Report of Independent Registered Public Accounting Firm
To the Shareholders of the Funds and Board of Trustees
JNL Series Trust:
In planning and performing our audits of the financial statements (consolidated, where applicable) and financial highlights of the Funds listed in the Appendix (the Funds), each a series within JNL Series Trust, as of and for the year or period ended December 31, 2019, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Funds’ internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and financial highlights and to comply with the requirements of FormN-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.
The management of the Funds is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements and financial highlights for external purposes in accordance with U.S. generally accepted accounting principles (GAAP). A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements and financial highlights in accordance with GAAP, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and Board of Trustees of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements and financial highlights.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Funds’ annual or interim financial statements and financial highlights will not be prevented or detected on a timely basis.
Our consideration of the Funds’ internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the Funds’ internal control over financial reporting and its operation, including controls over safeguarding securities, which we consider to be a material weakness as defined above as of December 31, 2019.
This report is intended solely for the information and use of management and the Board of Trustees of the Funds and the Securities and Exchange Commission, and is not intended to be and should not be used by anyone other than these specified parties.
/s/ KPMG LLP
Chicago, Illinois
February 21, 2020
Appendix
List of Funds
JNLMulti-Manager Alternative Fund |
JNLMulti-Manager International Small Cap Fund (commenced operations August 13, 2018) |
JNLMulti-Manager Mid Cap Fund |
JNLMulti-Manager Small Cap Growth Fund |
JNLMulti-Manager Small Cap Value Fund |
JNL S&P 500 Index Fund |
JNL/AQR Large Cap Defensive Style Fund (commenced operations on June 24, 2019) |
JNL/AQR Large Cap Relaxed Constraint Equity Fund |
JNL/AQR Managed Futures Strategy Fund |
JNL/BlackRock Advantage International Fund (commenced operations on June 24, 2019) |
JNL/BlackRock Global Allocation Fund |
JNL/BlackRock Global Natural Resources Fund |
JNL/BlackRock Large Cap Select Growth Fund |
JNL/Boston Partners Global Long Short Equity Fund |
JNL/Causeway International Value Select Fund |
JNL/ClearBridge Large Cap Growth Fund |
JNL/Crescent High Income Fund |
JNL/DFA International Core Equity Fund (commenced operations on June 24, 2019) |
JNL/DFA U.S. Core Equity Fund |
JNL/DoubleLine Core Fixed Income Fund |
JNL/DoubleLine Emerging Markets Fixed Income Fund |
JNL/DoubleLine Shiller Enhanced CAPE Fund |
JNL/Fidelity Institutional Asset Management Total Bond Fund (name changed from JNL/Goldman Sachs Core Plus Bond Fund) |
JNL/First State Global Infrastructure Fund |
JNL/FPA + DoubleLine Flexible Allocation Fund |
JNL/Franklin Templeton Global Fund |
JNL/Franklin Templeton Global Multisector Bond Fund |
JNL/Franklin Templeton Growth Allocation Fund (name changed from JNL/Franklin Templeton Founding Strategy Fund) |
JNL/Franklin Templeton Income Fund |
JNL/Franklin Templeton International Small Cap Fund |
JNL/Franklin Templeton Mutual Shares Fund |
JNL/Goldman Sachs Emerging Markets Debt Fund |
JNL/GQG Emerging Markets Equity Fund |
JNL/Harris Oakmark Global Equity Fund |
JNL/Heitman U.S. Focused Real Estate Fund (commenced operations August 13, 2018) |
JNL/InvescoChina-India Fund |
JNL/Invesco Diversified Dividend Fund |
JNL/Invesco Global Real Estate Fund |
JNL/Invesco International Growth Fund |
JNL/Invesco Small Cap Growth Fund |
JNL/JPMorgan Global Allocation Fund (name changed from JNL/AB Dynamic Asset Allocation Fund) |
JNL/JPMorgan Hedged Equity Fund (commenced operations August 13, 2018) |
JNL/JPMorgan MidCap Growth Fund |
JNL/JPMorgan U.S. Government & Quality Bond Fund |
JNL/Lazard Emerging Markets Fund |
JNL/Loomis Sayles Global Growth Fund (commenced operations August 13, 2018) |
