JNL Investors Series Trust N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-10041

JNL Investors Series Trust

(Exact Name of Registrant as specified in charter)

1 Corporate Way, Lansing, Michigan 48951

(Address of principal executive offices) (Zip code)

Steven J. Fredricks

Jackson National Asset Management, LLC

1 Corporate Way

Lansing, Michigan 48951

(Name and address of agent for service)

Registrant's telephone number, including area code: 517-381-5500

Date of Fiscal Year End: October 31

Date of Reporting period: November 1, 2008 – April 30, 2009

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

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

Item 1. Reports to Shareholders.

JACKSON FUNDS^SM

April 30, 2009 Semi-Annual Report (Unaudited)

 

Table of Contents

President’s Letter...................................................................................	1
Schedules of Investments........................................................................	2
Statements of Assets and Liabilities...........................................................	15
Statements of Operations........................................................................	16
Statements of Changes in Net Assets........................................................	17
Financial Highlights................................................................................	19
Notes to the Financial Statements.............................................................	21
Disclosure of Fund Expenses & Other Information........................................	28
Supplement to the Prospectus..................................................................	29
Trustees and Officers of the Trust.............................................................	31

 

President’s Letter

June 19, 2009

Dear Shareholder:

As described in my letter to you dated May 18, 2009, the Board of Trustees, on the recommendation of management, decided to discontinue sales of the Jackson Perspective retail mutual funds included in this report. After reviewing various alternatives, the Board of Trustees approved a plan of liquidation for Jackson Perspective Money Market Fund, Jackson Perspective 5 Fund, Jackson Perspective Index 5 Fund, Jackson Perspective 10 x 10 Fund, Jackson Perspective Optimized 5 Fund, Jackson Perspective VIP Fund and Jackson Perspective S&P 4 Fund. The liquidation is expected to occur on or prior to September 30, 2009. Redemptions will continue to be permitted as described in the current prospectus.

A copy of the prospectus supplement related to the liquidation has been included in this report for your information. Please consult with your investment professional and tax adviser to determine the course of action that may be best suited to your financial situation.

Best regards,

Mark D. Nerud

President and Chief Executive Officer

JNL Investor Series Trust

Jackson Funds^SM(Unaudited)

Schedules of Investments

April 30, 2009

		Shares/Par	Value
Jackson Perspective 5 Fund
COMMON STOCKS - 100.4%
CONSUMER DISCRETIONARY - 16.0%
	AutoZone Inc. (b) (f)	3,042	$ 506,158
	Barnes & Noble Inc.	9,605	250,883
	Black & Decker Corp.	7,281	293,424
	Buffalo Wild Wings Inc. (b) (f)	1,476	57,623
	Capella Education Co. (b) (f)	1,453	74,655
	CEC Entertainment Inc. (b)	1,874	57,082
	Fortune Brands Inc.	7,260	285,391
	Fred’s Inc. (f)	3,286	44,887
	Fuel Systems Solutions Inc. (b)	1,261	19,255
	HOT Topic Inc. (b) (f)	3,613	44,223
	International Game Technology	19,519	241,060
	ITV Plc	815,079	382,704
	Ladbrokes Plc	117,447	405,695
	Limited Brands Inc.	22,396	255,762
	Lincoln Educational Services Corp. (b) (f)	2,348	38,953
	Mattel Inc.	14,785	221,184
	Monro Muffler Inc.	1,707	42,624
	National Presto Industries Inc.	571	40,689
	Newell Rubbermaid Inc.	30,496	318,683
	Papa John’s International Inc. (b)	2,311	61,334
	Peets Coffee & Tea Inc. (b)	1,051	28,671
	PetMed Express Inc. (b) (f)	2,099	34,130
	Regal Entertainment Group - Class A	16,813	219,578
	Steven Madden Ltd. (b)	1,430	42,071
	Whirlpool Corp.	7,761	350,487
			4,317,206
CONSUMER STAPLES - 8.2%
	Archer-Daniels-Midland Co.	16,172	398,155
	Cal-Maine Foods Inc.	1,756	46,481
	Diamond Foods Inc.	1,439	37,687
	Green Mountain Coffee Roasters Inc. (b) (f)	2,073	149,899
	J&J Snack Foods Corp.	1,516	58,760
	Kraft Foods Inc. - Class A	31,578	738,925
	Lance Inc.	2,623	60,749
	Nash Finch Co.	1,049	30,725
	Philip Morris International Inc.	5,225	189,145
	TreeHouse Foods Inc. (b)	2,661	70,756
	Wal-Mart Stores Inc.	8,757	441,353
			2,222,635
ENERGY - 3.6%
	Clayton Williams Energy Inc. (b)	1,087	32,643
	Overseas Shipholding Group Inc. (f)	6,677	191,697
	PetroChina Co. Ltd.	404,000	357,603
	Spectra Energy Corp.	13,452	195,054
	Teekay Corp. (f)	10,986	158,638
	VAALCO Energy Inc. (b)	4,707	22,451
			958,086

FINANCIALS - 17.1%
	3i Group Plc	100,900	474,606
	American Express Co.	59,695	1,505,508
	Amerisafe Inc. (b)	1,495	22,963
	Bank of Communications Co. Ltd. (f)	473,000	385,111
	BOC Hong Kong Holdings Ltd.	285,000	406,720
	Capstead Mortgage Corp.	5,234	59,615
	Chemical Financial Corp.	2,118	45,219
	Citizens Inc. (b) (f)	3,664	26,417
	CNA Surety Corp. (b)	3,662	70,494
	Community Bank System Inc.	2,698	44,382
	Crawford & Co. - Class B (b)	2,137	12,715
	EZCORP Inc. - Class A (b)	3,742	46,363
	First Financial Bankshares Inc. (f)	1,743	85,895
	Home Bancshares Inc.	1,595	35,170
	Investors Real Estate Trust	5,178	47,897
	Man Group Plc	117,381	433,871
	Navigators Group Inc. (b)	1,418	64,349
	NBT Bancorp Inc.	2,701	63,960
	New World Development Ltd.	319,000	422,312
	Ocwen Financial Corp. (b)	5,494	61,093
	Republic Bancorp Inc. - Class A	1,483	32,982
	Stifel Financial Corp. (b)	2,159	106,288
	SWS Group Inc.	2,233	28,560
	Tower Group Inc.	3,372	91,685
	Urstadt Biddle Properties Inc. - Class A	1,670	25,651
			4,599,826
HEALTH CARE - 11.6%
	Alliance HealthCare Services Inc. (b)	4,537	35,706
	Bristol-Myers Squibb Co.	9,506	182,515
	Cantel Medical Corp. (b)	1,424	20,122
	Centene Corp. (b)	3,578	65,728
	Computer Programs & Systems Inc. (f)	971	33,975
	Express Scripts Inc. (b)	8,587	549,310
	Gentiva Health Services Inc. (b)	2,392	38,105
	Greatbatch Inc. (b) (f)	1,883	39,618
	Hanger Orthopedic Group Inc. (b)	2,517	35,011
	HMS Holdings Corp. (b)	2,224	66,676
	ICU Medical Inc. (b)	1,211	45,534
	Kindred Healthcare Inc. (b)	3,218	41,898
	Landauer Inc.	764	40,477
	LHC Group Inc. (b)	1,472	33,591
	Medco Health Solutions Inc. (b)	10,634	463,111
	Merck & Co. Inc.	17,814	431,811
	Merit Medical Systems Inc. (b)	2,525	39,163
	Neogen Corp. (b)	1,184	26,841
	Odyssey HealthCare Inc. (b)	2,652	27,475
	Pfizer Inc.	58,458	780,999
	PSS World Medical Inc. (b)	4,999	72,585
	RehabCare Group Inc. (b)	1,532	25,585

	SXC Health Solutions Corp. (b)	1,978	39,619
			3,135,455
INDUSTRIALS - 18.4%
	AeroVironment Inc. (b)	1,757	41,571
	Allegiant Travel Co. (b) (f)	1,700	88,468
	American Ecology Corp.	1,463	24,168
	American Science & Engineering Inc.	753	45,376
	Applied Signal Technology Inc.	1,024	20,233
	Argon ST Inc. (b)	1,764	35,968
	Avery Dennison Corp.	8,551	245,756
	Axsys Technologies Inc. (b)	1,004	42,078
	Badger Meter Inc. (f)	1,210	47,142
	Beacon Roofing Supply Inc. (b) (f)	3,713	59,037
	Boeing Co.	13,723	549,606
	Caterpillar Inc.	17,544	624,216
	CBIZ Inc. (b)	5,488	43,136
	CH Robinson Worldwide Inc.	10,422	554,034
	Citic Pacific Ltd.	275,000	405,223
	CNH Global NV (b) (f)	23,613	376,863
	ESCO Technologies Inc. (b)	2,197	91,351
	General Electric Co. (f)	84,577	1,069,899
	Hawaiian Holdings Inc. (b)	4,491	22,409
	ICF International Inc. (b)	1,205	33,150
	Marten Transport Ltd. (b)	1,762	36,544
	Navigant Consulting Inc. (b)	4,058	59,693
	Old Dominion Freight Line Inc. (b) (f)	3,121	87,856
	Pitney Bowes Inc.	9,083	222,897
	Stanley Inc. (b)	2,052	52,901
	Sykes Enterprises Inc. (b)	3,425	67,336
			4,946,911
INFORMATION TECHNOLOGY - 2.6%
	AsiaInfo Holdings Inc. (b)	3,830	64,153
	CyberSource Corp. (b)	5,811	84,899
	EMS Technologies Inc. (b)	1,364	25,984
	EPIQ Systems Inc. (b) (f)	3,133	48,468
	Integral Systems Inc. (b)	1,505	9,978
	MAXIMUS Inc.	1,443	58,196
	Multi-Fineline Electronix Inc. (b)	2,052	41,184
	NCI Inc. (b)	643	15,663
	Pegasystems Inc.	3,169	55,362
	STMicroelectronics NV - NYS	38,727	254,436
	Tyler Technologies Inc. (b) (f)	2,988	49,302
			707,625
MATERIALS - 9.7%
	Balchem Corp.	1,621	40,347
	Calgon Carbon Corp. (b)	4,516	76,682
	Dow Chemical Co.	24,072	385,152
	Eastman Chemical Co.	8,468	336,010
	EI Du Pont de Nemours & Co.	38,371	1,070,551
	Olin Corp.	16,495	207,837

	PPG Industries Inc.	5,556	244,742
	RPM International Inc.	16,157	223,290
	Stepan Co.	764	30,231
			2,614,842
TELECOMMUNICATION SERVICES - 6.3%
	AT&T Inc.	18,141	464,772
	BCE Inc.	8,942	191,359
	Centennial Communications Corp. (b)	9,111	75,348
	Shenandoah Telecommunications Co.	1,939	38,063
	TELUS Corp.	6,897	160,355
	Verizon Communications Inc.	15,122	458,801
	Vodafone Group Plc	161,042	295,991
			1,684,689
UTILITIES - 6.9%
	American States Water Co.	1,520	52,486
	California Water Service Group	1,744	68,068
	CH Energy Group Inc.	1,311	58,261
	Consolidated Edison Inc.	11,903	441,958
	FPL Group Inc.	9,511	511,597
	Laclede Group Inc.	1,930	66,932
	MGE Energy Inc.	1,968	60,378
	NorthWestern Corp.	2,944	61,588
	UniSource Energy Corp.	2,944	77,486
	Xcel Energy Inc.	24,302	448,129
			1,846,883
	Total Common Stocks (cost $27,054,154)		27,034,158
SHORT TERM INVESTMENTS - 10.2%
Mutual Funds - 0.2%
	JNL Money Market Fund, 0.31% (a) (e)	54,143	54,143
Securities Lending Collateral – 10.0%
	BNY Mellon SL DBT II Liquidating Fund,
	1.03% (a) (e)	2,043,666	1,976,429
	Mellon GSL DBT II Collateral Fund, 0.36% (a) (e)	724,024	724,024
	Mellon GSL Reinvestment Trust II (a) (h) (i) (l)	72,345	-
			2,700,453
	Total Short Term Investments (cost $2,894,178)		2,754,596
	Total Investments - 110.6% (cost $29,948,332)		29,788,754
	Other Assets and Liabilities, Net - (10.6%)		(2,846,691)
	Total Net Assets - 100%		$ 26,942,063
Jackson Perspective Index 5 Fund* (m)
* Summary Schedule of Investments
COMMON STOCKS - 81.0%
CONSUMER DISCRETIONARY - 10.2%

	Comcast Corp. - Class A	2,979	$ 46,055
	Home Depot Inc.	1,757	46,244
	Toyota Motor Corp.	3,000	117,116
	Other Securities		3,839,640
			4,049,055
CONSUMER STAPLES - 6.0%
	Coca-Cola Amatil Ltd.	690	4,583
	Coca-Cola Co.	2,087	89,845
	Coca-Cola Enterprises Inc.	289	4,930
	Coca-Cola Hellenic Bottling Co. SA	136	2,174
	Coca-Cola West Co. Ltd.	300	4,937
	Nestle SA (f)	4,155	135,439
	PepsiCo Inc.	1,599	79,566
	Philip Morris International Inc.	2,085	75,477
	Procter & Gamble Co.	3,067	151,632
	Ralcorp Holdings Inc. (b) (f)	1,308	74,765
	Unilever NV (f)	1,788	35,380
	Unilever Plc	1,415	27,552
	Wal-Mart Stores Inc.	2,299	115,870
	Other Securities		1,589,774
			2,391,924
ENERGY - 6.4%
	BP Plc	20,319	143,587
	Chevron Corp.	2,088	138,017
	ConocoPhillips	1,517	62,197
	Exxon Mobil Corp.	5,237	349,151
	Royal Dutch Shell Plc - Class A	3,855	88,752
	Royal Dutch Shell Plc - Class B	2,937	66,466
	Total SA	2,316	115,883
	Other Securities		1,586,135
			2,550,188
FINANCIALS - 14.9%
	Banco Santander SA - ADR (f)	127	1,162
	Banco Santander SA (f)	8,918	85,782
	Bank of America Corp.	6,630	59,206
	Bank of New York Mellon Corp. (a)	1,193	30,398
	HSBC Holdings Plc	18,639	132,551
	JPMorgan Chase & Co.	3,817	125,961
	Morgan Stanley	1,107	26,169
	Prudential plc (a)	2,840	16,323
	Wells Fargo & Co.	4,353	87,104
	Other Securities		5,357,711
			5,922,367
HEALTH CARE - 9.8%
	GlaxoSmithKline Plc	5,651	87,044
	Johnson & Johnson	2,851	149,278
	Novartis AG	2,585	97,838
	Pfizer Inc.	6,853	91,556
	Roche Holding AG	764	96,344

	Other Securities		3,401,112
			3,923,172
INDUSTRIALS - 10.9%
	General Electric Co.	10,806	136,696
	Other Securities		4,225,461
			4,362,157
INFORMATION TECHNOLOGY - 11.6%
	Apple Inc. (b)	934	117,525
	Cisco Systems Inc. (b)	6,026	116,422
	Google Inc. - Class A (b)	246	97,409
	Hewlett-Packard Co.	2,578	92,756
	Intel Corp.	5,689	89,772
	International Business Machines Corp.	1,381	142,533
	Microsoft Corp.	7,862	159,284
	Oracle Corp.	3,945	76,296
	QUALCOMM Inc.	1,708	72,283
	Other Securities		3,672,870
			4,637,150
MATERIALS - 4.6%
	BHP Billiton Ltd.	3,655	88,374
	BHP Billiton Plc	2,419	50,206
	Other Securities		1,710,021
			1,848,601
TELECOMMUNICATION SERVICES - 2.3%
	AT&T Inc.	6,164	157,922
	Telefonica SA (f) (h)	4,606	87,266
	Verizon Communications Inc.	2,979	90,383
	Vodafone Group Plc	57,016	104,794
	Other Securities		495,415
			935,780
UTILITIES - 4.3%
	Other Securities		1,711,307
	Total Common Stocks (cost $49,403,720)		32,331,701
PREFERRED STOCKS - 0.1%
CONSUMER DISCRETIONARY - 0.1%
	Other Securities		10,037
CONSUMER STAPLES - 0.0%
	Other Securities		4,312
FINANCIALS - 0.0%
	Other Securities		1,866
HEALTH CARE - 0.0%
	Other Securities		5,054
INDUSTRIALS - 0.0%

	Other Securities		3,512
TELECOMMUNICATION SERVICES - 0.0%
	Other Securities		5,326
UTILITIES - 0.0%
	Other Securities		3,229
	Total Preferred Stocks (cost $60,068)		33,336
RIGHTS - 0.0%
	Other Securities		835
	Total Rights (cost $821)		835
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES - 0.8%
	Banc of America Commercial Mortgage Inc.
	REMIC, 5.96%, 05/10/45 (d)	75,000	38,861
	JPMorgan Chase Commercial Mortgage Securities Corp.,
	5.56%, 04/15/43 (d)	75,000	56,708
	Merrill Lynch Mortgage Trust, 4.75%, 06/12/43 (d)	75,000	64,123
	Morgan Stanley Capital I, 5.64%, 03/12/44 (d)	100,000	27,499
	Wachovia Bank Commercial Mortgage Trust
	5.50%, 10/15/48	75,000	66,025
	5.74%, 06/15/49 (d)	50,000	35,464
	Other Securities		24,803
	Total Non-U.S. Government Agency Asset-Backed
	Securities (cost $478,979)		313,483
CORPORATE BONDS AND NOTES - 3.5%
CONSUMER DISCRETIONARY - 0.4%
	Comcast Cable Communications Holdings Inc.,
	8.38%, 03/15/13	35,000	38,593
	Comcast Corp., 6.45%, 03/15/37	2,000	1,854
	Home Depot Inc., 5.20%, 03/01/11	25,000	25,475
	Other Securities		78,576
			144,498
CONSUMER STAPLES - 0.0%
	Other Securities		20,725
ENERGY - 0.3%
	ConocoPhillips Holding Co., 6.95%, 04/15/29	8,000	8,245
	Other Securities		126,928
			135,173
FINANCIALS - 1.6%
	Bank of America Corp., 5.75%, 12/01/17	5,000	4,085
	General Electric Capital Corp.
	3.00%, 12/09/11	65,000	67,058

	5.38%, 10/20/16	50,000	44,378
	5.88%, 01/14/38	10,000	6,902
	6.38%, 11/15/67 (d)	20,000	11,480
	HSBC Finance Corp., 6.38%, 10/15/11	40,000	39,493
	JPMorgan Chase & Co., 5.15%, 10/01/15	25,000	22,310
	Merrill Lynch & Co. Inc.
	6.40%, 08/28/17	25,000	20,338
	6.88%, 04/25/18	5,000	4,214
	Morgan Stanley, 4.75%, 04/01/14	25,000	21,133
	Unilever Capital Corp., 5.90%, 11/15/32	10,000	9,629
	Wachovia Corp.
	5.25%, 08/01/14	25,000	22,219
	5.63%, 10/15/16	5,000	4,072
	Wells Fargo & Co., 4.88%, 01/12/11	25,000	25,377
	Other Securities		351,544
			654,232
HEALTH CARE - 0.2%
	Other Securities		70,067
INDUSTRIALS - 0.2%
	Other Securities		64,275
INFORMATION TECHNOLOGY - 0.1%
	Oracle Corp., 5.75%, 04/15/18	15,000	15,892
	Other Securities		13,300
			29,192
MATERIALS - 0.1%
	Other Securities		27,129
TELECOMMUNICATION SERVICES - 0.3%
	AT&T Inc., 5.63%, 06/15/16	5,000	5,088
	Telefonica Europe BV, 7.75%, 09/15/10	20,000	21,003
	Other Securities		107,295
			133,386
UTILITIES - 0.3%
	Other Securities		106,550
	Total Corporate Bonds and Notes (cost $1,559,492)		1,385,227
GOVERNMENT AND AGENCY OBLIGATIONS - 13.0%
GOVERNMENT SECURITIES - 4.5%
Sovereign - 0.2%
	Other Securities		103,397
U.S. Treasury Securities - 4.3%
	U.S. Treasury Bond
	11.25%, 02/15/15 (f)	84,000	124,556
	9.13%, 05/15/18 (f)	4,000	5,867
	8.88%, 02/15/19 (f)	82,000	119,643

	8.75%, 08/15/20 (f)	35,000	51,477
	7.88%, 02/15/21	40,000	55,800
	8.00%, 11/15/21	31,000	43,991
	7.63%, 02/15/25 (f)	8,000	11,523
	6.63%, 02/15/27 (f)	50,000	66,297
	6.13%, 08/15/29	54,000	68,934
	5.38%, 02/15/31 (f)	8,000	9,423
	4.38%, 02/15/38 (f)	25,000	26,273
	3.50%, 02/15/39 (f)	13,000	11,779
	U.S. Treasury Note
	2.88%, 06/30/10 (f)	100,000	102,691
	5.75%, 08/15/10 (f)	40,000	42,647
	1.25%, 11/30/10	14,000	14,106
	0.88%, 02/28/11 (f)	155,000	155,019
	4.88%, 04/30/11	90,000	97,031
	4.88%, 07/31/11	76,000	82,430
	1.75%, 11/15/11	50,000	50,696
	4.63%, 02/29/12 (f)	75,000	81,938
	4.13%, 08/31/12 (f)	30,000	32,552
	4.25%, 09/30/12 (f)	15,000	16,368
	4.00%, 11/15/12	40,000	43,366
	3.88%, 02/15/13 (f)	60,000	65,025
	3.63%, 05/15/13 (f)	32,000	34,385
	3.13%, 09/30/13 (f)	7,000	7,382
	4.00%, 02/15/14 (f)	18,000	19,666
	4.25%, 08/15/14 (f)	42,000	46,577
	4.00%, 02/15/15 (f)	55,000	60,169
	4.13%, 05/15/15	9,000	9,928
	2.63%, 02/29/16 (f)	126,000	126,039
	5.13%, 05/15/16 (f)	35,000	40,592
			1,724,170
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED
SECURITIES - 8.5%
Federal Home Loan Bank - 1.1%
	Federal Home Loan Bank
	4.38%, 09/17/10	120,000	125,387
	4.63%, 02/18/11	100,000	105,986
	4.88%, 11/18/11	65,000	70,152
	5.00%, 11/01/35	120,001	123,575
			425,100
Federal Home Loan Mortgage Corp. - 1.6%
	Federal Home Loan Mortgage Corp.
	2.13%, 03/23/12	20,000	20,208
	5.13%, 07/15/12 (f)	45,000	49,614
	5.00%, 07/15/14	20,000	22,347
	4.38%, 07/17/15	35,000	38,017
	6.25%, 07/15/32	10,000	12,171
	5.00%, 05/01/35, TBA (c)	34,000	34,946
	6.00%, 06/01/35	58,393	61,373

	4.39%, 12/01/35 (d)	39,954	41,269
	6.50%, 03/01/37	72,447	76,836
	5.50%, 11/01/37	160,470	166,148
	5.50%, 08/01/38	111,334	115,273
			638,202
Federal National Mortgage Association – 5.0%
	Federal National Mortgage Association
	5.38%, 11/15/11	25,000	27,371
	4.75%, 11/19/12	30,000	32,836
	4.13%, 04/15/14	20,000	21,459
	4.38%, 10/15/15	17,000	18,292
	5.00%, 03/15/16 (f)	50,000	55,450
	5.00%, 02/13/17	30,000	32,991
	5.00%, 06/01/18	9,325	9,719
	4.50%, 10/01/18	87,187	90,279
	5.00%, 07/01/19	29,385	30,573
	5.50%, 04/01/23	50,000	52,089
	5.00%, 05/01/23	80,000	82,842
	4.00%, 04/01/24	50,001	50,736
	5.00%, 12/01/26	82,407	85,075
	6.63%, 11/15/30 (f)	10,000	12,613
	7.00%, 08/01/32	49,995	53,956
	6.00%, 11/01/32	6,728	7,099
	6.00%, 11/01/32	17,382	18,339
	6.00%, 03/01/33	26,652	28,120
	5.00%, 06/01/33	133,162	137,523
	6.00%, 09/01/33	29,930	31,542
	6.00%, 02/01/34	76,714	81,037
	6.00%, 03/01/34	21,297	22,403
	5.00%, 06/01/34	82,425	85,008
	6.00%, 08/01/34	8,496	8,954
	5.50%, 12/01/34	223,448	232,302
	4.50%, 05/12/35, TBA (c)	60,000	61,069
	5.60%, 07/01/36 (d)	108,354	112,407
	7.00%, 09/01/36	30,858	33,048
	6.00%, 02/01/37	16,530	17,298
	5.83%, 04/01/37 (d)	56,602	59,138
	6.00%, 04/01/37	126,532	132,416
	5.50%, 06/01/37	33,432	34,673
	5.23%, 01/01/38 (d)	46,646	48,016
	4.50%, 03/01/38	67,854	69,127
	5.50%, 06/01/38	80,001	82,967
	4.00%, 05/12/39, TBA (c)	30,000	30,016
			1,988,783
Government National Mortgage Association - 0.8%
	Government National Mortgage Association
	5.50%, 10/15/35	173,680	180,922
	6.00%, 11/15/36	24,445	25,536
	6.50%, 12/15/37	97,889	103,072
			309,530

	Total Government and Agency Obligations (cost $5,001,002)		5,189,182
SHORT TERM INVESTMENTS - 21.3%
Mutual Funds - 2.2%
	JNL Money Market Fund, 0.31% (a) (e)	884,121	884,121
Securities Lending Collateral – 18.8%
	BNY Mellon SL DBT II Liquidating Fund,
	1.03% (a) (e)	5,163,806	4,993,916
	Mellon GSL DBT II Collateral Fund, 0.36% (a) (e)	2,480,281	2,480,281
	Mellon GSL Reinvestment Trust II (a) (h) (i) (l)	170,664	-
			7,474,197
U.S. Treasury Securities - 0.3%
	U.S. Treasury Bill, 0.26%, 06/18/09 (g)	125,000	124,984
	Total Short Term Investments (cost $8,823,828)		8,483,302
Total Investments - 119.7% (cost $65,327,910)			47,737,066
Total Forward Sales Commitments - (0.1%)
(proceeds $62,081)			(62,109)
Other Assets and Liabilities, Net - (19.6%)			(7,780,268)
Total Net Assets - 100%			$ 39,894,689
FORWARD SALES COMMITMENTS - 0.1%
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED
SECURITIES - 0.1%
Federal National Mortgage Association - 0.1%
	Federal National Mortgage Association
	5.00%, 05/01/21	30,000	$ 31,031
	5.50%, 05/11/36	30,000	31,078
Total Forward Sales Commitments – 0.1% (proceeds $62,081)			$ 62,109
Jackson Perspective 10 x 10 Fund (k)
INVESTMENT FUNDS - 100.2%
	Jackson Perspective 5 Fund (a)	562,634	$ 3,415,191
	Jackson Perspective Index 5 Fund (a)	444,235	3,122,971
	Total Investment Funds (cost $9,294,306)		6,538,162
Total Investments - 100.2% (cost $9,294,306)			6,538,162
Other Assets and Liabilities, Net - (0.2%)			(14,304)
Total Net Assets - 100%			$ 6,523,858
Jackson Perspective Optimized 5 Fund
COMMON STOCKS - 100.1%
CONSUMER DISCRETIONARY - 15.9%
	Apollo Group Inc. - Class A (b)	2,793	$ 175,819

	AutoZone Inc. (b)	1,016	169,052
	Barnes & Noble Inc.	3,962	103,487
	Black & Decker Corp.	3,006	121,142
	DirecTV Group Inc. (b)	15,562	384,848
	Dollar Tree Inc. (b)	1,614	68,337
	Family Dollar Stores Inc.	2,455	81,481
	Fortune Brands Inc.	2,993	117,655
	International Game Technology	8,047	99,380
	ITV Plc	395,754	185,818
	Ladbrokes Plc	56,360	194,684
	Limited Brands Inc.	9,161	104,619
	Mattel Inc.	5,881	87,980
	NetFlix Inc. (b)	1,017	46,081
	Newell Rubbermaid Inc.	12,471	130,322
	Panera Bread Co. - Class A (b)	860	48,169
	Regal Entertainment Group - Class A	6,947	90,728
	Ross Stores Inc.	1,960	74,362
	Staples Inc.	10,549	217,520
	Vivendi SA	7,429	199,759
	Whirlpool Corp.	3,199	144,467
			2,845,710
CONSUMER STAPLES - 2.3%
	Chattem Inc. (b)	572	31,409
	Green Mountain Coffee Roasters Inc. (b)	1,017	73,539
	J&J Snack Foods Corp.	1,194	46,279
	Kraft Foods Inc. - Class A	6,083	142,342
	Philip Morris International Inc.	2,111	76,418
	TreeHouse Foods Inc. (b)	1,412	37,545
			407,532
ENERGY - 6.6%
	BP Plc	27,908	197,216
	ENI SpA	8,854	189,999
	Overseas Shipholding Group Inc.	2,823	81,048
	PetroChina Co. Ltd.	192,000	169,950
	Repsol YPF SA	11,533	219,216
	Royal Dutch Shell Plc - Class A	8,067	185,015
	Spectra Energy Corp.	5,407	78,402
	Teekay Corp.	4,592	66,308
			1,187,154
FINANCIALS - 16.8%
	3i Group Plc	48,330	227,331
	Allianz SE	2,598	239,725
	American Express Co.	11,422	288,063
	Assicurazioni Generali SpA	11,830	240,691
	Banco Bilbao Vizcaya Argentaria SA	24,749	268,220
	Banco Santander SA	28,458	273,736
	Bank of Communications Co. Ltd.	226,132	184,114
	BOC Hong Kong Holdings Ltd.	138,000	196,938
	Credit Agricole SA	17,904	261,784
	HSBC Holdings Plc	25,593	182,005

	Man Group Plc	56,184	207,671
	New World Development Ltd.	151,000	199,903
	Zurich Financial Services AG	1,239	230,244
			3,000,425
HEALTH CARE - 22.4%
	Amedisys Inc. (b)	1,137	38,135
	Amgen Inc. (b)	15,119	732,818
	Baxter International Inc.	7,256	351,916
	Biogen Idec Inc. (b)	4,440	214,630
	Bristol-Myers Squibb Co.	23,938	459,610
	Chemed Corp.	925	39,155
	CR Bard Inc.	1,746	125,066
	DaVita Inc. (b)	1,828	84,764
	DENTSPLY International Inc.	2,264	64,796
	Haemonetics Corp. (b)	706	36,451
	Henry Schein Inc. (b)	1,352	55,486
	Life Technologies Corp. (b)	2,551	95,152
	Medco Health Solutions Inc. (b)	8,586	373,920
	OSI Pharmaceuticals Inc. (b)	1,074	36,054
	Pfizer Inc.	11,322	151,262
	Pharmaceutical Product Development Inc.	1,737	34,063
	Quest Diagnostics Inc.	3,315	170,159
	ResMed Inc. (b)	1,329	51,100
	Schering-Plough Corp.	21,262	489,451
	Teva Pharmaceutical Industries Ltd. - ADR	8,290	363,848
	Warner Chilcott Ltd. (b)	3,690	36,125
			4,003,961
INDUSTRIALS - 6.3%
	AAR Corp. (b)	2,773	41,789
	Alaska Air Group Inc. (b)	1,645	27,603
	Avery Dennison Corp.	3,493	100,389
	Citic Pacific Ltd.	132,000	194,507
	CNH Global NV (b)	9,759	155,754
	Deutsche Post AG	18,253	210,599
	General Electric Co.	16,177	204,639
	JB Hunt Transport Services Inc.	1,857	52,219
	Pitney Bowes Inc.	3,653	89,645
	Rollins Inc.	2,374	42,732
			1,119,876
INFORMATION TECHNOLOGY - 15.8%
	Automatic Data Processing Inc.	7,471	262,979
	CA Inc.	7,716	133,101
	Check Point Software Technologies Ltd. (b)	3,243	75,140
	Citrix Systems Inc. (b)	2,682	76,517
	Fiserv Inc. (b)	2,382	88,896
	Intuit Inc. (b)	4,790	110,793
	Linear Technology Corp.	3,360	73,181
	Mantech International Corp. - Class A (b)	701	25,368
	Microsoft Corp.	22,884	463,630
	NetApp Inc. (b)	4,854	88,828

	Open Text Corp. (b)	1,161	38,116
	Oracle Corp.	23,787	460,041
	Paychex Inc.	5,403	145,935
	QUALCOMM Inc.	11,058	467,975
	STMicroelectronics NV - NYS	15,846	104,108
	Symantec Corp. (b)	12,138	209,381
			2,823,989
MATERIALS - 6.1%
	BASF SE	6,344	239,407
	Dow Chemical Co.	9,922	158,752
	Eastman Chemical Co.	3,465	137,491
	EI Du Pont de Nemours & Co.	7,345	204,926
	Olin Corp.	6,814	85,856
	PPG Industries Inc.	2,313	101,888
	RPM International Inc.	6,683	92,359
	Sigma-Aldrich Corp.	1,811	79,395
			1,100,074
TELECOMMUNICATION SERVICES - 6.6%
	BCE Inc.	3,638	77,853
	Deutsche Telekom AG	14,564	176,125
	France Telecom SA	7,937	176,202
	Telecom Italia SpA	144,159	182,289
	Telefonica SA (h)	9,542	180,784
	TELUS Corp.	2,857	66,425
	Vodafone Group Plc	176,603	324,591
			1,184,269
UTILITIES - 1.3%
	Enel SpA	35,301	191,349
	UGI Corp.	1,925	44,159
			235,508
	Total Common Stocks (cost $17,959,265)		17,908,498
WARRANTS- 0.0%
	Fortis (b) (h)	20,981	-
	Total Warrants (cost $0)		-
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES - 0.0%
	Mellon GSL Reinvestment Trust II (a) (h) (i) (l)	33,950	-
	Total Non-U.S. Government Agency Asset-Backed
	Securities (cost $33,950)		-
Total Investments - 100.1% (cost $17,993,215)			17,908,498
Other Assets and Liabilities, Net - (0.1%)			(10,189)
Total Net Assets - 100%			$ 17,898,309
Jackson Perspective VIP Fund

COMMON STOCKS - 99.4%
CONSUMER DISCRETIONARY - 10.6%
	Apollo Group Inc. - Class A (b)	174	$ 10,953
	AutoZone Inc. (b)	131	21,797
	Buffalo Wild Wings Inc. (b)	81	3,162
	Capella Education Co. (b)	74	3,802
	CEC Entertainment Inc. (b)	105	3,198
	DirecTV Group Inc. (b)	980	24,235
	Dollar Tree Inc. (b)	98	4,149
	Family Dollar Stores Inc.	148	4,912
	Fred’s Inc.	173	2,363
	Fuel Systems Solutions Inc. (b)	69	1,054
	Global Sources Ltd. (b)	14	64
	HOT Topic Inc. (b)	214	2,619
	Leggett & Platt Inc.	812	11,660
	Lincoln Educational Services Corp. (b)	128	2,124
	McDonald’s Corp.	185	9,859
	Monro Muffler Inc.	90	2,247
	National Presto Industries Inc.	28	1,995
	NetFlix Inc. (b)	66	2,990
	Panera Bread Co. - Class A (b)	54	3,025
	Papa John’s International Inc. (b)	128	3,397
	Peets Coffee & Tea Inc. (b)	58	1,582
	PetMed Express Inc. (b)	102	1,659
	Polo Ralph Lauren Corp.	280	15,075
	Ross Stores Inc.	117	4,439
	Staples Inc.	665	13,712
	Steven Madden Ltd. (b)	78	2,295
	Vivendi SA	484	13,014
			171,381
CONSUMER STAPLES - 4.1%
	Brown-Forman Corp. - Class B	226	10,509
	Cal-Maine Foods Inc.	102	2,700
	Chattem Inc. (b)	36	1,977
	Diamond Foods Inc.	71	1,859
	Green Mountain Coffee Roasters Inc. (b)	171	12,365
	Hershey Co.	287	10,372
	J&J Snack Foods Corp.	150	5,814
	Lance Inc.	143	3,312
	McCormick & Co. Inc.	308	9,071
	Nash Finch Co.	50	1,465
	TreeHouse Foods Inc. (b)	224	5,956
			65,400
ENERGY - 6.0%
	BP Plc	1,823	12,883
	Chevron Corp.	153	10,113
	Clayton Williams Energy Inc. (b)	53	1,592
	ConocoPhillips	259	10,619
	ENI SpA	579	12,425

	ENSCO International Inc.	394	11,142
	Noble Corp.	392	10,713
	Repsol YPF SA	751	14,275
	Royal Dutch Shell Plc - Class A	527	12,087
	VAALCO Energy Inc. (b)	255	1,216
			97,065
FINANCIALS - 18.1%
	Allianz SE	171	15,779
	Amerisafe Inc. (b)	83	1,276
	Assicurazioni Generali SpA	769	15,646
	Associated Banc-Corp	638	9,870
	Banco Bilbao Vizcaya Argentaria SA	1,610	17,446
	Banco Santander SA	1,872	18,007
	BancorpSouth Inc.	499	11,602
	BB&T Corp.	575	13,421
	Capstead Mortgage Corp.	291	3,314
	Chemical Financial Corp.	116	2,477
	Citizens Inc. (b)	201	1,449
	CNA Surety Corp. (b)	196	3,773
	Community Bank System Inc.	158	2,599
	Crawford & Co. - Class B (b)	132	786
	Credit Agricole SA	1,177	17,210
	EZCORP Inc. - Class A (b)	188	2,329
	First Financial Bankshares Inc.	89	4,386
	First Niagara Financial Group Inc.	799	10,818
	FirstMerit Corp.	628	12,189
	Home Bancshares Inc.	80	1,764
	HSBC Holdings Plc	1,664	11,833
	Investors Real Estate Trust	274	2,535
	Moody’s Corp.	539	15,911
	Navigators Group Inc. (b)	72	3,267
	NBT Bancorp Inc.	149	3,528
	New York Community Bancorp Inc.	943	10,665
	Ocwen Financial Corp. (b)	279	3,102
	People’s United Financial Inc.	533	8,325
	PNC Financial Services Group Inc.	340	13,498
	Public Storage	174	11,634
	Republic Bancorp Inc. - Class A	72	1,601
	Stifel Financial Corp. (b)	113	5,563
	SWS Group Inc.	132	1,688
	Tower Group Inc.	178	4,840
	Travelers Cos. Inc.	267	10,984
	Urstadt Biddle Properties Inc. - Class A	91	1,398
	Zurich Financial Services AG	81	15,052
			291,565
HEALTH CARE - 19.6%
	Alliance HealthCare Services Inc. (b)	201	1,582
	Amedisys Inc. (b)	68	2,281
	Amgen Inc. (b)	1,141	55,304
	Baxter International Inc.	456	22,116
	Biogen Idec Inc. (b)	277	13,390

	Bristol-Myers Squibb Co.	1,263	24,250
	Cantel Medical Corp. (b)	83	1,173
	Centene Corp. (b)	194	3,564
	Chemed Corp.	57	2,413
	Computer Programs & Systems Inc.	48	1,680
	CR Bard Inc.	108	7,736
	DaVita Inc. (b)	111	5,147
	DENTSPLY International Inc.	136	3,892
	Forest Laboratories Inc. (b)	451	9,782
	Gentiva Health Services Inc. (b)	117	1,864
	Gilead Sciences Inc. (b)	216	9,893
	Greatbatch Inc. (b)	109	2,293
	Haemonetics Corp. (b)	45	2,323
	Hanger Orthopedic Group Inc. (b)	157	2,184
	Henry Schein Inc. (b)	83	3,406
	HMS Holdings Corp. (b)	116	3,478
	ICU Medical Inc. (b)	71	2,670
	Kindred Healthcare Inc. (b)	181	2,357
	Landauer Inc.	43	2,278
	LHC Group Inc. (b)	92	2,099
	Life Technologies Corp. (b)	157	5,856
	Medco Health Solutions Inc. (b)	540	23,517
	Merit Medical Systems Inc. (b)	122	1,892
	Neogen Corp. (b)	65	1,474
	Odyssey HealthCare Inc. (b)	143	1,481
	OSI Pharmaceuticals Inc. (b)	70	2,350
	Pfizer Inc.	754	10,073
	Pharmaceutical Product Development Inc.	113	2,216
	PSS World Medical Inc. (b)	267	3,877
	Quest Diagnostics Inc.	209	10,728
	RehabCare Group Inc. (b)	93	1,553
	ResMed Inc. (b)	84	3,230
	Schering-Plough Corp.	1,338	30,801
	SXC Health Solutions Corp. (b)	112	2,243
	Teva Pharmaceutical Industries Ltd. - ADR	522	22,911
	Warner Chilcott Ltd. (b)	241	2,359
			315,716
INDUSTRIALS - 9.2%
	AAR Corp. (b)	170	2,562
	AeroVironment Inc. (b)	86	2,035
	Alaska Air Group Inc. (b)	93	1,561
	Allegiant Travel Co. (b)	90	4,684
	American Ecology Corp.	80	1,322
	American Science & Engineering Inc.	36	2,169
	Applied Signal Technology Inc.	61	1,204
	Argon ST Inc. (b)	104	2,121
	Axsys Technologies Inc. (b)	53	2,221
	Badger Meter Inc.	71	2,766
	Beacon Roofing Supply Inc. (b)	202	3,212
	CBIZ Inc. (b)	288	2,264

	Deutsche Post AG	1,201	13,857
	Dover Corp.	387	11,912
	Eaton Corp.	256	11,213
	ESCO Technologies Inc. (b)	117	4,865
	Hawaiian Holdings Inc. (b)	274	1,367
	ICF International Inc. (b)	59	1,623
	JB Hunt Transport Services Inc.	120	3,374
	Marten Transport Ltd. (b)	89	1,846
	Navigant Consulting Inc. (b)	226	3,324
	Old Dominion Freight Line Inc. (b)	164	4,617
	Rockwell Automation Inc.	480	15,163
	Rollins Inc.	158	2,844
	RR Donnelley & Sons Co.	1,192	13,887
	Stanley Inc. (b)	109	2,810
	Sykes Enterprises Inc. (b)	189	3,716
	Timken Co.	759	12,205
	WW Grainger Inc.	146	12,246
			148,990
INFORMATION TECHNOLOGY - 14.0%
	Altera Corp.	629	10,259
	AsiaInfo Holdings Inc. (b)	205	3,434
	Automatic Data Processing Inc.	470	16,544
	CA Inc.	482	8,315
	Check Point Software Technologies Ltd. (b)	197	4,564
	Citrix Systems Inc. (b)	163	4,650
	CyberSource Corp. (b)	316	4,617
	EMS Technologies Inc. (b)	61	1,162
	EPIQ Systems Inc. (b)	160	2,475
	Fiserv Inc. (b)	145	5,411
	Integral Systems Inc. (b)	54	359
	Intuit Inc. (b)	292	6,754
	Linear Technology Corp.	650	14,157
	Mantech International Corp. - Class A (b)	40	1,448
	MAXIMUS Inc.	79	3,186
	Microsoft Corp.	1,441	29,195
	Multi-Fineline Electronix Inc. (b)	109	2,188
	National Semiconductor Corp.	887	10,972
	NCI Inc. (b)	39	950
	NetApp Inc. (b)	300	5,490
	Open Text Corp. (b)	74	2,429
	Oracle Corp.	1,498	28,971
	Paychex Inc.	335	9,048
	Pegasystems Inc.	162	2,830
	QUALCOMM Inc.	697	29,497
	Symantec Corp. (b)	765	13,196
	Tyler Technologies Inc. (b)	175	2,888
			224,989
MATERIALS - 3.9%
	Balchem Corp.	88	2,190
	BASF SE	418	15,774

	Calgon Carbon Corp. (b)	239	4,058
	Eastman Chemical Co.	453	17,975
	MeadWestvaco Corp.	995	15,582
	Sigma-Aldrich Corp.	110	4,822
	Stepan Co.	43	1,703
			62,104
TELECOMMUNICATION SERVICES - 4.7%
	AT&T Inc.	390	9,992
	Centennial Communications Corp. (b)	477	3,945
	Deutsche Telekom AG	959	11,597
	France Telecom SA	515	11,433
	Shenandoah Telecommunications Co.	114	2,238
	Telecom Italia SpA	9,493	12,004
	Telefonica SA (h)	624	11,822
	Vodafone Group Plc	6,530	12,002
			75,033
UTILITIES - 9.2%
	American Electric Power Co. Inc.	331	8,732
	American States Water Co.	79	2,727
	California Water Service Group	89	3,474
	CH Energy Group Inc.	71	3,155
	DTE Energy Co.	346	10,231
	Enel SpA	2,325	12,603
	FirstEnergy Corp.	227	9,284
	Laclede Group Inc.	98	3,399
	MGE Energy Inc.	103	3,160
	NiSource Inc.	1,061	11,660
	Northeast Utilities	423	8,891
	NorthWestern Corp.	164	3,431
	Oneok Inc.	415	10,861
	Pinnacle West Capital Corp.	353	9,665
	Questar Corp.	335	9,956
	SCANA Corp.	307	9,278
	Sempra Energy	456	20,985
	UGI Corp.	122	2,799
	UniSource Energy Corp.	156	4,106
			148,397
	Total Common Stocks (cost $1,475,843)		1,600,640
WARRANTS- 0.0%
	Fortis (b) (h)	828	-
	Total Warrants (cost $0)		-
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED		SECURITIES - 0.0%
	Mellon GSL Reinvestment Trust II (a) (h) (i) (l)	6,273	-
	Total Non-U.S. Government Agency Asset-Backed

	Securities (cost $6,273)		-
Total Investments - 99.4% (cost $1,482,116)			1,600,640
Other Assets and Liabilities, Net - 0.6%			9,826
Total Net Assets - 100%			$ 1,610,466
Jackson Perspective S&P 4 Fund
COMMON STOCKS - 99.1%
CONSUMER DISCRETIONARY - 21.7%
	Abercrombie & Fitch Co. - Class A	2,290	$ 61,967
	Coach Inc. (b)	3,613	88,519
	DirecTV Group Inc. (b)	2,537	62,740
	Gannett Co. Inc.	15,623	61,086
	Gap Inc.	14,012	217,746
	Harman International Industries Inc.	9,491	172,641
	Home Depot Inc.	2,421	63,721
	KB Home	5,670	102,457
	Leggett & Platt Inc.	8,826	126,741
	Lennar Corp.	7,568	73,712
	Macy’s Inc.	12,814	175,296
	Nordstrom Inc.	3,753	84,930
	Office Depot Inc. (b)	48,052	124,455
	RadioShack Corp.	6,890	97,011
	Scripps Networks Interactive Inc.	2,529	69,396
	Snap-On Inc.	2,142	72,657
	Time Warner Cable Inc.	537	17,308
	Time Warner Inc.	2,160	47,153
	TJX Cos. Inc.	2,270	63,492
			1,783,028
CONSUMER STAPLES - 6.4%
	Archer-Daniels-Midland Co.	1,893	46,605
	Avon Products Inc.	2,877	65,481
	Campbell Soup Co.	1,846	47,479
	ConAgra Foods Inc.	6,690	118,413
	Kimberly-Clark Corp.	1,070	52,580
	Pepsi Bottling Group Inc.	2,727	85,273
	Sara Lee Corp.	6,537	54,388
	Sysco Corp.	2,347	54,756
			524,975
ENERGY - 6.5%
	Cameron International Corp. (b)	2,610	66,764
	Chevron Corp.	1,653	109,263
	ConocoPhillips	1,355	55,555
	Consol Energy Inc.	1,859	58,150
	EOG Resources Inc.	1,009	64,051
	Marathon Oil Corp.	2,173	64,538
	Murphy Oil Corp.	1,202	57,347
	Noble Corp.	2,051	56,054
			531,722

FINANCIALS - 15.5%
	Allstate Corp.	3,003	70,060
	Bank of America Corp.	12,694	113,357
	Charles Schwab Corp.	3,979	73,532
	Citigroup Inc.	33,428	101,955
	Federated Investors Inc. - Class B	2,670	61,090
	Fifth Third Bancorp	23,733	97,305
	Goldman Sachs Group Inc.	552	70,932
	HCP Inc.	2,759	60,560
	Huntington Bancshares Inc.	34,320	95,753
	Kimco Realty Corp.	5,647	67,877
	Marshall & Ilsley Corp.	22,024	127,299
	Morgan Stanley	2,574	60,849
	ProLogis	8,690	79,166
	Regions Financial Corp.	14,780	66,362
	SunTrust Banks Inc.	4,155	59,999
	U.S. Bancorp	3,532	64,353
			1,270,449
HEALTH CARE - 2.8%
	Bristol-Myers Squibb Co.	2,711	52,051
	Coventry Health Care Inc. (b)	4,388	69,813
	Eli Lilly & Co.	1,717	56,524
	Pfizer Inc.	4,093	54,682
			233,070
INDUSTRIALS - 18.3%
	3M Co.	1,106	63,706
	Boeing Co.	1,608	64,400
	CH Robinson Worldwide Inc.	1,220	64,855
	Dover Corp.	2,028	62,422
	Equifax Inc.	2,344	68,351
	General Dynamics Corp.	1,136	58,696
	General Electric Co.	5,938	75,116
	Honeywell International Inc.	1,889	58,955
	ITT Corp.	2,681	109,948
	L-3 Communications Holdings Inc.	744	56,655
	Masco Corp.	19,573	173,417
	Northrop Grumman Corp.	1,336	64,596
	Parker Hannifin Corp.	1,517	68,796
	Pitney Bowes Inc.	2,592	63,608
	Robert Half International Inc.	3,287	78,954
	Rockwell Automation Inc.	5,017	158,487
	Rockwell Collins Inc.	1,599	61,322
	Textron Inc.	8,866	95,132
	United Technologies Corp.	1,239	60,513
			1,507,929
INFORMATION TECHNOLOGY - 18.4%
	Automatic Data Processing Inc.	1,448	50,970
	Ciena Corp. (b)	9,401	112,342
	Cisco Systems Inc. (b)	3,455	66,751

	Computer Sciences Corp. (b)	1,451	53,629
	Dell Inc. (b)	11,828	137,441
	eBay Inc. (b)	4,650	76,586
	EMC Corp. (b)	4,719	59,129
	Fiserv Inc. (b)	1,542	57,547
	Hewlett-Packard Co.	1,742	62,677
	Intel Corp.	3,970	62,647
	International Business Machines Corp.	552	56,972
	KLA-Tencor Corp.	2,929	81,250
	Lexmark International Inc. (b)	2,886	56,623
	MasterCard Inc.	317	58,154
	MEMC Electronic Materials Inc. (b)	3,353	54,319
	Microsoft Corp.	3,117	63,150
	Paychex Inc.	2,265	61,178
	Teradata Corp. (b)	3,259	54,490
	Texas Instruments Inc.	7,029	126,944
	Total System Services Inc.	7,967	99,348
	Xerox Corp.	9,642	58,913
			1,511,060
MATERIALS - 5.7%
	AK Steel Holding Corp.	8,098	105,355
	Bemis Co. Inc.	2,724	65,485
	CF Industries Holdings Inc.	778	56,055
	Dow Chemical Co.	6,988	111,808
	PPG Industries Inc.	1,625	71,581
	Vulcan Materials Co.	1,220	58,011
			468,295
TELECOMMUNICATION SERVICES - 1.9%
	AT&T Inc.	2,084	53,392
	Frontier Communications Corp.	6,998	49,755
	Verizon Communications Inc.	1,734	52,610
			155,757
UTILITIES - 1.9%
	Consolidated Edison Inc.	1,391	51,648
	Integrys Energy Group Inc.	2,071	54,695
	Southern Co.	1,633	47,161
			153,504
	Total Common Stocks (cost $7,494,989)		8,139,789
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES - 0.0%
	Mellon GSL Reinvestment Trust II (a) (h) (i) (l)	17,573	-
	Total Non-U.S. Government Agency Asset-Backed
	Securities (cost $17,573)		-
SHORT TERM INVESTMENTS - 0.0%
Mutual Funds - 0.0%
	JNL Money Market Fund, 0.31% (a) (e)	4,044	4,044

	Total Short Term Investments (cost $4,044)		4,044
Total Investments - 99.1% (cost $7,516,606)			8,143,833
Other Assets and Liabilities, Net - 0.9%			69,940
Total Net Assets - 100%			$ 8,213,773
Jackson Perspective Money Market Fund
SHORT TERM INVESTMENTS – 99.8%
Certificates of Deposit – 4.3%
	Banc of America, 0.80%, 06/04/09	$ 100,000	$ 100,000
	BNP Paribas, 1.05%, 11/02/09	175,090	175,090
	Calyon North America Inc., 1.00%, 05/11/09	100,000	100,000
	Canadian Imperial Bank of Commerce, 0.90%, 06/08/09	100,000	100,000
	DNB Nor Bank ASA, 0.85%, 06/08/09	100,000	100,000
	Svenska Handels NY, 0.85%, 05/11/09	175,000	175,000
			750,090
Commercial Paper - 3.7%
	General Electric Capital Corp., 0.55%, 06/29/09	350,000	349,685
	Societe Generale, 0.67%, 05/18/09	200,000	199,937
	UBS Finance LLC, 0.39%, 05/13/09	100,000	99,986
			649,608
Discount Notes - 1.9%
	Procter & Gamble Co., 1.31%, 09/09/09 (d)	105,000	105,000
	Procter & Gamble International Funding SCA,
	1.48%, 02/08/10 (d)	90,000	90,000
	Toyota Motor Credit Corp., 2.30%, 01/29/10 (d)	145,000	145,015
			340,015
Federal Home Loan Bank - 21.6%
	Federal Home Loan Bank
	0.52%, 06/15/09	500,000	499,675
	0.45%, 06/25/09	300,000	299,794
	0.45%, 07/07/09	300,000	299,749
	0.50%, 07/14/09	400,000	399,589
	0.39%, 07/17/09	300,000	299,750
	0.59%, 08/11/09	250,000	249,582
	0.58%, 08/19/09	650,000	648,848
	0.58%, 08/21/09	500,000	499,098
	0.52%, 09/16/09	200,000	199,601
	0.35%, 10/16/09	200,000	199,673
	0.38%, 10/30/09	200,000	199,616
			3,794,975
Federal Home Loan Mortgage Corp. - 28.0%
	Federal Home Loan Mortgage Corp.
	0.25%, 05/12/09	400,000	399,969
	0.35%, 06/22/09	500,000	499,747
	0.50%, 06/24/09	250,000	249,813
	0.55%, 07/06/09	200,000	199,798
	0.57%, 08/10/09	500,000	499,200
	0.58%, 08/10/09	450,000	449,268

	0.56%, 08/17/09	400,000	399,328
	0.58%, 09/08/09	300,000	299,372
	0.43%, 09/09/09	200,000	199,686
	0.42%, 09/14/09	200,000	199,684
	0.52%, 09/14/09	600,000	598,821
	6.63%, 09/15/09	300,000	306,833
	0.42%, 10/05/09	500,000	499,084
	1.09%, 02/04/10 (d)	100,000	100,000
			4,900,603
Federal National Mortgage Association - 20.6%
	Federal National Mortgage Association
	0.30%, 06/01/09	274,000	273,929
	0.45%, 06/10/09	300,000	299,850
	0.50%, 06/18/09	500,000	499,667
	0.35%, 07/01/09	500,000	499,703
	0.50%, 07/01/09	200,000	199,831
	0.52%, 07/15/09	300,000	299,675
	0.58%, 08/12/09	300,000	299,502
	0.57%, 08/19/09	500,000	499,137
	0.44%, 09/25/09	200,000	199,641
	0.42%, 10/07/09	200,000	199,633
	0.38%, 10/14/09	350,000	349,395
			3,619,963
Funding Agreement - 1.1%
	MetLife Funding Agreement,
	1.45%, 05/01/09 (d) (i) (j)	200,000	200,000
Mutual Funds - 4.3%
	Dreyfus Cash Management Plus Fund, 0.55% (e)	756,793	756,793
Repurchase Agreement - 14.3%
	Repurchase Agreementwith Deutsche Bank Securities,
	0.17% (Collateralized by $2,340,860 Government
	National Mortgage Association, 7.00%, due 11/15/38,
	value $2,492,833, $53,647 Federal Home Loan
	Mortgage Corp., 6.50%, due 04/01/38, value
	$57,168),acquired on 04/30/09, due 05/01/09
	at $2,500,012	$2,500,000	2,500,000
	Total Short Term Investments (cost $17,512,047)		17,512,047
Total Investments – 99.8% (cost $17,512,047)			17,512,047
Other Assets and Liabilities, Net - (0.2%)			26,208
Total Net Assets - 100%			$ 17,538,255

The accompanying notes are an integral part of these Financial Statements.

Jackson FundsSM(Unaudited)
Notes to the Schedules of Investments
April 30, 2009
(a)	Investment in affiliate.
(b)	Non-income producing security.
(c)	Investment purchased on a when-issued basis. As of April 30, 2009, the total cost of investments purchased on a when-issued basis for the Jackson Perspective Index 5 Fund was $139,095.
(d)	Variable rate security. Rate stated was in effect as of April 30, 2009.
(e)	Dividend yield changes daily to reflect current market conditions. Rate was the quoted yield as of April 30, 2009.
(f)	All or portion of the security was on loan.
(g)	All or a portion of the security pledged as collateral for open futures contracts. As of April 30, 2009, the value of collateral in the Jackson Perspective Index 5 Fund was $124,984.
(h)	Security fair valued in good faith in accordance with the procedures established by the Trust's Board of Trustees. Fair valued securities may be classified as Level 2
	or Level 3 for Statement on Financial Accounting Standards ("SFAS") No. 157 disclosures based on the applicable valuation inputs. See SFAS No. 157 note on page 13 and Note 2
	in the Notes to the Financial Statements.
(i)	Illiquid security. At April 30, 2009, the aggregate value of illiquid securities and percentage of net assets were as follows: Jackson Perspective Money Market Fund, $200,000 - 1.1%.
	At April 30, 2009, the only illiquid security held by certain Funds was Mellon GSL Reinvestment Trust II. The fair value of this security was $0.00 at April 30, 2009.
(j)	Security is restricted as to public resale. See restricted securities note on page 13.
(k)	At April 30, 2009, the Jackson Perspective 10 x 10 Fund held 12.7% and 7.8% of the shares outstanding of the Jackson Perspective 5 Fund and the Jackson Perspective
	Index 5 Fund, respectively. The Fund does not invest in the Underlying Affiliated Funds for the purpose of exercising management or control.
(l)	Issuer was in Chapter 11 bankruptcy and/or was in default relating to principal and/or interest.
(m)	For all items listed as "Other Securities" in this Summary Schedule of Investments, this represents issues not identified as top-fifty unaffiliated holdings in terms of value and issues or issuers
	not exceeding one percent individually or in aggregate, respectively, as of April 30, 2009. In certain instances, securities for which footnotes listed above may otherwise apply are included in the
	Other Securities caption.
*	A Summary Schedule of Investments is presented for this portfolio. For information on availability of a complete Schedule of Investments, refer to www.jackson.com, www.sec.gov, or call the
	Shareholder Service Center at 888-276-0061.

Abbreviations:

ADR - American Depository Receipt

EUR - European Currency Unit (Euro)

GBP - British Pound

JPY - Japanese Yen

NYS - New York Shares

TBA - To Be Announced

USD - United States Dollar

Investments in affiliates - See Note 3 in the Notes to the Financial Statements for further discussion of other affiliated investments. The Jackson Perspective Index 5 Fund invested in Prudential plc, the parent company of Jackson National Life Insurance Company, and Bank of New York Mellon Corp., the parent company of the Fund's sub-adviser.

The following table includes long-term investments in affiliates for the period ended April 30, 2009:

		Value				Dividend	Value
		Beginning		Sales	Realized	Income	End
Fund	Affiliate	of Period	Puchases	Proceeds	Gain (Loss)	Received	of Period
Jackson Perspective Index 5 Fund	Bank of New York Mellon Corp.	$ 33,252	$ 3,836	$ -	$ -		$ 30,398
Jackson Perspective Index 5 Fund	Prudential plc	9,389		-	-		16,323

The following table includes cash management and securities lending collateral investments in affiliates for the period ending April 30, 2009. Dividend income received from BNY Mellon SL DBT II Liquidating Fund and Mellon GSL DBT II Collateral Fund is aggregated with income from securities lending when received from the custodian and reflected as securities lending income in the Statements of Operations on page 16. There was no dividend income received from investments in the Mellon GSL Reinvestment Trust II during the period ended April 30, 2009. Purchase and sales proceeds are not shown for these investments. There was no realized gain or loss relating to transactions for these investments during the period ended April 30, 2009.

		Value		Value	Dividend
		Beginning	Amortized Cost	End	Income
Fund	Affiliate	of Period	End of Period	of Period	Received
Jackson Perspective 5 Fund	JNL Money Market Fund	$ 257,014	$ 54,143	$ 54,143	$ 483
Jackson Perspective Index 5 Fund	JNL Money Market Fund	1,754,349	884,121	884,121	7,177
Jackson Perspective Optimized 5 Fund	JNL Money Market Fund	46,518	-	-	377
Jackson Perspective VIP Fund	JNL Money Market Fund	-	-	-	31
Jackson Perspective S&P 4 Fund	JNL Money Market Fund	49,787	4,044	4,044	145

		Value		Value
		Beginning	Amortized Cost	End
Fund	Affiliate	of Period	End of Period	of Period
Jackson Perspective 5 Fund	BNY Mellon SL DBT II Liquidating Fund	$ -	$ 2,043,666	$ 1,976,429
Jackson Perspective 5 Fund	Mellon GSL DBT II Collateral Fund	2,161,882	724,024	724,024
Jackson Perspective 5 Fund	Mellon GSL Reinvestment Trust II	3,907	72,345	-
Jackson Perspective Index 5 Fund	BNY Mellon SL DBT II Liquidating Fund	-	5,163,805	4,993,916
Jackson Perspective Index 5 Fund	Mellon GSL DBT II Collateral Fund	7,253,109	2,480,281	2,480,281
Jackson Perspective Index 5 Fund	Mellon GSL Reinvestment Trust II	9,216	170,664	-
Jackson Perspective Optimized 5 Fund	Mellon GSL Reinvestment Trust II	1,833	33,950	-
Jackson Perspective VIP Fund	Mellon GSL Reinvestment Trust II	339	6,273	-
Jackson Perspective S&P 4 Fund	Mellon GSL Reinvestment Trust II	949	17,573	-

Jackson Funds^SM (Unaudited)

Notes to the Schedules of Investments (continued)

April 30, 2009

Summary of Open Forward Foreign Currency Contracts:

Currency	Settlement	Notional		Currency	Unrealized
Purchased/Sold	Date	Amount		Value	Gain/(Loss)
Jackson Perspective Index 5 Fund
EUR/USD	6/17/09	173,012	EUR	$ 228,833	$ 7,840
EUR/USD	6/17/09	20,800	EUR	27,511	(203)
EUR/USD	6/17/09	20,400	EUR	26,982	149
EUR/USD	6/17/09	21,000	EUR	27,776	(57)
EUR/USD	6/17/09	21,700	EUR	28,701	(52)
GBP/USD	6/17/09	77,272	GBP	114,273	7,787
JPY/USD	6/17/09	21,281,885	JPY	215,989	(2,207)
USD/EUR	6/17/09	(21,200)	EUR	(28,040)	472
USD/EUR	6/17/09	(21,700)	EUR	(28,701)	124
USD/EUR	6/17/09	(22,300)	EUR	(29,495)	(396)
				$ 583,829	$ 13,457

Schedule of Open Futures Contracts:

	Long	Unrealized
	Contracts	Appreciation
Jackson Perspective Index 5 Fund
Dow Jones Euro Stoxx 50 Index Future
Expiration June 2009	4	$ 19,464
FTSE 100 Index Future
Expiration June 2009	1	6,145
Russell 2000 Mini Index Future
Expiration June 2009	5	61,940
S&P 500 E-Mini Index Future
Expiration June 2009	6	40,831
S&P MidCap 400 E-Mini Index Future
Expiration June 2009	4	52,772
Topix Index Future
Expiration June 2009	1	14,228
		$ 195,380

Restricted Securities - Restricted securities are often purchased in private placement transactions and cannot be sold without prior registration unless the sale is pursuant to an exemption under the Securities Exchange Act of 1933. The following table details restricted securities held by the Funds at April 30, 2009:

	Acquisition		Value at	Percent of
	Date	Cost	April 30, 2009	Net Assets
Jackson Perspective Money Market Fund
MetLife Funding Agreement, 1.45%, 05/01/09	04/30/2008	$ 200,000	$ 200,000	1.1%

Financial Accounting Standards Board Statement of Financial Accounting Standards ("SFAS") No. 157 Fair Value Measurements - 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. Please see Note 2 in the Notes to the Financial Statements.

The following table summarizes each Fund's assets as of April 30, 2009 by level:

	Investments in Securities				Investments in Other Financial Instruments*
	Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
Jackson Perspective 5 Fund	$ 25,434,347	$ 4,354,407	$ -	$ 29,788,754	$ -	$ -	$ -	$ -
Jackson Perspective Index 5 Fund	30,864,423	16,871,382	1,261	47,737,066	195,379	16,372	-	211,751
Jackson Perspective 10 x 10 Fund	6,538,162	-	-	6,538,162	-	-	-	-
Jackson Perspective Optimized 5 Fund	13,229,511	4,678,987	-	17,908,498	-	-	-	-
Jackson Perspective VIP Fund	1,369,275	231,365	-	1,600,640	-	-	-	-
Jackson Perspective S&P 4 Fund	8,143,833	-	-	8,143,833	-	-	-	-
Jackson Perspective Money Market Fund	756,793	16,755,254	-	17,512,047	-	-	-	-

The following table summarizes each Fund's liabilities as of April 30, 2009 by level:

					Investments in Other Financial Instruments*
	Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
Jackson Perspective Index 5 Fund	$ -	$ (62,109)	$ -	$ (62,109)	$ -	$ (2,915)	$ -	$ (2,915)

The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:

				Transfers In		Change In Unrealized
	Balance At	Total Realized	Net	and/or (Out) of	Balance At	Appreciation/Depreciation during
	Beginning of	and Unrealized	Purchases/	Level 3 During	End of	the Period for Level 3 Investments
	Period	Gain/(Loss)	(Sales)	the Period	Period	Held at April 30, 2009
Jackson Perspective Index 5 Fund	$ 6,204	$ (633)	$ -	$ (4,310)	$ 1,261	$ (633)

* Investments in other financial instruments are derivative instruments which include forward foreign currency contracts and futures contracts. Derivatives are reflected at the unrealized appreciation/(depreciation) on the instrument.

