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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 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)

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

(Mailing Address)

Steven J. Fredricks

Jackson National Asset Management, LLC

225 West Wacker Drive, Suite 1200

Chicago, Illinois 60606

(Name and Address of agent of service)

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

Date of Fiscal Year End: December 31

Date of Reporting period: January 1, 2017 – June 30, 2017

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

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

Item 1. Report to Shareholders.

SEMI-ANNUAL REPORT (UNAUDITED)

June 30, 2017

• JNL^® Investors Series Trust

        

JNL Investors Series Trust (Unaudited)

Schedules of Investments (in thousands)

June 30, 2017

			Shares/Par†		Value
JNL/PPM America Low Duration Bond Fund
NON-U.S. GOVERNMENT AGENCY ASSET-BACKED SECURITIES 30.3%
	AEP Texas Central Transition Funding III LLC
		Series 2012-A1-1, 0.88%, 12/01/17	34	$	34
	American Express Credit Account Master Trust
		Series 2012-B-4, 1.71%, 10/16/17 (a)	7,150		7,157
		Series 2014-B-1, 1.66%, 05/15/19 (a)	1,214		1,217
	American Express Credit Account Secured Note Trust
		Series 2012-C-4, 1.96%, 10/16/17 (a) (b)	4,302		4,307
	American Express Issuance Trust
		Series 2013-C-1, 1.86%, 03/15/18 (a)	367		368
	American Express Issuance Trust II
		Series 2013-A-1, 1.44%, 03/15/18 (a)	5,000		5,007
		Series 2013-B-1, 1.61%, 03/15/18 (a)	5,465		5,472
	AmeriCredit Automobile Receivables Trust
		Series 2015-B-3, 2.08%, 09/08/18	273		274
		Series 2014-C-4, 2.47%, 09/10/18	1,900		1,914
		Series 2013-C-2, 1.79%, 03/08/19	136		136
		Series 2015-A2A-4, 1.26%, 04/08/19	65		65
		Series 2016-A2A-1, 1.52%, 06/10/19	425		425
		Series 2013-C-3, 2.38%, 06/10/19	100		100
		Series 2014-B-2, 1.60%, 07/08/19	612		612
		Series 2014-B-1, 1.68%, 07/08/19	661		662
		Series 2013-D-4, 3.31%, 10/08/19	930		938
		Series 2016-A2A-4, 1.34%, 04/08/20	1,582		1,580
		Series 2017-A2A-1, 1.51%, 05/18/20	3,054		3,051
		Series 2014-C-2, 2.18%, 06/08/20	850		853
		Series 2016-B-1, 2.30%, 03/08/21	1,500		1,508
		Series 2014-C-3, REMIC, 2.58%, 08/08/18	460		463
	Ascentium Equipment Receivables LLC
		Series 2015-A3-2A, 1.93%, 03/11/19 (c) (d)	863		863
		Series 2015-B-1A, 2.26%, 06/10/21 (b)	232		233
	Ascentium Equipment Receivables Trust
		Series 2016-A2-2A, 1.46%, 10/10/18 (b)	2,471		2,467
		Series 2017-A2-1A, 1.87%, 07/10/19 (b)	690		690
		Series 2016-A3-2A, 1.65%, 11/11/19 (b)	937		931
		Series 2017-A3-1A, 2.29%, 06/10/21 (c) (d)	891		891
		Series 2016-A2-1A, REMIC, 1.75%, 11/13/18 (b)	359		359
		Series 2016-A3-1A, REMIC, 1.92%, 12/10/19 (b)	357		356
	Aventura Mall Trust
		Series 2013-A-AVM, REMIC, 3.87%, 12/05/20 (a) (b)	2,337		2,452
	BA Credit Card Trust
		Series 2017-A1-A1, 1.95%, 03/16/20	3,327		3,335
	Banc of America Commercial Mortgage Trust
		Series 2007-A4-5, REMIC, 5.49%, 10/10/17	699		702
	Bank of The West Auto Trust
		Series 2015-A3-1, 1.31%, 10/15/19 (b)	294		294
	BBCMS Trust
		Series 2013-A2-TYSN, REMIC, 3.76%, 09/05/20 (b)	536		561
	Bear Stearns Commercial Mortgage Securities Trust
		Series 2007-A4-T28, REMIC, 5.74%, 09/11/17 (a)	83		84
		Series 2007-A4-PW17, REMIC, 5.69%, 06/11/50 (a)	814		815
	California Republic Auto Receivables Trust
		Series 2015-A3-3, 1.62%, 05/15/18	2,027		2,027
		Series 2014-A4-2, 1.57%, 08/15/18	1,705		1,705
		Series 2014-A4-3, 1.79%, 10/15/18	1,083		1,085
		Series 2016-A3-1, 1.89%, 10/15/18	3,000		3,005
		Series 2016-A3-2, 1.56%, 01/15/19	2,800		2,797
		Series 2017-A3-1, 1.90%, 09/16/19	1,727		1,723
	CarMax Auto Owner Trust
		Series 2013-B-3, 1.91%, 03/15/19	985		986
		Series 2014-A3-3, 1.16%, 06/17/19	543		542
		Series 2016-A3-2, 1.52%, 10/15/19	2,382		2,378
	CCG Receivables Trust
		Series 2015-A3-1, 1.92%, 01/17/23 (b)	2,823		2,828
	CenterPoint Energy Restoration Bond Co. LLC
		Series 2009-A3-1, 4.24%, 08/15/22	2,000		2,132
	CenterPoint Energy Transition Bond Co. II LLC
		Series 2005-A4-A, 5.17%, 08/01/19	101		102
			Shares/Par†		Value
	Chrysler Capital Auto Receivables Trust
		Series 2015-A3-BA, 1.91%, 08/15/18 (b)	2,002		2,005
		Series 2015-A3-AA, 1.22%, 07/15/19 (b)	728		728
		Series 2016-A3-BA, 1.64%, 07/15/21 (c) (d)	2,309		2,302
		Series 2014-A4-BA, REMIC, 1.76%, 05/15/18 (b)	834		835
	CIT Equipment Collateral
		Series 2014-A3-VT1, 1.50%, 03/20/18 (b)	360		360
	Citibank Credit Card Issuance Trust
		Series 2007-A8-A8, 5.65%, 09/20/17	2,100		2,119
		Series 2008-A1-A1, 5.35%, 02/07/18	1,350		1,381
		Series 2017-A4-A4, 1.30%, 04/07/20 (a)	4,386		4,391
	Citigroup Commercial Mortgage Trust
		Series 2014-AAB-GC19, REMIC, 3.55%, 11/10/23	1,000		1,049
	CNH Equipment Trust
		Series 2014-A4-A, 1.50%, 05/15/20	325		325
		Series 2015-A2B-C, REMIC, 1.63%, 12/17/18 (a)	30		30
	COLT Mortgage Loan Trust
		Series 2017-A1-1, 2.61%, 05/27/47 (a) (c) (d)	1,524		1,527
		Series 2016-A1-2, REMIC, 2.75%, 09/25/46 (a) (b)	507		502
		Series 2016-A1-3, REMIC, 2.80%, 12/26/46 (a) (b)	1,373		1,377
	COMM Mortgage Trust
		Series 2014-ASB-CR15, 3.60%, 11/10/23	3,004		3,150
		Series 2013-A1-CR12, REMIC, 1.30%, 09/10/18	2,065		2,061
		Series 2013-ASB-CR12, REMIC, 3.62%, 07/10/23	1,893		1,978
		Series 2014-ASB-UBS6, REMIC, 3.39%, 08/10/24	207		215
	Commercial Mortgage Trust
		Series 2014-A1-CR21, REMIC, 1.49%, 08/10/19	388		388
		Series 2014-ASB-LC15, REMIC, 3.53%, 07/10/23	517		541
		Series 2014-ASB-CR16, REMIC, 3.65%, 11/10/23	1,849		1,946
	Credit Suisse First Boston Mortgage Securities Corp.
		Series 2004-D-C2, REMIC, 5.57%, 05/15/36 (a) (b)	58		57
	CSMC Trust
		Series 2017-A3-HL1, REMIC, 3.50%, 06/25/47 (a) (c) (d) (e)	2,187		2,237
	DBUBS Mortgage Trust
		Series 2011-A3-LC1A, REMIC, 5.00%, 01/10/21 (b)	1,275		1,370
	Dell Equipment Finance Trust
		Series 2016-B-1, 2.03%, 01/22/19 (b)	508		505
		Series 2017-A2-1, 1.86%, 06/24/19 (b)	2,987		2,988
		Series 2015-A3-1, 1.30%, 03/23/20 (b)	182		182
		Series 2015-B-1, 1.81%, 03/23/20 (b)	581		581
		Series 2015-C-1, 2.42%, 03/23/20 (b)	484		484
		Series 2015-C-2, 2.75%, 09/22/20 (b)	224		224
		Series 2017-A3-1, 2.14%, 04/22/22 (b)	2,661		2,659
	Federated Mortgage Fund Mortgage Trust
		Series 2011-B-K12, REMIC, 4.49%, 12/25/20 (a) (b)	2,210		2,341
	First Investors Auto Owner Trust
		Series 2013-C-3A, 2.91%, 11/15/17 (b)	2,885		2,899
		Series 2014-A3-2A, 1.49%, 12/15/17 (b)	535		535
		Series 2014-B-3A, 2.39%, 07/16/18 (b)	880		878
		Series 2016-A1-2A, 1.53%, 10/15/18 (b)	1,509		1,505
		Series 2016-A1-1A, 1.92%, 05/15/20 (b)	755		755
	Ford Credit Auto Owner Trust
		Series 2014-B-B, 1.72%, 04/15/18	1,000		1,000
		Series 2014-C-B, 1.95%, 04/15/18	1,549		1,549
		Series 2013-B-B, 1.11%, 10/15/18	227		227
		Series 2013-C-B, 1.32%, 01/15/19	440		440
		Series 2013-B-D, 1.54%, 03/15/19	2,500		2,500
		Series 2014-B-A, 1.71%, 05/15/19	415		415
		Series 2014-C-A, 1.90%, 09/15/19	435		436
		Series 2014-B-C, 1.97%, 04/15/20	553		552
		Series 2015-B-A, 2.03%, 08/15/20	480		481
		Series 2015-C-A, 2.20%, 11/15/20	3,000		3,019
	Ford Credit Floorplan Master Owner Trust
		Series 2014-B-4, 1.65%, 08/15/17	2,300		2,299
		Series 2012-B-5, 1.69%, 09/15/17	200		200

See accompanying Notes to Financial Statements.

1

JNL Investors Series Trust (Unaudited)

Schedules of Investments (in thousands)

