High Yield Corporate Bond Fund		212		19,008
SPDR Barclays High Yield Bond ETF (e)		407		15,732
Total Investment Companies (cost $36,057)				34,740
VARIABLE RATE SENIOR LOAN INTERESTS - 12.6% (i)
CONSUMER DISCRETIONARY - 5.0%
Acosta, Inc. Term Loan B, 5.00%, 09/26/21	$	1,000		999
Advantage Sales and Marketing Inc. 1st Lien New Term Loan, 4.25%, 07/07/20		965		953
Advantage Sales and Marketing Inc. Delayed Draw Term Loan, 4.25%, 07/07/20		32		32
Allison Transmission Inc. Term Loan, 3.75%, 08/23/19		1,965		1,940
Aramark Corp. Term Loan, 3.25%, 02/21/21		1,978		1,942
Burger King NewCo Term Loan B, 4.50%, 09/23/21		2,000		1,991

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Charter Communications Operating LLC Term Loan E, 3.00%, 07/01/20		985		965
Charter Communications Operating LLC Term Loan F, 3.00%, 01/31/21		985		964
Citycenter Holdings LLC Term Loan B, 4.25%, 10/09/20		1,000		989
Cumulus Media Inc. Term Loan, 4.25%, 12/31/20		2,002		1,938
Ellucian Term Loan, 4.00%, 07/19/18		1,914		1,888
Hilton Worldwide Inc. Term Loan B, 3.50%, 09/23/20		1,649		1,628
Michaels Stores Inc. Term Loan, 3.75%, 02/01/20		1,974		1,931
Numericable U.S. LLC Term Loan B-1, 4.50%, 04/23/20		1,206		1,199
Numericable U.S. LLC Term Loan B-2, 4.50%, 04/23/20		1,044		1,037
Scientific Games International Inc. Term Loan, 6.00%, 09/17/21		2,000		1,968
ServiceMaster Co LLC Term Loan, 4.25%, 06/24/21		1,995		1,955
Station GVR Acquisition LLC Term Loan B, 4.25%, 03/02/20		1,899		1,857
Tribune Co. Initial Term Loan, 4.00%, 11/15/20		1,844		1,813
Univision Communications Inc. Incremental Term Loan, 4.00%, 03/01/20		188		184
Univision Communications Inc. Replacement 1st Lien Term Loan, 4.00%, 03/01/20		1,779		1,737
WMG Acquisition Corp. Refinancing Term Loan, 3.75%, 07/01/20		1,985		1,905
Ziggo BV Term Loan B-1, 3.25%, 01/15/22		740		718
Ziggo BV Term Loan B-2, 3.25%, 01/15/22		477		463
Ziggo BV Term Loan B-3, 3.25%, 01/15/22		784		761
				33,757
CONSUMER STAPLES - 1.3%
HJ Heinz Co. Term Loan B-2, 3.50%, 03/27/20		1,706		1,694
Post Holdings Inc. Term Loan, 3.75%, 06/02/21		997		991
Reynolds Group Holdings Inc. New Dollar Term Loan, 4.00%, 11/26/18		1,974		1,934
Rite Aid Corp. Term Loan, 3.50%, 02/21/20		1,971		1,958
U.S. Foodservice Inc. Term Loan, 4.50%, 03/31/19		1,989		1,973
				8,550
FINANCIALS - 0.6%
Realogy Corp. Term Loan, 3.75%, 03/05/20		2,073		2,026
Vantiv LLC Term Loan B, 3.75%, 06/15/21		1,990		1,964
				3,990
HEALTH CARE - 1.2%
Amsurg Corp. Term Loan B, 3.75%, 07/08/21		2,250		2,228
Community Health Systems Inc. Extended Term Loan, 3.48%, 01/25/17		539		535
Community Health Systems Inc. Term Loan D, 4.25%, 01/15/21		1,436		1,431
HCA Inc. Term Loan B-4, 2.98%, 05/01/18		1,975		1,956
Valeant Pharmaceuticals Inc. Term Loan, 3.50%, 08/05/20		724		716
Valeant Pharmaceuticals International Inc. Term Loan
3.50%, 02/13/19		72		72
3.50%, 12/11/19		861		853
				7,791
INDUSTRIALS - 1.0%
American Airlines Inc. Term Loan B, 3.75%, 06/27/19		1,970		1,946
Ceridian Corp. Term Loan, 4.50%, 09/15/20		983		965

	Shares/Par (t)		Value
Delta Air Lines Inc. Term Loan, 3.25%, 04/20/17		1,939		1,914
DuPont Performance Coatings Inc. Term Loan, 3.75%, 02/01/20		1,888		1,835
				6,660
INFORMATION TECHNOLOGY - 1.0%
Avago Technologies Term Loan, 3.75%, 04/01/21		997		993
First Data Corp. Extended Term Loan, 4.17%, 03/24/21		777		764
First Data Corp. Replacement Term Loan, 3.67%, 03/23/18		100		98
First Data Corp. Term Loan B, 3.67%, 09/24/18		1,144		1,117
Freescale Semiconductor Ltd. Term Loan, 4.25%, 03/01/20		1,974		1,924
SunGard Data Systems Inc. Term Loan E, 4.00%, 03/15/20		1,747		1,728
				6,624
MATERIALS - 1.0%
Berlin Packaging LLC 1st Lien Term Loan, 4.50%, 09/11/21		1,995		1,980
Berry Plastics Corp. Term Loan D, 3.50%, 01/29/20		1,969		1,902
BWAY Holding Co. Term Loan B, 0.00%, 08/14/20 (z)		1,000		995
FMG Resources Pty Ltd. New Term Loan B, 3.75%, 06/30/19		1,970		1,785
				6,662
TELECOMMUNICATION SERVICES - 1.2%
Crown Castle International Corp. New Term Loan B, 3.00%, 01/31/21		1,985		1,950
Intelsat Jackson Holdings SA Term Loan B-2, 3.75%, 06/30/19		1,941		1,909
Level 3 Communications Inc. Term Loan, 4.00%, 01/15/20		900		892
Level 3 Communications Inc. Term Loan B-3, 4.00%, 08/01/19		1,160		1,151
Mediacom LLC Term Loan, 3.75%, 06/30/21		1,980		1,931
				7,833
UTILITIES - 0.3%
Calpine Corp. Term Loan, 4.00%, 04/01/18		1,079		1,066
Calpine Corp. Term Loan B-2, 4.00%, 04/01/18		789		779
Calpine Corp. Term Loan B-3, 4.00%, 04/01/18		91		90
				1,935
Total Variable Rate Senior Loan Interests (cost $85,316)				83,802
SHORT TERM INVESTMENTS - 11.5%
Investment Companies - 8.3%
JNL Money Market Fund, 0.01% (a) (h)		55,697		55,697
Securities Lending Collateral - 3.2%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		21,591		21,591
Total Short Term Investments (cost $77,288)				77,288
Total Investments - 125.5% (cost $838,929)				838,555
Other Assets and Liabilities, Net - (25.5%)				(170,573	)
Total Net Assets - 100.0%			$	667,982

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
JNL/Oppenheimer Global Growth Fund
COMMON STOCKS - 96.4%
BRAZIL - 3.2%
AMBEV SA - ADR		1,245	$	7,741
BM&F Bovespa SA		1,858		6,884
Embraer SA - ADR		294		10,839
Itau Unibanco Holding SA - ADR		845		10,990
Vale SA - ADR (e)		373		3,053
				39,507
CHINA - 0.6%
Alibaba Group Holding Ltd. - ADR (c)		24		2,515
JD.com Inc. - ADR - Class B (c) (e)		224		5,189
				7,704
DENMARK - 0.4%
FLSmidth & Co. A/S		119		5,196
FRANCE - 5.1%
Kering SA		105		20,082
LVMH Moet Hennessy Louis Vuitton SA		133		21,089
Societe Generale - Class A		214		8,967
Technip SA		207		12,301
				62,439
GERMANY - 8.1%
Allianz SE		129		21,334
Bayer AG		147		19,985
Deutsche Bank AG		324		9,714
Linde AG		69		12,669
SAP AG		322		22,469
Siemens AG		124		13,910
				100,081
INDIA - 3.5%
DLF Ltd.		5,489		11,787
ICICI Bank Ltd. - ADR		1,902		21,966
Zee Entertainment Enterprises Ltd.		1,573		9,447
				43,200
ITALY - 1.4%
Brunello Cucinelli SpA (e)		29		645
Gtech SpA (e)		275		6,145
Prysmian SpA		239		4,351
Tod’s SpA (e)		76		6,571
				17,712
JAPAN - 10.6%
Dai-Ichi Life Insurance Co. Ltd.		972		14,749
Fanuc Ltd.		50		8,260
KDDI Corp.		322		20,239
Keyence Corp.		43		19,202
Kyocera Corp.		286		13,106
Murata Manufacturing Co. Ltd.		221		24,083
Nidec Corp. (e)		258		16,657
Seibu Holdings Inc. (e)		159		3,250
Sumitomo Mitsui Financial Group Inc.		299		10,817
				130,363
MEXICO - 0.8%
Fomento Economico Mexicano SAB de CV - ADR (c)		104		9,144
NETHERLANDS - 1.7%
Airbus Group NV		423		20,916
RUSSIAN FEDERATION - 0.3%
Alrosa AO		3,738		3,798

	Shares/Par (t)		Value
SPAIN - 3.4%
Banco Bilbao Vizcaya Argentaria SA		1,477		13,948
Inditex SA		717		20,451
Repsol SA		418		7,824
				42,223
SWEDEN - 4.2%
Assa Abloy AB - Class B		374		19,761
Telefonaktiebolaget LM Ericsson - Class B		2,650		32,081
				51,842
SWITZERLAND - 5.2%
Credit Suisse Group AG		582		14,618
Nestle SA		173		12,602
Roche Holding AG		55		14,842
UBS Group AG		1,294		22,246
				64,308
UNITED KINGDOM - 2.9%
Circassia Pharmaceuticals Plc (c) (e)		1,212		5,233
Earthport Plc (c)		2,752		1,876
Shire Plc		109		7,693
Unilever Plc		526		21,387
				36,189
UNITED STATES OF AMERICA - 45.0%
3M Co.		117		19,145
Adobe Systems Inc. (c)		312		22,710
Aetna Inc.		262		23,268
Allergan Inc.		55		11,673
Altera Corp.		636		23,476
Anthem Inc.		183		23,054
Biogen Idec Inc. (c)		33		11,287
BioMarin Pharmaceutical Inc. (c)		98		8,840
Bluebird Bio Inc. (c)		36		3,272
Celldex Therapeutics Inc. (c) (e)		566		10,331
Citigroup Inc.		484		26,165
Clovis Oncology Inc. (c) (e)		121		6,754
Colgate-Palmolive Co.		364		25,206
eBay Inc. (c)		498		27,939
Emerson Electric Co.		176		10,876
Facebook Inc. - Class A (c)		246		19,154
FNF Group		277		9,538
FNFV Group (c)		35		543
Gilead Sciences Inc. (c)		168		15,827
Goldman Sachs Group Inc.		104		20,065
Google Inc. - Class A (c)		33		17,347
Google Inc. - Class C (c)		33		17,208
Intuit Inc.		247		22,797
Maxim Integrated Products Inc.		659		21,009
McDonald’s Corp.		111		10,398
McGraw-Hill Financial. Inc.		347		30,904
Medivation Inc. (c)		61		6,125
St. Jude Medical Inc.		125		8,154
Theravance Biopharma Inc. (c) (e)		66		990
Theravance Inc. (e)		292		4,136
Tiffany & Co.		187		20,029
United Parcel Service Inc. - Class B		146		16,223
Vertex Pharmaceuticals Inc. (c)		144		17,067
Walt Disney Co.		307		28,912
Zimmer Holdings Inc.		131		14,886
				555,308
Total Common Stocks (cost $979,893)				1,189,930
PREFERRED STOCKS - 1.9%
GERMANY - 1.9%
Bayerische Motoren Werke AG		279		22,791

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
INDIA - 0.0%
Zee Entertainment Enterprises Ltd.		28,061		386
Total Preferred Stocks (cost $19,342)				23,177
RIGHTS - 0.2%
FRANCE - 0.2%
LVMH Moet Hennessy (c) (f)		133		2,317
ITALY - 0.0%
GTECH SpA (c) (f)		272		1
SPAIN - 0.0%
Banco Bilbao Vizcaya Argentaria SA (c)		1,477		141
Repsol SA (c)		418		231
				372
Total Rights (cost $2,615)				2,690
SHORT TERM INVESTMENTS - 5.0%
Investment Companies - 1.5%
JNL Money Market Fund, 0.01% (a) (h)		17,877		17,877
Securities Lending Collateral - 3.5%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		43,589		43,589
Total Short Term Investments (cost $61,466)				61,466
Total Investments - 103.5% (cost $1,063,316)				1,277,263
Other Assets and Liabilities, Net - (3.5%)				(43,024	)
Total Net Assets - 100.0%			$	1,234,239
JNL/PIMCO Real Return Fund
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES - 8.7%
Aegis Asset Backed Securities Trust REMIC, 0.87%, 03/25/35 (i)	$	1,200	$	932
Aquilae CLO Plc, 0.55%, 01/17/23 (i), EUR		967		1,164
Arran Residential Mortgages Funding Plc, 1.53%, 11/19/47 (i) (r), EUR		9,604		11,724
Banc of America Commercial Mortgage Trust REMIC
5.55%, 05/10/17 (i)		2,900		3,112
5.75%, 07/10/17 (i)		2,255		2,459
5.89%, 07/10/44 (i)		1,867		1,965
Banc of America Mortgage Trust REMIC, 2.68%, 06/25/35 (i)		181		173
Banc of America Re-REMIC Trust REMIC
5.59%, 05/24/17 (f) (i) (r)		1,033		1,079
5.65%, 07/17/17 (f) (i) (r)		551		580
Banca Monte dei Paschi di Siena SpA, 4.88%, 09/15/16, EUR		700		904
BCAP LLC REMIC
5.04%, 04/26/17 (i) (r)		1,301		1,281
5.25%, 05/26/22 (r)		3,174		3,300
Bear Stearns Adjustable Rate Mortgage Trust REMIC
2.50%, 05/25/33 (i)		41		41
2.79%, 02/25/34 (i)		312		306
3.01%, 11/25/34 (i)		328		329
2.52%, 01/25/35 (i)		206		198
2.51%, 03/25/35 (i)		37		37
2.66%, 03/25/35 (i)		420		409
2.19%, 08/25/35 (i)		49		50
Bear Stearns Alt-A Trust REMIC
2.35%, 01/25/36 (i)		598		479

	Shares/Par (t)		Value
2.46%, 08/25/36 (i)		258		188
Bear Stearns Asset Backed Securities Trust REMIC, 1.17%, 08/25/37 (i)		740		689
Bear Stearns Structured Products Inc. Trust REMIC, 2.34%, 12/26/46 (i)		771		577
Chase Mortgage Finance Corp. REMIC, 2.47%, 02/25/37 (i)		78		77
Citigroup Mortgage Loan Trust Inc. REMIC
2.23%, 08/25/35 (i)		57		56
2.28%, 08/25/35 (i)		78		78
2.56%, 08/25/35 (i)		431		313
0.25%, 01/25/37 (i)		111		75
0.23%, 05/25/37 (i)		263		225
2.74%, 09/25/37 (i)		1,621		1,444
College Loan Corp. Trust, 0.48%, 01/25/24 (i)		800		781
Commercial Mortgage Pass-Through Certificates REMIC, 3.16%, 11/10/15 (r)		5,270		5,326
Conseco Finance Securitizations Corp., 6.68%, 07/01/31 (i)		—		—
Countrywide Asset-Backed Certificates REMIC
0.42%, 10/25/34 (i)		67		67
0.35%, 12/25/34 (i)		1,746		1,711
0.35%, 09/25/36 (i)		223		218
Countrywide Home Loan Mortgage Pass-Through Trust REMIC
2.59%, 08/25/34 (i)		321		282
2.32%, 11/20/34 (i)		249		234
2.35%, 04/20/35 (i)		274		276
Credit Suisse Mortgage Capital Certificates REMIC
5.46%, 07/16/16 (i) (r)		1,066		1,111
5.38%, 11/15/16 (r)		739		769
5.70%, 06/15/39 (e) (i)		3,220		3,441
Credit Suisse Mortgage Capital Mortgage-Backed Trust REMIC, 5.86%, 02/25/37 (i)		917		499
Credit-Based Asset Servicing and Securitization LLC REMIC, 0.29%, 07/25/37 (i) (r)		176		115
CS First Boston Mortgage Securities Corp. REMIC, 2.33%, 04/25/34 (i)		248		248
DBUBS Mortgage Trust REMIC, 3.39%, 06/10/16 (r)		13,336		13,708
Elm CLO Ltd., 1.64%, 01/17/23 (i) (r)		9,800		9,800
First NLC Trust REMIC, 0.24%, 08/25/37 (i) (r)		362		203
Granite Mortgages Plc, 0.94%, 09/20/44 (i), GBP		296		460
Greenwich Capital Commercial Funding Corp. REMIC, 5.44%, 01/10/17		4,000		4,266
GS Mortgage Securities Trust REMIC, 4.59%, 07/10/20 (r)		4,300		4,738
GSR Mortgage Loan Trust REMIC, 2.81%, 01/25/35 (i)		293		289
Harborview Mortgage Loan Trust REMIC, 2.33%, 04/19/34 (i)		389		389
Hillmark Funding, 0.48%, 05/21/21 (i) (r)		6,953		6,880
HSBC Home Equity Loan Trust REMIC, 0.32%, 03/20/36 (i)		739		733
Indymac Index Mortgage Loan Trust REMIC
2.44%, 03/25/35 (i)		675		674
2.75%, 11/25/35 (i)		744		667
JPMorgan Chase Commercial Mortgage Securities Trust REMIC, 5.79%, 08/12/17 (i)		4,000		4,336
JPMorgan Mortgage Trust REMIC
2.55%, 07/25/35 (i)		247		250
2.53%, 08/25/35 (i)		476		464
2.55%, 08/25/35 (i)		317		313
5.03%, 09/25/35 (i)		83		82
2.14%, 07/27/37 (i) (r)		834		719

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
LB-UBS Commercial Mortgage Trust REMIC, 5.42%, 01/15/17		6,022		6,448
Lehman Brothers Mortgage Loan Trust REMIC, 0.26%, 06/25/37 (i) (r)		345		221
Magi Funding Plc, 0.43%, 04/11/21 (i) (r), EUR		282		340
MASTR Adjustable Rate Mortgages Trust REMIC, 2.17%, 12/25/33 (i)		548		551
Merrill Lynch Mortgage Investors Trust REMIC
2.22%, 02/25/33 (i)		199		190
2.41%, 02/25/34 (i)		320		322
2.35%, 10/25/35 (i)		443		447
Morgan Stanley Capital I Trust REMIC
5.91%, 07/11/17 (i)		3,094		3,365
0.23%, 05/25/37 (i)		123		86
Nautique Funding Ltd., 0.48%, 04/15/20 (i) (r)		220		217
NCUA Guaranteed Notes Trust REMIC
0.61%, 10/07/20 (i)		2,134		2,147
0.72%, 12/08/20 (i)		3,354		3,386
NYLIM Flatiron CLO Ltd., 0.45%, 08/08/20 (i) (r)		236		234
OneMain Financial Issuance Trust, 2.47%, 12/18/17 (f) (r)		9,200		9,236
Penta CLO SA, 0.40%, 06/04/24 (i), EUR		1,883		2,251
People’s Choice Home Loan Securities Trust Series REMIC, 1.02%, 08/25/35 (i)		9,443		7,038
Provident Funding Mortgage Loan Trust REMIC, 2.50%, 08/25/33 (i)		208		214
RASC Trust REMIC, 0.59%, 12/25/35 (i)		500		409
RBSCF Trust REMIC
5.70%, 07/16/17 (i) (r)		4,000		4,277
6.04%, 08/16/17 (i) (r)		1,544		1,633
Residential Asset Securitization Trust REMIC, 5.50%, 06/25/33		64		67
SLM Student Loan Trust
0.68%, 01/25/17 (i)		181		181
1.73%, 10/25/17 (i)		4,789		4,919
REMIC, 0.27%, 04/25/19 (i)		6,300		6,261
Structured Adjustable Rate Mortgage Loan Trust REMIC
2.57%, 02/25/34 (i)		596		598
2.59%, 12/25/34 (i)		298		290
Structured Asset Mortgage Investments Inc. REMIC, 0.82%, 10/19/34 (i)		34		32
Structured Asset Securities Corp. REMIC, 0.31%, 06/25/37 (i)		1,900		1,821
Swan Trust, 3.94%, 04/25/41 (i), AUD		263		217
Symphony CLO III Ltd., 0.47%, 05/15/19 (i) (r)		1,792		1,775
TBW Mortgage Backed Pass-Through Certificates REMIC, 5.97%, 09/25/36 (i)		473		92
Vornado DP LLC Trust, 4.00%, 09/13/20 (r)		4,600		4,966
Wachovia Bank Commercial Mortgage Trust REMIC, 0.24%, 06/15/20 (i) (r)		96		96
Washington Mutual Alternative Mortgage Pass-Through Certificates REMIC, 2.37%, 12/25/35 (i)		262		240
Washington Mutual Mortgage Pass-Through Certificates REMIC
2.14%, 03/25/33 (i)		102		101
2.44%, 06/25/33 (i)		319		322
2.44%, 09/25/33 (i)		301		303
5.14%, 08/25/35 (i)		97		92
1.11%, 08/25/46 (i)		4,424		3,720
0.88%, 05/25/47 (i)		546		466
Wells Fargo Mortgage Backed Securities Trust REMIC
2.62%, 12/25/34 (i)		319		323
2.60%, 04/25/36 (i)		1,160		1,119

	Shares/Par (t)		Value
Wood Street CLO BV, 0.43%, 03/29/21 (i) (r), EUR		177		213
Total Non-U.S. Government Agency Asset- Backed Securities (cost $168,416)				169,519
CORPORATE BONDS AND NOTES - 5.8%
ENERGY - 0.3%
Kinder Morgan Finance Co. ULC, 5.70%, 01/05/16		5,000		5,191
Petrobras Global Finance BV, 2.60%, 03/17/17 (i)		400		369
				5,560
FINANCIALS - 4.2%
Bankia SA
3.50%, 12/14/15, EUR		4,900		6,098
0.29%, 01/25/16 (i), EUR		600		719
4.38%, 02/14/17, EUR		100		129
3.50%, 01/17/19, EUR		2,100		2,742
Barclays Bank Plc Credit Linked Note (Pemex, 9.50%, 09/15/2027, Moody’s Rating A3), 7.23% (f) (q), MXN		5,000		350
BNP Paribas SA, 0.54%, 11/07/15 (i)		14,200		14,178
BPCE SA, 0.80%, 11/18/16 (i)		8,100		8,106
BPE Financiaciones SA
2.88%, 05/19/16, EUR		4,100		5,067
2.50%, 02/01/17, EUR		1,600		1,975
China Construction Bank Corp., 1.70%, 04/16/15		8,300		8,324
Citigroup Inc., 0.75%, 05/01/17 (e) (i)		18,700		18,652
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA, 4.00%, 09/10/15, GBP		1,100		1,751
Depfa ACS Bank, 3.88%, 11/14/16, EUR		400		516
Eksportfinans ASA, 2.38%, 05/25/16		3,200		3,207
Greensill Capital, 0.00%, 03/04/15 (f) (j) (p) (q)		5,100		4,960
Intesa Sanpaolo SpA, 3.13%, 01/15/16		2,600		2,642
Turkiye Garanti Bankasi A/S, 2.73%, 04/20/16 (i) (r)		1,100		1,097
Wells Fargo & Co., 7.98%, (callable at 100 beginning 03/15/18) (m)		1,300		1,435
				81,948
INDUSTRIALS - 0.2%
GATX Financial Corp., 5.80%, 03/01/16		1,000		1,053
Hellenic Railways Organization SA, 4.03%, 03/17/17, EUR		2,300		2,257
International Lease Finance Corp., 6.75%, 09/01/16 (r)		900		958
				4,268
TELECOMMUNICATION SERVICES - 0.9%
BellSouth Corp., 4.18%, 04/26/21 (p) (q)		18,000		18,177
UTILITIES - 0.2%
Electricite de France
0.69%, 01/20/17 (i) (r)		2,100		2,106
1.15%, 01/20/17 (r)		600		600
				2,706
Total Corporate Bonds and Notes (cost $115,689)				112,659
GOVERNMENT AND AGENCY OBLIGATIONS - 119.3%
GOVERNMENT SECURITIES - 118.6%
Municipals - 0.1%
North Carolina State Education Assistance Authority, 0.68%, 10/26/20 (i)		708		709

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Tobacco Settlement Authority of West Virginia, 7.47%, 06/01/47		315		270
				979
Sovereign - 4.2%
Australia Government Bond, 5.25%, 03/15/19, AUD		6,600		6,047
Autonomous Community of Catalonia, Spain, 4.95%, 02/11/20, EUR		1,800		2,414
Brazil Notas do Tesouro Nacional, 10.00%, 01/01/25, BRL		8,000		2,635
Hellenic Republic Government International Bond, 4.50%, 07/03/17, JPY		170,000		1,137
Italy Buoni Poliennali Del Tesoro
5.50%, 11/01/22, EUR		500		778
5.00%, 09/01/40, EUR		1,300		2,077
Mexico Bonos, 4.75%, 06/14/18, MXN		41,790		2,826
Mexico Bonos de Proteccion al Ahorro, 3.05%, 01/04/18 (i), MXN		194,700		13,565
Province of Ontario, Canada, 3.45%, 06/02/45, CAD		7,500		6,715
Slovenia Government International Bond, 4.70%, 11/01/16 (r), EUR		3,600		4,661
Spain Government Bond
5.40%, 01/31/23 (r), EUR		16,500		26,111
3.80%, 04/30/24 (r), EUR		8,500		12,305
				81,271
Treasury Inflation Index Securities - 114.3%
Bundesrepublik Deutschland Bundesobligation Inflation Indexed Bond, 0.75%, 04/15/18 (n), EUR		70,416		87,512
Corp. Andina de Fomento Inflation Indexed Note, 3.95%, 10/15/21 (s), MXN		10,538		715
France Government Inflation Indexed Bond
0.25%, 07/25/18 (n), EUR		7,598		9,360
0.70%, 07/25/30 (n), EUR		703		920
Italy Buoni Poliennali Del Tesoro Inflation Indexed Note
2.10%, 09/15/16 - 09/15/21 (n), EUR		17,722		22,886
2.55%, 10/22/16 - 09/15/41 (n), EUR		5,674		7,403
2.25%, 04/22/17 (n), EUR		7,898		9,870
1.70%, 09/15/18 (n), EUR		4,351		5,463
2.35%, 09/15/24 (n) (r), EUR		24,039		32,337
3.10%, 09/15/26 (n), EUR		425		613
Mexican Inflation Indexed Udibonos, 4.00%, 11/08/46 (n), MXN		239,213		18,662
Mexico Government Inflation Indexed Bond, 4.00%, 11/15/40 (n), MXN		24,764		1,901
Mexico Inflation Indexed Udibonos, 4.50%, 12/04/25 (n), MXN		17,915		1,434
New South Wales Treasury Corp. Inflation Indexed Bond
3.35%, 11/20/25 (s), AUD		7,400		8,771
3.05%, 11/20/35 (s), AUD		100		120
New Zealand Government Inflation Indexed Bond
2.06%, 09/20/25 (s), NZD		14,500		11,625
3.06%, 09/20/30 (q) (s), NZD		2,500		2,197
U.S. Treasury Inflation Indexed Note
0.50%, 04/15/15 (n)		29,034		28,643
1.88%, 07/15/15 (n) (o)		11,108		11,138
2.00%, 01/15/16 (g) (n) (o)		40,135		40,718
0.13%, 04/15/16 - 07/15/24 (g) (n)		413,617		405,436
2.63%, 07/15/17 (n) (o)		3,551		3,807
0.13%, 04/15/19 - 01/15/22 (g) (n) (o)		315,585		309,570
1.88%, 07/15/19 (g) (n)		21,573		23,172
1.38%, 01/15/20 - 02/15/44 (g) (n)		191,008		207,762
1.25%, 07/15/20 (g) (n) (o)		103,537		108,771
1.13%, 01/15/21 (g) (n) (o)		35,547		36,980

	Shares/Par (t)		Value
0.63%, 07/15/21 (n) (o)		189,149		191,794
0.38%, 07/15/23 (g) (n) (o)		44,891		44,450
2.38%, 01/15/25 - 01/15/27 (g) (n)		229,042		271,399
2.00%, 01/15/26 (g) (n)		83,619		95,934
1.75%, 01/15/28 (g) (n)		20,763		23,542
3.63%, 04/15/28 (n) (o)		9,219		12,698
2.50%, 01/15/29 (g) (n)		57,063		70,968
3.88%, 04/15/29 (g) (n)		56,183		80,566
2.13%, 02/15/40 (g) (n)		31,692		41,193
2.13%, 02/15/41 (n)		867		1,136
				2,231,466
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES - 0.7%
Federal Home Loan Mortgage Corp. - 0.7%
Federal Home Loan Mortgage Corp.
2.09%, 07/01/36 (i)		334		354
1.99%, 09/01/36 (i)		351		371
2.14%, 10/01/36 (i)		150		159
Interest Only, 0.61%, 09/15/42 (i)		9,375		9,446
REMIC, 0.61%, 08/15/33 (i)		1,887		1,895
REMIC, 1.32%, 10/25/44 - 02/25/45 (i)		827		841
				13,066
Federal National Mortgage Association - 0.0%
Federal National Mortgage Association
1.98%, 11/01/35 (i)		55		57
2.38%, 03/01/36 (i)		97		103
5.69%, 06/01/36 (i)		32		33
REMIC, 0.23%, 07/25/37 (i)		247		240
				433
Small Business Administration Participation Certificates - 0.0%
Small Business Administration Participation Certificates, 5.29%, 12/01/27		761		842
Total Government and Agency Obligations (cost $2,436,157)				2,328,057
PREFERRED STOCKS - 0.0%
FINANCIALS - 0.0%
Wells Fargo & Co., 7.50% - Series L (m) (v)		1		607
Total Preferred Stocks (cost $500)				607
PURCHASED OPTIONS - 0.1%
Put Swaption, 3-Month LIBOR versus 2.50% fixed, Expiration 12/11/17, MSS (q)		120		1,504
Put Swaption, 3-Month LIBOR versus 3.05% fixed, Expiration 03/20/15, DUB (q)		526		320
Total Purchased Options (cost $2,226)				1,824
OTHER EQUITY INTERESTS - 0.0%
Lehman Brothers Holdings Inc. Escrow, 7.00%, 09/27/27 (c) (q) (u)		100		15
Total Other Equity Interests (cost $0)				15
SHORT TERM INVESTMENTS - 8.6%
Certificates of Deposit - 1.7%
Banco Bilbao Vizcaya Argentaria
0.98%, 10/23/15 (i)	$	18,750		18,729
1.08%, 05/16/16 (i)		8,500		8,492
Itau Unibanco, 1.17%, 06/04/15 (i)		6,700		6,699
				33,920
Securities Lending Collateral - 0.2%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		4,022		4,022

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Treasury Securities - 6.7%
Hellenic Republic Treasury Bill
0.00%,01/09/15, EUR		30,100		36,399
0.00%,02/06/15, EUR		15,400		18,585
Mexico Cetes
0.20%, 02/12/15, MXN		46,150		31,177
0.20%, 05/14/15, MXN		48,600		32,577
U.S. Treasury Bill
0.04%, 03/05/15 (o)	$	127		127
0.03%, 03/19/15 (o)		11		11
0.04%, 04/02/15 (o)		318		318
0.05%, 04/23/15 (o)		1,103		1,103
0.05%, 04/30/15 (o)		6,368		6,367
0.07%, 05/14/15 (o)		290		290
0.07%, 05/21/15 (o)		1,800		1,800
0.07%, 05/28/15 (o)		1,856		1,855
				130,609
Total Short Term Investments (cost $175,786) 168,551
Total Investments - 142.5% (cost $2,898,774)				2,781,232
Other Assets and Liabilities, Net - (42.5%)				(829,637	)
Total Net Assets - 100.0%			$	1,951,595
JNL/PIMCO Total Return Bond Fund
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES - 10.1%
ABFC Trust REMIC, 0.28%, 01/25/37 (i)	$	5,708	$	3,540
Access Group Inc., 1.53%, 01/25/18 (i)		3,952		3,966
Ally Auto Receivables Trust, 0.68%, 06/15/16		19,000		18,988
American Home Mortgage Investment Trust REMIC, 2.33%, 02/25/45 (i)		218		217
Ameriquest Mortgage Securities Inc. REMIC, 0.64%, 10/25/35 (i)		16,700		16,188
Amortizing Residential Collateral Trust REMIC, 0.75%, 07/25/32 (i)		18		16
Argent Securities Inc. REMIC, 0.53%, 10/25/35 (i)		3,400		3,149
Arran Residential Mortgages Funding Plc, 1.48%, 05/16/47 (i) (r), EUR		2,348		2,862
Asset Backed Securities Corp. Home Equity REMIC, 0.72%, 09/25/34 (i)		95		95
Banc of America Commercial Mortgage Trust REMIC
5.55%, 05/10/17 (i)		2,830		3,037
5.73%, 05/10/45 (i)		2,000		2,082
Banc of America Funding Trust REMIC
4.49%, 02/20/35 (i)		1,995		1,981
2.63%, 05/25/35 (i)		209		213
Banc of America Mortgage Trust REMIC, 6.50%, 10/25/31		17		18
BCAP LLC REMIC
5.04%, 04/26/17 (i) (r)		406		400
5.25%, 05/26/22 (r)		3,993		4,151
5.25%, 02/26/36 (i) (r)		1,954		1,782
5.25%, 05/25/37 (r)		8,223		7,233
BCAP LLC Trust REMIC, 4.71%, 01/12/22 (i) (r)		8,964		5,781
Bear Stearns Adjustable Rate Mortgage Trust REMIC
2.75%, 11/25/30 (i)		1		1
2.35%, 02/25/33 (i)		2		2
2.67%, 02/25/33 (i)		9		8
2.50%, 04/25/33 (i)		44		44
2.69%, 01/25/34 (i)		186		187

	Shares/Par (t)		Value
2.73%, 04/25/34 (i)		457		449
2.59%, 11/25/34 (i)		805		779
3.01%, 11/25/34 (i)		211		211
2.51%, 03/25/35 (i)		1,481		1,495
Bear Stearns Alt-A Trust REMIC
2.55%, 05/25/35 (i)		501		479
2.61%, 09/25/35 (i)		322		274
5.07%, 09/25/35 (i)		19,363		15,201
Bear Stearns Asset Backed Securities I Trust REMIC, 0.82%, 03/25/35 (i)		9,584		8,923
Bear Stearns Asset Backed Securities Trust REMIC
0.58%, 12/25/35 (i)		5,700		5,429
0.43%, 10/25/36 (i)		9,600		9,070
0.42%, 01/25/37 (i)		5,249		3,415
Bear Stearns Commercial Mortgage Securities Trust REMIC, 5.33%, 02/11/17		260		278
Bear Stearns Structured Products Inc. Trust REMIC
2.59%, 01/26/36 (i)		954		780
1.47%, 03/25/37 (i) (p) (q)		2,947		2,700
2.34%, 12/26/46 (i)		530		397
BNC Mortgage Loan Trust REMIC, 0.27%, 05/25/37 (i)		2,788		2,655
Chase Mortgage Finance Trust REMIC, 4.76%, 12/25/35 (i)		2,185		2,101
ChaseFlex Trust REMIC, 5.00%, 07/25/37		1,168		1,021
CIFC Funding Ltd., 1.38%, 08/14/24 (i) (r)		21,000		20,979
Citibank Credit Card Issuance Trust, 4.85%, 03/10/15		48,500		48,908
Citicorp Mortgage Securities Trust REMIC, 6.00%, 02/25/37		2,395		2,448
Citigroup Mortgage Loan Trust Inc. REMIC
2.67%, 11/25/35 (i)		14,580		12,881
2.54%, 12/25/35 (i)		101		100
0.23%, 05/25/37 (i)		657		563
Commercial Mortgage Pass-Through Certificates REMIC, 2.48%, 04/26/38 (i) (r)		3,700		3,597
Countrywide Alternative Loan Trust REMIC
1.51%, 08/25/35 (i)		1,076		980
0.35%, 05/25/47 (i)		610		505
Countrywide Asset-Backed Certificates REMIC
0.92%, 06/25/34 (i)		371		355
0.35%, 10/25/34 (i)		900		878
0.27%, 08/25/37 (i)		1,073		1,065
Countrywide Home Loan Mortgage Pass-Through Trust REMIC
5.50%, 10/25/34		4,494		4,620
2.42%, 11/20/34 (i)		1,396		1,338
2.42%, 11/25/34 (i)		580		548
2.47%, 02/20/35 (i)		908		892
5.75%, 12/25/35		5,056		4,749
2.31%, 02/20/36 (i)		130		118
Credit Suisse Commercial Mortgage Trust REMIC, 5.30%, 12/15/39		2,927		3,108
Credit Suisse Mortgage Capital Certificates REMIC
5.70%, 07/15/17 (i)		7,800		8,415
5.38%, 02/15/40		569		603
CS First Boston Mortgage Securities Corp. REMIC, 0.80%, 03/25/32 (i) (r)		40		37
CSMC Mortgage-Backed Trust REMIC, 6.00%, 07/25/36		3,620		2,794
CVS Pass-Through Trust, 6.94%, 01/10/30		332		402
Deco 2014-BONN Ltd., 1.45%, 11/07/24 (i) (r), EUR		2,700		3,266