Jackson Funds^SM(Unaudited)

Notes to the Schedules of Investments (continued)

April 30, 2009

Summary of Investments by Sector (as a percentage of total investments):
			Jackson		Jackson		Jackson		Jackson		Jackson		Jackson
	Jackson		Perspective		Perspective		Perspective		Perspective		Perspective		Perspective
	Perspective 5		Index 5		10 X 10		Optimized 5		VIP		S&P 4		Money Market
Sector	Fund		Fund		Fund		Fund		Fund		Fund		Fund
Consumer Discretionary	14.5	%	8.8	%	-	%	15.9	%	10.7	%	21.9	%	-	%
Consumer Staples	7.5		5.0		-		2.3		4.1		6.4		-
Energy	3.2		5.6		-		6.6		6.1		6.5		-
Financials	15.4		13.8		-		16.7		18.2		15.6		-
Health Care	10.5		8.3		-		22.4		19.7		2.9		-
Industrials	16.6		9.2		-		6.3		9.2		18.5		-
Information Technology	2.4		9.8		-		15.8		14.1		18.6		-
Materials	8.8		4.0		-		6.1		3.9		5.8		-
Telecommunication Services	5.6		2.3		-		6.6		4.7		1.9		-
Utilities	6.2		3.8		-		1.3		9.3		1.9		-
Government Securities	-		3.8		-		-		-		-		-
Non-U.S. Government Agency
Asset-Backed Sercurities	-		0.7		-		-		-		-		-
U.S Government Agency
Mortgage-Backed Securities	-		7.0		-		-		-		-		-
Investment Funds	-		-		100.0		-		-		-		-
Certificates of Deposit	-		-		-		-		-		-		4.3
Commercial Paper	-		-		-		-		-		-		3.7
Mutual Funds	0.2		1.9		-		-		-		-		4.3
Repurchase Agreement	-		-		-		-		-		-		14.3
Other Short Term Securities	9.1		16.0		-		-		-		-		73.4
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

Summary of Investments by Country (as a percentage of total long-term investments):*
			Jackson		Jackson		Jackson
	Jackson		Perspective		Perspective		Perspective
	Perspective 5		Index 5		Optimized 5		VIP
	Fund		Fund		Fund		Fund
Australia	-	%	1.4	%	-	%	-	%
Austria	-		0.1		-		-
Belgium	-		0.2		-		-
Bermuda	-		0.4		0.2		0.2
Brazil	-		0.1		-		-
Canada	1.5		0.1		1.0		0.3
Denmark	-		0.2		-		-
Finland	-		0.3		-		-
France	-		2.1		3.6		2.6
Germany	-		1.9		4.8		3.6
Greece	-		0.1		-		-
Hong Kong	7.3		0.5		5.3		-
Ireland	-		0.1		-		-
Israel	-		-		2.4		1.7
Italy	-		0.7		4.5		3.3
Japan	-		5.0		-		-
Luxembourg	-		0.1		-		-
Netherlands	2.3		0.7		2.5		0.7
Norway	-		0.1		-		-
Poland	-		0.1
Singapore	-		0.2		-		-
Spain	-		0.9		5.3		3.8
Sweden	-		0.5		-		-
Switzerland	-		1.6		1.3		0.9
United Kingdom	7.4		4.0		8.5		2.3
United States	81.5		78.6		60.6		80.6
Total	100.0	%	100.0	%	100.0	%	100.0	%

* The Funds presented in the table are those which had greater than 10% of long-term investments in non-U.S. securities at April 30, 2009.

Jackson Funds^SM(Unaudited)

Statements of Assets and Liabilities

April 30, 2009

	Jackson	Jackson	Jackson	Jackson	Jackson	Jackson	Jackson
	Perspective 5	Perspective	Perspective	Perspective	Perspective	Perspective	Perspective Money
Assets	Fund	Index 5 Fund	10 x 10 Fund	Optimized 5 Fund	VIP Fund	S&P 4 Fund	Market Fund
Investments - unaffiliated, at value (a) (d)	$ 27,034,158	$ 39,332,027	$ -	$ 17,908,498	$ 1,600,640	$ 8,139,789	$ 15,012,047
Investments - affiliated, at value (b)	2,754,596	8,405,039	6,538,162	-	-	4,044	-
Repurchase agreements (a)	-	-	-	-	-	-	2,500,000
Total investments, at value (c)	29,788,754	47,737,066	6,538,162	17,908,498	1,600,640	8,143,833	17,512,047
Cash	22,128	9,131	-	12,781	923	10,353	-
Foreign currency (e)	2,255	162,161	-	20,749	2,093	-	-
Receivables:
Adviser reimbursement	22,828	8,815	5,984	21,009	10,384	14,102	10,503
Investment securities sold	-	114,625	1,488	-	-	-	-
Fund shares sold	12,085	10,199	417	10,625	-	162,897	59,000
Dividends and interest	55,576	121,769	-	25,573	2,485	8,500	5,131
Forward foreign currency contracts	-	16,372	-	-	-	-	-
Variation margin	-	6,833	-	-	-	-	-
Foreign taxes recoverable	-	2,769	-	5,385	634	-	-
Other assets	18,067	19,098	16,720	16,263	15,288	16,269	11,856
Total assets	29,921,693	48,208,838	6,562,771	18,020,883	1,632,447	8,355,954	17,598,537
Liabilities
Cash overdraft	-	-	1,488	-	-	-	-
Payables:
Advisory fees	13,924	20,632	-	9,334	865	5,037	5,680
Administrative fees	2,142	3,174	-	1,436	133	629	1,420
12b-1 fees
Class A	3,675	7,470	-	2,138	130	944	3,550
Class C	6,723	1,862	1,217	5,809	808	2,521	-
Investment securities purchased	-	355,957	417	-	-	75,347	-
Fund shares redeemed	57,965	9,251	24,273	54,461	-	32,252	35,758
Dividends	-	-	-	-	-	-	31
Transfer agent fees	43,847	20,476	8,263	37,165	12,763	17,125	6,414
Trustee fees	1,006	1,047	162	366	43	91	299
Forward foreign currency contracts	-	2,915	-	-	-	-	-
Variation margin	-	1,050	-	-	-	-	-
Forward sales commitments (f)	-	62,109	-	-	-	-	-
Other accrued expenses	10,313	13,455	3,093	11,865	7,239	8,235	7,130
Return of collateral for securities loaned	2,840,035	7,814,751	-	-	-	-	-
Total liabilities	2,979,630	8,314,149	38,913	122,574	21,981	142,181	60,282
Net assets	$ 26,942,063	$ 39,894,689	$ 6,523,858	$ 17,898,309	$ 1,610,466	$ 8,213,773	$ 17,538,255

Net assets consist of:
Paid-in capital	$ 54,487,729	$ 58,498,147	$ 11,447,302	$ 37,446,928	$ 3,930,136	$ 11,396,877	$ 17,538,255
Undistributed net investment income	259,463	329,250	18,249	50,062	2,964	28,025	-
Accumulated net realized loss	(27,646,111)	(1,566,999)	(2,185,549)	(19,514,204)	(2,441,175)	(3,838,356)	-
Net unrealized appreciation (depreciation) on
investments and foreign currency	(159,018)	(17,365,709)	(2,756,144)	(84,477)	118,541	627,227	-
	$ 26,942,063	$ 39,894,689	$ 6,523,858	$ 17,898,309	$ 1,610,466	$ 8,213,773	$ 17,538,255
Class A
Net assets	$ 18,574,336	$ 37,501,398	$ 4,478,674	$ 10,665,964	$ 592,081	$ 4,825,668	$ 17,538,255
Shares outstanding (no par value),
unlimited shares authorized	3,058,110	5,336,924	678,774	1,758,245	107,902	675,863	17,538,255
Net asset value per share	$ 6.07	$ 7.03	$ 6.60	$ 6.07	$ 5.49	$ 7.14	$ 1.00
Maximum offering price per share (based on
maximum sales load of 5.75%)	$ 6.44	$ 7.46	$ 7.00	$ 6.44	$ 5.82	$ 7.58	n/a
Class C
Net assets	$ 8,367,727	$ 2,393,291	$ 2,045,184	$ 7,232,345	$ 1,018,385	$ 3,388,105	n/a
Shares outstanding (no par value),
unlimited shares authorized	1,379,671	339,635	314,655	1,196,365	186,543	476,605	n/a
Net asset value and maximum offering price
per share	$ 6.07	$ 7.05	$ 6.50	$ 6.05	$ 5.46	$ 7.11	n/a
(a) Investments - unaffiliated, at cost	$ 27,054,154	$ 56,550,982	$ -	$ 17,959,265	$ 1,475,843	$ 7,494,989	$ 17,512,047
(b) Investments - affiliated, at cost	2,894,178	8,776,928	9,294,306	33,950	6,273	21,617	-
(c) Total investments, at cost	29,948,332	65,327,910	9,294,306	17,993,215	1,482,116	7,516,606	17,512,047
(d) Including value of securities on loan	2,738,255	7,513,326	-	-	-	-	-
(e) Foreign currency cost	2,252	146,007	-	20,499	2,041	-	-
(f) Proceeds from forward sales commitments	-	62,081	-	-	-	-	-

The accompanying notes are an integral part of these Financial Statements.

Jackson Funds^SM(Unaudited)

Statements of Operations

For the Period Ended April 30, 2009

	Jackson	Jackson	Jackson	Jackson	Jackson	Jackson	Jackson
	Perspective 5	Perspective	Perspective	Perspective	Perspective	Perspective	Perspective Money
	Fund	Index 5 Fund	10 x 10 Fund	Optimized 5 Fund	VIP Fund	S&P 4 Fund	Market Fund
Investment income
Dividends (a)	$ 441,539	$ 408,114	$ 190,372	$ 234,968	$ 17,540	$ 110,548	$ 1,531
Foreign taxes withheld	(5,781)	(15,410)	-	(15,091)	(741)	-	-
Interest	7	226,308	-	18	3	17	116,919
Securities lending	27,819	53,210	-	5,193	97	650	-
Total investment income	463,584	672,222	190,372	225,088	16,899	111,215	118,450
Expenses
Advisory fees	84,824	122,540	-	59,571	4,614	26,861	34,076
Administrative fees	13,050	18,852	-	9,164	710	3,358	8,519
12b-1 fees
Class A	22,589	44,523	-	14,063	742	5,389	21,297
Class C	40,165	10,431	7,471	35,397	4,131	12,020	-
Legal fees	178	233	87	126	15	47	93
Trustee fees	573	767	421	409	43	147	312
Transfer agent fees	114,587	53,286	24,835	94,457	32,079	43,684	19,364
Registration fees	18,874	16,805	15,461	19,417	17,050	17,603	10,402
Audit fees	7,492	7,492	2,932	7,492	4,807	7,483	6,230
Custody fees	717	5,691	-	-	1,043	-	259
Printing and postage fees	4,876	3,149	-	3,990	57	520	1,117
Other expenses	1,317	1,374	332	4,615	1,179	622	1,679
Total expenses	309,242	285,143	51,539	248,701	66,470	117,734	103,348
Expense reimbursement	122,353	50,213	44,068	112,039	54,843	64,989	38,832
Net expenses	186,889	234,930	7,471	136,662	11,627	52,745	64,516
Net investment income	276,695	437,292	182,901	88,426	5,272	58,470	53,934

Realized and unrealized gain (loss)
Net realized gain (loss) on:
Unaffiliated Investments	(20,269,771)	(346,996)	-	(16,375,673)	(879,149)	(2,555,663)	-
Affiliated Investments	-	-	(1,356,264)	-	-	-	-
Foreign currency related items	(5,922)	(57,775)	-	(4,158)	(144)	-	-
Futures contracts	-	(662,554)	-	-	-	-	-
Net change in unrealized appreciation (depreciation) on:
Investments	19,345,253	(457,531)	1,044,333	15,379,332	770,609	2,994,033	-
Foreign currency related items	4,210	51,600	-	2,427	232	-	-
Futures contracts	-	537,099	-	-	-	-	-
Net realized and unrealized gain (loss)	(926,230)	(936,157)	(311,931)	(998,072)	(108,452)	438,370	-
Net increase (decrease) in net assets from operations	$ (649,535)	$ (498,865)	$ (129,030)	$ (909,646)	$ (103,180)	$ 496,840	$ 53,934
(a) Dividends from affiliated investments	$ 28,302	$ 61,104	$ 190,372	$ 5,570	$ 128	$ 795	$ -

The accompanying notes are an integral part of these Financial Statements.

Jackson Funds^SM(Unaudited)

Statements of Changes in Net Assets

For the Period Ended April 30, 2009

	Jackson	Jackson	Jackson	Jackson	Jackson	Jackson	Jackson
	Perspective 5	Perspective	Perspective	Perspective	Perspective	Perspective	Perspective Money
Operations	Fund	Index 5 Fund	10 x 10 Fund	Optimized 5 Fund	VIP Fund	S&P 4 Fund	Market Fund
Net investment income	$ 276,695	$ 437,292	$ 182,901	$ 88,426	$ 5,272	$ 58,470	$ 53,934
Net realized loss	(20,275,693)	(1,067,325)	(1,356,264)	(16,379,831)	(879,293)	(2,555,663)	-
Distributions from investment companies	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-
Foreign currency related items	-	-	-	-	-	-	-
Futures contracts and options written	-	-	-	-	-	-	-
Investment securities sold short	-	-	-	-	-	-	-
Brokerage commission recapture	-	-	-	-	-	-	-
Net change in unrealized appreciation (depreciation) .	19,349,463	131,168	1,044,333	15,381,759	770,841	2,994,033	-
Investments	-				-		-
Foreign currency related items	-	-	-		-	-	-
Futures contracts and options written	-	-	-	-	-	-	-
Investment securities sold short	-	-	-	-	-	-	-
Net increase (decrease) in net assets from .
operations	(649,535)	(498,865)	(129,030)	(909,646)	(103,180)	496,840	53,934
Distributions to shareholders
From net investment income
Class A	(610,849)	(872,024)	(115,657)	(372,432)	(13,618)	(84,329)	(53,934)
Class C	(184,113)	(32,871)	(48,869)	(148,607)	(17,565)	(30,785)	-
From net realized gains
Class A	-	-	-	-	-	-	-
Class C	-	-	-	-	-	-	-
Total distributions to shareholders	(794,962)	(904,895)	(164,526)	(521,039)	(31,183)	(115,114)	(53,934)
Share transactions¹
Proceeds from the sale of shares
Class A	1,483,986	955,081	414,568	715,491	278,276	722,506	3,806,300
Class C	519,538	485,138	45,832	383,117	211,813	1,173,043	-
Proceeds in connection with acquisition
Class A / Institutional Shares	-	-	-	-	-	-	-
Class C	-	-	-	-	-	-	-
Reinvestment of distributions
Class A	581,979	864,281	97,828	341,906	12,151	78,460	70,787
Class C	164,906	32,064	46,060	141,658	17,297	30,353	-
Cost of shares redeemed .
Class A	(4,811,149)	(2,600,303)	(1,194,280)	(3,893,560)	(233,793)	(1,072,762)	(3,551,566)
Class C	(1,528,838)	(424,871)	(330,767)	(1,315,831)	(77,931)	(303,349)	-
Net increase (decrease) in net assets from .
share transactions	(3,589,578)	(688,610)	(920,759)	(3,627,219)	207,813	628,251	325,521
Net increase (decrease) in net assets .	(5,034,075)	(2,092,370)	(1,214,315)	(5,057,904)	73,450	1,009,977	325,521
Net assets beginning of period	31,976,138	41,987,059	7,738,173	22,956,213	1,537,016	7,203,796	17,212,734
Net assets end of period	$ 26,942,063	$ 39,894,689	$ 6,523,858	$ 17,898,309	$ 1,610,466	$ 8,213,773	$ 17,538,255
Undistributed net investment income .	$ 259,463	$ 329,250	$ 18,249	$ 50,062	$ 2,964	$ 28,025	$ -

¹Share transactions
Shares sold
Class A	279,727	142,725		67,173	126,038	51,672	117,390	3,824,374
Class C	96,228	72,933		7,627	69,111	41,198	188,125	-
Shares issued in connection with acquisition
Class A / Institutional Class	-	-		-	-	-	-	-
Class C	-	-		-	-	-	-	-
Reinvestment of distributions
Class A	102,281	125,440		15,529	57,657	2,162	12,089	52,713
Class C	28,931	4,627		7,396	23,929	3,083	4,684	-
Shares redeemed
Class A	(903,193)	(409,148)		(200,945)	(712,281)	(44,571)	(180,500)	(3,551,566)
Class C	(284,912)	(64,786)		(56,027)	(238,943)	(14,709)	(52,012)	-
Net increase (decrease)
Class A	(521,185)	(140,983)		(118,243)	(528,586)	9,263	(51,021)	325,521
Class C	(159,753)	12,774		(41,004)	(145,903)	29,572	140,797	-
Purchases and sales of investment
securities (excluding short-term
securities):
Purchases of securities	$ 16,436,415	$ 13,577,294	(a)	$ 807,315	$ 11,419,573	$ 1,469,253	$ 5,004,997	$ -
Proceeds from sales of securities	20,616,123	14,142,252	(a)	1,712,103	15,501,563	1,309,572	4,495,994	-
(a) Amounts include $2,882,890 and $5,437,213 of purchases and sales, respectively, of U.S. Government Securities.

The accompanying notes are an integral part of these financial statements.

Jackson Funds^SM(Unaudited)

Statements of Changes in Net Assets

For the Year Ended October 31, 2008

	Jackson	Jackson	Jackson	Jackson	Jackson	Jackson	Jackson
	Perspective 5	Perspective	Perspective	Perspective	Perspective	Perspective	Perspective Money
Operations	Fund	Index 5 Fund	10 x 10 Fund	Optimized 5 Fund	VIP Fund (a)	S&P 4 Fund (a)	Market Fund
Net investment income	$ 900,568	$ 981,177	$ 106,712	$ 533,654	$ 29,363	$ 84,669	$ 412,486
Net realized loss	(7,306,147)	(337,458)	(758,949)	(3,144,243)	(1,562,370)	(1,282,693)	-
Distributions from investment companies	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-
Foreign currency related items	-	-	-	-	-	-	-
Futures contracts and options written	-	-	-	-	-	-	-
Investment securities sold short	-	-	-	-	-	-	-
Brokerage commission recapture	-	-	-	-	-	-	-
Net change in unrealized appreciation (depreciation)	(22,622,595)	(21,378,837)	(4,269,029)	(18,040,266)	(652,300)	(2,366,806)	-
Investments	-				-		-
Foreign currency related items	-	-	-		-	-	-
Futures contracts and options written	-	-	-	-	-	-	-
Investment securities sold short	-	-	-	-	-	-	-
Net increase (decrease) in net assets from
operations	(29,028,174)	(20,735,118)	(4,921,266)	(20,650,855)	(2,185,307)	(3,564,830)	412,486
Distributions to shareholders
From net investment income
Class A	(384,744)	(948,560)	(141,011)	(100,728)	-	-	(412,486)
Class C	(49,047)	(5,214)	(47,241)	(4,344)	-	-	-
From net realized gains
Class A	(305,144)	(390,672)	(3,489)	(56,099)	-	-	-
Class C	(92,547)	(10,818)	(1,235)	(22,981)	-	-	-
Total distributions to shareholders	(831,482)	(1,355,264)	(192,976)	(184,152)	-	-	(412,486)
Share transactions¹
Proceeds from the sale of shares
Class A	23,505,424	8,330,051	6,674,962	24,900,781	4,954,997	11,478,519	15,250,911
Class C	7,815,241	2,551,874	1,970,729	12,261,722	2,460,972	4,236,101	-
Proceeds in connection with acquisition
Class A / Institutional Shares	-	-	-	-	-	-	-
Class C	-	-	-	-	-	-	-
Reinvestment of distributions
Class A	656,460	1,336,197	131,011	148,789	-	-	428,545
Class C	129,814	14,913	45,536	26,423	-	-	-
Cost of shares redeemed
Class A	(28,290,194)	(11,319,461)	(4,814,348)	(14,268,096)	(2,919,359)	(3,957,502)	(10,886,127)
Class C	(4,891,260)	(634,110)	(948,934)	(2,343,755)	(774,287)	(988,492)	-
Net increase (decrease) in net assets from
share transactions	(1,074,515)	279,464	3,058,956	20,725,864	3,722,323	10,768,626	4,793,329
Net increase (decrease) in net assets	(30,934,171)	(21,810,918)	(2,055,286)	(109,143)	1,537,016	7,203,796	4,793,329
Net assets beginning of period	62,910,309	63,797,977	9,793,459	23,065,356	-	-	12,419,405
Net assets end of period	$ 31,976,138	$ 41,987,059	$ 7,738,173	$ 22,956,213	$ 1,537,016	$ 7,203,796	$ 17,212,734
Undistributed (excess of distributions over)
net investment income	$ 777,730	$ 796,853	$ (126)	$ 482,675	$ 28,875	$ 84,669	$ -

¹Share transactions
Shares sold
Class A	2,381,514	848,496		675,908	2,342,988	507,081	1,210,120	15,276,620
Class C	805,101	265,274		204,474	1,147,340	265,565	457,916	-
Shares issued in connection with acquisition
Class A / Institutional Class	-	-		-	-	-	-	-
Class C	-	-		-	-	-	-	-
Reinvestment of distributions
Class A	64,233	132,823		12,920	13,429	-	-	402,836
Class C	12,714	1,475		4,513	2,391	-	-	-
Shares redeemed
Class A	(3,075,756)	(1,224,582)		(511,232)	(1,465,087)	(408,442)	(483,236)	(10,886,127)
Class C	(559,392)	(67,135)		(111,621)	(261,448)	(108,594)	(122,108)	-
Net increase (decrease)
Class A	(630,009)	(243,263)		177,596	891,330	98,639	726,884	4,793,329
Class C	258,423	199,614		97,366	888,283	156,971	335,808	-
Purchases and sales of investment			��
securities (excluding short-term
securities):
Purchases of securities	$ 50,058,773	$ 18,026,327	(b)	$ 7,872,168	$ 48,770,083	$ 7,547,325	$ 15,576,876	$ -
Proceeds from sales of securities	(50,782,363)	(16,135,381)	(b)	(4,817,604)	(27,157,169)	(3,783,790)	(4,734,961)	-
(a) Period from December 27, 2007 (commencement of operations)
(b) Amounts include $5,256,418 and $6,098,910 of purchases and sales, respectively, of U.S. Government Securities.

The accompanying notes are an integral part of these financial statements.

Jackson Funds^SM(Unaudited)

Financial Highlights

													Assuming No Expense
													Reimbursement
		Increase (Decrease) from				Distributions from						Ratio of Net		Ratio of Net
	Net Asset	Investment Operations (c)				Net Realized					Ratio of	Investment	Ratio of	Investment
	Value,	Net	Net Realized	Total from	Distributions from	Gains on	Net Asset	Supplemental Data			Expenses to	Income (Loss)	Expenses to	Income (Loss)
	Beginning	Investment	& Unrealized	Investment	Net Investment	Investment	Value, End	Total	Net Assets,	Portfolio	Average Net	to Average	Average Net	to Average
Period Ended	of Period	Income (Loss)	Gains (Losses)	Operations	Income	Transactions	of Period	Return (d)	End of Period	Turnover	Assets (e)	Net Assets (e)	Assets (e)	Net Assets (e)
Jackson Perspective 5 Fund
Class A
4/30/2009	$ 6.26	$ 0.06	$ (0.07)	$ (0.01)	$ (0.18)	$ -	$ 6.07	(0.13)%	$ 18,574,336	61%	1.20 %	2.35 %	2.14 %	1.41 %
10/31/2008	11.47	0.17	(5.24)	(5.07)	(0.08)	(0.06)	6.26	(44.68)	22,411,553	91	1.20	1.84	1.60	1.44
12/28/2006 (a) - 10/31/2007	10.00	0.11	1.36	1.47	-	-	11.47	14.70	48,281,884	9	1.20	1.25	1.91	0.55
Class C
4/30/2009	6.21	0.04	(0.06)	(0.02)	(0.12)	-	6.07	(0.33)	8,367,727	61	1.95	1.60	2.89	0.66
10/31/2008	11.42	0.10	(5.22)	(5.12)	(0.03)	(0.06)	6.21	(45.12)	9,564,585	91	1.95	1.10	2.35	0.70
12/28/2006 (a) - 10/31/2007	10.00	0.05	1.37	1.42	-	-	11.42	14.20	14,628,425	9	1.95	0.52	2.54	(0.07)
Jackson Perspective Index 5 Fund
Class A
4/30/2009	7.23	0.08	(0.12)	(0.04)	(0.16)	-	7.03	(0.50)	37,501,398	37	1.20	2.36	1.47	2.09
10/31/2008	10.91	0.17	(3.62)	(3.45)	(0.16)	(0.07)	7.23	(32.24)	39,626,855	31	1.20	1.78	1.27	1.71
12/28/2006 (a) - 10/31/2007	10.00	0.14	0.77	0.91	-	-	10.91	9.10	62,418,308	18	1.20	1.64	1.30	1.55
Class C
4/30/2009	7.22	0.05	(0.12)	(0.07)	(0.10)	-	7.05	(0.90)	2,393,291	37	1.95	1.61	2.22	1.34
10/31/2008	10.84	0.10	(3.62)	(3.52)	(0.03)	(0.07)	7.22	(32.75)	2,360,204	31	1.95	1.08	2.02	1.01
12/28/2006 (a) - 10/31/2007	10.00	0.08	0.76	0.84	-	-	10.84	8.40	1,379,669	18	1.95	0.87	2.21	0.61

Jackson Perspective 10 x 10 Fund (b)
Class A
4/30/2009	6.74	0.18	(0.17)	0.01	(0.15)	-	6.60	0.23	4,478,674	12	-	5.87	1.35	4.52
10/31/2008	11.18	0.12	(4.39)	(4.27)	(0.17)	-	6.74	(38.66)	5,370,472	44	-	1.28	0.81	0.48
12/28/2006 (a) - 10/31/2007	10.00	-	1.18	1.18	-	-	11.18	11.80	6,924,648	5	-	-	1.90	(1.90)
Class C
4/30/2009	6.66	0.15	(0.17)	(0.02)	(0.14)	-	6.50	(0.19)	2,045,184	12	0.75	5.06	2.10	3.71
10/31/2008	11.11	0.03	(4.32)	(4.29)	(0.16)	-	6.66	(39.06)	2,367,701	44	0.75	0.29	1.56	(0.51)
12/28/2006 (a) - 10/31/2007	10.00	(0.07)	1.18	1.11	-	-	11.11	11.10	2,868,811	5	0.75	(0.75)	2.34	(2.34)
Jackson Perspective Optimized 5 Fund
Class A
4/30/2009	6.35	0.03	(0.13)	(0.10)	(0.18)	-	6.07	(1.58)	10,665,964	63	1.20	1.25	2.42	0.03
10/31/2008	12.49	0.18	(6.24)	(6.06)	(0.05)	(0.03)	6.35	(48.81)	14,516,736	80	1.20	1.82	1.83	1.19
12/28/2006 (a) - 10/31/2007	10.00	0.10	2.39	2.49	-	-	12.49	24.90	17,430,541	5	1.20	1.05	2.71	(0.45)
Class C
4/30/2009	6.29	0.01	(0.14)	(0.13)	(0.11)	-	6.05	(1.96)	7,232,345	63	1.95	0.50	3.17	(0.72)
10/31/2008	12.41	0.11	(6.19)	(6.08)	(0.01)	(0.03)	6.29	(49.17)	8,439,477	80	1.95	1.15	2.58	0.52
12/28/2006 (a) - 10/31/2007	10.00	0.02	2.39	2.41	-	-	12.41	24.10	5,634,815	5	1.95	0.22	3.15	(0.98)
(a) Commencement of operations.
(b) The ratios of net investment income and expenses to average net assets do not include the impact of the underlying Funds' expenses.
(c) Calculated using the average shares method.
(d) Total Return assumes reinvestment of all distributions for the period. Total Return does not reflect sales commissions or contingent deferred sales charges, if applicable, and is not annualized for periods less than one year.
(e) Annualized for periods less than one year.

The accompanying notes are an integral part of these Financial Statements.

Jackson Funds^SM(Unaudited)

Financial Highlights (continued)

														Assuming No Expense
														Reimbursement
		Increase (Decrease) from					Distributions from		��				Ratio of Net		Ratio of Net
	Net Asset	Investment Operations (b)					Net Realized					Ratio of	Investment	Ratio of	Investment
	Value,	Net	Net Realized	Total from	Distributions from		Gains on	Net Asset	Supplemental Data			Expenses to	Income (Loss)	Expenses to	Income (Loss)
	Beginning	Investment	& Unrealized	Investment	Net Investment		Investment	Value, End	Total	Net Assets,	Portfolio	Average Net	to Average	Average Net	to Average
Period Ended	of Period	Income (Loss)	Gains (Losses)	Operations	Income		Transactions	of Period	Return (c)	End of Period	Turnover	Assets (d)	Net Assets (d)	Assets (d)	Net Assets (d)
Jackson Perspective VIP Fund
Class A
4/30/2009	$ 6.02	$ 0.03	$ (0.43)	$ (0.40)	$ (0.13)		$ -	$ 5.49	(6.62)%	$ 592,081	92%	1.20 %	1.14 %	8.92 %	(6.58)%
12/27/2007 (a) - 10/31/2008	10.00	0.06	(4.04)	(3.98)	-		-	6.02	(39.80)	594,085	80	1.20	0.88	3.01	(0.93)
Class C
4/30/2009	6.01	0.01	(0.44)	(0.43)	(0.12)		-	5.46	(7.27)	1,018,385	92	1.95	0.46	9.67	(7.26)
12/27/2007 (a) - 10/31/2008	10.00	0.01	(4.00)	(3.99)	-		-	6.01	(39.90)	942,931	80	1.95	0.11	3.76	(1.70)
Jackson Perspective S&P 4 Fund
Class A
4/30/2009	6.79	0.06	0.41	0.47	(0.12)		-	7.14	7.16	4,825,668	65	1.30	2.05	3.23	0.12
12/27/2007 (a) - 10/31/2008	10.00	0.10	(3.31)	(3.21)	-		-	6.79	(32.10)	4,937,361	56	1.30	1.26	2.48	0.08
Class C
4/30/2009	6.75	0.04	0.41	0.45	(0.09)		-	7.11	6.73	3,388,105	65	2.05	1.18	3.98	(0.75)
12/27/2007 (a) - 10/31/2008 .	10.00	0.04	(3.29)	(3.25)	-		-	6.75	(32.50)	2,266,435	56	2.05	0.51	3.23	(0.67)
Jackson Perspective Money Market Fund
Class A
4/30/2009	1.00	0.00	-	0.00	0.00	(e)	-	1.00	0.32	17,538,255	n/a	0.76	0.63	1.21	0.18
10/31/2008	1.00	0.02	-	0.02	(0.02)		-	1.00	2.41	17,212,734	n/a	0.85	2.28	1.12	2.01
12/28/2006 (a) - 10/31/2007	1.00	0.04	-	0.04	(0.04)		-	1.00	3.73	12,419,405	n/a	0.85	4.45	1.66	3.65
(a) Commencement of operations.
(b) Calculated using the average shares method.
(c) Total Return assumes reinvestment of all distributions for the period. Total Return does not reflect sales commissions or contingent deferred sales charges, if applicable, and is not annualized for periods less than one year.
(d) Annualized for periods less than one year.
(e) Distributions of $0.00 represent amounts less than $0.005.

The accompanying notes are an integral part of these Financial Statements.

Jackson Funds^SM (Unaudited)

Notes to the Financial Statements

NOTE 1. ORGANIZATION

The JNL Investors Series Trust (“Trust”) was organized under the laws of Massachusetts, by a Declaration of Trust, dated July 28, 2000. The Trust is registered with the U.S. Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended, (“1940 Act”), and the Securities Act of 1933, as amended, as an open-end management investment company issuing its shares in various series. Each series is known as a “Fund” (collectively, “Funds”) and represents a distinct portfolio with its own investment objectives and policies. The Trust currently consists of twenty-five (25) separate Funds. The following Funds are included in this report: the Jackson Perspective 5 Fund; the Jackson Perspective Index 5 Fund; the Jackson Perspective Optimized 5 Fund; and the Jackson Perspective VIP Fund (all for which Mellon Capital Management Corporation serves as sub-adviser); the Jackson Perspective S&P 4 Fund (for which Mellon Capital Management Corporation and Standard & Poor’s Investment Advisory Services LLC serve as co-sub-advisers); the Jackson Perspective 10 x 10 Fund (which has a fund-of-funds structure that invests in other affiliated underlying Funds); and the Jackson Perspective Money Market Fund (for which Wellington Management Company, LLP serves as sub-adviser). The Jackson Perspective 5 Fund, the Jackson Perspective Index 5 Fund, and the Jackson Perspective Money Market Fund are diversified investment companies as defined in the 1940 Act. All other Funds included in this report are non-diversified. The financial statements of the remaining Funds in the Trust are presented in a separate report.

The Funds offer investors Class A and Class C shares of each Fund, except for the Jackson Perspective Money Market Fund, which only offers Class A shares. Even though these classes represent ownership of the same Fund, each class is subject to different types and levels of sales charges, and bears different levels of marketing and distribution fees. Each share class also has different voting rights on matters affecting a single class. Shareholders bear the common expenses of each Fund and earn income and realized gains/losses from each Fund pro rata based on the average daily net assets of each class, without discrimination between share classes. No class has preferential dividend rights. Trust level expenses are allocated to the Funds based on the average daily net assets of each Fund.

Jackson National Asset Management, LLC ("JNAM" or “Adviser”), a wholly-owned subsidiary of Jackson National Life Insurance Company ("Jackson"), serves as investment adviser to each of the Funds. The Advisor is a wholly owned subsidiary of Jackson, which is in turn a wholly owned subsidiary of Prudential plc, a publicly traded company incorporated in the United Kingdom. Prudential plc is not affiliated in any manner with Prudential Financial Inc., a company whose principal place of business is the United States of America. The Funds were capitalized by an initial investment by Jackson. The value of Jackson’s investments at April 30, 2009, was as follows:

	Class A
Jackson Perspective Index 5 Fund	$ 31,663,712
Jackson Perspective Money Market Fund	10,532,428

NOTE 2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies followed and consistently applied by the Funds in the preparation of these financial statements.

Security Valuation – The net asset value (“NAV”) shall be determined as of the close of trading (generally, 4:00 PM Eastern Time) on each day the New York Stock Exchange (“NYSE”) is open for trading. Stocks traded on an exchange are generally valued at the official closing price of the exchange where the security is principally traded. If there is no official closing price for the security, the security is priced based on prices furnished by independent pricing services approved by the Trust's Board of Trustees ("Board") and may be valued at the last quoted sale price on the exchange where the security is principally traded or final bid price in the absence of a sale. Stocks not listed on a national or foreign stock exchange are generally valued on the basis of prices furnished by approved pricing services and may be valued at the closing bid price on the over-the-counter market. Investments in mutual funds and the securities lending collateral funds are valued at the net asset value per share determined as of the close of the NYSE on the valuation date. All securities in the Jackson Perspective Money Market Fund, as permitted by compliance with applicable provisions under Rule 2a-7 of the 1940 Act, as amended, and other short-term securities maturing within sixty (60) days are valued at amortized cost unless it is determined that such practice does not approximate market value. Debt securities are generally valued by approved pricing services. If pricing services are unable to provide valuations, debt securities are valued at the most recent bid quotation or evaluated price, as applicable, obtained from a broker/dealer or widely used quotation system. Exchange traded derivatives are valued at last sales price as of the close of business on the local exchange. Forward foreign currency contracts are valued at the foreign currency exchange rate as of the close of the NYSE, unless the Funds determine that such markets lack an appropriate level of liquidity at that time. In such instances, the Funds will generally utilize foreign currency exchange rates as of the close of the London Stock Exchange. Pricing services utilized to value debt securities may use various pricing techniques which take into account appropriate factors such as yield, credit quality, coupon rate, maturity, type of issue, trading characteristics, call features, credit ratings and other data, as well as broker quotes.

Market quotations may not be readily available for certain investments or it may be determined that a quotation for an investment does not represent market value. In such instances, the investment is valued at a fair value as determined in good faith using procedures adopted by the Board. Situations that may require a security to be fair valued include instances where a security is thinly traded, halted or restricted as to resale. In addition, securities may be fair valued based on the occurrence of a significant event. Significant events may be specific to a particular issuer, such as mergers, restructurings or defaults. Alternatively, significant events may affect an entire market, such as natural disasters, government actions, and significant changes in value of U.S. securities markets. Under the procedures adopted by the Board, the Adviser may rely on pricing services or other sources to assist in determining the fair value of a security. Factors considered to determine fair value may include the correlation with price movement of similar securities in the same or

other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading or other market data. The Trust has retained an independent statistical fair value pricing service to assist in the fair valuation process for securities traded in foreign markets in order to adjust for possible changes in value that may occur between the close of the foreign exchange and the time at which the NAVs are determined.

If a security 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 security depending on the source and method used to determine the value. Although there can be no assurance, in general, the fair value of a security is the amount the owner of such security might reasonably expect to receive upon its current sale.

The Funds adopted the following new accounting standard and position issued by the Financial Accounting Standards Board (“FASB”):

FASB SFAS No. 157 “Fair Value Measurements”- 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. The changes to current accounting principles generally accepted in the United States of America (“GAAP”) from the application of this statement relate to the definition of fair value, the methods used to measure fair value, and expanded disclosures about fair value measurements.

Various inputs are used in determining the value of a Fund’s investments under SFAS No. 157 guidance. The inputs are summarized into three broad categories. Level 1 includes valuations based on quoted prices of identical securities in active markets. Level 2 includes valuations for which all significant inputs are observable, either directly or indirectly. Direct observable inputs include closing prices of similar securities in active markets or closing prices for identical or similar securities in non-active markets. Indirect observable inputs include factors such as interest rates, yield curves, prepayment speeds, and credit ratings. Level 3 includes valuations based on inputs that are unobservable and significant to the fair value measurement including the Adviser’s own assumptions in determining the fair value of the investment. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. In accordance with the requirements of SFAS No. 157, a summary of each Fund’s assets and liabilities and a reconciliation of Level 3 securities are included in the Notes to the Schedules of Investments.

Use of Estimates - The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Guarantees and Indemnifications– Under the Trust’s organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, certain of the Funds’ contracts with service providers contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Funds cannot be determined and the Funds have no historical basis for predicting the likelihood of any such claims.

Security Transactions and Investment Income - Security transactions are recorded on the trade date. Dividend income, net of applicable withholding taxes, is recorded on the ex-dividend date. Interest income, including level-yield amortization of discounts and premiums, is accrued daily. A Fund may place a debt obligation on non-accrual status and reduce related interest income by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectibility of interest is reasonably assured. Realized gains and losses are determined on the specific identification basis.

Foreign Securities - Investing in securities of foreign companies and foreign governments involves special risks and considerations not typically associated with investing in U.S. companies and the U.S. Government. These risks include a potential for revaluation of currencies, different accounting policies and future adverse political and economic developments. Moreover, securities of many foreign companies and foreign governments and their markets may be less liquid and their prices more volatile than those of securities of comparable U.S. companies and the U.S. Government.

Foreign Currency Translations - The accounting records of each Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars generally using exchange rates in effect as of 4:00 PM Eastern Time. Purchases and sales of investment securities, income receipts, and expense payments are translated into U.S. dollars at the exchange rates prevailing on the respective dates of such transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of foreign securities. Such fluctuations are included in net realized gain (loss) on investments and net change in unrealized appreciation or depreciation on investments. Net realized gains and losses on foreign currency related items are considered ordinary income for tax purposes and arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually received or paid, and the realized gains or losses resulting from portfolio and transaction hedges. Net change in unrealized appreciation or depreciation on foreign currency related items arises from changes in the fair value of assets and liabilities, other than investments in securities, at period end resulting from changes in exchange rates.

Forward Foreign Currency Contracts – A Fund may be subject to foreign currency exchange rate risk in the normal course of pursuing its investment objectives. A Fund may enter into forward foreign currency contracts, generally to hedge foreign currency exposure between trade date and settlement date on security purchases and sales or to minimize foreign currency risk on portfolio securities denominated in foreign currencies. Forward foreign currency contracts are marked-to-market daily. The change in market value is recorded as a receivable or payable from forward foreign currency contracts. When a contract is closed, the difference between the value of the contract at the time it was opened and the value at the time it was closed is recorded as net realized gain (loss) on foreign currency related items.

The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of a Fund’s portfolio securities, but it does establish a rate of exchange that can be achieved in the future. These forward foreign currency contracts involve market risk in excess of the receivable or payable related to forward foreign currency contracts reflected in the Statements of Assets and Liabilities. Although contracts limit the risk of loss due to a decline in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency increase. Additionally, a Fund could be exposed to the risk of a previously hedged position becoming unhedged if the counterparty to a contract is unable to meet the terms of the contract.

Futures Contracts – A Fund may be subject to equity price risk and foreign currency exchange rate risk in the normal course of pursuing its investment objectives. A Fund may buy and sell futures contracts to manage its exposure to or hedge against changes in securities prices and foreign currencies or as an efficient means of adjusting overall exposure to certain markets. The risks associated with the use of futures contracts include the possibility that the value may not correlate with the change in the value of the hedged instruments. In addition, there is the risk that the Fund may not be able to enter into a closing transaction because of an illiquid market. Upon entering into a futures contract, the Fund is required to deposit with the broker an amount of cash or cash equivalents equal to a certain percentage of the contract amount. This is known as the "initial margin”. Futures contracts are valued based upon their quoted daily settlement prices. The Fund receives from or pays to the counterparty an amount of cash equal to the daily fluctuation in the value of the contracts. Such receipts or payments, known as the "variation margin", are recorded by the Fund until the contracts are terminated at which time realized gains and losses are recognized. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin reflected in the Statements of Assets and Liabilities. With futures, there is minimal counterparty risk to the Funds since futures are exchange traded and the exchange’s clearing house, as counterparty to all exchange traded futures, guarantees the future contracts against default.

When-Issued and Delayed Delivery Transactions - A Fund may purchase securities on a when-issued or delayed delivery basis. On the trade date, the Fund records purchases of when-issued securities and reflects the values of such securities in determining net asset value in the same manner as other portfolio securities. Income is not accrued until settlement date. The Adviser identifies liquid assets in a sufficient amount to meet the purchase price.

Unregistered Securities - A Fund may own certain investment securities, which are unregistered and thus restricted to resale. Sometimes these securities are referred to as “private placements”. Unregistered securities may be deemed “illiquid” because there is no readily available market for sale of the securities. These securities are generally valued by approved pricing services. Where future dispositions of the securities require registration under the Securities Act of 1933, as amended, the Funds have the right to include those securities in such registration generally without cost to the Funds. The Funds have no right to require registration of unregistered securities.

U.S. Government Agencies or Government-Sponsored Enterprises – Certain Funds may invest in U.S. government agencies or government sponsored enterprises. U.S. Government securities are obligations of and, in certain cases, guaranteed by, the U.S. government, its agencies or instrumentalities. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. government; others, such as those of the Federal Home Loan Bank, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the “U.S. Treasury”); others, such as those of the Federal National Mortgage Association (“FNMA” or “Fannie Mae”), are supported by the discretionary authority of the U.S. Government to purchase the agency’s obligations; and still others, such as those of the Student Loan Marketing Association, are supported only by the credit of the instrumentality. U.S. Government securities may include zero coupon securities, which do not distribute interest on a current basis and tend to be subject to greater risk than interest paying securities of similar maturities.

Government-related guarantors (i.e., guarantors who are not backed by the full faith and credit of the U.S. government) include FNMA and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/services which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks, credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. government. FHLMC issues Participation Certificates (“PCs”), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. government.

In September 2008, the Federal Housing Finance Agency (“FHFA”) placed FNMA and FHMLC into conservatorship. As the conservator, FHFA succeeded to all rights, titles, powers and privileges of FNMA and FHLMC and of any stockholder, office or director of FNMA and FHLMC with respect to FNMA and FHLMC and each enterprise’s assets. In connection with the conservatorship, the U.S. Treasury entered into a Senior Preferred Stock Purchase Agreement with FNMA and FHLMC. This agreement contains various covenants that severely limit each enterprise’s operations. In exchange for entering into these agreements, the U.S. Treasury received senior preferred stock in each enterprise and warrants to purchase each enterprise’s common stock. The U.S. Treasury announced the creation of a new secured lending facility, which is available to FNMA and FHLMC as a liquidity backstop and the creation of a temporary program to purchase mortgage-backed securities issued by FNMA and FHLMC. Both the liquidity backstop and the mortgage-backed securities purchase program are scheduled to expire in December 2009. FNMA and FHLMC are continuing to operate as going concerns while in conservatorship and each remain liable for all of its obligations, including its guaranty obligations, associated with its mortgage-backed securities.

Securities Loaned - The Trust has entered into a securities lending arrangement with The Bank of New York Mellon (“Custodian”). Under the terms of the agreement, each Fund receives a fee equal to a percentage of the net income generated by the collateral held during each lending transaction. The Custodian is authorized to loan securities on behalf of the Funds to approved borrowers and is required to maintain collateral at least equal in value to the value of the securities loaned. Cash collateral is invested in the Mellon GSL DBT II Collateral Fund, a pooled investment fund constituting a series within a Delaware business trust sponsored by the Custodian and approved by the Adviser. In the event of bankruptcy or other default of the borrower, a Fund could experience delays in liquidating the loan collateral or recovering the loaned securities and incur expenses related to enforcing its rights. In addition, there could be a decline in the value of the collateral or in the fair value of the securities loaned while a Fund seeks to enforce its rights thereto and the

Fund could experience subnormal levels of income or lack of access to income during that period. The Funds also bear the risk of any deficiency in the amount of collateral available for return to a borrower due to a loss in an approved investment.

During 2008, certain securities in the Mellon GSL DBT II Collateral Fund defaulted and were segregated into Mellon GSL Reinvestment Trust II, a separate series within the Delaware business trust. The issuer of the investments comprising Mellon GSL Reinvestment Trust II entered receivership in October 2008 and the assets of the issuer were liquidated in December 2008. Based on the plan of distribution approved by the receivers, the Funds are not expected to receive any proceeds. As a result, each Fund’s investment in Mellon GSL Reinvestment Trust II was fair valued at zero on April 30, 2009.

On April 10, 2009, the assets in the Mellon GSL DBT II Collateral Fund with a maturity of greater than one day were segregated into the BNY Mellon SL DBT II Liquidating Fund, a separate series within the Delaware business trust. Each participant in the Mellon GSL DBT II Collateral Fund received units of the BNY Mellon SL DBT II Liquidating Fund based on their proportionate interest in Mellon GSL DBT II Collateral Fund as of the close of business on April 10, 2009. As assets in the BNY Mellon SL DBT II Liquidating Fund mature or are sold, the proceeds are invested in the Mellon GSL DBT II Collateral Fund and the participants’ ownership interests are transferred accordingly. At April 30, 2009, the value of Mellon GSL DBT II Collateral Fund was $1.00 per unit and the value of BNY Mellon SL DBT II Liquidating Fund was $0.9671 per unit. Values were determined using the methodologies previously described in Security Valuation.

Each Fund is responsible for returning the full amount of collateral received for a particular loan when the borrower returns the applicable security. The difference between the current value and the amortized cost of each Fund’s collateral investments in the Mellon GSL Reinvestment Trust II represents a loss to be borne by the Fund. The difference between the current value and the amortized cost of each Fund’s collateral investments in the BNY Mellon SL DBT II Liquidating Fund represents a potential loss to be borne by the Fund. The impact of unrealized depreciation during the period from each Fund’s investment in Mellon GSL Reinvestment Trust II and BNY Mellon SL DBT II Liquidating Fund is included in net change in unrealized appreciation (depreciation) on investments in the Statements of Operations. The amortized cost of each Fund’s investment in Mellon GSL Reinvestment Trust II is equivalent to the par value reported in the Schedules of Investments. For Funds with securities on loan as of April 30, 2009, the amortized costs related to investments in the Mellon GSL Reinvestment Trust II and the BNY Mellon SL DBT II Liquidating Fund are liabilities of each Fund and reflected in the Statements of Assets and Liabilities as return of collateral for securities loaned. These Funds are liable to the Custodian for the amortized cost of their investment in the Mellon GSL Reinvestment Trust II. For Funds with no securities on loan as of April 30, 2009, each Fund paid the Custodian the amortized cost related to its investment in the Mellon GSL Reinvestment Trust II. The fair value and par value of the investment in Mellon GSL DBT II Collateral Fund, the Mellon GSL Reinvestment Trust II and the BNY Mellon SL DBT II Liquidating Fund for Funds with securities on loan as of April 30, 2009 are reported under Securities Lending Collateral in the Schedules of Investments. The fair value and par value of the investment in Mellon GSL Reinvestment Trust II for Funds with no securities on loan as of April 30, 2009 are reported under Non-U.S. Government Agency Asset-Backed Securities in the Schedules of Investments.

Repurchase Agreements - A Fund may invest in repurchase agreements. A repurchase agreement involves the purchase of a security by a Fund and a simultaneous agreement by the seller, generally a bank or broker-dealer, to repurchase that security back from the Fund at a specified price and date or upon demand. The underlying securities used as collateral for all repurchase agreements are held in safekeeping at the Fund’s Custodian or designated subcustodians under triparty repurchase agreements. The market value of the collateral must be equal to or exceed at all times the total amount of the repurchase obligations, including interest. Procedures for all repurchase agreements have been designed to monitor that the daily market value of the collateral is in excess of the repurchase agreement in the event of default. In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of such collateral may decline.

Distributions to Shareholders – The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. The Jackson Perspective Money Market Fund declares dividends daily and pays dividends monthly. For all other Funds, dividends from net investment income are generally declared and paid annually, but may be paid more frequently to avoid excise tax. Distributions of net realized capital gains, if any, will be distributed at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.

Federal Income Taxes – Each Fund is a separate taxpayer for federal income tax purposes. Each Fund’s policy is to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and to distribute income and capital gains in amounts that will avoid federal income and excise taxes. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.

NOTE 3. INVESTMENT MANAGEMENT FEES AND TRANSACTIONS WITH AFFILIATES

The Trust has an investment advisory agreement with JNAM, whereby JNAM provides investment management services. Each Fund pays JNAM an annual fee, accrued daily and payable monthly, based on a specified percentage of the average daily net assets of each Fund. A portion of this fee is paid

by JNAM to the sub-advisers as compensation for their services.

The following is a schedule of the fees each Fund is currently obligated to pay JNAM:

	$0 to $250 M	$250M to $500 M	Over $500 M
Jackson Perspective 5 Fund	0.65%	0.60%	0.60%
Jackson Perspective Index 5 Fund	0.65	0.60	0.60
Jackson Perspective 10 x 10 Fund	0.00	0.00	0.00
Jackson Perspective Optimized 5 Fund	0.65	0.60	0.60
Jackson Perspective VIP Fund	0.65	0.60	0.60
Jackson Perspective S&P 4 Fund	0.80	0.80	0.75
Jackson Perspective Money Market Fund	0.40	0.40	0.35

Administrative Fee – JNAM also serves as the Administrator to the Funds. In addition to the investment advisory fee, each Fund (except the Jackson Perspective 10 x 10 Fund) pays JNAM an Administrative Fee of 0.10% of the average daily net assets of the Fund. In return for the Administrative Fee, JNAM provides fund accounting and administrative functions for the Trust and the Funds. Each Fund is responsible for all other operating expenses. Certain expenses of the Jackson Perspective 10 x 10 Fund such as a portion of transfer agent fees, registration fees, printing, and other miscellaneous costs are paid by the underlying Funds in accordance with the Administration Agreement.

Fee Waiver and Expense Reimbursements – Effective November 1, 2007, the Board approved a contractual expense limitation agreement to waive fees and reimburse expenses of the Funds through October 31, 2009, such that net expenses (excluding brokerage expense, interest, taxes, and extraordinary expenses) are limited to an annualized expense ratio. Prior to the contractual expense limitation agreement, JNAM had voluntarily agreed to waive fees and reimburse expenses of the Funds through October 31, 2007. JNAM may seek future restitution from a Fund for fees waived and reimbursed through October 31, 2009; however, such restitution is limited to the extent that it would not cause the Fund to exceed then current expense limitations. In addition, this future restitution is only permitted provided that the Funds are not obligated to pay any such waived or reimbursed fees more than three years after the end of the fiscal year in which the fee was waived or reimbursed. During the period ended April 30, 2009, JNAM did not receive any restitution for any expenses that had been previously waived or reimbursed. At April 30, 2009, the annualized expense ratios and remaining amount of potentially recoverable reimbursement, including prior years’ accumulated reimbursement, was as follows:

During the period ended April 30, 2009, the Adviser voluntarily reimbursed expenses in excess of the contractual expense limitation for the Jackson Perspective Money Market Fund in the amount of $7,953 to maintain positive net income on certain days. This amount is included in expense reimbursement in the Statements of Operations.

12b-1 Fees - The Funds adopted a Distribution Plan under the provisions of Rule 12b-1 of the 1940 Act for the purpose of reimbursement of certain distribution and related service expenses from the sale and distribution of each Fund’s Class A and Class C shares. Jackson National Life Distributors LLC ("JNLD") is the principal underwriter of the Funds, with responsibility for promoting sales of Fund shares. JNLD is a wholly-owned subsidiary of Jackson and an affiliate of JNAM. For Class A shares, the annual 12b-1 fees are 0.25% (0.00% for the Jackson Perspective 10 x 10 Fund). For Class C shares, the annual 12b-1 fees are 1.00% (0.75% for the Jackson Perspective 10 x 10 Fund). Amounts charged pursuant to the Distribution Plan are reflected in the Statements of Operations as 12b-1 fees.

Initial Sales Charge - Investments in the Funds’ Class A shares, except for the Jackson Perspective Money Market Fund, are subject to a maximum initial sales charge (front-end sales load) of 5.75%. For the period ended April 30, 2009, JNLD retained initial sales charges, net of commissions paid to brokers, of $12,330.

Contingent Deferred Sales Charges - Certain investments in Class A and Class C shares may be subject to a Contingent Deferred Sales Charge (“CDSC”) upon redemption, depending on the length of time shares are held. The amount of CDSC is based on the lesser of the purchase price or redemption price. For Class A share purchases greater than $1,000,000 without a front-end sales charge, a 1.00% CDSC is applied upon redemption to those shares that were held for less than one year. The CDSC does not apply to purchase of the Jackson Perspective Money Market Fund. For Class C shares, a 1.00% CDSC is applied upon redemption to those shares that were held for less than one year. For the period ended April 30, 2009, JNLD retained $4,800 of CDSC on Class A redemptions and $14,132 of CDSC on Class C redemptions for the Funds.

Deferred Compensation Plan - The Funds adopted a Deferred Compensation Plan whereby non-interested Trustees may defer the receipt of all or a portion of their compensation. These deferred amounts, which remain as liabilities of the Funds, shall be treated as if invested in shares of one or more of the Funds at the discretion of the applicable Trustee. These amounts represent general, unsecured liabilities of the Funds and vary according to the total returns of the Funds selected by participating Trustees. Liabilities related to deferred balances are included in trustee fees payable in the Statements of Assets and Liabilities. Expenses associated with deferred balances are included in trustee fees set forth in the Statements of Operations.

Investments in Affiliates – During the period ended April 30, 2009, certain Funds invested in money market funds for temporary purposes, which are advised by JNAM. The JNL Money Market Fund is offered as a cash management tool to the Funds and their affiliates and is not available for direct purchase by members of the public. The Custodian is an affiliate of all the Funds except Jackson Perspective Money Market Fund. Funds participating in securities lending receive cash collateral, which is invested by the Custodian in the Mellon GSL DBT II Collateral Fund, which is an affiliate of the Funds. As previously discussed, the Custodian segregated assets of the Mellon GSL DBT II Collateral Fund into the Mellon GSL Reinvestment Trust II and the BNY Mellon SL DBT II Liquidating Fund, which are also affiliates of the Funds. The Jackson Perspective 10 x 10 Fund invests solely in the Class A shares

of the Jackson Perspective 5 Fund and the Jackson Perspective Index 5 Fund, which are affiliated Funds of the Trust. The Jackson Perspective Index 5 Fund invested in Prudential plc, the parent company of Jackson. The Jackson Perspective Index 5 Fund also invested in The Bank of New York Mellon Corporation, the parent company of its sub-adviser and the Funds’ Custodian. The total value and cost of such affiliated investments is disclosed separately in the Statements of Assets and Liabilities and the associated income and realized gain (loss) are disclosed separately in the Statements of Operations.

NOTE 4. FEDERAL INCOME TAX MATTERS

The following information is presented on an income tax basis. The primary differences in the amounts reported for financial statement and tax purposes are attributable to timing differences in recognizing realized and unrealized foreign currency gains and losses and timing differences in recognizing gains and losses in investment transactions related to futures contracts, passive foreign investment companies (PFICs) and wash sales.

As of April 30, 2009, the cost of investments and the components of net unrealized appreciation/(depreciation) were as follows:

	Tax Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)		Net Unrealized Appreciation/ (Depreciation)
Jackson Perspective 5 Fund	$	30,442,105	$	4,916,602	$	(5,569,953)	$	(653,351)
Jackson Perspective Index 5 Fund		65,339,736		1,773,095		(19,375,765)		(17,602,670)
Jackson Perspective 10 x 10 Fund		9,887,542		121,529		(3,470,909)		(3,349,380)
Jackson Perspective Optimized 5 Fund		18,412,855		2,613,629		(3,117,986)		(504,357)
Jackson Perspective VIP Fund		1,596,079		201,497		(196,936)		4,561
Jackson Perspective S&P 4 Fund		7,897,451		1,589,050		(1,342,668)		246,382
Jackson Perspective Money Market Fund		17,512,047		-		-		-

As of October 31, 2008, the components of the undistributed net ordinary income and net long-term capital gains were as follows:

	Undistributed Net Ordinary Income*			Undistributed Net Long-Term Capital Gains
Jackson Perspective 5 Fund	$	778,557	$		-.
Jackson Perspective Index 5 Fund		769,203			-.
Jackson Perspective 10 x 10 Fund		-.			-.
Jackson Perspective Optimized 5 Fund		482,939			-.
Jackson Perspective VIP Fund		28,882			-.
Jackson Perspective S&P 4 Fund		84,712			-.
Jackson Perspective Money Market Fund		194			-.

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

The tax character of distributions paid during the period ended April 30, 2009, was as follows:

	Distributions from Net Ordinary Income*		Distributions from Net Long-Term Capital Gains
Jackson Perspective 5 Fund	$	794,962	$	-
Jackson Perspective Index 5 Fund		904,895		-
Jackson Perspective 10 x 10 Fund		164,526		-
Jackson Perspective Optimized 5 Fund		521,039		-
Jackson Perspective VIP Fund		31,183		-
Jackson Perspective S&P 4 Fund		115,114		-
Jackson Perspective Money Market Fund		53,934		-

The tax character of distributions paid during the eleven month tax period ended October 31, 2008, was as follows:

	Distributions from Net Ordinary Income*		Distributions from Net Long-Term Capital Gains
Jackson Perspective 5 Fund	$	831,482	$	-
Jackson Perspective Index 5 Fund		1,266,962		88,302
Jackson Perspective 10 x 10 Fund		192,976		-
Jackson Perspective Optimized 5 Fund		184,152		-
Jackson Perspective VIP Fund		-		-
Jackson Perspective S&P 4 Fund		-		-
Jackson Perspective Money Market Fund		369,934		-

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

At October 31, 2008, the following Funds had unused capital loss carryovers for U.S. Federal income tax purposes, which may be used to offset future realized net capital gains. It is the intent of the Board not to distribute any realized capital gains until the capital loss carryovers have been offset or have expired.

	Amount		Year(s) of Expiration
Jackson Perspective 5 Fund	$	6,876,645	2016
Jackson Perspective Index 5 Fund		750,627	2016
Jackson Perspective 10 x 10 Fund		236,050	2016
Jackson Perspective Optimized 5 Fund		2,714,737	2016
Jackson Perspective VIP Fund		1,447,919	2016
Jackson Perspective S&P 4 Fund		901,848	2016

FASB Interpretation No. 48 (“FIN 48”), “Accounting for Uncertainty in Income Taxes” provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing each Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax expense in the current year. FIN 48 requires that management evaluate the tax positions taken in returns for the prior three fiscal years that remain subject to examination by the Internal Revenue Service. Management completed an evaluation of the Funds’ tax positions and based on that evaluation, noted no provision for federal income tax was required in the Funds’ financial statements during the period ended April 30, 2009.

NOTE 5. RECENT ACCOUNTING PRONOUNCEMENTS

In March 2008, the FASB released SFAS No. 161, “Disclosures about Derivative Instruments and Hedging Activities”. SFAS No. 161 requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value and gains and losses on derivative instruments, and disclosures about credit risk related contingent features in derivative agreements. The application of SFAS No. 161 is required for fiscal years beginning after November 15, 2008 and interim periods within those fiscal years. At this time, management is evaluating the implications of SFAS No. 161 and its impact on the financial statements has not yet been determined.

NOTE 6. AGREEMENTS WITH UNAFFILIATED PARTIES

PNC Global Investment Servicing (U.S.) Inc. ("PNC") has been retained to serve as transfer agent, registrar, dividend disbursing agent, and shareholder servicing agent for the Funds. PNC receives fees that are based on the number of shareholder accounts opened and maintained by PNC. In addition, PNC is reimbursed for out of pocket expenses associated with servicing the shareholder accounts, such as print mail, telephone expenses, and banking charges.

NOTE 7. SUBSEQUENT EVENT

On May 15, 2009, the Board, on the recommendation of the Adviser’s management, decided to discontinue sales of the Jackson Perspective retail mutual funds included in this report. After reviewing various alternatives, on June 19, 2009, the Board approved a plan of liquidation for the Funds. The liquidation is expected to occur on or prior to September 30, 2009. Redemptions will continue to be permitted as described in the current prospectus.

Disclosure of Fund Expenses(Unaudited)

Shareholders incur ongoing costs, which include costs for portfolio management, administrative services, 12b-1 fees and other daily operating expenses. Operating expenses such as these are deducted from the Fund's gross income and directly reduce the final investment return. These expenses are expressed as a percentage of the Fund's average net assets; this percentage is known as the Fund's expense ratio. The examples below use the expense ratio and are intended to help the investor understand the ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

Expenses Using Actual Fund Return. This section provides information about the actual account values and actual expenses incurred by the Fund. Use the information in this section, together with the amount invested, to estimate the expenses paid over the period. Simply divide the account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled "Expenses Paid During Period" to estimate the expenses paid during this period.

Expenses Using Hypothetical 5% Return. The information in this section can be used to compare each Fund's costs with those of other mutual funds. It assumes that the Fund had an annual 5% return before expenses during the year, but that the expense ratio for the period is unchanged. This example is useful in making comparisons to other mutual funds because the U.S. Securities and Exchange Commission requires all mutual funds to make the 5% calculation.

	Expenses Using Actual Fund Return						Expenses Using Hypothetical 5% Return
	Beginning		Ending			Expenses	Beginning		Ending			Expenses
	Account		Account	Annualized		Paid	Account		Account	Annualized		Paid
	Value		Value	Expense		During	Value		Value	Expense		During
	10/31/2008		4/30/2009	Ratios		Period	10/31/2008		4/30/2009	Ratios		Period
Jackson Perspective 5 Fund
Class A	$ 1,000.00	$	998.70	1.20	%	$ 5.95	$ 1,000.00	$	1,018.84	1.20	%	$ 6.01
Class C	1,000.00		996.70	1.95		9.65	1,000.00		1,015.12	1.95		9.74
Jackson Perspective Index 5 Fund
Class A	1,000.00		995.00	1.20		5.94	1,000.00		1,018.84	1.20		6.01
Class C	1,000.00		991.00	1.95		9.63	1,000.00		1,015.12	1.95		9.74
Jackson Perspective 10 x 10 Fund
Class A	1,000.00		1,002.30	-		-	1,000.00		1,024.79	-		-
Class C	1,000.00		998.10	0.75		3.72	1,000.00		1,021.08	0.75		3.76
Jackson Perspective Optimized 5 Fund
Class A	1,000.00		984.20	1.20		5.90	1,000.00		1,018.84	1.20		6.01
Class C	1,000.00		980.40	1.95		9.58	1,000.00		1,015.12	1.95		9.74
Jackson Perspective VIP Fund
Class A	1,000.00		933.80	1.20		5.75	1,000.00		1,018.84	1.20		6.01
Class C	1,000.00		927.30	1.95		9.32	1,000.00		1,015.12	1.95		9.74
Jackson Perspective S&P 4 Fund
Class A	1,000.00		1,071.60	1.30		6.68	1,000.00		1,018.35	1.30		6.51
Class C	1,000.00		1,067.30	2.05		10.51	1,000.00		1,014.63	2.05		10.24
Jackson Perspective Money Market Fund
Class A	1,000.00		1,003.20	0.76		3.77	1,000.00		1,021.03	0.76		3.81

Actual expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by the number of days in the period, then divided by the number of days in the most recent 12-month period (to reflect the most recent 6-month period). Hypothetical expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by the number of days in the most recent 6-month period, then divided by the number of days in the most recent 12-month period.

Other Information (Unaudited)

Quarterly Portfolio Holdings

The Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at www.sec.gov. The Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330. It is also available upon request by calling the Fund toll-free at 866-255-1935.

Proxy Voting Guidelines and Availability of Proxy Voting Record

A description of the policies and procedures used by the Funds to vote proxies relating to the portfolio securities and information on how the Funds voted proxies relating to portfolio securities during the 12-month period ended June 30, 2008 are available (1) without charge, upon request by calling 1-800-392-2909; (2) on Jackson National Life Insurance Company’s or Jackson National Life Insurance Company of New York’s website at www.jackson.com; and (3) on the SEC’s website at www.sec.gov.

SUPPLEMENT DATED MAY 19, 2009 TO THE PROSPECTUS

& STATEMENT OF ADDITIONAL INFORMATION

DATED DECEMBER 29, 2008

JNL^(r) INVESTORS SERIES TRUST

This Supplement provides new and additional information beyond that contained in the

Prospectus and Statement of Additional Information (“SAI”) and should be read in

conjunction with the Prospectus and SAI.

Shares of the following funds:

Jackson Perspective 5 Fund

Jackson Perspective Index 5 Fund

Jackson Perspective 10 x 10 Fund

Jackson Perspective Money Market Fund

Jackson Perspective Optimized 5 Fund

Jackson Perspective VIP Fund

Jackson Perspective S&P 4 Fund

are no longer offered for sale within the JNL Investors Series Trust. The Board of Trustees is exploring strategic options for these funds including possible liquidation and/or merger. More information will be provided as it becomes available.