June 30, 2017

			Shares/Par†		Value
		Series 2012-C-5, 2.14%, 09/15/17	700		700
		Series 2015-A1-1, 1.42%, 01/15/18	2,879		2,878
		Series 2013-A-4, 1.71%, 06/15/18 (a)	535		535
		Series 2016-A-4, 1.69%, 07/15/18 (a)	1,000		1,003
	GM Financial Automobile Leasing Trust
		Series 2016-A2A-3, 1.35%, 07/20/18	2,373		2,370
		Series 2016-A3-3, 1.61%, 03/20/19	5,000		4,985
	GM Financial Consumer Automobile Receivables Trust
		Series 2017-A3-1A, 1.78%, 10/18/21 (b)	3,113		3,113
	GMF Floorplan Owner Revolving Trust
		Series 2015-A2-1, 1.66%, 05/15/18 (a) (b)	5,000		5,013
	GreatAmerica Leasing Receivables Funding LLC
		Series 2016-A2-1, 1.57%, 11/20/17 (b)	1,488		1,488
		Series 2014-A4-1, 1.47%, 01/15/18 (b)	625		624
		Series 2015-A3-1, 1.54%, 07/20/18 (b)	2,734		2,733
		Series 2017-A2-1, 1.72%, 04/22/19 (b)	822		821
		Series 2017-A3-1, 2.06%, 06/22/20 (b)	871		871
		Series 2015-A4-1, 2.02%, 06/21/21 (b)	620		621
	GS Mortgage Securities Trust
		Series 2011-A4-GC3, REMIC, 4.75%, 01/10/21 (b)	1,357		1,452
		Series 2012-A-ALOH, REMIC, 3.55%, 04/10/22 (b)	3,377		3,541
	Harley-Davidson Motorcycle Trust
		Series 2015-A3-1, 1.41%, 06/15/20	3,714		3,711
	Hilton Grand Vacations Trust
		Series 2014-A-AA, 1.77%, 11/25/26 (b)	619		607
		Series 2017-A-AA, 2.66%, 12/27/28 (c) (d)	2,028		2,024
	Honda Auto Receivables Owner Trust
		Series 2016-A3-2, 1.39%, 04/15/19	550		549
	Huntington Auto Trust
		Series 2015-A3-1, 1.24%, 09/16/19	593		593
	Hyundai Auto Receivables Trust
		Series 2014-A3-B, 0.90%, 12/17/18	294		293
		Series 2014-C-A, 2.02%, 08/15/19	695		697
		Series 2014-C-B, 2.10%, 11/15/19	254		254
		Series 2015-B-B, 2.01%, 06/15/21	1,180		1,183
	John Deere Owner Trust
		Series 2016-A3-B, 1.25%, 07/15/19	275		274
	JPMBB Commercial Mortgage Securities Trust
		Series 2013-ASB-C17, REMIC, 3.71%, 09/15/23	1,100		1,156
	JPMorgan Chase Commercial Mortgage Securities Trust
		Series 2014-ASB-C20, REMIC, 3.46%, 04/15/24	3,430		3,574
	JPMorgan Mortgage Trust
		Series 2015-A6-3, REMIC, 3.00%, 04/25/22 (a) (b)	1,605		1,626
		Series 2015-A5-6, REMIC, 3.50%, 08/25/22 (a) (b)	1,941		1,991
		Series 2014-A1-5, REMIC, 3.00%, 10/25/26 (a) (b)	1,456		1,472
		Series 2016-A1-2, REMIC, 2.68%, 06/25/46 (b)	2,781		2,790
		Series 2016-2A1-3, REMIC, 3.00%, 10/25/46 (a) (b)	1,790		1,813
	Kubota Credit Owner Trust
		Series 2016-A2-1A, 1.25%, 04/15/19 (b)	926		925
		Series 2016-A3-1A, 1.50%, 07/15/20 (b)	2,440		2,423
		Series 2015-A3-1A, REMIC, 1.54%, 03/15/19 (b)	4,745		4,746
		Series 2015-A4-1A, REMIC, 1.79%, 08/16/21 (b)	261		261
	Leaf Receivables Funding 11 LLC
		Series 2016-B-1, 2.78%, 01/15/20 (b)	1,254		1,262
	Leaf Receivables Funding 12 LLC
		Series 2017-A2-1, 1.72%, 02/15/19 (b)	1,160		1,159
		Series 2017-A3-1, 2.07%, 05/15/20 (b)	635		633
	Mercedes-Benz Auto Lease Trust
		Series 2016-A3-B, 1.35%, 12/15/18	3,000		2,992
	Mercedes-Benz Master Owner Trust
		Series 2015-A-BA, 1.54%, 04/16/18 (a) (c) (d)	1,500		1,502
		Series 2016-A-AA, 1.74%, 05/15/18 (a) (b)	5,672		5,693
	Merrill Lynch Mortgage Investors Trust
		Series 2003-A1-E, REMIC, 1.84%, 10/25/28 (a)	1,263		1,215
	MMCA Auto Owner Trust
		Series 2014-A3-A, 1.21%, 12/16/19 (b)	1,233		1,232
		Series 2014-B-A, 1.92%, 12/16/19 (b)	2,000		1,999
			Shares/Par†		Value
	Morgan Stanley Bank of America Merrill Lynch Trust
		Series 2014-ASB-C15, REMIC, 3.65%, 12/15/23	803		843
	Morgan Stanley Capital Barclays Bank Trust
		Series 2016-B-MART, REMIC, 2.48%, 09/13/21 (b)	3,000		2,956
	Nissan Auto Receivables Owner Trust
		Series 2016-A3-C, 1.18%, 11/15/19	2,500		2,481
	Sequoia Mortgage Trust
		Series 2016-A10-3, REMIC, 3.50%, 12/25/24 (b)	912		927
		Series 2017-A4-3, REMIC, 3.50%, 04/25/47 (a) (c) (d)	1,844		1,874
	Shellpoint Co-Originator Trust
		Series 2017-A4-1, 3.50%, 04/25/44 (a) (b)	2,521		2,568
		Series 2016-1A10-1, REMIC, 3.50%, 11/25/46 (a) (b)	1,822		1,852
	Sierra Receivables Funding Co. LLC
		Series 2013-A-1A, 1.59%, 08/20/20 (b)	1,057		1,055
		Series 2015-A-1A, 2.40%, 03/20/32 (b)	222		222
	Sierra Timeshare Receivables Funding LLC
		Series 2013-A-3A, 2.20%, 05/20/21 (b)	765		764
		Series 2013-A-2A, 2.28%, 11/20/25 (b)	1,067		1,065
		Series 2014-A-2A, 2.05%, 06/20/31 (b)	759		757
		Series 2014-A-3A, 2.30%, 10/20/31 (b)	858		854
		Series 2016-A-1A, 3.08%, 03/21/33 (b)	900		911
	Springleaf Mortgage Loan Trust
		Series 2013-A-3A, REMIC, 1.87%, 09/25/57 (a) (b)	851		851
	SunTrust Auto Receivables Trust
		Series 2015-A3-1A, 1.42%, 04/16/18 (b)	2,280		2,280
		Series 2015-A4-1A, 1.78%, 05/15/19 (b)	1,050		1,045
	Toyota Auto Receivables Owner Trust
		Series 2016-A3-B, 1.30%, 04/15/19	1,808		1,802
		Series 2014-A4-C, 1.44%, 04/15/20	1,417		1,417
	Verizon Owner Trust
		Series 2016-A-1A, 1.42%, 01/20/21 (b)	2,121		2,110
		Series 2016-A-2A, 1.68%, 05/20/21 (b)	5,000		4,986
		Series 2017-A-2A, 1.92%, 12/20/21 (b)	2,835		2,836
	Volvo Financial Equipment LLC
		Series 2017-A2-1A, 1.55%, 09/17/18 (b)	1,792		1,791
		Series 2016-A2-1A, 1.44%, 10/15/18 (b)	891		891
		Series 2015-A3-1A, 1.51%, 06/17/19 (b)	2,334		2,335
		Series 2014-B-1A, 1.66%, 11/16/20 (c) (d)	443		442
		Series 2014-C-1A, 1.94%, 11/15/21 (b)	650		650
	Wells Fargo Mortgage-Backed Securities Trust
		Series 2005-2A4-AR10, REMIC, 3.15%, 06/25/35 (a)	378		398
	Westlake Automobile Receivables Trust
		Series 2016-A2B-1A, 2.21%, 09/15/17 (a) (b)	2,519		2,520
		Series 2016-A2-3A, 1.42%, 10/15/19 (b)	1,737		1,735
		Series 2015-A2B-3A, 2.09%, 05/17/21 (a) (b)	81		81
	World Omni Auto Receivables Trust
		Series 2015-A2B-B, 1.56%, 07/15/19 (a)	263		263
	World Omni Automobile Lease Securitization Trust
		Series 2015-A2A-A, 1.06%, 07/17/17	403		403
		Series 2015-A3-A, 1.54%, 02/15/18	3,500		3,501
		Series 2017-A2-A, 1.68%, 12/16/19	3,000		2,999
	Total Non-U.S. Government Agency Asset-Backed Securities (cost $272,993)			272,876
CORPORATE BONDS AND NOTES 52.7%
Consumer Discretionary 1.0%
	Dollar General Corp.
		1.88%, 04/15/18	568		568
	Newell Rubbermaid Inc.
		3.15%, 04/01/21 (f)	2,000		2,047
	Time Warner Cable Inc.
		8.75%, 02/14/19	3,000		3,304
	Toll Brothers Finance Corp.
		8.91%, 10/15/17	560		570
	Walt Disney Co.
		2.45%, 03/04/22	2,679		2,697
				9,186
Consumer Staples 3.0%
	Altria Group Inc.
		2.63%, 01/14/20	7,000		7,105

See accompanying Notes to Financial Statements.

2

JNL Investors Series Trust (Unaudited)

Schedules of Investments (in thousands)

June 30, 2017

			Shares/Par†		Value
	Constellation Brands Inc.
		2.70%, 05/09/22	2,045		2,041
	CVS Health Corp.
		2.80%, 07/20/20	1,619		1,648
	Kraft Foods Group Inc.
		5.38%, 02/10/20	3,000		3,235
	Kraft Heinz Foods Co.
		2.00%, 07/02/18	1,834		1,839
	Mondelez International Holdings Netherlands BV
		1.63%, 10/28/19 (b)	4,500		4,452
	Reynolds American Inc.
		2.30%, 06/12/18	6,000		6,026
	WM Wrigley Jr. Co.
		2.00%, 10/20/17 (b)	468		469
				26,815
Energy 1.8%
	Anadarko Petroleum Corp.
		6.95%, 06/15/19	1,389		1,505
	Chevron Phillips Chemical Co. LLC
		1.70%, 05/01/18 (b)	3,000		3,001
	Energy Transfer Partners LP
		6.70%, 07/01/18	2,675		2,796
	NGPL PipeCo LLC
		7.12%, 12/15/17 (c) (d)	3,000		3,058
	Phillips 66
		1.89%, 04/15/20 (a) (b)	1,419		1,423
	Regency Energy Partners LP
		5.88%, 03/01/22	1,000		1,101
	Sabine Pass Liquefaction LLC
		5.63%, 04/15/23	3,500		3,905
				16,789
Financials 29.4%
	ABN AMRO Bank NV
		2.10%, 01/18/19 (b)	1,500		1,503
	AerCap Ireland Capital Ltd.
		3.75%, 05/15/19	2,000		2,053
	Ally Financial Inc.
		3.25%, 09/29/17	220		220
	American Express Credit Corp.
		1.59%, 09/22/17 (a)	1,450		1,451
	Anheuser-Busch InBev Finance Inc.
		1.90%, 02/01/19	8,000		8,023
		3.30%, 02/01/23	2,000		2,057
	Bank of America Corp.
		6.00%, 09/01/17	5,000		5,033
		5.65%, 05/01/18	3,000		3,092
		2.60%, 01/15/19	2,000		2,019
		5.49%, 03/15/19	1,295		1,363
		3.30%, 01/11/23	1,437		1,464
		2.15%, 04/24/23 (a)	3,000		3,010
	Bank of America NA
		1.75%, 06/05/18	527		528
	Bank of Montreal
		1.50%, 07/18/19	3,000		2,973
		1.99%, 08/27/21 (a)	4,000		4,049
	Bank of Nova Scotia
		2.70%, 03/07/22	2,618		2,630
	Barclays Bank Plc
		6.05%, 12/04/17 (c) (d)	6,516		6,620
	Barclays Plc
		2.75%, 11/08/19	2,000		2,018
	Berkshire Hathaway Finance Corp.
		1.94%, 03/15/19 (a)	4,000		4,040
	BNZ International Funding Ltd.
		2.40%, 02/21/20 (c) (d)	3,000		3,009
	Caisse Centrale Desjardins
		1.55%, 09/12/17 (b)	3,000		3,000
	Capital One Bank USA NA
		2.15%, 11/21/18	1,075		1,077
	Capital One NA
		1.50%, 09/05/17	2,250		2,250
	CBOE Holdings Inc.
		1.95%, 06/28/19	4,000		3,999
			Shares/Par†		Value
	Citibank NA
		2.10%, 06/12/20	3,998		3,991
	Citigroup Inc.
		1.86%, 04/27/18 (a)	800		803
		2.75%, 04/25/22	3,000		2,998
	Compass Bank
		1.85%, 09/29/17	5,100		5,101
	Credit Agricole SA
		2.20%, 06/10/20 (a) (b)	3,000		3,034
	Credit Suisse Group Funding Guernsey Ltd.
		2.75%, 03/26/20	1,500		1,514
		3.13%, 12/10/20	3,000		3,052
	Daimler Finance North America LLC
		1.63%, 03/02/18 (a) (b)	2,500		2,502
		2.00%, 08/03/18 (b)	3,000		3,006
	Diamond 1 Finance Corp.
		3.48%, 06/01/19 (b)	1,000		1,024
		5.45%, 06/15/23 (b)	1,750		1,902
	Discover Bank
		2.00%, 02/21/18	6,750		6,759
	Equity Commonwealth
		6.65%, 01/15/18	1,185		1,186
	Fifth Third Bank
		2.38%, 04/25/19	2,950		2,971
	First Horizon National Corp.
		3.50%, 12/15/20	2,000		2,052
	Five Corners Funding Trust
		4.42%, 11/15/23 (b)	3,016		3,263
	Ford Motor Credit Co. LLC
		1.72%, 12/06/17	405		405
		5.00%, 05/15/18	5,000		5,128
		2.94%, 01/08/19	2,981		3,020
		2.46%, 03/27/20	1,500		1,501
	General Motors Financial Co. Inc.
		2.40%, 04/10/18	1,000		1,004
		3.10%, 01/15/19	3,794		3,844
	Goldman Sachs Group Inc.
		6.15%, 04/01/18	3,090		3,188
		7.50%, 02/15/19	5,000		5,432
		2.35%, 11/15/21	668		659
		3.00%, 04/26/22	5,471		5,510
	Guardian Life Global Funding
		2.00%, 04/26/21 (b)	2,273		2,239
	HSBC Bank Plc
		1.50%, 05/15/18 (b)	540		539
	HSBC Holdings Plc
		3.26%, 03/13/23 (a)	2,143		2,186
	HSBC USA Inc.
		2.63%, 09/24/18	3,000		3,032
	Huntington Bancshares Inc.
		2.60%, 08/02/18	2,369		2,388
	Huntington National Bank
		2.20%, 11/06/18	555		557
	JPMorgan Chase & Co.
		5.30%, (callable at 100 beginning 05/01/20) (g)	4,500		4,706
		4.40%, 07/22/20	2,000		2,129
		1.77%, 03/09/21 (a)	3,000		2,994
		2.30%, 08/15/21	3,000		2,983
	JPMorgan Chase Bank NA
		1.88%, 09/23/19 (a)	4,000		4,028
	Merrill Lynch & Co. Inc.
		6.88%, 04/25/18	3,000		3,120
	Metropolitan Life Global Funding I
		2.65%, 04/08/22 (b)	3,529		3,544
	Mizuho Bank Ltd.
		1.70%, 09/25/17 (b)	3,000		3,001
	Morgan Stanley
		3.10%, 11/09/18 (a)	930		945
		2.38%, 07/23/19	3,721		3,749
		2.56%, 04/21/21 (a)	3,000		3,070
		2.75%, 05/19/22	5,000		4,995
		2.37%, 05/08/24 (a)	3,000		3,011
	National Australia Bank Ltd.
		1.68%, 05/22/20 (a) (b)	3,000		3,002

See accompanying Notes to Financial Statements.