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Deutsche Mortgage Securities Inc. Re-REMIC Trust Certificates REMIC, 5.25%, 06/26/35 (i) (r)		7,813		7,837
Equity One ABS Inc., 0.73%, 11/25/32 (i)		65		60
European Loan Conduit, 0.23%, 05/15/19 (i), EUR		76		91
First American Alternative Mortgage Securities REMIC, 2.24%, 09/25/35 (i)		400		349
First Franklin Mortgage Loan Trust REMIC
0.98%, 04/25/35 (i) (r)		2,100		1,963
0.53%, 10/25/35 (i)		6,229		5,774
First Horizon Asset Securities Inc. REMIC, 4.95%, 02/25/36 (i)		1,481		1,429
First Horizon Mortgage Pass-Through Trust REMIC, 2.56%, 10/25/35 (i)		2,518		2,203
GE-WMC Mortgage Securities LLC REMIC, 0.42%, 12/25/35 (i)		6,040		5,506
Granite Master Issuer Plc
0.34%, 12/17/54 (i)		1,021		1,014
0.25%, 12/20/54 (i), EUR		2,130		2,564
0.37%, 12/20/54 (i)		5,793		5,751
REMIC, 0.31%, 12/20/54 (i) (r)		467		464
Greenwich Capital Commercial Funding Corp. REMIC, 5.44%, 01/10/17		1,000		1,067
GSAMP Trust REMIC
0.32%, 09/25/36 (i)		9,758		4,504
0.26%, 01/25/37 (i)		3,676		2,209
GSR Mortgage Loan Trust REMIC
2.67%, 09/25/35 (i)		1,116		1,120
4.98%, 11/25/35 (i)		369		359
Harborview Mortgage Loan Trust REMIC
0.38%, 05/19/35 (i)		135		112
0.51%, 06/20/35 (i)		1,659		1,584
2.60%, 07/19/35 (i)		598		541
Home Equity Asset Trust REMIC, 1.22%, 07/25/35 (i)		3,700		3,674
HSI Asset Securitization Corp. Trust REMIC, 0.53%, 12/25/35 (i)		3,000		2,429
IndyMac Adjustable-Rate Mortgage Trust REMIC, 1.71%, 01/25/32 (i)		—		—
IndyMac Index Mortgage Loan Trust REMIC, 2.35%, 01/25/36 (i)		700		568
JPMorgan Chase Commercial Mortgage Securities Trust REMIC
5.44%, 01/12/17		1,926		2,048
5.42%, 02/15/17		6,026		6,435
5.34%, 05/15/47		1,869		1,985
JPMorgan Mortgage Acquisition Trust REMIC
0.41%, 05/25/36 (i)		8,500		7,535
0.45%, 01/25/37 (i)		4,800		3,465
JPMorgan Mortgage Trust REMIC
2.64%, 02/25/35 (i)		85		83
5.75%, 01/25/36		167		157
5.50%, 04/25/36		1,172		1,198
Lehman XS Trust REMIC
0.97%, 10/25/35 (i)		3,779		3,508
0.34%, 02/25/37 (i)		8,791		4,768
Long Beach Mortgage Loan Trust REMIC, 0.73%, 10/25/34 (i)		34		32
MASTR Asset Backed Securities Trust REMIC, 0.22%, 01/25/37 (i)		467		205
Mellon Residential Funding Corp. REMIC
2.61%, 10/20/29 (i)		74		75
0.64%, 06/15/30 (i)		184		175
Merrill Lynch Mortgage Investors Trust REMIC
2.20%, 05/25/33 (i)		405		391
0.55%, 08/25/35 (i)		7,800		7,183
1.58%, 10/25/35 (i)		9,164		8,893

	Shares/Par (t)		Value
0.38%, 02/25/36 (i)		307		281
Merrill Lynch/Countrywide Commercial Mortgage Trust REMIC
5.88%, 07/12/17 (i)		6,700		7,309
5.49%, 03/12/51 (i)		1,500		1,611
MLCC Mortgage Investors Inc. REMIC
1.16%, 10/25/35 (i)		143		136
0.42%, 11/25/35 (i)		214		202
Morgan Stanley ABS Capital I Inc. Trust REMIC, 0.33%, 04/25/36 (i)		1,674		1,633
Morgan Stanley Dean Witter Capital I REMIC, 1.07%, 07/25/32 (i)		1,911		1,828
Morgan Stanley Re-REMIC Trust REMIC, 5.80%, 04/12/17 (i) (r)		691		741
MortgageIT Trust REMIC, 0.43%, 12/25/35 (i)		6,988		6,410
New Century Home Equity Loan Trust REMIC, 0.68%, 09/25/35 (i)		1,900		1,653
Nomura Asset Acceptance Corp. REMIC, 2.87%, 08/25/35 (i)		2,830		2,736
Option One Mortgage Loan Trust REMIC, 0.68%, 08/25/35 (i)		3,700		2,823
Park Place Securities Inc. Asset-Backed Pass-Through Certificates REMIC
0.64%, 05/25/35 (i)		1,700		1,435
0.65%, 08/25/35 (i)		1,500		1,388
Prime Mortgage Trust REMIC
0.57%, 02/25/19 (i)		—		—
0.57%, 02/25/34 (i)		30		28
RASC Trust REMIC
0.84%, 02/25/35 (i)		6,612		6,108
0.34%, 09/25/36 (i)		4,170		3,655
0.41%, 09/25/36 (i)		3,000		2,608
0.32%, 11/25/36 (i)		3,130		2,902
RBSSP Resecuritization Trust REMIC, 0.42%, 02/26/37 (i) (r)		2,856		2,674
Securitized Asset Backed Receivables LLC Trust REMIC
1.14%, 03/25/35 (i)		814		767
0.42%, 05/25/36 (i)		4,394		2,598
0.23%, 12/25/36 (i)		296		107
Sequoia Mortgage Trust REMIC, 0.86%, 10/19/26 (i)		34		33
SLM Student Loan Trust
1.73%, 10/25/17 (i)		5,697		5,851
2.81%, 12/16/19 (i) (r)		594		602
Soundview Home Loan Trust REMIC, 0.30%, 12/25/36 (i)		2,361		2,260
SpringCastle America Funding LLC, 2.70%, 05/25/23 (r)		21,335		21,305
Structured Asset Mortgage Investments Inc. REMIC
0.82%, 09/19/32 (i)		35		34
0.41%, 07/19/35 (i)		513		492
0.30%, 03/25/37 (i)		1,197		911
Structured Asset Securities Corp. REMIC, 2.52%, 02/25/32 (i)		1		1
Vendee Mortgage Trust REMIC, 6.50%, 09/15/24		311		349
Wachovia Bank Commercial Mortgage Trust REMIC, 0.24%, 06/15/20 (i) (r)		171		171
Washington Mutual Mortgage Pass-Through Certificates REMIC
1.77%, 02/25/31 (i)		—		—
2.37%, 01/25/36 (i)		1,002		993
4.33%, 08/25/36 (i)		4,805		4,319
1.51%, 08/25/42 (i)		100		91
1.31%, 11/25/42 (i)		58		56
0.46%, 10/25/45 (i)		125		114

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Wells Fargo Mortgage Backed Securities Trust REMIC
2.62%, 01/25/35 (i)		425		432
2.61%, 03/25/36 (i)		3,788		3,639
2.61%, 03/25/36 (i)		529		527
2.60%, 04/25/36 (i)		2,744		2,681
2.61%, 07/25/36 (i)		6,002		5,836
Wood Street CLO BV, 0.43%, 11/22/21 (i), EUR		1,788		2,148
Total Non-U.S. Government Agency Asset-Backed Securities (cost $443,502)				461,533
CORPORATE BONDS AND NOTES - 27.3%
CONSUMER DISCRETIONARY - 3.0%
Chrysler Group LLC Term Loan B, 4.25%, 05/24/17 (i)		1,995		1,980
Daimler Finance North America LLC
0.83%, 01/09/15 (i) (r)		8,450		8,451
1.65%, 04/10/15 (r)		9,125		9,145
1.30%, 07/31/15 (r)		21,100		21,188
1.88%, 01/11/18 (r)		5,500		5,519
MGM Resorts International
6.63%, 07/15/15		7,695		7,830
7.50%, 06/01/16		2,100		2,215
7.63%, 01/15/17 (e)		1,000		1,078
NBCUniversal Media LLC, 3.65%, 04/30/15		29,800		30,106
Time Warner Cable Inc., 3.50%, 02/01/15		1,400		1,403
Time Warner Inc., 3.15%, 07/15/15		15,581		15,800
Viacom Inc., 1.25%, 02/27/15		30,542		30,567
				135,282
CONSUMER STAPLES - 0.9%
SABMiller Holdings Inc., 1.85%, 01/15/15 (r)		34,935		34,954
Woolworths Ltd., 2.55%, 09/22/15 (p) (q)		5,000		5,062
				40,016
ENERGY - 2.0%
Gazprom OAO Via Gaz Capital SA
4.95%, 05/23/16		6,600		6,332
8.15%, 04/11/18		7,700		7,623
Odebrecht Drilling Norbe VIII/IX Ltd.
6.35%, 06/30/21		521		487
6.35%, 06/30/21 (r)		2,656		2,483
Petrobras Global Finance BV
1.85%, 05/20/16 (i)		600		573
2.00%, 05/20/16		700		669
2.60%, 03/17/17 (e) (i)		300		277
3.25%, 03/17/17		400		377
Petrobras International Finance Co.
3.88%, 01/27/16		1,300		1,276
6.13%, 10/06/16		100		100
3.50%, 02/06/17		700		668
5.88%, 03/01/18 (e)		1,300		1,269
8.38%, 12/10/18 (e)		700		744
7.88%, 03/15/19		16,800		17,680
Petroleos Mexicanos, 8.00%, 05/03/19 (e)		2,700		3,193
Ras Laffan Liquefied Natural Gas Co. Ltd. II, 5.30%, 09/30/20 (r)		3,840		4,119
Rosneft Finance SA
7.50%, 07/18/16		1,600		1,535
6.63%, 03/20/17		3,000		2,790
Shell International Finance BV, 0.44%, 11/15/16 (i)		9,200		9,203
Statoil ASA, 0.69%, 11/08/18 (i)		29,300		29,344
				90,742

	Shares/Par (t)		Value
FINANCIALS - 17.9%
Ally Financial Inc.
8.30%, 02/12/15 (e)		26,730		26,871
4.63%, 06/26/15		9,645		9,717
3.50%, 07/18/16		7,220		7,301
5.50%, 02/15/17		16,000		16,800
4.75%, 09/10/18		2,065		2,137
7.50%, 09/15/20		1,279		1,500
American General Finance Corp., 5.40%, 12/01/15		5,300		5,432
American International Group Inc.
5.05%, 10/01/15		100		103
6.25%, 03/15/37 (i)		800		893
8.18%, 05/15/58 (i)		12,100		16,395
Banco de Credito e Inversiones, 3.00%, 09/13/17 (e) (r)		3,200		3,265
Bank of America Corp.
4.50%, 04/01/15		3,400		3,432
6.50%, 08/01/16		8,460		9,116
Bank of America NA
0.70%, 11/14/16 (i)		67,900		67,836
0.65%, 05/08/17 (i)		4,300		4,293
6.00%, 10/15/36		3,200		4,008
Bank of India, 6.25%, 02/16/21		3,100		3,483
Bank of Montreal, 2.85%, 06/09/15 (r)		1,800		1,818
Bank of Nova Scotia
1.65%, 10/29/15 (r)		1,700		1,715
1.95%, 01/30/17 (i) (r)		200		203
Barclays Bank Plc
2.75%, 02/23/15		16,900		16,944
7.63%, 11/21/22		2,800		3,062
7.75%, 04/10/23 (i)		12,800		13,952
BBVA Bancomer SA
4.50%, 03/10/16 (r)		1,200		1,236
6.50%, 03/10/21 (r)		2,400		2,599
Bear Stearns Cos. LLC, 5.30%, 10/30/15		3,200		3,318
Blackstone CQP Holdco LP, 9.30%, 03/31/19 (p) (q)		2,199		2,193
BPCE SA, 12.50%, (callable at 100 beginning 09/30/19) (m) (p) (q)		5,600		7,560
Caixa Economica Federal
2.38%, 11/06/17 (r)		3,200		3,020
4.25%, 05/13/19 (r)		5,800		5,655
CIT Group Inc., 4.75%, 02/15/15 (e) (r)		17,280		17,329
Citigroup Inc.
2.65%, 03/02/15 (e)		4,900		4,915
4.88%, 05/07/15		3,500		3,547
4.70%, 05/29/15		32,000		32,522
1.03%, 04/01/16 (i)		2,800		2,810
0.51%, 06/09/16 (i)		2,600		2,575
3.95%, 06/15/16		1,600		1,661
1.19%, 07/25/16 (i)		3,200		3,220
4.45%, 01/10/17		900		951
6.13%, 08/25/36		1,300		1,550
Credit Agricole SA
8.38% (callable at 100 beginning 10/13/19) (m) (r)		4,900		5,647
1.39%, 04/15/16 (i) (r)		5,000		5,045
Credit Suisse
0.54%, 03/11/16 (i)		15,900		15,894
0.72%, 05/26/17 (i)		9,000		8,989
Eksportfinans ASA, 2.38%, 05/25/16		1,900		1,904
Export-Import Bank of Korea, 5.88%, 01/14/15		9,700		9,719
Fifth Third Bancorp, 0.67%, 12/20/16 (i)		900		893
Ford Motor Credit Co. LLC
3.88%, 01/15/15		27,000		27,034
7.00%, 04/15/15		2,900		2,950

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
2.75%, 05/15/15		4,800		4,832
12.00%, 05/15/15		4,000		4,158
5.63%, 09/15/15		3,900		4,025
4.21%, 04/15/16		6,794		7,033
1.01%, 01/17/17 (i)		19,200		19,196
0.76%, 09/08/17 (i)		700		695
General Electric Capital Corp.
3.80%, 06/18/19 (p) (q)		3,700		3,931
6.38%, 11/15/67 (i)		5,000		5,362
Goldman Sachs Group Inc.
3.30%, 05/03/15		16,975		17,114
3.70%, 08/01/15		20,443		20,775
0.86%, 06/04/17 (i)		1,100		1,098
HSBC Finance Corp., 5.25%, 04/15/15		8,200		8,308
ICICI Bank Ltd., 4.75%, 11/25/16 (r)		13,600		14,213
International Lease Finance Corp., 8.63%, 09/15/15 (k)		29,150		30,389
Intesa Sanpaolo SpA, 2.38%, 01/13/17		9,000		9,079
JPMorgan Chase & Co.
3.70%, 01/20/15		6,700		6,711
1.88%, 03/20/15		20,500		20,562
1.10%, 10/15/15		12,362		12,386
3.15%, 07/05/16		1,600		1,645
1.06%, 05/30/17 (i), GBP		3,700		5,688
6.30%, 04/23/19		6,100		7,086
JPMorgan Chase Bank NA, 6.00%, 10/01/17		4,100		4,551
KBC Bank NV, 8.00%, 01/25/23		10,000		11,200
Korea Development Bank, 3.50%, 08/22/17		1,900		1,978
LBG Capital No.1 Plc, 8.50%, (callable at 100 beginning 12/17/21) (m) (r)		200		216
LBG Capital No.2 Plc
15.00%, 12/21/19 (v), GBP		13,400		28,655
8.88%, 02/07/20 (v), EUR		1,200		1,617
Macquarie Bank Ltd., 6.63%, 04/07/21 (r)		16,100		18,586
Merrill Lynch & Co. Inc., 6.40%, 08/28/17		1,900		2,117
Morgan Stanley, 6.00%, 04/28/15		13,600		13,821
National Bank of Canada, 2.20%, 10/19/16 (i) (r)		400		409
Nationwide Building Society, 4.65%, 02/25/15 (r)		3,500		3,519
Northern Rock Plc, 5.63%, 06/22/17 (r)		16,000		17,531
OneMain Financial Holdings Inc.
6.75%, 12/15/19 (r)		1,800		1,836
7.25%, 12/15/21 (r)		1,700		1,743
Prudential Financial Inc., 3.88%, 01/14/15		3,500		3,504
Regions Financial Corp., 5.75%, 06/15/15		2,200		2,246
Royal Bank of Scotland Group Plc, 6.99%, (callable at 100 beginning 10/05/17) (e) (m) (r)		6,300		7,087
Sberbank, 5.50%, 07/07/15 (e)		7,000		6,930
SLM Corp.
6.25%, 01/25/16		18,244		18,974
8.45%, 06/15/18		11,002		12,267
5.50%, 01/15/19		100		102
Springleaf Finance Corp., 6.90%, 12/15/17		1,900		2,023
State Bank of India, 4.50%, 07/27/15 (r)		2,500		2,544
Stone Street Trust, 5.90%, 12/15/15 (r)		7,000		7,287
UBS AG, 4.75%, 05/22/23		3,000		3,027
UBS Preferred Funding Trust V, 6.24%, (callable at 100 beginning 05/15/16) (e) (m)		8,700		8,983
VTB Bank OJSC Via VTB Capital SA, 6.47%, 03/04/15 (p) (q)		4,800		4,767
Wells Fargo & Co.
7.98% (callable at 100 beginning 03/15/18) (m)		20,500		22,627
0.69%, 04/22/19 (i)		1,100		1,098
Wells Fargo Bank NA, 0.38%, 06/02/16 (i)		5,215		5,208
				815,751

	Shares/Par (t)		Value
HEALTH CARE - 0.1%
HCA Inc. Term Loan B-5, 2.91%, 03/31/17 (i)		5,870		5,819
INDUSTRIALS - 1.0%
Asciano Finance Ltd., 5.00%, 04/07/18 (r)		3,800		4,085
Con-way Inc., 7.25%, 01/15/18		1,400		1,591
CSN Islands XI Corp., 6.88%, 09/21/19 (e) (r)		500		464
Hellenic Railways Organization SA, 4.50%, 12/06/16, JPY		1,298,700		9,736
International Lease Finance Corp.
5.75%, 05/15/16		1,600		1,660
6.75%, 09/01/16 (r)		1,900		2,023
7.13%, 09/01/18 (r)		20,858		23,361
Odebrecht Offshore Drilling Finance Ltd., 6.75%, 10/01/22 (k) (r)		5,090		4,657
				47,577
INFORMATION TECHNOLOGY - 0.4%
Apple Inc., 2.85%, 05/06/21		2,200		2,251
Dell Inc., 2.30%, 09/10/15		3,250		3,253
Xerox Corp., 4.25%, 02/15/15		11,522		11,573
				17,077
MATERIALS - 0.2%
Braskem Finance Ltd., 5.75%, 04/15/21 (r)		4,100		4,131
Gerdau Holdings Inc.
7.00%, 01/20/20 (r)		3,600		3,892
5.75%, 01/30/21 (e) (r)		900		914
				8,937
TELECOMMUNICATION SERVICES - 0.9%
Qtel International Finance Ltd., 3.38%, 10/14/16 (r)		300		308
Sprint Nextel Corp.
6.00%, 12/01/16		1,800		1,883
9.13%, 03/01/17		4,000		4,400
Telecom Italia Capital SA, 5.25%, 10/01/15		471		480
Verizon Communications Inc.
2.50%, 09/15/16		6,719		6,870
1.99%, 09/14/18 (i)		2,300		2,393
3.65%, 09/14/18		7,300		7,714
3.00%, 11/01/21		3,600		3,550
3.50%, 11/01/24		15,900		15,622
				43,220
UTILITIES - 0.9%
Centrais Eletricas Brasileiras SA, 6.88%, 07/30/19 (r)		5,000		5,100
Dynegy Finance I Inc.
6.75%, 11/01/19 (r)		12,600		12,820
7.38%, 11/01/22 (r)		6,000		6,105
7.63%, 11/01/24 (r)		2,100		2,142
Entergy Corp., 3.63%, 09/15/15 (l)		5,200		5,274
Majapahit Holding BV
8.00%, 08/07/19 (e) (r)		2,200		2,550
7.75%, 01/20/20 (r)		5,000		5,788
				39,779
Total Corporate Bonds and Notes (cost $1,238,710)				1,244,200
GOVERNMENT AND AGENCY OBLIGATIONS - 63.7%
GOVERNMENT SECURITIES - 39.4%
Federal Home Loan Mortgage Corp. - 3.0% (w)
Federal Home Loan Mortgage Corp.
1.00%, 09/29/17 (o)		18,100		18,063
0.75%, 01/12/18 (o)		94,100		92,757
3.75%, 03/27/19		5,100		5,551
1.75%, 05/30/19		1,200		1,207
1.25%, 10/02/19		20,100		19,665
				137,243

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Federal National Mortgage Association - 0.1% (w)
Federal National Mortgage Association
0.88%, 12/20/17 - 05/21/18		4,800		4,738
1.88%, 09/18/18		1,000		1,016
				5,754
Municipals - 5.1%
Bay Area Toll Authority, 7.04%, 04/01/50		5,500		8,179
California Infrastructure & Economic Development Bank, 6.49%, 05/15/49		1,000		1,252
California State University, 6.43%, 11/01/30		1,400		1,735
California Statewide Communities Development Authority, 7.55%, 05/15/40		5,500		7,412
Calleguas - Las Virgenes Public Financing Authority, 5.94%, 07/01/40		1,100		1,335
Chicago Transit Authority
6.30%, 12/01/21		90		97
6.90%, 12/01/40 - 12/01/40		4,100		5,177
City of New York, 6.27%, 12/01/37		6,560		8,720
City of North Las Vegas, Nevada, 6.57%, 06/01/40		9,200		8,333
County of Clark Nevada Airport System, 6.82%, 07/01/45		1,600		2,346
Dallas Convention Center Hotel Development Corp., 7.09%, 01/01/42		13,800		18,546
Golden State Tobacco Securitization Corp., 5.75%, 06/01/47		6,900		5,680
Illinois Municipal Electric Agency, 6.83%, 02/01/35		1,800		2,216
Irvine Ranch Water District, 6.62%, 05/01/40		16,800		22,361
Los Angeles County Public Works Financing Authority, 7.62%, 08/01/40		9,000		13,132
Los Angeles Unified School District, 6.76%, 07/01/34		3,100		4,319
Los Angeles Unified School District (insured by National Public Finance Guarantee Corp.), 4.50%, 01/01/28		2,800		3,004
Mississippi Development Bank, 6.31%, 01/01/33		1,500		1,900
New Jersey Economic Development Authority (insured by Assured Guaranty Municipal Corp.) - Series B, 0.00%, 02/15/19 (j)		5,410		4,809
New Jersey State Turnpike Authority, 7.41%, 01/01/40		5,800		8,716
New Jersey Transportation Trust Fund Authority, 5.25%, 06/15/36		1,900		2,097
New York City Water & Sewer System, 5.79%, 06/15/41		4,000		4,531
New York State Dormitory Authority, 5.05%, 09/15/27		4,700		5,439
North Carolina Turnpike Authority, 6.70%, 01/01/39		2,000		2,269
Pennsylvania Economic Development Financing Authority, 6.53%, 06/15/39		1,900		2,301
Port Authority of New York & New Jersey, GO, 5.65%, 11/01/40		1,100		1,349
San Diego Tobacco Settlement Revenue Funding Corp., 7.13%, 06/01/32		680		662
State of California
7.70%, 11/01/30		100		126
7.50%, 04/01/34		7,600		11,298
7.95%, 03/01/36		10,100		12,486
7.55%, 04/01/39		7,900		12,191
7.60%, 11/01/40		16,800		26,214
State of Iowa, 6.75%, 06/01/34		4,100		4,743

	Shares/Par (t)		Value
State of Wisconsin (insured by Assured Guaranty Municipal Corp.), 5.05%, 05/01/18		1,500		1,662
Tobacco Settlement Authority of Iowa, 6.50%, 06/01/23		165		165
Tobacco Settlement Authority of West Virginia, 7.47%, 06/01/47		1,565		1,342
University of California
6.40%, 05/15/31		5,500		6,868
6.55%, 05/15/48		1,500		2,051
Washington State Convention Center Public Facilities District, 6.79%, 07/01/40		5,600		7,035
				234,098
Sovereign - 10.5%
Autonomous Community of Andalusia, Spain, 5.20%, 07/15/19, EUR		800		1,123
Autonomous Community of Valencia, Spain, 4.38%, 07/16/15, EUR		1,100		1,351
Banco Nacional de Desenvolvimento Economico e Social
3.38%, 09/26/16 (r)		1,700		1,706
4.13%, 09/15/17 (r), EUR		1,000		1,216
Bonos Y Oblig Del Estado, 4.20%, 01/31/37, EUR		1,100		1,668
Brazil Letras do Tesouro Nacional, 0.00%, 10/01/15 - 07/01/18 (j), BRL		336,800		113,765
Brazil Notas do Tesouro Nacional, 10.00%, 01/01/25, BRL		10,900		3,590
Eksportfinans ASA, 5.50%, 06/26/17		2,600		2,771
Hellenic Republic Government International Bond, 5.25%, 02/01/16, JPY		1,382,000		10,442
Italy Buoni Poliennali Del Tesoro
3.75%, 08/01/15 - 09/01/24, EUR		51,500		66,985
3.00%, 11/01/15, EUR		29,400		36,323
1.15%, 05/15/17, EUR		4,000		4,899
Japan Government Bond, 1.70%, 09/20/44, JPY		2,040,000		18,830
Korea Development Bank, 4.38%, 08/10/15		7,200		7,350
Korea Housing Finance Corp., 4.13%, 12/15/15 (r)		2,900		2,978
Mexico Bonos
8.00%, 06/11/20, MXN		356,500		27,196
7.75%, 05/29/31, MXN		7,400		570
Province of Ontario, Canada
1.00%, 07/22/16		1,100		1,105
1.60%, 09/21/16		66,200		67,104
5.50%, 06/02/18, CAD		700		682
3.00%, 07/16/18		500		524
4.40%, 06/02/19, CAD		1,700		1,631
1.65%, 09/27/19 (e)		2,900		2,867
4.40%, 04/14/20 (e)		8,400		9,348
4.20%, 06/02/20, CAD		2,300		2,210
4.00%, 06/02/21, CAD		5,400		5,167
3.15%, 06/02/22, CAD		5,900		5,369
Province of Quebec, Canada
4.25%, 12/01/21, CAD		6,800		6,607
3.50%, 12/01/22, CAD		2,300		2,135
Slovenia Government International Bond, 5.25%, 02/18/24 (e)		2,100		2,307
Spain Government Bond
3.30%, 07/30/16, EUR		19,400		24,509
4.25%, 10/31/16, EUR		9,200		11,900
2.10%, 04/30/17, EUR		6,200		7,779
5.50%, 07/30/17, EUR		1,000		1,363
4.50%, 01/31/18, EUR		8,600		11,629
4.70%, 07/30/41, EUR		4,800		7,775
5.15%, 10/31/44 (r), EUR		1,100		1,903
				476,677

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Treasury Inflation Index Securities - 15.1%
U.S. Treasury Inflation Indexed Note
1.25%, 07/15/20 (n) (o)		20,032		21,045
1.13%, 01/15/21 (n) (o)		8,575		8,920
0.63%, 07/15/21 (n) (o)		64,754		65,660
0.63%, 07/15/21 (n)		3,476		3,525
0.13%, 01/15/22 (n) (o)		7,868		7,665
0.13%, 07/15/22 (n)		44,913		43,815
0.38%, 07/15/23 (n) (o)		11,427		11,314
2.38%, 01/15/25 - 01/15/27 (n)		217,026		257,414
2.00%, 01/15/26 (n)		88,404		101,423
1.75%, 01/15/28 (n) (o)		92,368		104,729
3.63%, 04/15/28 (n)		294		404
2.50%, 01/15/29 (n)		47,885		59,553
3.88%, 04/15/29 (n)		1,444		2,071
				687,538
U.S. Treasury Securities - 5.6%
U.S. Treasury Bond
3.13%, 02/15/43		56,400		60,595
3.75%, 11/15/43		1,200		1,443
3.63%, 02/15/44		12,400		14,603
3.38%, 05/15/44		6,100		6,872
3.13%, 08/15/44 (g)		81,500		87,740
3.00%, 11/15/44		32,300		33,945
U.S. Treasury Note
0.63%, 09/30/17 (o)		17,000		16,810
0.75%, 10/31/17 - 12/31/17 (o)		23,100		22,902
2.25%, 11/15/24		10,200		10,269
				255,179
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES - 24.3%
Federal Home Loan Mortgage Corp. - 1.1%
Federal Home Loan Mortgage Corp.
6.00%, 03/01/16 - 05/01/40		9,151		10,368
5.50%, 05/01/26 - 08/15/40		8,153		9,122
2.48%, 07/01/27 (i)		1		1
4.50%, 01/15/45, TBA (g)		13,000		14,087
6.00%, 01/15/45, TBA (g)		1,000		1,132
REMIC, 7.00%, 05/15/23		100		111
REMIC, 0.61%, 11/15/30 (i)		2		2
REMIC, 4.50%, 03/15/34		9,133		9,946
REMIC, 0.21%, 12/25/36 (i)		793		789
REMIC, 3.50%, 01/15/42		4,199		4,216
REMIC, 1.32%, 02/25/45 (i)		57		58
				49,832
Federal National Mortgage Association - 21.9%
Federal National Mortgage Association
4.50%, 02/01/15 - 07/01/42		39,852		42,684
4.00%, 07/01/15 - 10/01/31		57,786		61,666
6.00%, 05/01/16 - 05/01/41		89,673		101,752
5.50%, 06/01/16 - 09/01/41		130,509		146,180
3.50%, 06/01/20 - 06/01/29		26,554		28,133
3.00%, 04/01/21 - 05/01/29		15,346		16,007
3.89%, 07/01/21		2,781		3,022
3.33%, 11/01/21		95		100
3.16%, 05/01/22		12,882		13,524
2.59%, 07/01/22		5,361		5,412
2.31%, 08/01/22		4,000		3,971
5.00%, 05/01/23 - 06/01/41		9,608		10,647
2.87%, 09/01/27		2,800		2,782
6.50%, 07/01/29		—		—
3.50%, 01/15/30 - 01/15/45, TBA (g)		58,000		60,509
4.00%, 01/15/30 - 01/15/45, TBA (g)		146,000		155,739
3.00%, 02/15/30, TBA (g)		42,000		43,562
2.07%, 01/01/35 (i)		1,118		1,193
1.52%, 09/01/40 (i)		3		3

	Shares/Par (t)		Value
1.32%, 06/01/43 (i)		301		310
4.50%, 01/15/45 - 02/15/45, TBA (g)		107,000		116,017
5.00%, 01/15/45 - 02/15/45, TBA (g)		106,000		117,032
5.50%, 01/15/45, TBA (g)		38,000		42,504
6.00%, 01/15/45, TBA (g)		11,000		12,474
REMIC, 5.00%, 04/25/33		171		187
REMIC, 2.19%, 05/25/35 (i)		68		70
REMIC, 0.23%, 07/25/37 (i)		448		435
REMIC, 0.67%, 06/25/39 (i)		9,667		9,759
REMIC, 6.50%, 12/25/42		46		52
REMIC, 0.52%, 03/25/44 (i)		237		237
				995,963
Government National Mortgage Association - 1.0%
Government National Mortgage Association
1.63%, 05/20/26 - 02/20/32 (i)		114		118
2.00%, 04/20/30 (i)		5		5
5.00%, 02/15/38 - 07/15/41		41,321		45,691
				45,814
Small Business Administration Participation Certificates - 0.3%
Small Business Administration Participation Certificates
6.29%, 01/01/21		7		7
5.13%, 09/01/23		16		17
5.52%, 06/01/24		296		326
5.29%, 12/01/27		457		505
5.16%, 02/01/28		6,065		6,704
5.49%, 03/01/28		5,551		6,180
				13,739
Total Government and Agency Obligations (cost $2,889,837)				2,901,837
PREFERRED STOCKS - 0.1%
FINANCIALS - 0.1%
Wells Fargo & Co., 7.50% - Series L (m) (v)		5		6,075
Total Preferred Stocks (cost $6,056)				6,075
TRUST PREFERREDS - 0.4%
FINANCIALS - 0.4%
GMAC Capital Trust I, 8.13% (callable at 25 beginning 02/15/16)		740		19,521
Total Trust Preferreds (cost $18,500)				19,521
OTHER EQUITY INTERESTS - 0.0%
General Motors Co. Escrow (c) (f) (q) (u) (v)		128		—
Total Other Equity Interests (cost $0)				—
SHORT TERM INVESTMENTS - 10.8%
Certificates of Deposit - 0.8%
Banco Bilbao Vizcaya Argentaria, 1.08%, 05/16/16 (i)	$	11,500		11,489
Credit Suisse, 0.47%, 03/17/15 (i)		3,300		3,300
Intesa Sanpaolo SpA, 1.65%, 04/07/15		8,200		8,215
Intesa Sanpaolo SpA/New York NY, 1.61%, 04/11/16 (i)		14,900		14,926
				37,930
Commercial Paper - 0.1%
Ford Motor Credit Co. LLC, 0.68%, 04/06/15 (r)		4,800		4,793
Federal Home Loan Bank - 4.9% (w)
Federal Home Loan Bank
0.06%, 01/16/15 - 01/21/15		25,400		25,399
0.08%, 01/23/15 - 01/29/15		86,300		86,295
0.11%, 02/04/15		97,900		97,890
0.12%, 03/13/15		1,100		1,100
0.16%, 03/20/15		9,900		9,899
				220,583

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Federal Home Loan Mortgage Corp. - 1.9% (w)
Federal Home Loan Mortgage Corp.
0.05%, 02/05/15		1,500		1,500
0.06%, 02/09/15		13,700		13,699
0.09%, 02/13/15		17,600		17,598
0.11%, 02/25/15		400		400
0.14%, 05/14/15		52,100		52,087
				85,284
Federal National Mortgage Association - 0.0% (w)
Federal National Mortgage Association, 0.10%, 03/27/15		400		400
Securities Lending Collateral - 0.8%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		37,769		37,769
Treasury Securities - 2.3%
Mexico Cetes
0.20%, 01/08/15, MXN		44,890		30,406
0.20%, 01/22/15, MXN		15,770		10,670
0.20%, 02/05/15, MXN		92,680		62,636
U.S. Treasury Bill
0.02%, 01/29/15 (o)	$	1,368		1,368
0.07%, 05/14/15 (o)		531		531
0.07%, 05/21/15 (o)		541		541
				106,151
Total Short Term Investments (cost $506,218)				492,911
Total Investments - 112.4% (cost $5,102,823)				5,126,077
Other Assets and Liabilities, Net - (12.4%)				(566,398)
Total Net Assets - 100.0%			$	4,559,679
JNL/PPM America Floating Rate Income Fund
CORPORATE BONDS AND NOTES - 4.0%
CONSUMER DISCRETIONARY - 0.9%
BC Mountain LLC, 7.00%, 02/01/21 (r)	$	100	$	85
Beazer Homes USA Inc., 5.75%, 06/15/19		1,000		960
Churchill Downs Inc., 5.38%, 12/15/21		420		420
DreamWorks Animation SKG Inc., 6.88%, 08/15/20 (r)		306		314
Gibson Brands Inc., 8.88%, 08/01/18 (r)		194		186
GLP Capital LP
4.88%, 11/01/20		311		315
5.38%, 11/01/23		243		251
Hillman Group Inc., 6.38%, 07/15/22 (r)		305		293
KB Home, 7.50%, 09/15/22		234		248
Live Nation Entertainment Inc., 5.38%, 06/15/22 (r)		646		646
Men’s Wearhouse Inc., 7.00%, 07/01/22 (r)		246		253
MGM Resorts International, 6.75%, 10/01/20		804		844
Neiman Marcus Group Ltd. Inc., 8.75%, 10/15/21 (y) (r)		1,000		1,060
Netflix Inc., 5.75%, 03/01/24 (r)		1,070		1,113
PC Nextco Holdings LLC, 8.75%, 08/15/19 (y)		888		892
PVH Corp., 4.50%, 12/15/22		229		226
Regal Entertainment Group, 5.75%, 03/15/22		800		764
Royal Caribbean Cruises Ltd., 5.25%, 11/15/22		131		138
RSI Home Products Inc., 6.88%, 03/01/18 (r)		556		581
Sally Holdings LLC, 5.50%, 11/01/23		494		516
Seminole Hard Rock Entertainment Inc., 5.88%, 05/15/21 (r)		427		423