This Supplement is dated May 19, 2009.

(To be used with: VC6045 01/09, V6043 01/09, and V6043PROXY 01/09.)

FMM3605 05/09

SUPPLEMENT DATED JUNE 19, 2009 TO THE PROSPECTUS

& STATEMENT OF ADDITIONAL INFORMATION

DATED DECEMBER 29, 2008

AS SUPPLEMENTED MAY 19, 2009

JNL^(r) INVESTORS SERIES TRUST

This Supplement provides new and additional information beyond that contained in the

Prospectus and Statement of Additional Information (“SAI”) and should be read in

conjunction with the Prospectus and SAI, as supplemented.

The Board of Trustees of JNL Investors Series Trust has approved a Plan of Liquidation (the “Plan”) for the liquidation of the following funds on or prior to September 30, 2009:

Jackson Perspective Money Market Fund,

Jackson Perspective 5 Fund,

Jackson Perspective Index 5 Fund,

Jackson Perspective 10 x 10 Fund,

Jackson Perspective Optimized 5 Fund,

Jackson Perspective VIP Fund, and

Jackson Perspective S&P 4 Fund, (collectively, the “Funds”).

The liquidation may occur prior to September 30, 2009 if certain events occur such as significant reductions in the assets of the Funds. The liquidation will occur after the declaration and payment of any required dividends and recognition of all of the Funds’ net capital gains, if any, realized in the taxable years ending at or prior to the Liquidation Date. The Board of Trustees of JNL Investors Series Trust has approved the Plan pursuant to the provisions of the Trust’s Declaration of Trust. You should check with your investment professional and tax professional regarding the potential impact of the liquidation of the Funds to your overall financial plan and tax situation, including planning to limit treatment of the proceeds as a distribution under an IRA.

This Supplement is dated June 19, 2009.

(To be used with: VC6045 01/09, V6043 01/09, and V6043PROXY 01/09.)

FMM3708 06/09

TRUSTEES AND OFFICERS THE TRUST

NAME, ADDRESS AND (AGE)	POSITION(S) HELD WITH TRUST (LENGTH OF TIME SERVED)	NUMBER OF PORTFOLIOS IN FUND COMPLEX TO BE OVERSEEN BY TRUSTEE
Interested Trustee
Mark D. Nerud (42) 1 1 Corporate Way Lansing, MI 48951	Trustee 2 (1/07 to present) President and Chief Executive Officer (12/06 to present)	120
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: President of the Adviser (1/07 to present); Chief Financial Officer of the Adviser (11/00 to 1/07) and Managing Board Member of the Adviser (11/00 to 11/03) (1/07 to present); President and CEO of other Investment Companies advised by the Adviser (12/06 to present); Vice President (8/97 to 12/06), Treasurer, Chief Financial Officer of other Investment Companies advised by the Adviser (12/02 to 12/06); Vice President – Fund Accounting & Administration of Jackson National Life Insurance Company (1/00 to present)
OTHER DIRECTORSHIPS HELD BY TRUSTEE: None
Disinterested Trustees
Michael Bouchard (53) 1 Corporate Way Lansing, MI 48951	Trustee 2 (12/03 to present)	120
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Sheriff, Oakland County, Michigan (1/99 to present)
OTHER DIRECTORSHIPS HELD BY TRUSTEE: None
William J. Crowley, Jr. (63) 1 Corporate Way Lansing, MI 48951	Trustee 2 (1/07 to present)	120
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Managing Partner (Baltimore Office) – Arthur Andersen LLP (1995 to 2002); Board Member of various corporate boards (2002 to present)
OTHER DIRECTORSHIPS HELD BY TRUSTEE: Director of Foundation Coal Holdings, Inc.; Director of Bio Veris Corporation (from 5/04 until 6/07 when the company was acquired); Director of Provident Bankshares Corporation
Dominic D’Annunzio (71) 1 Corporate Way Lansing, MI 48951	Chairman of the Board 2 (2/04 to present) Trustee 2 (2/02 to present)	120
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Acting Commissioner of Insurance for the State of Michigan (1/90 to 5/90) and (8/97 to 5/98)
OTHER DIRECTORSHIPS HELD BY TRUSTEE: None
Michelle Engler (51) 1 Corporate Way Lansing, MI 48951	Trustee 2 (12/03 to present)	120
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Attorney (1983 to present); First Lady of the State of Michigan (1990 to 2002)
OTHER DIRECTORSHIPS HELD BY TRUSTEE::
Director of Federal Home Loan Mortgage Corporation (2001 to 9/2008)

NAME, ADDRESS AND (AGE)	POSITION(S) HELD WITH TRUST (LENGTH OF TIME SERVED)	NUMBER OF PORTFOLIOS IN FUND COMPLEX TO BE OVERSEEN BY TRUSTEE
James Henry, Ph.D. (70) 1 Corporate Way Lansing, MI 48951	Trustee 2 (1/07 to present)	120
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Dean Emeritus and Professor of Finance, Eli Broad College of Business and Graduate School of Management at Michigan State University (2001 to present)
OTHER DIRECTORSHIPS HELD BY TRUSTEE: None
Richard McLellan (66) 1 Corporate Way Lansing, MI 48951	Trustee 2 (12/94 to present)	120
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Member, Dykema Gossett PLLC (Law Firm) (1973 to 2007); Senior Counsel, Dykema Gossett PLLC (2007 to present); Adjunct Associate Professor, Michigan State University (2008 to present)
OTHER DIRECTORSHIPS HELD BY TRUSTEE: Member of the Board of Directors of ITC Holdings Corp. (11/2007 to present)
William R. Rybak (58) 1 Corporate Way Lansing, MI 48951	Trustee 2 (1/07 to present)	120
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Board Member of various corporate boards (see below) (2002 to present)
OTHER DIRECTORSHIPS HELD BY TRUSTEE: Chairman of the Board of Trustees of Lewis University; Member of the Board since 1982; Member of the Board of Directors of Howe Barnes Investments, Inc. since 2001; Member of the Boards of each of the Calamos Mutual Funds since 2002; Member of the Board of Directors of The PrivateBancorp since 2003; Chairman of the Board of Trustees of St. Coletta’s of Illinois; and Member of the Board since 2000
Patricia A. Woodworth (54) 1 Corporate Way Lansing, MI 48951	Trustee 2 (1/07 to present)	120
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Vice President, Chief Financial Officer and Chief Operating Officer, The J. Paul Getty Trust (12/2007 to present); Executive Vice President for Finance and Administration, Chief Financial Officer, Art Institute of Chicago (2002 to 11/2007); Executive Vice President and Chief Financial Officer, The University of Chicago (1998 to 2002)
OTHER DIRECTORSHIPS HELD BY TRUSTEE: None

¹ Mr. Nerud is an “interested person” of the Trust due to his position with Jackson National Life Insurance Company^®, which is the parent company of Jackson National Asset Management, LLC.

² The Chairman of the Board, interested and disinterested Trustees are elected to serve for an indefinite term.

NAME, ADDRESS AND (AGE)	POSITION(S) HELD WITH TRUST (LENGTH OF TIME SERVED)	NUMBER OF PORTFOLIOS IN FUND COMPLEX TO BE OVERSEEN BY TRUSTEE
Officers
Karen J. Buiter (44) 1 Corporate Way Lansing, MI 48951	Assistant Treasurer (12/08 to present)	Not Applicable
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Assistant Vice President – Fund Reporting of the Adviser (4/08 to present); Assistant Treasurer of other Investment Companies advised by the Adviser (12/08 to present); Treasurer of Henderson Global Funds (2/04 to 3/08); Assistant Controller of Code, Hennessy & Simmons LLC (2002 to 2004)
OTHER DIRECTORSHIPS HELD BY TRUSTEE: Not Applicable
Kelly L. Crosser (36) 1 Corporate Way Lansing, MI 48951	Assistant Secretary (9/07 to present)	Not Applicable
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Assistant Secretary of other Investment Companies advised by the Adviser (9/07 to present); Senior Compliance Analyst of Jackson National Life Insurance Company (4/07 to present); Mutual Fund Compliance Analyst of Jackson National Life Insurance Company (2/06 to 4/07): Senior Paralegal of Jackson National Life Insurance Company (6/04 to 2/06); Paralegal of Jackson National Life Insurance Company (7/01 to 6/04)
OTHER DIRECTORSHIPS HELD BY TRUSTEE: Not Applicable
Steven J. Fredricks (38) 1 Corporate Way Lansing, MI 48951	Chief Compliance Officer (1/05 to present)	Not Applicable
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Chief Compliance Officer of the Adviser and other Investment Companies advised by the Adviser (1/05 to present); Attorney of Jackson National Life Insurance Company (2/02 to 1/05)
OTHER DIRECTORSHIPS HELD BY TRUSTEE: Not Applicable
Danielle A. Hernandez (28) 1 Corporate Way Lansing, MI 48951	Anti-Money Laundering Officer (12/07 to present)	Not Applicable
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Compliance Analyst of the Adviser (08/06 to present); Administrative Assistant of the Adviser (12/05 to 08/06); Executive Assistant at the U.S. House of Representatives, Washington, D.C. (2002 to 2005)
OTHER DIRECTORSHIPS HELD BY TRUSTEE: Not Applicable

NAME, ADDRESS AND (AGE)	POSITION(S) HELD WITH TRUST (LENGTH OF TIME SERVED)	NUMBER OF PORTFOLIOS IN FUND COMPLEX TO BE OVERSEEN BY TRUSTEE
J. Kevin Kenely (55) 1 Corporate Way Lansing, MI 48951	Vice President (2/08 to present)	Not Applicable
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Vice President of other Investment Companies advised by the Adviser (2/08 to present); Vice President of the Adviser (7/08 to present); Assistant Vice President – Fund Accounting of the Adviser (2/08 to present); Director of Jackson National Life Insurance Company (12/07 to present); Director and Chief Accounting Officer of CTC Holdings, LLC (2006 to 8/07); Director of Spectrum Global Fund Administration LLC (2005 to 2006); Investments Controller of Grantham, Mayo, Van Otterloo & Co. LLC (1999 to 2004)
OTHER DIRECTORSHIPS HELD BY TRUSTEE: Not Applicable
Daniel W. Koors (38) 1 Corporate Way Lansing, MI 48951	Vice President, Treasurer and Chief Financial Officer (12/06 to present)	Not Applicable
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Senior Vice President of the Adviser (1/09 to present) and Chief Financial Officer of the Adviser (1/07 to present); Vice President of the Adviser (1/07 to 12/08); Vice President, Treasurer and Chief Financial Officer of other Investment Companies advised by the Adviser (12/06 to present); Assistant Treasurer of other Investment Companies advised by the Adviser (9/06 to 12/06); Assistant Vice President – Fund Administration of Jackson National Life Insurance Company (8/06 to present); Partner of Deloitte & Touche LLP (2003 to June 2006); Senior Manager of Deloitte & Touche LLP (2000 to 2003)
OTHER DIRECTORSHIPS HELD BY TRUSTEE: Not Applicable
Michael Piszczek (51) 1 Corporate Way Lansing, MI 48951	Vice President (11/07 to present)	Not Applicable
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Vice President of other Investment Companies advised by the Adviser (11/07 to present); Assistant Vice President – Tax of the Adviser (11/07 to present); Assistant Vice President – Nuveen Investments (4/99 to 8/07); Assistant Vice President and Assistant Secretary – Nuveen Funds (4/99 to 8/07)
OTHER DIRECTORSHIPS HELD BY TRUSTEE: Not Applicable
Susan S. Rhee (37) 1 Corporate Way Lansing, MI 48951	Vice President, Counsel and Secretary (2/04 to present)	Not Applicable
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Chief Legal Officer (7/04 to present) and Secretary (11/00 to present) of the Adviser; Vice President, Counsel, and Secretary of other Investment Companies advised by the Adviser (2/04 to present); Assistant Vice President of Jackson National Life Insurance Company (8/03 to present); Associate General Counsel of Jackson National Life Insurance Company (7/01 to present)
OTHER DIRECTORSHIPS HELD BY TRUSTEE: Not Applicable

TRUSTEES OF THE JNL INVESTORS SERIES TRUST

The Trustees and officers that are interested persons of the Trust or the Adviser do not receive any compensation from the Trust for their services as Trustees or officers. The following persons, who are disinterested Trustees of the Trust, and the Trust’s Chief Compliance Officer, received from the Trust the compensation amounts indicated for the services as such for the six-month period ended April 30, 2009.

TRUSTEE	AGGREGATE COMPENSATION FROM THE TRUST1	PENSION OR RETIREMENT BENEFITS ACCRUED AS PART OF TRUST EXPENSES	ESTIMATED ANNUAL BENEFITS UPON RETIREMENT	TOTAL COMPENSATION FROM THE TRUST AND FUND COMPLEX
Michael Bouchard	$1,706	$0	$0	$54,0004
William J. Crowley, Jr.	$1,707	$0	$0	$59,0005
Dominic D’Annunzio 3	$2,104	$0	$0	$71,5006
Michelle Engler	$1,719	$0	$0	$54,000
James Henry	$1,878	$0	$0	$59,000
Richard McLellan	$1,957	$0	$0	$61,500
William R. Rybak	$1,719	$0	$0	$54,000
Patricia Woodworth	$1,797	$0	$0	$66,5007
Steven J. Fredricks 2	$4,550	$0	$0	$149,587

¹ The fees paid to the independent Trustees are paid for combined meetings of all Funds in the Fund Complex. The fees are allocated to the Funds and affiliated investment companies on a pro-rata basis based on net assets. The total fees to all the independent Trustees is $479,500.

² Mr. Fredricks’ compensation is paid by the Funds for his duties as the Chief Compliance Officer of the Fund Complex. The expense is allocated to the Funds and affiliated investment companies on a pro-rata basis based on net assets.

³ Mr. D’Annunzio is an ex officio (non-voting) member of the Governance Committee. Therefore, he does not receive any compensation as a member of the Governance Committee.

⁴ Amount includes $2,700 deferred by Mr. Bouchard.

⁵ Amount includes $35,400 deferred by Mr. Crowley.

⁶ Amount includes $35,750 deferred by Mr. D’Annunzio.

⁷ Amount includes $66,500 deferred by Ms. Woodworth.

You can obtain a copy of the current prospectus, SAI or the most recent Annual or Semi-Annual Reports without charge, or make other inquiries, by calling 1-888-276-0061 or writing the Jackson Funds, c/o PNC Global Investment Servicing, P.O. Box 9691, Providence, RI 02940.

To learn more about Jackson Funds, call:

Investor Services: 888/276-0061

Financial Professional Support

Bank and Financial Institution Representatives: 800/777-7900

Independent and Non-Bank Broker/Dealer Representatives: 800/711-JNLD (5653)

Regional Broker/Dealer Representatives: 800/340-JNLD (5653)

FMM1003 05/09

Semi-Annual Report(Unaudited)

April 30, 2009

JNL^® Investors Series Trust

Jackson Funds^SM(Unaudited)

Schedules of Investments

April 30, 2009

		Shares/Par (q)	Value
Jackson Perspective Core Equity Fund
COMMON STOCKS - 99.6%
CONSUMER DISCRETIONARY - 11.0%
	Abercrombie & Fitch Co. - Class A	700	$ 18,942
	CBS Corp. - Class B	300	2,111
	Comcast Corp. - Class A	2,800	43,288
	Fortune Brands Inc.	850	33,414
	Home Depot Inc.	1,200	31,584
	Macy’s Inc.	2,700	36,936
	Newell Rubbermaid Inc.	2,500	26,125
	Royal Caribbean Cruises Ltd.	1,400	20,622
	Time Warner Cable Inc.	117	3,771
	Time Warner Inc.	466	10,173
	VF Corp.	500	29,635
	Viacom Inc. - Class B (b)	2,300	44,252
	Walt Disney Co.	700	15,330
			316,183
CONSUMER STAPLES - 11.5%
	Altria Group Inc.	2,700	44,091
	Archer-Daniels-Midland Co.	1,800	44,316
	Coca-Cola Co.	750	32,288
	Colgate-Palmolive Co.	200	11,800
	CVS Caremark Corp.	500	15,890
	Kimberly-Clark Corp.	150	7,371
	Kraft Foods Inc. - Class A	600	14,040
	PepsiCo Inc.	600	29,856
	Philip Morris International Inc.	800	28,960
	Procter & Gamble Co.	1,100	54,384
	Walgreen Co.	400	12,572
	Wal-Mart Stores Inc.	700	35,280
			330,848
ENERGY - 12.4%
	Anadarko Petroleum Corp.	200	8,612
	Apache Corp.	625	45,538
	Chevron Corp.	950	62,795
	ConocoPhillips	900	36,900
	Exxon Mobil Corp.	1,850	123,340
	Newfield Exploration Co. (b)	1,000	31,180
	Occidental Petroleum Corp.	800	45,032
	Valero Energy Corp.	200	3,967
			357,364
FINANCIALS - 14.4%
	Allstate Corp.	1,400	32,662
	American Express Co.	400	10,088
	Bank of America Corp.	3,800	33,934
	Citigroup Inc.	1,900	5,795
	Goldman Sachs Group Inc.	350	44,975
	Hartford Financial Services Group Inc.	3,500	40,145
	JPMorgan Chase & Co.	2,100	69,300

	Lincoln National Corp.	3,200	35,968
	Morgan Stanley	1,900	44,916
	Travelers Cos. Inc.	1,100	45,254
	U.S. Bancorp.	400	7,288
	Wells Fargo & Co.	2,300	46,023
			416,348
HEALTH CARE - 12.8%
	Abbott Laboratories	600	25,110
	Amgen Inc. (b)	400	19,388
	Baxter International Inc.	250	12,125
	Bristol-Myers Squibb Co.	850	16,320
	Cardinal Health Inc.	125	4,223
	CIGNA Corp.	2,250	44,348
	Eli Lilly & Co.	400	13,168
	Johnson & Johnson	1,275	66,759
	Medtronic Inc.	400	12,800
	Merck & Co. Inc.	1,875	45,450
	Pfizer Inc.	4,175	55,778
	Schering-Plough Corp.	600	13,812
	UnitedHealth Group Inc.	450	10,584
	WellPoint Inc. (b)	200	8,552
	Wyeth	500	21,200
			369,617
INDUSTRIALS - 12.1%
	3M Co.	300	17,280
	Boeing Co.	300	12,015
	Burlington Northern Santa Fe Corp.	100	6,748
	Caterpillar Inc.	1,300	46,254
	Emerson Electric Co.	300	10,212
	FedEx Corp.	125	6,995
	General Electric Co.	4,000	50,600
	Goodrich Corp.	1,000	44,280
	Honeywell International Inc.	300	9,363
	Masco Corp.	3,500	31,010
	Spirit Aerosystems Holdings Inc. (b)	1,500	19,125
	Terex Corp. (b)	1,300	17,940
	Textron Inc.	3,500	37,555
	United Parcel Service Inc. - Class B	400	20,936
	United Technologies Corp.	350	17,094
			347,407
INFORMATION TECHNOLOGY - 15.7%
	Applied Materials Inc.	500	6,105
	Automatic Data Processing Inc.	200	7,040
	Avnet Inc. (b)	800	17,512
	Cisco Systems Inc. (b)	2,200	42,504
	Computer Sciences Corp. (b)	800	29,568
	Corning Inc.	600	8,772
	Dell Inc. (b)	750	8,715
	Hewlett-Packard Co.	1,300	46,774
	Ingram Micro Inc. - Class A (b)	1,200	17,424

	Intel Corp.	3,050	48,129
	International Business Machines Corp.	725	74,827
	Microsoft Corp.	3,600	72,936
	Oracle Corp.	1,500	29,010
	QUALCOMM Inc.	700	29,624
	Texas Instruments Inc.	500	9,030
	Western Union Co.	300	5,025
			452,995
MATERIALS - 5.4%
	Alcoa Inc.	300	2,721
	Allegheny Technologies Inc.	1,125	36,821
	Dow Chemical Co.	1,100	17,600
	EI Du Pont de Nemours & Co.	1,000	27,900
	Nucor Corp.	1,100	44,759
	PPG Industries Inc.	600	26,430
			156,231
TELECOMMUNICATION SERVICES - 4.1%
	AT&T Inc.	2,800	71,736
	Verizon Communications Inc.	1,550	47,027
			118,763
UTILITIES - 0.2%
	Dominion Resources Inc.	200	6,033
	Total Common Stocks (cost $3,689,910)		2,871,789
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES - 0.0%
	Mellon GSL Reinvestment Trust II (i) (j) (o)	1,014	-
	Total Non-U.S. Government Agency Asset-Backed
	Securities (cost $1,014)		-
SHORT TERM INVESTMENTS - 0.2%
Mutual Funds - 0.2%
	JNL Money Market Fund, 0.31% (a) (e)	4,683	4,683
	Total Short Term Investments (cost $4,683)		4,683
Total Investments - 99.8% (cost $3,695,607)			2,876,472
Other Assets and Liabilities, Net - 0.2%			6,327
Total Net Assets - 100%			$ 2,882,799
Jackson Perspective Large Cap Value Fund
COMMON STOCKS - 99.8%
CONSUMER DISCRETIONARY - 15.7%
	Abercrombie & Fitch Co. - Class A	1,100	$ 29,766
	Comcast Corp. - Class A	4,100	63,386
	Fortune Brands Inc.	1,200	47,172
	Home Depot Inc.	1,500	39,480
	Macy’s Inc.	3,900	53,352

	Newell Rubbermaid Inc.	3,600	37,620
	Royal Caribbean Cruises Ltd.	1,950	28,723
	VF Corp.	725	42,971
	Viacom Inc. - Class B (b)	3,400	65,416
			407,886
CONSUMER STAPLES - 4.9%
	Altria Group Inc.	4,000	65,321
	Archer-Daniels-Midland Co.	2,500	61,550
			126,871
ENERGY - 11.4%
	Apache Corp.	900	65,574
	Chevron Corp.	950	62,795
	ConocoPhillips	1,300	53,300
	Newfield Exploration Co. (b)	1,700	53,006
	Occidental Petroleum Corp.	1,075	60,512
			295,187
FINANCIALS - 20.4%
	Allstate Corp.	2,000	46,660
	Bank of America Corp.	5,500	49,115
	Goldman Sachs Group Inc.	550	70,675
	Hartford Financial Services Group Inc.	5,000	57,350
	JPMorgan Chase & Co.	2,000	66,000
	Lincoln National Corp.	4,700	52,828
	Morgan Stanley	2,600	61,464
	Travelers Cos. Inc.	1,500	61,710
	Wells Fargo & Co.	3,200	64,032
			529,834
HEALTH CARE - 10.0%
	CIGNA Corp.	3,400	67,014
	Johnson & Johnson	1,250	65,450
	Merck & Co. Inc.	2,600	63,024
	Pfizer Inc.	4,800	64,128
			259,616
INDUSTRIALS - 11.1%
	Caterpillar Inc.	1,900	67,602
	Goodrich Corp.	1,500	66,420
	Masco Corp.	5,100	45,186
	Spirit Aerosystems Holdings Inc. (b)	2,200	28,050
	Terex Corp. (b)	1,800	24,840
	Textron Inc.	5,200	55,796
			287,894
INFORMATION TECHNOLOGY - 12.7%
	Avnet Inc. (b)	1,200	26,268
	Computer Sciences Corp. (b)	1,200	44,352
	Hewlett-Packard Co.	1,750	62,965
	Ingram Micro Inc. - Class A (b)	1,700	24,684
	Intel Corp.	2,500	39,450
	International Business Machines Corp.	600	61,926
	Microsoft Corp.	3,400	68,884

			328,529
MATERIALS - 8.5%
	Allegheny Technologies Inc.	1,500	49,095
	Dow Chemical Co.	1,700	27,199
	EI Du Pont de Nemours & Co.	1,400	39,060
	Nucor Corp.	1,600	65,104
	PPG Industries Inc.	900	39,645
			220,103
TELECOMMUNICATION SERVICES - 5.1%
	AT&T Inc.	2,500	64,050
	Verizon Communications Inc.	2,200	66,749
			130,799
	Total Common Stocks (cost $2,962,182)		2,586,719
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES - 0.0%
	Mellon GSL Reinvestment Trust II (i) (j) (o)	1,725	-
	Total Non-U.S. Government Agency Asset-Backed
	Securities (cost $1,725)		-
SHORT TERM INVESTMENTS - 0.0%
Mutual Funds - 0.0%
	JNL Money Market Fund, 0.31% (a) (e)	1,334	1,334
	Total Short Term Investments (cost $1,334)		1,334
Total Investments - 99.8% (cost $2,965,241)			2,588,053
Other Assets and Liabilities, Net - 0.2%			4,694
Total Net Assets - 100%			$ 2,592,747
Jackson Perspective Mid Cap Value Fund
COMMON STOCKS - 100.0%
CONSUMER DISCRETIONARY - 18.6%
	Abercrombie & Fitch Co. - Class A	2,200	$ 59,532
	BorgWarner Inc.	2,000	57,900
	Fortune Brands Inc.	1,700	66,827
	Liz Claiborne Inc.	5,500	26,070
	Macy’s Inc.	4,900	67,032
	Newell Rubbermaid Inc.	4,100	42,845
	Royal Caribbean Cruises Ltd.	4,800	70,704
	Sherwin-Williams Co.	700	39,648
	VF Corp.	900	53,343
	Viacom Inc. - Class B (b)	1,400	26,936
			510,837
CONSUMER STAPLES - 4.5%
	Corn Products International Inc.	2,850	68,115
	NBTY Inc. (b)	2,100	54,411
			122,526

ENERGY - 6.8%
	Apache Corp.	400	29,144
	Comstock Resources Inc. (b)	1,600	55,136
	Hercules Offshore Inc. (b)	8,900	28,480
	Newfield Exploration Co. (b)	2,400	74,832
			187,592
FINANCIALS - 11.4%
	American Financial Group Inc.	3,900	68,562
	Astoria Financial Corp.	8,100	66,906
	Hartford Financial Services Group Inc.	3,700	42,439
	Lincoln National Corp.	6,100	68,564
	Reinsurance Group of America Inc.	2,100	66,759
			313,230
HEALTH CARE - 5.6%
	CIGNA Corp.	3,500	68,985
	Owens & Minor Inc.	800	27,744
	Res-Care Inc. (b)	3,600	57,672
			154,401
INDUSTRIALS - 28.7%
	Belden Inc.	2,200	35,464
	Con-Way Inc.	2,400	59,472
	Esterline Technologies Corp. (b)	2,200	57,970
	GATX Corp.	1,900	57,209
	Goodrich Corp.	1,550	68,634
	Kennametal Inc.	3,300	67,485
	Lincoln Electric Holdings Inc.	1,600	71,248
	Masco Corp.	6,500	57,590
	SkyWest Inc.	1,900	22,876
	Spirit Aerosystems Holdings Inc. (b)	5,600	71,400
	Steelcase Inc.	13,300	60,249
	Terex Corp. (b)	2,100	28,980
	Textron Inc.	5,800	62,234
	Watson Wyatt Worldwide Inc.	1,300	68,965
			789,776
INFORMATION TECHNOLOGY - 8.3%
	Avnet Inc. (b)	3,100	67,859
	Computer Sciences Corp. (b)	1,750	64,680
	Ingram Micro Inc. - Class A (b)	4,700	68,244
	Omnivision Technologies Inc. (b)	3,000	28,530
			229,313
MATERIALS - 11.8%
	Allegheny Technologies Inc.	2,100	68,733
	Nucor Corp.	600	24,414
	Olin Corp.	4,000	50,400
	PPG Industries Inc.	1,300	57,265
	Reliance Steel & Aluminum Co.	1,900	66,937
	Steel Dynamics Inc.	4,500	56,025
			323,774
UTILITIES - 4.3%

	Pinnacle West Capital Corp.	2,300	62,974
	Westar Energy Inc.	3,200	56,097
			119,071
	Total Common Stocks (cost $3,161,048)		2,750,520
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES - 0.0%
	Mellon GSL Reinvestment Trust II (i) (j) (o)	5,552	-
	Total Non-U.S. Government Agency Asset-Backed
	Securities (cost $5,552)		-
SHORT TERM INVESTMENTS - 0.4%
Mutual Funds - 0.4%
	JNL Money Market Fund, 0.31% (a) (e)	10,810	10,810
	Total Short Term Investments (cost $10,810)		10,810
Total Investments - 100.4% (cost $3,177,410)			2,761,330
Other Assets and Liabilities, Net - (0.4%)			(10,198)
Total Net Assets - 100%			$ 2,751,132
Jackson Perspective Small Cap Value Fund
COMMON STOCKS - 100.0%
CONSUMER DISCRETIONARY - 23.8%
	Abercrombie & Fitch Co. - Class A	1,700	$ 46,002
	Bob Evans Farms Inc.	3,000	72,750
	BorgWarner Inc.	2,300	66,585
	Columbia Sportswear Co.	1,900	58,368
	Jakks Pacific Inc. (b)	5,900	74,635
	K-Swiss Inc. - Class A	6,000	60,240
	Liz Claiborne Inc.	6,800	32,232
	Macy’s Inc.	3,300	45,144
	RC2 Corp. (b)	5,400	61,074
	Royal Caribbean Cruises Ltd.	2,900	42,717
	Skechers U.S.A. Inc. - Class A (b)	6,400	74,880
	Superior Industries International Inc.	4,800	72,384
			707,011
CONSUMER STAPLES - 6.0%
	Corn Products International Inc.	3,200	76,480
	Del Monte Foods Co.	3,800	28,690
	NBTY Inc. (b)	2,800	72,548
			177,718
ENERGY - 5.8%
	Comstock Resources Inc. (b)	1,900	65,474
	Hercules Offshore Inc. (b)	12,800	40,960
	Newfield Exploration Co. (b)	2,100	65,478
			171,912
FINANCIALS - 13.1%

	American Financial Group Inc.	4,000	70,320
	Associated Banc-Corp	1,900	29,393
	Astoria Financial Corp.	8,800	72,688
	Delphi Financial Group Inc.	4,000	69,080
	Reinsurance Group of America Inc.	2,300	73,117
	SeaBright Insurance Holdings Inc. (b)	8,000	74,240
			388,838
HEALTH CARE - 3.8%
	Owens & Minor Inc.	1,200	41,616
	Res-Care Inc. (b)	4,500	72,090
			113,706
INDUSTRIALS - 27.3%
	Belden Inc.	3,500	56,420
	Con-Way Inc.	2,600	64,428
	Esterline Technologies Corp. (b)	2,700	71,145
	GATX Corp.	2,200	66,242
	GenCorp Inc. (b)	8,800	21,120
	Kennametal Inc.	3,600	73,620
	Lincoln Electric Holdings Inc.	1,800	80,154
	Masco Corp.	5,000	44,300
	SkyWest Inc.	6,200	74,648
	Spirit Aerosystems Holdings Inc. (b)	4,700	59,925
	Steelcase Inc.	13,400	60,702
	Terex Corp. (b)	4,600	63,480
	Watson Wyatt Worldwide Inc.	1,400	74,270
			810,454
INFORMATION TECHNOLOGY - 8.8%
	Avnet Inc. (b)	2,800	61,292
	Benchmark Electronics Inc. (b)	4,400	53,372
	Ingram Micro Inc. - Class A (b)	5,100	74,052
	Omnivision Technologies Inc. (b)	7,800	74,178
			262,894
MATERIALS - 7.1%
	Olin Corp.	4,800	60,480
	Reliance Steel & Aluminum Co.	2,200	77,506
	Steel Dynamics Inc.	6,000	74,700
			212,686
UTILITIES - 4.3%
	Pinnacle West Capital Corp.	2,100	57,498
	Westar Energy Inc.	4,000	70,120
			127,618
	Total Common Stocks (cost $3,341,294)		2,972,837
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES - 0.0%
	Mellon GSL Reinvestment Trust II (i) (j) (o)	9,589	-
	Total Non-U.S. Government Agency Asset-Backed
	Securities (cost $9,589)		-

SHORT TERM INVESTMENTS - 0.2%
Mutual Funds - 0.2%
	JNL Money Market Fund, 0.31% (a) (e)	7,451	7,451
	Total Short Term Investments (cost $7,451)		7,451
Total Investments - 100.2% (cost $3,358,334)			2,980,288
Other Assets and Liabilities, Net - (0.2%)			(6,959)
Total Net Assets - 100%			$ 2,973,329
Jackson Perspective Total Return Fund
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES - 14.1%
	Banc of America Commercial Mortgage Inc. REMIC,
	5.94%, 02/10/51 (d)	300,000	$ 233,753
	Citigroup/Deutsche Bank Commercial Mortgage Trust,
	5.40%, 07/15/44 (d)	300,000	261,538
	Greenwich Capital Commercial Funding Corp. REMIC,
	5.44%, 03/10/39	300,000	234,892
	Household Credit Card Master Note Trust,
	5.10%, 06/15/12	250,000	250,980
	John Deere Owner Trust, 5.07%, 04/15/14	300,000	295,735
	JPMorgan Chase & Co. Commercial Mortgage Securities Inc.
	5.20%, 12/11/38	300,000	249,127
	5.74%, 09/11/42	225,000	185,434
	MBNA Credit Card Master Note Trust, 4.50%, 01/15/13	250,000	255,712
	Morgan Stanley Capital I
	5.80%, 06/11/42 (d)	300,000	255,121
	6.08%, 06/11/49 (d)	300,000	233,855
	Wachovia Bank Commercial Mortgage Trust
	5.77%, 07/15/45	300,000	242,651
	5.74%, 05/15/43 (d)	300,000	250,706
	Total Non-U.S. Government Agency Asset-Backed
	Securities (cost $2,761,013)		2,949,504
CORPORATE BONDS AND NOTES - 46.9%
CONSUMER DISCRETIONARY - 4.9%
	Comcast Cable Communications Holdings Inc.,
	8.38%, 03/15/13	100,000	110,266
	CSC Holdings Inc., 8.63%, 02/15/19 (g) (k)	100,000	100,750
	D.R. Horton Inc., 6.50%, 04/15/16	125,000	105,625
	Meritage Homes Corp., 6.25%, 03/15/15	100,000	73,001
	Reed Elsevier Capital Inc., 8.63%, 01/15/19 (m)	125,000	130,862
	Starwood Hotels & Resorts Worldwide Inc.,
	7.88%, 10/15/14	100,000	94,750
	Time Warner Cable Inc., 7.50%, 04/01/14	150,000	161,130
	Whirlpool Corp., 8.60%, 05/01/14 (m)	250,000	256,160
			1,032,544

CONSUMER STAPLES - 1.9%
	Altria Group Inc., 9.95%, 11/10/38	115,000	126,232
	Delhaize Group, 5.88%, 02/01/14	83,000	84,137
	Ingles Markets Inc., 8.88%, 05/15/17 (c) (g) (k)	100,000	96,548
	SUPERVALU Inc., 8.00%, 05/01/16	100,000	98,313
			405,230
ENERGY - 2.1%
	Energy Transfer Partners LP, 8.50%, 04/15/14	118,000	127,366
	Inergy LP/Inergy Finance Corp., 8.75%, 03/01/15 (g) (k)	100,000	100,500
	Kinder Morgan Energy Partners LP, 9.00%, 02/01/19	100,000	108,642
	Tennessee Gas Pipeline Co., 8.00%, 02/01/16 (g) (k)	100,000	102,000
			438,508
FINANCIALS - 22.3%
	Allstate Life Global Funding Trust, 5.38%, 04/30/13	100,000	98,506
	American Express Travel Related Services Co. Inc.,
	5.25%, 11/21/11 (g) (k)	150,000	138,966
	American General Finance Corp., 5.85%, 06/01/13	135,000	55,875
	Bank of America Corp.
	6.00%, 09/01/17	165,000	137,995
	8.00% (callable at 100 on 01/30/18) (p)	125,000	71,018
	Berkshire Hathaway Finance Corp.,
	4.00%, 04/15/12 (g) (k)	200,000	203,266
	Chubb Corp., 6.38%, 03/29/67 (d)	100,000	60,465
	Citigroup Inc.
	5.85%, 07/02/13	200,000	179,004
	6.00%, 08/15/17	355,000	298,181
	8.40% (callable at 100 beginning 04/30/18) (o) (p)	160,000	107,019
	CME Group Inc., 5.75%, 02/15/14	173,000	182,008
	Credit Suisse New York, 5.00%, 05/15/13	150,000	148,129
	Deutsche Bank AG, 4.88%, 05/20/13	150,000	148,958
	General Electric Capital Corp.
	2.20%, 06/08/12	250,000	251,565
	6.88%, 01/10/39	319,000	249,949
	Goldman Sachs Group Inc.
	5.25%, 10/15/13	100,000	99,286
	7.50%, 02/15/19	173,000	177,519
	6.75%, 10/01/37	100,000	76,226
	JPMorgan Chase & Co.
	5.60%, 06/01/11	200,000	206,821
	7.90% (callable at 100 beginning 04/30/18) (p)	100,000	76,075
	6.30%, 04/23/19	140,000	137,766
	Macquarie Bank Ltd., 4.10%, 12/17/13 (g) (k)	250,000	253,180
	Merrill Lynch & Co. Inc.
	6.15%, 04/25/13	200,000	183,880
	6.88%, 04/25/18	150,000	126,410
	Morgan Stanley, 5.38%, 10/15/15	125,000	112,512
	New York Life Global Funding, 4.65%, 05/09/13 (g) (k)	200,000	197,967
	NiSource Finance Corp., 10.75%, 03/15/16 (m)	106,000	113,431
	Pricoa Global Funding I, 5.30%, 09/27/13 (g) (k)	155,000	135,900
	Republic New York Corp., 9.50%, 04/15/14	145,000	144,582

	UBS AG Stamford, 5.88%, 07/15/16	102,000	76,840
	Wells Fargo & Co.,
	7.98% (callable at 100 beginning 03/15/18) (p)	100,000	56,000
	Wells Fargo Bank NA, 6.45%, 02/01/11	150,000	152,930
			4,658,229
HEALTH CARE - 2.5%
	HCA Inc., 9.25%, 11/15/16	100,000	99,000
	Pfizer Inc., 6.00%, 03/15/19	150,000	161,211
	Roche Holdings Inc., 5.00%, 03/01/14 (g) (k)	250,000	262,079
			522,290
INDUSTRIALS - 1.4%
	Allied Waste North America Inc., 6.88%, 06/01/17	100,000	97,000
	ITT Corp., 4.90%, 05/01/14	195,000	197,662
			294,662
INFORMATION TECHNOLOGY - 1.0%
	Nokia Corp.
	5.38%, 05/15/19	101,000	100,886
	6.63%, 05/15/39	100,000	99,827
			200,713
MATERIALS - 4.9%
	Anglo American Capital Plc, 9.38%, 04/08/14 (g) (k)	250,000	259,425
	Cargill Inc., 7.35%, 03/06/19 (g) (k)	250,000	247,045
	Georgia-Pacific LLC, 8.25%, 05/01/16 (g) (k)	100,000	100,000
	Potash Corp. of Saskatchewan Inc., 6.50%, 05/15/19	100,000	103,923
	Rio Tinto Finance Ltd.
	8.95%, 05/01/14 (m)	150,000	155,356
	9.00%, 05/01/19 (m)	152,000	156,284
			1,022,033
TELECOMMUNICATION SERVICES - 2.2%
	CC Holdings GS V LLC/Crown Castle GS III Corp.,
	7.75%, 05/01/17 (g) (k)	100,000	101,000
	Frontier Communications Corp., 8.25%, 05/01/14	100,000	98,251
	Rogers Wireless Communications Inc., 6.38%, 03/01/14	100,000	105,420
	Verizon Wireless Capital LLC, 5.55%, 02/01/14 (g) (k)	150,000	157,354
			462,025
UTILITIES - 3.7%
	AES Corp., 9.75%, 04/15/16 (g) (k)	100,000	99,000
	CenterPoint Energy Houston Electric LLC,
	7.00%, 03/01/14	150,000	159,461
	CMS Energy Corp., 6.55%, 07/17/17	100,000	87,118
	Commonwealth Edison Co., 6.15%, 03/15/12	100,000	103,047
	Electricite de France SA, 5.50%, 01/26/14 (g) (k)	200,000	214,200
	Oncor Electric Delivery Co., 6.80%, 09/01/18 (g) (k)	100,000	99,823
			762,649
	Total Corporate Bonds and Notes (cost $9,759,890)		9,798,883
GOVERNMENT AND AGENCY OBLIGATIONS - 36.8%
GOVERNMENT SECURITIES - 5.5%

Municipals - 1.3%
	State of California Taxable Various Purpose Bond,
	5.65%, 04/01/39	250,000	257,923
U.S. Treasury Securities - 4.2%
	U.S. Treasury Bond
	5.25%, 11/15/28	150,000	172,969
	4.38%, 02/15/38	29,000	30,477
	4.50%, 05/15/38	18,000	19,371
	3.50%, 02/15/39	326,000	295,385
	U.S. Treasury Note
	1.75%, 03/31/14	104,000	102,830
	2.38%, 03/31/16	162,000	159,114
	2.88%, 02/15/19	104,000	100,732
			880,878
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED
SECURITIES - 31.3%
Federal Home Loan Mortgage Corp. - 2.8%
	Federal Home Loan Mortgage Corp., 5.00%, 11/01/23	558,538	578,034
Federal National Mortgage Association - 20.9%
	Federal National Mortgage Association
	5.13%, 01/02/14	150,000	154,009
	4.50%, 05/01/20, TBA (c)	420,000	431,419
	5.50%, 05/11/36, TBA (c)	1,918,000	1,986,929
	6.50%, 05/11/36, TBA (c)	545,000	577,359
	6.00%, 10/01/37	1,154,432	1,208,116
			4,357,832
Government National Mortgage Association - 7.6%
	Government National Mortgage Association
	6.00%, 10/01/37	280,000	285,511
	6.00%, 10/01/37	1,267,000	1,310,950
			1,596,461
	Total Government and Agency Obligations (cost $7,676,314)		7,671,128
SHORT TERM INVESTMENTS - 24.9%
Mutual Funds - 24.9%
	JNL Money Market Fund, 0.31% (a) (e)	5,207,543	5,207,543
	Total Short Term Investments (cost $5,207,543)		5,207,543
Total Investments - 122.7% (cost $25,404,760)			25,627,058
Other Assets and Liabilities, Net - (22.7%) (h)			(4,738,628)
Total Net Assets - 100%			$ 20,888,430
Jackson Perspective Asia Pacific ex-Japan
Bond Fund
CORPORATE BONDS AND NOTES - 48.6%

CONSUMER DISCRETIONARY - 1.6%
	LG Electronics Inc., 5.00%, 06/17/10 (g) (j)	100,000	$ 96,168
	Prime Holdings Labuan Ltd., 5.38%, 09/22/14	200,000	161,082
	PT Gajah Tunggal Tbk, 10.25%, 07/21/10	100,000	27,985
			285,235
CONSUMER STAPLES - 2.8%
	Kuala Lumpur Kepong Bhd, 4.00%, 05/10/12, MYR	1,500,000	421,635
	Shinsegae Co. Ltd., 6.125%, 06/27/11	100,000	96,583
			518,218
ENERGY - 0.9%
	Indo Integrated Energy BV, 8.50%, 06/01/12	200,000	165,934
FINANCIALS - 26.9%
	Ascott Capital Pte Ltd., 3.58%, 09/28/12, SGD	500,000	347,070
	CapitaMall Trust Management Ltd.,
	3.25%, 04/01/10, SGD	500,000	338,768
	CCT MTN Pte Ltd., 3.85%, 08/20/10, SGD	500,000	340,500
	CDL Properties Ltd., 3.85%, 10/12/11, SGD	350,000	246,999
	Ciliandra Perkasa Finance Co. Pte Ltd.,
	10.75%, 12/08/11 (g) (k)	200,000	166,000
	City Developments Ltd., 3.18%, 12/03/09, SGD	500,000	340,087
	DBS Capital Funding Corp.,
	7.66% (callable at 100 on 03/15/11) (g) (k) (p)	200,000	178,344
	Empire Capital Resources Pte Ltd.,
	9.38%, 12/15/11 (g) (k)	200,000	178,000
	General Electric Capital Corp.
	2.96%, 05/18/12, SGD	500,000	278,674
	3.93%, 05/07/14, SGD	250,000	122,673
	Greentown China Holdings Ltd., 9.00%, 11/08/13	100,000	81,710
	ICICI Bank Ltd.
	3.92%, 02/15/12, SGD	250,000	143,690
	3.30%, 05/03/12, SGD	250,000	147,349
	ICICI Bank UK Plc, 4.04%, 11/29/10	250,000	150,231
	Industrial Bank of Korea, 4.00%, 05/19/14 (d) (g) (k)	200,000	199,000
	Mapletree Treasury Services Ltd.,
	4.60%, 08/20/13, SGD	500,000	348,177
	MISC Capital Ltd., 6.13%, 07/01/14	100,000	100,454
	National Agricultural Cooperative Federation
	5.55%, 10/23/12	200,000	185,040
	6.13%, 06/15/16 (l)	200,000	181,978
	PLUS SPV Bhd, 2.00%, 03/11/15, MYR (i)	400,000	93,963
	Rantau Abang Capital Bhd, 4.39%, 03/15/11, MYR	1,000,000	288,924
	SBB Capital Corp.,
	6.62%, 11/02/15 (callable at 100 on 11/02/15) (p)	300,000	178,637
	Shinhan Bank, 5.13%, 07/15/15 (l)	100,000	91,484
	UOB Cayman Ltd.,
	5.80% (callable at 100 beginning 03/15/16) (g) (k) (p)	200,000	119,500
	Woori Bank, 6.21%, 05/02/37 (d) (g) (k)	100,000	49,495

			4,896,747
INDUSTRIALS - 3.2%
	Hutchison Whampoa International Ltd.,
	7.63%, 04/09/19 (g) (k)	500,000	491,488
	Noble Group Ltd., 8.50%, 05/30/13 (g) (k)	100,000	85,500
			576,988
INFORMATION TECHNOLOGY - 1.5%
	SK Broadband Co. Ltd., 7.00%, 02/01/12 (g) (k)	100,000	96,500
	STATS ChipPAC Ltd.
	7.50%, 07/19/10	100,000	93,000
	6.75%, 11/15/11	100,000	89,000
			278,500
MATERIALS - 1.5%
	GS Caltex Corp., 7.25%, 07/02/13 (g) (j)	200,000	181,016
	Sino-Forest Corp., 9.13%, 08/17/11 (g) (k)	100,000	95,000
			276,016
TELECOMMUNICATION SERVICES - 4.0%
	Binariang GSM Sdn Bhd,
	5.55%, 12/27/13, MYR	1,250,000	353,754
	Excelcomindo Pratama PT,
	10.35%, 04/26/12, IDR (i)	2,000,000,000	180,723
	KT Corp., 5.13%, 04/11/12	100,000	95,516
	PCCW HKT Capital Ltd., 7.75%, 11/15/11 (g) (k) (m)	100,000	98,581
			728,574
UTILITIES - 6.2%
	CLP Power Financing Ltd.,
	4.75%, 01/18/16, HKD	6,000,000	834,835
	Majapahit Holding BV, 7.25%, 10/17/11 (g) (k)	100,000	95,946
	National Power Corp., 9.88%, 03/16/10	100,000	104,500
	TNB Capital (L) Ltd., 5.25%, 05/05/15 (g) (k)	100,000	94,241
			1,129,522
	Total Corporate Bonds and Notes (cost $8,835,188)		8,855,734
GOVERNMENT AND AGENCY OBLIGATIONS - 47.2%
GOVERNMENT SECURITIES - 47.2%
Sovereign - 47.2%
	Hong Kong Government Bond
	2.03%, 03/18/13, HKD	5,700,000	751,380
	4.65%, 08/29/22, HKD	500,000	81,627
	Indonesia Government Bond
	11.00%, 12/15/12, IDR	2,700,000,000	259,574
	9.00%, 09/15/13, IDR	3,000,000,000	266,558
	11.00%, 10/15/14, IDR	2,900,000,000	270,865
	9.50%, 06/15/15, IDR	2,600,000,000	223,323
	10.00%, 07/15/17, IDR	1,000,000,000	84,889
	9.00%, 09/15/18, IDR	1,000,000,000	78,552
	11.50%, 09/15/19, IDR	1,000,000,000	90,658

	11.00%, 11/15/20, IDR	1,000,000,000	87,176
	10.25%, 07/15/22, IDR	1,000,000,000	81,533
	9.50%, 07/15/23, IDR	1,000,000,000	76,124
	11.00%, 09/15/25, IDR	1,000,000,000	84,684
	10.00%, 02/15/28, IDR	1,000,000,000	77,478
	Korea Monetary Stabilization Bond,
	5.40%, 05/14/10, KRW	130,000,000	104,182
	Korea Treasury Bond
	5.25%, 03/10/13, KRW	800,000,000	649,026
	4.75%, 09/17/13, KRW	100,000,000	80,130
	5.25%, 03/17/14, KRW	400,000,000	326,239
	4.25%, 09/10/14, KRW	1,500,000,000	1,157,632
	5.50%, 09/10/17, KRW	1,500,000,000	1,235,509
	Malaysia Government Bond
	5.09%, 04/30/14, MYR	300,000	88,744
	3.81%, 02/15/17, MYR	500,000	135,110
	7.00%, 07/30/19, MYR	1,000,000	316,518
	Philippine Government Bond
	5.75%, 02/21/12, PHP	5,000,000	103,902
	7.13%, 08/01/12, PHP	5,000,000	107,397
	8.75%, 03/03/13, PHP	5,000,000	112,669
	6.25%, 01/27/14, PHP (i)	5,000,000	103,738
	7.00%, 01/27/16, PHP (i)	7,000,000	144,234
	9.13%, 09/04/16, PHP	8,000,000	178,601
	7.75%, 08/23/17, PHP	3,500,000	71,871
	Singapore Government Bond
	3.13%, 09/01/22, SGD	200,000	142,953
	3.50%, 03/01/27, SGD	300,000	217,505
	Thailand Government Bond
	5.25%, 05/12/14, THB	3,000,000	96,949
	5.13%, 03/13/18, THB	7,000,000	230,741
	5.63%, 01/12/19, THB	4,000,000	136,236
	5.50%, 08/13/19, THB	3,000,000	100,500
	5.85%, 03/31/21, THB	3,000,000	104,341
	6.15%, 07/07/26, THB	4,000,000	141,149
	Total Government and Agency Obligations (cost $9,008,911)		8,600,297
SHORT TERM INVESTMENTS - 2.2%
Mutual Funds - 2.2%
	JNL Money Market Fund, 0.31% (a) (e)	398,895	398,895
	Total Short Term Investments (cost $398,895)		398,895
Total Investments - 98.0% (cost $18,242,994)			17,854,926
Other Assets and Liabilities, Net - 2.0%			356,404
Total Net Assets - 100%			$ 18,211,330
Jackson Perspective Asia ex-Japan Fund

COMMON STOCKS - 99.7%
CONSUMER DISCRETIONARY - 5.9%
	Hankook Tire Co. Ltd.	1,200	$ 14,311
	Kangwon Land Inc.	3,290	40,003
	Lotte Shopping Co. Ltd.	322	56,218
	PT Astra International Tbk	31,500	53,566
			164,098
CONSUMER STAPLES - 3.9%
	Hengan International Group Co. Ltd.	11,000	46,057
	Shinsegae Co. Ltd.	173	61,555
			107,612
ENERGY - 6.4%
	China Petroleum & Chemical Corp.	28,000	21,966
	CNOOC Ltd.	74,000	82,975
	PTT Public Company Ltd.	4,900	26,316
	SK Energy Co. Ltd.	588	46,059
			177,316
FINANCIALS - 36.2%
	ARA Asset Management Ltd.	91,000	28,274
	Bangkok Bank Public Co. Ltd.	27,900	67,803
	Bank of China Ltd.	243,000	90,928
	Bumiputra-Commerce Holdings Bhd	15,800	35,728
	Chinatrust Financial Holding Co. Ltd.	47,297	21,665
	DBS Group Holdings Ltd.	12,000	77,001
	Guangzhou R&F Properties Co. Ltd.	28,800	47,120
	Hang Seng Bank Ltd.	2,700	30,170
	Henderson Land Development Co. Ltd.	16,000	75,354
	ICICI Bank Ltd.	2,442	23,633
	ICICI Bank Ltd. - ADR	2,600	53,638
	KB Financial Group Inc. (b)	1,910	59,176
	Metropolitan Bank & Trust Co.	54,800	33,997
	Ping an Insurance Group Co. of China Ltd.	10,500	65,709
	PT Bank Rakyat Indonesia	155,000	84,932
	Shui On Land Ltd.	79,000	34,250
	Unitech Ltd.	24,066	21,517
	Wharf Holdings Ltd.	27,000	89,709
	Yanlord Land Group Ltd.	49,000	47,660
	Yuanta Financial Holding Co. Ltd.	37,000	21,703
			1,009,967
INDUSTRIALS - 10.9%
	Aditya Birla Nuvo Ltd.	2,090	22,198
	Bakrie and Brothers Tbk PT (b)	1,532,000	12,302
	Beijing Capital International Airport Co. Ltd.	10,000	6,387
	China Merchants Holdings International Co. Ltd.	8,000	19,076
	Far Eastern Textile Co. Ltd.	98,600	91,971
	Hutchison Whampoa Ltd.	13,000	77,161
	S1 Corp.	1,289	47,220
	SembCorp Industries Ltd.	10,000	18,440
	Suzlon Energy Ltd.	7,164	9,190

			303,945
INFORMATION TECHNOLOGY - 16.7%			��
	AAC Acoustic Technologies Holdings Inc. (b)	84,000	45,739
	BYD Electronic International Co. Ltd.	54,000	27,662
	Delta Electronics Inc. (i)	8,000	17,900
	HON HAI Precision Industry Co. Ltd.	12,350	35,698
	HON HAI Precision Industry Co. Ltd. - GDR	13,110	80,106
	LG Display Co. Ltd.	550	13,418
	MediaTek Inc.	8,080	84,163
	Samsung Electronics Co. Ltd.	114	52,602
	Samsung Electronics Co. Ltd. - GDR	200	45,030
	Sohu.com Inc. (b)	900	46,935
	Wistron Corp.	12,000	15,203
			464,456
MATERIALS - 7.1%
	China Zhongwang Holdings Ltd. (b) (i)	41,200	37,213
	Huabao International Holdings Ltd.	80,000	56,774
	Sterlite Industries India Ltd.	2,994	24,996
	Taiwan Cement Corp.	81,960	78,308
			197,291
TELECOMMUNICATION SERVICES - 10.5%
	Axiata Group Bhd (b)	85,725	52,976
	China Mobile Ltd.	13,000	112,890
	China Unicom Ltd.	42,908	49,109
	LG Dacom Corp.	3,720	56,974
	Philippine Long Distance Telephone Co.	470	21,236
			293,185
UTILITIES - 2.1%
	Tata Power Co. Ltd.	3,310	59,733
	Total Common Stocks (cost $3,850,490)		2,777,603
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES - 0.0%
	Mellon GSL Reinvestment Trust II (i) (j) (o)	7,844	-
	Total Non-U.S. Government Agency Asset-Backed
	Securities (cost $7,844)		-
SHORT TERM INVESTMENTS - 0.2%
Mutual Funds - 0.2%
	JNL Money Market Fund, 0.31% (a) (e)	6,139	6,139
	Total Short Term Investments (cost $6,139)		6,139
Total Investments - 99.9% (cost $3,864,473)			2,783,742
Other Assets and Liabilities, Net - 0.1%			1,774
Total Net Assets - 100%			$ 2,785,516
Jackson Perspective Asia ex-Japan

Infrastructure Fund
COMMON STOCKS - 93.8%
ENERGY - 14.1%
	China Petroleum & Chemical Corp.	124,000	$ 97,279
	China Shenhua Energy Co. Ltd.	20,500	57,532
	CNOOC Ltd.	59,000	66,156
	Formosa Petrochemical Corp.	34,000	79,054
	GS Holdings Corp.	2,020	48,493
	PTT Public Company Ltd.	7,400	39,742
	Reliance Industries Ltd. - GDR	1,000	75,644
			463,900
INDUSTRIALS - 29.3%
	Bharat Heavy Electricals Ltd.	1,569	52,262
	China Railway Group Ltd. (b)	158,000	109,070
	China Shipping Container Lines Co. Ltd.	468,000	113,527
	GS Engineering & Construction Corp.	628	32,992
	Jiangsu Expressway Co. Ltd. (b)	76,000	54,229
	Larsen & Toubro Ltd. - GDR	2,900	53,718
	MTR Corp.	28,479	72,391
	NWS Holdings Ltd.	52,080	104,697
	PLUS Expressways Bhd	101,600	94,180
	S1 Corp.	1,920	70,335
	SembCorp Industries Ltd.	26,000	47,943
	Shenzhen Expressway Co. Ltd.	136,000	51,592
	Sinotruk Hong Kong Ltd.	112,500	103,499
			960,435
MATERIALS - 6.7%
	Angang Steel Co. Ltd.	68,000	82,126
	China Steel Corp.	58,710	45,444
	Nan Ya Plastics Corp.	39,000	51,649
	Siam Cement Public Co. Ltd.	11,700	40,452
			219,671
TELECOMMUNICATION SERVICES - 21.0%
	Advanced Info Service Public Company Ltd.	22,900	51,597
	China Mobile Ltd.	9,500	82,496
	China Unicom Ltd.	73,138	83,707
	Chungwa Telecom Co. Ltd.	52,558	100,115
	Far EasTone Telecommunications Co. Ltd.	79,179	90,135
	LG Telecom Ltd.	11,412	80,142
	Singapore Telecommunications Ltd.	65,000	112,394
	Telekomunikasi Indonesia Tbk PT	119,500	88,623
			689,209
UTILITIES - 22.7%
	Cheung Kong Infrastructure Holdings Ltd.	27,000	104,690
	China Resources Power Holdings Co. Ltd.	44,000	99,354
	Electricity Generating Public Co. Ltd.	25,400	49,129
	Energy Development Corp.	768,000	57,174
	GAIL India Ltd. - GDR	2,475	78,272
	Guangdong Investment Ltd.	182,000	75,618

	Hong Kong & China Gas Co. Ltd.	29,200	54,632
	Korea Electric Power Corp. (b)	2,760	60,234
	Manila Water Co. Inc.	224,700	62,730
	Reliance Infrastructure Ltd. - GDR	800	28,920
	Tenaga Nasional Bhd	34,900	72,055
			742,808
	Total Common Stocks (cost $4,536,981)		3,076,023
INVESTMENT FUNDS - 1.6%
	Macquarie Korea Infrastructure Fund	14,232	52,469
	Total Investment Funds (cost $95,361)		52,469
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES - 0.0%
	Mellon GSL Reinvestment Trust II (i) (j) (o)	3,458	-
	Total Non-U.S. Government Agency Asset-Backed
	Securities (cost $3,458)		-
SHORT TERM INVESTMENTS - 0.1%
Mutual Funds - 0.1%
	JNL Money Market Fund, 0.31% (a) (e)	4,213	4,213
	Total Short Term Investments (cost $4,213)		4,213
Total Investments - 95.5% (cost $4,640,013)			3,132,705
Other Assets and Liabilities, Net - 4.5%			147,148
Total Net Assets - 100%			$ 3,279,853
Jackson Perspective China-India Fund
COMMON STOCKS - 99.5%
CONSUMER DISCRETIONARY - 5.5%
	Focus Media Holding Ltd. - ADR (b)	3,500	$ 22,050
	GOME Electrical Appliances Holdings Ltd. (i)	220,000	23,845
	Hero Honda Motors Ltd.	1,692	40,245
	Li Ning Co. Ltd.	9,000	18,581
	Maruti Suzuki India Ltd.	2,392	39,273
			143,994
CONSUMER STAPLES - 4.0%
	Hindustan Unilever Ltd.	7,948	37,425
	ITC Ltd.	17,657	66,964
			104,389
ENERGY - 21.9%
	Bharat Petroleum Corp. Ltd.	5,524	42,936
	Cairn India Ltd. (b)	8,076	30,279
	China Petroleum & Chemical Corp.	130,000	101,986
	China Shenhua Energy Co. Ltd.	17,500	49,113
	CNOOC Ltd.	65,000	72,883

	Oil & Natural Gas Corp. Ltd.	2,832	49,272
	Reliance Industries Ltd.	6,335	230,750
			577,219
FINANCIALS - 25.4%
	Axis Bank Ltd.	1,320	14,794
	Bank of China Ltd.	307,000	114,877
	Franshion Properties China Ltd.	172,000	46,606
	HDFC Bank Ltd. (b)	4,501	99,789
	Housing Development Finance Corp.	1,932	67,154
	ICICI Bank Ltd.	7,029	68,025
	Industrial & Commercial Bank of China	224,000	128,908
	Infrastructure Development Finance Co. Ltd.	6,313	9,782
	Ping an Insurance Group Co. of China Ltd.	10,000	62,580
	Rural Electrification Corp. Ltd.	12,392	25,739
	Sino-Ocean Land Holdings Ltd.	39,000	28,986
			667,240
HEALTH CARE - 1.1%
	Cipla Ltd.	5,816	28,196
INDUSTRIALS - 11.2%
	Beijing Capital International Airport Co. Ltd.	66,000	42,155
	Bharat Heavy Electricals Ltd.	1,350	44,967
	BYD Co. Ltd. (b)	48,800	129,083
	China Shipping Development Co. Ltd.	14,000	16,222
	Larsen & Toubro Ltd.	3,472	61,593
			294,020
INFORMATION TECHNOLOGY - 9.7%
	AAC Acoustic Technologies Holdings Inc. (b)	86,000	46,828
	Infosys Technologies Ltd.	4,574	139,085
	Sohu.com Inc. (b)	600	31,290
	Travelsky Technology Ltd.	69,000	36,503
			253,706
MATERIALS - 5.7%
	Anhui Conch Cement Co. Ltd.	4,000	26,813
	China Zhongwang Holdings Ltd. (b) (i)	13,200	11,922
	Huabao International Holdings Ltd.	85,000	60,322
	Jindal Steel & Power Ltd.	1,204	39,546
	Sterlite Industries India Ltd.	1,633	13,634
			152,237
TELECOMMUNICATION SERVICES - 9.2%
	Bharti Airtel Ltd. (b)	2,394	36,261
	China Mobile Ltd.	17,500	151,967
	China Unicom Ltd.	46,544	53,270
			241,498
UTILITIES - 5.8%
	China Resources Power Holdings Co. Ltd.	14,000	31,613
	GAIL India Ltd.	6,488	33,444
	NTPC Ltd.	6,820	26,073
	Tata Power Co. Ltd.	3,324	59,986

			151,116
	Total Common Stocks (cost $3,208,421)		2,613,615
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES - 0.0%
	Mellon GSL Reinvestment Trust II (i) (j) (o)	6,750	-
	Total Non-U.S. Government Agency Asset-Backed
	Securities (cost $6,750)		-
SHORT TERM INVESTMENTS - 0.0%
Mutual Funds - 0.0%
	JNL Money Market Fund, 0.31% (a) (e)	1,018	1,018
	Total Short Term Investments (cost $1,018)		1,018
Total Investments - 99.5% (cost $3,216,189)			2,614,633
Other Assets and Liabilities, Net - 0.5%			13,179
Total Net Assets - 100%			2,627,812
Jackson Perspective Emerging Asia
	ex-Japan Fund
COMMON STOCKS - 96.2%
CONSUMER DISCRETIONARY - 6.7%
	Mahindra & Mahindra Ltd.	5,468	53,674
	MCOT Plc	72,300	29,096
	PT Astra International Tbk	44,500	75,673
			158,443
CONSUMER STAPLES - 2.8%
	Hengan International Group Co. Ltd.	16,000	66,993
ENERGY - 13.4%
	Aban Offshore Ltd.	1,500	12,327
	Bumi Resources Tbk PT	181,500	25,377
	China Petroleum & Chemical Corp.	32,000	25,104
	CNOOC Ltd.	74,000	82,975
	PT Tambang Batubara Bukit Asam Tbk	47,500	42,631
	PTT Public Company Ltd.	11,000	59,076
	Reliance Industries Ltd.	727	26,481
	Reliance Industries Ltd. - GDR	600	45,386
			319,357
FINANCIALS - 37.8%
	Alliance Financial Group Bhd	114,700	66,371
	Banco de Oro Unibank Inc.	39,300	24,381
	Bangkok Bank Public Co. Ltd.	21,700	52,736
	Bank Mandiri Persero Tbk PT	110,000	28,838
	Bank of China Ltd.	186,000	69,600
	Bumiputra-Commerce Holdings Bhd	21,100	47,712
	China Merchants Bank Co. Ltd.	14,500	26,231

	China Resources Land Ltd.	20,000	36,232
	Guangzhou R&F Properties Co. Ltd.	27,200	44,502
	ICICI Bank Ltd.	2,999	29,024
	ICICI Bank Ltd. - ADR	2,000	41,260
	IGB Corp. Bhd	128,700	65,073
	Kasikornbank Public Co. Ltd.	22,200	35,233
	Metropolitan Bank & Trust Co.	104,600	64,892
	Ping an Insurance Group Co. of China Ltd.	10,000	62,580
	PT Bank Rakyat Indonesia	132,000	72,329
	Rural Electrification Corp. Ltd.	12,100	25,133
	Siam City Bank Public Co. Ltd.	23,300	39,785
	Unitech Ltd.	20,851	18,641
	Yanlord Land Group Ltd.	51,000	49,605
			900,158
INDUSTRIALS - 5.0%
	Aditya Birla Nuvo Ltd.	2,972	31,565
	Bakrie and Brothers Tbk PT (b)	1,843,750	14,806
	Beijing Capital International Airport Co. Ltd.	64,000	40,877
	China Merchants Holdings International Co. Ltd.	8,000	19,076
	Suzlon Energy Ltd.	10,776	13,824
			120,148
INFORMATION TECHNOLOGY - 5.0%
	AAC Acoustic Technologies Holdings Inc. (b)	86,000	46,828
	BYD Electronic International Co. Ltd.	37,000	18,954
	Sohu.com Inc. (b)	1,000	52,150
			117,932
MATERIALS - 6.2%
	Anhui Conch Cement Co. Ltd.	4,000	26,813
	China Zhongwang Holdings Ltd. (b) (i)	35,600	32,155
	Huabao International Holdings Ltd.	70,000	49,677
	Sterlite Industries India Ltd.	1,126	9,400
	Sterlite Industries India Ltd. - ADR	3,400	28,866
			146,911
TELECOMMUNICATION SERVICES - 15.2%
	Axiata Group Bhd (b)	87,075	53,810
	China Mobile Ltd.	13,000	112,890
	China Unicom Ltd.	40,416	46,256
	Globe Telecom Inc.	2,940	49,854
	Telekomunikasi Indonesia Tbk PT	80,000	59,329
	Total Access Communication Plc (b)	56,600	40,186
			362,325
UTILITIES - 4.1%
	Tanjong Plc	13,500	53,469
	Tata Power Co. Ltd.	2,404	43,384
			96,853
	Total Common Stocks (cost $3,175,286)		2,289,120