JNL/Mellon Bond Index Fund (name changed from JNL/Mellon Capital Bond Index Fund) |
JNL/Mellon Consumer Staples Sector Fund (name changed from JNL/Mellon Capital Consumer Staples Sector Fund) |
JNL/Mellon Emerging Markets Index Fund (name changed from JNL/Mellon Capital Emerging Markets Index Fund) |
JNL/Mellon Industrials Sector Fund (name changed from JNL/Mellon Capital Industrials Sector Fund) |
JNL/Mellon International Index Fund (name changed from JNL/Mellon Capital International Index Fund) |
JNL/Mellon Materials Sector Fund (name changed from JNL/Mellon Capital Materials Sector Fund) |
JNL/Mellon MSCI KLD 400 Social Index Fund (name changed from JNL/Mellon Capital MSCI KLD 400 Social Index Fund) |
JNL/Mellon Real Estate Sector Fund (name changed from JNL/Mellon Capital Real Estate Sector Fund) |
JNL/Mellon S&P 1500 Growth Index Fund (name changed from JNL/Mellon Capital S&P 1500 Growth Index Fund) |
JNL/Mellon S&P 1500 Value Index Fund (name changed from JNL/Mellon Capital S&P 1500 Value Index Fund) |
JNL/Mellon S&P 400 Midcap Index Fund (name changed from JNL/Mellon Capital S&P 400 MidCap Index Fund) |
JNL/Mellon S&P 500 Index Fund (name changed from JNL/Mellon Capital S&P 500 Index Fund) |
JNL/Mellon Small Cap Index Fund (name changed from JNL/Mellon Capital Small Cap Index Fund) |
JNL/Mellon Utilities Sector Fund (name changed from JNL/Mellon Capital Utilities Sector Fund) |
JNL/MFS Mid Cap Value Fund |
JNL/Morningstar Wide Moat Index Fund (commenced operations August 13, 2018) |
JNL/Neuberger Berman Strategic Income Fund |
JNL/Oppenheimer Emerging Markets Innovator Fund |
JNL/Oppenheimer Global Growth Fund |
JNL/PIMCO Income Fund |
JNL/PIMCO Real Return Fund |
JNL/PPM America Floating Rate Income Fund |
JNL/PPM America High Yield Bond Fund |
JNL/PPM America Mid Cap Value Fund |
JNL/PPM America Small Cap Value Fund |
JNL/PPM America Total Return Fund |
JNL/PPM America Value Equity Fund |
JNL/RAFI Fundamental Asia Developed Fund (name changed from JNL/Mellon Capital Pacific Rim 30 Fund) |
JNL/RAFI Fundamental Europe Fund (name changed from JNL/Mellon Capital European 30Fund) |
JNL/RAFIMulti-Factor U.S. Equity Fund (commenced operations on June 24, 2019) |
JNL/RAFI Fundamental U.S. Small Cap Fund (commenced operations on June 24, 2019) |
JNL/S&P Competitive Advantage Fund |
JNL/S&P Dividend Income & Growth Fund |
JNL/S&P International 5 Fund |
JNL/S&P Intrinsic Value Fund |
JNL/S&P Mid 3 Fund |
JNL/S&P Total Yield Fund |
JNL/Scout Unconstrained Bond Fund |
JNL/T. Rowe Price Established Growth Fund |
JNL/T. Rowe Price Managed Volatility Balanced Fund |
JNL/T. Rowe PriceMid-Cap Growth Fund |
JNL/T. Rowe PriceShort-Term Bond Fund |
JNL/T. Rowe Price Value Fund |
JNL/Vanguard Growth ETF Allocation Fund |
JNL/Vanguard Moderate ETF Allocation Fund |
JNL/Vanguard Moderate Growth ETF Allocation Fund |
JNL/Westchester Capital Event Driven Fund |
JNL/WMC Balanced Fund |
JNL/WMC Government Money Market Fund |
JNL/WMC Value Fund |
JNL/American Funds® Balanced Fund |
JNL/American Funds® Blue Chip Income and Growth Fund |
JNL/American Funds® Capital Income Builder Fund (commenced operations August 13, 2018) |
JNL/American Funds® Global Bond Fund |
JNL/American Funds® Global Small Capitalization Fund |
JNL/American Funds® Growth-Income Fund |
JNL/American Funds® International Fund |
JNL/American Funds® New World Fund |
JNL/Vanguard Capital Growth Fund |
JNL/Vanguard Equity Income Fund |
JNL/Vanguard International Fund |
JNL/Vanguard Small Company Growth Fund |
JNL Institutional Alt 25 Fund |
JNL Institutional Alt 50 Fund |
JNL/American Funds Growth Allocation Fund |
JNL/American Funds Moderate Growth Allocation Fund |
JNL/DFA Growth Allocation Fund |
JNL/DFA Moderate Growth Allocation Fund |
JNL Aggressive Growth Allocation Fund |
JNL Growth Allocation Fund |
JNL Moderate Growth Allocation Fund |
JNL/Mellon Index 5 Fund (name changed from JNL/Mellon Capital Index 5 Fund) |
JNL/S&P 4 Fund |
JNL/S&P Managed Conservative Fund |
JNL/S&P Managed Growth Fund |
JNL/S&P Managed Moderate Fund |
JNL/S&P Managed Moderate Growth Fund |
JNL/Vanguard Global Bond Market Index Fund |
JNL/Vanguard International Stock Market Index Fund |
JNL/Vanguard U.S. Stock Market Index Fund |