	Shares/Par (t)		Value
Springs Industries Inc., 6.25%, 06/01/21		471		469
Tempur Sealy International Inc., 6.88%, 12/15/20		121		129
TRW Automotive Inc., 4.45%, 12/01/23 (r)		550		553
Unitymedia KabelBW GmbH, 6.13%, 01/15/25 (r)		1,000		1,032
WideOpenWest Finance LLC, 10.25%, 07/15/19		1,000		1,041
Wolverine World Wide Inc., 6.13%, 10/15/20		132		139
				13,891
CONSUMER STAPLES - 0.3%
B&G Foods Inc., 4.63%, 06/01/21		549		536
Hearthside Group Holdings LLC, 6.50%, 05/01/22 (r)		394		384
HJ Heinz Co., 4.25%, 10/15/20		1,506		1,521
JBS Investments GmbH, 7.25%, 04/03/24 (r)		2,490		2,446
Prestige Brands Inc., 5.38%, 12/15/21 (r)		135		133
TreeHouse Foods Inc., 4.88%, 03/15/22		405		410
				5,430
ENERGY - 0.7%
Arch Coal Inc., 8.00%, 01/15/19 (r)		591		328
Calumet Specialty Products Partners LP, 6.50%, 04/15/21 (r)		1,000		890
Chesapeake Energy Corp., 3.48%, 04/15/19 (i)		1,383		1,355
DCP Midstream LLC, 5.85%, 05/21/43 (r) (i)		1,344		1,304
Energy XXI Gulf Coast Inc., 6.88%, 03/15/24 (r)		1,732		935
EnQuest Plc, 7.00%, 04/15/22 (r)		1,000		620
Hercules Offshore Inc., 7.50%, 10/01/21 (r)		308		135
Parker Drilling Co., 7.50%, 08/01/20		712		570
PVR Partners LP, 6.50%, 05/15/21		1,119		1,130
Regency Energy Partners LP
5.88%, 03/01/22		876		874
5.00%, 10/01/22		81		77
Rosetta Resources Inc., 5.88%, 06/01/22		1,975		1,777
Seadrill Ltd., 6.13%, 09/15/17 (k) (r)		750		664
Tesoro Corp., 5.13%, 04/01/24		842		836
				11,495
FINANCIALS - 0.2%
AerCap Ireland Capital Ltd., 3.75%, 05/15/19 (r)		1,333		1,320
Santander UK Plc, 5.00%, 11/07/23 (r)		768		811
Stena AB, 7.00%, 02/01/24 (r)		1,498		1,370
				3,501
HEALTH CARE - 0.3%
Capsugel SA, 7.00%, 05/15/19 (r) (y)		595		601
Grifols Worldwide Operations Ltd., 5.25%, 04/01/22 (r)		274		280
HCA Inc., 3.75%, 03/15/19		623		624
JLL/Delta Dutch Newco BV, 7.50%, 02/01/22 (r)		698		709
Pinnacle Merger Sub Inc., 9.50%, 10/01/23 (r)		617		666
Tenet Healthcare Corp., 6.00%, 10/01/20		570		612
Valeant Pharmaceuticals International Inc., 6.75%, 08/15/18 (r)		1,000		1,064
				4,556
INDUSTRIALS - 0.5%
Algeco Scotsman Global Finance Plc, 10.75%, 10/15/19 (r)		1,000		860
Aviation Capital Group Corp., 3.88%, 09/27/16 (r)		1,346		1,380
Bombardier Inc.
6.00%, 10/15/22 (r)		1,009		1,019
6.13%, 01/15/23 (r)		585		597

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
International Lease Finance Corp., 4.63%, 04/15/21		1,649		1,678
Meritor Inc., 6.25%, 02/15/24		815		827
United Continental Holdings Inc., 6.00%, 07/15/26		1,000		963
United Rentals North America Inc., 8.38%, 09/15/20		1,000		1,072
				8,396
INFORMATION TECHNOLOGY - 0.4%
Boxer Parent Co. Inc., 9.00%, 10/15/19 (r) (y)		1,657		1,408
Entegris Inc., 6.00%, 04/01/22 (r)		1,273		1,289
First Data Corp., 7.38%, 06/15/19 (r) NXP BV		483		508
5.75%, 02/15/21 (r)		212		223
5.75%, 03/15/23 (r)		242		255
Sanmina Corp., 4.38%, 06/01/19 (r)		1,354		1,344
ViaSat Inc., 6.88%, 06/15/20		1,008		1,048
				6,075
MATERIALS - 0.2%
Boart Longyear Management Pty Ltd., 10.00%, 10/01/18 (r)		331		344
Cemex SAB de CV, 4.98%, 10/15/18 (i) (r)		1,000		1,028
Rain CII Carbon LLC, 8.25%, 01/15/21 (r)		1,000		1,023
Signode Industrial Group Lux SA, 6.38%, 05/01/22 (r)		1,088		1,061
				3,456
TELECOMMUNICATION SERVICES - 0.2%
Frontier Communications Corp., 6.88%, 01/15/25		1,021		1,021
Inmarsat Finance Plc, 4.88%, 05/15/22 (r)		1,519		1,504
Sprint Corp., 7.13%, 06/15/24		624		580
				3,105
UTILITIES - 0.3%
AES Corp.
3.23%, 06/01/19 (i)		1,000		975
7.38%, 07/01/21		1,000		1,130
RJS Power Holdings LLC, 5.13%, 07/15/19 (r)		1,924		1,900
				4,005
Total Corporate Bonds and Notes (cost $65,847)				63,910
VARIABLE RATE SENIOR LOAN INTERESTS - 90.9% (i)
CONSUMER DISCRETIONARY - 27.4%
24 Hour Fitness Worldwide Inc. Term Loan B, 4.75%, 05/18/21		2,985		2,851
Acosta, Inc. Term Loan B, 5.00%, 08/14/21		5,000		4,993
Advantage Sales and Marketing Inc. 1st Lien New Term Loan, 4.25%, 07/11/21		6,387		6,309
Advantage Sales and Marketing Inc. Delayed Draw Term Loan, 4.25%, 07/11/21		213		210
Advantage Sales and Marketing, Inc. 2nd Lien Term Loan, 7.50%, 07/10/22		900		888
Affinion Group Replacement Term Loan, 6.75%, 10/10/16		1,920		1,794
AlliedBarton Security Services LLC Term Loan, 4.25%, 02/12/21		2,931		2,876
Allison Transmission Inc. Term Loan, 3.75%, 08/08/19		5,271		5,203
AMAYA Holdings BV Term Loan, 5.00%, 07/29/21		6,284		6,217
AMC Entertainment Inc Term Loan B, 3.50%, 04/30/20		3,080		3,023
American Tire Distributors Inc. Delayed Draw Term Loan, 5.75%, 06/01/18		143		143

	Shares/Par (t)		Value
American Tire Distributors Inc. Term Loan, 5.75%, 06/19/18		3,579		3,570
Apex Tool Group LLC Term Loan B, 4.50%, 01/31/20		3,766		3,653
Aramark Corp. Term Loan
3.25%, 09/21/19		5,820		5,718
3.25%, 02/21/21		1,943		1,908
Ascend Learning LLC 1st Lien Term Loan
6.00%, 07/31/19		1,988		1,969
8.75%, 07/31/19		197		195
Atlantic Broadband Finance LLC Term Loan, 3.25%, 11/30/19		1,143		1,118
Autoparts Holdings Ltd. 1st Lien Term Loan
6.50%, 07/29/17		1,393		1,380
6.50%, 07/29/17		715		709
Bass Pro Group LLC Term Loan B, 3.75%, 11/20/19		4,227		4,160
Bombardier Recreational Products Inc. Term Loan B, 4.00%, 01/31/19		5,771		5,636
Borgata Term Loan B, 6.75%, 08/15/18		3,050		3,022
Boyd Gaming Corp. Term Loan B, 4.00%, 08/15/20		3,754		3,676
Burger King NewCo Term Loan B, 4.50%, 09/25/21		7,000		6,970
Burlington Coat Factory Warehouse Corp. Term, 4.25%, 07/24/21		2,993		2,950
Caesars Entertainment Corp. Term Loan, 9.75%, 03/01/17		3,098		2,674
Caesars Entertainment Resort Properties LLC 1st Lien Term Loan, 7.00%, 10/11/20		4,455		4,145
Caesars Growth Properties Holdings LLC 1st Lien Term Loan, 6.25%, 04/10/21		3,162		2,880
Camping World Inc. Term Loan B
5.75%, 02/14/20		2,905		2,898
5.75%, 02/14/20		38		38
Centerplate Inc. Term Loan, 4.75%, 11/13/19		1,489		1,459
Cequel Communications LLC Term Loan, 3.50%, 02/14/19		5,403		5,312
Charter Communications Operating LLC Term Loan E, 3.00%, 04/25/20		4,823		4,723
Charter Communications Operating LLC Term Loan F, 3.00%, 12/31/20		466		456
Charter Communications Term Loan, 4.25%, 08/12/21		830		835
Chrysler Group LLC Term Loan B
3.50%, 05/24/17		1,909		1,895
3.25%, 12/31/18		2,481		2,453
Cinemark USA Inc. Term Loan, 5.13%, 12/15/22		270		264
Citycenter Holdings LLC Term Loan B, 4.25%, 10/09/20		7,199		7,121
Clear Channel Communications Inc. Term Loan, 6.92%, 01/30/19		9,000		8,466
Coinmach Corp. Term Loan, 4.25%, 11/15/19		5,438		5,339
Cooper Standard Auto Term Loan, 4.00%, 03/27/21		2,483		2,439
Crossmark Holdings Inc. Term Loan, 4.50%, 12/21/19		2,455		2,396
CSC Holdings Inc. Term Loan, 2.67%, 04/25/20		2,326		2,271
Cumulus Media Inc. Term Loan, 4.25%, 12/23/20		3,593		3,480
David’s Bridal Inc. Initial Term Loan, 5.25%, 10/08/19		2,866		2,723
Dealer Tire, LLC 1st Lien Term Loan, 0.00%, 12/22/21 (z)		1,750		1,737
Ellucian Term Loan, 4.00%, 07/19/18		954		941

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Expro US Finco LLC Term Loan L 475, 5.75%, 08/11/21		3,500		2,853
Extended Stay America Term Loan, 5.00%, 05/27/19		3,000		2,991
Formula One Holdings Term Loan
4.75%, 07/30/21		8,137		7,926
7.75%, 07/29/22		1,250		1,213
Four Seasons Hotels Ltd. 2nd Lien Term Loan, 6.25%, 12/23/20 (f)		1,968		1,953
Four Seasons Hotels Ltd. New Term Loan, 3.50%, 06/27/20		2,297		2,245
Freedom Group Inc. Term Loan
5.50%, 04/19/19		499		485
5.50%, 04/19/19		2,434		2,367
Garda World Security Corp. Delayed Draw Term Loan, 4.00%, 11/05/20		403		393
Garda World Security Corp. Term Loan B, 4.00%, 11/05/20		1,577		1,535
Getty Images Inc. Initial Term Loan, 4.75%, 10/03/19		1,911		1,748
GNC Corp. Term Loan, 3.25%, 03/04/19		3,901		3,790
Goodyear Engineered Products 1st Lien Term Loan, 5.25%, 09/06/17		7,334		7,300
Harrah’s Operating Company Inc. Term Loan B-7, 9.75%, 03/01/17		643		555
Hilton Worldwide Finance LLC Term Loan B-2, 3.50%, 09/23/20		2,622		2,588
Hilton Worldwide Inc. Term Loan B, 3.50%, 09/23/20		5,532		5,460
Hudson’s Bay Co. Initial Term Loan
4.75%, 10/07/20		510		509
4.75%, 10/07/20		170		170
4.75%, 10/07/20		340		339
4.75%, 10/07/20		85		85
IMG Worldwide Holdings Inc. 1st Lien Term Loan
5.25%, 03/19/21		3,645		3,516
5.25%, 03/19/21		335		323
Information Resources Inc. Term Loan, 4.75%, 09/26/20		1,150		1,144
Information Resources Inc. Term Loan B
4.75%, 09/26/20		694		691
4.75%, 09/26/20		1,484		1,476
4.75%, 09/26/20		291		289
J. Crew Group Inc. New Term Loan B
4.00%, 03/05/21		1,741		1,637
4.00%, 03/05/21		1,330		1,251
4.00%, 03/05/21		435		409
4.00%, 03/05/21		1,531		1,439
4.00%, 03/05/21		1,749		1,644
Kasima LLC Term Loan, 3.25%, 05/23/21		1,205		1,178
Landry’s Inc. Term Loan B, 4.00%, 04/24/18		2,660		2,639
Leslie’s Poolmart Inc. Term Loan B, 4.25%, 10/16/19		1,975		1,918
Liberty Global Term Loan
4.50%, 12/24/21		1,750		1,702
7.75%, 06/23/23		550		550
Live Nation Entertainment Inc. Term Loan B-1, 3.50%, 08/14/20		2,913		2,876
Media General Inc. Term Loan B, 4.25%, 07/30/20		5,024		4,962
Mediacom Broadband Term Loan F, 2.64%, 03/31/18		2,481		2,425
Men’s Wearhouse Inc. Term Loan B, 4.50%, 04/15/21		2,988		2,969
MGM Resorts International Term Loan B, 3.50%, 12/20/19		8,154		7,924
Michaels Stores Inc. Term Loan
3.75%, 01/25/20		4,723		4,621

	Shares/Par (t)		Value
3.75%, 01/25/20		583		571
3.75%, 01/25/20		583		571
Mohegan Tribal Gaming Authority Term Loan B, 5.50%, 11/05/19		6,059		5,811
MPG Holdco I Inc. Term Loan B, 4.50%, 10/10/21		2,481		2,468
Neiman Marcus Group Inc. Term Loan, 4.25%, 10/25/20		7,908		7,718
Numericable U.S. LLC Term Loan B-1, 4.50%, 04/25/20		3,753		3,729
Numericable U.S. LLC Term Loan B-2, 4.50%, 04/25/20		3,247		3,226
OneStopPlus Group Term Loan, 4.50%, 03/17/21 (f)		1,485		1,466
Orbitz Worldwide Inc. Term Loan C, 4.50%, 04/15/21		1,722		1,699
Party City Holdings Inc. Term Loan
4.00%, 07/27/19		2,341		2,285
4.00%, 07/27/19		2,295		2,240
4.00%, 07/27/19		2,049		2,000
4.00%, 07/27/19		289		282
4.00%, 07/27/19		257		251
Peninsula Gaming LLC Term Loan B, 4.25%, 11/20/17		3,252		3,221
PETCO Animal Supplies Inc. New Term Loan, 4.00%, 11/24/17		3,699		3,652
Pilot Travel Centers LLC Term Loan B, 4.25%, 10/01/21		4,000		4,002
Pinnacle Entertainment Inc. Term Loan B-2, 3.75%, 08/04/20		2,731		2,686
Polymer Group Inc. Additional Term Loan, 5.25%, 12/19/19		3,848		3,786
Quebecor Media Inc. Term Loan B-1, 3.25%, 07/29/20		3,950		3,787
Sabre Inc. Term Loan B, 4.00%, 02/19/19		3,119		3,059
Sabre Inc. Term Loan B-2, 4.50%, 02/19/19		2,970		2,914
Savers Inc. New Term Loan, 5.00%, 07/09/19		2,080		2,012
Scientific Games Corp. Term Loan
4.25%, 06/14/20		5,479		5,393
4.25%, 06/14/20		131		128
6.00%, 06/14/20		793		781
6.00%, 06/14/20		5,381		5,297
6.00%, 06/14/20		98		96
Scientific Games International Inc. Term Loan, 6.00%, 09/17/21		1,500		1,476
Seaworld Parks & Entertainment Inc. Term Loan B-2, 3.00%, 05/14/20		5,355		5,061
Seminole Hard Rock Entertainment Inc. Term Loan, 3.50%, 05/15/20		821		790
Service King Term Loan
4.75%, 09/22/21		224		223
4.75%, 09/22/21		25		25
ServiceMaster Co LLC Term Loan, 4.25%, 06/27/21		10,970		10,751
Sinclair Television Group Inc. Term Loan B
3.00%, 04/09/20		433		421
3.00%, 04/19/20		1,335		1,299
3.00%, 04/19/20		2,150		2,092
SOURCECORP Inc. Term Loan, 7.75%, 10/29/19 (f)		2,500		2,425
SRAM LLC Term Loan
4.00%, 04/10/20		665		643
4.00%, 04/10/20		85		83
4.00%, 04/10/20		2,748		2,659
Station GVR Acquisition LLC Term Loan B, 4.25%, 03/01/20		5,797		5,669
Tempur-Pedic International Inc. Term Loan B, 3.50%, 12/31/19		2,927		2,863

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
TI Group Automotive Systems, LLC New Term Loan B, 4.25%, 07/03/21		5,473		5,397
Tower Automotive Holdings USA LLC Term Loan, 4.00%, 04/23/20		985		966
Travelport Finance Sarl Term Loan, 6.00%, 08/15/21		3,500		3,488
Tribune Co. Initial Term Loan, 4.00%, 11/26/20		10,987		10,802
Univision Communications Inc. Incremental Term Loan, 4.00%, 03/01/20		3,719		3,629
Univision Communications Inc. Replacement 1st Lien Term Loan, 4.00%, 03/01/20		11,199		10,936
UPC Financing Partnership Term Loan AH, 3.25%, 06/30/21		3,883		3,781
USI Inc. Term Loan, 4.25%, 12/27/19		3,884		3,811
Varsity Brands Holding Co. Inc. Term Loan, 7.25%, 12/10/21		750		747
Visant Holding Corp. Term Loan, 7.00%, 08/15/21		4,978		4,828
Vogue International LLC Term Loan, 5.25%, 02/11/20 (f)		1,481		1,466
Waddington North America Inc. Term Loan
4.50%, 05/30/20		1,798		1,766
4.50%, 05/30/20		1,051		1,032
4.50%, 06/07/20		114		112
4.50%, 06/07/20		351		345
8.50%, 11/24/20		1,000		968
WaveDivision Holdings LLC Term Loan, 4.00%, 08/08/19		2,555		2,512
Weather Channel Term Loan, 3.50%, 02/11/17		2,884		2,808
Weather Co. Term Loan
7.00%, 12/21/20		2,016		1,919
7.00%, 12/21/20		984		936
Weight Watchers International Inc. Initial Term Loan B-2, 4.00%, 04/02/20		6,882		5,282
WideOpenWest Finance LLC Term Loan B, 4.75%, 04/01/19		5,449		5,405
WMG Acquisition Corp. Refinancing Term Loan, 3.75%, 07/06/20		2,963		2,844
Ziggo BV Term Loan B-1
3.25%, 01/15/22		260		253
3.25%, 01/15/22		4,547		4,414
Ziggo BV Term Loan B-2, 3.25%, 01/15/22		3,098		3,007
Ziggo BV Term Loan B-3, 3.50%, 01/15/22		5,095		4,946
				442,185
CONSUMER STAPLES - 6.1%
Albertson’s LLC Delayed Draw Term Loan, 4.75%, 03/21/19		3,000		2,977
Albertson’s LLC Term Loan B-2, 4.75%, 05/21/19		3,304		3,279
Albertsons LLC Term Loan B4, 4.50%, 08/10/21		1,500		1,498
ARAMARK Corp. Extended Term Loan, 3.65%, 07/26/16		123		122
ARAMARK Corp. Term Loan, 5.00%, 07/26/16		72		71
Arysta LifeScience SPC LLC 1st Lien Term Loan, 4.50%, 05/22/20		6,297		6,250
Arysta LifeScience SPC LLC 2nd Lien Term Loan, 8.25%, 11/20/20		500		497
Big Heart Pet Brands Term Loan, 3.50%, 07/31/20		4,698		4,487
BJ’s Wholesale Club Inc. Term Loan B, 4.50%, 11/01/19		7,432		7,281
CTI Foods Holding Co. LLC 1st Lien Term Loan, 4.50%, 06/20/20		2,963		2,925
D.E. Master Blenders Term Loan, 3.50%, 07/02/21		1,000		977

	Shares/Par (t)		Value
Del Monte 1st Lien Term Loan
4.25%, 01/26/21		1,967		1,788
4.25%, 01/26/21		18		16
Del Monte 2nd Lien Term Loan, 8.25%, 07/26/21		500		424
Dole Food Co. Inc. New Term Loan B
4.50%, 10/25/18		502		495
4.50%, 10/25/18		502		495
4.50%, 10/25/18		502		495
4.50%, 10/25/18		502		495
4.50%, 10/25/18		502		495
4.50%, 10/25/18		502		495
4.50%, 10/25/18		467		461
4.50%, 10/25/18		172		170
Dunkin Brands Inc. Term Loan B-4
3.25%, 02/07/21		2,872		2,788
3.25%, 02/07/21		5,454		5,294
Hearthside Group Holdings LLC 1st Lien Term Loan, 4.50%, 04/23/21		1,891		1,869
HJ Heinz Co. Term Loan B-2, 3.50%, 04/15/20		6,782		6,733
Hostess Brands Inc. Term Loan
6.75%, 03/11/20		3,194		3,234
6.75%, 03/11/20		280		283
JBS USA LLC Incremental Term Loan, 3.75%, 09/22/20		2,963		2,892
Pinnacle Foods Finance LLC Term Loan G, 3.25%, 04/16/20		1,712		1,658
Pinnacle Foods Finance LLC Term Loan H, 3.00%, 04/29/20		1,975		1,911
Portillo’s Holdings, LLC 1st Lien Term Loan L 375, 4.75%, 08/01/21		2,993		2,951
Reynolds Group Holdings Inc. New Dollar Term Loan, 4.00%, 12/26/18		1,789		1,754
Reynolds Group Holdings Inc.Term Loan
4.00%, 12/26/18		3,415		3,347
4.00%, 12/26/18		2,890		2,833
Rite Aid Corp. 2nd Lien Term Loan, 4.88%, 06/21/21		4,000		3,993
Rite Aid Corp. Term Loan, 3.50%, 02/21/20		1,970		1,958
Sprectrum Brands Inc. Term Loan, 3.50%, 08/13/19		3,891		3,849
Sun Products Corp. Term Loan B, 5.50%, 03/23/20		2,933		2,713
SUPERVALU Inc. New Term Loan, 4.50%, 03/21/19		5,910		5,795
U.S. Foodservice Inc. Term Loan, 4.50%, 03/31/19		6,895		6,842
				98,890
ENERGY - 5.4%
Alpha Natural Resources Inc. Term Loan B, 3.50%, 05/25/20		2,948		2,330
Arch Western Finance LLC Term Loan, 6.25%, 05/16/18		6,914		5,707
Astoria Energy LLC Term Loan B, 0.00%, 12/18/21 (z)		2,750		2,709
Bayonne Energy Center LLC Term Loan B, 4.50%, 07/02/21		679		667
Caelus Energy Alaska O3 LLC 2nd Lien Term Loan, 8.75%, 04/02/21 (f)		2,800		2,450
Chief Exploration & Development LLC 2nd Lien Term Loan, 7.50%, 05/12/21		700		625
Citgo Petroleum Corp. Term Loan B, 4.50%, 07/23/21		968		960
Drillships Financing Holding Inc. Term Loan B-1, 6.00%, 03/31/21		7,161		5,581
Eco Services Operations LLC Term Loan, 4.75%, 10/09/21 (f)		3,500		3,474

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Emerald Performance Materials, LLC 2nd Lien Term Loan, 7.75%, 07/23/22		900		874
Energy Future Intermediate Holding Company LLC Term Loan, 4.25%, 06/10/16		2,500		2,498
Energy Transfer Equity LP 1st Lien Term Loan, 3.25%, 11/15/19		3,000		2,884
EP Energy LLC Incremental Term Loan, 4.50%, 04/24/19		1,481		1,421
EquiPower Resources Holdings LLC 1st Lien Term Loan, 4.25%, 12/20/18		1,979		1,965
Equipower Resources Term Loan, 4.25%, 12/31/19		2,957		2,937
Fieldwood Energy LLC 1st Lien Term Loan
0.00%,09/28/18 (z)		—		—
3.88%, 09/28/18		2,048		1,935
3.88%, 09/28/18		103		98
3.88%, 09/28/18		615		581
Fieldwood Energy LLC 2nd Lien Term Loan, 8.38%, 09/24/20		3,100		2,251
Floatel International Ltd. Term Loan, 6.00%, 05/22/20 (f)		2,978		2,382
Jonah Energy LLC 2nd Lien Term Loan, 7.50%, 05/07/21 (f)		2,300		1,955
MRC Global Inc. New Term Loan, 5.00%, 11/14/19		2,963		2,718
Ocean Rig UDW Inc. Term Loan, 5.50%, 07/18/21		2,494		1,995
Oxbow Carbon LLC 2nd Lien Term Loan, 8.00%, 01/19/20		1,000		877
Oxbow Carbon LLC Term Loan B, 4.25%, 07/19/19		2,775		2,550
Pacific Drilling SA Term Loan, 4.50%, 06/03/18		3,940		3,237
Peabody Energy Corp. Term Loan, 4.25%, 09/20/20		4,938		4,444
Quicksilver Resources Inc. 2nd Lien Term Loan, 7.00%, 06/21/19		4,000		3,008
Samson Investment Co. Term Loan 1, 5.00%, 09/25/18		4,350		3,413
Seadrill Ltd. Term Loan B, 4.00%, 02/12/21		9,803		7,583
Sheridan Production Partners I-A LP Term Loan B-2, 4.25%, 10/05/19		428		364
Sheridan Production Partners I-M LP Term Loan B-2, 4.25%, 10/05/19		262		223
TPF Generation Holdings, LLC Term Loan, 5.50%, 09/26/21		2,000		1,997
Vantage Delware Holdings LLC Term Loan, 5.75%, 03/28/19		1,965		1,464
Walter Energy Inc. Term Loan, 7.25%, 03/04/18		227		176
Western Refining Inc. Term Loan B, 4.25%, 11/25/20		2,970		2,881
Wheelabrator Technologies Inc. Term Loan
5.00%, 10/15/21		3,352		3,364
5.00%, 10/15/21		148		148
				86,726
FINANCIALS - 4.7%
AmWINS Group Inc. Term Loan
5.00%, 09/06/19		1,118		1,106
5.00%, 09/06/19		2,405		2,379
Asurion LLC Incremental Term Loan, 4.25%, 06/20/20		4,665		4,502
Asurion LLC Term Loan
5.00%, 05/24/19		6,367		6,275
5.00%, 05/24/19		1,000		985
BATS Global Markets Inc. Term Loan B, 5.00%, 01/16/20		476		472

	Shares/Par (t)		Value
Capital Automotive LP 2nd Lien Term Loan, 6.00%, 04/25/20		1,250		1,244
Capital Automotive LP Term Loan B, 4.00%, 04/19/19		6,216		6,076
CPA Global Ltd. 1st Lien Term Loan, 4.50%, 11/21/20		1,985		1,970
Delos Finance SARL Term Loan, 3.50%, 02/26/21		3,000		2,969
DTZ U.S. Borrower, LLC 1st Lien Term Loan, 5.50%, 10/28/21		1,567		1,559
DTZ US Borrower LLC Delayed Draw Term Loan, 5.50%, 10/28/21		933		929
Duff & Phelps Corp. 1st Lien Term Loan, 4.50%, 04/23/20		1,464		1,445
Everest Acquisition LLC Term Loan B-3, 3.50%, 05/24/18		333		316
Guggenheim Partners Investment Management Holdings LLC Initial Term Loan, 4.25%, 07/17/20		2,560		2,532
Harbourvest Partners LP Extended Term Loan, 3.25%, 02/04/21 (f)		1,274		1,227
HUB International Ltd. Term Loan B, 4.25%, 09/17/20		5,950		5,749
Ipreo Term Loan, 4.25%, 07/11/21		2,000		1,955
LPL Holdings Inc. Incremental Term Loan B, 3.25%, 03/29/19		3,910		3,861
National Financial Partners Corp. Term Loan B, 4.50%, 07/01/20		3,459		3,416
Realogy Corp. Extended Term Loan, 4.40%, 10/10/16		34		33
Realogy Corp. Term Loan, 3.75%, 03/05/20		6,978		6,821
SAM Finance Lux S.A.R.L. Term Loan, 4.25%, 12/10/20		1,474		1,463
Sheridan Investment Partners I LLC Term Loan B-2, 4.25%, 10/05/19		3,232		2,750
Sheridan Production Partners II LP Term Loan, 4.25%, 12/16/20 (f)		1,667		1,317
Sheridan Production Partners II LP Term Loan A, 4.25%, 12/16/20 (f)		231		183
Sheridan Production Partners II LP Term Loan M, 4.25%, 12/16/20 (f)		86		68
Stena AB Term Loan
4.00%, 02/24/21		2,463		2,185
4.00%, 02/24/21		2,500		2,219
TCW Group Inc. Term Loan, 3.00%, 02/06/20		1,274		1,222
Toys R Us Property Co. I LLC Term Loan, 6.00%, 08/21/19		1,295		1,233
Vantiv LLC Term Loan B, 3.75%, 06/13/21		498		491
Walter Investment Management Corp. Term Loan, 4.75%, 12/19/20		4,462		4,016
				74,968
HEALTH CARE - 11.0%
Accellent Inc. 1st Lien Term Loan, 4.50%, 02/21/21		3,970		3,874
Akorn Inc. Incremental Term Loan, 4.50%, 04/16/21		2,000		1,981
Akorn Inc. Term Loan B, 4.50%, 11/13/20		2,000		1,981
Alere Inc. Term Loan B, 4.31%, 06/30/17		1,935		1,913
Alliance Healthcare Services Inc. Term Loan
4.25%, 06/03/19		143		141
4.25%, 06/03/19		491		483
4.25%, 06/03/19		500		493
4.25%, 06/03/19		572		563
4.25%, 06/03/19		357		352
4.25%, 06/03/19		429		422
4.25%, 06/03/19		465		457

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Amneal Pharmaceuticals LLC Term Loan B, 0.00%, 11/01/19 (z)		750		747
Amsurg Corp. Term Loan B, 3.75%, 07/08/21		1,035		1,024
Ardent Medical Services Inc. Term Loan, 6.75%, 05/02/18		2,375		2,369
ATI Holdings Inc. 1st Lien Term Loan
5.25%, 12/20/19		495		493
5.25%, 02/01/20		982		978
Aveta Inc. Term Loan
9.75%, 10/23/17 (f)		732		702
9.75%, 10/23/17 (f)		532		511
Biomet Inc. Incremental Term Loan
3.67%, 07/25/17		752		748
3.67%, 07/25/17		762		758
3.67%, 07/25/17		396		393
3.67%, 07/25/17		13		13
BPA Laboratories Inc. Term Loan
2.73%, 07/03/17		1,028		918
2.73%, 07/13/17		894		779
Capsugel Holdings US Inc. Incremental Term Loan, 3.50%, 08/01/18		4,692		4,569
CareCore National LLC Term Loan, 5.50%, 02/12/21		2,985		2,948
Catalent Pharma Solutions Inc. Term Loan, 4.25%, 05/08/21		5,970		5,910
Community Health Systems Inc. Term Loan D
4.25%, 01/27/21		4,158		4,143
4.25%, 01/27/21		100		100
Convatec Inc. Dollar Term Loan, 4.00%, 12/22/16		2,728		2,714
DaVita HealthCare Partners Inc. Term Loan B, 3.50%, 06/20/21		4,903		4,843
Emdeon Business Services LLC Term Loan
3.75%, 11/17/18		121		119
3.75%, 11/17/18		215		211
3.75%, 11/17/18		1,494		1,465
3.75%, 11/17/18		894		877
3.75%, 11/17/18		4,101		4,022
Emergency Medical Services Corp. Term Loan
4.00%, 05/05/18		2,683		2,663
4.00%, 05/05/18		285		283
4.00%, 05/05/18		1,271		1,261
Envision Acquisition Co. 2nd Lien Term Loan, 9.75%, 09/23/21		276		274
Envision Acquisition Co. Term Loan, 5.75%, 09/23/20		2,467		2,455
Gentiva Health Services Inc. Term Loan B, 6.50%, 10/15/19		2,474		2,466
Grifols Worldwide Operations USA Inc. Term Loan, 3.17%, 03/05/21		3,970		3,910
HCA Inc. Term Loan B-4, 3.01%, 05/01/18		2,434		2,410
IASIS Healthcare LLC Term Loan B, 4.50%, 02/20/20		3,883		3,841
Ikaria Inc. 1st Lien Term Loan, 5.00%, 02/03/21		1,878		1,866
Ikaria Inc. 2nd Lien Term Loan, 8.75%, 02/03/22		1,000		983
Impax Laboratories Inc. Term Loan, 0.00%, 01/06/21 (f) (z)		3,000		2,985
IMS Health Inc. New Term Loan B
3.50%, 03/17/21		3,086		3,009
3.50%, 03/17/21		3,635		3,544
3.50%, 03/17/21		961		937
Kindred Healthcare Inc. New Term Loan B, 4.00%, 04/09/21		2,963		2,861
Kinetic Concepts Inc. Term Loan E, 4.00%, 05/04/18		6,656		6,548
Mallinckrodt International Finance S.A. Term Loan B, 3.25%, 03/14/21		2,481		2,430

	Shares/Par (t)		Value
Millenium Laboratories LLC Term Loan B, 5.25%, 04/17/21		6,965		6,919
Multiplan Inc. Term Loan, 3.75%, 03/21/21		11,869		11,519
NBTY Inc. Term Loan
3.50%, 10/01/17		1,655		1,604
3.50%, 10/01/17		197		191
3.50%, 10/01/17		132		128
One Call Medical Inc. 1st Lien Term Loan, 5.00%, 11/20/20		2,970		2,933
Onex Carestream Finance LP 1st Lien Term Loan, 5.00%, 06/07/19		5,310		5,277
Onex Carestream Finance LP Term Loan, 9.50%, 12/05/19		1,945		1,928
Ortho-Clinical Diagnostics Inc. 1st Lien Term Loan
4.75%, 06/30/21		2,183		2,144
4.75%, 06/30/21		3,290		3,231
Par Pharmaceutical Companies Inc. Term Loan, 4.00%, 09/28/19		9,086		8,818
Patheon Inc. Term Loan, 4.25%, 03/11/21		3,980		3,856
Prestige Brands Inc. Incremental Term Loan, 4.50%, 08/14/21		483		481
Quintiles Transnational Corp. Term Loan B-3, 3.75%, 08/08/18		6,089		6,008
Radnet Management Inc. Add-On Term Loan, 4.25%, 10/12/18		2,437		2,401
Select Medical Corp. Term Loan E
3.75%, 06/01/18		936		919
5.00%, 06/01/18		—		—
Siemens Audiology Solutions Term Loan, 0.00%, 12/12/21 (z)		250		249
Surgical Care Affiliates LLC Extended Term Loan, 4.26%, 09/30/11 (f)		952		938
Surgical Care Affiliates LLC Term Loan C, 4.00%, 06/30/18 (f)		1,970		1,940
U.S. Renal Care Inc. Term Loan B-2, 4.25%, 07/03/19		4,185		4,107
United Surgical Partners International Inc. 1st Lien Term Loan, 4.75%, 03/30/19		2,257		2,236
United Surgical Partners International Inc. New Term Loan B, 4.75%, 03/30/19		666		659
Valeant Pharmaceuticals International Inc. Term Loan
3.50%, 02/13/19		4,719		4,671
3.50%, 12/11/19		853		845
Valeant Pharmaceuticals International Inc. Term Loan B, 3.50%, 07/08/20		2,787		2,757
				176,499
INDUSTRIALS - 12.0%
ADS Waste Holdings Inc. Term Loan B-2, 3.75%, 10/09/19		5,840		5,659
Affinia Group Inc. Term Loan B-2, 4.75%, 04/12/20		391		387
AlixPartners LLP Term Loan B-2, 4.00%, 07/10/20		3,138		3,087
Allflex Holdings Inc. Term Loan, 4.25%, 06/15/20		2,963		2,900
Alliance Laundry Systems LLC Term Loan B
4.25%, 12/07/18		806		796
4.25%, 12/10/18		1,000		987
4.25%, 02/11/19		2,300		2,272
American Airlines Inc. Term Loan B, 3.75%, 09/21/19		4,925		4,866
American Builders & Contractors Supply Co. Inc. Term Loan, 3.50%, 04/15/20		2,963		2,865
Ameriforge Group Inc. 1st Lien Term Loan, 5.00%, 12/19/19		2,460		2,214