3

JNL Investors Series Trust (Unaudited)

Schedules of Investments (in thousands)

June 30, 2017

			Shares/Par†		Value
	National City Bank of Indiana
		4.25%, 07/01/18	5,500		5,625
	PNC Bank NA
		4.88%, 09/21/17	3,000		3,019
		6.00%, 12/07/17	2,525		2,571
	Pricoa Global Funding I
		1.90%, 09/21/18 (b)	3,000		3,006
		1.45%, 09/13/19 (c) (d)	3,000		2,961
	Reckitt Benckiser Treasury Services Plc
		2.38%, 06/24/22 (b)	3,000		2,983
		2.75%, 06/26/24 (b)	3,999		3,961
	Reliance Standard Life Global Funding II
		2.15%, 10/15/18 (b)	2,500		2,505
	Royal Bank of Canada
		2.00%, 12/10/18	2,000		2,007
		2.13%, 03/02/20	3,947		3,953
	Santander UK Plc
		1.65%, 09/29/17	2,000		2,001
		2.04%, 08/24/18 (a)	840		845
	Shell International Finance BV
		1.63%, 11/10/18	2,500		2,502
	SunTrust Bank
		7.25%, 03/15/18	1,365		1,416
	SunTrust Banks Inc.
		2.35%, 11/01/18	3,000		3,016
	UBS AG
		2.20%, 06/08/20 (b)	3,063		3,063
	UBS Group AG
		2.95%, 09/24/20 (b)	2,500		2,545
	UBS Group Funding Jersey Ltd.
		2.65%, 02/01/22 (b)	3,852		3,825
	WEA Finance LLC
		1.75%, 09/15/17 (b)	4,470		4,470
		2.70%, 09/17/19 (b)	920		927
	Wells Fargo & Co.
		1.85%, 01/30/20 (a)	3,000		3,019
		2.11%, 02/11/22 (a)	3,000		3,022
	Westpac Banking Corp.
		2.01%, 01/11/22 (a)	3,000		3,021
				264,811
Health Care 2.6%
	Abbott Laboratories
		2.90%, 11/30/21	4,000		4,037
	Actavis Funding SCS
		2.45%, 06/15/19	1,000		1,006
		3.00%, 03/12/20	3,000		3,061
	Becton Dickinson & Co.
		2.40%, 06/05/20	3,000		3,005
	HCA Inc.
		3.75%, 03/15/19	4,500		4,596
	Mylan NV
		2.50%, 06/07/19	853		857
		3.75%, 12/15/20	1,500		1,560
	Teva Pharmaceutical Finance III BV
		2.20%, 07/21/21	1,750		1,715
	UnitedHealth Group Inc.
		1.90%, 07/16/18	4,000		4,013
				23,850
Industrials 3.4%
	Aircastle Ltd.
		6.25%, 12/01/19	5,138		5,585
	Cintas Corp. No. 2
		2.90%, 04/01/22	4,000		4,062
	Cobham Plc
		2.68%, 10/28/17 (c) (e)	2,500		2,500
	Eaton Corp.
		1.50%, 11/02/17	3,000		3,001
	Fortive Corp.
		1.80%, 06/15/19	1,934		1,919
	International Lease Finance Corp.
		5.88%, 04/01/19	1,909		2,027
		6.25%, 05/15/19	3,060		3,280
	Penske Truck Leasing Co. LP
		3.38%, 03/15/18 (b)	1,000		1,011
			Shares/Par†		Value
	Ryder System Inc.
		2.50%, 03/01/18 - 05/11/20	3,010		3,023
	Siemens Financieringsmaatschappij NV
		1.30%, 09/13/19 (b)	4,000		3,951
				30,359
Information Technology 2.1%
	Apple Inc.
		2.85%, 05/11/24	5,880		5,905
	Hewlett Packard Enterprise Co.
		3.60%, 10/15/20	2,750		2,835
	Microsoft Corp.
		1.85%, 02/06/20	6,000		6,016
	Oracle Corp.
		2.50%, 05/15/22	2,000		2,018
	QUALCOMM Inc.
		2.60%, 01/30/23	2,000		1,993
				18,767
Materials 2.5%
	Anglo American Capital Plc
		2.63%, 09/27/17 (b)	5,900		5,905
	Anglo American Plc
		3.63%, 05/14/20 (b)	850		862
	Freeport-McMoRan Inc.
		2.30%, 11/14/17	6,000		5,990
	LyondellBasell Industries NV
		5.00%, 04/15/19	731		769
	Monsanto Co.
		2.13%, 07/15/19	2,500		2,504
	Xstrata Finance Canada Ltd.
		2.70%, 10/25/17 (b) (h)	6,539		6,548
				22,578
Real Estate 5.2%
	American Tower Corp.
		4.50%, 01/15/18	2,972		3,013
	AvalonBay Communities Inc.
		3.63%, 10/01/20	1,250		1,295
	Boston Properties LP
		5.88%, 10/15/19	1,075		1,153
	Brandywine Operating Partnership LP
		4.95%, 04/15/18	5,649		5,772
	Developers Diversified Realty Corp.
		4.75%, 04/15/18	1,055		1,080
	Equity Commonwealth
		5.88%, 09/15/20	2,480		2,681
	First Industrial LP
		7.50%, 12/01/17	2,635		2,695
	Healthcare Realty Trust Inc.
		5.75%, 01/15/21	1,000		1,098
	Hospitality Properties Trust
		6.70%, 01/15/18	1,978		1,980
		4.25%, 02/15/21	2,287		2,392
	Kimco Realty Corp.
		4.30%, 02/01/18	2,100		2,117
	Mack-Cali Realty LP
		2.50%, 12/15/17	4,214		4,223
	National Retail Properties Inc.
		6.88%, 10/15/17	4,665		4,730
	Prologis International Funding II
		4.88%, 02/15/20 (b)	3,400		3,551
	Realty Income Corp.
		2.00%, 01/31/18	1,370		1,372
	UDR Inc.
		4.25%, 06/01/18	2,261		2,311
	Ventas Realty LP
		2.00%, 02/15/18	3,440		3,444
	Welltower Inc.
		4.70%, 09/15/17	1,849		1,859
				46,766
Telecommunication Services 1.3%
	AT&T Inc.
		2.38%, 11/27/18	3,000		3,020
	Deutsche Telekom International Finance BV
		2.23%, 01/17/20 (c) (d)	2,500		2,507

See accompanying Notes to Financial Statements.

4

JNL Investors Series Trust (Unaudited)

Schedules of Investments (in thousands)

June 30, 2017

			Shares/Par†		Value
	Verizon Communications Inc.
		1.72%, 05/22/20 (a)	3,000		3,000
		2.95%, 03/15/22 (b)	3,000		3,016
				11,543
Utilities 0.4%
	Exelon Corp.
		2.85%, 06/15/20	1,395		1,417
	Exelon Generation Co. LLC
		2.95%, 01/15/20	767		779
	Southern California Edison Co.
		1.85%, 02/01/22	1,504		1,481
				3,677
	Total Corporate Bonds And Notes (cost $473,852)			475,141
GOVERNMENT AND AGENCY OBLIGATIONS 15.8%
Collateralized Mortgage Obligations 1.0%
	Federal Home Loan Mortgage Corp.
		Series 2014-M1-HQ2, 2.67%, 09/25/24 (a)	59		59
		Series UA-4238, REMIC, 3.00%, 08/15/29	412		419
		Series BP-3738, REMIC, 4.00%, 12/15/38	69		71
		Series KN-3763, REMIC, 3.00%, 02/15/39	738		752
		Series AB-3967, REMIC, 2.00%, 03/15/41	589		582
		Series CB-2703, REMIC, 4.00%, 11/15/18	1,270		1,285
		Series KA-4628, REMIC, 3.00%, 01/15/55	2,000		2,039
	Federal National Mortgage Association
		Series 2011-VE-15, REMIC, 4.00%, 09/25/29	57		57
		Series 2011-BD-100, REMIC, 2.50%, 01/25/41	251		253
		Series 2012-MB-75, REMIC, 2.00%, 03/25/42	437		433
		Series 2012-MA-26, REMIC, 3.50%, 03/25/42	445		460
		Series 2012-MA-91, REMIC, 2.00%, 04/25/42	430		425
		Series 2003-AY-123, REMIC, 4.00%, 12/25/18	642		649
		Series 2012-QA-17, REMIC, 2.00%, 07/25/39	578		578
	Government National Mortgage Association
		Series 2009-NA-126, REMIC, 4.50%, 11/20/39	641		681
				8,743
Mortgage-Backed Securities 1.6%
	Federal Home Loan Mortgage Corp.
		4.00%, 02/01/26	123		130
	Federal National Mortgage Association
		4.00%, 04/01/26 - 02/01/41	3,268		3,445
		3.50%, 03/01/27	1,666		1,735
		3.00%, 11/01/29	4,441		4,564
		2.74%, 02/01/44 (a)	1,117		1,144
		4.50%, 05/01/26 - 03/01/44	690		739
		3.08%, 04/01/45 (a)	1,425		1,472
	Government National Mortgage Association
		4.50%, 03/20/41	453		497
		2.50%, 11/20/42 (a)	276		283
				14,009
Sovereign 1.6%
	Bank of England Euro Note
		1.75%, 03/06/20 (b)	2,716		2,717
	Corp. Andina de Fomento
		1.50%, 08/08/17	2,250		2,250
	Inter-American Development Bank
		1.63%, 05/12/20	4,429		4,419
	Korea Land & Housing Corp.
		1.88%, 08/02/17 (b)	1,905		1,905
	Province of Ontario, Canada
		1.65%, 09/27/19	3,333		3,309
				14,600

			Shares/Par†		Value
U.S. Government Agency Obligations 3.8%
	Federal Farm Credit Bank
		0.70%, 04/06/18 (i)	1,050		1,045
	Federal Home Loan Bank
		1.13%, 12/08/17 (i)	1,000		999
		2.63%, 12/08/17 (i)	2,000		2,012
		3.13%, 12/08/17 (i)	1,315		1,326
		1.38%, 03/18/19 - 05/28/19 (i)	12,000		11,992
		1.75%, 06/12/20 (i)	5,000		5,019
	Federal Home Loan Mortgage Corp.
		1.50%, 01/17/20 (i)	3,000		2,996
	Federal National Mortgage Association
		1.00%, 02/26/19 - 08/28/19 (i)	6,390		6,334
		0.88%, 08/02/19 (i)	2,200		2,175
				33,898
U.S. Treasury Securities 7.8%
	U.S. Treasury Note
		0.88%, 01/15/18 - 03/31/18	7,750		7,730
		0.63%, 06/30/18	3,225		3,205
		1.25%, 12/31/18	285		285
		1.25%, 03/31/19 - 05/31/19	17,500		17,460
		1.00%, 10/15/19 - 11/15/19	7,530		7,455
		1.38%, 12/15/19	2,053		2,049
		1.63%, 03/15/20	8,590		8,617
		1.50%, 04/15/20 - 05/15/20	12,975		12,961
		1.38%, 02/15/20 - 10/31/20	10,873		10,817
				70,579
	Total Government And Agency Obligations (cost $142,028)			141,829
SHORT TERM INVESTMENTS 0.0%
Investment Companies 0.0%
	JNL Government Money Market Fund - Institutional Class, 0.88% (j) (k)		7		7
	Total Short Term Investments (cost $7)			7
Total Investments 98.8% (cost $888,880)					889,853
Other Derivative Instruments 0.0%					16
Other Assets and Liabilities, Net 1.2%					11,208
Total Net Assets 100.0%				$	901,077

(a) The security or securities in this category have a variable rate. Rate stated was in effect as of June 30, 2017.

