JNL Variable Fund NPORT-P JNL/Mellon Dow Index Fund (Mar 2020 report)

JNL Variable Fund LLC (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

			Shares/Par1		Value ($)
JNL/Mellon Communication Services Sector Fund
COMMON STOCKS 98.9%
Communication Services 98.9%
	Activision Blizzard, Inc.		40		2,404
	Alphabet Inc. - Class A (a)		16		18,318
	Alphabet Inc. - Class C (a)		16		18,917
	Altice USA, Inc. - Class A (a)		7		154
	AMC Entertainment Holdings, Inc. - Class A (b)		3		9
	AMC Networks, Inc. - Class A (a)		2		59
	ANGI Homeservices Inc. (a) (b)		4		20
	Anterix Inc. (a)		1		32
	AT&T Inc.		384		11,205
	ATN International Limited		1		36
	Bandwidth Inc. - Class A (a) (b)		1		54
	Boingo Wireless, Inc. (a) (b)		2		26
	Boston Omaha Corporation - Class A (a) (b)		1		9
	Cable One, Inc.		—		421
	Cardlytics, Inc. (a)		1		37
	Cargurus Inc. - Class A (a)		4		77
	Cars.com Inc. (a) (b)		4		15
	CenturyLink Inc.		52		492
	Charter Communications, Inc. - Class A (a)		8		3,449
	Cinemark Holdings, Inc.		6		63
	Clear Channel Outdoor Holdings, Inc. (a) (b)		20		13
	Cogent Communications Group, Inc.		2		183
	Comcast Corporation - Class A		239		8,202
	Consolidated Communications Holdings Inc.		4		19
	Discovery, Inc. - Class A (a) (b)		8		164
	Discovery, Inc. - Class C (a)		19		331
	Dish Network Corporation - Class A (a)		13		268
	Electronic Arts Inc. (a)		15		1,540
	Emerald Holding, Inc.		2		4
	Entercom Communications Corp. - Class A		7		12
	Eventbrite, Inc. - Class A (a)		2		17
	EverQuote, Inc. - Class A (a) (b)		—	��	5
	EW Scripps Co. - Class A (b)		3		20
	Facebook, Inc. - Class A (a)		127		21,119
	Fox Corporation - Class A		19		444
	Fox Corporation - Class B		9		199
	Gannett Media Corp. (b)		7		10
	GCI Liberty, Inc. - Class A (a)		5		292
	Globalstar, Inc. (a) (b)		35		10
	Glu Mobile Inc. (a)		6		40
	Gogo LLC (a) (b)		3		7
	Gray Television, Inc. (a)		5		52
	Hemisphere Media Group, Inc. - Class A (a)		1		9
	IAC/InterActiveCorp (a)		4		746
	iHeartMedia, Inc. - Class A (a) (b)		3		24
	IMAX Corporation (a)		3		27
	Interpublic Group of Cos. Inc.		21		334
	Iridium Communications Inc. (a)		6		136
	John Wiley & Sons Inc. - Class A		2		88
	Liberty Braves Group - Class A (a)		1		10
	Liberty Braves Group - Class C (a)		2		37
	Liberty Broadband Corp. - Class C (a)		6		626
	Liberty Global PLC - Class A (a)		8		138
	Liberty Global PLC - Class C (a) (b)		22		346
	Liberty Latin America Ltd. - Class A (a)		2		25
	Liberty Latin America Ltd. - Class C (a)		6		62
	Liberty Media Corporation - Class C (a)		11		291
	Liberty SiriusXM Group - Class A (a)		5		143
	Liberty SiriusXM Group - Class C (a)		9		275
	Liberty TripAdvisor Holdings Inc. - Class A (a)		4		7
	Lions Gate Entertainment Corp. - Class A (a) (b)		3		19
	Lions Gate Entertainment Corp. - Class B (a)		6		34
	Live Nation Entertainment, Inc. (a) (b)		8		348
	Loral Spacecom Corporation (a)		1		11
	Marcus Corp.		1		14
	Match Group, Inc. (a) (b)		3		189
	Meredith Corporation (b)		2		25
	MSG Networks Inc. - Class A (a) (b)		2		25
	National CineMedia, Inc.		4		11
	Netflix, Inc. (a)		23		8,648
	New York Times Co. - Class A		8		239
	News Corporation - Class A		21		186
	Nexstar Media Group, Inc. - Class A (b)		2		143
	Omnicom Group Inc.		12		632
	ORBCOMM Inc. (a)		4		11
	Pinterest, Inc. - Class A (a)		15		234
	QuinStreet, Inc. (a)		2		19
	Roku Inc. - Class A (a) (b)		5		418
	Scholastic Corp.		2		41
	Shenandoah Telecommunications Company		2		119
	Sinclair Broadcast Group Inc. - Class A (b)		3		54
	Sirius XM Holdings Inc. (b)		79		392
	Snap Inc. - Class A (a)		39		466
	Sprint Corporation (a)		43		374
	Take-Two Interactive Software Inc. (a)		6		710
	TechTarget, Inc. (a)		1		27
	TEGNA Inc.		11		124
	Telephone & Data Systems Inc.		5		87
	The Madison Square Garden Company - Class A (a)		1		170
	T-Mobile USA, Inc. (a)		18		1,512
	Tribune Publishing Company, LLC		1		8
	TripAdvisor Inc.		5		92
	Truecar, Inc. (a)		4		9
	Twitter, Inc. (a)		39		955
	US Cellular Corp. (a)		1		22
	Verizon Communications Inc.		218		11,693
	ViacomCBS Inc. - Class B		30		418
	Vonage Holdings Corp. (a)		12		88
	Walt Disney Co.		95		9,163
	WideOpenWest, Inc. (a)		2		7
	World Wrestling Entertainment, Inc. - Class A (b)		3		87
	Yelp Inc. - Class A (a)		4		68
	Zillow Group, Inc. - Class C (a) (b)		7		246
	Zynga Inc. - Class A (a)		45		311
	Total Common Stocks (cost $138,631)			130,521
SHORT TERM INVESTMENTS 2.5%
Securities Lending Collateral 1.5%
	JNL Securities Lending Collateral Fund - Institutional Class, 0.25% (c) (d)		1,957		1,957
Investment Companies 0.8%
	JNL Government Money Market Fund - Institutional Class, 0.23% (c) (d)		1,077		1,077
U.S. Treasury Bill 0.2%
	Treasury, United States Department of
		0.21%, 06/18/20 (e) (f)	56		56
		0.05%, 12/31/20 (e) (f)	76		76
		0.15%, 02/25/21 (e) (f)	102		102
				234
	Total Short Term Investments (cost $3,268)			3,268
Total Investments 101.4% (cost $141,899)					133,789
Other Derivative Instruments (0.0)%					(11)
Other Assets and Liabilities, Net (1.4)%					(1,851)
Total Net Assets 100.0%					131,927

(a)Non-income producing security.

(b)All or a portion of the security was on loan as of March 31, 2020.

(c)Investment in affiliate.

(d)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2020.

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

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

1

JNL Variable Fund LLC (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

JNL/Mellon Communication Services Sector Fund — Futures Contracts
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
S&P Communication Services Select Sector Index	29	June 2020		1,594	(11)			76

2

JNL Variable Fund LLC (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

		Shares/Par1	Value ($)
JNL/Mellon Consumer Discretionary Sector Fund
COMMON STOCKS 98.9%
Consumer Discretionary 98.9%
	1-800-Flowers.Com, Inc. - Class A (a) (b)	8	111
	Aaron's, Inc.	25	561
	Abercrombie & Fitch Co. - Class A (b)	24	215
	Acushnet Holdings Corp.	12	310
	Adient Public Limited Company (a)	32	286
	Adtalem Global Education Inc. (a)	20	531
	Advance Auto Parts, Inc.	26	2,380
	Amazon.com, Inc. (a)	156	303,347
	American Axle & Manufacturing Holdings, Inc. (a)	41	146
	American Eagle Outfitters, Inc.	58	462
	American Outdoor Brands Corporation (a)	20	165
	American Public Education, Inc. (a)	6	132
	America's Car Mart, Inc. (a)	2	137
	Aptiv PLC	94	4,632
	Aramark (b)	92	1,835
	Asbury Automotive Group, Inc. (a)	7	404
	At Home Group, Inc. (a) (b)	20	40
	Autoliv, Inc.	30	1,389
	AutoNation, Inc. (a)	20	564
	AutoZone, Inc. (a)	9	7,455
	BBX Capital Corporation - Class A	28	65
	Beazer Homes USA, Inc. (a)	11	73
	Bed Bath & Beyond Inc. (b)	44	187
��	Best Buy Co., Inc. (b)	88	5,005
	Big Lots, Inc. (b)	15	215
	BJ's Restaurants, Inc.	8	112
	Bloomin' Brands, Inc.	32	227
	Booking Holdings Inc. (a)	15	20,801
	Boot Barn Holdings, Inc. (a)	11	144
	BorgWarner Inc.	76	1,850
	Boyd Gaming Corporation	30	439
	Bright Horizons Family Solutions Inc. (a)	21	2,184
	Brinker International Inc. (b)	13	154
	Brunswick Corp.	30	1,076
	Buckle Inc. (b)	11	156
	Burlington Stores Inc. (a)	24	3,856
	Caesars Entertainment Corp. (a)	202	1,366
	Caleres Inc.	17	86
	Callaway Golf Co.	32	322
	Camping World Holdings, Inc. - Class A (b)	15	84
	Capri Holdings Limited (a)	55	590
	Carmax Inc. (a) (b)	61	3,262
	Carnival Plc (b)	155	2,044
	Carriage Services Inc.	6	99
	Carrols Restaurant Group, Inc. (a)	15	28
	Carter's Inc.	16	1,069
	Carvana Co. - Class A (a) (b)	17	952
	Cato Corp. - Class A (b)	8	83
	Cavco Industries Inc. (a)	3	448
	Century Communities Inc. (a)	10	145
	Cheesecake Factory Inc. (b)	15	259
	Chegg, Inc. (a)	40	1,434
	Chico's FAS Inc.	44	56
	Childrens Place Retail Stores Inc. (b)	6	123
	Chipotle Mexican Grill Inc. (a)	10	6,393
	Choice Hotels International Inc.	13	822
	Churchill Downs Inc.	13	1,342
	Chuy's Holdings Inc. (a)	6	56
	Columbia Sportswear Co.	11	774
	Conn's Inc. (a) (b)	7	29
	Cooper Tire & Rubber Co.	18	289
	Cooper-Standard Holdings Inc. (a) (b)	7	72
	Core-Mark Holding Co. Inc.	17	474
	Cracker Barrel Old Country Store, Inc. (b)	7	611
	Crocs Inc. (a)	23	395
	D.R. Horton, Inc.	130	4,406
	Dana Holding Corp.	51	400
	Darden Restaurants Inc. (b)	45	2,457
	Dave & Buster's Entertainment Inc. (b)	12	161
	Deckers Outdoor Corp. (a)	10	1,373
	Del Taco Restaurants Inc. (a)	13	44
	Delphi Technologies PLC (a)	30	245
	Denny's Corporation (a)	23	179
	Designer Brands Inc. - Class A	23	113
	Dick's Sporting Goods Inc.	23	483
	Dillard's Inc. - Class A (b)	4	151
	Dine Brands Global Inc.	6	182
	Dollar General Corp.	95	14,347
	Dollar Tree Inc. (a)	87	6,399
	Domino's Pizza, Inc.	14	4,631
	Dorman Products Inc. (a)	11	580
	Duluth Holdings Inc. - Class B (a) (b)	8	34
	Dunkin' Brands Group Inc.	30	1,604
	eBay Inc.	286	8,591
	El Pollo Loco Holdings Inc. (a) (b)	7	62
	Eldorado Resorts, Inc. (a) (b)	23	338
	Ethan Allen Interiors Inc.	8	85
	ETSY, Inc. (a)	44	1,673
	Everi Holdings Inc. (a)	29	96
	Expedia Group, Inc.	51	2,892
	Extended Stay America, Inc. - Class B	66	482
	Five Below, Inc. (a)	20	1,442
	Floor & Decor Holdings Inc. (a)	26	830
	Foot Locker, Inc.	40	880
	Ford Motor Company	1,440	6,957
	Fossil Group, Inc. (a) (b)	20	65
	Fox Factory Holding Corp. (a)	14	600
	Frontdoor, Inc. (a)	31	1,069
	Funko Inc. - Class A (a) (b)	7	29
	GameStop Corp. - Class A (b)	32	111
	Gap Inc. (b)	83	585
	Garmin Ltd.	49	3,663
	Garrett Motion Inc. (a)	31	87
	General Motors Company	475	9,878
	Genesco Inc. (a)	6	74
	Gentex Corp.	94	2,074
	Gentherm Incorporated (a)	12	374
	Genuine Parts Co.	54	3,626
	G-III Apparel Group, Ltd. (a) (b)	16	123
	Golden Entertainment, Inc. (a)	9	56
	Gopro Inc. - Class A (a) (b)	50	131
	Graham Holdings Co.	2	537
	Grand Canyon Education, Inc. (a)	18	1,353
	Green Brick Partners Inc. (a)	11	91
	Group 1 Automotive Inc.	7	301
	Groupon Inc. - Class A (a) (b)	179	176
	Grubhub Holdings Inc. (a) (b)	34	1,387
	Guess Inc. (b)	18	120
	H & R Block, Inc.	75	1,052
	Hamilton Beach Brands Holding Company	3	31
	Hanesbrands Inc.	132	1,039
	Harley-Davidson, Inc.	57	1,075
	Hasbro, Inc.	48	3,427
	Haverty Furniture Cos. Inc.	6	71
	Helen of Troy Ltd (a)	9	1,319
	Hibbett Sports Inc. (a) (b)	7	75
	Hilton Grand Vacations Inc. (a)	32	506
	Hilton Worldwide Holdings Inc.	99	6,766
	Hooker Furniture Corp. (b)	5	72
	Houghton Mifflin Harcourt Company (a)	39	73
	Installed Building Products, Inc. (a)	8	325
	iRobot Corp. (a) (b)	10	415
	J.C. Penney Co. Inc. (a) (b)	132	48
	Jack in the Box Inc.	8	287
	Johnson Outdoors Inc. - Class A	3	166
	K12 Inc. (a)	15	280
	KB Home	29	517
	Kohl's Corporation	58	852
	Kontoor Brands, Inc. (b)	18	346
	L Brands, Inc.	86	996
	Lands' End, Inc. (a) (b)	5	27
	Las Vegas Sands Corp.	128	5,431
	Laureate Education Inc. - Class A (a)	43	453
	La-Z-Boy Inc.	16	339
	LCI Industries	9	629
	Lear Corporation	21	1,716

3

JNL Variable Fund LLC (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

		Shares/Par1		Value ($)
	Leggett & Platt Inc.	48		1,280
	Lennar Corporation - Class A	104		3,960
	Levi Strauss & Co. - Class A (b)	18		226
	LGI Homes, Inc. (a)	7		336
	Lindblad Expeditions Holdings Inc. (a)	11		46
	Lithia Motors Inc. - Class A	8		686
	LKQ Corporation (a)	113		2,313
	Lowe`s Companies, Inc.	284		24,411
	Lululemon Athletica Inc. (a)	41		7,762
	Lumber Liquidators, Inc. (a) (b)	13		59
	M/I Homes, Inc. (a)	10		160
	Macy's, Inc. (b)	115		564
	Malibu Boats, Inc. - Class A (a)	7		209
	Marine Products Corp.	4		31
	MarineMax Inc. (a)	7		68
	Marriott International, Inc. - Class A (b)	103		7,688
	Marriott Vacations Worldwide Corporation	13		740
	MasterCraft Boat Holdings, Inc. (a)	8		60
	Mattel, Inc. (a) (b)	128		1,124
	McDonald's Corporation	278		45,985
	MDC Holdings Inc.	18		415
	MercadoLibre S.R.L (a)	17		8,084
	Meritage Homes Corporation (a)	13		474
	MGM Resorts International	182		2,144
	Modine Manufacturing Co. (a)	15		50
	Mohawk Industries Inc. (a)	22		1,704
	Monarch Casino & Resort Inc. (a)	5		132
	Monro Inc. (b)	12		546
	Motorcar Parts of America Inc. (a) (b)	6		81
	Movado Group Inc.	7		82
	Murphy USA Inc. (a)	11		920
	National Vision Holdings, Inc. (a)	29		565
	Newell Brands Inc.	147		1,954
	NIKE, Inc. - Class B	460		38,074
	Nordstrom Inc.	40		616
	Norwegian Cruise Line Holdings Ltd. (a)	77		849
	NVR, Inc. (a) (b)	1		3,342
	Office Depot Inc.	208		341
	Ollie's Bargain Outlet Holdings Inc. (a) (b)	21		963
	OneSpaWorld Holdings Limited (b)	18		72
	O'Reilly Automotive, Inc. (a)	28		8,422
	Oxford Industries Inc. (b)	6		228
	Papa John's International Inc. (b)	7		398
	Party City Holdco Inc. (a) (b)	26		12
	Penn National Gaming Inc. (a) (b)	41		523
	Penske Automotive Group, Inc.	14		379
	Perdoceo Education Corporation (a)	26		277
	PetMed Express Inc. (b)	7		211
	Planet Fitness, Inc. - Class A (a)	30		1,479
	Playa Hotels & Resorts N.V. (a)	26		45
	PlayAGS, Inc. (a)	11		30
	Polaris Industries Inc.	21		1,015
	Pool Corporation	15		2,924
	Pulte Homes Inc.	95		2,124
	PVH Corp.	27		1,025
	Quotient Technology Inc. (a)	26		168
	Qurate Retail, Inc. - Class A (a)	142		870
	Ralph Lauren Corp. - Class A	18		1,209
	Red Robin Gourmet Burgers, Inc. (a) (b)	6		49
	Red Rock Resorts, Inc. - Class A	24		208
	Regis Corp. (a) (b)	8		47
	Rent-A-Center, Inc.	17		242
	Revolve Group - Class A (a)	5		45
	RH (a) (b)	6		613
	Ross Stores Inc.	134		11,629
	Royal Caribbean Cruises Ltd. (b)	66		2,107
	Ruth's Hospitality Group Inc.	11		72
	Sally Beauty Holdings, Inc. (a)	41		335
	Scientific Games Corporation - Class A (a) (b)	18		170
	Seaworld Entertainment, Inc. (a) (b)	20		218
	Service Corp. International	68		2,654
	ServiceMaster Holding Corporation (a)	50		1,363
	Shake Shack Inc. - Class A (a) (b)	12		442
	Shoe Carnival Inc. (b)	5		103
	Shutterstock Inc.	7		238
	Signet Jewelers Limited	20		129
	Six Flags Operations Inc.	27		340
	Skechers U.S.A. Inc. - Class A (a)	49		1,169
	Skyline Corp. (a)	19		301
	Sleep Number Corporation (a)	11		208
	Sonic Automotive, Inc. - Class A	9		116
	Sonos, Inc. (a)	9		75
	Stamps.com Inc. (a)	6		778
	Standard Motor Products Inc.	7		299
	Starbucks Corporation	436		28,676
	Steven Madden Ltd.	29		674
	Stitch Fix, Inc. - Class A (a) (b)	19		244
	Stoneridge, Inc. (a)	11		183
	Strategic Education, Inc.	8		1,146
	Sturm Ruger & Co. Inc.	6		320
	Tapestry Inc.	101		1,302
	Target Corporation	187		17,406
	Taylor Morrison Home II Corporation - Class A (a)	46		501
	Tempur Sealy International, Inc. (a)	17		728
	Tenneco Inc. (b)	20		73
	Tesla Inc. (a) (b)	50		26,165
	Texas Roadhouse Inc.	25		1,015
	The Goodyear Tire & Rubber Company	84		489
	The Home Depot, Inc.	403		75,202
	The Michaels Companies, Inc. (a) (b)	38		62
	The RealReal, Inc. (a) (b)	8		58
	The Rubicon Project, Inc. (a)	18		97
	The Wendy's Company	68		1,019
	Thor Industries Inc.	20		848
	Tiffany & Co.	40		5,141
	TJX Cos. Inc.	447		21,352
	Toll Brothers Inc.	49		940
	TopBuild Corp. (a)	13		903
	Tractor Supply Co.	43		3,677
	TRI Pointe Homes, Inc. (a)	50		437
	Tupperware Brands Corp. (b)	21		34
	Twin River Worldwide Holdings, Inc. (b)	9		120
	Ulta Salon, Cosmetics & Fragrance, Inc. (a)	21		3,640
	Under Armour Inc. - Class A (a)	70		642
	Under Armour Inc. - Class C (a)	70		563
	Unifi Inc. (a)	5		57
	Universal Electronics Inc. (a)	5		205
	Urban Outfitters Inc. (a)	23		328
	Vail Resorts, Inc.	15		2,206
	Veoneer, Inc. (a) (b)	41		299
	Vera Bradley, Inc. (a)	9		39
	VF Corp.	126		6,790
	Vista Outdoor Inc. (a)	21		185
	Visteon Corporation (a) (b)	10		501
	Wayfair Inc. - Class A (a) (b)	23		1,246
	Whirlpool Corporation	23		1,995
	Williams-Sonoma Inc. (b)	28		1,208
	Wingstop Inc.	11		871
	Winmark Corp.	1		142
	Winnebago Industries Inc.	12		337
	Wolverine World Wide, Inc.	31		465
	WW International, Inc. (a)	18		308
	Wyndham Destinations, Inc.	33		710
	Wyndham Hotels & Resorts, Inc.	35		1,090
	Wynn Resorts Ltd.	36		2,147
	YETI Holdings, Inc. (a) (b)	20		396
	Yum! Brands, Inc.	112		7,665
	Zumiez Inc. (a)	7		119
	Total Common Stocks (cost $897,409)		929,684
RIGHTS 0.0%
	Dyax Corp. (a) (c)	27		1
	Total Rights (cost $0)		1
SHORT TERM INVESTMENTS 3.3%
Securities Lending Collateral 2.2%
	JNL Securities Lending Collateral Fund - Institutional Class, 0.25% (d) (e)	21,014		21,014
Investment Companies 0.9%
	JNL Government Money Market Fund - Institutional Class, 0.23% (d) (e)	8,013		8,013

4

JNL Variable Fund LLC (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

			Shares/Par1		Value ($)
U.S. Treasury Bill 0.2%
	Treasury, United States Department of
		0.21%, 06/18/20 (f) (g)	616		616
		0.41%, 09/10/20 (f) (g)	106		106
		0.05%, 12/31/20 (f) (g)	309		309
		0.15%, 02/25/21 (f) (g)	530		529
				1,560
	Total Short Term Investments (cost $30,588)			30,587
Total Investments 102.2% (cost $927,997)					960,272
Other Derivative Instruments (0.0)%					(231)
Other Assets and Liabilities, Net (2.2)%					(20,387)
Total Net Assets 100.0%					939,654

(a)Non-income producing security.

(b)All or a portion of the security was on loan as of March 31, 2020.

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

(d)Investment in affiliate.

(e)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2020.