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Ameriforge Group Inc. 2nd Lien Term Loan, 8.75%, 12/19/20		500		490
BakerCorp Replacement Term Loan, 4.25%, 02/20/20		2,948		2,682
Brand Energy & Infrastructure Services Inc. Term, 4.75%, 11/21/20		1,980		1,902
Brickman Group Holdings Inc. Term Loan, 4.00%, 12/15/20		8,430		8,169
CAMP Systems International Inc. 1st Lien Term Loan, 4.75%, 05/31/19		1,485		1,481
Capital Safety Group Term Loan, 3.75%, 03/26/21		4,455		4,310
Capsugel Holdings US Inc. Term Loan, 3.50%, 08/01/18		981		956
Ceridian Corp. Term Loan, 4.50%, 09/15/20		1,978		1,942
Custom Sensors & Technologies 1st Lien Term Loan, 4.50%, 06/18/21		500		491
Delta Airlines Inc. Term Loan B-1, 3.25%, 10/18/18		2,470		2,417
Dematic SA Term Loan, 4.25%, 12/28/19		3,878		3,829
Ducommun Inc. Term Loan B, 4.75%, 06/24/17		711		709
DuPont Performance Coatings Inc. Term Loan, 3.75%, 02/03/20		9,425		9,158
Emerald Expositions Holdings Inc. Term Loan, 4.75%, 06/17/20		2,746		2,684
Ennis-Flint Term Loan, 4.25%, 03/31/21		2,978		2,836
Evertec Group LLC Term Loan B, 3.50%, 04/25/20		2,955		2,891
Filtration Group Corp. 1st Lien Term Loan, 4.50%, 11/14/20		2,970		2,949
Filtration Group Corp. 2nd Lien Term Loan, 8.25%, 11/14/21		1,000		996
FleetPride Inc. 1st Lien Term Loan, 5.25%, 11/19/19		1,911		1,870
Gardner Denver Inc. Dollar Term Loan, 4.25%, 07/31/20		8,897		8,308
Gates Global LLC US Term Loan, 4.25%, 06/12/21		8,479		8,235
Generac Power Systems Inc. New Term Loan, 3.25%, 05/12/20		7,508		7,264
Hamilton Sundstrand Corp. Term Loan, 4.00%, 12/13/19		9,233		8,561
Harbor Freight Tools USA Inc. New Term Loan, 4.75%, 07/26/19		980		976
Hertz Corp. New Term Loan, 3.50%, 03/11/18		2,316		2,249
Husky Injection Molding Systems Ltd. 1st Lien Term Loan, 4.25%, 06/25/21		3,500		3,424
Husky Injection Molding Systems Ltd. Term Loan, 4.25%, 06/25/21		1,979		1,936
Interactive Data Corp. Term Loan, 4.75%, 04/30/21		4,674		4,633
International Lease Finance Co. New Term Loan, 3.50%, 06/30/17		667		657
Landmark Aviation 1st Lien Term Loan, 4.75%, 10/25/19		1,859		1,841
Landmark Aviation Term Loan
4.75%, 10/25/19		119		117
4.75%, 10/25/19		700		693
Lineage Logistics Holdings LLC 1st Lien Term Loan, 4.50%, 04/14/21		3,970		3,848
OSG Bulk Ships Inc. Term Loan, 5.25%, 07/22/19 (f)		597		581
Otter Products LLC Term Loan, 5.75%, 05/30/20		2,985		2,946
Paragon Offshore Finance Co. Term Loan, 3.75%, 07/18/21		1,197		953
Ply Gem Industries Inc. Term Loan, 4.00%, 01/30/21		993		965

	Shares/Par (t)		Value
Protection One Inc. Replacement Term Loan, 4.25%, 03/21/19		472		467
Protection One Inc. Term Loan, 4.25%, 03/17/19		3,189		3,157
RBS Global Inc. and Rexnord Corp. Term Loan B
4.00%, 08/23/20		10,767		10,531
4.00%, 08/23/20		614		600
Schaeffler AG New Term Loan B, 4.25%, 05/15/20		2,000		1,997
Sedgwick CMS Holdings Inc. 1st Lien Term Loan, 3.75%, 02/11/21		5,955		5,776
Sensus Metering Systems Inc. 1st Lien Term Loan
4.50%, 05/09/17		—		—
4.50%, 05/09/17		1,701		1,658
Sequa Corp. Term Loan, 5.25%, 06/19/17		2,234		2,168
Southwire LLC Term Loan, 3.25%, 02/11/21		2,938		2,823
TNT Crane & Rigging, Inc. 1st Lien Term Loan, 5.50%, 11/27/20		2,971		2,659
TransDigm Inc. Term Loan C, 3.75%, 02/28/20		9,018		8,844
U.S. Airways Inc. Term Loan B-1, 3.50%, 05/23/19		4,950		4,836
UCI International Inc. Term Loan, 5.50%, 03/23/17		1,920		1,906
Unifrax I LLC New Term Loan, 4.25%, 11/28/18		1,673		1,643
United Air Lines Inc. Term Loan, 3.50%, 04/01/19		3,940		3,866
Utex Industries Inc. 1st Lien Term Loan, 5.00%, 05/22/21 (f)		1,990		1,821
WireCo WorldGroup Inc. Term Loan, 6.00%, 02/15/17 (f)		1,065		1,062
WTG Holdings III Corp. 2nd Lien Term Loan, 8.50%, 01/10/22		500		482
				193,278
INFORMATION TECHNOLOGY - 9.4%
Ancestry.com Inc. Term Loan B, 4.50%, 03/28/18		2,103		2,086
Applied Systems Inc. 1st Lien Term Loan, 4.25%, 01/15/21		990		972
Applied Systems Inc. 2nd Lien Term Loan, 7.50%, 01/15/22		1,000		973
Arris Group Inc. Term Loan, 3.25%, 02/13/20		3,296		3,241
Avast Software Term Loan, 4.75%, 03/18/20		1,925		1,898
Avaya Inc. Term Loan B-6, 6.50%, 03/31/18		4,916		4,834
BMC Software Finance Inc. Term Loan, 5.00%, 08/15/20		10,795		10,478
CCC Information Services Inc. Term Loan
4.00%, 12/20/19		916		902
4.00%, 12/20/19		993		978
4.00%, 12/20/19		29		29
CDW LLC Incremental Term Loan, 3.25%, 04/24/20		970		939
CDW LLC Term Loan, 3.25%, 04/24/20		10,850		10,501
Compucom Systems Inc. Term Loan B, 4.25%, 05/07/20		2,867		2,732
Dell Inc. Term Loan B, 4.50%, 09/25/20		8,887		8,861
Electronic Funds Source LLC Term Loan, 5.50%, 05/29/21		68		67
Electronic Funds Source Term Loan, 5.50%, 05/29/21		1,425		1,406
Epicor Software Corp. Term Loan, 4.00%, 05/16/18		3,707		3,652
First Data Corp. Extended Term Loan, 4.17%, 03/24/21		4,129		4,064
First Data Corp. Replacement Term Loan, 3.67%, 03/24/18		10,697		10,476
First Data Corp. Term Loan B, 3.67%, 09/24/18		1,000		976

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Freescale Semiconductor Inc. Extended Term Loan B, 4.25%, 03/01/20		6,890		6,714
Freescale Semiconductor Inc. Term Loan B-5, 5.00%, 01/15/21		968		964
Go Daddy Operating Co. LLC Term Loan, 4.75%, 05/05/21		3,978		3,942
Infor Inc. Term Loan, 3.75%, 05/23/20		482		467
IPC Information Systems Term Loan, 6.00%, 11/05/20		1,990		1,983
Kronos Inc. 1st Lien Term Loan, 4.50%, 10/25/19		1,779		1,762
Kronos Inc. Extended Term Loan, 4.50%, 10/30/19		398		394
Kronos Worldwide Inc. Term Loan B, 4.75%, 02/12/20		992		987
Lightower Fiber Networks 1st Lien Term Loan B, 4.00%, 04/01/20		1,879		1,836
Micro Focus Group Ltd. Term Loan, 5.25%, 10/07/21		3,000		2,897
Microsemi Corp. Incremental Term Loan
3.50%, 02/19/20		342		336
3.50%, 02/19/20		3		3
Microsemi Corp. Term Loan, 3.25%, 02/19/20		2,969		2,908
Misys Plc Term Loan, 5.00%, 12/01/18		2,595		2,582
NXP Funding LLC Term Loan D, 3.25%, 01/10/20		3,950		3,881
Presidio Inc. Term Loan, 5.00%, 03/17/17		1,375		1,370
Rovi Corp. Term Loan, 3.75%, 07/02/21		2,488		2,430
Skillsoft Corp. 1st Lien Term Loan, 5.75%, 04/22/21		3,990		3,899
Skillsoft Corp. 2nd Lien Term Loan, 9.25%, 04/22/22		1,000		938
Sungard Availability Services Term Loan B, 6.00%, 03/25/19		3,970		3,517
SunGard Data Systems Inc. Term Loan E, 4.00%, 03/08/20		3,459		3,420
SurveyMonkey.com LLC Term Loan, 5.50%, 02/07/19 (f)		2,891		2,862
Syniverse Holdings Inc. Term Loan B, 4.00%, 04/23/19		1,939		1,881
Transaction Network Services Inc. Initial Term Loan
5.00%, 02/14/20		4,727		4,674
5.00%, 02/14/20		8		8
TransFirst Holdings Inc. 1st Lien Term Loan, 5.50%, 11/12/21		250		248
TransUnion LLC Term Loan, 4.00%, 03/19/21		4,963		4,882
Verint Systems Inc. New Term Loan, 3.50%, 09/06/19		1,343		1,328
Wall Street Systems Inc. 1st Lien Term Loan, 4.50%, 04/10/21		1,335		1,311
Websense Inc. 1st Lien Term Loan, 4.50%, 06/25/20		1,478		1,449
Websense Inc. 2nd Lien Term Loan, 8.25%, 12/25/20		1,500		1,432
West Corp. Term Loan B-10, 3.25%, 06/30/18		5,420		5,309
WorldPay Ltd. Term Loan
4.75%, 04/26/19		2,000		1,989
4.50%, 11/17/19		495		489
Zebra Technologies Corp. Term Loan, 4.75%, 10/03/21		7,000		7,028
				152,185
MATERIALS - 9.4%
AI Chem & Cy US AcquiCo Inc. 1st Lien Term Loan, 4.50%, 06/28/19		1,849		1,823
AI Chem & Cy US AcquiCo Inc. Term Loan, 4.50%, 10/03/19		960		946

	Shares/Par (t)		Value
Ardagh Packaging Group Ltd. Term Loan, 4.00%, 12/17/17		3,688		3,610
Ascend Performance Materials LLC Term Loan B, 6.75%, 04/10/18 (f)		1,459		1,324
AZ Chem US Inc. 1st Lien Term Loan, 4.50%, 06/10/21		1,436		1,403
AZ Chem US Inc. 2nd Lien Term Loan, 7.50%, 06/10/22		1,000		980
Berlin Packaging LLC 1st Lien Term Loan, 4.50%, 09/24/21		1,696		1,683
Berry Plastics Corp. Term Loan D
3.50%, 02/08/20		5		5
3.50%, 02/15/20		13,792		13,319
BWAY Holding Co. Term Loan B
5.50%, 08/07/20		4,478		4,455
5.50%, 08/07/20		11		11
Chemtura Corp. Term Loan B, 3.50%, 08/29/16		49		49
Consolidated Container Co. LLC Term Loan B
5.00%, 07/03/19		1,368		1,316
5.00%, 07/03/19		592		569
CPG International Inc. Term Loan, 4.75%, 09/30/20		2,963		2,912
Emerald Performance Materials LLC 1st Lien Term Loan, 4.50%, 07/23/21		1,700		1,657
Exopack Holdings SA Term Loan, 5.25%, 04/24/19		762		759
Fairmount Minerals Ltd. Term Loan B-2, 4.50%, 09/05/19		4,938		4,450
Flint Group Holdings Term Loan
0.00%,05/03/21 (z)		3,003		2,910
0.00%,05/03/21 (z)		497		481
FMG Resources Pty Ltd. New Term Loan B, 3.75%, 06/30/19		14,766		13,378
Gemini HDPE LLC Term Loan, 4.75%, 08/04/21		3,691		3,543
Goodpack Ltd. Term Loan, 4.75%, 08/04/21		2,700		2,685
Houghton International Inc. 1st Lien Term Loan, 4.00%, 12/13/19 (f)		2,254		2,209
Houghton International Inc. 2nd Lien Term Loan, 9.50%, 12/20/20		1,000		995
Huntsman International Additional Term Loan
3.75%, 01/31/21		4,792		4,703
3.75%, 01/31/21		208		204
INEOS US Finance LLC New Term Loan, 3.75%, 05/14/18		11,284		10,916
Infor Inc. Term Loan, 3.75%, 06/03/20		6,010		5,822
JMC Steel Group Inc. Term Loan, 4.75%, 04/01/17		1,593		1,561
Kranson Industries Inc. Term Loan, 4.00%, 04/30/18		1,850		1,815
Nexeo Solutions LLC Term Loan B-3
5.00%, 09/09/17		951		930
5.00%, 09/09/17		606		592
5.00%, 09/09/17		2,407		2,355
Novelis Inc. Extended Term Loan, 3.75%, 03/10/17		2,242		2,212
Novolex Holdings Inc. Term Loan, 6.00%, 12/05/21		1,750		1,723
Omnova Solutions Inc. Extended Term Loan, 4.25%, 05/01/18 (f)		1,920		1,891
Oxea Finance & Cy SCA Term Loan B, 4.25%, 02/01/20		2,970		2,836
PQ Corp. 1st Lien Term Loan
4.00%, 08/07/17		133		131
4.00%, 08/07/17		5,091		4,986
Quikrete Holdings Inc. 1st Lien Term Loan, 4.00%, 09/30/20		5,672		5,584

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Quikrete Holdings Inc. 2nd Lien Term Loan, 7.00%, 03/30/21		442		439
Signode US Term Loan B
3.75%, 05/08/21		3,389		3,239
3.75%, 05/08/21		2,444		2,336
Solenis International LP 1st Lien Term Loan, 4.25%, 07/02/21		3,342		3,250
Solenis International LP 2nd Lien Term Loan
7.75%, 07/02/22		902		872
7.75%, 07/02/22		448		433
Tank Holdings Corp. Term Loan, 4.25%, 07/06/19		1,300		1,275
TMS International Corp. Term Loan B, 4.50%, 10/17/20		1,980		1,980
Tronox Inc. Term Loan, 4.00%, 03/22/20		3,985		3,912
Univar Inc. Term Loan B
0.00%,06/30/17 (z)		—		—
5.00%, 06/30/17		538		519
5.00%, 06/30/17		1,988		1,919
5.00%, 06/30/17		306		295
5.00%, 06/30/17		9,744		9,410
Walter Energy Inc. Term Loan B
7.25%, 03/04/18		325		251
7.25%, 03/04/18		194		150
7.25%, 03/04/18		387		299
7.25%, 04/01/18		115		89
Wilsonart LLC Incremental Term Loan, 4.00%, 10/31/19		990		959
Wilsonart LLC Term Loan
4.00%, 10/31/19		1,935		1,874
4.00%, 10/31/19		1,990		1,928
				151,162
TELECOMMUNICATION SERVICES - 4.9%
Avaya Inc. Term Loan B-3, 4.67%, 10/26/17		2,462		2,358
Consolidated Communications Inc. Term Loan B, 4.25%, 12/20/20		3,474		3,440
Genesys Telecom Holdings US Inc. Delayed Draw Term Loan B
4.50%, 11/04/20		550		543
4.50%, 11/04/20		442		437
Genesys Telecom Holdings US Term Loan, 4.00%, 01/25/19		786		769
Global Tel*Link Corp. 1st Lien Term Loan, 5.00%, 05/20/20		2,500		2,471
Global Tel*Link Corp. 2nd Lien Term Loan, 9.00%, 11/20/20		1,000		976
Hargray Communications Group Inc. 1st Lien Term Loan B, 5.25%, 06/24/19		3,184		3,160
Intelsat Jackson Holdings SA Term Loan B-2, 3.75%, 06/30/19		9,628		9,471
Level 3 Communications Inc. Term Loan, 4.00%, 01/14/20		10,000		9,912
Level 3 Communications Inc. Term Loan B-3, 4.00%, 08/01/19		500		496
LTS Buyer LLC 1st Lien Term Loan, 4.00%, 04/13/20		1,273		1,244
Mediacom Broadband LLC Term Loan G, 4.00%, 01/16/20		2,933		2,864
NTELOS Inc. Extended Term Loan B, 5.75%, 11/09/19 (f)		1,674		1,456
SBA Communications Inc. Term Loan, 3.25%, 03/24/21		6,965		6,807
Securus Investment Holdings LLC Term Loan, 4.75%, 04/26/20		2,963		2,920
Syniverse Holdings Inc. Term Loan, 4.00%, 04/23/19		3,400		3,293
Telesat Canada US Term Loan B, 3.50%, 03/26/19		7,839		7,717

	Shares/Par (t)		Value
Virgin Media Investment Holdings Ltd. Term Loan B-2, 3.50%, 06/07/20		6,000		5,884
Windstream Corp. Term Loan B-4, 3.50%, 01/23/20		360		355
Windstream Corp. Term Loan B-5, 3.50%, 08/08/19		4,647		4,586
XO Communications 1st Lien Term Loan, 4.25%, 03/17/21		1,985		1,945
Zayo Group LLC Term Loan B, 4.00%, 07/14/19		5,924		5,852
				78,956
UTILITIES - 0.6%
Calpine Corp. Term Loan, 4.00%, 04/01/18		3,876		3,828
Calpine Corp. Term Loan B-1, 3.00%, 05/03/20		985		946
Calpine Corp. Term Loan B-2
4.00%, 04/01/18		1,455		1,437
3.25%, 01/03/22		985		948
Calpine Corp. Term Loan B-3, 4.00%, 10/05/19		489		482
NRG Energy Inc. Refinancing Term Loan B, 2.75%, 07/01/18		2,398		2,348
				9,989
Total Variable Rate Senior Loan Interests (cost $1,511,736)				1,464,838
SHORT TERM INVESTMENTS - 2.6%
Investment Company - 2.6%
State Street Institutional Liquid Reserves Fund, 0.06% (h)		42,255		42,255
Total Short Term Investments (cost $42,255)				42,255
Total Investments - 97.5% (cost $1,619,838)				1,571,003
Other Assets and Liabilities, Net - 2.5%				40,665
Total Net Assets - 100.0%			$	1,611,668
JNL/PPM America High Yield Bond Fund
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES - 1.0%
American Airlines Pass-Through Trust, 5.60%, 07/15/20 (p) (q)	$	10,001	$	10,214
Bear Stearns Commercial Mortgage Securities Trust REMIC, 5.74%, 06/11/16 (i)		1,000		1,029
Continental Airlines Inc. Pass-Through Trust
6.25%, 04/11/20		1,799		1,889
5.50%, 10/29/20		1,977		2,056
Delta Air Lines Inc. Pass-Through Trust
6.38%, 01/02/16 (p) (q)		1,000		1,039
7.75%, 12/17/19		934		1,077
Hawaiian Airlines Pass-Through Certificates, 4.95%, 01/15/22		5,276		5,065
United Air Lines Inc. Pass-Through Trust, 4.75%, 04/11/22		3,938		3,889
Total Non-U.S. Government Agency Asset- Backed Securities (cost $25,872)				26,258
CORPORATE BONDS AND NOTES - 81.9%
CONSUMER DISCRETIONARY - 24.7%
24 Hour Holdings III LLC, 8.00%, 06/01/22 (e) (r)		7,389		5,911
Altice SA, 7.75%, 05/15/22 (r)		12,204		12,227
AMAYA Holdings BV Term Loan
5.00%, 07/29/21 (i)		6,893		6,819

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
8.00%, 07/28/22 (i)		3,640		3,585
AMC Networks Inc., 4.75%, 12/15/22		6,000		5,820
American Greetings Corp., 7.38%, 12/01/21		3,934		4,111
Aviation Capital Group Corp., 6.75%, 04/06/21 (r)		6,462		7,318
BC Mountain LLC, 7.00%, 02/01/21 (e) (r)		8,779		7,506
Beazer Homes USA Inc.
5.75%, 06/15/19		6,977		6,698
7.50%, 09/15/21		14,382		14,454
Borgata Term Loan B, 6.75%, 08/15/18 (i)		6,773		6,712
Boyd Gaming Corp., 9.00%, 07/01/20		4,273		4,380
Burger King NewCo Term Loan B, 4.50%, 09/23/21 (i)		7,500		7,468
Caesars Entertainment Corp. Term Loan, 9.75%, 01/28/18 (i)		2,239		1,933
Caesars Entertainment Operating Co. Inc., 9.00%, 02/15/20 (e)		10,000		7,400
Caesars Entertainment Resort Properties LLC, 11.00%, 10/01/21 (e) (r)		3,000		2,730
Caesars Growth Properties Holdings LLC 1st Lien Term Loan, 6.25%, 04/10/21 (i)		4,736		4,313
CCO Holdings LLC
5.13%, 02/15/23		6,000		5,865
5.75%, 09/01/23		2,445		2,476
Charter Communications Term Loan, 4.25%, 08/12/21 (i)		1,570		1,579
Chinos Intermediate Holdings A Inc., 7.75%, 05/01/19 (e) (r) (y)		4,747		4,201
Churchill Downs Inc., 5.38%, 12/15/21		5,730		5,730
Cinemark USA Inc. Term Loan, 5.13%, 12/15/22 (i)		2,966		2,899
Clear Channel Communications Inc., 12.00%, 02/01/21 (e) (y)		10,585		8,627
D.R. Horton Inc., 3.75%, 03/01/19		13,367		13,233
Delphi Corp.
6.13%, 05/15/21 (e)		9,098		9,917
5.00%, 02/15/23		3,756		4,009
DISH DBS Corp.
5.13%, 05/01/20		4,497		4,531
5.00%, 03/15/23		6,575		6,361
Dollar General Corp., 3.25%, 04/15/23		10,000		9,102
Downstream Development Authority of the Quapaw Tribe of Oklahoma, 10.50%, 07/01/19 (r)		5,000		4,650
DreamWorks Animation SKG Inc., 6.88%, 08/15/20 (r)		8,036		8,237
Four Seasons Hotels Ltd. 2nd Lien Term Loan, 6.25%, 12/27/20 (f) (i)		1,935		1,920
Four Seasons Hotels Ltd. New Term Loan, 3.50%, 06/27/20 (i)		918		898
Gannett Co. Inc.
4.88%, 09/15/21 (r)		990		983
5.50%, 09/15/24 (e) (r)		2,182		2,187
General Motors Co.
4.88%, 10/02/23		5,000		5,350
4.00%, 04/01/25		10,000		10,025
5.20%, 04/01/45		6,438		6,792
Gibson Brands Inc., 8.88%, 08/01/18 (e) (r)		5,418		5,201
GLP Capital LP
4.88%, 11/01/20		8,108		8,209
5.38%, 11/01/23		2,424		2,509
Graton Economic Development Authority, 9.63%, 09/01/19 (r)		4,245		4,638
Griffey Intermediate Inc., 7.00%, 10/15/20 (e) (r)		4,000		3,140
Grupo Televisa SAB, 5.00%, 05/13/45		6,996		7,062
Hanesbrands Inc., 6.38%, 12/15/20		1,100		1,166
Hillman Group Inc., 6.38%, 07/15/22 (r)		3,221		3,092

	Shares/Par (t)		Value
Hilton Worldwide Finance LLC, 5.63%, 10/15/21		5,000		5,225
Jarden Corp., 6.13%, 11/15/22		857		896
Jo-Ann Stores Holdings Inc., 9.75%, 10/15/19 (r) (y)		6,316		5,369
KB Home
7.00%, 12/15/21 (e)		10,943		11,511
7.50%, 09/15/22 (e)		4,421		4,686
L Brands Inc., 5.63%, 10/15/23		7,000		7,560
Landry’s Holdings II Inc., 10.25%, 01/01/18 (r)		4,465		4,599
Landry’s Inc., 9.38%, 05/01/20 (r)		6,053		6,416
Levi Strauss & Co., 7.63%, 05/15/20		1,812		1,903
Liberty Global Term Loan
4.50%, 12/24/21 (i)		2,700		2,626
7.75%, 06/23/23 (i)		1,300		1,300
Limited Brands Inc., 6.63%, 04/01/21		5,000		5,625
LIN Television Corp., 6.38%, 01/15/21		6,316		6,300
Live Nation Entertainment Inc., 5.38%, 06/15/22 (r)		2,425		2,425
Media General Financing Sub Inc., 5.88%, 11/15/22 (r)		5,956		5,896
Media General Inc. Term Loan, 0.00%, 07/31/20 (z)		6,670		6,589
Men’s Wearhouse Inc., 7.00%, 07/01/22 (e) (r)		4,435		4,557
MGM Resorts International
11.38%, 03/01/18		2,000		2,370
8.63%, 02/01/19		5,000		5,669
6.75%, 10/01/20 (e)		4,821		5,062
Michaels Stores Inc., 5.88%, 12/15/20 (r)		4,587		4,633
Mohegan Tribal Gaming Authority Term Loan B, 5.50%, 11/05/19 (i)		7,574		7,264
MTR Gaming Group Inc., 11.50%, 08/01/19 (y)		6,060		6,560
NAI Entertainment Holdings, 5.00%, 08/01/18 (r)		1,138		1,166
NBCUniversal Enterprise Inc., 5.25%, (callable at 100 beginning 03/19/21) (m) (r)		7,626		7,912
NCL Corp. Ltd., 5.25%, 11/15/19 (r)		2,932		2,954
Neiman Marcus Group Ltd. Inc., 8.75%, 10/15/21 (e) (r) (y)		10,000		10,600
Netflix Inc., 5.75%, 03/01/24 (r)		7,636		7,941
New Cotai LLC, 10.63%, 05/01/19 (r) (y)		10,046		10,448
Palace Entertainment Holdings LLC, 8.88%, 04/15/17 (r)		4,667		4,737
Party City Holdings Inc. Term Loan, 4.00%, 07/27/19 (i)		1,906		1,861
PC Nextco Holdings LLC, 8.75%, 08/15/19 (y)		7,438		7,475
Petco Holdings Inc., 8.50%, 10/15/17 (r) (y)		9,000		9,135
Pinnacle Entertainment Inc., 6.38%, 08/01/21		4,019		4,140
PVH Corp., 4.50%, 12/15/22 (e)		10,508		10,377
Radio Systems Corp., 8.38%, 11/01/19 (r)		900		965
RCN Telecom Services LLC, 8.50%, 08/15/20 (r)		2,500		2,575
Regal Entertainment Group, 5.75%, 03/15/22		4,800		4,584
Royal Caribbean Cruises Ltd., 5.25%, 11/15/22		1,438		1,510
RSI Home Products Inc., 6.88%, 03/01/18 (r)		8,194		8,563
Sally Holdings LLC, 5.50%, 11/01/23 (e)		6,085		6,359
Schaeffler Finance BV, 4.25%, 05/15/21 (r)		8,077		7,875
Schaeffler Holding Finance BV, 6.88%, 08/15/18 (r) (y)		4,865		5,072
Scientific Games International Inc.
6.63%, 05/15/21 (e) (r)		15,000		10,462
10.00%, 12/01/22 (r)		10,000		9,162
Seminole Hard Rock Entertainment Inc., 5.88%, 05/15/21 (r)		2,135		2,114
Seminole Indian Tribe of Florida, 6.54%, 10/01/20 (r)		1,765		1,880
ServiceMaster Co., 8.00%, 02/15/20		2,678		2,819

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Shingle Springs Tribal Gaming Authority, 9.75%, 09/01/21 (r)		11,200		12,544
Sirius XM Radio Inc.
4.63%, 05/15/23 (e) (r)		1,631		1,525
6.00%, 07/15/24 (r)		10,753		11,022
Springs Industries Inc., 6.25%, 06/01/21		2,353		2,341
Starz LLC, 5.00%, 09/15/19		5,000		5,037
Studio City Finance Ltd., 8.50%, 12/01/20 (e) (r)		10,000		10,500
Taylor Morrison Communities Inc., 5.63%, 03/01/24 (r)		3,783		3,651
Tempur Sealy International Inc., 6.88%, 12/15/20		948		1,007
Tenneco Inc., 6.88%, 12/15/20		8,065		8,529
Toll Brothers Finance Corp., 4.00%, 12/31/18		3,332		3,340
Toys R Us Inc., 10.38%, 08/15/17 (e)		8,286		6,587
TRW Automotive Inc., 4.45%, 12/01/23 (r)		3,576		3,594
Unitymedia Hessen GmbH & Co. KG
7.50%, 03/15/19 (r)		1,875		1,969
5.50%, 01/15/23 (r)		1,600		1,672
5.00%, 01/15/25 (r)		10,135		10,160
Unitymedia KabelBW GmbH, 6.13%, 01/15/25 (r)		5,000		5,162
Univision Communications Inc., 5.13%, 05/15/23 (r)		6,930		6,999
Visant Corp., 10.00%, 10/01/17 (e)		5,500		4,813
Visant Holding Corp. Term Loan, 7.00%, 08/15/21 (i)		7,840		7,605
Wave Holdco LLC, 8.25%, 07/15/19 (r) (y)		5,926		5,956
WideOpenWest Finance LLC
10.25%, 07/15/19		14,175		14,760
13.38%, 10/15/19		9,475		9,972
William Lyon Homes Inc., 5.75%, 04/15/19		2,069		2,064
WMG Holdings Corp., 13.75%, 10/01/19		3,000		3,420
Wolverine World Wide Inc., 6.13%, 10/15/20		6,649		6,981
Wynn Las Vegas LLC, 5.38%, 03/15/22		4,000		4,060
Yonkers Racing Corp. Term Loan
4.25%, 08/19/19 (i)		1,480		1,322
8.75%, 08/19/20 (i)		500		344
				678,637
CONSUMER STAPLES - 3.6%
Albertson’s LLC Term Loan B3, 4.00%, 08/11/19 (i)		7,000		6,952
Albertsons Holdings LLC, 7.75%, 10/15/22 (r)		5,000		5,125
Altria Group Inc., 10.20%, 02/06/39 (l)		322		561
B&G Foods Inc., 4.63%, 06/01/21		2,748		2,682
BI-LO LLC, 8.63%, 09/15/18 (e) (r) (y)		3,333		2,500
Century Intermediate Holding Co. 2, 9.75%, 02/15/19 (r) (y)		6,851		7,193
Constellation Brands Inc.
3.88%, 11/15/19		2,041		2,056
4.75%, 11/15/24		545		552
Diamond Foods Inc., 7.00%, 03/15/19 (r)		5,000		5,125
Hearthside Group Holdings LLC, 6.50%, 05/01/22 (r)		6,971		6,797
Hearthside Group Holdings LLC 1st Lien Term Loan, 4.50%, 04/23/21 (i)		4,080		4,034
HJ Heinz Co., 4.25%, 10/15/20 (e)		12,036		12,156
JBS Investments GmbH, 7.25%, 04/03/24 (r)		9,337		9,173
Post Holdings Inc., 6.00%, 12/15/22 (e) (r)		3,564		3,341
Prestige Brands Inc., 5.38%, 12/15/21 (e) (r)		3,878		3,810
Reynolds Group Issuer Inc., 9.88%, 08/15/19		8,130		8,618
Rite Aid Corp., 9.25%, 03/15/20		3,154		3,442
Spectrum Brands Inc, 6.75%, 03/15/20		2,239		2,340
Sun Merger Sub Inc.
5.25%, 08/01/18 (r)		611		622
5.88%, 08/01/21 (r)		963		982

	Shares/Par (t)		Value
TreeHouse Foods Inc., 4.88%, 03/15/22		1,416		1,434
Tyson Foods Inc., 4.88%, 08/15/34		2,533		2,779
U.S. Foods Inc., 8.50%, 06/30/19 (e)		5,968		6,326
WhiteWave Foods Co., 5.38%, 10/01/22		703		724
				99,324
ENERGY - 15.4%
Access Midstream Partners LP, 4.88%, 05/15/23		4,403		4,469
Alpha Natural Resources Inc.
9.75%, 04/15/18 (e)		10,000		4,500
6.25%, 06/01/21 (e)		10,922		3,058
Alta Mesa Holdings LP, 9.63%, 10/15/18		2,632		2,185
American Energy - Woodford LLC, 9.00%, 09/15/22 (r)		7,500		4,800
Antero Resources Finance Corp., 5.13%, 12/01/22 (e) (r)		6,250		5,891
Arch Coal Inc.
8.00%, 01/15/19 (e) (r)		3,845		2,134
9.88%, 06/15/19 (e)		6,857		2,331
7.25%, 06/15/21		9,090		2,647
Atlas Energy Holdings Operating Co. LLC, 9.25%, 08/15/21		8,161		6,325
Caelus Energy Alaska O3 LLC 2nd Lien Term Loan, 8.75%, 04/02/21 (f) (i)		14,200		12,425
Caithness Brookhaven LLC, 6.75%, 07/20/26 (f) (q)		13,253		14,511
California Resources Corp.
5.50%, 09/15/21 (r)		11,599		9,917
6.00%, 11/15/24 (e) (r)		6,896		5,827
Calumet Specialty Products Partners LP
9.63%, 08/01/20 (k)		1,538		1,600
6.50%, 04/15/21 (r)		14,624		13,015
7.63%, 01/15/22		11,000		10,175
Carrizo Oil & Gas Inc., 7.50%, 09/15/20 (r)		7,500		7,200
Chaparral Energy Inc.
9.88%, 10/01/20		3,636		2,472
8.25%, 09/01/21		3,000		2,040
7.63%, 11/15/22		4,050		2,653
Chesapeake Energy Corp., 4.88%, 04/15/22		12,000		11,670
Chesapeake Midstream Partners LP
5.88%, 04/15/21		2,177		2,270
6.13%, 07/15/22		2,780		2,954
Chief Exploration & Development LLC 2nd Lien Term Loan, 7.50%, 05/12/21 (i)		3,300		2,948
Concho Resources Inc., 5.50%, 04/01/23		3,000		3,014
DCP Midstream LLC, 5.85%, 05/21/43 (i) (r)		8,401		8,149
El Paso Pipeline Partners Operating Co. LLC, 6.50%, 04/01/20		7,000		7,915
Energy Future Intermediate Holding Company LLC Term Loan, 4.25%, 04/28/16 (i)		11,056		11,049
Energy XXI Gulf Coast Inc.
7.50%, 12/15/21 (e)		6,087		3,287
6.88%, 03/15/24 (e) (r)		6,494		3,507
EnQuest Plc, 7.00%, 04/15/22 (e) (r)		15,010		9,306
Enterprise Products Operating LLC
8.38%, 08/01/66 (i)		860		923
7.03%, 01/15/68 (i)		3,700		4,058
EP Energy LLC, 9.38%, 05/01/20		5,967		6,027
Exterran Partners LP
6.00%, 04/01/21		2,927		2,547
6.00%, 10/01/22 (r)		3,500		2,975
Fieldwood Energy LLC 2nd Lien Term Loan, 8.38%, 09/24/20 (i)		246		179
Gulfmark Offshore Inc., 6.38%, 03/15/22		8,435		6,284
Halcon Resources Corp.
9.75%, 07/15/20		8,017		6,013
8.88%, 05/15/21 (e)		2,000		1,505

