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 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, 2021, 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 Form N-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.
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, 2021.
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 23, 2022
Appendix
List of Funds
JNL/American Funds Balanced Fund |
JNL/American Funds Bond Fund of America Fund (commencement of operations April 26, 2021) |
JNL/American Funds Capital Income Builder Fund |
JNL/American Funds Capital World Bond Fund |
JNL/American Funds Global Growth Fund |
JNL/American Funds Global Small Capitalization Fund |
JNL/American Funds Growth Fund |
JNL/American Funds Growth Income Fund |
JNL/American Funds International Fund |
JNL/American Funds New World Fund |
JNL/American Funds Washington Mutual Investors Fund (named changed from JNL/American Funds Blue Chip Income and Growth Fund) |
JNL/Mellon Bond Index Fund |
JNL/Mellon Emerging Markets Index Fund |
JNL/Mellon International Index Fund |
JNL/Mellon S&P 400 MidCap Index Fund |
JNL/Mellon Small Cap Index Fund |
JNL Aggressive Growth Allocation Fund |
JNL Conservative Allocation Fund |
JNL Growth Allocation Fund |
JNL Moderate Allocation Fund |
JNL Moderate Growth Allocation Fund |
JNL/American Funds Growth Allocation Fund |
JNL/American Funds Moderate Growth Allocation Fund |
JNL/Goldman Sachs Managed Aggressive Growth Fund |
JNL/Goldman Sachs Managed Conservative Fund |
JNL/Goldman Sachs Managed Growth Fund |
JNL/Goldman Sachs Managed Moderate Fund |
JNL/Goldman Sachs Managed Moderate Growth Fund |
JNL iShares Tactical Growth Fund |
JNL iShares Tactical Moderate Fund |
JNL iShares Tactical Moderate Growth Fund |
JNL/Vanguard Growth ETF Allocation Fund |
JNL/Vanguard Moderate ETF Allocation Fund |
JNL/Vanguard Moderate Growth ETF Allocation Fund |
JNL Bond Index Fund (commencement of operations April 26, 2021) |
JNL Emerging Markets Index Fund (commencement of operations April 26, 2021) |
JNL International Index Fund (commencement of operations April 26, 2021) |
JNL Mid Cap Index Fund (commencement of operations April 26, 2021) |
JNL Small Cap Index Fund (commencement of operations April 26, 2021) |
JNL Multi‑Manager Alternative Fund |
JNL Multi‑Manager Emerging Markets Equity Fund |
JNL Multi‑Manager International Small Cap Fund |
JNL Multi‑Manager Mid Cap Fund |
JNL Multi‑Manager Small Cap Growth Fund |
JNL Multi‑Manager Small Cap Value Fund |
JNL S&P 500 Index Fund |
JNL/AQR Large Cap Defensive Style Fund |
JNL/Baillie Gifford International Growth Fund |
JNL/Baillie Gifford U.S. Equity Growth Fund (commencement of operations April 26, 2021) |
JNL/BlackRock Advantage International Fund |
JNL/Blackrock Global Allocation Fund |
JNL/BlackRock Global Natural Resources Fund |
JNL/BlackRock Large Cap Select Growth Fund |
JNL/Causeway International Value Select Fund |
JNL/ClearBridge Large Cap Growth Fund |
JNL/DFA International Core Equity Fund |
JNL/DFA U.S. Core Equity Fund |
JNL/DFA U.S. Small Cap Fund |
JNL/DoubleLine Core Fixed Income Fund |
JNL/DoubleLine Emerging Markets Fixed Income Fund |
JNL/DoubleLine Shiller Enhanced CAPE Fund |
JNL/DoubleLine Total Return Fund |
JNL/Fidelity Institutional Asset Management Total Bond Fund |
JNL/First Sentier Global Infrastructure Fund |
JNL/Franklin Templeton Global Multisector Bond Fund |
JNL/Franklin Templeton Growth Allocation Fund |
JNL/Franklin Templeton Income Fund |
JNL/Goldman Sachs 4 Fund |
JNL/GQG Emerging Markets Equity Fund |
JNL/Harris Oakmark Global Equity Fund |
JNL/Heitman U.S. Focused Real Estate Fund |
JNL/Invesco Diversified Dividend Fund |
JNL/Invesco Global Growth Fund |
JNL/Invesco International Growth Fund |
JNL/Invesco Small Cap Growth Fund |
JNL/JPMorgan Global Allocation Fund |
JNL/JPMorgan Hedged Equity Fund |
JNL/JPMorgan MidCap Growth Fund |
JNL/JPMorgan U.S. Government & Quality Bond Fund |
JNL/JPMorgan U.S. Value Fund |
JNL/Lazard International Strategic Equity Fund |
JNL/Loomis Sayles Global Growth Fund |
JNL/Lord Abbett Short Duration Income Fund (commencement of operations April 27, 2020) |
JNL/Mellon Communication Services Sector Fund |
JNL/Mellon Consumer Discretionary Sector Fund |
JNL/Mellon Consumer Staples Sector Fund |
JNL/Mellon DowSM Index Fund |
JNL/Mellon Energy Sector Fund |
JNL/Mellon Equity Income Fund |
JNL/Mellon Financial Sector Fund |
JNL/Mellon Healthcare Sector Fund |
JNL/Mellon Industrials Sector Fund |
JNL/Mellon Information Technology Sector Fund |
JNL/Mellon Materials Sector Fund |
JNL/Mellon MSCI KLD 400 Social Index Fund |
JNL/Mellon Nasdaq® 100 Index Fund |
JNL/Mellon Real Estate Sector Fund |
JNL/Mellon S&P 500 Index Fund |
JNL/Mellon U.S. Stock Market Index Fund |
JNL/Mellon Utilities Sector Fund |
JNL/Mellon World Index Fund |
JNL/MFS Mid Cap Value Fund |
JNL/Morningstar PitchBook Listed Private Equity Index Fund (commencement of operations April 26, 2021) |
JNL/Morningstar Wide Moat Index Fund |
JNL/Neuberger Berman Commodity Strategy Fund |
JNL/Neuberger Berman Strategic Income Fund |
JNL/PIMCO Income Fund |
JNL/PIMCO Investment Grade Credit Bond Fund |
JNL/PIMCO Real Return Fund |
JNL/PPM America Floating Rate Income Fund |
JNL/PPM America High Yield Bond Fund |
JNL/PPM America Total Return Fund |
JNL/RAFI® Fundamental U.S. Small Cap Fund |
JNL/RAFI® Multi‑Factor U.S. Equity Fund |
JNL/T. Rowe Price Balanced Fund |
JNL/T. Rowe Price Capital Appreciation Fund |
JNL/T. Rowe Price Established Growth Fund |
JNL/T. Rowe Price Mid‑Cap Growth Fund |
JNL/T. Rowe Price Short‑Term Bond Fund |
JNL/T. Rowe Price U.S. High Yield Fund |
JNL/T. Rowe Price Value Fund |
JNL/WCM Focused International Equity Fund |
JNL/Westchester Capital Event Driven Fund |
JNL/WMC Balanced Fund |
JNL/WMC Equity Income Fund |
JNL/WMC Global Real Estate Fund |
JNL/WMC Government Money Market Fund |
JNL/WMC Value Fund |