INVESTMENT FUNDS - 2.0%
	iShares MSCI India Fund	11,600	48,373
	Total Investment Funds (cost $111,326)		48,373
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES - 0.0%
	Mellon GSL Reinvestment Trust II (i) (j) (o)	8,943	-
	Total Non-U.S. Government Agency Asset-Backed
	Securities (cost $8,943)		-
SHORT TERM INVESTMENTS - 1.0%
Mutual Funds - 1.0%
	JNL Money Market Fund, 0.31% (a) (e)	23,930	23,930
	Total Short Term Investments (cost $23,930)		23,930
Total Investments - 99.2% (cost $3,319,485)			2,361,423
Other Assets and Liabilities, Net - 0.8%			17,957
Total Net Assets - 100%			$ 2,379,382
Jackson Perspective Japan Fund
COMMON STOCKS - 100.2%
CONSUMER DISCRETIONARY - 31.3%
	Bridgestone Corp.	9,100	$ 134,719
	Denso Corp.	5,200	121,801
	Fuji Heavy Industries Ltd. (f)	31,000	123,849
	Fuji Media Holdings Inc.	152	169,231
	Funai Electric Co. Ltd.	3,100	87,700
	Komeri Co. Ltd.	4,700	98,890
	Nissan Motor Co. Ltd.	45,300	234,263
	NOK Corp. (f)	15,000	173,393
	Onward Holdings Co. Ltd.	21,000	125,847
	Sony Corp.	14,800	379,680
	Sumitomo Forestry Co. Ltd. (f)	30,200	203,640
	Takata Corp.	6,600	75,957
	United Arrows Ltd.	16,300	99,169
	Yamaha Motor Co. Ltd. (f)	20,300	213,457
			2,241,596
CONSUMER STAPLES - 4.9%
	Ajinomoto Co. Inc. (f)	31,000	227,266
	Seven & I Holdings Co. Ltd.	5,400	121,832
			349,098
ENERGY - 1.3%
	Nippon Oil Corp. (f)	19,000	98,834
FINANCIALS - 20.1%
	Credit Saison Co. Ltd. (f)	23,300	258,941
	Mitsubishi UFJ Financial Group Inc. (f)	63,900	346,649
	ORIX Corp. (b) (f)	2,860	133,690

	Sompo Japan Insurance Inc.	27,000	160,982
	Sumitomo Mitsui Financial Group Inc. (f)	8,600	296,492
	Sumitomo Trust & Banking Co. Ltd.	59,000	244,687
			1,441,441
HEALTH CARE - 1.5%
	Daiichi Sankyo Co. Ltd.	6,400	107,402
INDUSTRIALS - 12.0%
	Arrk Corp. (b)	35,200	32,123
	Chiyoda Corp.	17,000	101,186
	Ebara Corp. (b) (f)	43,000	115,545
	JS Group Corp.	11,500	139,931
	Meitec Corp. (f)	3,800	51,324
	Mitsubishi Corp.	5,100	78,088
	Nippon Thompson Co. Ltd.	26,000	112,046
	Sumitomo Electric Industries Ltd.	16,800	162,515
	Toppan Forms Co. Ltd.	6,500	69,535
			862,293
INFORMATION TECHNOLOGY - 19.0%
	Advantest Corp.	10,700	167,520
	Fujitsu Ltd. (f)	21,000	89,434
	NEC Corp. (b)	65,000	214,865
	New Japan Radio Co. Ltd.	15,000	38,937
	Obic Co. Ltd.	1,050	141,817
	Rohm Co. Ltd.	6,200	379,091
	Sumisho Computer Systems Corp.	18,400	216,054
	Tecmo Koei Holdings Co. Ltd. (b)	6,900	46,807
	THine Electronics Inc.	74	67,157
			1,361,682
MATERIALS - 7.9%
	Asahi Kasei Corp. (f)	51,000	204,786
	Kaneka Corp.	52,000	300,548
	Lintec Corp.	4,400	59,963
			565,297
TELECOMMUNICATION SERVICES - 2.2%
	NTT DoCoMo Inc.	112	155,586
	Total Common Stocks (cost $9,627,840)		7,183,229
SHORT TERM INVESTMENTS - 30.9%
Mutual Funds - 0.0%
	JNL Money Market Fund, 0.31% (a) (e)	3,340	3,340
Securities Lending Collateral – 30.9%
	BNY Mellon SL DBT II Liquidating Fund, 1.03% (e)	992,304	959,657
	Mellon GSL DBT II Collateral Fund, 0.36% (e)	1,252,243	1,252,243
	Mellon GSL Reinvestment Trust II (i) (j) (o)	51,745	-
			2,211,900

	Total Short Term Investments (cost $2,299,632)		2,215,240
Total Investments - 131.1% (cost $11,927,472)			9,398,469
Other Assets and Liabilities, Net - (31.1%)			(2,231,124)
Total Net Assets - 100%			$ 7,167,345
Jackson Perspective Asian Pacific Real
Estate Fund
COMMON STOCKS - 95.0%
FINANCIALS – 6.5%
	ARA Asset Management Ltd.	140,000	$ 43,499
	Henderson Land Development Co. Ltd.	9,000	42,387
	KLCC Property Holdings Bhd	37,400	33,408
	Wharf Holdings Ltd.	8,000	26,580
			145,874
REAL ESTATE INVESTMENT TRUSTS – 88.5%
Diversified-REITS – 21.3%
	Ascendas Real Estate Investment Trust	9,200	8,327
	Cambridge Industrial Trust	121,000	24,110
	CapitaCommercial Trust	19,000	10,973
	Dexus Property Group	218,098	115,707
	Goodman Group	35,910	9,656
	GPT Group	196,146	66,998
	Mapletree Logistics Trust	92,000	26,721
	Mirvac Group	70,751	53,732
	Stockland	60,811	138,770
	Suntec Real Estate Investment Trust	50,000	24,823
			479,817
Hotels-REITS – 2.8%
	Ascott Residence Trust	61,000	20,601
	Regal Real Estate Investment Trust	322,000	43,210
			63,811
Office Property-REITS – 25.3%
	Ascendas India Trust	59,000	21,520
	Axis Real Estate Investment Trust	165,500	68,803
	Commonwealth Property Office Fund	26,549	15,725
	Japan Prime Realty Investment Corp.	44	75,624
	Japan Real Estate Investment Corp.	19	134,283
	Macquarie Office Trust	101,103	14,328
	Nippon Building Fund Inc.	18	145,832
	Nomura Real Estate Office Fund Inc.	18	92,902
			569,017
Shopping Centers-REITS – 37.9%
	AmFirst Real Estate Investment Trust	258,000	64,500
	CapitaMall Trust	103,700	87,555
	CFS Retail Property Trust	50,991	60,960
	Fortune Real Estate Investment Trust	76,000	29,419
	Frasers Centrepoint Trust	26,000	12,996
	Japan Retail Fund Investment Corp.	15	52,626

	Link Real Estate Investment Trust	85,916	167,618
	Lippo-Mapletree Indonesia Retail Trust	93,000	18,217
	Starhill Global Real Estate Investment Trust	66,000	21,398
	Starhill Real Estate Investment Trust	323,600	72,719
	Tower Real Estate Investment Trust	146,000	38,346
	Westfield Group	28,764	224,302
			850,656
Warehouse/Industrial-REITS – 1.2%
	MacarthurCook Industrial Real Estate Investment Trust	142,000	27,335
	Total Common Stocks (cost $4,225,481)		2,136,510
INVESTMENT FUNDS - 2.6%
	CPN Retail Growth Property Fund	261,200	57,370
	Total Investment Funds (cost $87,640)		57,370
RIGHTS - 0.2%
	Dexus Property Group (b) (i)	62,314	4,394
	Total Rights (cost $0)		4,394
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES - 0.0%
	Mellon GSL Reinvestment Trust II (i) (j) (o)	17,761	-
	Total Non-U.S. Government Agency Asset-Backed
	Securities (cost $17,761)		-
SHORT TERM INVESTMENTS - 0.4%
Mutual Funds - 0.4%
	JNL Money Market Fund, 0.31% (a) (e)	7,946	7,946
	Total Short Term Investments (cost $7,946)		7,946
Total Investments - 98.2% (cost $4,338,828)			2,206,220
Other Assets and Liabilities, Net - 1.8%			40,658
Total Net Assets - 100%			$ 2,246,878
Jackson Perspective European 30 Fund
COMMON STOCKS - 99.5%
CONSUMER DISCRETIONARY - 3.3%
	Reed Elsevier NV	5,576	$ 61,262
CONSUMER STAPLES - 12.9%
	Carrefour SA	1,706	69,173
	Colruyt SA	305	69,325
	Heineken Holding NV	2,262	53,410
	Tate & Lyle Plc	11,202	45,405

			237,313
ENERGY - 17.3%
	BP Plc	8,629	60,978
	ENI SpA	2,805	60,193
	OMV AG	2,508	77,698
	Royal Dutch Shell Plc - Class B	2,630	59,519
	Total SA	1,206	60,343
			318,731
FINANCIALS - 18.2%
	Aviva Plc	11,513	53,006
	DnB NOR ASA (b)	16,721	104,076
	Hannover Rueckversicherung AG	2,062	66,814
	Mapfre SA	19,339	55,123
	Zurich Financial Services AG	303	56,307
			335,326
HEALTH CARE - 9.2%
	AstraZeneca Plc	1,617	56,620
	Roche Holding AG	423	53,342
	Sanofi-Aventis SA	1,034	59,881
			169,843
INDUSTRIALS - 9.4%
	IMI Plc	16,703	87,571
	Metso Oyj	5,510	84,376
			171,947
MATERIALS - 10.5%
	Anglo American Plc	2,936	63,178
	K+S AG	1,161	69,842
	Voestalpine AG	3,086	59,043
			192,063
TELECOMMUNICATION SERVICES - 8.2%
	BT Group Plc	33,213	45,771
	France Telecom SA	2,313	51,349
	Mobistar SA	909	54,396
			151,516
UTILITIES - 10.5%
	Enel SpA	10,381	56,270
	Gas Natural SDG SA	2,409	38,198
	RWE AG	725	52,264
	Snam Rete Gas SpA	11,658	46,171
			192,903
	Total Common Stocks (cost $2,005,161)		1,830,904
Total Investments - 99.5% (cost $2,005,161)			1,830,904
Other Assets and Liabilities, Net - 0.5%			8,970
Total Net Assets - 100%			$ 1,839,874
Jackson Perspective Pacific Rim 30 Fund
COMMON STOCKS - 99.7%

CONSUMER DISCRETIONARY - 18.5%
	Daito Trust Construction Co. Ltd.	2,000	$ 82,945
	Esprit Holdings Ltd.	17,800	109,900
	Rakuten Inc.	160	80,795
	Tabcorp Holdings Ltd.	20,721	112,189
	Yue Yuen Industrial Holdings Ltd.	51,000	113,713
			499,542
CONSUMER STAPLES - 3.7%
	Metcash Ltd.	33,084	100,022
FINANCIALS - 28.5%
	Australia & New Zealand Banking Group Ltd.	9,353	108,077
	Bank of Yokohama Ltd.	17,000	71,709
	Commonwealth Bank of Australia	4,948	126,254
	Hang Seng Bank Ltd.	7,600	84,923
	National Australia Bank Ltd.	6,853	102,746
	Suncorp-Metway Ltd.	17,023	72,992
	United Overseas Bank Ltd.	11,000	85,444
	Westpac Banking Corp.	8,427	117,587
			769,732
HEALTH CARE - 9.5%
	Astellas Pharma Inc.	2,500	81,373
	Chugai Pharmaceutical Co. Ltd.	5,300	98,078
	Tsumura & Co.	2,800	76,658
			256,109
INDUSTRIALS - 13.8%
	Central Japan Railway Co.	12	70,939
	Hong Kong Aircraft Engineering Co. Ltd.	12,400	116,799
	Macquarie Infrastructure Group	84,774	83,173
	Toll Holdings Ltd.	23,363	100,176
			371,087
INFORMATION TECHNOLOGY - 5.8%
	Itochu Techno-Science Corp.	4,200	94,758
	Yahoo! Japan Corp.	248	61,887
			156,645
MATERIALS - 3.2%
	Amcor Ltd.	24,656	85,831
TELECOMMUNICATION SERVICES - 2.6%
	Nippon Telegraph & Telephone Corp.	1,900	70,898
UTILITIES - 14.1%
	Chubu Electric Power Co. Inc.	3,300	72,612
	Hokuriku Electric Power Co.	3,600	81,221
	Kyushu Electric Power Co. Inc.	3,800	78,412
	Tokyo Electric Power Co. Inc.	3,100	72,612
	Tokyo Gas Co. Ltd.	20,000	75,847
			380,704

	Total Common Stocks (cost $3,019,608)		2,690,570
Total Investments - 99.7% (cost $3,019,608)			2,690,570
Other Assets and Liabilities, Net - 0.3%			7,534
Total Net Assets - 100%			$ 2,698,104
Jackson Perspective Global Basics Fund
COMMON STOCKS - 97.7%
CONSUMER DISCRETIONARY - 7.9%
	Baron de Ley SA (b)	1,077	$ 38,739
	Compagnie des Alpes	1,774	50,674
	Eastman Kodak Co.	3,400	10,369
	Hongkong & Shanghai Hotels	102,000	77,783
	Starbucks Corp. (b)	7,300	105,558
	Yum! Brands Inc.	3,100	103,385
			386,508
CONSUMER STAPLES - 23.5%
	Agrana Beteiligungs AG	2,035	130,358
	Colgate-Palmolive Co.	2,961	174,699
	Constellation Brands Inc. - Class A (b)	15,300	177,327
	Corn Products International Inc.	3,800	90,820
	Elders Ltd.	97,427	30,800
	Elizabeth Arden Inc. (b)	3,166	27,418
	Foster’s Group Ltd.	23,926	91,636
	Kerry Group Plc	6,938	142,646
	PZ Cussons Plc	20,837	48,835
	Unilever Plc	9,390	182,838
	Wimm-Bill-Dann Foods OJSC - ADR (b)	975	43,553
			1,140,930
ENERGY - 12.1%
	Alliance Resource Partners LP	3,400	111,826
	Santos Ltd.	22,792	271,982
	Tullow Oil Plc	17,237	203,481
			587,289
FINANCIALS - 1.7%
	AMMB Holdings Bhd	96,100	84,762
HEALTH CARE - 6.1%
	Ansell Ltd.	20,960	127,650
	DENTSPLY International Inc.	5,400	154,548
	Genus Plc	1,543	13,735
			295,933
INDUSTRIALS - 11.5%
	Acuity Brands Inc.	3,300	94,842
	Aggreko Plc	3,100	26,291
	European Aeronautic Defence & Space Co. NV	10,293	148,565
	Fraser and Neave Ltd.	41,000	72,557
	Kansas City Southern (b)	1,566	23,882
	Noble Group Ltd.	63,000	55,319
	QinetiQ Group Plc	51,323	100,432

	Wienerberger AG	3,355	39,482
			561,370
MATERIALS - 34.9%
	AMCOL International Corp.	3,500	67,830
	Arkema SA	3,338	76,995
	BHP Billiton Ltd.	2,108	50,969
	BlueScope Steel Ltd.	30,719	52,240
	Eramet	965	207,212
	Iluka Resources Ltd. (b)	41,417	99,329
	Imerys SA	4,176	172,813
	Johnson Matthey Plc	9,760	172,349
	Lonmin Plc	8,645	181,657
	Minerals Technologies Inc.	1,600	59,504
	Schnitzer Steel Industries Inc. - Class A	1,530	75,827
	Scotts Miracle-Gro Co.	4,100	138,457
	Sherritt International Corp.	13,300	57,177
	Sims Metal Management Ltd.	12,819	186,324
	Symrise AG (b)	7,069	96,695
			1,695,378
	Total Common Stocks (cost $4,902,934)		4,752,170
PREFERRED STOCKS - 0.2%
TELECOMMUNICATION SERVICES - 0.2%
	Villeroy & Boch AG	1,838	8,703
	Total Preferred Stocks (cost $11,472)		8,703
SHORT TERM INVESTMENTS - 0.5%
Mutual Funds - 0.5%
	JNL Money Market Fund, 0.31% (a) (e)	22,689	22,689
	Total Short Term Investments (cost $22,689)		22,689
Total Investments - 98.4% (cost $4,937,095)			4,783,562
Other Assets and Liabilities, Net - 1.6%			79,851
Total Net Assets - 100%			$ 4,863,413
Jackson Perspective Global Leaders Fund
COMMON STOCKS - 93.7%
CONSUMER DISCRETIONARY - 3.6%
	Home Depot Inc.	3,700	$ 97,384
	Whirlpool Corp.	800	36,128
	Yamaha Motor Co. Ltd.	4,600	48,370
			181,882
CONSUMER STAPLES - 9.3%
	Carrefour SA	1,950	79,067
	Coca-Cola Enterprises Inc.	6,000	102,360
	Heineken NV	3,243	96,369

	Kerry Group Plc	4,021	82,672
	Metro AG	2,364	100,558
			461,026
ENERGY - 13.0%
	Anadarko Petroleum Corp.	2,000	86,120
	BP Plc	10,632	75,133
	El Paso Corp.	10,800	74,520
	Forest Oil Corp. (b)	2,800	44,800
	Hess Corp.	1,295	70,953
	Marathon Oil Corp.	2,800	83,160
	Mariner Energy Inc. (b)	4,400	50,072
	Noble Corp.	1,300	35,528
	TransCanada Corp.	5,100	127,276
			647,562
FINANCIALS - 12.8%
	AMMB Holdings Bhd	85,800	75,678
	China Citic Bank	135,000	62,187
	Credit Suisse Group AG	2,122	82,920
	HSBC Holdings Plc	15,373	109,325
	JPMorgan Chase & Co.	2,900	95,700
	UBS AG (b)	2,012	27,637
	Unum Group	4,900	80,066
	Wells Fargo & Co.	5,276	105,573
			639,086
HEALTH CARE - 14.4%
	Astellas Pharma Inc.	3,400	110,667
	AstraZeneca Plc	2,425	84,912
	Daiichi Sankyo Co. Ltd.	4,800	80,552
	IMS Health Inc.	4,600	57,776
	Kobayashi Pharmaceutical Co. Ltd.	900	29,204
	Lonza Group AG	1,079	98,985
	Merck & Co. Inc.	3,800	92,112
	Pfizer Inc.	6,300	84,168
	Schering-Plough Corp.	3,400	78,268
			716,644
INDUSTRIALS - 13.1%
	A P Moller - Maersk A/S	12	69,704
	AGCO Corp. (b)	2,100	51,030
	DCC Plc	2,560	46,284
	Kennametal Inc.	2,400	49,080
	Koninklijke Philips Electronics NV	3,303	59,596
	Nexans SA (b)	1,011	46,839
	Norfolk Southern Corp.	1,700	60,656
	Shanghai Industrial Holdings Ltd.	22,000	75,793
	Siemens AG	1,356	91,170
	Spirit Aerosystems Holdings Inc. (b)	4,200	53,550
	Timken Co.	3,000	48,240
			651,942
INFORMATION TECHNOLOGY - 14.3%

	Google Inc. - Class A (b)	83	32,866
	Konica Minolta Holdings Inc.	9,500	77,256
	MacDonald Dettwiler & Associates Ltd. (b)	4,100	106,511
	Marvell Technology Group Ltd. (b)	4,400	48,312
	McAfee Inc. (b)	3,000	112,620
	Microsoft Corp.	6,700	135,742
	SAP AG	2,487	95,616
	Yahoo! Inc. (b)	3,800	54,302
	Yokogawa Electric Corp.	9,800	50,083
			713,308
MATERIALS - 5.9%
	Anglo American Plc	3,563	76,670
	EI Du Pont de Nemours & Co.	2,800	78,120
	Koninklijke DSM NV	3,024	93,781
	ThyssenKrupp AG	2,079	44,477
			293,048
TELECOMMUNICATION SERVICES - 4.6%
	SK Telecom Co. Ltd. - ADR	6,200	97,154
	Vodafone Group Plc	72,318	132,918
			230,072
UTILITIES - 2.7%
	Alliant Energy Corp.	2,200	49,192
	E.ON AG (b)	2,450	82,853
			132,045
	Total Common Stocks (cost $4,626,014)		4,666,615
PREFERRED STOCKS - 1.8%
INFORMATION TECHNOLOGY - 1.8%
	Samsung Electronics Co. Ltd.	355	91,863
	Total Preferred Stocks (cost $74,939)		91,863
SHORT TERM INVESTMENTS - 0.9%
Mutual Funds - 0.9%
	JNL Money Market Fund, 0.31% (a) (e)	45,793	45,793
	Total Short Term Investments (cost $45,793)		45,793
Total Investments - 96.4% (cost $4,746,746)			4,804,271
Other Assets and Liabilities, Net - 3.6%			177,994
Total Net Assets - 100%			$ 4,982,265
Jackson Perspective Pan European Fund
COMMON STOCKS - 90.7%
CONSUMER DISCRETIONARY - 21.8%
	Compass Group Plc	18,442	$ 87,692
	Fielmann AG (b)	2,531	155,137

	Informa Plc	48,391	211,859
	PartyGaming Plc (b)	79,102	308,459
	Sportingbet Plc (b)	207,341	168,361
	Vivendi SA	6,238	167,734
			1,099,242
CONSUMER STAPLES - 4.3%
	Colruyt SA	605	137,514
	Nutreco Holding NV	2,261	77,594
			215,108
ENERGY - 5.3%
	Tullow Oil Plc	22,765	268,738
FINANCIALS - 12.8%
	April Group	2,084	62,035
	AXA SA (b)	11,589	194,715
	Credit Suisse Group AG	3,410	133,251
	Reinet Investments SCA (b)	14,242	150,473
	Storebrand ASA (b)	6,500	23,584
	Vienna Insurance Group	2,094	81,633
			645,691
HEALTH CARE - 18.6%
	Elekta AB - Class B	11,273	130,053
	Fresenius Medical Care AG & Co. KGaA	3,011	116,846
	Fresenius SE	289	11,947
	Grifols SA	10,877	190,867
	Icon Plc - ADR (b)	9,000	142,560
	Ipsen SA	4,207	172,247
	Sanofi-Aventis SA	2,978	172,462
			936,982
INDUSTRIALS - 16.2%
	AER Lingus (b)	82,863	68,886
	DCC Plc	11,762	212,651
	De La Rue Plc	5,947	84,295
	Ryanair Holdings Plc - ADR (b)	7,700	210,595
	Siemens AG	1,663	111,812
	Vallourec SA	1,182	129,195
			817,434
INFORMATION TECHNOLOGY - 5.5%
	Autonomy Corp. Plc (b)	1,111	23,308
	Nokia Oyj	11,149	158,354
	SAP AG	2,410	92,656
			274,318
TELECOMMUNICATION SERVICES - 3.8%
	Tele2 AB	11,167	105,253
	Telefonica SA (i)	4,546	86,129
			191,382
UTILITIES - 2.4%
	Fortum Oyj	5,955	120,114

	Total Common Stocks (cost $4,456,862)		4,569,009
PREFERRED STOCKS - 3.0%
HEALTH CARE - 1.5%
	Fresenius SE	1,412	72,823
INDUSTRIALS - 1.5%
	Groupe Eurotunnel SA	550,920	74,350
	Total Preferred Stocks (cost $138,699)		147,173
SHORT TERM INVESTMENTS - 0.1%
Mutual Funds - 0.1%
	JNL Money Market Fund, 0.31% (a) (e)	6,922	6,922
	Total Short Term Investments (cost $6,922)		6,922
Total Investments - 93.8% (cost $4,602,483)			4,723,104
Other Assets and Liabilities, Net - 6.2%			312,602
Total Net Assets - 100%			$ 5,035,706
JNL Money Market Fund
SHORT TERM INVESTMENTS – 100.0%
Certificates of Deposit - 4.0%
	Banc of America, 0.80%, 06/04/09	$ 2,000,000	$ 2,000,000
	BNP Paribas, 1.05%, 11/02/09	5,000,000	5,002,553
	Calyon North America Inc., 1.00%, 05/11/09	4,000,000	4,000,000
	Canadian Imperial Bank of Commerce,
	0.90%, 06/08/09	2,000,000	2,000,021
	DNB Nor Bank ASA, 0.85%, 06/08/09	2,000,000	2,000,000
	Svenska Handels NY, 0.85%, 05/11/09	6,000,000	6,000,000
			21,002,574
Commercial Paper – 11.9%
	Apreco LLC, 0.30%, 05/05/09 (g) (k)	5,000,000	4,999,833
	Chariot Funding LLC, 0.30%, 05/08/09	5,000,000	4,999,708
	Ciesco LLC, 0.55%, 05/07/09 (g) (k)	5,000,000	4,999,542
	Citigroup Global Markets Holdings Inc.
	0.55%, 05/05/09	5,000,000	4,999,694
	0.55%, 05/11/09	5,000,000	4,999,236
	General Electric Capital Corp., 0.55%, 06/29/09	6,000,000	5,994,592
	HSBC Bank USA, 0.34%, 05/01/09	5,000,000	5,000,000
	Kitty Hawk Funding Corp., 0.33%, 05/18/09 (g) (k)	5,000,000	4,999,221
	Park Avenue Receivables Company LLC,
	0.33%, 05/05/09 (g) (k)	5,000,000	4,999,817
	Ranger Funding Co. LLC, 0.52%, 05/04/09 (g) (k)	3,000,000	2,999,870
	Societe Generale, 0.67%, 05/18/09	4,000,000	3,998,734
	UBS Finance LLC, 0.39%, 05/13/09	4,000,000	3,999,487
	Yorktown Capital LLC, 0.35%, 05/11/09 (g) (k)	5,000,000	4,999,514
			61,989,248

Discount Notes – 2.4%
	Procter & Gamble Co., 1.31%, 09/09/09 (d)	4,235,000	4,235,000
	Procter & Gamble International Funding SCA,
	1.48%, 02/08/10 (d)	2,400,000	2,400,000
	Target Corp., 1.37%, 08/07/09 (d)	1,000,000	1,000,596
	Toyota Motor Credit Corp., 2.30%, 01/29/10 (d)	4,833,000	4,833,490
			12,469,086
Federal Home Loan Bank - 31.0%
	Federal Home Loan Bank
	0.53%, 06/15/09	6,500,000	6,495,775
	0.40%, 06/17/09	10,000,000	9,994,778
	0.45%, 06/25/09	5,000,000	4,996,563
	0.40%, 07/06/09	15,000,000	14,989,000
	0.45%, 07/07/09	5,000,000	4,995,813
	0.41%, 07/10/09	12,000,000	11,990,433
	0.50%, 07/14/09	10,000,000	9,989,722
	0.39%, 07/17/09	10,000,000	9,991,658
	0.59%, 08/11/09	4,000,000	3,993,312
	0.58%, 08/21/09	5,000,000	4,990,978
	0.44%, 09/16/09	5,000,000	4,991,567
	0.52%, 09/16/09	5,000,000	4,990,033
	0.47%, 09/18/09	10,000,000	9,981,722
	0.45%, 09/23/09	15,000,000	14,972,813
	0.45%, 10/02/09	25,000,000	24,951,875
	0.35%, 10/16/09	7,000,000	6,988,567
	0.38%, 10/30/09	7,500,000	7,485,592
	1.05%, 02/17/10	5,000,000	5,005,106
			161,795,307
Federal Home Loan Mortgage Corp. - 22.6%
	Federal Home Loan Mortgage Corp.
	0.25%, 05/12/09	4,600,000	4,599,649
	0.51%, 06/08/09	2,000,000	1,998,944
	0.35%, 06/22/09	5,000,000	4,997,472
	0.56%, 07/06/09	3,000,000	2,996,975
	0.05%, 07/07/09	8,000,000	7,992,556
	0.43%, 09/09/09	15,000,000	14,976,529
	0.42%, 09/14/09	5,000,000	4,992,067
	0.52%, 09/14/09	12,000,000	11,976,427
	6.63%, 09/15/09	15,000,000	15,341,641
	0.42%, 09/21/09	15,000,000	14,974,975
	0.42%, 10/05/09	22,000,000	21,959,703
	0.41%, 10/13/09	7,000,000	6,987,006
	1.09%, 02/04/10 (d)	4,000,000	4,000,000
			117,793,944
Federal National Mortgage Association - 12.8%
	Federal National Mortgage Association
	0.35%, 06/02/09	12,000,000	11,996,373
	0.50%, 07/01/09	5,000,000	4,995,764
	0.52%, 07/15/09	10,000,000	9,989,167
	0.57%, 08/19/09	10,000,000	9,982,736
	0.56%, 08/26/09	7,000,000	6,987,260
	0.44%, 09/25/09	5,000,000	4,991,016
	0.42%, 10/07/09	6,000,000	5,989,003
	0.38%, 10/14/09	12,000,000	11,979,250
			66,910,569
Funding Agreement - 1.0%
	MetLife Funding Agreement,
	1.45%, 05/01/09 (d) (j) (n)	5,000,000	5,000,000
Mutual Funds - 0.0%
	Dreyfus Cash Management Institutional
	Shares Fund, 0.68% (e)	27,633	27,633
Repurchase Agreement - 14.3%
	Repurchase Agreement with Banc of America
	Securities, 0.18% (Collateralized by $18,688,114
	Federal National Mortgage Association, 5.00%,
	due 07/01/35, value $19,380,000) acquired
	on 04/30/09, due 05/01/09 at $19,000,095	$19,000,000	19,000,000
	Repurchase Agreement with UBS Securities, 0.16%
	(Collateralized by $54,328,599 Federal National
	Mortgage Association, 4.00% - 6.50%, due
	04/01/14 - 04/01/39, value $56,816,205)
	acquired on 04/30/09, due 05/01/09
	at $55,700,248	55,700,000	55,700,000
			74,700,000
	Total Short Term Investments (cost $521,688,361)		521,688,361
Total Investments - 100.0% (cost $521,688,361)			521,688,361
Other Assets and Liabilities, Net - (0.0%)			(57,638)
Total Net Assets - 100%			$ 521,630,723

Jackson Funds^SM(Unaudited)

Notes to the Schedules of Investments

April 30, 2009

(a)	Investment in affiliate.
(b)	Non-income producing security.
(c)	Investment purchased on a when-issued basis. As of April 30, 2009, the total cost of investments purchased on a when-issued basis for the
	Jackson Perspective Total Return Fund was $4,599,997.
(d)	Variable rate security. Rate stated was in effect as of April 30, 2009.
(e)	Dividend yield changes daily to reflect current market conditions. Rate was the quoted yield as of April 30, 2009.
(f)	All or portion of the security was on loan.
(g)	Rule 144A or Section 4(2) of the Securities Act of 1933, as amended, provides an exemption from the registration requirements for resale of this security to an
	institutional investor.
(h)	All or a portion of the security or cash pledged as collateral for open futures contracts. As of April 30, 2009, the value of collateral in the Jackson Perspective Total Return Fund was $10,400.
(i)	Security fair valued in good faith in accordance with the procedures established by the Trust's Board of Trustees. Fair valued securities may be
	classified as Level 2 or Level 3 for Statement on Financial Accounting Standards ("SFAS") No. 157 disclosures based on the applicable valuation inputs.
	See SFAS No. 157 note on page 17 and Note 2 in the Notes to the Financial Statements.
(j)	Illiquid security. At April 30, 2009, the aggregate value of illiquid securities and percentage of net assets were as follows: Jackson Perspective Asia Pacific ex-Japan Bond Fund, $277,184 - 1.5%;
	JNL Money Market Fund, $5,000,000 - 1.0%. At April 30, 2009, the only illiquid security held by certain Funds was Mellon GSL Reinvestment Trust II.
	The fair value of this security was $0.00 at April 30, 2009.
(k)	Rule 144A or Section 4(2) liquid security, the Fund has deemed this security to be liquid based on procedures approved by the Trust's Board of Trustees. As of April 30, 2009, the value of
	Rule 144A and Section 4(2) securities was as follows: Jackson Perspective Total Return Fund $2,869,033; Jackson Perspective Asia Pacific ex-Japan Bond Fund $1,947,595; and
	JNL Money Market Fund $27,997,797.
(l)	Security is a "step-up" bond where the coupon may increase or step-up at a future date. Rate stated was the coupon as of April 30, 2009.
(m)	The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer.
(n)	Security is restricted as to public resale. See restricted securities note on page 18.
(o)	Issuer was in Chapter 11 bankruptcy and/or was in default relating to principal and/or interest.
(p)	Perpetual maturity security. Interest rate is fixed until the first call date and variable thereafter.
(q)	Par amounts are listed in United States Dollars unless otherwise noted.

Abbreviations:

ADR - American Depository Receipt

CNY - Chinese Yuan

GDR - Global Depository Receipt

HKD - Hong Kong Dollar

IDR - Indonesian Rupiah

INR - Indian Rupee

KRW - Korean Won

MYR - Malaysian Ringgit

PHP - Philippine Peso

SGD - Singapore Dollar

THB - Thailand Thaibaht

TWD - Taiwan Dollar

USD - United States Dollar

Investments in affiliates - See Note 3 in the Notes to the Financial Statements for further discussion of other affiliated investments. The following table reflects investments in the JNL Money Market Fund, an affiliate of the Funds, for the period ending April 30, 2009. Purchase proceeds and sales are not shown for this investment.

There was no realized gain or loss relating to transactions for this investment during the period ended April 30, 2009:

	Value		Value	Dividend
	Beginning	Amortized Cost	End	Income
Fund	of Period	End of Period	of Period	Received
Jackson Perspective Core Equity Fund	$ 24,500	$ 4,683	$ 4,683	$ 83
Jackson Perspective Large Cap Value Fund	22,975	1,334	1,334	57
Jackson Perspective Mid Cap Value Fund	11,610	10,810	10,810	49
Jackson Perspective Small Cap Value Fund	2,446	7,451	7,451	37
Jackson Perspective Total Return Fund	-	5,207,543	5,207,543	10,108
Jackson Perspective Asia Pacific ex-Japan Bond Fund	903,591	398,895	398,895	3,912
Jackson Perspective Asia ex-Japan Fund	18,515	6,139	6,139	93
Jackson Perspective Asia ex-Japan Infrastructure Fund	135,824	4,213	4,213	227
Jackson Perspective China-India Fund	71,295	1,018	1,018	143
Jackson Perspective Emerging Asia ex-Japan Fund	15,680	23,930	23,930	97
Jackson Perspective Japan Fund	6,890	3,340	3,340	23
Jackson Perspective Asian Pacific Real Estate Fund	5,209	7,946	7,946	21
Jackson Perspective European 30 Fund	-	-	-	34
Jackson Perspective Pacific Rim 30 Fund	-	-	-	52
Jackson Perspective Global Basics Fund	-	22,689	22,689	261
Jackson Perspective Global Leaders Fund	-	45,793	45,793	388
Jackson Perspective Pan European Fund	-	6,922	6,922	111

Jackson Funds^SM(Unaudited)

Notes to the Schedules of Investments (continued)

April 30, 2009

Summary of Open Forward Foreign Currency Contracts:
	Currency	Settlement	Notional		Currency	Unrealized
	Purchased/Sold	Date	Amount		Value	Gain/(Loss)
	Jackson Perspective Asia Pacific ex-Japan Bond Fund
	CNY/USD	06/08/2009	2,163,000	CNY	$ 317,738	$ 17,739
	CNY/USD	12/02/2009	3,464,450	CNY	512,265	12,266
	INR/USD	05/04/2009	41,423,250	INR	827,885	2,885
	INR/USD	06/12/2009	7,912,500	INR	157,562	7,562
	INR/USD	06/13/2009	9,230,400	INR	183,787	3,787
	INR/USD	08/24/2009	27,178,400	INR	537,976	7,976
	INR/USD	09/17/2009	10,684,000	INR	211,148	11,148
	INR/USD	10/30/2009	41,423,250	INR	816,324	13,392
	SGD/USD	05/11/2009	390,078	SGD	263,510	3,510
	TWD/USD	06/09/2009	41,937,500	TWD	1,281,436	79,272
	USD/CNY	06/08/2009	(2,163,000)	CNY	(317,738)	(722)
	USD/CNY	12/02/2009	(3,464,450)	CNY	(512,265)	(1,924)
	USD/INR	05/04/2009	(41,423,250)	INR	(827,885)	(3,050)
	USD/KRW	06/19/2009	(280,000,000)	KRW	(219,805)	(19,805)
	USD/KRW	06/29/2009	(203,925,000)	KRW	(160,261)	(10,261)
	USD/KRW	09/28/2009	(239,750,000)	KRW	(189,907)	(14,907)
	USD/MYR	05/11/2009	(655,020)	MYR	(183,968)	(3,968)
	USD/SGD	05/11/2009	(389,168)	SGD	(262,896)	(2,896)
	USD/SGD	08/25/2009	(411,210)	SGD	(277,960)	(7,960)
	USD/SGD	11/04/2009	(350,880)	SGD	(237,278)	2,722
	USD/SGD	11/06/2009	(437,130)	SGD	(295,604)	4,396
	USD/SGD	11/30/2009	(417,872)	SGD	(282,581)	(2,581)
	USD/SGD	12/01/2009	(446,460)	SGD	(301,913)	(1,913)
	USD/TWD	06/09/2009	(10,000,000)	TWD	(305,559)	(15,199)
	USD/TWD	06/09/2009	(10,000,000)	TWD	(305,559)	(14,268)
	USD/TWD	06/09/2009	(10,000,000)	TWD	(305,559)	(12,561)
	USD/TWD	06/09/2009	(11,937,500)	TWD	(364,761)	(11,057)
					$ 241,868	$ 43,583

	Jackson Perspective European 30 Fund
	GBP/EUR	05/05/2009	(3,817)	EUR	(5,051)	14
	GBP/USD	05/05/2009	3,428	GBP	5,071	6
					$ 20	$ 20
Schedule of Open Futures Contracts:
		Contracts	Unrealized
		Long	Appreciation
Jackson Perspective Total Return Fund
	U.S. Treasury Note Future, 5-Year
	Expiration June 2009	5	$ 6,769
	U.S. Treasury Note Future, 10-Year
	Expiration June 2009	5	12,347
			$ 19,116

Restricted Securities - Restricted securities are often purchased in private placement transactions and cannot be sold without prior registration unless the sale is pursuant to an exemption under the Securities Exchange Act of 1933. The following table details restricted securities, as well as including Rule 144A securities that have not been deemed liquid, held by the Funds at April 30, 2009:

	Acquisition		Value at	Pecent of
	Date	Cost	April 30, 2009	Net Assets
JNL Money Market Fund
MetLife Funding Agreement, 1.45%, 05/01/09	04/30/2008	$ 5,000,000	$ 5,000,000	1.0%
Jackson Perspective Asia Pacific ex-Japan Bond Fund
GS Caltex Corp., 7.25%, 07/02/13	01/15/2009	$ 175,401	$ 181,016	1.0%
LG Electronics Inc., 5.00%, 06/17/10	12/10/2008	93,992	96,168	0.5%
		$ 269,393	$ 277,184	1.5%

Jackson Funds^SM(Unaudited)

Notes to the Schedules of Investments (continued)

April 30, 2009

Financial Accounting Standards Board Statement of Financial Accounting Standards ("SFAS") No. 157 Fair Value Measurements - 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. Please see Note 2 in the Notes to the Financial Statements.

The following table summarizes each Fund's assets as of April 30, 2009 by level:
	Investments in Securities				Investments in Other Financial Instruments*
	Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
Jackson Perspective Core Equity Fund	$ 2,876,472	$ -	$ -	$ 2,876,472	$ -	$ -	$ -	$ -
Jackson Perspective Large Cap Value Fund	2,588,053	-	-	2,588,053	-	-	-	-
Jackson Perspective Mid Cap Value Fund	2,761,330	-	-	2,761,330	-	-	-	-
Jackson Perspective Small Cap Value Fund	2,980,288	-	-	2,980,288	-	-	-	-
Jackson Perspective Total Return Fund	5,207,543	20,419,515	-	25,627,058	19,116	-	-	19,116
Jackson Perspective Asia Pacific ex-Japan Bond Fund	398,895	16,933,373	522,658	17,854,926	-	166,655	-	166,655
Jackson Perspective Asia ex-Japan Fund	2,335,328	430,514	17,900	2,783,742	-	-	-	-
Jackson Perspective Asia ex-Japan Infrastructure Fund	2,746,609	386,096	-	3,132,705	-	-	-	-
Jackson Perspective China-India Fund	1,153,086	1,437,702	23,845	2,614,633	-	-	-	-
Jackson Perspective Emerging Asia ex-Japan Fund	1,887,763	473,660	-	2,361,423	-	-	-	-
Jackson Perspective Japan Fund	8,438,812	959,657	-	9,398,469	-	-	-	-
Jackson Perspective Asian Pacific Real Estate Fund	2,201,826	4,394	-	2,206,220	-	-	-	-
Jackson Perspective European 30 Fund	59,881	1,771,023	-	1,830,904	-	20	-	20
Jackson Perspective Pacific Rim 30 Fund	2,690,570	-	-	2,690,570	-	-	-	-
Jackson Perspective Global Basics Fund	2,741,063	2,042,499	-	4,783,562	-	-	-	-
Jackson Perspective Global Leaders Fund	3,209,704	1,594,567	-	4,804,271	-	-	-	-
Jackson Perspective Pan European Fund	740,141	3,982,963	-	4,723,104	-	-	-	-
JNL Money Market Fund	27,633	521,660,728	-	521,688,361	-	-	-	-

The following table summarizes each Fund's liabilities as of April 30, 2009 by level:

					Investments in Other Financial Instruments*
	Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
Jackson Perspective Asia Pacific ex-Japan Bond Fund	$ -	$ -	$ -	$ -	$ -	$ (123,072)	$ -	$ (123,072)

The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:
				Transfers In		Change In Unrealized
	Balance At	Total Realized	Net	and/or (Out) of	Balance At	Appreciation/Depreciation during
	Beginning of	and Unrealized	Purchases/	Level 3 During	End of	the Period for Level 3 Investments
	Period	Gain/(Loss)	(Sales)	the Period	Period	Held at April 30, 2009
Jackson Perspective Asia Pacific ex-Japan Bond Fund	$ 2,487,797	$ (40,979)	$ (326,313)	$ (1,597,847)	$ 522,658		$ 7,000
Jackson Perspective Asia ex-Japan Fund	30,883	(6,191)	9,148	(15,940)	17,900		5,296
Jackson Perspective China-India Fund	-	(20,099)	-	43,944	23,845		(20,099)
Jackson Perspective Emerging Asia ex-Japan Fund	32,494	(10,233)	(3,078)	(19,183)	-		-
Jackson Perspective Asian Pacific Real Estate Fund	33,838	-	-	(33,838)	-		-
* Investments in other financial instruments are derivative instruments which include forward foreign currency contracts and futures contracts. Derivatives are reflected at the unrealized
appreciation/(depreciation) on the instrument.

Jackson Funds^SM(Unaudited)

Notes to the Schedules of Investments (continued)

April 30, 2009

Summary of Investments by Sector (as a percentage of total investments):
	Jackson		Jackson		Jackson		Jackson		Jackson		Jackson		Jackson
	Perspective		Perspective		Perspective		Perspective		Perspective		Perspective		Perspective
	Core Equity		Large Cap Value		Mid Cap Value		Small Cap Value		Total Return		Asia Pacific ex-Japan		Asia ex-Japan
Sector	Fund		Fund		Fund		Fund		Fund		Bond Fund		Fund
Consumer Discretionary	11.0	%	15.8	%	18.5	%	23.7	%	4.0	%	1.6	%	5.9	%
Consumer Staples	11.5		4.9		4.4		6.0		1.6		2.9		3.9
Energy	12.4		11.4		6.8		5.8		1.7		0.9		6.4
Financials	14.5		20.5		11.3		13.0		18.2		27.4		36.3
Health Care	12.9		10.0		5.6		3.8		2.0		-		-
Industrials	12.1		11.1		28.6		27.2		1.2		3.2		10.9
Information Technology	15.7		12.7		8.3		8.8		0.8		1.6		16.7
Materials	5.4		8.5		11.8		7.1		4.0		1.6		7.1
Telecommunication Services	4.1		5.0		-		-		1.8		4.1		10.5
Utilities	0.2		-		4.3		4.3		3.0		6.3		2.1
Government Securities	-		-		-		-		4.4		48.2		-
Non-U.S. Government Agency
Asset-Backed Sercurities	-		-		-		-		11.5		-		-
U.S Government Agency
Mortgage-Backed Securities	-		-		-		-		25.5		-		-
Mutual Funds	0.2		0.1		0.4		0.3		20.3		2.2		0.2
Other Short Term Securities	-		-		-		-		-		-		-
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

	Jackson		Jackson		Jackson		Jackson		Jackson		Jackson		Jackson		Jackson
	Perspective		Perspective		Perspective		Perspective		Perspective		Perspective		Perspective		Perspective
	Asia ex-Japan		China-India		Emerging Asia		Japan		Asian Pacific Real		European 30		Pacific Rim		Global Basics
Sector	Infrastructure Fund		Fund		ex-Japan Fund		Fund		Estate Fund		Fund		30 Fund		Fund
Consumer Discretionary	-	%	5.5	%	6.7	%	23.9	%	-	%	3.3	%	18.6	%	8.1	%
Consumer Staples	-		4.0		2.9		3.7		-		13.0		3.7		23.8
Energy	14.8		22.1		13.5		1.1		-		17.4		-		12.3
Financials	-		25.5		38.1		15.3		97.0		18.3		28.6		1.8
Health Care	-		1.1		-		1.1		-		9.3		9.5		6.2
Industrials	30.7		11.3		5.1		9.2		-		9.4		13.8		11.7
Information Technology	-		9.7		5.0		14.5		-		-		5.8		-
Materials	7.0		5.8		6.2		6.0		-		10.5		3.2		35.4
Telecommunication Services	22.0		9.2		15.3		1.7		-		8.3		2.6		0.2
Utilities	23.7		5.8		4.1		-		-		10.5		14.2		-
Investment Funds	1.7		-		2.1		-		2.6		-		-		-
Mutual Funds	0.1		-		1.0		-		0.4		-		-		0.5
Other Short Term Securities	-		-		-		23.5		-		-		-		-
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

	Jackson		Jackson		JNL
	Perspective		Perspective		Money
	Global Leaders		Pan European		Market
Sector	Fund		Fund		Fund
Consumer Discretionary	3.8	%	23.3	%	-	%
Consumer Staples	9.6		4.6		-
Energy	13.5		5.7		-
Financials	13.3		13.7		-
Health Care	14.9		21.3		-
Industrials	13.6		18.9		-
Information Technology	16.7		5.8		-
Materials	6.1		-		-
Telecommunication Services	4.8		4.1		-
Utilities	2.7		2.5		-
Certificates of Deposit	-		-		4.0
Commercial Paper	-		-		11.9
Mutual Funds	1.0		0.1		-
Repurchase Agreement	-		-		14.3
Other Short Term Securities	-		-		69.8
Total	100.0	%	100.0	%	100.0	%

Jackson Funds^SM(Unaudited)

Notes to the Schedules of Investments (continued)

April 30, 2009

Summary of Investments by Country (as a percentage of total long-term investments):*
	Jackson		Jackson		Jackson		Jackson		Jackson				Jackson
	Perspective		Perspective		Perspective		Perspective		Perspective		Jackson		Perspective
	Asia Pacific ex-Japan		Asia ex-Japan		Asia ex-Japan		China-India		Emerging Asia		Perspective		Asian Pacific Real
Country	Bond Fund		Fund		Infrastructure Fund		Fund		ex-Japan Fund		Japan Fund		Estate Fund
Australia	-	%	-	%	-	%	-	%	-	%	-	%	32.1	%
Canada	0.5		-		-		-		-		-		-
Cayman Islands	5.0		-		-		-		-		-		-
China	-		11.0		10.1		24.2		14.6		-		-
Hong Kong	9.6		27.3		35.1		25.9		22.2		-		12.7
India	1.7		7.7		9.2		49.9		16.2		-		-
Indonesia	10.7		5.4		2.8		-		13.6		-		-
Japan	-		-		-		-		-		100.0		22.8
Luxemborg	0.5		-		-		-		-		-		-
Malaysia	12.3		3.2		5.3		-		12.3		-		12.6
Netherlands	1.7		-		-		-		-		-		-
Phillipines	5.3		2.0		3.9		-		5.9		-		-
Singapore	16.4		6.2		5.1		-		4.2		-		17.2
South Korea	27.3		17.7		11.0		-		-		-		-
Taiwan	-		16.1		11.7		-		-		-		-
Thailand	4.7		3.4		5.8		-		11.0		-		2.6
United Kingdom	0.9		-		-		-		-		-		-
United States	3.4		-		-		-		-		-		-
	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

	Jackson		Jackson		Jackson		Jackson		Jackson
	Perspective		Perspective		Perspective		Perspective		Perspective
	European 30		Pacific Rim 30		Global Basics		Global Leaders		Pan European
Country	Fund		Fund		Fund		Fund		Fund
Australia	-	%	37.5	%	19.1	%	-	%	-	%
Austria	7.5		-		3.6		-		1.7
Belgium	6.7		-		-		-		3.0
Canada	-		-		1.2		4.9		-
China	-		-		-		1.3		-
Denmark	-		-		-		1.5		-
Finland	4.6		-		-		-		5.9
France	13.1		-		10.7		2.6		20.6
Germany	10.3		-		2.2		8.7		11.9
Hong Kong	-		15.8		1.6		1.6		-
Ireland	-		-		3.0		2.7		13.5
Italy	8.9		-		-		-		-
Japan	-		43.5		-		8.3		-
Luxembourg	-		-		-		-		3.2
Malaysia	-		-		1.8		1.6		-
Netherlands	6.3		-		3.1		5.2		1.6
Norway	5.7		-		-		-		0.5
Singapore	-		3.2		2.7		-		-
South Korea	-		-		-		4.0		-
Spain	5.1		-		0.8		-		5.9
Sweden	-		-		-		-		5.0
Switzerland	6.0		-		-		4.4		2.8
United Kingdom	25.8		-		19.5		10.1		24.4
United States	-		-		30.7		43.1		-
	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

* The Funds presented in the table are those which had greater than 10% of their portfolios invested in non-U.S. securities at April 30, 2009.

Jackson Funds^SM(Unaudited)

Statements of Assets and Liabilities

April 30, 2009

	Jackson	Jackson	Jackson	Jackson	Jackson	Jackson	Jackson
	Perspective	Perspective	Perspective	Perspective	Perspective	Perspective	Perspective
	Core Equity	Large Cap Value	Mid Cap Value	Small Cap Value	Total Return	Asia Pacific ex-Japan	Asia ex-Japan
Assets	Fund	Fund	Fund	Fund	Fund	Bond Fund	Fund
Investments - unaffiliated, at value (a) (d)	$ 2,871,789	$ 2,586,719	$ 2,750,520	$ 2,972,837	$ 20,419,515	$ 17,456,031	$ 2,777,603
Investments - affiliated, at value (b)	4,683	1,334	10,810	7,451	5,207,543	398,895	6,139
Repurchase agreements (a)	-	-	-	-	-	-	-
Total investments, at value (c)	2,876,472	2,588,053	2,761,330	2,980,288	25,627,058	17,854,926	2,783,742
Cash	-	-	-	-	101,377	-	-
Foreign currency (e)	-	-	-	-	-	91,185	56,370
Receivables:
Adviser expense reimbursement	-	96	-	-	-	-	-
Investment securities sold	82,013	108,183	70,405	92,064	2,027,968	-	15,948
Fund shares sold	-	-	-	-	-	-	-
Dividends and interest	4,491	3,798	2,103	1,721	159,859	221,335	3,859
Forward foreign currency contracts	-	-	-	-	-	166,654	-
Variation margin	-	-	-	-	1,016	-	-
Foreign taxes recoverable	-	-	-	-	617	18,876	323
Other assets	24	20	22	24	192	1,023	540
Total assets	2,963,000	2,700,150	2,833,860	3,074,097	27,918,087	18,353,999	2,860,782
Liabilities
Cash overdraft	-	-	-	-	-	-	20
Payables:
Advisory fees	1,825	1,620	1,768	2,038	10,953	11,680	2,134
Administrative fees	228	202	208	226	1,685	1,460	213
12b-1 fees
Class A	-	-	-	-	-	-	-
Class C	-	-	-	-	-	-	-
Investment securities purchased	72,004	99,392	74,172	91,799	7,011,947	-	66,440
Fund shares redeemed	-	-	-	-	-	-	-
Dividends	-	-	-	-	-	-	-
Transfer agent fees	-	-	-	-	-	-	-
Trustee fees	42	40	41	47	132	202	39
Forward foreign currency contracts	-	-	-	-	-	123,071	-
Variation margin	-	-	-	-	-	-	-
Other accrued expenses	6,102	6,149	6,539	6,658	4,940	6,256	6,420
Return of collateral for securities loaned	-	-	-	-	-	-	-
Total liabilities	80,201	107,403	82,728	100,768	7,029,657	142,669	75,266
Net assets	$ 2,882,799	$ 2,592,747	$ 2,751,132	$ 2,973,329	$ 20,888,430	$ 18,211,330	$ 2,785,516

Net assets consist of:
Paid-in capital	$ 5,063,795	$ 5,072,584	$ 5,040,457	$ 5,032,128	$ 20,000,000	$ 19,561,190	$ 5,016,648
Undistributed (excess of distributions over)
net investment income (loss)	17,822	13,767	8,256	5,673	257,893	495,925	(737)
Accumulated net realized gain (loss)	(1,379,683)	(2,116,416)	(1,881,501)	(1,686,426)	389,123	(1,507,896)	(1,151,259)
Net unrealized appreciation (depreciation) on
investments and foreign currency	(819,135)	(377,188)	(416,080)	(378,046)	241,414	(337,889)	(1,079,136)
	$ 2,882,799	$ 2,592,747	$ 2,751,132	$ 2,973,329	$ 20,888,430	$ 18,211,330	$ 2,785,516
Class A
Net assets	$ 2,306,231	$ 2,074,221	$ 2,200,918	$ 2,378,677	$ 16,710,744	$ 17,290,297	$ 2,228,203
Shares outstanding (no par value),
unlimited shares authorized	408,860	411,544	406,212	404,478	1,603,190	1,876,445	402,828
Net asset value per share	$ 5.64	$ 5.04	$ 5.42	$ 5.88	$ 10.42	$ 9.21	$ 5.53
Maximum sales load	5.75%	5.75%	5.75%	5.75%	3.75%	3.75%	5.75%
Maximum offering price per share	$ 5.98	$ 5.35	$ 5.75	$ 6.24	$ 10.82	$ 9.57	$ 5.87
Class C
Net assets	$ 576,568	$ 518,526	$ 550,214	$ 594,652	$ 4,177,686	$ 921,033	$ 557,313
Shares outstanding (no par value),
unlimited shares authorized	102,215	102,886	101,553	101,119	400,798	100,004	100,705
Net asset value and maximum offering price
per share	$ 5.64	$ 5.04	$ 5.42	$ 5.88	$ 10.42	$ 9.21	$ 5.53
(a) Investments - unaffiliated, at cost	$ 3,690,924	$ 2,963,907	$ 3,166,600	$ 3,350,883	$ 20,197,217	$ 17,844,099	$ 3,858,334
(b) Investments - affiliated, at cost	4,683	1,334	10,810	7,451	5,207,543	398,895	6,139
(c) Total investments, at cost	3,695,607	2,965,241	3,177,410	3,358,334	25,404,760	18,242,994	3,864,473
(d) Including value of securities on loan	-	-	-	-	-	-	-
(e) Foreign currency cost	-	-	-	-	-	89,307	54,777

The accompanying notes are an integral part of these Financial Statements.

Jackson Funds^SM(Unaudited)

Statements of Assets and Liabilities

April 30, 2009

	Jackson	Jackson	Jackson	Jackson	Jackson	Jackson	Jackson
	Perspective	Perspective	Perspective	Perspective	Perspective	Perspective	Perspective
	Asia ex-Japan	China-India	Emerging Asia	Japan	Asian Pacific Real	European 30	Pacific Rim 30
Assets	Infrastructure Fund	Fund	ex-Japan Fund	Fund	Estate Fund	Fund	Fund
Investments - unaffiliated, at value (a) (d)	$ 3,128,492	$ 2,613,615	$ 2,337,493	$ 9,395,129	$ 2,198,274	$ 1,830,904	$ 2,690,570
Investments - affiliated, at value (b)	4,213	1,018	23,930	3,340	7,946	-	-
Repurchase agreements (a)	-	-	-	-	-	-	-
Total investments, at value (c)	3,132,705	2,614,633	2,361,423	9,398,469	2,206,220	1,830,904	2,690,570
Cash	-	-	-	-	-	-	-
Foreign currency (e)	142,988	48,270	60,304	2,661	33,651	8,423	2,407
Receivables:
Adviser expense reimbursement	-	-	-	-	-	2,322	1,114
Investment securities sold	-	-	10,804	45,767	12,723	8,566	-
Fund shares sold	-	-	-	-	-	-	-
Dividends and interest	12,652	616	5,264	73,218	11,093	9,095	11,473
Forward foreign currency contracts	-	-	-	-	-	20	-
Variation margin	-	-	-	-	-	-	-
Foreign taxes recoverable	155	-	684	-	-	2,491	-
Other assets	570	540	520	64	540	15	23
Total assets	3,289,070	2,664,059	2,438,999	9,520,179	2,264,227	1,861,836	2,705,587
Liabilities
Cash overdraft	-	-	-	-	-	669	792
Payables:
Advisory fees	2,564	2,178	1,914	5,767	1,832	937	1,422
Administrative fees	256	207	182	577	183	144	219
12b-1 fees
Class A	-	-	-	-	-	-	-
Class C	-	-	-	-	-	-	-
Investment securities purchased	-	27,572	51,121	43,790	8,991	15,173	-
Fund shares redeemed	-	-	-	-	-	-	-
Dividends	-	-	-	-	-	-	-
Transfer agent fees	-	-	-	-	-	-	-
Trustee fees	54	37	36	79	38	12	19
Forward foreign currency contracts	-	-	-	-	-	-	-
Variation margin	-	-	-	-	-	-	-
Other accrued expenses	6,343	6,253	6,364	6,329	6,305	5,027	5,031
Return of collateral for securities loaned	-	-	-	2,296,292	-	-	-
Total liabilities	9,217	36,247	59,617	2,352,834	17,349	21,962	7,483
Net assets	$ 3,279,853	$ 2,627,812	$ 2,379,382	$ 7,167,345	$ 2,246,878	$ 1,839,874	$ 2,698,104

Net assets consist of:
Paid-in capital	$ 5,066,719	$ 4,997,678	$ 5,007,364	$ 10,073,714	$ 5,169,283	$ 2,000,000	$ 3,000,000
Undistributed (excess of distributions over)
net investment income (loss)	7,608	(14,539)	(2,256)	38,055	33,190	23,454	23,843
Accumulated net realized gain (loss)	(277,898)	(1,753,860)	(1,668,433)	(415,219)	(823,713)	(9,520)	3,256
Net unrealized appreciation (depreciation) on
investments and foreign currency	(1,516,576)	(601,467)	(957,293)	(2,529,205)	(2,131,882)	(174,060)	(328,995)
	$ 3,279,853	$ 2,627,812	$ 2,379,382	$ 7,167,345	$ 2,246,878	$ 1,839,874	$ 2,698,104
Class A*
Net assets	$ 2,623,880	$ 2,102,184	$ 1,903,527	$ 5,733,799	$ 1,797,494	$ 1,472,386	$ 2,158,712
Shares outstanding (no par value),
unlimited shares authorized	409,062	400,000	401,437	807,991	430,162	160,305	240,465
Net asset value per share	$ 6.41	$ 5.26	$ 4.74	$ 7.10	$ 4.18	$ 9.18	$ 8.98
Maximum sales load	5.75%	5.75%	5.75%	5.75%	5.75%	5.75%	5.75%
Maximum offering price per share	$ 6.80	$ 5.58	$ 5.03	$ 7.53	$ 4.44	$ 9.74	$ 9.53
Class C
Net assets	$ 655,973	$ 525,628	$ 475,855	$ 1,433,546	$ 449,384	$ 367,488	$ 539,392
Shares outstanding (no par value),
unlimited shares authorized	102,266	100,000	100,359	201,998	107,540	40,076	60,116
Net asset value and maximum offering price
per share	$ 6.41	$ 5.26	$ 4.74	$ 7.10	$ 4.18	$ 9.17	$ 8.97
(a) Investments - unaffiliated, at cost	$ 4,635,800	$ 3,215,171	$ 3,295,555	$ 11,924,132	$ 4,330,882	$ 2,005,161	$ 3,019,608
(b) Investments - affiliated, at cost	4,213	1,018	23,930	3,340	7,946	-	-
(c) Total investments, at cost	4,640,013	3,216,189	3,319,485	11,927,472	4,338,828	2,005,161	3,019,608
(d) Including value of securities on loan	-	-	-	2,182,149	-	-	-
(e) Foreign currency cost	152,298	48,110	59,486	2,694	32,882	8,349	2,375

The accompanying notes are an integral part of these Financial Statements.

Jackson Funds^SM(Unaudited)

Statements of Assets and Liabilities

April 30, 2009

	Jackson	Jackson	Jackson
	Perspective	Perspective	Perspective	JNL
	Global Basics	Global Leaders	Pan European	Money Market
Assets	Fund	Fund	Fund	Fund
Investments - unaffiliated, at value (a) (d)	$ 4,760,873	$ 4,758,478	$ 4,716,182	$ 446,988,361
Investments - affiliated, at value (b)	22,689	45,793	6,922	-
Repurchase agreements (a)	-	-	-	74,700,000
Total investments, at value (c)	4,783,562	4,804,271	4,723,104	521,688,361
Cash	-	-	-	-
Foreign currency (e)	64,622	146,240	214,767	-
Receivables:
Adviser expense reimbursement	-	-	-	-
Investment securities sold	19,494	28,868	96,170	-
Fund shares sold	-	-	-	-
Dividends and interest	4,739	11,396	9,083	217,148
Forward foreign currency contracts	-	-	-	-
Variation margin	-	-	-	-
Foreign taxes recoverable	286	873	1,950	-
Other assets	39	39	41	5,329
Total assets	4,872,742	4,991,687	5,045,115	521,910,838
Liabilities
Cash overdraft	-	-	-	40,900
Payables:
Advisory fees	4,041	4,125	4,125	94,894
Administrative fees	385	393	393	-
Investment securities purchased	-	-	-	-
Dividends	-	-	-	129,328
Trustee fees	32	32	32	8,880
Forward foreign currency contracts	-	-	-	-
Other accrued expenses	4,871	4,872	4,859	6,113
Return of collateral for securities loaned	-	-	-	-
Total liabilities	9,329	9,422	9,409	280,115

Net assets consist of:
Paid-in capital	$ 5,000,000	$ 5,000,000	$ 5,000,000	$ 521,522,848
Undistributed (excess of distributions over)
net investment income (loss)	10,371	19,219	5,848	-
Accumulated net realized gain (loss)	5,268	(94,934)	(95,022)	107,875
Net unrealized appreciation (depreciation) on
investments and foreign currency	(152,226)	57,980	124,880	-
	$ 4,863,413	$ 4,982,265	$ 5,035,706	$ 521,630,723
Class A*
Net assets	$ 3,890,734	$ 3,985,816	$ 4,028,568	$ 521,630,723
Shares outstanding (no par value),
unlimited shares authorized	381,602	379,906	397,460	521,522,848
Net asset value per share	$ 10.20	$ 10.49	$ 10.14	$ 1.00
Maximum sales load	5.75%	5.75%	5.75%	n/a
Maximum offering price per share	$ 10.82	$ 11.13	$ 10.76	n/a
Class C
Net assets	$ 972,679	$ 996,449	$ 1,007,138	n/a
Shares outstanding (no par value),
unlimited shares authorized	95,401	94,977	99,365	n/a
Net asset value and maximum offering price
per share	$ 10.20	$ 10.49	$ 10.14	n/a
(a) Investments - unaffiliated, at cost	$ 4,914,406	$ 4,700,953	$ 4,595,561	$ 521,688,361
(b) Investments - affiliated, at cost	22,689	45,793	6,922	-
(c) Total investments, at cost	4,937,095	4,746,746	4,602,483	521,688,361
(d) Including value of securities on loan	-	-	-	-
(e) Foreign currency cost	63,332	145,824	211,082	-

* The JNL Money Market Fund offers only an Institutional Class of shares.

The accompanying notes are an integral part of these Financial Statements.