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

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

JNL/Mellon Consumer Discretionary Sector Fund — Futures Contracts
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
S&P Consumer Discretionary Select Sector Index	107	June 2020		9,884	(231)			679

5

JNL Variable Fund LLC (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

			Shares/Par1		Value ($)
JNL/Mellon Dow Index Fund
COMMON STOCKS 98.1%
Information Technology 23.6%
	Apple Inc.		228		57,858
	Cisco Systems, Inc.		227		8,944
	Intel Corporation		228		12,314
	International Business Machines Corporation		227		25,240
	Microsoft Corporation		228		35,884
	Visa Inc. - Class A		228		36,659
				176,899
Industrials 15.1%
	3M Company		228		31,060
	Caterpillar Inc.		228		26,402
	The Boeing Company		227		33,934
	United Technologies Corporation		227		21,463
				112,859
Health Care 14.9%
	Johnson & Johnson		228		29,836
	Merck & Co., Inc.		227		17,506
	Pfizer Inc.		227		7,427
	UnitedHealth Group Incorporated		228		56,741
				111,510
Consumer Discretionary 13.2%
	McDonald's Corporation		228		37,622
	NIKE, Inc. - Class B		228		18,826
	The Home Depot, Inc.		228		42,482
				98,930
Financials 13.0%
	American Express Company		228		19,479
	JPMorgan Chase & Co.		227		20,484
	The Goldman Sachs Group, Inc.		227		35,174
	The Travelers Companies, Inc.		227		22,605
				97,742
Consumer Staples 9.5%
	Procter & Gamble Co.		227		25,028
	The Coca-Cola Company		227		10,068
	Walgreens Boots Alliance, Inc.		228		10,409
	Walmart Inc.		227		25,852
				71,357
Communication Services 4.6%
	Verizon Communications Inc.		227		12,225
	Walt Disney Co.		227		21,979
				34,204
Energy 3.3%
	Chevron Corporation		228		16,487
	Exxon Mobil Corporation		228		8,639
				25,126
Materials 0.9%
	Dow Inc.		228		6,654
	Total Common Stocks (cost $639,491)			735,281
SHORT TERM INVESTMENTS 2.0%
Investment Companies 1.9%
	JNL Government Money Market Fund - Institutional Class, 0.23% (a) (b)		14,061		14,061
U.S. Treasury Bill 0.1%
	Treasury, United States Department of
		0.21%, 06/18/20 (c) (d)	319		319
		0.05%, 12/31/20 (c) (d)	128		128
		0.15%, 02/25/21 (c) (d)	866		865
				1,312
	Total Short Term Investments (cost $15,373)			15,373
Total Investments 100.1% (cost $654,864)					750,654
Other Derivative Instruments (0.0)%					(251)
Other Assets and Liabilities, Net (0.1)%					(785)
Total Net Assets 100.0%					749,618

(a)Investment in affiliate.

(b)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2020.

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

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

JNL/Mellon Dow Index Fund — Futures Contracts
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
Dow Jones Industrial Average Index	145	June 2020		15,107	(251)			662

6

JNL Variable Fund LLC (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

			Shares/Par1		Value ($)
JNL/Mellon Energy Sector Fund
COMMON STOCKS 99.5%
Energy 99.5%
	Antero Midstream Corporation (a)		201		422
	Antero Resources Corporation (a) (b)		219		156
	Apache Corporation		335		1,400
	Apergy Corporation (b)		73		417
	Arch Coal, Inc. - Class A (a)		13		366
	Archrock, Inc.		116		436
	Baker Hughes, a GE Company, LLC - Class A		581		6,103
	Berry Corporation (Bry)		53		128
	Bonanza Creek Energy, Inc. (b)		13		148
	Brigham Minerals, Inc. - Class A		25		204
	Cabot Oil & Gas Corp.		361		6,211
	Cactus Inc. - Class A		42		485
	California Resources Corporation (a) (b)		38		38
	Callon Petroleum Company (a) (b)		328		180
	Centennial Resource Development, LLC - Class A (a) (b)		154		41
	Cheniere Energy, Inc. (b)		205		6,869
	Chesapeake Energy Corporation (a) (b)		1,649		285
	Chevron Corporation		1,685		122,061
	Cimarex Energy Co.		93		1,557
	Clean Energy Fuels Corp. (b)		110		196
	CNX Resources Corporation (b)		171		911
	Concho Resources Inc.		180		7,701
	ConocoPhillips		978		30,130
	CONSOL Mining Corporation (a) (b)		23		87
	Continental Resources Inc. (a)		81		619
	Core Laboratories N.V. (a)		40		413
	CVR Energy, Inc. (a)		27		439
	Delek US Holdings, Inc. (a)		64		1,016
	Denbury Resources Inc. (a) (b)		381		70
	Devon Energy Corporation		338		2,333
	Diamond Offshore Drilling, Inc. (a) (b)		60		109
	Diamond S Shipping Inc. (b)		19		228
	Diamondback Energy, Inc.		137		3,587
	DMC Global Inc. (a)		13		308
	Dril-Quip Inc. (b)		31		944
	Enlink Midstream, LLC		223		246
	EOG Resources, Inc.		519		18,640
	EQT Corporation		229		1,621
	Equitrans Midstream Corp. (a)		199		1,000
	Exterran Trinidad LLC (b)		28		132
	Extraction Oil & Gas, Inc. (a) (b)		72		31
	Exxon Mobil Corporation		3,769		143,119
	Frank's International N.V. (b)		78		203
	Gran Tierra Energy Inc. (a) (b)		325		81
	Green Plains Renewable Energy Inc. (a)		28		137
	Gulfport Energy Corporation (a) (b)		134		60
	Halliburton Company		778		5,330
	Helix Energy Solutions Group, Inc. (b)		116		191
	Helmerich & Payne Inc.		97		1,513
	Hess Corporation		245		8,162
	HollyFrontier Corp.		138		3,372
	International Seaways, Inc.		19		463
	Kinder Morgan, Inc.		1,818		25,302
	Kosmos Energy Ltd.		233		209
	Laredo Petroleum Holdings Inc. (a) (b)		122		46
	Liberty Oilfield Services Inc. - Class A (a)		43		117
	Magnolia Oil & Gas Corp. - Class A (a) (b)		105		420
	Marathon Oil Corporation		703		2,312
	Marathon Petroleum Corporation		579		13,686
	Matador Resources Co. (a) (b)		90		223
	Matrix Service Co. (b)		23		220
	Murphy Oil Corporation (a)		131		801
	Nabors Industries Ltd (a)		289		113
	NACCO Industries Inc. - Class A		3		85
	National Oilwell Varco, Inc.		347		3,406
	Newpark Resources Inc. (b)		77		69
	NexTier Oilfield Solutions Inc. (b)		131		153
	Noble Corporation PLC (a) (b)		210		55
	Noble Energy, Inc.		424		2,564
	Northern Oil and Gas Inc. (a) (b)		170		112
	Oasis Petroleum Inc. (a) (b)		245		85
	Occidental Petroleum Corporation (a)		798		9,242
	Oceaneering International, Inc. (b)		82		240
	Oil States International Inc. (b)		48		98
	ONEOK, Inc.		369		8,054
	Par Pacific Holdings, Inc. (b)		26		183
	Parsley Energy Inc. - Class A		271		1,551
	Patterson-UTI Energy Inc. (a)		175		411
	PBF Energy Inc. - Class A		105		745
	PDC Energy, Inc. (b)		86		536
	Peabody Energy Corp.		57		165
	Penn Virginia Corporation (b)		9		26
	Phillips 66		396		21,260
	Pioneer Natural Resources Co.		148		10,378
	Plains GP Holdings, L.P. - Class A (a) (b)		158		889
	Propetro Holding Corp. (b)		71		178
	QEP Resources, Inc.		197		66
	Range Resources Corporation (a)		176		401
	Rattler Midstream LP		33		114
	Reg Biofuels, LLC (b)		36		731
	REX Stores Corp. (b)		5		244
	RPC Inc. (a)		56		114
	Schlumberger Ltd.		1,235		16,661
	SEACOR Holdings Inc. (b)		16		435
	Select Energy Services, Inc. - Class A (b)		52		167
	SM Energy Company (a)		90		109
	Solaris Oilfield Infrastructure, Inc. - Class A		25		134
	Southwestern Energy Co. (a) (b)		492		832
	Tallgrass Energy, LP - Class A (a)		142		2,335
	Talos Energy Inc. (b)		18		104
	Targa Resources Corp.		209		1,444
	TechnipFMC PLC		373		2,515
	Tellurian Investments Inc. (a) (b)		82		74
	Texas Pacific Land Trust		6		2,099
	The Williams Companies, Inc.		1,081		15,303
	Tidewater Inc. (b)		32		225
	Transocean Ltd. (a) (b)		460		533
	U.S. Silica Holdings, Inc. (a)		58		104
	Valaris PLC - Class A (a)		164		74
	Valero Energy Corporation		366		16,617
	Viper Energy Partners LP		57		381
	W&T Offshore, Inc. (a) (b)		84		144
	Whiting Petroleum Corporation (a) (b)		75		51
	World Fuel Services Corp.		58		1,462
	WPX Energy, Inc. (b)		360		1,098
	Total Common Stocks (cost $1,343,362)			549,404
SHORT TERM INVESTMENTS 4.5%
Securities Lending Collateral 2.8%
	JNL Securities Lending Collateral Fund - Institutional Class, 0.25% (c) (d)		15,507		15,507
Investment Companies 1.6%
	JNL Government Money Market Fund - Institutional Class, 0.23% (c) (d)		8,556		8,556
U.S. Treasury Bill 0.1%
	Treasury, United States Department of
		0.21%, 06/18/20 (e) (f)	400		400
		0.05%, 12/31/20 (e) (f)	140		140
		0.15%, 02/25/21 (e) (f)	244		244
				784
	Total Short Term Investments (cost $24,847)			24,847
Total Investments 104.0% (cost $1,368,209)					574,251
Other Derivative Instruments 0.0%					57
Other Assets and Liabilities, Net (4.0)%					(22,345)
Total Net Assets 100.0%					551,963

(a)All or a portion of the security was on loan as of March 31, 2020.

(b)Non-income producing security.

(c)Investment in affiliate.

(d)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2020.

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

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

7

JNL Variable Fund LLC (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

JNL/Mellon Energy Sector Fund — Futures Contracts
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
S&P Energy Select Sector Index	112	June 2020		3,342	57			10

8

JNL Variable Fund LLC (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

		Shares/Par1	Value ($)
JNL/Mellon Financial Sector Fund
COMMON STOCKS 99.3%
Financials 98.6%
	1st Source Corporation	5	168
	Affiliated Managers Group, Inc.	15	874
	AFLAC Incorporated	220	7,517
	AG Mortgage Investment Trust, Inc.	10	26
	Alleghany Corporation	4	2,350
	Allegiance Bancshares, Inc.	3	77
	Ally Financial Inc.	113	1,631
	Amalgamated Bank - Class A	3	35
	Ambac Financial Group, Inc. (a)	13	165
	American Equity Investment Life Holding Company	28	519
	American Express Company	208	17,792
	American Financial Group, Inc.	23	1,594
	American International Group, Inc.	258	6,265
	American National Insurance Company	2	184
	Ameriprise Financial, Inc.	38	3,871
	Ameris Bancorp	20	486
	Amerisafe, Inc.	6	384
	Annaly Capital Management, Inc.	423	2,145
	Anworth Mortgage Asset Corporation	33	37
	Aon PLC - Class A	70	11,551
	Arch Capital Group Ltd. (a)	121	3,440
	Ares Management Corporation - Class A	25	786
	Argo Group International Holdings, Ltd.	11	397
	Arrow Financial Corporation	5	127
	Arthur J Gallagher & Co.	56	4,538
	Artisan Partners Asset Management Inc. - Class A	16	354
	Assetmark Financial Holdings, Inc. (a)	4	87
	Associated Banc-Corp	47	598
	Associated Capital Group Inc. - Class A (b)	1	16
	Assurant, Inc.	18	1,874
	Assured Guaranty Ltd.	28	719
	Athene Holding Ltd - Class A (a)	43	1,062
	Atlantic Capital Bancshares, Inc. (a)	5	62
	Atlantic Union Bank	21	461
	AXIS Capital Holdings Limited	25	972
	Axos Financial, Inc. (a)	17	311
	B. Riley & Co., LLC	5	93
	Banc of California, Inc.	15	120
	BancFirst Corporation	6	185
	BancorpSouth Bank (b)	30	564
	Bank of America Corporation	2,552	54,183
	Bank of Hawaii Corporation (b)	12	670
	Bank of Marin Bancorp	4	130
	Bank OZK	37	625
	BankUnited, Inc.	29	543
	Banner Corporation	11	350
	Bar Harbor Bankshares	4	72
	Berkshire Hathaway Inc. - Class B (a) (b)	393	71,760
	Berkshire Hills Bancorp, Inc.	14	203
	BGC Partners, Inc. - Class A	86	217
	BlackRock, Inc.	35	15,223
	Blackstone Mortgage Trust, Inc. - Class A (b)	38	702
	Blucora, Inc. (a)	16	192
	BOK Financial Corporation (b)	10	413
	Boston Private Financial Holdings Inc.	25	181
	Bridge Bancorp Inc.	6	118
	Brighthouse Financial, Inc. (a)	33	790
	Brightsphere Investment Group Inc.	22	141
	Brookline Bancorp, Inc.	23	254
	Brown & Brown Inc.	71	2,583
	Bryn Mawr Bank Corp.	6	182
	Byline Bancorp, Inc.	6	58
	Cadence Bancorporation - Class A	39	254
	Camden National Corp.	5	149
	Cannae Holdings, Inc. (a)	18	597
	Capital City Bank Group Inc.	4	75
	Capital One Financial Corporation	138	6,978
	Capitol Federal Financial	39	454
	Carolina Financial Corp.	7	182
	Carter Bank & Trust	7	64
	Cathay General Bancorp	23	528
	Cboe Global Markets, Inc.	33	2,928
	CBTX, Inc.	7	118
	Centerstate Bank Corporation	33	565
	Central Pacific Financial Corp.	9	136
	Century Bancorp Inc. - Class A	1	57
	Chubb Limited	135	15,127
	Cincinnati Financial Corporation	46	3,492
	CIT Group Inc.	27	473
	Citigroup Inc.	652	27,470
	Citizens Financial Group Inc.	129	2,420
	Citizens Inc. - Class A (a) (b)	19	121
	City Holdings Co.	5	324
	CME Group Inc.	107	18,515
	CNB Financial Corp.	4	80
	CNO Financial Group, Inc.	44	550
	Cohen & Steers, Inc.	7	317
	Columbia Banking System Inc.	22	593
	Columbia Financial, Inc. (a)	16	232
	Comerica Inc.	43	1,270
	Commerce Bancshares Inc. (b)	30	1,530
	Community Bank System Inc. (b)	15	904
	Community Trust Bancorp Inc.	5	167
	ConnectOne Bancorp, Inc.	10	130
	Cowen Inc. - Class A (b)	9	86
	Crawford & Co. - Class A	5	38
	Credit Acceptance Corp. (a) (b)	3	790
	Cullen/Frost Bankers Inc. (b)	18	1,000
	Curo Group Holdings Corp. (b)	5	25
	Customers Bancorp, Inc. (a)	9	102
	CVB Financial Corp.	33	656
	Diamond Hill Investment Group, Inc.	1	103
	Dime Community Bancshares Inc.	10	134
	Discover Financial Services	94	3,336
	Donegal Group Inc. - Class A	2	32
	Donnelley Financial Solutions, Inc. (a)	9	49
	Dynex Capital, Inc.	7	70
	E*TRADE Financial Corp.	67	2,305
	Eagle Bancorp Inc.	9	278
	East West Bancorp, Inc.	44	1,133
	Eaton Vance Corp.	34	1,090
	eHealth, Inc. (a)	6	878
	Ellington Financial Inc.	13	73
	Employer Holdings Inc.	9	368
	Encore Capital Group, Inc. (a) (b)	8	187
	Enova International, Inc. (a)	11	156
	Enstar Group Limited (a)	4	574
	Enterprise Financial Services Corp.	8	230
	Equitable Holdings, Inc.	126	1,816
	Equity Bancshares, Inc. - Class A (a)	5	83
	Erie Indemnity Company - Class A	8	1,111
	Essent Group Ltd.	28	726
	Evercore Inc. - Class A	11	519
	Everest Re Group, Ltd.	12	2,335
	Exantas Capital Corp.	9	25
	EZCORP, Inc. - Class A (a)	15	64
	FactSet Research Systems Inc.	11	2,945
	FB Financial Corporation	6	117
	FBL Financial Group, Inc. - Class A	3	160
	Federal Agricultural Mortgage Corporation - Class C	3	171
	Federated Investors, Inc. - Class B	28	533
	Fidelity National Financial, Inc.	82	2,039
	Fifth Third Bancorp	212	3,142
	Financial Institutions Inc.	5	89
	First American Financial Corporation	33	1,415
	First Bancorp.	9	214
	First Bancorp.	62	332
	First Bancshares Inc.	6	107
	First Busey Corporation	15	253
	First Citizens BancShares, Inc. - Class A	2	628
	First Commonwealth Financial Corporation	28	254
	First Community Bancshares, Inc.	4	104
	First Defiance Financial Corp.	7	102
	First Financial Bancorp.	30	453
	First Financial Bankshares, Inc. (b)	36	966

9

JNL Variable Fund LLC (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

	Shares/Par1	Value ($)
First Financial Corporation	3	113
First Foundation Inc.	12	118
First Hawaiian, Inc.	39	648
First Horizon National Corporation (b)	92	737
First Interstate BancSystem, Inc. - Class A	13	371
First Merchants Corporation	16	422
First Mid Bancshares, Inc.	4	98
First Midwest Bancorp, Inc. (b)	34	451
First Republic Bank	50	4,131
FirstCash, Inc.	13	903
Flagstar Bancorp, Inc.	10	207
Flushing Financial Corp.	9	118
FNB Corp.	96	708
Focus Financial Partners Inc. - Class A (a) (b)	8	176
Foxconn Interconnect Technology Limited (b)	50	489
Franklin Financial Network, Inc.	3	71
Franklin Resources Inc. (b)	89	1,479
Fulton Financial Corp. (b)	49	560
GAMCO Investors Inc. - Class A	2	26
Genworth Financial, Inc. - Class A (a)	149	494
German American Bancorp Inc.	7	200
Glacier Bancorp, Inc.	27	931
Global Indemnity Ltd - Class A	2	49
Globe Life Inc.	31	2,200
Goosehead Insurance, Inc. - Class A (a) (b)	4	170
Granite Point Mortgage Trust Inc.	16	82
Great Southern Bancorp Inc.	3	139
Great Western Bancorp Inc.	16	330
Green Dot Corporation - Class A (a) (b)	15	375
Greenhill & Co. Inc.	6	60
Greenlight Capital Re, Ltd. - Class A (a) (b)	10	57
Hamilton Lane Inc. - Class A	6	339
Hancock Whitney Co.	27	523
Hanmi Financial Corp.	10	106
Hanover Insurance Group Inc. (b)	12	1,064
HarborOne Bancorp, Inc. (a)	7	52
HCI Group, Inc. (b)	2	88
Heartland Financial USA, Inc.	10	299
Heritage Commerce Corp.	16	123
Heritage Financial Corporation	11	220
Heritage Insurance Holdings, Inc.	10	102
Hilltop Holdings Inc.	21	320
Home BancShares, Inc.	46	550
HomeStreet, Inc.	7	149
HomeTrust Bancshares Inc.	6	98
Hope Bancorp, Inc.	40	326
Horace Mann Educators Corp.	12	432
Horizon Bancorp Inc.	12	120
Houlihan Lokey Inc. - Class A	13	664
Huntington Bancshares Incorporated	307	2,524
IberiaBank Corp.	15	552
Independence Holding Co.	2	46
Independence Holdings, LLC	25	477
Independent Bank Corp.	6	80
Independent Bank Corp.	11	681
Independent Bank Group, Inc.	11	250
Interactive Brokers Group, Inc.	21	919
Intercontinental Exchange, Inc.	166	13,439
International Bancshares Corporation	16	431
INTL FCStone Inc. (a)	5	193
Invesco Ltd.	115	1,048
Investors Bancorp, Inc.	68	545
James River Group, Inc.	9	319
Janus Henderson Group PLC	47	725
Jefferies Financial Group Inc.	76	1,042
JPMorgan Chase & Co.	937	84,328
K.K.R. Co., Inc.	147	3,444
Kearny Financial Corp	24	210
Kemper Corp.	17	1,260
KeyCorp	292	3,026
Kinsale Capital Group, Inc.	6	668
Ladder Capital Corp - Class A	26	125
Lakeland Bancorp Inc.	15	165
Lakeland Financial Corp.	8	300
Legg Mason, Inc.	26	1,255
LendingClub Corporation (a)	20	157
LendingTree, Inc. (a) (b)	2	440
Lincoln National Corporation	60	1,566
Live Oak Bancshares, Inc.	7	88
Loews Corp.	80	2,776
LPL Financial Holdings Inc.	24	1,293
Luther Burbank Corporation	6	53
M&T Bank Corporation	37	3,867
Markel Corporation (a)	4	3,823
MarketAxess Holdings Inc.	11	3,761
Marsh & McLennan Companies, Inc.	151	13,042
MBIA Inc. (a)	23	166
Mercantile Bank Corp.	4	87
Merchants Bancorp, Inc.	3	45
Mercury General Corp.	8	336
Meridian Bancorp, Inc.	17	185
Meta Financial Group, Inc.	10	222
MetLife, Inc.	234	7,148
MFA Financial, Inc.	134	208
MGIC Investment Corp.	103	653
Midland States Bancorp Inc.	8	132
MidWestOne Financial Group Inc.	4	90
Moelis & Company LLC - Class A (b)	15	430
Moody's Corp.	51	10,743
Morgan Stanley (b)	363	12,337
Morningstar Inc.	6	680
Mr. Cooper Group Inc. (a)	22	163
MSCI Inc.	25	7,322
NASDAQ Inc.	34	3,225
National Bank Holdings Corp. - Class A	9	216
National General Holdings Corp.	21	354
National Western Life Group Inc. - Class A	1	137
Navient Corporation	61	461
NBT Bancorp Inc.	13	417
Nelnet, Inc. - Class A	6	254
New York Community Bancorp Inc. (b)	141	1,326
Nicolet Bankshares, Inc. (a)	3	140
NMI Holdings Inc. - Class A (a)	20	235
Northern Trust Corp.	60	4,530
Northfield Bancorp Inc.	13	149
Northwest Bancshares Inc.	31	356
OceanFirst Financial Corp.	17	272
Ocwen Financial Corp. (a)	36	18
OFG Bancorp	15	164
Old National Bancorp	46	611
Old Republic International Corp.	86	1,318
On Deck Capital Inc. (a)	11	17
Opus Bank	8	140
Origin Bancorp, Inc.	6	122
Pacific Premier Bancorp, Inc.	15	286
PacWest Bancorp (b)	36	636
Palomar Holdings, Inc. (a)	5	289
Park National Corp.	4	326
Peapack Gladstone Financial Corp.	5	96
PennyMac Financial Services, Inc.	19	409
Peoples Bancorp Inc.	6	132
People's United Financial Inc.	131	1,445
People's Utah Bancorp	6	112
Pinnacle Financial Partners, Inc.	21	804
Piper Jaffray Cos.	4	226
PJT Partners Inc. - Class A	7	288
Popular Inc. (b)	29	1,011
Preferred Bank (b)	5	171
Primerica, Inc.	12	1,095
Principal Financial Group, Inc.	82	2,574
ProAssurance Corporation	16	403
Progressive Corp.	175	12,903
Prosight Global, Inc. (a)	3	31
Prosperity Bancshares Inc.	28	1,339
Provident Financial Services, Inc.	20	253
Prudential Financial Inc.	120	6,259
Pzena Investment Management, Inc. - Class A	4	19
QCR Holdings, Inc.	5	131
Radian Group Inc.	59	769
Raymond James Financial Inc.	37	2,347