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Hercules Offshore Inc.
8.75%, 07/15/21 (e) (r)		6,800		3,128
7.50%, 10/01/21 (r)		8,076		3,553
Hornbeck Offshore Services Inc., 5.00%, 03/01/21		4,000		3,280
Ithaca Energy Inc., 8.13%, 07/01/19 (e) (r)		12,602		9,515
Jonah Energy LLC 2nd Lien Term Loan, 7.50%, 05/07/21 (f) (i)		6,800		5,780
Jupiter Resources Inc., 8.50%, 10/01/22 (r)		15,000		11,288
Kinder Morgan Inc., 5.63%, 11/15/23 (e) (r)		4,272		4,573
Legacy Reserves LP, 8.00%, 12/01/20		6,167		5,119
Magnum Hunter Resources Corp., 9.75%, 05/15/20		4,760		3,760
MarkWest Energy Partners LP, 4.88%, 12/01/24		2,500		2,444
Memorial Production Partners LP
7.63%, 05/01/21		6,000		4,800
6.88%, 08/01/22 (r)		7,724		5,870
Midstates Petroleum Co. Inc., 9.25%, 06/01/21 (e)		6,723		3,362
Offshore Group Investment Ltd., 7.13%, 04/01/23		8,119		5,765
Pacific Drilling SA, 5.38%, 06/01/20 (r)		4,014		3,271
Parker Drilling Co.
7.50%, 08/01/20		3,419		2,735
6.75%, 07/15/22		2,351		1,763
Penn Virginia Corp., 8.50%, 05/01/20 (e)		9,254		7,403
Penn Virginia Resource Partners LP, 8.38%, 06/01/20		2,428		2,592
Petrobras Global Finance BV, 3.00%, 01/15/19		4,286		3,789
Petroleum Geo-Services ASA, 7.38%, 12/15/18 (r)		4,397		3,672
Petroplus Finance Ltd., 9.38%, 09/15/19 (c) (d) (r)		2,179		795
PetroQuest Energy Inc., 10.00%, 09/01/17		5,000		4,375
Phillips 66, 4.88%, 11/15/44		10,000		10,235
PVR Partners LP, 6.50%, 05/15/21		7,022		7,092
Quicksilver Resources Inc., 11.00%, 07/01/21 (e)		14,000		3,500
Regency Energy Partners LP
5.88%, 03/01/22		8,286		8,265
5.00%, 10/01/22		765		723
Rosetta Resources Inc., 5.88%, 06/01/22		12,341		11,107
Sabine Pass Liquefaction LLC, 5.75%, 05/15/24		2,730		2,679
Sanchez Energy Corp., 6.13%, 01/15/23 (r)		3,000		2,520
SandRidge Energy Inc.
8.13%, 10/15/22		5,000		3,150
7.50%, 02/15/23 (e)		9,000		5,670
Seadrill Ltd., 6.13%, 09/15/17 (e) (k) (r)		11,257		9,962
Seventy Seven Operating LLC Term Loan, 3.75%, 06/18/21 (f) (i)		1,194		1,003
SM Energy Co., 6.13%, 11/15/22 (e) (r)		4,822		4,533
Stone Energy Corp., 7.50%, 11/15/22		11,418		9,819
Targa Resources Partners LP, 4.13%, 11/15/19 (r)		5,390		5,188
Tesoro Corp., 5.13%, 04/01/24 (e)		2,947		2,925
Tesoro Logistics LP
5.50%, 10/15/19 (e) (r)		1,231		1,222
6.25%, 10/15/22 (r)		7,089		7,071
Transocean Inc., 3.80%, 10/15/22 (e) (l)		3,625		2,937
W&T Offshore Inc., 8.50%, 06/15/19		6,050		3,963
				422,951
FINANCIALS - 7.0%
Abengoa Finance SAU, 8.88%, 11/01/17 (r)		6,483		6,159
AerCap Ireland Capital Ltd., 3.75%, 05/15/19 (r)		10,000		9,900

	Shares/Par (t)		Value
Ally Financial Inc.
2.75%, 01/30/17		3,000		2,991
4.75%, 09/10/18		7,500		7,762
3.50%, 01/27/19		5,000		4,940
3.75%, 11/18/19		10,000		9,850
7.50%, 09/15/20		3,993		4,682
Alphabet Holding Co. Inc., 7.75%, 11/01/17 (y)		4,504		3,817
Asurion LLC Incremental Term Loan, 4.25%, 06/20/20 (i)		2,247		2,168
Bank of America Corp., 6.50%, (callable at 100 beginning 10/23/24) (m)		5,552		5,651
Barclays Plc, 8.25%, (callable at 100 beginning 12/15/18) (e) (m)		13,000		13,324
Carlson Travel Holdings Inc., 7.50%, 08/15/19 (r) (y)		2,500		2,519
CIT Group Inc., 3.88%, 02/19/19 (e)		7,000		6,982
Credit Agricole SA, 6.63%, (callable at 100 beginning 09/23/19) (m) (r)		4,600		4,459
Denver Parent Corp., 12.25%, 08/15/18 (e) (y)		6,922		692
Forestar USA Real Estate Group Inc., 8.50%, 06/01/22 (e) (r)		2,500		2,438
General Electric Capital Corp., 6.25%, (callable at 100 beginning 12/15/22) (m)		5,001		5,445
HSBC Holdings Plc, 6.38%, (callable at 100 beginning 09/17/24) (m)		14,706		14,853
International Lease Finance Corp.
8.25%, 12/15/20 (e)		3,003		3,619
8.63%, 01/15/22		3,000		3,720
JPMorgan Chase & Co., 5.00%, (callable at 100 beginning 07/01/19) (m)		5,000		4,892
Liberty Mutual Group Inc., 4.95%, 05/01/22 (r)		4,000		4,327
Milestone Aviation Group LLC, 8.63%, 12/15/17 (r)		6,000		6,480
National Rural Utilities Cooperative Finance Corp., 4.75%, 04/30/43 (i)		10,165		10,074
Opal Acquisition Inc., 8.88%, 12/15/21 (r)		6,000		6,090
Royal Bank of Scotland Group Plc, 5.13%, 05/28/24		15,337		15,601
SLM Corp., 4.88%, 06/17/19		6,000		6,017
Stena AB, 7.00%, 02/01/24 (e) (r)		8,993		8,229
Stena International SA, 5.75%, 03/01/24 (e) (r)		7,500		7,050
Toys R Us Property Co. I LLC Term Loan, 6.00%, 08/21/19 (i)		6,473		6,163
Washington Mutual Bank, 0.00%, 06/15/11 (c) (d) (f)		1,500		3
				190,897
HEALTH CARE - 6.4%
Amsurg Corp., 5.63%, 07/15/22 (r)		2,225		2,281
Amsurg Corp. Term Loan B, 3.75%, 07/08/21 (i)		1,144		1,133
Biomet Inc., 6.50%, 08/01/20		4,511		4,827
Capsugel SA, 7.00%, 05/15/19 (r) (y)		5,210		5,262
Community Health Systems Inc.
8.00%, 11/15/19		7,294		7,786
6.88%, 02/01/22 (e)		3,033		3,213
Crimson Merger Sub Inc., 6.63%, 05/15/22 (r)		7,500		6,741
DJO Finance LLC
7.75%, 04/15/18		3,921		3,803
9.88%, 04/15/18		1,600		1,624
Endo Finance Co., 5.75%, 01/15/22 (r)		4,947		4,947
Endo Pharmaceuticals Holdings Inc. Term Loan B, 3.25%, 12/11/20 (i)		2,019		1,963
Fresenius Medical Care US Finance II Inc.
4.13%, 10/15/20 (r)		1,683		1,691
4.75%, 10/15/24 (r)		1,143		1,154
Fresenius US Finance II Inc., 4.25%, 02/01/21 (r)		2,781		2,802

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Grifols Worldwide Operations Ltd., 5.25%, 04/01/22 (r)		8,459		8,651
HCA Inc.
6.50%, 02/15/16 (e)		4,000		4,175
3.75%, 03/15/19		3,115		3,119
4.25%, 10/15/19		4,831		4,903
6.50%, 02/15/20		6,571		7,363
7.50%, 02/15/22		3,000		3,428
4.75%, 05/01/23		8,000		8,140
5.88%, 05/01/23		6,000		6,323
5.00%, 03/15/24		1,739		1,787
HealthSouth Corp., 5.75%, 11/01/24		5,143		5,349
IASIS Healthcare LLC, 8.38%, 05/15/19		6,800		7,140
Immucor Inc., 11.13%, 08/15/19		2,400		2,592
JLL/Delta Dutch Newco BV, 7.50%, 02/01/22 (r)		5,511		5,594
Kindred Escrow Corp. II, 8.00%, 01/15/20 (r)		6,500		6,906
LifePoint Hospitals Inc., 5.50%, 12/01/21		1,500		1,534
Physio-Control International Inc., 9.88%, 01/15/19 (r)		3,420		3,625
Pinnacle Merger Sub Inc., 9.50%, 10/01/23 (r)		6,177		6,671
Tenet Healthcare Corp.
5.00%, 03/01/19 (r)		4,800		4,806
6.00%, 10/01/20		2,281		2,449
8.13%, 04/01/22		7,855		8,778
Valeant Pharmaceuticals International Inc.
6.75%, 08/15/18 (r)		3,733		3,971
7.50%, 07/15/21 (r)		12,586		13,593
5.63%, 12/01/21 (r)		4,183		4,214
				174,338
INDUSTRIALS - 7.5%
Abengoa Finance SAU, 7.75%, 02/01/20 (r)		6,434		5,678
ADS Waste Holdings Inc., 8.25%, 10/01/20		5,263		5,263
AECOM Technology Corp.
5.75%, 10/15/22 (r)		5,044		5,157
5.88%, 10/15/24 (r)		5,155		5,271
Ahern Rentals Inc, 9.50%, 06/15/18 (e) (r)		4,392		4,546
Aircastle Ltd.
6.25%, 12/01/19		4,155		4,394
5.13%, 03/15/21 (e)		6,000		6,000
Algeco Scotsman Global Finance Plc, 10.75%, 10/15/19 (r)		16,000		13,760
Algeco Scotsman Global Finance Plc Term Loan, 15.75%, 05/10/18 (f) (i) (y)		4,925		4,180
Ashtead Capital Inc., 5.63%, 10/01/24 (r)		3,000		3,082
BC Luxco 1 SA, 7.38%, 01/29/20 (r)		3,818		3,847
Bombardier Inc.
4.75%, 04/15/19 (r)		6,286		6,310
6.00%, 10/15/22 (e) (r)		11,863		11,982
6.13%, 01/15/23 (e) (r)		2,604		2,656
Cleaver-Brooks Inc., 8.75%, 12/15/19 (r)		2,619		2,756
CTP Transportation Products LLC, 8.25%, 12/15/19 (r)		3,925		4,141
Ducommun Inc., 9.75%, 07/15/18		5,081		5,437
Dynacast International LLC, 9.25%, 07/15/19		4,000		4,290
Florida East Coast Holdings Corp.
6.75%, 05/01/19 (r)		5,937		5,878
9.75%, 05/01/20 (r)		6,082		6,052
Global Ship Lease Inc., 10.00%, 04/01/19 (r)		2,500		2,519
Huntington Ingalls Industries Inc., 5.00%, 12/15/21 (e) (r)		3,498		3,559
IHS Inc., 5.00%, 11/01/22 (r)		2,923		2,894
International Lease Finance Corp., 4.63%, 04/15/21 (e)		9,897		10,070
Jack Cooper Holdings Corp., 9.25%, 06/01/20 (p) (q)		2,866		2,966
MasTec Inc., 4.88%, 03/15/23 (e)		5,966		5,608

	Shares/Par (t)		Value
Meritor Inc.
6.75%, 06/15/21		10,000		10,450
6.25%, 02/15/24		3,828		3,885
Monitronics International Inc., 9.13%, 04/01/20		5,692		5,375
Mustang Merger Corp., 8.50%, 08/15/21 (r)		5,760		5,472
Quad/Graphics Inc., 7.00%, 05/01/22 (r)		8,900		8,410
ServiceMaster Co., 7.00%, 08/15/20		2,596		2,687
TransDigm Inc. Term Loan D, 3.75%, 05/22/21 (i)		7,065		6,929
TransUnion Holding Co. Inc., 9.63%, 06/15/18 (y)		2,838		2,903
Waterjet Holdings Inc., 7.63%, 02/01/20 (r)		2,547		2,623
Welltec A/S, 8.00%, 02/01/19 (e) (r)		7,429		6,909
West Corp., 5.38%, 07/15/22 (r)		11,719		11,221
				205,160
INFORMATION TECHNOLOGY - 3.7%
Advanced Micro Devices Inc.
6.75%, 03/01/19		7,500		7,050
7.00%, 07/01/24 (e)		6,688		5,668
Ancestry.com Inc.
9.63%, 10/15/18 (r) (y)		9,334		9,147
11.00%, 12/15/20		7,000		7,884
BMC Software Finance Inc., 8.13%, 07/15/21 (r)		3,000		2,820
Boxer Parent Co. Inc., 9.00%, 10/15/19 (e) (r) (y)		9,216		7,834
Entegris Inc., 6.00%, 04/01/22 (r)		4,772		4,832
First Data Corp., 11.75%, 08/15/21		9,326		10,701
NXP BV
5.75%, 02/15/21 (r)		1,625		1,706
5.75%, 03/15/23 (e) (r)		1,565		1,647
Sanmina Corp., 4.38%, 06/01/19 (r)		8,397		8,334
Seagate HDD Cayman, 4.75%, 06/01/23		4,000		4,155
Sensata Technologies BV
6.50%, 05/15/19 (r)		1,879		1,949
5.63%, 11/01/24 (r)		1,364		1,415
SunGard Availability Services Capital Inc., 8.75%, 04/01/22 (e) (r)		9,857		5,816
ViaSat Inc., 6.88%, 06/15/20		19,319		20,092
				101,050
MATERIALS - 5.9%
Ardagh Finance Holdings SA, 8.63%, 06/15/19 (e) (r) (y)		2,349		2,313
Ashland Inc.
4.75%, 08/15/22 (k)		2,129		2,129
6.88%, 05/15/43 (e)		3,646		3,883
Berry Plastics Corp., 5.50%, 05/15/22 (e)		4,500		4,568
Boart Longyear Management Pty Ltd., 10.00%, 10/01/18 (r)		3,867		4,022
Cascades Inc., 5.50%, 07/15/22 (e) (r)		5,662		5,634
Cemex SAB de CV
6.50%, 12/10/19 (r)		6,791		6,957
7.25%, 01/15/21 (e) (r)		13,228		13,856
5.70%, 01/11/25 (r)		11,719		11,367
Cia Minera Ares SAC, 7.75%, 01/23/21 (e) (r)		8,000		7,960
Crown Americas LLC, 6.25%, 02/01/21		6,176		6,500
Eldorado Gold Corp., 6.13%, 12/15/20 (r)		8,400		8,148
Ferrexpo Finance Plc, 7.88%, 04/07/16 (r)		3,000		2,280
FMG Resources August 2006 Pty Ltd., 8.25%, 11/01/19 (e) (r)		10,859		9,882
Freeport-McMoRan Inc., 5.40%, 11/14/34		11,757		11,462
Hexion Specialty Chemicals Inc., 9.20%, 03/15/21		2,165		1,543
Hexion US Finance Corp., 9.00%, 11/15/20 (e)		3,000		2,145
Lafarge SA, 7.13%, 07/15/36 (e)		2,712		3,146
Norbord Inc., 5.38%, 12/01/20 (r)		3,419		3,316

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
PaperWorks Industries Inc., 9.50%, 08/15/19 (r)		6,000		6,000
Rain CII Carbon LLC, 8.25%, 01/15/21 (e) (r)		12,999		13,292
Rockwood Specialties Group Inc., 4.63%, 10/15/20		3		3
Samarco Mineracao SA, 5.75%, 10/24/23 (r)		4,145		3,958
Sealed Air Corp.
8.38%, 09/15/21 (r)		1,017		1,137
4.88%, 12/01/22 (r)		2,155		2,139
5.13%, 12/01/24 (r)		1,143		1,154
Signode Industrial Group Lux SA, 6.38%, 05/01/22 (r)		6,582		6,417
Solenis International LP 2nd Lien Term Loan, 7.75%, 07/02/22 (i)		3,500		3,383
Tekni-Plex Inc., 9.75%, 06/01/19 (r)		4,941		5,361
TPC Group Inc., 8.75%, 12/15/20 (r)		30		29
WR Grace & Co-Conn, 5.13%, 10/01/21 (r)		5,000		5,125
Xstrata Finance Canada Ltd., 4.25%, 10/25/22 (k) (r)		3,722		3,704
				162,813
TELECOMMUNICATION SERVICES - 6.4%
Altice Financing SA, 7.88%, 12/15/19 (r)		4,101		4,199
Altice Finco SA, 9.88%, 12/15/20 (r)		3,979		4,253
Cincinnati Bell Inc.
8.75%, 03/15/18 (e)		2,110		2,168
8.38%, 10/15/20		8,000		8,400
Clearwire Communications LLC, 14.75%, 12/01/16 (r)		1,000		1,203
CommScope Inc., 5.00%, 06/15/21 (r)		4,545		4,477
Consolidated Communications Finance Co., 10.88%, 06/01/20		5,538		6,258
Frontier Communications Corp.
8.50%, 04/15/20		5,718		6,376
9.25%, 07/01/21		3,000		3,465
8.75%, 04/15/22		1,295		1,447
6.88%, 01/15/25		5,106		5,106
9.00%, 08/15/31		4,429		4,649
Inmarsat Finance Plc, 4.88%, 05/15/22 (r)		7,000		6,930
Intelsat Jackson Holdings SA, 6.63%, 12/15/22		15,000		15,412
Intelsat Luxembourg SA, 7.75%, 06/01/21 (e)		8,825		8,847
Level 3 Communications Inc., 5.75%, 12/01/22 (r)		5,000		5,031
PAETEC Holding Corp., 9.88%, 12/01/18 (e)		6,710		7,046
SBA Communications Corp., 4.88%, 07/15/22 (r)		8,571		8,250
SES Global Americas Holdings GP, 5.30%, 03/25/44 (r)		10,669		11,944
Sprint Capital Corp.
6.90%, 05/01/19		3,000		3,060
6.88%, 11/15/28		12,266		10,794
Sprint Corp., 7.13%, 06/15/24		9,000		8,370
Sprint Nextel Corp.
7.00%, 03/01/20 (r)		2,553		2,757
11.50%, 11/15/21		4,000		4,810
6.00%, 11/15/22 (e)		6,000		5,520
T-Mobile USA Inc.
6.13%, 01/15/22		4,549		4,617
6.00%, 03/01/23		5,556		5,570
6.84%, 04/28/23		654		675
6.50%, 01/15/24 (e)		5,000		5,125
Verizon Communications Inc., 6.55%, 09/15/43		5,940		7,610
				174,369
UTILITIES - 1.3%
Abengoa Yield Plc, 7.00%, 11/15/19 (e) (r)		9,259		9,120
AES Corp.
8.00%, 10/15/17		244		274

	Shares/Par (t)		Value
3.23%, 06/01/19 (i)		4,866		4,744
8.00%, 06/01/20		2,000		2,285
7.38%, 07/01/21		3,367		3,805
4.88%, 05/15/23		987		980
5.50%, 03/15/24		3,000		3,044
FirstEnergy Corp., 4.25%, 03/15/23 (l)		1,005		1,037
RJS Power Holdings LLC, 5.13%, 07/15/19 (r)		9,967		9,843
				35,132
Total Corporate Bonds and Notes (cost $2,366,022)				2,244,671
COMMON STOCKS - 6.6%
CONSUMER DISCRETIONARY - 1.8%
AMC Networks Inc. - Class A (c)		151		9,648
DISH Network Corp. - Class A (c)		120		8,747
Home Interior Gift Inc. (c) (f) (q)		429		—
MGM Resorts International (c)		233		4,990
Michaels Cos. Inc. (c)		400		9,892
Sally Beauty Holdings Inc. (c)		270		8,300
ServiceMaster Global Holdings Inc. (c)		250		6,692
				48,269
CONSUMER STAPLES - 0.4%
B&G Foods Inc.		220		6,578
Diamond Foods Inc. (c)		194		5,488
				12,066
ENERGY - 0.9%
Atlas Resource Partners LP		270		2,889
BreitBurn Energy Partners LP		400		2,800
Kinder Morgan Inc.		100		4,234
Legacy Reserves LP		195		2,229
Lone Pine Resources Canada Ltd. - Class A (c) (f) (p) (q)		405		—
Lone Pine Resources Inc. - Class A (c) (f) (p) (q)		405		—
MarkWest Energy Partners LP		80		5,375
Williams Partners LP		150		6,712
				24,239
FINANCIALS - 0.9%
JPMorgan Chase & Co.		100		6,258
Outfront Media Inc.		151		4,064
Royal Bank of Scotland Group Plc - ADR (c) (e)		700		8,477
Wells Fargo & Co.		100		5,482
				24,281
HEALTH CARE - 0.7%
DaVita HealthCare Partners Inc. (c)		80		6,059
Hologic Inc. (c)		120		3,209
Valeant Pharmaceuticals International Inc. (c)		70		10,018
				19,286
INDUSTRIALS - 0.9%
ADT Corp. (e)		115		4,166
Boeing Co.		55		7,149
Builders FirstSource Inc. (c)		1,000		6,870
Nielsen NV		50		2,237
Nortek Inc. (c)		41		3,360
				23,782
INFORMATION TECHNOLOGY - 0.2%
EchoStar Corp. - Class A (c)		80		4,200
New Cotai LLC (c) (f) (q)		—		779
				4,979
MATERIALS - 0.6%
Freeport-McMoran Inc. - Class B		270		6,307
LyondellBasell Industries NV - Class A		95		7,580
Rock-Tenn Co. - Class A		60		3,659
				17,546

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
TELECOMMUNICATION SERVICES - 0.2%
Intelsat SA (c) (e)		319		5,529
Total Common Stocks (cost $167,066)				179,977
PREFERRED STOCKS - 1.6%
ENERGY - 0.3%
NuStar Logistics LP		388		10,010
FINANCIALS - 1.3%
Ally Financial Inc., 7.00%, (callable at 1,000 beginning 02/20/15) (m) (r)		1		1,014
Federal Home Loan Mortgage Corp., 8.38%, (callable at 25 beginning 12/31/17) - Series Z (c) (d) (m)		50		197
Federal National Mortgage Association, 8.25%, (callable at 25 beginning 02/23/15) - Series T (c) (d) (m)		23		121
Federal National Mortgage Association, 8.25%, (callable at 25 beginning 12/31/15) - Series S (c) (d) (e) (m)		519		2,008
Goldman Sachs Group Inc., 5.50%, (callable at 25 beginning 05/10/23) (m)		768		18,739
Wells Fargo & Co., 6.63%, (callable at 25 beginning 03/15/24) (m)		467		12,955
				35,034
Total Preferred Stocks (cost $47,681)				45,044
INVESTMENT COMPANIES - 3.3%
Eaton Vance Senior Floating-Rate Trust		200		2,738
Invesco Senior Income Trust		407		1,856
Kayne Anderson MLP Investment Co.		199		7,604
PIMCO Floating Rate Strategy Fund		267		2,616
SPDR Barclays High Yield Bond ETF (e)		2,000		77,220
Total Investment Companies (cost $91,978)				92,034
OTHER EQUITY INTERESTS - 0.6%
Dynegy Holdings LLC, 7.75%, 06/01/19 (c) (f) (u)		3,500		—
GenOn Energy Inc., 9.88%, 10/15/20 (u)		9,813		9,666
Lone Pine Resources Inc. Escrow (c) (f) (p) (q) (u)		3,244		—
Stone Container Finance Co. of Canada II, 7.38%, 07/15/14 (c) (f) (u)		1,375		—
United Rentals North America Inc., 7.63%, 04/15/22 (u)		6,372		7,006
Total Other Equity Interests (cost $17,520)				16,672
SHORT TERM INVESTMENTS - 15.5%
Investment Companies - 3.8%
JNL Money Market Fund, 0.01% (a) (h)		105,445		105,445
Securities Lending Collateral - 11.7%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		320,537		320,537
Total Short Term Investments (cost $425,982)				425,982
Total Investments - 110.5% (cost $3,142,121)				3,030,638
Other Assets and Liabilities, Net - (10.5%)				(288,787	)
Total Net Assets - 100.0%			$	2,741,851

	Shares/Par (t)		Value
JNL/S&P International 5 Fund
COMMON STOCKS - 99.4%
AUSTRALIA - 8.6%
Amcor Ltd.		79	$	871
Aurizon Holdings Ltd.		186		697
Coca-Cola Amatil Ltd.		97		736
Fortescue Metals Group Ltd.		223		491
GPT Group		226		801
Leighton Holdings Ltd.		19		340
Lend Lease Corp. Ltd.		62		830
Metcash Ltd.		290		437
Orica Ltd.		45		684
Telstra Corp. Ltd.		157		763
Toll Holdings Ltd.		138		660
Wesfarmers Ltd.		20		670
Westfield Corp.		116		853
Westpac Banking Corp.		25		683
Woodside Petroleum Ltd.		21		639
WorleyParsons Ltd.		50		413
				10,568
BELGIUM - 2.9%
Belgacom SA		36		1,310
KBC Groep NV (c)		23		1,265
Umicore		24		973
				3,548
CANADA - 9.6%
Alimentation Couche-Tard Inc.		22		922
BCE Inc.		37		1,674
CGI Group Inc. (c)		20		766
CI Financial Corp.		17		481
Finning International Inc.		13		291
Great-West Lifeco Inc.		13		385
Industrial Alliance Insurance & Financial Services Inc.		9		344
Intact Financial Corp.		8		606
Magna International Inc.		11		1,181
Manulife Financial Corp.		61		1,168
Potash Corp. of Saskatchewan Inc.		21		753
Power Financial Corp.		12		386
Sun Life Financial Inc.		32		1,162
Suncor Energy Inc.		31		988
Teck Resources Ltd.		58		787
				11,894
DENMARK - 2.5%
DSV A/S		19		577
Pandora A/S		17		1,386
TDC A/S		140		1,068
				3,031
FINLAND - 1.7%
Fortum Oyj		51		1,117
Orion Oyj		15		466
Wartsila Oyj Abp		12		524
				2,107
FRANCE - 5.4%
BNP Paribas		8		477
Orange SA		85		1,452
Suez Environnement SA		69		1,207
Unibail-Rodamco SE		5		1,212
Vinci SA		21		1,126
Vivendi SA		50		1,248
				6,722

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
GERMANY - 3.9%
Deutsche Boerse AG		18		1,276
E.ON SE		68		1,170
Muenchener Rueckversicherungs AG		6		1,271
Siemens AG		10		1,114
				4,831
GUERNSEY - 1.1%
Friends Life Group Ltd.		234		1,326
HONG KONG - 1.1%
Li & Fung Ltd.		646		605
New World Development Ltd.		615		706
				1,311
IRELAND - 1.9%
CRH Plc		53		1,271
Smurfit Kappa Group Plc		50		1,119
				2,390
ISRAEL - 0.6%
Bezeq Israeli Telecommunication Corp. Ltd.		330		585
Delek Group Ltd.		1		141
				726
ITALY - 1.8%
Atlantia SpA		50		1,157
Pirelli & C. SpA		81		1,090
				2,247
JAPAN - 19.6%
Aisin Seiki Co. Ltd.		20		719
Aozora Bank Ltd.		202		625
Canon Inc.		26		811
Chugoku Electric Power Co. Inc.		28		371
Daihatsu Motor Co. Ltd.		43		563
Daiichi Sankyo Co. Ltd.		42		586
Dena Co. Ltd.		61		723
DIC Corp.		240		575
FamilyMart Co. Ltd.		18		685
ITOCHU Corp.		66		708
Japan Airlines Co. Ltd.		30		889
Komatsu Ltd.		36		803
Kuraray Co. Ltd.		45		514
LIXIL Group Corp.		38		804
Marubeni Corp.		115		690
Mitsubishi Corp.		40		739
Mitsubishi Tanabe Pharma Corp.		37		541
Mitsubishi UFJ Financial Group Inc.		147		809
Mitsui & Co. Ltd.		52		692
Mizuho Financial Group Inc.		439		736
Nippon Electric Glass Co. Ltd.		107		481
Nippon Telegraph & Telephone Corp.		13		649
Nissan Motor Co. Ltd.		86		747
Nomura Holdings Inc.		130		736
NTT DoCoMo Inc.		48		699
Resona Holdings Inc.		154		779
Ricoh Co. Ltd.		75		753
Sega Sammy Holdings Inc.		53		673
Sekisui House Ltd.		70		917
Sumitomo Corp.		66		676
Sumitomo Mitsui Financial Group Inc.		21		748
Toyota Motor Corp.		15		904
Tsumura & Co.		15		338
Ube Industries Ltd.		224		333
West Japan Railway Co.		16		752
Yokohama Rubber Co Ltd.		43		392
				24,160

	Shares/Par (t)		Value
LUXEMBOURG - 0.4%
SES SA - FDR		16		559
NETHERLANDS - 1.7%
Unilever NV - CVA		31		1,200
Wolters Kluwer NV		31		947
				2,147
NEW ZEALAND - 1.1%
Sky Network Television Ltd.		145		682
Spark New Zealand Ltd.		300		727
				1,409
NORWAY - 2.1%
Akastor ASA		39		111
Aker Solutions Holding ASA (c)		41		228
Telenor ASA		56		1,130
Yara International ASA		26		1,176
				2,645
PORTUGAL - 0.8%
Energias de Portugal SA		247		958
SINGAPORE - 0.9%
Hutchison Port Holdings Trust		1,054		725
Singapore Exchange Ltd.		65		382
				1,107
SOUTH KOREA - 1.8%
Hyundai Hysco Co. Ltd.		9		584
Shinsegae Co. Ltd.		2		260
SK Holdings Co. Ltd.		5		734
Woongjin Coway Co. Ltd.		9		691
				2,269
SPAIN - 2.4%
CaixaBank SA		207		1,083
Endesa SA		30		602
Ferrovial SA		64		1,267
				2,952
SWEDEN - 2.5%
Securitas AB - Class B		51		615
Svenska Handelsbanken AB		27		1,274
TeliaSonera AB		178		1,147
				3,036
SWITZERLAND - 3.1%
ABB Ltd.		55		1,160
Swiss Re AG		16		1,308
Zurich Financial Services AG		4		1,326
				3,794
UNITED KINGDOM - 21.2%
Admiral Group Plc		64		1,303
Aggreko Plc		32		735
Amec Foster Wheeler Plc		48		634
AstraZeneca Plc		17		1,199
BAE Systems Plc		172		1,255
BP Plc		165		1,044
British American Tobacco Plc		22		1,170
BT Group Plc		201		1,250
Bunzl Plc		32		883
Carnival Plc		33		1,490
GKN Plc		225		1,199
Imperial Tobacco Group Plc		29		1,273
Legal & General Group Plc		328		1,268
Old Mutual Plc		391		1,154
Rio Tinto Plc		24		1,112
Rolls-Royce Holdings Plc		76		1,021

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Sage Group Plc		134		971
Scottish & Southern Energy Plc		54		1,370
Severn Trent Plc		27		836
Sky Plc		89		1,248
Smith & Nephew Plc		73		1,319
Unilever Plc		29		1,180
WPP Plc		61		1,276
				26,190
UNITED STATES OF AMERICA - 0.7%
Flextronics International Ltd. (c)		74		824
Total Common Stocks (cost $130,302)				122,751
SHORT TERM INVESTMENTS - 0.5%
Investment Companies - 0.5%
JNL Money Market Fund, 0.01% (a) (h)		605		605
Total Short Term Investments (cost $605)				605
Total Investments - 99.9% (cost $130,907)				123,356
Other Assets and Liabilities, Net - 0.1%				145
Total Net Assets - 100.0%			$	123,501
JNL/T. Rowe Price Established Growth Fund
COMMON STOCKS - 98.5%
CONSUMER DISCRETIONARY - 26.6%
Amazon.com Inc. (c)		562	$	174,261
AutoZone Inc. (c)		97		60,054
Carmax Inc. (c)		735		48,936
Chipotle Mexican Grill Inc. - Class A (c)		50		34,089
Ctrip.com International Ltd. - ADR (c)		610		27,732
Delphi Automotive Plc		534		38,825
HanesBrands Inc.		355		39,569
Home Depot Inc.		528		55,466
Las Vegas Sands Corp.		734		42,701
Lowe’s Cos. Inc.		1,096		75,432
MGM Resorts International (c)		2,335		49,918
Michael Kors Holdings Ltd. (c)		242		18,167
Netflix Inc. (c)		117		40,071
Nike Inc. - Class B		291		27,999
Pandora Media Inc. (c) (e)		432		7,708
Priceline Group Inc. (c)		132		150,982
Ross Stores Inc.		227		21,369
Starbucks Corp.		696		57,107
Starwood Hotels & Resorts Worldwide Inc.		273		22,092
Tesla Motors Inc. (c) (e)		199		44,208
Tractor Supply Co.		693		54,583
Twenty-First Century Fox Inc. - Class A		458		17,589
Under Armour Inc. - Class A (c)		272		18,435
Vipshop Holdings Ltd. - ADR (c) (e)		1,812		35,397
Walt Disney Co.		669		63,013
Wynn Macau Ltd. (e)		7,974		22,246
Wynn Resorts Ltd.		467		69,520
				1,317,469
CONSUMER STAPLES - 2.0%
Costco Wholesale Corp.		188		26,592
CVS Health Corp.		571		55,012
Estee Lauder Cos. Inc.		250		19,043
				100,647
ENERGY - 2.2%
Continental Resources Inc. (c) (e)		324		12,444
EOG Resources Inc.		115		10,579
EQT Corp.		376		28,486

	Shares/Par (t)		Value
Pioneer Natural Resources Co.		222		33,089
Range Resources Corp.		467		24,979
				109,577
FINANCIALS - 6.5%
American Tower Corp.		759		75,038
BlackRock Inc.		67		23,885
Crown Castle International Corp.		984		77,457
Intercontinental Exchange Inc.		160		35,174
Invesco Ltd.		60		2,371
Morgan Stanley		1,302		50,518
State Street Corp.		403		31,604
TD Ameritrade Holding Corp.		782		27,962
				324,009
HEALTH CARE - 19.0%
Actavis Plc (c)		218		56,115
Alexion Pharmaceuticals Inc. (c)		366		67,795
Allergan Inc.		271		57,527
Biogen Idec Inc. (c)		309		104,754
Celgene Corp. (c)		613		68,615
Gilead Sciences Inc. (c)		1,160		109,308
Humana Inc.		220		31,660
Incyte Corp. (c)		345		25,223
Intuitive Surgical Inc. (c)		126		66,382
McKesson Corp.		518		107,444
Pharmacyclics Inc. (c) (e)		212		25,931
Regeneron Pharmaceuticals Inc. (c)		96		39,425
UnitedHealth Group Inc.		394		39,799
Valeant Pharmaceuticals International Inc. (c)		510		73,043
Vertex Pharmaceuticals Inc. (c)		304		36,132
Walgreens Boots Alliance Inc.		388		29,566
				938,719
INDUSTRIALS - 13.5%
American Airlines Group Inc.		1,995		107,008
Boeing Co.		572		74,375
Danaher Corp.		1,194		102,312
FedEx Corp.		197		34,228
Flowserve Corp.		230		13,749
JB Hunt Transport Services Inc.		300		25,267
Kansas City Southern		293		35,791
Precision Castparts Corp.		356		85,825
Roper Industries Inc.		332		51,924
Tyco International Plc		655		28,741
United Continental Holdings Inc. (c)		702		46,954
United Technologies Corp.		202		23,207
Wabtec Corp.		434		37,667
				667,048
INFORMATION TECHNOLOGY - 26.1%
Alibaba Group Holding Ltd. - ADR (c)		705		73,238
Apple Inc.		909		100,280
ASML Holding NV - ADR		261		28,176
Baidu.com - ADR - Class A (c)		398		90,664
Facebook Inc. - Class A (c)		1,409		109,938
Fiserv Inc. (c)		302		21,461
Google Inc. - Class A (c)		252		133,461
Google Inc. - Class C (c)		255		134,337
LinkedIn Corp. (c)		177		40,659
MasterCard Inc. - Class A		1,289		111,078
Mobileye NV (c) (e)		295		11,965
NetSuite Inc. (c) (e)		236		25,786
NHN Corp.		24		15,547
Palo Alto Networks Inc. (c)		79		9,683
Red Hat Inc. (c)		486		33,567
Salesforce.com Inc. (c)		1,085		64,328
ServiceNow Inc. (c) (e)		352		23,897
Stratasys Ltd. (c) (e)		166		13,796

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Tencent Holdings Ltd.		2,120		30,667
Twitter Inc. (c)		482		17,282
Visa Inc. - Class A		630		165,212
VMware Inc. - Class A (c)		279		23,023
Workday Inc. - Class A (c)		144		11,752
				1,289,797
MATERIALS - 2.0%
Ashland Inc.		195		23,365
Ecolab Inc.		70		7,306
Martin Marietta Materials Inc.		120		13,238
Sherwin-Williams Co.		212		55,870
				99,779
TELECOMMUNICATION SERVICES - 0.6%
SoftBank Corp.		484		28,833
Total Common Stocks (cost $3,501,044)				4,875,878
PREFERRED STOCKS - 0.5%
INFORMATION TECHNOLOGY - 0.5%
Airbnb Inc. (c) (f) (p) (q)		167		8,410
Dropbox Inc. (c) (f) (p) (q)		437		8,341
Flipkart Ltd. (c) (f) (p) (q)		51		6,117
LivingSocial - Series F (c) (f) (p) (q) (v)		154		40
Total Preferred Stocks (cost $22,435)				22,908
SHORT TERM INVESTMENTS - 4.2%
Investment Companies - 1.2%
JNL Money Market Fund, 0.01% (a) (h)		1,193		1,193
T. Rowe Price Reserves Investment Fund, 0.07% (a) (h)		60,804		60,804
				61,997
Securities Lending Collateral - 3.0%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		147,636		147,636
Total Short Term Investments (cost $209,633)				209,633
Total Investments - 103.2% (cost $3,733,112)				5,108,419
Other Assets and Liabilities, Net - (3.2%)				(160,461	)
Total Net Assets - 100.0%			$	4,947,958
JNL/T. Rowe Price Mid-Cap Growth Fund
COMMON STOCKS - 95.8%
CONSUMER DISCRETIONARY - 14.5%
ARAMARK		387	$	12,055
AutoZone Inc. (c)		64		39,623
Carmax Inc. (c)		932		62,052
Charter Communications Inc. - Class A (c)		43		7,165
Chipotle Mexican Grill Inc. - Class A (c)		12		8,214
Choice Hotels International Inc.		367		20,559
Coupons.com Inc. (c) (e)		425		7,544
Dollar General Corp. (c)		280		19,796
Five Below Inc. (c) (e)		95		3,879
HanesBrands Inc.		187		20,873
Harley-Davidson Inc.		342		22,541
Harman International Industries Inc.		124		13,232
L Brands Inc.		280		24,234
Marriott International Inc. - Class A		341		26,608
Michaels Cos. Inc. (c)		338		8,359
Netflix Inc. (c)		29		9,907
Norwegian Cruise Line Holdings Ltd. (c)		960		44,890
O’Reilly Automotive Inc. (c)		221		42,569
Tesla Motors Inc. (c) (e)		50		11,120