(b) The Sub-Adviser has deemed this security which is exempt from registration under the Securities Act of 1933, as amended, to be liquid based on procedures approved by the JNL Investors Series Trust's Board of Trustees. As of June 30, 2017, the value and the percentage of net assets of these liquid securities was $225,854 and 25.1%, respectively.

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

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

(e) Security fair valued in good faith in accordance with the procedures approved by the JNL Investors Series Trust's Board of Trustees. Good faith fair valued securities may be classified as Level 2 or Level 3 for Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820 "Fair Value Measurement" based on the applicable valuation inputs. See FASB ASC Topic 820 in the Notes to Financial Statements.

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

(g) Perpetual security.

(h) Security is a step-up bond where the coupon may increase or step up at a future date or as the result of an upgrade or downgrade to the credit rating of the issuer. Rate stated was the coupon as of June 30, 2017.

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

(j) Investment in affiliate.

(k) Yield changes daily to reflect current market conditions. Rate was the quoted yield as of June 30, 2017.

Composition as of June 30, 2017:
Non-U.S. Government Agency ABS	30.7	%
Financials	29.8
Government Securities	13.4
Real Estate	5.2
Industrials	3.4
Consumer Staples	3.0

See accompanying Notes to Financial Statements.

5

JNL Investors Series Trust (Unaudited)

Schedules of Investments (in thousands)

June 30, 2017

Health Care	2.7
U.S. Government Agency MBS	2.6
Materials	2.5
Information Technology	2.1
Energy	1.9
Telecommunication Services	1.3
Consumer Discretionary	1.0
Utilities	0.4
Short Term Investments	-
Total Investments	100.0	%

Restricted Securities
		Initial Acquisition		Cost		Ending Value	Percent of Net Assets
	Ascentium Equipment Receivables LLC, Series 2015-A3-2A, 1.93%, 03/11/19	12/05/16	$	865	$	863	0.1	%
	Ascentium Equipment Receivables Trust, Series 2017-A3-1A, 2.29%, 06/10/21	04/27/17		891		891	0.1
	Barclays Bank Plc, 6.05%, 12/04/17	03/17/17		6,629		6,620	0.7
	BNZ International Funding Ltd., 2.40%, 02/21/20	02/13/17		2,999		3,009	0.3
	Chrysler Capital Auto Receivables Trust, Series 2016-A3-BA, 1.64%, 07/15/21	10/27/16		2,309		2,302	0.3
	COLT Mortgage Loan Trust, Series 2017-A1-1, 2.61%, 05/27/47	04/28/17		1,524		1,527	0.2
	CSMC Trust, Series 2017-A3-HL1 REMIC, 3.50%, 06/25/47	06/27/17		2,237		2,237	0.2
	Deutsche Telekom International Finance BV, 2.23%, 01/17/20	01/10/17		2,499		2,507	0.3
	Hilton Grand Vacations Trust, Series 2017-A-AA, 2.66%, 12/27/28	02/23/17		2,027		2,024	0.2
	Mercedes-Benz Master Owner Trust, Series 2015-A-BA, 1.54%, 04/16/18	12/27/16		1,500		1,502	0.2
	NGPL PipeCo LLC, 7.12%, 12/15/17	06/27/17		3,067		3,058	0.3
	Pricoa Global Funding I, 1.45%, 09/13/19	12/27/16		2,960		2,961	0.3
	Sequoia Mortgage Trust, Series 2017-A4-3 REMIC, 3.50%, 04/25/47	03/14/17		1,871		1,874	0.2
	Volvo Financial Equipment LLC, Series 2014-B-1A, 1.66%, 11/16/20	05/24/17		443		442	0.1
			$	31,821	$	31,817	3.5	%

Futures Contracts
Reference Entity	Contracts Long (Short)†	Expiration	Notional †		Variation Margin Receivable (Payable)		Unrealized Appreciation (Depreciation)
U.S. Treasury Note, 10-Year	(78)	September 2017		(9,848)	$	22	$	56
U.S. Treasury Note, 2-Year	962	September 2017		208,156		(81)		(259)
U.S. Treasury Note, 5-Year	(400)	September 2017		(47,292)		75		158
					$	16	$	(45)

See accompanying Notes to Financial Statements.

6

JNL Investors Series Trust (Unaudited)

Schedules of Investments (in thousands)

June 30, 2017

			Shares/Par†		Value
JNL Government Money Market Fund
GOVERNMENT AND AGENCY OBLIGATIONS 12.8%
U.S. Government Agency Obligations 1.6%
	Federal Farm Credit Bank
		1.10%, 06/27/19 (a) (b)	36,000	$	36,000
	Federal Home Loan Mortgage Corp.
		1.00%, 07/28/17 (b)	11,422		11,425
��		1.17%, 11/13/17 (a) (b)	7,000		7,002
				54,427
U.S. Treasury Securities 11.2%
	U.S. Treasury Note
		1.08%, 07/31/17 (a)	10,000		10,000
		1.17%, 10/31/17 (a)	40,000		40,001
		1.19%, 04/30/18 (a)	100,000		100,056
		1.18%, 07/31/18 (a)	140,000		140,048
		1.17%, 10/31/18 (a)	85,000		85,005
				375,110
	Total Government And Agency Obligations (cost $429,537)			429,537
SHORT TERM INVESTMENTS 71.7%
Repurchase Agreements 55.0%
	Repurchase Agreements (c)				1,851,000
			Shares/Par†		Value
U.S. Government Agency Obligations 16.7%
	Federal Home Loan Bank
		0.93%, 07/13/17 - 07/19/17 (b)	104,000		103,960
		0.94%, 07/21/17 (b)	32,000		31,983
		0.97%, 07/28/17 (b)	34,000		33,975
		1.03%, 08/11/17 (b)	100,000		99,882
		1.05%, 09/20/17 (b)	75,000		74,824
		1.04%, 09/22/17 (b)	70,125		69,956
		1.05%, 09/26/17 (b)	25,800		25,735
		1.13%, 12/20/17 (b)	75,000		74,595
		1.13%, 12/22/17 (b)	45,000		44,754
				559,664
	Total Short Term Investments (cost $2,410,664)			2,410,664
Total Investments 84.5% (cost $2,840,201)					2,840,201
Other Assets and Liabilities, Net 15.5%					522,771
Total Net Assets 100.0%				$	3,362,972

(a) The security or securities in this category have a variable rate. Rate stated was in effect as of June 30, 2017.

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

(c) For repurchase agreements held at June 30, 2017, see Repurchase Agreements in these Schedules of Investments.

Composition as of June 30, 2017:
Government Securities	15.1	%
Short Term Investments	84.9
Total Investments	100.0	%

Repurchase Agreements
Counter-party	Collateral	Collateral Par†($)	Collateral Value†($)	Rate(%)	Settlement Date	Maturity Date	Proceeds at Maturity($)	Par†($)		Value($)
BCL	U.S. Treasury Note, 0.63-3.00%, due 11/30/17-05/15/47	97,470	96,900	1.05	06/30/17	07/03/17	95,008	95,000		95,000
BMO	U.S. Treasury Note, 0.00-4.50%, due 08/31/17-08/15/46	197,288	201,144	1.05	06/30/17	07/03/17	197,217	197,200		197,200
BNP	Federal National Mortgage Corp., 0.00%, due 03/15/31	8,478	5,473
	U.S. Treasury Note, 1.63-3.63%, due 02/15/20-11/15/26	20,894	21,047
		29,372	26,520	1.10	06/30/17	07/03/17	26,002	26,000		26,000
BOA	Federal National Mortgage Corp., 3.00-4.50%, due 01/01/37-09/01/46	221,714	231,515
	Government National Mortgage Association, 3.00%, due 12/20/46	80,289	81,625
		302,004	313,140	1.09	06/30/17	07/03/17	307,028	307,000		307,000
DUB	U.S. Treasury Note, 1.25%, due 07/15/20	1,459	1,530	1.12	06/30/17	07/03/17	1,500	1,500		1,500
GSC	Government National Mortgage Association, 3.50-4.50%, due 11/20/43-06/20/47	67,972	71,400	1.07	06/30/17	07/07/17	70,015	70,000		70,000
GSC	Federal National Mortgage Corp., 3.50-4.00%, due 06/01/37-06/01/47	26,357	27,627
	Federal National Mortgage Association, 3.00-4.50%, due 07/01/26-07/01/47	22,121	23,373
		48,478	51,000	1.07	06/30/17	07/03/17	50,004	50,000		50,000
GSC	Government National Mortgage Association, 3.50-4.00%, due 10/20/46-06/20/47	48,471	51,000	1.03	06/28/17	07/05/17	50,010	50,000		50,000
GSC	Government National Mortgage Association, 2.50-4.50%, due 06/15/26-06/20/47	68,415	71,400	1.04	06/26/17	07/03/17	70,014	70,000		70,000
HSB	Federal Home Loan Mortgage Corp., 3.00-6.50%, due 03/01/23-06/01/47	208,043	221,138	1.06	06/30/17	07/03/17	216,819	216,800		216,800
HSB	U.S. Treasury Note, 3.75%, due 11/15/18	147,480	153,004	1.05	06/30/17	07/03/17	150,013	150,000		150,000
RBS	U.S. Treasury Note, 0.63-1.00%, due 02/15/18-04/30/18	231,420	230,828	1.05	06/30/17	07/03/17	226,320	226,300		226,300
TDS	Federal National Mortgage Corp., 3.00-4.50%, due 05/01/26-02/01/47	117,054	123,421
	Federal National Mortgage Association, 2.50-4.50%, due 11/01/25-06/01/47	265,083	275,603
		382,137	399,024	1.07	06/30/17	07/03/17	391,235	391,200		391,200
									$	1,851,000

See accompanying Notes to Financial Statements.

7

JNL Investors Series Trust (Unaudited)

Schedules of Investments (in thousands)

June 30, 2017

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

Abbreviations:

ABS - Asset-Backed Security

MBS - Mortgage-Backed Security

REMIC - Real Estate Investment Conduit

Counterparty Abbreviations:

BCL - Barclays Capital

BMO - BMO Capital Markets Corp.

BNP - BNP Paribas Securities

BOA - Bank of America NA

DUB - Deutsche Bank Alex Brown Inc.

GSC - Goldman Sachs & Co.

HSB - HSBC Securities, Inc.

RBS - Royal Bank of Scotland

TDS - TD Securities Inc.

See accompanying Notes to Financial Statements.

8

JNL Investors Series Trust (Unaudited)

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

June 30, 2017

		JNL/PPM America Low Duration Bond Fund			JNL Government Money Market Fund
Assets
Investments - unaffiliated, at value (a)		$	889,846		$	989,201
Investments - affiliated, at value (b)			7			—
Repurchase agreements (a)			—			1,851,000
Total investments, at value (c)			889,853			2,840,201
Cash			4,060			524,165
Receivable for:
	Investment securities sold		3,070			145
	Fund shares sold		20			—
	Dividends and interest		4,347			1,237
	Deposits with brokers and counterparties		364			—
Derivative instruments:
	Variation margin on derivative instruments		106			—
Other assets			2			10
Total assets			901,822			3,365,758
Liabilities
Payable for:
	Advisory fees		317			496
	Administrative fees		74			—
	12b-1 fees (Class A)		29			—
	Investment securities purchased		—			99
	Fund shares redeemed		222			—
	Dividends		—			2,078
	Trustee fees		10			98
	Other expenses		3			15
Derivative instruments:
	Variation margin on derivative instruments		90			—
Total liabilities			745			2,786
Net assets		$	901,077		$	3,362,972
Net assets consist of:
Paid-in capital		$	895,407		$	3,363,053
Undistributed (excess of distributions
	over) net investment income (loss)		4,962			(79	)
Accumulated net realized gain (loss)			(220	)		(2	)
Net unrealized appreciation (depreciation) on
	investments and foreign currency		928			—
		$	901,077		$	3,362,972
Shares outstanding (no par value), unlimited shares
	authorized		89,301			3,363,054
Net asset value per share		$	10.09		$	1.00
(a)	Investments - unaffiliated, at cost	$	888,873		$	2,840,201
(b)	Investments - affiliated, at cost		7			—
(c)	Total investments, at cost	$	888,880		$	2,840,201

See accompanying Notes to Financial Statements.