10

JNL Variable Fund LLC (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

			Shares/Par1		Value ($)
	Regions Financial Corporation		285		2,559
	Reinsurance Group of America, Incorporated		19		1,580
	RenaissanceRe Holdings Ltd		13		1,945
	Renasant Corporation		13		281
	Republic Bancorp Inc. - Class A		3		90
	Republic First Bancorp Inc. (a)		19		41
	RLI Corp.		11		997
	S&P Global Inc.		73		17,896
	S&T Bancorp Inc.		11		309
	Safety Insurance Group, Inc.		5		385
	Sandy Spring Bancorp Inc.		10		231
	Seacoast Banking Corp. of Florida (a)		16		301
	SEI Investments Co.		38		1,757
	Selective Insurance Group Inc.		17		861
	ServisFirst Bancshares, Inc.		14		413
	Signature Bank		16		1,310
	Simmons First National Corp. - Class A		30		545
	SLM Corporation		126		904
	South State Corp.		10		608
	Southside Bancshares, Inc.		9		288
	State Auto Financial Corp.		4		122
	State Street Corporation		109		5,784
	Sterling Bancorp		61		638
	Sterling Bancorp, Inc.		6		28
	Stewart Information Services Corp.		7		176
	Stifel Financial Corp.		20		838
	Stock Yards Bancorp Inc.		6		168
	SVB Financial Group (a)		15		2,302
	Synchrony Financial		173		2,791
	Synovus Financial Corp.		44		781
	T. Rowe Price Group, Inc.		70		6,802
	TCF Financial Corporation		46		1,038
	TD Ameritrade Holding Corporation		80		2,770
	Texas Capital Bancshares, Inc. (a)		15		338
	TFS Financial Corporation (b)		18		270
	The Allstate Corporation		97		8,886
	The Bancorp, Inc. (a)		15		88
	The Bank of New York Mellon Corporation (c)		248		8,360
	The Blackstone Group Inc.		197		8,984
	The Charles Schwab Corporation		345		11,598
	The First of Long Island Corporation		9		148
	The Goldman Sachs Group, Inc. (b)		95		14,722
	The Hartford Financial Services Group, Inc.		108		3,790
	The PNC Financial Services Group, Inc.		131		12,536
	The PRA Group, Inc. (a) (b)		14		391
	The Travelers Companies, Inc.		77		7,670
	Third Point Reinsurance Ltd. (a)		25		183
	Tompkins Financial Corp.		4		273
	TowneBank		22		403
	TPG RE Finance Trust, Inc.		13		71
	Tradeweb Markets Inc. - Class A		19		816
	Trico Bancshares		8		241
	Tristate Capital Holdings, Inc. (a)		6		60
	Triumph Bancorp, Inc. (a)		6		165
	Truist Financial Corporation		401		12,362
	Trupanion Inc. (a) (b)		9		228
	TrustCo Bank Corp.		30		161
	Trustmark Corp.		18		412
	Two Harbors Investment Corp.		81		310
	U.S. Bancorp		443		15,275
	UMB Financial Corp.		14		656
	Umpqua Holdings Corp.		65		708
	United Bankshares Inc.		29		680
	United Community Banks, Inc.		23		419
	United Fire Group Inc.		7		225
	United Insurance Holdings Corp.		6		58
	Universal Insurance Holdings, Inc. (b)		9		155
	Univest Financial Corporation		9		139
	Unum Group		61		921
	Valley National Bancorp		114		831
	Veritex Holdings Inc.		13		187
	Victory Capital Holdings, Inc. - Class A (b)		4		69
	Virtu Financial Inc. - Class A (b)		15		307
	Virtus Partners, Inc.		2		158
	Voya Financial, Inc.		40		1,639
	W. R. Berkley Corporation		43		2,265
	Waddell & Reed Financial Inc. - Class A (b)		23		257
	Walker & Dunlop, Inc.		9		343
	Washington Federal Inc.		23		605
	Washington Trust Bancorp, Inc.		5		167
	Waterstone Financial, Inc.		6		92
	Watford Holdings Ltd. (a)		6		88
	Webster Financial Corp.		27		624
	Wells Fargo & Company		1,200		34,444
	WesBanco Inc.		19		439
	Westamerica Bancorp (b)		8		492
	Western Alliance Bancorp		30		906
	Westwood Holdings Group Inc.		3		55
	White Mountains Insurance Group Ltd		1		884
	Willis Towers Watson Public Limited Company (b)		38		6,484
	Wintrust Financial Corporation		17		567
	WisdomTree Investments, Inc.		36		84
	World Acceptance Corp. (a)		2		112
	WSFS Financial Corp.		16		386
	Zions Bancorp		51		1,365
				830,483
Real Estate 0.7%
	AGNC Investment Corp.		160		1,687
	Apollo Commercial Real Estate Finance, Inc.		44		328
	Arbor Realty Trust, Inc. (b)		24		116
	Ares Commercial Real Estate Corporation		8		58
	ARMOUR Residential REIT, Inc.		19		166
	Capstead Mortgage Corporation		26		111
	Chimera Investment Corporation (b)		55		497
	Colony Credit Real Estate, Inc. - Class A		25		97
	Invesco Mortgage Capital Inc.		48		163
	KKR Real Estate Finance Trust Inc. (b)		7		102
	New Residential Investment Corp.		125		626
	New York Mortgage Trust Inc. (b)		106		164
	PennyMac Mortgage Investment Trust		28		297
	Ready Capital Corporation (b)		10		73
	Redwood Trust Inc. (b)		35		178
	Starwood Property Trust, Inc.		83		850
	Western Asset Mortgage Capital Corporation		15		35
				5,548
	Total Common Stocks (cost $958,953)			836,031
RIGHTS 0.0%
	First Eagle Private Credit, LLC (a) (d)		5		3
	Total Rights (cost $1)			3
SHORT TERM INVESTMENTS 2.7%
Securities Lending Collateral 1.7%
	JNL Securities Lending Collateral Fund - Institutional Class, 0.25% (c) (e)		14,327		14,327
Investment Companies 0.9%
	JNL Government Money Market Fund - Institutional Class, 0.23% (c) (e)		7,340		7,340
U.S. Treasury Bill 0.1%
	Treasury, United States Department of
		0.21%, 06/18/20 (f) (g)	236		236
		0.05%, 12/31/20 (f) (g)	651		650
		0.15%, 02/25/21 (f) (g)	200		200
				1,086
	Total Short Term Investments (cost $22,754)			22,753
Total Investments 102.0% (cost $981,708)					858,787
Other Derivative Instruments (0.0)%					(228)
Other Assets and Liabilities, Net (2.0)%					(16,305)
Total Net Assets 100.0%					842,254

(a)Non-income producing security.

(b)All or a portion of the security was on loan as of March 31, 2020.

(c)Investment in affiliate.

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

(e)Yield changes daily to reflect current market conditions. Rate was the quoted yield

11

JNL Variable Fund LLC (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

as of March 31, 2020.

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

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

Long Term Investments in Affiliates

Affiliated Investment		Value Beginning of Period($)	Purchases($)	Sales Proceeds($)	Dividend Income($)	Realized Gain (Loss)($)	Change in Unrealized Appreciation (Depreciation) ($)	Value End of Period($)	Percentage of Net Assets(%)
	The Bank of New York Mellon Corporation	13,478	146	909	83	(13)	(4,342)	8,360	1.0%

JNL/Mellon Financial Sector Fund — Futures Contracts
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
S&P Financial Select Sector Index	108	June 2020		6,980	(228)			(102)

12

JNL Variable Fund LLC (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

		Shares/Par1	Value ($)
JNL/Mellon Healthcare Sector Fund
COMMON STOCKS 99.1%
Health Care 99.1%
	Abbott Laboratories	1,267	99,964
	AbbVie Inc. (a)	1,059	80,700
	ABIOMED, Inc. (b)	32	4,659
	Acadia Healthcare Company, Inc. (b)	64	1,175
	ACADIA Pharmaceuticals Inc. (b)	82	3,454
	Accelerate Diagnostics, Inc. (a) (b)	21	178
	Acceleron Pharma Inc. (b)	33	2,949
	Addus HomeCare Corporation (b)	10	647
	Adverum Biotechnologies, Inc. (b)	40	390
	Aerie Pharmaceuticals, Inc. (a) (b)	34	461
	Agenus Inc. (a) (b)	73	179
	Agilent Technologies, Inc.	222	15,869
	Agios Pharmaceuticals, Inc. (a) (b)	44	1,559
	Aimmune Therapeutics, Inc. (a) (b)	29	424
	Akcea Therapeutics, Inc. (a) (b)	15	209
	Akebia Therapeutics, Inc. (b)	64	483
	Akorn, Inc. (b)	76	43
	Alexion Pharmaceuticals, Inc. (b)	158	14,218
	Align Technology, Inc. (b)	53	9,287
	Alkermes Public Limited Company (a) (b)	112	1,613
	Allakos Inc. (a) (b)	18	813
	Allergan Public Limited Company	235	41,699
	Allogene Therapeutics, Inc. (a) (b)	19	370
	Allscripts Healthcare Solutions, Inc. (b)	113	794
	Alnylam Pharmaceuticals, Inc. (b)	80	8,721
	AMAG Pharmaceuticals, Inc. (a) (b)	26	161
	Amedisys, Inc. (b)	23	4,230
	AmerisourceBergen Corporation	110	9,755
	Amgen Inc.	426	86,284
	Amicus Therapeutics, Inc. (b)	178	1,643
	AMN Healthcare Services, Inc. (b)	34	1,958
	Amneal Pharmaceuticals, Inc. - Class A (a) (b)	70	243
	Amphastar Pharmaceuticals, Inc. (a) (b)	25	375
	Anaptysbio, Inc. (b)	19	271
	AngioDynamics, Inc. (b)	27	279
	ANI Pharmaceuticals, Inc. (b)	8	306
	Anika Therapeutics, Inc. (a) (b)	11	331
	Antares Pharma, Inc. (b)	109	258
	Anthem, Inc.	182	41,296
	Apellis Pharmaceuticals, Inc. (b)	44	1,173
	Apollo Medical Holdings, Inc. (a) (b)	17	221
	Arcus Biosciences, Inc. (b)	17	231
	Arena Pharmaceuticals, Inc. (b)	35	1,479
	Arrowhead Pharmaceuticals Inc (b)	64	1,838
	Arvinas Operations, Inc. (a) (b)	13	536
	Assembly Biosciences, Inc. (b)	16	241
	Atara Biotherapeutics, Inc. (b)	33	279
	Athenex, Inc. (b)	36	282
	AtriCure, Inc. (b)	27	916
	Atrion Corporation (a)	1	655
	Avanos Medical, Inc. (b)	36	960
	AVROBIO, Inc. (b)	19	292
	AxoGen, Inc. (b)	25	263
	Axonics Modulation Technologies, Inc. (a) (b)	12	312
	Axsome Therapeutics, Inc. (a) (b)	17	1,011
	Baxter International Inc.	348	28,230
	Becton, Dickinson and Company	194	44,575
	BioCryst Pharmaceuticals, Inc. (a) (b)	110	220
	BioDelivery Sciences International, Inc. (b)	59	222
	Biogen Inc. (b)	129	40,943
	Biohaven Pharmaceutical Holding Company Ltd. (a) (b)	32	1,078
	BioMarin Pharmaceutical Inc. (b)	128	10,832
	Bio-Rad Laboratories, Inc. - Class A (b)	16	5,618
	BioSpecifics Technologies Corp. (b)	5	274
	Bio-Techne Corporation	27	5,144
	BioTelemetry, Inc. (a) (b)	24	934
	Bluebird Bio, Inc. (a) (b)	39	1,800
	Blueprint Medicines Corporation (b)	34	1,963
	Boston Scientific Corporation (b)	999	32,610
	Bristol-Myers Squibb Company	1,679	93,593
	Brookdale Senior Living Inc. (b)	121	377
	Bruker Corp.	78	2,789
	Cantel Medical Corp.	29	1,027
	Cara Therapeutics, Inc. (a) (b)	29	385
	Cardinal Health, Inc.	210	10,086
	Cardiovascular Systems Inc. (b)	24	862
	Caredx, Inc. (b)	29	642
	Catalent Inc. (b)	105	5,465
	Catalyst Pharmaceuticals, Inc. (b)	72	279
	Centene Corporation (b)	419	24,864
	Cerner Corp.	225	14,163
	Cerus Corporation (b)	104	482
	Change Healthcare Inc. (a) (b)	162	1,621
	Charles River Laboratories International Inc. (b)	35	4,430
	Chemed Corporation	11	4,924
	ChemoCentryx, Inc. (b)	28	1,126
	Cigna Holding Company	268	47,460
	Codexis, Inc. (a) (b)	38	427
	Coherus Biosciences, Inc. (a) (b)	40	654
	Collegium Pharmaceutical, Inc. (a) (b)	17	281
	Community Health Systems Inc. (a) (b)	72	240
	Computer Programs & Systems Inc.	11	234
	Conmed Corp.	21	1,213
	Cooper Cos. Inc.	35	9,771
	Corcept Therapeutics Inc. (a) (b)	77	912
	Corvel Corp. (b)	7	358
	Covetrus, Inc. (a) (b)	79	642
	Crinetics Pharmaceuticals, Inc. (a) (b)	8	111
	CRISPR Therapeutics AG (a) (b)	21	875
	Cross Country Healthcare Inc. (b)	29	196
	CryoLife Inc. (b)	25	423
	Cryoport, Inc. (a) (b)	26	442
	Cutera Inc. (b)	8	108
	CVS Health Corporation	932	55,273
	Cyclerion Therapeutics, Inc. (a) (b)	11	29
	Cymabay Therapeutics, Inc. (b)	47	70
	Cytokinetics, Incorporated (a) (b)	37	435
	Cytomx Therapeutics, Inc. (b)	37	285
	Danaher Corporation	448	62,034
	DaVita Inc. (b)	65	4,910
	Deciphera Pharmaceuticals, Inc. (b)	19	773
	Denali Therapeutics Inc. (a) (b)	44	764
	Dentsply Sirona Inc.	159	6,160
	DexCom Inc. (a) (b)	66	17,648
	Dicerna Pharmaceuticals, Inc. (b)	35	634
	Dynavax Technologies Corporation (a) (b)	48	171
	Eagle Pharmaceuticals Inc. (b)	8	357
	Editas Medicine, Inc. (b)	34	674
	Edwards Lifesciences Corporation (b)	150	28,202
	Eidos Therapeutics, Inc. (a) (b)	6	282
	Elanco Animal Health (b)	285	6,380
	Eli Lilly & Co.	619	85,863
	Emergent BioSolutions Inc. (b)	31	1,794
	Enanta Pharmaceuticals, Inc. (b)	11	568
	Encompass Health Corporation	71	4,562
	Endo International Public Limited Company (a) (b)	143	530
	Envista Holdings Corporation (b)	110	1,642
	Epizyme, Inc. (a) (b)	51	794
	Esperion Therapeutics, Inc. (a) (b)	19	597
	Evolent Health, Inc. - Class A (b)	56	303
	Evolus, Inc. (a) (b)	17	70
	Exact Sciences Corporation (a) (b)	105	6,066
	Exelixis, Inc. (b)	216	3,713
	Fate Therapeutics, Inc. (b)	44	984
	FibroGen, Inc. (a) (b)	56	1,940
	Flexion Therapeutics, Inc. (a) (b)	25	197
	Fluidigm Corporation (a) (b)	54	137
	Forty Seven, Inc. (b)	20	1,908
	G1 Therapeutics, Inc. (b)	18	195
	GenMark Diagnostics, Inc. (a) (b)	40	166
	Geron Corp. (a) (b)	138	164
	Gilead Sciences, Inc.	906	67,742
	Glaukos Corp. (a) (b)	28	865
	Global Blood Therapeutics, Inc. (a) (b)	42	2,162
	Globus Medical Inc. - Class A (b)	56	2,365

13

JNL Variable Fund LLC (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

	Shares/Par1	Value ($)
Gossamer Bio, Inc. (b)	15	157
Guardant Health, Inc. (b)	26	1,836
Haemonetics Corp. (b)	37	3,651
Halozyme Therapeutics, Inc. (b)	98	1,756
Hanger, Inc. (b)	26	409
HCA Healthcare, Inc.	194	17,467
Health Catalyst, Inc. (b)	7	174
HealthEquity, Inc. (b)	50	2,552
Healthstream, Inc. (b)	17	405
Henry Schein Inc. (b)	105	5,284
Heron Therapeutics, Inc. (a) (b)	65	758
Heska Corporation (b)	6	313
Hill-Rom Holdings Inc.	47	4,774
HMS Holdings Corp. (b)	61	1,551
Hologic Inc. (b)	193	6,785
Homology Medicines, Inc. (b)	12	189
Horizon Therapeutics Public Limited Company (b)	134	3,981
Humana Inc.	95	29,813
ICU Medical, Inc. (b)	14	2,889
IDEXX Laboratories, Inc. (b)	61	14,879
Illumina, Inc. (a) (b)	105	28,775
ImmunoGen, Inc. (a) (b)	102	348
Immunomedics Inc. (a) (b)	114	1,533
Incyte Corporation (b)	131	9,566
Innoviva, Inc. (b)	49	578
Inogen, Inc. (b)	15	750
Inovalon Holdings, Inc. - Class A (b)	47	789
Insmed Inc. (a) (b)	63	1,006
Inspire Medical Systems Inc. (b)	9	557
Insulet Corporation (a) (b)	44	7,311
Integer Holdings Corporation (b)	23	1,451
Integra LifeSciences Holdings Corp. (b)	53	2,384
Intellia Therapeutics, Inc. (a) (b)	25	306
Intercept Pharmaceuticals, Inc. (a) (b)	19	1,181
Intersect ENT, Inc. (b)	24	280
Intra-Cellular Therapies, Inc. (b)	44	674
Intuitive Surgical, Inc. (b)	83	41,047
Invitae Corporation (a) (b)	63	862
Ionis Pharmaceuticals Inc. (b)	96	4,540
Iovance Biotherapeutics Inc. (b)	76	2,272
IQVIA Inc. (b)	118	12,734
iRhythm Technologies Inc. (a) (b)	19	1,576
Ironwood Pharmaceuticals, Inc. - Class A (a) (b)	115	1,165
Jazz Pharmaceuticals Public Limited Company (b)	41	4,054
Johnson & Johnson	1,886	247,277
Karyopharm Therapeutics Inc. (a) (b)	37	711
Kodiak Sciences, Inc. (a) (b)	19	902
Krystal Biotech, Inc. (a) (b)	7	315
Kura Oncology, Inc. (b)	28	279
Laboratory Corporation of America Holdings (b)	69	8,750
Lannett Co. Inc. (a) (b)	24	164
Lantheus Holdings Inc. (b)	28	355
LeMaitre Vascular Inc.	11	265
Lexicon Pharmaceuticals, Inc. (a) (b)	36	71
LHC Group, Inc. (a) (b)	21	2,961
Ligand Pharmaceuticals Incorporated (a) (b)	13	946
LivaNova PLC (b)	34	1,559
Luminex Corporation	28	767
MacroGenics Inc. (b)	33	194
Madrigal Pharmaceuticals Inc. (a) (b)	6	431
Magellan Health Services Inc. (b)	17	840
Masimo Corp. (b)	37	6,499
McKesson Corporation	116	15,639
Mednax, Inc. (b)	61	712
Medpace Holdings, Inc. (b)	20	1,488
Medtronic Public Limited Company	960	86,574
MeiraGTx Holdings plc (b)	10	140
Merck & Co., Inc.	1,824	140,334
Meridian Bioscience Inc. (b)	33	277
Merit Medical Systems Inc. (b)	39	1,226
Mesa Laboratories, Inc. (a)	3	662
Mettler-Toledo International Inc. (b)	17	12,055
Mirati Therapeutics, Inc. (b)	18	1,370
Molina Healthcare, Inc. (a) (b)	43	5,970
Momenta Pharmaceuticals, Inc. (b)	80	2,185
Mylan Holdings Ltd. (b)	367	5,474
Myokardia, Inc. (a) (b)	31	1,460
Myovant Sciences Ltd. (a) (b)	30	227
Myriad Genetics, Inc. (b)	56	797
NanoString Technologies, Inc. (b)	25	610
Natera, Inc. (b)	38	1,127
National Healthcare Corp. (a)	8	547
National Research Corp. - Class A	10	446
Natus Medical Inc. (b)	27	618
Nektar Therapeutics (a) (b)	127	2,262
Neogen Corp. (b)	37	2,504
Neogenomics Laboratories, Inc. (b)	70	1,946
Neurocrine Biosciences, Inc. (b)	63	5,447
Nevro Corp. (a) (b)	23	2,281
Nextgen Healthcare Inc. (b)	40	417
Novocure Limited (b)	57	3,867
NuVasive Inc. (b)	37	1,894
Odonate Therapeutics, Inc. (b)	12	326
Omeros Corporation (a) (b)	36	477
Omnicell, Inc. (b)	30	1,973
OPKO Health, Inc. (a) (b)	264	353
OptiNose, Inc. (a) (b)	8	36
Option Care Health, Inc. (b)	26	242
Orasure Technologies, Inc. (b)	50	539
Orthofix Medical Inc. (b)	14	390
Orthopediatrics Corp. (b)	7	274
Owens & Minor Inc.	46	419
Pacific Biosciences of California, Inc. (a) (b)	105	322
Pacira Biosciences, Inc. (b)	26	868
Patterson Cos. Inc.	62	955
PDL BioPharma, Inc. (b)	74	209
Penumbra, Inc. (a) (b)	22	3,589
PerkinElmer Inc.	79	5,962
Perrigo Company Public Limited Company (a)	93	4,464
PetIQ, Inc. - Class A (a) (b)	15	340
Pfizer Inc.	3,965	129,405
Phibro Animal Health Corporation - Class A	15	371
Phreesia, Inc. (a) (b)	13	272
Portola Pharmaceuticals, Inc. (a) (b)	55	395
PRA Health Sciences, Inc. (b)	45	3,717
Precigen, Inc. (a) (b)	40	136
Premier Healthcare Solutions, Inc. - Class A (b)	47	1,538
Prestige Consumer Healthcare Inc. (b)	36	1,311
Principia Biopharma Inc. (b)	17	996
Progenics Pharmaceuticals Inc. (b)	73	278
Prothena Corporation Public Limited Company (b)	32	344
Providence Services Corp. (b)	8	440
PTC Therapeutics, Inc. (b)	39	1,755
Puma Biotechnology, Inc. (a) (b)	24	200
Quanterix Corporation (a) (b)	7	128
Quest Diagnostics Incorporated	96	7,711
Quidel Corporation (b)	27	2,661
Quotient Limited (b)	53	207
R1 RCM Inc. (b)	65	588
RA Pharmaceuticals, Inc. (b)	21	1,024
Radius Health, Inc. (b)	34	445
RadNet Inc. (b)	33	345
Reata Pharmaceuticals, Inc. - Class A (b)	16	2,299
Regeneron Pharmaceuticals, Inc. (a) (b)	58	28,338
Regenxbio Inc. (a) (b)	25	808
Repligen Corporation (b)	34	3,240
ResMed Inc.	103	15,164
Retrophin Inc. (b)	30	432
Revance Therapeutics Inc. (a) (b)	30	439
Rhythm Pharmaceuticals, Inc. (b)	21	315
Rigel Pharmaceuticals Inc. (a) (b)	117	182
Rocket Pharmaceuticals, Ltd. (b)	24	328
Rubius Therapeutics, Inc. (a) (b)	25	111
Sage Therapeutics Inc. (b)	39	1,113
Sangamo Therapeutics Inc. (b)	83	531
Sarepta Therapeutics, Inc. (b)	53	5,194
Scholar Rock Holding Corporation (a) (b)	9	112
Seattle Genetics Inc. (b)	86	9,954
Select Medical Holdings Corporation (b)	82	1,224
Shockwave Medical, Inc. (b)	5	169

14

JNL Variable Fund LLC (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

			Shares/Par1		Value ($)
	SIGA Technologies, Inc. (a) (b)		38		183
	Silk Road Medical, Inc. (a) (b)		13		422
	Simulations Plus Inc. (a)		9		312
	Solid Biosciences Inc. (a) (b)		14		34
	Spectrum Pharmaceuticals, Inc. (b)		77		179
	Staar Surgical Co. (b)		24		786
	Stemline Therapeutics, Inc. (b)		34		162
	Steris Limited		61		8,557
	Stoke Therapeutics, Inc. (b)		6		136
	Stryker Corporation (a)		242		40,235
	Supernus Pharmaceuticals Inc. (b)		38		684
	SurModics Inc. (b)		11		362
	Symbion, Inc. (a) (b)		11		70
	Syneos Health, Inc. - Class A (b)		45		1,775
	Tabula Rasa HealthCare Inc. (a) (b)		13		662
	Tactile Systems Technology, Inc. (b)		12		488
	Tandem Diabetes Care Inc. (b)		38		2,443
	Teladoc Health, Inc. (a) (b)		50		7,674
	Teleflex Incorporated		33		9,695
	Tenet Healthcare Corporation (b)		65		935
	TG Biologics, Inc. (b)		65		642
	The Ensign Group, Inc.		36		1,363
	The Pennant Group, Inc. (b)		20		279
	TherapeuticsMD, Inc. (a) (b)		166		176
	Theravance Biopharma, Inc. (a) (b)		30		689
	Thermo Fisher Scientific Inc.		287		81,458
	Tilray, Inc. (a) (b)		19		130
	Tivity Health, Inc. (a) (b)		34		213
	Translate Bio, Inc. (a) (b)		15		152
	Tricida, Inc. (b)		13		293
	Triple-S Management Corp. - Class B (b)		19		275
	Turning Point Therapeutics, Inc. (a) (b)		13		583
	Twist Bioscience Corporation (b)		20		607
	U. S. Physical Therapy, Inc.		10		664
	Ultragenyx Pharmaceutical Inc. (a) (b)		39		1,747
	uniQure N.V. (b)		24		1,152
	United Therapeutics Corporation (b)		31		2,963
	UnitedHealth Group Incorporated		679		169,267
	Universal Health Services Inc. - Class B		57		5,674
	Vanda Pharmaceuticals Inc. (b)		39		405
	Varex Imaging Corporation (b)		26		585
	Varian Medical Systems, Inc. (b)		65		6,703
	Veeva Systems Inc. - Class A (b)		94		14,721
	Veracyte, Inc. (a) (b)		34		834
	Vericel Corporation (a) (b)		33		299
	Vertex Pharmaceuticals Incorporated (b)		184		43,885
	ViewRay, Inc. (a) (b)		40		101
	Viking Therapeutics, Inc. (a) (b)		51		237
	Vocera Communications, Inc. (b)		23		494
	Voyager Therapeutics, Inc. (b)		18		161
	Waters Corp. (b)		46		8,432
	Wave Life Sciences Ltd. (a) (b)		15		144
	West Pharmaceutical Services Inc.		53		8,121
	Wright Medical Group N.V. (b)		91		2,602
	Xencor, Inc. (b)		37		1,097
	Y-mAbs Therapeutics, Inc. (b)		15		397
	Zimmer Biomet Holdings, Inc.		147		14,883
	ZIOPHARM Oncology, Inc. (a) (b)		152		371
	Zoetis Inc. - Class A (a)		342		40,206
	Zogenix, Inc. (b)		30		736
	Total Common Stocks (cost $2,298,987)			2,759,947
RIGHTS 0.0%
	Alder BioPharmaceuticals, Inc. (a) (b) (c)		45		63
	Total Rights (cost $0)			63
SHORT TERM INVESTMENTS 2.7%
Securities Lending Collateral 1.9%
	JNL Securities Lending Collateral Fund - Institutional Class, 0.25% (d) (e)		53,360		53,360
Investment Companies 0.7%
	JNL Government Money Market Fund - Institutional Class, 0.23% (d) (e)		18,258		18,258
U.S. Treasury Bill 0.1%
	Treasury, United States Department of
		0.21%, 06/18/20 (f) (g)	2,074		2,073
		0.05%, 12/31/20 (f) (g)	546		545
		0.15%, 02/25/21 (f) (g)	483		482
				3,100
	Total Short Term Investments (cost $74,721)			74,718
Total Investments 101.8% (cost $2,373,708)					2,834,728
Other Derivative Instruments (0.0)%					(99)
Other Assets and Liabilities, Net (1.8)%					(50,518)
Total Net Assets 100.0%					2,784,111

(a)All or a portion of the security was on loan as of March 31, 2020.