Jackson Funds^SM(Unaudited)

Statements of Operations

For the Period Ended April 30, 2009

	Jackson	Jackson	Jackson	Jackson	Jackson	Jackson	Jackson
	Perspective	Perspective	Perspective	Perspective	Perspective	Perspective	Perspective
	Core Equity	Large Cap Value	Mid Cap Value	Small Cap Value	Total Return	Asia Pacific ex-Japan	Asia ex-Japan
Investment income	Fund	Fund	Fund	Fund	Fund (b)	Bond Fund	Fund
Dividends (a)	$ 47,270	$ 41,987	$ 30,624	$ 35,588	$ 14,976	$ 3,912	$ 18,576
Foreign taxes withheld	-	-	-	-	-	(27,212)	(2,018)
Interest	46	47	-	-	295,724	528,878	8
Securities lending	52	84	480	890	-	-	636
Total investment income	47,368	42,118	31,104	36,478	310,700	505,578	17,202
Expenses
Advisory fees	10,651	9,214	10,090	11,738	41,073	67,843	11,128
Administrative fees	1,331	1,151	1,187	1,304	6,319	8,480	1,113
12b-1 fees
Class A	-	-	-	-	-	-	-
Class C	-	-	-	-	-	-	-
Legal fees	17	16	16	18	76	94	14
Trustee fees	56	50	51	52	266	96	46
Transfer agent fees	-	-	-	-	-	-	-
Registration fees	-	-	-	-	-	-	-
Audit fees	5,667	5,667	5,667	5,667	4,807	5,668	5,667
Custody fees	65	77	-	48	65	-	-
Printing and postage fees	-	-	-	-	-	-	-
Other expenses	89	85	73	91	201	-	63
Total expenses	17,876	16,260	17,084	18,918	52,807	82,181	18,031
Expense reimbursement	-	96	-	-	-	-	-
Net expenses	17,876	16,164	17,084	18,918	52,807	82,181	18,031
Net investment income (loss)	29,492	25,954	14,020	17,560	257,893	423,397	(829)
Realized and unrealized gain (loss)
Net realized gain (loss) on:
Distributions from affiliated investment companies	-	-	-	-	-	-	-
Distributions from affiliated investment companies	-	-	-	-	-	-	-
Unaffiliated investments	(743,137)	(1,105,850)	(1,098,759)	(1,134,740)	389,123	(485,759)	(910,998)
Affiliated investments	-	-	-	-	-	-	-
Foreign currency related items	-	-	-	-	-	(937,370)	(3,436)
Futures contracts	-	-	-	-	-	-	-
Brokerage commissions recaptured	85	136	91	65	-	-	-
Net change in unrealized appreciation (depreciation) on:
Investments	577,402	1,011,571	1,002,800	904,353	222,298	2,220,223	1,426,162
Foreign currency related items	-	-	-	-	-	417,845	1,978
Futures contracts	-	-	-	-	19,116	-	-
Net realized and unrealized gain (loss)	(165,650)	(94,143)	(95,868)	(230,322)	630,537	1,214,939	513,706
Net increase (decrease) in net assets from operations	$ (136,158)	$ (68,189)	$ (81,848)	$ (212,762)	$ 888,430	$ 1,638,336	$ 512,877
(a) Dividends from affiliated investments	$ 83	$ 57	$ 49	$ 37	$ 10,108	$ 3,912	$ 93
(b) Period from December 29, 2008 (commencement of operations)

The accompanying notes are an integral part of these Financial Statements.

Jackson Funds^SM (Unaudited)

Statements of Operations

For the Period Ended April 30, 2009

	Jackson	Jackson	Jackson	Jackson	Jackson	Jackson	Jackson
	Perspective	Perspective	Perspective	Perspective	Perspective	Perspective	Perspective
	Asia ex-Japan	China-India	Emerging Asia	Japan	Asian Pacific Real	European 30	Pacific Rim 30
Investment income	Infrastructure Fund	Fund	ex-Japan Fund	Fund	Estate Fund	Fund (b)	Fund (b)
Dividends (a)	$ 32,150	$ 4,484	$ 16,300	$ 77,293	$ 93,507	$ 35,852	$ 35,673
Foreign taxes withheld	(2,553)	(61)	(2,256)	(5,409)	(7,861)	(4,764)	(863)
Interest	42	6	-	-	17	-	-
Securities lending	368	542	750	9,641	1,723	-	-
Total investment income	30,007	4,971	14,794	81,525	87,386	31,088	34,810
Expenses
Advisory fees	14,076	11,695	10,112	33,455	11,011	3,527	5,344
Administrative fees	1,408	1,114	963	3,346	1,101	543	822
Legal fees	17	14	12	40	14	7	11
Trustee fees	55	45	39	133	46	25	38
Audit fees	5,667	5,667	5,667	5,667	5,667	5,790	5,790
Custody fees	365	796	8	323	99	8	12
Other expenses	51	157	226	177	85	56	64
Total expenses	21,639	19,488	17,027	43,141	18,023	9,956	12,081
Expense reimbursement	-	-	-	-	-	2,322	1,114
Net expenses	21,639	19,488	17,027	43,141	18,023	7,634	10,967
Net investment income (loss)	8,368	(14,517)	(2,233)	38,384	69,363	23,454	23,843
Realized and unrealized gain (loss)
Net realized gain (loss) on:
Unaffiliated investments	(75,799)	(460,030)	(1,226,129)	(181,287)	(505,406)	(954)	-
Foreign currency related items	(10,460)	(2,679)	(4,571)	10,280	(1,589)	(8,566)	3,256
Brokerage commissions recaptured	-	-	-	-	-	-	-
Net change in unrealized appreciation (depreciation) on:
Investments	536,938	770,999	1,662,389	426,074	369,189	(174,257)	(329,038)
Foreign currency related items	4,402	(307)	1,980	(5,832)	457	197	43
Futures contracts	-	-	-	-	-	-	-
Net realized and unrealized gain (loss)	455,081	307,983	433,669	249,235	(137,349)	(183,580)	(325,739)
Net increase (decrease) in net assets from operations	$ 463,449	$ 293,466	$ 431,436	$ 287,619	$ (67,986)	$ (160,126)	$ (301,896)
(a) Dividends from affiliated investments	$ 227	$ 143	$ 97	$ 23	$ 21	$ 34	$ 52
(b) Period from December 29, 2008 (commencement of operations)

The accompanying notes are an integral part of these Financial Statements.

Jackson Funds^SM(Unaudited)

Statements of Operations

For the Period Ended April 30, 2009

	Jackson	Jackson	Jackson
	Perspective	Perspective	Perspective	JNL
	Global Basics	Global Leaders	Pan European	Money Market
Investment income	Fund (b)	Fund (b)	Fund (b)	Fund
Dividends (a)	$ 32,620	$ 44,636	$ 33,193	$ 466
Foreign taxes withheld	(790)	(3,824)	(5,666)	-
Interest	28	42	206	3,010,286
Securities lending	-	-	-	-
Total investment income	31,858	40,854	27,733	3,010,752
Expenses
Advisory fees	15,064	15,200	15,427	510,333
Administrative fees	1,435	1,447	1,469	-
Legal fees	19	19	19	2,782
Trustee fees	65	65	65	9,397
Audit fees	4,807	4,807	4,807	-
Custody fees	17	17	18	-
Other expenses	80	80	80	7,913
Total expenses	21,487	21,635	21,885	530,425
Expense reimbursement	-	-	-	-
Net expenses	21,487	21,635	21,885	530,425
Net investment income	10,371	19,219	5,848	2,480,327
Realized and unrealized gain (loss)
Net realized gain (loss) on:
Unaffiliated investments	(7,602)	(94,479)	(108,957)	38,960
Foreign currency related items	12,870	(455)	13,935	-
Brokerage commissions recaptured	-	-	-	-
Net change in unrealized appreciation (depreciation) on:
Investments	(153,533)	57,525	120,621	-
Foreign currency related items	1,307	455	4,259	-
Futures contracts	-	-	-	-
Net realized and unrealized gain (loss)	(146,958)	(36,954)	29,858	38,960
Net increase (decrease) in net assets from operations	$ (136,587)	$ (17,735)	$ 35,706	$ 2,519,287
(a) Dividends from affiliated investments	$ 261	$ 388	$ 111	$ -
(b) Period from December 29, 2008 (commencement of operations)

The accompanying notes are an integral part of these Financial Statements.

Jackson Funds^SM(Unaudited)

Statements of Changes in Net Assets

For the Period Ended April 30, 2009

	Jackson	Jackson	Jackson	Jackson	Jackson	Jackson	Jackson
	Perspective	Perspective	Perspective	Perspective	Perspective	Perspective	Perspective
	Core Equity	Large Cap Value	Mid Cap Value	Small Cap Value	Total Return	Asia Pacific ex-Japan	Asia ex-Japan
Operations	Fund	Fund	Fund	Fund	Fund (a)	Bond Fund	Fund
Net investment income (loss)	$ 29,492	$ 25,954	$ 14,020	$ 17,560	$ 257,893	$ 423,397	$ (829)
Net realized gain (loss)	(743,052)	(1,105,714)	(1,098,668)	(1,134,675)	389,123	(1,423,129)	(914,434)
Distributions from investment companies	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-
Foreign currency related items	-	-	-	-	-	-	-
Futures contracts and options written	-	-	-	-	-	-	-
Investment securities sold short	-	-	-	-	-	-	-
Brokerage commission recapture	-	-	-	-	-	-	-
Net change in unrealized appreciation (depreciation)	577,402	1,011,571	1,002,800	904,353	241,414	2,638,068	1,428,140
Investments	-	-	-	-	-		-
Foreign currency related items	-	-	-	-	-		-
Futures contracts and options written	-	-	-	-	-	-	-
Investment securities sold short	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!
Net increase (decrease) in net assets from
operations	$ (136,158)	$ (68,189)	$ (81,848)	$ (212,762)	$ 888,430	$ 1,638,336	$ 512,877
Distributions to shareholders
From net investment income
Class A	(51,036)	(58,067)	(32,366)	(25,702)	-	(598)	(13,318)
Class C	(12,759)	(14,517)	(8,091)	(6,426)	-	(32)	(3,330)
From net realized gains
Class A	-	-	-	-	-	-	-
Class C	-	-	-	-	-	-	-
Total distributions to shareholders	(63,795)	(72,584)	(40,457)	(32,128)	-	(630)	(16,648)
Share transactions¹
Proceeds from the sale of shares
Class A	-	-	-	-	16,000,000	-	-
Class C	-	-	-	-	4,000,000	-	-
Proceeds in connection with acquisition
Class A / Institutional Shares	-	-	-	-	-	-	-
Class C	-	-	-	-	-	-	-
Reinvestment of distributions
Class A	51,036	58,067	32,366	25,702	-	598	13,318
Class C	12,759	14,517	8,091	6,426	-	32	3,330
Cost of shares redeemed
Class A	-	-	-	-	-	-	-
Class C	-	-	-	-	-	-	-
Net increase in net assets from
share transactions	63,795	72,584	40,457	32,128	20,000,000	630	16,648
Net increase (decrease) in net assets	(136,158)	(68,189)	(81,848)	(212,762)	20,888,430	1,638,336	512,877
Net assets beginning of period	3,018,957	2,660,936	2,832,980	3,186,091	-	16,572,994	2,272,639
Net assets end of period	$ 2,882,799	$ 2,592,747	$ 2,751,132	$ 2,973,329	$ 20,888,430	$ 18,211,330	$ 2,785,516
Undistributed(excess of distributions over)
net investment income (loss)	$ 17,822	$ 13,767	$ 8,256	$ 5,673	$ 257,893	$ 495,925	$ (737)
(a) Period from December 29, 2008 (commencement of operations)

¹Share transactions
Shares sold
Class A	-	-	-	-	1,603,190	-	-
Class C	-	-	-	-	400,798	-	-
Shares issued in connection with acquisition
Class A / Institutional Class	-	-	-	-	-	-	-
Class C	-	-	-	-	-	-	-
Reinvestment of distributions
Class A	8,860	11,544	6,212	4,478	-	67	2,828
Class C	2,215	2,886	1,553	1,119	-	4	705
Shares redeemed
Class A	-	-	-	-	-	-	-
Class C	-	-	-	-	-	-	-
Net increase
Class A	8,860	11,544	6,212	4,478	1,603,190	67	2,828
Class C	2,215	2,886	1,553	1,119	400,798	4	705
Purchases and sales of investment
securities (excluding short-term
securities):
Purchases of securities	$ 761,168	$ 1,085,403	$ 1,041,486	$ 1,157,508	$ 74,893,313	$ 9,052,497	$ 696,684
Proceeds from sales of securities	733,420	1,062,566	1,028,937	1,144,665	55,108,605	7,458,669	666,841

The accompanying notes are an integral part of these Financial Statements.

Jackson Funds^SM(Unaudited)

Statements of Changes in Net Assets

For the Period Ended April 30, 2009

	Jackson	Jackson	Jackson	Jackson	Jackson	Jackson	Jackson
	Perspective	Perspective	Perspective	Perspective	Perspective	Perspective	Perspective
	Asia ex-Japan	China-India	Emerging Asia	Japan	Asian Pacific Real	European 30	Pacific Rim 30
Operations	Infrastructure Fund	Fund	ex-Japan Fund	Fund	Estate Fund	Fund (a)	Fund (a)
Net investment income (loss)	$ 8,368	$ (14,517)	$ (2,233)	$ 38,384	$ 69,363	$ 23,454	$ 23,843
Net realized gain (loss)	(86,259)	(462,709)	(1,230,700)	(171,007)	(506,995)	(9,520)	3,256
Distributions from investment companies	-	-	-	-	-	-	-
Investments	-	-	-	-	0	-	-
Foreign currency related items	-	-	-	-	-	-	-
Futures contracts and options written	-	-	-	-	-	-	-
Investment securities sold short	-	-	-	-	-	-	-
Brokerage commission recapture	-	-	-	-	-	-	-
Net change in unrealized appreciation (depreciation)	541,340	770,692	1,664,369	420,242	369,646	(174,060)	(328,995)
Investments	-	-	-	-		-	-
Foreign currency related items	-	-	-	-	-	-	-
Futures contracts and options written	-	-	-	-	-	-	-
Investment securities sold short	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!	#REF!
Net increase (decrease) in net assets from
operations	$ 463,449	$ 293,466	$ 431,436	$ 287,619	$ (67,986)	$ (160,126)	$ (301,896)
Distributions to shareholders
From net investment income
Class A	(53,375)	-	(5,891)	(58,971)	(135,426)	-	-
Class C	(13,344)	-	(1,473)	(14,743)	(33,857)	-	-
From net realized gains
Class A	-	-	-	-	-	-	-
Class C	-	-	-	-	-	-	-
Total distributions to shareholders	(66,719)	-	(7,364)	(73,714)	(169,283)	-	-
Share transactions¹
Proceeds from the sale of shares
Class A	-	-	-	-	-	1,600,000	2,400,000
Class C	-	-	-	-	-	400,000	600,000
Proceeds in connection with acquisition
Class A / Institutional Shares	-	-	-	-	-	-	-
Class C	-	-	-	-	-	-	-
Reinvestment of distributions
Class A	53,375	-	5,891	58,971	135,426	-	-
Class C	13,344	-	1,473	14,743	33,857	-	-
Cost of shares redeemed
Class A	-	-	-	-	-	-	-
Class C	-	-	-	-	-	-	-
Net increase in net assets from
share transactions	66,719	-	7,364	73,714	169,283	2,000,000	3,000,000
Net increase (decrease) in net assets	463,449	293,466	431,436	287,619	(67,986)	1,839,874	2,698,104
Net assets beginning of period	2,816,404	2,334,346	1,947,946	6,879,726	2,314,864	-	-
Net assets end of period	$ 3,279,853	$ 2,627,812	$ 2,379,382	$ 7,167,345	$ 2,246,878	$ 1,839,874	$ 2,698,104
Undistributed(excess of distributions over)
net investment income (loss)	$ 7,608	$ (14,539)	$ (2,256)	$ 38,055	$ 33,190	$ 23,454	$ 23,843
(a) Period from December 29, 2008 (commencement of operations)

¹Share transactions
Shares sold
Class A	-	-	-	-	-	160,305	240,465
Class C	-	-	-	-	-	40,076	60,116
Shares issued in connection with acquisition
Class A / Institutional Class	-	-	-	-	-	-	-
Class C	-	-	-	-	-	-	-
Reinvestment of distributions
Class A	9,062	-	1,437	7,991	30,162	-	-
Class C	2,266	-	359	1,998	7,540	-	-
Shares redeemed
Class A	-	-	-	-	-	-	-
Class C	-	-	-	-	-	-	-
Net increase
Class A	9,062	-	1,437	7,991	30,162	160,305	240,465
Class C	2,266	-	359	1,998	7,540	40,076	60,116
Purchases and sales of investment
securities (excluding short-term
securities):
Purchases of securities	$ 244,217	$ 684,296	$ 821,015	$ 1,429,006	$ 464,074	$ 2,016,351	$ 3,019,608
Proceeds from sales of securities	47,201	576,173	820,851	1,385,937	366,882	10,237	-

The accompanying notes are an integral part of these Financial Statements.

Jackson Funds^SM(Unaudited)

Statements of Changes in Net Assets

For the Period Ended April 30, 2009

	Jackson	Jackson	Jackson
	Perspective	Perspective	Perspective	JNL
	Global Basics	Global Leaders	Pan European	Money Market
Operations	Fund (a)	Fund (a)	Fund (a)	Fund
Net investment income	$ 10,371	$ 19,219	$ 5,848	$ 2,480,327
Net realized gain (loss)	5,268	(94,934)	(95,022)	38,960
Distributions from investment companies	-	-	-	-
Investments	-	-	-	-
Foreign currency related items	-	-	-	-
Futures contracts and options written	-	-	-	-
Investment securities sold short	-	-	-	-
Brokerage commission recapture	-	-	-	-
Net change in unrealized appreciation (depreciation)	(152,226)	57,980	124,880	-
Investments	-	-	-	-
Foreign currency related items	-	-	-	-
Futures contracts and options written	-	-	-	-
Investment securities sold short	#REF!	#REF!	#REF!	#REF!
Net increase (decrease) in net assets from
operations	$ (136,587)	$ (17,735)	$ 35,706	$ 2,519,287
Distributions to shareholders
From net investment income
Class A	-	-	-	(2,560,682)
Class C	-	-	-	-
From net realized gains
Class A	-	-	-	-
Class C	-	-	-	-
Total distributions to shareholders	-	-	-	(2,560,682)
Share transactions¹
Proceeds from the sale of shares
Class A	4,000,000	4,000,000	4,000,000	3,777,751,714
Class C	1,000,000	1,000,000	1,000,000	-
Proceeds in connection with acquisition
Class A / Institutional Shares	-	-	-	-
Class C	-	-	-	-
Reinvestment of distributions
Class A	-	-	-	-
Class C	-	-	-	-
Cost of shares redeemed
Class A	-	-	-	(3,761,013,215)
Class C	-	-	-	-
Net increase in net assets from
share transactions	5,000,000	5,000,000	5,000,000	16,738,499
Net increase in net assets	4,863,413	4,982,265	5,035,706	16,697,104
Net assets beginning of period	-	-	-	504,933,619
Net assets end of period	$ 4,863,413	$ 4,982,265	$ 5,035,706	$ 521,630,723
Undistributed(excess of distributions over)
net investment income (loss)	$ 10,371	$ 19,219	$ 5,848	$ -
(a) Period from December 29, 2008 (commencement of operations)

¹Share transactions
Shares sold
Class A	381,602	379,906	397,460	3,777,751,714
Class C	95,401	94,977	99,365	-
Shares issued in connection with acquisition
Class A / Institutional Class	-	-	-	-
Class C	-	-	-	-
Reinvestment of distributions
Class A	-	-	-	-
Class C	-	-	-	-
Shares redeemed
Class A	-	-	-	(3,761,013,215)
Class C	-	-	-	-
Net increase (decrease)
Class A	381,602	379,906	397,460	16,738,499
Class C	95,401	94,977	99,365	-
Purchases and sales of investment
securities (excluding short-term
securities):
Purchases of securities	$ 5,145,702	$ 5,781,218	$ 5,810,098	$ -
Proceeds from sales of securities	223,694	985,785	1,105,580	-

The accompanying notes are an integral part of these Financial Statements.

Jackson Funds^SM (Unaudited)

Statements of Changes in Net Assets

For the Year Ended October 31, 2008

	Jackson	Jackson	Jackson	Jackson	Jackson	Jackson
	Perspective	Perspective	Perspective	Perspective	Perspective	Perspective
	Core Equity	Large Cap Value	Mid Cap Value	Small Cap Value	Asia Pacific ex-Japan	Asia ex-Japan
Operations	Fund (a)	Fund (a)	Fund (a)	Fund (a)	Bond Fund (a)	Fund (a)
Net investment income	$ 52,125	$ 60,397	$ 34,693	$ 20,241	$ 457,307	$ 32,694
Net realized loss	(636,631)	(1,010,702)	(782,833)	(551,751)	(908,356)	(252,779)
Distributions from investment companies	-	-	-	-	-	-
Investments	-	-	-	-	-	-
Foreign currency related items	-	-	-	-	-	-
Futures contracts and options written	-	-	-	-	-	-
Investment securities sold short	-	-	-	-	-	-
Brokerage commission recapture	-	-	-	-	-	-
Net change in unrealized appreciation (depreciation)	(1,396,537)	(1,388,759)	(1,418,880)	(1,282,399)	(2,975,957)	(2,507,276)
Investments	-	-	-	-		-
Foreign currency related items	-	-	-	-		-
Futures contracts and options written	-	-	-	-	-	-
Investment securities sold short	-	-	-	-	-	-
Net increase (decrease) in net assets from
operations	(1,981,043)	(2,339,064)	(2,167,020)	(1,813,909)	(3,427,006)	(2,727,361)
Distributions to shareholders
From net investment income
Class A	-	-	-	-	-	-
Class C	-	-	-	-	-	-
From net realized gains
Class A	-	-	-	-	-	-
Class C	-	-	-	-	-	-
Total distributions to shareholders	-	-	-	-	-	-
Share transactions¹
Proceeds from the sale of shares
Class A	4,000,000	4,000,000	4,000,000	4,000,000	19,000,000	4,000,000
Class C	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000
Proceeds in connection with acquisition
Class A / Institutional Shares	-	-	-	-	-	-
Class C	-	-	-	-	-	-
Reinvestment of distributions
Class A	-	-	-	-	-	-
Class C	-	-	-	-	-	-
Cost of shares redeemed
Class A	-	-	-	-	-	-
Class C	-	-	-	-	-	-
Net increase (decrease) in net assets from
share transactions	5,000,000	5,000,000	5,000,000	5,000,000	20,000,000	5,000,000
Net increase (decrease) in net assets	3,018,957	2,660,936	2,832,980	3,186,091	16,572,994	2,272,639
Net assets beginning of period	-	-	-	-	-	-
Net assets end of period	$ 3,018,957	$ 2,660,936	$ 2,832,980	$ 3,186,091	$ 16,572,994	$ 2,272,639
Undistributed net investment income	$ 52,125	$ 60,397	$ 34,693	$ 20,241	$ 73,158	$ 16,740
(a) Period from December 27, 2007 (commencement of operations)

¹Share transactions
Shares sold
Class A	400,000	400,000	400,000	400,000	1,876,378	400,000
Class C	100,000	100,000	100,000	100,000	100,000	100,000
Shares issued in connection with acquisition
Class A / Institutional Class	-	-	-	-	-	-
Class C	-	-	-	-	-	-
Reinvestment of distributions
Class A	-	-	-	-	-	-
Class C	-	-	-	-	-	-
Shares redeemed
Class A	-	-	-	-	-	-
Class C	-	-	-	-	-	-
Net increase
Class A	400,000	400,000	400,000	400,000	1,876,378	400,000
Class C	100,000	100,000	100,000	100,000	100,000	100,000
Purchases and sales of investment
securities (excluding short-term
securities):
Purchases of securities	$ 6,561,207	$ 7,590,794	$ 8,645,304	$ 8,099,868	$ 28,561,009	$ 8,080,025
Proceeds from sales of securities	(1,518,195)	(2,534,673)	(3,609,463)	(3,075,277)	(11,174,511)	(3,103,740)

The accompanying notes are an integral part of these Financial Statements.

Jackson Funds^SM(Unaudited)

Statements of Changes in Net Assets

	For the Period Ended October 31, 2008
	8012	8014	8015	8016	8013	8000
	Jackson	Jackson	Jackson	Jackson	Jackson	JNL Money Market Fund
	Perspective	Perspective	Perspective	Perspective	Perspective	For the Year Ended
	Asia ex-Japan	China-India	Emerging Asia	Japan	Asian Pacific Real	October 31,
Operations	Infrastructure Fund (a)	Fund (a)	ex-Japan Fund (a)	Fund (a)	Estate Fund (a)	2008
Net investment income	$ 71,605	$ 15,542	$ 22,451	$ 94,231	$ 152,306	$ 17,585,681
Net realized gain (loss)	(197,285)	(1,309,037)	(452,843)	(265,058)	(335,914)	173,832
Distributions from investment companies	-	-	-	-	-	-
Investments	-	-	-	-	0	-
Foreign currency related items	-	-	-	-	-	-
Futures contracts and options written	-	-	-	-	-	-
Investment securities sold short	-	-	-	-	-	-
Brokerage commission recapture	-	-	-	-	-	-
Net change in unrealized appreciation (depreciation)	(2,057,916)	(1,372,159)	(2,621,662)	(2,949,447)	(2,501,528)	-
Investments	-	-	-	-		-
Foreign currency related items	-	-	-	-	-	-
Futures contracts and options written	-	-	-	-	-	-
Investment securities sold short	-	-	-	-	-	-
Net increase (decrease) in net assets from
operations	(2,183,596)	(2,665,654)	(3,052,054)	(3,120,274)	(2,685,136)	17,759,513
Distributions to shareholders
From net investment income
Class A	-	-	-	-	-	(17,610,243)
Class C	-	-	-	-	-	-
From net realized gains
Class A	-	-	-	-	-	-
Class C	-	-	-	-	-	-
Total distributions to shareholders	-	-	-	-	-	(17,610,243)
Share transactions¹
Proceeds from the sale of shares
Class A	4,000,000	4,000,000	4,000,000	8,000,000	4,000,000	11,296,287,021
Class C	1,000,000	1,000,000	1,000,000	2,000,000	1,000,000	-
Proceeds in connection with acquisition
Class A / Institutional Shares	-	-	-	-	-	-
Class C	-	-	-	-	-	-
Reinvestment of distributions
Class A	-	-	-	-	-	-
Class C	-	-	-	-	-	-
Cost of shares redeemed
Class A	-	-	-	-	-	(11,332,805,738)
Class C	-	-	-	-	-	-
Net increase (decrease) in net assets from
share transactions	5,000,000	5,000,000	5,000,000	10,000,000	5,000,000	(36,518,717)
Net increase (decrease) in net assets	2,816,404	2,334,346	1,947,946	6,879,726	2,314,864	(36,369,447)
Net assets beginning of period	-	-	-	-	-	541,303,066
Net assets end of period	$ 2,816,404	$ 2,334,346	$ 1,947,946	$ 6,879,726	$ 2,314,864	$ 504,933,619
Undistributed (excess of distributions over)
net investment income	$ 65,959	$ (22)	$ 7,341	$ 73,385	$ 133,110	$ -
(a) Period from December 27, 2007 (commencement of operations)

¹Share transactions
Shares sold
Class A	400,000	400,000	400,000	800,000	400,000	11,296,287,021
Class C	100,000	100,000	100,000	200,000	100,000	-
Shares issued in connection with acquisition
Class A / Institutional Class	-	-	-	-	-	-
Class C	-	-	-	-	-	-
Reinvestment of distributions
Class A	-	-	-	-	-	-
Class C	-	-	-	-	-	-
Shares redeemed
Class A	-	-	-	-	-	(11,332,805,738)
Class C	-	-	-	-	-	-
Net increase (decrease)
Class A	400,000	400,000	400,000	800,000	400,000	(36,518,717)
Class C	100,000	100,000	100,000	200,000	100,000	-
Purchases and sales of investment
securities (excluding short-term
securities):
Purchases of securities	$ 4,970,387	$ 8,735,885	$ 7,929,484	$ 13,080,098	$ 5,805,478	$ -
Proceeds from sales of securities	(264,164)	(3,877,658)	(2,970,407)	(3,073,797)	(759,732)	-

The accompanying notes are an integral part of these Financial Statements.

Jackson Funds^SM(Unaudited)

Financial Highlights

													Assuming No Expense
													Reimbursement
		Increase (Decrease) from				Distributions from						Ratio of Net		Ratio of Net
	Net Asset	Investment Operations (b)				Net Realized					Ratio of	Investment	Ratio of	Investment
	Value,	Net	Net Realized	Total from	Distributions from	Gains on	Net Asset	Supplemental Data			Expenses to	Income (Loss)	Expenses to	Income (Loss)
	Beginning	Investment	& Unrealized	Investment	Net Investment	Investment	Value, End	Total	Net Assets,	Portfolio	Average Net	to Average	Average Net	to Average
Period Ended	of Period	Income (Loss)	Gains (Losses)	Operations	Income	Transactions	of Period	Return (c)	End of Period	Turnover	Assets (d)	Net Assets (d)	Assets (d)	Net Assets (d)
Jackson Perspective Core Equity Fund
Class A
4/30/2009	$ 6.04	$ 0.06	$ (0.33)	$ (0.27)	$ (0.13)	$ -	$ 5.64	(4.55)%	$ 2,306,231	27%	1.34 %	2.21 %	1.34 %	2.21 %
12/27/2007 (a) - 10/31/2008	10.00	0.10	(4.06)	(3.96)	-	-	6.04	(39.60)	2,415,158	39	1.24	1.44	1.24	1.44
Class C
4/30/2009	6.04	0.06	(0.33)	(0.27)	(0.13)	-	5.64	(4.55)	576,568	27	1.34	2.21	1.34	2.21
12/27/2007 (a) - 10/31/2008	10.00	0.10	(4.06)	(3.96)	-	-	6.04	(39.60)	603,799	39	1.24	1.44	1.24	1.44
Jackson Perspective Large Cap Value Fund
Class A
4/30/2009	5.32	0.05	(0.18)	(0.13)	(0.15)	-	5.04	(2.53)	2,074,221	45	1.40	2.25	1.41	2.24
12/27/2007 (a) - 10/31/2008	10.00	0.12	(4.80)	(4.68)	-	-	5.32	(46.80)	2,128,740	66	1.25	1.71	1.25	1.71
Class C
4/30/2009	5.32	0.05	(0.18)	(0.13)	(0.15)	-	5.04	(2.53)	518,526	45	1.41	2.24	1.41	2.24
12/27/2007 (a) - 10/31/2008	10.00	0.12	(4.80)	(4.68)	-	-	5.32	(46.80)	532,196	66	1.25	1.71	1.25	1.71
Jackson Perspective Mid Cap Value Fund
Class A
4/30/2009	5.67	0.03	(0.20)	(0.17)	(0.08)	-	5.42	(2.92)	2,200,918	39	1.44	1.18	1.44	1.18
12/27/2007 (a) - 10/31/2008	10.00	0.07	(4.40)	(4.33)	-	-	5.67	(43.30)	2,266,396	88	1.29	0.92	1.29	0.92
Class C
4/30/2009	5.67	0.03	(0.20)	(0.17)	(0.08)	-	5.42	(2.92)	550,214	39	1.44	1.18	1.44	1.18
12/27/2007 (a) - 10/31/2008	10.00	0.07	(4.40)	(4.33)	-	-	5.67	(43.30)	566,584	88	1.29	0.92	1.29	0.92

Jackson Perspective Small Cap Value Fund
Class A
4/30/2009	6.37	0.03	(0.46)	(0.43)	(0.06)		-	5.88	(6.66)	2,378,677	43	1.45	1.35		1.45	1.35
12/27/2007 (a) - 10/31/2008	10.00	0.04	(3.67)	(3.63)	-		-	6.37	(36.30)	2,548,887	73	1.33	0.53		1.33	0.53
Class C
4/30/2009	6.37	0.03	(0.46)	(0.43)	(0.06)		-	5.88	(6.66)	594,652	43	1.45	1.35		1.45	1.35
12/27/2007 (a) - 10/31/2008	10.00	0.04	(3.67)	(3.63)	-		-	6.37	(36.30)	637,204	73	1.33	0.53		1.33	0.53
Jackson Perspective Total Return Fund
Class A
12/29/2008 (a) - 4/30/2009	10.00	0.14	0.28	0.42	-		-	10.42	4.20	16,710,744	279	0.83	4.04		0.83	4.04
Class C
12/29/2008 (a) - 4/30/2009	10.00	0.14	0.28	0.42	-		-	10.42	4.20	4,177,686	279	0.83	4.04		0.83	4.04
Jackson Perspective Asia Pacific ex-Japan Bond Fund
Class A
4/30/2009	8.39	0.21	0.61	0.82	0.00	(e)	-	9.21	9.78	17,290,297	48	0.98	4.99		0.98	4.99
12/27/2007 (a) - 10/31/2008	10.00	0.26	(1.87)	(1.61)	-		-	8.39	(16.10)	15,734,751	86	1.04	3.25		1.04	3.25
Class C
														��
4/30/2009	8.38	0.21	0.62	0.83	0.00	(e)	-	9.21	9.91	921,033	48	0.98	4.99		0.98	4.99
12/27/2007 (a) - 10/31/2008	10.00	0.26	(1.88)	(1.62)	-		-	8.38	(16.20)	838,243	86	1.04	3.25		1.04	3.25

Jackson Perspective Asia ex-Japan Fund
Class A
4/30/2009	$ 4.54	$ -	$ 1.02	$ 1.02	$ (0.03)	$ -	$ 5.53	25.15 %	$ 2,228,203	30%	1.62 %	(0.07)%	1.62 %	(0.07)%
12/27/2007 (a) - 10/31/2008	10.00	0.07	(5.53)	(5.46)	-	-	4.54	(54.60)	1,817,932	86	1.62	0.92	1.62	0.92
Class C
4/30/2009	4.55	-	1.01	1.01	(0.03)	-	5.53	25.15	557,313	30	1.62	(0.07)	1.62	(0.07)
12/27/2007 (a) - 10/31/2008	10.00	0.07	(5.52)	(5.45)	-	-	4.55	(54.50)	454,707	86	1.62	0.92	1.62	0.92
Jackson Perspective Asia ex-Japan Infrastructure Fund
Class A
4/30/2009	5.63	0.02	0.89	0.91	(0.13)	-	6.41	16.43	2,623,880	2	1.54	0.59	1.54	0.59
12/27/2007 (a) - 10/31/2008	10.00	0.14	(4.51)	(4.37)	-	-	5.63	(43.70)	2,253,121	8	1.53	1.98	1.53	1.98
Class C
4/30/2009	5.63	0.02	0.89	0.91	(0.13)	-	6.41	16.43	655,973	2	1.54	0.59	1.54	0.59
12/27/2007 (a) - 10/31/2008	10.00	0.14	(4.51)	(4.37)	-	-	5.63	(43.70)	563,283	8	1.53	1.98	1.53	1.98
Jackson Perspective China-India Fund
Class A
4/30/2009	4.67	(0.03)	0.62	0.59	-	-	5.26	12.63	2,102,184	26	1.75	(1.30)	1.75	(1.30)
12/27/2007 (a) - 10/31/2008	10.00	0.03	(5.36)	(5.33)	-	-	4.67	(53.30)	1,867,418	120	1.59	0.49	1.59	0.49
Class C
4/30/2009	4.67	(0.03)	0.62	0.59	-	-	5.26	12.63	525,628	26	1.75	(1.30)	1.75	(1.30)
12/27/2007 (a) - 10/31/2008	10.00	0.03	(5.36)	(5.33)	-	-	4.67	(53.30)	466,928	120	1.59	0.49	1.59	0.49

Jackson Perspective Emerging Asia ex-Japan Fund
Class A
4/30/2009	3.90	-	0.85	0.85	(0.01)	-	4.74	21.98	1,903,527	43	1.77	(0.23)	1.77	(0.23)
12/27/2007 (a) - 10/31/2008	10.00	0.04	(6.14)	(6.10)	-	-	3.90	(61.00)	1,558,374	86	1.69	0.69	1.69	0.69
Class C
4/30/2009	3.90	-	0.85	0.85	(0.01)	-	4.74	21.98	475,855	43	1.77	(0.23)	1.77	(0.23)
12/27/2007 (a) - 10/31/2008	10.00	0.04	(6.14)	(6.10)	-	-	3.90	(61.00)	389,572	86	1.69	0.69	1.69	0.69
Jackson Perspective Japan Fund
Class A
4/30/2009	6.88	0.04	0.25	0.29	(0.07)	-	7.10	4.23	5,733,799	21	1.29	1.15	1.29	1.15
12/27/2007 (a) - 10/31/2008	10.00	0.09	(3.21)	(3.12)	-	-	6.88	(31.20)	5,503,707	37	1.29	1.23	1.29	1.23
Class C
4/30/2009	6.88	0.04	0.25	0.29	(0.07)	-	7.10	4.23	1,433,546	21	1.29	1.15	1.29	1.15
12/27/2007 (a) - 10/31/2008	10.00	0.09	(3.21)	(3.12)	-	-	6.88	(31.20)	1,376,019	37	1.29	1.23	1.29	1.23
Jackson Perspective Asian Pacific Real Estate Fund
Class A
4/30/2009	4.63	0.13	(0.27)	(0.14)	(0.31)	-	4.18	(2.91)	1,797,494	17	1.66	6.38	1.66	6.38
12/27/2007 (a) - 10/31/2008	10.00	0.30	(5.67)	(5.37)	-	-	4.63	(53.70)	1,851,883	22	1.51	4.39	1.51	4.39
Class C
4/30/2009	4.63	0.13	(0.27)	(0.14)	(0.31)	-	4.18	(2.91)	449,384	17	1.66	6.38	1.66	6.38
12/27/2007 (a) - 10/31/2008	10.00	0.30	(5.67)	(5.37)	-	-	4.63	(53.70)	462,981	22	1.51	4.39	1.51	4.39

Jackson Perspective European 30 Fund
Class A
12/29/2008 (a) - 4/30/2009	$ 10.00	$ 0.13	$ (0.95)	$ (0.82)	$ -	$ -	$ 9.18	(8.20)%	$ 1,472,386	1%	1.30 %	4.39 %	1.82 %	3.87 %
Class C
12/29/2008 (a) - 4/30/2009	10.00	0.11	(0.94)	(0.83)	-	-	9.17	(8.30)	367,488	1	1.82	3.87	1.82	3.87
Jackson Perspective Pacific Rim 30 Fund
Class A
12/29/2008 (a) - 4/30/2009	10.00	0.08	(1.10)	(1.02)	-	-	8.98	(10.20)	2,158,712	0	1.30	2.91	1.46	2.75
Class C
12/29/2008 (a) - 4/30/2009	10.00	0.08	(1.11)	(1.03)	-	-	8.97	(10.30)	539,392	0	1.46	2.75	1.46	2.75
Jackson Perspective Global Basics Fund
Class A
12/29/2008 (a) - 4/30/2009	10.00	0.02	0.18	0.20	-	-	10.20	2.00	3,890,734	6	1.48	0.72	1.48	0.72
Class C
12/29/2008 (a) - 4/30/2009	10.00	0.02	0.18	0.20	-	-	10.20	2.00	972,679	6	1.48	0.72	1.48	0.72
Jackson Perspective Global Leaders Fund
Class A
12/29/2008 (a) - 4/30/2009	10.00	0.04	0.45	0.49	-	-	10.49	4.90	3,985,816	27	1.48	1.32	1.48	1.32
Class C
12/29/2008 (a) - 4/30/2009	10.00	0.04	0.45	0.49	-	-	10.49	4.90	996,449	27	1.48	1.32	1.48	1.32

Jackson Perspective Pan European Fund
Class A
12/29/2008 (a) - 4/30/2009	10.00	0.01	0.13	0.14	-		-	10.14	1.40	4,028,568	30	1.48	0.39	1.48	0.39
Class C
12/29/2008 (a) - 4/30/2009	10.00	0.01	0.13	0.14	-		-	10.14	1.40	1,007,138	30	1.48	0.39	1.48	0.39
JNL Money Market Fund
4/30/2009	1.00	0.00	-	0.00	0.00	(e)	-	1.00	0.48	521,630,723	n/a	0.21	0.97	0.21	0.97
10/31/2008	1.00	0.03	-	0.03	(0.03)		-	1.00	3.10	504,933,619	n/a	0.21	3.14	n/a	n/a
10/31/2007	1.00	0.05	-	0.05	(0.05)		-	1.00	5.23	541,303,066	n/a	0.21	5.10	n/a	n/a
10/31/2006	1.00	0.05	-	0.05	(0.05)		-	1.00	4.74	300,960,318	n/a	0.22	4.66	n/a	n/a
(a) Commencement of operations.
(b) Calculated using the average shares method.
(c) Total Return assumes reinvestment of all distributions for the period. Total Return does not reflect sales commissions or contingent deferred sales charges, if applicable, and is not annualized for periods less than one year.
(d) Annualized for periods less than one year.
(e) Distributions of $0.00 represent amounts less than $0.005.

The accompanying notes are an integral part of these Financial Statements.

Jackson Funds^SM(Unaudited)

Notes to the Financial Statements

NOTE 1. ORGANIZATION

The JNL Investors Series Trust (“Trust”) was organized under the laws of Massachusetts, by a Declaration of Trust, dated July 28, 2000. The Trust is registered with the U.S. Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended, (“1940 Act”), and the Securities Act of 1933, as amended, as an open-end management investment company issuing its shares in various series. Each series is known as a “Fund” (collectively, “Funds”) and represents a distinct portfolio with its own investment objectives and policies. The Trust currently consists of twenty-five (25) separate Funds. The following Funds (each a “Fund”, and collectively, “Funds”) are included in this report: the Jackson Perspective Core Equity Fund, the Jackson Perspective Large Cap Value Fund, the Jackson Perspective Mid Cap Value Fund, the Jackson Perspective Small Cap Value Fund, and the Jackson Perspective Total Return Fund (all for which PPM America, Inc. serves as the sub-adviser); the Jackson Perspective Asia Pacific ex-Japan Bond Fund, the Jackson Perspective Asia ex-Japan Fund, the Jackson Perspective Asia ex-Japan Infrastructure Fund, the Jackson Perspective China-India Fund, the Jackson Perspective Emerging Asia ex-Japan Fund, the Jackson Perspective Japan Fund, and the Jackson Perspective Asian Pacific Real Estate Fund (all for which Prudential Asset Management (Singapore) Limited serves as sub-adviser); the Jackson Perspective Global Basics Fund, the Jackson Perspective Global Leaders Fund, and the Jackson Perspective Pan European Fund (all for which M&G Investment Management Limited serves as sub-adviser); the Jackson Perspective European 30 Fund and Jackson Perspective Pacific Rim 30 Fund (all for which Mellon Capital Management Corporation serves as sub-adviser); and the JNL Money Market Fund (for which Wellington Management Company, LLP serves as sub-adviser). The Jackson Perspective Core Equity Fund, the Jackson Perspective Large Cap Value Fund, the Jackson Perspective Mid Cap Value Fund, the Jackson Perspective Small Cap Value Fund, the Jackson Perspective Total Return Fund and the JNL Money Market Fund are diversified investment companies as defined in the 1940 Act. All other Funds included in this report are non-diversified. The financial statements of the remaining Funds in the Trust are presented in a separate report.

The Funds offer investors Class A and Class C shares of each Fund, except for the JNL Money Market Fund, which only offers an Institutional Class of shares. Even though these classes represent ownership of the same Fund, each class is subject to different types and levels of sales charges, and bears different levels of marketing and distribution fees. Each share class also has different voting rights on matters affecting a single class. Shareholders bear the common expenses of each Fund and earn income and realized gains/losses from each Fund pro rata based on the average daily net assets of each class, without discrimination between share classes. No class has preferential dividend rights. Trust level expenses are allocated to the Funds based on the average daily net assets of each Fund. Class A and Class C shares are not presently offered to retail investors. Institutional Class shares are not sold to retail investors.

Jackson National Asset Management, LLC ("JNAM" or “Adviser”), a wholly-owned subsidiary of Jackson National Life Insurance Company ("Jackson"), serves as investment adviser to each of the Funds. The Advisor is a wholly owned subsidiary of Jackson, which is in turn a wholly owned subsidiary of Prudential plc, a publicly traded company incorporated in the United Kingdom. Prudential plc is not affiliated in any manner with Prudential Financial Inc., a company whose principal place of business is the United States of America. The Funds included in this report, except for the JNL Money Market Fund, were capitalized by an initial investment by Jackson and 100% of the outstanding capital shares were owned by Jackson at April 30, 2009. Affiliates of the JNL Money Market Fund owned 100% of its outstanding capital shares as of April 30, 2009.

NOTE 2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies followed and consistently applied by the Funds in the preparation of these financial statements.

Security Valuation – The net asset value (“NAV”) shall be determined as of the close of trading (generally, 4:00 PM Eastern Time) on each day the New York Stock Exchange (“NYSE”) is open for trading. Stocks traded on an exchange are generally valued at the official closing price of the exchange where the security is principally traded. If there is no official closing price for the security, the security is priced based on prices furnished by independent pricing services approved by the Trust's Board of Trustees ("Board") and may be valued at the last quoted sale price on the exchange where the security is principally traded or final bid price in the absence of a sale. Stocks not listed on a national or foreign stock exchange are generally valued on the basis of prices furnished by approved pricing services and may be valued at the closing bid price on the over-the-counter market. Investments in mutual funds and the securities lending collateral funds are valued at the net asset value per share determined as of the close of the NYSE on the valuation date. All securities in the JNL Money Market Fund, as permitted by compliance with applicable provisions under Rule 2a-7 of the 1940 Act, as amended, and other short-term securities maturing within sixty (60) days are valued at amortized cost unless it is determined that such practice does not approximate market value. Debt securities are generally valued by approved pricing services. If pricing services are unable to provide valuations, debt securities are valued at the most recent bid quotation or evaluated price, as applicable, obtained from a broker/dealer or widely used quotation system. Exchange traded derivatives are valued at last sales price as of the close of business on the local exchange. Forward foreign currency contracts are valued at the foreign currency exchange rate as of the close of the NYSE, unless the Funds determine that such markets lack an appropriate level of liquidity at that time. In such instances, the Funds will generally utilize foreign currency exchange rates as of the close of the London Stock Exchange. Pricing services utilized to value debt securities may use various pricing techniques which take into account appropriate factors such as yield, credit quality, coupon rate, maturity, type of issue, trading characteristics, call features, credit ratings and other data, as well as broker quotes.

Market quotations may not be readily available for certain investments or it may be determined that a quotation for an investment does not represent market value. In such instances, the investment is valued at a fair value as determined in good faith using procedures adopted by the Board. Situations that may require a security to be fair valued include instances where a security is thinly traded, halted or restricted as to resale. In addition, securities may be fair valued based on the occurrence of a significant event. Significant events may be specific to a particular issuer, such as mergers, restructurings or defaults. Alternatively, significant events may affect an entire market, such as natural disasters, government actions, and significant changes in value of U.S. securities markets. Under the procedures adopted by the Board, the Adviser may rely on pricing services or other sources to assist in determining the fair value of a security. Factors considered to determine fair value may include the correlation with price movement of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading or other market data. The Trust has retained an independent statistical fair value pricing service to assist in the fair valuation process for securities traded in foreign markets in order to adjust for possible changes in value that may occur between the close of the foreign exchange and the time at which the NAVs are determined.

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Notes to Financial Statements(continued)

If a security 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 security depending on the source and method used to determine the value. Although there can be no assurance, in general, the fair value of a security is the amount the owner of such security might reasonably expect to receive upon its current sale.

The Funds adopted the following new accounting standards and positions issued by the Financial Accounting Standards Board (“FASB”):

FASB SFAS No. 157 “Fair Value Measurements”-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. The changes to current generally accepted accounting principles in the United States of America (“GAAP”) from the application of this statement relate to the definition of fair value, the methods used to measure fair value, and expanded disclosures about fair value measurements.

Various inputs are used in determining the value of a Fund’s investment under SFAS No. 157 guidance. The inputs are summarized into three broad categories. Level 1 includes valuations based on quoted prices of identical securities in active markets. Level 2 includes valuations for which all significant inputs are observable, either directly or indirectly. Direct observable inputs include closing prices of similar securities in active markets or closing prices for identical or similar securities in non-active markets. Indirect observable inputs include factors such as interest rates, yield curves, prepayment speeds, and credit ratings. Level 3 includes valuations based on inputs that are unobservable and significant to the fair value measurement including the Adviser’s own assumptions in determining the fair value of the investment. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. In accordance with the requirements of SFAS No. 157, a summary of each Fund’s assets and liabilities and a reconciliation of level 3 securities are included in the Notes to the Schedules of Investments.

FASB Staff Positions (“FSP”) 133-1 and FASB Interpretation No. 45-4 “Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45”-The amendments to FASB Statement No. 133 and FASB Interpretation No. 45 require sellers of credit derivatives to disclose information to enable users of financial statements to assess their potential effect on the Fund’s financial position, performance, and cash flows. Credit derivatives generally are contracts in which the underlying exposure is related to the credit risk of a specified entity, group of entities, or an index. For each statement of financial position, the seller of a credit derivative shall disclose the nature and approximate terms of the credit derivative, the reason for entering into the credit derivative, the events that would require the seller to perform under the credit derivative, the status of the payment/performance risk of the credit derivative, the maximum potential amount of future payments, the fair value of the credit derivative, and the nature of any recourse provisions or collateral available for recovery. All changes to accounting disclosures have been made in accordance with the FSP and incorporated for the current period as part of the Schedules of Investments and within the Notes to the Financial Statements.

Use of Estimates - The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Guarantees and Indemnifications– Under the Trust’s organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, certain of the Funds’ contracts with service providers contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Funds cannot be determined and the Funds have no historical basis for predicting the likelihood of any such claims.

Security Transactions and Investment Income - Security transactions are recorded on the trade date. Dividend income, net of applicable withholding taxes, is recorded on the ex-dividend date. Interest income, including level-yield amortization of discounts and premiums, is accrued daily. A Fund may place a debt obligation on non-accrual status and reduce related interest income by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectibility of interest is reasonably assured. Realized gains and losses are determined on the specific identification basis.

Foreign Securities - Investing in securities of foreign companies and foreign governments involves special risks and considerations not typically associated with investing in U.S. companies and the U.S. Government. These risks include the potential for revaluation of currencies, different accounting policies and future adverse political and economic developments. Moreover, securities of many foreign companies and foreign governments and their markets may be less liquid and their prices more volatile than those of securities of comparable U.S. companies and the U.S. Government.

Credit Linked Notes – A Fund may invest in credit linked notes. Credit linked notes are debt securities embedded with credit default swaps. Credit linked notes are intended to replicate the economic effects that would apply had the Fund directly purchased the underlying reference asset or basket of assets. The Fund generally will receive a fixed or floating coupon and the note’s par value upon maturity. If a specified credit event occurs, the Fund will experience a delay in repayment or forego interest. The maximum potential amount the Fund could be required to make is limited to the par amount of the credit linked note plus any accrued interest. In effect, the Fund will receive a higher yield in exchange for assuming the risk of a specified credit event. The Funds did not hold any credit linked notes at April 30, 2009.

Emerging Market Securities – Investing in securities of emerging market countries involves greater risk than investing in foreign securities in developed markets. Emerging market countries typically have economic and political systems that are less fully developed and are likely to be less stable than those in more advanced countries. These risks include government intervention, adverse changes in earnings and business prospects, liquidity and price volatility.

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Notes to Financial Statements(continued)

Foreign Currency Translations - The accounting records of each Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars generally using exchange rates in effect as of 4:00 PM Eastern Time. Purchases and sales of investment securities, income receipts, and expense payments are translated into U.S. dollars at the exchange rates prevailing on the respective dates of such transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of foreign securities. Such fluctuations are included in net realized gain (loss) on investments and net change in unrealized appreciation or depreciation on investments. Net realized gains and losses on foreign currency related items are considered ordinary income for tax purposes and arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually received or paid, and the realized gains or losses resulting from portfolio and transaction hedges. Net change in unrealized appreciation or depreciation on foreign currency related items arises from changes in the fair value of assets and liabilities, other than investments in securities, at period end resulting from changes in exchange rates.

Forward Foreign Currency Contracts - A Fund may be subject to foreign currency exchange rate risk in the normal course of pursuing its investment objectives. A Fund may enter into forward foreign currency contracts, generally to hedge foreign currency exposure between trade date and settlement date on security purchases and sales or to minimize foreign currency risk on portfolio securities denominated in foreign currencies. Forward foreign currency contracts are marked-to-market daily. The change in market value is recorded as a receivable or payable from forward foreign currency contracts. When a contract is closed, the difference between the value of the contract at the time it was opened and the value at the time it was closed is recorded as net realized gain (loss) on foreign currency related items.

The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of a Fund’s portfolio securities, but it does establish a rate of exchange that can be achieved in the future. These forward foreign currency contracts involve market risk in excess of the receivable or payable related to forward foreign currency contracts reflected in the Statements of Assets and Liabilities. Although contracts limit the risk of loss due to a decline in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency increase. Additionally, a Fund could be exposed to the risk of a previously hedged position becoming unhedged if the counterparty to a contract is unable to meet the terms of the contract.

Futures Contracts – A Fund may be subject to equity price risk and foreign currency exchange rate risk in the normal course of pursuing its investment objectives. A Fund may buy and sell futures contracts to manage its exposure to or hedge against changes in securities prices and foreign currencies or as an efficient means of adjusting overall exposure to certain markets. The risks associated with the use of futures contracts include the possibility that the value may not correlate with the change in the value of the hedged instruments. In addition, there is the risk that the Fund may not be able to enter into a closing transaction because of an illiquid market. Upon entering into a futures contract, the Fund is required to deposit with the broker an amount of cash or cash equivalents equal to a certain percentage of the contract amount. This is known as the "initial margin”. Futures contracts are valued based upon their quoted daily settlement prices. The Fund receives from or pays to the counterparty an amount of cash equal to the daily fluctuation in the value of the contracts. Such receipts or payments, known as the "variation margin", are recorded by the Fund until the contracts are terminated at which time realized gains and losses are recognized. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin reflected in the Statements of Assets and Liabilities. With futures, there is minimal counterparty risk to the Funds since futures are exchange traded and the exchange’s clearing house, as counterparty to all exchange traded futures, guarantees the future contracts against default.

When-Issued and Delayed Delivery Transactions - A Fund may purchase securities on a when-issued or delayed delivery basis. On the trade date, the Fund records purchases of when-issued securities and reflects the values of such securities in determining net asset value in the same manner as other portfolio securities. Income is not accrued until settlement date. The Adviser identifies liquid assets in a sufficient amount to meet the purchase price.

Unregistered Securities - A Fund may own certain investment securities, which are unregistered and thus restricted to resale. Sometimes these securities are referred to as “private placements”. Unregistered securities may be deemed “illiquid” because there is no readily available market for the sale of the securities. These securities are generally valued by approved pricing services. Where future dispositions of the securities require registration under the Securities Act of 1933, as amended, the Funds have the right to include those securities in such registration generally without cost to the Funds. The Funds have no right to require registration of unregistered securities.

U.S. Government Agencies or Government-Sponsored Enterprises - Certain Funds may invest in U.S. government agencies or government sponsored enterprises. U.S. Government securities are obligations of and, in certain cases, guaranteed by, the U.S. government, its agencies or instrumentalities. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. government; others, such as those of the Federal Home Loan Bank, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the “U.S. Treasury”); others, such as those of the Federal National Mortgage Association (“FNMA” or “Fannie Mae”), are supported by the discretionary authority of the U.S. Government to purchase the agency’s obligations; and still others, such as those of the Student Loan Marketing Association, are supported only by the credit of the instrumentality. U.S. Government securities may include zero coupon securities, which do not distribute interest on a current basis and tend to be subject to greater risk than interest paying securities of similar maturities.

Government-related guarantors (i.e., guarantors who are not backed by the full faith and credit of the U.S. government) include FNMA and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/services which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks, credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. government. FHLMC issues Participation Certificates (“PCs”), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. government.

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Notes to Financial Statements(continued)

In September 2008, the Federal Housing Finance Agency (“FHFA”) placed FNMA and FHMLC into conservatorship. As the conservator, FHFA succeeded to all rights, titles, powers and privileges of FNMA and FHLMC and of any stockholder, office or director of FNMA and FHLMC with respect to FNMA and FHLMC and each enterprise’s assets. In connection with the conservatorship, the U.S. Treasury entered into a Senior Preferred Stock Purchase Agreement with FNMA and FHLMC. This agreement contains various covenants that severely limit each enterprise’s operations. In exchange for entering into these agreements, the U.S. Treasury received senior preferred stock in each enterprise and warrants to purchase each enterprise’s common stock. The U.S. Treasury announced the creation of a new secured lending facility, which is available to FNMA and FHLMC as a liquidity backstop and the creation of a temporary program to purchase mortgage-backed securities issued by FNMA and FHLMC. Both the liquidity backstop and the mortgage-backed securities purchase program are scheduled to expire in December 2009. FNMA and FHLMC are continuing to operate as going concerns while in conservatorship and each remain liable for all of its obligations, including its guaranty obligations, associated with its mortgage-backed securities.

Securities Loaned - The Trust has entered into a securities lending arrangement with The Bank of New York Mellon (“Custodian”). Under the terms of the agreement, each Fund receives a fee equal to a percentage of the net income generated by the collateral held during each lending transaction. The Custodian is authorized to loan securities on behalf of the Funds to approved borrowers and is required to maintain collateral at least equal in value to the value of the securities loaned. Cash collateral is invested in the Mellon GSL DBT II Collateral Fund, a pooled investment fund constituting a series within a Delaware business trust sponsored by the Custodian and approved by the Adviser. In the event of bankruptcy or other default of the borrower, a Fund could experience delays in liquidating the loan collateral or recovering the loaned securities and incur expenses related to enforcing its rights. In addition, there could be a decline in the value of the collateral or in the fair value of the securities loaned while a Fund seeks to enforce its rights thereto and the Fund could experience subnormal levels of income or lack of access to income during that period. The Funds also bear the risk of any deficiency in the amount of collateral available for return to a borrower due to a loss in an approved investment.

During 2008, certain securities in the Mellon GSL DBT II Collateral Fund defaulted and were segregated into Mellon GSL Reinvestment Trust II, a separate series within the Delaware business trust. The issuer of the investments comprising Mellon GSL Reinvestment Trust II entered receivership in October 2008 and the assets of the issuer were liquidated in December 2008. Based on the plan of distribution approved by the receivers, the Funds are not expected to receive any proceeds. As a result, each Fund’s investment in Mellon GSL Reinvestment Trust II was fair valued at zero on April 30, 2009.

On April 10, 2009, the assets in the Mellon GSL DBT II Collateral Fund with a maturity of greater than one day were segregated into the BNY Mellon SL DBT II Liquidating Fund, a separate series within the Delaware business trust. Each participant in the Mellon GSL DBT II Collateral Fund received units of the BNY Mellon SL DBT II Liquidating Fund based on their proportionate interest in Mellon GSL DBT II Collateral Fund as of the close of business on April 10, 2009. As assets in the BNY Mellon SL DBT II Liquidating Fund mature or are sold, the proceeds are invested in the Mellon GSL DBT II Collateral Fund and the participants’ ownership interests are transferred accordingly. At April 30, 2009, the value of Mellon GSL DBT II Collateral Fund was $1.00 per unit and the value of BNY Mellon SL DBT II Liquidating Fund was $0.9671 per unit. Values were determined using the methodologies previously described in Security Valuation.

Each Fund is responsible for returning the full amount of collateral received for a particular loan when the borrower returns the applicable security. The difference between the current value and the amortized cost of each Fund’s collateral investments in the Mellon GSL Reinvestment Trust II represents a loss to be borne by the Fund. The difference between the current value and the amortized cost of each Fund’s collateral investments in the BNY Mellon SL DBT II Liquidating Fund represents a potential loss to be borne by the Fund. The impact of unrealized depreciation during the period from each Fund’s investment in Mellon GSL Reinvestment Trust II and BNY Mellon SL DBT II Liquidating Fund is included in net change in unrealized appreciation (depreciation) on investments in the Statements of Operations. The amortized cost of each Fund’s investment in Mellon GSL Reinvestment Trust II is equivalent to the par value reported in the Schedules of Investments. For Funds with securities on loan as of April 30, 2009, the amortized costs related to investments in the Mellon GSL Reinvestment Trust II and the BNY Mellon SL DBT II Liquidating Fund are liabilities of each Fund and reflected in the Statements of Assets and Liabilities as return of collateral for securities loaned. These Funds are liable to the Custodian for the amortized cost of their investment in the Mellon GSL Reinvestment Trust II. For Funds with no securities on loan as of April 30, 2009, each Fund paid the Custodian the amortized cost related to its investment in the Mellon GSL Reinvestment Trust II. The fair value and par value of the investment in Mellon GSL DBT II Collateral Fund, the Mellon GSL Reinvestment Trust II and the BNY Mellon SL DBT II Liquidating Fund for Funds with securities on loan as of April 30, 2009 are reported under Securities Lending Collateral in the Schedules of Investments. The fair value and par value of the investment in Mellon GSL Reinvestment Trust II for Funds with no securities on loan as of April 30, 2009 are reported under Non-U.S. Government Agency Asset-Backed Securities in the Schedules of Investments.

Repurchase Agreements - A Fund may invest in repurchase agreements. A repurchase agreement involves the purchase of a security by a Fund and a simultaneous agreement by the seller, generally a bank or broker-dealer, to repurchase that security back from the Fund at a specified price and date or upon demand. The underlying securities used as collateral for all repurchase agreements are held in safekeeping at the Fund’s Custodian or designated subcustodians under triparty repurchase agreements. The market value of the collateral must be equal to or exceed at all times the total amount of the repurchase obligations, including interest. Procedures for all repurchase agreements have been designed to monitor that the daily market value of the

collateral is in excess of the repurchase agreement in the event of default. In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of such collateral may decline.

Distributions to Shareholders – The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. The JNL Money Market Fund declares dividends daily and pays dividends monthly. For all other Funds, dividends from net investment income are generally declared and paid annually, but may be paid more frequently to avoid excise tax. Distributions of net realized capital gains, if any, will be distributed at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.

Federal Income Taxes – Each Fund is a separate taxpayer for federal income tax purposes. Each Fund’s policy is to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and to distribute income and capital gains in amounts that will avoid federal income and excise taxes. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.

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Notes to Financial Statements(continued)

NOTE 3. INVESTMENT MANAGEMENT FEES AND TRANSACTIONS WITH AFFILIATES

The Trust has an investment advisory agreement with JNAM, whereby JNAM provides investment management services. Each Fund pays JNAM an annual fee, accrued daily and payable monthly, based on a specified percentage of the average daily net assets of each Fund. A portion of this fee is paid by JNAM to the sub-advisers as compensation for their services.

The following is a schedule of the fees each Fund is currently obligated to pay JNAM:

	$0 to $250 M	$250 M to $500 M	$500 M to $750 M	Over $750 M
Jackson Perspective Core Equity Fund	0.80%	0.80%	0.75%	0.75%
Jackson Perspective Large Cap Value Fund	0.80	0.80	0.75	0.75
Jackson Perspective Mid Cap Value Fund	0.85	0.85	0.80	0.80
Jackson Perspective Small Cap Value Fund	0.90	0.90	0.85	0.85
Jackson Perspective Total Return Fund	0.65	0.65	0.60	0.60
Jackson Perspective Asia Pacific ex-Japan Bond Fund	0.80	0.80	0.75	0.75
Jackson Perspective Asia ex-Japan Fund	1.00	1.00	0.95	0.95
Jackson Perspective Asia ex-Japan Infrastructure Fund	1.00	1.00	0.95	0.95
Jackson Perspective China-India Fund	1.05	1.05	1.00	1.00
Jackson Perspective Emerging Asia ex-Japan Fund	1.05	1.05	1.00	1.00
Jackson Perspective Japan Fund	1.00	1.00	0.95	0.95
Jackson Perspective Asian Pacific Real Estate Fund	1.00	1.00	0.95	0.95
Jackson Perspective European 30 Fund	0.65	0.60	0.60	0.60
Jackson Perspective Pacific Rim 30 Fund	0.65	0.60	0.60	0.60
Jackson Perspective Global Basics Fund	1.05	1.05	1.00	1.00
Jackson Perspective Global Leaders Fund	1.05	1.05	1.00	1.00
Jackson Perspective Pan European Fund	1.05	1.05	1.00	1.00
JNL Money Market Fund	0.20	0.20	0.20	0.18

Administrative Fee – JNAM also serves as the Administrator to the Funds. In addition to the investment advisory fee, each Fund, except for the JNL Money Market Fund, pays JNAM an Administrative Fee of 0.10% of the average daily net assets of the Fund. In return for the Administrative Fee, JNAM provides fund accounting and administrative functions for the Trust and the Funds. Each Fund is responsible for all other operating expenses. JNAM provides or procures most of the necessary administrative functions and services for the operations of the JNL Money Market Fund at no additional cost. In accordance with the Administration Agreement, JNAM is responsible for payment of the following JNL Money Market Fund expenses: fund accounting, shareholder reporting, shareholder servicing, certain legal, insurance, custody, audit, and tax fees. Additionally, JNAM provides transfer agency services and Jackson National Life Distributors LLC provides distribution services at no additional cost to the JNL Money Market Fund.

Voluntary Waiver and Expense Reimbursements – JNAM voluntarily agreed to waive fees and reimburse expenses of the Funds, except for JNL Money Market Fund, through October 31, 2009, such that net expenses (excluding brokerage expense, interest, taxes, and extraordinary expenses) are limited to the annualized expense ratios as indicated in the table below. JNAM may seek future restitution from a Fund for fees waived and reimbursed through October 31, 2009; however, such restitution is limited to the extent that it would not cause the Fund to exceed then current expense limitations. In addition, this future restitution is only permitted provided that the Funds are not obligated to pay any such waived or reimbursed fees more than three years after the end of the fiscal year in which the fee was waived or reimbursed. During the period ended April 30, 2009 JNAM did not receive any restitution for any expenses that had been previously waived or reimbursed.

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Notes to Financial Statements(continued)

At April 30, 2009, the annualized expense ratios and remaining amount of potentially recoverable reimbursement were as follows:

	Class A	Class C	Accumulated Reimbursement/Waiver Expires on October 31, 2012
Jackson Perspective Core Equity Fund	1.40%	2.15%	-
Jackson Perspective Large Cap Value Fund	1.40	2.15	96
Jackson Perspective Mid Cap Value Fund	1.50	2.25	-
Jackson Perspective Small Cap Value Fund	1.60	2.35	-
Jackson Perspective Total Return Fund	0.95	1.70	-
Jackson Perspective Asia Pacific ex-Japan Bond Fund	1.30	2.05	-
Jackson Perspective Asia ex-Japan Fund	1.70	2.45	-
Jackson Perspective Asia ex-Japan Infrastructure Fund	1.80	2.55	-
Jackson Perspective China-India Fund	2.00	2.75	-
Jackson Perspective Emerging Asia ex-Japan Fund	2.00	2.75	-
Jackson Perspective Japan Fund	1.65	2.40	-
Jackson Perspective Asian Pacific Real Estate Fund	1.80	2.55	-
Jackson Perspective European 30 Fund	1.30	2.05	2,322
Jackson Perspective Pacific Rim 30 Fund	1.30	2.05	1,114
Jackson Perspective Global Basics Fund	1.50	2.25	-
Jackson Perspective Global Leaders Fund	1.50	2.25	-
Jackson Perspective Pan European Fund	1.50	2.25	-

12b-1 Fees - The Funds adopted a Distribution Plan under the provisions of Rule 12b-1 of the 1940 Act for the purpose of reimbursement of certain distribution and related service expenses from the sale and distribution of each Fund’s Class A and Class C shares. Jackson National Life Distributors LLC ("JNLD") is the principal underwriter of the Funds, with responsibility for promoting sales of Fund shares. JNLD is a wholly-owned subsidiary of Jackson and an affiliate of JNAM. For Class A shares, the annual 12b-1 fees are 0.25%. For Class C shares, the annual 12b-1 fees are 1.00%. Institutional Class shares of JNL Money Market Fund have no 12b-1 fees. The Funds are not presently offered to retail investors and do not accrue for 12b-1 fees.