9

JNL Investors Series Trust (Unaudited)

Statements of Operations (in thousands)

For the Six Months Ended June 30, 2017

			JNL/PPM America Low Duration Bond Fund			JNL Government Money Market Fund
Investment Income
Dividends (a)			$	30		$	—
Interest				8,051			11,748
Securities lending (a)				15			—
Total investment income				8,096			11,748
Expenses
Advisory fees				1,902			3,050
Administrative fees				445			—
12b-1 fees (Class A)				858			—
Legal fees				2			11
Trustee fees				6			26
Chief compliance officer fees				1			3
Other expenses				6			24
Total expenses				3,220			3,114
Net investment income (loss)				4,876			8,634
Realized and unrealized gain (loss)
Net realized gain (loss) on:
	Unaffiliated investments			1,081			—
	Affiliated investments			—			—
	Exchange traded and centrally
		cleared derivative instruments		(288	)		—
Net change in unrealized appreciation
	(depreciation) on:
	Investments			2,783			—
	Exchange traded and centrally
		cleared derivative instruments		(62	)		—
Net realized and unrealized gain (loss)				3,514			—
Change in net assets from operations			$	8,390		$	8,634
(a)	Income from affiliated investments		$	30		$	—

See accompanying Notes to Financial Statements.

10

JNL Investors Series Trust (Unaudited)

Statements of Changes in Net Assets (in thousands)

For the Six Months Ended June 30, 2017

		JNL/PPM America Low Duration Bond Fund			JNL Government Money Market Fund
Operations
Net investment income (loss)		$	4,876		$	8,634
Net realized gain (loss)			793			—
Net change in unrealized appreciation
	(depreciation)		2,721			—
Change in net assets from operations			8,390			8,634
Distributions to shareholders
From net investment income
	Institutional Class		—			(8,634	)
Total distributions to shareholders			—			(8,634	)
Share transactions1
Proceeds from the sale of shares
	Class A		16,634			—
	Institutional Class		—			17,839,566
Cost of shares redeemed
	Class A		(16,288	)		—
	Institutional Class		—			(17,961,268	)
Change in net assets from
	share transactions		346			(121,702	)
Change in net assets			8,736			(121,702	)
Net assets beginning of period			892,341			3,484,674
Net assets end of period		$	901,077		$	3,362,972
Undistributed (excess of distributions
	over) net investment income (loss)	$	4,962		$	(79	)
1Share Transactions
Shares Sold
	Class A		1,655			—
	Institutional Class		—			17,839,566
Shares redeemed
	Class A		(1,621	)		—
	Institutional Class		—			(17,961,268	)
Change in shares
	Class A		34			—
	Institutional Class		—			(121,702	)
Purchases and sales of long term
	investments
Purchase of securities		$	554,819		$	36,001
Purchase of U.S. government securities			199,486			123,173
Total purchases		$	754,305		$	159,174
Proceeds from sales of securities		$	565,280		$	—
Proceeds from sales of U.S. government
	securities		180,544			473,930
Total proceeds from sales		$	745,824		$	473,930

See accompanying Notes to Financial Statements.

11

JNL Investors Series Trust (Unaudited)

Statements of Changes in Net Assets (in thousands)

For the Year Ended December 31, 2016

		JNL/PPM America Low Duration Bond Fund			JNL Government Money Market Fund
Operations
Net investment income (loss)		$	8,050		$	8,827
Net realized gain (loss)			783			(2	)
Net change in unrealized appreciation
	(depreciation)		3,028			—
Change in net assets from operations			11,861			8,825
Distributions to shareholders
From net investment income
	Class A		(8,917	)		—
	Institutional Class		—			(8,869	)
From net realized gains
	Institutional Class		—			(8	)
Total distributions to shareholders			(8,917	)		(8,877	)
Share transactions1
Proceeds from the sale of shares
	Class A		215,493			—
	Institutional Class		—			38,255,405
Reinvestment of distributions
	Class A		8,917			—
Cost of shares redeemed
	Class A		(52,579	)		—
	Institutional Class		—			(37,851,349	)
Change in net assets from
	share transactions		171,831			404,056
Change in net assets			174,775			404,004
Net assets beginning of year			717,566			3,080,670
Net assets end of year		$	892,341		$	3,484,674
Undistributed (excess of distributions
	over) net investment income (loss)	$	86		$	(79	)
1Share Transactions
Shares Sold
	Class A		21,536			—
	Institutional Class		—			38,255,405
Reinvestment of distributions
	Class A		893			—
Shares redeemed
	Class A		(5,220	)		—
	Institutional Class		—			(37,851,349	)
Change in shares
	Class A		17,209			—
	Institutional Class		—			404,056

See accompanying Notes to Financial Statements.

12

JNL Investors Series Trust (Unaudited)

Financial Highlights

For a Share Outstanding

			Increase (decrease) from investment operations			Distributions from						Supplemental data					Ratios(a)
Period ended		Net asset value, beginning of period($)	Net investment income (loss)($)(b)	Net realized & unrealized gains (losses)($)	Total from investment operations($)	Net investment income($)		Net realized gains on investment transactions($)		Net asset value, end of period($)	Total return(%)(c)	Net assets, end of period (in thousands)($)	Portfolio turnover (%)(d)		Net expenses to average net assets(%)		Total expenses to average net assets(%)		Net investment income (loss) to average net assets(%)
JNL/PPM America Low Duration Bond Fund
Class A
06/30/17		10.00	0.05	0.04	0.09	—		—		10.09	0.90	901,077	79		0.72		0.72		1.10
12/31/16		9.96	0.11	0.05	0.16	(0.12)		—		10.00	1.62	892,341	110	(e)	0.74		0.74		1.09
12/31/15		10.01	0.10	(0.05)	0.05	(0.10)	(f)	—		9.96	0.51	717,566	113	(e)	0.74	(g)	0.74	(g)	0.98
12/31/14		10.02	0.09	0.00	0.09	(0.07)		(0.03)		10.01	0.88	623,041	164	(e)	0.77		0.77		0.86
12/31/13	*	10.00	0.02	0.02	0.04	(0.02)		(0.00)	(h)	10.02	0.41	432,907	125	(e)	0.75		0.75		0.57
JNL Government Money Market Fund
Institutional Class
06/30/17		1.00	—	—	—	(0.00)	(h)	—		1.00	0.26	3,362,972	N/A		0.19		0.19		0.52
12/31/16		1.00	—	—	—	(0.00)	(h)	—		1.00	0.25	3,484,674	N/A		0.19	(i)	0.19		0.25
12/31/15		1.00	—	—	—	(0.00)	(h)	—		1.00	0.05	3,080,670	N/A		0.20	(i)	0.19		0.05
12/31/14		1.00	—	—	—	(0.00)	(h)	—		1.00	0.01	2,320,265	N/A		0.17	(i)	0.19		0.00
12/31/13		1.00	—	—	—	(0.00)	(h)	—		1.00	0.01	2,477,693	N/A		0.18		0.19		0.01
12/31/12		1.00	—	—	—	(0.00)	(h)	—		1.00	0.05	2,124,182	N/A		0.19		0.19		0.05

*	Commenced operation on September 16, 2013.
(a)	Annualized for periods less than one year.
(b)	Calculated using the average shares method.
(c)	Total return assumes reinvestment of all distributions for the period. Total return is not annualized for periods less than one year.
(d)	Portfolio turnover is not annualized for periods of less than one year. Dollar roll transactions are excluded for purposes of calculating portfolio turnover.
(e)	Portfolio turnover including dollar roll transactions for JNL/PPM America Low Duration Bond Fund was 129%, 175%, 121% and 115% in 2013, 2014, 2015 and 2016, respectively.
(f)	Distribution amount for the JNL/PPM America Low Duration Bond Fund includes a return of capital distribution, which was less than $0.005 per share for the year ended December 31, 2015.
(g)	The ratio of net and total expenses to average net assets for the JNL/PPM America Low Duration Bond Fund excluding a reimbursement of 24f-2 fees was 0.74%.
(h)	Amount represents less than $0.005.
(i)	Includes payments for recovery of contractual expense waivers.

See accompanying Notes to Financial Statements.

13

JNL Investors Series Trust (Unaudited)

Notes to Financial Statements

June 30, 2017

NOTE 1. ORGANIZATION

The JNL Investors Series Trust (“Trust”) is an open-end management investment company organized under the laws of the Commonwealth of Massachusetts, by a Declaration of Trust, dated 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 its shares are registered under the Securities Act of 1933, as amended (“1933 Act”). The Trust operates as a series trust, and at June 30, 2017 consisted of two (2) separate series, JNL/PPM America Low Duration Bond Fund and JNL Government Money Market Fund (each a “Fund”, and collectively, “Funds”), which are each diversified investment companies as defined in the 1940 Act. Each Fund represents shares of beneficial interest in a separate portfolio of securities and other assets, each with its own investment objective.

Jackson National Asset Management, LLC (“JNAM”, “Adviser” or “Administrator”), a wholly-owned subsidiary of Jackson National Life Insurance Company^® (“Jackson”), serves as investment adviser and administrator to each of the Funds. Jackson is an indirect wholly owned subsidiary of Prudential plc, a publicly traded company incorporated in the United Kingdom. Prudential plc is not affiliated in any manner with Prudential Financial Inc., a company whose principal place of business is the United States of America. PPM America, Inc., the Sub-Adviser for JNL/PPM America Low Duration Bond Fund, is an affiliate of JNAM. Wellington Management Company, LLP serves as Sub-Adviser for JNL Government Money Market Fund.

JNL/PPM America Low Duration Bond Fund presently offers Class A shares. Shares of JNL/PPM America Low Duration Bond Fund are available for sale to Jackson and to certain Funds in the JNL Series Trust and Jackson Variable Series Trust, open end management investment companies advised by JNAM. JNL Government Money Market Fund presently offers an Institutional Class of shares. Institutional Class shares are not sold to retail investors but are available for investment by affiliated Funds. Affiliated investment companies or Jackson owned 100% of the outstanding capital shares of JNL/PPM America Low Duration Bond Fund and JNL Government Money Market Fund at June 30, 2017.

Effective April 24, 2017, JNL Money Market Fund's name was changed to JNL Government Money Market Fund.

NOTE 2. SIGNIFICANT ACCOUNTING POLICIES

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

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

The net asset value (“NAV”) of a Fund’s shares is generally determined once each day on which the New York Stock Exchange (“NYSE”) is open, at the close of the regular trading session of the NYSE (generally, 4:00 PM Eastern Time). Debt securities are generally valued by independent pricing services approved by the Board. 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; broker quotes; and other relevant data. If pricing services are unable to provide valuations, debt securities are valued at the most recent bid quotation for a long position and ask quotation for a short position or an evaluated price, as applicable, obtained from each Fund's Sub-Adviser, a broker/dealer or widely used quotation system. All securities in the JNL Government Money Market Fund, as permitted by compliance with applicable provisions of Rule 2a-7 under the 1940 Act, and other short-term securities maturing within sixty (60) days are valued at amortized cost, unless it is determined that such practice does not approximate market value. Futures contracts traded on an exchange are generally valued at the exchange's settlement price. If the settlement price is not available, exchange traded futures are valued at the last sales price as of the close of business on the local exchange. Investments in mutual funds are valued at the NAV per share determined as of the close of the NYSE on each valuation date.

Market quotations may not be readily available for certain investments or it may be determined that a quotation of an investment does not represent market value. In such instances, the investment is valued as determined in good faith using procedures approved by the Board. Situations that may require an investment to be fair valued may include instances where a security is thinly traded, halted or restricted as to resale. In addition, investments may be fair valued based on the occurrence of a significant event. Significant events may be specific to a particular issuer, such as mergers, restructurings or defaults. Alternatively, significant events may affect an entire market, such as natural disasters, government actions, and significant changes in the value of U.S. securities markets. Securities are fair valued based on observable and unobservable inputs, including the Adviser’s or Pricing Committee’s own assumptions in determining the fair value of an investment. Under the procedures approved by the Board, the Adviser may utilize pricing services or other sources, including each Fund’s Sub-Adviser, to assist in determining the fair value of an investment. Factors considered to determine fair value may include the correlation with price movement of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer and trading or other market data.

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

14

JNL Investors Series Trust (Unaudited)

Notes to Financial Statements

June 30, 2017

Distributions to Shareholders. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from GAAP for JNL/PPM America Low Duration Bond Fund, dividends from net investment income are generally declared and paid annually by the Fund, but may be paid more frequently to avoid excise tax. The JNL Government Money Market Fund declares dividends from net investment income daily and pays dividends monthly. Distributions of net realized capital gains, if any, are distributed at least annually, to the extent they exceed available capital loss carryforwards.