(b)Non-income producing security.

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

(d)Investment in affiliate.

(e)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2020.

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

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

JNL/Mellon Healthcare Sector Fund — Futures Contracts
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
S&P Health Care Select Sector Index	278	June 2020		23,878	(99)			933

15

JNL Variable Fund LLC (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

		Shares/Par1	Value ($)
JNL/Mellon Information Technology Sector Fund
COMMON STOCKS 99.0%
Information Technology 99.0%
	2U, Inc. (a)	28	590
	3D Systems Corporation (a) (b)	55	426
	8x8, Inc. (a)	45	626
	A10 Networks, Inc. (a)	26	164
	Acacia Communications, Inc. (a)	15	1,000
	Accenture Public Limited Company - Class A	299	48,809
	ACI Worldwide, Inc. (a)	56	1,354
	Adobe Inc. (a)	228	72,472
	ADS Alliance Data Systems, Inc.	20	674
	ADTRAN, Inc.	23	178
	Advanced Energy Industries, Inc. (a)	19	919
	Advanced Micro Devices, Inc. (a) (b)	495	22,508
	Agilysys, Inc. (a)	8	136
	Akamai Technologies, Inc. (a)	75	6,905
	Alarm.Com Holdings, Inc. (a)	19	737
	Alpha and Omega Semiconductor Limited (a)	9	59
	Altair Engineering Inc. - Class A (a) (b)	17	440
	Alteryx, Inc. - Class A (a) (b)	24	2,239
	Ambarella Inc. (a)	13	618
	American Software, Inc. - Class A	11	153
	Amkor Technology, Inc. (a)	52	407
	Amphenol Corporation - Class A	138	10,061
	Analog Devices, Inc.	171	15,332
	Anaplan, Inc. (a)	45	1,363
	Anixter International Inc. (a)	15	1,353
	ANSYS, Inc. (a) (b)	39	9,041
	AppFolio, Inc. - Class A (a) (b)	7	762
	Appian Corporation - Class A (a) (b)	11	441
	Apple Inc.	2,087	530,787
	Applied Materials, Inc.	429	19,670
	Arista Networks, Inc. (a)	25	4,974
	Arlo Technologies, Inc. (a)	38	91
	Arrow Electronics, Inc. (a)	40	2,054
	Aspen Technology, Inc. (a)	32	3,070
	Autodesk, Inc. (a)	103	16,034
	Automatic Data Processing, Inc. (b)	203	27,692
	Avaya Holdings Corp. (a) (b)	53	430
	Avnet, Inc.	51	1,288
	Axcelis Technologies, Inc. (a)	16	287
	Badger Meter, Inc.	14	756
	Belden Inc.	22	777
	Benchmark Electronics, Inc.	16	325
	Benefitfocus.Com, Inc. (a)	15	136
	Black Knight, Inc. (a)	72	4,171
	Blackbaud, Inc.	24	1,307
	Blackline, Inc. (a)	19	1,008
	Booz Allen Hamilton Holding Corporation - Class A	63	4,355
	Bottomline Technologies Inc. (a)	21	752
	Box, Inc. - Class A (a)	65	914
	Broadcom Inc. (b)	186	44,086
	Broadridge Financial Solutions, Inc.	54	5,125
	Brooks Automation Inc.	34	1,044
	Cabot Microelectronics Corporation	14	1,591
	CACI International Inc. - Class A (a)	12	2,527
	Cadence Design Systems Inc. (a)	129	8,543
	CalAmp Corp. (a)	16	70
	Cardtronics Group Limited - Class A (a)	16	340
	Casa Systems, Inc. (a)	15	51
	Cass Information Systems, Inc.	7	252
	CDK Global, Inc.	60	1,957
	CDW Corp.	69	6,407
	Ceridian HCM Holding Inc. (a)	48	2,403
	CEVA Inc. (a)	11	266
	ChannelAdvisor Corp. (a)	10	69
	Ciena Corp. (a) (b)	74	2,949
	Cirrus Logic Inc. (a)	27	1,750
	Cisco Systems, Inc.	1,995	78,439
	Citrix Systems Inc.	62	8,772
	Cloudera, Inc. (a) (b)	106	831
	Cognex Corp.	78	3,303
	Cognizant Technology Solutions Corp. - Class A	258	11,988
	Coherent Inc. (a)	12	1,252
	Cohu Inc. (b)	20	244
	CommScope Holding Company, Inc. (a)	93	848
	CommVault Systems Inc. (a)	21	852
	Comtech Telecommunications Corp.	11	152
	Conduent Inc. (a) (b)	87	213
	Cornerstone OnDemand, Inc. (a)	25	779
	Corning Incorporated	356	7,319
	Coupa Software Incorporated (a) (b)	30	4,254
	Cree, Inc. (a)	51	1,823
	CSG Systems International, Inc.	16	679
	CTS Corp.	15	379
	Cypress Semiconductor Corp.	177	4,126
	Daktronics Inc.	18	90
	Dell Technology Inc. - Class C (a)	76	3,012
	Diebold Nixdorf Inc. (a) (b)	30	107
	Digital Turbine USA, Inc. (a)	27	118
	Diodes Inc. (a)	19	788
	DocuSign, Inc. (a)	50	4,588
	Dolby Laboratories, Inc.	31	1,690
	Domo Inc. (a)	4	43
	Dropbox, Inc. - Class A (a) (b)	111	2,003
	DXC Technology Company	122	1,595
	Ebix Inc. (b)	11	162
	EchoStar Corp. - Class A (a)	23	751
	Elastic NV (a)	13	715
	Endurance International Group Holdings, Inc. (a)	29	56
	Enphase Energy, Inc. (a) (b)	40	1,293
	Entegris, Inc.	65	2,925
	Envestnet, Inc. (a)	25	1,343
	EPAM Systems, Inc. (a)	26	4,815
	ePlus Inc. (a)	7	416
	Euronet Worldwide Inc. (a)	26	2,236
	Everbridge, Inc. (a) (b)	15	1,622
	EVERTEC, Inc.	30	680
	EVO Payments, Inc. - Class A (a)	21	325
	ExlService Holdings Inc. (a)	17	865
	Extreme Networks, Inc. (a)	57	177
	F5 Networks, Inc. (a)	28	3,004
	Fabrinet (a)	18	963
	Fair Isaac Corporation (a)	13	4,005
	FARO Technologies Inc. (a)	8	367
	Fastly, Inc. - Class A (a) (b)	22	417
	Fidelity National Information Services, Inc.	288	35,032
	FireEye, Inc. (a)	110	1,164
	First Solar, Inc. (a)	38	1,373
	Fiserv, Inc. (a)	271	25,698
	Fitbit, Inc. - Class A (a)	98	656
	Five9 Inc. (a)	28	2,137
	FleetCor Technologies Inc. (a)	41	7,687
	Flex Ltd. (a) (b)	240	2,007
	FLIR Systems Inc.	60	1,922
	Forescout Technologies, Inc. (a)	17	527
	FormFactor Inc. (a)	36	719
	Fortinet, Inc. (a)	67	6,756
	Gartner Inc. (a)	41	4,058
	Global Payments Inc.	140	20,147
	GoDaddy Inc. - Class A (a)	82	4,694
	GreenSky, Inc. - Class A (a) (b)	21	81
	GTT Communications Inc. (a) (b)	16	126
	Guidewire Software, Inc. (a)	40	3,149
	Hackett Group Inc.	12	147
	Harmonic, Inc. (a)	41	238
	Hewlett Packard Enterprise Company	593	5,761
	HP Inc.	689	11,957
	HubSpot Inc. (a) (b)	20	2,597
	Ichor Holdings, Ltd. (a)	9	172
	II-VI Incorporated (a) (b)	41	1,181
	Impinj, Inc. (a) (b)	6	101
	Infinera Corporation (a) (b)	74	392
	INPHI Corporation (a)	19	1,513
	Insight Enterprises, Inc. (a)	17	724
	Intel Corporation	2,045	110,688
	InterDigital Communications, Inc.	13	599
	International Business Machines Corporation	415	46,071

16

JNL Variable Fund LLC (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

	Shares/Par1	Value ($)
International Money Express Inc. (a) (b)	8	76
Intuit Inc.	122	28,044
IPG Photonics Corporation (a) (b)	18	2,010
Itron Inc. (a)	17	956
J2 Cloud Services, LLC	21	1,598
Jabil Inc.	64	1,561
Jack Henry & Associates Inc.	35	5,489
Juniper Networks, Inc. (b)	157	3,014
KBR, Inc.	69	1,428
Kemet Corp.	25	604
Keysight Technologies, Inc. (a)	86	7,197
Kimball Electronics Group, LLC (a)	11	123
KLA-Tencor Corp.	74	10,655
Knowles Corporation (a)	44	584
Kulicke & Soffa Industries Inc. (b)	33	683
L-1 Secure Credentialing, Inc. (a) (b)	4	56
Lam Research Corp. (b)	68	16,263
Lattice Semiconductor Corp. (a) (b)	62	1,113
Leidos Holdings Inc.	63	5,764
Limelight Networks, Inc. (a)	55	311
Littelfuse Inc.	12	1,621
LivePerson, Inc. (a) (b)	29	653
Liveramp, Inc. (a)	33	1,080
LogMeIn, Inc.	23	1,894
Lumentum Holdings Inc. (a)	37	2,732
MACOM Technology Solutions Holdings, Inc. (a)	22	418
Manhattan Associates Inc. (a)	32	1,587
Mantech International Corp. - Class A	13	929
Marvell Technology Group Ltd (b)	296	6,700
MasterCard Incorporated - Class A	422	101,958
Maxim Integrated Products, Inc.	125	6,084
MAXIMUS Inc.	31	1,811
MaxLinear, Inc. - Class A (a)	32	368
Medallia, Inc. (a) (b)	9	187
Mellanox Technologies Ltd (a)	22	2,726
Methode Electronics Inc.	18	473
Microchip Technology Incorporated (b)	114	7,717
Micron Technology, Inc. (a)	523	21,979
Microsoft Corporation	3,405	536,945
MicroStrategy Inc. - Class A (a)	5	540
Mimecast Uk Limited (a)	24	851
Mitek Systems, Inc. (a)	16	124
MKS Instruments, Inc.	27	2,161
Mobileiron, Inc. (a)	24	92
Model N, Inc. (a)	11	241
MongoDB, Inc. - Class A (a) (b)	22	3,061
Monolithic Power Systems Inc. (b)	20	3,328
Motorola Solutions Inc.	80	10,690
MTS Systems Corp.	9	195
NAPCO Security Technologies Inc. (a)	4	67
National Instruments Corp.	61	2,013
NCR Corporation (a)	57	1,011
NetApp, Inc.	110	4,586
NETGEAR, Inc. (a)	15	352
NetScout Systems, Inc. (a)	39	923
New Relic, Inc. (a)	23	1,061
NIC Inc.	32	741
Nlight, Inc. (a)	10	108
NortonLifelock Inc.	292	5,465
Novantas Inc. (a)	17	1,343
Nuance Communications, Inc. (a)	139	2,331
Nutanix, Inc. - Class A (a)	76	1,195
NVE Corp.	2	122
NVIDIA Corporation (b)	274	72,099
Okta, Inc. - Class A (a)	49	6,016
On Semiconductor Corporation (a)	199	2,480
Onespan, Inc. (a)	15	267
Onto Innovation Inc. (a)	23	667
Oracle Corporation (b)	1,081	52,267
OSI Systems Inc. (a)	8	574
Pagerduty, Inc. (a) (b)	6	96
Palo Alto Networks, Inc. (a) (b)	46	7,610
Paychex Inc.	150	9,426
Paycom Software, Inc. (a)	23	4,669
Paylocity Holding Corporation (a)	17	1,467
Paypal Holdings, Inc. (a)	525	50,275
Paysign, Inc. (a) (b)	10	54
PC Connection, Inc.	6	240
PDF Solutions Inc. (a)	9	106
Pegasystems Inc.	19	1,357
Perficient, Inc. (a)	17	457
Perspecta Inc.	72	1,318
Photronics Inc. (a)	34	348
Plantronics Inc. (b)	16	164
Plexus Corp. (a)	13	699
Pluralsight, Inc. - Class A (a) (b)	34	372
Power Integrations Inc.	14	1,258
Progress Software Corp.	21	680
Proofpoint, Inc. (a)	27	2,772
PROS Holdings, Inc. (a)	17	534
PTC Inc. (a)	51	3,146
Pure Storage, Inc. - Class A (a)	109	1,344
Q2 Holdings, Inc. (a)	20	1,208
QAD Inc. - Class A	6	236
Qorvo, Inc. (a)	56	4,490
Qualcomm Incorporated	535	36,208
Qualys, Inc. (a)	16	1,396
Rambus Inc. (a) (b)	52	577
Rapid7, Inc. (a) (b)	20	859
RealPage, Inc. (a) (b)	39	2,054
Repay Holdings Corporation - Class A	12	165
Ribbon Communications Inc. (a)	25	76
RingCentral, Inc. - Class A (a) (b)	35	7,367
Rogers Corp. (a)	9	841
Rosetta Stone Inc. (a)	11	147
Sabre Corporation	133	791
SailPoint Technologies Holdings, Inc. (a)	37	566
Salesforce.Com, Inc. (a)	392	56,452
Sanmina Corp. (a)	33	898
ScanSource Inc. (a)	12	266
Science Applications International Corp.	24	1,787
Seagate Technology Public Limited Company	108	5,292
Secureworks Corp. - Class A (a)	3	35
Semtech Corp. (a)	32	1,203
ServiceNow, Inc. (a)	88	25,305
Silicon Laboratories Inc. (a)	21	1,793
Skyworks Solutions, Inc. (b)	78	6,953
SMART Global Holdings, Inc. (a)	10	249
Smartsheet Inc. - Class A (a)	42	1,738
SolarEdge Technologies Ltd. (a) (b)	21	1,734
Splunk Inc. (a)	72	9,065
SPS Commerce, Inc. (a)	17	787
Square, Inc. - Class A (a) (b)	163	8,553
SS&C Technologies Holdings, Inc.	103	4,504
SunPower Corporation (a) (b)	41	207
SVMK Inc. (a)	10	139
Switch Inc - Class A	24	345
Sykes Enterprises Inc. (a)	20	534
Synaptics Incorporated (a)	17	991
SYNNEX Corporation	21	1,539
Synopsys Inc. (a)	69	8,932
TE Connectivity Ltd.	156	9,805
Tech Data Corp. (a)	16	2,062
Tenable Holdings, Inc. (a)	12	257
Teradata Corporation (a)	58	1,182
Teradyne Inc.	80	4,344
Texas Instruments Incorporated	438	43,810
The Trade Desk, Inc. - Class A (a) (b)	18	3,470
TiVo Corporation	60	424
Trimble Inc. (a)	112	3,552
TTEC Holdings, Inc.	8	278
TTM Technologies, Inc. (a)	45	467
Tucows Inc. (a) (b)	4	211
Twilio Inc. - Class A (a) (b)	56	4,984
Tyler Technologies Inc. (a)	19	5,534
Ultra Clean Holdings, Inc. (a)	19	261
Unisys Corp. (a)	25	306
Universal Display Corporation	21	2,705
Upland Software, Inc. (a)	11	296
Upstate Property Rentals, LLC (a)	17	267

17

JNL Variable Fund LLC (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

			Shares/Par1		Value ($)
	Varonis Systems, Inc. (a)		14		901
	Veeco Instruments Inc. (a)		24		227
	Verint Systems Inc. (a)		31		1,333
	VeriSign, Inc. (a)		50		8,927
	Verra Mobility Corporation - Class A (a) (b)		49		349
	ViaSat, Inc. (a)		19		685
	Viavi Solutions Inc. (a)		110		1,231
	Virtusa Corporation (a)		14		389
	Visa Inc. - Class A		805		129,717
	Vishay Intertechnology Inc.		64		922
	Vishay Precision Group, Inc. (a)		4		87
	VMware Inc. - Class A (a) (b)		39		4,684
	Western Digital Corporation		137		5,699
	Western Union Co.		200		3,620
	Wex, Inc. (a)		21		2,183
	Workday, Inc. - Class A (a)		76		9,935
	Workiva Inc. - Class A (a)		16		510
	Xerox Holdings Corporation		95		1,801
	Xilinx, Inc.		117		9,114
	Xperii Corp.		24		331
	Yext, Inc. (a) (b)		29		297
	Zebra Technologies Corp. - Class A (a)		25		4,525
	Zendesk, Inc. (a) (b)		54		3,458
	Zscaler, Inc. (a) (b)		30		1,835
	Zuora, Inc. - Class A (a)		36		294
	Total Common Stocks (cost $1,923,040)			2,891,878
SHORT TERM INVESTMENTS 2.8%
Securities Lending Collateral 1.4%
	JNL Securities Lending Collateral Fund - Institutional Class, 0.25% (c) (d)		40,576		40,576
Investment Companies 1.3%
	JNL Government Money Market Fund - Institutional Class, 0.23% (c) (d)		38,626		38,626
U.S. Treasury Bill 0.1%
	Treasury, United States Department of
		0.05%, 12/31/20 (e) (f)	597		596
		0.15%, 02/25/21 (e) (f)	1,646		1,644
				2,240
	Total Short Term Investments (cost $81,443)			81,442
Total Investments 101.8% (cost $2,004,483)					2,973,320
Other Derivative Instruments (0.0)%					(202)
Other Assets and Liabilities, Net (1.8)%					(52,225)
Total Net Assets 100.0%					2,920,893

(a)Non-income producing security.

(b)All or a portion of the security was on loan as of March 31, 2020.

(c)Investment in affiliate.

(d)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2020.