	Shares/Par (t)		Value
TripAdvisor Inc. (c)		114		8,511
WABCO Holdings Inc. (c)		155		16,241
Wolverine World Wide Inc. (e)		436		12,849
				442,821
CONSUMER STAPLES - 3.6%
Rite Aid Corp. (c)		3,479		26,162
Sprouts Farmers Market Inc. (c) (e)		621		21,102
TreeHouse Foods Inc. (c)		187		15,994
WhiteWave Foods Co. - Class A (c)		866		30,301
Whole Foods Market Inc.		310		15,630
				109,189
ENERGY - 3.6%
Concho Resources Inc. (c)		187		18,653
CONSOL Energy Inc.		466		15,756
EQT Corp.		443		33,535
Pioneer Natural Resources Co.		100		14,885
Range Resources Corp.		507		27,099
				109,928
FINANCIALS - 9.4%
CBOE Holdings Inc.		506		32,091
FNF Group		1,264		43,545
HCC Insurance Holdings Inc.		504		26,974
Intercontinental Exchange Inc.		131		28,727
Jones Lang LaSalle Inc.		214		32,085
LendingClub Corp. (c) (e)		133		3,365
LPL Financial Holdings Inc.		435		19,379
MSCI Inc. - Class A		529		25,096
Progressive Corp.		951		25,667
TD Ameritrade Holding Corp.		886		31,701
WeWork Co. (c) (f) (p) (q)		31		521
Willis Group Holdings Plc		434		19,448
				288,599
HEALTH CARE - 20.3%
Agilent Technologies Inc.		886		36,273
Align Technology Inc. (c)		137		7,660
Alkermes Plc (c)		664		38,884
Alnylam Pharmaceuticals Inc. (c)		61		5,917
Bruker Corp. (c)		1,142		22,406
CareFusion Corp. (c)		807		47,887
Catalent Inc. (c)		634		17,676
Cooper Cos. Inc.		233		37,767
Covance Inc. (c)		249		25,856
Cubist Pharmaceuticals Inc. (c)		37		3,724
Dentsply International Inc.		861		45,865
Envision Healthcare Holdings Inc. (c)		423		14,674
Henry Schein Inc. (c)		253		34,446
Hospira Inc. (c)		626		38,343
Idexx Laboratories Inc. (c)		187		27,727
Illumina Inc. (c)		81		14,951
IMS Health Holdings Inc. (c)		177		4,538
Incyte Corp. (c)		249		18,204
Intuitive Surgical Inc. (c)		83		43,902
MEDNAX Inc. (c)		317		20,957
Mettler-Toledo International Inc. (c)		28		8,469
Pharmacyclics Inc. (c) (e)		95		11,615
Sirona Dental Systems Inc. (c)		125		10,921
Teleflex Inc.		304		34,905
Universal Health Services Inc. - Class B		253		28,149
Veeva Systems Inc. - Class A (c)		127		3,354
Vertex Pharmaceuticals Inc. (c)		124		14,731
				619,801
INDUSTRIALS - 20.6%
Acuity Brands Inc.		187		26,193
AMETEK Inc.		622		32,736

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Babcock & Wilcox Co.		976		29,573
Colfax Corp. (c)		410		21,144
DigitalGlobe Inc. (c)		683		21,152
Equifax Inc.		380		30,731
Fastenal Co.		559		26,586
Hertz Global Holdings Inc. (c)		252		6,285
IDEX Corp.		558		43,435
IHS Inc. - Class A (c)		404		46,007
JB Hunt Transport Services Inc.		317		26,707
Kansas City Southern		199		24,284
Manpower Inc.		298		20,315
Nordson Corp.		121		9,433
Pall Corp.		528		53,439
Quanta Services Inc. (c)		188		5,337
Rexnord Corp. (c)		683		19,267
Roper Industries Inc.		253		39,557
Sensata Technologies Holding NV (c)		696		36,477
Textron Inc.		1,264		53,227
Towers Watson & Co.		118		13,354
Verisk Analytics Inc. - Class A (c)		443		28,374
Xylem Inc.		466		17,741
				631,354
INFORMATION TECHNOLOGY - 19.6%
Akamai Technologies Inc. (c)		187		11,774
Altera Corp.		1,264		46,692
Atlassian Corp. (c) (f) (p) (q)		102		1,933
Atlassian Corp. (c) (f) (p) (q)		38		722
Atlassian Corp. - Class A (c) (f) (p) (q)		15		283
Atlassian Corp. - Class A (c) (f) (p) (q)		78		1,480
Atlassian Corp. - Class A (c) (f) (p) (q)		22		411
Atmel Corp. (c)		1,864		15,648
Cognex Corp. (c)		66		2,728
CoreLogic Inc. (c)		748		23,629
Dropbox Inc. (c) (f) (p) (q)		42		809
FactSet Research Systems Inc. (e)		215		30,261
FEI Co.		217		19,606
Fidelity National Information Services Inc.		310		19,282
Fiserv Inc. (c)		884		62,738
Gartner Inc. - Class A (c)		404		34,021
Global Payments Inc.		380		30,677
GrubHub Inc. (c)		150		5,448
Guidewire Software Inc. (c)		45		2,278
JDS Uniphase Corp. (c)		1,743		23,914
Keysight Technologies Inc. (c)		633		21,377
LinkedIn Corp. - Class A (c)		31		7,121
Microchip Technology Inc. (e)		251		11,323
Mobileye NV (c) (e)		191		7,747
Motorola Solutions Inc.		597		40,048
Palo Alto Networks Inc. (c)		43		5,271
Rackspace Hosting Inc. (c)		404		18,911
Red Hat Inc. (c)		653		45,149
ServiceNow Inc. (c) (e)		124		8,413
Stratasys Ltd. (c) (e)		31		2,576
Trimble Navigation Ltd. (c)		436		11,572
Vantiv Inc. - Class A (c)		747		25,338
VeriSign Inc. (c) (e)		633		36,081
Workday Inc. - Class A (c)		43		3,509
Xilinx Inc.		342		14,805
Zillow Inc. - Class A (c) (e)		57		6,036
				599,611
MATERIALS - 3.3%
Ball Corp.		249		16,974
Celanese Corp. - Class A		253		15,170
Franco-Nevada Corp.		560		27,576
Martin Marietta Materials Inc.		162		17,872
RPM International Inc.		354		17,951

	Shares/Par (t)		Value
Silver Wheaton Corp.		250		5,083
				100,626
TELECOMMUNICATION SERVICES - 0.8%
T-Mobile US Inc. (c)		871		23,465
UTILITIES - 0.1%
Calpine Corp. (c)		125		2,766
Total Common Stocks (cost $2,060,029)				2,928,160
PREFERRED STOCKS - 0.4%
CONSUMER DISCRETIONARY - 0.0%
LivingSocial (c) (f) (p) (q)		719		173
FINANCIALS - 0.2%
WeWork Co. (c) (f) (p) (q)		156		2,591
WeWork Co. (c) (f) (p) (q)		122		2,036
				4,627
INFORMATION TECHNOLOGY - 0.2%
Atlassian Corp. (c) (f) (p) (q)		75		1,429
Dropbox Inc. - Series A-1 (c) (f) (p) (q) (v)		258		4,936
Dropbox Inc. - Series A (c) (f) (p) (q) (v)		53		1,005
				7,370
Total Preferred Stocks (cost $12,706)				12,170
SHORT TERM INVESTMENTS - 8.3%
Investment Companies - 3.8%
JNL Money Market Fund, 0.01% (a) (h)		526		526
T. Rowe Price Reserves Investment Fund, 0.07% (a) (h)		118,061		118,061
				118,587
Securities Lending Collateral - 4.5%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		137,016		137,016
Total Short Term Investments (cost $255,603)				255,603
Total Investments - 104.5% (cost $2,328,338)				3,195,933
Other Assets and Liabilities, Net - (4.5%)				(138,860	)
Total Net Assets - 100.0%			$	3,057,073
JNL/T. Rowe Price Short-Term Bond Fund
CORPORATE BONDS AND NOTES - 47.6%
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES - 26.2%
Ally Auto Receivables Trust
0.75%, 06/20/16	$	2,775	$	2,770
3.15%, 08/15/16 (r)		960		983
Ally Master Owner Trust
0.96%, 02/15/15 (i)		8,000		8,004
1.00%, 02/15/16		580		581
1.29%, 01/15/17		2,065		2,058
American Express Credit Account Master Trust
0.99%, 08/17/15		2,840		2,846
1.29%, 08/17/15 (r)		3,245		3,258
1.07%, 10/15/15 (r)		770		772
1.26%, 06/15/17		2,775		2,769
AmeriCredit Automobile Receivables Trust
1.73%, 02/08/17		1,076		1,078
1.52%, 03/15/17		915		916
0.96%, 04/09/18		800		801
1.19%, 05/08/18		2,560		2,563
1.60%, 07/08/19		2,305		2,292

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
ARI Fleet Lease Trust, 0.81%, 12/15/16 (r)		3,480		3,478
Banc of America Commercial Mortgage Trust REMIC
5.45%, 09/10/16		190		199
5.73%, 05/10/45 (i)		6,510		6,778
5.37%, 09/10/45 (i)		3,260		3,342
5.63%, 07/10/46		1,724		1,804
Banc of America Merill Lynch Commercial Mortgage Inc. REMIC
4.62%, 07/10/43		1,279		1,280
4.67%, 07/10/43		7,804		7,863
Bank of America Corp. REMIC, 5.82%, 08/10/17 (i)		160		174
Bear Stearns Commercial Mortgage Securities Trust REMIC
5.54%, 07/11/16		1,215		1,278
5.54%, 09/12/16		2,386		2,517
5.75%, 12/11/16		1,574		1,581
5.20%, 12/11/38		4,560		4,832
4.67%, 06/11/41		797		800
5.70%, 06/13/50		507		510
BMW Vehicle Lease Trust, 0.54%, 09/21/15		1,995		1,996
BMW Vehicle Owner Trust REMIC, 1.50%, 06/25/18		1,050		1,046
Cabela’s Master Credit Card Trust, 1.61%, 01/15/18 (i) (r)		1,700		1,701
Capital Auto Receivables Asset Trust
0.79%, 03/20/16		4,790		4,794
1.24%, 10/20/17		2,985		3,000
1.09%, 03/20/18		6,860		6,859
1.26%, 05/21/18		4,790		4,800
1.32%, 06/20/18		2,310		2,319
1.48%, 11/20/18		1,060		1,059
2.22%, 01/22/19		645		651
CarMax Auto Owner Trust
0.52%, 03/15/16		1,861		1,859
0.84%, 03/15/17		1,207		1,209
1.69%, 08/15/19		325		322
1.93%, 11/15/19		460		457
CCG Receivables Trust, 1.06%, 11/15/21 (r)		1,980		1,977
Chase Issuance Trust, 1.01%, 10/17/16		2,295		2,295
Citibank Credit Card Issuance Trust, 1.02%, 02/22/17		5,020		5,002
Citigroup Commercial Mortgage Trust REMIC
1.20%, 12/10/18		1,095		1,088
1.24%, 03/10/19		1,897		1,887
1.39%, 06/10/19		1,161		1,157
1.49%, 09/10/19		559		556
CNH Equipment Trust
0.69%, 08/15/16		6,559		6,558
1.05%, 05/15/18		2,640		2,627
1.02%, 08/15/18		960		962
CNH Wholesale Master Note Trust, 0.76%, 08/15/16 (i) (r)		2,275		2,280
COMM Mortgage Trust REMIC
1.01%, 02/13/17 (i) (r)		1,280		1,275
1.22%, 10/10/18		5,247		5,214
1.37%, 11/10/18		3,128		3,122
1.28%, 12/10/18		1,363		1,357
1.44%, 05/15/19		1,695		1,686
Commercial Mortgage Pass-Through Certificates REMIC
5.17%, 07/10/15 (i)		560		569
1.16%, 07/10/16		152		153
1.30%, 12/10/18		1,374		1,369
1.26%, 01/10/19		2,010		1,997
1.42%, 07/10/19		2,485		2,475
1.45%, 08/10/19		1,840		1,833
1.32%, 09/10/19		996		989

	Shares/Par (t)		Value
Commercial Mortgage Trust REMIC
1.31%, 11/10/18		678		675
1.38%, 12/10/18		1,411		1,411
1.49%, 08/10/19		708		707
CSMC Trust REMIC, 0.96%, 04/15/16 (i) (r)		675		674
Diamond Resorts Owner Trust
2.27%, 05/20/26 (r)		1,601		1,611
2.54%, 05/20/27 (r)		3,024		3,014
Discover Card Execution Note Trust, 1.39%, 10/16/17		4,865		4,856
Elara HGV Timeshare Issuer LLC, 2.53%, 02/25/27 (r)		1,607		1,596
Enterprise Fleet Financing LLC
0.68%, 10/20/15 (r)		2,220		2,220
1.06%, 05/20/16 (r)		1,568		1,571
0.87%, 12/20/16 (r)		1,444		1,444
1.05%, 08/21/17 (r)		8,135		8,126
Exeter Automobile Receivables Trust, 1.06%, 08/15/18 (r)		561		560
Ford Credit Auto Lease Trust
1.23%, 04/15/16		2,010		2,005
1.01%, 05/15/16		2,130		2,135
1.51%, 05/15/16		1,375		1,378
1.28%, 06/15/16		1,565		1,569
1.10%, 11/15/17		1,975		1,978
REMIC, 1.10%, 04/15/15 (r)		735		736
REMIC, 1.50%, 05/15/15 (r)		910		912
Ford Credit Auto Owner Trust, 1.06%, 05/15/19		2,975		2,967
Ford Credit Floorplan Master Owner Trust
4.20%, 02/15/15 (r)		3,120		3,134
4.99%, 02/15/15 (r)		2,230		2,242
1.40%, 08/15/17		3,595		3,589
Fosse Master Issuer Plc, 1.63%, 10/18/54 (i) (r)		1,134		1,142
GE Capital Credit Card Master Note Trust
1.03%, 01/15/15		2,960		2,961
5.75%, 03/15/18 (r)		2,325		2,349
GE Dealer Floorplan Master Note Trust
0.61%, 10/20/15 (i)		5,265		5,265
0.57%, 04/20/16 (i)		4,635		4,629
0.55%, 07/20/17 (i)		5,835		5,829
0.62%, 10/20/17 (i)		3,615		3,616
GE Equipment Midticket LLC, 0.78%, 01/22/16		2,390		2,393
GE Equipment Small Ticket LLC
1.04%, 09/21/15 (r)		23		23
0.95%, 12/24/16 (r)		4,995		4,985
GE Equipment Transportation LLC, 1.48%, 01/23/18		845		844
GreatAmerica Leasing Receivables Funding LLC, 0.89%, 01/15/17 (r)		2,905		2,903
Greenwich Capital Commercial Funding Corp. REMIC, 5.82%, 06/10/16 (i)		3,505		3,664
GS Mortgage Securities Trust REMIC
5.55%, 12/10/15 (i)		2,845		2,919
1.21%, 04/10/18		1,118		1,121
1.29%, 05/10/19		1,474		1,467
1.51%, 09/10/47		2,605		2,604
GSMS Mortgage Securities Trust REMIC, 1.34%, 04/10/24		3,080		3,066
GTP Acquisition Partners I LLC
4.35%, 06/15/16 (r)		1,690		1,721
2.36%, 05/15/18 (r)		5,715		5,668
Hilton Grand Vacations Trust, 1.77%, 11/25/26 (r)		2,166		2,144
Holmes Master Issuer Plc, 1.88%, 10/15/54 (i) (r)		3,044		3,054
Honda Auto Receivables Owner Trust
0.56%, 06/15/15		1,079		1,079

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
0.69%, 10/18/16		3,030		3,028
0.99%, 10/16/17		2,560		2,553
HSBC Home Equity Loan Trust REMIC, 0.32%, 03/20/36 (i)		665		660
Huntington Auto Trust, 0.81%, 05/15/15		789		789
Hyundai Auto Lease Securitization Trust
0.77%, 10/17/16 (r)		3,480		3,483
1.26%, 09/17/18 (r)		1,630		1,629
Hyundai Auto Receivables Trust
0.73%, 10/15/16		4,305		4,303
0.75%, 02/15/17		3,900		3,893
3.51%, 11/15/17		6,830		6,991
John Deere Owner Trust, 0.60%, 04/15/16		6,453		6,461
JPMBB Commercial Mortgage Securities Trust REMIC
1.26%, 07/15/18		2,101		2,105
1.27%, 01/15/19		1,619		1,614
1.32%, 03/15/19		1,202		1,198
1.45%, 06/15/19		792		791
1.65%, 08/15/19		1,068		1,069
1.54%, 09/15/19		471		469
1.60%, 10/15/19		4,750		4,737
JPMorgan Chase Commercial Mortgage Securities Corp. REMIC
1.03%, 10/15/16		108		108
4.68%, 07/15/42		2		2
5.00%, 08/15/42 (i)		2,421		2,457
JPMorgan Chase Commercial Mortgage Securities Trust REMIC
1.27%, 03/15/19		1,524		1,518
5.48%, 12/12/44 (i)		1,474		1,507
JPMorgan Mortgage Trust REMIC, 2.53%, 07/25/35 (i)		194		194
Kubota Credit Owner Trust, 0.58%, 02/15/17 (r)		2,705		2,704
Lanark Master Issuer Plc REMIC, 0.73%, 12/22/54 (i) (r)		4,990		4,993
LB-UBS Commercial Mortgage Trust REMIC
5.20%, 11/15/30 (i)		3,431		3,472
4.57%, 01/15/31		96		97
Mercedes-Benz Auto Lease Trust
0.62%, 07/15/16		2,065		2,066
0.72%, 12/17/18		2,155		2,156
Mercedes-Benz Master Owner Trust, 0.79%, 11/16/15 (r)		9,925		9,925
Merrill Lynch Mortgage Trust REMIC, 5.78%, 08/12/43 (i)		1,125		1,193
MMAF Equipment Finance LLC, 0.87%, 01/08/19 (r)		6,215		6,191
Morgan Stanley Bank of America Merrill Lynch Trust REMIC
1.31%, 08/15/18		1,469		1,477
1.25%, 11/15/18		1,107		1,101
1.29%, 03/15/19		1,050		1,042
1.55%, 06/15/19		1,805		1,801
1.69%, 07/15/19		1,585		1,588
1.57%, 09/15/19		3,210		3,207
Morgan Stanley Capital I Trust REMIC
4.99%, 06/13/15		1,463		1,466
5.73%, 07/12/44 (i)		2,368		2,486
Motor Plc
0.67%, 02/15/21 (i) (r)		1,164		1,164
0.65%, 08/25/21 (i) (r)		2,027		2,029
MVW Owner Trust
2.25%, 10/20/24 (r)		1,925		1,911
2.15%, 04/22/30 (r)		655		655
Navistar Financial Dealer Note Master Trust
0.84%, 01/26/15 (i) (r)		4,920		4,920
0.85%, 09/25/15 (i) (r)		2,505		2,508

	Shares/Par (t)		Value
Nissan Auto Lease Trust, 0.75%, 12/15/15		960		961
Nissan Auto Receivables Owner Trust, 1.11%, 05/15/19		1,155		1,152
RSB Bondco LLC, 5.72%, 04/01/16		1,608		1,650
SBA Tower Trust REMIC
2.93%, 12/15/17 (r)		7,540		7,636
2.24%, 04/16/18 (r)		2,925		2,898
3.60%, 04/16/18 (r)		2,270		2,276
Sequoia Mortgage Trust REMIC, 2.11%, 01/25/15 (i)		15		14
Sierra Receivables Funding Co. LLC, 2.07%, 03/20/30 (r)		2,242		2,252
Sierra Timeshare Receivables Funding LLC
1.59%, 08/20/20 (r)		838		835
2.20%, 05/20/21 (r)		1,224		1,217
2.05%, 06/20/31 (r)		1,755		1,763
2.30%, 10/20/31 (r)		2,352		2,338
SMART Trust
0.84%, 10/14/15		530		530
1.59%, 12/14/15 (r)		2,693		2,700
0.95%, 03/14/17		4,040		4,024
0.97%, 03/14/17		1,804		1,803
1.18%, 02/14/19		1,165		1,154
Structured Asset Securities Corp. REMIC, 2.44%, 09/25/33 (i)		407		405
Synchrony Credit Card Master Note Trust
1.61%, 11/15/17		5,310		5,291
1.69%, 03/15/18		3,550		3,521
Toyota Auto Receivables Owner Trust
0.75%, 02/16/16		274		274
1.44%, 04/15/20		650		650
Volkswagen Auto Loan Enhanced Trust
0.56%, 08/21/17		7,611		7,604
1.39%, 05/20/18		4,745		4,704
Volkswagen Credit Auto Master Trust, 1.40%, 07/20/17 (r)		4,095		4,091
Volvo Financial Equipment LLC, 0.82%, 04/16/18 (r)		1,850		1,847
Wachovia Bank Commercial Mortgage Trust REMIC, 4.94%, 04/15/42		252		253
Wells Fargo Commercial Mortgage Trust REMIC, 1.44%, 11/15/19		4,120		4,107
Wells Fargo Mortgage Backed Securities Trust REMIC
2.61%, 06/25/34 (i)		154		154
2.61%, 04/25/35 (i)		1,280		1,295
WF-RBS Commercial Mortgage Trust REMIC
1.19%, 12/15/18		1,691		1,685
1.28%, 02/15/19		2,620		2,613
1.41%, 08/15/47		2,920		2,916
1.39%, 11/15/47		326		325
1.48%, 09/15/57		1,865		1,863
1.66%, 10/14/57		819		820
Wheels SPV 2 LLC, 0.84%, 05/20/17 (r)		2,230		2,230
Wheels SPV LLC REMIC, 1.19%, 04/20/15 (r)		146		147
World Omni Automobile Lease Securitization Trust
1.06%, 11/15/17		307		307
1.37%, 01/15/20		895		896
World Omni Master Owner Trust, 0.51%, 02/16/16 (i) (r)		7,440		7,440
Total Non-U.S. Government Agency Asset- Backed Securities (cost $471,607)				467,535
CONSUMER DISCRETIONARY - 5.0%
AutoZone Inc.
5.75%, 01/15/15 (l)		780		782

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
5.50%, 11/15/15		955		994
1.30%, 01/13/17		2,490		2,481
Brinker International Inc., 2.60%, 05/15/18		1,455		1,452
British Sky Broadcasting Group Plc, 2.63%, 09/16/19 (r)		1,745		1,746
Carnival Corp., 1.20%, 02/05/16		2,075		2,074
Daimler Finance North America LLC
1.13%, 03/10/17 (r)		5,590		5,559
1.09%, 08/01/18 (e) (i) (r)		3,745		3,792
Delphi Corp., 6.13%, 05/15/21 (e)		5,175		5,641
DIRECTV Holdings LLC
3.50%, 03/01/16		2,635		2,704
2.40%, 03/15/17		7,345		7,484
1.75%, 01/15/18		3,120		3,100
Dollar General Corp., 4.13%, 07/15/17		4,540		4,682
GLP Capital LP, 4.38%, 11/01/18		3,600		3,681
Hyundai Capital America, 1.45%, 02/06/17 (r)		1,845		1,839
Interpublic Group of Cos. Inc., 2.25%, 11/15/17		5,055		5,065
INVISTA Finance LLC, 4.25%, 10/15/19 (r)		1,815		1,815
Mohawk Industries Inc., 6.13%, 01/15/16 (l)		2,745		2,875
NBCUniversal Enterprise Inc., 0.92%, 04/15/18 (i) (r)		2,635		2,657
Newell Rubbermaid Inc., 2.05%, 12/01/17		960		957
Nissan Motor Acceptance Corp., 1.95%, 09/12/17 (r)		4,015		4,041
Rogers Cable Inc., 6.75%, 03/15/15		877		887
Thomson Reuters Corp.
0.88%, 05/23/16		6,505		6,473
1.30%, 02/23/17		1,935		1,925
Time Warner Cable Inc., 8.25%, 04/01/19		2,870		3,513
Viacom Inc., 2.50%, 09/01/18		870		878
Volkswagen Group of America Finance LLC, 1.25%, 05/23/17 (r)		7,180		7,145
Whirlpool Corp.
1.35%, 03/01/17		1,045		1,042
1.65%, 11/01/17		1,565		1,560
				88,844
CONSUMER STAPLES - 2.2%
Avon Products Inc., 2.38%, 03/15/16 (l)		1,790		1,772
BAT International Finance Plc, 1.40%, 06/05/15 (r)		2,490		2,494
Bunge Ltd. Finance Corp.
5.10%, 07/15/15		1,650		1,686
3.20%, 06/15/17		6,640		6,828
CVS Caremark Corp., 1.20%, 12/05/16		1,765		1,770
Heineken NV, 1.40%, 10/01/17 (r)		2,565		2,550
Imperial Tobacco Finance Plc, 2.05%, 02/11/18 (r)		6,995		6,956
Kraft Foods Group Inc., 1.63%, 06/04/15		2,670		2,682
Kroger Co., 1.20%, 10/17/16		1,315		1,313
Reynolds American Inc., 1.05%, 10/30/15		1,035		1,036
SABMiller Holdings Inc., 1.85%, 01/15/15 (r)		2,950		2,952
Tyson Foods Inc., 2.65%, 08/15/19		2,165		2,185
WM Wrigley Jr. Co.
1.40%, 10/21/16 (r)		785		786
2.00%, 10/20/17 (r)		3,875		3,903
				38,913
ENERGY - 9.4%
Anadarko Petroleum Corp., 6.38%, 09/15/17		6,615		7,355
BG Energy Capital Plc, 2.88%, 10/15/16 (r)		7,300		7,485
Cameron International Corp.
1.15%, 12/15/16		620		614
1.40%, 06/15/17		2,265		2,232
Canadian Natural Resources Ltd., 5.70%, 05/15/17		4,010		4,347
CNOOC Finance 2013 Ltd., 1.13%, 05/09/16		1,831		1,825

	Shares/Par (t)		Value
CNOOC Nexen Finance 2014 ULC, 1.63%, 04/30/17		1,835		1,826
Continental Resources Inc., 7.13%, 04/01/21		3,870		4,160
DCP Midstream LLC, 5.38%, 10/15/15 (r)		3,310		3,413
DCP Midstream Operating LP
3.25%, 10/01/15		280		284
2.50%, 12/01/17		4,640		4,635
2.70%, 04/01/19		140		137
Delek & Avner Tamar Bond Ltd., 2.80%, 12/30/16 (r)		1,245		1,247
Ecopetrol SA, 4.25%, 09/18/18		4,115		4,280
Enbridge Inc.
0.89%, 10/01/16 (i)		5,230		5,227
0.68%, 06/02/17 (i)		1,580		1,573
Energy Transfer Partners LP
5.95%, 02/01/15		4,110		4,126
6.70%, 07/01/18		1,465		1,647
EnLink Midstream Partners LP, 2.70%, 04/01/19		630		620
Ensco Plc, 3.25%, 03/15/16		7,605		7,745
Enterprise Products Operating LLC
1.25%, 08/13/15		3,220		3,229
2.55%, 10/15/19		1,425		1,411
Florida Gas Transmission Co. LLC, 4.00%, 07/15/15 (r)		4,685		4,750
Kinder Morgan Energy Partners LP, 3.50%, 03/01/16		1,525		1,557
Kinder Morgan Inc., 2.00%, 12/01/17 (e)		805		800
Korea National Oil Corp., 4.00%, 10/27/16 (r)		1,725		1,800
Marathon Oil Corp., 0.90%, 11/01/15		4,570		4,557
Murphy Oil Corp., 2.50%, 12/01/17 (l)		6,955		6,914
Nabors Industries Inc., 2.35%, 09/15/16		1,040		1,029
Noble Holding International Ltd.
3.45%, 08/01/15		975		988
3.05%, 03/01/16		4,295		4,333
2.50%, 03/15/17		540		517
ONEOK Partners LP
3.25%, 02/01/16		7,010		7,152
3.20%, 09/15/18		270		274
Petrobras Global Finance BV
2.00%, 05/20/16		3,575		3,415
3.25%, 03/17/17		3,965		3,737
Petroleos Mexicanos
3.50%, 07/18/18		2,230		2,258
3.13%, 01/23/19		565		566
Phillips 66, 1.95%, 03/05/15		2,760		2,767
Pioneer Natural Resources Co., 5.88%, 07/15/16		7,238		7,689
Plains Exploration & Production Co.
6.13%, 06/15/19		645		698
6.50%, 11/15/20		4,381		4,742
Rowan Cos. Inc., 5.00%, 09/01/17		995		1,037
SESI LLC
6.38%, 05/01/19		4,255		4,127
7.13%, 12/15/21		3,995		3,835
Talisman Energy Inc., 5.13%, 05/15/15		3,005		3,050
Tennessee Gas Pipeline Co. LLC, 8.00%, 02/01/16		4,960		5,287
TransCanada PipeLines Ltd., 0.94%, 06/30/16 (i)		5,985		6,013
Transocean Inc.
4.95%, 11/15/15		1,569		1,573
5.05%, 12/15/16 (l)		1,285		1,292
2.50%, 10/15/17 (l)		4,490		3,970
Williams Partners LP, 3.80%, 02/15/15		6,561		6,582
				166,727

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
FINANCIALS - 18.3%
Aflac Inc., 2.65%, 02/15/17		645		664
AIA Group Ltd., 2.25%, 03/11/19 (r)		1,086		1,081
American Express Co., 0.82%, 05/22/18 (i)		7,075		7,075
ANZ National International Ltd., 1.85%, 10/15/15 (r)		5,455		5,507
Bank of America Corp.
1.50%, 10/09/15		435		437
1.25%, 01/11/16		5,045		5,055
1.70%, 08/25/17		2,715		2,716
Bank of Tokyo-Mitsubishi UFJ Ltd., 1.55%, 09/09/16 (r)		5,935		5,962
Banque Federative du Credit Mutuel SA
1.70%, 01/20/17 (r)		4,140		4,149
2.50%, 10/29/18 (r)		4,075		4,116
Barclays Bank Plc
5.00%, 09/22/16		2,655		2,830
6.05%, 12/04/17 (r)		6,620		7,290
BB&T Corp., 1.10%, 06/15/18 (i)		2,115		2,136
BPCE SA, 2.50%, 12/10/18		4,080		4,136
Capital One Bank USA NA, 1.15%, 11/21/16		1,200		1,196
Capital One Financial Corp., 2.15%, 03/23/15		3,065		3,074
Citigroup Inc.
1.55%, 08/14/17		8,420		8,397
1.85%, 11/24/17		1,645		1,643
CNA Financial Corp., 6.50%, 08/15/16		2,155		2,331
Commonwealth Bank of Australia, 1.13%, 03/13/17		7,745		7,718
Credit Suisse, 1.38%, 05/26/17		5,805		5,790
Discover Bank, 2.00%, 02/21/18		360		359
DNB Bank ASA, 3.20%, 04/03/17 (r)		4,890		5,068
ERP Operating LP, 5.13%, 03/15/16		4,000		4,194
Fidelity National Financial Inc., 6.60%, 05/15/17		3,460		3,805
Fifth Third Bancorp, 3.63%, 01/25/16		2,730		2,798
Fifth Third Bank
1.15%, 11/18/16		2,855		2,850
1.35%, 06/01/17		2,960		2,958
Ford Motor Credit Co. LLC
3.00%, 06/12/17		4,470		4,587
1.68%, 09/08/17		7,310		7,252
General Electric Capital Corp., 0.95%, 04/02/18 (i)		8,150		8,226
General Motors Financial Co. Inc., 4.75%, 08/15/17		3,625		3,823
Goldman Sachs Group Inc.
1.60%, 11/23/15		1,078		1,084
6.25%, 09/01/17		8,888		9,890
6.15%, 04/01/18		1,780		1,998
Harley-Davidson Financial Services Inc., 1.15%, 09/15/15 (r)		3,955		3,966
HBOS Plc, 6.75%, 05/21/18 (r)		5,360		5,974
HSBC Bank Plc, 0.87%, 05/15/18 (i) (r)		4,875		4,894
Hyundai Capital America
1.63%, 10/02/15 (r)		1,870		1,878
1.88%, 08/09/16 (r)		2,970		2,991
Hyundai Capital Services Inc.
6.00%, 05/05/15 (r)		1,175		1,195
4.38%, 07/27/16 (r)		5,345		5,594
3.50%, 09/13/17 (r)		1,725		1,785
IntercontinentalExchange Group Inc., 2.50%, 10/15/18		1,375		1,400
JPMorgan Chase & Co.
0.85%, 02/26/16 (i)		3,195		3,201
2.00%, 08/15/17		8,560		8,642
KeyBank NA, 4.95%, 09/15/15		590		607
KeyCorp, 3.75%, 08/13/15		2,560		2,605

	Shares/Par (t)		Value
Kilroy Realty LP, 5.00%, 11/03/15		3,425		3,531
Legg Mason Inc., 2.70%, 07/15/19		635		638
Lloyds Bank Plc, 2.30%, 11/27/18		2,350		2,372
Manufacturers & Traders Trust Co., 1.25%, 01/30/17		5,705		5,692
Marsh & McLennan Cos. Inc., 2.55%, 10/15/18		1,655		1,683
Merrill Lynch & Co. Inc.
6.40%, 08/28/17		1,805		2,011
6.88%, 04/25/18		2,500		2,871
Metropolitan Life Global Funding I
1.30%, 04/10/17 (r)		5,155		5,148
1.50%, 01/10/18 (r)		3,440		3,419
Mizuho Bank Ltd., 1.70%, 09/25/17 (r)		3,255		3,240
Morgan Stanley
1.51%, 04/25/18 (i)		5,755		5,847
1.08%, 01/24/19 (i)		10,550		10,571
National Bank of Canada, 1.45%, 11/07/17		8,005		7,938
New York Life Global Funding, 2.45%, 07/14/16 (r)		5,160		5,283
Nordea Bank AB, 0.88%, 05/13/16 (r)		10,140		10,133
PNC Bank NA, 1.15%, 11/01/16		2,845		2,850
Principal Financial Group Inc., 1.85%, 11/15/17		980		981
Regions Bank, 7.50%, 05/15/18		4,870		5,654
Regions Financial Corp., 5.75%, 06/15/15		2,895		2,955
Royal Bank of Scotland Group Plc, 2.55%, 09/18/15		2,950		2,979
Standard Chartered Plc, 1.50%, 09/08/17 (r)		4,745		4,733
Sumitomo Mitsui Banking Corp., 0.90%, 01/18/16		3,235		3,233
Sumitomo Mitsui Trust Bank Ltd., 1.80%, 03/28/18 (r)		6,520		6,469
SunTrust Banks Inc., 2.35%, 11/01/18		1,870		1,881
Swedbank AB, 1.75%, 03/12/18 (r)		9,235		9,214
Toronto-Dominion Bank, 0.78%, 04/30/18 (i)		4,565		4,585
Union Bank NA, 2.13%, 06/16/17		3,630		3,671
Ventas Realty LP
3.13%, 11/30/15		4,955		5,056
2.00%, 02/15/18		1,585		1,587
Wachovia Bank NA, 4.88%, 02/01/15		2,210		2,218
Wachovia Capital Trust III, 5.57%, (callable at 100 beginning 02/23/15) (i) (m)		425		410
WEA Finance LLC, 1.75%, 09/15/17 (r)		2,610		2,596
Wells Fargo & Co., 1.40%, 09/08/17 (e)		3,350		3,347
Westpac Banking Corp., 1.05%, 11/25/16		2,580		2,580
XLIT Ltd., 2.30%, 12/15/18		2,015		2,016
				326,319
HEALTH CARE - 2.5%
AbbVie Inc., 1.20%, 11/06/15		5,940		5,957
Aetna Inc., 1.50%, 11/15/17		2,050		2,034
Agilent Technologies Inc., 6.50%, 11/01/17		735		816
Celgene Corp., 1.90%, 08/15/17		770		773
Express Scripts Holding Co.
2.10%, 02/12/15		945		946
1.25%, 06/02/17		2,790		2,762
Express Scripts Inc., 3.13%, 05/15/16		2,700		2,776
Humana Inc., 2.63%, 10/01/19		1,435		1,435
Life Technologies Corp.
4.40%, 03/01/15		1,185		1,191
3.50%, 01/15/16		6,030		6,104
McKesson Corp.
0.95%, 12/04/15		1,575		1,579
1.29%, 03/10/17		2,735		2,722
Perrigo Co. Plc, 1.30%, 11/08/16		2,915		2,903
Thermo Fisher Scientific Inc., 1.30%, 02/01/17		2,615		2,601
UnitedHealth Group Inc., 1.88%, 11/15/16		1,535		1,560
Ventas Realty LP
1.55%, 09/26/16		700		703
1.25%, 04/17/17		910		902