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

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

Guarantees and Indemnifications. In the normal course of business, the Trust may enter into contracts that contain a variety of representations which provide general indemnifications for certain liabilities. Under the Trust’s organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. However, since their commencement of operations, the Funds have not had claims or losses pursuant to their contracts and expect the risk of loss to be remote. The Funds’ maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Funds cannot be determined and the Funds have no historical basis for predicting the likelihood of any such claims.

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

Recent Accounting Pronouncement. In October 2016, the SEC adopted new rules and amended existing rules (together, “final rules”) intended to modernize the reporting and disclosure of information by registered investment companies (“RIC”). In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017. Compliance is based on reporting period end-date and is effective for these Funds for the September 30, 2017 reporting period. Management is currently evaluating the impact that the final rules will have on the Funds’ financial statements.

NOTE 3. FASB ASC TOPIC 820, “FAIR VALUE MEASUREMENT”

This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. Various inputs are used in determining the value of a Fund’s investments under FASB ASC Topic 820 guidance. The inputs are summarized into three broad categories:

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

Level 2 includes valuations determined from significant direct or indirect observable inputs. Direct observable inputs include broker quotes, third party prices, closing prices of similar securities in active markets, closing prices for identical or similar securities in non-active markets or corporate action or reorganization entitlement values. Indirect significant observable inputs include factors such as interest rates, yield curves, prepayment speeds or credit ratings. Level 2 includes valuations for fixed income securities, broker quotes in active markets, securities subject to corporate actions or securities valued at amortized cost

Level 3 includes valuations determined from significant unobservable inputs including the Adviser’s own assumptions in determining the fair value of the investment. Inputs used to determine the fair value of Level 3 securities include security specific inputs such as: credit quality, credit rating spreads, issuer news, trading characteristics, call features, maturity or anticipated cash flows; or industry specific inputs such as: trading activity of similar markets or securities, changes in the security’s underlying index or changes in comparable securities’ models. Level 3 valuations include securities that are priced based on single source broker quotes; securities where prices may be unavailable due to halted trading, restricted to resale due to market events, or newly issued; or investments for which reliable quotes are otherwise not available.

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

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

The following table summarizes each Fund’s investments in securities and other financial instruments (in thousands) as of June 30, 2017 by valuation level.

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JNL Investors Series Trust (Unaudited)

Notes to Financial Statements

June 30, 2017

JNL/PPM America Low Duration Bond Fund	. Level 1 ($) .		. Level 2 ($) .	. Level 3 ($) .	. Other ¹ ($) .	. Total ($) .
Assets - Securities
Non-U.S. Government Agency Asset-Backed Securities	—		272,876	—	—	272,876
Corporate Bonds And Notes	—		472,641	2,500	—	475,141
Government And Agency Obligations	—		141,829	—	—	141,829
Short Term Investments	7		—	—	—	7
	7		887,346	2,500	—	889,853
Assets - Investments in Other Financial Instruments2
Futures Contracts	214		—	—	—	214
	214		—	—	—	214
Liabilities - Investments in Other Financial Instruments2
Futures Contracts	(259	)	—	—	—	(259	)
	(259	)	—	—	—	(259	)
JNL Government Money Market Fund
Assets - Securities
Government And Agency Obligations	—		429,537	—	—	429,537
Short Term Investments	—		2,410,664	—	—	2,410,664
	—		2,840,201	—	—	2,840,201

¹Certain investments that are measured at fair value using the NAV per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Schedules of Investments. Although there can be no assurance, in general, the fair value of the investment using the NAV per share practical expedient is the amount the owner of such investment might reasonably expect to receive in an orderly transaction between market participants upon its current sale.

² Investments in other financial instruments include futures contracts which are reflected at the unrealized appreciation/ (depreciation) on the instrument.

Significant changes in unobservable valuation inputs to a different amount might result in a significantly higher or lower fair value measurement than the one used in a security’s valuation. The Funds recognize transfers between levels as of the beginning of the period for financial reporting purposes. There were no significant transfers into or out of Level 1, 2 or 3 for the period. There were no significant Level 3 valuations for which significant unobservable valuation inputs were developed at June 30, 2017.

NOTE 4. SECURITIES INVESTMENTS, INVESTMENT RISKS AND REGULATORY MATTERS

Securities Lending and Securities Lending Collateral. JNL/PPM America Low Duration Bond Fund participates in an agency based securities lending program. Per the securities lending agreement, the securities lending agent is authorized to loan securities on behalf of the Fund to approved borrowers and is required to maintain collateral. The Fund receives either cash or non-cash collateral against the loaned securities in an amount equal to at least 100% of the market value of the loaned securities. Generally, cash and non-cash collateral received for the following types of securities on loan are as follows: U.S. equity – 102%; U.S. corporate fixed income – 102%; U.S. government fixed income – 102%; international equities – 105%; international corporate fixed income – 105%; sovereign fixed income – 102%; and asset backed investments – 102%. Collateral is maintained over the life of the loan as determined at the close of Fund business each day; any additional collateral required due to changes in security values is delivered to the Fund on the next business day. The duration of each loan is determined by the agent and borrower and generally may be terminated at any time. Certain loans may be negotiated to mature on a specified date. The securities lending agent has agreed to indemnify the Fund in the event of default by a third party borrower. The Fund may experience a delay in the recovery of its securities or incur a loss if the borrower breaches its agreement with the Fund or becomes insolvent. For cash collateral, the Fund receives income from the investment of cash collateral, in addition to lending fees and rebates negotiated with the borrower. The Fund bears the market risk with respect to the collateral investment and securities loaned. The Fund also bears the risk that the agent may default on its obligations to the Fund. Non-cash collateral which the Fund receives may include U.S., UK and certain Eurozone government securities; U.S. government agencies’ debt securities; and U.S. government-sponsored agencies’ debt securities and mortgage-backed securities. For non-cash collateral, the Fund receives lending fees negotiated with the borrower. The securities lending agent has agreed to indemnify the Fund with respect to the market risk related to the non-cash collateral investments.

State Street Bank and Trust Company (“State Street” or "Custodian") serves as custodian and securities lending agent to the Fund. The cash collateral is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market fund and a series of State Street Navigator Securities Lending Trust which is an open end management company registered under the 1940 Act. The Fund also bears the risk of any deficiency in the amount of collateral available for return to a borrower due to a decline in value of the State Street Navigator Securities Lending Government Money Market Portfolio. There were no securities loaned at June 30, 2017.

Cash collateral received from the borrower is recorded in the Statement of Assets and Liabilities as payable for return of securities loaned. Investments acquired with such cash collateral are reported in a manner consistent with other portfolio investments held by the Fund as investment - at value on the Statement of Assets and Liabilities. The value of securities on loan is disclosed under footnote (d) on the Statement of Assets and Liabilities. Each Fund’s net exposure to a borrower is determined by the amount of any excess or shortfall in cash collateral received compared to the value of securities on loan. Funds may receive non-cash collateral in the form of securities received, which the Fund may not sell or re-pledge and accordingly are not reflected in the Statements of Assets and Liabilities.

U.S. Government Agencies or Government Sponsored Enterprises. The Funds may invest in U.S. government agencies or government sponsored enterprises. U.S. Government securities are obligations of, and in certain cases, guaranteed by, the U.S. government, its agencies or instrumentalities. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. government; others, such as those of the Federal Home Loan Bank, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (“U.S. Treasury”); others, such as those of the Federal National Mortgage Association (“FNMA”

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JNL Investors Series Trust (Unaudited)

Notes to Financial Statements

June 30, 2017

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

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

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

Repurchase Agreements. Certain Funds may invest in repurchase agreements. In a repurchase agreement, a Fund receives debt securities (collateral) subject to an obligation of the seller to repurchase, and the Fund to resell, the securities at an agreed upon price and date. The underlying securities used as collateral for repurchase agreements may be held in safekeeping by the Fund’s Custodian or designated sub-custodians under triparty repurchase agreements. Earnings on collateral and compensation to the seller are based on agreed upon rates between the seller and the Fund. Interest earned on repurchase agreements is recorded as interest income to the Fund. When a repurchase agreement is entered into, a Fund typically receives securities with a value that approximates or exceeds the repurchase price, including any accrued interest earned on the repurchase agreement. The value of such securities will be marked to market daily, and cash or additional securities will be exchanged between the parties with a frequency and in amounts prescribed in the repurchase agreement. In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of such collateral may decline.

Delayed-Delivery Securities. JNL/PPM America Low Duration Bond Fund may purchase or sell securities on a delayed-delivery basis, including To Be Announced (“TBA”) or “To Be Acquired” securities. These transactions involve a commitment by a Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. In TBA transactions, the Fund commits to purchasing or selling securities for which all specific information is not yet known at the time of the trade, particularly the face amount and maturity date of the underlying securities transactions. When delayed-delivery purchases are outstanding, the Fund is required to have sufficient cash and/or liquid securities to cover its commitments on these transactions. When purchasing a security on a delayed-delivery basis, the Fund assumes the rights of ownership of the security, including the risk of price and yield fluctuations, and considers such fluctuations when determining its NAV. A Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery securities before they are delivered, which may result in a realized gain or loss. When a Fund has sold a security on a delayed-delivery basis, the Fund does not participate in future gains or losses with respect to the security. Securities purchased on a TBA basis are not settled until they are delivered to the Fund. In connection with TBA transactions, the Fund may maintain a short position related to certain securities. In connection with these transactions, the Fund owns an equal amount of the securities or holds securities convertible (or exchangeable) into an equal amount of the securities, of the same issuer, as the position held short.

Mortgage-Backed Dollar and Treasury Roll Transactions. JNL/PPM America Low Duration Bond Fund may sell mortgage-backed or Treasury securities and simultaneously contract to repurchase securities at a future date at an agreed upon price. The Fund may only enter into covered rolls. A “covered roll” is a type of dollar or Treasury roll for which a Fund maintains offsetting positions in cash, U.S. Government securities, or other liquid assets which mature on or before the forward repurchase settlement date of the dollar or Treasury roll transaction. During the period between the sale and repurchase, a Fund foregoes interest and principal paid on the mortgage-backed or Treasury securities. A Fund is compensated by the interest earned on the cash proceeds of the initial sale and from negotiated fees paid by brokers offered as an inducement to the Fund to “roll over” its purchase commitments. A Fund may dispose of “covered roll” securities after they are entered into and close these positions before their maturity, which may result in a realized gain or loss.

Dollar or Treasury roll transactions involve the risk that the market value of the securities sold by a Fund may decline below the repurchase price of those securities which the Fund is obligated to purchase or that the return earned by the Fund with the proceeds of a dollar roll may not exceed transaction costs.

17

JNL Investors Series Trust (Unaudited)

Notes to Financial Statements

June 30, 2017

In a mortgage-backed or Treasury securities roll transaction, if the repurchased security is determined to be similar, but not substantially the same, the transaction is accounted for as a purchase and sale. Any gains, losses and any income or fees earned are recorded to realized gain or loss. If the repurchased security is determined to be substantially the same, the transaction is accounted for as a secured borrowing, rather than as a purchase and sales transaction. Any income or fees earned are recorded to investment income and financing costs associated with the transaction are recorded to interest expense. For the period ended June 30, 2017, JNL/PPM America Low Duration Bond Fund did not transact in Treasury transactions characterized as secured borrowing transactions.

Market and Volatility Risk. In the normal course of business, the Funds trade financial instruments and enter into financial transactions where the risk of potential loss exists due to changes in the market (“market risk”). Additionally, prices of financial instruments may fluctuate over short periods or extended periods of time in response to company, market, economic or political news (“volatility risk”). Equity securities generally have more price volatility than fixed-income securities, and long term fixed-income securities normally have more price volatility than short term fixed-income securities. Certain Funds may invest in derivatives to hedge a Fund’s portfolio as well as for investment purposes which may increase volatility. Volatility may cause a Fund’s net asset value per share to experience significant appreciation or depreciation in value over short periods of time.

Concentration Risk. To the extent that the Funds focus on particular countries, regions, industries, sectors, issuers, types of investment or a limited number of securities from time to time, a Fund may be subject to greater risks of adverse economic, business or political developments in such areas of focus than a Fund that invests in a wider variety of countries, regions, industries, sectors or investments.

Interest Rate Risk. When interest rates increase, fixed-income securities generally will decline in value. A wide variety of factors can cause interest rates to rise such as central bank monetary policies, inflation rates and general economic conditions. Fixed-income securities with longer durations tend to be more sensitive to changes in interest rates than those with shorter durations.

Prepayment Risk. During periods of falling interest rates, there is the risk that a debt security with a high stated interest rate will be prepaid before its expected maturity date and that a Fund may have to reinvest the proceeds in an investment that may have a lower interest rate. In addition, prepayment rates are difficult to predict and the potential impact of prepayment on the price of a debt instrument depends on the terms of the instrument.