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

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

JNL/Mellon Information Technology Sector Fund — Futures Contracts
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
NASDAQ 100 Stock Index	167	June 2020		25,546	(151)			460
S&P Technology Select Sector Index	31	June 2020		2,607	(51)			(107)
					(202)			353

18

JNL Variable Fund LLC (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

		Shares/Par1	Value ($)
JNL/Mellon MSCI World Index Fund
COMMON STOCKS 99.6%
United States of America 62.5%
	3M Company	5	626
	Abbott Laboratories	14	1,112
	AbbVie Inc.	12	898
	ABIOMED, Inc. (a)	—	55
	Activision Blizzard, Inc.	6	363
	Acuity Brands, Inc.	—	30
	Adobe Inc. (a)	4	1,218
	ADS Alliance Data Systems, Inc.	—	13
	Advance Auto Parts, Inc.	1	48
	Advanced Micro Devices, Inc. (a)	8	383
	AerCap Holdings N.V. (a)	1	23
	AFLAC Incorporated	6	201
	Agilent Technologies, Inc.	2	175
	AGNC Investment Corp.	4	46
	Air Products and Chemicals, Inc.	2	354
	Akamai Technologies, Inc. (a)	1	119
	Albemarle Corporation	1	47
	Alexandria Real Estate Equities, Inc.	1	123
	Alexion Pharmaceuticals, Inc. (a)	2	162
	Align Technology, Inc. (a)	1	105
	Alleghany Corporation	—	63
	Alliant Energy Corporation	2	94
	Ally Financial Inc.	3	46
	Alnylam Pharmaceuticals, Inc. (a)	1	95
	Alphabet Inc. - Class A (a)	2	2,758
	Alphabet Inc. - Class C (a)	2	2,849
	Altice USA, Inc. - Class A (a)	1	25
	Altria Group, Inc.	15	576
	Amazon.com, Inc. (a)	3	6,514
	AMERCO	—	18
	Ameren Corporation	2	143
	American Airlines Group Inc. (b)	1	13
	American Electric Power Company, Inc.	4	318
	American Express Company	5	469
	American Financial Group, Inc.	1	45
	American International Group, Inc.	7	168
	American Tower Corporation	4	768
	American Water Works Company, Inc.	1	174
	Ameriprise Financial, Inc.	1	100
	AmerisourceBergen Corporation	1	104
	AMETEK, Inc.	2	130
	Amgen Inc.	5	952
	Amphenol Corporation - Class A	2	168
	Analog Devices, Inc.	3	258
	Annaly Capital Management, Inc.	12	59
	ANSYS, Inc. (a)	1	155
	Anthem, Inc.	2	453
	AO Smith Corp.	1	37
	Apache Corporation	3	12
	Apple Inc.	35	8,960
	Applied Materials, Inc.	7	332
	Aptiv PLC	2	100
	Aramark	2	42
	Archer-Daniels-Midland Company	4	157
	Arista Networks, Inc. (a)	—	88
	Arrow Electronics, Inc. (a)	1	36
	Arthur J Gallagher & Co.	2	123
	Assurant, Inc.	1	52
	AT&T Inc.	58	1,686
	Athene Holding Ltd - Class A (a)	1	32
	Atmos Energy Corporation	1	96
	Autodesk, Inc. (a)	2	268
	Autoliv, Inc.	1	29
	Automatic Data Processing, Inc.	3	466
	AutoZone, Inc. (a)	—	157
	AvalonBay Communities, Inc.	1	165
	Avery Dennison Corporation	1	70
	Axalta Coating Systems Ltd. (a)	2	30
	Baker Hughes, a GE Company, LLC - Class A	5	52
	Ball Corporation	2	156
	Bank of America Corporation	68	1,436
	Bausch Health Companies Inc. (a)	3	40
	Baxter International Inc.	4	318
	Becton, Dickinson and Company	2	494
	Berkshire Hathaway Inc. - Class B (a)	10	1,903
	Best Buy Co., Inc.	2	109
	Biogen Inc. (a)	1	449
	BioMarin Pharmaceutical Inc. (a)	1	117
	Bio-Rad Laboratories, Inc. - Class A (a)	—	60
	Black Knight, Inc. (a)	1	67
	BlackRock, Inc.	1	406
	Booking Holdings Inc. (a)	—	444
	Booz Allen Hamilton Holding Corporation - Class A	1	74
	BorgWarner Inc.	2	40
	Boston Properties Inc.	1	114
	Boston Scientific Corporation (a)	11	357
	Bristol-Myers Squibb Company	19	1,033
	Broadcom Inc.	3	743
	Broadridge Financial Solutions, Inc.	1	85
	Brown & Brown Inc.	2	67
	Brown-Forman Corp. - Class B (b)	3	140
	Bunge Limited	1	48
	Burlington Stores Inc. (a)	1	87
	C.H. Robinson Worldwide, Inc.	1	77
	Cabot Oil & Gas Corp.	4	63
	Cadence Design Systems Inc. (a)	2	146
	Camden Property Trust	1	63
	Campbell Soup Company	1	66
	Capital One Financial Corporation	4	184
	Capri Holdings Limited (a)	1	14
	Cardinal Health, Inc.	2	114
	Carmax Inc. (a) (b)	1	72
	Caterpillar Inc.	4	505
	Cboe Global Markets, Inc.	1	78
	CBRE Group, Inc. - Class A (a)	3	95
	CDK Global, Inc.	1	31
	CDW Corp.	1	108
	Celanese Corp. - Class A	1	75
	Centene Corporation (a)	5	279
	CenterPoint Energy, Inc.	4	64
	CenturyLink Inc.	8	75
	Cerner Corp.	2	153
	CF Industries Holdings Inc.	2	50
	Charter Communications, Inc. - Class A (a)	1	517
	Cheniere Energy, Inc. (a)	2	65
	Chevron Corporation	15	1,084
	Chipotle Mexican Grill Inc. (a)	—	136
	Chubb Limited	4	405
	Church & Dwight Co. Inc.	2	125
	Cigna Holding Company	3	521
	Cincinnati Financial Corporation	1	93
	Cintas Corp.	1	124
	Cisco Systems, Inc.	34	1,319
	Citigroup Inc.	17	727
	Citizens Financial Group Inc.	4	67
	Citrix Systems Inc.	1	148
	CME Group Inc.	3	488
	CMS Energy Corp.	2	133
	Cognex Corp.	1	57
	Cognizant Technology Solutions Corp. - Class A	4	206
	Colgate-Palmolive Co.	6	430
	Comcast Corporation - Class A	36	1,235
	Comerica Inc.	1	36
	ConAgra Brands Inc.	4	118
	Concho Resources Inc.	2	66
	ConocoPhillips	9	265
	Consolidated Edison, Inc.	3	202
	Constellation Brands, Inc. - Class A	1	190
	Continental Resources Inc. (b)	1	6
	Cooper Cos. Inc.	—	108
	Copart Inc. (a)	2	112
	Corning Incorporated	6	127
	Corteva, Inc.	6	143
	CoStar Group, Inc. (a)	—	170
	Costco Wholesale Corporation	4	1,000
	Coty Inc. - Class A	2	12

19

JNL Variable Fund LLC (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

	Shares/Par1	Value ($)
Crown Castle International Corp.	3	478
Crown Holdings Inc. (a)	1	62
CSX Corp.	6	332
Cummins Inc.	1	153
CVS Health Corporation	10	615
D.R. Horton, Inc.	3	96
Danaher Corporation	5	690
Darden Restaurants Inc.	1	53
DaVita Inc. (a)	1	51
Deere & Company	2	329
Dell Technology Inc. - Class C (a)	1	51
Delta Air Lines Inc.	1	37
Dentsply Sirona Inc.	2	72
Devon Energy Corporation	3	23
DexCom Inc. (a) (b)	1	196
Diamondback Energy, Inc.	1	34
Digital Realty Trust Inc.	2	270
Discover Financial Services	2	86
Discovery, Inc. - Class A (a) (b)	1	27
Discovery, Inc. - Class C (a)	3	52
Dish Network Corporation - Class A (a)	2	39
DocuSign, Inc. (a)	1	75
Dollar General Corp.	2	308
Dollar Tree Inc. (a)	2	141
Dominion Energy, Inc.	7	472
Domino's Pizza, Inc.	—	100
Dover Corporation	1	93
Dow Inc.	6	172
Dropbox, Inc. - Class A (a)	2	33
DTE Energy Company	1	139
Duke Energy Corporation	6	469
Duke Realty Corp.	3	95
DuPont de Nemours, Inc.	6	202
DXC Technology Company	2	29
E*TRADE Financial Corp.	2	58
East West Bancorp, Inc.	1	32
Eastman Chemical Co.	1	53
Eaton Corporation Public Limited Company	3	259
Eaton Vance Corp.	1	28
eBay Inc.	6	181
Ecolab Inc.	2	321
Edison International	3	158
Edwards Lifesciences Corporation (a)	2	316
Elanco Animal Health (a)	3	68
Electronic Arts Inc. (a)	2	234
Eli Lilly & Co.	7	946
Emerson Electric Co.	5	233
Entergy Corporation	2	148
EOG Resources, Inc.	5	168
EPAM Systems, Inc. (a)	—	79
Equifax Inc.	1	111
Equinix, Inc.	1	422
Equitable Holdings, Inc.	3	47
Equity Lifestyle Properties, Inc.	1	77
Equity Residential	3	185
Erie Indemnity Company - Class A	—	25
Essential Utilities, Inc.	2	68
Essex Property Trust Inc.	1	114
Estee Lauder Cos. Inc. - Class A	2	283
Everest Re Group, Ltd.	—	61
Evergy, Inc.	2	96
Eversource Energy	3	197
Exact Sciences Corporation (a)	1	67
Exelon Corporation	8	288
Expedia Group, Inc.	1	63
Expeditors International of Washington Inc.	1	95
Extra Space Storage Inc.	1	102
Exxon Mobil Corporation	33	1,272
F5 Networks, Inc. (a)	—	52
Facebook, Inc. - Class A (a)	19	3,181
FactSet Research Systems Inc.	—	78
Fastenal Co.	5	144
Federal Realty Investment Trust	1	46
FedEx Corporation	2	241
Fidelity National Financial, Inc.	2	54
Fidelity National Information Services, Inc.	5	595
Fifth Third Bancorp	5	81
First Republic Bank	1	112
FirstEnergy Corp.	4	171
Fiserv, Inc. (a)	5	432
FleetCor Technologies Inc. (a)	1	132
FLIR Systems Inc.	1	34
Flowserve Corporation	1	28
FMC Corporation	1	85
Ford Motor Company	32	153
Fortinet, Inc. (a)	1	122
Fortive Corporation	2	132
Fortune Brands Home & Security, Inc.	1	49
Fox Corporation - Class A	3	71
Fox Corporation - Class B	1	29
Franklin Resources Inc.	3	42
Freeport-McMoRan Inc. - Class B	11	78
Gap Inc. (b)	2	15
Gartner Inc. (a)	1	71
General Dynamics Corporation	2	261
General Electric Company	70	552
General Mills, Inc.	5	255
General Motors Company	10	212
Genuine Parts Co.	1	82
Gilead Sciences, Inc.	10	754
Global Payments Inc.	2	344
Globe Life Inc.	1	59
GoDaddy Inc. - Class A (a)	1	82
Grubhub Holdings Inc. (a)	1	30
Guidewire Software, Inc. (a)	1	50
Halliburton Company	7	48
Hanesbrands Inc.	3	26
Harley-Davidson, Inc.	1	27
Hasbro, Inc.	1	73
HCA Healthcare, Inc.	2	197
HD Supply Holdings, Inc (a)	1	40
Healthpeak Properties, Inc.	4	95
HEICO Corp.	—	21
HEICO Corp. - Class A	1	38
Henry Schein Inc. (a)	1	64
Hershey Co.	1	152
Hess Corporation	2	73
Hewlett Packard Enterprise Company	10	96
Hilton Worldwide Holdings Inc.	2	147
HollyFrontier Corp.	1	31
Hologic Inc. (a)	2	78
Honeywell International Inc.	6	755
Hormel Foods Corp.	2	112
Host Hotels & Resorts, Inc.	6	67
Howmet Aerospace Inc.	3	50
HP Inc.	12	204
Humana Inc.	1	335
Huntington Bancshares Incorporated	8	65
Huntington Ingalls Industries Inc.	—	62
IAC/InterActiveCorp (a)	1	115
IDEX Corporation	1	88
IDEXX Laboratories, Inc. (a)	1	168
Illinois Tool Works Inc.	3	359
Illumina, Inc. (a)	1	323
Incyte Corporation (a)	1	107
Ingersoll Rand Inc. (a)	3	69
Ingredion Inc.	1	41
Insulet Corporation (a)	—	79
Intel Corporation	34	1,864
Intercontinental Exchange, Inc.	4	353
International Business Machines Corporation	7	784
International Flavors & Fragrances Inc.	1	86
International Paper Company	3	88
Interpublic Group of Cos. Inc.	3	54
Intuit Inc.	2	476
Intuitive Surgical, Inc. (a)	1	450
Invesco Ltd.	3	28
Invitation Homes Inc.	4	90
Ionis Pharmaceuticals Inc. (a)	1	49
IPG Photonics Corporation (a)	—	37

20

JNL Variable Fund LLC (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

	Shares/Par1	Value ($)
IQVIA Inc. (a)	1	138
Iron Mountain Incorporated (b)	2	54
Jack Henry & Associates Inc.	1	94
Jacobs Engineering Group Inc.	1	86
Jardine Strategic Holdings Ltd.	2	40
Jazz Pharmaceuticals Public Limited Company (a)	—	49
JB Hunt Transport Services Inc.	1	67
Jefferies Financial Group Inc.	2	31
JM Smucker Co.	1	100
Johnson & Johnson	21	2,734
Johnson Controls International Public Limited Company	6	162
Jones Lang LaSalle Incorporated	—	41
JPMorgan Chase & Co.	25	2,237
Juniper Networks, Inc.	3	56
K.K.R. Co., Inc.	4	93
Kansas City Southern	1	96
Kellogg Co.	2	121
KeyCorp	8	84
Keysight Technologies, Inc. (a)	1	121
Kimberly-Clark Corporation	3	344
Kimco Realty Corporation	3	33
Kinder Morgan, Inc.	16	228
KLA-Tencor Corp.	1	176
Knight-Swift Transportation Holdings Inc. - Class A	1	32
Kohl's Corporation	1	19
Kraft Heinz Foods Company	5	131
L3Harris Technologies, Inc.	2	320
Laboratory Corporation of America Holdings (a)	1	99
Lam Research Corp.	1	276
Lamb Weston Holdings Inc.	1	68
Las Vegas Sands Corp.	3	116
Lear Corporation	—	34
Leggett & Platt Inc.	1	27
Leidos Holdings Inc.	1	94
Lennar Corporation - Class A	2	87
Lennox International Inc.	—	50
Liberty Broadband Corp. - Class C (a)	1	97
Liberty Media Corporation - Class C (a)	2	45
Liberty SiriusXM Group - Class A (a)	1	21
Liberty SiriusXM Group - Class C (a)	1	41
Lincoln National Corporation	2	45
Live Nation Entertainment, Inc. (a)	1	55
LKQ Corporation (a)	2	50
Lockheed Martin Corporation	2	687
Loews Corp.	2	71
Lowe`s Companies, Inc.	6	521
M&T Bank Corporation	1	100
ManpowerGroup Inc.	—	26
Marathon Oil Corporation	6	21
Marathon Petroleum Corporation	5	123
Markel Corporation (a)	—	100
MarketAxess Holdings Inc.	—	98
Marriott International, Inc. - Class A	2	166
Marsh & McLennan Companies, Inc.	4	343
Martin Marietta Materials Inc.	1	97
Marvell Technology Group Ltd	5	117
Masco Corporation	2	75
MasterCard Incorporated - Class A	7	1,717
Match Group, Inc. (a) (b)	—	24
Maxim Integrated Products, Inc.	2	104
McCormick & Co. Inc.	1	134
McDonald's Corporation	6	984
McKesson Corporation	1	200
Medical Properties Trust, Inc.	4	69
Merck & Co., Inc.	20	1,550
MetLife, Inc.	6	187
Mettler-Toledo International Inc. (a)	—	135
MGM Resorts International	4	44
Microchip Technology Incorporated (b)	2	130
Micron Technology, Inc. (a)	9	374
Microsoft Corporation	57	9,064
Mid-America Apartment Communities, Inc.	1	93
Middleby Corp. (a)	—	27
Mohawk Industries Inc. (a)	—	37
Molson Coors Beverage Company - Class B	2	63
Mondelez International, Inc. - Class A	11	575
MongoDB, Inc. - Class A (a) (b)	—	42
Monster Beverage 1990 Corporation (a)	3	182
Moody's Corp.	1	282
Morgan Stanley	10	324
MOS Holdings Inc.	3	33
Motorola Solutions Inc.	1	180
MSCI Inc.	1	197
Mylan Holdings Ltd. (a)	4	61
NASDAQ Inc.	1	90
National Oilwell Varco, Inc.	3	32
National Retail Properties, Inc.	1	43
NetApp, Inc.	2	78
Netflix, Inc. (a)	3	1,311
Neurocrine Biosciences, Inc. (a)	1	58
Newell Brands Inc.	3	42
Newmont Corporation	7	300
News Corporation - Class A	3	31
NextEra Energy, Inc.	4	937
Nielsen Holdings plc	3	38
NIKE, Inc. - Class B	10	814
NiSource Inc.	3	76
Noble Energy, Inc.	4	25
Nordstrom Inc. (b)	1	15
Norfolk Southern Corporation	2	299
Northern Trust Corp.	2	125
Northrop Grumman Systems Corp.	1	380
NortonLifelock Inc.	5	92
Norwegian Cruise Line Holdings Ltd. (a)	2	20
NRG Energy, Inc.	2	58
Nucor Corporation	3	90
NVIDIA Corporation	5	1,212
NVR, Inc. (a)	—	69
Occidental Petroleum Corporation	7	81
OGE Energy Corp.	2	49
Okta, Inc. - Class A (a)	1	99
Old Dominion Freight Line Inc.	1	99
Omega Healthcare Investors, Inc.	2	45
Omnicom Group Inc.	2	97
On Semiconductor Corporation (a)	4	44
ONEOK, Inc.	3	72
Oracle Corporation	18	877
O'Reilly Automotive, Inc. (a)	1	177
Ovintiv Canada ULC (b)	2	5
Owens Corning Inc.	1	32
PACCAR Inc.	3	172
Packaging Corporation of America	1	67
Palo Alto Networks, Inc. (a)	1	124
Parker-Hannifin Corporation	1	132
Paychex Inc.	3	161
Paycom Software, Inc. (a)	—	79
Paypal Holdings, Inc. (a)	9	844
People's United Financial Inc.	3	34
PepsiCo, Inc.	11	1,325
PerkinElmer Inc.	1	65
Perrigo Company Public Limited Company	1	54
Pfizer Inc.	44	1,429
Philip Morris International Inc.	12	905
Phillips 66	4	191
Pinnacle West Capital Corp.	1	70
Pinterest, Inc. - Class A (a) (b)	2	32
Pioneer Natural Resources Co.	1	94
Polaris Industries Inc.	—	21
PPG Industries, Inc.	2	159
PPL Corporation	6	143
Principal Financial Group, Inc.	2	73
Procter & Gamble Co.	20	2,172
Progressive Corp.	5	347
ProLogis Inc.	6	466
Prudential Financial Inc.	3	166
PTC Inc. (a)	1	56
Public Service Enterprise Group Inc.	4	180
Public Storage	1	252
Pulte Homes Inc.	2	46

21

JNL Variable Fund LLC (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

	Shares/Par1	Value ($)
PVH Corp.	1	22
Qiagen N.V. (a)	2	67
Qorvo, Inc. (a)	1	76
Qualcomm Incorporated	9	609
Quest Diagnostics Incorporated	1	88
Ralph Lauren Corp. - Class A	—	29
Raymond James Financial Inc.	1	66
Raytheon Company	2	287
Realty Income Corporation	2	124
Regency Centers Corp.	1	53
Regeneron Pharmaceuticals, Inc. (a)	1	309
Regions Financial Corporation	7	66
Reinsurance Group of America, Incorporated	—	41
Republic Services Inc.	2	135
ResMed Inc.	1	170
RingCentral, Inc. - Class A (a)	1	122
Robert Half International Inc.	1	34
Rockwell Automation Inc.	1	135
Roku Inc. - Class A (a)	1	57
Rollins Inc.	1	47
Roper Technologies, Inc.	1	254
Ross Stores Inc.	3	252
Royal Caribbean Cruises Ltd.	1	46
RPM International Inc.	1	60
S&P Global Inc.	2	471
Sabre Corporation	2	13
Salesforce.Com, Inc. (a)	7	948
Sarepta Therapeutics, Inc. (a)	1	56
SBA Communications Corporation	1	237
Schlumberger Ltd.	11	146
Sealed Air Corporation	1	31
Seattle Genetics Inc. (a)	1	104
SEI Investments Co.	1	50
Sempra Energy	2	253
Sensata Technologies Holding PLC (a)	1	37
ServiceNow, Inc. (a)	1	428
Sherwin-Williams Co.	1	303
Signature Bank	—	34
Simon Property Group, Inc.	2	132
Sirius XM Holdings Inc. (b)	12	61
Skyworks Solutions, Inc.	1	121
SL Green Realty Corp.	1	28
Snap Inc. - Class A (a)	5	64
Snap-On Inc.	—	47
Southwest Airlines Co.	1	40
Spirit Aerosystems Holdings Inc. - Class A	1	21
Splunk Inc. (a)	1	150
Sprint Corporation (a)	7	61
Square, Inc. - Class A (a)	3	141
SS&C Technologies Holdings, Inc.	2	82
Stanley Black & Decker Inc.	1	122
Starbucks Corporation	9	613
State Street Corporation	3	150
Steel Dynamics Inc.	2	35
Steris Limited	1	93
Stryker Corporation	3	447
Sun Communities Inc.	1	88
SVB Financial Group (a)	—	62
Synchrony Financial	5	76
Synopsys Inc. (a)	1	150
Sysco Corp.	4	179
T. Rowe Price Group, Inc.	2	178
Take-Two Interactive Software Inc. (a)	1	113
Tapestry Inc.	2	31
Targa Resources Corp.	2	13
Target Corporation	4	370
TD Ameritrade Holding Corporation	2	76
TechnipFMC PLC	4	24
Teledyne Technologies Inc. (a)	—	84
Teleflex Incorporated	—	110
Teradyne Inc.	1	70
Tesla Inc. (a)	1	561
Texas Instruments Incorporated	7	744
Textron Inc.	2	52
The AES Corporation	5	74
The Allstate Corporation	3	232
The Bank of New York Mellon Corporation (c)	6	218
The Blackstone Group Inc.	5	235
The Boeing Company	4	630
The Charles Schwab Corporation	9	304
The Clorox Company	1	174
The Coca-Cola Company	32	1,425
The Goldman Sachs Group, Inc.	3	388
The Hartford Financial Services Group, Inc.	3	102
The Home Depot, Inc.	9	1,612
The Kroger Co.	6	195
The PNC Financial Services Group, Inc.	3	330
The Southern Company	8	447
The Travelers Companies, Inc.	2	200
The Williams Companies, Inc.	10	139
Thermo Fisher Scientific Inc.	3	906
Tiffany & Co.	1	107
TJX Cos. Inc.	10	455
T-Mobile USA, Inc. (a)	3	233
Tractor Supply Co.	1	81
Trane Technologies Public Limited Company	2	157
TransDigm Group Inc.	—	122
TransUnion	2	100
Trimble Inc. (a)	2	67
TripAdvisor Inc.	1	16
Truist Financial Corporation	11	329
Twilio Inc. - Class A (a) (b)	1	83
Twitter, Inc. (a)	6	143
Tyler Technologies Inc. (a)	—	89
Tyson Foods Inc. - Class A	2	135
U.S. Bancorp	12	402
Uber Technologies, Inc. (a)	3	83
UDR, Inc.	2	80
UGI Corp.	2	44
Ulta Salon, Cosmetics & Fragrance, Inc. (a)	—	78
Under Armour Inc. - Class A (a)	2	16
Under Armour Inc. - Class C (a)	2	14
Union Pacific Corporation	5	773
United Airlines Holdings, Inc. (a)	1	19
United Parcel Service Inc. - Class B	6	515
United Rentals Inc. (a)	1	64
United Technologies Corporation	7	617
UnitedHealth Group Incorporated	7	1,870
Universal Health Services Inc. - Class B	1	60
Unum Group	2	27
Vail Resorts, Inc.	—	48
Valero Energy Corporation	3	149
Varian Medical Systems, Inc. (a)	1	73
Veeva Systems Inc. - Class A (a)	1	164
Ventas, Inc.	3	80
VEREIT, Inc.	8	38
VeriSign, Inc. (a)	1	155
Verisk Analytics, Inc.	1	173
Verizon Communications Inc.	33	1,759
Vertex Pharmaceuticals Incorporated (a)	2	481
VF Corp.	3	147
ViacomCBS Inc. - Class B	5	64
VICI Properties Inc. (b)	4	59
Visa Inc. - Class A	14	2,186
Vistra Energy Corp.	3	44
VMware Inc. - Class A (a)	1	83
Vornado Realty Trust	1	49
Voya Financial, Inc.	1	40
Vulcan Materials Co.	1	117
W. R. Berkley Corporation	1	65
W. W. Grainger, Inc.	—	92
W.P. Carey Inc.	1	83
WABCO Holdings Inc. (a)	—	59
Wabtec Corp.	1	70
Walgreens Boots Alliance, Inc.	6	279
Walmart Inc.	11	1,278
Walt Disney Co.	14	1,378
Waste Connections, Inc.	2	161
Waste Management, Inc.	3	316
Waters Corp. (a)	—	89