Directed Brokerage Commissions - The sub-advisers may allocate a portion of a Fund’s equity security transactions (subject to obtaining best execution of each transaction) through certain designated broker-dealers which will rebate a portion of the brokerage commissions to that Fund. Any amount credited to the Fund is reflected as Brokerage commissions recaptured in the Statements of Operations.

Initial Sales Charge and Contingent Deferred Sales Charges - Investments in the Funds’ Class A shares, except for Jackson Perspective Total Return Fund and Jackson Perspective Asia Pacific ex-Japan Bond Fund, are subject to a maximum initial sales charge (front-end sales load) of 5.75%. Jackson Perspective Total Return Fund and Jackson Perspective Asia Pacific ex-Japan Bond Fund are subject to a maximum initial sales charge of 3.75%. Certain investments in Class A and Class C shares may be subject to a Contingent Deferred Sales Charge (“CDSC”) upon redemption, depending on the length of time shares are held. The amount of CDSC is based on the lesser of the purchase price or redemption price. For Class A share purchases greater than $1,000,000 without a front-end sales charge, a 1.00% CDSC will be applied upon redemption to those shares that were held for less than one year. For Class C shares, a 1.00% CDSC is applied upon redemption to those shares that were held for less than one year. Class A and Class C shares are not presently offered to retail investors. No sales charges or CDSC were retained during the period ended April 30, 2009.

Deferred Compensation Plan - The Funds adopted a Deferred Compensation Plan whereby non-interested Trustees may defer the receipt of all or a portion of their compensation. These deferred amounts, which remain as liabilities of the Funds, shall be treated as if invested in shares of one or more of the Funds at the discretion of the applicable Trustee. These amounts represent general, unsecured liabilities of the Funds and vary according to the total returns of the Funds selected by participating Trustees. Liabilities related to deferred balances are included in Trustee fees payable in the Statements of Assets and Liabilities. Expenses associated with deferred balances are included in Trustee fees set forth in the Statements of Operations.

Investments in Affiliates - During the period ended April 30, 2009, certain Funds invested in money market funds for temporary purposes, which are advised by JNAM or affiliates. The JNL Money Market Fund is offered as a cash management tool to the Funds and their affiliates and is not available for direct purchase by members of the public. The Custodian is an affiliate of the Jackson Perspective European 30 Fund and the Jackson Perspective Pacific Rim 30 Fund. The total value and cost of such affiliated investments is disclosed separately in the Statements of Assets and Liabilities and the associated income is disclosed separately in the Statements of Operations.

NOTE 4. FEDERAL INCOME TAX MATTERS

The following information is presented on an income tax basis. The primary differences in the amounts reported for financial statement and tax purposes are attributable to timing differences in recognizing realized and unrealized foreign currency gains and losses and timing differences in recognizing gains and losses in investment transactions related to futures contracts, passive foreign investment companies (PFICs) and wash sales.

Jackson Funds^SM(Unaudited)

Notes to Financial Statements(continued)

As of April 30, 2009, the cost of investments and the components of net unrealized appreciation/(depreciation) were as follows:

	Tax Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)		Net Unrealized Appreciation/ (Depreciation)
Jackson Perspective Core Equity Fund	$	3,769,807	$	193,897	$	(1,087,232)	$	(893,335)
Jackson Perspective Large Cap Value Fund		3,099,520		252,099		(763,566)		(511,467)
Jackson Perspective Mid Cap Value Fund		3,367,763		301,782		(908,215)		(606,433)
Jackson Perspective Small Cap Value Fund		3,493,407		344,895		(858,014)		(513,119)
Jackson Perspective Total Return Fund		25,404,760		529,907		(307,609)		222,298
Jackson Perspective Asia Pacific ex-Japan Bond Fund		18,242,994		780,292		(1,168,360)		(388,068)
Jackson Perspective Asia ex-Japan Fund		3,871,086		186,119		(1,273,463)		(1,087,344)
Jackson Perspective Asia ex-Japan Infrastructure Fund		4,640,013		117,684		(1,624,992)		(1,507,308)
Jackson Perspective China-India Fund		3,322,056		203,857		(911,280)		(707,423)
Jackson Perspective Emerging Asia ex-Japan Fund		3,433,917		184,706		(1,257,200)		(1,072,494)
Jackson Perspective Japan Fund		11,965,635		354,831		(2,921,997)		(2,567,166)
Jackson Perspective Asian Pacific Real Estate Fund		4,339,056		56,764		(2,189,600)		(2,132,836)
Jackson Perspective European 30 Fund		2,005,161		92,538		(266,795)		(174,257) XXXX
Jackson Perspective Pacific Rim 30 Fund		3,019,608		91,485		(420,523)		(329,038)
Jackson Perspective Global Basics Fund		4,937,095		360,465		(513,998)		(153,533)
Jackson Perspective Global Leaders Fund		4,746,746		416,993		(359,468)		57,525
Jackson Perspective Pan European Fund		4,602,483		439,749		(319,128)		120,621
JNL Money Market Fund		521,688,361		-		-		-

As of October 31, 2008, the components of the undistributed net ordinary income and net long-term capital gains were as follows:

	Undistributed Net Ordinary Income*		Undistributed Net Long-Term Capital Gains
Jackson Perspective Core Equity Fund	$	52,149	$	- -
Jackson Perspective Large Cap Value Fund		60,421		- -
Jackson Perspective Mid Cap Value Fund		34,718		-
Jackson Perspective Small Cap Value Fund		20,267		-
Jackson Perspective Asia Pacific ex-Japan Bond Fund		-		-
Jackson Perspective Asia ex-Japan Fund		16,648		-
Jackson Perspective Asia ex-Japan Infrastructure Fund		66,719		-
Jackson Perspective China-India Fund		-		-
Jackson Perspective Emerging Asia ex-Japan Fund		7,364		-
Jackson Perspective Japan Fund		73,714		-
Jackson Perspective Asian Pacific Real Estate Fund		133,489		-
JNL Money Market Fund		155,257		-

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

Jackson Funds^SM(Unaudited)

Notes to Financial Statements(continued)

The tax character of distributions paid during the tax period ended April 30, 2009 was as follows:

	Distributions from Net Ordinary Income*		Distributions from Net Long-Term Capital Gains
Jackson Perspective Core Equity Fund	$	63,795	$	-
Jackson Perspective Large Cap Value Fund		72,584		-
Jackson Perspective Mid Cap Value Fund		40,457		-
Jackson Perspective Small Cap Value Fund		32,128		-
Jackson Perspective Asia Pacific ex-Japan Bond Fund		630		-
Jackson Perspective Asia ex-Japan Fund		16,648		-
Jackson Perspective Asia ex-Japan Infrastructure Fund		66,719 -		-
Jackson Perspective Emerging Asia ex-Japan Fund		7,364		-
Jackson Perspective Japan Fund		73,714		-
Jackson Perspective Asian Pacific Real Estate Fund		169,283		-
JNL Money Market Fund		2,560,682		-

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

The JNL Money Market Fund paid distributions of $17,610,243 from ordinary income for the tax year ended October 31, 2008.

At October 31, 2008, the following Funds had unused capital loss carryovers for U.S. Federal income tax purposes, which may be used to offset future realized net capital gains. It is the intent of the Board not to distribute any realized capital gains until the capital loss carryovers have been offset or have expired.

	Amount		Year(s) of Expiration
Jackson Perspective Core Equity Fund	$	562,431	2016
Jackson Perspective Large Cap Value Fund		876,423	2016
Jackson Perspective Mid Cap Value Fund		592,480	2016
Jackson Perspective Small Cap Value Fund		416,678	2016
Jackson Perspective Asia Pacific ex-Japan Bond Fund		84,767	2016
Jackson Perspective Asia ex-Japan Fund		230,211	2016
Jackson Perspective Asia ex-Japan Infrastructure Fund		191,639	2016
Jackson Perspective China-India Fund		1,185,284	2016
Jackson Perspective Emerging Asia ex-Japan Fund		323,301	2016
Jackson Perspective Japan Fund		206,407	2016
Jackson Perspective Asian Pacific Real Estate Fund		316,489	2016

FASB Interpretation No. 48 (“FIN 48”), “Accounting for Uncertainty in Income Taxes” provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing each Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax expense in the current year. FIN 48 requires that management evaluate the tax positions taken in returns for the prior three fiscal years that remain subject to examination by the Internal Revenue Service. Management completed an evaluation of the Funds’ tax positions and based on that evaluation, noted no provision for federal income tax was required in the Funds’ financial statements during the period ended April 30, 2009.

NOTE 5. RECENT ACCOUNTING PRONOUNCEMENTS

In March 2008, the FASB released SFAS No. 161, “Disclosures about Derivative Instruments and Hedging Activities”. SFAS No. 161 requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value and gains and losses on derivative instruments, and disclosures about credit risk related contingent features in derivative agreements. The application of SFAS No. 161 is required for fiscal years beginning after November 15, 2008 and interim periods within those fiscal years. At this time, management is evaluating the implications of SFAS No. 161 and its impact on the financial statements has not yet been determined.

NOTE 6. SUBSEQUENT EVENT

On May 15, 2009, the Board approved the liquidation of the Funds included in this report, except for the JNL Money Market Fund and the Jackson Perspective Total Return Fund.  Jackson intends to redeem its interest in these Funds and cease operations prior to June 30, 2009.

Disclosure of Fund Expenses(Unaudited)

Shareholders normally incur ongoing costs, which include costs for portfolio management, administrative services, 12b-1 fees and other daily operating expenses. The 12b-1 fees are not reflected in the table below because these Funds are not currently offered to retail investors and do not charge 12b-1 fees. Operating expenses such as these are deducted from the Fund's gross income and directly reduce the final investment return. These expenses are expressed as a percentage of the Fund's average net assets; this percentage is known as the Fund's expense ratio. The examples below use the expense ratio and are intended to help the investor understand the ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

Expenses Using Actual Fund Return. This section provides information about the actual account values and actual expenses incurred by the Fund. Use the information in this section, together with the amount invested, to estimate the expenses paid over the period. Simply divide the account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled "Expenses Paid During Period" to estimate the expenses paid during this period.

Expenses Using Hypothetical 5% Return. The information in this section can be used to compare each Fund's costs with those of other mutual funds. It assumes that the Fund had an annual 5% return before expenses during the year, but that the expense ratio for the period is unchanged. This example is useful in making comparisons to other mutual funds because the U.S. Securities and Exchange Commission requires all mutual funds to make the 5% calculation.

	Expenses Using Actual Fund Return					Expenses Using Hypothetical 5% Return
	Beginning	Ending			Expenses	Beginning	Ending			Expenses
	Account	Account	Annualized		Paid	Account	Account	Annualized		Paid
	Value	Value	Expense		During	Value	Value	Expense		During
	10/31/2008	4/30/2009	Ratios		Period	10/31/2008	4/30/2009	Ratios		Period
Jackson Perspective Core Equity Fund
Class A	$ 1,000.00	$ 954.50	1.34	%	$ 6.49	$ 1,000.00	$ 1,018.15	1.34	%	$ 6.71
Class C	1,000.00	954.50	1.34		6.49	1,000.00	1,018.15	1.34		6.71
Jackson Perspective Large Cap Value Fund
Class A	1,000.00	974.70	1.40		6.85	1,000.00	1,017.85	1.40		7.00
Class C	1,000.00	974.70	1.41		6.90	1,000.00	1,017.80	1.41		7.05
Jackson Perspective Mid Cap Value Fund
Class A	1,000.00	970.80	1.44		7.04	1,000.00	1,017.65	1.44		7.20
Class C	1,000.00	970.80	1.44		7.04	1,000.00	1,017.65	1.44		7.20
Jackson Perspective Small Cap Value Fund
Class A	1,000.00	933.40	1.45		6.95	1,000.00	1,017.60	1.45		7.25
Class C	1,000.00	933.40	1.45		6.95	1,000.00	1,017.60	1.45		7.25
Jackson Perspective Asia Pacific ex-Japan Bond Fund
Class A	1,000.00	1,097.80	0.98		5.10	1,000.00	1,019.93	0.98		4.91
Class C	1,000.00	1,099.10	0.98		5.10	1,000.00	1,019.93	0.98		4.91
Jackson Perspective Asia ex-Japan Fund
Class A	1,000.00	1,251.50	1.62		9.04	1,000.00	1,016.76	1.62		8.10
Class C	1,000.00	1,251.50	1.62		9.04	1,000.00	1,016.76	1.62		8.10
Jackson Perspective Asia ex-Japan Infrastructure Fund
Class A	1,000.00	1,164.30	1.54		8.26	1,000.00	1,017.16	1.54		7.70
Class C	1,000.00	1,164.30	1.54		8.26	1,000.00	1,017.16	1.54		7.70
Jackson Perspective China-India Fund
Class A	1,000.00	1,126.30	1.75		9.23	1,000.00	1,016.12	1.75		8.75
Class C	1,000.00	1,126.30	1.75		9.23	1,000.00	1,016.12	1.75		8.75
Jackson Perspective Emerging Asia ex-Japan Fund
Class A	1,000.00	1,219.80	1.77		9.74	1,000.00	1,016.02	1.77		8.85
Class C	1,000.00	1,219.80	1.77		9.74	1,000.00	1,016.02	1.77		8.85
Jackson Perspective Japan Fund
Class A	1,000.00	1,042.30	1.29		6.53	1,000.00	1,018.40	1.29		6.46
Class C	1,000.00	1,042.30	1.29		6.53	1,000.00	1,018.40	1.29		6.46
Jackson Perspective Asian Pacific Real Estate Fund
Class A	1,000.00	970.90	1.66		8.11	1,000.00	1,016.56	1.66		8.30
Class C	1,000.00	970.90	1.66		8.11	1,000.00	1,016.56	1.66		8.30
JNL Money Market Fund
Class A	1,000.00	1,004.80	0.21		1.04	1,000.00	1,023.75	0.21		1.05

Actual expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by the number of days in the period, then divided by the number of days in the most recent 12-month period (to reflect the most recent 6-month period). Hypothetical expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by the number of days in the most recent 6-month period, then divided by the number of days in the most recent 12-month period. Funds with less than 6-month’s history are not presented in the table.

Other Information (Unaudited)

Quarterly Portfolio Holdings

The Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at www.sec.gov. The Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330. It is also available upon request by calling the Fund toll-free at 866-255-1935.

Proxy Voting Guidelines and Availability of Proxy Voting Record

A description of the policies and procedures used by the Funds to vote proxies relating to the portfolio securities and information on how the Funds voted proxies relating to portfolio securities during the 12-month period ended June 30, 2008 are available (1) without charge, upon request by calling 1-800-392-2909; (2) on Jackson National Life Insurance Company’s or Jackson National Life Insurance Company of New York’s website at www.jackson.com; and (3) on the SEC’s website at www.sec.gov.

SUPPLEMENT DATED APRIL 6, 2009 TO THE PROSPECTUS

DATED DECEMBER 29, 2008

JNL^(r) INVESTORS SERIES TRUST

Please remove all references to Thue Isen.

Effective March 24, 2009, for the Jackson Perspective Asian Pacific Real Estate Fund in the section entitled “The Sub-Adviser”, please delete the second paragraph in its entirety and replace it with the following:

Margaret Weir (Investment Director) joined PAM Singapore in August 2007 and manages a wide range of regional products for retail and institutional clients. Before joining PAM Singapore, Ms Weir was the Head of Pacific Equities at Aegon Asset Management, Edinburgh, which she joined from 1984 to 2007. She graduated with a Bachelor of Science from the University of Strathclyde, Glasgow, UK. Ms Weir took over the portfolio management of the Fund in March 2009.

Effective April 6, 2009, for the Jackson Perspective Asia ex-Japan Fund in the section entitled “Principal Investment Strategies”, please delete the second paragraph in its entirety and replace it with the following:

The Fund can invest in a number of different kinds of “derivative” instruments to seek increased returns, or for efficient portfolio management or for hedging purposes. It does not currently invest in derivatives to a significant degree. In general terms, a derivative instrument is one where value depends on (or is derived from) the value of an underlying asset, interest rate or index. Options, futures and forward contracts are examples of derivatives.

Effective April 6, 2009, for the Jackson Perspective China-India Fund in the section entitled “Principal Investment Strategies”, please delete the second paragraph in its entirety and replace it with the following:

The Fund can invest in a number of different kinds of “derivative” instruments to seek increased returns, or for efficient portfolio management or for hedging purposes. It does not currently invest in derivatives to a significant degree. In general terms, a derivative instrument is one where value depends on (or is derived from) the value of an underlying asset, interest rate or index. Options, futures and forward contracts are examples of derivatives.

This Supplement is dated April 6, 2009.

SUPPLEMENT DATED MAY 19, 2009 TO THE PROSPECTUS

& STATEMENT OF ADDITIONAL INFORMATION

DATED DECEMBER 29, 2008

JNL^(r) INVESTORS SERIES TRUST

This Supplement provides new and additional information beyond that contained in the

Prospectus and Statement of Additional Information (“SAI”) and should be read in

conjunction with the Prospectus and SAI.

Shares of the following funds:

Jackson Perspective 5 Fund

Jackson Perspective Index 5 Fund

Jackson Perspective 10 x 10 Fund

Jackson Perspective Money Market Fund

Jackson Perspective Optimized 5 Fund

Jackson Perspective VIP Fund

Jackson Perspective S&P 4 Fund

are no longer offered for sale within the JNL Investors Series Trust. The Board of Trustees is exploring strategic options for these funds including possible liquidation and/or merger. More information will be provided as it becomes available.

This Supplement is dated May 19, 2009.

SUPPLEMENT DATED JUNE 18, 2009 TO THE PROSPECTUS

DATED DECEMBER 29, 2008

JNL^(r) INVESTORS SERIES TRUST

In the section entitled “Investing in Fund Shares”, under the sub-section entitled “Opening an Account” please delete the sixth paragraph in its entirety and replace it with the following:

Foreign individuals and entities, including resident aliens, are not allowed to invest in the Funds, with the exception of the Jackson Perspective Total Return Fund, which may allow foreign investors.

This Supplement is dated June 18, 2009.

TRUSTEES AND OFFICERS THE TRUST

NAME, ADDRESS AND (AGE)	POSITION(S) HELD WITH TRUST (LENGTH OF TIME SERVED)	NUMBER OF PORTFOLIOS IN FUND COMPLEX TO BE OVERSEEN BY TRUSTEE
Interested Trustee
Mark D. Nerud (42) 1 1 Corporate Way Lansing, MI 48951	Trustee 2 (1/07 to present) President and Chief Executive Officer (12/06 to present)	120
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: President of the Adviser (1/07 to present); Chief Financial Officer of the Adviser (11/00 to 1/07) and Managing Board Member of the Adviser (11/00 to 11/03) (1/07 to present); President and CEO of other Investment Companies advised by the Adviser (12/06 to present); Vice President (8/97 to 12/06), Treasurer, Chief Financial Officer of other Investment Companies advised by the Adviser (12/02 to 12/06); Vice President – Fund Accounting & Administration of Jackson National Life Insurance Company (1/00 to present)
OTHER DIRECTORSHIPS HELD BY TRUSTEE: None
Disinterested Trustees
Michael Bouchard (53) 1 Corporate Way Lansing, MI 48951	Trustee 2 (12/03 to present)	120
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Sheriff, Oakland County, Michigan (1/99 to present)
OTHER DIRECTORSHIPS HELD BY TRUSTEE: None
William J. Crowley, Jr. (63) 1 Corporate Way Lansing, MI 48951	Trustee 2 (1/07 to present)	120
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Managing Partner (Baltimore Office) – Arthur Andersen LLP (1995 to 2002); Board Member of various corporate boards (2002 to present)
OTHER DIRECTORSHIPS HELD BY TRUSTEE: Director of Foundation Coal Holdings, Inc.; Director of Bio Veris Corporation (from 5/04 until 6/07 when the company was acquired); Director of Provident Bankshares Corporation
Dominic D’Annunzio (71) 1 Corporate Way Lansing, MI 48951	Chairman of the Board 2 (2/04 to present) Trustee 2 (2/02 to present)	120
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Acting Commissioner of Insurance for the State of Michigan (1/90 to 5/90) and (8/97 to 5/98)
OTHER DIRECTORSHIPS HELD BY TRUSTEE: None
Michelle Engler (51) 1 Corporate Way Lansing, MI 48951	Trustee 2 (12/03 to present)	120
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Attorney (1983 to present); First Lady of the State of Michigan (1990 to 2002)
OTHER DIRECTORSHIPS HELD BY TRUSTEE::
Director of Federal Home Loan Mortgage Corporation (2001 to 9/2008)

NAME, ADDRESS AND (AGE)	POSITION(S) HELD WITH TRUST (LENGTH OF TIME SERVED)	NUMBER OF PORTFOLIOS IN FUND COMPLEX TO BE OVERSEEN BY TRUSTEE
James Henry, Ph.D. (70) 1 Corporate Way Lansing, MI 48951	Trustee 2 (1/07 to present)	120
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Dean Emeritus and Professor of Finance, Eli Broad College of Business and Graduate School of Management at Michigan State University (2001 to present)
OTHER DIRECTORSHIPS HELD BY TRUSTEE: None
Richard McLellan (66) 1 Corporate Way Lansing, MI 48951	Trustee 2 (12/94 to present)	120
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Member, Dykema Gossett PLLC (Law Firm) (1973 to 2007); Senior Counsel, Dykema Gossett PLLC (2007 to present); Adjunct Associate Professor, Michigan State University (2008 to present)
OTHER DIRECTORSHIPS HELD BY TRUSTEE: Member of the Board of Directors of ITC Holdings Corp. (11/2007 to present)
William R. Rybak (58) 1 Corporate Way Lansing, MI 48951	Trustee 2 (1/07 to present)	120
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Board Member of various corporate boards (see below) (2002 to present)
OTHER DIRECTORSHIPS HELD BY TRUSTEE: Chairman of the Board of Trustees of Lewis University; Member of the Board since 1982; Member of the Board of Directors of Howe Barnes Investments, Inc. since 2001; Member of the Boards of each of the Calamos Mutual Funds since 2002; Member of the Board of Directors of The PrivateBancorp since 2003; Chairman of the Board of Trustees of St. Coletta’s of Illinois; and Member of the Board since 2000
Patricia A. Woodworth (54) 1 Corporate Way Lansing, MI 48951	Trustee 2 (1/07 to present)	120
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Vice President, Chief Financial Officer and Chief Operating Officer, The J. Paul Getty Trust (12/2007 to present); Executive Vice President for Finance and Administration, Chief Financial Officer, Art Institute of Chicago (2002 to 11/2007); Executive Vice President and Chief Financial Officer, The University of Chicago (1998 to 2002)
OTHER DIRECTORSHIPS HELD BY TRUSTEE: None

¹ Mr. Nerud is an “interested person” of the Trust due to his position with Jackson National Life Insurance Company^®, which is the parent company of Jackson National Asset Management, LLC.

² The Chairman of the Board, interested and disinterested Trustees are elected to serve for an indefinite term.

NAME, ADDRESS AND (AGE)	POSITION(S) HELD WITH TRUST (LENGTH OF TIME SERVED)	NUMBER OF PORTFOLIOS IN FUND COMPLEX TO BE OVERSEEN BY TRUSTEE
Officers
Karen J. Buiter (44) 1 Corporate Way Lansing, MI 48951	Assistant Treasurer (12/08 to present)	Not Applicable
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Assistant Vice President – Fund Reporting of the Adviser (4/08 to present); Assistant Treasurer of other Investment Companies advised by the Adviser (12/08 to present); Treasurer of Henderson Global Funds (2/04 to 3/08); Assistant Controller of Code, Hennessy & Simmons LLC (2002 to 2004)
OTHER DIRECTORSHIPS HELD BY TRUSTEE: Not Applicable
Kelly L. Crosser (36) 1 Corporate Way Lansing, MI 48951	Assistant Secretary (9/07 to present)	Not Applicable
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Assistant Secretary of other Investment Companies advised by the Adviser (9/07 to present); Senior Compliance Analyst of Jackson National Life Insurance Company (4/07 to present); Mutual Fund Compliance Analyst of Jackson National Life Insurance Company (2/06 to 4/07): Senior Paralegal of Jackson National Life Insurance Company (6/04 to 2/06); Paralegal of Jackson National Life Insurance Company (7/01 to 6/04)
OTHER DIRECTORSHIPS HELD BY TRUSTEE: Not Applicable
Steven J. Fredricks (38) 1 Corporate Way Lansing, MI 48951	Chief Compliance Officer (1/05 to present)	Not Applicable
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Chief Compliance Officer of the Adviser and other Investment Companies advised by the Adviser (1/05 to present); Attorney of Jackson National Life Insurance Company (2/02 to 1/05)
OTHER DIRECTORSHIPS HELD BY TRUSTEE: Not Applicable
Danielle A. Hernandez (28) 1 Corporate Way Lansing, MI 48951	Anti-Money Laundering Officer (12/07 to present)	Not Applicable
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Compliance Analyst of the Adviser (08/06 to present); Administrative Assistant of the Adviser (12/05 to 08/06); Executive Assistant at the U.S. House of Representatives, Washington, D.C. (2002 to 2005)
OTHER DIRECTORSHIPS HELD BY TRUSTEE: Not Applicable

NAME, ADDRESS AND (AGE)	POSITION(S) HELD WITH TRUST (LENGTH OF TIME SERVED)	NUMBER OF PORTFOLIOS IN FUND COMPLEX TO BE OVERSEEN BY TRUSTEE
J. Kevin Kenely (55) 1 Corporate Way Lansing, MI 48951	Vice President (2/08 to present)	Not Applicable
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Vice President of other Investment Companies advised by the Adviser (2/08 to present); Vice President of the Adviser (7/08 to present); Assistant Vice President – Fund Accounting of the Adviser (2/08 to present); Director of Jackson National Life Insurance Company (12/07 to present); Director and Chief Accounting Officer of CTC Holdings, LLC (2006 to 8/07); Director of Spectrum Global Fund Administration LLC (2005 to 2006); Investments Controller of Grantham, Mayo, Van Otterloo & Co. LLC (1999 to 2004)
OTHER DIRECTORSHIPS HELD BY TRUSTEE: Not Applicable
Daniel W. Koors (38) 1 Corporate Way Lansing, MI 48951	Vice President, Treasurer and Chief Financial Officer (12/06 to present)	Not Applicable
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Senior Vice President of the Adviser (1/09 to present) and Chief Financial Officer of the Adviser (1/07 to present); Vice President of the Adviser (1/07 to 12/08); Vice President, Treasurer and Chief Financial Officer of other Investment Companies advised by the Adviser (12/06 to present); Assistant Treasurer of other Investment Companies advised by the Adviser (9/06 to 12/06); Assistant Vice President – Fund Administration of Jackson National Life Insurance Company (8/06 to present); Partner of Deloitte & Touche LLP (2003 to June 2006); Senior Manager of Deloitte & Touche LLP (2000 to 2003)
OTHER DIRECTORSHIPS HELD BY TRUSTEE: Not Applicable
Michael Piszczek (51) 1 Corporate Way Lansing, MI 48951	Vice President (11/07 to present)	Not Applicable
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Vice President of other Investment Companies advised by the Adviser (11/07 to present); Assistant Vice President – Tax of the Adviser (11/07 to present); Assistant Vice President – Nuveen Investments (4/99 to 8/07); Assistant Vice President and Assistant Secretary – Nuveen Funds (4/99 to 8/07)
OTHER DIRECTORSHIPS HELD BY TRUSTEE: Not Applicable
Susan S. Rhee (37) 1 Corporate Way Lansing, MI 48951	Vice President, Counsel and Secretary (2/04 to present)	Not Applicable
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Chief Legal Officer (7/04 to present) and Secretary (11/00 to present) of the Adviser; Vice President, Counsel, and Secretary of other Investment Companies advised by the Adviser (2/04 to present); Assistant Vice President of Jackson National Life Insurance Company (8/03 to present); Associate General Counsel of Jackson National Life Insurance Company (7/01 to present)
OTHER DIRECTORSHIPS HELD BY TRUSTEE: Not Applicable

TRUSTEES OF THE JNL INVESTORS SERIES TRUST

The Trustees and officers that are interested persons of the Trust or the Adviser do not receive any compensation from the Trust for their services as Trustees or officers. The following persons, who are disinterested Trustees of the Trust, and the Trust’s Chief Compliance Officer, received from the Trust the compensation amounts indicated for the services as such for the six-month period ended April 30, 2009.

TRUSTEE	AGGREGATE COMPENSATION FROM THE TRUST1	PENSION OR RETIREMENT BENEFITS ACCRUED AS PART OF TRUST EXPENSES	ESTIMATED ANNUAL BENEFITS UPON RETIREMENT	TOTAL COMPENSATION FROM THE TRUST AND FUND COMPLEX
Michael Bouchard	$1,706	$0	$0	$54,0004
William J. Crowley, Jr.	$1,707	$0	$0	$59,0005
Dominic D’Annunzio 3	$2,104	$0	$0	$71,5006
Michelle Engler	$1,719	$0	$0	$54,000
James Henry	$1,878	$0	$0	$59,000
Richard McLellan	$1,957	$0	$0	$61,500
William R. Rybak	$1,719	$0	$0	$54,000
Patricia Woodworth	$1,797	$0	$0	$66,5007
Steven J. Fredricks 2	$4,550	$0	$0	$149,587

¹ The fees paid to the independent Trustees are paid for combined meetings of all Funds in the Fund Complex. The fees are allocated to the Funds and affiliated investment companies on a pro-rata basis based on net assets. The total fees to all the independent Trustees is $479,500.

² Mr. Fredricks’ compensation is paid by the Funds for his duties as the Chief Compliance Officer of the Fund Complex. The expense is allocated to the Funds and affiliated investment companies on a pro-rata basis based on net assets.

³ Mr. D’Annunzio is an ex officio (non-voting) member of the Governance Committee. Therefore, he does not receive any compensation as a member of the Governance Committee.

⁴ Amount includes $2,700 deferred by Mr. Bouchard.

⁵ Amount includes $35,400 deferred by Mr. Crowley.

⁶ Amount includes $35,750 deferred by Mr. D’Annunzio.

⁷ Amount includes $66,500 deferred by Ms. Woodworth.

You can obtain a copy of the current prospectus, SAI or the most recent Annual or Semi-Annual Reports without charge, or make other inquiries, by calling 1-888-276-0061 or writing the JNL Investor Series Trust Center, 225 W. Wacker, Suite 1000, Chicago, IL 60606.

Item 2. Code of Ethics.

Not applicable to the semi-annual filing.

Item 3. Audit Committee Financial Expert.

Not applicable to the semi-annual filing.

Item 4. Principal Accountant Fees and Services.

Not applicable to the semi-annual filing.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments

(a) Below is a Schedule I – Investments in securities of unaffiliated issuers for the Jackson Perspective Index 5 Fund for which a summary schedule of investments was provided in the Jackson Funds^SM April 30, 2009 Semi-Annual Report pursuant to §210.1212 of Regulation S-X.

Jackson Funds^SM(Unaudited)

Schedules of Investments

April 30, 2009

		Shares/Par	Value
Jackson Perspective Index 5 Fund
COMMON STOCKS - 81.0%
CONSUMER DISCRETIONARY - 10.2%
	99 Cents Only Stores (b) (f)	1,172	$ 12,587
	Aaron’s Inc. (f)	524	17,585
	Abercrombie & Fitch Co. - Class A (f)	121	3,274
	Accor SA (f)	162	6,854
	Adidas AG	259	9,786
	Advance Auto Parts Inc.	1,139	49,831
	Aeropostale Inc. (b) (f)	1,563	53,095
	AFC Enterprises Inc. (b)	441	2,739
	AH Belo Corp. - Class A	351	667
	Aisin Seiki Co. Ltd.	200	4,076
	Amazon.com Inc. (b)	336	27,055
	Ambassadors Group Inc.	257	3,135
	American Apparel Inc. (b) (f)	905	6,109
	American Axle & Manufacturing Holdings Inc.	406	405
	American Eagle Outfitters Inc.	2,524	37,406
	American Greetings Corp.	1,028	8,070
	American Public Education Inc. (b)	134	4,824
	America’s Car-Mart Inc. (b)	427	6,926
	Amerigon Inc. (b)	402	2,271
	Ameristar Casinos Inc. (f)	254	5,212
	AnnTaylor Stores Corp. (b) (f)	655	4,840
	Apollo Group Inc. - Class A (b)	114	7,176
	Arbitron Inc.	236	4,914
	ArvinMeritor Inc.	1,677	2,079
	Asbury Automotive Group Inc.	437	4,226
	AutoZone Inc. (b) (f)	67	11,148
	Bally Technologies Inc. (b)	634	16,598
	Barnes & Noble Inc.	496	12,956
	Bayerische Motoren Werke AG (f)	380	13,167
	Beazer Homes USA Inc. (b)	656	1,653
	Bebe Stores Inc.	394	3,625
	Bed Bath & Beyond Inc. (b) (f)	300	9,126
	Belo Corp.	1,756	2,985
	Benesse Corp.	200	7,625
	Best Buy Co. Inc.	307	11,783
	Big 5 Sporting Goods Corp.	273	2,247
	Big Lots Inc. (b) (f)	259	7,159
	BJ’s Restaurants Inc. (b) (f)	243	4,007
	Black & Decker Corp.	98	3,949
	Blockbuster Inc. - Class A (b) (f)	1,474	1,179

Blue Nile Inc. (b) (f)	97	4,128
Bluegreen Corp. (b)	757	1,446
Blyth Inc.	94	4,144
Bob Evans Farms Inc. (f)	611	14,817
Borders Group Inc. (b) (f)	1,042	2,845
BorgWarner Inc. (f)	1,417	41,022
Boyd Gaming Corp.	617	5,670
Bridgestone Corp. (f)	600	8,883
Brinker International Inc.	1,134	20,094
Brink’s Home Security Holdings Inc. (b)	543	14,433
British Sky Broadcasting Group Plc	1,242	8,842
Brookfield Homes Corp. (f)	407	2,137
Brown Shoe Co. Inc.	313	2,013
Brunswick Corp.	1,079	6,452
Buckle Inc. (f)	265	9,903
Buffalo Wild Wings Inc. (b) (f)	294	11,478
Build-A-Bear Workshop Inc. (b) (f)	278	1,518
Burberry Group Plc	617	3,668
Cabela’s Inc. - Class A (b)	282	3,612
Cache Inc. (b)	309	1,406
California Pizza Kitchen Inc. (b)	351	5,514
Callaway Golf Co.	1,616	12,201
Capella Education Co. (b) (f)	166	8,529
Career Education Corp. (b)	860	18,954
Carmax Inc. (b) (f)	2,667	34,031
Carnival Corp.	402	10,806
Carnival Plc	219	6,018
Carter’s Inc. (b) (f)	659	14,089
Casio Computer Co. Ltd.	400	3,018
Casual Male Retail Group Inc. (b)	598	759
Cato Corp. - Class A	340	6,535
Cavco Industries Inc. (b)	175	4,102
CBS Corp. - Class B	685	4,822
CEC Entertainment Inc. (b)	273	8,316
Champion Enterprises Inc. (b) (f)	833	482
Charlotte Russe Holding Inc. (b)	368	4,618
Charming Shoppes Inc. (b) (f)	2,980	10,400
Cheesecake Factory Inc. (b)	1,513	26,281
Chico’s FAS Inc. (b)	3,733	28,520
Childrens Place Retail Stores Inc. (b)	351	9,982
Chipotle Mexican Grill Inc. - Class A (b) (f)	400	32,436
Christian Dior SA	27	1,809
Christopher & Banks Corp.	418	2,324
Churchill Downs Inc.	183	6,370
Cinemark Holdings Inc.	493	4,388
Citi Trends Inc. (b)	225	5,526
CKE Restaurants Inc.	489	4,680
CKX Inc. (b)	665	3,584
Coach Inc. (b)	292	7,154
Coinstar Inc. (b)	255	9,075

Coldwater Creek Inc. (b) (f)	2,280	7,866
Collective Brands Inc. (b)	1,541	22,375
Columbia Sportswear Co. (f)	140	4,301
Comcast Corp. - Class A	2,979	46,055
Compagnie Financiere Richemont SA	442	7,913
Compagnie Generale des Etablissements Michelin	134	6,859
Compass Group Plc	1,753	8,336
Cooper Tire & Rubber Co. (f)	500	4,135
Corinthian Colleges Inc. (b) (f)	1,993	30,692
Cracker Barrel Old Country Store Inc.	527	17,185
Crocs Inc. (b)	1,128	2,538
Crown Ltd.	791	3,961
CSS Industries Inc.	244	4,846
Daimler AG	961	34,452
Daito Trust Construction Co. Ltd.	100	4,147
Dana Holding Corp. (b)	1,017	803
Darden Restaurants Inc.	194	7,172
Deckers Outdoor Corp. (b) (f)	130	7,348
Denny’s Corp. (b)	1,656	4,438
Denso Corp.	600	14,054
Dentsu Inc. (f)	300	5,515
DeVry Inc.	693	29,494
Dick’s Sporting Goods Inc. (b)	886	16,834
Dillard’s Inc. - Class A (f)	1,016	7,833
DineEquity Inc.	177	5,671
DirecTV Group Inc. (b) (f)	613	15,159
Dollar Tree Inc. (b)	1,090	46,151
Domino’s Pizza Inc. (b)	526	4,965
Dorman Products Inc. (b)	673	7,201
DR Horton Inc. (f)	343	4,476
DreamWorks Animation SKG Inc. (b)	958	23,002
Dress Barn Inc. (b) (f)	334	5,057
Drew Industries Inc. (b)	319	4,555
Drugstore.com Inc. (b)	3,126	4,845
Eastman Kodak Co. (f)	245	747
Electrolux AB - Class B (b)	390	4,394
Entercom Communications Corp. (f)	400	664
Entravision Communications Corp. (b)	664	338
Esprit Holdings Ltd. (f)	1,000	6,174
Ethan Allen Interiors Inc. (f)	269	3,618
Exide Technologies (b)	912	4,952
Expedia Inc. (b)	320	4,355
Fairfax Media Ltd. (f)	2,475	2,131
Family Dollar Stores Inc.	266	8,829
Fast Retailing Co. Ltd.	100	10,444
Fiat SpA (b)	410	4,008
Finish Line - Class A	686	5,831
Foot Locker Inc.	1,895	22,532
Ford Motor Co. (b)	1,615	9,658
Fortune Brands Inc.	192	7,548

Fossil Inc. (b) (f)	574	11,572
Fred’s Inc. (f)	518	7,076
Fuel Systems Solutions Inc. (b) (f)	180	2,749
Fuji Heavy Industries Ltd. (f)	1,000	3,995
Fuqi International Inc. (b)	637	4,000
Furniture Brands International Inc. (f)	1,137	3,593
Gaiam Inc. (b) (f)	288	1,676
GameStop Corp. - Class A (b)	210	6,334
Gannett Co. Inc. (f)	195	762
Gap Inc.	435	6,760
Gaylord Entertainment Co. (b) (f)	324	4,517
General Motors Corp. (f)	441	847
Genesco Inc. (b) (f)	190	4,328
Gentex Corp.	1,483	19,828
Genuine Parts Co.	164	5,569
Goodyear Tire & Rubber Co. (b) (f)	190	2,088
Group 1 Automotive Inc. (f)	184	3,919
Guess? Inc.	741	19,296
Gymboree Corp. (b)	353	12,143
H&R Block Inc.	381	5,768
HanesBrands Inc. (b)	897	14,765
Harley-Davidson Inc. (f)	217	4,809
Harman International Industries Inc.	78	1,419
Harte-Hanks Inc. (f)	1,749	14,447
Harvey Norman Holdings Ltd. (f)	2,604	5,640
Hasbro Inc.	226	6,025
Haseko Corp. (b) (f)	2,000	1,257
Hayes Lemmerz International Inc. (b)	1,135	191
Helen of Troy Ltd. (b)	220	3,509
Hennes & Mauritz AB - Class B (f)	567	25,243
Hermes International SCA (f)	85	11,273
Hibbett Sports Inc. (b) (f)	266	5,546
Home Depot Inc.	1,757	46,244
Home Retail Group Plc	972	3,577
Honda Motor Co. Ltd.	1,800	51,927
HOT Topic Inc. (b)	1,146	14,027
Hovnanian Enterprises Inc. - Class A (b)	676	1,873
Iconix Brand Group Inc. (b)	402	5,733
Inditex SA (f)	251	10,702
Interactive Data Corp.	738	16,590
InterContinental Hotels Group Plc	276	2,622
International Game Technology	264	3,260
International Speedway Corp. - Class A (f)	408	9,661
Interpublic Group of Cos. Inc. (b) (f)	606	3,794
Isetan Mitsukoshi Holdings Ltd.	500	4,193
Isle of Capri Casinos Inc. (b) (f)	293	3,147
Isuzu Motors Ltd.	1,000	1,653
ITT Educational Services Inc. (b) (f)	386	38,897
J Crew Group Inc. (b) (f)	929	15,988
J.C. Penney Co. Inc.	169	5,187

Jack in the Box Inc. (b)	679	16,697
Jackson Hewitt Tax Service Inc.	238	1,164
Jakks Pacific Inc. (b) (f)	204	2,581
Jo-Ann Stores Inc. (b)	317	5,807
John Wiley & Sons Inc.	578	19,594
Johnson Controls Inc. (f)	630	11,976
Jos. A. Bank Clothiers Inc. (b)	131	5,298
Journal Communications Inc. - Class A	873	1,353
Kingfisher Plc	2,409	6,558
Knology Inc. (b)	472	3,351
Kohl’s Corp. (b)	324	14,693
K-Swiss Inc. - Class A (f)	241	2,420
Lagardere SCA (f)	239	7,503
Lamar Advertising Co. (b) (f)	837	14,145
Landry’s Restaurants Inc. (b) (f)	259	2,367
Lear Corp. (b)	1,357	1,086
Lee Enterprises Inc. (f)	1,147	435
Leggett & Platt Inc. (f)	326	4,681
Li & Fung Ltd.	4,000	11,355
Life Time Fitness Inc. (b) (f)	596	11,181
Limited Brands Inc.	271	3,095
Live Nation Inc. (b)	517	2,021
LKQ Corp. (b) (f)	1,720	29,206
Lowe’s Cos. Inc.	1,528	32,852
Luby’s Inc. (b)	1,075	5,762
Lululemon Athletica Inc. (b) (f)	142	1,981
Lumber Liquidators Inc. (b) (f)	460	6,882
Luxottica Group SpA (f)	179	3,285
LVMH Moet Hennessy Louis Vuitton SA	234	17,667
M/I Homes Inc. (f)	442	6,749
Macy’s Inc.	401	5,486
Maidenform Brands Inc. (b)	329	4,195
Makita Corp.	200	4,573
Marcus Corp.	331	4,204
Marks & Spencer Group Plc	1,204	5,965
Marriott International Inc. - Class A (f)	301	7,092
Martha Stewart Living Omnimedia Inc. (b) (f)	356	1,289
Marvel Entertainment Inc. (b) (f)	1,158	34,555
Mattel Inc.	372	5,565
Matthews International Corp. - Class A	675	21,141
McClatchy Co. - Class A (f)	1,675	888
McDonald’s Corp.	1,149	61,230
McGraw-Hill Cos. Inc.	339	10,221
MDC Holdings Inc.	454	15,518
Media General Inc. (f)	397	1,032
Mediaset SpA	1,301	7,308
Men’s Wearhouse Inc.	641	11,948
Meritage Homes Corp. (b) (f)	342	7,117
Midas Inc. (b)	339	3,390
Mitsubishi Motors Corp. (b) (f)	5,000	7,605

Modine Manufacturing Co.	490	1,872
Mohawk Industries Inc. (b) (f)	583	27,582
Monro Muffler Inc.	390	9,738
Movado Group Inc.	270	2,476
National CineMedia Inc.	344	4,998
National Presto Industries Inc.	137	9,763
NetFlix Inc. (b) (f)	967	43,815
New York Times Co. - Class A (f)	455	2,448
Newell Rubbermaid Inc.	269	2,811
News Corp. - Class A	2,423	20,014
Next Plc	195	4,664
Nike Inc. - Class B	407	21,355
Nissan Motor Co. Ltd.	1,800	9,308
Nordstrom Inc. (f)	187	4,232
NutriSystem Inc.	487	6,691
NVR Inc. (b) (f)	67	33,860
O’Charley’s Inc.	367	2,558
Office Depot Inc. (b)	240	622
Omnicom Group Inc.	266	8,371
OPAP SA	195	6,016
Orbitz Worldwide Inc. (b) (f)	398	756
O’Reilly Automotive Inc. (b) (f)	148	5,750
Oriental Land Co. Ltd.	100	6,297
Outdoor Channel Holdings Inc. (b)	846	6,328
Oxford Industries Inc.	276	2,688
Pacific Sunwear of California Inc. (b)	1,196	4,844
PagesJaunes Groupe SA (f)	412	4,475
Panasonic Corp.	2,000	29,000
Panera Bread Co. - Class A (b) (f)	385	21,564
Papa John’s International Inc. (b)	216	5,733
Pearson Plc	659	6,800
Peets Coffee & Tea Inc. (b) (f)	162	4,419
PEP Boys-Manny Moe & Jack	448	3,315
PetMed Express Inc. (b) (f)	584	9,496
PetSmart Inc.	1,540	35,235
Peugeot SA (f)	129	2,979
PF Chang’s China Bistro Inc. (b) (f)	258	7,786
Phillips-Van Heusen Corp.	674	19,566
Pier 1 Imports Inc. (b) (f)	835	1,561
Pinnacle Entertainment Inc. (b) (f)	683	8,524
Polaris Industries Inc.	322	10,771
Polo Ralph Lauren Corp. (f)	102	5,492
Pool Corp. (f)	639	11,413
PPR SA	57	4,367
Pre-Paid Legal Services Inc. (b) (f)	103	3,793
Priceline.com Inc. (b) (f)	488	47,380
PRIMEDIA Inc.	781	3,046
Publicis Groupe	173	5,288
Puma AG Rudolf Dassler Sport (b)	20	4,286
Quicksilver Inc. (b)	956	1,577

Rakuten Inc. (f)	9	4,545
RC2 Corp. (b)	177	2,002
Red Robin Gourmet Burgers Inc. (b) (f)	168	4,124
Reed Elsevier NV (f)	505	5,548
Reed Elsevier Plc	1,577	11,689
Regis Corp.	1,055	20,193
Renault SA	158	5,066
Rent-A-Center Inc. (b)	1,468	28,259
Ross Stores Inc.	1,564	59,338
Ruby Tuesday Inc. (b) (f)	973	7,473
Ryland Group Inc.	900	18,639
Saks Inc. (b) (f)	1,210	6,304
Sally Beauty Holdings Inc. (b) (f)	680	5,032
Sankyo Co. Ltd.	100	5,050
Sanoma Oyj (f)	277	3,649
Sanyo Electric Co. Ltd. (b)	2,000	3,285
Scholastic Corp.	533	10,516
Scientific Games Corp. - Class A (b) (f)	810	14,167
Sears Holdings Corp. (b) (f)	61	3,811
Sekisui House Ltd.	1,000	8,589
Service Corp. International	3,184	14,424
SES SA	336	6,065
Shangri-La Asia Ltd. (f)	4,000	5,915
Sharp Corp. (f)	1,000	10,404
Sherwin-Williams Co.	123	6,967
Shimano Inc. (f)	300	8,791
Shuffle Master Inc. (b)	669	2,549
Sinclair Broadcast Group Inc. - Class A	461	511
Singapore Press Holdings Ltd. (f)	2,000	3,918
Skechers U.S.A. Inc. - Class A (b)	233	2,726
Skyline Corp.	194	4,022
Smith & Wesson Holding Corp. (b) (f)	215	1,542
Societe Television Francaise 1 (f)	210	1,967
Sodexo SA	114	5,476
Sonic Automotive Inc. (f)	252	1,300
Sonic Corp. (b) (f)	565	6,170
Sony Corp.	1,100	28,219
Sotheby’s - Class A	1,422	16,509
Spartan Motors Inc.	290	2,340
Stage Stores Inc.	385	4,716
Standard-Pacific Corp. (b) (f)	1,830	3,422
Stanley Works	155	5,895
Staples Inc.	609	12,558
Starbucks Corp. (b)	594	8,589
Starwood Hotels & Resorts Worldwide Inc.	195	4,068
Steak n Shake Co. (b)	531	6,138
Steiner Leisure Ltd. (b)	124	3,923
Steven Madden Ltd. (b)	222	6,531
Stewart Enterprises Inc. - Class A	1,248	4,356
Strayer Education Inc. (f)	167	31,631

Sumitomo Rubber Industries Inc. (f)	600	4,119
Superior Industries International Inc.	536	8,083
Suzuki Motor Corp. (f)	400	7,471
Swatch Group AG - Class B	44	6,122
Syms Corp. (b) (f)	402	2,275
Tabcorp Holdings Ltd.	763	4,131
Talbots Inc.	324	765
Target Corp.	786	32,430
Tempur-Pedic International Inc.	603	7,755
Tenneco Inc. (b) (f)	330	1,010
Texas Roadhouse Inc. - Class A (b) (f)	865	9,844
Thomson Reuters Plc	170	4,373
Thor Industries Inc.	325	7,472
Tiffany & Co. (f)	124	3,589
Timberland Co. - Class A (b)	1,141	18,530
Time Warner Cable Inc.	311	10,024
Time Warner Inc.	1,242	27,113
TJX Cos. Inc.	404	11,300
Toll Brothers Inc. (b) (f)	1,427	28,911
Toyota Industries Corp. (f)	300	7,955
Toyota Motor Corp.	3,000	117,116
Tractor Supply Co. (b) (f)	421	17,000
True Religion Apparel Inc. (b)	269	4,239
Tuesday Morning Corp. (b) (f)	1,048	3,574
TUI AG	260	2,859
TUI Travel Plc	1,398	5,216
Tupperware Brands Corp.	1,509	37,770
Tween Brands Inc. (b)	245	715
Under Armour Inc. - Class A (b)	795	18,714
Unifi Inc. (b)	2,506	2,255
UniFirst Corp.	147	5,482
Universal Electronics Inc. (b)	247	4,629
Universal Technical Institute Inc. (b) (f)	276	3,930
Urban Outfitters Inc. (b)	1,240	24,168
Vail Resorts Inc. (b)	238	6,950
Valassis Communications Inc. (b) (f)	1,210	6,256
VF Corp.	79	4,682
Viacom Inc. - Class B (b)	574	11,044
Vivendi SA	1,287	34,606
Volcom Inc. (b) (f)	138	1,862
Volkswagen AG (f)	124	39,231
Walt Disney Co.	1,911	41,851
Warnaco Group Inc. (b)	1,023	29,503
Washington Post Co.	11	4,604
Wendy’s/Arby’s Group Inc.	9,501	47,505
Wet Seal Inc. (b)	2,155	8,211
Whirlpool Corp. (f)	69	3,116
Whitbread Plc	332	4,592
Williams-Sonoma Inc.	1,047	14,658
Winnebago Industries Inc.	270	2,379

	WMS Industries Inc. (b) (f)	514	16,505
	Wolters Kluwer NV	340	5,595
	Wolverine World Wide Inc.	467	9,728
	World Wrestling Entertainment Inc. (f)	308	3,296
	WPP Plc	991	6,773
	Wyndham Worldwide Corp.	244	2,850
	Yamada Denki Co. Ltd.	100	4,604
	Yamaha Motor Co. Ltd. (f)	300	3,155
	Yum! Brands Inc.	452	15,074
	Zale Corp. (b) (f)	392	1,458
	ZON Multimedia - Servicos de Telecomunicacoes e
	Multimedia SGPS SA	100	547
	Zumiez Inc. (b)	175	2,111
			4,049,055
CONSUMER STAPLES - 6.0%
	AEON Co. Ltd. (f)	600	4,672
	Ajinomoto Co. Inc. (f)	1,000	7,331
	Alberto-Culver Co.	937	20,886
	Alliance One International Inc. (b)	1,105	4,144
	Altria Group Inc.	2,091	34,146
	American Oriental Bioengineering Inc. (b) (f)	627	2,658
	Andersons Inc.	184	2,957
	Anheuser-Busch InBev NV	798	24,429
	Anheuser-Busch InBev NV- Strip VVPR (b)	184	-
	Archer-Daniels-Midland Co.	603	14,846
	Asahi Breweries Ltd.	500	6,277
	Associated British Foods Plc	443	4,680
	Avon Products Inc.	460	10,470
	Beiersdorf AG (f)	80	3,296
	BJ’s Wholesale Club Inc. (b)	714	23,805
	Boston Beer Co. Inc. - Class A (b) (f)	217	5,772
	British American Tobacco Plc	2,072	49,970
	Brown-Forman Corp. - Class B	120	5,580
	Cadbury Plc	1,170	8,748
	Cal-Maine Foods Inc.	151	3,997
	Campbell Soup Co.	192	4,938
	Carlsberg A/S	93	4,471
	Carrefour SA (f)	702	28,464
	Casey’s General Stores Inc.	588	15,647
	Casino Guichard Perrachon SA	56	3,493
	Central Garden & Pet Co. - Class A (b)	739	6,703
	Chattem Inc. (b) (f)	209	11,476
	Chiquita Brands International Inc. (b) (f)	488	3,694
	Church & Dwight Co. Inc.	842	45,813
	Clorox Co.	131	7,343
	Coca-Cola Amatil Ltd.	690	4,583
	Coca-Cola Co.	2,087	89,845
	Coca-Cola Enterprises Inc.	289	4,930
	Coca-Cola Hellenic Bottling Co. SA	136	2,174
	Coca-Cola West Co. Ltd.	300	4,937

Colgate-Palmolive Co.	491	28,969
Colruyt SA	20	4,546
ConAgra Foods Inc.	389	6,885
Constellation Brands Inc. - Class A (b)	228	2,643
Corn Products International Inc.	862	20,602
Costco Wholesale Corp.	452	21,967
CVS Caremark Corp.	1,486	47,225
Danone (f)	483	22,975
Darling International Inc. (b)	1,416	8,100
Dean Foods Co. (b)	178	3,685
Delhaize Group	70	4,721
Diageo Plc	2,749	32,795
Diamond Foods Inc.	186	4,871
Dr. Pepper Snapple Group Inc. (b)	287	5,944
Elizabeth Arden Inc. (b) (f)	409	3,542
Energizer Holdings Inc. (b)	704	40,339
Estee Lauder Cos. Inc. (f)	151	4,515
FamilyMart Co. Ltd. (f)	100	2,748
Flowers Foods Inc. (f)	1,835	42,389
Foster’s Group Ltd.	2,432	9,314
Fresh Del Monte Produce Inc. (b)	472	6,853
General Mills Inc.	349	17,691
Great Atlantic & Pacific Tea Co. (b) (f)	303	2,224
Green Mountain Coffee Roasters Inc. (b) (f)	242	17,499
Hain Celestial Group Inc. (b) (f)	501	8,362
Hansen Natural Corp. (b) (f)	833	33,953
Heineken Holding NV (f)	142	3,353
Heineken NV (f)	285	8,469
Henkel AG & Co. KGaA (f)	165	4,079
Hershey Co. (f)	150	5,421
HJ Heinz Co.	267	9,190
Hormel Foods Corp.	84	2,628
Imperial Sugar Co. (f)	85	556
Imperial Tobacco Group Plc	1,121	25,577
Ingles Markets Inc. - Class A	272	4,246
Ito En Ltd. (f)	300	3,656
J Sainsbury Plc	1,210	5,864
J&J Snack Foods Corp.	188	7,287
Japan Tobacco Inc.	5	12,523
JM Smucker Co.	170	6,698
Kao Corp.	1,000	18,769
Kellogg Co.	208	8,759
Kerry Group Plc	312	6,415
Kikkoman Corp.	1,000	8,893
Kimberly-Clark Corp.	433	21,278
Kirin Holdings Co. Ltd. (f)	1,000	10,982
Koninklijke Ahold NV	1,337	14,648
Kraft Foods Inc. - Class A	1,522	35,615
Kroger Co.	607	13,123
Lancaster Colony Corp.	472	20,674

Lance Inc.	388	8,986
Lawson Inc. (f)	100	3,873
L’Oreal SA (f)	239	17,098
Lorillard Inc.	161	10,164
McCormick & Co. Inc.	146	4,300
MEIJI Holdings Co Ltd (b)	117	3,571
Metcash Ltd.	1,126	3,404
Metro AG (f)	137	5,828
Molson Coors Brewing Co.	158	6,044
Nash Finch Co.	116	3,398
NBTY Inc. (b) (f)	623	16,142
Nestle SA (f)	4,155	135,439
Nisshin Seifun Group Inc.	1,000	10,282
Nissin Foods Holdings Co. Ltd. (f)	200	5,415
Nu Skin Enterprises Inc.	428	5,487
Pantry Inc. (b) (f)	206	4,866
Parmalat SpA (f)	1,722	3,420
Pepsi Bottling Group Inc.	252	7,880
PepsiAmericas Inc.	630	15,479
PepsiCo Inc.	1,599	79,566
Pernod-Ricard SA (c) (f)	221	13,064
Philip Morris International Inc.	2,085	75,477
Prestige Brands Holdings Inc. (b)	534	3,450
PriceSmart Inc.	202	3,606
Procter & Gamble Co.	3,067	151,632
Ralcorp Holdings Inc. (b) (f)	1,308	74,765
Reckitt Benckiser Group Plc	665	26,105
Reddy Ice Holdings Inc. (f)	302	679
Reynolds American Inc.	119	4,520
Ruddick Corp.	893	22,914
SABMiller Plc	1,014	17,003
Safeway Inc.	346	6,834
Sanderson Farms Inc.	252	10,055
Sara Lee Corp.	696	5,791
Seven & I Holdings Co. Ltd.	800	18,049
Smart Balance Inc. (b) (f)	794	5,582
Smithfield Foods Inc. (b) (f)	1,523	13,159
Spartan Stores Inc.	157	2,554
Star Scientific Inc. (b) (f)	1,015	4,994
SUPERVALU Inc.	180	2,943
Susser Holdings Corp. (b)	569	8,222
Swedish Match AB (f)	250	3,568
Sysco Corp.	649	15,141
Tesco Plc	8,610	42,661
Tootsie Roll Industries Inc. (f)	585	14,245
TreeHouse Foods Inc. (b)	365	9,705
Tyson Foods Inc. (f)	472	4,975
Uni-Charm Corp.	100	6,966
Unilever NV (f)	1,788	35,380
Unilever Plc	1,415	27,552

	United Natural Foods Inc. (b)	523	11,914
	Universal Corp.	542	16,347
	USANA Health Sciences Inc. (b) (f)	139	3,323
	Vector Group Ltd.	483	6,511
	Walgreen Co. (f)	1,031	32,404
	Wal-Mart Stores Inc.	2,299	115,870
	WD-40 Co.	220	5,953
	Weis Markets Inc.	138	5,105
	Wesfarmers Ltd.	1,417	23,310
	Whole Foods Market Inc. (f)	182	3,773
	Winn-Dixie Stores Inc. (b)	688	7,884
	WM Morrison Supermarkets Plc	2,702	9,788
	Woolworths Ltd.	1,353	26,274
			2,391,924
ENERGY - 6.4%
	Aker Solutions ASA	310	1,874
	Allis-Chalmers Energy Inc. (b) (f)	339	654
	Alon USA Energy Inc. (f)	150	1,905
	AMEC Plc	431	3,923
	American Oil & Gas Inc. (b)	1,475	988
	Anadarko Petroleum Corp.	460	19,808
	Apache Corp.	320	23,315
	Arch Coal Inc. (f)	1,749	24,434
	Arena Resources Inc. (b)	366	10,493
	Atlas America Inc. (f)	289	4,497
	ATP Oil & Gas Corp. (b) (f)	197	1,411
	Baker Hughes Inc.	346	12,311
	Basic Energy Services Inc. (b) (f)	297	3,029
	Berry Petroleum Co. - Class A	400	6,592
	BG Group Plc	3,664	58,506
	Bill Barrett Corp. (b) (f)	911	23,668
	BJ Services Co.	270	3,750
	Bolt Technology Corp. (b)	276	2,807
	BP Plc	20,319	143,587
	BPZ Resources Inc. (b) (f)	476	2,594
	Brigham Exploration Co. (b)	802	1,877
	Bristow Group Inc. (b)	216	4,916
	Bronco Drilling Co. Inc. (b) (f)	395	2,169
	Cabot Oil & Gas Corp. - Class A	139	4,196
	Cairn Energy Plc (b)	78	2,446
	Cal Dive International Inc. (b)	321	2,542
	Callon Petroleum Co. (b)	372	655
	Cameron International Corp. (b)	202	5,167
	CARBO Ceramics Inc.	209	6,418
	Carrizo Oil & Gas Inc. (b) (f)	269	3,317
	Cheniere Energy Inc. (b) (f)	1,289	5,079
	Chesapeake Energy Corp.	469	9,244
	Chevron Corp.	2,088	138,017
	Cie Generale de Geophysique-Veritas (b)	130	1,878
	Cimarex Energy Co. (f)	1,039	27,949

Clayton Williams Energy Inc. (b)	179	5,375
Complete Production Services Inc. (b)	368	2,458
Comstock Resources Inc. (b)	1,071	36,907
Concho Resources Inc. (b)	672	18,426
ConocoPhillips	1,517	62,197
Consol Energy Inc.	144	4,504
Contango Oil & Gas Co. (b) (f)	188	7,123
Crosstex Energy Inc.	441	869
CVR Energy Inc. (b)	250	1,840
Dawson Geophysical Co. (b)	68	1,337
Delta Petroleum Corp. (b) (f)	646	1,899
Denbury Resources Inc. (b)	374	6,089
Devon Energy Corp.	477	24,732
DHT Maritime Inc.	554	2,332
Diamond Offshore Drilling Inc.	57	4,127
Dril-Quip Inc. (b) (f)	317	10,898
El Paso Corp.	530	3,657
Encore Acquisition Co. (b)	610	17,806
Endeavour International Corp. (b)	2,782	4,423
ENI SpA	2,840	60,944
ENSCO International Inc.	538	15,215
EOG Resources Inc.	264	16,759
Evergreen Energy Inc. (b)	2,690	2,962
EXCO Resources Inc. (b)	1,796	21,157
Exterran Holdings Inc. (b) (f)	738	15,240
Exxon Mobil Corp.	5,237	349,151
FMC Technologies Inc. (b)	1,505	51,516
Forest Oil Corp. (b) (f)	1,185	18,960
Frontier Oil Corp.	1,267	16,104
Gasco Energy Inc. (b)	1,599	800
General Maritime Corp. (f)	614	6,097
GMX Resources Inc. (b) (f)	210	2,297
Golar LNG Ltd.	298	1,606
Goodrich Petroleum Corp. (b) (f)	208	4,769
Gran Tierra Energy Inc. (b)	2,100	5,208
Gulf Island Fabrication Inc.	211	2,730
Gulfmark Offshore Inc. (b)	209	5,618
Gulfport Energy Corp. (b)	316	939
Halliburton Co.	941	19,027
Harvest Natural Resources Inc. (b)	734	3,743
Helix Energy Solutions Group Inc. (b) (f)	828	7,527
Helmerich & Payne Inc. (f)	1,270	39,141
Hess Corp.	279	15,286
Hornbeck Offshore Services Inc. (b)	218	5,064
INPEX Corp.	1	6,317
International Coal Group Inc. (b) (f)	1,723	3,429
ION Geophysical Corp. (b)	1,072	2,680
James River Coal Co. (b)	449	6,394
Knightsbridge Tankers Ltd.	228	3,016
Lufkin Industries Inc.	134	4,677

Marathon Oil Corp.	740	21,978
Mariner Energy Inc. (b) (f)	952	10,834
Matrix Service Co. (b)	176	1,686
McMoRan Exploration Co. (b) (f)	409	2,245
Murphy Oil Corp.	162	7,729
Nabors Industries Ltd. (b)	267	4,061
NATCO Group Inc. (b)	245	5,895
National Oilwell Varco Inc. (b)	367	11,113
Newfield Exploration Co. (b)	1,597	49,794
Newpark Resources Inc. (b)	1,082	3,030
Nippon Mining Holdings Inc.	1,000	4,543
Nippon Oil Corp. (f)	1,000	5,202
Noble Energy Inc.	205	11,634
Nordic American Tanker Shipping Ltd. (f)	404	13,118
Occidental Petroleum Corp.	838	47,171
Oceaneering International Inc. (b)	662	30,167
Oilsands Quest Inc. (b) (f)	1,803	1,352
OMV AG	141	4,368
Origin Energy Ltd.	961	11,377
Overseas Shipholding Group Inc. (f)	267	7,666
Parallel Petroleum Corp. (b) (f)	444	591
Parker Drilling Co. (b) (f)	955	2,636
Patriot Coal Corp. (b) (f)	1,062	6,691
Patterson-UTI Energy Inc.	1,707	21,696
Peabody Energy Corp.	207	5,463
Penn Virginia Corp.	415	5,839
Petroleum Development Corp. (b)	181	2,934
PetroQuest Energy Inc. (b) (f)	612	1,842
PHI Inc. (b)	239	2,705
Pioneer Drilling Co. (b)	474	2,370
Pioneer Natural Resources Co. (f)	187	4,323
Plains Exploration & Production Co. (b)	1,299	24,512
Pride International Inc. (b)	2,085	47,330
Quicksilver Resources Inc. (b) (f)	1,270	10,325
Range Resources Corp.	170	6,795
Repsol YPF SA	691	13,134
Rosetta Resources Inc. (b)	418	2,947
Rowan Cos. Inc.	197	3,075
Royal Dutch Shell Plc - Class A	3,855	88,752
Royal Dutch Shell Plc - Class B	2,937	66,466
RPC Inc.	423	4,526
Saipem SpA	175	3,741
Santos Ltd.	546	6,516
Schlumberger Ltd.	1,237	60,601
SeaDrill Ltd.	311	3,319
Ship Finance International Ltd. (f)	472	4,073
Smith International Inc.	377	9,745
Southern Union Co.	1,326	21,097
Southwestern Energy Co. (b)	426	15,276
Spectra Energy Corp.	500	7,250