Credit and Counterparty Risk. In the normal course of business, the Funds trade financial instruments and enter into financial transactions where the risk of potential loss exists due to failure of the other party to a transaction to perform (“credit risk”). Bonds and other debt securities are subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Similar to credit risk, the Funds may be exposed to counterparty risk, or the risk that an institution or other entity with which the Funds have unsettled or open transactions will default. Financial assets, which potentially expose the Funds to credit risk, consist principally of investments and cash due from counterparties (“counterparty risk”). The extent of the Funds’ exposure to credit and counterparty risks in respect to these financial assets is incorporated within their carrying value as recorded in the Funds’ Statements of Assets and Liabilities. For certain derivative contracts, the potential loss could exceed the value of the financial assets recorded in the financial statements.

Cybersecurity Risk. Cyber-attacks could disrupt daily operations related to trading and portfolio management. In addition, technology disruptions and cyber-attacks may impact the operations or securities prices of an issuer or a group of issuers, and thus may have an adverse impact on the value of a Fund’s investments. Cyber-attacks on a Fund’s sub-advisers and service providers could cause business failures or delays in daily processing and a Fund may not be able to issue a NAV per share. As a result, cyber-attacks could impact the performance of a Fund.

NOTE 5. INVESTMENT TRANSACTION AGREEMENTS AND COLLATERAL

Under various agreements, certain investment transactions require collateral to be pledged to/from a Fund and a counterparty or segregated at the custodian and the collateral is managed pursuant to the terms of the agreement. U.S. Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other forms of high quality or sovereign securities may be used. Securities held by a Fund that are used as collateral are identified as such within the Schedules of Investments.

Master Netting Agreements (“Master Agreements”). Certain Funds are subject to various Master Agreements, which govern the terms of certain transactions and mitigate the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Since different types of financial transactions have different mechanics and are sometimes traded out of different legal entities of a particular counterparty organization, each type of transaction may be covered by a different Master Agreement, potentially resulting in the need for multiple agreements with a single counterparty. A Fund may net exposure and collateralize multiple transaction types governed by the same Master Agreement with the same counterparty and may close out and net its total exposure to a counterparty in the event of a default and/or termination event with respect to all the transactions governed under a single agreement with a counterparty. Each Master Agreement defines whether the Fund is contractually able to net settle daily payments. Additionally, certain circumstances, such as laws of a particular jurisdiction or settlement of amounts due in different currencies, may prohibit or restrict the right of offset as defined in the Master Agreements.

Master Agreements also help limit credit and counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under the Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral) governed under the relevant master agreement with a counterparty in a given account exceeds a specified threshold depending on the counterparty and the type of Master Agreement. A Fund’s overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. The Funds’ Sub-Advisers attempt to limit counterparty risk by only entering into Master Agreements with counterparties which the Sub-Adviser believes to have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

18

JNL Investors Series Trust (Unaudited)

Notes to Financial Statements

June 30, 2017

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively “Master Repo Agreements”). Master Repo Agreements govern repurchase, reverse repurchase and Treasury roll transactions between a Fund and select counterparties. The Master Repo Agreements maintain provisions for, among other things, initiation and confirmation, income payments and transfer, events of default, termination, and maintenance of collateral. In the event of default, the total value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty. Securities purchased under repurchase agreements are reflected as an asset on a Fund’s Statement of Assets and Liabilities. The value of repurchase agreements and collateral pledged or received by a counterparty are disclosed in the Schedules of Investments. A Fund’s net exposure to the counterparty is determined by the amount of any excess or shortfall in collateral compared to the value of the repurchase agreement.

Customer Account Agreements. Customer Account Agreements and related addendums govern exchange traded derivative transactions such as futures contracts. Futures contracts require posting an amount of cash or cash equivalents equal to a certain percentage of the contract amount known as the “initial margin” as determined by each relevant clearing agency and is segregated at a Futures Commissions Merchant (“FCM”) which is registered with the Commodity Futures Trading Commission (“CFTC”) or the applicable regulator. The Fund receives from or pays to the FCM an amount of cash equal to the daily fluctuation in the value of the contracts in most circumstances. Such receipts or payments are known as the “variation margin”. Variation margin on the Statements of Assets and Liabilities includes variation margin on closed unsettled derivative transactions. In the event of default, counterparty risk is significantly reduced as creditors to the FCM do not have claim to the Fund’s assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk.

NOTE 6. FINANCIAL DERIVATIVE INSTRUMENTS

FASB ASC Topic 815, “Derivatives and Hedging”. This standard includes the requirement for enhanced qualitative disclosures about objectives and strategies for using derivative instruments and disclosures regarding credit related contingent features in derivative instruments; as well as quantitative disclosures in the semi-annual and annual financial statements about fair value, gains and losses, and volume of activity for derivative instruments. Information about these instruments is disclosed in the context of each instrument’s primary underlying risk exposure may be categorized as credit, equity price, interest rate and foreign currency exchange rate risk. The objectives, strategies and underlying risks for futures held by the JNL/PPM America Low Duration Bond Fund are discussed in the following paragraph.

Futures Contracts. JNL/PPM America Low Duration Bond Fund entered into futures contracts to obtain exposure to or hedge changes in interest rates and foreign currency rates and to replicate Treasury bond positions. A futures contract is a standardized contract obligating two parties to exchange a specified asset at an agreed upon price and date. Variation margin is recorded by the Fund until the contracts are terminated at which time realized gains and losses are recognized. Futures contracts involve to varying degrees, risk of loss in excess of the variation margin recorded by the Fund. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in value of the securities held by the Fund or the change in the value of an underlying entity and the prices of the futures contracts and the possibility the Fund may not be able to enter into a closing transaction because of an illiquid market. With futures, counterparty risk to the Fund is reduced since futures contracts are exchange traded and the exchange’s clearinghouse, acting as counterparty to all exchange traded futures, guarantees the futures contracts against default.

At June 30, 2017, variation margin related to futures contracts is reflected as receivable or payable for variation margin on derivative instruments in the Statement of Assets and Liabilities. None of the futures contracts held by the Fund are subject to master netting agreements or a similar agreement and are not eligible for offset in the Statement of Assets and Liabilities as of June 30, 2017. During the period ended June 30, 2017, realized gain loss and change in unrealized appreciation (depreciation) in exchange traded or centrally cleared derivative instruments is reflected for such investments in the Statement of Operations. Net exposure to the Fund for futures contracts is the variation margin receivable or payable in addition to any collateral pledged for the initial margin on the futures contracts. At June 30, 2017, the Fund had $364 (in thousands) cash pledged as collateral for futures contracts. The futures contracts outstanding as of June 30, 2017, as disclosed in the Schedule of Investments and the amounts of realized and changes in unrealized gains and losses on exchange traded or centrally cleared derivative instruments during the period as disclosed in the Statement of Operations serve as indicators of the volume of activity for the Fund. For the period ended June 30, 2017, the average monthly notional value at purchase of futures in the Fund was $221,413 (in thousands).

NOTE 7. INVESTMENT ADVISORY FEES AND TRANSACTIONS WITH AFFILIATES

Advisory Fee. The Trust has an investment advisory and management agreement with JNAM, whereby JNAM provides investment management services. Each Fund pays JNAM an annual fee, accrued daily and paid monthly, based on a specified percentage of the average daily net assets of each Fund. A portion of this fee is paid by JNAM to the Sub-Advisers as compensation for their services. JNL/PPM America Low Duration Bond Fund is obligated to pay JNAM an annual rate of 0.45% for net assets up to $500 million and 0.40% for net assets over $500 million. JNL Government Money Market Fund is obligated to pay JNAM an annual rate of 0.20% for net assets up to $750 million, 0.18% for net assets between $750 million and $3 billion, 0.16% for net assets between $3 billion and $5 billion and 0.14% for net assets over $5 billion.

Administrative Fee. JNAM also serves as the “Administrator” to the Funds. JNL/PPM America Low Duration Bond Fund pays JNAM an Administrative Fee at an annual rate of 0.10% of average daily net assets under $3 billion and 0.09% of average daily net assets over $3 billion. The fee is accrued daily and paid monthly. JNAM provides or procures most of the necessary administrative functions and services for the operations of the JNL Government Money Market Fund at no additional cost. In accordance with the administration agreement, JNAM, at its own expense, arranges for legal, audit, fund accounting, transfer agency, custody (except overdraft and interest expense), printing and mailing, a portion of the Chief Compliance Officer costs, and all other services necessary for the operation of each Fund. Each Fund is responsible for trading expenses including brokerage commissions, interest and taxes, other non-operating expenses, registration fees, licensing costs, directors and officers insurance, the fees and expenses of the disinterested Trustees (“Independent Trustees”) and independent legal counsel to the Independent Trustees and a portion of the costs associated with the Chief Compliance Officer.

19

JNL Investors Series Trust (Unaudited)

Notes to Financial Statements

June 30, 2017

Fee Waiver and Expense Reimbursements. Pursuant to a contractual expense limitation agreement, effective November 1, 2010 and restated on November 1, 2011, as amended, JNAM agreed to waive fees and reimburse expenses of the JNL Government Money Market Fund to the extent necessary to limit operating expenses of the Fund (excluding transaction costs, interest, taxes and dividend, and extraordinary expenses) to an annual rate as a percentage of average daily net assets equal to or less than the Fund’s net investment income for the year. JNAM may also voluntarily waive certain fees and reimburse expenses of the Fund. In addition, when the Fund receives income sufficient to pay a dividend, under the contractual expense limitation agreement JNAM may recapture previously waived fees and reimbursed expenses from the Fund for a period of three years following the reimbursement period. During the period ended June 30, 2017, there were no fees waived and there were no previously waived fees available for recapture.

Distribution Fees. JNL/PPM America Low Duration Bond Fund has adopted a Distribution Plan (the “Plan”) pursuant to the provisions of Rule 12b-1 under the 1940 Act. Pursuant to the Plan, the Fund will pay a distribution and/or service fee (“Rule 12b-1 fee”) to Jackson National Life Distributors LLC (“JNLD”), an affiliate of the Adviser, for the purpose of reimbursement of certain distribution, administrative, or related service expenses from the sale and distribution of the Fund’s Class A shares. To the extent consistent with existing law and the Plan, JNLD may use the Rule 12b-1 fees to reimburse or compensate broker-dealers, administrators or others for providing distribution, administrative or other services. Under the Plan, the Fund accrues the Rule 12b-1 fee daily, at the maximum annual rate up to 0.20% of the average daily net assets attributable to Class A shares, and pays the fee monthly to JNLD. JNLD also is the principal underwriter of the variable insurance products issued by Jackson and its subsidiaries. Amounts charged pursuant to the Plan are reflected as 12b-1 fees (Class A) in the Fund’s Statement of Operations. Institutional Class shares of JNL Government Money Market Fund have no Rule 12b-1 Fees.

Deferred Compensation Plan. The Funds adopted a Deferred Compensation Plan whereby an Independent Trustee may defer the receipt of all or a portion of their compensation. These deferred amounts, which remain as liabilities of the Funds, are treated as if invested and reinvested in shares of one or more funds at the discretion of the applicable Trustee. These amounts represent general, unsecured liabilities of the Funds and vary according to the total returns of the selected funds. Liabilities related to deferred balances are included in payable for trustee fees in the Statements of Assets and Liabilities. Increases or decreases related to the changes in value of deferred balances are included in trustee fees set forth in the Statements of Operations.

Investments in Affiliates. During the period ended June 30, 2017, JNL/PPM America Low Duration Bond Fund invested in a money market fund which is managed by the Adviser. The JNL Government 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 total value and cost of such affiliated investments is disclosed separately in the Statement of Assets and Liabilities, and the associated income and realized gain (loss) are disclosed separately in the Statement of Operations. JNL/PPM America Low Duration Bond Fund’s investment in JNL Government Money Market Fund was $7 and $73,900 (in thousands) on June 30, 2017 and December 31, 2016, respectively. During the period ended June 30, 2017, dividend income received from this investment was $30 (in thousands) and there was no realized gain or loss relating to transactions in this investment.

NOTE 8. BORROWING ARRANGEMENTS

The Trust is party to a Syndicated Credit Agreement (“SCA”) with a group of lenders. The Funds participate in the SCA with other funds managed by JNAM (“Participating Funds”) in a credit facility which is available solely to finance shareholder redemptions or for other temporary or emergency purposes. The Participating Funds may borrow up to the lesser of $600,000,000, the amount available under the facility; the limits set for borrowing by the Participating Funds’ prospectuses and the 1940 Act; or an amount prescribed within the SCA. JNL/PPM America Floating Rate Income Fund, a Participating Fund managed by JNAM, has priority to utilize $150,000,000 of the SCA under an InterFund Allocation Agreement. The Participating Funds pay an annual fee of 0.15% of the available commitments. These fees are allocated 25% to the JNL/PPM America Floating Rate Income Fund, in accordance with the InterFund Allocation Agreement, and 75% to the other Participating Funds based on each fund’s net assets as a percentage of the Participating Funds’ total net assets. During the period, the Participating Funds paid an annual administration fee to JPMorgan Chase Bank, N.A. which is allocated in the same manner as the commitment fee. The fees related to the SCA are included in other expenses in each Fund’s Statement of Operations. No amounts were borrowed under the facility during the period.