22

JNL Variable Fund LLC (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

		Shares/Par1		Value ($)
	Wayfair Inc. - Class A (a) (b)	—		26
	WEC Energy Group Inc.	3		224
	Wells Fargo & Company	32		912
	Welltower Inc.	3		150
	West Pharmaceutical Services Inc.	1		87
	Western Digital Corporation	2		100
	Western Union Co.	4		64
	Westlake Chemical Corporation	—		10
	Westrock Company, Inc.	2		61
	Weyerhaeuser Company	6		102
	Whirlpool Corporation	1		47
	Workday, Inc. - Class A (a)	1		172
	Wynn Resorts Ltd.	1		46
	Xcel Energy Inc.	4		252
	Xerox Holdings Corporation	2		29
	Xilinx, Inc.	2		159
	XPO Logistics Inc. (a)	1		39
	Xylem Inc.	1		92
	Yum! Brands, Inc.	2		165
	Zebra Technologies Corp. - Class A (a)	—		77
	Zillow Group, Inc. - Class C (a) (b)	1		34
	Zimmer Biomet Holdings, Inc.	2		167
	Zions Bancorp	1		38
	Zoetis Inc. - Class A	4		447
			173,880
Japan 8.5%
	ABC-Mart Inc.	—		15
	Acom Co. Ltd.	4		15
	Advantest Corporation (b)	2		63
	AEON Co. Ltd.	5		115
	AEON Financial Service Co. Ltd. (b)	1		11
	AEON Mall Co. Ltd. (b)	1		9
	Air Water Inc.	1		19
	Aisin Seiki Co. Ltd.	1		31
	Ajinomoto Co. Inc.	4		67
	Alfresa Holdings Corp.	2		31
	All Nippon Airways Co. Ltd.	1		24
	ALPS Alpine Co. Ltd. (b)	2		15
	Amada Co. Ltd.	2		18
	Aozora Bank, Ltd.	1		21
	Asahi Breweries Ltd.	3		91
	Asahi Glass Co. Ltd.	1		32
	Asahi Intecc Co., Ltd.	2		40
	Asahi Kasei Corp.	10		69
	Astellas Pharma Inc.	15		226
	Bandai Namco Holdings Inc. (b)	2		78
	Bank of Kyoto Ltd.	1		16
	Benesse Holdings Inc.	1		18
	Bridgestone Corp.	5		138
	Brother Industries Ltd.	2		26
	Calbee,Inc.	1		19
	Canon Inc.	8		174
	Casio Computer Co. Ltd.	1		19
	Central Japan Railway Co.	1		176
	China Bank Ltd. (b)	5		22
	Chubu Electric Power Co. Inc.	5		72
	Chugai Pharmaceutical Co. Ltd.	2		209
	Chugoku Electric Power Co. Inc.	3		35
	Coca-Cola Bottlers Japan Holdings Inc.	1		23
	Concordia Financial Group, Ltd.	9		27
	Credit Saison Co. Ltd.	1		12
	CyberAgent Inc.	1		31
	Dai Nippon Printing Co. Ltd.	2		45
	Daicel Corp.	2		12	��
	Daifuke Co. Ltd. (b)	1		50
	Dai-ichi Life Holdings, Inc.	9		103
	Daiichi Sankyo Company, Ltd	4		309
	Daikin Industries Ltd.	2		243
	Dainippon Sumitomo Pharma Co. Ltd.	2		19
	Daito Trust Construction Co. Ltd.	1		56
	Daiwa House Industry Co. Ltd.	4		109
	Daiwa House REIT Investment Corporation	—		37
	Daiwa Securities Group Inc.	12		48
	Denso Corp.	3		109
	Dentsu Inc. (b)	2		35
	Disco Corp.	—		39
	East Japan Railway Co.	2		182
	Eisai Co. Ltd.	2		147
	Electric Power Development Co., Ltd.	1		26
	Familymart Co., Ltd.	2		36
	Fanuc Ltd.	2		202
	Fast Retailing Co. Ltd.	1		204
	Fuji Electric Holdings Co. Ltd.	1		22
	FUJIFILM Holdings Corp. (b)	3		146
	Fujitsu Ltd.	2		145
	Fukuoka Financial Group, Inc.	2		21
	GMO Payment Gateway, Inc.	—		21
	Hakuhodo DY Holdings Incorporated	2		21
	Hamamatsu Photonics KK	1		45
	Hankyu Hanshin Holdings Inc.	2		64
	Hikari Tsushin Inc.	—		17
	Hino Motors Ltd.	2		13
	Hirose Electric Co. Ltd.	—		22
	Hisamitsu Pharmaceutical Co. Inc.	1		23
	Hitachi Chemical Co. Ltd.	1		30
	Hitachi Construction Machinery Co. Ltd. (b)	1		20
	Hitachi High-Technologies Corp.	1		44
	Hitachi Ltd.	8		220
	Hitachi Metals Ltd. (b)	2		16
	Honda Motor Co. Ltd.	13		292
	Hoshizaki Corporation	—		30
	Hoya Corp.	3		255
	Hulic Co. Ltd.	3		27
	Idemitsu Kosan Co., Ltd. (b)	2		36
	IHI Corp.	1		14
	Iida Group Holdings Co., Ltd.	1		19
	Inpex Corporation	9		48
	Isetan Mitsukoshi Holdings Ltd.	3		18
	Isuzu Motors Ltd.	4		26
	ITOCHU Corp. (b)	11		221
	ITOCHU Techno-Solutions Corporation	1		17
	J.Front Retailing Co., Ltd.	2		14
	Japan Airlines Co., Ltd (b)	1		18
	Japan Airport Terminal Co. Ltd. (b)	—		15
	Japan Exchange Group Inc.	4		76
	Japan Post Bank Co., Ltd. (b)	4		33
	Japan Post Holdings Co., Ltd.	12		95
	Japan Post Insurance Co., Ltd. (b)	2		18
	Japan Prime Realty Investment Corp.	—		18
	Japan Real Estate Investment Corp.	—		64
	Japan Retail Fund Investment Corp.	—		25
	Japan Tobacco Inc.	10		179
	JFE Holdings Inc.	4		26
	JGC Holding Corporation (b)	2		15
	JS Group Corp.	2		24
	JSR Corp.	2		27
	JTEKT Corp.	2		10
	JXTG Holdings, Inc.	24		83
	Kajima Corp.	3		35
	Kakaku.com Inc.	1		18
	Kamigumi Co. Ltd.	1		17
	Kansai Electric Power Co. Inc.	6		65
	Kansai Paint Co. Ltd.	1		27
	Kao Corp.	4		302
	Kawasaki Heavy Industries Ltd. (b)	1		17
	KDDI Corp.	14		414
	Keihan Holdings Co. Ltd.	1		36
	Keikyu Corp.	2		27
	Keio Corp.	1		47
	Keisei Electric Railway Co. Ltd.	1		32
	Keyence Corp.	1		451
	Kikkoman Corp. (b)	1		47
	Kintetsu Corp.	1		65
	Kirin Holdings Co. Ltd.	6		129
	Kobayashi Pharmaceutical Co. Ltd.	—		37
	Koito Manufacturing Co. Ltd.	1		30
	Komatsu Ltd.	7		121
	Konami Corp.	1		21
	Konica Minolta Holdings Inc.	4		14

23

JNL Variable Fund LLC (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

	Shares/Par1	Value ($)
Kose Corp. (b)	—	37
Kubota Corp.	8	108
Kuraray Co. Ltd.	3	26
Kurita Water Industries Ltd.	1	21
Kyocera Corp.	3	153
Kyowa Kirin Co., Ltd.	2	40
Kyushu Electric Power Co. Inc. (b)	3	25
Kyushu Railway Company (b)	1	40
Lawson Inc.	—	22
Line Corporation (a) (b)	—	19
Lion Corp.	2	43
M3, Inc. (b)	4	103
Makita Corp.	2	58
Marubeni Corp.	12	62
Marui Group Co. Ltd. (b)	2	25
Maruichi Steel Tube Ltd. (b)	1	12
Mazda Motor Corp. (b)	4	22
McDonald's Holdings Co. Japan Ltd.	1	27
Mebuki Financial Group, Inc.	7	13
Medipal Holdings Corp.	2	30
Meiji Holdings Co., Ltd.	1	64
Mercari, Inc. (a) (b)	1	10
Minebea Mitsumi Inc. (b)	3	46
MISUMI Group Inc.	2	48
Mitsubishi Chemical Holdings Corporation	10	59
Mitsubishi Corp.	11	229
Mitsubishi Electric Corp.	15	181
Mitsubishi Estate Co. Ltd.	9	140
Mitsubishi Gas Chemical Co. Inc.	1	14
Mitsubishi Heavy Industries Ltd.	3	65
Mitsubishi Materials Corp.	1	20
Mitsubishi Motors Corp.	6	17
Mitsubishi UFJ Financial Group Inc.	98	362
Mitsubishi UFJ Lease & Finance Co. Ltd.	3	14
Mitsui & Co. Ltd.	13	180
Mitsui Chemicals Inc.	2	30
Mitsui Fudosan Co. Ltd.	7	123
Mitsui OSK Lines Ltd.	1	13
Mizuho Financial Group Inc.	190	217
MonotaRO Co., Ltd. (b)	1	24
MS&AD Insurance Group Holdings, Inc.	4	106
Murata Manufacturing Co. Ltd.	4	228
Nabtesco Corp.	1	23
Nagoya Railroad Co. Ltd.	2	45
NEC Corp.	2	73
NEC Electronics Corp. (a)	6	20
NEXON Co.,Ltd.	4	59
NGK Insulators Ltd.	2	25
NGK Spark Plug Co. Ltd.	1	18
Nidec Corp.	4	187
Nikon Corp.	3	25
Nintendo Co. Ltd.	1	348
Nippon Building Fund Inc.	—	74
Nippon Express Co. Ltd.	1	29
Nippon Meat Packers Inc.	1	24
Nippon Paint Co. Ltd.	1	63
Nippon Shinyaku Co., Ltd.	—	24
Nippon Steel Corporation	7	57
Nippon Telegraph & Telephone Corp.	10	246
Nippon Yusen KK (b)	2	18
Nissan Chemical Industries Ltd.	1	29
Nissan Motor Co., Ltd.	18	59
Nisshin Seifun Group Inc.	2	30
Nissin Foods Holdings Co. Ltd.	1	41
Nitori Co. Ltd.	1	81
Nitto Denko Corp.	1	53
Nomura Holdings Inc.	25	105
Nomura Real Estate Holdings, Inc.	1	18
Nomura Real Estate Master Fund. Inc.	—	39
Nomura Research Institute Ltd.	3	55
NSK Ltd.	3	18
NTT Data Corp.	5	48
NTT DoCoMo Inc.	10	325
Obayashi Corp.	5	43
Obic Co. Ltd.	1	66
Odakyu Electric Railway Co. Ltd.	2	53
OJI Holdings Corp.	7	37
Olympus Corp.	9	132
Omron Corp.	2	77
Ono Pharmaceutical Co. Ltd.	3	60
Oracle Corp. Japan	—	26
Oriental Land Co. Ltd. (b)	2	203
ORIX Corp.	10	125
Orix J-REIT Inc.	—	22
Osaka Gas Co. Ltd.	3	57
Otsuka Corp.	1	34
Otsuka Holdings Co., Ltd.	3	125
Pan Pacific International Holdings Corporation	4	68
Panasonic Corp.	17	133
Park24 Co. Ltd.	1	15
PeptiDream Inc. (a)	1	21
Persol Holdings Co., Ltd. (b)	1	13
Pigeon Corp. (b)	1	35
Pola Orbis Holdings Inc.	1	15
Prologis	—	40
Rakuten Inc.	7	54
Recruit Holdings Co., Ltd.	11	275
Resona Holdings Inc.	16	49
Ricoh Co. Ltd. (b)	6	42
Rinnai Corp.	—	21
Rohm Co. Ltd.	1	44
Ryohin Keikaku Co. Ltd.	2	22
Sankyo Co. Ltd.	—	12
Santen Pharmaceutical Co. Ltd.	3	49
SBI Holdings Inc. (b)	2	26
Secom Co. Ltd.	2	141
Sega Sammy Holdings Inc.	2	19
Seibu Holdings Inc.	2	19
Seiko Epson Corp. (b)	3	27
Sekisui Chemical Co. Ltd.	3	40
Sekisui House Ltd.	5	81
Seven & I Holdings Co., Ltd.	6	203
Seven Bank, Ltd.	5	14
SG Holdings Co., Ltd.	1	26
Sharp Corp. (b)	2	16
Shimadzu Corp.	2	50
Shimamura Co. Ltd.	—	12
Shimano Inc.	1	86
Shimizu Corp.	5	38
Shin-Etsu Chemical Co. Ltd.	3	277
Shinsei Bank Ltd. (b)	2	20
Shionogi & Co. Ltd.	2	103
Shiseido Co. Ltd.	3	183
Shizuoka Bank Ltd.	4	24
Showa Denko KK	1	21
SMC Corp.	—	168
Softbank Corp. (b)	13	170
SoftBank Group Corp.	12	438
Sohgo Security Services Co. Ltd.	1	24
Sompo Holdings, Inc.	3	77
Sony Corp.	10	599
Sony Financial Holdings Inc.	1	20
Square Enix Holdings Co. Ltd.	1	27
Stanley Electric Co. Ltd.	1	22
Subaru Corp. NPV (b)	5	92
SUMCO Corporation	2	22
Sumitomo Chemical Co. Ltd.	11	33
Sumitomo Corp.	10	110
Sumitomo Electric Industries Ltd.	6	61
Sumitomo Heavy Industries Ltd.	1	18
Sumitomo Metal Mining Co. Ltd.	2	41
Sumitomo Mitsui Financial Group Inc. (b)	10	245
Sumitomo Mitsui Trust Holdings Inc.	2	69
Sumitomo Realty & Development Co. Ltd.	3	63
Sumitomo Rubber Industries Inc.	1	12
Sundrug Co. Ltd.	1	22
Suntory Beverage & Food Limited	1	41
Suzuken Co. Ltd.	1	22
Suzuki Motor Corp.	3	69
Sysmex Corp.	1	94

24

JNL Variable Fund LLC (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

		Shares/Par1		Value ($)
	T&D Holdings Inc.	4		36
	Taiheiyo Cement Corp.	1		19
	Taisei Corp.	2		52
	Taisho Pharmaceutical Holdings Company Ltd.	—		18
	Taiyo Nippon Sanso Corp.	1		18
	Takeda Pharmaceutical Co. Ltd.	12		355
	TDK Corp.	1		77
	Teijin Ltd.	1		22
	Terumo Corp.	5		179
	THK Co. Ltd.	1		22
	Tobu Railway Co. Ltd.	2		56
	Toho Co. Ltd.	1		31
	Toho Gas Co. Ltd.	1		27
	Tohoku Electric Power Co. Inc.	4		34
	Tokio Marine Holdings Inc.	5		229
	Tokyo Century Corp. (b)	—		9
	Tokyo Electric Power Co. Holdings Inc. (a)	12		41
	Tokyo Electron Ltd.	1		225
	Tokyo Gas Co. Ltd.	3		69
	Tokyu Corp.	4		66
	Tokyu Fudosan Holdings Corporation	5		23
	Toppan Printing Co. Ltd.	2		31
	Toray Industries Inc.	12		51
	Toshiba Corp.	3		70
	Tosoh Corp.	2		24
	TOTO Ltd.	1		36
	Toyo Seikan Group Holdings Ltd.	1		12
	Toyo Suisan Kaisha Ltd.	1		39
	Toyoda Gosei Co. Ltd.	1		10
	Toyota Industries Corp.	1		58
	Toyota Motor Corp.	18		1,082
	Toyota Tsusho Corp.	2		37
	Trend Micro Inc.	1		49
	TSURUHA Holdings ,Inc.	—		40
	Unicharm Corp.	3		124
	United Urban Investment Corp.	—		22
	USS Co. Ltd.	2		28
	Welcia Holdings Co.,Ltd.	—		21
	West Japan Railway Co.	1		89
	Yahoo! Japan Corp.	20		66
	Yakult Honsha Co. Ltd.	1		59
	Yamada Denki Co. Ltd.	6		23
	Yamaha Corp.	1		47
	Yamaha Motor Co. Ltd.	2		24
	Yamato Holdings Co. Ltd. (b)	3		42
	Yamazaki Baking Co. Ltd.	1		25
	Yaskawa Electric Corp.	2		55
	Yokogawa Electric Corp.	2		19
	Yokohama Rubber Co. Ltd.	1		14
	ZOZO, Inc. (b)	1		8
			23,704
United Kingdom 5.1%
	3i Group plc	8		74
	Admiral Group PLC	1		41
	Anglo American PLC	8		145
	Antofagasta PLC	4		33
	Aon PLC - Class A	2		303
	Ashtead Group Public Limited Company	4		79
	Associated British Foods PLC	3		62
	AstraZeneca PLC	10		940
	Auto Trader Group PLC	7		40
	AVEVA Group plc	—		18
	Aviva PLC	32		106
	BAE Systems PLC	25		159
	Barclays PLC	136		157
	Barratt Developments P L C	8		44
	BP P.L.C.	160		667
	British American Tobacco P.L.C.	18		622
	BT Group Plc	66		96
	Bunzl Public Limited Company	3		56
	Burberry Group PLC	3		54
	Carnival Plc	3		45
	Carnival Plc	1		17
	Centrica PLC	46		22
	Coca-Cola European Partners PLC	2		68
	Coca-Cola HBC AG	2		35
	Compass Group PLC	13		198
	Croda International Public Limited Company	1		56
	DCC Public Limited Company	1		51
	Diageo PLC	18		592
	Direct Line Insurance Limited	10		38
	easyJet PLC	1		10
	Evraz PLC	3		9
	Experian PLC	7		202
	Ferguson PLC	2		112
	Fiat Chrysler Automobiles N.V.	9		63
	G4S PLC	14		16
	GlaxoSmithKline PLC	40		749
	GVC Holdings PLC	4		31
	Halma Public Limited Company	3		71
	Hargreaves Lansdown PLC	2		40
	HSBC Holdings PLC	160		901
	IHS Markit Ltd.	3		184
	Imperial Brands PLC	8		140
	Informa Switzerland Limited	10		57
	InterContinental Hotels Group PLC	1		61
	Intertek Group Plc	1		73
	ITV Plc	28		22
	J Sainsbury PLC	15		39
	JD Sports Fashion Plc	3		16
	Johnson Matthey PLC	2		34
	Kingfisher Plc	18		32
	Land Securities Group PLC	6		40
	Legal & General Group PLC	47		112
	Liberty Global PLC - Class A (a)	1		20
	Liberty Global PLC - Class C (a)	3		52
	Linde Public Limited Company	4		734
	Lloyds Banking Group PLC	562		220
	London Stock Exchange Group PLC	2		223
	M&G PLC (a)	21		29
	Marks & Spencer Group Plc	17		21
	Meggitt PLC	6		21
	Melrose Holdings Limited	38		43
	Micro Focus International PLC	3		15
	Mondi plc	4		63
	National Grid PLC	28		322
	Next PLC	1		55
	Ocado Group PLC (a)	4		53
	Pearson PLC	6		43
	Persimmon Public Limited Company	3		60
	Prudential Public Limited Company (c)	21		265
	Reckitt Benckiser Group PLC	6		429
	Relx PLC	15		330
	Rentokil Initial PLC	14		70
	Rio Tinto PLC	9		411
	Rolls-Royce Holdings plc (a)	14		57
	RSA Insurance Group PLC	8		42
	Schroders PLC	1		28
	SEGRO Public Limited Company	9		86
	Severn Trent PLC	2		51
	Smith & Nephew PLC	7		118
	Smiths Group PLC	3		47
	Spirax-Sarco Engineering PLC	1		58
	SSE PLC	8		136
	St. James's Place PLC	4		39
	Standard Chartered PLC	22		118
	Standard Life Aberdeen PLC	17		46
	Taylor Wimpey PLC	26		38
	Tesco PLC	78		220
	The Berkeley Group Holdings PLC	1		41
	The British Land Company Public Limited Company	7		28
	The Royal Bank of Scotland Group Public Limited Company	38		53
	The Sage Group PLC.	9		64
	TUI AG (d)	4		18
	Unilever N.V.	12		574
	Unilever PLC	9		439
	United Utilities Group PLC	5		60
	Vodafone Group Public Limited Company	215		298

25

JNL Variable Fund LLC (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

		Shares/Par1		Value ($)
	Weir Group PLC(The)	2		18
	Whitbread PLC	1		39
	Willis Towers Watson Public Limited Company	1		176
	WM Morrison Supermarkets P L C	20		44
	WPP 2012 Limited	10		68
			14,315
Switzerland 3.6%
	ABB Ltd.	15		257
	Adecco Group AG	1		47
	Alcon AG (a)	3		171
	Baloise Holding AG	—		54
	Barry Callebaut AG	—		48
	Clariant AG	2		29
	Compagnie Financiere Richemont SA	4		220
	Credit Suisse Group AG	20		162
	Dufry AG	—		8
	EMS-Chemie Holding AG	—		38
	Garmin Ltd.	1		82
	Geberit AG	—		131
	Givaudan SA	—		229
	Glencore PLC	85		130
	Julius Bar Gruppe AG	2		59
	Kühne + Nagel International AG	—		59
	LafargeHolcim Ltd.	4		146
	Lindt & Spruengli AG	—		87
	Lonza Group AG	1		249
	Nestle SA	24		2,407
	Novartis AG	17		1,396
	Pargesa Holding SA	—		23
	Partners Group Holding AG	—		103
	Roche Holding AG	6		1,811
	Schindler Holding AG	—		31
	SGS SA	—		109
	Sika AG	1		169
	Sonova Holding AG	—		78
	STMicroelectronics NV (b)	5		119
	Straumann Holding AG	—		63
	Swatch Group AG	—		20
	Swatch Group AG	—		47
	Swiss Life Holding AG	—		89
	Swiss Prime Site AG	1		57
	Swiss Re AG	2		181
	Swisscom AG (b)	—		110
	TE Connectivity Ltd.	3		170
	Temenos Group AG	—		64
	UBS Group AG	31		283
	Vifor Pharma Management AG	—		53
	Zurich Insurance Group AG	1		413
			10,002
France 3.3%
	Accor SA	1		40
	Aeroports de Paris	—		21
	Alstom	1		57
	Amundi	—		26
	Arkema	1		36
	AtoS SE	1		50
	AXA SA	15		264
	Biomerieux SA	—		34
	BNP Paribas SA	9		268
	Bollore SA	8		22
	Bouygues SA	2		50
	Bureau Veritas	2		46
	Capgemini SA	1		106
	Carrefour SA	5		80
	Casino Guichard Perrachon SA (b)	1		19
	Cie de Saint-Gobain	4		90
	Cie Generale d'Optique Essilor International SA	2		236
	CNP Assurances SA	2		15
	Compagnie Generale des Etablissements Michelin	1		124
	Covivio	—		21
	Credit Agricole SA	9		69
	Danone	5		318
	Dassault Aviation SA	—		18
	Dassault Systemes SA	1		158
	EDENRED	2		81
	Eiffage	1		47
	Electricite de France	4		35
	Engie	15		150
	Eurazeo SA	—		14
	Eurofins Scientific SE (b)	—		49
	Eutelsat Communications	2		17
	Faurecia	1		17
	Gecina SA	—		50
	Getlink S.E.	4		44
	Hermes International SCA	—		171
	Icade SA	—		17
	Iliad SA	—		19
	Ingenico Group	—		49
	IPSEN	—		17
	JC Decaux SA	1		12
	Kering SA	1		316
	Klepierre	1		31
	L'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude	4		475
	Legrand SA	2		135
	L'Oreal SA	2		530
	LVMH Moet Hennessy Louis Vuitton SE	2		820
	Natixis (b)	8		27
	Orange SA	16		197
	Pernod-Ricard SA	2		241
	Peugeot SA	5		65
	Publicis Groupe SA	2		49
	Remy Cointreau SA (b)	—		23
	Renault SA	2		31
	Safran	3		227
	Sanofi SA	9		781
	Sartorius Stedim Biotech	—		44
	Schneider Electric SE (a)	4		368
	SCOR	1		30
	SEB SA	—		25
	Societe Generale SA	7		109
	Sodexo SA	1		48
	SUEZ	3		28
	Teleperformance	—		95
	Thales SA	1		69
	Total SA (b)	19		730
	Ubisoft Entertainment (a)	1		48
	Valeo	2		34
	Veolia Environnement	4		87
	VINCI	4		335
	Vivendi SA	6		137
	Wendel SA	—		15
	Worldline (a)	1		57
			9,164
Canada 3.2%
	Agnico Eagle Mines Limited	2		76
	Air Canada (a)	1		9
	Algonquin Power & Utilities Corp.	4		54
	Alimentation Couche-Tard Inc.	7		162
	AltaGas Ltd.	2		19
	ATCO Ltd. - Class I	1		19
	Aurora Cannabis Inc. (a) (b)	6		5
	Bank of Montreal	5		257
	Barrick Gold Corp.	14		257
	BCE Inc.	1		49
	BlackBerry Limited (a)	5		19
	Bombardier Inc. - Class B (a)	18		6
	Brookfield Asset Management Inc. - Class A	7		314
	CAE Inc.	2		27
	Cameco Corp.	4		27
	Canadian Apartment Properties REIT	1		15
	Canadian Imperial Bank of Commerce (b)	4		204
	Canadian National Railway Co.	6		435
	Canadian Natural Resources Ltd. (b)	9		127
	Canadian Pacific Railway Ltd.	1		243
	Canadian Tire Corporation, Limited - Class A	1		30
	Canadian Utilities Limited - Class A	1		21
	Canopy Growth Corporation (a) (b)	2		25
	CCL Industries Inc. - Class B	1		39