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Walgreens Boots Alliance Inc., 1.75%, 11/17/17		1,185		1,188
Watson Pharmaceuticals Inc., 1.88%, 10/01/17		3,685		3,671
WellPoint Inc., 1.25%, 09/10/15		1,680		1,687
				44,310
INDUSTRIALS - 3.5%
Anstock II Ltd., 2.13%, 07/24/17		2,675		2,638
BAA Funding Ltd., 2.50%, 06/25/17 (r)		5,690		5,694
Catholic Health Initiatives
1.60%, 11/01/17		535		533
2.60%, 08/01/18		2,165		2,193
Eaton Corp., 1.50%, 11/02/17		2,205		2,192
ERAC USA Finance LLC
5.60%, 05/01/15 (r)		1,190		1,209
1.40%, 04/15/16 (r)		2,670		2,677
2.75%, 03/15/17 (r)		1,475		1,514
6.38%, 10/15/17 (r)		620		696
2.80%, 11/01/18 (r)		400		409
Experian Finance Plc, 2.38%, 06/15/17 (r)		2,080		2,096
GATX Corp.
3.50%, 07/15/16		3,365		3,473
1.25%, 03/04/17		2,575		2,551
2.38%, 07/30/18		1,005		1,011
Hutchison Whampoa International 14 Ltd., 1.63%, 10/31/17 (r)		9,175		9,099
International Lease Finance Corp., 2.19%, 06/15/16 (i)		3,475		3,471
JB Hunt Transport Services Inc., 2.40%, 03/15/19		755		755
Kansas City Southern de Mexico SA de CV, 2.35%, 05/15/20		3,920		3,762
Penske Truck Leasing Co. LP
3.13%, 05/11/15 (r)		990		998
2.50%, 03/15/16 (r)		4,265		4,325
2.88%, 07/17/18 (r)		1,405		1,429
2.50%, 06/15/19 (r)		2,080		2,067
Roper Industries Inc.
1.85%, 11/15/17		885		886
2.05%, 10/01/18		2,290		2,271
Southwest Airlines Co.
5.75%, 12/15/16		1,625		1,756
2.75%, 11/06/19		2,205		2,215
Waste Management Inc., 2.60%, 09/01/16		1,300		1,330
				63,250
INFORMATION TECHNOLOGY - 1.5%
Amphenol Corp., 1.55%, 09/15/17		1,335		1,331
Arrow Electronics Inc., 3.38%, 11/01/15		2,295		2,337
Avnet Inc., 6.63%, 09/15/16		875		946
Baidu Inc., 2.75%, 06/09/19		1,670		1,663
Fidelity National Information Services Inc., 1.45%, 06/05/17		1,280		1,273
Fiserv Inc., 3.13%, 06/15/16		6,315		6,485
Hewlett-Packard Co., 2.35%, 03/15/15		1,985		1,991
Juniper Networks Inc., 3.10%, 03/15/16		575		587
Keysight Technologies Inc., 3.30%, 10/30/19 (r)		7,555		7,506
Tencent Holdings Ltd., 2.00%, 05/02/17 (r)		2,375		2,368
Xerox Corp., 2.95%, 03/15/17		575		591
				27,078
MATERIALS - 1.2%
Anglo American Capital Plc, 1.18%, 04/15/16 (i) (r)		1,805		1,807
Eastman Chemical Co., 2.40%, 06/01/17		1,930		1,960
Goldcorp Inc., 2.13%, 03/15/18		3,900		3,854
International Paper Co., 5.30%, 04/01/15		1,194		1,207

	Shares/Par (t)		Value
Martin Marietta Materials Inc., 1.36%, 06/30/17 (i)		2,390		2,416
Rio Tinto Finance USA Plc, 1.38%, 06/17/16		4,245		4,265
Rock-Tenn Co., 3.50%, 03/01/20		3,250		3,298
Vale Overseas Ltd., 6.25%, 01/23/17		1,655		1,765
				20,572
TELECOMMUNICATION SERVICES - 1.8%
America Movil SAB de CV
3.63%, 03/30/15		1,580		1,589
2.38%, 09/08/16		2,565		2,601
American Tower Corp., 4.63%, 04/01/15		9,900		9,989
British Telecommunications Plc, 1.63%, 06/28/16		1,695		1,707
CC Holdings GS V LLC, 2.38%, 12/15/17		8,750		8,828
Verizon Communications Inc.
1.35%, 06/09/17		3,285		3,271
2.63%, 02/21/20 (r)		4,573		4,521
				32,506
UTILITIES - 2.2%
Appalachian Power Co., 3.40%, 05/24/15		455		460
Commonwealth Edison Co., 1.95%, 09/01/16		1,095		1,113
Dominion Resources Inc.
1.95%, 08/15/16		1,465		1,481
1.25%, 03/15/17		3,370		3,358
1.40%, 09/15/17		4,295		4,258
Duke Energy Corp., 1.63%, 08/15/17		1,440		1,441
Electricite de France, 1.15%, 01/20/17 (r)		3,945		3,943
Georgia Power Co., 0.56%, 03/15/16 (i)		1,980		1,978
Korea Hydro & Nuclear Power Co. Ltd., 3.13%, 09/16/15 (r)		2,835		2,877
Mississippi Power Co., 2.35%, 10/15/16		1,020		1,042
Monongahela Power Co., 5.70%, 03/15/17 (r)		420		455
NextEra Energy Capital Holdings Inc., 1.20%, 06/01/15		1,320		1,322
Origin Energy Finance Ltd., 3.50%, 10/09/18 (r)		2,080		2,122
PPL Capital Funding Inc., 1.90%, 06/01/18		1,220		1,218
PPL WEM Holdings Plc, 3.90%, 05/01/16 (r)		4,735		4,876
PSEG Power LLC, 2.75%, 09/15/16		1,215		1,246
Southern Co., 1.95%, 09/01/16		1,370		1,390
Zhejiang Energy Group Hong Kong Ltd., 2.30%, 09/30/17		4,585		4,534
				39,114
Total Corporate Bonds and Notes (cost $848,147)				847,633
GOVERNMENT AND AGENCY OBLIGATIONS     - 24.4%
GOVERNMENT SECURITIES - 12.1%
Federal Home Loan Mortgage Corp. - 1.4% (w)
Federal Home Loan Mortgage Corp., 0.88%, 10/14/16		25,000		25,100
Federal National Mortgage Association - 1.3% (w)
Federal National Mortgage Association
0.63%, 08/26/16		9,780		9,780
0.88%, 08/28/17 (e)		13,755		13,692
				23,472
Municipals - 0.4%
Florida Hurricane Catastrophe Fund Finance Corp., 1.30%, 07/01/16		5,300		5,329
University of California, 0.66%, 07/01/41 (i)		1,470		1,472
				6,801
Sovereign - 1.8%
Hazine Mustesarligi Varlik Kiralama A/S, 4.56%, 10/10/18 (r)		1,825		1,910
Iceland Government International Bond, 4.88%, 06/16/16 (r)		7,510		7,858
Mexico Bonos, 7.75%, 12/14/17, MXN		286,075		21,176
				30,944

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Treasury Inflation Index Securities - 3.4%
U.S. Treasury Inflation Indexed Note
0.50%, 04/15/15 (n)		10,726		10,582
1.88%, 07/15/15 (n)		15,356		15,398
0.13%, 04/15/17 (n)		34,450		34,469
				60,449
U.S. Treasury Securities - 3.8%
U.S. Treasury Note
0.75%, 01/15/17 (e)		12,200		12,209
0.50%, 07/31/17		34,785		34,383
1.00%, 09/15/17 (e)		9,025		9,027
0.88%, 11/15/17		12,590		12,524
				68,143
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES - 12.3%
Federal Home Loan Mortgage Corp. - 2.4%
Federal Home Loan Mortgage Corp.
5.00%, 10/01/17 - 12/01/23		2,358		2,527
4.50%, 11/01/18 - 08/01/25		785		845
5.50%, 10/01/19 - 07/01/20		462		493
1.62%, 09/25/24 (i)		2,981		2,976
1.82%, 10/25/24 (i)		2,273		2,273
4.00%, 05/01/26		1,160		1,241
2.25%, 09/01/33 - 06/01/35 (i)		440		466
2.36%, 09/01/33 (i)		102		109
2.23%, 10/01/34 (i)		50		53
2.38%, 11/01/34 - 02/01/35 (i)		174		185
2.40%, 11/01/34 (i)		26		28
2.41%, 11/01/34 (i)		46		50
2.49%, 11/01/34 (i)		31		33
2.30%, 01/01/35 (i)		52		56
2.23%, 02/01/35 - 02/01/35 (i)		65		68
2.25%, 02/01/35 (i)		44		47
2.25%, 02/01/35 (i)		46		49
2.30%, 02/01/35 (i)		52		56
2.52%, 02/01/35 (i)		59		63
2.49%, 09/01/35 (i)		659		703
2.23%, 10/01/35 (i)		247		263
2.35%, 11/01/35 (i)		235		251
2.24%, 03/01/36 (i)		286		303
6.00%, 11/01/37		965		1,091
REMIC, 1.43%, 08/25/17		5,810		5,842
REMIC, 1.37%, 05/25/19		6,507		6,510
REMIC, 2.06%, 03/25/20		7,902		8,012
REMIC, 5.00%, 10/15/21		201		207
REMIC, 0.61%, 05/15/36 (i)		450		454
REMIC, 0.66%, 08/15/41 - 07/15/42 (i)		8,030		8,100
				43,354
Federal National Mortgage Association - 7.7%
Federal National Mortgage Association
5.50%, 01/01/17 - 12/01/39		23,325		26,062
4.50%, 06/01/19 - 07/01/26		18,984		20,397
5.00%, 07/01/19 - 07/01/41		9,256		10,132
2.12%, 11/25/24 (i)		2,380		2,382
2.27%, 11/25/24 (i)		1,241		1,245
4.00%, 02/01/25 - 10/01/41		26,148		27,951
3.50%, 10/01/25 - 11/01/44		26,293		27,710
2.22%, 03/01/33 - 01/01/35 (i)		59		64
1.79%, 06/01/33 (i)		35		37
2.34%, 06/01/33 (i)		415		443
2.34%, 07/01/33 (i)		27		29
2.63%, 09/01/33 (i)		2		2
2.20%, 12/01/33 (i)		2		2
2.34%, 12/01/33 (i)		390		416

	Shares/Par (t)		Value
2.42%, 04/01/34 - 06/01/35 (i)		513		551
2.12%, 10/01/34 (i)		19		20
2.00%, 11/01/34 (i)		4		4
2.30%, 11/01/34 (i)		103		110
2.49%, 11/01/34 - 04/01/35 (i)		810		865
2.20%, 12/01/34 (i)		50		53
2.20%, 01/01/35 (i)		72		77
2.25%, 01/01/35 (i)		58		62
2.25%, 01/01/35 (i)		20		21
2.25%, 02/01/35 (i)		36		38
2.32%, 02/01/35 (i)		135		143
1.98%, 03/01/35 (i)		44		47
1.95%, 04/01/35 (i)		295		314
2.44%, 04/01/35 (i)		112		120
1.94%, 05/01/35 (i)		614		654
2.02%, 05/01/35 (i)		226		238
2.21%, 05/01/35 (i)		59		63
2.19%, 06/01/35 (i)		414		444
2.29%, 07/01/35 (i)		392		417
2.41%, 07/01/35 (i)		326		351
1.76%, 08/01/35 (i)		641		681
2.14%, 08/01/35 (i)		432		464
2.01%, 11/01/35 (i)		643		675
2.31%, 11/01/35 - 02/01/36 (i)		585		623
2.17%, 02/01/36 (i)		944		1,004
2.27%, 03/01/36 (i)		202		214
2.36%, 03/01/36 (i)		534		572
6.00%, 04/01/36 - 04/01/40		1,541		1,749
4.50%, 01/15/45, TBA (g)		4,190		4,547
REMIC, 5.00%, 08/25/19 - 11/25/21		1,500		1,562
REMIC, 0.62%, 07/25/42 (i)		4,353		4,367
				137,922
Government National Mortgage Association - 2.2%
Government National Mortgage Association
7.00%, 12/15/17		98		101
5.50%, 07/15/20		106		112
5.00%, 12/20/34 - 02/20/40		8,713		9,717
6.00%, 07/15/36		2,197		2,541
4.50%, 09/20/40		1,856		2,038
3.50%, 03/20/43 - 04/20/43		6,435		6,771
3.00%, 10/20/44 - 11/20/44 (i)		6,548		6,804
REMIC, 0.61%, 07/16/42 (i)		10,055		10,128
				38,212
Total Government and Agency Obligations (cost $432,606)				434,397
SHORT TERM INVESTMENTS - 2.8%
Investment Companies - 1.7%
JNL Money Market Fund, 0.01% (a) (h)		9,997		9,997
T. Rowe Price Reserves Investment Fund, 0.07% (a) (h)		20,961		20,961
				30,958
Securities Lending Collateral - 1.1%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		20,089		20,089
Total Short Term Investments (cost $51,047)				51,047
Total Investments - 101.0% (cost $1,803,407)				1,800,612
Other Assets and Liabilities, Net - (1.0%)				(18,472	)
Total Net Assets - 100.0%			$	1,782,140

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
JNL/T. Rowe Price Value Fund
COMMON STOCKS - 99.2%
CONSUMER DISCRETIONARY - 5.8%
Carnival Corp.		941	$	42,656
Comcast Corp. - Special Class A (e)		562		32,375
J.C. Penney Co. Inc. (c) (e)		1,782		11,547
Johnson Controls Inc.		112		5,395
Kohl’s Corp.		190		11,573
Lowe’s Cos. Inc.		760		52,315
McDonald’s Corp.		145		13,605
Time Warner Inc.		95		8,106
Viacom Inc.		404		30,393
				207,965
CONSUMER STAPLES - 7.8%
Bunge Ltd.		399		36,309
Coca-Cola Enterprises Inc.		177		7,805
ConAgra Foods Inc.		738		26,764
Dr. Pepper Snapple Group Inc.		309		22,113
Energizer Holdings Inc.		96		12,303
Ingredion Inc.		498		42,284
JM Smucker Co.		48		4,827
Kellogg Co.		192		12,591
PepsiCo Inc.		106		10,014
Philip Morris International Inc.		466		37,988
Procter & Gamble Co.		40		3,644
Rite Aid Corp. (c)		2,724		20,485
Sysco Corp.		1,013		40,186
				277,313
ENERGY - 4.2%
Apache Corp.		653		40,942
California Resources Corp. (c)		378		2,081
Canadian Natural Resources Ltd. (e)		657		20,294
Cimarex Energy Co.		139		14,745
Concho Resources Inc. (c)		97		9,706
CONSOL Energy Inc.		212		7,161
Marathon Oil Corp.		620		17,546
Pioneer Natural Resources Co.		190		28,289
Whiting Petroleum Corp. (c)		292		9,646
				150,410
FINANCIALS - 23.0%
Allstate Corp.		187		13,130
Ameriprise Financial Inc.		112		14,812
Bank of America Corp.		4,412		78,923
Bank of New York Mellon Corp.		854		34,639
Barclays Plc		4,548		17,099
Citigroup Inc.		1,554		84,108
Digital Realty Trust Inc.		122		8,095
Discover Financial Services		372		24,343
Genworth Financial Inc. - Class A (c)		792		6,732
Intercontinental Exchange Inc.		113		24,736
Invesco Ltd.		375		14,808
JPMorgan Chase & Co.		1,344		84,114
Marsh & McLennan Cos. Inc.		598		34,247
MetLife Inc.		1,468		79,384
Morgan Stanley		1,850		71,760
PNC Financial Services Group Inc.		254		23,127
Royal Bank of Scotland Group Plc (c)		745		4,533
State Street Corp.		570		44,768
U.S. Bancorp		129		5,794
UniCredit SpA		483		3,094
Wells Fargo & Co.		1,031		56,514
Weyerhaeuser Co.		1,733		62,197
Willis Group Holdings Plc		99		4,436

	Shares/Par (t)		Value
XL Group Plc		691		23,758
				819,151
HEALTH CARE - 20.6%
AbbVie Inc.		648		42,418
Aetna Inc.		264		23,451
Agilent Technologies Inc.		976		39,945
Amgen Inc.		134		21,313
Anthem Inc.		294		36,972
CIGNA Corp.		468		48,193
Covidien Plc		303		30,950
DaVita HealthCare Partners Inc. (c)		163		12,368
Gilead Sciences Inc. (c)		40		3,789
HCA Holdings Inc. (c)		744		54,585
Hospira Inc. (c)		477		29,210
Johnson & Johnson		44		4,601
Medtronic Inc.		403		29,082
Merck & Co. Inc.		1,439		81,721
Mylan Inc. (c)		442		24,887
Novartis AG		306		28,362
Pfizer Inc.		3,116		97,055
Thermo Fisher Scientific Inc.		591		74,097
UnitedHealth Group Inc.		509		51,425
				734,424
INDUSTRIALS - 15.8%
3M Co.		146		24,057
American Airlines Group Inc.		2,650		142,103
Boeing Co.		579		75,297
Danaher Corp.		359		30,727
General Electric Co.		5,736		144,954
Honeywell International Inc.		601		60,082
Textron Inc.		393		16,541
United Technologies Corp.		602		69,253
				563,014
INFORMATION TECHNOLOGY - 9.0%
Applied Materials Inc.		210		5,223
CA Inc.		638		19,439
Cisco Systems Inc.		1,582		44,014
Keysight Technologies Inc. (c)		521		17,601
Micron Technology Inc. (c)		1,399		48,983
Microsoft Corp.		73		3,405
Motorola Solutions Inc.		141		9,425
QUALCOMM Inc.		197		14,658
Seagate Technology		229		15,229
Texas Instruments Inc.		786		42,002
Western Digital Corp.		198		21,885
Western Union Co. (e)		1,429		25,597
Xerox Corp.		3,905		54,125
				321,586
MATERIALS - 4.3%
Ashland Inc.		213		25,509
Celanese Corp. - Class A		686		41,120
International Paper Co.		452		24,197
LyondellBasell Industries NV		229		18,140
Steel Dynamics Inc.		532		10,504
Vulcan Materials Co.		223		14,638
West Fraser Timber Co. Ltd.		369		21,129
				155,237
TELECOMMUNICATION SERVICES - 0.4%
T-Mobile US Inc. (c)		520		14,006
UTILITIES - 8.3%
AES Corp.		3,367		46,366
American Electric Power Co. Inc.		637		38,685
Entergy Corp.		332		29,017

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Exelon Corp.		1,179		43,714
FirstEnergy Corp.		1,189		46,359
NRG Energy Inc.		1,891		50,953
PG&E Corp.		760		40,447
				295,541
Total Common Stocks (cost $2,938,612)				3,538,647
SHORT TERM INVESTMENTS - 2.6%
Investment Companies - 0.8%
JNL Money Market Fund, 0.01% (a) (h)		9,903		9,903
T. Rowe Price Reserves Investment Fund, 0.07% (a) (h)		16,931		16,931
				26,834
Securities Lending Collateral - 1.8%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		65,658		65,658
Total Short Term Investments (cost $92,492)				92,492
Total Investments - 101.8% (cost $3,031,104)				3,631,139
Other Assets and Liabilities, Net - (1.8%)				(64,460	)
Total Net Assets - 100.0%			$	3,566,679
JNL/WMC Balanced Fund
COMMON STOCKS - 64.2%
CONSUMER DISCRETIONARY - 5.3%
Autoliv Inc. (e)		223	$	23,616
Comcast Corp. - Class A		1,218		70,661
Ford Motor Co.		2,307		35,754
Honda Motor Co. Ltd. - ADR (e)		427		12,592
Las Vegas Sands Corp.		370		21,516
Lowe’s Cos. Inc.		549		37,766
Walt Disney Co.		244		22,938
				224,843
CONSUMER STAPLES - 4.9%
Coca-Cola Co.		394		16,653
CVS Health Corp.		593		57,113
Mondelez International Inc.		660		23,985
Philip Morris International Inc.		253		20,587
Procter & Gamble Co.		311		28,313
Unilever NV - ADR		578		22,582
Wal-Mart Stores Inc.		442		37,918
				207,151
ENERGY - 6.0%
Anadarko Petroleum Corp.		363		29,932
Cameco Corp.		1,022		16,772
Chevron Corp.		576		64,647
Exxon Mobil Corp.		688		63,638
Halliburton Co.		320		12,594
Imperial Oil Ltd.		475		20,432
Marathon Oil Corp.		787		22,261
Schlumberger Ltd.		165		14,093
Total SA - ADR		191		9,793
				254,162
FINANCIALS - 13.5%
ACE Ltd.		460		52,789
AFLAC Inc.		264		16,132
Ameriprise Financial Inc.		86		11,372
Bank of Nova Scotia (e)		321		18,330
BlackRock Inc.		116		41,446
Citigroup Inc.		721		38,994
JPMorgan Chase & Co.		1,140		71,316

	Shares/Par (t)		Value
Marsh & McLennan Cos. Inc.		431		24,690
MetLife Inc.		533		28,823
PNC Financial Services Group Inc.		541		49,311
Principal Financial Group Inc.		581		30,168
Prudential Financial Inc.		572		51,782
SL Green Realty Corp.		102		12,103
Wells Fargo & Co.		2,350		128,835
				576,091
HEALTH CARE - 10.9%
AstraZeneca Plc - ADR (e)		342		24,060
Bristol-Myers Squibb Co.		696		41,088
Cardinal Health Inc.		535		43,193
Eli Lilly & Co.		624		43,018
Johnson & Johnson		632		66,061
Medtronic Inc.		683		49,313
Merck & Co. Inc.		1,772		100,639
Pfizer Inc.		1,620		50,477
UnitedHealth Group Inc.		330		33,320
Zoetis Inc. - Class A		318		13,704
				464,873
INDUSTRIALS - 8.5%
Caterpillar Inc.		240		21,923
CSX Corp.		593		21,466
Eaton Corp. Plc		359		24,383
Equifax Inc.		379		30,686
FedEx Corp.		131		22,681
Honeywell International Inc.		398		39,750
Nielsen NV		658		29,436
Northrop Grumman Systems Corp.		110		16,237
Raytheon Co.		317		34,265
Textron Inc.		449		18,895
United Continental Holdings Inc. (c)		341		22,794
United Parcel Service Inc. - Class B		398		44,204
United Technologies Corp.		295		33,894
				360,614
INFORMATION TECHNOLOGY - 10.0%
Accenture Plc - Class A		495		44,188
Altera Corp.		449		16,578
Analog Devices Inc.		429		23,795
Apple Inc.		425		46,904
Avnet Inc.		345		14,844
Cisco Systems Inc.		1,530		42,546
Google Inc. - Class A (c)		57		30,041
Intel Corp.		1,371		49,742
Microsoft Corp.		1,612		74,900
Oracle Corp.		538		24,173
QUALCOMM Inc.		259		19,267
Symantec Corp.		887		22,762
Texas Instruments Inc.		264		14,123
				423,863
MATERIALS - 1.4%
Dow Chemical Co.		532		24,278
Goldcorp Inc.		489		9,056
International Paper Co.		504		26,984
				60,318
TELECOMMUNICATION SERVICES - 1.6%
Verizon Communications Inc.		1,436		67,165
UTILITIES - 2.1%
Ameren Corp.		532		24,535
Dominion Resources Inc.		291		22,391
Exelon Corp.		589		21,845

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
NRG Energy Inc.		732		19,719
				88,490
Total Common Stocks (cost $2,124,529)				2,727,570
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES - 2.1%
Ally Master Owner Trust
1.44%, 02/15/15	$	3,000		3,003
1.60%, 10/15/17		6,685		6,668
1.54%, 09/16/19		3,690		3,663
AmeriCredit Automobile Receivables Trust, 3.34%, 04/08/16		120		121
Apidos CDO, 1.73%, 04/17/26 (i) (r)		2,090		2,080
ARES CLO Ltd., 1.75%, 04/17/26 (i) (r)		2,030		2,018
Atlas Senior Loan Fund V Ltd., 1.80%, 07/16/26 (i) (r)		495		491
Avery Point CLO Ltd., 1.75%, 04/25/26 (i) (r)		1,920		1,909
Banc of America Merrill Lynch Commercial Mortgage Inc. REMIC, 5.15%, 11/10/15 (e) (i)		1,093		1,115
Bear Stearns Commercial Mortgage Securities Trust REMIC
5.70%, 04/11/16 (i)		562		590
5.54%, 07/11/16		570		599
5.54%, 09/12/16		584		616
5.58%, 04/12/38 (i)		187		194
5.20%, 12/11/38		780		826
5.43%, 03/11/39 (i)		900		930
Cent CLO 20 Ltd., 1.71%, 01/25/26 (i) (r)		2,200		2,191
Cent CLO 21 Ltd., 1.72%, 07/27/26 (i) (r)		625		620
Cent CLO 22 Ltd., 1.71%, 11/07/26 (i) (r)		1,715		1,700
CIFC Funding Ltd., 1.73%, 04/18/25 (i) (r)		1,970		1,956
Citibank Credit Card Issuance Trust, 5.65%, 09/20/17		750		832
Commercial Mortgage Pass-Through Certificates REMIC, 3.15%, 08/15/45		885		907
Continental Airlines Inc. Pass-Through Trust, 5.98%, 10/19/23		231		252
DBUBS Mortgage Trust REMIC, 3.74%, 06/01/17 (e) (r)		2,387		2,445
Dryden Senior Loan Fund, 1.58%, 04/18/26 (i) (r)		1,945		1,923
First Investors Auto Owner Trust, 1.67%, 03/16/18 (r)		2,295		2,289
Ford Credit Floorplan Master Owner Trust
1.92%, 01/15/17		1,545		1,562
2.31%, 02/15/19		200		201
2.09%, 03/15/20 (r)		600		594
GS Mortgage Securities Corp. II REMIC, 4.75%, 07/10/39		476		477
Hilton USA Trust REMIC, 2.66%, 11/05/18 (r)		1,960		1,963
Hyundai Auto Receivables Trust, 1.71%, 08/15/17		182		182
ING Investment Management Co., 1.73%, 04/18/26 (i) (r)		1,940		1,931
JPMorgan Chase Commercial Mortgage Securities Trust REMIC
5.70%, 04/12/17 (i)		2,515		2,699
5.48%, 12/12/44 (i)		195		199
LB-UBS Commercial Mortgage Trust REMIC, 6.15%, 04/15/41 (i)		940		1,037
Limerock CLO, 1.73%, 04/18/26 (i) (r)		2,200		2,185
Madison Park Funding XI Ltd., 1.68%, 01/19/25 (i) (r)		1,280		1,274
Madison Park Funding XII Ltd., 1.73%, 07/20/26 (i) (r)		1,560		1,556

	Shares/Par (t)		Value
Merrill Lynch Mortgage Trust REMIC
5.05%, 07/12/15 (i)		500		504
5.68%, 05/12/39 (i)		1,050		1,095
ML-CFC Commercial Mortgage Trust REMIC, 5.74%, 06/12/50 (i)		5,225		5,644
Morgan Stanley Capital I Trust REMIC, 5.65%, 06/11/42 (i)		200		218
OBP Depositor LLC Trust, 4.65%, 07/15/20 (r)		495		548
OZLM VI Ltd., 1.78%, 04/17/26 (i) (r)		1,625		1,617
Prestige Auto Receivables Trust, 1.91%, 04/15/20 (r)		820		817
Santander Drive Auto Receivables Trust
2.57%, 05/15/17		845		856
2.25%, 06/17/19		910		919
2.33%, 11/15/19		505		507
2.36%, 04/15/20		3,440		3,460
SBA Tower Trust
2.90%, 10/15/44 (r)		2,125		2,131
REMIC, 2.93%, 12/15/17 (r)		1,155		1,170
Seneca Park CLO Ltd., 1.70%, 07/17/26 (i) (r)		1,155		1,149
Shackleton CLO Ltd., 1.72%, 07/17/26 (i) (r)		1,155		1,146
Southwest Airlines Co. Pass-Through Trust, 6.15%, 02/01/24		187		215
Springleaf Funding Trust, 2.41%, 06/15/17 (f) (r)		1,870		1,868
Springleaf Mortgage Loan Trust REMIC, 2.31%, 06/25/58 (i) (r)		1,435		1,406
Symphony CLO XIV Ltd., 1.76%, 07/14/26 (i) (r)		1,930		1,923
Thacher Park CLO, 1.70%, 10/20/26 (i) (r)		920		914
Voya CLO Ltd., 1.68%, 07/17/26 (i) (r)		315		313
Wachovia Bank Commercial Mortgage Trust REMIC, 5.31%, 11/15/48		1,893		2,006
Westlake Automobile Receivables Trust, 0.97%, 10/16/17 (r)		2,470		2,470
Total Non-U.S. Government Agency Asset-Backed Securities (cost $88,663)				88,694
CORPORATE BONDS AND NOTES - 9.2%
CONSUMER DISCRETIONARY - 1.0%
21st Century Fox America Inc., 4.00%, 10/01/23 (e)		420		446
Amazon.com Inc.
2.50%, 11/29/22		1,265		1,197
4.80%, 12/05/34		850		889
4.95%, 12/05/44		965		998
AutoZone Inc.
4.00%, 11/15/20 (e)		1,000		1,061
3.70%, 04/15/22		495		509
3.13%, 07/15/23		1,000		984
British Sky Broadcasting Group Plc
2.63%, 09/16/19 (r)		660		660
3.75%, 09/16/24 (r)		2,080		2,093
Comcast Corp.
6.50%, 01/15/17		750		828
5.65%, 06/15/35		165		204
6.50%, 11/15/35		165		221
6.55%, 07/01/39		375		512
COX Communications Inc., 3.25%, 12/15/22 (r)		1,000		982
Cox Communications Inc., 4.80%, 02/01/35 (r)		1,550		1,615
Daimler Finance North America LLC
2.63%, 09/15/16 (r)		1,400		1,435
2.38%, 08/01/18 (r)		1,400		1,420
2.25%, 07/31/19 (r)		1,580		1,575
8.50%, 01/18/31		300		459
DIRECTV Holdings LLC
1.75%, 01/15/18		1,000		993

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
4.45%, 04/01/24		3,220		3,369
3.95%, 01/15/25		160		161
Discovery Communications LLC
3.30%, 05/15/22		1,000		989
3.25%, 04/01/23		265		257
Grupo Televisa SAB
6.63%, 01/15/40		375		454
5.00%, 05/13/45		385		389
Harley-Davidson Financial Services Inc., 2.70%, 03/15/17 (r)		735		753
Home Depot Inc., 4.40%, 03/15/45		285		311
Johnson Controls Inc., 3.75%, 12/01/21		1,000		1,033
Lowe’s Cos. Inc., 6.65%, 09/15/37		420		584
NBCUniversal Enterprise Inc., 1.66%, 04/15/18 (r)		830		824
NBCUniversal Media LLC, 2.88%, 04/01/16		1,700		1,744
News America Inc.
4.50%, 02/15/21		850		930
3.00%, 09/15/22		750		745
Nissan Motor Acceptance Corp.
1.80%, 03/15/18 (r)		3,400		3,380
2.65%, 09/26/18 (r)		1,445		1,471
Time Warner Cable Inc.
5.85%, 05/01/17		270		295
6.55%, 05/01/37		435		560
7.30%, 07/01/38		285		393
6.75%, 06/15/39		285		373
5.88%, 11/15/40		690		823
Time Warner Inc.
4.88%, 03/15/20		500		550
4.75%, 03/29/21		450		491
6.25%, 03/29/41		500		621
Viacom Inc., 3.25%, 03/15/23		1,445		1,396
Volkswagen Group of America Finance LLC, 2.45%, 11/20/19 (r)		775		780
				42,757
CONSUMER STAPLES - 0.8%
Altria Group Inc.
4.75%, 05/05/21		548		606
4.50%, 05/02/43		1,665		1,677
Anheuser-Busch InBev Worldwide Inc.
6.88%, 11/15/19 (l)		680		818
5.38%, 01/15/20 (e) (l)		170		193
2.50%, 07/15/22		731		710
BAT International Finance Plc, 3.25%, 06/07/22 (r)		1,945		1,956
Coca-Cola Femsa SAB de CV
2.38%, 11/26/18		1,266		1,289
3.88%, 11/26/23		1,400		1,470
ConAgra Foods Inc., 1.90%, 01/25/18		330		328
CVS Caremark Corp.
5.75%, 06/01/17		74		82
4.00%, 12/05/23		2,680		2,836
Dr. Pepper Snapple Group Inc., 2.90%, 01/15/16		247		252
Grupo Bimbo SAB de CV, 3.88%, 06/27/24 (r)		835		838
Heineken NV
2.75%, 04/01/23 (r)		1,785		1,721
4.00%, 10/01/42 (r)		40		39
Japan Tobacco Inc., 2.10%, 07/23/18 (e) (r)		875		883
Kraft Foods Group Inc.
2.25%, 06/05/17		375		381
3.50%, 06/06/22		980		1,004
Kroger Co.
3.30%, 01/15/21		745		756
3.85%, 08/01/23		430		446
4.00%, 02/01/24		3,275		3,438

	Shares/Par (t)		Value
Molson Coors Brewing Co.
2.00%, 05/01/17		40		40
3.50%, 05/01/22 (e)		1,365		1,379
5.00%, 05/01/42 (e)		550		597
Mondelez International Inc.
4.00%, 02/01/24		545		570
6.50%, 02/09/40		1,000		1,333
PepsiCo Inc., 3.13%, 11/01/20		460		476
SABMiller Holdings Inc.
6.50%, 07/15/18 (r)		600		685
3.75%, 01/15/22 (r)		750		783
4.95%, 01/15/42 (r)		200		225
Sysco Corp.
3.00%, 10/02/21		560		569
3.50%, 10/02/24		320		330
Tyson Foods Inc., 2.65%, 08/15/19		410		414
Wal-Mart Stores Inc, 3.63%, 07/08/20		2,300		2,456
				31,580
ENERGY - 0.7%
BG Energy Capital Plc, 4.00%, 10/15/21 (r)		3,450		3,548
BP Capital Markets Plc
4.75%, 03/10/19		675		738
3.25%, 05/06/22		1,000		983
2.50%, 11/06/22		600		559
3.99%, 09/26/23		195		201
ConocoPhillips Co.
2.88%, 11/15/21		200		202
4.30%, 11/15/44		1,600		1,674
Devon Energy Corp., 3.25%, 05/15/22		510		501
Enterprise Products Operating LLC, 5.10%, 02/15/45		1,325		1,425
EOG Resources Inc., 5.63%, 06/01/19		190		214
Gazprom Neft OAO Via GPN Capital SA, 4.38%, 09/19/22 (r)		410		299
Halliburton Co., 3.50%, 08/01/23		2,750		2,775
Occidental Petroleum Corp., 4.10%, 02/01/21		941		999
Phillips 66, 4.88%, 11/15/44		2,140		2,190
Plains All American Pipeline LP, 4.90%, 02/15/45		2,680		2,724
Statoil ASA
5.25%, 04/15/19		215		242
2.25%, 11/08/19		480		480
2.90%, 11/08/20		1,945		1,990
2.75%, 11/10/21		705		707
2.45%, 01/17/23		187		178
2.65%, 01/15/24		175		170
3.70%, 03/01/24		50		52
3.25%, 11/10/24		255		256
Suncor Energy Inc., 3.60%, 12/01/24		850		841
Total Capital SA, 2.13%, 08/10/18		2,250		2,268
TransCanada Pipelines Ltd., 3.80%, 10/01/20		975		1,002
Western Gas Partners LP, 4.00%, 07/01/22		3,500		3,548
				30,766
FINANCIALS - 3.9%
Ace Capital Trust II, 9.70%, 04/01/30		525		782
ACE INA Holdings Inc., 3.35%, 05/15/24		925		935
American Express Centurion Bank, 6.00%, 09/13/17		850		947
American Express Credit Corp.
2.75%, 09/15/15		500		508
2.38%, 03/24/17		1,025		1,048
2.13%, 07/27/18 (e)		1,700		1,715
American Honda Finance Corp., 2.50%, 09/21/15 (r)		1,000		1,015
American International Group Inc., 4.13%, 02/15/24		1,100		1,171

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
American Tower Corp., 3.45%, 09/15/21 (e)		4,000		3,933
Ameriprise Financial Inc., 5.30%, 03/15/20		170		192
AvalonBay Communities Inc., 3.63%, 10/01/20		905		941
AXA SA, 8.60%, 12/15/30		425		577
Bank of America Corp.
6.50%, 08/01/16		2,000		2,155
5.42%, 03/15/17		700		751
2.00%, 01/11/18		1,200		1,199
7.63%, 06/01/19		800		967
5.63%, 07/01/20		140		159
4.13%, 01/22/24		1,800		1,890
4.20%, 08/26/24		4,600		4,686
5.88%, 02/07/42		300		375
5.00%, 01/21/44		500		560
Bank of Montreal, 2.50%, 01/11/17		2,650		2,714
Bank of New York Mellon Corp., 5.45%, 05/15/19		500		567
Bank of Nova Scotia, 3.40%, 01/22/15		625		626
Barclays Bank Plc
6.05%, 12/04/17 (r)		550		606
2.50%, 02/20/19		1,400		1,419
6.75%, 05/22/19		320		377
3.75%, 05/15/24		1,200		1,237
BNP Paribas SA
2.40%, 12/12/18		2,500		2,524
3.25%, 03/03/23 (e)		1,305		1,330
BPCE SA
2.50%, 12/10/18		520		527
2.50%, 07/15/19 (e)		2,400		2,409
4.00%, 04/15/24		1,255		1,312
5.15%, 07/21/24 (r)		1,375		1,417
Canadian Imperial Bank of Commerce, 2.35%, 12/11/15 (e)		1,300		1,314
Capital One Bank USA NA, 2.15%, 11/21/18		1,930		1,920
Capital One Financial Corp.
2.15%, 03/23/15		895		898
4.75%, 07/15/21		1,500		1,653
3.75%, 04/24/24		2,000		2,043
CDP Financial, 4.40%, 11/25/19 (r)		600		661
Citigroup Inc.
4.59%, 12/15/15		27		28
5.85%, 08/02/16		750		803
4.45%, 01/10/17		1,000		1,057
6.13%, 05/15/18		245		277
2.50%, 09/26/18		1,000		1,012
8.50%, 05/22/19		1,400		1,744
2.50%, 07/29/19		1,155		1,156
5.38%, 08/09/20		143		163
4.50%, 01/14/22		605		661
8.13%, 07/15/39		115		176
5.88%, 01/30/42		165		208
5.30%, 05/06/44		1,055		1,156
CNA Financial Corp., 3.95%, 05/15/24		225		227
Comerica Inc., 3.00%, 09/16/15		95		96
Compass Bank, 2.75%, 09/29/19		700		701
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA, 3.20%, 03/11/15 (r)		750		754
Credit Agricole SA
3.50%, 04/13/15 (e) (r)		740		746
2.50%, 04/15/19 (e) (r)		2,435		2,463
Credit Suisse
2.30%, 05/28/19		795		794
3.00%, 10/29/21		1,070		1,065
3.63%, 09/09/24		2,960		3,011
Credit Suisse New York, 3.50%, 03/23/15		345		347
Deutsche Bank AG London, 3.45%, 03/30/15		500		504
Discover Financial Services, 6.45%, 06/12/17		90		99
Eaton Vance Corp., 6.50%, 10/02/17		30		34

	Shares/Par (t)		Value
ERP Operating LP, 4.75%, 07/15/20		765		840
Fifth Third Bank, 2.88%, 10/01/21		1,800		1,800
Five Corners Funding Trust, 4.42%, 11/15/23 (r)		1,505		1,591
Ford Motor Credit Co. LLC, 2.38%, 03/12/19		7,100		7,051
General Electric Capital Corp.
5.55%, 05/04/20		1,650		1,896
4.63%, 01/07/21		450		502
4.65%, 10/17/21		500		564
3.15%, 09/07/22		3,590		3,656
6.15%, 08/07/37		215		280
5.88%, 01/14/38		1,181		1,494
Goldman Sachs Group Inc.
5.35%, 01/15/16		400		417
5.63%, 01/15/17		670		719
2.38%, 01/22/18		755		763
6.00%, 06/15/20		205		237
5.25%, 07/27/21		1,000		1,129
5.75%, 01/24/22		2,445		2,828
3.63%, 01/22/23		550		557
6.25%, 02/01/41		940		1,188
4.80%, 07/08/44		1,080		1,157
HCP Inc., 6.00%, 01/30/17		365		398
HSBC Bank Plc, 4.13%, 08/12/20 (r)		900		974
HSBC Bank USA NA, 5.88%, 11/01/34		250		312
HSBC Holdings Plc
4.00%, 03/30/22		870		926
6.10%, 01/14/42		905		1,209
5.25%, 03/14/44		260		291
HSBC USA Inc., 1.63%, 01/16/18		1,435		1,429
Huntington National Bank, 2.20%, 04/01/19		915		909
ING Bank NV, 3.75%, 03/07/17 (r)		1,600		1,674
JPMorgan Chase & Co.
3.40%, 06/24/15		1,800		1,823
6.30%, 04/23/19		475		552
4.50%, 01/24/22		825		901
3.25%, 09/23/22		1,000		1,006
3.38%, 05/01/23		1,060		1,049
6.40%, 05/15/38		425		555
5.40%, 01/06/42		540		635
Kimco Realty Corp., 5.78%, 03/15/16		345		363
Korea Development Bank, 2.50%, 03/11/20		3,500		3,483
Korea Finance Corp., 2.88%, 08/22/18		990		1,012
Liberty Mutual Group Inc., 4.25%, 06/15/23 (r)		585		603
Liberty Mutual Insurance Co., 7.88%, 10/15/26 (r)		475		599
Liberty Property LP, 6.63%, 10/01/17		225		252
Lloyds Bank Plc., 4.38%, 01/12/15 (r)		625		626
Loews Corp., 2.63%, 05/15/23		780		737
MassMutual Global Funding II, 2.10%, 08/02/18 (r)		1,875		1,893
MetLife Inc.
1.90%, 12/15/17 (k)		415		416
4.13%, 08/13/42		265		265
4.88%, 11/13/43		1,345		1,519
Metropolitan Life Global Funding I
2.50%, 09/29/15 (r)		1,200		1,217
1.50%, 01/10/18 (r)		1,480		1,471
Morgan Stanley
5.45%, 01/09/17		1,000		1,074
2.13%, 04/25/18		1,900		1,901
2.50%, 01/24/19		1,000		1,001
3.70%, 10/23/24		5,200		5,271
National Rural Utilities Cooperative Finance Corp.
5.45%, 02/01/18		1,000		1,114
3.05%, 02/15/22		445		449
Northern Trust Corp., 3.45%, 11/04/20 (e)		490		518
PNC Bank NA, 3.30%, 10/30/24		835		850

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
PNC Financial Services Group Inc., 3.90%, 04/29/24		830		844
Private Export Funding Corp., 2.25%, 12/15/17		1,985		2,038
Prudential Financial Inc.
5.50%, 03/15/16		425		448
6.00%, 12/01/17		450		504
2.30%, 08/15/18		1,885		1,907
QBE Insurance Group Ltd., 2.40%, 05/01/18 (r)		350		350
Realty Income Corp.
6.75%, 08/15/19		355		418
5.75%, 01/15/21		335		384
Scentre Group Trust, 2.38%, 11/05/19 (r)		2,425		2,407
Sovereign Bank, 8.75%, 05/30/18		450		536
Standard Chartered Plc, 3.85%, 04/27/15 (r)		265		268
Svenska Handelsbanken AB, 2.88%, 04/04/17		2,000		2,067
Synchrony Financial, 3.00%, 08/15/19		475		480
Teachers Insurance & Annuity Association of America, 4.90%, 09/15/44 (r)		685		763
Toyota Motor Credit Corp., 2.80%, 01/11/16		1,020		1,042
U.S. Bancorp, 3.70%, 01/30/24		900		946
UBS AG, 4.88%, 08/04/20		1,700		1,891
Wachovia Corp., 5.75%, 06/15/17		1,500		1,656
WEA Finance LLC
1.75%, 09/15/17 (r)		655		652
2.70%, 09/17/19 (r)		990		990
Wells Fargo & Co.
3.50%, 03/08/22		2,145		2,239
4.48%, 01/16/24		517		551
4.10%, 06/03/26		2,125		2,172
				166,841
HEALTH CARE - 1.0%
Actavis Funding SCS, 4.85%, 06/15/44		1,500		1,522
Aetna Inc., 1.75%, 05/15/17		55		55
Bayer US Finance LLC
2.38%, 10/08/19 (r)		1,050		1,054
3.00%, 10/08/21 (r)		1,675		1,689
3.38%, 10/08/24 (r)		540		550
Cardinal Health Inc.
2.40%, 11/15/19		1,345		1,341
3.50%, 11/15/24		1,205		1,202
4.50%, 11/15/44		1,405		1,447
Celgene Corp.
2.25%, 05/15/19		265		263
3.63%, 05/15/24		620		633
Dignity Health
2.64%, 11/01/19		255		257
3.81%, 11/01/24		515		531
Eli Lilly & Co., 4.65%, 06/15/44		1,205		1,351
Express Scripts Holding Co.
2.65%, 02/15/17		1,897		1,940
2.25%, 06/15/19		970		960
3.90%, 02/15/22		1,000		1,041
3.50%, 06/15/24		1,390		1,385
Forest Laboratories Inc., 4.88%, 02/15/21 (r)		385		413
Gilead Sciences Inc.
3.70%, 04/01/24		1,125		1,180
3.50%, 02/01/25		1,275		1,309
4.50%, 02/01/45		545		583
Kaiser Foundation Hospitals
3.50%, 04/01/22		235		242
4.88%, 04/01/42		455		524
McKesson Corp.
2.85%, 03/15/23		90		86
3.80%, 03/15/24		1,125		1,156
Medtronic Inc.
1.38%, 04/01/18		675		668
2.50%, 03/15/20 (r)		755		757

	Shares/Par (t)		Value
3.15%, 03/15/22 (r)		1,070		1,087
3.63%, 03/15/24		360		374
3.50%, 03/15/25 (r)		1,715		1,754
4.38%, 03/15/35 (r)		1,115		1,183
4.63%, 03/15/45 (r)		370		401
Merck & Co. Inc.
2.80%, 05/18/23		940		933
4.15%, 05/18/43		630		670
Pfizer Inc., 6.20%, 03/15/19		700		814
Roche Holdings Inc., 6.00%, 03/01/19 (l) (r)		433		500
Sanofi SA, 4.00%, 03/29/21		1,025		1,114
UnitedHealth Group Inc.
3.88%, 10/15/20		600		636
2.88%, 03/15/22		70		70
4.63%, 11/15/41		1,040		1,119
WellPoint Inc.
2.30%, 07/15/18		625		628
3.70%, 08/15/21		1,000		1,045
3.30%, 01/15/23		3,675		3,671
Zoetis Inc.
3.25%, 02/01/23		125		123
4.70%, 02/01/43		150		153
				40,414
INDUSTRIALS - 0.3%
Cargill Inc., 4.31%, 05/14/21 (r)		517		569
Catholic Health Initiatives, 2.60%, 08/01/18		815		826
Deere & Co., 4.38%, 10/16/19		185		202
ERAC USA Finance LLC
2.75%, 03/15/17 (r)		340		349
2.35%, 10/15/19 (r)		1,405		1,394
4.50%, 08/16/21 (r)		620		663
3.30%, 10/15/22 (r)		120		119
5.63%, 03/15/42 (r)		1,200		1,401
FedEx Corp.
2.63%, 08/01/22		190		186
2.70%, 04/15/23		520		506
4.90%, 01/15/34		1,005		1,122
5.10%, 01/15/44		1,685		1,946
Hutchison Whampoa International 11 Ltd., 3.50%, 01/13/17 (r)		920		953
Hutchison Whampoa International 14 Ltd., 3.63%, 10/31/24 (r)		1,350		1,356
Parker Hannifin Corp., 4.45%, 11/21/44		610		658
Siemens Financieringsmaatschappij NV, 5.75%, 10/17/16 (r)		675		730
Southwest Airlines Co., 5.75%, 12/15/16		500		540
United Technologies Corp., 3.10%, 06/01/22		225		230
				13,750
INFORMATION TECHNOLOGY - 0.2%
Apple Inc.
2.85%, 05/06/21		1,800		1,841
3.45%, 05/06/24		1,635		1,712
4.45%, 05/06/44		210		232
EMC Corp.
1.88%, 06/01/18		1,540		1,535
2.65%, 06/01/20		750		746
3.38%, 06/01/23		750		753
Oracle Corp., 6.13%, 07/08/39		500		649
				7,468
MATERIALS - 0.1%
BHP Billiton Finance USA Ltd., 3.85%, 09/30/23		1,945		2,047
CF Industries Inc., 5.38%, 03/15/44		1,495		1,613
Monsanto Co., 4.70%, 07/15/64		375		393

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Rio Tinto Finance USA Ltd., 3.75%, 09/20/21		1,895		1,948
				6,001
TELECOMMUNICATION SERVICES - 0.6%
America Movil SAB de CV
3.13%, 07/16/22		1,150		1,135
4.38%, 07/16/42		330		316
AT&T Inc.
6.80%, 05/15/36		150		199
6.55%, 02/15/39		155		191
5.35%, 09/01/40		95		103
5.55%, 08/15/41		340		379
BellSouth Corp., 6.55%, 06/15/34		300		380
Deutsche Telekom International Finance BV
2.25%, 03/06/17 (r)		495		503
8.75%, 06/15/30 (e) (l)		275		406
4.88%, 03/06/42 (r)		705		754
France Telecom SA, 4.13%, 09/14/21 (e)		2,550		2,732
SBC Communications, 6.45%, 06/15/34		480		587
Verizon Communications Inc.
4.50%, 09/15/20		6,235		6,770
3.45%, 03/15/21		975		996
3.50%, 11/01/21		735		751
6.40%, 09/15/33		4,730		5,826
4.75%, 11/01/41		265		272
4.86%, 08/21/46 (r)		692		711
Vodafone Group Plc, 5.45%, 06/10/19		600		675
				23,686
UTILITIES - 0.6%
Abu Dhabi National Energy Co., 5.88%, 10/27/16 (r)		195		210
Atmos Energy Corp., 6.35%, 06/15/17		385		430
Berkshire Hathaway Energy Co., 4.50%, 02/01/45 (r)		1,465		1,533
Colorado Public Service Co., 5.13%, 06/01/19 (e)		500		565
Consolidated Edison Co. of New York Inc.
5.30%, 12/01/16		250		270
4.63%, 12/01/54		910		997
Dominion Resources Inc., 3.63%, 12/01/24		3,200		3,241
Duke Energy Carolinas LLC, 4.30%, 06/15/20		875		951
Electricite de France
5.63% (callable at 100 beginning 01/22/24) (m) (r)		2,000		2,108
4.88%, 01/22/44 (e) (r)		2,800		3,108
Electricite de France SA, 5.25%, (callable at 100 beginning 01/29/23) (m) (r)		770		789
Florida Power & Light Co., 5.25%, 02/01/41		1,465		1,819
Indianapolis Power & Light Co., 6.60%, 06/01/37 (r)		500		711
MidAmerican Energy Co., 6.13%, 04/01/36		350		440
NiSource Finance Corp., 4.80%, 02/15/44		465		495
Oncor Electric Delivery Co. LLC, 5.25%, 09/30/40		325		397
Pacific Gas & Electric Co.
3.85%, 11/15/23		770		801
5.13%, 11/15/43		480		550
PPL Electric Utilities Corp., 6.25%, 05/15/39		60		83
Public Service Electric & Gas Co., 2.70%, 05/01/15		230		232
San Diego Gas & Electric Co.
6.00%, 06/01/39		100		133
5.35%, 05/15/40		800		994
South Carolina Electric & Gas Co., 4.35%, 02/01/42		730		771
Southern California Edison Co., 5.55%, 01/15/37		500		622

	Shares/Par (t)		Value
Southern Co., 2.45%, 09/01/18		675		689
State Grid Overseas Investment Ltd., 2.75%, 05/07/19 (r)		2,175		2,184
				25,123
Total Corporate Bonds and Notes (cost $372,184)				388,386
GOVERNMENT AND AGENCY OBLIGATIONS - 26.2%
GOVERNMENT SECURITIES - 11.9%
Municipals - 0.6%
Bay Area Toll Authority, 6.26%, 04/01/49		975		1,374
City of Chicago O’Hare International Airport
6.85%, 01/01/38		700		797
6.40%, 01/01/40		440		600
City of Sacramento, California (insured by Assured Guaranty Municpal Corp.), 5.85%, 08/01/19		1,260		1,391
Dallas Area Rapid Transit, RB, 6.00%, 12/01/44		390		532
Grand Parkway Transportation Corp., 5.18%, 10/01/42		1,555		1,911
Illinois State Toll Highway Authority, 6.18%, 01/01/34		565		731
Los Angeles Unified School District, 5.75%, 07/01/34		800		1,009
Maryland Transportation Authority, 5.89%, 07/01/43		270		357
Massachusetts School Building Authority, 5.72%, 08/15/39		500		641
Metropolitan Transportation Authority
7.34%, 11/15/39		75		114
6.09%, 11/15/40		405		540
6.81%, 11/15/40		250		346
Municipal Electric Authority of Georgia, 6.64%, 04/01/57		1,775		2,353
New Jersey State Turnpike Authority, 7.41%, 01/01/40		705		1,059
New York State Thruway Authority, RB, 5.88%, 04/01/30		840		1,025
North Texas Tollway Authority, 6.72%, 01/01/49		850		1,231
Oregon School Boards Association (insured by AMBAC Financial Group Corp.) 4.76%, 06/30/28		420		469
Port Authority of New York & New Jersey, GO
6.04%, 12/01/29		105		133
4.46%, 10/01/62		2,500		2,654
State of California
7.55%, 04/01/39		200		309
7.63%, 03/01/40		400		614
State of Illinois, 5.10%, 06/01/33		780		774
University of California
4.60%, 05/15/31		940		1,038
6.58%, 05/15/49		370		505
University of California Build America Bond, 5.77%, 05/15/43		615		790
University of California, 6.55%, 05/15/48		900		1,231
University of Missouri, 5.96%, 11/01/39		360		468
Utility Debt Securitization Authority, 3.44%, 12/15/25		1,165		1,218
				26,214
Sovereign - 0.1%
Mexico Government International Bond
3.50%, 01/21/21 (e)		1,326		1,354
3.60%, 01/30/25		2,315		2,307
Province of Ontario, Canada, 4.00%, 10/07/19		550		601

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Schedules of Investments (in thousands)

December 31, 2014

	Shares/Par (t)		Value
Tennessee Valley Authority, 4.38%, 06/15/15		1,900		1,934
				6,196
U.S. Treasury Securities - 11.2%
U.S. Treasury Bond
5.38%, 02/15/31		16,700		23,291
2.88%, 05/15/43		27,739		28,393
3.38%, 05/15/44		19,635		22,120
3.13%, 08/15/44 (e)		8,880		9,560
3.00%, 11/15/44		2,000		2,102
U.S. Treasury Note
0.50%, 07/31/16 - 08/31/16		94,500		94,431
1.00%, 09/30/16		3,300		3,324
0.88%, 11/30/16		14,815		14,878
0.63%, 05/31/17 - 08/31/17		75,320		74,610
1.00%, 09/15/17 (e)		14,500		14,503
0.75%, 10/31/17		18,300		18,146
1.38%, 07/31/18 - 09/30/18		10,030		10,030
1.25%, 11/30/18		18,500		18,361
1.75%, 09/30/19		37,405		37,616
2.63%, 11/15/20		9,400		9,808
2.13%, 06/30/21		73,070		73,932
2.75%, 11/15/23		1,050		1,105
2.50%, 05/15/24		3,625		3,732
2.38%, 08/15/24		11,095		11,294
2.25%, 11/15/24		2,930		2,950
				474,186
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES - 14.3%
Federal Home Loan Mortgage Corp. - 1.7%
Federal Home Loan Mortgage Corp.
6.00%, 04/01/17 - 12/01/39		956		1,085
6.50%, 11/01/17		5		6
4.50%, 05/01/18 - 03/01/19		149		156
4.00%, 09/01/26 - 07/01/41		634		678
2.50%, 01/15/30, TBA (g)		5,900		5,998
3.00%, 01/15/30 - 01/15/45, TBA (g)		29,165		29,854
7.00%, 11/01/30 - 10/01/32		74		83
3.50%, 01/15/45, TBA (g)		8,000		8,314
4.00%, 01/15/45, TBA (g)		21,850		23,284
5.50%, 01/15/45, TBA (g)		2,400		2,681
				72,139
Federal National Mortgage Association - 10.2%
Federal National Mortgage Association
6.00%, 01/01/18		12		12
4.50%, 09/01/23 - 01/01/45		221,693		240,931
3.50%, 03/01/26 - 03/01/26		247		261
4.00%, 09/01/26 - 09/01/26		4,667		5,003
3.00%, 05/01/27 - 08/01/27		1,130		1,177
7.50%, 09/01/29		12		14
2.00%, 01/15/30, TBA (g)		2,200		2,190
2.50%, 01/15/30 - 01/15/45, TBA (g)		14,750		14,973
3.00%, 01/15/30 - 01/15/45, TBA (g)		36,475		36,943
3.50%, 01/15/30 - 01/15/45, TBA (g)		48,975		51,161
7.00%, 10/01/33		56		65
5.50%, 03/01/38		761		850
6.50%, 10/01/38 - 10/01/39		419		477
5.00%, 07/01/40		476		527
4.00%, 01/15/45, TBA (g)		43,600		46,517
5.00%, 01/15/45, TBA (g)		20,600		22,757
5.50%, 01/15/45, TBA (g)		8,800		9,843
				433,701
Government National Mortgage Association - 2.4%
Government National Mortgage Association
6.00%, 02/15/24 - 04/15/40		9,212		10,529
6.50%, 04/15/26		19		22
5.50%, 11/15/32 - 02/15/36		143		161

	Shares/Par (t)		Value
7.00%, 01/15/33 - 05/15/33		25		30
5.00%, 06/20/33 - 06/15/39		6,927		7,661
4.50%, 06/15/40 - 05/15/42		3,394		3,717
4.00%, 01/15/41 - 12/20/44		3,365		3,612
3.00%, 01/15/45, TBA (g)		13,800		14,104
3.50%, 01/15/45, TBA (g)		38,875		40,790
4.00%, 01/15/45, TBA (g)		6,700		7,186
4.50%, 01/15/45, TBA (g)		9,825		10,733
5.50%, 01/15/45, TBA (g)		3,000		3,349
REMIC, 7.50%, 09/16/35		11		12
				101,906
Total Government and Agency Obligations (cost $1,096,324)				1,114,342
SHORT TERM INVESTMENTS - 7.7%
Federal Home Loan Mortgage Corp. - 1.2% (w)
Federal Home Loan Mortgage Corp., 0.12%, 03/12/15		50,000		49,997
Investment Companies - 4.7%
JNL Money Market Fund, 0.01% (a) (h)		198,600		198,600
Securities Lending Collateral - 1.8%
Securities Lending Cash Collateral Fund LLC, 0.22% (a) (h)		77,400		77,400
Total Short Term Investments (cost $325,988)				325,997
Total Investments - 109.4% (cost $4,007,688)				4,644,989
Total Forward Sales Commitments - (4.8%) (proceeds $202,746)				(203,098	)
Other Assets and Liabilities, Net - (4.6%)				(194,982	)
Total Net Assets - 100.0%			$	4,246,909
FORWARD SALES COMMITMENTS - 4.8%
GOVERNMENT AND AGENCY OBLIGATIONS - 4.8%
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES - 4.8%
Federal National Mortgage Association - 4.7%
Federal National Mortgage Association, 4.50%, 01/15/45, TBA (g)	$	183,550	$	199,255
Government National Mortgage Association - 0.1%
Government National Mortgage Association, 6.00%, 01/15/45, TBA (g)		3,400		3,843
Total Forward Sales Commitments - 4.8% (proceeds $202,746)			$	203,098

See accompanying Notes to Financial Statements.

JNL Series Trust Sub-Advised Funds

Notes to Schedules of Investments (in thousands)

December 31, 2014

(a) Investment in affiliate.

(b) Consolidated Schedule of Investments.

(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 approved by the JNL Series Trust’s (“Trust”) 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 Measurement” based on the applicable valuation inputs. See FASB ASC Topic 820 in the Notes to Financial Statements.

(g) All or a portion of the security was purchased or sold on a delayed delivery basis. As of December 31, 2014, the total payable for investments purchased on a delayed delivery basis was as follows: JNL/BlackRock Global Allocation Fund $3,393; JNL/Capital Guardian Global Balanced Fund $11,937; JNL/Goldman Sachs Core Plus Bond Fund $109,728; JNL/Mellon Capital Bond Index Fund $47,974; JNL/Neuberger Berman Strategic Income Fund $161,708; JNL/PIMCO Real Return Fund $1,617,993; JNL/PIMCO Total Return Bond Fund $571,708; JNL/T. Rowe Price Short-Term Bond Fund $4,535; JNL/WMC Balanced Fund $329,310. As of December 31, 2014, the total proceeds for investments sold on a delayed delivery basis were as follows: JNL/Goldman Sachs Core Plus Bond Fund $1,001; JNL/Mellon Capital Bond Index Fund $10,824; JNL/WMC Balanced Fund $202,746.

(h) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of December 31, 2014.

(i) The security or securities in this category have a variable rate. Rate stated was in effect as of December 31, 2014.

(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, 2014.

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

(m) Perpetual security.

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

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

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

(q) The Sub-Adviser has deemed this security to be illiquid based on procedures approved by the Board.

(r) The Sub-Adviser has deemed this security which is exempt from registration under the Securities Act of 1933 (“1933 Act”), as amended, to be liquid based on procedures approved by the Board. As of December 31, 2014, the value and the percentage of net assets of these liquid securities was as follows: JNL/BlackRock Global Allocation Fund - $64,355, 1.9%; JNL/Franklin Templeton Global Multisector Bond Fund - $283,716, 13.7%; JNL/Franklin Templeton Income Fund - $498,312, 18.4%; JNL/Franklin Templeton Mutual Shares Fund - $18,992, 1.5%; JNL/Goldman Sachs Core Plus Bond Fund - $160,024, 16.4%; JNL/Goldman Sachs Emerging Markets Debt Fund - $116,784, 18.3%; JNL/Ivy Asset Strategy Fund - $418,952, 13.7%; JNL/JPMorgan U.S. Government & Quality Bond Fund - $23,215, 1.9%; JNL/Lazard Emerging Markets Fund - $14,335, 1.1%; JNL/Mellon Capital Bond Index Fund - $2,235, 0.2%; JNL/Neuberger Berman Strategic Income Fund - $50,388, 7.5%; JNL/PIMCO Real Return Fund - $164,717, 8.4%; JNL/PIMCO Total Return Bond Fund - $385,145, 8.4%; JNL/PPM America Floating Rate Income Fund - $36,942, 2.3%; JNL/PPM America High Yield Bond Fund - $981,638, 35.8%; JNL/Scout Unconstrained Bond Fund - $23,809, 3.4%; JNL/T. Rowe Price Short-Term Bond Fund - $400,405, 22.5%; JNL/WMC Balanced Fund - $127,834, 3.0%; JNL/WMC Money Market Fund - $127,301, 9.8%

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

(t) Par amounts are listed in USD unless otherwise noted. Options are quoted in unrounded number of contracts. Gold bullion is quoted in unrounded ounces.

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

(v) Convertible security.

(w) The securities in this category are a direct debt of the agency and not collateralized by mortgages.

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

(y) Pay-in-kind security. The coupon interest earned by the security may be paid in cash or additional par.

(z) This variable rate senior loan will settle after December 31, 2014, at which time the interest rate will be determined.

** A Summary Schedule of Investments is presented for this portfolio. 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, 2014. In certain instances, securities for which footnotes listed above may otherwise apply are included in the Other Securities caption. A complete Schedule of Investments is available without charge, upon request, by calling the Annuity Service Center at 1-800-873-5654 or by visiting the Commission’s website, www.sec.gov.

Currencies:

AUD - Australian Dollar	EUR - European Currency Unit (Euro)	MXN - Mexican Peso	SEK - Swedish Krona
BRL - Brazilian Real	GBP - British Pound	MYR - Malaysian Ringgit	SGD - Singapore Dollar
CAD - Canadian Dollar	GHS - Ghanaian Cedi	NGN - Nigerian Naira	THB - Thai Baht
CHF - Swiss Franc	HKD - Hong Kong Dollar	NOK - Norwegian Krone	TRY - New Turkish Lira
CLP - Chilean Peso	HUF - Hungarian Forint	NZD - New Zealand Dollar	TWD - Taiwan Dollar
CNH - Chinese Offshore Yuan	IDR - Indonesian Rupiah	PEN - Peruvian Nuevo Sol	USD - United States Dollar
CNY - Chinese Yuan	ILS - Israeli New Sheqel	PHP - Philippine Peso	UYU - Uruguayan Peso
COP - Colombian Peso	INR - Indian Rupee	PLN - Polish Zloty	ZAR - South African Rand
CRC - Costa Rican Colon	JPY - Japanese Yen	RON - Romanian New Leu
CZK - Czech Republic Korunas	KRW - Korean Won	RSD - Serbian Dinar
DOP - Dominican Peso	LKR - Sri Lankan Rupee	RUB - Russian Ruble

JNL Series Trust Sub-Advised Funds

Notes to Schedules of Investments (in thousands)

December 31, 2014

Abbreviations:

“-” Amount rounds to less than one thousand	IBEX - Iberia Index
ABS - Asset Backed Security	iTraxx - Group of international credit derivative indices monitored by the
ADR - American Depositary Receipt	International Index Company
ASX - Australian Stock Exchange	JSE - Johannesburg Stock Exchange
CAC - Cotation Assistee en Continu	KCBT - Kansas City Board of Trade
CBT - Chicago Board of Trade	KOSPI - Korea Composite Stock Price Index
CDI - Chess Depository Interest	LIBOR - London Interbank Offered Rate
CDO - Collateralized Debt Obligation	LME - London Metal Exchange
CDX.EM - Credit Derivatives Index - Emerging Markets	MIBOR - Mumbai Interbank Offered Rate
CDX.NA.HY - Credit Derivatives Index - North American - High Yield	MIB - Milano Indice Borsa
CDX.NA.IG - Credit Derivatives Index - North American - Investment Grade	MICEX - Moscow Interbank Currency Exchange Index
CIB - CIBC World Markets	MSCI - Morgan Stanley Capital International
CLO - Collateralized Loan Obligation	NASDAQ - National Association of Securities Dealers Automated Quotations
CPURNSA - CPI Urban Consumers Index Non-Seasonally Adjusted	NVDR - Non-Voting Depository Receipt
CNX - CRISIL NSE Index	NYSE - New York Stock Exchange
CVA - Commanditaire Vennootschap op Aandelen	OAT - Obligations Assimilables du Tresor
EAFE - Europe, Australia and Far East	RB - Revenue Bond
ETF - Exchange Traded Fund	RBOB - Reformulated Blendstock for Oxygenate Blending
Euribor- Europe Interbank Offered Rate	REIT - Real Estate Investment Trust
Euro-Bobl - debt instrument issued by the Federal Republic of	REMIC - Real Estate Mortgage Investment Conduit
Germany with a term of 4.5 to 5.5 years	S&P - Standard & Poor’s
Euro-Bund - debt instrument issued by the Federal Republic of	SDR - Swedish Depository Receipt
Germany with a term of 8.5 to 10.5 years	SGX - Singapore Exchange
Euro-Buxl - debt instrument issued by the Federal Republic of	SPDR - Standard & Poor’s Depository Receipt
Germany with a term of 24 to 35 years	SPI - Schedule Performance Index
Euro-BTP - debt instrument issued by the Republic of Italy	TAIEX - Taiwan Capitalization Weighted Stock Index
with a term of 2 to 11 years	TBA - To Be Announced (Securities purchased on a delayed delivery basis)
Euro-Schatz - debt instrument issued by the Federal Republic of	TES - Peso Denominated Treasury Bonds
Germany with a term of 1.75 to 2.25 years	UF - Unidad de Fomento
FDR - Fiduciary Depository Receipt	UFJ - United Financial of Japan
FTSE - Financial Times and the London Stock Exchange	ULSD - Ultra-low sulfur diesel
GDR - Global Depository Receipt	WTI - West Texas Intermediate

Counterparty Abbreviations:

BBH - Brown Brothers Harriman & Co.	HSB - HSBC Securities, Inc.
BBP - Barclays Bank Plc	JPM - J.P. Morgan Securities, Inc.
BCL - Barclays Capital Inc.	MLP - Merrill Lynch Professional Clearing Corp.
BMO - BMO Capital Markets Corp.	MSC - Morgan Stanley & Co., Incorporated
BNP - BNP Paribas Securities	MSS - Morgan Stanley Capital Services Inc.
BNY - BNY Capital Markets	RBC - Royal Bank of Canada
BOA - Bancamerica Securities/Bank of America NA	RBS - Royal Bank of Scotland
CCI - Citicorp Securities, Inc.	SCB - Standard Chartered Bank
CGM - Citigroup Global Markets	SGB - Societe Generale Bannon LLC
CIT - Citibank, Inc.	SSB - State Street Brokerage Services, Inc.
CSI - Credit Suisse Securities, LLC	TDS - TD Securities Inc.
DUB - Deutsche Bank Alex Brown Inc.	UBS - UBS Securities LLC
GSC - Goldman Sachs & Co.	WBC - Westpac Banking Corporation
GSI - Goldman Sachs International

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees

JNL Series Trust:

We have audited the accompanying (consolidated, where applicable) statements of assets and liabilities of JNL/BlackRock Commodity Securities Fund, JNL BlackRock Global Allocation Fund, JNL/Capital Guardian Global Balanced Fund, JNL/Capital Guardian Global Diversified Research Fund, JNL/DFA U.S. Core Equity Fund, JNL/Eagle SmallCap Equity Fund, JNL/Franklin Templeton Global Growth Fund, JNL Franklin/Templeton Global Multisector Bond Fund, JNL/Franklin Templeton Income Fund, JNL/Franklin Templeton International Small Cap Growth Fund, 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, 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/Mellon Capital Emerging Market Index Fund, JNL/Mellon Capital S&P 500 Index Fund, JNL/Mellon Capital S&P 400 MidCap Index Fund, JNL/Mellon Capital Small Cap Index Fund, JNL/Mellon Capital International Index Fund, JNL/Mellon Capital Bond Index Fund, JNL/Mellon Capital Dow Jones U.S. Contrarian Opportunities Index Fund, JNL/Neuberger Berman Strategic Income Fund, JNL/Oppenheimer Global Growth Fund, JNL/PIMCO Real Return Fund, JNL/PIMCO Total Return Bond Fund, JNL/PPM America Floating Rate Income Fund, JNL/PPM America High Yield Bond Fund, JNL/S&P International 5 Fund, JNL/T. Rowe Price Established Growth Fund, JNL/T. Rowe Price Mid-Cap Growth Fund, JNL/T. Rowe Price Short-Term Bond Fund, JNL/T. Rowe Price Value Fund, and JNL/WMC Balanced Fund (the “Funds”), including the summary schedules of investments, as of December 31, 2014, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the years or periods in the two-year period then ended (collectively, the “financial statements”), the financial highlights for each of the years or periods in the five-year period then ended (the financial statements and financial highlights are included in Item 1 of this Form N-CSR), and the schedules of investments as of December 31, 2014 (included in Item 6 of this Form N-CSR). These financial statements, financial highlights, and schedules of investments are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements, financial highlights, and schedules of investments 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, financial highlights, and schedule of investments in securities are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and schedule of investments in securities. Our procedures included confirmation of securities owned as of December 31, 2014, by correspondence with the custodian, transfer agents 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 (consolidated, where applicable), financial highlights, and schedules of investments referred to above present fairly, in all material respects, the financial position of the Funds as of December 31, 2014, and the results of their operations for the year then ended, the changes in its net assets for each of the years or periods in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

/s/ KPMG LLP

Chicago, Illinois

February 26, 2015

(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 9, 2015

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 9, 2015
By:	/s/ Gerard A.M. Oprins
	Gerard A.M. Oprins
	Principal Financial Officer
Date:	March 9, 2015

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.