Pursuant to an Exemptive Order issued by the SEC, the Funds along with certain other funds advised by JNAM may participate in an InterFund Lending Program (“Program”). The Program provides an alternative credit facility allowing a Fund to borrow from, or lend money to, other participating affiliated funds. Any open loans at period end are included in Receivable for interfund lending or Payable for interfund lending, as appropriate, in the Fund’s Statement of Assets and Liabilities. No amounts were borrowed through the Program during the period.

NOTE 9. INCOME TAX MATTERS

Each Fund is a separate tax payer for federal income tax purposes. Each of these Funds qualify as a RIC and to distribute substantially all net investment income and net capital gains, if any, to its shareholders and otherwise comply with Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to RICs. Therefore, no federal income tax provision is required. The Funds may also fully or partially satisfy their distribution requirements by using consent dividends rather than cash dividends. Consent dividends are authorized by Jackson, and the distributions are treated as if they were paid in cash. Under current tax law, interest, dividends and capital gains paid by these Funds are not currently taxable to shareholders when left to accumulate within a variable annuity contract or variable life insurance policies.

The following information is presented on an income tax basis. Differences between amounts for financial statements and federal income tax purposes are primarily due to timing and character differences in recognizing certain gains and losses on investment transactions. Permanent differences between financial statement and federal income tax reporting are reclassified within the capital accounts based on their federal income tax treatment. Temporary

20

JNL Investors Series Trust (Unaudited)

Notes to Financial Statements

June 30, 2017

differences do not require reclassification. Permanent differences may include but are not limited to the following: expired capital loss carryforwards, paydown reclassifications, non-deductible offering costs and distribution adjustments. These reclassifications have no impact on net assets.

At December 31, 2016, the Funds’ last fiscal year end, the following Funds had capital loss carryforwards (in thousands) available for U.S. federal income tax purposes to offset future net realized capital gains. Details of the capital loss carryforwards are listed in the table below. Capital loss carryforwards with no expiration, if any, must be utilized prior to those with expiration dates.

	Expiring Capital Loss Carryforwards		Capital Loss Carryforwards with No Expiration
	Year(s) of Expiration	Amount ($)	Short Term ($)	Long Term ($)	Total ($)
JNL/PPM America Low Duration Bond Fund	—	—	—	860	860
JNL Government Money Market Fund	—	—	3	—	3

At December 31, 2016, the Funds’ last fiscal year end, the following Fund had capital, currency and/or PFIC mark-to-market losses (in thousands) realized after October 31, 2016 (“Post-October losses”), which were deferred for tax purposes to the first day of the following fiscal year, January 1, 2017:

	Amount($)
JNL/PPM America Low Duration Bond Fund	81

As of June 30, 2017, the cost of investments and the components of net unrealized appreciation (depreciation) (in thousands) were as follows:

	Tax Cost of Investments($)	Gross Unrealized Appreciation($)	Gross Unrealized Depreciation($)		Net Unrealized Appreciation (Depreciation)($)
JNL/PPM America Low Duration Bond Fund	888,934	2,059	(1,140	)	919
JNL Government Money Market Fund	2,840,201	—	—		—

The tax character of distributions paid (in thousands) during the Funds' fiscal year ended December 31, 2016 was as follows:

	Net Ordinary Income*($)	Long-term Capital Gain($)
JNL/PPM America Low Duration Bond Fund	8,917	—
JNL Government Money Market Fund	8,877	—

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

FASB ASC Topic 740 “Income Taxes” provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FASB ASC Topic 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing each Fund’s tax return to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold would result in the Funds recording a tax expense in the current year. FASB ASC Topic 740 requires that management evaluate the tax positions taken in returns for 2013, 2014, 2015 and 2016 which remain subject to examination by the Internal Revenue Service and certain other jurisdictions. Management completed an evaluation of the Funds’ tax positions and based on that evaluation, determined that no provision for federal income tax was required in the Funds’ financial statements during the period ended June 30, 2017.

NOTE 10. SUBSEQUENT EVENTS

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

New Share Class. Effective September 25, 2017, Class I shares will be offered by JNL/PPM America Low Duration Bond Fund. Class I shares differ from the Fund’s existing shares (to be renamed Class A shares effective September 25, 2017) principally in applicable 12b-1 fees. Shareholders bear the common expenses of the Fund and earn income and realized gains/losses from the Fund pro rata based on the average daily net assets of each class, without discrimination between share classes. Each share class also has different voting rights on matters affecting a single class. No class has preferential dividend rights.

Advisory Fees. Effective September 25, 2017, the advisory fees for JNL/PPM America Low Duration Bond Fund will change to 0.35% for net assets up to $500 million, 0.30% for net assets between $500 million and $3 billion, 0.29% for net assets between $3 billion and $5 billion and 0.28% for net assets over $5 billion.

Distribution Fees. Effective July 1, 2017, the Rule 12b-1 Plan changed from a reimbursement plan to a compensation plan. Effective September 25, 2017, the maximum annual rate for Rule 12b-1 fees for the existing shares of JNL/PPM America Low Duration Bond Fund (to be renamed Class A shares effective September 25, 2017) will change from 0.20% to 0.30% of the average daily net assets of the existing shares of the Fund (to be renamed Class A shares effective September 25, 2017).

Board of Trustees. Effective January 1, 2018, two new Independent Trustees will join the Board. The Board will consist of 11 Trustees, which includes 10 Independent Trustees and one interested Trustee.

21

JNL Investors Series Trust (Unaudited)

Notes to Financial Statements

June 30, 2017

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

22

JNL Investors Series Trust

Additional Disclosures(Unaudited)

June 30, 2017

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

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

Expenses Using Hypothetical 5% Return. This section provides information that can be used to compare each Fund’s costs with those of other mutual funds. It assumes that the Fund’s expense ratio for the period is unchanged and assumes an annual 5% return before expenses, which is not the Fund’s actual return. This example is useful in making comparisons because the SEC requires all mutual funds to make the 5% calculation.

			Expenses Using Actual Fund Return			Expenses Using Hypothetical 5% Return
		Annualized Expense Ratios(%)	Beginning Account Value 01/01/17($)	Ending Account Value 06/30/17($)	Expenses Paid During Period†($)	Beginning Account Value 01/01/17($)	Ending Account Value 06/30/17($)	Expenses Paid During Period†($)
JNL/PPM America Low Duration Bond Fund
	Class A	0.72	1,000.00	1,009.00	3.59	1,000.00	1,021.22	3.61
JNL Government Money Market Fund
	Institutional Class	0.19	1,000.00	1,002.60	0.94	1,000.00	1,023.85	0.95

† Expenses paid during the period are equal to the Fund's annualized net expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the most recent 6-month period).

Quarterly Portfolio Holdings. The file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at www.sec.gov. The Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330. It is also available upon request from the registrant by calling the toll-free at 1-866-255-1935.

Proxy Voting Policies and Procedures and Proxy Voting Record. A description of the Policy that the Funds’ Adviser (and Sub-Advisers) used to vote proxies relating to portfolio securities and additional information on how the Funds voted any proxies relating to portfolio securities during the 12-month period ended June 30, 2017, 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) by visiting the SEC’s website at www.sec.gov.

23

Trustees and Officers of JNL Investors Series Trust (“Trust”)

The interested Trustee and the Officers of the Trust or the Adviser do not receive any compensation from the Trust for their services as Trustees or Officers. The following persons, who are Independent Trustees of the Trust, received from the Trust the compensation amounts indicated for the services as such for the 6-month period ended June 30, 2017:

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 1
Michael Bouchard	$3,644	$0	$0	$153,500
Ellen Carnahan	$3,680	$0	$0	$155,000 3
William J. Crowley, Jr. 2	$4,273	$0	$0	$180,000 4
Michelle Engler	$3,502	$0	$0	$147,500
John Gillespie	$3,585	$0	$0	$151,000 5
Richard McLellan	$3,407	$0	$0	$143,500
William R. Rybak	$3,798	$0	$0	$160,000
Edward Wood	$3,680	$0	$0	$155,000 6
Patricia Woodworth	$3,407	$0	$0	$143,500 7

¹The fees paid to the Independent Trustees are paid for combined service on the Boards of the Trust, JNL Series Trust, JNL Variable Fund LLC, and JNL Strategic Income Fund LLC (the “Fund Complex”). The fees are allocated to the Fund Complex and affiliated investment companies on a pro-rata basis based on net assets. The total fees to all the Independent Trustees is $1,389,000.

² Mr. Crowley is an ex-officio member of the Governance Committee and the Audit Committee. Therefore, he does not receive any compensation as a member of these Committees.

³Amount includes $77,500 deferred by Ms. Carnahan.

⁴Amount includes $99,000 deferred by Mr. Crowley.

⁵Amount includes $75,500 deferred by Mr. Gillespie.

⁶Amount includes $77,500 deferred by Mr. Wood.

⁷Amount includes $143,500 deferred by Ms. Woodworth.

The Statement of Additional Information includes additional information about Fund Trustees and may be obtained at no charge 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.

24

JNL Investors Series Trust

Results of Special Meetings of Shareholders

On June 22, 2017, a joint special meeting (“Meeting”) of shareholders (“Shareholders”) of each of the Funds of JNL Investors Series Trust (the “Trust”) was held at the offices of Jackson National Life Insurance Company, 1 Corporate Way, Lansing, Michigan 48951. The Meeting was held for the following purposes (and with the following results):

1.All shareholders of the Trust: To vote on the election of the following eleven individuals as Trustees of the Trust:  Michael Bouchard, Ellen Carnahan, William J. Crowley, Jr., Michelle Engler, John Gillespie, Mark D. Nerud, William R. Rybak, Edward Wood, Patricia A. Woodworth, Eric O. Anyah, and Mark S. Wehrle.
TRUSTEES	FOR	WITHOLD	TOTAL
Michael Bouchard	3,554,759,911.781	0.000	3,554,759,911.781
Ellen Carnahan	3,517,782,448.695	36,977,463.086	3,554,759,911.781
William J. Crowley, Jr.	3,517,782,448.695	36,977,463.086	3,554,759,911.781
Michelle Engler	3,517,782,448.695	36,977,463.086	3,554,759,911.781
John Gillespie	3,554,759,911.781	0.000	3,554,759,911.781
Mark D. Nerud	3,554,759,911.781	0.000	3,554,759,911.781
William R. Rybak	3,517,782,448.695	36,977,463.086	3,554,759,911.781
Edward Wood	3,517,782,448.695	36,977,463.086	3,554,759,911.781
Patricia A. Woodworth	3,554,759,911.781	0.000	3,554,759,911.781
Eric O. Anyah	3,554,759,911.781	0.000	3,554,759,911.781
Mark S. Wehrle	3,554,759,911.781	0.000	3,554,759,911.781

2.Shareholders holding Class A Shares of each Fund of the Trust: To approve an amended and restated Distribution Plan for the Class A shares of each Fund of the Trust.
FUND NAME	FOR	AGAINST	ABSTAIN	TOTAL
JNL/PPM America Low Duration Bond Fund (Class A)	89,203,365.891	0.000	0.000	89,203,365.891

3.All Shareholders of the Series of the Trust: To approve an amended and restated Declaration of Trust.
	FOR	AGAINST	ABSTAIN	TOTAL
	2,580,915,757.271	340,894,991.937	632,949,162.573	3,554,759,911.781

4.Each Fund’s Shareholders of the Trust, voting separately:To approve the elimination of a fundamental policy regarding repurchase agreements and warrants.
FUND NAMES	FOR	AGAINST	ABSTAIN	TOTAL
JNL Government Money Market Fund (formerly, JNL Money Market Fund) (Institutional Class)	3,458,364,161.382	0.000	7,192,384.508	3,465,556,545.890
JNL/PPM America Low Duration Bond Fund (Class A)	89,203,365.891	0.000	0.000	89,203,365.891

25

JNL Investor Series Trust	PRSRT STD
	U.S. POSTAGE
One Corporate Way	PAID
Lansing, MI 48951	JACKSON NATIONAL
	ASSET MANAGEMENT
	L.L.C.

CMV8375 06/17

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) Included as a part of the report to shareholders filed under Item 1.

(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.

JNL Investors Series Trust
By:	/s/ Mark D. Nerud
	Mark D. Nerud
	Principal Executive Officer
Date:	September 1, 2017

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:	September 1, 2017
By:	/s/ Daniel W. Koors
	Daniel W. Koors
	Principal Financial Officer
Date:	September 1, 2017

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.