StatoilHydro ASA (f)	1,420	26,465
Stone Energy Corp. (b)	234	1,009
Sulphco Inc. (b) (f)	1,653	1,488
Sunoco Inc.	125	3,314
Superior Energy Services Inc. (b)	1,005	19,306
Superior Well Services Inc. (b)	305	3,264
Swift Energy Co. (b) (f)	326	3,527
Technip SA	92	3,952
Teekay Tankers Ltd.	239	2,882
Tenaris SA (f)	570	7,169
Tesoro Corp. (f)	187	2,852
Tidewater Inc.	633	27,377
Toreador Resources Corp.	626	2,316
Total SA	2,316	115,883
Trico Marine Services Inc. (b) (f)	204	792
Tri-Valley Corp. (b) (f)	781	976
Tullow Oil Plc	754	8,901
TXCO Resources Inc. (b) (f)	585	275
Unit Corp. (b) (f)	509	13,891
Uranium Resources Inc. (b)	657	966
USEC Inc. (b) (f)	1,413	8,746
VAALCO Energy Inc. (b)	1,156	5,514
Valero Energy Corp.	456	9,047
Warren Resources Inc. (b)	608	973
Western Refining Inc. (b) (f)	632	7,957
Westmoreland Coal Co. (b)	323	2,746
Willbros Group Inc. (b) (f)	386	4,424
Williams Cos. Inc.	449	6,331
Woodside Petroleum Ltd.	544	15,174
World Fuel Services Corp.	337	12,850
XTO Energy Inc.	603	20,900
		2,550,188

FINANCIALS - 14.9%
	1st Source Corp.	175	3,437
	3i Group Plc	425	1,999
	Acadia Realty Trust	324	4,698
	Admiral Group Plc	247	3,305
	Advance America Cash Advance Centers Inc. (f)	532	2,128
	Advanta Corp. - Class B (f)	641	750
	Aegon NV (f)	1,246	6,267
	Affiliated Managers Group Inc. (b)	500	28,425
	AFLAC Inc.	397	11,469
	Alexander’s Inc. (f)	19	4,144
	Alexandria Real Estate Equities Inc. (f)	374	13,644
	Alleanza Assicurazioni SpA	564	3,779
	Allianz SE (f)	499	46,044
	Allstate Corp.	491	11,455
	Alpha Bank AE (b)	320	3,117
	AMB Property Corp.	1,492	28,482
	Ambac Financial Group Inc. (f)	3,288	2,992
	AMCORE Financial Inc.	246	362
	American Campus Communities Inc.	474	10,276
	American Capital Agency Corp.	356	6,675
	American Equity Investment Life Holding Co. (f)	599	3,372
	American Express Co.	1,219	30,743
	American Financial Group Inc.	936	16,455
	American International Group Inc. (f)	2,509	3,462
	American Physicians Capital Inc.	178	7,415
	American Safety Insurance Holdings Ltd. (b)	416	4,734
	AmeriCredit Corp. (b) (f)	1,721	17,503
	Ameriprise Financial Inc.	202	5,323
	Amerisafe Inc. (b)	260	3,994
	AMP Ltd.	1,581	5,963
	AmTrust Financial Services Inc.	351	3,205
	Anchor BanCorp Wisconsin Inc.	178	290
	Anglo Irish Bank Corp. Plc (i)	477	66
	Anthracite Capital Inc. (f)	613	245
	Anworth Mortgage Asset Corp.	820	5,273
	AON Corp.	266	11,225
	Apartment Investment & Management Co.	191	1,394
	Apollo Investment Corp.	2,889	13,867
	Arbor Realty Trust Inc. (f)	357	1,003
	Ares Capital Corp.	1,222	7,173
	Argo Group International Holdings Ltd. (b)	376	10,524
	Arrow Financial Corp. (f)	131	3,469
	Arthur J Gallagher & Co.	1,156	25,987
	Ashford Hospitality Trust Inc. (f)	627	1,894
	Aspen Insurance Holdings Ltd.	988	23,297
	Assicurazioni Generali SpA (f)	1,177	23,947
	Associated Banc-Corp	1,568	24,257
	Assurant Inc.	148	3,617
	Assured Guaranty Ltd. (f)	801	7,738
	Astoria Financial Corp.	805	6,649
	ASX Ltd.	413	9,821

Australia & New Zealand Banking Group Ltd.	2,277	26,311
AvalonBay Communities Inc. (f)	70	3,977
Aviva Plc	3,004	13,831
AXA Asia Pacific Holdings Ltd.	1,556	4,410
AXA SA (b) (f)	1,731	29,084
Baloise Holding AG (b) (f)	63	4,625
Banca Monte dei Paschi di Siena SpA (f)	1,462	2,339
Banca Popolare di Milano Scarl	450	2,616
BancFirst Corp.	102	4,355
Banco Bilbao Vizcaya Argentaria SA (f)	3,984	43,177
Banco Comercial Portugues SA (f)	4,687	4,374
Banco de Sabadell SA (f)	554	3,197
Banco Latinoamericano de Exportaciones SA	246	3,026
Banco Popular Espanol SA (f)	816	6,725
Banco Popular SC	658	4,323
Banco Santander SA - ADR (f)	127	1,162
Banco Santander SA (f)	8,918	85,782
BancorpSouth Inc. (f)	883	20,530
BancTrust Financial Group Inc. (f)	1,496	9,844
Bank Mutual Corp.	843	8,658
Bank of America Corp.	6,630	59,206
Bank of East Asia Ltd. (f)	1,320	3,168
Bank of Hawaii Corp.	582	20,451
Bank of New York Mellon Corp. (a)	1,193	30,398
Bank of the Ozarks Inc.	146	3,625
Bank of Yokohama Ltd. (f)	1,000	4,218
Bankinter SA	351	4,149
Banner Corp.	183	849
Barclays Plc	9,405	38,185
BB&T Corp. (f)	439	10,246
Beneficial Mutual Bancorp Inc. (b)	413	4,155
Berkshire Hills Bancorp Inc.	157	3,542
BioMed Realty Trust Inc.	942	10,748
BNP Paribas	905	47,643
BOC Hong Kong Holdings Ltd.	8,500	12,130
Boston Private Financial Holdings Inc.	342	1,577
Boston Properties Inc. (f)	70	3,459
BRE Properties Inc. - Class A	570	14,005
British Land Co. Plc	488	3,079
Brookline Bancorp Inc.	758	7,519
Brown & Brown Inc.	1,406	27,361
Calamos Asset Management Inc.	291	3,320
Camden National Corp.	246	7,134
Camden Property Trust	691	18,747
Capital One Financial Corp. (f)	318	5,323
Capital Southwest Corp. (f)	91	7,076
Capital Trust Inc. - Class A (f)	156	265
CapitaLand Ltd.	1,500	2,796
CapLease Inc.	716	2,127
Capstead Mortgage Corp.	511	5,820

Cardinal Financial Corp.	922	7,238
Cascade Bancorp (f)	251	417
Cash America International Inc.	403	9,011
Cathay General Bancorp	1,102	12,364
Cedar Shopping Centers Inc.	490	1,759
Central Pacific Financial Corp.	258	1,512
Charles Schwab Corp.	812	15,006
Chemical Financial Corp.	234	4,996
Cheung Kong Holdings Ltd.	2,000	20,826
Chimera Investment Corp.	1,755	6,195
China Bank Ltd. (f)	1,000	4,928
Chubb Corp.	349	13,594
Chuo Mitsui Trust Holding Inc.	1,000	3,255
Cincinnati Financial Corp.	275	6,586
CIT Group Inc.	928	2,060
Citigroup Inc. (f)	4,722	14,402
Citizens Inc. (b) (f)	438	3,158
Citizens Republic Bancorp Inc. (b)	557	936
City Holdings Co.	257	7,579
City National Corp.	422	15,445
CME Group Inc.	71	15,716
CNA Surety Corp. (b)	234	4,505
CNP Assurances SA	70	5,519
Cohen & Steers Inc.	378	5,564
Colonial BancGroup Inc. (f)	4,260	3,238
Colonial Properties Trust	575	4,163
Columbia Banking System Inc.	290	2,871
Comerica Inc.	194	4,070
Commerce Bancshares Inc.	742	24,560
Commerzbank AG	525	3,570
Commonwealth Bank of Australia	1,619	41,311
Community Bank System Inc.	339	5,577
Community Trust Bancorp Inc.	188	5,689
Compass Diversified Holdings	359	3,209
Consolidated-Tomoka Land Co.	108	3,757
Corporate Office Properties Trust SBI MD	1,012	30,927
Corus Bankshares Inc. (b) (f)	449	94
Cousins Properties Inc.	1,030	8,704
Crawford & Co. - Class B (b) (f)	371	2,207
Credit Agricole SA	1,019	14,899
Credit Saison Co. Ltd. (f)	200	2,223
Credit Suisse Group AG	1,179	46,071
Criteria CaixaCorp SA	1,101	4,136
Cullen/Frost Bankers Inc.	717	33,764
CVB Financial Corp. (f)	852	5,121
Daiwa Securities Group Inc.	2,000	10,363
Danske Bank A/S (b)	392	4,300
Danvers BanCorp Inc.	541	7,850
DBS Group Holdings Ltd.	3,000	19,250
DCT Industrial Trust Inc.	1,964	8,681

Delphi Financial Group Inc.	349	6,027
Deutsche Bank AG	608	32,423
Deutsche Boerse AG	170	12,559
Deutsche Postbank AG	113	2,415
Dexia SA	651	3,157
Diamond Hill Investment Group Inc. (b)	78	3,125
DiamondRock Hospitality Co.	1,068	6,931
Discover Financial Services	401	3,260
DnB NOR ASA (b)	637	3,965
Dollar Financial Corp. (b) (f)	238	2,404
Doral Financial Corp. (b) (f)	410	1,948
Duke Realty Corp. (f)	2,545	24,865
DuPont Fabros Technology Inc.	502	4,262
East West Bancorp Inc. (f)	1,764	12,048
EastGroup Properties Inc.	304	10,217
Eaton Vance Corp.	1,404	38,427
Education Realty Trust Inc.	528	2,476
EFG Eurobank Ergasias SA (b)	237	1,860
eHealth Inc. (b)	290	5,565
Employer Holdings Inc.	440	3,670
Enstar Group Ltd. (b)	51	3,638
Entertainment Properties Trust	368	8,504
Equity Lifestyle Properties Inc.	254	10,076
Equity One Inc. (f)	659	9,806
Equity Residential	180	4,120
Erste Group Bank AG (f)	208	4,340
Essex Property Trust Inc. (f)	326	20,698
Everest Re Group Ltd.	737	55,010
Extra Space Storage Inc.	883	6,278
EZCORP Inc. - Class A (b)	480	5,947
FBL Financial Group Inc. - Class A	175	1,006
Federal Realty Investors Trust (f)	711	39,247
Federated Investors Inc. - Class B	307	7,024
FelCor Lodging Trust Inc. (f)	414	820
Fidelity National Financial Inc. - Class A	2,546	46,159
Fifth Third Bancorp (f)	968	3,969
Financial Federal Corp.	265	6,522
First American Corp.	1,123	31,534
First Bancorp Inc. (f)	818	4,507
First Busey Corp. (f)	340	2,662
First Cash Financial Services Inc. (b)	302	4,965
First Commonwealth Financial Corp.	818	7,092
First Financial Bancorp	437	4,715
First Financial Bankshares Inc. (f)	242	11,926
First Financial Corp.	131	4,860
First Financial Northwest Inc.	632	5,100
First Industrial Realty Trust Inc. (f)	303	1,142
First Marblehead Corp. (b) (f)	1,931	3,708
First Merchants Corp.	484	5,885
First Mercury Financial Corp. (b)	230	3,041

First Midwest Bancorp Inc.	632	5,600
First Niagara Financial Group Inc.	3,275	44,344
First Potomac Realty Trust	268	2,624
FirstMerit Corp.	1,897	36,821
Flagstar Bancorp Inc. (b) (f)	744	1,079
Flagstone Reinsurance Holdings Ltd.	426	3,945
FNB Corp. (f)	707	5,317
Fondiaria-Sai SpA	163	2,711
Forestar Group Inc. (b)	325	4,180
Fortis (b)	1,696	4,169
Fox Chase Bancorp Inc. (b)	565	5,356
FPIC Insurance Group Inc. (b)	177	5,406
Franklin Resources Inc.	147	8,891
Franklin Street Properties Corp.	697	9,305
Friedman Billings Ramsey Group Inc. - Class A (b)	2,367	639
Friends Provident Plc	1,880	1,769
Frontier Financial Corp. (f)	329	467
Fukuoka Financial Group Inc. (f)	1,000	3,062
Fulton Financial Corp.	1,841	12,169
FX Real Estate and Entertainment Inc. (b) (f)	133	15
GAMCO Investors Inc. (f)	100	5,015
Gecina SA	41	2,244
Genworth Financial Inc. - Class A	498	1,175
Getty Realty Corp.	252	4,944
GFI Group Inc.	500	2,040
Glacier Bancorp Inc. (f)	706	10,816
Gladstone Investment Corp.	1,774	6,457
GLG Partners Inc.	630	1,506
Glimcher Realty Trust	292	715
Goldman Sachs Group Inc.	500	64,250
Goodman Group	1,913	514
GPT Group	1,701	581
Gramercy Capital Corp. (f)	378	816
Green Bankshares Inc. (f)	197	1,675
Greenhill & Co. Inc. (f)	204	15,816
Greenlight Capital Re Ltd. (b)	332	5,139
Groupe Bruxelles Lambert SA	70	5,046
Guaranty Financial Group Inc. (b) (f)	1,191	703
Gunma Bank Ltd.	1,000	4,948
Hachijuni Bank Ltd. (f)	1,000	5,881
Hammerson Plc	607	2,812
Hancock Holding Co.	302	11,437
Hang Lung Properties Ltd.	2,000	5,690
Hang Seng Bank Ltd.	700	7,822
Hanmi Financial Corp. (f)	727	1,127
Hanover Insurance Group Inc.	620	18,588
Harleysville Group Inc.	205	5,929
Harleysville National Corp.	515	4,517
Harris & Harris Group Inc. (b) (f)	1,249	6,045
Hartford Financial Services Group Inc.	256	2,936

Hatteras Financial Corp.	191	4,597
HCC Insurance Holdings Inc.	1,384	33,105
HCP Inc.	321	7,046
Health Care REIT Inc. (f)	129	4,395
Healthcare Realty Trust Inc.	604	10,141
Henderson Land Development Co. Ltd.	1,000	4,710
Hersha Hospitality Trust	1,945	7,099
Highwoods Properties Inc. (f)	1,489	35,721
Hilltop Holdings Inc. (b)	670	7,591
Hokugin Financial Group Inc.	2,000	3,508
Home Bancshares Inc.	155	3,418
Home Federal Bancorp Inc.	700	7,063
Home Properties Inc.	339	12,353
Hong Kong Exchanges & Clearing Ltd. (f)	1,000	11,664
Horace Mann Educators Corp.	756	6,638
Hospitality Properties Trust (f)	1,153	14,113
Host Hotels & Resorts Inc.	896	6,890
HSBC Holdings Plc	18,639	132,551
Hudson City Bancorp Inc.	686	8,616
Huntington Bancshares Inc. (f)	435	1,214
IberiaBank Corp.	152	6,943
ICAP Plc	833	4,554
Independent Bank Corp.	353	7,046
Infinity Property & Casualty Corp.	163	5,744
ING Groep NV	2,240	20,418
Inland Real Estate Corp.	457	4,012
Insurance Australia Group Ltd.	2,247	5,667
Interactive Brokers Group Inc. (b)	491	7,242
IntercontinentalExchange Inc. (b)	62	5,431
International Bancshares Corp. (f)	1,215	16,415
Intesa Sanpaolo SpA	8,551	27,242
Invesco Ltd.	427	6,285
Investec Plc	604	2,893
Investor AB - Class B	295	4,262
Investors Bancorp Inc. (b)	496	4,543
Investors Real Estate Trust	437	4,042
IPC Holdings Ltd.	462	12,030
Janus Capital Group Inc.	229	2,297
Japan Prime Realty Investment Corp.	2	3,437
Japan Real Estate Investment Corp.	1	7,068
Japan Retail Fund Investment Corp.	1	3,508
Jefferies Group Inc. (f)	1,638	32,056
Jones Lang LaSalle Inc. (f)	395	12,747
Joyo Bank Ltd. (f)	1,000	4,604
JPMorgan Chase & Co.	3,817	125,961
Julius Baer Holding AG	151	4,954
KBC Groep NV	147	3,231
KBW Inc. (b)	213	5,152
KeyCorp	883	5,430
Kimco Realty Corp.	365	4,387

Klepierre (f)	123	2,734
Knight Capital Group Inc. (b)	1,076	16,667
LaBranche & Co. Inc. (b)	1,040	4,347
Lakeland Financial Corp.	175	3,285
Land Securities Group Plc	254	2,095
LaSalle Hotel Properties	261	3,122
Legal & General Group Plc	5,272	4,479
Legg Mason Inc.	109	2,188
Lend Lease Corp. Ltd.	537	2,818
Leopalace21 Corp.	200	1,458
Leucadia National Corp. (b)	230	4,883
Lexington Realty Trust	508	1,956
Liberty International Plc (f)	285	1,670
Liberty Property Trust	1,204	29,305
Lincoln National Corp.	225	2,529
Link Real Estate Investment Trust	4,000	7,804
Lloyds Banking Group Plc	11,274	18,286
Loews Corp.	349	8,687
London Stock Exchange Group Plc	249	2,729
LTC Properties Inc.	286	5,151
M&T Bank Corp.	121	6,346
Macerich Co. (f)	962	16,864
Mack-Cali Realty Corp.	684	18,372
Macquarie Group Ltd. (f)	203	4,939
Maguire Properties Inc. (b)	1,605	1,749
Maiden Holdings Ltd.	684	3,085
Man Group Plc	1,116	4,125
Mapfre SA (f)	1,730	4,931
MarketAxess Holdings Inc. (b)	366	3,510
Marsh & McLennan Cos. Inc.	450	9,491
Marshall & Ilsley Corp. (f)	339	1,959
Max Capital Group Ltd.	656	10,857
MB Financial Inc. (f)	355	4,839
MBIA Inc. (b) (f)	674	3,188
MCG Capital Corp.	438	771
Meadowbrook Insurance Group Inc.	646	3,844
Medallion Financial Corp.	685	5,048
Medical Properties Trust Inc.	510	2,723
Mediobanca SpA	689	7,949
Mercury General Corp.	420	14,188
MetLife Inc.	831	24,722
MFA Financial Inc.	2,287	13,470
Mid-America Apartment Communities Inc.	308	11,393
Mitsubishi Estate Co. Ltd.	1,000	13,010
Mitsubishi UFJ Financial Group Inc. (f)	12,100	65,641
Mitsui Fudosan Co. Ltd.	1,000	12,533
Mitsui Sumitomo Insurance Group Holdings Inc.	300	8,137
Mizuho Financial Group Inc. (f)	10,700	22,350
Montpelier Re Holdings Ltd.	1,077	13,419
Moody’s Corp.	193	5,697

Morgan Stanley	1,107	26,169
Muenchener Rueckversicherungs AG (f)	228	31,503
MVC Capital Inc.	350	2,996
NASDAQ OMX Group Inc. (b)	122	2,346
National Australia Bank Ltd.	2,069	31,020
National Bank of Greece SA	740	15,389
National Financial Partners Corp.	290	2,047
National Health Investors Inc.	236	6,330
National Penn Bancshares Inc.	1,019	8,244
National Retail Properties Inc.	951	16,871
National Western Life Insurance Co.	27	3,075
Nationwide Health Properties Inc.	1,128	27,850
Natixis	221	500
Navigators Group Inc. (b)	162	7,352
NBT Bancorp Inc.	258	6,109
Nelnet Inc. - Class A (b)	285	1,719
New World Development Ltd.	3,000	3,972
New York Community Bancorp Inc. (f)	4,138	46,801
NewAlliance Bancshares Inc.	2,528	32,636
Nippon Building Fund Inc.	1	8,102
Nipponkoa Insurance Co. Ltd.	1,000	5,415
Nomura Holdings Inc.	1,800	10,750
Nomura Real Estate Office Fund Inc.	1	5,161
Nordea Bank AB (f)	3,173	23,601
Northern Trust Corp.	231	12,557
NorthStar Realty Finance Corp.	1,007	3,192
Northwest Bancorp Inc.	238	4,184
NTT Urban Development Corp.	4	3,225
NYSE Euronext	279	6,464
Ocwen Financial Corp. (b)	991	11,020
Odyssey Re Holdings Corp.	209	8,003
Old Mutual Plc	4,362	4,346
Old National Bancorp	547	7,456
Old Republic International Corp.	2,792	26,161
Omega Healthcare Investors Inc.	1,927	30,292
One Liberty Properties Inc.	435	1,775
optionsXpress Holdings Inc.	317	5,218
ORIX Corp. (b) (f)	80	3,740
Oversea-Chinese Banking Corp.	6,000	23,830
Pacific Capital Bancorp	414	2,873
PacWest Bancorp (f)	462	6,731
Park National Corp. (f)	126	8,436
Parkway Properties Inc.	153	2,122
Pennsylvania Real Estate Investment Trust (f)	281	2,178
People’s United Financial Inc.	380	5,936
PHH Corp. (b) (f)	412	6,913
Phoenix Cos. Inc.	821	1,281
Pico Holdings Inc. (b)	224	6,720
Pinnacle Financial Partners Inc. (b) (f)	301	5,370
Piper Jaffray Cos. (b)	134	4,646

Piraeus Bank SA	286	2,622
Platinum Underwriters Holdings Ltd.	562	16,169
Plum Creek Timber Co. Inc. (f)	196	6,766
PMI Group Inc. (f)	3,477	2,191
PNC Financial Services Group Inc.	426	16,912
Portfolio Recovery Associates Inc. (b)	167	5,840
Post Properties Inc.	529	6,750
Potlatch Corp.	929	27,322
PremierWest Bancorp	2,059	7,845
Presidential Life Corp.	355	3,795
Primus Guaranty Ltd. (b) (f)	634	1,293
Principal Financial Group Inc. (f)	270	4,412
PrivateBancorp Inc.	187	3,787
ProAssurance Corp. (b)	367	16,126
Progressive Corp. (b)	769	11,750
ProLogis	266	2,423
Prospect Capital Corp.	415	3,764
Prosperity Bancshares Inc.	454	12,608
Protective Life Corp. (f)	703	6,025
Provident Bankshares Corp. (f)	380	3,340
Provident Financial Services Inc.	1,028	10,969
Provident New York Bancorp	380	3,219
Prudential Financial Inc.	392	11,321
Prudential plc (a)	2,840	16,323
PS Business Parks Inc.	191	8,356
Public Storage	136	9,093
QBE Insurance Group Ltd. (g) (n)	909	14,395
Radian Group Inc. (f)	3,828	6,622
Raiffeisen International Bank Holding AG	61	2,103
RAIT Financial Trust	605	895
Ramco-Gershenson Properties Trust	205	2,255
Raymond James Financial Inc. (f)	1,190	18,671
Rayonier Inc.	954	36,843
Realty Income Corp. (f)	2,414	53,905
Redwood Trust Inc.	739	12,024
Regency Centers Corp. (f)	858	32,132
Regions Financial Corp.	1,036	4,652
Reinsurance Group of America Inc.	888	28,230
Renasant Corp.	357	5,034
Resona Holdings Inc. (f)	600	8,006
Resource Capital Corp.	602	1,896
RiskMetrics Group Inc. (b) (f)	285	4,956
RLI Corp.	199	9,558
Royal Bank of Scotland Group Plc (b)	12,815	7,821
RSA Insurance Group Plc	3,567	6,862
S&T Bancorp Inc.	225	4,021
Safety Insurance Group Inc.	154	5,090
Sampo Oyj	333	6,212
Sandy Spring Bancorp Inc.	175	2,844
Saul Centers Inc.	141	4,489

SBI Holdings Inc. (f)	23	2,731
SCBT Financial Corp. (f)	161	3,714
SCOR SE (f)	219	4,596
SeaBright Insurance Holdings Inc. (b)	309	2,868
Seacoast Banking Corp. of Florida (f)	345	1,456
SEI Investments Co.	1,436	20,147
Selective Insurance Group	492	7,262
Senior Housing Properties Trust	1,313	21,520
Shizuoka Bank Ltd.	1,000	8,964
Signature Bank (b) (f)	410	11,148
Simmons First National Corp. - Class A	161	4,175
Simon Property Group Inc.	205	10,578
Singapore Exchange Ltd. (f)	1,000	4,235
Skandinaviska Enskilda Banken AB (b) (f)	1,843	7,155
SL Green Realty Corp. (f)	614	10,843
SLM Corp. (b)	736	3,555
Smithtown Bancorp Inc. (f)	354	4,744
Societe Generale - Class A	443	22,641
Sompo Japan Insurance Inc.	1,000	5,962
South Financial Group Inc.	539	895
Southside Bancshares Inc.	184	3,914
Sovran Self Storage Inc.	263	5,928
StanCorp Financial Group Inc. (f)	572	15,690
Standard Chartered Plc	2,100	32,486
Standard Life Plc (g) (n)	1,947	5,413
State Auto Financial Corp.	225	3,652
State Bancorp. Inc.	629	5,183
State Street Corp.	459	15,666
StellarOne Corp.	465	5,985
Sterling Bancshares Inc.	614	4,083
Sterling Financial Corp. / WA (f)	338	1,078
Stewart Information Services Corp.	180	4,070
Stifel Financial Corp. (b)	303	14,917
Stockland	1,232	2,811
Strategic Hotels & Resorts Inc. (f)	512	430
Suffolk Bancorp	132	3,379
Sumitomo Mitsui Financial Group Inc. (f)	800	27,581
Sumitomo Trust & Banking Co. Ltd.	1,000	4,147
Sun Communities Inc.	437	6,402
Sun Hung Kai Properties Ltd.	2,000	20,839
Suncorp-Metway Ltd.	1,388	5,952
Sunstone Hotel Investors Inc. (f)	492	2,603
SunTrust Banks Inc.	409	5,906
Susquehanna Bancshares Inc.	715	5,763
SVB Financial Group (b) (f)	595	12,352
Svenska Handelsbanken - Class A (f)	698	12,159
Swedbank AB (b)	215	1,211
Swire Pacific Ltd.	1,000	7,852
Swiss Life Holding AG (b) (f)	31	2,398
Swiss Reinsurance	281	6,670

SWS Group Inc.	282	3,607
SY Bancorp Inc. (f)	156	3,934
Synovus Financial Corp.	3,226	10,420
T&D Holdings Inc.	200	5,922
T. Rowe Price Group Inc. (f)	220	8,474
Tanger Factory Outlet Centers Inc.	380	12,662
TCF Financial Corp.	1,404	19,530
Tejon Ranch Co. (b)	140	3,248
Texas Capital Bancshares Inc. (b)	390	5,460
thinkorswim Group Inc. (b)	566	5,377
Tokio Marine Holdings Inc.	800	21,051
Tokyu Land Corp. (f)	1,000	3,326
Tompkins Financial Corp.	231	9,737
Torchmark Corp.	197	5,778
Tower Group Inc.	421	11,447
TowneBank (f)	242	4,170
Travelers Cos. Inc.	624	25,671
TrustCo Bank Corp.	701	4,206
Trustmark Corp.	1,177	25,588
U.S. Bancorp	1,830	33,343
UBS AG (b)	3,232	44,396
UCBH Holdings Inc. (f)	1,417	1,814
UDR Inc.	1,804	18,166
UMB Financial Corp.	410	18,766
Umpqua Holdings Corp.	470	4,507
Unibail-Rodamco (f)	94	14,018
UniCredit SpA	13,617	33,157
Unione di Banche Italiane SCPA	491	6,770
United America Indemnity Ltd. (b)	424	2,150
United Bankshares Inc. (f)	293	7,600
United Community Banks Inc. (f)	332	2,141
United Financial Bancorp Inc.	965	12,806
United Fire & Casualty Co.	233	4,350
United Overseas Bank Ltd.	2,000	15,535
Unitrin Inc.	610	10,370
Universal Health Realty Income Trust	221	7,076
Univest Corp. of Pennsylvania	175	3,652
Unum Group	375	6,128
Urstadt Biddle Properties Inc. - Class A	469	7,204
U-Store-It Trust	380	1,303
Validus Holdings Ltd.	750	16,800
Valley National Bancorp (f)	1,467	21,227
Ventas Inc.	150	4,296
Virtus Investment Partners Inc. (b)	41	465
Vornado Realty Trust	136	6,649
Waddell & Reed Financial Inc. - Class A	1,015	22,746
Washington Federal Inc.	1,021	13,253
Washington Real Estate Investment Trust	610	13,011
Washington Trust Bancorp Inc.	195	3,559
Webster Financial Corp.	598	3,128

Weingarten Realty Investors (f)	1,094	17,001
Wells Fargo & Co.	4,353	87,104
WesBanco Inc.	233	4,634
West Coast Bancorp (f)	286	807
Westamerica Bancorporation	689	36,951
Westfield Financial Inc.	370	3,456
Westfield Group	2,265	17,663
Westpac Banking Corp.	3,072	42,865
Westwood Holdings Group Inc.	78	3,079
Wharf Holdings Ltd.	2,000	6,645
Wilmington Trust Corp.	789	11,448
Wing Hang Bank Ltd.	500	2,974
Winthrop Realty Trust	250	2,200
Wintrust Financial Corp.	259	4,403
World Acceptance Corp. (b)	166	4,927
WR Berkley Corp.	1,557	37,228
WSFS Financial Corp.	177	4,798
XL Capital Ltd. - Class A	202	1,921
Zenith National Insurance Corp.	435	9,914
Zions Bancorporation (f)	237	2,590
Zurich Financial Services AG	158	29,361
		5,922,367

HEALTH CARE - 9.8%
	Abaxis Inc. (b) (f)	345	5,216
	Abbott Laboratories	1,598	66,876
	Abiomed Inc. (b)	510	3,402
	Acadia Pharmaceuticals Inc. (b)	536	531
	Accelrys Inc. (b)	1,214	5,463
	Acorda Therapeutics Inc. (b)	409	8,110
	Actelion Ltd. (b) (f)	118	5,376
	Aetna Inc.	417	9,178
	Affymetrix Inc. (b)	1,096	5,140
	Air Methods Corp. (b)	279	7,407
	Akorn Inc. (b) (f)	1,248	1,048
	Alexion Pharmaceuticals Inc. (b) (f)	872	29,142
	Alfresa Holdings Corp. (f)	100	3,843
	Align Technology Inc. (b)	558	6,925
	Alkermes Inc. (b)	1,296	9,914
	Allergan Inc.	325	15,165
	Alliance HealthCare Services Inc. (b)	358	2,817
	Allos Therapeutics Inc. (b)	696	4,266
	Allscripts-Misys Healthcare Solutions Inc. (f)	1,678	20,841
	Almost Family Inc. (b) (f)	233	5,755
	Alnylam Pharmaceuticals Inc. (b)	364	6,687
	AMAG Pharmaceuticals Inc. (b) (f)	131	5,875
	Amedisys Inc. (b) (f)	307	10,297
	American Medical Systems Holdings Inc. (b)	851	10,527
	AMERIGROUP Corp. (b)	614	18,340
	AmerisourceBergen Corp. (f)	173	5,820
	Amgen Inc. (b)	1,093	52,978
	AMN Healthcare Services Inc. (b)	283	1,950
	Amsurg Corp. (b)	339	6,963
	Analogic Corp.	139	5,060
	AngioDynamics Inc. (b)	392	4,967
	Arena Pharmaceuticals Inc. (b) (f)	604	1,697
	Ariad Pharmaceuticals Inc. (b) (f)	1,518	2,277
	Array BioPharma Inc. (b)	604	1,770
	Assisted Living Concepts Inc. (b)	127	2,518
	Astellas Pharma Inc.	500	16,275
	AstraZeneca Plc	1,580	55,324
	Athenahealth Inc. (b) (f)	243	7,727
	Auxilium Pharmaceuticals Inc. (b)	531	12,160
	Baxter International Inc.	656	31,816
	Bayer AG (b)	837	41,605
	Beckman Coulter Inc.	754	39,630
	Becton Dickinson & Co.	244	14,757
	Biogen Idec Inc. (b)	307	14,840
	Bio-Rad Laboratories Inc. - Class A (b)	447	31,151
	Bio-Reference Labs Inc. (b) (f)	135	3,465
	Boston Scientific Corp. (b)	1,588	13,355
	Bristol-Myers Squibb Co.	2,048	39,322
	Bruker Corp. (b)	752	4,948
	Caliper Life Sciences Inc. (b)	2,155	3,103
	Cardiac Science Corp. (b)	786	2,319

Cardinal Health Inc.	380	12,840
Catalyst Health Solutions Inc. (b)	387	8,727
Celera Corp. (b)	989	8,001
Celgene Corp. (b)	477	20,377
Centene Corp. (b)	507	9,314
Cephalon Inc. (b) (f)	96	6,299
Cepheid Inc. (b) (f)	613	5,946
Cerner Corp. (b) (f)	833	44,815
Charles River Laboratories International Inc. (b)	741	20,489
Chemed Corp.	211	8,932
Chugai Pharmaceutical Co. Ltd.	400	7,402
Cie Generale d’Optique Essilor International SA (f)	164	7,066
CIGNA Corp.	240	4,730
Cochlear Ltd.	84	3,034
Community Health Systems Inc. (b)	1,162	26,540
Computer Programs & Systems Inc. (f)	229	8,013
Conceptus Inc. (b)	366	4,956
Conmed Corp. (b)	337	4,489
Cougar Biotechnology Inc. (b)	245	8,555
Covance Inc. (b) (f)	744	29,224
Coventry Health Care Inc. (b)	156	2,482
Covidien Ltd.	528	17,413
CR Bard Inc.	94	6,733
Cross Country Healthcare Inc. (b)	357	3,145
CSL Ltd.	673	16,835
Cubist Pharmaceuticals Inc. (b)	657	10,906
Cyberonics Inc. (b)	378	5,005
Cypress Bioscience Inc. (b)	335	2,412
Daiichi Sankyo Co. Ltd.	700	11,747
DaVita Inc. (b)	114	5,286
Dendreon Corp. (b) (f)	1,349	28,599
DENTSPLY International Inc. (f)	222	6,354
DepoMed Inc. (b)	1,830	3,806
Dionex Corp. (b)	214	13,482
Durect Corp. (b)	1,233	3,009
Eclipsys Corp. (b) (f)	779	10,283
Edwards Lifesciences Corp. (b)	637	40,373
Eisai Co. Ltd. (f)	300	8,076
Elan Corp. Plc (b)	550	3,273
Eli Lilly & Co.	1,037	34,138
Emergency Medical Services Corp. (b)	108	3,763
Emergent BioSolutions Inc. (b)	184	1,971
Endo Pharmaceuticals Holdings Inc. (b)	1,322	21,866
Enzo Biochem Inc. (b)	468	1,919
Enzon Pharmaceuticals Inc. (b)	805	4,629
eResearch Technology Inc. (b)	285	1,445
ev3 Inc. (b)	903	7,549
Exelixis Inc. (b)	867	4,274
Express Scripts Inc. (b)	224	14,329
Facet Biotech Corp. (b)	429	4,011

Five Star Quality Care Inc. (b)	1,150	1,944
Forest Laboratories Inc. (b)	222	4,815
Fresenius Medical Care AG & Co. KGaA (f)	177	6,869
Genomic Health Inc. (b)	190	4,275
Genoptix Inc. (b)	115	3,344
Gen-Probe Inc. (b)	604	29,089
Gentiva Health Services Inc. (b)	409	6,515
Genzyme Corp. (b)	283	15,092
Geron Corp. (b) (f)	888	4,564
Getinge AB - Class B (f)	348	4,042
Gilead Sciences Inc. (b)	950	43,510
GlaxoSmithKline Plc	5,651	87,044
Greatbatch Inc. (b) (f)	290	6,102
Haemonetics Corp. (b)	295	15,231
Halozyme Therapeutics Inc. (b)	696	4,399
Hanger Orthopedic Group Inc. (b)	418	5,814
Health Management Associates Inc. (b) (f)	2,643	12,343
Health Net Inc. (b)	1,368	19,754
HealthSouth Corp. (b) (f)	859	8,049
HealthSpring Inc. (b)	347	3,203
Healthways Inc. (b)	241	2,514
Henry Schein Inc. (b)	1,075	44,118
Hill-Rom Holdings Inc. (f)	619	8,035
Hisamitsu Pharmaceutical Co. Inc. (f)	100	2,829
HMS Holdings Corp. (b)	302	9,054
Hologic Inc. (b) (f)	3,032	45,056
Hospira Inc. (b)	232	7,626
Human Genome Sciences Inc. (b)	895	1,960
Humana Inc. (b)	141	4,058
ICU Medical Inc. (b)	161	6,054
Idexx Laboratories Inc. (b) (f)	664	26,095
Immucor Inc. (b)	1,641	26,732
Immunogen Inc. (b)	2,050	14,248
IMS Health Inc.	284	3,567
Incyte Corp. (b) (f)	1,336	3,153
Inspire Pharmaceuticals Inc. (b)	1,406	6,313
Integra LifeSciences Holdings Corp. (b) (f)	183	4,725
InterMune Inc. (b)	254	3,439
Intuitive Surgical Inc. (b) (f)	51	7,330
Invacare Corp.	318	4,894
inVentiv Health Inc. (b)	221	2,451
IRIS International Inc. (b)	397	4,434
Isis Pharmaceuticals Inc. (b) (f)	1,101	17,264
Johnson & Johnson	2,851	149,278
Kendle International Inc. (b) (f)	187	1,664
Kensey Nash Corp. (b)	245	5,130
Kindred Healthcare Inc. (b)	710	9,244
Kinetic Concepts Inc. (b)	574	14,212
KV Pharmaceutical Co. - Class A (b)	328	458
Laboratory Corp. of America Holdings (b)	106	6,800

Landauer Inc.	162	8,583
Lexicon Pharmaceuticals Inc. (b) (f)	3,873	4,260
LHC Group Inc. (b)	274	6,253
Life Technologies Corp. (b)	197	7,348
LifePoint Hospitals Inc. (b) (f)	678	17,526
Ligand Pharmaceuticals Inc. - Class B (b)	958	2,864
Lincare Holdings Inc. (b) (f)	820	19,787
Lonza Group AG	58	5,321
Luminex Corp. (b) (f)	614	10,076
Magellan Health Services Inc. (b)	504	14,898
MannKind Corp. (b) (f)	530	2,168
Martek Biosciences Corp. (f)	458	8,345
Masimo Corp. (b) (f)	1,101	31,819
McKesson Corp.	292	10,804
Medarex Inc. (b)	1,557	9,217
MedAssets Inc. (b)	231	3,982
Medco Health Solutions Inc. (b)	519	22,602
Mediceo Paltac Holdings Co. Ltd. (f)	400	4,048
Medicines Co. (b)	635	6,337
Medicis Pharmaceutical Corp.	1,290	20,730
Medivation Inc. (b) (f)	323	6,244
Medtronic Inc.	1,158	37,056
Merck & Co. Inc.	2,181	52,867
Merck KGaA	75	6,725
Meridian Bioscience Inc.	469	8,151
Merit Medical Systems Inc. (b)	492	7,631
Millipore Corp. (b)	64	3,782
Mitsubishi Tanabe Pharma Corp. (f)	1,000	9,501
Molina Healthcare Inc. (b) (f)	240	5,196
Momenta Pharmaceuticals Inc. (b) (f)	496	5,555
MWI Veterinary Supply Inc. (b)	120	3,730
Mylan Inc. (b) (f)	384	5,088
Myriad Genetics Inc. (b) (f)	1,010	39,178
Nabi Biopharmaceuticals (b) (f)	1,150	3,956
National Healthcare Corp.	110	4,367
Natus Medical Inc. (b)	393	3,451
Nektar Therapeutics (b)	936	5,242
Neogen Corp. (b)	167	3,786
Neurocrine Biosciences Inc. (b)	749	2,472
Nobel Biocare Holding AG (f)	130	2,650
Novartis AG	2,585	97,838
Noven Pharmaceuticals Inc. (b)	306	3,158
Novo-Nordisk A/S - Class B	495	23,553
NPS Pharmaceuticals Inc. (b)	1,504	5,204
NuVasive Inc. (b) (f)	434	16,449
Odyssey HealthCare Inc. (b)	379	3,926
Omnicare Inc.	1,261	32,420
Omnicell Inc. (b)	419	3,687
Ono Pharmaceutical Co. Ltd.	100	4,238
Onyx Pharmaceuticals Inc. (b)	587	15,203

Optimer Pharmaceuticals Inc. (b) (f)	300	4,191
OraSure Technologies Inc. (b) (f)	810	2,932
Orthofix International NV (b)	132	2,251
Orthovita Inc. (b)	971	2,855
OSI Pharmaceuticals Inc. (b)	1,268	42,567
Osiris Therapeutics Inc. (b)	204	2,585
Owens & Minor Inc.	922	31,975
Palomar Medical Technologies Inc. (b)	407	3,504
Par Pharmaceutical Cos. Inc. (b) (f)	733	7,865
Parexel International Corp. (b)	538	5,332
Patterson Cos. Inc. (b)	184	3,765
PDL BioPharma Inc.	2,148	15,358
Perrigo Co.	935	24,235
Pfizer Inc.	6,853	91,556
Pharmaceutical Product Development Inc.	1,420	27,846
PharMerica Corp. (b) (f)	377	6,880
Phase Forward Inc. (b)	397	5,661
Progenics Pharmaceuticals Inc. (b)	303	1,660
PSS World Medical Inc. (b)	721	10,469
Psychiatric Solutions Inc. (b) (f)	1,302	25,246
Qiagen NV (b)	235	3,888
Quest Diagnostics Inc.	147	7,546
Questcor Pharmaceuticals Inc. (b)	591	2,660
Quidel Corp. (b)	573	6,670
Regeneron Pharmaceuticals Inc. (b)	744	9,865
RehabCare Group Inc. (b)	297	4,960
Res-Care Inc. (b)	319	5,110
ResMed Inc. (b)	911	35,028
Rigel Pharmaceuticals Inc. (b) (f)	657	4,362
Roche Holding AG	764	96,344
Salix Pharmaceuticals Ltd. (b)	641	7,051
Sangamo Biosciences Inc. (b) (f)	690	2,933
Sanofi-Aventis SA	1,147	66,425
Santen Pharmaceutical Co. Ltd.	300	8,472
Savient Pharmaceuticals Inc. (b) (f)	696	3,675
Schering-Plough Corp.	1,688	38,858
Seattle Genetics Inc. (b)	753	6,950
Sepracor Inc. (b)	1,337	18,999
Sequenom Inc. (b) (f)	705	2,552
Shire Plc	647	8,090
Sirona Dental Systems Inc. (b) (f)	203	3,321
Smith & Nephew Plc	783	5,509
Somanetics Corp. (b)	324	5,252
Sonic Healthcare Ltd.	665	5,635
SonoSite Inc. (b) (f)	192	3,464
Sonova Holding AG (f)	72	4,678
Spectranetics Corp. (b)	534	2,083
St. Jude Medical Inc. (b)	308	10,324
Stereotaxis Inc. (b) (f)	488	1,630
STERIS Corp.	1,295	31,210

	Stryker Corp.	195	7,548
	Sun Healthcare Group Inc. (b)	444	3,761
	Sunrise Senior Living Inc. (b) (f)	343	875
	SurModics Inc. (b) (f)	133	2,886
	Suzuken Co. Ltd. (f)	200	4,928
	Symmetry Medical Inc. (b)	424	3,078
	Synthes Inc.	57	5,767
	Takeda Pharmaceutical Co. Ltd.	900	31,941
	Techne Corp.	467	26,722
	Teleflex Inc.	486	20,888
	Terumo Corp.	200	7,544
	Theravance Inc. (b)	983	14,086
	Thermo Fisher Scientific Inc. (b)	442	15,505
	Thoratec Corp. (b) (f)	1,295	37,633
	Tsumura & Co. (f)	100	2,738
	UCB SA	114	3,103
	United Therapeutics Corp. (b) (f)	535	33,603
	UnitedHealth Group Inc.	1,255	29,518
	Universal American Corp. (b)	285	2,944
	Universal Health Services Inc.	596	30,038
	Valeant Pharmaceutical International (b) (f)	1,900	31,844
	Varian Inc. (b)	637	21,034
	Varian Medical Systems Inc. (b)	228	7,608
	VCA Antech Inc. (b) (f)	1,125	28,148
	Vertex Pharmaceuticals Inc. (b) (f)	1,923	59,267
	ViroPharma Inc. (b) (f)	533	3,001
	Vital Images Inc. (b)	224	2,269
	Vivus Inc. (b)	803	3,220
	Vnus Medical Technologies Inc. (b)	153	3,389
	Volcano Corp. (b)	557	7,347
	Waters Corp. (b)	86	3,799
	Watson Pharmaceuticals Inc. (b)	121	3,744
	WellCare Health Plans Inc. (b)	406	6,094
	WellPoint Inc. (b)	490	20,952
	West Pharmaceutical Services Inc. (f)	346	11,297
	William Demant Holding AS (b)	96	4,540
	Wright Medical Group Inc. (b)	335	4,606
	Wyeth	1,374	58,258
	XenoPort Inc. (b) (f)	319	4,361
	XOMA Ltd. (b) (f)	2,201	1,189
	Zimmer Holdings Inc. (b)	249	10,954
	Zoll Medical Corp. (b)	268	4,309
	ZymoGenetics Inc. (b) (f)	501	1,754
			3,923,172
INDUSTRIALS - 10.9%
	3M Co.	719	41,414
	A P Moller - Maersk A/S (f)	2	11,522
	AAON Inc. (f)	191	3,721
	AAR Corp. (b) (f)	482	7,264
	ABB Ltd. (b)	2,424	34,315

Abertis Infraestructuras SA	222	3,974
ABM Industries Inc.	475	8,322
ACCO Brands Corp. (b)	346	722
ACS Actividades de Construccion y Servicios SA (f)	212	10,603
Actuant Corp. - Class A	474	5,811
Acuity Brands Inc.	418	12,013
Adecco SA	114	4,487
Administaff Inc.	182	4,852
Advanced Battery Technologies Inc. (b)	1,219	3,352
Advisory Board Co. (b)	164	3,057
AECOM Technology Corp. (b)	952	24,495
AeroVironment Inc. (b)	127	3,005
AGCO Corp. (b) (f)	1,117	27,143
Aircastle Ltd. (f)	1,449	9,563
AirTran Holdings Inc. (b) (f)	2,747	19,092
Alaska Air Group Inc. (b)	852	14,297
Albany International Corp.	220	2,042
Alexander & Baldwin Inc.	513	13,666
Alfa Laval AB	692	6,130
All Nippon Airways Co. Ltd.	1,000	3,650
Allegiant Travel Co. (b) (f)	173	9,003
Alliant Techsystems Inc. (b) (f)	396	31,541
Alstom SA	243	15,148
Amada Co. Ltd.	1,000	6,135
AMERCO (b)	90	2,921
American Commercial Lines Inc. (b)	432	2,151
American Ecology Corp.	270	4,460
American Reprographics Co. (b)	234	1,508
American Science & Engineering Inc.	131	7,894
American Superconductor Corp. (b) (f)	516	13,261
Ameron International Corp.	102	6,035
AMETEK Inc.	1,286	41,422
AO Smith Corp.	208	6,467
Apogee Enterprises Inc.	242	3,243
Applied Industrial Technologies Inc.	516	11,610
Applied Signal Technology Inc.	430	8,497
Argon ST Inc. (b)	194	3,956
Arkansas Best Corp.	217	5,008
Asahi Glass Co. Ltd.	1,000	5,942
Assa Abloy AB (f)	401	4,721
Astec Industries Inc. (b) (f)	222	6,842
ATC Technology Corp. (b)	293	4,656
Atlantia SpA	505	8,909
Atlas Air Worldwide Holdings Inc. (b)	175	4,646
Atlas Copco AB - Class A	544	5,057
Atlas Copco AB - Class B (f)	193	1,598
Avery Dennison Corp.	115	3,305
Axsys Technologies Inc. (b)	102	4,275
AZZ Inc. (b)	170	5,258
Badger Meter Inc. (f)	237	9,234

BAE Systems Plc	3,910	20,568
Baldor Electric Co. (f)	407	9,442
Balfour Beatty Plc	629	3,106
Barnes Group Inc.	405	5,735
BE Aerospace Inc. (b)	1,313	14,167
Beacon Roofing Supply Inc. (b) (f)	714	11,353
Belden Inc.	604	9,736
Blount International Inc. (b)	580	3,712
Boeing Co.	763	30,558
Bouygues SA (f)	181	7,721
Bowne & Co. Inc.	481	2,458
Brady Corp. - Class A	587	12,368
Brambles Ltd.	1,322	5,688
Briggs & Stratton Corp. (f)	630	9,374
Brink’s Co.	543	15,394
British Airways Plc	756	1,637
Bucyrus International Inc. - Class A	793	17,216
Bunzl Plc	634	5,112
Burlington Northern Santa Fe Corp.	288	19,434
Capita Group Plc	635	6,393
Carlisle Cos. Inc.	748	17,017
Cascade Corp.	147	3,553
Caterpillar Inc.	659	23,447
Cathay Pacific Airways Ltd.	4,000	4,645
CBIZ Inc. (b)	875	6,878
Central Japan Railway Co.	2	11,823
Cenveo Inc. (b) (f)	374	1,765
Ceradyne Inc. (b)	196	3,379
CH Robinson Worldwide Inc.	165	8,771
Chart Industries Inc. (b)	332	4,592
Cie de Saint-Gobain	338	12,126
Cintas Corp.	155	3,977
CIRCOR International Inc.	175	4,503
CLARCOR Inc.	533	16,566
Clean Harbors Inc. (b)	470	23,547
Cobham Plc	2,058	5,332
Columbus Mckinnon Corp. (b)	204	2,644
Comfort Systems USA Inc.	617	6,657
Commercial Vehicle Group Inc. (b)	371	355
COMSYS IT Partners Inc. (b)	386	2,038
Consolidated Graphics Inc. (b) (f)	132	2,563
Con-Way Inc. (f)	466	11,547
Cooper Industries Ltd. - Class A	159	5,214
Copart Inc. (b)	735	23,072
Corporate Executive Board Co.	365	6,307
Corrections Corp. of America (b)	1,638	23,145
CoStar Group Inc. (b) (f)	146	5,409
CRA International Inc. (b)	149	3,478
Crane Co.	522	12,053
CSX Corp.	332	9,824

Cubic Corp.	209	6,000
Cummins Inc.	180	6,120
Curtiss-Wright Corp. (f)	477	15,250
Dai Nippon Printing Co. Ltd.	1,000	10,556
Daikin Industries Ltd.	300	8,046
Daiwa House Industry Co. Ltd. (f)	1,000	8,710
Danaher Corp.	270	15,779
Deere & Co.	472	19,475
Deluxe Corp.	929	13,471
Deutsche Lufthansa AG (f)	295	3,763
Deutsche Post AG	965	11,134
Dollar Thrifty Automotive Group Inc. (b)	196	736
Donaldson Co. Inc. (f)	930	30,681
Dover Corp.	177	5,448
DSV A/S (b)	430	4,856
Ducommun Inc.	246	4,261
Dun & Bradstreet Corp.	81	6,593
Dycom Industries Inc. (b)	784	6,601
Dynamic Materials Corp. (f)	88	1,411
DynCorp International Inc. (b)	320	4,880
Eagle Bulk Shipping Inc. (f)	545	3,553
East Japan Railway Co.	400	22,551
Eaton Corp.	169	7,402
EMCOR Group Inc. (b)	783	16,279
Emerson Electric Co.	913	31,079
Encore Wire Corp.	354	7,731
Energy Conversion Devices Inc. (b) (f)	502	9,227
EnergySolutions Inc.	318	3,085
EnerSys (b) (f)	488	8,320
Ennis Inc.	319	2,871
EnPro Industries Inc. (b) (f)	235	3,751
Equifax Inc. (f)	96	2,799
ESCO Technologies Inc. (b)	325	13,514
Esterline Technologies Corp. (b)	342	9,012
European Aeronautic Defence & Space Co. NV	298	4,301
Evergreen Solar Inc. (b) (f)	1,030	2,503
Expeditors International Washington Inc.	273	9,476
Experian Plc	874	5,755
Exponent Inc. (b)	270	7,533
Fanuc Ltd.	200	14,338
Fastenal Co. (f)	196	7,519
Federal Signal Corp.	1,123	8,726
FedEx Corp.	328	18,355
Finmeccanica SpA	348	4,902
First Solar Inc. (b) (f)	39	7,304
Flowserve Corp.	98	6,654
Fluor Corp.	192	7,271
Fomento de Construcciones y Contratas SA	77	2,752
Force Protection Inc. (b) (f)	597	4,549
Forward Air Corp. (f)	260	4,334

Franklin Electric Co. Inc. (f)	254	6,017
FreightCar America Inc.	138	2,654
FTI Consulting Inc. (b) (f)	623	34,190
Fuel Tech Inc. (b)	196	2,570
FuelCell Energy Inc. (b)	839	2,668
Furmanite Corp. (b)	789	3,124
Fushi Copperweld Inc. (b)	272	1,381
G&K Services Inc. - Class A	201	5,019
G4S Plc	2,120	5,879
Gamesa Corp. Tecnologica SA (f)	284	5,360
GATX Corp. (f)	601	18,096
GEA Group AG	196	2,578
Geberit AG (f)	20	2,132
Genco Shipping & Trading Ltd. (f)	154	2,941
GenCorp Inc. (b) (f)	504	1,209
General Cable Corp. (b) (f)	56	1,519
General Dynamics Corp.	395	20,410
General Electric Co.	10,806	136,696
Genesee & Wyoming Inc. - Class A (b)	299	8,970
Geo Group Inc. (b) (f)	416	6,918
GeoEye Inc. (b) (f)	302	7,517
Gibraltar Industries Inc. (f)	332	2,224
Goodrich Corp.	171	7,572
Gorman-Rupp Co.	295	6,284
Graco Inc.	679	16,018
GrafTech International Ltd. (b)	1,121	9,854
Granite Construction Inc.	776	30,613
Greenbrier Cos. Inc.	298	2,536
Griffon Corp. (b)	619	5,367
Grupo Ferrovial SA (f)	80	2,320
Hankyu Hanshin Holdings Inc.	1,000	4,675
Harsco Corp.	1,015	27,963
Hays Plc	2,503	3,323
Healthcare Services Group Inc.	404	7,224
Heartland Express Inc.	528	7,894
HEICO Corp. (f)	201	5,771
Heidrick & Struggles International Inc.	154	2,603
Herley Industries Inc. (b)	424	4,384
Herman Miller Inc.	1,071	15,926
Hexcel Corp. (b)	1,029	9,868
HNI Corp.	1,143	17,717
Honeywell International Inc.	758	23,657
Horizon Lines Inc. - Class A (f)	572	3,043
HUB Group Inc. - Class A (b)	451	10,373
Hubbell Inc. - Class B	683	22,676
Hudson Highland Group Inc. (b) (f)	468	767
Huron Consulting Group Inc. (b) (f)	242	11,604
Hutchison Whampoa Ltd.	2,000	11,871
ICF International Inc. (b)	374	10,289
IDEX Corp.	932	23,533

II-VI Inc. (b)	250	5,993
Illinois Tool Works Inc.	419	13,743
IMI Plc	802	4,205
Ingersoll-Rand Co. Ltd. - Class A	302	6,575
Insituform Technologies Inc. - Class A (b) (f)	311	4,768
Insteel Industries Inc.	438	3,263
Interface Inc.	549	3,179
Interline Brands Inc. (b)	347	4,497
International Shipholding Corp.	263	5,523
Invensys Plc (b)	1,448	4,229
Iron Mountain Inc. (b) (f)	204	5,812
ITOCHU Corp.	2,000	10,667
ITT Corp.	253	10,376
Jacobs Engineering Group Inc. (b)	162	6,162
JB Hunt Transport Services Inc. (f)	955	26,855
JetBlue Airways Corp. (b) (f)	3,860	19,030
Joy Global Inc.	1,145	29,198
JS Group Corp. (f)	400	4,867
Kadant Inc. (b)	252	3,110
Kajima Corp.	2,000	5,759
Kaman Corp. - Class A	348	5,885
Kansas City Southern (b) (f)	1,109	16,912
Kawasaki Heavy Industries Ltd.	2,000	4,259
Kawasaki Kisen Kaisha Ltd.	1,000	3,742
Kaydon Corp.	400	12,784
KBR Inc.	1,828	28,553
Keihin Electric Express Railway Co. Ltd.	1,000	7,686
Keio Corp.	1,000	5,678
Keisei Electric Railway Co. Ltd.	1,000	4,745
Kelly Services Inc. - Class A	455	5,169
Kennametal Inc.	836	17,096
Keppel Corp. Ltd.	1,000	4,039
Kforce Inc. (b)	420	4,582
Kimball International Inc. - Class B	498	2,734
Kintetsu Corp.	3,000	13,050
Knight Transportation Inc.	715	12,641
Knoll Inc.	355	2,513
Komatsu Ltd.	1,000	12,361
Kone Oyj	220	6,010
Koninklijke Philips Electronics NV	982	17,718
Korn/Ferry International (b) (f)	1,084	11,480
Kubota Corp. (f)	1,000	5,962
Kuehne & Nagel International AG (f)	107	8,042
Kurita Water Industries Ltd.	200	4,827
L-3 Communications Holdings Inc.	113	8,605
Ladish Co. Inc. (b)	210	1,590
Landstar System Inc.	647	23,040
Layne Christensen Co. (b)	169	3,661
LB Foster Co. (b)	177	5,797
LECG Corp. (b)	443	1,288

Leighton Holdings Ltd. (f)	162	2,481
Lennox International Inc.	567	18,082
Lincoln Electric Holdings Inc.	523	23,289
Lindsay Corp. (f)	239	9,299
LMI Aerospace Inc. (b)	327	2,155
Lockheed Martin Corp.	322	25,287
M&F Worldwide Corp. (b)	88	1,403
Macquarie Infrastructure Group	3,650	3,581
Man AG	103	6,384
Manitowoc Co. Inc.	182	1,082
Manpower Inc.	956	41,194
Marten Transport Ltd. (b)	179	3,712
Marubeni Corp. (f)	2,000	7,220
Masco Corp.	435	3,854
MasTec Inc. (b)	440	5,504
McGrath RentCorp	183	3,869
Metso Oyj	155	2,374
Michael Baker Corp. (b)	103	3,461
Microvision Inc. (b) (f)	2,018	3,753
Middleby Corp. (b) (f)	150	6,566
Mine Safety Appliances Co. (f)	740	18,241
Mitsubishi Corp.	1,500	22,967
Mitsubishi Electric Corp.	2,000	10,566
Mitsubishi Heavy Industries Ltd.	4,000	13,020
Mitsubishi Logistics Corp.	1,000	9,471
Mitsui & Co. Ltd.	2,000	21,051
Mitsui OSK Lines Ltd. (f)	1,000	5,689
Mobile Mini Inc. (b) (f)	290	3,973
Monster Worldwide Inc. (b)	167	2,305
Moog Inc. - Class A (b)	452	12,105
MPS Group Inc. (b)	2,289	18,404
MSC Industrial Direct Co. - Class A	487	19,894
MTR Corp.	6,000	15,252
Mueller Industries Inc.	475	10,436
Mueller Water Products Inc.	1,011	4,236
NACCO Industries Inc. - Class A	46	1,760
Navigant Consulting Inc. (b)	1,153	16,961
NCI Building Systems Inc. (b) (f)	162	639
Nippon Express Co. Ltd.	1,000	3,559
Nippon Yusen KK (f)	1,000	4,076
Nordson Corp.	801	29,060
Norfolk Southern Corp.	318	11,346
Northrop Grumman Corp.	361	17,454
Northwest Pipe Co. (b)	127	4,817
Obayashi Corp. (f)	1,000	4,908
Odakyu Electric Railway Co. Ltd.	1,000	8,163
Odyssey Marine Exploration Inc. (b) (f)	823	2,864
Old Dominion Freight Line Inc. (b) (f)	324	9,121
On Assignment Inc. (b)	664	2,337
Orbital Sciences Corp. (b)	623	9,632

Orion Marine Group Inc. (b)	434	6,501
Orkla ASA (f)	965	6,909
Oshkosh Corp. (f)	690	6,624
Otter Tail Corp. (f)	410	9,094
PACCAR Inc.	321	11,376
Pacer International Inc.	311	1,318
Pall Corp.	137	3,618
Panasonic Electric Works Co. Ltd.	1,000	8,092
Parker Hannifin Corp.	205	9,297
Pentair Inc.	1,207	32,154
Perini Corp. (b)	588	10,172
Pitney Bowes Inc.	370	9,080
Powell Industries Inc. (b)	110	3,959
Power-One Inc. (b) (f)	1,071	1,295
Precision Castparts Corp.	133	9,956
PRG-Schultz International Inc. (b)	667	1,974
Q-Cells SE (b)	32	682
Quanex Building Products Corp.	330	3,383
Quanta Services Inc. (b)	2,372	53,916
Randstad Holding NV	72	1,652
Raven Industries Inc.	186	4,445
Raytheon Co.	433	19,585
RBC Bearings Inc. (b) (f)	272	5,032
Regal-Beloit Corp. (f)	374	15,196
Renewable Energy Corp. AS (b) (f)	200	1,807
Republic Airways Holdings Inc. (b)	265	1,897
Republic Services Inc. - Class A	393	8,253
Resources Connection Inc. (b)	366	7,155
Robbins & Myers Inc.	340	6,443
Robert Half International Inc.	187	4,492
Rockwell Automation Inc.	144	4,549
Rockwell Collins Inc.	143	5,484
Rollins Inc.	853	15,354
Rolls-Royce Group Plc (b)	1,540	7,634
Roper Industries Inc.	1,078	49,146
RR Donnelley & Sons Co.	224	2,610
RSC Holdings Inc. (b) (f)	647	4,626
Rush Enterprises Inc. - Class A (b)	297	3,909
Sacyr Vallehermoso SA (f)	140	1,438
Sandvik AB (f)	1,286	8,446
Scania AB (f)	348	3,690
Schneider Electric SA (virt-x) (f)	239	18,188
School Specialty Inc. (b) (f)	208	3,904
Seaboard Corp.	3	2,805
Secom Co. Ltd.	200	7,382
Securitas AB - Class B (b)	416	3,447
Serco Group Plc	617	3,329
SGS SA	7	7,850
Shaw Group Inc. (b)	1,024	34,335
Shimizu Corp.	2,000	9,572

Siemens AG	948	63,739
Simpson Manufacturing Co. Inc.	359	7,991
Singapore Airlines Ltd.	940	6,794
Skanska AB	328	3,538
SKF AB - Class B (f)	722	7,917
SkyWest Inc.	514	6,189
SMC Corp.	100	9,734
Smiths Group Plc	538	5,781
Societe BIC SA (f)	112	6,013
Sojitz Corp.	1,500	2,312
Southwest Airlines Co.	782	5,458
Spherion Corp. (b)	746	2,678
SPX Corp.	657	30,334
Standard Parking Corp. (b)	406	6,187
Standex International Corp.	400	5,548
Stanley Inc. (b)	112	2,887
Stericycle Inc. (b)	123	5,791
Sterling Construction Co. Inc. (b)	304	5,706
Sulzer AG (f)	70	3,805
Sumitomo Corp.	1,000	8,649
Sumitomo Electric Industries Ltd.	1,100	10,641
Sumitomo Heavy Industries Ltd.	1,000	4,137
Sun Hydraulics Corp.	206	3,729
Sykes Enterprises Inc. (b)	361	7,097
Taisei Corp. (f)	3,000	6,510
Taser International Inc. (b)	451	2,165
Team Inc. (b)	264	3,794
Tecumseh Products Co. (b)	203	2,073
Teledyne Technologies Inc. (b)	415	13,251
Tennant Co.	343	5,100
Terex Corp. (b) (f)	1,013	13,979
Tetra Tech Inc. (b)	677	16,627
Textron Inc.	216	2,318
Thales SA	110	4,563
Thermadyne Holdings Corp. (b)	430	1,375
Thomas & Betts Corp. (b)	683	21,255
Timken Co.	887	14,263
Titan International Inc.	218	1,318
TNT NV	371	6,838
Tobu Railway Co. Ltd.	1,000	5,222
Tokyu Corp.	1,000	4,259
Toll Holdings Ltd.	597	2,560
Tomkins Plc	1,622	4,141
Toppan Printing Co. Ltd.	1,000	7,524
TransDigm Group Inc. (b) (f)	402	14,126
Transurban Group	1,299	4,210
Tredegar Corp.	345	6,065
Trinity Industries Inc.	899	13,134
Triumph Group Inc.	149	6,158
TrueBlue Inc. (b)	432	4,195

UAL Corp. (b) (f)	1,790	8,807
Union Pacific Corp.	529	25,995
United Capital Corp. (b)	294	5,280
United Parcel Service Inc. - Class B (f)	1,030	53,910
United Rentals Inc. (b) (f)	488	2,957
United Stationers Inc. (b)	230	7,528
United Technologies Corp.	984	48,059
Universal Forest Products Inc. (f)	277	9,296
URS Corp. (b)	1,058	46,615
US Airways Group Inc. (b)	2,588	9,809
Vallourec SA	63	6,886
Vestas Wind Systems A/S (b)	185	12,009
Viad Corp.	192	3,663
Vinci SA (f)	472	21,146
Volt Information Sciences Inc. (b)	338	2,427
Volvo AB - Class B (f)	880	5,738
VSE Corp.	214	6,396
Wabash National Corp.	710	887
Wabtec Corp.	1,135	43,289
Wartsila Oyj (f)	101	3,330
Waste Connections Inc. (b)	1,870	48,209
Waste Management Inc. (f)	445	11,868
Watsco Inc. (f)	218	9,363
Watson Wyatt Worldwide Inc.	1,008	53,474
Watts Water Technologies Inc.	250	5,565
Werner Enterprises Inc.	918	15,009
West Japan Railway Co. (f)	2	6,125
Wolseley PLC (b)	192	3,435
Woodward Governor Co.	1,385	27,645
WW Grainger Inc. (f)	112	9,395
Yamato Holdings Co. Ltd.	1,000	11,113
YRC Worldwide Inc. (b) (f)	1,341	4,063
Zodiac Aerospace	116	3,388
		4,362,157