26

JNL Variable Fund LLC (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

		Shares/Par1		Value ($)
	Cenovus Energy Inc. (b)	9		17
	CGI Inc. (a)	2		103
	CI Financial Corp. (b)	2		19
	Constellation Software Inc.	—		182
	Cronos Group Inc. (a) (b)	2		9
	Dollarama Inc.	2		67
	Emera Inc.	2		75
	Empire Company Limited - Class A	1		25
	Enbridge Inc.	16		468
	Fairfax Financial Holdings Ltd.	—		61
	First Capital Realty Inc.	1		6
	First Quantum Minerals Ltd	6		29
	Fortis Inc.	3		131
	Franco-Nevada Corporation	2		150
	George Weston Ltd.	1		44
	Gildan Activewear Inc.	2		22
	Great-West Lifeco Inc.	2		36
	H&R Real Estate Investment Trust	1		8
	Husky Energy Inc. (a) (b)	3		8
	Hydro One Limited	3		49
	iA Financial Corporation Inc.	1		25
	IGM Financial Inc.	1		13
	Imperial Oil Ltd.	2		25
	Intact Financial Corporation	1		95
	Inter Pipeline Ltd. (b)	3		20
	Keyera Corp.	2		16
	Kinross Gold Corporation (a)	9		38
	Kirkland Lake Gold Ltd.	2		62
	Loblaw Cos. Ltd.	1		72
	Lululemon Athletica Inc. (a)	1		169
	Lundin Mining Corp. (b)	5		18
	Magna International Inc.	2		70
	Manulife Financial Corp.	16		196
	Methanex Corporation	1		7
	Metro Inc.	2		83
	National Bank of Canada	3		104
	Nutrien Ltd. (b)	5		156
	ONEX Corporation	1		26
	Open Text Corporation	2		77
	Parkland Fuel Corporation	1		18
	Pembina Pipeline Corporation (b)	4		79
	Power Corporation of Canada (b)	4		68
	Prairiesky Royalty Ltd. (b)	2		10
	Quebecor Inc. - Class B	1		27
	Restaurant Brands International Limited Partnership	2		89
	RioCan REIT	1		13
	Rogers Communications Inc. - Class B	3		117
	Royal Bank of Canada	11		699
	Saputo Inc.	2		46
	Shaw Communications Inc. - Class B	4		62
	Shopify Inc. - Class A (a)	1		335
	SmartCentres Real Estate Investment Trust	1		8
	Sun Life Financial Inc.	4		145
	Suncor Energy Inc.	12		191
	TC Energy Corporation	7		324
	Teck Resources Ltd. - Class B	4		31
	TELUS Corp.	3		47
	The Bank of Nova Scotia	10		392
	The Stars Group Inc. (a)	2		35
	The Toronto-Dominion Bank	14		607
	Thomson Reuters Corporation	2		111
	West Fraser Timber Co. Ltd.	1		10
	Wheaton Precious Metals Corp.	4		99
	WSP Canada Inc. (b)	1		51
			8,834
Germany 2.5%
	Adidas AG	1		325
	Allianz SE	3		565
	Aroundtown SA	9		46
	BASF SE	7		342
	Bayer AG	8		450
	Bayerische Motoren Werke AG	3		136
	Beiersdorf AG	1		78
	Brenntag AG	1		47
	Carl Zeiss Meditec AG	—		26
	Ceconomy AG	2		14
	Continental AG	1		63
	Covestro AG	1		44
	Daimler AG	7		213
	Delivery Hero SE (a)	1		65
	Deutsche Bank Aktiengesellschaft	16		102
	Deutsche Boerse AG	2		208
	Deutsche Lufthansa AG	2		20
	Deutsche Post AG	8		212
	Deutsche Telekom AG	26		341
	Dresdner Bank AG	8		30
	DW Property Invest GmbH	3		110
	E.ON SE	18		183
	Evonik Industries AG	1		30
	Fraport AG Frankfurt Airport Services Worldwide	—		15
	Fresenius Medical Care AG & Co. KGaA	2		111
	Fresenius SE & Co. KGaA	3		123
	GEA Group AG	1		23
	Hannover Rueck SE	—		70
	HeidelbergCement AG	1		50
	Henkel AG & Co. KGaA	1		59
	Hochtief AG	—		11
	Infineon Technologies AG	10		140
	Kion Group AG	1		22
	Knorr - Bremse Aktiengesellschaft	—		28
	LANXESS Aktiengesellschaft	1		29
	Merck KGaA	1		105
	MTU Aero Engines AG	—		60
	Muenchener Rueckversicherungs AG	1		229
	Puma SE	1		38
	RWE AG	4		115
	SAP SE	8		869
	Siemens AG	6		517
	Siemens Healthineers AG	1		48
	Symrise AG	1		95
	Telefonica Deutschland Holding AG	7		16
	ThyssenKrupp AG (a)	3		17
	Uniper SE	2		39
	United Internet AG	1		21
	Volkswagen AG	—		32
	Vonovia SE	4		205
	Wirecard AG	1		110
	Zalando SE (a)	1		38
			6,885
Australia 2.0%
	AGL Energy Limited	5		48
	Alumina Ltd.	22		20
	Amcor Ltd.	13		103
	AMP Ltd. (a)	26		21
	APA Group	10		63
	Aristocrat Leisure Ltd.	4		58
	ASX Ltd.	2		74
	Aurizon Holdings Limited	16		40
	AusNet Services Holdings Pty Ltd	17		17
	Australia & New Zealand Banking Group Ltd.	22		234
	Bendigo and Adelaide Bank Ltd.	4		17
	BHP Group PLC	16		255
	BHP Group PLC	23		414
	BlueScope Steel Ltd.	4		20
	Boral Ltd.	11		13
	Brambles Limited	12		80
	Caltex Australia Ltd.	2		26
	Challenger Financial Services Group Ltd.	5		11
	CIMIC Group Limited	1		12
	Coca-Cola Amatil Ltd.	4		24
	Cochlear Ltd.	—		53
	Coles Group Limited	9		81
	Commonwealth Bank of Australia	14		536
	Computershare Ltd.	4		22
	Crown Resorts Limited	3		13
	CSL Ltd.	4		645
	DEXUS Funds Management Limited	9		51
	Flight Centre Ltd. (b) (e)	1		3

27

JNL Variable Fund LLC (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

		Shares/Par1		Value ($)
	Fortescue Metals Group Ltd.	11		66
	Goodman Funding Pty Ltd	12		93
	GPT Group	16		36
	Harvey Norman Holdings Ltd. (b)	5		9
	Incitec Pivot Ltd.	12		15
	Insurance Australia Group Ltd.	18		69
	LendLease Corp. Ltd.	4		27
	Macquarie Group Limited	3		139
	Magellan Financial Group Ltd	1		25
	Medibank Private Limited	22		35
	Mirvac Group	30		38
	National Australia Bank Ltd.	23		232
	Newcrest Mining Ltd.	6		88
	Oil Search Ltd.	11		16
	Orica Ltd.	3		27
	Origin Energy Ltd.	15		40
	Qantas Airways Ltd.	5		9
	QBE Insurance Group Ltd.	11		57
	Ramsay Health Care Ltd.	1		39
	REA Group Ltd. (b)	—		18
	Rio Tinto Ltd.	3		152
	Santos Ltd.	15		31
	Scentre Group Limited	43		41
	SEEK Limited (b)	2		22
	Sonic Health Care Ltd.	4		53
	South32 Limited	41		43
	Stockland	19		29
	Suncorp Group Ltd.	10		55
	Sydney Airport Corporation Limited	8		29
	Tabcorp Holdings Ltd.	16		24
	Telstra Corp. Ltd.	34		64
	TPG Telecom Ltd.	3		15
	Transurban Group	21		158
	Treasury Wine Estates Limited	6		38
	Vicinity Centres RE Ltd	26		17
	Washington H Soul Pattinson & Co. Ltd.	1		7
	Wesfarmers Ltd.	9		186
	Westpac Banking Corporation	28		287
	Wisetech Global Limited (b)	1		10
	Woodside Petroleum Ltd.	7		83
	Woolworths Group Ltd.	10		210
	WorleyParsons Ltd. (b)	2		9
			5,595
Netherlands 1.7%
	ABN AMRO Bank N.V. - CVA	4		30
	Adyen B.V. (a)	—		70
	Aegon NV	15		38
	Airbus SE	5		303
	Akzo Nobel N.V.	2		100
	Altice N.V. (a)	4		17
	ASML Holding	3		897
	CNH Industrial N.V.	8		45
	Heineken Holding N.V.	1		67
	Heineken NV	2		172
	ING Groep N.V.	30		158
	Just Eat Takeaway.Com N.V. (a)	1		67
	Koninklijke Ahold Delhaize N.V.	8		198
	Koninklijke DSM N.V.	1		161
	Koninklijke KPN N.V.	29		68
	Koninklijke Philips N.V.	7		288
	Koninklijke Vopak N.V.	1		33
	LyondellBasell Industries N.V. - Class A	2		105
	NN Group N.V.	2		63
	NXP Semiconductors N.V.	2		186
	Prosus N.V. (a)	4		269
	Randstad NV	1		32
	Royal Dutch Shell PLC - Class A	33		575
	Royal Dutch Shell PLC - Class B	30		497
	Unibail-Rodamco SE (b)	1		61
	Wolters Kluwer NV	2		147
			4,647
Hong Kong 1.1%
	AIA Group Limited	96		867
	ASM Pacific Technology Ltd.	2		22
	Bank of East Asia Ltd.	11		24
	BOC Hong Kong Holdings Ltd.	30		83
	Budweiser Brewing Company APAC Limited (a)	10		25
	CK Asset Holdings Limited	21		119
	CK Hutchison Holdings Limited	21		144
	CK Infrastructure Holdings Limited	5		28
	CLP Holdings Ltd.	13		119
	Dairy Farm International Holdings Ltd.	2		11
	Galaxy Entertainment Group Ltd.	17		90
	Hang Lung Properties Ltd.	17		35
	Hang Seng Bank Ltd.	6		99
	Henderson Land Development Co. Ltd.	11		43
	HK Electric Investments Limited	23		23
	HKT Trust	28		38
	Hong Kong & China Gas Co. Ltd.	77		127
	Hong Kong Exchanges & Clearing Ltd.	9		282
	Hongkong Land Holdings Ltd.	9		35
	Jardine Matheson Holdings Ltd.	2		86
	Kerry Properties Ltd.	6		16
	Link Real Estate Investment Trust	17		143
	Melco Resorts & Entertainment Ltd. - ADR	2		22
	MTR Corp.	12		64
	New World Development Ltd.	50		54
	NWS Holdings Ltd.	14		14
	PCCW Ltd.	39		21
	Power Assets Holdings Ltd.	11		65
	Sino Land Co.	24		30
	SJM Holdings Limited	18		15
	Sun Hung Kai Properties Ltd.	12		158
	Swire Pacific Ltd. - Class A	4		27
	Swire Properties Limited	10		29
	Techtronic Industries Company Limited	10		64
	Vitasoy International Holdings Ltd. (b)	6		18
	WH Group Limited	72		68
	Wharf Real Estate Investment Company Limited (b)	10		41
	Wheelock & Co. Ltd.	7		47
	Yue Yuen Industrial Holdings Ltd.	7		11
			3,207
Ireland 1.1%
	Accenture Public Limited Company - Class A	5		819
	AIB Group Public Limited Company	6		7
	Allegion Public Limited Company	1		68
	Allergan Public Limited Company	3		462
	Bank of Ireland Group Public Limited Company	8		15
	CRH Plc	6		171
	Flutter Entertainment Public Limited Company	1		56
	James Hardie Industries Public Limited Company - CDI	3		38
	Kerry Group Plc - Class A	1		140
	Kingspan Group Plc	1		67
	Medtronic Public Limited Company	11		955
	Pentair Public Limited Company	1		39
	Seagate Technology Public Limited Company	2		97
	Smurfit Kappa Funding Designated Activity Company	2		52
			2,986
Sweden 0.9%
	Aktiebolaget Electrolux - Class B	2		22
	Aktiebolaget Industrivarden - Class C	2		29
	Aktiebolaget SKF - Class B (b)	3		40
	Aktiebolaget Volvo - Class B	12		140
	Alfa Laval AB	3		45
	Assa Abloy AB - Class B	8		151
	Atlas Copco Aktiebolag - Class A	5		178
	Atlas Copco Aktiebolag - Class B	3		90
	Boliden AB	2		40
	Epiroc Aktiebolag - Class A	5		51
	Epiroc Aktiebolag - Class B	3		33
	Essity Aktiebolag (publ) - Class B	5		142
	Hennes & Mauritz AB - Class B (b)	6		81
	Hexagon Aktiebolag - Class B	2		87
	Husqvarna Aktiebolag - Class B	4		19
	ICA Gruppen Aktiebolag	1		30
	Investor AB - Class B	4		166

28

JNL Variable Fund LLC (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

		Shares/Par1		Value ($)
	Kinnevik Media Holding AB	2		31
	L E Lundbergforetagen AB - Series B	1		28
	Lundin Petroleum AB	1		26
	Nordea Bank Abp	26		143
	Sandvik AB	9		125
	Securitas AB - Class B	2		25
	Skandinaviska Enskilda Banken AB - Class A	13		85
	Skanska AB - Class B	3		40
	Svenska Handelsbanken AB - Class A	12		99
	Swedbank AB - Class A	7		78
	Swedish Match AB (b)	1		74
	Tele2 AB - Class B	4		53
	Telefonaktiebolaget LM Ericsson - Class B	25		201
	Telia Co. AB (b)	22		77
			2,429
Spain 0.8%
	ACS, Actividades de Construccion y Servicios, S.A.	2		35
	AENA, S.M.E., S.A.	1		58
	Amadeus IT Group SA	3		163
	Banco Bilbao Vizcaya Argentaria SA	53		166
	Banco de Sabadell, S.A.	49		25
	Banco Santander, S.A.	132		319
	Bankia SA (b)	9		10
	Bankinter SA	6		22
	CaixaBank, S.A.	28		52
	Cellnex Telecom, S.A.	2		89
	Enagas SA	2		34
	Endesa SA	3		54
	Ferrovial, S.A.	4		92
	Grifols, S.A. - Class A	2		82
	Iberdrola, Sociedad Anonima	48		477
	Industria de Diseno Textil, S.A.	9		223
	MAPFRE, S.A.	10		16
	Naturgy Energy Group SA	2		40
	Red Electrica Corporacion, S.A.	4		64
	Repsol SA	11		98
	Siemens Gamesa Renewable Energy, S.A.	2		32
	Telefonica SA	37		170
			2,321
Denmark 0.7%
	A P Moller - Maersk A/S - Class A	—		23
	A P Moller - Maersk A/S - Class B (b)	—		47
	Carlsberg A/S - Class B	1		96
	Chr. Hansen Holding A/S	1		61
	Coloplast A/S - Class B	1		136
	Danske Bank A/S	5		56
	Demant A/S (a)	1		19
	DSV Panalpina A/S	2		147
	Genmab A/S (a)	1		108
	H Lundbeck A/S	1		18
	ISS A/S	1		17
	Novo Nordisk A/S - Class B	14		846
	Novozymes A/S - Class B	2		80
	Orsted A/S	1		141
	Pandora A/S	1		24
	Tryg A/S	1		25
	Vestas Wind Systems A/S	2		122
			1,966
Italy 0.7%
	Assicurazioni Generali SpA	9		122
	Atlantia SpA	4		49
	Davide Campari-Milano S.p.A.	5		34
	Enel SpA	65		450
	ENI SpA	21		207
	Exor Nederland N.V.	1		45
	Ferrari N.V.	1		148
	Finecobank Banca Fineco SPA	5		42
	Intesa Sanpaolo SpA	117		194
	Leonardo S.p.A.	3		20
	Mediobanca SpA	5		28
	Moncler S.p.A.	1		57
	Pirelli & C. S.p.A.	3		10
	Poste Italiane - Societa' Per Azioni	4		34
	Prysmian S.p.A.	2		30
	Recordati Industria Chimica E Farmaceutica S.p.A.	1		39
	Snam Rete Gas SpA	15		69
	Telecom Italia SpA	55		22
	Telecom Italia SpA (a)	80		33
	Terna – Rete Elettrica Nazionale S.p.A.	11		73
	UniCredit S.p.A.	16		126
			1,832
Singapore 0.4%
	Ascendas REIT	22		44
	CapitaLand Commercial Trust	23		25
	CapitaLand Ltd.	20		40
	CapitaMall Trust	22		28
	City Developments Ltd.	4		18
	ComfortDelgro Corp. Ltd.	20		21
	DBS Group Holdings Ltd.	14		182
	Flex Ltd. (a)	4		37
	Genting Singapore Limited	54		26
	Jardine Cycle & Carriage Ltd.	1		12
	Keppel Corporation Limited (b)	11		42
	Mapletree Commercial Trust Management Ltd. (d)	13		17
	Oversea-Chinese Banking Corporation Limited	26		156
	Sembcorp Industries Ltd	9		10
	Singapore Airlines Ltd. (b)	5		19
	Singapore Airport Terminal Services Ltd.	6		14
	Singapore Exchange Ltd.	6		39
	Singapore Press Holdings Ltd. (b)	15		19
	Singapore Technologies Engineering Ltd.	10		23
	Singapore Telecommunications Limited	64		115
	Suntec Real Estate Investment Trust	16		14
	United Overseas Bank Ltd.	10		135
	UOL Group Ltd.	4		20
	Venture Corp. Ltd.	2		18
	Wilmar International Limited	14		32
	Yangzijiang Shipbuilding (Holdings) Ltd.	21		12
			1,118
Finland 0.3%
	Elisa Oyj	1		69
	Fortum Oyj	4		54
	Kone Corporation - Class B	3		147
	Metso Oyj	1		19
	Neste Oyj	3		111
	Nokia Oyj	44		138
	Nokian Renkaat Oyj	1		25
	Orion Oyj - Class B (b)	1		31
	Sampo Oyj - Class A	4		105
	Stora Enso Oyj - Class R	5		46
	UPM-Kymmene Oyj (b)	4		118
	Wartsila Oyj	4		26
			889
Belgium 0.3%
	ageas SA/NV	1		62
	Anheuser-Busch InBev	6		271
	Colruyt SA	—		20
	Galapagos (a)	—		69
	Groupe Bruxelles Lambert SA	1		50
	KBC Groep NV	2		90
	Proximus	1		31
	Solvay SA	1		44
	Telenet Group Holding	—		9
	UCB SA	1		91
	Umicore	2		52
			789
Israel 0.2%
	Azrieli Group Ltd.	—		22
	Bank Hapoalim BM	10		57
	Bank Leumi Le-Israel BM	12		64
	Check Point Software Technologies Ltd (a)	1		98
	CyberArk Software Ltd. (a)	—		21
	Elbit Systems Ltd.	—		28
	Israel Chemicals Ltd.	5		17
	Israel Discount Bank Ltd. - Class A	8		23
	Mizrahi Tefahot Bank Ltd.	1		24
	Nice Ltd. (a)	—		72

29

JNL Variable Fund LLC (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

			Shares/Par1		Value ($)
	Teva Pharmaceutical Industries Ltd - ADR (a)		9		81
	Wix.Com Ltd. (a)		—		36
				543
Norway 0.2%
	Aker ASA		1		9
	DNB Bank ASA		8		86
	Equinor ASA		8		101
	Gjensidige Forsikring ASA		2		30
	Mowi ASA		4		54
	Norsk Hydro ASA		12		26
	Orkla ASA		6		54
	Schibsted ASA - Class B		1		15
	Telenor ASA		6		82
	Yara International ASA		1		44
				501
New Zealand 0.1%
	a2 Milk Co. Ltd. (a)		6		61
	Auckland International Airport Limited		7		21
	Fisher & Paykel Healthcare Corp.		4		80
	Fletcher Building Ltd.		6		13
	Mercury NZ Limited		4		11
	Meridian Energy Limited		9		22
	Ryman Healthcare Ltd.		3		18
	Spark New Zealand Ltd.		14		33
				259
Argentina 0.1%
	MercadoLibre S.R.L (a)		—		176
Portugal 0.1%
	Energias de Portugal SA		20		79
	Galp Energia, SGPS, S.A.		4		47
	Jeronimo Martins, SGPS, S.A.		2		40
				166
Austria 0.1%
	Andritz AG		1		21
	Erste Group Bank AG		2		44
	OMV AG		1		32
	Raiffeisen Bank International AG		1		19
	Verbund AG		1		18
	Voestalpine AG (b)		1		21
				155
Bermuda 0.1%
	Arch Capital Group Ltd. (a)		3		95
	RenaissanceRe Holdings Ltd		—		55
				150
Luxembourg 0.0%
	ArcelorMittal		6		53
	Millicom International Cellular SA - SDR		1		17
	SES S.A. - FDR		3		16
	Tenaris SA		3		21
				107
Macau 0.0%
	Sands China Ltd.		20		73
	Wynn Macau, Limited		14		21
				94
China 0.0%
	BeiGene, Ltd. - ADR (a)		—		38
United Arab Emirates 0.0%
	NMC Health PLC (f)		1		1
	Total Common Stocks (cost $297,866)			276,753
PREFERRED STOCKS 0.2%
Germany 0.2%
	Bayerische Motoren Werke AG		—		21
	Fuchs Petrolub SE		1		22
	Henkel AG & Co. KGaA (g)		1		113
	Porsche Automobil Holding SE (g)		1		54
	Sartorius AG		—		71
	Volkswagen AG (g)		1		169
				450
Switzerland 0.0%
	Lindt & Spruengli AG (g)		—		76
	Schindler Holding AG (g)		—		74
				150
	Total Preferred Stocks (cost $757)			600
SHORT TERM INVESTMENTS 1.5%
Securities Lending Collateral 1.1%
	JNL Securities Lending Collateral Fund - Institutional Class, 0.25% (c) (h)		3,097		3,097
Investment Companies 0.3%
	JNL Government Money Market Fund - Institutional Class, 0.23% (c) (h)		783		783
U.S. Treasury Bill 0.1%
	Treasury, United States Department of
		0.21%, 06/18/20 (i) (j)	215		215
		0.15%, 02/25/21 (i) (j)	26		26
				241
	Total Short Term Investments (cost $4,121)			4,121
Total Investments 101.3% (cost $302,744)					281,474
Other Derivative Instruments (0.0)%					(73)
Other Assets and Liabilities, Net (1.3)%					(3,428)
Total Net Assets 100.0%					277,973

(a)Non-income producing security.

(b)All or a portion of the security was on loan as of March 31, 2020.

(c)Investment in affiliate.

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

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

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

(g)Convertible security.

(h)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2020.

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

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

JNL/Mellon MSCI World Index Fund — Restricted Securities
		Initial Acquisition	Cost ($)	Value ($)	Percent of Net Assets (%)
	Mapletree Commercial Trust Management Ltd.	11/26/19	23	17	—
	TUI AG	09/21/17	69	18	—
			92	35	—

30

JNL Variable Fund LLC (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

Long Term Investments in Affiliates

Affiliated Investment		Value Beginning of Period($)	Purchases($)	Sales Proceeds($)	Dividend Income($)	Realized Gain (Loss)($)	Change in Unrealized Appreciation (Depreciation) ($)	Value End of Period($)	Percentage of Net Assets(%)
	The Bank of New York Mellon Corporation	354	—	23	2	(6)	(107)	218	0.1%
	Prudential Public Limited Company	401	—	—	6	—	(136)	265	0.1%
		755	—	23	8	(6)	(243)	483	0.2%

JNL/Mellon MSCI World Index Fund — Futures Contracts
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
Euro STOXX 50 Price Index	11	June 2020	EUR	287	4			17
FTSE 100 Index	2	June 2020	GBP	101	2			13
S&P 500 Index	8	June 2020		1,041	(20)			(14)
S&P/ASX 200 Index	1	June 2020	AUD	127	(1)			1
S&P/TSX 60 Index	1	June 2020	CAD	163	3			—
Topix Index	2	June 2020	JPY	27,151	(2)			7
					(14)			24

JNL/Mellon MSCI World Index Fund – Forward Foreign Currency Contracts

Purchased/ Sold	Counter-party	Expiration	Notional1		Value ($)		Unrealized Appreciation (Depreciation) ($)
AUD/USD	JPM	06/17/20	AUD	203		125		(8)
AUD/USD	JPM	06/17/20	AUD	59		36		2
AUD/USD	UBS	06/17/20	AUD	53		32		1
CAD/USD	BCL	06/17/20	CAD	184		131		(3)
CAD/USD	MSC	06/17/20	CAD	35		25		—
EUR/USD	BCL	06/17/20	EUR	133		147		—
EUR/USD	CSI	06/17/20	EUR	87		96		(2)
EUR/USD	JPM	06/17/20	EUR	121		134		2
EUR/USD	UBS	06/17/20	EUR	376		416		(12)
GBP/USD	HSB	06/17/20	GBP	220		274		(11)
GBP/USD	MSC	06/17/20	GBP	46		57		2
JPY/USD	JPM	06/17/20	JPY	31,601		294		(8)
JPY/USD	JPM	06/17/20	JPY	7,896		74		2
USD/AUD	JPM	06/17/20	AUD	(119)		(73)		—
USD/AUD	MSC	06/17/20	AUD	(132)		(81)		(3)
USD/CAD	JPM	06/17/20	CAD	(143)		(102)		(2)
USD/CAD	JPM	06/17/20	CAD	(20)		(14)		—
USD/EUR	CIT	06/17/20	EUR	(47)		(52)		(1)
USD/EUR	CIT	06/17/20	EUR	(83)		(92)		—
USD/EUR	JPM	06/17/20	EUR	(151)		(167)		(3)
USD/EUR	JPM	06/17/20	EUR	(163)		(180)		—
USD/EUR	SGA	06/17/20	EUR	(103)		(113)		1
USD/GBP	JPM	06/17/20	GBP	(173)		(217)		(12)
USD/JPY	BCL	06/17/20	JPY	(12,845)		(120)		(3)
USD/JPY	JPM	06/17/20	JPY	(4,517)		(42)		(1)
USD/JPY	JPM	06/17/20	JPY	(10,111)		(94)		—
						494		(59)

31

JNL Variable Fund LLC (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

			Shares/Par1		Value ($)
JNL/Mellon Nasdaq 100 Index Fund
COMMON STOCKS 97.9%
Information Technology 46.4%
	Adobe Inc. (a)		180		57,157
	Advanced Micro Devices, Inc. (a)		415		18,865
	Analog Devices, Inc.		136		12,220
	ANSYS, Inc. (a)		31		7,287
	Apple Inc.		1,293		328,854
	Applied Materials, Inc.		344		15,764
	ASML Holding - ADR		28		7,193
	Autodesk, Inc. (a)		81		12,681
	Automatic Data Processing, Inc.		161		22,041
	Broadcom Inc.		147		34,878
	Cadence Design Systems Inc. (a)		103		6,833
	CDW Corp.		53		4,934
	Check Point Software Technologies Ltd (a)		56		5,633
	Cisco Systems, Inc.		1,574		61,874
	Citrix Systems Inc.		47		6,721
	Cognizant Technology Solutions Corp. - Class A		205		9,526
	Fiserv, Inc. (a)		252		23,940
	Intel Corporation		1,614		87,368
	Intuit Inc.		97		22,316
	KLA-Tencor Corp.		59		8,424
	Lam Research Corp.		54		12,961
	Maxim Integrated Products, Inc.		100		4,840
	Microchip Technology Incorporated (b)		88		5,972
	Micron Technology, Inc. (a)		412		17,343
	Microsoft Corporation		2,220		350,175
	NetApp, Inc.		85		3,548
	NetEase, Inc. - ADR		27		8,701
	NVIDIA Corporation		227		59,852
	NXP Semiconductors N.V.		105		8,677
	Paychex Inc.		134		8,429
	Paypal Holdings, Inc. (a)		436		41,702
	Qualcomm Incorporated		423		28,641
	Skyworks Solutions, Inc.		63		5,609
	Splunk Inc. (a)		56		7,045
	Synopsys Inc. (a)		56		7,185
	Texas Instruments Incorporated		347		34,644
	VeriSign, Inc. (a)		44		7,852
	Western Digital Corporation		110		4,598
	Workday, Inc. - Class A (a)		61		7,935
	Xilinx, Inc.		94		7,297
				1,387,515
Communication Services 19.7%
	Activision Blizzard, Inc.		286		17,019
	Alphabet Inc. - Class A (a)		100		116,234
	Alphabet Inc. - Class C (a)		100		116,243
	Baidu, Inc. - Class A - ADR (a)		104		10,434
	Charter Communications, Inc. - Class A (a)		80		34,755
	Comcast Corporation - Class A		1,685		57,914
	Electronic Arts Inc. (a)		109		10,951
	Facebook, Inc. - Class A (a)		700		116,799
	Fox Corporation - Class A		134		3,176
	Fox Corporation - Class B		94		2,146
	Liberty Global PLC - Class A (a)		71		1,169
	Liberty Global PLC - Class C (a)		163		2,567
	Netflix, Inc. (a)		163		61,056
	Sirius XM Holdings Inc. (b)		1,656		8,179
	Take-Two Interactive Software Inc. (a)		42		4,947
	T-Mobile USA, Inc. (a)		317		26,609
				590,198
Consumer Discretionary 15.2%
	Amazon.com, Inc. (a)		144		281,341
	Booking Holdings Inc. (a)		16		20,983
	Dollar Tree Inc. (a)		87		6,414
	eBay Inc.		305		9,155
	Expedia Group, Inc.		53		2,973
	JD.com, Inc. - Class A - ADR (a)		343		13,896
	Lululemon Athletica Inc. (a)		46		8,731
	Marriott International, Inc. - Class A		121		9,049
	MercadoLibre S.R.L (a)		19		9,090
	O'Reilly Automotive, Inc. (a)		28		8,527
	Ross Stores Inc.		134		11,643
	Starbucks Corporation		438		28,785
	Tesla Inc. (a)		67		35,032
	Trip.Com Group Limited - ADR (a)		193		4,517
	Ulta Salon, Cosmetics & Fragrance, Inc. (a)		22		3,921
				454,057
Health Care 7.5%
	Alexion Pharmaceuticals, Inc. (a)		83		7,409
	Align Technology, Inc. (a)		29		5,051
	Amgen Inc.		220		44,683
	Biogen Inc. (a)		67		21,269
	BioMarin Pharmaceutical Inc. (a)		66		5,591
	Cerner Corp.		116		7,313
	Gilead Sciences, Inc.		469		35,075
	IDEXX Laboratories, Inc. (a)		32		7,720
	Illumina, Inc. (a)		54		14,858
	Incyte Corporation (a)		79		5,813
	Intuitive Surgical, Inc. (a)		43		21,327
	Regeneron Pharmaceuticals, Inc. (a)		40		19,636
	Seattle Genetics Inc. (a)		63		7,294
	Vertex Pharmaceuticals Incorporated (a)		96		22,801
				225,840
Consumer Staples 5.8%
	Costco Wholesale Corporation		164		46,732
	Kraft Heinz Foods Company		457		11,311
	Mondelez International, Inc. - Class A		534		26,731
	Monster Beverage 1990 Corporation (a)		199		11,192
	PepsiCo, Inc.		517		62,143
	Walgreens Boots Alliance, Inc.		330		15,117
				173,226
Industrials 2.2%
	American Airlines Group Inc. (b)		162		1,978
	Cintas Corp.		39		6,709
	Copart Inc. (a)		86		5,874
	CoStar Group, Inc. (a)		14		8,053
	CSX Corp.		291		16,696
	Fastenal Co.		213		6,653
	PACCAR Inc.		129		7,854
	United Airlines Holdings, Inc. (a)		95		2,984
	Verisk Analytics, Inc.		61		8,545
				65,346
Utilities 0.8%
	Exelon Corporation		362		13,320
	Xcel Energy Inc.		198		11,966
				25,286
Financials 0.3%
	Willis Towers Watson Public Limited Company (b)		48		8,169
	Total Common Stocks (cost $2,134,900)			2,929,637
SHORT TERM INVESTMENTS 2.3%
Investment Companies 1.7%
	JNL Government Money Market Fund - Institutional Class, 0.23% (c) (d)		50,430		50,430
Securities Lending Collateral 0.4%
	JNL Securities Lending Collateral Fund - Institutional Class, 0.25% (c) (d)		11,761		11,761
U.S. Treasury Bill 0.2%
	Treasury, United States Department of
		0.21%, 06/18/20 (e) (f)	936		936
		0.05%, 12/31/20 (e) (f)	1,199		1,198
		0.15%, 02/25/21 (e) (f)	3,180		3,175
				5,309
	Total Short Term Investments (cost $67,504)			67,500
Total Investments 100.2% (cost $2,202,404)					2,997,137
Other Derivative Instruments (0.0)%					(462)
Other Assets and Liabilities, Net (0.2)%					(5,585)
Total Net Assets 100.0%					2,991,090

(a)Non-income producing security.

(b)All or a portion of the security was on loan as of March 31, 2020.

(c)Investment in affiliate.

(d)Yield changes daily to reflect current market conditions. Rate was the quoted yield as of March 31, 2020.

32

JNL Variable Fund LLC (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

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

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

JNL/Mellon Nasdaq 100 Index Fund — Futures Contracts
Reference Entity	Contracts1	Expiration	Notional1			Variation Margin Receivable (Payable) ($)	Unrealized Appreciation (Depreciation) ($)
Long Contracts
NASDAQ 100 Stock Index	378	June 2020		57,918	(462)			946

Currency:

AUD - Australian Dollar

CAD - Canadian Dollar

EUR - Euro

GBP - British Pound

JPY - Japanese Yen

USD - United States Dollar

Abbreviations:

"-" Amount rounds to less than one thousand or 0.05%	NASDAQ - National Association of Securities Dealers Automated Quotations
ADR - American Depositary Receipt	S&P - Standard & Poor's
ASX - Australian Stock Exchange	SDR - Swedish Depositary Receipt
FDR - Fiduciary Depositary Receipt	TSX - Toronto Stock Exchange
FTSE - Financial Times and the London Stock Exchange	U.S. - United States

Counterparty Abbreviations:

BCL - Barclays Capital Inc.	JPM - JPMorgan Chase Bank, N.A.
CIT - Citibank, Inc.	MSC - Morgan Stanley & Co., Incorporated
CSI - Credit Suisse Securities, LLC	SGA - SG Americas Securities LLC
HSB - HSBC Securities Inc.	UBS - UBS Securities LLC

¹ Rounded par and notional amounts are listed in USD unless otherwise noted. Futures are quoted in unrounded number of contracts.

33

JNL Variable Fund LLC (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

Short Term Investments in Affiliates

Certain Funds invested in a money market fund managed by Jackson National Asset Management, LLC ("JNAM"). The JNL Government Money Market Fund is offered as a cash management tool to JNL Variable Fund LLC (the “Funds”) and its affiliates and is not available for direct purchase by members of the public. JNAM serves as the investment Adviser and Administrator for the JNL Government Money Market Fund. There was no realized or unrealized gain or loss relating to transactions in these investments during the period ended March 31, 2020. The following table details the investments held during the period ended March 31, 2020.

JNL Government Money Market Fund	Beginning Amortized Cost/ Value($)	Purchases ($)	Sales Proceeds($)	Dividend Income($)	Ending Amortized Cost/ Value($)	Percentage of Net Assets(%)
JNL/Mellon Communication Services Sector Fund	757	13,663	13,343	2	1,077	0.8
JNL/Mellon Consumer Discretionary Sector Fund	2,459	49,190	43,636	6	8,013	0.9
JNL/Mellon Dow Index Fund	6,884	60,418	53,241	20	14,061	1.9
JNL/Mellon Energy Sector Fund	3,526	47,900	42,870	7	8,556	1.6
JNL/Mellon Financial Sector Fund	3,673	52,104	48,437	9	7,340	0.9
JNL/Mellon Healthcare Sector Fund	3,613	100,211	85,566	14	18,258	0.7
JNL/Mellon Information Technology Sector Fund	3,197	117,603	82,174	39	38,626	1.3
JNL/Mellon MSCI World Index Fund	5,804	10,257	15,278	10	783	0.3
JNL/Mellon Nasdaq 100 Index Fund	61,640	155,410	166,620	142	50,430	1.7

JNL Securities Lending Collateral Fund. Certain Funds participating in securities lending receive cash collateral daily, which is invested by JPMorgan Chase Bank, N.A. (“JPM Chase”) and State Street Bank and Trust Company (“State Street”) in the JNL Securities Lending Collateral Fund, which is an affiliate of the Funds' Adviser. JNAM serves as the Advisor and Administrator for the JNL Securities Lending Collateral Fund. The Funds receive income from the investment in the JNL Securities Lending Collateral Fund, which is aggregated with lending fees and rebates negotiated with the borrower. There was no realized or unrealized gain or loss relating to transactions in the JNL Securities Lending Collateral Fund during the period ended March 31, 2020.

Securities Lending and Securities Lending Collateral. All Funds participate in agency based securities lending programs. JPM Chase and State Street (each a “Custodian” and together the “Custodians”) each serve as securities lending agent to the eligible Funds for which they are Custodian. Per the securities lending agreements, the securities lending agent is authorized to loan securities on behalf of the Funds to approved borrowers and is required to maintain collateral. Each Fund receives either cash or non-cash collateral against the loaned securities in an amount equal to at least 100% of the market value of the loaned securities. Generally, cash and non-cash collateral received for the following types of securities on loan are as follows: U.S. government fixed income – 102%; U.S. equities – 102%; U.S. corporate fixed income – 102%; international equities – 105%; international corporate fixed income – 105%; sovereign fixed income – 102%; and asset backed investments – 102%. Collateral is maintained over the life of the loan as determined at the close of Fund business each day; any additional collateral required due to changes in security values is typically delivered to the Fund on the next business day. The duration of each loan is determined by the agent and borrower and generally may be terminated at any time. Certain loans may be negotiated to mature on a specified date. The securities lending agents have agreed to indemnify the Fund in the event of default by a third party borrower. A Fund may experience a delay in the recovery of its securities or incur a loss if the borrower breaches its agreement with the Fund or becomes insolvent. For cash collateral, the Fund receives income from the investment of cash collateral, in addition to lending fees and rebates negotiated with the borrower. The Fund bears the market risk with respect to the collateral investment and securities loaned. The Fund also bears the risk that the agent may default on its obligations to the Fund. Non-cash collateral which a Fund receives may include U.S. government securities; U.S. government agencies’ debt securities; and U.S. government-sponsored agencies’ debt securities and mortgage-backed securities. For non-cash collateral, the Fund receives lending fees negotiated with the borrower. The securities lending agents have agreed to indemnify the Fund with respect to the market risk related to the non-cash collateral investments. Each Fund also bears the risk of any deficiency in the amount of collateral available for return to a borrower due to a decline in value of an approved investment. JPM Chase and State Street receive a portion of the earnings from the Funds' securities lending program.

Cash collateral received is invested in the JNL Securities Lending Collateral Fund, a registered government money market fund under the Investment Company Act of 1940 and a series of the JNL Investors Series Trust. JNAM serves as the Adviser and Administrator for the JNL Securities Lending Collateral Fund. The JNL Securities Lending Collateral Fund is only offered to the Funds and other JNAM affiliated funds. The JNL Securities Lending Collateral Fund pays JNAM an annual fee, accrued daily and payable monthly, for investment advisory services.

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

The net asset value ("NAV") of a Fund's shares is generally determined once each day on which the New York Stock Exchange (“NYSE”) is open, at the close of the regular trading session of the NYSE (normally, 4:00 PM Eastern Time, Monday through Friday). Equity securities are generally valued at the official closing price of the exchange where the security is principally traded. If there is no official closing price for the security on the valuation date, the security may be valued at the most recent sale or quoted bid price prior to close. Stocks not listed on a national or foreign stock exchange may be valued

34

JNL Variable Fund LLC (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

at the closing bid price on the over the counter (“OTC”) market. The Adviser has retained an independent statistical fair value pricing service to assist in the fair valuation process for equities traded in foreign markets in order to adjust for possible changes in value that may occur between the close of the foreign exchange and the time at which the NAVs are determined. Investments in mutual funds are valued at the NAV per share determined as of the close of the NYSE on each valuation date. Futures contracts traded on an exchange are generally valued at the exchange’s settlement price. If the settlement price is not available, exchange traded futures are valued at the last sales price as of the close of business on the primary exchange. Forward foreign currency contracts are generally valued at the foreign currency exchange rate as of the close of the NYSE.

Market quotations may not be readily available for certain investments or it may be determined that a quotation of an investment does not represent fair value. In such instances, the investment is valued as determined in good faith using procedures approved by the Board. Situations that may require an investment to be fair valued may include instances where a security is thinly traded, halted or restricted as to resale. In addition, investments may be fair valued based on the occurrence of a significant event. Significant events may be specific to a particular issuer, such as mergers, restructurings or defaults. Alternatively, significant events may affect an entire market, such as natural disasters, government actions, and significant changes in the value of U.S. securities markets. Securities are fair valued based on observable and unobservable inputs, including the Adviser’s or Valuation Committee’s own assumptions in determining the fair value of an investment. Under the procedures approved by the Board, the Adviser may utilize pricing services or other sources, including each Fund’s Sub-Adviser, to assist in determining the fair value of an investment. Factors considered to determine fair value may include fundamental analytical data relating to the security; the nature and duration of restrictions, if any, on the disposition of the security; trading volume on markets, exchanges, or among dealers; evaluation of the forces which influence the market in which the security is traded; the type of security; the financial statements of the issuer, or other financial information about the issuer; the cost of the security at its date of purchase; the size of the Fund’s holding; the discount from market value of unrestricted securities of the same class, if applicable, at the time of purchase or at a later date; reports prepared by analysts; information as to any transactions in or offers for the security; the existence of any merger proposal, tender offer or other extraordinary event relating to the security; the price and extent of public or dealer trading in similar securities or derivatives of the issuer or of comparable companies; trading in depositary receipts; foreign currency exchange activity; changes in the interest rate environment; trading prices of financial products that are tied to baskets of foreign securities; and any other matters considered relevant.

If an investment is valued at a fair value for purposes of calculating a Fund’s NAV, the value may be different from the last quoted price for the investment depending on the source and method used to determine the value. Although there can be no assurance, in general, the fair value of the investment is the amount the owner of such investment might reasonably expect to receive in an orderly transaction between market participants upon its current sale.

Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820, "Fair Value Measurement". This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. Various inputs are used in determining the value of a Fund’s investments under FASB ASC Topic 820 guidance. The inputs are summarized into three broad categories:

Level 1 includes valuations based on quoted prices of identical securities in active markets, including valuations for securities listed on a national or foreign stock exchange or investments in mutual funds.

Level 2 includes valuations determined from significant direct or indirect observable inputs. Direct observable inputs include 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. Level 2 includes securities subject to corporate actions, international equity securities priced by an independent statistical fair value pricing service 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; 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 where prices may be unavailable due to halted trading, restricted to resale due to market events, or newly issued; or investments for which reliable quotes are otherwise not available.

To assess the continuing appropriateness of security valuation, the Adviser regularly compares current day prices with prior day prices, transaction prices and alternative vendor prices. When the comparison results exceed pre-defined thresholds, the Adviser challenges the prices exceeding tolerance levels with the pricing service or broker. To verify Level 3 unobservable inputs, the Adviser uses a variety of techniques as appropriate to substantiate these valuation approaches including a regular review of key inputs and assumptions, transaction back-testing or disposition analysis and review of related market activity.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following table summarizes each Fund’s investments in securities as of March 31, 2020 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.

	. Level 1 ($) .	. Level 2 ($) .	. Level 3 ($) .	. Total ($) .
JNL/Mellon Communication Services Sector Fund
Assets - Securities
Common Stocks	130,521	—	—	130,521
Short Term Investments	3,034	234	—	3,268
	133,555	234	—	133,789

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JNL Variable Fund LLC (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

	. Level 1 ($) .		. Level 2 ($) .		. Level 3 ($) .	. Total ($) .
JNL/Mellon Communication Services Sector Fund(continued)
Assets - Investments in Other Financial Instruments1
Futures Contracts	76		—		—	76
	76		—		—	76
JNL/Mellon Consumer Discretionary Sector Fund
Assets - Securities
Common Stocks	929,684		—		—	929,684
Rights	—		—		1	1
Short Term Investments	29,027		1,560		—	30,587
	958,711		1,560		1	960,272
Assets - Investments in Other Financial Instruments1
Futures Contracts	679		—		—	679
	679		—		—	679
JNL/Mellon Dow Index Fund
Assets - Securities
Common Stocks	735,281		—		—	735,281
Short Term Investments	14,061		1,312		—	15,373
	749,342		1,312		—	750,654
Assets - Investments in Other Financial Instruments1
Futures Contracts	662		—		—	662
	662		—		—	662
JNL/Mellon Energy Sector Fund
Assets - Securities
Common Stocks	549,404		—		—	549,404
Short Term Investments	24,063		784		—	24,847
	573,467		784		—	574,251
Assets - Investments in Other Financial Instruments1
Futures Contracts	10		—		—	10
	10		—		—	10
JNL/Mellon Financial Sector Fund
Assets - Securities
Common Stocks	836,031		—		—	836,031
Rights	—		—		3	3
Short Term Investments	21,667		1,086		—	22,753
	857,698		1,086		3	858,787
Liabilities - Investments in Other Financial Instruments1
Futures Contracts	(102	)	—		—	(102	)
	(102	)	—		—	(102	)
JNL/Mellon Healthcare Sector Fund
Assets - Securities
Common Stocks	2,759,947		—		—	2,759,947
Rights	—		—		63	63
Short Term Investments	71,618		3,100		—	74,718
	2,831,565		3,100		63	2,834,728
Assets - Investments in Other Financial Instruments1
Futures Contracts	933		—		—	933
	933		—		—	933
JNL/Mellon Information Technology Sector Fund
Assets - Securities
Common Stocks	2,891,878		—		—	2,891,878
Short Term Investments	79,202		2,240		—	81,442
	2,971,080		2,240		—	2,973,320
Assets - Investments in Other Financial Instruments1
Futures Contracts	460		—		—	460
	460		—		—	460
Liabilities - Investments in Other Financial Instruments1
Futures Contracts	(107	)	—		—	(107	)
	(107	)	—		—	(107	)
JNL/Mellon MSCI World Index Fund
Assets - Securities
Common Stocks	189,664		87,086		3	276,753
Preferred Stocks	600		—		—	600
Short Term Investments	3,880		241		—	4,121
	194,144		87,327		3	281,474
Assets - Investments in Other Financial Instruments1
Futures Contracts	38		—		—	38
Open Forward Foreign Currency Contracts	—		10		—	10
	38		10		—	48
Liabilities - Investments in Other Financial Instruments1
Futures Contracts	(14	)	—		—	(14	)
Open Forward Foreign Currency Contracts	—		(69	)	—	(69	)
	(14	)	(69	)	—	(83	)

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JNL Variable Fund LLC (Unaudited)

Schedules of Investments (in thousands)

March 31, 2020

	. Level 1 ($) .	. Level 2 ($) .	. Level 3 ($) .	. Total ($) .
JNL/Mellon Nasdaq 100 Index Fund
Assets - Securities
Common Stocks	2,929,637	—	—	2,929,637
Short Term Investments	62,191	5,309	—	67,500
	2,991,828	5,309	—	2,997,137
Assets - Investments in Other Financial Instruments1
Futures Contracts	946	—	—	946
	946	—	—	946

¹Investments in Other Financial Instruments are reflected at the unrealized appreciation (depreciation) on the instrument.

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. The Funds recognize transfers between levels as of the beginning of the period for financial reporting purposes. There were no significant transfers into or out of Level 3 for the period ended March 31, 2020. There were no significant Level 3 valuations for which unobservable valuation inputs were developed at March 31, 2020.

For additional information on the Funds' policies regarding valuation of investments and other significant accounting matters, please refer to the Funds' most recent annual or semi-annual report.

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