INFORMATION TECHNOLOGY - 11.6%
	3Com Corp. (b)	9,539	38,633
	3PAR Inc. (b) (f)	423	3,240
	ACI Worldwide Inc. (b)	843	14,559
	Actel Corp. (b)	430	5,319
	Actuate Corp. (b)	1,062	3,929
	Acxiom Corp.	1,600	15,440
	Adaptec Inc. (b)	1,674	4,788
	ADC Telecommunications Inc. (b) (f)	1,245	9,163
	Adobe Systems Inc. (b)	445	12,171
	ADTRAN Inc.	1,310	27,707
	Advanced Analogic Technologies Inc. (b)	705	3,384
	Advanced Energy Industries Inc. (b)	413	3,482
	Advanced Micro Devices Inc. (b) (f)	1,039	3,751
	Advantest Corp.	200	3,131
	Advent Software Inc. (b)	333	11,069
	Affiliated Computer Services Inc. - Class A (b)	119	5,757
	Agilent Technologies Inc. (b)	330	6,026
	Agilysis Inc.	466	2,810
	Akamai Technologies Inc. (b) (f)	208	4,580
	Alcatel-Lucent (b)	3,152	7,970
	Alliance Data Systems Corp. (b) (f)	763	31,947
	Altera Corp.	396	6,459
	American Software Inc.	1,084	6,016
	Amkor Technology Inc. (b) (f)	835	3,599
	Amphenol Corp. - Class A	253	8,562
	Anadigics Inc. (b)	744	2,247
	Analog Devices Inc.	330	7,022
	Anaren Inc. (b)	439	5,711
	Anixter International Inc. (b) (f)	348	13,843
	Ansys Inc. (b)	992	27,399
	Apple Inc. (b)	934	117,525
	Applied Materials Inc.	1,418	17,314
	Applied Micro Circuits Corp. (b)	547	2,981
	Ariba Inc. (b)	1,008	9,687
	Arris Group Inc. (b) (f)	1,551	16,549
	Arrow Electronics Inc. (b)	1,459	33,178
	Art Technology Group Inc. (b)	2,044	6,418
	AsiaInfo Holdings Inc. (b)	443	7,420
	ASML Holding NV	390	8,184
	Aspen Technology Inc. (b)	937	7,271
	Atheros Communications Inc. (b) (f)	586	10,091
	Atmel Corp. (b)	5,233	20,095
	ATMI Inc. (b) (f)	277	4,374
	Autodesk Inc. (b)	195	3,888
	Automatic Data Processing Inc.	466	16,403
	Autonomy Corp. Plc (b)	263	5,518
	Avid Technology Inc. (b) (f)	323	3,576
	Avnet Inc. (b)	1,816	39,752
	Avocent Corp. (b) (f)	1,190	17,184
	Axcelis Technologies Inc. (b)	1,338	629
	Bankrate Inc. (b) (f)	206	5,150

Benchmark Electronics Inc. (b)	823	9,983
BigBand Networks Inc. (b)	514	3,012
Black Box Corp.	186	5,091
Blackbaud Inc. (f)	314	4,779
Blackboard Inc. (b) (f)	379	12,897
Blue Coat Systems Inc. (b) (f)	276	3,660
BMC Software Inc. (b)	229	7,939
Brightpoint Inc. (b)	580	3,022
Broadcom Corp. - Class A (b)	624	14,471
Broadridge Financial Solutions Inc.	1,710	33,089
Brocade Communications Systems Inc. (b)	688	3,977
Brooks Automation Inc. (b)	555	3,452
CA Inc.	384	6,624
Cabot Microelectronics Corp. (b) (f)	230	6,626
CACI International Inc. - Class A (b)	347	13,724
Cadence Design Systems Inc. (b)	3,182	17,756
Callidus Software Inc. (b)	1,172	3,786
Canon Inc.	1,200	35,895
Cap Gemini SA (f)	124	4,635
Cass Information Systems Inc. (f)	107	3,609
Cavium Networks Inc. (b) (f)	353	4,441
Checkpoint Systems Inc. (b)	327	3,973
China Security & Surveillance Technology Inc. (b) (f)	464	3,146
Chordiant Software Inc. (b)	443	1,418
Cirrus Logic Inc. (b)	1,134	5,273
Cisco Systems Inc. (b)	6,026	116,422
Citrix Systems Inc. (b)	288	8,217
Cogent Inc. (b)	708	8,029
Cognex Corp.	411	5,783
Cognizant Technology Solutions Corp. (b)	208	5,156
Cogo Group Inc. (b) (f)	429	3,509
Coherent Inc. (b)	274	5,206
Cohu Inc.	387	3,777
CommScope Inc. (b) (f)	775	19,453
CommVault Systems Inc. (b)	380	4,731
Compellent Technologies Inc. (b)	219	2,444
Computer Sciences Corp. (b)	151	5,581
Computershare Ltd.	629	4,178
Comtech Telecommunications Corp. (b)	282	9,439
Concur Technologies Inc. (b) (f)	531	14,374
Constant Contact Inc. (b)	238	3,791
Corning Inc.	1,492	21,813
Cree Inc. (b) (f)	1,072	29,362
CSG Systems International Inc. (b)	770	11,165
CTS Corp.	497	3,017
CyberSource Corp. (b) (f)	823	12,024
Cymer Inc. (b)	268	7,614
Daktronics Inc. (f)	261	2,359
Dassault Systemes SA (f)	147	6,034
Data Domain Inc. (b) (f)	466	7,726

DealerTrack Holdings Inc. (b)	508	7,711
Dell Inc. (b)	1,900	22,078
DG FastChannel Inc. (b)	208	4,853
Diebold Inc.	805	21,276
Digi International Inc. (b)	525	3,817
Digital River Inc. (b)	875	33,618
Diodes Inc. (b)	330	4,910
DivX Inc. (b)	441	2,262
DSP Group Inc. (b)	528	3,321
DST Systems Inc. (b)	529	19,134
DTS Inc. (b) (f)	165	4,397
Earthlink Inc. (b) (f)	1,099	8,330
eBay Inc. (b)	920	15,152
Echelon Corp. (b)	500	3,980
Electro Rent Corp.	360	3,445
Electro Scientific Industries Inc. (b)	387	3,328
Electronic Arts Inc. (b)	252	5,128
Electronics for Imaging Inc. (b)	453	4,448
Elixir Gaming Technologies Inc. (b) (f)	4,267	468
Elpida Memory Inc. (b) (f)	100	1,063
EMC Corp. (b)	2,128	26,664
Emcore Corp. (b) (f)	808	1,002
EMS Technologies Inc. (b)	266	5,067
Emulex Corp. (b)	1,213	12,700
Entegris Inc. (b)	1,035	1,532
Entrust Inc. (b)	1,973	3,847
Epicor Software Corp. (b)	577	3,185
EPIQ Systems Inc. (b) (f)	435	6,729
Euronet Worldwide Inc. (b) (f)	596	9,643
Exar Corp. (b)	600	3,690
ExlService Holdings Inc. (b)	319	2,970
Extreme Networks (b)	1,862	3,277
F5 Networks Inc. (b)	872	23,779
Factset Research Systems Inc. (f)	519	27,813
Fair Isaac Corp. (f)	1,133	19,057
Fairchild Semiconductor International Inc. (b)	1,108	6,825
FARO Technologies Inc. (b)	276	4,184
FEI Co. (b)	296	5,085
Fidelity National Information Services Inc.	143	2,553
Finisar Corp. (b) (f)	2,415	1,594
Fiserv Inc. (b)	149	5,561
FLIR Systems Inc. (b)	223	4,946
FormFactor Inc. (b)	575	10,022
Forrester Research Inc. (b)	182	4,625
Foxconn International Holdings Ltd. (b)	2,000	1,246
FUJIFILM Holdings Corp.	600	15,210
Fujitsu Ltd.	2,000	8,518
Gartner Inc. - Class A (b) (f)	1,232	16,644
Global Cash Access Holdings Inc. (b)	421	2,555
Global Payments Inc.	968	31,034

Globecomm Systems Inc. (b)	678	4,610
Google Inc. - Class A (b)	246	97,409
GSI Commerce Inc. (b) (f)	416	5,911
Hackett Group Inc. (b)	1,085	2,441
Harmonic Inc. (b)	1,073	7,865
Harris Corp.	208	6,361
Harris Stratex Networks Inc. - Class A (b)	403	1,620
Heartland Payment Systems Inc.	237	1,905
Hewitt Associates Inc. - Class A (b)	1,013	31,768
Hewlett-Packard Co.	2,578	92,756
Hitachi Ltd. (f)	4,000	13,831
Hittite Microwave Corp. (b)	159	5,908
Hoya Corp.	400	6,883
Hutchinson Technology Inc. (b) (f)	397	762
i2 Technologies Inc. (b) (f)	442	3,943
Ibiden Co. Ltd.	300	8,700
Imation Corp. (f)	576	5,760
Immersion Corp. (b)	468	1,952
Infinera Corp. (b) (f)	1,134	9,571
Informatica Corp. (b)	939	14,930
InfoSpace Inc. (b)	380	2,519
Ingram Micro Inc. - Class A (b)	2,023	29,374
Insight Enterprises Inc. (b)	413	2,362
Integrated Device Technology Inc. (b)	1,738	9,437
Intel Corp.	5,689	89,772
InterDigital Inc. (b) (f)	560	14,739
Intermec Inc. (b)	720	8,698
Internap Network Services Corp. (b) (f)	393	1,093
International Business Machines Corp.	1,381	142,533
International Rectifier Corp. (b) (f)	899	15,175
Internet Capital Group Inc. (b)	765	4,154
Intersil Corp.	1,550	17,980
Intevac Inc. (b)	301	2,074
Intuit Inc. (b)	299	6,916
Itron Inc. (b)	495	22,770
Ixia (b) (f)	813	4,683
IXYS Corp.	352	3,358
j2 Global Communications Inc. (b) (f)	518	12,427
Jabil Circuit Inc.	318	2,576
Jack Henry & Associates Inc.	1,870	33,697
JDA Software Group Inc. (b)	187	2,639
Juniper Networks Inc. (b)	441	9,548
Kenexa Corp. (b)	235	1,542
KLA-Tencor Corp.	185	5,132
Knot Inc. (b)	297	2,694
Konica Minolta Holdings Inc. (f)	500	4,066
Kopin Corp. (b)	2,064	5,676
Kulicke & Soffa Industries Inc. (b) (f)	929	3,716
Kyocera Corp.	200	15,453
L-1 Identity Solutions Inc. (b)	516	3,777

Lam Research Corp. (b) (f)	1,508	42,043
Lattice Semiconductor Corp. (b)	1,532	2,666
Lawson Software Inc. (b)	1,055	5,686
Lender Processing Services Inc.	1,012	29,004
Linear Technology Corp. (f)	328	7,144
Littelfuse Inc. (b)	186	3,049
Logica Plc	2,230	2,516
LoopNet Inc. (b) (f)	283	2,431
Loral Space & Communications Inc. (b) (f)	139	3,246
LSI Corp. (b)	881	3,383
Macrovision Solutions Corp. (b) (f)	1,944	39,308
Magma Design Automation Inc. (b) (f)	487	867
Manhattan Associates Inc. (b)	259	4,305
Mantech International Corp. - Class A (b)	486	17,588
Marchex Inc. - Class B (f)	583	2,635
MasterCard Inc.	65	11,924
Mattson Technology Inc. (b) (f)	837	963
MAXIMUS Inc.	159	6,412
McAfee Inc. (b)	225	8,447
MEMC Electronic Materials Inc. (b)	253	4,099
Mentor Graphics Corp. (b)	1,948	13,091
MercadoLibre Inc. (b)	334	9,128
Mercury Computer Systems Inc. (b)	584	4,742
Metavante Technologies Inc. (b)	1,089	25,690
Methode Electronics Inc.	622	3,744
Mettler Toledo International Inc. (b)	412	25,392
Micrel Inc.	836	6,270
Microchip Technology Inc. (f)	297	6,831
Micron Technology Inc. (b) (f)	622	3,035
Micros Systems Inc. (b)	981	20,581
Microsemi Corp. (b)	868	11,649
Microsoft Corp.	7,862	159,284
MicroStrategy Inc. - Class A (b)	68	2,646
MIPS Technologies Inc. - Class A (b)	1,483	4,924
MKS Instruments Inc. (b)	609	9,531
ModusLink Global Solutions Inc. (b)	757	2,801
Molex Inc.	247	4,117
Monolithic Power Systems Inc. (b)	332	6,142
Motorola Inc.	1,865	10,313
Move Inc. (b)	2,599	5,328
MSC Software Corp. (b)	504	3,095
MTS Systems Corp.	129	2,726
Murata Manufacturing Co. Ltd.	200	8,051
National Instruments Corp.	702	15,472
National Semiconductor Corp. (f)	344	4,255
NCI Inc. (b)	102	2,485
NCR Corp. (b)	1,731	17,570
NEC Corp. (b) (f)	2,000	6,611
Neopost SA	42	3,557
Ness Technologies Inc. (b)	690	2,546

Net 1 UEPS Technologies Inc. (b)	588	9,702
NetApp Inc. (b)	283	5,179
Netezza Corp. (b)	583	4,716
NetGear Inc. (b)	297	4,755
NetLogic Microsystems Inc. (b)	211	6,876
NetScout Systems Inc. (b)	528	4,747
NeuStar Inc. - Class A (b)	965	18,345
Newport Corp. (b) (f)	518	2,585
NIC Inc.	565	3,051
Nidec Corp.	100	5,486
Nintendo Co. Ltd.	100	26,678
Nokia Oyj (f)	4,162	59,115
Nomura Research Institute Ltd. (f)	500	8,842
Novatel Wireless Inc. (b) (f)	437	2,993
Nvidia Corp. (b)	388	4,454
Obic Co. Ltd.	40	5,403
Omniture Inc. (b) (f)	676	8,328
Omnivision Technologies Inc. (b)	571	5,430
Omron Corp.	300	4,457
Oplink Communications Inc. (b)	507	5,597
OPNET Technologies Inc. (b)	650	5,590
Oracle Corp.	3,945	76,296
OSI Systems Inc. (b)	184	3,450
Palm Inc. (b) (f)	3,064	32,141
Parametric Technology Corp. (b)	2,722	30,350
Park Electrochemical Corp.	366	7,540
ParkerVision Inc. (b) (f)	603	1,688
Paychex Inc.	303	8,184
PC-Tel Inc.	654	3,185
Pegasystems Inc.	207	3,616
Perficient Inc. (b) (f)	475	3,311
Perot Systems Corp. (b)	1,006	14,144
Photronics Inc. (b) (f)	477	797
Plantronics Inc.	1,099	14,001
Plexus Corp. (b)	337	7,465
PLX Technology Inc. (b)	208	704
PMC - Sierra Inc. (b)	2,521	19,966
Polycom Inc. (b)	2,003	37,336
Power Integrations Inc. (f)	320	6,816
Powerwave Technologies Inc. (b) (f)	2,153	1,830
Presstek Inc. (b) (f)	1,134	2,189
Progress Software Corp. (b)	506	10,722
QUALCOMM Inc.	1,708	72,283
Quality Systems Inc. (f)	178	9,544
Quantum Corp. (b)	3,362	3,530
Quest Software Inc. (b)	822	11,944
Rackable Systems Inc. (b)	680	3,101
Radiant Systems Inc. (b)	747	5,505
Radisys Corp. (b)	468	3,356
RealNetworks Inc. (b)	753	1,852

RF Micro Devices Inc. (b)	6,040	12,744
Ricoh Co. Ltd.	1,000	12,198
RightNow Technologies Inc. (b)	399	3,012
Riverbed Technology Inc. (b)	835	15,297
Rofin-Sinar Technologies Inc. (b)	258	5,498
Rogers Corp. (b)	141	3,588
Rohm Co. Ltd.	100	6,114
Rudolph Technologies Inc. (b)	490	2,563
S1 Corp. (b)	399	2,474
Sage Group Plc	1,642	4,471
SAIC Inc. (b)	2,436	44,092
Salesforce.com Inc. (b)	121	5,180
SanDisk Corp. (b)	181	2,845
Sanmina-SCI Corp. (b)	8,420	4,715
SAP AG	943	36,255
Sapient Corp. (b)	1,421	7,290
SAVVIS Inc. (b) (f)	226	2,572
ScanSource Inc. (b)	257	6,350
Semtech Corp. (b)	1,274	18,371
ShoreTel Inc. (b)	670	3,343
Sigma Designs Inc. (b) (f)	306	3,954
Silicon Image Inc. (b)	1,390	3,781
Silicon Laboratories Inc. (b)	489	16,264
Silicon Storage Technology Inc. (b)	1,730	3,201
SiRF Technology Holdings Inc. (b) (f)	370	1,029
Skyworks Solutions Inc. (b)	1,890	16,708
Smart Modular Technologies WWH Inc. (b)	505	1,242
Smith Micro Software Inc. (b)	443	3,810
Solera Holdings Inc. (b)	597	13,624
Sonic Solutions Inc. (b) (f)	479	1,054
SonicWALL Inc. (b) (f)	926	5,028
Sonus Networks Inc. (b)	1,779	3,078
SPSS Inc. (b)	134	4,141
SRA International Inc. - Class A (b)	1,017	15,652
Standard Microsystems Corp. (b)	193	3,061
Starent Networks Corp. (b) (f)	359	7,083
STEC Inc. (b)	484	4,646
STMicroelectronics NV	648	4,271
Stratasys Inc. (b)	185	1,732
Sun Microsystems Inc. (b)	700	6,412
Supertex Inc. (b)	199	5,118
SupportSoft Inc. (b)	1,813	4,079
Sybase Inc. (b) (f)	1,904	64,660
Sycamore Networks Inc. (b)	2,074	6,118
Symantec Corp. (b)	720	12,420
Symmetricom Inc. (b)	812	4,044
Synaptics Inc. (b) (f)	394	12,797
Synchronoss Technologies Inc. (b)	204	2,709
SYNNEX Corp. (b)	240	5,167
Synopsys Inc. (b)	1,737	37,832

Syntel Inc.	156	4,324
Take-Two Interactive Software Inc.	540	4,903
Taleo Corp. (b)	374	4,492
TDK Corp.	100	4,512
Tech Data Corp. (b)	521	15,000
Technitrol Inc.	326	1,327
Tekelec (b) (f)	764	11,842
TeleCommunication Systems Inc. (b)	1,302	12,773
Telefonaktiebolaget LM Ericsson - Class B	3,273	27,801
TeleTech Holdings Inc. (b)	327	4,339
Tellabs Inc. (b)	760	3,982
Teradata Corp. (b)	182	3,043
Tessera Technologies Inc. (b)	603	8,466
Texas Instruments Inc.	1,354	24,453
THQ Inc. (b)	456	1,560
TIBCO Software Inc. (b)	2,171	13,721
TiVo Inc. (b)	1,523	11,423
TNS Inc. (b)	427	7,195
Tokyo Electron Ltd.	200	9,085
Toshiba Corp. (f)	4,000	13,628
Total System Services Inc.	181	2,257
Trident Microsystems Inc. (b)	1,232	1,688
Trimble Navigation Ltd. (b)	1,452	31,131
TriQuint Semiconductor Inc. (b)	3,158	12,095
TTM Technologies Inc. (b) (f)	688	5,105
Tyco Electronics Ltd.	379	6,610
Tyler Technologies Inc. (b) (f)	555	9,158
Ultimate Software Group Inc. (b) (f)	232	4,345
Ultratech Inc. (b)	625	8,450
United Online Inc.	587	3,111
Universal Display Corp. (b)	520	5,871
UTStarcom Inc. (b) (f)	1,807	2,114
ValueClick Inc. (b)	1,772	18,783
Varian Semiconductor Equipment Associates Inc. (b)	188	4,811
VASCO Data Security International Inc. (b)	283	1,958
Veeco Instruments Inc. (b)	416	3,012
VeriFone Holdings Inc. (b) (f)	769	5,775
VeriSign Inc. (b)	324	6,668
ViaSat Inc. (b)	262	6,023
Vignette Corp. (b)	457	3,775
Vishay Intertechnology Inc. (b)	1,683	9,879
VistaPrint Ltd. (b) (f)	512	17,587
Vocus Inc. (b) (f)	232	3,944
Volterra Semiconductor Corp. (b)	368	4,228
Web.com Group Inc. (b)	798	3,320
Websense Inc. (b)	361	6,437
Western Digital Corp. (b)	2,659	62,540
Western Union Co.	611	10,234
Wind River Systems Inc. (b)	1,666	12,212
Wright Express Corp. (b)	299	6,841

	Xerox Corp.	789	4,821
	Xilinx Inc.	328	6,704
	Yahoo! Inc. (b)	1,455	20,792
	Yahoo! Japan Corp.	20	4,991
	Zebra Technologies Corp. (b)	702	14,918
	Zoran Corp. (b)	535	4,783
			4,637,150
MATERIALS - 4.6%
	A. Schulman Inc.	351	5,507
	AEP Industries Inc. (b)	146	2,968
	Air Liquide	275	22,376
	Air Products & Chemicals Inc.	267	17,595
	Airgas Inc.	977	42,128
	AK Steel Holding Corp. (f)	57	742
	Akzo Nobel NV (f)	299	12,504
	Albemarle Corp.	1,107	29,690
	Alcoa Inc.	786	7,129
	Allegheny Technologies Inc. (f)	86	2,815
	Allied Nevada Gold Corp. (b)	650	3,510
	Alumina Ltd. (f) (i)	1,331	1,261
	AMCOL International Corp. (f)	281	5,446
	Amcor Ltd.	1,723	5,998
	American Vanguard Corp.	221	2,827
	Anglo American Plc	1,460	31,417
	Antofagasta Plc	515	4,420
	AptarGroup Inc.	805	24,979
	ArcelorMittal	966	22,628
	Arch Chemicals Inc.	234	5,658
	Asahi Kasei Corp. (f)	2,000	8,031
	Ashland Inc.	693	15,218
	Balchem Corp.	210	5,227
	Ball Corp.	151	5,696
	BASF SE (f)	1,017	38,379
	BHP Billiton Ltd.	3,655	88,374
	BHP Billiton Plc	2,419	50,206
	BlueScope Steel Ltd.	789	1,342
	Boral Ltd.	1,575	4,682
	Brush Engineered Materials Inc. (b)	231	3,909
	Buckeye Technologies Inc. (b)	651	3,353
	Cabot Corp.	601	8,775
	Calgon Carbon Corp. (b)	637	10,816
	Carpenter Technology Corp.	498	10,294
	CF Industries Holdings Inc.	83	5,980
	Cliffs Natural Resources Inc.	1,373	31,661
	Coeur d’Alene Mines Corp. (b) (f)	4,127	5,695
	Commercial Metals Co.	1,320	19,642
	Compass Minerals International Inc.	362	17,456
	CRH Plc	773	20,067
	Cytec Industries Inc.	586	11,638
	Deltic Timber Corp.	106	4,467

Dow Chemical Co.	797	12,752
Eastman Chemical Co.	132	5,238
Ecolab Inc.	149	5,744
EI Du Pont de Nemours & Co.	945	26,366
Eurasian Natural Resources Corp.	357	3,111
Ferro Corp. (f)	919	2,546
Flotek Industries Inc. (b) (f)	210	435
FMC Corp.	892	43,467
Fortescue Metals Group Ltd. (b)	1,313	2,252
Freeport-McMoRan Copper & Gold Inc. (f)	435	18,553
General Moly Inc. (b) (f)	852	1,295
Givaudan SA (f)	8	5,065
Glatfelter	562	4,991
Graphic Packaging Holding Co. (b)	1,801	3,098
Grief Inc.	432	19,557
Haynes International Inc. (b)	85	1,919
HB Fuller Co.	455	8,035
Headwaters Inc. (b) (f)	389	980
Hecla Mining Co. (b) (f)	1,018	2,514
Holcim Ltd. (f)	178	9,029
Holmen AB	235	5,183
ICO Inc. (b)	967	2,388
Incitec Pivot Ltd.	1,551	2,378
Innophos Holdings Inc.	371	5,502
Innospec Inc.	336	2,641
International Paper Co.	505	6,393
James Hardie Industries NV	1,030	3,443
JFE Holdings Inc. (f)	600	16,275
Johnson Matthey Plc	484	8,547
JSR Corp.	300	3,620
K+S AG	124	7,459
Kaiser Aluminum Corp.	110	3,249
Kazakhmys Plc	106	824
Kobe Steel Ltd. (f)	3,000	4,928
Koninklijke DSM NV	140	4,342
Koppers Holdings Inc.	191	3,621
Kuraray Co. Ltd.	500	4,279
Lafarge SA (b) (f)	240	13,355
Linde AG	124	9,889
Lonmin Plc	98	2,059
Louisiana-Pacific Corp. (f)	1,965	7,998
Lubrizol Corp.	738	31,896
Martin Marietta Materials Inc. (f)	498	41,847
MeadWestvaco Corp.	227	3,555
Mercer International Inc. (b) (f)	657	373
Minerals Technologies Inc.	457	16,996
Mitsubishi Chemical Holdings Corp.	1,000	3,782
Mitsubishi Materials Corp.	2,000	5,759
Monsanto Co.	566	48,048
Neenah Paper Inc.	243	1,217

Newcrest Mining Ltd.	546	11,880
NewMarket Corp.	132	8,316
Newmont Mining Corp.	506	20,361
Nippon Steel Corp. (f)	5,000	16,731
Nitto Denko Corp. (f)	200	4,634
Norsk Hydro ASA	558	2,460
Novozymes A/S	57	3,843
Nucor Corp.	333	13,550
OJI Paper Co. Ltd. (f)	1,000	4,289
Olin Corp.	1,846	23,260
OM Group Inc. (b) (f)	381	10,615
Orica Ltd.	306	3,736
Outokumpu Oyj	146	2,175
Owens-Illinois Inc. (b)	198	4,829
OZ Minerals Ltd.	1,682	917
Packaging Corp. of America	1,062	16,854
Pactiv Corp. (b)	219	4,787
PolyOne Corp. (b)	1,040	2,850
PPG Industries Inc.	224	9,867
Praxair Inc.	399	29,769
Rautaruukki Oyj	196	3,647
Reliance Steel & Aluminum Co. (f)	776	27,338
Rexam Plc	758	3,511
Rio Tinto Ltd.	327	15,312
Rio Tinto Plc	1,100	44,695
Rock-Tenn Co. - Class A	442	16,690
Rockwood Holdings Inc. (b)	309	3,801
Royal Gold Inc.	338	12,222
RPM International Inc.	1,569	21,684
RTI International Metals Inc. (b)	165	2,147
Salzgitter AG	60	4,268
Schweitzer-Mauduit International Inc.	291	6,684
Scotts Miracle-Gro Co. (f)	515	17,392
Sensient Technologies Corp.	1,134	26,513
Shin-Etsu Chemical Co. Ltd.	500	24,133
Sigma-Aldrich Corp.	150	6,576
Silgan Holdings Inc.	296	13,761
Solutia Inc. (b)	1,096	4,121
Solvay SA	55	4,714
Sonoco Products Co.	1,176	28,706
Spartech Corp. (f)	297	1,167
SSAB Svenskt Stal AB - Class A (f)	217	2,067
SSAB Svenskt Stal AB - Class B	400	3,587
Steel Dynamics Inc.	2,028	25,249
Stepan Co.	99	3,917
Stillwater Mining Co. (b) (f)	625	2,819
Stora Enso Oyj - Class R (b)	586	3,345
Sumitomo Chemical Co. Ltd. (f)	2,000	7,808
Sumitomo Metal Industries Ltd.	4,000	9,329
Sumitomo Metal Mining Co. Ltd.	1,000	11,154

	Svenska Cellulosa AB	483	4,657
	Syngenta AG (f)	95	20,282
	Temple-Inland Inc. (f)	1,011	12,071
	Terra Industries Inc.	1,233	32,675
	Texas Industries Inc.	288	9,210
	ThyssenKrupp AG	323	6,910
	Tokuyama Corp. (f)	1,000	5,922
	Toray Industries Inc. (f)	2,000	8,801
	Umicore	161	3,155
	United States Lime & Minerals Inc. (b) (f)	141	5,464
	United States Steel Corp. (f)	107	2,841
	UPM-Kymmene Oyj	485	4,340
	Valspar Corp.	1,171	28,104
	Vedanta Resources Plc (f)	79	1,236
	Voestalpine AG	151	2,889
	Vulcan Materials Co. (f)	147	6,990
	Wausau Paper Corp.	737	6,434
	Westlake Chemical Corp. (f)	382	7,143
	Weyerhaeuser Co.	173	6,100
	Worthington Industries Inc.	1,299	19,355
	WR Grace & Co. (b)	759	6,702
	Xstrata Plc	1,680	14,811
	Yara International ASA (f)	150	4,020
	Zep Inc.	138	1,867
	Zoltek Cos. Inc. (b) (f)	158	1,243
			1,848,601
TELECOMMUNICATION SERVICES - 2.3%
	Alaska Communications Systems Group Inc.	514	3,099
	American Tower Corp. (b)	394	12,513
	AT&T Inc.	6,164	157,922
	Atlantic Tele-Network Inc.	135	2,981
	Belgacom SA	225	6,540
	BT Group Plc	8,808	12,139
	Cable & Wireless Plc	2,994	6,593
	Cbeyond Inc. (b) (f)	150	3,057
	CenturyTel Inc. (f)	100	2,715
	Cincinnati Bell Inc. (b)	5,734	15,998
	Cogent Communications Group Inc. (b) (f)	300	2,532
	Consolidated Communications Holdings Inc.	373	4,196
	Deutsche Telekom AG	3,110	37,610
	Elisa Oyj	249	3,297
	Embarq Corp.	148	5,411
	FairPoint Communications Inc. (f)	449	468
	France Telecom SA	2,002	44,444
	Frontier Communications Corp.	1,164	8,276
	General Communication Inc. - Class A (b)	496	3,799
	Global Crossing Ltd. (b)	354	2,570
	Hellenic Telecommunications Organization SA	487	7,414
	Iowa Telecommunications Services Inc.	396	5,219
	iPCS Inc. (b)	140	2,033

	KDDI Corp.	3	13,446
	Koninklijke KPN NV	1,928	23,179
	Millicom International Cellular SA	40	1,968
	Neutral Tandem Inc. (b)	223	6,378
	Nippon Telegraph & Telephone Corp.	400	14,926
	NTELOS Holdings Corp.	249	3,979
	NTT DoCoMo Inc.	18	25,005
	PAETEC Holding Corp. (b)	1,600	4,912
	Portugal Telecom SGPS SA (f)	674	5,139
	Premiere Global Services Inc. (b) (f)	826	8,706
	Qwest Communications International Inc. (f)	2,136	8,309
	Shenandoah Telecommunications Co.	375	7,361
	Singapore Telecommunications Ltd.	9,000	15,562
	SoftBank Corp.	900	14,145
	Sprint Nextel Corp. (b)	3,040	13,254
	Swisscom AG (f)	20	5,215
	Syniverse Holdings Inc. (b)	1,263	15,914
	Tele2 AB	355	3,346
	Telecom Corp. of New Zealand Ltd.	2,407	3,840
	Telecom Italia SpA	9,186	11,616
	Telefonica SA (f) (i)	4,606	87,266
	Telekom Austria AG	505	6,643
	Telenor ASA	520	3,234
	Telephone & Data Systems Inc.	1,281	36,726
	TeliaSonera AB (f)	2,562	12,021
	Telstra Corp. Ltd.	4,976	12,042
	TerreStar Corp. (b)	1,647	840
	tw telecom inc. (b) (f)	1,781	16,367
	USA Mobility Inc.	349	3,881
	Verizon Communications Inc.	2,979	90,383
	Vodafone Group Plc	57,016	104,794
	Windstream Corp.	549	4,557
			935,780
UTILITIES - 4.3%
	Acciona SA (f)	42	4,294
	AES Corp. (b)	501	3,542
	AGL Energy Ltd.	545	5,989
	AGL Resources Inc.	1,078	33,601
	Allegheny Energy Inc.	170	4,406
	Allete Inc.	275	7,161
	Alliant Energy Corp.	1,245	27,838
	Ameren Corp.	177	4,075
	American Electric Power Co. Inc.	353	9,312
	American States Water Co.	218	7,528
	Aqua America Inc.	1,631	29,929
	Avista Corp.	622	9,361
	Black Hills Corp.	940	18,687
	California Water Service Group	193	7,533
	CenterPoint Energy Inc.	390	4,150
	Central Vermont Public Service Corp.	161	2,763

Centrica Plc	5,659	18,920
CH Energy Group Inc.	227	10,088
Chesapeake Utilities Corp.	493	14,440
Chubu Electric Power Co. Inc. (f)	700	15,403
Chugoku Electric Power Co. Inc. (f)	300	6,054
Cleco Corp.	1,395	29,421
CLP Holdings Ltd.	2,500	16,903
CMS Energy Corp.	270	3,245
Consolidated Edison Inc.	291	10,805
Consolidated Water Co. Ltd. (f)	245	3,285
Constellation Energy Group Inc.	184	4,431
Dominion Resources Inc.	600	18,096
DPL Inc.	1,302	29,204
Drax Group Plc	443	3,356
DTE Energy Co.	155	4,583
Duke Energy Corp.	1,325	18,298
E.ON AG (b)	2,075	70,170
Edison International Inc.	309	8,810
El Paso Electric Co. (b)	381	5,258
Electric Power Development Co. Ltd.	200	5,810
Electricite de France SA	231	10,700
Empire District Electric Co.	316	4,731
Enagas SA	226	3,929
Enel SpA	4,780	25,910
Energen Corp.	879	31,749
Energias de Portugal SA (b) (f)	1,719	6,252
Entergy Corp.	205	13,278
EQT Corp.	201	6,760
Exelon Corp.	663	30,584
FirstEnergy Corp.	321	13,129
Fortum Oyj	512	10,327
FPL Group Inc.	428	23,022
Gas Natural SDG SA	312	4,947
GDF Suez (f)	1,201	43,133
Great Plains Energy Inc.	1,705	24,671
Hawaiian Electric Industries Inc. (f)	974	15,136
Hokkaido Electric Power Co. Inc. (f)	200	3,683
Hokuriku Electric Power Co. (f)	200	4,512
Hong Kong & China Gas Co. Ltd.	3,630	6,792
Hongkong Electric Holdings Ltd.	1,500	8,864
Iberdrola Renovables SA (b)	700	2,843
Iberdrola SA	3,864	30,428
IDACORP Inc.	1,065	25,528
Integrys Energy Group Inc.	320	8,451
International Power Plc	1,301	4,754
ITC Holdings Corp.	548	23,854
Kansai Electric Power Co. Inc.	800	16,305
Kyushu Electric Power Co. Inc. (f)	300	6,190
Laclede Group Inc.	236	8,184
MDU Resources Group Inc.	2,214	38,900

MGE Energy Inc.	213	6,535
Middlesex Water Co.	205	2,891
National Fuel Gas Co.	955	31,238
National Grid Plc	2,685	22,308
New Jersey Resources Corp.	481	15,835
Nicor Inc.	564	18,127
NiSource Inc.	368	4,044
Northeast Utilities (f)	184	3,868
Northwest Natural Gas Co.	306	12,515
NorthWestern Corp.	458	9,581
NSTAR	1,284	40,330
NV Energy Inc.	2,784	28,536
OGE Energy Corp.	1,054	27,098
Oneok Inc.	1,263	33,053
Ormat Technologies Inc. (f)	175	6,160
Osaka Gas Co. Ltd.	2,000	6,348
Pepco Holdings Inc.	323	3,860
PG&E Corp.	381	14,143
Piedmont Natural Gas Co. Inc. (f)	849	20,733
Pinnacle West Capital Corp.	154	4,217
PNM Resources Inc.	2,096	17,858
Portland General Electric Co.	669	12,223
PPL Corp.	316	9,452
Progress Energy Inc.	342	11,669
Public Service Enterprise Group Inc.	456	13,607
Questar Corp.	188	5,587
Red Electrica Corp. SA	124	5,190
RWE AG	489	35,251
SCANA Corp.	183	5,530
Scottish & Southern Energy Plc	1,024	16,688
Sempra Energy	260	11,965
Severn Trent Plc	220	3,385
Shikoku Electric Power Co. Inc. (f)	200	5,486
SJW Corp. (f)	201	5,065
Snam Rete Gas SpA (f)	955	3,782
South Jersey Industries Inc.	345	11,975
Southern Co.	801	23,133
Southwest Gas Corp.	531	10,732
Suez Environnement SA (b)	216	3,293
TECO Energy Inc.	453	4,797
Terna Rete Elettrica Nazionale SpA	1,472	4,727
Toho Gas Co. Ltd.	1,000	4,259
Tohoku Electric Power Co. Inc. (f)	500	10,419
Tokyo Electric Power Co. Inc.	1,300	30,450
Tokyo Gas Co. Ltd.	2,000	7,585
UGI Corp.	1,302	29,868
UIL Holdings Corp.	205	4,733
UniSource Energy Corp. (f)	340	8,949
United Utilities Group Plc	556	4,158
US Geothermal Inc. (b) (f)	2,631	2,288

	Vectren Corp.	1,210	26,826
	Veolia Environnement (f)	436	11,944
	Verbund - Oesterreichische Elektrizitaetswirtschafts AG	146	5,995
	Westar Energy Inc. (f)	2,504	43,895
	WGL Holdings Inc.	1,186	36,932
	Wisconsin Energy Corp.	168	6,713
	Xcel Energy Inc.	498	9,183
			1,711,307
	Total Common Stocks (cost $49,403,720)		32,331,701
PREFERRED STOCKS - 0.1%
CONSUMER DISCRETIONARY - 0.1%
	Porsche Automobil Holding SE	60	4,322
	Volkswagen AG	90	5,715
			10,037
CONSUMER STAPLES - 0.0%
	Henkel AG & Co. KGaA	159	4,312
FINANCIALS - 0.0%
	Intesa Sanpaolo SpA	840	1,866
HEALTH CARE - 0.0%
	Fresenius SE	98	5,054
INDUSTRIALS - 0.0%
	Schindler Holding AG	67	3,512
TELECOMMUNICATION SERVICES - 0.0%
	Telecom Italia SpA - RNC	5,962	5,326
UTILITIES - 0.0%
	RWE AG	52	3,229
	Total Preferred Stocks (cost $60,068)		33,336
RIGHTS - 0.0%
	Liberty International Plc (b) (i)	74	102
	Erste Group Bank AG (b) (i)	208	-
	Snam Rete Gas SpA (b)	955	733
	Total Rights (cost $821)		835
WARRANTS- 0.0%
	Fortis (b) (i)	1,696	-
	Total Warrants (cost $0)		-
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES - 0.8%
	AmeriCredit Automobile Receivables Trust,
	5.21%, 10/06/11	10,504	10,377
	Banc of America Commercial Mortgage Inc. REMIC,
	5.96%, 05/10/45 (d)	75,000	38,861
	JPMorgan Chase Commercial Mortgage Securities Corp.,
	5.56%, 04/15/43 (d)	75,000	56,708
	LB-UBS Commercial Mortgage Trust REMIC,
	5.42%, 02/15/40	20,000	14,426
	Merrill Lynch Mortgage Trust, 4.75%, 06/12/43 (d)	75,000	64,123
	Morgan Stanley Capital I, 5.64%, 03/12/44 (d)	100,000	27,499
	Wachovia Bank Commercial Mortgage Trust,
	5.50%, 10/15/48	75,000	66,025
	5.74%, 06/15/49 (d)	50,000	35,464
	Total Non-U.S. Government Agency
	Asset-Backed Securities (cost $478,979)		313,483

CORPORATE BONDS AND NOTES - 3.5%
CONSUMER DISCRETIONARY - 0.4%
	Comcast Cable Communications Holdings Inc.,
	8.38%, 03/15/13	35,000	38,593
	Comcast Corp., 6.45%, 03/15/37	2,000	1,854
	General Mills Inc., 5.20%, 03/17/15	25,000	25,190
	Home Depot Inc., 5.20%, 03/01/11	25,000	25,475
	Lowe’s Cos. Inc., 5.40%, 10/15/16	15,000	15,226
	News America Inc., 6.20%, 12/15/34	12,000	9,044
	Target Corp., 6.35%, 01/15/11	15,000	15,991
	Time Warner Entertainment Co., 8.38%, 07/15/33	10,000	10,394
	Time Warner Inc., 7.70%, 05/01/32	3,000	2,731
			144,498
CONSUMER STAPLES - 0.0%
	Kraft Foods Inc., 6.88%, 02/01/38 (f)	10,000	9,821
	Pepsi Bottling Group Inc., 7.00%, 03/01/29	10,000	10,904
			20,725
ENERGY - 0.3%
	Apache Corp., 6.00%, 01/15/37	10,000	9,736
	Canadian Natural Resources Ltd., 5.70%, 05/15/17	10,000	9,551
	ConocoPhillips Holding Co., 6.95%, 04/15/29	8,000	8,245
	Devon Financing Corp. ULC, 7.88%, 09/30/31	10,000	10,862
	EnCana Holdings Finance Corp., 5.80%, 05/01/14	20,000	20,787
	Enterprise Products Operating LLC, 5.60%, 10/15/14	10,000	9,283
	Marathon Oil Corp., 6.00%, 10/01/17	10,000	9,537
	Pemex Project Funding Master Trust, 6.63%, 06/15/35	5,000	4,043
	Spectra Energy Capital LLC, 8.00%, 10/01/19	10,000	9,901
	Texas Eastern Transmission LP, 7.00%, 07/15/32	9,000	8,232
	TransCanada Pipelines Ltd., 6.20%, 10/15/37	10,000	9,318
	Valero Energy Corp., 6.13%, 06/15/17	10,000	9,080
	Williams Cos. Inc., 8.75%, 03/15/32 (j)	7,000	6,580
	XTO Energy Inc., 6.25%, 08/01/17	10,000	10,018
			135,173
FINANCIALS - 1.6%
	American Express Co., 6.15%, 08/28/17	20,000	17,854
	American General Finance Corp., 5.38%, 10/01/12	25,000	11,014
	American International Group Inc., 4.25%, 05/15/13 (j)	15,000	5,542
	Asian Development Bank, 4.25%, 10/20/14	8,000	8,340
	AXA SA, 8.60%, 12/15/30	10,000	7,543
	Axis Capital Holdings Ltd., 5.75%, 12/01/14	5,000	3,781
	Bank of America Corp., 5.75%, 12/01/17	5,000	4,085
	Berkshire Hathaway Finance Corp., 4.85%, 01/15/15	8,000	8,254
	Capital One Financial Corp.
	6.15%, 09/01/16	17,000	10,271
	6.75%, 09/15/17	15,000	12,673
	Citigroup Inc., 6.63%, 06/15/32	50,000	28,143
	Deutsche Bank AG London, 6.00%, 09/01/17	10,000	9,786
	ERP Operating LP, 6.63%, 03/15/12	10,000	9,509
	European Investment Bank, 3.38%, 06/12/13	25,000	25,464
	Fifth Third Bancorp, 5.45%, 01/15/17	10,000	6,361
	General Electric Capital Corp.
	3.00%, 12/09/11	65,000	67,058

	5.38%, 10/20/16	50,000	44,378
	5.88%, 01/14/38	10,000	6,902
	6.38%, 11/15/67 (d)	20,000	11,480
	HSBC Finance Corp., 6.38%, 10/15/11	40,000	39,493
	International Bank for Reconstruction & Development,
	3.63%, 05/21/13	50,000	51,635
	Jefferies Group Inc., 6.25%, 01/15/36	5,000	2,555
	JPMorgan Chase & Co., 5.15%, 10/01/15	25,000	22,310
	Kreditanstalt fuer Wiederaufbau
	4.63%, 01/20/11	50,000	52,307
	4.75%, 05/15/12	12,000	12,589
	Lehman Brothers Holdings Inc., 6.88%, 07/17/37 (l)	9,000	1
	Merrill Lynch & Co. Inc.
	6.40%, 08/28/17	25,000	20,338
	6.88%, 04/25/18	5,000	4,214
	MetLife Inc., 6.40%, 12/15/36 (d)	12,000	6,420
	Morgan Stanley, 4.75%, 04/01/14	25,000	21,133
	ORIX Corp., 5.48%, 11/22/11	10,000	7,776
	ProLogis, 5.63%, 11/15/16	10,000	6,694
	Prudential Financial Inc., 6.00%, 12/01/17	10,000	7,033
	Royal Bank of Canada, 5.65%, 07/20/11	17,000	18,255
	Royal Bank of Scotland Group Plc, 5.00%, 10/01/14	15,000	9,741
	SunTrust Capital VIII, 6.10%, 12/15/36 (d)	10,000	5,847
	Travelers Cos. Inc., 6.25%, 03/15/37 (d)	10,000	6,156
	Unilever Capital Corp., 5.90%, 11/15/32	10,000	9,629
	Wachovia Corp.
	5.25%, 08/01/14	25,000	22,219
	5.63%, 10/15/16	5,000	4,072
	Wells Fargo & Co., 4.88%, 01/12/11	25,000	25,377
			654,232
HEALTH CARE - 0.2%
	Amgen Inc., 5.85%, 06/01/17	16,000	16,550
	AstraZeneca Plc, 6.45%, 09/15/37	10,000	10,764
	Baxter International Inc., 5.90%, 09/01/16	10,000	10,693
	Bristol-Myers Squibb Co., 5.88%, 11/15/36	10,000	9,767
	Cardinal Health Inc., 5.85%, 12/15/17	10,000	8,983
	UnitedHealth Group Inc., 5.80%, 03/15/36	5,000	3,705
	Wyeth, 5.95%, 04/01/37	10,000	9,605
			70,067
INDUSTRIALS - 0.2%
	Caterpillar Inc., 6.05%, 08/15/36	10,000	8,476
	CSX Corp., 6.25%, 03/15/18	10,000	9,466
	Emerson Electric Co., 7.13%, 08/15/10	10,000	10,642
	Union Pacific Corp., 4.45%, 01/31/13	10,000	10,015
	United Technologies Corp., 4.88%, 05/01/15	15,000	15,459
	Waste Management Inc., 7.38%, 08/01/10	10,000	10,217
			64,275
INFORMATION TECHNOLOGY - 0.1%
	Oracle Corp., 5.75%, 04/15/18	15,000	15,892
	Xerox Corp., 5.50%, 05/15/12	14,000	13,300

			29,192
MATERIALS - 0.1%
	CRH America Inc., 6.00%, 09/30/16	8,000	6,246
	Rohm & Haas Co., 6.00%, 09/15/17	10,000	8,621
	Weyerhaeuser Co.
	6.75%, 03/15/12	10,000	9,980
	7.38%, 03/15/32	3,000	2,282
			27,129
TELECOMMUNICATION SERVICES - 0.3%
	AT&T Inc., 5.63%, 06/15/16	5,000	5,088
	BellSouth Corp., 6.00%, 11/15/34 (f)	15,000	13,224
	British Telecommunications Plc, 8.63%, 12/15/30 (k)	12,000	11,537
	Embarq Corp.
	7.08%, 06/01/16	4,000	3,839
	8.00%, 06/01/36	5,000	4,149
	France Telecom SA, 8.50%, 03/01/31 (k)	10,000	12,727
	Telecom Italia Capital SA, 6.00%, 09/30/34	10,000	7,096
	Telefonica Europe BV, 7.75%, 09/15/10	20,000	21,003
	Verizon Global Funding Corp., 7.38%, 09/01/12	50,000	54,723
			133,386
UTILITIES - 0.3%
	Consolidated Edison Co. of New York Inc.,
	5.50%, 09/15/16	18,000	18,135
	Exelon Generation Co. LLC, 6.20%, 10/01/17	15,000	13,910
	FirstEnergy Corp.
	6.45%, 11/15/11	15,000	15,235
	7.38%, 11/15/31	4,000	3,410
	Florida Power & Light Co., 5.63%, 04/01/34	5,000	4,820
	MidAmerican Energy Holdings Co., 5.88%, 10/01/12	10,000	10,336
	NiSource Finance Corp., 5.45%, 09/15/20	5,000	3,866
	Northern States Power Co., 6.25%, 06/01/36	9,000	9,296
	Ohio Power Co., 6.00%, 06/01/16	19,000	18,442
	Southern Natural Gas Co., 5.90%, 04/01/17 (g) (j) (n)	10,000	9,100
			106,550
	Total Corporate Bonds and Notes (cost $1,559,492)		1,385,227
GOVERNMENT AND AGENCY OBLIGATIONS - 13.0%
GOVERNMENT SECURITIES - 4.5%
Sovereign - 0.2%
	Brazilian Government International Bond
	11.00%, 01/11/12	10,000	11,800
	7.88%, 03/07/15	5,000	5,588
	8.88%, 04/15/24 (f)	4,000	4,759
	10.13%, 05/15/27	7,000	9,170
	7.13%, 01/20/37	5,000	5,175
	11.00%, 08/17/40 (f)	9,000	11,498
	Hydro Quebec, 8.00%, 02/01/13	12,000	13,767
	Italy Government International Bond, 6.88%, 09/27/23	15,000	16,478
	Poland Government International Bond, 5.25%, 01/15/14	20,000	20,011

	Province of Manitoba, Canada, 4.90%, 12/06/16 (f)	5,000	5,151
			103,397
U.S. Treasury Securities - 4.3%
	U.S. Treasury Bond
	11.25%, 02/15/15 (f)	84,000	124,556
	9.13%, 05/15/18 (f)	4,000	5,867
	8.88%, 02/15/19 (f)	82,000	119,643
	8.75%, 08/15/20 (f)	35,000	51,477
	7.88%, 02/15/21	40,000	55,800
	8.00%, 11/15/21	31,000	43,991
	7.63%, 02/15/25 (f)	8,000	11,523
	6.63%, 02/15/27 (f)	50,000	66,297
	6.13%, 08/15/29	54,000	68,934
	5.38%, 02/15/38 (f)	8,000	9,423
	4.38%, 02/15/38 (f)	25,000	26,273
	3.50%, 02/15/39 (f)	13,000	11,779
	U.S. Treasury Note
	2.88%, 06/30/10 (f)	100,000	102,691
	5.75%, 08/15/10 (f)	40,000	42,647
	1.25%, 11/30/10	14,000	14,106
	0.88%, 02/28/11 (f)	155,000	155,019
	4.88%, 04/30/11	90,000	97,031
	4.88%, 07/31/11	76,000	82,430
	1.75%, 11/15/11	50,000	50,696
	4.63%, 02/29/12 (f)	75,000	81,938
	4.13%, 08/31/12 (f)	30,000	32,552
	4.25%, 09/30/12 (f)	15,000	16,368
	4.00%, 11/15/12	40,000	43,366
	3.88%, 02/15/13 (f)	60,000	65,025
	3.63%, 05/15/13 (f)	32,000	34,385
	3.13%, 09/30/13 (f)	7,000	7,382
	4.00%, 02/15/14 (f)	18,000	19,666
	4.25%, 08/15/14 (f)	42,000	46,577
	4.00%, 02/15/15 (f)	55,000	60,169
	4.13%, 05/15/15	9,000	9,928
	2.62%, 02/29/16 (f)	126,000	126,039
	5.13%, 05/15/16 (f)	35,000	40,592
			1,724,170
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES - 8.5%
Federal Home Loan Bank - 1.1%
	Federal Home Loan Bank,
	4.38%, 09/17/10	120,000	125,387
	4.63%, 02/18/11	100,000	105,986
	4.88%, 11/18/11	65,000	70,152
	5.00%, 11/01/35	120,001	123,575
			425,100
Federal Home Loan Mortgage Corp. - 1.6%
	Federal Home Loan Mortgage Corp.
	2.13%, 03/23/12	20,000	20,208

	5.13%, 07/15/12 (f)	45,000	49,614
	5.00%, 07/15/14	20,000	22,347
	4.38%, 07/17/15	35,000	38,017
	6.25%, 07/15/32	10,000	12,171
	5.00%, 05/01/35, TBA (c)	34,000	34,946
	6.00%, 06/01/35	58,393	61,373
	4.39%, 12/01/35 (d)	39,954	41,269
	6.50%, 03/01/37	72,447	76,836
	5.50%, 11/01/37	160,470	166,148
	5.50%, 08/01/38	111,334	115,273
			638,202
Federal National Mortgage Association – 5.0%
	Federal National Mortgage Association,
	5.38%, 11/15/11	25,000	27,371
	4.75%, 11/19/12	30,000	32,836
	4.13%, 04/15/14	20,000	21,459
	4.38%, 10/15/15	17,000	18,292
	5.00%, 03/15/16 (f)	50,000	55,450
	5.00%, 02/13/17	30,000	32,991
	5.00%, 06/01/18	9,325	9,719
	4.50%, 10/01/18	87,187	90,279
	5.00%, 07/01/19	29,385	30,573
	5.50%, 04/01/23	50,000	52,089
	5.00%, 05/01/23	80,000	82,842
	4.00%, 04/01/24	50,001	50,736
	5.00%, 12/01/26	82,407	85,075
	6.63%, 11/15/30 (f)	10,000	12,613
	7.00%, 08/01/32	49,995	53,956
	6.00%, 11/01/32	6,728	7,099
	6.00%, 11/01/32	17,382	18,339
	6.00%, 03/01/33	26,652	28,120
	5.00%, 06/01/33	133,162	137,523
	6.00%, 09/01/33	29,930	31,542
	6.00%, 02/01/34	76,714	81,037
	6.00%, 03/01/34	21,297	22,403
	5.00%, 06/01/34	82,425	85,008
	6.00%, 08/01/34	8,496	8,954
	5.50%, 12/01/34	223,448	232,302
	4.50%, 05/12/35, TBA (c)	60,000	61,069
	5.60%, 07/01/36 (d)	108,354	112,407
	7.00%, 09/01/36	30,858	33,048
	6.00%, 02/01/37	16,530	17,298
	5.83%, 04/01/37 (d)	56,602	59,138
	6.00%, 04/01/37	126,532	132,416
	5.50%, 06/01/37	33,432	34,673
	5.23%, 01/01/38 (d)	46,646	48,016
	4.50%, 03/01/38	67,854	69,127
	5.50%, 06/01/38	80,001	82,967
	4.00%, 05/12/39, TBA (c)	30,000	30,016
			1,988,783

Government National Mortgage Association - 0.8%
	Government National Mortgage Association,
	5.50%, 10/15/35	173,680	180,922
	6.00%, 11/15/36	24,445	25,536
	6.50%, 12/15/37	97,889	103,072
			309,530
	Total Government and Agency Obligations (cost $5,001,002)		5,189,182
SHORT TERM INVESTMENTS - 21.3%
Mutual Funds - 2.2%
	JNL Money Market Fund, 0.31% (a) (e)	884,121	884,121
Securities Lending Collateral – 18.8%
	BNY Mellon SL DBT II Liquidating Fund,
	1.03% (a) (e)	5,163,806	4,993,916
	Mellon GSL DBT II Collateral Fund, 0.36% (a) (e)	2,480,281	2,480,281
	Mellon GSL Reinvestment Trust II (a) (i) (l) (m)	170,664	-
			7,474,197
U.S. Treasury Securities - 0.3%
	U.S. Treasury Bill, 0.26%, 06/18/09 (h)	125,000	124,984
	Total Short Term Investments (cost $8,823,828)		8,483,302
	Total Investments - 119.7% (cost $65,327,910)		47,737,066
	Total Forward Sales Commitments - (0.1%)
	(proceeds $62,081)		(62,109)
	Other Assets and Liabilities, Net - (19.6%)		(7,780,268)
	Total Net Assets - 100%		$39,894,689
FORWARD SALES COMMITMENTS - 0.1%
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED
SECURITIES - 0.1%
Federal National Mortgage Association - 0.1%
	Federal National Mortgage Association
	5.00%, 05/01/21	30,000	31,031
	5.50%, 05/11/36	30,000	31,078
	Total Forward Sales Commitments – 0.1% (proceeds $62,081)		$ 62,109

The accompanying notes are an integral part of these Financial Statements.

Jackson Funds^SM (Unaudited)

Notes to the Schedules of Investments

April 30, 2009

(a)	Investment in affiliate.
(b)	Non-income producing security.
(c)	Investment purchased on a when-issued basis. As of April 30, 2009, the total cost of investments purchased on a when-issued basis for the Jackson Perspective Index 5 Fund was $139,095.
(d)	Variable rate security. Rate stated was in effect as of April 30, 2009.
(e)	Dividend yield changes daily to reflect current market conditions. Rate was the quoted yield as of April 30, 2009.
(f)	All or a portion of the security was on loan.
(g)	Rule 144A or Section 4(2) of the Securities Act of 1933, as amended, provides an exemption from the registration requirements for resale of this security to an
	institutional investor.
(h)	All or a portion of the security pledged as collateral for open futures contracts. As of April 30, 2009, the value of collateral in the Jackson Perspective Index 5 Fund was $124,984.
(i)	Security fair valued in good faith in accordance with the procedures established by the Trust's Board of Trustees. Fair valued securities may be classified as Level 2
	or Level 3 for Statement on Financial Accounting Standards ("SFAS") No. 157 disclosures based on the applicable valuation inputs. See SFAS No. 157 note on page 28 and Note 2
	in the Notes to the Financial Statements.
(j)	Security is a "step-up" bond where the coupon may increase or step-up at a future date. Rate stated was the coupon as of April 30, 2009.
(k)	The interest rate for this security is inversely affected by upgrades or downgrades to the credit rating of the issuer.
(l)	Issuer was in Chapter 11 bankruptcy and/or was in default relating to principal and/or interest.
(m)	Illiquid security. At April 30, 2009, the only illiquid security held by Jackson Perspective Index 5 Fund was Mellon GSL Reinvestment Trust II. The fair value of this security
	was $0.00 at April 31, 2009.
(n)	Rule 144A or Section 4(2) liquid security, the Fund has deemed this security to be liquid based on procedures approved by the Trust's Board of Trustees. As of April 30, 2009,
	the value of Rule 144A and Section 4(2) securities is $28,908 in Jackson Perspective Index 5 Fund.

Abbreviations:

ADR - American Depository Receipt

EUR - European Currency Unit (Euro)

GBP - British Pound

JPY - Japanese Yen

TBA - To Be Announced

USD- United States Dollar

VVPR Strip - Coupon which reduces withholding tax on dividends paid

Investments in affiliates - See Note 3 in the Notes to the Financial Statements for further discussion of other affiliated investments. The Jackson Perspective Index 5 Fund invested in Prudential plc, the parent company of Jackson National Life Insurance Company, and Bank of New York Mellon Corp., the parent company of the Fund's sub-adviser.

The following table includes long-term investments in affiliates for the period ended April 30, 2009:

		Value				Dividend	Value
		Beginning		Sales	Realized	Income	End
Fund	Affiliate	of Period	Purchases	Proceeds	Gain (Loss)	Received	of Period
Jackson Perspective Index 5 Fund	Bank of New York Mellon Corp.	$ 33,252	$ 3,836	$ -	$ -	$ 490	$ 30,398
Jackson Perspective Index 5 Fund	Prudential plc	9,389	-	-	-	227	16,323

The following table includes cash management and securities lending collateral investments in affiliates for the period ending April 30, 2009. Dividend income received from BNY Mellon SL DBT II Liquidating Fund and Mellon GSL DBT II Collateral Fund is aggregated with income from securities lending when received from the custodian and reflected as securities lending income in the Statements of Operations on page 16. There was no dividend income received from investments in the Mellon GSL Reinvestment Trust II during the period ended April 30, 2009. Purchase and sales proceeds are not shown for these investments. There was no realized gain or loss relating to transactions for these investments during the period ended April 30, 2009.

		Value	Amortized	Value	Dividend
		Beginning	Cost	End	Income
Fund	Affiliate	of Period	End of Period	of Period	Received
Jackson Perspective Index 5 Fund	JNL Money Market Fund	$ 1,754,349	$ 884,121	$ 884,121	$ 7,177

		Value	Amortized	Value
		Beginning	Cost	End
Fund	Affiliate	of Period	End of Period	of Period
Jackson Perspective Index 5 Fund	BNY Mellon SL DBT II Liquidating Fund	-	5,163,805	4,993,916
Jackson Perspective Index 5 Fund	Mellon GSL DBT II Collateral Fund	7,253,109	2,480,281	2,480,281
Jackson Perspective Index 5 Fund	Mellon GSL Reinvestment Trust II	9,216	170,664	-

Jackson Funds^SM (Unaudited)

Notes to the Schedules of Investments (continued)

April 30, 2009

Summary of Open Forward Foreign Currency Contracts:
	Currency	Settlement	Notional		Currency	Unrealized
	Purchased/Sold	Date	Amount		Value	Gain/(Loss)
	Jackson Perspective Index 5 Fund
	EUR/USD	6/17/09	173,012	EUR	$ 228,833	$ 7,840
	EUR/USD	6/17/09	20,800	EUR	27,511	(203)
	EUR/USD	6/17/09	20,400	EUR	26,982	149
	EUR/USD	6/17/09	21,000	EUR	27,776	(57)
	EUR/USD	6/17/09	21,700	EUR	28,701	(52)
	GBP/USD	6/17/09	77,272	GBP	114,273	7,787
	JPY/USD	6/17/09	21,281,885	JPY	215,989	(2,207)
	USD/EUR	6/17/09	(21,200)	EUR	(28,040)	472
	USD/EUR	6/17/09	(21,700)	EUR	(28,701)	124
	USD/EUR	6/17/09	(22,300)	EUR	(29,495)	(396)
					$ 583,829	$ 13,457

Schedule of Open Futures Contracts:
	Contracts	Unrealized
	Long	Appreciation
Jackson Perspective Index 5 Fund
Dow Jones Euro Stoxx 50 Index Future
Expiration June 2009	4	$ 19,464
FTSE 100 Index Future
Expiration June 2009	1	6,145
Russell 2000 Mini Index Future
Expiration June 2009	5	61,940
S&P 500 E-Mini Index Future
Expiration June 2009	6	40,831
S&P MidCap 400 E-Mini Index Future
Expiration June 2009	4	52,772
Topix Index Future
Expiration June 2009	1	14,228
		$ 195,380

Financial Accounting Standards Board Statement of Financial Accounting Standards ("SFAS") No. 157 Fair Value Measurements - 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. Please see Note 2 in the Notes to the Financial Statements.

The following table summarizes the Fund's assets as of April 30, 2009 by level:

	Investments in Securities					Investments in Other Financial Instruments*
	Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
Jackson Perspective Index 5 Fund	$ 30,864,423	$ 16,871,382	$ 1,261	$ 47,737,066	$ 195,379	$ 16,372	$ -	$ 211,751

The following table summarizes the Fund's liabilities as of April 30, 2009 by level:

					Investments in Other Financial Instruments*
	Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
Jackson Perspective Index 5 Fund	$ -	$ (62,109)	$ -	$ (62,109)	$ -	$ (2,915)	$ -	$ (2,915)

The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:

				Transfers In		Change In Unrealized
	Balance At	Total Realized	Net	and/or (Out) of	Balance At	Appreciation/Depreciation during
	Beginning of	and Unrealized	Purchases/	Level 3 During	End of	the Period for Level 3 Investments
	Period	Gain/(Loss)	(Sales)	the Period	Period	Held at April 30, 2009
Jackson Perspective Index 5 Fund	$ 6,204	$ (633)	$ -	$ (4,310)	$ 1,261		$ (633)

* Investments in other financial instruments are derivative instruments which include forward foreign currency contracts and futures contracts. Derivatives are reflected at the unrealized appreciation/(depreciation) on the instrument.

Jackson Funds^SM (Unaudited)

Notes to the Schedules of Investments (continued)

April 30, 2009

Summary of Investments by Sector (as a percentage of total investments):

	Jackson
	Perspective
	Index 5
Sector	Fund
Consumer Discretionary	8.8	%
Consumer Staples	5.0
Energy	5.6
Financials	13.8
Health Care	8.3
Industrials	9.2
Information Technology	9.8
Materials	4.0
Telecommunication Services	2.3
Utilities	3.8
Government Securities	3.8
Non-U.S. Government Agency
Asset-Backed Sercurities	0.7
U.S Government Agency
Mortgage-Backed Securities	7.0
Investment Funds	-
Certificates of Deposit	-
Commercial Paper	-
Mutual Funds	1.9
Repurchase Agreement	-
Other Short Term Securities	16.0
Total	100.0	%

Summary of Investments by Country (as a percentage of total long-term investments):*

	Jackson
	Perspective
	Index 5
	Fund
Australia	1.4	%
Austria	0.1
Belgium	0.2
Bermuda	0.4
Brazil	0.1
Canada	0.1
Denmark	0.2
Finland	0.3
France	2.1
Germany	1.9
Greece	0.1
Hong Kong	0.5
Ireland	0.1
Israel	-
Italy	0.7
Japan	5.0
Luxembourg	0.1
Netherlands	0.7
Norway	0.1
Poland	0.1
Singapore	0.2
Spain	0.9
Sweden	0.5
Switzerland	1.6
United Kingdom	4.0
United States	78.6
Total	100.0	%

* The Funds presented in the table are those which had greater than 10% of long-term investments in non-U.S. securities at April 30, 2009.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

No material changes have been made.

Item 11. Controls and Procedures.

(a) The registrant maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in the registrant's filings under the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, is recorded, processed, summarized, and reported within the periods specified in the rules and forms of the U.S. Securities and Exchange Commission. Such information is accumulated and communicated to the registrant's management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The registrant's management, including the principal executive officer and the principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

Within ninety (90) days prior to the filing date of this report on Form N-CSR, the registrant had carried out an evaluation, under the supervision and with the participation of the registrant's management, including the registrant's principal executive officer and the registrant's principal financial officer, of the effectiveness of the design and operation of the registrant's disclosure controls and procedures. Based on such evaluation, the registrant's principal executive officer and principal financial officer concluded that the registrant's disclosure controls and procedures are effective.

(b) There have been no significant changes in the registrant’s internal controls over financial reporting during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal controls over financial reporting. There have been no significant changes in the registrant's internal controls or in other factors that could significantly affect the internal controls subsequent to the date of their evaluation in connection with the preparation of this report on Form N-CSR.

Item 12. Exhibits

(a)	(1) Not applicable to the semi-annual filing.
	(2) The certifications required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are attached hereto.
	(3) Not applicable.
(b)	The certification required by Rule 30a-2(b) under the Investment Company Act of 1940, as
	amended, is attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

By:	/s/ Mark D. Nerud
	Mark D. Nerud
	Principal Executive Officer
Date:	July 6, 2009

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Mark D. Nerud
	Mark D. Nerud
	Principal Executive Officer
Date:	July 6, 2009
By:	/s/ Daniel W. Koors
	Daniel W. Koors
	Principal Financial Officer
Date:	July 6, 2009

EXHIBIT LIST

Exhibit 12(a)(2)	Certification of the Principal Executive Officer required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended.
	Certification of the Principal Financial Officer required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended.
Exhibit 12(b)	Certification required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended.